# EDGAR Filing Document

**Accession Number:** 0000890453
**File Stem:** 0001133228-26-003315
**Filing Date:** 2026-3
**Character Count:** 1025425
**Document Hash:** fa2f7033bd9c40bded4b094de2a20846
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003315.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001133228-26-003315

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 77

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07076
- **FILM NUMBER:** 26733991

**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           |

### 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'? 2025-10-07199968_LargeCompanyGrowthPortfolio_InvestmentClass_TSRAnnual

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>December 31, 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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99230_202412301749417.jpg) |

---

This annual shareholder report contains important information about the Large Company Growth Portfolio (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $144 | 1.30% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Wilshire Large Company Growth Portfolio - Investment Class returned 21.97% in 2025, outperforming the Russell 1000 Growth Index return of 18.70%. The U.S. stock market, represented by the FT Wilshire 5000 Index<sup>SM</sup>, is up 17.13% for the past year. Sector performance was positive across all sectors with information technology (+22.81%), industrials (+18.18%) and communication services (+31.77%) leading the market. From a size perspective, FT Wilshire Small Cap Index<sup>sm</sup> underperformed FT Wilshire Large Cap Index<sup>sm</sup> by 9.78% for the 1-year period. Growth stocks continued to outperform Value stock during the year. Performance results within international equity markets were positive for the year. Both Non U.S. Developed and emerging market equities outperformed U.S. equities by a significant margin. Active management faced persistant headwind as the mega capitalization stocks continued to perform well relative to the rest of the equities market. Credit oriented fixed income investment such as high yield, outperformed marginally the Bloomberg U.S. Aggregate Bond Index for the year.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Stock selection within Information Technology was by far the top contributor of relative performance. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Stock selection within Consumer Discretionary was the primary detractor of relative performance. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6504img003.jpg)

Large Company Growth Portfolio PAGE 1 TSR-AR-971897103

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investment Class (without sales charge)**  | 21.97 | 14.27 | 16.16 |
| **FT Wilshire 5000 Index Total Return**  | 17.13 | 13.40 | 14.45 |
| **Russell 1000 Growth Total Return**  | 18.70 | 15.35 | 18.14 |

---

Visit https://www.wilshire.com/research-insights/product-literature for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $282714094 |
| **Number of Holdings** | 365 |
| **Net Advisory Fee** | $1977290 |
| **Portfolio Turnover** | 104% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of Net** **Assets)** |
|  Information Technology  | 40.6% |
|  Communication Services  | 13.1% |
|  Consumer Discretionary  | 10.7% |
|  Health Care  | 8.9% |
|  Financials  | 4.0% |
|  Industrials  | 3.4% |
|  Mortgage Securities  | 3.0% |
|  Utilities  | 1.6% |
|  Asset Backed Securities  | 1.3% |
|  Cash & Other  | 13.4% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  NVIDIA Corp.  | 10.3% |
|  Microsoft Corp.  | 8.2% |
|  Apple, Inc.  | 5.9% |
|  Amazon.com, Inc.  | 5.5% |
|  Alphabet, Inc.  | 5.4% |
|  Broadcom, Inc.  | 4.4% |
|  Meta Platforms, Inc.  | 3.8% |
|  Voya VACS Series SC Fund  | 2.3% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.2% |
|  AppLovin Corp.  | 2.0% |

---

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 2 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99230_202412301749417.jpg) |

---

This annual shareholder report contains important information about the Large Company Growth Portfolio (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $110 | 0.99% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Wilshire Large Company Growth Portfolio - Institutional Class returned 22.36% in 2025, outperforming the Russell 1000 Growth Index return of 18.70%. The U.S. stock market, represented by the FT Wilshire 5000 Index<sup>SM</sup>, is up 17.13% for the past year. Sector performance was positive across all sectors with information technology (+22.81%), industrials (+18.18%) and communication services (+31.77%) leading the market. From a size perspective, FT Wilshire Small Cap Index<sup>sm</sup> underperformed FT Wilshire Large Cap Index<sup>sm</sup> by 9.78% for the 1-year period. Growth stocks continued to outperform Value stock during the year. Performance results within international equity markets were positive for the year. Both Non U.S. Developed and emerging market equities outperformed U.S. equities by a significant margin. Active management faced persistant headwind as the mega capitalization stocks continued to perform well relative to the rest of the equities market. Credit oriented fixed income investment such as high yield, outperformed marginally the Bloomberg U.S. Aggregate Bond Index for the year.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Stock selection within Information Technology was by far the top contributor of relative performance. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Stock selection within Consumer Discretionary was the primary detractor of relative performance. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts6503img003.jpg)

Large Company Growth Portfolio PAGE 1 TSR-AR-971897509

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class (without sales charge)**  | 22.36 | 14.62 | 16.53 |
| **FT Wilshire 5000 Index Total Return**  | 17.13 | 13.40 | 14.45 |
| **Russell 1000 Growth Total Return**  | 18.70 | 15.35 | 18.14 |

---

Visit https://www.wilshire.com/research-insights/product-literature for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $282714094 |
| **Number of Holdings** | 365 |
| **Net Advisory Fee** | $1977290 |
| **Portfolio Turnover** | 104% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of Net** **Assets)** |
|  Information Technology  | 40.6% |
|  Communication Services  | 13.1% |
|  Consumer Discretionary  | 10.7% |
|  Health Care  | 8.9% |
|  Financials  | 4.0% |
|  Industrials  | 3.4% |
|  Mortgage Securities  | 3.0% |
|  Utilities  | 1.6% |
|  Asset Backed Securities  | 1.3% |
|  Cash & Other  | 13.4% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  NVIDIA Corp.  | 10.3% |
|  Microsoft Corp.  | 8.2% |
|  Apple, Inc.  | 5.9% |
|  Amazon.com, Inc.  | 5.5% |
|  Alphabet, Inc.  | 5.4% |
|  Broadcom, Inc.  | 4.4% |
|  Meta Platforms, Inc.  | 3.8% |
|  Voya VACS Series SC Fund  | 2.3% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.2% |
|  AppLovin Corp.  | 2.0% |

---

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 2 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99230_202412301749417.jpg) |

---

This annual shareholder report contains important information about the Large Company Value Portfolio (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $139 | 1.29% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Wilshire Large Company Value Portfolio - Investment Class returned 15.73% in 2025, underperforming the Russell 1000 Value Index return of 15.91%. The U.S. stock market, represented by the FT Wilshire 5000 Index<sup>SM</sup>, was up 17.13% for the past year. Sector performance was positive across all sectors with information technology (+22.81%), industrials (+18.18%) and communication services (+31.77%) leading the market. From a size perspective, FT Wilshire Small Cap Index<sup>SM</sup> underperformed FT Wilshire Large Cap Index<sup>SM</sup> by 9.78% for the 1-year period. Growth stocks continued to outperform Value stocks during the year. Performance results within international equity markets were positive for the year. Both Non U.S. Developed and emerging market equities outperformed U.S. equities by a significant margin. Active management faced persistant headwind as mega capitalization stocks continued to perform well relative to the rest of the equities market. Credit oriented fixed income investments such as high yield, marginally outperformed the Bloomberg U.S. Aggregate Bond Index for the year.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Stock selection within Materials was the top contributor of relative returns. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Stock selection within Communication Services and Information Technology were the top 2 detractors. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6506img003.jpg)

Large Company Value Portfolio PAGE 1 TSR-AR-971897202

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investment Class (without sales charge)**  | 15.73 | 11.13 | 9.31 |
| **FT Wilshire 5000 Index Total Return**  | 17.13 | 13.40 | 14.45 |
| **Russell 1000 Value Total Return**  | 15.91 | 11.33 | 10.53 |

---

Visit https://www.wilshire.com/research-insights/product-literature for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $171053328 |
| **Number of Holdings** | 506 |
| **Net Advisory Fee** | $1183732 |
| **Portfolio Turnover** | 51% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of Net** **Assets)** |
|  Financials  | 19.5% |
|  Information Technology  | 13.0% |
|  Health Care  | 13.0% |
|  Industrials  | 10.5% |
|  Consumer Discretionary  | 5.8% |
|  Energy  | 5.5% |
|  Communication Services  | 5.2% |
|  Materials  | 5.0% |
|  Consumer Staples  | 4.3% |
|  Cash & Other  | 18.2% |

---

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Voya VACS Series SC Fund  | 2.2% |
|  Alphabet, Inc.  | 1.7% |
|  Amazon.com, Inc.  | 1.5% |
|  Workday, Inc.  | 1.5% |
|  Microsoft Corp.  | 1.4% |
|  Bank of America Corp.  | 1.4% |
|  F5, Inc.  | 1.3% |
|  Citigroup, Inc.  | 1.2% |
|  JPMorgan Chase & Co.  | 1.2% |
|  Salesforce, Inc.  | 1.2% |

---

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 2 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99230_202412301749417.jpg) |

---

This annual shareholder report contains important information about the Large Company Value Portfolio (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $108 | 1.00% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Wilshire Large Company Value Portfolio - Institutional Class returned 16.03% in 2025 outperforming the Russell 1000 Value Index return of 15.91%. The U.S. stock market, represented by the FT Wilshire 5000 Index<sup>SM</sup>, was up 17.13% for the past year. Sector performance was positive across all sectors with information technology (+22.81%), industrials (+18.18%) and communication services (+31.77%) leading the market. From a size perspective, FT Wilshire Small Cap Index<sup>SM</sup> underperformed FT Wilshire Large Cap Index<sup>SM</sup> by 9.78% for the 1-year period. Growth stocks continued to outperform Value stocks during the year. Performance results within international equity markets were positive for the year. Both Non U.S. Developed and emerging market equities outperformed U.S. equities by a significant margin. Active management faced persistant headwind as mega capitalization stocks continued to perform well relative to the rest of the equities market. Credit oriented fixed income investments such as high yield, marginally outperformed the Bloomberg U.S. Aggregate Bond Index for the year.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Stock selection within Materials was the top contributor of relative returns. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Stock selection within Communication Services and Information Technology were the top 2 detractors. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts6505img003.jpg)

Large Company Value Portfolio PAGE 1 TSR-AR-971897608

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class (without sales charge)**  | 16.03 | 11.45 | 9.59 |
| **FT Wilshire 5000 Index Total Return**  | 17.13 | 13.40 | 14.45 |
| **Russell 1000 Value Total Return**  | 15.91 | 11.33 | 10.53 |

---

Visit https://www.wilshire.com/research-insights/product-literature for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $171053328 |
| **Number of Holdings** | 506 |
| **Net Advisory Fee** | $1183732 |
| **Portfolio Turnover** | 51% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of Net** **Assets)** |
|  Financials  | 19.5% |
|  Information Technology  | 13.0% |
|  Health Care  | 13.0% |
|  Industrials  | 10.5% |
|  Consumer Discretionary  | 5.8% |
|  Energy  | 5.5% |
|  Communication Services  | 5.2% |
|  Materials  | 5.0% |
|  Consumer Staples  | 4.3% |
|  Cash & Other  | 18.2% |

---

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Voya VACS Series SC Fund  | 2.2% |
|  Alphabet, Inc.  | 1.7% |
|  Amazon.com, Inc.  | 1.5% |
|  Workday, Inc.  | 1.5% |
|  Microsoft Corp.  | 1.4% |
|  Bank of America Corp.  | 1.4% |
|  F5, Inc.  | 1.3% |
|  Citigroup, Inc.  | 1.2% |
|  JPMorgan Chase & Co.  | 1.2% |
|  Salesforce, Inc.  | 1.2% |

---

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 2 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99230_202412301749417.jpg) |

---

This annual shareholder report contains important information about the Small Company Growth Portfolio (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $140 | 1.35% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Wilshire Small Company Growth Portfolio - Investment Class returned 7.91% in 2025, underperforming the Russell 2000 Growth Index return of 13.01%. The U.S. stock market, represented by the FT Wilshire 5000 Index<sup>SM</sup>, was up 17.13% for the past year. Sector performance was positive across all sectors with information technology (+22.81%), industrials (+18.18%) and communication services (+31.77%) leading the market. From a size perspective, FT Wilshire Small Cap Index<sup>SM</sup> underperformed FT Wilshire Large Cap Index<sup>SM</sup> by 9.78% for the 1-year period. Growth stocks continued to outperform Value stocks during the year. Performance results within international equity markets were positive for the year. Both Non U.S. Developed and emerging market equities outperformed U.S. equities by a significant margin. Active management faced persistant headwind as mega capitalization stocks continued to perform well relative to the rest of the equities market. Credit oriented fixed income investments such as high yield, marginally outperformed the Bloomberg U.S. Aggregate Bond Index for the year.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Slight overweight exposure to Healthcare was the top contributor of returns. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Stock selection within Healthcare was by far the largest detractor of relative performance. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6508img003.jpg)

Small Company Growth Portfolio PAGE 1 TSR-AR-971897301

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investment Class (without sales charge)**  | 7.91 | 0.51 | 7.82 |
| **FT Wilshire 5000 Index Total Return**  | 17.13 | 13.40 | 14.45 |
| **Russell 2000 Growth Total Return**  | 13.01 | 3.18 | 9.57 |

---

Visit https://www.wilshire.com/research-insights/product-literature for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $22229341 |
| **Number of Holdings** | 414 |
| **Net Advisory Fee** | $43794 |
| **Portfolio Turnover** | 121% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of Net** **Assets)** |
|  Health Care  | 29.7% |
|  Industrials  | 20.5% |
|  Information Technology  | 18.4% |
|  Financials  | 10.3% |
|  Consumer Discretionary  | 9.7% |
|  Energy  | 3.9% |
|  Consumer Staples  | 1.9% |
|  Materials  | 1.9% |
|  Real Estate  | 1.3% |
|  Cash & Other  | 2.4% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Pegasystems, Inc.  | 1.6% |
|  Ligand Pharmaceuticals, Inc.  | 1.3% |
|  Cogent Biosciences, Inc.  | 1.2% |
|  Federal Signal Corp.  | 1.2% |
|  Tarsus Pharmaceuticals, Inc.  | 1.1% |
|  ADMA Biologics, Inc.  | 1.1% |
|  Primoris Services Corp.  | 1.0% |
|  Casella Waste Systems, Inc.  | 1.0% |
|  UL Solutions, Inc.  | 1.0% |
|  AAON, Inc.  | 0.9% |

---

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 2 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99230_202412301749417.jpg) |

---

This annual shareholder report contains important information about the Small Company Growth Portfolio (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $114 | 1.10% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Wilshire Small Company Growth Portfolio - Institutional Class returned 8.10% in 2025, underperforming the Russell 2000 Growth Index return of 13.01%. The U.S. stock market, represented by the FT Wilshire 5000 Index<sup>SM</sup>, was up 17.13% for the past year. Sector performance was positive across all sectors with information technology (+22.81%), industrials (+18.18%) and communication services (+31.77%) leading the market. From a size perspective, FT Wilshire Small Cap Index<sup>SM</sup> underperformed FT Wilshire Large Cap Index<sup>SM</sup> by 9.78% for the 1-year period. Growth stocks continued to outperform Value stocks during the year. Performance results within international equity markets were positive for the year. Both Non U.S. Developed and emerging market equities outperformed U.S. equities by a significant margin. Active management faced persistant headwind as mega capitalization stocks continued to perform well relative to the rest of the equities market. Credit oriented fixed income investments such as high yield, marginally outperformed the Bloomberg U.S. Aggregate Bond Index for the year.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Slight overweight exposure to Healthcare was the top contributor of returns. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Stock selection within Healthcare was by far the largest detractor of relative performance. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts6507img003.jpg)

Small Company Growth Portfolio PAGE 1 TSR-AR-971897707

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class (without sales charge)**  | 8.10 | 0.76 | 8.09 |
| **FT Wilshire 5000 Index Total Return**  | 17.13 | 13.40 | 14.45 |
| **Russell 2000 Growth Total Return**  | 13.01 | 3.18 | 9.57 |

---

Visit https://www.wilshire.com/research-insights/product-literature for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $22229341 |
| **Number of Holdings** | 414 |
| **Net Advisory Fee** | $43794 |
| **Portfolio Turnover** | 121% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of Net** **Assets)** |
|  Health Care  | 29.7% |
|  Industrials  | 20.5% |
|  Information Technology  | 18.4% |
|  Financials  | 10.3% |
|  Consumer Discretionary  | 9.7% |
|  Energy  | 3.9% |
|  Consumer Staples  | 1.9% |
|  Materials  | 1.9% |
|  Real Estate  | 1.3% |
|  Cash & Other  | 2.4% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Pegasystems, Inc.  | 1.6% |
|  Ligand Pharmaceuticals, Inc.  | 1.3% |
|  Cogent Biosciences, Inc.  | 1.2% |
|  Federal Signal Corp.  | 1.2% |
|  Tarsus Pharmaceuticals, Inc.  | 1.1% |
|  ADMA Biologics, Inc.  | 1.1% |
|  Primoris Services Corp.  | 1.0% |
|  Casella Waste Systems, Inc.  | 1.0% |
|  UL Solutions, Inc.  | 1.0% |
|  AAON, Inc.  | 0.9% |

---

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 2 TSR-AR-971897707

------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99230_202412301749417.jpg) |

---

This annual shareholder report contains important information about the Small Company Value Portfolio (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $142 | 1.35% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Wilshire Small Company Value Portfolio - Investment Class returned 10.35% in 2025, underperforming the Russell 2000 Value Index return of 12.59%. The U.S. stock market, represented by the FT Wilshire 5000 Index<sup>SM</sup>, was up 17.13% for the past year. Sector performance was positive across all sectors with information technology (+22.81%), industrials (+18.18%) and communication services (+31.77%) leading the market. From a size perspective, FT Wilshire Small Cap Index<sup>SM</sup> underperformed FT Wilshire Large Cap Index<sup>SM</sup> by 9.78% for the 1-year period. Growth stocks continued to outperform Value stocks during the year. Performance results within international equity markets were positive for the year. Both Non U.S. Developed and emerging market equities outperformed U.S. equities by a significant margin. Active management faced persistant headwind as mega capitalization stocks continued to perform well relative to the rest of the equities market. Credit oriented fixed income investments such as high yield, marginally outperformed the Bloomberg U.S. Aggregate Bond Index for the year.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Stock selection within Energy and Consumer Discretionary were the top 2 contributors of return. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Stock selection within Healthcare was the top detractor of relative performance. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6510img003.jpg)

Small Company Value Portfolio PAGE 1 TSR-AR-971897400

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investment Class (without sales charge)**  | 10.35 | 10.54 | 8.60 |
| **FT Wilshire 5000 Index Total Return**  | 17.13 | 13.40 | 14.45 |
| **Russell 2000 Value Total Return**  | 12.59 | 8.88 | 9.27 |

---

Visit https://www.wilshire.com/research-insights/product-literature for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $22035956 |
| **Number of Holdings** | 684 |
| **Net Advisory Fee** | $42015 |
| **Portfolio Turnover** | 63% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of Net** **Assets)** |
|  Financials  | 28.5% |
|  Industrials  | 16.1% |
|  Consumer Discretionary  | 11.7% |
|  Health Care  | 10.2% |
|  Materials  | 6.8% |
|  Energy  | 6.7% |
|  Real Estate  | 6.5% |
|  Information Technology  | 5.9% |
|  Utilities  | 3.4% |
|  Cash & Other  | 4.2% |

---

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Red Rock Resorts, Inc.  | 1.4% |
|  Triumph Financial, Inc.  | 1.4% |
|  Astrana Health, Inc.  | 1.3% |
|  Ducommun, Inc.  | 1.1% |
|  Ryman Hospitality Properties, Inc.  | 1.1% |
|  Bank OZK  | 1.1% |
|  Mesa Laboratories, Inc.  | 1.0% |
|  Magnolia Oil & Gas Corp.  | 1.0% |
|  United States Lime & Minerals, Inc.  | 0.9% |
|  Live Oak Bancshares, Inc.  | 0.8% |

---

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 2 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99230_202412301749417.jpg) |

---

This annual shareholder report contains important information about the Small Company Value Portfolio (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $116 | 1.10% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Wilshire Small Company Value Portfolio - Insitutional Class returned 10.6% in 2025, underperforming the Russell 2000 Value Index return of 12.59%. The U.S. stock market, represented by the FT Wilshire 5000 Index<sup>SM</sup>, was up 17.13% for the past year. Sector performance was positive across all sectors with information technology (+22.81%), industrials (+18.18%) and communication services (+31.77%) leading the market. From a size perspective, FT Wilshire Small Cap Index<sup>SM</sup> underperformed FT Wilshire Large Cap Index<sup>SM</sup> by 9.78% for the 1-year period. Growth stocks continued to outperform Value stocks during the year. Performance results within international equity markets were positive for the year. Both Non U.S. Developed and emerging market equities outperformed U.S. equities by a significant margin. Active management faced persistant headwind as mega capitalization stocks continued to perform well relative to the rest of the equities market. Credit oriented fixed income investments such as high yield, marginally outperformed the Bloomberg U.S. Aggregate Bond Index for the year.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Stock selection within Energy and Consumer Discretionary were the top 2 contributors of return. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Stock selection within Healthcare was the top detractor of relative performance. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts6509img003.jpg)

Small Company Value Portfolio PAGE 1 TSR-AR-971897806

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class (without sales charge)**  | 10.60 | 10.81 | 8.87 |
| **FT Wilshire 5000 Index Total Return**  | 17.13 | 13.40 | 14.45 |
| **Russell 2000 Value Total Return**  | 12.59 | 8.88 | 9.27 |

---

Visit https://www.wilshire.com/research-insights/product-literature for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $22035956 |
| **Number of Holdings** | 684 |
| **Net Advisory Fee** | $42015 |
| **Portfolio Turnover** | 63% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of Net** **Assets)** |
|  Financials  | 28.5% |
|  Industrials  | 16.1% |
|  Consumer Discretionary  | 11.7% |
|  Health Care  | 10.2% |
|  Materials  | 6.8% |
|  Energy  | 6.7% |
|  Real Estate  | 6.5% |
|  Information Technology  | 5.9% |
|  Utilities  | 3.4% |
|  Cash & Other  | 4.2% |

---

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Red Rock Resorts, Inc.  | 1.4% |
|  Triumph Financial, Inc.  | 1.4% |
|  Astrana Health, Inc.  | 1.3% |
|  Ducommun, Inc.  | 1.1% |
|  Ryman Hospitality Properties, Inc.  | 1.1% |
|  Bank OZK  | 1.1% |
|  Mesa Laboratories, Inc.  | 1.0% |
|  Magnolia Oil & Gas Corp.  | 1.0% |
|  United States Lime & Minerals, Inc.  | 0.9% |
|  Live Oak Bancshares, Inc.  | 0.8% |

---

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 2 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99230_202412301749417.jpg) |

---

This annual shareholder report contains important information about the FT Wilshire 5000® Index Fund (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $61 | 0.56% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The FT Wilshire 5000 Index<sup>SM</sup> Fund - Investment Class returned 16.29% in 2025, underperforming the FT Wilshire 5000 Index return of 17.13%. The U.S. stock market, represented by the FT Wilshire 5000 Index<sup>SM</sup>, was up 17.13% for the past year. Sector performance was positive across all sectors with information technology (+22.81%), industrials (+18.18%) and communication services (+31.77%) leading the market. From a size perspective, FT Wilshire Small Cap Index<sup>SM</sup> underperformed FT Wilshire Large Cap Index<sup>SM</sup> by 9.78% for the 1-year period. Growth stocks continued to outperform Value stocks during the year. Performance results within international equity markets were positive for the year. Both Non U.S. Developed and emerging market equities outperformed U.S. equities by a significant margin. Active management faced persistant headwind as mega capitalization stocks continued to perform well relative to the rest of the equities market. Credit oriented fixed income investments such as high yield, marginally outperformed the Bloomberg U.S. Aggregate Bond Index for the year.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6502img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investment Class (without sales charge)**  | 16.29 | 12.63 | 13.66 |
| **FT Wilshire 5000 Index Total Return**  | 17.13 | 13.40 | 14.45 |

---

Visit https://www.wilshire.com/research-insights/product-literature for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $294523689 |
| **Number of Holdings** | 2210 |
| **Net Advisory Fee** | $287058 |
| **Portfolio Turnover** | 5% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of Net** **Assets)** |
|  Information Technology  | 31.9% |
|  Financials  | 14.1% |
|  Consumer Discretionary  | 10.4% |
|  Health Care  | 10.2% |
|  Communication Services  | 10.0% |
|  Industrials  | 9.1% |
|  Consumer Staples  | 4.5% |
|  Energy  | 3.0% |
|  Real Estate  | 2.2% |
|  Cash & Other  | 4.6% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  NVIDIA Corp.  | 6.6% |
|  Apple, Inc.  | 6.1% |
|  Microsoft Corp.  | 5.4% |
|  Alphabet, Inc.  | 5.2% |
|  Amazon.com, Inc.  | 3.4% |
|  Broadcom, Inc.  | 2.4% |
|  Meta Platforms, Inc.  | 2.2% |
|  Tesla, Inc.  | 1.9% |
|  Eli Lilly & Co.  | 1.4% |
|  JPMorgan Chase & Co.  | 1.4% |

---

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 2 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99230_202412301749417.jpg) |

---

This annual shareholder report contains important information about the FT Wilshire 5000® Index Fund (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $37 | 0.34% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The FT Wilshire 5000 Index<sup>SM</sup> Fund - Institutional Class returned 16.56% in 2025, underperforming the FT Wilshire 5000 Index return of 17.13%. The U.S. stock market, represented by the FT Wilshire 5000 Index<sup>SM</sup>, was up 17.13% for the past year. Sector performance was positive across all sectors with information technology (+22.81%), industrials (+18.18%) and communication services (+31.77%) leading the market. From a size perspective, FT Wilshire Small Cap Index<sup>SM</sup> underperformed FT Wilshire Large Cap Index<sup>SM</sup> by 9.78% for the 1-year period. Growth stocks continued to outperform Value stocks during the year. Performance results within international equity markets were positive for the year. Both Non U.S. Developed and emerging market equities outperformed U.S. equities by a significant margin. Active management faced persistant headwind as mega capitalization stocks continued to perform well relative to the rest of the equities market. Credit oriented fixed income investments such as high yield, marginally outperformed the Bloomberg U.S. Aggregate Bond Index for the year.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts6501img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class (without sales charge)**  | 16.56 | 12.88 | 13.96 |
| **FT Wilshire 5000 Index Total Return**  | 17.13 | 13.40 | 14.45 |

---

Visit https://www.wilshire.com/research-insights/product-literature for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $294523689 |
| **Number of Holdings** | 2210 |
| **Net Advisory Fee** | $287058 |
| **Portfolio Turnover** | 5% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of Net** **Assets)** |
|  Information Technology  | 31.9% |
|  Financials  | 14.1% |
|  Consumer Discretionary  | 10.4% |
|  Health Care  | 10.2% |
|  Communication Services  | 10.0% |
|  Industrials  | 9.1% |
|  Consumer Staples  | 4.5% |
|  Energy  | 3.0% |
|  Real Estate  | 2.2% |
|  Cash & Other  | 4.6% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  NVIDIA Corp.  | 6.6% |
|  Apple, Inc.  | 6.1% |
|  Microsoft Corp.  | 5.4% |
|  Alphabet, Inc.  | 5.2% |
|  Amazon.com, Inc.  | 3.4% |
|  Broadcom, Inc.  | 2.4% |
|  Meta Platforms, Inc.  | 2.2% |
|  Tesla, Inc.  | 1.9% |
|  Eli Lilly & Co.  | 1.4% |
|  JPMorgan Chase & Co.  | 1.4% |

---

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 2 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99230_202412301749417.jpg) |

---

This annual shareholder report contains important information about the Wilshire International Equity Fund (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $175 | 1.50% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Wilshire International Equity Fund - Investment Class returned 33.71% in 2025, outperforming the MSCI All Country World ex USA Investable Market Index return of 31.96%. The U.S. stock market, represented by the FT Wilshire 5000 Index<sup>SM</sup>, was up 17.13% for the past year. Sector performance was positive across all sectors with information technology (+22.81%), industrials (+18.18%) and communication services (+31.77%) leading the market. From a size perspective, FT Wilshire Small Cap Index<sup>SM</sup> underperformed FT Wilshire Large Cap Index<sup>SM</sup> by 9.78% for the 1-year period. Growth stocks continued to outperform Value stocks during the year. Performance results within international equity markets were positive for the year. Both Non U.S. Developed and emerging market equities outperformed U.S. equities by a significant margin. Active management faced persistant headwind as mega capitalization stocks continued to perform well relative to the rest of the equities market. Credit oriented fixed income investments such as high yield, marginally outperformed the Bloomberg U.S. Aggregate Bond Index for the year.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Stock selection within Industrials, Financials and Materials were the top contributors of returns. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Underweight exposure to Financials was the top detractor of returns. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6515img003.jpg)

Wilshire International Equity Fund PAGE 1 TSR-AR-971897822

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investment Class (without sales charge)**  | 33.71 | 8.64 | 9.30 |
| **MSCI AC WORLD INDEX ex USA Net (USD)**  | 32.39 | 7.91 | 8.41 |
| **MSCI ACWI ex-USA IMI Index Net (USD)**  | 31.96 | 7.77 | 8.37 |

---

Visit https://www.wilshire.com/research-insights/product-literature for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $233863313 |
| **Number of Holdings** | 1026 |
| **Net Advisory Fee** | $1883868 |
| **Portfolio Turnover** | 54% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Financials  | 17.6% |
|  Industrials  | 17.4% |
|  Information Technology  | 11.9% |
|  Consumer Discretionary  | 8.5% |
|  Materials  | 6.8% |
|  Health Care  | 6.7% |
|  Consumer Staples  | 4.5% |
|  Communication Services  | 3.5% |
|  Mortgage Securities  | 3.4% |
|  Cash & Other  | 19.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.8% |
|  MSCI EAFE Total Return Index  | 2.4% |
|  Voya VACS Series SC Fund  | 2.0% |
|  Siemens Energy AG  | 1.7% |
|  Rolls-Royce Holdings PLC  | 1.5% |
|  MSCI Emerging Markets Total Return Index  | 1.2% |
|  ASML Holding NV  | 1.1% |
|  UBS Group AG  | 1.0% |
|  Safran SA  | 1.0% |
|  BAE Systems PLC  | 1.0% |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(% of Net** **Assets)** |
|  United States  | 13.9% |
|  Japan  | 10.5% |
|  United Kingdom  | 8.9% |
|  Germany  | 7.0% |
|  Canada  | 6.3% |
|  France  | 4.7% |
|  China  | 4.3% |
|  Taiwan  | 4.2% |
|  Netherlands  | 3.2% |
|  Cash & Other  | 37.0% |

---

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 2 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99230_202412301749417.jpg) |

---

This annual shareholder report contains important information about the Wilshire International Equity Fund (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $146 | 1.25% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Wilshire International Equity Fund - Institutional Class returned 33.93% in 2025, outperforming the MSCI All Country World ex USA Investable Market Index return of 31.96%. The U.S. stock market, represented by the FT Wilshire 5000 Index<sup>SM</sup>, was up 17.13% for the past year. Sector performance was positive across all sectors with information technology (+22.81%), industrials (+18.18%) and communication services (+31.77%) leading the market. From a size perspective, FT Wilshire Small Cap Index<sup>SM</sup> underperformed FT Wilshire Large Cap Index<sup>SM</sup> by 9.78% for the 1-year period. Growth stocks continued to outperform Value stocks during the year. Performance results within international equity markets were positive for the year. Both Non U.S. Developed and emerging market equities outperformed U.S. equities by a significant margin. Active management faced persistant headwind as mega capitalization stocks continued to perform well relative to the rest of the equities market. Credit oriented fixed income investments such as high yield, marginally outperformed the Bloomberg U.S. Aggregate Bond Index for the year.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Stock selection within Industrials, Financials and Materials were the top contributors of returns. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Underweight exposure to Financials was the top detractor of returns. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts6514img003.jpg)

Wilshire International Equity Fund PAGE 1 TSR-AR-971897814

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class (without sales charge)**  | 33.93 | 8.92 | 9.59 |
| **MSCI AC WORLD INDEX ex USA Net (USD)**  | 32.39 | 7.91 | 8.41 |
| **MSCI ACWI ex-USA IMI Index Net (USD)**  | 31.96 | 7.77 | 8.37 |

---

Visit https://www.wilshire.com/research-insights/product-literature for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $233863313 |
| **Number of Holdings** | 1026 |
| **Net Advisory Fee** | $1883868 |
| **Portfolio Turnover** | 54% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Financials  | 17.6% |
|  Industrials  | 17.4% |
|  Information Technology  | 11.9% |
|  Consumer Discretionary  | 8.5% |
|  Materials  | 6.8% |
|  Health Care  | 6.7% |
|  Consumer Staples  | 4.5% |
|  Communication Services  | 3.5% |
|  Mortgage Securities  | 3.4% |
|  Cash & Other  | 19.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.8% |
|  MSCI EAFE Total Return Index  | 2.4% |
|  Voya VACS Series SC Fund  | 2.0% |
|  Siemens Energy AG  | 1.7% |
|  Rolls-Royce Holdings PLC  | 1.5% |
|  MSCI Emerging Markets Total Return Index  | 1.2% |
|  ASML Holding NV  | 1.1% |
|  UBS Group AG  | 1.0% |
|  Safran SA  | 1.0% |
|  BAE Systems PLC  | 1.0% |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(% of Net** **Assets)** |
|  United States  | 13.9% |
|  Japan  | 10.5% |
|  United Kingdom  | 8.9% |
|  Germany  | 7.0% |
|  Canada  | 6.3% |
|  France  | 4.7% |
|  China  | 4.3% |
|  Taiwan  | 4.2% |
|  Netherlands  | 3.2% |
|  Cash & Other  | 37.0% |

---

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 2 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99230_202412301749417.jpg) |

---

This annual shareholder report contains important information about the Wilshire Income Opportunities Fund (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $119 | 1.15% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Wilshire Income Opportunities Fund - Investment Class returned 7.18% in 2025, underperforming the Bloomberg U.S. Universal Bond Index return of 7.58%. The U.S. stock market, represented by the FT Wilshire 5000 Index<sup>SM</sup>, was up 17.13% for the past year. Sector performance was positive across all sectors with information technology (+22.81%), industrials (+18.18%) and communication services (+31.77%) leading the market. From a size perspective, FT Wilshire Small Cap Index<sup>SM</sup> underperformed FT Wilshire Large Cap Index<sup>SM</sup> by 9.78% for the 1-year period. Growth stocks continued to outperform Value stocks during the year. Performance results within international equity markets were positive for the year. Both Non U.S. Developed and emerging market equities outperformed U.S. equities by a significant margin. Active management faced persistant headwind as mega capitalization stocks continued to perform well relative to the rest of the equities market. Credit oriented fixed income investments such as high yield, marginally outperformed the Bloomberg U.S. Aggregate Bond Index for the year.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Exposure to credit such as high yield, and emerging market sovereigns significantly outperformed the Bloomberg US Universal Index. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Exposure to government securities was a detractor of relative return. |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6513img003.jpg)

Wilshire Income Opportunities Fund PAGE 1 TSR-AR-971897772

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(03/30/2016)** |
| **Investment Class (without sales charge)**  | 7.18 | 1.02 | 2.74 |
| **Bloomberg U.S. Universal Bond Index**  | 7.58 | 0.06 | 2.21 |
| **Custom Blended Index**  | 8.01 | 1.27 | 3.16 |

---

Visit https://www.wilshire.com/research-insights/product-literature for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $185897407 |
| **Number of Holdings** | 1495 |
| **Net Advisory Fee** | $831379 |
| **Portfolio Turnover** | 67% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of Net** **Assets)** |
|  Mortgage Securities  | 26.7% |
|  Government  | 17.9% |
|  Financial  | 9.0% |
|  Asset Backed Securities  | 6.9% |
|  Consumer, Cyclical  | 4.9% |
|  Consumer, Non-cyclical  | 4.8% |
|  Energy  | 4.3% |
|  Utilities  | 4.0% |
|  Industrial  | 3.8% |
|  Cash & Other  | 17.7% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  United States Treasury Note/Bond  | 6.5% |
|  Federal National Mortgage Association  | 5.6% |
|  United States Treasury Bill  | 2.7% |
|  Federal Home Loan Mortgage Corp.  | 2.9% |
|  Voya VACS Series HYB Fund  | 2.5% |
|  BX Trust  | 2.0% |
|  Government National Mortgage Association  | 2.2% |
|  Freddie Mac Structured Agency Credit Risk Debt Notes  | 1.2% |
|  Voya VACS Series EMHCD Fund  | 1.1% |
|  Progress Residential Trust  | 1.0% |

---

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 2 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99230_202412301749417.jpg) |

---

This annual shareholder report contains important information about the Wilshire Income Opportunities Fund (the "Fund") for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $93 | 0.90% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Wilshire Income Opportunities Fund - Institutional Class returned 7.47% in 2025, underperforming the Bloomberg U.S. Universal Bond Index return of 7.58%. The U.S. stock market, represented by the FT Wilshire 5000 Index<sup>SM</sup>, was up 17.13% for the past year. Sector performance was positive across all sectors with information technology (+22.81%), industrials (+18.18%) and communication services (+31.77%) leading the market. From a size perspective, FT Wilshire Small Cap Index<sup>SM</sup> underperformed FT Wilshire Large Cap Index<sup>SM</sup> by 9.78% for the 1-year period. Growth stocks continued to outperform Value stocks during the year. Performance results within international equity markets were positive for the year. Both Non U.S. Developed and emerging market equities outperformed U.S. equities by a significant margin. Active management faced persistant headwind as mega capitalization stocks continued to perform well relative to the rest of the equities market. Credit oriented fixed income investments such as high yield, marginally outperformed the Bloomberg U.S. Aggregate Bond Index for the year.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Exposure to credit such as high yield, and emerging market sovereigns significantly outperformed the Bloomberg US Universal Index. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Exposure to government securities was a detractor of relative return. |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts6512img003.jpg)

Wilshire Income Opportunities Fund PAGE 1 TSR-AR-971897764

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(03/30/2016)** |
| **Institutional Class (without sales charge)**  | 7.47 | 1.29 | 2.97 |
| **Bloomberg U.S. Universal Bond Index**  | 7.58 | 0.06 | 2.21 |
| **Custom Blended Index**  | 8.01 | 1.27 | 3.16 |

---

Visit https://www.wilshire.com/research-insights/product-literature for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $185897407 |
| **Number of Holdings** | 1495 |
| **Net Advisory Fee** | $831379 |
| **Portfolio Turnover** | 67% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of Net** **Assets)** |
|  Mortgage Securities  | 26.7% |
|  Government  | 17.9% |
|  Financial  | 9.0% |
|  Asset Backed Securities  | 6.9% |
|  Consumer, Cyclical  | 4.9% |
|  Consumer, Non-cyclical  | 4.8% |
|  Energy  | 4.3% |
|  Utilities  | 4.0% |
|  Industrial  | 3.8% |
|  Cash & Other  | 17.7% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  United States Treasury Note/Bond  | 6.5% |
|  Federal National Mortgage Association  | 5.6% |
|  United States Treasury Bill  | 2.7% |
|  Federal Home Loan Mortgage Corp.  | 2.9% |
|  Voya VACS Series HYB Fund  | 2.5% |
|  BX Trust  | 2.0% |
|  Government National Mortgage Association  | 2.2% |
|  Freddie Mac Structured Agency Credit Risk Debt Notes  | 1.2% |
|  Voya VACS Series EMHCD Fund  | 1.1% |
|  Progress Residential Trust  | 1.0% |

---

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 2 TSR-AR-971897764

------

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

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

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

The registrant's board of directors has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. Matt Forstenhausler is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. "Other services" were not provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| (a) Audit Fees | 149800 | 138000 |
| (b) Audit-Related Fees | 0 | 22060 |
| (c) Tax Fees | 39100 | 29000 |
| (d) All Other Fees | 0 | 0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

<u>Non-Audit Related Fees</u> <u>FYE 12/31/2025</u> <u>FYE 12/31/2024</u> <br> Registrant 0 31,000 <br> <u>Registrant's Investment Adviser</u> <u>0</u> <u>0</u>

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable

(j) Not applicable

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

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 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** 

Annual Financial Statements and Additional Information

December 31, 2025

http://advisor.wilshire.com

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments](#soi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [Large Company Growth Portfolio](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Large Company Value Portfolio](#soi2) | [12](#soi2) |
| &nbsp;&nbsp;&nbsp; [Small Company Growth Portfolio](#soi3) | [23](#soi3) |
| &nbsp;&nbsp;&nbsp; [Small Company Value Portfolio](#soi4) | [28](#soi4) |
| &nbsp;&nbsp;&nbsp; [FT Wilshire 5000 Index<sup>SM</sup> Fund](#soi5) | [36](#soi5) |
| &nbsp;&nbsp;&nbsp; [Wilshire International Equity Fund](#soi7) | [59](#soi7) |
| &nbsp;&nbsp;&nbsp; [Wilshire Income Opportunities Fund](#soi6) | [77](#soi6) |
| [Statements of Assets and Liabilities](#sal1) | [133](#sal1) |
| [Statements of Operations](#sop) | [136](#sop) |
| [Statements of Changes in Net Assets](#scna) | [139](#scna) |
| [Financial Highlights](#fihi) | [143](#fihi) |
| [Notes to Financial Statements](#notes) | [157](#notes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [185](#report) |
| [Tax Information](#tax) | [186](#tax) |
| [Additional Information](#ai1) | [187](#ai1) |
| [Board Approval of Advisory Agreement](#bo1) | [188](#bo1) |
| [Board Approval of Subadvisory Agreements](#bo2) | [194](#bo2) |

---

------

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

**LARGE COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 83.1%**<br>|  |  |
| **Communication Services - 12.9%**<br>|  |  |
| Alphabet, Inc. - Class A | 8240 | $2579120  |
| Alphabet, Inc. - Class C | 40094 | 12581497  |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula <br>One - Class C<sup>(a)</sup> | 4601 | 453244  |
| Meta Platforms, Inc. - Class A | 16162 | 10668375  |
| Netflix, Inc.<sup>(a)</sup> | 52818 | 4952216  |
| Reddit, Inc. - Class A<sup>(a)</sup> | 2000 | 459740  |
| Roku, Inc.<sup>(a)</sup> | 9057 | 982594  |
| Sea Ltd. - ADR<sup>(a)</sup> | 12270 | 1565284  |
| Spotify Technology SA<sup>(a)</sup> | 3064 | 1779295  |
| TKO Group Holdings, Inc. | 1635 | 341715  |
|  |  | 36363080  |
| **Consumer Discretionary - 10.6%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 67781 | 15645210  |
| Booking Holdings, Inc. | 251 | 1344188  |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, <br>Inc.<sup>(a)</sup> | 1774 | 179884  |
| Carnival Corp.<sup>(a)</sup> | 11647 | 355699  |
| Carvana Co.<sup>(a)</sup> | 71 | 29963  |
| Cava Group, Inc.<sup>(a)</sup> | 4626 | 271500  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 18169 | 672253  |
| Expedia Group, Inc. | 1877 | 531773  |
| Ferrari NV | 1379 | 509623  |
| Garmin Ltd. | 896 | 181754  |
| Home Depot, Inc. | 2990 | 1028859  |
| MercadoLibre, Inc.<sup>(a)</sup> | 419 | 843975  |
| On Holding AG - Class A<sup>(a)</sup> | 12953 | 602056  |
| Tempur Sealy International, Inc. | 4964 | 443186  |
| Tesla, Inc.<sup>(a)</sup> | 11979 | 5387196  |
| Texas Roadhouse, Inc. | 1991 | 330506  |
| TJX Cos., Inc. | 6122 | 940400  |
| Tractor Supply Co. | 9833 | 491748  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 198 | 119792  |
|  |  | 29909565  |
| **Consumer Staples - 1.2%**<br>|  |  |
| Celsius Holdings, Inc.<sup>(a)</sup> | 11232 | 513752  |
| Costco Wholesale Corp. | 1869 | 1611713  |
| Monster Beverage Corp.<sup>(a)</sup> | 17486 | 1340652  |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 396 | 31549  |
|  |  | 3497666  |
| **Energy - 0.5%**<br>|  |  |
| Cameco Corp. | 1751 | 160199  |
| Cheniere Energy, Inc. | 191 | 37129  |
| HF Sinclair Corp. | 9905 | 456422  |
| Phillips 66 | 6557 | 846115  |
|  |  | 1499865  |
| **Financials - 3.3%**<br>|  |  |
| Affirm Holdings, Inc.<sup>(a)</sup> | 4188 | 311713  |
| Ally Financial, Inc. | 13797 | 624866  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Bank of America Corp. | 18682 | $1027510  |
| Cboe Global Markets, Inc. | 2592 | 650592  |
| Citigroup, Inc. | 324 | 37808  |
|  Figure Technology Solutions, Inc. - Class A<sup>(a)</sup> | 11328 | 462635  |
| Hamilton Lane, Inc. - Class A | 3007 | 403870  |
| NU Holdings Ltd. - Class A<sup>(a)</sup> | 8432 | 141152  |
| Popular, Inc. | 3236 | 402947  |
| Progressive Corp. | 2266 | 516013  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 1492 | 168745  |
| Rocket Cos., Inc. - Class A | 47299 | 915709  |
| S&P Global, Inc. | 991 | 517887  |
| Toast, Inc. - Class A<sup>(a)</sup> | 7479 | 265579  |
| Visa, Inc. - Class A | 7931 | 2781481  |
|  |  | 9228507  |
| **Health Care - 8.7%**<br>|  |  |
| Abbott Laboratories | 4345 | 544385  |
| AbbVie, Inc. | 5909 | 1350147  |
| Abivax SA - ADR<sup>(a)</sup> | 5173 | 697605  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 575 | 228649  |
| Amgen, Inc. | 354 | 115868  |
| Argenx SE - ADR<sup>(a)</sup> | 220 | 185009  |
| Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 6351 | 421643  |
| AstraZeneca PLC - ADR | 6963 | 640109  |
| Biogen, Inc.<sup>(a)</sup> | 2952 | 519522  |
| Boston Scientific Corp.<sup>(a)</sup> | 5975 | 569716  |
| Bristol-Myers Squibb Co. | 16258 | 876957  |
| Cardinal Health, Inc. | 2825 | 580538  |
| Cidara Therapeutics, Inc.<sup>(a)</sup> | 3564 | 787252  |
| Cogent Biosciences, Inc.<sup>(a)</sup> | 7155 | 254146  |
| Dexcom, Inc.<sup>(a)</sup> | 3825 | 253865  |
| Eli Lilly & Co. | 4426 | 4756534  |
| Exelixis, Inc.<sup>(a)</sup> | 17697 | 775660  |
| Genmab AS - ADR<sup>(a)</sup> | 7144 | 220035  |
| Gilead Sciences, Inc. | 1691 | 207553  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 12297 | 827588  |
| HCA Healthcare, Inc. | 842 | 393096  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 777 | 525664  |
| Incyte Corp.<sup>(a)</sup> | 7955 | 785715  |
| Insulet Corp.<sup>(a)</sup> | 652 | 185325  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 3525 | 1996419  |
| McKesson Corp. | 1074 | 880991  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 377 | 211742  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 431 | 600896  |
| Natera, Inc.<sup>(a)</sup> | 3191 | 731026  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 227 | 32195  |
| Sotera Health Co.<sup>(a)</sup> | 5110 | 90140  |
| Stryker Corp. | 2564 | 901169  |
| UnitedHealth Group, Inc. | 1233 | 407026  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 3675 | 820370  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 2258 | 1023687  |
| Waters Corp.<sup>(a)</sup> | 917 | 348304  |
|  |  | 24746546  |

---

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

1<br>

------

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

**LARGE COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Industrials - 3.4%**<br>|  |  |
| Broadridge Financial Solutions, Inc. | 1646 | $367338  |
| Caterpillar, Inc. | 462 | 264666  |
| Comfort Systems USA, Inc. | 133 | 124127  |
| Copart, Inc.<sup>(a)</sup> | 7327 | 286852  |
| GE Vernova, Inc. | 2706 | 1768560  |
| General Electric Co. | 3938 | 1213022  |
| HEICO Corp. - Class A | 4816 | 1215703  |
| Howmet Aerospace, Inc. | 2082 | 426852  |
| Lockheed Martin Corp. | 1223 | 591528  |
| Lyft, Inc. - Class A<sup>(a)</sup> | 19032 | 368650  |
| Otis Worldwide Corp. | 3659 | 319614  |
| Saia, Inc.<sup>(a)</sup> | 1382 | 451251  |
| Trane Technologies PLC | 354 | 137777  |
| Trex Co., Inc.<sup>(a)</sup> | 3996 | 140180  |
| Uber Technologies, Inc.<sup>(a)</sup> | 8214 | 671166  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 1126 | 125909  |
| United Rentals, Inc. | 472 | 381999  |
| Verisk Analytics, Inc. | 3356 | 750704  |
|  |  | 9605898  |
| **Information Technology - 40.4%<sup>(b)</sup>**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 429 | 150146  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 3412 | 730714  |
| Amphenol Corp. - Class A | 6915 | 934493  |
| Apple, Inc. | 61195 | 16636473  |
| Applied Materials, Inc. | 1649 | 423776  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 8272 | 5573839  |
| Arista Networks, Inc.<sup>(a)</sup> | 4253 | 557270  |
| ASML Holding NV | 432 | 462179  |
| Astera Labs, Inc.<sup>(a)</sup> | 9272 | 1542490  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 1391 | 225537  |
| Autodesk, Inc.<sup>(a)</sup> | 866 | 256345  |
| Broadcom, Inc. | 35442 | 12266476  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 1717 | 536700  |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | 1755 | 345998  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 2644 | 359557  |
| Dell Technologies, Inc. - Class C | 992 | 124873  |
| Intuit, Inc. | 824 | 545834  |
| Itron, Inc.<sup>(a)</sup> | 2581 | 239672  |
| KLA Corp. | 297 | 360879  |
| Lam Research Corp. | 4180 | 715532  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 1905 | 330155  |
| Marvell Technology, Inc. | 920 | 78182  |
| Microsoft Corp. | 48158 | 23290172  |
| MongoDB, Inc.<sup>(a)</sup> | 1655 | 694587  |
| Motorola Solutions, Inc. | 532 | 203926  |
| Nebius Group NV<sup>(a)</sup> | 28464 | 2382579  |
| NVIDIA Corp. | 156847 | 29251965  |
| Okta, Inc.<sup>(a)</sup> | 555 | 47991  |
| Oracle Corp. | 793 | 154564  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 4815 | 855866  |
| Pegasystems, Inc. | 6915 | 412964  |
| Procore Technologies, Inc.<sup>(a)</sup> | 4220 | 306963  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| QUALCOMM, Inc. | 3296 | $563781  |
| QXO, Inc.<sup>(a)</sup> | 80392 | 1550762  |
| Rubrik, Inc. - Class A<sup>(a)</sup> | 1108 | 84740  |
| ServiceNow, Inc.<sup>(a)</sup> | 3199 | 490055  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 2845 | 457960  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 608 | 133371  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 20305 | 6170486  |
| Texas Instruments, Inc. | 4189 | 726750  |
| Twilio, Inc. - Class A<sup>(a)</sup> | 3862 | 549331  |
| Unity Software, Inc.<sup>(a)</sup> | 8087 | 357203  |
| Western Digital Corp. | 11810 | 2034509  |
|  |  | 114117645  |
| **Materials - 0.7%**<br>|  |  |
| Anglogold Ashanti PLC | 5017 | 427850  |
| DuPont de Nemours, Inc. | 11439 | 459848  |
| Martin Marietta Materials, Inc. | 702 | 437107  |
| Sherwin-Williams Co. | 2129 | 689860  |
| Southern Copper Corp. | 219 | 31397  |
|  |  | 2046062  |
| **Utilities - 1.4%**<br>|  |  |
| Constellation Energy Corp. | 1479 | 522486  |
| Talen Energy Corp.<sup>(a)</sup> | 7239 | 2713467  |
| Vistra Corp. | 4830 | 779224  |
|  |  | 4015177  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $115,473,980)** |  | 235030011 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS - 2.9%**<br>|  |  |
|  BBCMS Trust, Series 2021-C10, Class XA, 1.21%, 07/15/2054 (Callable 05/15/2031)<sup>(c)(d)</sup> | $910946 | 43320  |
| Benchmark Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-B19, Class XA, 1.66%, 09/15/2053 (Callable 10/15/2030)<sup>(c)(d)</sup> | 848228 | 38074  |
| &nbsp;&nbsp;&nbsp; Series 2021-B29, Class XA, 1.01%, 09/15/2054 (Callable 08/15/2031)<sup>(c)(d)</sup> | 978856 | 33233  |
| &nbsp;&nbsp;&nbsp; Series 2025-V17, Class A3, 5.07%, 09/15/2058 (Callable 09/15/2030) | 250000 | 256067  |
| BX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-RISE, Class B, 5.11% (1 mo. Term SOFR + 1.36%), 11/15/2036, (1.25% Floor)<sup>(e)</sup> | 84533 | 84455  |
| &nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class A, 4.75% (1 mo. Term SOFR + 1.00%), 01/15/2039, (1.00% Floor)<sup>(e)</sup> | 200000 | 199378  |
| &nbsp;&nbsp;&nbsp; Series 2023-XL3, Class A, 5.51% (1 mo. Term SOFR + 1.76%), 12/09/2040, (1.76% Floor)<sup>(e)</sup> | 143202 | 143112 |

---

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

2<br>

------

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

**LARGE COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(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; Series 2024-KING, Class C, 5.69% (1 mo. Term SOFR + 1.94%), 05/15/2034, (1.94% Floor)<sup>(e)</sup> | $177661 | $177883  |
| &nbsp;&nbsp;&nbsp; Series 2024-XL4, Class B, 5.54% (1 mo. Term SOFR + 1.79%), 02/15/2039, (1.79% Floor)<sup>(e)</sup> | 92804 | 92746  |
| &nbsp;&nbsp;&nbsp; Series 2025-GW, Class B, 5.60% (1 mo. Term SOFR + 1.85%), 07/15/2042, (1.85% Floor)<sup>(e)</sup> | 150000 | 150328  |
| &nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, 4.89% (1 mo. Term SOFR + 1.14%), 03/15/2030, (1.14% Floor)<sup>(e)</sup> | 149417 | 149091  |
| &nbsp;&nbsp;&nbsp; Series 2025-VOLT, Class A, 5.45% (1 mo. Term SOFR + 1.70%), 12/15/2044, (1.70% Floor)<sup>(e)</sup> | 200000 | 199750  |
|  BX Trust 2024-VLT4, Series 2024-AIRC, Class B, 5.89% (1 mo. Term SOFR + 2.14%), 08/15/2041, (2.14% Floor)<sup>(e)</sup> | 140429 | 141128  |
|  Chase Mortgage Finance Corp., Series 2025-9, Class A3, 5.50%, 06/25/2056 (Callable 04/25/2032)<sup>(d)(e)</sup> | 89393 | 89990  |
|  Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2020-C9, Class XA, 1.59%, 09/15/2053 (Callable 08/15/2030)<sup>(c)(d)</sup> | 557975 | 23994  |
|  CSTL Commercial Mortgage Trust, Series 2024-GATE, Class A, 4.76%, 11/10/2041<sup>(d)(e)</sup> | 100000 | 100527  |
|  DK Trust, Series 2024-SPBX, Class A, 5.25% (1 mo. Term SOFR + 1.50%), 03/15/2034, (1.50% Floor)<sup>(e)</sup> | 150000 | 150128  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 5410, Class DF, 5.32% (30 day avg SOFR US + 1.45%), 05/25/2054, (1.45% Floor), (6.75% Cap) | 432968 | 437584  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5460, Class FH, 4.97% <br>(30 day avg SOFR US + 1.10%), 10/25/2054, (1.10% Floor), (6.50% Cap) | 231775 | 231677  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5481, Class FA, 5.27% <br>(30 day avg SOFR US + 1.40%), 12/25/2054, (1.40% Floor), (6.50% Cap) | 142042 | 142964  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5483, Class FD, 5.17% <br>(30 day avg SOFR US + 1.30%), 12/25/2054, (1.30% Floor), (6.50% Cap) | 155562 | 156361  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5583, Class FA, 5.12% <br>(30 day avg SOFR US + 1.25%), 10/25/2055, (1.25% Floor), (6.50% Cap) | 188163 | 189241  |
| &nbsp;&nbsp;&nbsp; Series K110, Class X1, 1.64%, 04/25/2030 (Callable 04/25/2030)<sup>(c)(d)</sup> | 370780 | 21306  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series K118, Class X1, 0.95%, 09/25/2030 (Callable 06/25/2030)<sup>(c)(d)</sup> | $979065 | $35932  |
| &nbsp;&nbsp;&nbsp; Series K123, Class X1, 0.76%, 12/25/2030 (Callable 10/25/2030)<sup>(c)(d)</sup> | 1376391 | 42207  |
| &nbsp;&nbsp;&nbsp; Series K151, Class X1, 0.34%, 04/25/2030 (Callable 02/25/2030)<sup>(c)(d)</sup> | 2334734 | 29817  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-100, Class FD, 5.32% (30 day avg SOFR US + 1.45%), 06/25/2054, (1.45% Floor), (6.50% Cap) | 680014 | 685307  |
| &nbsp;&nbsp;&nbsp; Series 2024-103, Class FM, 5.37% (30 day avg SOFR US + 1.50%), 01/25/2055, (1.50% Floor), (6.50% Cap) | 139823 | 141045  |
| &nbsp;&nbsp;&nbsp; Series 2024-22, Class FC, 5.17% (30 day avg SOFR US + 1.30%), 05/25/2054, (1.30% Floor), (6.50% Cap) | 209059 | 209951  |
| &nbsp;&nbsp;&nbsp; Series 2024-86, Class FA, 5.32% (30 day avg SOFR US + 1.45%), 12/25/2054, (1.45% Floor), (6.50% Cap) | 81227 | 81858  |
| &nbsp;&nbsp;&nbsp; Series 2024-93, Class FL, 5.32% (30 day avg SOFR US + 1.45%), 12/25/2054, (1.45% Floor), (6.50% Cap) | 1141886 | 1150774  |
|  Great Wolf Trust, Series 2024-WOLF, Class A, 5.29% (1 mo. Term SOFR + 1.54%), 03/15/2039, (1.54% Floor)<sup>(e)</sup> | 150000 | 150214  |
|  Greystone Commercial Real Estate Notes, Series 2021-FL3, Class C, 5.86% (1 mo. Term SOFR + 2.11%), 07/15/2039, (2.00% Floor) (Callable 01/15/2026)<sup>(e)</sup> | 275000 | 272203  |
|  GS Mortgage Securities Corp. II, Series 2024-FAIR, Class A, 5.88%, 07/15/2029<sup>(d)(e)</sup> | 225000 | 231735  |
|  GS Mortgage-Backed Securities Trust, Series 2024-PJ9, Class A3, 5.00%, 02/25/2055 (Callable 03/25/2031)<sup>(d)(e)</sup> | 63497 | 63123  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-3, Class A3, 3.50%, 05/25/2045 (Callable 01/25/2026)<sup>(d)(e)</sup> | 40175 | 37218  |
| &nbsp;&nbsp;&nbsp; Series 2017-2, Class A3, 3.50%, 05/25/2047 (Callable 02/25/2030)<sup>(d)(e)</sup> | 39616 | 35862  |
| &nbsp;&nbsp;&nbsp; Series 2018-5, Class A1, 3.50%, 10/25/2048 (Callable 01/25/2030)<sup>(d)(e)</sup> | 69057 | 62330  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, Class A3, 4.00%, 05/25/2049 (Callable 01/25/2026)<sup>(d)(e)</sup> | 7125 | 6614  |

---

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

3<br>

------

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

**LARGE COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(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; Series 2019-INV3, Class A3, 3.50%, 05/25/2050 (Callable 01/25/2032)<sup>(d)(e)</sup> | $54011 | $48538  |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class A15, 3.50%, 07/25/2050 (Callable 02/25/2029)<sup>(d)(e)</sup> | 55251 | 49250  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A3A, 2.50%, 02/25/2052 (Callable 08/25/2045)<sup>(d)(e)</sup> | 261466 | 236168  |
| &nbsp;&nbsp;&nbsp; Series 2022-6, Class A3, 3.00%, 11/25/2052 (Callable 03/25/2044)<sup>(d)(e)</sup> | 157072 | 136960  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class A3A, 5.00%, 07/25/2053 (Callable 03/25/2035)<sup>(d)(e)</sup> | 64416 | 64036  |
| &nbsp;&nbsp;&nbsp; Madison Avenue Trust, Series <br>2025-11MD, Class A, 4.75%, 10/15/2042<sup>(d)(e)</sup> | 250000 | 249683  |
|  PMT Loan Trust, Series 2025-INV8, Class A2, 5.50%, 07/25/2056 (Callable 09/25/2033)<sup>(d)(e)</sup> | 93992 | 94855  |
|  PRM5 Trust, Series 2025-PRM5, Class B, 4.76%, 03/10/2033<sup>(d)(e)</sup> | 125000 | 125080  |
|  Provident Funding Mortgage Trust, Series 2021-J1, Class A10, 2.00%, 10/25/2051 (Callable 07/25/2048)<sup>(d)(e)</sup> | 100000 | 63149  |
| Sequoia Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-CH3, Class A1, 4.00%, 09/25/2049 (Callable 08/25/2032)<sup>(d)(e)</sup> | 4163 | 3910  |
| &nbsp;&nbsp;&nbsp; Series 2020-4, Class A8, 2.50%, 11/25/2050 (Callable 09/25/2041)<sup>(d)(e)</sup> | 200000 | 148064  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, 6.00%, 01/25/2055 (Callable 05/25/2029)<sup>(d)(e)</sup> | 76227 | 77502  |
|  SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 07/15/2041<sup>(e)</sup> | 190000 | 169389  |
|  Tharaldson Hotel Portfolio Trust, Series 2023-THL, Class A, 6.99%, 12/10/2034<sup>(d)(e)</sup> | 198824 | 201260  |
|  Wells Fargo Mortgage Backed Securities Trust, Series 2020-RR1, Class A1, 3.00% (1 Month U.S. LIBOR + 0.00%), 05/25/2050 (Callable 06/25/2038)<sup>(d)(e)(f)</sup> | 75780 | 66399  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $8,441,884)** |  | 8222770 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AFFILIATED REGISTERED INVESTMENT** <br>**COMPANIES - 2.7%** | &nbsp;&nbsp;&nbsp; **AFFILIATED REGISTERED INVESTMENT** <br>**COMPANIES - 2.7%** | &nbsp;&nbsp;&nbsp; **AFFILIATED REGISTERED INVESTMENT** <br>**COMPANIES - 2.7%** |
| Voya VACS Series EMHCD Fund<sup>(g)</sup> | 186 | $1986  |
| Voya VACS Series HYB Fund<sup>(g)</sup> | 113367 | 1174478  |
| Voya VACS Series SC Fund - Class SC<sup>(g)</sup> | 618268 | 6504182  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED REGISTERED INVESTMENT COMPANIES** <br>**(Cost $7,767,943)** |  | 7680646 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **CORPORATE BONDS - 2.0%**<br>|  |  |
| **Communication Services - 0.2%**<br>|  |  |
|  AT&T, Inc., 2.25%, 02/01/2032 (Callable 11/01/2031) | $130000 | 114037  |
|  Meta Platforms, Inc., 3.50%, 08/15/2027 (Callable 07/15/2027) | 17000 | 16960  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/15/2026 (Callable 01/12/2026) | 107000 | 106700  |
| &nbsp;&nbsp;&nbsp; 2.05%, 02/15/2028 (Callable 12/15/2027) | 20000 | 19175  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/15/2029 (Callable 01/12/2026) | 15000 | 14620  |
| Verizon Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.36%, 03/15/2032 (Callable 12/15/2031) | 139000 | 122325  |
| &nbsp;&nbsp;&nbsp; 4.78%, 02/15/2035 (Callable 11/15/2034) | 60000 | 59199  |
|  Walt Disney Co., 2.00%, 09/01/2029 (Callable 06/01/2029) | 60000 | 56070  |
|  |  | 509086  |
| **Consumer Discretionary - 0.1%**<br>|  |  |
|  Amazon.com, Inc., 1.50%, 06/03/2030 (Callable 03/03/2030) | 87000 | 78380  |
|  Home Depot, Inc., 1.50%, 09/15/2028 (Callable 07/15/2028) | 90000 | 84837  |
|  Lowe's Cos., Inc., 3.35%, 04/01/2027 (Callable 03/01/2027) | 60000 | 59563  |
|  O'Reilly Automotive, Inc., 3.60%, 09/01/2027 (Callable 06/01/2027) | 124000 | 123169  |
|  |  | 345949  |
| **Consumer Staples - 0.1%**<br>|  |  |
|  Nestle Holdings, Inc., 5.25%, 03/13/2026<sup>(e)(h)</sup> | 150000 | 150343  |
|  PepsiCo, Inc., 2.63%, 07/29/2029 (Callable 04/29/2029) | 69000 | 65881  |
|  Walmart, Inc., 1.05%, 09/17/2026 (Callable 08/17/2026) | 90000 | 88402  |
|  |  | 304626 |

---

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

4<br>

------

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

**LARGE COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Energy - 0.1%**<br>|  |  |
|  Enbridge, Inc., 1.60%, 10/04/2026 (Callable 09/04/2026) | $97000 | $95287  |
|  Enterprise Products Operating LLC, 2.80%, 01/31/2030 (Callable 10/31/2029) | 65000 | 61756  |
|  Kinder Morgan, Inc., 1.75%, 11/15/2026 (Callable 10/15/2026) | 65000 | 63715  |
|  MPLX LP, 2.65%, 08/15/2030 (Callable 05/15/2030) | 29000 | 26843  |
| Ovintiv, Inc., 5.38%, 01/01/2026 | 86000 | 85979  |
|  Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027 (Callable 09/15/2026) | 50000 | 50309  |
|  |  | 383889  |
| **Financials - 0.7%**<br>|  |  |
|  Aviation Capital Group LLC, 5.13%, 04/10/2030 (Callable 03/10/2030)<sup>(e)</sup> | 40000 | 40653  |
| 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 | 275336  |
| &nbsp;&nbsp;&nbsp; 3.59% to 07/21/2027 then 3 mo. Term SOFR + 1.63%, 07/21/2028 (Callable 07/21/2027) | 42000 | 41721  |
| &nbsp;&nbsp;&nbsp; 3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028 (Callable 12/20/2027) | 15000 | 14812  |
| &nbsp;&nbsp;&nbsp; 2.59% to 04/29/2030 then SOFR + 2.15%, 04/29/2031 (Callable 04/29/2030) | 147000 | 136618  |
| Bank of Nova Scotia, 2.70%, 08/03/2026 | 94000 | 93312  |
| Blackstone Holdings Finance Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 08/05/2028 (Callable 06/05/2028)<sup>(e)</sup> | 94000 | 88236  |
| &nbsp;&nbsp;&nbsp; 2.50%, 01/10/2030 (Callable 10/10/2029)<sup>(e)</sup> | 37000 | 34558  |
|  Capital One Financial Corp., 1.88% to 11/02/2026 then SOFR + 0.86%, 11/02/2027 (Callable 11/02/2026) | 83000 | 81441  |
|  Fiserv, Inc., 5.45%, 03/02/2028 (Callable 02/02/2028) | 85000 | 86809  |
|  Global Payments, Inc., 1.20% (SOFR Rate + 0.00%), 03/01/2026 (Callable 02/01/2026) | 32000 | 31842  |
|  HSBC Holdings PLC, 2.21% to 08/17/2028 then SOFR + 1.29%, 08/17/2029 (Callable 08/17/2028) | 200000 | 190071  |
| 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 | 139267  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 2.95% to 02/24/2027 then SOFR + 1.17%, 02/24/2028 (Callable 02/24/2027) | $44000 | $43412  |
| &nbsp;&nbsp;&nbsp; 2.07% to 06/01/2028 then SOFR + 1.02%, 06/01/2029 (Callable 06/01/2028) | 26000 | 24798  |
| &nbsp;&nbsp;&nbsp; 4.45% to 12/05/2028 then 3 mo. Term SOFR + 1.59%, 12/05/2029 (Callable 12/05/2028) | 15000 | 15167  |
| &nbsp;&nbsp;&nbsp; 1.95% to 02/04/2031 then SOFR + 1.07%, 02/04/2032 (Callable 02/04/2031) | 17000 | 15169  |
| &nbsp;&nbsp;&nbsp; 2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032 (Callable 04/22/2031) | 62000 | 56734  |
|  Kite Realty Group LP, 4.00%, 10/01/2026 (Callable 07/01/2026) | 65000 | 64851  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.59% to 05/04/2026 then SOFR + 0.88%, 05/04/2027 (Callable 05/04/2026) | 159000 | 157516  |
| &nbsp;&nbsp;&nbsp; 1.51% to 07/20/2026 then SOFR + 0.86%, 07/20/2027 (Callable 07/20/2026) | 67000 | 65985  |
| &nbsp;&nbsp;&nbsp; 6.30% to 10/18/2027 then SOFR + 2.24%, 10/18/2028 (Callable 10/18/2027) | 38000 | 39485  |
| &nbsp;&nbsp;&nbsp; 2.24% to 07/21/2031 then SOFR + 1.18%, 07/21/2032 (Callable 07/21/2031) | 31000 | 27531  |
| &nbsp;&nbsp;&nbsp; 5.47% to 01/18/2034 then SOFR + 1.73%, 01/18/2035 (Callable 01/18/2034) | 85000 | 88241  |
| &nbsp;&nbsp;&nbsp; 5.30% to 04/20/2032 then SOFR + 2.62%, 04/20/2037 (Callable 04/20/2032) | 5000 | 5057  |
|  Royal Bank of Canada, 1.20%, 04/27/2026 | 70000 | 69370  |
|  Sumitomo Mitsui Trust Bank Ltd., 2.80%, 03/10/2027<sup>(e)</sup> | 63000 | 62185  |
|  US Bancorp, 4.55% to 07/22/2027 then SOFR + 1.66%, 07/22/2028 (Callable 07/22/2027) | 35000 | 35267  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.53% to 03/24/2027 then SOFR + 1.51%, 03/24/2028 (Callable 03/24/2027) | 21000 | 20869  |
| &nbsp;&nbsp;&nbsp; 3.58% to 05/22/2027 then 3 mo. Term SOFR + 1.57%, 05/22/2028 (Callable 05/22/2027) | 16000 | 15881  |
|  |  | 2062194  |
| **Health Care - 0.2%**<br>|  |  |
|  Amgen, Inc., 5.15%, 03/02/2028 (Callable 02/02/2028) | 92000 | 93960  |
|  CVS Health Corp., 1.75% (SOFR Rate + 0.00%), 08/21/2030 (Callable 05/21/2030) | 130000 | 115391  |

---

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

5<br>

------

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

**LARGE COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Health Care - (Continued)**  | **Health Care - (Continued)**  | **Health Care - (Continued)**  |
|  HCA, Inc., 4.13%, 06/15/2029 (Callable 03/15/2029) | $86000 | $85513  |
| Royalty Pharma PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 09/02/2027 (Callable 07/02/2027) | 153000 | 147433  |
| &nbsp;&nbsp;&nbsp; 2.20%, 09/02/2030 (Callable 06/02/2030) | 45000 | 40788  |
|  |  | 483085  |
| **Industrials - 0.0%<sup>(i)</sup>**<br>|  |  |
|  Carrier Global Corp., 2.72%, 02/15/2030 (Callable 11/15/2029) | 123000 | 115595  |
| **Information Technology - 0.2%<sup>(b)</sup>**<br>|  |  |
|  Apple, Inc., 1.20%, 02/08/2028 (Callable 12/08/2027) | 76000 | 72268  |
|  Broadcom, Inc., 3.46%, 09/15/2026 (Callable 07/15/2026) | 61000 | 60759  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/15/2027 (Callable 08/15/2027) | 92000 | 89978  |
| &nbsp;&nbsp;&nbsp; 2.95%, 04/01/2030 (Callable 01/01/2030) | 176000 | 162317  |
|  VMware LLC, 2.20%, 08/15/2031 (Callable 05/15/2031) | 51000 | 45377  |
|  |  | 430699  |
| **Materials - 0.1%**<br>|  |  |
|  Ecolab, Inc., 4.80%, 03/24/2030 (Callable 12/24/2029) | 54000 | 55360  |
|  Nucor Corp., 4.30%, 05/23/2027 (Callable 04/23/2027) | 59000 | 59370  |
|  PPG Industries, Inc., 1.20%, 03/15/2026 (Callable 02/15/2026) | 97000 | 96444  |
|  Steel Dynamics, Inc., 1.65%, 10/15/2027 (Callable 08/15/2027) | 65000 | 62405  |
|  |  | 273579  |
| **Real Estate - 0.1%**<br>|  |  |
|  Equinix, Inc., 2.90%, 11/18/2026 (Callable 09/18/2026) | 49000 | 48472  |
|  Realty Income Corp., 3.25%, 01/15/2031 (Callable 10/15/2030) | 96000 | 91243  |
|  |  | 139715  |
| **Utilities - 0.2%**<br>|  |  |
| AES Corp., 1.38%, 01/15/2026 | 66000 | 65910  |
|  Ameren Illinois Co., 3.80%, 05/15/2028 (Callable 02/15/2028) | 62000 | 61807  |
|  Duke Energy Corp., 3.15%, 08/15/2027 (Callable 05/15/2027) | 132000 | 130359  |
|  NextEra Energy Capital Holdings, Inc., 4.63%, 07/15/2027 (Callable 06/15/2027) | 87000 | 87906  |
|  Sierra Pacific Power Co., 2.60%, 05/01/2026 (Callable 02/01/2026) | 106000 | 105463  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Southwestern Electric Power Co., 1.65%, 03/15/2026 (Callable 02/15/2026) | $70000 | $69635  |
|  WEC Energy Group, Inc., 5.15%, 10/01/2027 (Callable 09/01/2027) | 57000 | 58027  |
|  |  | 579107  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $5,752,989)** |  | 5627524  |
|  **COLLATERALIZED LOAN OBLIGATIONS - 1.4%**<br>|  |  |
|  ARES CLO, Series 2022-65A, Class A1R, 4.98% (3 mo. Term SOFR + 1.12%), 07/25/2034, (1.12% Floor) (Callable 07/25/2026)<sup>(e)</sup> | 250000 | 249651  |
|  Bain Capital Credit CLO, Series 2020-5A, Class ARR, 5.03% (3 mo. Term SOFR + 1.15%), 04/20/2034, (1.15% Floor) (Callable 04/20/2026)<sup>(e)</sup> | 250000 | 249877  |
|  CBAM Ltd., Series 2017-1A, Class AR2, 5.27% (3 mo. Term SOFR + 1.39%), 01/20/2038, (1.39% Floor) (Callable 01/20/2027)<sup>(e)</sup> | 250000 | 251068  |
| CIFC Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 5.20% (3 mo. Term SOFR + 1.32%), 04/17/2035, (1.32% Floor) (Callable 01/17/2026)<sup>(e)</sup> | 250000 | 250219  |
| &nbsp;&nbsp;&nbsp; Series 2022-4A, Class AR, 4.98% (3 mo. Term SOFR + 1.09%), 07/16/2035, (1.09% Floor) (Callable 07/16/2026)<sup>(e)</sup> | 250000 | 249634  |
|  Empower CLO Ltd., Series 2025-1A, Class A, 5.19% (3 mo. Term SOFR + 1.31%), 07/20/2038, (1.31% Floor) (Callable 07/20/2027)<sup>(e)</sup> | 250000 | 250548  |
| &nbsp;&nbsp;&nbsp; Invesco CLO Ltd., Series 2021-3A, Class A1R, 4.94% (3 mo. Term SOFR + <br>1.08%), 10/22/2034, (1.08% Floor) (Callable 07/22/2026)<sup>(e)</sup> | 270000 | 269687  |
|  LoanCore, Series 2025-CRE9, Class A, 5.18% (1 mo. Term SOFR + 1.45%), 08/18/2042, (1.45% Floor) (Callable 05/15/2028)<sup>(e)</sup> | 250000 | 250073  |
| &nbsp;&nbsp;&nbsp; Magnetite CLO Ltd., Series 2021-31A, Class A1R, 0.00% (3 mo. Term SOFR + <br>1.00%), 07/15/2034, (1.00% Floor)<sup>(e)</sup> | 250000 | 250000  |
|  Neuberger Berman CLO Ltd., Series 2022-47A, Class AR, 5.20% (3 mo. Term SOFR + 1.09%), 04/16/2035, (1.09% Floor) (Callable 07/14/2026)<sup>(e)</sup> | 250000 | 249671  |
|  OHA Credit Funding, Series 2019-4A, Class AR2, 5.15% (3 mo. Term SOFR + 1.29%), 01/22/2038, (1.29% Floor) (Callable 01/22/2027)<sup>(e)</sup> | 500000 | 500455 |

---

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

6<br>

------

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

**LARGE COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(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)**  |
|  OZLM Ltd., Series 2016-15A, Class A1R3, 4.93% (3 mo. Term SOFR + 1.05%), 04/20/2033, (1.05% Floor) (Callable 04/20/2026)<sup>(e)</sup> | $195379 | $195327  |
|  Park Avenue Institutional Advisers CLO Ltd., Series 2021-1A, Class A1AR, 4.99% (3 mo. Term SOFR + 1.11%), 01/20/2034, (1.11% Floor) (Callable 04/20/2026)<sup>(e)</sup> | 250000 | 249875  |
|  Starwood Property Trust, Inc., Series 2025-FL4, Class A, 5.18% (1 mo. Term SOFR + 1.45%), 11/19/2042, (1.45% Floor) (Callable 05/19/2028)<sup>(e)</sup> | 250000 | 250294  |
| &nbsp;&nbsp;&nbsp; TCI-Symphony CLO Ltd., Series 2016-1A, Class AR2, 5.19% (3 mo. Term <br>SOFR + 1.28%), 10/13/2032, (1.02% Floor) (Callable 01/13/2026)<sup>(e)</sup> | 174043 | 174048  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $3,889,422)** |  | 3890427  |
| **ASSET-BACKED SECURITIES - 1.3%**<br>|  |  |
| American Airlines Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-2, 3.60%, 09/22/2027 | 50592 | 49869  |
| &nbsp;&nbsp;&nbsp; Series 2016-1, 3.58%, 01/15/2028 | 2288 | 2254  |
| &nbsp;&nbsp;&nbsp; Series 2016-2, 3.20%, 06/15/2028 | 24549 | 23901  |
|  Beacon Container Finance LLC, Series 2021-1A, Class A, 2.25%, 10/22/2046<sup>(e)</sup> | 58333 | 54557  |
|  CarMax Auto Owner Trust, Series 2023-3, Class B, 5.47%, 02/15/2029 (Callable 08/15/2027) | 150000 | 153398  |
|  CNH Equipment Trust, Series 2023-A, Class A4, 4.77%, 10/15/2030 (Callable 03/15/2027) | 250000 | 254161  |
|  COLT Funding LLC, Series 2021-2, Class A1, 0.92%, 08/25/2066 (Callable 01/25/2026)<sup>(d)(e)</sup> | 165853 | 142892  |
|  Container Leasing International LLC, Series 2022-1A, Class A, 2.72%, 01/18/2047<sup>(e)</sup> | 84767 | 78909  |
| Exeter Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-4A, Class A3, 4.39%, 09/17/2029 (Callable 09/17/2029) | 150000 | 150652  |
| &nbsp;&nbsp;&nbsp; Series 2025-5A, Class A2, 4.38%, 06/15/2028 (Callable 06/15/2028) | 150000 | 150164  |
|  FedEx Corp., Series 2020-1AA, 1.88%, 02/20/2034 | 162645 | 142668  |
|  General Motors Financial Co., Inc., Series 2021-2, Class C, 1.01%, 01/19/2027 (Callable 01/18/2026) | 2110 | 2107  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; GLS Auto Receivables Trust, Series <br>2025-3A, Class A3, 4.44%, 03/15/2029 (Callable 03/15/2029)<sup>(e)</sup> | $150000 | $150674  |
|  Harley-Davidson Customer Funding Corp., Series 2023-B, Class A4, 5.78%, 04/15/2031 (Callable 08/15/2027) | 150000 | 153430  |
|  Honda Auto Receivables Owner Trust, Series 2025-4, Class A2A, 4.04%, 06/15/2028 (Callable 06/15/2028) | 200000 | 200294  |
|  Laurel Road Prime Student Loan Trust, Series 2020-A, Class A2FX, 1.40%, 11/25/2050 (Callable 04/25/2027)<sup>(e)</sup> | 69469 | 62367  |
| &nbsp;&nbsp;&nbsp; Loanpal Solar Loan Ltd., Series <br>2020-2GF, Class A, 2.75%, 07/20/2047 (Callable 11/20/2036)<sup>(e)</sup> | 127966 | 109013  |
| Mosaic Solar Loans LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-2A, Class A, 3.82%, 06/22/2043 (Callable 08/20/2029)<sup>(e)</sup> | 179664 | 170170  |
| &nbsp;&nbsp;&nbsp; Series 2020-2A, Class A, 1.44%, 08/20/2046 (Callable 08/20/2032)<sup>(e)</sup> | 35914 | 30077  |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-HA, Class A, 1.31%, 01/15/2069 (Callable 04/15/2028)<sup>(e)</sup> | 57035 | 54073  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 0.84%, 05/15/2069 (Callable 02/15/2029)<sup>(e)</sup> | 34368 | 31690  |
| &nbsp;&nbsp;&nbsp; Series 2021-DA, Class C, 3.48%, 04/15/2060 (Callable 05/15/2032)<sup>(e)</sup> | 92741 | 87103  |
| &nbsp;&nbsp;&nbsp; Series 2023-A, Class A, 5.51%, 10/15/2071 (Callable 09/15/2033)<sup>(e)</sup> | 128101 | 131416  |
|  OneMain Financial Issuance Trust, Series 2023-1A, Class A, 5.50%, 06/14/2038 (Callable 06/14/2028)<sup>(e)</sup> | 150000 | 154906  |
|  Oscar Finance Holdings 2 General, Inc. Association, Series 2021-1A, Class A4, 1.00%, 04/10/2028 (Callable 01/10/2026)<sup>(e)</sup> | 9234 | 9172  |
| Santander Consumer USA Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-6, Class A3, 5.93%, 07/17/2028 (Callable 11/15/2027) | 52766 | 52967  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class B, 4.93%, 09/17/2029 (Callable 04/15/2028) | 100000 | 100750  |
|  SMB Private Education Loan Trust, Series 2024-D, Class A1A, 5.38%, 07/15/2053<sup>(e)</sup> | 82461 | 84024  |

---

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

7<br>

------

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

**LARGE COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
| SoFi Consumer Loan Program Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 5.12%, 02/27/2034 (Callable 02/25/2028)<sup>(e)</sup> | $100000 | $101286  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class B, 4.60%, 08/25/2035 (Callable 04/25/2029)<sup>(e)</sup> | 200000 | 200355  |
|  Stellantis Financial Underwritten Enhanced Lease Trust, Series 2025-CA, Class A3, 4.11%, 04/20/2029 (Callable 08/20/2028)<sup>(e)</sup> | 150000 | 150184  |
|  Sunnova Energy International, Inc., Series 2020-AA, Class A, 2.98%, 06/20/2047 (Callable 06/20/2027)<sup>(e)</sup> | 151153 | 135660  |
|  Sunrun, Inc., Series 2020-1A, Class A, 2.21%, 07/31/2051<sup>(e)</sup> | 154404 | 144824  |
|  World Omni Auto Receivables Trust, Series 2024-C, Class B, 4.68%, 07/15/2030 (Callable 02/15/2028) | 100000 | 101130  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $3,684,651)** |  | 3621097  |
| **U.S. TREASURY SECURITIES - 0.3%**<br>|  |  |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/2026 | 2500 | 2507  |
| &nbsp;&nbsp;&nbsp; 0.88%, 09/30/2026 | 91000 | 89201  |
| &nbsp;&nbsp;&nbsp; 1.50%, 01/31/2027 | 44800 | 43843  |
| &nbsp;&nbsp;&nbsp; 2.75%, 04/30/2027 | 2000 | 1980  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/30/2027 | 47700 | 47849  |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/31/2027 | 150300 | 151075  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/2027 | 3000 | 3048  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2027 | 2400 | 2392  |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/15/2027 | 43000 | 42923  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/15/2028 | 5500 | 5530  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/15/2028 | 12800 | 12910  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2029 | 79000 | 80376  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/30/2032 | 2000 | 2013  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 19000 | 17724  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032 | 84400 | 85429  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2033 | 178900 | 173987  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 | 71000 | 71685  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 | 70000 | 67618  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $902,636)** |  | 902090  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - 0.1%** | **MORTGAGE-BACKED SECURITIES - 0.1%** | **MORTGAGE-BACKED SECURITIES - 0.1%** |
|  KSL Commercial Mortgage Trust, Series 2025-MH, Class A, 5.34% (1 mo. Term SOFR + 1.59%), 12/15/2042, (1.59% Floor)<sup>(e)</sup> | $275000 | $275342  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $274,312)** |  | 275342 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **RIGHTS - 0.0%<sup>(i)</sup>**<br>|  |  |
| ABIOMED, Inc.<sup>(a)(j)</sup> | 1153 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $0)** |  | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 93.8%**<br>**(Cost $146,187,817)** |  | $265249907  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 4.5%<sup>(k)(l)</sup> |  | 12850840  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.7% |  | 4613347  |
| **TOTAL NET ASSETS - 100.0%** |  | $282714094 |

---

Par amount is in USD unless otherwise indicated.

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

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

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

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

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

<sup>(d)</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 December 31, 2025.

<sup>(e)</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 December 31, 2025, the value of these securities total $10,897,154 or 3.9% of the Fund's net assets.

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

8<br>

------

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

**LARGE COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

<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> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(h)</sup> All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $152,763.

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

<sup>(j)</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 December 31, 2025.

<sup>(k)</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 December 31, 2025 was 3.49%.

<sup>(l)</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 December 31, 2025 is $156,000 which represented 0.1% of net assets. 

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

9<br>

------

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

**LARGE COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF FUTURES CONTRACTS** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $1461687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5105)  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5105) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $920125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3233  |
| U.S. Treasury 2 Year Notes | (20) | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4175781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(820)  |
| U.S. Treasury 5 Year Notes | (11) | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1202352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1784  |
| U.S. Treasury Long Bonds | (7) | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 809156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6438  |
| U.S. Treasury Ultra Bonds | (3) | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 354000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5525  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16160  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11055 |

---

The Fund has recorded an asset of $4,211 as of December 31, 2025 related to the current day's variation margin related to these contracts.

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

10<br>

------

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

**LARGE COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF TOTAL RETURN SWAP CONTRACTS** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/Receive** <br>**Reference** <br>**Entity** | **Financing** <br>**Rate** | **Payment** <br>**Frequency** | **Maturity** <br>**Date** | **Notional** <br>**Amount** | **Value/**<br>**Unrealized**<br>**Appreciation** <br>(Depreciation)  |
|  Russell 1000 Growth Total Return Index | Morgan Stanley | Receive | EFFR + 0.86% | Termination | 02/27/2026 | $47692071 | $4747812  |
| **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)** | $4747812 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

EFFR - Effective Federal Funds Rate was 3.64% as of December 31, 2025.

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

11<br>

------

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

**LARGE COMPANY VALUE PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 82.2%**<br>|  |  |
| **Communication Services - 5.0%**<br>|  |  |
| Alphabet, Inc. - Class A | 6340 | $1984420  |
| Alphabet, Inc. - Class C | 3130 | 982194  |
| AT&T, Inc. | 13440 | 333850  |
| Comcast Corp. - Class A | 59928 | 1791248  |
| Liberty Global Ltd. - Class C<sup>(a)</sup> | 5990 | 66130  |
| Meta Platforms, Inc. - Class A | 682 | 450181  |
| Millicom International Cellular SA | 2280 | 126403  |
| Omnicom Group, Inc. | 10137 | 818563  |
| T-Mobile US, Inc. | 260 | 52790  |
| Verizon Communications, Inc. | 17139 | 698072  |
| Walt Disney Co. | 7470 | 849862  |
| WPP PLC - ADR | 19090 | 428761  |
|  |  | 8582474  |
| **Consumer Discretionary - 5.6%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 11228 | 2591647  |
| Amer Sports, Inc.<sup>(a)</sup> | 6010 | 224473  |
| Aptiv PLC<sup>(a)</sup> | 7100 | 540239  |
| Booking Holdings, Inc. | 70 | 374873  |
| BorgWarner, Inc. | 13019 | 586636  |
| Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 1980 | 200772  |
| Carnival Corp.<sup>(a)</sup> | 6090 | 185989  |
| DR Horton, Inc. | 1620 | 233329  |
| eBay, Inc. | 1490 | 129779  |
| Five Below, Inc.<sup>(a)</sup> | 200 | 37672  |
| Flutter Entertainment PLC<sup>(a)</sup> | 1242 | 267080  |
| Gap, Inc. | 2790 | 71424  |
| General Motors Co. | 20594 | 1674704  |
| Gentex Corp. | 11834 | 275377  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 1398 | 232501  |
| Hasbro, Inc. | 810 | 66420  |
| Lithia Motors, Inc. | 830 | 275834  |
| Lowe's Cos., Inc. | 1330 | 320743  |
| Macy's, Inc. | 1540 | 33957  |
| Magna International, Inc. | 17872 | 952578  |
| NIKE, Inc. - Class B | 2950 | 187944  |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 2900 | 64728  |
| PulteGroup, Inc. | 360 | 42213  |
| Royal Caribbean Cruises Ltd. | 140 | 39049  |
|  |  | 9609961  |
| **Consumer Staples - 4.2%**<br>|  |  |
| Altria Group, Inc. | 7400 | 426684  |
| Anheuser-Busch InBev SA/NV - ADR | 4260 | 272810  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 4987 | 448980  |
| Bunge Global SA | 790 | 70373  |
| Colgate-Palmolive Co. | 9813 | 775423  |
| Conagra Brands, Inc. | 12400 | 214644  |
| Constellation Brands, Inc. - Class A | 3800 | 524248  |
| Diageo PLC | 5073 | 109649  |
| Dollar General Corp. | 1050 | 139409  |
| J M Smucker Co. | 3900 | 381459  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Kenvue, Inc. | 26610 | $459022  |
| Kraft Heinz Co. | 29600 | 717800  |
| Magnum Ice Cream Co. NV<sup>(a)</sup> | 1183 | 18751  |
| Maplebear, Inc.<sup>(a)</sup> | 970 | 43631  |
| Mondelez International, Inc. - Class A | 9500 | 511385  |
| PepsiCo, Inc. | 2305 | 330814  |
| Pernod Ricard SA | 849 | 72935  |
| Philip Morris International, Inc. | 4170 | 668868  |
| Procter & Gamble Co. | 1449 | 207656  |
| Unilever PLC - ADR | 5558 | 363479  |
| Walmart, Inc. | 3354 | 373669  |
|  |  | 7131689  |
| **Energy - 5.3%**<br>|  |  |
| Antero Midstream Corp. | 6813 | 121203  |
| APA Corp. | 61264 | 1498517  |
| Baker Hughes Co. | 10125 | 461093  |
| Cheniere Energy, Inc. | 1290 | 250763  |
| ConocoPhillips | 8674 | 811973  |
| EQT Corp. | 780 | 41808  |
| Exxon Mobil Corp. | 4307 | 518304  |
| HF Sinclair Corp. | 5810 | 267725  |
| Marathon Petroleum Corp. | 1170 | 190277  |
| Murphy Oil Corp. | 5050 | 157812  |
| NOV, Inc. | 48795 | 762666  |
| Ovintiv, Inc. | 15200 | 595688  |
| Phillips 66 | 3226 | 416283  |
| Schlumberger NV | 22870 | 877751  |
| Shell PLC - ADR | 11647 | 855822  |
| Targa Resources Corp. | 518 | 95571  |
| TechnipFMC PLC | 10900 | 485704  |
| TotalEnergies SE | 5011 | 327365  |
| Valero Energy Corp. | 2390 | 389068  |
|  |  | 9125393  |
| **Financials - 18.6%**<br>|  |  |
| Affirm Holdings, Inc.<sup>(a)</sup> | 1270 | 94526  |
| AIB Group PLC | 40685 | 439879  |
| Allstate Corp. | 1017 | 211689  |
| Ally Financial, Inc. | 8960 | 405798  |
| American Express Co. | 2240 | 828688  |
| American International Group, Inc. | 18559 | 1587722  |
| Aon PLC - Class A | 1595 | 562844  |
| Arthur J Gallagher & Co. | 1016 | 262931  |
| Assurant, Inc. | 700 | 168595  |
| Axis Capital Holdings Ltd. | 1072 | 114801  |
| Bank of America Corp. | 36494 | 2007170  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 2588 | 1300858  |
| Blackrock, Inc. | 50 | 53517  |
| Capital One Financial Corp. | 4296 | 1041179  |
| Charles Schwab Corp. | 18014 | 1799779  |
| Chubb Ltd. | 340 | 106121  |
| Cincinnati Financial Corp. | 920 | 150254  |
| Citigroup, Inc. | 18206 | 2124458  |

---

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

12<br>

------

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

**LARGE COMPANY VALUE PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12415 | $725160  |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2678 | 731308  |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 192 | 10057  |
| Corebridge Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 17790 | 536724  |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 290 | 36723  |
| Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7300 | 398507  |
|  Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6180 | 410723  |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 1930 | 90343  |
| First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 10810 | 664166  |
| First Citizens BancShares, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 254 | 545130  |
| First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2470 | 62491  |
| Fiserv, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3900 | 261963  |
| Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 200 | 27972  |
| Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2767 | 381293  |
| Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 8180 | 141923  |
| Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 4760 | 226433  |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 6207 | 2000020  |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2360 | 475493  |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2205 | 409072  |
| Mastercard, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 946 | 540052  |
| MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5616 | 164100  |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 882 | 450570  |
| Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 924 | 200794  |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2205 | 301181  |
| Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6160 | 281142  |
| PayPal Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 840 | 49039  |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 246 | 23471  |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1090 | 227516  |
| Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 676 | 174651  |
| Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 702 | 159859  |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1290 | 207161  |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 1450 | 407682  |
| Resona Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 28100 | 267833  |
| RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2980 | 190660  |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 843 | 440543  |
| State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 8046 | 1038014  |
| Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 658 | 82395  |
| Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp; 5670 | 473048  |
| Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 260 | 75416  |
| Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 11600 | 570836  |
| US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 20825 | 1111222  |
| Virtu Financial, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 6546 | 218113  |
| Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2190 | 163133  |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 21409 | 1995319  |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1989 | 653585  |
| XP, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1960 | 32085  |
|  |  | 31895730  |
| **Health Care - 12.8%**<br>|  |  |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp; 7543 | 945062  |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | 251339  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4712 | $641162  |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 366 | 119795  |
| Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3938 | 764248  |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1730 | 102814  |
| Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1149 | 348136  |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 8266 | 486123  |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3130 | 298445  |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 18009 | 971405  |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 210 | 43155  |
| Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7012 | 288544  |
| Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp; 2097 | 577157  |
| CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 8111 | 643689  |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1188 | 271957  |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3485 | 1221667  |
| Envista Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7438 | 161479  |
| Exelixis, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1960 | 85907  |
| GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15238 | 1249821  |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5061 | 621187  |
| Globus Medical, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1170 | 102153  |
| GSK PLC - ADR | &nbsp;&nbsp;&nbsp;&nbsp; 5161 | 253095  |
| Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp; 90497 | 457200  |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1363 | 636330  |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2430 | 622396  |
| ICON PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1398 | 254744  |
| Illumina, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 660 | 86566  |
| Incyte Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1550 | 153094  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1950 | 439550  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 270 | 45900  |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 6710 | 1388635  |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 980 | 245862  |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 33 | 27070  |
| Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp; 8513 | 817759  |
| Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12120 | 1275751  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 200 | 28366  |
| Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 19690 | 490281  |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 50 | 38594  |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 520 | 125252  |
| Royalty Pharma PLC - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 8140 | 314530  |
| Sanofi SA - ADR | &nbsp;&nbsp;&nbsp;&nbsp; 5455 | 264349  |
| Solventum Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8360 | 662446  |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 160 | 56235  |
| Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 530 | 105322  |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3610 | 1191697  |
| Universal Health Services, Inc. - Class B | &nbsp;&nbsp;&nbsp;&nbsp; 1350 | 294327  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 823 | 183718  |
| Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10790 | 134335  |
| Waters Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1362 | 517328  |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 860 | 236620  |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3184 | 286305  |
|  |  | 21828902  |
| **Industrials - 10.5%**<br>|  |  |
| Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp; 2081 | 331337  |
| Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1220 | 233142  |

---

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

13<br>

------

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

**LARGE COMPANY VALUE PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| ATI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 840 | $96398  |
| Boeing Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2460 | 534115  |
| Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 420 | 240605  |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1350 | 217026  |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1135 | 213459  |
| CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp; 62740 | 578463  |
| Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp; 400 | 73772  |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1546 | 789156  |
| Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 810 | 377112  |
| Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4640 | 322016  |
| EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 312 | 190878  |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2492 | 330738  |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4280 | 1236321  |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1705 | 379584  |
| Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2590 | 179694  |
| Fluor Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5126 | 203143  |
| Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 10400 | 574184  |
| Generac Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 400 | 54548  |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4037 | 1359096  |
| General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp; 900 | 277227  |
| Hayward Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 19760 | 305292  |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | 256275  |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 808 | 358841  |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 825 | 146801  |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1030 | 200170  |
| Leonardo DRS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 700 | 23863  |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1156 | 559123  |
| Lyft, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13580 | 263045  |
| MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1749 | 280085  |
| Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1970 | 226156  |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1436 | 345257  |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | 404208  |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 680 | 387743  |
| Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 362 | 31621  |
| PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7751 | 848812  |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 340 | 298846  |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1080 | 420196  |
| RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4870 | 893158  |
| Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 775 | 125139  |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3900 | 289692  |
| Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5820 | 195203  |
| Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 430 | 37483  |
| Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3200 | 269216  |
| Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp; 570 | 221844  |
| TransUnion | &nbsp;&nbsp;&nbsp;&nbsp; 4191 | 359378  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2774 | 310189  |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1001 | 223914  |
| Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 384 | 129389  |
| &nbsp;&nbsp;&nbsp; Watts Water Technologies, Inc. - <br>Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1752 | 483587  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp; 1071 | $228605  |
| Woodward, Inc. | &nbsp;&nbsp;&nbsp; 87 | 26302  |
|  |  | 17941447  |
| **Information Technology - 12.8%**<br>|  |  |
| Accenture PLC - Class A | &nbsp;&nbsp;&nbsp; 2123 | 569601  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1460 | 312674  |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp; 5887 | 1596554  |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp; 1016 | 261102  |
| Autodesk, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1789 | 529562  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1497 | 467932  |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp; 8108 | 624559  |
| Cognex Corp. | &nbsp;&nbsp;&nbsp; 2170 | 78077  |
|  Cognizant Technology Solutions Corp. - Class A | &nbsp;&nbsp;&nbsp; 6958 | 577514  |
| Corning, Inc. | &nbsp;&nbsp;&nbsp; 3780 | 330977  |
| Dell Technologies, Inc. - Class C | &nbsp;&nbsp;&nbsp; 500 | 62940  |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3200 | 36608  |
| F5, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8663 | 2211317  |
| First Solar, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 290 | 75757  |
| Flex Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 880 | 53170  |
| Gen Digital, Inc. | &nbsp;&nbsp;&nbsp; 3560 | 96796  |
| HP, Inc. | &nbsp;&nbsp;&nbsp; 12860 | 286521  |
| Intel Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4830 | 178227  |
| Keysight Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2050 | 416540  |
| KLA Corp. | &nbsp;&nbsp;&nbsp; 275 | 334147  |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp; 2439 | 417508  |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp; 130 | 32880  |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1319 | 38739  |
| Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp; 880 | 74782  |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp; 2351 | 670999  |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp; 4912 | 2375541  |
| MicroStrategy, Inc. - Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 470 | 71417  |
| MongoDB, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 180 | 75544  |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp; 330 | 126496  |
| Okta, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1650 | 142675  |
| Pegasystems, Inc. | &nbsp;&nbsp;&nbsp; 9456 | 564712  |
| PTC, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1213 | 211317  |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp; 927 | 158563  |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp; 7660 | 2029211  |
| SentinelOne, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7200 | 108000  |
| Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 449 | 210904  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | &nbsp;&nbsp;&nbsp; 2807 | 853019  |
| TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp; 1300 | 195299  |
| TE Connectivity PLC | &nbsp;&nbsp;&nbsp; 1699 | 386539  |
| Telefonaktiebolaget LM Ericsson - ADR | &nbsp;&nbsp;&nbsp; 152782 | 1474346  |
| Workday, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11860 | 2547291  |
|  |  | 21866357  |
| **Materials - 4.9%**<br>|  |  |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp; 1774 | 300839  |
| Anglogold Ashanti PLC | &nbsp;&nbsp;&nbsp; 5080 | 433222  |

---

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

14<br>

------

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

**LARGE COMPANY VALUE PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Materials - (Continued)** | **Materials - (Continued)** | **Materials - (Continued)** |
| Corteva, Inc. | 5162 | $346009  |
| CRH PLC | 5079 | 633859  |
| Franco-Nevada Corp. | 3731 | 773383  |
| Freeport-McMoRan, Inc. | 12532 | 636500  |
| International Flavors & Fragrances, Inc. | 3327 | 224207  |
| Martin Marietta Materials, Inc. | 528 | 328764  |
| Newmont Corp. | 6070 | 606090  |
| Olin Corp. | 16590 | 345570  |
| PPG Industries, Inc. | 10100 | 1034846  |
| Royal Gold, Inc. | 3335 | 741337  |
| RPM International, Inc. | 1352 | 140608  |
| Scotts Miracle-Gro Co. | 3040 | 177384  |
| Smurfit WestRock PLC | 2950 | 114077  |
| Southern Copper Corp. | 1664 | 238738  |
| Vulcan Materials Co. | 1175 | 335133  |
| Wheaton Precious Metals Corp. | 7549 | 887477  |
|  |  | 8298043  |
| **Real Estate - 0.3%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 2614 | 420305  |
| Zillow Group, Inc. - Class A<sup>(a)</sup> | 2370 | 161705  |
|  |  | 582010  |
| **Utilities - 2.2%**<br>|  |  |
| American Electric Power Co., Inc. | 1410 | 162587  |
| Clearway Energy, Inc. - Class C | 6330 | 210536  |
| Dominion Energy, Inc. | 23070 | 1351671  |
| Duke Energy Corp. | 1100 | 128931  |
| Edison International | 6510 | 390730  |
| Entergy Corp. | 420 | 38821  |
| Eversource Energy | 4190 | 282113  |
| Exelon Corp. | 6630 | 289002  |
| NRG Energy, Inc. | 940 | 149686  |
| OGE Energy Corp. | 660 | 28182  |
| PG&E Corp. | 6050 | 97223  |
| PPL Corp. | 13593 | 476027  |
| Southern Co. | 2061 | 179719  |
|  |  | 3785228  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $107,702,326)** |  | 140647234  |
|  | **Par** |  |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS - 3.1%**<br>|  |  |
|  BBCMS Trust, Series 2021-C10, Class XA, 1.21%, 07/15/2054 (Callable 05/15/2031)<sup>(c)(d)</sup> | $910946 | 43320  |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series 2025-V17, Class A3, 5.07%, 09/15/2058 <br>(Callable 09/15/2030) | 250000 | 256067  |
| BX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CSMO, Class B, 6.89% <br>(1 mo. Term SOFR + 3.14%), 06/15/2027, (3.14% Floor)<sup>(e)</sup> | 100000 | 100185 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class A, 4.75% (1 mo. Term SOFR + 1.00%), 01/15/2039, (1.00% Floor)<sup>(e)</sup> | $200000 | $199378  |
| &nbsp;&nbsp;&nbsp; Series 2024-XL4, Class B, 5.54% (1 mo. Term SOFR + 1.79%), 02/15/2039, (1.79% Floor)<sup>(e)</sup> | 92804 | 92745  |
| &nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, 4.89% (1 mo. Term SOFR + 1.14%), 03/15/2030, (1.14% Floor)<sup>(e)</sup> | 149417 | 149091  |
| &nbsp;&nbsp;&nbsp; Series 2025-VOLT, Class A, 5.45% (1 mo. Term SOFR + 1.70%), 12/15/2044, (1.70% Floor)<sup>(e)</sup> | 150000 | 149813  |
|  Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2020-C9, Class XA, 1.59%, 09/15/2053 (Callable 08/15/2030)<sup>(c)(d)</sup> | 361505 | 15545  |
|  CSTL Commercial Mortgage Trust, Series 2024-GATE, Class A, 4.76%, 11/10/2041<sup>(d)(e)</sup> | 100000 | 100527  |
|  DK Trust, Series 2024-SPBX, Class A, 5.25% (1 mo. Term SOFR + 1.50%), 03/15/2034, (1.50% Floor)<sup>(e)</sup> | 125000 | 125107  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5410, Class DF, 5.32% <br>(30 day avg SOFR US + 1.45%), 05/25/2054, (1.45% Floor), <br>(6.75% Cap) | 326079 | 329556  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5460, Class FH, 4.97% <br>(30 day avg SOFR US + 1.10%), 10/25/2054, (1.10% Floor), <br>(6.50% Cap) | 151348 | 151284  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5483, Class FD, 5.17% <br>(30 day avg SOFR US + 1.30%), 12/25/2054, (1.30% Floor), <br>(6.50% Cap) | 119005 | 119616  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5583, Class FA, 5.12% <br>(30 day avg SOFR US + 1.25%), 10/25/2055, (1.25% Floor), <br>(6.50% Cap) | 94081 | 94620  |
| &nbsp;&nbsp;&nbsp; Series K110, Class X1, 1.64%, 04/25/2030 (Callable 04/25/2030)<sup>(c)(d)</sup> | 278085 | 15979  |
| &nbsp;&nbsp;&nbsp; Series K118, Class X1, 0.95%, 09/25/2030 (Callable 06/25/2030)<sup>(c)(d)</sup> | 587439 | 21559  |
| &nbsp;&nbsp;&nbsp; Series K151, Class X1, 0.34%, 04/25/2030 (Callable 02/25/2030)<sup>(c)(d)</sup> | 1500900 | 19168  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-100, Class FD, 5.32% (30 day avg SOFR US + 1.45%), 06/25/2054, (1.45% Floor), <br>(6.50% Cap) | 478931 | 482659  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-22, Class FC, 5.17% (30 day avg SOFR US + 1.30%), 05/25/2054, (1.30% Floor), <br>(6.50% Cap) | 131968 | 132532  |

---

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

15<br>

------

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

**LARGE COMPANY VALUE PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(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;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-86, Class FA, 5.32% (30 day avg SOFR US + 1.45%), 12/25/2054, (1.45% Floor), <br>(6.50% Cap) | $235041 | $236867  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-93, Class FL, 5.32% (30 day avg SOFR US + 1.45%), 12/25/2054, (1.45% Floor), <br>(6.50% Cap) | 825062 | 831484  |
|  Greystone Commercial Real Estate Notes, Series 2021-FL3, Class C, 5.86% (1 mo. Term SOFR + 2.11%), 07/15/2039, (2.00% Floor) (Callable 01/15/2026)<sup>(e)</sup> | 225000 | 222712  |
|  GS Mortgage Securities Corp. II, Series 2024-FAIR, Class A, 5.88%, 07/15/2029<sup>(d)(e)</sup> | 175000 | 180238  |
|  GS Mortgage-Backed Securities Trust, Series 2024-PJ9, Class A3, 5.00%, 02/25/2055 (Callable 03/25/2031)<sup>(d)(e)</sup> | 63497 | 63123  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-3, Class A3, 3.50%, 05/25/2045 (Callable 01/25/2026)<sup>(d)(e)</sup> | 28696 | 26585  |
| &nbsp;&nbsp;&nbsp; Series 2017-2, Class A3, 3.50%, 05/25/2047 (Callable 02/25/2030)<sup>(d)(e)</sup> | 26063 | 23593  |
| &nbsp;&nbsp;&nbsp; Series 2018-5, Class A1, 3.50%, 10/25/2048 (Callable 01/25/2030)<sup>(d)(e)</sup> | 44227 | 39919  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, Class A3, 4.00%, 05/25/2049 (Callable 01/25/2026)<sup>(d)(e)</sup> | 6444 | 5982  |
| &nbsp;&nbsp;&nbsp; Series 2019-INV3, Class A3, 3.50%, 05/25/2050 (Callable 01/25/2032)<sup>(d)(e)</sup> | 40509 | 36404  |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class A15, 3.50%, 07/25/2050 (Callable 02/25/2029)<sup>(d)(e)</sup> | 33151 | 29550  |
| &nbsp;&nbsp;&nbsp; Series 2022-6, Class A3, 3.00%, 11/25/2052 (Callable 03/25/2044)<sup>(d)(e)</sup> | 157072 | 136960  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class A3A, 5.00%, 07/25/2053 (Callable 03/25/2035)<sup>(d)(e)</sup> | 64416 | 64036  |
|  ONNI Commercial Mortgage Trust, Series 2024-APT, Class A, 5.57%, 07/15/2039<sup>(d)(e)</sup> | 200000 | 202989  |
|  PRM5 Trust, Series 2025-PRM5, Class B, 4.76%, 03/10/2033<sup>(d)(e)</sup> | 125000 | 125080  |
|  Provident Funding Mortgage Trust, Series 2021-J1, Class A10, 2.00%, 10/25/2051 (Callable 07/25/2048)<sup>(d)(e)</sup> | 100000 | 63149  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  PSMC Trust, Series 2020-3, Class A1, 3.00%, 11/25/2050 (Callable 06/25/2037)<sup>(d)(e)</sup> | $25237 | $21990  |
| Sequoia Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2013-3, Class A2, 2.50%, 03/25/2043 (Callable 05/25/2026)<sup>(d)</sup> | 37237 | 32674  |
| &nbsp;&nbsp;&nbsp; Series 2020-4, Class A8, 2.50%, 11/25/2050 (Callable 09/25/2041)<sup>(d)(e)</sup> | 100000 | 74032  |
|  SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 07/15/2041<sup>(e)</sup> | 140000 | 124813  |
|  Tharaldson Hotel Portfolio Trust, Series 2023-THL, Class A, 6.99%, 12/10/2034<sup>(d)(e)</sup> | 132549 | 134173  |
|  Wells Fargo Mortgage Backed Securities Trust, Series 2020-RR1, Class A1, 3.00% (1 Month U.S. LIBOR + 0.00%), 05/25/2050 (Callable 06/25/2038)<sup>(d)(e)(f)</sup> | 45468 | 39839  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $5,427,712)** |  | 5314943  |
|  | **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<sup>(g)</sup> | 135 | 1443  |
| Voya VACS Series HYB Fund<sup>(g)</sup> | 95489 | 989263  |
| Voya VACS Series SC Fund - Class SC<sup>(g)</sup> | 361709 | 3805178  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED REGISTERED INVESTMENT COMPANIES** <br>**(Cost $4,872,721)** |  | 4795884  |
|  | **Par** |  |
| **CORPORATE BONDS - 2.3%**<br>|  |  |
| **Communication Services - 0.2%**<br>|  |  |
|  AT&T, Inc., 2.25%, 02/01/2032 (Callable 11/01/2031) | $87000 | 76317  |
|  Meta Platforms, Inc., 3.50%, 08/15/2027 (Callable 07/15/2027) | 11000 | 10974  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/15/2026 (Callable 01/12/2026) | 74000 | 73793  |
| &nbsp;&nbsp;&nbsp; 2.05%, 02/15/2028 (Callable 12/15/2027) | 13000 | 12464  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/15/2029 (Callable 01/12/2026) | 11000 | 10721  |
| Verizon Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.36%, 03/15/2032 (Callable 12/15/2031) | 96000 | 84484  |
| &nbsp;&nbsp;&nbsp; 4.78%, 02/15/2035 (Callable 11/15/2034) | 42000 | 41439  |
|  Walt Disney Co., 2.00%, 09/01/2029 (Callable 06/01/2029) | 42000 | 39249  |
|  |  | 349441  |

---

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

16<br>

------

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

**LARGE COMPANY VALUE PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(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 | $57659  |
|  Home Depot, Inc., 1.50%, 09/15/2028 (Callable 07/15/2028) | 60000 | 56557  |
|  Lowe's Cos., Inc., 3.35%, 04/01/2027 (Callable 03/01/2027) | 42000 | 41694  |
|  O'Reilly Automotive, Inc., 3.60%, 09/01/2027 (Callable 06/01/2027) | 86000 | 85424  |
|  |  | 241334  |
| **Consumer Staples - 0.1%**<br>|  |  |
|  PepsiCo, Inc., 2.63%, 07/29/2029 (Callable 04/29/2029) | 25000 | 23870  |
|  Walmart, Inc., 1.05%, 09/17/2026 (Callable 08/17/2026) | 64000 | 62864  |
|  |  | 86734  |
| **Energy - 0.2%**<br>|  |  |
|  Enbridge, Inc., 1.60%, 10/04/2026 (Callable 09/04/2026) | 69000 | 67781  |
|  Enterprise Products Operating LLC, 2.80%, 01/31/2030 (Callable 10/31/2029) | 46000 | 43704  |
|  Kinder Morgan, Inc., 1.75%, 11/15/2026 (Callable 10/15/2026) | 45000 | 44111  |
|  MPLX LP, 2.65%, 08/15/2030 (Callable 05/15/2030) | 16000 | 14810  |
| Ovintiv, Inc., 5.38%, 01/01/2026 | 60000 | 59985  |
|  Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027 (Callable 09/15/2026) | 34000 | 34210  |
|  |  | 264601  |
| **Financials - 0.9%**<br>|  |  |
|  Aviation Capital Group LLC, 5.13%, 04/10/2030 (Callable 03/10/2030)<sup>(e)</sup> | 25000 | 25408  |
| 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 | 191452  |
| &nbsp;&nbsp;&nbsp; 3.59% to 07/21/2027 then 3 mo. Term SOFR + 1.63%, 07/21/2028 (Callable 07/21/2027) | 26000 | 25827  |
| &nbsp;&nbsp;&nbsp; 3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028 (Callable 12/20/2027) | 10000 | 9874  |
| &nbsp;&nbsp;&nbsp; 2.59% to 04/29/2030 then SOFR + 2.15%, 04/29/2031 (Callable 04/29/2030) | 103000 | 95726  |
| Bank of Nova Scotia, 2.70%, 08/03/2026 | 66000 | 65517  |
| Blackstone Holdings Finance Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 08/05/2028 (Callable 06/05/2028)<sup>(e)</sup> | 62000 | 58198  |
| &nbsp;&nbsp;&nbsp; 2.50%, 01/10/2030 (Callable 10/10/2029)<sup>(e)</sup> | 23000 | 21482  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., 1.88% to 11/02/2026 then SOFR + 0.86%, <br>11/02/2027 (Callable 11/02/2026) | $58000 | $56910  |
|  Fiserv, Inc., 5.45%, 03/02/2028 (Callable 02/02/2028) | 60000 | 61277  |
|  Global Payments, Inc., 1.20% (SOFR Rate + 0.00%), 03/01/2026 (Callable 02/01/2026) | 23000 | 22887  |
|  HSBC Holdings PLC, 2.21% to 08/17/2028 then SOFR + 1.29%, 08/17/2029 (Callable 08/17/2028) | 200000 | 190072  |
| 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 | 97095  |
| &nbsp;&nbsp;&nbsp; 2.95% to 02/24/2027 then SOFR + 1.17%, 02/24/2028 (Callable 02/24/2027) | 48000 | 47359  |
| &nbsp;&nbsp;&nbsp; 2.07% to 06/01/2028 then SOFR + 1.02%, 06/01/2029 (Callable 06/01/2028) | 31000 | 29567  |
| &nbsp;&nbsp;&nbsp; 1.95% to 02/04/2031 then SOFR + 1.07%, 02/04/2032 (Callable 02/04/2031) | 8000 | 7138  |
| &nbsp;&nbsp;&nbsp; 2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032 (Callable 04/22/2031) | 43000 | 39348  |
|  Kite Realty Group LP, 4.00%, 10/01/2026 (Callable 07/01/2026) | 30000 | 29931  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.59% to 05/04/2026 then SOFR + 0.88%, 05/04/2027 (Callable 05/04/2026) | 111000 | 109964  |
| &nbsp;&nbsp;&nbsp; 1.51% to 07/20/2026 then SOFR + 0.86%, 07/20/2027 (Callable 07/20/2026) | 46000 | 45303  |
| &nbsp;&nbsp;&nbsp; 6.30% to 10/18/2027 then SOFR + 2.24%, 10/18/2028 (Callable 10/18/2027) | 26000 | 27016  |
| &nbsp;&nbsp;&nbsp; 2.24% to 07/21/2031 then SOFR + 1.18%, 07/21/2032 (Callable 07/21/2031) | 15000 | 13322  |
| &nbsp;&nbsp;&nbsp; 5.47% to 01/18/2034 then SOFR + 1.73%, 01/18/2035 (Callable 01/18/2034) | 59000 | 61250  |
|  Royal Bank of Canada, 1.20%, 04/27/2026 | 50000 | 49550  |
|  Sumitomo Mitsui Trust Bank Ltd., 2.80%, 03/10/2027<sup>(e)</sup> | 52000 | 51327  |
|  US Bancorp, 4.55% to 07/22/2027 then SOFR + 1.66%, 07/22/2028 (Callable 07/22/2027) | 23000 | 23175  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.53% to 03/24/2027 then SOFR + 1.51%, 03/24/2028 (Callable 03/24/2027) | 15000 | 14907  |

---

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

17<br>

------

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

**LARGE COMPANY VALUE PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 3.58% to 05/22/2027 then 3 mo. Term SOFR + 1.57%, 05/22/2028 (Callable 05/22/2027) | $11000 | $10918  |
|  |  | 1481800  |
| **Health Care - 0.2%**<br>|  |  |
|  Amgen, Inc., 5.15%, 03/02/2028 (Callable 02/02/2028) | 63000 | 64342  |
|  CVS Health Corp., 1.75% (SOFR Rate + 0.00%), 08/21/2030 (Callable 05/21/2030) | 54000 | 47932  |
|  HCA, Inc., 4.13%, 06/15/2029 (Callable 03/15/2029) | 60000 | 59660  |
|  Johnson & Johnson, 1.30%, 09/01/2030 (Callable 06/01/2030) | 60000 | 53329  |
| Royalty Pharma PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 09/02/2027 (Callable 07/02/2027) | 107000 | 103107  |
| &nbsp;&nbsp;&nbsp; 2.20%, 09/02/2030 (Callable 06/02/2030) | 31000 | 28098  |
|  |  | 356468  |
| **Industrials - 0.0%<sup>(h)</sup>**<br>|  |  |
|  Carrier Global Corp., 2.72%, 02/15/2030 (Callable 11/15/2029) | 77000 | 72364  |
| **Information Technology - 0.2%**<br>|  |  |
|  Apple, Inc., 1.20%, 02/08/2028 (Callable 12/08/2027) | 54000 | 51348  |
|  Broadcom, Inc., 3.46%, 09/15/2026 (Callable 07/15/2026) | 43000 | 42830  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/15/2027 (Callable 08/15/2027) | 66000 | 64549  |
| &nbsp;&nbsp;&nbsp; 2.95%, 04/01/2030 (Callable 01/01/2030) | 121000 | 111593  |
|  VMware LLC, 2.20%, 08/15/2031 (Callable 05/15/2031) | 37000 | 32921  |
|  |  | 303241  |
| **Materials - 0.1%**<br>|  |  |
|  Ecolab, Inc., 4.80%, 03/24/2030 (Callable 12/24/2029) | 39000 | 39982  |
|  Nucor Corp., 4.30%, 05/23/2027 (Callable 04/23/2027) | 41000 | 41257  |
|  PPG Industries, Inc., 1.20%, 03/15/2026 (Callable 02/15/2026) | 68000 | 67610  |
|  Steel Dynamics, Inc., 1.65%, 10/15/2027 (Callable 08/15/2027) | 47000 | 45124  |
|  |  | 193973  |
| **Real Estate - 0.1%**<br>|  |  |
|  Equinix, Inc., 2.90%, 11/18/2026 (Callable 09/18/2026) | 40000 | 39569  |
|  Realty Income Corp., 3.25%, 01/15/2031 (Callable 10/15/2030) | 69000 | 65581  |
|  |  | 105150  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Utilities - 0.2%**<br>|  |  |
| AES Corp., 1.38%, 01/15/2026 | $45000 | $44939  |
|  Ameren Illinois Co., 3.80%, 05/15/2028 (Callable 02/15/2028) | 47000 | 46854  |
|  Duke Energy Corp., 3.15%, 08/15/2027 (Callable 05/15/2027) | 92000 | 90856  |
|  NextEra Energy Capital Holdings, Inc., 4.63%, 07/15/2027 (Callable 06/15/2027) | 70000 | 70729  |
|  Sierra Pacific Power Co., 2.60%, 05/01/2026 (Callable 02/01/2026) | 74000 | 73625  |
|  Southwestern Electric Power Co., 1.65%, 03/15/2026 (Callable 02/15/2026) | 45000 | 44765  |
|  WEC Energy Group, Inc., 5.15%, 10/01/2027 (Callable 09/01/2027) | 39000 | 39703  |
|  |  | 411471  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $3,902,891)** |  | 3866577  |
|  **COLLATERALIZED LOAN OBLIGATIONS - 1.8%**<br>|  |  |
|  Bain Capital Credit CLO, Series 2020-5A, Class ARR, 5.03% (3 mo. Term SOFR + 1.15%), 04/20/2034, (1.15% Floor) (Callable 04/20/2026)<sup>(e)</sup> | 250000 | 249877  |
|  Benefit Street Partners CLO Ltd., Series 2020-21A, Class A1R2, 5.16% (3 mo. Term SOFR + 1.24%), 01/15/2039, (1.24% Floor) (Callable 01/15/2028)<sup>(e)</sup> | 250000 | 249907  |
|  CBAM Ltd., Series 2017-1A, Class AR2, 5.27% (3 mo. Term SOFR + 1.39%), 01/20/2038, (1.39% Floor) (Callable 01/20/2027)<sup>(e)</sup> | 250000 | 251068  |
|  CIFC Funding Ltd., Series 2022-4A, Class AR, 4.98% (3 mo. Term SOFR + 1.09%), 07/16/2035, (1.09% Floor) (Callable 07/16/2026)<sup>(e)</sup> | 250000 | 249634  |
|  Empower CLO Ltd., Series 2025-1A, Class A, 5.19% (3 mo. Term SOFR + 1.31%), 07/20/2038, (1.31% Floor) (Callable 07/20/2027)<sup>(e)</sup> | 250000 | 250548  |
|  Invesco CLO Ltd., Series 2021-3A, Class A1R, 4.94% (3 mo. Term SOFR + 1.08%), 10/22/2034, (1.08% Floor) (Callable 07/22/2026)<sup>(e)</sup> | 260000 | 259698  |
|  LoanCore, Series 2025-CRE9, Class A, 5.18% (1 mo. Term SOFR + 1.45%), 08/18/2042, (1.45% Floor) (Callable 05/15/2028)<sup>(e)</sup> | 150000 | 150044  |
|  Magnetite CLO Ltd., Series 2021-31A, Class A1R, 0.00% (3 mo. Term SOFR + 1.00%), 07/15/2034, (1.00% Floor)<sup>(e)</sup> | 250000 | 250000  |

---

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

18<br>

------

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

**LARGE COMPANY VALUE PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(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)** |
|  Neuberger Berman CLO Ltd., Series 2022-47A, Class AR, 5.20% (3 mo. Term SOFR + 1.09%), 04/16/2035, (1.09% Floor) (Callable 07/14/2026)<sup>(e)</sup> | $250000 | $249671  |
|  Octagon Investment Partners Ltd., Series 2020-3A, Class A1R2, 5.26% (3 mo. Term SOFR + 1.36%), 01/15/2038, (1.36% Floor) (Callable 10/15/2026)<sup>(e)</sup> | 250000 | 250541  |
| &nbsp;&nbsp;&nbsp; OZLM Ltd., Series 2016-15A, Class A1R3, 4.93% (3 mo. Term SOFR + 1.05%), 04/20/2033, (1.05% Floor) <br>(Callable 04/20/2026)<sup>(e)</sup> | 195379 | 195327  |
|  Park Avenue Institutional Advisers CLO Ltd., Series 2021-1A, Class A1AR, 4.99% (3 mo. Term SOFR + 1.11%), 01/20/2034, (1.11% Floor) (Callable 04/20/2026)<sup>(e)</sup> | 250000 | 249875  |
|  Starwood Property Trust, Inc., Series 2025-FL4, Class A, 5.18% (1 mo. Term SOFR + 1.45%), 11/19/2042, (1.45% Floor) (Callable 05/19/2028)<sup>(e)</sup> | 250000 | 250294  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $3,105,379)** |  | 3106484  |
| **ASSET-BACKED SECURITIES - 1.4%**<br>|  |  |
| American Airlines Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-2, 3.60%, 09/22/2027 | 31895 | 31439  |
| &nbsp;&nbsp;&nbsp; Series 2016-1, 3.58%, 01/15/2028 | 1144 | 1127  |
| &nbsp;&nbsp;&nbsp; Series 2016-2, 3.20%, 06/15/2028 | 10521 | 10243  |
|  CarMax Auto Owner Trust, Series 2023-3, Class B, 5.47%, 02/15/2029 (Callable 08/15/2027) | 100000 | 102265  |
|  CNH Equipment Trust, Series 2023-A, Class A4, 4.77%, 10/15/2030 (Callable 03/15/2027) | 200000 | 203329  |
|  COLT Funding LLC, Series 2021-2, Class A1, 0.92%, 08/25/2066 (Callable 01/25/2026)<sup>(d)(e)</sup> | 110569 | 95262  |
|  Container Leasing International LLC, Series 2022-1A, Class A, 2.72%, 01/18/2047<sup>(e)</sup> | 67813 | 63128  |
|  Exeter Automobile Receivables Trust, Series 2025-4A, Class A3, 4.39%, 09/17/2029 (Callable 09/17/2029) | 100000 | 100435  |
|  FedEx Corp., Series 2020-1AA, 1.88%, 02/20/2034 | 77660 | 68121  |
| &nbsp;&nbsp;&nbsp; GLS Auto Receivables Trust, Series 2025-1A, Class C, 5.07%, 11/15/2030 <br>(Callable 07/15/2029)<sup>(e)</sup> | 150000 | 151483  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Harley-Davidson Customer Funding Corp., Series 2023-B, Class A4, 5.78%, 04/15/2031 (Callable 08/15/2027) | $150000 | $153430  |
|  Honda Auto Receivables Owner Trust, Series 2025-4, Class A2A, 4.04%, 06/15/2028 (Callable 06/15/2028) | 100000 | 100147  |
|  Laurel Road Prime Student Loan Trust, Series 2020-A, Class A2FX, 1.40%, 11/25/2050 (Callable 04/25/2027)<sup>(e)</sup> | 46313 | 41578  |
| Mosaic Solar Loans LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-2A, Class A, 3.82%, 06/22/2043 (Callable 08/20/2029)<sup>(e)</sup> | 141840 | 134345  |
| &nbsp;&nbsp;&nbsp; Series 2020-2A, Class A, 1.44%, 08/20/2046 (Callable 08/20/2032)<sup>(e)</sup> | 35914 | 30076  |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, 1.17%, 09/16/2069 (Callable 05/15/2028)<sup>(e)</sup> | 29145 | 27367  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 0.84%, 05/15/2069 (Callable 02/15/2029)<sup>(e)</sup> | 22912 | 21127  |
| &nbsp;&nbsp;&nbsp; Series 2023-A, Class A, 5.51%, 10/15/2071 (Callable 09/15/2033)<sup>(e)</sup> | 128101 | 131416  |
|  OneMain Financial Issuance Trust, Series 2023-1A, Class A, 5.50%, 06/14/2038 (Callable 06/14/2028)<sup>(e)</sup> | 100000 | 103271  |
|  Oscar Finance Holdings 2 General, Inc. Association, Series 2021-1A, Class A4, 1.00%, 04/10/2028 (Callable 01/10/2026)<sup>(e)</sup> | 4617 | 4586  |
|  Santander Consumer USA Holdings, Inc., Series 2024-4, Class B, 4.93%, 09/17/2029 (Callable 04/15/2028) | 100000 | 100750  |
|  Santander Consumer USA, Inc., Series 2024-2, Class B, 4.52%, 07/16/2029 (Callable 04/15/2028) | 100000 | 100400  |
|  SMB Private Education Loan Trust, Series 2020-PTB, Class A2A, 1.60%, 09/15/2054<sup>(e)</sup> | 57796 | 54850  |
|  SoFi Consumer Loan Program Trust, Series 2025-1, Class B, 5.12%, 02/27/2034 (Callable 02/25/2028)<sup>(e)</sup> | 100000 | 101286  |
|  Sunnova Energy International, Inc., Series 2020-AA, Class A, 2.98%, 06/20/2047 (Callable 06/20/2027)<sup>(e)</sup> | 90692 | 81396  |
|  Sunrun, Inc., Series 2020-1A, Class A, 2.21%, 07/31/2051<sup>(e)</sup> | 115803 | 108618  |

---

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

19<br>

------

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

**LARGE COMPANY VALUE PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** |
|  Verus Securitization Trust, Series 2021-3, Class A1, 1.05%, 06/25/2066 (Callable 01/25/2026)<sup>(d)(e)</sup> | $116150 | $102333  |
|  World Omni Auto Receivables Trust, Series 2024-C, Class B, 4.68%, 07/15/2030 (Callable 02/15/2028) | 100000 | 101130  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $2,357,090)** |  | 2324938  |
|  | **Shares** |  |
|  **REAL ESTATE INVESTMENT TRUSTS - 0.4%**<br>|  |  |
| **Real Estate - 0.4%**<br>|  |  |
| Healthcare Realty Trust, Inc. | 3940 | 66783  |
| Millrose Properties, Inc. | 945 | 28227  |
| STAG Industrial, Inc. | 1260 | 46318  |
| VICI Properties, Inc. | 11100 | 312132  |
| Welltower, Inc. | 1198 | 222361  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $548,909)** |  | 675821  |
|  | **Par** |  |
| **U.S. TREASURY SECURITIES - 0.2%**<br>|  |  |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/2026 | $33600 | 33689  |
| &nbsp;&nbsp;&nbsp; 0.88%, 09/30/2026 | 60200 | 59010  |
| &nbsp;&nbsp;&nbsp; 1.25%, 11/30/2026 | 90100 | 88245  |
| &nbsp;&nbsp;&nbsp; 1.50%, 01/31/2027 | 9900 | 9689  |
| &nbsp;&nbsp;&nbsp; 2.75%, 04/30/2027 | 300 | 297  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/30/2027 | 20600 | 20664  |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/31/2027 | 64800 | 65134  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2027 | 500 | 498  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/15/2028 | 17800 | 17898  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/15/2028 | 41900 | 42258  |
| &nbsp;&nbsp;&nbsp; 1.25%, 09/30/2028 | 700 | 659  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2029 | 6000 | 6105  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/30/2032 | 1000 | 1007  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 5100 | 4758  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032 | 4300 | 4352  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2033 | 24600 | 23925  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 | $14000 | $14135  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 | 41000 | 39605  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $432,787)** |  | 431928  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 94.2%**<br>**(Cost $128,349,815)** |  | $161163809  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 4.9%<sup>(i)(j)</sup> |  | 8338945  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.9% |  | 1550574  |
| **TOTAL NET ASSETS - 100.0%** |  | $171053328 |

---

Par amount is in USD unless otherwise indicated.

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

PLC - Public Limited Company

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 December 31, 2025. The fair value of these securities was $46,497.

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

<sup>(d)</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 December 31, 2025.

<sup>(e)</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 December 31, 2025, the value of these securities total $7,047,034 or 4.1% of the Fund's net assets.

<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> Affiliated security as defined by the Investment Company Act of 1940.

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

<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 December 31, 2025 was 3.49%.

<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 December 31, 2025 is $48,577 which represented 0.0% of net assets. 

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

20<br>

------

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

**LARGE COMPANY VALUE PORTFOLIO** 

**SCHEDULE OF FUTURES CONTRACTS** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts Purchased** | **Expiration Date** | **Notional Value** | **Value/Unrealized Appreciation (Depreciation)**  |
| 10 Year U.S. Ultra Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $345047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2027)  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2027) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts Sold** | **Expiration Date** | **Notional Value** | **Value/Unrealized Appreciation (Depreciation)**  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $112437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $388  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3131836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(615)  |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 437219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 649  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 462375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3679  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 354000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5525  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9626  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7599 |

---

The Fund has recorded an asset of $3,164 as of December 31, 2025 related to the current day's variation margin related to these contracts.

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

21<br>

------

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

**LARGE COMPANY VALUE PORTFOLIO** 

**SCHEDULE OF TOTAL RETURN SWAP CONTRACTS** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/Receive Reference Entity** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value/ Unrealized Appreciation (Depreciation)**  |
|  Russell 1000 Value Total Return Index | Morgan Stanley | &nbsp;&nbsp;&nbsp; Receive | EFFR + 0.82% | Termination | 02/27/2026 | $29998420 | $1659632  |
| **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)** | $1659632 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

EFFR - Effective Federal Funds Rate was 3.64% as of December 31, 2025.

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

22<br>

------

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

**SMALL COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.5%** | **COMMON STOCKS - 98.5%** | **COMMON STOCKS - 98.5%** |
| **Communication Services - 0.8%**<br>|  |  |
| Anterix, Inc.<sup>(a)</sup> | 567 | $12378  |
| CuriosityStream, Inc. | 5848 | 22222  |
| EverQuote, Inc. - Class A<sup>(a)</sup> | 119 | 3213  |
| Globalstar, Inc.<sup>(a)</sup> | 228 | 13917  |
| Gogo, Inc.<sup>(a)</sup> | 1170 | 5452  |
| Grindr, Inc.<sup>(a)</sup> | 416 | 5633  |
| IMAX Corp.<sup>(a)</sup> | 1623 | 59986  |
| Magnite, Inc.<sup>(a)</sup> | 347 | 5632  |
| Sphere Entertainment Co.<sup>(a)</sup> | 527 | 50107  |
|  |  | 178540  |
| **Consumer Discretionary - 9.7%**<br>|  |  |
| Abercrombie & Fitch Co. - Class A<sup>(a)</sup> | 381 | 47956  |
| Birkenstock Holding PLC<sup>(a)</sup> | 2080 | 85072  |
| Black Rock Coffee Bar, Inc. - Class A<sup>(a)</sup> | 784 | 17444  |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 491 | 86647  |
| Brinker International, Inc.<sup>(a)</sup> | 180 | 25834  |
| Cavco Industries, Inc.<sup>(a)</sup> | 12 | 7089  |
| Champion Homes, Inc.<sup>(a)</sup> | 1305 | 110272  |
| Dorman Products, Inc.<sup>(a)</sup> | 495 | 60979  |
| Genius Sports Ltd.<sup>(a)</sup> | 4222 | 46526  |
| GigaCloud Technology, Inc. - Class A<sup>(a)</sup> | 149 | 5853  |
| Global Business Travel Group<sup>(a)</sup> | 481 | 3680  |
| Kontoor Brands, Inc. | 523 | 31950  |
| Latham Group, Inc.<sup>(a)</sup> | 984 | 6248  |
| LCI Industries | 389 | 47201  |
| Life Time Group Holdings, Inc.<sup>(a)</sup> | 2810 | 74690  |
| Lincoln Educational Services Corp.<sup>(a)</sup> | 1986 | 47962  |
| Lindblad Expeditions Holdings, Inc.<sup>(a)</sup> | 5678 | 81877  |
| McGraw Hill, Inc.<sup>(a)(b)</sup> | 1070 | 17655  |
| Modine Manufacturing Co.<sup>(a)</sup> | 79 | 10547  |
| Monarch Casino & Resort, Inc. | 130 | 12441  |
| OneSpaWorld Holdings Ltd. | 6007 | 124585  |
| Pattern Group, Inc. - Class A<sup>(a)</sup> | 6862 | 79187  |
| Peloton Interactive, Inc. - Class A<sup>(a)</sup> | 7711 | 47500  |
| Revolve Group, Inc.<sup>(a)</sup> | 323 | 9751  |
| Rush Street Interactive, Inc.<sup>(a)</sup> | 1592 | 30933  |
| SharkNinja, Inc.<sup>(a)</sup> | 1395 | 156101  |
| Stitch Fix, Inc. - Class A<sup>(a)</sup> | 1514 | 7948  |
| Super Group SGHC Ltd. | 4939 | 59021  |
| Texas Roadhouse, Inc. | 1120 | 185920  |
| ThredUp, Inc. - Class A<sup>(a)</sup> | 7872 | 50302  |
| TopBuild Corp.<sup>(a)</sup> | 415 | 173134  |
| Universal Technical Institute, Inc.<sup>(a)</sup> | 2458 | 64228  |
| Urban Outfitters, Inc.<sup>(a)</sup> | 874 | 65777  |
| Warby Parker, Inc. - Class A<sup>(a)</sup> | 6193 | 134945  |
| Wingstop, Inc. | 540 | 128785  |
| Wolverine World Wide, Inc. | 691 | 12542  |
|  |  | 2158582  |
| **Consumer Staples - 1.9%**<br>|  |  |
| Celsius Holdings, Inc.<sup>(a)</sup> | 3275 | 149798  |
| Chefs' Warehouse, Inc.<sup>(a)</sup> | 505 | 31477  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Lifevantage Corp.<sup>(b)</sup> | 1644 | $10127  |
| Oddity Tech Ltd. - Class A<sup>(a)</sup> | 924 | 37126  |
| Vita Coco Co., Inc.<sup>(a)</sup> | 1859 | 98546  |
| Vital Farms, Inc.<sup>(a)</sup> | 2645 | 84481  |
|  |  | 411555  |
| **Energy - 3.9%**<br>|  |  |
| Cactus, Inc. - Class A | 556 | 25398  |
| Centrus Energy Corp. - Class A<sup>(a)</sup> | 460 | 111670  |
| Energy Fuels, Inc./Canada<sup>(a)</sup> | 271 | 3940  |
| Energy Services of America Corp. | 1207 | 9861  |
| Excelerate Energy, Inc. - Class A | 6437 | 180558  |
| Gulfport Energy Corp.<sup>(a)</sup> | 19 | 3952  |
| Hallador Energy Co.<sup>(a)</sup> | 188 | 3580  |
| Oceaneering International, Inc.<sup>(a)</sup> | 6200 | 148986  |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | 607 | 21330  |
| Permian Resources Corp. | 9260 | 129918  |
| Schlumberger NV | 229 | 8789  |
| &nbsp;&nbsp;&nbsp; Solaris Oilfield Infrastructure, Inc. - <br>Class A | 3100 | 142507  |
| Tidewater, Inc.<sup>(a)</sup> | 512 | 25861  |
| World Kinect Corp. | 2482 | 58153  |
|  |  | 874503  |
| **Financials - 10.3%**<br>|  |  |
| Amerant Bancorp, Inc. | 1594 | 31099  |
| American Coastal Insurance Corp. | 692 | 8740  |
| American Integrity Insurance Group, Inc.<sup>(a)</sup> | 242 | 5041  |
| Arrow Financial Corp. | 334 | 10488  |
|  Artisan Partners Asset Management, Inc. - Class A | 1564 | 63717  |
| Banc of California, Inc. | 3560 | 68672  |
| Bank of Hawaii Corp. | 244 | 16682  |
| Bank OZK | 1790 | 82376  |
| Bowhead Specialty Holdings, Inc.<sup>(a)</sup> | 1290 | 36817  |
| Burford Capital Ltd. | 1564 | 13951  |
| Chime Financial, Inc. - Class A<sup>(a)</sup> | 3855 | 97030  |
| Coastal Financial Corp.<sup>(a)</sup> | 670 | 76775  |
| Customers Bancorp, Inc.<sup>(a)</sup> | 322 | 23545  |
| Dave, Inc.<sup>(a)</sup> | 501 | 110926  |
| Enova International, Inc.<sup>(a)</sup> | 250 | 39300  |
| FinWise Bancorp<sup>(a)</sup> | 344 | 6171  |
| First BanCorp/Puerto Rico | 748 | 15506  |
| FirstCash Holdings, Inc. | 500 | 79690  |
| Five Star Bancorp | 80 | 2862  |
| HCI Group, Inc. | 232 | 44472  |
| Heritage Insurance Holdings, Inc.<sup>(a)</sup> | 505 | 14776  |
| Hippo Holdings, Inc.<sup>(a)</sup> | 299 | 8994  |
| I3 Verticals, Inc. - Class A<sup>(a)</sup> | 3913 | 98568  |
| Kingstone Cos., Inc. | 865 | 14558  |
| Lemonade, Inc.<sup>(a)</sup> | 400 | 28472  |
| LendingTree, Inc.<sup>(a)</sup> | 651 | 34562  |
| Live Oak Bancshares, Inc. | 223 | 7660  |
| Marex Group PLC | 2034 | 78024  |
| Marqeta, Inc. - Class A<sup>(a)</sup> | 1044 | 4959  |

---

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

23<br>

------

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

**SMALL COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| Meridian Corp. | 562 | $9880  |
| Miami International Holdings, Inc.<sup>(a)</sup> | 1472 | 65327  |
| Moelis & Co. - Class A | 584 | 40144  |
| &nbsp;&nbsp;&nbsp; Neptune Insurance Holdings, Inc. - <br>Class A<sup>(a)</sup> | 1010 | 29452  |
| NerdWallet, Inc. - Class A<sup>(a)</sup> | 3100 | 42005  |
| Nicolet Bankshares, Inc. | 118 | 14313  |
| Northfield Bancorp, Inc. | 575 | 6572  |
| OppFi, Inc. | 4525 | 47332  |
| Oscar Health, Inc. - Class A<sup>(a)</sup> | 782 | 11237  |
| Pagseguro Digital Ltd. - Class A | 3504 | 33779  |
| Palomar Holdings, Inc.<sup>(a)</sup> | 341 | 45953  |
| Paymentus Holdings, Inc. - Class A<sup>(a)</sup> | 3374 | 106585  |
| Perella Weinberg Partners | 9910 | 171443  |
| Piper Sandler Cos. | 250 | 84928  |
| PJT Partners, Inc. - Class A | 308 | 51498  |
| Root, Inc./OH<sup>(a)</sup> | 358 | 25858  |
| SelectQuote, Inc.<sup>(a)</sup> | 2700 | 3807  |
| Sezzle, Inc.<sup>(a)</sup> | 402 | 25517  |
| SiriusPoint Ltd.<sup>(a)</sup> | 180 | 3940  |
| Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 1493 | 76307  |
| StoneCo Ltd. - Class A<sup>(a)</sup> | 2920 | 43187  |
| Tiptree, Inc. | 202 | 3691  |
| Triumph Financial, Inc.<sup>(a)</sup> | 1898 | 118872  |
| Trupanion, Inc.<sup>(a)</sup> | 204 | 7624  |
| Unity Bancorp, Inc. | 205 | 10603  |
| Upstart Holdings, Inc.<sup>(a)</sup> | 234 | 10233  |
| Victory Capital Holdings, Inc. - Class A | 94 | 5930  |
| WisdomTree, Inc. | 5165 | 62961  |
|  |  | 2283411  |
| **Health Care - 29.7%<sup>(c)</sup>**<br>|  |  |
| 10X Genomics, Inc. - Class A<sup>(a)</sup> | 1301 | 21219  |
| ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 1368 | 36539  |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> | 10575 | 171738  |
| ADMA Biologics, Inc.<sup>(a)</sup> | 13128 | 239455  |
| Akebia Therapeutics, Inc.<sup>(a)</sup> | 6524 | 10504  |
| Alignment Healthcare, Inc.<sup>(a)</sup> | 549 | 10843  |
| Alkermes PLC<sup>(a)</sup> | 2967 | 83017  |
| Alphatec Holdings, Inc.<sup>(a)</sup> | 1291 | 27163  |
| Amneal Pharmaceuticals, Inc.<sup>(a)</sup> | 3634 | 45788  |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 381 | 10203  |
| AnaptysBio, Inc.<sup>(a)</sup> | 91 | 4412  |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 2275 | 179588  |
| Apogee Therapeutics, Inc.<sup>(a)</sup> | 54 | 4076  |
| Arcellx, Inc.<sup>(a)</sup> | 905 | 59006  |
| Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | 3068 | 89095  |
| Ardelyx, Inc.<sup>(a)</sup> | 5080 | 29616  |
| Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 575 | 38174  |
| ARS Pharmaceuticals, Inc.<sup>(a)</sup> | 500 | 5825  |
| Artivion, Inc.<sup>(a)</sup> | 3052 | 139202  |
| Aurinia Pharmaceuticals, Inc.<sup>(a)</sup> | 3962 | 63194  |
| Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | 956 | 7811  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Axsome Therapeutics, Inc.<sup>(a)</sup> | 192 | $35067  |
| Beta Bionics, Inc.<sup>(a)</sup> | 3869 | 117888  |
| BillionToOne, Inc.<sup>(a)</sup> | 428 | 35028  |
| BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 5323 | 41519  |
| Biohaven Ltd.<sup>(a)</sup> | 605 | 6830  |
| Biote Corp.<sup>(a)</sup> | 1873 | 4870  |
| Bioventus, Inc. - Class A<sup>(a)</sup> | 4374 | 32543  |
| BridgeBio Pharma, Inc.<sup>(a)</sup> | 512 | 39163  |
| BrightSpring Health Services, Inc.<sup>(a)</sup> | 166 | 6217  |
| CareDx, Inc.<sup>(a)</sup> | 845 | 15920  |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 2331 | 54406  |
| Celcuity, Inc.<sup>(a)</sup> | 1656 | 165169  |
| Ceribell, Inc.<sup>(a)</sup> | 1512 | 33158  |
| CG oncology, Inc.<sup>(a)</sup> | 1094 | 45423  |
| Chemed Corp. | 260 | 111244  |
| ChromaDex Corp.<sup>(a)</sup> | 5142 | 32703  |
| Claritev Corp.<sup>(a)(b)</sup> | 79 | 3377  |
| Cogent Biosciences, Inc.<sup>(a)</sup> | 7435 | 264091  |
| Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 308 | 14260  |
| Community Health Systems, Inc.<sup>(a)</sup> | 2119 | 6611  |
| CONMED Corp. | 274 | 11124  |
| Corcept Therapeutics, Inc.<sup>(a)</sup> | 99 | 3445  |
| CorMedix, Inc.<sup>(a)(b)</sup> | 1834 | 21329  |
| Crinetics Pharmaceuticals, Inc.<sup>(a)</sup> | 339 | 15780  |
| Cytokinetics, Inc.<sup>(a)</sup> | 207 | 13153  |
| Day One Biopharmaceuticals, Inc.<sup>(a)</sup> | 1555 | 14493  |
| Disc Medicine, Inc.<sup>(a)</sup> | 159 | 12626  |
| Edgewise Therapeutics, Inc.<sup>(a)</sup> | 281 | 6973  |
| Electromed, Inc.<sup>(a)</sup> | 154 | 4484  |
| Enliven Therapeutics, Inc.<sup>(a)</sup> | 820 | 12628  |
| Ensign Group, Inc. | 557 | 97029  |
| Eton Pharmaceuticals, Inc.<sup>(a)</sup> | 288 | 4870  |
| GeneDx Holdings Corp.<sup>(a)</sup> | 1183 | 153861  |
| Geron Corp.<sup>(a)</sup> | 9144 | 12070  |
| Glaukos Corp.<sup>(a)</sup> | 246 | 27776  |
| Guardant Health, Inc.<sup>(a)</sup> | 542 | 55360  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 446 | 30016  |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 946 | 35399  |
| Harrow, Inc.<sup>(a)</sup> | 443 | 21707  |
| HealthEquity, Inc.<sup>(a)</sup> | 1819 | 166639  |
| HeartFlow, Inc.<sup>(a)</sup> | 1945 | 56697  |
| Hims & Hers Health, Inc.<sup>(a)</sup> | 809 | 26268  |
| Hinge Health, Inc. - Class A<sup>(a)</sup> | 803 | 37299  |
| Immunome, Inc.<sup>(a)</sup> | 200 | 4296  |
| Indivior PLC<sup>(a)</sup> | 1834 | 65804  |
| Innoviva, Inc.<sup>(a)</sup> | 2231 | 44598  |
| Iovance Biotherapeutics, Inc.<sup>(a)</sup> | 1176 | 3210  |
| iRhythm Technologies, Inc.<sup>(a)</sup> | 76 | 13485  |
| Ironwood Pharmaceuticals, Inc.<sup>(a)</sup> | 1753 | 5908  |
| KalVista Pharmaceuticals, Inc.<sup>(a)</sup> | 265 | 4280  |
| Kestra Medical Technologies Ltd.<sup>(a)</sup> | 1735 | 46012  |
| Krystal Biotech, Inc.<sup>(a)</sup> | 70 | 17258  |
| Kymera Therapeutics, Inc.<sup>(a)</sup> | 73 | 5680  |
| LeMaitre Vascular, Inc. | 2090 | 169499  |

---

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

24<br>

------

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

**SMALL COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Health Care - (Continued)**  | **Health Care - (Continued)**  | **Health Care - (Continued)**  |
| LifeStance Health Group, Inc.<sup>(a)</sup> | 663 | $4668  |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | 1492 | 282092  |
| Liquidia Corp.<sup>(a)</sup> | 916 | 31593  |
| Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 150 | 87351  |
| MannKind Corp.<sup>(a)</sup> | 1486 | 8426  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 367 | 206126  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 1330 | 117226  |
| Mesa Laboratories, Inc. | 978 | 76773  |
| MiMedx Group, Inc.<sup>(a)</sup> | 9069 | 61397  |
| Mineralys Therapeutics, Inc.<sup>(a)</sup> | 2903 | 105350  |
| Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | 2138 | 168881  |
| NewAmsterdam Pharma Co. NV<sup>(a)</sup> | 1293 | 45358  |
| Nutex Health, Inc.<sup>(a)(b)</sup> | 24 | 3951  |
| Ocular Therapeutix, Inc.<sup>(a)</sup> | 377 | 4577  |
| Omada Health, Inc.<sup>(a)</sup> | 2884 | 45510  |
| Organogenesis Holdings, Inc.<sup>(a)</sup> | 3049 | 15794  |
| ORIC Pharmaceuticals, Inc.<sup>(a)</sup> | 4980 | 40736  |
| Pacira BioSciences, Inc.<sup>(a)</sup> | 287 | 7428  |
| PACS Group, Inc.<sup>(a)</sup> | 279 | 10711  |
| Pennant Group, Inc.<sup>(a)</sup> | 142 | 3997  |
| Phibro Animal Health Corp. - Class A | 772 | 28842  |
| Praxis Precision Medicines, Inc.<sup>(a)</sup> | 298 | 87833  |
| PROCEPT BioRobotics Corp.<sup>(a)</sup> | 110 | 3461  |
| Progyny, Inc.<sup>(a)</sup> | 109 | 2799  |
| Protagonist Therapeutics, Inc.<sup>(a)</sup> | 149 | 13014  |
| Prothena Corp. PLC<sup>(a)</sup> | 1576 | 15051  |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 1847 | 140298  |
| Recursion Pharmaceuticals, Inc. - Class A<sup>(a)</sup> | 5041 | 20618  |
| Repligen Corp.<sup>(a)</sup> | 1065 | 174511  |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 1288 | 137867  |
| Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 513 | 21972  |
| Scholar Rock Holding Corp.<sup>(a)</sup> | 421 | 18545  |
| Soleno Therapeutics, Inc.<sup>(a)</sup> | 809 | 37457  |
| Spyre Therapeutics, Inc.<sup>(a)</sup> | 125 | 4095  |
| Stevanato Group SpA | 8317 | 167338  |
| Stoke Therapeutics, Inc.<sup>(a)</sup> | 890 | 28249  |
| Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | 1925 | 40444  |
| Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 2952 | 241710  |
| Taysha Gene Therapies, Inc.<sup>(a)</sup> | 1147 | 6308  |
| Terns Pharmaceuticals, Inc.<sup>(a)</sup> | 3910 | 157964  |
| TG Therapeutics, Inc.<sup>(a)</sup> | 2294 | 68384  |
| Theravance Biopharma, Inc.<sup>(a)</sup> | 1785 | 33397  |
| TransMedics Group, Inc.<sup>(a)</sup> | 845 | 102794  |
| Travere Therapeutics, Inc.<sup>(a)</sup> | 1846 | 70536  |
| UFP Technologies, Inc.<sup>(a)</sup> | 41 | 9103  |
| UroGen Pharma Ltd.<sup>(a)</sup> | 313 | 7330  |
| Veracyte, Inc.<sup>(a)</sup> | 1042 | 43868  |
| Vericel Corp.<sup>(a)</sup> | 535 | 19265  |
| Viridian Therapeutics, Inc.<sup>(a)</sup> | 194 | 6037  |
| XOMA Royalty Corp.<sup>(a)</sup> | 252 | 6701  |
|  |  | 6606747  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Industrials - 20.5%**<br>|  |  |
| AAON, Inc. | 2755 | $210069  |
| AAR Corp.<sup>(a)</sup> | 411 | 34027  |
| Aebi Schmidt Holding AG | 217 | 2745  |
| AeroVironment, Inc.<sup>(a)(b)</sup> | 139 | 33623  |
| American Superconductor Corp.<sup>(a)</sup> | 653 | 18793  |
| Amprius Technologies, Inc.<sup>(a)</sup> | 450 | 3551  |
| Archer Aviation, Inc. - Class A<sup>(a)</sup> | 3548 | 26681  |
| Argan, Inc. | 670 | 209924  |
| AZZ, Inc. | 112 | 12004  |
| BlackSky Technology, Inc.<sup>(a)</sup> | 3002 | 56287  |
| Bloom Energy Corp. - Class A<sup>(a)</sup> | 1086 | 94363  |
| Blue Bird Corp.<sup>(a)</sup> | 754 | 35438  |
| Brink's Co. | 216 | 25214  |
|  Cardinal Infrastructure Group, Inc. - Class A<sup>(a)</sup> | 3486 | 84291  |
| Casella Waste Systems, Inc. - Class A<sup>(a)</sup> | 2250 | 220365  |
| CECO Environmental Corp.<sup>(a)</sup> | 1812 | 108448  |
| Centuri Holdings, Inc.<sup>(a)</sup> | 956 | 24139  |
| Cimpress PLC<sup>(a)</sup> | 426 | 28367  |
| Comfort Systems USA, Inc. | 20 | 18666  |
| Construction Partners, Inc. - Class A<sup>(a)</sup> | 385 | 41792  |
| Dycom Industries, Inc.<sup>(a)</sup> | 25 | 8448  |
| Eos Energy Enterprises, Inc.<sup>(a)</sup> | 313 | 3587  |
| ESCO Technologies, Inc. | 227 | 44354  |
| Federal Signal Corp. | 2362 | 256490  |
| FTAI Infrastructure, Inc. | 741 | 3416  |
| Granite Construction, Inc. | 456 | 52600  |
| Healthcare Services Group, Inc.<sup>(a)</sup> | 152 | 2906  |
| Herc Holdings, Inc. | 98 | 14541  |
| Hertz Global Holdings, Inc.<sup>(a)</sup> | 2890 | 14855  |
| Huron Consulting Group, Inc.<sup>(a)</sup> | 455 | 78674  |
| IBEX Holdings Ltd.<sup>(a)</sup> | 950 | 36271  |
| IES Holdings, Inc.<sup>(a)</sup> | 54 | 21007  |
| Innodata, Inc.<sup>(a)</sup> | 1000 | 50950  |
| Interface, Inc. | 317 | 8851  |
| Joby Aviation, Inc.<sup>(a)</sup> | 816 | 10771  |
| John Bean Technologies Corp. | 302 | 45502  |
| Karman Holdings, Inc.<sup>(a)</sup> | 1725 | 126218  |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 380 | 28846  |
| Legalzoom.com, Inc.<sup>(a)</sup> | 499 | 4955  |
| Legence Corp. - Class A<sup>(a)</sup> | 1611 | 69337  |
| Leonardo DRS, Inc. | 478 | 16295  |
| LSI Industries, Inc. | 460 | 8427  |
| Matrix Service Co.<sup>(a)</sup> | 775 | 9068  |
| Mercury Systems, Inc.<sup>(a)</sup> | 1610 | 117546  |
| MYR Group, Inc.<sup>(a)</sup> | 60 | 13110  |
| NEXTracker, Inc. - Class A<sup>(a)</sup> | 954 | 83103  |
| NuScale Power Corp.<sup>(a)</sup> | 741 | 10500  |
| Orion Group Holdings, Inc.<sup>(a)</sup> | 298 | 2962  |
| Paylocity Holding Corp.<sup>(a)</sup> | 1135 | 173088  |
| Planet Labs PBC<sup>(a)</sup> | 4731 | 93295  |
| Powell Industries, Inc. | 128 | 40804  |
| Primoris Services Corp. | 1828 | 226928  |

---

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

25<br>

------

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

**SMALL COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| Rocket Lab Corp.<sup>(a)</sup> | 66 | $4604  |
| Saia, Inc.<sup>(a)</sup> | 530 | 173056  |
| Simpson Manufacturing Co., Inc. | 1020 | 164699  |
| SPX Technologies, Inc.<sup>(a)</sup> | 85 | 17005  |
| Standex International Corp. | 347 | 75396  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 582 | 178226  |
| TAT Technologies Ltd.<sup>(a)</sup> | 2462 | 109953  |
| UL Solutions, Inc. | 2700 | 212922  |
| Upwork, Inc.<sup>(a)</sup> | 532 | 10544  |
| V2X, Inc.<sup>(a)</sup> | 544 | 29675  |
| Vicor Corp.<sup>(a)</sup> | 329 | 36058  |
| VSE Corp. | 538 | 92950  |
| Watts Water Technologies, Inc. - Class A | 34 | 9385  |
| Willdan Group, Inc.<sup>(a)</sup> | 1543 | 159947  |
| WillScot Mobile Mini Holdings Corp. | 3189 | 60049  |
| Xometry, Inc. - Class A<sup>(a)</sup> | 2664 | 158428  |
| Zurn Elkay Water Solutions Corp. | 2245 | 104370  |
|  |  | 4563759  |
| **Information Technology - 18.4%**<br>|  |  |
| Advanced Energy Industries, Inc. | 536 | 112222  |
| Agilysys, Inc.<sup>(a)</sup> | 963 | 114443  |
| Ambarella, Inc.<sup>(a)</sup> | 1205 | 85362  |
| Appfolio, Inc. - Class A<sup>(a)</sup> | 745 | 173324  |
| Appian Corp. - Class A<sup>(a)</sup> | 849 | 30072  |
| Applied Digital Corp.<sup>(a)</sup> | 6247 | 153176  |
| Arlo Technologies, Inc.<sup>(a)</sup> | 5765 | 80652  |
| Asana, Inc. - Class A<sup>(a)</sup> | 676 | 9268  |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 102 | 8195  |
| Badger Meter, Inc. | 154 | 26859  |
| Bel Fuse, Inc. - Class B | 560 | 94993  |
| Belden, Inc. | 89 | 10373  |
| BigCommerce Holdings, Inc.<sup>(a)</sup> | 1033 | 4256  |
| Braze, Inc. - Class A<sup>(a)</sup> | 1299 | 44543  |
| Calix, Inc.<sup>(a)</sup> | 2954 | 156355  |
| Cerence, Inc.<sup>(a)</sup> | 452 | 4832  |
| CleanSpark, Inc.<sup>(a)</sup> | 317 | 3208  |
| Clear Secure, Inc. - Class A | 563 | 19750  |
| CommScope Holding Co., Inc.<sup>(a)</sup> | 1540 | 27920  |
| Commvault Systems, Inc.<sup>(a)</sup> | 80 | 10029  |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | 861 | 123889  |
| Daktronics, Inc.<sup>(a)</sup> | 670 | 13246  |
| D-Wave Quantum, Inc.<sup>(a)</sup> | 2674 | 69925  |
| Evolv Technologies Holdings, Inc.<sup>(a)</sup> | 2793 | 19998  |
| Extreme Networks, Inc.<sup>(a)</sup> | 542 | 9024  |
| Fabrinet<sup>(a)</sup> | 259 | 117918  |
| Fastly, Inc. - Class A<sup>(a)</sup> | 267 | 2718  |
| FormFactor, Inc.<sup>(a)</sup> | 415 | 23149  |
| Freshworks, Inc. - Class A<sup>(a)</sup> | 542 | 6639  |
| Gilat Satellite Networks Ltd.<sup>(a)</sup> | 3476 | 44979  |
| Grid Dynamics Holdings, Inc.<sup>(a)</sup> | 3058 | 27614  |
| Guidewire Software, Inc.<sup>(a)</sup> | 785 | 157793  |
| Harmonic, Inc.<sup>(a)</sup> | 442 | 4371  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Impinj, Inc.<sup>(a)</sup> | 283 | $49245  |
| Intapp, Inc.<sup>(a)</sup> | 293 | 13425  |
| IonQ, Inc.<sup>(a)</sup> | 1628 | 73048  |
| Knowles Corp.<sup>(a)</sup> | 2076 | 44489  |
| Kulicke & Soffa Industries, Inc. | 1085 | 49433  |
| Life360, Inc.<sup>(a)</sup> | 253 | 16227  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 975 | 166998  |
| MARA Holdings, Inc.<sup>(a)</sup> | 651 | 5846  |
| Napco Security Technologies, Inc. | 542 | 22601  |
| nCino, Inc.<sup>(a)</sup> | 5560 | 142558  |
| nLight, Inc.<sup>(a)</sup> | 2086 | 78246  |
| OSI Systems, Inc.<sup>(a)</sup> | 383 | 97688  |
| Ouster, Inc.<sup>(a)</sup> | 3052 | 66045  |
| Pagaya Technologies Ltd. - Class A<sup>(a)</sup> | 1591 | 33252  |
| PDF Solutions, Inc.<sup>(a)</sup> | 5035 | 143649  |
| Pegasystems, Inc. | 5940 | 354737  |
| Q2 Holdings, Inc.<sup>(a)</sup> | 151 | 10896  |
| Qualys, Inc.<sup>(a)</sup> | 237 | 31497  |
| Quantum Computing, Inc.<sup>(a)</sup> | 2646 | 27148  |
| Rambus, Inc.<sup>(a)</sup> | 1579 | 145094  |
| Red Violet, Inc. | 910 | 51825  |
| Rezolve AI PLC<sup>(a)(b)</sup> | 3426 | 8805  |
| Rigetti Computing, Inc.<sup>(a)</sup> | 1436 | 31807  |
| Sanmina Corp.<sup>(a)</sup> | 396 | 59428  |
| Semtech Corp.<sup>(a)</sup> | 913 | 67279  |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 365 | 47706  |
| SiTime Corp.<sup>(a)</sup> | 131 | 46268  |
| SoundHound AI, Inc. - Class A<sup>(a)(b)</sup> | 2044 | 20379  |
| Sprout Social, Inc. - Class A<sup>(a)</sup> | 2814 | 31714  |
| Tenable Holdings, Inc.<sup>(a)</sup> | 1211 | 28495  |
| Terawulf, Inc.<sup>(a)(b)</sup> | 10246 | 117727  |
| Viavi Solutions, Inc.<sup>(a)</sup> | 1783 | 31773  |
| WM Technology, Inc.<sup>(a)</sup> | 9160 | 7558  |
| Workiva, Inc.<sup>(a)</sup> | 2057 | 177416  |
| Zeta Global Holdings Corp. - Class A<sup>(a)</sup> | 235 | 4782  |
|  |  | 4096179  |
| **Materials - 1.9%**<br>|  |  |
| Ardagh Metal Packaging SA | 3152 | 12923  |
| Balchem Corp. | 502 | 76987  |
| Carpenter Technology Corp. | 61 | 19205  |
| Century Aluminum Co.<sup>(a)</sup> | 1007 | 39454  |
| Coeur Mining, Inc.<sup>(a)</sup> | 2930 | 52242  |
| Constellium SE<sup>(a)</sup> | 1293 | 24373  |
| Contango ORE, Inc.<sup>(a)</sup> | 268 | 7078  |
|  Ferroglobe Representation & Warranty Insurance Trust<sup>(a)(d)</sup> | 840 | 0  |
| Hecla Mining Co. | 1381 | 26501  |
| Kaiser Aluminum Corp. | 402 | 46174  |
| Lifezone Metals Ltd.<sup>(a)</sup> | 2330 | 9949  |
| Materion Corp. | 116 | 14421  |
| NovaGold Resources, Inc.<sup>(a)</sup> | 2003 | 18668  |
| Perpetua Resources Corp.<sup>(a)</sup> | 471 | 11403  |
| PureCycle Technologies, Inc.<sup>(a)(b)</sup> | 471 | 4046  |

---

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

26<br>

------

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

**SMALL COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Materials - (Continued)**  | **Materials - (Continued)**  | **Materials - (Continued)**  |
| Sensient Technologies Corp.  | 271 | $25461  |
| Titan America SA | 1273 | 20979  |
| United States Lime & Minerals, Inc. | 138 | 16524  |
|  |  | 426388  |
| **Real Estate - 0.9%**<br>|  |  |
| Compass, Inc. - Class A<sup>(a)</sup> | 789 | 8340  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 495 | 166553  |
| Real Brokerage, Inc.<sup>(a)</sup> | 3230 | 11789  |
|  |  | 186682  |
| **Utilities - 0.5%**<br>|  |  |
| Cadiz, Inc.<sup>(a)</sup> | 722 | 4050  |
| Consolidated Water Co Ltd. | 370 | 13057  |
| Genie Energy Ltd. - Class B | 766 | 10556  |
| Otter Tail Corp. | 135 | 10909  |
| &nbsp;&nbsp;&nbsp; WaterBridge Infrastructure LLC - <br>Class A<sup>(a)</sup> | 3055 | 61131  |
|  |  | 99703  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $17,528,971)** |  | 21886049  |
| **REAL ESTATE INVESTMENT TRUSTS - 0.4%** | **REAL ESTATE INVESTMENT TRUSTS - 0.4%** | **REAL ESTATE INVESTMENT TRUSTS - 0.4%** |
| **Real Estate - 0.4%**<br>|  |  |
| NETSTREIT Corp.<sup>(b)</sup> | 4088 | 72112  |
| Phillips Edison & Co., Inc. | 94 | 3344  |
| Postal Realty Trust, Inc. - Class A | 913 | 14736  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $92,835)** |  | 90192  |
| **RIGHTS - 0.0%<sup>(e)</sup>**<br>|  |  |
|  Sanofi SA, Expires 07/21/2026, Exercise Price $6.00<sup>(a)(c)(d)</sup> | 321 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $0)** |  | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.9%** <br>**(Cost $17,621,806)** |  | $21976241  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 2.3%<sup>(f)(g)</sup> |  | 501861  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.2)% |  | (248761)  |
| **TOTAL NET ASSETS - 100.0%** |  | $22229341 |

---

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.

LLC - Limited Liability Company

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 December 31, 2025. The fair value of these securities was $191,122.

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

<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 December 31, 2025.

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

<sup>(f)</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 December 31, 2025 was 3.49%.

<sup>(g)</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 December 31, 2025 is $198,135 which represented 0.9% of net assets. 

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

27<br>

------

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

**Small Company Value Portfolio** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 92.7%**<br>|  |  |
| **Communication Services - 0.6%**<br>|  |  |
| AMC Entertainment Holdings, Inc.<sup>(a)</sup> | 9340 | $14570  |
| Bumble, Inc. - Class A<sup>(a)</sup> | 1130 | 4034  |
| CuriosityStream, Inc. | 5030 | 19114  |
| Emerald Holding, Inc. | 1150 | 5140  |
| National CineMedia, Inc. | 4630 | 18011  |
| Sphere Entertainment Co.<sup>(a)</sup> | 270 | 25672  |
| Stagwell, Inc.<sup>(a)</sup> | 3920 | 19169  |
| TEGNA, Inc. | 680 | 13199  |
| Webtoon Entertainment, Inc.<sup>(a)(b)</sup> | 380 | 4951  |
|  |  | 123860  |
| **Consumer Discretionary - 11.7%**<br>|  |  |
| Academy Sports & Outdoors, Inc. | 1200 | 59952  |
| Accel Entertainment, Inc.<sup>(a)</sup> | 1970 | 22478  |
| Adient PLC<sup>(a)</sup> | 2233 | 42807  |
| Advance Auto Parts, Inc. | 700 | 27510  |
| A-Mark Precious Metals, Inc. | 1990 | 67760  |
|  American Axle & Manufacturing Holdings, Inc.<sup>(a)</sup> | 2470 | 15833  |
| American Eagle Outfitters, Inc. | 3863 | 101867  |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | 90 | 20928  |
| Bath & Body Works, Inc. | 530 | 10642  |
| Bloomin' Brands, Inc. | 1940 | 11970  |
| Boyd Gaming Corp. | 180 | 15343  |
| Brunswick Corp. | 430 | 31923  |
| Capri Holdings Ltd.<sup>(a)</sup> | 1350 | 32940  |
| Carter's, Inc. | 530 | 17188  |
| Century Communities, Inc. | 919 | 54543  |
| Citi Trends, Inc.<sup>(a)</sup> | 240 | 9974  |
| Columbia Sportswear Co. | 270 | 14874  |
| Cricut, Inc. - Class A | 2000 | 9900  |
| Dana, Inc. | 1980 | 47045  |
| Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 530 | 8591  |
| Denny's Corp.<sup>(a)</sup> | 2140 | 13311  |
| El Pollo Loco Holdings, Inc.<sup>(a)</sup> | 1440 | 15062  |
| EVgo, Inc.<sup>(a)</sup> | 1130 | 3288  |
| Flexsteel Industries, Inc. | 1120 | 44229  |
| Garrett Motion, Inc. | 4090 | 71289  |
| Gentex Corp. | 1040 | 24201  |
| Gentherm, Inc.<sup>(a)</sup> | 820 | 29823  |
| GigaCloud Technology, Inc. - Class A<sup>(a)</sup> | 1860 | 73061  |
| G-III Apparel Group Ltd. | 560 | 16218  |
| Goodyear Tire & Rubber Co.<sup>(a)</sup> | 4060 | 35566  |
| Green Brick Partners, Inc.<sup>(a)</sup> | 529 | 33147  |
| Group 1 Automotive, Inc. | 50 | 19665  |
| Harley-Davidson, Inc. | 1010 | 20695  |
| Haverty Furniture Cos., Inc. | 980 | 22893  |
| Helen of Troy Ltd.<sup>(a)</sup> | 860 | 18275  |
| Hilton Grand Vacations, Inc.<sup>(a)</sup> | 620 | 27745  |
| Holley, Inc.<sup>(a)</sup> | 4400 | 18172  |
| International Game Technology PLC | 1780 | 27554  |
| JAKKS Pacific, Inc. | 710 | 11985  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Johnson Outdoors, Inc. - Class A | 915 | $38842  |
| KB Home | 140 | 7897  |
| Kohl's Corp. | 1930 | 39391  |
| Kontoor Brands, Inc. | 280 | 17105  |
| Latham Group, Inc.<sup>(a)</sup> | 850 | 5398  |
| Laureate Education, Inc.<sup>(a)</sup> | 530 | 17845  |
| La-Z-Boy, Inc. | 820 | 30561  |
| LCI Industries | 580 | 70377  |
| Lear Corp. | 240 | 27504  |
| Legacy Housing Corp.<sup>(a)</sup> | 290 | 5661  |
| Leggett & Platt, Inc. | 1540 | 16940  |
| Lindblad Expeditions Holdings, Inc.<sup>(a)</sup> | 702 | 10123  |
| M/I Homes, Inc.<sup>(a)</sup> | 554 | 70884  |
| MarineMax, Inc.<sup>(a)</sup> | 600 | 14538  |
| Marriott Vacations Worldwide Corp. | 410 | 23653  |
| Mattel, Inc.<sup>(a)</sup> | 730 | 14483  |
| McGraw Hill, Inc.<sup>(a)(b)</sup> | 680 | 11220  |
| Monarch Casino & Resort, Inc. | 80 | 7656  |
| OneWater Marine, Inc. - Class A<sup>(a)</sup> | 1590 | 17204  |
| Oxford Industries, Inc. | 540 | 18468  |
| Peloton Interactive, Inc. - Class A<sup>(a)</sup> | 6280 | 38685  |
| Perdoceo Education Corp. | 865 | 25370  |
| PetMed Express, Inc.<sup>(a)</sup> | 1060 | 3392  |
| Phinia, Inc. | 1020 | 63944  |
| Polaris, Inc. | 320 | 20240  |
| PVH Corp. | 180 | 12064  |
| RealReal Inc/The<sup>(a)</sup> | 280 | 4418  |
| Red Rock Resorts, Inc. - Class A | 5113 | 316750  |
| Rocky Brands, Inc. | 1880 | 55140  |
| Sabre Corp.<sup>(a)</sup> | 2520 | 3427  |
| Sally Beauty Holdings, Inc.<sup>(a)</sup> | 2560 | 36506  |
| Signet Jewelers Ltd. | 130 | 10774  |
| Sonic Automotive, Inc. - Class A | 270 | 16702  |
| Steven Madden Ltd. | 610 | 25400  |
| Taylor Morrison Home Corp.<sup>(a)</sup> | 347 | 20428  |
| Thor Industries, Inc. | 280 | 28748  |
| Topgolf Callaway Brands Corp.<sup>(a)</sup> | 1570 | 18322  |
| Travel + Leisure Co. | 380 | 26801  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 635 | 19984  |
| United Parks & Resorts, Inc.<sup>(a)</sup> | 510 | 18513  |
| Upbound Group, Inc. | 890 | 15628  |
| Urban Outfitters, Inc.<sup>(a)</sup> | 800 | 60208  |
| Visteon Corp. | 420 | 39942  |
| Winnebago Industries, Inc. | 1330 | 53892  |
| YETI Holdings, Inc.<sup>(a)</sup> | 300 | 13251  |
| Zumiez, Inc.<sup>(a)</sup> | 760 | 19798  |
|  |  | 2584324  |
| **Consumer Staples - 2.7%**<br>|  |  |
| Central Garden & Pet Co.<sup>(a)</sup> | 430 | 13824  |
| Edgewell Personal Care Co. | 740 | 12617  |
| Energizer Holdings, Inc. | 565 | 11238  |
| Grocery Outlet Holding Corp.<sup>(a)</sup> | 740 | 7474  |
| Herbalife Ltd.<sup>(a)</sup> | 2500 | 32225  |

---

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

28<br>

------

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

**Small Company Value Portfolio** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Consumer Staples - (Continued)** | **Consumer Staples - (Continued)** | **Consumer Staples - (Continued)** |
| John B Sanfilippo & Son, Inc. | 320 | $22592  |
| Lancaster Colony Corp. | 271 | 44558  |
| Mama's Creations, Inc.<sup>(a)</sup> | 6784 | 91516  |
| Oil-Dri Corp. of America | 2758 | 134977  |
| Reynolds Consumer Products, Inc. | 1100 | 25212  |
| United Natural Foods, Inc.<sup>(a)</sup> | 1350 | 45454  |
| Utz Brands, Inc. | 13541 | 140556  |
| Village Super Market, Inc. - Class A | 294 | 10406  |
|  |  | 592649  |
| **Energy - 6.7%**<br>|  |  |
| Ardmore Shipping Corp. | 730 | 7731  |
| Baytex Energy Corp. | 8513 | 27497  |
| Cactus, Inc. - Class A | 350 | 15988  |
| California Resources Corp. | 979 | 43771  |
| Calumet, Inc.<sup>(a)</sup> | 1210 | 24043  |
| Centrus Energy Corp. - Class A<sup>(a)</sup> | 90 | 21849  |
| Clean Energy Fuels Corp.<sup>(a)</sup> | 11360 | 23856  |
| CNX Resources Corp.<sup>(a)</sup> | 320 | 11766  |
| Core Laboratories, Inc. | 810 | 12984  |
| Core Natural Resources, Inc. | 50 | 4426  |
| Crescent Energy Co. - Class A | 6519 | 54692  |
| CVR Energy, Inc.<sup>(a)</sup> | 790 | 20098  |
| Delek US Holdings, Inc. | 640 | 18982  |
| Diversified Energy Co. | 1590 | 23023  |
| Dorian LPG Ltd. | 750 | 18255  |
| Energy Fuels, Inc./Canada<sup>(a)</sup> | 1080 | 15703  |
| Excelerate Energy, Inc. - Class A | 1320 | 37026  |
| Expro Group Holdings NV<sup>(a)</sup> | 2800 | 37380  |
| Green Plains, Inc.<sup>(a)</sup> | 470 | 4606  |
| Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 2070 | 12979  |
| Innovex International, Inc.<sup>(a)</sup> | 1630 | 35648  |
| International Seaways, Inc. | 180 | 8739  |
| Kodiak Gas Services, Inc. | 470 | 17578  |
| Kosmos Energy Ltd.<sup>(a)</sup> | 22150 | 20099  |
| Liberty Energy, Inc. | 1770 | 32674  |
| Magnolia Oil & Gas Corp. - Class A | 10146 | 222096  |
| Murphy Oil Corp. | 810 | 25313  |
|  National Energy Services Reunited Corp.<sup>(a)</sup> | 1190 | 18636  |
| NextDecade Corp.<sup>(a)</sup> | 4390 | 23135  |
| Noble Corp. PLC | 510 | 14402  |
| Northern Oil & Gas, Inc.<sup>(b)</sup> | 1250 | 26838  |
| NOV, Inc. | 1680 | 26258  |
| Oceaneering International, Inc.<sup>(a)</sup> | 462 | 11102  |
| Oil States International, Inc.<sup>(a)</sup> | 3460 | 23424  |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | 1450 | 50953  |
| Patterson-UTI Energy, Inc. | 744 | 4546  |
| PBF Energy, Inc. - Class A | 1560 | 42307  |
| ProFrac Holding Corp. - Class A<sup>(a)(b)</sup> | 3620 | 14082  |
| ProPetro Holding Corp.<sup>(a)</sup> | 1320 | 12553  |
| Ranger Energy Services, Inc. - Class A | 380 | 5312  |
| REX American Resources Corp.<sup>(a)</sup> | 910 | 29411  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| RPC, Inc. | 2830 | $15395  |
| Scorpio Tankers, Inc. | 460 | 23382  |
| Select Water Solutions, Inc. | 1180 | 12414  |
| SM Energy Co. | 1230 | 23001  |
| Talos Energy, Inc.<sup>(a)</sup> | 2370 | 26117  |
| Teekay Corp. Ltd. | 2670 | 24110  |
| Tidewater, Inc.<sup>(a)</sup> | 840 | 42428  |
| Transocean Ltd.<sup>(a)</sup> | 15760 | 65089  |
| VAALCO Energy, Inc. | 7110 | 25880  |
| Valaris Ltd.<sup>(a)</sup> | 410 | 20664  |
| Weatherford International PLC | 200 | 15652  |
| World Kinect Corp. | 3230 | 75679  |
|  |  | 1471572  |
| **Financials - 28.0%<sup>(c)</sup>**<br>|  |  |
| 1st Source Corp. | 1450 | 90611  |
| Abacus Global Management, Inc. | 730 | 6242  |
| Alerus Financial Corp. | 2147 | 48350  |
| Amerant Bancorp, Inc. | 1790 | 34923  |
| American Coastal Insurance Corp. | 568 | 7174  |
| Arrow Financial Corp. | 240 | 7536  |
|  Artisan Partners Asset Management, Inc. - Class A | 980 | 39925  |
|  Aspen Insurance Holdings Ltd. - Class A<sup>(a)</sup> | 550 | 20405  |
| Associated Banc-Corp. | 570 | 14683  |
| Assured Guaranty Ltd. | 175 | 15727  |
| Banc of California, Inc. | 5122 | 98803  |
| BancFirst Corp. | 431 | 45695  |
|  Banco Latinoamericano de Comercio Exterior SA | 1275 | 56865  |
| Bank of Marin Bancorp | 1564 | 40680  |
| Bank of NT Butterfield & Son Ltd. | 1028 | 51215  |
| Bank OZK | 5205 | 239534  |
| Bank7 Corp. | 1990 | 81550  |
| BankUnited, Inc. | 2160 | 96271  |
| BayCom Corp. | 240 | 7056  |
| Berkshire Hills Bancorp, Inc. | 1911 | 50393  |
| BGC Group, Inc. - Class A | 4292 | 38328  |
| BOK Financial Corp. | 424 | 50227  |
| Bread Financial Holdings, Inc. | 1348 | 99792  |
| Bridgewater Bancshares, Inc.<sup>(a)</sup> | 550 | 9642  |
| Burford Capital Ltd. | 520 | 4638  |
|  Burke & Herbert Financial Services Corp. | 250 | 15577  |
| Camden National Corp. | 360 | 15617  |
| Capital Bancorp, Inc. | 260 | 7324  |
| Capitol Federal Financial, Inc. | 3910 | 26627  |
| Carter Bankshares, Inc.<sup>(a)</sup> | 370 | 7274  |
| Cass Information Systems, Inc. | 160 | 6643  |
| Cathay General Bancorp | 560 | 27098  |
| Central Pacific Financial Corp. | 720 | 22435  |
| City Holding Co. | 117 | 13946  |
| Civista Bancshares, Inc. | 300 | 6666  |
| Claros Mortgage Trust, Inc.<sup>(a)</sup> | 13480 | 41249  |

---

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

29<br>

------

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

**Small Company Value Portfolio** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| CNB Financial Corp. | 300 | $7851  |
| CNO Financial Group, Inc. | 680 | 28880  |
| Colony Bankcorp, Inc. | 1200 | 21384  |
| Columbia Banking System, Inc. | 1041 | 29096  |
| Community Financial System, Inc. | 624 | 35843  |
| Community Trust Bancorp, Inc. | 475 | 26838  |
| Compass Diversified Holdings | 1970 | 9456  |
| ConnectOne Bancorp, Inc. | 996 | 26115  |
| Diamond Hill Investment Group, Inc. | 140 | 23730  |
| Dime Community Bancshares, Inc. | 940 | 28285  |
| Eagle Bancorp Montana, Inc. | 592 | 11781  |
| Eagle Bancorp, Inc. | 1330 | 28489  |
| Employers Holdings, Inc. | 305 | 13167  |
| Enact Holdings, Inc. | 990 | 39244  |
| Encore Capital Group, Inc.<sup>(a)</sup> | 980 | 53263  |
| Enova International, Inc.<sup>(a)</sup> | 226 | 35527  |
| Enterprise Financial Services Corp. | 360 | 19440  |
| Esquire Financial Holdings, Inc. | 407 | 41542  |
| Essent Group Ltd. | 435 | 28279  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 330 | 25116  |
| F&G Annuities & Life, Inc. | 690 | 21287  |
| Farmers National Banc Corp. | 477 | 6354  |
| FB Financial Corp. | 1149 | 64114  |
| Federated Hermes, Inc. | 535 | 27857  |
| Fidelis Insurance Holdings Ltd. | 1150 | 22505  |
| Financial Institutions, Inc. | 630 | 19637  |
| First BanCorp/Puerto Rico | 1910 | 39594  |
| First Busey Corp. | 1161 | 27620  |
| First Commonwealth Financial Corp. | 3110 | 52435  |
| First Financial Bancorp | 1196 | 29924  |
| First Financial Corp. | 818 | 49424  |
| First Foundation, Inc.<sup>(a)</sup> | 3890 | 23962  |
| First Hawaiian, Inc. | 1170 | 29601  |
| First Internet Bancorp | 360 | 7513  |
|  First Interstate BancSystem, Inc. - Class A | 580 | 20068  |
| First Merchants Corp. | 725 | 27173  |
| First Mid Bancshares, Inc. | 370 | 14430  |
| First Western Financial, Inc.<sup>(a)</sup> | 2036 | 54585  |
| FirstSun Capital Bancorp<sup>(a)</sup> | 390 | 14678  |
| Five Star Bancorp | 220 | 7872  |
| Flushing Financial Corp. | 800 | 12136  |
| FNB Corp. | 470 | 8037  |
| Fulton Financial Corp. | 3750 | 72488  |
| Genworth Financial, Inc. - Class A<sup>(a)</sup> | 5681 | 51299  |
| Glacier Bancorp, Inc. | 2330 | 102637  |
| Great Southern Bancorp, Inc. | 220 | 13543  |
|  Hamilton Insurance Group Ltd. - Class B<sup>(a)</sup> | 190 | 5301  |
| Hamilton Lane, Inc. - Class A | 240 | 32234  |
| Hancock Whitney Corp. | 1655 | 105390  |
| Hanmi Financial Corp. | 1450 | 39194  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Hanover Insurance Group, Inc. | 120 | $21932  |
| HBT Financial, Inc. | 1280 | 33088  |
| Heritage Commerce Corp. | 1700 | 20417  |
| Heritage Financial Corp. | 600 | 14190  |
| Heritage Insurance Holdings, Inc.<sup>(a)</sup> | 220 | 6437  |
| Hilltop Holdings, Inc. | 840 | 28510  |
| Hingham Institution for Savings | 80 | 22717  |
| Home Bancorp, Inc. | 260 | 15028  |
| Home BancShares, Inc. | 4431 | 123093  |
| HomeStreet, Inc. - Class A | 520 | 7608  |
| Hope Bancorp, Inc. | 2620 | 28715  |
| Horace Mann Educators Corp. | 350 | 16163  |
| Horizon Bancorp, Inc. | 1240 | 21030  |
| Huntington Bancshares, Inc. | 1735 | 30102  |
| Independent Bank Corp. | 1689 | 123432  |
| International Bancshares Corp. | 799 | 53086  |
|  International General Insurance Holdings Ltd. | 6923 | 173698  |
| International Money Express, Inc.<sup>(a)</sup> | 920 | 14131  |
| Invesco Ltd. | 550 | 14448  |
| Jackson Financial, Inc. - Class A | 590 | 62924  |
| Janus Henderson Group PLC | 360 | 17125  |
| Kearny Financial Corp. | 1760 | 13042  |
| Kemper Corp. | 570 | 23108  |
| LendingClub Corp.<sup>(a)</sup> | 3498 | 66252  |
| LendingTree, Inc.<sup>(a)</sup> | 540 | 28669  |
| Lincoln National Corp. | 520 | 23156  |
| Live Oak Bancshares, Inc. | 5188 | 178208  |
| loanDepot, Inc. - Class A<sup>(a)</sup> | 4600 | 9522  |
| Marex Group PLC | 940 | 36058  |
| Mercantile Bank Corp. | 450 | 21645  |
| Merchants Bancorp | 760 | 25886  |
| MGIC Investment Corp. | 530 | 15487  |
| Mid Penn Bancorp, Inc. | 240 | 7445  |
| Midland States Bancorp, Inc. | 2610 | 55254  |
| Moelis & Co. - Class A | 240 | 16498  |
| MVB Financial Corp. | 982 | 25365  |
| Navient Corp. | 2150 | 27950  |
| NB Bancorp, Inc. | 1290 | 25568  |
| Nelnet, Inc. - Class A | 380 | 50525  |
| New York Community Bancorp, Inc. | 2270 | 28579  |
| Nicolet Bankshares, Inc. | 260 | 31538  |
| NMI Holdings, Inc. - Class A<sup>(a)</sup> | 1025 | 41810  |
| Northeast Bank | 291 | 30244  |
| Northfield Bancorp, Inc. | 1610 | 18402  |
| OceanFirst Financial Corp. | 1410 | 25310  |
| OFG Bancorp | 685 | 28071  |
| Origin Bancorp, Inc. | 600 | 22566  |
| Orrstown Financial Services, Inc. | 425 | 15053  |
| Pagseguro Digital Ltd. - Class A | 5920 | 57069  |
| Pathward Financial, Inc. | 138 | 9798  |
| Peapack-Gladstone Financial Corp. | 490 | 13647  |
| PennyMac Financial Services, Inc. | 150 | 19776  |
| Ponce Financial Group, Inc.<sup>(a)</sup> | 438 | 7161  |

---

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

30<br>

------

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

**Small Company Value Portfolio** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| PRA Group, Inc.<sup>(a)</sup> | 370 | $6545  |
| Preferred Bank | 1305 | 123231  |
| Primis Financial Corp. | 1140 | 15857  |
| PROG Holdings, Inc. | 1420 | 41876  |
| Provident Financial Services, Inc. | 1415 | 27946  |
| QCR Holdings, Inc. | 270 | 22491  |
| Radian Group, Inc. | 820 | 29512  |
| RBB Bancorp | 1532 | 31620  |
| S&T Bancorp, Inc. | 725 | 28529  |
| Selective Insurance Group, Inc. | 260 | 21754  |
| SelectQuote, Inc.<sup>(a)</sup> | 5730 | 8079  |
| ServisFirst Bancshares, Inc. | 491 | 35249  |
| Shore Bancshares, Inc. | 882 | 15594  |
| Sierra Bancorp | 260 | 8497  |
|  Silvercrest Asset Management Group, Inc. - Class A | 3009 | 45707  |
| Simmons First National Corp. - Class A | 1420 | 26767  |
| SLM Corp. | 1030 | 27872  |
| Southern Missouri Bancorp, Inc. | 130 | 7686  |
| Southside Bancshares, Inc. | 410 | 12460  |
| SOUTHSTATE BANK CORP | 440 | 41408  |
| Stewart Information Services Corp. | 290 | 20375  |
| StoneCo Ltd. - Class A<sup>(a)</sup> | 320 | 4733  |
| StoneX Group, Inc.<sup>(a)</sup> | 165 | 15696  |
| Synovus Financial Corp. | 130 | 6507  |
| Tompkins Financial Corp. | 280 | 20306  |
| Towne Bank | 380 | 12681  |
| TriCo Bancshares | 630 | 29843  |
| Triumph Financial, Inc.<sup>(a)</sup> | 4816 | 301626  |
| TrustCo Bank Corp. NY | 460 | 19012  |
| UMB Financial Corp. | 229 | 26344  |
| United Bankshares, Inc. | 648 | 24883  |
| United Community Banks, Inc. | 470 | 14673  |
| United Fire Group, Inc. | 920 | 33442  |
| Universal Insurance Holdings, Inc. | 270 | 9126  |
| Univest Financial Corp. | 680 | 22263  |
| Valley National Bancorp | 2040 | 23827  |
| Virtus Investment Partners, Inc. | 140 | 22841  |
| Voya Financial, Inc. | 300 | 22347  |
| WaFd, Inc. | 713 | 22837  |
| Washington Trust Bancorp, Inc. | 740 | 21867  |
| Westamerica BanCorp | 646 | 30898  |
| WEX, Inc.<sup>(a)</sup> | 180 | 26816  |
| White Mountains Insurance Group Ltd. | 14 | 29092  |
|  |  | 6170190  |
| **Health Care - 10.2%**<br>|  |  |
| 10X Genomics, Inc. - Class A<sup>(a)</sup> | 2420 | 39470  |
| 4D Molecular Therapeutics, Inc.<sup>(a)</sup> | 1510 | 11325  |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | 1190 | 16886  |
| Agios Pharmaceuticals, Inc.<sup>(a)</sup> | 630 | 17149  |
| Akebia Therapeutics, Inc.<sup>(a)</sup> | 9240 | 14876  |
| Alkermes PLC<sup>(a)</sup> | 1410 | 39452  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Amneal Pharmaceuticals, Inc.<sup>(a)</sup> | 4010 | $50526  |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 1200 | 32136  |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 150 | 11841  |
| Ardent Health, Inc.<sup>(a)</sup> | 1040 | 9183  |
| Arvinas, Inc.<sup>(a)</sup> | 600 | 7116  |
| Astrana Health, Inc.<sup>(a)</sup> | 11273 | 279683  |
| Aura Biosciences, Inc.<sup>(a)</sup> | 820 | 4469  |
| Aurinia Pharmaceuticals, Inc.<sup>(a)</sup> | 2620 | 41789  |
| Avanos Medical, Inc.<sup>(a)</sup> | 9993 | 112221  |
| Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | 593 | 4845  |
| Azenta, Inc.<sup>(a)</sup> | 430 | 14302  |
| BioAge Labs, Inc.<sup>(a)</sup> | 1280 | 16934  |
| BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 2230 | 17394  |
| Biote Corp.<sup>(a)</sup> | 2557 | 6648  |
| CareDx, Inc.<sup>(a)</sup> | 930 | 17521  |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 409 | 9546  |
| Concentra Group Holdings Parent, Inc. | 997 | 19621  |
| CRISPR Therapeutics AG<sup>(a)</sup> | 150 | 7866  |
| Cullinan Therapeutics, Inc.<sup>(a)</sup> | 1762 | 18237  |
| Cytokinetics, Inc.<sup>(a)</sup> | 820 | 52103  |
| Day One Biopharmaceuticals, Inc.<sup>(a)</sup> | 2910 | 27121  |
| Dyne Therapeutics, Inc.<sup>(a)</sup> | 470 | 9193  |
| Editas Medicine, Inc.<sup>(a)</sup> | 3582 | 7343  |
| Embecta Corp. | 390 | 4633  |
| Emergent BioSolutions, Inc.<sup>(a)</sup> | 880 | 10877  |
| Enhabit, Inc.<sup>(a)</sup> | 690 | 6362  |
| Enovis Corp.<sup>(a)</sup> | 200 | 5328  |
| Envista Holdings Corp.<sup>(a)</sup> | 650 | 14112  |
| Esperion Therapeutics, Inc.<sup>(a)(b)</sup> | 1670 | 6179  |
| Fortrea Holdings, Inc.<sup>(a)</sup> | 1230 | 21218  |
| Fulgent Genetics, Inc.<sup>(a)</sup> | 710 | 18652  |
| GRAIL, Inc.<sup>(a)</sup> | 50 | 4280  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 310 | 20863  |
| Heron Therapeutics, Inc.<sup>(a)(b)</sup> | 4030 | 5239  |
| Indivior PLC<sup>(a)</sup> | 1480 | 53102  |
| Inhibrx Biosciences, Inc.<sup>(a)</sup> | 60 | 4740  |
| Inmode Ltd.<sup>(a)</sup> | 1810 | 26589  |
| Innoviva, Inc.<sup>(a)</sup> | 3222 | 64408  |
| Iovance Biotherapeutics, Inc.<sup>(a)</sup> | 2740 | 7480  |
| Ironwood Pharmaceuticals, Inc.<sup>(a)</sup> | 3941 | 13281  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 160 | 27200  |
| Keros Therapeutics, Inc.<sup>(a)</sup> | 990 | 20156  |
| Kura Oncology, Inc.<sup>(a)</sup> | 420 | 4364  |
| Lantheus Holdings, Inc.<sup>(a)</sup> | 410 | 27286  |
| Lexeo Therapeutics, Inc.<sup>(a)</sup> | 980 | 9731  |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | 180 | 34033  |
| LivaNova Plc<sup>(a)</sup> | 430 | 26458  |
| MannKind Corp.<sup>(a)</sup> | 2542 | 14413  |
| Mesa Laboratories, Inc. | 2830 | 222155  |
| Monte Rosa Therapeutics, Inc.<sup>(a)</sup> | 180 | 2822  |
| Myriad Genetics, Inc.<sup>(a)</sup> | 1440 | 8856  |
| National Research Corp. | 740 | 13890  |
| Neogen Corp.<sup>(a)</sup> | 1780 | 12442  |
| Nkarta, Inc.<sup>(a)</sup> | 2560 | 4736  |

---

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

31<br>

------

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

**Small Company Value Portfolio** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Health Care - (Continued)** | **Health Care - (Continued)** | **Health Care - (Continued)** |
| Nuvation Bio, Inc.<sup>(a)</sup> | 1360 | $12186  |
| Olema Pharmaceuticals, Inc.<sup>(a)</sup> | 170 | 4250  |
| Omnicell, Inc.<sup>(a)</sup> | 200 | 9060  |
| Pacira BioSciences, Inc.<sup>(a)</sup> | 627 | 16227  |
| PACS Group, Inc.<sup>(a)</sup> | 180 | 6910  |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 700 | 14973  |
| Phibro Animal Health Corp. - Class A | 700 | 26152  |
| Praxis Precision Medicines, Inc.<sup>(a)</sup> | 130 | 38316  |
| Prothena Corp. PLC<sup>(a)</sup> | 2740 | 26167  |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 390 | 29624  |
| REGENXBIO, Inc.<sup>(a)</sup> | 580 | 8352  |
| Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 134 | 5739  |
| Rocket Pharmaceuticals, Inc.<sup>(a)</sup> | 1660 | 5827  |
| Select Medical Holdings Corp. | 1060 | 15741  |
| SIGA Technologies, Inc. | 1610 | 9837  |
| Spyre Therapeutics, Inc.<sup>(a)</sup> | 450 | 14742  |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 380 | 18886  |
| Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | 1910 | 40129  |
| Tactile Systems Technology, Inc.<sup>(a)</sup> | 190 | 5510  |
| Tango Therapeutics, Inc.<sup>(a)</sup> | 610 | 5405  |
| Theravance Biopharma, Inc.<sup>(a)</sup> | 910 | 17026  |
| UFP Technologies, Inc.<sup>(a)</sup> | 655 | 145430  |
| Utah Medical Products, Inc. | 280 | 15669  |
| Vaxcyte, Inc.<sup>(a)</sup> | 1180 | 54445  |
| Veracyte, Inc.<sup>(a)</sup> | 996 | 41932  |
| Xencor, Inc.<sup>(a)</sup> | 1540 | 23577  |
| XOMA Royalty Corp.<sup>(a)</sup> | 490 | 13029  |
|  |  | 2257822  |
| **Industrials - 16.1%**<br>|  |  |
| AAR Corp.<sup>(a)</sup> | 210 | 17386  |
| ABM Industries, Inc. | 420 | 17766  |
| Aebi Schmidt Holding AG | 650 | 8222  |
| AerSale Corp.<sup>(a)</sup> | 2410 | 17135  |
| Alamo Group, Inc. | 100 | 16787  |
| Albany International Corp. - Class A | 240 | 12168  |
| Allegiant Travel Co.<sup>(a)</sup> | 1537 | 131060  |
| Allient, Inc. | 1017 | 54664  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 600 | 17400  |
| Ameresco, Inc. - Class A<sup>(a)</sup> | 330 | 9666  |
| American Woodmark Corp.<sup>(a)</sup> | 320 | 17248  |
| Apogee Enterprises, Inc. | 530 | 19297  |
| Armstrong World Industries, Inc. | 70 | 13377  |
| Asure Software, Inc.<sup>(a)</sup> | 4457 | 41985  |
| Atkore, Inc. | 350 | 22137  |
| Atmus Filtration Technologies, Inc. | 520 | 26993  |
| AZZ, Inc. | 915 | 98070  |
| Blue Bird Corp.<sup>(a)</sup> | 360 | 16920  |
| Brink's Co. | 260 | 30350  |
| Cimpress PLC<sup>(a)</sup> | 1235 | 82239  |
| Columbus McKinnon Corp. | 1520 | 26220  |
| Concrete Pumping Holdings, Inc. | 9782 | 65637  |
| Costamare, Inc. | 2573 | 40628  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Douglas Dynamics, Inc. | 450 | $14692  |
| Ducommun, Inc.<sup>(a)</sup> | 2638 | 250953  |
| Energy Recovery, Inc.<sup>(a)</sup> | 2789 | 37624  |
| Ennis, Inc. | 400 | 7204  |
| ESAB Corp. | 699 | 78092  |
| ESCO Technologies, Inc. | 189 | 36929  |
| First Advantage Corp.<sup>(a)</sup> | 4984 | 72417  |
| Flowserve Corp. | 380 | 26364  |
| Fluor Corp.<sup>(a)</sup> | 530 | 21004  |
| Forrester Research, Inc.<sup>(a)</sup> | 780 | 6334  |
| Fortune Brands Innovations, Inc. | 1805 | 90286  |
| Franklin Covey Co.<sup>(a)</sup> | 380 | 6376  |
| FTAI Infrastructure, Inc. | 25594 | 117988  |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 610 | 13097  |
| Global Industrial Co. | 499 | 14581  |
| Graham Corp.<sup>(a)</sup> | 2217 | 142398  |
| Granite Construction, Inc. | 301 | 34720  |
| Greenbrier Cos., Inc. | 440 | 20566  |
| Healthcare Services Group, Inc.<sup>(a)</sup> | 2570 | 49138  |
| Heartland Express, Inc. | 2430 | 21943  |
| Helios Technologies, Inc. | 1538 | 82268  |
| Herc Holdings, Inc. | 110 | 16322  |
| Hertz Global Holdings, Inc.<sup>(a)(b)</sup> | 2000 | 10280  |
| Hillenbrand, Inc. | 870 | 27596  |
| Hillman Solutions Corp.<sup>(a)</sup> | 2930 | 25374  |
| Hurco Cos., Inc.<sup>(a)</sup> | 1652 | 25523  |
| Insperity, Inc. | 270 | 10454  |
| Interface, Inc. | 980 | 27362  |
| Intuitive Machines, Inc.<sup>(a)</sup> | 310 | 5031  |
| Janus International Group, Inc.<sup>(a)</sup> | 2710 | 17723  |
| John Bean Technologies Corp. | 370 | 55748  |
| Kennametal, Inc. | 310 | 8807  |
| Kforce, Inc. | 970 | 29992  |
| Korn Ferry | 200 | 13204  |
| L B Foster Co. - Class A<sup>(a)</sup> | 250 | 6737  |
| ManpowerGroup, Inc. | 510 | 15162  |
| Marten Transport Ltd. | 540 | 6145  |
| Matson, Inc. | 595 | 73512  |
| Maximus, Inc. | 240 | 20717  |
| McGrath RentCorp | 60 | 6296  |
| Mercury Systems, Inc.<sup>(a)</sup> | 230 | 16792  |
| Miller Industries, Inc. | 1254 | 46862  |
| MillerKnoll, Inc. | 810 | 14807  |
| Montrose Environmental Group, Inc.<sup>(a)</sup> | 730 | 18126  |
| &nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc. - <br>Class A | 310 | 26071  |
| Mueller Industries, Inc. | 386 | 44313  |
| National Presto Industries, Inc. | 75 | 8007  |
| NEXTracker, Inc. - Class A<sup>(a)</sup> | 640 | 55750  |
| OPENLANE, Inc.<sup>(a)</sup> | 820 | 24420  |
| Pangaea Logistics Solutions Ltd. | 3800 | 26144  |
|  Perma-Fix Environmental Services, Inc.<sup>(a)</sup> | 5340 | 67231  |
| Pitney Bowes, Inc. | 980 | 10359  |

---

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

32<br>

------

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

**Small Company Value Portfolio** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| Plug Power, Inc.<sup>(a)</sup> | 3240 | $6383  |
| Primoris Services Corp. | 40 | 4966  |
| Proficient Auto Logistics, Inc.<sup>(a)</sup> | 13765 | 132695  |
| Resideo Technologies, Inc.<sup>(a)</sup> | 480 | 16858  |
| Resources Connection, Inc. | 1770 | 8921  |
| REV Group, Inc. | 120 | 7297  |
| Robert Half, Inc. | 830 | 22543  |
| Rush Enterprises, Inc. - Class A | 517 | 27887  |
| Schneider National, Inc. - Class B | 580 | 15387  |
| &nbsp;&nbsp;&nbsp; Science Applications International <br>Corp. | 210 | 21139  |
| Sensata Technologies Holding PLC | 840 | 27964  |
| SkyWest, Inc.<sup>(a)</sup> | 390 | 39160  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 100 | 30623  |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 720 | 10361  |
| Sunrun, Inc.<sup>(a)</sup> | 1300 | 23920  |
| Tennant Co. | 250 | 18425  |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | 2561 | 95167  |
| Timken Co. | 360 | 30287  |
| Titan Machinery, Inc.<sup>(a)</sup> | 1330 | 20003  |
| Transcat, Inc.<sup>(a)</sup> | 771 | 43739  |
| Trinity Industries, Inc. | 365 | 9651  |
| TrueBlue, Inc.<sup>(a)</sup> | 3020 | 13741  |
| Tutor Perini Corp. | 1210 | 81094  |
| UFP Industries, Inc. | 210 | 19120  |
| UniFirst Corp. | 80 | 15432  |
| V2X, Inc.<sup>(a)</sup> | 380 | 20729  |
| Wabash National Corp. | 1450 | 12542  |
| Willdan Group, Inc.<sup>(a)</sup> | 290 | 30061  |
| Zurn Elkay Water Solutions Corp. | 930 | 43236  |
|  |  | 3558527  |
| **Information Technology - 5.9%**<br>|  |  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 480 | 22949  |
| Adeia, Inc. | 1590 | 27427  |
| Applied Digital Corp.<sup>(a)</sup> | 475 | 11647  |
| Arrow Electronics, Inc.<sup>(a)</sup> | 170 | 18731  |
| ASGN, Inc.<sup>(a)</sup> | 590 | 28420  |
| Aviat Networks, Inc.<sup>(a)</sup> | 620 | 13256  |
| Avnet, Inc. | 530 | 25482  |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 150 | 12051  |
| Bel Fuse, Inc. - Class B | 30 | 5089  |
| Benchmark Electronics, Inc. | 270 | 11545  |
| Bit Digital, Inc.<sup>(a)</sup> | 2420 | 4574  |
| Cerence, Inc.<sup>(a)</sup> | 430 | 4597  |
| Cipher Mining, Inc.<sup>(a)</sup> | 1190 | 17564  |
| CleanSpark, Inc.<sup>(a)</sup> | 2190 | 22163  |
| CommScope Holding Co., Inc.<sup>(a)</sup> | 720 | 13054  |
| Corsair Gaming, Inc.<sup>(a)</sup> | 1500 | 8910  |
| Crane NXT Co. | 400 | 18828  |
| Daktronics, Inc.<sup>(a)</sup> | 830 | 16409  |
| Digi International, Inc.<sup>(a)</sup> | 270 | 11688  |
| Diodes, Inc.<sup>(a)</sup> | 270 | 13322  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| ePlus, Inc. | 225 | $19732  |
| Fastly, Inc. - Class A<sup>(a)</sup> | 3655 | 37208  |
| FormFactor, Inc.<sup>(a)</sup> | 90 | 5020  |
| Ingram Micro Holding Corp. | 720 | 15365  |
| Itron, Inc.<sup>(a)</sup> | 320 | 29715  |
| Kimball Electronics, Inc.<sup>(a)</sup> | 2100 | 58422  |
| Knowles Corp.<sup>(a)</sup> | 2510 | 53789  |
| Kulicke & Soffa Industries, Inc. | 400 | 18224  |
| MARA Holdings, Inc.<sup>(a)</sup> | 3550 | 31879  |
| Methode Electronics, Inc. | 3040 | 20185  |
| NETGEAR, Inc.<sup>(a)</sup> | 710 | 17416  |
| OSI Systems, Inc.<sup>(a)</sup> | 153 | 39024  |
| Ouster, Inc.<sup>(a)</sup> | 400 | 8656  |
| Pagaya Technologies Ltd. - Class A<sup>(a)</sup> | 410 | 8569  |
| PC Connection, Inc. | 130 | 7509  |
| Penguin Solutions, Inc.<sup>(a)</sup> | 2220 | 43423  |
| Photronics, Inc.<sup>(a)</sup> | 1760 | 56320  |
| Plexus Corp.<sup>(a)</sup> | 106 | 15582  |
| Progress Software Corp.<sup>(a)</sup> | 2007 | 86221  |
| &nbsp;&nbsp;&nbsp; Richardson Electronics Ltd./<br>United States | 656 | 7137  |
| Rimini Street, Inc.<sup>(a)</sup> | 6303 | 24456  |
| Riot Platforms, Inc.<sup>(a)</sup> | 2352 | 29800  |
| Sanmina Corp.<sup>(a)</sup> | 640 | 96045  |
| ScanSource, Inc.<sup>(a)</sup> | 510 | 19921  |
| Synaptics, Inc.<sup>(a)</sup> | 690 | 51074  |
| Telos Corp.<sup>(a)</sup> | 820 | 4182  |
| TTM Technologies, Inc.<sup>(a)</sup> | 540 | 37260  |
| Viasat, Inc.<sup>(a)</sup> | 620 | 21365  |
| Viavi Solutions, Inc.<sup>(a)</sup> | 2330 | 41521  |
| Vishay Intertechnology, Inc. | 1300 | 18837  |
| Vontier Corp. | 500 | 18590  |
| Workiva, Inc.<sup>(a)</sup> | 300 | 25875  |
| Xerox Holdings Corp. | 6160 | 14599  |
|  |  | 1290627  |
| **Materials - 6.8%**<br>|  |  |
| AdvanSix, Inc. | 310 | 5363  |
| Alpha Metallurgical Resources, Inc.<sup>(a)</sup> | 50 | 9994  |
| American Vanguard Corp.<sup>(a)</sup> | 1380 | 5272  |
| Ashland, Inc. | 1059 | 62132  |
| Aspen Aerogels, Inc.<sup>(a)</sup> | 3920 | 11094  |
| Avient Corp. | 120 | 3749  |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 960 | 31018  |
| Cabot Corp. | 95 | 6297  |
| Caledonia Mining Corp. PLC | 2717 | 71104  |
| Carpenter Technology Corp. | 77 | 24243  |
| Coeur Mining, Inc.<sup>(a)</sup> | 3650 | 65079  |
| Commercial Metals Co. | 610 | 42224  |
| Constellium SE<sup>(a)</sup> | 2340 | 44109  |
| Core Molding Technologies, Inc.<sup>(a)</sup> | 2393 | 47980  |
| Ecovyst, Inc.<sup>(a)</sup> | 3245 | 31574  |
| Ferroglobe PLC | 1980 | 9187  |
| HB Fuller Co. | 480 | 28541  |
| Hecla Mining Co. | 4270 | 81941  |

---

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

33<br>

------

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

**Small Company Value Portfolio** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Materials - (Continued)** | **Materials - (Continued)** | **Materials - (Continued)** |
| Huntsman Corp. | 1900 | $19000  |
| Ingevity Corp.<sup>(a)</sup> | 260 | 15387  |
| Innospec, Inc. | 270 | 20666  |
| Intrepid Potash, Inc.<sup>(a)</sup> | 520 | 14420  |
| Kaiser Aluminum Corp. | 690 | 79253  |
| Materion Corp. | 50 | 6216  |
| Mativ Holdings, Inc. | 650 | 7897  |
| Myers Industries, Inc. | 1270 | 23774  |
| NovaGold Resources, Inc.<sup>(a)</sup> | 470 | 4380  |
| Olin Corp. | 1170 | 24371  |
| Orion SA | 7765 | 40999  |
| Sonoco Products Co. | 310 | 13528  |
| SSR Mining, Inc.<sup>(a)</sup> | 4360 | 95571  |
| Sylvamo Corp. | 310 | 14926  |
| Taseko Mines Ltd.<sup>(a)</sup> | 28186 | 159533  |
| Titan America SA | 6840 | 112723  |
| Tredegar Corp.<sup>(a)</sup> | 3470 | 24915  |
| TriMas Corp. | 1110 | 39349  |
| United States Lime & Minerals, Inc. | 1649 | 197451  |
| Warrior Met Coal, Inc. | 140 | 12344  |
|  |  | 1507604  |
| **Real Estate - 0.6%**<br>|  |  |
| Compass, Inc. - Class A<sup>(a)</sup> | 760 | 8033  |
| Cushman & Wakefield Ltd.<sup>(a)</sup> | 5130 | 83055  |
| Douglas Elliman, Inc.<sup>(a)</sup> | 5090 | 12063  |
| Marcus & Millichap, Inc. | 440 | 12008  |
| RMR Group, Inc. - Class A | 900 | 13410  |
|  |  | 128569  |
| **Utilities - 3.4%**<br>|  |  |
|  Artesian Resources Corp. - Class A - Class A | 220 | 6954  |
| Avista Corp. | 2080 | 80163  |
| Black Hills Corp. | 680 | 47206  |
| California Water Service Group | 300 | 12999  |
| Genie Energy Ltd. - Class B | 2242 | 30895  |
| MDU Resources Group, Inc. | 1050 | 20496  |
| New Jersey Resources Corp. | 690 | 31823  |
| Northwest Natural Holding Co. | 600 | 28044  |
| Northwestern Energy Group, Inc. | 400 | 25816  |
| Oklo, Inc.<sup>(a)</sup> | 160 | 11481  |
| ONE Gas, Inc. | 1130 | 87292  |
| Otter Tail Corp. | 1246 | 100689  |
| Portland General Electric Co. | 610 | 29274  |
| SJW Group | 540 | 26455  |
| Southwest Gas Holdings, Inc. | 210 | 16804  |
| Spire, Inc. | 340 | 28118  |
| UGI Corp. | 3730 | 139614  |
| Unitil Corp. | 290 | 14048  |
|  |  | 738171  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $16,952,325)** |  | 20423915  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 6.4%**<br>|  |  |
| **Financials - 0.5%<sup>(c)</sup>**<br>|  |  |
|  Apollo Commercial Real Estate Finance, Inc. | 1460 | $14133  |
| Ares Commercial Real Estate Corp. | 2920 | 13958  |
| BrightSpire Capital, Inc. | 2440 | 13664  |
| Granite Point Mortgage Trust, Inc. | 2490 | 5976  |
| New York Mortgage Trust, Inc. | 5720 | 41756  |
| Orchid Island Capital, Inc. | 1740 | 12528  |
| TPG Mortgage Investment Trust, Inc. | 497 | 4234  |
|  |  | 106249  |
| **Real Estate - 5.9%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 681 | 33328  |
| American Assets Trust, Inc. | 1020 | 19309  |
| Brandywine Realty Trust | 3580 | 10454  |
| CareTrust REIT, Inc. | 250 | 9040  |
| Centerspace | 1170 | 78062  |
| COPT Defense Properties | 475 | 13205  |
| CTO Realty Growth, Inc. | 2730 | 50259  |
| CubeSmart | 3687 | 132916  |
| Curbline Properties Corp. | 4314 | 100128  |
| DiamondRock Hospitality Co. | 1850 | 16576  |
| Douglas Emmett, Inc. | 3560 | 39124  |
| &nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc. - <br>Class A | 1810 | 11801  |
| Essential Properties Realty Trust, Inc. | 145 | 4301  |
| Global Medical REIT, Inc. | 612 | 20649  |
| Hudson Pacific Properties, Inc.<sup>(a)</sup> | 834 | 9035  |
| National Health Investors, Inc. | 523 | 39942  |
| NETSTREIT Corp.<sup>(b)</sup> | 4050 | 71442  |
| Park Hotels & Resorts, Inc. | 2460 | 25732  |
| Pebblebrook Hotel Trust | 2470 | 27961  |
| Phillips Edison & Co., Inc. | 300 | 10671  |
| Postal Realty Trust, Inc. - Class A | 6310 | 101843  |
| Ryman Hospitality Properties, Inc. | 2615 | 247431  |
| Sabra Health Care REIT, Inc. | 4918 | 93147  |
| Safehold, Inc. | 1419 | 19426  |
| Seritage Growth Properties - Class A<sup>(a)</sup> | 2510 | 8158  |
| Service Properties Trust | 6450 | 11868  |
| STAG Industrial, Inc. | 782 | 28746  |
| Strawberry Fields REIT, Inc. | 4798 | 62854  |
| Tanger, Inc. | 500 | 16685  |
|  |  | 1314093  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $1,468,182)** |  | 1420342  |

---

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

34<br>

------

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

**Small Company Value Portfolio** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **RIGHTS - 0.0%<sup>(d)</sup>**<br>|  |  |
|  Eli Lilly & Co., Expires 07/29/2026, Exercise Price $3.00<sup>(a)(e)</sup> | 1400 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $0)** |  | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.1%** <br>**(Cost $18,420,507)** |  | $21844257  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 1.5%<sup>(f)(g)</sup> |  | 340744  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.6)% |  | (149045)  |
| **TOTAL NET ASSETS - 100.0%** |  | $22035956 |

---

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.

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 December 31, 2025. The fair value of these securities was $126,042.

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

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

<sup>(e)</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 December 31, 2025.

<sup>(f)</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 December 31, 2025 was 3.49%.

<sup>(g)</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 December 31, 2025 is $131,369 which represented 0.6% of net assets. 

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** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.7%**<br>|  |  |
| **Communication Services - 10.0%**<br>|  |  |
| Alphabet, Inc. - Class A | 26001 | $8138313  |
| Alphabet, Inc. - Class C | 22620 | 7098156  |
| AMC Networks, Inc. - Class A<sup>(a)</sup> | 231 | 2199  |
| Angi, Inc.<sup>(a)</sup> | 183 | 2366  |
| Anterix, Inc.<sup>(a)</sup> | 141 | 3078  |
| AST SpaceMobile, Inc.<sup>(a)</sup> | 866 | 62898  |
| AT&T, Inc. | 31970 | 794135  |
| &nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc. - <br>Class C<sup>(a)</sup> | 231 | 9113  |
| Bandwidth, Inc. - Class A<sup>(a)</sup> | 117 | 1808  |
| Boston Omaha Corp. - Class A<sup>(a)</sup> | 206 | 2548  |
| Bumble, Inc. - Class A<sup>(a)</sup> | 510 | 1821  |
| Cable One, Inc. | 20 | 2257  |
| Cargurus, Inc.<sup>(a)</sup> | 337 | 12924  |
| Cars.com, Inc.<sup>(a)</sup> | 215 | 2623  |
|  Charter Communications, Inc. - Class A<sup>(a)</sup> | 162 | 33817  |
| Cinemark Holdings, Inc. | 460 | 10690  |
| &nbsp;&nbsp;&nbsp; Cogent Communications Holdings, <br>Inc. | 234 | 5045  |
| Comcast Corp. - Class A | 16349 | 488672  |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | 698 | 7985  |
| EchoStar Corp. - Class A<sup>(a)</sup> | 186 | 20219  |
| Electronic Arts, Inc. | 1026 | 209643  |
| Fox Corp. - Class A | 965 | 70513  |
| Fox Corp. - Class B | 569 | 36945  |
| &nbsp;&nbsp;&nbsp; Frontier Communications Parent, <br>Inc.<sup>(a)</sup> | 904 | 34415  |
| GCI Liberty, Inc. - Class A<sup>(a)</sup> | 17 | 627  |
| GCI Liberty, Inc. - Class C<sup>(a)</sup> | 104 | 3870  |
| Globalstar, Inc.<sup>(a)</sup> | 209 | 12757  |
| Gogo, Inc.<sup>(a)</sup> | 386 | 1799  |
| IAC, Inc.<sup>(a)</sup> | 349 | 13646  |
| Ibotta, Inc. - Class A<sup>(a)</sup> | 58 | 1318  |
| IDT Corp. - Class B | 119 | 6094  |
| IMAX Corp.<sup>(a)</sup> | 316 | 11679  |
| Iridium Communications, Inc. | 332 | 5770  |
| John Wiley & Sons, Inc. - Class A | 200 | 6126  |
| Liberty Broadband Corp. - Class C<sup>(a)</sup> | 148 | 7193  |
| Liberty Global Ltd. - Class A<sup>(a)</sup> | 829 | 9235  |
| Liberty Global Ltd. - Class C<sup>(a)</sup> | 925 | 10212  |
| &nbsp;&nbsp;&nbsp; Liberty Latin America Ltd. - <br>Class C<sup>(a)</sup> | 634 | 4730  |
| &nbsp;&nbsp;&nbsp; Liberty Live Holdings, Inc. - <br>Class A<sup>(a)</sup> | 95 | 7742  |
| &nbsp;&nbsp;&nbsp; Liberty Live Holdings, Inc. - <br>Class C<sup>(a)</sup> | 238 | 19792  |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula <br>One - Class A<sup>(a)</sup> | 111 | 9921  |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula <br>One - Class C<sup>(a)</sup> | 995 | 98017  |
| Lionsgate Studios Corp.<sup>(a)</sup> | 784 | 7158  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 705 | $100462  |
| Lumen Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4484 | 34841  |
|  Madison Square Garden Entertainment Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 192 | 10347  |
| &nbsp;&nbsp;&nbsp; Madison Square Garden Sports <br>Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 60 | 15519  |
| Magnite, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 754 | 12237  |
| Marcus Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 100 | 1551  |
| Match Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1145 | 36972  |
| Meta Platforms, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 9687 | 6394292  |
| Millicom International Cellular SA | &nbsp;&nbsp;&nbsp;&nbsp; 449 | 24893  |
| Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 18900 | 1772064  |
| New York Times Co. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 672 | 46650  |
| News Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1749 | 45684  |
| News Corp. - Class B | &nbsp;&nbsp;&nbsp;&nbsp; 576 | 17067  |
| Newsmax, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 605 | 4677  |
| Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 140 | 28427  |
| NIQ Global Intelligence PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 520 | 8575  |
| Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1489 | 120237  |
| Paramount Skydance Corp.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4764 | 63838  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2671 | 69152  |
| PubMatic, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 268 | 2377  |
| QuinStreet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 121 | 1739  |
| Reddit, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 536 | 123210  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2715 | 219996  |
| Roku, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 155 | 16816  |
| Rumble, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 768 | 4854  |
| Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 152 | 4504  |
| Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp; 300 | 3468  |
| Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 122 | 2330  |
| Sinclair, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 166 | 2540  |
| Sirius XM Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 273 | 5459  |
| Skillz, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 53 | 228  |
| Snap, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4422 | 35685  |
| Sphere Entertainment Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 81 | 7701  |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 666 | 386753  |
| Stagwell, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 683 | 3340  |
| Starz Entertainment Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 52 | 611  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 773 | 197911  |
| TEGNA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 538 | 10443  |
| Telephone and Data Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 393 | 16113  |
| Thryv Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 239 | 1446  |
| TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 212 | 44308  |
| T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1981 | 402222  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2009 | 76262  |
| Travelzoo<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 36 | 256  |
| TripAdvisor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 616 | 8969  |
| &nbsp;&nbsp;&nbsp; Trump Media & Technology Group <br>Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 635 | 8407  |
| United States Cellular Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 114 | 6113  |
| Uniti Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 667 | 4676  |
| Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18949 | 771793  |
| Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp; 8043 | 915052  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2686 | 77410  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Communication Services - (Continued)** | **Communication Services - (Continued)** | **Communication Services - (Continued)** |
| Warner Music Group Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 618 | $18954  |
| Yelp, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 351 | 10667  |
| Ziff Davis, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 258 | 9069  |
| ZipRecruiter, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 326 | 1271  |
| ZoomInfo Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1580 | 16069  |
|  |  | 29516376  |
| **Consumer Discretionary - 10.4%**<br>|  |  |
| Abercrombie & Fitch Co. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 248 | 31216  |
| Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 357 | 17836  |
| Accel Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 75 | 856  |
| Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 166 | 13250  |
| Adient PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 490 | 9393  |
| ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3179 | 25655  |
| Adtalem Global Education, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 183 | 18935  |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 314 | 12340  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1912 | 259497  |
| A-Mark Precious Metals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 160 | 5448  |
| Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 43209 | 9973501  |
| Amer Sports, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 712 | 26593  |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing <br>Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 626 | 4013  |
| American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 873 | 23021  |
| American Public Education, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 80 | 3024  |
| Aptiv PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 935 | 71144  |
| Aramark | &nbsp;&nbsp;&nbsp;&nbsp; 1263 | 46554  |
| Arhaus, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 360 | 4036  |
| Arko Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 521 | 2365  |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 103 | 23951  |
| Autoliv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 346 | 41070  |
| AutoNation, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 117 | 24158  |
| AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 74 | 250971  |
| Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 930 | 18674  |
| Beazer Homes USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 200 | 4054  |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 880 | 58898  |
| Beyond, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 240 | 1310  |
| Birkenstock Holding PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 279 | 11411  |
| BJ's Restaurants, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 68 | 2679  |
| Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 357 | 2203  |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 145 | 776523  |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 154 | 27176  |
| BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 889 | 40058  |
| Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 293 | 24975  |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 247 | 25046  |
| Brinker International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 217 | 31144  |
| Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 249 | 18486  |
| Buckle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 161 | 8601  |
| Build-A-Bear Workshop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 81 | 4963  |
| Burlington Stores, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 272 | 78567  |
| Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1039 | 24302  |
| Caleres, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 186 | 2264  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  Camping World Holdings, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 203 | $1975  |
| Capri Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 550 | 13420  |
| CarMax, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 717 | 27705  |
| Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4899 | 149615  |
| Carter's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 172 | 5578  |
| Carvana Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 558 | 235487  |
| Cava Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 467 | 27408  |
| Cavco Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 32 | 18904  |
| Century Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 128 | 7597  |
| Champion Homes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 216 | 18252  |
| Cheesecake Factory, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 194 | 9793  |
| Chewy, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 900 | 29745  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6044 | 223628  |
| Choice Hotels International, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 107 | 10193  |
| Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 332 | 37775  |
| Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp; 163 | 8980  |
| Coupang, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6023 | 142083  |
| Coursera, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 645 | 4747  |
|  Cracker Barrel Old Country Store, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 93 | 2362  |
| Crocs, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 270 | 23090  |
| Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 415 | 9860  |
| Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 537 | 98819  |
| Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 222 | 3599  |
| Deckers Outdoor Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 672 | 69666  |
| Denny's Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 90 | 560  |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 245 | 48503  |
| Dillard's, Inc. - Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 38 | 23041  |
| Dine Brands Global, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 78 | 2507  |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 144 | 60022  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1567 | 354894  |
| Dorman Products, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 131 | 16138  |
| DR Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1196 | 172260  |
| DraftKings, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2285 | 78741  |
| &nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc. - <br>Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 193 | 3300  |
| Duolingo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 181 | 31765  |
| Dutch Bros, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 521 | 31896  |
| eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2040 | 177684  |
| Ethan Allen Interiors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 52 | 1188  |
| Etsy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 466 | 25835  |
| Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 531 | 150438  |
| Figs, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 673 | 7645  |
| First Watch Restaurant Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 195 | 2941  |
| Five Below, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 231 | 43511  |
| &nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc. - <br>Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 522 | 31785  |
| Flutter Entertainment PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 792 | 170312  |
| Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp; 17526 | 229941  |
| Fox Factory Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 225 | 3850  |
| Frontdoor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 358 | 20653  |
| GameStop Corp. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1940 | 38955  |
| Gap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1034 | 26470  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Consumer Discretionary - (Continued)** | **Consumer Discretionary - (Continued)** | **Consumer Discretionary - (Continued)** |
| Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 742 | $150515  |
| General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4263 | 346667  |
| Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1120 | 26062  |
| Gentherm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 127 | 4619  |
| Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp; 585 | 71932  |
| G-III Apparel Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 165 | 4778  |
| Gildan Activewear, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 142 | 8869  |
| Global Business Travel Group I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 904 | 6916  |
| Golden Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 100 | 2719  |
| Goodyear Tire & Rubber Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 978 | 8567  |
| Graham Holdings Co. - Class B | &nbsp;&nbsp;&nbsp;&nbsp; 12 | 13183  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 139 | 23117  |
| Green Brick Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 172 | 10777  |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 54 | 21238  |
| Guess?, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 138 | 2311  |
| H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 643 | 28022  |
| Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 651 | 13339  |
| Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 576 | 47232  |
| Helen of Troy Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 127 | 2699  |
| Hilton Grand Vacations, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 346 | 15483  |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1016 | 291846  |
| Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4453 | 1532277  |
| &nbsp;&nbsp;&nbsp; Hovnanian Enterprises, Inc. - <br>Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25 | 2438  |
| Hyatt Hotels Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 162 | 25972  |
| Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 96 | 24901  |
| International Game Technology PLC | &nbsp;&nbsp;&nbsp;&nbsp; 505 | 7817  |
| Jack in the Box, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 88 | 1668  |
| KB Home | &nbsp;&nbsp;&nbsp;&nbsp; 251 | 14159  |
| Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 555 | 11328  |
| Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 268 | 16372  |
| Kura Sushi USA, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3 | 157  |
| Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1384 | 90085  |
| Laureate Education, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 494 | 16633  |
| La-Z-Boy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 228 | 8498  |
| LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp; 109 | 13226  |
| Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 261 | 29911  |
| Leggett & Platt, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 706 | 7766  |
| Lennar Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 967 | 99408  |
| Lennar Corp. - Class B | &nbsp;&nbsp;&nbsp;&nbsp; 62 | 5897  |
| Levi Strauss & Co. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 499 | 10349  |
| LGI Homes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 109 | 4683  |
| Life Time Group Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 614 | 16320  |
| Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 121 | 40212  |
| LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1198 | 36180  |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2496 | 601935  |
| Lucid Group, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 549 | 5803  |
| Lucky Strike Entertainment Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 519 | 4396  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 462 | 96008  |
| M/I Homes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 144 | 18425  |
| Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1219 | 26879  |
| Malibu Boats, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 86 | 2426  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| MarineMax, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 165 | $3998  |
| Marriott International, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 988 | 306517  |
| Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 155 | 8942  |
| Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1298 | 25752  |
| &nbsp;&nbsp;&nbsp; Matthews International Corp. - <br>Class A | &nbsp;&nbsp;&nbsp;&nbsp; 100 | 2612  |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3192 | 975571  |
| Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 342 | 22504  |
| MGM Resorts International<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 849 | 30980  |
| Mister Car Wash, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 341 | 1896  |
| Modine Manufacturing Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 228 | 30440  |
| Mohawk Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 203 | 22188  |
| Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 82 | 7847  |
| Monro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 167 | 3347  |
| Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 83 | 33492  |
| National Vision Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 396 | 10225  |
| Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2053 | 7637  |
| NIKE, Inc. - Class B | &nbsp;&nbsp;&nbsp;&nbsp; 5200 | 331292  |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2074 | 46292  |
| NVR, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12 | 87513  |
| &nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, <br>Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 289 | 31677  |
| On Holding AG - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1050 | 48804  |
| OneSpaWorld Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 470 | 9748  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3327 | 303456  |
| Oxford Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 60 | 2052  |
| Papa John's International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 173 | 6659  |
| Patrick Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 112 | 12144  |
| Peloton Interactive, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1568 | 9659  |
| Penn Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 842 | 12419  |
| Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 102 | 16146  |
| Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 208 | 6101  |
| Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 219 | 13729  |
| Planet Fitness, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 374 | 40568  |
| Polaris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 291 | 18406  |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 168 | 38430  |
| Portillo's, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 238 | 1080  |
| PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 867 | 101664  |
| &nbsp;&nbsp;&nbsp; Pursuit Attractions and Hospitality, <br>Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 100 | 3368  |
| PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 228 | 15281  |
| QuantumScape Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2099 | 21872  |
| Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 172 | 60821  |
| RCI Hospitality Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 72 | 1716  |
| RealReal, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 181 | 2856  |
| Red Rock Resorts, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 263 | 16293  |
| Revolve Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 216 | 6521  |
| RH<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 69 | 12361  |
| Rivian Automotive, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3292 | 64885  |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1445 | 260302  |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 1087 | 303186  |
| Rush Street Interactive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 500 | 9715  |
| Sally Beauty Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 237 | 3380  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Consumer Discretionary - (Continued)**  | **Consumer Discretionary - (Continued)**  | **Consumer Discretionary - (Continued)**  |
| Serve Robotics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 233 | $2419  |
| Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp; 644 | 50213  |
| Shake Shack, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 200 | 16234  |
| SharkNinja, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 340 | 38046  |
| SharpLink Gaming, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 943 | 8430  |
| Shoe Carnival, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 120 | 2026  |
| Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 145 | 12018  |
| Six Flags Entertainment Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 189 | 2899  |
| Sleep Number Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 90 | 761  |
| Solid Power, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1321 | 5614  |
| Somnigroup International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 887 | 79191  |
| Sonic Automotive, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 30 | 1856  |
| Sonos, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 508 | 8920  |
| Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 43 | 1585  |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5068 | 426776  |
| Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 349 | 14532  |
| Stoneridge, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 18 | 104  |
| Strategic Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 109 | 8742  |
| Stride, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 186 | 12077  |
| Sturm Ruger & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 93 | 3036  |
| Sweetgreen, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 430 | 2907  |
| Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 941 | 120232  |
| Taylor Morrison Home Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 420 | 24725  |
| Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12146 | 5462299  |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 288 | 47808  |
| Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 240 | 24641  |
| ThredUp, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 510 | 3259  |
| TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4953 | 760830  |
| Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 438 | 59226  |
| TopBuild Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 124 | 51732  |
| Topgolf Callaway Brands Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 650 | 7585  |
| Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2355 | 117774  |
| Travel + Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp; 237 | 16716  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 300 | 9441  |
| Udemy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 372 | 2176  |
| Ulta Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 198 | 119792  |
| Under Armour, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 706 | 3509  |
| Under Armour, Inc. - Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 595 | 2856  |
| United Parks & Resorts, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 216 | 7841  |
| Universal Technical Institute, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 300 | 7839  |
| Upbound Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 194 | 3407  |
| Urban Outfitters, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 277 | 20847  |
| Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 152 | 20186  |
| Valvoline, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 470 | 13658  |
| VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1509 | 27283  |
| Victoria's Secret & Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 336 | 18201  |
| Viking Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 681 | 48630  |
| Visteon Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 149 | 14170  |
| Warby Parker, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 541 | 11788  |
| Wayfair, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 416 | 41771  |
| Wendy's Co. | &nbsp;&nbsp;&nbsp;&nbsp; 881 | 7339  |
| Whirlpool Corp.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 272 | 19622  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 515 | $91974  |
| Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 112 | 26711  |
| Winmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 20 | 8099  |
| Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 175 | 7091  |
| Wolverine World Wide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 267 | 4846  |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 368 | 27806  |
| Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 384 | 46207  |
| XPEL, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 88 | 4392  |
| YETI Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 295 | 13030  |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1252 | 189403  |
|  |  | 30487769  |
| **Consumer Staples - 4.5%**<br>|  |  |
| Albertsons Cos., Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1719 | 29515  |
| Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7497 | 432277  |
| Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 195 | 10368  |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2082 | 119694  |
| B&G Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 250 | 1075  |
| BellRing Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 34 | 909  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 570 | 51317  |
| Boston Beer Co., Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50 | 9757  |
| Brown-Forman Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 189 | 4973  |
| Brown-Forman Corp. - Class B | &nbsp;&nbsp;&nbsp;&nbsp; 1327 | 34582  |
| Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp; 664 | 59149  |
| Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 201 | 15994  |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 172 | 95066  |
| Celsius Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 641 | 29319  |
| Central Garden & Pet Co. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 206 | 6013  |
| Chefs' Warehouse, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 129 | 8041  |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1077 | 90306  |
| Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp; 570 | 57473  |
| Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp; 19086 | 1334302  |
| Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 253 | 38785  |
| Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3571 | 282180  |
| Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1944 | 33651  |
| Constellation Brands, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 682 | 94089  |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1982 | 1709158  |
| Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 753 | 27108  |
| Dole PLC | &nbsp;&nbsp;&nbsp;&nbsp; 419 | 6281  |
| Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1020 | 135425  |
| Dollar Tree, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 933 | 114768  |
| elf Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 257 | 19542  |
| Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 355 | 7061  |
| Estee Lauder Cos., Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 760 | 79587  |
| Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1066 | 11598  |
| Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 107 | 3812  |
| Freshpet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 222 | 13526  |
| General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2459 | 114344  |
| Grocery Outlet Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 407 | 4111  |
| Herbalife Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 328 | 4228  |
| Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp; 664 | 120835  |
| Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1413 | 33488  |
| Ingles Markets, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 56 | 3839  |
| Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 309 | 34070  |
| Interparfums, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 111 | 9416  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Consumer Staples - (Continued)** | **Consumer Staples - (Continued)** | **Consumer Staples - (Continued)** |
| J & J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 84 | $7591  |
| J M Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp; 376 | 36777  |
| JBS NV - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1642 | 23678  |
| John B Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | 1694  |
| Kenvue, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 8716 | 150351  |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5883 | 164783  |
| Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1505 | 151839  |
| Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5269 | 127773  |
| Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2981 | 186253  |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 617 | 25846  |
| Maplebear, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 880 | 39582  |
| Marzetti Co. | &nbsp;&nbsp;&nbsp;&nbsp; 91 | 14962  |
| McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 490 | 33374  |
| Medifast, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 73 | 780  |
| MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 71 | 1725  |
| Mission Produce, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 336 | 3898  |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. - <br>Class B | &nbsp;&nbsp;&nbsp;&nbsp; 666 | 31089  |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. - <br>Class A | &nbsp;&nbsp;&nbsp;&nbsp; 5732 | 308554  |
| Monster Beverage Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3036 | 232770  |
| National Beverage Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 92 | 2934  |
| Nu Skin Enterprises, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 325 | 3127  |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6109 | 876764  |
| Performance Food Group Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 692 | 62225  |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6958 | 1116063  |
| Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 231 | 9007  |
| Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 224 | 22187  |
| PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 115 | 14107  |
| Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 277 | 4529  |
| Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp; 10475 | 1501172  |
| Reynolds Consumer Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 328 | 7518  |
| Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1 | 4445  |
| Simply Good Foods Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 418 | 8393  |
| Spectrum Brands Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 158 | 9335  |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 460 | 36648  |
| SunOpta, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 148 | 562  |
| Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2168 | 159760  |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2014 | 196869  |
| The Campbell's Co. | &nbsp;&nbsp;&nbsp;&nbsp; 969 | 27006  |
| Tootsie Roll Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 26 | 958  |
| TreeHouse Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 298 | 7030  |
| Turning Point Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 45 | 4878  |
| Tyson Foods, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1297 | 76030  |
| United Natural Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 297 | 10000  |
| Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 109 | 5750  |
| US Foods Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 963 | 72533  |
| USANA Health Sciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 87 | 1708  |
| Utz Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 259 | 2688  |
| Vita Coco Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 205 | 10867  |
| Vital Farms, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 216 | 6899  |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 19519 | 2174612  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp; 72 | $14177  |
| Weis Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 68 | 4358  |
|  |  | 13289490  |
| **Energy - 3.0%**<br>|  |  |
| Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1528 | 27183  |
| Antero Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | 41352  |
| APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1481 | 36225  |
| Archrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 646 | 16809  |
| Ardmore Shipping Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 262 | 2775  |
| Atlas Energy Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 280 | 2638  |
| Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4453 | 202790  |
| Borr Drilling Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 1875 | 7556  |
| Bristow Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 100 | 3662  |
| Cactus, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 322 | 14709  |
| California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 314 | 14039  |
| Centrus Energy Corp. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 69 | 16750  |
| Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 972 | 188947  |
| Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 9249 | 1409640  |
| Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 256 | 23731  |
| Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 388 | 10511  |
| CNX Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 617 | 22687  |
| Comstock Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 349 | 8090  |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp; 5586 | 522905  |
| Core Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 251 | 4024  |
| Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 366 | 32395  |
| Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3226 | 84908  |
| Crescent Energy Co. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1062 | 8910  |
| CVR Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 161 | 4096  |
| Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 301 | 8928  |
| Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2699 | 98864  |
| DHT Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 648 | 7912  |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 791 | 118911  |
| Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 219 | 5331  |
| DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 440 | 52659  |
| Energy Fuels, Inc./Canada<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1129 | 16416  |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2408 | 252864  |
| EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2790 | 149544  |
| Excelerate Energy, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 203 | 5694  |
| Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1051 | 115988  |
| Expro Group Holdings NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 554 | 7396  |
| Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 19177 | 2307760  |
| Golar LNG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 420 | 15628  |
| Green Plains, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 300 | 2940  |
| Gulfport Energy Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 95 | 19759  |
| Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3834 | 108349  |
| Helix Energy Solutions Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 525 | 3292  |
| Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 437 | 12533  |
| HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 802 | 36956  |
| Innovex International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 145 | 3171  |
| International Seaways, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 208 | 10098  |
| Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 8668 | 238283  |
| Kinetik Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 131 | 4723  |
| Kodiak Gas Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 155 | 5797  |
| Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 843 | 15562  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Energy - (Continued)** | **Energy - (Continued)** | **Energy - (Continued)** |
| Magnolia Oil & Gas Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 901 | $19723  |
| Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1362 | 221502  |
| Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp; 583 | 24743  |
| Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 517 | 16156  |
| Nabors Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 48 | 2606  |
|  National Energy Services Reunited Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 341 | 5340  |
| NextDecade Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 760 | 4005  |
| Noble Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp; 596 | 16831  |
| Northern Oil & Gas, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 500 | 10735  |
| NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1571 | 24555  |
| Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4458 | 183313  |
| Oceaneering International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 527 | 12664  |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2765 | 203228  |
| Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1081 | 42364  |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 159 | 5587  |
| Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1757 | 10735  |
| PBF Energy, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 284 | 7702  |
| Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 493 | 14642  |
| Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2314 | 32465  |
| Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | 232272  |
| ProPetro Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 504 | 4793  |
| Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 970 | 34202  |
| REX American Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 228 | 7369  |
| RPC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 625 | 3400  |
| Sable Offshore Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 309 | 2787  |
| Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp; 7130 | 273649  |
| Scorpio Tankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 210 | 10674  |
| Seadrill Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 285 | 9861  |
| Select Water Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 615 | 6470  |
| SFL Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 575 | 4491  |
| SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp; 630 | 11781  |
|  Solaris Oilfield Infrastructure, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 218 | 10022  |
| Talos Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 634 | 6987  |
| Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 941 | 173615  |
| TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1764 | 78604  |
| Teekay Tankers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 99 | 5289  |
| TETRA Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 133 | 1246  |
| Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 321 | 92198  |
| Tidewater, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 230 | 11617  |
| Transocean Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3693 | 15252  |
| Uranium Energy Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1873 | 21877  |
| Valaris Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 351 | 17690  |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1367 | 222534  |
| Venture Global, Inc. - Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2139 | 14588  |
| Viper Energy, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 713 | 27543  |
| Vitesse Energy, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10 | 193  |
| Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp; 360 | 28174  |
| Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5559 | 334152  |
| World Kinect Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 203 | 4756  |
|  |  | 8859672  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Financials - 14.0%**<br>|  |  |
| 1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 103 | $6436  |
| Acadian Asset Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 92 | 4324  |
| Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 120 | 34594  |
| Affirm Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1221 | 90879  |
| Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2180 | 240389  |
| Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1191 | 247907  |
| Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1320 | 59783  |
| Ambac Financial Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 148 | 1151  |
| Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 194 | 3785  |
| American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3139 | 1161273  |
| American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 343 | 46881  |
| American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2510 | 214730  |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 427 | 209375  |
| Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 300 | 22281  |
| AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 107 | 4110  |
| Aon PLC - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 949 | 334883  |
| Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1795 | 259844  |
| Arch Capital Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1669 | 160090  |
| Ares Management Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 921 | 148861  |
| Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1152 | 298126  |
|  Artisan Partners Asset Management, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 337 | 13729  |
| Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 670 | 17259  |
| Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 223 | 53710  |
| Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 197 | 17704  |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 590 | 20827  |
| Atlanticus Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 33 | 2209  |
| Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 303 | 32448  |
| Axos Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 270 | 23263  |
|  Baldwin Insurance Group, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 317 | 7618  |
| Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 409 | 7890  |
| BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 115 | 12192  |
| Bancorp, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 195 | 13166  |
| Bank First Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 22 | 2680  |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 33631 | 1849705  |
| Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 217 | 14836  |
| Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3197 | 371140  |
| Bank of NT Butterfield & Son Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 250 | 12455  |
| Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp; 548 | 25219  |
| BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 414 | 18452  |
| Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 180 | 11279  |
| Berkshire Hathaway, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | 754800  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6058 | 3045054  |
| Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 189 | 4984  |
| BGC Group, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1563 | 13958  |
| Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 653 | 698932  |
| Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3307 | 509741  |
| Block, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2398 | 156086  |
| Blue Owl Capital, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2580 | 38545  |
| BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 119 | 14097  |
| Bowhead Specialty Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 166 | 4738  |
| Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 186 | 13770  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| Brighthouse Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 294 | $19048  |
| Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1207 | 96198  |
| Burford Capital Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 1096 | 9776  |
|  Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 44 | 2742  |
| Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | 784  |
| Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 146 | 4256  |
| Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp; 846 | 36243  |
| Camden National Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 115 | 4989  |
| Cannae Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 369 | 5804  |
| Cantaloupe, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 192 | 2039  |
| Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2878 | 697512  |
| Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 420 | 2860  |
| Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1120 | 66203  |
| Cass Information Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 101 | 4194  |
| Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 343 | 16598  |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 478 | 119978  |
| Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 231 | 7198  |
| Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 7776 | 776900  |
| Chime Financial, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 879 | 22124  |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 1804 | 563064  |
| Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 674 | 110078  |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 8356 | 975062  |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1872 | 109344  |
| City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp; 74 | 8821  |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1631 | 445393  |
| CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1278 | 61012  |
| CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 421 | 17880  |
| Coastal Financial Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 80 | 9167  |
| Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 133 | 8350  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 935 | 211441  |
| Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 852 | 23813  |
| Columbia Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 232 | 3605  |
| Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 566 | 49202  |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 666 | 34843  |
| Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 299 | 17175  |
| Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 110 | 6215  |
| Compass Diversified Holdings | &nbsp;&nbsp;&nbsp;&nbsp; 337 | 1618  |
| ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 180 | 4720  |
| Corebridge Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1776 | 53582  |
| Corpay, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 317 | 95395  |
| Crawford & Co. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 75 | 844  |
| Credit Acceptance Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 26 | 11530  |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 243 | 30771  |
| Customers Bancorp, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 121 | 8848  |
| CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 396 | 7366  |
| Dave, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 38 | 8414  |
| Diamond Hill Investment Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 13 | 2203  |
| DigitalBridge Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 763 | 11704  |
| Dime Community Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 140 | 4213  |
| Donnelley Financial Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 159 | 7424  |
| Eagle Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 194 | 4155  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 615 | $69120  |
| Eastern Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 964 | 17767  |
| Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 179 | 7727  |
| Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 212 | 8404  |
| Encore Capital Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 154 | 8370  |
| Enova International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 81 | 12733  |
| Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 202 | 10908  |
| Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1351 | 64375  |
| Erie Indemnity Co. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 124 | 35545  |
| Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 452 | 29385  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 215 | 16364  |
| Evercore, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 156 | 53079  |
| Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 196 | 66513  |
| EZCORP, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 424 | 8234  |
| F&G Annuities & Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 630 | 19450  |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 179 | 51944  |
| Farmers National Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 315 | 4196  |
| FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 189 | 10546  |
|  Federal Agricultural Mortgage Corp. - Class C | &nbsp;&nbsp;&nbsp;&nbsp; 49 | 8603  |
| Federated Hermes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 349 | 18172  |
| Fidelis Insurance Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 424 | 8298  |
| Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1158 | 63215  |
|  Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2371 | 157577  |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 2930 | 137153  |
| First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 423 | 25989  |
| First BanCorp/Puerto Rico | &nbsp;&nbsp;&nbsp;&nbsp; 663 | 13744  |
| First Bancorp/Southern Pines NC | &nbsp;&nbsp;&nbsp;&nbsp; 156 | 7923  |
| First Busey Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 380 | 9034  |
|  First Citizens BancShares, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 39 | 83701  |
| First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 429 | 7233  |
| First Community Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 51 | 1720  |
| First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 510 | 12760  |
| First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 730 | 21805  |
| First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 100 | 6042  |
| First Foundation, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 478 | 2944  |
| First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 541 | 13687  |
| First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2151 | 51409  |
|  First Interstate BancSystem, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 446 | 15432  |
| First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 303 | 11356  |
| First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 165 | 6435  |
| FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 171 | 27254  |
| Fiserv, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2451 | 164634  |
| Flagstar Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1363 | 17160  |
| Flushing Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 249 | 3777  |
| Flywire Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 607 | 8595  |
| FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1461 | 24983  |
| Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1111 | 26542  |
| Freedom Holding Corp./NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 83 | 10099  |
| Fulton Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 889 | 17184  |
| Genworth Financial, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2084 | 18819  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| German American Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 70 | $2743  |
| Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 550 | 24227  |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1124 | 86998  |
| Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 351 | 49091  |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1366 | 1200714  |
| Goosehead Insurance, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 134 | 9869  |
| Green Dot Corp. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15 | 192  |
| Hagerty, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 641 | 8615  |
| &nbsp;&nbsp;&nbsp; Hamilton Insurance Group Ltd. - <br>Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 348 | 9709  |
| Hamilton Lane, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 109 | 14640  |
| Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 401 | 25536  |
| Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 200 | 5406  |
| Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 142 | 25953  |
| Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1273 | 175419  |
| HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 47 | 9009  |
| Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 466 | 5597  |
| Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 184 | 4352  |
| Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 306 | 10386  |
| Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 950 | 26391  |
| HomeStreet, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 165 | 2414  |
| Hope Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 702 | 7694  |
| Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 249 | 11499  |
| Horizon Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 262 | 4444  |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 229 | 39890  |
| Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7051 | 122335  |
| Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 171 | 5563  |
| Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 244 | 17832  |
| &nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc. - <br>Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | 128620  |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2584 | 418505  |
| International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 280 | 18603  |
| International Money Express, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 206 | 3164  |
| Invesco Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 1886 | 49545  |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 309 | 56386  |
| Jackson Financial, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 302 | 32208  |
| Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 682 | 42264  |
| Jefferson Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 423 | 9450  |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 12426 | 4003906  |
| Kearny Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 459 | 3401  |
| Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 300 | 12162  |
| KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp; 4882 | 100764  |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 109 | 42632  |
| KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3109 | 396335  |
| Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 98 | 5592  |
| Lazard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 411 | 19958  |
| Lemonade, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 302 | 21496  |
| LendingClub Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 494 | 9356  |
| LendingTree, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 63 | 3345  |
| Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 836 | 37227  |
| Live Oak Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 223 | 7660  |
| Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 795 | 83721  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 361 | $128938  |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 690 | 139021  |
| Markel Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 56 | 120380  |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 182 | 32988  |
| Marqeta, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1936 | 9196  |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2232 | 414081  |
| Mastercard, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 3705 | 2115110  |
| Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 108 | 5195  |
| Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 103 | 3508  |
| Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 82 | 7713  |
| MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2516 | 198613  |
| Metropolitan Bank Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 75 | 5727  |
| MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 926 | 27058  |
| Midland States Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 35 | 741  |
| Moelis & Co. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 332 | 22822  |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 814 | 415832  |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 5505 | 977303  |
| Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 111 | 24121  |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 340 | 195068  |
| Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2064 | 200476  |
|  National Bank Holdings Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 156 | 5930  |
| Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 669 | 8697  |
| NBT Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 200 | 8304  |
| NCR Atleos Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 320 | 12195  |
| Nelnet, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 73 | 9706  |
| NerdWallet, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 275 | 3726  |
| Nicolet Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 38 | 4609  |
| NMI Holdings, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 394 | 16071  |
| Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp; 38 | 3949  |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 876 | 119653  |
| Northwest Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 517 | 6204  |
| NU Holdings Ltd. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15324 | 256524  |
| OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 100 | 1795  |
| OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 211 | 8647  |
| Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 1596 | 35607  |
| Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1088 | 49656  |
| Old Second Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 369 | 7195  |
| OneMain Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 488 | 32964  |
| Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 124 | 4664  |
| Oscar Health, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 742 | 10663  |
| Palomar Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 121 | 16306  |
| Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 87 | 13240  |
| Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 106 | 7526  |
| Patria Investments Ltd. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 274 | 4354  |
| Paymentus Holdings, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 141 | 4454  |
| Payoneer Global, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | 7306  |
| PayPal Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4337 | 253194  |
| PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 250 | 32960  |
| Peoples Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 167 | 5015  |
| Perella Weinberg Partners | &nbsp;&nbsp;&nbsp;&nbsp; 238 | 4117  |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 368 | 35111  |
| Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp; 85 | 28875  |
| PJT Partners, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 86 | 14379  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1782 | $371957  |
| Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 293 | 36484  |
| PRA Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 117 | 2070  |
| Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp; 74 | 6988  |
| Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 143 | 36945  |
| Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1037 | 91474  |
| ProAssurance Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 230 | 5557  |
| PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 248 | 7314  |
| Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2657 | 605052  |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 364 | 25156  |
| Provident Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 449 | 8868  |
| Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1573 | 177560  |
| QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 47 | 3915  |
| Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 524 | 18859  |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 790 | 126866  |
| Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3886 | 105311  |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 294 | 59817  |
| Remitly Global, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 643 | 8873  |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 200 | 56232  |
| Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 392 | 13806  |
| RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 390 | 24952  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3348 | 378659  |
| Rocket Cos., Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 4373 | 84661  |
| Root, Inc./OH<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 49 | 3539  |
| Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 502 | 25918  |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1385 | 723787  |
| S&T Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 187 | 7358  |
| Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 96 | 7479  |
| Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp; 500 | 15710  |
| SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp; 429 | 35187  |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 300 | 25101  |
| ServisFirst Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 248 | 17804  |
| Sezzle, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 57 | 3618  |
| Shift4 Payments, Inc. - Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 339 | 21347  |
| &nbsp;&nbsp;&nbsp; Simmons First National Corp. - <br>Class A | &nbsp;&nbsp;&nbsp;&nbsp; 687 | 12950  |
| SiriusPoint Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 408 | 8931  |
| &nbsp;&nbsp;&nbsp; Skyward Specialty Insurance Group, <br>Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 210 | 10733  |
| Slide Insurance Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 488 | 9506  |
| SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 834 | 22568  |
| SoFi Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5331 | 139566  |
| Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 171 | 5197  |
| SOUTHSTATE BANK CORP | &nbsp;&nbsp;&nbsp;&nbsp; 489 | 46020  |
| State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1283 | 165520  |
| Stellar Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 125 | 3868  |
| StepStone Group, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 321 | 20599  |
| Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 107 | 7518  |
| Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 445 | 55723  |
| Stock Yards Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 90 | 5845  |
| StoneCo Ltd. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1197 | 17704  |
| StoneX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 211 | 20072  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp; 1697 | $141581  |
| Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 559 | 27978  |
| T Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 955 | 97773  |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 203 | 18380  |
| TFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1326 | 17742  |
| Toast, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2164 | 76844  |
| Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 39 | 2828  |
| Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp; 374 | 12480  |
| TPG, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 602 | 38432  |
| Tradeweb Markets, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 507 | 54523  |
| Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1019 | 295571  |
| TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp; 59 | 2795  |
| Triumph Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 132 | 8267  |
| Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5831 | 286944  |
| Trupanion, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 112 | 4185  |
| TrustCo Bank Corp. NY | &nbsp;&nbsp;&nbsp;&nbsp; 153 | 6323  |
| Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 270 | 10516  |
| UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 347 | 39919  |
| United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 707 | 27149  |
| United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 615 | 19200  |
| United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 166 | 6034  |
| Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 201 | 6581  |
| Unum Group | &nbsp;&nbsp;&nbsp;&nbsp; 723 | 56032  |
| Upstart Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 371 | 16224  |
| US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 7057 | 376562  |
| UWM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 603 | 2641  |
| Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 2390 | 27915  |
| &nbsp;&nbsp;&nbsp; Victory Capital Holdings, Inc. - <br>Class A | &nbsp;&nbsp;&nbsp;&nbsp; 193 | 12176  |
| Virtu Financial, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 350 | 11662  |
| Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 38 | 6200  |
| Visa, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 7675 | 2691699  |
| Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 464 | 34563  |
| W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1311 | 91927  |
| WaFd, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 460 | 14734  |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 152 | 9143  |
| Washington Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 100 | 2955  |
| Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 777 | 48904  |
| Webull Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 768 | 5967  |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 14723 | 1372184  |
| WesBanco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 443 | 14725  |
| Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp; 176 | 8418  |
| Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 491 | 41278  |
| Western Union Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1755 | 16339  |
| WEX, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 168 | 25029  |
| &nbsp;&nbsp;&nbsp; White Mountains Insurance Group <br>Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | 24936  |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp; 437 | 143598  |
| Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 319 | 44603  |
| WisdomTree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 353 | 4303  |
| World Acceptance Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 17 | 2387  |
| WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 274 | 15136  |
| Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp; 602 | 35241  |
|  |  | 41179200  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Health Care - 10.2%**<br>|  |  |
| 10X Genomics, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 700 | $11417  |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp; 7739 | 969619  |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7832 | 1789534  |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 477 | 6769  |
| ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 903 | 24119  |
| AdaptHealth Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 397 | 3954  |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 474 | 7698  |
| Addus HomeCare Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 70 | 7517  |
| ADMA Biologics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1139 | 20775  |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1185 | 161243  |
| Agios Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 300 | 8166  |
| Align Technology, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 287 | 44815  |
| Alignment Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 664 | 13114  |
| Alkermes PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 655 | 18327  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 570 | 226661  |
| Alphatec Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 518 | 10899  |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2433 | 796345  |
| Amicus Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1252 | 17828  |
| AMN Healthcare Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 188 | 2963  |
| Amneal Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 772 | 9727  |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 217 | 5811  |
| Amylyx Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 325 | 3926  |
| AnaptysBio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 182 | 8823  |
| Anavex Life Sciences Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 627 | 2232  |
| AngioDynamics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 231 | 2966  |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 90 | 7105  |
| Anika Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 100 | 961  |
| Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 490 | 12309  |
| Apogee Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 127 | 9586  |
| Arcellx, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 176 | 11475  |
| &nbsp;&nbsp;&nbsp; Arcturus Therapeutics Holdings, <br>Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 257 | 1575  |
| Arcus Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 347 | 8269  |
| Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 400 | 11616  |
| Ardelyx, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 927 | 5404  |
| Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 563 | 37378  |
| ARS Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 147 | 1713  |
| Artivion, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 127 | 5792  |
| Arvinas, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 300 | 3558  |
| Astrana Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 202 | 5012  |
| Astria Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 80 | 1047  |
| AtriCure, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 208 | 8228  |
| Aurinia Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 644 | 10272  |
| Avanos Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 297 | 3335  |
| Avantor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2876 | 32959  |
| Avidity Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 492 | 35488  |
| AxoGen, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 166 | 5433  |
| Axsome Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 169 | 30866  |
| Azenta, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 282 | 9379  |
| Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2375 | 45386  |
| Beam Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 449 | 12446  |
| Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1263 | 245110  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1160 | $9048  |
| Biogen, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 674 | 118617  |
| Biohaven Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 379 | 4279  |
| BioLife Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 211 | 5102  |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 898 | 53368  |
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc. - <br>Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 74 | 22421  |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 647 | 38050  |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6588 | 628166  |
| BridgeBio Pharma, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 778 | 59509  |
| BrightSpring Health Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 563 | 21084  |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 9213 | 496949  |
| Brookdale Senior Living, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 621 | 6701  |
| Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 331 | 15593  |
| Capricor Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 278 | 8023  |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1061 | 218035  |
| CareDx, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 240 | 4522  |
| Caris Life Sciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 565 | 15244  |
| Castle Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 171 | 6652  |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 507 | 11833  |
| Celcuity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 127 | 12667  |
| Celldex Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 262 | 7116  |
| Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 822 | 277631  |
| Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2171 | 89337  |
| Certara, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 668 | 5885  |
| CG oncology, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 159 | 6602  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 210 | 41891  |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 58 | 24816  |
| Cidara Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 56 | 12370  |
| Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp; 1195 | 328900  |
| Cogent Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 536 | 19039  |
| Collegium Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 187 | 8658  |
| &nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, <br>Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 633 | 12457  |
| CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 169 | 6861  |
| Cooper Cos., Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 917 | 75157  |
| Corcept Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 430 | 14964  |
| CorMedix, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 581 | 6757  |
| CorVel Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 123 | 8323  |
| Crinetics Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 450 | 20948  |
| CRISPR Therapeutics AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 473 | 24804  |
| Cross Country Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 193 | 1563  |
| CryoPort, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 420 | 4032  |
| Cullinan Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 281 | 2908  |
| CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5755 | 456717  |
| Cytokinetics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 566 | 35964  |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2915 | 667302  |
| DaVita, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 323 | 36696  |
| Day One Biopharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 242 | 2255  |
| Denali Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 627 | 10352  |
| DENTSPLY SIRONA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1122 | 12824  |
| Dexcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1756 | 116546  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Health Care - (Continued)**  | **Health Care - (Continued)**  | **Health Care - (Continued)**  |
| Dianthus Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 465 | $19163  |
| Disc Medicine, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 100 | 7941  |
| Doximity, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 631 | 27941  |
| Dynavax Technologies Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 612 | 9413  |
| Dyne Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 322 | 6298  |
| Edgewise Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 230 | 5707  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2567 | 218837  |
| Elanco Animal Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2165 | 48994  |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | 350550  |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3792 | 4075187  |
| Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 345 | 4099  |
| Enanta Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 103 | 1624  |
| Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 434 | 46065  |
| Enhabit, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 236 | 2176  |
| Enliven Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 874 | 13460  |
| Enovis Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 346 | 9217  |
| Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 264 | 45989  |
| Envista Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 798 | 17325  |
| Evolent Health, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 492 | 1968  |
| Evolus, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 316 | 2101  |
| Exact Sciences Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 850 | 86326  |
| Exelixis, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1135 | 49747  |
| EyePoint Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 148 | 2704  |
| Fortrea Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 469 | 8090  |
| Fulcrum Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 295 | 3336  |
| Fulgent Genetics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 178 | 4676  |
| GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2062 | 169125  |
| GeneDx Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 95 | 12356  |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5443 | 668074  |
| Glaukos Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 251 | 28340  |
| Globus Medical, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 501 | 43742  |
| GRAIL, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 135 | 11555  |
| Guardant Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 570 | 58220  |
| Haemonetics Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 250 | 20038  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 494 | 33246  |
| &nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, <br>Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 168 | 6287  |
| Harrow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 170 | 8330  |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 741 | 345943  |
| HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 351 | 32155  |
| HealthStream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 210 | 4845  |
| Henry Schein, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 496 | 37488  |
| Hims & Hers Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 867 | 28151  |
| Hologic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1052 | 78363  |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 525 | 134468  |
| ICU Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 100 | 14267  |
| IDEAYA Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1077 | 37232  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 357 | 241521  |
| Illumina, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 679 | 89058  |
| Immunome, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 251 | 5391  |
| Immunovant, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 304 | 7728  |
| Incyte Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 893 | 88202  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Indivior PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 522 | $18729  |
| Inhibrx Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 38 | 3002  |
| Innoviva, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 242 | 4838  |
| Inogen, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 213 | 1431  |
| Insmed, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 936 | 162901  |
| Inspire Medical Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 141 | 13004  |
| Insulet Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 322 | 91525  |
| Integer Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 148 | 11608  |
| &nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings <br>Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 378 | 4695  |
| Intellia Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 617 | 5547  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1595 | 903344  |
| Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 700 | 55377  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 765 | 172439  |
| IRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 165 | 16051  |
| iRhythm Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 125 | 22180  |
| Janux Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 167 | 2305  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 258 | 43860  |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 10768 | 2228438  |
| Keros Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 124 | 2525  |
|  Kiniksa Pharmaceuticals International PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 106 | 4373  |
| Kodiak Sciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 182 | 5089  |
| Krystal Biotech, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 108 | 26626  |
| Kura Oncology, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 403 | 4187  |
| Kymera Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 271 | 21087  |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 389 | 97592  |
| Lantheus Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 358 | 23825  |
| LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 104 | 8434  |
| LENZ Therapeutics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 51 | 816  |
| LifeStance Health Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 653 | 4597  |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 100 | 18907  |
| Liquidia Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 233 | 8036  |
| LivaNova Plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 258 | 15875  |
| Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 97 | 56487  |
| MannKind Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 982 | 5568  |
| Masimo Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 220 | 28613  |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 555 | 455261  |
| Medpace Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 99 | 55603  |
| Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp; 5736 | 551000  |
| Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11172 | 1175965  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 298 | 26266  |
| Mesa Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 34 | 2669  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 91 | 126871  |
| MiMedx Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 749 | 5071  |
| Mind Medicine MindMed, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 618 | 8275  |
| Mineralys Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 226 | 8202  |
| Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 146 | 11533  |
| Moderna, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1664 | 49071  |
| Molina Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 227 | 39394  |
| Monte Rosa Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 107 | 1678  |
| Myriad Genetics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 450 | 2768  |
| Natera, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 585 | 134018  |
| National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 67 | 9185  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Health Care - (Continued)**  | **Health Care - (Continued)**  | **Health Care - (Continued)**  |
| National Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 128 | $2403  |
| Nektar Therapeutics<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 127 | 5370  |
| Neogen Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1159 | 8101  |
| NeoGenomics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 690 | 8114  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 429 | 60845  |
| Novavax, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 757 | 5087  |
| Nurix Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 394 | 7474  |
| Nuvalent, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 204 | 20520  |
| Nuvation Bio, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 737 | 6604  |
| Ocular Therapeutix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 426 | 5172  |
| Olema Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 354 | 8850  |
| OmniAb, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 42 | 0  |
| OmniAb, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 42 | 0  |
| Omnicell, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 252 | 11416  |
| Option Care Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 718 | 22875  |
| Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1281 | 9185  |
| Orthofix Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 298 | 4518  |
| OrthoPediatrics Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 105 | 1865  |
| Oruka Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 719 | 21793  |
| Pacira BioSciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 279 | 7221  |
| PACS Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 243 | 9329  |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 516 | 11037  |
| Pennant Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 150 | 4222  |
| Penumbra, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 159 | 49435  |
| Perrigo Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp; 698 | 9716  |
| Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 25720 | 640428  |
| Phibro Animal Health Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 3 | 112  |
| Phreesia, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 360 | 6091  |
| Praxis Precision Medicines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 92 | 27116  |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 271 | 16718  |
| Privia Health Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 611 | 14487  |
| PROCEPT BioRobotics Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 284 | 8935  |
| Progyny, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 390 | 10015  |
| Protagonist Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 308 | 26901  |
| Prothena Corp. PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 257 | 2454  |
| PTC Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 372 | 28257  |
| Quanterix Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 228 | 1450  |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 507 | 87980  |
| QuidelOrtho Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 264 | 7540  |
| RadNet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 270 | 19265  |
| &nbsp;&nbsp;&nbsp; Recursion Pharmaceuticals, Inc. - <br>Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1236 | 5055  |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 466 | 359691  |
| REGENXBIO, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 218 | 3139  |
| Relay Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 103 | 871  |
| Repligen Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 170 | 27856  |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 662 | 159456  |
| Revolution Medicines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 747 | 59499  |
| Revvity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 488 | 47214  |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 279 | 29864  |
| Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 555 | 23771  |
| Royalty Pharma PLC - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1530 | 59119  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| RxSight, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 228 | $2376  |
| Sana Biotechnology, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1344 | 5470  |
| Sanofi SA<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 155 | 0  |
| Sarepta Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 463 | 9964  |
| Scholar Rock Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 328 | 14448  |
| Schrodinger, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 309 | 5525  |
| Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 415 | 6163  |
| SI-BONE, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 281 | 5541  |
| Simulations Plus, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 97 | 1768  |
| Sionna Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 168 | 6912  |
| Soleno Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 173 | 8010  |
| Solventum Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 699 | 55389  |
| Sotera Health Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 601 | 10602  |
| Spyre Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 352 | 11532  |
| STAAR Surgical Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 280 | 6465  |
| STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp; 447 | 113323  |
| Stoke Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 190 | 6031  |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1601 | 562703  |
| Summit Therapeutics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 514 | 8990  |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 275 | 13668  |
| Surgery Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 422 | 6520  |
| Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 387 | 8131  |
| Tandem Diabetes Care, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 348 | 7649  |
| Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 201 | 16458  |
| Taysha Gene Therapies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 736 | 4048  |
| Teladoc Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 839 | 5873  |
| Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 176 | 21479  |
| Tempus AI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 460 | 27163  |
| Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 378 | 75116  |
| Terns Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 424 | 17130  |
| TG Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 745 | 22208  |
| Theravance Biopharma, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 897 | 16783  |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1688 | 978112  |
| Tilray Brands, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1411 | 12741  |
| &nbsp;&nbsp;&nbsp; Tonix Pharmaceuticals Holding <br>Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 76 | 1187  |
| TransMedics Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 156 | 18977  |
| Travere Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 326 | 12456  |
| Trevi Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 555 | 6949  |
| TruBridge, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 100 | 2207  |
| Twist Bioscience Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 376 | 11927  |
| UFP Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 46 | 10213  |
| Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 353 | 8119  |
| United Therapeutics Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 204 | 99399  |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4091 | 1350480  |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. - <br>Class B | &nbsp;&nbsp;&nbsp;&nbsp; 257 | 56031  |
| UroGen Pharma Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 325 | 7612  |
| US Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 93 | 7262  |
| Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 481 | 4242  |
| Varex Imaging Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 282 | 3285  |
| Vaxcyte, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 665 | 30683  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 673 | 150234  |
| Vera Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 198 | 10027  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Health Care - (Continued)**  | **Health Care - (Continued)**  | **Health Care - (Continued)**  |
| Veracyte, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 272 | $11451  |
| Vericel Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 230 | 8282  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1179 | 534511  |
| Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5098 | 63470  |
| Viking Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 461 | 16218  |
| Vir Biotechnology, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 580 | 3497  |
| Viridian Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 473 | 14720  |
| Waters Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 261 | 99136  |
| Waystar Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 553 | 18111  |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 332 | 91346  |
| Xencor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 269 | 4118  |
| Xeris Biopharma Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 791 | 6209  |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 871 | 78320  |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2011 | 253024  |
| Zymeworks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 387 | 10190  |
|  |  | 29914908  |
| **Industrials - 9.1%**<br>|  |  |
| 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2274 | 364067  |
| A O Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 532 | 35580  |
| AAON, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 321 | 24476  |
| AAR Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | 83  |
| ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 247 | 10448  |
| ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 825 | 3077  |
| Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 135 | 48605  |
| ACV Auctions, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 684 | 5486  |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 302 | 43739  |
| Aebi Schmidt Holding AG | &nbsp;&nbsp;&nbsp;&nbsp; 78 | 987  |
| AECOM | &nbsp;&nbsp;&nbsp;&nbsp; 575 | 54815  |
| AeroVironment, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 60 | 14513  |
| AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 299 | 31192  |
| Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 501 | 32179  |
| Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 63 | 10576  |
| Alaska Air Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 137 | 6891  |
| Albany International Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 165 | 8366  |
| Allegiant Travel Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 73 | 6225  |
| Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp; 404 | 64325  |
| Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 402 | 39356  |
| Amentum Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 893 | 25897  |
| Ameresco, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 181 | 5301  |
| American Airlines Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1570 | 24068  |
| American Superconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 181 | 5209  |
| American Woodmark Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 101 | 5444  |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1037 | 212906  |
| Amprius Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 631 | 4979  |
| API Group Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1522 | 58232  |
| Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 118 | 4296  |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 175 | 44935  |
| ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 109 | 8087  |
| Archer Aviation, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2607 | 19605  |
| Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 200 | 21264  |
| Argan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 47 | 14726  |
| Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 178 | 34016  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Array Technologies, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 750 | $6915  |
| Astec Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 92 | 3985  |
| Astronics Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 67 | 3634  |
| ATI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 608 | 69774  |
| Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 202 | 12776  |
| Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 330 | 17130  |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1805 | 464300  |
| Avis Budget Group, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 148 | 18991  |
| Axon Enterprise, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 331 | 187985  |
| AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 130 | 13933  |
| Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 96 | 3476  |
| Bloom Energy Corp. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 946 | 82198  |
| Blue Bird Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 138 | 6486  |
| Boeing Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3381 | 734110  |
| Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp; 148 | 10893  |
| Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 547 | 46145  |
| Brady Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 166 | 13009  |
| BrightView Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 204 | 2585  |
| Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp; 213 | 24863  |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 525 | 117164  |
| Brookfield Business Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 269 | 9652  |
| Builders FirstSource, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 488 | 50210  |
| BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 403 | 69655  |
| CACI International, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 96 | 51150  |
| Cadre Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 61 | 2491  |
| Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 194 | 62053  |
| Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3638 | 192232  |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. - <br>Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 276 | 27031  |
| Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2111 | 1209329  |
| CBIZ, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 220 | 11099  |
| CECO Environmental Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 71 | 4249  |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 522 | 83917  |
| Chart Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 200 | 41246  |
| Cimpress PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 90 | 5993  |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1522 | 286243  |
| Clarivate PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 26620 | 88911  |
| Clean Harbors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 221 | 51820  |
| CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp; 4157 | 38328  |
| Columbus McKinnon Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 101 | 1742  |
| Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 161 | 150260  |
| Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 159 | 6611  |
| &nbsp;&nbsp;&nbsp; Construction Partners, Inc. - <br>Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 212 | 23013  |
| Copart, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3963 | 155151  |
| Core & Main, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 848 | 44071  |
| CRA International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15 | 3010  |
| Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp; 241 | 44448  |
| CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 167 | 12807  |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 73 | 21428  |
| CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 8405 | 304681  |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 605 | 308822  |
| Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 172 | 94818  |
| Dayforce, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 668 | 46199  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1121 | $521904  |
| Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 775 | 53785  |
| Deluxe Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 200 | 4466  |
| DNOW, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 669 | 8864  |
| Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 501 | 44419  |
| Douglas Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 169 | 5518  |
| Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 618 | 120658  |
| Driven Brands Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 420 | 6224  |
| Ducommun, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 100 | 9513  |
| DXP Enterprises, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 65 | 7136  |
| Dycom Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 124 | 41900  |
| Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1770 | 563763  |
| EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 200 | 122358  |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2499 | 331667  |
| Energy Recovery, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 281 | 3791  |
| Enerpac Tool Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 290 | 11090  |
| EnerSys | &nbsp;&nbsp;&nbsp;&nbsp; 151 | 22159  |
| Ennis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 50 | 900  |
| Enovix Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 914 | 6681  |
| Enpro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 84 | 17987  |
| Enviri Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 209 | 3745  |
| Eos Energy Enterprises, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1317 | 15093  |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 550 | 119339  |
| ESAB Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 280 | 31282  |
| ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 102 | 19930  |
| Everus Construction Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 225 | 19251  |
| ExlService Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 721 | 30599  |
|  Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 612 | 91194  |
| Exponent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 255 | 17712  |
| Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5195 | 208475  |
| Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 261 | 28342  |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 280 | 80881  |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 894 | 199031  |
| First Advantage Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 366 | 5318  |
| Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 584 | 40518  |
| Fluence Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 251 | 4965  |
| Fluor Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 677 | 26830  |
| Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1464 | 80827  |
| Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 489 | 24460  |
| Forward Air Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 152 | 3800  |
| Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 206 | 19679  |
| FTAI Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 453 | 89173  |
| FTAI Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 259 | 1194  |
| FTI Consulting, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 132 | 22550  |
| Gates Industrial Corp. PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1190 | 25549  |
| GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 168 | 28493  |
| GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1218 | 796048  |
| Genco Shipping & Trading Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 206 | 3797  |
| Generac Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 272 | 37093  |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1215 | 409042  |
| General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4734 | 1458214  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 713 | $33354  |
| Gibraltar Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 138 | 6823  |
| Global Industrial Co. | &nbsp;&nbsp;&nbsp;&nbsp; 10 | 292  |
| Gorman-Rupp Co. | &nbsp;&nbsp;&nbsp;&nbsp; 58 | 2769  |
| Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 784 | 64264  |
| Granite Construction, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 205 | 23647  |
| Great Lakes Dredge & Dock Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 105 | 1378  |
| Greenbrier Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 109 | 5095  |
| Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 156 | 11489  |
| GXO Logistics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 480 | 25267  |
| Hayward Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1094 | 16902  |
| Healthcare Services Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 375 | 7170  |
| Heartland Express, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 340 | 3070  |
| HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 182 | 58893  |
| HEICO Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 100 | 25243  |
| Helios Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 150 | 8023  |
| Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 164 | 24335  |
| Hertz Global Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1622 | 8337  |
| Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 320 | 23648  |
| Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 325 | 10309  |
| Hillman Solutions Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 977 | 8461  |
| HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 394 | 16576  |
| Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2839 | 553861  |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1774 | 363705  |
| Hub Group, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 286 | 12186  |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 239 | 106142  |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 174 | 59172  |
| Huron Consulting Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 65 | 11239  |
| Hyster-Yale, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 62 | 1842  |
| ICF International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 97 | 8274  |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 332 | 59076  |
| IES Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 80 | 31122  |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1291 | 317973  |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1774 | 140536  |
| Innodata, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 175 | 8916  |
| Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 190 | 7357  |
| Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 55 | 1742  |
| Interface, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 189 | 5277  |
| Intuitive Machines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 343 | 5567  |
| ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 362 | 62811  |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 539 | 71396  |
| Janus International Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 533 | 3486  |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 367 | 71323  |
| JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 207 | 31189  |
| JetBlue Airways Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 159 | 723  |
| Joby Aviation, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1971 | 26017  |
| Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp; 2896 | 346796  |
| Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 54 | 15391  |
| Karman Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 482 | 35268  |
| KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 652 | 26210  |
| Kelly Services, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 233 | 2050  |
| Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 304 | 8637  |
| Kforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 69 | 2133  |
| Kirby Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 214 | 23579  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
|  Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 748 | $39105  |
| Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp; 285 | 18816  |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 758 | 57540  |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 847 | 248654  |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 171 | 24573  |
| Legalzoom.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 741 | 7358  |
| Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 595 | 107338  |
| Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 140 | 67981  |
| Leonardo DRS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 332 | 11318  |
| Limbach Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29 | 2258  |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 235 | 56315  |
| Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 58 | 6836  |
| Liquidity Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 105 | 3183  |
| Loar Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 322 | 21896  |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1060 | 512690  |
| Lyft, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1606 | 31108  |
| Manitowoc Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 268 | 3213  |
| ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 256 | 7611  |
| Marten Transport Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 308 | 3505  |
| Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 975 | 61873  |
| MasTec, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 282 | 61298  |
| Masterbrand, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 726 | 8015  |
| Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 111 | 13714  |
| Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 236 | 20372  |
| McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp; 114 | 11962  |
| Mercury Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 258 | 18837  |
| Middleby Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 237 | 35235  |
| MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 460 | 8409  |
| &nbsp;&nbsp;&nbsp; Montrose Environmental <br>Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 185 | 4594  |
| Moog, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 25 | 6089  |
| MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 149 | 23861  |
| &nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc. - <br>Class A | &nbsp;&nbsp;&nbsp;&nbsp; 245 | 20604  |
| Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 503 | 57744  |
| &nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. - <br>Class A | &nbsp;&nbsp;&nbsp;&nbsp; 721 | 17174  |
| MYR Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 77 | 16825  |
| NANO Nuclear Energy, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 196 | 4706  |
| NEXTracker, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 624 | 54357  |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 225 | 54097  |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1019 | 294206  |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 649 | 370066  |
| NPK International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 100 | 1192  |
| NuScale Power Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 494 | 7000  |
| nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp; 727 | 74132  |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 811 | 127165  |
| OPENLANE, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 342 | 10185  |
| Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 312 | 39197  |
| Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1782 | 155658  |
| Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp; 393 | 43981  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2342 | $256472  |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 558 | 490460  |
| Parsons Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 517 | 31951  |
| Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1463 | 164119  |
| Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 214 | 34103  |
| Paylocity Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 213 | 32482  |
| Pitney Bowes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1050 | 11098  |
| Planet Labs PBC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1070 | 21100  |
| Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 91 | 29009  |
| Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 238 | 29545  |
| Proto Labs, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 130 | 6577  |
| Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 112 | 1723  |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 657 | 277293  |
| QXO, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2825 | 54494  |
| RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 830 | 85382  |
| RBC Bearings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 145 | 65022  |
| Red Cat Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 92 | 730  |
| Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 296 | 41535  |
| Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 905 | 191797  |
| Resideo Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 580 | 20370  |
| Resources Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 200 | 1008  |
| REV Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 220 | 13378  |
| Robert Half, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 493 | 13390  |
| Rocket Lab Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2030 | 141613  |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 507 | 197258  |
| Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1298 | 77906  |
| RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5988 | 1098199  |
| Rush Enterprises, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 206 | 11112  |
| RXO, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 636 | 8039  |
| Ryder System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 162 | 31005  |
| Saia, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 109 | 35591  |
| Schneider National, Inc. - Class B | &nbsp;&nbsp;&nbsp;&nbsp; 218 | 5784  |
| &nbsp;&nbsp;&nbsp; Science Applications International <br>Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 253 | 25467  |
| Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp; 503 | 16745  |
|  Shoals Technologies Group, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 971 | 8254  |
| Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 183 | 29549  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 196 | 24414  |
| SkyWest, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 48 | 4820  |
| Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 238 | 82015  |
| Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp; 623 | 25749  |
| SPX Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 191 | 38211  |
| SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 915 | 79989  |
| StandardAero, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 853 | 24464  |
| Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 50 | 10864  |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 650 | 48282  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 125 | 38279  |
| Stratasys Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 380 | 3298  |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 326 | 4691  |
| Sunrun, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1045 | 19228  |
| Symbotic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 224 | 13328  |
| Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp; 99 | 7296  |
| Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 353 | 18843  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1265 | $42428  |
| Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 211 | 18393  |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 89 | 3307  |
| Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp; 302 | 25407  |
| Titan International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 375 | 2936  |
| Titan Machinery, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 167 | 2512  |
| Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp; 415 | 32669  |
| Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1009 | 392703  |
| Transcat, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 59 | 3347  |
| TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 246 | 327143  |
| TransUnion | &nbsp;&nbsp;&nbsp;&nbsp; 882 | 75632  |
| Trex Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 524 | 18382  |
| TriNet Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 236 | 13955  |
| Trinity Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 359 | 9492  |
| TrueBlue, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 55 | 250  |
| Tutor Perini Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 200 | 13404  |
| Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8970 | 732939  |
| UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 262 | 23855  |
| U-Haul Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp; 478 | 22342  |
| U-Haul Holding Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29 | 1462  |
| UL Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 300 | 23658  |
| UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 86 | 16589  |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2651 | 613229  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 383 | 42827  |
| United Parcel Service, Inc. - Class B | &nbsp;&nbsp;&nbsp;&nbsp; 795 | 78856  |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 285 | 230656  |
| Upwork, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 481 | 9533  |
| V2X, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 108 | 5891  |
| Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 92 | 37013  |
| Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1134 | 113151  |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 608 | 136004  |
| Verra Mobility Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 778 | 17435  |
| Vertiv Holdings Co. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1701 | 275579  |
| Vestis Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 703 | 4689  |
| Vicor Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 89 | 9754  |
| &nbsp;&nbsp;&nbsp; Voyager Technologies, Inc. - <br>Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 242 | 6326  |
| VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 105 | 18141  |
| Wabash National Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 195 | 1687  |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1791 | 393501  |
| Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 166 | 55934  |
|  Watts Water Technologies, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 128 | 35331  |
| Werner Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 290 | 8703  |
| WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 221 | 54065  |
|  Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 748 | 159661  |
| Willdan Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 64 | 6634  |
| WillScot Mobile Mini Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 927 | 17455  |
| Woodward, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 249 | 75278  |
| Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 191 | 9850  |
| WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 200 | 201810  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Xometry, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 195 | $11597  |
| XPO, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 497 | 67547  |
| Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1085 | 147755  |
| Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 730 | 33938  |
|  |  | 26830333  |
| **Information Technology - 31.9%<sup>(d)</sup>**<br>|  |  |
| A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 327 | 5785  |
| Accenture PLC - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2823 | 757411  |
| ACI Worldwide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 417 | 19937  |
| ACM Research, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 161 | 6351  |
| Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 458 | 7901  |
| Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1921 | 672331  |
| ADTRAN Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 374 | 3250  |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 173 | 36221  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7218 | 1545807  |
| Aehr Test Systems<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 132 | 2665  |
| Agilysys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 128 | 15212  |
| Akamai Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 646 | 56364  |
| Alarm.com Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 253 | 12908  |
| Alkami Technology, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 304 | 7013  |
| Allegro MicroSystems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 616 | 16250  |
| &nbsp;&nbsp;&nbsp; Alpha & Omega Semiconductor <br>Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 148 | 2932  |
| Ambarella, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 160 | 11334  |
| Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 462 | 37196  |
| Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 340 | 13423  |
| Amphenol Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 5433 | 734216  |
| Amplitude, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 314 | 3636  |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2127 | 576842  |
| Appfolio, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 93 | 21636  |
| Appian Corp. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 213 | 7544  |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 66371 | 18043620  |
| Applied Digital Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 960 | 23539  |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3557 | 914113  |
| Applied Optoelectronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 226 | 7878  |
| AppLovin Corp. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | 673820  |
| Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4643 | 608372  |
| Arlo Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 613 | 8576  |
| Arrow Electronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 207 | 22807  |
| Asana, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 399 | 5470  |
| ASGN, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 250 | 12043  |
| Astera Labs, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 558 | 92829  |
| Atlassian Corp. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 724 | 117389  |
| Aurora Innovation, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4402 | 16904  |
| Autodesk, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 965 | 285650  |
| AvePoint, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 419 | 5820  |
| Avnet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 309 | 14857  |
| Axcelis Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 150 | 12051  |
| Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 134 | 23371  |
| Bel Fuse, Inc. - Class B | &nbsp;&nbsp;&nbsp;&nbsp; 33 | 5598  |
| Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 167 | 19464  |
| Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 136 | 5815  |
| Bentley Systems, Inc. - Class B | &nbsp;&nbsp;&nbsp;&nbsp; 649 | 24769  |
| BigBear.ai Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1349 | 7285  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
| BigCommerce Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 323 | $1331  |
| BILL Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 358 | 19525  |
| Bitdeer Technologies Group<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 318 | 3565  |
| &nbsp;&nbsp;&nbsp; BitMine Immersion Technologies, <br>Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 748 | 20308  |
| Blackbaud, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 200 | 12664  |
| BlackLine, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 240 | 13270  |
| Box, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 708 | 21176  |
| Braze, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 253 | 8675  |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 20644 | 7144888  |
| C3.ai, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 589 | 7940  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1211 | 378534  |
| Calix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 308 | 16302  |
| &nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, <br>Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2807 | 22316  |
| CDW Corp./DE | &nbsp;&nbsp;&nbsp;&nbsp; 589 | 80222  |
| CEVA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 176 | 3788  |
| Ciena Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 614 | 143596  |
| Cipher Mining, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1195 | 17638  |
| Circle Internet Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 636 | 50435  |
| Cirrus Logic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 224 | 26544  |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 17686 | 1362353  |
| CleanSpark, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1185 | 11992  |
| Clear Secure, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 415 | 14558  |
| Clearfield, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 62 | 1807  |
|  Clearwater Analytics Holdings, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1094 | 26387  |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1374 | 270884  |
| Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 725 | 26086  |
|  Cognizant Technology Solutions Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2186 | 181438  |
| Coherent Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 554 | 102252  |
| Cohu, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 226 | 5259  |
| CommScope Holding Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 861 | 15610  |
| Commvault Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 190 | 23818  |
| CompoSecure, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 58 | 1118  |
| Confluent, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1199 | 36258  |
| Consensus Cloud Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 108 | 2357  |
| Core Scientific, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1454 | 21170  |
| CoreWeave, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1247 | 89298  |
| Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3503 | 306723  |
| Corsair Gaming, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 381 | 2263  |
| Crane NXT Co. | &nbsp;&nbsp;&nbsp;&nbsp; 260 | 12238  |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 675 | 97126  |
| &nbsp;&nbsp;&nbsp; CrowdStrike Holdings, Inc. - <br>Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1082 | 507198  |
| CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 112 | 4801  |
| Daktronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 321 | 6346  |
| Datadog, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1395 | 189706  |
| Dell Technologies, Inc. - Class C | &nbsp;&nbsp;&nbsp;&nbsp; 1409 | 177365  |
| Diebold Nixdorf, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 188 | 12763  |
| Digi International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 182 | 7879  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Digimarc Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 114 | $748  |
| DigitalOcean Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 270 | 12992  |
| Diodes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 233 | 11496  |
| Docusign, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 875 | 59850  |
| Dolby Laboratories, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 300 | 19266  |
| Domo, Inc. - Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 254 | 2141  |
| Dropbox, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 789 | 21934  |
| D-Wave Quantum, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1416 | 37028  |
| DXC Technology Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 797 | 11676  |
| Dynatrace, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1345 | 58292  |
| eGain Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 150 | 1543  |
| Elastic NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 381 | 28743  |
| Enphase Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 663 | 21249  |
| Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 670 | 56448  |
| EPAM Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 261 | 53474  |
| ePlus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 132 | 11576  |
| Evolv Technologies Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 186 | 1332  |
| Extreme Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 685 | 11405  |
| F5, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 264 | 67389  |
| Fabrinet<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 161 | 73300  |
| Fair Isaac Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 104 | 175824  |
| Fastly, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 589 | 5996  |
| Figma, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 233 | 8707  |
| First Solar, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 465 | 121472  |
| Five9, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 321 | 6436  |
| Flex Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1629 | 98424  |
| FormFactor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 299 | 16678  |
| Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2900 | 230289  |
| Freshworks, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 748 | 9163  |
| Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 327 | 82496  |
| Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2454 | 66724  |
| Gitlab, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 561 | 21054  |
| GLOBALFOUNDRIES, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 378 | 13200  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 628 | 77922  |
| Grid Dynamics Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 258 | 2330  |
| Guidewire Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 391 | 78595  |
| Hackett Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 40 | 785  |
| Harmonic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 547 | 5410  |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5826 | 139941  |
| HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4268 | 95091  |
| HubSpot, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 230 | 92299  |
| Hut 8 Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 425 | 19525  |
| Ichor Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 183 | 3373  |
| Impinj, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 115 | 20011  |
| indie Semiconductor, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 956 | 3375  |
| Insight Enterprises, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 129 | 10510  |
| Intapp, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 328 | 15029  |
| Intel Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 19521 | 720325  |
| InterDigital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 121 | 38524  |
| &nbsp;&nbsp;&nbsp; International Business Machines <br>Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4166 | 1234011  |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1236 | 818751  |
| IonQ, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1259 | 56491  |
| IPG Photonics Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 131 | 9380  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
| Itron, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 213 | $19779  |
| Jabil, Inc. | &nbsp;&nbsp;&nbsp; 458 | 104433  |
| Jamf Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 327 | 4254  |
| Keysight Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 759 | 154221  |
| Kimball Electronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 204 | 5675  |
| KLA Corp. | &nbsp;&nbsp;&nbsp; 590 | 716897  |
| Klaviyo, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 324 | 10520  |
| Knowles Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 458 | 9815  |
| Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp; 303 | 13805  |
| Kyndryl Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1009 | 26799  |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp; 5632 | 964086  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 565 | 41573  |
| Life360, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 316 | 20268  |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp; 119 | 30097  |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 375 | 11014  |
| Lumentum Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 297 | 109471  |
| &nbsp;&nbsp;&nbsp; MACOM Technology Solutions <br>Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 287 | 49157  |
| Manhattan Associates, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 273 | 47314  |
| MARA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1667 | 14970  |
| Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp; 3793 | 322329  |
| MaxLinear, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 475 | 8279  |
| Methode Electronics, Inc. | &nbsp;&nbsp;&nbsp; 233 | 1547  |
| MicroAlgo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 31 | 137  |
| Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp; 2381 | 151717  |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp; 4997 | 1426194  |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp; 32787 | 15856449  |
| MicroStrategy, Inc. - Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 1182 | 179605  |
| Mirion Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 888 | 20797  |
| Mitek Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 85 | 897  |
| MKS, Inc. | &nbsp;&nbsp;&nbsp; 295 | 47141  |
| MongoDB, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 349 | 146472  |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp; 209 | 189429  |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp; 734 | 281357  |
| N-able, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 173 | 1294  |
| Napco Security Technologies, Inc. | &nbsp;&nbsp;&nbsp; 177 | 7381  |
| Navitas Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 815 | 5819  |
| nCino, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 590 | 15128  |
| NCR Voyix Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 640 | 6528  |
| NetApp, Inc. | &nbsp;&nbsp;&nbsp; 918 | 98309  |
| NETGEAR, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 50 | 1227  |
| NetScout Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 295 | 7983  |
| NextNav, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 199 | 3311  |
| nLight, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 205 | 7690  |
| Novanta, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 179 | 21299  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1223 | 63217  |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp; 104343 | 19459970  |
| NXP Semiconductors NV | &nbsp;&nbsp;&nbsp; 1060 | 230084  |
| Okta, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 790 | 68311  |
| ON Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1815 | 98282  |
| Ondas Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1146 | 11185  |
| OneStream, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 313 | 5753  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Onto Innovation, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 197 | $31098  |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 7332 | 1429080  |
| OSI Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 67 | 17089  |
| Ouster, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 258 | 5583  |
| PagerDuty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 430 | 5637  |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. - <br>Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9712 | 1726308  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3012 | 554810  |
| PAR Technology Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 233 | 8453  |
| PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 80 | 4621  |
| PDF Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 190 | 5421  |
| Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 106 | 6330  |
| Penguin Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 139 | 2719  |
| Photronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 241 | 7712  |
| Plexus Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 130 | 19110  |
| Porch Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 121 | 1105  |
| Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 280 | 9951  |
| Procore Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 475 | 34552  |
| Progress Software Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 200 | 8592  |
| PTC, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 532 | 92680  |
| Pure Storage, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1398 | 93680  |
| Q2 Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 314 | 22658  |
| Qnity Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 949 | 77486  |
| Qorvo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 404 | 34142  |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1226 | 209707  |
| Qualys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 138 | 18340  |
| Quantum Computing, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 707 | 7254  |
| Ralliant Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 534 | 27186  |
| Rambus, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 462 | 42453  |
| Rapid7, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 324 | 4925  |
| Rigetti Computing, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1362 | 30168  |
| RingCentral, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 260 | 7509  |
| Riot Platforms, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1533 | 19423  |
| Rogers Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 57 | 5219  |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 481 | 214108  |
| Rubrik, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 488 | 37322  |
| SailPoint, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 176 | 3560  |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4185 | 1108648  |
| Samsara, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1175 | 41654  |
| Sandisk Corp./DE<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 610 | 144802  |
| Sanmina Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 260 | 39018  |
| ScanSource, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 70 | 2734  |
| Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp; 938 | 258316  |
| SEMrush Holdings, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 145 | 1724  |
| Semtech Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 419 | 30876  |
| SentinelOne, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1285 | 19275  |
| ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4705 | 720759  |
| ServiceTitan, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 210 | 22365  |
| Silicon Laboratories, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 143 | 18690  |
| SiTime Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 99 | 34966  |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 698 | 44260  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1453 | 318730  |
| SoundHound AI, Inc. - Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1535 | 15304  |
| Sprinklr, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 487 | 3789  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
| Sprout Social, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 244 | $2750  |
| SPS Commerce, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 157 | 13993  |
| Super Micro Computer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2296 | 67204  |
| Synaptics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 208 | 15396  |
| Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 816 | 383292  |
| TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 338 | 50778  |
| TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1311 | 298266  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 207 | 105721  |
| Tenable Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 539 | 12683  |
| Teradata Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 534 | 16255  |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 719 | 139170  |
| Terawulf, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1375 | 15799  |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4063 | 704890  |
| Trimble, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1034 | 81014  |
| TTM Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 488 | 33672  |
| Twilio, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 675 | 96012  |
| Tyler Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 201 | 91244  |
| Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15 | 8300  |
| UiPath, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2042 | 33468  |
| Ultra Clean Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 240 | 6079  |
| Unity Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1533 | 67713  |
| Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 221 | 25808  |
| Varonis Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 458 | 15022  |
| Veeco Instruments, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 337 | 9631  |
| VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 428 | 103983  |
| Vertex, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 276 | 5512  |
| Viasat, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 490 | 16885  |
| Viavi Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1177 | 20974  |
| Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 598 | 8665  |
| Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 620 | 23052  |
| Weave Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 328 | 2490  |
| Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1555 | 267880  |
| Wolfspeed, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 778 | 13545  |
| Workday, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 978 | 210055  |
| Workiva, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 259 | 22339  |
| Xperi, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 319 | 1869  |
| Yext, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 383 | 3087  |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp. - <br>Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 235 | 57063  |
| &nbsp;&nbsp;&nbsp; Zeta Global Holdings Corp. - <br>Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1049 | 21347  |
|  Zoom Communications, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1195 | 103117  |
| Zscaler, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 441 | 99190  |
|  |  | 93922381  |
| **IT Services - 0.0%<sup>(e)</sup>**<br>|  |  |
| Globant SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 152 | 9936  |
| **Machinery - 0.0%<sup>(e)</sup>**<br>|  |  |
| Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp; 686 | 71440  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Materials - 2.2%**<br>|  |  |
| AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 144 | $2491  |
| Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1006 | 248502  |
| Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 521 | 73690  |
| Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1088 | 57816  |
| Alpha Metallurgical Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 55 | 10993  |
| Amcor PLC | &nbsp;&nbsp;&nbsp;&nbsp; 10477 | 87378  |
| Amrize Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2309 | 124871  |
| AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 314 | 38295  |
| Ashland, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 249 | 14609  |
| Aura Minerals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 213 | 10738  |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 168 | 30556  |
| Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 483 | 15089  |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1074 | 34701  |
| Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 171 | 26225  |
| Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1225 | 64888  |
| Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 255 | 16901  |
| Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 204 | 64227  |
| Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 561 | 23719  |
| Century Aluminum Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 341 | 13360  |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 725 | 56072  |
| Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp; 824 | 9715  |
| Clearwater Paper Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 130 | 2262  |
| Cleveland-Cliffs, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2008 | 26666  |
| Coeur Mining, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3048 | 54346  |
| Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp; 556 | 38486  |
| &nbsp;&nbsp;&nbsp; Compass Minerals International, <br>Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 222 | 4360  |
| Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3054 | 204710  |
| CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp; 2990 | 373152  |
| Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 468 | 48190  |
| Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2830 | 66165  |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1898 | 76300  |
| Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 136 | 28108  |
| Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp; 316 | 20170  |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1126 | 295598  |
| Ecovyst, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 550 | 5352  |
| Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1063 | 26564  |
|  Ferroglobe Representation & Warranty Insurance Trust<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 500 | 0  |
| FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 599 | 8308  |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6389 | 324497  |
| Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1499 | 22575  |
| Greif, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 91 | 6161  |
| Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 94 | 13354  |
| HB Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp; 268 | 15935  |
| Hecla Mining Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2975 | 57090  |
| Huntsman Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 909 | 9090  |
| Ingevity Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 207 | 12250  |
| Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 129 | 9874  |
|  International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1131 | 76218  |
| International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2375 | 93551  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Materials - (Continued)**  | **Materials - (Continued)**  | **Materials - (Continued)**  |
| Ivanhoe Electric, Inc. / US<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 618 | $9876  |
| James Hardie Industries PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2483 | 51522  |
| Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 53 | 6088  |
| Knife River Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 278 | 19557  |
| Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 156 | 4224  |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp; 2084 | 888597  |
| Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 332 | 26812  |
| LSB Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 333 | 2831  |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV - <br>Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1114 | 48236  |
| Magnera Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 159 | 2407  |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 272 | 169364  |
| Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 93 | 11562  |
| Mativ Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 371 | 4508  |
| McEwen, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14 | 259  |
| Metallus, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 104 | 1785  |
| Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 180 | 10971  |
| Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1420 | 34208  |
| MP Materials Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 552 | 27887  |
| Myers Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 200 | 3744  |
| NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 33 | 22680  |
| Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4987 | 497952  |
| Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1036 | 168982  |
| O-I Glass, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 647 | 9550  |
| Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 601 | 12519  |
| Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36 | 1540  |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp; 415 | 85585  |
| Perimeter Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 692 | 19051  |
| Perpetua Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 506 | 12250  |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1031 | 105636  |
| PureCycle Technologies, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 865 | 7430  |
| Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 74 | 10161  |
| Ramaco Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 203 | 3654  |
| Ramaco Resources, Inc. - Class B | &nbsp;&nbsp;&nbsp;&nbsp; 6 | 72  |
| Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 246 | 71062  |
| Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 388 | 86249  |
| RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 553 | 57512  |
| Ryerson Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 173 | 4353  |
| Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp; 175 | 10211  |
| Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 666 | 27592  |
| Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 198 | 18602  |
| Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1029 | 333427  |
| Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 400 | 16148  |
| Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;&nbsp; 2273 | 87897  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 720 | 34978  |
| Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp; 473 | 20642  |
| Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 358 | 51365  |
| Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 598 | 101331  |
| Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp; 97 | 4594  |
| SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 555 | 3996  |
| Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 156 | 7511  |
| TriMas Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 223 | 7905  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| United States Antimony Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 176 | $884  |
| United States Lime & Minerals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 20 | 2395  |
| USA Rare Earth, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 443 | 5272  |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp; 599 | 170847  |
| Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 276 | 24335  |
| Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 157 | 11609  |
| Worthington Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 191 | 6612  |
|  |  | 6392997  |
| **Real Estate - 0.2%**<br>|  |  |
| Anywhere Real Estate, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 728 | 10308  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1343 | 215941  |
| Compass, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1781 | 18825  |
| CoStar Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1946 | 130849  |
| Cushman & Wakefield Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1086 | 17582  |
| eXp World Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 290 | 2624  |
| Forestar Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 47 | 1158  |
| Howard Hughes Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 236 | 18826  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 210 | 70659  |
| Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 609 | 5889  |
| Marcus & Millichap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 126 | 3439  |
| Newmark Group, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 765 | 13265  |
| Opendoor Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2892 | 16860  |
| St Joe Co. | &nbsp;&nbsp;&nbsp;&nbsp; 268 | 15911  |
| Star Holdings<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 78 | 642  |
| Tejon Ranch Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50 | 789  |
| Zillow Group, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 247 | 16853  |
| Zillow Group, Inc. - Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 761 | 51915  |
|  |  | 612335  |
| **Utilities - 2.2%**<br>|  |  |
| AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3014 | 43221  |
| Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1154 | 75022  |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1239 | 123727  |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2358 | 271901  |
| American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp; 220 | 15946  |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 925 | 120712  |
| Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 709 | 118850  |
| Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 333 | 12834  |
| Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 353 | 24505  |
| California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp; 289 | 12522  |
| CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2981 | 114292  |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 102 | 12725  |
| Clearway Energy, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 90 | 2828  |
| Clearway Energy, Inc. - Class C | &nbsp;&nbsp;&nbsp;&nbsp; 471 | 15665  |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1358 | 94965  |
| Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1586 | 157522  |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1417 | 500584  |
| Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3873 | 226919  |
| DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp; 934 | 120467  |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3464 | 406015  |
| Edison International | &nbsp;&nbsp;&nbsp;&nbsp; 1747 | 104855  |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1989 | 183843  |
| Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1320 | 50635  |
| Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1059 | 76767  |

---

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

55<br>

------

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

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

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Utilities - (Continued)**  | **Utilities - (Continued)**  | **Utilities - (Continued)**  |
| Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp; 1645 | $110758  |
| Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4542 | 197986  |
| FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2580 | 115507  |
| H2O America | &nbsp;&nbsp;&nbsp;&nbsp; 180 | 8818  |
| Hawaiian Electric Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 566 | 6962  |
| IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 268 | 33918  |
| MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 900 | 17568  |
| MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 151 | 11841  |
| Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp; 66 | 3328  |
| National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp; 360 | 28822  |
| New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 429 | 19785  |
| NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9192 | 737934  |
| NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2075 | 86652  |
| Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp; 223 | 10423  |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 802 | 127710  |
| OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 900 | 38430  |
| Oklo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 486 | 34875  |
| ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 287 | 22171  |
| Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 300 | 33141  |
| Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 196 | 15839  |
| PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 9935 | 159655  |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 466 | 41334  |
| Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp; 500 | 23995  |
| PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3325 | 116441  |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2265 | 181879  |
| Sempra | &nbsp;&nbsp;&nbsp;&nbsp; 2729 | 240943  |
| Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4906 | 427803  |
| Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 325 | 26006  |
| Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 291 | 24066  |
| Talen Energy Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 213 | 79841  |
| TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 480 | 28262  |
| UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 939 | 35147  |
| Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 106 | 5135  |
| Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1523 | 245706  |
| WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1460 | 153972  |
| Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2682 | 198093  |
| York Water Co. | &nbsp;&nbsp;&nbsp;&nbsp; 128 | 4076  |
|  |  | 6542144  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $53,426,546)** |  | 287628981  |
| **REAL ESTATE INVESTMENT TRUSTS - 2.1%**<br>|  |  |
| **Financials - 0.1%**<br>|  |  |
| AGNC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4335 | 46471  |
| Annaly Capital Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2914 | 65157  |
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate <br>Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 709 | 6863  |
| Arbor Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 831 | 6449  |
| ARMOUR Residential REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 309 | 5466  |
|  Blackstone Mortgage Trust, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 829 | 15859  |
| BrightSpire Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 637 | 3567  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Chimera Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 392 | $4873  |
| Dynex Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 405 | 5674  |
| Franklin BSP Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 422 | 4233  |
|  HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 550 | 17286  |
| Invesco Mortgage Capital, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 242 | 2035  |
| KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 295 | 2425  |
| Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 559 | 6143  |
| MFA Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 505 | 4702  |
| New York Mortgage Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 627 | 4577  |
| Orchid Island Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 160 | 1152  |
| &nbsp;&nbsp;&nbsp; PennyMac Mortgage Investment <br>Trust | &nbsp;&nbsp;&nbsp;&nbsp; 450 | 5647  |
| Redwood Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 692 | 3827  |
| Rithm Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2404 | 26204  |
| Starwood Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1518 | 27339  |
| TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 306 | 2635  |
| Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 282 | 2961  |
|  |  | 271545  |
| **Industrials - 0.0%<sup>(e)</sup>**<br>|  |  |
| CoreCivic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 374 | 7147  |
| GEO Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 632 | 10188  |
|  |  | 17335  |
| **Real Estate - 2.0%**<br>|  |  |
| Acadia Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp; 558 | 11461  |
| Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 525 | 37816  |
| Alexander & Baldwin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 248 | 5119  |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 722 | 35335  |
| American Assets Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 228 | 4316  |
| American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 742 | 34919  |
| American Homes 4 Rent - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1273 | 40863  |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2112 | 370804  |
| Americold Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1314 | 16898  |
| &nbsp;&nbsp;&nbsp; Apartment Investment and <br>Management Co. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 826 | 4906  |
| Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 981 | 11625  |
| Armada Hoffler Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 467 | 3092  |
| AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 656 | 118939  |
| Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1345 | 35266  |
| Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 915 | 15894  |
| BXP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 683 | 46089  |
| Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp; 442 | 48655  |
| CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1101 | 39812  |
| CBL & Associates Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 204 | 7548  |
| Centerspace | &nbsp;&nbsp;&nbsp;&nbsp; 64 | 4270  |
| Chatham Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp; 425 | 2894  |
| Community Healthcare Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 154 | 2529  |
| COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp; 501 | 13928  |
| Cousins Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 839 | 21629  |
| Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1973 | 175341  |
| CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp; 1094 | 39439  |
| Curbline Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 404 | 9377  |
| DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1103 | 9883  |

---

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

56<br>

------

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

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

**Schedule of Investments** 

**December 31, 2025(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)**  |
| Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1548 | $239491  |
| Diversified Healthcare Trust | &nbsp;&nbsp;&nbsp;&nbsp; 1690 | 8197  |
| Douglas Emmett, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 854 | 9385  |
| Easterly Government Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 250 | 5298  |
| EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 223 | 39725  |
| Elme Communities | &nbsp;&nbsp;&nbsp;&nbsp; 425 | 7395  |
| &nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc. - <br>Class A | &nbsp;&nbsp;&nbsp;&nbsp; 745 | 4857  |
| EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp; 296 | 14770  |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 442 | 338643  |
| Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 896 | 54307  |
| Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp; 948 | 59762  |
| Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 830 | 24618  |
| Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 299 | 78242  |
| Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 932 | 121365  |
| Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp; 414 | 41731  |
| First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 645 | 36939  |
| Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 497 | 11461  |
| Gaming and Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1308 | 58455  |
| Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 219 | 5994  |
| Gladstone Commercial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 312 | 3329  |
| Gladstone Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 269 | 2461  |
| Global Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 842 | 7241  |
| Healthcare Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1656 | 28069  |
| Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3113 | 50057  |
| Highwoods Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 510 | 13168  |
| Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2899 | 51399  |
| Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 942 | 16466  |
| Innovative Industrial Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 150 | 7104  |
| InvenTrust Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 272 | 7673  |
| Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2893 | 80396  |
| Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1348 | 111817  |
| JBG SMITH Properties | &nbsp;&nbsp;&nbsp;&nbsp; 141 | 2398  |
| Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3001 | 60830  |
| Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp; 1127 | 27014  |
| Lamar Advertising Co. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 366 | 46328  |
| Lineage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 321 | 11235  |
| LTC Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 251 | 8629  |
| LXP Industrial Trust<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 333 | 16510  |
| Macerich Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1161 | 21432  |
| Medical Properties Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1593 | 7965  |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment <br>Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 539 | 74872  |
| Millrose Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 712 | 21267  |
| National Health Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 228 | 17412  |
| National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp; 434 | 12243  |
| NET Lease Office Properties | &nbsp;&nbsp;&nbsp;&nbsp; 74 | 1908  |
| NETSTREIT Corp.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 318 | 5610  |
| NexPoint Residential Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 152 | 4575  |
| NNN REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 936 | 37094  |
| Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1407 | 62386  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Outfront Media, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 718 | $17304  |
| Park Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 982 | 10272  |
| Peakstone Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp; 296 | 4248  |
| Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp; 664 | 7516  |
| Phillips Edison & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 626 | 22267  |
| Piedmont Realty Trust, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 597 | 4979  |
| Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 286 | 6258  |
| PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 420 | 16708  |
| Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4129 | 527108  |
| Public Storage | &nbsp;&nbsp;&nbsp;&nbsp; 707 | 183467  |
| Rayonier, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 848 | 18363  |
| Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4150 | 233936  |
| Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 845 | 58330  |
| Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1095 | 42398  |
| RLJ Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp; 855 | 6370  |
| Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 287 | 27156  |
| Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1058 | 20039  |
| Safehold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 300 | 4107  |
| Saul Centers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | 568  |
| SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 484 | 93620  |
| Sila Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 300 | 6993  |
| Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1301 | 240828  |
| SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 202 | 1297  |
| SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 357 | 16376  |
| SmartStop Self Storage REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 214 | 6621  |
| STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 838 | 30805  |
| Summit Hotel Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 268 | 1305  |
| Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 552 | 68398  |
| Sunstone Hotel Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 940 | 8404  |
| Tanger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 583 | 19455  |
| Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 509 | 29883  |
| UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1392 | 51059  |
| UMH Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 256 | 4073  |
| Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp; 694 | 13318  |
| Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2009 | 155456  |
| Veris Residential, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 312 | 4643  |
| VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4743 | 133373  |
| Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp; 895 | 29786  |
| Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3034 | 563141  |
| Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3409 | 80759  |
| WP Carey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 927 | 59662  |
| Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 560 | 7918  |
|  |  | 5986737  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE** <br>**INVESTMENT TRUSTS** <br>**(Cost $2,801,928)** |  | 6275617  |
| **CLOSED-END FUNDS - 0.0%<sup>(e)</sup>**<br>|  |  |
| Ellington Credit Co. | &nbsp;&nbsp;&nbsp;&nbsp; 99 | 522  |
| &nbsp;&nbsp;&nbsp; **TOTAL CLOSED-END FUNDS** <br>**(Cost $701)** |  | 522  |

---

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

57<br>

------

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

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

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **RIGHTS - 0.0% (e)**<br>|  |  |
| ABIOMED, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 239 | $0  |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., <br>Expires 01/23/2031, <br>Exercise Price $12.00<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 277 | 0  |
| &nbsp;&nbsp;&nbsp; Concentra Biosciences LLC, <br>Expires 09/02/2026, <br>Exercise Price $1.00<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 258 | 0  |
| Concert Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9764 | 0  |
|  Eli Lilly & Co., Expires 07/29/2026, Exercise Price $3.00<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 193 | 0  |
| Novo Nordisk AS<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 269 | 0  |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc., Expires 11/16/2026, <br>Exercise Price $20.65<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 244 | 0  |
| &nbsp;&nbsp;&nbsp; Sanofi SA, Expires 07/21/2026, <br>Exercise Price $6.00<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 320 | 0  |
| &nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc., <br>Expires 08/01/2026, <br>Exercise Price $3.50<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 300 | 0  |
| &nbsp;&nbsp;&nbsp; SYCAMORE PARTNERS LLC-RIGHT, Expires 08/28/2026, <br>Exercise Price $3.00<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3650 | 0  |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc., <br>Expires 04/21/2026, <br>Exercise Price $1.00<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 316 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $0)** |  | 0  |
|  | **Contracts** |  |
| **WARRANTS - 0.0%<sup>(e)</sup>**<br>|  |  |
| **Real Estate - 0.0%<sup>(e)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Opendoor Technologies, Inc., <br>Expires 11/20/2026, <br>Exercise Price $17.00<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0<sup>(f)</sup> | 0  |
| &nbsp;&nbsp;&nbsp; Opendoor Technologies, Inc., <br>Expires 11/20/2026, <br>Exercise Price $9.00<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0<sup>(f)</sup> | 0  |
| &nbsp;&nbsp;&nbsp; Opendoor Technologies, Inc., <br>Expires 11/20/2026, <br>Exercise Price $13.00<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0<sup>(f)</sup> | 0  |
| **Total Real Estate** |  | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **ESCROW NOTES - 0.0%<sup>(e)</sup>**<br>|  |  |
| GCI LIBERTY INC SR ESCROW<sup>(c)</sup> | 411 | $0  |
| &nbsp;&nbsp;&nbsp; **TOTAL ESCROW NOTES** <br>**(Cost $0)** |  | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $56,229,175)** |  | $293905120  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 0.4%<sup>(g)(h)</sup> |  | 1199310  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.2)% |  | (580741)  |
| **TOTAL NET ASSETS - 100.0%** |  | $294523689 |

---

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

LLC - Limited Liability Company

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 December 31, 2025. The fair value of these securities was $571,902.

<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 December 31, 2025.

<sup>(d)</sup> To the extent that the Fund invests more heavily in a particular industries or sectors 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> Rounds to zero.

<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 December 31, 2025 was 3.49%.

<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 December 31, 2025 is $593,444 which represented 0.2% of net assets. 

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

58<br>

------

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

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 79.9%**<br>|  |  |
| **Australia - 1.3%**<br>|  |  |
| Aurelia Metals Ltd.<sup>(a)</sup> | 263176 | $43732  |
| Aussie Broadband Ltd. | 8195 | 27570  |
| Austal Ltd.<sup>(a)</sup> | 14040 | 62343  |
| BHP Group Ltd. | 13777 | 415737  |
| Bravura Solutions Ltd. | 18815 | 32062  |
| Catalyst Metals Ltd.<sup>(a)</sup> | 15619 | 76218  |
| Data#3 Ltd. | 9635 | 57684  |
| Emeco Holdings Ltd.<sup>(a)</sup> | 53257 | 43899  |
| Evolution Mining Ltd. | 4808 | 40450  |
| Helia Group Ltd. | 13679 | 50016  |
| Inghams Group Ltd. | 24274 | 40338  |
| IRESS Ltd. | 20144 | 114141  |
| JB Hi-Fi Ltd. | 578 | 37027  |
| Metals X Ltd.<sup>(a)</sup> | 103636 | 76695  |
| Monadelphous Group Ltd. | 18655 | 328305  |
| Netwealth Group Ltd. | 2081 | 35413  |
| Northern Star Resources Ltd. | 6282 | 111433  |
| NRW Holdings Ltd. | 25874 | 88938  |
| Objective Corp. Ltd. | 3238 | 35507  |
| Perenti Ltd. | 167281 | 310223  |
| Perseus Mining Ltd. | 86781 | 326786  |
| Ramelius Resources Ltd. | 63558 | 175444  |
| Regis Healthcare Ltd. | 7121 | 32994  |
| Regis Resources Ltd. | 5378 | 26933  |
| Rio Tinto Ltd. | 570 | 55859  |
| South32 Ltd. | 20193 | 47940  |
| Tabcorp Holdings Ltd. | 49368 | 32506  |
| Technology One Ltd. | 8034 | 148934  |
| Virgin Australia Holdings Ltd.<sup>(a)</sup> | 8196 | 19044  |
| Westgold Resources Ltd. | 15519 | 66252  |
|  |  | 2960423  |
| **Austria - 0.5%**<br>|  |  |
| ANDRITZ AG | 743 | 57974  |
| BAWAG Group AG<sup>(b)</sup> | 193 | 29011  |
| Erste Group Bank AG | 1529 | 183953  |
| Palfinger AG | 597 | 23362  |
| Porr Ag | 3893 | 146266  |
| Raiffeisen Bank International AG | 9565 | 427727  |
| Verbund AG - Class A | 464 | 33872  |
|  Vienna Insurance Group AG Wiener Versicherung Gruppe | 4626 | 363906  |
|  |  | 1266071  |
| **Belgium - 0.4%**<br>|  |  |
| Ackermans & van Haaren NV | 385 | 104417  |
| Deme Group NV | 1272 | 207647  |
| Fagron | 1009 | 25260  |
| KBC Group NV | 1107 | 143891  |
| Melexis NV | 537 | 36113  |
| Titan SA | 3797 | 233897  |
| UCB SA | 197 | 54947  |
|  |  | 806172  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Bermuda - 0.5%**<br>|  |  |
| Arch Capital Group Ltd.<sup>(a)</sup> | 12934 | $1240629  |
| **Brazil - 1.7%**<br>|  |  |
| Ambev SA | 402400 | 1026607  |
| Banco do Brasil SA | 167700 | 672667  |
| C&A MODAS SA | 31500 | 73810  |
| Cia De Sanena Do Parana | 28400 | 208553  |
| Marcopolo SA | 63360 | 66253  |
| NU Holdings Ltd. - Class A<sup>(a)</sup> | 74304 | 1243849  |
| Petroleo Brasileiro SA | 39500 | 234416  |
| StoneCo Ltd. - Class A<sup>(a)</sup> | 1467 | 21697  |
| TIM SA | 14300 | 55793  |
| Vale SA | 30000 | 394179  |
|  |  | 3997824  |
| **Britain - 0.3%**<br>|  |  |
| Convatec Group PLC<sup>(b)</sup> | 29685 | 96994  |
| Global Ship Lease, Inc. - Class A | 1994 | 69870  |
| Halfords Group PLC | 11180 | 21171  |
| Howden Joinery Group PLC | 18290 | 203661  |
| IntegraFin Holdings PLC | 5536 | 26747  |
| Ip Group PLC<sup>(a)</sup> | 73377 | 57879  |
| Rightmove PLC | 20113 | 140612  |
|  |  | 616934  |
| **Canada - 6.1%**<br>|  |  |
| AGF Management Ltd. - Class B | 4754 | 56388  |
| Agnico Eagle Mines Ltd. | 2100 | 356123  |
| Alamos Gold, Inc. - Class A | 6500 | 250993  |
| Allied Gold Corp.<sup>(a)</sup> | 2724 | 62417  |
| Aritzia, Inc.<sup>(a)</sup> | 2626 | 224517  |
| AtkinsRealis Group, Inc. | 800 | 51641  |
| Bank of Montreal | 500 | 64934  |
| Barrick Mining Corp. | 10300 | 448681  |
| Bausch Health Cos., Inc.<sup>(a)</sup> | 7620 | 52908  |
| BRP, Inc. | 375 | 26515  |
| Canadian Natural Resources Ltd. | 22794 | 772062  |
| Canadian Pacific Kansas City Ltd. | 16480 | 1213422  |
| Capstone Copper Corp.<sup>(a)</sup> | 5139 | 51594  |
| Cascades, Inc. | 15836 | 143759  |
| Celestica, Inc.<sup>(a)</sup> | 1100 | 325388  |
| CES Energy Solutions Corp. | 3310 | 29590  |
| Cogeco, Inc. | 1392 | 64897  |
| Colliers International Group, Inc. | 932 | 136987  |
| Definity Financial Corp. | 1908 | 105551  |
| Extendicare, Inc. | 19211 | 298827  |
| Fairfax Financial Holdings Ltd. | 300 | 571758  |
| Finning International, Inc. | 2401 | 130095  |
| First Majestic Silver Corp. | 3745 | 62483  |
| First Quantum Minerals Ltd.<sup>(a)</sup> | 7500 | 201086  |
| Fortuna Mining Corp.<sup>(a)</sup> | 10234 | 100286  |
| Gildan Activewear, Inc. | 5200 | 325021  |
| Hudbay Minerals, Inc. | 9532 | 189244  |
| iA Financial Corp., Inc. | 1400 | 181386  |

---

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

59<br>

------

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

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Canada - (Continued)** | **Canada - (Continued)** | **Canada - (Continued)** |
| IAMGOLD Corp.<sup>(a)</sup> | 6907 | $113980  |
| Kinaxis, Inc.<sup>(a)</sup> | 300 | 37830  |
| Kinross Gold Corp. | 14000 | 394332  |
| Linamar Corp. | 1998 | 120764  |
| Lundin Gold, Inc. | 1500 | 124607  |
| Lundin Mining Corp. | 21700 | 466395  |
| Magna International, Inc. | 5495 | 292883  |
| Magna International, Inc. | 27975 | 1491334  |
| MDA Space Ltd.<sup>(a)</sup> | 3073 | 59644  |
| New Gold, Inc.<sup>(a)</sup> | 11290 | 98378  |
| OceanaGold Corp. | 7334 | 207856  |
| Pan American Silver Corp. | 12900 | 668802  |
| Parex Resources, Inc. | 11713 | 157448  |
| Precision Drilling Corp.<sup>(a)</sup> | 801 | 57477  |
| Quebecor, Inc. - Class B | 4829 | 181895  |
| Royal Bank of Canada | 2700 | 460291  |
| Saputo, Inc. | 8400 | 252817  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 6699 | 1078338  |
| Silvercorp Metals, Inc. | 10589 | 88566  |
| Stantec, Inc. | 2000 | 188729  |
| Tamarack Valley Energy Ltd. | 5865 | 34099  |
| Torex Gold Resources, Inc. | 2390 | 114124  |
| Total Energy Services, Inc. | 7757 | 84208  |
| Transcontinental, Inc. - Class A | 4378 | 72470  |
| Waste Connections, Inc. | 4051 | 710383  |
| Wesdome Gold Mines Ltd.<sup>(a)</sup> | 4585 | 75963  |
| Wheaton Precious Metals Corp. | 600 | 70537  |
| WSP Global, Inc. | 900 | 162958  |
|  |  | 14365661  |
| **Chile - 0.1%**<br>|  |  |
| Engie Energia Chile SA | 29954 | 44789  |
| Falabella SA | 8416 | 58708  |
| Latam Airlines Group SA | 2017575 | 54625  |
|  |  | 158122  |
| **China - 4.3%**<br>|  |  |
| 361 Degrees International Ltd. | 57000 | 44303  |
| 3SBio, Inc.<sup>(b)</sup> | 14500 | 44989  |
| Alibaba Group Holding Ltd. | 57636 | 1054819  |
| Atour LifeStyle Holdings Ltd. - ADR | 1982 | 78091  |
| Baidu, Inc. - ADR<sup>(a)</sup> | 3345 | 437058  |
| Baidu, Inc. - Class A<sup>(a)</sup> | 5900 | 96710  |
| Chervon Holdings Ltd. | 18800 | 47394  |
|  Chifeng Jilong Gold Mining Co. Ltd. - Class A | 19100 | 84786  |
|  China Construction Bank Corp. - Class H | 52000 | 51248  |
| &nbsp;&nbsp;&nbsp; China Life Insurance Co. Ltd. - <br>Class A | 4400 | 28598  |
|  China Merchants Bank Co. Ltd. - Class H | 119500 | 808144  |
|  China Pacific Insurance Group Co. Ltd. - Class A | 77200 | 462242  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  China Pacific Insurance Group Co. Ltd. - Class H | 34000 | $153129  |
| CMOC Group Ltd. - Class A | 37400 | 106625  |
| CMOC Group Ltd. - Class H | 51000 | 125512  |
|  COSCO SHIPPING Holdings Co. Ltd. - Class A | 22900 | 49738  |
|  COSCO SHIPPING Holdings Co. Ltd. - Class H | 94500 | 166957  |
|  Country Garden Services Holdings Co. Ltd. | 27000 | 20877  |
| Dongyue Group Ltd. | 30000 | 41570  |
| FinVolution Group - ADR | 8611 | 45036  |
| Fufeng Group Ltd. | 126000 | 127575  |
|  Gotion High-tech Co. Ltd. - Class A - Class A | 7700 | 42951  |
| Greentown Service Group Co. Ltd. | 38000 | 22842  |
| Haier Smart Home Co. Ltd. | 13600 | 50731  |
| Haier Smart Home Co. Ltd. - Class H | 334404 | 1039219  |
| Innovent Biologics, Inc.<sup>(a)(b)</sup> | 8500 | 82832  |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class A | 12900 | 109704  |
| Jinan Acetate Chemical Co. Ltd. | 10000 | 16456  |
| JNBY Design Ltd. | 45500 | 113417  |
| Kinetic Development Group Ltd. | 20000 | 3436  |
| Lenovo Group Ltd. | 86000 | 101974  |
| Lonking Holdings Ltd. | 251000 | 95273  |
| Meitu, Inc.<sup>(b)</sup> | 31500 | 28206  |
| Newborn Town, Inc.<sup>(a)</sup> | 44000 | 62942  |
| Onewo, Inc. - Class H | 11300 | 26668  |
| PetroChina Co. Ltd. - Class A - Class A | 45500 | 67685  |
|  Ping An Insurance Group Co. of China Ltd. - Class H | 12500 | 105148  |
| Pop Mart International Group Ltd.<sup>(b)</sup> | 13600 | 326344  |
| Qifu Technology, Inc. - ADR | 2071 | 39908  |
|  SAIC Motor Corp. Ltd. - Class A - Class A | 23200 | 50461  |
| SF Holding Co. Ltd. - Class A | 5700 | 31234  |
|  Shanghai Chicmax Cosmetic Co. Ltd. - Class H | 4400 | 41158  |
| Simcere Pharmaceutical Group Ltd.<sup>(b)</sup> | 21000 | 32190  |
| Sunwoda Electronic Co. Ltd. - Class A | 28300 | 105605  |
| Tencent Holdings Ltd. | 18624 | 1427106  |
| Tongcheng Travel Holdings Ltd. | 17200 | 49593  |
| Weichai Power Co. Ltd. - Class H | 102000 | 245489  |
| WuXi AppTec Co. Ltd. - Class A | 24060 | 310791  |
| WuXi AppTec Co. Ltd. - Class H<sup>(b)</sup> | 12300 | 155003  |
|  XCMG Construction Machinery Co. Ltd. - Class A | 17700 | 29293  |
| XD, Inc. | 9000 | 74672  |
| &nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings <br>Ltd. | 141500 | 383106  |
|  Zhejiang China Commodities City Group Co. Ltd. - Class A | 93400 | 212938  |
|  Zhejiang Leapmotor Technology Co. Ltd. - Class H<sup>(a)(b)</sup> | 24000 | 148849  |

---

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

60<br>

------

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

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **China - (Continued)** | **China - (Continued)** | **China - (Continued)** |
| Zhongjin Gold Corp. Ltd. - Class A | 37100 | $123200  |
| Zijin Mining Group Co. Ltd. - Class A | 17000 | 83497  |
| Zijin Mining Group Co. Ltd. - Class H | 20000 | 90401  |
|  |  | 10005723  |
| **Denmark - 1.7%**<br>|  |  |
| ALK-Abello AS<sup>(a)</sup> | 7295 | 261705  |
| AP Moller - Maersk AS - Class A | 242 | 557322  |
|  AP Moller - Maersk AS - Class B - Class B | 57 | 131381  |
| D/S Norden AS | 1255 | 49617  |
| Danske Bank AS | 18075 | 901676  |
| DFDS AS<sup>(a)</sup> | 2159 | 32266  |
| Genmab AS<sup>(a)</sup> | 466 | 144001  |
| H Lundbeck AS | 16291 | 110579  |
| Jyske Bank AS | 241 | 32958  |
| Novo Nordisk AS | 18176 | 926482  |
| Pandora AS | 991 | 109612  |
| Per Aarsleff Holding AS | 1520 | 207328  |
| Vestas Wind Systems AS | 20455 | 552257  |
|  |  | 4017184  |
| **Egypt - 0.0%<sup>(c)</sup>**<br>|  |  |
| Telecom Egypt Co. | 31065 | 42833  |
| **Finland - 0.7%**<br>|  |  |
| Konecranes Oyj | 419 | 45971  |
| Metso Oyj | 3210 | 56004  |
| Nokia Oyj | 91416 | 592103  |
| Nokia Oyj - ADR | 10810 | 69941  |
| Nordea Bank Abp | 12115 | 228371  |
| Orion Oyj - Class B | 8591 | 641521  |
| Wartsila Oyj Abp | 1129 | 39944  |
|  |  | 1673855  |
| **France - 4.7%**<br>|  |  |
| Accor SA | 6982 | 395607  |
| Airbus SE | 1023 | 237288  |
| Amundi SA<sup>(b)</sup> | 10151 | 839529  |
| Arkema SA | 13124 | 802865  |
| Carmila SA | 3601 | 71855  |
| Catana Group | 7092 | 24476  |
|  Cie Generale des Etablissements Michelin SCA | 32133 | 1065654  |
| Derichebourg | 2331 | 18528  |
| Eiffage SA | 762 | 109291  |
| Elis SA | 3652 | 103808  |
| Gaztransport Et Technigaz SA | 1214 | 222723  |
| Jacquet Metals SACA | 834 | 19469  |
| Kaufman & Broad SA | 564 | 19794  |
| Mersen SA | 1476 | 41186  |
| Nexans SA | 161 | 23676  |
| Pluxee NV | 2043 | 32006  |
| Publicis Groupe SA | 4997 | 518394  |
| Pullup Entertainment | 925 | 16962  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Renault SA | 1410 | $58372  |
| Rexel SA | 31090 | 1222047  |
| Rubis SCA | 6378 | 240491  |
| Safran SA | 6638 | 2309895  |
| Sanofi SA | 11457 | 1111531  |
| Schneider Electric SE | 128 | 35085  |
| Societe Generale SA | 623 | 50194  |
| Technip Energies NV | 4069 | 154554  |
| Teleperformance SE | 13377 | 963851  |
| Valeo SE | 8379 | 114301  |
| Vinci SA | 876 | 123014  |
| Viridien<sup>(a)</sup> | 330 | 38172  |
|  |  | 10984618  |
| **Germany - 7.0%**<br>|  |  |
| Allianz SE | 64 | 29355  |
| ATOSS Software SE | 1789 | 242582  |
| BASF SE | 27241 | 1423140  |
| Bayer AG | 22565 | 973390  |
| CEWE Stiftung & Co. KGaA | 450 | 54819  |
| Continental AG | 7064 | 563921  |
| Daimler Truck Holding AG | 29273 | 1283607  |
| Deutsche Boerse AG | 2979 | 782467  |
| Deutsche Post AG | 5706 | 312530  |
| Deutsche Telekom AG | 19012 | 616698  |
| Elmos Semiconductor SE | 264 | 29923  |
| Evonik Industries AG | 46673 | 732472  |
| flatexDEGIRO AG | 550 | 23570  |
| Fresenius Medical Care AG | 17924 | 858737  |
| Friedrich Vorwerk Group SE | 297 | 28480  |
| Hornbach Holding AG & Co. KGaA | 36 | 3544  |
| IONOS Group SE<sup>(a)</sup> | 3201 | 100632  |
| KION Group AG | 664 | 53092  |
| Krones AG | 292 | 46591  |
| MBB SE | 316 | 76577  |
| Mercedes-Benz Group AG | 719 | 50739  |
| MTU Aero Engines AG | 1243 | 518476  |
| Rheinmetall AG | 427 | 782990  |
| SAP SE | 6741 | 1649375  |
| Schaeffler AG | 4220 | 41437  |
| Siemens Energy AG<sup>(a)</sup> | 28630 | 4046207  |
| SUSS MicroTec SE | 93 | 4273  |
| Talanx AG | 6691 | 893149  |
| Thyssenkrupp AG | 4092 | 44239  |
| TKMS AG& Co. KGaA<sup>(a)</sup> | 242 | 18742  |
| TUI AG<sup>(a)</sup> | 8362 | 88245  |
|  |  | 16373999  |
| **Greece - 0.1%**<br>|  |  |
| Euroseas Ltd. | 464 | 25334  |
| FF Group<sup>(a)(d)</sup> | 2880 | 0  |
| LAMDA Development SA<sup>(a)</sup> | 5041 | 42166  |
| OPAP SA | 3175 | 71249  |
| StealthGas, Inc.<sup>(a)</sup> | 5535 | 38856  |
|  |  | 177605  |

---

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

61<br>

------

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

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Hong Kong - 1.7%**<br>|  |  |
| AIA Group Ltd. | 3200 | $32869  |
| Bank of East Asia Ltd. | 134200 | 229436  |
| BOC Hong Kong Holdings Ltd. | 119500 | 604211  |
| China Foods Ltd. | 268000 | 149449  |
| &nbsp;&nbsp;&nbsp; China Overseas Land & Investment <br>Ltd. | 500339 | 785605  |
| &nbsp;&nbsp;&nbsp; China Overseas Property Holdings <br>Ltd. | 45000 | 26090  |
| Dah Sing Banking Group Ltd. | 86400 | 118149  |
| Dah Sing Financial Holdings Ltd. | 22400 | 101604  |
| First Pacific Co. Ltd. | 182000 | 139173  |
| Galaxy Entertainment Group Ltd. | 224000 | 1098660  |
| Geely Automobile Holdings Ltd. | 114000 | 261663  |
| HKT Trust & HKT Ltd. | 49000 | 72416  |
| SITC International Holdings Co. Ltd. | 74000 | 264381  |
| TCL Electronics Holdings Ltd. | 19000 | 25329  |
| Wasion Holdings Ltd. | 26000 | 57230  |
|  |  | 3966265  |
| **Hungary - 0.3%**<br>|  |  |
|  Magyar Telekom Telecommunications PLC | 35637 | 195309  |
| OTP Bank Nyrt | 4012 | 429870  |
|  |  | 625179  |
| **India - 2.1%**<br>|  |  |
| Acutaas Chemicals Ltd. | 2868 | 54419  |
| Affle 3i Ltd.<sup>(a)</sup> | 2052 | 41088  |
| Ajanta Pharma Ltd. | 3614 | 111348  |
| Avanti Feeds Ltd. | 6660 | 61817  |
| Bharat Petroleum Corp. Ltd. | 21243 | 90764  |
| Can Fin Homes Ltd. | 2578 | 26665  |
| Canara Bank | 441894 | 761675  |
| Caplin Point Laboratories Ltd. | 1536 | 31412  |
| CMS Info Systems Ltd. | 8938 | 33735  |
| Coforge Ltd. | 1618 | 29944  |
|  Deepak Fertilisers & Petrochemicals Corp. Ltd. | 1386 | 19849  |
| eClerx Services Ltd. | 1831 | 95687  |
| Emcure Pharmaceuticals Ltd. | 1402 | 21288  |
| Epigral Ltd. | 2158 | 29295  |
| Force Motors Ltd. | 767 | 175772  |
| GHCL Ltd. | 3524 | 22143  |
| Glenmark Pharmaceuticals Ltd. | 4501 | 101921  |
| Godawari Power and Ispat Ltd. | 20442 | 60516  |
| Gujarat State Petronet Ltd. | 9789 | 33411  |
| Gulf Oil Lubricants India Ltd. | 1556 | 20783  |
| Hexaware Technologies Ltd. | 2841 | 24187  |
| Hitachi Energy India Ltd. | 134 | 27303  |
| ICICI Bank Ltd. - ADR | 33671 | 1003396  |
| ICICI Bank Ltd. | 41950 | 626294  |
| Indegene Ltd. | 14063 | 81447  |
| IndiaMART InterMESH Ltd.<sup>(b)</sup> | 1702 | 42103  |
| Indian Metals & Ferro Alloys Ltd. | 4412 | 73076  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Indian Oil Corp. Ltd. | 31758 | $58819  |
| IPCA Laboratories Ltd. | 1688 | 26654  |
| J Kumar Infraprojects Ltd. | 4142 | 26846  |
| Jupiter Life Line Hospitals Ltd. | 1284 | 19895  |
| Kalyan Jewellers India Ltd. | 7017 | 37895  |
| Karur Vysya Bank Ltd. | 9686 | 28436  |
| Kaveri Seed Co. Ltd. | 6379 | 69993  |
| KPIT Technologies Ltd. | 1756 | 22892  |
|  Multi Commodity Exchange of India Ltd. | 162 | 20076  |
| National Aluminium Co. Ltd. | 10699 | 37362  |
| Nava Ltd. | 16476 | 104127  |
| NESCO Ltd. | 8026 | 109401  |
| PG Electroplast Ltd. | 4975 | 31849  |
| Procter & Gamble Health Ltd. | 854 | 54192  |
| PTC India Ltd. | 23424 | 42058  |
| Punjab National Bank | 63173 | 86865  |
| Sagility Ltd. | 42671 | 24702  |
| SAI Life Sciences Ltd.<sup>(a)(b)</sup> | 20348 | 205697  |
| South Indian Bank Ltd. | 179850 | 76689  |
| Tips Music Ltd. | 6988 | 42978  |
| Union Bank of India Ltd. | 48941 | 83735  |
| UPL Ltd. | 5016 | 44382  |
| Websol Energy System Ltd.<sup>(a)</sup> | 32233 | 32222  |
|  |  | 4989103  |
| **Indonesia - 0.4%**<br>|  |  |
| Adaro Andalan Indonesia PT | 51900 | 21708  |
| Bank Rakyat Indonesia Persero Tbk PT | 3086100 | 677296  |
| Ciputra Development Tbk PT | 1021000 | 50819  |
| Elnusa Tbk PT | 1259800 | 37563  |
| Japfa Comfeed Indonesia Tbk PT | 418100 | 65680  |
| Pakuwon Jati Tbk PT | 1145700 | 23218  |
|  Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 254400 | 18231  |
| Triputra Agro Persada PT | 733300 | 65963  |
|  |  | 960478  |
| **Ireland - 1.0%**<br>|  |  |
| Accenture PLC - Class A | 957 | 256763  |
| Bank of Ireland Group PLC | 68065 | 1302175  |
| Experian PLC | 16536 | 747862  |
| Greencore Group PLC | 7709 | 26376  |
| PDD Holdings, Inc. - ADR<sup>(a)</sup> | 269 | 30502  |
|  |  | 2363678  |
| **Israel - 0.7%**<br>|  |  |
| Camtek Ltd./Israel<sup>(a)(e)</sup> | 545 | 57958  |
| El Al Israel Airlines<sup>(a)</sup> | 21893 | 112298  |
| Global-e Online Ltd.<sup>(a)</sup> | 2210 | 86875  |
|  Harel Insurance Investments & Financial Services Ltd. | 983 | 38259  |
| Ituran Location and Control Ltd. | 3759 | 161675  |
| Monday.com Ltd.<sup>(a)</sup> | 3726 | 549809  |
| Oddity Tech Ltd. - Class A<sup>(a)</sup> | 1092 | 43877  |
| SimilarWeb Ltd.<sup>(a)</sup> | 2508 | 18785  |

---

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

62<br>

------

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

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Israel - (Continued)** | **Israel - (Continued)** | **Israel - (Continued)** |
|  Teva Pharmaceutical Industries Ltd. - ADR - ADR<sup>(a)</sup> | 10687 | $333541  |
| Tower Semiconductor Ltd.<sup>(a)</sup> | 1010 | 118594  |
|  |  | 1521671  |
| **Italy - 1.5%**<br>|  |  |
| Banco BPM SpA | 14627 | 222180  |
| Buzzi SpA | 61 | 3708  |
| CIR SpA-Compagnie Industriali<sup>(a)</sup> | 4513 | 3717  |
| De' Longhi SpA | 774 | 33032  |
| Enel SpA | 127894 | 1332541  |
| Ferrari NV | 2050 | 763285  |
| Fincantieri SpA<sup>(a)</sup> | 2586 | 50134  |
| FinecoBank Banca Fineco SpA | 4406 | 114420  |
| Intesa Sanpaolo SpA | 13947 | 96595  |
| Iren SpA | 10972 | 32897  |
| Lottomatica Group SpA | 5621 | 147506  |
| OVS SpA<sup>(b)</sup> | 5501 | 31327  |
| Prysmian SpA | 1754 | 174894  |
| Reply SpA | 363 | 48811  |
| Saipem SpA<sup>(e)</sup> | 8724 | 24873  |
| Technoprobe SpA<sup>(a)</sup> | 2782 | 39393  |
| &nbsp;&nbsp;&nbsp; TREVI - Finanziaria Industriale <br>SpA<sup>(a)</sup> | 88437 | 65846  |
| UniCredit SpA | 4515 | 374816  |
| Webuild SpA | 9430 | 37771  |
|  |  | 3597746  |
| **Japan - 10.2%**<br>|  |  |
| Advantest Corp. | 2300 | 290361  |
| Aica Kogyo Co. Ltd. | 6300 | 141401  |
| Aiful Corp. | 8500 | 30244  |
| Aisin Corp. | 13400 | 250604  |
| Asics Corp. | 2100 | 50591  |
| BayCurrent, Inc. | 900 | 37262  |
| B-Lot Co. Ltd. | 3400 | 31856  |
| Brother Industries Ltd. | 1200 | 23941  |
| Bushiroad, Inc. | 11700 | 22124  |
| Change Holdings, Inc. | 4600 | 28985  |
| Chiyoda Co. Ltd. | 5900 | 41116  |
| Chiyoda Corp.<sup>(a)</sup> | 41100 | 193056  |
| Chubu Shiryo Co. Ltd. | 9700 | 107175  |
| Chugoku Electric Power Co., Inc. | 18300 | 116078  |
| Credit Saison Co. Ltd. | 3400 | 91362  |
| Cyberagent, Inc. | 4000 | 34188  |
| Cybozu, Inc. | 7100 | 127614  |
| Daihen Corp. | 1000 | 63909  |
| Daiichi Sankyo Co. Ltd. | 4200 | 89450  |
| Daikin Industries Ltd. | 8900 | 1142520  |
| DeNA Co. Ltd. | 2400 | 38706  |
| Earth Corp. | 1100 | 34850  |
| Electric Power Development Co. Ltd. | 1900 | 38396  |
| ENEOS Holdings, Inc. | 38000 | 268534  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| euglena Co. Ltd.<sup>(a)</sup> | 21600 | $55067  |
| Feed One Co. Ltd. | 3300 | 22285  |
| Ferrotec Corp. | 1600 | 51467  |
| Fintech Global, Inc. | 26800 | 23632  |
| Foster Electric Co. Ltd. | 5400 | 93586  |
| Fujikura Ltd. | 900 | 100517  |
| Fujita Kanko, Inc. | 6500 | 109638  |
| Fukuoka Financial Group, Inc. | 8300 | 267904  |
| Glory Ltd. | 17100 | 432710  |
| Greens Co. Ltd. | 3700 | 55229  |
| grems, Inc. | 2200 | 35424  |
| GS Yuasa Corp. | 900 | 21577  |
| H2O Retailing Corp. | 6100 | 80326  |
| Hachijuni Bank Ltd. | 8900 | 96117  |
| Hakuhodo DY Holdings, Inc. | 2900 | 21665  |
| Hamakyorex Co. Ltd. | 4800 | 54278  |
| Hitachi Ltd. | 17800 | 552221  |
| Hokuhoku Financial Group, Inc. | 1700 | 49611  |
| Hokuriku Electric Power Co. | 6900 | 42868  |
| Hyakugo Bank Ltd. | 22000 | 160516  |
| INPEX Corp. | 4400 | 87074  |
| Insource Co. Ltd. | 3600 | 19728  |
| Intermestic, Inc. | 5200 | 64825  |
| Isetan Mitsukoshi Holdings Ltd. | 1400 | 20391  |
| Japan Airlines Co. Ltd. | 33200 | 617979  |
| Japan Communications, Inc.<sup>(a)</sup> | 32000 | 29847  |
| Japan Material Co. Ltd. | 8900 | 88086  |
| JINS Holdings, Inc. | 700 | 24731  |
| Joshin Denki Co. Ltd. | 2100 | 36329  |
| JTEKT Corp. | 2600 | 28837  |
| Juroku Financial Group, Inc. | 2400 | 109944  |
| Kaneka Corp. | 3000 | 84143  |
| Kansai Electric Power Co., Inc. | 16900 | 265177  |
| Kasumigaseki Capital Co. Ltd. | 600 | 28034  |
| Komatsu Ltd. | 7837 | 250525  |
| Konami Group Corp. | 3300 | 449801  |
| Konica Minolta, Inc. | 24800 | 107880  |
| Kubota Corp. | 21700 | 306422  |
| Kyoto Financial Group, Inc. | 3900 | 85045  |
| Kyushu Railway Co. | 1700 | 44291  |
| Lacto Japan Co. Ltd. | 5000 | 110786  |
| Leopalace21 Corp. | 15200 | 63879  |
| Lintec Corp. | 1500 | 42375  |
| LY Corp. | 18200 | 48460  |
| M3, Inc. | 3600 | 48752  |
| Maruha Nichiro Corp. | 5100 | 41808  |
| Mazda Motor Corp. | 13500 | 105433  |
| MIMAKI ENGINEERING CO Ltd. | 4000 | 41851  |
| MINEBEA MITSUMI, Inc. | 41000 | 823435  |
| Mitsuba Corp. | 6300 | 42112  |
| Mitsubishi Electric Corp. | 2600 | 76275  |
| Mitsubishi Heavy Industries Ltd. | 62300 | 1525849  |
| Mitsubishi Motors Corp. | 18200 | 43178  |

---

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

63<br>

------

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

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Japan - (Continued)** | **Japan - (Continued)** | **Japan - (Continued)** |
| Mitsubishi UFJ Financial Group, Inc. | 13500 | $214384 |
| Mitsuuroko Group Holdings Co. Ltd. | 1600 | 22544  |
| Mizuho Financial Group, Inc. | 1400 | 50836  |
| Murata Manufacturing Co. Ltd. | 47600 | 988158  |
| Nagase & Co. Ltd. | 1700 | 41323  |
| Nankai Electric Railway Co. Ltd. | 5600 | 106498  |
| NEC Corp. | 2000 | 67438  |
| NexTone, Inc.<sup>(a)</sup> | 3800 | 40290  |
| NGK Insulators Ltd. | 8400 | 179915  |
| Nintendo Co. Ltd. | 16593 | 1120846  |
| Nippn Corp. | 1400 | 21304  |
| Nippon Chemical Industrial Co. Ltd. | 1200 | 21248  |
| Nippon Light Metal Holdings Co. Ltd. | 10400 | 169461  |
| Nippon Paper Industries Co. Ltd. | 18500 | 137424  |
| NIPPON REIT Investment Corp. | 45 | 28370  |
| Nippon Sheet Glass Co. Ltd.<sup>(a)</sup> | 21200 | 80016  |
| Nippon Shinyaku Co. Ltd. | 1800 | 64854  |
| Nipro Corp. | 4800 | 45278  |
| Nishi-Nippon Railroad Co. Ltd. | 4700 | 83793  |
| Noritsu Koki Co. Ltd. | 6800 | 80456  |
| NSK Ltd. | 17200 | 106956  |
| NTN Corp. | 47700 | 111782  |
| Obayashi Corp. | 11000 | 229775  |
| Oki Electric Industry Co. Ltd. | 24200 | 307299  |
| Olympus Corp. | 74500 | 948998  |
| Open House Group Co. Ltd. | 900 | 52772  |
| Otsuka Holdings Co. Ltd. | 11600 | 655338  |
| Persol Holdings Co. Ltd. | 23600 | 43734  |
| PHC Holdings Corp. | 14600 | 103738  |
| PIA Corp.<sup>(a)</sup> | 4300 | 72974  |
| Recruit Holdings Co. Ltd. | 4900 | 279531  |
| Resona Holdings, Inc. | 37500 | 355564  |
| Ricoh Co. Ltd. | 2400 | 21070  |
| Sac's Bar Holdings, Inc. | 3800 | 18639  |
| Sakata INX Corp. | 6200 | 93830  |
| San Ju San Financial Group, Inc. | 3800 | 106956  |
| Sanko Gosei Ltd. | 7400 | 41808  |
| Sanyo Shokai Ltd. | 2100 | 52168  |
| Sato Corp. | 8100 | 123930  |
| SBI Holdings, Inc. | 4800 | 103590  |
| SCREEN Holdings Co. Ltd. | 3100 | 300555  |
| Seiko Group Corp. | 500 | 23334  |
| Showa Sangyo Co. Ltd. | 8500 | 163485  |
| SIIX Corp. | 12700 | 106214  |
| Sony Group Corp. | 5600 | 143137  |
| Subaru Corp. | 11400 | 244838  |
| Sumitomo Chemical Co. Ltd. | 25900 | 73724  |
| Sumitomo Mitsui Financial Group, Inc. | 17600 | 566427  |
| Suntory Beverage & Food Ltd. | 32443 | 980384  |
| Takeda Pharmaceutical Co. Ltd. | 7800 | 242322  |
| TDK Corp. | 71900 | 1017287  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Toei Co. Ltd. | 700 | $24344  |
| Tokai Carbon Co. Ltd. | 5300 | 32817  |
| Tokyo Century Corp. | 1800 | 23243  |
| Tokyo Electron Ltd. | 300 | 65885  |
| Tokyu Construction Co. Ltd. | 5800 | 48499  |
| Tokyu Fudosan Holdings Corp. | 3900 | 35472  |
| Towa Pharmaceutical Co., Ltd. | 2300 | 53456  |
| Toyobo Co. Ltd. | 18100 | 145699  |
| Toyoda Gosei Co. Ltd. | 5800 | 146209  |
| Toyota Boshoku Corp. | 2600 | 41746  |
| Toyota Tsusho Corp. | 3100 | 104542  |
| Traders Holdings Co. Ltd. | 5400 | 32848  |
| TSI Holdings Co. Ltd. | 3800 | 25374  |
| Workman Co. Ltd. | 2400 | 100765  |
| YAMABIKO Corp. | 11400 | 216496  |
| Yamaha Corp. | 10000 | 69556  |
| ZERIA Pharmaceutical Co. Ltd. | 7400 | 99118  |
|  |  | 23906907  |
| **Luxembourg - 0.5%**<br>|  |  |
| ArcelorMittal SA | 22556 | 1027253  |
| Aroundtown SA<sup>(a)</sup> | 11649 | 36240  |
| d'Amico International Shipping SA | 11746 | 68503  |
|  |  | 1131996  |
| **Malaysia - 0.1%**<br>|  |  |
| Dialog Group Bhd | 42600 | 17623  |
| Eco World Development Group Bhd | 78700 | 40546  |
| My EG Services Bhd | 113600 | 22683  |
| SP Setia Bhd Group | 191100 | 34320  |
| Sunway Construction Group Bhd | 16200 | 22615  |
|  |  | 137787  |
| **Mexico - 0.2%**<br>|  |  |
| America Movil SAB de CV | 102400 | 105712  |
| Gentera SAB de CV | 26100 | 66614  |
| Grupo Mexico SAB de CV - Class B | 9600 | 90736  |
| Grupo Televisa SAB - ADR | 10756 | 31300  |
| Qualitas Controladora SAB de CV | 5200 | 53737  |
|  |  | 348099  |
| **Netherlands - 3.2%**<br>|  |  |
| Adyen NV<sup>(a)(b)</sup> | 737 | 1182495  |
| ASM International NV | 1487 | 896390  |
| ASML Holding NV | 551 | 588972  |
| ASML Holding NV | 1868 | 1998499  |
| ASR Nederland NV | 2825 | 200537  |
| Corbion NV | 2226 | 48467  |
| ING Groep NV | 42733 | 1201274  |
| Koninklijke Heijmans NV | 2074 | 163993  |
| Koninklijke Philips NV | 18108 | 490092  |
| Randstad NV | 18905 | 718720  |
| Signify NV<sup>(b)</sup> | 1510 | 37113  |
| TomTom NV<sup>(a)</sup> | 3592 | 23014  |
|  |  | 7549566  |

---

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

64<br>

------

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

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Norway - 0.8%**<br>|  |  |
| BW Offshore Ltd. | 11588 | $51916  |
| Equinor ASA | 41857 | 989564  |
| Hoegh Autoliners ASA | 10775 | 104214  |
| Norsk Hydro ASA | 51923 | 401190  |
| Norwegian Air Shuttle ASA | 26382 | 45654  |
| Odfjell SE - Class A | 2330 | 29236  |
| Sea1 offshore, Inc. | 8400 | 18893  |
| Solstad Offshore ASA | 4997 | 21468  |
| Veidekke ASA | 2967 | 52455  |
| Wallenius Wilhelmsen ASA | 9633 | 96472  |
|  |  | 1811062  |
| **Peru - 0.0%<sup>(c)</sup>**<br>|  |  |
| Credicorp Ltd. | 346 | 99302  |
| **Philippines - 0.1%**<br>|  |  |
|  International Container Terminal Services, Inc. | 18470 | 177095  |
| Maynilad Water Services, Inc.<sup>(a)</sup> | 1058 | 304  |
| Megaworld Corp. | 487000 | 17196  |
| Robinsons Land Corp. | 354400 | 97099  |
|  |  | 291694  |
| **Poland - 0.2%**<br>|  |  |
| Diagnostyka SA | 1142 | 54338  |
| Enea SA | 30575 | 165343  |
| Santander Bank Polska SA | 1223 | 185096  |
|  |  | 404777  |
| **Portugal - 0.1%**<br>|  |  |
| Sonae SGPS SA | 168121 | 317574  |
| **Qatar - 0.0%<sup>(c)</sup>**<br>|  |  |
| Ooredoo QPSC | 14917 | 53274  |
| **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>(a)(d)</sup> | 29200 | 0  |
| Severstal PAO<sup>(a)(d)</sup> | 608 | 0  |
| Surgutneftegas PAO<sup>(a)(d)</sup> | 168940 | 0  |
| Tatneft PJSC<sup>(a)(d)</sup> | 19624 | 0  |
|  |  | 0  |
| **Saudi Arabia - 0.1%**<br>|  |  |
|  Al-Babtain Power & Telecommunication Co. | 5523 | 94762  |
| Electrical Industries Co. | 14793 | 44173  |
|  |  | 138935  |
| **Singapore - 1.3%**<br>|  |  |
| Centurion Corp. Ltd. | 54100 | 56280  |
| DBS Group Holdings Ltd. | 9800 | 428891  |
| Food Empire Holdings Ltd. | 19100 | 35663  |
| Oversea-Chinese Banking Corp. Ltd. | 12100 | 185868  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Sea Ltd. - ADR<sup>(a)</sup> | 16380 | $2089597  |
| UOL Group Ltd. | 30600 | 207812  |
|  |  | 3004111  |
| **South Africa - 0.4%**<br>|  |  |
| AVI Ltd. | 22641 | 144317  |
| Coronation Fund Managers Ltd. | 23412 | 66141  |
| DRDGOLD Ltd. - ADR | 1434 | 44468  |
| Gold Fields Ltd. | 3983 | 173700  |
| Omnia Holdings Ltd. | 9920 | 47210  |
| Sasol Ltd.<sup>(a)</sup> | 4579 | 29428  |
| Standard Bank Group Ltd. | 20702 | 363785  |
| Telkom SA SOC Ltd. | 10424 | 37184  |
|  |  | 906233  |
| **South Korea - 3.0%**<br>|  |  |
| BNK Financial Group, Inc. | 7894 | 86806  |
| CJ Logistics Corp. | 326 | 21372  |
| Daewoong Co. Ltd. | 2421 | 36903  |
| DB HiTek Co. Ltd. | 1140 | 53050  |
| Dongjin Semichem Co. Ltd. | 1489 | 37576  |
| ENF Technology Co. Ltd. | 985 | 32174  |
| Han Kuk Carbon Co. Ltd. | 4148 | 85469  |
| Hansol Chemical Co. Ltd. | 299 | 46874  |
| Hanwha Life Insurance Co. Ltd.<sup>(a)</sup> | 9023 | 20363  |
| HD Hyundai Co. Ltd. | 903 | 117200  |
|  HD Hyundai Construction Equipment Co. Ltd. | 688 | 46796  |
| &nbsp;&nbsp;&nbsp; HD Hyundai Heavy Industries Co. <br>Ltd. | 0<sup>(f)</sup> | 148  |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 1082 | 305868  |
| HMM Co. Ltd. | 8353 | 118306  |
| Hyundai Glovis Co. Ltd. | 1226 | 153291  |
| Hyundai Rotem Co. Ltd. | 986 | 128673  |
| Iljin Electric Co. Ltd.<sup>(a)</sup> | 1489 | 55411  |
| ISU Petasys Co. Ltd. | 514 | 42003  |
| JB Financial Group Co. Ltd. | 13775 | 244682  |
| KakaoBank Corp. | 5295 | 79091  |
| KB Financial Group, Inc. | 3170 | 274040  |
| KCC Corp. | 257 | 74517  |
| Kia Corp. | 2927 | 246560  |
| KIWOOM Securities Co. Ltd. | 1571 | 311975  |
| Kolmar Korea Co. Ltd. | 1240 | 53300  |
| Korea Electric Terminal Co. Ltd. | 1604 | 74682  |
| Korea Investment Holdings Co. Ltd. | 1375 | 152825  |
| Kumho Tire Co., Inc.<sup>(a)</sup> | 5734 | 23221  |
| LF Corp. | 2445 | 30887  |
| LG Corp. | 2348 | 130905  |
| LS Corp. | 219 | 30131  |
| NH Investment & Securities Co. Ltd. | 5274 | 76806  |
| S-1 Corp. | 3619 | 180758  |
| Samsung Electronics Co. Ltd. | 24339 | 2028517  |
| Shinhan Financial Group Co. Ltd. | 11400 | 608359  |
| SK Hynix, Inc. | 1754 | 794256  |

---

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

65<br>

------

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

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **South Korea - (Continued)** | **South Korea - (Continued)** | **South Korea - (Continued)** |
| SL Corp. | 1794 | $52971  |
| Youngone Corp. | 1195 | 67727  |
|  |  | 6924493  |
| **Spain - 1.4%**<br>|  |  |
| Acciona SA | 849 | 184485  |
|  ACS Actividades de Construccion y Servicios SA | 1497 | 148471  |
| Aena SME SA<sup>(b)</sup> | 1000 | 27994  |
| Banco Bilbao Vizcaya Argentaria SA | 38829 | 908215  |
| Banco Santander SA | 45032 | 528443  |
| CaixaBank SA | 18997 | 231996  |
|  Distribuidora Internacional de Alimentacion SA<sup>(a)</sup> | 808 | 34804  |
| Gestamp Automocion SA<sup>(b)</sup> | 12234 | 43699  |
| Grifols SA | 43366 | 542651  |
| Iberdrola SA | 20141 | 435954  |
| Industria de Diseno Textil SA | 1356 | 89320  |
| Naturgy Energy Group SA | 1891 | 57578  |
| Prosegur Cia de Seguridad SA | 15826 | 48359  |
| Repsol SA | 1520 | 28469  |
| Unicaja Banco SA<sup>(b)</sup> | 14673 | 47653  |
|  |  | 3358091  |
| **Sweden - 1.3%**<br>|  |  |
| AcadeMedia AB<sup>(b)</sup> | 4993 | 53653  |
| Ambea AB<sup>(b)</sup> | 3570 | 54731  |
| Attendo AB<sup>(b)</sup> | 30647 | 272215  |
| Betsson AB | 6646 | 106343  |
| Camurus AB<sup>(a)</sup> | 1486 | 98985  |
| Castellum AB | 2215 | 25543  |
| Clas Ohlson AB - Class B | 2024 | 66634  |
| Hemnet Group AB | 2989 | 56116  |
| Hoist Finance AB<sup>(b)</sup> | 3862 | 47319  |
| Loomis AB | 1208 | 51200  |
| Peab AB - Class B | 10931 | 101293  |
| Saab AB | 2401 | 139657  |
| Spotify Technology SA<sup>(a)</sup> | 2442 | 1418094  |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | 6431 | 231230  |
|  Telefonaktiebolaget LM Ericsson - Class B | 36467 | 355997  |
| Thule Group AB<sup>(b)</sup> | 1331 | 34635  |
|  |  | 3113645  |
| **Switzerland - 2.6%**<br>|  |  |
| ABB Ltd. | 3493 | 258207  |
| Avolta AG | 1912 | 113396  |
| Cie Financiere Richemont SA | 525 | 113304  |
| Coca-Cola HBC AG | 5631 | 291610  |
| dormakaba Holding AG | 560 | 45282  |
| EFG International AG | 2395 | 57260  |
| International Workplace Group PLC | 40855 | 126523  |
| Julius Baer Group Ltd. | 12383 | 968086  |
| Nestle SA | 8009 | 796042  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Roche Holding AG | 2219 | $917042  |
| Temenos AG | 863 | 86218  |
| UBS Group AG | 51530 | 2382081  |
|  |  | 6155051  |
| **Taiwan - 4.2%**<br>|  |  |
| Accton Technology Corp. | 11000 | 412009  |
|  Advanced Energy Solution Holding Co. Ltd. | 1000 | 42173  |
| Airoha Technology Corp. | 3000 | 42249  |
| Arcadyan Technology Corp. | 9000 | 49840  |
| ASRock, Inc. | 3000 | 23678  |
| AzureWave Technologies, Inc. | 14000 | 26868  |
| Chenbro Micom Co. Ltd. | 2000 | 63970  |
| Chenming Electronic Technology Corp. | 8000 | 32943  |
| Chunghwa Precision Test Tech Co. Ltd. | 1000 | 71880  |
| Compeq Manufacturing Co. Ltd. | 23000 | 68149  |
| CyberPower Systems, Inc. | 3000 | 20064  |
| Daxin Materials Corp. | 3000 | 32885  |
| Delta Electronics, Inc. | 4000 | 121710  |
| Depo Auto Parts Ind Co. Ltd. | 36000 | 159624  |
|  Dynapack International Technology Corp. | 5000 | 53475  |
| Elite Advanced Laser Corp. | 3000 | 25460  |
| Eternal Materials Co. Ltd. | 83000 | 107769  |
| Fositek Corp. | 1000 | 51475  |
| Genesys Logic, Inc. | 12000 | 35624  |
| Genius Electronic Optical Co. Ltd. | 4000 | 57223  |
| Hon Hai Precision Industry Co. Ltd. | 64000 | 465006  |
| ITE Technology, Inc. | 21000 | 76571  |
| Kinsus Interconnect Technology Corp. | 7000 | 35422  |
| Lotes Co. Ltd. | 2000 | 82020  |
| LuxNet Corp. | 5000 | 51176  |
| Machvision, Inc. | 2200 | 36813  |
| MPI Corp. | 2000 | 142216  |
| Nan Pao Resins Chemical Co. Ltd. | 2000 | 20019  |
| Phison Electronics Corp. | 1000 | 45411  |
| PixArt Imaging, Inc. | 8000 | 51380  |
| Sincere Navigation Corp. | 38000 | 31461  |
| Sinon Corp. | 17000 | 23671  |
| SinoPac Financial Holdings Co. Ltd. | 79618 | 72353  |
| Sitronix Technology Corp. | 7000 | 39925  |
|  Sunonwealth Electric Machine Industry Co. Ltd. | 5000 | 25329  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 135600 | 6624518  |
| Test Research, Inc. | 5000 | 30318  |
| Thinking Electronic Industrial Co. Ltd. | 31000 | 170853  |
| Ton Yi Industrial Corp. | 93000 | 52718  |
| Topkey Corp. | 10000 | 51360  |
| UDE Corp. | 11000 | 40124  |
| United Integrated Services Co. Ltd. | 2000 | 59998  |
| Winbond Electronics Corp.<sup>(a)</sup> | 43000 | 111409  |
| WT Microelectronics Co. Ltd. | 5000 | 21677  |
|  |  | 9860816  |

---

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

66<br>

------

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

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Taiwan, Province of China - 0.0%<sup>(c)</sup>**<br>|  |  |
| Anpec Electronics Corp. | 3000 | $20554  |
| **Thailand - 0.4%**<br>|  |  |
| Amata Corp. PCL | 47900 | 25109  |
| Bangchak Corp. PCL - NVDR | 37000 | 30549  |
| Bangkok Bank PCL - NVDR | 53500 | 287292  |
| Carabao Group PCL | 18500 | 25502  |
| Com7 PCL | 76600 | 47521  |
| GFPT PCL - NVDR | 67800 | 22734  |
| Krung Thai Bank PCL - NVDR | 48900 | 43738  |
| Regional Container Lines PCL | 82300 | 71118  |
| Rojana Industrial Park PCL | 307500 | 42914  |
| SCB X PCL | 71500 | 314323  |
| Srisawad Corp. PCL | 33600 | 27139  |
| TOA Paint Thailand PCL | 137233 | 59223  |
|  |  | 997162  |
| **Turkey - 0.2%**<br>|  |  |
| Akbank TAS | 136922 | 223162  |
|  Avrupakent Gayrimenkul Yatirim Ortakligi AS | 26953 | 32655  |
| Turkiye Petrol Rafinerileri AS | 23470 | 100976  |
| Turkiye Sinai Kalkinma Bankasi AS<sup>(a)</sup> | 96306 | 27698  |
|  |  | 384491  |
| **United Arab Emirates - 0.4%**<br>|  |  |
| Abu Dhabi Islamic Bank PJSC | 33484 | 189274  |
| Aldar Properties PJSC | 69497 | 164634  |
| Deyaar Development PJSC | 175863 | 48844  |
| Dubai Taxi Co. PJSC | 30154 | 21083  |
| Emaar Properties PJSC | 47999 | 183642  |
| First Abu Dhabi Bank PJSC | 44149 | 209701  |
| Orascom Construction PLC | 5900 | 53183  |
| Parkin Co. PJSC | 15113 | 23415  |
|  |  | 893776  |
| **United Kingdom - 8.7%**<br>|  |  |
| 3i Group PLC | 29346 | 1276762  |
| 4imprint Group PLC | 2758 | 140420  |
| Aberdeen Group PLC | 77535 | 214898  |
| Admiral Group PLC | 146 | 6250  |
| AJ Bell PLC | 24307 | 144539  |
| Anglogold Ashanti PLC | 6969 | 598619  |
| Aon PLC - Class A | 2002 | 706466  |
| AstraZeneca PLC | 9156 | 1686455  |
| BAE Systems PLC | 97735 | 2246823  |
| Barclays PLC | 70667 | 448596  |
| Beazley PLC | 12203 | 136322  |
| British American Tobacco PLC | 1626 | 92158  |
| Centrica PLC | 153328 | 349119  |
| Chemring Group PLC | 4682 | 29701  |
| CMC Markets PLC<sup>(b)</sup> | 13297 | 53585  |
| Cohort PLC | 211 | 2564  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Currys PLC | 95322 | $161914  |
| Dunelm Group PLC | 9401 | 142438  |
| Endeavour Mining PLC | 78 | 4039  |
| Energean PLC | 3132 | 37409  |
| Foresight Group Holdings Ltd. | 11944 | 69236  |
| Future PLC | 3315 | 23533  |
| Games Workshop Group PLC | 1336 | 339086  |
| GSK PLC | 44719 | 1098990  |
| Halma PLC | 766 | 36301  |
| Harbour Energy PLC | 16351 | 43127  |
| HSBC Holdings PLC | 100143 | 1570016  |
| IMI PLC | 7222 | 240772  |
| Imperial Brands PLC | 5896 | 247877  |
| J Sainsbury PLC | 208698 | 919742  |
| Johnson Service Group PLC | 32715 | 59538  |
| Lancashire Holdings Ltd. | 4603 | 39533  |
| Lloyds Banking Group PLC | 123437 | 162670  |
| Marks & Spencer Group PLC | 23229 | 103330  |
| Mitchells & Butlers PLC<sup>(a)</sup> | 6846 | 23987  |
| Mitie Group PLC | 13531 | 30366  |
| NatWest Group PLC | 7384 | 64403  |
| Next PLC | 336 | 61819  |
| Paragon Banking Group PLC | 21834 | 250047  |
| Rank Group PLC | 23441 | 31381  |
| Reckitt Benckiser Group PLC | 17047 | 1380140  |
| Rolls-Royce Holdings PLC | 228701 | 3554719  |
| Saga Plc<sup>(a)</sup> | 19761 | 103395  |
| Savills PLC | 5152 | 69168  |
| Shell PLC | 27357 | 1009714  |
| St James's Place PLC | 1236 | 22874  |
| Stolt-Nielsen Ltd. | 2576 | 83020  |
| United Utilities Group PLC | 7479 | 120314  |
| Vodafone Group PLC | 49151 | 65308  |
|  |  | 20303483  |
| **United States - 2.8%**<br>|  |  |
| BeOne Medicines Ltd.<sup>(a)</sup> | 5200 | 120835  |
| Carnival PLC - ADR<sup>(a)</sup> | 6002 | 182041  |
| Coupang, Inc.<sup>(a)</sup> | 47006 | 1108872  |
| Ferguson Enterprises, Inc. | 4517 | 1005620  |
| Linde PLC | 1979 | 843826  |
| Nexteer Automotive Group Ltd. | 29000 | 23726  |
| Philip Morris International, Inc. | 11701 | 1876840  |
| Resolute Forest Products<sup>(a)(d)</sup> | 1388 | 0  |
| Seagate Technology Holdings PLC | 5227 | 1439463  |
|  |  | 6601223  |
| **Uruguay - 0.4%**<br>|  |  |
| MercadoLibre, Inc.<sup>(a)</sup> | 501 | 1009144  |
| **Vietnam - 0.2%**<br>|  |  |
| Vietnam Dairy Products JSC | 187500 | 436312  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $137,019,064)** |  | 186871331 |

---

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

67<br>

------

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

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS - 3.2%**<br>|  |  |
|  BANK-2020, Series 2020-BN30, Class XA, 1.25%, 12/15/2053<sup>(g)(h)</sup> | $929709 | $43784  |
| Benchmark Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class XA, <br>1.66%, 09/15/2053 (Callable 10/15/2030)<sup>(g)(h)</sup> | 848228 | 38074  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V17, Class A3, <br>5.07%, 09/15/2058 (Callable 09/15/2030) | 250000 | 256067  |
| BX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RISE, Class B, <br>5.11% (1 mo. Term SOFR + 1.36%), 11/15/2036, <br>(1.25% Floor)<sup>(b)</sup> | 126799 | 126683  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class A, <br>4.75% (1 mo. Term SOFR + 1.00%), 01/15/2039, <br>(1.00% Floor)<sup>(b)</sup> | 200000 | 199378  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class B, <br>5.54% (1 mo. Term SOFR + 1.79%), 02/15/2039, <br>(1.79% Floor)<sup>(b)</sup> | 92804 | 92746  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, <br>4.89% (1 mo. Term SOFR + 1.14%), 03/15/2030, (1.14% Floor)<sup>(b)</sup> | 199223 | 198788  |
| &nbsp;&nbsp;&nbsp; BX Trust 2024-VLT4, Series 2024-AIRC, Class B, 5.89% (1 mo. Term SOFR + 2.14%), 08/15/2041, <br>(2.14% Floor)<sup>(b)</sup> | 140429 | 141129  |
|  Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2020-C9, Class XA, 1.59%, 09/15/2053 (Callable 08/15/2030)<sup>(g)(h)</sup> | 620846 | 26697  |
| &nbsp;&nbsp;&nbsp; CIP Commercial Mortgage Trust, Series 2025-SBAY, Class A, <br>5.15% (1 mo. Term SOFR + 1.40%), 10/15/2037, (1.40% Floor)<sup>(b)</sup> | 200000 | 200000  |
| &nbsp;&nbsp;&nbsp; Computershare Corporate Trust, Series 2021-FCMT, Class A, <br>5.07% (1 mo. Term SOFR + 1.31%), 05/15/2031, (1.20% Floor)<sup>(b)</sup> | 100000 | 99946  |
|  CSTL Commercial Mortgage Trust, Series 2024-GATE, Class A, 4.76%, 11/10/2041<sup>(b)(h)</sup> | 100000 | 100527  |
|  DK Trust, Series 2024-SPBX, Class A, 5.25% (1 mo. Term SOFR + 1.50%), 03/15/2034, (1.50% Floor)<sup>(b)</sup> | 175000 | 175149  |
|  DTP Commercial Mortgage Trust, Series 2023-STE2, Class A, 5.84%, 01/15/2041<sup>(b)(h)</sup> | 100000 | 102721  |
|  ELM Trust, Series 2024-ELM, Class B15, 6.00%, 06/10/2039<sup>(b)(h)</sup> | 100000 | 100781  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5410, Class DF, <br>5.32% (30 day avg SOFR <br>US + 1.45%), 05/25/2054, (1.45% Floor), (6.75% Cap) | $430939 | $435533  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5460, Class FH, <br>4.97% (30 day avg SOFR <br>US + 1.10%), 10/25/2054, (1.10% Floor), (6.50% Cap) | 222270 | 222176  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5481, Class FA, <br>5.27% (30 day avg SOFR <br>US + 1.40%), 12/25/2054, (1.40% Floor), (6.50% Cap) | 65993 | 66421  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5483, Class FD, <br>5.17% (30 day avg SOFR US + 1.30%), 12/25/2054, (1.30% Floor), (6.50% Cap) | 130672 | 131343  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5583, Class FA, <br>5.12% (30 day avg SOFR <br>US + 1.25%), 10/25/2055, (1.25% Floor), (6.50% Cap) | 94081 | 94620  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K110, Class X1, <br>1.64%, 04/25/2030 (Callable 04/25/2030)<sup>(g)(h)</sup> | 463475 | 26632  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K118, Class X1, <br>0.95%, 09/25/2030 (Callable 06/25/2030)<sup>(g)(h)</sup> | 979065 | 35932  |
| &nbsp;&nbsp;&nbsp; Series K151, Class X1, 0.34%, 04/25/2030 (Callable 02/25/2030)<sup>(g)(h)</sup> | 2501501 | 31947  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-100, Class FD, <br>5.32% (30 day avg SOFR <br>US + 1.45%), 06/25/2054, (1.45% Floor), (6.50% Cap) | 637895 | 642860  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-22, Class FC, <br>5.17% (30 day avg SOFR <br>US + 1.30%), 05/25/2054, (1.30% Floor), (6.50% Cap) | 179006 | 179771  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-86, Class FA, <br>5.32% (30 day avg SOFR <br>US + 1.45%), 12/25/2054, (1.45% Floor), (6.50% Cap) | 38885 | 39187  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-93, Class FL, <br>5.32% (30 day avg SOFR <br>US + 1.45%), 12/25/2054, (1.45% Floor), (6.50% Cap) | 1095682 | 1104211  |
| &nbsp;&nbsp;&nbsp; Great Wolf Trust, Series 2024-WOLF, Class A, 5.29% (1 mo. Term SOFR + 1.54%), 03/15/2039, <br>(1.54% Floor)<sup>(b)</sup> | 150000 | 150214  |
| GS Mortgage Securities Corp. II<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-SHIP, Class C, 5.51%, 09/10/2038<sup>(b)(h)</sup> | 150000 | 150354  |
| &nbsp;&nbsp;&nbsp; Series 2024-FAIR, Class A, 5.88%, 07/15/2029<sup>(b)(h)</sup> | 225000 | 231735  |
|  GS Mortgage-Backed Securities Trust, Series 2024-PJ9, Class A3, 5.00%, 02/25/2055 (Callable 03/25/2031)<sup>(b)(h)</sup> | 63497 | 63123  |

---

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

68<br>

------

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

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**December 31, 2025(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)**  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-3, Class A3, 3.50%, 05/25/2045 (Callable 01/25/2026)<sup>(b)(h)</sup> | $45914 | $42535  |
| &nbsp;&nbsp;&nbsp; Series 2017-2, Class A3, 3.50%, 05/25/2047 (Callable 02/25/2030)<sup>(b)(h)</sup> | 42744 | 38693  |
| &nbsp;&nbsp;&nbsp; Series 2018-5, Class A1, 3.50%, 10/25/2048 (Callable 01/25/2030)<sup>(b)(h)</sup> | 78523 | 70874  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, Class A3, 4.00%, 05/25/2049 (Callable 01/25/2026)<sup>(b)(h)</sup> | 7387 | 6858  |
| &nbsp;&nbsp;&nbsp; Series 2019-INV3, Class A3, 3.50%, 05/25/2050 (Callable 01/25/2032)<sup>(b)(h)</sup> | 81017 | 72808  |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class A15, 3.50%, 07/25/2050 (Callable 02/25/2029)<sup>(b)(h)</sup> | 55251 | 49250  |
| &nbsp;&nbsp;&nbsp; Series 2022-6, Class A3, 3.00%, 11/25/2052 (Callable 03/25/2044)<sup>(b)(h)</sup> | 157072 | 136960  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class A3A, 5.00%, 07/25/2053 (Callable 03/25/2035)<sup>(b)(h)</sup> | 64416 | 64036  |
| &nbsp;&nbsp;&nbsp; KSL Commercial Mortgage Trust, Series 2025-MH, Class A, <br>5.34% (1 mo. Term SOFR + 1.59%), 12/15/2042, (1.59% Floor)<sup>(b)</sup> | 225000 | 225280  |
| &nbsp;&nbsp;&nbsp; ONNI Commercial Mortgage Trust, Series 2024-APT, Class A, <br>5.57%, 07/15/2039<sup>(b)(h)</sup> | 250000 | 253736  |
|  PRM5 Trust, Series 2025-PRM5, Class B, 4.76%, 03/10/2033<sup>(b)(h)</sup> | 125000 | 125080  |
|  Provident Funding Mortgage Trust, Series 2021-J1, Class A10, 2.00%, 10/25/2051 (Callable 07/25/2048)<sup>(b)(h)</sup> | 200000 | 126297  |
|  PSMC Trust, Series 2020-3, Class A1, 3.00%, 11/25/2050 (Callable 06/25/2037)<sup>(b)(h)</sup> | 50474 | 43979  |
| Sequoia Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2013-3, Class A2, 2.50%, 03/25/2043 (Callable 05/25/2026)<sup>(h)</sup> | 65164 | 57179  |
| &nbsp;&nbsp;&nbsp; Series 2019-CH3, Class A1, 4.00%, 09/25/2049 (Callable 08/25/2032)<sup>(b)(h)</sup> | 4163 | 3910  |
| &nbsp;&nbsp;&nbsp; Series 2020-4, Class A8, 2.50%, 11/25/2050 (Callable 09/25/2041)<sup>(b)(h)</sup> | 200000 | 148064  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, 6.00%, 01/25/2055 (Callable 05/25/2029)<sup>(b)(h)</sup> | 76227 | 77502  |
|  SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 07/15/2041<sup>(b)</sup> | 220000 | 196135  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  Tharaldson Hotel Portfolio Trust, Series 2023-THL, Class A, 6.99%, 12/10/2034<sup>(b)(h)</sup> | $154641 | $156536  |
|  Wells Fargo Mortgage Backed Securities Trust, Series 2020-RR1, Class A1, 3.00% (1 Month U.S. LIBOR + 0.00%), 05/25/2050 (Callable 06/25/2038)<sup>(b)(h)(i)</sup> | 75780 | 66399  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $7,710,956)** |  | 7470640 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  |  |
|  **AFFILIATED REGISTERED INVESTMENT COMPANIES - 2.5%**<br>|  |  |
| Voya VACS Series EMHCD Fund<sup>(j)</sup> | 159 | 1702  |
| Voya VACS Series HYB Fund<sup>(j)</sup> | 107009 | 1108616  |
| &nbsp;&nbsp;&nbsp; Voya VACS Series SC Fund - <br>Class SC<sup>(j)</sup> | 449895 | 4732896  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED REGISTERED INVESTMENT COMPANIES** <br>**(Cost $5,924,043)** |  | 5843214 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  |  |
| **CORPORATE BONDS - 2.2%**<br>|  |  |
| **Canada - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, <br>2.70%, 08/03/2026 | $90000 | 89342  |
|  Enbridge, Inc., 1.60%, 10/04/2026 (Callable 09/04/2026) | 93000 | 91357  |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, <br>1.20%, 04/27/2026 | 74000 | 73334  |
|  |  | 254033  |
| **Japan - 0.0%<sup>(c)</sup>**<br>|  |  |
|  Sumitomo Mitsui Trust Bank Ltd., 2.80%, 03/10/2027<sup>(b)</sup> | 71000 | 70081  |
| **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 | 190071  |
| Royalty Pharma PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 09/02/2027 (Callable 07/02/2027) | 145000 | 139725  |
| &nbsp;&nbsp;&nbsp; 2.20%, 09/02/2030 (Callable 06/02/2030) | 42000 | 38068  |
|  |  | 367864  |
| **United States - 1.9%**<br>|  |  |
| AES Corp., 1.38%, 01/15/2026 | 57000 | 56922  |
|  Amazon.com, Inc., 1.50%, 06/03/2030 (Callable 03/03/2030) | 88000 | 79281  |
|  Ameren Illinois Co., 3.80%, 05/15/2028 (Callable 02/15/2028) | 65000 | 64797 |

---

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

69<br>

------

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

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **United States - (Continued)** | **United States - (Continued)** | **United States - (Continued)** |
|  Amgen, Inc., 5.15%, 03/02/2028 (Callable 02/02/2028) | $86000 | $87832  |
|  Apple, Inc., 1.20%, 02/08/2028 (Callable 12/08/2027) | 74000 | 70366  |
|  AT&T, Inc., 2.25%, 02/01/2032 (Callable 11/01/2031) | 119000 | 104388  |
| 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 | 242769  |
| &nbsp;&nbsp;&nbsp; 3.59% to 07/21/2027 then 3 mo. Term SOFR + 1.63%, 07/21/2028 (Callable 07/21/2027) | 30000 | 29800  |
| &nbsp;&nbsp;&nbsp; 3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028 (Callable 12/20/2027) | 15000 | 14811  |
| &nbsp;&nbsp;&nbsp; 2.59% to 04/29/2030 then SOFR + 2.15%, 04/29/2031 (Callable 04/29/2030) | 144000 | 133830  |
| &nbsp;&nbsp;&nbsp; 5.87% to 09/15/2033 then SOFR + 1.84%, 09/15/2034 (Callable 09/15/2033) | 2000 | 2135  |
| Blackstone Holdings Finance Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 08/05/2028 (Callable 06/05/2028)<sup>(b)</sup> | 92000 | 86358  |
| &nbsp;&nbsp;&nbsp; 2.50%, 01/10/2030 (Callable 10/10/2029)<sup>(b)</sup> | 36000 | 33624  |
|  Broadcom, Inc., 3.46%, 09/15/2026 (Callable 07/15/2026) | 57000 | 56775  |
|  Capital One Financial Corp., 1.88% to 11/02/2026 then SOFR + 0.86%, 11/02/2027 (Callable 11/02/2026) | 79000 | 77516  |
|  Carrier Global Corp., 2.72%, 02/15/2030 (Callable 11/15/2029) | 101000 | 94919  |
|  CVS Health Corp., 1.75% (SOFR Rate + 0.00%), 08/21/2030 (Callable 05/21/2030) | 119000 | 105627  |
|  Duke Energy Corp., 3.15%, 08/15/2027 (Callable 05/15/2027) | 117000 | 115546  |
|  Ecolab, Inc., 4.80%, 03/24/2030 (Callable 12/24/2029) | 52000 | 53310  |
|  Enterprise Products Operating LLC, 2.80%, 01/31/2030 (Callable 10/31/2029) | 59000 | 56055  |
|  Equinix, Inc., 2.90%, 11/18/2026 (Callable 09/18/2026) | 51000 | 50450  |
|  Fiserv, Inc., 5.45%, 03/02/2028 (Callable 02/02/2028) | 82000 | 83745  |
|  Global Payments, Inc., 1.20% (SOFR Rate + 0.00%), 03/01/2026 (Callable 02/01/2026) | 31000 | 30847  |
|  HCA, Inc., 4.13%, 06/15/2029 (Callable 03/15/2029) | 76000 | 75569  |
|  Home Depot, Inc., 1.50%, 09/15/2028 (Callable 07/15/2028) | 84000 | 79181  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 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 | $120633  |
| &nbsp;&nbsp;&nbsp; 2.95% to 02/24/2027 then SOFR + 1.17%, 02/24/2028 (Callable 02/24/2027) | 66000 | 65118  |
| &nbsp;&nbsp;&nbsp; 2.07% to 06/01/2028 then SOFR + 1.02%, 06/01/2029 (Callable 06/01/2028) | 43000 | 41012  |
| &nbsp;&nbsp;&nbsp; 1.95% to 02/04/2031 then SOFR + 1.07%, 02/04/2032 (Callable 02/04/2031) | 16000 | 14277  |
| &nbsp;&nbsp;&nbsp; 2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032 (Callable 04/22/2031) | 59000 | 53989  |
|  Kinder Morgan, Inc., 1.75%, 11/15/2026 (Callable 10/15/2026) | 62000 | 60775  |
|  Kite Realty Group LP, 4.00%, 10/01/2026 (Callable 07/01/2026) | 38000 | 37913  |
|  Lowe's Cos., Inc., 3.35%, 04/01/2027 (Callable 03/01/2027) | 57000 | 56585  |
|  Meta Platforms, Inc., 3.50%, 08/15/2027 (Callable 07/15/2027) | 16000 | 15963  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.59% to 05/04/2026 then SOFR + 0.88%, 05/04/2027 (Callable 05/04/2026) | 137000 | 135722  |
| &nbsp;&nbsp;&nbsp; 1.51% to 07/20/2026 then SOFR + 0.86%, 07/20/2027 (Callable 07/20/2026) | 64000 | 63031  |
| &nbsp;&nbsp;&nbsp; 6.30% to 10/18/2027 then SOFR + 2.24%, 10/18/2028 (Callable 10/18/2027) | 36000 | 37407  |
| &nbsp;&nbsp;&nbsp; 2.24% to 07/21/2031 then SOFR + 1.18%, 07/21/2032 (Callable 07/21/2031) | 30000 | 26643  |
| &nbsp;&nbsp;&nbsp; 5.47% to 01/18/2034 then SOFR + 1.73%, 01/18/2035 (Callable 01/18/2034) | 80000 | 83050  |
| &nbsp;&nbsp;&nbsp; 5.30% to 04/20/2032 then SOFR + 2.62%, 04/20/2037 (Callable 04/20/2032) | 7000 | 7079  |
|  MPLX LP, 2.65%, 08/15/2030 (Callable 05/15/2030) | 26000 | 24067  |
|  NextEra Energy Capital Holdings, Inc., 4.63%, 07/15/2027 (Callable 06/15/2027) | 84000 | 84875  |
|  Nucor Corp., 4.30%, 05/23/2027 (Callable 04/23/2027) | 56000 | 56352  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/15/2027 (Callable 08/15/2027) | 89000 | 87044  |
| &nbsp;&nbsp;&nbsp; 2.95%, 04/01/2030 (Callable 01/01/2030) | 172000 | 158628  |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., <br>3.60%, 09/01/2027 (Callable 06/01/2027) | 104000 | 103303  |

---

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

70<br>

------

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

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **United States - (Continued)** | **United States - (Continued)** | **United States - (Continued)** |
| Ovintiv, Inc., 5.38%, 01/01/2026 | $82000 | $81980  |
|  PepsiCo, Inc., 2.63%, 07/29/2029 (Callable 04/29/2029) | 54000 | 51559  |
|  PPG Industries, Inc., 1.20%, 03/15/2026 (Callable 02/15/2026) | 92000 | 91473  |
|  Realty Income Corp., 3.25%, 01/15/2031 (Callable 10/15/2030) | 98000 | 93144  |
|  Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027 (Callable 09/15/2026) | 46000 | 46284  |
|  Sierra Pacific Power Co., 2.60%, 05/01/2026 (Callable 02/01/2026) | 90000 | 89544  |
|  Southwestern Electric Power Co., 1.65%, 03/15/2026 (Callable 02/15/2026) | 61000 | 60682  |
|  Steel Dynamics, Inc., 1.65%, 10/15/2027 (Callable 08/15/2027) | 59000 | 56645  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/15/2026 (Callable 01/12/2026) | 97000 | 96728  |
| &nbsp;&nbsp;&nbsp; 2.05%, 02/15/2028 (Callable 12/15/2027) | 18000 | 17257  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/15/2029 (Callable 01/12/2026) | 14000 | 13645  |
|  US Bancorp, 4.55% to 07/22/2027 then SOFR + 1.66%, 07/22/2028 (Callable 07/22/2027) | 30000 | 30229  |
| Verizon Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.36%, 03/15/2032 (Callable 12/15/2031) | 130000 | 114405  |
| &nbsp;&nbsp;&nbsp; 4.78%, 02/15/2035 (Callable 11/15/2034) | 55000 | 54265  |
|  VMware LLC, 2.20%, 08/15/2031 (Callable 05/15/2031) | 50000 | 44488  |
|  Walmart, Inc., 1.05%, 09/17/2026 (Callable 08/17/2026) | 86000 | 84473  |
|  Walt Disney Co., 2.00%, 09/01/2029 (Callable 06/01/2029) | 58000 | 54201  |
|  WEC Energy Group, Inc., 5.15%, 10/01/2027 (Callable 09/01/2027) | 53000 | 53955  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.53% to 03/24/2027 then SOFR + 1.51%, 03/24/2028 (Callable 03/24/2027) | 20000 | 19876  |
| &nbsp;&nbsp;&nbsp; 3.58% to 05/22/2027 then 3 mo. Term SOFR + 1.57%, 05/22/2028 (Callable 05/22/2027) | 16000 | 15881  |
|  |  | 4390633  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $5,199,319)** |  | 5082611  |
|  **COLLATERALIZED LOAN OBLIGATIONS - 1.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; ARES CLO, Series 2022-65A, Class A1R, 4.98% (3 mo. Term <br>SOFR + 1.12%), 07/25/2034, (1.12% Floor) (Callable 07/25/2026)<sup>(b)</sup> | 250000 | 249651  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  Bain Capital Credit CLO, Series 2020-5A, Class ARR, 5.03% (3 mo. Term SOFR + 1.15%), 04/20/2034, (1.15% Floor) (Callable 04/20/2026)<sup>(b)</sup>  | $250000 | $249877  |
|  Benefit Street Partners CLO Ltd., Series 2020-21A, Class A1R2, 5.16% (3 mo. Term SOFR + 1.24%), 01/15/2039, (1.24% Floor) (Callable 01/15/2028)<sup>(b)</sup> | 250000 | 249907  |
|  CBAM Ltd., Series 2017-1A, Class AR2, 5.27% (3 mo. Term SOFR + 1.39%), 01/20/2038, (1.39% Floor) (Callable 01/20/2027)<sup>(b)</sup> | 250000 | 251068  |
|  CIFC Funding Ltd., Series 2022-4A, Class AR, 4.98% (3 mo. Term SOFR + 1.09%), 07/16/2035, (1.09% Floor) (Callable 07/16/2026)<sup>(b)</sup> | 250000 | 249634  |
|  Empower CLO Ltd., Series 2025-1A, Class A, 5.19% (3 mo. Term SOFR + 1.31%), 07/20/2038, (1.31% Floor) (Callable 07/20/2027)<sup>(b)</sup> | 250000 | 250548  |
| &nbsp;&nbsp;&nbsp; Invesco CLO Ltd., Series 2021-3A, Class A1R, 4.94% (3 mo. Term <br>SOFR + 1.08%), 10/22/2034, <br>(1.08% Floor) (Callable 07/22/2026)<sup>(b)</sup> | 260000 | 259698  |
| &nbsp;&nbsp;&nbsp; Magnetite CLO Ltd., Series 2021-31A, Class A1R, 0.00% (3 mo. Term <br>SOFR + 1.00%), 07/15/2034, <br>(1.00% Floor)<sup>(b)</sup> | 250000 | 250000  |
| &nbsp;&nbsp;&nbsp; Neuberger Berman CLO Ltd., Series 2022-47A, Class AR, <br>5.20% (3 mo. Term SOFR + 1.09%), 04/16/2035, (1.09% Floor) (Callable 07/14/2026)<sup>(b)</sup> | 250000 | 249671  |
|  Octagon Investment Partners Ltd., Series 2020-3A, Class A1R2, 5.26% (3 mo. Term SOFR + 1.36%), 01/15/2038, (1.36% Floor) (Callable 10/15/2026)<sup>(b)</sup> | 400000 | 400865  |
|  OZLM Ltd., Series 2016-15A, Class A1R3, 4.93% (3 mo. Term SOFR + 1.05%), 04/20/2033, (1.05% Floor) (Callable 04/20/2026)<sup>(b)</sup> | 195379 | 195327  |
|  Park Avenue Institutional Advisers CLO Ltd., Series 2021-1A, Class A1AR, 4.99% (3 mo. Term SOFR + 1.11%), 01/20/2034, (1.11% Floor) (Callable 04/20/2026)<sup>(b)</sup> | 250000 | 249875  |
|  Sound Point CLO Ltd., Series 2021-1A, Class AR, 4.95% (3 mo. Term SOFR + 1.05%), 04/25/2034, (1.05% Floor) (Callable 07/25/2026)<sup>(b)</sup> | 250000 | 249667  |
| &nbsp;&nbsp;&nbsp; TCI-Symphony CLO Ltd., Series <br>2016-1A, Class AR2, 5.19% <br>(3 mo. Term SOFR + 1.28%), 10/13/2032, (1.02% Floor) <br>(Callable 01/13/2026)<sup>(b)</sup> | 174043 | 174048  |

---

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

71<br>

------

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

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AB BSL CLO Ltd., Series 2023-4A, Class A1R, 5.18% (3 mo. Term <br>SOFR + 1.30%), 04/20/2038, (1.30% Floor) (Callable 04/20/2027)<sup>(b)</sup> | $250000 | $250234  |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc., Series 2025-FL4, Class A, <br>5.18% (1 mo. Term SOFR + 1.45%), 11/19/2042, (1.45% Floor) (Callable 05/19/2028)<sup>(b)</sup> | 250000 | 250295  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $4,029,422)** |  | 4030365  |
| **ASSET-BACKED SECURITIES - 1.4%** | **ASSET-BACKED SECURITIES - 1.4%** |  |
|  Oscar Finance Holdings 2 General, Inc. Association, Series 2021-1A, Class A4, 1.00%, 04/10/2028 (Callable 01/10/2026)<sup>(b)</sup> | 9234 | 9172  |
| American Airlines Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-2, 3.60%, 09/22/2027 | 53892 | 53122  |
| &nbsp;&nbsp;&nbsp; Series 2016-1, 3.58%, 01/15/2028 | 4004 | 3944  |
| &nbsp;&nbsp;&nbsp; Series 2016-2, 3.20%, 06/15/2028 | 22796 | 22194  |
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, Series <br>2023-3, Class B, 5.47%, 02/15/2029 (Callable 08/15/2027) | 150000 | 153169  |
|  CNH Equipment Trust, Series 2023-A, Class A4, 4.77%, 10/15/2030 (Callable 03/15/2027) | 300000 | 304994  |
|  COLT Funding LLC, Series 2021-2, Class A1, 0.92%, 08/25/2066 (Callable 01/25/2026)<sup>(b)(h)</sup> | 165853 | 142892  |
|  Container Leasing International LLC, Series 2022-1A, Class A, 2.72%, 01/18/2047<sup>(b)</sup> | 50860 | 47346  |
| Exeter Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-4A, Class A3, 4.39%, 09/17/2029 (Callable 09/17/2029) | 150000 | 150652  |
| &nbsp;&nbsp;&nbsp; Series 2025-5A, Class A2, 4.38%, 06/15/2028 (Callable 06/15/2028) | 100000 | 100109  |
|  FedEx Corp., Series 2020-1AA, 1.88%, 02/20/2034 | 101837 | 89328  |
|  GLS Auto Receivables Trust, Series 2025-3A, Class A3, 4.44%, 03/15/2029 (Callable 03/15/2029)<sup>(b)</sup> | 100000 | 100449  |
|  Harley-Davidson Customer Funding Corp., Series 2023-B, Class A4, 5.78%, 04/15/2031 (Callable 08/15/2027) | 150000 | 153430  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  Honda Auto Receivables Owner Trust, Series 2025-4, Class A2A, 4.04%, 06/15/2028 (Callable 06/15/2028) | $150000 | $150220  |
|  Laurel Road Prime Student Loan Trust, Series 2020-A, Class A2FX, 1.40%, 11/25/2050 (Callable 04/25/2027)<sup>(b)</sup> | 69469 | 62367  |
|  Loanpal Solar Loan Ltd., Series 2020-2GF, Class A, 2.75%, 07/20/2047 (Callable 11/20/2036)<sup>(b)</sup> | 153560 | 131409  |
| Mosaic Solar Loans LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-2A, Class A, 3.82%, 06/22/2043 (Callable 08/20/2029)<sup>(b)</sup> | 179664 | 170170  |
| &nbsp;&nbsp;&nbsp; Series 2020-2A, Class A, 1.44%, 08/20/2046 (Callable 08/20/2032)<sup>(b)</sup> | 53871 | 45115  |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, 1.17%, 09/16/2069 (Callable 05/15/2028)<sup>(b)</sup> | 51004 | 47893  |
| &nbsp;&nbsp;&nbsp; Series 2020-HA, Class A, 1.31%, 01/15/2069 (Callable 04/15/2028)<sup>(b)</sup> | 42776 | 40544  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 0.84%, 05/15/2069 (Callable 02/15/2029)<sup>(b)</sup> | 34368 | 31690  |
| &nbsp;&nbsp;&nbsp; Series 2021-DA, Class C, 3.48%, 04/15/2060 (Callable 05/15/2032)<sup>(b)</sup> | 92741 | 87103  |
| &nbsp;&nbsp;&nbsp; Series 2023-A, Class A, 5.51%, 10/15/2071 (Callable 09/15/2033)<sup>(b)</sup> | 128101 | 131416  |
| Santander Consumer USA Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-6, Class A3, 5.93%, 07/17/2028 (Callable 11/15/2027) | 70355 | 70623  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class B, 4.93%, 09/17/2029 (Callable 04/15/2028) | 100000 | 100750  |
|  SMB Private Education Loan Trust, Series 2020-PTB, Class A2A, 1.60%, 09/15/2054<sup>(b)</sup> | 101142 | 95988  |
|  SoFi Consumer Loan Program Trust, Series 2025-1, Class B, 5.12%, 02/27/2034 (Callable 02/25/2028)<sup>(b)</sup> | 100000 | 101286  |
|  Stellantis Financial Underwritten Enhanced Lease Trust, Series 2025-CA, Class A3, 4.11%, 04/20/2029 (Callable 08/20/2028)<sup>(b)</sup> | 150000 | 150184  |
|  Sunnova Energy International, Inc., Series 2020-AA, Class A, 2.98%, 06/20/2047 (Callable 06/20/2027)<sup>(b)</sup> | 181384 | 162792  |

---

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

72<br>

------

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

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** |
|  Sunrun, Inc., Series 2020-1A, Class A, 2.21%, 07/31/2051<sup>(b)</sup> | $154404 | $144824  |
|  World Omni Auto Receivables Trust, Series 2024-C, Class B, 4.68%, 07/15/2030 (Callable 02/15/2028) | 100000 | 101130  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $3,233,877)** |  | 3156305 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **PREFERRED STOCKS - 0.9%**<br>|  |  |
| **Brazil - 0.7%**<br>|  |  |
| Banco Bradesco SA | 34100 | 113693  |
| Cia De Sanena Do Parana | 78000 | 111027  |
| Cia Energetica de Minas Gerais | 202270 | 414525  |
| Itau Unibanco Holding SA | 55911 | 402010  |
| Petroleo Brasileiro SA | 94300 | 532096  |
|  |  | 1573351  |
| **Colombia - 0.1%**<br>|  |  |
| Grupo Cibest SA | 2992 | 47680  |
| Grupo de Inversiones Suramericana SA | 13397 | 151503  |
|  |  | 199183  |
| **Germany - 0.0%<sup>(c)</sup>**<br>|  |  |
| Draegerwerk AG & Co. KGaA | 328 | 26758  |
| **Russia - 0.0%<sup>(c)</sup>**<br>|  |  |
| Surgutneftegas PAO<sup>(a)(d)</sup> | 270800 | 0  |
| **South Korea - 0.1%**<br>|  |  |
| Samsung Electronics Co. Ltd. | 3491 | 214237  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $1,774,224)** |  | 2013529  |
|  **REAL ESTATE INVESTMENT TRUSTS - 0.8%**<br>|  |  |
| **Australia - 0.0%<sup>(c)</sup>**<br>|  |  |
| Ingenia Communities Group | 5737 | 19718  |
| Region Group | 55812 | 87379  |
|  |  | 107097  |
| **Canada - 0.1%**<br>|  |  |
| Primaris Real Estate Investment Trust | 11331 | 128702  |
| **India - 0.0%<sup>(c)</sup>**<br>|  |  |
| Brookfield India Real Estate Trust<sup>(b)</sup> | 17328 | 63941  |
| Mindspace Business Parks REIT<sup>(b)</sup> | 11780 | 62261  |
|  |  | 126202 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value** |
| **Japan - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Global One Real Estate Investment <br>Corp. | 291 | $255845  |
| Japan Excellent, Inc. | 112 | 106556  |
| KDX Realty Investment Corp. | 115 | 129023  |
| Sekisui House Reit, Inc. | 260 | 149365  |
|  |  | 640789 |
| **Malaysia - 0.1%**<br>|  |  |
| Sunway Real Estate Investment Trust | 478000 | 272125  |
| **Netherlands - 0.0%<sup>(c)</sup>**<br>|  |  |
| Wereldhave NV | 3258 | 73580  |
| **Philippines - 0.1%**<br>|  |  |
| AREIT, Inc. | 217300 | 160669  |
| **Saudi Arabia - 0.0%<sup>(c)</sup>**<br>|  |  |
| Al Rajhi REIT | 7922 | 16647  |
| **Singapore - 0.1%**<br>|  |  |
| AIMS APAC REIT | 19000 | 22172  |
| &nbsp;&nbsp;&nbsp; Digital Core REIT Management Pte <br>Ltd. | 81300 | 41367  |
| ESR-REIT<sup>(a)</sup> | 62580 | 131805  |
|  |  | 195344  |
| **South Africa - 0.0%<sup>(c)</sup>**<br>|  |  |
| Redefine Properties Ltd. | 250156 | 90731  |
| Vukile Property Fund Ltd. | 21387 | 32165  |
|  |  | 122896  |
| **Turkey - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Reysas Gayrimenkul Yatirim <br>Ortakligi AS<sup>(a)</sup> | 269822 | 132206  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $1,686,227)** |  | 1976257  |
|  | Par |  |
| **U.S. TREASURY SECURITIES - 0.4%**<br>|  |  |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/2026 | $53700 | 53843  |
| &nbsp;&nbsp;&nbsp; 0.88%, 09/30/2026 | 103800 | 101748  |
| &nbsp;&nbsp;&nbsp; 1.25%, 11/30/2026 | 8800 | 8619  |
| &nbsp;&nbsp;&nbsp; 1.50%, 01/31/2027 | 8300 | 8123  |
| &nbsp;&nbsp;&nbsp; 2.75%, 04/30/2027 | 400 | 396  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/30/2027 | 45600 | 45742  |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/31/2027 | 143700 | 144441  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/2027 | 2000 | 2032  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2027 | 1100 | 1096 |

---

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

73<br>

------

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

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/15/2028 | $23900 | $24032  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/15/2028 | 56300 | 56782  |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/30/2030 | 81600 | 82237  |
| &nbsp;&nbsp;&nbsp; 1.63%, 05/15/2031 | 126700 | 113555  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/30/2032 | 124700 | 125528  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 8100 | 7556  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032 | 62200 | 62958  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 | 138000 | 139331  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 | 60000 | 57959  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,044,859)** |  | 1035978 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 93.0%** <br>**(Cost $167,621,991)** |  | $217480230 |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 4.9%<sup>(k)(l)</sup> |  | 11505359 |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 2.1% |  | 4877724  |
| **TOTAL NET ASSETS - 100.0%** |  | $233863313 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

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 December 31, 2025, the value of these securities total $14,005,642 or 6.0% of the Fund's net assets.

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

<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 December 31, 2025.

<sup>(e)</sup> All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $77,196.

<sup>(f)</sup> Rounds to zero.

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

<sup>(h)</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 December 31, 2025.

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

<sup>(j)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(k)</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 December 31, 2025 was 3.49%.

<sup>(l)</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 December 31, 2025 is $80,766 which represented 0.0% of net assets. 

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

74<br>

------

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

**Wilshire International Equity Fund** 

**Schedule of Futures Contracts** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $690094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3252)  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3252) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $337313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1166  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3340625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(656)  |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1093047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1622  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 809156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6438  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 472000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7366  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15936  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12684 |

---

The Fund has recorded an asset of $4,813 as of December 31, 2025 related to the current day's variation margin related to these contracts.

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

75<br>

------

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

**Wilshire International Equity Fund** 

**Schedule of Total Return Swap Contracts** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | Morgan Stanley | Receive | EFFR + 0.38% | Monthly | 02/27/2026 | $28866255 | $5684284  |
|  MSCI Emerging Markets Total Return Index | Goldman Sachs | Receive | EFFR + 0.50% | Termination | 02/27/2026 | 13122005 | 2696395  |
| **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)** | $8380679 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

EFFR - Effective Federal Funds Rate was 3.64% as of December 31, 2025.

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

76<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 29.4%** | **CORPORATE BONDS - 29.4%** | **CORPORATE BONDS - 29.4%** |
| **Basic Materials - 1.6%**<br>|  |  |
|  Air Products and Chemicals, Inc., 4.30%, 06/11/2028 (Callable 05/11/2028) | $86000 | $86853  |
| &nbsp;&nbsp;&nbsp; Albemarle Corp., <br>4.65%, 06/01/2027 (Callable 05/01/2027) | 82000 | 82449  |
|  ArcelorMittal SA, 6.00%, 06/17/2034 (Callable 03/17/2034)<sup>(a)</sup> | 36000 | 38730  |
| &nbsp;&nbsp;&nbsp; Aris Mining Corp., <br>8.00%, 10/31/2029 (Callable 10/31/2026)<sup>(b)</sup> | 200000 | 209000  |
|  CAP SA, 3.90%, 04/27/2031 (Callable 01/27/2031) | 200000 | 163750  |
| &nbsp;&nbsp;&nbsp; Capstone Copper Corp., <br>6.75%, 03/31/2033 (Callable 03/31/2028)<sup>(b)</sup> | 45000 | 46519  |
| Celanese US Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/15/2030 (Callable 04/15/2027) | 5000 | 5003  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2033 (Callable 04/15/2028)<sup>(a)</sup> | 5000 | 4952  |
| &nbsp;&nbsp;&nbsp; Chemours Co., <br>8.00%, 01/15/2033 (Callable 01/15/2028)<sup>(b)</sup> | 45000 | 43481  |
| Cleveland-Cliffs, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2030 (Callable 04/15/2026)<sup>(b)</sup> | 299000 | 304980  |
| &nbsp;&nbsp;&nbsp; 7.38%, 05/01/2033 (Callable 05/01/2028)<sup>(b)</sup> | 230000 | 239200  |
| &nbsp;&nbsp;&nbsp; 7.63%, 01/15/2034 (Callable 01/15/2029)<sup>(b)</sup> | 135000 | 140906  |
| Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/30/2029 (Callable 06/30/2029) | 200000 | 189987  |
| &nbsp;&nbsp;&nbsp; 6.44%, 01/26/2036 (Callable 10/26/2035)<sup>(b)</sup> | 200000 | 216532  |
| &nbsp;&nbsp;&nbsp; CSN Resources SA, <br>5.88%, 04/08/2032 (Callable 04/08/2027) | 200000 | 157000  |
|  Ecolab, Inc., 4.30%, 06/15/2028 (Callable 05/15/2028) | 74000 | 74692  |
|  Freeport-McMoRan, Inc., 5.45%, 03/15/2043 (Callable 09/15/2042) | 480000 | 466260  |
|  Gold Fields Orogen Holdings BVI Ltd., 6.13%, 05/15/2029 (Callable 02/15/2029) | 200000 | 210330  |
|  Novelis Corp., 6.88%, 01/30/2030 (Callable 01/30/2027)<sup>(b)</sup> | 10000 | 10362  |
|  Olin Corp., 6.63%, 04/01/2033 (Callable 04/01/2028)<sup>(b)</sup> | 10000 | 9900  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
|  Orbia Advance Corp. SAB de CV, 5.88%, 09/17/2044 |  | $200000 | $155295  |
| Rio Tinto Finance USA PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/14/2028 (Callable 02/14/2028) |  | 43000 | 43502  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/14/2055 (Callable 09/14/2054) |  | 21000 | 21425  |
|  Solstice Advanced Materials, Inc., 5.63%, 09/30/2033 (Callable 09/30/2028)<sup>(b)</sup> |  | 5000 | 5031  |
|  Suzano Netherlands BV, 5.50%, 01/15/2036 (Callable 10/15/2035) |  | 21000 | 20819  |
|  Vale Overseas Ltd., 6.40%, 06/28/2054 (Callable 12/28/2053) |  | 31000 | 31607  |
|  Volcan Cia Minera SAA, 8.50%, 10/28/2032 (Callable 10/28/2028)<sup>(b)</sup> |  | 25000 | 25610  |
|  WR Grace Holdings LLC, 5.63%, 08/15/2029 (Callable 02/01/2026)<sup>(b)</sup> |  | 20000 | 18950  |
|  |  |  | 3023125  |
| **Communications - 1.9%**<br>|  |  |  |
|  Alphabet, Inc., 3.00%, 05/06/2033 (Callable 02/06/2033) | EUR | 100000 | 115404  |
|  Altice France SA, 6.88%, 07/15/2032 (Callable 10/15/2026)<sup>(b)</sup> |  | 10000 | 9550  |
|  AppLovin Corp., 5.38%, 12/01/2031 (Callable 10/01/2031) |  | 32000 | 33121  |
| AT&T, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/15/2053 (Callable 03/15/2053) |  | 91000 | 61029  |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/15/2056 (Callable 02/15/2056) |  | 10000 | 10081  |
|  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) |  | 19000 | 19511  |
|  CCO Holdings LLC / CCO Holdings Capital Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/2027 (Callable 02/01/2026)<sup>(b)</sup> |  | 15000 | 14944  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030 (Callable 02/01/2026)<sup>(b)</sup> |  | 25000 | 23813  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032 (Callable 02/01/2027)<sup>(b)</sup> |  | 15000 | 13650  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2034 (Callable 01/15/2028)<sup>(b)</sup> |  | 5000 | 4238  |

---

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

77<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Communications - (Continued)**  | **Communications - (Continued)**  | **Communications - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating <br>LLC / Charter Communications <br>Operating Capital | &nbsp;&nbsp;&nbsp; Charter Communications Operating <br>LLC / Charter Communications <br>Operating Capital | &nbsp;&nbsp;&nbsp; Charter Communications Operating <br>LLC / Charter Communications <br>Operating Capital |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2048 (Callable 10/01/2047) | $125000 | $107347  |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/01/2049 (Callable 01/01/2049) | 265000 | 207651  |
|  Cipher Compute LLC, 7.13%, 11/15/2030 (Callable 11/15/2027)<sup>(b)</sup> | 15000 | 15244  |
|  Cisco Systems, Inc., 4.55%, 02/24/2028 (Callable 01/24/2028) | 97000 | 98539  |
|  Clear Channel Outdoor Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/01/2029 (Callable 02/01/2026)<sup>(b)</sup> | 10000 | 9900  |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/15/2031 (Callable 08/15/2027)<sup>(b)</sup> | 20000 | 20875  |
|  CommScope LLC, 9.50%, 12/15/2031 (Callable 06/15/2026)<sup>(b)</sup> | 5000 | 5038  |
|  Digicel Group Holdings Ltd., 0.00%, 12/31/2030<sup>(b)(c)(d)</sup> | 131130 | 2233  |
|  Directv Financing LLC, 8.88%, 02/01/2030 (Callable 02/01/2026)<sup>(b)</sup> | 60000 | 60750  |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 (Callable 02/01/2026)<sup>(b)</sup> | 17000 | 17043  |
| DISH DBS Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028 (Callable 12/01/2027)<sup>(b)</sup> | 15000 | 14625  |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/01/2029 | 10000 | 8850  |
|  EchoStar Corp., 10.75%, 11/30/2029 (Callable 11/30/2026) | 10000 | 11025  |
|  Expedia Group, Inc., 3.80%, 02/15/2028 (Callable 11/15/2027) | 65000 | 64588  |
|  Flash Compute LLC, 7.25%, 12/31/2030 (Callable 12/31/2027)<sup>(b)</sup> | 15000 | 14813  |
| Gray Media, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.63%, 07/15/2032 (Callable 07/15/2028)<sup>(b)</sup> | 15000 | 15563  |
| &nbsp;&nbsp;&nbsp; 7.25%, 08/15/2033 (Callable 08/15/2028)<sup>(b)</sup> | 15000 | 15281  |
|  Lamar Media Corp., 5.38%, 11/01/2033 (Callable 11/01/2028)<sup>(b)</sup> | 20000 | 19875  |
|  Level 3 Financing, Inc., 6.88%, 06/30/2033 (Callable 06/30/2028)<sup>(b)</sup> | 30000 | 30675  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Match Group Holdings II LLC, 4.13%, 08/01/2030 (Callable 02/01/2026)<sup>(b)</sup> | $60000 | $56775  |
| McGraw-Hill Education, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/01/2028 (Callable 02/01/2026)<sup>(b)</sup> | 20000 | 19975  |
| &nbsp;&nbsp;&nbsp; 7.38%, 09/01/2031 (Callable 09/01/2027)<sup>(b)</sup> | 5000 | 5262  |
|  Meta Platforms, Inc., 5.40%, 08/15/2054 (Callable 02/15/2054) | 68000 | 63522  |
|  Millicom International Cellular SA, 4.50%, 04/27/2031 (Callable 04/27/2026) | 200000 | 186000  |
|  Motorola Solutions, Inc., 5.20%, 08/15/2032 (Callable 06/15/2032) | 30000 | 31008  |
|  Neptune Bidco US, Inc., 10.38%, 05/15/2031 (Callable 11/15/2027)<sup>(b)</sup> | 10000 | 10200  |
|  Netflix, Inc., 5.40%, 08/15/2054 (Callable 02/15/2054) | 47000 | 45504  |
|  News Corp., 3.88%, 05/15/2029 (Callable 01/12/2026)<sup>(b)</sup> | 280000 | 271889  |
|  Nexstar Media, Inc., 4.75%, 11/01/2028 (Callable 01/12/2026)<sup>(b)</sup> | 45000 | 44606  |
|  Sirius XM Radio LLC, 4.13%, 07/01/2030 (Callable 02/01/2026)<sup>(b)</sup> | 235000 | 222956  |
|  Snap, Inc., 6.88%, 03/15/2034 (Callable 09/15/2028)<sup>(b)</sup> | 45000 | 46181  |
|  TELUS Corp., 7.00% to 10/15/2035 then 5 yr. CMT Rate + 2.71%, 10/15/2055 (Callable 07/15/2035) | 34000 | 35360  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.05%, 02/15/2028 (Callable 12/15/2027) | 73000 | 69988  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/15/2031 (Callable 04/15/2026) | 130000 | 124277  |
| &nbsp;&nbsp;&nbsp; 2.70%, 03/15/2032 (Callable 12/15/2031) | 70000 | 62823  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/2055 (Callable 07/15/2054) | 37000 | 35068  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2055 (Callable 12/15/2054) | 24000 | 21960  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/15/2055 (Callable 05/15/2055) | 19000 | 19062  |
|  Uber Technologies, Inc., 4.80%, 09/15/2034 (Callable 06/15/2034) | 144000 | 143891  |
|  Univision Communications, Inc., 7.38%, 06/30/2030 (Callable 02/01/2026)<sup>(b)</sup> | 15000 | 15225  |
|  VeriSign, Inc., 5.25%, 06/01/2032 (Callable 04/01/2032) | 45000 | 46200  |

---

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

78<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Communications - (Continued)**  | **Communications - (Continued)**  | **Communications - (Continued)**  | **Communications - (Continued)**  |
|  Verizon Communications, Inc., 5.75%, 11/30/2045 (Callable 05/30/2045) |  | $45000 | $44478  |
|  Videotron Ltd., 5.70%, 01/15/2035 (Callable 10/15/2034)<sup>(b)</sup> |  | 37000 | 37820  |
|  Virgin Media Secured Finance PLC, 4.25%, 01/15/2030 (Callable 01/12/2026) | GBP | 100000 | 123505  |
| Vmed O2 UK Financing I PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/31/2031 (Callable 02/01/2026)<sup>(b)</sup> |  | 215000 | 194958  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/15/2032 (Callable 04/15/2027)<sup>(b)</sup> | EUR | 150000 | 177078  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2033 (Callable 10/15/2028)<sup>(b)</sup> |  | 200000 | 199141  |
| Wayfair LLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 10/31/2029 (Callable 10/31/2026)<sup>(b)</sup> |  | 10000 | 10425  |
| &nbsp;&nbsp;&nbsp; 6.75%, 11/15/2032 (Callable 11/15/2028)<sup>(b)</sup> |  | 10000 | 10213  |
|  Windstream Services LLC, 7.50%, 10/15/2033 (Callable 10/15/2028)<sup>(b)</sup> |  | 5000 | 5131  |
|  Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/01/2031 (Callable 10/01/2027)<sup>(b)</sup> |  | 10000 | 10475  |
|  |  |  | 3436212  |
| **Consumer, Cyclical - 2.3%**<br>|  |  |  |
|  1011778 BC ULC / New Red Finance, Inc., 3.88%, 01/15/2028 (Callable 02/01/2026)<sup>(b)</sup> |  | 112000 | 110180  |
|  Acushnet Co., 5.63%, 12/01/2033 (Callable 12/01/2028)<sup>(b)</sup> |  | 15000 | 15150  |
|  American Airlines, Inc., 8.50%, 05/15/2029 (Callable 01/12/2026)<sup>(b)</sup> |  | 15000 | 15656  |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029<sup>(b)</sup> |  | 280000 | 284550  |
|  American Axle & Manufacturing, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/15/2032 (Callable 10/15/2028)<sup>(b)</sup> |  | 15000 | 15225  |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/2033 (Callable 10/15/2028)<sup>(b)</sup> |  | 50000 | 50812  |
|  AutoZone, Inc., 5.13%, 06/15/2030 (Callable 05/15/2030) |  | 34000 | 35055  |
|  Caesars Entertainment, Inc., 6.00%, 10/15/2032 (Callable 10/15/2027)<sup>(b)</sup> |  | 75000 | 72844  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| Carnival Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/2029 (Callable 02/01/2029)<sup>(b)</sup> |  | $12000 | $12120  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2030 (Callable 10/15/2029)<sup>(b)</sup> | EUR | 100000 | 125854  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/01/2032 (Callable 05/01/2032)<sup>(b)</sup> |  | 15000 | 15394  |
| &nbsp;&nbsp;&nbsp; 6.13%, 02/15/2033 (Callable 02/15/2028)<sup>(b)</sup> |  | 13000 | 13423  |
|  Clarios Global LP / Clarios US Finance Co.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/2030 (Callable 02/15/2027)<sup>(b)</sup> |  | 35000 | 36487  |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/2032 (Callable 09/15/2028)<sup>(b)</sup> |  | 35000 | 36181  |
|  Cougar JV Subsidiary LLC, 8.00%, 05/15/2032 (Callable 05/15/2027)<sup>(b)</sup> |  | 15000 | 15938  |
|  Dealer Tire LLC / DT Issuer LLC, 8.00%, 02/01/2028 (Callable 02/01/2026)<sup>(b)</sup> |  | 15000 | 14925  |
|  Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/2029 (Callable 02/01/2026)<sup>(b)</sup> |  | 10000 | 8725  |
|  Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/2030 (Callable 02/01/2026)<sup>(b)</sup> |  | 10000 | 9425  |
|  Ford Motor Co., 3.25%, 02/12/2032 (Callable 11/12/2031) |  | 270000 | 237498  |
|  Ford Motor Credit Co. LLC, 5.63%, 10/09/2028 | GBP | 200000 | 272110  |
|  Full House Resorts, Inc., 8.25%, 02/15/2028 (Callable 01/17/2026)<sup>(b)</sup> |  | 15000 | 13013  |
| General Motors Financial Co., Inc. | 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 | 58112  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% to 09/30/2028 then <br>3 mo. LIBOR USD + 3.44%, Perpetual (Callable <br>09/30/2028)<sup>(e)</sup> |  | 52000 | 52390  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% to 09/30/2030 then <br>5 yr. CMT Rate + 5.00%, Perpetual (Callable 09/30/2030)<sup>(a)</sup> |  | 54000 | 54135  |
| Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/15/2030 (Callable 01/12/2026) |  | 65000 | 65000  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/2032 (Callable 08/15/2026)<sup>(b)</sup> |  | 70000 | 64925  |
|  Home Depot, Inc., 4.88%, 06/25/2027 (Callable 05/25/2027) |  | 43000 | 43775  |

---

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

79<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Consumer, Cyclical - (Continued)**  | **Consumer, Cyclical - (Continued)**  | **Consumer, Cyclical - (Continued)**  |
|  Honda Motor Co. Ltd., 4.44%, 07/08/2028 (Callable 06/08/2028) | $82000 | $82770  |
|  Hyundai Capital America, 5.30%, 01/08/2029 (Callable 12/08/2028)<sup>(b)</sup> | 61000 | 62563  |
|  JetBlue Airways Corp. / JetBlue Loyalty LP, 9.88%, 09/20/2031 (Callable 08/27/2027)<sup>(b)</sup> | 160000 | 161200  |
|  Life Time, Inc., 6.00%, 11/15/2031 (Callable 11/15/2027)<sup>(b)</sup> | 55000 | 56100  |
|  Light & Wonder International, Inc., 6.25%, 10/01/2033 (Callable 10/01/2028)<sup>(b)</sup> | 70000 | 70612  |
|  Lindblad Expeditions LLC, 7.00%, 09/15/2030 (Callable 09/15/2027)<sup>(b)</sup> | 15000 | 15581  |
| Lowe's Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.35%, 04/01/2027 (Callable 03/01/2027) | 134000 | 133024  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/15/2053 (Callable 10/15/2052) | 21000 | 20364  |
| Marriott International, Inc./MD<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/15/2031 (Callable 09/15/2031) | 36000 | 36076  |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/2034 (Callable 02/15/2034) | 36000 | 37094  |
|  Mattel, Inc., 5.00%, 11/17/2030 (Callable 10/17/2030) | 14000 | 14040  |
|  McDonald's Corp., 5.45%, 08/14/2053 (Callable 02/14/2053) | 32000 | 31128  |
|  Michaels Cos., Inc., 5.25%, 05/01/2028 (Callable 01/12/2026)<sup>(b)</sup> | 10000 | 9600  |
| NCL Corp. Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/2031 (Callable 09/15/2027)<sup>(b)</sup> | 10000 | 9950  |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/01/2032 (Callable 02/01/2028)<sup>(b)</sup> | 160000 | 163600  |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/2033 (Callable 09/15/2028)<sup>(b)</sup> | 10000 | 9987  |
| Newell Brands, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 06/01/2028 (Callable 03/01/2028)<sup>(b)</sup> | 50000 | 52062  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/15/2030 (Callable 02/15/2030) | 10000 | 9750  |
|  Nissan Motor Acceptance Co. LLC, 6.13%, 09/30/2030 (Callable 08/30/2030)<sup>(b)</sup> | 20000 | 19984  |
|  O'Reilly Automotive, Inc., 5.00%, 08/19/2034 (Callable 05/19/2034) | 35000 | 35236  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Qnity Electronics, Inc., 6.25%, 08/15/2033 (Callable 08/15/2028)<sup>(b)</sup> | $15000 | $15525  |
|  QXO Building Products, Inc., 6.75%, 04/30/2032 (Callable 04/30/2028)<sup>(b)</sup> | 10000 | 10425  |
|  Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp., 6.63%, 02/01/2033 (Callable 02/01/2028)<sup>(b)</sup> | 45000 | 45731  |
|  Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp., 6.25%, 10/15/2030 (Callable 10/15/2027)<sup>(b)</sup> | 10000 | 10175  |
| Royal Caribbean Cruises Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/2026 (Callable 02/01/2026)<sup>(b)</sup> | 85000 | 84894  |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/15/2027 (Callable 10/15/2026)<sup>(b)</sup> | 43000 | 43323  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/2033 (Callable 08/01/2027)<sup>(b)</sup> | 215000 | 220912  |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/15/2036 (Callable 10/15/2035) | 31000 | 31091  |
| Sabre GLBL, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 06/01/2027 (Callable 03/01/2026)<sup>(b)</sup> | 3000 | 3004  |
| &nbsp;&nbsp;&nbsp; 10.75%, 03/15/2030 (Callable 03/15/2027)<sup>(b)</sup> | 10048 | 8227  |
|  SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029 (Callable 01/12/2026)<sup>(b)</sup> | 50000 | 48437  |
|  Staples, Inc., 10.75%, 09/01/2029 (Callable 09/01/2026)<sup>(b)</sup> | 15000 | 14850  |
|  Taylor Morrison Communities, Inc., 5.75%, 11/15/2032 (Callable 05/15/2032)<sup>(b)</sup> | 20000 | 20525  |
|  Tenneco, Inc., 8.00%, 11/17/2028 (Callable 02/01/2026)<sup>(b)</sup> | 30000 | 30075  |
|  Toll Brothers Finance Corp., 4.35%, 02/15/2028 (Callable 11/15/2027) | 51000 | 51128  |
| Travel + Leisure Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/01/2029 (Callable 09/01/2029)<sup>(b)</sup> | 115000 | 111838  |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/01/2033 (Callable 08/15/2028)<sup>(b)</sup> | 55000 | 55688  |
|  United Airlines, Inc., 4.63%, 04/15/2029 (Callable 10/15/2028)<sup>(b)</sup> | 25000 | 24779  |
|  Victra Holdings LLC / Victra Finance Corp., 8.75%, 09/15/2029 (Callable 09/15/2026)<sup>(b)</sup> | 45000 | 47250  |

---

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

80<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(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)**  |
|  Viking Cruises Ltd., 5.88%, 10/15/2033 (Callable 10/15/2028)<sup>(b)</sup> |  | $30000 | $30413  |
|  Voyager Parent LLC, 9.25%, 07/01/2032 (Callable 07/01/2028)<sup>(b)</sup> |  | 10000 | 10575  |
| Warnermedia Holdings, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 03/15/2029 (Callable 01/15/2029) |  | 10000 | 9662  |
| &nbsp;&nbsp;&nbsp; 4.28%, 03/15/2032 (Callable 12/15/2031) |  | 5000 | 4381  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042 (Callable 09/15/2041) |  | 10000 | 7075  |
|  Whirlpool Corp., 6.50%, 06/15/2033 (Callable 03/15/2033) |  | 15000 | 14475  |
| Yum! Brands, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2030 (Callable 10/15/2029)<sup>(b)</sup> |  | 107000 | 106866  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/15/2031 (Callable 12/15/2030) |  | 325000 | 306312  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/31/2032 (Callable 10/01/2026) |  | 125000 | 121875  |
|  |  |  | 4269134  |
| **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) |  | 65000 | 58566  |
|  Adani International Container Terminal Pvt Ltd., 3.00%, 02/16/2031 (Callable 08/18/2030) |  | 153000 | 140818  |
|  Adani Ports & Special Economic Zone Ltd., 3.10%, 02/02/2031 |  | 200000 | 177032  |
|  Allergan Funding SCS, 2.63%, 11/15/2028 (Callable 08/15/2028) | EUR | 100000 | 114162  |
|  Allied Universal Holdco LLC, 7.88%, 02/15/2031 (Callable 02/15/2027)<sup>(b)</sup> |  | 40000 | 42050  |
| Amgen, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/02/2028 (Callable 02/02/2028) |  | 140000 | 142983  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/02/2063 (Callable 09/02/2062) |  | 63000 | 61567  |
|  Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 8.00%, 02/15/2031 (Callable 11/15/2026)<sup>(b)</sup> |  | 45000 | 46069  |
| BAT Capital Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/15/2035 (Callable 05/15/2035) |  | 35000 | 36327  |
| &nbsp;&nbsp;&nbsp; 4.54%, 08/15/2047 (Callable 02/15/2047) |  | 32000 | 26541  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Bausch + Lomb Corp., 8.38%, 10/01/2028 (Callable 01/12/2026)<sup>(b)</sup> | $40000 | $41750  |
| Bausch Health Cos., Inc.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/30/2030 (Callable 01/17/2026)<sup>(b)</sup> | 10000 | 7000  |
| &nbsp;&nbsp;&nbsp; 14.00%, 10/15/2030 (Callable 01/12/2026)<sup>(b)</sup> | 1000 | 1010  |
|  Becton Dickinson & Co., 4.69%, 02/13/2028 (Callable 01/13/2028) | 86000 | 86944  |
|  Bimbo Bakeries USA, Inc., 5.38%, 01/09/2036 (Callable 10/09/2035)<sup>(b)</sup> | 200000 | 204230  |
|  Biogen, Inc., 5.05%, 01/15/2031 (Callable 12/15/2030) | 69000 | 71101  |
|  Block Financial LLC, 5.38%, 09/15/2032 (Callable 07/15/2032) | 38000 | 38272  |
|  Bunge Ltd. Finance Corp., 4.65%, 09/17/2034 (Callable 06/17/2034) | 41000 | 40146  |
|  Campbell's Co., 5.40%, 03/21/2034 (Callable 12/21/2033) | 36000 | 36686  |
| Cardinal Health, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/15/2043 | 35000 | 30628  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2044 (Callable 05/15/2044) | 5000 | 4287  |
| Centene Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/2029 (Callable 02/01/2026) | 45000 | 43624  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/15/2030 (Callable 01/17/2026) | 195000 | 179503  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/15/2030 (Callable 07/15/2030) | 210000 | 185945  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/01/2031 (Callable 12/01/2030) | 155000 | 133317  |
|  CHS/Community Health Systems, Inc., 6.00%, 01/15/2029 (Callable 01/17/2026)<sup>(b)</sup> | 20000 | 19950  |
|  Concentra Health Services, Inc., 6.88%, 07/15/2032 (Callable 07/15/2027)<sup>(b)</sup> | 50000 | 52313  |
|  Darling Ingredients, Inc., 6.00%, 06/15/2030 (Callable 01/12/2026)<sup>(b)</sup> | 205000 | 208075  |
|  Dcli Bidco LLC, 7.75%, 11/15/2029 (Callable 11/15/2026)<sup>(b)</sup> | 20000 | 20550  |
|  Element Fleet Management Corp., 5.04%, 03/25/2030 (Callable 02/25/2030)<sup>(b)</sup> | 35000 | 35643  |
|  Elevance Health, Inc., 4.55%, 05/15/2052 (Callable 11/15/2051) | 25000 | 20657  |

---

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

81<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Consumer, Non-cyclical - (Continued)**  | **Consumer, Non-cyclical - (Continued)**  | **Consumer, Non-cyclical - (Continued)**  | **Consumer, Non-cyclical - (Continued)**  |
|  Eli Lilly & Co., 4.55%, 02/12/2028 (Callable 01/12/2028) |  | $66000 | $67070  |
|  Flowers Foods, Inc., 5.75%, 03/15/2035 (Callable 12/15/2034) |  | 36000 | 36073  |
| Garda World Security Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/2031 (Callable 11/15/2027)<sup>(b)</sup> |  | 15000 | 15300  |
| &nbsp;&nbsp;&nbsp; 8.25%, 08/01/2032 (Callable 08/01/2027)<sup>(b)</sup> |  | 45000 | 45563  |
|  GE HealthCare Technologies, Inc., 4.80%, 01/15/2031 (Callable 12/15/2030) |  | 34000 | 34598  |
|  Global Medical Response, Inc., 7.38%, 10/01/2032 (Callable 10/01/2028)<sup>(b)</sup> |  | 50000 | 51938  |
|  Global Payments, Inc., 5.55%, 11/15/2035 (Callable 08/15/2035) |  | 18000 | 17850  |
|  Graham Holdings Co., 5.63%, 12/01/2033 (Callable 12/01/2028)<sup>(b)</sup> |  | 25000 | 25156  |
|  HCA, Inc., 5.60%, 04/01/2034 (Callable 01/01/2034) |  | 285000 | 296774  |
| Herc Holdings, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/2030 (Callable 06/15/2027)<sup>(b)</sup> |  | 15000 | 15731  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/15/2031 (Callable 03/15/2028)<sup>(b)</sup> |  | 5000 | 5056  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/15/2034 (Callable 03/15/2029)<sup>(b)</sup> |  | 5000 | 5069  |
|  Illumina, Inc., 4.75%, 12/12/2030 (Callable 11/12/2030) |  | 29000 | 29269  |
|  IQVIA, Inc., 6.25%, 02/01/2029 (Callable 01/01/2029) |  | 38000 | 39936  |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/01/2031 (Callable 12/01/2026) |  | 53000 | 50087  |
| &nbsp;&nbsp;&nbsp; 3.63%, 01/15/2032 (Callable 01/15/2027) |  | 90000 | 84191  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2033 (Callable 01/01/2033) |  | 36000 | 37548  |
|  Johnson & Johnson, 4.55%, 03/01/2028 (Callable 02/01/2028) |  | 63000 | 64145  |
|  JSW Infrastructure Ltd., 4.95%, 01/21/2029 (Callable 10/21/2028) |  | 200000 | 200000  |
| Kraft Heinz Foods Co.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 03/15/2033 (Callable 12/15/2032) | EUR | 135000 | 154298  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/26/2039 | $90000 | $100596  |
| &nbsp;&nbsp;&nbsp; 7.13%, 08/01/2039<sup>(b)</sup> | 95000 | 107300  |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/01/2046 (Callable 12/01/2045) | 250000 | 206063  |
|  Kroger Co., 5.65%, 09/15/2064 (Callable 03/15/2064) | 36000 | 34338  |
|  Laboratory Corp. of America Holdings, 4.55%, 04/01/2032 (Callable 02/01/2032) | 66000 | 65486  |
|  LifePoint Health, Inc., 10.00%, 06/01/2032 (Callable 06/01/2027)<sup>(b)</sup> | 20000 | 21200  |
|  MARB BondCo PLC, 3.95%, 01/29/2031 (Callable 01/29/2026)<sup>(b)</sup> | 200000 | 181462  |
| Mars, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/01/2035 (Callable 12/01/2034)<sup>(b)</sup> | 155000 | 159037  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/01/2055 (Callable 11/01/2054)<sup>(b)</sup> | 36000 | 35888  |
|  Mavis Tire Express Services Topco Corp., 6.50%, 05/15/2029 (Callable 02/01/2026)<sup>(b)</sup> | 10000 | 9900  |
|  Medline Borrower LP, 5.25%, 10/01/2029 (Callable 02/01/2026)<sup>(b)</sup> | 30000 | 30075  |
|  Merck & Co., Inc., 5.70%, 09/15/2055 (Callable 03/15/2055) | 44000 | 44430  |
|  Performance Food Group, Inc., 4.25%, 08/01/2029 (Callable 02/01/2026)<sup>(b)</sup> | 90000 | 87975  |
| Philip Morris International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/15/2033 (Callable 11/15/2032) | 34000 | 35501  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/13/2034 (Callable 11/13/2033) | 33000 | 34030  |
| Post Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/2031 (Callable 09/15/2026)<sup>(b)</sup> | 5000 | 4738  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2033 (Callable 09/01/2027)<sup>(b)</sup> | 320000 | 323200  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/15/2036 (Callable 03/15/2031)<sup>(b)</sup> | 105000 | 104869  |
|  Quanta Services, Inc., 5.25%, 08/09/2034 (Callable 05/09/2034) | 32000 | 32931  |
| Quest Diagnostics, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 12/15/2027 (Callable 11/15/2027) | 87000 | 88075  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2034 (Callable 09/15/2034) | 69000 | 69844  |
|  Radiology Partners, Inc., 8.50%, 07/15/2032 (Callable 07/15/2028)<sup>(b)</sup> | 25000 | 26063  |

---

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

82<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Consumer, Non-cyclical - (Continued)**  | **Consumer, Non-cyclical - (Continued)**  | **Consumer, Non-cyclical - (Continued)**  | **Consumer, Non-cyclical - (Continued)**  |
|  Rede D'or Finance Sarl, 4.95%, 01/17/2028 (Callable 10/17/2027)<sup>(b)</sup> |  | $100000 | $99875  |
|  Rollins, Inc., 5.25%, 02/24/2035 (Callable 11/24/2034) |  | 16000 | 16330  |
| Royalty Pharma PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 09/02/2029 (Callable 08/02/2029) |  | 33000 | 33802  |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/25/2055 (Callable 03/25/2055) |  | 22000 | 21814  |
|  Rutas 2 & 7 Finance Ltd., 0.00%, 09/30/2036<sup>(d)</sup> |  | 293333 | 222567  |
|  Smith & Nephew PLC, 5.15%, 03/20/2027 (Callable 02/20/2027) |  | 91000 | 92018  |
|  Solventum Corp., 5.45%, 02/25/2027 (Callable 01/25/2027) |  | 28000 | 28405  |
| Stryker Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/10/2028 (Callable 01/10/2028) |  | 47000 | 47637  |
| &nbsp;&nbsp;&nbsp; 3.65%, 03/07/2028 (Callable 12/07/2027) |  | 54000 | 53688  |
|  Teva Pharmaceutical Finance Netherlands II BV, 4.38%, 05/09/2030 (Callable 02/09/2030) | EUR | 135000 | 162693  |
|  Teva Pharmaceutical Finance Netherlands III BV, 4.10%, 10/01/2046 |  | 51000 | 38505  |
|  Triton Container International Ltd. / TAL International Container Corp., 3.25%, 03/15/2032 (Callable 12/15/2031) |  | 36000 | 32675  |
|  United Natural Foods, Inc., 6.75%, 10/15/2028 (Callable 02/01/2026)<sup>(b)</sup> |  | 70000 | 70000  |
| United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2030 (Callable 01/12/2026) |  | 110000 | 106425  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2031 (Callable 01/12/2026) |  | 195000 | 185981  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/2033 (Callable 11/15/2028)<sup>(b)</sup> |  | 10000 | 9988  |
|  UnitedHealth Group, Inc., 2.95%, 10/15/2027 |  | 77000 | 75829  |
|  US Foods, Inc., 5.75%, 04/15/2033 (Callable 10/15/2027)<sup>(b)</sup> |  | 40000 | 40700  |
|  Verisk Analytics, Inc., 5.25%, 06/05/2034 (Callable 03/05/2034) |  | 37000 | 37839  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Veritiv Operating Co., 10.50%, 11/30/2030 (Callable 11/30/2026)<sup>(b)</sup> | $15000 | $16125  |
|  VSP Optical Group, Inc., 5.45%, 12/01/2035 (Callable 09/01/2035)<sup>(b)</sup> | 26000 | 26084  |
|  VT Topco, Inc., 8.50%, 08/15/2030 (Callable 08/15/2026)<sup>(b)</sup> | 15000 | 15619  |
|  Wand NewCo 3, Inc., 7.63%, 01/30/2032 (Callable 01/30/2027)<sup>(b)</sup> | 20000 | 21100  |
| Zimmer Biomet Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/19/2027 | 95000 | 95803  |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/15/2034 (Callable 06/15/2034) | 67000 | 68343  |
|  Zoetis, Inc., 4.70%, 02/01/2043 (Callable 08/01/2042) | 14000 | 12820  |
|  |  | 7019154  |
| **Energy - 4.1%**<br>|  |  |
|  AI Candelaria - spain- SA, 7.50%, 12/15/2028 (Callable 09/15/2028) | 147916 | 149765  |
|  Aker BP ASA, 5.13%, 10/01/2034 (Callable 07/01/2034)<sup>(b)</sup> | 150000 | 146798  |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 07/01/2034 (Callable 01/01/2029)<sup>(b)</sup> | 25000 | 25187  |
|  Archrock Partners LP / Archrock Partners Finance Corp., 6.63%, 09/01/2032 (Callable 09/01/2027)<sup>(b)</sup> | 30000 | 30900  |
|  Buckeye Partners LP, 6.88%, 07/01/2029 (Callable 07/01/2026)<sup>(b)</sup> | 15000 | 15563  |
| Cenovus Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/07/2028 (Callable 12/07/2027)<br> CAD | 100000 | 72972  |
| &nbsp;&nbsp;&nbsp; 6.75%, 11/15/2039 | 434000 | 477516  |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/15/2047 (Callable 12/15/2046) | 107000 | 98010  |
|  Cheniere Energy Partners LP, 4.00%, 03/01/2031 (Callable 03/01/2026) | 37000 | 36021  |
| Cheniere Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/2028 (Callable 01/12/2026) | 64000 | 63960  |
| &nbsp;&nbsp;&nbsp; 5.65%, 04/15/2034 (Callable 10/15/2033) | 36000 | 37280  |
| Chord Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/01/2030 (Callable 10/01/2027)<sup>(b)</sup> | 10000 | 10075  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2033 (Callable 03/15/2028)<sup>(b)</sup> | 20000 | 20575  |

---

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

83<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Energy - (Continued)**  | **Energy - (Continued)**  | **Energy - (Continued)**  |
|  Civitas Resources, Inc., 8.75%, 07/01/2031 (Callable 07/01/2026)<sup>(b)</sup> | $165000 | $170775  |
|  CNX Resources Corp., 6.00%, 01/15/2029 (Callable 02/01/2026)<sup>(b)</sup> | 20000 | 20075  |
|  Colonial Enterprises, Inc., 5.63%, 11/15/2035 (Callable 08/15/2035)<sup>(b)</sup> | 21000 | 21179  |
|  Columbia Pipelines Operating Co. LLC, 6.04%, 11/15/2033 (Callable 08/15/2033)<sup>(b)</sup> | 115000 | 123105  |
| Continental Resources, Inc./OK<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2031 (Callable 07/15/2030)<sup>(b)</sup> | 162000 | 165855  |
| &nbsp;&nbsp;&nbsp; 2.88%, 04/01/2032 (Callable 01/01/2032)<sup>(b)</sup> | 376000 | 327038  |
|  Cosan Overseas Ltd., 8.25%, Perpetual (Callable 02/05/2026) | 200000 | 200500  |
|  Delek Logistics Partners LP / Delek Logistics Finance Corp., 8.63%, 03/15/2029 (Callable 03/15/2026)<sup>(b)</sup> | 50000 | 52187  |
|  Diamondback Energy, Inc., 5.20%, 04/18/2027 (Callable 03/18/2027) | 75000 | 75996  |
|  DT Midstream, Inc., 4.13%, 06/15/2029 (Callable 02/01/2026)<sup>(b)</sup> | 20000 | 19700  |
|  Eastern Energy Gas Holdings LLC, 5.65%, 10/15/2054 (Callable 04/15/2054) | 36000 | 34779  |
|  Ecopetrol SA, 5.88%, 11/02/2051 (Callable 05/02/2051) | 200000 | 143500  |
| Enbridge, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 06/20/2028 (Callable 05/20/2028) | 69000 | 69727  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20% to 06/27/2034 then <br>5 yr. CMT Rate + 2.97%, 06/27/2054 (Callable 03/27/2034) | 140000 | 148750  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% to 01/15/2034 then <br>5 yr. CMT Rate + 4.43%, 01/15/2084 (Callable 10/15/2033) | 165000 | 187554  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13% to 05/15/2030 then <br>5 yr. CMT Rate + 5.31%, Perpetual (Callable 05/15/2030) | 320000 | 327248  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% to 05/15/2029 then <br>5 yr. CMT Rate + 4.02%, 05/15/2054 (Callable 02/15/2029) | 185000 | 196261  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Enterprise Products Operating LLC, 4.30%, 06/20/2028 (Callable 05/20/2028) | $100000 | $100893  |
| EQT Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/15/2031 (Callable 05/15/2030)<sup>(b)</sup> | 350000 | 328960  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/2034 (Callable 11/01/2033) | 55000 | 57326  |
|  Expand Energy Corp., 6.75%, 04/15/2029 (Callable 02/01/2026)<sup>(b)</sup> | 22000 | 22133  |
|  Fermaca Enterprises S de RL de CV, 6.38%, 03/30/2038 (Callable 09/30/2037) | 167652 | 170072  |
|  Florida Gas Transmission Co. LLC, 5.75%, 07/15/2035 (Callable 04/15/2035)<sup>(b)</sup> | 15000 | 15572  |
|  Global Partners LP / GLP Finance Corp., 8.25%, 01/15/2032 (Callable 01/15/2027)<sup>(b)</sup> | 35000 | 36750  |
|  GNL Quintero SA, 4.63%, 07/31/2029 | 94160 | 94110  |
|  Gulfport Energy Operating Corp., 6.75%, 09/01/2029 (Callable 09/01/2026)<sup>(b)</sup> | 30000 | 30938  |
|  Gulfstream Natural Gas System LLC, 5.60%, 07/23/2035 (Callable 04/23/2035)<sup>(b)</sup> | 21000 | 21533  |
|  Harvest Midstream I LP, 7.50%, 05/15/2032 (Callable 05/15/2027)<sup>(b)</sup> | 30000 | 31200  |
|  Hilcorp Energy I LP / Hilcorp Finance Co., 7.25%, 02/15/2035 (Callable 02/15/2030)<sup>(b)</sup> | 15000 | 14213  |
|  Kinder Morgan Energy Partners LP, 6.95%, 01/15/2038 | 16000 | 18039  |
|  Kinder Morgan, Inc., 1.75%, 11/15/2026 (Callable 10/15/2026) | 55000 | 53913  |
| Kodiak Gas Services LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/2029 (Callable 02/15/2026)<sup>(b)</sup> | 30000 | 31012  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2033 (Callable 10/01/2028)<sup>(b)</sup> | 10000 | 10200  |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/01/2035 (Callable 10/01/2030)<sup>(b)</sup> | 10000 | 10250  |
|  Long Ridge Energy LLC, 8.75%, 02/15/2032 (Callable 02/15/2028)<sup>(b)</sup> | 75000 | 79500  |
|  Matador Resources Co., 6.50%, 04/15/2032 (Callable 04/15/2027)<sup>(b)</sup> | 20000 | 20200  |
|  MC Brazil Downstream Trading SARL, 7.25%, 06/30/2031<sup>(b)</sup> | 181234 | 159712  |

---

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

84<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Energy - (Continued)**  | **Energy - (Continued)**  | **Energy - (Continued)**  |
| Nabors Industries, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.13%, 01/31/2030 (Callable 05/31/2026)<sup>(b)</sup> | $10000 | $10475  |
| &nbsp;&nbsp;&nbsp; 7.63%, 11/15/2032 (Callable 11/15/2028)<sup>(b)</sup> | 10000 | 9787  |
|  NGL Energy Operating LLC / NGL Energy Finance Corp., 8.13%, 02/15/2029 (Callable 02/15/2026)<sup>(b)</sup> | 10000 | 10362  |
|  Northern Oil & Gas, Inc., 8.75%, 06/15/2031 (Callable 06/15/2026)<sup>(b)</sup> | 45000 | 45338  |
| Occidental Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 01/01/2031 (Callable 07/01/2030) | 105000 | 110906  |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/01/2031 | 70000 | 78662  |
| &nbsp;&nbsp;&nbsp; 5.55%, 10/01/2034 (Callable 07/01/2034)<sup>(a)</sup> | 205000 | 208768  |
| &nbsp;&nbsp;&nbsp; 6.45%, 09/15/2036 | 65000 | 69160  |
| Ovintiv, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/15/2034 | 190000 | 202982  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/01/2038 | 160000 | 167332  |
|  Permian Resources Operating LLC, 6.25%, 02/01/2033 (Callable 08/01/2027)<sup>(b)</sup> | 35000 | 35919  |
|  Peru LNG Srl, 5.38%, 03/22/2030 | 150020 | 144769  |
|  Petrobras Global Finance BV, 5.13%, 09/10/2030 (Callable 08/10/2030) | 50000 | 49175  |
|  Petroleos Mexicanos, 6.75%, 09/21/2047 | 100000 | 82250  |
|  Phillips 66 Co., 6.20% to 03/15/2036 then 5 yr. CMT Rate + 2.17%, 03/15/2056 (Callable 12/15/2035) | 85000 | 83889  |
|  Raizen Fuels Finance SA, 6.70%, 02/25/2037 (Callable 11/25/2036) | 200000 | 163000  |
|  SM Energy Co., 7.00%, 08/01/2032 (Callable 08/01/2027)<sup>(b)</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) | 90000 | 96188  |
|  Southern Natural Gas Co. LLC, 5.45%, 08/01/2035 (Callable 05/01/2035)<sup>(b)</sup> | 9000 | 9188  |
|  Sunoco LP, 7.88% to 09/18/2030 then 5 yr. CMT Rate + 4.23%, Perpetual (Callable 09/18/2030)<sup>(b)</sup> | 135000 | 138037  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Sunoco LP / Sunoco Finance Corp., 6.00%, 04/15/2027 (Callable 02/01/2026) | $35000 | $35000  |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP / Tallgrass <br>Energy Finance Corp. | &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP / Tallgrass <br>Energy Finance Corp. | &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP / Tallgrass <br>Energy Finance Corp. |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/15/2029 (Callable 02/15/2026)<sup>(b)</sup> | 15000 | 15413  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2034 (Callable 03/15/2029)<sup>(b)</sup> | 10000 | 9963  |
| TransCanada PipeLines Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.20%, 10/15/2037 | 95000 | 101526  |
| &nbsp;&nbsp;&nbsp; 7.25%, 08/15/2038 | 42000 | 48225  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% to 06/01/2030 then <br>5 yr. CMT Rate + 2.61%, 06/01/2065 (Callable 03/01/2030) | 170000 | 174888  |
|  TransCanada Trust, 5.60% to 03/07/2032 then 5 yr. CMT Rate + 3.99%, 03/07/2082 (Callable 12/07/2031) | 140000 | 138075  |
|  Var Energi ASA, 6.50%, 05/22/2035 (Callable 02/22/2035)<sup>(b)</sup> | 200000 | 211423  |
| Venture Global LNG, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 06/01/2028 (Callable 01/12/2026)<sup>(b)</sup> | 10000 | 10150  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% to 09/30/2029 then <br>5 yr. CMT Rate + 5.44%, Perpetual (Callable 09/30/2029)<sup>(b)</sup> | 225000 | 177750  |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/01/2031 (Callable 06/01/2026)<sup>(b)</sup> | 10000 | 9900  |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/2032 (Callable 02/01/2027)<sup>(b)</sup> | 10000 | 10300  |
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines <br>LNG LLC | &nbsp;&nbsp;&nbsp; Venture Global Plaquemines <br>LNG LLC | &nbsp;&nbsp;&nbsp; Venture Global Plaquemines <br>LNG LLC |
| &nbsp;&nbsp;&nbsp; 6.13%, 12/15/2030 (Callable 09/15/2030)<sup>(b)</sup> | 5000 | 5081  |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/01/2033 (Callable 12/01/2032)<sup>(b)</sup> | 5000 | 5394  |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/2034 (Callable 07/15/2033)<sup>(b)</sup> | 15000 | 15356  |
|  Viper Energy Partners LLC, 4.90%, 08/01/2030 (Callable 07/01/2030) | 12000 | 12120  |
|  Vital Energy, Inc., 7.88%, 04/15/2032 (Callable 04/15/2027)<sup>(b)</sup> | 5000 | 4912  |
|  WBI Operating LLC, 6.50%, 10/15/2033 (Callable 10/15/2028)<sup>(b)</sup> | 25000 | 24906  |
|  Weatherford International Ltd., 6.75%, 10/15/2033 (Callable 10/15/2028)<sup>(b)</sup> | 30000 | 30600  |
|  Williams Cos., Inc., 5.30%, 09/30/2035 (Callable 06/30/2035) | 136000 | 138000  |
|  |  | 7690196  |

---

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

85<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financial - 7.8%**<br>|  |  |  |
|  Acrisure LLC / Acrisure Finance, Inc., 6.75%, 07/01/2032 (Callable 07/01/2028)<sup>(b)</sup> |  | $25000 | $25687  |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap <br>Global Aviation Trust | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap <br>Global Aviation Trust | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap <br>Global Aviation Trust | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap <br>Global Aviation Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95% to 03/10/2030 then <br>5 yr. CMT Rate + 2.72%, 03/10/2055 (Callable 12/10/2029) |  | 150000 | 156870  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% to 01/31/2031 then <br>5 yr. CMT Rate + 2.44%, 01/31/2056 (Callable 10/31/2030) |  | 150000 | 153369  |
|  Agree LP, 5.63%, 06/15/2034 (Callable 03/15/2034) |  | 47000 | 49060  |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC / Alliant Holdings <br>Co.-Issuer, 6.50%, 10/01/2031 (Callable 10/01/2027)<sup>(b)</sup> |  | 15000 | 15394  |
| American Express Co.<br>|  |  |  |
| &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 | 64497  |
| &nbsp;&nbsp;&nbsp; 5.02% to 04/25/2030 then SOFR + 1.44%, 04/25/2031 (Callable 04/25/2030) |  | 77000 | 79319  |
|  American Homes 4 Rent LP, 5.50%, 02/01/2034 (Callable 11/01/2033) |  | 51000 | 52594  |
| American Tower Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 03/15/2027 (Callable 02/15/2027) |  | 69000 | 68635  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/2028 (Callable 06/15/2028) |  | 24000 | 24623  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/16/2031 (Callable 02/16/2031) | EUR | 100000 | 124770  |
| &nbsp;&nbsp;&nbsp; 5.55%, 07/15/2033 (Callable 04/15/2033) |  | 65000 | 67983  |
| &nbsp;&nbsp;&nbsp; 3.70%, 10/15/2049 (Callable 04/15/2049) |  | 25000 | 18375  |
|  Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 7.00%, 04/15/2030 (Callable 01/17/2026)<sup>(b)</sup> |  | 15000 | 14925  |
|  Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp., 5.25%, 04/15/2030 (Callable 02/01/2026)<sup>(b)</sup> |  | 10000 | 9250  |
|  Aon North America, Inc., 5.13%, 03/01/2027 (Callable 02/01/2027) |  | 67000 | 67699  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  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>(b)</sup> | $10000 | $10112  |
|  Arthur J Gallagher & Co., 4.85%, 12/15/2029 (Callable 11/15/2029) | 20000 | 20477  |
| Athene Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.72%, 10/08/2029<sup>(b)</sup> | 31000 | 30945  |
| &nbsp;&nbsp;&nbsp; 5.03%, 07/17/2030<sup>(b)</sup> | 19000 | 19147  |
|  Aviation Capital Group LLC, 5.38%, 07/15/2029 (Callable 06/15/2029)<sup>(b)</sup> | 47000 | 48102  |
| Avolon Holdings Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.53%, 11/18/2027 (Callable 10/18/2027)<sup>(b)</sup> | 31000 | 30069  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/01/2029 (Callable 02/01/2029)<sup>(b)</sup> | 105000 | 108677  |
| Azorra Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 04/15/2030 (Callable 10/15/2026)<sup>(b)</sup> | 15000 | 15787  |
| &nbsp;&nbsp;&nbsp; 7.25%, 01/15/2031 (Callable 07/15/2027)<sup>(b)</sup> | 25000 | 26156  |
|  Banco de Bogota SA, 6.25%, 05/12/2026 | 200000 | 200684  |
| &nbsp;&nbsp;&nbsp; Banco de Credito del Peru SA, 3.25% to 09/30/2026 then <br>5 yr. CMT Rate + 2.45%, 09/30/2031 (Callable 09/30/2026) | 200000 | 197274  |
|  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 | 149062  |
|  Banco Internacional del Peru SAA Interbank, 6.40% to 04/30/2030 then 5 yr. CMT Rate + 2.07%, 04/30/2035 (Callable 04/30/2030)<sup>(b)</sup> | 150000 | 155906  |
|  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>(b)</sup> | 200000 | 209250  |
|  Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/2026 | 200000 | 199000  |
| 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) | 46000 | 45396  |
| &nbsp;&nbsp;&nbsp; 2.55% to 02/04/2027 then SOFR + 1.05%, 02/04/2028 (Callable 02/04/2027) | 74000 | 72687  |

---

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

86<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(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; 3.71% to 04/24/2027 then <br>3 mo. Term SOFR + 1.77%, 04/24/2028 (Callable 04/24/2027) | $79000 | $78558  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63% to 05/01/2030 then <br>5 yr. CMT Rate + 2.68%, Perpetual (Callable 05/01/2030) | 273000 | 283920  |
| &nbsp;&nbsp;&nbsp; 5.47% to 01/23/2034 then SOFR + 1.65%, 01/23/2035 (Callable 01/23/2034) | 26000 | 27100  |
| &nbsp;&nbsp;&nbsp; 5.74% to 02/12/2035 then SOFR + 1.70%, 02/12/2036 (Callable 02/12/2035) | 32000 | 33430  |
| Bank of Montreal<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.33% to 11/26/2027 then Government of Canada <br>5 Year Bond Yield + 4.10%, 11/26/2082 (Callable 11/26/2027)<br> CAD | 270000 | 207919  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30% to 11/26/2034 then <br>5 yr. CMT Rate + 3.01%, 11/26/2084 (Callable 11/26/2034) | 330000 | 349893  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% to 11/26/2030 then <br>5 yr. CMT Rate + 2.98%, 11/26/2085 (Callable 11/26/2030) | 200000 | 205474  |
|  Bank of New York Mellon Corp., 5.06% to 07/22/2031 then SOFR + 1.23%, 07/22/2032 (Callable 07/22/2031) | 56000 | 58011  |
| Bank of Nova Scotia<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63% to 10/27/2027 then <br>5 yr. CMT Rate + 4.39%, 10/27/2082 (Callable 10/27/2027) | 200000 | 211969  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% to 10/27/2035 then <br>5 yr. CMT Rate + 2.73%, 10/27/2085 (Callable 10/27/2035) | 245000 | 250558  |
|  Barclays PLC, 7.63% to 09/15/2035 then USISSO05 + 3.69%, Perpetual (Callable 03/15/2035) | 200000 | 213250  |
|  BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX, 5.88% to 09/13/2029 then 5 yr. CMT Rate + 4.31%, 09/13/2034 (Callable 09/13/2029) | 200000 | 199567  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
|  Berkshire Hathaway Finance Corp., 2.38%, 06/19/2039 (Callable 03/19/2039) | GBP | 120000 | $114780  |
|  BNP Paribas SA, 6.88% to 12/15/2033 then 5 yr. CMT Rate + 2.85%, Perpetual (Callable 12/15/2033)<sup>(b)</sup> |  | 200000 | 200500  |
| Brown & Brown, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 06/23/2028 (Callable 05/23/2028) |  | 73000 | 73711  |
| &nbsp;&nbsp;&nbsp; 6.25%, 06/23/2055 (Callable 12/12/2054) |  | 14000 | 14586  |
|  Canadian Imperial Bank of Commerce, 7.00% to 10/28/2030 then 5 yr. CMT Rate + 3.00%, 10/28/2085 (Callable 10/28/2030) |  | 200000 | 207498  |
|  Capital One Financial Corp., 1.88% to 11/02/2026 then SOFR + 0.86%, 11/02/2027 (Callable 11/02/2026) |  | 50000 | 49061  |
| Citigroup, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% to 08/15/2030 then <br>5 yr. CMT Rate + 2.89%, Perpetual (Callable 08/15/2030) |  | 19000 | 19404  |
| &nbsp;&nbsp;&nbsp; 4.95% to 05/07/2030 then SOFR + 1.46%, 05/07/2031 (Callable 05/07/2030) |  | 30000 | 30555  |
| &nbsp;&nbsp;&nbsp; 4.50% to 09/11/2030 then SOFR + 1.17%, 09/11/2031 (Callable 09/11/2030) |  | 21000 | 21075  |
| &nbsp;&nbsp;&nbsp; 3.06% to 01/25/2032 then SOFR + 1.35%, 01/25/2033 (Callable 01/25/2032) |  | 77000 | 70624  |
|  ConnectOne Bancorp, Inc., 8.13% to 06/01/2030 then 3 mo. Term SOFR + 4.42%, 06/01/2035 (Callable 06/01/2030) |  | 110000 | 114285  |
|  Corebridge Financial, Inc., 3.65%, 04/05/2027 (Callable 03/05/2027) |  | 45000 | 44697  |
| &nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd., 1.82% to 03/10/2026 then <br>5 yr. CMT Rate + 1.10%, 03/10/2031 (Callable 03/10/2026) |  | 200000 | 198890  |
|  Equinix, Inc., 2.95%, 09/15/2051 (Callable 03/15/2051) |  | 58000 | 36335  |
|  Essential Properties LP, 5.40%, 12/01/2035 (Callable 09/01/2035) |  | 20000 | 20020  |
|  Extra Space Storage LP, 5.40%, 06/15/2035 (Callable 03/15/2035) |  | 36000 | 36837  |

---

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

87<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Financial - (Continued)**  | **Financial - (Continued)**  | **Financial - (Continued)**  |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, <br>Inc./NC  | &nbsp;&nbsp;&nbsp; First Citizens BancShares, <br>Inc./NC  | &nbsp;&nbsp;&nbsp; First Citizens BancShares, <br>Inc./NC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% to 12/15/2030 then <br>5 yr. CMT Rate + 3.30%, Perpetual (Callable 12/15/2030) | $305000 | $311100  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% to 03/12/2035 then <br>5 yr. CMT Rate + 1.97%, 03/12/2040 (Callable 12/12/2034) | 170000 | 172975  |
| &nbsp;&nbsp;&nbsp; First Financial Bancorp, <br>6.38% to 12/01/2030 then 3 mo. Term SOFR + 3.00%, 12/01/2035 (Callable 12/01/2030) | 100000 | 100195  |
|  First Industrial LP, 5.25%, 01/15/2031 (Callable 12/15/2030) | 44000 | 44961  |
|  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 | 71295  |
|  Five Star Bancorp, 6.00% to 09/01/2027 then SOFR + 3.29%, 09/01/2032 (Callable 08/18/2027)<sup>(b)</sup> | 50000 | 48202  |
|  Flagstar Bank NA, 6.93% (3 mo. Term SOFR + 3.04%), 11/06/2028 (Callable 02/06/2026) | 60000 | 57418  |
|  Focus Financial Partners LLC, 6.75%, 09/15/2031 (Callable 09/15/2027)<sup>(b)</sup> | 50000 | 51562  |
|  Freedom Mortgage Holdings LLC, 8.38%, 04/01/2032 (Callable 04/01/2028)<sup>(b)</sup> | 5000 | 5262  |
|  GGAM Finance Ltd., 6.88%, 04/15/2029 (Callable 04/15/2026)<sup>(b)</sup> | 30000 | 31050  |
|  Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027 (Callable 03/01/2026)<sup>(b)</sup> | 65000 | 66950  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.85% to 02/10/2030 then <br>5 yr. CMT Rate + 2.46%,<br>Perpetual (Callable 02/10/2030) | 16000 | 16620  |
| &nbsp;&nbsp;&nbsp; 4.37% to 10/21/2030 then SOFR + 1.06%, 10/21/2031 (Callable 10/21/2030) | 37000 | 36962  |
| &nbsp;&nbsp;&nbsp; 4.94% to 10/21/2035 then SOFR + 1.33%, 10/21/2036 (Callable 10/21/2035) | 35000 | 34761  |
|  Guardian Life Global Funding, 4.80%, 04/28/2030<sup>(b)</sup> | 30000 | 30640  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Host Hotels & Resorts LP, 3.50%, 09/15/2030 (Callable 06/15/2030) | $30000 | $28507  |
| HSBC Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.46% (SOFR + 1.57%), 05/13/2031 (Callable 05/13/2030) | 235000 | 239433  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95% to 02/27/2032 then <br>5 yr. CMT Rate + 2.64%, <br>Perpetual (Callable 08/27/2031) | 200000 | 207750  |
|  HUB International Ltd., 7.25%, 06/15/2030 (Callable 06/15/2026)<sup>(b)</sup> | 15000 | 15712  |
|  Huntington Bancshares, Inc./OH, 6.25% to 10/15/2030 then 5 yr. CMT Rate + 2.65%, Perpetual (Callable 10/15/2030) | 330000 | 329175  |
|  ING Groep NV, 7.00% to 11/16/2032 then USISSO05 + 3.59%, Perpetual (Callable 11/16/2032) | 200000 | 209000  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.07% (SOFR + 1.33%), 10/22/2027 (Callable 10/22/2026) | 92000 | 93434  |
| &nbsp;&nbsp;&nbsp; 4.51% (SOFR + 0.86%), 10/22/2028 (Callable 10/22/2027) | 88000 | 88763  |
| &nbsp;&nbsp;&nbsp; 5.14% to 01/24/2030 then SOFR + 1.01%, 01/24/2031 (Callable 01/24/2030) | 31000 | 32036  |
| &nbsp;&nbsp;&nbsp; 5.10% to 04/22/2030 then SOFR + 1.44%, 04/22/2031 (Callable 04/22/2030) | 69000 | 71219  |
| &nbsp;&nbsp;&nbsp; 5.58% to 07/23/2035 then SOFR + 1.64%, 07/23/2036 (Callable 07/23/2035) | 23000 | 23829  |
| &nbsp;&nbsp;&nbsp; 4.81% to 10/22/2035 then SOFR + 1.19%, 10/22/2036 (Callable 10/22/2035) | 37000 | 36776  |
|  Lineage OP LP, 5.25%, 07/15/2030 (Callable 06/15/2030)<sup>(b)</sup> | 34000 | 34340  |
|  Lloyds Banking Group PLC, 6.63% to 09/27/2035 then 5 yr. CMT Rate + 2.68%, Perpetual (Callable 09/27/2035)<sup>(a)</sup> | 200000 | 199500  |
| Macquarie Airfinance Holdings Ltd. | Macquarie Airfinance Holdings Ltd. | Macquarie Airfinance Holdings Ltd. |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/27/2028 (Callable 02/27/2028)<sup>(b)</sup> | 37000 | 37573  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/17/2030 (Callable 02/17/2030)<sup>(b)</sup> | 37000 | 37442  |
|  Marsh & McLennan Cos., Inc., 4.55%, 11/08/2027 (Callable 10/08/2027) | 70000 | 70831  |

---

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

88<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Financial - (Continued)**  | **Financial - (Continued)**  | **Financial - (Continued)**  |
|  MetLife, Inc., 6.35% to 03/15/2035 then 5 yr. CMT Rate + 2.08%, 03/15/2055 (Callable 03/15/2035) | $30000 | $31598  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.51% to 07/20/2026 then SOFR + 0.86%, 07/20/2027 (Callable 07/20/2026) | 62000 | 61061  |
| &nbsp;&nbsp;&nbsp; 4.36% to 10/22/2030 then SOFR + 1.07%, 10/22/2031 (Callable 10/22/2030) | 18000 | 17954  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% to 01/19/2033 then <br>5 yr. CMT Rate + 2.43%, 01/19/2038 (Callable 01/19/2033) | 18000 | 18952  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.94% to 02/07/2034 then <br>5 yr. CMT Rate + 1.80%, 02/07/2039 (Callable 02/07/2034) | 35000 | 36717  |
|  New York Life Insurance Co., 6.75%, 11/15/2039<sup>(b)</sup> | 15000 | 17110  |
|  Omega Healthcare Investors, Inc., 3.38%, 02/01/2031 (Callable 11/01/2030) | 39000 | 36484  |
| OneMain Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/15/2031 (Callable 05/15/2027) | 20000 | 21025  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/15/2033 (Callable 09/15/2028) | 20000 | 20150  |
|  Oversea-Chinese Banking Corp. Ltd., 4.60% to 06/15/2027 then 5 yr. CMT Rate + 1.58%, 06/15/2032 (Callable 06/15/2027) | 200000 | 200808  |
|  Panther Escrow Issuer LLC, 7.13%, 06/01/2031 (Callable 06/01/2027)<sup>(b)</sup> | 85000 | 87975  |
|  Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 7.00%, 02/01/2030 (Callable 08/01/2026)<sup>(b)</sup> | 30000 | 30750  |
| 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>(b)</sup> | 20000 | 21225  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/2032 (Callable 05/15/2028)<sup>(b)</sup> | 30000 | 31275  |
|  Phillips Edison Grocery Center Operating Partnership I LP, 5.25%, 08/15/2032 (Callable 06/15/2032) | 38000 | 38825  |
| PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40% to 09/15/2026 then <br>5 yr. CMT Rate + 2.60%, Perpetual (Callable 09/15/2026) | 125000 | 122344  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.37% to 07/21/2035 then SOFR + 1.42%, 07/21/2036 (Callable 07/21/2035) | $23000 | $23659  |
|  Popular, Inc., 7.25%, 03/13/2028 (Callable 02/13/2028) | 140000 | 147481  |
|  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 | 113065  |
|  Prudential Financial, Inc., 5.20%, 03/14/2035 (Callable 12/14/2034) | 44000 | 45097  |
|  RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 06/15/2033 (Callable 06/15/2028)<sup>(b)</sup> | 25000 | 25906  |
|  Rocket Cos., Inc., 6.38%, 08/01/2033 (Callable 08/01/2028)<sup>(b)</sup> | 15000 | 15637  |
| Royal Bank of Canada<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20% to 02/24/2027 then Government of Canada <br>5 Year Bond Yield + 2.71%,Perpetual (Callable 02/24/2027)<br> CAD | 400000 | 278498  |
| &nbsp;&nbsp;&nbsp; 4.72% to 03/27/2027 then SOFR + 0.81%, 03/27/2028 (Callable 03/27/2027) | 50000 | 50406  |
| &nbsp;&nbsp;&nbsp; 4.52% to 10/18/2027 then SOFR + 0.86%, 10/18/2028 (Callable 10/18/2027) | 113000 | 114101  |
| &nbsp;&nbsp;&nbsp; 4.31% to 11/03/2030 then SOFR + 0.98%, 11/03/2031 (Callable 11/03/2030) | 73000 | 72694  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% to 05/02/2029 then <br>5 yr. CMT Rate + 2.89%, 05/02/2084 (Callable 05/02/2029) | 245000 | 258890  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35% to 11/24/2034 then <br>5 yr. CMT Rate + 2.26%, 11/24/2084 (Callable 11/24/2034) | 200000 | 196250  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% to 08/24/2030 then <br>5 yr. CMT Rate + 2.82%, 08/24/2085 (Callable 08/24/2030) | 70000 | 72370  |
| SBA Communications Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2027 (Callable 01/12/2026) | 50000 | 49500  |
| &nbsp;&nbsp;&nbsp; 3.13%, 02/01/2029 (Callable 02/01/2026) | 170000 | 162613  |
| &nbsp;&nbsp;&nbsp; Simmons First National Corp., 6.25% to 10/01/2030 then <br>3 mo. Term SOFR + 3.02%, 10/01/2035 (Callable 10/01/2030) | 130000 | 130760  |

---

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

89<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Financial - (Continued)**  | **Financial - (Continued)**  | **Financial - (Continued)**  |
|  Societe Generale SA, 8.13% to 05/21/2030 then 5 yr. CMT Rate + 3.79%, Perpetual (Callable 11/21/2029)<sup>(b)</sup> | $200000 | $210250  |
|  South State Bank NA, 8.38% to 08/15/2029 then 3 mo. Term SOFR + 4.61%, 08/15/2034 (Callable 08/15/2029) | 70000 | 74265  |
| &nbsp;&nbsp;&nbsp; Southside Bancshares, Inc., 7.00% to 08/15/2030 then <br>3 mo. Term SOFR + 3.57%, 08/15/2035 (Callable 08/15/2030) | 145000 | 145196  |
|  Standard Chartered PLC, 7.00% to 05/14/2036 then 5 yr. CMT Rate + 2.87%, Perpetual (Callable 11/14/2035)<sup>(b)</sup> | 200000 | 205250  |
|  Starwood Property Trust, Inc., 5.25%, 10/15/2028 (Callable 07/15/2028)<sup>(b)</sup> | 25000 | 25122  |
|  Sun Communities Operating LP, 2.70%, 07/15/2031 (Callable 04/15/2031) | 43000 | 38970  |
|  SURA Asset Management SA, 6.35%, 05/13/2032 (Callable 03/13/2032)<sup>(b)</sup> | 200000 | 213250  |
| &nbsp;&nbsp;&nbsp; Synovus Bank/Columbus GA, 5.96% to 01/15/2031 then <br>5 yr. CMT Rate + 2.30%, 01/15/2036 (Callable 01/15/2031) | 250000 | 251277  |
| Toronto-Dominion Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.98%, 04/05/2027 | 73000 | 73873  |
| &nbsp;&nbsp;&nbsp; 4.93%, 10/15/2035 | 18000 | 18001  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13% to 10/31/2027 then <br>5 yr. CMT Rate + 4.08%, 10/31/2082 (Callable 10/31/2027) | 205000 | 215074  |
|  Travelers Cos., Inc., 5.70%, 07/24/2055 (Callable 01/24/2055) | 14000 | 14255  |
|  Truist Financial Corp., 5.15% to 08/05/2031 then SOFR + 1.57%, 08/05/2032 (Callable 08/05/2031) | 66000 | 68062  |
|  UBS Group AG, 7.13% to 02/10/2035 then USISSO05 + 3.18%, Perpetual (Callable 08/10/2034)<sup>(b)</sup> | 200000 | 205750  |
| &nbsp;&nbsp;&nbsp; United Overseas Bank Ltd., 2.00% to 10/14/2026 then <br>5 yr. CMT Rate + 1.23%, 10/14/2031 (Callable 10/14/2026) | 200000 | 196168  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 8.63%, 06/15/2032 (Callable 06/15/2028)<sup>(b)</sup> |  | $15000 | $14737  |
|  US Bancorp, 3.70% to 01/15/2027 then 5 yr. CMT Rate + 2.54%, Perpetual (Callable 01/15/2027) |  | 120000 | 116275  |
| VICI Properties LP<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/2032 (Callable 02/15/2032) |  | 145000 | 146146  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/01/2035 (Callable 01/01/2035) |  | 150000 | 153364  |
|  VICI Properties LP / VICI Note Co., Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/01/2029 (Callable 01/12/2026)<sup>(b)</sup> |  | 71000 | 70922  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2030 (Callable 02/01/2026)<sup>(b)</sup> |  | 165000 | 159446  |
| Wells Fargo & Co.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.58% to 05/22/2027 then <br>3 mo. Term SOFR + 1.57%, 05/22/2028 (Callable 05/22/2027) |  | 78000 | 77421  |
| &nbsp;&nbsp;&nbsp; 5.15% to 04/23/2030 then SOFR + 1.50%, 04/23/2031 (Callable 04/23/2030) |  | 107000 | 110377  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90% to 07/22/2031 then <br>3 mo. EURIBOR + 1.22%, 07/22/2032 (Callable 07/22/2031) | EUR | 100000 | 120017  |
| &nbsp;&nbsp;&nbsp; 4.89% to 09/15/2035 then SOFR + 1.34%, 09/15/2036 (Callable 09/15/2035) |  | 37000 | 36911  |
|  Western Alliance Bancorp, 3.00% to 06/15/2026 then 3 mo. Term SOFR + 2.25%, 06/15/2031 (Callable 06/15/2026) |  | 220000 | 211652  |
|  Willis North America, Inc., 4.55%, 03/15/2031 (Callable 02/15/2031) |  | 20000 | 20048  |
|  |  |  | 14482820  |
| **Government - 1.0%**<br>|  |  |  |
|  Asian Infrastructure Investment Bank, 7.00%, 03/01/2029 | INR | 20300000 | 226750  |
|  European Bank for Reconstruction & Development, 6.30%, 10/26/2027 | INR | 11300000 | 124537  |
|  Indonesia Government International Bond, 1.10%, 03/12/2033 | EUR | 100000 | 97360  |
| Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/25/2029 | INR | 11000000 | 122872  |
| &nbsp;&nbsp;&nbsp; 7.35%, 10/06/2030 | INR | 13000000 | 147041  |

---

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

90<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Government - (Continued)**  | **Government - (Continued)**  | **Government - (Continued)**  | **Government - (Continued)**  |
|  International Bank for Reconstruction & Development<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 03/16/2026 | NOK | 620000 | $61160  |
| &nbsp;&nbsp;&nbsp; 6.85%, 04/24/2028 | INR | 10000000 | 111412  |
| &nbsp;&nbsp;&nbsp; 7.05%, 07/22/2029 | INR | 6000000 | 67084  |
| &nbsp;&nbsp;&nbsp; 1.20%, 08/08/2034 | EUR | 109000 | 110207  |
|  International Development Association, 1.75%, 02/17/2027 | NOK | 540000 | 52239  |
|  New Zealand Local Government Funding Agency Bond, 4.70%, 08/01/2028 | AUD | 95000 | 63596  |
|  Nordic Investment Bank, 7.23%, 01/23/2030 | INR | 13600000 | 152190  |
|  Philippine Government International Bond<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 0.88%, 05/17/2027 | EUR | 185000 | 212168  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/14/2036 | PHP | 5000000 | 84141  |
|  Province of Ontario Canada, 3.10%, 01/31/2034 | EUR | 100000 | 115889  |
|  Treasury Corp. of Victoria, 4.25%, 12/20/2032 | AUD | 205000 | 130993  |
|  |  |  | 1879639  |
| **Industrial - 2.5%**<br>|  |  |  |
|  AAR Escrow Issuer LLC, 6.75%, 03/15/2029 (Callable 03/15/2026)<sup>(b)</sup> |  | 20000 | 20675  |
|  AECOM, 6.00%, 08/01/2033 (Callable 08/01/2028)<sup>(b)</sup> |  | 170000 | 173613  |
|  AGCO Corp., 5.45%, 03/21/2027 (Callable 02/21/2027) |  | 48000 | 48611  |
|  AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/2033 (Callable 08/15/2028)<sup>(b)</sup> |  | 25000 | 26219  |
| Amphenol Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/12/2028 (Callable 05/12/2028) |  | 55000 | 55507  |
| &nbsp;&nbsp;&nbsp; 5.30%, 11/15/2055 (Callable 05/15/2055) |  | 26000 | 24833  |
|  Amrize Finance US LLC, 4.95%, 04/07/2030 (Callable 03/07/2030) |  | 15000 | 15290  |
|  Arrow Electronics, Inc., 5.88%, 04/10/2034 (Callable 01/10/2034) |  | 36000 | 37601  |
|  Ball Corp., 2.88%, 08/15/2030 (Callable 05/15/2030) |  | 275000 | 253688  |
|  Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/2034<sup>(d)</sup> |  | 206729 | 167192  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
|  Boeing Co., 5.81%, 05/01/2050 (Callable 11/01/2049) |  | $145000 | $142622  |
|  Bombardier, Inc., 6.75%, 06/15/2033 (Callable 06/15/2028)<sup>(b)</sup> |  | 25000 | 26312  |
| Builders FirstSource, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2034 (Callable 03/01/2029)<sup>(b)</sup> |  | 35000 | 36138  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/2035 (Callable 05/15/2030)<sup>(b)</sup> |  | 15000 | 15675  |
|  Burlington Northern Santa Fe LLC, 5.50%, 03/15/2055 (Callable 09/15/2054) |  | 34000 | 33474  |
|  Carlisle Cos., Inc., 5.55%, 09/15/2040 (Callable 06/15/2040) |  | 14000 | 14172  |
|  Caterpillar Financial Services Corp., 4.40%, 03/03/2028 |  | 56000 | 56567  |
|  CCL Industries, Inc., 3.05%, 06/01/2030 (Callable 03/01/2030)<sup>(b)</sup> |  | 37000 | 34897  |
|  Cellnex Finance Co. SA, 2.00%, 09/15/2032 (Callable 06/15/2032) | EUR | 100000 | 106002  |
|  Cemex SAB de CV, 5.13% to 09/08/2026 then 5 yr. CMT Rate + 4.53%, Perpetual (Callable 06/08/2026) |  | 200000 | 199500  |
|  Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032 (Callable 04/15/2028)<sup>(b)</sup> |  | 5000 | 5131  |
|  Cornerstone Building Brands, Inc., 9.50%, 08/15/2029 (Callable 08/15/2026)<sup>(b)</sup> |  | 15000 | 11100  |
|  CRH America Finance, Inc., 4.40%, 02/09/2031 (Callable 01/09/2031) |  | 37000 | 36930  |
|  CSX Corp., 3.80%, 11/01/2046 (Callable 05/01/2046) |  | 77000 | 60363  |
|  EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.63%, 12/15/2030 (Callable 06/15/2026)<sup>(b)</sup> |  | 30000 | 31237  |
|  Energizer Holdings, Inc., 6.00%, 09/15/2033 (Callable 09/15/2028)<sup>(b)</sup> |  | 15000 | 14306  |
|  Flex Ltd., 5.38%, 11/13/2035 (Callable 08/13/2035) |  | 19000 | 19132  |
|  FTAI Aviation Investors LLC, 5.88%, 04/15/2033 (Callable 10/15/2027)<sup>(b)</sup> |  | 10000 | 10125  |
| GATX Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/15/2027 (Callable 02/15/2027) |  | 59000 | 59847  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2035 (Callable 03/15/2035) |  | 21000 | 21465  |

---

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

91<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Industrial - (Continued)**  | **Industrial - (Continued)**  | **Industrial - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2044 (Callable 09/15/2043) | $15000 | $14148  |
|  Genesee & Wyoming, Inc., 6.25%, 04/15/2032 (Callable 04/15/2027)<sup>(b)</sup> | 35000 | 36050  |
|  Goat Holdco LLC, 6.75%, 02/01/2032 (Callable 02/01/2028)<sup>(b)</sup> | 20000 | 20500  |
|  Griffon Corp., 5.75%, 03/01/2028 (Callable 02/01/2026) | 30000 | 30000  |
|  Hubbell, Inc., 4.80%, 11/15/2035 (Callable 08/15/2035) | 21000 | 20928  |
|  Ingersoll Rand, Inc., 5.20%, 06/15/2027 (Callable 05/15/2027) | 47000 | 47726  |
|  John Deere Capital Corp., 4.25%, 06/05/2028 | 69000 | 69754  |
|  L3Harris Technologies, Inc., 4.40%, 06/15/2028 (Callable 03/15/2028) | 69000 | 69533  |
|  Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/2034 | 152482 | 157653  |
|  Lockheed Martin Corp., 5.00%, 08/15/2035 (Callable 05/15/2035) | 36000 | 36624  |
|  Madison IAQ LLC, 5.88%, 06/30/2029 (Callable 02/01/2026)<sup>(b)</sup> | 15000 | 14850  |
|  MasTec, Inc., 5.90%, 06/15/2029 (Callable 05/15/2029) | 37000 | 38587  |
|  Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032 (Callable 04/01/2027)<sup>(b)</sup> | 30000 | 30600  |
|  Molex Electronic Technologies LLC, 5.25%, 04/30/2032 (Callable 02/29/2032)<sup>(b)</sup> | 38000 | 38945  |
|  Northrop Grumman Corp., 5.20%, 06/01/2054 (Callable 12/01/2053) | 63000 | 58912  |
|  Owens Corning, 5.70%, 06/15/2034 (Callable 03/15/2034) | 32000 | 33731  |
|  Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031 (Callable 05/15/2026)<sup>(b)</sup> | 30000 | 30487  |
|  Penske Truck Leasing Co. Lp / PTL Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/30/2029 (Callable 02/28/2029)<sup>(b)</sup> | 76000 | 78233  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2030 (Callable 01/01/2030)<sup>(b)</sup> | $68000 | $69932  |
| Quikrete Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2032 (Callable 03/01/2028)<sup>(b)</sup> | 85000 | 88400  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/2033 (Callable 03/01/2028)<sup>(b)</sup> | 85000 | 88400  |
|  Republic Services, Inc., 5.15%, 03/15/2035 (Callable 12/15/2034) | 35000 | 36092  |
|  Ryder System, Inc., 5.25%, 06/01/2028 (Callable 05/01/2028) | 70000 | 71810  |
|  Sealed Air Corp., 5.00%, 04/15/2029 (Callable 02/01/2026)<sup>(b)</sup> | 65000 | 65244  |
|  Seaspan Corp., 5.50%, 08/01/2029 (Callable 02/02/2026)<sup>(b)</sup> | 20000 | 18950  |
|  Simpar Europe SA, 5.20%, 01/26/2031 (Callable 02/01/2026) | 200000 | 160500  |
|  Sonoco Products Co., 4.60%, 09/01/2029 (Callable 08/01/2029) | 34000 | 34200  |
| Standard Building Solutions, Inc. | Standard Building Solutions, Inc. | Standard Building Solutions, Inc. |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/15/2032 (Callable 08/15/2027)<sup>(b)</sup> | 15000 | 15412  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/2034 (Callable 03/15/2029)<sup>(b)</sup> | 10000 | 10025  |
|  Stanley Black & Decker, Inc., 6.71% to 03/15/2030 then 5 yr. CMT Rate + 2.66%, 03/15/2060 (Callable 03/15/2030)<sup>(a)</sup> | 355000 | 353297  |
|  Star Leasing Co. LLC, 7.63%, 02/15/2030 (Callable 02/15/2027)<sup>(b)</sup> | 10000 | 9275  |
|  Textron, Inc., 5.50%, 05/15/2035 (Callable 02/15/2035) | 34000 | 35275  |
| TransDigm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 12/01/2031 (Callable 12/01/2026)<sup>(b)</sup> | 290000 | 304138  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/2033 (Callable 05/31/2028)<sup>(b)</sup> | 55000 | 56375  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/31/2034 (Callable 08/31/2028)<sup>(b)</sup> | 50000 | 51750  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/31/2034 (Callable 08/31/2028)<sup>(b)</sup> | 100000 | 104000  |
|  Trident TPI Holdings, Inc., 12.75%, 12/31/2028 (Callable 02/01/2026)<sup>(b)</sup> | 15000 | 15356  |
|  Veralto Corp., 5.45%, 09/18/2033 (Callable 06/18/2033) | 17000 | 17725  |

---

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

92<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Industrial - (Continued)**  | **Industrial - (Continued)**  | **Industrial - (Continued)**  |
|  Vertiv Group Corp., 4.13%, 11/15/2028 (Callable 02/01/2026)<sup>(b)</sup> | $17000 | $16745  |
|  Waste Connections, Inc., 5.25%, 09/01/2035 (Callable 06/01/2035) | 28000 | 29032  |
|  Waste Management, Inc., 4.95%, 07/03/2027 (Callable 06/03/2027) | 85000 | 86404  |
|  Waste Pro USA, Inc., 7.00%, 02/01/2033 (Callable 02/01/2028)<sup>(b)</sup> | 20000 | 20550  |
|  Watco Cos. LLC / Watco Finance Corp., 7.13%, 08/01/2032 (Callable 08/01/2027)<sup>(b)</sup> | 15000 | 15638  |
|  WESCO Distribution, Inc., 6.38%, 03/15/2033 (Callable 03/15/2028)<sup>(b)</sup> | 20000 | 20825  |
|  Westinghouse Air Brake Technologies Corp., 4.90%, 05/29/2030 (Callable 04/29/2030) | 69000 | 70563  |
|  XPO, Inc., 7.13%, 06/01/2031 (Callable 06/01/2026)<sup>(b)</sup> | 30000 | 31238  |
|  Yinson Bergenia Production BV, 8.50%, 01/31/2045 (Callable 01/31/2043)<sup>(b)</sup> | 200000 | 209840  |
|  |  | 4692476  |
| **Technology - 1.4%**<br>|  |  |
|  Advanced Micro Devices, Inc., 4.32%, 03/24/2028 (Callable 02/24/2028) | 37000 | 37380  |
|  Amentum Holdings, Inc., 7.25%, 08/01/2032 (Callable 08/01/2027)<sup>(b)</sup> | 15000 | 15787  |
|  Analog Devices, Inc., 4.25%, 06/15/2028 (Callable 05/15/2028) | 83000 | 83614  |
|  AthenaHealth Group, Inc., 6.50%, 02/15/2030 (Callable 02/01/2026)<sup>(b)</sup> | 20000 | 19950  |
|  Atlassian Corp., 5.25%, 05/15/2029 (Callable 04/15/2029) | 23000 | 23637  |
| Broadcom, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 02/15/2028 (Callable 01/15/2028) | 76000 | 76314  |
| &nbsp;&nbsp;&nbsp; 4.80%, 04/15/2028 (Callable 03/15/2028) | 97000 | 98770  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2041 (Callable 08/15/2040) | 81000 | 66020  |
|  CACI International, Inc., 6.38%, 06/15/2033 (Callable 06/15/2028)<sup>(b)</sup> | 85000 | 87762  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Cadence Design Systems, Inc., 4.20%, 09/10/2027 | $121000 | $121646  |
| Cloud Software Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/31/2029 (Callable 01/12/2026)<sup>(b)</sup> | 60000 | 60825  |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/30/2029 (Callable 02/01/2026)<sup>(b)</sup> | 5000 | 5200  |
| &nbsp;&nbsp;&nbsp; 6.63%, 08/15/2033 (Callable 08/15/2028)<sup>(b)</sup> | 226000 | 223175  |
|  CoreWeave, Inc., 9.25%, 06/01/2030 (Callable 06/01/2027)<sup>(b)</sup> | 295000 | 274350  |
|  Dell International LLC / EMC Corp., 8.35%, 07/15/2046 (Callable 01/15/2046) | 110000 | 139779  |
| Dell, Inc., 6.50%, 04/15/2038 | 17000 | 18274  |
|  Ellucian Holdings, Inc., 6.50%, 12/01/2029 (Callable 12/01/2026)<sup>(b)</sup> | 15000 | 15281  |
| Fiserv, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/2027 (Callable 02/15/2027) | 55000 | 55557  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/2034 (Callable 12/15/2033) | 63000 | 63743  |
|  Gartner, Inc., 3.75%, 10/01/2030 (Callable 01/12/2026)<sup>(b)</sup> | 90000 | 85441  |
|  Hewlett Packard Enterprise Co., 5.00%, 10/15/2034 (Callable 07/15/2034) | 73000 | 72551  |
|  Kyndryl Holdings, Inc., 4.10%, 10/15/2041 (Callable 04/15/2041) | 87000 | 69337  |
|  Marvell Technology, Inc., 5.95%, 09/15/2033 (Callable 06/15/2033) | 66000 | 70660  |
| MSCI, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/01/2030 (Callable 02/01/2026)<sup>(b)</sup> | 160000 | 153042  |
| &nbsp;&nbsp;&nbsp; 3.63%, 11/01/2031 (Callable 11/01/2026)<sup>(b)</sup> | 126000 | 118293  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/2036 (Callable 12/15/2035) | 145000 | 143365  |
|  NetApp, Inc., 5.50%, 03/17/2032 (Callable 01/17/2032) | 16000 | 16637  |
|  NXP BV / NXP Funding LLC / NXP USA, Inc., 4.85%, 08/19/2032 (Callable 06/19/2032) | 28000 | 28102  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/26/2035 (Callable 06/26/2035) | 18000 | 17265  |
| &nbsp;&nbsp;&nbsp; 5.88%, 09/26/2045 (Callable 03/26/2045) | 29000 | 26184  |
|  Paychex, Inc., 5.35%, 04/15/2032 (Callable 02/15/2032) | 68000 | 70421  |

---

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

93<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Technology - (Continued)**  | **Technology - (Continued)**  | **Technology - (Continued)**  |
|  Qorvo, Inc., 3.38%, 04/01/2031 (Callable 04/01/2026)<sup>(b)</sup> | $32000 | $29640  |
|  Roper Technologies, Inc., 4.25%, 09/15/2028 (Callable 08/15/2028) | 11000 | 11055  |
|  Synopsys, Inc., 4.65%, 04/01/2028 (Callable 03/01/2028) | 34000 | 34438  |
|  UKG, Inc., 6.88%, 02/01/2031 (Callable 02/01/2027)<sup>(b)</sup> | 75000 | 76875  |
|  VMware LLC, 3.90%, 08/21/2027 (Callable 05/21/2027) | 66000 | 65979  |
|  |  | 2576349  |
| **Utilities - 3.0%**<br>|  |  |
|  Adani Electricity Mumbai Ltd., 3.87%, 07/22/2031 (Callable 01/22/2031) | 200000 | 180071  |
|  Adani Transmission Step-One Ltd., 4.25%, 05/21/2036 | 133000 | 119246  |
|  AEP Texas, Inc., 5.45%, 05/15/2029 (Callable 04/15/2029) | 20000 | 20697  |
| AES Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/01/2028 (Callable 05/01/2028) | 56000 | 57263  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.60% to 01/15/2030 then <br>5 yr. CMT Rate + 3.20%, 01/15/2055 (Callable 10/15/2029) | 530000 | 538613  |
|  Alabama Power Co., 3.75%, 09/01/2027 (Callable 08/01/2027) | 98000 | 97984  |
|  Alliant Energy Corp., 5.75% to 04/01/2031 then 5 yr. CMT Rate + 2.08%, 04/01/2056 (Callable 01/01/2031) | 18000 | 17910  |
|  Ameren Illinois Co., 3.80%, 05/15/2028 (Callable 02/15/2028) | 120000 | 119626  |
|  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 | 278525  |
|  Arizona Public Service Co., 5.90%, 08/15/2055 (Callable 02/15/2055) | 74000 | 75144  |
|  Black Hills Corp., 6.00%, 01/15/2035 (Callable 10/15/2034) | 61000 | 65177  |
|  Capital Power US Holdings, Inc., 5.26%, 06/01/2028 (Callable 05/01/2028)<sup>(b)</sup> | 61000 | 62144  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
|  Chile Electricity Lux MPC Sarl, 6.01%, 01/20/2033 |  | $179000 | $186180  |
|  Chile Electricity PEC SpA, 0.00%, 01/25/2028<sup>(b)(d)</sup> |  | 180833 | 162222  |
|  CMS Energy Corp., 6.50% to 06/01/2035 then 5 yr. CMT Rate + 1.96%, 06/01/2055 (Callable 03/01/2035) |  | 82000 | 84050  |
|  Commonwealth Edison Co., 5.95%, 06/01/2055 (Callable 12/01/2054) |  | 69000 | 71658  |
|  Consumers Energy Co., 4.50%, 01/15/2031 (Callable 11/15/2030) |  | 20000 | 20218  |
| Dominion Energy, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% to 06/01/2034 then <br>5 yr. CMT Rate + 2.51%, 06/01/2054 (Callable 03/03/2034) |  | 155000 | 167940  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% to 02/01/2030 then <br>5 yr. CMT Rate + 2.39%, 02/01/2055 (Callable 11/03/2029) |  | 125000 | 129661  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63% to 05/15/2035 then <br>5 yr. CMT Rate + 2.21%, 05/15/2055 (Callable 02/15/2035) |  | 140000 | 143476  |
|  DTE Energy Co., 5.85%, 06/01/2034 (Callable 03/01/2034) |  | 50000 | 53288  |
| Duke Energy Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2052 (Callable 02/15/2052) |  | 25000 | 22105  |
| &nbsp;&nbsp;&nbsp; 5.80%, 06/15/2054 (Callable 12/15/2053) |  | 51000 | 50412  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45% to 09/01/2034 then <br>5 yr. CMT Rate + 2.59%, 09/01/2054 (Callable 06/01/2034) |  | 45000 | 47025  |
|  E.ON SE, 0.63%, 11/07/2031 (Callable 08/07/2031) | EUR | 45000 | 45919  |
|  Emera, Inc., 6.75% to 06/15/2026 then 3 mo. LIBOR USD + 5.44%, 06/15/2076 (Callable 06/15/2026)<sup>(e)</sup> |  | 230000 | 230863  |
|  Empresa Electrica Cochrane SpA, 5.50%, 05/14/2027 |  | 46400 | 46052  |
|  Entergy Louisiana LLC, 5.80%, 03/15/2055 (Callable 09/15/2054) |  | 71000 | 71316  |
| EUSHI Finance, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63% to 12/15/2029 then <br>5 yr. CMT Rate + 3.14%, 12/15/2054 (Callable 09/15/2029) |  | 80000 | 84499  |

---

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

94<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Utilities - (Continued)** | **Utilities - (Continued)** | **Utilities - (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% to 04/01/2031 then <br>5 yr. CMT Rate + 2.51%, 04/01/2056 (Callable 01/01/2031) | $150000 | $149981  |
|  Eversource Energy, 2.90%, 03/01/2027 (Callable 02/01/2027) | 61000 | 60110  |
|  Exelon Corp., 6.50% to 03/15/2035 then 5 yr. CMT Rate + 1.98%, 03/15/2055 (Callable 12/15/2034) | 210000 | 218137  |
|  Georgia Power Co., 5.00%, 02/23/2027 (Callable 01/23/2027) | 48000 | 48593  |
|  JSW Hydro Energy Ltd., 4.13%, 05/18/2031 (Callable 05/18/2026) | 278000 | 259235  |
|  Kentucky Utilities Co., 5.85%, 08/15/2055 (Callable 02/15/2055) | 15000 | 15169  |
|  Minejesa Capital BV, 4.63%, 08/10/2030 | 143840 | 143045  |
|  Mong Duong Finance Holdings BV, 5.13%, 05/07/2029 (Callable 02/01/2026) | 144845 | 143397  |
|  National Fuel Gas Co., 5.95%, 03/15/2035 (Callable 12/15/2034) | 15000 | 15668  |
|  National Rural Utilities Cooperative Finance Corp., 4.12%, 09/16/2027 (Callable 08/16/2027) | 88000 | 88363  |
|  NextEra Energy Capital Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 07/15/2027 (Callable 06/15/2027) | 74000 | 74771  |
| &nbsp;&nbsp;&nbsp; 5.90%, 03/15/2055 (Callable 09/15/2054) | 17000 | 17170  |
| &nbsp;&nbsp;&nbsp; 6.50% to 08/15/2035 then 5 yr. CMT Rate + 1.98%, 08/15/2055 (Callable 05/15/2035) | 90000 | 94242  |
| NiSource, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 04/01/2034 (Callable 01/01/2034) | 63000 | 64883  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95% to 11/30/2029 then <br>5 yr. CMT Rate + 2.45%, 11/30/2054 (Callable 08/30/2029) | 18000 | 18743  |
| &nbsp;&nbsp;&nbsp; 5.85%, 04/01/2055 (Callable 10/01/2054) | 30000 | 29922  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| NRG Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/2033 (Callable 11/01/2027)<sup>(b)</sup> | $15000 | $15262  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2036 (Callable 10/15/2030)<sup>(b)</sup> | 125000 | 126562  |
|  PSEG Power LLC, 5.20%, 05/15/2030 (Callable 04/15/2030)<sup>(b)</sup> | 24000 | 24529  |
|  Public Service Enterprise Group, Inc., 5.85%, 11/15/2027 (Callable 10/15/2027) | 143000 | 147410  |
|  Sempra, 6.55% to 04/01/2035 then 5 yr. CMT Rate + 2.14%, 04/01/2055 (Callable 01/01/2035) | 110000 | 111788  |
|  Southern Co., 6.38% to 03/15/2035 then 5 yr. CMT Rate + 2.07%, 03/15/2055 (Callable 12/15/2034) | 167000 | 173889  |
|  Southern Co. Gas Capital Corp., 4.05%, 09/15/2028 (Callable 08/15/2028) | 12000 | 12008  |
|  Southern Power Co., 4.90%, 10/01/2035 (Callable 04/01/2035) | 20000 | 19749  |
|  Spire, Inc., 6.45% to 06/01/2036 then 5 yr. CMT Rate + 2.33%, 06/01/2056 (Callable 03/01/2036) | 80000 | 80000  |
|  Talen Energy Supply LLC, 6.25%, 02/01/2034 (Callable 10/15/2028)<sup>(b)</sup> | 15000 | 15300  |
|  Trans-Allegheny Interstate Line Co., 5.00%, 01/15/2031 (Callable 12/15/2030)<sup>(b)</sup> | 68000 | 69715  |
| Virginia Electric and Power Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/15/2054 (Callable 02/15/2054) | 25000 | 24216  |
| &nbsp;&nbsp;&nbsp; 5.60%, 09/15/2055 (Callable 03/15/2055) | 14000 | 13584  |
|  Vistra Operations Co. LLC, 4.38%, 05/01/2029 (Callable 02/01/2026)<sup>(b)</sup> | 36000 | 35505  |
| WEC Energy Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 12/15/2028 (Callable 10/15/2028) | 54000 | 51162  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% to 05/15/2031 then <br>5 yr. CMT Rate + 1.91%, 05/15/2056 (Callable 02/15/2031) | 26000 | 26162  |
|  |  | 5637554  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $54,578,465)** |  | 54706569  |

---

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

95<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - 26.7%** | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - 26.7%** | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - 26.7%** |
|  American Tower Depositor Sub LLC, 5.49%, 03/15/2028 (Callable 03/15/2027)<sup>(b)</sup> | $155000 | $157582  |
|  Angel Oak Mortgage Trust LLC, Series 2025-6, Class M1A, 6.33%, 04/25/2070 (Callable 05/25/2028)<sup>(b)(g)</sup> | 800000 | 813514  |
|  Arbor Realty Trust, Inc., Series 2021-FL4, Class D, 6.76% (1 mo. Term SOFR + 3.01%), 11/15/2036, (3.01% Floor) (Callable 01/15/2026)<sup>(b)</sup> | 275000 | 275223  |
| &nbsp;&nbsp;&nbsp; AREIT Trust, Series <br>2025-CRE10, Class D, <br>6.75% (1 mo. Term SOFR + 2.79%), 01/17/2030, (2.79% Floor) (Callable 07/17/2027)<sup>(b)</sup> | 100000 | 99002  |
| Arroyo Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, Class A1, 3.81%, 01/25/2049 (Callable 01/25/2026)<sup>(b)(g)</sup> | 25218 | 25012  |
| &nbsp;&nbsp;&nbsp; Series 2019-2, Class A3, 3.80%, 04/25/2049 (Callable 01/25/2026)<sup>(b)(g)</sup> | 48669 | 47963  |
|  ARZ Trust, Series 2024-BILT, Class C, 6.36%, 06/11/2039<sup>(b)</sup> | 250000 | 255617  |
|  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 | 343272  |
| &nbsp;&nbsp;&nbsp; BANK-2017, Series <br>2017-BNK8, Class XE, 1.29%, 11/15/2050 (Callable 08/15/2027)<sup>(b)(g)(h)</sup> | 7050000 | 154949  |
| &nbsp;&nbsp;&nbsp; BANK-2018, Series <br>2018-BN11, Class XA, 0.44%, 03/15/2061 (Callable 01/15/2028)<sup>(g)(h)</sup> | 10807502 | 101241  |
| BANK-2019<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN18, Class B, 3.98%, 05/15/2062 (Callable 05/15/2029) | 125000 | 108548  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN21, Class XA, 0.83%, 10/17/2052 (Callable 07/15/2029)<sup>(g)(h)</sup> | 3902879 | 95092  |
| &nbsp;&nbsp;&nbsp; BANK-2020, Series <br>2020-BN30, Class XA, 1.25%, 12/15/2053<sup>(g)(h)</sup> | 1208622 | 56919  |
| &nbsp;&nbsp;&nbsp; BANK5 Trust, Series <br>2025-5YR17, Class XA, 1.19%, 11/15/2058 (Callable 10/15/2030)<sup>(g)(h)</sup> | 1706284 | 83345  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Bayview Asset Management LLC/Private Equity, Series 2022-2, Class AF, 4.72% (30 day avg SOFR US + 0.85%), 12/25/2051, (0.00% Floor), (5.00% Cap) (Callable 02/25/2046)<sup>(b)</sup> | $380378 | $353660  |
| BBCMS Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-BWAY, Class E, 6.71% (1 mo. Term SOFR + 2.96%), 11/15/2034, (2.85% Floor)<sup>(b)</sup> | 100000 | 649  |
| &nbsp;&nbsp;&nbsp; Series 2021-C11, Class XD, 1.51%, 09/15/2054<sup>(b)(g)(h)</sup> | 1255000 | 88603  |
| &nbsp;&nbsp;&nbsp; Series 2023-C19, Class B, 6.35%, 04/15/2056 (Callable 04/15/2033)<sup>(g)</sup> | 100000 | 102534  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C29, Class C, 5.51%, 09/15/2057 (Callable 09/15/2029) | 100000 | 99367  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C37, Class XA, 1.66%, 09/15/2058 (Callable 11/15/2031)<sup>(g)(h)</sup> | 969878 | 64483  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C38, Class B, 5.72%, 11/15/2058 (Callable 11/15/2030)<sup>(g)</sup> | 87000 | 89388  |
| &nbsp;&nbsp;&nbsp; BCRR Trust, Series <br>2016-FRR3, Class E, 6.10% (30 day avg SOFR US + 18.46%), 05/26/2026, (18.35% Floor)<sup>(b)</sup> | 797720 | 793477  |
| Benchmark Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-B4, Class XD, 1.75%, 07/15/2051 (Callable 04/15/2028)<sup>(b)(g)(h)</sup> | 7000000 | 252687  |
| &nbsp;&nbsp;&nbsp; Series 2019-B10, Class XB, 0.91%, 03/15/2062 (Callable 02/15/2029)<sup>(b)(g)(h)</sup> | 2820000 | 74275  |
| &nbsp;&nbsp;&nbsp; Series 2021-B25, Class XA, 1.07%, 04/15/2054 (Callable 02/15/2031)<sup>(g)(h)</sup> | 2187083 | 91694  |
| &nbsp;&nbsp;&nbsp; Series 2025-V16, Class AS, 5.86%, 08/15/2058 (Callable 08/15/2030)<sup>(g)</sup> | 100000 | 103871  |
| &nbsp;&nbsp;&nbsp; Series 2025-V17, Class A3, 5.07%, 09/15/2058 (Callable 09/15/2030) | 250000 | 256067  |
|  Blackstone Mortgage Trust, Inc., Series 2021-FL4, Class A, 4.90% (1 mo. Term SOFR + 1.16%), 05/15/2038, (1.05% Floor) (Callable 09/15/2026)<sup>(b)</sup> | 59769 | 59459  |

---

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

96<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(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)** |
|  BLP Commercial Mortgage Trust, Series 2024-IND2, Class B, 5.44% (1 mo. Term SOFR + 1.69%), 03/15/2041, (1.69% Floor)<sup>(b)</sup> | $299830 | $300000  |
|  BMO Mortgage Trust, Series 2024-5C6, Class C, 5.88%, 09/15/2057 (Callable 09/15/2029)<sup>(g)</sup> | 60000 | 60241  |
|  BOCA Commercial Mortgage Trust, Series 2025-BOCA, Class A, 5.45% (1 mo. Term SOFR + 1.60%), 12/15/2042, (1.60% Floor)<sup>(b)</sup> | 100000 | 100125  |
|  Bombardier Capital Mortgage Securitization Corp., Series 2025-5C7, Class C, 5.80%, 12/15/2058 (Callable 12/15/2030)<sup>(g)</sup> | 100000 | 99800  |
|  BPR Trust, Series 2021-TY, Class D, 6.22% (1 mo. Term SOFR + 2.46%), 09/15/2038, (2.35% Floor)<sup>(b)</sup> | 100000 | 99884  |
| &nbsp;&nbsp;&nbsp; BSPRT 2017-FL1 Co.-Issuer <br>LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-FL10, Class A, 6.01% (1 mo. Term SOFR + 2.26%), 09/15/2035, (2.26% Floor) (Callable 01/15/2026)<sup>(b)</sup> | 64475 | 64603  |
| &nbsp;&nbsp;&nbsp; Series 2023-FL10, Class B, 7.02% (1 mo. Term SOFR + 3.27%), 09/15/2035, (3.27% Floor) (Callable 01/15/2026)<sup>(b)</sup> | 100000 | 100185  |
| &nbsp;&nbsp;&nbsp; Series 2024-FL11, Class B, 6.04% (1 mo. Term SOFR + 2.29%), 07/15/2039, (2.29% Floor) (Callable 09/15/2027)<sup>(b)</sup> | 100000 | 100317  |
| BX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-21M, Class A, 4.59% (1 mo. Term SOFR + 0.84%), 10/15/2036, (0.73% Floor)<sup>(b)</sup> | 29752 | 29734  |
| &nbsp;&nbsp;&nbsp; Series 2021-21M, Class E, 6.04% (1 mo. Term SOFR + 2.29%), 10/15/2036, (2.17% Floor)<sup>(b)</sup> | 175000 | 174840  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class C, 5.36% (1 mo. Term SOFR + 1.61%), 11/15/2038, (1.50% Floor)<sup>(b)</sup> | $78016 | $77921  |
| &nbsp;&nbsp;&nbsp; Series 2021-CIP, Class A, 4.79% (1 mo. Term SOFR + 1.04%), 12/15/2038, (0.92% Floor)<sup>(b)</sup> | 96761 | 96671  |
| &nbsp;&nbsp;&nbsp; Series 2021-LBA, Class DJV, 5.47% (1 mo. Term SOFR + 1.71%), 02/15/2036, (1.60% Floor)<sup>(b)</sup> | 100000 | 99713  |
| &nbsp;&nbsp;&nbsp; Series 2021-LBA, Class EV, 5.87% (1 mo. Term SOFR + 2.11%), 02/15/2036, (2.00% Floor)<sup>(b)</sup> | 197702 | 197587  |
| &nbsp;&nbsp;&nbsp; Series 2021-LGCY, Class D, 5.17% (1 mo. Term SOFR + 1.42%), 10/15/2036, (1.30% Floor)<sup>(b)</sup> | 100000 | 99664  |
| &nbsp;&nbsp;&nbsp; Series 2021-RISE, Class A, 4.61% (1 mo. Term SOFR + 0.86%), 11/15/2036, (0.75% Floor)<sup>(b)</sup> | 380398 | 379459  |
| &nbsp;&nbsp;&nbsp; Series 2021-RISE, Class B, 5.11% (1 mo. Term SOFR + 1.36%), 11/15/2036, (1.25% Floor)<sup>(b)</sup> | 84533 | 84455  |
| &nbsp;&nbsp;&nbsp; Series 2021-SDMF, Class D, 5.25% (1 mo. Term SOFR + 1.50%), 09/15/2034, (1.39% Floor)<sup>(b)</sup> | 324792 | 323605  |
| &nbsp;&nbsp;&nbsp; Series 2021-XL2, Class A, 4.55% (1 mo. Term SOFR + 0.80%), 10/15/2038, (0.69% Floor)<sup>(b)</sup> | 34379 | 34207  |
| &nbsp;&nbsp;&nbsp; Series 2022-CLS, Class A, 5.76%, 10/13/2027<sup>(b)</sup> | 65000 | 65315  |
| &nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class C, 5.35% (1 mo. Term SOFR + 1.60%), 01/15/2039, (1.60% Floor)<sup>(b)</sup> | 350000 | 349785  |
| &nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class E, 6.45% (1 mo. Term SOFR + 2.70%), 01/15/2039, (2.70% Floor)<sup>(b)</sup> | 100000 | 99877  |

---

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

97<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(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; Series 2023-XL3, Class A, 5.51% (1 mo. Term SOFR + 1.76%), 12/09/2040, (1.76% Floor)<sup>(b)</sup> | $322204 | $322003  |
| &nbsp;&nbsp;&nbsp; Series 2024-BIO, Class D, 7.39% (1 mo. Term SOFR + 3.64%), 02/15/2041<sup>(b)</sup> | 100000 | 98804  |
| &nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class C, 5.69% (1 mo. Term SOFR + 1.94%), 04/15/2041, (1.94% Floor)<sup>(b)</sup> | 216363 | 216870  |
| &nbsp;&nbsp;&nbsp; Series 2024-KING, Class B, 5.49% (1 mo. Term SOFR + 1.74%), 05/15/2034, (1.74% Floor)<sup>(b)</sup> | 378023 | 378023  |
| &nbsp;&nbsp;&nbsp; Series 2024-XL5, Class A, 5.14% (1 mo. Term SOFR + 1.39%), 03/15/2041, (1.39% Floor)<sup>(b)</sup> | 104317 | 104376  |
| &nbsp;&nbsp;&nbsp; Series 2025-ARIA, Class C, 5.52%, 12/13/2042<sup>(b)(g)</sup> | 100000 | 100803  |
| &nbsp;&nbsp;&nbsp; Series 2025-VLT6, Class C, 5.94% (1 mo. Term SOFR + 2.19%), 03/15/2042, (2.19% Floor)<sup>(b)</sup> | 300000 | 299346  |
| &nbsp;&nbsp;&nbsp; Series 2025-VOLT, Class D, 6.50% (1 mo. Term SOFR + 2.75%), 12/15/2044, (2.75% Floor)<sup>(b)</sup> | 100000 | 99875  |
|  BX Trust 2024-VLT4, Series 2024-AIRC, Class C, 6.34% (1 mo. Term SOFR + 2.59%), 08/15/2041, (2.59% Floor)<sup>(b)</sup> | 93620 | 94496  |
|  Century Plaza Towers, Series 2019-CPT, Class E, 3.00%, 11/13/2039 (Callable 11/13/2029)<sup>(b)(g)</sup> | 130000 | 108546  |
|  CFCRE Commercial Mortgage Trust, Series 2016-C4, Class XA, 1.44%, 05/10/2058 (Callable 11/10/2026)<sup>(g)(h)</sup> | 234720 | 368  |
|  Chase Mortgage Finance Corp., Series 2024-6, Class A9A, 6.00%, 05/25/2055 (Callable 01/25/2028)<sup>(b)(g)</sup> | 249511 | 252746  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| CIM Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-INV1, Class A10, 4.00%, 08/25/2048 (Callable 01/25/2033)<sup>(b)(g)</sup> | $154956 | $146353  |
| &nbsp;&nbsp;&nbsp; Series 2019-INV2, Class A3, 4.00%, 05/25/2049 (Callable 04/25/2028)<sup>(b)(g)</sup> | 11061 | 10478  |
| &nbsp;&nbsp;&nbsp; Series 2019-J1, Class B2, 3.91%, 08/25/2049 (Callable 02/25/2026)<sup>(b)(g)</sup> | 147543 | 138003  |
|  Citigroup Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C1, Class XA, 1.80%, 05/10/2049 (Callable 06/10/2026)<sup>(g)(h)</sup> | 552949 | 393  |
| &nbsp;&nbsp;&nbsp; Series 2017-P8, Class XA, 0.85%, 09/15/2050 (Callable 07/15/2027)<sup>(g)(h)</sup> | 919333 | 9015  |
| &nbsp;&nbsp;&nbsp; Series 2019-C7, Class XA, 0.82%, 12/15/2072 (Callable 10/15/2029)<sup>(g)(h)</sup> | 3545900 | 99549  |
|  Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2017-CD4, Class XA, 1.21%, 05/10/2050 (Callable 05/10/2027)<sup>(g)(h)</sup> | 1293071 | 11107  |
|  Commercial Mortgage Pass Through Certificates, Series 2013-CR12, Class XA, 0.51%, 10/10/2046 (Callable 01/10/2026)<sup>(g)(h)</sup> | 224142 | 2  |
| Computershare Corporate Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-C45, Class XA, 0.76%, 06/15/2051 (Callable 04/15/2028)<sup>(g)(h)</sup> | 4570219 | 71397  |
| &nbsp;&nbsp;&nbsp; Series 2021-C59, Class E, 2.50%, 04/15/2054 (Callable 04/15/2031)<sup>(b)</sup> | 400000 | 253668  |
| &nbsp;&nbsp;&nbsp; Countrywide Alternative Loan <br>Trust | &nbsp;&nbsp;&nbsp; Countrywide Alternative Loan <br>Trust | &nbsp;&nbsp;&nbsp; Countrywide Alternative Loan <br>Trust |
| &nbsp;&nbsp;&nbsp; Series 2007-16CB, Class 5A4, 6.25%, 08/25/2037 (Callable 01/25/2026) | 449525 | 203274  |
| &nbsp;&nbsp;&nbsp; Series 2007-OA4, Class A1, 4.19% (1 mo. Term SOFR + 0.45%), 05/25/2047, (0.34% Floor) (Callable 01/25/2026) | 193430 | 178925  |

---

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

98<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(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; Credit Suisse Mortgage Capital Certificates, Series <br>2019-NQM1, Class A1, 3.66%, 10/25/2059 (Callable 01/25/2026)<sup>(b)(i)</sup> | $3627 | $3612  |
| CSAIL Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C6, Class XA, 1.75%, 01/15/2049 (Callable 02/15/2026)<sup>(g)(h)</sup> | 347450 | 377  |
| &nbsp;&nbsp;&nbsp; Series 2017-CX10, Class XA, 0.84%, 11/15/2050 (Callable 09/15/2027)<sup>(g)(h)</sup> | 3887450 | 36226  |
| &nbsp;&nbsp;&nbsp; Series 2018-CX12, Class XA, 0.55%, 08/15/2051 (Callable 06/15/2028)<sup>(g)(h)</sup> | 3954323 | 46505  |
| DBC 2025-DBC Mortgage Trust | DBC 2025-DBC Mortgage Trust | DBC 2025-DBC Mortgage Trust |
| &nbsp;&nbsp;&nbsp; Series 2025-DBC, Class A, 5.10% (1 mo. Term SOFR + 1.35%), 11/15/2042, (1.35% Floor) (Callable 11/15/2027)<sup>(b)</sup> | 250000 | 250156  |
| &nbsp;&nbsp;&nbsp; Series 2025-DBC, Class D, 6.35% (1 mo. Term SOFR + 2.60%), 11/15/2042, (2.60% Floor) (Callable 11/15/2027)<sup>(b)</sup> | 100000 | 100000  |
|  DBGS Mortgage Trust, Series 2021-W52, Class A, 5.41% (1 mo. Term SOFR + 1.66%), 10/15/2039, (1.40% Floor)<sup>(b)</sup> | 100000 | 99908  |
|  ELM Trust, Series 2024-ELM, Class C15, 6.19%, 06/10/2039<sup>(b)(g)</sup> | 300000 | 302439  |
|  ELP Commercial Mortgage Trust, Series 2025-ELP, Class E, 6.45%, 11/13/2042<sup>(b)(g)</sup> | 100000 | 100071  |
|  Fannie Mae Connecticut Avenue Securities<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B2, 10.07% (30 day avg SOFR US + 6.20%), 11/25/2041, (0.00% Floor) (Callable 11/25/2026)<sup>(b)</sup> | 55000 | 57025  |
| &nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M2, 6.87% (30 day avg SOFR US + 3.00%), 04/25/2042, (0.00% Floor) (Callable 04/25/2027)<sup>(b)</sup> | 210000 | 214561  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2, 7.47% (30 day avg SOFR US + 3.60%), 07/25/2042, (0.00% Floor) (Callable 07/25/2027)<sup>(b)</sup> | $300000 | $311179  |
| &nbsp;&nbsp;&nbsp; Series 2022-R09, Class 2M1, 6.37% (30 day avg SOFR US + 2.50%), 09/25/2042, (0.00% Floor) (Callable 09/25/2027)<sup>(b)</sup> | 40896 | 41421  |
| &nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M1, 6.27% (30 day avg SOFR US + 2.40%), 12/25/2042, (0.00% Floor) (Callable 12/25/2027)<sup>(b)</sup> | 34760 | 35444  |
| &nbsp;&nbsp;&nbsp; Series 2023-R03, Class 2M2, 7.77% (30 day avg SOFR US + 3.90%), 04/25/2043, (0.00% Floor) (Callable 04/25/2028)<sup>(b)</sup> | 65000 | 68389  |
| &nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1M2, 6.57% (30 day avg SOFR US + 2.70%), 07/25/2043, (0.00% Floor) (Callable 07/25/2028)<sup>(b)</sup> | 85000 | 87339  |
| &nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M1, 4.97% (30 day avg SOFR US + 1.10%), 02/25/2044, (0.00% Floor) (Callable 02/25/2029)<sup>(b)</sup> | 80581 | 80655  |
| &nbsp;&nbsp;&nbsp; Series 2024-R03, Class 2M2, 5.82% (30 day avg SOFR US + 1.95%), 03/25/2044, (0.00% Floor) (Callable 03/25/2029)<sup>(b)</sup> | 300000 | 301989  |
| &nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1M2, 5.47% (30 day avg SOFR US + 1.60%), 02/25/2045, (0.00% Floor) (Callable 01/25/2030)<sup>(b)</sup> | 140000 | 140404  |
| &nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1M1, 5.07% (30 day avg SOFR US + 1.20%), 05/25/2045, (0.00% Floor) (Callable 05/25/2030)<sup>(b)</sup> | 88844 | 89003  |
| &nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1B1, 5.72% (30 day avg SOFR US + 1.85%), 09/25/2045, (0.00% Floor) (Callable 09/25/2030)<sup>(b)</sup> | 95000 | 95320  |

---

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

99<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(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)**  |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp; Pool RJ3244, 5.00%, 01/01/2055 | $198157 | $199593  |
| &nbsp;&nbsp;&nbsp; Pool RJ3275, 5.50%, 02/01/2055 | 188823 | 193817  |
| &nbsp;&nbsp;&nbsp; Pool RJ3503, 6.00%, 02/01/2055 | 179376 | 186932  |
| &nbsp;&nbsp;&nbsp; Pool RJ5509, 5.00%, 12/01/2055 | 159838 | 160496  |
| &nbsp;&nbsp;&nbsp; Pool SD8342, 5.50%, 07/01/2053 | 1580655 | 1609127  |
| &nbsp;&nbsp;&nbsp; Pool SL0231, 5.00%, 01/01/2055 | 112721 | 113362  |
| &nbsp;&nbsp;&nbsp; Pool SL1712, 6.00%, 12/01/2054 | 1066257 | 1105041  |
| &nbsp;&nbsp;&nbsp; Series 2021-P011, Class X1, 1.75%, 09/25/2045<sup>(g)(h)</sup> | 504060 | 52078  |
| &nbsp;&nbsp;&nbsp; Series 2980, Class SC, 2.60% (-1 x 30 day avg SOFR US + 6.59%), 05/15/2035, (0.00% Floor), (6.70% Cap)<sup>(h)(j)</sup> | 128909 | 10249  |
| &nbsp;&nbsp;&nbsp; Series 2989, Class SG, 5.26% (-7 x 30 day avg SOFR US + 33.15%), 08/15/2034, (0.00% Floor), (33.95% Cap)<sup>(j)</sup> | 138815 | 161123  |
| &nbsp;&nbsp;&nbsp; Series 3311, Class IA, 2.31% (-1 x 30 day avg SOFR US + 6.30%), 05/15/2037, (0.00% Floor), (6.41% Cap)<sup>(h)(j)</sup> | 757191 | 68783  |
| &nbsp;&nbsp;&nbsp; Series 3359, Class SC, 1.62% (-1 x 30 day avg SOFR US + 5.61%), 08/15/2037, (0.00% Floor), (5.72% Cap)<sup>(h)(j)</sup> | 264659 | 19257  |
| &nbsp;&nbsp;&nbsp; Series 389, Class C1, 1.50%, 05/15/2037<sup>(h)</sup> | 3916523 | 205237  |
| &nbsp;&nbsp;&nbsp; Series 3966, Class SA, 1.80% (-1 x 30 day avg SOFR US + 5.79%), 12/15/2041, (0.00% Floor), (5.90% Cap)<sup>(h)(j)</sup> | 381095 | 33026  |
| &nbsp;&nbsp;&nbsp; Series 4077, Class TS, 1.90% (-1 x 30 day avg SOFR US + 5.89%), 05/15/2041, (0.00% Floor), (6.00% Cap)<sup>(h)(j)</sup> | 223794 | 20845  |
| &nbsp;&nbsp;&nbsp; Series 4089, Class SH, 1.90% (-1 x 30 day avg SOFR US + 5.89%), 08/15/2042, (0.00% Floor), (6.00% Cap)<sup>(h)(j)</sup> | 301281 | 30759  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 4249, Class CS, 1.55% (-1 x 30 day avg SOFR US + 4.56%), 09/15/2043, (0.00% Floor), (4.65% Cap)<sup>(j)</sup> | $531152 | $401167  |
| &nbsp;&nbsp;&nbsp; Series 4993, Class KS, 2.06% (-1 x 30 day avg SOFR US + 5.94%), 07/25/2050, (0.00% Floor), (6.05% Cap)<sup>(h)(j)</sup> | 2137827 | 307928  |
| &nbsp;&nbsp;&nbsp; Series K109, Class X1, 1.57%, 04/25/2030 (Callable 04/25/2030)<sup>(g)(h)</sup> | 650055 | 35649  |
| &nbsp;&nbsp;&nbsp; Series K117, Class X1, 1.22%, 08/25/2030 (Callable 07/25/2030)<sup>(g)(h)</sup> | 1251573 | 57449  |
| &nbsp;&nbsp;&nbsp; Series K122, Class X1, 0.87%, 11/25/2030 (Callable 09/25/2030)<sup>(g)(h)</sup> | 1814459 | 62466  |
| &nbsp;&nbsp;&nbsp; Series K-1515, Class X1, 1.51%, 02/25/2035 (Callable 11/25/2034)<sup>(g)(h)</sup> | 787390 | 75673  |
| &nbsp;&nbsp;&nbsp; Series K-1518, Class X1, 0.86%, 10/25/2035 (Callable 07/25/2035)<sup>(g)(h)</sup> | 1452367 | 84251  |
| &nbsp;&nbsp;&nbsp; Series K-1521, Class X1, 0.98%, 08/25/2036 (Callable 06/25/2036)<sup>(g)(h)</sup> | 808261 | 58077  |
| &nbsp;&nbsp;&nbsp; Series KG04, Class X1, 0.84%, 11/25/2030 (Callable 08/25/2030)<sup>(g)(h)</sup> | 1871075 | 62074  |
| &nbsp;&nbsp;&nbsp; Series KL06, Class XFX, 1.36%, 12/25/2029 (Callable 09/25/2029)<sup>(g)(h)</sup> | 938166 | 35485  |
|  Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool BZ4947, 5.07%, 10/01/2041 | 309160 | 301142  |
| &nbsp;&nbsp;&nbsp; Pool CB7984, 5.50%, 02/01/2054 | 149998 | 152747  |
| &nbsp;&nbsp;&nbsp; Pool CB8140, 5.50%, 03/01/2054 | 229180 | 235099  |
| &nbsp;&nbsp;&nbsp; Pool CB8331, 5.50%, 04/01/2054 | 418974 | 426652  |
| &nbsp;&nbsp;&nbsp; Pool CB9324, 5.50%, 10/01/2054 | 298977 | 306699  |
| &nbsp;&nbsp;&nbsp; Pool CB9326, 5.50%, 10/01/2054 | 163021 | 166671  |
| &nbsp;&nbsp;&nbsp; Pool CB9484, 5.50%, 11/01/2054 | 164982 | 169295  |

---

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

100<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(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; Pool CB9643, 5.00%, 12/01/2054 | $189797 | $191528  |
| &nbsp;&nbsp;&nbsp; Pool CB9672, 5.50%, 12/01/2054 | 292752 | 301959  |
| &nbsp;&nbsp;&nbsp; Pool CB9734, 5.50%, 01/01/2055 | 186257 | 189438  |
| &nbsp;&nbsp;&nbsp; Pool CB9793, 5.50%, 01/01/2055 | 194540 | 200233  |
| &nbsp;&nbsp;&nbsp; Pool CB9794, 5.50%, 01/01/2055 | 173467 | 178327  |
| &nbsp;&nbsp;&nbsp; Pool CB9812, 6.00%, 01/01/2055 | 90776 | 94600  |
| &nbsp;&nbsp;&nbsp; Pool FS7738, 6.00%, 03/01/2054 | 2664902 | 2794855  |
| &nbsp;&nbsp;&nbsp; Pool MA5039, 5.50%, 06/01/2053 | 3412 | 3474  |
| &nbsp;&nbsp;&nbsp; Series 2007-50, Class SX, 2.46% (-1 x 30 day avg SOFR US + 6.34%), 06/25/2037, (0.00% Floor), (6.45% Cap)<sup>(h)(j)</sup> | 1345114 | 130712  |
| &nbsp;&nbsp;&nbsp; Series 2008-22, Class SB, 2.17% (-1 x 30 day avg SOFR US + 6.05%), 04/25/2048, (0.00% Floor), (6.16% Cap)<sup>(h)(j)</sup> | 1051577 | 122550  |
| &nbsp;&nbsp;&nbsp; Series 2009-52, Class PI, 5.00%, 07/25/2039<sup>(h)</sup> | 47899 | 6497  |
| &nbsp;&nbsp;&nbsp; Series 2009-78, Class XS, 2.75% (-1 x 30 day avg SOFR US + 6.63%), 10/25/2039, (0.00% Floor), (6.74% Cap)<sup>(h)(j)</sup> | 1662271 | 172035  |
| &nbsp;&nbsp;&nbsp; Series 2009-86, Class IP, 5.50%, 10/25/2039<sup>(h)</sup> | 46598 | 8721  |
| &nbsp;&nbsp;&nbsp; Series 2010-19, Class SM, 2.26% (-1 x 30 day avg SOFR US + 6.14%), 03/25/2040, (0.00% Floor), (6.25% Cap)<sup>(h)(j)</sup> | 2792637 | 256333  |
| &nbsp;&nbsp;&nbsp; Series 2011-124, Class NS, 2.51% (-1 x 30 day avg SOFR US + 6.39%), 12/25/2041, (0.00% Floor), (6.50% Cap)<sup>(h)(j)</sup> | 257051 | 32612  |
| &nbsp;&nbsp;&nbsp; Series 2012-20, Class SA, 2.46% (-1 x 30 day avg SOFR US + 6.34%), 03/25/2042, (0.00% Floor), (6.45% Cap)<sup>(h)(j)</sup> | 256016 | 28040  |
| &nbsp;&nbsp;&nbsp; Series 2012-76, Class SC, 2.01% (-1 x 30 day avg SOFR US + 5.89%), 07/25/2042, (0.00% Floor), (6.00% Cap)<sup>(h)(j)</sup> | 124425 | 13692  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2014-28, Class SD, 2.06% (-1 x 30 day avg SOFR US + 5.94%), 05/25/2044, (0.00% Floor), (6.05% Cap)<sup>(h)(j)</sup> | $563908 | $56479  |
| &nbsp;&nbsp;&nbsp; Series 2017-53, Class IE, 4.00%, 07/25/2047<sup>(h)</sup> | 123425 | 24396  |
| &nbsp;&nbsp;&nbsp; Series 2019-33, Class PS, 2.06% (-1 x 30 day avg SOFR US + 5.94%), 07/25/2049, (0.00% Floor), (6.05% Cap)<sup>(h)(j)</sup> | 3302311 | 362706  |
| &nbsp;&nbsp;&nbsp; Series 2019-83, Class QS, 1.96% (-1 x 30 day avg SOFR US + 5.84%), 01/25/2050, (0.00% Floor), (5.95% Cap)<sup>(h)(j)</sup> | 3831271 | 505974  |
| &nbsp;&nbsp;&nbsp; Series 2020-53, Class DI, 3.00%, 08/25/2060<sup>(h)</sup> | 2376143 | 365497  |
| &nbsp;&nbsp;&nbsp; Series 2020-79, Class IT, 4.00%, 11/25/2050<sup>(h)</sup> | 4658622 | 924157  |
| &nbsp;&nbsp;&nbsp; Series 2020-99, Class IC, 3.50%, 04/25/2050<sup>(h)</sup> | 3426688 | 620613  |
| &nbsp;&nbsp;&nbsp; Series 2021-18, Class IG, 3.00%, 06/25/2050<sup>(h)</sup> | 4365564 | 599760  |
| &nbsp;&nbsp;&nbsp; Series 2021-60, Class DI, 2.50%, 09/25/2051<sup>(h)</sup> | 2115620 | 242981  |
| &nbsp;&nbsp;&nbsp; Series 419, Class C4, 3.50%, 04/25/2044<sup>(h)</sup> | 1678988 | 268206  |
|  First Republic Mortgage Loan Trust, Series 2020-1, Class B1, 2.88%, 04/25/2050<sup>(b)(g)</sup> | 679256 | 645252  |
|  Flagstar Mortgage Trust, Series 2018-6RR, Class B1, 4.90%, 10/25/2048 (Callable 09/25/2034)<sup>(b)(g)</sup> | 392276 | 382688  |
|  Freddie Mac Mscr Trust Mn12, Series 2025-MN12, Class B1, 8.37% (30 day avg SOFR US + 4.50%), 11/25/2045, (0.00% Floor) (Callable 02/25/2031)<sup>(b)</sup> | 170000 | 169999  |
|  Freddie Mac Structured Agency Credit Risk Debt Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA5, Class M2, 5.52% (30 day avg SOFR US + 1.65%), 01/25/2034, (0.00% Floor) (Callable 01/25/2034)<sup>(b)</sup> | 93751 | 94070  |
| &nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class B1, 7.62% (30 day avg SOFR US + 3.75%), 12/25/2041, (0.00% Floor) (Callable 12/25/2026)<sup>(b)</sup> | 700000 | 716345  |

---

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

101<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(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; Series 2021-HQA4, Class M2, 6.22% (30 day avg SOFR US + 2.35%), 12/25/2041, (0.00% Floor) (Callable 12/25/2026)<sup>(b)</sup> | $400000 | $404557  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1A, 5.87% (30 day avg SOFR US + 2.00%), 04/25/2042, (0.00% Floor) (Callable 04/25/2027)<sup>(b)</sup> | 35331 | 35678  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1A, 6.07% (30 day avg SOFR US + 2.20%), 05/25/2042, (0.00% Floor) (Callable 05/25/2027)<sup>(b)</sup> | 64346 | 65013  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1B, 7.22% (30 day avg SOFR US + 3.35%), 05/25/2042, (0.00% Floor) (Callable 05/25/2027)<sup>(b)</sup> | 110000 | 113187  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA6, Class M1A, 6.02% (30 day avg SOFR US + 2.15%), 09/25/2042, (0.00% Floor) (Callable 09/25/2027)<sup>(b)</sup> | 35735 | 35925  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA7, Class M1A, 6.37% (30 day avg SOFR US + 2.50%), 03/25/2052, (0.00% Floor) (Callable 09/25/2027)<sup>(b)</sup> | 35458 | 35794  |
| &nbsp;&nbsp;&nbsp; Series 2022-HQA1, Class M1B, 7.37% (30 day avg SOFR US + 3.50%), 03/25/2042, (0.00% Floor) (Callable 03/25/2027)<sup>(b)</sup> | 85000 | 87489  |
| &nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M1B, 7.42% (30 day avg SOFR US + 3.55%), 08/25/2042, (0.00% Floor) (Callable 08/25/2027)<sup>(b)</sup> | 205000 | 213163  |
| &nbsp;&nbsp;&nbsp; Series 2024-HQA1, Class M2, 5.87% (30 day avg SOFR US + 2.00%), 03/25/2044, (0.00% Floor) (Callable 03/25/2029)<sup>(b)</sup> | 185000 | 186442  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2025-DNA4, Class M2, 5.42% (30 day avg SOFR US + 1.55%), 10/25/2045, (0.00% Floor) (Callable 10/25/2030)<sup>(b)</sup> | $80000 | $80123  |
| &nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class M1, 5.02% (30 day avg SOFR US + 1.15%), 02/25/2045, (0.00% Floor) (Callable 02/25/2030)<sup>(b)</sup> | 99391 | 99484  |
| &nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class M2, 5.52% (30 day avg SOFR US + 1.65%), 02/25/2045, (0.00% Floor) (Callable 02/25/2030)<sup>(b)</sup> | 120000 | 120333  |
|  FREMF Mortgage Trust, Series 2019-KF71, Class C, 10.12% (30 day avg SOFR US + 6.11%), 10/25/2029, (6.00% Floor) (Callable 10/25/2029)<sup>(b)</sup> | 126991 | 123766  |
| Ginnie Mae II Pool<br>|  |  |
|  Pool MA8200, 4.00%, 08/20/2052 | 73176  | 69735  |
|  Pool MA8201, 4.50%, 08/20/2052  | 33748  | 33136  |
|  Pool MA8346, 4.00%, 10/20/2052  | 86146  | 82094 |
|  Pool MA8426, 4.00%, 11/20/2052  | 87253  | 83148  |
|  Pool MA8489, 4.50%, 12/20/2052  | 95032  | 93308 |
|  Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2010-133, Class SD, 2.22% (-1 x 1 mo. Term SOFR + 5.96%), 10/16/2040, (0.00% Floor), (6.07% Cap)<sup>(h)(j)</sup> | 1033721 | 46554  |
| &nbsp;&nbsp;&nbsp; Series 2014-102, Class SY, 1.80% (-1 x 1 mo. Term SOFR + 5.54%), 02/20/2044, (0.00% Floor), (5.65% Cap)<sup>(h)(j)</sup> | 1119706 | 68311  |
| &nbsp;&nbsp;&nbsp; Series 2018-83, Class HI, 5.00%, 01/20/2048<sup>(h)</sup> | 527708 | 91899  |
| &nbsp;&nbsp;&nbsp; Series 2021-66, Class IA, 3.00%, 12/20/2050<sup>(h)</sup> | 2232202 | 304286  |
| &nbsp;&nbsp;&nbsp; Series 2022-19, Class CI, 3.00%, 01/20/2052<sup>(h)</sup> | 2198227 | 299088  |
| &nbsp;&nbsp;&nbsp; Series 2022-192, Class IO, 0.67%, 09/16/2064 (Callable 12/16/2048)<sup>(g)(h)</sup> | 3425688 | 190550  |

---

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

102<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(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; Series 2023-33, Class IO, 0.93%, 05/16/2063 (Callable 05/16/2048)<sup>(g)(h)</sup> | $5825665 | $415291  |
| &nbsp;&nbsp;&nbsp; Series 2024-15, Class BI, 0.72%, 10/16/2065 (Callable 04/16/2049)<sup>(g)(h)</sup> | 3414473 | 185457  |
| &nbsp;&nbsp;&nbsp; Series 2024-35, Class IB, 0.80%, 07/16/2065 (Callable 03/16/2049)<sup>(g)(h)</sup> | 3125377 | 184861  |
| &nbsp;&nbsp;&nbsp; Series 2024-82, Class AI, 0.74%, 10/16/2065 (Callable 04/16/2049)<sup>(g)(h)</sup> | 1977504 | 124794  |
| &nbsp;&nbsp;&nbsp; Series 2025-196, Class QF, 5.07% (30 day avg SOFR US + 1.15%), 11/20/2055, (1.15% Floor), (6.00% Cap) | 798329 | 800177  |
| &nbsp;&nbsp;&nbsp; Series 2025-25, Class FG, 5.17% (30 day avg SOFR US + 1.25%), 02/20/2055, (1.25% Floor), (6.50% Cap) | 1339813 | 1347944  |
| Great Wolf Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-WLF2, Class A, 5.44% (1 mo. Term SOFR + 1.69%), 05/15/2041<sup>(b)</sup> | 250000 | 250700  |
| &nbsp;&nbsp;&nbsp; Series 2024-WOLF, Class A, 5.29% (1 mo. Term SOFR + 1.54%), 03/15/2039, (1.54% Floor)<sup>(b)</sup> | 350000 | 350498  |
| &nbsp;&nbsp;&nbsp; Greystone Commercial Real Estate Notes, Series <br>2021-FL3, Class D, 6.06% (1 mo. Term SOFR + 2.31%), 07/15/2039, (2.20% Floor) (Callable 01/15/2026)<sup>(b)</sup> | 100000 | 99984  |
| GS Mortgage Securities Corp. II | GS Mortgage Securities Corp. II | GS Mortgage Securities Corp. II |
| &nbsp;&nbsp;&nbsp; Series 2013-GC13, Class B, 3.86%, 07/10/2046 (Callable 05/10/2027)<sup>(b)(g)</sup> | 100000 | 97054  |
| &nbsp;&nbsp;&nbsp; Series 2018-RIVR, Class C, 5.30% (1 mo. Term SOFR + 1.55%), 07/15/2035, (1.50% Floor)<sup>(b)</sup> | 122000 | 2440  |
| &nbsp;&nbsp;&nbsp; Series 2019-GC42, Class XA, 0.80%, 09/10/2052 (Callable 09/10/2029)<sup>(g)(h)</sup> | 2132360 | 51212  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2020-GC47, Class XA, 1.12%, 05/12/2053 (Callable 02/12/2030)<sup>(g)(h)</sup> | $1453891 | $54547  |
| &nbsp;&nbsp;&nbsp; Series 2020-GSA2, Class XA, 1.66%, 12/12/2053 (Callable 10/10/2030)<sup>(b)(g)(h)</sup> | 1131550 | 69379  |
| &nbsp;&nbsp;&nbsp; Series 2024-FAIR, Class A, 5.88%, 07/15/2029<sup>(b)(g)</sup> | 400000 | 411973  |
| GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
| &nbsp;&nbsp;&nbsp; Series 2020-PJ6, Class A4, 2.50%, 05/25/2051 (Callable 01/25/2041)<sup>(b)(g)</sup> | 280648 | 231538  |
| &nbsp;&nbsp;&nbsp; Series 2022-PJ1, Class A4, 2.50%, 05/28/2052 (Callable 06/25/2041)<sup>(b)(g)</sup> | 234876 | 194911  |
| &nbsp;&nbsp;&nbsp; Series 2024-PJ4, Class B2, 5.93%, 08/25/2054 (Callable 04/25/2029)<sup>(b)(g)</sup> | 96752 | 95971  |
| &nbsp;&nbsp;&nbsp; Series 2025-PJ9, Class A19, 6.00%, 03/25/2056 (Callable 02/25/2034)<sup>(b)(g)</sup> | 238538 | 241631  |
| GSAA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 4A3, 4.10%, 03/25/2036 (Callable 01/25/2026)<sup>(g)</sup> | 354790 | 205818  |
| &nbsp;&nbsp;&nbsp; Series 2007-7, Class A4, 4.39% (1 mo. Term SOFR + 0.65%), 07/25/2037, (0.54% Floor) (Callable 01/25/2026) | 38997 | 38473  |
|  GSCG Trust, Series 2019-600C, Class E, 3.99%, 09/06/2034<sup>(b)(g)</sup> | 183000 | 7325  |
|  HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.88%, 05/10/2039<sup>(b)(g)</sup> | 500000 | 506451  |
|  Hundred Acre Wood Trust, Series 2021-INV1, Class A27, 2.50%, 07/25/2051 (Callable 02/25/2047)<sup>(b)(g)</sup> | 270181 | 224461  |
|  INTOWN Mortgage Trust, Series 2025-STAY, Class B, 5.50% (1 mo. Term SOFR + 1.75%), 03/15/2042, (1.75% Floor)<sup>(b)</sup> | 115000 | 115072  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-8, Class B1, 4.04%, 01/25/2049 (Callable 01/25/2026)<sup>(b)(g)</sup> | 405959 | 375661  |

---

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

103<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(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; Series 2019-8, Class A15, 3.50%, 03/25/2050 (Callable 06/25/2026)<sup>(b)(g)</sup> | $6263 | $5623  |
| &nbsp;&nbsp;&nbsp; Series 2019-8, Class B2A, 3.14%, 03/25/2050 (Callable 06/25/2026)<sup>(b)(g)</sup> | 166694 | 146896  |
| &nbsp;&nbsp;&nbsp; Series 2020-4, Class A5, 3.00%, 11/25/2050 (Callable 08/25/2029)<sup>(b)(g)</sup> | 147688 | 127950  |
| &nbsp;&nbsp;&nbsp; Series 2022-5, Class A9, 2.80%, 09/25/2052 (Callable 05/25/2049)<sup>(b)(g)</sup> | 408563 | 342880  |
| &nbsp;&nbsp;&nbsp; Series 2025-CCM1, Class A2, 5.50%, 06/25/2055 (Callable 01/25/2036)<sup>(b)(g)</sup> | 175345 | 176516  |
|  JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class XA, 1.48%, 06/15/2049 (Callable 03/15/2026)<sup>(g)(h)</sup> | 597469 | 1918  |
|  KREST Commercial Mortgage Securities Trust, Series 2025-AIP4, Class C, 5.60% (1 mo. Term SOFR + 1.85%), 03/15/2042, (1.85% Floor)<sup>(b)</sup> | 300000 | 298689  |
|  KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, 5.29% (1 mo. Term SOFR + 1.54%), 12/15/2039, (1.54% Floor)<sup>(b)</sup> | 291272 | 291182  |
|  Life Mortgage Trust US, Series 2022-BMR2, Class B, 5.54% (1 mo. Term SOFR + 1.79%), 05/15/2039, (1.79% Floor) (Callable 05/15/2026)<sup>(b)</sup> | 250000 | 227661  |
| LoanCore<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-CRE6, Class D, 6.71% (1 mo. Term SOFR + 2.96%), 11/15/2038, (2.85% Floor) (Callable 01/15/2026)<sup>(b)</sup> | 100000 | 100134  |
| &nbsp;&nbsp;&nbsp; Series 2022-CRE7, Class C, 6.44% (30 day avg SOFR US + 2.50%), 01/17/2037, (2.50% Floor) (Callable 01/17/2026)<sup>(b)</sup> | 100000 | 99967  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2025-CRE8, Class D, 6.48% (1 mo. Term SOFR + 2.74%), 08/17/2042, (2.74% Floor) (Callable 08/17/2027)<sup>(b)</sup> | $100000 | $99292  |
| LSTAR Commercial Mortgage Trust | LSTAR Commercial Mortgage Trust | LSTAR Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp; Series 2016-4, Class C, 4.68%, 03/10/2049 (Callable 09/10/2030)<sup>(b)(g)</sup> | 274000 | 270354  |
| &nbsp;&nbsp;&nbsp; Series 2017-5, Class X, 0.87%, 03/10/2050 (Callable 09/10/2030)<sup>(b)(g)(h)</sup> | 1724050 | 7613  |
|  MF1 Multifamily Housing Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-FL15, Class B, 6.23% (1 mo. Term SOFR + 2.49%), 08/18/2041, (2.49% Floor) (Callable 07/18/2026)<sup>(b)</sup> | 100000 | 100062  |
| &nbsp;&nbsp;&nbsp; Series 2024-FL16, Class D, 7.32% (1 mo. Term SOFR + 3.59%), 11/18/2039, (3.59% Floor) (Callable 10/18/2026)<sup>(b)</sup> | 100000 | 99002  |
| &nbsp;&nbsp;&nbsp; Series 2025-FL17, Class D, 6.48% (1 mo. Term SOFR + 2.74%), 02/18/2040, (2.74% Floor) (Callable 07/18/2026)<sup>(b)</sup> | 100000 | 99500  |
| &nbsp;&nbsp;&nbsp; MFRA Trust, Series <br>2020-NQM3, Class A3, 1.63%, 01/26/2065 (Callable 01/25/2026)<sup>(b)(g)</sup> | 50320 | 48490  |
|  MHC Commercial Mortgage Trust, Series 2021-MHC, Class F, 6.47% (1 mo. Term SOFR + 2.72%), 04/15/2038, (2.60% Floor)<sup>(b)</sup> | 240000 | 240279  |
|  Morgan Stanley Bank of America Merrill Lynch Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2012-CKSV, Class A2, 3.28%, 10/15/2030 (Callable 01/15/2026)<sup>(b)</sup> | 80762 | 76810  |
| &nbsp;&nbsp;&nbsp; Series 2013-C9, Class B, 3.71%, 05/15/2046 (Callable 06/15/2028)<sup>(g)</sup> | 85406 | 82965  |
| &nbsp;&nbsp;&nbsp; Series 2014-C17, Class E, 3.50%, 08/15/2047 (Callable 07/15/2026)<sup>(b)</sup> | 92065 | 91083  |

---

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

104<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(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; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)**  |
| Morgan Stanley Capital I, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-UB12, Class XA, 0.62%, 12/15/2049 (Callable 11/15/2026)<sup>(g)(h)</sup> |  | $2397839 | $9986  |
| &nbsp;&nbsp;&nbsp; Series 2019-NUGS, Class E, 6.11% (1 mo. Term SOFR + 2.36%), 12/15/2036, (3.74% Floor)<sup>(b)</sup> |  | 147000 | 1545  |
| &nbsp;&nbsp;&nbsp; Series 2019-NUGS, Class F, 6.71% (1 mo. Term SOFR + 2.96%), 12/15/2036, (4.34% Floor)<sup>(b)</sup> |  | 125000 | 688  |
| &nbsp;&nbsp;&nbsp; Series 2019-PLND, Class E, 6.02% (1 mo. Term SOFR + 2.26%), 05/15/2036, (2.15% Floor) (Callable 01/15/2026)<sup>(b)</sup> |  | 189000 | 8516  |
|  Mortgage House Capital Mortgage Trust Premium Series, Series 2024-2, Class A1L, 4.65% (1 Month Australian Bank Bill Swap Rate + 1.10%), 05/13/2057, (0.00% Floor) (Callable 10/13/2027) | AUD | 97659 | 65373  |
|  Natixis Commercial Mortgage Securities Trust, Series 2019-10K, Class E, 4.13%, 05/15/2039<sup>(b)(g)</sup> |  | 100000 | 93126  |
|  NYC Commercial Mortgage Trust, Series 2025-3BP, Class A, 4.96% (1 mo. Term SOFR + 1.21%), 02/15/2042, (1.21% Floor)<sup>(b)</sup> |  | 100000 | 99188  |
|  ONNI Commercial Mortgage Trust, Series 2024-APT, Class A, 5.57%, 07/15/2039<sup>(b)(g)</sup> |  | 350000 | 355231  |
|  PFP III Ltd., Series 2024-11, Class B, 6.27% (1 mo. Term SOFR + 2.49%), 09/17/2039, (2.49% Floor) (Callable 09/17/2027)<sup>(b)</sup> |  | 99553 | 99491  |
|  PR Mortgage Loan Trust, Series 2014-1, Class APT, 5.85%, 10/25/2049 (Callable 04/25/2032)<sup>(b)(g)</sup> |  | 792466 | 744993  |
|  Provident Funding Mortgage Trust, Series 2021-J1, Class A10, 2.00%, 10/25/2051 (Callable 07/25/2048)<sup>(b)(g)</sup> |  | 200000 | 126297  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  PRPM LLC, Series 2025-NQM2, Class B1, 7.85%, 04/25/2070 (Callable 05/25/2028)<sup>(b)(g)</sup> | $100000 | $102596  |
|  Rate Mortgage Trust, Series 2021-HB1, Class A31, 2.50%, 12/25/2051 (Callable 05/25/2047)<sup>(b)(g)</sup> | 398392 | 330354  |
|  RCKT Mortgage Trust, Series 2021-1, Class B3, 2.71%, 03/25/2051 (Callable 07/25/2047)<sup>(b)(g)</sup> | 431063 | 366662  |
|  ROCK Trust 2024-CNTR, Series 2024-CNTR, Class D, 7.11%, 11/13/2041<sup>(b)</sup> | 300000 | 313412  |
|  SCOTT Trust 2023-SFS, Series 2023-SFS, Class AS, 6.20%, 03/10/2040<sup>(b)</sup> | 100000 | 101730  |
| Sequoia Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B3, 2.65%, 05/25/2051 (Callable 10/25/2045)<sup>(b)(g)</sup> | 439597 | 366194  |
| &nbsp;&nbsp;&nbsp; Series 2024-9, Class A20, 5.50%, 10/25/2054 (Callable 08/25/2028)<sup>(b)(g)</sup> | 110017 | 110202  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A19, 6.00%, 03/25/2055 (Callable 03/25/2029)<sup>(b)(g)</sup> | 148049 | 149969  |
| &nbsp;&nbsp;&nbsp; SG Commercial Mortgage Securities LLC, Series <br>2016-C5, Class XA, 1.81%, 10/10/2048 (Callable 07/10/2026)<sup>(g)(h)</sup> | 773381 | 3043  |
|  SMRT 2022-MINI, Series 2022-MINI, Class B, 5.10% (1 mo. Term SOFR + 1.35%), 01/15/2039, (1.35% Floor)<sup>(b)</sup> | 250000 | 248906  |
|  TPG Real Estate Finance Issuer Ltd., Series 2022-FL5, Class AS, 5.89% (1 mo. Term SOFR + 2.15%), 02/15/2039, (2.15% Floor) (Callable 01/15/2026)<sup>(b)</sup> | 100000 | 100110  |
| UBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-C3, Class C, 4.36%, 08/15/2050 (Callable 08/15/2027)<sup>(g)</sup> | 100000 | 96109  |
| &nbsp;&nbsp;&nbsp; Series 2018-C13, Class C, 4.99%, 10/15/2051 (Callable 10/15/2028)<sup>(g)</sup> | 100000 | 92938  |
|  UBS-Barclays Commercial Mortgage Trust, Series 2019-C3, Class XA, 1.31%, 05/15/2052 (Callable 03/15/2029)<sup>(g)(h)</sup> | 1346926 | 46074  |

---

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

105<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(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)**  |
|  Verus Securitization Trust, Series 2025-R2, Class M1, 5.82%, 07/25/2067 (Callable 12/25/2028)<sup>(b)(g)</sup> | $1000000 | $1002186  |
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass Through Certificates, Series <br>2007-HY3, Class 1A1, 3.76%, 03/25/2037 (Callable 01/25/2026)<sup>(g)</sup> | 304335 | 244221  |
|  Wells Fargo Commercial Mortgage Trust 2024-1CHI, Series 2024-5C2, Class C, 6.33%, 11/15/2057 (Callable 11/15/2029)<sup>(g)</sup> | 100000 | 102701  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED** <br>**MORTGAGE OBLIGATIONS** <br>**(Cost $53,908,162)** |  | 49622295  |
| **ASSET-BACKED SECURITIES - 6.9%** | **ASSET-BACKED SECURITIES - 6.9%** | **ASSET-BACKED SECURITIES - 6.9%** |
|  ACE Securities Corp., Series 2007-D1, Class A4, 6.93%, 02/25/2038 (Callable 08/25/2029)<sup>(b)(i)</sup> | 156008 | 137557  |
| &nbsp;&nbsp;&nbsp; ACREC Trust, Series <br>2021-FL1, Class C, 6.00% (1 mo. Term SOFR + 2.26%), 10/16/2036, (2.15% Floor) (Callable 01/16/2026)<sup>(b)</sup> | 375000 | 375090  |
|  Affirm, Inc., Series 2025-1A, Class D, 5.62%, 02/15/2033 (Callable 02/15/2027)<sup>(b)</sup> | 250000 | 252116  |
|  Air Canada, 3.70%, 01/15/2026<sup>(b)</sup> | 314815 | 314621  |
| &nbsp;&nbsp;&nbsp; AMSR Trust, Series <br>2021-SFR3, Class H, 4.90%, 10/17/2038<sup>(b)</sup> | 550000 | 541411  |
| &nbsp;&nbsp;&nbsp; Apollo Aviation Securitization Equity Trust, Series <br>2024-2A, Class B, 6.61%, 09/16/2049<sup>(b)</sup> | 136755 | 138162  |
|  Aqua Finance Trust, Series 2021-A, Class A, 1.54%, 07/17/2046 (Callable 02/17/2028)<sup>(b)</sup> | 29938 | 27629  |
| AutoNation Finance Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.19%, 12/10/2030 (Callable 09/10/2028)<sup>(b)</sup> | 45000 | 45830  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 5.63%, 09/10/2032 (Callable 09/10/2028)<sup>(b)</sup> | 25000 | 25461  |
|  Blackbird Capital Aircraft, Series 2021-1A, Class A, 2.44%, 07/15/2046 (Callable 07/15/2028)<sup>(b)</sup> | 157697 | 149783  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Blue Stream Communications LLC, Series 2024-1A, Class B, 6.04%, 11/20/2054 (Callable 05/20/2028)<sup>(b)</sup> | $250000 | $253326  |
|  Citigroup Mortgage Loan Trust, Inc., Series 2015-RP2, Class B4, 4.25%, 01/25/2053 (Callable 01/25/2029)<sup>(b)</sup> | 328979 | 322339  |
|  Consolidated Communications LLC, Series 2025-4A, Class A2, 5.52%, 12/20/2055 (Callable 12/20/2028)<sup>(b)</sup> | 115000 | 115609  |
| &nbsp;&nbsp;&nbsp; DataBank Issuer, Series <br>2023-1A, Class A2, 5.12%, 02/25/2053 (Callable 02/25/2026)<sup>(b)</sup> | 355000 | 353135  |
|  DB Master Finance Parent LLC, Series 2025-1A, Class A2II, 5.17%, 08/20/2055 (Callable 11/20/2029)<sup>(b)</sup> | 75000 | 75517  |
|  DigitalBridge Group, Inc., Series 2023-1A, Class B, 5.75%, 09/15/2048 (Callable 09/15/2026)<sup>(b)</sup> | 100000 | 99783  |
|  Domino's SPV Guarantor LLC, Series 2025-1A, Class A2II, 5.22%, 07/25/2055 (Callable 07/25/2029)<sup>(b)</sup> | 50000 | 50449  |
|  Driven Brands Holdings, Inc., Series 2020-2A, Class A2, 3.24%, 01/20/2051 (Callable 01/20/2026)<sup>(b)</sup> | 97574 | 94569  |
|  Exeter Automobile Receivables Trust, Series 2024-1A, Class B, 5.29%, 08/15/2028 (Callable 08/15/2028) | 55196 | 55321  |
|  First Franklin Mortgage Loan Asset Backed Certificates, Series 2004-FF10, Class M1, 4.02% (1 mo. Term SOFR + 1.39%), 07/25/2034, (1.28% Floor) (Callable 01/25/2026) | 12934 | 12909  |
| &nbsp;&nbsp;&nbsp; GreenSky LLC, Series <br>2025-3A, Class D, 5.15%, 12/27/2060 (Callable 02/25/2032)<sup>(b)</sup> | 150000 | 149910  |
| &nbsp;&nbsp;&nbsp; Helios Issuer LLC, Series <br>2020-2A, Class A, 2.73%, 11/01/2055 (Callable 10/30/2030)<sup>(b)</sup> | 426796 | 368387  |
|  Home Partners of America Trust, Series 2019-1, Class B, 3.16%, 09/17/2039 (Callable 01/17/2026)<sup>(b)</sup> | 76218 | 74624  |
|  Horizon Aircraft Finance Ltd., Series 2024-1, Class A, 5.38%, 09/15/2049<sup>(b)</sup> | 262500 | 264473  |

---

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

106<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
|  Jersey Mike's Funding, Series 2024-1A, Class A2, 5.64%, 02/15/2055 (Callable 02/15/2029)<sup>(b)</sup> | $208425 | $211505  |
| KREF<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-FL2, Class B, 5.50% (1 mo. Term SOFR + 1.76%), 02/15/2039, (1.65% Floor) (Callable 01/15/2026)<sup>(b)</sup> | 100000 | 99143  |
| &nbsp;&nbsp;&nbsp; Series 2022-FL3, Class A, 5.18% (1 mo. Term SOFR + 1.45%), 02/17/2039, (1.45% Floor) (Callable 01/17/2026)<sup>(b)</sup> | 48012 | 47962  |
| &nbsp;&nbsp;&nbsp; Lunar Structured Aircraft Portfolio Notes, Series <br>2021-1, Class A, 2.64%, 10/15/2046<sup>(b)</sup> | 163720 | 154784  |
| Metronet Systems Holdings LLC | Metronet Systems Holdings LLC | Metronet Systems Holdings LLC |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class B, 5.59%, 08/20/2055 (Callable 08/20/2028)<sup>(b)</sup> | 135000 | 135626  |
| &nbsp;&nbsp;&nbsp; Series 2025-4A, Class C, 7.11%, 12/20/2055 (Callable 12/20/2030)<sup>(b)</sup> | 70000 | 70343  |
|  Mill City Solar Loan, Series 2019-2GS, Class A, 3.69%, 07/20/2043 (Callable 12/20/2035)<sup>(b)</sup> | 54734 | 50112  |
| Mosaic Solar Loans LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-2A, Class A, 3.82%, 06/22/2043 (Callable 08/20/2029)<sup>(b)</sup> | 176827 | 167483  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class A, 4.01%, 06/22/2043 (Callable 05/20/2030)<sup>(b)</sup> | 111030 | 105420  |
| &nbsp;&nbsp;&nbsp; Series 2018-2GS, Class A, 4.20%, 02/22/2044 (Callable 06/20/2030)<sup>(b)</sup> | 121018 | 114598  |
| &nbsp;&nbsp;&nbsp; Series 2018-2GS, Class B, 4.74%, 02/22/2044 (Callable 06/20/2030)<sup>(b)</sup> | 75921 | 68985  |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-GA, Class A, 2.40%, 10/15/2068 (Callable 07/15/2027)<sup>(b)</sup> | 26217 | 25471  |
| &nbsp;&nbsp;&nbsp; Series 2020-BA, Class A2, 2.12%, 01/15/2069 (Callable 11/15/2027)<sup>(b)</sup> | 61504 | 59005  |
| &nbsp;&nbsp;&nbsp; Series 2020-HA, Class A, 1.31%, 01/15/2069 (Callable 04/15/2028)<sup>(b)</sup> | 35647 | 33796  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 0.84%, 05/15/2069 (Callable 02/15/2029)<sup>(b)</sup> | $34368 | $31690  |
| &nbsp;&nbsp;&nbsp; Series 2021-BA, Class A, 0.94%, 07/15/2069 (Callable 10/15/2029)<sup>(b)</sup> | 30907 | 28286  |
| &nbsp;&nbsp;&nbsp; Series 2021-FA, Class A, 1.11%, 02/18/2070 (Callable 01/15/2031)<sup>(b)</sup> | 298968 | 265218  |
|  Navigator Aircraft ABS Ltd., Series 2024-1, Class A, 5.40%, 08/15/2049<sup>(b)</sup> | 226190 | 225605  |
| &nbsp;&nbsp;&nbsp; Neighborly Issuer, Series <br>2021-1A, Class A2, 3.58%, 04/30/2051 (Callable 10/30/2026)<sup>(b)</sup> | 238750 | 228419  |
|  OCCU Auto Receivables Trust, Series 2022-1A, Class A3, 5.50%, 10/15/2027 (Callable 10/15/2027)<sup>(b)</sup> | 613 | 613  |
|  Pagaya AI Debt Selection Trust, Series 2024-11, Class D, 6.31%, 07/15/2032 (Callable 12/15/2026)<sup>(b)</sup> | 188448 | 190361  |
|  PennyMac Mortgage Investment Trust, Series 2017-PM1, Class XIO, 0.00%, 10/25/2048<sup>(b)(d)(h)</sup> | 121219088 | 682900  |
| Progress Residential Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR3, Class G, 4.25%, 05/17/2026<sup>(b)</sup> | 1100000 | 1092960  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR6, Class G, 4.00%, 07/17/2038 (Callable 07/17/2026)<sup>(b)</sup> | 700000 | 693351  |
|  QTS Issuer ABS I LLC, Series 2025-1A, Class B, 5.93%, 05/25/2055 (Callable 05/25/2028)<sup>(b)</sup> | 250000 | 250508  |
|  Ready Capital Corp., Series 2023-FL11, Class B, 7.26% (1 mo. Term SOFR + 3.53%), 10/25/2039, (3.53% Floor) (Callable 01/25/2026)<sup>(b)</sup> | 100000 | 99940  |
|  Renaissance Home Equity Loan Trust, Series 2004-4, Class MF2, 5.32%, 02/25/2035 (Callable 01/25/2026)<sup>(i)</sup> | 229997 | 202386  |
| &nbsp;&nbsp;&nbsp; Santander Consumer USA Holdings, Inc., Series <br>2022-3, Class C, 4.49%, 08/15/2029 (Callable 08/15/2026) | 143248 | 143447  |
|  SBA Depositor LLC, Series 2022-1, 6.60%, 01/15/2028 (Callable 01/15/2027)<sup>(b)</sup> | 145000 | 148046  |

---

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

107<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(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>(b)</sup> | $98250 | $101461  |
|  Slam Ltd., Series 2024-1A, Class A, 5.34%, 09/15/2049<sup>(b)</sup> | 110366 | 110454  |
|  SMB Private Education Loan Trust, Series 2024-F, Class A1A, 5.06%, 03/16/2054 (Callable 09/15/2035)<sup>(b)</sup> | 84063 | 85002  |
|  SoFi Professional Loan Program LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-C, Class R1, 0.00%, 01/25/2048 (Callable 09/25/2026)<sup>(b)(d)</sup> | 10000 | 76319  |
| &nbsp;&nbsp;&nbsp; Series 2020-C, Class AFX, 1.95%, 02/15/2046 (Callable 11/15/2028)<sup>(b)</sup> | 50819 | 47923  |
| &nbsp;&nbsp;&nbsp; Series 2021-B, Class R1, 0.00%, 02/15/2047 (Callable 04/15/2030)<sup>(b)(d)</sup> | 10000 | 226823  |
| &nbsp;&nbsp;&nbsp; Stellantis Financial Underwritten Enhanced Lease Trust, Series <br>2025-CA, Class C, 4.44%, 08/20/2030 (Callable 08/20/2028)<sup>(b)</sup> | 125000 | 125205  |
|  Structured Asset Securities Corp., Series 2006-BC3, Class A3, 4.17% (1 mo. Term SOFR + 0.43%), 10/25/2036, (0.32% Floor) (Callable 01/25/2026) | 362593 | 306184  |
|  Sunnova Energy International, Inc., Series 2023-A, Class A, 5.30%, 05/20/2050 (Callable 05/20/2028)<sup>(b)</sup> | 86251 | 79960  |
| Sunrun, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class A, 3.98%, 06/30/2054 (Callable 09/30/2030)<sup>(b)</sup> | 76413 | 72666  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2A, 6.41%, 04/30/2060<sup>(b)</sup> | 99273 | 99488  |
|  Switch Ltd., Series 2025-2A, Class B, 6.24%, 10/25/2055 (Callable 10/25/2028)<sup>(b)</sup> | 250000 | 250183  |
| &nbsp;&nbsp;&nbsp; Taco Bell Corp., Series <br>2025-1A, Class A2II, 5.05%, 08/25/2055 (Callable 08/25/2029)<sup>(b)</sup> | 145000 | 144731  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Verus Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-12, Class M1, 5.76%, 12/25/2070 (Callable 12/25/2028)<sup>(b)(g)</sup> | $500000 | $500953  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class B1, 7.43%, 05/25/2070 (Callable 05/25/2028)<sup>(b)(g)</sup> | 100000 | 99228  |
|  Walker Parent, Inc., Series 2024-1A, Class A2, 6.58%, 11/20/2054 (Callable 11/20/2027)<sup>(b)</sup> | 174563 | 176415  |
|  Wingstop, Inc., Series 2020-1A, Class A2, 2.84%, 12/05/2050 (Callable 03/05/2026)<sup>(b)</sup> | 246250 | 238682  |
|  Zaxby's Operating Co. LP, Series 2021-1A, Class A2, 3.24%, 07/30/2051 (Callable 01/30/2026)<sup>(b)</sup> | 143625 | 135231  |
| &nbsp;&nbsp;&nbsp; Zayo Group LLC, Series <br>2025-1A, Class A2, 5.65%, 03/20/2055 (Callable 09/20/2028)<sup>(b)</sup> | 90000 | 91293  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $13,278,415)** |  | 12894175  |
| **U.S. TREASURY SECURITIES - 6.8%** | **U.S. TREASURY SECURITIES - 6.8%** | **U.S. TREASURY SECURITIES - 6.8%** |
|  United States Treasury Inflation Indexed Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.38%, 07/15/2027 | 186350 | 184180  |
| &nbsp;&nbsp;&nbsp; 1.63%, 10/15/2027 | 241815 | 243648  |
| &nbsp;&nbsp;&nbsp; 0.50%, 01/15/2028 | 184803 | 181569  |
| United States Treasury Note/Bond | United States Treasury Note/Bond | United States Treasury Note/Bond |
| &nbsp;&nbsp;&nbsp; 3.38%, 12/31/2027 | 92100 | 91924  |
| &nbsp;&nbsp;&nbsp; 0.88%, 11/15/2030 | 2350000 | 2054781  |
| &nbsp;&nbsp;&nbsp; 3.63%, 12/31/2030 | 514800 | 512548  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2032 | 25000 | 23586  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 595000 | 555047  |
| &nbsp;&nbsp;&nbsp; 3.88%, 12/31/2032 | 748700 | 746068  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2033 | 625000 | 607837  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 | 160000 | 161356  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2035 | 2227000 | 2197771  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 5400000 | 3511055  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 | 140000 | 103234  |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/15/2042 | 90000 | 69268  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2049 | 1155000 | 852940  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2050 | 483000 | 283932  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/2053 | 150000 | 121734  |
| &nbsp;&nbsp;&nbsp; 4.75%, 08/15/2055 | 249600 | 246090  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $13,105,065)** |  | 12748568  |

---

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

108<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - 6.5%**<br>|  |  |
| **Basic Materials - 0.0%<sup>(f)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Hexion Holdings Corp., Senior Secured First Lien, 7.73% <br>(1 mo. SOFR US + 4.00%), 03/15/2029, (0.50% Floor) (Callable 02/01/2026) | $26671 | $25790  |
|  INEOS US Finance LLC, Senior Secured First Lien, 6.72% (1 mo. SOFR US + 3.00%), 02/07/2031, (0.00% Floor) (Callable 02/01/2026) | 9452 | 7614  |
|  INEOS US Petrochem LLC, Senior Secured First Lien, 7.97% (1 mo. SOFR US + 4.25%), 10/07/2031, (0.00% Floor) (Callable 02/01/2026) | 9825 | 6626  |
|  |  | 40030  |
| **Communications - 0.4%**<br>|  |  |
|  Cengage Learning, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.23% (1 mo. SOFR US + 3.50%), 03/24/2031, (1.00% Floor) (Callable 02/01/2026) | 9119 | 9167  |
| &nbsp;&nbsp;&nbsp; 7.32% (3 mo. SOFR US + 3.50%), 03/24/2031, (1.00% Floor) (Callable 02/01/2026) | 15508 | 15590  |
|  CommScope LLC, Senior Secured First Lien, 8.67% (1 mo. SOFR US + 4.75%), 12/17/2029, (2.00% Floor) (Callable 06/17/2026) | 112700 | 113058  |
|  CSC Holdings LLC, Senior Secured First Lien, 8.25% (Prime Rate + 1.50%), 04/15/2027, (0.00% Floor) (Callable 02/01/2026) | 13016 | 11408  |
|  Directv Financing LLC, Senior Secured First Lien, 9.36% (3 mo. SOFR US + 5.00%), 08/02/2027, (0.75% Floor) (Callable 02/01/2026) | 1530 | 1535  |
|  Gen Digital, Inc., Senior Secured First Lien, 5.47% (1 mo. SOFR US + 1.75%), 04/16/2032, (0.00% Floor) (Callable 02/01/2026) | 54725 | 54835  |
|  Lumen Technologies, Inc., Senior Secured First Lien, 6.30% (1 mo. SOFR US + 2.35%), 04/16/2029, (2.00% Floor) | 58026 | 57805  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  MH Sub I LLC, Senior Secured First Lien, 7.97% (1 mo. SOFR US + 4.25%), 12/31/2031, (0.50% Floor) (Callable 02/01/2026) | $62324 | $53628  |
| &nbsp;&nbsp;&nbsp; NEP Group, Inc., Senior Secured First Lien, 8.22% <br>(1 mo. SOFR US + 4.50%), 10/17/2031, (0.00% Floor) (Callable 02/01/2026) | 13290 | 12243  |
| &nbsp;&nbsp;&nbsp; Nexstar Media, Inc., Senior Secured First Lien, 6.22% <br>(1 mo. SOFR US + 2.50%), 06/28/2032, (0.00% Floor) (Callable 02/01/2026) | 44888 | 45151  |
|  Numericable US LLC, Senior Secured First Lien, 10.86% (3 mo. SOFR US + 6.88%), 05/15/2031, (0.00% Floor) | 61251 | 61315  |
|  StubHub Holdco Sub LLC, Senior Secured First Lien, 8.47% (1 mo. SOFR US + 4.75%), 03/15/2030, (0.00% Floor) (Callable 02/01/2026) | 36392 | 36142  |
|  Sunrise Financing Partnership, First Lien, 6.63% (6 mo. Term SOFR + 2.50%), 02/17/2032 | 45000 | 45217  |
|  Univision Communications, Inc., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.50%), 01/31/2029, (0.50% Floor) (Callable 02/01/2026) | 69823 | 69768  |
|  Virgin Media Bristol LLC, Senior Secured First Lien, 7.15% (6 mo. SOFR US + 3.18%), 03/31/2031, (0.00% Floor) (Callable 02/01/2026) | 45000 | 44655  |
|  Zayo Group Holdings, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.83% (1 mo. SOFR US + 3.00%), 03/11/2030, (0.00% Floor) (Callable 03/09/2027) | 44372 | 42234  |
| &nbsp;&nbsp;&nbsp; 6.95% (1 mo. SOFR US + 3.00%), 03/11/2030, (0.00% Floor) (Callable 03/09/2027) | 422 | 401  |
|  Ziggo Financing Partnership, First Lien, 6.76% (1 mo. Term SOFR + 2.50%), 04/28/2028 (Callable 02/01/2026) | 10632 | 10649  |
|  |  | 684801  |

---

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

109<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Consumer, Cyclical - 2.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC, Senior Secured First Lien, 5.47% <br>(1 mo. SOFR US + 1.75%), 09/23/2030, (0.00% Floor) (Callable 02/01/2026) | $697494 | $699237  |
|  AAdvantage Loyalty IP Ltd., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13% (3 mo. SOFR US + 2.25%), 04/20/2028, (0.00% Floor) (Callable 02/01/2026) | 64213 | 64446  |
| &nbsp;&nbsp;&nbsp; 7.13% (3 mo. SOFR US + 3.25%), 05/28/2032, (0.00% Floor) (Callable 02/01/2026) | 194025 | 195239  |
|  Allison Transmission, Inc., 5.72% (1 mo. Term SOFR + 1.75%), 01/03/2033 (Callable 02/01/2026) | 60000 | 60388  |
|  American Axle & Manufacturing, Inc., 7.57% (1 mo. Term SOFR + 3.25%), 09/20/2032 (Callable 02/01/2026) | 35000 | 35073  |
|  Aramark Services, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.47% (1 mo. SOFR US + 1.75%), 04/06/2028, (0.00% Floor) (Callable 02/01/2026) | 30000 | 30094  |
| &nbsp;&nbsp;&nbsp; 5.47% (1 mo. SOFR US + 1.75%), 06/24/2030, (0.00% Floor) (Callable 02/01/2026) | 130956 | 131569  |
| &nbsp;&nbsp;&nbsp; AS Mileage Plan IP Ltd., Senior Secured First Lien, 5.63% <br>(3 mo. SOFR US + 1.75%), 10/15/2031, (0.00% Floor) (Callable 02/01/2026) | 93988 | 94575  |
|  Boots Group Finco LP, Senior Secured First Lien, 7.21% (3 mo. SOFR US + 3.50%), 08/30/2032, (0.00% Floor) (Callable 02/01/2026) | 35000 | 35233  |
|  Caesars Entertainment, Inc., Senior Secured First Lien, 5.97% (1 mo. SOFR US + 2.25%), 02/06/2031, (0.50% Floor) (Callable 02/01/2026) | 59848 | 59399  |
| &nbsp;&nbsp;&nbsp; Clarios Global LP, Senior Secured First Lien, 6.47% <br>(1 mo. SOFR US + 2.75%), 01/28/2032, (0.00% Floor) (Callable 02/01/2026) | 344138 | 346342  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Crown Finance US, Inc., Senior Secured First Lien, 8.34% <br>(1 mo. SOFR US + 4.50%), 12/02/2031, (0.00% Floor) (Callable 02/01/2026) | $54663 | $54014  |
| &nbsp;&nbsp;&nbsp; Delta 2 Lux Sarl, Senior Secured First Lien, 5.42% <br>(3 mo. SOFR US + 1.75%), 09/19/2031, (0.50% Floor) (Callable 02/01/2026) | 128000 | 128608  |
| &nbsp;&nbsp;&nbsp; EG America LLC, Senior Secured First Lien, 7.32% <br>(3 mo. SOFR US + 3.50%), 02/07/2028, (0.00% Floor) (Callable 02/01/2026) | 25872 | 26004  |
| &nbsp;&nbsp;&nbsp; Flutter Financing BV, Senior Secured First Lien, 5.67% <br>(3 mo. SOFR US + 2.00%), 06/04/2032, (0.50% Floor) (Callable 02/01/2026) | 14925 | 14948  |
| &nbsp;&nbsp;&nbsp; GBT US III LLC, Senior Secured First Lien, 6.36% <br>(3 mo. SOFR US + 2.50%), 07/28/2031, (0.00% Floor) (Callable 02/01/2026) | 24750 | 24865  |
| &nbsp;&nbsp;&nbsp; Gloves Buyer, Inc., Senior Secured First Lien, 7.72% <br>(1 mo. SOFR US + 4.00%), 05/24/2032, (0.50% Floor) (Callable 02/01/2026) | 165000 | 164484  |
|  Golden State Foods LLC, Senior Secured First Lien, 7.67% (3 mo. SOFR US + 4.00%), 12/04/2031, (0.00% Floor) (Callable 02/01/2026) | 24725 | 24910  |
|  Great Outdoors Group LLC, Senior Secured First Lien, 6.97% (1 mo. SOFR US + 3.25%), 01/23/2032, (0.75% Floor) (Callable 02/01/2026) | 390988 | 393774  |
|  Hilton Domestic Operating Co., Inc., Senior Secured First Lien, 5.48% (1 mo. SOFR US + 1.75%), 11/08/2030, (0.00% Floor) (Callable 02/01/2026) | 140000 | 141052  |
| &nbsp;&nbsp;&nbsp; Hunter Douglas, Inc., Senior Secured First Lien, 6.67% <br>(3 mo. SOFR US + 3.00%), 01/20/2032, (0.00% Floor) (Callable 02/01/2026) | 43602 | 43898  |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp., Senior Secured First Lien, 8.44% <br>(3 mo. SOFR US + 4.75%), 08/27/2029, (0.50% Floor) | 173501 | 166951  |

---

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

110<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Consumer, Cyclical - (Continued)**  | **Consumer, Cyclical - (Continued)**  | **Consumer, Cyclical - (Continued)**  |
| &nbsp;&nbsp;&nbsp; KFC Holding Co., Senior Secured First Lien, 5.71% <br>(1 mo. SOFR US + 1.75%), 03/15/2028, (0.00% Floor) (Callable 02/01/2026) | $118291 | $118919  |
| &nbsp;&nbsp;&nbsp; LBM Acquisition LLC, Senior Secured First Lien, 7.68% <br>(1 mo. SOFR US + 3.75%), 06/06/2031, (0.75% Floor) (Callable 02/01/2026) | 30754 | 28931  |
|  LC Ahab US Bidco LLC, Senior Secured First Lien, 6.72% (1 mo. SOFR US + 3.00%), 05/01/2031, (0.00% Floor) | 49536 | 49743  |
|  Live Nation Entertainment, Inc., Senior Secured First Lien, 5.73% (1 mo. SOFR US + 2.00%), 10/21/2032, (0.00% Floor) (Callable 02/01/2026) | 45000 | 45112  |
|  Motion Finco Sarl, First Lien, 7.50% (3 mo. Term SOFR + 3.50%), 11/30/2029 (Callable 02/01/2026) | 24938 | 22179  |
|  Ontario Gaming GTA LP, Senior Secured First Lien, 8.24% (3 mo. SOFR US + 4.25%), 08/01/2030, (0.50% Floor) (Callable 02/01/2026) | 30329 | 28141  |
| &nbsp;&nbsp;&nbsp; OPENLANE, Inc., Senior Secured First Lien, 6.36% <br>(3 mo. SOFR US + 2.50%), 10/08/2032, (0.00% Floor) (Callable 02/01/2026) | 45000 | 45113  |
|  Ovg Business Services LLC, Senior Secured First Lien, 6.72% (1 mo. SOFR US + 3.00%), 06/25/2031, (0.00% Floor) (Callable 02/01/2026) | 104735 | 105062  |
|  PetSmart LLC, Senior Secured First Lien, 7.73% (1 mo. SOFR US + 4.00%), 08/18/2032, (0.00% Floor) (Callable 02/01/2026) | 35000 | 34902  |
|  Sabre GLBL, Inc., First Lien, 10.02% (1 mo. Term SOFR + 6.00%), 11/15/2029 (Callable 02/01/2026) | 51 | 46  |
| &nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., Senior Secured First Lien, 9.92% <br>(1 mo. SOFR US + 6.00%), 11/15/2029, (0.00% Floor) (Callable 02/01/2026) | 7777 | 6999  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Staples, Inc., Senior Secured First Lien, 9.60% (3 mo. SOFR US + 5.75%), 09/10/2029, (0.50% Floor) (Callable 02/01/2026) | $14924 | $14211  |
|  TKO Worldwide Holdings LLC, Senior Secured First Lien, 5.87% (3 mo. SOFR US + 2.00%), 11/21/2031, (0.00% Floor) (Callable 02/01/2026) | 178279 | 179294  |
| &nbsp;&nbsp;&nbsp; Travel + Leisure Co., Senior Secured First Lien, 5.74% <br>(3 mo. SOFR US + 2.00%), 12/14/2029, (0.00% Floor) (Callable 02/01/2026) | 242157 | 242863  |
|  United Airlines, Inc., Senior Secured First Lien, 5.73% (1 mo. SOFR US + 2.00%), 02/24/2031, (0.00% Floor) (Callable 02/01/2026) | 161185 | 162143  |
| &nbsp;&nbsp;&nbsp; Victra Holdings LLC, Senior Secured First Lien, 7.75% <br>(3 mo. SOFR US + 3.75%), 03/29/2029, (0.00% Floor) (Callable 02/01/2026) | 117255 | 117566  |
| &nbsp;&nbsp;&nbsp; Voyager Parent LLC, Senior Secured First Lien, 8.42% <br>(3 mo. SOFR US + 4.75%), 07/01/2032, (0.00% Floor) (Callable 02/01/2026) | 59850 | 59968  |
| &nbsp;&nbsp;&nbsp; Voyager Parent LLC, 8.00% <br>(1 mo. Term SOFR + 4.25%), 07/01/2032 (Callable 02/01/2026) | 10000 | 10020  |
|  White Cap Supply Holdings LLC, Senior Secured First Lien, 6.97% (1 mo. SOFR US + 3.25%), 10/29/2029, (0.00% Floor) (Callable 02/01/2026) | 59462 | 59771  |
|  |  | 4266086  |
| **Consumer, Non-cyclical - 1.0%** | **Consumer, Non-cyclical - 1.0%** | **Consumer, Non-cyclical - 1.0%** |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., Senior Secured First Lien, 9.97% <br>(1 mo. SOFR US + 6.25%), 10/08/2030, (0.00% Floor) (Callable 02/01/2026) | 14925 | 14615  |
|  ADMI Corp., Senior Secured First Lien, 7.70% (1 mo. SOFR US + 3.75%), 12/23/2027, (0.50% Floor) | 38879 | 36984  |
|  Allied Universal Holdco LLC, Senior Secured First Lien, 7.07% (1 mo. SOFR US + 3.25%), 08/20/2032, (0.00% Floor) (Callable 02/01/2026) | 39900 | 40156  |

---

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

111<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Consumer, Non-cyclical - (Continued)**  | **Consumer, Non-cyclical - (Continued)**  | **Consumer, Non-cyclical - (Continued)**  |
|  Aspire Bakeries Holdings LLC, Senior Secured First Lien, 7.22% (1 mo. SOFR US + 3.50%), 12/23/2030, (0.00% Floor) (Callable 02/01/2026) | $34650 | $34893  |
|  Aveanna Healthcare LLC, Senior Secured First Lien, 7.47% (1 mo. SOFR US + 3.75%), 09/17/2032, (0.00% Floor) (Callable 02/01/2026) | 44888 | 45227  |
| &nbsp;&nbsp;&nbsp; Bausch + Lomb Corp., Senior Secured First Lien, 7.97% <br>(1 mo. SOFR US + 4.25%), 01/15/2031, (0.00% Floor) (Callable 02/01/2026) | 94525 | 95636  |
|  Bausch & Lomb 12/25 T/L, 7.78%, 01/15/2031 | 5000 | 5059  |
|  Camelot US Acquisition LLC, Senior Secured First Lien, 6.47% (1 mo. SOFR US + 2.75%), 01/31/2031, (0.00% Floor) (Callable 02/01/2026) | 30000 | 29658  |
| &nbsp;&nbsp;&nbsp; EAB Global, Inc., Senior Secured First Lien, 6.92% <br>(1 mo. SOFR US + 3.00%), 08/16/2030, (0.50% Floor) (Callable 02/01/2026) | 13 | 11  |
| &nbsp;&nbsp;&nbsp; Eagle Parent Corp., Senior Secured First Lien, 7.92% <br>(3 mo. SOFR US + 4.25%), 04/02/2029, (0.50% Floor) (Callable 02/01/2026) | 39211 | 39365  |
| &nbsp;&nbsp;&nbsp; Froneri US, Inc., Senior Secured First Lien, 6.12% <br>(3 mo. SOFR US + 2.25%), 09/30/2032, (0.00% Floor) (Callable 02/01/2026) | 60000 | 60084  |
|  Gainwell Acquisition Corp., Senior Secured First Lien, 7.87% (3 mo. SOFR US + 4.00%), 10/01/2027, (0.75% Floor) (Callable 02/01/2026) | 91170 | 89734  |
|  Garda World Security Corp., Senior Secured First Lien, 6.75% (1 mo. SOFR US + 3.00%), 02/01/2029, (0.00% Floor) (Callable 02/01/2026) | 14139 | 14217  |
|  Genmab AS, Senior Secured First Lien, 6.73% (3 mo. SOFR US + 3.00%), 11/12/2032, (0.00% Floor) (Callable 02/01/2026) | 30000 | 30178  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Grant Thornton Advisors LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.47% (1 mo. SOFR US + 2.75%), 05/30/2031, (0.00% Floor) (Callable 02/01/2026) | $54862 | $55034  |
| &nbsp;&nbsp;&nbsp; 6.72% (1 mo. SOFR US + 3.00%), 05/30/2031, (0.00% Floor) (Callable 02/01/2026) | 39900 | 40107  |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc., Senior Secured First Lien, 5.52% <br>(1 mo. SOFR US + 1.75%), 06/02/2032, (0.00% Floor) (Callable 02/01/2026) | 15000 | 15097  |
|  ION Platform Finance US, Inc., Senior Secured First Lien, 7.42% (3 mo. SOFR US + 3.75%), 09/30/2032, (0.00% Floor) (Callable 02/01/2026) | 70000 | 65900  |
|  Lavender US HoldCo 1, Inc., 7.41% (1 mo. Term SOFR + 3.25%), 12/02/2032 (Callable 02/01/2026) | 30000 | 30281  |
| &nbsp;&nbsp;&nbsp; LifePoint Health, Inc., Senior Secured First Lien, 7.65% <br>(3 mo. SOFR US + 3.75%), 05/19/2031, (0.00% Floor) (Callable 02/01/2026) | 71928 | 72244  |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, Senior Secured First Lien, 5.47% <br>(1 mo. SOFR US + 1.75%), 10/23/2030, (0.50% Floor) (Callable 02/01/2026) | 330986 | 332589  |
|  Opal US LLC, Senior Secured First Lien, 6.69% (3 mo. SOFR US + 3.00%), 04/23/2032, (0.00% Floor) (Callable 02/01/2026) | 304188 | 306469  |
|  Pacific Dental Services, Inc., Senior Secured First Lien, 6.24% (1 mo. SOFR US + 2.50%), 03/17/2031, (0.00% Floor) | 24937 | 25063  |
|  Pye-Barker Fire & Safety LLC, Senior Secured First Lien, 6.21% (3 mo. SOFR US + 2.50%), 12/16/2032, (0.00% Floor) (Callable 02/01/2026) | 17400 | 17529  |
|  Pye-Barker Fire & Safety LLC, First Lien, 6.26% (1 mo. Term SOFR + 2.50%), 12/16/2032 (Callable 02/01/2026) | 2600 | 2619  |

---

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

112<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Consumer, Non-cyclical - (Continued)**  | **Consumer, Non-cyclical - (Continued)**  | **Consumer, Non-cyclical - (Continued)**  |
|  Radiology Partners, Inc., Senior Secured First Lien, 8.17% (3 mo. SOFR US + 4.50%), 06/25/2032, (0.00% Floor) (Callable 02/01/2026) | $64838 | $64802  |
|  Savor Acquisition, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.72% (1 mo. SOFR US + 3.00%), 02/19/2032, (0.00% Floor) (Callable 02/01/2026) | 3716 | 3736  |
| &nbsp;&nbsp;&nbsp; 6.84% (1 mo. SOFR US + 3.00%), 02/19/2032, (0.00% Floor) (Callable 02/01/2026) | 32744 | 32921  |
|  Savor Acquisition, Inc., First Lien, 7.56% (1 mo. Term SOFR + 3.00%), 02/19/2032 (Callable 02/01/2026) | 3448 | 3467  |
|  Team Health Holdings, Inc., Senior Secured First Lien, 8.34% (3 mo. SOFR US + 4.50%), 06/30/2028, (0.00% Floor) (Callable 02/01/2026) | 34825 | 34986  |
|  United Rentals North America, Inc., Senior Secured First Lien, 5.22% (1 mo. SOFR US + 1.50%), 02/14/2031, (0.00% Floor) (Callable 02/01/2026) | 58501 | 58859  |
| &nbsp;&nbsp;&nbsp; Veritiv Operating Co., Senior Secured First Lien, 7.67% <br>(3 mo. SOFR US + 4.00%), 11/29/2030, (0.00% Floor) (Callable 02/01/2026) | 24774 | 24807  |
|  Vestis Corp., Senior Secured First Lien, 6.07% (3 mo. SOFR US + 2.25%), 02/24/2031, (0.00% Floor) (Callable 02/01/2026) | 44094 | 40621  |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc., Senior Secured First Lien, 6.22% <br>(1 mo. SOFR US + 2.50%), 01/30/2031, (0.00% Floor) (Callable 02/01/2026) | 66105 | 66250  |
|  |  | 1829197  |
| **Energy - 0.2%**<br>|  |  |
|  Apro LLC, Senior Secured First Lien, 7.68% (3 mo. SOFR US + 3.75%), 07/09/2031, (0.00% Floor) (Callable 02/01/2026) | 54362 | 54702  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Colossus Acquireco LLC, Senior Secured First Lien, 5.41% (SOFR + 1.75%), 07/30/2032, (0.00% Floor) (Callable 02/01/2026) | $14963 | $14969  |
|  Freeport LNG Investments LLLP, Senior Secured First Lien, 7.12% (3 mo. SOFR US + 3.25%), 12/21/2028, (0.00% Floor) (Callable 02/01/2026) | 52353 | 52632  |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP, Senior Secured First Lien, 5.74% <br>(1 mo. SOFR US + 2.00%), 02/11/2030, (0.00% Floor) (Callable 02/01/2026) | 148875 | 149341  |
|  Long Ridge Energy T/L B (2/25), Senior Secured First Lien, 8.17% (3 mo. SOFR US + 4.50%), 02/09/2032, (0.00% Floor) | 153838 | 152587  |
| &nbsp;&nbsp;&nbsp; WhiteWater Matterhorn Holdings LLC, Senior Secured First Lien, 6.31% <br>(3 mo. SOFR US + 2.25%), 06/16/2032, (0.00% Floor) (Callable 02/01/2026) | 15000 | 15078  |
|  |  | 439309  |
| **Financial - 0.4%**<br>|  |  |
|  Acrisure LLC, Senior Secured First Lien, 6.72% (1 mo. SOFR US + 3.00%), 11/06/2030, (0.00% Floor) (Callable 02/01/2026) | 116299 | 116354  |
| &nbsp;&nbsp;&nbsp; Alera Group, Inc., Senior Secured First Lien, 6.97% <br>(1 mo. SOFR US + 3.25%), 05/28/2032, (0.50% Floor) (Callable 02/01/2026) | 44888 | 45154  |
| &nbsp;&nbsp;&nbsp; AmWINS Group, Inc., Senior Secured First Lien, 5.97% <br>(1 mo. SOFR US + 2.25%), 01/30/2032, (0.75% Floor) (Callable 02/01/2026) | 44525 | 44703  |
| &nbsp;&nbsp;&nbsp; Ardonagh Group Finco Pty Ltd., <br>Senior Secured First Lien | &nbsp;&nbsp;&nbsp; Ardonagh Group Finco Pty Ltd., <br>Senior Secured First Lien | &nbsp;&nbsp;&nbsp; Ardonagh Group Finco Pty Ltd., <br>Senior Secured First Lien |
| &nbsp;&nbsp;&nbsp; 6.42% (3 mo. SOFR US + 2.75%), 02/18/2031, (0.00% Floor) | 2666 | 2665  |
| &nbsp;&nbsp;&nbsp; 6.95% (3 mo. SOFR US + 2.75%), 02/18/2031, (0.00% Floor) | 29637 | 29631  |
| &nbsp;&nbsp;&nbsp; 6.95% (6 mo. SOFR US + 2.75%), 02/18/2031, (0.00% Floor) | 22286 | 22281  |

---

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

113<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Financial - (Continued)** <br>|  |  |
|  Asurion LLC, First Lien, 8.17% (1 mo. Term SOFR + 4.25%), 09/19/2030 (Callable 02/01/2026) | $24912 | $24934  |
|  Asurion LLC, Senior Secured Second Lien, 9.20% (1 mo. SOFR US + 5.25%), 01/22/2029, (0.00% Floor) (Callable 02/01/2026) | 10000 | 9849  |
|  BCP VI Summit Holdings LP, Senior Secured First Lien, 6.84% (1 mo. SOFR US + 3.00%), 01/30/2032, (0.00% Floor) (Callable 02/01/2026) | 49875 | 50265  |
|  Corpay Technologies Operating Co. LLC, Senior Secured First Lien, 5.47% (1 mo. SOFR US + 1.75%), 04/28/2028, (0.00% Floor) (Callable 02/01/2026) | 9900 | 9921  |
| &nbsp;&nbsp;&nbsp; CPI Holdco B LLC, Senior Secured First Lien, 5.72% <br>(1 mo. SOFR US + 2.00%), 05/19/2031, (0.00% Floor) (Callable 02/01/2026) | 29874 | 29972  |
|  Edelman Financial Engines Center LLC, Senior Secured Second Lien, 8.97% (1 mo. SOFR US + 5.25%), 10/06/2028, (0.00% Floor) (Callable 02/01/2026) | 10000 | 10004  |
|  Focus Financial Partners LLC, Senior Secured First Lien, 6.22% (1 mo. SOFR US + 2.50%), 09/15/2031, (0.00% Floor) | 34824 | 34922  |
|  Hightower Holding LLC, Senior Secured First Lien, 6.65% (3 mo. SOFR US + 2.75%), 04/21/2028, (0.00% Floor) (Callable 02/01/2026) | 114027 | 114384  |
|  OneDigital Borrower LLC, Senior Secured First Lien, 6.72% (1 mo. SOFR US + 3.00%), 07/02/2031, (0.50% Floor) (Callable 02/01/2026) | 68801 | 69060  |
|  Superannuation & Investments US LLC, Senior Secured First Lien, 6.72% (1 mo. SOFR US + 3.00%), 12/01/2028, (0.00% Floor) (Callable 02/01/2026) | 79600 | 80197  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Trucordia Insurance Holdings LLC, First Lien, 7.21% (1 mo. Term SOFR + 3.25%), 06/17/2032 (Callable 02/01/2026) | $49875 | $49626  |
|  Victory Capital Holdings, Inc., Senior Secured First Lien, 5.67% (3 mo. SOFR US + 2.00%), 09/23/2032, (0.00% Floor) (Callable 02/01/2026) | 14963 | 15068  |
|  |  | 758990  |
| **Industrial - 1.2%**<br>|  |  |
|  AECOM, Senior Secured First Lien, 5.47% (1 mo. SOFR US + 1.75%), 04/17/2031, (0.00% Floor) (Callable 02/01/2026) | 186915 | 188984  |
| &nbsp;&nbsp;&nbsp; Blackfin Pipeline LLC, Senior Secured First Lien, 6.75% <br>(1 mo. SOFR US + 3.00%), 09/29/2032, (0.00% Floor) (Callable 02/01/2026) | 40000 | 40125  |
|  BradyPLUS Holdings LLC, Senior Secured First Lien, 7.19% (3 mo. SOFR US + 3.50%), 12/29/2032, (0.00% Floor) (Callable 02/01/2026) | 50000 | 49552  |
|  Clean Harbors 9/25 T/L B, Senior Secured First Lien, 5.22% (1 mo. SOFR US + 1.50%), 09/24/2032, (0.00% Floor) | 145000 | 146480  |
|  Clydesdale Acquisition Holdings, Inc., Senior Secured First Lien,  |  |  |
|  6.97% (1 mo. SOFR US + 3.25%), 03/29/2032, (0.50% Floor) (Callable 02/01/2026) | 175107 | 175169  |
|  7.61% (3 mo. Term SOFR + 3.25%), 03/29/2032 (Callable 02/01/2026) | 3077 | 3078  |
|  Construction Partners, Inc., Senior Secured First Lien, 6.22% (1 mo. SOFR US + 2.50%), 11/03/2031, (0.00% Floor) (Callable 02/01/2026) | 44550 | 44940  |
| &nbsp;&nbsp;&nbsp; DG Investment Intermediate Holdings 2, Inc., Senior Secured First Lien, 7.47% <br>(1 mo. SOFR US + 3.75%), 07/12/2032, (0.00% Floor) (Callable 02/01/2026) | 110000 | 110412  |

---

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

114<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Industrial - (Continued)**  | **Industrial - (Continued)**  | **Industrial - (Continued)**  |
|  Dynasty Acquisition Co., Inc., Senior Secured First Lien, 5.72% (1 mo. SOFR US + 2.00%), 10/31/2031, (0.00% Floor) (Callable 02/01/2026) | $95040 | $95505  |
| &nbsp;&nbsp;&nbsp; Emrld Borrower LP, Senior Secured First Lien, 6.12% <br>(6 mo. SOFR US + 2.25%), 08/04/2031, (0.00% Floor) (Callable 02/01/2026) | 14813 | 14861  |
| &nbsp;&nbsp;&nbsp; GFL ES US LLC, Senior Secured First Lien, 6.27% <br>(3 mo. SOFR US + 2.50%), 03/03/2032, (0.00% Floor) (Callable 02/01/2026) | 54863 | 55164  |
|  Green Infrastructure Partners, Inc., Senior Secured First Lien, 6.42% (3 mo. SOFR US + 2.75%), 09/24/2032, (0.00% Floor) (Callable 02/01/2026) | 100000 | 100375  |
|  Husky Holdings LLC, First Lien, 7.59% (3 mo. Term SOFR + 3.75%), 02/15/2029 (Callable 02/01/2026) | 5000 | 5044  |
|  Husky Injection Molding Systems Ltd., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.47% (1 mo. SOFR US + 3.75%), 02/15/2029, (0.00% Floor) | 29401 | 29660  |
| &nbsp;&nbsp;&nbsp; 7.59% (3 mo. SOFR US + 3.75%), 02/15/2029, (0.00% Floor) | 29401 | 29660  |
|  Kaman Corp., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.32% (3 mo. SOFR US + 2.50%), 02/26/2032, (0.50% Floor) (Callable 02/01/2026) | 32028 | 32197  |
| &nbsp;&nbsp;&nbsp; 6.43% (3 mo. SOFR US + 2.50%), 02/26/2032, (0.50% Floor) (Callable 02/01/2026) | 5181 | 5208  |
| &nbsp;&nbsp;&nbsp; 6.54% (3 mo. SOFR US + 2.50%), 02/26/2032, (0.50% Floor) (Callable 02/01/2026) | 16667 | 16754  |
| &nbsp;&nbsp;&nbsp; 6.54% (6 mo. SOFR US + 2.50%), 02/26/2032, (0.50% Floor) (Callable 02/01/2026) | 5984 | 6015  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Kenan Advantage Group, Inc., Senior Secured First Lien, 6.97% (1 mo. SOFR US + 3.25%), 01/25/2029, (0.00% Floor) (Callable 02/01/2026) | $29848 | $29640  |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC, Senior Secured First Lien, 6.64% <br>(3 mo. SOFR US + 2.75%), 05/06/2032, (0.00% Floor) (Callable 02/01/2026) | 57291 | 57724  |
|  Madison Safety & Flow LLC, Senior Secured First Lien, 6.23% (1 mo. SOFR US + 2.50%), 09/26/2031, (0.00% Floor) (Callable 02/01/2026) | 20666 | 20839  |
|  MITER Brands Acquisition Holdco, Inc., Senior Secured First Lien, 6.47% (1 mo. SOFR US + 2.75%), 03/28/2031, (0.00% Floor) | 44662 | 44760  |
| &nbsp;&nbsp;&nbsp; MX Holdings US, Inc., Senior Secured First Lien, 5.72% <br>(1 mo. SOFR US + 2.00%), 03/17/2032, (0.00% Floor) (Callable 02/01/2026) | 14925 | 15006  |
| &nbsp;&nbsp;&nbsp; Pinnacle Buyer LLC, Senior Secured First Lien, 6.49% <br>(3 mo. SOFR US + 2.50%), 10/01/2032, (0.00% Floor) (Callable 02/01/2026) | 12549 | 12612  |
|  Pinnacle Buyer LLC, First Lien, 7.22% (1 mo. Term SOFR + 2.50%), 10/01/2032 (Callable 02/01/2026) | 2419 | 2431  |
|  Project Aurora US Finco, Inc., Senior Secured First Lien, 6.49% (3 mo. SOFR US + 2.75%), 09/30/2032, (0.00% Floor) (Callable 02/01/2026) | 19950 | 20075  |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., Senior Secured First Lien, 5.97% <br>(1 mo. SOFR US + 2.25%), 02/10/2032, (0.00% Floor) (Callable 02/01/2026) | 401987 | 403682  |
|  Signia Aerospace LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.44% (3 mo. SOFR US + 2.75%), 12/11/2031, (0.50% Floor) (Callable 02/01/2026) | 829 | 833  |
| &nbsp;&nbsp;&nbsp; 6.57% (3 mo. SOFR US + 2.75%), 12/11/2031, (0.50% Floor) (Callable 02/01/2026) | 33914 | 34081  |

---

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

115<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Industrial - (Continued)**  | **Industrial - (Continued)**  | **Industrial - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 6.67% (3 mo. SOFR US + 2.75%), 12/11/2031, (0.50% Floor) (Callable 02/01/2026) | $26798 | $26930  |
|  Signia Aerospace LLC, First Lien, 7.06% (3 mo. Term SOFR + 2.75%), 12/11/2031 (Callable 02/01/2026) | 3000 | 3015  |
| &nbsp;&nbsp;&nbsp; Tecta America Corp., Senior Secured First Lien, 6.47% <br>(1 mo. SOFR US + 2.75%), 02/18/2032, (0.00% Floor) (Callable 02/01/2026) | 44775 | 45002  |
|  TransDigm, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.22% (1 mo. SOFR US + 2.25%), 03/22/2030, (0.00% Floor) (Callable 02/01/2026) | 29551 | 29670  |
| &nbsp;&nbsp;&nbsp; 6.22% (1 mo. SOFR US + 2.50%), 02/28/2031, (0.00% Floor) (Callable 02/01/2026) | 49064 | 49304  |
| &nbsp;&nbsp;&nbsp; 6.22% (1 mo. SOFR US + 2.50%), 01/20/2032, (0.00% Floor) (Callable 02/01/2026) | 39376 | 39578  |
| &nbsp;&nbsp;&nbsp; 6.22% (1 mo. SOFR US + 2.50%), 08/19/2032, (0.00% Floor) (Callable 02/01/2026) | 134663 | 135375  |
|  Trident TPI Holdings, Inc., First Lien, 7.75% (1 mo. Term SOFR + 3.75%), 09/18/2028 (Callable 02/01/2026) | 24937 | 24015  |
|  |  | 2143755  |
| **Technology - 0.8%**<br>|  |  |
|  Applied Systems, Inc., Senior Secured Second Lien, 8.17% (3 mo. SOFR US + 4.50%), 02/23/2032, (0.00% Floor) | 10000 | 10195  |
| &nbsp;&nbsp;&nbsp; Ascend Learning LLC, Senior Secured First Lien, 6.72% <br>(1 mo. SOFR US + 3.00%), 12/11/2028, (0.50% Floor) (Callable 02/01/2026) | 113770 | 114308  |
| &nbsp;&nbsp;&nbsp; Boxer Parent Co., Inc., Senior Secured First Lien, 6.82% <br>(3 mo. SOFR US + 3.00%), 07/30/2031, (0.00% Floor) (Callable 02/01/2026) | 89325 | 89198  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  CACI International, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.47% (1 mo. SOFR US + 1.75%), 10/30/2031, (0.00% Floor) (Callable 02/01/2026) | $204140 | $204884  |
| &nbsp;&nbsp;&nbsp; 5.67% (1 mo. SOFR US + 1.75%), 10/30/2031, (0.00% Floor) (Callable 02/01/2026) | 13560 | 13610  |
|  Clearwater Analytics LLC, Senior Secured First Lien, 6.21% (6 mo. SOFR US + 2.00%), 04/21/2032, (0.00% Floor) (Callable 02/01/2026) | 159600 | 159900  |
|  Cloud Software Group, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.92% (1 mo. SOFR US + 3.25%), 03/24/2031, (0.00% Floor) (Callable 02/01/2026) | 497 | 499  |
| &nbsp;&nbsp;&nbsp; 6.92% (3 mo. SOFR US + 3.25%), 03/24/2031, (0.00% Floor) (Callable 02/01/2026) | 197906 | 198385  |
| Cotiviti, Inc., Senior Secured First Lien | Cotiviti, Inc., Senior Secured First Lien | Cotiviti, Inc., Senior Secured First Lien |
| &nbsp;&nbsp;&nbsp; 6.62% (1 mo. SOFR US + 2.75%), 05/01/2031, (0.00% Floor) (Callable 02/01/2026) | 33795 | 32556  |
| &nbsp;&nbsp;&nbsp; 6.62% (1 mo. SOFR US + 2.75%), 03/29/2032, (0.00% Floor) (Callable 02/01/2026) | 24875 | 23942  |
|  Dawn Bidco LLC, 7.67% (1 mo. Term SOFR + 3.00%), 10/07/2032 (Callable 02/01/2026) | 115000 | 114795  |
|  Kaseya, Inc., Senior Secured First Lien, 6.72% (1 mo. SOFR US + 3.00%), 03/22/2032, (0.00% Floor) (Callable 02/01/2026) | 163763 | 164100  |
|  McAfee Corp., Senior Secured First Lien, 6.72% (1 mo. SOFR US + 3.00%), 03/01/2029, (0.50% Floor) (Callable 02/01/2026) | 28641 | 26525  |
|  Mitchell International, Inc., Senior Secured First Lien, 6.97% (1 mo. SOFR US + 3.25%), 06/17/2031, (0.50% Floor) (Callable 02/01/2026) | 62291 | 62571  |

---

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

116<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Technology - (Continued)**  | **Technology - (Continued)**  | **Technology - (Continued)**  |
|  Mitchell International, Inc., Senior Secured Second Lien, 12.22% (1 mo. SOFR US + 5.25%), 06/17/2032, (0.00% Floor) (Callable 02/01/2026) | $10000 | $9961  |
| &nbsp;&nbsp;&nbsp; Polaris Newco LLC, Senior Secured First Lien, 7.97% <br>(3 mo. SOFR US + 3.75%), 06/05/2028, (0.50% Floor) (Callable 02/01/2026) | 44459 | 42976  |
|  RealPage, Inc., Senior Secured First Lien, 7.42% (3 mo. SOFR US + 3.75%), 04/24/2028, (0.50% Floor) (Callable 02/01/2026) | 19850 | 19939  |
| X Corp., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.60% (6 mo. SOFR US + 6.50%), 10/29/2029, (0.50% Floor) (Callable 02/01/2026) | 89615 | 88239  |
| &nbsp;&nbsp;&nbsp; 9.50% (Fixed Rate), 10/29/2029, (0.00% Floor) (Callable 02/01/2026) | 30000 | 29952  |
|  Zelis Payments Buyer, Inc., Senior Secured First Lien, 6.97% (1 mo. SOFR US + 3.25%), 11/26/2031, (0.00% Floor) (Callable 02/01/2026) | 54475 | 54135  |
|  |  | 1460670  |
| **Utilities - 0.2%**<br>|  |  |
|  Meade Pipeline Co. LLC, Senior Secured First Lien, 5.69% (3 mo. SOFR US + 2.00%), 09/22/2032, (0.00% Floor) (Callable 02/01/2026) | 35000 | 35241  |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc., Senior Secured First Lien, 5.59% <br>(3 mo. SOFR US + 1.75%), 04/16/2031, (0.00% Floor) | 326742 | 328106  |
|  Talen Energy Supply LLC, Senior Secured First Lien, 5.88% (3 mo. SOFR US + 2.00%), 11/26/2032, (0.00% Floor) (Callable 02/01/2026) | 45000 | 45063  |
|  |  | 408410  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $11,995,753)** |  | 12031249  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **FOREIGN GOVERNMENT DEBT** <br>**OBLIGATIONS - 6.3%** | &nbsp;&nbsp;&nbsp; **FOREIGN GOVERNMENT DEBT** <br>**OBLIGATIONS - 6.3%** | &nbsp;&nbsp;&nbsp; **FOREIGN GOVERNMENT DEBT** <br>**OBLIGATIONS - 6.3%** | &nbsp;&nbsp;&nbsp; **FOREIGN GOVERNMENT DEBT** <br>**OBLIGATIONS - 6.3%** |
|  Abu Dhabi Government International Bond, 3.88%, 04/16/2050<sup>(b)</sup> |  | $200000 | $161021  |
| Airservices Australia<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 11/15/2028 (Callable 08/15/2028) | AUD | 200000 | 135894  |
| &nbsp;&nbsp;&nbsp; 2.20%, 05/15/2030 | AUD | 210000 | 125212  |
|  Australia Government Bond, 4.25%, 03/21/2036 | AUD | 250000 | 159902  |
| &nbsp;&nbsp;&nbsp; Brazil Letras do Tesouro <br>Nacional, 0.00%, 01/01/2026<sup>(d)</sup> | BRL | 5978 | 1090321  |
|  Brazil Notas do Tesouro Nacional Serie B, 6.00%, 08/15/2050 | BRL | 213000 | 159579  |
|  Brazilian Government International Bond, 4.75%, 01/14/2050 (Callable 07/14/2049) |  | 200000 | 145500  |
|  Bundesrepublik Deutschland Bundesanleihe<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/15/2031<sup>(d)</sup> | EUR | 65000 | 66483  |
| &nbsp;&nbsp;&nbsp; 2.20%, 02/15/2034 | EUR | 105000 | 118504  |
| &nbsp;&nbsp;&nbsp; 0.00%, 05/15/2035<sup>(d)</sup> | EUR | 55000 | 49584  |
| Canadian Government Bond<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/01/2027 | CAD | 170000 | 124281  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2029 | CAD | 85000 | 63349  |
| &nbsp;&nbsp;&nbsp; 0.50%, 12/01/2030 | CAD | 70000 | 45193  |
|  China Government Bond, 2.69%, 08/12/2026 | CNY | 680000 | 98149  |
|  CPPIB Capital, Inc., 2.25%, 12/01/2031<sup>(b)</sup> | CAD | 100000 | 68658  |
| &nbsp;&nbsp;&nbsp; Czech Republic Government <br>Bond<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/11/2032 | CZK | 2220000 | 109168  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/24/2034 | CZK | 3280000 | 156187  |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/30/2035 | CZK | 8240000 | 369365  |
|  Dominican Republic International Bond, 4.50%, 01/30/2030 |  | 150000 | 146625 |
|  Finland Government Bond, 3.00%, 09/15/2033<sup>(b)</sup> | EUR | 180000 | 211971  |
|  FIRSTMAC MORTGAGE FUNDING TRUST NO. 4 SERIES 2024-4, Series 2024-4, Class A1, 4.63% (1 Month Australian Bank Bill Swap Rate + 1.08%), 02/18/2056, (0.00% Floor) (Callable 12/18/2030) | AUD | 153496 | 102804  |
|  Guatemala Government Bond, 4.50%, 05/03/2026 |  | 200000 | 199750 |

---

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

117<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **FOREIGN GOVERNMENT DEBT** <br>**OBLIGATIONS - (Continued)**  | &nbsp;&nbsp;&nbsp; **FOREIGN GOVERNMENT DEBT** <br>**OBLIGATIONS - (Continued)**  | &nbsp;&nbsp;&nbsp; **FOREIGN GOVERNMENT DEBT** <br>**OBLIGATIONS - (Continued)**  | &nbsp;&nbsp;&nbsp; **FOREIGN GOVERNMENT DEBT** <br>**OBLIGATIONS - (Continued)**  |
| Indonesia Treasury Bond<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 03/15/2029 | IDR | 514000000 | $34012  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/15/2030 | IDR | 2312000000 | 143989  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2031 | IDR | 5458000000 | 338151  |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/15/2031 | IDR | 2438000000 | 165959  |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/15/2032 | IDR | 5326000000 | 326619  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/2033 | IDR | 1779000000 | 109685  |
|  Japan Government Two Year Bond, 0.60%, 12/01/2026 | JPY | 84200000 | 536200  |
|  Mexico Government International Bond, 4.50%, 04/22/2029 |  | 250000 | 250978 |
| NBN Co. Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/28/2031 (Callable 05/28/2031) | AUD | 480000 | 318522  |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/06/2035 (Callable 12/06/2034) | AUD | 190000 | 125689  |
| New South Wales Treasury Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/20/2035 | AUD | 420000 | 269488  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/20/2036 | AUD | 355000 | 216119  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/20/2037 | AUD | 365000 | 228216  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/24/2038 | AUD | 145000 | 93979  |
| New Zealand Government Bond<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 0.25%, 05/15/2028 | NZD | 180000 | 96844  |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/15/2032 | NZD | 240000 | 122263  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2034 | NZD | 870000 | 498790  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2035 | NZD | 265000 | 153523  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2036 | NZD | 118000 | 66418  |
| &nbsp;&nbsp;&nbsp; 1.75%, 05/15/2041 | NZD | 405000 | 154160  |
|  New Zealand Local Government Funding Agency Bond, 3.50%, 04/14/2033 | NZD | 132000 | 71555  |
| Norway Government Bond<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 09/17/2031<sup>(b)</sup> | NOK | 1905000 | 162834  |
| &nbsp;&nbsp;&nbsp; 2.13%, 05/18/2032<sup>(b)</sup> | NOK | 3335000 | 295885  |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/12/2035<sup>(b)</sup> | NOK | 2615000 | 250617  |
|  Paraguay Government International Bond, 4.70%, 03/27/2027 |  | 143000 | 143894 |
| Philippine Government Bond<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/28/2029 | PHP | 8670000 | 150194  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/19/2029 | PHP | 16710000 | 291032  |
| &nbsp;&nbsp;&nbsp; 6.38%, 07/27/2030 | PHP | 16180000 | 281040  |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/2032 | PHP | 12890000 | 228828  |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/28/2035 | PHP | 6680000 | 116204  |
| &nbsp;&nbsp;&nbsp; 8.00%, 09/30/2035 | PHP | 3300000 | 63698  |
|  Province of Quebec Canada, 4.50%, 09/08/2033 | 153000 | 154994 |  |
| Queensland Treasury Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/22/2035<sup>(b)</sup> | AUD | 125000 | 77974  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/21/2036<sup>(b)</sup> | AUD | 145000 | 95059  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
|  South Australian Government Financing Authority, 1.75%, 05/24/2034 | AUD | 35000 | $18005  |
| Treasury Corp. of Victoria<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/15/2038 | AUD | 245000 | 156886  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/20/2040 | AUD | 140000 | 85445  |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/20/2041 | AUD | 200000 | 82929  |
| United Kingdom Gilt<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/07/2027 | GBP | 235000 | 316830  |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/22/2029 | GBP | 90000 | 122419  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/31/2033 | GBP | 125000 | 158316  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/31/2034 | GBP | 125000 | 166522  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT** <br>**DEBT OBLIGATIONS** <br>**(Cost $11,720,732)** |  |  | 11648264  |
|  |  | **Shares** |  |
|  **AFFILIATED REGISTERED INVESTMENT COMPANIES - 3.6%**<br>|  |  |  |
|  Voya VACS Series EMHCD Fund<sup>(k)</sup> |  | 189803 | 2030894  |
|  Voya VACS Series HYB Fund<sup>(k)</sup> |  | 444817 | 4608307  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED REGISTERED INVESTMENT COMPANIES** <br>**(Cost $7,071,017)** |  |  | 6639201  |
|  |  | **Par** |  |
|  **COLLATERALIZED LOAN OBLIGATIONS - 3.4%**<br>|  |  |  |
|  AB BSL CLO Ltd., Series 2023-4A, Class BR, 5.78% (3 mo. Term SOFR + 1.90%), 04/20/2038, (1.90% Floor) (Callable 04/20/2027)<sup>(b)</sup> |  | $250000 | 251649  |
| Bain Capital Credit CLO<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-6A, Class CR, 5.86% (3 mo. Term SOFR + 2.00%), 01/22/2038, (2.00% Floor) (Callable 01/22/2027)<sup>(b)</sup> |  | 500000 | 500445  |
| &nbsp;&nbsp;&nbsp; Series 2024-4A, Class C, 5.76% (3 mo. Term SOFR + 1.90%), 10/23/2037, (1.90% Floor) (Callable 10/23/2026)<sup>(b)</sup> |  | 250000 | 250418  |
|  BDS Ltd., Series 2021-FL10, Class A, 5.20% (1 mo. Term SOFR + 1.46%), 12/16/2036, (1.46% Floor) (Callable 01/16/2026)<sup>(b)</sup> |  | 28308 | 28297  |

---

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

118<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  |
|  CBAM Ltd., Series 2017-1A, Class CR2, 5.98% (3 mo. Term SOFR + 2.10%), 01/20/2038, (2.10% Floor) (Callable 01/20/2027)<sup>(b)</sup> | $250000 | $250280  |
|  Cent CLO, Series 2018-27A, Class DR, 7.95% (3 mo. Term SOFR + 4.09%), 01/25/2035, (3.83% Floor) (Callable 01/25/2026)<sup>(b)</sup> | 500000 | 498770  |
| CIFC Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-4A, Class BR2, 6.05% (3 mo. Term SOFR + 2.16%), 04/20/2034, (2.16% Floor) (Callable 01/20/2026)<sup>(b)</sup> | 250000 | 250000  |
| &nbsp;&nbsp;&nbsp; Series 2022-4A, Class AR, 4.98% (3 mo. Term SOFR + 1.09%), 07/16/2035, (1.09% Floor) (Callable 07/16/2026)<sup>(b)</sup> | 250000 | 249634  |
|  Elmwood CLO Ltd., Series 2020-1A, Class AR, 5.34% (3 mo. Term SOFR + 1.46%), 04/18/2037, (1.46% Floor) (Callable 04/18/2026)<sup>(b)</sup> | 250000 | 250845  |
|  Empower CLO Ltd., Series 2024-2A, Class C, 6.00% (3 mo. Term SOFR + 2.10%), 07/15/2037, (2.10% Floor) (Callable 07/15/2026)<sup>(b)</sup> | 500000 | 501048  |
|  FS RIALTO, Series 2021-FL3, Class D, 6.35% (1 mo. Term SOFR + 2.61%), 11/16/2036, (2.61% Floor) (Callable 01/16/2026)<sup>(b)</sup> | 100000 | 99800  |
|  Jackson Financial, Inc., Series 2021-5A, Class BR, 5.52% (3 mo. Term SOFR + 1.70%), 10/18/2034, (1.70% Floor)<sup>(b)</sup> | 500000 | 500338  |
|  Katayma CLO Ltd., Series 2024-2A, Class D, 8.38% (3 mo. Term SOFR + 4.50%), 04/20/2037, (4.50% Floor) (Callable 04/20/2026)<sup>(b)</sup> | 430000 | 433185  |
|  KKR CLO Trust, Series 33A, Class BR, 5.51% (3 mo. Term SOFR + 1.60%), 07/20/2034, (1.60% Floor) (Callable 07/20/2026)<sup>(b)</sup> | 250000 | 249899  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
|  LCM LP, Series 24A, Class CR, 6.05% (3 mo. Term SOFR + 2.16%), 03/20/2030, (0.00% Floor) (Callable 01/20/2026)<sup>(b)</sup> |  | $7034 | $7036  |
|  LoanCore, Series 2025-CRE9, Class A, 5.18% (1 mo. Term SOFR + 1.45%), 08/18/2042, (1.45% Floor) (Callable 05/15/2028)<sup>(b)</sup> |  | 250000 | 250073  |
|  Neuberger Berman CLO Ltd., Series 2021-44A, Class DR, 6.54% (3 mo. Term SOFR + 2.65%), 10/16/2035, (2.65% Floor) (Callable 01/16/2026)<sup>(b)</sup> |  | 500000 | 497853  |
|  OZLM Ltd., Series 2016-15A, Class A1R3, 4.93% (3 mo. Term SOFR + 1.05%), 04/20/2033, (1.05% Floor) (Callable 04/20/2026)<sup>(b)</sup> |  | 195379 | 195327  |
|  Sound Point CLO Ltd., Series 2021-1A, Class B1R, 5.50% (3 mo. Term SOFR + 1.60%), 04/25/2034, (1.60% Floor) (Callable 07/25/2026)<sup>(b)</sup> |  | 250000 | 249714  |
|  Starwood Property Trust, Inc., Series 2025-FL4, Class B, 5.68% (1 mo. Term SOFR + 1.95%), 11/19/2042, (1.95% Floor) (Callable 05/19/2028)<sup>(b)</sup> |  | 250000 | 249998  |
|  Storm King Park CLO Ltd., Series 2022-1A, Class AR, 5.26% (3 mo. Term SOFR + 1.36%), 10/15/2037, (1.36% Floor) (Callable 10/15/2026)<sup>(b)</sup> |  | 500000 | 501384  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $6,265,999)** |  |  | 6265993  |
|  **FOREIGN GOVERNMENT AGENCY ISSUES - 1.1%**<br>|  |  |  |
|  CDP Financial, Inc., 4.20%, 12/02/2030 | CAD | 100000 | 76013  |
|  New Zealand Government Bond, 3.50%, 04/14/2033 | NZD | 615000 | 338896  |
|  Norway Government Bond, 3.00%, 08/15/2033<sup>(b)</sup> | NOK | 1035000 | 95345  |
|  NOTA DO TESOURO NACIONAL (PRICES NEAR 1000), 10.00%, 01/01/2027 | BRL | 4080000 | 720991  |

---

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

119<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **FOREIGN GOVERNMENT AGENCY** <br>**ISSUES - (Continued)**  | &nbsp;&nbsp;&nbsp; **FOREIGN GOVERNMENT AGENCY** <br>**ISSUES - (Continued)**  | &nbsp;&nbsp;&nbsp; **FOREIGN GOVERNMENT AGENCY** <br>**ISSUES - (Continued)**  | &nbsp;&nbsp;&nbsp; **FOREIGN GOVERNMENT AGENCY** <br>**ISSUES - (Continued)**  |
|  NOTA DO TESOURO NACIONAL (PRICES NEAR1000), 10.00%, 01/01/2029 | BRL | 920000 | $163777  |
|  Province of British Columbia Canada, 4.20%, 07/06/2033 |  | 145000 | 144325 |
|  Province of Ontario Canada, 3.45%, 06/02/2045 | CAD | 160000 | 100242  |
| Queensland Treasury Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 05/21/2035<sup>(b)</sup> | EUR | 100000 | 116045  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/13/2038<sup>(b)</sup> | AUD | 135000 | 86819  |
|  Republic of Austria Government Bond, 2.90%, 02/20/2033<sup>(b)</sup> | EUR | 50000 | 58836  |
|  Treasury Corp. of Victoria, 4.75%, 09/15/2036 | AUD | 230000 | 144765  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT** <br>**AGENCY ISSUES** <br>**(Cost $2,012,182)** |  |  | 2046054  |
|  |  | **Shares** |  |
| **PREFERRED STOCKS - 0.8%** | **PREFERRED STOCKS - 0.8%** | **PREFERRED STOCKS - 0.8%** | **PREFERRED STOCKS - 0.8%** |
| **Financial - 0.8%**<br>|  |  |  |
|  Bank of Hawaii Corp., 8.00%, Perpetual (Callable 08/01/2029) |  | 4900 | 131075  |
|  Citizens Financial Group, Inc., Series I, 6.50% to 10/06/2030 then 5 yr. CMT Rate + 2.63%, Perpetual (Callable 10/06/2030) |  | 12725 | 323088  |
|  Comerica, Inc., Series B, 6.88% to 10/01/2030 then 5 yr. CMT Rate + 3.13%, Perpetual (Callable 10/01/2030) |  | 11000 | 287100  |
|  First Busey Corp., Series B, 8.25%, Perpetual (Callable 06/01/2030) |  | 4950 | 127462  |
|  Live Oak Bancshares, Inc., Series A, 8.38%, Perpetual (Callable 09/15/2030) |  | 3625 | 92619  |
|  UMB Financial Corp., 7.75% to 07/15/2030 then 5 yr. CMT Rate + 3.74%, Perpetual (Callable 07/15/2030) |  | 7375 | 199125  |
|  WesBanco, Inc., Series B, 7.38% to 10/01/2030 then 5 yr. CMT Rate + 3.80%, Perpetual (Callable 10/01/2030)<sup>(a)</sup> |  | 10650 | 274663  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Wintrust Financial Corp., Series F, 7.88% to 07/15/2030 then 5 yr. CMT Rate + 3.88%, Perpetual (Callable 07/15/2030) | $4250 | $110033  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $1,486,875)** |  | 1545165  |
|  | **Shares** |  |
| **CONVERTIBLE PREFERRED STOCKS - 0.7%** | **CONVERTIBLE PREFERRED STOCKS - 0.7%** | **CONVERTIBLE PREFERRED STOCKS - 0.7%** |
| **Consumer, Cyclical - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; QXO, Inc., 5.50%, <br>05/15/2028 | 5350 | 295052  |
| **Industrial - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Boeing Co., 6.00%, <br>10/15/2027 | 1800 | 124308  |
| **Technology - 0.1%**<br>|  |  |
|  Hewlett Packard Enterprise Co., 7.63%, 09/01/2027 | 2750 | 183397  |
| **Utilities - 0.3%**<br>|  |  |
|  NextEra Energy, Inc., 7.23%, 11/01/2027 | 8650 | 421688  |
|  Southern Co., Series A, 7.13%, 12/15/2028<sup>(l)</sup> | 4250 | 214030  |
|  |  | 635718  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE PREFERRED STOCKS** <br>**(Cost $1,098,352)** |  | 1238475  |
| **CONVERTIBLE BONDS - 0.6%** | **CONVERTIBLE BONDS - 0.6%** | **CONVERTIBLE BONDS - 0.6%** |
| **Consumer, Cyclical - 0.1%**<br>|  |  |
|  Burlington Stores, Inc., 1.25%, 12/15/2027 | 110000 | 162408  |
| **Utilities - 0.5%**<br>|  |  |
| CenterPoint Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2026 | 170000 | 186849  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/01/2028<sup>(b)</sup> | 130000 | 131783  |
|  CMS Energy Corp., 3.13%, 05/01/2031<sup>(b)</sup> | 100000 | 98522  |
|  Exelon Corp., 3.25%, 03/15/2029<sup>(b)</sup> | 130000 | 129964  |
|  FirstEnergy Corp., 3.88%, 01/15/2031<sup>(b)</sup> | 170000 | 182405  |
|  Southern Co., 3.25%, 06/15/2028<sup>(b)</sup> | 100000 | 99737  |
|  TXNM Energy, Inc., 5.75%, 06/01/2054 | 105000 | 140494  |
|  |  | 969754  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $1,014,737)** |  | 1132162 |

---

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

120<br>

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 0.0%<sup>(l)</sup>** | **PURCHASED OPTIONS - 0.0%<sup>(l)</sup>** | **PURCHASED OPTIONS - 0.0%<sup>(l)</sup>** | **PURCHASED OPTIONS - 0.0%<sup>(l)</sup>** |
| **Call Options - 0.0%<sup>(f)</sup>**<br>|  |  |  |
|  Interest Rate Swap - Forward Volatility Agreement 5Y5Y30Y, Counterparty: Barclays Capital, Inc., Pay Floating; Expiration: 06/14/2027; Exercise Rate: 0.00% | $775000 | 775000 | $5694  |
|  MC 5YX5Y, Counterparty: Morgan Stanley, Pay Floating; Expiration: 05/20/2026; Exercise Rate: 2.50% | 1194000 | 1194000 | 218  |
| **Total Call Options** |  |  | 5912  |
| **Put Options - 0.0%<sup>(f)</sup>**<br>|  |  |  |
|  30-Year Forward Interest Rate Swap, Counterparty: J.P. Morgan Securities, Inc., Receive Floating; Expiration: 08/30/2027; Exercise Rate: 4.65% | 598400 | 598400 | 4102  |
|  Interest Rate Swap - Forward Volatility Agreement 5Y5Y30Y, Counterparty: Barclays Capital, Inc., Receive Floating; Expiration: 05/25/2027; Exercise Rate: 0.00% | 2436500 | 2436500 | 7518  |
| **Total Put Options** |  |  | 11620  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $6,668)** |  |  | 17532 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **COMMON STOCKS - 0.0%<sup>(f)</sup>** | **COMMON STOCKS - 0.0%<sup>(f)</sup>** | **COMMON STOCKS - 0.0%<sup>(f)</sup>** |
| ALTICE FRANCE/LUXCO 3<sup>(c)(l)</sup> | 360 | 6452  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $11,893)** |  | 6452 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **U.S. TREASURY BILLS - 2.7%**<br>|  |  |
| 3.82%, 02/24/2026<sup>(m)</sup> | $5000000 | 4973942  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $4,971,725)** |  | 4973942  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 95.5%** <br>**(Cost $182,526,040)** |  | $177516096  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 3.1%<sup>(n)(o)</sup> |  | 5814506  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.4% |  | 2566805  |
| **TOTAL NET ASSETS - 100.0%** |  | $185897407 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

EURIBOR - Euro Interbank Offered Rate

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

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

CZK - Czech Republic Koruna

EUR - Euro

GBP - British Pound

IDR - Indonesian Rupiah

INR - Indian Rupee

JPY - Japanese Yen

NOK - Norwegian Krone

NZD - New Zealand Dollar

PHP - Philippine Peso

<sup>(a)</sup> All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $611,340.

<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 December 31, 2025, the value of these securities total $63,236,556 or 34.0% of the Fund's net assets.

<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 $8,685 or 0.0% of net assets as of December 31, 2025.

<sup>(d)</sup> Zero coupon bonds make no periodic interest payments.

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

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

<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 December 31, 2025.

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

<sup>(i)</sup> Step coupon bond. The rate disclosed is as of December 31, 2025.

<sup>(j)</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>(k)</sup> Affiliated security as defined by the Investment Company Act of 1940.

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

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

121<br>

------

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

**Wilshire Income Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

<sup>(m)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(n)</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 December 31, 2025 was 3.49%.

<sup>(o)</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 December 31, 2025 is $625,970 which represented 0.3% of net assets. 

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

122<br>

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

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF WRITTEN OPTIONS** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (0.1)%**  | **WRITTEN OPTIONS - (0.1)%**  | **WRITTEN OPTIONS - (0.1)%**  | **WRITTEN OPTIONS - (0.1)%**  |
| **Call Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10-Year Forward Interest Rate Swap, Counterparty: J.P. Morgan Securities, Inc., Receive Floating; Expiration: 11/08/2027; <br>Exercise Rate: 3.86% | $(299200) | (299200) | $(2944)  |
| 1-Year Forward Interest Rate Swap Counterparty: Deutsche Bank; <br>|  |  |  |
| Receive Floating; Expiration: 09/25/2026; Exercise Rate: 2.50% | (6172000) | (6172000) | (2586)  |
| Receive Floating; Expiration: 09/23/2027; Exercise Rate: 3.16% | (2992000) | (2992000) | (3638)  |
|  1-Year Forward Interest Rate Swap, Counterparty Nomura Global Financial Inc., Receive Floating; Expiration: 10/25/2027; Exercise Rate: 3.12% | (2992000) | (2992000) | (3919)  |
| &nbsp;&nbsp;&nbsp; 1-Year Forward Interest Rate Swap Counterparty: J.P. Morgan <br>Securities, Inc.; <br>|  |  |  |
| Receive Floating; Expiration: 08/12/2027; Exercise Rate: 3.25% | (1496000) | (1496000) | (1806)  |
| Receive Floating; Expiration: 08/12/2027; Exercise Rate: 3.25% | (2991000) | (2991000) | (3538)  |
| Receive Floating; Expiration: 08/23/2027; Exercise Rate: 3.17% | (1496000) | (1496000) | (352)  |
| &nbsp;&nbsp;&nbsp; 1-Year Forward Interest Rate Swap Counterparty: J.P. Morgan <br>Securities, Inc.; <br>|  |  |  |
| Receive Floating; Expiration: 11/19/2026; Exercise Rate: 3.11% | (1496000) | (1496000) | (1204)  |
| Receive Floating; Expiration: 11/19/2026; Exercise Rate: 3.11% | (1496000) | (1496000) | (1195)  |
| Receive Floating; Expiration: 06/30/2027; Exercise Rate: 3.25% | (1496000) | (1496000) | 0  |
| Receive Floating; Expiration: 11/22/2027; Exercise Rate: 3.16% | (2992000) | (2992000) | (3474)  |
| Receive Floating; Expiration: 12/16/2027; Exercise Rate: 3.34% | (1495500) | (1495500) | (6054)  |
|  30-Year Forward Interest Rate Swap, Counterparty: Deutsche Bank, Receive Floating; Expiration: 12/18/2026; Exercise Rate: 4.14% | (299200) | (299200) | (1023)  |
|  EUR/ZAR, Counterparty: Goldman Sachs; Expiration: 01/08/2027; Exercise Price: $21.50 | (24000) | (24000) | (7206)  |
|  MC 10YX10Y, Counterparty: Morgan Stanley, Receive Floating; Expiration: 05/20/2026; Exercise Rate: 2.30% | (597000) | (597000) | (99)  |
|  USD/JPY, Counterparty: UBS AG; Expiration: 02/02/2026; Exercise Price: $155.00 | (2560000) | (2560000) | (38889)  |
| **Total Call Options** |  |  | (77927)  |
| **Put Options - (0.0)%<sup>(a)</sup>**<br>|  |  |  |
|  10-Year Forward Interest Rate Swap, Counterparty: J.P. Morgan Securities, Inc., Pay Floating; Expiration: 11/08/2027; Exercise Rate: 3.86% | (299200) | (299200) | (1384)  |
|  1-Year Forward Interest Rate Swap, Counterparty: Deutsche Bank, Pay Floating; Expiration: 09/23/2027; Exercise Rate: 3.16% | (2992000) | (2992000) | (1248)  |
|  1-Year Forward Interest Rate Swap Counterparty: Nomura Global Financial Inc.; <br>|  |  |  |
| Pay Floating; Expiration: 09/08/2026; Exercise Rate: 3.62% | (3086000) | (3086000) | (639)  |
| Pay Floating; Expiration: 09/08/2026; Exercise Rate: 3.63% | (6172000) | (6172000) | (1401)  |
| &nbsp;&nbsp;&nbsp; 1-Year Forward Interest Rate Swap Counterparty: J.P. Morgan <br>Securities, Inc.; <br>|  |  |  |
| Pay Floating; Expiration: 11/19/2026; Exercise Rate: 3.11% | (1496000) | (1496000) | (168)  |
| Pay Floating; Expiration: 11/19/2026; Exercise Rate: 3.11% | (1496000) | (1496000) | (180) |

---

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

123<br>

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

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF WRITTEN OPTIONS** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| Pay Floating; Expiration: 06/30/2027; Exercise Rate: 3.25% | $(1496000) | (1496000) | $0  |
| Pay Floating; Expiration: 11/22/2027; Exercise Rate: 3.16% | (2992000) | (2992000) | (2346)  |
| Pay Floating; Expiration: 12/16/2027; Exercise Rate: 3.34% | (1495500) | (1495500) | (6664)  |
| &nbsp;&nbsp;&nbsp; 1-Year Forward Interest Rate Swap Counterparty: J.P. Morgan <br>Securities, Inc.; <br>|  |  |  |
| Pay Floating; Expiration: 08/12/2027; Exercise Rate: 3.25% | (1496000) | (1496000) | (977)  |
| Pay Floating; Expiration: 08/12/2027; Exercise Rate: 3.25% | (2991000) | (2991000) | (1881)  |
| Pay Floating; Expiration: 08/23/2027; Exercise Rate: 3.17% | (1496000) | (1496000) | (2373)  |
| Pay Floating; Expiration: 08/30/2027; Exercise Rate: 3.60% | (10771200) | (10771200) | (420)  |
|  1-Year Forward Interest Rate Swap, Counterparty: Nomura Global Financial Inc., Pay Floating; Expiration: 10/25/2027; Exercise Rate: 3.12% | (2992000) | (2992000) | (2504)  |
|  30-Year Forward Interest Rate Swap, Counterparty: Deutsche Bank, Pay Floating; Expiration: 12/18/2026; Exercise Rate: 4.14% | (299200) | (299200) | (2203)  |
|  CDX.NA.HY.45.V1 5YR RTP 105.0000, Counterparty: J.P. Morgan Securities, Inc., Pay Floating; Expiration: 03/18/2026; Exercise Rate: 105.00% | (500000) | (500000) | (10431)  |
|  CDX.NA.HY.45.V1 5YR RTP 105.5000, Counterparty: Goldman Sachs, Pay Floating; Expiration: 01/21/2026; Exercise Rate: 105.50% | (1650000) | (1650000) | (1179)  |
|  CDX.NA.HY.45.V1 5YR RTP 106, Counterparty: Morgan Stanley, Pay Floating; Expiration: 03/18/2026; Exercise Rate: 106.00% | (2000000) | (2000000) | (12537)  |
|  CDX.NA.HY.45.V1 5YR RTP 106.5000, Counterparty: Morgan Stanley, Pay Floating; Expiration: 02/18/2026; Exercise Rate: 106.50% | (1000000) | (1000000) | (4400)  |
| **Total Put Options** |  |  | (52935)  |
| **TOTAL WRITTEN OPTIONS (Premiums received $81,540)** |  |  | $(130862) |

---

Percentages are stated as a percent of net assets.

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

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

124<br>

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

**Wilshire Income Opportunities Fund** 

**Schedule of Securities Sold Short** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - (1.5)%**<br>|  |  |
| Fannie Mae or Freddie Mac<br>|  |  |
| &nbsp;&nbsp;&nbsp; TBA 3.00%, 01/15/2043 | $(1043000) | $(922688)  |
| &nbsp;&nbsp;&nbsp; TBA 2.50%, 01/15/2047 | (1089000) | (920333)  |
| &nbsp;&nbsp;&nbsp; FNCL 2 1/21, TBA 2.00%, 01/15/2051 | (1140000) | (920995)  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Proceeds $2,767,432)** |  | (2764016)  |
| **TOTAL SECURITIES SOLD SHORT - (1.5)% (Proceeds $2,767,432)** |  | $(2764016) |

---

Percentages are stated as a percent of net assets.

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

125<br>

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

**Wilshire Income Opportunities Fund** 

**Schedule of Futures Contracts** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; 13 | 03/20/2026 | $1495203 | &nbsp;&nbsp;&nbsp;&nbsp; $(314)  |
| Euro-Bund | &nbsp;&nbsp;&nbsp; 7 | 03/06/2026 | 1049441 | &nbsp;&nbsp;&nbsp;&nbsp; (9304)  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 269 | 03/31/2026 | 56164258 | &nbsp;&nbsp;&nbsp;&nbsp; 9486  |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 309 | 03/31/2026 | 33775148 | &nbsp;&nbsp;&nbsp;&nbsp; (33649)  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 56 | 03/20/2026 | 6473250 | &nbsp;&nbsp;&nbsp;&nbsp; (32873)  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(66654) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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;(48) | 03/20/2026 | $5520750 | &nbsp;&nbsp;&nbsp;&nbsp; $19401  |
| Canadian 10 Year Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(1) | 03/20/2026 | 88092 | &nbsp;&nbsp;&nbsp;&nbsp; 1128  |
| Euro-BTP Italian Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(9) | 03/06/2026 | 1271118 | &nbsp;&nbsp;&nbsp;&nbsp; 5066  |
| French Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(1) | 03/06/2026 | 141717 | &nbsp;&nbsp;&nbsp;&nbsp; 727  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(18) | 03/20/2026 | 2023875 | &nbsp;&nbsp;&nbsp;&nbsp; 7729  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(10) | 03/20/2026 | 1155938 | &nbsp;&nbsp;&nbsp;&nbsp; 15057  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(22) | 03/20/2026 | 2596000 | &nbsp;&nbsp;&nbsp;&nbsp; 26827  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $75935  |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $9281 |

---

The Fund has recorded a liability of $(46,500) as of December 31, 2025 related to the current day's variation margin related to these contracts.

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

126<br>

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

**Wilshire Income Opportunities Fund** 

**Schedule of Forward Currency Contracts** 

**December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation**<br>(Depreciation)  |
| ANZ Securities, Inc. | 01/22/2026 | AUD | 293333 | NZD | 335757 | $2283  |
| ANZ Securities, Inc. | 02/04/2026 | USD | 640000 | JPY | 97622432 | 14798  |
| Bank of America | 02/04/2026 | USD | 320000 | JPY | 48866186 | 7047  |
| Barclays Capital, Inc. | 03/18/2026 | EUR | 1484345 | USD | 1742369 | 8361  |
| Barclays Capital, Inc. | 01/22/2026 | USD | 593031 | JPY | 91649943 | 6745  |
| BNP Paribas Securities Corp. | 01/23/2026 | EUR | 28092 | USD | 33006 | 45  |
| BNP Paribas Securities Corp. | 01/09/2026 | USD | 41837 | BRL | 224963 | 880  |
| BNY Mellon Capital Markets LLC | 02/04/2026 | USD | 1927344 | JPY | 293753468 | 46064  |
| Citibank Global Markets, Inc. | 02/04/2026 | USD | 960000 | JPY | 146617526 | 21020  |
| Citibank Global Markets, Inc. | 01/22/2026 | USD | 7391 | NOK | 74166 | 33  |
| Goldman Sachs | 01/05/2026 | BRL | 5978000 | USD | 1086435 | 3078  |
| Goldman Sachs | 01/09/2026 | MXN | 8609555 | USD | 468853 | 8853  |
| J.P. Morgan Securities, Inc. | 03/18/2026 | EUR | 331821 | USD | 387329 | 4041  |
| J.P. Morgan Securities, Inc. | 03/18/2026 | GBP | 75000 | USD | 100457 | 619  |
| J.P. Morgan Securities, Inc. | 01/22/2026 | NOK | 3741929 | EUR | 311667 | 4597  |
| J.P. Morgan Securities, Inc. | 02/04/2026 | USD | 960000 | JPY | 146456362 | 22052  |
| Morgan Stanley | 01/22/2026 | USD | 2279 | NZD | 3929 | 15  |
|  Royal Bank of Canada Investment Management (USA) Ltd. | 01/22/2026 | AUD | 1173333 | NZD | 1343045 | 9121  |
|  Royal Bank of Canada Investment Management (USA) Ltd. | 03/18/2026 | CAD | 1380515 | USD | 993686 | 15458  |
|  Royal Bank of Canada Investment Management (USA) Ltd. | 01/22/2026 | USD | 585000 | JPY | 91137127 | 1994  |
| Standard Chartered Securities N.A. | 01/23/2026 | EUR | 9193 | USD | 10722 | 93  |
| Standard Chartered Securities N.A. | 03/18/2026 | EUR | 527813 | USD | 618592 | 3945  |
| Standard Chartered Securities N.A. | 01/23/2026 | JPY | 12220 | USD | 78 | 0  |
| Standard Chartered Securities N.A. | 01/22/2026 | NOK | 3522669 | EUR | 293333 | 4412  |
| Standard Chartered Securities N.A. | 01/09/2026 | USD | 893519 | BRL | 4879376 | 5182  |
| UBS AG | 03/18/2026 | EUR | 994004 | USD | 1162227 | 10164  |
| UBS AG | 03/18/2026 | USD | 307572 | NOK | 3099563 | 164  |
| ANZ Securities, Inc. | 02/04/2026 | JPY | 48804704 | USD | 320000 | (7441)  |
| Bank of America | 01/23/2026 | EUR | 47449 | USD | 55961 | (137)  |
| Barclays Capital, Inc. | 02/04/2026 | JPY | 440467268 | USD | 2880000 | (59122)  |
| Barclays Capital, Inc. | 01/09/2026 | USD | 229576 | MXN | 4302236 | (9136)  |
| BNY Mellon Capital Markets LLC | 02/04/2026 | JPY | 48778400 | USD | 320000 | (7609)  |
| Citibank Global Markets, Inc. | 03/18/2026 | USD | 1008264 | CAD | 1399776 | (14960)  |
| Citibank Global Markets, Inc. | 01/09/2026 | USD | 2155 | COP | 8411812 | (61)  |
| Citibank Global Markets, Inc. | 01/23/2026 | USD | 55428 | EUR | 47211 | (116)  |
| Goldman Sachs | 01/09/2026 | BRL | 3196702 | USD | 594105 | (12115)  |
| Goldman Sachs | 01/22/2026 | EUR | 302500 | NOK | 3596626 | (965)  |
| Goldman Sachs | 01/23/2026 | EUR | 27115 | USD | 31968 | (67)  |
| Goldman Sachs | 01/05/2026 | USD | 960398 | BRL | 5978000 | (129114)  |
| Goldman Sachs | 02/03/2026 | USD | 1084000 | BRL | 6005902 | (2405)  |
| Goldman Sachs | 01/23/2026 | USD | 64372 | EUR | 55087 | (438)  |
| Goldman Sachs | 03/18/2026 | USD | 688660 | MXN | 12704516 | (11498)  |
| HSBC Bank | 01/22/2026 | JPY | 91346580 | USD | 585000 | (655) |

---

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

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**Wilshire Income Opportunities Fund** 

**Schedule of Forward Currency Contracts** 

**December 31, 2025(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation**<br>(Depreciation)  |
| J.P. Morgan Securities, Inc. | 01/22/2026 | EUR | 302500 | NOK | 3593806 | $(685)  |
| J.P. Morgan Securities, Inc. | 03/18/2026 | USD | 1348175 | GBP | 1013138 | (17205)  |
| Morgan Stanley | 01/22/2026 | NZD | 673787 | AUD | 586667 | (3256)  |
| Morgan Stanley | 01/09/2026 | USD | 229796 | MXN | 4302236 | (8916)  |
|  Royal Bank of Canada Investment Management (USA) Ltd. | 02/04/2026 | JPY | 97700160 | USD | 640000 | (14300)  |
| Standard Chartered Securities N.A. | 03/18/2026 | NOK | 1592287 | USD | 158121 | (201)  |
| Standard Chartered Securities N.A. | 01/22/2026 | NZD | 1008945 | AUD | 880000 | (5883)  |
| Standard Chartered Securities N.A. | 03/18/2026 | USD | 1983640 | EUR | 1693520 | (13805)  |
| Standard Chartered Securities N.A. | 01/09/2026 | USD | 73 | PEN | 247 | (1)  |
| State Street Bank & Trust Co. | 01/22/2026 | JPY | 91440490 | USD | 585000 | (54)  |
| State Street Bank & Trust Co. | 02/04/2026 | JPY | 97565440 | USD | 640000 | (15163)  |
| State Street Bank & Trust Co. | 03/18/2026 | NOK | 1273244 | USD | 126496 | (219)  |
| State Street Bank & Trust Co. | 03/18/2026 | USD | 166110 | MXN | 3053105 | (2149)  |
| UBS AG | 03/18/2026 | USD | 1944003 | EUR | 1658827 | (12523)  |
| WELLS FARGO BANK NA | 01/23/2026 | USD | 7198 | EUR | 6132 | (16)  |
|  **Net Unrealized Appreciation (Depreciation)** |  |  |  |  |  | $(149151) |

---

AUD - Australian Dollars

BRL - Brazilian Real

CAD - Canadian Dollar

COP - Colombian Peso

EUR - Euro

GBP - British Pound

JPY - Japanese Yen

MXN - Mexican Peso

NOK - Norwegian Krone

NZD - New Zealand Dollar

PEN - Peruvian Sol

USD - United States Dollar

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

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**Wilshire Income Opportunities Fund** 

**Schedule of Centrally Cleared Interest Rate Swap Contracts** 

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value** | **Upfront Payments**<br>(Receipts) | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Receive | &nbsp;&nbsp; SOFR | &nbsp;&nbsp; 3.39% | Termination | 12/14/2028 | $3354000 | $(118) | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $(118)  |
| Receive | &nbsp;&nbsp; SOFR | &nbsp;&nbsp; 4.16% | Annually | 01/05/2057 | $90059 | 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0  |
| **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | $(118) | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $(118) |

---

The swaps are centrally cleared. Morgan Stanley is the counterparty for the swaps in the Fund.

SOFR - Secured Overnight Borrowing Rate

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

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**Wilshire Income Opportunities Fund** 

**Schedule of Credit Default Swap Contracts** 

**Buy Protection** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation \*** | **Financing Rate Received (Paid)** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value** | **Upfront** <br>**Payments**<br>(Receipts) | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| **Buy Protection:**<br>|  |  |  |  |  |  |  |
| CDX.EM.44.V1  | &nbsp;&nbsp;&nbsp; (1.00)% | &nbsp;&nbsp;&nbsp;&nbsp; Quarterly | 12/20/2030 | $2225000 | $23307 | $53061 | &nbsp;&nbsp; $(29754)  |
| ITRAXX.FINSR.44.V1  | &nbsp;&nbsp;&nbsp; (1.00)% | &nbsp;&nbsp;&nbsp;&nbsp; Quarterly | 12/20/2030 | €955,500 | (24244) | (21084) | &nbsp;&nbsp; (3160)  |
|  |  |  |  |  | $(937) | $31977 | &nbsp;&nbsp; $(32914) |

---

\* Centrally cleared swap.

Morgan Stanley is the counterparty for the swaps in the Fund.

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

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**Wilshire Income Opportunities Fund** 

**Schedule of Credit Default Swap Contracts** 

**Sell Protection** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation \*** | **Financing Rate Received (Paid)** | **Payment Frequency** | **Maturity Date** | **Notional Amount (b)** | **Value (c)** | **Premiums** <br>**Paid** <br>(Received) | **Net Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Sell Protection (a):<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CDX NA HY <br>Series 45 | &nbsp;&nbsp;&nbsp; 5.00% | &nbsp;&nbsp;&nbsp;&nbsp; Quarterly | 12/20/2030 | $2154000 | $167132 | $157278 | &nbsp;&nbsp;&nbsp;&nbsp; $9854  |
|  |  |  |  |  | $167132 | $157278 | &nbsp;&nbsp;&nbsp;&nbsp; $9854 |

---

\* Centrally cleared swap.

Morgan Stanley is the counterparty for the swap.

The Fund has recorded a liability of $0 as of December 31, 2025 related to the current day's variation margin related to these contracts.

<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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**Wilshire Income Opportunities Fund** 

**Schedule of Over the Counter Volatility Swap Contracts** 

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Strike** | **Counterparty** | **Maturity Date** | **Payment Frequency** | **Notional Amount** | **Value** | **Premiums Paid (Received)** | **Value/ Unrealized Appreciation (Depreciation)**  |
|  USD/MXN Volatility | &nbsp;&nbsp;&nbsp; 12.00% | Bank of America Securities, Inc. | 12/16/2026 | Quarterly | $(1273704) | $0 | $0 | $0  |
|  USD/ZAR Volatility | &nbsp;&nbsp;&nbsp; 10.95% | Goldman Sachs | 04/30/2026 | Quarterly | 400000 | 0 | 0 | 0  |
|  USD/BRL Volatility | &nbsp;&nbsp;&nbsp; 15.30% | Bank of America Securities, Inc. | 01/05/2026 | Quarterly | (928000) | 0 | 0 | 0  |
|  USD/BRL Volatility | &nbsp;&nbsp;&nbsp; 15.30% | Morgan Stanley | 01/05/2026 | Quarterly | (464000) | (2) | 0 | (2)  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $(2) | $0 | $(2) |

---

BRL – Brazilian Real

MXN – Mexican Peso

USD – United States Dollar

ZAR – South African Zand

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

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**Wilshire Mutual Funds, Inc.** 

**Statements of Assets and Liabilities** 

**December 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Company** <br>**Growth** <br>**Portfolio** | **Large Company** <br>**Value** <br>**Portfolio** | **Small Company** <br>**Growth** <br>**Portfolio** | **Small Company** <br>**Value** <br>**Portfolio** | **FT Wilshire** <br>**5000 Index<sup>SM</sup>** <br>**Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments in unaffiliated securities, at value | &nbsp;&nbsp; $257569261 | &nbsp;&nbsp; $156367925 | &nbsp;&nbsp; $21976241 | &nbsp;&nbsp; $21844257 | $293905120  |
| Investments in affiliated securities, at value | &nbsp;&nbsp; 7680646 | &nbsp;&nbsp; 4795884 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| Cash - interest bearing deposit account | &nbsp;&nbsp; 12850840 | &nbsp;&nbsp; 8338945 | &nbsp;&nbsp; 501861 | &nbsp;&nbsp; 340744 | 1199310  |
| Receivable for swap contracts | &nbsp;&nbsp; 4747812 | &nbsp;&nbsp; 1659632 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| Receivable for investments sold | &nbsp;&nbsp; 315994 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13197 | &nbsp;&nbsp; 3817 | —  |
| Receivable for fund shares sold | &nbsp;&nbsp; 198864 | &nbsp;&nbsp; 199225 | &nbsp;&nbsp; 1733 | &nbsp;&nbsp; 6403 | 52104  |
| Interest receivable | &nbsp;&nbsp; 163610 | &nbsp;&nbsp; 105585 | &nbsp;&nbsp; 904 | &nbsp;&nbsp; 626 | 3550  |
| Deposit at broker for future contracts | &nbsp;&nbsp; 84506 | &nbsp;&nbsp; 50460 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| Dividends receivable | &nbsp;&nbsp; 24121 | &nbsp;&nbsp; 129003 | &nbsp;&nbsp; 2172 | &nbsp;&nbsp; 25556 | 159067  |
| Dividend tax reclaims receivable | &nbsp;&nbsp; 11461 | &nbsp;&nbsp; 7201 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14 | 1417  |
| Variation margin on futures contracts | &nbsp;&nbsp; 4211 | &nbsp;&nbsp; 3164 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| Security lending income receivable | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 65 | 345  |
| Prepaid expenses and other assets | &nbsp;&nbsp; 30107 | &nbsp;&nbsp; 21415 | &nbsp;&nbsp; 12762 | &nbsp;&nbsp; 12821 | 33523  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 283681525 | &nbsp;&nbsp; 171678442 | &nbsp;&nbsp; 22508927 | &nbsp;&nbsp; 22234303 | 295354436  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable for investments purchased | &nbsp;&nbsp; 387938 | &nbsp;&nbsp; 297613 | &nbsp;&nbsp; 8113 | &nbsp;&nbsp; 4395 | —  |
| Payable to Adviser | &nbsp;&nbsp; 170864 | &nbsp;&nbsp; 104455 | &nbsp;&nbsp; 1009 | &nbsp;&nbsp; 3009 | 25139  |
| Payable upon return of securities loaned | &nbsp;&nbsp; 156000 | &nbsp;&nbsp; 48577 | &nbsp;&nbsp; 198135 | &nbsp;&nbsp; 131369 | 593444  |
|  Payable for distribution and shareholder servicing fees | &nbsp;&nbsp; 118722 | &nbsp;&nbsp; 13178 | &nbsp;&nbsp; 15998 | &nbsp;&nbsp; 1316 | 29387  |
|  Payable for fund administration and accounting fees | &nbsp;&nbsp; 47378 | &nbsp;&nbsp; 37670 | &nbsp;&nbsp; 12044 | &nbsp;&nbsp; 14999 | 63605  |
| Payable for capital shares redeemed | &nbsp;&nbsp; 30819 | &nbsp;&nbsp; 77004 | &nbsp;&nbsp; 10331 | &nbsp;&nbsp; 8248 | 63047  |
| Payable for audit fees | &nbsp;&nbsp; 22000 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20000 | 20000  |
| Interest payable | &nbsp;&nbsp; 3571 | &nbsp;&nbsp; 698 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 22 | —  |
| Payable for expenses and other liabilities | &nbsp;&nbsp; 30139 | &nbsp;&nbsp; 23919 | &nbsp;&nbsp; 13951 | &nbsp;&nbsp; 14989 | 36125  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 967431 | &nbsp;&nbsp; 625114 | &nbsp;&nbsp; 279586 | &nbsp;&nbsp; 198347 | 830747  |
| **NET ASSETS** | &nbsp;&nbsp; $282714094 | &nbsp;&nbsp; $171053328 | &nbsp;&nbsp; $22229341 | &nbsp;&nbsp; $22035956 | $294523689  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $155741981 | &nbsp;&nbsp; $136133336 | &nbsp;&nbsp; $17868744 | &nbsp;&nbsp; $18058763 | $54754312  |
| Total distributable earnings | &nbsp;&nbsp; 126972113 | &nbsp;&nbsp; 34919992 | &nbsp;&nbsp; 4360597 | &nbsp;&nbsp; 3977193 | 239769377  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp; $282714094 | &nbsp;&nbsp; $171053328 | &nbsp;&nbsp; $22229341 | &nbsp;&nbsp; $22035956 | $294523689  |
| **Institutional Class**<br>|  |  |  |  |  |
| Net assets | &nbsp;&nbsp; $195737103 | &nbsp;&nbsp; $167092588 | &nbsp;&nbsp; $16882095 | &nbsp;&nbsp; $17373963 | $62329133  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 3654846 | &nbsp;&nbsp; 7664023 | &nbsp;&nbsp; 762016 | &nbsp;&nbsp; 667139 | 1780474  |
| Net asset value per share | &nbsp;&nbsp; $53.56 | &nbsp;&nbsp; $21.80 | &nbsp;&nbsp; $22.15 | &nbsp;&nbsp; $26.04 | $35.01  |
| **Investment Class**<br>|  |  |  |  |  |
| Net assets | &nbsp;&nbsp; $86976991 | &nbsp;&nbsp; $3960740 | &nbsp;&nbsp; $5347246 | &nbsp;&nbsp; $4661993 | $232194556  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 2104285 | &nbsp;&nbsp; 178427 | &nbsp;&nbsp; 292393 | &nbsp;&nbsp; 184301 | 6643035  |
| Net asset value per share | &nbsp;&nbsp; $41.33 | &nbsp;&nbsp; $22.20 | &nbsp;&nbsp; $18.29 | &nbsp;&nbsp; $25.30 | $34.95  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | &nbsp;&nbsp; $138419874 | &nbsp;&nbsp; $123477094 | &nbsp;&nbsp; $17621806 | &nbsp;&nbsp; $18420507 | $56229175  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost | &nbsp;&nbsp; $7767943 | &nbsp;&nbsp; $4872721 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $—  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | &nbsp;&nbsp; $152763 | &nbsp;&nbsp; $46497 | &nbsp;&nbsp; $191122 | &nbsp;&nbsp; $126042 | $571902 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

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**Wilshire Mutual Funds, Inc.** 

**Statements of Assets and Liabilities** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Wilshire** <br>**International** <br>**Equity Fund**  | **Wilshire Income** <br>**Opportunities** <br>**Fund** |
| **ASSETS:**<br>|  |  |
| Investments in unaffiliated securities, at value | $211637016  | &nbsp;&nbsp; $170876895 |
| Investments in affiliated securities, at value | 5843214  | &nbsp;&nbsp; 6639201 |
| Cash - interest bearing deposit account | 11505359  | &nbsp;&nbsp; 5814506 |
| Receivable for investments sold | —  | &nbsp;&nbsp; 3011091 |
| Interest receivable | 87745  | &nbsp;&nbsp; 1466941 |
| Deposit at broker for future contracts | 74188  | &nbsp;&nbsp; 1126076 |
| Receivable for fund shares sold | 346448  | &nbsp;&nbsp; 507506 |
| Foreign currency, at value | 143327  | &nbsp;&nbsp; 440651 |
| Deposit at broker for swap contracts | —  | &nbsp;&nbsp; 296727 |
| Receivable for open forward currency contracts | —  | &nbsp;&nbsp; 201064 |
| Swap premiums paid | —  | &nbsp;&nbsp; 189255 |
| Dividends receivable | 357009  | &nbsp;&nbsp; 64864 |
| Receivable for swap contracts | 8380679  | &nbsp;&nbsp; 9854 |
| Security lending income receivable | 165  | &nbsp;&nbsp; 1866 |
| Dividend tax reclaims receivable | 486269  | &nbsp;&nbsp; — |
| Variation margin on futures contracts | 4813  | &nbsp;&nbsp; — |
| Prepaid expenses and other assets | 29554  | &nbsp;&nbsp; 15480 |
| &nbsp;&nbsp;&nbsp; **Total assets** | 238895786  | &nbsp;&nbsp; 190661977 |
| **LIABILITIES:**<br>|  |  |
| Securities sold short, at value | —  | &nbsp;&nbsp; 2764016 |
| Written option, at value | —  | &nbsp;&nbsp; 130862 |
| Payable upon return of securities loaned | 80766  | &nbsp;&nbsp; 625970 |
| Payable for investments purchased | 4194652  | &nbsp;&nbsp; 521841 |
| Payable for open forward currency contracts | —  | &nbsp;&nbsp; 350215  |
| Payable for fund administration and accounting fees | 60840  | &nbsp;&nbsp; 104707 |
| Payable to Adviser | 159021  | &nbsp;&nbsp; 71377 |
| Variation margin on futures contracts | —  | &nbsp;&nbsp; 46500 |
| Payable for audit fees | 26703  | &nbsp;&nbsp; 38617 |
| Payable for swap contracts | —  | &nbsp;&nbsp; 33034 |
| Payable for capital shares redeemed | 344255  | &nbsp;&nbsp; 21879 |
| Payable for distribution and shareholder servicing fees | 19190  | &nbsp;&nbsp; 21124 |
| Interest payable | 1027  | &nbsp;&nbsp; — |
| Payable for expenses and other liabilities | 146019  | &nbsp;&nbsp; 34428 |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 5032473  | &nbsp;&nbsp; 4764570 |
| **NET ASSETS** | $233863313  | &nbsp;&nbsp; $185897407 |
| **Net Assets Consists of:**<br>|  |  |
| Paid-in capital | $177207275  | &nbsp;&nbsp; $219718190 |
| Total distributable earnings/(accumulated losses) | 56656038  | &nbsp;&nbsp; (33820783) |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $233863313  | &nbsp;&nbsp; $185897407 |
| **Institutional Class**<br>|  |  |
| Net assets | $233124305  | &nbsp;&nbsp; $185729170 |
| Shares issued and outstanding<sup>(a)</sup> | 19822939  | &nbsp;&nbsp; 20706856 |
| Net asset value per share | $11.76  | &nbsp;&nbsp; $8.97 |
| **Investment Class**<br>|  |  |
| Net assets | $739008  | &nbsp;&nbsp; $168237 |
| Shares issued and outstanding<sup>(a)</sup> | 61529  | &nbsp;&nbsp; 18507 |
| Net asset value per share | $12.01 | &nbsp;&nbsp; $9.09 |

---

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

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**Wilshire Mutual Funds, Inc.** 

**Statements of Assets and Liabilities** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Wilshire** <br>**International** <br>**Equity Fund**  | **Wilshire Income** <br>**Opportunities** <br>**Fund** |
| **Cost:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | $161697948  | &nbsp;&nbsp; $175455023 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost | $5924043  | &nbsp;&nbsp; $7071017 |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $135818  | &nbsp;&nbsp; $442064 |
| **Proceeds:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Securities sold short proceeds | $—  | &nbsp;&nbsp; $2767432 |
| &nbsp;&nbsp;&nbsp; Written options premium received | $—  | &nbsp;&nbsp; $81540 |
| **Loaned Securities:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $77196 | &nbsp;&nbsp; $611340 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

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**Wilshire Mutual Funds, Inc.** 

**Statements of Operations** 

**For the Year Ended December 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Company** <br>**Growth** <br>**Portfolio** | **Large Company** <br>**Value** <br>**Portfolio** | **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>|  |  |  |  |  |
| Dividend income from unaffiliated securities | &nbsp;&nbsp;&nbsp; $997552 | &nbsp;&nbsp;&nbsp; $2697392 | &nbsp;&nbsp;&nbsp; $121382 | &nbsp;&nbsp;&nbsp; $469285 | $3503273  |
| Dividend income from affiliated securities | &nbsp;&nbsp;&nbsp; 480341 | &nbsp;&nbsp;&nbsp; 313122 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | —  |
| Less: issuance fees | &nbsp;&nbsp;&nbsp;&nbsp;(706) | &nbsp;&nbsp;&nbsp; (9736) | &nbsp;&nbsp;&nbsp;&nbsp;(177) | &nbsp;&nbsp;&nbsp;&nbsp;(1) | (77)  |
| Less: dividend withholding taxes | &nbsp;&nbsp;&nbsp; (14543) | &nbsp;&nbsp;&nbsp; (30060) | &nbsp;&nbsp;&nbsp;&nbsp;(403) | &nbsp;&nbsp;&nbsp;&nbsp;(884) | (751)  |
| Interest income | &nbsp;&nbsp;&nbsp; 1471546 | &nbsp;&nbsp;&nbsp; 1000473 | &nbsp;&nbsp;&nbsp; 16771 | &nbsp;&nbsp;&nbsp; 11766 | 104346  |
| Securities lending income | &nbsp;&nbsp;&nbsp; 351 | &nbsp;&nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp; 799 | &nbsp;&nbsp;&nbsp; 2583 | 21319  |
| Other income | &nbsp;&nbsp;&nbsp; (107) | &nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp; (45) | &nbsp;&nbsp;&nbsp; 117 | 696  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 2934434 | &nbsp;&nbsp;&nbsp; 3971500 | &nbsp;&nbsp;&nbsp; 138327 | &nbsp;&nbsp;&nbsp; 482866 | 3628806  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 1995388 | &nbsp;&nbsp;&nbsp; 1236785 | &nbsp;&nbsp;&nbsp; 193261 | &nbsp;&nbsp;&nbsp; 193543 | 287058  |
| Shareholder service costs - Institutional Class | &nbsp;&nbsp;&nbsp; 107388 | &nbsp;&nbsp;&nbsp; 80495 | &nbsp;&nbsp;&nbsp; 23561 | &nbsp;&nbsp;&nbsp; 22131 | 26989  |
| Shareholder service costs - Investment Class | &nbsp;&nbsp;&nbsp; 105190 | &nbsp;&nbsp;&nbsp; 2716 | &nbsp;&nbsp;&nbsp; 3645 | &nbsp;&nbsp;&nbsp; 5025 | 159238  |
| Distribution expenses - Investment Class | &nbsp;&nbsp;&nbsp; 200430 | &nbsp;&nbsp;&nbsp; 9803 | &nbsp;&nbsp;&nbsp; 13378 | &nbsp;&nbsp;&nbsp; 11495 | 456378  |
| Fund administration and accounting fees | &nbsp;&nbsp;&nbsp; 194880 | &nbsp;&nbsp;&nbsp; 150531 | &nbsp;&nbsp;&nbsp; 47616 | &nbsp;&nbsp;&nbsp; 59272 | 257126  |
| Trustees' fees | &nbsp;&nbsp;&nbsp; 79797 | &nbsp;&nbsp;&nbsp; 49466 | &nbsp;&nbsp;&nbsp; 6852 | &nbsp;&nbsp;&nbsp; 7054 | 87195  |
| Transfer agent fees | &nbsp;&nbsp;&nbsp; 40175 | &nbsp;&nbsp;&nbsp; 30879 | &nbsp;&nbsp;&nbsp; 23119 | &nbsp;&nbsp;&nbsp; 22761 | 42452  |
| Federal and state registration fees | &nbsp;&nbsp;&nbsp; 37128 | &nbsp;&nbsp;&nbsp; 35723 | &nbsp;&nbsp;&nbsp; 33652 | &nbsp;&nbsp;&nbsp; 33827 | 36923  |
| Legal fees | &nbsp;&nbsp;&nbsp; 34921 | &nbsp;&nbsp;&nbsp; 22625 | &nbsp;&nbsp;&nbsp; 3616 | &nbsp;&nbsp;&nbsp; 3701 | 38922  |
| Custodian fees | &nbsp;&nbsp;&nbsp; 30307 | &nbsp;&nbsp;&nbsp; 31036 | &nbsp;&nbsp;&nbsp; 19653 | &nbsp;&nbsp;&nbsp; 18819 | 23048  |
| Audit fees | &nbsp;&nbsp;&nbsp; 24223 | &nbsp;&nbsp;&nbsp; 24223 | &nbsp;&nbsp;&nbsp; 23223 | &nbsp;&nbsp;&nbsp; 22223 | 22222  |
| Reports to shareholders | &nbsp;&nbsp;&nbsp; 14561 | &nbsp;&nbsp;&nbsp; 13455 | &nbsp;&nbsp;&nbsp; 15757 | &nbsp;&nbsp;&nbsp; 8209 | 14504  |
| Interest expense | &nbsp;&nbsp;&nbsp; 9679 | &nbsp;&nbsp;&nbsp; 1399 | &nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp; 405 | 2963  |
| Compliance fees | &nbsp;&nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1200 | 1200  |
| Other expenses and fees | &nbsp;&nbsp;&nbsp; 25999 | &nbsp;&nbsp;&nbsp; 17432 | &nbsp;&nbsp;&nbsp; 4416 | &nbsp;&nbsp;&nbsp; 4194 | 28135  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 2908466 | &nbsp;&nbsp;&nbsp; 1714968 | &nbsp;&nbsp;&nbsp; 413158 | &nbsp;&nbsp;&nbsp; 413859 | 1484353  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | &nbsp;&nbsp;&nbsp; (18098) | &nbsp;&nbsp;&nbsp; (53053) | &nbsp;&nbsp;&nbsp; (149467) | &nbsp;&nbsp;&nbsp; (151528) | —  |
| &nbsp;&nbsp;&nbsp; Fees paid indirectly | &nbsp;&nbsp;&nbsp; (658) | &nbsp;&nbsp;&nbsp; (279) | &nbsp;&nbsp;&nbsp; (443) | &nbsp;&nbsp;&nbsp; (829) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp;&nbsp; 2889710 | &nbsp;&nbsp;&nbsp; 1661636 | &nbsp;&nbsp;&nbsp; 263248 | &nbsp;&nbsp;&nbsp; 261502 | 1484353  |
| **Net investment income/(loss)** | &nbsp;&nbsp;&nbsp; 44724 | &nbsp;&nbsp;&nbsp; 2309864 | &nbsp;&nbsp;&nbsp; (124921) | &nbsp;&nbsp;&nbsp; 221364 | 2144453  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | &nbsp;&nbsp;&nbsp; 39449076 | &nbsp;&nbsp;&nbsp; 11990425 | &nbsp;&nbsp;&nbsp; 2719694 | &nbsp;&nbsp;&nbsp; 2596899 | 27290096  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12786 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  |
| &nbsp;&nbsp;&nbsp; Written options expired or closed | &nbsp;&nbsp;&nbsp; 1839 | &nbsp;&nbsp;&nbsp; 1343 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp; (59029) | &nbsp;&nbsp;&nbsp; (41812) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp;&nbsp; 13233042 | &nbsp;&nbsp;&nbsp; 5216843 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Long-term capital gain distribution from affiliated registered investment companies  | &nbsp;&nbsp;&nbsp; 82211 | &nbsp;&nbsp;&nbsp; 49588 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 3769  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1106) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | —  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 52707139 | &nbsp;&nbsp;&nbsp; 17228067 | &nbsp;&nbsp;&nbsp; 2719694 | &nbsp;&nbsp;&nbsp; 2596899 | 27293865  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | &nbsp;&nbsp;&nbsp; 11359686 | &nbsp;&nbsp;&nbsp; 7402270 | &nbsp;&nbsp;&nbsp; (913208) | &nbsp;&nbsp;&nbsp; (610078) | 14956888  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | &nbsp;&nbsp;&nbsp; 31585 | &nbsp;&nbsp;&nbsp; 26113 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Future contracts | &nbsp;&nbsp;&nbsp; (31008) | &nbsp;&nbsp;&nbsp; (24258) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp;&nbsp; (7590247) | &nbsp;&nbsp;&nbsp; (2159171) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | —  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 3770016 | &nbsp;&nbsp;&nbsp; 5245051 | &nbsp;&nbsp;&nbsp; (913208) | &nbsp;&nbsp;&nbsp; (610078) | 14956888  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp; 56477155 | &nbsp;&nbsp;&nbsp; 22473118 | &nbsp;&nbsp;&nbsp; 1806486 | &nbsp;&nbsp;&nbsp; 1986821 | 42250753  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $56521879 | &nbsp;&nbsp;&nbsp; $24782982 | &nbsp;&nbsp;&nbsp; $1681565 | &nbsp;&nbsp;&nbsp; $2208185 | $44395206 |

---

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

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**Wilshire Mutual Funds, Inc.** 

**Statements of Operations** 

**For the Year Ended December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Wilshire** <br>**International** <br>**Equity Fund**  | **Wilshire Income** <br>**Opportunities** <br>**Fund** |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividend income from affiliated securities | $382227  | &nbsp;&nbsp;&nbsp; $404672 |
| Dividend income from unaffiliated securities | 5676709  | &nbsp;&nbsp;&nbsp; 33779 |
| Less: dividend withholding taxes | (621018)  | &nbsp;&nbsp;&nbsp; (3181) |
| Less: issuance fees | (2179)  | &nbsp;&nbsp;&nbsp; — |
| Interest income | 1327282  | &nbsp;&nbsp;&nbsp; 10291241 |
| Less: Interest withholding taxes | (69)  | &nbsp;&nbsp;&nbsp; (28442) |
| Securities lending income | 4278  | &nbsp;&nbsp;&nbsp; 7077 |
| Other income | 92768  | &nbsp;&nbsp;&nbsp; 4960 |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 6859998  | &nbsp;&nbsp;&nbsp; 10710106 |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee | 2232570  | &nbsp;&nbsp;&nbsp; 1110964 |
| Fund administration and accounting fees | 245895  | &nbsp;&nbsp;&nbsp; 435385 |
| Shareholder service costs - Institutional Class | 104632  | &nbsp;&nbsp;&nbsp; 88208 |
| Shareholder service costs - Investment Class | 1235  | &nbsp;&nbsp;&nbsp; 242 |
| Custodian fees | 301827  | &nbsp;&nbsp;&nbsp; 83186 |
| Trustees' fees | 65536  | &nbsp;&nbsp;&nbsp; 55715 |
| Audit fees | 48314  | &nbsp;&nbsp;&nbsp; 39145 |
| Federal and state registration fees | 37102  | &nbsp;&nbsp;&nbsp; 35250 |
| Transfer agent fees | 33458  | &nbsp;&nbsp;&nbsp; 30759 |
| Legal fees | 29056  | &nbsp;&nbsp;&nbsp; 25837 |
| Reports to shareholders | 11107  | &nbsp;&nbsp;&nbsp; 10688 |
| Compliance fees | 7200  | &nbsp;&nbsp;&nbsp; 9600 |
| Distribution expenses - Investment Class | 1973  | &nbsp;&nbsp;&nbsp; 462 |
| Interest expense | 3896  | &nbsp;&nbsp;&nbsp; 43 |
| Other expenses and fees | 21484  | &nbsp;&nbsp;&nbsp; 21059 |
| Total expenses | 3145285  | &nbsp;&nbsp;&nbsp; 1946543 |
| Expense reimbursement by Adviser | (348702)  | &nbsp;&nbsp;&nbsp; (279585) |
| Fees paid indirectly | (2174)  | &nbsp;&nbsp;&nbsp; — |
| Net expenses | 2794409  | &nbsp;&nbsp;&nbsp; 1666958 |
| &nbsp;&nbsp;&nbsp; **Net investment income** | 4065589  | &nbsp;&nbsp;&nbsp; 9043148 |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |
| Net realized gain (loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | 25668677  | &nbsp;&nbsp;&nbsp; (1818580) |
| &nbsp;&nbsp;&nbsp; Investments in affilitated securities | 17408 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Written options expired or closed | 1760  | &nbsp;&nbsp;&nbsp; 184120 |
| &nbsp;&nbsp;&nbsp; Futures contracts | (50146)  | &nbsp;&nbsp;&nbsp; 420064 |
| &nbsp;&nbsp;&nbsp; Forward currency contracts | —  | &nbsp;&nbsp;&nbsp; 52142 |
| &nbsp;&nbsp;&nbsp; Swap contracts | 3530386  | &nbsp;&nbsp;&nbsp; 201998 |
| &nbsp;&nbsp;&nbsp; Other investments | —  | &nbsp;&nbsp;&nbsp; 2006 |
| &nbsp;&nbsp;&nbsp; Long-term capital gain distribution from affiliated registered investment companies | 61076  | &nbsp;&nbsp;&nbsp; 39793 |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (11022)  | &nbsp;&nbsp;&nbsp; 22266 |
| Net realized gain (loss) | 29218139  | &nbsp;&nbsp;&nbsp; (896191)  |

---

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 Year Ended December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Wilshire** <br>**International** <br>**Equity Fund**  | **Wilshire Income** <br>**Opportunities** <br>**Fund** |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | $26271401  | &nbsp;&nbsp;&nbsp; $6192007 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | 30944  | &nbsp;&nbsp;&nbsp; 162911 |
| &nbsp;&nbsp;&nbsp; Written options | —  | &nbsp;&nbsp;&nbsp; 36356 |
| &nbsp;&nbsp;&nbsp; Securities sold short | —  | &nbsp;&nbsp;&nbsp; 3416 |
| &nbsp;&nbsp;&nbsp; Future contracts | (30215)  | &nbsp;&nbsp;&nbsp; (90167) |
| &nbsp;&nbsp;&nbsp; Forward currency contracts | —  | &nbsp;&nbsp;&nbsp; (1048733) |
| &nbsp;&nbsp;&nbsp; Swap contracts | 5439336  | &nbsp;&nbsp;&nbsp; (22787) |
| &nbsp;&nbsp;&nbsp; Deferred foreign capital gains tax | (19935)  | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 54450  | &nbsp;&nbsp;&nbsp; 10415 |
| Net change in unrealized appreciation (depreciation) | 31745981  | &nbsp;&nbsp;&nbsp; 5243418 |
| **Net realized and unrealized gain (loss)** | 60964120  | &nbsp;&nbsp;&nbsp; 4347227 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $65029709 | &nbsp;&nbsp;&nbsp; $13390375 |

---

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 Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Company Growth Portfolio** | **Large Company Growth Portfolio** | **Large Company Value Portfolio**  | **Large Company Value Portfolio**  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $44724 | $252905 | $2309864 | $2291518  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 52707139 | 36821481 | 17228067 | 13967658  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3770016 | 39825302 | 5245051 | 5675994  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 56521879 | 76899688 | 24782982 | 21935170  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class | (33184603) | (17999831) | (17261214) | (13082872)  |
| &nbsp;&nbsp;&nbsp; From earnings - Investment Class | (18405060) | (9279340) | (389728) | (291248)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (51589663) | (27279171) | (17650942) | (13374120)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 40972296 | 8755400 | 19505797 | 6148831  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class | 32227370 | 17507410 | 17038994 | 12921572  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (58963562) | (55860663) | (34622509) | (30462894)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investment Class | 1869150 | 459954 | 13130 | 136885  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Investment Class | 17917497 | 9022114 | 324914 | 239715  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investment Class | (7697813) | (7780002) | (407829) | (428469)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 26324938 | (27895787) | 1852497 | (11444360)  |
| **Net increase (decrease) in net assets** | 31257154 | 21724730 | 8984537 | (2883310)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 251456940 | 229732210 | 162068791 | 164952101  |
| &nbsp;&nbsp;&nbsp; End of the year | $282714094 | 251456940 | $171053328 | $162068791  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 781143 | 172717 | 885619 | 284013  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class | 593063 | 323428 | 766581 | 591942  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (1042434) | (1090341) | (1567730) | (1394411)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investment Class | 38194 | 10500 | 591 | 6673  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Investment Class | 427727 | 205562 | 14424 | 10859  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investment Class | (173319) | (187575) | (17864) | (19305)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | 624374 | (565709) | 81621 | (520229) |

---

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 Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Company Growth Portfolio** | **Small Company Growth Portfolio** | **Small Company Value Portfolio**  | **Small Company Value Portfolio**  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(124921) | $(127184) | $221364 | $226697  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2719694 | 1316404 | 2596899 | 2731168  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (913208) | (111909) | (610078) | (973412)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1681565 | 1077311 | 2208185 | 1984453  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class |  |  | (1802377) | (1766089)  |
| &nbsp;&nbsp;&nbsp; From earnings - Investment Class |  |  | (477485) | (442867)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  |  | (2279862) | (2208956)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 1404511 | 1003060 | 1287063 | 1062053  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class |  |  | 1777472 | 1738119  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (4833294) | (2490832) | (5697733) | (3221189)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investment Class | 52798 | 61500 | 13201 | 17734  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Investment Class |  |  | 467852 | 438236  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investment Class | (762504) | (641399) | (845145) | (868515)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (4138489) | (2067671) | (2997290) | (833562)  |
| **Net increase (decrease) in net assets** | (2456924) | (990360) | (3068967) | (1058065)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 24686265 | 25676625 | 25104923 | 26162988  |
| &nbsp;&nbsp;&nbsp; End of the year | $22229341 | $24686265 | $22035956 | $25104923  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 68890 | 50013 | 49392 | 38910  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class |  |  | 65767 | 62409  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (235809) | (124665) | (214956) | (118640)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investment Class | 3330 | 3736 | 533 | 680  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Investment Class |  |  | 17888 | 16205  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investment Class | (44513) | (39383) | (34419) | (32294)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | (208102) | (110299) | (115795) | (32730) |

---

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 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**  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2144453 | $2379585 | $4065589 | $4284666  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 27293865 | 5302923 | 29218139 | 15412339 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 14956888 | 46154136 | 31745981 | (5535614)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 44395206 | 53836644 | 65029709 | 14161391 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class | (5380789) | (1734011) | (27843330) | (24115464) |
| &nbsp;&nbsp;&nbsp; From earnings - Investment Class | (19505186) | (6201954) | (85422) | (76123) |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (24885975) | (7935965) | (27928752) | (24191587) |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 3384632 | 4113047 | 25960332  | 11345138  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class | 4694089 | 1325071 | 27485449  | 23817577  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (7952588) | (5351371) | (64646649)  | (38356380)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Institutional Class |  |  | 1755 | 854 |
| &nbsp;&nbsp;&nbsp; Shares sold - Investment Class | 8185268 | 9151479 | 113015 | 129900  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Investment Class | 18430071 | 5917370 | 79132  | 64338  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investment Class | (36507625) | (16786161) | (297946)  | (239881) |
| &nbsp;&nbsp;&nbsp; Redemption fees - Investment Class  |  |  | 7  | 3  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (9766153) | (1640565) | (11304905) | (3238451)  |
| **Net increase (decrease) in net assets** | 9743078 | 44260114 | 25796052 | (13268647)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 284780611 | 240520497 | 208067261 | 221335908  |
| &nbsp;&nbsp;&nbsp; End of the year | $294523689 | $284780611 | $233863313 | $208067261  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 97724 | 134167 | 2269706 | 1035775 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class | 131507 | 38930 | 2298965 | 2275658 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (231700) | (173261) | (5635112) | (3447584) |
| &nbsp;&nbsp;&nbsp; Shares sold - Investment Class | 242727 | 295344 | 10689 | 11351 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Investment Class | 518196 | 174544 | 6493  | 6041  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investment Class | (1036795) | (542526) | (24067) | (21903)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | (278341) | (72802) | (1073326)  | (140662) |

---

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**  |
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $9043148 | $9125564 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (896191)  | (5941440)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 5243418  | 4293211  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 13390375  | 7477335  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class | (8823098)  | (9241555)  |
| &nbsp;&nbsp;&nbsp; From earnings - Investment Class | (8202)  | (8769)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (8831300)  | (9250324)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 16068447 | 14637302  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class | 8685412 | 9129071 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (41424349) | (26268818)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investment Class | 4050 | 17000  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Investment Class | 7590 | 8032 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investment Class | (58284)  | (18029)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (16717134)  | (2495442) |
| **Net increase (decrease) in net assets** | (12158059)  | (4268431) |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 198055466  | 202323897  |
| &nbsp;&nbsp;&nbsp; End of the year | $185897407  | $198055466  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 1792437  | 1658689  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class | 973486  | 1035427  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (4646998)  | (2963687)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investment Class | 452  | 1899  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Investment Class | 840  | 899  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investment Class | (6479)  | (2026)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (1886262)  | (268799) |

---

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

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**LARGE COMPANY GROWTH PORTFOLIO** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $52.47 | $42.55 | $30.43 | $51.72 | $50.18  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.06 | 0.10 | 0.12 | 0.07 | (0.12)  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) <br>on investments<sup>(b)</sup> | 11.81 | 15.58 | 12.13 | (16.06) | 11.72  |
| **Total from investment operations** | 11.87 | 15.68 | 12.25 | (15.99) | 11.60  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.07) | (0.02) | (0.13) | (0.04) | —  |
| Net realized gains | (10.71) | (5.74) |  | (5.26) | (10.06)  |
| **Total distributions** | (10.78) | (5.76) | (0.13) | (5.30) | (10.06)  |
| **Net asset value, end of year** | $53.56 | $52.47 | $42.55 | $30.43 | $51.72  |
| Total return | 22.36% | 36.43% | 40.24% | -31.53% | 23.42%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>** |  |  |  |
| Net assets, end of year (in thousands) | $195737 | $174365 | $166663 | $147922 | $208370  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment and fees paid indirectly | 1.00% | 1.00% | 1.01% | 1.00% | 0.97%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment and fees paid indirectly | 0.99% | 1.00% | 1.00% | 1.00% | 0.97%  |
|  Ratio of net investment income (loss) to average net assets | 0.11% | 0.19% | 0.33% | 0.17% | (0.22)%  |
| Portfolio turnover rate | 104% | 66% | 66% | 75% | 85% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

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**LARGE COMPANY GROWTH PORTFOLIO** 

**FINANCIAL HIGHLIGHTS** 

**INVESTMENT CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $42.55 | $35.37 | $25.32 | $44.34 | $44.34  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | (0.09) | (0.05) | 0.01 | (0.05) | (0.27)  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) <br>on investments<sup>(b)</sup> | 9.58 | 12.97 | 10.07 | (13.71) | 10.33  |
| **Total from investment operations** | 9.49 | 12.92 | 10.08 | (13.76) | 10.06  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income |  |  | (0.03) |  | —  |
| Net realized gains | (10.71) | (5.74) |  | (5.26) | (10.06)  |
| **Total distributions** | (10.71) | (5.74) | (0.03) | (5.26) | (10.06)  |
| **Net asset value, end of year** | $41.33 | $42.55 | $35.37 | $25.32 | $44.34  |
| Total return | 21.97% | 36.02% | 39.81% | -31.74% | 23.03%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>** |  |  |  |
| Net assets, end of year (in thousands) | $86977 | $77092 | $63069 | $51110 | $86217  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and fees paid indirectly | 1.32% | 1.32% | 1.33% | 1.31% | 1.30%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and fees paid indirectly | 1.30% | 1.30% | 1.30% | 1.30% | 1.30%  |
|  Ratio of net investment income (loss) to average net assets | (0.20)% | (0.11)% | 0.03% | (0.15)% | (0.55)%  |
| Portfolio turnover rate | 104% | 66% | 66% | 75% | 85% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(d)</sup> Amount represents less than 0.005%. 

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

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**LARGE COMPANY VALUE PORTFOLIO** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $20.88 | $19.91 | $17.66 | $22.29 | $19.56  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.31 | 0.30 | 0.26 | 0.18 | 0.13  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 3.05 | 2.50 | 2.60 | (2.80) | 5.14  |
| **Total from investment operations** | 3.36 | 2.80 | 2.86 | (2.62) | 5.27  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.30) | (0.30) | (0.17) | (0.27) | (0.32)  |
| Net realized gains | (2.14) | (1.53) | (0.44) | (1.74) | (2.22)  |
| **Total distributions** | (2.44) | (1.83) | (0.61) | (2.01) | (2.54)  |
| **Net asset value, end of year** | $21.80 | $20.88 | $19.91 | $17.66 | $22.29  |
| Total return | 16.03% | 13.75% | 16.27% | -11.97% | 27.26%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>** |  |  |  |
| Net assets, end of year (in thousands) | $167093 | $158232 | $161269 | $165710 | $223288  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and fees paid indirectly | 1.03% | 1.03% | 1.05% | 1.02% | 0.99%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and fees paid indirectly | 1.00% | 1.00% | 1.00% | 1.00% | 0.99%  |
|  Ratio of net investment income (loss) to average net assets | 1.41% | 1.36% | 1.38% | 0.92% | 0.57%  |
| Portfolio turnover rate | 51% | 38% | 50% | 38% | 87% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

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

**LARGE COMPANY VALUE PORTFOLIO** 

**FINANCIAL HIGHLIGHTS** 

**INVESTMENT CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $21.17 | $20.12 | $17.84 | $22.29 | $19.75  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.25 | 0.23 | 0.20 | 0.12 | 0.05  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 3.09 | 2.52 | 2.64 | (2.62) | 4.99  |
| **Total from investment operations** | 3.34 | 2.75 | 2.84 | (2.50) | 5.04  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.17) | (0.17) | (0.12) | (0.21) | (0.28)  |
| Net realized gains | (2.14) | (1.53) | (0.44) | (1.74) | (2.22)  |
| **Total distributions** | (2.31) | (1.70) | (0.56) | (1.95) | (2.50)  |
| **Net asset value, end of year** | $22.20 | $21.17 | $20.12 | $17.84 | $22.29  |
| Total return | 15.73% | 13.37% | 15.96% | -11.46% | 25.82%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $3961 | $3837 | $3683 | $4029 | $6068  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and fees paid indirectly | 1.30% | 1.31% | 1.32% | 1.29% | 1.32%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and fees paid indirectly | 1.29% | 1.30% | 1.30% | 1.29% | 1.32%  |
|  Ratio of net investment income (loss) to average net assets | 1.11% | 1.07% | 1.07% | 0.62% | 0.24%  |
| Portfolio turnover rate | 51% | 38% | 50% | 38% | 87% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

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**SMALL COMPANY GROWTH PORTFOLIO** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $20.49 | $19.60 | $16.58 | $29.12 | $34.40  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | (0.10) | (0.09) | (0.08) | (0.11) | (0.24)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.76 | 0.98 | 3.10 | (8.90) | 4.57  |
| **Total from investment operations** | 1.66 | 0.89 | 3.02 | (9.01) | 4.33  |
| Net realized gains |  |  |  | (3.53) | (9.61)  |
| **Total distributions** |  |  |  | (3.53) | (9.61)  |
| **Net asset value, end of year** | $22.15 | $20.49 | $19.60 | $16.58 | $29.12  |
| Total return | 8.10% | 4.54% | 18.21% | -31.42% | 13.36%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $16882 | $19031 | $19672 | $16545 | $28146  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and fees paid indirectly | 1.77% | 1.67% | 1.64% | 1.67% | 1.38%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and fees paid indirectly | 1.10% | 1.10% | 1.10% | 1.09% | 1.10%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets | (0.49)% | (0.45)% | (0.44)% | (0.48)% | (0.64)%  |
| Portfolio turnover rate | 121% | 63% | 81% | 57% | 65% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

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

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

**SMALL COMPANY GROWTH PORTFOLIO** 

**FINANCIAL HIGHLIGHTS** 

**INVESTMENT CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $16.95 | $16.26 | $13.79 | $25.11 | $30.94  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | (0.13) | (0.12) | (0.10) | (0.14) | (0.29)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.47 | 0.81 | 2.57 | (7.65) | 4.07  |
| **Total from investment operations** | 1.34 | 0.69 | 2.47 | (7.79) | 3.78  |
| Net realized gains |  |  |  | (3.53) | (9.61)  |
| **Total distributions** |  |  |  | (3.53) | (9.61)  |
| **Net asset value, end of year** | $18.29 | $16.95 | $16.26 | $13.79 | $25.11  |
| Total return | 7.91% | 4.24% | 17.91% | -31.59% | 13.07%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $5347 | $5655 | $6004 | $5938 | $10817  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and fees paid indirectly | 1.96% | 1.87% | 1.67% | 1.87% | 1.63%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and fees paid indirectly | 1.35% | 1.35% | 1.35% | 1.34% | 1.35%  |
| Ratio of net investment income (loss) to average net assets | (0.74)% | (0.70)% | (0.70)% | (0.74)% | (0.88)%  |
| Portfolio turnover rate | 121% | 63% | 81% | 57% | 65% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

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

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**SMALL COMPANY VALUE PORTFOLIO** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $26.11 | $26.33 | $23.32 | $28.78 | $21.99  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.27 | 0.25 | 0.29 | 0.23 | 0.13  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.58 | 1.96 | 3.78 | (3.09) | 7.00  |
| **Total from investment operations** | 2.85 | 2.21 | 4.07 | (2.86) | 7.13  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.31) | (0.43) | (0.10) | (0.25) | (0.32)  |
| Net realized gains | (2.61) | (2.00) | (0.96) | (2.35) | (0.02)  |
| **Total distributions** | (2.92) | (2.43) | (1.06) | (2.60) | (0.34)  |
| **Net asset value, end of year** | $26.04 | $26.11 | $26.33 | $23.32 | $28.78  |
| Total return | 10.60% | 7.93% | 17.62% | -10.13% | 32.40%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $17374 | $20024 | $20646 | $19273 | $30347  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and fees paid indirectly | 1.77% | 1.70% | 1.72% | 1.60% | 1.46%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and fees paid indirectly | 1.10% | 1.10% | 1.10% | 1.10% | 1.10%  |
|  Ratio of net investment income (loss) to average net assets | 1.02% | 0.93% | 1.19% | 0.96% | 0.49%  |
| Portfolio turnover rate | 63% | 53% | 65% | 52% | 45% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

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

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**SMALL COMPANY VALUE PORTFOLIO** 

**FINANCIAL HIGHLIGHTS** 

**INVESTMENT CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $25.37 | $25.57 | $22.69 | $28.06 | $21.45  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.20 | 0.18 | 0.22 | 0.17 | 0.07  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.50 | 1.91 | 3.66 | (3.01) | 6.80  |
| **Total from investment operations** | 2.70 | 2.09 | 3.88 | (2.84) | 6.87  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.16) | (0.29) | (0.04) | (0.18) | (0.24)  |
| Net realized gains | (2.61) | (2.00) | (0.96) | (2.35) | (0.02)  |
| **Total distributions** | (2.77) | (2.29) | (1.00) | (2.53) | (0.26)  |
| **Net asset value, end of year** | $25.30 | $25.37 | $25.57 | $22.69 | $28.06  |
| Total return | 10.35% | 7.70% | 17.29% | -10.33% | 32.04%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $4662 | $5081 | $5517 | $5189 | $6751  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and fees paid indirectly | 2.01% | 1.95% | 1.97% | 1.89% | 1.75%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and fees paid indirectly | 1.35% | 1.35% | 1.35% | 1.35% | 1.35%  |
|  Ratio of net investment income (loss) to average net assets | 0.77% | 0.68% | 0.93% | 0.66% | 0.28%  |
| Portfolio turnover rate | 63% | 53% | 65% | 52% | 45% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

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

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**FT WILSHIRE 5000 INDEX<sup>SM</sup> FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $32.76 | $27.43 | $22.69 | $29.42 | $25.15  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.32 | 0.33 | 0.33 | 0.30 | 0.29  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 5.14 | 5.98 | 5.38 | (5.81) | 6.17  |
| **Total from investment operations** | 5.46 | 6.31 | 5.71 | (5.51) | 6.46  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.32) | (0.33) | (0.34) | (0.30) | (0.28)  |
| Net realized gains | (2.89) | (0.65) | (0.63) | (0.92) | (1.91)  |
| **Total distributions** | (3.21) | (0.98) | (0.97) | (1.22) | (2.19)  |
| **Net asset value, end of year** | $35.01 | $32.76 | $27.43 | $22.69 | $29.42  |
| Total return | 16.56% | 22.91% | 25.21% | -18.83% | 25.85%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $62329 | $58406 | $48913 | $42372 | $56073  |
| Ratio of expenses to average net assets | 0.34% | 0.33% | 0.35% | 0.35% | 0.31%  |
|  Ratio of net investment income (loss) to average net assets | 0.92% | 1.07% | 1.31% | 1.17% | 1.02%  |
| Portfolio turnover rate | 5% | 2% | 5% | 21% | 9% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

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**FT WILSHIRE 5000 INDEX<sup>SM</sup> FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTMENT CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $32.72 | $27.41 | $22.68 | $29.40 | $25.14  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.24 | 0.26 | 0.27 | 0.25 | 0.23  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 5.12 | 5.96 | 5.37 | (5.80) | 6.16  |
| **Total from investment operations** | 5.36 | 6.22 | 5.64 | (5.55) | 6.39  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.24) | (0.26) | (0.28) | (0.25) | (0.22)  |
| Net realized gains | (2.89) | (0.65) | (0.63) | (0.92) | (1.91)  |
| **Total distributions** | (3.13) | (0.91) | (0.91) | (1.17) | (2.13)  |
| **Net asset value, end of year** | $34.95 | $32.72 | $27.41 | $22.68 | $29.40  |
| Total return | 16.29% | 22.60% | 24.92% | -18.98% | 25.59%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>** |  |  |  |
| Net assets, end of year (in thousands) | $232195 | $226375 | $191607 | $157124 | $202121  |
| Ratio of expenses to average net assets | 0.56% | 0.56% | 0.59% | 0.57% | 0.52%  |
|  Ratio of net investment income (loss) to average net assets | 0.70% | 0.84% | 1.08% | 0.98% | 0.81%  |
| Portfolio turnover rate | 5% | 2% | 5% | 21% | 9% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

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**WILSHIRE INTERNATIONAL EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |
| Net asset value, beginning of year  | $9.93  | $10.49  | $9.25  | $11.47  | $12.20  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.21  | 0.22  | 0.18  | 0.15  | 0.12  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup>  | 3.15  | 0.48  | 1.43  | (2.28)  | 1.39  |
| **Total from investment operations**  | 3.36  | 0.70  | 1.61  | (2.13)  | 1.51  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |
| Net investment income  | (0.37)  | (0.46)  | (0.31)  | —  | (0.39)  |
| Net realized gains  | (1.16)  | (0.80)  | (0.06)  | (0.09)  | (1.85)  |
| **Total distributions**  | (1.53)  | (1.26)  | (0.37)  | (0.09)  | (2.24)  |
| Redemption fee per share  | 0.00<sup>(c)</sup>  | 0.00<sup>(c)</sup>  | 0.00<sup>(c)</sup>  | 0.00<sup>(c)</sup>  | 0.00<sup>(c)</sup>  |
| **Net asset value, end of year**  | $11.76  | $9.93  | $10.49  | $9.25  | $11.47  |
| Total return  | 33.93%  | 6.29%  | 17.34%  | -18.63%  | 12.78%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>** <br>|  |  |  |  |  |
| Net assets, end of year (in thousands)  | $233124  | $207375  | $220560  | $220963  | $295154  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and fees paid indirectly  | 1.41%  | 1.40%  | 1.43%  | 1.40%  | 1.38%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and fees paid indirectly  | 1.25%  | 1.25%  | 1.25%  | 1.25%  | 1.25%  |
|  Ratio of net investment income (loss) to average net assets  | 1.81%  | 1.93%  | 1.76%  | 1.57%  | 0.90%  |
| Portfolio turnover rate  | 54%  | 49%  | 55%  | 48%  | 53% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

<sup>(c)</sup> Amount represents less than $0.005 per share. 

<sup>(d)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

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**WILSHIRE INTERNATIONAL EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTMENT CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |
| Net asset value, beginning of year  | $10.11  | $10.64  | $9.36  | $11.64  | $12.38  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.20  | 0.18  | 0.16  | 0.13  | 0.09  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup>  | 3.20  | 0.49  | 1.44  | (2.32)  | 1.41  |
| **Total from investment operations**  | 3.40  | 0.67  | 1.60  | (2.19)  | 1.50  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |
| Net investment income  | (0.34)  | (0.40)  | (0.26)  | (0.00)<sup>(c)</sup>  | (0.39)  |
| Net realized gains  | (1.16)  | (0.80)  | (0.06)  | (0.09)  | (1.85)  |
| **Total distributions**  | (1.50)  | (1.20)  | (0.32)  | (0.09)  | (2.24)  |
| Redemption fee per share  | 0.00<sup>(c)</sup>  | 0.00<sup>(c)</sup>  | 0.00<sup>(c)</sup>  | 0.00<sup>(c)</sup>  | 0.00<sup>(c)</sup>  |
| **Net asset value, end of year**  | $12.01  | $10.11  | $10.64  | $9.36  | $11.64  |
| Total return  | 33.71%  | 5.93%  | 17.12%  | -18.88%  | 12.48%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>** <br>|  |  |  |  |  |
| Net assets, end of year (in thousands)  | $739  | $692  | $776  | $1037  | $3269  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and fees paid indirectly  | 1.76%  | 1.76%  | 1.77%  | 1.75%  | 1.76%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and fees paid indirectly  | 1.50%  | 1.50%  | 1.50%  | 1.50%  | 1.50%  |
|  Ratio of net investment income (loss) to average net assets  | 1.65%  | 1.63%  | 1.53%  | 1.36%  | 0.65%  |
| Portfolio turnover rate  | 54%  | 49%  | 55%  | 48%  | 53% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

<sup>(c)</sup> Amount represents less than $0.005 per share. 

<sup>(d)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

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**WILSHIRE INCOME OPPORTUNITIES FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $8.76 | $8.84 | $8.58 | $9.99 | $10.33  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.44 | 0.40 | 0.38 | 0.31 | 0.28  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.20 | (0.07) | 0.18 | (1.40) | (0.22)  |
| **Total from investment operations** | 0.64 | 0.33 | 0.56 | (1.09) | 0.06  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.43) | (0.41) | (0.30) | (0.32) | (0.31)  |
| Net realized gains |  |  |  |  | (0.09)  |
| **Total distributions** | (0.43) | (0.41) | (0.30) | (0.32) | (0.31)  |
| **Net asset value, end of year** | $8.97 | $8.76 | $8.84 | $8.58 | $9.99  |
| Total return | 7.47% | 3.80% | 6.61% | -10.91% | 0.63%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $185729 | $197845 | $202119 | $232704 | $301210  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and fees paid indirectly | 1.05% | 1.03% | 1.05% | 0.96% | 0.92%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and fees paid indirectly | 0.90% | 0.90% | 0.90% | 0.90% | 0.90%  |
|  Ratio of net investment income (loss) to average net assets | 4.88% | 4.56% | 4.43% | 3.37% | 2.75%  |
| Portfolio turnover rate | 67% | 94% | 66% | 78% | 109% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

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**WILSHIRE INCOME OPPORTUNITIES FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTMENT CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $8.87 | $8.95 | $8.66 | $10.08 | $10.39  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.42 | 0.39 | 0.36 | 0.27 | 0.26  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.21 | (0.08) | 0.18 | (1.40) | (0.22)  |
| **Total from investment operations** | 0.63 | 0.31 | 0.54 | (1.13) | 0.04  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.41) | (0.39) | (0.25) | (0.29) | (0.26)  |
| Net realized gains |  |  |  | (0.00)<sup>(c)</sup> | (0.09)  |
| **Total distributions** | (0.41) | (0.39) | (0.25) | (0.29) | (0.35)  |
| **Net asset value, end of year** | $9.09 | $8.87 | $8.95 | $8.66 | $10.08  |
| Total return | 7.18% | 3.50% | 6.34% | -11.18% | 0.40%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $168 | $210 | $205 | $516 | $2136  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and fees paid indirectly | 1.38% | 1.41% | 1.41% | 1.32% | 1.31%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and fees paid indirectly | 1.15% | 1.15% | 1.15% | 1.15% | 1.15%  |
|  Ratio of net investment income (loss) to average net assets | 4.64% | 4.31% | 4.12% | 2.95% | 2.49%  |
| Portfolio turnover rate | 67% | 94% | 66% | 78% | 109% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025** 

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 December 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended December 31, 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** 

**December 31, 2025(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** 

**December 31, 2025(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**  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $235030011 | $— | $— | $235030011  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortage Obligations |  | 8222770 |  | 8222770 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds  |  | 5627524 |  | 5627524  |
| &nbsp;&nbsp;&nbsp; Registered Affiliated Investment Companies  | 7680646 |  |  | 7680646  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 3890427 |  | 3890427  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities  |  | 3621097 |  | 3621097  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities  |  | 902090 |  | 902090  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities  |  | 275342 |  | 275342  |
| &nbsp;&nbsp;&nbsp; Right . |  |  | —<sup>(a)</sup> | —<sup>(a)</sup>  |
| **Total**  | $242710657 | $22539250 | $—<sup>(a)</sup> | $265249907  |
| <u>Other Financial Instruments</u><u>\*</u><br>|  |  |  |  |
| **Assets**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swap  | $— | $4747812 | $— | $4747812  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | 16980 |  |  | 16980  |
| **Total Assets** | $16980 | $4747812 | $— | $4764792  |
| **Liabilities**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | $(5925) | $— | $— | $(5925)  |
| **Total Liabilities**  | $(5925) | $— | $— | $(5925) |

---

**Large Company Value Portfolio** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $140647234 | $— | $— | $140647234  |
| &nbsp;&nbsp;&nbsp; Registered Affiliated Investment Companies  | 4795884 |  |  | 4795884  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations  |  | 5314943 |  | 5314943  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds  |  | 3866577 |  | 3866577  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 3106484 |  | 3106484  |
| &nbsp;&nbsp;&nbsp; Real Estate Invesment Trusts | 675821 |  |  | 675821  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities  |  | 2324938 |  | 2324938  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities  |  | 431928 |  | 431928  |
| **Total**  | $146118939 | $15044870 | $— | $161163809  |
| <u>Other Financial Instruments</u><u>\*</u><br>|  |  |  |  |
| **Assets**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps  | $— | $1659632 | $— | $1659632  |
| &nbsp;&nbsp;&nbsp; Futures  | 10241 |  |  | 10241  |
| **Total Assets**  | $10241 | $1659632 | $— | $1669873  |
| **Liabilities**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | $(2642) | $— | $— | $(2624)  |
| **Total Liabilities**  | $(2642) | $— | $— | $(2642) |

---

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

**Small Company Growth Portfolio** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> |
| &nbsp;&nbsp;&nbsp; Common Stocks | $21886049 | $— | $—<sup>(a)</sup> | $21886049  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 90192 |  |  | 90192  |
| &nbsp;&nbsp;&nbsp; Rights |  |  | —<sup>(a)</sup> | —<sup>(a)</sup>  |
| **Total Investments** | $21976241 | $— | $—<sup>(a)</sup> | $21976241 |

---

**Small Company Value Portfolio** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $20423915 | $— | $— | $20423915  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts  | 1420342 |  |  | 1420342  |
| &nbsp;&nbsp;&nbsp; Rights  |  |  | —<sup>(a)</sup> | —<sup>(a)</sup>  |
| **Total**  | $21844257 | $— | $—<sup>(a)</sup> | $21844257 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $287628981 | $— | $—<sup>(a)</sup> | $287628981  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts  | 6275617 |  |  | 6275617  |
| &nbsp;&nbsp;&nbsp; Closed-End Funds  | 522 |  |  | 522  |
| &nbsp;&nbsp;&nbsp; Rights  |  |  | —<sup>(a)</sup> | —<sup>(a)</sup>  |
| &nbsp;&nbsp;&nbsp; Warrants  | —<sup>(a)</sup> |  |  | —<sup>(a)</sup>  |
| &nbsp;&nbsp;&nbsp; Escrow Notes  |  |  | —<sup>(a)</sup> | —<sup>(a)</sup>  |
| **Total**  | $293905120 | $— | $—<sup>(a)</sup> | $293905120 |

---

**Wilshire International Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $38774334 | $148096997 | $—<sup>(a)</sup> | $186871331  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 7470640 |  | 7470640  |
| &nbsp;&nbsp;&nbsp; Registered Affiliated Investment Companies | 5843214 |  |  | 5843214  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 5082611 |  | 5082611  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities  |  | 3156305 |  | 3156305  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 4030365 |  | 4030365  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 128702 | 1847555 |  | 1976257 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks  | 1772534 | 240995 | —<sup>(a)</sup> | 2013529  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities  |  | 1035978 |  | 1035978  |
| **Total**  | $46518784 | $170961446 | $—<sup>(a)</sup> | $217480230 |
| <u>Other Financial Instruments\*</u> <br>|  |  |  |  |
| **Asset**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps | $— | $8380679 | $— | $8380679  |
| &nbsp;&nbsp;&nbsp; Futures  | 16592 |  |  | 16592  |
| **Total Assets**  | $16592 | $8380679 | $— | $8397271  |

---

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

**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Liabilities**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | $(3908) | $— | $— | $(3908)  |
| **Total Liabilities**  | $(3908) | $— | $— | $(3908) |

---

**Wilshire Income Opportunities Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| <u>Investments</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds  | $— | $54704336 | $2233 | $54706569  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 49622295 |  | 49622295  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities  |  | 12894175 |  | 12894175  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 12748568 |  | 12748568  |
| &nbsp;&nbsp;&nbsp; Bank Loans  |  | 12031249 |  | 12031249 |
| &nbsp;&nbsp;&nbsp; Foreign Government Debt Obligations  |  | 11648264 |  | 11648264  |
| &nbsp;&nbsp;&nbsp; Registered Affiliated Investment Companies  | 6639201 |  |  | 6639201  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 6265993 |  | 6265993  |
| &nbsp;&nbsp;&nbsp; Foreign Government Agency Issues  |  | 2046054 |  | 2046054  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks  | 1545165 |  |  | 1545165  |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks  | 1238475 |  |  | 1238475  |
| &nbsp;&nbsp;&nbsp; Convertible Bonds  |  | 1132162 |  | 1132162  |
| &nbsp;&nbsp;&nbsp; Purchased Options  |  | 17532 |  | 17532  |
| &nbsp;&nbsp;&nbsp; Common Stocks  |  |  | 6452 | 6452  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills  |  | 4973942 |  | 4973942  |
| **Total**  | $9422841 | $168084570 | $8685 | $177516096  |
| <u>Other Financial Instruments\*</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Currency Contracts | $— | $201064 | $— | $201064  |
| &nbsp;&nbsp;&nbsp; Credit Default Swaps |  | 9854 |  | 9854  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 85421 |  |  | 85421  |
| &nbsp;&nbsp;&nbsp; Interest Rate Swaps |  | —<sup>(a)</sup> |  | —<sup>(a)</sup>  |
| &nbsp;&nbsp;&nbsp; Volatility Swaps |  | —<sup>(a)</sup> |  | —<sup>(a)</sup> |
| **Total Assets**  | $85421 | $210918 | $— | $296339  |
| **Liabilities**<br>|  |  |  |  |
| <u>Investments</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | $— | $(2764016) | $— | $(2764016)  |
| &nbsp;&nbsp;&nbsp; Written Options  |  | (130862) |  | (130862)  |
| **Total Investments** | $— | $(2894878) | $— | $(2894878)  |
| <u>Other Financial Instruments\*</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Currency Contracts | $— | $(350215) | $— | $(350215)  |
| &nbsp;&nbsp;&nbsp; Credit Default Swaps |  | (32914) |  | (32914)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | (76140) |  |  | (76140)  |
| &nbsp;&nbsp;&nbsp; Interest Rate Swaps |  | (118) |  | (118)  |
| &nbsp;&nbsp;&nbsp; Volatility Swaps |  | (2) |  | (2)  |
| **Total Other Financial Instruments**  | $(76140) | $(383249) | $— | $(459389) |

---

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

\* 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.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount is less than $0.50.

Refer to the Portfolios' Schedules of Investments for a listing of the securities by industry or sector type. Large Company Value Portfolio 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. Small Company Value Portfolio held rights 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, rights, and escrow notes that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0 and $0, respectively. Wilshire International Equity Fund held common stocks and preferred stocks that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0 and $0, respectively. Wilshire Income Opportunities Fund held corporate bonds and common stocks that were measured at fair vale on a recurring basis using significant unobservable inputs (Level 3) totaling $2,233 and $6,452, respectively. A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments, is only presented when a Portfolio has over 1% of Level 3 investments.

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

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

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

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

**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 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** 

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

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. The Funds may also be subject to capital gains tax in India and potentially other foreign jurisdictions, on gains realized upon the sale of securities in India or other such foreign jurisdictions, payable upon repatriation of sale proceeds. Any realized losses in excess of gains in India may be carried forward to offset future gains. Funds with exposure to Indian securities and potentially other foreign jurisdictions accrue a deferred tax liability for unrealized gains in excess of available loss carryforwards based on existing tax rates and holdings periods of the securities.** 

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

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

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

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

types of mortgage-backed securities, and their value can fall dramatically in response to rapid or unexpected changes in the mortgage, interest rate or economic environment. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Additionally, any prepayment penalties received for an IO are included in interest income on the Statements of Operations.

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

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

("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.

The following table presents, by derivative type, Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund's financial derivative instruments net of the related collateral pledged by counterparty at the end of the current fiscal period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assets**  | **Gross Amounts** <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; $4747812 | $— | &nbsp;&nbsp;&nbsp;&nbsp; $4747812 | $— | $— | $4747812 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 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** | **Description/Counterparty** | **Description/Counterparty** | **Description/Counterparty** | **Description/Counterparty** | **Description/Counterparty** |
| Total Return Swaps<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp; $1659632 | $— | &nbsp;&nbsp;&nbsp;&nbsp; $1659632 | $— | $— | $1659632 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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; Morgan Stanley  | &nbsp;&nbsp; $5684284 | $— | &nbsp;&nbsp;&nbsp;&nbsp; $5684284 | $— | $— | $5684284  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs | &nbsp;&nbsp; 2696395 |  | &nbsp;&nbsp;&nbsp;&nbsp; 2696395 |  |  | 2696395  |
|  | &nbsp;&nbsp; $8380679 | $— | &nbsp;&nbsp;&nbsp;&nbsp; $8380679 | $—- | $— | $8380679 |

---

166<br>

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

**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| ANZ Securities, Inc. | &nbsp;&nbsp;&nbsp; $17081 | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $17081 | &nbsp;&nbsp;&nbsp; $(7441) | &nbsp;&nbsp; $— | $9640  |
| Bank of America | &nbsp;&nbsp;&nbsp; 7047 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7047 | &nbsp;&nbsp;&nbsp;&nbsp;(137) | &nbsp;&nbsp; — | 6910  |
| Barclays Capital, Inc. | &nbsp;&nbsp;&nbsp; 15106 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15106 | &nbsp;&nbsp;&nbsp; (15106) | &nbsp;&nbsp; — | —  |
|  BNP Paribas Brokerage Services, Inc. | &nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 925  |
|  BNY Mellon Capital Markets LLC | &nbsp;&nbsp;&nbsp; 46064 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46064 | &nbsp;&nbsp;&nbsp; (7609) | &nbsp;&nbsp; — | 38455  |
|  Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 21053 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21053 | &nbsp;&nbsp;&nbsp; (15137) | &nbsp;&nbsp; — | 5916  |
| Goldman Sachs | &nbsp;&nbsp;&nbsp; 11931 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11931 | &nbsp;&nbsp;&nbsp; (11931) | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities, <br>Inc. | &nbsp;&nbsp;&nbsp; 31309 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31309 | &nbsp;&nbsp;&nbsp; (17890) | &nbsp;&nbsp; — | 13419  |
| Morgan Stanley | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;(15) | &nbsp;&nbsp; — | —  |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 26573 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26573 | &nbsp;&nbsp;&nbsp; (14300) | &nbsp;&nbsp; — | 12273  |
|  Standard Chartered Securities N.A. | &nbsp;&nbsp;&nbsp; 13632 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13632 | &nbsp;&nbsp;&nbsp; (13632) | &nbsp;&nbsp; — | —  |
| UBS AG | &nbsp;&nbsp;&nbsp; 10328 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10328 | &nbsp;&nbsp;&nbsp; (10328) | &nbsp;&nbsp; — | —  |
|  **Total Forward Foreign Currency Contracts** | &nbsp;&nbsp;&nbsp; 201064 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 201064 | &nbsp;&nbsp;&nbsp; (113526) | &nbsp;&nbsp; — | 87538  |
| **Purchased Options**<br>|  |  |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp;&nbsp; $13212 | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $13212 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $13212  |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities, <br>Inc. | &nbsp;&nbsp;&nbsp; 4102 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4102 | &nbsp;&nbsp;&nbsp; (4102) | &nbsp;&nbsp; — | —  |
| Morgan Stanley | &nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp; (218) | &nbsp;&nbsp; — | —  |
| Total Purchased Options | &nbsp;&nbsp;&nbsp; 17532 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17532 | &nbsp;&nbsp;&nbsp; (4320) | &nbsp;&nbsp; — | 13212  |
|  | &nbsp;&nbsp;&nbsp; $218596 | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $218596 | &nbsp;&nbsp;&nbsp; $(117846) | &nbsp;&nbsp; $— | $100750 |

---

167<br>

------

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

**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(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** |
| &nbsp;&nbsp;&nbsp; **Forward Foreign Currency** <br>**Contracts** | &nbsp;&nbsp;&nbsp; **Forward Foreign Currency** <br>**Contracts** | &nbsp;&nbsp;&nbsp; **Forward Foreign Currency** <br>**Contracts** | &nbsp;&nbsp;&nbsp; **Forward Foreign Currency** <br>**Contracts** | &nbsp;&nbsp;&nbsp; **Forward Foreign Currency** <br>**Contracts** | &nbsp;&nbsp;&nbsp; **Forward Foreign Currency** <br>**Contracts** | &nbsp;&nbsp;&nbsp; **Forward Foreign Currency** <br>**Contracts** |
| ANZ Securities, Inc. | &nbsp;&nbsp;&nbsp; $7441 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; $7441 | &nbsp;&nbsp;&nbsp; $(7441) | &nbsp;&nbsp; $— | $—  |
| Bank of America | &nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp;(137) | &nbsp;&nbsp; — | —  |
| Barclays Capital, Inc. | &nbsp;&nbsp;&nbsp; 68258 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68258 | &nbsp;&nbsp;&nbsp; (15106) | &nbsp;&nbsp; — | 53152  |
|  BNY Mellon Capital Markets LLC | &nbsp;&nbsp;&nbsp; 7609 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7609 | &nbsp;&nbsp;&nbsp; (7609) | &nbsp;&nbsp; — | —  |
|  Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 15137 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15137 | &nbsp;&nbsp;&nbsp; (15137) | &nbsp;&nbsp; — | —  |
| Goldman Sachs | &nbsp;&nbsp;&nbsp; 156602 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 156602 | &nbsp;&nbsp;&nbsp; (11931) | &nbsp;&nbsp; — | 144671  |
| HSBC Bank | &nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 655  |
| J.P. Morgan Securities, Inc. | &nbsp;&nbsp;&nbsp; 17890 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17890 | &nbsp;&nbsp;&nbsp; (17890) | &nbsp;&nbsp; — | —  |
| Morgan Stanley | &nbsp;&nbsp;&nbsp; 12172 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12172 | &nbsp;&nbsp;&nbsp;&nbsp;(15) | &nbsp;&nbsp; — | 12157  |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 14300 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14300 | &nbsp;&nbsp;&nbsp; (14300) | &nbsp;&nbsp; — | —  |
|  Standard Chartered Securities N.A. | &nbsp;&nbsp;&nbsp; 19890 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19890 | &nbsp;&nbsp;&nbsp; (13632) | &nbsp;&nbsp; — | 6258  |
|  State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; 17585 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17585 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 17585  |
| UBS AG | &nbsp;&nbsp;&nbsp; 12523 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12523 | &nbsp;&nbsp;&nbsp; (10328) | &nbsp;&nbsp; — | 2195  |
| Wells Fargo | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 16  |
|  **Total Forward Foreign Currency Contracts** | &nbsp;&nbsp;&nbsp; 350215 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 350215 | &nbsp;&nbsp;&nbsp; (113526) | &nbsp;&nbsp; — | 236689  |
| **Written Options**<br>|  |  |  |  |  |  |
| Deutsche Bank | &nbsp;&nbsp;&nbsp; 10698 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10698 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 10698  |
| Goldman Sachs | &nbsp;&nbsp;&nbsp; 8385 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8385 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 8385  |
| J.P. Morgan Securities, Inc. | &nbsp;&nbsp;&nbsp; 47391 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47391 | &nbsp;&nbsp;&nbsp; (4102) | &nbsp;&nbsp; — | 43289  |
| Morgan Stanley | &nbsp;&nbsp;&nbsp; 17036 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17036 | &nbsp;&nbsp;&nbsp;&nbsp;(218) | &nbsp;&nbsp; — | 16818  |
|  Nomura Global Financial Inc. | &nbsp;&nbsp;&nbsp; 8463 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8463 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 8463  |
| UBS AG | &nbsp;&nbsp;&nbsp; 38889 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38889 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 38889  |
| **Total Written Options** | &nbsp;&nbsp;&nbsp; 130862 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130862 | &nbsp;&nbsp;&nbsp; (4320) | &nbsp;&nbsp; — | 126542  |
|  | &nbsp;&nbsp;&nbsp; $481077 | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $481077 | &nbsp;&nbsp;&nbsp; $(117846) | &nbsp;&nbsp; $— | $363231 |

---

Due to the absence of a master netting agreement relating to the Funds' participation in securities lending, no additional disclosures have been made on behalf of the Funds. Please reference Note 8 for collateral related to securities on loan.

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

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

168<br>

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

**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

**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 year ended December 31, 2024 and December 31, 2025, Wilshire International Equity Fund collected $1,762 and $857, respectively, in redemption fees.** 

**New Accounting Pronouncements and Other Regulatory Matters – In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management has concluded there is no material impact to the Funds' financial statements.** 

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 ("ASU 2022-06"). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2025. Management has concluded there is no material impact to the Funds' financial statements.

3. Investment Adviser and Other Service Providers

Pursuant to the Advisory Agreement between the Company and the Adviser, the Adviser charges annual fees, computed daily and paid monthly, of 0.75% of average daily net assets for the first $1 billion and 0.65% thereafter for each of Large Company Growth Portfolio and Large Company Value Portfolio; 0.85% of average daily net assets for the first $1 billion and 0.75% thereafter for each of Small Company Growth Portfolio and Small Company Value Portfolio; 0.10% of the average daily net assets for the first $1 billion and 0.07% thereafter for 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.

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

**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

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; $18098 | $—  |
| Large Company Value Portfolio  | &nbsp;&nbsp;&nbsp; 53053 | —  |
| Small Company Growth Portfolio  | &nbsp;&nbsp;&nbsp; 149467 | —  |
| Small Company Value Portfolio  | &nbsp;&nbsp;&nbsp; 151528 | —  |
| Wilshire International Equity Fund  | &nbsp;&nbsp;&nbsp; 348702 | —  |
| Wilshire Income Opportunities Fund  | &nbsp;&nbsp;&nbsp; 279585 |  |

---

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 $74,175, $184,724, $423,980, $466,389, $1,054,474, and $846,935, 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,** |
| **Portfolio**  | **2026** | **2027** | **2028**  |
| Large Company Growth Portfolio  | $37477  | $18600  | $18098  |
| Large Company Value Portfolio  | 78058 | 53613 | 53053  |
| Small Company Growth Portfolio  | 134112 | 140401 | 149467  |
| Small Company Value Portfolio  | 159538 | 155323 | 151528  |
| Wilshire International Equity Fund  | 381711 | 324061 | 348702  |
| Wilshire Income Opportunities Fund  | 307680 | 259670 | 279585 |

---

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 and 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

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

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.

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 paid 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, except 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 its Investment Class Shares.

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

**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(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  | 0.131% | 0.058%  |
| Large Company Value Portfolio  | 0.069% | 0.050%  |
| Small Company Growth Portfolio  | 0.068% | 0.136%  |
| Small Company Value Portfolio  | 0.109% | 0.122%  |
| FT Wilshire 5000 Index<sup>SM</sup> Fund  | 0.070% | 0.046%  |
| Wilshire International Equity Fund  | 0.157% | 0.047%  |
| Wilshire Income Opportunities Fund  | 0.131% | 0.048% |

---

**Fees paid indirectly – The Company has a brokerage commission recapture program with TD Cowen ("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. Effective April 1, 2025, Capital Institutional Services (CAPIS) acquired the plan sponsor services business of Cowen.**

Such commissions rebated to the Portfolios during the current fiscal period were as follows:

---

| | |
|:---|:---|
| Large Company Growth Portfolio  | $658  |
| Large Company Value Portfolio  | 279  |
| Small Company Growth Portfolio  | 443  |
| Small Company Value Portfolio  | 829  |
| FT Wilshire 5000 Index<sup>SM</sup> Fund  | —  |
| Wilshire International Equity Fund  | 2174  |
| Wilshire Income Opportunities Fund  |  |

---

For the first quarter of 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 to fourth quarter 2025, CAPIS retained the following commissions:

---

| | |
|:---|:---|
| Large Company Growth Portfolio  | $2323  |
| Large Company Value Portfolio  | 1233  |
| Small Company Growth Portfolio  | 1578  |
| Small Company Value Portfolio  | 2192  |
| FT Wilshire 5000 Index<sup>SM</sup> Fund  | —  |
| Wilshire International Equity Fund  | 3990  |
| Wilshire Income Opportunities Fund  |  |

---

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

**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

5. Line of Credit

The Company and the Wilshire Variable Insurance Trust have a $75,000,000 umbrella line of credit (the "Line"), which is uncommitted and senior secured with U.S. Bank N.A. The Line serves as a temporary liquidity service to meet redemption requests that otherwise might require the untimely disposition of securities. Borrowings made by a Portfolio are secured by the Portfolio's assets. The Line has a one-year term and is reviewed annually by the Board of Directors. The Line matures, unless renewed, on January 1, 2027. Interest is charged at the prime rate, which was 6.75% as of the end of the current fiscal period. 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; 7.21% | $9679  | $7328000  | August 22, 2025 | $132479  |
| Large Company Value Portfolio  | &nbsp;&nbsp;&nbsp;&nbsp; 7.15% | 1399 | 1137000 | August 22, 2025 | 19318  |
| Small Company Growth Portfolio  | &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 209 | 225000 | August 18, 2025 | 2745  |
| Small Company Value Portfolio  | &nbsp;&nbsp;&nbsp;&nbsp; 7.39% | 405 | 389000 | August 15, 2025 | 5403  |
| FT Wilshire 5000 Index<sup>SM</sup> Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7.12% | 2963 | 9269000 | October 29, 2025 | 41019  |
| Wilshire International Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 7.29% | 3896 | 1418000 | December 12, 2025 | 52737  |
| Wilshire Income Opportunties Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 43 | 186000 | March 19, 2025 | 570 |

---

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  | $257154372 | $272142912  |
| Large Company Value Portfolio  | 78989297 | 87730510  |
| Small Company Growth Portfolio  | 27134478 | 31311458  |
| Small Company Value Portfolio  | 14292339 | 19246897  |
| FT Wilshire 5000 Index<sup>SM</sup> Fund  | 12887152 | 44246511  |
| Wilshire International Equity Fund  | 109403179 | 140227314  |
| Wilshire Income Opportunities Fund  | 81183672 | 98000048 |

---

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  | $1559717 | $1840890  |
| Large Company Value Portfolio  | 897440 | 888449  |
| Wilshire International Equity Fund  | 3197934 | 2947593  |
| Wilshire Income Opportunities Fund  | 33744952 | 40705980 |

---

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

**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(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>**Loss** | **Change in** <br>**Unrealized** <br>**Appreciation**  | **Value as of** <br>**December 31,** <br>**2025** | **Income** <br>**Distribution** | **Long-Term** <br>**Capital Gain** <br>**Distribution**  |
|  Voya VACS Series EMHCD Fund | &nbsp;&nbsp; $1648 | $226 | $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $112 | &nbsp;&nbsp; $1986 | &nbsp;&nbsp; $123 | &nbsp;&nbsp;&nbsp; $17  |
|  Voya VACS Series HYB Fund | &nbsp;&nbsp; 1072520 | 90133 |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11825 | &nbsp;&nbsp; 1174478 | &nbsp;&nbsp; 77925 | &nbsp;&nbsp;&nbsp; 5789  |
| Voya VACS Series SC Fund | &nbsp;&nbsp; 5961711 | 522823 |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19648 | &nbsp;&nbsp; 6504182 | &nbsp;&nbsp; 402293 | &nbsp;&nbsp;&nbsp; 76405  |
|  | &nbsp;&nbsp; $7035879 | $613182 | $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $31585 | &nbsp;&nbsp; $7680646 | &nbsp;&nbsp; $480341 | &nbsp;&nbsp;&nbsp; $82211 |

---

**Large Company Value Portfolio** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Value as of** <br>**December 31,** <br>**2024** | **Purchases** | **Proceeds** <br>**from** <br>**Sales** | **Realized** <br>**Gain (Loss)** | **Change in** <br>**Unrealized** <br>**Appreciation** | **Value as of** <br>**December 31,** <br>**2025** | **Income** <br>**Distribution** | **Long-Term** <br>**Capital Gain** <br>**Distribution**  |
|  Voya VACS Series EMHCD Fund | &nbsp;&nbsp; $1251  | $111  | $—  | $—  | &nbsp;&nbsp;&nbsp;&nbsp; $81  | &nbsp;&nbsp; $1443  | &nbsp;&nbsp; $89  | &nbsp;&nbsp;&nbsp; $12  |
|  Voya VACS Series HYB Fund | &nbsp;&nbsp; 903384  | 75918  | —  | —  | &nbsp;&nbsp;&nbsp;&nbsp; 9961  | &nbsp;&nbsp; 989263  | &nbsp;&nbsp; 65618  | &nbsp;&nbsp;&nbsp; 4876  |
| Voya VACS Series SC Fund | &nbsp;&nbsp; 4687429  | 326834  | (1237942) | 12786  | &nbsp;&nbsp;&nbsp;&nbsp; 16071  | &nbsp;&nbsp; 3805178  | &nbsp;&nbsp; 247415  | &nbsp;&nbsp;&nbsp; 44700  |
|  | &nbsp;&nbsp; $5592064  | $402863  | $(1237942) | $12786  | &nbsp;&nbsp;&nbsp;&nbsp; $26113  | &nbsp;&nbsp; $4795884  | &nbsp;&nbsp; $313122  | &nbsp;&nbsp;&nbsp; $49588 |

---

**Wilshire International Equity Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Value as of** <br>**December 30,** <br>**2024** | **Purchases** | **Proceeds** <br>**from** <br>**Sales** | **Realized** <br>**Loss** | **Change in** <br>**Unrealized** <br>**Appreciation** | **Value as of** <br>**December 31,** <br>**2025** | **Income** <br>**Distribution** | **Long-Term** <br>**Capital Gain** <br>**Distribution**  |
|  Voya VACS Series EMHCD Fund | &nbsp;&nbsp; $1476 | $130 | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $96 | &nbsp;&nbsp; $1702 | &nbsp;&nbsp; $105 | &nbsp;&nbsp;&nbsp; $14  |
|  Voya VACS Series HYB Fund | &nbsp;&nbsp; 1012376 | 85078 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11162 | &nbsp;&nbsp; 1108616 | &nbsp;&nbsp; 73547 | &nbsp;&nbsp;&nbsp; 5464  |
| Voya VACS Series SC Fund | &nbsp;&nbsp; 5913125 | 407965 | (1625288) | 17408 | &nbsp;&nbsp;&nbsp;&nbsp; 19686 | &nbsp;&nbsp; 4732896 | &nbsp;&nbsp; 308575 | &nbsp;&nbsp;&nbsp; 55598  |
|  | &nbsp;&nbsp; $6926977 | $493173 | $(1625288) | $17408 | &nbsp;&nbsp;&nbsp;&nbsp; $30944 | &nbsp;&nbsp; $5843214 | &nbsp;&nbsp; $382227 | &nbsp;&nbsp;&nbsp; $61076 |

---

**Wilshire Income Opportunities Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Value as of** <br>**December 31,** <br>**2024** | **Purchases** | **Proceeds** <br>**from** <br>**Sales** | **Realized** <br>**Loss** | **Change in** <br>**Unrealized** <br>**Appreciation** | **Value as of** <br>**December 31,** <br>**2025** | **Income** <br>**Distribution** | **Long-Term** <br>**Capital Gain** <br>**Distribution**  |
|  Voya VACS Series EMHCD Fund | &nbsp;&nbsp; $1761302 | $155008 | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $114584 | &nbsp;&nbsp; $2030894 | &nbsp;&nbsp; $125406 | &nbsp;&nbsp;&nbsp; $17078  |
|  Voya VACS Series HYB Fund | &nbsp;&nbsp; 3267128 | 1292852 |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 48327 | &nbsp;&nbsp; 4608307 | &nbsp;&nbsp; 279266 | &nbsp;&nbsp;&nbsp; 22715  |
|  | &nbsp;&nbsp; $5028430 | $1447860 | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $162911 | &nbsp;&nbsp; $6639201 | &nbsp;&nbsp; $404672 | &nbsp;&nbsp;&nbsp; $39793 |

---

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(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  | $16980 | Net variation margin<br>recievable on futures contracts  | &nbsp;&nbsp; $5925  |
| Equity  | Total return <br>swap contracts | Receivable for swap contracts  | 4747812 | N/A  | &nbsp;&nbsp; — |
|  |  |  | $4764792 |  | &nbsp;&nbsp; $5925 |

---

\* 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 | $10241 | Net variation margin<br>recievable on futures contracts  | &nbsp;&nbsp; $2642  |
| Equity  | Total return<br>swap contracts  | Receivable for swap contracts  | 1659632 | N/A  | &nbsp;&nbsp; —  |
|  |  |  | $1669873  |  | &nbsp;&nbsp; $2642 |

---

\* 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**  |
| **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  | $16592 | Net variation margin<br>recievable on futures contracts  | &nbsp;&nbsp; $3908 |
| Equity  | Total return <br>swap contracts  | Receivable for swap contracts  | 8380679 | N/A | &nbsp;&nbsp; —  |
|  |  |  | $8397271 |  | &nbsp;&nbsp; $3908 |

---

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

**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(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\* | Variation margin on futures <br>contracts | $85421  | Variation margin on futures <br>contracts | $76140  |
|  | Centrally cleared<br>interest rate swaps | Receivable for swap contracts | —  | Payable for swap contracts | 118  |
|  | OTC interest rate<br>options | Investments in unaffiliated <br>securities, at value | 17532  | Written option, at value | 56220  |
| Credit | Centrally cleared<br>credit default<br>swap contracts | Receivable for swap contracts | 9854  | Payable for swap contracts | 32914  |
|  | OTC credit default <br>swap options | Investments in unaffiliated <br>securities, at value |  | Written options, at value | 28547 |
| Currency | Forward foreign<br>currency exchange<br>contracts | Receivable for open forward <br>currency contracts | 201064  | Payable for open forward <br>currency contracts  | 350215  |
|  | OTC exchange rate<br>volatility swaps | Receivable for swap contracts  | —  | Payable for swap contracts | 2  |
|  | OTC currency <br>options | Investments in unaffiliated <br>securities, at value | —  | Written option, at value  | 46095  |
|  |  |  | $313871  |  | $590251 |

---

\* 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 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  | $(59029) | $(31008)  |
| Equity  | Total return swap contracts  | Swap contracts  | 13233042 | (7590247) |

---

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  | $(41812) | $(24258)  |
| Equity  | Swap contracts  | Swap contracts  | 5216843  | (2159171) |

---

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

**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(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  | $(50146) | $(30215)  |
| Equity  | Swap contracts  | Swap contracts  | 3530386  | 5439336 |

---

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; $420064 | $(90167)  |
| Interest Rate | Swap contracts | Swap contracts | &nbsp;&nbsp; (10031) | 318  |
| Interest Rate | Written options | Option contracts written | &nbsp;&nbsp; (5312) | 46388  |
| Interest Rate | Purchased options | Unaffiliated investments | &nbsp;&nbsp; 16428 | (91005)  |
| **Interest Rate Total** |  |  | &nbsp;&nbsp; 421149 | (134466)  |
| Credit | Swap contracts | Swap contracts | &nbsp;&nbsp; 80706 | (23060)  |
| Credit | Written options | Option contracts written | &nbsp;&nbsp; 94242 | 11664 |
| Credit  | Purchased options  | Unaffiliated investments  | &nbsp;&nbsp; (5686)  | —  |
| **Credit Total** |  |  | &nbsp;&nbsp; 169262 | (11396)  |
| Currency | Forward foreign <br>currency exchange <br>contracts | Forward foreign <br>currency contracts | &nbsp;&nbsp; 52142 | (1048733)  |
| Currency | Written options | Option contracts written | &nbsp;&nbsp; 95190 | (21696)  |
| Currency | Purchased options | Unaffiliated investments | &nbsp;&nbsp; (8506) | 7430  |
| Currency | Swap contracts | Swap contracts | &nbsp;&nbsp; 12501 | (45)  |
| **Currency Total** |  |  | &nbsp;&nbsp; 151327 | (1063044) |
| Equity | Total return swap<br>contracts | Swap contracts | &nbsp;&nbsp; 118822 |  |
| **Total Equity** |  |  | &nbsp;&nbsp; 118822 |  |

---

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

**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

The average monthly notional amount outstanding of options, swaptions, swaps, futures and forwards during the fiscal year ended December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Company** <br>**Growth Portfolio** | **Large Company** <br>**Value Portfolio** | **Wilshire** <br>**International** <br>**Equity Fund** | **Wilshire** <br>**Income** <br>**Opportunity Fund**  |
| <u>Asset Type</u><br>|  |  |  |  |
| **Purchased Options**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Long | $— | $— | $— | &nbsp;&nbsp; $8384901 |
| **Written Options** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Short | —  | —  | —  | &nbsp;&nbsp; (37497825)  |
| **Total Return Swaps** | 43803930  | 28158990  | 38157995  | &nbsp;&nbsp; 3368553<sup>(a)</sup>  |
| **Interest Rate Swaps** | —  | —  | —  | &nbsp;&nbsp; 2253349  |
| **Credit Default Swaps** | —  | —  | —  | &nbsp;&nbsp; 3351383  |
| **Futures**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Long | 960472  | 245767  | 430800  | &nbsp;&nbsp; 89026111  |
| &nbsp;&nbsp;&nbsp; Short | (8715838) | (5491755) | (7410736) | &nbsp;&nbsp; (19121555)  |
| **Forwards**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased | —  | —  | —  | &nbsp;&nbsp; 24444781  |
| &nbsp;&nbsp;&nbsp; Sold | —  | —  | —  | &nbsp;&nbsp; 14511210  |
| **Volatility Swaps** | —  | —  | —  | &nbsp;&nbsp; 2391670 |

---

<sup>(a)</sup> Represents an average of each month the Fund held total returns swaps. 

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

**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(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 Growth Portfolio  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $152763  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $152763  |
| Large Company Value Portfolio  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46497  |
| Small Company Growth Portfolio  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191122  |
| Small Company Value Portfolio  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126042  |
| FT Wilshire 5000 Index<sup>SM</sup> Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571902  |
| Wilshire International Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77196  |
| Wilshire Income Opportunities Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611340 |

---

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

9. SEGMENT REPORTING

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 each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Funds' president and principal executive officer, and the Funds' treasurer and principal financial and accounting officer, who together serve as the Chief Operating Decision Maker, using the information presented in the financial statements and financial highlights.

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 (3 omnibus shareholders)  | 75%  |
| Large Company Value Portfolio (4 omnibus shareholders)  | 92%  |
| Small Company Growth Portfolio (4 omnibus shareholders)  | 78%  |
| Small Company Value Portfolio (4 omnibus shareholders)  | 84%  |
| FT Wilshire 5000 Index<sup>SM</sup> Fund (2 omnibus shareholders)  | 70%  |
| Wilshire International Equity Fund (4 omnibus shareholders)  | 93%  |
| 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  | 29%  |
| Large Company Value Portfolio  | 49%  |
| Small Company Growth Portfolio  | 32%  |
| Small Company Value Portfolio  | 35%  |
| FT Wilshire 5000 Index<sup>SM</sup> Fund  | 0%  |
| Wilshire International Equity Fund  | 48%  |
| Wilshire Income Opportunities Fund  | 52% |

---

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

**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

11. Tax Information

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

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

The federal tax cost of portfolio securities and unrealized appreciation and depreciation, including derivatives, and the components of distributable earnings (accumulated losses) for income tax purposes as of December 31, 2025, 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  | $149641937 | $130692863 | $17779053 | $18795200  |
| Unrealized Appreciation  | 132200310 | 42471750 | 5300450 | 4847676  |
| Unrealized Depreciation  | (11844528) | (10341172) | (1103262) | (1798619)  |
| Net unrealized appreciation (depreciation)  | 120355782 | 32130578 | 4197188 | 3049057  |
| Undistributed Ordinary Income  | 3575488 | 923379 |  | 335934  |
| Undistributed Long-Term Capital Gain | 3040843 | 1866004 | 209640 | 592202  |
| Distributable earnings  | 6616331 | 2789383 | 209640 | 928136  |
| Other accumulated gain/(loss)  |  | 31 | (46231) | —  |
| Total distributable earnings  | 126972113 | 34919992 | 4360597 | 3977193 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **FT Wilshire 5000** <br>**Index<sup>SM</sup> Fund** | **Wilshire** <br>**International** <br>**Equity Fund** | **Wilshire Income**<br>**Opportunities**<br>**Fund**  |
| Tax cost of Investments  | $57167182 | $169405090 | $183427566  |
| Unrealized Appreciation  | 240992039 | 75526680 | 4200504  |
| Unrealized Depreciation  | (4254101) | (24755145) | (10111974)  |
| Net unrealized appreciation (depreciation)  | 236737938 | 50771535 | (5911470)  |
| Undistributed Ordinary Income  |  | 687134 | —  |
| Undistributed Long-Term Capital Gain  | 3031441 | 5199070 | —  |
| Distributable earnings  | 3031441 | 5886204 | —  |
| Other accumulated gain/(loss) | (2) | (1701) | (27909313)  |
| Total distributable earnings | 239769377 | 56656038 | (33820783) |

---

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, the tax treatment of derivatives and investment in passive foreign investment companies.

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

**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

At December 31, 2025, Wilshire Small Company Growth Portfolio had a post October specified ordinary loss deferral of $46,231. At December 31, 2025, Wilshire Income Opportunities Fund had a post October capital loss deferral of $189,016.

As of December 31, 2025, Income Opportunities Fund had the following capital loss carryforwards ("CLCFs") for federal income tax purposes which do not expire:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Short-Term Loss** | **Long-Term Loss** | **Total**  |
| Wilshire Income Opportunities Fund  | &nbsp;&nbsp;&nbsp; 6516578 | &nbsp;&nbsp; 21236472 | 27753050 |

---

These CLCFs may be utilized futures years to offset net realized capital gains, if any, prior to distributing such gains to shareholders. During the year ended December 31, 2025, the Wilshire Small Company Growth Portfolio utilized $2,183,578 of CLCF.

The tax character of distributions declared during the years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **2025** <br>**Ordinary** <br>**Income**  | **2025** <br>**Long-Term** <br>**Capital Gains**  | **2024** <br>**Ordinary** <br>**Income**  | **2024** <br>**Long-Term** <br>**Capital Gains**  |
| Large Company Growth Fund  | $10313387 | $41276276 | $5672220  | $21606951  |
| Large Company Value Portfolio  | 3059619 | 14591323 | 4173905  | 9200215  |
| Small Company Growth Portfolio  |  |  |  | —  |
| Small Company Value Portfolio  | 466027 | 1813835 | 553579 | 1655377  |
| FT Wilshire 5000 Index<sup>SM</sup> Fund  | 2421068 | 22464907 | 2690316 | 5245649  |
| Wilshire International Equity Fund  | 8214466 | 19714286 | 8418926 | 15772661 |
| Wilshire Income Opportunities Fund | 8831300 |  | 9250324 |  |

---

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 December 31, 2025.

For the year ended December 31, 2025, 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**  |
| &nbsp;&nbsp;&nbsp; Distributable earnings <br>(accumulated losses)  | &nbsp;&nbsp; $(6581865) | $(2423174) | &nbsp;&nbsp;&nbsp; $100726 | &nbsp;&nbsp; $(496404)  |
| Paid-in capital  | &nbsp;&nbsp; 6581865 | 2423174 | &nbsp;&nbsp;&nbsp; (100726) | &nbsp;&nbsp; 496404 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **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; $(1342384) | &nbsp;&nbsp;&nbsp;&nbsp; $(2303096) | &nbsp;&nbsp;&nbsp;&nbsp; $13379  |
| Paid-in capital  | &nbsp;&nbsp; 1342384 | &nbsp;&nbsp;&nbsp;&nbsp; 2303096 | &nbsp;&nbsp;&nbsp;&nbsp; (13379) |

---

Such reclassifications, primarily related to 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.

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

13. Certain Investment Risks

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

**Collateralized debt obligation ("CDO") risk – A CDO is an ABS whose underlying collateral is typically a portfolio of bonds, bank loans, other structured finance securities and/or synthetic instruments. Investors in CDOs bear the credit risk of the underlying collateral. Multiple tranches of securities are issued by the CDO, offering investors various maturity and credit risk characteristics. Tranches are categorized as senior, mezzanine, and subordinated/equity, according to their degree of risk. If there are defaults or the CDO's collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. CDOs are subject to the same risk of prepayment described for certain mortgage-related and ABS, and are subject to credit risk, interest rate risk and default risk. The market value of CDOs may be affected by changes in the market's perception of the creditworthiness of the servicing agent for the pool or the originator.**

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

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

**Credit risk – A Portfolio's debt instruments are subject to credit risk, which is the risk that an issuer will be unable, or will be perceived to be unable, to repay its obligations at maturity. Funds that invest primarily in high quality securities generally are subject to less credit risk than funds that invest in lower quality securities. Certain securities are backed by credit enhancements from various financial institutions and financial guarantee assurance agencies. These credit enhancements reinforce the credit quality of the individual securities; however, if any of the financial institutions or financial guarantee assurance agencies' credit quality should deteriorate, it could cause the individual security's credit quality to change. Additionally, if a Portfolio concentrates its credit enhancements in any one financial institution, the risk of credit quality deterioration increases. The value of ABS may be affected by the credit risk of the servicing agent for the pool, the originator of the loans or receivables, or the financial institution(s) providing the credit support. In addition to credit risk, ABS and other securities with early redemption features are subject to pre-payment risk. During periods of declining interest rates, prepayment of loans underlying ABS can be expected to accelerate or an issuer may retire an outstanding bond early to reduce interest costs. A Portfolio's ability to maintain positions in such securities will be affected by reductions in the principal amount of such securities resulting from prepayments, and its ability to reinvest the returns of principal at comparable yields is subject to generally prevailing interest rates at that time.** 

**Counterparty credit risk – Counterparty credit risk is the risk that a counterparty to a financial instrument will fail on a commitment that it has entered into with a Portfolio. A Portfolio's Sub-Adviser seeks to minimize counterparty credit risk by monitoring the creditworthiness of each counterparty on an ongoing basis.** 

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

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

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

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

**Sector Risk – If a Portfolio has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Portfolio than would be the case if the Portfolio did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Portfolio and increase the volatility of the Portfolio's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Portfolio's holdings would be adversely affected. As of the end of the current fiscal period, Large Company Growth Portfolio had 34.1% of the value of its net assets invested in stocks within the Information Technology sector; Small Company Value Portfolio had 30.8% of the value of its net assets invested in stocks within the Financials sector; and FT Wilshire 5000 Index<sup>SM</sup> Fund had 30.2% 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.

Effective February 27, 2026, the name of the FT Wilshire 5000 Index<sup>SM</sup> Fund changed to the Wilshire 5000 Index<sup>SM</sup> Fund.

Effective May 1, 2026 through at least April 30, 2027, the Adviser has entered into expense limitation agreements with all of the Portfolios except the FT Wilshire 5000 Index<sup>SM</sup> Fund to reduce its management fees or reimburse expenses to limit expenses of such Portfolios (excluding taxes, brokerage expenses, dividend expenses on short securities, Rule 12b-1 distribution fees, shareholder servicing fees, and extraordinary expenses) at the following levels (based on average net assets of such Shares):

---

| | | |
|:---|:---|:---|
|  | **Investment Class** <br>**Shares** | **Institutional Class** <br>**Shares** |
| Large Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94% |
| Large Company Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% |
| Small Company Growth Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.96%  |
| Small Company Value Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98% |
| Wilshire International Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% |
| Wilshire Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85% |

---

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

On February 23, 2026, the Board approved an amendment to the shareholder servicing plan for the Institutional Class Shares which permits the payment of expenses associated with certain shareholder servicing arrangements with third parties, provided that payment of such fees does not exceed in any year 0.20% of the average daily net assets of such Shares.

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**WILSHIRE MUTUAL FUNDS, INC.** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders and Board of Directors of

Wilshire Mutual Funds, Inc.

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, futures contracts, total return swap contracts, written options, securities sold short, forward currency contracts, centrally cleared interest rate swap contracts, credit default swap contracts, and over the counter volatility swap contracts, as applicable, of Wilshire Mutual Funds, Inc. comprising 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 (the "Funds") as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, agent banks, counterparties, and brokers; when replies were not received from agent banks, counterparties, or brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2017.

![](cohensig_wilshire.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 27, 2026

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**WILSHIRE MUTUAL FUNDS, INC.** 

**Tax Information** 

For the year ended December 31, 2025, the Portfolios designated the following long-term capital gain distributions:

---

| | |
|:---|:---|
| **Portfolio**  | **Amount**  |
| Large Company Growth Portfolio  | $41276276  |
| Large Company Value Portfolio  | 14591323  |
| Small Company Growth Portfolio  | —  |
| Small Company Value Portfolio  | 1813835  |
| FT Wilshire 5000 Index<sup>SM</sup> Fund  | 22464907  |
| Wilshire International Equity Fund  | 19714286  |
| Wilshire Income Opportunities Fund  |  |

---

Of the distributions made by the following Portfolios, the corresponding percentages represent the amount of each distribution which will qualify for the dividends received deduction available to corporate shareholders:

---

| | |
|:---|:---|
| **Portfolio**  | **Percentage**  |
| Large Company Growth Portfolio  | &nbsp;&nbsp; 11.36%  |
| Large Company Value Portfolio  | &nbsp;&nbsp; 63.52%  |
| Small Company Growth Portfolio  | &nbsp;&nbsp; 0.00%  |
| Small Company Value Portfolio  | &nbsp;&nbsp; 60.13%  |
| FT Wilshire 5000 Index<sup>SM</sup> Fund  | &nbsp;&nbsp; 100.00%  |
| Wilshire International Equity Fund  | &nbsp;&nbsp; 0.57%  |
| Wilshire Income Opportunities Fund  | 1.11% |

---

Pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003, and as extended by Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010, the Portfolios designated the following percentages of their income dividends distributed in 2024 as qualified dividend income as defined in Section 1(h)(II) of the Internal Revenue Code.

---

| | |
|:---|:---|
| **Portfolio**  | **Percentage**  |
| Large Company Growth Portfolio  | &nbsp;&nbsp; 12.14%  |
| Large Company Value Portfolio  | &nbsp;&nbsp; 76.14%  |
| Small Company Growth Portfolio  | &nbsp;&nbsp; 0.00%  |
| Small Company Value Portfolio  | &nbsp;&nbsp; 61.48%  |
| FT Wilshire 5000 Index<sup>SM</sup> Fund  | &nbsp;&nbsp; 100.00%  |
| Wilshire Income Opportunities Fund  | 1.11%  |
| Wilshire International Equity Fund  | &nbsp;&nbsp; 61.48% |

---

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**WILSHIRE MUTUAL FUNDS** 

**ADDITIONAL INFORMATION** 

**Information on Proxy Voting** 

A description of policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities, along with each Portfolio's proxy voting record relating to portfolio securities held during most recent 12-month period ended December 31, 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 <u>www.sec.gov</u>.

**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.** 

The information is included as part of the Financial Statements filed under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

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**WILshire MUTUAL FUNDS, INC.** 

**Board Approval of Advisory Agreement** 

Wilshire Mutual Funds, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end diversified investment company, which was incorporated under Maryland law on July 30, 1992. The Company operates as a series company and presently offers seven series:

---

| | |
|:---|:---|
| • Large Company Growth Portfolio | • Large Company Value Portfolio  |
| • Small Company Growth Portfolio  | • Small Company Value Portfolio  |
| • FT Wilshire 5000 Index<sup>SM</sup> Fund | • Wilshire Income Opportunities Fund  |
| • Wilshire International Equity Fund |  |

---

(Each of the foregoing series may be referred to herein as a "Fund" and collectively, as the "Funds.")

During the six months ended December 31, 2025, the Board of Directors of the Company (the "Board," with the members of the Board referred to individually as the "Directors") approved the renewal for an additional one-year term of the investment advisory agreement between Wilshire Advisors LLC ("Wilshire" or the "Adviser"), the investment adviser to each Fund, and the Company, with respect to each of the Funds (the "Advisory Agreement").

The Advisory Agreement continues in effect from year to year provided that such continuance is specifically approved at least annually by (i) the Board or a majority of the outstanding voting securities (as defined in the 1940 Act) of each Fund, and, in either event, (ii) the vote of a majority of the Directors who are not "interested person[s]," as defined by the 1940 Act, of the Funds (the "Independent Directors") casting votes at a meeting called for such purpose.

The Board approved the renewal of the Advisory Agreement following an extensive process that concluded at the Board's November 17, 2025 meeting (the "November Meeting"). As required by the 1940 Act, the approval was confirmed by the separate vote of the Independent Directors, casting votes at a meeting called for such purpose. As part of their review process, the Independent Directors were represented by independent legal counsel ("Independent Legal Counsel"), from whom the Independent Directors received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Independent Directors various key aspects of the Directors' legal responsibilities relating to the proposed renewal of the Advisory Agreement and advised them of the relevant legal standards.

<u>Information Requested and Received</u>

At the direction of the Independent Directors, Independent Legal Counsel sent a memorandum to the Adviser requesting information regarding the Advisory Agreement to be provided to the Directors in advance of the November Meeting.

In response to the request for information, the Directors received information from the Adviser regarding the factors underlying its recommendation to approve the Advisory Agreement. In particular, the Directors received information from the Adviser as to each Fund describing: (i) the nature, extent and quality of services provided; (ii) the financial condition of the Adviser and its ability to provide the contracted-for services under the Advisory Agreement; (iii) the investment performance of the Fund as provided by the Adviser based upon data gathered from the Morningstar Direct database ("Morningstar"), along with a comparison to its benchmark index; (iv) the costs of services provided and estimated profits realized by the Adviser; (v) the extent to which economies of scale are realized as the Fund grows; (vi) whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders; (vii) comparisons of amounts paid by other registered investment companies as provided by Wilshire based upon data gathered from Morningstar; and (viii) fall-out benefits realized by the Adviser from its relationship with the Fund. The Independent Directors also received a memorandum from Independent Legal Counsel describing their duties in connection with advisory contract proposals, and they were assisted in their review by Independent Legal Counsel.

<u>Factors Considered</u>

In connection with its deliberations regarding the proposed renewal of the Advisory Agreement, the Board considered such information and factors as it believed to be relevant in the exercise of its business judgment. As described below, the Board considered the nature, extent and quality of the services performed by the Adviser under the Advisory Agreement; comparative fees as provided by the Adviser; the profits realized by the Adviser; the extent to which the Adviser realizes economies of scale as a Fund grows; and whether any fall-out benefits are being realized by the Adviser. The Board also took into account the various materials received from the Adviser, its discussions with management and the guidance provided by Independent Legal Counsel in private sessions at which no representatives

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**WILshire MUTUAL FUNDS, INC.** 

**Board Approval of Advisory Agreement(Continued)** 

of the Adviser were present. In addition, as a part of its evaluation, the Board considered the assessment of performance made by the Investment Committee (which is comprised solely of Independent Directors), which also met on November 17, 2025 to review data on the Adviser's performance. Recognizing that the evaluation process with respect to the services provided by the Adviser is an ongoing one, the Board also considered information reviewed by the Board during the year at other Board and Board committee meetings. The Board considered the foregoing information and all materials provided in the context of its accumulated experience governing the Funds and weighed the factors and standards discussed with Independent Legal Counsel.

In deciding to approve the renewal of the Advisory Agreement, the Board did not identify any single factor as all-important or controlling and each Director, in the exercise of his or her business judgment, may attribute different weights to the various factors. The Board based its decision on the totality of the circumstances and relevant factors. This summary discusses the material factors and the conclusions with respect thereto that formed the basis for the Board's approval and does not describe all of the matters considered. However, the Board concluded that each of the various factors referred to below favored such approval.

Based upon its evaluation of all materials provided, and its determination that it had received sufficient information to make an informed business decision with respect to the Advisory Agreement, the Board concluded that it was in the best interests of each Fund to approve the renewal of the Advisory Agreement.

<u>Nature, Extent and Quality of Services</u>

With respect to the nature, extent and quality of services provided by the Adviser, the Board considered the functions currently performed by the Adviser, noting that the Adviser performs certain administrative functions on behalf of the Funds. The Board considered the experience and skills of the senior management leading Fund operations, the experience and skills of the key personnel performing the functions under the Advisory Agreement and the resources made available to such personnel. In evaluating the services provided by the Adviser, the Board took into account each Fund's portfolio management structure, whereby the Adviser identifies, evaluates and oversees managers it believes are "best-in-class" to act as sub-adviser(s) to the Fund, and for certain Funds, manages a portion of the Fund. Thus, the Board considered the capabilities and expertise of the Adviser's personnel responsible for implementing the Funds' investment strategies and considered the information provided by the Adviser regarding investment oversight and risk management processes.

The Board considered the compliance program established by the Adviser and the level of compliance maintained for the Funds. In addition, the Board considered the regular reports it receives from the Funds' Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board also took into account information regarding the Adviser's disaster recovery and contingency plans and data protection safeguards, among other things.

The Board considered the Adviser's financial condition, and considered the financial support provided by the Adviser to each of Small Company Growth Portfolio, Small Company Value Portfolio, Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire Income Opportunities Fund and Wilshire International Equity Fund pursuant to expense limitation agreements. In this regard, the Board reviewed, among other things, the Adviser's audited consolidated financial statements as of December 31, 2024, as well as information regarding the firm's business plans. The Board also noted the Adviser's commitment to ensuring that sufficient resources will continue to be available in the future for servicing the Funds.

In connection with its evaluation of the quality of services provided by the Adviser, the Board reviewed information on the performance of each of the Investment Class and Institutional Class shares of each actively managed Fund—i.e., each of the Funds, with the exception of the FT Wilshire 5000 Index Fund (the "Index Fund")—for the annualized one-, three-, five- and ten-year periods ended September 30, 2025, as applicable, in comparison to a peer group of funds determined by Wilshire based upon the Morningstar database for the same periods. The Board also reviewed performance of the Institutional Class shares of each actively managed Fund in comparison to each Fund's benchmark.

With respect to the Index Fund, the Board took into account that, unlike the other Funds, its investment objective is to replicate as closely as possible the performance of an index, the FT Wilshire 5000 Index. In this regard, the Board noted that, in view of the distinctive investment objective of the Index Fund and the expectations of shareholders, the

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**WILshire MUTUAL FUNDS, INC.** 

**Board Approval of Advisory Agreement(Continued)** 

investment performance of the Index Fund in absolute terms was not of the relevance that normally attaches to the performance of actively managed Funds. Of greater relevance to the Board was the extent to which the Index Fund's performance tracked its benchmark, and thus the Board focused its attention on the tracking error data provided by Wilshire—which was provided for the one-, three-, five- and ten-year periods ended September 30, 2025—and how the Index Fund compared to its peers in this respect. The Board noted that the Index Fund's peer group consisted of other large cap funds (growth, blend and value) that passively replicate domestic equity benchmarks.

In general, the Board considered performance results in light of each Fund's investment objective, strategies and risks, and the responsibilities of the Adviser, as disclosed in the Fund's prospectus. As to the Adviser's performance, the Board made the observations and considered the factors noted below.

**Large Company Growth Portfolio** 

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's annualized returns for the
 one- and three-year periods were above the Fund's benchmark performance. In addition, each class of the Fund outperformed its respective
 peer group median for the one-, three-, five- and ten-year periods, ranking in the first quintile of its respective peer group (the first
 quintile being the best performers and the fifth quintile being the worst performers) for all periods reviewed.

**Large Company Value Portfolio** 

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's annualized returns for the
 one-, three- and five-year periods were above the Fund's benchmark performance. In addition, each class of the Fund outperformed
 its respective peer group median for the one-, three- and five-year periods, ranking in the second or third quintile of its respective
 peer group and underperformed its respective peer group for the ten-year period, ranking in the fourth quintile of its respective peer
 group.

**Small Company Growth Portfolio** 

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's annualized returns for each
 period reviewed were below the Fund's benchmark performance. In addition, except for the Institutional Class for the one-year
 period, each class of the Fund underperformed its respective peer group median for the one-, three-, five- and ten-year periods, ranking
 in the fourth or fifth quintile of its respective peer group (except for the Investor Class for the three-year period which ranked in
 the third quintile of its peer group). The Board also took into account the Adviser's explanation of the factors that detracted
 from performance, including individual subadviser performance.

**Small Company Value Portfolio** 

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's annualized returns for the
 three- and five-year periods were above the Fund's benchmark performance. In addition, each class of the Fund outperformed its respective
 peer group median for the one-, three-, five- and ten-year periods, ranking in the second or third quintile of its respective peer group.

**Index Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;• Each class of the Index Fund's tracking
 error was below its respective peer group median—i.e., each class of the Index Fund tracked its index more closely than the median
 of its respective peer group—for all periods reviewed, with the Investor Class ranking in the first quintile of its peer group
 for all periods reviewed and the Institutional Class, ranking in the second quintile of its peer group for all periods reviewed. The Board
 also noted that, although the Index Fund underperformed its index for all periods reviewed, these results were attributable primarily
 to the Index Fund's expenses. The Board determined that the Index Fund tracked its index within an acceptable range.

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**WILshire MUTUAL FUNDS, INC.** 

**Board Approval of Advisory Agreement(Continued)** 

**Wilshire Income Opportunities Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's annualized returns were above
 the Fund's benchmark performance for each period reviewed and below the Fund's custom blended<sup>1</sup> benchmark for each
 period reviewed with the exception of the five-year period. In addition, each class of the Fund underperformed its respective peer group
 median for the one-, three- and five-year periods, ranking in the fifth quintile of its respective peer group. In assessing the Fund's
 performance data, the Board took into account the Adviser's explanation of the factors that detracted from performance.

**Wilshire International Equity Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;• The Board noted that the Fund's performance
 for all periods reviewed exceeded its benchmark. In addition, each class of the Fund exceeded its respective peer group median for all
 periods reviewed, with each class ranking in the second, first, second and first quintiles, respectively, for the one-, three-, five-
 and ten-year periods.

In evaluating each Fund's performance metrics, the Board took into account its discussions with management throughout the year regarding the factors that contributed to or detracted from performance, as the case may be, and considered the Adviser's overall track record and reputation. After reviewing the foregoing and related factors, the Board concluded that (i) each Fund's performance was acceptable or (ii) it was satisfied with the Adviser's responses relating to investment performance.

In addition, based on the foregoing, the Board concluded that the Adviser and its personnel were qualified to continue to serve the Funds in such capacity and that it was satisfied with the nature, extent and quality of the services provided by the Adviser to each Fund.

<u>Comparative Fees</u>

The Board compared each Fund's actual management fee paid and total expense ratio for Investment Class and Institutional Class shares to the applicable peer group of funds, as well as each Fund's size relative to its peers. In considering the comparative fee and expense data provided by the Adviser, the Board made the following observations:

**Large Company Growth Portfolio** 

&nbsp;&nbsp;&nbsp;&nbsp;• Each class of the Fund's total expense
 ratio and actual management fee paid was above its respective peer group median, ranking in the fifth and fourth quintiles, respectively
 (the first quintile being the lowest and the fifth quintile being the highest). The Board also took into account that the Adviser has
 entered into an expense limitation agreement with respect to the Fund.

**Large Company Value Portfolio** 

&nbsp;&nbsp;&nbsp;&nbsp;• Each class of the Fund's total expense
 ratio and actual management fee paid was above its respective peer group median, ranking in the fifth and fourth quintiles, respectively.
 The Board also took into account that the Adviser has entered into an expense limitation agreement with respect to the Fund.

**Small Company Growth Portfolio** 

&nbsp;&nbsp;&nbsp;&nbsp;• Although each class of the Fund's total
 expense ratio was above its respective peer group median, ranking in the fourth quintile, the Fund's actual management fee paid
 was below the peer group median and ranked in the first quintile. With respect to the Fund's total expense ratio, the Board considered
 the Fund's small size relative to its peer groups. In addition, the Board took into account that the Adviser has entered into an
 expense limitation agreement with respect to the Fund.

<sup>1</sup> The Wilshire Income Opportunities Fund's custom blended benchmark was calculated by the Adviser and consists of 70% Bloomberg U.S. Universal Index, 10% Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index, 10% S&P/LSTA Leveraged Loan Index and 10% Bloomberg Emerging Markets USD Index. 

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**WILshire MUTUAL FUNDS, INC.** 

**Board Approval of Advisory Agreement(Continued)** 

**Small Company Value Portfolio** 

&nbsp;&nbsp;&nbsp;&nbsp;• Although each class of the Fund's total
 expense ratio was above its respective peer group median, ranking in the fourth quintile, the Fund's actual management fee paid
 was below the peer group median and ranked in the first quintile. With respect to the Fund's total expense ratio, the Board considered
 the Fund's small size relative to its peer groups. In addition, the Board took into account that the Adviser has entered into an
 expense limitation agreement with respect to the Fund.

**Index Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's Investor Class total expense
 ratio and the actual management fee paid were below its peer group median, ranking in the first quintile. Although the Fund's Institutional
 Class total expense ratio was above its peer group median (52%), the actual management fee paid was below the peer group median and ranked
 in the second quintile.

**Wilshire Income Opportunities Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;• Although each class of the Fund's total
 expense ratio was above its respective peer group median, ranking in the fifth quintile, each class of the Fund's actual management
 fee paid was below its respective peer group median ranking in the first quintile. In addition, the Board took into account that the Adviser
 has entered into an expense limitation agreement with respect to the Fund.

**Wilshire International Equity Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;• Although each class of the Fund's total
 expense ratio was above its respective peer group median, ranking in the fifth quintile of its peer group, the Fund's Investment
 Class actual management fee paid was below its peer group median and ranked in the third quintile (41%). The Fund's Institutional
 Class actual management fee ranked in the fifth quintile of its peer group. The Board also considered that the Adviser has entered
 into an expense limitation agreement with respect to the Fund.

As part of its evaluation of each Fund's management fee, the Board considered how such fees compared to the Fund(s) with similar investment styles, to the extent applicable. The Board noted that the Adviser had not identified any other registered investment companies that it advises pursuant to similar investment strategies. However, the Board considered that the Adviser provides advisory services to retirement plans and that certain plans invest in Wilshire collective investment trusts that have investment strategies similar to certain of the Funds and that Wilshire charges those retirement plans a lower fee. In this regard, the Board considered, among other things, the Adviser's discussion of the significant differences in the scope of services provided to the Funds and to such plans, as well as the size of the Funds relative to such plans. The Board concluded that the information it received demonstrated that the aggregate services provided to and specific circumstances of the Funds were sufficiently different from the services provided to and specific circumstances of the retirement plans to support the difference in fees.

Based upon all of the above, the Board concluded that the management fee for each Fund was reasonable.

<u>Costs of Services Provided and Profitability to Wilshire</u>

With respect to the costs of services provided and profitability realized by Wilshire from its relationship with the Funds, the Board reviewed a profitability analysis and data from Wilshire, setting forth, among other things, gross revenues received by Wilshire, expenses allocated to the Company and the operating margin/profitability rate. In the course of its review of Wilshire's profitability, the Board took into account the methods used by Wilshire to determine expenses and profit. The Board considered all of the foregoing in evaluating the costs of services provided, the profitability to Wilshire and the profitability rates presented, and it concluded that the profits realized by Wilshire were not unreasonable in comparison with the costs of providing investment advisory services to the Funds.

<u>Economies of Scale</u>

The Board considered whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale and whether there is potential for realization of economies of scale. The Board considered whether economies of scale in the provision of services to the Funds were being passed along to the shareholders. The Board noted the Adviser's statements, including

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**WILshire MUTUAL FUNDS, INC.** 

**Board Approval of Advisory Agreement(Continued)** 

that the Adviser believes its management fees are appropriate and that, where possible, the Adviser has utilized common service providers across multiple funds in the complex in order to negotiate lower fees on behalf of the Funds.

As part of its assessment of economies of scale, the Board also considered that economies of scale may be shared through a number of means, including expense limitations, management fees set at competitive rates pre-assuming future asset growth, and/or management fee breakpoints—i.e., a tiered fee schedule based on asset size. Thus, the Board considered the size of each Fund and the management fee it is charged, as well as the Adviser's agreement to limit the expenses of certain Funds. The Board also took into account that each Fund's advisory fee schedule included a breakpoint at an asset level that had not yet been reached.

Based upon all of the above, the Board concluded that the management fee for each Fund reflects an appropriate recognition of any economies of scale.

<u>Fall-Out Benefits</u>

The Board considered that the Adviser may retain a portion of the Rule 12b-1 fees collected from the Investment Class of each Fund to offset its costs for distribution services provided to the Investment Class of the Fund but noted that the Adviser has not historically done so. The Board also considered the Adviser's statement that benefits from its relationship with the Funds were primarily limited to the advisory fees paid. The Board determined that the advisory fees were reasonable in light of any fall-out benefits.

<u>Conclusion</u>

Based upon all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreement continue to be fair and reasonable and that the continuation of the Advisory Agreement is in the best interests of each Fund.

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**Wilshire Mutual Funds, Inc.** 

**Board Approval of Subadvisory Agreements** 

Wilshire Mutual Funds, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end diversified investment company, and it 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 Income Opportunities Fund  |
| • Wilshire International Equity Fund  |  |

---

(Each of the foregoing series may be referred to herein as a "Fund" and collectively as the "Funds.")

During the six months ended December 31, 2025, the Board of Directors of the Company (the "Board," with the members of the Board referred to individually as the "Directors") approved the renewal for an additional one-year term of each subadvisory agreement between Wilshire Advisors LLC ("Wilshire" or the "Adviser"), the investment adviser for each Fund, and each of the following subadvisers, with respect to the applicable Fund(s):

---

| | |
|:---|:---|
| **Subadviser** | **Fund(s)**  |
| AllianceBernstein L.P. ("AllianceBernstein") | Large Company Growth Portfolio  |
| Diamond Hill Capital Management, Inc. ("Diamond Hill") | Small Company Value Portfolio  |
| DoubleLine Capital LP ("DoubleLine") | Wilshire Income Opportunities Fund  |
| Fred Alger Management, LLC ("Fred Alger") | Large Company Growth Portfolio  |
| &nbsp;&nbsp;&nbsp; Hotchkis & Wiley Capital Management, LLC <br>("Hotchkis & Wiley") | Large Company Value Portfolio<br>Small Company Value Portfolio  |
| Lazard Asset Management LLC ("Lazard") | Wilshire International Equity Fund  |
| Los Angeles Capital Management LLC ("LA Capital") | Large Company Growth Portfolio<br>Large Company Value Portfolio<br>Small Company Growth Portfolio<br>Small Company Value Portfolio<br>FT Wilshire 5000 Index<sup>SM</sup> Fund <br>Wilshire International Equity Fund  |
| Manulife Asset Management (US) LLC ("Manulife") | Wilshire Income Opportunities Fund  |
|  Massachusetts Financial Services (d/b/a MFS Investment Management) ("MFS") | Large Company Value Portfolio  |
| Pzena Investment Management, LLC ("Pzena") | Wilshire International Equity Fund  |
| Ranger Investment Management, L.P. ("Ranger") | Small Company Growth Portfolio  |
| Voya Investment Management Co. LLC ("Voya") | Large Company Growth Portfolio<br>Large Company Value Portfolio<br>Wilshire Income Opportunities Fund<br>Wilshire International Equity Fund  |
| WCM Investment Management, LLC ("WCM") | Wilshire International Equity Fund |

---

In the following text, the subadvisers are referred to collectively as "Subadvisers" or individually as a "Subadviser," and the subadvisory agreements between Wilshire and the Subadvisers are referred to collectively as the "Subadvisory Agreements" or individually as a "Subadvisory Agreement."

Each of the Subadvisory Agreements continues in effect from year to year, provided that such continuance is specifically approved at least annually in the manner required by the 1940 Act and the rules and regulations thereunder.

The Board approved the renewal of each of the Subadvisory Agreements following an extensive process that concluded at the Board's August 18, 2025 meeting (the "Meeting"). As required by the 1940 Act, each approval was confirmed by the separate vote of the Directors who are not "interested person[s]," as defined by the 1940 Act, of the Funds (the "Independent Directors"). As part of the Board's review process, the Independent Directors were represented by independent legal counsel ("Independent Legal Counsel"), from whom the Independent Directors received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the

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**Wilshire Mutual Funds, Inc.** 

**Board Approval of Subadvisory Agreements(Continued)** 

Independent Directors various key aspects of the Directors' legal responsibilities relating to the proposed renewal of the Subadvisory Agreements, and advised the Independent Directors of the relevant legal standards.

<u>Information Requested and Received</u>

At the direction of the Independent Directors, Independent Legal Counsel sent a memorandum to the Adviser requesting that information regarding the proposed Subadvisory Agreements be provided to the Directors in advance of the Meeting.

In response to the request for information, the Directors received information from the Adviser regarding the factors underlying its recommendations to approve each Subadvisory Agreement. The Directors also received information from each Subadviser as to each Fund it managed, describing: (i) the nature, extent and quality of services provided; (ii) the investment performance of the Subadviser in connection with the Fund; (iii) the financial condition of the Subadviser; (iv) the extent to which economies of scale are realized as a Fund grows; (v) whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders; (vi) where applicable, comparisons of services rendered and amounts paid by other registered investment companies and any comparable advisory clients; and (vii) benefits realized by the Subadviser from its relationship with the Fund. The Independent Directors also received a memorandum from Independent Legal Counsel describing their duties in connection with advisory contract proposals, and they were assisted in their review by Independent Legal Counsel.

<u>Factors Considered</u>

In connection with its deliberations regarding the proposed renewal of the Subadvisory Agreements, the Board considered such information and factors as it believed to be relevant in the exercise of its business judgment. As described below, the Board considered the nature, extent and quality of the services performed by each Subadviser under the subadvisory arrangements (including the performance of each Fund or portion thereof); comparative fees as provided by each Subadviser; the profits realized by each Subadviser; the extent to which each Subadviser realizes economies of scale as a Fund grows; and whether any fall-out benefits are being realized by each Subadviser. The Board also took into account the various materials received from the Adviser, its discussions with management and the guidance provided by Independent Legal Counsel in sessions at which no representatives of the Subadvisers were present and in executive session with no representatives of the Subadvisers or the Adviser present. In addition, as a part of its evaluation, the Board considered the assessment of performance made by the Investment Committee (which is composed solely of Independent Directors), which also met on August 18, 2025 to review data on each Subadviser's performance. Recognizing that the evaluation process with respect to the services provided by each of the Subadvisers is an ongoing one, the Board also considered information reviewed by the Board during the year at other Board and Board committee meetings. The Board considered the foregoing information and all materials provided in the context of its accumulated experience governing the Funds and weighed the factors and standards discussed with Independent Legal Counsel.

In deciding to approve each of the Subadvisory Agreements, the Board did not identify any single factor as all-important or controlling, and each Director, in the exercise of his or her business judgment, may attribute different weights to the various factors. The Board based its decision on the totality of the circumstances and relevant factors. This summary discusses the material factors and the conclusions with respect thereto that formed the basis for the Board's approval and does not describe all of the matters considered. However, the Board concluded that each of the various factors referred to below favored such approval.

Based upon its evaluation of all materials provided, and its determination that it had received sufficient information to make an informed business decision with respect to the Subadvisory Agreements, the Board concluded that it was in the best interests of each Fund to approve the renewal of each of the Subadvisory Agreements.

<u>Nature, Extent and Quality of Services</u>

As to each Subadvisory Agreement and Subadviser, the Board considered the nature, extent and quality of services provided. The Board considered the firm's overall reputation; the track record and qualifications of the Subadviser; its investment approach and methodologies; the education, experience and tenure of the Subadviser's investment personnel responsible for the day-to-day portfolio management of the applicable Fund or portion thereof; and the resources made available to such personnel, as well as information regarding how the Subadviser compensates such personnel. The Board also considered each Subadviser's compliance with investment policies and general legal

195<br>

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

**Wilshire Mutual Funds, Inc.** 

**Board Approval of Subadvisory Agreements(Continued)** 

compliance, in addition to information regarding each firm's disaster recovery policies, including cybersecurity risk mitigation, and policies with respect to portfolio execution, trading, liquidity risk management oversight and proxy voting. The Board noted that it had received a copy of each Subadviser's ADV Part 2A brochure and ADV Part 2B brochure supplement, which provides additional information about other products the firm manages and the ownership structure of the firm, among other things. The Board also considered the analysis provided by the Adviser, including the metrics used by the Adviser to evaluate each Subadviser, which concluded that each Subadviser was providing reasonable services and had reasonable compliance policies and procedures in place. Also important to the Board's analysis was the Adviser's recommendation that each Subadvisory Agreement for each Fund be renewed for an additional term.

In connection with its evaluation of the quality of services provided by each Subadviser, the Board reviewed information provided by the Adviser comparing each Subadviser's gross investment performance for the portion of the Fund managed by the Subadviser (except for LA Capital with respect to the Wilshire 5000 Index Fund and Voya with respect to the Large Company Growth Portfolio, the Large Company Value Portfolio and the Wilshire International Equity Fund) to the Fund's benchmark index and in certain cases, as noted below, to a benchmark index appropriate to the Subadviser's investment strategy as determined by the Adviser for the quarter-to-date, year-to-date and one-, three-, five- and ten-year periods ended June 30, 2025. To the extent a Subadviser had not achieved longer-term performance, the Board reviewed the performance for the periods available. With respect to the FT Wilshire 5000 Index Fund, LA Capital's net investment performance was compared to its tracking index, the FT Wilshire 5000 Index (the "Tracking Index") for the same periods noted above. With respect to the Large Company Growth Portfolio, the Large Company Value Portfolio and the Wilshire International Equity Fund, each Fund engages in leverage by investing in certain derivatives, the exposure to which is backed by a portfolio of fixed income securities managed by Voya. For each of these Funds, the Board reviewed Voya's gross performance compared to a benchmark index (as determined by the Adviser) appropriate to Voya's fixed-income investment strategy. The Board considered performance results in light of each Fund's investment objective, strategies and risks, and the investment approach employed by the Fund's Subadviser(s), as disclosed in the Fund's prospectus. As to each Subadviser's performance with respect to the applicable Fund or portion of such Fund, the Board made the observations and considered the factors noted below, among others:

**Large Company Growth Portfolio** 

&nbsp;&nbsp;&nbsp;&nbsp;• **AllianceBernstein**.
 With the exception of the quarter-to-date period ended June 30, 2025, the Subadviser underperformed the Fund and the Subadviser's
 benchmark index, the Russell 1000 Growth Index, for all periods reviewed. Longer-term performance was not considered because the Subadviser
 began managing its portion of the Fund in December 2021. The Board noted the information provided regarding the Subadviser's
 portfolio management processes. The Board also considered the Adviser's assessment of the nature, extent and quality of services
 provided by the Subadviser, including the Adviser's statement that it is satisfied with the level of services provided, but would
 continue to monitor the Subadviser's performance.

&nbsp;&nbsp;&nbsp;&nbsp;• **Fred Alger**.
 The Subadviser outperformed the Fund and the Subadviser's benchmark index, the Russell 1000 Growth Index, for all periods reviewed.
 Longer-term performance was not considered because the Subadviser began managing its portion of the Fund in March 2020. The Board
 noted the information provided regarding the Subadviser's portfolio management processes. The Board also considered the Adviser's
 assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser's statement that it is
 satisfied with the level of services provided.

&nbsp;&nbsp;&nbsp;&nbsp;• **LA Capital**.
 With the exception of the quarter-to-date and one-year periods ended June 30, 2025, the Subadviser outperformed the Fund and the
 Subadviser's benchmark index, the Russell 1000 Growth Index, for all periods reviewed. The Board also considered the Adviser's
 assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser's statement that it is
 satisfied with the level of services provided, but would continue to monitor the Subadviser's recent underperformance.

&nbsp;&nbsp;&nbsp;&nbsp;• **Voya**.
 The Subadviser outperformed the Subadviser's benchmark index, the ICE BofA US Dollar 3-Month Deposit Bid Rate Constant Maturity
 (USD), for all periods reviewed. Longer-term performance was not considered because the Subadviser began managing its portion of the Fund
 in

196<br>

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

**Wilshire Mutual Funds, Inc.** 

**Board Approval of Subadvisory Agreements(Continued)** 

August 2020. The Board noted the information provided regarding the Subadviser's portfolio management processes. The Board also considered the Adviser's assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser's statement that it is satisfied with the level of services provided.

**Large Company Value Portfolio** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Hotchkis & Wiley**. With the exception of the three-year period ended June 30, 2025, the Subadviser underperformed the Fund and the Subadviser's
 benchmark index, the Russell 1000 Value Index, for all periods reviewed. Longer-term performance was not considered because the Subadviser
 began managing its portion of the Fund in December 2021. The Board noted the information provided regarding the Subadviser's
 portfolio management processes. The Board also considered the Adviser's assessment of the nature, extent and quality of services
 provided by the Subadviser, including the Adviser's statement that it is satisfied with the level of services provided, but will
 continue to monitor the Subadviser's recent underperformance.

&nbsp;&nbsp;&nbsp;&nbsp;• **LA Capital**.
 The Subadviser outperformed the Fund and the Subadviser's benchmark index, the Russell 1000 Value Index, for all periods reviewed.
 The Board noted the information provided regarding the Subadviser's portfolio management processes. The Board also considered the
 Adviser's assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser's statement
 that it is satisfied with the level of services provided.

&nbsp;&nbsp;&nbsp;&nbsp;• **MFS**.
 Although the Subadviser underperformed the Subadviser's benchmark index, the Russell 1000 Index, for all periods reviewed with the
 exception of the year-to-date period ended June 30, 2025, the Subadviser outperformed the Fund's benchmark index, the Russell
 1000 Value Index, for all periods reviewed with the exception of the one-year period ended June 30, 2025. Longer-term performance
 was not considered because the Subadviser began managing its portion of the Fund in January 2021. The Board noted the information
 provided regarding the Subadviser's portfolio management processes. The Board also considered the Adviser's assessment of
 the nature, extent and quality of services provided by the Subadviser, including the Adviser's statement that it is satisfied with
 the level of services provided, but will continue to monitor the Subadviser's performance.

&nbsp;&nbsp;&nbsp;&nbsp;• **Voya**.
 The Subadviser outperformed the Subadviser's benchmark index, the ICE BofA US Dollar 3-Month Deposit Bid Rate Constant Maturity
 (USD), for all periods reviewed. Longer-term performance was not considered because the Subadviser began managing its portion of the Fund
 in August 2020. The Board noted the information provided regarding the Subadviser's portfolio management processes. The Board
 also considered the Adviser's assessment of the nature, extent and quality of services provided by the Subadviser, including the
 Adviser's statement that it is satisfied with the level of services provided.

**Small Company Growth Portfolio** 

&nbsp;&nbsp;&nbsp;&nbsp;• **LA Capital**.
 The Subadviser outperformed the Fund and the Subadviser's benchmark index, the Russell 2000 Growth Index, for all periods reviewed
 with the exception of the quarter-to-date period ended June 30, 2025. The Board noted the information provided regarding the Subadviser's
 investment program for its portion of the Fund. The Board also considered the Adviser's assessment of the nature, extent and quality
 of services provided by the Subadviser, including the Adviser's statement that it is satisfied with the level of services provided
 by the Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;• **Ranger**.
 With the exception of the ten-year period ended June 30, 2025, the Subadviser underperformed the Fund and the Subadviser's
 benchmark index, the Russell 2000 Growth Index, for all periods reviewed. The Board noted the information provided regarding the Subadviser's
 investment program for its portion of the Fund. The Board also considered the Adviser's assessment of the nature, extent and quality
 of services provided by the Subadviser, including the Adviser's statement that it is satisfied with the level of services provided
 by the Subadviser, but will continue to monitor the Subadviser's performance.

197<br>

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

**Wilshire Mutual Funds, Inc.** 

**Board Approval of Subadvisory Agreements(Continued)** 

**Small Company Value Portfolio** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Diamond Hill**.
 The Subadviser outperformed the Fund and the Subadviser's benchmark index, the Russell 2000 Value Index, for all periods reviewed.
 Longer-term performance was not considered because the Subadviser began managing its portion of the Fund in December 2019. The Board
 noted the information provided regarding the Subadviser's portfolio management processes. The Board also considered the Adviser's
 assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser's statement that it is
 satisfied with the level of services provided.

&nbsp;&nbsp;&nbsp;&nbsp;• **Hotchkis & Wiley**. With the exception of the three-year period ended June 30, 2025, the Subadviser underperformed the Fund and the Subadviser's
 benchmark index, for all periods reviewed. Longer-term performance was not considered because the Subadviser began managing its portion
 of the Fund in December 2019. The Board noted the information provided regarding the Subadviser's portfolio management processes.
 The Board also considered the Adviser's assessment of the nature, extent and quality of services provided by the Subadviser, including
 the Adviser's statement that it is satisfied with the level of services provided, but will continue to monitor the Subadviser's
 performance.

&nbsp;&nbsp;&nbsp;&nbsp;• **LA Capital**.
 The Subadviser outperformed the Fund and the Subadviser's benchmark index, the Russell 2000 Value Index, for all periods reviewed.
 The Board noted the information provided regarding the Subadviser's investment program for its portion of the Fund. The Board also
 considered the Adviser's assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser's
 statement that it is satisfied with the level of services provided by the Subadviser.

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

&nbsp;&nbsp;&nbsp;&nbsp;• **LA Capital**.
 The Subadviser underperformed the Tracking Index for all periods reviewed. The Board noted that the Fund's investment objective
 is to replicate as closely as possible the performance of the Tracking Index before the deduction of the Fund's expenses. The Subadviser
 seeks to track the performance of the Tracking Index by partially replicating the holdings of the Index, as well as optimizing the portfolio's
 exposures to certain factors. In this regard, the Board considered the Adviser's assessment of the nature, extent and quality of
 services provided by the Subadviser, including the Adviser's statement that the Subadviser's performance is in line with expectations.
 The Board also took into account the fact that the Adviser is satisfied with the level of services provided by the Subadviser to the Fund,
 but will continue to monitor the Subadviser's performance.

**Wilshire Income Opportunities Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;• **DoubleLine**.
 The Subadviser outperformed the Subadviser's custom blended benchmark,<sup>1</sup> the Fund's benchmark index, the Bloomberg
 U.S. Universal Index, and the Fund's secondary custom blended benchmark<sup>2</sup> for all periods reviewed with the exception
 of the quarter-to-date period ended June 30, 2025 for the Fund's secondary custom blended benchmark. The Board did not consider
 ten-year performance because the Subadviser began managing its portion of the Fund in April 2016. The Board noted the information
 provided regarding the Subadviser's investment program for its portion of the Fund. The Board also considered the Adviser's
 assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser's statement that it is
 satisfied with the level of services provided by the Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;• **Manulife**.
 The Subadviser outperformed the Subadviser's benchmark index, the Bloomberg Global Multiverse Index (Hedged), the Fund's benchmark
 index, the Bloomberg U.S. Universal Index, and the Fund's secondary custom blended benchmark index for all periods reviewed. Longer-term
 performance was not considered because the Subadviser began managing its portion of the Fund in June 2018. The

<sup>1</sup> DoubleLine's custom blended benchmark was calculated by the Adviser and consists of 70% Bloomberg US Aggregate Bond Index, 15% S&P/LSTA Leveraged Loan Index and 15% Bloomberg Emerging Markets USD Aggregate Bond Index (Unhedged). 

<sup>2</sup> The Wilshire Income Opportunities Fund's custom blended benchmark was calculated by the Adviser and consists of 70% Bloomberg U.S. Universal Index, 10% Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index, 10% S&P/LSTA Leveraged Loan Index, and 10% Bloomberg Emerging Markets USD Aggregate Bond Index. 

198<br>

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

**Wilshire Mutual Funds, Inc.** 

**Board Approval of Subadvisory Agreements(Continued)** 

Board noted the information provided regarding the Subadviser's investment program for its portion of the Fund. The Board also considered the Adviser's assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser's statement that it is satisfied with the level of services provided by the Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;• **Voya**.
 The Subadviser outperformed the Subadviser's custom blended benchmark<sup>3</sup> index and the Fund's secondary custom blended
 benchmark for the quarter-to-date, year-to-date and one-year period ended June 30, 2025 and outperformed the Fund's benchmark
 index, the Bloomberg U.S. Universal Index, for all periods reviewed. Longer-term performance was not considered because the Subadviser
 began managing its portion of the Fund in June 2018. The Board noted the information provided regarding the Subadviser's investment
 program for its portion of the Fund. The Board also considered the Adviser's assessment of the nature, extent and quality of services
 provided by the Subadviser, including the Adviser's statement that it is satisfied with the level of services provided by the Subadviser.

**Wilshire International Equity Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Lazard**.
 The Subadviser outperformed the Subadviser's benchmark index, the MSCI ACWI ex USA Small Cap Index (Net), and the Fund's benchmark
 index, the MSCI ACWI ex USA Investable Market Index (Net), for all periods reviewed. Longer-term performance was not considered because
 the Subadviser began managing its portion of the Fund in June 2019. The Board noted the information provided regarding the Subadviser's
 investment program for its portion of the Fund. The Board also considered the Adviser's assessment of the nature, extent and quality
 of services provided by the Subadviser, including the Adviser's statement that it is satisfied with the level of services provided
 by the Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;• **LA Capital**.
 The Subadviser outperformed the Subadviser's benchmark index, the MSCI ACWI ex USA Index (Net), and the Fund's benchmark index,
 the MSCI ACWI ex USA Investable Market Index (Net), for all periods reviewed. The Board noted the information provided regarding the Subadviser's
 investment program for its portion of the Fund. The Board also considered the Adviser's assessment of the nature, extent and quality
 of services provided by the Subadviser, including the Adviser's statement that it is satisfied with the level of services provided
 by the Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;• **Pzena**.
 The Subadviser outperformed the Subadviser's benchmark index, the MSCI ACWI ex USA Value Index (Net), and the Fund's benchmark
 index, the MSCI ACWI ex USA Investable Market Index (Net), for the year-to-date, one-year, three-year and five-year periods ended June 30,
 2025. Longer-term performance was not considered because the Subadviser began managing its portion of the Fund in June 2018. The
 Board noted the information provided regarding the Subadviser's investment program for its portion of the Fund. The Board also considered
 the Adviser's assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser's
 statement that it is satisfied with the level of services provided by the Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;• **Voya**.
 The Subadviser outperformed the Subadviser's benchmark index, the ICE BofA US Dollar 3-Month Deposit Bid Rate Constant Maturity
 (USD), for all periods reviewed. Longer-term performance was not considered because the Subadviser began managing its portion of the Fund
 in August 2020. The Board noted the information provided regarding the Subadviser's investment program for its portion of the
 Fund. The Board also considered the Adviser's assessment of the nature, extent and quality of services provided by the Subadviser,
 including the Adviser's statement that it is satisfied with the level of services provided by the Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;• **WCM**.
 The Subadviser outperformed the Subadviser's benchmark index, the MSCI ACWI ex USA Growth Index (Net), and the Fund's benchmark
 index, the MSCI ACWI ex USA Investable Market Index (Net), for all periods reviewed. The Board noted the information provided regarding
 the

<sup>3</sup> Voya's custom blended benchmark was calculated by the Adviser and consists of 60% Bloomberg U.S. Universal Index, 20% Bloomberg US Corporate High Yield 2% Issuer Capped Bond Index and 20% S&P/LSTA Leveraged Loan Index. 

199<br>

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

**Wilshire Mutual Funds, Inc.** 

**Board Approval of Subadvisory Agreements(Continued)** 

Subadviser's investment program for its portion of the Fund. The Board also considered the Adviser's assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser's statement that it is satisfied with the level of services provided by the Subadviser.

With respect to each Subadviser's resources and the ability of the Subadviser to carry out its responsibilities under the applicable Subadvisory Agreement, the Board considered the information provided regarding the Subadviser's financial condition and available resources.

After reviewing and considering the foregoing and related factors, the Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided, and expected to be provided, by each Subadviser to each Fund pursuant to the applicable Subadvisory Agreement.

<u>Subadvisory Fees</u>

The Board considered each Fund's subadvisory fees. The Board evaluated the competitiveness of the subadvisory fees based upon information supplied by each Subadviser about the fees charged to other clients and information provided by the Adviser. The Board also considered that the subadvisory fee rates were negotiated at arm's length between the Adviser and each Subadviser, that the Adviser compensates the Subadviser from its fees and that the aggregate advisory fee had been deemed reasonable by the Board.

With respect to the Subadvisers' reported fees for other clients managed in the same investment style as the applicable Fund or portion thereof, in cases in which the fees charged to the Adviser by the Subadviser were higher than those charged to other clients, the Board reviewed the Subadviser's explanation for the difference and determined that the fees charged to the Adviser were competitive.

Based upon all of the above, the Board determined that the subadvisory fees for each Fund were reasonable.

<u>Profitability to the Subadvisers</u>

The Board noted that the Adviser compensates each Subadviser from its own advisory fees and that the fees were negotiated at arm's length between the Adviser and each Subadviser. In addition, the Board noted that the revenues to the Subadvisers were limited due to the current size of the Funds. The Board took these factors into consideration in concluding that the subadvisory fees were reasonable.

<u>Economies of Scale</u>

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

<u>Fall-Out Benefits</u>

The Board also considered the character and amount of other incidental benefits received by each Subadviser. The Board considered each Subadviser's soft dollar practices, as applicable. The Board concluded that, taking into account the benefits arising from these practices, the fees charged under each Subadvisory Agreement were reasonable.

<u>Conclusion</u>

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

200<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>**

This is included as part of the report to shareholders filed under Item 7 of this Form.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

This is included as part of the report to shareholders filed under Item 7 of this Form.

**<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 trustees.

**<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.* Filed herewith](wwmf-efp22306_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)).* Filed herewith.](wwmf-efp22306_ex99cert.htm)

&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 and ETFs. For Closed end funds: There was no change in the registrant's independent public accountant for the period covered
 by this report.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](wwmf-efp22306_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, Inc.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Jason A. Schwarz |
|  | Jason A. Schwarz,<br> President and Principal Executive Officer |

---

Date <u>3/6/2026 </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<br> President and Principal Executive Officer |

---

Date <u>3/6/2026 </u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Michael Wauters |
|  | Michael Wauters<br>Treasurer, Principal Financial Officer, and Principal Accounting Officer |

---

Date <u>3/6/2026 </u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Codeeth

**EX.99.CODE ETH**

**WILSHIRE MUTUAL FUNDS, INC.**

**WILSHIRE VARIABLE INSURANCE TRUST**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

This code of ethics (this "Code") for the Wilshire Mutual Funds, Inc. (the "Company") and Wilshire Variable Insurance Trust (the "Trust" and with the Company, the "Funds") applies to the Funds' Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling
 of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure
 in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC")
 and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code
 to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview**. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (the "1940 Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The Funds' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, contractual and other relationships between the Funds and Wilshire Advisors LLC, the Funds' investment adviser (the "Adviser"), of which the Covered

Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Funds. The participation of the Covered Officers in such activities is inherent in the relationships between the Funds and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the 1940 Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships
 improperly to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally
 to the detriment of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Funds to take action, or fail to take action,
 for the individual personal benefit of the Covered Officer rather than the benefit of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions
 made or contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect
 of such transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any
 employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith.

There are some conflict of interest situations that should always be approved by the Funds' Audit Committee, if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private
 company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with
 which the Funds have current or prospective business dealings unless such entertainment is business-related, reasonable in cost,
 appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment
 relationship with, any of the Funds' service providers, other than the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions,
 transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming

shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should familiarize himself or herself
 with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should not knowingly misrepresent,
 or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Funds'
 Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should, to the extent appropriate
 within his or her area of responsibility, consult with other officers and employees of the Funds and the Adviser with the goal of
 promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit
 to, the SEC and in other public communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is the responsibility of each Covered Officer to promote
 compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable,
 upon becoming a Covered Officer), affirm in writing to the Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board that he or she has
 complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Funds' Audit Committee promptly if he
 or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Funds' Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, the Audit Committee may consult with the Funds' counsel in applying and interpreting this Code.

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Funds' Audit Committee will take all appropriate
 action to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Audit Committee believes
 that no violation has occurred, the Audit Committee is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Audit Committee believes that a violation has
 occurred, the Audit Committee will inform the Board, which will consider appropriate action, which may include:

review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser or the Adviser's board; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Audit Committee will be responsible for granting waivers,
 as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent
 required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Adviser, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' code of ethics under Rule 17j-1 under the 1940 Act is a separate requirement applying to the Covered Officers and others, and is not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the independent Board members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board, counsel to the Funds and the independent Board members, the Funds and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.

Adopted by Wilshire Mutual Funds, Inc.: August 22, 2008, as amended December 4, 2009, December 3, 2010, October 22, 2012, and August 23, 2021.

Adopted by Wilshire Variable Insurance Trust: August 7, 2003, as amended October 4, 2004, February 25, 2005, August 5, 2005, August 22, 2008, December 4, 2009, December 3, 2010, October 22, 2012 and August 23, 2021.

**EXHIBIT A**

<u>Persons Covered by this Code of Ethics</u>

Jason A. Schwarz, President Michael Wauters, Treasurer

**Affirmation to the Board**

I am a Covered Officer under the Wilshire Mutual Funds, Inc. and Wilshire Variable Insurance Trust Code of Ethics for Principal Executive and Senior Financial Officers (the "Code"). I affirm that I have received, read and understand the Code.

Date: <u>3/6/2026 </u>

---

| | |
|:---|:---|
|  | /s/ Jason A. Schwarz |
| Name: | Jason A. Schwarz |
| Title: | President and Principal Executive Officer |

---

## 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: | 3/6/2026 | /s/ Jason A. Schwarz |
|  |  | Jason A. Schwarz |
|  |  | 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: | 3/6/2026 | /s/ Michael Wauters |
|  |  | Michael Wauters |
|  |  | Treasurer, Principal Financial Officer, and Principal Accounting Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

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 December 31, 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 Officer | Treasurer, Principal Financial Officer, and Principal Accounting Officer |

---

Date: <u>3/6/2026 </u> Date: <u>3/6/2026 </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.