# EDGAR Filing Document

**Accession Number:** 0000890453
**File Stem:** 0001398344-23-005946
**Filing Date:** 2023-3
**Character Count:** 1081369
**Document Hash:** 51eef322acf07b220246223a0333ede0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-005946.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001398344-23-005946

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 375

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WILSHIRE MUTUAL FUNDS INC
- **CENTRAL INDEX KEY:** 0000890453
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07076
- **FILM NUMBER:** 23722026

**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           |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> 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 700</u>**

**<u>Santa Monica, CA 90401-1085</u>**<br> (Address of principal executive offices) (Zip code)

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

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

**<u>1299 Ocean Avenue, Suite 700</u>**

**<u>Santa Monica, CA 90401-1085</u>**<br> (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, 2022</u>**

Date of reporting period: **<u>December 31, 2022</u>**

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

---

| |
|:---|
| ![](fp0081225-2_i.jpg) <br>**Wilshire Mutual Funds, Inc.** |
| **ANNUAL REPORT** <br>Large Company Growth Portfolio <br>Large Company Value Portfolio <br>Small Company Growth Portfolio <br>Small Company Value Portfolio <br>Wilshire 5000 Index<sup>sm</sup> Fund <br>Wilshire International Equity Fund <br>Wilshire Income Opportunities Fund |
| ***December 31, 2022*** <br>http://advisor.wilshire.com |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Table of Contents** | ![](fp0081225-2_ii.jpg) |

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| | |
|:---|:---|
| Letter to Shareholders  | 1 |
| Commentary: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Company Growth Portfolio  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Company Value Portfolio  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Company Growth Portfolio  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Company Value Portfolio  | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilshire 5000 Index<sup>SM</sup> Fund  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilshire International Equity Fund  | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilshire Income Opportunities Fund  | 38 |
| Disclosure of Fund Expenses  | 44 |
| Schedules of Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Company Growth Portfolio  | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Company Value Portfolio  | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Company Growth Portfolio  | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Company Value Portfolio  | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilshire 5000 Index<sup>SM</sup> Fund  | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilshire International Equity Fund  | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilshire Income Opportunities Fund  | 160 |
| Statements of Assets and Liabilities  | 239 |
| Statements of Operations  | 245 |
| Statements of Changes in Net Assets  | 251 |
| Financial Highlights: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Company Growth Portfolio  | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Company Value Portfolio  | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Company Growth Portfolio  | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Company Value Portfolio  | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilshire 5000 Index<sup>SM</sup> Fund  | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilshire International Equity Fund  | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilshire Income Opportunities Fund  | 267 |
| Notes to Financial Statements  | 269 |
| Report of Independent Registered Public Accounting Firm  | 314 |
| Additional Fund Information  | 316 |
| Tax Information  | 320 |
| Board Approval of Advisory Agreement  | 322 |
| Board Approval of Subadvisory Agreements  | 331 |

---

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

Wilshire Mutual Funds, Inc. are distributed by Compass Distributors, LLC.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Letter to Shareholders (Unaudited)** | ![](fp0081225-2_1.jpg) |

---

Dear Wilshire Mutual Fund Shareholder:

We are pleased to present this annual report to all shareholders of the Wilshire Mutual Funds (the "Portfolios"). This report covers the period from January 1, 2022 to December 31, 2022, for all share classes of the Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index<sup>SM</sup> Fund, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund.

**Market Environment** 

As the war in Ukraine makes its way towards its one-year anniversary, the possibility of meaningful negotiations remains slim despite both sides saying they are open to peace negotiations. While the U.S. and European countries continues their supports of Ukraine, Russia continue to increase its military effort in Eastern Ukraine with Iran's recent aid in hopes to fully capture regions that Russia recently annexed illegally. Russia's invasion continues to impact global food and energy prices, though an unusually warm winter in Europe has substantially reduced the cost of energy price caps and created more comfort that Europe can also navigate next winter without experiencing meaningful natural gas shortages. This improved energy clarity helps remove one major macro uncertainty heading into 2023.

Inflation within the U.S. has moderated to 7.1% at the end of November 2022, dipping from a 9.1% peak in June. Growth and recession concerns continue to be in the spotlight. In addition to December's 50 basis points increase in the Fed Funds rate, the Federal Reserve (the "Fed") also signaled that it is prepared to raise the rate to 5.0% by the end of 2023 and this commitment to increase rates and subdue inflation created some stress for equity and fixed income markets during December. Overall, the trend for inflation is positive and inflation is expected to fall meaningfully during 2023. The biggest question is if inflation falls fast enough, and far enough, for the Fed to avoid tightening monetary policy too far.

Although not fully reflected in published data yet, it is likely that U.S. housing prices have begun to fall and may continue to fall in the coming months. Mortgage rates are no longer at recent peak levels, but they remain high relative to the last decade and even modestly falling housing prices should help put downward pressure on inflation. Job growth remains solid, which concerns the Fed, since a strong labor market may continue to spur increased wage inflation which would likely prop up consumer spending. As high as wage growth has been over the past 24 months, it has generally been lower than headline inflation, so it remains to be seen if wage growth will remain elevated even as inflation falls.

On the international front, the European Central Bank ("ECB") also raised rates by another 50 basis points. The ECB, taking a similar stance as the Fed and other central banks around the world, also reaffirmed its conviction to raise interest rates in the future. However, recent rate hikes would likely put pressure on the Italian government as its current public debit stood at 145% of the country's Gross Domestic Product, the highest among its European peers. In the equity markets, investors expressed optimism that the inflation and prices pressure are easing, leading to a double-digit gain in the Europe, Australasia and the Far East regions as of the quarter end.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Letter to Shareholders (Unaudited) - (Continued)** | ![](fp0081225-2_2.jpg) |

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The aggressive action to combat unacceptably high inflation is the story of 2022 with uncertainty around Fed policy poised to drive market volatility in 2023. The Fed raised rates 4.25%, with increases becoming more dramatic in May. This marks the largest 12-month increase since 1981 (also a period of inflation near or above double-digits). Unsurprisingly, fixed income suffered but so did equities as investors repriced off a higher risk-free rate. The Fed is currently forecasting a rate 0.75% higher by the end of 2023. The market does not agree – or perhaps doubts the Fed's credibility to continue tightening, with a modest change forecasted for the next year. How this disagreement plays out is likely to be a primary market driver this year.

**Fund Performance Review** 

The Wilshire Large Company Growth Portfolio - Institutional Class returned -31.53%, underperforming the Russell 1000 Growth Index by -2.39%. The Wilshire Large Company Value Portfolio - Institutional Class returned -11.97%, underperforming the Russell 1000 Value Index by -4.43%. The Wilshire Small Company Growth Portfolio - Institutional Class returned -31.42%, underperforming the Russell 2000 Growth Index by -5.06%. The Wilshire Small Company Value Portfolio – Institutional Class returned -10.13%, outperforming the Russell 2000 Value Index by 4.35%. The Wilshire International Equity Fund – Institutional Class returned -18.63%, underperforming the MSCI All Country World ex USA Investable Market Index by -2.05%. The Wilshire Income Opportunities Fund - Institutional Class returned -10.91%, outperforming the Bloomberg US Universal Index by 2.08%. The Wilshire 5000 Index Fund - Institutional Class returned -18.83%, outperforming the FT Wilshire 5000 Total Market Index return of -19.04% by 0.21%.

Despite underperformance of four of the actively managed equities Portfolios, we believe that all of the Portfolios are well-positioned going into 2023 as the market deals with the ongoing pandemic and, macroeconomic and geopolitical issues.

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

Sincerely,<br> ![](fp0081225-2_2a.jpg)

Jason Schwarz<br> President, Wilshire Mutual Funds

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Letter to Shareholders (Unaudited) - (Continued)** | ![](fp0081225-2_3.jpg) |

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DISCLOSURES:

*This report must be preceded or accompanied by a prospectus.*

Opinions expressed are those of the Portfolios and are subject to change, are not guaranteed, and should not be considered a recommendation to buy or sell any security.

Sector allocations are subject to change.

*Past performance does not guarantee future results. The performance data quoted represent past performance and current returns may be lower or higher. Share prices and investment returns fluctuate and an investor's shares may be worth more or less than original cost upon redemption. For periods less than one year, performance is cumulative. For performance data current to the most recent month-end please call 1-866-591-1568.*

Index returns are for illustrative purposes only and do not represent actual Fund performance. Index performance returns do not reflect any management fees, transactions costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

**Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. Investments in smaller companies typically exhibit higher volatility. Investments in derivatives, such as swaps, futures contracts and options contracts and currency transactions expose a Portfolio to risks in addition to and greater than those associated with investing directly in the securities underlying those derivatives and could also result in a loss, which in some cases may be unlimited.**

**Investing involves risk including loss of principal.** This report identifies each Portfolio's investments on December 31, 2022. These holdings are subject to change and risk. Not all investments in each Portfolio performed the same, nor is there any guarantee that these investments will perform as well in the future. Market forecasts provided in this report may not occur.

The MSCI All Country World ex USA Investable Market Index is an equity index which captures large, mid and small cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 26 Emerging Markets countries. With 6,434 constituents, the index covers approximately 99% of the global equity opportunity set outside the US.

The MSCI EAFE Index is an equity index which captures large and mid cap representation across 21 Developed Markets countries\* around the world, excluding the US and Canada. With 825 constituents, the index covers approximately 85% of the free float adjusted market capitalization in each country.

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Letter to Shareholders (Unaudited) - (Continued)** | ![](fp0081225-2_4.jpg) |

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The MSCI Emerging Markets Index is an equity index which captures large and mid-cap representation across 26 Emerging Markets countries. With 1,385 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

The FT Wilshire 5000 Total Market Index is widely accepted as the definitive benchmark for the U.S. equity market, and measures performance of all U.S. equity securities with readily available price data.

The Wilshire US Large-Cap Index is a benchmark of the large-sized (based on capitalization) companies in the U.S. equity market. The Wilshire US Large-Cap Index is a float-adjusted, market capitalization- weighted index of the issues ranked above 750 market capitalization of the Wilshire 5000 Total Market Index.

The Wilshire US Small-Cap Index is a benchmark of the small-sized (based on capitalization) companies in the U.S. equity market. The Wilshire US Small-Cap is a float-adjusted, market capitalization-weighted index of the issues ranked between 750 and 2,500 by market capitalization of the Wilshire 5000 Total Market Index.

The Wilshire US Large-Cap Growth Index is a benchmark of the large-sized growth (based on capitalization) companies in the U.S. equity market. The Wilshire US Large-Cap Growth is a float-adjusted, market capitalization-weighted derivative index of the Wilshire US Large-Cap Index and by extension the Wilshire 5000 Total Market Index.

The Wilshire US Large-Cap Value Index is a benchmark of the large-sized value (based on capitalization) companies in the U.S. equity market. The Wilshire US Large-Cap Value is a float-adjusted, market capitalization-weighted derivative index of the Wilshire US Large-Cap Index and by extension the Wilshire 5000 Total Market Index.

The Bloomberg U.S. Universal Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index.

The Russell 1000<sup>®</sup> Growth Index: Measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 1000 Value Index: Measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 2000<sup>®</sup> Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-value ratios and higher forecasted growth values.

The Russell 2000<sup>®</sup> Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Letter to Shareholders (Unaudited) - (Continued)** | ![](fp0081225-2_5.jpg) |

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Mortgaged-Backed Securities are bonds secured by residential and other real estate loans.

Agency Residential Mortgaged-Backed Securities is residential mortgaged-backed securities for which a U.S. government entity guarantees payment of principal and interest to holders of securities.

Commercial Mortgage-Backed Securities are bonds secreted by commercial and multifamily mortgages.

Asset-Backed Securities are financial securities backed by income-generating assets such as loans, leases, credit card balances, or receivables.

A basis point is one hundredth of a percent or equivalently one percent of one percent.

Credit Spread is the difference in yield between a U.S. Treasury bond and another debt security of the same maturity but different credit quality.

Wilshire Mutual Funds, Inc. are distributed by Compass Distributors, LLC.

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Overall Fund Commentary (Unaudited)** | ![](fp0081225-2_6.jpg) |

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The U.S. stock market, represented by the FT Wilshire 5000 Total Market Index<sup>SM</sup>, was down -19.04% for the year. Sector returns for the FT Wilshire 5000 Total Market Index<sup>SM</sup> were mixed for the year. Energy (+62.48%) and Utilities (+1.21%) were the best performing sectors while Communication Services (-40.04%) and Consumer Discretionary (-36.33%) sectors were the largest detractors. For the year, large capitalization stocks underperformed small capitalization stocks with the Wilshire US Large-Cap Index<sup>SM</sup> returning -19.03% versus -18.65% for the Wilshire US Small-Cap Index<sup>SM</sup>. Growth lagged Value equities during the period, with Wilshire US Large-Cap Growth Index<sup>SM</sup> returning -29.54% versus -5.51% for the Wilshire US Large-Cap Value Index<sup>SM</sup>.

Real estate securities were up during the fourth quarter in both the United States and abroad. Commodity results also were positive for the quarter, with crude oil rising modestly by 1.0% to $80.26 per barrel. Oil prices were quite volatile in 2022, with lows approaching $70 and highs at nearly $125, due to tightening supplies with the Ukraine invasion but then falling demand from China. Natural gas prices fell dramatically during the quarter due to relatively mild winter temperatures – despite the destruction done by Winter Storm Elliott. By quarter-end, natural gas was down -33.9%, closing at $4.48 per million BTUs. Gold prices were up 9.8% during the quarter, finishing at approximately $1,826 per troy ounce, as the Federal Reserve continued its hawkish stance toward inflation.

Performance results within international equity markets were negative, with developed outperforming emerging markets. The MSCI EAFE Index was down -14.45% for the year, while the MSCI Emerging Markets Index was down -20.09%. Europe faced similar headwinds as the United States in 2022 – surging inflation and aggressive central bank tightening – but also had to more directly contend with the ongoing war in Ukraine. The labor market remains tight in the Eurozone – including Germany where unemployment has fallen below 3% – and many businesses report that a labor shortage is limiting production. Despite China's zero-COVID policies, including widespread lockdowns, infections continued to surge. Tension among the country's citizens continued to rise and led to protests not seen in decades. In early December, the central government took definitive steps to ease restrictions.

The U.S. Treasury yield curve was up in the short-end (below 3-years) by 50-135 basis points but largely unchanged across the remainder of the curve. The 10-year Treasury yield ended the quarter at 3.88%, up just 5 basis points from September. Credit spreads tightened during the quarter within both investment grade and high yield bonds (down 84 basis points within the speculative market). The Federal Open Market Committee met twice during the quarter, as scheduled, and increased the overnight rate by 0.75% in November and 0.50% in December, targeting a range of 4.25% to 4.50%. The Fed's "dot plot" is messaging that the current intent is for another 75 basis points in increases before the end of 2023. Following the December meeting, Fed Chair Jerome Powell indicated that inflation data during the fourth quarter has been encouraging but that it will take "substantially more evidence" to ensure that modest price increases are sustainable.

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Large Company Growth Portfolio** <br>**Commentary (Unaudited)** | ![](fp0081225-2_7.jpg) |

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**INVESTMENT CLASS SHARES** 

***Average Annual Total Returns***

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| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-31.74%* |
| *Five Years Ended 12/31/22*  | *8.02%* |
| *Ten Years Ended 12/31/22*  | *11.16%* |

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 **RUSSELL 1000<sup>®</sup>** **GROWTH INDEX<sup>(1)</sup>**

***Average Annual Total Returns***

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| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-29.14%* |
| *Five Years Ended 12/31/22*  | *10.96%* |
| *Ten Years Ended 12/31/22*  | *14.10%* |

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**COMPARATIVE PERFORMANCE** 

**Comparison of Change in Value of $10,000 Investment in Shares of Large Company Growth Portfolio, Investment Class Shares and the Russell 1000**<sup>®</sup> **Growth Index through 12/31/22.**

![](fp0081225-2_7a.jpg)

*On July 21, 2020, the Large Company Growth Portfolio's investment strategy was changed. Consequently, prior period performance may have been different if the new investment strategy had been in effect during these periods.* 

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

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

*The Portfolio's gross expense ratio per the prospectus dated 4/30/2022 was 1.30% for Investment Class Shares. The Portfolio's net expense ratio per the prospectus dated 4/30/2022 was 1.30% for Investment Class Shares.* 

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Large Company Growth Portfolio** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_8.jpg) |

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*The Advisor has contractually agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.30% of average daily net assets for Investment Class Shares through at least April 30, 2023. The net expense ratio is applicable to shareholders.* 

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Large Company Growth Portfolio** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_9.jpg) |

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**INSTITUTIONAL CLASS SHARES** 

***Average Annual Total Returns***

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| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-31.53%* |
| *Five Years Ended 12/31/22*  | *8.36%* |
| *Ten Years Ended 12/31/22*  | *11.51%* |

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 **RUSSELL 1000<sup>®</sup> GROWTH INDEX<sup>(1)</sup>**

***Average Annual Total Returns***

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| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-29.14%* |
| *Five Years Ended 12/31/22*  | *10.96%* |
| *Ten Years Ended 12/31/22*  | *14.10%* |

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**COMPARATIVE PERFORMANCE** 

**Comparison of Change in Value of $250,000 Investment in Shares of Large Company Growth Portfolio, Institutional Class Shares and the Russell 1000**<sup>®</sup> **Growth Index through 12/31/22.**

![](fp0081225-2_9a.jpg)

*On July 21, 2020, the Large Company Growth Portfolio's investment strategy was changed. Consequently, prior period performance may have been different if the new investment strategy had been in effect during these periods.* 

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

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

*The Portfolio's gross expense ratio per the prospectus dated 4/30/2022 was 0.97% for Institutional Class Shares. The Portfolio's net expense ratio per the prospectus dated 4/30/2022 was 0.97% for Institutional Class Shares.* 

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Large Company Growth Portfolio** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_10.jpg) |

---

*The Advisor has contractually agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.00% for Institutional Class Shares through at least April 30, 2023. The net expense ratio is applicable to shareholders.* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Large Company Growth Portfolio** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_11.jpg) |

---

The U.S. stock market, represented by the FT Wilshire 5000 Total Market Index<sup>SM</sup>, was down -19.04% for the year. Sector returns for the Wilshire 5000 Total Market Index<sup>SM</sup> were mixed for the year. Energy (+62.48%) and Utilities (+1.21%) were the best performing sectors while Communication Services (-40.04%) and Consumer Discretionary (-36.33%) sectors were the largest detractors. For the year, large capitalization stocks underperformed small capitalization stock with the Wilshire US Large-Cap Index<sup>SM</sup> returning -19.03% versus -18.65% for the Wilshire US Small-Cap Index<sup>SM</sup>. Growth lagged Value equities during the period, with Wilshire US Large-Cap Growth Index<sup>SM</sup> returning -29.54% versus -5.51% for the Wilshire US Large-Cap Value Index<sup>SM</sup>.

Real estate securities were up during the fourth quarter in both the United States and abroad. Commodity results also were positive for the quarter, with crude oil rising modestly by 1.0% to $80.26 per barrel. Oil prices were quite volatile in 2022, with lows approaching $70 and highs at nearly $125, due to tightening supplies with the Ukraine invasion but then falling demand from China. Natural gas prices fell dramatically during the quarter due to relatively mild winter temperatures – despite the destruction done by Winter Storm Elliott. By quarter-end, natural gas was down -33.9%, closing at $4.48 per million BTUs. Gold prices were up 9.8% during the quarter, finishing at approximately $1,826 per troy ounce, as the Federal Reserve continued its hawkish stance toward inflation.

The Wilshire Large Company Growth Portfolio - Institutional Class returned -31.53% in 2022 underperforming the Russell 1000 Growth Index return of -29.14% by -2.39%. Stock selection within Information Technology was a significant detractor. Underweight exposure to Consumer Staples also weighed on relative performance. Conversely, overweight exposure to Health Care and stock selection within Communication Service aided results.

The Wilshire Large Company Growth Portfolio also uses derivatives for benchmark exposure. Collateral is invested in short term fixed income instruments to cover the costs of the swap. In 2022, returns on these fixed-income investments underperformed the cost of the swap and detracted from the Portfolio's relative performance.

Despite recent relative underperformance, we believe the Portfolio is well-positioned going into 2023 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Large Company Growth Portfolio** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_12.jpg) |

---

**PORTFOLIO SECTOR WEIGHTING<sup>†</sup>**

(As of December 31, 2022)

![](fp0081225-2_12a.jpg)

---

| | |
|:---|:---|
| <sup>*†*</sup> | *Based on the percent of Portfolio's total investments in securities at value.*  |

---

Common Stocks are composed of:

---

| | |
|:---|:---|
| Information Technology  | 40.8% |
| Health Care  | 21.0% |
| Consumer Discretionary  | 12.8% |
| Industrials  | 7.0% |
| Consumer Staples  | 5.6% |
| Communication Services  | 5.5% |
| Financials  | 3.4% |
| Energy  | 2.2% |
| Materials  | 0.7% |
| Utilities  | 0.6% |
| Real Estate  | 0.4% |

---

*The industry classifications represented in the Portfolio Sector Weightings and Schedules of Investments are in accordance with Global Industry Classification Standards (GICS*<sup>*®*</sup>*), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's LLC.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Large Company Value Portfolio** <br>**Commentary (Unaudited)** | ![](fp0081225-2_13.jpg) |

---

**INVESTMENT CLASS SHARES** 

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-11.46%* |
| *Five Years Ended 12/31/22*  | *3.82%* |
| *Ten Years Ended 12/31/22*  | *8.65%* |

---

**RUSSELL 1000<sup>®</sup>** **VALUE INDEX<sup>(1)</sup>**

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-7.54%* |
| *Five Years Ended 12/31/22*  | *6.67%* |
| *Ten Years Ended 12/31/22*  | *10.29%* |

---

**COMPARATIVE PERFORMANCE** 

**Comparison of Change in Value of $10,000 Investment in Shares of Large Company Value Portfolio, Investment Class Shares and the Russell 1000**<sup>®</sup> **Value Index through 12/31/22.**

![](fp0081225-2_13a.jpg)

*On July 21, 2020, the Large Company Value Portfolio's investment strategy was changed. Consequently, prior period performance may have been different if the new investment strategy had been in effect during these periods.* 

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

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

*The Portfolio's gross expense ratio per the prospectus dated 4/30/2022, supplemented on 8/30/2022, was 1.32% for Investment Class Shares. The Portfolio's net expense ratio per the prospectus dated 4/30/2022, supplemented on 8/30/2022, was 1.30% for Investment Class Shares.* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Large Company Value Portfolio** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_14.jpg) |

---

*The Advisor has contractually agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.30% of average daily net assets for Investment Class Shares through at least April 30, 2023. The net expense ratio is applicable to shareholders.* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Large Company Value Portfolio** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_15.jpg) |

---

**INSTITUTIONAL CLASS SHARES** 

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-11.97%* |
| *Five Years Ended 12/31/22*  | *4.11%* |
| *Ten Years Ended 12/31/22*  | *8.92%* |

---

**RUSSELL 1000<sup>®</sup> GROWTH INDEX<sup>(1)</sup>**

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-7.54%* |
| *Five Years Ended 12/31/22*  | *6.67%* |
| *Ten Years Ended 12/31/22*  | *10.29%* |

---

**COMPARATIVE PERFORMANCE** 

**Comparison of Change in Value of $250,000 Investment in Shares of Large Company Value Portfolio, Institutional Class Shares and the Russell 1000**<sup>®</sup> **Value Index through 12/31/22.**

![](fp0081225-2_15a.jpg)

*On July 21, 2020, the Large Company Value Portfolio's investment strategy was changed. Consequently, prior period performance may have been different if the new investment strategy had been in effect during these periods.* 

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

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

*The Portfolio's gross expense ratio per the prospectus dated 4/30/2022, supplemented on 8/30/2022, was 0.99% for Institutional Class Shares. The Portfolio's net expense ratio per the prospectus dated 4/30/2022, supplemented on 8/30/2022, was 0.99% for Institutional Class Shares.* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Large Company Value Portfolio** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_16.jpg) |

---

*The Advisor has contractually agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.00% for Institutional Class Shares through at least April 30, 2023. The net expense ratio is applicable to shareholders.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Large Company Value Portfolio** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_17.jpg) |

---

The U.S. stock market, represented by the FT Wilshire 5000 Total Market Index<sup>SM</sup>, was down -19.04% for the year. Sector returns for the Wilshire 5000 Total Market Index<sup>SM</sup> were mixed for the year. Energy (+62.48%) and Utilities (+1.21%) were the best performing sectors while Communication Services (-40.04%) and Consumer Discretionary (-36.33%) sectors were the largest detractors. For the year, large capitalization stocks underperformed small capitalization stock with the Wilshire US Large-Cap Index<sup>SM</sup> returning -19.03% versus -18.65% for the Wilshire US Small-Cap Index<sup>SM</sup>. Growth lagged Value equities during the period, with Wilshire US Large-Cap Growth Index<sup>SM</sup> returning -29.54% versus -5.51% for the Wilshire US Large-Cap Value Index<sup>SM</sup>.

Real estate securities were up during the fourth quarter in both the United States and abroad. Commodity results also were positive for the quarter, with crude oil rising modestly by 1.0% to $80.26 per barrel. Oil prices were quite volatile in 2022, with lows approaching $70 and highs at nearly $125, due to tightening supplies with the Ukraine invasion but then falling demand from China. Natural gas prices fell dramatically during the quarter due to relatively mild winter temperatures – despite the destruction done by Winter Storm Elliott. By quarter-end, natural gas was down -33.9%, closing at $4.48 per million BTUs. Gold prices were up 9.8% during the quarter, finishing at approximately $1,826 per troy ounce, as the Federal Reserve continued its hawkish stance toward inflation.

The Wilshire Large Company Value Portfolio - Institutional Class returned -11.97% in 2022 underperforming the Russell 1000 Value Index return of -7.54% by -4.43%. Overweight exposure to Health Care was by far the top detractor from relative performance. Stock selection within Industrials and Consumer Staples also detracted from Portfolio's results. Conversely, stock selection within Financials and overweight exposure to Energy aided results.

The Wilshire Large Company Value Portfolio also uses derivatives for benchmark exposure. Collateral is invested in short-term fixed income instruments to cover the costs of the swap. In 2022, returns on these fixed-income investments underperformed the cost of the swap and detracted from the Portfolio's relative performance.

Despite recent relative underperformance, we believe the Portfolio is well-positioned going into 2023 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Large Company Value Portfolio** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_18.jpg) |

---

**PORTFOLIO SECTOR WEIGHTING<sup>†</sup>**

(As of December 31, 2022)

![](fp0081225-2_18a.jpg)

---

| | |
|:---|:---|
| <sup>*†*</sup> | *Based on the percent of Portfolio's total investments in securities at value.*  |

---

Common Stocks are composed of:

---

| | |
|:---|:---|
| Financials  | 21.1% |
| Information Technology  | 17.8% |
| Industrials  | 14.9% |
| Health Care  | 12.2% |
| Energy  | 8.9% |
| Consumer Staples  | 6.7% |
| Communication Services  | 5.2% |
| Consumer Discretionary  | 5.0% |
| Materials  | 4.4% |
| Utilities  | 2.1% |
| Real Estate  | 1.7% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Small Company Growth Portfolio** <br>**Commentary (Unaudited)** | ![](fp0081225-2_19.jpg) |

---

**INVESTMENT CLASS SHARES** 

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-31.59%* |
| *Five Years Ended 12/31/22*  | *3.18%* |
| *Ten Years Ended 12/31/22*  | *9.12%* |

---

**RUSSELL 2000<sup>®</sup>** **GROWTH INDEX<sup>(1)</sup>**

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-26.36%* |
| *Five Years Ended 12/31/22*  | *3.51%* |
| *Ten Years Ended 12/31/22*  | *9.20%* |

---

**COMPARATIVE PERFORMANCE** 

**Comparison of Change in Value of $10,000 Investment in Shares of Small Company Growth Portfolio, Investment Class Shares and the Russell 2000**<sup>®</sup> **Growth Index through 12/31/22.**

![](fp0081225-2_19a.jpg)

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

<sup>*(1)*</sup> *The Russell 2000*<sup>*®*</sup> *Growth Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with higher price-to-book ratios and higher forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index.*

*The Portfolio's gross expense ratio per the prospectus dated 4/30/2022 was 1.63% for Investment Class Shares. The Portfolio's net expense ratio per the prospectus dated 4/30/2022 was 1.35% for Investment Class Shares.* 

*The Advisor has contractually agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.35% of average daily net assets for Investment Class Shares through at least April 30, 2023. The net expense ratio is applicable to shareholders.* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Small Company Growth Portfolio** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_20.jpg) |

---

**INSTITUTIONAL CLASS SHARES** 

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-31.42%* |
| *Five Years Ended 12/31/22*  | *3.44%* |
| *Ten Years Ended 12/31/22*  | *9.40%* |

---

**RUSSELL 2000<sup>®</sup>** **GROWTH INDEX<sup>(1)</sup>**

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-26.36%* |
| *Five Years Ended 12/31/22*  | *3.51%* |
| *Ten Years Ended 12/31/22*  | *9.20%* |

---

**COMPARATIVE PERFORMANCE** 

**Comparison of Change in Value of $250,000 Investment in Shares of Small Company Growth Portfolio, Institutional Class Shares and the Russell 2000**<sup>®</sup> **Growth Index through 12/31/22.**![](fp0081225-2_20a.jpg)

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

<sup>*(1)*</sup> *The Russell 2000*<sup>*®*</sup> *Growth Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with higher price-to-book ratios and higher forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index.*

*The Portfolio's gross expense ratio per the prospectus dated 4/30/2022 was 1.38% for Institutional Class Shares. The Portfolio's net expense ratio per the prospectus dated 4/30/2022 was 1.10% for Institutional Class Shares.* 

*The Advisor has contractually agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.10% for Institutional Class Shares through at least April 30, 2023. The net expense ratio is applicable to shareholders.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Small Company Growth Portfolio** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_21.jpg) |

---

The U.S. stock market, represented by the FT Wilshire 5000 Total Market Index<sup>SM</sup>, was down -19.04% for the year. Sector returns for the Wilshire 5000 Total Market Index<sup>SM</sup> were mixed for the year. Energy (+62.48%) and Utilities (+1.21%) were the best performing sectors while Communication Services (-40.04%) and Consumer Discretionary (-36.33%) sectors were the largest detractors. For the year, large capitalization stocks underperformed small capitalization stock with the Wilshire US Large-Cap Index<sup>SM</sup> returning -19.03% versus -18.65% for the Wilshire US Small-Cap IndexSM. Growth lagged Value equities during the period, with Wilshire US Large-Cap Growth Index<sup>SM</sup> returning -29.54% versus -5.51% for the Wilshire US Large-Cap Value Index<sup>SM</sup>.

Real estate securities were up during the fourth quarter in both the United States and abroad. Commodity results also were positive for the quarter, with crude oil rising modestly by 1.0% to $80.26 per barrel. Oil prices were quite volatile in 2022, with lows approaching $70 and highs at nearly $125, due to tightening supplies with the Ukraine invasion but then falling demand from China. Natural gas prices fell dramatically during the quarter due to relatively mild winter temperatures – despite the destruction done by Winter Storm Elliott. By quarter-end, natural gas was down -33.9%, closing at $4.48 per million BTUs. Gold prices were up 9.8% during the quarter, finishing at approximately $1,826 per troy ounce, as the Federal Reserve continued its hawkish stance toward inflation.

The Wilshire Small Company Growth Portfolio - Institutional Class returned -31.42% in 2022, underperforming the Russell 2000 Growth Index return of -26.36% by -5.06%. Stock selection within Healthcare was by far the top detractor of relative performance. Slight underweight exposure to Energy weighed on the Portfolio's results. Conversely, stock selection within Consumer Staples and underweight exposure to Communication Services and Consumer Discretionary mitigated underperformance.

Despite recent relative underperformance, we believe the Portfolio is well-positioned going into 2023 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Small Company Growth Portfolio** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_22.jpg) |

---

**PORTFOLIO SECTOR WEIGHTING<sup>†</sup>**

(As of December 31, 2022)

![](fp0081225-2_22a.jpg)

---

| | |
|:---|:---|
| <sup>*†*</sup> | *Based on the percent of Portfolio's total investments in securities at value.*  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Small Company Value Portfolio** <br>**Commentary (Unaudited)** | ![](fp0081225-2_23.jpg) |

---

**INVESTMENT CLASS SHARES** 

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-10.33%* |
| *Five Years Ended 12/31/22*  | *3.84%* |
| *Ten Years Ended 12/31/22*  | *9.17%* |

---

**RUSSELL 2000<sup>®</sup>** **VALUE INDEX<sup>(1)</sup>**

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-14.48%* |
| *Five Years Ended 12/31/22*  | *4.13%* |
| *Ten Years Ended 12/31/22*  | *8.48%* |

---

**COMPARATIVE PERFORMANCE** 

**Comparison of Change in Value of $10,000 Investment in Shares of Small Company Value Portfolio, Investment Class Shares and the Russell 2000**<sup>®</sup> **Value Index through 12/31/22.**

![](fp0081225-2_23a.jpg)

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

<sup>*(1)*</sup> *The Russell 2000*<sup>*®*</sup> *Value Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with lower price-to-book ratios and lower forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index.*

*The Portfolio's gross expense ratio per the prospectus dated 4/30/2022 was 1.75% for Investment Class Shares. The Portfolio's net expense ratio per the prospectus dated 4/30/2022 was 1.35% for Investment Class Shares.* 

*The Advisor has contractually agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.35% of average daily net assets for Investment Class Shares through at least April 30, 2023. The net expense ratio is applicable to shareholders.* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Small Company Value Portfolio** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_24.jpg) |

---

**INSTITUTIONAL CLASS SHARES** 

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-10.13%* |
| *Five Years Ended 12/31/22*  | *4.09%* |
| *Ten Years Ended 12/31/22*  | *9.45%* |

---

**RUSSELL 1000<sup>®</sup> GROWTH INDEX<sup>(1)</sup>**

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-14.48%* |
| *Five Years Ended 12/31/22*  | *4.13%* |
| *Ten Years Ended 12/31/22*  | *8.48%* |

---

**COMPARATIVE PERFORMANCE** 

**Comparison of Change in Value of $250,000 Investment in Shares of Small Company Value Portfolio, Institutional Class Shares and the Russell 2000**<sup>®</sup> **Value Index through 12/31/22.**

![](fp0081225-2_24a.jpg)

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

<sup>*(1)*</sup> *The Russell 2000*<sup>*®*</sup> *Value Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with lower price-to-book ratios and lower forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index.*

*The Portfolio's gross expense ratio per the prospectus dated 4/30/2022 was 1.46% for Institutional Class Shares. The Portfolio's net expense ratio per the prospectus dated 4/30/2022 was 1.10% for Institutional Class Shares.* 

*The Advisor has contractually agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.10% for Institutional Class Shares, respectively, through at least April 30, 2023. The net expense ratio is applicable to shareholders.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Small Company Value Portfolio** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_25.jpg) |

---

The U.S. stock market, represented by the FT Wilshire 5000 Total Market Index<sup>SM</sup>, was down -19.04% for the year. Sector returns for the Wilshire 5000 Total Market Index<sup>SM</sup> were mixed for the year. Energy (+62.48%) and Utilities (+1.21%) were the best performing sectors while Communication Services (-40.04%) and Consumer Discretionary (-36.33%) sectors were the largest detractors. For the year, large capitalization stocks underperformed small capitalization stock with the Wilshire US Large-Cap Index<sup>SM</sup> returning -19.03% versus -18.65% for the Wilshire US Small-Cap Index<sup>SM</sup>. Growth lagged Value equities during the period, with Wilshire US Large-Cap Growth Index<sup>SM</sup> returning -29.54% versus -5.51% for the Wilshire US Large-Cap Value Index<sup>SM</sup>.

Real estate securities were up during the fourth quarter in both the United States and abroad. Commodity results also were positive for the quarter, with crude oil rising modestly by 1.0% to $80.26 per barrel. Oil prices were quite volatile in 2022, with lows approaching $70 and highs at nearly $125, due to tightening supplies with the Ukraine invasion but then falling demand from China. Natural gas prices fell dramatically during the quarter due to relatively mild winter temperatures – despite the destruction done by Winter Storm Elliott. By quarter-end, natural gas was down -33.9%, closing at $4.48 per million BTUs. Gold prices were up 9.8% during the quarter, finishing at approximately $1,826 per troy ounce, as the Federal Reserve continued its hawkish stance toward inflation.

The Wilshire Small Company Value Portfolio - Institutional Class returned -10.13% in 2022 outperforming the Russell 2000 Value Index return of -14.48% by 4.35%. Stock selection within Consumer Staples and Information Technology contributed to relative performance. Underweight exposure to Health Care also aided performance. Conversely, stock selection within Energy and overweight exposure to Consumer Discretionary detracted from performance.

We are pleased with the Portfolio's relative outperformance for the year and believe that the Portfolio is well-positioned going into 2023 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Small Company Value Portfolio** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_26.jpg) |

---

**PORTFOLIO SECTOR WEIGHTING†** 

(As of December 31, 2022)

![](fp0081225-2_26a.jpg)

*†* *Based on percent of the Portfolio's total investments in securities at value.* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Commentary (Unaudited)** | ![](fp0081225-2_27.jpg) |

---

**INVESTMENT CLASS SHARES** 

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-18.98%* |
| *Five Years Ended 12/31/22*  | *8.37%* |
| *Ten Years Ended 12/31/22*  | *11.62%* |

---

**FT WILSHIRE 5000 TOTAL MARKET RETURN INDEX<sup>SM(1)</sup>**

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-19.04%* |
| *Five Years Ended 12/31/22*  | *8.99%* |
| *Ten Years Ended 12/31/22*  | *12.28%* |

---

**COMPARATIVE PERFORMANCE** 

**Comparison of Change in Value of $10,000 Investment in Shares <br> of Wilshire 5000 Index<sup>SM</sup>** **Fund, Investment Class Shares and the <br> FT Wilshire 5000 Total Market Return Index<sup>SM</sup>** **through 12/31/22.**

![](fp0081225-2_27a.jpg)

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

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

*The Index Fund's total expense ratio per the prospectus dated 4/30/2022 was 0.54% for Investment Class Shares.* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_28.jpg) |

---

**INSTITUTIONAL CLASS SHARES** 

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-18.83%* |
| *Five Years Ended 12/31/22*  | *8.64%* |
| *Ten Years Ended 12/31/22*  | *11.91%* |

---

**FT WILSHIRE 5000 TOTAL MARKET RETURN INDEX<sup>SM(1)</sup>**

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-19.04%* |
| *Five Years Ended 12/31/22*  | *8.99%* |
| *Ten Years Ended 12/31/22*  | *12.28%* |

---

**COMPARATIVE PERFORMANCE** 

**Comparison of Change in Value of $250,000 Investment in Shares <br> of Wilshire 5000 Index<sup>SM</sup>** **Fund, Institutional Class Shares and the <br> FT Wilshire 5000 Total Market Return Index<sup>SM</sup>** **through 12/31/22.**

![](fp0081225-2_28a.jpg)

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

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

*The Index Fund's total expense ratio per the prospectus dated 4/30/2022 was 0.33% for Institutional Class Shares.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_29.jpg) |

---

The U.S. stock market, represented by the FT Wilshire 5000 Total Market Index<sup>SM</sup>, was down -19.04% for the year. Sector returns for the Wilshire 5000 Total Market Index<sup>SM</sup> were mixed for the year. Energy (+62.48%) and Utilities (+1.21%) were the best performing sectors while Communication Services (-40.04%) and Consumer Discretionary (-36.33%) sectors were the largest detractors. For the year, large capitalization stocks underperformed small capitalization stock with the Wilshire US Large-Cap Index<sup>SM</sup> returning -19.03% versus -18.65% for the Wilshire US Small-Cap Index<sup>SM</sup>. Growth lagged Value equities during the period, with Wilshire US Large-Cap Growth Index<sup>SM</sup> returning -29.54% versus -5.51% for the Wilshire US Large-Cap Value Index<sup>SM</sup>.

Real estate securities were up during the fourth quarter in both the United States and abroad. Commodity results also were positive for the quarter, with crude oil rising modestly by 1.0% to $80.26 per barrel. Oil prices were quite volatile in 2022, with lows approaching $70 and highs at nearly $125, due to tightening supplies with the Ukraine invasion but then falling demand from China. Natural gas prices fell dramatically during the quarter due to relatively mild winter temperatures – despite the destruction done by Winter Storm Elliott. By quarter-end, natural gas was down -33.9%, closing at $4.48 per million BTUs. Gold prices were up 9.8% during the quarter, finishing at approximately $1,826 per troy ounce, as the Federal Reserve continued its hawkish stance toward inflation.

The Wilshire 5000 Index Fund - Institutional Class returned -18.83% for the year, outperforming the FT Wilshire 5000 Total Market Index return of -19.04% by 0.21%. Relative performance can vary as the Fund is managed using enhanced stratified sampling technique in an attempt to hold stocks representing at least 90% of the total market value of the FT Wilshire 5000 Total Market Index<sup>SM</sup>. Relative performance is within the historical range.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_30.jpg) |

---

**PORTFOLIO SECTOR WEIGHTING†** 

(As of December 31, 2022)

![](fp0081225-2_30a.jpg)

*†* *Based on percent of the Portfolio's total investments in securities at value.* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire International Equity Fund** <br>**Commentary (Unaudited)** | ![](fp0081225-2_31.jpg) |

---

**INVESTMENT CLASS SHARES** 

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-18.88%* |
| *Five Years Ended 12/31/22*  | *2.79%* |
| *Ten Years Ended 12/31/22*  | *4.87%* |

---

**MSCI ALL COUNTRY WORLD EX-U.S. INVESTABLE <br> MARKET INDEX<sup>(1)</sup>**

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-16.58%* |
| *Five Years Ended 12/31/22*  | *0.85%* |
| *Ten Years Ended 12/31/22*  | *3.98%* |

---

**COMPARATIVE PERFORMANCE** 

**Comparison of Change in Value of $10,000 Investment in Shares of Wilshire International Equity Fund, Investment Class Shares and the MSCI All Country World Ex-U.S. Index through 12/31/22.**

![](fp0081225-2_31a.jpg)

*On April 2, 2013 and July 21, 2020, the Wilshire International Equity Fund's investment strategy was changed. Consequently, prior period performance may have been different if the new investment strategy had been in effect during these periods.* 

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

*The Portfolio's gross expense ratio per the prospectus dated 4/30/2022 was 1.76% for Investment Class Shares. The Portfolio's net expense ratio per the prospectus dated 4/30/2022 was 1.50% for Investment Class Shares.* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire International Equity Fund** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_32.jpg) |

---

*The Advisor has contractually agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.50% of average daily net assets for Investment Class Shares through at least April 30, 2023. The net expense ratio is applicable to shareholders.* 

<sup>*(1)*</sup> *The MSCI ACWI ex-U.S. Investable Market Index captures large, mid and small cap representation across 22 of 23 Developed Markets countries (excluding the United States) and 24 Emerging Markets countries. The index covers approximately 99% of the global equity opportunity set outside the US. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses. An individual cannot directly invest in any index.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire International Equity Fund** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_33.jpg) |

---

**INSTITUTIONAL CLASS SHARES** 

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-18.63%* |
| *Five Years Ended 12/31/22*  | *3.07%* |
| *Ten Years Ended 12/31/22*  | *5.13%* |

---

**MSCI ALL COUNTRY WORLD EX-U.S. INVESTABLE <br> MARKET INDEX<sup>(1)</sup>**

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-16.58%* |
| *Five Years Ended 12/31/22*  | *0.85%* |
| *Ten Years Ended 12/31/22*  | *3.98%* |

---

**COMPARATIVE PERFORMANCE** 

**Comparison of Change in Value of $250,000 Investment in Shares of Wilshire International Equity Fund, Institutional Class Shares and the MSCI All Country World Ex-U.S. Index through 12/31/22.**

![](fp0081225-2_33a.jpg)

*On April 2, 2013 and July 21, 2020, the Wilshire International Equity Fund's investment strategy was changed. Consequently, prior period performance may have been different if the new investment strategy had been in effect during these periods.* 

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

*The Portfolio's gross expense ratio per the prospectus dated 4/30/2022 was 1.38% for Institutional Class Shares. The Portfolio's net expense ratio per the prospectus dated 4/30/2022 was 1.25% for Institutional Class Shares.* 

*The Advisor has contractually agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.25% for Institutional Class Shares through at least April 30, 2023. The net expense ratio is applicable to shareholders.* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire International Equity Fund** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_34.jpg) |

---

<sup>*(1)*</sup> *The MSCI ACWI ex-U.S. Investable Market Index captures large, mid and small cap representation across 22 of 23 Developed Markets countries (excluding the United States) and 24 Emerging Markets countries. The index covers approximately 99% of the global equity opportunity set outside the US. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses. An individual cannot directly invest in any index.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire International Equity Fund** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_35.jpg) |

---

Performance results within international equity markets were negative, with developed outperforming emerging markets. The MSCI EAFE Index was down -14.45% for the year, while the MSCI Emerging Markets Index was down -20.09%. Europe faced similar headwinds as the United States in 2022 – surging inflation and aggressive central bank tightening – but also had to more directly contend with the ongoing war in Ukraine. The labor market remains tight in the Eurozone – including Germany where unemployment has fallen below 3% – and many businesses report that a labor shortage is limiting production. Despite China's zero-COVID policies, including widespread lockdowns, infections continued to surge. Tension among the country's citizens continued to rise and led to protests not seen in decades. In early December, the central government took definitive steps to ease restrictions.

The Wilshire International Equity Fund - Institutional Class returned -18.63% in 2022 underperforming the MSCI All Country World ex USA Investable Market Index return of -16.58% by -2.05%. Stock selection within Materials and Health Care detracted from relative performance. Stock selection within United Kingdom also weighed on performance. Lastly, overweight exposure to Information Technology detracted from the Portfolio's results.

The Wilshire International Equity Fund also uses derivatives for benchmark exposure. Collateral is invested in short-term fixed income instruments to cover the costs of the swap. In 2022, returns on these fixed-income investments underperformed the cost of the swap and detracted from the Portfolio's relative performance.

Despite recent relative underperformance, we believe the Portfolio is well-positioned going into 2023 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire International Equity Fund** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_36.jpg) |

---

**PORTFOLIO SECTOR WEIGHTING†** 

(As of December 31, 2022)

![](fp0081225-2_36a.jpg)

*†* *Based on percent of the Portfolio's total investments in securities at value.* 

Common Stocks are composed of:

---

| | |
|:---|:---|
| Japan  | 13.3% |
| Britain  | 10.4% |
| France  | 9.1% |
| Switzerland  | 5.9% |
| Canada  | 5.6% |
| China  | 5.4% |
| Netherlands  | 4.7% |
| United States  | 4.4% |
| Germany  | 3.7% |
| Taiwan  | 3.4% |
| Denmark  | 3.1% |
| Hong Kong  | 3.1% |
| Ireland  | 3.1% |
| India  | 3.0% |
| South Korea  | 2.7% |
| Sweden  | 2.7% |
| Australia  | 2.7% |
| Italy  | 2.6% |
| Finland  | 1.5% |
| Brazil  | 1.3% |
| Spain  | 1.2% |
| Singapore  | 1.0% |
| Luxembourg  | 0.7% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire International Equity Fund** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_37.jpg) |

---

---

| | |
|:---|:---|
| Thailand  | 0.7% |
| South Africa  | 0.6% |
| Turkey  | 0.5% |
| Mexico  | 0.5% |
| Norway  | 0.5% |
| United Arab Emirates  | 0.4% |
| Indonesia  | 0.3% |
| Malaysia  | 0.3% |
| Israel  | 0.2% |
| Portugal  | 0.2% |
| Philippines  | 0.2% |
| New Zealand  | 0.2% |
| Austria  | 0.1% |
| Saudi Arabia  | 0.1% |
| Poland  | 0.1% |
| Belgium  | 0.1% |
| Egypt  | 0.1% |
| Chile  | 0.1% |
| Greece  | 0.1% |
| Mauritius  | 0.1% |
| Isle Of Man  | 0.0% |
| Georgia  | 0.0% |
| Jersey  | 0.0% |
| Czech Republic  | 0.0% |
| Qatar  | 0.0% |
| Gibraltar  | 0.0% |
| Columbia  | 0.0% |
| Russia  | 0.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Income Opportunities Fund** <br>**Commentary (Unaudited)** | ![](fp0081225-2_38.jpg) |

---

**INVESTMENT CLASS SHARES** 

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-11.18%* |
| *Five Years Ended 12/31/22*  | *0.11%* |
| *Inception (03/30/16) through 12/31/22*  | *1.47%* |

---

**BLOOMBERG U.S. UNIVERSAL INDEX<sup>(1)</sup>**

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-12.99%* |
| *Five Years Ended 12/31/22*  | *0.18%* |
| *Inception (03/30/16) through 12/31/22*  | *0.89%* |

---

**CUSTOM BLENDED INDEX<sup>(2)</sup>**

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-11.82%* |
| *Five Years Ended 12/31/22*  | *0.67%* |
| *Inception (03/30/16) through 12/31/22*  | *1.69%* |

---

**COMPARATIVE PERFORMANCE** 

**Comparison of Change in Value of $10,000 Investment in Shares of Wilshire Income Opportunities Fund, Investment Class Shares and the Bloomberg U.S. Universal Index through 12/31/22.**

![](fp0081225-2_38a.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Income Opportunities Fund** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_39.jpg) |

---

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

<sup>*(1)*</sup> *The Bloomberg U.S. Universal Index represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Some U.S. Universal Index constituents may be eligible for one or more of its contributing subcomponents that are not mutually exclusive. The Bloomberg U.S. Universal Index includes Treasury securities, Government agency bonds, mortgage-backed bonds, corporate bonds, and a small amount of foreign bonds traded in U.S. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses. An individual cannot directly invest in any index.*

<sup>*(2)*</sup> *The Custom Blended Index 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.*

*The Portfolio's gross expense ratio per the prospectus dated 4/30/2022 was 1.32% for Investment Class Shares. The Portfolio's net expense ratio per the prospectus dated 4/30/2022 was 1.16% for Investment Class Shares.* 

*The Advisor has contractually agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.15% of average daily net assets for Investment Class Shares through at least April 30, 2023. The net expense ratio is applicable to shareholders.* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Income Opportunities Fund** <br>**Commentary (Unaudited)** | ![](fp0081225-2_40.jpg) |

---

**INSTITUTIONAL CLASS SHARES** 

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-10.91%* |
| *Five Years Ended 12/31/22*  | *0.36%* |
| *Inception (03/30/16) through 12/31/22* | *1.68%* |

---

**BLOOMBERG U.S. UNIVERSAL INDEX<sup>(1)</sup>**

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-12.99%* |
| *Five Years Ended 12/31/22*  | *0.18%* |
| *Inception (03/30/16) through 12/31/22*  | *0.89%* |

---

**CUSTOM BLENDED INDEX<sup>(2)</sup>**

***Average Annual Total Returns***

---

| | |
|:---|:---|
| *One Year Ended 12/31/22*  | *-11.82%* |
| *Five Years Ended 12/31/22*  | *0.67%* |
| *Inception (03/30/16) through 12/31/22*  | *1.69%* |

---

**COMPARATIVE PERFORMANCE** 

**Comparison of Change in Value of $250,000 Investment in Shares of Wilshire Income Opportunities Fund, Institutional Class Shares and the Bloomberg U.S. Universal Index through 12/31/22.**

![](fp0081225-2_40a.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Income Opportunities Fund** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_41.jpg) |

---

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

<sup>*(1)*</sup> *The Bloomberg U.S. Universal Index represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Some U.S. Universal Index constituents may be eligible for one or more of its contributing subcomponents that are not mutually exclusive. The Bloomberg U.S. Universal Index includes Treasury securities, Government agency bonds, mortgage-backed bonds, corporate bonds, and a small amount of foreign bonds traded in U.S. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses. An individual cannot directly invest in any index.*

<sup>*(2)*</sup> *The Custom Blended Index 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.*

*The Portfolio's gross expense ratio per the prospectus dated 4/30/2022 was 0.93% for Institutional Class Shares. The Portfolio's net expense ratio per the prospectus dated 4/30/2022 was 0.91% for Institutional Class Shares.* 

*The Advisor has contractually agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 0.90% for Institutional Class Shares, respectively, through at least April 30, 2023. The net expense ratio is applicable to shareholders.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Income Opportunities Fund** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_42.jpg) |

---

The U.S. Treasury yield curve was up in the short-end (below 3-years) by 50-135 basis points but largely unchanged across the remainder of the curve. The 10-year Treasury yield ended the quarter at 3.88%, up just 5 basis points from September. Credit spreads tightened during the quarter within both investment grade and high yield bonds (down 84 basis points within the speculative market). The Federal Open Market Committee met twice during the quarter, as scheduled, and increased the overnight rate by 0.75% in November and 0.50% in December, targeting a range of 4.25% to 4.50%. The Fed's "dot plot" is messaging that the current intent is for another 75 basis points in increases before the end of 2023. Following the December meeting, Fed Chair Jerome Powell indicated that inflation data during the fourth quarter has been encouraging but that it will take "substantially more evidence" to ensure that modest price increases are sustainable.

The Wilshire Income Opportunities Fund - Institutional Class returned -10.91% for 2022, outperforming the Bloomberg US Universal Index return of -12.99% by 2.08%. Exposure to most fixed income sectors generally detracted from performance. Exposure to Emerging Market Debt and U.S. Investment Grade Corporate were the top detracting sectors. Exposures to Credit sectors, such as U.S. Agency Mortgage Back Securities, High Yield Corporate and Bank Loans, outperformed the Bloomberg US Universal Index but still generated negative returns. Security selection within High Yield aided relative Portfolio results.

We are pleased with the Portfolio's relative outperformance for the year and believe that the Portfolio is well-positioned going into 2023 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Income Opportunities Fund** <br>**Commentary (Unaudited) - (Continued)** | ![](fp0081225-2_43.jpg) |

---

**PORTFOLIO SECTOR WEIGHTING†** 

(As of December 31, 2022)

![](fp0081225-2_43a.jpg)

*†* *Based on percent of the Portfolio's total investments in securities at value.* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Disclosure of Fund Expenses (Unaudited)**  | ![](fp0081225-2_44.jpg) |

---

All mutual funds have operating expenses. As a shareholder of a Portfolio, you incur ongoing costs, which include costs for investment advisory, administrative services, distribution and/or shareholder services and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund's gross income, directly reduce the investment return of the Portfolio. A Portfolio's expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing fees (in dollars) of investing in the Portfolios and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022.

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

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Disclosure of Fund Expenses (Unaudited) - (Continued)** <br>***For the Six Months Ended December 31, 2022 (Unaudited)*** | ![](fp0081225-2_45.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Beginning<br> Account<br> Value<br> 07/01/2022 | Ending <br> Account <br> Value <br> 12/31/2022 | Net <br> Expense <br> Ratio<sup>(1)</sup> | Expenses <br> Paid During <br> Period <br> 07/01/2022-<br> 12/31/2022<sup>(2)</sup> |
| ***Large Company Growth Portfolio*** | ***Large Company Growth Portfolio*** | ***Large Company Growth Portfolio*** | ***Large Company Growth Portfolio*** | ***Large Company Growth Portfolio*** |
| **Based on Actual Fund Return** |  |  |  |  |
| Investment Class  | $1000.00 | $977.00 | 1.30% | $6.48 |
| Institutional Class  | $1000.00 | $978.30 | 1.02% | $5.09 |
| **Based on Hypothetical 5% Return** |  |  |  |  |
| Investment Class  | $1000.00 | $1018.65 | 1.30% | $6.61 |
| Institutional Class  | $1000.00 | $1020.06 | 1.02% | $5.19 |
| ***Large Company Value Portfolio***  | ***Large Company Value Portfolio***  | ***Large Company Value Portfolio***  | ***Large Company Value Portfolio***  | ***Large Company Value Portfolio***  |
| **Based on Actual Fund Return** |  |  |  |  |
| Investment Class  | $1000.00 | $1060.50 | 1.28% | $6.65 |
| Institutional Class  | $1000.00 | $1061.80 | 1.01% | $5.25 |
| **Based on Hypothetical 5% Return** |  |  |  |  |
| Investment Class  | $1000.00 | $1018.75 | 1.28% | $6.51 |
| Institutional Class  | $1000.00 | $1020.11 | 1.01% | $5.14 |
| ***Small Company Growth Portfolio***  | ***Small Company Growth Portfolio***  | ***Small Company Growth Portfolio***  | ***Small Company Growth Portfolio***  | ***Small Company Growth Portfolio***  |
| **Based on Actual Fund Return** |  |  |  |  |
| Investment Class  | $1000.00 | $1002.80 | 1.33% | $6.71 |
| Institutional Class  | $1000.00 | $1004.00 | 1.08% | $5.46 |
| **Based on Hypothetical 5% Return** |  |  |  |  |
| Investment Class  | $1000.00 | $1018.50 | 1.33% | $6.77 |
| Institutional Class  | $1000.00 | $1019.76 | 1.08% | $5.50 |
| ***Small Company Value Portfolio***  | ***Small Company Value Portfolio***  | ***Small Company Value Portfolio***  | ***Small Company Value Portfolio***  | ***Small Company Value Portfolio***  |
| **Based on Actual Fund Return** |  |  |  |  |
| Investment Class  | $1000.00 | $1068.50 | 1.35% | $7.04 |
| Institutional Class  | $1000.00 | $1070.20 | 1.10% | $5.74 |
| **Based on Hypothetical 5% Return** |  |  |  |  |
| Investment Class  | $1000.00 | $1018.40 | 1.35% | $6.87 |
| Institutional Class  | $1000.00 | $1019.66 | 1.10% | $5.60 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Disclosure of Fund Expenses (Unaudited) - (Continued)** <br>***For the Six Months Ended December 31, 2022 (Unaudited)*** | ![](fp0081225-2_46.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Beginning<br> Account<br> Value<br> 07/01/2022 | Ending <br> Account <br> Value <br> 12/31/2022 | Net <br> Expense <br> Ratio<sup>(1)</sup> | Expenses <br> Paid During <br> Period <br> 07/01/2022-<br> 12/31/2022<sup>(2)</sup> |
| ***Wilshire 5000 Index***<sup>***SM***</sup>***Fund*** | ***Wilshire 5000 Index***<sup>***SM***</sup>***Fund*** | ***Wilshire 5000 Index***<sup>***SM***</sup>***Fund*** | ***Wilshire 5000 Index***<sup>***SM***</sup>***Fund*** | ***Wilshire 5000 Index***<sup>***SM***</sup>***Fund*** |
| **Based on Actual Fund Return** |  |  |  |  |
| Investment Class  | $1000.00 | $1022.70 | 0.60% | $3.06 |
| Institutional Class  | $1000.00 | $1023.20 | 0.41% | $2.09 |
| **Based on Hypothetical 5% Return** |  |  |  |  |
| Investment Class  | $1000.00 | $1022.18 | 0.60% | $3.06 |
| Institutional Class  | $1000.00 | $1023.14 | 0.41% | $2.09 |
| ***Wilshire International Equity Fund***  | ***Wilshire International Equity Fund***  | ***Wilshire International Equity Fund***  | ***Wilshire International Equity Fund***  | ***Wilshire International Equity Fund***  |
| **Based on Actual Fund Return** |  |  |  |  |
| Investment Class  | $1000.00 | $1038.80 | 1.52% | $7.81 |
| Institutional Class  | $1000.00 | $1041.60 | 1.25% | $6.43 |
| **Based on Hypothetical 5% Return** |  |  |  |  |
| Investment Class  | $1000.00 | $1017.54 | 1.52% | $7.73 |
| Institutional Class  | $1000.00 | $1018.90 | 1.25% | $6.36 |
| ***Wilshire Income Opportunities Fund***  | ***Wilshire Income Opportunities Fund***  | ***Wilshire Income Opportunities Fund***  | ***Wilshire Income Opportunities Fund***  | ***Wilshire Income Opportunities Fund***  |
| **Based on Actual Fund Return** |  |  |  |  |
| Investment Class  | $1000.00 | $989.40 | 1.15% | $5.77 |
| Institutional Class  | $1000.00 | $989.90 | 0.90% | $4.51 |
| **Based on Hypothetical 5% Return** |  |  |  |  |
| Investment Class  | $1000.00 | $1019.41 | 1.15% | $5.85 |
| Institutional Class  | $1000.00 | $1020.67 | 0.90% | $4.58 |

---

**<sup>(1)</sup>** *Annualized, based on each Portfolio's most recent fiscal half-year expenses.*

**<sup>(2)</sup>** *Expenses are equal to each Portfolio's annualized net expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Growth Portfolio** <br>**Schedule of Investments**  | ***December 31, 2022*** | ![](fp0081225-2_47.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 80.4% <sup>(a)</sup>** | **COMMON STOCKS — 80.4% <sup>(a)</sup>** | **COMMON STOCKS — 80.4% <sup>(a)</sup>** |
| **Communication Services — 4.4%** | **Communication Services — 4.4%** | **Communication Services — 4.4%** |
| Alphabet, Inc. - Class A <sup>(b)</sup>  | 6864 | $605611 |
| Alphabet, Inc. - Class C <sup>(b)</sup>  | 59558 | 5284581 |
| Liberty Media Corp. - Class C <sup>(b)</sup>  | 11683 | 698410 |
| Live Nation Entertainment, Inc. <sup>(b)</sup>  | 11519 | 803335 |
| Netflix, Inc. <sup>(b)</sup>  | 2374 | 700045 |
| ROBLOX Corp. - Class A <sup>(b)</sup>  | 722 | 20548 |
| The Trade Desk, Inc. - Class A <sup>(b)</sup>  | 14060 | 630310 |
| ZoomInfo Technologies, Inc. <sup>(b)</sup>  | 1554 | 46791 |
|  |  | 8789631 |
| **Consumer Discretionary — 10.3%** | **Consumer Discretionary — 10.3%** |  |
| Airbnb, Inc. - Class A <sup>(b)</sup>  | 293 | 25052 |
| Amazon.com, Inc. <sup>(b)</sup>  | 69815 | 5864460 |
| AutoZone, Inc. <sup>(b)</sup>  | 78 | 192362 |
| Best Buy Co., Inc.  | 652 | 52297 |
| Booking Holdings, Inc. <sup>(b)</sup>  | 173 | 348643 |
| Caesars Entertainment, Inc. <sup>(b)</sup>  | 875 | 36400 |
| Capri Holdings Ltd. <sup>(b)</sup>  | 5083 | 291358 |
| Chipotle Mexican Grill, Inc. <sup>(b)</sup>  | 495 | 686808 |
| Dollar General Corp.  | 3108 | 765345 |
| DoorDash, Inc. - Class A <sup>(b)</sup>  | 2166 | 105744 |
| eBay, Inc.  | 1967 | 81571 |
| Etsy, Inc. <sup>(b)</sup>  | 3791 | 454086 |
| H&R Block, Inc.  | 8963 | 327239 |
| Las Vegas Sands Corp. <sup>(b)</sup>  | 8626 | 414652 |
| Lowe's Cos., Inc.  | 3890 | 775044 |
| Lululemon Athletica, Inc. <sup>(b)</sup>  | 667 | 213693 |
| McDonald's Corp.  | 262 | 69045 |
| MercadoLibre, Inc. <sup>(b)</sup>  | 918 | 776848 |
| MGM Resorts International  | 24004 | 804854 |
| NIKE, Inc. - Class B  | 7728 | 904253 |
| O'Reilly Automotive, Inc. <sup>(b)</sup>  | 15 | 12660 |
| Pinduoduo, Inc. - ADR <sup>(b)</sup>  | 5211 | 424957 |
| Ross Stores, Inc.  | 224 | 26000 |
| Starbucks Corp.  | 131 | 12995 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Tesla, Inc. <sup>(b)</sup>  | 11218 | $1381833 |
| The Home Depot, Inc.  | 10222 | 3228721 |
| The TJX Cos., Inc.  | 3960 | 315216 |
| Toll Brothers, Inc.  | 1825 | 91104 |
| Tractor Supply Co.  | 2140 | 481436 |
| Travel + Leisure Co.  | 3633 | 132241 |
| Ulta Beauty, Inc. <sup>(b)</sup>  | 899 | 421694 |
| Vail Resorts, Inc.  | 2148 | 511976 |
| Williams-Sonoma, Inc.  | 2876 | 330510 |
|  |  | 20561097 |
| **Consumer Staples — 4.5%** | **Consumer Staples — 4.5%** |  |
| Altria Group, Inc.  | 5947 | 271837 |
| BJ's Wholesale Club Holdings, Inc. <sup>(b)</sup>  | 4109 | 271851 |
| Brown-Forman Corp. - Class A  | 1635 | 107518 |
| Brown-Forman Corp. - Class B  | 8284 | 544093 |
| Costco Wholesale Corp.  | 6104 | 2786476 |
| Darling Ingredients, Inc. <sup>(b)</sup>  | 2767 | 173187 |
| Kellogg Co.  | 885 | 63047 |
| Lamb Weston Holdings, Inc.  | 3944 | 352436 |
| Monster Beverage Corp. <sup>(b)</sup>  | 21077 | 2139948 |
| Olaplex Holdings, Inc. <sup>(b)</sup>  | 4047 | 21085 |
| PepsiCo, Inc.  | 4763 | 860484 |
| Sysco Corp.  | 2638 | 201675 |
| The Coca-Cola Co.  | 9799 | 623314 |
| The Hershey Co.  | 1379 | 319335 |
| The Proctor & Gamble Co.  | 1089 | 165049 |
|  |  | 8901335 |
| **Energy — 1.8%** | **Energy — 1.8%** |  |
| Antero Resources Corp. <sup>(b)</sup>  | 11037 | 342037 |
| Diamondback Energy, Inc.  | 212 | 28998 |
| EOG Resources, Inc.  | 13593 | 1760565 |
| Equitrans Midstream Corp.  | 4091 | 27410 |
| Halliburton Co.  | 178 | 7004 |
| Occidental Petroleum Corp.  | 392 | 24692 |
| Ovintiv, Inc.  | 3551 | 180071 |
| PDC Energy, Inc.  | 1870 | 118708 |
| Pioneer Natural Resources Co.  | 1103 | 251914 |
| Range Resources Corp.  | 4611 | 115367 |
| Schlumberger Ltd.  | 6217 | 332361 |

---

See Notes to Financial Statements.<br> 47

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Growth Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_48.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 80.4% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 80.4% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 80.4% <sup>(a)</sup> (Continued)** |
| **Energy — 1.8% (Continued)** | **Energy — 1.8% (Continued)** |  |
| Targa Resources Corp.  | 4316 | $317226 |
|  |  | 3506353 |
| **Financials — 2.7%** | **Financials — 2.7%** |  |
| American Express Co.  | 1837 | 271417 |
| Arch Capital Group Ltd. <sup>(b)</sup>  | 12499 | 784687 |
| Cboe Global Markets, Inc.  | 918 | 115182 |
| Everest Re Group Ltd.  | 1851 | 613181 |
| LPL Financial Holdings, Inc.  | 2168 | 468657 |
| Marsh & McLennan Cos., Inc.  | 794 | 131391 |
| Moody's Corp.  | 177 | 49316 |
| MSCI, Inc.  | 1708 | 794510 |
| S&P Global, Inc.  | 3503 | 1173295 |
| Signature Bank  | 1933 | 222720 |
| SLM Corp.  | 2869 | 47625 |
| Synchrony Financial  | 1911 | 62796 |
| Synovus Financial Corp.  | 1028 | 38601 |
| The Progressive Corp.  | 4823 | 625591 |
| Western Alliance Bancorp  | 274 | 16319 |
|  |  | 5415288 |
| **Health Care — 16.9%** | **Health Care — 16.9%** |  |
| AbbVie, Inc.  | 14138 | 2284842 |
| Acadia Healthcare Co., Inc. <sup>(b)</sup>  | 12695 | 1045052 |
| Agilent Technologies, Inc.  | 2429 | 363500 |
| Align Technology, Inc. <sup>(b)</sup>  | 1067 | 225030 |
| Amgen, Inc.  | 2389 | 627447 |
| AstraZeneca PLC - ADR  | 12029 | 815566 |
| Biogen, Inc. <sup>(b)</sup>  | 1703 | 471595 |
| Centene Corp. <sup>(b)</sup>  | 6929 | 568247 |
| Danaher Corp.  | 5425 | 1439904 |
| Dexcom, Inc. <sup>(b)</sup>  | 263 | 29782 |
| Doximity, Inc. - Class A <sup>(b)</sup>  | 791 | 26546 |
| Edwards Lifesciences Corp. <sup>(b)</sup>  | 19265 | 1437362 |
| Elevance Health, Inc.  | 51 | 26162 |
| Eli Lilly & Co.  | 3332 | 1218979 |
| Encompass Health Corp.  | 2237 | 133795 |
| Exelixis, Inc. <sup>(b)</sup>  | 17430 | 279577 |
| Genmab A/S - ADR <sup>(b)</sup>  | 6306 | 267248 |
| HCA Healthcare, Inc.  | 118 | 28315 |
| Humana, Inc.  | 500 | 256095 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| IDEXX Laboratories, Inc. <sup>(b)</sup>  | 3131 | $1277323 |
| Illumina, Inc. <sup>(b)</sup>  | 1168 | 236170 |
| Incyte Corp. <sup>(b)</sup>  | 1625 | 130520 |
| Intuitive Surgical, Inc. <sup>(b)</sup>  | 7140 | 1894599 |
| IQVIA Holdings, Inc. <sup>(b)</sup>  | 1056 | 216364 |
| Johnson & Johnson  | 344 | 60768 |
| McKesson Corp.  | 3120 | 1170374 |
| Merck & Co., Inc.  | 1177 | 130588 |
| Mettler-Toledo International, Inc. <sup>(b)</sup>  | 591 | 854261 |
| Molina Healthcare, Inc. <sup>(b)</sup>  | 1074 | 354656 |
| Natera, Inc. <sup>(b)</sup>  | 27411 | 1101100 |
| Neurocrine Biosciences, Inc. <sup>(b)</sup>  | 2785 | 332640 |
| Prometheus Biosciences, Inc. <sup>(b)</sup>  | 4290 | 471900 |
| Reata Pharmaceuticals, Inc. - Class A <sup>(b)</sup>  | 6511 | 247353 |
| TransMedics Group, Inc. <sup>(b)</sup>  | 5534 | 341559 |
| UnitedHealth Group, Inc.  | 12720 | 6743890 |
| Veeva Systems, Inc. - Class A <sup>(b)</sup>  | 7380 | 1190984 |
| Vertex Pharmaceuticals, Inc. <sup>(b)</sup>  | 10401 | 3003601 |
| Waters Corp. <sup>(b)</sup>  | 199 | 68173 |
| Zoetis, Inc.  | 14996 | 2197664 |
|  |  | 33569531 |
| **Industrials — 5.6%** | **Industrials — 5.6%** |  |
| 3M Co.  | 264 | 31659 |
| AECOM  | 2641 | 224300 |
| AMETEK, Inc.  | 5362 | 749179 |
| Booz Allen Hamilton Holding Corp.  | 730 | 76300 |
| Carlisle Cos., Inc.  | 98 | 23094 |
| Caterpillar, Inc.  | 500 | 119780 |
| Cintas Corp.  | 163 | 73614 |
| Copart, Inc. <sup>(b)</sup>  | 17706 | 1078118 |
| Core & Main, Inc. - Class A <sup>(b)</sup>  | 11016 | 212719 |
| Eaton Corp. PLC  | 11978 | 1879947 |
| GXO Logistics, Inc. <sup>(b)</sup>  | 276 | 11782 |
| IDEX Corp.  | 2582 | 589548 |
| Illinois Tool Works, Inc.  | 829 | 182629 |

---

See Notes to Financial Statements.<br> 48

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Growth Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_49.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 80.4% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 80.4% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 80.4% <sup>(a)</sup> (Continued)** |
| **Industrials — 5.6% (Continued)** | **Industrials — 5.6% (Continued)** |  |
| Landstar System, Inc.  | 964 | $157036 |
| Lincoln Electric Holdings, Inc.  | 1244 | 179745 |
| Tetra Tech, Inc.  | 2200 | 319418 |
| TransDigm Group, Inc.  | 3507 | 2208182 |
| Trex Co., Inc. <sup>(b)</sup>  | 4562 | 193109 |
| Uber Technologies, Inc. <sup>(b)</sup>  | 16116 | 398549 |
| United Parcel Service, Inc. - Class B  | 4783 | 831477 |
| United Rentals, Inc. <sup>(b)</sup>  | 649 | 230667 |
| Waste Management, Inc.  | 2850 | 447108 |
| Westinghouse Air Brake Technologies Corp.  | 9839 | 982031 |
| WW Grainger, Inc.  | 112 | 62300 |
|  |  | 11262291 |
| **Information Technology — 32.8%** | **Information Technology — 32.8%** |  |
| Accenture PLC - Class A  | 4466 | 1191707 |
| Adobe, Inc. <sup>(b)</sup>  | 4120 | 1386504 |
| Advanced Micro Devices, Inc. <sup>(b)</sup>  | 12468 | 807552 |
| Allegro MicroSystems, Inc. <sup>(b)</sup>  | 1073 | 32211 |
| Amphenol Corp. - Class A  | 9923 | 755537 |
| Apple, Inc.  | 56004 | 7276600 |
| Applied Materials, Inc.  | 1163 | 113253 |
| Arista Networks, Inc. <sup>(b)</sup>  | 10952 | 1329025 |
| ASML Holding NV - ADR  | 995 | 543668 |
| Autodesk, Inc. <sup>(b)</sup>  | 2978 | 556499 |
| Automatic Data Processing, Inc.  | 2826 | 675018 |
| Broadcom, Inc.  | 3450 | 1928998 |
| Cadence Design Systems, Inc. <sup>(b)</sup>  | 2969 | 476940 |
| CDW Corp.  | 985 | 175901 |
| Cloudflare, Inc. - Class A <sup>(b)</sup>  | 580 | 26222 |
| Cognex Corp.  | 5624 | 264947 |
| Cognizant Technology Solutions Corp. - Class A  | 2479 | 141774 |
| Coupa Software, Inc. <sup>(b)</sup>  | 324 | 25651 |
| Crowdstrike Holdings, Inc. - Class A <sup>(b)</sup>  | 1953 | 205631 |
| Datadog, Inc. - Class A <sup>(b)</sup>  | 11244 | 826434 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| DoubleVerify Holdings, Inc. <sup>(b)</sup>  | 5277 | $115883 |
| Dynatrace, Inc. <sup>(b)</sup>  | 4882 | 186981 |
| Enphase Energy, Inc. <sup>(b)</sup>  | 182 | 48223 |
| Entegris, Inc.  | 6247 | 409741 |
| EPAM Systems, Inc. <sup>(b)</sup>  | 3540 | 1160200 |
| Fair Isaac Corp. <sup>(b)</sup>  | 150 | 89787 |
| First Solar, Inc. <sup>(b)</sup>  | 3343 | 500748 |
| FleetCor Technologies, Inc. <sup>(b)</sup>  | 653 | 119943 |
| Fortinet, Inc. <sup>(b)</sup>  | 26880 | 1314163 |
| Gartner, Inc. <sup>(b)</sup>  | 159 | 53446 |
| HubSpot, Inc. <sup>(b)</sup>  | 441 | 127506 |
| Intuit, Inc.  | 5203 | 2025112 |
| Jabil, Inc.  | 6566 | 447801 |
| Lattice Semiconductor Corp. <sup>(b)</sup>  | 2159 | 140076 |
| Manhattan Associates, Inc. <sup>(b)</sup>  | 5085 | 617319 |
| Marvell Technology, Inc.  | 24813 | 919074 |
| Mastercard, Inc. - Class A  | 3830 | 1331806 |
| Microchip Technology, Inc.  | 1543 | 108396 |
| Micron Technology, Inc.  | 7604 | 380048 |
| Microsoft Corp.  | 65514 | 15711567 |
| Monolithic Power Systems, Inc.  | 1371 | 484799 |
| Motorola Solutions, Inc.  | 2939 | 757410 |
| NVIDIA Corp.  | 19638 | 2869897 |
| Oracle Corp.  | 4340 | 354752 |
| Palo Alto Networks, Inc. <sup>(b)</sup>  | 3710 | 517693 |
| Paychex, Inc.  | 5704 | 659154 |
| Paycom Software, Inc. <sup>(b)</sup>  | 1854 | 575315 |
| PayPal Holdings, Inc. <sup>(b)</sup>  | 19868 | 1414999 |
| PTC, Inc. <sup>(b)</sup>  | 3386 | 406455 |
| QUALCOMM, Inc.  | 20552 | 2259487 |
| Roper Technologies, Inc.  | 2503 | 1081521 |
| ServiceNow, Inc. <sup>(b)</sup>  | 1986 | 771104 |
| Snowflake, Inc. - Class A <sup>(b)</sup>  | 4588 | 658562 |
| SolarEdge Technologies, Inc. <sup>(b)</sup>  | 3111 | 881253 |
| Synopsys, Inc. <sup>(b)</sup>  | 1678 | 535769 |
| Texas Instruments, Inc.  | 1535 | 253613 |
| Tyler Technologies, Inc. <sup>(b)</sup>  | 1820 | 586786 |

---

See Notes to Financial Statements.<br> 49

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Growth Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_50.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 80.4% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 80.4% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 80.4% <sup>(a)</sup> (Continued)** |
| **Information Technology — 32.8% (Continued)** | **Information Technology — 32.8% (Continued)** | **Information Technology — 32.8% (Continued)** |
| Unity Software, Inc. <sup>(b)(c)</sup>  | 685 | $19584 |
| Universal Display Corp.  | 2389 | 258108 |
| Visa, Inc. - Class A  | 24531 | 5096561 |
| VMware, Inc. - Class A <sup>(b)</sup>  |  |  |
| Workday, Inc. - Class A <sup>(b)</sup>  | 60 | 10040 |
| Zebra Technologies Corp. - Class A <sup>(b)</sup>  | 1389 | 356153 |
|  |  | 65356907 |
| **Materials — 0.6%** | **Materials — 0.6%** |  |
| Ball Corp.  | 6637 | 339416 |
| Eagle Materials, Inc.  | 451 | 59915 |
| Graphic Packaging Holding Co.  | 4835 | 107579 |
| The Sherwin-Williams Co.  | 2629 | 623941 |
|  |  | 1130851 |
| **Real Estate — 0.3%** | **Real Estate — 0.3%** |  |
| Lamar Advertising Co. - Class A  | 289 | 27281 |
| SBA Communications Corp.  | 1509 | 422988 |
| Simon Property Group, Inc.  | 1433 | 168349 |
|  |  | 618618 |
| **Utilities — 0.5%** | **Utilities — 0.5%** |  |
| National Fuel Gas Co.  | 645 | 40828 |
| NextEra Energy, Inc.  | 11078 | 926121 |
|  |  | 966949 |
| **Total Common Stocks** (Cost $131,056,350) | **Total Common Stocks** (Cost $131,056,350) | 160078851 |
|  | Par Value |  |
| **U.S. TREASURY OBLIGATIONS — 0.5%** | **U.S. TREASURY OBLIGATIONS — 0.5%** |  |
| **U.S. Treasury Bonds — 0.0% <sup>(d)</sup>** | **U.S. Treasury Bonds — 0.0% <sup>(d)</sup>** |  |
| 3.000%, due 08/15/52  | $19000 | 15728 |
| **U.S. Treasury Notes — 0.5%** | **U.S. Treasury Notes — 0.5%** |  |
| **0.125%, due 05/31/23**  | 20100 | 19736 |
| 0.250%, due 09/30/23  | 32000 | 30950 |
| 1.625%, due 10/31/23  | 64000 | 62400 |
| 0.250%, due 06/15/24  | 172000 | 161438 |
| 0.750%, due 11/15/24  | 52000 | 48539 |
| 4.250%, due 12/31/24  | 103000 | 102646 |
| 3.000%, due 07/15/25  | 61000 | 59075 |
| 0.250%, due 10/31/25  | 55000 | 49173 |
| 4.000%, due 12/15/25  | 91000 | 90431 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Par Value | Par Value | Value | Value |
| 0.875%, due 09/30/26 | $| 156000 | $| 138499 |
| 1.500%, due 01/31/27 |  | 44800 |  | 40432 |
| 2.750%, due 04/30/27 |  | 2000 |  | 1895 |
| 3.250%, due 06/30/27 |  | 2400 |  | 2320 |
| 3.875%, due 11/30/27 |  | 17900 |  | 17799 |
| 3.875%, due 12/31/27 |  | 66000 |  | 65629 |
| 1.125%, due 02/15/31 (c) |  | 7000 |  | 5702 |
| 2.750%, due 08/15/32 |  | 19000 |  | 17281 |
| 4.125%, due 11/15/32 |  | 109000 |  | 111180 |
|  |  |  |  | 1025125 |
| **Total U.S. Treasury Obligations (Cost $1,085,672)** |  |  |  | 1040853 |
| **AGENCY MORTGAGE-BACKED OLIGATIONS INTEREST-ONLY STRIPS — 0.1%** | **AGENCY MORTGAGE-BACKED OLIGATIONS INTEREST-ONLY STRIPS — 0.1%** | **AGENCY MORTGAGE-BACKED OLIGATIONS INTEREST-ONLY STRIPS — 0.1%** | **AGENCY MORTGAGE-BACKED OLIGATIONS INTEREST-ONLY STRIPS — 0.1%** | **AGENCY MORTGAGE-BACKED OLIGATIONS INTEREST-ONLY STRIPS — 0.1%** |
| Federal Home Loan Mortgage Corp. - 0.1% | Federal Home Loan Mortgage Corp. - 0.1% | Federal Home Loan Mortgage Corp. - 0.1% | Federal Home Loan Mortgage Corp. - 0.1% | Federal Home Loan Mortgage Corp. - 0.1% |
| Freddie Mac Multifamily Structured Pass Through Certificates | Freddie Mac Multifamily Structured Pass Through Certificates | Freddie Mac Multifamily Structured Pass Through Certificates | Freddie Mac Multifamily Structured Pass Through Certificates | Freddie Mac Multifamily Structured Pass Through Certificates |
| Series K-108, 1.691%, due 03/25/30 (e) Callable: 12/25/29 |  | 459710 |  | 43440 |
| Series K-1501, 0.379%, due 04/25/30 (e) Callable: 02/25/30 |  | 2513944 |  | 52035 |
| Series K-110, 1.697%, due 04/25/30 (e) Callable: 02/25/30 |  | 398506 |  | 36815 |
| Series K-118, 0.959%, due 09/25/30 (e) Callable: 06/25/30 |  | 995571 |  | 55544 |
| Series K-123, 0.774%, due 12/25/30 (e) Callable: 10/25/30 |  | 1396344 |  | 62958 |
| **Total Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $213,188)** |  |  |  | 250792 |
| **NON-AGENCY MORTAGE-BACKED OBLIGATIONS — 1.9%** | **NON-AGENCY MORTAGE-BACKED OBLIGATIONS — 1.9%** | **NON-AGENCY MORTAGE-BACKED OBLIGATIONS — 1.9%** | **NON-AGENCY MORTAGE-BACKED OBLIGATIONS — 1.9%** | **NON-AGENCY MORTAGE-BACKED OBLIGATIONS — 1.9%** |
| BBCMS 2018-TALL Mortgage Trust |  |  |  |  |
| Series 2018-TALL, 5.040%, due 03/15/37 (1 Month U.S. LIBOR + 0.722%) (f)(g) |  | 180000 |  | 167805 |

---

See Notes to Financial Statements.<br> 50

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Growth Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_51.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **NON-AGENCY MORTAGE-BACKED OBLIGATIONS — 1.9% (Continued)** | **NON-AGENCY MORTAGE-BACKED OBLIGATIONS — 1.9% (Continued)** | **NON-AGENCY MORTAGE-BACKED OBLIGATIONS — 1.9% (Continued)** |
| BBCMS 2020-BID Mortgage Trust | BBCMS 2020-BID Mortgage Trust | BBCMS 2020-BID Mortgage Trust |
| Series 2020-BID, 6.458%, due 10/15/37 (1 Month U.S. LIBOR + 2.140%) (f)(g) | $60000 | $58413 |
| BX Commercial Mortgage Trust 2020-VKNG | BX Commercial Mortgage Trust 2020-VKNG | BX Commercial Mortgage Trust 2020-VKNG |
| Series 2020-VKNG, 5.850%, due 10/15/37 (1 Month SOFR Rate + 1.514%) (f)(g) | 70000 | 66704 |
| CIM Trust 2021-J3 |  |  |
| Series 2021-J3, 2.500%, due 06/25/51 (e)(f) Callable: 04/25/45 | 446559 | 345350 |
| Deephaven Residential Mortgage Trust 2022-2 | Deephaven Residential Mortgage Trust 2022-2 | Deephaven Residential Mortgage Trust 2022-2 |
| Series 2022-2, 4.300%, due 03/25/67 (e)(f) Callable: 04/25/25 | 273235 | 259860 |
| GS Mortgage Securities Trust 2018-HART | GS Mortgage Securities Trust 2018-HART | GS Mortgage Securities Trust 2018-HART |
| Series 2018-HART, 5.410%, due 10/15/31 (1 Month U.S. LIBOR + 1.090%) (f)(g) | 170000 | 159382 |
| GSCG Trust 2019-600C |  |  |
| Series 2019-600C, 2.936%, due 09/12/34 (f) | 180000 | 163349 |
| JP Morgan Chase Commercial Mortgage Securities Trust 2019-ICON | JP Morgan Chase Commercial Mortgage Securities Trust 2019-ICON | JP Morgan Chase Commercial Mortgage Securities Trust 2019-ICON |
| Series A, 3.884%, due 01/06/34 (f) | 130000 | 125475 |
| JP Morgan Mortgage Trust 2017-2 | JP Morgan Mortgage Trust 2017-2 | JP Morgan Mortgage Trust 2017-2 |
| Series 2017-2, 3.500%, due 05/25/47 (e)(f) Callable: 04/25/29 | 53176 | 45975 |
| JP Morgan Mortgage Trust 2018-5 | JP Morgan Mortgage Trust 2018-5 | JP Morgan Mortgage Trust 2018-5 |
| Series 2018-5, 3.500%, due 10/25/48 (e)(f) Callable: 01/25/28 | 98606 | 85446 |
| JP Morgan Mortgage Trust 2019-1 | JP Morgan Mortgage Trust 2019-1 | JP Morgan Mortgage Trust 2019-1 |
| Series 2019-1, 4.000%, due 05/25/49 (e)(f) Callable: 01/25/23 | 11789 | 10810 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| JP Morgan Mortgage Trust 2019-INV3 | JP Morgan Mortgage Trust 2019-INV3 | JP Morgan Mortgage Trust 2019-INV3 |
| Series 2019-INV3, 3.500%, due 05/25/50 (e)(f) Callable: 08/25/32 | $82578 | $72342 |
| JP Morgan Mortgage Trust 2020-2 | JP Morgan Mortgage Trust 2020-2 | JP Morgan Mortgage Trust 2020-2 |
| Series 2020-2, 3.500%, due 07/25/50 (e)(f) Callable: 03/25/28 | 75452 | 64657 |
| JP Morgan Mortgage Trust 2021-7 | JP Morgan Mortgage Trust 2021-7 | JP Morgan Mortgage Trust 2021-7 |
| Series TR, 2.500%, due 11/25/51 (e)(f) Callable: 01/25/45 | 255869 | 198359 |
| JP Morgan Trust 2015-3 |  |  |
| Series 2015-3, 3.500%, due 05/25/45 (e)(f) Callable: 05/25/23 | 52449 | 46637 |
| JPMBB Commercial Mortgage Securities Trust 2013-C12 | JPMBB Commercial Mortgage Securities Trust 2013-C12 | JPMBB Commercial Mortgage Securities Trust 2013-C12 |
| Series B, 4.113%, due 07/17/45 (e) Callable: 06/15/23 | 163000 | 156071 |
| KREST Commercial Mortgage Securities Trust 2021-CHIP | KREST Commercial Mortgage Securities Trust 2021-CHIP | KREST Commercial Mortgage Securities Trust 2021-CHIP |
| Series C, 3.024%, due 11/07/44 (e)(f) | 275000 | 192980 |
| OBX 2021-J3 Trust |  |  |
| Series 2021-J3, 2.500%, due 10/25/51 (e)(f) Callable: 05/25/45 | 400000 | 264654 |
| Provident Funding Mortgage Trust 2021-J1 | Provident Funding Mortgage Trust 2021-J1 | Provident Funding Mortgage Trust 2021-J1 |
| Series FLT, 2.000%, due 10/25/51 (e)(f) Callable: 08/25/47 | 100000 | 58341 |
| Ready Capital Mortgage Financing 2021-FL5 LLC | Ready Capital Mortgage Financing 2021-FL5 LLC | Ready Capital Mortgage Financing 2021-FL5 LLC |
| Series 2021-FL5, 6.139%, due 04/25/38 (1 Month U.S. LIBOR + 1.750%) (f)(g) Callable: 03/25/23 | 350000 | 338731 |
| Sequoia Mortgage Trust 2019-CH2 | Sequoia Mortgage Trust 2019-CH2 | Sequoia Mortgage Trust 2019-CH2 |
| Series 2019-CH2, 4.500%, due 08/25/49 (e)(f) Callable: 01/25/24 | 4706 | 4571 |
| Sequoia Mortgage Trust 2019-CH3 | Sequoia Mortgage Trust 2019-CH3 | Sequoia Mortgage Trust 2019-CH3 |
| Series 2019-CH3, 4.000%, due 10/25/49 (e)(f) Callable: 05/25/26 | 6769 | 6276 |

---

See Notes to Financial Statements.<br> 51

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Growth Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_52.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **NON-AGENCY MORTAGE-BACKED OBLIGATIONS — 1.9% (Continued)** | **NON-AGENCY MORTAGE-BACKED OBLIGATIONS — 1.9% (Continued)** | **NON-AGENCY MORTAGE-BACKED OBLIGATIONS — 1.9% (Continued)** |
| Sequoia Mortgage Trust 2020-4 | Sequoia Mortgage Trust 2020-4 | Sequoia Mortgage Trust 2020-4 |
| Series 2020-4, 2.500%, due 11/25/50 (e)(f) Callable: 01/25/40 | $200000 | $129280 |
| Sequoia Mortgage Trust 2021-1 | Sequoia Mortgage Trust 2021-1 | Sequoia Mortgage Trust 2021-1 |
| Series A-7, 2.500%, due 03/25/51 (e)(f) Callable: 07/25/44 | 350000 | 231551 |
| SLG Office Trust 2021-OVA |  |  |
| Series 2021-OVA, 2.585%, due 07/17/41 (f) | 190000 | 152376 |
| Wells Fargo Mortgage Backed Securities 2020-RR1 Trust | Wells Fargo Mortgage Backed Securities 2020-RR1 Trust | Wells Fargo Mortgage Backed Securities 2020-RR1 Trust |
| Series A-1, 3.000%, due 05/25/50 (e)(f) Callable: 08/25/29 | 104171 | 88984 |
| WFRBS Commercial Mortgage Trust 2014-C21 | WFRBS Commercial Mortgage Trust 2014-C21 | WFRBS Commercial Mortgage Trust 2014-C21 |
| Series 2014-C21, 4.213%, due 08/16/47 (e) Callable: 08/15/24 | 180000 | 167897 |
| **Total Non-Agency Mortgage- Backed Obligations (Cost $4,497,488)** |  | 3662276 |
| **NON-AGENCY MORTAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1%** | **NON-AGENCY MORTAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1%** | **NON-AGENCY MORTAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1%** |
| BBCMS Trust 2021-C10 |  |  |
| Series 2021-C10, 1.298%, due 07/17/54 (e) Callable: 05/15/31 | 991767 | 74864 |
| Benchmark 2021-B29 Mortgage Trust | Benchmark 2021-B29 Mortgage Trust | Benchmark 2021-B29 Mortgage Trust |
| Series X-A, 1.042%, due 09/17/54 (e) Callable: 08/15/31 | 995371 | 55075 |
| Benchmark 2020-B19 Mortgage Trust | Benchmark 2020-B19 Mortgage Trust | Benchmark 2020-B19 Mortgage Trust |
| Series 2020-B19, 1.771%, due 09/17/53 (e) Callable: 10/15/30 | 993658 | 76007 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| DBJPM 20-C9 Mortgage Trust | DBJPM 20-C9 Mortgage Trust | DBJPM 20-C9 Mortgage Trust |
| Series 2020-C9, 1.709%, due 08/15/53 (e) Callable: 06/15/30 | 706955 | 48830 |
| **Total Non-Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $345,981)** |  | 254776 |
| ASSET-BACKED SECURITIES — 1.5% | ASSET-BACKED SECURITIES — 1.5% | ASSET-BACKED SECURITIES — 1.5% |
| American Airlines 2015-2 Class AA Pass Through Trust | American Airlines 2015-2 Class AA Pass Through Trust | American Airlines 2015-2 Class AA Pass Through Trust |
| Series 2015-2, 3.600%, due 03/22/29 | 71286 | 63243 |
| American Airlines 2016-1 Class AA Pass Through Trust | American Airlines 2016-1 Class AA Pass Through Trust | American Airlines 2016-1 Class AA Pass Through Trust |
| Series 2016-1, 3.575%, due 07/15/29 | 7144 | 6358 |
| American Airlines 2016-2 Class AA Pass Through Trust | American Airlines 2016-2 Class AA Pass Through Trust | American Airlines 2016-2 Class AA Pass Through Trust |
| Series 2016-2, 3.200%, due 12/15/29 | 55402 | 47989 |
| AmeriCredit Automobile Receivables Trust 2021-2 | AmeriCredit Automobile Receivables Trust 2021-2 | AmeriCredit Automobile Receivables Trust 2021-2 |
| Series TR, 1.010%, due 01/19/27 Callable: 03/18/25 | 100000 | 90986 |
| Beacon Container Finance II LLC | Beacon Container Finance II LLC | Beacon Container Finance II LLC |
| Series NT, 2.250%, due 10/22/46 (f) Callable: 11/20/23 | 88333 | 76194 |
| CLI Funding VIII LLC |  |  |
| Series LLC, 2.720%, due 01/18/47 (f) Callable: 12/19/23 | 114767 | 97454 |
| Commonbond Student Loan Trust 2018-C-GS | Commonbond Student Loan Trust 2018-C-GS | Commonbond Student Loan Trust 2018-C-GS |
| Series A-1, 3.870%, due 02/25/46 (f) Callable: Currently | 93804 | 89948 |
| Exeter Automobile Receivables Trust 2020-3 | Exeter Automobile Receivables Trust 2020-3 | Exeter Automobile Receivables Trust 2020-3 |
| Series 2020-3, 1.320%, due 07/15/25 Callable: 10/15/24 | 102943 | 101826 |
| FedEx Corp 2020-1 Class AA Pass Through Trust | FedEx Corp 2020-1 Class AA Pass Through Trust | FedEx Corp 2020-1 Class AA Pass Through Trust |
| Series 2020-1AA, 1.875%, due 08/20/35 | 226836 | 184185 |

---

See Notes to Financial Statements.<br> 52

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Growth Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_53.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **ASSET-BACKED SECURITIES — 1.5% (Continued)** | **ASSET-BACKED SECURITIES — 1.5% (Continued)** | **ASSET-BACKED SECURITIES — 1.5% (Continued)** |
| Laurel Road Prime Student Loan Trust 2020-A |  |  |
| Series 1.40000, 1.400%, due 11/25/50 (f) Callable: 10/25/28 | $162459 | $145850 |
| Loanpal Solar Loan 2020-2 Ltd. |  |  |
| Series A, 2.750%, due 07/20/47 (f) Callable: 04/20/35 | 170329 | 141147 |
| Marlette Funding Trust 2021-1 | Marlette Funding Trust 2021-1 | Marlette Funding Trust 2021-1 |
| Series C, 1.410%, due 06/16/31 (f) Callable: 01/15/25 | 200000 | 190205 |
| Mosaic Solar Loan Trust 2020-2 | Mosaic Solar Loan Trust 2020-2 | Mosaic Solar Loan Trust 2020-2 |
| Series 2020-2, 1.440%, due 08/20/46 (f) Callable: 07/20/32 | 57692 | 46929 |
| Navient Private Education Refi Loan Trust 2021-A | Navient Private Education Refi Loan Trust 2021-A | Navient Private Education Refi Loan Trust 2021-A |
| Series A, 0.840%, due 05/15/69 (f) Callable: 01/15/28 | 69283 | 59870 |
| Oscar US Funding XII LLC |  |  |
| Series A-4, 1.000%, due 04/10/28 (f) Callable: 02/10/25 | 200000 | 185976 |
| PFS Financing Corp. |  |  |
| Series 2021-A, 0.710%, due 04/15/26 (f) Callable: Currently | 100000 | 94194 |
| Santander Consumer Auto Receivables Trust 2021-A | Santander Consumer Auto Receivables Trust 2021-A | Santander Consumer Auto Receivables Trust 2021-A |
| Series 2021-A, 1.030%, due 11/16/26 (f) Callable: 03/15/25 | 150000 | 136732 |
| Santander Drive Auto Receivables Trust 2019-3 | Santander Drive Auto Receivables Trust 2019-3 | Santander Drive Auto Receivables Trust 2019-3 |
| Series D, 2.680%, due 10/15/25 Callable: 09/15/23 | 122238 | 121085 |
| Santander Drive Auto Receivables Trust 2020-3 | Santander Drive Auto Receivables Trust 2020-3 | Santander Drive Auto Receivables Trust 2020-3 |
| Series C, 1.120%, due 01/15/26 Callable: 04/15/24 | 88538 | 87757 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Par Value | Par Value | Value | Value |
| Santander Drive Auto Receivables Trust 2021-2 | Santander Drive Auto Receivables Trust 2021-2 | Santander Drive Auto Receivables Trust 2021-2 | Santander Drive Auto Receivables Trust 2021-2 | Santander Drive Auto Receivables Trust 2021-2 |
| Series C, 0.900%, due 06/15/26 Callable: 08/15/24 | $| 100000 | $| 97148 |
| SoFi Consumer Loan Program 2021-1 Trust | SoFi Consumer Loan Program 2021-1 Trust | SoFi Consumer Loan Program 2021-1 Trust | SoFi Consumer Loan Program 2021-1 Trust | SoFi Consumer Loan Program 2021-1 Trust |
| Series B, 1.300%, due 09/25/30 (f) Callable: 08/25/24 |  | 350000 |  | 329709 |
| Sofi Professional Loan Program 2017-C LLC | Sofi Professional Loan Program 2017-C LLC | Sofi Professional Loan Program 2017-C LLC | Sofi Professional Loan Program 2017-C LLC | Sofi Professional Loan Program 2017-C LLC |
| Series A-1, 4.989%, due 07/25/40 (1 Month U.S. LIBOR + 0.600%) (f)(g) Callable: 01/25/25 |  | 30883 |  | 30747 |
| Sofi Professional Loan Program 2018-B Trust | Sofi Professional Loan Program 2018-B Trust | Sofi Professional Loan Program 2018-B Trust | Sofi Professional Loan Program 2018-B Trust | Sofi Professional Loan Program 2018-B Trust |
| Series 3.34000, 3.340%, due 08/25/47 (f) Callable: 07/25/25 |  | 62027 |  | 60048 |
| Sunnova Helios IV Issuer LLC | Sunnova Helios IV Issuer LLC | Sunnova Helios IV Issuer LLC | Sunnova Helios IV Issuer LLC | Sunnova Helios IV Issuer LLC |
| Series A, 2.980%, due 06/20/47 (f) Callable: 06/20/27 |  | 188665 |  | 156996 |
| Vivint Solar Financing VII LLC | Vivint Solar Financing VII LLC | Vivint Solar Financing VII LLC | Vivint Solar Financing VII LLC | Vivint Solar Financing VII LLC |
| Series LLC, 2.210%, due 07/31/51 (f) |  | 183770 |  | 141460 |
| Volvo Financial Equipment LLC Series 2020-1 | Volvo Financial Equipment LLC Series 2020-1 | Volvo Financial Equipment LLC Series 2020-1 | Volvo Financial Equipment LLC Series 2020-1 | Volvo Financial Equipment LLC Series 2020-1 |
| Series A-4, 0.600%, due 03/15/28 (f) Callable: 07/15/24 |  | 100000 |  | 94146 |
| **Total Asset-Backed Securities (Cost $3,204,919)** |  |  |  | 2878182 |
| **COLLATERALIZED LOAN OBLIGATIONS — 2.4%** | **COLLATERALIZED LOAN OBLIGATIONS — 2.4%** | **COLLATERALIZED LOAN OBLIGATIONS — 2.4%** | **COLLATERALIZED LOAN OBLIGATIONS — 2.4%** | **COLLATERALIZED LOAN OBLIGATIONS — 2.4%** |
| Aimco CLO 11 Ltd. |  |  |  |  |
| Series 2020-11R, 5.209%, due 10/17/34 (3 Month U.S. LIBOR + 1.130%) (f)(g) Callable: 10/17/23 |  | 1000000 |  | 973409 |
| Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd. | Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd. | Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd. | Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd. | Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd. |
| Series B, 5.918%, due 05/15/36 (1 Month U.S. LIBOR + 1.600%) (f)(g) Callable: 12/15/23 |  | 350000 |  | 327384 |

---

See Notes to Financial Statements.<br> 53

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Growth Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_54.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **COLLATERALIZED LOAN OBLIGATIONS — 2.4%** | **COLLATERALIZED LOAN OBLIGATIONS — 2.4%** | **COLLATERALIZED LOAN OBLIGATIONS — 2.4%** |
| Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd. | Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd. | Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd. |
| Series C, 6.168%, due 08/15/34 (1 Month U.S. LIBOR + 1.850%) (f)(g)(h) Callable: 03/15/24 | $275000 | $252703 |
| Benefit Street Partners CLO XXIII Ltd. | Benefit Street Partners CLO XXIII Ltd. | Benefit Street Partners CLO XXIII Ltd. |
| Series A-1, 5.438%, due 04/25/34 (3 Month U.S. LIBOR + 1.080%) (f)(g) Callable: 04/25/23 | 250000 | 242705 |
| CIFC Funding 2021-I Ltd. |  |  |
| Series LTD, 5.468%, due 04/25/33 (3 Month U.S. LIBOR + 1.110%) (f)(g) Callable: 01/25/23 | 250000 | 245940 |
| CIFC Funding 2022-I Ltd. |  |  |
| Series 2022-1, 5.184%, due 04/17/35 (1 Month SOFR Rate + 1.320%) (f)(g) Callable: 04/17/24 | 250000 | 242694 |
| Greystone CRE Notes 2021-FL3 Ltd. | Greystone CRE Notes 2021-FL3 Ltd. | Greystone CRE Notes 2021-FL3 Ltd. |
| Series 2021-FL3, 6.318%, due 07/15/39 (1 Month U.S. LIBOR + 2.000%) (f)(g)(h) Callable: 08/15/23 | 275000 | 253063 |
| Marble Point CLO XIV Ltd. |  |  |
| Series FLT, 5.523%, due 01/20/32 (3 Month U.S. LIBOR + 1.280%) (f)(g) Callable: 01/20/23 | 450000 | 439776 |
| MF1 2021-FL6 Ltd. |  |  |
| Series 2021-FL6, 6.176%, due 07/18/36 (1 Month U.S. LIBOR + 1.850%) (f)(g)(h) Callable: 07/16/23 | 175000 | 160919 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-FL7, 6.389%, due 10/16/36 (1 Month U.S. LIBOR + 2.050%) (f)(g)(h) Callable: 10/16/23 | 200000 | 187244 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Par Value | Par Value | Value | Value |
| Octagon Investment Partners 32 Ltd. | Octagon Investment Partners 32 Ltd. | Octagon Investment Partners 32 Ltd. | Octagon Investment Partners 32 Ltd. | Octagon Investment Partners 32 Ltd. |
| Series FLT, 5.279%, due 07/16/29 (3 Month U.S. LIBOR + 1.200%) (f)(g) Callable: 01/15/23 | $| 250000 | $| 240087 |
| OHA Credit Funding 4 Ltd. |  |  |  |  |
| Series A-R, 5.475%, due 10/22/36 (3 Month U.S. LIBOR + 1.150%) (f)(g) Callable: 10/22/23 |  | 500000 |  | 488294 |
| Palmer Square CLO 2019-1 Ltd. | Palmer Square CLO 2019-1 Ltd. | Palmer Square CLO 2019-1 Ltd. | Palmer Square CLO 2019-1 Ltd. | Palmer Square CLO 2019-1 Ltd. |
| Series 2019-1R, 5.800%, due 11/14/34 (3 Month U.S. LIBOR + 1.150%) (f)(g) Callable: 11/14/23 |  | 250000 |  | 243951 |
| TCI-Symphony CLO 2016-1 Ltd. | TCI-Symphony CLO 2016-1 Ltd. | TCI-Symphony CLO 2016-1 Ltd. | TCI-Symphony CLO 2016-1 Ltd. | TCI-Symphony CLO 2016-1 Ltd. |
| Series FLT, 4.961%, due 10/13/32 (3 Month U.S. LIBOR + 1.020%) (f)(g) Callable: 01/13/23 |  | 500000 |  | 489986 |
| **Total Collateralized Loan Obligations (Cost $4,975,184)** |  |  |  | 4788155 |
| **CORPORATE BONDS — 4.0%** | **CORPORATE BONDS — 4.0%** | **CORPORATE BONDS — 4.0%** | **CORPORATE BONDS — 4.0%** | **CORPORATE BONDS — 4.0%** |
| **Basic Materials — 0.1%** |  |  |  |  |
| Ecolab, Inc. |  |  |  |  |
| 4.800%, due 03/24/30 Callable: 12/24/29 |  | 61000 |  | 60589 |
| Steel Dynamics, Inc. |  |  |  |  |
| 1.650%, due 10/15/27 Callable: 08/15/27 |  | 74000 |  | 62014 |
|  |  |  |  | 122603 |
| **Communications — 0.3%** |  |  |  |  |
| Amazon.com, Inc. |  |  |  |  |
| 1.500%, due 06/03/30 Callable: 03/03/30 |  | 100000 |  | 80244 |
| AT&T, Inc. |  |  |  |  |
| 2.250%, due 02/01/32 Callable: 11/01/31 |  | 148000 |  | 116157 |
| Fox Corp. |  |  |  |  |
| 3.050%, due 04/07/25 Callable: 03/07/25 |  | 80000 |  | 76351 |
| Meta Platforms, Inc. |  |  |  |  |
| 3.500%, due 08/15/27 |  | 19000 |  | 17701 |
| 3.850%, due 08/15/32 |  | 30000 |  | 26495 |

---

See Notes to Financial Statements.<br> 54

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Growth Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_55.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 4.0% (Continued)** | **CORPORATE BONDS — 4.0% (Continued)** | **CORPORATE BONDS — 4.0% (Continued)** |
| **Communications — 0.3% (Continued)** | **Communications — 0.3% (Continued)** | **Communications — 0.3% (Continued)** |
| The Walt Disney Co. |  |  |
| 2.200%, due 01/13/28 | $68000 | $60690 |
| T-Mobile USA, Inc. |  |  |
| 2.250%, due 02/15/26 Callable: 02/15/23 | 16000 | 14577 |
| 3.750%, due 04/15/27 Callable: 02/15/27 | 58000 | 54701 |
| Verizon Communications, Inc. |  |  |
| 4.329%, due 09/21/28 | 74000 | 70983 |
| 2.355%, due 03/15/32 Callable: 12/15/31 | 100000 | 79221 |
|  |  | 597120 |
| **Consumer, Cyclical — 0.2%** |  |  |
| American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
| 1.200%, due 07/08/25 | 70000 | 63975 |
| O'Reilly Automotive, Inc. |  |  |
| 3.600%, due 09/01/27 Callable: 06/01/27 | 100000 | 94069 |
| Ross Stores, Inc. |  |  |
| 4.600%, due 04/15/25 Callable: 03/15/25 | 114000 | 113260 |
| The Home Depot, Inc. |  |  |
| 1.500%, due 09/15/28 Callable: 07/15/28 | 103000 | 87532 |
| United Airlines 2014-2 Class A Pass Through Trust | United Airlines 2014-2 Class A Pass Through Trust | United Airlines 2014-2 Class A Pass Through Trust |
| 3.750%, due 03/03/28 |  |  |
| Walmart, Inc. |  |  |
| 1.050%, due 09/17/26 Callable: 08/17/26 | 80000 | 70673 |
|  |  | 429509 |
| **Consumer, Non-cyclical — 0.6%** |  |  |
| AbbVie, Inc. |  |  |
| 3.800%, due 03/15/25 Callable: 12/15/24 | 121000 | 118006 |
| Altria Group, Inc. |  |  |
| 3.400%, due 05/06/30 Callable: 02/06/30 | 88000 | 75165 |
| Amgen, Inc. |  |  |
| 3.200%, due 11/02/27 Callable: 08/02/27 | 115000 | 106687 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| BAT International Finance PLC |  |  |
| 1.668%, due 03/25/26 Callable: 02/25/26 | $142000 | $125626 |
| CVS Health Corp. |  |  |
| 3.875%, due 07/20/25 Callable: 04/20/25 | 150000 | 146351 |
| 1.750%, due 08/21/30 Callable: 05/21/30 | 148000 | 116478 |
| Global Payments, Inc. |  |  |
| 2.650%, due 02/15/25 Callable: 01/15/25 | 78000 | 73154 |
| HCA, Inc. |  |  |
| 4.125%, due 06/15/29 Callable: 03/15/29 | 98000 | 90160 |
| Keurig Dr Pepper, Inc. |  |  |
| 4.417%, due 05/25/25 Callable: 03/25/25 | 16000 | 15876 |
| PepsiCo, Inc. |  |  |
| 2.625%, due 07/29/29 Callable: 04/29/29 | 79000 | 69806 |
| Royalty Pharma PLC |  |  |
| 0.750%, due 09/02/23 | 59000 | 57056 |
| 1.200%, due 09/02/25 Callable: 08/02/25 | 61000 | 54575 |
| 1.750%, due 09/02/27 Callable: 07/02/27 | 60000 | 50953 |
| 2.200%, due 09/02/30 Callable: 06/02/30 | 84000 | 65652 |
| Triton Container International Ltd. | Triton Container International Ltd. | Triton Container International Ltd. |
| 2.050%, due 04/15/26 (f) Callable: 03/15/26 | 119000 | 103567 |
|  |  | 1269112 |
| **Energy — 0.2%** |  |  |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| 2.800%, due 01/31/30 Callable: 10/31/29 | 74000 | 63060 |
| Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
| 3.450%, due 02/15/23 Callable: 01/30/23 | 67000 | 66820 |
| MPLX LP |  |  |
| 4.875%, due 12/01/24 Callable: 09/01/24 | 70000 | 69444 |
| 2.650%, due 08/15/30 Callable: 05/15/30 | 33000 | 26822 |

---

See Notes to Financial Statements.<br> 55

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Growth Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_56.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 4.0% (Continued)** | **CORPORATE BONDS — 4.0% (Continued)** | **CORPORATE BONDS — 4.0% (Continued)** |
| **Financial — 1.7% (Continued)** |  |  |
| Phillips 66 |  |  |
| 0.900%, due 02/15/24 Callable: 01/30/23 | $75000 | $71595 |
| Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
| 5.000%, due 03/15/27 Callable: 09/15/26 | 51000 | 50044 |
|  |  | 347785 |
| **Financial — 1.7%** |  |  |
| American Express Co. |  |  |
| 2.250%, due 03/04/25 Callable: 02/01/25 | 68000 | 64202 |
| American International Group, Inc. |  |  |
| 3.900%, due 04/01/26 Callable: 01/01/26 | 28000 | 27100 |
| Assurant, Inc. |  |  |
| 4.200%, due 09/27/23 Callable: 08/27/23 | 51000 | 50426 |
| Aviation Capital Group LLC |  |  |
| 1.950%, due 09/20/26 (f) Callable: 08/20/26 | 101000 | 85410 |
| Avolon Holdings Funding Ltd. |  |  |
| 2.125%, due 02/21/26 (f) Callable: 01/21/26 | 200000 | 172250 |
| Bank of America Corp. |  |  |
| 4.000%, due 01/22/25 | 71000 | 69511 |
| 0.976%, due 04/22/25 (SOFR + 0.690%) (g) Callable: 04/22/24 | 100000 | 93342 |
| 1.734%, due 07/22/27 (SOFR Rate + 0.960%) (g) Callable: 07/22/26 | 318000 | 279404 |
| 3.593%, due 07/21/28 (3 Month U.S. LIBOR + 1.370%) (g) Callable: 07/21/27 | 64000 | 58917 |
| 2.592%, due 04/29/31 (SOFR Rate + 2.150%) (g) Callable: 04/29/30 | 168000 | 136934 |
| Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
| 1.625%, due 08/05/28 (f) Callable: 06/05/28 | 143000 | 116409 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| BNP Paribas SA |  |  |
| 2.819%, due 11/19/25 (3 Month U.S. LIBOR + 1.111%) (f)(g) Callable: 11/19/24 | $200000 | $189333 |
| Citigroup, Inc. |  |  |
| 0.981%, due 05/01/25 (SOFR Rate + 0.669%) (g) Callable: 05/01/24 | 120000 | 112242 |
| Equinix, Inc. |  |  |
| 1.250%, due 07/15/25 Callable: 06/15/25 | 126000 | 113938 |
| 2.900%, due 11/18/26 Callable: 09/18/26 | 56000 | 51076 |
| Intercontinental Exchange, Inc. |  |  |
| 3.750%, due 12/01/25 | 90000 | 87630 |
| JPMorgan Chase & Co. |  |  |
| 1.470%, due 09/22/27 (SOFR Rate + 0.765%) (g) Callable: 09/22/26 | 236000 | 203882 |
| 2.947%, due 02/24/28 (SOFR Rate + 1.170%) (g) Callable: 02/24/27 | 50000 | 45269 |
| 1.953%, due 02/04/32 (SOFR Rate + 1.065%) (g) Callable: 02/04/31 | 69000 | 52971 |
| 2.580%, due 04/22/32 (SOFR Rate + 1.250%) (g) Callable: 04/22/31 | 39000 | 31278 |
| Kite Realty Group LP |  |  |
| 4.000%, due 10/01/26 Callable: 07/01/26 | 74000 | 67981 |
| Main Street Capital Corp. |  |  |
| 3.000%, due 07/14/26 Callable: 06/14/26 | 110000 | 95179 |
| Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
| 3.761%, due 07/26/23 | 67000 | 66421 |
| Morgan Stanley |  |  |
| 1.164%, due 10/21/25 (SOFR Rate + 0.560%) (g) Callable: 10/21/24 | 108000 | 99379 |
| 2.188%, due 04/28/26 (SOFR Rate + 1.990%) (g) Callable: 04/28/25 | 223000 | 207127 |

---

See Notes to Financial Statements.<br> 56

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Growth Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_57.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 4.0% (Continued)** | **CORPORATE BONDS — 4.0% (Continued)** | **CORPORATE BONDS — 4.0% (Continued)** |
| **Financial — 1.7% (Continued)** |  |  |
| 1.593%, due 05/04/27 (SOFR Rate + 0.879%) (g) Callable: 05/04/26 | $120000 | $105047 |
| 1.512%, due 07/20/27 (SOFR Rate + 0.858%) (g) Callable: 07/20/26 | 120000 | 104247 |
| 2.239%, due 07/21/32 (SOFR Rate + 1.178%) (g) Callable: 07/21/31 | 35000 | 26772 |
| 6.342%, due 10/18/33 (SOFR Rate + 2.560%) (g) Callable: 10/18/32 | 90000 | 93990 |
| Realty Income Corp. |  |  |
| 3.250%, due 01/15/31 Callable: 10/15/30 | 110000 | 95562 |
| Royal Bank of Canada |  |  |
| 1.200%, due 04/27/26 | 80000 | 71157 |
| Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
| 2.800%, due 03/10/27 (f) | 63000 | 57244 |
| The Goldman Sachs Group, Inc. | The Goldman Sachs Group, Inc. | The Goldman Sachs Group, Inc. |
| 0.855%, due 02/12/26 (SOFR Rate + 0.609%) (g) Callable: 02/12/25 | 80000 | 72370 |
| US Bancorp |  |  |
| 4.548%, due 07/22/28 (SOFR Rate + 1.660%) (g) Callable: 07/22/27 | 40000 | 39036 |
| Wells Fargo & Co. |  |  |
| 2.406%, due 10/30/25 (SOFR Rate + 1.087%) (g) Callable: 10/30/24 | 173000 | 163750 |
| 2.164%, due 02/11/26 (3 Month U.S. LIBOR + 0.750%) (g) Callable: 02/11/25 | 38000 | 35463 |
|  |  | 3442249 |
| **Industrial — 0.2%** |  |  |
| Amphenol Corp. |  |  |
| 2.800%, due 02/15/30 Callable: 11/15/29 | 93000 | 79645 |
| Carrier Global Corp. |  |  |
| 2.722%, due 02/15/30 Callable: 11/15/29 | 140000 | 117972 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. |
| 3.200%, due 03/15/24 Callable: 01/15/24 | $87000 | $85325 |
| The Boeing Co. |  |  |
| 4.875%, due 05/01/25 Callable: 04/01/25 | 76000 | 75499 |
|  |  | 358441 |
| **Technology — 0.3%** |  |  |
| Apple, Inc. |  |  |
| 1.200%, due 02/08/28 Callable: 12/08/27 | 80000 | 67906 |
| Broadcom, Inc. |  |  |
| 2.450%, due 02/15/31 (f) Callable: 11/15/30 | 58000 | 45820 |
| DXC Technology Co. |  |  |
| 1.800%, due 09/15/26 Callable: 08/15/26 | 60000 | 52380 |
| Fiserv, Inc. |  |  |
| 3.850%, due 06/01/25 Callable: 03/01/25 | 54000 | 52392 |
| Intel Corp. |  |  |
| 3.700%, due 07/29/25 Callable: 04/29/25 | 33000 | 32203 |
| Microsoft Corp. |  |  |
| 2.400%, due 08/08/26 Callable: 05/08/26 | 150000 | 139854 |
| Oracle Corp. |  |  |
| 2.950%, due 04/01/30 Callable: 01/01/30 | 200000 | 170712 |
| VMware, Inc. |  |  |
| 1.000%, due 08/15/24 Callable: 01/30/23 | 85000 | 79106 |
|  |  | 640373 |
| **Utilities — 0.4%** |  |  |
| Ameren Illinois Co. |  |  |
| 3.800%, due 05/15/28 Callable: 02/15/28 | 70000 | 66465 |
| Duke Energy Corp. |  |  |
| 3.150%, due 08/15/27 Callable: 05/15/27 | 150000 | 138150 |
| 4.300%, due 03/15/28 Callable: 02/15/28 | 65000 | 62673 |
| Entergy Corp. |  |  |
| 0.900%, due 09/15/25 Callable: 08/15/25 | 100000 | 88873 |

---

See Notes to Financial Statements.<br> 57

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Growth Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_58.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 4.0% (Continued)** | **CORPORATE BONDS — 4.0% (Continued)** | **CORPORATE BONDS — 4.0% (Continued)** |
| **Utilities — 0.4% (Continued)** | **Utilities — 0.4% (Continued)** | **Utilities — 0.4% (Continued)** |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 4.625%, due 07/15/27 Callable: 06/15/27 | $100000 | $98493 |
| Sierra Pacific Power Co. |  |  |
| 2.600%, due 05/01/26 Callable: 02/01/26 | 121000 | 112374 |
| Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
| 1.650%, due 03/15/26 Callable: 02/15/26 | 80000 | 71425 |
| The AES Corp. |  |  |
| 1.375%, due 01/15/26 Callable: 12/15/25 | 75000 | 65934 |
| Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. |
| 3.850%, due 06/01/25 (f) Callable: 03/01/25 | 102000 | 98421 |
|  |  | 802808 |
| **Total Corporate Bonds (Cost $9,061,808)** |  | 8010000 |
|  | Shares |  |
| **AFFILIATED REGISTERED INVESTMENT COMPANIES — 4.0%** | **AFFILIATED REGISTERED INVESTMENT COMPANIES — 4.0%** | **AFFILIATED REGISTERED INVESTMENT COMPANIES — 4.0%** |
| Voya Emerging Markets Hard Currency Debt Fund - Class P | 107914 | 794246 |
| Voya High Yield Bond Fund - Class P | 134820 | 885766 |
| Voya Investment Grade Credit Fund - Class P | 72170 | 645924 |
| Voya Securitized Credit Fund - Class P | 644840 | 5661694 |
| **Total Affiliated Registered Investment Companies (Cost $8,882,573)** |  | 7987630 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Values |
| **RIGHT — 0.0% (d)** |  |  |
| ABIOMED, Inc. (b)(h)(i) | 1153 | $— |
| **Total Right (Cost $0)** |  |  |
| **Total Investments at Value — 94.9% (Cost $163,323,163)** |  | 188951515 |
| **Other Assets in Excess of Liabilities — 5.1%** |  | 10080409 |
| **Net Assets — 100.0%** |  | $199031924 |

---

Percentages are stated as a percent of net assets.

ADR — American Depository Receipt

LIBOR — London Interbank Offered Rate

SOFR — Secured Overnight Financing Rate

&nbsp;&nbsp;&nbsp;&nbsp;(a) More narrow industries are utilized for<br>
compliance purposes, whereas broad sectors are utilized for reporting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This security or a partial position of this security is on loan at December 31, 2022. The total market value of securities on loan at December 31, 2022 was $25,119 (Note 8).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents less than 0.1%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Variable rate security. The coupon is based on an underlying pool of loans. The rate listed is as of December 31, 2022

&nbsp;&nbsp;&nbsp;&nbsp;(f) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other ''qualified institutional buyers.'' As of December 31, 2022, the value of these investments was $11,072,522, or 5.6% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Variable rate security based on a reference index and spread. The rate listed is as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Illiquid security. The total value of such securities is $853,929 as of December 31, 2022, representing 0.4% of net assets.

See Notes to Financial Statements.<br> 58

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Growth Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_59.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i) Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $0 as of December 31, 2022, representing 0.0% of net assets.

The Accompanying Footnotes are an Integral Part of this Schedule of Investments.

See Notes to Financial Statements.<br> 59

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Growth Portfolio** <br>**Schedule of Total Return Swaps**  | ***December 31, 2022*** | ![](fp0081225-2_60.jpg) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference <br> Entity | Pay/<br> Receive <br> Total <br> Return on <br> Reference <br> Entity | Financing <br> Rate | Maturity <br> Date | Payment <br> Frequency | Shares | Notional<br> Amount | Value/<br> Unrealized <br> Depreciation |
| Goldman Sachs Bank, USA | Russell 1000 Growth Total Return Index | Receive | (U.S. Federal Funds Rate + 0.300%) | 12/04/2023 | At Maturity | 17625 | $38621381 | $(1657531) |
| **Total Return Swap Contracts** | **Total Return Swap Contracts** | **Total Return Swap Contracts** | **Total Return Swap Contracts** |  |  |  |  | $(1657531) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Growth Portfolio** <br>**Schedule of Centrally Cleared Credit<br> Default Swaps**  | ***December 31, 2022*** | ![](fp0081225-2_60a.jpg) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference <br> Entity | Protection | Pay <br> Fixed <br> Rate | Termination <br> Date | Payment <br> Frequency | Notional <br> Amount | Value | Premium <br> Paid | Unrealized <br> Depreciation |
| Morgan Stanley Capital | CDX North American High Yield Index | Buy | 5.000% | 12/20/2027 | Quarterly | 670000 | $2785 | $7801 | $(5016) |
| **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | $2785 | $7801 | $(5016) |

---

See Notes to Financial Statements.<br> 60

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Growth Portfolio** <br>**Schedule of Futures Contracts**  | ***December 31, 2022*** | ![](fp0081225-2_61.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| FUTURES CONTRACTS SOLD SHORT | Contracts | Expiration <br> Date | Notional <br> Amount | Value/ <br> Unrealized<br> Appreciation <br> (Depreciation) |
| 2-Year U.S. Treasury Note Future  | 3 | 03/31/2023 | $572358 | $(779) |
| 5-Year U.S. Treasury Note Future  | 20 | 03/31/2023 | 1893299 | 2512 |
| 10-Year U.S. Treasury Note Future  | 10 | 03/22/2023 | 996074 | 5995 |
| U.S. Treasury Long Bond Future  | 8 | 03/22/2023 | 855346 | 8984 |
| Ultra 10-Year U.S. Treasury Bond Future  | 12 | 03/22/2023 | 1228757 | 9913 |
| Ultra Long-Term U.S. Treasury Bond Future  | 8 | 03/22/2023 | 677042 | 11483 |
| Total Futures Contracts Sold Short  |  |  | $6222876 | $38108 |

---

See Notes to Financial Statements.<br> 61

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Value Portfolio** <br>**Schedule of Investments**  | ***December 31, 2022*** | ![](fp0081225-2_62.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 80.5% <sup>(a)</sup>** | **COMMON STOCKS — 80.5% <sup>(a)</sup>** | **COMMON STOCKS — 80.5% <sup>(a)</sup>** |
| **Communication Services — 4.1%** | **Communication Services — 4.1%** | **Communication Services — 4.1%** |
| Activision Blizzard, Inc.  | 4014 | $307272 |
| Alphabet, Inc. - Class A <sup>(b)</sup>  | 18863 | 1664283 |
| Alphabet, Inc. - Class C <sup>(b)</sup>  | 2770 | 245782 |
| AT&T, Inc.  | 1700 | 31297 |
| Comcast Corp. - Class A  | 27988 | 978740 |
| Electronic Arts, Inc.  | 2094 | 255845 |
| Fox Corp. - Class B  | 2010 | 57185 |
| Liberty Media Corp-Liberty SiriusXM - Class C <sup>(b)</sup>  | 1510 | 59086 |
| Meta Platforms, Inc. - Class A <sup>(b)</sup>  | 3700 | 445258 |
| Netflix, Inc. <sup>(b)</sup>  | 140 | 41283 |
| News Corp. - Class A  | 25513 | 464337 |
| News Corp. - Class B  | 8530 | 157293 |
| Omnicom Group, Inc.  | 2957 | 241202 |
| Paramount Global - Class B  | 15700 | 265016 |
| Pinterest, Inc. - Class A <sup>(b)</sup>  | 4520 | 109746 |
| Playtika Holding Corp. <sup>(b)</sup>  | 8710 | 74122 |
| Take-Two Interactive Software, Inc. <sup>(b)</sup>  | 1284 | 133703 |
| The Walt Disney Co. <sup>(b)</sup>  | 2040 | 177235 |
| Verizon Communications, Inc.  | 8153 | 321228 |
| Vodafone Group PLC - ADR  | 40085 | 405660 |
| Warner Bros Discovery, Inc. <sup>(b)</sup>  | 65304 | 619082 |
|  |  | 7054655 |
| **Consumer Discretionary — 4.0%** | **Consumer Discretionary — 4.0%** |  |
| Adient PLC <sup>(b)</sup>  | 5065 | 175705 |
| Amazon.com, Inc. <sup>(b)</sup>  | 4015 | 337260 |
| Aptiv PLC <sup>(b)</sup>  | 3600 | 335268 |
| Bath & Body Works, Inc.  | 2740 | 115464 |
| Best Buy Co., Inc.  | 1600 | 128336 |
| Booking Holdings, Inc. <sup>(b)</sup>  | 188 | 378873 |
| Caesars Entertainment, Inc. <sup>(b)</sup>  | 1210 | 50336 |
| DoorDash, Inc. - Class A <sup>(b)</sup>  | 1810 | 88364 |
| eBay, Inc.  | 1290 | 53496 |
| General Motors Co.  | 33184 | 1116310 |
| Grand Canyon Education, Inc. <sup>(b)</sup>  | 112 | 11834 |
| H&R Block, Inc.  | 5670 | 207012 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Harley-Davidson, Inc.  | 9647 | $401315 |
| Lennar Corp. - Class B  | 300 | 22434 |
| Lowe's Cos., Inc.  | 770 | 153415 |
| LVMH Moet Hennessy Louis Vuitton SE  | 523 | 380637 |
| Magna International, Inc.  | 14392 | 808543 |
| McDonald's Corp.  | 559 | 147313 |
| NIKE, Inc. - Class B  | 4223 | 494133 |
| Rivian Automotive, Inc. - Class A <sup>(b)</sup>  | 2670 | 49208 |
| Starbucks Corp.  | 1360 | 134912 |
| Tapestry, Inc.  | 2709 | 103159 |
| The Goodyear Tire & Rubber Co. <sup>(b)</sup>  | 11639 | 118136 |
| The Home Depot, Inc.  | 1670 | 527486 |
| Toll Brothers, Inc.  | 2935 | 146515 |
| Travel + Leisure Co.  | 570 | 20748 |
| Williams-Sonoma, Inc.  | 1720 | 197662 |
| Wyndham Hotels & Resorts, Inc.  | 1120 | 79867 |
|  |  | 6783741 |
| **Consumer Staples — 5.4%** |  |  |
| Albertsons Cos., Inc. - Class A  | 2020 | 41895 |
| Altria Group, Inc.  | 6750 | 308542 |
| Archer-Daniels-Midland Co.  | 400 | 37140 |
| BJ's Wholesale Club Holdings, Inc. <sup>(b)</sup>  | 330 | 21833 |
| Brown-Forman Corp - Class A  | 1570 | 103243 |
| Brown-Forman Corp - Class B  | 4030 | 264690 |
| Campbell Soup Co.  | 520 | 29510 |
| Colgate-Palmolive Co.  | 20952 | 1650808 |
| Constellation Brands, Inc. - Class A  | 440 | 101970 |
| Costco Wholesale Corp.  | 1982 | 904783 |
| Coty, Inc. - Class A <sup>(b)</sup>  | 14820 | 126859 |
| Darling Ingredients, Inc. <sup>(b)</sup>  | 2750 | 172123 |
| Diageo PLC  | 7768 | 342778 |
| General Mills, Inc.  | 4380 | 367263 |
| Kellogg Co.  | 750 | 53430 |
| Mondelez International, Inc. - Class A  | 4475 | 298259 |

---

See Notes to Financial Statements.<br> 62

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_63.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 80.5% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 80.5% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 80.5% <sup>(a)</sup> (Continued)** |
| **Consumer Staples — 5.4% (Continued)** | **Consumer Staples — 5.4% (Continued)** |  |
| Olaplex Holdings, Inc. <sup>(b)</sup>  | 2040 | $10628 |
| PepsiCo, Inc.  | 365 | 65941 |
| Pernod Ricard SA  | 1582 | 311171 |
| Philip Morris International, Inc.  | 7183 | 726991 |
| The Coca-Cola Co.  | 4413 | 280711 |
| The Estee Lauder Cos., Inc. - Class A  | 1673 | 415088 |
| The Hershey Co.  | 350 | 81050 |
| The Kroger Co.  | 4620 | 205960 |
| The Procter & Gamble Co.  | 4499 | 681868 |
| Tyson Foods, Inc. - Class A  | 3056 | 190236 |
| Unilever PLC - ADR  | 16215 | 816425 |
| Walmart, Inc.  | 3895 | 552272 |
|  |  | 9163467 |
| **Energy — 7.2%** |  |  |
| Antero Midstream Corp.  | 14560 | 157103 |
| Antero Resources Corp. <sup>(b)</sup>  | 710 | 22003 |
| APA Corp.  | 23164 | 1081296 |
| Baker Hughes Co.  | 7595 | 224280 |
| Cenovus Energy, Inc.  | 14505 | 281542 |
| Chevron Corp.  | 6494 | 1165608 |
| ConocoPhillips  | 6625 | 781750 |
| Diamondback Energy, Inc.  | 250 | 34195 |
| DT Midstream, Inc.  | 7637 | 422021 |
| Equitrans Midstream Corp.  | 7020 | 47034 |
| Exxon Mobil Corp.  | 14527 | 1602328 |
| Halliburton Co.  | 13640 | 536734 |
| Hess Corp.  | 2525 | 358096 |
| HF Sinclair Corp.  | 638 | 33106 |
| Kinder Morgan, Inc.  | 13860 | 250589 |
| Marathon Oil Corp.  | 25602 | 693046 |
| Marathon Petroleum Corp.  | 3360 | 391070 |
| Murphy Oil Corp.  | 10230 | 439992 |
| NOV, Inc.  | 34895 | 728957 |
| ONEOK, Inc.  | 1990 | 130743 |
| Ovintiv, Inc.  | 13340 | 676471 |
| PDC Energy, Inc.  | 1150 | 73002 |
| Phillips 66  | 2140 | 222731 |
| Schlumberger Ltd.  | 4550 | 243243 |
| Shell PLC - ADR  | 14012 | 797983 |
| Targa Resources Corp.  | 2738 | 201243 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| TotalEnergies SE  | 9328 | $585627 |
|  |  | 12181793 |
| **Financials — 17.2%** |  |  |
| American Express Co.  | 3170 | 468367 |
| American International Group, Inc.  | 26969 | 1705520 |
| Aon PLC - Class A  | 3100 | 930434 |
| Arch Capital Group Ltd. <sup>(b)</sup>  | 9402 | 590258 |
| Arthur J Gallagher & Co.  | 3707 | 698918 |
| Assurant, Inc. <sup>(c)</sup>  | 505 | 63155 |
| Axis Capital Holdings Ltd.  | 2500 | 135425 |
| Bank of America Corp.  | 21414 | 709232 |
| Bank OZK  | 930 | 37256 |
| Berkshire Hathaway, Inc. - Class B <sup>(b)</sup>  | 5377 | 1660955 |
| Capital One Financial Corp.  | 2300 | 213808 |
| Chubb Ltd.  | 3312 | 730627 |
| Citigroup, Inc.  | 46666 | 2110703 |
| Citizens Financial Group, Inc.  | 18115 | 713187 |
| CME Group, Inc.  | 3550 | 596968 |
| CNA Financial Corp.  | 400 | 16912 |
| Corebridge Financial, Inc.  | 11200 | 224672 |
| Cullen/Frost Bankers, Inc.  | 3730 | 498701 |
| East West Bancorp, Inc.  | 1670 | 110053 |
| Equitable Holdings, Inc.  | 7811 | 224176 |
| Everest Re Group Ltd.  | 902 | 298805 |
| F&G Annuities & Life, Inc. <sup>(b)</sup>  | 269 | 5383 |
| Fidelity National Financial, Inc.  | 3970 | 149351 |
| First Citizens BancShares, Inc. - Class A  | 424 | 321545 |
| First Hawaiian, Inc.  | 2560 | 66662 |
| FNB Corp.  | 2570 | 33538 |
| Globe Life, Inc.  | 2060 | 248333 |
| Interactive Brokers Group, Inc. - Class A  | 3516 | 254383 |
| JPMorgan Chase & Co.  | 6537 | 876612 |
| Loews Corp.  | 1940 | 113160 |
| Markel Corp. <sup>(b)</sup>  | 251 | 330690 |
| Marsh & Mclennan Cos., Inc.  | 3948 | 653315 |
| MGIC Investment Corp.  | 24630 | 320190 |

---

See Notes to Financial Statements.<br> 63

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_64.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 80.5% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 80.5% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 80.5% <sup>(a)</sup> (Continued)** |
| **Financials — 17.2% (Continued)** | **Financials — 17.2% (Continued)** |  |
| Moody's Corp.  | 3131 | $872359 |
| Nasdaq, Inc.  | 4666 | 286259 |
| New York Community Bancorp, Inc.  | 2690 | 23134 |
| Northern Trust Corp.  | 3123 | 276354 |
| PacWest Bancorp  | 2670 | 61276 |
| Pinnacle Financial Partners, Inc.  | 730 | 53582 |
| Popular, Inc.  | 1955 | 129656 |
| Prosperity Bancshares, Inc.  | 560 | 40701 |
| Reinsurance Group of America, Inc.  | 540 | 76729 |
| S&P Global, Inc.  | 1954 | 654473 |
| SLM Corp.  | 3778 | 62715 |
| State Street Corp.  | 11546 | 895623 |
| Stifel Financial Corp.  | 3080 | 179780 |
| Synchrony Financial  | 4530 | 148856 |
| Synovus Financial Corp.  | 1600 | 60080 |
| The Allstate Corp.  | 240 | 32544 |
| The Bank of New York Mellon Corp.  | 20697 | 942127 |
| The Charles Schwab Corp.  | 16831 | 1401349 |
| The Goldman Sachs Group, Inc.  | 2885 | 990651 |
| The Hartford Financial Services Group, Inc.  | 10547 | 799779 |
| The Progressive Corp.  | 2090 | 271094 |
| The Travelers Cos., Inc.  | 1410 | 264361 |
| Truist Financial Corp.  | 7600 | 327028 |
| Umpqua Holdings Corp.  | 3380 | 60333 |
| Unum Group  | 5520 | 226486 |
| US Bancorp  | 15603 | 680447 |
| Voya Financial, Inc.  | 1020 | 62720 |
| W.R. Berkley Corp.  | 2462 | 178667 |
| Wells Fargo & Co.  | 52901 | 2184282 |
| Western Alliance Bancorp  | 360 | 21442 |
| Willis Towers Watson PLC  | 1213 | 296675 |
| Wintrust Financial Corp.  | 2390 | 202003 |
|  |  | 28874859 |
| **Health Care — 9.8%** |  |  |
| Abbott Laboratories  | 990 | 108692 |
| Acadia Healthcare Co., Inc. <sup>(b)</sup>  | 1040 | 85613 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Agilent Technologies, Inc.  | 8018 | $1199894 |
| Amgen, Inc.  | 990 | 260014 |
| Becton Dickinson and Co.  | 360 | 91548 |
| Biogen, Inc. <sup>(b)</sup>  | 730 | 202152 |
| Bio-Techne Corp.  | 1872 | 155151 |
| Boston Scientific Corp. <sup>(b)</sup>  | 700 | 32389 |
| Bristol-Myers Squibb Co.  | 7721 | 555526 |
| Bruker Corp.  | 11912 | 814185 |
| Centene Corp. <sup>(b)</sup>  | 7952 | 652143 |
| Chemed Corp.  | 300 | 153129 |
| Cigna Corp.  | 1480 | 490383 |
| CVS Health Corp.  | 10949 | 1020337 |
| Danaher Corp.  | 2544 | 675228 |
| Doximity, Inc. - Class A <sup>(b)</sup>  | 3780 | 126857 |
| Elevance Health, Inc.  | 2380 | 1220869 |
| Encompass Health Corp.  | 2200 | 131582 |
| Enhabit, Inc. <sup>(b)</sup>  | 1100 | 14476 |
| Envista Holdings Corp. <sup>(b)</sup>  | 10483 | 352963 |
| Exelixis, Inc. <sup>(b)</sup>  | 5970 | 95759 |
| Gilead Sciences, Inc.  | 3740 | 321079 |
| GSK PLC - ADR  | 6431 | 225985 |
| HCA Healthcare, Inc.  | 2594 | 622456 |
| Hologic, Inc. <sup>(b)</sup>  | 4183 | 312930 |
| Humana, Inc.  | 625 | 320119 |
| ICON PLC <sup>(b)</sup>  | 1670 | 324397 |
| IQVIA Holdings, Inc. <sup>(b)</sup>  | 623 | 127646 |
| Johnson & Johnson  | 8284 | 1463369 |
| Laboratory Corp. of America Holdings  | 279 | 65699 |
| Maravai LifeSciences Holdings, Inc. - Class A <sup>(b)</sup>  | 8985 | 128575 |
| Masimo Corp. <sup>(b)</sup>  | 740 | 109483 |
| Medtronic PLC  | 9116 | 708495 |
| Merck & Co., Inc.  | 2524 | 280038 |
| Moderna, Inc. <sup>(b)</sup>  | 520 | 93402 |
| Molina Healthcare, Inc. <sup>(b)</sup>  | 440 | 145297 |
| Oak Street Health, Inc. <sup>(b)</sup>  | 2470 | 53130 |
| Perrigo Co. PLC  | 1340 | 45681 |
| Pfizer, Inc.  | 16283 | 834341 |
| Premier, Inc. - Class A  | 4950 | 173151 |
| Quest Diagnostics, Inc.  | 525 | 82131 |
| QuidelOrtho Corp. <sup>(b)</sup>  | 460 | 39408 |

---

See Notes to Financial Statements.<br> 64

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_65.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 80.5% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 80.5% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 80.5% <sup>(a)</sup> (Continued)** |
| **Health Care — 9.8% (Continued)** | **Health Care — 9.8% (Continued)** |  |
| Royalty Pharma PLC - Class A  | 3205 | $126662 |
| Sanofi - ADR  | 5185 | 251110 |
| Thermo Fisher Scientific, Inc.  | 474 | 261027 |
| United Therapeutics Corp. <sup>(b)</sup>  | 730 | 203006 |
| UnitedHealth Group, Inc.  | 900 | 477162 |
| Vertex Pharmaceuticals, Inc. <sup>(b)</sup>  | 210 | 60644 |
| Waters Corp. <sup>(b)</sup>  | 50 | 17129 |
| Zimmer Biomet Holdings, Inc.  | 2384 | 303960 |
|  |  | 16616402 |
| **Industrials — 12.0%** |  |  |
| 3M Co.  | 1052 | 126156 |
| A.O. Smith Corp.  | 1030 | 58957 |
| AECOM  | 340 | 28876 |
| Allegion PLC  | 770 | 81050 |
| Allison Transmission Holdings, Inc.  | 150 | 6240 |
| Carlisle Cos., Inc.  | 100 | 23565 |
| Cintas Corp.  | 410 | 185164 |
| CNH Industrial NV  | 28530 | 458192 |
| Core & Main, Inc. - Class A <sup>(b)</sup>  | 2180 | 42096 |
| Crane Holdings Co.  | 400 | 40180 |
| CSX Corp.  | 800 | 24784 |
| Cummins, Inc.  | 3221 | 780416 |
| Equifax, Inc.  | 2816 | 547318 |
| Fastenal Co.  | 4291 | 203050 |
| FedEx Corp.  | 6705 | 1161306 |
| Ferguson PLC  | 3174 | 403003 |
| Fluor Corp. <sup>(b)</sup>  | 5616 | 194651 |
| Fortive Corp.  | 855 | 54934 |
| General Dynamics Corp.  | 937 | 232479 |
| General Electric Co.  | 32876 | 2754680 |
| Graco, Inc.  | 5277 | 354931 |
| Honeywell International, Inc.  | 4560 | 977208 |
| IDEX Corp.  | 3243 | 740474 |
| Illinois Tool Works, Inc.  | 1070 | 235721 |
| Ingersoll Rand, Inc.  | 7352 | 384142 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value | Value |
| Johnson Controls International PLC  | 9631 | $| 616384 |
| MSA Safety, Inc.  | 2009 |  | 289678 |
| Nordson Corp.  | 1815 |  | 431462 |
| Norfolk Southern Corp.  | 339 |  | 83536 |
| nVent Electric PLC  | 4020 |  | 154649 |
| Otis Worldwide Corp.  | 15890 |  | 1244346 |
| Owens Corning  | 1410 |  | 120273 |
| PACCAR, Inc.  | 6284 |  | 621928 |
| Pentair PLC  | 3767 |  | 169440 |
| Raytheon Technologies Corp.  | 6850 |  | 691302 |
| RBC Bearings, Inc. <sup>(b)</sup>  | 1259 |  | 263572 |
| Regal Rexnord Corp.  | 1433 |  | 171931 |
| Republic Services, Inc.  | 145 |  | 18704 |
| Rockwell Automation, Inc.  | 2671 |  | 687970 |
| Ryder System, Inc.  | 2690 |  | 224803 |
| Schneider National, Inc. - Class B  | 5830 |  | 136422 |
| Simpson Manufacturing Co., Inc.  | 2121 |  | 188048 |
| Tetra Tech, Inc.  | 1255 |  | 182213 |
| Textron, Inc.  | 2590 |  | 183372 |
| The Boeing Co. <sup>(b)</sup>  | 3200 |  | 609568 |
| Trane Technologies PLC  | 2860 |  | 480737 |
| TransUnion  | 4024 |  | 228362 |
| United Parcel Service, Inc. - Class B  | 710 |  | 123426 |
| United Rentals, Inc. <sup>(b)</sup>  | 640 |  | 227469 |
| Verisk Analytics, Inc.  | 2293 |  | 404531 |
| Waste Management, Inc.  | 1450 |  | 227476 |
| Watsco, Inc.  | 1951 |  | 486579 |
| Watts Water Technologies, Inc. - Class A  | 5305 |  | 775750 |
| Westinghouse Air Brake Technologies Corp.  | 2238 |  | 223375 |
|  |  |  | 20366879 |
| **Information Technology — 14.2%** | **Information Technology — 14.2%** | **Information Technology — 14.2%** | **Information Technology — 14.2%** |
| Accenture PLC - Class A  | 3466 |  | 924867 |
| Adobe, Inc. <sup>(b)</sup>  | 1404 |  | 472488 |
| Altair Engineering, Inc. - Class A <sup>(b)</sup>  | 3806 |  | 173059 |
| Amdocs Ltd.  | 1300 |  | 118170 |
| Analog Devices, Inc.  | 6533 |  | 1071608 |

---

See Notes to Financial Statements.<br> 65

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_66.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 80.5% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 80.5% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 80.5% <sup>(a)</sup> (Continued)** |
| **Information Technology — 14.2% (Continued)** | **Information Technology — 14.2% (Continued)** | **Information Technology — 14.2% (Continued)** |
| ANSYS, Inc. <sup>(b)</sup>  | 2586 | $624752 |
| Applied Materials, Inc.  | 2938 | 286102 |
| Autodesk, Inc. <sup>(b)</sup>  | 2190 | 409245 |
| Automatic Data Processing, Inc.  | 970 | 231694 |
| Avnet, Inc.  | 4180 | 173804 |
| Bill.com Holdings, Inc. <sup>(b)</sup>  | 610 | 66466 |
| Block, Inc. <sup>(b)</sup>  | 2450 | 153958 |
| Cadence Design Systems, Inc. <sup>(b)</sup>  | 6282 | 1009140 |
| Ceridian HCM Holding, Inc. <sup>(b)</sup>  | 440 | 28226 |
| Cisco Systems, Inc.  | 16800 | 800352 |
| Cognizant Technology Solutions Corp. - Class A  | 12126 | 693486 |
| Concentrix Corp.  | 815 | 108525 |
| Corning, Inc.  | 14151 | 451983 |
| Coupa Software, Inc. <sup>(b)</sup>  | 650 | 51460 |
| DoubleVerify Holdings, Inc. <sup>(b)</sup>  | 5930 | 130223 |
| F5, Inc. <sup>(b)</sup>  | 7418 | 1064557 |
| Fidelity National Information Services, Inc.  | 5000 | 339250 |
| First Solar, Inc. <sup>(b)</sup>  | 780 | 116836 |
| Fiserv, Inc. <sup>(b)</sup>  | 2300 | 232461 |
| FleetCor Technologies, Inc. <sup>(b)</sup>  | 176 | 32328 |
| Genpact Ltd.  | 688 | 31868 |
| Jabil, Inc.  | 6220 | 424204 |
| Juniper Networks, Inc.  | 870 | 27805 |
| KLA Corp.  | 985 | 371375 |
| Lam Research Corp.  | 782 | 328675 |
| LiveRamp Holdings, Inc. <sup>(b)</sup>  | 2457 | 57592 |
| Manhattan Associates, Inc. <sup>(b)</sup>  | 2277 | 276428 |
| Marvell Technology, Inc.  | 860 | 31854 |
| Mastercard, Inc. - Class A  | 2779 | 966342 |
| Microchip Technology, Inc.  | 3760 | 264140 |
| Micron Technology, Inc.  | 19866 | 992903 |
| Microsoft Corp.  | 13125 | 3147637 |
| Motorola Solutions, Inc.  | 1014 | 261318 |
| Novanta, Inc. <sup>(b)</sup>  | 1366 | 185598 |
| Oracle Corp.  | 18567 | 1517667 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Paychex, Inc.  | 136 | $15716 |
| PayPal Holdings, Inc. <sup>(b)</sup>  | 2850 | 202977 |
| Power Integrations, Inc.  | 1268 | 90941 |
| PTC, Inc. <sup>(b)</sup>  | 1639 | 196746 |
| QUALCOMM, Inc.  | 440 | 48374 |
| Salesforce.com, Inc. <sup>(b)</sup>  | 5342 | 708296 |
| Silicon Laboratories, Inc. <sup>(b)</sup>  | 2014 | 273239 |
| Snowflake, Inc. - Class A <sup>(b)</sup>  | 240 | 34450 |
| StoneCo Ltd. - Class A <sup>(b)</sup>  | 4710 | 44462 |
| Synopsys, Inc. <sup>(b)</sup>  | 2209 | 705312 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | 3686 | 274570 |
| TE Connectivity Ltd.  | 5701 | 654475 |
| Telefonaktiebolaget LM Ericsson - ADR  | 80052 | 467504 |
| Texas Instruments, Inc.  | 2316 | 382649 |
| Unity Software, Inc. <sup>(b)(c)</sup>  | 1790 | 51176 |
| VeriSign, Inc. <sup>(b)</sup>  | 29 | 5958 |
| Workday, Inc. - Class A <sup>(b)</sup>  | 9390 | 1571229 |
|  |  | 24378520 |
| **Materials — 3.6%** |  |  |
| Ashland, Inc.  | 3090 | 332268 |
| Corteva Inc  | 4509 | 265039 |
| Eagle Materials, Inc.  | 2570 | 341424 |
| Franco-Nevada Corp.  | 4767 | 649812 |
| International Paper Co.  | 4935 | 170899 |
| Linde PLC  | 28 | 9133 |
| Martin Marietta Materials, Inc.  | 1763 | 595841 |
| NewMarket Corp.  | 444 | 138133 |
| Olin Corp.  | 10900 | 577046 |
| Royal Gold, Inc.  | 4165 | 469479 |
| RPM International, Inc.  | 2509 | 244502 |
| Sealed Air Corp.  | 3096 | 154428 |
| Silgan Holdings, Inc.  | 990 | 51322 |
| Sonoco Products Co.  | 1540 | 93493 |
| Southern Copper Corp.  | 1050 | 63409 |
| SSR Mining, Inc.  | 3280 | 51398 |
| The Sherwin-Williams Co.  | 1789 | 424583 |
| United States Steel Corp.  | 3850 | 96443 |
| Vulcan Materials Co.  | 5518 | 966257 |
| Westrock Co.  | 780 | 27425 |

---

See Notes to Financial Statements.<br> 66

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_67.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 80.5% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 80.5% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 80.5% <sup>(a)</sup> (Continued)** |
| **Materials — 3.6% (Continued)** | **Materials — 3.6% (Continued)** |  |
| Wheaton Precious Metals Corp.  | 8095 | $316267 |
|  |  | 6038601 |
| **Real Estate — 1.3%** |  |  |
| Apartment Income REIT Corp.  | 5050 | 173266 |
| Camden Property Trust  | 1200 | 134256 |
| CBRE Group, Inc. - Class A <sup>(b)</sup>  | 3576 | 275209 |
| EPR Properties  | 6720 | 253478 |
| Equity Residential  | 1140 | 67260 |
| Healthcare Realty Trust, Inc.  | 18949 | 365147 |
| Lamar Advertising Co. - Class A  | 180 | 16992 |
| Mid-America Apartment Communities, Inc.  | 1030 | 161700 |
| National Retail Properties, Inc.  | 1660 | 75962 |
| Rayonier. Inc.  | 7174 | 236455 |
| SBA Communications Corp.  | 1020 | 285916 |
| Ventas, Inc.  | 5180 | 233359 |
|  |  | 2279000 |
| **Utilities — 1.7%** |  |  |
| American Electric Power Co., Inc.  | 980 | 93051 |
| American Water Works Co., Inc.  | 680 | 103646 |
| Brookfield Renewable Corp. - Class A  | 7460 | 205449 |
| Dominion Energy, Inc.  | 1720 | 105470 |
| Duke Energy Corp.  | 2280 | 234817 |
| Evergy, Inc.  | 840 | 52861 |
| Exelon Corp.  | 1156 | 49974 |
| FirstEnergy Corp.  | 2230 | 93526 |
| Hawaiian Electric Industries, Inc.  | 740 | 30969 |
| National Fuel Gas Co.  | 1150 | 72795 |
| NiSource, Inc.  | 3220 | 88292 |
| PPL Corp.  | 40423 | 1181160 |
| Sempra Energy  | 270 | 41726 |
| The Southern Co.  | 2061 | 147176 |
| UGI Corp.  | 9010 | 334001 |
| Vistra Corp.  | 2580 | 59856 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Xcel Energy, Inc.  | 490 | $34354 |
|  |  | 2929123 |
| **Total Common Stocks** (Cost $127,667,759) | **Total Common Stocks** (Cost $127,667,759) | 136667040 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Par Value | Par Value | |
| **U.S. TREASURY OBLIGATIONS — 0.6%** |  |  |  |
| **U.S. Treasury Notes — 0.6%** |  |  |  |
| 0.125%, due 05/31/23 | $| 13800 | 13550 |
| 0.250%, due 09/30/23 |  | 16000 | 15475 |
| 1.625%, due 10/31/23 |  | 44100 | 42997 |
| 0.250%, due 06/15/24 |  | 147000 | 137973 |
| 0.750%, due 11/15/24 |  | 29000 | 27070 |
| 4.250%, due 12/31/24 |  | 68000 | 67766 |
| 3.000%, due 07/15/25 |  | 44000 | 42611 |
| 4.000%, due 12/15/25 |  | 68000 | 67575 |
| 0.875%, due 09/30/26 |  | 177000 | 157143 |
| 1.250%, due 11/30/26 |  | 265000 | 237672 |
| 1.500%, due 01/31/27 |  | 29100 | 26263 |
| 2.750%, due 04/30/27 |  | 1000 | 947 |
| 3.250%, due 06/30/27 |  | 1500 | 1450 |
| 3.875%, due 11/30/27 |  | 12800 | 12728 |
| 3.875%, due 12/31/27 |  | 47200 | 46935 |
| 1.250%, due 09/30/28 |  | 2000 | 1718 |
| 1.125%, due 02/15/31 (c) |  | 8000 | 6516 |
| 2.750%, due 08/15/32 |  | 15000 | 13643 |
| 4.125%, due 11/15/32 |  | 13000 | 13260 |
| **Total U.S. Treasury Obligations (Cost $996,490)** |  |  | 933292 |
| **AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1%** | **AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1%** | **AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1%** | **AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1%** |
| Federal Home Loan Mortgage Corp. — 0.1% | Federal Home Loan Mortgage Corp. — 0.1% | Federal Home Loan Mortgage Corp. — 0.1% | Federal Home Loan Mortgage Corp. — 0.1% |
| Freddie Mac Multifamily Structured Pass Through Certificates | Freddie Mac Multifamily Structured Pass Through Certificates | Freddie Mac Multifamily Structured Pass Through Certificates | Freddie Mac Multifamily Structured Pass Through Certificates |
| Series K-108, 1.691%, due 03/25/30 (d) Callable: 12/25/29 |  | 289817 | 27386 |
| Series K-1501, 0.379%, due 04/25/30 (d) Callable: 02/25/30 |  | 1616107 | 33451 |

---

See Notes to Financial Statements.<br> 67

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_68.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1% (Continued)** | **AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1% (Continued)** | **AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1% (Continued)** |
| **Federal Home Loan Mortgage Corp. — 0.1% (Continued)** | **Federal Home Loan Mortgage Corp. — 0.1% (Continued)** | **Federal Home Loan Mortgage Corp. — 0.1% (Continued)** |
| Series K-110, 1.697%, due 04/25/30 (d) Callable: 02/25/30 | $298880 | $27611 |
| Series K-118, 0.959%, due 09/25/30 (d) Callable: 06/25/30 | 597342 | 33327 |
| **Total Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $103,041)** |  | 121775 |
| NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 1.7% | NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 1.7% | NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 1.7% |
| BX Commercial Mortgage Trust 2020-VKNG | BX Commercial Mortgage Trust 2020-VKNG | BX Commercial Mortgage Trust 2020-VKNG |
| Series 2020-VKNG, 5.850%, due 10/15/37 (1 Month SOFR Rate + 1.514%) (e)(f) | 70000 | 66704 |
| CIM Trust 2021-J3 |  |  |
| Series 2021-J3, 2.500%, due 06/25/51 (d)(e) Callable: 04/25/45 | 267935 | 207210 |
| Deephaven Residential Mortgage Trust 2022-2 | Deephaven Residential Mortgage Trust 2022-2 | Deephaven Residential Mortgage Trust 2022-2 |
| Series 2022-2, 4.300%, due 03/25/67 (d)(e) Callable: 04/25/25 | 364313 | 346480 |
| GS Mortgage Securities Trust 2018-HART | GS Mortgage Securities Trust 2018-HART | GS Mortgage Securities Trust 2018-HART |
| Series 2018-HART, 5.410%, due 10/15/31 (1 Month U.S. LIBOR + 1.090%) (e)(f) | 110000 | 103130 |
| GSCG Trust 2019-600C |  |  |
| Series 2019-600C, 2.936%, due 09/12/34 (e) | 120000 | 108900 |
| JP Morgan Chase Commercial Mortgage Securities Trust 2019-ICON | JP Morgan Chase Commercial Mortgage Securities Trust 2019-ICON | JP Morgan Chase Commercial Mortgage Securities Trust 2019-ICON |
| Series A, 3.884%, due 01/06/34 (e) | 90000 | 86867 |
| JP Morgan Mortgage Trust 2017-2 | JP Morgan Mortgage Trust 2017-2 | JP Morgan Mortgage Trust 2017-2 |
| Series 2017-2, 3.500%, due 05/25/47 (d)(e) Callable: 04/25/29 | 34984 | 30247 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| JP Morgan Mortgage Trust 2018-5 | JP Morgan Mortgage Trust 2018-5 | JP Morgan Mortgage Trust 2018-5 |
| Series 2018-5, 3.500%, due 10/25/48 (d)(e) Callable: 01/25/28 | $63152 | $54724 |
| JP Morgan Mortgage Trust 2019-1 | JP Morgan Mortgage Trust 2019-1 | JP Morgan Mortgage Trust 2019-1 |
| Series 2019-1, 4.000%, due 05/25/49 (d)(e) Callable: 01/25/23 | 10663 | 9777 |
| JP Morgan Mortgage Trust 2019-INV3 | JP Morgan Mortgage Trust 2019-INV3 | JP Morgan Mortgage Trust 2019-INV3 |
| Series 2019-INV3, 3.500%, due 05/25/50 (d)(e) Callable: 08/25/32 | 61933 | 54257 |
| JP Morgan Mortgage Trust 2020-2 | JP Morgan Mortgage Trust 2020-2 | JP Morgan Mortgage Trust 2020-2 |
| Series 2020-2, 3.500%, due 07/25/50 (d)(e) Callable: 03/25/28 | 45271 | 38794 |
| JP Morgan Mortgage Trust 2021-7 | JP Morgan Mortgage Trust 2021-7 | JP Morgan Mortgage Trust 2021-7 |
| Series TR, 2.500%, due 11/25/51 (d)(e) Callable: 01/25/45 | 170579 | 132239 |
| JP Morgan Trust 2015-3 |  |  |
| Series 2015-3, 3.500%, due 05/25/45 (d)(e) Callable: 05/25/23 | 37463 | 33312 |
| JPMBB Commercial Mortgage Securities Trust 2013-C12 | JPMBB Commercial Mortgage Securities Trust 2013-C12 | JPMBB Commercial Mortgage Securities Trust 2013-C12 |
| Series B, 4.113%, due 07/17/45 (d) Callable: 06/15/23 | 105000 | 100536 |
| KREST Commercial Mortgage Securities Trust 2021-CHIP | KREST Commercial Mortgage Securities Trust 2021-CHIP | KREST Commercial Mortgage Securities Trust 2021-CHIP |
| Series C, 3.024%, due 11/07/44 (d)(e) | 225000 | 157893 |
| Morgan Stanley Capital I Trust 2016-BNK2 | Morgan Stanley Capital I Trust 2016-BNK2 | Morgan Stanley Capital I Trust 2016-BNK2 |
| Series C, 3.888%, due 11/18/49 (d) Callable: 11/15/26 | 100000 | 77803 |
| OBX 2021-J3 Trust |  |  |
| Series 2021-J3, 2.500%, due 10/25/51 (d)(e) Callable: 05/25/45 | 400000 | 264654 |
| Provident Funding Mortgage Trust 2021-J1 | Provident Funding Mortgage Trust 2021-J1 | Provident Funding Mortgage Trust 2021-J1 |
| Series FLT, 2.000%, due 10/25/51 (d)(e) Callable: 08/25/47 | 100000 | 58341 |

---

See Notes to Financial Statements.<br> 68

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_69.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 1.7% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 1.7% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 1.7% (Continued)** |
| **PSMC 2020-3 Trust** |  |  |
| Series 2020-3, 3.000%, due 11/25/50 (d)(e) Callable: 08/25/37 | $34587 | $29258 |
| Ready Capital Mortgage Financing 2021-FL5 LLC | Ready Capital Mortgage Financing 2021-FL5 LLC | Ready Capital Mortgage Financing 2021-FL5 LLC |
| Series 2021-FL5, 6.139%, due 04/25/38 (1 Month U.S. LIBOR + 1.750%) (e)(f) Callable: 03/25/23 | 250000 | 241951 |
| Sequoia Mortgage Trust 2013-3 | Sequoia Mortgage Trust 2013-3 | Sequoia Mortgage Trust 2013-3 |
| Series 2013-3, 2.500%, due 03/25/43 (d) Callable: 02/25/25 | 46912 | 39376 |
| Sequoia Mortgage Trust 2019-CH2 | Sequoia Mortgage Trust 2019-CH2 | Sequoia Mortgage Trust 2019-CH2 |
| Series 2019-CH2, 4.500%, due 08/25/49 (d)(e) Callable: 01/25/24 | 2353 | 2286 |
| Sequoia Mortgage Trust 2020-4 | Sequoia Mortgage Trust 2020-4 | Sequoia Mortgage Trust 2020-4 |
| Series 2020-4, 2.500%, due 11/25/50 (d)(e) Callable: 01/25/40 | 100000 | 64640 |
| Sequoia Mortgage Trust 2021-1 | Sequoia Mortgage Trust 2021-1 | Sequoia Mortgage Trust 2021-1 |
| Series A-7, 2.500%, due 03/25/51 (d)(e) Callable: 07/25/44 | 250000 | 165393 |
| SLG Office Trust 2021-OVA |  |  |
| Series 2021-OVA, 2.585%, due 07/17/41 (e) | 140000 | 112277 |
| Verus Securitization Trust 2021-3 | Verus Securitization Trust 2021-3 | Verus Securitization Trust 2021-3 |
| Series 2021-3, 1.046%, due 06/25/66 (d)(e) Callable: 06/25/24 | 172821 | 142537 |
| Wells Fargo Mortgage Backed Securities 2020-RR1 Trust | Wells Fargo Mortgage Backed Securities 2020-RR1 Trust | Wells Fargo Mortgage Backed Securities 2020-RR1 Trust |
| Series A-1, 3.000%, due 05/25/50 (d)(e) Callable: 08/25/29 | 62503 | 53390 |
| WFRBS Commercial Mortgage Trust 2014-C21 | WFRBS Commercial Mortgage Trust 2014-C21 | WFRBS Commercial Mortgage Trust 2014-C21 |
| Series 2014-C21, 4.213%, due 08/16/47 (d) Callable: 08/15/24 | 120000 | 111931 |
| **Total Non-Agency Mortgage-Backed Obligations (Cost $3,567,693)** |  | 2894907 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1%** |
| BBCMS Trust 2021-C10 |  |  |
| Series 2021-C10, 1.298%, due 07/17/54 (d) Callable: 05/15/31 | $991767 | $74865 |
| DBJPM 20-C9 Mortgage Trust | DBJPM 20-C9 Mortgage Trust | DBJPM 20-C9 Mortgage Trust |
| Series 2020-C9, 1.709%, due 08/15/53 (d) Callable: 06/15/30 | 458027 | 31636 |
| **Total Non-Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $139,183)** |  | 106501 |
| **ASSET-BACKED SECURITIES — 1.4%** | **ASSET-BACKED SECURITIES — 1.4%** | **ASSET-BACKED SECURITIES — 1.4%** |
| American Airlines 2015-2 Class AA Pass Through Trust | American Airlines 2015-2 Class AA Pass Through Trust | American Airlines 2015-2 Class AA Pass Through Trust |
| Series 2015-2, 3.600%, due 03/22/29 | 51907 | 46051 |
| American Airlines 2016-1 Class AA Pass Through Trust | American Airlines 2016-1 Class AA Pass Through Trust | American Airlines 2016-1 Class AA Pass Through Trust |
| Series 2016-1, 3.575%, due 07/15/29 | 4286 | 3815 |
| American Airlines 2016-2 Class AA Pass Through Trust | American Airlines 2016-2 Class AA Pass Through Trust | American Airlines 2016-2 Class AA Pass Through Trust |
| Series 2016-2, 3.200%, due 12/15/29 | 25183 | 21813 |
| AmeriCredit Automobile Receivables Trust 2021-2 | AmeriCredit Automobile Receivables Trust 2021-2 | AmeriCredit Automobile Receivables Trust 2021-2 |
| Series TR, 1.010%, due 01/19/27 Callable: 03/18/25 | 100000 | 90986 |
| Beacon Container Finance II LLC | Beacon Container Finance II LLC | Beacon Container Finance II LLC |
| Series NT, 2.250%, due 10/22/46 (e) Callable: 11/20/23 | 88333 | 76194 |
| CLI Funding VIII LLC |  |  |
| Series LLC, 2.720%, due 01/18/47 (e) Callable: 12/19/23 | 91813 | 77963 |
| Commonbond Student Loan Trust 2018-C-GS | Commonbond Student Loan Trust 2018-C-GS | Commonbond Student Loan Trust 2018-C-GS |
| Series A-1, 3.870%, due 02/25/46 (e) Callable: Currently | 59694 | 57240 |
| Exeter Automobile Receivables Trust 2020-3 | Exeter Automobile Receivables Trust 2020-3 | Exeter Automobile Receivables Trust 2020-3 |
| Series 2020-3, 1.320%, due 07/15/25 Callable: 10/15/24 | 77207 | 76369 |

---

See Notes to Financial Statements.<br> 69

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_70.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **ASSET-BACKED SECURITIES — 1.4% (Continued)** | **ASSET-BACKED SECURITIES — 1.4% (Continued)** | **ASSET-BACKED SECURITIES — 1.4% (Continued)** |
| FedEx Corp 2020-1 Class AA Pass Through Trust | FedEx Corp 2020-1 Class AA Pass Through Trust | FedEx Corp 2020-1 Class AA Pass Through Trust |
| Series 2020-1AA, 1.875%, due 08/20/35 | $125028 | $101519 |
| Laurel Road Prime Student Loan Trust 2020-A | Laurel Road Prime Student Loan Trust 2020-A | Laurel Road Prime Student Loan Trust 2020-A |
| Series 1.40000, 1.400%, due 11/25/50 (e) Callable: 10/25/28 | 108306 | 97233 |
| Marlette Funding Trust 2021-1 | Marlette Funding Trust 2021-1 | Marlette Funding Trust 2021-1 |
| Series C, 1.410%, due 06/16/31 (e) Callable: 01/15/25 | 100000 | 95103 |
| Mosaic Solar Loan Trust 2020-2 | Mosaic Solar Loan Trust 2020-2 | Mosaic Solar Loan Trust 2020-2 |
| Series 2020-2, 1.440%, due 08/20/46 (e) Callable: 07/20/32 | 57692 | 46929 |
| Navient Private Education Refi Loan Trust 2020-G | Navient Private Education Refi Loan Trust 2020-G | Navient Private Education Refi Loan Trust 2020-G |
| Series A, 1.170%, due 09/15/69 (e) Callable: 04/15/27 | 65445 | 56342 |
| Navient Private Education Refi Loan Trust 2021-A | Navient Private Education Refi Loan Trust 2021-A | Navient Private Education Refi Loan Trust 2021-A |
| Series A, 0.840%, due 05/15/69 (e) Callable: 01/15/28 | 46189 | 39913 |
| Oscar US Funding XII LLC |  |  |
| Series A-4, 1.000%, due 04/10/28 (e) Callable: 02/10/25 | 100000 | 92988 |
| PFS Financing Corp. |  |  |
| Series 2021-A, 0.710%, due 04/15/26 (e) Callable: Currently | 100000 | 94194 |
| Santander Consumer Auto Receivables Trust 2021-A | Santander Consumer Auto Receivables Trust 2021-A | Santander Consumer Auto Receivables Trust 2021-A |
| Series 2021-A, 1.030%, due 11/16/26 (e) Callable: 03/15/25 | 100000 | 91155 |
| Santander Drive Auto Receivables Trust 2019-3 | Santander Drive Auto Receivables Trust 2019-3 | Santander Drive Auto Receivables Trust 2019-3 |
| Series D, 2.680%, due 10/15/25 Callable: 09/15/23 | 61119 | 60543 |
| Santander Drive Auto Receivables Trust 2020-3 | Santander Drive Auto Receivables Trust 2020-3 | Santander Drive Auto Receivables Trust 2020-3 |
| Series C, 1.120%, due 01/15/26 Callable: 04/15/24 | 66404 | 65818 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| Santander Drive Auto Receivables Trust 2021-2 | Santander Drive Auto Receivables Trust 2021-2 | Santander Drive Auto Receivables Trust 2021-2 |
| Series C, 0.900%, due 06/15/26 | $100000 | $97148 |
| SMB Private Education Loan Trust 2020-PTB | SMB Private Education Loan Trust 2020-PTB | SMB Private Education Loan Trust 2020-PTB |
| Series 1.60000, 1.600%, due 09/15/54 (e) Callable: Currently | 128839 | 114218 |
| SoFi Consumer Loan Program 2021-1 Trust | SoFi Consumer Loan Program 2021-1 Trust | SoFi Consumer Loan Program 2021-1 Trust |
| Series B, 1.300%, due 09/25/30 (e) Callable: 08/25/24 | 250000 | 235506 |
| Sofi Professional Loan Program 2017-C LLC | Sofi Professional Loan Program 2017-C LLC | Sofi Professional Loan Program 2017-C LLC |
| Series A-1, 4.989%, due 07/25/40 (1 Month U.S. LIBOR + 0.600%) (e)(f) Callable: 01/25/25 | 23163 | 23060 |
| Sofi Professional Loan Program 2018-B Trust | Sofi Professional Loan Program 2018-B Trust | Sofi Professional Loan Program 2018-B Trust |
| Series 3.34000, 3.340%, due 08/25/47 (e) Callable: 07/25/25 | 37216 | 36029 |
| Sunnova Helios IV Issuer LLC | Sunnova Helios IV Issuer LLC | Sunnova Helios IV Issuer LLC |
| Series A, 2.980%, due 06/20/47 (e) Callable: 06/20/27 | 113199 | 94198 |
| Vivint Solar Financing VII LLC | Vivint Solar Financing VII LLC | Vivint Solar Financing VII LLC |
| Series LLC, 2.210%, due 07/31/51 (e) | 137828 | 106095 |
| Volvo Financial Equipment LLC Series 2020-1 | Volvo Financial Equipment LLC Series 2020-1 | Volvo Financial Equipment LLC Series 2020-1 |
| Series A-4, 0.600%, due 03/15/28 (e) Callable: 07/15/24 | 100000 | 94146 |
| Westlake Automobile Receivables Trust 2020-3 | Westlake Automobile Receivables Trust 2020-3 | Westlake Automobile Receivables Trust 2020-3 |
| Series B, 0.780%, due 11/17/25 (e) Callable: 05/15/24 | 81221 | 80710 |
| Westlake Automobile Receivables Trust 2022-2 | Westlake Automobile Receivables Trust 2022-2 | Westlake Automobile Receivables Trust 2022-2 |
| Series B, 4.310%, due 09/15/27 (e) Callable: 03/15/26 | 200000 | 193468 |
| **Total Asset-Backed Securities (Cost $2,603,825)** |  | 2366746 |

---

See Notes to Financial Statements.<br> 70

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_71.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **COLLATERALIZED LOAN OBLIGATIONS — 2.2**% | **COLLATERALIZED LOAN OBLIGATIONS — 2.2**% | **COLLATERALIZED LOAN OBLIGATIONS — 2.2**% |
| Aimco CLO 11 Ltd. |  |  |
| Series 2020-11R, 5.209%, due 10/17/34 (3 Month U.S. LIBOR + 1.130%) (e)(f) Callable: 10/17/23 | $500000 | $486704 |
| Apidos CLO XXIII |  |  |
| Series XXIII, 5.299%, due 04/15/33 (3 Month U.S. LIBOR + 1.220%) (e)(f) Callable: 01/15/23 | 250000 | 244434 |
| Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd. | Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd. | Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd. |
| Series B, 5.918%, due 05/15/36 (1 Month U.S. LIBOR + 1.600%) (e)(f) Callable: 12/15/23 | 250000 | 233845 |
| Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd. | Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd. | Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd. |
| Series C, 6.168%, due 08/15/34 (1 Month U.S. LIBOR + 1.850%) (e)(f)(g) Callable: 03/15/24 | 225000 | 206757 |
| Benefit Street Partners CLO XIX Ltd. | Benefit Street Partners CLO XIX Ltd. | Benefit Street Partners CLO XIX Ltd. |
| Series A, 5.429%, due 01/15/33 (3 Month U.S. LIBOR + 1.350%) (e)(f) Callable: 01/15/23 | 250000 | 243786 |
| CARLYLE US CLO 2021-1 Ltd. | CARLYLE US CLO 2021-1 Ltd. | CARLYLE US CLO 2021-1 Ltd. |
| Series LTD, 5.219%, due 04/15/34 (3 Month U.S. LIBOR + 1.140%) (e)(f) Callable: 04/15/23 | 250000 | 242545 |
| Greystone CRE Notes 2021-FL3 Ltd. | Greystone CRE Notes 2021-FL3 Ltd. | Greystone CRE Notes 2021-FL3 Ltd. |
| Series 2021-FL3, 6.318%, due 07/15/39 (1 Month U.S. LIBOR + 2.000%) (e)(f)(g) Callable: 08/15/23 | 225000 | 207052 |
| Madison Park Funding XXI Ltd. | Madison Park Funding XXI Ltd. | Madison Park Funding XXI Ltd. |
| Series FLT, 5.479%, due 10/15/32 (3 Month U.S. LIBOR + 1.400%) (e)(f) Callable: 01/15/23 | 250000 | 239265 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| Marble Point CLO XIV Ltd. |  |  |
| Series FLT, 5.523%, due 01/20/32 (3 Month U.S. LIBOR + 1.280%) (e)(f) Callable: 01/20/23 | $280000 | $273638 |
| MF1 2021-FL6 Ltd. |  |  |
| Series 2021-FL6, 6.176%, due 07/18/36 (1 Month U.S. LIBOR + 1.850%) (e)(f)(g) Callable: 07/16/23 | 225000 | 206896 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-FL7, 6.389%, due 10/16/36 (1 Month U.S. LIBOR + 2.050%) (e)(f)(g) Callable: 10/16/23 | 200000 | 187244 |
| Octagon Investment Partners 48 Ltd. |  |  |
| Series A-R, 5.393%, due 10/20/34 (3 Month U.S. LIBOR + 1.150%) (e)(f) Callable: 10/20/23 | 250000 | 243197 |
| OHA Credit Funding 3 Ltd. |  |  |
| Series A-R, 5.383%, due 07/02/35 (3 Month U.S. LIBOR + 1.140%) (e)(f) Callable: 07/20/23 | 250000 | 243899 |
| OHA Loan Funding 2015-1 Ltd. |  |  |
| Series LTD, 5.377%, due 01/19/37 (3 Month U.S. LIBOR + 1.150%) (e)(f) Callable: 01/19/24 | 270000 | 262915 |
| Palmer Square CLO 2019-1 Ltd. |  |  |
| Series 2019-1R, 5.800%, due 11/14/34 (3 Month U.S. LIBOR + 1.150%) (e)(f) Callable: 11/14/23 | 250000 | 243951 |
| **Total Collateralized Loan Obligations (Cost $3,922,951)** |  | 3766128 |

---

See Notes to Financial Statements.<br> 71

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_72.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 3.0%** |  |  |
| **Basic Materials — 0.1%** |  |  |
| Ecolab, Inc. |  |  |
| 4.800%, due 03/24/30 Callable: 12/24/29 | $33000 | $32778 |
| Steel Dynamics, Inc. |  |  |
| 1.650%, due 10/15/27 Callable: 08/15/27 | 46000 | 38549 |
|  |  | 71327 |
| **Communications — 0.2%** |  |  |
| Amazon.com, Inc. |  |  |
| 1.500%, due 06/03/30 Callable: 03/03/30 | 70000 | 56171 |
| AT&T, Inc. |  |  |
| 2.250%, due 02/01/32 Callable: 11/01/31 | 92000 | 72206 |
| Fox Corp. |  |  |
| 3.050%, due 04/07/25 Callable: 03/07/25 | 88000 | 83986 |
| Meta Platforms, Inc. |  |  |
| 3.500%, due 08/15/27 | 14000 | 13043 |
| 3.850%, due 08/15/32 | 23000 | 20313 |
| The Walt Disney Co. |  |  |
| 2.200%, due 01/13/28 | 28000 | 24990 |
| T-Mobile USA, Inc. |  |  |
| 2.250%, due 02/15/26 Callable: 02/15/23 | 8000 | 7289 |
| 3.750%, due 04/15/27 Callable: 02/15/27 | 28000 | 26407 |
| Verizon Communications, Inc. |  |  |
| 4.329%, due 09/21/28 | 36000 | 34532 |
| 2.355%, due 03/15/32 Callable: 12/15/31 | 73000 | 57831 |
|  |  | 396768 |
| **Consumer, Cyclical — 0.1%** |  |  |
| American Honda Finance Corp. |  |  |
| 1.200%, due 07/08/25 | 38000 | 34729 |
| O'Reilly Automotive, Inc. |  |  |
| 3.600%, due 09/01/27 Callable: 06/01/27 | 87000 | 81840 |
| Ross Stores, Inc. |  |  |
| 4.600%, due 04/15/25 Callable: 03/15/25 | 62000 | 61598 |
|  |  | 178167 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **Consumer, Non-cyclical — 0.4%** |  |  |
| AbbVie, Inc. |  |  |
| 3.800%, due 03/15/25 Callable: 12/15/24 | $57000 | $55589 |
| Altria Group, Inc. |  |  |
| 3.400%, due 05/06/30 Callable: 02/06/30 | 26000 | 22208 |
| Amgen, Inc. |  |  |
| 3.200%, due 11/02/27 Callable: 08/02/27 | 53000 | 49169 |
| BAT International Finance PLC |  |  |
| 1.668%, due 03/25/26 Callable: 02/25/26 | 58000 | 51312 |
| CVS Health Corp. |  |  |
| 3.875%, due 07/20/25 Callable: 04/20/25 | 93000 | 90737 |
| 1.750%, due 08/21/30 Callable: 05/21/30 | 72000 | 56665 |
| Global Payments, Inc. |  |  |
| 2.650%, due 02/15/25 Callable: 01/15/25 | 43000 | 40328 |
| HCA, Inc. |  |  |
| 4.125%, due 06/15/29 Callable: 03/15/29 | 44000 | 40480 |
| Johnson & Johnson |  |  |
| 0.950%, due 09/01/27 Callable: 07/01/27 | 80000 | 68811 |
| 1.300%, due 09/01/30 Callable: 06/01/30 | 80000 | 64530 |
| Keurig Dr Pepper, Inc. |  |  |
| 4.417%, due 05/25/25 Callable: 03/25/25 | 9000 | 8930 |
| PepsiCo, Inc. |  |  |
| 2.625%, due 07/29/29 Callable: 04/29/29 | 34000 | 30043 |
| Royalty Pharma PLC |  |  |
| 1.200%, due 09/02/25 Callable: 08/02/25 | 29000 | 25946 |
| 1.750%, due 09/02/27 Callable: 07/02/27 | 29000 | 24627 |
| 2.200%, due 09/02/30 Callable: 06/02/30 | 51000 | 39860 |
| Triton Container International Ltd. |  |  |
| 2.050%, due 04/15/26 (e)Callable: 03/15/26 | 86000 | 74847 |
|  |  | 744082 |

---

See Notes to Financial Statements.<br> 72

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_73.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 3.0% (Continued)** | **CORPORATE BONDS — 3.0% (Continued)** | **CORPORATE BONDS — 3.0% (Continued)** |
| **Energy — 0.2%** |  |  |
| Enterprise Products Operating LLC |  |  |
| 2.800%, due 01/31/30 Callable: 10/31/29 | $46000 | $39200 |
| Exxon Mobil Corp. |  |  |
| 2.275%, due 08/16/26 Callable: 06/16/26 | 42000 | 38979 |
| Kinder Morgan Energy Partners LP |  |  |
| 3.450%, due 02/15/23 Callable: 01/30/23 | 37000 | 36900 |
| MPLX LP |  |  |
| 4.875%, due 12/01/24 Callable: 09/01/24 | 38000 | 37698 |
| 2.650%, due 08/15/30 Callable: 05/15/30 | 21000 | 17069 |
| Phillips 66 |  |  |
| 0.900%, due 02/15/24 Callable: 01/30/23 | 37000 | 35320 |
| Sabine Pass Liquefaction LLC |  |  |
| 5.000%, due 03/15/27 Callable: 09/15/26 | 36000 | 35325 |
|  |  | 240491 |
| **Financial — 1.3%** |  |  |
| American Express Co. |  |  |
| 2.250%, due 03/04/25 Callable: 02/01/25 | 46000 | 43431 |
| American International Group, Inc. |  |  |
| 3.900%, due 04/01/26 Callable: 01/01/26 | 17000 | 16453 |
| Assurant, Inc. |  |  |
| 4.200%, due 09/27/23 Callable: 08/27/23 | 27000 | 26696 |
| Aviation Capital Group LLC |  |  |
| 1.950%, due 09/20/26 (e) Callable: 08/20/26 | 73000 | 61732 |
| Avolon Holdings Funding Ltd. |  |  |
| 2.125%, due 02/21/26 (e) Callable: 01/21/26 | 144000 | 124020 |
| Bank of America Corp. |  |  |
| 4.000%, due 01/22/25 | 39000 | 38182 |
| 0.976%, due 04/22/25 (SOFR Rate + 0.690%) (f) Callable: 04/22/24 | 80000 | 74673 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| 1.734%, due 07/22/27 (SOFR Rate + 0.960%) (f) Callable: 07/22/26 | $200000 | $175726 |
| 3.593%, due 07/21/28 (3 Month U.S. LIBOR + 1.370%) (f) Callable: 07/21/27 | 48000 | 44188 |
| 2.592%, due 04/29/31 (SOFR Rate + 2.150%) (f) Callable: 04/29/30 | 72000 | 58686 |
| Blackstone Holdings Finance Co. LLC |  |  |
| 1.625%, due 08/05/28 (e) Callable: 06/05/28 | 104000 | 84661 |
| BNP Paribas SA |  |  |
| 2.819%, due 11/19/25 (3 Month U.S. LIBOR + 1.111%) (e)(f) Callable: 11/19/24 | 200000 | 189333 |
| Citigroup, Inc. |  |  |
| 0.981%, due 05/01/25 (SOFR Rate + 0.669%) (f) Callable: 05/01/24 | 70000 | 65474 |
| Equinix, Inc. |  |  |
| 1.250%, due 07/15/25 Callable: 06/15/25 | 69000 | 62395 |
| 2.900%, due 11/18/26 Callable: 09/18/26 | 54000 | 49251 |
| Intercontinental Exchange, Inc. |  |  |
| 3.750%, due 12/01/25 Callable: 09/01/25 | 65000 | 63289 |
| JPMorgan Chase & Co. |  |  |
| 1.470%, due 09/22/27 (SOFR Rate + 0.765%) (f) Callable: 09/22/26 | 136000 | 117491 |
| 2.947%, due 02/24/28 (SOFR Rate + 1.170%) (f) Callable: 02/24/27 | 33000 | 29878 |
| 1.953%, due 02/04/32 (SOFR Rate + 1.065%) (f) Callable: 02/04/31 | 38000 | 29172 |
| 2.580%, due 04/22/32 (SOFR Rate + 1.250%) (f) Callable: 04/22/31 | 31000 | 24862 |
| Kite Realty Group LP |  |  |
| 4.000%, due 10/01/26 Callable: 07/01/26 | 41000 | 37665 |

---

See Notes to Financial Statements.<br> 73

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_74.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 3.0% (Continued)** | **CORPORATE BONDS — 3.0% (Continued)** | **CORPORATE BONDS — 3.0% (Continued)** |
| **Financial — 1.3% (Continued)** |  |  |
| Main Street Capital Corp. |  |  |
| 3.000%, due 07/14/26 Callable: 06/14/26 | $76000 | $65760 |
| Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
| 3.761%, due 07/26/23 | 37000 | 36680 |
| Morgan Stanley |  |  |
| 1.164%, due 10/21/25 (SOFR Rate + 0.560%) (f) Callable: 10/21/24 | 62000 | 57051 |
| 2.188%, due 04/28/26 (SOFR Rate + 1.990%) (f) Callable: 04/28/25 | 93000 | 86380 |
| 1.593%, due 05/04/27 (SOFR Rate + 0.879%) (f) Callable: 05/04/26 | 96000 | 84038 |
| 1.512%, due 07/20/27 (SOFR Rate + 0.858%) (f) Callable: 07/20/26 | 64000 | 55598 |
| 2.239%, due 07/21/32 (SOFR Rate + 1.178%) (f) Callable: 07/21/31 | 20000 | 15299 |
| 6.342%, due 10/18/33 (SOFR Rate + 2.560%) (f) Callable: 10/18/32 | 60000 | 62660 |
| Realty Income Corp. |  |  |
| 3.250%, due 01/15/31 Callable: 10/15/30 | 92000 | 79925 |
| Royal Bank of Canada |  |  |
| 1.200%, due 04/27/26 | 50000 | 44473 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| 2.800%, due 03/10/27 (e) | 52000 | 47249 |
| The Bank of Nova Scotia |  |  |
| 2.700%, due 08/03/26 | 67000 | 62010 |
| The Goldman Sachs Group, Inc. |  |  |
| 0.855%, due 02/12/26 (SOFR Rate + 0.609%) (f) Callable: 02/12/25 | 50000 | 45231 |
| US Bancorp |  |  |
| 4.548%, due 07/22/28 (SOFR Rate + 1.660%) (f) Callable: 07/22/27 | 31000 | 30253 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| Wells Fargo & Co. |  |  |
| 2.406%, due 10/30/25 (SOFR Rate + 1.087%) (f) Callable: 10/30/24 | $80000 | $75723 |
| 2.164%, due 02/11/26 (3 Month U.S. LIBOR + 0.750%) (f) Callable: 02/11/25 | 18000 | 16798 |
|  |  | 2282386 |
| **Industrial — 0.2%** |  |  |
| 3M Co. |  |  |
| 2.000%, due 02/14/25 Callable: 01/14/25 | 48000 | 45408 |
| Amphenol Corp. |  |  |
| 2.800%, due 02/15/30 Callable: 11/15/29 | 51000 | 43676 |
| Carrier Global Corp. |  |  |
| 2.722%, due 02/15/30 Callable: 11/15/29 | 103000 | 86794 |
| Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |
| 3.250%, due 12/01/24 | 50000 | 48545 |
| Raytheon Technologies Corp. |  |  |
| 3.200%, due 03/15/24 Callable: 01/15/24 | 48000 | 47076 |
| The Boeing Co. |  |  |
| 4.875%, due 05/01/25 Callable: 04/01/25 | 27000 | 26822 |
|  |  | 298321 |
| **Technology — 0.2%** |  |  |
| Apple, Inc. |  |  |
| 1.200%, due 02/08/28 Callable: 12/08/27 | 60000 | 50929 |
| Broadcom, Inc. |  |  |
| 2.450%, due 02/15/31 (e) Callable: 11/15/30 | 32000 | 25280 |
| DXC Technology Co. |  |  |
| 1.800%, due 09/15/26 Callable: 08/15/26 | 58000 | 50634 |
| Fiserv, Inc. |  |  |
| 3.850%, due 06/01/25 Callable: 03/01/25 | 52000 | 50452 |
| Intel Corp. |  |  |
| 3.700%, due 07/29/25 Callable: 04/29/25 | 32000 | 31227 |

---

See Notes to Financial Statements.<br> 74

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_75.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 3.0% (Continued)** | **CORPORATE BONDS — 3.0% (Continued)** | **CORPORATE BONDS — 3.0% (Continued)** |
| **Technology — 0.2% (Continued)** |  |  |
| Microsoft Corp. |  |  |
| 2.400%, due 08/08/26 Callable: 05/08/26 | $90000 | $83913 |
| Oracle Corp. |  |  |
| 2.950%, due 04/01/30 Callable: 01/01/30 | 80000 | 68285 |
| Vmware, Inc. |  |  |
| 1.000%, due 08/15/24 Callable: 01/30/23 | 51000 | 47463 |
|  |  | 408183 |
| **Utilities — 0.3%** |  |  |
| Ameren Illinois Co. |  |  |
| 3.800%, due 05/15/28 Callable: 02/15/28 | 50000 | 47475 |
| Duke Energy Corp. |  |  |
| 3.150%, due 08/15/27 Callable: 05/15/27 | 94000 | 86574 |
| 4.300%, due 03/15/28 Callable: 02/15/28 | 50000 | 48210 |
| Entergy Corp. |  |  |
| 0.900%, due 09/15/25 Callable: 08/15/25 | 20000 | 17775 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.625%, due 07/15/27 Callable: 06/15/27 | 94000 | 92583 |
| Sierra Pacific Power Co. |  |  |
| 2.600%, due 05/01/26 Callable: 02/01/26 | 67000 | 62224 |
| Southwestern Electric Power Co. |  |  |
| 1.650%, due 03/15/26 Callable: 02/15/26 | 60000 | 53569 |
| The AES Corp. |  |  |
| 1.375%, due 01/15/26 Callable: 12/15/25 | 47000 | 41319 |
| Trans-Allegheny Interstate Line Co. |  |  |
| 3.850%, due 06/01/25 (e) Callable: 03/01/25 | 78000 | 75263 |
|  |  | 524992 |
| **Total Corporate Bonds (Cost $5,811,319)** |  | 5144717 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **AFFILIATED REGISTERED INVESTMENT COMPANIES — 4.2%** | **AFFILIATED REGISTERED INVESTMENT COMPANIES — 4.2%** | **AFFILIATED REGISTERED INVESTMENT COMPANIES — 4.2%** |
| Voya Emerging Markets Hard Currency Debt Fund - Class P | 78424 | $577203 |
| Voya High Yield Bond Fund - Class P | 113558 | 746079 |
| Voya Investment Grade Credit Fund - Class P | 219570 | 1965147 |
| Voya Securitized Credit Fund - Class P | 446793 | 3922845 |
| **Total Affiliated Registered Investment Companies (Cost $8,309,520)** |  | 7211274 |
| **Total Investments at Value — 93.8% (Cost $153,121,781)** |  | 159212380 |
| **Other Assets in Excess of Liabilities — 6.2%** |  | 10526229 |
| **Net Assets — 100.0%** |  | $169738609 |

---

Percentages are stated as a percent of net assets.

ADR - American Depository Receipt

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This security or a partial position of this security is on loan at December 31, 2022. The total fair value of securities on loan at December 31, 2022 was $119,620 (Note 8).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Variable rate security. The coupon is based on an underlying pool of loans. The rate listed is as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other ''qualified institutional buyers.'' As of December 31, 2022, the value of these investments was $8,816,458 or 5.2% of total net assets.

See Notes to Financial Statements.<br> 75

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_76.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) Variable rate security based on a reference index and spread. The rate listed is as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Illiquid security. The total value of such securities is $807,949 as of December 31, 2022, representing 0.5% of net assets.

See Notes to Financial Statements.<br> 76

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Value Portfolio** <br>**Schedule of Total Return Swaps**  | ***December 31, 2022*** | ![](fp0081225-2_77.jpg) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference <br> Entity | Pay/<br> Receive <br> Total <br> Return on <br> Reference <br> Entity  | Financing <br> Rate | Maturity <br> Date | Payment <br> Frequency | Shares | Notional<br> Amount | Value/ <br> Unrealized <br> Appreciation  |
| Goldman Sachs Bank, USA | Russell 1000 Value Total Return Index | Receive | (U.S. Federal Funds Rate + 0.300%) | 12/04/2023 | At Maturity | 14891  | $31897981 | $397322 |
| **Total Return Swap Contracts** | **Total Return Swap Contracts** |  |  |  |  |  |  | $397322 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Value Portfolio** <br>**Schedule of Centrally Cleared Credit<br> Default Swaps**  | ***December 31, 2022*** | ![](fp0081225-2_77a.jpg) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference <br> Entity | Protection | Pay <br> Fixed <br> Rate | Termination <br> Date | Payment <br> Frequency | Notional <br> Amount | Value | Premium <br> Paid | Unrealized <br> Depreciation |
| Morgan Stanley Capital | CDX North American High Yield Index | Buy | 5.000% | 12/20/2027 | Quarterly | 520000 | $2162 | $6081 | $(3919) |
| **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | $2162 | $6081 | $(3919) |

---

See Notes to Financial Statements.<br> 77

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Value Portfolio** <br>**Schedule of Futures Contracts**  | ***December 31, 2022*** | ![](fp0081225-2_78.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| FUTURES CONTRACTS SOLD SHORT | Contracts | Expiration <br> Date | Notional <br> Amount | Value/ <br> Unrealized<br> Appreciation <br> (Depreciation) |
| 2-Year U.S. Treasury Note Future  | 2 | 03/31/2023 | $381572 | $(520) |
| 5-Year U.S. Treasury Note Future  | 16 | 03/31/2023 | 1514646 | 2010 |
| 10-Year U.S. Treasury Note Future  | 7 | 03/22/2023 | 697253 | 4197 |
| U.S. Treasury Long Bond Future  | 8 | 03/22/2023 | 855346 | 8983 |
| Ultra 10-Year U.S. Treasury Bond Future  | 11 | 03/22/2023 | 1126354 | 9087 |
| Ultra Long-Term U.S. Treasury Bond Future  | 7 | 03/22/2023 | 592414 | 10048 |
| Total Futures Contracts Sold Short  |  |  | $5167585 | $33805 |

---

See Notes to Financial Statements.<br> 78

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Growth Portfolio** <br>**Schedule of Investments**  | ***December 31, 2022*** | ![](fp0081225-2_79.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 97.8% <sup>(a)</sup>** | **COMMON STOCKS — 97.8% <sup>(a)</sup>** | **COMMON STOCKS — 97.8% <sup>(a)</sup>** |
| **Communication Services — 0.8%** | **Communication Services — 0.8%** | **Communication Services — 0.8%** |
| Bandwidth, Inc. - Class A (b)  | 296 | $6793 |
| Iridium Communications, Inc. (b)  | 1393 | 71600 |
| Magnite, Inc. (b)  | 168 | 1779 |
| Shutterstock, Inc.  | 551 | 29049 |
| Thryv Holdings, Inc. (b)  | 510 | 9690 |
| Vimeo, Inc. (b)  | 1799 | 6171 |
| Yelp, Inc. (b)  | 527 | 14408 |
| ZipRecruiter, Inc. - Class A (b)  | 1909 | 31346 |
|  |  | 170836 |
| **Consumer Discretionary — 9.9%** | **Consumer Discretionary — 9.9%** | **Consumer Discretionary — 9.9%** |
| America's Car-Mart, Inc. (b)  | 1410 | 101887 |
| Asbury Automotive Group, Inc. (b)  | 37 | 6632 |
| Bloomin' Brands, Inc.  | 1549 | 31166 |
| Boot Barn Holdings, Inc. (b)  | 2673 | 167116 |
| Caleres, Inc.  | 258 | 5748 |
| Cavco Industries, Inc. (b)  | 188 | 42535 |
| Chegg, Inc. (b)  | 1235 | 31208 |
| Chico's FAS, Inc. (b)  | 2166 | 10657 |
| Crocs, Inc. (b)  | 192 | 20819 |
| Dave & Buster's Entertainment, Inc. (b)  | 1148 | 40685 |
| Destination XL Group, Inc. (b)  | 1492 | 10071 |
| Everi Holdings, Inc. (b)  | 1258 | 18052 |
| First Watch Restaurant Group, Inc. (b)  | 302 | 4086 |
| Fox Factory Holding Corp. (b)<sup>(c)</sup>  | 211 | 19250 |
| Green Brick Partners, Inc. (b)  | 6163 | 149330 |
| Hilton Grand Vacations, Inc. (b)  | 599 | 23085 |
| International Game Technology PLC  | 101 | 2291 |
| KB Home  | 93 | 2962 |
| Legacy Housing Corp. (b)  | 378 | 7167 |
| Lindblad Expeditions Holdings, Inc. (b)  | 119 | 916 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value | Value |
| M/I Homes, Inc. (b)  | 29 | $| 1339 |
| MasterCraft Boat Holdings, Inc. (b)  | 93 |  | 2406 |
| Monarch Casino & Resort, Inc. (b)  | 146 |  | 11226 |
| Murphy USA, Inc.  | 67 |  | 18729 |
| OneWater Marine, Inc. - Class A (b)  | 54 |  | 1544 |
| Oxford Industries, Inc.  | 602 |  | 56094 |
| Perdoceo Education Corp. (b)  | 404 |  | 5616 |
| Portillo's, Inc. - Class A (b)  | 7432 |  | 121290 |
| Red Rock Resorts, Inc. - Class A  | 341 |  | 13643 |
| SeaWorld Entertainment, Inc. (b)  | 134 |  | 7170 |
| Skyline Champion Corp. (b)  | 2197 |  | 113167 |
| Steven Madden Ltd.  | 5522 |  | 176483 |
| Stitch Fix, Inc. - Class A (b)  | 468 |  | 1456 |
| Stoneridge, Inc. (b)  | 4932 |  | 106334 |
| Target Hospitality Corp. (b)  | 872 |  | 13202 |
| Texas Roadhouse, Inc.  | 4643 |  | 422281 |
| The Buckle, Inc.  | 150 |  | 6803 |
| The Cheesecake Factory, Inc. (c)  | 997 |  | 31615 |
| The Lovesac Co. (b)  | 4924 |  | 108377 |
| The ONE Group Hospitality, Inc. (b)  | 1016 |  | 6401 |
| TopBuild Corp. (b)  | 739 |  | 115646 |
| Visteon Corp. (b)  | 43 |  | 5626 |
| Vivint Smart Home, Inc. (b)  | 997 |  | 11864 |
| Wingstop, Inc.  | 289 |  | 39772 |
| WW International, Inc. (b)  | 662 |  | 2555 |
| Xponential Fitness, Inc. - Class A (b)  | 530 |  | 12153 |
| YETI Holdings, Inc. (b)  | 2654 |  | 109637 |
|  |  |  | 2218092 |
| **Consumer Staples — 5.7%** | **Consumer Staples — 5.7%** | **Consumer Staples — 5.7%** | **Consumer Staples — 5.7%** |
| BellRing Brands, Inc. (b)  | 131 |  | 3359 |
| Cal-Maine Foods, Inc.  | 221 |  | 12034 |
| Celsius Holdings, Inc. (b)  | 30 |  | 3121 |
| Coca-Cola Consolidated, Inc.  | 9 |  | 4611 |
| elf Beauty, Inc. (b)  | 8670 |  | 479451 |

---

See Notes to Financial Statements.<br> 79

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Growth Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_80.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 97.8% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 97.8% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 97.8% <sup>(a)</sup> (Continued)** |
| **Consumer Staples — 5.7% (Continued)** | **Consumer Staples — 5.7% (Continued)** | **Consumer Staples — 5.7% (Continued)** |
| Grocery Outlet Holding Corp. (b)  | 11567 | $337641 |
| Inter Parfums, Inc.  | 289 | 27894 |
| Lancaster Colony Corp.  | 125 | 24663 |
| LifeMD, Inc. (b)  | 6615 | 12833 |
| Medifast, Inc.  | 187 | 21570 |
| Performance Food Group Co. (b)  | 418 | 24407 |
| Sovos Brands, Inc. (b)  | 7512 | 107948 |
| Sprouts Farmers Market, Inc. (b)  | 690 | 22335 |
| The Beauty Health Co. (b)  | 13741 | 125043 |
| The Chefs' Warehouse, Inc. (b)  | 1467 | 48822 |
| The Simply Good Foods Co. (b)  | 406 | 15440 |
| United Natural Foods, Inc. (b)  | 327 | 12658 |
|  |  | 1283830 |
| **Energy — 6.7%** | **Energy — 6.7%** | **Energy — 6.7%** |
| Arch Resources, Inc. (c)  | 15 | 2142 |
| Berry Corp.  | 1453 | 11624 |
| ChampionX Corp.  | 1064 | 30845 |
| Chord Energy Corp.  | 473 | 64711 |
| Civitas Resources, Inc.  | 110 | 6372 |
| CNX Resources Corp. (b)  | 154 | 2593 |
| Comstock Resources, Inc.  | 814 | 11160 |
| CONSOL Energy, Inc.  | 761 | 49465 |
| Denbury, Inc. (b)  | 289 | 25149 |
| Dorian LPG Ltd.  | 52 | 985 |
| Earthstone Energy, Inc. - Class A (b)<sup>(c)</sup>  | 24625 | 350414 |
| Excelerate Energy, Inc. - Class A  | 9410 | 235720 |
| Golar LNG Ltd. (b)  | 648 | 14768 |
| Kosmos Energy Ltd. (b)  | 2295 | 14596 |
| Liberty Energy, Inc.  | 461 | 7381 |
| Magnolia Oil & Gas Corp. - Class A  | 2195 | 51473 |
| Matador Resources Co.  | 1032 | 59072 |
| Murphy Oil Corp.  | 1404 | 60386 |
| Oceaneering International, Inc. (b)  | 418 | 7311 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value | Value |
| Ovintiv, Inc.  | 217 | $| 11004 |
| Patterson-UTI Energy, Inc.  | 544 |  | 9161 |
| Permian Resources Corp.  | 27482 |  | 258331 |
| Sitio Royalties Corp. - Class A  | 3617 |  | 104337 |
| SM Energy Co.  | 288 |  | 10031 |
| Solaris Oilfield Infrastructure, Inc. - Class A  | 2594 |  | 25758 |
| Talos Energy, Inc. (b)  | 789 |  | 14896 |
| Tellurian, Inc. (b)  | 2379 |  | 3997 |
| Uranium Energy Corp. (b)<sup>(c)</sup>  | 4421 |  | 17153 |
| US Silica Holdings, Inc. (b)  | 1249 |  | 15613 |
| Weatherford International PLC (b)  | 481 |  | 24493 |
|  |  |  | 1500941 |
| **Financials — 6.2%** | **Financials — 6.2%** | **Financials — 6.2%** | **Financials — 6.2%** |
| Atlanticus Holdings Corp. (b)  | 58 |  | 1520 |
| Banc of California, Inc.  | 6959 |  | 110857 |
| BancFirst Corp.  | 280 |  | 24690 |
| Cadence Bank  | 9785 |  | 241298 |
| Coastal Financial Corp. (b)  | 51 |  | 2424 |
| CrossFirst Bankshares, Inc. (b)  | 892 |  | 11070 |
| Eastern Bankshares, Inc.  | 1124 |  | 19389 |
| Esquire Financial Holdings, Inc.  | 771 |  | 33353 |
| First BanCorp  | 904 |  | 11499 |
| First Financial Bankshares, Inc.  | 1098 |  | 37771 |
| GAMCO Investors, Inc. - Class A  | 608 |  | 9266 |
| Hanmi Financial Corp.  | 172 |  | 4257 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc.  | 155 |  | 4492 |
| Home BancShares, Inc.  | 11167 |  | 254496 |
| HomeTrust Bancshares, Inc.  | 254 |  | 6139 |
| Houlihan Lokey, Inc.  | 601 |  | 52383 |
| James River Group Holdings Ltd.  | 5371 |  | 112308 |
| Kinsale Capital Group, Inc.  | 33 |  | 8630 |

---

See Notes to Financial Statements.<br> 80

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Growth Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_81.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 97.8% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 97.8% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 97.8% <sup>(a)</sup> (Continued)** |
| **Financials — 6.2% (Continued)** | **Financials — 6.2% (Continued)** | **Financials — 6.2% (Continued)** |
| Lakeland Financial Corp.  | 28 | $2043 |
| Metrocity Bankshares, Inc.  | 600 | 12978 |
| Metropolitan Bank Holding Corp. (b)  | 69 | 4048 |
| National Bank Holdings Corp. - Class A  | 217 | 9129 |
| NMI Holdings, Inc. - Class A (b)  | 480 | 10032 |
| Open Lending Corp. - Class A (b)  | 1847 | 12467 |
| Origin Bancorp, Inc.  | 177 | 6496 |
| Regional Management Corp.  | 401 | 11260 |
| RLI Corp.  | 50 | 6564 |
| ServisFirst Bancshares, Inc.  | 192 | 13231 |
| Silvergate Capital Corp. - Class A (b)<sup>(c)</sup>  | 505 | 8787 |
| StepStone Group, Inc. - Class A  | 2448 | 61641 |
| Texas Capital Bancshares, Inc. (b)  | 1966 | 118569 |
| The Bank of NT Butterfield & Son Ltd.  | 320 | 9539 |
| Triumph Financial, Inc. (b)  | 2008 | 98131 |
| Universal Insurance Holdings, Inc.  | 462 | 4893 |
| Veritex Holdings, Inc.  | 506 | 14208 |
| Westamerica BanCorp  | 850 | 50159 |
|  |  | 1400017 |
| **Health Care — 29.6%** | **Health Care — 29.6%** | **Health Care — 29.6%** |
| Adaptive Biotechnologies Corp. (b)  | 625 | 4775 |
| Agenus, Inc. (b)  | 4999 | 11998 |
| Akoya Biosciences, Inc. (b)  | 6636 | 63507 |
| Alector, Inc. (b)  | 1239 | 11436 |
| Alignment Healthcare, Inc. (b)  | 2457 | 28894 |
| Alkermes PLC (b)  | 2710 | 70812 |
| ALX Oncology Holdings, Inc. (b)  | 442 | 4981 |
| Amedisys, Inc. (b)  | 1595 | 133246 |
| American Well Corp. - Class A (b)  | 21331 | 60367 |
| AMN Healthcare Services, Inc. (b)  | 683 | 70226 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Amneal Pharmaceuticals, Inc. (b)  | 2432 | $4840 |
| Amphastar Pharmaceuticals, Inc. (b)  | 440 | 12329 |
| Anavex Life Sciences Corp. (b)  | 216 | 2000 |
| Apellis Pharmaceuticals, Inc. (b)  | 127 | 6567 |
| Apollo Medical Holdings, Inc. (b)  | 798 | 23613 |
| Arcus Biosciences, Inc. (b)  | 2533 | 52382 |
| Arrowhead Pharmaceuticals, Inc. (b)  | 462 | 18739 |
| Arvinas, Inc. (b)  | 393 | 13444 |
| Atea Pharmaceuticals, Inc. (b)  | 271 | 1303 |
| AtriCure, Inc. (b)  | 70 | 3107 |
| Avid Bioservices, Inc. (b)  | 13986 | 192587 |
| Beam Therapeutics, Inc. (b)  | 2241 | 87646 |
| BioCryst Pharmaceuticals, Inc. (b)  | 139 | 1596 |
| Biohaven Ltd. (b)  | 43 | 597 |
| BioLife Solutions, Inc. (b)  | 9233 | 168041 |
| Bluebird Bio, Inc. (b)  | 11774 | 81476 |
| Blueprint Medicines Corp. (b)  | 203 | 8893 |
| Bridgebio Pharma, Inc. (b)  | 742 | 5654 |
| CareDx, Inc. (b)  | 313 | 3571 |
| Caribou Biosciences, Inc. (b)  | 5706 | 35834 |
| Castle Biosciences, Inc. (b)  | 5623 | 132365 |
| Catalyst Pharmaceuticals, Inc. (b)  | 1636 | 30430 |
| Certara, Inc. (b)  | 4541 | 72974 |
| Cerus Corp. (b)  | 3583 | 13078 |
| Chemed Corp.  | 68 | 34709 |
| Collegium Pharmaceutical, Inc. (b)  | 1242 | 28814 |
| CONMED Corp.  | 2715 | 240658 |
| Corcept Therapeutics, Inc. (b)  | 1135 | 23052 |
| CryoPort, Inc. (b)  | 5529 | 95928 |
| CytoSorbents Corp. (b)  | 4987 | 7730 |
| Denali Therapeutics, Inc. (b)  | 712 | 19801 |

---

See Notes to Financial Statements.<br> 81

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Growth Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_82.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 97.8% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 97.8% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 97.8% <sup>(a)</sup> (Continued)** |
| **Health Care — 29.6% (Continued)** | **Health Care — 29.6% (Continued)** | **Health Care — 29.6% (Continued)** |
| Dynavax Technologies Corp. (b)  | 1248 | $13279 |
| Eagle Pharmaceuticals, Inc. (b)  | 130 | 3800 |
| Evolent Health, Inc. - Class A (b)  | 411 | 11541 |
| Fate Therapeutics, Inc. (b)  | 757 | 7638 |
| Globus Medical, Inc. - Class A (b)  | 217 | 16117 |
| Haemonetics Corp. (b)  | 208 | 16359 |
| Halozyme Therapeutics, Inc. (b)  | 2045 | 116360 |
| Harmony Biosciences Holdings, Inc. (b)  | 83 | 4573 |
| Harvard Bioscience, Inc. (b)  | 55586 | 153973 |
| Health Catalyst, Inc. (b)  | 9115 | 96892 |
| Heron Therapeutics, Inc. (b)  | 2098 | 5245 |
| iCAD, Inc. (b)  | 8331 | 15246 |
| ImmunoGen, Inc. (b)  | 14013 | 69504 |
| Inari Medical, Inc. (b)  | 225 | 14301 |
| Inhibrx, Inc. (b)  | 199 | 4903 |
| Innoviva, Inc. (b)  | 2869 | 38014 |
| Inspire Medical Systems, Inc. (b)  | 337 | 84884 |
| Intellia Therapeutics, Inc. (b)  | 1549 | 54045 |
| Intercept Pharmaceuticals, Inc. (b)  | 92 | 1138 |
| Intra-Cellular Therapies, Inc. (b)  | 369 | 19527 |
| Invitae Corp. (b)  | 1225 | 2278 |
| iRadimed Corp.  | 120 | 3395 |
| iRhythm Technologies, Inc. (b)  | 88 | 8243 |
| Ironwood Pharmaceuticals, Inc. - Class A (b)  | 4693 | 58146 |
| Karuna Therapeutics, Inc. (b)  | 176 | 34584 |
| Karyopharm Therapeutics, Inc. (b)  | 1071 | 3641 |
| Kezar Life Sciences, Inc. (b)  | 7133 | 50216 |
| Kiniksa Pharmaceuticals Ltd. - Class A (b)  | 6481 | 97085 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Lantheus Holdings, Inc. (b)  | 799 | $40717 |
| LeMaitre Vascular, Inc.  | 6548 | 301339 |
| LHC Group, Inc. (b)  | 1261 | 203891 |
| MaxCyte, Inc. (b)  | 7124 | 38897 |
| Medpace Holdings, Inc. (b)  | 1794 | 381064 |
| Merit Medical Systems, Inc. (b)  | 159 | 11229 |
| Mesa Laboratories, Inc.  | 1563 | 259786 |
| ModivCare, Inc. (b)  | 140 | 12562 |
| Morphic Holding, Inc. (b)  | 100 | 2675 |
| Neogen Corp. (b)  | 6396 | 97411 |
| Nurix Therapeutics, Inc. (b)  | 394 | 4326 |
| NuVasive, Inc. (b)  | 28 | 1155 |
| Olink Holding AB - ADR (b)<sup>(c)</sup>  | 6633 | 168346 |
| Omnicell, Inc. (b)  | 183 | 9227 |
| Option Care Health, Inc. (b)  | 53 | 1595 |
| Organogenesis Holdings, Inc. (b)  | 1356 | 3648 |
| OrthoPediatrics Corp. (b)  | 4555 | 180970 |
| Pacific Biosciences of California, Inc. (b)  | 147 | 1202 |
| Pacira BioSciences, Inc. (b)  | 202 | 7799 |
| PetIQ, Inc. (b)  | 167 | 1540 |
| Phreesia, Inc. (b)  | 476 | 15403 |
| Pliant Therapeutics, Inc. (b)  | 4033 | 77958 |
| Privia Health Group, Inc. (b)  | 948 | 21529 |
| Progyny, Inc. (b)  | 1676 | 52207 |
| Prothena Corp. PLC (b)  | 1762 | 106160 |
| Quanterix Corp. (b)  | 5503 | 76217 |
| QuidelOrtho Corp. (b)  | 131 | 11223 |
| R1 RCM, Inc. (b)  | 2419 | 26488 |
| RAPT Therapeutics, Inc. (b)  | 385 | 7623 |
| REGENXBIO, Inc. (b)  | 1188 | 26944 |
| Relay Therapeutics, Inc. (b)  | 241 | 3601 |
| Relmada Therapeutics, Inc. (b)  | 385 | 1344 |
| Repligen Corp. (b)  | 1670 | 282748 |
| Revance Therapeutics, Inc. (b)  | 2482 | 45818 |
| Rigel Pharmaceuticals, Inc. (b)  | 1532 | 2298 |

---

See Notes to Financial Statements.<br> 82

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Growth Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_83.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 97.8% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 97.8% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 97.8% <sup>(a)</sup> (Continued)** |
| **Health Care — 29.6% (Continued)** | **Health Care — 29.6% (Continued)** | **Health Care — 29.6% (Continued)** |
| Rocket Pharmaceuticals, Inc. (b)  | 234 | $4579 |
| Sangamo Therapeutics, Inc. (b)  | 644 | 2022 |
| Schrodinger, Inc. (b)  | 266 | 4972 |
| Seer, Inc. (b)  | 1109 | 6432 |
| Select Medical Holdings Corp.  | 423 | 10503 |
| Shockwave Medical, Inc. (b)  | 466 | 95814 |
| SI-BONE, Inc. (b)  | 9838 | 133797 |
| SIGA Technologies, Inc.  | 763 | 5616 |
| Silk Road Medical, Inc. (b)  | 1542 | 81495 |
| Simulations Plus, Inc.  | 6105 | 223260 |
| STAAR Surgical Co. (b)  | 967 | 46938 |
| Stoke Therapeutics, Inc. (b)  | 7100 | 65533 |
| Surgery Partners, Inc. (b)  | 379 | 10559 |
| Tactile Systems Technology, Inc. (b)  | 840 | 9643 |
| TG Therapeutics, Inc. (b)  | 1931 | 22844 |
| The Ensign Group, Inc.  | 1066 | 100854 |
| The Pennant Group, Inc. (b)  | 117 | 1285 |
| Twist Bioscience Corp. (b)  | 423 | 10072 |
| Utah Medical Products, Inc.  | 67 | 6736 |
| Veracyte, Inc. (b)  | 2936 | 69671 |
| Vericel Corp. (b)  | 3171 | 83524 |
| ViewRay, Inc. (b)  | 1214 | 5439 |
| Xencor, Inc. (b)  | 2559 | 66636 |
| Xenon Pharmaceuticals, Inc. (b)  | 2857 | 112652 |
| Zentalis Pharmaceuticals, Inc. (b)  | 141 | 2840 |
| Zymeworks, Inc. (b)<sup>(c)</sup>  | 10913 | 85776 |
|  |  | 6645359 |
| **Industrials — 12.7%** | **Industrials — 12.7%** | **Industrials — 12.7%** |
| AAON, Inc.  | 327 | 24630 |
| ACV Auctions, Inc. - Class A (b)  | 371 | 3046 |
| Aerojet Rocketdyne Holdings, Inc. (b)  | 1032 | 57720 |
| Alta Equipment Group, Inc.  | 15519 | 204696 |
| Ameresco, Inc. - Class A (b)  | 220 | 12571 |
| Apogee Enterprises, Inc.  | 235 | 10448 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Applied Industrial Technologies, Inc.  | 60 | $7562 |
| Aris Water Solution, Inc. - Class A  | 6848 | 98680 |
| Array Technologies, Inc. (b)  | 1116 | 21572 |
| ASGN, Inc. (b)  | 18 | 1467 |
| Atkore, Inc. (b)  | 669 | 75878 |
| Barrett Business Services, Inc.  | 291 | 27144 |
| Bloom Energy Corp. - Class A (b)  | 1674 | 32007 |
| Boise Cascade Co.  | 268 | 18404 |
| Casella Waste Systems, Inc. - Class A (b)  | 1260 | 99931 |
| Chart Industries, Inc. (b)  | 72 | 8297 |
| Columbus McKinnon Corp.  | 6000 | 194820 |
| Comfort Systems USA, Inc.  | 368 | 42350 |
| Desktop Metal, Inc. - Class A (b)  | 686 | 933 |
| EMCOR Group, Inc.  | 739 | 109453 |
| Energy Recovery, Inc. (b)  | 1346 | 27580 |
| Exponent, Inc.  | 171 | 16944 |
| First Advantage Corp. (b)  | 240 | 3120 |
| Forward Air Corp.  | 248 | 26013 |
| Franklin Covey Co. (b)  | 1491 | 69734 |
| FuelCell Energy, Inc. (b)<sup>(c)</sup>  | 1818 | 5054 |
| Heidrick & Struggles International, Inc.  | 71 | 1986 |
| Herc Holdings, Inc.  | 30 | 3947 |
| Heritage-Crystal Clean, Inc. (b)  | 353 | 11466 |
| Hudson Technologies, Inc. (b)  | 2775 | 28083 |
| Insperity, Inc.  | 197 | 22379 |
| Janus International Group, Inc. (b)  | 1054 | 10034 |
| Korn Ferry  | 820 | 41508 |
| Luxfer Holdings PLC  | 5490 | 75323 |
| Marten Transport Ltd.  | 1163 | 23004 |
| Masonite International Corp. (b)  | 102 | 8222 |
| MasTec, Inc. (b)  | 39 | 3328 |
| Mercury Systems, Inc. (b)  | 5350 | 239359 |
| Mueller Industries, Inc.  | 1216 | 71744 |

---

See Notes to Financial Statements.<br> 83

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Growth Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_84.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 97.8% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 97.8% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 97.8% <sup>(a)</sup> (Continued)** |
| **Industrials — 12.7% (Continued)** | **Industrials — 12.7% (Continued)** | **Industrials — 12.7% (Continued)** |
| PAM Transportation Services, Inc. (b)  | 153 | $3963 |
| PGT Innovations, Inc. (b)  | 164 | 2945 |
| Rush Enterprises, Inc. - Class A  | 2305 | 120505 |
| Saia, Inc. (b)  | 1169 | 245116 |
| Shoals Technologies Group, Inc. - Class A (b)  | 1492 | 36808 |
| Simpson Manufacturing Co., Inc.  | 876 | 77666 |
| SiteOne Landscape Supply, Inc. (b)  | 1175 | 137851 |
| SP Plus Corp. (b)  | 1092 | 37914 |
| Stem, Inc. (b)  | 967 | 8645 |
| Sterling Infrastructure, Inc. (b)  | 312 | 10233 |
| Terex Corp.  | 117 | 4998 |
| Tetra Tech, Inc.  | 118 | 17132 |
| The AZEK Co., Inc. (b)  | 7200 | 146304 |
| The Brink's Co.  | 45 | 2417 |
| TPI Composites, Inc. (b)  | 690 | 6996 |
| TriNet Group, Inc. (b)  | 638 | 43256 |
| Trinity Industries, Inc.  | 854 | 25253 |
| UFP Industries, Inc.  | 1206 | 95576 |
| Upwork, Inc. (b)  | 1010 | 10544 |
| V2X, Inc. (b)  | 82 | 3386 |
| Veritiv Corp.  | 533 | 64871 |
| Watts Water Technologies, Inc. - Class A  | 49 | 7165 |
| Werner Enterprises, Inc.  | 155 | 6240 |
|  |  | 2856221 |
| **Information Technology — 22.4%** | **Information Technology — 22.4%** | **Information Technology — 22.4%** |
| 8x8, Inc. (b)  | 2898 | 12519 |
| 908 Devices, Inc. (b)  | 8810 | 67132 |
| A10 Networks, Inc.  | 4116 | 68449 |
| ADTRAN Holdings, Inc.  | 868 | 16310 |
| Amkor Technology, Inc.  | 1900 | 45562 |
| Amplitude, Inc. - Class A (b)  | 701 | 8468 |
| Appfolio, Inc. - Class A (b)  | 1353 | 142579 |
| Asana, Inc. - Class A (b)  | 520 | 7161 |
| AvidXchange Holdings, Inc. (b)  | 510 | 5070 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Axcelis Technologies, Inc. (b)  | 1048 | $83169 |
| AXT, Inc. (b)  | 8871 | 38855 |
| Badger Meter, Inc.  | 390 | 42522 |
| Belden, Inc.  | 479 | 34440 |
| BigCommerce Holdings, Inc. (b)  | 838 | 7324 |
| Blackline, Inc. (b)  | 211 | 14194 |
| Box, Inc. - Class A (b)  | 511 | 15907 |
| Calix, Inc. (b)  | 543 | 37158 |
| Cass Information Systems, Inc.  | 499 | 22864 |
| CEVA, Inc. (b)  | 7290 | 186478 |
| Coherent Corp. (b)  | 378 | 13268 |
| Computer Task Group, Inc. (b)  | 4664 | 35260 |
| Consensus Cloud Solutions, Inc. (b)  | 111 | 5967 |
| CTS Corp.  | 289 | 11392 |
| Diebold Nixdorf, Inc. (b)  | 3036 | 4311 |
| Digital Turbine, Inc. (b)  | 925 | 14097 |
| Diodes, Inc. (b)  | 49 | 3731 |
| Domo, Inc. - Class B (b)  | 277 | 3945 |
| DoubleVerify Holdings, Inc. (b)  | 5869 | 128883 |
| Edgio, Inc. (b)  | 54960 | 62105 |
| Endava PLC - ADR (b)  | 2700 | 206550 |
| EngageSmart, Inc. (b)  | 230 | 4048 |
| Enphase Energy, Inc. (b)  | 17 | 4504 |
| Everbridge, Inc. (b)  | 250 | 7395 |
| Evo Payments, Inc. - Class A (b)  | 12020 | 406757 |
| ExlService Holdings, Inc. (b)  | 470 | 79632 |
| Fabrinet (b)  | 329 | 42184 |
| Flywire Corp. (b)  | 288 | 7047 |
| Grid Dynamics Holdings, Inc. (b)  | 6903 | 77452 |
| Harmonic, Inc. (b)  | 5734 | 75115 |
| I3 Verticals, Inc. - Class A (b)  | 4808 | 117027 |
| indie Semiconductor, Inc. - Class A (b)  | 8036 | 46850 |
| Insight Enterprises, Inc. (b)  | 48 | 4813 |

---

See Notes to Financial Statements.<br> 84

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Growth Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_85.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 97.8% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 97.8% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 97.8% <sup>(a)</sup> (Continued)** |
| **Information Technology — 22.4% (Continued)** | **Information Technology — 22.4% (Continued)** | **Information Technology — 22.4% (Continued)** |
| InterDigital, Inc.  | 514 | $25433 |
| International Money Express, Inc. (b)  | 916 | 22323 |
| KnowBe4, Inc. - Class A (b)  | 1286 | 31867 |
| Lattice Semiconductor Corp. (b)  | 491 | 31856 |
| LivePerson, Inc. (b)  | 707 | 7169 |
| MACOM Technology Solutions Holdings, Inc. (b)  | 1033 | 65058 |
| Marqeta, Inc. - Class A (b)  | 5901 | 36055 |
| Maximus, Inc.  | 297 | 21779 |
| MaxLinear, Inc. (b)  | 698 | 23697 |
| Model N, Inc. (b)  | 535 | 21700 |
| nLight, Inc. (b)  | 6321 | 64095 |
| Novanta, Inc. (b)  | 30 | 4076 |
| Onto Innovation, Inc. (b)  | 280 | 19065 |
| PagerDuty, Inc. (b)  | 1085 | 28818 |
| Pegasystems, Inc.  | 2805 | 96043 |
| Photronics, Inc. (b)  | 648 | 10906 |
| Plexus Corp. (b)  | 257 | 26453 |
| PowerSchool Holdings, Inc. - Class A (b)  | 848 | 19572 |
| PROS Holdings, Inc. (b)  | 6850 | 166181 |
| Q2 Holdings, Inc. (b)  | 227 | 6100 |
| Qualys, Inc. (b)  | 2941 | 330068 |
| Radware Ltd. (b)  | 7331 | 144787 |
| Rambus, Inc. (b)  | 1307 | 46817 |
| Remitly Global, Inc. (b)  | 1079 | 12355 |
| Repay Holdings Corp. (b)  | 19325 | 155566 |
| Sabre Corp. (b)  | 1534 | 9480 |
| Sapiens International Corp. NV  | 1282 | 23691 |
| Silicon Laboratories, Inc. (b)  | 1397 | 189531 |
| Sprout Social, Inc. - Class A (b)  | 1024 | 57815 |
| SPS Commerce, Inc. (b)  | 180 | 23117 |
| StoneCo Ltd. - Class A (b)  | 4379 | 41338 |
| Sumo Logic, Inc. (b)  | 304 | 2462 |
| Super Micro Computer, Inc. (b)  | 351 | 28817 |
| Synaptics, Inc. (b)  | 141 | 13418 |
| Tenable Holdings, Inc. (b)  | 540 | 20601 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value | Value |
| The Hackett Group, Inc.  | 928 | $| 18903 |
| Varonis Systems, Inc. (b)  | 218 |  | 5219 |
| Veeco Instruments, Inc. (b)  | 8947 |  | 166235 |
| Verra Mobility Corp. (b)  | 315 |  | 4357 |
| WNS Holdings Ltd. - ADR (b)  | 6128 |  | 490179 |
| Workiva, Inc. (b)  | 3733 |  | 313460 |
|  |  |  | 5044956 |
| **Materials — 2.6%** | **Materials — 2.6%** | **Materials — 2.6%** | **Materials — 2.6%** |
| American Vanguard Corp.  | 33 |  | 716 |
| Aspen Aerogels, Inc. (b)  | 480 |  | 5659 |
| ATI, Inc. (b)  | 347 |  | 10361 |
| Balchem Corp.  | 172 |  | 21003 |
| Cabot Corp.  | 329 |  | 21990 |
| Chase Corp.  | 210 |  | 18115 |
| Ferroglobe Representation & Warranty Insurance Trust (b)<sup>(d)(e)</sup>  | 840 |  |  |
| Greif, Inc. - Class A  | 490 |  | 32860 |
| Greif, Inc. - Class B  | 36 |  | 2816 |
| Ingevity Corp. (b)  | 661 |  | 46561 |
| Innospec, Inc.  | 310 |  | 31887 |
| Livent Corp. (b)  | 791 |  | 15717 |
| Materion Corp.  | 2255 |  | 197335 |
| Quaker Chemical Corp.  | 1066 |  | 177915 |
| Tredegar Corp.  | 430 |  | 4395 |
|  |  |  | 587330 |
| **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** |
| Essential Properties Realty Trust, Inc.  | 748 |  | 17555 |
| Gladstone Commercial Corp.  | 320 |  | 5920 |
| Marcus & Millichap, Inc.  | 113 |  | 3893 |
| Outfront Media, Inc.  | 2029 |  | 33641 |
| Redfin Corp. (b)  | 203 |  | 861 |
| The RMR Group, Inc. - Class A  | 624 |  | 17628 |
| Universal Health Realty Income Trust  | 80 |  | 3818 |
|  |  |  | 83316 |
| **Utilities — 0.8%** | **Utilities — 0.8%** | **Utilities — 0.8%** | **Utilities — 0.8%** |
| American States Water Co.  | 96 |  | 8885 |
| Brookfield Infrastructure Corp. - Class A  | 2068 |  | 80445 |

---

See Notes to Financial Statements.<br> 85

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Growth Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_86.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 97.8% (a) (Continued)** |  |  |
| **Utilities — 0.8% (Continued)** |  |  |
| Clearway Energy, Inc. - Class A | 1215 | $36353 |
| Global Water Resources, Inc. | 343 | 4555 |
| Otter Tail Corp. | 527 | 30940 |
| Sunnova Energy International, Inc. (b) | 1312 | 23629 |
| Via Renewables, Inc. | 588 | 3005 |
|  |  | 187812 |
| **Total Common Stocks (Cost $21,431,317)** |  | 21978710 |
| **Total Investments at Value — 97.8% (Cost $21,431,317)** |  | 21978710 |
| **Other Assets in Excess of Liabilities — 2.2%** |  | 504254 |
| **Net Assets — 100.0%** |  | $22482964 |

---

Percentages are stated as a percent of net assets.

ADR - American Depository Receipt

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This security or a partial position of this security is on loan at December 31, 2022. The total fair value of securities on loan at December 31, 2022 was $346,842 (Note 8).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $0 as of December 31, 2022, representing 0.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Illiquid security. The total value of such securities is $0 as of December 31, 2022, representing 0.0% of net assets.

See Notes to Financial Statements.<br> 86

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Value Portfolio** <br>**Schedule of Investments**  | ***December 31, 2022*** | ![](fp0081225-2_87.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.0% <sup>(a)</sup>** | **COMMON STOCKS — 99.0% <sup>(a)</sup>** | **COMMON STOCKS — 99.0% <sup>(a)</sup>** |
| **Communication Services — 0.9%** | **Communication Services — 0.9%** | **Communication Services — 0.9%** |
| Bandwidth, Inc. - Class A (b)  | 760 | $17442 |
| Clear Channel Outdoor Holdings, Inc. (b)  | 4800 | 5040 |
| Emerald Holding, Inc. (b)  | 2900 | 10266 |
| Iridium Communications, Inc. (b)  | 900 | 46260 |
| Liberty Latin America Ltd. - Class A (b)  | 1545 | 11634 |
| Liberty Latin America Ltd. - Class C (b)  | 2785 | 21166 |
| Live Nation Entertainment, Inc. (b)  | 424 | 29570 |
| Magnite, Inc. (b)  | 1679 | 17780 |
| Outbrain, Inc. (b)  | 1350 | 4887 |
| Stagwell, Inc. (b)  | 4000 | 24840 |
| TEGNA, Inc.  | 715 | 15151 |
| Thryv Holdings, Inc. (b)  | 350 | 6650 |
|  |  | 210686 |
| **Consumer Discretionary — 10.3%** | **Consumer Discretionary — 10.3%** | **Consumer Discretionary — 10.3%** |
| 2U, Inc. (b)  | 2315 | 14515 |
| Academy Sports & Outdoors, Inc.  | 2110 | 110859 |
| Adient PLC (b)  | 1000 | 34690 |
| Asbury Automotive Group, Inc. (b)  | 139 | 24916 |
| Bally's Corp. (b)  | 410 | 7946 |
| Big 5 Sporting Goods Corp. (c)  | 60 | 530 |
| Bloomin' Brands, Inc.  | 1600 | 32192 |
| Bluegreen Vacations Holding Corp.  | 1070 | 26707 |
| Boot Barn Holdings, Inc. (b)  | 420 | 26258 |
| Brinker International, Inc. (b)  | 720 | 22975 |
| Carter's, Inc.  | 100 | 7461 |
| Century Casinos, Inc. (b)  | 670 | 4710 |
| Century Communities, Inc.  | 1246 | 62312 |
| Dave & Buster's Entertainment, Inc. (b)  | 150 | 5316 |
| Destination XL Group, Inc. (b)  | 2320 | 15660 |
| Dine Brands Global, Inc.  | 310 | 20026 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| El Pollo Loco Holdings, Inc.  | 990 | $9860 |
| Funko, Inc. - Class A (b)  | 1300 | 14183 |
| Genesco, Inc. (b)  | 330 | 15187 |
| G-III Apparel Group Ltd. (b)  | 1900 | 26049 |
| Graham Holdings Co. - Class B  | 10 | 6042 |
| Green Brick Partners, Inc. (b)  | 5076 | 122991 |
| Group 1 Automotive, Inc.  | 267 | 48159 |
| Hanesbrands, Inc.  | 8855 | 56318 |
| Haverty Furniture Cos., Inc.  | 1065 | 31843 |
| Hibbett, Inc.  | 330 | 22513 |
| Hooker Furnishings Corp.  | 1100 | 20570 |
| International Game Technology PLC  | 450 | 10206 |
| Jack in the Box, Inc.  | 120 | 8188 |
| JAKKS Pacific, Inc. (b)  | 897 | 15689 |
| Johnson Outdoors, Inc. - Class A  | 1125 | 74385 |
| KB Home  | 2590 | 82491 |
| Kontoor Brands, Inc.  | 210 | 8398 |
| Lakeland Industries, Inc. (b)  | 700 | 9310 |
| Latham Group, Inc. (b)  | 4300 | 13846 |
| Laureate Education, Inc.  | 3685 | 35450 |
| La-Z-Boy, Inc.  | 900 | 20538 |
| Legacy Housing Corp. (b)  | 2480 | 47021 |
| Lindblad Expeditions Holdings, Inc. (b)  | 1530 | 11781 |
| LL Flooring Holdings, Inc. (b)  | 3300 | 18546 |
| M/I Homes, Inc. (b)  | 1040 | 48027 |
| Macy's, Inc.  | 600 | 12390 |
| MarineMax, Inc. (b)  | 810 | 25288 |
| Meritage Homes Corp. (b)  | 554 | 51079 |
| Modine Manufacturing Co. (b)  | 240 | 4766 |
| Movado Group, Inc.  | 930 | 29992 |
| OneWater Marine, Inc. - Class A (b)  | 920 | 26312 |
| Oxford Industries, Inc.  | 530 | 49385 |
| Perdoceo Education Corp. (b)  | 1660 | 23074 |

---

See Notes to Financial Statements.<br> 87

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_88.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** |
| **Consumer Discretionary — 10.3% (Continued)** | **Consumer Discretionary — 10.3% (Continued)** | **Consumer Discretionary — 10.3% (Continued)** |
| Qurate Retail, Inc. - Class A (b)  | 1410 | $2298 |
| Red Rock Resorts, Inc. - Class A  | 9579 | 383256 |
| Rent-A-Center, Inc.  | 1550 | 34953 |
| Rocky Brands, Inc.  | 3002 | 70907 |
| Ruth's Hospitality Group, Inc.  | 1100 | 17028 |
| SeaWorld Entertainment, Inc. (b)  | 490 | 26220 |
| Shoe Carnival, Inc.  | 138 | 3300 |
| Signet Jewelers Ltd.  | 423 | 28764 |
| Sleep Number Corp. (b)  | 160 | 4157 |
| Sonic Automotive, Inc. - Class A  | 700 | 34489 |
| Steven Madden Ltd.  | 700 | 22372 |
| Taylor Morrison Home Corp. (b)  | 600 | 18210 |
| The Aaron's Co., Inc.  | 6280 | 75046 |
| The Cato Corp. - Class A  | 1600 | 14928 |
| The Cheesecake Factory, Inc. (c)  | 358 | 11352 |
| The Goodyear Tire & Rubber Co. (b)  | 1500 | 15225 |
| The RealReal, Inc. (b)  | 1610 | 2013 |
| Thor Industries, Inc.  | 340 | 25667 |
| Travel + Leisure Co.  | 620 | 22568 |
| TravelCenters of America, Inc. (b)  | 500 | 22390 |
| Tri Pointe Homes, Inc. (b)  | 945 | 17568 |
| Urban Outfitters, Inc. (b)  | 320 | 7632 |
| Vail Resorts, Inc.  | 445 | 106066 |
| Vera Bradley, Inc. (b)  | 3320 | 15040 |
| Vista Outdoor, Inc. (b)  | 1517 | 36969 |
| Vivint Smart Home, Inc. (b)  | 910 | 10829 |
| Winnebago Industries, Inc.  | 140 | 7378 |
| Wolverine World Wide, Inc.  | 4984 | 54475 |
| WW International, Inc. (b)  | 1107 | 4273 |
| Zumiez, Inc. (b)  | 400 | 8696 |
|  |  | 2521019 |
| **Consumer Staples — 4.1%** | **Consumer Staples — 4.1%** | **Consumer Staples — 4.1%** |
| B&G Foods, Inc. (c)  | 1740 | 19401 |
| Cal-Maine Foods, Inc.  | 3980 | 216711 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value | Value |
| Central Garden & Pet Co. (b)  | 400 | $| 14980 |
| Herbalife Nutrition Ltd. (b)  | 1600 |  | 23808 |
| Ingles Markets, Inc. - Class A  | 120 |  | 11575 |
| Inter Parfums, Inc.  | 60 |  | 5791 |
| Lancaster Colony Corp.  | 939 |  | 185265 |
| Medifast, Inc.  | 180 |  | 20763 |
| Natural Grocers by Vitamin Cottage, Inc.  | 1940 |  | 17732 |
| Nu Skin Enterprises, Inc. - Class A  | 485 |  | 20448 |
| Oil-Dri Corp of America  | 896 |  | 30052 |
| Post Holdings, Inc. (b)  | 1173 |  | 105875 |
| Seaboard Corp.  | 33 |  | 124582 |
| The Andersons, Inc.  | 600 |  | 20994 |
| The Chefs' Warehouse, Inc. (b)  | 2320 |  | 77209 |
| The Simply Good Foods Co. (b)  | 740 |  | 28142 |
| United Natural Foods, Inc. (b)  | 725 |  | 28065 |
| USANA Health Sciences, Inc. (b)  | 410 |  | 21812 |
| Vector Group Ltd.  | 526 |  | 6238 |
| Village Super Market, Inc. - Class A  | 610 |  | 14207 |
|  |  |  | 993650 |
| **Energy — 7.4%** | **Energy — 7.4%** | **Energy — 7.4%** | **Energy — 7.4%** |
| Alto Ingredients, Inc. (b)  | 1800 |  | 5184 |
| Berry Corp.  | 5630 |  | 45040 |
| Bristow Group, Inc. (b)  | 430 |  | 11666 |
| California Resources Corp.  | 2460 |  | 107035 |
| Centrus Energy Corp. - Class A (b)  | 1547 |  | 50247 |
| ChampionX Corp.  | 760 |  | 22032 |
| Chord Energy Corp.  | 664 |  | 90842 |
| Civitas Resources, Inc.  | 4124 |  | 238903 |
| Clean Energy Fuels Corp. (b)  | 4790 |  | 24908 |
| CNX Resources Corp. (b)  | 1785 |  | 30059 |
| CONSOL Energy, Inc.  | 590 |  | 38350 |
| Crescent Energy Co. - Class A  | 2600 |  | 31174 |

---

See Notes to Financial Statements.<br> 88

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_89.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** |
| **Energy — 7.4% (Continued)** | **Energy — 7.4% (Continued)** | **Energy — 7.4% (Continued)** |
| Denbury, Inc. (b)  | 200 | $17404 |
| DHT Holdings, Inc.  | 6340 | 56299 |
| Dorian LPG Ltd.  | 200 | 3790 |
| Dril-Quip, Inc. (b)  | 1300 | 35321 |
| Equitrans Midstream Corp.  | 6410 | 42947 |
| Expro Group Holdings NV (b)  | 1670 | 30277 |
| Golar LNG Ltd. (b)  | 2450 | 55836 |
| Helix Energy Solutions Group, Inc. (b)  | 3630 | 26789 |
| Helmerich & Payne, Inc.  | 530 | 26272 |
| International Seaways, Inc.  | 220 | 8144 |
| Kinetik Holdings, Inc. (c)  | 700 | 23156 |
| Kosmos Energy Ltd. (b)  | 5800 | 36888 |
| Laredo Petroleum, Inc. (b)  | 410 | 21082 |
| Liberty Energy, Inc.  | 1300 | 20813 |
| Magnolia Oil & Gas Corp. - Class A  | 905 | 21222 |
| Murphy Oil Corp.  | 1670 | 71827 |
| National Energy Services Reunited Corp. (b)  | 4040 | 28038 |
| Newpark Resources, Inc. (b)  | 5540 | 22991 |
| NexTier Oilfield Solutions, Inc. (b)  | 2300 | 21252 |
| Noble Corp. PLC (b)  | 300 | 11313 |
| Northern Oil and Gas, Inc.  | 900 | 27738 |
| Par Pacific Holdings, Inc. (b)  | 1100 | 25575 |
| PBF Energy, Inc. - Class A  | 470 | 19166 |
| Permian Resources Corp.  | 9170 | 86198 |
| Precision Drilling Corp. (b)  | 350 | 26845 |
| ProPetro Holding Corp. (b)  | 1800 | 18666 |
| Ranger Oil Corp. - Class A  | 660 | 26684 |
| REX American Resources Corp. (b)  | 1275 | 40622 |
| Scorpio Tankers, Inc.  | 140 | 7528 |
| SFL Corp. Ltd.  | 5260 | 48497 |
| Solaris Oilfield Infrastructure, Inc. - Class A  | 1900 | 18867 |
| Talos Energy, Inc. (b)  | 1000 | 18880 |
| TechnipFMC PLC (b)  | 1500 | 18285 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value | Value |
| Teekay Tankers Ltd. - Class A (b)  | 840 | $| 25880 |
| Tidewater, Inc. (b)  | 820 |  | 30217 |
| US Silica Holdings, Inc. (b)  | 360 |  | 4500 |
| Vertex Energy, Inc. (b)  | 3600 |  | 22320 |
| World Fuel Services Corp.  | 2220 |  | 60673 |
|  |  |  | 1804242 |
| **Financials — 31.3%** | **Financials — 31.3%** | **Financials — 31.3%** | **Financials — 31.3%** |
| 1st Source Corp.  | 320 |  | 16989 |
| ACNB Corp.  | 200 |  | 7962 |
| Amerant Bancorp, Inc.  | 1584 |  | 42515 |
| American Equity Investment Life Holding Co.  | 1160 |  | 52919 |
| Ameris Bancorp  | 400 |  | 18856 |
| Apollo Commercial Real Estate Finance, Inc.  | 5850 |  | 62946 |
| Artisan Partners Asset Management, Inc. - Class A  | 800 |  | 23760 |
| Associated Banc-Corp  | 2928 |  | 67608 |
| Assured Guaranty Ltd.  | 565 |  | 35177 |
| Axis Capital Holdings Ltd.  | 460 |  | 24918 |
| B Riley Financial, Inc.  | 200 |  | 6840 |
| BancFirst Corp.  | 555 |  | 48940 |
| Bank of Marin Bancorp  | 260 |  | 8549 |
| Bank OZK  | 7294 |  | 292198 |
| BankUnited, Inc.  | 1874 |  | 63660 |
| Banner Corp.  | 360 |  | 22752 |
| BayCom Corp.  | 1090 |  | 20688 |
| BCB Bancorp, Inc.  | 400 |  | 7196 |
| Berkshire Hills Bancorp, Inc.  | 1870 |  | 55913 |
| BGC Partners, Inc. - Class A  | 1390 |  | 5240 |
| Blackstone Mortgage Trust, Inc. - Class A  | 475 |  | 10056 |
| BOK Financial Corp.  | 1543 |  | 160148 |
| Bread Financial Holdings, Inc.  | 2330 |  | 87748 |
| Bridgewater Bancshares, Inc. (b)  | 500 |  | 8870 |
| Brighthouse Financial, Inc. (b)  | 400 |  | 20508 |
| BrightSpire Capital, Inc.  | 1300 |  | 8099 |

---

See Notes to Financial Statements.<br> 89

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_90.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** |
| **Financials — 31.3% (Continued)** | **Financials — 31.3% (Continued)** | **Financials — 31.3% (Continued)** |
| Brookline Bancorp, Inc.  | 5220 | $73863 |
| Cadence Bank  | 680 | 16769 |
| Camden National Corp.  | 400 | 16676 |
| Capitol Federal Financial, Inc.  | 2100 | 18165 |
| Cathay General Bancorp  | 5107 | 208315 |
| Central Pacific Financial Corp.  | 1300 | 26364 |
| Central Valley Community Bancorp  | 400 | 8472 |
| City Holding Co.  | 499 | 46452 |
| Civista Bancshares, Inc.  | 400 | 8804 |
| CNB Financial Corp.  | 400 | 9516 |
| CNO Financial Group, Inc.  | 1600 | 36560 |
| Columbia Banking System, Inc.  | 2520 | 75928 |
| Community Bank System, Inc.  | 610 | 38399 |
| Community Trust Bancorp, Inc.  | 425 | 19520 |
| ConnectOne Bancorp, Inc.  | 1400 | 33894 |
| CrossFirst Bankshares, Inc. (b)  | 1375 | 17064 |
| Customers Bancorp, Inc. (b)  | 1100 | 31174 |
| CVB Financial Corp.  | 2765 | 71199 |
| Diamond Hill Investment Group, Inc.  | 90 | 16652 |
| Eagle Bancorp, Inc.  | 840 | 37019 |
| Eastern Bankshares, Inc.  | 2545 | 43901 |
| eHealth, Inc. (b)  | 710 | 3436 |
| Employers Holdings, Inc.  | 1605 | 69224 |
| Enact Holdings, Inc.  | 600 | 14472 |
| Enova International, Inc. (b)  | 260 | 9976 |
| Enstar Group Ltd. (b)  | 936 | 216253 |
| Enterprise Financial Services Corp.  | 400 | 19584 |
| Esquire Financial Holdings, Inc.  | 910 | 39367 |
| Essent Group Ltd.  | 3215 | 124999 |
| Evercore, Inc. - Class A  | 300 | 32724 |
| FB Financial Corp.  | 643 | 23238 |
| Federated Hermes, Inc.  | 855 | 31045 |
| Financial Institutions, Inc.  | 350 | 8526 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| First Bancorp  | 670 | $28703 |
| First BanCorp  | 7315 | 93047 |
| First Busey Corp.  | 1100 | 27192 |
| First Business Financial Services, Inc.  | 300 | 10965 |
| First Community Bankshares, Inc.  | 2304 | 78106 |
| First Financial Bancorp  | 1175 | 28470 |
| First Financial Corp.  | 931 | 42900 |
| First Hawaiian, Inc.  | 1300 | 33852 |
| First Internet Bancorp  | 600 | 14568 |
| First Interstate BancSystem, Inc. - Class A  | 4186 | 161789 |
| First Merchants Corp.  | 1220 | 50154 |
| First Mid Bancshares, Inc.  | 200 | 6416 |
| FirstCash Holdings, Inc.  | 180 | 15644 |
| Flushing Financial Corp.  | 1340 | 25969 |
| FNB Corp.  | 2010 | 26230 |
| FS Bancorp, Inc.  | 260 | 8694 |
| Fulton Financial Corp.  | 2540 | 42748 |
| Genworth Financial, Inc. - Class A (b)  | 13310 | 70410 |
| Granite Point Mortgage Trust, Inc.  | 900 | 4824 |
| Great Ajax Corp.  | 813 | 5894 |
| Great Southern Bancorp, Inc.  | 720 | 42833 |
| Greenhill & Co., Inc.  | 1690 | 17322 |
| Greenlight Capital Re Ltd. - Class A (b)  | 1000 | 8150 |
| Hancock Whitney Corp.  | 2096 | 101425 |
| Hanmi Financial Corp.  | 1500 | 37125 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc.  | 1225 | 35500 |
| Heartland Financial USA, Inc.  | 110 | 5128 |
| Heritage Commerce Corp.  | 3270 | 42510 |
| Hilltop Holdings, Inc.  | 1100 | 33011 |
| Home Bancorp, Inc.  | 200 | 8006 |
| Home BancShares, Inc.  | 2320 | 52873 |
| HomeStreet, Inc.  | 1200 | 33096 |
| Hope Bancorp, Inc.  | 7115 | 91143 |

---

See Notes to Financial Statements.<br> 90

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_91.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** |
| **Financials — 31.3% (Continued)** | **Financials — 31.3% (Continued)** | **Financials — 31.3% (Continued)** |
| Horace Mann Educators Corp.  | 840 | $31391 |
| Horizon Bancorp, Inc.  | 1020 | 15382 |
| Independent Bank Corp.  | 1863 | 44563 |
| International Bancshares Corp.  | 2810 | 128586 |
| Investar Holding Corp.  | 500 | 10765 |
| Jackson Financial, Inc. - Class A  | 2820 | 98108 |
| Janus Henderson Group PLC  | 1400 | 32928 |
| Kearny Financial Corp.  | 1400 | 14210 |
| Kemper Corp.  | 600 | 29520 |
| Lakeland Bancorp, Inc.  | 1400 | 24654 |
| Live Oak Bancshares, Inc.  | 8900 | 268780 |
| Luther Burbank Corp.  | 700 | 7777 |
| Macatawa Bank Corp.  | 2380 | 26251 |
| Mercantile Bank Corp.  | 1423 | 47642 |
| Merchants Bancorp  | 400 | 9728 |
| Mercury General Corp.  | 500 | 17100 |
| MFA Financial, Inc.  | 845 | 8323 |
| MGIC Investment Corp.  | 2000 | 26000 |
| Midland States Bancorp, Inc.  | 700 | 18634 |
| MidWestOne Financial Group, Inc.  | 270 | 8572 |
| Mr. Cooper Group, Inc. (b)  | 5012 | 201132 |
| National Bank Holdings Corp. - Class A  | 245 | 10307 |
| National Bankshares, Inc.  | 200 | 8060 |
| National Western Life Group, Inc. - Class A  | 179 | 50299 |
| Navient Corp.  | 2150 | 35368 |
| NBT Bancorp, Inc.  | 1018 | 44202 |
| New York Community Bancorp, Inc.  | 3600 | 30960 |
| New York Mortgage Trust, Inc.  | 6300 | 16128 |
| NMI Holdings, Inc. - Class A (b)  | 2075 | 43368 |
| Northeast Bank  | 200 | 8420 |
| Northeast Community Bancorp, Inc.  | 700 | 10444 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Northfield Bancorp, Inc.  | 1200 | $18876 |
| Northrim BanCorp, Inc.  | 200 | 10914 |
| OceanFirst Financial Corp.  | 1550 | 32938 |
| OFG Bancorp  | 1218 | 33568 |
| Old National Bancorp  | 5430 | 97631 |
| Oppenheimer Holdings, Inc. - Class A  | 695 | 29419 |
| Orrstown Financial Services, Inc.  | 1040 | 24086 |
| Pacific Premier Bancorp, Inc.  | 600 | 18936 |
| PacWest Bancorp  | 1500 | 34425 |
| Parke Bancorp, Inc.  | 860 | 17836 |
| Pathward Financial, Inc.  | 120 | 5166 |
| PCB Bancorp  | 700 | 12383 |
| Peoples Financial Services Corp.  | 1340 | 69466 |
| Perella Weinberg Partners  | 1900 | 18620 |
| Popular, Inc.  | 530 | 35150 |
| Preferred Bank  | 670 | 49995 |
| Premier Financial Corp.  | 2471 | 66643 |
| Primerica, Inc.  | 70 | 9927 |
| Primis Financial Corp.  | 700 | 8295 |
| PROG Holdings, Inc. (b)  | 3423 | 57814 |
| Prosperity Bancshares, Inc.  | 209 | 15190 |
| Provident Bancorp, Inc.  | 1180 | 8590 |
| Provident Financial Services, Inc.  | 3626 | 77451 |
| Radian Group, Inc.  | 2630 | 50154 |
| RBB Bancorp  | 390 | 8132 |
| Redwood Trust, Inc.  | 1945 | 13148 |
| Regional Management Corp.  | 2449 | 68768 |
| Republic Bancorp, Inc. - Class A  | 250 | 10230 |
| S&T Bancorp, Inc.  | 440 | 15039 |
| Safety Insurance Group, Inc.  | 200 | 16852 |
| Sandy Spring Bancorp, Inc.  | 1240 | 43685 |
| Seacoast Banking Corp. of Florida  | 260 | 8109 |
| Selective Insurance Group, Inc.  | 405 | 35887 |
| Selectquote, Inc. (b)  | 10500 | 7055 |
| Sierra Bancorp  | 500 | 10620 |

---

See Notes to Financial Statements.<br> 91

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_92.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** |
| **Financials — 31.3% (Continued)** | **Financials — 31.3% (Continued)** | **Financials — 31.3% (Continued)** |
| Silvercrest Asset Management Group, Inc. - Class A  | 500 | $9385 |
| Silvergate Capital Corp. - Class A (b)<sup>(c)</sup>  | 160 | 2784 |
| Simmons First National Corp. - Class A  | 1630 | 35175 |
| SiriusPoint Ltd. (b)  | 4900 | 28910 |
| SLM Corp.  | 2100 | 34860 |
| South Plains Financial, Inc.  | 430 | 11838 |
| Southern First Bancshares, Inc. (b)  | 190 | 8693 |
| Southern Missouri Bancorp, Inc.  | 200 | 9166 |
| Southside Bancshares, Inc.  | 360 | 12956 |
| Stellar Bancorp, Inc.  | 830 | 24452 |
| StepStone Group, Inc. - Class A  | 660 | 16619 |
| Stewart Information Services Corp.  | 600 | 25638 |
| Stifel Financial Corp.  | 392 | 22881 |
| Summit Financial Group, Inc.  | 180 | 4480 |
| Territorial Bancorp, Inc.  | 500 | 12005 |
| Texas Capital Bancshares, Inc. (b)  | 620 | 37392 |
| The Bank of NT Butterfield & Son Ltd.  | 290 | 8645 |
| The Community Financial Corp.  | 100 | 3990 |
| The First of Long Island Corp.  | 520 | 9360 |
| Towne Bank  | 600 | 18504 |
| TPG RE Finance Trust, Inc.  | 1000 | 6790 |
| Triumph Financial, Inc. (b)  | 2816 | 137618 |
| TrustCo Bank Corp.  | 1770 | 66534 |
| Two Harbors Investment Corp.  | 392 | 6182 |
| UMB Financial Corp.  | 200 | 16704 |
| United Bankshares, Inc.  | 750 | 30368 |
| United Fire Group, Inc.  | 283 | 7743 |
| Universal Insurance Holdings, Inc.  | 2239 | 23711 |
| Univest Financial Corp.  | 2934 | 76665 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value | Value |
| Valley National Bancorp  | 1115 | $| 12611 |
| Veritex Holdings, Inc.  | 390 |  | 10951 |
| Victory Capital Holdings, Inc. - Class A  | 1035 |  | 27769 |
| Virtu Financial, Inc. - Class A  | 1700 |  | 34697 |
| Virtus Investment Partners, Inc.  | 130 |  | 24887 |
| Washington Federal, Inc.  | 4425 |  | 148459 |
| Washington Trust Bancorp, Inc.  | 350 |  | 16513 |
| Waterstone Financial, Inc.  | 1000 |  | 17240 |
| Webster Financial Corp.  | 4844 |  | 229315 |
| Westamerica BanCorp  | 1450 |  | 85565 |
| White Mountains Insurance Group Ltd.  | 20 |  | 28287 |
| William Penn Bancorp  | 400 |  | 4848 |
| Wintrust Financial Corp.  | 325 |  | 27469 |
|  |  |  | 7660561 |
| **Health Care — 6.2%** | **Health Care — 6.2%** | **Health Care — 6.2%** | **Health Care — 6.2%** |
| 1Life Healthcare, Inc. (b)  | 452 |  | 7553 |
| 4D Molecular Therapeutics, Inc. (b)  | 150 |  | 3332 |
| Accolade, Inc. (b)  | 1030 |  | 8024 |
| Adaptive Biotechnologies Corp. (b)  | 3400 |  | 25976 |
| Agios Pharmaceuticals, Inc. (b)  | 1140 |  | 32011 |
| Allogene Therapeutics, Inc. (b)  | 1300 |  | 8177 |
| Allscripts Healthcare Solutions, Inc. (b)  | 1375 |  | 24255 |
| ALX Oncology Holdings, Inc. (b)  | 2390 |  | 26935 |
| American Well Corp. - Class A (b)  | 6700 |  | 18961 |
| Atea Pharmaceuticals, Inc. (b)  | 3387 |  | 16292 |
| Avanos Medical, Inc. (b)  | 390 |  | 10553 |
| BioLife Solutions, Inc. (b)  | 220 |  | 4004 |
| Bioventus, Inc. - Class A (b)  | 480 |  | 1253 |
| Bluebird Bio, Inc. (b)  | 230 |  | 1591 |
| Bridgebio Pharma, Inc. (b)  | 1390 |  | 10592 |
| Brookdale Senior Living, Inc. (b)  | 8110 |  | 22140 |

---

See Notes to Financial Statements.<br> 92

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_93.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** |
| **Health Care — 6.2% (Continued)** | **Health Care — 6.2% (Continued)** | **Health Care — 6.2% (Continued)** |
| Catalyst Pharmaceuticals, Inc. (b)  | 990 | $18414 |
| Deciphera Pharmaceuticals, Inc. (b)  | 390 | 6392 |
| Editas Medicine, Inc. (b)  | 648 | 5748 |
| Emergent BioSolutions, Inc. (b)  | 2960 | 34958 |
| Enovis Corp. (b)  | 4181 | 223767 |
| Fulcrum Therapeutics, Inc. (b)  | 1070 | 7790 |
| Health Catalyst, Inc. (b)  | 1120 | 11906 |
| Innoviva, Inc. (b)  | 1940 | 25705 |
| Integer Holdings Corp. (b)  | 394 | 26973 |
| Intellia Therapeutics, Inc. (b)  | 170 | 5931 |
| Invitae Corp. (b)  | 10120 | 18823 |
| Ironwood Pharmaceuticals, Inc. - Class A (b)  | 2800 | 34692 |
| Kodiak Sciences, Inc. (b)  | 2680 | 19189 |
| Kronos Bio, Inc. (b)  | 1320 | 2138 |
| Merit Medical Systems, Inc. (b)  | 150 | 10593 |
| Mersana Therapeutics, Inc. (b)  | 240 | 1406 |
| ModivCare, Inc. (b)  | 40 | 3589 |
| National HealthCare Corp.  | 933 | 55514 |
| Neogen Corp. (b)  | 2020 | 30765 |
| NeoGenomics, Inc. (b)  | 1700 | 15708 |
| Nurix Therapeutics, Inc. (b)  | 920 | 10102 |
| OraSure Technologies, Inc. (b)  | 1180 | 5688 |
| Organogenesis Holdings, Inc. (b)  | 1200 | 3228 |
| Pacific Biosciences of California, Inc. (b)  | 1650 | 13497 |
| Pediatrix Medical Group, Inc. (b)  | 295 | 4384 |
| PetIQ, Inc. (b)  | 704 | 6491 |
| Phibro Animal Health Corp. - Class A  | 1300 | 17433 |
| Phreesia, Inc. (b)  | 1020 | 33007 |
| PMV Pharmaceuticals, Inc. (b)  | 320 | 2784 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value | Value |
| Praxis Precision Medicines, Inc. (b)  | 1990 | $| 4736 |
| Premier, Inc. - Class A  | 1000 |  | 34980 |
| Prestige Consumer Healthcare, Inc. (b)  | 560 |  | 35056 |
| Protagonist Therapeutics, Inc. (b)  | 530 |  | 5782 |
| RAPT Therapeutics, Inc. (b)  | 600 |  | 11880 |
| REGENXBIO, Inc. (b)  | 2390 |  | 54205 |
| Relay Therapeutics, Inc. (b)  | 1230 |  | 18376 |
| Relmada Therapeutics, Inc. (b)  | 790 |  | 2757 |
| Rocket Pharmaceuticals, Inc. (b)  | 200 |  | 3914 |
| Sage Therapeutics, Inc. (b)  | 250 |  | 9535 |
| Sangamo Therapeutics, Inc. (b)  | 1490 |  | 4679 |
| Seer, Inc. (b)  | 1940 |  | 11252 |
| Select Medical Holdings Corp.  | 1190 |  | 29548 |
| Stoke Therapeutics, Inc. (b)  | 340 |  | 3138 |
| Surgery Partners, Inc. (b)  | 600 |  | 16716 |
| Sutro Biopharma, Inc. (b)  | 910 |  | 7353 |
| Tactile Systems Technology, Inc. (b)  | 2690 |  | 30881 |
| Taro Pharmaceutical Industries Ltd. (b)  | 960 |  | 27878 |
| Twist Bioscience Corp. (b)  | 521 |  | 12405 |
| UFP Technologies, Inc. (b)  | 1499 |  | 176717 |
| Utah Medical Products, Inc.  | 190 |  | 19101 |
| Vanda Pharmaceuticals, Inc. (b)  | 3600 |  | 26604 |
| Veracyte, Inc. (b)  | 1380 |  | 32747 |
| Vir Biotechnology, Inc. (b)  | 1870 |  | 47330 |
| Xencor, Inc. (b)  | 200 |  | 5208 |
|  |  |  | 1511042 |
| **Industrials — 15.8%** | **Industrials — 15.8%** | **Industrials — 15.8%** | **Industrials — 15.8%** |
| ABM Industries, Inc.  | 1095 |  | 48640 |
| ACCO Brands Corp.  | 4600 |  | 25714 |
| ACV Auctions, Inc. - Class A (b)  | 1240 |  | 10180 |
| Aerojet Rocketdyne Holdings, Inc. (b)  | 478 |  | 26734 |
| AerSale Corp. (b)  | 900 |  | 14598 |

---

See Notes to Financial Statements.<br> 93

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_94.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** |
| **Industrials — 15.8% (Continued)** | **Industrials — 15.8% (Continued)** | **Industrials — 15.8% (Continued)** |
| Allegiant Travel Co. (b)  | 1707 | $116059 |
| Allied Motion Technologies, Inc.  | 3747 | 130433 |
| Allison Transmission Holdings, Inc.  | 810 | 33696 |
| Argan, Inc.  | 590 | 21759 |
| Atlas Air Worldwide Holdings, Inc. (b)  | 210 | 21168 |
| AZZ, Inc.  | 1660 | 66732 |
| Barnes Group, Inc.  | 600 | 24510 |
| Barrett Business Services, Inc.  | 270 | 25186 |
| BGSF, Inc.  | 310 | 4749 |
| Blue Bird Corp. (b)  | 1000 | 10710 |
| BlueLinx Holdings, Inc. (b)  | 370 | 26311 |
| Boise Cascade Co.  | 680 | 46696 |
| Brady Corp. - Class A  | 320 | 15072 |
| Columbus McKinnon Corp.  | 700 | 22729 |
| Concrete Pumping Holdings, Inc. (b)  | 21109 | 123488 |
| Douglas Dynamics, Inc.  | 2277 | 82336 |
| Ducommun, Inc. (b)  | 275 | 13739 |
| EMCOR Group, Inc.  | 282 | 41767 |
| Encore Wire Corp.  | 605 | 83224 |
| Energy Recovery, Inc. (b)  | 4238 | 86837 |
| Enerpac Tool Group Corp.  | 900 | 22905 |
| EnerSys  | 325 | 23998 |
| Ennis, Inc.  | 2760 | 61162 |
| Esab Corp.  | 3611 | 169428 |
| First Advantage Corp. (b)  | 7942 | 103246 |
| Flowserve Corp.  | 1230 | 37736 |
| Fluor Corp. (b)  | 1100 | 38126 |
| Forward Air Corp.  | 240 | 25174 |
| FTAI Aviation Ltd.  | 2636 | 45128 |
| Gates Industrial Corp. PLC (b)  | 9328 | 106432 |
| Global Industrial Co.  | 289 | 6800 |
| GrafTech International Ltd.  | 4600 | 21896 |
| Graham Corp.  | 2333 | 22443 |
| Granite Construction, Inc.  | 710 | 24900 |
| Great Lakes Dredge & Dock Corp. (b)  | 2410 | 14339 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Healthcare Services Group, Inc.  | 1680 | $20160 |
| Heartland Express, Inc.  | 7170 | 109988 |
| Heidrick & Struggles International, Inc.  | 1580 | 44193 |
| Heritage-Crystal Clean, Inc. (b)  | 1380 | 44822 |
| Hillenbrand, Inc.  | 640 | 27309 |
| Insteel Industries, Inc.  | 400 | 11008 |
| Interface, Inc.  | 2100 | 20727 |
| JELD-WEN Holding, Inc. (b)  | 3200 | 30880 |
| Kelly Services, Inc. - Class A  | 1300 | 21970 |
| Kforce, Inc.  | 400 | 21932 |
| Kimball International, Inc. - Class B  | 3100 | 20150 |
| Kirby Corp. (b)  | 1060 | 68211 |
| Korn Ferry  | 1000 | 50620 |
| ManpowerGroup, Inc.  | 250 | 20802 |
| MasTec, Inc. (b)  | 14 | 1195 |
| Matrix Service Co. (b)  | 880 | 5474 |
| Matson, Inc.  | 1105 | 69074 |
| Maxar Technologies, Inc.  | 500 | 25870 |
| Miller Industries, Inc.  | 600 | 15996 |
| MillerKnoll, Inc.  | 1800 | 37818 |
| Moog, Inc. - Class A  | 325 | 28522 |
| Mueller Industries, Inc.  | 2225 | 131275 |
| Mueller Water Products, Inc. - Class A  | 2300 | 24748 |
| National Presto Industries, Inc.  | 375 | 25673 |
| PAM Transportation Services, Inc. (b)  | 700 | 18130 |
| PGT Innovations, Inc. (b)  | 410 | 7364 |
| Powell Industries, Inc.  | 40 | 1407 |
| Preformed Line Products Co.  | 100 | 8329 |
| Primoris Services Corp.  | 400 | 8776 |
| Proto Labs, Inc. (b)  | 1300 | 33189 |
| Quanex Building Products Corp.  | 2580 | 61094 |
| Radiant Logistics, Inc. (b)  | 4140 | 21073 |
| Resideo Technologies, Inc. (b)  | 1361 | 22388 |
| Resources Connection, Inc.  | 1710 | 31430 |

---

See Notes to Financial Statements.<br> 94

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_95.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** |
| **Industrials — 15.8% (Continued)** | **Industrials — 15.8% (Continued)** | **Industrials — 15.8% (Continued)** |
| Rush Enterprises, Inc. - Class A  | 1815 | $94888 |
| Safe Bulkers, Inc.  | 14120 | 41089 |
| SP Plus Corp. (b)  | 320 | 11110 |
| Spirit Airlines, Inc. (b)  | 250 | 4870 |
| Sterling Infrastructure, Inc. (b)  | 270 | 8856 |
| Terex Corp.  | 110 | 4699 |
| The Brink's Co.  | 500 | 26855 |
| The Greenbrier Cos., Inc.  | 960 | 32189 |
| The Timken Co.  | 500 | 35335 |
| Thermon Group Holdings, Inc. (b)  | 1160 | 23293 |
| Trinity Industries, Inc.  | 610 | 18038 |
| Triton International Ltd.  | 684 | 47046 |
| TrueBlue, Inc. (b)  | 1800 | 35244 |
| Tutor Perini Corp. (b)  | 3600 | 27180 |
| UFP Industries, Inc.  | 770 | 61022 |
| V2X, Inc. (b)  | 920 | 37987 |
| Veritiv Corp.  | 312 | 37973 |
| Wabash National Corp.  | 1150 | 25990 |
| WESCO International, Inc. (b)  | 2607 | 326396 |
| Wheels Up Experience, Inc. (b)  | 13860 | 14276 |
|  |  | 3852713 |
| **Information Technology — 9.0%** | **Information Technology — 9.0%** | **Information Technology — 9.0%** |
| A10 Networks, Inc.  | 1500 | 24945 |
| ACI Worldwide, Inc. (b)  | 1600 | 36800 |
| ACM Research, Inc. - Class A (b)  | 4200 | 32382 |
| Amkor Technology, Inc.  | 645 | 15467 |
| Avnet, Inc.  | 830 | 34511 |
| Axcelis Technologies, Inc. (b)  | 235 | 18650 |
| Belden, Inc.  | 1000 | 71900 |
| Benchmark Electronics, Inc.  | 400 | 10676 |
| Calix, Inc. (b)  | 405 | 27714 |
| Cass Information Systems, Inc.  | 1340 | 61399 |
| Cirrus Logic, Inc. (b)  | 330 | 24578 |
| Coherent Corp. (b)  | 1000 | 35100 |
| CoreCard Corp. (b)  | 400 | 11588 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Diebold Nixdorf, Inc. (b)  | 4210 | $5978 |
| Diodes, Inc. (b)  | 260 | 19796 |
| Ebix, Inc.  | 1050 | 20958 |
| eGain Corp. (b)  | 3450 | 31153 |
| ePlus, Inc. (b)  | 405 | 17933 |
| Euronet Worldwide, Inc. (b)  | 350 | 33033 |
| Fastly, Inc.- Class A (b)  | 1520 | 12449 |
| Insight Enterprises, Inc. (b)  | 295 | 29580 |
| InterDigital, Inc.  | 700 | 34636 |
| International Money Express, Inc. (b)  | 1500 | 36555 |
| IPG Photonics Corp. (b)  | 370 | 35028 |
| Itron, Inc. (b)  | 640 | 32416 |
| Kimball Electronics, Inc. (b)  | 900 | 20331 |
| LiveRamp Holdings, Inc. (b)  | 720 | 16877 |
| MACOM Technology Solutions Holdings, Inc. (b)  | 470 | 29601 |
| Maximus, Inc.  | 300 | 21999 |
| MaxLinear, Inc. (b)  | 600 | 20370 |
| NCR Corp. (b)  | 1200 | 28092 |
| OSI Systems, Inc. (b)  | 325 | 25844 |
| Paysafe Ltd. (b)  | 1251 | 17376 |
| PC Connection, Inc.  | 705 | 33064 |
| Photronics, Inc. (b)  | 1860 | 31304 |
| Plexus Corp. (b)  | 540 | 55582 |
| Rambus, Inc. (b)  | 1455 | 52118 |
| Rimini Street, Inc. (b)  | 36927 | 140692 |
| Sabre Corp. (b)  | 3675 | 22712 |
| Sanmina Corp. (b)  | 3437 | 196906 |
| ScanSource, Inc. (b)  | 960 | 28051 |
| Semtech Corp. (b)  | 1200 | 34428 |
| StoneCo Ltd. - Class A (b)  | 6680 | 63059 |
| Sumo Logic, Inc. (b)  | 1140 | 9234 |
| Super Micro Computer, Inc. (b)  | 465 | 38177 |
| Telos Corp. (b)  | 4700 | 23923 |
| The Hackett Group, Inc.  | 1360 | 27703 |
| TTEC Holdings, Inc.  | 500 | 22065 |
| TTM Technologies, Inc. (b)  | 4710 | 71027 |
| Verra Mobility Corp. (b)  | 1500 | 20745 |
| Vishay Intertechnology, Inc.  | 3980 | 85849 |
| Vishay Precision Group, Inc. (b)  | 1806 | 69802 |

---

See Notes to Financial Statements.<br> 95

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_96.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** |
| **Information Technology — 9.0% (Continued)** | **Information Technology — 9.0% (Continued)** | **Information Technology — 9.0% (Continued)** |
| Vontier Corp.  | 1900 | $36727 |
| WNS Holdings Ltd. - ADR (b)  | 3072 | 245729 |
| Xperi, Inc. (b)  | 170 | 1464 |
|  |  | 2206076 |
| **Materials — 4.8%** | **Materials — 4.8%** | **Materials — 4.8%** |
| AdvanSix, Inc.  | 650 | 24713 |
| Arconic Corp. (b)  | 1000 | 21160 |
| Ashland, Inc.  | 1873 | 201404 |
| Cabot Corp.  | 255 | 17044 |
| Chase Corp.  | 2230 | 192360 |
| Clearwater Paper Corp. (b)  | 250 | 9452 |
| Constellium SE (b)  | 1895 | 22418 |
| Ecovyst, Inc. (b)  | 3685 | 32649 |
| Greif, Inc. - Class A  | 720 | 48283 |
| Hawkins, Inc.  | 300 | 11580 |
| Ingevity Corp. (b)  | 140 | 9862 |
| Innospec, Inc.  | 665 | 68402 |
| Kaiser Aluminum Corp.  | 300 | 22788 |
| Louisiana-Pacific Corp.  | 550 | 32560 |
| Mercer International, Inc.  | 2100 | 24444 |
| Minerals Technologies, Inc.  | 340 | 20645 |
| Myers Industries, Inc.  | 900 | 20007 |
| NewMarket Corp.  | 30 | 9333 |
| Olympic Steel, Inc.  | 300 | 10074 |
| Rayonier Advanced Materials, Inc. (b)  | 2789 | 26774 |
| Ryerson Holding Corp.  | 700 | 21182 |
| SunCoke Energy, Inc.  | 660 | 5696 |
| Taseko Mines Ltd. (b)  | 123098 | 180954 |
| Tredegar Corp.  | 1700 | 17374 |
| TriMas Corp.  | 1727 | 47907 |
| Trinseo PLC  | 1500 | 34065 |
| United States Lime & Minerals, Inc.  | 266 | 37442 |
| Worthington Industries, Inc.  | 200 | 9942 |
|  |  | 1180514 |
| **Real Estate — 5.9%** | **Real Estate — 5.9%** | **Real Estate — 5.9%** |
| Acadia Realty Trust  | 680 | 9758 |
| Agree Realty Corp.  | 430 | 30500 |
| Alexander's, Inc.  | 140 | 30808 |
| Apple Hospitality REIT, Inc.  | 2800 | 44184 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Armada Hoffler Properties, Inc.  | 680 | $7820 |
| Braemar Hotels & Resorts, Inc.  | 5100 | 20961 |
| Corporate Office Properties Trust  | 480 | 12451 |
| CubeSmart  | 2178 | 87664 |
| Cushman & Wakefield PLC (b)  | 3000 | 37380 |
| DiamondRock Hospitality Co.  | 2743 | 22465 |
| DigitalBridge Group, Inc.  | 2040 | 22318 |
| Douglas Elliman, Inc.  | 1500 | 6105 |
| Douglas Emmett, Inc.  | 2725 | 42728 |
| Empire State Realty Trust, Inc. - Class A  | 11770 | 79330 |
| Essential Properties Realty Trust, Inc.  | 2532 | 59426 |
| Four Corners Property Trust, Inc.  | 250 | 6482 |
| Getty Realty Corp.  | 1200 | 40620 |
| Healthcare Realty Trust, Inc.  | 510 | 9828 |
| iStar, Inc.  | 3721 | 28391 |
| Jones Lang LaSalle, Inc. (b)  | 183 | 29165 |
| Kennedy-Wilson Holdings, Inc.  | 3760 | 59145 |
| LXP Industrial Trust  | 1955 | 19589 |
| Marcus & Millichap, Inc.  | 1490 | 51330 |
| National Health Investors, Inc.  | 436 | 22768 |
| Outfront Media, Inc.  | 2430 | 40289 |
| Paramount Group, Inc.  | 2950 | 17523 |
| Park Hotels & Resorts, Inc.  | 3000 | 35370 |
| Pebblebrook Hotel Trust  | 2885 | 38630 |
| Piedmont Office Realty Trust, Inc. - Class A  | 2540 | 23292 |
| Rayonier, Inc.  | 3194 | 105274 |
| RE/MAX Holdings, Inc. - Class A  | 1800 | 33552 |
| Retail Opportunity Investments Corp.  | 390 | 5862 |
| RPT Realty  | 865 | 8685 |
| Ryman Hospitality Properties, Inc.  | 1578 | 129049 |
| Sabra Health Care REIT, Inc.  | 80 | 994 |

---

See Notes to Financial Statements.<br> 96

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Value Portfolio** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_97.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.0% <sup>(a)</sup> (Continued)** |
| **Real Estate — 5.9% (Continued)** | **Real Estate — 5.9% (Continued)** | **Real Estate — 5.9% (Continued)** |
| Safehold, Inc.  | 644 | $18431 |
| Seritage Growth Properties - Class A (b)  | 2850 | 33716 |
| SITE Centers Corp.  | 3160 | 43166 |
| STAG Industrial, Inc.  | 770 | 24879 |
| The Macerich Co.  | 2322 | 26146 |
| The RMR Group, Inc. - Class A  | 1935 | 54664 |
| Uniti Group, Inc.  | 1630 | 9014 |
| Urban Edge Properties  | 1390 | 19585 |
|  |  | 1449337 |
| **Utilities — 3.3%** | **Utilities — 3.3%** | **Utilities — 3.3%** |
| ALLETE, Inc.  | 530 | 34190 |
| Avista Corp.  | 830 | 36802 |
| Black Hills Corp.  | 1130 | 79484 |
| Brookfield Infrastructure Corp. - Class A  | 925 | 35982 |
| Clearway Energy, Inc. - Class A  | 980 | 29322 |
| Hawaiian Electric Industries, Inc.  | 880 | 36828 |
| New Jersey Resources Corp.  | 430 | 21337 |
| Northwest Natural Holding Co.  | 830 | 39500 |
| NorthWestern Corp.  | 600 | 35604 |
| ONE Gas, Inc.  | 450 | 34074 |
| Otter Tail Corp.  | 1610 | 94523 |
| PNM Resources, Inc.  | 765 | 37324 |
| Portland General Electric Co.  | 1280 | 62720 |
| South Jersey Industries, Inc.  | 1500 | 53295 |
| Southwest Gas Holdings, Inc.  | 530 | 32797 |
| Spire, Inc.  | 500 | 34430 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Sunnova Energy International, Inc. (b) | 2939 | $52931 |
| UGI Corp. | 1767 | 65503 |
|  |  | 816646 |
| **Total Common Stocks (Cost $22,024,761)** |  | 24206486 |
| **Total Investments at Value — 99.0% (Cost $22,024,761)** |  | 24206486 |
| **Other Assets in Excess of Liabilities — 1.0%** |  | 255342 |
| **Net Assets — 100.0%** |  | $24461828 |

---

Percentages are stated as a percent of net assets.

ADR — American Depository Recepit

REIT — Real Estate Investment Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This security or a partial position of this security is on loan at December 31, 2022. The total fair value of securities on loan at December 31, 2022 was $56,620 (Note 8).

See Notes to Financial Statements.<br> 97

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments**  | ***December 31, 2022*** | ![](fp0081225-2_98.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup>** | **COMMON STOCKS — 99.1% <sup>(a)</sup>** | **COMMON STOCKS — 99.1% <sup>(a)</sup>** |
| **Communication Services — 6.8%** | **Communication Services — 6.8%** | **Communication Services — 6.8%** |
| Activision Blizzard, Inc.  | 4011 | $307042 |
| Alphabet, Inc. - Class A (b)  | 31721 | 2798744 |
| Alphabet, Inc. - Class C (b)  | 28366 | 2516915 |
| Altice USA, Inc. - Class A (b)  | 1102 | 5069 |
| AMC Entertainment Holdings, Inc. - Class A (b)<sup>(c)</sup>  | 2885 | 11742 |
| AMC Networks, Inc. - Class A (b)  | 231 | 3620 |
| Anterix, Inc. (b)  | 141 | 4536 |
| AT&T, Inc.  | 38220 | 703630 |
| Boston Omaha Corp. - Class A (b)  | 206 | 5459 |
| Bumble, Inc. - Class A (b)  | 510 | 10736 |
| Cable One, Inc.  | 29 | 20644 |
| Cardlytics, Inc. (b)  | 230 | 1329 |
| Cargurus, Inc. (b)  | 474 | 6641 |
| Cars.com, Inc. (b)  | 445 | 6128 |
| Charter Communications, Inc. - Class A (b)  | 595 | 201764 |
| Cinemark Holdings, Inc. (b)  | 775 | 6711 |
| Cogent Communications Holdings, Inc.  | 234 | 13357 |
| Comcast Corp. - Class A  | 22642 | 791791 |
| Consolidated Communications Holdings, Inc. (b)  | 501 | 1793 |
| DISH Network Corp. - Class A (b)  | 1469 | 20625 |
| EchoStar Corp. - Class A (b)  | 102 | 1701 |
| Electronic Arts, Inc.  | 1402 | 171296 |
| Endeavor Group Holdings, Inc. - Class A (b)  | 966 | 21774 |
| Eventbrite, Inc. - Class A (b)  | 770 | 4512 |
| Fox Corp. - Class A  | 1611 | 48926 |
| Fox Corp. - Class B  | 708 | 20143 |
| Frontier Communications Parent, Inc. (b)  | 1155 | 29429 |
| Getty Images Holdings, Inc. (b)  | 762 | 4229 |
| Gogo, Inc. (b)  | 386 | 5697 |
| Gray Television, Inc.  | 252 | 2820 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| IAC, Inc. (b)  | 432 | $19181 |
| iHeartMedia, Inc. - Class A (b)  | 926 | 5676 |
| Iridium Communications, Inc. (b)  | 606 | 31148 |
| John Wiley & Sons, Inc. - Class A  | 200 | 8012 |
| Liberty Broadband Corp. - Class A (b)  | 97 | 7357 |
| Liberty Broadband Corp. - Class C (b)  | 658 | 50186 |
| Liberty Media Corp-Liberty Braves - Class C (b)  | 201 | 6478 |
| Liberty Media Corp-Liberty Formula One - Class A (b)  | 120 | 6412 |
| Liberty Media Corp-Liberty Formula One - Class C (b)  | 1063 | 63546 |
| Liberty Media Corp-Liberty SiriusXM - Class A (b)  | 638 | 25080 |
| Liberty Media Corp-Liberty SiriusXM - Class C (b)  | 1074 | 42026 |
| Lions Gate Entertainment Corp. - Class B (b)  | 356 | 1933 |
| Live Nation Entertainment, Inc. (b)  | 817 | 56977 |
| Lumen Technologies, Inc.  | 5440 | 28397 |
| Madison Square Garden Entertainment Corp. (b)  | 192 | 8634 |
| Madison Square Garden Sports Corp.  | 93 | 17050 |
| Magnite, Inc. (b)  | 700 | 7413 |
| Match Group, Inc. (b)  | 1474 | 61156 |
| Meta Platforms, Inc. - Class A (b)  | 11940 | 1436860 |
| Netflix, Inc. (b)  | 2278 | 671737 |
| News Corp. - Class A  | 1983 | 36091 |
| News Corp. - Class B  | 576 | 10621 |
| Nexstar Media Group, Inc.  | 218 | 38156 |
| Omnicom Group, Inc.  | 1107 | 90298 |
| Paramount Global - Class B (c)  | 3100 | 52328 |
| Pinterest, Inc. - Class A (b)  | 3095 | 75147 |
| PubMatic, Inc. - Class A (b)  | 268 | 3433 |
| QuinStreet, Inc. (b)  | 458 | 6572 |
| ROBLOX Corp. - Class A (b)  | 2069 | 58884 |

---

See Notes to Financial Statements.<br> 98

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_99.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Communication Services — 6.8% (Continued)** | **Communication Services — 6.8% (Continued)** | **Communication Services — 6.8% (Continued)** |
| Roku, Inc. (b)  | 648 | $26374 |
| Scholastic Corp.  | 152 | 5998 |
| Shenandoah Telecommunications Co.  | 300 | 4764 |
| Shutterstock, Inc.  | 122 | 6432 |
| Sinclair Broadcast Group, Inc. - Class A  | 166 | 2575 |
| Sirius XM Holdings, Inc. (c)  | 3551 | 20738 |
| Snap, Inc. - Class A (b)  | 5641 | 50487 |
| Stagwell, Inc. (b)  | 683 | 4242 |
| Take-Two Interactive Software, Inc. (b)  | 809 | 84241 |
| TechTarget, Inc. (b)  | 144 | 6345 |
| TEGNA, Inc.  | 1282 | 27166 |
| Telephone and Data Systems, Inc.  | 700 | 7343 |
| The EW Scripps Co. - Class A (b)  | 175 | 2308 |
| The Interpublic Group of Cos., Inc.  | 2119 | 70584 |
| The Marcus Corp.  | 100 | 1439 |
| The New York Times Co. - Class A  | 870 | 28240 |
| The Trade Desk, Inc. - Class A (b)  | 2358 | 105709 |
| The Walt Disney Co. (b)  | 9567 | 831181 |
| T-Mobile US, Inc. (b)  | 2959 | 414260 |
| TripAdvisor, Inc. (b)  | 421 | 7570 |
| Verizon Communications, Inc.  | 21975 | 865815 |
| Vimeo, Inc. (b)  | 730 | 2504 |
| Warner Bros Discovery, Inc. (b)  | 11849 | 112328 |
| Warner Music Group Corp. - Class A  | 618 | 21642 |
| WideOpenWest, Inc. (b)  | 194 | 1767 |
| World Wrestling Entertainment, Inc. - Class A  | 212 | 14526 |
| Yelp, Inc. (b)  | 351 | 9596 |
| Ziff Davis, Inc. (b)  | 258 | 20408 |
| ZipRecruiter, Inc. - Class A (b)  | 326 | 5353 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value | Value |
| ZoomInfo Technologies, Inc. (b)  | 1580 | $| 47574 |
|  |  |  | 13485101 |
| **Consumer Discretionary — 9.8%** | **Consumer Discretionary — 9.8%** | **Consumer Discretionary — 9.8%** | **Consumer Discretionary — 9.8%** |
| 1-800-Flowers.com, Inc. - Class A (b)  | 300 |  | 2868 |
| 2U, Inc. (b)  | 325 |  | 2038 |
| Abercrombie & Fitch Co. - Class A (b)  | 425 |  | 9737 |
| Academy Sports & Outdoors, Inc.  | 423 |  | 22224 |
| Accel Entertainment, Inc. (b)  | 584 |  | 4497 |
| Acushnet Holdings Corp.  | 172 |  | 7303 |
| ADT, Inc.  | 1058 |  | 9596 |
| Adtalem Global Education, Inc. (b)  | 282 |  | 10011 |
| Advance Auto Parts, Inc.  | 314 |  | 46167 |
| Airbnb, Inc. - Class A (b)  | 2034 |  | 173907 |
| Amazon.com, Inc. (b)  | 46889 |  | 3938676 |
| American Axle & Manufacturing Holdings, Inc. (b)  | 626 |  | 4895 |
| American Eagle Outfitters, Inc.  | 1131 |  | 15789 |
| American Outdoor Brands, Inc. (b)  | 118 |  | 1182 |
| Aramark  | 1407 |  | 58165 |
| Arko Corp.  | 521 |  | 4512 |
| Asbury Automotive Group, Inc. (b)  | 128 |  | 22944 |
| Autoliv, Inc.  | 473 |  | 36222 |
| AutoNation, Inc. (b)  | 195 |  | 20923 |
| AutoZone, Inc. (b)  | 104 |  | 256483 |
| Bally's Corp. (b)  | 172 |  | 3333 |
| Bath & Body Works, Inc.  | 1243 |  | 52380 |
| Beazer Homes USA, Inc. (b)  | 200 |  | 2552 |
| Bed Bath & Beyond, Inc. (b)<sup>(c)</sup>  | 275 |  | 690 |
| Best Buy Co., Inc.  | 1075 |  | 86226 |
| Big Lots, Inc.  | 200 |  | 2940 |
| BJ's Restaurants, Inc. (b)  | 188 |  | 4959 |
| Bloomin' Brands, Inc.  | 572 |  | 11509 |
| Booking Holdings, Inc. (b)  | 216 |  | 435300 |

---

See Notes to Financial Statements.<br> 99

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_100.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Consumer Discretionary — 9.8% (Continued)** | **Consumer Discretionary — 9.8% (Continued)** | **Consumer Discretionary — 9.8% (Continued)** |
| Boot Barn Holdings, Inc. (b)  | 213 | $13317 |
| BorgWarner, Inc.  | 1310 | 52727 |
| Bowlero Corp. (b)<sup>(c)</sup>  | 519 | 6996 |
| Boyd Gaming Corp.  | 387 | 21103 |
| Bright Horizons Family Solutions, Inc. (b)  | 300 | 18930 |
| Brinker International, Inc. (b)  | 175 | 5584 |
| Brunswick Corp.  | 364 | 26237 |
| Burlington Stores, Inc. (b)  | 365 | 74007 |
| Caesars Entertainment, Inc. (b)  | 956 | 39770 |
| Caleres, Inc.  | 186 | 4144 |
| Camping World Holdings, Inc. - Class A  | 203 | 4531 |
| CarMax, Inc. (b)  | 881 | 53644 |
| Carnival Corp. (b)  | 5125 | 41308 |
| Carter's, Inc.  | 172 | 12833 |
| Carvana Co. (b)<sup>(c)</sup>  | 527 | 2498 |
| Cavco Industries, Inc. (b)<sup>(c)</sup>  | 45 | 10181 |
| Century Communities, Inc.  | 100 | 5001 |
| Chegg, Inc. (b)  | 740 | 18700 |
| Chewy, Inc. - Class A (b)<sup>(c)</sup>  | 496 | 18392 |
| Chico's FAS, Inc. (b)  | 1001 | 4925 |
| Chipotle Mexican Grill, Inc. (b)  | 148 | 205349 |
| Choice Hotels International, Inc.  | 200 | 22528 |
| Churchill Downs, Inc.  | 166 | 35097 |
| Columbia Sportswear Co.  | 141 | 12349 |
| Coursera, Inc. (b)  | 645 | 7630 |
| Cracker Barrel Old Country Store, Inc.  | 145 | 13737 |
| Crocs, Inc. (b)  | 317 | 34372 |
| Dana, Inc.  | 900 | 13617 |
| Darden Restaurants, Inc.  | 669 | 92543 |
| Dave & Buster's Entertainment, Inc. (b)  | 300 | 10632 |
| Deckers Outdoor Corp. (b)  | 145 | 57878 |
| Denny's Corp. (b)  | 494 | 4550 |
| Designer Brands, Inc. - Class A  | 303 | 2963 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Dick's Sporting Goods, Inc.  | 143 | $17201 |
| Dillard's, Inc. - Class A  | 49 | 15837 |
| Dine Brands Global, Inc.  | 78 | 5039 |
| Dollar General Corp.  | 1210 | 297963 |
| Dollar Tree, Inc. (b)  | 1193 | 168738 |
| Domino's Pizza, Inc.  | 185 | 64084 |
| DoorDash, Inc. - Class A (b)  | 1363 | 66542 |
| Dorman Products, Inc. (b)  | 106 | 8572 |
| DR Horton, Inc.  | 1765 | 157332 |
| DraftKings, Inc. - Class A (b)<sup>(c)</sup>  | 2271 | 25867 |
| Duolingo, Inc. (b)  | 138 | 9816 |
| Dutch Bros, Inc. - Class A (b)<sup>(c)</sup>  | 123 | 3467 |
| eBay, Inc.  | 2903 | 120387 |
| Ethan Allen Interiors, Inc.  | 223 | 5892 |
| Etsy, Inc. (b)  | 684 | 81930 |
| Everi Holdings, Inc. (b)  | 548 | 7864 |
| EVgo, Inc. (b)<sup>(c)</sup>  | 595 | 2660 |
| Expedia Group, Inc. (b)  | 832 | 72883 |
| Fisker, Inc. (b)<sup>(c)</sup>  | 874 | 6354 |
| Five Below, Inc. (b)  | 307 | 54299 |
| Floor & Decor Holdings, Inc. - Class A (b)<sup>(c)</sup>  | 563 | 39202 |
| Foot Locker, Inc.  | 475 | 17950 |
| Ford Motor Co.  | 20584 | 239392 |
| Fox Factory Holding Corp. (b)<sup>(c)</sup>  | 225 | 20527 |
| Franchise Group, Inc.  | 108 | 2573 |
| Frontdoor, Inc. (b)  | 487 | 10130 |
| Funko, Inc. - Class A (b)  | 237 | 2586 |
| GameStop Corp. - Class A (b)<sup>(c)</sup>  | 1424 | 26287 |
| General Motors Co.  | 7868 | 264680 |
| Genesco, Inc. (b)  | 118 | 5430 |
| Gentex Corp.  | 1246 | 33978 |
| Gentherm, Inc. (b)  | 219 | 14299 |
| Genuine Parts Co.  | 743 | 128918 |
| G-III Apparel Group Ltd. (b)  | 307 | 4209 |
| Golden Entertainment, Inc. (b)  | 100 | 3740 |
| GoPro, Inc. - Class A (b)  | 964 | 4801 |

---

See Notes to Financial Statements.<br> 100

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_101.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Consumer Discretionary — 9.8% (Continued)** | **Consumer Discretionary — 9.8% (Continued)** | **Consumer Discretionary — 9.8% (Continued)** |
| Graham Holdings Co. - Class B  | 20 | $12084 |
| Grand Canyon Education, Inc. (b)  | 139 | 14687 |
| Green Brick Partners, Inc. (b)  | 259 | 6276 |
| Group 1 Automotive, Inc.  | 93 | 16774 |
| Guess?, Inc. (c)  | 317 | 6559 |
| H&R Block, Inc.  | 908 | 33151 |
| Hanesbrands, Inc.  | 2414 | 15353 |
| Harley-Davidson, Inc.  | 776 | 32282 |
| Hasbro, Inc.  | 672 | 40999 |
| Helen of Troy Ltd. (b)  | 127 | 14086 |
| Hibbett, Inc.  | 91 | 6208 |
| Hilton Grand Vacations, Inc. (b)  | 448 | 17266 |
| Hilton Worldwide Holdings, Inc.  | 1423 | 179810 |
| Hyatt Hotels Corp. - Class A (b)  | 263 | 23788 |
| Installed Building Products, Inc.  | 125 | 10700 |
| iRobot Corp. (b)  | 167 | 8038 |
| Jack in the Box, Inc.  | 141 | 9620 |
| KB Home  | 375 | 11944 |
| Kohl's Corp.  | 555 | 14014 |
| Kontoor Brands, Inc.  | 339 | 13557 |
| Krispy Kreme, Inc.  | 424 | 4376 |
| Las Vegas Sands Corp. (b)  | 1993 | 95804 |
| Laureate Education, Inc.  | 445 | 4281 |
| La-Z-Boy, Inc.  | 228 | 5203 |
| LCI Industries  | 154 | 14237 |
| Lear Corp.  | 311 | 38570 |
| Leggett & Platt, Inc.  | 706 | 22754 |
| Lennar Corp. - Class A  | 1367 | 123714 |
| Lennar Corp. - Class B  | 78 | 5833 |
| Leslie's, Inc. (b)  | 854 | 10427 |
| Levi Strauss & Co. - Class A  | 499 | 7745 |
| LGI Homes, Inc. (b)  | 109 | 10093 |
| Light & Wonder, Inc. (b)  | 513 | 30062 |
| Lithia Motors, Inc.  | 140 | 28664 |
| LKQ Corp.  | 1457 | 77818 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| LL Flooring Holdings, Inc. (b)  | 241 | $1354 |
| Lowe's Cos., Inc.  | 3329 | 663270 |
| Lucid Group, Inc. (b)<sup>(c)</sup>  | 2871 | 19609 |
| Luminar Technologies, Inc. (b)<sup>(c)</sup>  | 1133 | 5608 |
| M/I Homes, Inc. (b)  | 144 | 6650 |
| Macy's, Inc.  | 1588 | 32792 |
| Malibu Boats, Inc. - Class A (b)  | 86 | 4584 |
| MarineMax, Inc. (b)  | 165 | 5151 |
| Marriott International, Inc. - Class A  | 1497 | 222888 |
| Marriott Vacations Worldwide Corp.  | 206 | 27726 |
| Mattel, Inc. (b)  | 1876 | 33468 |
| McDonald's Corp.  | 3869 | 1019598 |
| MDC Holdings, Inc.  | 245 | 7742 |
| Meritage Homes Corp. (b)  | 200 | 18440 |
| MGM Resorts International  | 774 | 25952 |
| Mister Car Wash, Inc. (b)  | 341 | 3147 |
| Modine Manufacturing Co. (b)  | 354 | 7030 |
| Mohawk Industries, Inc. (b)  | 322 | 32915 |
| Monarch Casino & Resort, Inc. (b)  | 82 | 6305 |
| Monro, Inc. (c)  | 167 | 7548 |
| Movado Group, Inc.  | 157 | 5063 |
| Murphy USA, Inc.  | 108 | 30190 |
| National Vision Holdings, Inc. (b)  | 396 | 15349 |
| Newell Brands, Inc.  | 2053 | 26853 |
| NIKE, Inc. - Class B  | 6710 | 785137 |
| Nordstrom, Inc.  | 670 | 10814 |
| Norwegian Cruise Line Holdings Ltd. (b)  | 2074 | 25386 |
| NVR, Inc. (b)  | 17 | 78414 |
| Ollie's Bargain Outlet Holdings, Inc. (b)  | 289 | 13537 |
| O'Reilly Automotive, Inc. (b)  | 336 | 283594 |
| Overstock.com, Inc. (b)  | 240 | 4646 |
| Oxford Industries, Inc.  | 105 | 9784 |

---

See Notes to Financial Statements.<br> 101

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_102.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Consumer Discretionary — 9.8% (Continued)** | **Consumer Discretionary — 9.8% (Continued)** | **Consumer Discretionary — 9.8% (Continued)** |
| Papa John's International, Inc.  | 173 | $14240 |
| Patrick Industries, Inc.  | 123 | 7454 |
| Peloton Interactive, Inc. - Class A (b)  | 1538 | 12212 |
| Penn Entertainment, Inc. (b)  | 842 | 25007 |
| Penske Automotive Group, Inc.  | 135 | 15516 |
| Perdoceo Education Corp. (b)  | 500 | 6950 |
| Petco Health & Wellness Co., Inc. (b)  | 671 | 6361 |
| Planet Fitness, Inc. - Class A (b)  | 440 | 34672 |
| Polaris, Inc.  | 291 | 29391 |
| Pool Corp.  | 206 | 62280 |
| Portillo's, Inc. - Class A (b)  | 238 | 3884 |
| Poshmark, Inc. - Class A (b)  | 283 | 5060 |
| PulteGroup, Inc.  | 1171 | 53316 |
| PVH Corp.  | 315 | 22236 |
| QuantumScape Corp. (b)<sup>(c)</sup>  | 1153 | 6538 |
| Ralph Lauren Corp.  | 225 | 23776 |
| RCI Hospitality Holdings, Inc.  | 72 | 6710 |
| Red Rock Resorts, Inc. - Class A  | 263 | 10523 |
| Rent-A-Center, Inc.  | 194 | 4375 |
| Revolve Group, Inc. (b)  | 216 | 4808 |
| RH (b)  | 111 | 29658 |
| Rivian Automotive, Inc. - Class A (b)  | 2728 | 50277 |
| Ross Stores, Inc.  | 1806 | 209622 |
| Royal Caribbean Cruises Ltd. (b)  | 1169 | 57784 |
| Ruth's Hospitality Group, Inc.  | 281 | 4350 |
| Sally Beauty Holdings, Inc. (b)  | 700 | 8764 |
| SeaWorld Entertainment, Inc. (b)  | 355 | 18996 |
| Service Corp. International  | 820 | 56695 |
| Shake Shack, Inc. - Class A (b)  | 200 | 8306 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Shoe Carnival, Inc.  | 120 | $2869 |
| Signet Jewelers Ltd.  | 218 | 14824 |
| Six Flags Entertainment Corp. (b)  | 327 | 7603 |
| Skechers USA, Inc. - Class A (b)  | 709 | 29743 |
| Skyline Champion Corp. (b)  | 304 | 15659 |
| Sleep Number Corp. (b)  | 90 | 2338 |
| Sonic Automotive, Inc. - Class A  | 114 | 5617 |
| Sonos, Inc. (b)  | 508 | 8585 |
| Standard Motor Products, Inc.  | 147 | 5116 |
| Starbucks Corp.  | 5969 | 592125 |
| Steven Madden Ltd.  | 450 | 14382 |
| Strategic Education, Inc.  | 167 | 13079 |
| Stride, Inc. (b)  | 186 | 5818 |
| Sturm Ruger & Co., Inc.  | 93 | 4708 |
| Sweetgreen, Inc. - Class A (b)  | 430 | 3685 |
| Tapestry, Inc.  | 1214 | 46229 |
| Target Corp.  | 2469 | 367980 |
| Taylor Morrison Home Corp. (b)  | 658 | 19970 |
| Tempur Sealy International, Inc.  | 859 | 29489 |
| Tesla, Inc. (b)  | 13729 | 1691138 |
| Texas Roadhouse, Inc.  | 332 | 30195 |
| The Aaron's Co., Inc.  | 200 | 2390 |
| The Buckle, Inc.  | 161 | 7301 |
| The Cheesecake Factory, Inc. (c)  | 300 | 9513 |
| The Gap, Inc.  | 840 | 9475 |
| The Goodyear Tire & Rubber Co. (b)  | 1690 | 17154 |
| The Home Depot, Inc.  | 5313 | 1678164 |
| The ODP Corp. (b)  | 293 | 13343 |
| The TJX Cos., Inc.  | 6227 | 495669 |
| The Wendy's Co.  | 1105 | 25006 |
| Thor Industries, Inc.  | 294 | 22194 |
| Toll Brothers, Inc.  | 609 | 30401 |
| TopBuild Corp. (b)  | 181 | 28325 |
| Topgolf Callaway Brands Corp. (b)  | 650 | 12837 |

---

See Notes to Financial Statements.<br> 102

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_103.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Consumer Discretionary — 9.8% (Continued)** | **Consumer Discretionary — 9.8% (Continued)** | **Consumer Discretionary — 9.8% (Continued)** |
| Tractor Supply Co.  | 596 | $134082 |
| Travel + Leisure Co.  | 382 | 13905 |
| Tri Pointe Homes, Inc. (b)  | 522 | 9704 |
| Udemy, Inc. (b)  | 372 | 3925 |
| Ulta Beauty, Inc. (b)  | 275 | 128994 |
| Under Armour, Inc. - Class A (b)  | 1256 | 12761 |
| Under Armour, Inc. - Class C (b)  | 1558 | 13897 |
| Urban Outfitters, Inc. (b)  | 277 | 6607 |
| Vail Resorts, Inc.  | 222 | 52914 |
| VF Corp.  | 1979 | 54640 |
| Victoria's Secret & Co. (b)  | 494 | 17675 |
| Vista Outdoor, Inc. (b)  | 206 | 5020 |
| Visteon Corp. (b)  | 149 | 19494 |
| Warby Parker, Inc. - Class A (b)  | 541 | 7298 |
| Wayfair, Inc. - Class A (b)  | 410 | 13485 |
| Whirlpool Corp.  | 272 | 38477 |
| Williams-Sonoma, Inc.  | 354 | 40682 |
| Wingstop, Inc.  | 176 | 24221 |
| Winmark Corp.  | 22 | 5188 |
| Winnebago Industries, Inc.  | 175 | 9223 |
| Wolverine World Wide, Inc.  | 533 | 5826 |
| WW International, Inc. (b)  | 440 | 1698 |
| Wyndham Hotels & Resorts, Inc.  | 437 | 31162 |
| Wynn Resorts Ltd. (b)  | 561 | 46266 |
| Xometry, Inc. - Class A (b)  | 141 | 4544 |
| YETI Holdings, Inc. (b)  | 494 | 20407 |
| Yum! Brands, Inc.  | 1526 | 195450 |
|  |  | 19595081 |
| **Consumer Staples — 6.7%** | **Consumer Staples — 6.7%** | **Consumer Staples — 6.7%** |
| Albertsons Cos., Inc. - Class A  | 827 | 17152 |
| Altria Group, Inc.  | 9659 | 441513 |
| Archer-Daniels-Midland Co.  | 2976 | 276322 |
| B&G Foods, Inc. (c)  | 250 | 2787 |
| BellRing Brands, Inc. (b)  | 701 | 17974 |
| Beyond Meat, Inc. (b)<sup>(c)</sup>  | 390 | 4801 |
| BJ's Wholesale Club Holdings, Inc. (b)  | 717 | 47437 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Brown-Forman Corp. - Class B  | 1629 | $106993 |
| Bunge Ltd.  | 807 | 80514 |
| Calavo Growers, Inc.  | 158 | 4645 |
| Cal-Maine Foods, Inc.  | 201 | 10944 |
| Campbell Soup Co.  | 1064 | 60382 |
| Casey's General Stores, Inc.  | 202 | 45319 |
| Celsius Holdings, Inc. (b)  | 211 | 21952 |
| Central Garden & Pet Co. - Class A (b)  | 165 | 5907 |
| Church & Dwight Co., Inc.  | 1333 | 107453 |
| Coca-Cola Consolidated, Inc.  | 27 | 13834 |
| Colgate-Palmolive Co.  | 4518 | 355973 |
| Conagra Brands, Inc.  | 2552 | 98762 |
| Constellation Brands, Inc. - Class A  | 820 | 190035 |
| Costco Wholesale Corp.  | 2323 | 1060449 |
| Coty, Inc. - Class A (b)  | 2048 | 17531 |
| Darling Ingredients, Inc. (b)  | 852 | 53327 |
| Edgewell Personal Care Co.  | 275 | 10598 |
| elf Beauty, Inc. (b)  | 300 | 16590 |
| Energizer Holdings, Inc.  | 355 | 11910 |
| Flowers Foods, Inc.  | 1066 | 30637 |
| Fresh Del Monte Produce, Inc.  | 100 | 2619 |
| Freshpet, Inc. (b)  | 270 | 14248 |
| General Mills, Inc.  | 3203 | 268572 |
| Grocery Outlet Holding Corp. (b)  | 407 | 11880 |
| Herbalife Nutrition Ltd. (b)  | 678 | 10089 |
| Hormel Foods Corp.  | 1553 | 70739 |
| Hostess Brands, Inc. (b)  | 627 | 14070 |
| Ingles Markets, Inc. - Class A  | 56 | 5402 |
| Ingredion, Inc.  | 367 | 35940 |
| Inter Parfums, Inc.  | 70 | 6756 |
| J & J Snack Foods Corp.  | 84 | 12576 |
| John B Sanfilippo & Son, Inc.  | 65 | 5286 |
| Kellogg Co.  | 1806 | 128659 |
| Keurig Dr Pepper, Inc.  | 4557 | 162503 |
| Kimberly-Clark Corp.  | 1811 | 245843 |
| Lamb Weston Holdings, Inc.  | 739 | 66037 |

---

See Notes to Financial Statements.<br> 103

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_104.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Consumer Staples — 6.7% (Continued)** | **Consumer Staples — 6.7% (Continued)** | **Consumer Staples — 6.7% (Continued)** |
| Lancaster Colony Corp.  | 112 | $22098 |
| McCormick & Co., Inc.  | 1343 | 111321 |
| Medifast, Inc.  | 73 | 8421 |
| MGP Ingredients, Inc.  | 71 | 7553 |
| Mission Produce, Inc. (b)  | 336 | 3904 |
| Molson Coors Beverage Co. - Class B  | 1032 | 53169 |
| Mondelez International, Inc. - Class A  | 7351 | 489944 |
| Monster Beverage Corp. (b)  | 2039 | 207020 |
| National Beverage Corp. (b)  | 92 | 4281 |
| Nu Skin Enterprises, Inc. - Class A  | 325 | 13702 |
| Olaplex Holdings, Inc. (b)  | 673 | 3506 |
| PepsiCo, Inc.  | 7289 | 1316831 |
| Performance Food Group Co. (b)  | 821 | 47938 |
| Philip Morris International, Inc.  | 8113 | 821117 |
| Pilgrim's Pride Corp. (b)  | 231 | 5482 |
| Post Holdings, Inc. (b)  | 273 | 24641 |
| PriceSmart, Inc.  | 115 | 6990 |
| Reynolds Consumer Products, Inc.  | 328 | 9833 |
| Seaboard Corp.  | 2 | 7550 |
| Sovos Brands, Inc. (b)  | 349 | 5015 |
| SpartanNash Co.  | 169 | 5111 |
| Spectrum Brands Holdings, Inc. (c)  | 156 | 9504 |
| Sprouts Farmers Market, Inc. (b)  | 544 | 17609 |
| Sysco Corp.  | 2729 | 208632 |
| The Andersons, Inc.  | 227 | 7943 |
| The Beauty Health Co. (b)  | 542 | 4932 |
| The Boston Beer Co., Inc. - Class A (b)  | 50 | 16476 |
| The Chefs' Warehouse, Inc. (b)  | 258 | 8586 |
| The Clorox Co.  | 644 | 90372 |
| The Coca-Cola Co.  | 21671 | 1378492 |
| The Duckhorn Portfolio, Inc. (b)  | 229 | 3795 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value | Value |
| The Estee Lauder Cos., Inc. - Class A  | 1241 | $| 307904 |
| The Hain Celestial Group, Inc. (b)  | 600 |  | 9708 |
| The Hershey Co.  | 790 |  | 182940 |
| The J M Smucker Co.  | 554 |  | 87787 |
| The Kraft Heinz Co.  | 5915 |  | 240800 |
| The Kroger Co.  | 3799 |  | 169359 |
| The Procter & Gamble Co.  | 12642 |  | 1916022 |
| The Simply Good Foods Co. (b)  | 411 |  | 15630 |
| Tootsie Roll Industries, Inc.  | 27 |  | 1149 |
| TreeHouse Foods, Inc. (b)  | 298 |  | 14715 |
| Tyson Foods, Inc. - Class A  | 1507 |  | 93811 |
| United Natural Foods, Inc. (b)  | 297 |  | 11497 |
| Universal Corp.  | 181 |  | 9559 |
| US Foods Holding Corp. (b)  | 1093 |  | 37184 |
| USANA Health Sciences, Inc. (b)  | 87 |  | 4628 |
| Vector Group Ltd.  | 938 |  | 11125 |
| Veru, Inc. (b)  | 473 |  | 2497 |
| Walgreens Boots Alliance, Inc.  | 3847 |  | 143724 |
| Walmart, Inc.  | 7433 |  | 1053925 |
| WD-40 Co.  | 72 |  | 11607 |
| Weis Markets, Inc.  | 68 |  | 5596 |
|  |  |  | 13425895 |
| **Energy — 5.7%** | **Energy — 5.7%** | **Energy — 5.7%** | **Energy — 5.7%** |
| Antero Midstream Corp.  | 1934 |  | 20868 |
| Antero Resources Corp. (b)  | 1464 |  | 45369 |
| APA Corp.  | 1822 |  | 85051 |
| Arch Resources, Inc. (c)  | 95 |  | 13565 |
| Archrock, Inc.  | 495 |  | 4445 |
| Baker Hughes Co.  | 5372 |  | 158635 |
| Bristow Group, Inc. (b)  | 100 |  | 2713 |
| Cactus, Inc. - Class A  | 322 |  | 16184 |
| California Resources Corp.  | 446 |  | 19405 |
| Callon Petroleum Co. (b)  | 265 |  | 9829 |
| Centrus Energy Corp. - Class A (b)  | 116 |  | 3768 |
| ChampionX Corp.  | 1078 |  | 31251 |
| Cheniere Energy, Inc.  | 1355 |  | 203196 |
| Chesapeake Energy Corp.  | 531 |  | 50110 |

---

See Notes to Financial Statements.<br> 104

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_105.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Energy — 5.7% (Continued)** | **Energy — 5.7% (Continued)** | **Energy — 5.7% (Continued)** |
| Chevron Corp.  | 10356 | $1858798 |
| Chord Energy Corp.  | 209 | 28593 |
| Civitas Resources, Inc.  | 388 | 22477 |
| Clean Energy Fuels Corp. (b)  | 1650 | 8580 |
| CNX Resources Corp. (b)  | 1133 | 19080 |
| Comstock Resources, Inc.  | 425 | 5827 |
| ConocoPhillips  | 6828 | 805704 |
| CONSOL Energy, Inc.  | 206 | 13390 |
| Coterra Energy, Inc.  | 4182 | 102752 |
| Crescent Energy Co. - Class A  | 315 | 3777 |
| CVR Energy, Inc.  | 539 | 16892 |
| Delek US Holdings, Inc.  | 301 | 8127 |
| Denbury, Inc. (b)  | 290 | 25236 |
| Devon Energy Corp.  | 3477 | 213870 |
| Diamondback Energy, Inc.  | 950 | 129941 |
| Dorian LPG Ltd.  | 348 | 6595 |
| Dril-Quip, Inc. (b)  | 145 | 3940 |
| DT Midstream, Inc.  | 511 | 28238 |
| EOG Resources, Inc.  | 3143 | 407081 |
| EQT Corp.  | 1900 | 64277 |
| Equitrans Midstream Corp.  | 2321 | 15551 |
| Excelerate Energy, Inc. - Class A  | 203 | 5085 |
| Exxon Mobil Corp.  | 22048 | 2431894 |
| Geospace Technologies Corp. (b)  | 2038 | 8600 |
| Green Plains, Inc. (b)  | 300 | 9150 |
| Gulfport Energy Corp. (b)  | 154 | 11341 |
| Halliburton Co.  | 4883 | 192146 |
| Helix Energy Solutions Group, Inc. (b)  | 1133 | 8362 |
| Helmerich & Payne, Inc.  | 550 | 27264 |
| Hess Corp.  | 1495 | 212021 |
| HF Sinclair Corp.  | 1003 | 52046 |
| International Seaways, Inc.  | 208 | 7700 |
| Kimbell Royalty Partners LP  | 272 | 4542 |
| Kinder Morgan, Inc.  | 10301 | 186242 |
| KLX Energy Services Holdings, Inc. (b)<sup>(c)</sup>  | 23392 | 404916 |
| Kosmos Energy Ltd. (b)  | 2396 | 15239 |
| Laredo Petroleum, Inc. (b)  | 85 | 4371 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Liberty Energy, Inc.  | 843 | $13496 |
| Magnolia Oil & Gas Corp. - Class A  | 901 | 21128 |
| Mammoth Energy Services, Inc. (b)  | 13261 | 114708 |
| Marathon Oil Corp.  | 3768 | 102000 |
| Marathon Petroleum Corp.  | 2555 | 297376 |
| Matador Resources Co.  | 583 | 33371 |
| Murphy Oil Corp.  | 792 | 34064 |
| Nabors Industries Ltd. (b)  | 48 | 7434 |
| National Energy Services Reunited Corp. (b)  | 761 | 5281 |
| Natural Gas Services Group, Inc. (b)  | 3817 | 43743 |
| New Fortress Energy, Inc.  | 584 | 24773 |
| NextDecade Corp. (b)  | 760 | 3754 |
| NexTier Oilfield Solutions, Inc. (b)  | 744 | 6875 |
| Northern Oil and Gas, Inc.  | 360 | 11095 |
| NOV, Inc.  | 2086 | 43577 |
| Occidental Petroleum Corp.  | 4979 | 313627 |
| Oceaneering International, Inc. (b)  | 527 | 9217 |
| ONEOK, Inc.  | 2346 | 154132 |
| Ovintiv, Inc.  | 1345 | 68205 |
| Patterson-UTI Energy, Inc.  | 1198 | 20174 |
| PBF Energy, Inc. - Class A  | 582 | 23734 |
| PDC Energy, Inc.  | 483 | 30661 |
| Peabody Energy Corp. (b)  | 800 | 21136 |
| Permian Resources Corp.  | 1104 | 10378 |
| Phillips 66  | 2580 | 268526 |
| Pioneer Natural Resources Co.  | 1285 | 293481 |
| ProPetro Holding Corp. (b)  | 504 | 5226 |
| Range Resources Corp.  | 1350 | 33777 |
| RPC, Inc.  | 625 | 5556 |
| Schlumberger Ltd.  | 7586 | 405548 |
| Select Energy Services, Inc. - Class A  | 615 | 5683 |
| SFL Corp. Ltd.  | 575 | 5302 |
| Sitio Royalties Corp. - Class A (c)  | 320 | 9218 |
| SM Energy Co.  | 645 | 22465 |

---

See Notes to Financial Statements.<br> 105

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_106.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Energy — 5.7% (Continued)** | **Energy — 5.7% (Continued)** | **Energy — 5.7% (Continued)** |
| Southwestern Energy Co. (b)  | 5040 | $29484 |
| Talos Energy, Inc. (b)  | 301 | 5683 |
| Targa Resources Corp.  | 1270 | 93345 |
| TETRA Technologies, Inc. (b)  | 1196 | 4138 |
| Texas Pacific Land Corp.  | 41 | 96113 |
| The Williams Cos., Inc.  | 6704 | 220562 |
| Tidewater, Inc. (b)  | 230 | 8475 |
| Uranium Energy Corp. (b)<sup>(c)</sup>  | 1760 | 6829 |
| Valero Energy Corp.  | 2084 | 264376 |
| Voc Energy Trust  | 11347 | 117668 |
| W&T Offshore, Inc. (b)  | 679 | 3789 |
| World Fuel Services Corp.  | 460 | 12572 |
|  |  | 11365789 |
| **Financials — 12.2%** | **Financials — 12.2%** | **Financials — 12.2%** |
| 1st Source Corp.  | 103 | 5468 |
| Affiliated Managers Group, Inc.  | 203 | 32161 |
| Aflac, Inc.  | 3084 | 221863 |
| AGNC Investment Corp.  | 3245 | 33586 |
| Ally Financial, Inc.  | 1644 | 40196 |
| Amerant Bancorp, Inc.  | 194 | 5207 |
| American Equity Investment Life Holding Co.  | 461 | 21031 |
| American Express Co.  | 4021 | 594103 |
| American Financial Group, Inc.  | 410 | 56285 |
| American International Group, Inc.  | 4108 | 259790 |
| Ameriprise Financial, Inc.  | 590 | 183708 |
| Ameris Bancorp  | 300 | 14142 |
| AMERISAFE, Inc.  | 107 | 5561 |
| Annaly Capital Management, Inc.  | 2311 | 48716 |
| Apollo Commercial Real Estate Finance, Inc.  | 560 | 6026 |
| Apollo Global Management, Inc.  | 2635 | 168087 |
| Arbor Realty Trust, Inc.  | 697 | 9193 |
| Arch Capital Group Ltd. (b)  | 1973 | 123865 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Ares Capital Corp. (c)  | 4795 | $88564 |
| Ares Commercial Real Estate Corp.  | 458 | 4713 |
| Argo Group International Holdings Ltd.  | 71 | 1835 |
| ARMOUR Residential REIT, Inc.  | 1046 | 5889 |
| Arthur J Gallagher & Co.  | 1117 | 210599 |
| Artisan Partners Asset Management, Inc. - Class A  | 300 | 8910 |
| Associated Banc-Corp  | 670 | 15470 |
| Assurant, Inc. (c)  | 245 | 30640 |
| Assured Guaranty Ltd.  | 338 | 21044 |
| Atlantic Union Bankshares Corp.  | 447 | 15708 |
| Axis Capital Holdings Ltd.  | 380 | 20585 |
| Axos Financial, Inc. (b)  | 372 | 14218 |
| Bain Capital Specialty Finance, Inc.  | 402 | 4784 |
| Banc of California, Inc.  | 574 | 9144 |
| BancFirst Corp.  | 115 | 10141 |
| Bank of America Corp.  | 42515 | 1408097 |
| Bank of Hawaii Corp.  | 217 | 16831 |
| Bank OZK  | 648 | 25959 |
| BankUnited, Inc.  | 414 | 14064 |
| Banner Corp.  | 180 | 11376 |
| Barings BDC, Inc.  | 350 | 2852 |
| Berkshire Hathaway, Inc. - Class A (b)  | 2 | 937422 |
| Berkshire Hathaway, Inc. - Class B (b)  | 6913 | 2135426 |
| Berkshire Hills Bancorp, Inc.  | 300 | 8970 |
| BGC Partners, Inc. - Class A  | 1563 | 5892 |
| BlackRock, Inc.  | 812 | 575408 |
| BlackRock TCP Capital Corp.  | 434 | 5616 |
| Blackstone Mortgage Trust, Inc. - Class A  | 1150 | 24345 |
| Blucora, Inc. (b)  | 246 | 6280 |
| Blue Owl Capital, Inc.  | 2143 | 22716 |
| BOK Financial Corp.  | 170 | 17644 |

---

See Notes to Financial Statements.<br> 106

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_107.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Financials — 12.2% (Continued)** | **Financials — 12.2% (Continued)** | **Financials — 12.2% (Continued)** |
| Bread Financial Holdings, Inc.  | 330 | $12428 |
| Brighthouse Financial, Inc. (b)  | 378 | 19380 |
| BrightSpire Capital, Inc.  | 739 | 4604 |
| Broadmark Realty Capital, Inc.  | 3010 | 10716 |
| Brookline Bancorp, Inc.  | 500 | 7075 |
| Brown & Brown, Inc.  | 1257 | 71611 |
| BRP Group, Inc. - Class A (b)  | 317 | 7969 |
| Business First Bancshares, Inc.  | 222 | 4915 |
| Cadence Bank  | 1077 | 26559 |
| Cambridge Bancorp  | 61 | 5067 |
| Camden National Corp.  | 115 | 4794 |
| Cannae Holdings, Inc. (b)  | 400 | 8260 |
| Capital One Financial Corp.  | 2038 | 189452 |
| Capitol Federal Financial, Inc.  | 420 | 3633 |
| Carlyle Secured Lending, Inc.  | 4733 | 67729 |
| Cathay General Bancorp  | 343 | 13991 |
| Cboe Global Markets, Inc.  | 586 | 73525 |
| Central Pacific Financial Corp.  | 231 | 4685 |
| Chimera Investment Corp. (c)  | 1455 | 8002 |
| Cincinnati Financial Corp.  | 834 | 85393 |
| CION Investment Corp.  | 564 | 5499 |
| Citigroup, Inc.  | 10133 | 458316 |
| Citizens Financial Group, Inc.  | 2651 | 104370 |
| City Holding Co.  | 74 | 6889 |
| Claros Mortgage Trust, Inc.  | 597 | 8782 |
| CME Group, Inc.  | 1928 | 324212 |
| CNA Financial Corp.  | 138 | 5835 |
| CNO Financial Group, Inc.  | 601 | 13733 |
| Cohen & Steers, Inc.  | 214 | 13816 |
| Coinbase Global, Inc. - Class A (b)<sup>(c)</sup>  | 816 | 28878 |
| Columbia Banking System, Inc.  | 440 | 13257 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Columbia Financial, Inc. (b)  | 232 | $5016 |
| Comerica, Inc.  | 673 | 44990 |
| Commerce Bancshares, Inc.  | 655 | 44599 |
| Community Bank System, Inc.  | 299 | 18822 |
| Community Trust Bancorp, Inc.  | 110 | 5052 |
| ConnectOne Bancorp, Inc.  | 180 | 4358 |
| Cowen, Inc. - Class A  | 136 | 5252 |
| Credit Acceptance Corp. (b)  | 72 | 34157 |
| CrossFirst Bankshares, Inc. (b)  | 390 | 4840 |
| Cullen/Frost Bankers, Inc.  | 304 | 40645 |
| Customers Bancorp, Inc. (b)  | 203 | 5753 |
| CVB Financial Corp.  | 789 | 20317 |
| Diamond Hill Investment Group, Inc.  | 31 | 5736 |
| Dime Community Bancshares, Inc.  | 140 | 4456 |
| Discover Financial Services  | 1476 | 144397 |
| Donnelley Financial Solutions, Inc. (b)  | 159 | 6145 |
| Dynex Capital, Inc.  | 405 | 5152 |
| Eagle Bancorp, Inc.  | 194 | 8550 |
| East West Bancorp, Inc.  | 748 | 49293 |
| Eastern Bankshares, Inc.  | 969 | 16715 |
| eHealth, Inc. (b)  | 175 | 847 |
| Employers Holdings, Inc.  | 75 | 3235 |
| Enact Holdings, Inc.  | 212 | 5113 |
| Encore Capital Group, Inc. (b)  | 184 | 8821 |
| Enova International, Inc. (b)  | 136 | 5218 |
| Enstar Group Ltd. (b)  | 73 | 16866 |
| Enterprise Financial Services Corp.  | 202 | 9890 |
| Equitable Holdings, Inc.  | 1953 | 56051 |
| Erie Indemnity Co. - Class A  | 136 | 33826 |
| Evercore, Inc. - Class A  | 240 | 26179 |
| Everest Re Group Ltd.  | 132 | 43728 |
| F&G Annuities & Life, Inc. (b)  | 94 | 1881 |
| FactSet Research Systems, Inc.  | 208 | 83452 |
| FB Financial Corp.  | 189 | 6830 |

---

See Notes to Financial Statements.<br> 107

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_108.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Financials — 12.2% (Continued)** | **Financials — 12.2% (Continued)** | **Financials — 12.2% (Continued)** |
| Federal Agricultural Mortgage Corp. - Class C  | 49 | $5523 |
| Federated Hermes, Inc.  | 481 | 17465 |
| Fidelity National Financial, Inc.  | 1393 | 52405 |
| Fifth Third Bancorp  | 3667 | 120314 |
| First American Financial Corp.  | 527 | 27583 |
| First Bancorp  | 156 | 6683 |
| First BanCorp  | 978 | 12440 |
| First Busey Corp.  | 325 | 8034 |
| First Citizens BancShares, Inc. - Class A  | 50 | 37918 |
| First Commonwealth Financial Corp.  | 429 | 5993 |
| First Community Bankshares, Inc.  | 150 | 5085 |
| First Financial Bancorp  | 510 | 12357 |
| First Financial Bankshares, Inc.  | 730 | 25112 |
| First Financial Corp.  | 100 | 4608 |
| First Hawaiian, Inc.  | 742 | 19322 |
| First Horizon Corp.  | 2842 | 69629 |
| First Interstate BancSystem, Inc. - Class A  | 446 | 17238 |
| First Merchants Corp.  | 303 | 12456 |
| First Republic Bank  | 1033 | 125912 |
| FirstCash Holdings, Inc.  | 221 | 19207 |
| Flushing Financial Corp.  | 249 | 4826 |
| FNB Corp.  | 1919 | 25043 |
| Focus Financial Partners, Inc. - Class A (b)  | 309 | 11516 |
| Franklin Resources, Inc.  | 1895 | 49990 |
| FS KKR Capital Corp.  | 1771 | 30993 |
| Fulton Financial Corp.  | 889 | 14962 |
| Genworth Financial, Inc. - Class A (b)  | 3047 | 16119 |
| Glacier Bancorp, Inc.  | 550 | 27181 |
| Globe Life, Inc.  | 512 | 61722 |
| Golub Capital BDC, Inc.  | 703 | 9251 |
| Goosehead Insurance, Inc. - Class A (b)  | 134 | 4602 |
| Great Ajax Corp.  | 81 | 587 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Great Southern Bancorp, Inc.  | 85 | $5057 |
| Green Dot Corp. - Class A (b)  | 250 | 3955 |
| Hagerty, Inc. - Class A (b)  | 883 | 7426 |
| Hamilton Lane, Inc. - Class A  | 163 | 10412 |
| Hancock Whitney Corp.  | 500 | 24195 |
| Hanmi Financial Corp.  | 200 | 4950 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc.  | 191 | 5535 |
| HarborOne Bancorp, Inc.  | 359 | 4990 |
| Heartland Financial USA, Inc.  | 190 | 8858 |
| Hercules Capital, Inc. (c)  | 775 | 10245 |
| Heritage Commerce Corp.  | 466 | 6058 |
| Heritage Financial Corp.  | 184 | 5638 |
| Hilltop Holdings, Inc.  | 336 | 10083 |
| Hippo Holdings, Inc. (b)  | 302 | 4107 |
| Home BancShares, Inc.  | 950 | 21650 |
| HomeStreet, Inc.  | 165 | 4551 |
| Hope Bancorp, Inc.  | 702 | 8993 |
| Horace Mann Educators Corp.  | 249 | 9305 |
| Horizon Bancorp, Inc.  | 262 | 3951 |
| Houlihan Lokey, Inc.  | 266 | 23185 |
| Huntington Bancshares, Inc.  | 7646 | 107809 |
| Independent Bank Corp.  | 244 | 20601 |
| Independent Bank Group, Inc.  | 190 | 11415 |
| Interactive Brokers Group, Inc. - Class A  | 500 | 36175 |
| Intercontinental Exchange, Inc.  | 2845 | 291869 |
| International Bancshares Corp.  | 280 | 12813 |
| Invesco Ltd.  | 2285 | 41107 |
| Jackson Financial, Inc. - Class A  | 487 | 16943 |
| Jefferies Financial Group, Inc.  | 1009 | 34589 |
| JPMorgan Chase & Co.  | 15417 | 2067420 |
| Kearny Financial Corp.  | 459 | 4659 |

---

See Notes to Financial Statements.<br> 108

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_109.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Financials — 12.2% (Continued)** | **Financials — 12.2% (Continued)** | **Financials — 12.2% (Continued)** |
| Kemper Corp.  | 300 | $14760 |
| KeyCorp  | 5002 | 87135 |
| Kinsale Capital Group, Inc.  | 118 | 30859 |
| KKR Real Estate Finance Trust, Inc.  | 349 | 4872 |
| Ladder Capital Corp.  | 605 | 6074 |
| Lakeland Financial Corp.  | 98 | 7151 |
| Lazard Ltd. - Class A  | 581 | 20143 |
| Lemonade, Inc. (b)  | 347 | 4747 |
| LendingTree, Inc. (b)  | 30 | 640 |
| Lincoln National Corp.  | 961 | 29522 |
| Live Oak Bancshares, Inc.  | 223 | 6735 |
| Loews Corp.  | 1050 | 61246 |
| LPL Financial Holdings, Inc.  | 424 | 91656 |
| M&T Bank Corp.  | 930 | 134906 |
| Main Street Capital Corp.  | 475 | 17551 |
| Markel Corp. (b)  | 75 | 98812 |
| MarketAxess Holdings, Inc.  | 191 | 53268 |
| Marsh & Mclennan Cos., Inc.  | 2676 | 442824 |
| Mercury General Corp.  | 223 | 7627 |
| MetLife, Inc.  | 3593 | 260025 |
| Metropolitan Bank Holding Corp. (b)  | 75 | 4400 |
| MFA Financial, Inc.  | 675 | 6649 |
| MGIC Investment Corp.  | 1611 | 20943 |
| MidCap Financial Investment Corp.  | 114 | 1300 |
| Midland States Bancorp, Inc.  | 203 | 5404 |
| Moelis & Co. - Class A  | 387 | 14849 |
| Moody's Corp.  | 988 | 275277 |
| Morgan Stanley  | 7367 | 626342 |
| Morningstar, Inc.  | 134 | 29023 |
| MSCI, Inc.  | 439 | 204210 |
| Nasdaq, Inc.  | 1922 | 117915 |
| National Bank Holdings Corp. - Class A  | 156 | 6563 |
| Navient Corp.  | 992 | 16318 |
| NBT Bancorp, Inc.  | 200 | 8684 |
| Nelnet, Inc. - Class A  | 124 | 11253 |
| New Mountain Finance Corp.  | 650 | 8041 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| New York Community Bancorp, Inc.  | 2503 | $21526 |
| NMI Holdings, Inc. - Class A (b)  | 394 | 8235 |
| Northern Trust Corp.  | 1106 | 97870 |
| Northfield Bancorp, Inc.  | 338 | 5317 |
| Northwest Bancshares, Inc.  | 517 | 7228 |
| Oaktree Specialty Lending Corp.  | 1736 | 11926 |
| OceanFirst Financial Corp.  | 100 | 2125 |
| OFG Bancorp  | 211 | 5815 |
| Old National Bancorp  | 1683 | 30260 |
| Old Republic International Corp.  | 1437 | 34704 |
| Old Second Bancorp, Inc.  | 369 | 5919 |
| OneMain Holdings, Inc.  | 760 | 25316 |
| Open Lending Corp. - Class A (b)  | 622 | 4198 |
| Origin Bancorp, Inc.  | 124 | 4551 |
| Owl Rock Capital Corp.  | 1926 | 22245 |
| Pacific Premier Bancorp, Inc.  | 489 | 15433 |
| PacWest Bancorp  | 652 | 14963 |
| Palomar Holdings, Inc. (b)  | 130 | 5871 |
| Park National Corp.  | 87 | 12245 |
| Pathward Financial, Inc.  | 223 | 9600 |
| Peapack Gladstone Financial Corp.  | 140 | 5211 |
| PennyMac Financial Services, Inc.  | 205 | 11615 |
| PennyMac Mortgage Investment Trust  | 450 | 5575 |
| Peoples Bancorp, Inc.  | 167 | 4718 |
| Pinnacle Financial Partners, Inc.  | 420 | 30828 |
| Piper Sandler Cos.  | 128 | 16664 |
| Popular, Inc.  | 412 | 27324 |
| PRA Group, Inc. (b)  | 300 | 10134 |
| Preferred Bank  | 74 | 5522 |
| Premier Financial Corp.  | 117 | 3155 |
| Primerica, Inc.  | 199 | 28222 |
| Principal Financial Group, Inc.  | 1323 | 111026 |
| ProAssurance Corp.  | 230 | 4018 |

---

See Notes to Financial Statements.<br> 109

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_110.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Financials — 12.2% (Continued)** | **Financials — 12.2% (Continued)** | **Financials — 12.2% (Continued)** |
| PROG Holdings, Inc. (b)  | 400 | $6756 |
| Prospect Capital Corp. (c)  | 1834 | 12820 |
| Prosperity Bancshares, Inc.  | 470 | 34160 |
| Provident Financial Services, Inc.  | 354 | 7561 |
| Prudential Financial, Inc.  | 1995 | 198423 |
| Radian Group, Inc.  | 892 | 17010 |
| Raymond James Financial, Inc.  | 1042 | 111338 |
| Ready Capital Corp.  | 1568 | 17467 |
| Redwood Trust, Inc.  | 1947 | 13162 |
| Regions Financial Corp.  | 5055 | 108986 |
| Reinsurance Group of America, Inc.  | 359 | 51010 |
| RenaissanceRe Holdings Ltd.  | 230 | 42373 |
| Renasant Corp.  | 251 | 9435 |
| Rithm Capital Corp.  | 2630 | 21487 |
| RLI Corp.  | 195 | 25598 |
| Robinhood Markets, Inc. - Class A (b)<sup>(c)</sup>  | 2260 | 18396 |
| Rocket Cos., Inc. - Class A (c)  | 1189 | 8323 |
| Ryan Specialty Group Holdings, Inc. - Class A (b)  | 502 | 20838 |
| S&P Global, Inc.  | 1922 | 643755 |
| S&T Bancorp, Inc.  | 187 | 6392 |
| Safety Insurance Group, Inc.  | 45 | 3792 |
| Sandy Spring Bancorp, Inc.  | 166 | 5848 |
| Seacoast Banking Corp. of Florida  | 323 | 10074 |
| SEI Investments Co.  | 605 | 35271 |
| Selective Insurance Group, Inc.  | 300 | 26583 |
| ServisFirst Bancshares, Inc.  | 248 | 17090 |
| Signature Bank  | 337 | 38829 |
| Silvergate Capital Corp. - Class A (b)<sup>(c)</sup>  | 165 | 2871 |
| Simmons First National Corp. - Class A  | 687 | 14825 |
| Sixth Street Specialty Lending, Inc.  | 6184 | 110075 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| SLM Corp.  | 1321 | $21929 |
| SLR Investment Corp.  | 500 | 6955 |
| Southside Bancshares, Inc.  | 171 | 6154 |
| SouthState Corp.  | 375 | 28635 |
| Starwood Property Trust, Inc.  | 1825 | 33452 |
| State Street Corp.  | 1972 | 152968 |
| StepStone Group, Inc. - Class A  | 257 | 6471 |
| Stewart Information Services Corp.  | 107 | 4572 |
| Stifel Financial Corp.  | 510 | 29769 |
| Stock Yards Bancorp, Inc.  | 175 | 11372 |
| StoneX Group, Inc. (b)  | 94 | 8958 |
| SVB Financial Group (b)  | 357 | 82160 |
| Synchrony Financial  | 2558 | 84056 |
| Synovus Financial Corp.  | 727 | 27299 |
| T Rowe Price Group, Inc.  | 1272 | 138724 |
| Texas Capital Bancshares, Inc. (b)  | 274 | 16525 |
| TFS Financial Corp.  | 156 | 2248 |
| The Allstate Corp.  | 1435 | 194586 |
| The Bancorp, Inc. (b)  | 267 | 7577 |
| The Bank of New York Mellon Corp.  | 4290 | 195281 |
| The Carlyle Group, Inc.  | 1586 | 47326 |
| The Charles Schwab Corp.  | 9067 | 754918 |
| The Goldman Sachs Group, Inc.  | 1890 | 648988 |
| The Hanover Insurance Group, Inc.  | 187 | 25269 |
| The Hartford Financial Services Group, Inc.  | 1649 | 125044 |
| The PNC Financial Services Group, Inc.  | 2200 | 347468 |
| The Progressive Corp.  | 3137 | 406900 |
| The Travelers Cos., Inc.  | 1273 | 238675 |
| Tompkins Financial Corp.  | 39 | 3026 |
| Towne Bank  | 374 | 11534 |
| TPG, Inc.  | 327 | 9100 |
| Tradeweb Markets, Inc. - Class A  | 571 | 37075 |
| TriCo Bancshares  | 215 | 10963 |
| Triumph Financial, Inc. (b)  | 132 | 6451 |

---

See Notes to Financial Statements.<br> 110

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_111.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Financials — 12.2% (Continued)** | **Financials — 12.2% (Continued)** | **Financials — 12.2% (Continued)** |
| Truist Financial Corp.  | 7114 | $306115 |
| Trupanion, Inc. (b)  | 270 | 12833 |
| TrustCo. Bank Corp. NY  | 153 | 5751 |
| Trustmark Corp.  | 270 | 9426 |
| Two Harbors Investment Corp.  | 891 | 14051 |
| UMB Financial Corp.  | 243 | 20295 |
| Umpqua Holdings Corp.  | 900 | 16065 |
| United Bankshares, Inc.  | 707 | 28626 |
| United Community Banks, Inc.  | 615 | 20787 |
| United Fire Group, Inc.  | 166 | 4542 |
| Univest Financial Corp.  | 201 | 5252 |
| Unum Group  | 1087 | 44600 |
| Upstart Holdings, Inc. (b)<sup>(c)</sup>  | 474 | 6266 |
| US Bancorp  | 8013 | 349447 |
| Valley National Bancorp  | 2390 | 27031 |
| Veritex Holdings, Inc.  | 320 | 8986 |
| Victory Capital Holdings, Inc. - Class A  | 191 | 5125 |
| Virtu Financial, Inc. - Class A  | 531 | 10838 |
| Virtus Investment Partners, Inc.  | 48 | 9189 |
| Voya Financial, Inc.  | 551 | 33881 |
| W R Berkley Corp.  | 1150 | 83455 |
| Walker & Dunlop, Inc.  | 196 | 15382 |
| Washington Federal, Inc.  | 275 | 9226 |
| Washington Trust Bancorp, Inc.  | 100 | 4718 |
| Webster Financial Corp.  | 897 | 42464 |
| Wells Fargo & Co.  | 19887 | 821134 |
| WesBanco, Inc.  | 350 | 12943 |
| Westamerica BanCorp  | 176 | 10386 |
| Western Alliance Bancorp  | 573 | 34128 |
| Western New England Bancorp, Inc.  | 200 | 1892 |
| White Mountains Insurance Group Ltd.  | 15 | 21215 |
| Wintrust Financial Corp.  | 319 | 26962 |
| WisdomTree, Inc.  | 1009 | 5499 |
| World Acceptance Corp. (b)  | 49 | 3231 |
| WSFS Financial Corp.  | 373 | 16912 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value | Value |
| Zions Bancorp NA  | 746 | $| 36673 |
|  |  |  | 24395692 |
| **Health Care — 15.1%** | **Health Care — 15.1%** | **Health Care — 15.1%** | **Health Care — 15.1%** |
| 10X Genomics, Inc. - Class A (b)  | 459 |  | 16726 |
| 1Life Healthcare, Inc. (b)  | 858 |  | 14337 |
| 2seventy bio, Inc. (b)  | 149 |  | 1396 |
| Abbott Laboratories  | 9105 |  | 999638 |
| AbbVie, Inc.  | 9364 |  | 1513316 |
| Acadia Healthcare Co., Inc. (b)  | 477 |  | 39267 |
| ACADIA Pharmaceuticals, Inc. (b)  | 735 |  | 11701 |
| Accolade, Inc. (b)  | 570 |  | 4440 |
| Aclaris Therapeutics, Inc. (b)  | 316 |  | 4977 |
| AdaptHealth Corp. (b)  | 397 |  | 7630 |
| Adaptive Biotechnologies Corp. (b)  | 988 |  | 7548 |
| Addus HomeCare Corp. (b)  | 70 |  | 6964 |
| Agilent Technologies, Inc.  | 1588 |  | 237644 |
| agilon health, Inc. (b)  | 1208 |  | 19497 |
| Agios Pharmaceuticals, Inc. (b)  | 300 |  | 8424 |
| Akero Therapeutics, Inc. (b)<sup>(c)</sup>  | 130 |  | 7124 |
| Alector, Inc. (b)  | 560 |  | 5169 |
| Align Technology, Inc. (b)  | 400 |  | 84360 |
| Alignment Healthcare, Inc. (b)  | 664 |  | 7809 |
| Alkermes PLC (b)  | 883 |  | 23073 |
| Allakos, Inc. (b)  | 160 |  | 1347 |
| Allogene Therapeutics, Inc. (b)  | 500 |  | 3145 |
| Allscripts Healthcare Solutions, Inc. (b)  | 432 |  | 7621 |
| Alnylam Pharmaceuticals, Inc. (b)  | 637 |  | 151383 |
| Alphatec Holdings, Inc. (b)  | 518 |  | 6397 |
| Altimmune, Inc. (b)  | 415 |  | 6827 |
| ALX Oncology Holdings, Inc. (b)  | 109 |  | 1228 |
| Amedisys, Inc. (b)  | 151 |  | 12615 |

---

See Notes to Financial Statements.<br> 111

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_112.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Health Care — 15.1% (Continued)** | **Health Care — 15.1% (Continued)** | **Health Care — 15.1% (Continued)** |
| American Well Corp. - Class A (b)  | 1222 | $3458 |
| AmerisourceBergen Corp.  | 823 | 136379 |
| Amgen, Inc.  | 2796 | 734341 |
| Amicus Therapeutics, Inc. (b)  | 1684 | 20562 |
| AMN Healthcare Services, Inc. (b)  | 250 | 25705 |
| Amphastar Pharmaceuticals, Inc. (b)  | 119 | 3334 |
| Amylyx Pharmaceuticals, Inc. (b)  | 167 | 6171 |
| AnaptysBio, Inc. (b)  | 182 | 5640 |
| AngioDynamics, Inc. (b)  | 231 | 3181 |
| Anika Therapeutics, Inc. (b)  | 100 | 2960 |
| Apellis Pharmaceuticals, Inc. (b)  | 558 | 28854 |
| Apollo Medical Holdings, Inc. (b)  | 202 | 5977 |
| Arcus Biosciences, Inc. (b)  | 9 | 186 |
| Arcutis Biotherapeutics, Inc. (b)  | 249 | 3685 |
| Arrowhead Pharmaceuticals, Inc. (b)  | 563 | 22835 |
| Artivion, Inc. (b)  | 387 | 4690 |
| Arvinas, Inc. (b)  | 300 | 10263 |
| Atara Biotherapeutics, Inc. (b)  | 400 | 1312 |
| AtriCure, Inc. (b)  | 208 | 9231 |
| Atrion Corp.  | 9 | 5035 |
| Avanos Medical, Inc. (b)  | 297 | 8037 |
| Avantor, Inc. (b)  | 3459 | 72950 |
| Avid Bioservices, Inc. (b)  | 330 | 4544 |
| Avidity Biosciences, Inc. (b)  | 312 | 6923 |
| Axogen, Inc. (b)  | 418 | 4172 |
| Axonics, Inc. (b)  | 259 | 16195 |
| Axsome Therapeutics, Inc. (b)  | 220 | 16969 |
| Azenta, Inc.  | 446 | 25966 |
| Baxter International, Inc.  | 2718 | 138536 |
| Beam Therapeutics, Inc. (b)  | 280 | 10951 |
| Becton Dickinson and Co.  | 1527 | 388316 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| BioCryst Pharmaceuticals, Inc. (b)  | 1160 | $13317 |
| Biogen, Inc. (b)  | 778 | 215444 |
| BioLife Solutions, Inc. (b)  | 211 | 3840 |
| BioMarin Pharmaceutical, Inc. (b)  | 975 | 100903 |
| Bio-Rad Laboratories, Inc. - Class A (b)  | 115 | 48356 |
| Bio-Techne Corp.  | 832 | 68956 |
| Bluebird Bio, Inc. (b)  | 448 | 3100 |
| Blueprint Medicines Corp. (b)  | 320 | 14019 |
| Boston Scientific Corp. (b)  | 7602 | 351745 |
| Bridgebio Pharma, Inc. (b)  | 590 | 4496 |
| Bristol-Myers Squibb Co.  | 11296 | 812747 |
| Bruker Corp.  | 495 | 33833 |
| Cardinal Health, Inc.  | 1447 | 111231 |
| Cardiovascular Systems, Inc. (b)  | 356 | 4849 |
| CareDx, Inc. (b)  | 240 | 2738 |
| CAREMAX, Inc. (b)  | 701 | 2559 |
| Caribou Biosciences, Inc. (b)  | 465 | 2920 |
| Cassava Sciences, Inc. (b)<sup>(c)</sup>  | 248 | 7326 |
| Castle Biosciences, Inc. (b)  | 171 | 4025 |
| Catalent, Inc. (b)  | 900 | 40509 |
| Catalyst Pharmaceuticals, Inc. (b)  | 507 | 9430 |
| Celldex Therapeutics, Inc. (b)  | 262 | 11677 |
| Centene Corp. (b)  | 3010 | 246850 |
| Cerevel Therapeutics Holdings, Inc. (b)  | 359 | 11323 |
| Certara, Inc. (b)  | 411 | 6605 |
| Cerus Corp. (b)  | 377 | 1376 |
| Charles River Laboratories International, Inc. (b)  | 277 | 60358 |
| Chemed Corp.  | 75 | 38282 |
| Chinook Therapeutics, Inc. (b)  | 249 | 6524 |
| Cigna Corp.  | 1604 | 531469 |
| CinCor Pharma, Inc. (b)  | 146 | 1794 |
| Codexis, Inc. (b)  | 115 | 536 |

---

See Notes to Financial Statements.<br> 112

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_113.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Health Care — 15.1% (Continued)** | **Health Care — 15.1% (Continued)** | **Health Care — 15.1% (Continued)** |
| Cogent Biosciences, Inc. (b)  | 343 | $3965 |
| Coherus Biosciences, Inc. (b)  | 508 | 4023 |
| Collegium Pharmaceutical, Inc. (b)  | 293 | 6798 |
| Computer Programs and Systems, Inc. (b)  | 100 | 2722 |
| CONMED Corp.  | 169 | 14980 |
| Corcept Therapeutics, Inc. (b)  | 430 | 8733 |
| CorVel Corp. (b)  | 34 | 4941 |
| Crinetics Pharmaceuticals, Inc. (b)  | 270 | 4941 |
| Cross Country Healthcare, Inc. (b)  | 193 | 5128 |
| CryoPort, Inc. (b)  | 420 | 7287 |
| CTI BioPharma Corp. (b)  | 843 | 5066 |
| Cutera, Inc. (b)  | 103 | 4555 |
| CVS Health Corp.  | 7041 | 656151 |
| Cytek Biosciences, Inc. (b)  | 397 | 4053 |
| Cytokinetics, Inc. (b)  | 470 | 21535 |
| Danaher Corp.  | 3453 | 916495 |
| DaVita, Inc. (b)  | 485 | 36215 |
| Day One Biopharmaceuticals, Inc. (b)  | 242 | 5208 |
| Deciphera Pharmaceuticals, Inc. (b)  | 330 | 5409 |
| Definitive Healthcare Corp. (b)  | 302 | 3319 |
| Denali Therapeutics, Inc. (b)  | 627 | 17437 |
| DENTSPLY SIRONA, Inc.  | 1122 | 35725 |
| Design Therapeutics, Inc. (b)  | 297 | 3047 |
| Dexcom, Inc. (b)  | 2085 | 236105 |
| DICE Therapeutics, Inc. (b)  | 240 | 7488 |
| DocGo, Inc. (b)  | 469 | 3316 |
| Doximity, Inc. - Class A (b)  | 498 | 16713 |
| Dynavax Technologies Corp. (b)  | 1003 | 10672 |
| Editas Medicine, Inc. (b)  | 320 | 2838 |
| Edwards Lifesciences Corp. (b)  | 3292 | 245616 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Elanco Animal Health, Inc. (b)  | 2580 | $31528 |
| Elevance Health, Inc.  | 1287 | 660192 |
| Eli Lilly & Co.  | 4172 | 1526285 |
| Embecta Corp.  | 345 | 8725 |
| Emergent BioSolutions, Inc. (b)  | 293 | 3460 |
| Enanta Pharmaceuticals, Inc. (b)  | 103 | 4792 |
| Encompass Health Corp.  | 573 | 34271 |
| Enhabit, Inc. (b)  | 236 | 3106 |
| Enovis Corp. (b)  | 195 | 10436 |
| Envista Holdings Corp. (b)  | 798 | 26869 |
| Erasca, Inc. (b)  | 581 | 2504 |
| Establishment Labs Holdings, Inc. (b)  | 112 | 7353 |
| Evolent Health, Inc. - Class A (b)  | 415 | 11653 |
| Exact Sciences Corp. (b)  | 1003 | 49659 |
| Exelixis, Inc. (b)  | 1809 | 29016 |
| Fate Therapeutics, Inc. (b)  | 590 | 5953 |
| FibroGen, Inc. (b)  | 463 | 7417 |
| Figs, Inc. - Class A (b)  | 673 | 4529 |
| Fulgent Genetics, Inc. (b)  | 199 | 5926 |
| G1 Therapeutics, Inc. (b)  | 376 | 2042 |
| Gilead Sciences, Inc.  | 6722 | 577084 |
| Glaukos Corp. (b)  | 280 | 12230 |
| Globus Medical, Inc. - Class A (b)  | 528 | 39215 |
| Gossamer Bio, Inc. (b)  | 405 | 879 |
| Guardant Health, Inc. (b)  | 570 | 15504 |
| Haemonetics Corp. (b)  | 250 | 19663 |
| Halozyme Therapeutics, Inc. (b)  | 732 | 41651 |
| Harmony Biosciences Holdings, Inc. (b)  | 168 | 9257 |
| HCA Healthcare, Inc.  | 1155 | 277154 |
| Health Catalyst, Inc. (b)  | 60 | 638 |
| HealthEquity, Inc. (b)  | 430 | 26505 |
| HealthStream, Inc. (b)  | 231 | 5738 |
| Henry Schein, Inc. (b)  | 689 | 55030 |
| Heska Corp. (b)  | 100 | 6216 |
| Hologic, Inc. (b)  | 1326 | 99198 |

---

See Notes to Financial Statements.<br> 113

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_114.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Health Care — 15.1% (Continued)** | **Health Care — 15.1% (Continued)** | **Health Care — 15.1% (Continued)** |
| Horizon Therapeutics PLC (b)  | 1236 | $140657 |
| Humana, Inc.  | 670 | 343167 |
| ICU Medical, Inc. (b)  | 100 | 15748 |
| IDEXX Laboratories, Inc. (b)  | 445 | 181542 |
| Illumina, Inc. (b)  | 844 | 170657 |
| ImmunoGen, Inc. (b)  | 859 | 4261 |
| Inari Medical, Inc. (b)  | 276 | 17543 |
| Incyte Corp. (b)  | 1194 | 95902 |
| Inhibrx, Inc. (b)  | 155 | 3819 |
| Innoviva, Inc. (b)  | 646 | 8560 |
| Inogen, Inc. (b)  | 213 | 4198 |
| Insmed, Inc. (b)  | 760 | 15185 |
| Inspire Medical Systems, Inc. (b)  | 164 | 41308 |
| Insulet Corp. (b)  | 368 | 108336 |
| Integer Holdings Corp. (b)  | 148 | 10132 |
| Integra LifeSciences Holdings Corp. (b)  | 378 | 21194 |
| Intellia Therapeutics, Inc. (b)  | 460 | 16049 |
| Intercept Pharmaceuticals, Inc. (b)  | 137 | 1695 |
| Intra-Cellular Therapies, Inc. (b)  | 453 | 23973 |
| Intuitive Surgical, Inc. (b)  | 1896 | 503104 |
| Ionis Pharmaceuticals, Inc. (b)  | 700 | 26439 |
| Iovance Biotherapeutics, Inc. (b)  | 770 | 4920 |
| IQVIA Holdings, Inc. (b)  | 916 | 187679 |
| iRhythm Technologies, Inc. (b)  | 166 | 15549 |
| Ironwood Pharmaceuticals, Inc. - Class A (b)  | 1000 | 12390 |
| iTeos Therapeutics, Inc. (b)  | 258 | 5039 |
| IVERIC bio, Inc. (b)  | 655 | 14024 |
| Johnson & Johnson  | 13909 | 2457025 |
| Karuna Therapeutics, Inc. (b)  | 136 | 26724 |
| Keros Therapeutics, Inc. (b)  | 124 | 5955 |
| Kezar Life Sciences, Inc. (b)  | 601 | 4231 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Kodiak Sciences, Inc. (b)  | 300 | $2148 |
| Krystal Biotech, Inc. (b)  | 108 | 8556 |
| Kura Oncology, Inc. (b)  | 403 | 5001 |
| Kymera Therapeutics, Inc. (b)  | 142 | 3544 |
| Laboratory Corp. of America Holdings  | 511 | 120330 |
| Lantheus Holdings, Inc. (b)  | 358 | 18244 |
| LeMaitre Vascular, Inc.  | 104 | 4786 |
| LHC Group, Inc. (b)  | 170 | 27487 |
| LifeStance Health Group, Inc. (b)  | 653 | 3226 |
| Ligand Pharmaceuticals, Inc. (b)  | 111 | 7415 |
| Lyell Immunopharma, Inc. (b)  | 626 | 2172 |
| Madrigal Pharmaceuticals, Inc. (b)  | 60 | 17415 |
| Maravai LifeSciences Holdings, Inc. - Class A (b)  | 659 | 9430 |
| Masimo Corp. (b)  | 259 | 38319 |
| McKesson Corp.  | 771 | 289218 |
| Medpace Holdings, Inc. (b)  | 122 | 25914 |
| Merck & Co., Inc.  | 13402 | 1486952 |
| Meridian Bioscience, Inc. (b)  | 55 | 1827 |
| Merit Medical Systems, Inc. (b)  | 298 | 21045 |
| Mersana Therapeutics, Inc. (b)  | 640 | 3750 |
| Mesa Laboratories, Inc.  | 34 | 5651 |
| Mettler-Toledo International, Inc. (b)  | 121 | 174899 |
| Mirati Therapeutics, Inc. (b)  | 277 | 12551 |
| Mirum Pharmaceuticals, Inc. (b)  | 360 | 7020 |
| Moderna, Inc. (b)  | 1777 | 319185 |
| ModivCare, Inc. (b)  | 60 | 5384 |
| Molina Healthcare, Inc. (b)  | 308 | 101708 |
| Morphic Holding, Inc. (b)  | 173 | 4628 |
| Myriad Genetics, Inc. (b)  | 450 | 6530 |
| NanoString Technologies, Inc. (b)  | 300 | 2391 |
| Natera, Inc. (b)  | 550 | 22094 |

---

See Notes to Financial Statements.<br> 114

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_115.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Health Care — 15.1% (Continued)** | **Health Care — 15.1% (Continued)** | **Health Care — 15.1% (Continued)** |
| National HealthCare Corp.  | 67 | $3987 |
| National Research Corp.  | 128 | 4774 |
| Neogen Corp. (b)  | 1159 | 17652 |
| NeoGenomics, Inc. (b)  | 690 | 6376 |
| Neurocrine Biosciences, Inc. (b)  | 510 | 60914 |
| Nevro Corp. (b)  | 162 | 6415 |
| NextGen Healthcare, Inc. (b)  | 305 | 5728 |
| Nkarta, Inc. (b)  | 352 | 2108 |
| Novavax, Inc. (b)<sup>(c)</sup>  | 757 | 7782 |
| Nurix Therapeutics, Inc. (b)  | 394 | 4326 |
| Nuvalent, Inc. - Class A (b)  | 258 | 7683 |
| NuVasive, Inc. (b)  | 290 | 11960 |
| Oak Street Health, Inc. (b)  | 617 | 13272 |
| Omniab, Inc. (b)<sup>(d)(e)</sup>  | 42 |  |
| Omniab, Inc. (b)<sup>(d)(e)</sup>  | 42 |  |
| OmniAb, Inc. (b)  | 543 | 1955 |
| Omnicell, Inc. (b)  | 252 | 12706 |
| Option Care Health, Inc. (b)  | 766 | 23049 |
| Organon & Co.  | 1281 | 35778 |
| OrthoPediatrics Corp. (b)  | 105 | 4172 |
| Outset Medical, Inc. (b)  | 205 | 5293 |
| Owens & Minor, Inc.  | 312 | 6093 |
| Pacific Biosciences of California, Inc. (b)  | 1120 | 9162 |
| Pacira BioSciences, Inc. (b)  | 279 | 10772 |
| Patterson Cos., Inc.  | 463 | 12978 |
| PDS Biotechnology Corp. (b)  | 151 | 1993 |
| Pediatrix Medical Group, Inc. (b)  | 600 | 8916 |
| Penumbra, Inc. (b)  | 196 | 43602 |
| PerkinElmer, Inc.  | 667 | 93527 |
| Pfizer, Inc.  | 28839 | 1477710 |
| Phreesia, Inc. (b)  | 360 | 11650 |
| Pliant Therapeutics, Inc. (b)  | 222 | 4291 |
| Point Biopharma Global, Inc. (b)  | 651 | 4746 |
| Premier, Inc. - Class A  | 627 | 21932 |
| Prestige Consumer Healthcare, Inc. (b)  | 271 | 16965 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Privia Health Group, Inc. (b)  | 437 | $9924 |
| PROCEPT BioRobotics Corp. (b)  | 289 | 12005 |
| Progyny, Inc. (b)  | 390 | 12149 |
| Prometheus Biosciences, Inc. (b)  | 136 | 14960 |
| PTC Therapeutics, Inc. (b)  | 372 | 14199 |
| Pulmonx Corp. (b)  | 288 | 2428 |
| Quest Diagnostics, Inc.  | 614 | 96054 |
| QuidelOrtho Corp. (b)  | 264 | 22617 |
| R1 RCM, Inc. (b)  | 1727 | 18911 |
| RadNet, Inc. (b)  | 264 | 4971 |
| RAPT Therapeutics, Inc. (b)  | 205 | 4059 |
| Reata Pharmaceuticals, Inc. - Class A (b)  | 130 | 4939 |
| Recursion Pharmaceuticals, Inc. - Class A (b)  | 452 | 3485 |
| Regeneron Pharmaceuticals, Inc. (b)  | 552 | 398262 |
| REGENXBIO, Inc. (b)  | 218 | 4944 |
| Relay Therapeutics, Inc. (b)  | 410 | 6125 |
| Relmada Therapeutics, Inc. (b)  | 145 | 506 |
| Repligen Corp. (b)  | 300 | 50793 |
| Replimune Group, Inc. (b)  | 282 | 7670 |
| ResMed, Inc.  | 777 | 161717 |
| Revance Therapeutics, Inc. (b)  | 365 | 6738 |
| REVOLUTION Medicines, Inc. (b)  | 530 | 12625 |
| Rhythm Pharmaceuticals, Inc. (b)  | 231 | 6727 |
| Rocket Pharmaceuticals, Inc. (b)  | 400 | 7828 |
| Royalty Pharma PLC - Class A  | 1915 | 75681 |
| Sage Therapeutics, Inc. (b)  | 300 | 11442 |
| Sana Biotechnology, Inc. (b)  | 136 | 537 |
| Sangamo Therapeutics, Inc. (b)  | 730 | 2292 |
| Sarepta Therapeutics, Inc. (b)  | 463 | 59996 |
| Schrodinger, Inc. (b)  | 309 | 5775 |

---

See Notes to Financial Statements.<br> 115

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_116.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Health Care — 15.1% (Continued)** | **Health Care — 15.1% (Continued)** | **Health Care — 15.1% (Continued)** |
| Seagen, Inc. (b)  | 1020 | $131080 |
| Select Medical Holdings Corp.  | 641 | 15916 |
| Seres Therapeutics, Inc. (b)  | 762 | 4267 |
| Shockwave Medical, Inc. (b)  | 189 | 38860 |
| SI-BONE, Inc. (b)  | 281 | 3822 |
| Signify Health, Inc. - Class A (b)  | 379 | 10862 |
| Silk Road Medical, Inc. (b)  | 175 | 9249 |
| Simulations Plus, Inc.  | 97 | 3547 |
| Sotera Health Co. (b)  | 870 | 7247 |
| SpringWorks Therapeutics, Inc. (b)  | 280 | 7283 |
| STAAR Surgical Co. (b)  | 280 | 13591 |
| Stryker Corp.  | 1887 | 461353 |
| Supernus Pharmaceuticals, Inc. (b)  | 275 | 9809 |
| Surgery Partners, Inc. (b)  | 254 | 7076 |
| Syneos Health, Inc. (b)  | 300 | 11004 |
| Tandem Diabetes Care, Inc. (b)  | 348 | 15643 |
| Teladoc Health, Inc. (b)  | 839 | 19842 |
| Teleflex, Inc.  | 252 | 62907 |
| Tenet Healthcare Corp. (b)  | 631 | 30787 |
| TG Therapeutics, Inc. (b)  | 795 | 9405 |
| The Cooper Cos., Inc.  | 264 | 87297 |
| The Ensign Group, Inc.  | 300 | 28383 |
| The Pennant Group, Inc. (b)  | 150 | 1647 |
| Thermo Fisher Scientific, Inc.  | 2073 | 1141580 |
| Tilray Brands, Inc. (b)<sup>(c)</sup>  | 4583 | 12328 |
| TransMedics Group, Inc. (b)  | 156 | 9628 |
| Travere Therapeutics, Inc. (b)  | 326 | 6856 |
| Treace Medical Concepts, Inc. (b)  | 218 | 5012 |
| Twist Bioscience Corp. (b)  | 260 | 6191 |
| UFP Technologies, Inc. (b)  | 56 | 6602 |
| Ultragenyx Pharmaceutical, Inc. (b)  | 421 | 19505 |
| United Therapeutics Corp. (b)  | 246 | 68410 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value | Value |
| UnitedHealth Group, Inc.  | 4906 | $| 2601063 |
| Universal Health Services, Inc. - Class B  | 335 |  | 47198 |
| US Physical Therapy, Inc.  | 93 |  | 7536 |
| Vanda Pharmaceuticals, Inc. (b)  | 481 |  | 3555 |
| Varex Imaging Corp. (b)  | 282 |  | 5725 |
| Vaxcyte, Inc. (b)  | 269 |  | 12899 |
| Veeva Systems, Inc. - Class A (b)  | 746 |  | 120389 |
| Ventyx Biosciences, Inc. (b)  | 137 |  | 4492 |
| Veracyte, Inc. (b)  | 440 |  | 10441 |
| Vericel Corp. (b)  | 230 |  | 6058 |
| Vertex Pharmaceuticals, Inc. (b)  | 1375 |  | 397073 |
| Verve Therapeutics, Inc. (b)  | 193 |  | 3735 |
| Viatris, Inc.  | 6423 |  | 71488 |
| Vir Biotechnology, Inc. (b)  | 580 |  | 14680 |
| Viridian Therapeutics, Inc. (b)  | 242 |  | 7069 |
| Waters Corp. (b)  | 321 |  | 109968 |
| West Pharmaceutical Services, Inc.  | 393 |  | 92493 |
| Y-mAbs Therapeutics, Inc. (b)  | 24 |  | 117 |
| Zentalis Pharmaceuticals, Inc. (b)  | 312 |  | 6284 |
| Zimmer Biomet Holdings, Inc.  | 1135 |  | 144713 |
| Zimvie, Inc. (b)  | 127 |  | 1186 |
| Zoetis, Inc.  | 2531 |  | 370918 |
|  |  |  | 30186777 |
| **Industrials — 9.7%** | **Industrials — 9.7%** | **Industrials — 9.7%** | **Industrials — 9.7%** |
| 3D Systems Corp. (b)  | 848 |  | 6275 |
| 3M Co.  | 2912 |  | 349207 |
| A O Smith Corp.  | 716 |  | 40984 |
| AAON, Inc.  | 253 |  | 19056 |
| AAR Corp. (b)  | 187 |  | 8396 |
| ABM Industries, Inc.  | 382 |  | 16968 |
| ACCO Brands Corp.  | 825 |  | 4612 |
| Acuity Brands, Inc.  | 177 |  | 29313 |
| ACV Auctions, Inc. - Class A (b)  | 743 |  | 6100 |

---

See Notes to Financial Statements.<br> 116

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_117.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Industrials — 9.7% (Continued)** | **Industrials — 9.7% (Continued)** | **Industrials — 9.7% (Continued)** |
| Advanced Drainage Systems, Inc.  | 399 | $32706 |
| AECOM  | 749 | 63613 |
| Aerojet Rocketdyne Holdings, Inc. (b)  | 400 | 22372 |
| AeroVironment, Inc. (b)  | 126 | 10793 |
| AGCO Corp.  | 346 | 47987 |
| Air Lease Corp.  | 600 | 23052 |
| Air Transport Services Group, Inc. (b)  | 401 | 10418 |
| Alamo Group, Inc.  | 63 | 8921 |
| Alaska Air Group, Inc. (b)  | 714 | 30659 |
| Albany International Corp. - Class A  | 165 | 16267 |
| Alight, Inc. - Class A (b)  | 2119 | 17715 |
| Allegiant Travel Co. (b)  | 73 | 4963 |
| Allison Transmission Holdings, Inc.  | 511 | 21258 |
| Altra Industrial Motion Corp.  | 300 | 17925 |
| Ameresco, Inc. - Class A (b)  | 163 | 9314 |
| American Airlines Group, Inc. (b)  | 3451 | 43897 |
| American Woodmark Corp. (b)  | 130 | 6352 |
| AMETEK, Inc.  | 1219 | 170319 |
| Apogee Enterprises, Inc.  | 118 | 5246 |
| Applied Industrial Technologies, Inc.  | 217 | 27349 |
| ArcBest Corp.  | 150 | 10506 |
| Arcosa, Inc.  | 273 | 14835 |
| Armstrong World Industries, Inc.  | 259 | 17765 |
| Array Technologies, Inc. (b)  | 750 | 14498 |
| ASGN, Inc. (b)  | 250 | 20370 |
| Astec Industries, Inc.  | 200 | 8132 |
| Atkore, Inc. (b)  | 312 | 35387 |
| Atlas Air Worldwide Holdings, Inc. (b)  | 160 | 16128 |
| Avis Budget Group, Inc. (b)  | 253 | 41474 |
| Axon Enterprise, Inc. (b)  | 418 | 69359 |
| AZZ, Inc.  | 130 | 5226 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Babcock & Wilcox Enterprises, Inc. (b)  | 730 | $4212 |
| Barnes Group, Inc.  | 273 | 11152 |
| Barrett Business Services, Inc.  | 62 | 5783 |
| Beacon Roofing Supply, Inc. (b)  | 310 | 16365 |
| Blink Charging Co. (b)<sup>(c)</sup>  | 637 | 6988 |
| Bloom Energy Corp. - Class A (b)  | 908 | 17361 |
| Boise Cascade Co.  | 214 | 14695 |
| Booz Allen Hamilton Holding Corp.  | 696 | 72746 |
| Brady Corp. - Class A  | 261 | 12293 |
| Builders FirstSource, Inc. (b)  | 813 | 52747 |
| BWX Technologies, Inc.  | 491 | 28517 |
| CACI International, Inc. - Class A (b)  | 124 | 37273 |
| Carlisle Cos., Inc.  | 275 | 64804 |
| Carrier Global Corp.  | 4514 | 186203 |
| Casella Waste Systems, Inc. - Class A (b)  | 276 | 21890 |
| Caterpillar, Inc.  | 2831 | 678194 |
| CBIZ, Inc. (b)  | 220 | 10307 |
| CH Robinson Worldwide, Inc.  | 641 | 58690 |
| ChargePoint Holdings, Inc. (b)<sup>(c)</sup>  | 1053 | 10035 |
| Chart Industries, Inc. (b)  | 198 | 22816 |
| Cintas Corp.  | 470 | 212261 |
| Clean Harbors, Inc. (b)  | 252 | 28758 |
| Columbus McKinnon Corp.  | 101 | 3280 |
| Comfort Systems USA, Inc.  | 188 | 21635 |
| Construction Partners, Inc. - Class A (b)  | 212 | 5658 |
| Copart, Inc. (b)  | 2650 | 161359 |
| Core & Main, Inc. - Class A (b)  | 325 | 6276 |
| CoreCivic, Inc. (b)  | 799 | 9236 |
| CoStar Group, Inc. (b)  | 2150 | 166152 |
| Covenant Logistics Group, Inc. - Class A  | 100 | 3457 |
| CRA International, Inc.  | 54 | 6611 |

---

See Notes to Financial Statements.<br> 117

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_118.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Industrials — 9.7% (Continued)** | **Industrials — 9.7% (Continued)** | **Industrials — 9.7% (Continued)** |
| Crane Holdings Co.  | 260 | $26117 |
| CSW Industrials, Inc.  | 73 | 8463 |
| CSX Corp.  | 11484 | 355774 |
| Cummins, Inc.  | 741 | 179537 |
| Curtiss-Wright Corp.  | 191 | 31895 |
| Deere & Co.  | 1505 | 645284 |
| Delta Air Lines, Inc. (b)  | 3462 | 113761 |
| Deluxe Corp.  | 200 | 3396 |
| Donaldson Co., Inc.  | 656 | 38619 |
| Douglas Dynamics, Inc.  | 169 | 6111 |
| Dover Corp.  | 753 | 101964 |
| Driven Brands Holdings, Inc. (b)  | 420 | 11470 |
| Ducommun, Inc. (b)  | 117 | 5845 |
| Dun & Bradstreet Holdings, Inc.  | 1103 | 13523 |
| DXP Enterprises, Inc. (b)  | 100 | 2755 |
| Dycom Industries, Inc. (b)  | 152 | 14227 |
| Eagle Bulk Shipping, Inc. (c)  | 106 | 5294 |
| Eaton Corp. PLC  | 2136 | 335245 |
| EMCOR Group, Inc.  | 271 | 40138 |
| Emerson Electric Co.  | 3140 | 301628 |
| Encore Wire Corp.  | 104 | 14306 |
| Energy Recovery, Inc. (b)  | 281 | 5758 |
| Enerpac Tool Group Corp.  | 290 | 7381 |
| EnerSys  | 202 | 14916 |
| Ennis, Inc.  | 50 | 1108 |
| Enovix Corp. (b)  | 827 | 10288 |
| EnPro Industries, Inc.  | 118 | 12825 |
| Equifax, Inc.  | 486 | 94459 |
| Esab Corp.  | 332 | 15577 |
| ESCO Technologies, Inc.  | 136 | 11905 |
| Evoqua Water Technologies Corp. (b)  | 588 | 23285 |
| Expeditors International of Washington, Inc.  | 869 | 90307 |
| Exponent, Inc.  | 271 | 26853 |
| Fastenal Co.  | 3082 | 145840 |
| Federal Signal Corp.  | 319 | 14824 |
| FedEx Corp.  | 1282 | 222042 |
| First Advantage Corp. (b)  | 366 | 4758 |
| Flowserve Corp.  | 701 | 21507 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Fluence Energy, Inc. (b)  | 309 | $5299 |
| Fluor Corp. (b)  | 805 | 27901 |
| Fortive Corp.  | 1992 | 127986 |
| Fortune Brands Innovations, Inc.  | 726 | 41462 |
| Forward Air Corp.  | 152 | 15943 |
| Franklin Covey Co. (b)  | 104 | 4864 |
| Franklin Electric Co., Inc.  | 206 | 16429 |
| FTI Consulting, Inc. (b)  | 180 | 28584 |
| Gates Industrial Corp. PLC (b)  | 835 | 9527 |
| GATX Corp.  | 168 | 17865 |
| Generac Holdings, Inc. (b)  | 330 | 33218 |
| General Dynamics Corp.  | 1456 | 361248 |
| General Electric Co.  | 5823 | 487909 |
| Gibraltar Industries, Inc. (b)  | 138 | 6331 |
| Global Industrial Co.  | 10 | 235 |
| GMS, Inc. (b)  | 240 | 11952 |
| Graco, Inc.  | 871 | 58583 |
| GrafTech International Ltd.  | 521 | 2480 |
| Granite Construction, Inc.  | 361 | 12660 |
| Great Lakes Dredge & Dock Corp. (b)  | 638 | 3796 |
| Griffon Corp.  | 260 | 9305 |
| GXO Logistics, Inc. (b)  | 623 | 26596 |
| H&E Equipment Services, Inc.  | 166 | 7536 |
| Hawaiian Holdings, Inc. (b)  | 325 | 3335 |
| Hayward Holdings, Inc. (b)  | 699 | 6571 |
| Healthcare Services Group, Inc.  | 375 | 4500 |
| Heartland Express, Inc.  | 340 | 5216 |
| HEICO Corp.  | 196 | 30113 |
| HEICO Corp. - Class A  | 396 | 47461 |
| Heidrick & Struggles International, Inc.  | 178 | 4979 |
| Helios Technologies, Inc.  | 150 | 8166 |
| Herc Holdings, Inc.  | 143 | 18815 |
| Heritage-Crystal Clean, Inc. (b)  | 162 | 5262 |
| Hexcel Corp.  | 320 | 18832 |
| Hillenbrand, Inc.  | 325 | 13868 |
| Hillman Solutions Corp. (b)  | 2393 | 17254 |
| HNI Corp. (c)  | 274 | 7790 |

---

See Notes to Financial Statements.<br> 118

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_119.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Industrials — 9.7% (Continued)** | **Industrials — 9.7% (Continued)** | **Industrials — 9.7% (Continued)** |
| Honeywell International, Inc.  | 3564 | $763765 |
| Howmet Aerospace, Inc.  | 2169 | 85480 |
| Hub Group, Inc. - Class A (b)  | 143 | 11367 |
| Hubbell, Inc.  | 285 | 66884 |
| Huntington Ingalls Industries, Inc.  | 202 | 46597 |
| Huron Consulting Group, Inc. (b)  | 109 | 7913 |
| IAA, Inc. (b)  | 729 | 29160 |
| ICF International, Inc.  | 97 | 9608 |
| IDEX Corp.  | 405 | 92474 |
| IES Holdings, Inc. (b)  | 60 | 2134 |
| Illinois Tool Works, Inc.  | 1661 | 365918 |
| Ingersoll Rand, Inc.  | 2193 | 114584 |
| Insperity, Inc.  | 190 | 21584 |
| Insteel Industries, Inc.  | 178 | 4899 |
| Interface, Inc.  | 483 | 4767 |
| ITT, Inc.  | 439 | 35603 |
| Jacobs Solutions, Inc.  | 726 | 87171 |
| Janus International Group, Inc. (b)  | 533 | 5074 |
| JB Hunt Transport Services, Inc.  | 440 | 76718 |
| JELD-WEN Holding, Inc. (b)  | 547 | 5279 |
| JetBlue Airways Corp. (b)  | 1750 | 11340 |
| Joby Aviation, Inc. (b)  | 2151 | 7206 |
| John Bean Technologies Corp.  | 151 | 13791 |
| Johnson Controls International PLC  | 3739 | 239296 |
| Kadant, Inc.  | 69 | 12257 |
| Kaman Corp.  | 168 | 3746 |
| KAR Auction Services, Inc. (b)  | 715 | 9331 |
| KBR, Inc.  | 738 | 38966 |
| Kelly Services, Inc. - Class A  | 348 | 5881 |
| Kennametal, Inc.  | 475 | 11429 |
| Kforce, Inc.  | 69 | 3783 |
| Kirby Corp. (b)  | 300 | 19305 |
| Knight-Swift Transportation Holdings, Inc.  | 844 | 44234 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Korn Ferry  | 323 | $16350 |
| Kratos Defense & Security Solutions, Inc. (b)  | 758 | 7823 |
| L3Harris Technologies, Inc.  | 1026 | 213623 |
| Landstar System, Inc.  | 193 | 31440 |
| Legalzoom.com, Inc. (b)  | 783 | 6060 |
| Leidos Holdings, Inc.  | 672 | 70688 |
| Lennox International, Inc.  | 167 | 39951 |
| Lincoln Electric Holdings, Inc.  | 294 | 42480 |
| Lindsay Corp.  | 58 | 9445 |
| Lockheed Martin Corp.  | 1422 | 691789 |
| Lyft, Inc. - Class A (b)  | 1606 | 17698 |
| ManpowerGroup, Inc.  | 256 | 21302 |
| Marten Transport Ltd.  | 308 | 6092 |
| Masco Corp.  | 1285 | 59971 |
| MasTec, Inc. (b)  | 333 | 28415 |
| Masterbrand, Inc. (b)  | 726 | 5481 |
| Matson, Inc.  | 175 | 10939 |
| Matthews International Corp. - Class A  | 100 | 3044 |
| Maxar Technologies, Inc.  | 464 | 24007 |
| McGrath RentCorp  | 114 | 11256 |
| MDU Resources Group, Inc.  | 1115 | 33829 |
| Mercury Systems, Inc. (b)  | 345 | 15435 |
| MillerKnoll, Inc.  | 460 | 9665 |
| Moog, Inc. - Class A  | 165 | 14480 |
| MRC Global, Inc. (b)  | 586 | 6786 |
| MSA Safety, Inc.  | 195 | 28117 |
| MSC Industrial Direct Co., Inc. - Class A  | 245 | 20017 |
| Mueller Industries, Inc.  | 300 | 17700 |
| Mueller Water Products, Inc. - Class A  | 622 | 6693 |
| MYR Group, Inc. (b)  | 77 | 7089 |
| Nordson Corp.  | 282 | 67037 |
| Norfolk Southern Corp.  | 1260 | 310489 |
| Northrop Grumman Corp.  | 830 | 452856 |
| NOW, Inc. (b)  | 649 | 8242 |
| nVent Electric PLC  | 873 | 33584 |
| Old Dominion Freight Line, Inc.  | 516 | 146431 |
| Oshkosh Corp.  | 350 | 30867 |
| Otis Worldwide Corp.  | 2278 | 178390 |

---

See Notes to Financial Statements.<br> 119

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_120.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Industrials — 9.7% (Continued)** | **Industrials — 9.7% (Continued)** | **Industrials — 9.7% (Continued)** |
| Owens Corning  | 530 | $45209 |
| PACCAR, Inc.  | 1768 | 174979 |
| Parker-Hannifin Corp.  | 682 | 198462 |
| Parsons Corp. (b)  | 550 | 25438 |
| PGT Innovations, Inc. (b)  | 305 | 5478 |
| Planet Labs PBC (b)  | 1436 | 6247 |
| Plug Power, Inc. (b)  | 2593 | 32075 |
| Primoris Services Corp.  | 238 | 5222 |
| Proto Labs, Inc. (b)  | 130 | 3319 |
| Quanex Building Products Corp.  | 247 | 5849 |
| Quanta Services, Inc.  | 762 | 108585 |
| Raytheon Technologies Corp.  | 7329 | 739643 |
| RBC Bearings, Inc. (b)  | 145 | 30356 |
| Regal Rexnord Corp.  | 344 | 41273 |
| Republic Services, Inc.  | 897 | 115704 |
| Resideo Technologies, Inc. (b)  | 758 | 12469 |
| Resources Connection, Inc.  | 200 | 3676 |
| Robert Half International, Inc.  | 582 | 42969 |
| Rocket Lab USA, Inc. (b)  | 2043 | 7702 |
| Rockwell Automation, Inc.  | 620 | 159693 |
| Rollins, Inc.  | 1268 | 46333 |
| Rush Enterprises, Inc. - Class A  | 228 | 11920 |
| RXO, Inc. (b)  | 636 | 10939 |
| Ryder System, Inc.  | 243 | 20308 |
| Saia, Inc. (b)  | 135 | 28307 |
| Schneider National, Inc. - Class B  | 218 | 5101 |
| Science Applications International Corp.  | 286 | 31726 |
| SES AI Corp. (b)  | 766 | 2413 |
| Shoals Technologies Group, Inc. - Class A (b)  | 700 | 17269 |
| Simpson Manufacturing Co., Inc.  | 238 | 21101 |
| SiteOne Landscape Supply, Inc. (b)  | 230 | 26984 |
| SkyWest, Inc. (b)  | 375 | 6191 |
| Snap-on, Inc. (c)  | 280 | 63977 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Southwest Airlines Co. (b)  | 3221 | $108451 |
| SP Plus Corp. (b)  | 148 | 5139 |
| Spirit AeroSystems Holdings, Inc. - Class A  | 700 | 20720 |
| Spirit Airlines, Inc. (b)  | 540 | 10519 |
| SPX Technologies, Inc. (b)  | 115 | 7550 |
| Standex International Corp.  | 50 | 5121 |
| Stanley Black & Decker, Inc.  | 777 | 58368 |
| Steelcase, Inc. - Class A  | 689 | 4871 |
| Stem, Inc. (b)  | 703 | 6285 |
| Stericycle, Inc. (b)  | 494 | 24646 |
| Sterling Check Corp. (b)  | 444 | 6869 |
| Sterling Infrastructure, Inc. (b)  | 214 | 7019 |
| Sun Country Airlines Holdings, Inc. (b)  | 326 | 5170 |
| SunPower Corp. (b)  | 450 | 8114 |
| Sunrun, Inc. (b)  | 1120 | 26902 |
| Tennant Co.  | 99 | 6095 |
| Terex Corp.  | 353 | 15080 |
| Tetra Tech, Inc.  | 283 | 41089 |
| Textainer Group Holdings Ltd.  | 155 | 4807 |
| Textron, Inc.  | 1123 | 79508 |
| The AZEK Co., Inc. (b)  | 791 | 16073 |
| The Boeing Co. (b)  | 3141 | 598329 |
| The Brink's Co.  | 291 | 15630 |
| The GEO Group, Inc. (b)  | 632 | 6920 |
| The Gorman-Rupp Co.  | 182 | 4663 |
| The Greenbrier Cos., Inc.  | 200 | 6706 |
| The Manitowoc Co., Inc. (b)  | 268 | 2455 |
| The Middleby Corp. (b)  | 290 | 38831 |
| The Shyft Group, Inc.  | 75 | 1865 |
| The Timken Co.  | 375 | 26501 |
| The Toro Co.  | 561 | 63505 |
| Thermon Group Holdings, Inc. (b)  | 308 | 6185 |
| Titan International, Inc. (b)  | 375 | 5745 |
| Titan Machinery, Inc. (b)  | 167 | 6635 |
| TransDigm Group, Inc.  | 282 | 177561 |
| TransUnion  | 1101 | 62482 |
| Trex Co., Inc. (b)  | 600 | 25398 |
| TriNet Group, Inc. (b)  | 310 | 21018 |

---

See Notes to Financial Statements.<br> 120

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_121.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Industrials — 9.7% (Continued)** | **Industrials — 9.7% (Continued)** | **Industrials — 9.7% (Continued)** |
| Trinity Industries, Inc.  | 359 | $10616 |
| Triumph Group, Inc. (b)  | 196 | 2062 |
| TrueBlue, Inc. (b)  | 55 | 1077 |
| Tutor Perini Corp. (b)  | 200 | 1510 |
| Uber Technologies, Inc. (b)  | 10088 | 249476 |
| UFP Industries, Inc.  | 321 | 25439 |
| U-Haul Holding Co.  | 441 | 24246 |
| U-Haul Holding Co.  | 49 | 2949 |
| UniFirst Corp.  | 86 | 16597 |
| Union Pacific Corp.  | 3106 | 643159 |
| United Airlines Holdings, Inc. (b)  | 1705 | 64279 |
| United Parcel Service, Inc. - Class B  | 3925 | 682322 |
| United Rentals, Inc. (b)  | 403 | 143234 |
| Univar Solutions, Inc. (b)  | 886 | 28175 |
| Upwork, Inc. (b)  | 512 | 5345 |
| Valmont Industries, Inc.  | 118 | 39019 |
| Verisk Analytics, Inc.  | 833 | 146958 |
| Veritiv Corp.  | 97 | 11806 |
| Vertiv Holdings Co.  | 1638 | 22375 |
| Viad Corp. (b)  | 100 | 2439 |
| Vicor Corp. (b)  | 165 | 8869 |
| Virgin Galactic Holdings, Inc. (b)<sup>(c)</sup>  | 1055 | 3671 |
| Wabash National Corp.  | 348 | 7865 |
| Waste Management, Inc.  | 2128 | 333841 |
| Watsco, Inc.  | 182 | 45391 |
| Watts Water Technologies, Inc. - Class A  | 158 | 23104 |
| Werner Enterprises, Inc.  | 250 | 10065 |
| WESCO International, Inc. (b)  | 221 | 27669 |
| Westinghouse Air Brake Technologies Corp.  | 940 | 93821 |
| WillScot Mobile Mini Holdings Corp. - Class A (b)  | 1123 | 50726 |
| Woodward, Inc.  | 305 | 29466 |
| WW Grainger, Inc.  | 243 | 135169 |
| XPO, Inc. (b)  | 636 | 21172 |
| Xylem, Inc.  | 990 | 109464 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value | Value |
| Zurn Elkay Water Solutions Corp.  | 730 | $| 15440 |
|  |  |  | 19369990 |
| **Information Technology — 24.2%** | **Information Technology — 24.2%** | **Information Technology — 24.2%** | **Information Technology — 24.2%** |
| 8x8, Inc. (b)  | 230 |  | 994 |
| A10 Networks, Inc.  | 327 |  | 5438 |
| ACI Worldwide, Inc. (b)  | 560 |  | 12880 |
| ACM Research, Inc. - Class A (b)  | 378 |  | 2914 |
| Adeia, Inc.  | 799 |  | 7575 |
| Adobe, Inc. (b)  | 2450 |  | 824498 |
| ADTRAN Holdings, Inc.  | 374 |  | 7027 |
| Advanced Energy Industries, Inc.  | 213 |  | 18271 |
| Advanced Micro Devices, Inc. (b)  | 8572 |  | 555208 |
| Affirm Holdings, Inc. (b)<sup>(c)</sup>  | 1056 |  | 10212 |
| Agilysys, Inc. (b)  | 128 |  | 10130 |
| Akamai Technologies, Inc. (b)  | 856 |  | 72161 |
| Alarm.com Holdings, Inc. (b)  | 253 |  | 12518 |
| Alkami Technology, Inc. (b)  | 304 |  | 4435 |
| Allegro MicroSystems, Inc. (b)  | 447 |  | 13419 |
| Alpha & Omega Semiconductor Ltd. (b)  | 148 |  | 4228 |
| Altair Engineering, Inc. - Class A (b)  | 274 |  | 12459 |
| Alteryx, Inc. - Class A (b)  | 313 |  | 15860 |
| Ambarella, Inc. (b)  | 277 |  | 22778 |
| American Software, Inc. - Class A  | 309 |  | 4536 |
| Amkor Technology, Inc.  | 185 |  | 4436 |
| Amphenol Corp. - Class A  | 3158 |  | 240450 |
| Amplitude, Inc. - Class A (b)  | 314 |  | 3793 |
| Analog Devices, Inc.  | 2759 |  | 452559 |
| ANSYS, Inc. (b)  | 458 |  | 110648 |
| Appfolio, Inc. - Class A (b)  | 110 |  | 11592 |
| Appian Corp. (b)  | 213 |  | 6935 |
| Apple, Inc.  | 85020 |  | 11046649 |
| Applied Materials, Inc.  | 4614 |  | 449311 |

---

See Notes to Financial Statements.<br> 121

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_122.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Information Technology — 24.2% (Continued)** | **Information Technology — 24.2% (Continued)** | **Information Technology — 24.2% (Continued)** |
| AppLovin Corp. - Class A (b)  | 548 | $5770 |
| Arista Networks, Inc. (b)  | 1286 | 156056 |
| Arrow Electronics, Inc. (b)  | 360 | 37645 |
| Asana, Inc. - Class A (b)  | 399 | 5494 |
| Aspen Technology, Inc. (b)  | 136 | 27934 |
| Autodesk, Inc. (b)  | 1164 | 217517 |
| Automatic Data Processing, Inc.  | 2206 | 526925 |
| Avid Technology, Inc. (b)  | 194 | 5158 |
| AvidXchange Holdings, Inc. (b)  | 680 | 6759 |
| Avnet, Inc.  | 458 | 19044 |
| Axcelis Technologies, Inc. (b)  | 183 | 14523 |
| Badger Meter, Inc.  | 168 | 18317 |
| Belden, Inc.  | 229 | 16465 |
| Benchmark Electronics, Inc.  | 136 | 3630 |
| Bentley Systems, Inc. - Class B  | 1054 | 38956 |
| BigCommerce Holdings, Inc. (b)  | 323 | 2823 |
| Bill.com Holdings, Inc. (b)  | 562 | 61236 |
| Black Knight, Inc. (b)  | 812 | 50141 |
| Blackbaud, Inc. (b)  | 200 | 11772 |
| Blackline, Inc. (b)  | 240 | 16145 |
| Block, Inc. (b)  | 2812 | 176706 |
| Box, Inc. - Class A (b)  | 708 | 22040 |
| Braze, Inc. - Class A (b)  | 205 | 5592 |
| Broadcom, Inc.  | 2090 | 1168582 |
| Broadridge Financial Solutions, Inc.  | 610 | 81819 |
| C3.ai, Inc. - Class A (b)  | 434 | 4856 |
| Cadence Design Systems, Inc. (b)  | 1466 | 235498 |
| Calix, Inc. (b)  | 308 | 21076 |
| CCC Intelligent Solutions Holdings, Inc. (b)  | 595 | 5177 |
| CDW Corp.  | 721 | 128756 |
| Cerence, Inc. (b)  | 271 | 5022 |
| Ceridian HCM Holding, Inc. (b)  | 780 | 50037 |
| CEVA, Inc. (b)  | 176 | 4502 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Ciena Corp. (b)  | 821 | $41855 |
| Cirrus Logic, Inc. (b)  | 292 | 21748 |
| Cisco Systems, Inc.  | 21077 | 1004108 |
| Clear Secure, Inc. - Class A  | 319 | 8750 |
| Clearfield, Inc. (b)  | 62 | 5837 |
| Clearwater Analytics Holdings, Inc. - Class A (b)  | 295 | 5531 |
| Cloudflare, Inc. - Class A (b)  | 1488 | 67273 |
| Cognex Corp.  | 895 | 42163 |
| Cognizant Technology Solutions Corp. - Class A  | 2758 | 157730 |
| Coherent Corp. (b)  | 636 | 22324 |
| Cohu, Inc. (b)  | 226 | 7243 |
| CommScope Holding Co., Inc. (b)  | 1150 | 8452 |
| CommVault Systems, Inc. (b)  | 265 | 16653 |
| Comtech Telecommunications Corp.  | 100 | 1214 |
| Concentrix Corp.  | 232 | 30893 |
| Conduent, Inc. (b)  | 1513 | 6128 |
| Confluent, Inc. - Class A (b)  | 748 | 16636 |
| Consensus Cloud Solutions, Inc. (b)  | 108 | 5806 |
| Corning, Inc.  | 4080 | 130315 |
| Corsair Gaming, Inc. (b)  | 381 | 5170 |
| Coupa Software, Inc. (b)  | 442 | 34993 |
| Crowdstrike Holdings, Inc. - Class A (b)  | 1129 | 118872 |
| CSG Systems International, Inc.  | 167 | 9552 |
| CTS Corp.  | 213 | 8396 |
| Datadog, Inc. - Class A (b)  | 1373 | 100915 |
| Dell Technologies, Inc. - Class C  | 1300 | 52286 |
| Digi International, Inc. (b)  | 182 | 6652 |
| Digital Turbine, Inc. (b)  | 456 | 6949 |
| DigitalOcean Holdings, Inc. (b)  | 301 | 7667 |
| Diodes, Inc. (b)  | 233 | 17741 |
| DocuSign, Inc. (b)  | 1055 | 58468 |

---

See Notes to Financial Statements.<br> 122

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_123.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Information Technology — 24.2% (Continued)** | **Information Technology — 24.2% (Continued)** | **Information Technology — 24.2% (Continued)** |
| Dolby Laboratories, Inc. - Class A  | 300 | $21162 |
| Domo, Inc. - Class B (b)  | 254 | 3617 |
| DoubleVerify Holdings, Inc. (b)  | 352 | 7730 |
| Dropbox, Inc. - Class A (b)  | 1403 | 31399 |
| Duck Creek Technologies, Inc. (b)  | 500 | 6025 |
| DXC Technology Co. (b)  | 1118 | 29627 |
| Dynatrace, Inc. (b)  | 1049 | 40177 |
| E2open Parent Holdings, Inc. (b)  | 1231 | 7226 |
| Ebix, Inc.  | 31 | 619 |
| eGain Corp. (b)  | 150 | 1354 |
| Embark Technology, Inc. (b)  | 135 | 444 |
| Enphase Energy, Inc. (b)  | 705 | 186797 |
| Entegris, Inc.  | 791 | 51882 |
| Envestnet, Inc. (b)  | 268 | 16536 |
| EPAM Systems, Inc. (b)  | 294 | 96356 |
| ePlus, Inc. (b)  | 191 | 8458 |
| Euronet Worldwide, Inc. (b)  | 251 | 23689 |
| Everbridge, Inc. (b)  | 190 | 5620 |
| Evo Payments, Inc. - Class A (b)  | 252 | 8528 |
| ExlService Holdings, Inc. (b)  | 173 | 29311 |
| Expensify, Inc. - Class A (b)  | 319 | 2817 |
| Extreme Networks, Inc. (b)  | 685 | 12542 |
| F5, Inc. (b)  | 311 | 44632 |
| Fair Isaac Corp. (b)  | 138 | 82604 |
| FARO Technologies, Inc. (b)  | 170 | 5000 |
| Fastly, Inc. - Class A (b)  | 589 | 4824 |
| Fidelity National Information Services, Inc.  | 3228 | 219020 |
| First Solar, Inc. (b)  | 522 | 78190 |
| Fiserv, Inc. (b)  | 3225 | 325951 |
| Five9, Inc. (b)  | 400 | 27144 |
| FleetCor Technologies, Inc. (b)  | 397 | 72921 |
| Flywire Corp. (b)  | 422 | 10326 |
| FormFactor, Inc. (b)  | 480 | 10670 |
| Fortinet, Inc. (b)  | 3555 | 173804 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Freshworks, Inc. - Class A (b)<sup>(c)</sup>  | 733 | $10782 |
| Gartner, Inc. (b)  | 402 | 135128 |
| Gen Digital, Inc.  | 3534 | 75734 |
| Genpact Ltd.  | 939 | 43494 |
| Gitlab, Inc. - Class A (b)  | 395 | 17949 |
| Global Payments, Inc.  | 1495 | 148483 |
| GLOBALFOUNDRIES, Inc. (b)<sup>(c)</sup>  | 403 | 21718 |
| GoDaddy, Inc. - Class A (b)  | 839 | 62774 |
| Grid Dynamics Holdings, Inc. (b)  | 258 | 2895 |
| Guidewire Software, Inc. (b)  | 490 | 30654 |
| Harmonic, Inc. (b)  | 547 | 7166 |
| HashiCorp, Inc. - Class A (b)  | 376 | 10280 |
| Hewlett Packard Enterprise Co.  | 6852 | 109358 |
| HP, Inc.  | 5395 | 144964 |
| HubSpot, Inc. (b)  | 260 | 75174 |
| I3 Verticals, Inc. - Class A (b)  | 226 | 5501 |
| Ichor Holdings Ltd. (b)  | 183 | 4908 |
| Impinj, Inc. (b)  | 186 | 20308 |
| Infinera Corp. (b)  | 1521 | 10252 |
| Informatica, Inc. - Class A (b)  | 585 | 9530 |
| Insight Enterprises, Inc. (b)  | 200 | 20054 |
| Intapp, Inc. (b)  | 252 | 6285 |
| Intel Corp.  | 22022 | 582041 |
| InterDigital, Inc.  | 188 | 9302 |
| International Business Machines Corp.  | 4844 | 682471 |
| International Money Express, Inc. (b)  | 206 | 5020 |
| Intuit, Inc.  | 1425 | 554638 |
| IonQ, Inc. (b)<sup>(c)</sup>  | 590 | 2036 |
| IPG Photonics Corp. (b)  | 174 | 16473 |
| Itron, Inc. (b)  | 200 | 10130 |
| Jabil, Inc.  | 708 | 48286 |
| Jack Henry & Associates, Inc.  | 392 | 68820 |
| Jamf Holding Corp. (b)  | 327 | 6965 |

---

See Notes to Financial Statements.<br> 123

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_124.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Information Technology — 24.2% (Continued)** | **Information Technology — 24.2% (Continued)** | **Information Technology — 24.2% (Continued)** |
| JFrog Ltd. (b)  | 277 | $5908 |
| Juniper Networks, Inc.  | 1776 | 56761 |
| Keysight Technologies, Inc. (b)  | 949 | 162345 |
| KLA Corp.  | 755 | 284658 |
| KnowBe4, Inc. - Class A (b)  | 376 | 9317 |
| Knowles Corp. (b)  | 458 | 7520 |
| Kulicke & Soffa Industries, Inc.  | 303 | 13411 |
| Kyndryl Holdings, Inc. (b)  | 1003 | 11153 |
| Lam Research Corp.  | 727 | 305558 |
| Lattice Semiconductor Corp. (b)  | 729 | 47298 |
| Littelfuse, Inc.  | 141 | 31048 |
| LivePerson, Inc. (b)  | 636 | 6449 |
| LiveRamp Holdings, Inc. (b)  | 450 | 10548 |
| Lumentum Holdings, Inc. (b)  | 357 | 18625 |
| MACOM Technology Solutions Holdings, Inc. (b)  | 259 | 16312 |
| Manhattan Associates, Inc. (b)  | 333 | 40426 |
| Marathon Digital Holdings, Inc. (b)<sup>(c)</sup>  | 576 | 1970 |
| Marqeta, Inc. - Class A (b)  | 2104 | 12855 |
| Marvell Technology, Inc.  | 4527 | 167680 |
| Mastercard, Inc. - Class A  | 4514 | 1569653 |
| Maximus, Inc.  | 347 | 25446 |
| MaxLinear, Inc. (b)  | 475 | 16126 |
| Methode Electronics, Inc.  | 233 | 10338 |
| Microchip Technology, Inc.  | 2904 | 204006 |
| Micron Technology, Inc.  | 6069 | 303329 |
| Microsoft Corp.  | 38666 | 9272880 |
| MicroStrategy, Inc. - Class A (b)<sup>(c)</sup>  | 60 | 8494 |
| Mirion Technologies, Inc. (b)  | 829 | 5480 |
| Mitek Systems, Inc. (b)  | 420 | 4070 |
| MKS Instruments, Inc.  | 300 | 25419 |
| Model N, Inc. (b)  | 189 | 7666 |
| Momentive Global, Inc. (b)  | 363 | 2541 |
| MongoDB, Inc. (b)  | 429 | 84444 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Monolithic Power Systems, Inc.  | 236 | $83452 |
| Motorola Solutions, Inc.  | 895 | 230650 |
| N-able, Inc. (b)  | 505 | 5191 |
| Napco Security Technologies, Inc. (b)  | 177 | 4864 |
| National Instruments Corp.  | 703 | 25941 |
| nCino, Inc. (b)  | 330 | 8725 |
| NCR Corp. (b)  | 640 | 14982 |
| NetApp, Inc.  | 1166 | 70030 |
| NETGEAR, Inc. (b)  | 50 | 906 |
| NetScout Systems, Inc. (b)  | 295 | 9590 |
| New Relic, Inc. (b)  | 325 | 18346 |
| Novanta, Inc. (b)  | 179 | 24321 |
| Nutanix, Inc. - Class A (b)  | 1191 | 31026 |
| NVIDIA Corp.  | 12646 | 1848086 |
| Okta, Inc. (b)  | 790 | 53981 |
| Olo, Inc. - Class A (b)  | 606 | 3788 |
| ON Semiconductor Corp. (b)  | 2300 | 143451 |
| Onto Innovation, Inc. (b)  | 275 | 18725 |
| Oracle Corp.  | 7888 | 644765 |
| OSI Systems, Inc. (b)  | 100 | 7952 |
| PagerDuty, Inc. (b)  | 430 | 11421 |
| Palantir Technologies, Inc. - Class A (b)  | 9164 | 58833 |
| Palo Alto Networks, Inc. (b)  | 1565 | 218380 |
| PAR Technology Corp. (b)  | 100 | 2607 |
| Paya Holdings, Inc. (b)  | 805 | 6335 |
| Paychex, Inc.  | 1717 | 198417 |
| Paycom Software, Inc. (b)  | 274 | 85025 |
| Paycor HCM, Inc. (b)  | 222 | 5432 |
| Paylocity Holding Corp. (b)  | 213 | 41377 |
| PayPal Holdings, Inc. (b)  | 6141 | 437362 |
| PDF Solutions, Inc. (b)  | 190 | 5419 |
| Pegasystems, Inc.  | 300 | 10272 |
| Perficient, Inc. (b)  | 167 | 11662 |
| Photronics, Inc. (b)  | 241 | 4056 |
| Plexus Corp. (b)  | 130 | 13381 |
| Power Integrations, Inc.  | 280 | 20082 |
| PowerSchool Holdings, Inc. - Class A (b)  | 356 | 8217 |
| Procore Technologies, Inc. (b)  | 602 | 28402 |

---

See Notes to Financial Statements.<br> 124

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_125.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Information Technology — 24.2% (Continued)** | **Information Technology — 24.2% (Continued)** | **Information Technology — 24.2% (Continued)** |
| Progress Software Corp.  | 200 | $10090 |
| PROS Holdings, Inc. (b)  | 300 | 7278 |
| PTC, Inc. (b)  | 569 | 68303 |
| Pure Storage, Inc. - Class A (b)  | 1477 | 39525 |
| Q2 Holdings, Inc. (b)  | 240 | 6449 |
| Qorvo, Inc. (b)  | 548 | 49671 |
| QUALCOMM, Inc.  | 6023 | 662169 |
| Qualtrics International, Inc. - Class A (b)  | 532 | 5522 |
| Qualys, Inc. (b)  | 167 | 18742 |
| Rambus, Inc. (b)  | 500 | 17910 |
| Rapid7, Inc. (b)  | 364 | 12369 |
| Remitly Global, Inc. (b)  | 460 | 5267 |
| RingCentral, Inc. - Class A (b)  | 260 | 9204 |
| Riot Blockchain, Inc. (b)<sup>(c)</sup>  | 1173 | 3977 |
| Rogers Corp. (b)  | 57 | 6802 |
| Roper Technologies, Inc.  | 563 | 243267 |
| Sabre Corp. (b)  | 1400 | 8652 |
| Salesforce, Inc. (b)  | 5084 | 674088 |
| Samsara, Inc. - Class A (b)  | 404 | 5022 |
| Sanmina Corp. (b)  | 333 | 19078 |
| ScanSource, Inc. (b)  | 179 | 5230 |
| Semtech Corp. (b)  | 300 | 8607 |
| SentinelOne, Inc. - Class A (b)  | 993 | 14488 |
| ServiceNow, Inc. (b)  | 1035 | 401859 |
| Shift4 Payments, Inc. - Class A (b)  | 269 | 15045 |
| Silicon Laboratories, Inc. (b)  | 197 | 26727 |
| SiTime Corp. (b)  | 107 | 10873 |
| Skyworks Solutions, Inc.  | 852 | 77643 |
| SMART Global Holdings, Inc. (b)  | 139 | 2068 |
| Smartsheet, Inc. - Class A (b)  | 665 | 26174 |
| Snowflake, Inc. - Class A (b)  | 1476 | 211865 |
| Sofi Technologies, Inc. (b)  | 3809 | 17560 |
| Splunk, Inc. (b)  | 794 | 68355 |
| Sprinklr, Inc. - Class A (b)  | 487 | 3979 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Sprout Social, Inc. - Class A (b)  | 244 | $13776 |
| SPS Commerce, Inc. (b)  | 200 | 25686 |
| Squarespace, Inc. - Class A (b)  | 258 | 5720 |
| SS&C Technologies Holdings, Inc.  | 1190 | 61951 |
| Sumo Logic, Inc. (b)  | 509 | 4123 |
| Synaptics, Inc. (b)  | 208 | 19793 |
| Synopsys, Inc. (b)  | 812 | 259263 |
| TaskUS, Inc. - Class A (b)  | 263 | 4445 |
| TD SYNNEX Corp.  | 226 | 21404 |
| Teledyne Technologies, Inc. (b)  | 249 | 99578 |
| Tenable Holdings, Inc. (b)  | 625 | 23844 |
| Teradata Corp. (b)  | 534 | 17974 |
| Teradyne, Inc.  | 841 | 73461 |
| Texas Instruments, Inc.  | 4783 | 790247 |
| The Hackett Group, Inc.  | 262 | 5337 |
| The Western Union Co.  | 2093 | 28821 |
| Thoughtworks Holding, Inc. (b)  | 729 | 7429 |
| Toast, Inc. - Class A (b)  | 1407 | 25368 |
| Trimble, Inc. (b)  | 1308 | 66132 |
| TTEC Holdings, Inc.  | 54 | 2383 |
| TTM Technologies, Inc. (b)  | 488 | 7359 |
| Twilio, Inc. - Class A (b)  | 920 | 45043 |
| Tyler Technologies, Inc. (b)  | 228 | 73509 |
| Ubiquiti, Inc. (c)  | 29 | 7932 |
| UiPath, Inc. - Class A (b)  | 1679 | 21340 |
| Ultra Clean Holdings, Inc. (b)  | 240 | 7956 |
| Unisys Corp. (b)  | 427 | 2182 |
| Unity Software, Inc. (b)<sup>(c)</sup>  | 1085 | 31020 |
| Universal Display Corp.  | 221 | 23877 |
| Varonis Systems, Inc. (b)  | 450 | 10773 |
| Veeco Instruments, Inc. (b)  | 148 | 2750 |
| Verint Systems, Inc. (b)  | 375 | 13605 |
| VeriSign, Inc. (b)  | 570 | 117101 |
| Verra Mobility Corp. (b)  | 693 | 9584 |
| Vertex, Inc. - Class A (b)  | 325 | 4716 |
| Viasat, Inc. (b)  | 350 | 11078 |
| Viavi Solutions, Inc. (b)  | 1328 | 13957 |
| Visa, Inc. - Class A  | 8650 | 1797124 |

---

See Notes to Financial Statements.<br> 125

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_126.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Information Technology — 24.2% (Continued)** | **Information Technology — 24.2% (Continued)** | **Information Technology — 24.2% (Continued)** |
| Vishay Intertechnology, Inc.  | 806 | $17385 |
| VMware, Inc. - Class A (b)  | 1202 | 147558 |
| Vontier Corp.  | 800 | 15464 |
| Western Digital Corp. (b)  | 1673 | 52783 |
| WEX, Inc. (b)  | 248 | 40585 |
| Wolfspeed, Inc. (b)  | 659 | 45497 |
| Workday, Inc. - Class A (b)  | 1067 | 178541 |
| Workiva, Inc. (b)  | 272 | 22840 |
| Xerox Holdings Corp.  | 828 | 12089 |
| Xperi, Inc. (b)  | 319 | 2747 |
| Yext, Inc. (b)  | 1024 | 6687 |
| Zebra Technologies Corp. - Class A (b)  | 278 | 71282 |
| ZeroFox Holdings, Inc. (b)<sup>(c)</sup>  | 911 | 4537 |
| Zeta Global Holdings Corp. - Class A (b)  | 671 | 5482 |
| Zoom Video Communications, Inc. - Class A (b)  | 1117 | 75666 |
| Zscaler, Inc. (b)  | 495 | 55391 |
| Zuora, Inc. - Class A (b)  | 657 | 4179 |
|  |  | 48176180 |
| **Materials — 2.5%** | **Materials — 2.5%** | **Materials — 2.5%** |
| 5E Advanced Materials, Inc. (b)  | 377 | 2971 |
| AdvanSix, Inc.  | 144 | 5475 |
| Air Products and Chemicals, Inc.  | 1166 | 359431 |
| Albemarle Corp.  | 628 | 136188 |
| Alcoa Corp.  | 929 | 42242 |
| Alpha Metallurgical Resources, Inc.  | 79 | 11565 |
| American Vanguard Corp.  | 244 | 5297 |
| AptarGroup, Inc.  | 347 | 38163 |
| Arconic Corp. (b)  | 645 | 13648 |
| Ashland, Inc.  | 314 | 33764 |
| ATI, Inc. (b)  | 690 | 20603 |
| Avery Dennison Corp.  | 440 | 79640 |
| Avient Corp.  | 483 | 16306 |
| Axalta Coating Systems Ltd. (b)  | 675 | 17192 |
| Balchem Corp.  | 171 | 20881 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Ball Corp.  | 1669 | $85353 |
| Berry Global Group, Inc.  | 755 | 45625 |
| Cabot Corp.  | 318 | 21255 |
| Carpenter Technology Corp.  | 200 | 7388 |
| Celanese Corp.  | 561 | 57357 |
| CF Industries Holdings, Inc.  | 1058 | 90142 |
| Chase Corp.  | 58 | 5003 |
| Clearwater Paper Corp. (b)  | 130 | 4915 |
| Cleveland-Cliffs, Inc. (b)  | 2588 | 41693 |
| Commercial Metals Co.  | 640 | 30912 |
| Compass Minerals International, Inc.  | 222 | 9102 |
| Corteva, Inc.  | 3854 | 226538 |
| Crown Holdings, Inc.  | 631 | 51874 |
| Dow, Inc.  | 3852 | 194102 |
| DuPont de Nemours, Inc.  | 2365 | 162310 |
| Eagle Materials, Inc.  | 200 | 26570 |
| Eastman Chemical Co.  | 652 | 53099 |
| Ecolab, Inc.  | 1360 | 197962 |
| Ecovyst, Inc. (b)  | 550 | 4873 |
| Element Solutions, Inc.  | 1211 | 22028 |
| Ferroglobe Representation & Warranty Insurance Trust (b)<sup>(d)(e)</sup>  | 500 |  |
| FMC Corp.  | 669 | 83491 |
| Freeport-McMoRan, Inc.  | 7589 | 288382 |
| Graphic Packaging Holding Co.  | 1752 | 38982 |
| Greif, Inc. - Class A  | 160 | 10730 |
| Hawkins, Inc.  | 135 | 5211 |
| HB Fuller Co.  | 268 | 19194 |
| Hecla Mining Co.  | 3124 | 17369 |
| Huntsman Corp.  | 1117 | 30695 |
| Ingevity Corp. (b)  | 207 | 14581 |
| Innospec, Inc.  | 129 | 13269 |
| International Flavors & Fragrances, Inc.  | 1378 | 144469 |
| International Paper Co.  | 1947 | 67425 |
| Kaiser Aluminum Corp.  | 118 | 8963 |
| Livent Corp. (b)  | 986 | 19592 |
| Louisiana-Pacific Corp.  | 422 | 24982 |
| LSB Industries, Inc. (b)  | 333 | 4429 |
| Martin Marietta Materials, Inc.  | 335 | 113220 |

---

See Notes to Financial Statements.<br> 126

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_127.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Materials — 2.5% (Continued)** | **Materials — 2.5% (Continued)** | **Materials — 2.5% (Continued)** |
| Materion Corp.  | 93 | $8138 |
| Mativ Holdings, Inc.  | 371 | 7754 |
| Minerals Technologies, Inc.  | 180 | 10930 |
| MP Materials Corp. (b)  | 646 | 15685 |
| Myers Industries, Inc.  | 200 | 4446 |
| NewMarket Corp.  | 42 | 13067 |
| Newmont Corp.  | 4257 | 200930 |
| Nucor Corp.  | 1390 | 183216 |
| O-I Glass, Inc. (b)  | 938 | 15543 |
| Olin Corp.  | 732 | 38752 |
| Origin Materials, Inc. (b)  | 935 | 4310 |
| Packaging Corp. of America  | 487 | 62292 |
| Piedmont Lithium, Inc. (b)  | 92 | 4050 |
| PPG Industries, Inc.  | 1260 | 158432 |
| PureCycle Technologies, Inc. (b)  | 570 | 3853 |
| Quaker Chemical Corp.  | 74 | 12351 |
| Reliance Steel & Aluminum Co.  | 315 | 63769 |
| Royal Gold, Inc.  | 341 | 38437 |
| RPM International, Inc.  | 741 | 72210 |
| Ryerson Holding Corp.  | 173 | 5235 |
| Schnitzer Steel Industries, Inc. - Class A  | 162 | 4965 |
| Sealed Air Corp.  | 820 | 40902 |
| Sensient Technologies Corp.  | 230 | 16772 |
| Silgan Holdings, Inc.  | 400 | 20736 |
| Sonoco Products Co.  | 552 | 33512 |
| Southern Copper Corp.  | 435 | 26270 |
| Steel Dynamics, Inc.  | 909 | 88809 |
| Stepan Co.  | 97 | 10327 |
| Summit Materials, Inc. - Class A (b)  | 581 | 16486 |
| SunCoke Energy, Inc.  | 791 | 6826 |
| Sylvamo Corp.  | 156 | 7580 |
| The Chemours Co.  | 824 | 25231 |
| The Mosaic Co.  | 1821 | 79887 |
| The Scotts Miracle-Gro Co.  | 175 | 8503 |
| The Sherwin-Williams Co.  | 1248 | 296188 |
| TimkenSteel Corp. (b)  | 104 | 1890 |
| TriMas Corp.  | 223 | 6186 |
| Trinseo PLC  | 260 | 5905 |
| United States Steel Corp.  | 1234 | 30912 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value | Value |
| Valvoline, Inc.  | 1034 | $| 33760 |
| Vulcan Materials Co.  | 706 |  | 123628 |
| Warrior Met Coal, Inc.  | 276 |  | 9561 |
| Westlake Corp.  | 157 |  | 16099 |
| Westrock Co.  | 1284 |  | 45145 |
| Worthington Industries, Inc.  | 112 |  | 5567 |
|  |  |  | 4931498 |
| **Real Estate — 3.3%** | **Real Estate — 3.3%** | **Real Estate — 3.3%** | **Real Estate — 3.3%** |
| Acadia Realty Trust  | 676 |  | 9701 |
| Agree Realty Corp.  | 376 |  | 26670 |
| Alexander & Baldwin, Inc.  | 497 |  | 9309 |
| Alexandria Real Estate Equities, Inc.  | 863 |  | 125713 |
| American Assets Trust, Inc.  | 228 |  | 6042 |
| American Homes 4 Rent - Class A  | 1623 |  | 48917 |
| American Tower Corp.  | 2472 |  | 523718 |
| Americold Realty Trust, Inc.  | 988 |  | 27970 |
| Anywhere Real Estate, Inc. (b)  | 595 |  | 3802 |
| Apartment Income REIT Corp.  | 833 |  | 28580 |
| Apartment Investment and Management Co. - Class A  | 826 |  | 5881 |
| Apple Hospitality REIT, Inc.  | 1244 |  | 19630 |
| Armada Hoffler Properties, Inc.  | 467 |  | 5370 |
| AvalonBay Communities, Inc.  | 750 |  | 121140 |
| Boston Properties, Inc.  | 852 |  | 57578 |
| Brandywine Realty Trust  | 646 |  | 3973 |
| Brixmor Property Group, Inc.  | 1591 |  | 36068 |
| Broadstone Net Lease, Inc.  | 915 |  | 14832 |
| Camden Property Trust  | 560 |  | 62653 |
| CareTrust REIT, Inc.  | 403 |  | 7488 |
| CBL & Associates Properties, Inc.  | 204 |  | 4708 |
| CBRE Group, Inc. - Class A (b)  | 1705 |  | 131217 |
| Centerspace  | 64 |  | 3755 |
| Chatham Lodging Trust  | 425 |  | 5215 |
| Community Healthcare Trust, Inc.  | 154 |  | 5513 |

---

See Notes to Financial Statements.<br> 127

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_128.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Real Estate — 3.3% (Continued)** | **Real Estate — 3.3% (Continued)** | **Real Estate — 3.3% (Continued)** |
| Corporate Office Properties Trust  | 686 | $17795 |
| Cousins Properties, Inc.  | 839 | 21218 |
| Crown Castle, Inc.  | 2299 | 311836 |
| CubeSmart  | 1192 | 47978 |
| DiamondRock Hospitality Co.  | 1103 | 9034 |
| Digital Realty Trust, Inc.  | 1541 | 154516 |
| DigitalBridge Group, Inc.  | 763 | 8347 |
| Douglas Elliman, Inc.  | 469 | 1909 |
| Douglas Emmett, Inc.  | 854 | 13391 |
| Easterly Government Properties, Inc.  | 627 | 8947 |
| EastGroup Properties, Inc.  | 227 | 33610 |
| Elme Communities  | 425 | 7565 |
| Empire State Realty Trust, Inc. - Class A  | 745 | 5021 |
| EPR Properties  | 422 | 15918 |
| Equinix, Inc.  | 488 | 319655 |
| Equity Commonwealth  | 482 | 12035 |
| Equity LifeStyle Properties, Inc.  | 1053 | 68024 |
| Equity Residential  | 1973 | 116407 |
| Essential Properties Realty Trust, Inc.  | 830 | 19480 |
| Essex Property Trust, Inc.  | 346 | 73324 |
| eXp World Holdings, Inc. (c)  | 540 | 5983 |
| Extra Space Storage, Inc.  | 704 | 103615 |
| Farmland Partners, Inc.  | 384 | 4785 |
| Federal Realty Investment Trust  | 414 | 41831 |
| First Industrial Realty Trust, Inc.  | 727 | 35085 |
| Four Corners Property Trust, Inc.  | 497 | 12887 |
| Gaming and Leisure Properties, Inc.  | 1308 | 68134 |
| Getty Realty Corp.  | 219 | 7413 |
| Gladstone Commercial Corp.  | 312 | 5772 |
| Gladstone Land Corp.  | 269 | 4936 |
| Global Medical REIT, Inc.  | 581 | 5508 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Global Net Lease, Inc.  | 703 | $8837 |
| Healthcare Realty Trust, Inc.  | 2086 | 40197 |
| Healthpeak Properties, Inc.  | 2894 | 72553 |
| Highwoods Properties, Inc.  | 510 | 14270 |
| Host Hotels & Resorts, Inc.  | 3796 | 60926 |
| Hudson Pacific Properties, Inc.  | 815 | 7930 |
| Independence Realty Trust, Inc.  | 1266 | 21345 |
| Industrial Logistics Properties Trust  | 175 | 572 |
| Innovative Industrial Properties, Inc.  | 150 | 15203 |
| Invitation Homes, Inc.  | 2853 | 84563 |
| Iron Mountain, Inc.  | 1543 | 76919 |
| iStar, Inc.  | 512 | 3907 |
| JBG SMITH Properties  | 497 | 9433 |
| Jones Lang LaSalle, Inc. (b)  | 269 | 42870 |
| Kennedy-Wilson Holdings, Inc.  | 609 | 9580 |
| Kilroy Realty Corp.  | 620 | 23975 |
| Kimco Realty Corp.  | 3143 | 66569 |
| Kite Realty Group Trust  | 1127 | 23723 |
| Lamar Advertising Co. - Class A  | 463 | 43707 |
| Life Storage, Inc.  | 448 | 44128 |
| LTC Properties, Inc.  | 251 | 8918 |
| LXP Industrial Trust  | 1665 | 16683 |
| Marcus & Millichap, Inc.  | 126 | 4341 |
| Medical Properties Trust, Inc.  | 3394 | 37809 |
| Mid-America Apartment Communities, Inc.  | 613 | 96235 |
| National Health Investors, Inc.  | 228 | 11906 |
| National Retail Properties, Inc.  | 936 | 42831 |
| National Storage Affiliates Trust  | 458 | 16543 |
| NETSTREIT Corp.  | 318 | 5829 |
| Newmark Group, Inc. - Class A  | 765 | 6097 |
| NexPoint Residential Trust, Inc.  | 152 | 6615 |

---

See Notes to Financial Statements.<br> 128

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_129.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Real Estate — 3.3% (Continued)** | **Real Estate — 3.3% (Continued)** | **Real Estate — 3.3% (Continued)** |
| Office Properties Income Trust  | 228 | $3044 |
| Omega Healthcare Investors, Inc.  | 1238 | 34602 |
| Orion Office REIT, Inc.  | 291 | 2485 |
| Outfront Media, Inc.  | 722 | 11971 |
| Paramount Group, Inc.  | 1239 | 7360 |
| Park Hotels & Resorts, Inc.  | 982 | 11578 |
| Pebblebrook Hotel Trust  | 664 | 8891 |
| Phillips Edison & Co., Inc.  | 626 | 19932 |
| Physicians Realty Trust  | 1241 | 17957 |
| Piedmont Office Realty Trust, Inc. - Class A  | 597 | 5474 |
| Plymouth Industrial REIT, Inc.  | 286 | 5485 |
| PotlatchDeltic Corp.  | 420 | 18476 |
| Prologis, Inc.  | 4902 | 552602 |
| Public Storage  | 829 | 232277 |
| Rayonier, Inc.  | 777 | 25610 |
| Realty Income Corp.  | 3323 | 210778 |
| Redfin Corp. (b)  | 630 | 2671 |
| Regency Centers Corp.  | 946 | 59125 |
| Retail Opportunity Investments Corp.  | 725 | 10897 |
| Rexford Industrial Realty, Inc.  | 917 | 50105 |
| RLJ Lodging Trust  | 855 | 9054 |
| RPT Realty  | 620 | 6225 |
| Ryman Hospitality Properties, Inc.  | 287 | 23471 |
| Sabra Health Care REIT, Inc.  | 1058 | 13151 |
| Safehold, Inc.  | 219 | 6268 |
| Saul Centers, Inc.  | 131 | 5329 |
| SBA Communications Corp.  | 573 | 160618 |
| Service Properties Trust  | 463 | 3375 |
| Simon Property Group, Inc.  | 1723 | 202418 |
| SITE Centers Corp.  | 809 | 11051 |
| SL Green Realty Corp.  | 357 | 12038 |
| Spirit MTA REIT (b)<sup>(d)(e)</sup>  | 300 |  |
| Spirit Realty Capital, Inc.  | 735 | 29349 |
| STAG Industrial, Inc.  | 961 | 31050 |
| STORE Capital Corp.  | 1501 | 48122 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value | Value |
| Summit Hotel Properties, Inc.  | 268 | $| 1935 |
| Sun Communities, Inc.  | 648 |  | 92664 |
| Sunstone Hotel Investors, Inc.  | 940 |  | 9080 |
| Tanger Factory Outlet Centers, Inc.  | 420 |  | 7535 |
| Tejon Ranch Co. (b)  | 50 |  | 942 |
| Terreno Realty Corp.  | 399 |  | 22691 |
| The Howard Hughes Corp. (b)  | 236 |  | 18035 |
| The Macerich Co.  | 1517 |  | 17081 |
| The St Joe Co.  | 268 |  | 10358 |
| UDR, Inc.  | 1725 |  | 66809 |
| UMH Properties, Inc.  | 256 |  | 4122 |
| Uniti Group, Inc.  | 1228 |  | 6791 |
| Universal Health Realty Income Trust  | 117 |  | 5584 |
| Urban Edge Properties  | 447 |  | 6298 |
| Urstadt Biddle Properties, Inc. - Class A  | 298 |  | 5647 |
| Ventas, Inc.  | 2122 |  | 95596 |
| Veris Residential, Inc. (b)  | 278 |  | 4429 |
| VICI Properties, Inc.  | 3733 |  | 120949 |
| Vornado Realty Trust  | 895 |  | 18625 |
| Welltower, Inc.  | 2485 |  | 162892 |
| Weyerhaeuser Co.  | 3903 |  | 120993 |
| WP Carey, Inc.  | 1024 |  | 80026 |
| Xenia Hotels & Resorts, Inc.  | 560 |  | 7381 |
| Zillow Group, Inc. - Class A (b)  | 352 |  | 10986 |
| Zillow Group, Inc. - Class C (b)  | 835 |  | 26895 |
|  |  |  | 6559599 |
| **Utilities — 3.1%** | **Utilities — 3.1%** | **Utilities — 3.1%** | **Utilities — 3.1%** |
| ALLETE, Inc.  | 284 |  | 18321 |
| Alliant Energy Corp.  | 1377 |  | 76024 |
| Altus Power, Inc. (b)<sup>(c)</sup>  | 429 |  | 2797 |
| Ameren Corp.  | 1376 |  | 122354 |
| American Electric Power Co., Inc.  | 2888 |  | 274216 |
| American States Water Co.  | 220 |  | 20361 |
| American Water Works Co., Inc.  | 1008 |  | 153639 |

---

See Notes to Financial Statements.<br> 129

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_130.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** | **COMMON STOCKS — 99.1% <sup>(a)</sup> (Continued)** |
| **Utilities — 3.1% (Continued)** | **Utilities — 3.1% (Continued)** | **Utilities — 3.1% (Continued)** |
| Atmos Energy Corp.  | 755 | $84613 |
| Avangrid, Inc.  | 428 | 18395 |
| Avista Corp.  | 333 | 14765 |
| Black Hills Corp.  | 353 | 24830 |
| California Water Service Group  | 289 | 17525 |
| CenterPoint Energy, Inc.  | 3376 | 101246 |
| Chesapeake Utilities Corp.  | 102 | 12054 |
| Clearway Energy, Inc. - Class C  | 471 | 15011 |
| CMS Energy Corp.  | 1542 | 97655 |
| Consolidated Edison, Inc.  | 1892 | 180327 |
| Constellation Energy Corp.  | 1735 | 149574 |
| Dominion Energy, Inc.  | 4455 | 273181 |
| DTE Energy Co.  | 1009 | 118588 |
| Duke Energy Corp.  | 4134 | 425761 |
| Edison International  | 2046 | 130167 |
| Entergy Corp.  | 1091 | 122738 |
| Essential Utilities, Inc.  | 1206 | 57562 |
| Evergy, Inc.  | 1289 | 81117 |
| Eversource Energy  | 1841 | 154349 |
| Exelon Corp.  | 5319 | 229940 |
| FirstEnergy Corp.  | 3026 | 126910 |
| Hawaiian Electric Industries, Inc.  | 557 | 23310 |
| IDACORP, Inc.  | 268 | 28904 |
| MGE Energy, Inc.  | 224 | 15770 |
| Middlesex Water Co. (c)  | 136 | 10699 |
| Montauk Renewables, Inc. (b)  | 328 | 3618 |
| National Fuel Gas Co.  | 454 | 28738 |
| New Jersey Resources Corp.  | 563 | 27936 |
| NextEra Energy, Inc.  | 9853 | 823711 |
| NiSource, Inc.  | 2199 | 60297 |
| Northwest Natural Holding Co.  | 223 | 10613 |
| NorthWestern Corp.  | 330 | 19582 |
| NRG Energy, Inc.  | 1246 | 39648 |
| OGE Energy Corp.  | 1042 | 41211 |
| ONE Gas, Inc.  | 287 | 21732 |
| Ormat Technologies, Inc.  | 300 | 25944 |
| Otter Tail Corp.  | 196 | 11507 |
| PG&E Corp. (b)  | 8315 | 135202 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Pinnacle West Capital Corp. | 577 | $43875 |
| PNM Resources, Inc. | 480 | 23419 |
| Portland General Electric Co. | 500 | 24500 |
| PPL Corp | 4078 | 119159 |
| Public Service Enterprise Group, Inc. | 2714 | 166287 |
| Sempra Energy | 1686 | 260554 |
| SJW Group | 180 | 14614 |
| South Jersey Industries, Inc. | 430 | 15278 |
| Southwest Gas Holdings, Inc. | 325 | 20111 |
| Spire, Inc. | 291 | 20038 |
| Sunnova Energy International, Inc. (b) | 690 | 12427 |
| The AES Corp. | 3582 | 103018 |
| The Southern Co. | 5849 | 417677 |
| The York Water Co. | 128 | 5757 |
| UGI Corp. | 1205 | 44669 |
| Unitil Corp. | 106 | 5444 |
| Vistra Corp. | 2187 | 50738 |
| WEC Energy Group, Inc. | 1685 | 157986 |
| Xcel Energy, Inc. | 2934 | 205703 |
|  |  | 6143696 |
| **Total Common Stocks (Cost $62,584,122)** |  | 197635298 |
| WARRANT — 0.0% (f) |  |  |
| Triumph Group, Inc. (b) | 59 | 39 |
| **Total Warrant (Cost $308)** |  | 39 |
| RIGHT — 0.0% (f) |  |  |
| ABIOMED, Inc. (b)(d)(e) | 239 |  |
| **Total Right (Cost $0)** |  |  |
| **Total Investments at Value — 99.1% (Cost $62,584,430)** |  | 197635337 |
| **Other Assets in Excess of Liabilities — 0.9%** |  | 1860805 |
| **Net Assets — 100.0%** |  | $199496142 |

---

Percentages are stated as a percent of net assets.

REIT — Real Estate Investment Trust

See Notes to Financial Statements.<br> 130

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_131.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) More narrow industries are utilized for<br>
compliance purposes, whereas broad sectors are utilized for reporting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This security or a partial position of this security is on loan at December 31, 2022. The total fair value of securities on loan at December 31, 2022 was $1,014,354 (Note 8).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Illiquid security. The total fair value of such securities is $0 as of December 31, 2022, representing 0.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $0 as of December 31, 2022, representing 0.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents less than 0.1%.

See Notes to Financial Statements.<br> 131

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments**  | ***December 31, 2022*** | ![](fp0081225-2_132.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 79.3%** | **COMMON STOCKS — 79.3%** | **COMMON STOCKS — 79.3%** |
| **Australia — 2.1%** | **Australia — 2.1%** | **Australia — 2.1%** |
| 29Metals Ltd.  | 44409 | $57650 |
| Accent Group Ltd.  | 54169 | 61889 |
| Allkem Ltd. <sup>(a)</sup>  | 2470 | 18764 |
| ALS Ltd.  | 11187 | 93036 |
| ANZ Group Holdings Ltd.  | 1701 | 27401 |
| APM Human Services International Ltd.  | 19708 | 31941 |
| Aurizon Holdings Ltd.  | 71097 | 179326 |
| Australian Clinical Labs Ltd.  | 9519 | 19302 |
| BlueScope Steel Ltd.  | 9931 | 113198 |
| Charter Hall Group  | 22869 | 186256 |
| Cochlear Ltd.  | 129 | 17911 |
| Coles Group Ltd.  | 8726 | 98820 |
| CSL Ltd.  | 7220 | 1407836 |
| Eclipx Group Ltd. <sup>(a)</sup>  | 26379 | 35794 |
| Emeco Holdings Ltd.  | 60858 | 31890 |
| EVT Ltd.  | 3940 | 34109 |
| Grange Resources Ltd.  | 157434 | 90157 |
| Ingenia Communities Group  | 7250 | 22033 |
| JB Hi-Fi Ltd.  | 5806 | 165635 |
| Lovisa Holdings Ltd.  | 3553 | 55808 |
| Metcash Ltd.  | 22002 | 59588 |
| National Australia Bank Ltd.  | 363 | 7356 |
| Northern Star Resources Ltd.  | 29166 | 213572 |
| NRW Holdings Ltd.  | 23085 | 44068 |
| Nufarm Ltd.  | 8697 | 36078 |
| Orora Ltd.  | 42134 | 82843 |
| Perenti Ltd. <sup>(a)</sup>  | 187089 | 166765 |
| Perseus Mining Ltd.  | 55760 | 78257 |
| Pilbara Minerals Ltd. <sup>(a)</sup>  | 34639 | 88267 |
| Premier Investments Ltd.  | 3348 | 56537 |
| QBE Insurance Group Ltd.  | 22038 | 201311 |
| Ridley Corp. Ltd.  | 136090 | 183036 |
| Sandfire Resources Ltd.  | 10772 | 39501 |
| Seven Group Holdings Ltd.  | 3586 | 51149 |
| Seven West Media Ltd. <sup>(a)</sup>  | 71252 | 18993 |
| Sonic Healthcare Ltd.  | 743 | 15149 |
| Telstra Corp. Ltd. <sup>(a)</sup>  | 14358 | 38990 |
| Treasury Wine Estates Ltd.  | 4609 | 42589 |
| Vicinity Ltd.  | 17757 | 24161 |
| Viva Energy Group Ltd. <sup>(b)</sup>  | 13132 | 24388 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Washington H Soul Pattinson & Co. Ltd.  | 803 | $15109 |
| West African Resources Ltd. <sup>(a)</sup>  | 109565 | 87467 |
| Westpac Banking Corp.  | 1581 | 24866 |
| WiseTech Global Ltd.  | 5151 | 177626 |
| Woodside Energy Group Ltd.  | 1634 | 39535 |
| Woolworths Group Ltd.  | 2858 | 65266 |
| Yancoal Australia Ltd.  | 8234 | 33643 |
|  |  | 4664866 |
| **Austria — 0.1%**  |  |  |
| ANDRITZ AG  | 1118 | 63907 |
| AT&S Austria Technologie & Systemtechnik AG  | 1631 | 56040 |
| Strabag SE  | 978 | 40959 |
| Telekom Austria AG  | 12026 | 74335 |
| Wienerberger AG  | 1198 | 28999 |
|  |  | 264240 |
| **Belgium — 0.1%**  |  |  |
| Aedifica SA  | 337 | 27427 |
| Bekaert SA  | 2642 | 102471 |
| Intervest Offices & Warehouses NV  | 950 | 19548 |
| Telenet Group Holding NV  | 3023 | 49259 |
| Tessenderlo Group SA <sup>(a)</sup>  | 711 | 25417 |
|  |  | 224122 |
| **Brazil — 1.0%**  |  |  |
| Ambev SA  | 500000 | 1378853 |
| Atacadao SA  | 19700 | 55185 |
| Banco do Brasil SA  | 4700 | 30925 |
| Banco Modal SA  | 38500 | 16042 |
| Cia de Saneamento de Minas Gerais-COPASA  | 15800 | 46834 |
| Cia de Saneamento do Parana  | 33300 | 113907 |
| Cury Construtora e Incorporadora SA  | 32800 | 77904 |
| Jalles Machado SA  | 42300 | 61130 |
| JBS SA  | 8700 | 36186 |
| Mills Estruturas e Servicos de Engenharia SA  | 41600 | 89586 |
| Petro Rio SA <sup>(a)</sup>  | 27600 | 194516 |
| Petroleo Brasileiro SA  | 7500 | 39917 |

---

See Notes to Financial Statements.<br> 132

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_133.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** |
| **Brazil — 1.0% (Continued)** |  |  |
| Petroreconcavo SA  | 9400 | $58486 |
| Portobello SA  | 29600 | 46028 |
| Rumo SA  | 4200 | 14900 |
| TIM SA  | 8200 | 19274 |
|  |  | 2279673 |
| **Britain — 8.3%** |  |  |
| 4imprint Group PLC  | 749 | 38470 |
| abrdn Property Income Trust Ltd.  | 26106 | 19733 |
| Adaptimmune Therapeutics PLC- ADR <sup>(a)</sup>  | 10080 | 14717 |
| Airtel Africa PLC <sup>(b)</sup>  | 60733 | 82061 |
| Ashtead Group PLC  | 294 | 16795 |
| Assura PLC  | 212986 | 140394 |
| AstraZeneca PLC  | 13533 | 1836645 |
| Aviva PLC - Class B <sup>(a)</sup>  | 97066 | 517378 |
| Barclays PLC  | 282905 | 543912 |
| Big Yellow Group PLC  | 8029 | 111456 |
| Bloomsbury Publishing PLC  | 3510 | 19049 |
| BP PLC  | 46745 | 271834 |
| Bytes Technology Group PLC  | 18246 | 85270 |
| Centrica PLC  | 66200 | 77092 |
| Compass Group PLC  | 3975 | 91851 |
| Cranswick PLC  | 816 | 30366 |
| Diageo PLC  | 6617 | 292204 |
| Drax Group PLC  | 6250 | 53176 |
| EMIS Group PLC  | 3542 | 80166 |
| EnQuest PLC <sup>(a)</sup>  | 83659 | 21721 |
| Ferguson PLC  | 7130 | 900831 |
| Forterra PLC <sup>(b)</sup>  | 14931 | 33698 |
| Frasers Group PLC <sup>(a)</sup>  | 4901 | 42108 |
| Future PLC  | 2174 | 33337 |
| Global Ship Lease, Inc. - Class A <sup>(c)</sup>  | 2226 | 37063 |
| Greggs PLC  | 1450 | 40926 |
| GSK PLC  | 24834 | 431861 |
| Haleon PLC <sup>(a)</sup>  | 12424 | 49695 |
| Harbour Energy PLC  | 13304 | 49107 |
| Howden Joinery Group PLC  | 21407 | 145488 |
| HSBC Holdings PLC  | 240946 | 1502660 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| IMI PLC  | 10108 | $157339 |
| Imperial Brands PLC  | 2146 | 53617 |
| Indivior PLC <sup>(a)</sup>  | 2049 | 45833 |
| InterContinental Hotels Group PLC  | 2511 | 144531 |
| J Sainsbury PLC  | 367224 | 963970 |
| John Wood Group PLC <sup>(a)</sup>  | 500581 | 813850 |
| Legal & General Group PLC  | 112789 | 340641 |
| Linde PLC  | 2860 | 935134 |
| Lloyds Banking Group PLC  | 313303 | 172046 |
| LXI REIT PLC  | 12239 | 16647 |
| Man Group PLC  | 60860 | 157263 |
| Morgan Advanced Materials PLC  | 17993 | 68455 |
| NatWest Group PLC  | 198435 | 633434 |
| Next Fifteen Communications Group PLC  | 11430 | 136811 |
| OSB Group PLC  | 20193 | 116847 |
| Pagegroup PLC  | 7223 | 40317 |
| Pets at Home Group PLC  | 9110 | 31229 |
| Reckitt Benckiser Group PLC  | 7175 | 499160 |
| Renewi PLC <sup>(a)</sup>  | 5727 | 41443 |
| Rightmove PLC  | 7524 | 46582 |
| RS Group PLC  | 5559 | 60262 |
| Safestore Holdings PLC  | 16516 | 188864 |
| Serco Group PLC  | 70493 | 131829 |
| Shell PLC  | 14300 | 406375 |
| Shell PLC  | 53622 | 1525595 |
| Spirent Communications PLC  | 17144 | 53917 |
| Standard Chartered PLC  | 89654 | 672922 |
| Stolt-Nielsen Ltd.  | 1022 | 28119 |
| TechnipFMC PLC <sup>(a)</sup>  | 25287 | 308248 |
| Tesco PLC  | 321620 | 872001 |
| Travis Perkins <sup>(a)</sup>  | 70583 | 754773 |
| Tullow Oil PLC <sup>(a)</sup>  | 98695 | 44054 |
| Unilever PLC  | 891 | 44950 |
| Virgin Money UK PLC  | 22016 | 48483 |
| Watches of Switzerland Group PLC <sup>(a)(b)</sup>  | 1971 | 19580 |
| Wise PLC - Class A <sup>(a)</sup> | 17989 | 121681 |
|  |  | 18307866 |

---

See Notes to Financial Statements.<br> 133

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_134.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** |
| **Canada — 4.5%** |  |  |
| Algoma Steel Group, Inc.  | 4339 | $27399 |
| Alimentation Couche-Tard, Inc.  | 1800 | 79099 |
| ARC Resources Ltd.  | 8900 | 119959 |
| Aritzia, Inc. <sup>(a)</sup>  | 2081 | 72773 |
| Artis Real Estate Investment Trust  | 3042 | 20243 |
| Atco Ltd. - Class I  | 1578 | 49391 |
| AutoCanada, Inc. <sup>(a)</sup>  | 1002 | 17250 |
| Bank of Montreal  | 2800 | 253654 |
| Barrick Gold Corp.  | 5900 | 101137 |
| Birchcliff Energy Ltd.  | 7509 | 52297 |
| Boardwalk Real Estate Investment Trust  | 4115 | 150225 |
| Bombardier, Inc. - Class B <sup>(a)</sup>  | 1665 | 64276 |
| Boston Pizza Royalties Income Fund  | 1763 | 19635 |
| BRP, Inc.  | 1847 | 140817 |
| Canadian National Railway Co.  | 600 | 71273 |
| Canadian Natural Resources Ltd.  | 2900 | 161042 |
| Canadian Pacific Railway Ltd.  | 29570 | 2205626 |
| Canadian Utilities Ltd. - Class A  | 2000 | 54136 |
| Canfor Corp. <sup>(a)</sup>  | 5295 | 83336 |
| Cathedral Energy Services Ltd. <sup>(a)</sup>  | 29633 | 27576 |
| Cenovus Energy, Inc.  | 3400 | 65966 |
| CGI, Inc. <sup>(a)</sup>  | 200 | 17239 |
| Chemtrade Logistics Income Fund  | 18403 | 121916 |
| Crescent Point Energy Corp.  | 15998 | 114136 |
| Definity Financial Corp.  | 850 | 24157 |
| Dollarama, Inc.  | 600 | 35092 |
| Element Fleet Management Corp.  | 10559 | 143880 |
| Empire Co. Ltd. - Class A  | 1300 | 34238 |
| Enbridge, Inc.  | 1900 | 74260 |
| Enerplus Corp.  | 2747 | 48488 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Fairfax Financial Holdings Ltd.  | 800 | $473897 |
| Frontera Energy Corp. <sup>(a)</sup>  | 4565 | 41368 |
| George Weston Ltd.  | 1950 | 241935 |
| Gildan Activewear, Inc.  | 3822 | 104667 |
| goeasy Ltd.  | 201 | 15802 |
| H&R Real Estate Investment Trust  | 9907 | 88607 |
| iA Financial Corp., Inc.  | 4140 | 242377 |
| Imperial Oil Ltd.  | 4900 | 238667 |
| Interfor Corp. <sup>(a)</sup>  | 3454 | 53570 |
| Kinross Gold Corp.  | 23300 | 94990 |
| Lululemon Athletica, Inc. <sup>(a)</sup>  | 2890 | 925898 |
| Major Drilling Group International, Inc. <sup>(a)</sup>  | 7849 | 60983 |
| Methanex Corp.  | 486 | 18399 |
| MTY Food Group, Inc.  | 1757 | 74056 |
| Northland Power, Inc.  | 6100 | 167277 |
| Onex Corp.  | 1000 | 48220 |
| Parex Resources, Inc.  | 11141 | 165798 |
| Parkland Corp. <sup>(a)</sup>  | 1300 | 28525 |
| Pet Valu Holdings Ltd.  | 1466 | 42367 |
| Resolute Forest Products, Inc. <sup>(a)</sup>  | 1483 | 31993 |
| Royal Bank of Canada  | 2200 | 206839 |
| Shopify, Inc. - Class A <sup>(a)</sup>  | 600 | 20832 |
| Stelco Holdings, Inc.  | 2302 | 75300 |
| Sun Life Financial, Inc.  | 1700 | 78911 |
| Suncor Energy, Inc.  | 2000 | 63442 |
| TFI International, Inc.  | 400 | 40062 |
| The Bank of Nova Scotia  | 1781 | 87261 |
| The Descartes Systems Group, Inc. <sup>(a)</sup>  | 1492 | 104010 |
| The Toronto-Dominion Bank  | 2400 | 155397 |
| Thomson Reuters Corp.  | 9680 | 1104264 |
| Toromont Industries Ltd.  | 200 | 14433 |
| Tourmaline Oil Corp.  | 1300 | 65595 |
| Tricon Residential, Inc.  | 12006 | 92572 |
| True North Commercial Real Estate Investment Trust  | 12451 | 53243 |
| Wajax Corp.  | 1421 | 20706 |
| Whitecap Resources, Inc.  | 6227 | 49393 |

---

See Notes to Financial Statements.<br> 134

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_135.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** |
| **Canada — 4.5% (Continued)** | **Canada — 4.5% (Continued)** | **Canada — 4.5% (Continued)** |
| WSP Global, Inc.  | 600 | $69612 |
|  |  | 9911784 |
| **Chile — 0.1%** |  |  |
| Cencosud SA  | 22723 | 37369 |
| Cia Cervecerias Unidas SA  | 1421 | 9490 |
| Enel Americas SA  | 261479 | 34987 |
| Enel Chile SA  | 1099059 | 50518 |
|  |  | 132364 |
| **China — 4.3%**  |  |  |
| 360 DigiTech, Inc. - ADR  | 3372 | 68654 |
| Alibaba Group Holding Ltd. <sup>(a)</sup>  | 144748 | 1598186 |
| Anhui Conch Cement Co. Ltd. - Class H  | 19300 | 66924 |
| ANTA Sports Products Ltd.  | 12700 | 166505 |
| AustAsia Group Ltd. <sup>(a)</sup>  | 18440 | 15049 |
| Avichina Industry & Technology Co. Ltd. - Class H  | 98000 | 44054 |
| BAIC Motor Corp. Ltd. - Class H <sup>(b)</sup>  | 146000 | 38727 |
| Baidu, Inc. - Class A <sup>(a)</sup>  | 2400 | 34496 |
| Baidu, Inc. - ADR <sup>(a)</sup>  | 4295 | 491262 |
| Bairong, Inc. <sup>(a)(b)</sup>  | 55500 | 75493 |
| Bank of Jiangsu Co. Ltd. - Class A  | 29300 | 30733 |
| Bethel Automotive Safety Systems Co. Ltd. - Class A  | 1000 | 11472 |
| Bloomage Biotechnology Corp. Ltd. - Class A  | 652 | 12641 |
| BYD Co. Ltd. - Class A  | 1400 | 51784 |
| BYD Co. Ltd. - Class H  | 14500 | 356574 |
| BYD Electronic International Co. Ltd.  | 1500 | 4825 |
| China BlueChemical Ltd. - Class H  | 150000 | 35354 |
| China Construction Bank Corp. - Class H  | 267000 | 167292 |
| China Galaxy Securities Co. Ltd. - Class A  | 6900 | 9224 |
| China Galaxy Securities Co. Ltd. - Class H  | 138800 | 67763 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| China Medical System Holdings Ltd.  | 2000 | $3147 |
| China National Building Material Co. Ltd. - Class H  | 40000 | 32858 |
| China Northern Rare Earth Group High-Tech Co. Ltd. - Class A  | 4600 | 16582 |
| China Pacific Insurance Group Co. Ltd. - Class H  | 12200 | 26941 |
| China Petroleum & Chemical Corp. - Class A  | 74300 | 46628 |
| China Petroleum & Chemical Corp. - Class H  | 410000 | 198151 |
| China Shineway Pharmaceutical Group Ltd.  | 26000 | 25286 |
| China XLX Fertiliser Ltd.  | 33000 | 17028 |
| China Yongda Automobiles Services Holdings Ltd.  | 30500 | 22479 |
| Chongqing Brewery Co. Ltd. - Class A  | 1100 | 20166 |
| COSCO SHIPPING Holdings Co. Ltd. - Class A  | 30200 | 44664 |
| COSCO SHIPPING Holdings Co. Ltd. - Class H  | 43500 | 44370 |
| Country Garden Services Holdings Co. Ltd.  | 12500 | 30955 |
| Daqo New Energy Corp. - ADR <sup>(a)</sup>  | 1114 | 43012 |
| Dong-E-E-Jiao Co. Ltd. - Class A  | 1500 | 8784 |
| Ecovacs Robotics Co. Ltd. - Class A  | 900 | 9452 |
| Excellence Commercial Property & Facilities Management Group Ltd.  | 64000 | 30556 |
| First Tractor Co. Ltd. - Class H  | 74000 | 34933 |
| Fufeng Group Ltd.  | 126000 | 76417 |
| G-bits Network Technology Xiamen Co. Ltd. - Class A  | 200 | 8981 |
| GF Securities Co. Ltd. - Class H  | 327200 | 467404 |

---

See Notes to Financial Statements.<br> 135

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_136.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** |
| **China — 4.3% (Continued)** |  |  |
| Great Wall Motor Co. Ltd. - Class A  | 5300 | $22595 |
| Greentown China Holdings Ltd.  | 34500 | 49867 |
| Hangzhou Tigermed Consulting Co. Ltd. - Class A  | 600 | 9050 |
| Hangzhou Tigermed Consulting Co. Ltd. - Class A  | 300 | 4525 |
| Industrial & Commercial Bank of China Ltd. - Class H  | 395100 | 203509 |
| InnoCare Pharma Ltd. <sup>(a)(b)</sup>  | 16000 | 27966 |
| iQIYI, Inc. - ADR <sup>(a)</sup>  | 3023 | 16022 |
| JD.com, Inc. - Class A  | 3491 | 98133 |
| Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. - Class A  | 3500 | 80572 |
| Jiangsu Yangnong Chemical Co. Ltd. - Class A  | 700 | 10456 |
| JiuGui Liquor Co. Ltd. - Class A  | 524 | 10403 |
| Kanzhun Ltd. - ADR <sup>(a)</sup>  | 38 | 774 |
| KE Holdings, Inc. - ADR <sup>(a)</sup>  | 3965 | 55351 |
| Kweichow Moutai Co. Ltd. - Class A  | 600 | 148473 |
| Li Auto, Inc. - Class A <sup>(a)</sup>  | 14334 | 146169 |
| Li Ning Co. Ltd.  | 128000 | 1098400 |
| LONGi Green Energy Technology Co. Ltd. - Class A  | 11988 | 72910 |
| Luzhou Laojiao Co. Ltd. - Class A  | 300 | 9641 |
| Midea Real Estate Holding Ltd. <sup>(b)</sup>  | 30400 | 46447 |
| Morimatsu International Holdings Co. Ltd. <sup>(a)</sup>  | 32000 | 35553 |
| NetDragon Websoft Holdings Ltd.  | 19000 | 40592 |
| NetEase, Inc.  | 1900 | 27695 |
| Newborn Town, Inc. <sup>(a)</sup>  | 92000 | 21961 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| NIO, Inc. - ADR <sup>(a)</sup>  | 1832 | $17862 |
| PetroChina Co. Ltd. - Class A  | 50500 | 36113 |
| PetroChina Co. Ltd. - Class H  | 680000 | 311286 |
| PICC Property & Casualty Co. Ltd. - Class H  | 268000 | 253669 |
| Pinduoduo, Inc. - ADR <sup>(a)</sup>  | 904 | 73721 |
| SAIC Motor Corp. Ltd. - Class A  | 18168 | 37691 |
| Seazen Holdings Co. Ltd. - Class A <sup>(a)</sup>  | 5300 | 15547 |
| Shaanxi Coal Industry Co. Ltd. - Class A  | 3000 | 8021 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd. - Class A  | 878 | 36005 |
| Shenzhen Kstar Science And Technology Co. Ltd. - Class A  | 1400 | 11604 |
| Simcere Pharmaceutical Group Ltd. <sup>(b)</sup>  | 28000 | 41694 |
| Sinopec Engineering Group Co. Ltd. - Class H  | 212000 | 93173 |
| Suzhou Maxwell Technologies Co. Ltd. - Class A  | 400 | 23704 |
| TBEA Co. Ltd. - Class A  | 500 | 1445 |
| Tencent Holdings Ltd.  | 4080 | 173409 |
| The People's Insurance Co. Group of China Ltd. - Class H  | 17000 | 5642 |
| Tianqi Lithium Corp. - Class A <sup>(a)</sup>  | 700 | 7938 |
| Tongwei Co. Ltd. - Class A  | 10500 | 58299 |
| Trip.com Group Ltd. - ADR <sup>(a)</sup> | 39491 | 1358490 |
| Vipshop Holdings Ltd. - ADR <sup>(a)</sup>  | 4910 | 66972 |
| West China Cement Ltd.  | 320000 | 37722 |
| Wuliangye Yibin Co. Ltd. - Class A  | 700 | 18125 |
| Wuxi Autowell Technology Co. Ltd. - Class A  | 200 | 5782 |
| Xinte Energy Co. Ltd. - Class H  | 12000 | 22206 |

---

See Notes to Financial Statements.<br> 136

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_137.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** |
| **China — 4.3% (Continued)** |  |  |
| Xpeng, Inc. - Class A <sup>(a)</sup>  | 9946 | $49437 |
| Yihai International Holding Ltd.  | 4000 | 13973 |
| Zhejiang HangKe Technology, Inc. Co. - Class A  | 943 | 5940 |
| Zhejiang Huayou Cobalt Co. Ltd. - Class A  | 650 | 5204 |
|  |  | 9583544 |
| **Colombia — 0.0% <sup>(d)</sup>** |  |  |
| Bancolombia SA  | 1199 | 10511 |
| Czech Republic — 0.0% <sup>(d)</sup> |  |  |
| CEZ AS  | 800 | 27242 |
| Komercni Banka AS  | 177 | 5118 |
|  |  | 32360 |
| **Denmark — 2.5%**  |  |  |
| ALK-Abello A/S <sup>(a)</sup>  | 2312 | 32071 |
| AP Moller - Maersk A/S - Class A  | 35 | 77651 |
| Bavarian Nordic A/S <sup>(a)</sup>  | 837 | 25643 |
| Carlsberg AS - Class B  | 27 | 3574 |
| Chemometec A/S <sup>(a)</sup>  | 294 | 29328 |
| D/S Norden A/S  | 3656 | 219339 |
| Danske Bank A/S  | 30484 | 600552 |
| Dfds A/S  | 582 | 21537 |
| DSV A/S  | 4140 | 656629 |
| Genmab A/S <sup>(a)</sup>  | 1113 | 471442 |
| H Lundbeck A/S  | 15654 | 58650 |
| ISS A/S <sup>(a)</sup>  | 2351 | 49705 |
| Jyske Bank A/S <sup>(a)</sup>  | 502 | 32636 |
| NKT A/S <sup>(a)</sup>  | 452 | 25546 |
| Novo Nordisk A/S - Class B  | 22349 | 3026054 |
| Per Aarsleff Holding A/S  | 651 | 24560 |
| Solar A/S - Class B  | 1456 | 129864 |
|  |  | 5484781 |
| **Egypt — 0.1%**  |  |  |
| Abou Kir Fertilizers & Chemical Industries  | 28664 | 44841 |
| Sidi Kerir Petrochemicals Co. <sup>(a)</sup>  | 142681 | 75620 |
| Telecom Egypt Co.  | 36481 | 36989 |
|  |  | 157450 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Finland — 1.2%**  |  |  |
| Kesko Oyj - Class B  | 10638 | $235402 |
| Nokia Oyj  | 334575 | 1554563 |
| Nordea Bank Abp  | 50739 | 542630 |
| Sampo Oyj - Class A  | 4557 | 238277 |
| Uponor Oyj  | 3748 | 66747 |
| Valmet Oyj  | 2496 | 67467 |
|  |  | 2705086 |
| **France — 7.2%**  |  |  |
| Accor SA <sup>(a)</sup>  | 27705 | 688342 |
| Airbus SE  | 2710 | 322224 |
| Amundi SA <sup>(b)</sup>  | 24471 | 1390453 |
| AXA SA  | 797 | 22213 |
| Biosynex  | 3555 | 52472 |
| Bouygues SA  | 9135 | 274049 |
| Bureau Veritas SA  | 3911 | 102931 |
| Capgemini SE  | 758 | 127127 |
| Cie de Saint-Gobain  | 891 | 43742 |
| Cie Generale des Etablissements Michelin SCA  | 58093 | 1615381 |
| Coface SA <sup>(a)</sup>  | 4969 | 64764 |
| Dassault Systemes SE  | 8885 | 320455 |
| Elis SA  | 4320 | 63818 |
| Engie SA  | 14218 | 203659 |
| Equasens  | 277 | 22135 |
| Hermes International  | 173 | 266962 |
| Jacquet Metals SACA  | 1525 | 27283 |
| Kering SA  | 931 | 476468 |
| La Francaise des Jeux SAEM <sup>(b)</sup>  | 3739 | 150214 |
| L'Oreal SA  | 123 | 44125 |
| LVMH Moet Hennessy Louis Vuitton SE  | 2185 | 1587277 |
| Mersen SA  | 747 | 30284 |
| Pernod Ricard SA  | 6543 | 1286085 |
| Publicis Groupe SA  | 9826 | 623957 |
| Rexel SA  | 97134 | 1924898 |
| Rothschild & Co.  | 745 | 29801 |
| Rubis SCA  | 793 | 20880 |
| Sanofi  | 16601 | 1606318 |
| Schneider Electric SE  | 10130 | 1424673 |
| SCOR SE  | 5017 | 115198 |
| Societe BIC SA  | 2935 | 200747 |

---

See Notes to Financial Statements.<br> 137

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_138.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** |
| **France — 7.2% (Continued)** |  |  |
| Societe Generale SA  | 637 | $15982 |
| **Technip Energies NV**  | 4118 | 64833 |
| **Television Francaise 1**  | 5013 | 38377 |
| Thales SA  | 255 | 32598 |
| TotalEnergies SE  | 10273 | 641189 |
| Verallia SA <sup>(b)</sup>  | 2625 | 88935 |
| Virbac SA  | 209 | 51236 |
|  |  | 16062085 |
| **Georgia — 0.0% <sup>(d)</sup>** |  |  |
| TBC Bank Group PLC  | 1968 | 53956 |
| **Germany — 3.0%** |  |  |
| Allianz SE  | 422 | 90741 |
| Atoss Software AG  | 301 | 44704 |
| Aurubis AG  | 1097 | 89665 |
| BASF SE  | 32807 | 1628672 |
| Bayer AG  | 3571 | 184379 |
| Cliq Digital AG  | 1726 | 46706 |
| Covestro AG <sup>(b)</sup>  | 35838 | 1402092 |
| Daimler Truck Holding AG <sup>(a)</sup>  | 34387 | 1065418 |
| Fresenius Medical Care AG & Co. KGaA  | 25717 | 841153 |
| Gerresheimer AG  | 402 | 27030 |
| Hornbach Holding AG & Co. KGaA  | 282 | 23289 |
| HUGO BOSS AG  | 1697 | 98374 |
| Immatics NV <sup>(a)</sup>  | 4182 | 36425 |
| K+S AG  | 917 | 18037 |
| Krones AG  | 1692 | 190149 |
| Mensch und Maschine Software SE  | 423 | 20633 |
| Mercedes-Benz Group AG  | 3236 | 212357 |
| Merck KGaA  | 75 | 14525 |
| MLP SE  | 5098 | 28052 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 211 | 68609 |
| Nemetschek SE  | 628 | 32076 |
| ProSiebenSat.1 Media SE  | 4353 | 38908 |
| Rational AG  | 45 | 26670 |
| Siemens AG  | 977 | 135600 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Sirius Real Estate Ltd.  | 42096 | $37509 |
| Suedzucker AG  | 1830 | 32006 |
| Synlab AG  | 4832 | 58632 |
| Wacker Neuson SE  | 2774 | 48524 |
|  |  | 6540935 |
| **Gibraltar — 0.0% <sup>(d)</sup>**  |  |  |
| 888 Holdings PLC <sup>(a)</sup>  | 20636 | 21733 |
| **Greece — 0.1%**  |  |  |
| Danaos Corp. <sup>(c)</sup>  | 840 | 44234 |
| FF Group <sup>(a)(e)</sup>  | 2880 |  |
| Hellenic Telecommunications Organization SA  | 3397 | 53054 |
|  |  | 97288 |
| **Hong Kong — 2.5%** |  |  |
| AIA Group Ltd.  | 103265 | 1137671 |
| Beijing Enterprises Holdings Ltd.  | 81500 | 261064 |
| BOC Hong Kong Holdings Ltd.  | 4000 | 13597 |
| Bosideng International Holdings Ltd.  | 36000 | 17116 |
| Brilliance China Automotive Holdings Ltd. <sup>(a)</sup>  | 658000 | 368513 |
| China Overseas Land & Investment Ltd.  | 286500 | 756253 |
| China Taiping Insurance Holdings Co. Ltd.  | 40200 | 50069 |
| China Traditional Chinese Medicine Holdings Co. Ltd.  | 112000 | 50943 |
| First Pacific Co. Ltd.  | 368000 | 109864 |
| Futu Holdings Ltd. - ADR <sup>(a)</sup>  | 1992 | 80975 |
| Galaxy Entertainment Group Ltd.  | 260000 | 1721590 |
| Geely Automobile Holdings Ltd.  | 33000 | 47732 |
| Gemdale Properties & Investment Corp. Ltd.  | 1070000 | 87067 |
| Hang Lung Properties Ltd.  | 10000 | 19416 |
| Hang Seng Bank Ltd.  | 1000 | 16558 |
| Hong Kong Exchanges & Clearing Ltd.  | 1700 | 73466 |

---

See Notes to Financial Statements.<br> 138

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_139.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** |
| **Hong Kong — 2.5% (Continued)** | **Hong Kong — 2.5% (Continued)** | **Hong Kong — 2.5% (Continued)** |
| Jardine Matheson Holdings Ltd.  | 3400 | $172882 |
| Kerry Logistics Network Ltd.  | 46500 | 83717 |
| Swire Pacific Ltd. - Class A  | 19500 | 171024 |
| Tam Jai International Co. Ltd.  | 125000 | 42125 |
| The United Laboratories International Holdings Ltd.  | 170000 | 106125 |
| Theme International Holdings Ltd. <sup>(a)</sup>  | 180000 | 18219 |
| United Energy Group Ltd.  | 378000 | 37275 |
|  |  | 5443261 |
| **India — 2.3%** |  |  |
| ACC Ltd.  | 1083 | 31878 |
| Asian Paints Ltd.  | 5870 | 219144 |
| Axis Bank Ltd.  | 17466 | 196315 |
| Bharti Airtel Ltd.  | 4408 | 42849 |
| Britannia Industries Ltd.  | 4221 | 219460 |
| Cera Sanitaryware Ltd.  | 290 | 18205 |
| Cipla Ltd.  | 1619 | 21059 |
| Coal India Ltd.  | 31290 | 84866 |
| Computer Age Management Services Ltd.  | 1080 | 28927 |
| Coromandel International Ltd.  | 2254 | 24130 |
| Cosmo First Ltd.  | 2859 | 26348 |
| Dr. Reddy's Laboratories Ltd.  | 3800 | 194274 |
| Dwarikesh Sugar Industries Ltd.  | 16727 | 21215 |
| EID Parry India Ltd.  | 3709 | 25473 |
| Equitas Holdings Ltd. <sup>(a)</sup>  | 55378 | 83628 |
| Finolex Cables Ltd.  | 5930 | 39128 |
| GHCL Ltd.  | 8310 | 51164 |
| Godawari Power and Ispat Ltd.  | 19269 | 86713 |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd.  | 9256 | 62234 |
| Gujarat State Fertilizers & Chemicals Ltd.  | 19973 | 33661 |
| Hero MotoCorp Ltd.  | 4288 | 141981 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| ICICI Bank Ltd. - ADR  | 55819 | $1221878 |
| Indian Energy Exchange Ltd. <sup>(b)</sup>  | 9111 | 15366 |
| Indraprastha Gas Ltd.  | 12214 | 61012 |
| Infosys Ltd.  | 835 | 15127 |
| IRCON International Ltd. <sup>(b)</sup>  | 148512 | 107283 |
| ITC Ltd.  | 26189 | 104974 |
| J Kumar Infraprojects Ltd.  | 10380 | 34074 |
| Kotak Mahindra Bank Ltd.  | 9633 | 211947 |
| KPIT Technologies Ltd.  | 8554 | 72513 |
| Mahindra & Mahindra Ltd.  | 10566 | 159019 |
| NTPC Ltd.  | 31036 | 62293 |
| Oil India Ltd.  | 7170 | 18006 |
| Persistent Systems Ltd.  | 595 | 27849 |
| PI Industries Ltd.  | 378 | 15594 |
| Polyplex Corp. Ltd.  | 2886 | 55416 |
| PTC India Ltd.  | 47442 | 46522 |
| Rail Vikas Nigam Ltd.  | 134682 | 110916 |
| Redington India Ltd.  | 24101 | 52682 |
| Route Mobile Ltd.  | 5192 | 76028 |
| Sansera Engineering Ltd. <sup>(b)</sup>  | 5937 | 53448 |
| Sapphire Foods India Ltd. <sup>(a)</sup>  | 1275 | 20560 |
| Shyam Metalics & Energy Ltd.  | 10274 | 38860 |
| Siemens Ltd.  | 2628 | 89818 |
| Sonata Software Ltd.  | 5414 | 36797 |
| State Bank of India  | 9529 | 70411 |
| Suven Pharmaceuticals Ltd.  | 3857 | 23073 |
| Tamilnadu Petroproducts Ltd  | 28862 | 31693 |
| Tata Consultancy Services Ltd.  | 431 | 16971 |
| Tata Motors Ltd. <sup>(a)</sup>  | 6850 | 31956 |
| The Great Eastern Shipping Co. Ltd.  | 12142 | 98352 |
| The Karnataka Bank Ltd.  | 31968 | 58603 |
| The Karur Vysya Bank Ltd.  | 137895 | 188464 |
| Torrent Pharmaceuticals Ltd.  | 550 | 10283 |
| United Spirits Ltd. <sup>(a)</sup>  | 11389 | 120834 |

---

See Notes to Financial Statements.<br> 139

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_140.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** |
| **India — 2.3% (Continued)** | **India — 2.3% (Continued)** |  |
| WNS Holdings Ltd. - ADR <sup>(a)</sup>  | 1919 | $153501 |
| Zomato Ltd. <sup>(a)</sup>  | 40908 | 29179 |
|  |  | 5193954 |
| **Indonesia — 0.2%**  |  |  |
| Astra International Tbk PT  | 22000 | 8015 |
| Bank Central Asia Tbk PT  | 2200 | 1206 |
| Bank Jago Tbk PT <sup>(a)</sup>  | 17300 | 4118 |
| Bank Mandiri Persero Tbk PT  | 139200 | 88462 |
| Bank Negara Indonesia Persero Tbk PT  | 136600 | 80641 |
| Bank Tabungan Negara Persero Tbk PT  | 336700 | 29201 |
| Ciputra Development Tbk PT  | 731500 | 44171 |
| Delta Dunia Makmur Tbk PT  | 843200 | 16436 |
| Dharma Satya Nusantara Tbk PT  | 1287000 | 49541 |
| Indofood Sukses Makmur Tbk PT  | 53100 | 22940 |
| Industri Jamu Dan Farmasi Sido Muncul Tbk PT  | 1008700 | 48864 |
| Kalbe Farma Tbk PT  | 483400 | 64903 |
| Triputra Agro Persada PT  | 954200 | 38893 |
|  |  | 497391 |
| **Ireland — 2.4%**  |  |  |
| Accenture PLC - Class A  | 5650 | 1507646 |
| AIB Group PLC  | 27271 | 105120 |
| Bank of Ireland Group PLC  | 74026 | 701890 |
| Experian PLC  | 49791 | 1695072 |
| Glenveagh Properties PLC <sup>(a)(b)</sup>  | 106555 | 96625 |
| ICON PLC <sup>(a)</sup>  | 6580 | 1278165 |
| Keywords Studios PLC  | 1109 | 36543 |
|  |  | 5421061 |
| **Isle Of Man — 0.0% <sup>(d)</sup>**  |  |  |
| Playtech PLC <sup>(a)</sup>  | 10097 | 62010 |
| **Israel — 0.2%**  |  |  |
| Africa Israel Residences Ltd.  | 1361 | 60200 |
| Ashtrom Group Ltd.  | 2043 | 38157 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Aura Investments Ltd.  | 31454 | $49394 |
| Danel Adir Yeoshua Ltd.  | 454 | 35511 |
| Inmode Ltd. <sup>(a)</sup>  | 1574 | 56192 |
| Perion Network Ltd. <sup>(a)</sup>  | 1191 | 30132 |
| Plus500 Ltd.  | 4497 | 97958 |
|  |  | 367544 |
| **Italy — 2.0%**  |  |  |
| Anima Holding SpA <sup>(b)</sup>  | 11228 | 45102 |
| Assicurazioni Generali SpA  | 21821 | 387526 |
| Azimut Holding SpA  | 1400 | 31396 |
| Banco BPM SpA  | 38722 | 138298 |
| Buzzi Unicem SpA  | 2643 | 51087 |
| Carel Industries SpA <sup>(b)</sup>  | 1558 | 39162 |
| El.En. SpA  | 5588 | 85568 |
| Enel SpA  | 147172 | 791531 |
| Eni SpA  | 41455 | 592151 |
| Ferrari NV  | 7712 | 1650023 |
| Intesa Sanpaolo SpA  | 58529 | 130577 |
| Iren SpA  | 11747 | 18518 |
| Leonardo SpA  | 20061 | 172924 |
| Moncler SpA  | 2486 | 132331 |
| Reply SpA  | 413 | 47498 |
| Sanlorenzo SpA  | 1093 | 43214 |
| Sesa SpA  | 150 | 18698 |
| Stevanato Group SpA  | 2492 | 44781 |
| Technoprobe SpA <sup>(a)</sup>  | 13342 | 95594 |
|  |  | 4515979 |
| **Japan — 10.6%**  |  |  |
| Advantest Corp.  | 4300 | 277608 |
| Aisan Industry Co. Ltd.  | 4200 | 21897 |
| ANA Holdings Inc <sup>(a)</sup>  | 4900 | 104389 |
| AOKI Holdings, Inc.  | 5100 | 26572 |
| Arclands Corp.  | 11100 | 132583 |
| Asteria Corp.  | 3400 | 18877 |
| Bell System24 Holdings, Inc.  | 6400 | 66447 |
| Benesse Holdings, Inc.  | 1400 | 21393 |
| BML, Inc.  | 1000 | 25305 |
| Central Japan Railway Co.  | 100 | 12302 |
| CMIC Holdings Co. Ltd.  | 5900 | 79686 |
| Cosmo Energy Holdings Co. Ltd.  | 2600 | 68763 |
| Daihatsu Diesel Manufacturing Co. Ltd.  | 25800 | 99717 |
| Daihen Corp.  | 900 | 26224 |

---

See Notes to Financial Statements.<br> 140

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_141.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** |
| **Japan — 10.6% (Continued)** |  |  |
| Dai-ichi Life Holdings, Inc.  | 1100 | $24979 |
| Daiichi Sankyo Co. Ltd.  | 3500 | 112166 |
| Daiken Corp.  | 9100 | 144255 |
| Daishinku Corp.  | 8100 | 42178 |
| Daiwa Securities Group, Inc.  | 19900 | 88219 |
| Dear Life Co. Ltd.  | 9900 | 46307 |
| Disco Corp.  | 200 | 57494 |
| East Japan Railway Co.  | 1700 | 96997 |
| Eiken Chemical Co. Ltd.  | 1500 | 19527 |
| Eisai Co. Ltd.  | 1700 | 111348 |
| Electric Power Development Co. Ltd.  | 6300 | 100220 |
| Fast Retailing Co. Ltd.  | 400 | 242402 |
| FIDEA Holdings Co. Ltd.  | 2600 | 28489 |
| Fuji Electric Co. Ltd.  | 1800 | 68545 |
| Fukuoka Financial Group, Inc.  | 30100 | 686424 |
| GMO Payment Gateway, Inc.  | 1100 | 91464 |
| Goldcrest Co. Ltd.  | 8100 | 103717 |
| H.U. Group Holdings, Inc.  | 5000 | 109024 |
| Hakuhodo DY Holdings, Inc.  | 2700 | 27347 |
| Hamamatsu Photonics KK  | 4300 | 206847 |
| Hirose Electric Co. Ltd.  | 100 | 12509 |
| Hokko Chemical Industry Co. Ltd.  | 2900 | 17772 |
| Honda Motor Co. Ltd.  | 20700 | 473288 |
| Honeys Holdings Co. Ltd.  | 4500 | 47754 |
| Horiba Ltd.  | 700 | 30547 |
| Hulic Reit, Inc.  | 30 | 37350 |
| Idemitsu Kosan Co. Ltd.  | 1600 | 37442 |
| IDOM, Inc.  | 8000 | 40125 |
| Inui Global Logistics Co. Ltd.  | 8700 | 131430 |
| I-PEX, Inc.  | 2200 | 19846 |
| ISB Corp.  | 4700 | 40024 |
| Ishihara Sangyo Kaisha Ltd.  | 7700 | 62335 |
| Isuzu Motors Ltd.  | 89000 | 1039513 |
| Itfor, Inc.  | 5400 | 34221 |
| Itoham Yonekyu Holdings, Inc.  | 16100 | 85606 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| J Trust Co. Ltd  | 11100 | $43332 |
| Jaccs Co. Ltd.  | 2300 | 71753 |
| Japan Communications, Inc. <sup>(a)</sup>  | 14400 | 23860 |
| Japan Post Bank Co. Ltd.  | 9900 | 85063 |
| Japan Post Holdings Co. Ltd.  | 33400 | 281581 |
| Japan System Techniques Co. Ltd.  | 2800 | 36364 |
| Japan Tobacco, Inc.  | 5000 | 101100 |
| JINUSHI Co. Ltd.  | 1700 | 23912 |
| J-Lease Co. Ltd.  | 900 | 19512 |
| JP-Holdings, Inc.  | 20900 | 47189 |
| JSB Co. Ltd.  | 900 | 27891 |
| Juroku Financial Group, Inc.  | 3200 | 69914 |
| JVCKenwood Corp.  | 24600 | 68452 |
| Kajima Corp.  | 2200 | 25592 |
| Kakaku.com, Inc.  | 900 | 14476 |
| Kaneka Corp.  | 5200 | 128872 |
| Kanto Denka Kogyo Co. Ltd.  | 3100 | 21571 |
| Kawasaki Kisen Kaisha Ltd.  | 1200 | 25473 |
| KDDI Corp.  | 500 | 15112 |
| Keyence Corp.  | 3080 | 1205834 |
| Kirin Holdings Co. Ltd.  | 1700 | 26045 |
| Kobe Steel Ltd.  | 24100 | 117666 |
| Komatsu Ltd.  | 75200 | 1631477 |
| Komeri Co. Ltd.  | 1800 | 37296 |
| Komori Corp.  | 20700 | 126605 |
| Konoike Transport Co. Ltd.  | 5900 | 71616 |
| KPP Group Holdings Co. Ltd.  | 5400 | 32225 |
| Kurabo Industries Ltd.  | 2200 | 36299 |
| Kuraray Co. Ltd.  | 2700 | 21581 |
| KYB Corp.  | 1200 | 30842 |
| Lasertec Corp.  | 5600 | 930173 |
| Lawson, Inc.  | 1700 | 65147 |
| Leopalace21 Corp. <sup>(a)</sup>  | 8200 | 17993 |
| Look Holdings, Inc.  | 2300 | 42164 |
| Macnica Holdings, Inc.  | 2800 | 66301 |
| Mandom Corp.  | 4300 | 47948 |
| Maruha Nichiro Corp.  | 1600 | 30595 |
| Maruzen Showa Unyu Co. Ltd.  | 3100 | 71669 |

---

See Notes to Financial Statements.<br> 141

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_142.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** |
| **Japan — 10.6% (Continued)** |  |  |
| Matsuda Sangyo Co. Ltd.  | 10000 | $173363 |
| MatsukiyoCocokara & Co.  | 1600 | 80445 |
| Maxell Ltd.  | 3000 | 30804 |
| Mazda Motor Corp.  | 35000 | 264566 |
| Mirai Corp.  | 198 | 67958 |
| Mitsubishi UFJ Financial Group, Inc.  | 7200 | 48571 |
| Mitsui & Co. Ltd.  | 18700 | 543745 |
| Mitsui-Soko Holdings Co. Ltd.  | 4500 | 122336 |
| Mizuho Financial Group, Inc.  | 22400 | 316596 |
| Mizuho Medy Co. Ltd.  | 1400 | 39995 |
| Mochida Pharmaceutical Co. Ltd.  | 900 | 23788 |
| MRT, Inc.  | 1500 | 18458 |
| MS&AD Insurance Group Holdings, Inc.  | 2500 | 80015 |
| Nachi-Fujikoshi Corp.  | 3600 | 98420 |
| Nexon Co. Ltd.  | 4400 | 98149 |
| Nihon Dempa Kogyo Co. Ltd.  | 1900 | 22472 |
| Nihon M&A Center Holdings, Inc.  | 5200 | 64500 |
| Nintendo Co. Ltd.  | 8500 | 355943 |
| Nippon Electric Glass Co. Ltd.  | 4200 | 74990 |
| NIPPON EXPRESS HOLDINGS, Inc.  | 900 | 51325 |
| NIPPON REIT Investment Corp.  | 11 | 29006 |
| Nippon Sheet Glass Co. Ltd. <sup>(a)</sup>  | 24400 | 105179 |
| Nippon Steel Corp.  | 9600 | 167145 |
| Nippon Telegraph & Telephone Corp.  | 3300 | 94196 |
| Nippon Thompson Co. Ltd.  | 29400 | 115542 |
| Nipro Corp.  | 16000 | 125117 |
| Nishi-Nippon Financial Holdings, Inc.  | 13600 | 99507 |
| Nisshinbo Holdings, Inc.  | 21700 | 159616 |
| Nissui Corp.  | 23900 | 99951 |
| Nitto Denko Corp.  | 2100 | 120801 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| NOK Corp.  | 4500 | $39782 |
| Okamoto Machine Tool Works Ltd.  | 1300 | 42699 |
| Ono Pharmaceutical Co. Ltd.  | 10000 | 233927 |
| Oriental Shiraishi Corp.  | 28600 | 61631 |
| Osaka Soda Co. Ltd.  | 1900 | 55430 |
| Pressance Corp.  | 5500 | 64474 |
| Qol Holdings Co. Ltd.  | 10800 | 95588 |
| Recruit Holdings Co. Ltd.  | 6800 | 216266 |
| Resona Holdings, Inc.  | 195000 | 1071238 |
| Ricoh Co. Ltd.  | 14700 | 112753 |
| Rock Field Co. Ltd.  | 2300 | 26284 |
| Sakai Chemical Industry Co. Ltd.  | 1500 | 20183 |
| Sanei Architecture Planning Co. Ltd.  | 2700 | 30515 |
| SCREEN Holdings Co. Ltd.  | 900 | 57973 |
| Seikagaku Corp.  | 10600 | 71968 |
| Seino Holdings Co. Ltd.  | 7200 | 63769 |
| Sekisui Chemical Co. Ltd.  | 200 | 2783 |
| Senshu Electric Co. Ltd.  | 1200 | 30139 |
| Shibaura Machine Co. Ltd.  | 3600 | 70893 |
| Shidax Corp.  | 14700 | 61041 |
| Shimadzu Corp.  | 2500 | 71306 |
| Shimano, Inc.  | 1100 | 175261 |
| Shin-Etsu Chemical Co. Ltd.  | 900 | 109652 |
| Shionogi & Co. Ltd.  | 2300 | 114421 |
| Showa Denko KK  | 1300 | 19756 |
| SK-Electronics Co. Ltd.  | 3600 | 31012 |
| SKY Perfect JSAT Holdings, Inc.  | 20700 | 75840 |
| SoftBank Corp.  | 7600 | 85931 |
| SoftBank Group Corp.  | 100 | 4235 |
| SOSiLA Logistics REIT, Inc.  | 32 | 33350 |
| Square Enix Holdings Co. Ltd.  | 2400 | 111430 |
| Stella Chemifa Corp.  | 2400 | 44815 |
| Subaru Corp.  | 48300 | 741139 |
| SUMCO Corp.  | 9300 | 124439 |
| Sumitomo Corp.  | 12300 | 203960 |
| Sumitomo Electric Industries Ltd.  | 100 | 1134 |
| Sumitomo Forestry Co. Ltd.  | 5100 | 90628 |

---

See Notes to Financial Statements.<br> 142

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_143.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** |
| **Japan — 10.6% (Continued)** |  |  |
| Sumitomo Mitsui Financial Group, Inc.  | 14200 | $572179 |
| Sun Frontier Fudousan Co. Ltd.  | 10200 | 85007 |
| T&D Holdings, Inc.  | 24600 | 354059 |
| **Taisei Corp.**  | 2800 | 90202 |
| **Takaoka Toko Co. Ltd.**  | 3300 | 44524 |
| Takara Leben Real Estate Investment Corp.  | 158 | 119244 |
| Takeda Pharmaceutical Co. Ltd.  | 35200 | 1099441 |
| The 77 Bank Ltd.  | 3800 | 63899 |
| The Ogaki Kyoritsu Bank Ltd.  | 1400 | 19941 |
| The Oita Bank Ltd.  | 2200 | 34191 |
| Toho Gas Co. Ltd.  | 2500 | 47931 |
| Tokyo Gas Co. Ltd.  | 6600 | 129748 |
| Tokyo Seimitsu Co. Ltd.  | 1100 | 35739 |
| Tokyotokeiba Co. Ltd.  | 1600 | 46130 |
| Tokyu Fudosan Holdings Corp.  | 6900 | 32750 |
| Tokyu REIT, Inc.  | 90 | 141824 |
| Tomen Devices Corp.  | 600 | 25098 |
| Topre Corp.  | 2300 | 19640 |
| Toray Industries, Inc.  | 92700 | 514596 |
| Tosho Co. Ltd.  | 2500 | 21131 |
| Tosoh Corp.  | 2800 | 33223 |
| Toyo Tire Corp.  | 5200 | 58696 |
| Toyobo Co. Ltd.  | 6500 | 49014 |
| Toyota Motor Corp.  | 1900 | 25968 |
| Toyota Tsusho Corp.  | 1300 | 47654 |
| Transcosmos, Inc.  | 1000 | 24792 |
| TV Asahi Holdings Corp.  | 2000 | 20267 |
| Unitika Ltd. <sup>(a)</sup>  | 19000 | 35607 |
| Wealth Management, Inc.  | 3800 | 37971 |
| Xebio Holdings Co. Ltd.  | 18300 | 127694 |
| Yakult Honsha Co. Ltd.  | 800 | 52170 |
| Yamazaki Baking Co. Ltd.  | 2800 | 33579 |
|  |  | 23444022 |
| **Jersey — 0.0% <sup>(d)</sup>**  |  |  |
| Centamin PLC  | 33893 | 46295 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Luxembourg — 0.6%**  |  |  |
| ArcelorMittal SA  | 45946 | $1201296 |
| Reinet Investments SCA  | 3446 | 66657 |
|  |  | 1267953 |
| **Malaysia — 0.2%**  |  |  |
| Bumi Armada Bhd <sup>(a)</sup>  | 746700 | 81036 |
| Heineken Malaysia Bhd  | 23600 | 135028 |
| Hong Leong Financial Group Bhd  | 1100 | 4644 |
| Lynas Rare Earths Ltd. <sup>(a)</sup>  | 8487 | 45014 |
| Public Bank Bhd  | 128300 | 125676 |
| RHB Bank Bhd  | 4800 | 6304 |
| Telekom Malaysia Bhd  | 21600 | 26493 |
| TIME dotCom Bhd  | 39500 | 43902 |
|  |  | 468097 |
| **Mauritius — 0.1%**  |  |  |
| Capital Ltd.  | 80609 | 94660 |
| **Mexico — 0.4%**  |  |  |
| Alfa SAB de CV - Class A  | 164200 | 104740 |
| Arca Continental SAB de CV  | 17400 | 141118 |
| Bolsa Mexicana de Valores SAB de CV  | 38600 | 74738 |
| Coca-Cola Femsa SAB de CV  | 3685 | 24941 |
| FIBRA Macquarie Mexico <sup>(b)</sup>  | 27000 | 39766 |
| Fomento Economico Mexicano SAB de CV  | 13200 | 103201 |
| GCC SAB de CV  | 5800 | 38631 |
| Genomma Lab Internacional SAB de CV - Class B  | 38600 | 33417 |
| Grupo Aeroportuario del Sureste SAB de CV - Class B  | 6345 | 147830 |
| Nemak SAB de CV <sup>(a)(b)</sup>  | 173900 | 50064 |
| Orbia Advance Corp. SAB de CV  | 10200 | 18085 |
| Promotora y Operadora de Infraestructura SAB de CV  | 9060 | 73716 |
|  |  | 850247 |

---

See Notes to Financial Statements.<br> 143

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_144.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** |
| **Netherlands — 3.7%**  |  |  |
| Adyen NV <sup>(a)(b)</sup>  | 860 | $1190078 |
| ASM International NV  | 3310 | 837960 |
| ASML Holding NV  | 1549 | 838476 |
| ASML Holding NV - ADR  | 2130 | 1163832 |
| ASR Nederland NV  | 4412 | 209188 |
| Heijmans NV - CVA  | 3681 | 39920 |
| Heineken NV  | 1393 | 130874 |
| ING Groep NV  | 122181 | 1490653 |
| Koninklijke Ahold Delhaize NV  | 9966 | 286361 |
| Koninklijke Vopak NV  | 947 | 28176 |
| Ordina NV  | 19641 | 81222 |
| Randstad NV  | 28673 | 1750963 |
| Signify NV <sup>(b)</sup>  | 1954 | 65786 |
| Stellantis NV  | 625 | 8853 |
| Van Lanschot Kempen NV - CVA  | 4356 | 102237 |
|  |  | 8224579 |
| **New Zealand — 0.1%**  |  |  |
| Air New Zealand Ltd. <sup>(a)</sup>  | 341451 | 160420 |
| Mainfreight Ltd.  | 603 | 25693 |
| Spark New Zealand Ltd.  | 8095 | 27747 |
| Summerset Group Holdings Ltd.  | 8948 | 50269 |
| Xero Ltd. <sup>(a)</sup>  | 35 | 1671 |
|  |  | 265800 |
| **Norway — 0.4%**  |  |  |
| Belships ASA  | 28510 | 41478 |
| BW Offshore Ltd.  | 7035 | 17947 |
| DNB Bank ASA  | 16992 | 336410 |
| DNO ASA  | 134556 | 162949 |
| Equinor ASA  | 3116 | 111766 |
| Europris ASA <sup>(b)</sup>  | 8843 | 62066 |
| Rana Gruber ASA  | 13112 | 68125 |
| Yara International ASA  | 22 | 967 |
|  |  | 801708 |
| **Philippines — 0.1%**  |  |  |
| BDO Unibank, Inc.  | 67392 | 127222 |
| DMCI Holdings, Inc.  | 210800 | 45529 |
| Metro Pacific Investments Corp.  | 936000 | 57343 |
| Metropolitan Bank & Trust Co.  | 43050 | 41716 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Universal Robina Corp.  | 12110 | $29621 |
|  |  | 301431 |
| **Poland — 0.1%**  |  |  |
| Enea SA <sup>(a)</sup>  | 24716 | 33834 |
| PGE Polska Grupa Energetyczna SA <sup>(a)</sup>  | 58567 | 91778 |
| Santander Bank Polska SA  | 822 | 48484 |
| Tauron Polska Energia SA <sup>(a)</sup>  | 115292 | 55662 |
|  |  | 229758 |
| **Portugal — 0.2%**  |  |  |
| Banco Comercial Portugues SA - Class R  | 267417 | 42078 |
| EDP - Energias de Portugal SA  | 1238 | 6167 |
| Galp Energia SGPS SA  | 118 | 1597 |
| Jeronimo Martins SGPS SA  | 5184 | 112093 |
| Sonae SGPS SA  | 153698 | 153693 |
|  |  | 315628 |
| **Qatar — 0.0% <sup>(d)</sup>**  |  |  |
| Qatar Fuel QSC  | 5914 | 29206 |
| **Russia — 0.0% <sup>(d)</sup>**  |  |  |
| Novolipetsk Steel PJSC <sup>(e)(f)</sup>  | 46050 |  |
| PhosAgro PJSC - GDR <sup>(a)(e)(f)</sup>  | 5089 |  |
| Sberbank of Russia PJSC <sup>(a)(e)(f)</sup>  | 29200 |  |
| Severstal PAO <sup>(e)(f)</sup>  | 608 |  |
| Surgutneftegas PJSC <sup>(e)(f)</sup>  | 168940 |  |
| Tatneft PJSC <sup>(e)(f)</sup>  | 19624 |  |
| **Saudi Arabia — 0.1%**  |  |  |
| Arab National Bank  | 7973 | 68073 |
| Bank Al-Jazira  | 11 | 56 |
| Bupa Arabia for Cooperative Insurance Co.  | 33 | 1242 |
| Etihad Etisalat Co.  | 3280 | 30373 |
| Saudi Electricity Co.  | 5253 | 32272 |
| Saudi Telecom Co.  | 8354 | 81505 |
| The Co. for Cooperative Insurance <sup>(a)</sup>  | 1017 | 21740 |
| The Saudi British Bank  | 1869 | 19413 |
|  |  | 254674 |

---

See Notes to Financial Statements.<br> 144

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_145.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** |
| **Singapore — 0.8%**  |  |  |
| BW Energy Ltd. <sup>(a)</sup>  | 13646 | $35038 |
| CapitaLand Ascott Trust  | 159100 | 124811 |
| Capitaland India Trust  | 69000 | 58253 |
| Cromwell EU REIT <sup>(a)</sup>  | 17400 | 27916 |
| DBS Group Holdings Ltd.  | 30450 | 770885 |
| First Resources Ltd.  | 32800 | 36280 |
| Genting Singapore Ltd.  | 105100 | 75003 |
| Geo Energy Resources Ltd.  | 83900 | 20390 |
| Golden Agri-Resources Ltd.  | 159200 | 29684 |
| Grab Holdings Ltd. - Class A <sup>(a)</sup>  | 3234 | 10414 |
| Japfa Ltd.  | 92200 | 23704 |
| Jiutian Chemical Group Ltd.  | 778500 | 46956 |
| Oversea-Chinese Banking Corp. Ltd.  | 20800 | 188736 |
| Raffles Medical Group Ltd.  | 158900 | 166168 |
| Sasseur Real Estate Investment Trust  | 176100 | 98932 |
| United Overseas Bank Ltd.  | 2000 | 45867 |
|  |  | 1759037 |
| **South Africa — 0.5%**  |  |  |
| African Rainbow Minerals Ltd.  | 1603 | 27169 |
| Anglo American Platinum Ltd.  | 427 | 35822 |
| AngloGold Ashanti Ltd.  | 1801 | 35004 |
| Astral Foods Ltd.  | 1880 | 18011 |
| Fortress REIT Ltd. - Class B <sup>(a)</sup>  | 176764 | 49616 |
| Gold Fields Ltd.  | 26266 | 271846 |
| Investec PLC  | 28403 | 175632 |
| Mediclinic International PLC  | 5571 | 33319 |
| Mr Price Group Ltd.  | 2731 | 25563 |
| MTN Group Ltd.  | 3355 | 25131 |
| MultiChoice Group  | 11259 | 77588 |
| Old Mutual Ltd.  | 109330 | 67207 |
| Resilient REIT Ltd.  | 13010 | 41170 |
| Sappi Ltd. <sup>(a)</sup>  | 9664 | 27967 |
| Shoprite Holdings Ltd.  | 11243 | 149574 |
| Sibanye Stillwater Ltd.  | 2760 | 7328 |
| The Bidvest Group Ltd.  | 701 | 8835 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Vodacom Group Ltd.  | 6085 | $43652 |
|  |  | 1120434 |
| **South Korea — 2.1%**  |  |  |
| ABLBio, Inc. <sup>(a)</sup>  | 1179 | 21660 |
| Aekyung Industrial Co. Ltd.  | 2400 | 39884 |
| AfreecaTV Co. Ltd.  | 514 | 29221 |
| Asia Paper Manufacturing Co. Ltd.  | 728 | 22594 |
| BNK Financial Group, Inc.  | 8962 | 46285 |
| CJ Corp.  | 106 | 7081 |
| &nbsp;&nbsp;Daewon Pharmaceutical Co. Ltd.  | 1866 | 27786 |
| Daewoo Engineering & Construction Co. Ltd. <sup>(a)</sup>  | 10484 | 34964 |
| DB HiTek Co. Ltd.  | 982 | 29189 |
| DB Insurance Co. Ltd.  | 631 | 32726 |
| DGB Financial Group, Inc.  | 4019 | 22296 |
| Global Standard Technology Co. Ltd.  | 2171 | 34031 |
| GOLFZON Co. Ltd.  | 391 | 35140 |
| GS Holdings Corp. <sup>(a)</sup>  | 669 | 23275 |
| Hana Financial Group, Inc.  | 14055 | 470291 |
| Hanmi Pharm Co. Ltd.  | 339 | 79494 |
| Hanwha Aerospace Co. Ltd.  | 707 | 40929 |
| Hanwha Corp.  | 3341 | 68167 |
| Hanwha Life Insurance Co. Ltd. <sup>(a)</sup>  | 12884 | 28376 |
| HD Hyundai Co. Ltd.  | 480 | 21772 |
| Humasis Co. Ltd.  | 2099 | 23552 |
| Humedix Co. Ltd.  | 2031 | 44712 |
| Hwa Shin Co. Ltd.  | 3070 | 17704 |
| Hyundai Glovis Co. Ltd.  | 743 | 96613 |
| Hyundai Rotem Co. Ltd. <sup>(a)</sup>  | 2340 | 52143 |
| HyVision System, Inc.  | 2733 | 39779 |
| JB Financial Group Co. Ltd.  | 18050 | 113004 |
| JVM Co. Ltd.  | 2865 | 46638 |
| Kia Corp.  | 6068 | 286198 |
| Korean Air Lines Co. Ltd. <sup>(a)</sup>  | 6601 | 120768 |
| Kumho Petrochemical Co. Ltd.  | 255 | 25571 |
| LabGenomics Co. Ltd.  | 4620 | 22906 |
| LF Corp.  | 2996 | 37829 |
| LG Corp.  | 212 | 13166 |
| LG Energy Solution Ltd. <sup>(a)</sup>  | 233 | 80732 |

---

See Notes to Financial Statements.<br> 145

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_146.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** |
| **South Korea — 2.1% (Continued)** | **South Korea — 2.1% (Continued)** |  |
| LX Semicon Co. Ltd.  | 843 | $48330 |
| MegaStudyEdu Co. Ltd. <sup>(a)</sup>  | 775 | 49088 |
| Meritz Financial Group, Inc.  | 1114 | 37986 |
| Mgame Corp <sup>(a)</sup>  | 4089 | 24008 |
| Orion Corp.  | 1214 | 123307 |
| Pan Ocean Co. Ltd.  | 10408 | 47538 |
| POSCO Holdings, Inc.  | 1064 | 234197 |
| Samchully Co. Ltd.  | 481 | 148803 |
| Samsung Card Co. Ltd.  | 875 | 20498 |
| Samsung Electronics Co. Ltd.  | 21900 | 965748 |
| Sangsin Energy Display Precision Co. Ltd.  | 2302 | 27396 |
| SD Biosensor, Inc.  | 910 | 21848 |
| Shinhan Financial Group Co. Ltd.  | 25700 | 716137 |
| Shinsegae, Inc. <sup>(a)</sup>  | 256 | 44786 |
| SIMMTECH Co. Ltd. <sup>(a)</sup>  | 704 | 14907 |
| SL Corp.  | 2042 | 37413 |
| Woori Financial Group, Inc.  | 1814 | 16664 |
| Youngone Corp.  | 807 | 29778 |
|  |  | 4744908 |
| **Spain — 0.9%**  |  |  |
| Amadeus IT Group SA <sup>(a)</sup>  | 1779 | 91743 |
| Banco Bilbao Vizcaya Argentaria SA  | 3296 | 19904 |
| Banco de Sabadell SA  | 56244 | 52951 |
| CaixaBank SA  | 178942 | 702396 |
| Endesa SA  | 855 | 16133 |
| Energia Innovacion y Desarrollo Fotovoltaico SA <sup>(a)</sup>  | 3528 | 105661 |
| Faes Farma SA  | 16883 | 63394 |
| Gestamp Automocion SA <sup>(b)</sup>  | 13853 | 53696 |
| Grupo Catalana Occidente SA  | 1132 | 35767 |
| Iberdrola SA  | 41664 | 487363 |
| Industria de Diseno Textil SA  | 10738 | 285932 |
| Laboratorios Farmaceuticos Rovi SA  | 1791 | 69062 |
| Red Electrica Corp. SA  | 238 | 4134 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Repsol SA  | 3456 | $55093 |
|  |  | 2043229 |
| **Sweden — 2.1%**  |  |  |
| AcadeMedia AB <sup>(b)</sup>  | 6941 | 29653 |
| Assa Abloy AB - Class B  | 4225 | 90905 |
| Atlas Copco AB - Class A  | 69115 | 818277 |
| Atlas Copco AB - Class B  | 38605 | 412470 |
| Betsson AB - Class B  | 14450 | 117529 |
| Bilia AB - Class A  | 1510 | 16589 |
| BioGaia AB - Class B  | 8387 | 67231 |
| Bravida Holding AB <sup>(b)</sup>  | 3208 | 34367 |
| Evolution AB <sup>(b)</sup>  | 12890 | 1258887 |
| G5 Entertainment AB  | 1113 | 22472 |
| Hemnet Group AB  | 5808 | 69913 |
| HMS Networks AB  | 983 | 32100 |
| Intrum AB  | 2794 | 33788 |
| Inwido AB  | 2281 | 24258 |
| Modern Times Group MTG AB - Class B  | 2573 | 22030 |
| New Wave Group AB - Class B  | 7712 | 153171 |
| Nordic Waterproofing Holding AB  | 1403 | 19573 |
| Securitas AB - Class B  | 2161 | 17989 |
| Skandinaviska Enskilda Banken AB - Class A  | 30208 | 347641 |
| SkiStar AB  | 6775 | 72228 |
| SSAB AB - Class B  | 35687 | 186132 |
| Swedbank AB - Class A  | 12229 | 207755 |
| Swedish Orphan Biovitrum AB <sup>(a)</sup>  | 3902 | 80619 |
| Trelleborg AB - Class B  | 17283 | 399877 |
| Volvo AB - Class A  | 5919 | 112678 |
| Wihlborgs Fastigheter AB  | 5595 | 42312 |
|  |  | 4690444 |
| **Switzerland — 4.7%**  |  |  |
| Alcon, Inc.  | 20500 | 1408032 |
| Belimo Holding AG <sup>(a)</sup>  | 67 | 32011 |
| Burkhalter Holding AG  | 591 | 48988 |
| Coca-Cola HBC AG  | 5650 | 134861 |
| Comet Holding AG  | 575 | 122385 |
| Credit Suisse Group AG  | 77506 | 232864 |
| dormakaba Holding AG  | 77 | 28295 |
| Ferrexpo PLC  | 7905 | 15028 |

---

See Notes to Financial Statements.<br> 146

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_147.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** |
| **Switzerland — 4.7% (Continued)** | **Switzerland — 4.7% (Continued)** | **Switzerland — 4.7% (Continued)** |
| Galenica AG <sup>(b)</sup>  | 468 | $38220 |
| Implenia AG <sup>(a)</sup>  | 969 | 39792 |
| Julius Baer Group Ltd.  | 5050 | 293536 |
| Leonteq AG  | 663 | 31475 |
| Lonza Group AG  | 1371 | 674776 |
| Mobilezone Holding AG  | 2132 | 35281 |
| Nestle SA  | 17506 | 2021689 |
| Novartis AG  | 4724 | 427906 |
| Roche Holding AG  | 4628 | 1454404 |
| Sensirion Holding AG <sup>(a)(b)</sup>  | 201 | 21382 |
| SFS Group AG  | 332 | 31509 |
| Sika AG  | 5962 | 1438567 |
| STMicroelectronics NV  | 12586 | 447431 |
| Swiss Re AG  | 1206 | 113135 |
| Swissquote Group Holding SA  | 221 | 32121 |
| UBS Group AG  | 67223 | 1253009 |
| Zurich Insurance Group AG  | 99 | 47310 |
|  |  | 10424007 |
| **Taiwan — 2.7%** |  |  |
| Accton Technology Corp.  | 4000 | 30485 |
| Advanced International Multitech Co. Ltd.  | 19000 | 58632 |
| Anpec Electronics Corp.  | 9000 | 33637 |
| Asia Vital Components Co. Ltd.  | 9000 | 32767 |
| Chicony Power Technology Co. Ltd.  | 14000 | 33238 |
| Compeq Manufacturing Co. Ltd.  | 46000 | 66546 |
| Continental Holdings Corp.  | 59000 | 53728 |
| CTBC Financial Holding Co. Ltd.  | 176000 | 126495 |
| Delta Electronics, Inc.  | 2000 | 18632 |
| Depo Auto Parts Ind Co. Ltd.  | 43000 | 100248 |
| E Ink Holdings, Inc.  | 20000 | 104661 |
| Evergreen International Storage & Transport Corp.  | 35000 | 31633 |
| Far EasTone Telecommunications Co. Ltd.  | 22000 | 47159 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Faraday Technology Corp.  | 4000 | $18520 |
| Farglory Land Development Co. Ltd.  | 46000 | 84996 |
| Formosa Sumco Technology Corp.  | 5000 | 22096 |
| Fusheng Precision Co. Ltd.  | 9000 | 61613 |
| General Interface Solution Holding Ltd.  | 18000 | 51504 |
| Genius Electronic Optical Co. Ltd.  | 3000 | 32705 |
| Global Unichip Corp.  | 6000 | 124966 |
| Globalwafers Co. Ltd.  | 3000 | 41675 |
| Gold Circuit Electronics Ltd.  | 8100 | 22857 |
| Grape King Bio Ltd.  | 5000 | 27321 |
| Hiwin Technologies Corp.  | 9000 | 53397 |
| Hon Hai Precision Industry Co. Ltd.  | 432961 | 1406638 |
| International Games System Co. Ltd.  | 4000 | 56377 |
| King Yuan Electronics Co. Ltd.  | 37000 | 43554 |
| Kinsus Interconnect Technology Corp.  | 10000 | 33954 |
| Lotes Co. Ltd.  | 4000 | 107415 |
| Macronix International Co. Ltd.  | 47000 | 51572 |
| MediaTek, Inc.  | 1600 | 32499 |
| Nan Ya Printed Circuit Board Corp.  | 6000 | 44246 |
| Realtek Semiconductor Corp.  | 10400 | 95002 |
| Ruentex Development Co. Ltd.  | 27000 | 37967 |
| Sanyang Motor Co. Ltd.  | 33000 | 36326 |
| Scientech Corp.  | 21000 | 49158 |
| Shih Wei Navigation Co. Ltd.  | 26000 | 21215 |
| Shiny Chemical Industrial Co. Ltd.  | 23888 | 88929 |
| Silicon Motion Technology Corp. - ADR  | 458 | 29765 |
| Sitronix Technology Corp.  | 10000 | 57687 |
| Standard Chemical & Pharmaceutical Co. Ltd.  | 75000 | 149977 |
| TaiDoc Technology Corp.  | 8000 | 48136 |

---

See Notes to Financial Statements.<br> 147

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_148.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** | **COMMON STOCKS — 79.3% (Continued)** |
| **Taiwan — 2.7% (Continued)** | **Taiwan — 2.7% (Continued)** | **Taiwan — 2.7% (Continued)** |
| Taigen Biopharmaceuticals Holdings Ltd. <sup>(a)</sup>  | 67000 | $34929 |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 122600 | 1786852 |
| Taiwan Surface Mounting Technology Corp.  | 11000 | 31827 |
| Tong Hsing Electronic Industries Ltd.  | 6300 | 39109 |
| Unimicron Technology Corp.  | 21000 | 81870 |
| Via Technologies, Inc.  | 16000 | 34954 |
| Voltronic Power Technology Corp  | 1000 | 50179 |
| WinWay Technology Co. Ltd.  | 3000 | 40767 |
| Wiwynn Corp  | 3000 | 77734 |
| Zhen Ding Technology Holding Ltd.  | 33000 | 112654 |
|  |  | 5960803 |
| **Thailand — 0.5%** |  |  |
| Amata Corp. PCL  | 67400 | 41410 |
| AP Thailand PCL - NVDR  | 726900 | 243490 |
| Banpu PCL - NVDR  | 49800 | 19717 |
| Chularat Hospital PCL - NVDR  | 718800 | 76295 |
| Ichitan Group PCL  | 297100 | 96900 |
| Indorama Ventures PCL - NVDR  | 4600 | 5396 |
| Krung Thai Bank PCL - NVDR  | 62700 | 31977 |
| Mega Lifesciences PCL - NVDR  | 22800 | 30757 |
| Minor International PCL - NVDR <sup>(a)</sup>  | 34000 | 31667 |
| Polyplex Thailand PCL - NVDR  | 31000 | 22602 |
| PTT Exploration & Production PCL - NVDR  | 30100 | 153530 |
| SCB X PCL  | 135300 | 417990 |
|  |  | 1171731 |
| **Turkey — 0.4%**  |  |  |
| Akbank TAS  | 408929 | 427253 |
| Aksa Enerji Uretim AS  | 18579 | 46538 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Haci Omer Sabanci Holding AS  | 72289 | $174299 |
| Logo Yazilim Sanayi Ve Ticaret AS  | 5122 | 19094 |
| Migros Ticaret AS <sup>(a)</sup>  | 8978 | 70314 |
| Sinpas Gayrimenkul Yatirim Ortakligi AS <sup>(a)</sup>  | 153312 | 28700 |
| Sok Marketler Ticaret AS <sup>(a)</sup>  | 27886 | 41693 |
| Turk Telekomunikasyon AS  | 44027 | 57760 |
|  |  | 865651 |
| **United Arab Emirates — 0.3%**  | **United Arab Emirates — 0.3%**  |  |
| Abu Dhabi Commercial Bank PJSC  | 171141 | 419071 |
| Abu Dhabi Islamic Bank PJSC  | 40079 | 99308 |
| Dubai Islamic Bank PJSC  | 115056 | 178597 |
| Emaar Development PJSC <sup>(a)</sup>  | 41164 | 49441 |
|  |  | 746417 |
| **United States — 3.5%**  |  |  |
| Aon PLC - Class A  | 5790 | 1737811 |
| Atlassian Corp. - Class A <sup>(a)</sup> | 6850 | 881458 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 3820 | 1251967 |
| GXO Logistics, Inc. <sup>(a)</sup>  | 159 | 6788 |
| Mettler-Toledo International, Inc. <sup>(a)</sup>  | 740 | 1069633 |
| ResMed, Inc.  | 4010 | 834601 |
| STERIS PLC  | 6210 | 1146925 |
| Waste Connections, Inc.  | 6470 | 857663 |
|  |  | 7786846 |
| **Total Common Stocks** (Cost $164,103,041) |  | 175943409 |
| **PREFERRED STOCKS — 0.9%** | **PREFERRED STOCKS — 0.9%** |  |
| **Brazil — 0.4%** |  |  |
| Cia de Saneamento do Parana  | 163900 | 113928 |
| Cia Energetica de Minas Gerais  | 106801 | 225345 |
| Cia Ferro Ligas da Bahia - FERBASA  | 3200 | 32705 |
| Itau Unibanco Holding SA  | 74721 | 354234 |
| Itausa SA  | 2860 | 4615 |
| Metalurgica Gerdau SA  | 20100 | 49415 |
| Petroleo Brasileiro SA  | 24200 | 112251 |

---

See Notes to Financial Statements.<br> 148

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_149.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **PREFERRED STOCKS — 0.9% (Continued)** | **PREFERRED STOCKS — 0.9% (Continued)** | **PREFERRED STOCKS — 0.9% (Continued)** |
| **Brazil — 0.4% (Continued)** | **Brazil — 0.4% (Continued)** | **Brazil — 0.4% (Continued)** |
| Unipar Carbocloro SA - Class B  | 2550 | $42917 |
|  |  | 935410 |
| **Colombia — 0.0% <sup>(d)</sup>** |  |  |
| Bancolombia SA  | 5140 | 35571 |
| **Germany — 0.5%** |  |  |
| Bayerische Motoren Werke AG  | 1812 | 154322 |
| Einhell Germany AG  | 110 | 16579 |
| Schaeffler AG  | 13106 | 89255 |
| Volkswagen AG  | 6965 | 868106 |
|  |  | 1128262 |
| **Russia — 0.0% <sup>(d)</sup>** |  |  |
| Surgutneftegas PJSC <sup>(e)(f)</sup>  | 270800 |  |
| **South Korea — 0.0% <sup>(d)</sup>** |  |  |
| Hyundai Motor Co.  | 7 | 411 |
| **Total Preferred Stocks** (Cost $3,218,937) |  | 2099654 |
|  | Par Value |  |
| **U.S. TREASURY OBLIGATIONS — 0.9%** | **U.S. TREASURY OBLIGATIONS — 0.9%** |  |
| **U.S. Treasury Bonds — 0.0% <sup>(d)</sup>** | **U.S. Treasury Bonds — 0.0% <sup>(d)</sup>** |  |
| 3.000%, due 08/15/52  | $24000 | 19868 |
| **U.S. Treasury Notes — 0.9%** |  |  |
| 0.250%, due 09/30/23  | 33000 | 31917 |
| 0.250%, due 06/15/24  | 250000 | 234649 |
| 0.750%, due 11/15/24  | 60000 | 56006 |
| 4.250%, due 12/31/24  | 165000 | 164433 |
| 0.250%, due 10/31/25  | 59000 | 52750 |
| 4.000%, due 12/15/25  | 99000 | 98381 |
| 0.875%, due 09/30/26  | 236000 | 209524 |
| 1.250%, due 11/30/26  | 361000 | 323772 |
| 1.500%, due 01/31/27  | 18900 | 17057 |
| 2.750%, due 04/30/27  | 1000 | 947 |
| 3.250%, due 06/30/27  | 2600 | 2513 |
| 3.875%, due 11/30/27  | 54400 | 54094 |
| 3.875%, due 12/31/27  | 204400 | 203250 |
| 1.125%, due 02/15/31 <sup>(c)</sup>  | 27000 | 21992 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Par Value | Par Value | Value | Value |
| 1.625%, due 05/15/31 | $| 288000 | $| 242235 |
| 2.750%, due 08/15/32 |  | 18500 |  | 16826 |
| 4.125%, due 11/15/32 |  | 184300 |  | 187986 |
|  |  |  |  | 1918332 |
| **Total U.S. Treasury Obligations (Cost $2,083,314)** |  |  |  | 1938200 |
| AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1% | AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1% | AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1% | AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1% | AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1% |
| Freddie Mac Multifamily Structured Pass Through Certificates | Freddie Mac Multifamily Structured Pass Through Certificates | Freddie Mac Multifamily Structured Pass Through Certificates | Freddie Mac Multifamily Structured Pass Through Certificates | Freddie Mac Multifamily Structured Pass Through Certificates |
| Series K-108, 1.691%, due 03/25/30 (g) Callable: 12/25/29 |  | 499685 |  | 47217 |
| Series K-1501, 0.379%, due 04/25/30 (g) Callable: 02/25/30 |  | 2693511 |  | 55752 |
| Series K-110, 1.697%, due 04/25/30 (g) Callable: 02/25/30 |  | 498133 |  | 46019 |
| Series K-118, 0.959%, due 09/25/30 (g) Callable:06/25/30 |  | 995571 |  | 55544 |
| **Total Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $172,881)** |  |  |  | 204532 |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.0%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.0%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.0%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.0%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.0%** |
| Alen 2021-ACEN Mortgage Trust |  |  |  |  |
| Series 2021-ACEN, 6.568%, due 04/17/34 (1 Month U.S. LIBOR + 2.250%) (b)(h) |  | 200000 |  | 168998 |
| BBCMS 2018-TALL Mortgage Trust |  |  |  |  |
| Series 2018-TALL, 5.040%, due 03/15/37 (1 Month U.S. LIBOR + 0.722%) (b)(h) |  | 200000 |  | 186450 |
| BBCMS 2021-AGW Mortgage Trust |  |  |  |  |
| Series 2021-AGW, 5.568%, due 06/16/36 (1 Month U.S. LIBOR + 1.250%) (b)(h) Callable: 06/15/23 |  | 100000 |  | 93443 |

---

See Notes to Financial Statements.<br> 149

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_150.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.0% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.0% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.0% (Continued)** |
| BX Commercial Mortgage Trust 2020-VKNG | BX Commercial Mortgage Trust 2020-VKNG | BX Commercial Mortgage Trust 2020-VKNG |
| Series 2020-VKNG, 5.850%, due 10/15/37 (1 Month SOFR Rate + 1.514%) (b)(h) | $70000 | $66704 |
| CIM Trust 2021-J3 |  |  |
| Series 2021-J3, 2.500%, due 06/25/51 (b)(g) Callable: 04/25/45 | 535870 | 414420 |
| Deephaven Residential Mortgage Trust 2022-2 | Deephaven Residential Mortgage Trust 2022-2 | Deephaven Residential Mortgage Trust 2022-2 |
| Series 2022-2, 4.300%, due 03/25/67 (b)(g) Callable: 04/25/25 | 364313 | 346480 |
| GS Mortgage Securities Trust 2018-HART | GS Mortgage Securities Trust 2018-HART | GS Mortgage Securities Trust 2018-HART |
| Series 2018-HART, 5.410%, due 10/15/31 (1 Month U.S. LIBOR + 1.090%) (b)(h) | 190000 | 178133 |
| GSCG Trust 2019-600C |  |  |
| Series 2019-600C, 2.936%, due 09/12/34 (b) | 200000 | 181499 |
| JP Morgan Chase Commercial Mortgage Securities Trust 2019-ICON | JP Morgan Chase Commercial Mortgage Securities Trust 2019-ICON | JP Morgan Chase Commercial Mortgage Securities Trust 2019-ICON |
| Series A, 3.884%, due 01/06/34 (b) | 150000 | 144778 |
| JP Morgan Mortgage Trust 2017-2 | JP Morgan Mortgage Trust 2017-2 | JP Morgan Mortgage Trust 2017-2 |
| Series 2017-2, 3.500%, due 05/25/47 (b)(g) Callable: 04/25/29 | 57374 | 49605 |
| JP Morgan Mortgage Trust 2018-5 | JP Morgan Mortgage Trust 2018-5 | JP Morgan Mortgage Trust 2018-5 |
| Series 2018-5, 3.500%, due 10/25/48 (b)(g) Callable: 01/25/28 | 112123 | 97158 |
| JP Morgan Mortgage Trust 2019-1 | JP Morgan Mortgage Trust 2019-1 | JP Morgan Mortgage Trust 2019-1 |
| Series 2019-1, 4.000%, due 05/25/49 (b)(g) Callable: 01/25/23 | 12223 | 11208 |
| JP Morgan Mortgage Trust 2019-INV3 | JP Morgan Mortgage Trust 2019-INV3 | JP Morgan Mortgage Trust 2019-INV3 |
| Series 2019-INV3, 3.500%, due 05/25/50 (b)(g) Callable: 08/25/32 | 123867 | 108513 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| JP Morgan Mortgage Trust 2020-2 | JP Morgan Mortgage Trust 2020-2 | JP Morgan Mortgage Trust 2020-2 |
| Series 2020-2, 3.500%, due 07/25/50 (b)(g) Callable: 03/25/28 | $75452 | $64657 |
| JP Morgan Mortgage Trust 2021-7 | JP Morgan Mortgage Trust 2021-7 | JP Morgan Mortgage Trust 2021-7 |
| Series TR, 2.500%, due 11/25/51 (b)(g) Callable: 01/25/45 | 255869 | 198358 |
| JP Morgan Trust 2015-3 |  |  |
| Series 2015-3, 3.500%, due 05/25/45 (b)(g) Callable: 05/25/23 | 59941 | 53300 |
| JPMBB Commercial Mortgage Securities Trust 2013-C12 | JPMBB Commercial Mortgage Securities Trust 2013-C12 | JPMBB Commercial Mortgage Securities Trust 2013-C12 |
| Series B, 4.113%, due 07/17/45 (g) Callable: 06/15/23 | 182000 | 174263 |
| Morgan Stanley Capital I Trust 2016-BNK2 | Morgan Stanley Capital I Trust 2016-BNK2 | Morgan Stanley Capital I Trust 2016-BNK2 |
| Series C, 3.888%, due 11/18/49 (g) Callable: 11/15/26 | 200000 | 155607 |
| PFP 2021-8 Ltd. |  |  |
| Series 2021-8, 6.126%, due 08/09/37 (1 Month U.S. LIBOR + 1.800%) (b)(f)(h) | 100000 | 93029 |
| Provident Funding Mortgage Trust 2021-J1 | Provident Funding Mortgage Trust 2021-J1 | Provident Funding Mortgage Trust 2021-J1 |
| Series FLT, 2.000%, due 10/25/51 (b)(g) Callable: 08/25/47 | 200000 | 116683 |
| PSMC 2020-3 Trust |  |  |
| Series 2020-3, 3.000%, due 11/25/50 (b)(g) Callable: 08/25/37 | 69175 | 58517 |
| Ready Capital Mortgage Financing 2021-FL5 LLC | Ready Capital Mortgage Financing 2021-FL5 LLC | Ready Capital Mortgage Financing 2021-FL5 LLC |
| Series 2021-FL5, 6.139%, due 04/25/38 (1 Month U.S. LIBOR + 1.750%) (b)(h) Callable: 03/25/23 | 400000 | 387121 |
| Sequoia Mortgage Trust 2013-3 | Sequoia Mortgage Trust 2013-3 | Sequoia Mortgage Trust 2013-3 |
| Series 2013-3, 2.500%, due 03/25/43 (g) Callable: 02/25/25 | 82095 | 68907 |
| Sequoia Mortgage Trust 2019-CH2 | Sequoia Mortgage Trust 2019-CH2 | Sequoia Mortgage Trust 2019-CH2 |
| Series 2019-CH2, 4.500%, due 08/25/49 (b)(g) Callable: 01/25/24 | 2353 | 2286 |

---

See Notes to Financial Statements.<br> 150

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_151.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.0% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.0% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.0% (Continued)** |
| Sequoia Mortgage Trust 2019-CH3 | Sequoia Mortgage Trust 2019-CH3 | Sequoia Mortgage Trust 2019-CH3 |
| Series 2019-CH3, 4.000%, due 10/25/49 (b)(g) Callable: 05/25/26 | $6769 | $6276 |
| Sequoia Mortgage Trust 2020-4 | Sequoia Mortgage Trust 2020-4 | Sequoia Mortgage Trust 2020-4 |
| Series 2020-4, 2.500%, due 11/25/50 (b)(g) Callable: 01/25/40 | 200000 | 129280 |
| Sequoia Mortgage Trust 2021-1 |  |  |
| Series A-7, 2.500%, due 03/25/51 (b)(g) Callable: 07/25/44 | 400000 | 264629 |
| SLG Office Trust 2021-OVA |  |  |
| Series 2021-OVA, 2.585%, due 07/17/41 (b) | 220000 | 176436 |
| Wells Fargo Commercial Mortgage Trust 2021-FCMT | Wells Fargo Commercial Mortgage Trust 2021-FCMT | Wells Fargo Commercial Mortgage Trust 2021-FCMT |
| Series A, 5.518%, due 05/15/31 (1 Month U.S. LIBOR + 1.200%) (b)(h) | 100000 | 96883 |
| Wells Fargo Mortgage Backed Securities 2020-RR1 Trust | Wells Fargo Mortgage Backed Securities 2020-RR1 Trust | Wells Fargo Mortgage Backed Securities 2020-RR1 Trust |
| Series A-1, 3.000%, due 05/25/50 (b)(g) Callable: 08/25/29 | 104171 | 88984 |
| WFRBS Commercial Mortgage Trust 2014-C21 | WFRBS Commercial Mortgage Trust 2014-C21 | WFRBS Commercial Mortgage Trust 2014-C21 |
| Series 2014-C21, 4.213%, due 08/16/47 (g) Callable: 08/15/24 | 207000 | 193081 |
| **Total Non-Agency Mortgage-Backed Obligations (Cost $5,226,666)** |  | 4375686 |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1%** |
| BANK 2020-BNK30 |  |  |
| Series 2020-BNK30, 1.320%, due 12/17/53 (g) | 977654 | 67862 |
| Benchmark 2020-B19 Mortgage Trust | Benchmark 2020-B19 Mortgage Trust | Benchmark 2020-B19 Mortgage Trust |
| Series 2020-B19, 1.770%, due 09/17/53 (g) Callable: 10/15/30 | 993658 | 76007 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| DBJPM 20-C9 Mortgage Trust | DBJPM 20-C9 Mortgage Trust | DBJPM 20-C9 Mortgage Trust |
| Series 2020-C9, 1.710%, due 08/15/53 (g) Callable: 06/15/30 | $786612 | $54332 |
| **Total Non-Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $279,784)** |  | 198201 |
| **ASSET-BACKED SECURITIES — 1.3%** |  |  |
| American Airlines 2015-2 Class AA Pass Through Trust | American Airlines 2015-2 Class AA Pass Through Trust | American Airlines 2015-2 Class AA Pass Through Trust |
| Series 2015-2, 3.600%, due 03/22/29 | 81667 | 72453 |
| American Airlines 2016-1 Class AA Pass Through Trust | American Airlines 2016-1 Class AA Pass Through Trust | American Airlines 2016-1 Class AA Pass Through Trust |
| Series 2016-1, 3.575%, due 07/15/29 | 9287 | 8265 |
| American Airlines 2016-2 Class AA Pass Through Trust | American Airlines 2016-2 Class AA Pass Through Trust | American Airlines 2016-2 Class AA Pass Through Trust |
| Series 2016-2, 3.200%, due 12/15/29 | 55402 | 47989 |
| AmeriCredit Automobile Receivables Trust 2021-2 | AmeriCredit Automobile Receivables Trust 2021-2 | AmeriCredit Automobile Receivables Trust 2021-2 |
| Series TR, 1.010%, due 01/19/27 Callable: 03/18/25 | 100000 | 90986 |
| Beacon Container Finance II LLC | Beacon Container Finance II LLC | Beacon Container Finance II LLC |
| Series NT, 2.250%, due 10/22/46 (b) Callable: 11/20/23 | 88333 | 76194 |
| CLI Funding VIII LLC |  |  |
| Series LLC, 2.720%, due 01/18/47 (b) Callable: 12/19/23 | 68860 | 58472 |
| Commonbond Student Loan Trust 2018-C-GS | Commonbond Student Loan Trust 2018-C-GS | Commonbond Student Loan Trust 2018-C-GS |
| Series A-1, 3.870%, due 02/25/46 (b) Callable: Currently | 93804 | 89948 |
| Exeter Automobile Receivables Trust 2020-3 | Exeter Automobile Receivables Trust 2020-3 | Exeter Automobile Receivables Trust 2020-3 |
| Series 2020-3, 1.320%, due 07/15/25 Callable: 10/15/24 | 102943 | 101826 |
| FedEx Corp 2020-1 Class AA Pass Through Trust | FedEx Corp 2020-1 Class AA Pass Through Trust | FedEx Corp 2020-1 Class AA Pass Through Trust |
| Series 2020-1AA, 1.875%, due 08/20/35 | 239339 | 194337 |

---

See Notes to Financial Statements.<br> 151

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_152.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **ASSET-BACKED SECURITIES — 1.3% (Continued)** | **ASSET-BACKED SECURITIES — 1.3% (Continued)** | **ASSET-BACKED SECURITIES — 1.3% (Continued)** |
| Laurel Road Prime Student Loan Trust 2020-A | Laurel Road Prime Student Loan Trust 2020-A | Laurel Road Prime Student Loan Trust 2020-A |
| Series 1.40000, 1.400%, due 11/25/50 (b) Callable: 10/25/28 | $162459 | $145850 |
| Loanpal Solar Loan 2020-2 Ltd. | Loanpal Solar Loan 2020-2 Ltd. | Loanpal Solar Loan 2020-2 Ltd. |
| Series A, 2.750%, due 07/20/47 (b) Callable: 04/20/35 | 204395 | 170156 |
| Marlette Funding Trust 2021-1 | Marlette Funding Trust 2021-1 | Marlette Funding Trust 2021-1 |
| Series C, 1.410%, due 06/16/31 (b) Callable: 01/15/25 | 200000 | 190205 |
| Mosaic Solar Loan Trust 2020-2 | Mosaic Solar Loan Trust 2020-2 | Mosaic Solar Loan Trust 2020-2 |
| Series 2020-2, 1.440%, due 08/20/46 (b) Callable: 07/20/32 | 86538 | 70394 |
| Navient Private Education Refi Loan Trust 2021-A | Navient Private Education Refi Loan Trust 2021-A | Navient Private Education Refi Loan Trust 2021-A |
| Series A, 0.840%, due 05/15/69 (b) Callable: 01/15/28 | 69283 | 59870 |
| Navient Private Education Refi Loan Trust 2020-G | Navient Private Education Refi Loan Trust 2020-G | Navient Private Education Refi Loan Trust 2020-G |
| Series A, 1.170%, due 09/15/69 (b) Callable: 04/15/27 | 114529 | 98598 |
| Oscar US Funding XII LLC |  |  |
| Series A-4, 1.000%, due 04/10/28 (b) Callable: 02/10/25 | 200000 | 185976 |
| PFS Financing Corp. |  |  |
| Series 2021-A, 0.710%, due 04/15/26 (b) Callable: Currently | 100000 | 94194 |
| Santander Consumer Auto Receivables Trust 2021-A | Santander Consumer Auto Receivables Trust 2021-A | Santander Consumer Auto Receivables Trust 2021-A |
| Series 2021-A, 1.030%, due 11/16/26 (b) Callable: 03/15/25 | 150000 | 136732 |
| Santander Drive Auto Receivables Trust 2020-3 | Santander Drive Auto Receivables Trust 2020-3 | Santander Drive Auto Receivables Trust 2020-3 |
| Series C, 1.120%, due 01/15/26 Callable: 04/15/24 | 88538 | 87757 |
| Santander Drive Auto Receivables Trust 2021-2 | Santander Drive Auto Receivables Trust 2021-2 | Santander Drive Auto Receivables Trust 2021-2 |
| Series C, 0.900%, due 06/15/26 Callable: 08/15/24 | 100000 | 97148 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Par Value | Par Value | Value | Value |
| SMB Private Education Loan Trust 2020-PTB | SMB Private Education Loan Trust 2020-PTB | SMB Private Education Loan Trust 2020-PTB | SMB Private Education Loan Trust 2020-PTB | SMB Private Education Loan Trust 2020-PTB |
| Series 1.60000, 1.600%, due 09/15/54 (b) Callable: Currently | $| 225468 | $| 199882 |
| Sofi Professional Loan Program 2017-C LLC | Sofi Professional Loan Program 2017-C LLC | Sofi Professional Loan Program 2017-C LLC | Sofi Professional Loan Program 2017-C LLC | Sofi Professional Loan Program 2017-C LLC |
| Series A-1, 4.989%, due 07/25/40 (1 Month U.S. LIBOR + 0.600%) (b)(h) Callable: 01/25/25 |  | 30883 |  | 30747 |
| Sofi Professional Loan Program 2018-B Trust | Sofi Professional Loan Program 2018-B Trust | Sofi Professional Loan Program 2018-B Trust | Sofi Professional Loan Program 2018-B Trust | Sofi Professional Loan Program 2018-B Trust |
| Series 3.34000, 3.340%, due 08/25/47 (b) Callable: 07/25/25 |  | 62027 |  | 60048 |
| Sunnova Helios IV Issuer LLC | Sunnova Helios IV Issuer LLC | Sunnova Helios IV Issuer LLC | Sunnova Helios IV Issuer LLC | Sunnova Helios IV Issuer LLC |
| Series A, 2.980%, due 06/20/47 (b) Callable: 06/20/27 |  | 226398 |  | 188395 |
| Vivint Solar Financing VII LLC | Vivint Solar Financing VII LLC | Vivint Solar Financing VII LLC | Vivint Solar Financing VII LLC | Vivint Solar Financing VII LLC |
| Series LLC, 2.210%, due 07/31/51 (b) |  | 183770 |  | 141460 |
| Volvo Financial Equipment LLC Series 2020-1 | Volvo Financial Equipment LLC Series 2020-1 | Volvo Financial Equipment LLC Series 2020-1 | Volvo Financial Equipment LLC Series 2020-1 | Volvo Financial Equipment LLC Series 2020-1 |
| Series A-4, 0.600%, due 03/15/28 (b) Callable: 07/15/24 |  | 150000 |  | 141219 |
| Westlake Automobile Receivables Trust 2020-3 | Westlake Automobile Receivables Trust 2020-3 | Westlake Automobile Receivables Trust 2020-3 | Westlake Automobile Receivables Trust 2020-3 | Westlake Automobile Receivables Trust 2020-3 |
| Series B, 0.780%, due 11/17/25 (b) Callable: 05/15/24 |  | 108295 |  | 107614 |
| **Total Asset-Backed Securities (Cost $3,311,690)** |  |  |  | 2946715 |
| **COLLATERALIZED LOAN OBLIGATIONS — 1.6%** | **COLLATERALIZED LOAN OBLIGATIONS — 1.6%** | **COLLATERALIZED LOAN OBLIGATIONS — 1.6%** | **COLLATERALIZED LOAN OBLIGATIONS — 1.6%** | **COLLATERALIZED LOAN OBLIGATIONS — 1.6%** |
| Aimco CLO 11 Ltd. |  |  |  |  |
| Series 2020-11R, 5.209%, due 10/17/34 (3 Month U.S. LIBOR + 1.130%) (b)(h) Callable: 10/17/23 |  | 250000 |  | 243352 |
| Apidos CLO XXIII |  |  |  |  |
| Series XXIII, 5.299%, due 04/15/33 (3 Month U.S. LIBOR + 1.220%) (b)(h) Callable: 01/15/23 |  | 400000 |  | 391094 |

---

See Notes to Financial Statements.<br> 152

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_153.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **COLLATERALIZED LOAN OBLIGATIONS — 1.6% (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS — 1.6% (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS — 1.6% (Continued)** |
| Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd. | Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd. | Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd. |
| Series B, 5.918%, due 05/15/36 (1 Month U.S. LIBOR + 1.600%) (b)(h) Callable: 12/15/23 | $450000 | $420922 |
| Betony CLO 2 Ltd. |  |  |
| Series 2018, 5.495%, due 04/30/31 (3 Month U.S. LIBOR + 1.080%) (b)(h) Callable: 01/30/23 | 250000 | 246114 |
| CARLYLE US CLO 2021-1 Ltd. | CARLYLE US CLO 2021-1 Ltd. | CARLYLE US CLO 2021-1 Ltd. |
| Series LTD, 5.219%, due 04/15/34 (3 Month U.S. LIBOR + 1.140%) (b)(h) Callable: 04/15/23 | 250000 | 242545 |
| Marble Point CLO XIV Ltd. |  |  |
| Series FLT, 5.523%, due 01/20/32 (3 Month U.S. LIBOR + 1.280%) (b)(h) Callable: 01/20/23 | 490000 | 478867 |
| Madison Park Funding XXI Ltd. | Madison Park Funding XXI Ltd. | Madison Park Funding XXI Ltd. |
| Series FLT, 5.479%, due 10/15/32 (3 Month U.S. LIBOR + 1.400%) (b)(h) Callable: 01/15/23 | 250000 | 239265 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-FL7, 6.389%, due 10/16/36 (1 Month U.S. LIBOR + 2.050%) (b)(f)(h) Callable: 10/16/23 | 200000 | 187244 |
| Octagon Investment Partners 48 Ltd. | Octagon Investment Partners 48 Ltd. | Octagon Investment Partners 48 Ltd. |
| Series A-R, 5.393%, due 10/20/34 (3 Month U.S. LIBOR + 1.150%) (b)(h) Callable: 10/20/23 | 400000 | 389115 |
| Palmer Square CLO 2019-1 Ltd. | Palmer Square CLO 2019-1 Ltd. | Palmer Square CLO 2019-1 Ltd. |
| Series 2019-1R, 5.800%, due 11/14/34 (3 Month U.S. LIBOR + 1.150%) (b)(h) Callable: 11/14/23 | 250000 | 243951 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| TCI-Symphony CLO 2016-1 Ltd. | TCI-Symphony CLO 2016-1 Ltd. | TCI-Symphony CLO 2016-1 Ltd. |
| Series FLT, 4.961%, due 10/13/32 (3 Month U.S. LIBOR + 1.020%) (b)(h) Callable: 01/13/23 | $500000 | $489986 |
| **Total Collateralized Loan Obligations (Cost $3,684,090)** |  | 3572455 |
| **CORPORATE BONDS — 3.5%** |  |  |
| **Britain — 0.1%** |  |  |
| BAT International Finance PLC |  |  |
| 1.668%, due 03/25/26 Callable: 02/25/26 | 151000 | 133588 |
| Royalty Pharma PLC |  |  |
| 0.750%, due 09/02/23 | 60000 | 58024 |
| 1.750%, due 09/02/27 Callable: 07/02/27 | 61000 | 51802 |
| 2.200%, due 09/02/30 Callable: 06/02/30 | 96000 | 75030 |
|  |  | 318444 |
| **Canada — 0.1%** |  |  |
| Royal Bank of Canada |  |  |
| 1.200%, due 04/27/26 | 91000 | 80942 |
| The Bank of Nova Scotia |  |  |
| 2.700%, due 08/03/26 | 111000 | 102733 |
|  |  | 183675 |
| **Japan — 0.1%** |  |  |
| Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
| 3.761%, due 07/26/23 | 70000 | 69395 |
| Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
| 2.800%, due 03/10/27 (b) | 71000 | 64513 |
|  |  | 133908 |
| **United States — 3.2%** |  |  |
| 3M Co. |  |  |
| 2.000%, due 02/14/25 Callable: 01/14/25 | 93000 | 87978 |
| AbbVie, Inc. |  |  |
| 3.800%, due 03/15/25 Callable: 12/15/24 | 128000 | 124833 |
| Altria Group, Inc. |  |  |
| 3.400%, due 05/06/30 Callable: 02/06/30 | 93000 | 79436 |

---

See Notes to Financial Statements.<br> 153

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_154.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 3.5% (Continued)** | **CORPORATE BONDS — 3.5% (Continued)** | **CORPORATE BONDS — 3.5% (Continued)** |
| **United States — 3.2% (Continued)** | **United States — 3.2% (Continued)** | **United States — 3.2% (Continued)** |
| Amazon.com, Inc. |  |  |
| 1.500%, due 06/03/30 Callable: 03/03/30 | $108000 | $86664 |
| Ameren Illinois Co. |  |  |
| 3.800%, due 05/15/28 | 80000 | 75960 |
| American Express Co. |  |  |
| 2.250%, due 03/04/25 Callable: 02/01/25 | 69000 | 65146 |
| American Honda Finance Corp. |  |  |
| 1.200%, due 07/08/25 | 74000 | 67631 |
| American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
| 3.900%, due 04/01/26 Callable: 01/01/26 | 30000 | 29035 |
| Amgen, Inc. |  |  |
| 3.200%, due 11/02/27 Callable: 08/02/27 | 84000 | 77928 |
| Amphenol Corp. |  |  |
| 2.800%, due 02/15/30 Callable: 11/15/29 | 98000 | 83927 |
| Apple, Inc. |  |  |
| 1.200%, due 02/08/28 Callable: 12/08/27 | 91000 | 77243 |
| Assurant, Inc. |  |  |
| 4.200%, due 09/27/23 Callable: 08/27/23 | 52000 | 51415 |
| AT&T, Inc. |  |  |
| 2.250%, due 02/01/32 Callable: 11/01/31 | 146000 | 114587 |
| Bank of America Corp. |  |  |
| 4.000%, due 01/22/25 | 75000 | 73426 |
| 0.976%, due 04/22/25 (SOFR Rate + 0.690%) (h) Callable: 04/22/24 | 196000 | 182950 |
| 1.734%, due 07/22/27 (SOFR Rate + 0.960%) (h) Callable: 07/22/26 | 140000 | 123008 |
| 3.593%, due 07/21/28 (3 Month U.S. LIBOR + 1.370%) (h) Callable: 07/21/27 | 67000 | 61679 |
| 2.592%, due 04/29/31 (SOFR Rate + 2.150%) (h) Callable: 04/29/30 | 177000 | 144270 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| Broadcom, Inc. |  |  |
| 2.450%, due 02/15/31 (b) Callable: 11/15/30 | $62000 | $48980 |
| Carrier Global Corp. |  |  |
| 2.722%, due 02/15/30 Callable: 11/15/29 | 145000 | 122185 |
| Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |
| 3.250%, due 12/01/24 | 95000 | 92235 |
| Citigroup, Inc. |  |  |
| 0.981%, due 05/01/25 (SOFR Rate + 0.669%) (h) Callable: 05/01/24 | 137000 | 128143 |
| CVS Health Corp. |  |  |
| 3.875%, due 07/20/25 Callable: 04/20/25 | 247000 | 240991 |
| 1.750%, due 08/21/30 Callable: 05/21/30 | 146000 | 114904 |
| Duke Energy Corp. |  |  |
| 3.150%, due 08/15/27 Callable: 05/15/27 | 143000 | 131703 |
| 4.300%, due 03/15/28 Callable: 02/15/28 | 69000 | 66530 |
| Ecolab, Inc. |  |  |
| 4.800%, due 03/24/30 Callable: 12/24/29 | 64000 | 63569 |
| Entergy Corp. |  |  |
| 0.900%, due 09/15/25 Callable: 08/15/25 | 101000 | 89762 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| 2.800%, due 01/31/30 Callable: 10/31/29 | 73000 | 62208 |
| Equinix, Inc. |  |  |
| 1.250%, due 07/15/25 Callable: 06/15/25 | 133000 | 120268 |
| Exxon Mobil Corp. |  |  |
| 2.275%, due 08/16/26 Callable: 06/16/26 | 100000 | 92807 |
| Fox Corp. |  |  |
| 3.050%, due 04/07/25 Callable: 03/07/25 | 153000 | 146021 |
| Global Payments, Inc. |  |  |
| 2.650%, due 02/15/25 Callable: 01/15/25 | 82000 | 76906 |

---

See Notes to Financial Statements.<br> 154

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_155.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 3.5% (Continued)** | **CORPORATE BONDS — 3.5% (Continued)** | **CORPORATE BONDS — 3.5% (Continued)** |
| **United States — 3.2% (Continued)** | **United States — 3.2% (Continued)** | **United States — 3.2% (Continued)** |
| HCA, Inc. |  |  |
| 4.125%, due 06/15/29 Callable: 03/15/29 | $103000 | $94760 |
| Johnson & Johnson |  |  |
| 0.950%, due 09/01/27 Callable: 07/01/27 | 91000 | 78273 |
| 1.300%, due 09/01/30 Callable: 06/01/30 | 91000 | 73402 |
| JPMorgan Chase & Co. |  |  |
| 1.470%, due 09/22/27 (SOFR Rate + 0.765%) (h) Callable: 09/22/26 | 112000 | 96758 |
| 2.947%, due 02/24/28 (SOFR Rate + 1.170%) (h) Callable: 02/24/27 | 81000 | 73336 |
| 1.953%, due 02/04/32 (SOFR Rate + 1.065%) (h) Callable: 02/04/31 | 73000 | 56042 |
| 2.580%, due 04/22/32 (SOFR Rate + 1.250%) (h) Callable: 04/22/31 | 73000 | 58545 |
| Keurig Dr Pepper, Inc. |  |  |
| 4.417%, due 05/25/25 Callable: 03/25/25 | 17000 | 16868 |
| Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
| 3.450%, due 02/15/23 Callable: 01/30/23 | 70000 | 69811 |
| Kite Realty Group LP |  |  |
| 4.000%, due 10/01/26 Callable: 07/01/26 | 78000 | 71656 |
| Meta Platforms, Inc. |  |  |
| 3.500%, due 08/15/27 | 20000 | 18633 |
| 3.850%, due 08/15/32 | 31000 | 27378 |
| Microsoft Corp. |  |  |
| 2.400%, due 08/08/26 Callable: 05/08/26 | 92000 | 85777 |
| Morgan Stanley |  |  |
| 1.164%, due 10/21/25 (SOFR Rate + 0.560%) (h) Callable: 10/21/24 | 101000 | 92938 |
| 2.188%, due 04/28/26 (SOFR Rate + 1.990%) (h) Callable: 04/28/25 | 235000 | 218272 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| 1.593%, due 05/04/27 (SOFR Rate + 0.879%) (h) Callable: 05/04/26 | $183000 | $160196 |
| 2.239%, due 07/21/32 (SOFR Rate + 1.178%) (h) Callable: 07/21/31 | 37000 | 28302 |
| 6.342%, due 10/18/33 (SOFR Rate + 2.560%) (h) Callable: 10/18/32 | 136000 | 142030 |
| MPLX LP |  |  |
| 4.875%, due 12/01/24 Callable: 09/01/24 | 74000 | 73413 |
| 2.650%, due 08/15/30 Callable: 05/15/30 | 32000 | 26009 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 4.625%, due 07/15/27 Callable: 06/15/27 | 103000 | 101448 |
| Oracle Corp. |  |  |
| 2.950%, due 04/01/30 Callable: 01/01/30 | 211000 | 180101 |
| O'Reilly Automotive, Inc. |  |  |
| 3.600%, due 09/01/27 Callable: 06/01/27 | 146000 | 137341 |
| PepsiCo, Inc. |  |  |
| 2.625%, due 07/29/29 Callable: 04/29/29 | 84000 | 74224 |
| Phillips 66 |  |  |
| 0.900%, due 02/15/24 Callable: 01/30/23 | 71000 | 67777 |
| Raytheon Technologies Corp. |  |  |
| 3.200%, due 03/15/24 Callable: 01/15/24 | 92000 | 90229 |
| Realty Income Corp. |  |  |
| 3.250%, due 01/15/31 Callable: 10/15/30 | 120000 | 104250 |
| Ross Stores, Inc. |  |  |
| 4.600%, due 04/15/25 Callable: 03/15/25 | 120000 | 119221 |
| Sabine Pass Liquefaction LLC |  |  |
| 5.000%, due 03/15/27 Callable: 09/15/26 | 57000 | 55931 |
| Sierra Pacific Power Co. |  |  |
| 2.600%, due 05/01/26 Callable: 02/01/26 | 128000 | 118876 |

---

See Notes to Financial Statements.<br> 155

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_156.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 3.5% (Continued)** | **CORPORATE BONDS — 3.5% (Continued)** | **CORPORATE BONDS — 3.5% (Continued)** |
| **United States — 3.2% (Continued)** | **United States — 3.2% (Continued)** | **United States — 3.2% (Continued)** |
| Southwestern Electric Power Co. |  |  |
| 1.650%, due 03/15/26 Callable: 02/15/26 | $91000 | $81246 |
| Steel Dynamics, Inc. |  |  |
| 1.650%, due 10/15/27 Callable: 08/15/27 | 73000 | 61176 |
| The AES Corp. |  |  |
| 1.375%, due 01/15/26 Callable: 12/15/25 | 71000 | 62417 |
| The Boeing Co. |  |  |
| 4.875%, due 05/01/25 Callable: 04/01/25 | 75000 | 74506 |
| The Goldman Sachs Group, Inc. | The Goldman Sachs Group, Inc. | The Goldman Sachs Group, Inc. |
| 0.855%, due 02/12/26 (SOFR Rate + 0.609%) (h) Callable: 02/12/25 | 91000 | 82321 |
| The Home Depot, Inc. |  |  |
| 1.500%, due 09/15/28 Callable: 07/15/28 | 103000 | 87532 |
| The Walt Disney Co. |  |  |
| 2.200%, due 01/13/28 | 72000 | 64260 |
| T-Mobile USA, Inc. |  |  |
| 2.250%, due 02/15/26 Callable: 02/15/23 | 16000 | 14577 |
| 3.750%, due 04/15/27 Callable: 02/15/27 | 57000 | 53758 |
| Trans-Allegheny Interstate Line Co. |  |  |
| 3.850%, due 06/01/25 (b) Callable: 03/01/25 | 108000 | 104210 |
| United Airlines 2014-2 Class A Pass Through Trust | United Airlines 2014-2 Class A Pass Through Trust | United Airlines 2014-2 Class A Pass Through Trust |
| 3.750%, due 03/03/28 |  |  |
| US Bancorp |  |  |
| 4.548%, due 07/22/28 (SOFR Rate + 1.660%) (h) Callable: 07/22/27 | 42000 | 40987 |
| Verizon Communications, Inc. |  |  |
| 4.329%, due 09/21/28 | 73000 | 70024 |
| 2.355%, due 03/15/32 Callable: 12/15/31 | 160000 | 126753 |
| VMware, Inc. |  |  |
| 1.000%, due 08/15/24 Callable: 01/30/23 | 95000 | 88412 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| Walmart, Inc. |  |  |
| 1.050%, due 09/17/26 Callable: 08/17/26 | $105000 | $92758 |
| Wells Fargo & Co. |  |  |
| 2.406%, due 10/30/25 (SOFR Rate + 1.087%) (h) Callable: 10/30/24 | 182000 | 172268 |
| 2.164%, due 02/11/26 (3 Month U.S. LIBOR + 0.750%) (h) Callable: 02/11/25 | 40000 | 37330 |
|  |  | 7130660 |
| **Total Corporate Bonds (Cost $8,768,067)** |  | 7766687 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | |
| AFFILIATED REGISTERED INVESTMENT COMPANIES — 3.4% | AFFILIATED REGISTERED INVESTMENT COMPANIES — 3.4% | AFFILIATED REGISTERED INVESTMENT COMPANIES — 3.4% |
| Voya Emerging Markets Hard Currency Debt Fund - Class P | 92467 | 680559 |
| Voya High Yield Bond Fund - Class P | 127259 | 836093 |
| Voya Investment Grade Credit Fund - Class P | 58850 | 526708 |
| Voya Securitized Credit Fund - Class P | 630636 | 5536981 |
| **Total Affiliated Registered Investment Companies (Cost $8,406,257)** |  | 7580341 |
| RIGHT — 0.0% (d) |  |  |
| Bank Tabungan Negara Persero Tbk PT (a) | 109513 | 1006 |
| **Total Right (Cost $1,494)** |  | 1006 |
| **Total Investments at Value — 93.1% (Cost $199,256,221)** |  | 206626886 |
| **Other Assets in Excess of Liabilities — 6.9%** |  | 15372835 |
| **Net Assets — 100.0%** |  | $221999721 |

---

Percentages are stated as a percent of net assets.

See Notes to Financial Statements.<br> 156

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_157.jpg) |

---

ADR American Depository Receipt

CVA Certificaten Van Aandelen

GDR Global Depository Receipt

LIBOR London Interbank Offered Rate

NVDR Non-Voting Depository Receipt

REIT Real Estate Investment Trust

SOFR Secured Overnight Financing Rate

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other ''qualified institutional buyers.'' As of December 31, 2022, the value of these investments was $16,442,639, or 7.4% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This security or a partial position of this security is on loan at December 31, 2022. The total fair value of securities on loan at December 31, 2022 was $102,560 (Note 8).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents less than 0.1%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $0 as of December 31, 2022, representing 0.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Illiquid security. The total value of such securities is $280,273 as of December 31, 2022, representing 0.1% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Variable rate security. The coupon is based on an underlying pool of loans. The rate listed is as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Variable rate security based on a reference index and spread. The rate listed is as of December 31, 2022.

The Accompanying Footnotes are an Integral Part of this Schedule of Investments.

See Notes to Financial Statements.<br> 157

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Total Return Swaps**  | ***December 31, 2022*** | ![](fp0081225-2_158.jpg) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference <br> Entity | Pay/<br> Receive <br> Total <br> Return on <br> Reference <br> Entity  | Financing <br> Rate | Maturity <br> Date | Payment <br> Frequency | Shares | Notional<br> Amount | Value/<br> Unrealized<br> Appreciation |
| Goldman Sachs Bank, USA | MSCI Emerging Markets Total Return Index | Receive | (U.S. Federal Funds Rate + 0.200%) | 12/04/2023 | At Maturity | 25623  | $12454239 | $1379252 |
| Morgan Stanley Capital | MSCI EAFE Total Return Index | Receive | (U.S. Federal Funds Rate + 0.070%) | 12/04/2023 | Monthly | 4336  | 28545427 | 2827035 |
| **Total Return Swap Contracts** | **Total Return Swap Contracts** | **Total Return Swap Contracts** |  |  |  |  |  | $4206287 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Centrally Cleared Credit Default Swaps**  | ***December 31, 2022*** | ![](fp0081225-2_158a.jpg) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference <br> Entity | Protection | Pay <br> Fixed <br> Rate | Termination <br> Date | Payment <br> Frequency | Notional <br> Amount | Value | Premium <br> Paid | Unrealized <br> Depreciation |
| Morgan Stanley Capital | CDX North American High Yield Index | Buy | 5.000% | 12/20/2027 | Quarterly | 660000 | $2744 | $7685 | $(4941) |
| **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | $2744 | $7685 | $(4941) |

---

See Notes to Financial Statements.<br> 158

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Schedule of Futures Contracts**  | ***December 31, 2022*** | ![](fp0081225-2_159.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| FUTURES CONTRACTS SOLD SHORT | Contracts | Expiration <br> Date | Notional <br> Amount | Value/ <br> Unrealized<br> Appreciation <br> (Depreciation) |
| 2-Year U.S. Treasury Note Future  | 3 | 03/31/2023 | $572358 | $(774) |
| 5-Year U.S. Treasury Note Future  | 17 | 03/31/2023 | 1609303 | 2135 |
| 10-Year U.S. Treasury Note Future  | 18 | 03/22/2023 | 1792929 | 10792 |
| U.S. Treasury Long Bond Future  | 9 | 03/22/2023 | 962261 | 10106 |
| Ultra 10-Year U.S. Treasury Bond Future  | 11 | 03/22/2023 | 1126354 | 9087 |
| Ultra Long-Term U.S. Treasury Bond Future  | 7 | 03/22/2023 | 592414 | 10048 |
| Total Futures Contracts Sold Short  |  |  | $6655619 | $41394 |

---

See Notes to Financial Statements.<br> 159

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments**  | ***December 31, 2022*** | ![](fp0081225-2_160.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **U.S. TREASURY OBLIGATIONS — 9.3%** | **U.S. TREASURY OBLIGATIONS — 9.3%** | **U.S. TREASURY OBLIGATIONS — 9.3%** |
| **U.S. Treasury Bonds — 4.8%** | **U.S. Treasury Bonds — 4.8%** | **U.S. Treasury Bonds — 4.8%** |
| 2.250%, due 05/15/41  | $90000 | $67654 |
| 2.375%, due 02/15/42  | 920000 | 702219 |
| 3.250%, due 05/15/42  | 1809000 | 1586549 |
| 3.375%, due 08/15/42  | 63000 | 56326 |
| 4.000%, due 11/15/42  | 511000 | 500780 |
| 3.000%, due 02/15/49  | 1230000 | 1013981 |
| 2.000%, due 02/15/50  | 495000 | 327551 |
| 1.250%, due 05/15/50  | 8840000 | 4766694 |
| 2.875%, due 05/15/52  | 70000 | 56219 |
| 3.000%, due 08/15/52  | 2524000 | 2089399 |
|  |  | 11167372 |
| **U.S. Treasury Notes — 4.4%** | **U.S. Treasury Notes — 4.4%** | **U.S. Treasury Notes — 4.4%** |
| 4.250%, due 12/31/24  | 104000 | 103643 |
| 2.875%, due 06/15/25  | 426800 | 412329 |
| 3.000%, due 07/15/25  | 193500 | 187393 |
| 4.000%, due 12/15/25  | 421000 | 418369 |
| 0.750%, due 08/31/26  | 240000 | 212437 |
| 2.000%, due 11/15/26  | 180000 | 166359 |
| 1.250%, due 11/30/26  | 33400 | 29956 |
| 1.500%, due 01/31/27  | 893300 | 806203 |
| 0.375%, due 09/30/27  | 69000 | 58143 |
| 3.875%, due 11/30/27  | 40000 | 39775 |
| 3.875%, due 12/31/27  | 150000 | 149156 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Par Value | Par Value | Value | Value |
| 1.500%, due 11/30/28  | $| 287700 | $| 249760 |
| 2.375%, due 03/31/29  |  | 485000 |  | 441274 |
| 1.125%, due 02/15/31 <sup>(a)</sup>  |  | 47000 |  | 38283 |
| 1.875%, due 02/15/32  |  | 515000 |  | 436462 |
| 2.875%, due 05/15/32  |  | 5030000 |  | 4633888 |
| 2.750%, due 08/15/32  |  | 1267700 |  | 1153013 |
| 4.125%, due 11/15/32  |  | 656000 |  | 669120 |
|  |  |  |  | 10205563 |
| **U.S. Treasury Bill — 0.1%** | **U.S. Treasury Bill — 0.1%** | **U.S. Treasury Bill — 0.1%** | **U.S. Treasury Bill — 0.1%** | **U.S. Treasury Bill — 0.1%** |
| 4.209%, due 02/21/23 <sup>(b)</sup>  |  | 400000 |  | 397738 |
| **Total U.S. Treasury Obligations** (Cost $22,984,303) | **Total U.S. Treasury Obligations** (Cost $22,984,303) | **Total U.S. Treasury Obligations** (Cost $22,984,303) |  | 21770673 |
| **MUNICIPAL BONDS — 0.0% <sup>(c)</sup>** | **MUNICIPAL BONDS — 0.0% <sup>(c)</sup>** | **MUNICIPAL BONDS — 0.0% <sup>(c)</sup>** | **MUNICIPAL BONDS — 0.0% <sup>(c)</sup>** | **MUNICIPAL BONDS — 0.0% <sup>(c)</sup>** |
| State Board of Administration Finance Corp. | State Board of Administration Finance Corp. | State Board of Administration Finance Corp. | State Board of Administration Finance Corp. | State Board of Administration Finance Corp. |
| 2.154%, due 07/01/30  |  | 40000 |  | 32818 |
| **Total Municipal Bonds** (Cost $31,206) | **Total Municipal Bonds** (Cost $31,206) | **Total Municipal Bonds** (Cost $31,206) |  | 32818 |
| **AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9%** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9%** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9%** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9%** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9%** |
| **Federal Home Loan Mortgage Corp. — 3.7%** | **Federal Home Loan Mortgage Corp. — 3.7%** | **Federal Home Loan Mortgage Corp. — 3.7%** | **Federal Home Loan Mortgage Corp. — 3.7%** | **Federal Home Loan Mortgage Corp. — 3.7%** |
| Freddie Mac Pool | Freddie Mac Pool | Freddie Mac Pool | Freddie Mac Pool | Freddie Mac Pool |
| 4.500%, due 08/01/52  |  | 304870 |  | 294153 |
| 5.000%, due 08/01/52  |  | 123117 |  | 123083 |
| 5.000%, due 10/01/52  |  | 180230 |  | 179561 |
| 5.000%, due 11/01/52  |  | 191617 |  | 190202 |
| 5.000%, due 11/01/52  |  | 247675 |  | 247608 |
| 5.500%, due 11/01/52  |  | 164358 |  | 166264 |

---

See Notes to Financial Statements.<br> 160

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_161.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9% (Continued)** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9% (Continued)** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9% (Continued)** |
| **Federal Home Loan Mortgage Corp. — 3.7% (Continued)** | **Federal Home Loan Mortgage Corp. — 3.7% (Continued)** | **Federal Home Loan Mortgage Corp. — 3.7% (Continued)** |
| Freddie Mac REMICS | Freddie Mac REMICS | Freddie Mac REMICS |
| Series 2989, 3.725%, due 08/15/34 (-7 x 1 Month U.S. LIBOR + 33.950%) <sup>(d)</sup>  | $105699 | $116992 |
| Series 4249, 1.560%, due 09/15/43 (-0.75 x 1 Month U.S. LIBOR + 4.650%) <sup>(d)</sup>  | 531152 | 381785 |
| Series 4355, 4.000%, due 05/15/44  | 4483800 | 4277466 |
| Freddie Mac STACR REMIC Trust 2020-HQA1 | Freddie Mac STACR REMIC Trust 2020-HQA1 | Freddie Mac STACR REMIC Trust 2020-HQA1 |
| Series 2020-HQA1, 6.289%, due 01/25/50 (1 Month U.S. LIBOR + 1.900%) <sup>(d)(e)</sup> Callable: 10/25/28  | 81654 | 80393 |
| Freddie Mac STACR REMIC Trust 2021-HQA1 | Freddie Mac STACR REMIC Trust 2021-HQA1 | Freddie Mac STACR REMIC Trust 2021-HQA1 |
| Series M-2, 6.178%, due 08/25/33 (SOFR 30 Day Average + 2.250%) <sup>(d)(e)</sup> Callable: 08/25/33  | 300000 | 277601 |
| Freddie Mac STACR REMIC Trust 2021-HQA4 | Freddie Mac STACR REMIC Trust 2021-HQA4 | Freddie Mac STACR REMIC Trust 2021-HQA4 |
| Series M-2, 6.278%, due 12/26/41 (SOFR 30 Day Average + 2.350%) <sup>(d)(e)</sup> Callable: 12/25/26  | 400000 | 345281 |
| Series B-1, 7.678%, due 12/26/41 (SOFR 30 Day Average + 3.750%) <sup>(d)(e)</sup> Callable: 12/25/26  | 700000 | 599019 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| Freddie Mac STACR REMIC Trust 2022-DNA2 | Freddie Mac STACR REMIC Trust 2022-DNA2 | Freddie Mac STACR REMIC Trust 2022-DNA2 |
| Series FLT, 6.328%, due 02/25/42 (SOFR 30 Day Average + 2.400%) <sup>(d)(e)</sup> Callable: 02/25/27  | $200000 | $194433 |
| Freddie Mac STACR REMIC Trust 2022-DNA3 | Freddie Mac STACR REMIC Trust 2022-DNA3 | Freddie Mac STACR REMIC Trust 2022-DNA3 |
| Series FLT, 5.928%, due 04/25/42 (SOFR 30 Day Average + 2.000%) <sup>(d)(e)</sup> Callable: 04/25/27  | 158809 | 158457 |
| Freddie Mac STACR REMIC Trust 2022-DNA4 | Freddie Mac STACR REMIC Trust 2022-DNA4 | Freddie Mac STACR REMIC Trust 2022-DNA4 |
| Series FLT, 6.128%, due 05/27/42 (SOFR 30 Day Average + 2.200%) <sup>(d)(e)</sup> Callable: 05/25/27  | 180994 | 180950 |
| Series FLT, 7.278%, due 05/27/42 (SOFR 30 Day Average + 3.350%) <sup>(d)(e)</sup> Callable: 05/25/27  | 265000 | 267560 |
| Freddie Mac STACR REMIC Trust 2022-DNA6 | Freddie Mac STACR REMIC Trust 2022-DNA6 | Freddie Mac STACR REMIC Trust 2022-DNA6 |
| Series FLT, 6.078%, due 09/25/42 (SOFR 30 Day Average + 2.150%) <sup>(d)(e)</sup> Callable: 09/25/27  | 176900 | 176899 |
| Freddie Mac STACR REMIC Trust 2022-DNA7 | Freddie Mac STACR REMIC Trust 2022-DNA7 | Freddie Mac STACR REMIC Trust 2022-DNA7 |
| Series 2022-HQA1, 7.428%, due 03/25/42 (SOFR 30 Day Average + 3.500%) <sup>(d)(e)</sup> Callable: 03/25/27  | 85000 | 84285 |

---

See Notes to Financial Statements.<br> 161

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_162.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9% (Continued)** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9% (Continued)** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9% (Continued)** |
| **Federal Home Loan Mortgage Corp. — 3.7% (Continued)** | **Federal Home Loan Mortgage Corp. — 3.7% (Continued)** | **Federal Home Loan Mortgage Corp. — 3.7% (Continued)** |
| Series FLT, 6.428%, due 09/25/42 (SOFR 30 Day Average + 2.500%) <sup>(d)(e)</sup> Callable: 09/25/27  | $140381 | $141226 |
| Freddie Mac STACR REMIC Trust 2022-HQA3 | Freddie Mac STACR REMIC Trust 2022-HQA3 | Freddie Mac STACR REMIC Trust 2022-HQA3 |
| Series FLT, 7.478%, due 08/25/42 (SOFR 30 Day Average + 3.550%) <sup>(d)(e)</sup> Callable: 08/25/27  | 125000 | 123908 |
|  |  | 8607126 |
| **Federal Home Loan Mortgage Corp. Interest-Only Strips — 0.6%** | **Federal Home Loan Mortgage Corp. Interest-Only Strips — 0.6%** | **Federal Home Loan Mortgage Corp. Interest-Only Strips — 0.6%** |
| FHLMC REMIC SERIES K-1515 | FHLMC REMIC SERIES K-1515 | FHLMC REMIC SERIES K-1515 |
| Series K-1515, 1.511%, due 02/25/35 <sup>(f)</sup> Callable: 11/25/34  | 796296 | 89104 |
| Freddie Mac Multiclass Certificates Series 2021-P011 | Freddie Mac Multiclass Certificates Series 2021-P011 | Freddie Mac Multiclass Certificates Series 2021-P011 |
| Series X1, 1.848%, due 09/25/45 <sup>(f)</sup>  | 547950 | 69457 |
| Freddie Mac Multifamily Structured Pass Through Certificates | Freddie Mac Multifamily Structured Pass Through Certificates | Freddie Mac Multifamily Structured Pass Through Certificates |
| Series K-L06, 1.364%, due 12/25/29 <sup>(f)</sup> Callable: 09/25/29  | 956000 | 67465 |
| Series K-109, 1.583%, due 04/25/30 <sup>(f)</sup> Callable: 01/25/30  | 666515 | 57110 |
| Series K-117, 1.238%, due 08/25/30 <sup>(f)</sup> Callable: 07/25/30  | 1288018 | 89708 |
| Series K-G04, 0.851%, due 11/25/30 <sup>(f)</sup> Callable: 08/25/30  | 1896813 | 95398 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| Series K-122, 0.882%, due 11/25/30 <sup>(f)</sup> Callable: 08/25/30  | $1853807 | $96061 |
| Series K-1518, 0.868%, due 10/25/35 <sup>(f)</sup> Callable: 07/25/35  | 1482850 | 107649 |
| Series K-1521, 0.980%, due 08/25/36 <sup>(f)</sup> Callable: 06/25/36  | 817438 | 67078 |
| Freddie Mac REMICS | Freddie Mac REMICS | Freddie Mac REMICS |
| Series 2980, 2.382%, due 05/15/35 (6.700% - 1 Month U.S. LIBOR) <sup>(d)</sup>  | 224290 | 15269 |
| Series 3311, 2.092%, due 05/15/37 (6.410% - 1 Month U.S. LIBOR) <sup>(d)</sup>  | 1188745 | 108310 |
| Series 3359, 1.402%, due 08/15/37 (5.720% - 1 Month U.S. LIBOR) <sup>(d)</sup>  | 567168 | 38185 |
| Series 4077, 1.682%, due 05/15/41 (6.000% - 1 Month U.S. LIBOR) <sup>(d)</sup>  | 321160 | 26819 |
| Series 3966, 1.582%, due 12/15/41 (5.900% - 1 Month U.S. LIBOR) <sup>(d)</sup>  | 551504 | 45799 |
| Series 4089, 1.682%, due 08/15/42 (6.000% - 1 Month U.S. LIBOR) <sup>(d)</sup>  | 470650 | 40512 |
| Series 4994, 1.211%, due 02/25/49 (5.600% - 1 Month U.S. LIBOR) <sup>(d)</sup>  | 5343468 | 349914 |
|  |  | 1363838 |

---

See Notes to Financial Statements.<br> 162

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_163.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9% (Continued)** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9% (Continued)** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9% (Continued)** |
| **Federal National Mortgage Association — 2.5%** | **Federal National Mortgage Association — 2.5%** | **Federal National Mortgage Association — 2.5%** |
| Connecticut Avenue Securities Trust 2019-R02 | Connecticut Avenue Securities Trust 2019-R02 | Connecticut Avenue Securities Trust 2019-R02 |
| Series 2019-R02, 6.689%, due 08/25/31 (1 Month U.S. LIBOR + 2.300%) <sup>(d)(e)</sup> Callable: 08/25/25  | $6696 | $6698 |
| Connecticut Avenue Securities Trust 2019-R06 | Connecticut Avenue Securities Trust 2019-R06 | Connecticut Avenue Securities Trust 2019-R06 |
| Series 2019-R06, 6.489%, due 09/25/39 (1 Month U.S. LIBOR + 2.100%) <sup>(d)(e)</sup> Callable: 09/25/26  | 927 | 925 |
| Connecticut Avenue Securities Trust 2020-R02 | Connecticut Avenue Securities Trust 2020-R02 | Connecticut Avenue Securities Trust 2020-R02 |
| Series 2020-R02, 6.389%, due 01/25/40 (1 Month U.S. LIBOR + 2.000%) <sup>(d)(e)</sup> Callable: 01/25/27  | 201313 | 198130 |
| Connecticut Avenue Securities Trust 2022-R01 | Connecticut Avenue Securities Trust 2022-R01 | Connecticut Avenue Securities Trust 2022-R01 |
| Series FLT, 4.928%, due 12/26/41 (SOFR 30 Day Average + 1.000%) <sup>(d)(e)</sup> Callable: 12/25/26  | 61758 | 60931 |
| Connecticut Avenue Securities Trust 2022-R03 | Connecticut Avenue Securities Trust 2022-R03 | Connecticut Avenue Securities Trust 2022-R03 |
| Series FLT, 6.028%, due 03/25/42 (SOFR 30 Day Average + 2.100%) <sup>(d)(e)</sup> Callable: 03/25/27  | 24045 | 23895 |
| Connecticut Avenue Securities Trust 2022-R04 | Connecticut Avenue Securities Trust 2022-R04 | Connecticut Avenue Securities Trust 2022-R04 |
| Series FLT, 5.928%, due 03/25/42 (SOFR 30 Day Average + 2.000%) <sup>(d)(e)</sup> Callable: 03/25/27  | 52076 | 51841 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| Connecticut Avenue Securities Trust 2022-R05 | Connecticut Avenue Securities Trust 2022-R05 | Connecticut Avenue Securities Trust 2022-R05 |
| Series FLT, 6.928%, due 04/25/42 (SOFR 30 Day Average + 3.000%) <sup>(d)(e)</sup> Callable: 04/25/27  | $240000 | $232215 |
| Connecticut Avenue Securities Trust 2022-R06 | Connecticut Avenue Securities Trust 2022-R06 | Connecticut Avenue Securities Trust 2022-R06 |
| 6.678%, due 05/25/42 (SOFR 30 Day Average + 2.750%) <sup>(d)(e)</sup> Callable: 05/25/27  | 86191 | 87251 |
| Connecticut Avenue Securities Trust 2022-R08 | Connecticut Avenue Securities Trust 2022-R08 | Connecticut Avenue Securities Trust 2022-R08 |
| Series FLT, 7.528%, due 07/25/42 (SOFR 30 Day Average + 3.600%) <sup>(d)(e)</sup> Callable: 07/25/27  | 300000 | 301150 |
| Connecticut Avenue Securities Trust 2022-R09 | Connecticut Avenue Securities Trust 2022-R09 | Connecticut Avenue Securities Trust 2022-R09 |
| Series FLT, 6.444%, due 09/25/42 (SOFR 30 Day Average + 2.500%) <sup>(d)(e)</sup> Callable: 09/25/27  | 166485 | 166116 |
| Fannie Mae Connecticut Avenue Securities | Fannie Mae Connecticut Avenue Securities | Fannie Mae Connecticut Avenue Securities |
| Series 1M2, 8.389%, due 05/27/25 (1 Month U.S. LIBOR + 4.000%) <sup>(d)</sup> Callable: 11/25/24  | 119560 | 122936 |
| Fannie Mae Pool | Fannie Mae Pool | Fannie Mae Pool |
| 4.500%, due 09/01/52  | 473926 | 461117 |
| 5.500%, due 10/01/52  | 132437 | 134345 |
| 5.000%, due 11/01/52  | 179073 | 178409 |
| 5.500%, due 11/01/52  | 534207 | 537561 |
| 5.500%, due 12/01/52  | 334067 | 337940 |

---

See Notes to Financial Statements.<br> 163

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_164.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9% (Continued)** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9% (Continued)** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9% (Continued)** |
| **Federal National Mortgage Association — 2.5% (Continued)** | **Federal National Mortgage Association — 2.5% (Continued)** | **Federal National Mortgage Association — 2.5% (Continued)** |
| FNCL 2 1/21 | FNCL 2 1/21 | FNCL 2 1/21 |
| 2.000%, due 01/15/51  | $99000 | $80806 |
| FNMA TBA 30YR TBA 4.50% JAN | FNMA TBA 30YR TBA 4.50% JAN | FNMA TBA 30YR TBA 4.50% JAN |
| 4.500%, due 01/15/41  | 98000 | 94570 |
| FNMA TBA 30YR TBA 5% JAN | FNMA TBA 30YR TBA 5% JAN | FNMA TBA 30YR TBA 5% JAN |
| 5.000%, due 01/15/41  | 2714000 | 2676258 |
|  |  | 5753094 |
| **Federal National Mortgage Association Interest-Only Strips — 1.0%** | **Federal National Mortgage Association Interest-Only Strips — 1.0%** | **Federal National Mortgage Association Interest-Only Strips — 1.0%** |
| Fannie Mae Interest Strip | Fannie Mae Interest Strip | Fannie Mae Interest Strip |
| 3.500%, due 04/01/44  | 2334690 | 385629 |
| Fannie Mae REMICS | Fannie Mae REMICS | Fannie Mae REMICS |
| Series 2013-60, 3.000%, due 06/25/31  | 1826218 | 40058 |
| Series 2014-63, 3.500%, due 06/25/33  | 766644 | 19191 |
| Series 2007-50, 2.061%, due 06/25/37 (6.450% - 1 Month U.S. LIBOR) <sup>(d)</sup>  | 1875914 | 169005 |
| Series 2009-52, 5.000%, due 07/25/39  | 80241 | 12989 |
| Series 2009-78, 2.351%, due 10/25/39 (6.740% - 1 Month U.S. LIBOR) <sup>(d)</sup>  | 2731762 | 310240 |
| Series 2009-86, 5.500%, due 10/25/39  | 69865 | 12907 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Par Value | Par Value | Value | Value |
| Series 2011-124, 2.111%, due 12/25/41 (6.500% - 1 Month U.S. LIBOR) <sup>(d)</sup>  | $| 378812 | $| 45103 |
| Series 2012-20, 2.061%, due 03/25/42 (6.450% - 1 Month U.S. LIBOR) <sup>(d)</sup>  |  | 386839 |  | 40471 |
| Series 2012-76, 1.611%, due 07/25/42 (6.000% - 1 Month U.S. LIBOR) <sup>(d)</sup>  |  | 183477 |  | 19027 |
| Series 2014-28, 1.661%, due 05/25/44 (6.050% - 1 Month U.S. LIBOR) <sup>(d)</sup>  |  | 858401 |  | 76355 |
| Series 2017-53, 4.000%, due 07/25/47  |  | 152860 |  | 24244 |
| Series 2008-22, 1.771%, due 04/25/48 (6.160% - 1 Month U.S. LIBOR) <sup>(d)</sup>  |  | 1469511 |  | 132363 |
| Series PS, 1.661%, due 07/25/49 (6.050% - 1 Month U.S. LIBOR) <sup>(d)</sup>  |  | 4724428 |  | 502986 |
| Series QS, 1.561%, due 01/25/50 (5.950% - 1 Month U.S. LIBOR) <sup>(d)</sup>  |  | 4768252 |  | 586615 |
|  |  |  |  | 2377183 |
| **Government National Mortgage Association Interest-Only Strips — 0.1%** | **Government National Mortgage Association Interest-Only Strips — 0.1%** | **Government National Mortgage Association Interest-Only Strips — 0.1%** | **Government National Mortgage Association Interest-Only Strips — 0.1%** | **Government National Mortgage Association Interest-Only Strips — 0.1%** |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| Series 2010-133, 1.744%, due 10/16/40 (6.070% - 1 Month U.S. LIBOR) <sup>(d)</sup> Callable: Currently  |  | 2179829 |  | 112579 |

---

See Notes to Financial Statements.<br> 164

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_165.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9% (Continued)** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9% (Continued)** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9% (Continued)** |
| **Government National Mortgage Association Interest-Only Strips — 0.1% (Continued)** | **Government National Mortgage Association Interest-Only Strips — 0.1% (Continued)** | **Government National Mortgage Association Interest-Only Strips — 0.1% (Continued)** |
| Series 2014-102, 1.297%, due 02/20/44 (5.650% - 1 Month U.S. LIBOR) <sup>(d)</sup> Callable: Currently  | $1725806 | $98777 |
| Series 2018-083, 5.000%, due 01/20/48 Callable: Currently  | 836333 | 122811 |
|  |  | 334167 |
| **Total Agency Mortgage-Backed Obligations** (Cost $20,961,213) | **Total Agency Mortgage-Backed Obligations** (Cost $20,961,213) | 18435408 |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2%** |
| 280 Park Avenue 2017-280P Mortgage Trust | 280 Park Avenue 2017-280P Mortgage Trust | 280 Park Avenue 2017-280P Mortgage Trust |
| &nbsp;&nbsp;Series 2017-280P, 7.064%, due 09/15/34 (1 Month U.S. LIBOR + 2.827%) <sup>(d)(e)</sup> Callable: 01/15/23  | 168000 | 148331 |
| ACE Securities Corp Mortgage Loan Trust Series 2007-D1 | ACE Securities Corp Mortgage Loan Trust Series 2007-D1 | ACE Securities Corp Mortgage Loan Trust Series 2007-D1 |
| &nbsp;&nbsp;Series 2007-D1, 6.930%, due 02/25/38 <sup>(e)</sup> Callable: 03/25/30  | 339683 | 281947 |
| Alternative Loan Trust 2006-HY11 | Alternative Loan Trust 2006-HY11 | Alternative Loan Trust 2006-HY11 |
| &nbsp;&nbsp;Series A-1, 4.629%, due 06/25/36 (1 Month U.S. LIBOR + 0.240%) <sup>(d)</sup> Callable: 01/25/23  | 247609 | 219661 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| Alternative Loan Trust 2006-OA6 | Alternative Loan Trust 2006-OA6 | Alternative Loan Trust 2006-OA6 |
| &nbsp;&nbsp;Series FLT, 4.809%, due 07/25/46 (1 Month U.S. LIBOR + 0.420%) <sup>(d)</sup> Callable: 01/25/23  | $1153922 | $937500 |
| Alternative Loan Trust 2007-16CB | Alternative Loan Trust 2007-16CB | Alternative Loan Trust 2007-16CB |
| &nbsp;&nbsp;Series 2007-16CB, 6.250%, due 08/25/37 Callable: 01/25/23  | 492642 | 273476 |
| Alternative Loan Trust 2007-OA4 | Alternative Loan Trust 2007-OA4 | Alternative Loan Trust 2007-OA4 |
| &nbsp;&nbsp;Series 2007-OA4, 4.729%, due 05/25/47 (1 Month U.S. LIBOR + 0.340%) <sup>(d)</sup> Callable: 01/25/23  | 265517 | 233063 |
| Angel Oak Mortgage Trust I LLC 2019-2 | Angel Oak Mortgage Trust I LLC 2019-2 | Angel Oak Mortgage Trust I LLC 2019-2 |
| &nbsp;&nbsp;Series 2019-2, 6.286%, due 03/25/49 <sup>(e)(f)</sup> Callable: 01/25/23  | 1300000 | 1232839 |
| Arroyo Mortgage Trust 2019-1 | Arroyo Mortgage Trust 2019-1 | Arroyo Mortgage Trust 2019-1 |
| &nbsp;&nbsp;Series 2019-1, 3.805%, due 01/25/49 <sup>(e)(f)</sup> Callable: 01/25/23  | 54085 | 50417 |
| Arroyo Mortgage Trust 2019-2 | Arroyo Mortgage Trust 2019-2 | Arroyo Mortgage Trust 2019-2 |
| &nbsp;&nbsp;Series 2019-2, 3.800%, due 04/25/49 <sup>(e)(f)</sup> Callable: 01/25/23  | 107159 | 95432 |
| Bayview MSR Opportunity Master Fund Trust 2021-INV2 | Bayview MSR Opportunity Master Fund Trust 2021-INV2 | Bayview MSR Opportunity Master Fund Trust 2021-INV2 |
| &nbsp;&nbsp;Series A-F, 4.371%, due 12/25/51 (SOFR 30 Day Average + 0.850%) <sup>(d)(e)</sup> Callable: 01/25/46  | 460742 | 416402 |

---

See Notes to Financial Statements.<br> 165

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_166.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** |
| BBCMS 2019-BWAY Mortgage Trust | BBCMS 2019-BWAY Mortgage Trust | BBCMS 2019-BWAY Mortgage Trust |
| &nbsp;&nbsp;Series 2019-BWAY, 7.168%, due 11/15/34 (1 Month U.S. LIBOR + 2.850%) <sup>(d)(e)</sup>  | $100000 | $76184 |
| BCRR 2016-FRR3 Trust | BCRR 2016-FRR3 Trust | BCRR 2016-FRR3 Trust |
| &nbsp;&nbsp;Series TRUST, 5.589%, due 05/27/26 (18.348% - 1 Month U.S. LIBOR) <sup>(d)(e)</sup>  | 797720 | 701932 |
| Bear Stearns ARM Trust 2004-10 | Bear Stearns ARM Trust 2004-10 | Bear Stearns ARM Trust 2004-10 |
| &nbsp;&nbsp;Series 2004-10, 3.973%, due 01/25/35 <sup>(f)</sup> Callable: 01/25/23  | 174346 | 158778 |
| Benchmark 2018-B2 Mortgage Trust | Benchmark 2018-B2 Mortgage Trust | Benchmark 2018-B2 Mortgage Trust |
| &nbsp;&nbsp;Series 2018-B2, 4.227%, due 02/17/51 <sup>(f)</sup> Callable: 02/15/28  | 150000 | 124229 |
| Benchmark 2020-IG3 Mortgage Trust | Benchmark 2020-IG3 Mortgage Trust | Benchmark 2020-IG3 Mortgage Trust |
| &nbsp;&nbsp;Series 2020-IG3, 3.290%, due 09/17/48 <sup>(e)(f)</sup> Callable: 04/15/30  | 1000000 | 785171 |
| BF 2019-NYT Mortgage Trust | BF 2019-NYT Mortgage Trust | BF 2019-NYT Mortgage Trust |
| &nbsp;&nbsp;Series 2019-NYT, 6.818%, due 12/17/35 (1 Month U.S. LIBOR + 2.500%) <sup>(d)(e)</sup>  | 325000 | 267728 |
| BOCA Commercial Mortgage Trust 2022-BOCA | BOCA Commercial Mortgage Trust 2022-BOCA | BOCA Commercial Mortgage Trust 2022-BOCA |
| &nbsp;&nbsp;Series 2022-BOCA, 6.655%, due 05/15/35 (1 Month SOFR Rate + 2.319%) <sup>(d)(e)</sup>  | 100000 | 96503 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| BPR Trust 2021-TY | BPR Trust 2021-TY | BPR Trust 2021-TY |
| &nbsp;&nbsp;Series 2021-TY, 6.668%, due 09/15/38 (1 Month U.S. LIBOR + 2.350%) <sup>(d)(e)</sup>  | $167000 | $149523 |
| BX Commercial Mortgage Trust 2019-XL | BX Commercial Mortgage Trust 2019-XL | BX Commercial Mortgage Trust 2019-XL |
| &nbsp;&nbsp;Series 2019-XL, 5.370%, due 10/15/36 (1 Month SOFR Rate + 1.034%) <sup>(d)(e)</sup>  | 380093 | 374877 |
| BX Commercial Mortgage Trust 2021-CIP | BX Commercial Mortgage Trust 2021-CIP | BX Commercial Mortgage Trust 2021-CIP |
| &nbsp;&nbsp;Series 2021-CIP, 5.239%, due 12/15/38 (1 Month U.S. LIBOR + 0.921%) <sup>(d)(e)</sup>  | 110000 | 106155 |
| BX Commercial Mortgage Trust 2021-SOAR | BX Commercial Mortgage Trust 2021-SOAR | BX Commercial Mortgage Trust 2021-SOAR |
| &nbsp;&nbsp;Series TR, 6.668%, due 06/15/38 (1 Month U.S. LIBOR + 2.350%) <sup>(d)(e)</sup>  | 992482 | 912706 |
| BX Commercial Mortgage Trust 2021-VOLT | BX Commercial Mortgage Trust 2021-VOLT | BX Commercial Mortgage Trust 2021-VOLT |
| &nbsp;&nbsp;Series 2021-VOLT, 5.018%, due 09/15/36 (1 Month U.S. LIBOR + 0.700%) <sup>(d)(e)</sup>  | 115000 | 110724 |
| BX Commercial Mortgage Trust 2021-VOLT | BX Commercial Mortgage Trust 2021-VOLT | BX Commercial Mortgage Trust 2021-VOLT |
| &nbsp;&nbsp;Series 2021-VOLT, 6.718%, due 09/15/36 (1 Month U.S. LIBOR + 2.400%) <sup>(d)(e)</sup>  | 167000 | 153478 |

---

See Notes to Financial Statements.<br> 166

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_167.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** |
| BX Trust 2018-GW | BX Trust 2018-GW | BX Trust 2018-GW |
| &nbsp;&nbsp;Series 2018-GW, 7.238%, due 05/15/37 (1 Month U.S. LIBOR + 2.920%) <sup>(d)(e)</sup>  | $83000 | $77613 |
| BX Trust 2019-CALM | BX Trust 2019-CALM | BX Trust 2019-CALM |
| &nbsp;&nbsp;Series 2019-CALM, 6.318%, due 11/15/32 (1 Month U.S. LIBOR + 2.000%) <sup>(d)(e)</sup>  | 136500 | 129213 |
| BX TRUST 2021-BXMF | BX TRUST 2021-BXMF | BX TRUST 2021-BXMF |
| &nbsp;&nbsp;Series 2021-BXMF, 7.668%, due 10/15/38 (1 Month U.S. LIBOR + 3.350%) <sup>(d)(e)</sup>  | 162000 | 146254 |
| BX Trust 2022-CLS | BX Trust 2022-CLS | BX Trust 2022-CLS |
| &nbsp;&nbsp;Series 2022-CLS, 5.760%, due 10/14/39 <sup>(e)</sup>  | 135000 | 132687 |
| BX Trust 2022-GPA | BX Trust 2022-GPA | BX Trust 2022-GPA |
| &nbsp;&nbsp;Series 2022-GPA, 6.501%, due 08/15/39 (1 Month SOFR Rate + 2.165%) <sup>(d)(e)</sup>  | 180000 | 178876 |
| BX Trust 2022-GPA | BX Trust 2022-GPA | BX Trust 2022-GPA |
| &nbsp;&nbsp;Series 2022-GPA, 7.000%, due 08/15/39 (1 Month SOFR Rate + 2.664%) <sup>(d)(e)</sup>  | 110000 | 109039 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| BX Trust 2022-GPA | BX Trust 2022-GPA | BX Trust 2022-GPA |
| &nbsp;&nbsp;Series 2022-GPA, 8.397%, due 08/15/39 (1 Month SOFR Rate + 4.061%) <sup>(d)(e)</sup>  | $75000 | $74073 |
| CAMB COML MTG TR 2019-LIFE | CAMB COML MTG TR 2019-LIFE | CAMB COML MTG TR 2019-LIFE |
| &nbsp;&nbsp;Series 2019-LIFE, 5.388%, due 12/15/37 (1 Month U.S. LIBOR + 1.070%) <sup>(d)(e)</sup>  | 100000 | 98502 |
| CHL Mortgage Pass-Through Trust 2007-HY5 | CHL Mortgage Pass-Through Trust 2007-HY5 | CHL Mortgage Pass-Through Trust 2007-HY5 |
| &nbsp;&nbsp;Series 2007-HY5, 4.029%, due 09/25/37 <sup>(f)</sup> Callable: 01/25/23  | 732483 | 614327 |
| CIM Trust 2018-INV1 | CIM Trust 2018-INV1 | CIM Trust 2018-INV1 |
| &nbsp;&nbsp;Series 2018-INV1, 4.000%, due 08/25/48 <sup>(e)(f)</sup> Callable: 05/25/28  | 233495 | 212252 |
| CIM Trust 2019-INV2 | CIM Trust 2019-INV2 | CIM Trust 2019-INV2 |
| &nbsp;&nbsp;Series 2019-INV2, 4.000%, due 05/25/49 <sup>(e)(f)</sup> Callable: 07/25/26  | 17688 | 16194 |
| CIM Trust 2019-J1 | CIM Trust 2019-J1 | CIM Trust 2019-J1 |
| &nbsp;&nbsp;Series 2019-J1, 3.943%, due 08/25/49 <sup>(e)(f)</sup> Callable: 06/25/26  | 177222 | 157933 |
| Citigroup Commercial Mortgage Trust 2013-GC17 | Citigroup Commercial Mortgage Trust 2013-GC17 | Citigroup Commercial Mortgage Trust 2013-GC17 |
| &nbsp;&nbsp;Series D, 5.101%, due 11/13/46 <sup>(e)(f)</sup> Callable: 11/10/23  | 100000 | 91170 |
| Citigroup Commercial Mortgage Trust 2015-GC27 | Citigroup Commercial Mortgage Trust 2015-GC27 | Citigroup Commercial Mortgage Trust 2015-GC27 |
| &nbsp;&nbsp;Series C, 4.418%, due 02/12/48 <sup>(f)</sup> Callable: 01/10/25  | 164000 | 150724 |

---

See Notes to Financial Statements.<br> 167

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_168.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** |
| Citigroup Commercial Mortgage Trust 2016-P4 | Citigroup Commercial Mortgage Trust 2016-P4 | Citigroup Commercial Mortgage Trust 2016-P4 |
| &nbsp;&nbsp;Series 2016-P4, 3.942%, due 07/12/49 <sup>(e)(f)</sup> Callable: 07/10/26  | $500000 | $397453 |
| Citigroup Commercial Mortgage Trust 2018-C6 | Citigroup Commercial Mortgage Trust 2018-C6 | Citigroup Commercial Mortgage Trust 2018-C6 |
| &nbsp;&nbsp;Series D, 5.064%, due 11/10/51 <sup>(e)(f)</sup> Callable: 11/10/28  | 380000 | 287746 |
| Citigroup Cmmercial Mortgage Trust 2019-SMRT | Citigroup Cmmercial Mortgage Trust 2019-SMRT | Citigroup Cmmercial Mortgage Trust 2019-SMRT |
| &nbsp;&nbsp;Series E, 4.745%, due 01/11/36 <sup>(e)(f)</sup>  | 116000 | 109649 |
| Citigroup Mortgage Loan Trust 2015-RP2 | Citigroup Mortgage Loan Trust 2015-RP2 | Citigroup Mortgage Loan Trust 2015-RP2 |
| &nbsp;&nbsp;Series B-4, 4.250%, due 01/25/53 <sup>(e)</sup> Callable: 02/25/28  | 536493 | 508613 |
| Citigroup Mortgage Loan Trust 2019-E | Citigroup Mortgage Loan Trust 2019-E | Citigroup Mortgage Loan Trust 2019-E |
| &nbsp;&nbsp;Series 2019-E, 6.228%, due 11/25/70 <sup>(e)</sup> Callable: 01/25/23  | 454667 | 442795 |
| COLT 2022-5 Mortgage Loan Trust | COLT 2022-5 Mortgage Loan Trust | COLT 2022-5 Mortgage Loan Trust |
| &nbsp;&nbsp;Series 2022-5, 4.550%, due 04/25/67 <sup>(e)(f)</sup> Callable: 04/25/25  | 92207 | 89545 |
| Credit Suisse Mortgage Capital Certificates 2019-ICE4 | Credit Suisse Mortgage Capital Certificates 2019-ICE4 | Credit Suisse Mortgage Capital Certificates 2019-ICE4 |
| &nbsp;&nbsp;Series 2019-ICE4, 5.298%, due 05/15/36 (1 Month U.S. LIBOR + 0.980%) <sup>(d)(e)</sup>  | 240000 | 237155 |
| CSAIL 2020-C19 Commercial Mortgage Trust | CSAIL 2020-C19 Commercial Mortgage Trust | CSAIL 2020-C19 Commercial Mortgage Trust |
| &nbsp;&nbsp;Series 2020-C19, 2.500%, due 03/17/53 <sup>(e)</sup> Callable: 03/15/30  | 400000 | 241671 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| CSMC 2020-NET | CSMC 2020-NET | CSMC 2020-NET |
| &nbsp;&nbsp;Series 2020-NET, 3.704%, due 08/17/37 <sup>(e)(f)</sup>  | $118000 | $102502 |
| CSMC Series 2019-NQM1 | CSMC Series 2019-NQM1 | CSMC Series 2019-NQM1 |
| &nbsp;&nbsp;Series 2019-NQM1, 2.656%, due 10/25/59 <sup>(e)</sup> Callable: 01/25/23  | 17060 | 16015 |
| DBUBS 2011-LC2 Mortgage Trust | DBUBS 2011-LC2 Mortgage Trust | DBUBS 2011-LC2 Mortgage Trust |
| &nbsp;&nbsp;Series 2011-LC2, 4.000%, due 07/12/44 (1 Month U.S. LIBOR + 3.650%) <sup>(d)(e)</sup> Callable: 06/10/23  | 6896 | 6622 |
| Deephaven Residential Mortgage Trust 2022-2 | Deephaven Residential Mortgage Trust 2022-2 | Deephaven Residential Mortgage Trust 2022-2 |
| &nbsp;&nbsp;Series 2022-2, 4.300%, due 03/25/67 (SOFR 30 Day Average + 1.700%) <sup>(e)(f)</sup> Callable: 04/25/25  | 546470 | 519720 |
| First Republic Mortgage Trust 2020-1 | First Republic Mortgage Trust 2020-1 | First Republic Mortgage Trust 2020-1 |
| &nbsp;&nbsp;Series B-1, 2.884%, due 04/25/50 <sup>(e)(f)</sup>  | 695166 | 540812 |
| Flagstar Mortgage Trust 2018-6RR | Flagstar Mortgage Trust 2018-6RR | Flagstar Mortgage Trust 2018-6RR |
| &nbsp;&nbsp;Series 2018-6RR, 4.920%, due 10/25/48 <sup>(e)(f)</sup> Callable: 08/25/28  | 455470 | 409596 |
| Fontainebleau Miami Beach Trust 2019-FBLU | Fontainebleau Miami Beach Trust 2019-FBLU | Fontainebleau Miami Beach Trust 2019-FBLU |
| &nbsp;&nbsp;Series F, 3.963%, due 12/12/36 <sup>(e)(f)</sup>  | 120000 | 108609 |
| Fontainebleau Miami Beach Trust 2019-FBLU | Fontainebleau Miami Beach Trust 2019-FBLU | Fontainebleau Miami Beach Trust 2019-FBLU |
| &nbsp;&nbsp;Series G, 3.963%, due 12/12/36 <sup>(e)(f)</sup>  | 112000 | 100109 |

---

See Notes to Financial Statements.<br> 168

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_169.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** |
| FREMF 2018-KF49 Mortgage Trust | FREMF 2018-KF49 Mortgage Trust | FREMF 2018-KF49 Mortgage Trust |
| &nbsp;&nbsp;Series 2018-KF49, 6.042%, due 06/25/25 (1 Month U.S. LIBOR + 1.900%) <sup>(d)(e)</sup> Callable: 06/25/25  | $34804 | $32976 |
| FREMF 2019-KF71 Mortgage Trust | FREMF 2019-KF71 Mortgage Trust | FREMF 2019-KF71 Mortgage Trust |
| &nbsp;&nbsp;Series 2019-KF71, 10.142%, due 10/25/29 (1 Month U.S. LIBOR + 6.000%) <sup>(d)(e)</sup> Callable: 10/25/29  | 162911 | 149518 |
| FREMF 2019-KG01 Mortgage Trust | FREMF 2019-KG01 Mortgage Trust | FREMF 2019-KG01 Mortgage Trust |
| &nbsp;&nbsp;Series 2019-KG01, 0.000%, due 05/25/29 <sup>(e)</sup> Callable: 05/25/29  | 400000 | 201832 |
| GCAT 2020-3 LLC | GCAT 2020-3 LLC | GCAT 2020-3 LLC |
| &nbsp;&nbsp;Series LLC, 2.981%, due 09/25/25 <sup>(e)</sup> Callable: 01/25/23  | 746878 | 711754 |
| GCAT 2022-NQM4 Trust | GCAT 2022-NQM4 Trust | GCAT 2022-NQM4 Trust |
| &nbsp;&nbsp;Series 2022-NQM4, 5.269%, due 08/25/67 <sup>(e)</sup> Callable: 08/25/25  | 97360 | 97897 |
| GS Mortgage Securities Corp Trust 2018-RIVR | GS Mortgage Securities Corp Trust 2018-RIVR | GS Mortgage Securities Corp Trust 2018-RIVR |
| &nbsp;&nbsp;Series C, 5.568%, due 07/16/35 (1 Month U.S. LIBOR + 1.250%) <sup>(d)(e)</sup>  | 122000 | 99134 |
| GS Mortgage Securities Corp Trust 2018-RIVR | GS Mortgage Securities Corp Trust 2018-RIVR | GS Mortgage Securities Corp Trust 2018-RIVR |
| &nbsp;&nbsp;Series F, 6.418%, due 07/16/35 (1 Month U.S. LIBOR + 2.100%) <sup>(d)(e)</sup>  | 1000000 | 710678 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| GS Mortgage-Backed Securities Corp Trust 2020-PJ6 | GS Mortgage-Backed Securities Corp Trust 2020-PJ6 | GS Mortgage-Backed Securities Corp Trust 2020-PJ6 |
| &nbsp;&nbsp;Series A-4, 2.500%, due 05/25/51 <sup>(e)(f)</sup> Callable: 08/25/38  | $335920 | $263596 |
| GS Mortgage-Backed Securities Trust 2022-PJ1 | GS Mortgage-Backed Securities Trust 2022-PJ1 | GS Mortgage-Backed Securities Trust 2022-PJ1 |
| &nbsp;&nbsp;Series 2022-PJ1, 2.500%, due 05/25/52 <sup>(e)(f)</sup> Callable: 12/25/45  | 280518 | 217467 |
| GSAA Home Equity Trust 2005-6 | GSAA Home Equity Trust 2005-6 | GSAA Home Equity Trust 2005-6 |
| &nbsp;&nbsp;Series 2005-6, 5.034%, due 06/25/35 (1 Month U.S. LIBOR + 0.645%) <sup>(d)</sup> Callable: 01/25/23  | 448186 | 432064 |
| GSAA Home Equity Trust 2006-4 | GSAA Home Equity Trust 2006-4 | GSAA Home Equity Trust 2006-4 |
| &nbsp;&nbsp;Series 2006-4, 3.219%, due 03/25/36 <sup>(f)</sup> Callable: 01/25/23  | 404131 | 254144 |
| GSAA Home Equity Trust 2007-7 | GSAA Home Equity Trust 2007-7 | GSAA Home Equity Trust 2007-7 |
| &nbsp;&nbsp;Series 2007-7, 4.929%, due 07/25/37 (1 Month U.S. LIBOR + 0.540%) <sup>(d)</sup> Callable: 01/25/23  | 142624 | 134610 |
| GSCG Trust 2019-600C | GSCG Trust 2019-600C | GSCG Trust 2019-600C |
| &nbsp;&nbsp;Series 2019-600C, 3.985%, due 09/06/34 <sup>(e)(f)</sup>  | 183000 | 158288 |
| Home RE 2021-1 Ltd. | Home RE 2021-1 Ltd. | Home RE 2021-1 Ltd. |
| &nbsp;&nbsp;Series LTD, 6.689%, due 07/25/33 (1 Month U.S. LIBOR + 2.300%) <sup>(d)(e)</sup> Callable: 02/25/25  | 500000 | 475250 |

---

See Notes to Financial Statements.<br> 169

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_170.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** |
| Homeward Opportunities Fund Trust 2020-BPL1 | Homeward Opportunities Fund Trust 2020-BPL1 | Homeward Opportunities Fund Trust 2020-BPL1 |
| &nbsp;&nbsp;Series A2, 5.438%, due 08/25/25 <sup>(e)</sup> Callable: Currently  | $236895 | $236295 |
| Hundred Acre Wood Trust 2021-INV1 | Hundred Acre Wood Trust 2021-INV1 | Hundred Acre Wood Trust 2021-INV1 |
| &nbsp;&nbsp;Series A27, 2.500%, due 07/25/51 <sup>(e)(f)</sup> Callable: 11/25/44  | 337134 | 260305 |
| INTOWN 2022-STAY Mortgage Trust | INTOWN 2022-STAY Mortgage Trust | INTOWN 2022-STAY Mortgage Trust |
| &nbsp;&nbsp;Series 2022-STAY, 7.622%, due 08/17/37 (1 Month SOFR Rate + 3.286%) <sup>(d)(e)</sup> Callable: 08/15/24  | 140000 | 139101 |
| JP Morgan Chase Commercial Mortgage Securities Trust 2018-AON | JP Morgan Chase Commercial Mortgage Securities Trust 2018-AON | JP Morgan Chase Commercial Mortgage Securities Trust 2018-AON |
| &nbsp;&nbsp;Series D, 4.613%, due 07/08/31 <sup>(e)(f)</sup>  | 382000 | 322803 |
| JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT | JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT | JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT |
| &nbsp;&nbsp;Series FLT, 5.364%, due 07/08/33 <sup>(e)(f)</sup> Callable: 07/05/23  | 1400000 | 1215437 |
| JP Morgan Chase Commercial Mortgage Securities Trust 2019-MFP | JP Morgan Chase Commercial Mortgage Securities Trust 2019-MFP | JP Morgan Chase Commercial Mortgage Securities Trust 2019-MFP |
| &nbsp;&nbsp;Series E, 6.478%, due 07/15/36 (1 Month U.S. LIBOR + 2.160%) <sup>(d)(e)</sup>  | 125000 | 117010 |
| JP Morgan Chase Commercial Mortgage Securities Trust 2020-NNN | JP Morgan Chase Commercial Mortgage Securities Trust 2020-NNN | JP Morgan Chase Commercial Mortgage Securities Trust 2020-NNN |
| &nbsp;&nbsp;Series 3.97200, 3.972%, due 01/16/37 <sup>(e)</sup> Callable: 01/16/25  | 100000 | 85347 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| JP Morgan Mortgage Trust 2018-8 | JP Morgan Mortgage Trust 2018-8 | JP Morgan Mortgage Trust 2018-8 |
| &nbsp;&nbsp;Series 2018-8, 4.038%, due 01/25/49 <sup>(e)(f)</sup> Callable: 01/25/23  | $455067 | $386927 |
| JP Morgan Mortgage Trust 2019-8 | JP Morgan Mortgage Trust 2019-8 | JP Morgan Mortgage Trust 2019-8 |
| &nbsp;&nbsp;Series 2019-8, 3.168%, due 03/25/50 <sup>(e)(f)</sup> Callable: 02/25/27  | 187536 | 146654 |
| JP Morgan Mortgage Trust 2019-8 | JP Morgan Mortgage Trust 2019-8 | JP Morgan Mortgage Trust 2019-8 |
| &nbsp;&nbsp;Series 2019-8, 3.500%, due 03/25/50 <sup>(e)(f)</sup> Callable: 02/25/27  | 9335 | 8264 |
| JP Morgan Mortgage Trust 2020-4 | JP Morgan Mortgage Trust 2020-4 | JP Morgan Mortgage Trust 2020-4 |
| &nbsp;&nbsp;Series 2020-4, 3.000%, due 11/25/50 <sup>(e)(f)</sup> Callable: 08/25/31  | 205470 | 172022 |
| JP Morgan Mortgage Trust 2022-5 | JP Morgan Mortgage Trust 2022-5 | JP Morgan Mortgage Trust 2022-5 |
| &nbsp;&nbsp;Series 2022-5, 2.800%, due 09/25/52 <sup>(e)(f)</sup> Callable: 04/25/48  | 479978 | 387957 |
| JPMBB Commercial Mortgage Securities Trust 2015-C27 | JPMBB Commercial Mortgage Securities Trust 2015-C27 | JPMBB Commercial Mortgage Securities Trust 2015-C27 |
| &nbsp;&nbsp;Series D, 3.806%, due 02/18/48 <sup>(e)(f)</sup> Callable: 09/15/26  | 124000 | 103291 |
| Legacy Mortgage Asset Trust 2020-GS3 | Legacy Mortgage Asset Trust 2020-GS3 | Legacy Mortgage Asset Trust 2020-GS3 |
| &nbsp;&nbsp;Series A2, 4.000%, due 05/25/60 <sup>(e)</sup> Callable: 01/25/23  | 900000 | 871278 |

---

See Notes to Financial Statements.<br> 170

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_171.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** |
| Life 2022-BMR Mortgage Trust | Life 2022-BMR Mortgage Trust | Life 2022-BMR Mortgage Trust |
| &nbsp;&nbsp;Series A-1, 5.631%, due 05/17/38 (1 Month SOFR Rate + 1.295%) <sup>(d)(e)</sup> Callable: 05/15/24  | $270000 | $263258 |
| Life 2022-BMR Mortgage Trust | Life 2022-BMR Mortgage Trust | Life 2022-BMR Mortgage Trust |
| &nbsp;&nbsp;Series B, 6.130%, due 05/17/38 (1 Month SOFR Rate + 1.794%) <sup>(d)(e)</sup> Callable: 05/15/24  | 250000 | 242197 |
| Life 2022-BMR Mortgage Trust | Life 2022-BMR Mortgage Trust | Life 2022-BMR Mortgage Trust |
| &nbsp;&nbsp;Series D, 6.878%, due 05/17/38 (1 Month SOFR Rate + 2.542%) <sup>(d)(e)</sup> Callable: 05/15/24  | 205000 | 196352 |
| LSTAR Commercial Mortgage Trust 2016-4 | LSTAR Commercial Mortgage Trust 2016-4 | LSTAR Commercial Mortgage Trust 2016-4 |
| &nbsp;&nbsp;Series 2016-4, 4.601%, due 03/12/49 <sup>(e)(f)</sup> Callable: 03/10/26  | 274000 | 248812 |
| Med Trust 2021-MDLN | Med Trust 2021-MDLN | Med Trust 2021-MDLN |
| &nbsp;&nbsp;Series 2021-MDLN, 9.568%, due 11/15/38 (1 Month U.S. LIBOR + 5.250%) <sup>(d)(e)</sup>  | 161000 | 147125 |
| MFA 2020-NQM3 Trust | MFA 2020-NQM3 Trust | MFA 2020-NQM3 Trust |
| &nbsp;&nbsp;1.632%, due 01/26/65 <sup>(e)(f)</sup> Callable: 11/25/23  | 129079 | 112855 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| MHC Commercial Mortgage Trust 2021-MHC | MHC Commercial Mortgage Trust 2021-MHC | MHC Commercial Mortgage Trust 2021-MHC |
| &nbsp;&nbsp;Series 2021-MHC, 6.919%, due 04/15/38 (1 Month U.S. LIBOR + 2.601%) <sup>(d)(e)</sup>  | $300000 | $281256 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34 | Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34 | Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34 |
| &nbsp;&nbsp;Series 2017-C34, 4.175%, due 11/18/52 <sup>(f)</sup> Callable: 10/15/27  | 170000 | 137936 |
| Morgan Stanley Capital I Trust 2018-SUN | Morgan Stanley Capital I Trust 2018-SUN | Morgan Stanley Capital I Trust 2018-SUN |
| &nbsp;&nbsp;Series 2018-SUN, 6.868%, due 07/16/35 (1 Month U.S. LIBOR + 2.550%) <sup>(d)(e)</sup> Callable: 07/15/23  | 60000 | 57304 |
| Morgan Stanley Capital I Trust 2019-NUGS | Morgan Stanley Capital I Trust 2019-NUGS | Morgan Stanley Capital I Trust 2019-NUGS |
| &nbsp;&nbsp;Series E, 6.562%, due 12/15/36 (1 Month U.S. LIBOR + 2.244%) <sup>(d)(e)</sup>  | 147000 | 108576 |
| Morgan Stanley Capital I Trust 2019-NUGS | Morgan Stanley Capital I Trust 2019-NUGS | Morgan Stanley Capital I Trust 2019-NUGS |
| &nbsp;&nbsp;Series F, 7.162%, due 12/15/36 (1 Month U.S. LIBOR + 2.844%) <sup>(d)(e)</sup>  | 125000 | 96068 |
| Morgan Stanley Capital I Trust 2019-PLND | Morgan Stanley Capital I Trust 2019-PLND | Morgan Stanley Capital I Trust 2019-PLND |
| &nbsp;&nbsp;Series E, 6.468%, due 05/15/36 (1 Month U.S. LIBOR + 2.150%) <sup>(d)(e)</sup> Callable: 05/15/23  | 189000 | 160546 |
| MSCG Trust 2018-SELF | MSCG Trust 2018-SELF | MSCG Trust 2018-SELF |
| &nbsp;&nbsp;Series 2018-SELF, 7.368%, due 10/15/37 (1 Month U.S. LIBOR + 3.050%) <sup>(d)(e)</sup>  | 137081 | 127725 |

---

See Notes to Financial Statements.<br> 171

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_172.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** |
| NewRez Warehouse Securitization Trust 2021-1 | NewRez Warehouse Securitization Trust 2021-1 | NewRez Warehouse Securitization Trust 2021-1 |
| &nbsp;&nbsp;Series 21-1, 9.639%, due 05/25/55 (1 Month U.S. LIBOR + 5.250%) <sup>(d)(e)</sup> Callable: 05/25/24  | $1000000 | $958766 |
| One New York Plaza Trust 2020-1NYP | One New York Plaza Trust 2020-1NYP | One New York Plaza Trust 2020-1NYP |
| &nbsp;&nbsp;Series C, 6.518%, due 01/15/26 (1 Month U.S. LIBOR + 2.200%) <sup>(d)(e)</sup>  | 160000 | 149325 |
| PR Mortgage Loan Trust 2014-1 | PR Mortgage Loan Trust 2014-1 | PR Mortgage Loan Trust 2014-1 |
| &nbsp;&nbsp;Series 2014-1, 5.871%, due 10/25/49 <sup>(e)(f)(g)</sup> Callable: 12/25/30  | 1162933 | 1039997 |
| Provident Funding Mortgage Trust 2021-J1 | Provident Funding Mortgage Trust 2021-J1 | Provident Funding Mortgage Trust 2021-J1 |
| &nbsp;&nbsp;Series FLT, 2.000%, due 10/25/51 <sup>(e)(f)</sup> Callable: 08/25/47  | 200000 | 116683 |
| RATE Mortgage Trust 2021-HB1 | RATE Mortgage Trust 2021-HB1 | RATE Mortgage Trust 2021-HB1 |
| &nbsp;&nbsp;Series FLT, 2.500%, due 12/25/51 <sup>(e)(f)</sup> Callable: 01/25/48  | 474553 | 366703 |
| RCKT Mortgage Trust 2021-1 | RCKT Mortgage Trust 2021-1 | RCKT Mortgage Trust 2021-1 |
| &nbsp;&nbsp;Series 2021-1, 2.719%, due 03/25/51 <sup>(e)(f)</sup> Callable: 03/25/42  | 476276 | 326791 |
| Renaissance Home Equity Loan Trust 2004-4 | Renaissance Home Equity Loan Trust 2004-4 | Renaissance Home Equity Loan Trust 2004-4 |
| &nbsp;&nbsp;Series 2004-4, 5.818%, due 02/25/35 Callable: 01/25/23  | 315762 | 259328 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| RLGH Trust 2021-TROT | RLGH Trust 2021-TROT | RLGH Trust 2021-TROT |
| &nbsp;&nbsp;Series 2021-TROT, 6.032%, due 04/15/36 (1 Month U.S. LIBOR + 1.714%) <sup>(d)(e)</sup>  | $175000 | $166147 |
| Sequoia Mortgage Trust 2021-3 | Sequoia Mortgage Trust 2021-3 | Sequoia Mortgage Trust 2021-3 |
| &nbsp;&nbsp;Series B-3, 2.653%, due 05/25/51 <sup>(e)(f)</sup> Callable: 11/25/44  | 480152 | 300203 |
| Soho Trust 2021-SOHO | Soho Trust 2021-SOHO | Soho Trust 2021-SOHO |
| &nbsp;&nbsp;Series 2021-SOHO, 2.697%, due 08/12/38 <sup>(e)(f)</sup>  | 168000 | 122361 |
| SREIT Trust 2021-IND | SREIT Trust 2021-IND | SREIT Trust 2021-IND |
| &nbsp;&nbsp;Series 2021-IND, 6.853%, due 10/15/38 (1 Month U.S. LIBOR + 2.535%) <sup>(d)(e)</sup>  | 164000 | 145945 |
| TTAN 2021-MHC | TTAN 2021-MHC | TTAN 2021-MHC |
| &nbsp;&nbsp;Series 2021-MHC, 7.218%, due 03/15/38 (1 Month U.S. LIBOR + 2.900%) <sup>(d)(e)</sup>  | 197366 | 182617 |
| UBS Commercial Mortgage Trust 2017-C4 | UBS Commercial Mortgage Trust 2017-C4 | UBS Commercial Mortgage Trust 2017-C4 |
| &nbsp;&nbsp;Series 2017-C4, 4.535%, due 10/17/50 <sup>(f)</sup> Callable: 10/15/27  | 250000 | 209469 |
| Velocity Commercial Capital Loan Trust 2020-2 | Velocity Commercial Capital Loan Trust 2020-2 | Velocity Commercial Capital Loan Trust 2020-2 |
| &nbsp;&nbsp;5.000%, due 05/25/50 <sup>(e)(f)</sup> Callable: Currently  | 500000 | 456198 |
| Verus Securitization Trust 2022-4 | Verus Securitization Trust 2022-4 | Verus Securitization Trust 2022-4 |
| &nbsp;&nbsp;Series A-2, 4.740%, due 04/25/67 <sup>(e)(f)</sup> Callable: 04/25/25  | 175702 | 164938 |

---

See Notes to Financial Statements.<br> 172

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_173.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)** |
| Verus Securitization Trust 2022-8 | Verus Securitization Trust 2022-8 | Verus Securitization Trust 2022-8 |
| &nbsp;&nbsp;Series 2022-8, 6.127%, due 09/25/67 <sup>(e)</sup> Callable: 10/25/25  | $98676 | $94280 |
| Verus Securitization Trust 2022-INV1 | Verus Securitization Trust 2022-INV1 | Verus Securitization Trust 2022-INV1 |
| &nbsp;&nbsp;Series 2022-INV1, 5.041%, due 08/25/67 <sup>(e)</sup> Callable: 08/25/25  | 97011 | 95943 |
| WaMu Mortgage Pass-Through Certificates Series 2007-HY3 Trust | WaMu Mortgage Pass-Through Certificates Series 2007-HY3 Trust | WaMu Mortgage Pass-Through Certificates Series 2007-HY3 Trust |
| &nbsp;&nbsp;Series 2007-HY3, 2.945%, due 03/25/37 <sup>(f)</sup> Callable: 01/25/23  | 372833 | 286205 |
| Wells Fargo Commercial Mortgage Trust 2021-C59 | Wells Fargo Commercial Mortgage Trust 2021-C59 | Wells Fargo Commercial Mortgage Trust 2021-C59 |
| &nbsp;&nbsp;Series E, 2.500%, due 04/17/54 <sup>(e)</sup> Callable: 04/15/31  | 400000 | 207800 |
| WFRBS Commercial Mortgage Trust 2014-C21 | WFRBS Commercial Mortgage Trust 2014-C21 | WFRBS Commercial Mortgage Trust 2014-C21 |
| &nbsp;&nbsp;Series 2014-C21, 3.497%, due 08/16/47 <sup>(e)</sup> Callable: 08/15/24  | 300000 | 258504 |
| **Total Non-Agency Mortgage-Backed Obligations** (Cost $34,896,331) | **Total Non-Agency Mortgage-Backed Obligations** (Cost $34,896,331) | 30694637 |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 1.8%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 1.8%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 1.8%** |
| BANK 2017-BNK8 | BANK 2017-BNK8 | BANK 2017-BNK8 |
| &nbsp;&nbsp;Series 2017-BNK8, 1.296%, due 11/17/50 <sup>(e)(f)</sup> Callable: 08/15/27  | 7050000 | 349838 |
| BANK 2018-BNK11 | BANK 2018-BNK11 | BANK 2018-BNK11 |
| &nbsp;&nbsp;Series 2018-BNK11, 0.457%, due 03/17/61 <sup>(f)</sup> Callable: 01/15/28  | 11330377 | 229030 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| BANK 2019-BNK21 | BANK 2019-BNK21 | BANK 2019-BNK21 |
| &nbsp;&nbsp;Series 2019-BNK21, 0.845%, due 10/18/52 <sup>(f)</sup> Callable: 07/15/29  | $4090872 | $169671 |
| BANK 2020-BNK30 | BANK 2020-BNK30 | BANK 2020-BNK30 |
| &nbsp;&nbsp;Series 2020-BNK30, 1.317%, due 12/17/53 <sup>(f)</sup>  | 1270950 | 88221 |
| Barclays Commercial Mortgage Trust 2019-C3 | Barclays Commercial Mortgage Trust 2019-C3 | Barclays Commercial Mortgage Trust 2019-C3 |
| &nbsp;&nbsp;Series 2019-C3, 1.310%, due 05/17/52 <sup>(f)</sup> Callable: 03/15/29  | 1417226 | 86079 |
| BBCMS Mortgage Trust 2021-C11 | BBCMS Mortgage Trust 2021-C11 | BBCMS Mortgage Trust 2021-C11 |
| &nbsp;&nbsp;Series 2021-C11, 1.522%, due 09/17/54 <sup>(e)(f)</sup>  | 1255000 | 128371 |
| Benchmark 2018-B4 Mortgage Trust | Benchmark 2018-B4 Mortgage Trust | Benchmark 2018-B4 Mortgage Trust |
| &nbsp;&nbsp;Series 2018-B4, 1.750%, due 07/17/51 <sup>(e)(f)</sup> Callable: 04/15/28  | 7000000 | 539447 |
| Benchmark 2019-B10 Mortgage Trust | Benchmark 2019-B10 Mortgage Trust | Benchmark 2019-B10 Mortgage Trust |
| &nbsp;&nbsp;Series 2019-B10, 0.899%, due 03/17/62 <sup>(e)(f)</sup> Callable: 01/15/29  | 2820000 | 133218 |
| Benchmark 2020-B17 Mortgage Trust | Benchmark 2020-B17 Mortgage Trust | Benchmark 2020-B17 Mortgage Trust |
| &nbsp;&nbsp;Series 2020-B17, 1.416%, due 03/17/53 <sup>(f)</sup> Callable: 01/15/30  | 2531735 | 150161 |
| Benchmark 2020-B18 Mortgage Trust | Benchmark 2020-B18 Mortgage Trust | Benchmark 2020-B18 Mortgage Trust |
| &nbsp;&nbsp;Series 2020-B18, 1.789%, due 07/17/53 <sup>(f)</sup> Callable: 05/15/30  | 1553551 | 120170 |
| Benchmark 2021-B25 Mortgage Trust | Benchmark 2021-B25 Mortgage Trust | Benchmark 2021-B25 Mortgage Trust |
| &nbsp;&nbsp;Series 2021-B25, 1.102%, due 04/17/54 <sup>(f)</sup> Callable: 02/15/31  | 2225603 | 137418 |

---

See Notes to Financial Statements.<br> 173

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_174.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 1.8% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 1.8% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 1.8% (Continued)** |
| CD 2017-CD4 Mortgage Trust | CD 2017-CD4 Mortgage Trust | CD 2017-CD4 Mortgage Trust |
| &nbsp;&nbsp;Series 2017-CD4, 1.226%, due 05/12/50 <sup>(f)</sup> Callable: 05/10/27  | $1391976 | $55497 |
| CFCRE Commercial Mortgage Trust 2016-C4 | CFCRE Commercial Mortgage Trust 2016-C4 | CFCRE Commercial Mortgage Trust 2016-C4 |
| &nbsp;&nbsp;Series 2016-C4, 1.607%, due 05/10/58 <sup>(f)</sup> Callable: 05/10/26  | 652484 | 25700 |
| Citigroup Commercial Mortgage Trust 2016-C1 | Citigroup Commercial Mortgage Trust 2016-C1 | Citigroup Commercial Mortgage Trust 2016-C1 |
| &nbsp;&nbsp;Series XA, 1.823%, due 05/10/49 <sup>(f)</sup> Callable: 06/10/26  | 739680 | 35459 |
| Citigroup Commercial Mortgage Trust 2017-P8 | Citigroup Commercial Mortgage Trust 2017-P8 | Citigroup Commercial Mortgage Trust 2017-P8 |
| &nbsp;&nbsp;Series X-A, 0.875%, due 09/16/50 <sup>(f)</sup> Callable: 07/15/27  | 972097 | 30367 |
| Citigroup Commercial Mortgage Trust 2019-C7 | Citigroup Commercial Mortgage Trust 2019-C7 | Citigroup Commercial Mortgage Trust 2019-C7 |
| &nbsp;&nbsp;Series X-A, 0.867%, due 12/16/72 <sup>(f)</sup> Callable: 10/15/29  | 6219371 | 270732 |
| COMM 2013-CCRE12 Mortgage Trust | COMM 2013-CCRE12 Mortgage Trust | COMM 2013-CCRE12 Mortgage Trust |
| &nbsp;&nbsp;Series 2013-CCRE12, 1.057%, due 10/15/46 <sup>(f)</sup> Callable: 10/10/23  | 2887307 | 15404 |
| COMM 2015-LC21 Mortgage Trust | COMM 2015-LC21 Mortgage Trust | COMM 2015-LC21 Mortgage Trust |
| &nbsp;&nbsp;Series 2015-LC21, 0.655%, due 07/10/48 <sup>(f)</sup> Callable: 07/10/25  | 1348688 | 17217 |
| CSAIL 2016-C6 Commercial Mortgage Trust | CSAIL 2016-C6 Commercial Mortgage Trust | CSAIL 2016-C6 Commercial Mortgage Trust |
| &nbsp;&nbsp;Series 2016-C6, 1.863%, due 01/15/49 <sup>(f)</sup> Callable: 02/15/26  | 605624 | 28352 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| CSAIL 2017-CX10 Commercial Mortgage Trust | CSAIL 2017-CX10 Commercial Mortgage Trust | CSAIL 2017-CX10 Commercial Mortgage Trust |
| &nbsp;&nbsp;Series 2017-CX10, 0.749%, due 11/17/50 <sup>(f)</sup> Callable: 09/15/27  | $4744135 | $120582 |
| CSAIL 2018-CX12 Commercial Mortgage Trust | CSAIL 2018-CX12 Commercial Mortgage Trust | CSAIL 2018-CX12 Commercial Mortgage Trust |
| &nbsp;&nbsp;Series 2018-CX12, 0.566%, due 08/17/51 <sup>(f)</sup> Callable: 06/15/28  | 4452164 | 107152 |
| FREMF 2019-KG01 Mortgage Trust | FREMF 2019-KG01 Mortgage Trust | FREMF 2019-KG01 Mortgage Trust |
| &nbsp;&nbsp;Series 2019-KG01, 0.100%, due 04/25/29 <sup>(e)</sup> Callable: 02/25/29  | 5093657 | 17879 |
| FREMF 2019-KG01 Mortgage Trust | FREMF 2019-KG01 Mortgage Trust | FREMF 2019-KG01 Mortgage Trust |
| &nbsp;&nbsp;Series 2019-KG01, 0.100%, due 05/25/29 <sup>(e)</sup> Callable: 02/25/29  | 570000 | 2517 |
| GS Mortgage Securities Trust 2011-GC3 | GS Mortgage Securities Trust 2011-GC3 | GS Mortgage Securities Trust 2011-GC3 |
| &nbsp;&nbsp;Series 2011-GC3, 0.000%, due 03/10/44 <sup>(e)(f)</sup> Callable: 01/10/23  | 511224 | 0 |
| GS Mortgage Securities Trust 2019-GC42 | GS Mortgage Securities Trust 2019-GC42 | GS Mortgage Securities Trust 2019-GC42 |
| &nbsp;&nbsp;Series X-A, 0.805%, due 09/12/52 <sup>(f)</sup> Callable: 06/10/29  | 2310953 | 89227 |
| GS Mortgage Securities Trust 2020-GC47 | GS Mortgage Securities Trust 2020-GC47 | GS Mortgage Securities Trust 2020-GC47 |
| &nbsp;&nbsp;Series X-A, 1.129%, due 05/14/53 <sup>(f)</sup> Callable: 02/12/30  | 1463251 | 89342 |
| GS Mortgage Securities Trust 2020-GSA2 | GS Mortgage Securities Trust 2020-GSA2 | GS Mortgage Securities Trust 2020-GSA2 |
| &nbsp;&nbsp;Series X-A, 1.726%, due 12/12/53 <sup>(e)(f)</sup> Callable: Currently  | 1203904 | 110441 |

---

See Notes to Financial Statements.<br> 174

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_175.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 1.8% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 1.8% (Continued)** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 1.8% (Continued)** |
| JPMBB Commercial Mortgage Securities Trust 2014-C19 | JPMBB Commercial Mortgage Securities Trust 2014-C19 | JPMBB Commercial Mortgage Securities Trust 2014-C19 |
| &nbsp;&nbsp;Series X-A, 0.620%, due 04/17/47 <sup>(f)</sup> Callable: 01/15/25  | $13328643 | $75321 |
| JPMDB Commercial Mortgage Securities Trust 2016-C2 | JPMDB Commercial Mortgage Securities Trust 2016-C2 | JPMDB Commercial Mortgage Securities Trust 2016-C2 |
| &nbsp;&nbsp;Series X-A, 1.492%, due 06/17/49 <sup>(f)</sup> Callable: 03/15/26  | 906079 | 32913 |
| LSTAR Commercial Mortgage Trust 2016-4 | LSTAR Commercial Mortgage Trust 2016-4 | LSTAR Commercial Mortgage Trust 2016-4 |
| &nbsp;&nbsp;Series 2016-4, 1.697%, due 03/12/49 <sup>(e)(f)</sup> Callable: 03/10/26  | 883012 | 24092 |
| LSTAR Commercial Mortgage Trust 2017-5 | LSTAR Commercial Mortgage Trust 2017-5 | LSTAR Commercial Mortgage Trust 2017-5 |
| &nbsp;&nbsp;Series 2017-5, 0.792%, due 03/11/50 <sup>(e)(f)</sup> Callable: 03/10/27  | 1917020 | 39411 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 |
| &nbsp;&nbsp;Series 2013-C13, 0.931%, due 11/19/46 <sup>(f)</sup> Callable: 11/15/28  | 4644055 | 19183 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 | Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 | Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 |
| &nbsp;&nbsp;Series 2014-C19, 0.954%, due 12/17/47 <sup>(f)</sup> Callable: 10/15/26  | 2088692 | 26588 |
| Morgan Stanley Capital I Trust 2016-UBS12 | Morgan Stanley Capital I Trust 2016-UBS12 | Morgan Stanley Capital I Trust 2016-UBS12 |
| &nbsp;&nbsp;Series X-A, 0.652%, due 12/17/49 <sup>(f)</sup> Callable: 09/15/26  | 2674435 | 54222 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Par Value | Value | Value |
| PMTT4 | PMTT4 | PMTT4 | PMTT4 |
| &nbsp;&nbsp;Series 2017-PM1, 0.000%, due 10/26/48 <sup>(e)</sup>  | 161040455 | $| 399718 |
| SG Commercial Mortgage Securities Trust 2016-C5 | SG Commercial Mortgage Securities Trust 2016-C5 | SG Commercial Mortgage Securities Trust 2016-C5 | SG Commercial Mortgage Securities Trust 2016-C5 |
| &nbsp;&nbsp;Series 2016-C5, 1.878%, due 10/13/48 <sup>(f)</sup> Callable: 07/10/26  | 965773 |  | 42089 |
| UBS Commercial Mortgage Trust 2018-C9 | UBS Commercial Mortgage Trust 2018-C9 | UBS Commercial Mortgage Trust 2018-C9 | UBS Commercial Mortgage Trust 2018-C9 |
| &nbsp;&nbsp;Series 2018-C9, 0.928%, due 03/17/51 <sup>(f)</sup> Callable: 01/15/28  | 2325845 |  | 89239 |
| Wells Fargo Commercial Mortgage Trust 2018-C45 | Wells Fargo Commercial Mortgage Trust 2018-C45 | Wells Fargo Commercial Mortgage Trust 2018-C45 | Wells Fargo Commercial Mortgage Trust 2018-C45 |
| &nbsp;&nbsp;Series X-A, 0.790%, due 06/16/51 <sup>(f)</sup> Callable: 04/15/28  | 5064508 |  | 174766 |
| **Total Non-Agency Mortgage-Backed Obligations Interest-Only Strips** (Cost $6,297,469) | **Total Non-Agency Mortgage-Backed Obligations Interest-Only Strips** (Cost $6,297,469) |  | 4125034 |
| **ASSET-BACKED SECURITIES — 5.7%** | **ASSET-BACKED SECURITIES — 5.7%** | **ASSET-BACKED SECURITIES — 5.7%** | **ASSET-BACKED SECURITIES — 5.7%** |
| Air Canada 2017-1 Class B Pass Through Trust | Air Canada 2017-1 Class B Pass Through Trust | Air Canada 2017-1 Class B Pass Through Trust | Air Canada 2017-1 Class B Pass Through Trust |
| Series 2017-1, 3.700%, due 07/15/31 <sup>(e)</sup>  | 608466 |  | 545206 |
| AMSR 2021-SFR1 Trust | AMSR 2021-SFR1 Trust | AMSR 2021-SFR1 Trust | AMSR 2021-SFR1 Trust |
| Series 2021-SFR1, 2.900%, due 06/19/40 <sup>(e)</sup>  | 1200000 |  | 890554 |
| AMSR 2021-SFR3 Trust | AMSR 2021-SFR3 Trust | AMSR 2021-SFR3 Trust | AMSR 2021-SFR3 Trust |
| Series 2021-SFR3, 4.896%, due 10/09/26 <sup>(e)</sup>  | 550000 |  | 458560 |
| Applebee's Funding LLC | Applebee's Funding LLC | Applebee's Funding LLC | Applebee's Funding LLC |
| Series 2019-1, 4.194%, due 06/05/49 <sup>(e)</sup> Callable: 03/05/23  | 148500 |  | 146249 |
| Series 2019-1, 4.723%, due 06/05/49 <sup>(e)</sup> Callable: 06/05/24  | 99000 |  | 90150 |

---

See Notes to Financial Statements.<br> 175

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_176.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **ASSET-BACKED SECURITIES — 5.7% (Continued)** | **ASSET-BACKED SECURITIES — 5.7% (Continued)** | **ASSET-BACKED SECURITIES — 5.7% (Continued)** |
| AQUA FIN TR 2021-A | AQUA FIN TR 2021-A | AQUA FIN TR 2021-A |
| Series 2021-A, 1.540%, due 07/17/46 <sup>(e)</sup> Callable: 07/17/27  | $96150 | $87516 |
| Bojangles Issuer LLC | Bojangles Issuer LLC | Bojangles Issuer LLC |
| Series LLC, 3.832%, due 10/20/50 <sup>(e)</sup> Callable: 10/20/23  | 99250 | 88652 |
| CARDS II Trust | CARDS II Trust | CARDS II Trust |
| Series 2021-1, 0.931%, due 04/15/27 <sup>(e)</sup> Callable: Currently  | 150000 | 141463 |
| Carmax Auto Owner Trust 2019-3 | Carmax Auto Owner Trust 2019-3 | Carmax Auto Owner Trust 2019-3 |
| Series 2019-3, 2.850%, due 01/15/26 Callable: 08/15/23  | 100000 | 97489 |
| Castlelake Aircraft Structured Trust 2019-1 | Castlelake Aircraft Structured Trust 2019-1 | Castlelake Aircraft Structured Trust 2019-1 |
| Series 2091-1, 6.899%, due 04/15/39 <sup>(e)</sup> Callable: Currently  | 988734 | 494479 |
| Commonbond Student Loan Trust 2018-BGS | Commonbond Student Loan Trust 2018-BGS | Commonbond Student Loan Trust 2018-BGS |
| Series C, 4.120%, due 09/25/45 <sup>(e)</sup> Callable: 07/25/25  | 8115 | 7266 |
| Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
| Series 2006-6, 4.729%, due 09/25/36 (1 Month U.S. LIBOR + 0.340%) <sup>(d)</sup> Callable: 01/25/23  | 45449 | 45494 |
| DB Master Finance LLC | DB Master Finance LLC | DB Master Finance LLC |
| Series 2019-1, 4.021%, due 05/20/49 <sup>(e)</sup> Callable: 05/20/23  | 87075 | 80498 |
| Domino's Pizza Master Issuer LLC | Domino's Pizza Master Issuer LLC | Domino's Pizza Master Issuer LLC |
| Series 3.15100, 3.151%, due 04/25/51 <sup>(e)</sup> Callable: 04/25/28  | 98500 | 79115 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| First Franklin Mortgage Loan Trust 2004-FF10 | First Franklin Mortgage Loan Trust 2004-FF10 | First Franklin Mortgage Loan Trust 2004-FF10 |
| Series M-1, 5.664%, due 07/25/34 (1 Month U.S. LIBOR + 1.275%) <sup>(d)</sup> Callable: 01/25/23  | $163323 | $170511 |
| FirstKey Homes 2020-SFR2 Trust | FirstKey Homes 2020-SFR2 Trust | FirstKey Homes 2020-SFR2 Trust |
| Series TR, 1.266%, due 10/19/37 <sup>(e)</sup>  | 98888 | 87612 |
| GM Financial Automobile Leasing Trust 2022-3 | GM Financial Automobile Leasing Trust 2022-3 | GM Financial Automobile Leasing Trust 2022-3 |
| Series C, 5.130%, due 08/20/26 Callable: 12/20/24  | 250000 | 245426 |
| Home Partners of America 2019-1 Trust | Home Partners of America 2019-1 Trust | Home Partners of America 2019-1 Trust |
| Series 2019-1, 3.157%, due 09/19/39 <sup>(e)</sup> Callable: 09/17/24  | 80947 | 70835 |
| Marlette Funding Trust 2022-3 | Marlette Funding Trust 2022-3 | Marlette Funding Trust 2022-3 |
| Series 2022-3, 5.180%, due 11/15/32 <sup>(e)</sup> Callable: 02/15/27  | 125246 | 124265 |
| MetroNet Infrastructure Issuer LLC | MetroNet Infrastructure Issuer LLC | MetroNet Infrastructure Issuer LLC |
| Series A-2, 6.350%, due 10/20/52 <sup>(e)</sup> Callable: 10/20/26  | 150000 | 149590 |
| Mill City Solar Loan 2019-2 Ltd. | Mill City Solar Loan 2019-2 Ltd. | Mill City Solar Loan 2019-2 Ltd. |
| Series 2019-2, 3.690%, due 07/20/43 <sup>(e)</sup> Callable: 08/20/33  | 77708 | 70832 |
| Morgan Stanley ABS Capital I Inc Trust 2006-NC1 | Morgan Stanley ABS Capital I Inc Trust 2006-NC1 | Morgan Stanley ABS Capital I Inc Trust 2006-NC1 |
| Series 2006-NC1, 4.959%, due 12/25/35 (1 Month U.S. LIBOR + 0.570%) <sup>(d)</sup> Callable: 01/25/23  | 306255 | 312199 |
| Mosaic Solar Loan Trust 2018-1 | Mosaic Solar Loan Trust 2018-1 | Mosaic Solar Loan Trust 2018-1 |
| Series 2018-1, 4.010%, due 06/22/43 <sup>(e)</sup> Callable: 08/20/29  | 179066 | 164307 |

---

See Notes to Financial Statements.<br> 176

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_177.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **ASSET-BACKED SECURITIES — 5.7% (Continued)** | **ASSET-BACKED SECURITIES — 5.7% (Continued)** | **ASSET-BACKED SECURITIES — 5.7% (Continued)** |
| Mosaic Solar Loan Trust 2018-2-GS | Mosaic Solar Loan Trust 2018-2-GS | Mosaic Solar Loan Trust 2018-2-GS |
| Series 2018-2-GS, 4.200%, due 02/22/44 <sup>(e)</sup> Callable: 06/20/29  | $188775 | $173823 |
| Series 2018-2-GS, 4.740%, due 02/22/44 <sup>(e)</sup> Callable: 06/20/29  | 235368 | 222791 |
| MVW Owner Trust 2018-1 | MVW Owner Trust 2018-1 | MVW Owner Trust 2018-1 |
| Series 2018-1, 3.450%, due 01/21/36 <sup>(e)</sup> Callable: 06/20/24  | 23031 | 22082 |
| Navient Private Education Refi Loan Trust 2020-H | Navient Private Education Refi Loan Trust 2020-H | Navient Private Education Refi Loan Trust 2020-H |
| Series A, 1.310%, due 01/15/69 <sup>(e)</sup> Callable: 06/15/27  | 95531 | 84768 |
| Navient Private Education Refi Loan Trust 2021-F | Navient Private Education Refi Loan Trust 2021-F | Navient Private Education Refi Loan Trust 2021-F |
| Series A, 1.110%, due 02/18/70 <sup>(e)</sup> Callable: 11/15/29  | 497622 | 419644 |
| Neighborly Issuer LLC | Neighborly Issuer LLC | Neighborly Issuer LLC |
| Series A-2, 3.584%, due 04/30/51 <sup>(e)</sup> Callable: 10/30/26  | 492500 | 393738 |
| OCCU Auto Receivables Trust 2022-1 | OCCU Auto Receivables Trust 2022-1 | OCCU Auto Receivables Trust 2022-1 |
| Series 2022-1, 5.500%, due 10/15/27 <sup>(e)</sup> Callable: 04/15/27  | 135000 | 135431 |
| Progress Residential 2020-SFR3 Trust | Progress Residential 2020-SFR3 Trust | Progress Residential 2020-SFR3 Trust |
| Series TR, 4.105%, due 10/19/37 <sup>(e)</sup>  | 2000000 | 1771807 |
| Progress Residential 2021-SFR3 | Progress Residential 2021-SFR3 | Progress Residential 2021-SFR3 |
| Series TR, 4.254%, due 05/19/38 <sup>(e)</sup>  | 1100000 | 935626 |
| Progress Residential Trust | Progress Residential Trust | Progress Residential Trust |
| Series TR, 4.003%, due 07/19/38 <sup>(e)</sup> Callable: 07/17/26  | 700000 | 589314 |
| Santander Drive Auto Receivables Trust 2022-3 | Santander Drive Auto Receivables Trust 2022-3 | Santander Drive Auto Receivables Trust 2022-3 |
| Series C, 4.490%, due 08/15/29 Callable: 05/15/25  | 200000 | 186683 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
| Series 2022-1, 6.599%, due 11/15/52 <sup>(e)</sup> Callable: 01/15/27  | $210000 | $209487 |
| Sofi Professional Loan Program 2018-C Trust | Sofi Professional Loan Program 2018-C Trust | Sofi Professional Loan Program 2018-C Trust |
| Series R-1, 0.000%, due 01/25/48 <sup>(e)(g)</sup> Callable: 01/25/26  | 10000 | 136771 |
| SoFi Professional Loan Program 2021-A Trust | SoFi Professional Loan Program 2021-A Trust | SoFi Professional Loan Program 2021-A Trust |
| 0.000%, due 08/17/43 <sup>(e)(g)</sup> Callable: 07/15/28  | 23000 | 366503 |
| SoFi Professional Loan Program 2021-B Trust | SoFi Professional Loan Program 2021-B Trust | SoFi Professional Loan Program 2021-B Trust |
| Series TR, 0.000%, due 02/15/47 <sup>(e)(g)</sup> Callable: 02/15/29  | 10000 | 463698 |
| Structured Asset Securities Corp Mortgage Loan Trust 2006-BC3 | Structured Asset Securities Corp Mortgage Loan Trust 2006-BC3 | Structured Asset Securities Corp Mortgage Loan Trust 2006-BC3 |
| Series A3, 4.709%, due 10/25/36 (1 Month U.S. LIBOR + 0.320%) <sup>(d)</sup> Callable: 01/25/23  | 497103 | 477117 |
| Sunnova Sol II Issuer LLC | Sunnova Sol II Issuer LLC | Sunnova Sol II Issuer LLC |
| Series A, 2.730%, due 11/01/55 <sup>(e)</sup> Callable: 10/30/30  | 474554 | 374560 |
| Sunrun Xanadu Issuer 2019-1 LLC | Sunrun Xanadu Issuer 2019-1 LLC | Sunrun Xanadu Issuer 2019-1 LLC |
| Series 2019-1, 3.980%, due 06/30/54 <sup>(e)</sup> Callable: 09/30/32  | 109125 | 100551 |
| Taco Bell Funding LLC | Taco Bell Funding LLC | Taco Bell Funding LLC |
| Series 2016-1, 4.970%, due 05/25/46 <sup>(e)</sup> Callable: 05/25/23  | 409185 | 393083 |
| Series 1.94600, 1.946%, due 08/25/51 <sup>(e)</sup> Callable: 08/25/24  | 99000 | 82902 |

---

See Notes to Financial Statements.<br> 177

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_178.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **ASSET-BACKED SECURITIES — 5.7% (Continued)** | **ASSET-BACKED SECURITIES — 5.7% (Continued)** | **ASSET-BACKED SECURITIES — 5.7% (Continued)** |
| T-Mobile US Trust 2022-1 | T-Mobile US Trust 2022-1 | T-Mobile US Trust 2022-1 |
| Series 2022-1, 4.910%, due 05/22/28 <sup>(e)</sup> Callable: 11/20/25  | $160000 | $159407 |
| United Airlines 2020-1 Class A Pass Through Trust | United Airlines 2020-1 Class A Pass Through Trust | United Airlines 2020-1 Class A Pass Through Trust |
| Series 2020-1, 5.875%, due 10/15/27  | 110654 | 108579 |
| VOLT XCII LLC | VOLT XCII LLC | VOLT XCII LLC |
| Series 2021-NPL1, 4.949%, due 02/27/51 <sup>(e)</sup> Callable: 01/25/23  | 700000 | 528794 |
| Wendy's Funding LLC | Wendy's Funding LLC | Wendy's Funding LLC |
| Series 2019-1, 3.783%, due 06/15/49 <sup>(e)</sup> Callable: 03/15/24  | 91000 | 83140 |
| Wingstop Funding LLC | Wingstop Funding LLC | Wingstop Funding LLC |
| Series 2020-1, 2.841%, due 12/05/50 <sup>(e)</sup> Callable: 06/05/24  | 247500 | 209315 |
| Zaxby's Funding LLC | Zaxby's Funding LLC | Zaxby's Funding LLC |
| Series 2021-1, 3.238%, due 07/30/51 <sup>(e)</sup> Callable: 07/30/25  | 148125 | 119139 |
| **Total Asset-Backed Securities** (Cost $16,161,573) | **Total Asset-Backed Securities** (Cost $16,161,573) | 13397021 |
| **COLLATERALIZED LOAN OBLIGATIONS — 4.8%** | **COLLATERALIZED LOAN OBLIGATIONS — 4.8%** | **COLLATERALIZED LOAN OBLIGATIONS — 4.8%** |
| ACREC 2021-FL1 Ltd. | ACREC 2021-FL1 Ltd. | ACREC 2021-FL1 Ltd. |
| &nbsp;&nbsp;Series 2021-FL1, 6.476%, due 10/20/36 (1 Month U.S. LIBOR + 2.150%) <sup>(d)(e)</sup> Callable: 04/16/23  | 375000 | 345859 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| ALM 2020 Ltd. | ALM 2020 Ltd. | ALM 2020 Ltd. |
| &nbsp;&nbsp;Series 2020-1, 5.929%, due 10/15/29 (3 Month U.S. LIBOR + 1.850%) <sup>(d)(e)</sup> Callable: 01/15/23  | $500000 | $486481 |
| Arbor Realty Collateralized Loan Obligation 2020-FL1 Ltd. | Arbor Realty Collateralized Loan Obligation 2020-FL1 Ltd. | Arbor Realty Collateralized Loan Obligation 2020-FL1 Ltd. |
| &nbsp;&nbsp;Series 2020-FL1, 6.900%, due 02/15/35 (1 Month SOFR Rate + 2.564%) <sup>(d)(e)</sup> Callable: 01/15/23  | 170000 | 160838 |
| Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd. | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd. | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd. |
| &nbsp;&nbsp;Series 2021-FL4, 7.218%, due 11/17/36 (1 Month U.S. LIBOR + 2.900%) <sup>(d)(e)(g)</sup> Callable: 06/15/24  | 275000 | 254176 |
| Ares XLIX CLO Ltd. | Ares XLIX CLO Ltd. | Ares XLIX CLO Ltd. |
| &nbsp;&nbsp;Series 2018-49, 6.275%, due 07/22/30 (3 Month U.S. LIBOR + 1.950%) <sup>(d)(e)</sup> Callable: 01/22/23  | 1000000 | 934318 |
| BDS 2020-FL5 Ltd. | BDS 2020-FL5 Ltd. | BDS 2020-FL5 Ltd. |
| &nbsp;&nbsp;Series LTD, 6.489%, due 02/18/37 (1 Month SOFR Rate + 2.164%) <sup>(d)(e)(g)</sup> Callable: 01/16/23  | 340000 | 330050 |

---

See Notes to Financial Statements.<br> 178

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_179.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **COLLATERALIZED LOAN OBLIGATIONS — 4.8% (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS — 4.8% (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS — 4.8% (Continued)** |
| BlueMountain CLO XXVIII Ltd. | BlueMountain CLO XXVIII Ltd. | BlueMountain CLO XXVIII Ltd. |
| &nbsp;&nbsp;Series C, 6.079%, due 04/17/34 (3 Month U.S. LIBOR + 2.000%) <sup>(d)(e)</sup> Callable: 04/15/23  | $250000 | $230943 |
| Canyon Capital CLO 2014-1 Ltd. | Canyon Capital CLO 2014-1 Ltd. | Canyon Capital CLO 2014-1 Ltd. |
| &nbsp;&nbsp;Series 2014-1R, 7.165%, due 01/30/31 (3 Month U.S. LIBOR + 2.750%) <sup>(d)(e)</sup> Callable: 01/30/23  | 250000 | 218459 |
| Canyon Capital CLO 2021-2 Ltd. | Canyon Capital CLO 2021-2 Ltd. | Canyon Capital CLO 2021-2 Ltd. |
| &nbsp;&nbsp;Series D, 7.429%, due 04/17/34 (3 Month U.S. LIBOR + 3.350%) <sup>(d)(e)</sup> Callable: 04/15/23  | 500000 | 460044 |
| CIFC Funding 2015-IV Ltd. | CIFC Funding 2015-IV Ltd. | CIFC Funding 2015-IV Ltd. |
| &nbsp;&nbsp;Series IVR2, 6.143%, due 04/20/34 (3 Month U.S. LIBOR + 1.900%) <sup>(d)(e)</sup> Callable: 04/20/23  | 250000 | 232179 |
| CIFC Funding 2021-IV Ltd. | CIFC Funding 2021-IV Ltd. | CIFC Funding 2021-IV Ltd. |
| &nbsp;&nbsp;Series 2021-IV, 6.979%, due 07/15/33 (3 Month U.S. LIBOR + 2.900%) <sup>(d)(e)</sup> Callable: 01/15/23  | 500000 | 465896 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| CLNC 2019-FL1 Ltd. | CLNC 2019-FL1 Ltd. | CLNC 2019-FL1 Ltd. |
| &nbsp;&nbsp;Series 2019-FL1, 6.339%, due 08/17/35 (1 Month SOFR Rate + 2.014%) <sup>(d)(e)</sup> Callable: 01/19/23  | $100000 | $99502 |
| Columbia Cent CLO 27 Ltd. | Columbia Cent CLO 27 Ltd. | Columbia Cent CLO 27 Ltd. |
| &nbsp;&nbsp;Series 2018-27R, 8.188%, due 01/25/35 (3 Month U.S. LIBOR + 3.830%) <sup>(d)(e)</sup> Callable: 01/25/24  | 500000 | 452319 |
| Dryden 40 Senior Loan Fund | Dryden 40 Senior Loan Fund | Dryden 40 Senior Loan Fund |
| &nbsp;&nbsp;Series 2015-40R, 6.706%, due 08/15/31 (3 Month U.S. LIBOR + 2.100%) <sup>(d)(e)</sup> Callable: 02/15/23  | 500000 | 468140 |
| Goldentree Loan Management US CLO 2 Ltd. | Goldentree Loan Management US CLO 2 Ltd. | Goldentree Loan Management US CLO 2 Ltd. |
| &nbsp;&nbsp;Series D, 6.893%, due 11/29/30 (3 Month U.S. LIBOR + 2.650%) <sup>(d)(e)</sup> Callable: 01/20/23  | 500000 | 468001 |
| Greystone CRE Notes 2019-FL2 Ltd. | Greystone CRE Notes 2019-FL2 Ltd. | Greystone CRE Notes 2019-FL2 Ltd. |
| &nbsp;&nbsp;Series D, 6.275%, due 09/15/37 (1 Month U.S. LIBOR + 2.400%) <sup>(d)(e)(g)</sup> Callable: 01/15/23  | 183000 | 175148 |
| Greystone CRE Notes 2019-FL2 Ltd. | Greystone CRE Notes 2019-FL2 Ltd. | Greystone CRE Notes 2019-FL2 Ltd. |
| &nbsp;&nbsp;Series C, 6.318%, due 09/15/37 (1 Month U.S. LIBOR + 2.000%) <sup>(d)(e)(g)</sup> Callable: 01/15/23  | 200000 | 194842 |

---

See Notes to Financial Statements.<br> 179

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_180.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **COLLATERALIZED LOAN OBLIGATIONS — 4.8% (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS — 4.8% (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS — 4.8% (Continued)** |
| Hayfin Kingsland VIII Ltd. | Hayfin Kingsland VIII Ltd. | Hayfin Kingsland VIII Ltd. |
| &nbsp;&nbsp;Series 2018-8, 5.723%, due 04/21/31 (3 Month U.S. LIBOR + 1.480%) <sup>(d)(e)</sup> Callable: 01/20/23  | $500000 | $479812 |
| LCM XXIV Ltd. | LCM XXIV Ltd. | LCM XXIV Ltd. |
| &nbsp;&nbsp;Series LTD, 6.143%, due 03/20/30 (3 Month U.S. LIBOR + 1.900%) <sup>(d)(e)</sup> Callable: 01/20/23  | 250000 | 231873 |
| Madison Park Funding XXI Ltd. | Madison Park Funding XXI Ltd. | Madison Park Funding XXI Ltd. |
| &nbsp;&nbsp;Series FLT, 6.279%, due 10/15/32 (3 Month U.S. LIBOR + 2.200%) <sup>(d)(e)</sup> Callable: 01/15/23  | 250000 | 236199 |
| Neuberger Berman Loan Advisers CLO 40 Ltd. | Neuberger Berman Loan Advisers CLO 40 Ltd. | Neuberger Berman Loan Advisers CLO 40 Ltd. |
| &nbsp;&nbsp;Series C, 5.829%, due 04/18/33 (3 Month U.S. LIBOR + 1.750%) <sup>(d)(e)</sup> Callable: 01/16/23  | 250000 | 234394 |
| Octagon Investment Partners 31 Ltd. | Octagon Investment Partners 31 Ltd. | Octagon Investment Partners 31 Ltd. |
| &nbsp;&nbsp;Series C-R, 6.293%, due 07/22/30 (3 Month U.S. LIBOR + 2.050%) <sup>(d)(e)</sup> Callable: 01/20/23  | 280000 | 266056 |
| Octagon Investment Partners XIV Ltd. | Octagon Investment Partners XIV Ltd. | Octagon Investment Partners XIV Ltd. |
| &nbsp;&nbsp;Series LTD, 7.979%, due 07/16/29 (3 Month U.S. LIBOR + 3.900%) <sup>(d)(e)</sup> Callable: 01/15/23  | 500000 | 448083 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| OHA Credit Funding 5 Ltd. | OHA Credit Funding 5 Ltd. | OHA Credit Funding 5 Ltd. |
| &nbsp;&nbsp;Series E, 10.444%, due 04/18/33 (3 Month U.S. LIBOR + 6.250%) <sup>(d)(e)</sup> Callable: 01/18/23  | $500000 | $454759 |
| OHA Credit Funding 8 Ltd. | OHA Credit Funding 8 Ltd. | OHA Credit Funding 8 Ltd. |
| &nbsp;&nbsp;Series 2021-8, 6.094%, due 01/18/34 (3 Month U.S. LIBOR + 1.900%) <sup>(d)(e)</sup> Callable: 01/18/23  | 250000 | 234680 |
| OHA Credit Partners XIII Ltd. | OHA Credit Partners XIII Ltd. | OHA Credit Partners XIII Ltd. |
| &nbsp;&nbsp;Series D-R, 7.478%, due 10/23/34 (3 Month U.S. LIBOR + 3.200%) <sup>(d)(e)</sup> Callable: 10/21/23  | 500000 | 473974 |
| OHA Loan Funding 2013-1 Ltd. | OHA Loan Funding 2013-1 Ltd. | OHA Loan Funding 2013-1 Ltd. |
| &nbsp;&nbsp;Series FLT, 6.395%, due 07/23/31 (3 Month U.S. LIBOR + 2.070%) <sup>(d)(e)</sup> Callable: 01/23/23  | 500000 | 472508 |
| Palmer Square Loan Funding 2022-2 Ltd. | Palmer Square Loan Funding 2022-2 Ltd. | Palmer Square Loan Funding 2022-2 Ltd. |
| &nbsp;&nbsp;Series B, 6.064%, due 10/15/30 (3 Month SOFR Rate + 2.200%) <sup>(d)(e)</sup> Callable: 07/15/23  | 800000 | 754874 |
| TCI-Flatiron CLO 2018-1 Ltd. | TCI-Flatiron CLO 2018-1 Ltd. | TCI-Flatiron CLO 2018-1 Ltd. |
| &nbsp;&nbsp;Series C-R, 6.165%, due 01/29/32 (3 Month U.S. LIBOR + 1.750%) <sup>(d)(e)</sup> Callable: 01/29/23  | 250000 | 235108 |

---

See Notes to Financial Statements.<br> 180

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_181.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **COLLATERALIZED LOAN OBLIGATIONS — 4.8% (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS — 4.8% (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS — 4.8% (Continued)** |
| TCW CLO 2021-1 Ltd. | TCW CLO 2021-1 Ltd. | TCW CLO 2021-1 Ltd. |
| &nbsp;&nbsp;Series LTD, 6.143%, due 03/20/34 (3 Month U.S. LIBOR + 1.900%) <sup>(d)(e)</sup> Callable: 04/20/23  | $250000 | $231984 |
| Wind River 2014-3 CLO Ltd. | Wind River 2014-3 CLO Ltd. | Wind River 2014-3 CLO Ltd. |
| &nbsp;&nbsp;Series FLT, 7.725%, due 10/22/31 (3 Month U.S. LIBOR + 3.400%) <sup>(d)(e)</sup> Callable: 01/22/23  | 500000 | 406481 |
| **Total Collateralized Loan Obligations** (Cost $11,929,813) | **Total Collateralized Loan Obligations** (Cost $11,929,813) | 11137980 |
| **CORPORATE BONDS — 20.5%** | **CORPORATE BONDS — 20.5%** | **CORPORATE BONDS — 20.5%** |
| **Basic Materials — 0.9%** | **Basic Materials — 0.9%** | **Basic Materials — 0.9%** |
| Arconic Corp. | Arconic Corp. | Arconic Corp. |
| 6.125%, due 02/15/28 <sup>(e)</sup> Callable: 02/15/23  | 55000 | 51150 |
| ASP Unifrax Holdings, Inc. | ASP Unifrax Holdings, Inc. | ASP Unifrax Holdings, Inc. |
| 5.250%, due 09/30/28 <sup>(e)</sup> Callable: 09/30/24  | 50000 | 40063 |
| Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |
| 4.625%, due 03/01/29 <sup>(a)(e)</sup> Callable: 03/01/24  | 295000 | 261075 |
| 4.875%, due 03/01/31 <sup>(a)(e)</sup> Callable: 03/01/26  | 180000 | 158400 |
| Coeur Mining, Inc. | Coeur Mining, Inc. | Coeur Mining, Inc. |
| 5.125%, due 02/15/29 <sup>(a)(e)</sup> Callable: 02/15/24  | 25000 | 19531 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| CVR Partners LP | CVR Partners LP | CVR Partners LP | CVR Partners LP |
| 6.125%, due 06/15/28 <sup>(e)</sup> Callable: 06/15/24  |  | $30000 | $26930 |
| Ecolab, Inc. | Ecolab, Inc. | Ecolab, Inc. | Ecolab, Inc. |
| 1.000%, due 01/15/24 Callable: 10/15/23  | EUR | 150000 | 157283 |
| Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
| 4.125%, due 03/01/28 Callable: 03/01/23  |  | $25000 | 23187 |
| 4.375%, due 08/01/28 Callable: 08/01/23  |  | 50000 | 46688 |
| 4.625%, due 08/01/30 Callable: 08/01/25  |  | 400000 | 373500 |
| 5.450%, due 03/15/43 Callable: 09/15/42  |  | 480000 | 433200 |
| Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
| 1.625%, due 04/27/26 <sup>(e)</sup> Callable: 03/27/26  |  | 80000 | 70710 |
| 3.375%, due 09/23/51 <sup>(e)</sup> Callable: 03/23/51  |  | 70000 | 45365 |
| Illuminate Buyer LLC | Illuminate Buyer LLC | Illuminate Buyer LLC | Illuminate Buyer LLC |
| 9.000%, due 07/01/28 <sup>(e)</sup> Callable: 07/01/23  |  | 25000 | 20781 |
| Iris Holdings, Inc. | Iris Holdings, Inc. | Iris Holdings, Inc. | Iris Holdings, Inc. |
| 8.750%, due 02/15/26 <sup>(e)</sup> Callable: 02/15/23  |  | 25000 | 21450 |
| LSF11 A5 HoldCo LLC | LSF11 A5 HoldCo LLC | LSF11 A5 HoldCo LLC | LSF11 A5 HoldCo LLC |
| 6.625%, due 10/15/29 <sup>(e)</sup> Callable: 10/15/24  |  | 15000 | 12206 |
| Mativ Holdings, Inc. | Mativ Holdings, Inc. | Mativ Holdings, Inc. | Mativ Holdings, Inc. |
| 6.875%, due 10/01/26 <sup>(e)</sup> Callable: 01/30/23  |  | 25000 | 22031 |

---

See Notes to Financial Statements.<br> 181

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_182.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Basic Materials — 0.9% (Continued)** | **Basic Materials — 0.9% (Continued)** | **Basic Materials — 0.9% (Continued)** |
| Novelis Corp. | Novelis Corp. | Novelis Corp. |
| 3.875%, due 08/15/31 <sup>(e)</sup> Callable: 08/15/26  | $25000 | $20250 |
| Olin Corp. | Olin Corp. | Olin Corp. |
| 5.125%, due 09/15/27 Callable: 01/30/23  | 25000 | 23656 |
| Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC |
| 5.500%, due 03/18/31 Callable: 03/18/30  | 200000 | 161750 |
| Tronox, Inc. | Tronox, Inc. | Tronox, Inc. |
| 4.625%, due 03/15/29 <sup>(e)</sup> Callable: 03/15/24  | 20000 | 16625 |
| Westlake Corp. | Westlake Corp. | Westlake Corp. |
| 0.875%, due 08/15/24 Callable: 01/30/23  | 105000 | 97579 |
| WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
| 5.625%, due 08/15/29 <sup>(e)</sup> Callable: 08/15/24  | 60000 | 48375 |
|  |  | 2151785 |
| **Communications — 2.4%** | **Communications — 2.4%** | **Communications — 2.4%** |
| AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |
| 4.250%, due 02/15/29 <sup>(a)</sup> Callable: 02/15/24  | 5000 | 3100 |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 0.900%, due 03/25/24 Callable: 01/10/23  | 73000 | 69252 |
| 3.500%, due 09/15/53 Callable: 03/15/53  | 270000 | 183642 |
| Beasley Mezzanine Holdings LLC | Beasley Mezzanine Holdings LLC | Beasley Mezzanine Holdings LLC |
| 8.625%, due 02/01/26 <sup>(e)</sup> Callable: 02/01/23  | 25000 | 15000 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| CCO Holdings LLC | CCO Holdings LLC | CCO Holdings LLC |
| 4.750%, due 03/01/30 <sup>(e)</sup> Callable: 09/01/24  | $230000 | $193775 |
| 4.500%, due 08/15/30 <sup>(e)</sup> Callable: 02/15/25  | 125000 | 103125 |
| 4.250%, due 02/01/31 <sup>(e)</sup> Callable: 07/01/25  | 460000 | 368000 |
| 4.750%, due 02/01/32 <sup>(e)</sup> Callable: 02/01/27  | 30000 | 24300 |
| 4.500%, due 06/01/33 <sup>(e)</sup> Callable: 06/01/27  | 100000 | 76750 |
| 4.250%, due 01/15/34 <sup>(e)</sup> Callable: 01/15/28  | 55000 | 40769 |
| Cengage Learning, Inc. | Cengage Learning, Inc. | Cengage Learning, Inc. |
| 9.500%, due 06/15/24 <sup>(a)(e)</sup> Callable: 01/30/23  | 40000 | 38000 |
| Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
| 4.908%, due 07/23/25 Callable: 04/23/25  | 215000 | 210942 |
| 2.800%, due 04/01/31 Callable: 01/01/31  | 130000 | 101337 |
| 5.750%, due 04/01/48 Callable: 10/01/47  | 180000 | 147924 |
| 5.125%, due 07/01/49 Callable: 01/01/49  | 405000 | 306071 |
| Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
| 7.500%, due 06/01/29 <sup>(e)</sup> Callable: 06/01/24  | 50000 | 35812 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 3.400%, due 04/01/30 Callable: 01/01/30  | 125000 | 113535 |

---

See Notes to Financial Statements.<br> 182

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_183.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Communications — 2.4% (Continued)** | **Communications — 2.4% (Continued)** | **Communications — 2.4% (Continued)** |
| 2.937%, due 11/01/56 Callable: 05/01/56  | $106000 | $66759 |
| CommScope Technologies LLC | CommScope Technologies LLC | CommScope Technologies LLC |
| 5.000%, due 03/15/27 <sup>(e)</sup> Callable: 01/10/23  | 25000 | 17375 |
| CommScope, Inc. | CommScope, Inc. | CommScope, Inc. |
| 4.750%, due 09/01/29 <sup>(e)</sup> Callable: 09/01/24  | 40000 | 32250 |
| CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| 5.250%, due 06/01/24  | 25000 | 23250 |
| Directv Financing LLC | Directv Financing LLC | Directv Financing LLC |
| 5.875%, due 08/15/27 <sup>(e)</sup> Callable: 08/15/23  | 55000 | 49019 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 5.750%, due 12/01/28 <sup>(e)</sup> Callable: 12/01/27  | 30000 | 23850 |
| 5.125%, due 06/01/29  | 25000 | 16000 |
| Embarq Corp. | Embarq Corp. | Embarq Corp. |
| 7.995%, due 06/01/36  | 25000 | 11500 |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| 5.000%, due 02/15/26 Callable: 11/15/25  | 110000 | 108507 |
| 3.250%, due 02/15/30 Callable: 11/15/29  | 135000 | 114488 |
| Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
| 5.875%, due 10/15/27 <sup>(e)</sup> Callable: 10/15/23  | 10000 | 9287 |
| 5.000%, due 05/01/28 <sup>(e)</sup> Callable: 05/01/24  | 25000 | 21719 |
| 6.000%, due 01/15/30 <sup>(e)</sup> Callable: 10/15/24  | 35000 | 27606 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| GCI LLC | GCI LLC | GCI LLC |
| 4.750%, due 10/15/28 <sup>(e)</sup> Callable: 10/15/23  | $25000 | $21000 |
| Gray Escrow II, Inc. | Gray Escrow II, Inc. | Gray Escrow II, Inc. |
| 5.375%, due 11/15/31 <sup>(e)</sup> Callable: 11/15/26  | 25000 | 18062 |
| Liberty Broadband Corp. | Liberty Broadband Corp. | Liberty Broadband Corp. |
| 1.250%, due 09/30/50 <sup>(e)</sup> Callable: 10/05/23  | 245000 | 237861 |
| 2.750%, due 09/30/50 <sup>(e)</sup> Callable: 10/05/23  | 165000 | 162453 |
| Liberty Media Corp. | Liberty Media Corp. | Liberty Media Corp. |
| 0.500%, due 12/01/50 <sup>(e)</sup> Callable: 09/01/24  | 100000 | 99165 |
| Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. |
| 5.125%, due 12/15/26 <sup>(e)</sup> Callable: 01/30/23  | 15000 | 12975 |
| Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
| 4.125%, due 08/01/30 <sup>(a)(e)</sup> Callable: 05/01/25  | 200000 | 162500 |
| McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |
| 5.750%, due 08/01/28 <sup>(e)</sup> Callable: 08/01/24  | 30000 | 25425 |
| 8.000%, due 08/01/29 <sup>(e)</sup> Callable: 08/01/24  | 25000 | 20625 |
| MercadoLibre, Inc. | MercadoLibre, Inc. | MercadoLibre, Inc. |
| 2.375%, due 01/14/26 Callable: 12/14/25  | 200000 | 178250 |
| Millennium Escrow Corp. | Millennium Escrow Corp. | Millennium Escrow Corp. |
| 6.625%, due 08/01/26 <sup>(e)</sup> Callable: 08/01/23  | 25000 | 16000 |
| Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
| 5.875%, due 11/15/28  | 15000 | 15075 |

---

See Notes to Financial Statements.<br> 183

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_184.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Communications — 2.4% (Continued)** | **Communications — 2.4% (Continued)** | **Communications — 2.4% (Continued)** |
| News Corp. | News Corp. | News Corp. |
| 3.875%, due 05/15/29 <sup>(e)</sup> Callable: 05/15/24  | $395000 | $337725 |
| 5.125%, due 02/15/32 <sup>(e)</sup> Callable: 02/15/27  | 20000 | 18200 |
| Paramount Global | Paramount Global | Paramount Global |
| 6.250%, due 02/28/57 (3 Month U.S. LIBOR + 3.899%) <sup>(d)</sup> Callable: 02/28/27  | 25000 | 20625 |
| 6.375%, due 03/30/62 (5 Year CMT Rate + 3.999%) <sup>(d)</sup> Callable: 03/30/27  | 145000 | 118175 |
| Radiate Holdco LLC | Radiate Holdco LLC | Radiate Holdco LLC |
| 4.500%, due 09/15/26 <sup>(e)</sup> Callable: 09/15/23  | 25000 | 18094 |
| Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. |
| 3.875%, due 01/15/29 <sup>(e)</sup> Callable: 01/15/24  | 50000 | 40250 |
| Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |
| 4.125%, due 12/01/30 <sup>(e)</sup> Callable: 12/01/25  | 25000 | 18437 |
| Sirius XM Radio, Inc. | Sirius XM Radio, Inc. | Sirius XM Radio, Inc. |
| 5.000%, due 08/01/27 <sup>(e)</sup> Callable: 01/30/23  | 25000 | 23094 |
| 4.125%, due 07/01/30 <sup>(e)</sup> Callable: 07/01/25  | 235000 | 193875 |
| Spanish Broadcasting System, Inc. | Spanish Broadcasting System, Inc. | Spanish Broadcasting System, Inc. |
| 9.750%, due 03/01/26 <sup>(e)</sup> Callable: 09/01/23  | 25000 | 14375 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| Sprint LLC | Sprint LLC | Sprint LLC |
| 7.625%, due 03/01/26 Callable: 11/01/25  | $25000 | $26250 |
| Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC |
| 5.625%, due 08/15/29 <sup>(e)</sup> Callable: 08/15/24  | 25000 | 20375 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 2.250%, due 02/15/26 Callable: 02/15/23  | 120000 | 109326 |
| 2.625%, due 04/15/26 Callable: 04/15/23  | 45000 | 41175 |
| 4.750%, due 02/01/28 Callable: 02/01/23  | 35000 | 33950 |
| 2.625%, due 02/15/29 Callable: 02/15/24  | 90000 | 76245 |
| 3.375%, due 04/15/29 Callable: 04/15/24  | 95000 | 83703 |
| 2.875%, due 02/15/31 Callable: 02/15/26  | 85000 | 70231 |
| 3.500%, due 04/15/31 Callable: 04/15/26  | 155000 | 134656 |
| Townsquare Media, Inc. | Townsquare Media, Inc. | Townsquare Media, Inc. |
| 6.875%, due 02/01/26 <sup>(e)</sup> Callable: 02/01/23  | 30000 | 26700 |
| Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| 0.000%, due 12/15/25  | 195000 | 163392 |
| 8.000%, due 11/01/26 <sup>(e)</sup> Callable: 01/30/23  | 170000 | 170637 |
| 4.500%, due 08/15/29 <sup>(e)</sup> Callable: 08/15/24  | 30000 | 26063 |

---

See Notes to Financial Statements.<br> 184

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_185.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Communications — 2.4% (Continued)** | **Communications — 2.4% (Continued)** | **Communications — 2.4% (Continued)** |
| Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
| 6.625%, due 06/01/27 <sup>(e)</sup> Callable: 06/01/23  | $25000 | $24125 |
| Urban One, Inc. | Urban One, Inc. | Urban One, Inc. |
| 7.375%, due 02/01/28 <sup>(e)</sup> Callable: 02/01/24  | 25000 | 21562 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 0.750%, due 03/22/24  | 54000 | 51017 |
| 5.706%, due 05/15/25 (3 Month U.S. LIBOR + 1.100%) <sup>(d)</sup> Callable: 03/15/25  | 105000 | 105644 |
| 3.875%, due 03/01/52 Callable: 09/01/51  | 45000 | 34197 |
| Viasat, Inc. | Viasat, Inc. | Viasat, Inc. |
| 5.625%, due 09/15/25 <sup>(e)</sup> Callable: 01/10/23  | 25000 | 23188 |
| Viavi Solutions, Inc. | Viavi Solutions, Inc. | Viavi Solutions, Inc. |
| 3.750%, due 10/01/29 <sup>(e)</sup> Callable: 10/01/24  | 25000 | 20750 |
| Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
| 6.125%, due 03/01/28 <sup>(e)</sup> Callable: 03/01/23  | 25000 | 14219 |
|  |  | 5602590 |
| **Consumer, Cyclical — 3.0%** | **Consumer, Cyclical — 3.0%** | **Consumer, Cyclical — 3.0%** |
| Academy Ltd. | Academy Ltd. | Academy Ltd. |
| 6.000%, due 11/15/27 <sup>(e)</sup> Callable: 11/15/23  | 25000 | 24000 |
| Adams Homes, Inc. | Adams Homes, Inc. | Adams Homes, Inc. |
| 7.500%, due 02/15/25 <sup>(e)</sup> Callable: 01/17/23  | 25000 | 21250 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| Affinity Gaming | Affinity Gaming | Affinity Gaming |
| 6.875%, due 12/15/27 <sup>(e)</sup> Callable: 12/01/23  | $25000 | $21187 |
| Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |
| 5.875%, due 06/01/29 <sup>(e)</sup> Callable: 06/01/24  | 25000 | 23375 |
| American Airlines Group, Inc. | American Airlines Group, Inc. | American Airlines Group, Inc. |
| 6.500%, due 07/01/25  | 285000 | 300971 |
| Arko Corp. | Arko Corp. | Arko Corp. |
| 5.125%, due 11/15/29 <sup>(e)</sup> Callable: 11/15/24  | 15000 | 12112 |
| Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. |
| 4.750%, due 03/01/30 Callable: 03/01/25  | 25000 | 21312 |
| Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. |
| 6.750%, due 07/01/36  | 25000 | 22000 |
| BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. |
| 7.625%, due 05/01/27 <sup>(e)</sup> Callable: 05/01/23  | 35000 | 31325 |
| Burlington Stores, Inc. | Burlington Stores, Inc. | Burlington Stores, Inc. |
| 2.250%, due 04/15/25 <sup>(a)</sup>  | 225000 | 258034 |
| Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
| 6.250%, due 07/01/25 <sup>(e)</sup> Callable: 01/10/23  | 25000 | 24313 |
| 4.625%, due 10/15/29 <sup>(e)</sup> Callable: 10/15/24  | 30000 | 24412 |
| CCM Merger, Inc. | CCM Merger, Inc. | CCM Merger, Inc. |
| 6.375%, due 05/01/26 <sup>(e)</sup> Callable: 01/30/23  | 25000 | 23500 |
| Century Communities, Inc. | Century Communities, Inc. | Century Communities, Inc. |
| 3.875%, due 08/15/29 <sup>(e)</sup> Callable: 02/15/29  | 25000 | 19656 |

---

See Notes to Financial Statements.<br> 185

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_186.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Consumer, Cyclical — 3.0% (continued)** | **Consumer, Cyclical — 3.0% (continued)** | **Consumer, Cyclical — 3.0% (continued)** |
| Crocs, Inc. | Crocs, Inc. | Crocs, Inc. |
| 4.125%, due 08/15/31 <sup>(e)</sup> Callable: 08/15/26  | $25000 | $20344 |
| Dealer Tire LLC | Dealer Tire LLC | Dealer Tire LLC |
| 8.000%, due 02/01/28 <sup>(e)</sup> Callable: 08/01/23  | 5000 | 4375 |
| Delta Air Lines 2020-1 Class A Pass Through Trust | Delta Air Lines 2020-1 Class A Pass Through Trust | Delta Air Lines 2020-1 Class A Pass Through Trust |
| 2.500%, due 12/10/29  | 77410 | 65473 |
| Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
| 2.900%, due 10/28/24 Callable: 09/28/24  | 200000 | 188750 |
| 7.375%, due 01/15/26 <sup>(a)</sup> Callable: 12/15/25  | 35000 | 35787 |
| 4.375%, due 04/19/28 Callable: 01/19/28  | 25000 | 22125 |
| Dick's Sporting Goods, Inc. | Dick's Sporting Goods, Inc. | Dick's Sporting Goods, Inc. |
| 3.150%, due 01/15/32 Callable: 10/15/31  | 140000 | 109906 |
| Dollar Tree, Inc. | Dollar Tree, Inc. | Dollar Tree, Inc. |
| 4.000%, due 05/15/25 Callable: 03/15/25  | 220000 | 214939 |
| Ferrellgas LP | Ferrellgas LP | Ferrellgas LP |
| 5.375%, due 04/01/26 <sup>(e)</sup> Callable: 04/01/23  | 25000 | 22750 |
| Fertitta Entertainment LLC | Fertitta Entertainment LLC | Fertitta Entertainment LLC |
| 6.750%, due 01/15/30 <sup>(e)</sup> Callable: 01/15/25  | 75000 | 60375 |
| Foot Locker, Inc. | Foot Locker, Inc. | Foot Locker, Inc. |
| 4.000%, due 10/01/29 <sup>(e)</sup> Callable: 10/01/24  | 25000 | 20312 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| Ford Motor Co. | Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
| 3.250%, due 02/12/32 Callable: 11/12/31  |  | $190000 | $142690 |
| 6.100%, due 08/19/32 Callable: 05/19/32  |  | 25000 | 23134 |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 2.748%, due 06/14/24  | GBP | 100000 | 114023 |
| 4.950%, due 05/28/27 Callable: 04/28/27  |  | $200000 | 186650 |
| 4.125%, due 08/17/27 Callable: 06/17/27  |  | 300000 | 268744 |
| 2.900%, due 02/16/28 Callable: 12/16/27  |  | 200000 | 166713 |
| 3.625%, due 06/17/31 Callable: 03/17/31  |  | 245000 | 192736 |
| Foundation Building Materials, Inc. | Foundation Building Materials, Inc. | Foundation Building Materials, Inc. | Foundation Building Materials, Inc. |
| 6.000%, due 03/01/29 <sup>(e)</sup> Callable: 03/01/24  |  | 25000 | 18719 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 1.200%, due 10/15/24  |  | 180000 | 166513 |
| 3.500%, due 11/07/24 Callable: 09/07/24  |  | 95000 | 91557 |
| 2.400%, due 10/15/28 Callable: 08/15/28  |  | 145000 | 120392 |
| Golden Entertainment, Inc. | Golden Entertainment, Inc. | Golden Entertainment, Inc. | Golden Entertainment, Inc. |
| 7.625%, due 04/15/26 <sup>(e)</sup> Callable: 01/30/23  |  | 25000 | 24563 |
| Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
| 4.875%, due 01/15/30 Callable: 01/15/25  |  | 160000 | 144600 |
| 4.000%, due 05/01/31 <sup>(e)</sup> Callable: 05/01/26  |  | 25000 | 21000 |

---

See Notes to Financial Statements.<br> 186

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_187.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Consumer, Cyclical — 3.0% (continued)** | **Consumer, Cyclical — 3.0% (continued)** | **Consumer, Cyclical — 3.0% (continued)** |
| 3.625%, due 02/15/32 <sup>(e)</sup> Callable: 08/15/26  | $100000 | $80125 |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| 6.000%, due 04/23/30 Callable: 01/23/30  | 148000 | 143016 |
| Installed Building Products, Inc. | Installed Building Products, Inc. | Installed Building Products, Inc. |
| 5.750%, due 02/01/28 <sup>(e)</sup> Callable: 02/01/23  | 25000 | 22469 |
| Interface, Inc. | Interface, Inc. | Interface, Inc. |
| 5.500%, due 12/01/28 <sup>(e)</sup> Callable: 12/01/23  | 25000 | 20500 |
| LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC |
| 6.250%, due 01/15/29 <sup>(e)</sup> Callable: 01/15/24  | 25000 | 15500 |
| LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC |
| 4.875%, due 05/01/29 <sup>(e)</sup> Callable: 05/01/24  | 25000 | 20500 |
| Lions Gate Capital Holdings LLC | Lions Gate Capital Holdings LLC | Lions Gate Capital Holdings LLC |
| 5.500%, due 04/15/29 <sup>(e)</sup> Callable: 04/15/24  | 60000 | 34500 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 5.625%, due 04/15/53 Callable: 10/15/52  | 35000 | 33478 |
| 4.450%, due 04/01/62 Callable: 10/01/61  | 88000 | 68633 |
| M/I Homes, Inc. | M/I Homes, Inc. | M/I Homes, Inc. |
| 3.950%, due 02/15/30 Callable: 08/15/29  | 25000 | 20156 |
| Macy's Retail Holdings LLC | Macy's Retail Holdings LLC | Macy's Retail Holdings LLC |
| 6.125%, due 03/15/32 <sup>(e)</sup> Callable: 03/15/27  | 25000 | 21000 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 3.125%, due 06/15/26 Callable: 03/15/26  | $115000 | $107264 |
| Marriott Vacations Worldwide Corp. | Marriott Vacations Worldwide Corp. | Marriott Vacations Worldwide Corp. |
| 3.250%, due 12/15/27 <sup>(e)</sup>  | 165000 | 162208 |
| McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
| 3.600%, due 07/01/30 Callable: 04/01/30  | 125000 | 114895 |
| MGM Resorts International | MGM Resorts International | MGM Resorts International |
| 4.750%, due 10/15/28 Callable: 07/15/28  | 20000 | 17450 |
| Midwest Gaming Borrower LLC | Midwest Gaming Borrower LLC | Midwest Gaming Borrower LLC |
| 4.875%, due 05/01/29 <sup>(e)</sup> Callable: 05/01/24  | 45000 | 37688 |
| Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
| 5.625%, due 05/01/27 Callable: 01/30/23  | 25000 | 24156 |
| Penn Entertainment, Inc. | Penn Entertainment, Inc. | Penn Entertainment, Inc. |
| 4.125%, due 07/01/29 <sup>(e)</sup> Callable: 07/01/24  | 25000 | 19750 |
| Premier Entertainment Sub LLC | Premier Entertainment Sub LLC | Premier Entertainment Sub LLC |
| 5.625%, due 09/01/29 <sup>(e)</sup> Callable: 09/01/24  | 80000 | 58900 |
| 5.875%, due 09/01/31 <sup>(e)</sup> Callable: 09/01/26  | 97000 | 68385 |
| Real Hero Merger Sub 2, Inc. | Real Hero Merger Sub 2, Inc. | Real Hero Merger Sub 2, Inc. |
| 6.250%, due 02/01/29 <sup>(e)</sup> Callable: 02/01/24  | 25000 | 17375 |
| Scientific Games Holdings LP | Scientific Games Holdings LP | Scientific Games Holdings LP |
| 6.625%, due 03/01/30 <sup>(e)</sup> Callable: 03/01/25  | 80000 | 67600 |
| Scientific Games International, Inc. | Scientific Games International, Inc. | Scientific Games International, Inc. |
| 7.250%, due 11/15/29 <sup>(e)</sup> Callable: 11/15/24  | 30000 | 28838 |

---

See Notes to Financial Statements.<br> 187

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_188.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Consumer, Cyclical — 3.0% (continued)** | **Consumer, Cyclical — 3.0% (continued)** | **Consumer, Cyclical — 3.0% (continued)** |
| Shea Homes LP | Shea Homes LP | Shea Homes LP |
| 4.750%, due 04/01/29 Callable: 04/01/24  | $25000 | $21250 |
| Sizzling Platter LLC | Sizzling Platter LLC | Sizzling Platter LLC |
| 8.500%, due 11/28/25 <sup>(e)</sup> Callable: 01/30/23  | 15000 | 13800 |
| Sonic Automotive, Inc. | Sonic Automotive, Inc. | Sonic Automotive, Inc. |
| 4.625%, due 11/15/29 <sup>(e)</sup> Callable: 11/15/24  | 75000 | 60750 |
| Southwest Airlines Co. | Southwest Airlines Co. | Southwest Airlines Co. |
| 1.250%, due 05/01/25  | 180000 | 218716 |
| SRS Distribution, Inc. | SRS Distribution, Inc. | SRS Distribution, Inc. |
| 4.625%, due 07/01/28 <sup>(e)</sup> Callable: 07/01/24  | 50000 | 44312 |
| 6.125%, due 07/01/29 <sup>(e)</sup> Callable: 07/01/24  | 25000 | 20188 |
| Staples, Inc. | Staples, Inc. | Staples, Inc. |
| 7.500%, due 04/15/26 <sup>(e)</sup> Callable: 01/30/23  | 40000 | 34400 |
| 10.750%, due 04/15/27 <sup>(e)</sup> Callable: 01/30/23  | 25000 | 18125 |
| Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
| 4.500%, due 02/15/28 <sup>(e)</sup> Callable: 02/15/23  | 25000 | 21750 |
| STL Holding Co. LLC | STL Holding Co. LLC | STL Holding Co. LLC |
| 7.500%, due 02/15/26 <sup>(e)</sup> Callable: 02/15/23  | 25000 | 21625 |
| Suburban Propane Partners LP | Suburban Propane Partners LP | Suburban Propane Partners LP |
| 5.000%, due 06/01/31 <sup>(e)</sup> Callable: 06/01/26  | 45000 | 38588 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| SWF Escrow Issuer Corp. | SWF Escrow Issuer Corp. | SWF Escrow Issuer Corp. |
| 6.500%, due 10/01/29 <sup>(e)</sup> Callable: 10/01/24  | $20000 | $11600 |
| Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. |
| 5.125%, due 08/01/30 <sup>(e)</sup> Callable: 02/01/30  | 25000 | 21688 |
| Tempur Sealy International, Inc. | Tempur Sealy International, Inc. | Tempur Sealy International, Inc. |
| 3.875%, due 10/15/31 <sup>(e)</sup> Callable: 10/15/26  | 25000 | 19625 |
| The Gap, Inc. | The Gap, Inc. | The Gap, Inc. |
| 3.875%, due 10/01/31 <sup>(e)</sup> Callable: 10/01/26  | 25000 | 17562 |
| The Goodyear Tire & Rubber Co. | The Goodyear Tire & Rubber Co. | The Goodyear Tire & Rubber Co. |
| 5.250%, due 07/15/31 Callable: 04/15/31  | 60000 | 48600 |
| The Home Depot, Inc. | The Home Depot, Inc. | The Home Depot, Inc. |
| 3.625%, due 04/15/52 Callable: 10/15/51  | 115000 | 89758 |
| The Michaels Cos, Inc. | The Michaels Cos, Inc. | The Michaels Cos, Inc. |
| 5.250%, due 05/01/28 <sup>(e)</sup> Callable: 11/01/23  | 5000 | 4000 |
| The William Carter Co. | The William Carter Co. | The William Carter Co. |
| 5.625%, due 03/15/27 <sup>(e)</sup> Callable: 01/30/23  | 25000 | 24313 |
| Travel + Leisure Co. | Travel + Leisure Co. | Travel + Leisure Co. |
| 6.625%, due 07/31/26 <sup>(e)</sup> Callable: 04/30/26  | 69000 | 67534 |
| 4.500%, due 12/01/29 <sup>(e)</sup> Callable: 09/01/29  | 170000 | 138550 |
| United Airlines Holdings, Inc. | United Airlines Holdings, Inc. | United Airlines Holdings, Inc. |
| 4.875%, due 01/15/25  | 25000 | 24000 |

---

See Notes to Financial Statements.<br> 188

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_189.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Consumer, Cyclical — 3.0% (continued)** | **Consumer, Cyclical — 3.0% (continued)** | **Consumer, Cyclical — 3.0% (continued)** |
| Victoria's Secret & Co. | Victoria's Secret & Co. | Victoria's Secret & Co. |
| 4.625%, due 07/15/29 <sup>(e)</sup> Callable: 07/15/24  | $55000 | $43175 |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| 3.755%, due 03/15/27 <sup>(e)</sup> Callable: 02/15/27  | 120000 | 108221 |
| WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. |
| 3.000%, due 02/15/31 <sup>(e)</sup> Callable: 02/15/26  | 340000 | 272000 |
| Wolverine World Wide, Inc. | Wolverine World Wide, Inc. | Wolverine World Wide, Inc. |
| 4.000%, due 08/15/29 <sup>(e)</sup> Callable: 08/15/24  | 25000 | 18594 |
| Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. |
| 4.375%, due 08/15/28 <sup>(e)</sup> Callable: 08/15/23  | 130000 | 116675 |
| Wynn Las Vegas LLC | Wynn Las Vegas LLC | Wynn Las Vegas LLC |
| 5.250%, due 05/15/27 <sup>(e)</sup> Callable: 02/15/27  | 25000 | 22500 |
| Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
| 4.750%, due 01/15/30 <sup>(e)</sup> Callable: 10/15/29  | 352000 | 322960 |
| 3.625%, due 03/15/31 Callable: 12/15/30  | 420000 | 350700 |
| 4.625%, due 01/31/32 Callable: 10/01/26  | 175000 | 154875 |
|  |  | 6869437 |
| **Consumer, Non-cyclical — 3.4%** | **Consumer, Non-cyclical — 3.4%** | **Consumer, Non-cyclical — 3.4%** |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 4.700%, due 05/14/45 Callable: 11/14/44  | 240000 | 215876 |
| Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. |
| 5.500%, due 07/01/28 <sup>(e)</sup> Callable: 07/01/23  | 25000 | 23812 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| ACCO Brands Corp. | ACCO Brands Corp. | ACCO Brands Corp. |
| 4.250%, due 03/15/29 <sup>(e)</sup> Callable: 03/15/24  | $25000 | $20562 |
| AdaptHealth LLC | AdaptHealth LLC | AdaptHealth LLC |
| 5.125%, due 03/01/30 <sup>(e)</sup> Callable: 03/01/25  | 50000 | 43000 |
| Albertsons Cos., Inc. | Albertsons Cos., Inc. | Albertsons Cos., Inc. |
| 3.500%, due 03/15/29 <sup>(e)</sup> Callable: 09/15/23  | 20000 | 16775 |
| Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
| 6.625%, due 07/15/26 <sup>(e)</sup> Callable: 01/30/23  | 40000 | 36600 |
| 9.750%, due 07/15/27 <sup>(e)</sup> Callable: 01/30/23  | 5000 | 4381 |
| Alta Equipment Group, Inc. | Alta Equipment Group, Inc. | Alta Equipment Group, Inc. |
| 5.625%, due 04/15/26 <sup>(e)</sup> Callable: 04/15/23  | 25000 | 22625 |
| AMN Healthcare, Inc. | AMN Healthcare, Inc. | AMN Healthcare, Inc. |
| 4.625%, due 10/01/27 <sup>(e)</sup> Callable: 01/30/23  | 25000 | 23017 |
| Anheuser-Busch Cos LLC | Anheuser-Busch Cos LLC | Anheuser-Busch Cos LLC |
| 4.900%, due 02/01/46 Callable: 08/01/45  | 125000 | 113547 |
| APi Group DE, Inc. | APi Group DE, Inc. | APi Group DE, Inc. |
| 4.750%, due 10/15/29 <sup>(e)</sup> Callable: 10/15/24  | 25000 | 21625 |
| BellRing Brands, Inc. | BellRing Brands, Inc. | BellRing Brands, Inc. |
| 7.000%, due 03/15/30 <sup>(e)</sup> Callable: 03/15/27  | 25000 | 24250 |
| Centene Corp. | Centene Corp. | Centene Corp. |
| 4.625%, due 12/15/29 Callable: 12/15/24  | 65000 | 59150 |

---

See Notes to Financial Statements.<br> 189

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_190.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Consumer, Non-cyclical — 3.4% (Continued)** | **Consumer, Non-cyclical — 3.4% (Continued)** | **Consumer, Non-cyclical — 3.4% (Continued)** |
| 3.375%, due 02/15/30 Callable: 02/15/25  | $385000 | $324362 |
| 3.000%, due 10/15/30 Callable: 07/15/30  | 300000 | 246000 |
| 2.500%, due 03/01/31 Callable: 12/01/30  | 325000 | 254633 |
| 2.625%, due 08/01/31 Callable: 05/01/31  | 15000 | 11738 |
| Community Health Systems, Inc. | Community Health Systems, Inc. | Community Health Systems, Inc. |
| 6.000%, due 01/15/29 <sup>(e)</sup> Callable: 01/15/24  | 35000 | 29137 |
| 6.875%, due 04/15/29 <sup>(e)</sup> Callable: 04/15/24  | 20000 | 10000 |
| 5.250%, due 05/15/30 <sup>(e)</sup> Callable: 05/15/25  | 25000 | 18875 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 3.150%, due 08/01/29 Callable: 05/01/29  | 125000 | 109802 |
| 2.875%, due 05/01/30 Callable: 02/01/30  | 5000 | 4257 |
| CoreLogic, Inc. | CoreLogic, Inc. | CoreLogic, Inc. |
| 4.500%, due 05/01/28 <sup>(e)</sup> Callable: 05/01/24  | 25000 | 19125 |
| Coty, Inc. | Coty, Inc. | Coty, Inc. |
| 5.000%, due 04/15/26 <sup>(e)</sup> Callable: 04/15/23  | 30000 | 28500 |
| CPI CG, Inc. | CPI CG, Inc. | CPI CG, Inc. |
| 8.625%, due 03/15/26 <sup>(e)</sup> Callable: 03/15/23  | 15000 | 14644 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| Darling Ingredients, Inc. | Darling Ingredients, Inc. | Darling Ingredients, Inc. |
| 6.000%, due 06/15/30 <sup>(e)</sup> Callable: 06/15/25  | $290000 | $284925 |
| DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
| 4.625%, due 06/01/30 <sup>(e)</sup> Callable: 06/01/25  | 25000 | 20125 |
| Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| 2.375%, due 01/15/25 Callable: 12/15/24  | 100000 | 95075 |
| 4.550%, due 05/15/52 Callable: 11/15/51  | 40000 | 34941 |
| Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. |
| 4.750%, due 02/01/30 Callable: 02/01/25  | 25000 | 22000 |
| Gartner, Inc. | Gartner, Inc. | Gartner, Inc. |
| 3.750%, due 10/01/30 <sup>(e)</sup> Callable: 10/01/25  | 125000 | 107656 |
| Graham Holdings Co. | Graham Holdings Co. | Graham Holdings Co. |
| 5.750%, due 06/01/26 <sup>(e)</sup> Callable: 01/10/23  | 25000 | 24375 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 5.375%, due 02/01/25  | 230000 | 230000 |
| 4.125%, due 06/15/29 Callable: 03/15/29  | 490000 | 450800 |
| 3.500%, due 09/01/30 Callable: 03/01/30  | 786000 | 676942 |
| KeHE Distributors LLC | KeHE Distributors LLC | KeHE Distributors LLC |
| 8.625%, due 10/15/26 <sup>(e)</sup> Callable: 01/30/23  | 15000 | 14962 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 3.000%, due 06/01/26 Callable: 03/01/26  | 125000 | 116519 |

---

See Notes to Financial Statements.<br> 190

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_191.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Consumer, Non-cyclical — 3.4% (Continued)** | **Consumer, Non-cyclical — 3.4% (Continued)** | **Consumer, Non-cyclical — 3.4% (Continued)** |
| 3.875%, due 05/15/27 Callable: 02/15/27  | $200000 | $191135 |
| 4.250%, due 03/01/31 Callable: 12/01/30  | 265000 | 248680 |
| 6.875%, due 01/26/39  | 260000 | 283098 |
| 7.125%, due 08/01/39 <sup>(e)</sup>  | 35000 | 38496 |
| 4.625%, due 10/01/39 Callable: 04/01/39  | 220000 | 194613 |
| 4.375%, due 06/01/46 Callable: 12/01/45  | 55000 | 44564 |
| Kronos Acquisition Holdings, Inc. | Kronos Acquisition Holdings, Inc. | Kronos Acquisition Holdings, Inc. |
| 5.000%, due 12/31/26 <sup>(e)</sup> Callable: 06/30/23  | 15000 | 13012 |
| 7.000%, due 12/31/27 <sup>(e)</sup> Callable: 12/31/23  | 15000 | 12300 |
| Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
| 3.875%, due 04/01/29 <sup>(e)</sup> Callable: 10/01/24  | 25000 | 20000 |
| 5.250%, due 10/01/29 <sup>(e)</sup> Callable: 10/01/24  | 55000 | 43588 |
| Metis Merger Sub LLC | Metis Merger Sub LLC | Metis Merger Sub LLC |
| 6.500%, due 05/15/29 <sup>(e)</sup> Callable: 05/15/24  | 45000 | 38475 |
| ModivCare Escrow Issuer, Inc. | ModivCare Escrow Issuer, Inc. | ModivCare Escrow Issuer, Inc. |
| 5.000%, due 10/01/29 <sup>(e)</sup> Callable: 10/01/24  | 15000 | 12525 |
| MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
| 5.750%, due 11/01/28 <sup>(a)(e)</sup> Callable: 11/01/23  | 25000 | 16781 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| NESCO Holdings II, Inc. | NESCO Holdings II, Inc. | NESCO Holdings II, Inc. |
| 5.500%, due 04/15/29 <sup>(e)</sup> Callable: 04/15/24  | $15000 | $13200 |
| Owens & Minor, Inc. | Owens & Minor, Inc. | Owens & Minor, Inc. |
| 6.625%, due 04/01/30 <sup>(e)</sup> Callable: 04/01/25  | 40000 | 34200 |
| PECF USS Intermediate Holding III Corp. | PECF USS Intermediate Holding III Corp. | PECF USS Intermediate Holding III Corp. |
| 8.000%, due 11/15/29 <sup>(e)</sup> Callable: 11/15/24  | 25000 | 16188 |
| Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
| 4.250%, due 08/01/29 <sup>(e)</sup> Callable: 08/01/24  | 30000 | 25913 |
| Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
| 5.625%, due 01/15/28 <sup>(e)</sup> Callable: 01/17/23  | 325000 | 304688 |
| 5.500%, due 12/15/29 <sup>(e)</sup> Callable: 12/15/24  | 255000 | 230775 |
| 4.625%, due 04/15/30 <sup>(e)</sup> Callable: 04/15/25  | 32000 | 27560 |
| 4.500%, due 09/15/31 <sup>(e)</sup> Callable: 09/15/26  | 145000 | 121075 |
| Primo Water Holdings, Inc. | Primo Water Holdings, Inc. | Primo Water Holdings, Inc. |
| 4.375%, due 04/30/29 <sup>(e)</sup> Callable: 04/30/24  | 25000 | 21250 |
| Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
| 2.350%, due 01/15/32 Callable: 10/15/31  | 150000 | 114153 |
| Simmons Foods, Inc. | Simmons Foods, Inc. | Simmons Foods, Inc. |
| 4.625%, due 03/01/29 <sup>(e)</sup> Callable: 03/01/24  | 25000 | 20375 |
| Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. |
| 4.250%, due 02/01/27 <sup>(e)</sup> Callable: 11/01/26  | 195000 | 179444 |

---

See Notes to Financial Statements.<br> 191

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_192.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Consumer, Non-cyclical — 3.4% (Continued)** | **Consumer, Non-cyclical — 3.4% (Continued)** | **Consumer, Non-cyclical — 3.4% (Continued)** | **Consumer, Non-cyclical — 3.4% (Continued)** |
| 3.000%, due 10/15/30 <sup>(e)</sup> Callable: 07/15/30  |  | $10000 | $7627 |
| Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |
| 5.750%, due 07/15/25 Callable: 01/30/23  |  | 25000 | 24688 |
| Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. |
| 0.600%, due 12/01/23 Callable: 01/10/23  |  | 225000 | 216086 |
| 1.150%, due 06/15/25 Callable: 05/15/25  |  | 145000 | 132496 |
| Sysco Corp. | Sysco Corp. | Sysco Corp. | Sysco Corp. |
| 5.950%, due 04/01/30 Callable: 01/01/30  |  | 100000 | 103674 |
| Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. |
| 4.250%, due 06/01/28 <sup>(e)</sup> Callable: 06/01/23  |  | 20000 | 18400 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 6.250%, due 02/01/27 <sup>(e)</sup> Callable: 01/30/23  |  | 20000 | 19250 |
| 6.125%, due 10/01/28 <sup>(e)</sup> Callable: 10/01/23  |  | 25000 | 22375 |
| 6.125%, due 06/15/30 <sup>(e)</sup> Callable: 06/15/25  |  | 45000 | 42525 |
| The ADT Security Corp. | The ADT Security Corp. | The ADT Security Corp. | The ADT Security Corp. |
| 4.125%, due 08/01/29 <sup>(e)</sup> Callable: 08/01/28  |  | 25000 | 21187 |
| Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |
| 0.750%, due 09/12/24 Callable: 06/12/24  | EUR | 100000 | 102371 |
| 1.400%, due 01/23/26 Callable: 11/23/25  | EUR | 115000 | 115405 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| 0.500%, due 03/01/28 Callable: 12/01/27  | EUR | 100000 | $91601 |
| Triton Water Holdings, Inc. | Triton Water Holdings, Inc. | Triton Water Holdings, Inc. | Triton Water Holdings, Inc. |
| 6.250%, due 04/01/29 <sup>(e)</sup> Callable: 04/01/24  |  | $25000 | 20063 |
| United Natural Foods, Inc. | United Natural Foods, Inc. | United Natural Foods, Inc. | United Natural Foods, Inc. |
| 6.750%, due 10/15/28 <sup>(e)</sup> Callable: 10/15/23  |  | 50000 | 47813 |
| United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
| 4.875%, due 01/15/28 Callable: 01/15/23  |  | 185000 | 175288 |
| 6.000%, due 12/15/29 <sup>(e)</sup> Callable: 12/15/25  |  | 150000 | 149250 |
| 4.000%, due 07/15/30 Callable: 07/15/25  |  | 110000 | 94050 |
| 3.875%, due 02/15/31 Callable: 08/15/25  |  | 230000 | 192912 |
| 3.750%, due 01/15/32 Callable: 07/15/26  |  | 25000 | 20375 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 0.550%, due 05/15/24 Callable: 01/10/23  |  | 90000 | 84835 |
| 4.950%, due 05/15/62 Callable: 11/15/61  |  | 45000 | 42242 |
| Varex Imaging Corp. | Varex Imaging Corp. | Varex Imaging Corp. | Varex Imaging Corp. |
| 7.875%, due 10/15/27 <sup>(e)</sup> Callable: 10/15/23  |  | 25000 | 24719 |
| WASH Multifamily Acquisition, Inc. | WASH Multifamily Acquisition, Inc. | WASH Multifamily Acquisition, Inc. | WASH Multifamily Acquisition, Inc. |
| 5.750%, due 04/15/26 <sup>(e)</sup> Callable: 04/15/23  |  | 45000 | 42188 |
| Williams Scotsman International, Inc. | Williams Scotsman International, Inc. | Williams Scotsman International, Inc. | Williams Scotsman International, Inc. |
| 4.625%, due 08/15/28 <sup>(e)</sup> Callable: 08/15/23  |  | 25000 | 22563 |

---

See Notes to Financial Statements.<br> 192

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_193.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Consumer, Non-cyclical — 3.4% (Continued)** | **Consumer, Non-cyclical — 3.4% (Continued)** | **Consumer, Non-cyclical — 3.4% (Continued)** |
| Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
| 1.450%, due 11/22/24 Callable: 01/30/23  | $145000 | $134916 |
|  |  | 8009600 |
| **Energy — 1.9%** | **Energy — 1.9%** | **Energy — 1.9%** |
| Aethon United BR LP | Aethon United BR LP | Aethon United BR LP |
| 8.250%, due 02/15/26 <sup>(e)</sup> Callable: 02/15/23  | 25000 | 24812 |
| Antero Midstream Partners LP | Antero Midstream Partners LP | Antero Midstream Partners LP |
| 5.750%, due 03/01/27 <sup>(e)</sup> Callable: 01/17/23  | 45000 | 42525 |
| Archrock Partners LP | Archrock Partners LP | Archrock Partners LP |
| 6.250%, due 04/01/28 <sup>(e)</sup> Callable: 04/01/23  | 25000 | 22875 |
| Ascent Resources Utica Holdings LLC | Ascent Resources Utica Holdings LLC | Ascent Resources Utica Holdings LLC |
| 5.875%, due 06/30/29 <sup>(e)</sup> Callable: 09/01/24  | 25000 | 22250 |
| BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
| 2.939%, due 06/04/51 Callable: 12/04/50  | 170000 | 112067 |
| Callon Petroleum Co. | Callon Petroleum Co. | Callon Petroleum Co. |
| 7.500%, due 06/15/30 <sup>(a)(e)</sup> Callable: 06/15/25  | 30000 | 27450 |
| Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
| 4.500%, due 10/01/29 Callable: 10/01/24  | 75000 | 68250 |
| 4.000%, due 03/01/31 Callable: 03/01/26  | 295000 | 250750 |
| Chesapeake Energy Corp. | Chesapeake Energy Corp. | Chesapeake Energy Corp. |
| 5.875%, due 02/01/29 <sup>(e)</sup> Callable: 02/05/24  | 50000 | 47125 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| 6.750%, due 04/15/29 <sup>(e)</sup> Callable: 04/15/24  | $25000 | $24250 |
| Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
| 6.375%, due 06/01/26 <sup>(e)</sup> Callable: 06/01/23  | 25000 | 24188 |
| CNX Midstream Partners LP | CNX Midstream Partners LP | CNX Midstream Partners LP |
| 4.750%, due 04/15/30 <sup>(e)</sup> Callable: 04/15/25  | 25000 | 20625 |
| CNX Resources Corp. | CNX Resources Corp. | CNX Resources Corp. |
| 6.000%, due 01/15/29 <sup>(e)</sup> Callable: 01/15/24  | 35000 | 32287 |
| 7.375%, due 01/15/31 <sup>(e)</sup> Callable: 01/15/26  | 20000 | 19150 |
| Colgate Energy Partners III LLC | Colgate Energy Partners III LLC | Colgate Energy Partners III LLC |
| 5.875%, due 07/01/29 <sup>(e)</sup> Callable: 07/01/24  | 25000 | 21437 |
| Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. |
| 5.875%, due 01/15/30 <sup>(e)</sup> Callable: 01/15/25  | 25000 | 21562 |
| Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. |
| 5.750%, due 01/15/31 <sup>(e)</sup> Callable: 07/15/30  | 307000 | 284742 |
| 2.875%, due 04/01/32 <sup>(e)</sup> Callable: 01/01/32  | 246000 | 182348 |
| Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC |
| 7.250%, due 05/01/26 <sup>(e)</sup> Callable: 05/01/23  | 25000 | 23750 |
| Crestwood Midstream Partners LP | Crestwood Midstream Partners LP | Crestwood Midstream Partners LP |
| 5.750%, due 04/01/25 Callable: 01/30/23  | 25000 | 24312 |
| Delek Logistics Partners LP | Delek Logistics Partners LP | Delek Logistics Partners LP |
| 6.750%, due 05/15/25 Callable: 01/30/23  | 25000 | 24375 |

---

See Notes to Financial Statements.<br> 193

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_194.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Energy — 1.9% (Continued)** | **Energy — 1.9% (Continued)** | **Energy — 1.9% (Continued)** |
| Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. |
| 5.250%, due 10/15/27 Callable: 01/10/23  | $17000 | $16749 |
| DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
| 4.125%, due 06/15/29 <sup>(e)</sup> Callable: 06/15/24  | 25000 | 21250 |
| Earthstone Energy Holdings LLC | Earthstone Energy Holdings LLC | Earthstone Energy Holdings LLC |
| 8.000%, due 04/15/27 <sup>(e)</sup> Callable: 04/15/24  | 25000 | 23812 |
| Encino Acquisition Partners Holdings LLC | Encino Acquisition Partners Holdings LLC | Encino Acquisition Partners Holdings LLC |
| 8.500%, due 05/01/28 <sup>(e)</sup> Callable: 05/01/24  | 25000 | 22750 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 4.750%, due 01/15/26 Callable: 10/15/25  | 110000 | 107059 |
| 7.125%, Perpetual (5 Year CMT Rate + 5.306%) <sup>(d)</sup> Callable: 05/15/30  | 175000 | 146125 |
| Enviva Partners LP | Enviva Partners LP | Enviva Partners LP |
| 6.500%, due 01/15/26 <sup>(e)</sup> Callable: 01/30/23  | 25000 | 23438 |
| EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP |
| 6.000%, due 07/01/25 <sup>(e)</sup> Callable: 04/01/25  | 4000 | 3870 |
| 4.750%, due 01/15/31 <sup>(e)</sup> Callable: 07/15/30  | 65000 | 52894 |
| EQT Corp. | EQT Corp. | EQT Corp. |
| 3.125%, due 05/15/26 <sup>(e)</sup> Callable: 05/15/23  | 40000 | 36700 |
| 3.900%, due 10/01/27 Callable: 07/01/27  | 67000 | 61807 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| 3.625%, due 05/15/31 <sup>(a)(e)</sup> Callable: 05/15/30  | $550000 | $468875 |
| Hess Midstream Operations LP | Hess Midstream Operations LP | Hess Midstream Operations LP |
| 5.125%, due 06/15/28 <sup>(e)</sup> Callable: 06/15/23  | 45000 | 41625 |
| 4.250%, due 02/15/30 <sup>(e)</sup> Callable: 02/15/25  | 85000 | 72569 |
| Hilcorp Energy I LP | Hilcorp Energy I LP | Hilcorp Energy I LP |
| 6.250%, due 11/01/28 <sup>(e)</sup> Callable: 11/01/23  | 35000 | 31500 |
| 5.750%, due 02/01/29 <sup>(e)</sup> Callable: 02/01/24  | 50000 | 44750 |
| Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
| 6.750%, due 01/15/27 <sup>(e)</sup> Callable: 01/15/24  | 25000 | 23938 |
| Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
| 6.950%, due 01/15/38  | 105000 | 110645 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
| 5.300%, due 12/01/34 Callable: 06/01/34  | 55000 | 51405 |
| Murphy Oil Corp. | Murphy Oil Corp. | Murphy Oil Corp. |
| 6.375%, due 07/15/28 Callable: 07/15/24  | 25000 | 24094 |
| NGL Energy Operating LLC | NGL Energy Operating LLC | NGL Energy Operating LLC |
| 7.500%, due 02/01/26 <sup>(e)</sup> Callable: 02/01/23  | 35000 | 31063 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 3.400%, due 04/15/26 Callable: 01/15/26  | 47000 | 43945 |
| 3.200%, due 08/15/26 Callable: 06/15/26  | 31000 | 28520 |

---

See Notes to Financial Statements.<br> 194

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_195.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Energy — 1.9% (Continued)** | **Energy — 1.9% (Continued)** | **Energy — 1.9% (Continued)** |
| 6.625%, due 09/01/30 Callable: 03/01/30  | $355000 | $366981 |
| 6.125%, due 01/01/31 Callable: 07/01/30  | 180000 | 181350 |
| 7.500%, due 05/01/31  | 70000 | 74900 |
| 6.450%, due 09/15/36  | 25000 | 25500 |
| Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. |
| 6.500%, due 08/15/34  | 190000 | 190462 |
| 6.500%, due 02/01/38  | 115000 | 114445 |
| Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
| 5.000%, due 03/15/27 Callable: 09/15/26  | 105000 | 103031 |
| Southwestern Energy Co. | Southwestern Energy Co. | Southwestern Energy Co. |
| 5.950%, due 01/23/25 Callable: 10/23/24  | 3000 | 2947 |
| 5.375%, due 02/01/29 <sup>(a)</sup> Callable: 02/01/24  | 60000 | 55500 |
| 4.750%, due 02/01/32 Callable: 02/01/27  | 30000 | 25388 |
| SunCoke Energy, Inc. | SunCoke Energy, Inc. | SunCoke Energy, Inc. |
| 4.875%, due 06/30/29 <sup>(e)</sup> Callable: 06/30/24  | 65000 | 55331 |
| Sunoco LP | Sunoco LP | Sunoco LP |
| 6.000%, due 04/15/27 Callable: 01/30/23  | 35000 | 34388 |
| 4.500%, due 05/15/29 Callable: 05/15/24  | 40000 | 34900 |
| Tallgrass Energy Partners LP | Tallgrass Energy Partners LP | Tallgrass Energy Partners LP |
| 5.500%, due 01/15/28 <sup>(e)</sup> Callable: 01/30/23  | 25000 | 22156 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| The Williams Cos., Inc. | The Williams Cos., Inc. | The Williams Cos., Inc. |
| 3.500%, due 11/15/30 Callable: 08/15/30  | 30000 | 26212 |
| Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC |
| 3.250%, due 05/15/30 Callable: 02/15/30  | 30000 | 26075 |
| USA Compression Partners LP | USA Compression Partners LP | USA Compression Partners LP |
| 6.875%, due 09/01/27 Callable: 01/30/23  | 25000 | 23375 |
| Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
| 4.050%, due 02/01/30 Callable: 11/01/29  | 210000 | 183488 |
| 5.450%, due 04/01/44 Callable: 10/01/43  | 25000 | 20750 |
|  |  | 4377692 |
| **Financial — 5.0%** | **Financial — 5.0%** | **Financial — 5.0%** |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 1.875%, due 08/15/26 Callable: 07/15/26  | 115000 | 100123 |
| Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
| 3.000%, due 05/18/51 Callable: 11/18/50  | 170000 | 107351 |
| Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC |
| 6.750%, due 10/15/27 <sup>(e)</sup> Callable: 01/30/23  | 30000 | 26962 |
| Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
| 5.750%, due 11/20/25 Callable: 10/21/25  | 25000 | 24176 |
| American Express Co. | American Express Co. | American Express Co. |
| 3.950%, due 08/01/25 Callable: 07/01/25  | 146000 | 143103 |
| 5.850%, due 11/05/27 Callable: 10/05/27  | 110000 | 114469 |

---

See Notes to Financial Statements.<br> 195

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_196.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Financial — 5.0% (Continued)** | **Financial — 5.0% (Continued)** | **Financial — 5.0% (Continued)** | **Financial — 5.0% (Continued)** |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 1.950%, due 05/22/26 Callable: 02/22/26  | EUR | 100000 | $98888 |
| 0.500%, due 01/15/28 Callable: 10/15/27  | EUR | 100000 | 87627 |
| AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
| 4.875%, due 06/30/29 <sup>(e)</sup> Callable: 06/30/24  |  | $40000 | 34250 |
| Aretec Escrow Issuer, Inc. | Aretec Escrow Issuer, Inc. | Aretec Escrow Issuer, Inc. | Aretec Escrow Issuer, Inc. |
| 7.500%, due 04/01/29 <sup>(e)</sup> Callable: 04/01/24  |  | 25000 | 20594 |
| Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding |
| 3.419%, due 08/19/24 (SOFR Index + 0.560%) <sup>(d)(e)</sup>  |  | 245000 | 239174 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| 0.981%, due 09/25/25 (SOFR Rate + 0.910%) <sup>(d)</sup> Callable: 09/25/24  |  | 140000 | 128490 |
| 1.530%, due 12/06/25 (SOFR Rate + 0.650%) <sup>(d)</sup> Callable: 12/06/24  |  | 252000 | 232653 |
| 3.384%, due 04/02/26 (SOFR Rate + 1.330%) <sup>(d)</sup> Callable: 04/02/25  |  | 1130000 | 1077716 |
| 4.571%, due 04/27/33 (SOFR Rate + 1.830%) <sup>(d)</sup> Callable: 04/27/32  |  | 7000 | 6393 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| 5.015%, due 07/22/33 (SOFR Rate + 2.160%) <sup>(d)</sup> Callable: 07/22/32  |  | $26000 | $24724 |
| 2.482%, due 09/21/36 (5 Year CMT Rate + 1.200%) <sup>(d)</sup> Callable: 09/21/31  |  | 235000 | 172608 |
| 3.846%, due 03/08/37 (5 Year CMT Rate + 2.000%) <sup>(d)</sup> Callable: 03/08/32  |  | 12000 | 9917 |
| Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |
| 2.375%, due 06/19/39 Callable: 03/19/39  | GBP | 120000 | 102301 |
| Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. |
| 0.000%, due 03/12/25 Callable: 02/12/25  | EUR | 200000 | 198364 |
| BroadStreet Partners, Inc. | BroadStreet Partners, Inc. | BroadStreet Partners, Inc. | BroadStreet Partners, Inc. |
| 5.875%, due 04/15/29 <sup>(e)</sup> Callable: 04/15/24  |  | $25000 | 21375 |
| Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
| 6.875%, due 04/15/30 <sup>(e)</sup> Callable: 04/15/25  |  | 25000 | 22250 |
| Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| 4.166%, due 05/09/25 (SOFR Rate + 1.370%) <sup>(d)</sup> Callable: 05/09/24  |  | 203000 | 197522 |
| Chubb INA Holdings, Inc. | Chubb INA Holdings, Inc. | Chubb INA Holdings, Inc. | Chubb INA Holdings, Inc. |
| 0.300%, due 12/15/24 Callable: 11/15/24  | EUR | 160000 | 159584 |

---

See Notes to Financial Statements.<br> 196

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_197.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Financial — 5.0% (Continued)** | **Financial — 5.0% (Continued)** | **Financial — 5.0% (Continued)** |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 3.057%, due 01/25/33 (SOFR Rate + 1.351%) <sup>(d)</sup> Callable: 01/25/32  | $200000 | $161077 |
| Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
| 6.875%, due 12/15/52 (5 Year CMT Rate + 3.846%) <sup>(d)(e)</sup> Callable: 09/15/27  | 251000 | 232600 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 1.350%, due 07/15/25 Callable: 06/15/25  | 36000 | 32716 |
| 3.650%, due 09/01/27 Callable: 06/01/27  | 120000 | 111552 |
| 2.250%, due 01/15/31 Callable: 10/15/30  | 40000 | 31909 |
| Cushman & Wakefield US Borrower LLC | Cushman & Wakefield US Borrower LLC | Cushman & Wakefield US Borrower LLC |
| 6.750%, due 05/15/28 <sup>(e)</sup> Callable: 05/15/23  | 25000 | 23844 |
| Discover Financial Services | Discover Financial Services | Discover Financial Services |
| 4.100%, due 02/09/27 Callable: 11/09/26  | 165000 | 155699 |
| Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
| 8.250%, due 04/15/25 <sup>(e)</sup> Callable: 01/30/23  | 15000 | 13500 |
| 6.625%, due 01/15/27 <sup>(e)</sup> Callable: 01/15/24  | 10000 | 7900 |
| GTCR AP Finance, Inc. | GTCR AP Finance, Inc. | GTCR AP Finance, Inc. |
| 8.000%, due 05/15/27 <sup>(e)</sup> Callable: 01/30/23  | 50000 | 47875 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| 3.375%, due 12/15/29 Callable: 09/15/29  | $65000 | $54425 |
| 3.500%, due 09/15/30 Callable: 06/15/30  | 65000 | 53588 |
| Icahn Enterprises LP | Icahn Enterprises LP | Icahn Enterprises LP |
| 5.250%, due 05/15/27 Callable: 11/15/26  | 30000 | 27487 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 2.700%, due 01/15/34 Callable: 10/15/33  | 150000 | 109293 |
| Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
| 4.500%, due 02/15/31 <sup>(e)</sup> Callable: 02/15/26  | 25000 | 20625 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| 0.653%, due 09/16/24 (3 Month SOFR Rate + 0.600%) <sup>(d)</sup> Callable: 09/16/23  | 215000 | 206589 |
| 0.563%, due 02/16/25 (SOFR Rate + 0.420%) <sup>(d)</sup> Callable: 02/16/24  | 230000 | 216802 |
| 2.083%, due 04/22/26 (SOFR Rate + 1.850%) <sup>(d)</sup> Callable: 04/22/25  | 791000 | 733558 |
| 4.851%, due 07/25/28 (SOFR Rate + 1.990%) <sup>(d)</sup> Callable: 07/25/27  | 50000 | 48805 |
| 2.963%, due 01/25/33 (SOFR Rate + 1.260%) <sup>(d)</sup> Callable: 01/25/32  | 270000 | 219930 |

---

See Notes to Financial Statements.<br> 197

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_198.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Financial — 5.0% (Continued)** | **Financial — 5.0% (Continued)** | **Financial — 5.0% (Continued)** |
| 5.717%, due 09/14/33 (SOFR Rate + 2.580%) <sup>(d)</sup> Callable: 09/14/32  | $133000 | $130744 |
| Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP |
| 4.750%, due 06/15/29 <sup>(e)</sup> Callable: 06/15/24  | 25000 | 20156 |
| LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
| 4.000%, due 03/15/29 <sup>(e)</sup> Callable: 03/15/24  | 25000 | 21750 |
| Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust |
| 6.500%, due 05/01/28 <sup>(e)</sup> Callable: 05/01/24  | 15000 | 12862 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 2.188%, due 04/28/26 (SOFR Rate + 1.990%) <sup>(d)</sup> Callable: 04/28/25  | 611000 | 567508 |
| 4.679%, due 07/17/26 (SOFR Rate + 1.669%) <sup>(d)</sup> Callable: 07/17/25  | 883000 | 868798 |
| 2.484%, due 09/16/36 (SOFR Rate + 1.360%) <sup>(d)</sup> Callable: 09/16/31  | 275000 | 199940 |
| MPT Operating Partnership LP | MPT Operating Partnership LP | MPT Operating Partnership LP |
| 3.500%, due 03/15/31 Callable: 03/15/26  | 25000 | 17031 |
| Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
| 5.125%, due 12/15/30 <sup>(e)</sup> Callable: 12/15/25  | 25000 | 19125 |
| 5.750%, due 11/15/31 <sup>(e)</sup> Callable: 11/15/26  | 65000 | 50050 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| Navient Corp. | Navient Corp. | Navient Corp. |
| 5.000%, due 03/15/27 Callable: 09/15/26  | $20000 | $17475 |
| 4.875%, due 03/15/28 Callable: 06/15/27  | 25000 | 20437 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 6.625%, due 01/15/28 Callable: 07/15/27  | 65000 | 59800 |
| Park Intermediate Holdings LLC | Park Intermediate Holdings LLC | Park Intermediate Holdings LLC |
| 5.875%, due 10/01/28 <sup>(e)</sup> Callable: 10/01/23  | 25000 | 22594 |
| 4.875%, due 05/15/29 <sup>(e)</sup> Callable: 05/15/24  | 35000 | 29575 |
| PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
| 4.250%, due 02/15/29 <sup>(e)</sup> Callable: 02/15/24  | 55000 | 42625 |
| PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
| 5.000%, due 10/01/29 <sup>(e)</sup> Callable: 10/01/24  | 25000 | 20500 |
| Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. |
| 5.625%, due 06/15/43 (3 Month U.S. LIBOR + 3.920%) <sup>(d)</sup> Callable: 06/15/23  | 90000 | 87969 |
| 3.905%, due 12/07/47 Callable: 06/07/47  | 135000 | 107674 |
| Realogy Group LLC | Realogy Group LLC | Realogy Group LLC |
| 5.750%, due 01/15/29 <sup>(e)</sup> Callable: 01/15/24  | 25000 | 18875 |
| 5.250%, due 04/15/30 <sup>(e)</sup> Callable: 04/15/25  | 30000 | 21862 |
| RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP |
| 4.000%, due 09/15/29 <sup>(e)</sup> Callable: 09/15/24  | 25000 | 20312 |

---

See Notes to Financial Statements.<br> 198

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_199.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Financial — 5.0% (Continued)** | **Financial — 5.0% (Continued)** | **Financial — 5.0% (Continued)** | **Financial — 5.0% (Continued)** |
| Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
| 2.490%, due 01/06/28 (SOFR Rate + 1.249%) <sup>(d)</sup> Callable: 01/06/27  |  | $130000 | $111464 |
| SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
| 3.875%, due 02/15/27 Callable: 02/15/23  |  | 430000 | 390225 |
| 3.125%, due 02/01/29 Callable: 02/01/24  |  | 220000 | 182928 |
| Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
| 4.375%, due 01/15/27 <sup>(e)</sup> Callable: 07/15/26  |  | 75000 | 65813 |
| Synchrony Financial | Synchrony Financial | Synchrony Financial | Synchrony Financial |
| 2.875%, due 10/28/31 Callable: 07/28/31  |  | 235000 | 177159 |
| The Goldman Sachs Group, Inc. | The Goldman Sachs Group, Inc. | The Goldman Sachs Group, Inc. | The Goldman Sachs Group, Inc. |
| 1.375%, due 05/15/24 Callable: 05/15/23  | EUR | 150000 | 156630 |
| 4.039%, due 09/10/27 (SOFR Rate + 0.820%) <sup>(d)</sup> Callable: 09/10/26  |  | $225000 | 212491 |
| 0.250%, due 01/26/28 Callable: 10/26/27  | EUR | 15000 | 13121 |
| 2.000%, due 11/01/28  | EUR | 63000 | 59710 |
| The Western Union Co. | The Western Union Co. | The Western Union Co. | The Western Union Co. |
| 2.750%, due 03/15/31 Callable: 12/15/30  |  | $190000 | 144749 |
| United Wholesale Mortgage LLC | United Wholesale Mortgage LLC | United Wholesale Mortgage LLC | United Wholesale Mortgage LLC |
| 5.750%, due 06/15/27 <sup>(e)</sup> Callable: 06/15/24  |  | 25000 | 21500 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| Uniti Group LP | Uniti Group LP | Uniti Group LP | Uniti Group LP |
| 6.000%, due 01/15/30 <sup>(a)(e)</sup> Callable: 01/15/25  |  | $25000 | $15813 |
| US Bancorp | US Bancorp | US Bancorp | US Bancorp |
| 0.850%, due 06/07/24  | EUR | 445000 | 459938 |
| 3.700%, Perpetual (5 Year CMT Rate + 2.541%) <sup>(d)</sup> Callable: 01/15/27  |  | $195000 | 159413 |
| USB Capital IX | USB Capital IX | USB Capital IX | USB Capital IX |
| 5.099%, due 04/15/42 (3 Month U.S. LIBOR + 1.020%) <sup>(d)</sup> Callable: 01/30/23  |  | 18000 | 14130 |
| VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
| 4.625%, due 12/01/29 <sup>(e)</sup> Callable: 12/01/24  |  | 70000 | 63613 |
| 4.125%, due 08/15/30 <sup>(e)</sup> Callable: 02/15/25  |  | 165000 | 143550 |
| 5.125%, due 05/15/32 Callable: 02/15/32  |  | 175000 | 161875 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 4.540%, due 08/15/26 (SOFR Rate + 1.560%) <sup>(d)</sup> Callable: 08/15/25  |  | 519000 | 508097 |
| 4.808%, due 07/25/28 (SOFR Rate + 1.980%) <sup>(d)</sup> Callable: 07/25/27  |  | 45000 | 43964 |
| 4.650%, due 11/04/44  |  | 125000 | 105767 |
| Welltower, Inc. | Welltower, Inc. | Welltower, Inc. | Welltower, Inc. |
| 2.050%, due 01/15/29 Callable: 11/15/28  |  | 130000 | 105205 |

---

See Notes to Financial Statements.<br> 199

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_200.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Financial — 5.0% (Continued)** | **Financial — 5.0% (Continued)** | **Financial — 5.0% (Continued)** |
| Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |
| 4.500%, due 09/15/28 Callable: 06/15/28  | $115000 | $107890 |
| XHR LP | XHR LP | XHR LP |
| 4.875%, due 06/01/29 <sup>(e)</sup> Callable: 06/01/24  | 25000 | 20688 |
|  |  | 11683783 |
| **Industrial — 1.5%** | **Industrial — 1.5%** | **Industrial — 1.5%** |
| AECOM | AECOM | AECOM |
| 5.125%, due 03/15/27 Callable: 12/15/26  | 320000 | 308800 |
| Ball Corp. | Ball Corp. | Ball Corp. |
| 4.875%, due 03/15/26 Callable: 12/15/25  | 240000 | 231300 |
| 6.875%, due 03/15/28 Callable: 11/15/24  | 250000 | 256875 |
| 2.875%, due 08/15/30 <sup>(a)</sup> Callable: 05/15/30  | 215000 | 171194 |
| Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| 5.625%, due 07/15/27 <sup>(e)</sup> Callable: 01/30/23  | 180000 | 174375 |
| Brundage-Bone Concrete Pumping Holdings, Inc. | Brundage-Bone Concrete Pumping Holdings, Inc. | Brundage-Bone Concrete Pumping Holdings, Inc. |
| 6.000%, due 02/01/26 <sup>(e)</sup> Callable: 02/01/23  | 25000 | 22719 |
| Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
| 5.000%, due 03/01/30 <sup>(e)</sup> Callable: 03/01/25  | 25000 | 22062 |
| 6.375%, due 06/15/32 <sup>(e)</sup> Callable: 06/15/27  | 25000 | 23375 |
| Cargo Aircraft Management, Inc. | Cargo Aircraft Management, Inc. | Cargo Aircraft Management, Inc. |
| 4.750%, due 02/01/28 <sup>(e)</sup> Callable: 02/01/23  | 25000 | 22500 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. |
| 7.500%, due 01/01/30 <sup>(e)</sup> Callable: 01/01/26  | $25000 | $25062 |
| Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
| 6.625%, due 04/15/29 <sup>(e)</sup> Callable: 04/15/25  | 40000 | 38100 |
| CSX Corp. | CSX Corp. | CSX Corp. |
| 3.800%, due 11/01/46 Callable: 05/01/46  | 145000 | 114089 |
| Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. |
| 4.750%, due 06/15/28 <sup>(e)</sup> Callable: 06/15/23  | 50000 | 43125 |
| Fortress Transportation and Infrastructure Investors LLC | Fortress Transportation and Infrastructure Investors LLC | Fortress Transportation and Infrastructure Investors LLC |
| 5.500%, due 05/01/28 <sup>(e)</sup> Callable: 05/01/24  | 25000 | 21250 |
| Global Infrastructure Solutions, Inc. | Global Infrastructure Solutions, Inc. | Global Infrastructure Solutions, Inc. |
| 5.625%, due 06/01/29 <sup>(e)</sup> Callable: 06/01/24  | 25000 | 19437 |
| GrafTech Finance, Inc. | GrafTech Finance, Inc. | GrafTech Finance, Inc. |
| 4.625%, due 12/15/28 <sup>(e)</sup> Callable: 12/15/23  | 25000 | 20000 |
| Graham Packaging Co., Inc. | Graham Packaging Co., Inc. | Graham Packaging Co., Inc. |
| 7.125%, due 08/15/28 <sup>(e)</sup> Callable: 08/15/23  | 25000 | 20812 |
| Granite US Holdings Corp. | Granite US Holdings Corp. | Granite US Holdings Corp. |
| 11.000%, due 10/01/27 <sup>(e)</sup> Callable: 01/30/23  | 25000 | 26312 |
| Griffon Corp. | Griffon Corp. | Griffon Corp. |
| 5.750%, due 03/01/28 Callable: 03/01/23  | 30000 | 27450 |
| Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |
| 5.900%, due 02/01/27  | 25000 | 25000 |

---

See Notes to Financial Statements.<br> 200

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_201.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Industrial — 1.5% (Continued)** | **Industrial — 1.5% (Continued)** | **Industrial — 1.5% (Continued)** |
| Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
| 4.750%, due 05/15/29 <sup>(e)</sup> Callable: 05/15/24  | $25000 | $21687 |
| Koppers, Inc. | Koppers, Inc. | Koppers, Inc. |
| 6.000%, due 02/15/25 <sup>(e)</sup> Callable: 01/30/23  | 25000 | 23937 |
| Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
| 4.125%, due 06/30/28 <sup>(e)</sup> Callable: 06/30/24  | 40000 | 33400 |
| New Enterprise Stone & Lime Co., Inc. | New Enterprise Stone & Lime Co., Inc. | New Enterprise Stone & Lime Co., Inc. |
| 9.750%, due 07/15/28 <sup>(e)</sup> Callable: 07/15/23  | 25000 | 23094 |
| Owens Corning | Owens Corning | Owens Corning |
| 4.400%, due 01/30/48 Callable: 07/30/47  | 145000 | 112724 |
| Packaging Corp. of America | Packaging Corp. of America | Packaging Corp. of America |
| 3.000%, due 12/15/29 Callable: 09/15/29  | 135000 | 115618 |
| Parker-Hannifin Corp. | Parker-Hannifin Corp. | Parker-Hannifin Corp. |
| 4.250%, due 09/15/27 Callable: 08/15/27  | 60000 | 58217 |
| Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |
| 4.200%, due 04/01/27 <sup>(e)</sup> Callable: 01/01/27  | 120000 | 112504 |
| PGT Innovations, Inc. | PGT Innovations, Inc. | PGT Innovations, Inc. |
| 4.375%, due 10/01/29 <sup>(e)</sup> Callable: 10/01/24  | 25000 | 20875 |
| Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. |
| 3.030%, due 03/15/52 Callable: 09/15/51  | 165000 | 112532 |
| Roller Bearing Co. of America, Inc. | Roller Bearing Co. of America, Inc. | Roller Bearing Co. of America, Inc. |
| 4.375%, due 10/15/29 <sup>(e)</sup> Callable: 10/15/24  | 25000 | 22000 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. |
| 4.000%, due 12/01/27 <sup>(e)</sup> Callable: 09/01/27  | $25000 | $22656 |
| 5.000%, due 04/15/29 <sup>(e)</sup> Callable: 04/15/25  | 100000 | 93375 |
| Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. |
| 3.750%, due 02/15/31 <sup>(e)</sup> Callable: 02/15/26  | 25000 | 20563 |
| Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
| 3.375%, due 01/15/31 <sup>(e)</sup> Callable: 07/15/25  | 25000 | 18844 |
| Stevens Holding Co., Inc. | Stevens Holding Co., Inc. | Stevens Holding Co., Inc. |
| 6.125%, due 10/01/26 <sup>(e)</sup> Callable: 10/01/23  | 25000 | 25188 |
| The Boeing Co. | The Boeing Co. | The Boeing Co. |
| 5.040%, due 05/01/27 Callable: 03/01/27  | 265000 | 262109 |
| 2.950%, due 02/01/30 Callable: 11/01/29  | 130000 | 110281 |
| 5.150%, due 05/01/30 Callable: 02/01/30  | 570000 | 556099 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| 5.500%, due 11/15/27 Callable: 01/30/23  | 50000 | 46500 |
| Weekley Homes LLC | Weekley Homes LLC | Weekley Homes LLC |
| 4.875%, due 09/15/28 <sup>(e)</sup> Callable: 09/15/23  | 25000 | 21000 |
| WRKCo, Inc. | WRKCo, Inc. | WRKCo, Inc. |
| 3.750%, due 03/15/25 Callable: 01/15/25  | 110000 | 105848 |
|  |  | 3552888 |

---

See Notes to Financial Statements.<br> 201

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_202.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Technology — 1.0%** | **Technology — 1.0%** | **Technology — 1.0%** | **Technology — 1.0%** |
| Apple, Inc. | Apple, Inc. | Apple, Inc. | Apple, Inc. |
| 0.875%, due 05/24/25 Callable: 02/24/25  | EUR | 215000 | $218680 |
| AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. |
| 6.500%, due 02/15/30 <sup>(e)</sup> Callable: 02/15/25  |  | $45000 | 33300 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 3.500%, due 02/15/41 <sup>(e)</sup> Callable: 08/15/40  |  | 300000 | 215568 |
| CDW LLC | CDW LLC | CDW LLC | CDW LLC |
| 4.250%, due 04/01/28 Callable: 01/30/23  |  | 165000 | 151800 |
| 3.250%, due 02/15/29 Callable: 08/15/23  |  | 25000 | 21219 |
| Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. |
| 4.875%, due 07/01/29 <sup>(a)(e)</sup> Callable: 06/30/24  |  | 25000 | 21187 |
| Cloud Software Group Holdings, Inc. | Cloud Software Group Holdings, Inc. | Cloud Software Group Holdings, Inc. | Cloud Software Group Holdings, Inc. |
| 6.500%, due 03/31/29 <sup>(e)</sup> Callable: 09/30/25  |  | 95000 | 80156 |
| Condor Merger Sub, Inc. | Condor Merger Sub, Inc. | Condor Merger Sub, Inc. | Condor Merger Sub, Inc. |
| 7.375%, due 02/15/30 <sup>(e)</sup> Callable: 02/15/25  |  | 25000 | 20188 |
| Consensus Cloud Solutions, Inc. | Consensus Cloud Solutions, Inc. | Consensus Cloud Solutions, Inc. | Consensus Cloud Solutions, Inc. |
| 6.500%, due 10/15/28 <sup>(e)</sup> Callable: 10/15/26  |  | 25000 | 22781 |
| Dell International LLC | Dell International LLC | Dell International LLC | Dell International LLC |
| 8.350%, due 07/15/46 Callable: 01/15/46  |  | 110000 | 125545 |
| Entegris, Inc. | Entegris, Inc. | Entegris, Inc. | Entegris, Inc. |
| 3.625%, due 05/01/29 <sup>(e)</sup> Callable: 05/01/24  |  | 25000 | 20188 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
| 1.500%, due 05/21/27 Callable: 02/21/27  | EUR | 210000 | $201368 |
| 1.000%, due 12/03/28 Callable: 09/03/28  | EUR | 100000 | 88751 |
| Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| 1.125%, due 07/01/27 Callable: 04/01/27  | EUR | 100000 | 94766 |
| MSCI, Inc. | MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
| 3.625%, due 09/01/30 <sup>(e)</sup> Callable: 03/01/25  |  | $340000 | 282200 |
| 3.875%, due 02/15/31 <sup>(e)</sup> Callable: 06/01/25  |  | 155000 | 128456 |
| 3.625%, due 11/01/31 <sup>(e)</sup> Callable: 11/01/26  |  | 166000 | 137780 |
| 3.250%, due 08/15/33 <sup>(e)</sup> Callable: 08/15/27  |  | 80000 | 61800 |
| NCR Corp. | NCR Corp. | NCR Corp. | NCR Corp. |
| 5.125%, due 04/15/29 <sup>(e)</sup> Callable: 04/15/24  |  | 25000 | 20750 |
| NetApp, Inc. | NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
| 1.875%, due 06/22/25 Callable: 05/22/25  |  | 115000 | 105535 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 6.250%, due 11/09/32 Callable: 08/09/32  |  | 45000 | 47367 |
| 3.800%, due 11/15/37 Callable: 05/15/37  |  | 116000 | 91803 |
| 3.600%, due 04/01/50 Callable: 10/01/49  |  | 140000 | 96318 |
| 3.950%, due 03/25/51 Callable: 09/25/50  |  | 44000 | 31587 |

---

See Notes to Financial Statements.<br> 202

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_203.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Technology — 1.0% (Continued)** | **Technology — 1.0% (Continued)** | **Technology — 1.0% (Continued)** |
| Playtika Holding Corp. | Playtika Holding Corp. | Playtika Holding Corp. |
| 4.250%, due 03/15/29 <sup>(e)</sup> Callable: 03/15/24  | $25000 | $19500 |
| Qorvo, Inc. | Qorvo, Inc. | Qorvo, Inc. |
| 1.750%, due 12/15/24 <sup>(e)</sup> Callable: 01/10/23  | 45000 | 41344 |
| Rackspace Technology Global, Inc. | Rackspace Technology Global, Inc. | Rackspace Technology Global, Inc. |
| 5.375%, due 12/01/28 <sup>(e)</sup> Callable: 12/01/23  | 5000 | 2156 |
| Veritas US, Inc. | Veritas US, Inc. | Veritas US, Inc. |
| 7.500%, due 09/01/25 <sup>(e)</sup> Callable: 01/30/23  | 10000 | 6900 |
| Virtusa Corp. | Virtusa Corp. | Virtusa Corp. |
| 7.125%, due 12/15/28 <sup>(e)</sup> Callable: 12/15/23  | 25000 | 19000 |
|  |  | 2407993 |
| **Utilities — 1.4%** | **Utilities — 1.4%** | **Utilities — 1.4%** |
| Brazos Securitization LLC | Brazos Securitization LLC | Brazos Securitization LLC |
| 5.014%, due 03/01/34 <sup>(e)</sup>  | 200000 | 196676 |
| Calpine Corp. | Calpine Corp. | Calpine Corp. |
| 5.125%, due 03/15/28 <sup>(e)</sup> Callable: 03/15/23  | 40000 | 35750 |
| 4.625%, due 02/01/29 <sup>(e)</sup> Callable: 02/01/24  | 15000 | 12862 |
| Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
| 4.750%, due 03/15/28 <sup>(e)</sup> Callable: 03/15/23  | 25000 | 23094 |
| Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| 4.650%, due 06/15/25 (5 Year CMT Rate + 2.993%) <sup>(d)</sup> Callable: 12/15/24  | 128000 | 112480 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| DPL, Inc. | DPL, Inc. | DPL, Inc. |
| 4.125%, due 07/01/25 Callable: 04/01/25  | $270000 | $253800 |
| DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
| 1.050%, due 06/01/25 Callable: 05/01/25  | 75000 | 67838 |
| 4.220%, due 11/01/25  | 60000 | 58667 |
| Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
| 3.550%, due 03/15/52 Callable: 09/15/51  | 40000 | 30216 |
| Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| 4.875%, due 03/16/25 (5 Year CMT Rate + 3.388%) <sup>(d)</sup> Callable: 09/16/24  | 51000 | 46410 |
| 4.300%, due 03/15/28 Callable: 02/15/28  | 70000 | 67494 |
| Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
| 4.200%, due 07/15/48 Callable: 01/15/48  | 38000 | 32046 |
| Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC |
| 3.250%, due 10/01/49 Callable: 04/01/49  | 53000 | 35785 |
| Essential Utilities, Inc. | Essential Utilities, Inc. | Essential Utilities, Inc. |
| 2.704%, due 04/15/30 Callable: 01/15/30  | 135000 | 112608 |
| Exelon Corp. | Exelon Corp. | Exelon Corp. |
| 4.100%, due 03/15/52 <sup>(e)</sup> Callable: 09/15/51  | 35000 | 27599 |
| FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
| 4.400%, due 07/15/27 Callable: 04/15/27  | 180000 | 168300 |
| 7.375%, due 11/15/31  | 320000 | 355463 |

---

See Notes to Financial Statements.<br> 203

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_204.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** | **CORPORATE BONDS — 20.5% (Continued)** |
| **Utilities — 1.4% (Continued)** | **Utilities — 1.4% (Continued)** | **Utilities — 1.4% (Continued)** |
| Mercury Chile Holdco LLC | Mercury Chile Holdco LLC | Mercury Chile Holdco LLC |
| 6.500%, due 01/24/27 <sup>(e)</sup> Callable: 01/24/24  | $200000 | $190000 |
| Monongahela Power Co. | Monongahela Power Co. | Monongahela Power Co. |
| 5.400%, due 12/15/43 <sup>(e)</sup> Callable: 06/15/43  | 85000 | 82524 |
| National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
| 4.750%, due 04/30/43 (3 Month U.S. LIBOR + 2.910%) <sup>(d)</sup> Callable: 04/30/23  | 167000 | 156145 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 5.650%, due 05/01/79 (3 Month U.S. LIBOR + 3.156%) <sup>(d)</sup> Callable: 05/01/29  | 110000 | 99550 |
| NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
| 3.625%, due 02/15/31 <sup>(e)</sup> Callable: 02/15/26  | 60000 | 45525 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 2.500%, due 02/01/31 Callable: 11/01/30  | 145000 | 112858 |
| Pike Corp. | Pike Corp. | Pike Corp. |
| 5.500%, due 09/01/28 <sup>(e)</sup> Callable: 09/01/23  | 70000 | 60812 |
| Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
| 1.300%, due 06/15/25 Callable: 05/15/25  | 80000 | 72510 |
| South Jersey Industries, Inc. | South Jersey Industries, Inc. | South Jersey Industries, Inc. |
| 5.020%, due 04/15/31  | 133000 | 102744 |
| The AES Corp. | The AES Corp. | The AES Corp. |
| 3.950%, due 07/15/30 <sup>(e)</sup> Callable: 04/15/30  | 30000 | 26415 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Par Value | Value | Value |
| The Brooklyn Union Gas Co. | The Brooklyn Union Gas Co. | The Brooklyn Union Gas Co. | The Brooklyn Union Gas Co. | The Brooklyn Union Gas Co. |
| 4.487%, due 03/04/49 <sup>(e)</sup> Callable: 09/04/48  |  | 145000 | $| 111119 |
| The Southern Co. | The Southern Co. | The Southern Co. | The Southern Co. | The Southern Co. |
| 4.475%, due 08/01/24  |  | 102000 |  | 100738 |
| 4.000%, due 01/15/51 (5 Year CMT Rate + 3.733%) <sup>(d)</sup> Callable: 10/15/25  |  | 130000 |  | 117975 |
| 3.750%, due 09/15/51 (5 Year CMT Rate + 2.915%) <sup>(d)</sup> Callable: 06/15/26  |  | 135000 |  | 109350 |
| Virginia Electric and Power Co. | Virginia Electric and Power Co. | Virginia Electric and Power Co. | Virginia Electric and Power Co. | Virginia Electric and Power Co. |
| 3.750%, due 05/15/27 Callable: 04/15/27  |  | 45000 |  | 42954 |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| 5.625%, due 02/15/27 <sup>(e)</sup> Callable: 01/10/23  |  | 25000 |  | 23813 |
| WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
| 0.800%, due 03/15/24 Callable: 02/15/24  |  | 71000 |  | 67322 |
|  |  |  |  | 3159442 |
| **Total Corporate Bonds** (Cost $54,346,609) | **Total Corporate Bonds** (Cost $54,346,609) | **Total Corporate Bonds** (Cost $54,346,609) |  | 47815210 |
| **FOREIGN BONDS — 22.0%** | **FOREIGN BONDS — 22.0%** | **FOREIGN BONDS — 22.0%** | **FOREIGN BONDS — 22.0%** | **FOREIGN BONDS — 22.0%** |
| **Australia — 0.8%** | **Australia — 0.8%** | **Australia — 0.8%** | **Australia — 0.8%** | **Australia — 0.8%** |
| Asian Development Bank | Asian Development Bank | Asian Development Bank | Asian Development Bank | Asian Development Bank |
| 3.000%, due 10/14/26  | AUD | 130000 |  | 84654 |
| Australia Government Bond | Australia Government Bond | Australia Government Bond | Australia Government Bond | Australia Government Bond |
| 0.250%, due 11/21/24  | AUD | 455000 |  | 292139 |
| 0.500%, due 09/21/26  | AUD | 155000 |  | 94248 |
| 1.000%, due 12/21/30  | AUD | 205000 |  | 111425 |

---

See Notes to Financial Statements.<br> 204

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_205.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** |
| **Australia — 0.8% (Continued)** | **Australia — 0.8% (Continued)** | **Australia — 0.8% (Continued)** | **Australia — 0.8% (Continued)** |
| 1.000%, due 11/21/31  | AUD | 210000 | $110837 |
| FMG Resources August 2006 Pty Ltd. | FMG Resources August 2006 Pty Ltd. | FMG Resources August 2006 Pty Ltd. | FMG Resources August 2006 Pty Ltd. |
| 4.375%, due 04/01/31 <sup>(e)</sup> Callable: 01/01/31  |  | $90000 | 74588 |
| Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank |
| 2.750%, due 10/30/25  | AUD | 115000 | 75319 |
| 2.700%, due 01/29/26  | AUD | 135000 | 87812 |
| International Finance Corp. | International Finance Corp. | International Finance Corp. | International Finance Corp. |
| 3.600%, due 02/24/26  | AUD | 310000 | 207347 |
| Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. |
| 5.108%, due 08/09/26 (SOFR Rate + 2.208%) <sup>(d)(e)</sup> Callable: 08/09/25  |  | $130000 | 129072 |
| New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
| 1.250%, due 03/20/25  | AUD | 325000 | 209100 |
| 3.000%, due 05/20/27  | AUD | 380000 | 247259 |
| Nufarm Australia Ltd. | Nufarm Australia Ltd. | Nufarm Australia Ltd. | Nufarm Australia Ltd. |
| 5.000%, due 01/27/30 <sup>(e)</sup> Callable: 01/27/25  |  | $20000 | 17500 |
| Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
| 2.750%, due 08/20/27 <sup>(e)</sup>  | AUD | 190000 | 121908 |
| Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. |
| 3.020%, due 11/18/36 (5 Year CMT Rate + 1.530%) <sup>(d)</sup> Callable: 11/18/31  |  | $150000 | 110141 |
|  |  |  | 1973349 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| Republic of Austria Government Bond | Republic of Austria Government Bond | Republic of Austria Government Bond | Republic of Austria Government Bond |
| 0.500%, due 02/20/29 <sup>(e)</sup>  | EUR | 140000 | 128672 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| **Bermuda — 0.1%** | **Bermuda — 0.1%** | **Bermuda — 0.1%** | **Bermuda — 0.1%** |
| Digicel Group Holdings Ltd. | Digicel Group Holdings Ltd. | Digicel Group Holdings Ltd. | Digicel Group Holdings Ltd. |
| 8.000%, due 04/01/25 <sup>(e)</sup> Callable: 01/17/23  |  | $68299 | $17339 |
| Digicel Group Holdings Ltd. CVRT | Digicel Group Holdings Ltd. CVRT | Digicel Group Holdings Ltd. CVRT | Digicel Group Holdings Ltd. CVRT |
| 7.000%, due 12/29/49 <sup>(e)(g)</sup> Callable: 01/17/23  |  | 98893 | 9889 |
| NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
| 5.875%, due 02/15/27 <sup>(e)</sup> Callable: 02/15/24  |  | 30000 | 25875 |
| 7.750%, due 02/15/29 <sup>(e)</sup> Callable: 11/15/28  |  | 25000 | 19000 |
| Triton Container International Ltd. | Triton Container International Ltd. | Triton Container International Ltd. | Triton Container International Ltd. |
| 3.250%, due 03/15/32 Callable: 12/15/31  |  | 130000 | 100380 |
| Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
| 13.000%, due 05/15/25 <sup>(e)</sup> Callable: 01/16/23  |  | 10000 | 10600 |
| 5.875%, due 09/15/27 <sup>(e)</sup> Callable: 01/30/23  |  | 90000 | 73800 |
| Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
| 6.500%, due 09/15/28 <sup>(e)</sup> Callable: 09/15/24  |  | 30000 | 29400 |
| 8.625%, due 04/30/30 <sup>(e)</sup> Callable: 10/30/24  |  | 25000 | 24125 |
|  |  |  | 310408 |
| **Brazil — 0.6%** | **Brazil — 0.6%** | **Brazil — 0.6%** | **Brazil — 0.6%** |
| Brazil Notas do Tesouro Nacional Serie F | Brazil Notas do Tesouro Nacional Serie F | Brazil Notas do Tesouro Nacional Serie F | Brazil Notas do Tesouro Nacional Serie F |
| 10.000%, due 01/01/25  | BRL | 2210 | 400320 |
| 10.000%, due 01/01/27  | BRL | 1000 | 174866 |
| Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond |
| 5.625%, due 02/21/47  |  | $500000 | 396250 |

---

See Notes to Financial Statements.<br> 205

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_206.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** |
| **Brazil — 0.6% (Continued)** | **Brazil — 0.6% (Continued)** | **Brazil — 0.6% (Continued)** | **Brazil — 0.6% (Continued)** |
| Globo Comunicacao e Participacoes SA | Globo Comunicacao e Participacoes SA | Globo Comunicacao e Participacoes SA | Globo Comunicacao e Participacoes SA |
| 5.500%, due 01/14/32 <sup>(e)</sup>  |  | $200000 | $170500 |
| Natura Cosmeticos SA | Natura Cosmeticos SA | Natura Cosmeticos SA | Natura Cosmeticos SA |
| 4.125%, due 05/03/28 <sup>(e)</sup> Callable: 03/03/28  |  | 200000 | 163750 |
| Simpar Finance Sarl | Simpar Finance Sarl | Simpar Finance Sarl | Simpar Finance Sarl |
| 10.750%, due 02/12/28 <sup>(e)</sup> Callable: 02/12/25  | BRL | 590000 | 80522 |
|  |  |  | 1386208 |
| **Britain — 1.0%** | **Britain — 1.0%** | **Britain — 1.0%** | **Britain — 1.0%** |
| European Investment Bank | European Investment Bank | European Investment Bank | European Investment Bank |
| 2.982%, due 06/29/23 (SONIA Rate + 0.350%) <sup>(d)</sup>  | GBP | 200000 | 242047 |
| International Finance Corp. | International Finance Corp. | International Finance Corp. | International Finance Corp. |
| 2.550%, due 09/18/23  | CNY | 720000 | 103808 |
| MARB BondCo PLC | MARB BondCo PLC | MARB BondCo PLC | MARB BondCo PLC |
| 3.950%, due 01/29/31 <sup>(e)</sup> Callable: 01/29/26  |  | $400000 | 306638 |
| Nordic Investment Bank | Nordic Investment Bank | Nordic Investment Bank | Nordic Investment Bank |
| 1.875%, due 04/10/24  | NOK | 980000 | 98124 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 3.300%, due 09/02/40 Callable: 03/02/40  |  | $160000 | 111567 |
| United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt |
| 0.125%, due 01/31/24  | GBP | 235000 | 274928 |
| 0.250%, due 01/31/25  | GBP | 75000 | 84180 |
| Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC |
| 9.250%, due 04/23/26 <sup>(e)</sup> Callable: 04/23/23  |  | $200000 | 130000 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Par Value | Par Value | Value | Value |
| Virgin Media Finance PLC | Virgin Media Finance PLC | Virgin Media Finance PLC | Virgin Media Finance PLC | Virgin Media Finance PLC | Virgin Media Finance PLC |
| 5.000%, due 07/15/30 <sup>(e)</sup> Callable: 07/15/25  |  | $| 200000 | $| 160250 |
| Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
| 5.500%, due 05/15/29 <sup>(e)</sup> Callable: 05/15/24  |  |  | 276000 |  | 248400 |
| 4.500%, due 08/15/30 <sup>(e)</sup> Callable: 08/15/25  |  |  | 200000 |  | 164854 |
| Vmed O2 UK Financing I PLC | Vmed O2 UK Financing I PLC | Vmed O2 UK Financing I PLC | Vmed O2 UK Financing I PLC | Vmed O2 UK Financing I PLC | Vmed O2 UK Financing I PLC |
| 3.250%, due 01/31/31 <sup>(e)</sup> Callable: 01/31/26  | EUR |  | 150000 |  | 127490 |
| 4.250%, due 01/31/31 <sup>(e)</sup> Callable: 01/31/26  |  | $| 415000 |  | 332000 |
|  |  |  |  |  | 2384286 |
| **Canada — 2.8%** | **Canada — 2.8%** | **Canada — 2.8%** | **Canada — 2.8%** | **Canada — 2.8%** | **Canada — 2.8%** |
| 1011778 BC ULC | 1011778 BC ULC | 1011778 BC ULC | 1011778 BC ULC | 1011778 BC ULC | 1011778 BC ULC |
| 3.875%, due 01/15/28 <sup>(e)</sup> Callable: 01/30/23  |  |  | 327000 |  | 292665 |
| 3.500%, due 02/15/29 <sup>(e)</sup> Callable: 02/15/24  |  |  | 336000 |  | 288120 |
| 4.000%, due 10/15/30 <sup>(e)</sup> Callable: 10/15/25  |  |  | 551000 |  | 449065 |
| 1375209 BC Ltd. | 1375209 BC Ltd. | 1375209 BC Ltd. | 1375209 BC Ltd. | 1375209 BC Ltd. | 1375209 BC Ltd. |
| 9.000%, due 01/30/28 <sup>(e)</sup> Callable: 01/10/23  |  |  | 3000 |  | 2914 |
| Air Canada CVRT | Air Canada CVRT | Air Canada CVRT | Air Canada CVRT | Air Canada CVRT | Air Canada CVRT |
| 4.000%, due 07/01/25  |  |  | 100000 |  | 119736 |
| Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
| 3.803%, due 12/15/32 (5 Year USD Swap Rate + 1.432%) <sup>(d)</sup> Callable: 12/15/27  |  |  | 120000 |  | 105322 |

---

See Notes to Financial Statements.<br> 206

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_207.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** |
| **Canada — 2.8% (Continued)** | **Canada — 2.8% (Continued)** | **Canada — 2.8% (Continued)** |
| Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
| 6.125%, due 02/01/27 <sup>(e)</sup> Callable: 02/01/24  | $20000 | $13650 |
| 11.000%, due 09/30/28 <sup>(e)</sup>  | 5000 | 3900 |
| 14.000%, due 10/15/30 <sup>(e)</sup> Callable: 10/15/25  | 1000 | 595 |
| Baytex Energy Corp. | Baytex Energy Corp. | Baytex Energy Corp. |
| 8.750%, due 04/01/27 <sup>(e)</sup> Callable: 04/01/23  | 25000 | 25250 |
| Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. |
| 7.875%, due 04/15/27 <sup>(e)</sup> Callable: 01/30/23  | 10000 | 9675 |
| Canada Housing Trust No 1 | Canada Housing Trust No 1 | Canada Housing Trust No 1 |
| 1.950%, due 12/15/25 <sup>(e)</sup> <br> CAD | 295000 | 206203 |
| 1.250%, due 06/15/26 <sup>(e)</sup> <br> CAD | 390000 | 264244 |
| Canadian Government Bond | Canadian Government Bond | Canadian Government Bond |
| 1.500%, due 09/01/24 <br> CAD | 240000 | 170113 |
| Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
| 1.350%, due 12/02/24 Callable: 01/30/23  | $70000 | 65282 |
| Cascades, Inc. | Cascades, Inc. | Cascades, Inc. |
| 5.375%, due 01/15/28 <sup>(e)</sup> Callable: 01/30/23  | 25000 | 21906 |
| Cenovus Energy, Inc. | Cenovus Energy, Inc. | Cenovus Energy, Inc. |
| 3.500%, due 02/07/28 Callable: 12/07/27 <br> CAD | 100000 | 69925 |
| 5.250%, due 06/15/37 Callable: 12/15/36  | $44000 | 40007 |
| 6.750%, due 11/15/39  | 434000 | 450834 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| 5.400%, due 06/15/47 Callable: 12/15/46  | $154000 | $138808 |
| CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
| 2.250%, due 12/01/31 <sup>(e)</sup> <br> CAD | 145000 | 92569 |
| Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
| 3.125%, due 11/15/29 Callable: 08/15/29  | $175000 | 152492 |
| Enerflex Ltd. | Enerflex Ltd. | Enerflex Ltd. |
| 9.000%, due 10/15/27 <sup>(e)</sup> Callable: 10/15/24  | 15000 | 14934 |
| Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. |
| 6.000%, due 06/01/29 <sup>(e)</sup> Callable: 06/01/24  | 35000 | 28394 |
| GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| 4.000%, due 08/01/28 <sup>(e)</sup> Callable: 08/01/23  | 25000 | 21500 |
| Hudbay Minerals, Inc. | Hudbay Minerals, Inc. | Hudbay Minerals, Inc. |
| 4.500%, due 04/01/26 <sup>(e)</sup> Callable: 04/01/23  | 25000 | 22687 |
| Intelligent Packaging Ltd. | Intelligent Packaging Ltd. | Intelligent Packaging Ltd. |
| 6.000%, due 09/15/28 <sup>(e)</sup> Callable: 01/30/23  | 25000 | 20250 |
| International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development |
| 1.900%, due 01/16/25 <br> CAD | 260000 | 183315 |
| 1.800%, due 01/19/27 <br> CAD | 145000 | 98934 |
| Mattamy Group Corp. | Mattamy Group Corp. | Mattamy Group Corp. |
| 4.625%, due 03/01/30 <sup>(e)</sup> Callable: 03/01/25  | $45000 | 36563 |
| Open Text Corp. | Open Text Corp. | Open Text Corp. |
| 3.875%, due 02/15/28 <sup>(e)</sup> Callable: 02/15/23  | 25000 | 21406 |

---

See Notes to Financial Statements.<br> 207

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_208.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** |
| **Canada — 2.8% (Continued)** | **Canada — 2.8% (Continued)** | **Canada — 2.8% (Continued)** | **Canada — 2.8% (Continued)** |
| Parkland Corp. | Parkland Corp. | Parkland Corp. | Parkland Corp. |
| 4.500%, due 10/01/29 <sup>(e)</sup> Callable: 10/01/24  |  | $40000 | $33400 |
| Province of Ontario Canada | Province of Ontario Canada | Province of Ontario Canada | Province of Ontario Canada |
| 2.900%, due 06/02/28  | CAD | 275000 | 193863 |
| 1.350%, due 12/02/30  | CAD | 1175000 | 714164 |
| 3.450%, due 06/02/45  | CAD | 195000 | 126237 |
| Province of Quebec Canada | Province of Quebec Canada | Province of Quebec Canada | Province of Quebec Canada |
| 3.000%, due 09/01/23  | CAD | 155000 | 113275 |
| 1.500%, due 12/15/23  | GBP | 105000 | 124075 |
| 0.200%, due 04/07/25  | EUR | 200000 | 199658 |
| Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| 4.200%, Perpetual (5 Year Canadian Government Bond Rate + 2.710%) <sup>(d)</sup> Callable: 02/24/27  | CAD | 200000 | 113864 |
| St Marys Cement, Inc. | St Marys Cement, Inc. | St Marys Cement, Inc. | St Marys Cement, Inc. |
| 5.750%, due 01/28/27 <sup>(a)(e)</sup> Callable: 10/28/26  |  | $200000 | 200000 |
| Superior Plus LP | Superior Plus LP | Superior Plus LP | Superior Plus LP |
| 4.500%, due 03/15/29 <sup>(e)</sup> Callable: 03/15/24  |  | 40000 | 34150 |
| Taseko Mines Ltd. | Taseko Mines Ltd. | Taseko Mines Ltd. | Taseko Mines Ltd. |
| 7.000%, due 02/15/26 <sup>(e)</sup> Callable: 02/15/23  |  | 25000 | 22000 |
| The Bank of Nova Scotia | The Bank of Nova Scotia | The Bank of Nova Scotia | The Bank of Nova Scotia |
| 3.450%, due 04/11/25  |  | 225000 | 216882 |
| The Toronto-Dominion Bank | The Toronto-Dominion Bank | The Toronto-Dominion Bank | The Toronto-Dominion Bank |
| 4.693%, due 09/15/27  |  | 360000 | 355986 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Par Value | Par Value | Value | Value |
| 8.125%, due 10/31/82 (5 Year CMT Rate + 4.075%) <sup>(d)</sup> Callable: 10/31/27  | $| 205000 | $| 211681 |
| TransAlta Corp. | TransAlta Corp. | TransAlta Corp. | TransAlta Corp. | TransAlta Corp. |
| 7.750%, due 11/15/29 Callable: 11/15/25  |  | 15000 |  | 15338 |
| TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. |
| 1.000%, due 10/12/24 Callable: 09/12/24  |  | 143000 |  | 132653 |
| 4.100%, due 04/15/30 Callable: 01/15/30  |  | 310000 |  | 285304 |
|  |  |  |  | 6523788 |
| **Cayman Islands — 0.8%** | **Cayman Islands — 0.8%** | **Cayman Islands — 0.8%** | **Cayman Islands — 0.8%** | **Cayman Islands — 0.8%** |
| American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
| 5.500%, due 04/20/26 <sup>(e)</sup>  |  | 220000 |  | 211200 |
| 5.750%, due 04/20/29 <sup>(e)</sup>  |  | 260000 |  | 237575 |
| Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
| 3.250%, due 02/15/27 <sup>(e)</sup> Callable: 12/15/26  |  | 225000 |  | 192937 |
| Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. |
| 0.000%, due 06/05/34  |  | 136993 |  | 90415 |
| CSN Inova Ventures | CSN Inova Ventures | CSN Inova Ventures | CSN Inova Ventures | CSN Inova Ventures |
| 6.750%, due 01/28/28 <sup>(a)(e)</sup> Callable: 01/28/24  |  | 200000 |  | 190500 |
| Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
| 4.500%, due 10/20/25 <sup>(e)</sup>  |  | 95000 |  | 93033 |
| 4.750%, due 10/20/28 <sup>(e)</sup>  |  | 735000 |  | 690091 |
| Global Aircraft Leasing Co. Ltd. | Global Aircraft Leasing Co. Ltd. | Global Aircraft Leasing Co. Ltd. | Global Aircraft Leasing Co. Ltd. | Global Aircraft Leasing Co. Ltd. |
| 7.250%, due 09/15/24 <sup>(e)</sup> Callable: 01/30/23  |  | 50072 |  | 42311 |

---

See Notes to Financial Statements.<br> 208

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_209.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** |
| **Cayman Islands — 0.8% (Continued)** | **Cayman Islands — 0.8% (Continued)** | **Cayman Islands — 0.8% (Continued)** | **Cayman Islands — 0.8% (Continued)** |
| Rutas 2 and 7 Finance Ltd. | Rutas 2 and 7 Finance Ltd. | Rutas 2 and 7 Finance Ltd. | Rutas 2 and 7 Finance Ltd. |
| 0.000%, due 09/30/36  |  | $186667 | $117367 |
| Transocean Poseidon Ltd. | Transocean Poseidon Ltd. | Transocean Poseidon Ltd. | Transocean Poseidon Ltd. |
| 6.875%, due 02/01/27 <sup>(e)</sup> Callable: 01/30/23  |  | 39375 | 38391 |
|  |  |  | 1903820 |
| **Chile — 0.5%** | **Chile — 0.5%** | **Chile — 0.5%** | **Chile — 0.5%** |
| CAP SA | CAP SA | CAP SA | CAP SA |
| 3.900%, due 04/27/31 <sup>(e)</sup> Callable: 01/27/31  |  | 200000 | 157500 |
| Chile Electricity PEC SpA | Chile Electricity PEC SpA | Chile Electricity PEC SpA | Chile Electricity PEC SpA |
| 0.000%, due 01/25/28 <sup>(e)</sup>  |  | 200000 | 143037 |
| Chile Government International Bond | Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
| 3.100%, due 05/07/41 Callable: 11/07/40  |  | 600000 | 430229 |
| Empresa Electrica Angamos SA | Empresa Electrica Angamos SA | Empresa Electrica Angamos SA | Empresa Electrica Angamos SA |
| 4.875%, due 05/25/29  |  | 113000 | 100570 |
| Empresa Electrica Cochrane SpA | Empresa Electrica Cochrane SpA | Empresa Electrica Cochrane SpA | Empresa Electrica Cochrane SpA |
| 5.500%, due 05/14/27 <sup>(a)</sup>  |  | 132720 | 121647 |
| Inversiones La Construccion SA | Inversiones La Construccion SA | Inversiones La Construccion SA | Inversiones La Construccion SA |
| 4.750%, due 02/07/32 Callable: 11/07/31  |  | 200000 | 164000 |
|  |  |  | 1116983 |
| **China — 0.4%** | **China — 0.4%** | **China — 0.4%** | **China — 0.4%** |
| China Government Bond | China Government Bond | China Government Bond | China Government Bond |
| 2.880%, due 11/05/23  | CNY | 2980000 | 431114 |
| 1.990%, due 04/09/25  | CNY | 2720000 | 387792 |
| 2.690%, due 08/12/26  | CNY | 910000 | 131458 |
|  |  |  | 950364 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **Colombia — 0.7%** | **Colombia — 0.7%** | **Colombia — 0.7%** |
| Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond |
| 3.125%, due 04/15/31 Callable: 01/15/31  | $200000 | $148488 |
| 3.250%, due 04/22/32 Callable: 01/22/32  | 405000 | 294594 |
| 5.000%, due 06/15/45 Callable: 12/15/44  | 200000 | 136733 |
| 4.125%, due 05/15/51 Callable: 11/15/50  | 200000 | 119550 |
| Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
| 5.375%, due 06/26/26 Callable: 03/26/26  | 45000 | 42300 |
| 6.875%, due 04/29/30 Callable: 01/29/30  | 145000 | 131406 |
| 4.625%, due 11/02/31 Callable: 08/02/31  | 140000 | 107100 |
| 5.875%, due 05/28/45  | 95000 | 66500 |
| 5.875%, due 11/02/51 Callable: 05/02/51  | 300000 | 201750 |
| Empresas Publicas de Medellin ESP | Empresas Publicas de Medellin ESP | Empresas Publicas de Medellin ESP |
| 4.375%, due 02/15/31 Callable: 11/15/30  | 400000 | 310790 |
| Oleoducto Central SA | Oleoducto Central SA | Oleoducto Central SA |
| 4.000%, due 07/14/27 Callable: 05/14/27  | 200000 | 175827 |
|  |  | 1735038 |
| **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** |
| Dominican Republic International Bond | Dominican Republic International Bond | Dominican Republic International Bond |
| 6.000%, due 02/22/33 <sup>(e)</sup> Callable: 11/22/32  | 150000 | 135188 |
| 5.875%, due 01/30/60  | 150000 | 109875 |
|  |  | 245063 |

---

See Notes to Financial Statements.<br> 209

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_210.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** |
| **France — 0.2%** | **France — 0.2%** | **France — 0.2%** | **France — 0.2%** |
| BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
| 2.219%, due 06/09/26 (SOFR Rate + 2.074%) <sup>(d)(e)</sup> Callable: 06/09/25  |  | $220000 | $202153 |
| Engie SA | Engie SA | Engie SA | Engie SA |
| 0.375%, due 06/21/27 Callable: 03/20/27  | EUR | 100000 | 92438 |
| TotalEnergies Capital International SA | TotalEnergies Capital International SA | TotalEnergies Capital International SA | TotalEnergies Capital International SA |
| 3.386%, due 06/29/60 Callable: 12/29/59  |  | $135000 | 94041 |
|  |  |  | 388632 |
| **Germany — 0.0% <sup>(c)</sup>** | **Germany — 0.0% <sup>(c)</sup>** | **Germany — 0.0% <sup>(c)</sup>** | **Germany — 0.0% <sup>(c)</sup>** |
| E.ON SE | E.ON SE | E.ON SE | E.ON SE |
| 0.375%, due 09/29/27 Callable: 06/29/27  | EUR | 65000 | 60609 |
| **Greece — 0.3%** | **Greece — 0.3%** | **Greece — 0.3%** | **Greece — 0.3%** |
| Hellenic Republic Government Bond | Hellenic Republic Government Bond | Hellenic Republic Government Bond | Hellenic Republic Government Bond |
| 2.000%, due 04/22/27 <sup>(e)</sup>  | EUR | 230000 | 229611 |
| 1.500%, due 06/18/30 <sup>(e)</sup>  | EUR | 205000 | 177208 |
| 4.200%, due 01/30/42  | EUR | 190000 | 201341 |
|  |  |  | 608160 |
| **India — 0.3%** | **India — 0.3%** | **India — 0.3%** | **India — 0.3%** |
| Adani International Container Terminal Pvt Ltd. | Adani International Container Terminal Pvt Ltd. | Adani International Container Terminal Pvt Ltd. | Adani International Container Terminal Pvt Ltd. |
| 3.000%, due 02/16/31 Callable: 08/18/30  |  | $187500 | 147422 |
| Export-Import Bank of India | Export-Import Bank of India | Export-Import Bank of India | Export-Import Bank of India |
| 3.875%, due 02/01/28 <sup>(e)</sup>  |  | 200000 | 185276 |
| Indian Railway Finance Corp. Ltd. | Indian Railway Finance Corp. Ltd. | Indian Railway Finance Corp. Ltd. | Indian Railway Finance Corp. Ltd. |
| 3.249%, due 02/13/30 <sup>(e)</sup>  |  | 200000 | 172958 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Par Value | Value | Value |
| JSW Steel Ltd. | JSW Steel Ltd. | JSW Steel Ltd. | JSW Steel Ltd. | JSW Steel Ltd. |
| 5.050%, due 04/05/32 Callable: 10/05/31  |  | $400000 | $| 313500 |
|  |  |  |  | 819156 |
| **Indonesia — 1.6%** | **Indonesia — 1.6%** | **Indonesia — 1.6%** | **Indonesia — 1.6%** | **Indonesia — 1.6%** |
| Freeport Indonesia PT | Freeport Indonesia PT | Freeport Indonesia PT | Freeport Indonesia PT | Freeport Indonesia PT |
| 5.315%, due 04/14/32 <sup>(e)</sup> Callable: 01/01/32  |  | 200000 |  | 183250 |
| Indonesia Asahan Aluminium Persero PT | Indonesia Asahan Aluminium Persero PT | Indonesia Asahan Aluminium Persero PT | Indonesia Asahan Aluminium Persero PT | Indonesia Asahan Aluminium Persero PT |
| 4.750%, due 05/15/25 <sup>(e)</sup> Callable: 04/15/25  |  | 225000 |  | 220219 |
| 5.800%, due 05/15/50 Callable: 11/15/49  |  | 200000 |  | 168000 |
| Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond |
| 2.625%, due 06/14/23 <sup>(e)</sup>  | EUR | 250000 |  | 266718 |
| 2.150%, due 07/18/24 <sup>(e)</sup>  | EUR | 150000 |  | 156792 |
| 3.850%, due 10/15/30 <sup>(a)</sup>  |  | $200000 |  | 187748 |
| 1.100%, due 03/12/33  | EUR | 100000 |  | 77292 |
| 3.700%, due 10/30/49  |  | $200000 |  | 154241 |
| 3.050%, due 03/12/51  |  | 200000 |  | 144746 |
| Indonesia Treasury Bond | Indonesia Treasury Bond | Indonesia Treasury Bond | Indonesia Treasury Bond | Indonesia Treasury Bond |
| 6.500%, due 06/15/25  | IDR | 6493000000 |  | 421091 |
| 8.375%, due 09/15/26  | IDR | 1606000000 |  | 109952 |
| 5.125%, due 04/15/27  | IDR | 1385000000 |  | 85435 |
| 6.125%, due 05/15/28  | IDR | 1631000000 |  | 102559 |
| 9.000%, due 03/15/29  | IDR | 1457000000 |  | 104093 |
| 8.750%, due 05/15/31  | IDR | 3000000000 |  | 214254 |
| 6.375%, due 04/15/32  | IDR | 6625000000 |  | 408756 |

---

See Notes to Financial Statements.<br> 210

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_211.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** |
| **Indonesia — 1.6% (Continued)** | **Indonesia — 1.6% (Continued)** | **Indonesia — 1.6% (Continued)** | **Indonesia — 1.6% (Continued)** |
| 6.625%, due 05/15/33  | IDR | 1779000000 | $110917 |
| 7.500%, due 06/15/35  | IDR | 1015000000 | 67104 |
| 7.500%, due 05/15/38  | IDR | 1447000000 | 95618 |
| Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III |
| 4.150%, due 03/29/27 <sup>(e)</sup>  |  | $200000 | 196000 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |
| 4.125%, due 05/15/27 <sup>(e)</sup>  |  | 250000 | 236562 |
|  |  |  | 3711347 |
| **Ireland — 0.4%** | **Ireland — 0.4%** | **Ireland — 0.4%** | **Ireland — 0.4%** |
| AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
| 1.150%, due 10/29/23  |  | 335000 | 321697 |
| Ardagh Metal Packaging Finance USA LLC | Ardagh Metal Packaging Finance USA LLC | Ardagh Metal Packaging Finance USA LLC | Ardagh Metal Packaging Finance USA LLC |
| 3.250%, due 09/01/28 <sup>(e)</sup> Callable: 05/15/24  |  | 200000 | 169000 |
| C&W Senior Financing DAC | C&W Senior Financing DAC | C&W Senior Financing DAC | C&W Senior Financing DAC |
| 6.875%, due 09/15/27 Callable: 01/09/23  |  | 200000 | 186500 |
| Ireland Government Bond | Ireland Government Bond | Ireland Government Bond | Ireland Government Bond |
| 1.100%, due 05/15/29  | EUR | 45000 | 42968 |
| Johnson Controls International PLC | Johnson Controls International PLC | Johnson Controls International PLC | Johnson Controls International PLC |
| 0.375%, due 09/15/27 Callable: 07/15/27  | EUR | 100000 | 91055 |
| LCPR Senior Secured Financing DAC | LCPR Senior Secured Financing DAC | LCPR Senior Secured Financing DAC | LCPR Senior Secured Financing DAC |
| 5.125%, due 07/15/29 <sup>(e)</sup> Callable: 07/15/24  |  | $200000 | 166000 |
|  |  |  | 977220 |
| **Isle Of Man — 0.1%** | **Isle Of Man — 0.1%** | **Isle Of Man — 0.1%** | **Isle Of Man — 0.1%** |
| AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
| 3.750%, due 10/01/30 Callable: 07/01/30  |  | 200000 | 173698 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| **Israel — 0.3%** | **Israel — 0.3%** | **Israel — 0.3%** | **Israel — 0.3%** |
| Bank Hapoalim B.M. | Bank Hapoalim B.M. | Bank Hapoalim B.M. | Bank Hapoalim B.M. |
| 3.255%, due 01/21/32  |  | $200000 | $171916 |
| Bank Leumi Le-Israel BM | Bank Leumi Le-Israel BM | Bank Leumi Le-Israel BM | Bank Leumi Le-Israel BM |
| 3.275%, due 01/29/31 (5 Year CMT Rate + 1.631%) <sup>(d)(e)</sup> Callable: 01/29/26  |  | 200000 | 177077 |
| Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. |
| 6.875%, due 06/21/23 <sup>(e)</sup>  |  | 200000 | 200665 |
| 3.750%, due 02/22/32 <sup>(e)</sup>  |  | 200000 | 174714 |
|  |  |  | 724372 |
| **Italy — 0.3%** | **Italy — 0.3%** | **Italy — 0.3%** | **Italy — 0.3%** |
| Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
| 4.198%, due 06/01/32 (1 Year CMT Rate + 2.600%) <sup>(d)(e)</sup> Callable: 06/01/31  |  | 200000 | 146106 |
| Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
| 1.850%, due 07/01/25 <sup>(e)</sup>  | EUR | 280000 | 287980 |
| Republic of Italy Government International Bond | Republic of Italy Government International Bond | Republic of Italy Government International Bond | Republic of Italy Government International Bond |
| 1.250%, due 02/17/26  |  | $200000 | 173330 |
|  |  |  | 607416 |
| **Japan — 0.4%** | **Japan — 0.4%** | **Japan — 0.4%** | **Japan — 0.4%** |
| Japan Government Five Year Bond | Japan Government Five Year Bond | Japan Government Five Year Bond | Japan Government Five Year Bond |
| 0.100%, due 06/20/25  | JPY | 101850000 | 776959 |
| 0.005%, due 03/20/27  | JPY | 25000000 | 189032 |
|  |  |  | 965991 |
| **Jersey — 0.1%** | **Jersey — 0.1%** | **Jersey — 0.1%** | **Jersey — 0.1%** |
| Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. |
| 2.160%, due 03/31/34 <sup>(e)</sup>  |  | $184932 | 156723 |

---

See Notes to Financial Statements.<br> 211

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_212.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** |
| **Liberia — 0.1%** | **Liberia — 0.1%** | **Liberia — 0.1%** | **Liberia — 0.1%** |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
| 11.625%, due 08/15/27 <sup>(e)</sup> Callable: 08/15/24  |  | $60000 | $59850 |
| 5.500%, due 04/01/28 <sup>(e)</sup> Callable: 10/01/27  |  | 295000 | 235263 |
|  |  |  | 295113 |
| **Luxembourg — 1.2%** | **Luxembourg — 1.2%** | **Luxembourg — 1.2%** | **Luxembourg — 1.2%** |
| Allergan Funding SCS | Allergan Funding SCS | Allergan Funding SCS | Allergan Funding SCS |
| 1.250%, due 06/01/24 Callable: 03/01/24  | EUR | 100000 | 102447 |
| 2.625%, due 11/15/28 Callable: 08/15/28  | EUR | 100000 | 96485 |
| Becton Dickinson Euro Finance Sarl | Becton Dickinson Euro Finance Sarl | Becton Dickinson Euro Finance Sarl | Becton Dickinson Euro Finance Sarl |
| 1.208%, due 06/04/26 Callable: 03/04/26  | EUR | 245000 | 239802 |
| DH Europe Finance II Sarl | DH Europe Finance II Sarl | DH Europe Finance II Sarl | DH Europe Finance II Sarl |
| 0.450%, due 03/18/28 Callable: 12/18/27  | EUR | 310000 | 282263 |
| FS Luxembourg Sarl | FS Luxembourg Sarl | FS Luxembourg Sarl | FS Luxembourg Sarl |
| 10.000%, due 12/15/25 <sup>(e)</sup> Callable: 12/15/23  |  | $200000 | 200500 |
| JBS USA LUX SA | JBS USA LUX SA | JBS USA LUX SA | JBS USA LUX SA |
| 3.625%, due 01/15/32 <sup>(e)</sup> Callable: 01/15/27  |  | 200000 | 163000 |
| 5.750%, due 04/01/33 <sup>(e)</sup> Callable: 01/01/33  |  | 170000 | 161500 |
| MC Brazil Downstream Trading SARL | MC Brazil Downstream Trading SARL | MC Brazil Downstream Trading SARL | MC Brazil Downstream Trading SARL |
| 7.250%, due 06/30/31 <sup>(e)</sup>  |  | 200000 | 166000 |
| 7.250%, due 06/30/31  |  | 200000 | 166000 |
| Millicom International Cellular SA | Millicom International Cellular SA | Millicom International Cellular SA | Millicom International Cellular SA |
| 4.500%, due 04/27/31 <sup>(e)</sup> Callable: 04/27/26  |  | 200000 | 168750 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| Movida Europe SA | Movida Europe SA | Movida Europe SA | Movida Europe SA |
| 5.250%, due 02/08/31 Callable: 02/08/26  |  | 200000 | 149500 |
| Petrorio Luxembourg Trading Sarl | Petrorio Luxembourg Trading Sarl | Petrorio Luxembourg Trading Sarl | Petrorio Luxembourg Trading Sarl |
| 6.125%, due 06/09/26 <sup>(e)</sup> Callable: 06/09/24  |  | 200000 | 189250 |
| Rede D'or Finance Sarl | Rede D'or Finance Sarl | Rede D'or Finance Sarl | Rede D'or Finance Sarl |
| 4.950%, due 01/17/28 <sup>(a)(e)</sup> Callable: 10/17/27  |  | 200000 | 184250 |
| Simpar Europe SA | Simpar Europe SA | Simpar Europe SA | Simpar Europe SA |
| 5.200%, due 01/26/31 Callable: 01/26/26  |  | 200000 | 150000 |
| SK Invictus Intermediate II Sarl | SK Invictus Intermediate II Sarl | SK Invictus Intermediate II Sarl | SK Invictus Intermediate II Sarl |
| 5.000%, due 10/30/29 <sup>(e)</sup> Callable: 10/30/24  |  | 50000 | 40062 |
| Swiss Insured Brazil Power Finance Sarl | Swiss Insured Brazil Power Finance Sarl | Swiss Insured Brazil Power Finance Sarl | Swiss Insured Brazil Power Finance Sarl |
| 9.850%, due 07/16/32 <sup>(e)</sup>  | BRL | 1750056 | 282574 |
| Telecom Italia Capital SA | Telecom Italia Capital SA | Telecom Italia Capital SA | Telecom Italia Capital SA |
| 6.375%, due 11/15/33  |  | 25000 | 20594 |
| Trinseo Materials Operating SCA | Trinseo Materials Operating SCA | Trinseo Materials Operating SCA | Trinseo Materials Operating SCA |
| 5.125%, due 04/01/29 <sup>(e)</sup> Callable: 04/01/24  |  | 20000 | 12950 |
|  |  |  | 2775927 |
| **Malaysia — 0.5%** | **Malaysia — 0.5%** | **Malaysia — 0.5%** | **Malaysia — 0.5%** |
| Malaysia Government Bond | Malaysia Government Bond | Malaysia Government Bond | Malaysia Government Bond |
| 4.059%, due 09/30/24  | MYR | 875000 | 200026 |
| 3.882%, due 03/14/25  | MYR | 805000 | 183566 |
| 3.900%, due 11/30/26  | MYR | 360000 | 81904 |
| 3.899%, due 11/16/27  | MYR | 975000 | 221645 |
| 3.733%, due 06/15/28  | MYR | 400000 | 89702 |
| 3.844%, due 04/15/33  | MYR | 980000 | 216526 |

---

See Notes to Financial Statements.<br> 212

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_213.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** |
| **Malaysia — 0.5% (Continued)** | **Malaysia — 0.5% (Continued)** | **Malaysia — 0.5% (Continued)** | **Malaysia — 0.5% (Continued)** |
| 3.828%, due 07/05/34  | MYR | 360000 | $78935 |
|  |  |  | 1072304 |
| **Malta — 0.0% <sup>(c)</sup>** | **Malta — 0.0% <sup>(c)</sup>** | **Malta — 0.0% <sup>(c)</sup>** | **Malta — 0.0% <sup>(c)</sup>** |
| VistaJet Malta Finance PLC | VistaJet Malta Finance PLC | VistaJet Malta Finance PLC | VistaJet Malta Finance PLC |
| 6.375%, due 02/01/30 <sup>(e)</sup> Callable: 02/01/25  |  | $25000 | 20000 |
| **Mauritius — 0.2%** | **Mauritius — 0.2%** | **Mauritius — 0.2%** | **Mauritius — 0.2%** |
| Greenko Wind Projects Mauritius Ltd. | Greenko Wind Projects Mauritius Ltd. | Greenko Wind Projects Mauritius Ltd. | Greenko Wind Projects Mauritius Ltd. |
| 5.500%, due 04/06/25 <sup>(e)</sup> Callable: 04/06/24  |  | 205000 | 191419 |
| Network i2i Ltd. | Network i2i Ltd. | Network i2i Ltd. | Network i2i Ltd. |
| 3.975%, Perpetual (5 Year CMT Rate + 3.390%) <sup>(d)</sup> Callable: 03/03/26  |  | 200000 | 173000 |
| UPL Corp. Ltd. | UPL Corp. Ltd. | UPL Corp. Ltd. | UPL Corp. Ltd. |
| 4.625%, due 06/16/30  |  | 200000 | 157000 |
|  |  |  | 521419 |
| **Mexico — 1.9%** | **Mexico — 1.9%** | **Mexico — 1.9%** | **Mexico — 1.9%** |
| Banco Actinver SA | Banco Actinver SA | Banco Actinver SA | Banco Actinver SA |
| 9.500%, due 12/18/32 <sup>(e)</sup>  | MXN | 3000000 | 80825 |
| Banco Mercantil del Norte SA | Banco Mercantil del Norte SA | Banco Mercantil del Norte SA | Banco Mercantil del Norte SA |
| 6.625%, Perpetual (10 Year CMT Rate + 5.034%) <sup>(d)</sup> Callable: 01/24/32  |  | $300000 | 248250 |
| BBVA Bancomer SA | BBVA Bancomer SA | BBVA Bancomer SA | BBVA Bancomer SA |
| 5.125%, due 01/18/33 (5 Year CMT Rate + 2.650%) <sup>(d)</sup> Callable: 01/17/28  |  | 200000 | 179240 |
| Becle SAB de CV | Becle SAB de CV | Becle SAB de CV | Becle SAB de CV |
| 2.500%, due 10/14/31 <sup>(e)</sup> Callable: 07/14/31  |  | 205000 | 159344 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| Braskem Idesa SAPI | Braskem Idesa SAPI | Braskem Idesa SAPI | Braskem Idesa SAPI |
| 6.990%, due 02/20/32 <sup>(e)</sup> Callable: 02/20/27  |  | $200000 | $142415 |
| 6.990%, due 02/20/32 Callable: 02/20/27  |  | 200000 | 142316 |
| Cemex SAB de CV | Cemex SAB de CV | Cemex SAB de CV | Cemex SAB de CV |
| 3.875%, due 07/11/31 <sup>(e)</sup> Callable: 07/11/26  |  | 200000 | 168750 |
| Mexican Bonos | Mexican Bonos | Mexican Bonos | Mexican Bonos |
| 5.000%, due 03/06/25  | MXN | 52500 | 248639 |
| 5.750%, due 03/05/26  | MXN | 48300 | 229256 |
| 7.500%, due 06/03/27  | MXN | 110200 | 536442 |
| 7.750%, due 05/29/31  | MXN | 220500 | 1065012 |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| 2.659%, due 05/24/31 Callable: 02/24/31  |  | $200000 | 161465 |
| 3.500%, due 02/12/34 Callable: 11/12/33  |  | 350000 | 281212 |
| 4.280%, due 08/14/41 Callable: 02/14/41  |  | 650000 | 503402 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 6.750%, due 09/21/47  |  | 200000 | 127858 |
| Total Play Telecomunicaciones SA de CV | Total Play Telecomunicaciones SA de CV | Total Play Telecomunicaciones SA de CV | Total Play Telecomunicaciones SA de CV |
| 7.500%, due 11/12/25 <sup>(e)</sup> Callable: 11/12/23  |  | 205000 | 178350 |
| Unifin Financiera SAB de CV | Unifin Financiera SAB de CV | Unifin Financiera SAB de CV | Unifin Financiera SAB de CV |
| 8.875%, due 07/29/25 (5 Year CMT Rate + 6.308%) <sup>(d)(g)</sup> Callable: 01/29/25  |  | 200000 | 500 |
|  |  |  | 4453276 |

---

See Notes to Financial Statements.<br> 213

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_214.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** |
| **Netherlands — 0.8%** | **Netherlands — 0.8%** | **Netherlands — 0.8%** | **Netherlands — 0.8%** |
| Airbus SE | Airbus SE | Airbus SE | Airbus SE |
| 1.625%, due 06/09/30 Callable: 03/09/30  | EUR | 100000 | $93087 |
| BMW Finance NV | BMW Finance NV | BMW Finance NV | BMW Finance NV |
| 1.000%, due 11/14/24  | EUR | 75000 | 77180 |
| BNG Bank NV | BNG Bank NV | BNG Bank NV | BNG Bank NV |
| 0.250%, due 06/07/24  | EUR | 120000 | 123268 |
| Braskem Netherlands Finance BV | Braskem Netherlands Finance BV | Braskem Netherlands Finance BV | Braskem Netherlands Finance BV |
| 5.875%, due 01/31/50 <sup>(e)</sup>  |  | $200000 | 154750 |
| Greenko Dutch BV | Greenko Dutch BV | Greenko Dutch BV | Greenko Dutch BV |
| 3.850%, due 03/29/26 <sup>(e)</sup> Callable: 03/29/23  |  | 191000 | 165215 |
| Minejesa Capital BV | Minejesa Capital BV | Minejesa Capital BV | Minejesa Capital BV |
| 4.625%, due 08/10/30  |  | 200000 | 175500 |
| 5.625%, due 08/10/37  |  | 400000 | 312500 |
| MV24 Capital BV | MV24 Capital BV | MV24 Capital BV | MV24 Capital BV |
| 6.748%, due 06/01/34  |  | 171300 | 156740 |
| NXP BV | NXP BV | NXP BV | NXP BV |
| 3.875%, due 06/18/26 Callable: 04/18/26  |  | 235000 | 223837 |
| Petrobras Global Finance BV | Petrobras Global Finance BV | Petrobras Global Finance BV | Petrobras Global Finance BV |
| 6.750%, due 06/03/50 Callable: 12/03/49  |  | 200000 | 174250 |
| VTR Finance NV | VTR Finance NV | VTR Finance NV | VTR Finance NV |
| 6.375%, due 07/15/28 <sup>(e)</sup> Callable: 07/15/23  |  | 200000 | 78000 |
| 6.375%, due 07/15/28 Callable: 07/15/23  |  | 200000 | 78000 |
|  |  |  | 1812327 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| **New Zealand — 0.6%** | **New Zealand — 0.6%** | **New Zealand — 0.6%** | **New Zealand — 0.6%** |
| International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development |
| 2.875%, due 11/30/26  | NZD | 155000 | $90268 |
| International Finance Corp. | International Finance Corp. | International Finance Corp. | International Finance Corp. |
| 0.375%, due 09/10/25  | NZD | 250000 | 138901 |
| New Zealand Government Bond | New Zealand Government Bond | New Zealand Government Bond | New Zealand Government Bond |
| 0.500%, due 05/15/24  | NZD | 985000 | 587668 |
| 0.500%, due 05/15/26  | NZD | 645000 | 356617 |
| 4.500%, due 04/15/27  | NZD | 120000 | 75955 |
| New Zealand Local Government Funding Agency Bond | New Zealand Local Government Funding Agency Bond | New Zealand Local Government Funding Agency Bond | New Zealand Local Government Funding Agency Bond |
| 1.500%, due 04/15/26  | NZD | 155000 | 87144 |
| 4.500%, due 04/15/27  | NZD | 270000 | 166529 |
|  |  |  | 1503082 |
| **Norway — 0.9%** | **Norway — 0.9%** | **Norway — 0.9%** | **Norway — 0.9%** |
| Aker BP ASA | Aker BP ASA | Aker BP ASA | Aker BP ASA |
| 3.750%, due 01/15/30 <sup>(e)</sup> Callable: 10/15/29  |  | $185000 | 162106 |
| Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
| 5.250%, due 07/15/24  | AUD | 178000 | 123050 |
| 4.250%, due 07/16/25  | AUD | 184000 | 125049 |
| Nordea Eiendomskreditt AS | Nordea Eiendomskreditt AS | Nordea Eiendomskreditt AS | Nordea Eiendomskreditt AS |
| 3.490%, due 06/21/23 (3 Month NIBOR + 0.300%) <sup>(d)</sup>  | NOK | 1000000 | 102166 |
| 3.560%, due 06/19/24 (3 Month NIBOR + 0.340%) <sup>(d)</sup>  | NOK | 1000000 | 102279 |
| Norway Government Bond | Norway Government Bond | Norway Government Bond | Norway Government Bond |
| 2.000%, due 05/24/23 <sup>(e)</sup>  | NOK | 2650000 | 269333 |
| 1.750%, due 03/13/25 <sup>(e)</sup>  | NOK | 3790000 | 375410 |

---

See Notes to Financial Statements.<br> 214

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_215.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** |
| **Norway — 0.9% (Continued)** | **Norway — 0.9% (Continued)** | **Norway — 0.9% (Continued)** | **Norway — 0.9% (Continued)** |
| 1.500%, due 02/19/26 <sup>(e)</sup>  | NOK | 1625000 | $158017 |
| 1.750%, due 02/17/27 <sup>(e)</sup>  | NOK | 1790000 | 173376 |
| 2.125%, due 05/18/32 <sup>(e)</sup>  | NOK | 2470000 | 229941 |
| Var Energi ASA | Var Energi ASA | Var Energi ASA | Var Energi ASA |
| 7.500%, due 01/15/28 <sup>(e)</sup> Callable: 12/15/27  |  | $200000 | 203426 |
|  |  |  | 2024153 |
| **Panama — 0.4%** | **Panama — 0.4%** | **Panama — 0.4%** | **Panama — 0.4%** |
| Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. |
| 5.750%, due 03/01/27 <sup>(e)</sup> Callable: 12/01/26  |  | 325000 | 230750 |
| Carnival Corp. CVRT | Carnival Corp. CVRT | Carnival Corp. CVRT | Carnival Corp. CVRT |
| 5.750%, due 12/01/27 <sup>(e)</sup>  |  | 290000 | 259652 |
| Panama Government International Bond | Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
| 2.252%, due 09/29/32 Callable: 06/29/32  |  | 200000 | 148250 |
| 4.300%, due 04/29/53  |  | 300000 | 220125 |
| UEP Penonome II SA | UEP Penonome II SA | UEP Penonome II SA | UEP Penonome II SA |
| 6.500%, due 10/01/38  |  | 184656 | 135491 |
|  |  |  | 994268 |
| **Peru — 0.5%** | **Peru — 0.5%** | **Peru — 0.5%** | **Peru — 0.5%** |
| Banco de Credito del Peru S.A. | Banco de Credito del Peru S.A. | Banco de Credito del Peru S.A. | Banco de Credito del Peru S.A. |
| 3.125%, due 07/01/30 (5 Year CMT Rate + 3.000%) <sup>(d)</sup> Callable: 07/01/25  |  | 400000 | 362703 |
| Banco Internacional del Peru SAA Interbank | Banco Internacional del Peru SAA Interbank | Banco Internacional del Peru SAA Interbank | Banco Internacional del Peru SAA Interbank |
| 4.000%, due 07/08/30 (1 Year CMT Rate + 3.711%) <sup>(d)</sup> Callable: 07/08/25  |  | 200000 | 181500 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| Hunt Oil Co. of Peru LLC Sucursal Del Peru | Hunt Oil Co. of Peru LLC Sucursal Del Peru | Hunt Oil Co. of Peru LLC Sucursal Del Peru | Hunt Oil Co. of Peru LLC Sucursal Del Peru |
| 6.375%, due 06/01/28  |  | $174800 | 166497 |
| Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
| 4.750%, due 06/19/32  |  | 200000 | 154500 |
| Scotiabank Peru SAA | Scotiabank Peru SAA | Scotiabank Peru SAA | Scotiabank Peru SAA |
| 8.625%, due 12/13/27 (3 Month U.S. LIBOR + 3.856%) <sup>(d)</sup> Callable: 01/30/23  |  | 200000 | 197156 |
| Transportadora de Gas del Peru SA | Transportadora de Gas del Peru SA | Transportadora de Gas del Peru SA | Transportadora de Gas del Peru SA |
| 4.250%, due 04/30/28  |  | 200000 | 187680 |
|  |  |  | 1250036 |
| **Philippines — 0.2%** | **Philippines — 0.2%** | **Philippines — 0.2%** | **Philippines — 0.2%** |
| Philippine Government International Bond | Philippine Government International Bond | Philippine Government International Bond | Philippine Government International Bond |
| 0.875%, due 05/17/27  | EUR | 285000 | 267513 |
| 6.250%, due 01/14/36  | PHP | 5000000 | 82315 |
| 3.700%, due 02/02/42  |  | $200000 | 162193 |
|  |  |  | 512021 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| Portugal Obrigacoes do Tesouro OT | Portugal Obrigacoes do Tesouro OT | Portugal Obrigacoes do Tesouro OT | Portugal Obrigacoes do Tesouro OT |
| 0.700%, due 10/15/27 <sup>(e)</sup>  | EUR | 85000 | 81915 |
| 1.650%, due 07/16/32 <sup>(e)</sup>  | EUR | 430000 | 389872 |
|  |  |  | 471787 |
| **Puerto Rico — 0.2%** | **Puerto Rico — 0.2%** | **Puerto Rico — 0.2%** | **Puerto Rico — 0.2%** |
| Popular, Inc. | Popular, Inc. | Popular, Inc. | Popular, Inc. |
| 6.125%, due 09/14/23 Callable: 08/14/23  |  | $380000 | 380028 |
| **Qatar — 0.1%** | **Qatar — 0.1%** | **Qatar — 0.1%** | **Qatar — 0.1%** |
| QatarEnergy Trading LLC | QatarEnergy Trading LLC | QatarEnergy Trading LLC | QatarEnergy Trading LLC |
| 2.250%, due 07/12/31 <sup>(e)</sup> Callable: 04/12/31  |  | 235000 | 194769 |

---

See Notes to Financial Statements.<br> 215

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_216.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** | **FOREIGN BONDS — 22.0% (Continued)** |
| **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |
| Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
| 2.250%, due 02/02/33  |  | $200000 | $162573 |
| **Singapore — 0.5%** | **Singapore — 0.5%** | **Singapore — 0.5%** | **Singapore — 0.5%** |
| LLPL Capital Pte Ltd. | LLPL Capital Pte Ltd. | LLPL Capital Pte Ltd. | LLPL Capital Pte Ltd. |
| 6.875%, due 02/04/39 <sup>(e)</sup>  |  | 255960 | 222685 |
| Medco Oak Tree Pte Ltd. | Medco Oak Tree Pte Ltd. | Medco Oak Tree Pte Ltd. | Medco Oak Tree Pte Ltd. |
| 7.375%, due 05/14/26 <sup>(e)</sup> Callable: 05/14/23  |  | 420000 | 399000 |
| Singapore Government Bond | Singapore Government Bond | Singapore Government Bond | Singapore Government Bond |
| 2.375%, due 06/01/25  | SGD | 165000 | 121572 |
| 1.250%, due 11/01/26  | SGD | 210000 | 148127 |
| Temasek Financial I Ltd. | Temasek Financial I Ltd. | Temasek Financial I Ltd. | Temasek Financial I Ltd. |
| 1.000%, due 10/06/30 <sup>(e)</sup> Callable: 07/06/30  |  | $400000 | 308357 |
|  |  |  | 1199741 |
| **South Africa — 0.1%** | **South Africa — 0.1%** | **South Africa — 0.1%** | **South Africa — 0.1%** |
| Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
| 4.300%, due 10/12/28  |  | 200000 | 178250 |
| **South Korea — 0.8%** | **South Korea — 0.8%** | **South Korea — 0.8%** | **South Korea — 0.8%** |
| Korea Treasury Bond | Korea Treasury Bond | Korea Treasury Bond | Korea Treasury Bond |
| 3.125%, due 09/10/24  | KRW | 278330000 | 217596 |
| 2.375%, due 03/10/27  | KRW | 901030000 | 672730 |
| 2.125%, due 06/10/27  | KRW | 293300000 | 215838 |
| LG Chem Ltd. | LG Chem Ltd. | LG Chem Ltd. | LG Chem Ltd. |
| 2.375%, due 07/07/31 <sup>(e)</sup>  |  | $200000 | 156830 |
| Shinhan Financial Group Co. Ltd. | Shinhan Financial Group Co. Ltd. | Shinhan Financial Group Co. Ltd. | Shinhan Financial Group Co. Ltd. |
| 2.875%, Perpetual (5 Year CMT Rate + 2.064%) <sup>(d)(e)</sup> Callable: 05/12/26  |  | 400000 | 340000 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par Value | Value |
| The Korea Development Bank | The Korea Development Bank | The Korea Development Bank | The Korea Development Bank |
| 1.625%, due 01/19/31  |  | $200000 | 156452 |
|  |  |  | 1759446 |
| **Spain — 0.3%** | **Spain — 0.3%** | **Spain — 0.3%** | **Spain — 0.3%** |
| AI Candelaria Spain SA | AI Candelaria Spain SA | AI Candelaria Spain SA | AI Candelaria Spain SA |
| 7.500%, due 12/15/28 Callable: 09/15/28  |  | 235417 | 223646 |
| Cellnex Telecom SA | Cellnex Telecom SA | Cellnex Telecom SA | Cellnex Telecom SA |
| 1.875%, due 06/26/29 Callable: 03/26/29  | EUR | 100000 | 86949 |
| Spain Government Bond | Spain Government Bond | Spain Government Bond | Spain Government Bond |
| 0.250%, due 07/30/24 <sup>(e)</sup>  | EUR | 170000 | 174829 |
| 0.800%, due 07/30/27 <sup>(e)</sup>  | EUR | 170000 | 164000 |
|  |  |  | 649424 |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| Sweden Government International Bond | Sweden Government International Bond | Sweden Government International Bond | Sweden Government International Bond |
| 0.125%, due 04/24/23 <sup>(e)</sup>  | EUR | 225000 | 239128 |
| **Thailand — 0.2%** | **Thailand — 0.2%** | **Thailand — 0.2%** | **Thailand — 0.2%** |
| Kasikornbank PCL | Kasikornbank PCL | Kasikornbank PCL | Kasikornbank PCL |
| 5.275%, Perpetual (5 Year CMT Rate + 4.940%) <sup>(d)</sup> Callable: 10/14/25  |  | $400000 | 377896 |
| **United Arab Emirates — 0.2%** | **United Arab Emirates — 0.2%** | **United Arab Emirates — 0.2%** | **United Arab Emirates — 0.2%** |
| Abu Dhabi Government International Bond | Abu Dhabi Government International Bond | Abu Dhabi Government International Bond | Abu Dhabi Government International Bond |
| 3.125%, due 04/16/30 <sup>(e)</sup>  |  | 200000 | 185209 |
| 1.700%, due 03/02/31 <sup>(e)</sup>  |  | 185000 | 152312 |
| 3.875%, due 04/16/50 <sup>(e)</sup>  |  | 200000 | 169463 |
|  |  |  | 506984 |
| **Total Foreign Bonds** (Cost $59,153,251) | **Total Foreign Bonds** (Cost $59,153,251) | **Total Foreign Bonds** (Cost $59,153,251) | 51205255 |

---

See Notes to Financial Statements.<br> 216

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_217.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **BANK LOANS — 4.4% <sup>(d)</sup>** | **BANK LOANS — 4.4% <sup>(d)</sup>** | **BANK LOANS — 4.4% <sup>(d)</sup>** |
| 1011778 BC ULC | 1011778 BC ULC | 1011778 BC ULC |
| &nbsp;&nbsp;6.165%, due 11/13/26 (3 Month U.S. LIBOR + 1.750%) Callable: 01/29/23  | $101673 | $100121 |
| &nbsp;&nbsp;6.134%, due 11/13/26 (1 Month U.S. LIBOR + 1.750%)  | 341905 | 336684 |
| AAdvantage Loyalty IP Ltd. | AAdvantage Loyalty IP Ltd. | AAdvantage Loyalty IP Ltd. |
| &nbsp;&nbsp;8.993%, due 04/20/28 (3 Month U.S. LIBOR + 4.750%) Callable: 03/24/24  | 265000 | 264296 |
| Abe Investment Holdings, Inc. | Abe Investment Holdings, Inc. | Abe Investment Holdings, Inc. |
| &nbsp;&nbsp;8.938%, due 02/19/26 (1 Month U.S. LIBOR + 4.500%) Callable: 01/29/23  | 26706 | 26689 |
| Access CIG LLC | Access CIG LLC | Access CIG LLC |
| &nbsp;&nbsp;7.821%, due 02/27/25 (1 Month U.S. LIBOR + 3.750%) Callable: 01/29/23  | 43502 | 42709 |
| Acrisure LLC | Acrisure LLC | Acrisure LLC |
| &nbsp;&nbsp;8.634%, due 02/15/27 (1 Month U.S. LIBOR + 4.250%) Callable: 01/29/23  | 99000 | 96071 |
| Acrisure LLC | Acrisure LLC | Acrisure LLC |
| &nbsp;&nbsp;7.884%, due 02/16/27 (1 Month U.S. LIBOR + 3.500%) Callable: 01/29/23  | 132973 | 125102 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| Air Canada | Air Canada | Air Canada |
| &nbsp;&nbsp;8.130%, due 08/11/28 (3 Month U.S. LIBOR + 3.500%) Callable: 01/29/23  | $79600 | $78916 |
| Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
| &nbsp;&nbsp;7.821%, due 05/12/28 (1 Month U.S. LIBOR + 3.750%) Callable: 01/29/23  | 95289 | 90716 |
| Allspring Buyer LLC | Allspring Buyer LLC | Allspring Buyer LLC |
| &nbsp;&nbsp;7.750%, due 04/21/28 (3 Month U.S. LIBOR + 3.000%) Callable: 01/29/23  | 101251 | 100061 |
| Ascend Learning LLC | Ascend Learning LLC | Ascend Learning LLC |
| &nbsp;&nbsp;7.884%, due 11/18/28 (1 Month U.S. LIBOR + 3.500%) Callable: 01/29/23  | 187736 | 177971 |
| Astra Acquisition Corp. | Astra Acquisition Corp. | Astra Acquisition Corp. |
| &nbsp;&nbsp;9.634%, due 10/22/28 (1 Month U.S. LIBOR + 5.250%) Callable: 01/29/23  | 91939 | 81596 |
| Aveanna Healthcare LLC | Aveanna Healthcare LLC | Aveanna Healthcare LLC |
| &nbsp;&nbsp;7.766%, due 06/30/28 (1 Month U.S. LIBOR + 3.750%) Callable: 01/29/23  | 7905 | 6122 |
| Aveanna Healthcare LLC | Aveanna Healthcare LLC | Aveanna Healthcare LLC |
| &nbsp;&nbsp;8.139%, due 06/30/28 (1 Month U.S. LIBOR + 3.750%) Callable: 01/29/23  | 112449 | 87092 |

---

See Notes to Financial Statements.<br> 217

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_218.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **BANK LOANS — 4.4% <sup>(d)</sup> (Continued)** | **BANK LOANS — 4.4% <sup>(d)</sup> (Continued)** | **BANK LOANS — 4.4% <sup>(d)</sup> (Continued)** |
| Axalta Coating Systems US Holdings, Inc. | Axalta Coating Systems US Holdings, Inc. | Axalta Coating Systems US Holdings, Inc. |
| &nbsp;&nbsp;7.124%, due 12/31/29 (1 Month SOFR Rate + 3.000%) Callable: 01/29/23  | $65000 | $65146 |
| Bausch + Lomb Corp. | Bausch + Lomb Corp. | Bausch + Lomb Corp. |
| &nbsp;&nbsp;7.842%, due 05/05/27 (3 Month SOFR Rate + 3.250%) Callable: 01/29/23  | 159387 | 152041 |
| Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| &nbsp;&nbsp;6.024%, due 07/01/26 (1 Month U.S. LIBOR + 1.750%) Callable: 01/29/23  | 433704 | 431043 |
| Camelot US Acquisition LLC | Camelot US Acquisition LLC | Camelot US Acquisition LLC |
| &nbsp;&nbsp;7.384%, due 10/30/26 (1 Month U.S. LIBOR + 3.000%) Callable: 01/29/23  | 96484 | 95157 |
| Carnival Corp. | Carnival Corp. | Carnival Corp. |
| &nbsp;&nbsp;7.634%, due 10/31/28 (1 Month U.S. LIBOR + 3.250%) Callable: 01/29/23  | 178200 | 167330 |
| Castle US Holding Corp. | Castle US Holding Corp. | Castle US Holding Corp. |
| &nbsp;&nbsp;8.134%, due 01/27/27 (1 Month U.S. LIBOR + 3.750%) Callable: 01/29/23  | 105761 | 65902 |
| Cengage Learning, Inc. | Cengage Learning, Inc. | Cengage Learning, Inc. |
| &nbsp;&nbsp;7.814%, due 07/14/26 (6 Month U.S. LIBOR + 4.750%) Callable: 01/29/23  | 98415 | 88743 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
| &nbsp;&nbsp;6.140%, due 02/01/27 (1 Month U.S. LIBOR + 1.750%) Callable: 01/29/23  | $482302 | $471691 |
| Charter Next Generation, Inc. | Charter Next Generation, Inc. | Charter Next Generation, Inc. |
| &nbsp;&nbsp;8.134%, due 12/01/27 (1 Month U.S. LIBOR + 3.750%)  | 68775 | 66932 |
| CHG Healthcare Services, Inc. | CHG Healthcare Services, Inc. | CHG Healthcare Services, Inc. |
| &nbsp;&nbsp;7.634%, due 10/31/28 (1 Month U.S. LIBOR + 3.250%) Callable: 01/29/23  | 108625 | 106506 |
| Clarios Global LP | Clarios Global LP | Clarios Global LP |
| &nbsp;&nbsp;7.634%, due 04/30/26 (1 Month U.S. LIBOR + 3.250%) Callable: 01/29/23  | 548645 | 539501 |
| Cornerstone OnDemand, Inc. | Cornerstone OnDemand, Inc. | Cornerstone OnDemand, Inc. |
| &nbsp;&nbsp;8.134%, due 10/31/28 (1 Month U.S. LIBOR + 3.750%) Callable: 01/29/23  | 109175 | 97985 |
| CQP Holdco LP | CQP Holdco LP | CQP Holdco LP |
| &nbsp;&nbsp;8.480%, due 06/05/28 (3 Month U.S. LIBOR + 3.750%) Callable: 01/29/23  | 179576 | 179015 |
| Dcert Buyer, Inc. | Dcert Buyer, Inc. | Dcert Buyer, Inc. |
| &nbsp;&nbsp;8.696%, due 10/16/26 (6 Month SOFR Rate + 4.000%) Callable: 01/29/23  | 78388 | 75896 |

---

See Notes to Financial Statements.<br> 218

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_219.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **BANK LOANS — 4.4% <sup>(d)</sup> (Continued)** | **BANK LOANS — 4.4% <sup>(d)</sup> (Continued)** | **BANK LOANS — 4.4% <sup>(d)</sup> (Continued)** |
| Delta 2 Lux Sarl | Delta 2 Lux Sarl | Delta 2 Lux Sarl |
| &nbsp;&nbsp;7.573%, due 01/15/30 (1 Month SOFR Rate + 3.250%) Callable: 01/15/23  | $120000 | $120090 |
| Directv Financing LLC | Directv Financing LLC | Directv Financing LLC |
| &nbsp;&nbsp;9.384%, due 08/02/27 (1 Month U.S. LIBOR + 5.000%) Callable: 01/29/23  | 45107 | 44012 |
| EAB Global, Inc. | EAB Global, Inc. | EAB Global, Inc. |
| &nbsp;&nbsp;7.884%, due 06/25/28 (1 Month U.S. LIBOR + 3.500%) Callable: 01/29/23  | 78527 | 75736 |
| EG Finco Ltd. | EG Finco Ltd. | EG Finco Ltd. |
| &nbsp;&nbsp;9.151%, due 02/07/25 (6 Month U.S. LIBOR + 4.000%) Callable: 01/29/23  | 27642 | 26174 |
| Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
| &nbsp;&nbsp;8.330%, due 03/31/27 (3 Month SOFR Rate + 3.750%)  | 32587 | 8690 |
| Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
| &nbsp;&nbsp;8.374%, due 03/31/27 (3 Month SOFR Rate + 4.250%)  | 13309 | 4658 |
| Fertitta Entertainment LLC | Fertitta Entertainment LLC | Fertitta Entertainment LLC |
| &nbsp;&nbsp;8.323%, due 01/31/29 (1 Month SOFR Rate + 4.000%) Callable: 01/29/23  | 99250 | 94561 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| Filtration Group Corp. | Filtration Group Corp. | Filtration Group Corp. |
| &nbsp;&nbsp;7.384%, due 03/31/25 (1 Month U.S. LIBOR + 3.000%) Callable: 01/29/23  | $118484 | $117497 |
| Finastra USA, Inc. | Finastra USA, Inc. | Finastra USA, Inc. |
| &nbsp;&nbsp;10.621%, due 06/16/25 (6 Month U.S. LIBOR + 7.250%) Callable: 01/29/23  | 20000 | 15014 |
| Gainwell Acquisition Corp. | Gainwell Acquisition Corp. | Gainwell Acquisition Corp. |
| &nbsp;&nbsp;8.730%, due 08/17/27 (3 Month U.S. LIBOR + 4.000%) Callable: 01/29/23  | 182877 | 172133 |
| Genesys Cloud Services Holdings II LLC | Genesys Cloud Services Holdings II LLC | Genesys Cloud Services Holdings II LLC |
| &nbsp;&nbsp;8.384%, due 12/01/27 (1 Month U.S. LIBOR + 4.000%) Callable: 01/29/23  | 154262 | 148445 |
| Gogo Intermediate Holdings LLC | Gogo Intermediate Holdings LLC | Gogo Intermediate Holdings LLC |
| &nbsp;&nbsp;8.165%, due 04/28/28 (3 Month U.S. LIBOR + 3.750%) Callable: 01/29/23  | 64025 | 63558 |
| Great Outdoors Group LLC | Great Outdoors Group LLC | Great Outdoors Group LLC |
| &nbsp;&nbsp;8.134%, due 03/31/28 (1 Month U.S. LIBOR + 3.750%) Callable: 01/29/23  | 121295 | 116822 |
| H-Food Holdings LLC | H-Food Holdings LLC | H-Food Holdings LLC |
| &nbsp;&nbsp;8.071%, due 05/17/25 (1 Month U.S. LIBOR + 3.688%) Callable: 01/29/23  | 46595 | 41627 |

---

See Notes to Financial Statements.<br> 219

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_220.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **BANK LOANS — 4.4% <sup>(d)</sup> (Continued)** | **BANK LOANS — 4.4% <sup>(d)</sup> (Continued)** | **BANK LOANS — 4.4% <sup>(d)</sup> (Continued)** |
| Hunter Douglas, Inc. | Hunter Douglas, Inc. | Hunter Douglas, Inc. |
| &nbsp;&nbsp;7.859%, due 02/09/29 (3 Month SOFR Rate + 3.500%) Callable: 01/29/23  | $189050 | $167292 |
| ICON Luxembourg Sarl | ICON Luxembourg Sarl | ICON Luxembourg Sarl |
| &nbsp;&nbsp;7.000%, due 07/03/28 (3 Month U.S. LIBOR + 2.250%) Callable: 01/29/23  | 60984 | 60877 |
| Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA |
| &nbsp;&nbsp;7.445%, due 12/08/28 (6 Month SOFR Rate + 4.250%) Callable: 01/29/23  | 96693 | 93551 |
| ION Trading Finance Ltd. | ION Trading Finance Ltd. | ION Trading Finance Ltd. |
| &nbsp;&nbsp;8.424%, due 03/31/28 (3 Month U.S. LIBOR + 4.750%) Callable: 01/29/23  | 116704 | 110993 |
| Jazz Financing Lux Sarl | Jazz Financing Lux Sarl | Jazz Financing Lux Sarl |
| &nbsp;&nbsp;7.884%, due 05/05/28 (1 Month U.S. LIBOR + 3.500%) Callable: 01/29/23  | 217615 | 216034 |
| Kronos Acquisition Holdings, Inc. | Kronos Acquisition Holdings, Inc. | Kronos Acquisition Holdings, Inc. |
| &nbsp;&nbsp;8.485%, due 12/22/26 (3 Month U.S. LIBOR + 3.750%) Callable: 01/29/23  | 77527 | 73959 |
| Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
| &nbsp;&nbsp;6.134%, due 03/01/27 (1 Month U.S. LIBOR + 1.750%) Callable: 01/29/23  | 261414 | 251168 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
| &nbsp;&nbsp;8.165%, due 11/14/25 (3 Month U.S. LIBOR + 3.750%) Callable: 01/29/23  | $46829 | $44259 |
| Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. |
| &nbsp;&nbsp;6.634%, due 03/15/27 (1 Month U.S. LIBOR + 2.250%) Callable: 01/29/23  | 484712 | 461211 |
| Lummus Technology Holdings V LLC | Lummus Technology Holdings V LLC | Lummus Technology Holdings V LLC |
| &nbsp;&nbsp;7.884%, due 06/30/27 (1 Month U.S. LIBOR + 3.500%) Callable: 01/29/23  | 79256 | 76086 |
| McAfee Corp. | McAfee Corp. | McAfee Corp. |
| &nbsp;&nbsp;7.974%, due 02/02/29 (1 Month SOFR Rate + 3.750%) Callable: 01/29/23  | 84575 | 78957 |
| Messer Industries USA, Inc. | Messer Industries USA, Inc. | Messer Industries USA, Inc. |
| &nbsp;&nbsp;7.230%, due 10/01/25 (3 Month U.S. LIBOR + 2.500%) Callable: 01/29/23  | 14454 | 14352 |
| Mileage Plus Holdings LLC | Mileage Plus Holdings LLC | Mileage Plus Holdings LLC |
| &nbsp;&nbsp;9.996%, due 07/30/27 (3 Month U.S. LIBOR + 5.250%) Callable: 07/02/23  | 288000 | 296748 |
| Mirion Technologies US, Inc. | Mirion Technologies US, Inc. | Mirion Technologies US, Inc. |
| &nbsp;&nbsp;7.480%, due 10/05/28 (6 Month U.S. LIBOR + 2.750%) Callable: 01/29/23  | 74250 | 73057 |

---

See Notes to Financial Statements.<br> 220

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_221.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **BANK LOANS — 4.4% <sup>(d)</sup> (Continued)** | **BANK LOANS — 4.4% <sup>(d)</sup> (Continued)** | **BANK LOANS — 4.4% <sup>(d)</sup> (Continued)** |
| Mister Car Wash Holdings, Inc. | Mister Car Wash Holdings, Inc. | Mister Car Wash Holdings, Inc. |
| &nbsp;&nbsp;7.423%, due 05/14/26 (1 Month SOFR Rate + 3.000%) Callable: 01/29/23  | $47522 | $46945 |
| Olympus Water US Holding Corp. | Olympus Water US Holding Corp. | Olympus Water US Holding Corp. |
| &nbsp;&nbsp;8.500%, due 09/21/28 (3 Month U.S. LIBOR + 3.750%) Callable: 01/29/23  | 84150 | 81006 |
| OneDigital Borrower LLC | OneDigital Borrower LLC | OneDigital Borrower LLC |
| &nbsp;&nbsp;8.494%, due 11/16/27 (3 Month SOFR Rate + 4.250%)  | 155689 | 147516 |
| Packers Holdings LLC | Packers Holdings LLC | Packers Holdings LLC |
| &nbsp;&nbsp;7.542%, due 03/06/28 (1 Month U.S. LIBOR + 3.250%) Callable: 01/29/23  | 47403 | 41715 |
| Peraton Corp. | Peraton Corp. | Peraton Corp. |
| &nbsp;&nbsp;8.134%, due 02/01/28 (1 Month U.S. LIBOR + 3.750%) Callable: 01/29/23  | 125400 | 122683 |
| PetSmart LLC | PetSmart LLC | PetSmart LLC |
| &nbsp;&nbsp;8.130%, due 02/11/28 (1 Month U.S. LIBOR + 3.750%) Callable: 01/29/23  | 74063 | 72697 |
| PG&E Corp. | PG&E Corp. | PG&E Corp. |
| &nbsp;&nbsp;7.438%, due 06/23/25 (1 Month U.S. LIBOR + 3.000%) Callable: 01/29/23  | 73125 | 72668 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| PRA Health Sciences, Inc. | PRA Health Sciences, Inc. | PRA Health Sciences, Inc. |
| &nbsp;&nbsp;7.000%, due 07/03/28 (3 Month U.S. LIBOR + 2.250%) Callable: 01/29/23  | $15194 | $15168 |
| Pretium PKG Holdings, Inc. | Pretium PKG Holdings, Inc. | Pretium PKG Holdings, Inc. |
| &nbsp;&nbsp;8.735%, due 09/22/28 (3 Month U.S. LIBOR + 4.000%) Callable: 01/29/23  | 22159 | 17775 |
| &nbsp;&nbsp;7.742%, due 09/22/28 (3 Month U.S. LIBOR + 4.000%)  | 44213 | 35465 |
| &nbsp;&nbsp;7.741%, due 09/22/28 (3 Month U.S. LIBOR + 4.000%)  | 22728 | 18231 |
| Proofpoint, Inc. | Proofpoint, Inc. | Proofpoint, Inc. |
| &nbsp;&nbsp;7.985%, due 06/09/28 (3 Month U.S. LIBOR + 3.250%) Callable: 01/29/23  | 138600 | 133614 |
| Radiate Holdco LLC | Radiate Holdco LLC | Radiate Holdco LLC |
| &nbsp;&nbsp;7.634%, due 09/25/26 (1 Month U.S. LIBOR + 3.250%) Callable: 01/29/23  | 118800 | 97051 |
| Radiology Partners, Inc. | Radiology Partners, Inc. | Radiology Partners, Inc. |
| &nbsp;&nbsp;8.639%, due 07/09/25 (1 Month U.S. LIBOR + 4.250%) Callable: 01/29/23  | 100090 | 84482 |
| Scientific Games International, Inc. | Scientific Games International, Inc. | Scientific Games International, Inc. |
| &nbsp;&nbsp;7.417%, due 04/06/29 (1 Month SOFR Rate + 3.000%) Callable: 01/29/23  | 74625 | 73799 |

---

See Notes to Financial Statements.<br> 221

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_222.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **BANK LOANS — 4.4% <sup>(d)</sup> (Continued)** | **BANK LOANS — 4.4% <sup>(d)</sup> (Continued)** | **BANK LOANS — 4.4% <sup>(d)</sup> (Continued)** |
| Sedgwick Claims Management Services, Inc. | Sedgwick Claims Management Services, Inc. | Sedgwick Claims Management Services, Inc. |
| &nbsp;&nbsp;8.134%, due 08/07/26 (1 Month U.S. LIBOR + 3.750%) Callable: 01/29/23  | $28950 | $28469 |
| Sophia LP | Sophia LP | Sophia LP |
| &nbsp;&nbsp;8.230%, due 10/07/27 (3 Month U.S. LIBOR + 3.500%) Callable: 01/29/23  | 137213 | 132754 |
| Spin Holdco, Inc. | Spin Holdco, Inc. | Spin Holdco, Inc. |
| &nbsp;&nbsp;8.765%, due 03/06/28 (3 Month U.S. LIBOR + 4.000%) Callable: 01/29/23  | 33338 | 28287 |
| SRS Distribution, Inc. | SRS Distribution, Inc. | SRS Distribution, Inc. |
| &nbsp;&nbsp;7.884%, due 06/04/28 (1 Month U.S. LIBOR + 3.500%) Callable: 01/29/23  | 108625 | 104115 |
| Sunset Debt Merger Sub, Inc. | Sunset Debt Merger Sub, Inc. | Sunset Debt Merger Sub, Inc. |
| &nbsp;&nbsp;8.753%, due 09/30/28 (3 Month U.S. LIBOR + 4.000%) Callable: 01/29/23  | 55040 | 45229 |
| Tempo Acquisition LLC | Tempo Acquisition LLC | Tempo Acquisition LLC |
| &nbsp;&nbsp;7.323%, due 08/31/28 (1 Month SOFR Rate + 3.000%) Callable: 01/29/23  | 64350 | 64253 |
| The EW Scripps Co. | The EW Scripps Co. | The EW Scripps Co. |
| &nbsp;&nbsp;6.946%, due 05/01/26 (1 Month U.S. LIBOR + 2.563%) Callable: 01/29/23  | 32754 | 32275 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| The Hillman Group, Inc. | The Hillman Group, Inc. | The Hillman Group, Inc. |
| &nbsp;&nbsp;6.794%, due 02/24/28 (1 Month U.S. LIBOR + 2.750%) Callable: 01/29/23  | $— | $— |
| Titan Acquisition Ltd. | Titan Acquisition Ltd. | Titan Acquisition Ltd. |
| &nbsp;&nbsp;8.151%, due 03/28/25 (6 Month U.S. LIBOR + 3.000%) Callable: 01/29/23  | 43626 | 40868 |
| TK Elevator US Newco, Inc. | TK Elevator US Newco, Inc. | TK Elevator US Newco, Inc. |
| &nbsp;&nbsp;6.871%, due 07/29/27 (6 Month U.S. LIBOR + 3.500%) Callable: 01/29/23  | 190656 | 183939 |
| Trans Union LLC | Trans Union LLC | Trans Union LLC |
| &nbsp;&nbsp;6.634%, due 11/16/28 (1 Month U.S. LIBOR + 2.250%) Callable: 01/29/23  | 45854 | 45481 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| &nbsp;&nbsp;6.980%, due 12/09/25 (3 Month U.S. LIBOR + 2.250%) Callable: 01/29/23  | 179901 | 178057 |
| Traverse Midstream Partners LLC | Traverse Midstream Partners LLC | Traverse Midstream Partners LLC |
| &nbsp;&nbsp;8.800%, due 09/27/24 (3 Month SOFR Rate + 4.250%) Callable: 01/29/23  | 52660 | 52628 |
| TricorBraun Holdings, Inc. | TricorBraun Holdings, Inc. | TricorBraun Holdings, Inc. |
| &nbsp;&nbsp;7.634%, due 03/03/28 (1 Month U.S. LIBOR + 3.250%) Callable: 01/29/23  | 73897 | 70684 |

---

See Notes to Financial Statements.<br> 222

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_223.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value |
| **BANK LOANS — 4.4% <sup>(d)</sup> (Continued)** | **BANK LOANS — 4.4% <sup>(d)</sup> (Continued)** | **BANK LOANS — 4.4% <sup>(d)</sup> (Continued)** |
| United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
| &nbsp;&nbsp;8.108%, due 04/21/28 (3 Month U.S. LIBOR + 3.750%) Callable: 01/29/23  | $462489 | $457961 |
| United Natural Foods, Inc. | United Natural Foods, Inc. | United Natural Foods, Inc. |
| &nbsp;&nbsp;7.688%, due 10/22/25 (1 Month SOFR Rate + 3.250%) Callable: 01/29/23  | 7314 | 7306 |
| Verscend Holding Corp. | Verscend Holding Corp. | Verscend Holding Corp. |
| &nbsp;&nbsp;8.384%, due 08/27/25 (1 Month U.S. LIBOR + 4.000%)  | 73869 | 73546 |
| Vibrantz Technologies, Inc. | Vibrantz Technologies, Inc. | Vibrantz Technologies, Inc. |
| &nbsp;&nbsp;8.494%, due 03/30/29 (3 Month SOFR Rate + 4.250%) Callable: 01/29/23  | 44888 | 38166 |
| WestJet Airlines Ltd. | WestJet Airlines Ltd. | WestJet Airlines Ltd. |
| &nbsp;&nbsp;7.354%, due 08/07/26 (1 Month U.S. LIBOR + 3.000%) Callable: 01/29/23  | 45097 | 41370 |
| Whatabrands LLC | Whatabrands LLC | Whatabrands LLC |
| &nbsp;&nbsp;7.634%, due 08/03/28 (1 Month U.S. LIBOR + 3.250%) Callable: 01/29/23  | 118800 | 115088 |
| Zelis Payments Buyer, Inc. | Zelis Payments Buyer, Inc. | Zelis Payments Buyer, Inc. |
| &nbsp;&nbsp;7.884%, due 09/30/26 (1 Month U.S. LIBOR + 3.500%) Callable: 01/29/23  | 150540 | 149177 |
| **Total Bank Loans** (Cost $10,637,866) | **Total Bank Loans** (Cost $10,637,866) | 10235063 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Values |
| **COMMON STOCKS — 0.1%** | **COMMON STOCKS — 0.1%** | **COMMON STOCKS — 0.1%** |
| Consumer Discretionary — 0.0% (c) |  |  |
| General Motors Co. | 2553 | $85883 |
| Industrials — 0.1% |  |  |
| Delta Air Lines, Inc. (h) | 2661 | 87440 |
| The Boeing Co. (h) | 908 | 172965 |
|  |  | 260405 |
| **Total Common Stocks (Cost $421,332)** |  | 346288 |
| PREFERRED STOCKS — 1.1% |  |  |
| Communication Services — 0.1% |  |  |
| 2020 Cash Mandatory Exchangeable Trust CVRT (e)(g) | 240 | 275165 |
| Paramount Global CVRT (a) | 2200 | 54494 |
|  |  | 329659 |
| Financials — 0.2% |  |  |
| Stifel Financial Corp. Callable: 08/15/26 | 6550 | 105782 |
| US Bancorp Callable: 01/30/23 | 175 | 142746 |
| Valley National Bancorp Callable: 03/30/23 | 5475 | 137423 |
| Wells Fargo & Co. Callable: 09/15/23 | 4300 | 98943 |
|  |  | 484894 |
| Health Care — 0.2% |  |  |
| Becton Dickinson and Co. CVRT | 2150 | 107672 |
| Danaher Corp. CVRT (a) | 225 | 305223 |
|  |  | 412895 |
| Utilities — 0.6% |  |  |
| American Electric Power Co., Inc. CVRT | 5650 | 291427 |
| NextEra Energy, Inc. CVRT | 11700 | 587223 |

---

See Notes to Financial Statements.<br> 223

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_224.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Values |
| **PREFERRED STOCKS — 1.1% (Continued)** | **PREFERRED STOCKS — 1.1% (Continued)** | **PREFERRED STOCKS — 1.1% (Continued)** |
| **Utilities — 0.6% (Continued)** |  |  |
| NextEra Energy, Inc. CVRT | 3500 | $176715 |
| The AES Corp. CVRT | 2800 | 285628 |
|  |  | 1340993 |
| **Total Preferred Stocks (Cost $2,682,099)** |  | 2568441 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Contracts | Notional <br> Amount | |
| **PURCHASED OTC OPTIONS — 0.0% (c)** | **PURCHASED OTC OPTIONS — 0.0% (c)** | **PURCHASED OTC OPTIONS — 0.0% (c)** | **PURCHASED OTC OPTIONS — 0.0% (c)** |
| **Currency Call Options — 0.0% (c)** | **Currency Call Options — 0.0% (c)** | **Currency Call Options — 0.0% (c)** | **Currency Call Options — 0.0% (c)** |
| British Pound, 1/19/23 at 1.095 Counterparty: Morgan Stanley Capital | 736925 | $736925 | 49 |
| Chinese Renminbi, 2/7/23 at 7.50 Counterparty: Bank of America, San Francisco | 1692000 | 1692000 | 379 |
| Chinese Renminbi, 2/9/23 at 7.47 Counterparty: Morgan Stanley Capital | 3196000 | 3196000 | 921 |
| Japanese Yen, 9/9/32 at 140.00 Counterparty: Bank of America, San Francisco | 529300 | 529300 | 4329 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Contracts | Notional <br> Amount | Notional <br> Amount | Values | Values |
| Japanese Yen, 9/9/32 at 140.00 Counterparty: BNP Paribas Brokerage Services, Inc. | 529300 | $| 529300 | $| 4329 |
|  |  |  | 6683525 |  | 10007 |
| Currency Put Options — 0.0% (c) | Currency Put Options — 0.0% (c) | Currency Put Options — 0.0% (c) | Currency Put Options — 0.0% (c) | Currency Put Options — 0.0% (c) | Currency Put Options — 0.0% (c) |
| Australian Dollar, 5/30/23 at 0.600 and Japanese Yen, 5/30/23 at 125.00 Counterparty: Barclays Capital, Inc. | 85000 |  | 85000 |  | 692 |
| Australian Dollar, 5/30/23 at 0.6375 and Japanese Yen, 5/30/23 at 131.5 Counterparty: Goldman Sachs Bank, USA | 37000 |  | 37000 |  | 2643 |
| Chinese Renminbi, 5/30/23 at 7.20 and Japanese Yen, 5/30/23 at 131.50 Counterparty: BNP Paribas Brokerage Services, Inc. | 32000 |  | 32000 |  | 1283 |

---

See Notes to Financial Statements.<br> 224

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_225.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Contracts | Notional <br> Amount | Values |
| **Currency Put Options — 0.0% (c) (Continued)** | **Currency Put Options — 0.0% (c) (Continued)** | **Currency Put Options — 0.0% (c) (Continued)** | **Currency Put Options — 0.0% (c) (Continued)** |
| Euro, 3/16/23 at 1.08 Counterparty: BNP Paribas Brokerage Services, Inc. | 830800 | $830800 | $11438 |
| Japanese Yen, 2/27/25 at 107.50 Counterparty: BNP Paribas Brokerage Services, Inc. | 437000 | 437000 | 8937 |
| Japanese Yen, 4/5/23 at 120.50 Counterparty: Goldman Sachs Bank, USA | 2100000 | 2100000 | 14217 |
|  |  | 3521800 | 39210 |
| **Total Purchased OTC Options (Cost $116,843)** |  |  | 49217 |
|  |  | Shares |  |
| AFFILIATED REGISTERED INVESTMENT COMPANIES — 3.2% | AFFILIATED REGISTERED INVESTMENT COMPANIES — 3.2% | AFFILIATED REGISTERED INVESTMENT COMPANIES — 3.2% | AFFILIATED REGISTERED INVESTMENT COMPANIES — 3.2% |
| Voya Emerging Markets Corporate Debt Fund - Class P |  | 97072 | 796957 |
| Voya Emerging Markets Hard Currency Debt Fund - Class P |  | 196918 | 1449316 |
| Voya Floating Rate Fund - Class P |  | 316727 | 2578160 |
| Voya High Yield Bond Fund - Class P |  | 410690 | 2698231 |
| **Total Affiliated Registered Investment Companies (Cost $8,581,911)** |  |  | 7522664 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Values |
| **Total Investments at Value — 94.0% (Cost $249,201,820)** |  | $219335709 |
| **Other Assets in Excess of Liabilities — 6.0%** |  | 13883846 |
| **Net Assets — 100.0%** |  | $233219555 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) This security or a partial position of this security is on loan at December 31, 2022. The total fair value of securities on loan at December 31, 2022, was $2,535,158 (Note 8).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate shown is the effective yield based on purchased price. The calculation assumes the security is held to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents less than 0.1%.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Variable rate security based on a reference index and spread. The rate listed is as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." As of December 31, 2022, the value of these investments was $88,691,606, or 38.0% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Variable rate security. The coupon is based on an underlying pool of loans. The rate listed is as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Illiquid security. The total fair value of such securities is $3,246,739 as of December 31, 2022, representing 1.4% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Non-income producing security.

CVRT - Convertible Security

REMIC - Real Estate Mortgage Investment Conduit

CMT - Constant Maturity U.S. Treasury

LIBOR - London Interbank Offered Rate

NIBOR - Norwegian Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

SONIA - Sterling Overnight Interbank Average Rate

AUD - Australian Dollar

BRL - Brazilian Real

CAD - Canadian Dollar

See Notes to Financial Statements.<br> 225

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Investments - (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_226.jpg) |

---

CNY - Chinese Yuan

EUR - Euro

GBP - British Pound

IDR - Indonesian Rupiah

JPY - Japanese Yen

KRW - South Korean Won

MXN - Mexican Peso

MYR - Malaysian Ringgit

NOK - Norwegian Krone

NZD - New Zealand Dollar

PHP - Philippine Peso

SGD - Singapore Dollar

The Accompanying Footnotes are an Integral Part of these Financial Statements.

See Notes to Financial Statements.<br> 226

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Futures Contracts**  | ***December 31, 2022*** | ![](fp0081225-2_227.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| FUTURES CONTRACTS PURCHASED | Contracts | Expiration <br> Date | Notional <br> Amount | Value/ <br> Unrealized<br> Appreciation <br> (Depreciation) |
| 2-Year U.S. Treasury Note Future  | 137 | 03/31/2023 | $26137430 | $617 |
| 5-Year U.S. Treasury Note Future  | 139 | 03/31/2023 | 13158456 | (72820) |
| Ultra 10-Year U.S. Treasury Bond Future  | 12 | 03/22/2023 | 1228757 | (21790) |
| Total Futures Contracts Purchased  |  |  | $40524643 | $(93993) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| FUTURES CONTRACTS SOLD SHORT | Contracts | Expiration <br> Date | Notional <br> Amount | Value/ <br> Unrealized<br> Appreciation |
| 10-Year U.S. Treasury Note Future  | 138 | 03/22/2023 | $13745812 | $53702 |
| U.S. Treasury Long Bond Future  | 22 | 03/22/2023 | 2352199 | 24705 |
| Ultra Long-Term U.S. Treasury Bond Future  | 16 | 03/22/2023 | 1354085 | 36841 |
| Euro Bund Future  | 2 | 03/08/2023 | 214089 | 17296 |
| Total Futures Contracts Sold Short  |  |  | $17666185 | $132544 |

---

See Notes to Financial Statements.<br> 227

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Forward Foreign Currency Contracts** | ***December 31, 2022*** | ![](fp0081225-2_228.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement <br> Date | Fund <br> Receiving | Amount Of <br> Currency To <br> Be Received In <br> Local Currency | Fund <br> Delivering | Amount Of <br> Currency To Be <br> Delivered In <br> Local Currency | Unrealized <br> Appreciation <br> (Depreciation) |
| Australia and New Zealand Banking Group Ltd. | 1/18/2023 | AUD | 332500 | NZD | 354339 | $1535 |
| Australia and New Zealand Banking Group Ltd. | 1/18/2023 | AUD | 202500 | USD | 130428 | 7558 |
| Australia and New Zealand Banking Group Ltd. | 1/18/2023 | JPY | 35747201 | USD | 240669 | 32430 |
| Australia and New Zealand Banking Group Ltd. | 1/18/2023 | NZD | 71906 | AUD | 67500 | (329) |
| Australia and New Zealand Banking Group Ltd. | 1/18/2023 | USD | 1763236 | AUD | 2603725 | (10978) |
| Bank of America, San Francisco | 1/18/2023 | CAD | 33967 | USD | 24969 | 120 |
| Bank of America, San Francisco | 2/3/2023 | CAD | 796144 | USD | 582675 | 5435 |
| Bank of America, San Francisco | 2/3/2023 | USD | 420750 | CAD | 571938 | (1740) |
| Bank of America, San Francisco | 1/18/2023 | USD | 1009651 | EUR | 1000000 | (62272) |
| Bank of America, San Francisco | 2/3/2023 | USD | 185618 | GBP | 153588 | (242) |
| Barclays Capital, Inc. | 1/18/2023 | CAD | 788895 | USD | 582122 | 573 |
| Barclays Capital, Inc. | 1/18/2023 | EUR | 465605 | USD | 453875 | 45216 |
| Barclays Capital, Inc. | 1/18/2023 | GBP | 293806 | EUR | 331912 | (396) |
| Barclays Capital, Inc. | 1/18/2023 | JPY | 6781050 | CAD | 67500 | 1948 |
| Barclays Capital, Inc. | 1/18/2023 | SGD | 540258 | USD | 392562 | 10957 |
| Barclays Capital, Inc. | 1/18/2023 | USD | 333172 | EUR | 331667 | (22348) |
| Barclays Capital, Inc. | 1/18/2023 | USD | 398174 | SGD | 564363 | (23350) |
| BNP Paribas Brokerage Services, Inc. | 2/3/2023 | JPY | 40172080 | USD | 307005 | 571 |
| BNP Paribas Brokerage Services, Inc. | 1/13/2023 | MXN | 3444754 | USD | 177126 | (829) |
| BNP Paribas Brokerage Services, Inc. | 2/3/2023 | USD | 664277 | AUD | 994464 | (13824) |
| BNP Paribas Brokerage Services, Inc. | 2/3/2023 | USD | 579718 | CAD | 788591 | (2813) |
| CIBC, Toronto | 1/18/2023 | CAD | 5079668 | USD | 3736905 | 15049 |
| CIBC, Toronto | 1/18/2023 | EUR | 331912 | GBP | 296010 | (2270) |
| CIBC, Toronto | 1/18/2023 | SGD | 271704 | USD | 196281 | 6655 |
| CIBC, Toronto | 1/18/2023 | USD | 1449894 | CAD | 1971884 | (6583) |
| CIBC, Toronto | 1/18/2023 | USD | 611430 | JPY | 86986974 | (53127) |
| CIBC, Toronto | 1/18/2023 | USD | 1187994 | SGD | 1655399 | (48424) |
| Citigroup | 1/18/2023 | AUD | 1379676 | NZD | 1473924 | 4065 |

---

See Notes to Financial Statements.<br> 228

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Forward Foreign Currency Contracts (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_229.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement <br> Date | Fund <br> Receiving | Amount Of <br> Currency To <br> Be Received In <br> Local Currency | Fund <br> Delivering | Amount Of <br> Currency To Be <br> Delivered In <br> Local Currency | Unrealized <br> Appreciation <br> (Depreciation) |
| Citigroup | 1/18/2023 | BRL | 893041 | USD | 163951 | $4525 |
| Citigroup | 1/18/2023 | CAD | 132500 | JPY | 13173955 | (2778) |
| Citigroup | 1/18/2023 | CAD | 564929 | NZD | 665287 | (5244) |
| Citigroup | 1/18/2023 | CAD | 897440 | USD | 654863 | 8006 |
| Citigroup | 1/18/2023 | COP | 843481274 | USD | 173886 | (547) |
| Citigroup | 1/18/2023 | EUR | 1500000 | USD | 1512637 | 95246 |
| Citigroup | 2/3/2023 | EUR | 122567 | USD | 130580 | 950 |
| Citigroup | 1/18/2023 | GBP | 332500 | USD | 372489 | 29704 |
| Citigroup | 1/18/2023 | JPY | 6547593 | CAD | 65000 | 2011 |
| Citigroup | 1/18/2023 | MXN | 3459253 | USD | 172932 | 3921 |
| Citigroup | 1/18/2023 | SGD | 804769 | USD | 590869 | 10213 |
| Citigroup | 1/18/2023 | USD | 43034 | AUD | 67500 | (2962) |
| Citigroup | 1/18/2023 | USD | 862805 | BRL | 4550832 | 4272 |
| Citigroup | 1/18/2023 | USD | 1380904 | CAD | 1880932 | (8394) |
| Citigroup | 1/18/2023 | USD | 380676 | COP | 1720751536 | 27054 |
| Citigroup | 1/18/2023 | USD | 506088 | EUR | 511924 | (42654) |
| Citigroup | 2/3/2023 | USD | 507851 | EUR | 478577 | (5726) |
| Citigroup | 2/3/2023 | USD | 198045 | GBP | 164539 | (1068) |
| Citigroup | 1/18/2023 | USD | 1149020 | JPY | 162930277 | (95722) |
| Citigroup | 2/3/2023 | USD | 313130 | JPY | 41621492 | (5543) |
| Citigroup | 1/18/2023 | USD | 425261 | NZD | 697665 | (17814) |
| Citigroup | 2/3/2023 | USD | 331125 | NZD | 521692 | (270) |
| Citigroup | 1/18/2023 | USD | 718039 | SGD | 993184 | (23771) |
| Goldman Sachs Bank, USA | 1/18/2023 | AUD | 689140 | USD | 459194 | 10395 |
| Goldman Sachs Bank, USA | 1/18/2023 | CAD | 135000 | JPY | 13700975 | (4958) |
| Goldman Sachs Bank, USA | 1/18/2023 | CAD | 1928085 | USD | 1409447 | 14678 |
| Goldman Sachs Bank, USA | 2/3/2023 | CAD | 793574 | USD | 583017 | 3194 |
| Goldman Sachs Bank, USA | 2/3/2023 | CHF | 410001 | USD | 444721 | 487 |
| Goldman Sachs Bank, USA | 1/18/2023 | GBP | 294474 | EUR | 331921 | 403 |
| Goldman Sachs Bank, USA | 1/18/2023 | JPY | 7074122 | CAD | 67500 | 4187 |
| Goldman Sachs Bank, USA | 1/18/2023 | JPY | 21766023 | GBP | 135000 | 2990 |
| Goldman Sachs Bank, USA | 1/18/2023 | JPY | 178403387 | USD | 1320484 | 42469 |
| Goldman Sachs Bank, USA | 2/3/2023 | NZD | 1038583 | USD | 656327 | 3414 |
| Goldman Sachs Bank, USA | 1/18/2023 | SGD | 555045 | USD | 391900 | 22663 |
| Goldman Sachs Bank, USA | 1/18/2023 | USD | 657354 | CAD | 897811 | (5789) |
| Goldman Sachs Bank, USA | 1/18/2023 | USD | 500926 | EUR | 472289 | (5331) |
| Goldman Sachs Bank, USA | 1/18/2023 | USD | 387357 | SGD | 543385 | (18497) |
| HSBC Bank, USA | 1/18/2023 | CAD | 285539 | NZD | 332643 | (351) |
| HSBC Bank, USA | 1/18/2023 | CAD | 1068735 | USD | 780982 | 8409 |
| HSBC Bank, USA | 1/18/2023 | EUR | 174237 | NOK | 1785976 | 4317 |
| HSBC Bank, USA | 1/18/2023 | EUR | 815134 | USD | 836614 | 37146 |

---

See Notes to Financial Statements.<br> 229

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Forward Foreign Currency Contracts (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_230.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement <br> Date | Fund <br> Receiving | Amount Of <br> Currency To <br> Be Received In <br> Local Currency | Fund <br> Delivering | Amount Of <br> Currency To Be <br> Delivered In <br> Local Currency | Unrealized <br> Appreciation <br> (Depreciation) |
| HSBC Bank, USA | 1/18/2023 | GBP | 587193 | EUR | 664001 | $(1488) |
| HSBC Bank, USA | 1/18/2023 | JPY | 58738045 | USD | 414681 | 34062 |
| HSBC Bank, USA | 1/18/2023 | SGD | 1068564 | USD | 787376 | 10736 |
| HSBC Bank, USA | 1/18/2023 | USD | 85717 | AUD | 135000 | (6274) |
| HSBC Bank, USA | 1/18/2023 | USD | 1576376 | CAD | 2135600 | (1025) |
| HSBC Bank, USA | 1/18/2023 | USD | 2849702 | EUR | 2819109 | (172164) |
| HSBC Bank, USA | 1/18/2023 | USD | 371830 | GBP | 332500 | (30363) |
| HSBC Bank, USA | 1/18/2023 | USD | 332654 | JPY | 44036674 | (3775) |
| HSBC Bank, USA | 1/18/2023 | USD | 1878016 | SGD | 2646969 | (99007) |
| JPMChase, New York | 1/18/2023 | AUD | 615446 | NZD | 654603 | 3645 |
| JPMChase, New York | 1/18/2023 | CAD | 1510231 | USD | 1108048 | 7442 |
| JPMChase, New York | 1/18/2023 | EUR | 663825 | GBP | 588000 | 322 |
| JPMChase, New York | 1/18/2023 | EUR | 540135 | NOK | 5585752 | 8354 |
| JPMChase, New York | 1/18/2023 | EUR | 290087 | USD | 279646 | 31305 |
| JPMChase, New York | 1/18/2023 | GBP | 135000 | JPY | 22199805 | (6304) |
| JPMChase, New York | 1/18/2023 | GBP | 598500 | USD | 664857 | 59090 |
| JPMChase, New York | 1/18/2023 | JPY | 6783898 | CAD | 67500 | 1970 |
| JPMChase, New York | 1/18/2023 | JPY | 122450788 | USD | 873959 | 61531 |
| JPMChase, New York | 1/18/2023 | NOK | 469820 | CAD | 65000 | (15) |
| JPMChase, New York | 1/18/2023 | NOK | 664017 | USD | 65000 | 2835 |
| JPMChase, New York | 1/18/2023 | SGD | 812523 | USD | 588843 | 18031 |
| JPMChase, New York | 1/18/2023 | USD | 827337 | CAD | 1125659 | (4099) |
| JPMChase, New York | 1/18/2023 | USD | 957913 | EUR | 971161 | (83096) |
| JPMChase, New York | 1/18/2023 | USD | 1059056 | JPY | 149141310 | (80343) |
| JPMChase, New York | 1/18/2023 | USD | 45545 | MXN | 894350 | (178) |
| JPMChase, New York | 1/18/2023 | USD | 1495292 | SGD | 2129935 | (95558) |
| Morgan Stanley Capital | 1/18/2023 | AUD | 1694231 | NZD | 1797465 | 12931 |
| Morgan Stanley Capital | 1/18/2023 | AUD | 202500 | USD | 131428 | 6559 |
| Morgan Stanley Capital | 2/3/2023 | AUD | 986429 | USD | 665940 | 6682 |
| Morgan Stanley Capital | 1/18/2023 | CAD | 65000 | NOK | 475473 | (563) |
| Morgan Stanley Capital | 1/18/2023 | CAD | 292452 | NZD | 332643 | 4755 |
| Morgan Stanley Capital | 1/18/2023 | CAD | 1440864 | USD | 1042961 | 21293 |
| Morgan Stanley Capital | 1/18/2023 | EUR | 1659877 | GBP | 1455040 | 19239 |
| Morgan Stanley Capital | 1/18/2023 | EUR | 1250047 | USD | 1255991 | 83963 |
| Morgan Stanley Capital | 2/3/2023 | EUR | 1315656 | USD | 1404313 | 7559 |
| Morgan Stanley Capital | 1/18/2023 | GBP | 293933 | EUR | 332126 | (471) |
| Morgan Stanley Capital | 1/18/2023 | JPY | 65498693 | USD | 439644 | 60748 |
| Morgan Stanley Capital | 1/18/2023 | MXN | 1377243 | EUR | 67500 | (1944) |
| Morgan Stanley Capital | 1/18/2023 | MXN | 3442581 | USD | 172932 | 3069 |
| Morgan Stanley Capital | 2/3/2023 | NOK | 16004 | USD | 1613 | 23 |
| Morgan Stanley Capital | 1/18/2023 | NZD | 542610 | USD | 330113 | 14490 |

---

See Notes to Financial Statements.<br> 230

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Forward Foreign Currency Contracts (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_231.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement <br> Date | Fund <br> Receiving | Amount Of <br> Currency To <br> Be Received In <br> Local Currency | Fund <br> Delivering | Amount Of <br> Currency To Be <br> Delivered In <br> Local Currency | Unrealized <br> Appreciation <br> (Depreciation) |
| Morgan Stanley Capital | 2/3/2023 | NZD | 477722 | USD | 303251 | $214 |
| Morgan Stanley Capital | 1/18/2023 | SGD | 2244233 | USD | 1583987 | 92232 |
| Morgan Stanley Capital | 1/18/2023 | USD | 671985 | AUD | 1018755 | (22208) |
| Morgan Stanley Capital | 1/18/2023 | USD | 1099579 | CAD | 1495207 | (4814) |
| Morgan Stanley Capital | 2/3/2023 | USD | 496824 | CAD | 679756 | (5310) |
| Morgan Stanley Capital | 2/3/2023 | USD | 483571 | CHF | 446354 | (1111) |
| Morgan Stanley Capital | 1/18/2023 | USD | 1297484 | EUR | 1297260 | (93078) |
| Morgan Stanley Capital | 2/3/2023 | USD | 1438955 | EUR | 1347682 | (7285) |
| Morgan Stanley Capital | 1/18/2023 | USD | 893824 | GBP | 772897 | (41075) |
| Morgan Stanley Capital | 1/18/2023 | USD | 181938 | JPY | 23822574 | (60) |
| Morgan Stanley Capital | 1/18/2023 | USD | 12593 | MXN | 247362 | (53) |
| Morgan Stanley Capital | 1/18/2023 | USD | 728067 | NOK | 7308913 | (18596) |
| Morgan Stanley Capital | 1/18/2023 | USD | 230188 | NZD | 386183 | (15070) |
| Morgan Stanley Capital | 2/3/2023 | USD | 301832 | NZD | 480037 | (3103) |
| Morgan Stanley Capital | 1/18/2023 | USD | 396119 | SGD | 532838 | (1858) |
| Royal Bank of Canada, Toronto | 1/18/2023 | CAD | 67500 | JPY | 7034985 | (3888) |
| Royal Bank of Canada, Toronto | 1/18/2023 | CAD | 2373872 | USD | 1742936 | 10458 |
| Royal Bank of Canada, Toronto | 1/18/2023 | EUR | 332126 | GBP | 292579 | 2109 |
| Royal Bank of Canada, Toronto | 1/18/2023 | JPY | 27253783 | USD | 206364 | 1847 |
| Royal Bank of Canada, Toronto | 1/18/2023 | NZD | 357265 | AUD | 332500 | 323 |
| Royal Bank of Canada, Toronto | 1/18/2023 | NZD | 665287 | CAD | 575784 | (2774) |
| Royal Bank of Canada, Toronto | 1/18/2023 | SGD | 1091366 | USD | 784688 | 30454 |
| Royal Bank of Canada, Toronto | 1/18/2023 | USD | 2967435 | CAD | 4027168 | (7120) |
| Royal Bank of Canada, Toronto | 1/18/2023 | USD | 508473 | EUR | 483259 | (9543) |
| Royal Bank of Canada, Toronto | 1/18/2023 | USD | 333750 | JPY | 49335092 | (43157) |
| Royal Bank of Canada, Toronto | 1/18/2023 | USD | 972544 | MXN | 19922735 | (45998) |
| Royal Bank of Canada, Toronto | 1/18/2023 | USD | 482089 | NZD | 801431 | (26887) |
| Royal Bank of Canada, Toronto | 1/18/2023 | USD | 790094 | SGD | 1094325 | (27258) |

---

See Notes to Financial Statements.<br> 231

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Forward Foreign Currency Contracts (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_232.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement <br> Date | Fund <br> Receiving | Amount Of <br> Currency To <br> Be Received In <br> Local Currency | Fund <br> Delivering | Amount Of <br> Currency To Be <br> Delivered In <br> Local Currency | Unrealized <br> Appreciation <br> (Depreciation) |
| Standard Chartered Securities N.A. | 1/18/2023 | CAD | 65000 | JPY | 6781226 | $(3796) |
| Standard Chartered Securities N.A. | 1/18/2023 | GBP | 1438633 | USD | 1691914 | 48261 |
| Standard Chartered Securities N.A. | 1/18/2023 | JPY | 6829225 | CAD | 65000 | 4163 |
| Standard Chartered Securities N.A. | 1/18/2023 | USD | 43312 | AUD | 67500 | (2683) |
| Standard Chartered Securities N.A. | 1/18/2023 | USD | 996875 | CAD | 1364357 | (10869) |
| Standard Chartered Securities N.A. | 1/18/2023 | USD | 332826 | EUR | 331667 | (22695) |
| Standard Chartered Securities N.A. | 1/18/2023 | USD | 656650 | GBP | 598500 | (67297) |
| Standard Chartered Securities N.A. | 2/3/2023 | USD | 28846 | JPY | 3931252 | (1253) |
| Standard Chartered Securities N.A. | 1/13/2023 | USD | 277018 | MXN | 5402414 | 531 |
| Standard Chartered Securities N.A. | 2/3/2023 | USD | 1558 | SEK | 16169 | 5 |
| State Street Bank, Boston | 1/18/2023 | AUD | 139501 | NZD | 148407 | 807 |
| State Street Bank, Boston | 1/18/2023 | AUD | 67500 | USD | 42084 | 3912 |
| State Street Bank, Boston | 2/3/2023 | AUD | 2433657 | USD | 1642324 | 17128 |
| State Street Bank, Boston | 1/18/2023 | CAD | 1077164 | USD | 787050 | 8567 |
| State Street Bank, Boston | 2/3/2023 | CAD | 1325826 | USD | 980263 | (878) |
| State Street Bank, Boston | 2/3/2023 | CHF | 938263 | USD | 1012264 | 6568 |
| State Street Bank, Boston | 1/18/2023 | COP | 877270262 | USD | 183453 | (3170) |
| State Street Bank, Boston | 1/18/2023 | EUR | 332126 | GBP | 292063 | 2733 |
| State Street Bank, Boston | 1/18/2023 | EUR | 67500 | MXN | 1386180 | 1487 |
| State Street Bank, Boston | 2/3/2023 | EUR | 401871 | USD | 428527 | 2734 |
| State Street Bank, Boston | 2/3/2023 | GBP | 627349 | USD | 755840 | 3332 |
| State Street Bank, Boston | 1/18/2023 | JPY | 84276294 | USD | 574419 | 69429 |
| State Street Bank, Boston | 2/3/2023 | JPY | 4369044 | USD | 33241 | 210 |
| State Street Bank, Boston | 1/13/2023 | MXN | 3444498 | USD | 177126 | (842) |
| State Street Bank, Boston | 2/3/2023 | NZD | 528604 | USD | 329857 | 5928 |
| State Street Bank, Boston | 1/18/2023 | SGD | 846082 | USD | 597556 | 34383 |
| State Street Bank, Boston | 1/18/2023 | USD | 42072 | AUD | 65000 | (2220) |
| State Street Bank, Boston | 2/3/2023 | USD | 1321655 | AUD | 1954487 | (11062) |
| State Street Bank, Boston | 1/18/2023 | USD | 1814197 | CAD | 2469165 | (9582) |
| State Street Bank, Boston | 2/3/2023 | USD | 89641 | CAD | 122132 | (577) |
| State Street Bank, Boston | 2/3/2023 | USD | 1501925 | CHF | 1388098 | (5369) |

---

See Notes to Financial Statements.<br> 232

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Forward Foreign Currency Contracts (Continued)**  | ***December 31, 2022*** | ![](fp0081225-2_233.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement <br> Date | Fund <br> Receiving | Amount Of <br> Currency To <br> Be Received In <br> Local Currency | Fund <br> Delivering | Amount Of <br> Currency To Be <br> Delivered In <br> Local Currency | Unrealized <br> Appreciation <br> (Depreciation) |
| State Street Bank, Boston | 1/18/2023 | USD | 1165518 | EUR | 1136039 | $(52227) |
| State Street Bank, Boston | 2/3/2023 | USD | 761032 | GBP | 629273 | (468) |
| State Street Bank, Boston | 1/18/2023 | USD | 240485 | JPY | 35071661 | (27453) |
| State Street Bank, Boston | 2/3/2023 | USD | 307677 | JPY | 40548125 | (2778) |
| State Street Bank, Boston | 1/13/2023 | USD | 371185 | MXN | 7266260 | (691) |
| State Street Bank, Boston | 2/3/2023 | USD | 332951 | NZD | 530294 | (3909) |
| State Street Bank, Boston | 1/18/2023 | USD | 795635 | SGD | 1109562 | (33097) |
| UBS AG, Stamford | 1/18/2023 | CAD | 835993 | USD | 622936 | (5453) |
| UBS AG, Stamford | 1/18/2023 | EUR | 1147009 | USD | 1167851 | 61654 |
| UBS AG, Stamford | 1/18/2023 | JPY | 7004400 | CAD | 67500 | 3655 |
| UBS AG, Stamford | 1/18/2023 | USD | 238919 | CAD | 327233 | (2783) |
| UBS AG, Stamford | 1/18/2023 | USD | 4953348 | EUR | 4889463 | (287776) |
| UBS AG, Stamford | 1/18/2023 | USD | 240485 | JPY | 34835623 | (25649) |
| UBS AG, Stamford | 1/18/2023 | USD | 65000 | NOK | 672870 | (3739) |
| UBS AG, Stamford | 1/18/2023 | USD | 584588 | NZD | 1000575 | (50861) |
| UBS AG, Stamford | 1/18/2023 | USD | 380818 | SGD | 535313 | (19007) |
|  |  |  |  |  |  | $(755517) |
| AUD — Australian Dollar |  |  |  |  |  |  |
| BRL — Brazillian Real |  |  |  |  |  |  |
| CAD — Canadian Dollar |  |  |  |  |  |  |
| CHF — Swiss Franc |  |  |  |  |  |  |
| COP — Colombian Peso |  |  |  |  |  |  |
| EUR — Euro |  |  |  |  |  |  |
| GBP — British Pound |  |  |  |  |  |  |
| JPY — Japanese Yen |  |  |  |  |  |  |
| MXN — Mexican Peso |  |  |  |  |  |  |
| NOK — Norwegian Krone |  |  |  |  |  |  |
| NZD — New Zealand Dollar |  |  |  |  |  |  |
| SEK — Swedish Krona |  |  |  |  |  |  |
| SGD — Singpore Dollar |  |  |  |  |  |  |
| USD — U.S. Dollar |  |  |  |  |  |  |

---

See Notes to Financial Statements.<br> 233

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Written Options** | ***December 31, 2022*** | ![](fp0081225-2_234.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| WRITTEN OPTIONS | Counterparty | Contracts | Notional <br> Amount | Value |
| **Currency Call Options** | **Currency Call Options** |  |  |  |
| British Pound, 1/19/23 at 1.065 | Morgan Stanley Capital | 736925 | $736925 | $(13) |
| Japanese Yen, 9/9/27 at 140.00 | Bank of America, San Francisco | 529300 | 529300 | (6039) |
| Japanese Yen, 9/9/27 at 140.00 | BNP Paribas Brokerage Services, Inc. | 529300 | 529300 | (6039) |
| Mexican Peso, 4/26/23 at 20.60 | Bank of America, San Francisco | 737000 | 737000 | (10995) |
| Mexican Peso, 4/26/23 at 20.60 | Morgan Stanley Capital | 737000 | 737000 | (10994) |
|  |  |  | 3269525 | (34080) |
| **Currency Put Options** | **Currency Put Options** |  |  |  |
| Japanese Yen, 4/5/23 at 112.75 | Goldman Sachs Bank, USA | 2100000 | $2100000 | $(4278) |
| Mexican Peso, 4/26/23 at 20.00 | Bank of America, San Francisco | 737000 | 737000 | (20717) |
| Mexican Peso, 4/26/23 at 20.00 | Morgan Stanley Capital | 737000 | 737000 | (20716) |
|  |  |  | 3574000 | (45711) |
| **Total Written Options (Premiums Received $128,379)** | **Total Written Options (Premiums Received $128,379)** |  | $6843525 | $(79791) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Interest Rate Swaptions** | ***December 31, 2022*** | ![](fp0081225-2_234a.jpg) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Exercise<br> Rate | Expiration<br> Date | Notional <br> Amount | Value | Upfront<br> Premium<br> Received | Unrealized <br> Appreciation <br> (Depreciation) |
| **Calls Purchased** |  |  |  |  |  |  |  |
| Barclays Capital, Inc. | Interest Rate, SOFR | 0.000% | 06/03/2027 | $775000 | $(699) | $— | $(699) |
| Barclays Capital, Inc. | Interest Rate, SOFR | 0.000% | 06/14/2027 | 775000 | (713) |  | (713) |
| **Calls Written** |  |  |  |  |  |  |  |
| Barclays Capital, Inc. | Interest Rate, SOFR | 3.790% | 05/10/2023 | 3498000 | (134232) | 100917 | (33315) |
| Deutsche Bank, London | Interest Rate, SOFR | 2.750% | 06/30/2027 | 9919300 | (4384) |  | (4384) |
| Deutsche Bank, London | Interest Rate, SOFR | 3.820% | 05/09/2023 | 1749000 | (69773) | 50196 | (19577) |
| Goldman Sachs Bank, USA | Interest Rate, SOFR | 2.940% | 12/15/2023 | 874000 | (19530) | 32688 | 13158 |
| JPMChase, New York | Interest Rate, SOFR | 2.995% | 06/07/2023 | 1749000 | (97648) | 53607 | (44041) |
| Morgan Stanley Capital | Interest Rate, SOFR | 3.815% | 05/09/2023 | 3498000 | (138584) | 99868 | (38716) |

---

See Notes to Financial Statements.<br> 234

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Interest Rate Swaptions (Continued)** | ***December 31, 2022*** | ![](fp0081225-2_235.jpg) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Exercise<br> Rate | Expiration<br> Date | Notional <br> Amount | Value | Upfront<br> Premium<br> Received | Unrealized <br> Appreciation <br> (Depreciation) |
| **Puts Written** |  |  |  |  |  |  |  |
| Bank of America, San Francisco | Interest Rate, SOFR | 3.880% | 05/09/2023 | $3498000 | $(50088) | $102798 | $52710 |
| Bank of America, San Francisco | Interest Rate, SOFR | 3.880% | 05/09/2023 | 3498000 | (151348) | 102797 | (48551) |
| Barclays Capital, Inc. | Interest Rate, SOFR | 0.000% | 05/25/2027 | 2436500 | (11650) |  | (11650) |
| Barclays Capital, Inc. | Interest Rate, SOFR | 3.790% | 05/10/2023 | 3498000 | (58564) | 100917 | 42353 |
| Deutsche Bank, London | Interest Rate, SOFR | 2.750% | 06/30/2027 | 9919300 | (42613) |  | (42613) |
| Deutsche Bank, London | Interest Rate, SOFR | 3.820% | 05/09/2023 | 1749000 | (27722) | 50196 | 22474 |
| Goldman Sachs Bank, USA | Interest Rate, SOFR | 2.940% | 12/15/2023 | 874000 | (52843) | 32688 | (20155) |
| JPMChase, New York | Interest Rate, SOFR | 4.250% | 11/15/2027 | 4211000 | (47066) | 41373 | (5693) |
| JPMChase, New York | Interest Rate, SOFR | 2.995% | 06/07/2023 | 1749000 | (20262) | 53607 | 33345 |
| Morgan Stanley Capital | Interest Rate, SOFR | 3.815% | 05/09/2023 | 3498000 | (55909) | 99868 | 43959 |
| **Total Interest Rate Swaptions** | **Total Interest Rate Swaptions** | **Total Interest Rate Swaptions** | **Total Interest Rate Swaptions** | **Total Interest Rate Swaptions** | $(983628) | $921520 | $(62108) |

---

SOFR — Secured Overnight Financing Rate.

See Notes to Financial Statements.<br> 235

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Centrally Cleared Credit Default Swaps** | ***December 31, 2022*** | ![](fp0081225-2_236.jpg) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference <br> Entity | Protection | Pay <br> Fixed <br> Rate | Termination <br> Date | Payment <br> Frequency | Notional <br> Amount | Value | Premium <br> Paid <br> (Received) | Unrealized <br> Depreciation |
| Morgan Stanley Capital | Prudential Financial, Inc. | Buy | 1.000% | 12/20/2024 | Quarterly | 445000 | $(5392) | $(4916) | $(476) |
| Morgan Stanley Capital | CDX North American High Yield Index | Buy | 5.000% | 12/20/2027 | Quarterly | 2090000 | 8689 | 24335 | (15646) |
| **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | **Total Credit Default Swap Contracts** | $3297 | $19419 | $(16122) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Centrally Cleared Interest Rate Swaps** | ***December 31, 2022*** | ![](fp0081225-2_236a.jpg) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay <br> (Receive)<br> Floating <br> Rate | Pay <br> (Receive) <br> Fixed Rate | Termination <br> Date | Payment <br> Frequency | Notional <br> Value | Value | Unrealized <br> Appreciation <br> (Depreciation) |
| Morgan Stanley Capital | SOFR | (3.393%) | 08/25/2024 | Annually | $7700000 | $(150901) | $(150901) |
| Morgan Stanley Capital | SOFR | (3.483%) | 05/10/2033 | Annually | 1311853 | (2446) | (2446) |
| Morgan Stanley Capital | SOFR | (3.475%) | 05/10/2033 | Annually | 874569 | (2135) | (2135) |
| Morgan Stanley Capital | SOFR | (3.473%) | 05/10/2033 | Annually | 874578 | (2334) | (2334) |
| Morgan Stanley Capital | SOFR | (3.289%) | 05/10/2033 | Annually | 961840 | (17122) | (17122) |
| Morgan Stanley Capital | SOFR | (3.345%) | 05/10/2033 | Annually | 564000 | (7431) | (7431) |
| Morgan Stanley Capital | SOFR | (3.212%) | 05/11/2033 | Annually | 525000 | (12641) | (12641) |
| Morgan Stanley Capital | SOFR | (3.172%) | 05/11/2033 | Annually | 437330 | (11969) | (11969) |
| Morgan Stanley Capital | SOFR | (3.129%) | 05/11/2033 | Annually | 437331 | (13499) | (13499) |
| Morgan Stanley Capital | SOFR | (3.105%) | 05/11/2033 | Annually | 874000 | (28758) | (28758) |

---

See Notes to Financial Statements.<br> 236

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Centrally Cleared Interest Rate Swaps (Continued)** | ***December 31, 2022*** | ![](fp0081225-2_237.jpg) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay <br> (Receive)<br> Floating <br> Rate | Pay <br> (Receive) <br> Fixed Rate | Termination <br> Date | Payment <br> Frequency | Notional <br> Value | Value | Unrealized <br> Appreciation <br> (Depreciation) |
| Morgan Stanley Capital | SOFR | (3.154%) | 05/10/2033 | Annually | $525000 | $(15182) | $(15182) |
| Morgan Stanley Capital | SOFR | (3.094%) | 05/10/2033 | Annually | 525000 | (17759) | (17759) |
| Morgan Stanley Capital | (SOFR) | 3.226% | 05/10/2033 | Annually | 1084000 | 24895 | 24895 |
| Morgan Stanley Capital | SOFR | (3.076%) | 05/10/2033 | Annually | 437353 | (15459) | (15459) |
| Morgan Stanley Capital | SOFR | (3.067%) | 05/10/2033 | Annually | 612294 | (22071) | (22071) |
| Morgan Stanley Capital | SOFR | (3.114%) | 05/10/2033 | Annually | 394000 | (12688) | (12688) |
| Morgan Stanley Capital | (SOFR) | 3.209% | 05/10/2033 | Annually | 1049000 | 25583 | 25583 |
| Morgan Stanley Capital | (SOFR) | 3.269% | 05/10/2033 | Annually | 656000 | 12756 | 12756 |
| Morgan Stanley Capital | (SOFR) | 3.297% | 05/10/2033 | Annually | 424000 | 7247 | 7247 |
| Morgan Stanley Capital | (SOFR) | 3.372% | 05/10/2033 | Annually | 700000 | 7663 | 7663 |
| Morgan Stanley Capital | (SOFR) | 3.443% | 05/17/2033 | Annually | 533000 | 2559 | 2559 |
| Morgan Stanley Capital | (SOFR) | 3.465% | 05/17/2033 | Annually | 787000 | 2362 | 2362 |
| Morgan Stanley Capital | (SOFR) | 3.515% | 05/17/2033 | Annually | 582000 | (659) | (659) |
| Morgan Stanley Capital | SOFR | (3.456%) | 05/17/2033 | Annually  | 665000 | (2515) | (2515) |
| **Total Interest Rate Swap Contracts** | **Total Interest Rate Swap Contracts** | **Total Interest Rate Swap Contracts** | **Total Interest Rate Swap Contracts** | **Total Interest Rate Swap Contracts** | **Total Interest Rate Swap Contracts** | **Total Interest Rate Swap Contracts** | $(252504) |

---

SOFR — Secured Overnight Financing Rate.

See Notes to Financial Statements.<br> 237

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Schedule of Over the Counter Exchange Rate Volatility Swaps** | ***December 31, 2022*** | ![](fp0081225-2_238.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Termination <br> Date | Strike<br> Price | Notional <br> Value | Value | Unrealized <br> Appreciation |
| Morgan Stanley Capital | USD/CNH | 06/16/2023 | 6.350 | $1603000 | $— | $— |
| **Total Exchange Rate Volatility Swaps** | **Total Exchange Rate Volatility Swaps** | **Total Exchange Rate Volatility Swaps** | **Total Exchange Rate Volatility Swaps** | **Total Exchange Rate Volatility Swaps** | $— | $— |

---

CNH — Chinese Renminbi

See Notes to Financial Statements.<br> 238

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Statements of Assets and Liabilities** <br>***December 31, 2022*** | ![](fp0081225-2_239.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | **LARGE <br> COMPANY <br> GROWTH <br> PORTFOLIO** | **LARGE <br> COMPANY <br> VALUE <br> PORTFOLIO** |
| **ASSETS:** |  |  |
| Unaffiliated investments, at value\* (Note 2)  | $180963885 | $152001106 |
| Investments in affiliated registered investment companies, at value (Note 6)  | 7987630 | 7211274 |
| Cash and cash equivalents  | 9862722 | 8511147 |
| Cash proceeds from securities lending (Note 8)  | 25869 | 123601 |
| Margin deposits for futures contracts  | 177125 | 153850 |
| Margin deposits for swap contracts  | 2613052 | 972388 |
| Receivable for capital shares sold  | 1116234 | 435754 |
| Receivable for investment securities sold  | 557958 | 37072 |
| Net unrealized appreciation on swap contracts  |  | 397322 |
| Net variation margin receivable on futures contracts  | 9594 | 8109 |
| Net variation margin receivable on swap contracts  | 5041 | 3912 |
| Securities lending income receivable  | 66 | 76 |
| Dividends and interest receivable  | 210243 | 321340 |
| Foreign withholding tax reclaims receivable  | 16794 | 13196 |
| Other assets  | 27546 | 23667 |
| &nbsp;&nbsp;&nbsp;Total Assets  | 203573759 | 170213814 |
| **LIABILITIES:** |  |  |
| Payable upon return of securities loaned (Note 8)  | 25869 | 123601 |
| Payable for capital shares redeemed  | 392482 | 50912 |
| Payable for investment securities purchased  | 2209748 | 114936 |
| Net unrealized depreciation on swap contracts  | 1657531 |  |
| Investment advisory fees payable (Note 3)  | 144716 | 105595 |
| Distribution fees payable (Note 4)  | 18363 | 298 |
| Shareholder service fees payable (Note 4)  | 15962 | 7497 |
| Administration fees payable  | 22058 | 18552 |
| Foreign withholding tax payable  |  | 457 |
| Accrued interest expense (Note 5)  | 585 | 920 |
| Accrued expenses and other payables  | 54521 | 52437 |
| &nbsp;&nbsp;&nbsp;Total Liabilities  | 4541835 | 475205 |
| **NET ASSETS**  | $199031924 | $169738609 |
| \* Includes value of securities on loan  | $25119 | $119620 |

---

See Notes to Financial Statements.<br> 239

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Statements of Assets and Liabilities - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_240.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | **LARGE <br> COMPANY <br> GROWTH <br> PORTFOLIO** | **LARGE <br> COMPANY <br> VALUE <br> PORTFOLIO** |
| **NET ASSETS CONSIST OF:** |  |  |
| Paid-in capital  | $189349893 | $166194082 |
| Distributable earnings  | 9682031 | 3544527 |
| **NET ASSETS**  | $199031924 | $169738609 |
| **NET ASSET VALUE PER SHARE:** |  |  |
| **INVESTMENT CLASS**  |  |  |
| Net assets applicable to Investment Class  | $51109686 | $4028137 |
| Investment Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)  | 2018466 | 225786 |
| Net asset value, offering and redemption price per share  | $25.32 | $17.84 |
| **INSTITUTIONAL CLASS**  |  |  |
| Net assets applicable to Institutional Class  | $147922238 | $165710472 |
| Institutional Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)  | 4860764 | 9383499 |
| Net asset value, offering and redemption price per share  | $30.43 | $17.66 |
| Unaffiliated investments, at cost (Note 2)  | $154440590 | $144812261 |
| Investments in affiliated registered investment companies, at cost (Note 6)  | $8882573 | $8309520 |

---

See Notes to Financial Statements.<br> 240

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Statements of Assets and Liabilities - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_241.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SMALL <br> COMPANY <br> GROWTH <br> PORTFOLIO** | **SMALL <br> COMPANY <br> VALUE <br> PORTFOLIO** | **WILSHIRE <br> 5000 <br> INDEX<sup>SM</sup>** **<br> FUND** |
| **ASSETS:** |  |  |  |
| Unaffiliated investments, at value\* (Note 2)  | $21978710 | $24206486 | $197635337 |
| Cash and cash equivalents  | 536246 | 277440 | 1624149 |
| Cash proceeds from securities lending (Note 8)  | 354908 | 58102 | 1039050 |
| Receivable for capital shares sold  | 40768 | 2477 | 134405 |
| Receivable for investment securities sold  | 30823 | 8230 |  |
| Securities lending income receivable  | 451 | 63 | 2177 |
| Dividends and interest receivable  | 6867 | 28961 | 190319 |
| Foreign withholding tax reclaims receivable  |  | 35 | 728 |
| Other assets  | 14591 | 14837 | 34962 |
| &nbsp;&nbsp;&nbsp;Total Assets  | 22963364 | 24596631 | 200661127 |
| **LIABILITIES:** |  |  |  |
| Payable upon return of securities loaned (Note 8)  | 354908 | 58102 | 1039050 |
| Payable for capital shares redeemed  | 17082 | 10688 | 7378 |
| Payable for investment securities purchased  | 46040 | 13211 |  |
| Investment advisory fees payable (Note 3)  | 2673 | 5569 | 17367 |
| Distribution fees payable (Note 4)  | 13656 | 320 | 23704 |
| Shareholder service fees payable (Note 4)  | 3283 | 2472 |  |
| Administration fees payable  | 5768 | 6318 | 24830 |
| Foreign withholding tax payable  |  | 24 | 27 |
| Accrued interest expense (Note 5)  | 138 | 106 | 111 |
| Accrued expenses and other payables  | 36852 | 37993 | 52518 |
| &nbsp;&nbsp;&nbsp;Total Liabilities  | 480400 | 134803 | 1164985 |
| **NET ASSETS**  | $22482964 | $24461828 | $199496142 |
| \* Includes fair value of securities on loan  | $346842 | $56620 | $1014354 |

---

See Notes to Financial Statements.<br> 241

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Statements of Assets and Liabilities - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_242.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SMALL <br> COMPANY <br> GROWTH <br> PORTFOLIO** | **SMALL <br> COMPANY <br> VALUE <br> PORTFOLIO** | **WILSHIRE <br> 5000 <br> INDEX<sup>SM</sup>** **<br> FUND** |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid-in capital  | $25062133 | $21861638 | $64000428 |
| Distributable earnings (Accumulated losses)  | (2579169) | 2600190 | 135495714 |
| **NET ASSETS**  | $22482964 | $24461828 | $199496142 |
| **NET ASSET VALUE PER SHARE:** |  |  |  |
| **INVESTMENT CLASS**  |  |  |  |
| Net assets applicable to Investment Class  | $5938481 | $5188689 | $157123697 |
| Investment Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)  | 430627 | 228688 | 6929216 |
| Net asset value, offering and redemption price per share  | $13.79 | $22.69 | $22.68 |
| **INSTITUTIONAL CLASS**  |  |  |  |
| Net assets applicable to Institutional Class  | $16544483 | $19273139 | $42372445 |
| Institutional Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)  | 997712 | 826485 | 1867473 |
| Net asset value, offering and redemption price per share  | $16.58 | $23.32 | $22.69 |
| Unaffiliated investments, at cost (Note 2)  | $21431317 | $22024761 | $62584430 |

---

See Notes to Financial Statements.<br> 242

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Statements of Assets and Liabilities - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_243.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | **WILSHIRE<br> INTERNATIONAL<br> EQUITY<br> FUND** | **WILSHIRE<br> INCOME<br> OPPORTUNITIES<br> FUND** |
| **ASSETS:** |  |  |
| Unaffiliated investments, at value\* (Note 2)  | $199046545 | $211813045 |
| Investments in affiliated registered investment companies, at value (Note 6)  | 7580341 | 7522664 |
| Cash and cash equivalents  | 9542302 | 15087450 |
| Foreign currency, at value  | 59539 | 104191 |
| Cash proceeds from securities lending (Note 8)  | 108168 | 2644235 |
| Due from custodian  |  | 56692 |
| Margin deposits for futures contracts  | 184925 | 455675 |
| Margin deposits for swap contracts  | 592744 | 1002538 |
| Receivable for capital shares sold  | 10610 | 116352 |
| Receivable for investment securities sold  | 154982 | 510818 |
| Net unrealized appreciation on swap contracts  | 4206287 |  |
| Unrealized appreciation on swaption contracts  |  | 207999 |
| Unrealized appreciation on forward foreign currency contracts (Note 7)  |  | 1366524 |
| Net variation margin receivable on futures contracts  | 10055 |  |
| Net variation margin receivable on swap contracts  | 5229 | 3772 |
| Securities lending income receivable  | 216 | 3015 |
| Dividends and interest receivable  | 670058 | 2015138 |
| Foreign withholding tax reclaims receivable  | 1004587 | 12250 |
| Other assets  | 34160 | 21854 |
| &nbsp;&nbsp;&nbsp;Total Assets  | 223210748 | 242944212 |
| **LIABILITIES:** |  |  |
| Options written, at value  |  | 79791 |
| Swaption premium received  |  | 921520 |
| Due to broker  |  | 4197 |
| Payable upon return of securities loaned (Note 8)  | 108168 | 2644235 |
| Payable for capital shares redeemed  | 140510 | 68620 |
| Payable for investment securities purchased  | 593022 | 3348830 |
| Unrealized depreciation on swaption contracts  |  | 270107 |
| Unrealized depreciation on forward foreign currency contracts (Note 7)  |  | 2122041 |
| Net variation margin payable on futures contracts  |  | 700 |
| Investment advisory fees payable (Note 3)  | 157748 | 102645 |
| Distribution fees payable (Note 4)  | 71 | 32 |
| Shareholder service fees payable (Note 4)  | 9350 | 11669 |
| Administration fees payable  | 26477 | 26181 |
| Foreign withholding tax payable  | 65272 | 6371 |
| Accrued interest expense (Note 5)  | 1007 |  |
| Accrued expenses and other payables  | 109402 | 117718 |
| &nbsp;&nbsp;&nbsp;Total Liabilities  | 1211027 | 9724657 |
| **NET ASSETS**  | $221999721 | $233219555 |
| **\* Includes value of securities on loan**  | $102560 | $2535158 |

---

See Notes to Financial Statements.<br> 243

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Statements of Assets and Liabilities - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_244.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | **WILSHIRE<br> INTERNATIONAL<br> EQUITY<br> FUND** | **WILSHIRE<br> INCOME<br> OPPORTUNITIES<br> FUND** |
| **NET ASSETS CONSIST OF:** |  |  |
| Paid-in capital  | $217685457 | $276301058 |
| Distributable earnings (Accumulated losses)  | 4314264 | (43081503) |
| **NET ASSETS**  | $221999721 | $233219555 |
| **NET ASSET VALUE PER SHARE:** |  |  |
| **INVESTMENT CLASS**  |  |  |
| Net assets applicable to Investment Class  | $1036365 | $515761 |
| Investment Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share) †  | 110727 | 59577 |
| Net asset value, offering and redemption price per share <sup>(a)</sup>  | $9.36 | $8.66 |
| **INSTITUTIONAL CLASS**  |  |  |
| Net assets applicable to Institutional Class  | $220963356 | $232703794 |
| Institutional Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share) †  | 23900331 | 27129013 |
| Net asset value, offering and redemption price per share <sup>(a)</sup>  | $9.25 | $8.58 |
| Unaffiliated investments, at cost (Note 2)  | $190849964 | $240619909 |
| Investments in affiliated registered investment companies, at cost (Note 5)  | $8406257 | $8581911 |
| Foreign currency, at cost  | $61420 | $102088 |
| Premiums received for options written  | $— | $128379 |

---

---

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

---

See Notes to Financial Statements.<br> 244

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Statements of Operations** <br>***For the Year Ended December 31, 2022*** | ![](fp0081225-2_245.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | **LARGE <br> COMPANY <br> GROWTH <br> PORTFOLIO** | **LARGE <br> COMPANY <br> VALUE <br> PORTFOLIO** |
| **INVESTMENT INCOME:** |  |  |
| Dividends  | $1547798 | $2691053 |
| Dividends from affiliated registered investment companies (Note 6)  | 456354 | 408080 |
| Interest  | 688747 | 521267 |
| Income from securities lending (Note 8)  | 333 | 847 |
| Foreign taxes withheld  | (2936) | (23753) |
| &nbsp;&nbsp;&nbsp;Total income  | 2960296 | 3597494 |
| **EXPENSES:** |  |  |
| Investment advisory fee (Note 3)  | 1740703 | 1415178 |
| Shareholder service fees (Note 4)  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class  | 81525 | 79418 |
| &nbsp;&nbsp;&nbsp;Investment Class  | 78769 | 3349 |
| Distribution (12b-1) fees (Note 4)  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Class  | 151380 | 12559 |
| Administration and accounting fees (Note 3)  | 131316 | 111774 |
| Directors' fees and expenses (Note 3)  | 68679 | 54990 |
| Professional fees  | 51948 | 47454 |
| Pricing costs  | 43700 | 49414 |
| Registration and filing fees  | 41184 | 39597 |
| Transfer agent fees (Note 3)  | 40014 | 32332 |
| Printing expense  | 37613 | 28288 |
| Custodian fees (Note 3)  | 20602 | 31799 |
| Insurance expense  | 18699 | 14966 |
| Other  | 10384 | 10366 |
| Interest expense (Note 5)  | 2458 | 1577 |
| Previous investment advisory fee reductions and expense reimbursements recouped by the Investment Adviser (Note 3)  | 2542 |  |
| &nbsp;&nbsp;&nbsp;Total expenses  | 2521516 | 1933061 |
| Fees reduced and/or expenses reimbursed by Investment Adviser (Note 3)  | (10446) | (30491) |
| Fees paid indirectly (Note 4)  | (375) | (82) |
| &nbsp;&nbsp;&nbsp;Net expenses  | 2510695 | 1902488 |
| **Net investment income**  | 179601 | 1695006 |

---

See Notes to Financial Statements.<br> 245

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Statements of Operations - (Continued)** <br>***For the Year Ended December 31, 2022*** | ![](fp0081225-2_246.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | **LARGE <br> COMPANY <br> GROWTH <br> PORTFOLIO** | **LARGE <br> COMPANY <br> VALUE <br> PORTFOLIO** |
| **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 2 and 6):** |  |  |
| Net realized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;Sale of unaffiliated investments  | $(5216218) | $5655108 |
| &nbsp;&nbsp;&nbsp;Sale of affiliated investment company shares  | (703523) | (550396) |
| &nbsp;&nbsp;&nbsp;Long-term capital gain distribution from affiliated registered investment companies  | 6676 | 5624 |
| &nbsp;&nbsp;&nbsp;Futures contracts  | 1586814 | 1300359 |
| &nbsp;&nbsp;&nbsp;Swap contracts  | (8024297) | (1401021) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions  |  | (7442) |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments  | (71325906) | (28925314) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated investment company shares  | (1053962) | (1134066) |
| &nbsp;&nbsp;&nbsp;Futures contracts  | 171068 | 139803 |
| &nbsp;&nbsp;&nbsp;Swap contracts  | (7755707) | (2810967) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies  |  | (178) |
| **Net realized and unrealized losses on investments and foreign currency transactions**  | (92315055) | (27728490) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS**  | $(92135454) | $(26033484) |

---

See Notes to Financial Statements.<br> 246

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Statements of Operations - (Continued)** <br>***For the Year Ended December 31, 2022*** | ![](fp0081225-2_247.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SMALL <br> COMPANY <br> GROWTH <br> PORTFOLIO** | **SMALL <br> COMPANY <br> VALUE <br> PORTFOLIO** | **WILSHIRE <br> 5000 <br> INDEX<sup>SM</sup>** **<br> FUND** |
| **INVESTMENT INCOME:** |  |  |  |
| Dividends  | $154789 | $570953 | $3406777 |
| Interest  | 9009 | 3679 | 34731 |
| Income from securities lending (Note 8)  | 4405 | 1834 | 28672 |
| Foreign taxes withheld  | (413) | (760) | (195) |
| &nbsp;&nbsp;&nbsp;Total income  | 167790 | 575706 | 3469985 |
| **EXPENSES:** |  |  |  |
| Investment advisory fee (Note 3)  | 235093 | 248526 | 225120 |
| Shareholder service fees (Note 4)  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class  | 26007 | 25387 | 23844 |
| &nbsp;&nbsp;&nbsp;Investment Class  | 6278 | 7997 | 104301 |
| Administration and accounting fees (Note 3)  | 34894 | 38217 | 146294 |
| Registration and filing fees  | 33215 | 32817 | 44005 |
| Professional fees  | 27684 | 25081 | 47264 |
| Transfer agent fees (Note 3)  | 24741 | 24419 | 37617 |
| Printing expense  | 21483 | 16255 | 20384 |
| Custodian fees (Note 3)  | 19378 | 15867 | 23456 |
| Distribution (12b-1) fees (Note 4)  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Class  | 18509 | 14916 | 337703 |
| Pricing costs  | 15117 | 21829 | 61207 |
| Directors' fees and expenses (Note 3)  | 8401 | 8600 | 65116 |
| Insurance expense  | 2660 | 2136 | 16392 |
| Other  | 2595 | 2595 | 2649 |
| Interest expense (Note 5)  | 158 | 603 | 5177 |
| &nbsp;&nbsp;&nbsp;Total expenses  | 476213 | 485245 | 1160529 |
| Fees reduced and/or expenses reimbursed by Investment Adviser (Note 3)  | (154221) | (148103) |  |
| Fees paid indirectly (Note 4)  | (1482) | (751) |  |
| &nbsp;&nbsp;&nbsp;Net expenses  | 320510 | 336391 | 1160529 |
| **Net investment income (loss)**  | (152720) | 239315 | 2309456 |

---

See Notes to Financial Statements.<br> 247

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Statements of Operations - (Continued)** <br>***For the Year Ended December 31, 2022*** | ![](fp0081225-2_248.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SMALL <br> COMPANY <br> GROWTH <br> PORTFOLIO** | **SMALL <br> COMPANY <br> VALUE <br> PORTFOLIO** | **WILSHIRE <br> 5000 <br> INDEX<sup>SM</sup>** **<br> FUND** |
| **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 2 and 6):** |  |  |  |
| Net realized gains (losses) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Sale of unaffiliated investments  | $(2289427) | $2347919 | $8029687 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions  |  |  | 2 |
| Net change in unrealized depreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments  | (9514348) | (6186858) | (60425298) |
| Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies  |  |  | (2) |
| **Net realized and unrealized losses on investments and foreign currency transactions**  | (11803775) | (3838939) | (52395611) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS**  | $(11956495) | $(3599624) | $(50086155) |

---

See Notes to Financial Statements.<br> 248

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Statements of Operations - (Continued)** <br>***For the Year Ended December 31, 2022*** | ![](fp0081225-2_249.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | **WILSHIRE<br> INTERNATIONAL<br> EQUITY<br> FUND** | **WILSHIRE<br> INCOME<br> OPPORTUNITIES<br> FUND** |
| **INVESTMENT INCOME:** |  |  |
| Dividends  | $6564380 | $210495 |
| Dividends from affiliated registered investment companies (Note 6)  | 467013 | 1022905 |
| Interest  | 653448 | 9947228 |
| Income from securities lending (Note 7)  | 2714 | 15241 |
| Foreign taxes withheld  | (770487) | (17793) |
| &nbsp;&nbsp;&nbsp;Total income  | 6917068 | 11178076 |
| **EXPENSES:** |  |  |
| Investment advisory fee (Note 3)  | 2422095 | 1570012 |
| Custodian fees (Note 3)  | 295531 | 95717 |
| Administration and accounting fees (Note 3)  | 165151 | 157192 |
| Shareholder service fees (Note 4)  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class  | 102943 | 129218 |
| &nbsp;&nbsp;&nbsp;Investment Class  | 3651 | 2810 |
| Pricing costs  | 94668 | 275390 |
| Professional fees  | 90040 | 73491 |
| Directors' fees and expenses (Note 3)  | 70486 | 76132 |
| Registration and filing fees  | 42231 | 42143 |
| Transfer agent fees (Note 3)  | 35856 | 35052 |
| Printing expense  | 25029 | 26075 |
| Insurance expense  | 19111 | 20160 |
| Other  | 18576 | 11032 |
| Distribution (12b-1) fees (Note 4)  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Class  | 5613 | 4119 |
| Interest expense (Note 2)  | 5332 | 57 |
| &nbsp;&nbsp;&nbsp;Total expenses  | 3396313 | 2518600 |
| Fees reduced and/or expenses reimbursed by Investment Adviser (Note 3)  | (359553) | (159407) |
| Fees paid indirectly (Note 4)  | (4667) |  |
| &nbsp;&nbsp;&nbsp;Net expenses  | 3032093 | 2359193 |
| **Net investment income**  | 3884975 | 8818883 |

---

See Notes to Financial Statements.<br> 249

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Statements of Operations - (Continued)** <br>***For the Year Ended December 31, 2022*** | ![](fp0081225-2_250.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | **WILSHIRE<br> INTERNATIONAL<br> EQUITY<br> FUND** | **WILSHIRE<br> INCOME<br> OPPORTUNITIES<br> FUND** |
| **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 2 and 6):** |  |  |
| Net realized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;Sale of unaffiliated investments  | $(2188149) | $(9315496) |
| &nbsp;&nbsp;&nbsp;Foreign capital gains tax  | (80572) |  |
| &nbsp;&nbsp;&nbsp;Sale of affiliated registered investment company shares  | (755481) | (2475758) |
| &nbsp;&nbsp;&nbsp;Long-term capital gain distribution from affiliated registered investment companies  | 6302 | 21879 |
| &nbsp;&nbsp;&nbsp;Futures contracts  | 1623370 | (513926) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency contracts  |  | 1256576 |
| &nbsp;&nbsp;&nbsp;Option contracts written  |  | 164386 |
| &nbsp;&nbsp;&nbsp;Swap contracts  | (12394724) | (372918) |
| &nbsp;&nbsp;&nbsp;Swaption contracts  |  | 570604 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions  | (61533) | (147014) |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments  | (48526985) | (28411432) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated investment company shares  | (1069731) | (849901) |
| &nbsp;&nbsp;&nbsp;Futures contracts  | 185985 | 179284 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency contracts  |  | (919325) |
| &nbsp;&nbsp;&nbsp;Option contracts written  |  | 16854 |
| &nbsp;&nbsp;&nbsp;Swap contracts  | 3435507 | (273933) |
| &nbsp;&nbsp;&nbsp;Swaption contracts  |  | (65753) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies  | (68033) | 8080 |
| **Net realized and unrealized losses on investments and foreign currency transactions**  | (59894044) | (41127793) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS**  | $(56009069) | $(32308910) |

---

See Notes to Financial Statements.<br> 250

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Statements of Changes in Net Assets**  | ![](fp0081225-2_251.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LARGE COMPANY <br> GROWTH PORTFOLIO** | **LARGE COMPANY <br> GROWTH PORTFOLIO** | **LARGE COMPANY <br> VALUE PORTFOLIO** | **LARGE COMPANY <br> VALUE PORTFOLIO** |
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss)  | $179601 | $(879726) | $1695006 | $1249937 |
| Net realized gains (losses) on investments and foreign currency transactions  | (12357224) | 74765996 | 4996608 | 50273934 |
| Long-term capital gain distributions from registered investment companies  | 6676 | 10058 | 5624 | 23128 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies  | (79964507) | (14986694) | (32730722) | 1574564 |
| Net increase (decrease) in net assets resulting from operations  | (92135454) | 58909634 | (26033484) | 53121563 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 11):** |  |  |  |  |
| Investment Class shares  | (9109456) | (16133735) | (408074) | (624176) |
| Institutional Class shares  | (22592876) | (34585139) | (17499912) | (23610544) |
| Total distributions to shareholders  | (31702332) | (50718874) | (17907986) | (24234720) |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 9):** |  |  |  |  |
| Investment Class shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold  | 865160 | 968034 | 175518 | 316336 |
| &nbsp;&nbsp;&nbsp;Shares issued as reinvestment of distributions  | 8855669 | 15659535 | 361915 | 561711 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (9266215) | (8946272) | (1441090) | (1049643) |
| Net increase (decrease) in net assets from Investment Class share transactions  | 454614 | 7681297 | (903657) | (171596) |
| Institutional Class shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold  | 31037822 | 22374699 | 12449210 | 34484987 |
| &nbsp;&nbsp;&nbsp;Shares issued as reinvestment of distributions  | 22014433 | 33428919 | 17328955 | 23417240 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (25224210) | (39451647) | (44549949) | (50315675) |
| Net increase (decrease) in net assets from Institutional Class share transactions  | 27828045 | 16351971 | (14771784) | 7586552 |
| **Net increase (decrease) in net assets**  | (95555127) | 32224028 | (59616911) | 36301799 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of period  | 294587051 | 262363023 | 229355520 | 193053721 |
| End of period  | $199031924 | $294587051 | $169738609 | $229355520 |

---

See Notes to Financial Statements.<br> 251

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Statements of Changes in Net Assets - (Continued)**  | ![](fp0081225-2_252.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SMALL COMPANY <br> GROWTH PORTFOLIO** | **SMALL COMPANY <br> GROWTH PORTFOLIO** | **SMALL COMPANY <br> VALUE PORTFOLIO** | **SMALL COMPANY <br> VALUE PORTFOLIO** |
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss)  | $(152720) | $(292470) | $239315 | $167093 |
| Net realized gains (losses) on investments  | (2289427) | 14832854 | 2347919 | 6614240 |
| Net change in unrealized appreciation (depreciation) on investments  | (9514348) | (8848254) | (6186858) | 3689452 |
| Net increase (decrease) in net assets resulting from operations  | (11956495) | 5692130 | (3599624) | 10470785 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 11):** |  |  |  |  |
| Investment Class shares  | (1239909) | (3055210) | (554264) | (62733) |
| Institutional Class shares  | (3058605) | (7240937) | (2013229) | (350128) |
| Total distributions to shareholders  | (4298514) | (10296147) | (2567493) | (412861) |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 9):** |  |  |  |  |
| Investment Class shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold  | 98802 | 268360 | 81185 | 460415 |
| &nbsp;&nbsp;&nbsp;Shares issued as reinvestment of distributions  | 1195988 | 2923634 | 545664 | 61789 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (1633568) | (1860991) | (939008) | (557609) |
| Net increase (decrease) in net assets from Investment Class share transactions  | (338778) | 1331003 | (312159) | (35405) |
| Institutional Class shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold  | 1654370 | 2990895 | 983622 | 1650866 |
| &nbsp;&nbsp;&nbsp;Shares issued as reinvestment of distributions  | 3020962 | 7103020 | 1981113 | 345764 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (4561185) | (15918223) | (9121704) | (14903070) |
| Net increase (decrease) in net assets from Institutional Class share transactions  | 114147 | (5824308) | (6156969) | (12906440) |
| **Net decrease in net assets**  | (16479640) | (9097322) | (12636245) | (2883921) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of period  | 38962604 | 48059926 | 37098073 | 39981994 |
| End of period  | $22482964 | $38962604 | $24461828 | $37098073 |

---

See Notes to Financial Statements.<br> 252

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Statements of Changes in Net Assets - (Continued)**  | ![](fp0081225-2_253.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **WILSHIRE 5000 <br> INDEX<sup>SM</sup>** **FUND** | **WILSHIRE 5000 <br> INDEX<sup>SM</sup>** **FUND** | **WILSHIRE INTERNATIONAL <br> EQUITY FUND** | **WILSHIRE INTERNATIONAL <br> EQUITY FUND** |
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| **OPERATIONS:** |  |  |  |  |
| Net investment income  | $2309456 | $2035828 | $3884975 | $2768631 |
| Net realized gains (losses) on investments and foreign currency transactions  | 8029689 | 16428052 | (13857089) | 46489137 |
| Long-term capital gain distributions from registered investment companies  |  |  | 6302 | 7876 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies  | (60425300) | 35403175 | (46043257) | (12561481) |
| Net increase (decrease) in net assets resulting from operations  | (50086155) | 53867055 | (56009069) | 36704163 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 11):** |  |  |  |  |
| Investment Class shares  | (7866548) | (13848970) | (9677) | (543935) |
| Institutional Class shares  | (2217179) | (3992279) | (2043674) | (49759777) |
| Total distributions to shareholders  | (10083727) | (17841249) | (2053351) | (50303712) |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 9):** |  |  |  |  |
| Investment Class shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold  | 9291330 | 13878596 | 452029 | 1060987 |
| &nbsp;&nbsp;&nbsp;Shares issued as reinvestment of distributions  | 7533667 | 13296783 | 9319 | 508704 |
| &nbsp;&nbsp;&nbsp;Redemption fees (Note 2)  |  |  | 95 | 35 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (15721238) | (16985711) | (1965437) | (486162) |
| Net increase (decrease) in net assets from Investment Class share transactions  | 1103759 | 10189668 | (1503994) | 1083564 |
| Institutional Class shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold  | 31838674 | 3941879 | 21093113 | 35250331 |
| &nbsp;&nbsp;&nbsp;Shares issued as reinvestment of distributions  | 1799008 | 3508853 | 2023181 | 49330817 |
| &nbsp;&nbsp;&nbsp;Redemption fees (Note 2)  |  |  | 9238 | 3870 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (33269208) | (8215522) | (39982568) | (81516365) |
| Net increase (decrease) in net assets from Institutional Class share transactions  | 368474 | (764790) | (16857036) | 3068653 |
| **Net increase (decrease) in net assets**  | (58697649) | 45450684 | (76423450) | (9447332) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of period  | 258193791 | 212743107 | 298423171 | 307870503 |
| End of period  | $199496142 | $258193791 | $221999721 | $298423171 |

---

See Notes to Financial Statements.<br> 253

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Statements of Changes in Net Assets - (Continued)**  | ![](fp0081225-2_254.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | **WILSHIRE INCOME <br> OPPORTUNITIES FUND** | **WILSHIRE INCOME <br> OPPORTUNITIES FUND** |
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| **OPERATIONS:** |  |  |
| Net investment income  | $8818883 | $8336969 |
| Net realized gains (losses) on investments and foreign currency transactions  | (10833546) | 1451750 |
| Long-term capital gain distributions from registered investment companies  | 21879 |  |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies  | (30316126) | (7873593) |
| Net increase (decrease) in net assets resulting from operations  | (32308910) | 1915126 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 11):** |  |  |
| Investment Class shares  | (41208) | (70372) |
| Institutional Class shares  | (8881215) | (11875158) |
| Total distributions to shareholders  | (8922423) | (11945530) |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 9):** |  |  |
| Investment Class shares: |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold  | 289040 | 528790 |
| &nbsp;&nbsp;&nbsp;Shares issued as reinvestment of distributions  | 40427 | 68253 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (1659497) | (395778) |
| Net increase (decrease) in net assets from Investment Class share transactions  | (1330030) | 201265 |
| Institutional Class shares: |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold  | 15158563 | 42508646 |
| &nbsp;&nbsp;&nbsp;Shares issued as reinvestment of distributions  | 8790442 | 11777165 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (51514443) | (49779459) |
| Net increase (decrease) in net assets from Institutional Class share transactions  | (27565438) | 4506352 |
| **Net decrease in net assets**  | (70126801) | (5322787) |
| **NET ASSETS:** |  |  |
| Beginning of period  | 303346356 | 308669143 |
| End of period  | $233219555 | $303346356 |

---

See Notes to Financial Statements.<br> 254

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Growth Portfolio** <br>**Financial Highlights** | ![](fp0081225-2_255.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** |
|  | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** |
|  | **Year <br> Ended <br> 12/31/2022** | **Year <br> Ended <br> 12/31/2021** | **Year <br> Ended <br> 12/31/2020** | **Year <br> Ended <br> 12/31/2019** | **Year <br> Ended <br> 12/31/2018** |
| Net asset value, beginning of period  | $44.34 | $44.34 | $38.88 | $33.33 | $39.53 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |  |
| Net investment loss <sup>(a)</sup>  | (0.05) | (0.27) | (0.19) | (0.15) | (0.20) |
| Net realized and unrealized gains (losses) on investments  | (13.71) | 10.33 | 15.00 | 9.61 | (0.35) |
| Total from investment operations  | (13.76) | 10.06 | 14.81 | 9.46 | (0.55) |
| **Less distributions:** |  |  |  |  |  |
| From net investment income  |  |  |  |  |  |
| From realized capital gains  | (5.26) | (10.06) | (9.35) | (3.91) | (5.65) |
| Total distributions  | (5.26) | (10.06) | (9.35) | (3.91) | (5.65) |
| Net asset value, end of period  | $25.32 | $44.34 | $44.34 | $38.88 | $33.33 |
| Total return <sup>(b)</sup>  | (31.74 %) | 23.03% | 38.82% | 28.61% | (1.90%) |
| **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** |
| Net assets, end of period (in 000's)  | $51110 | $86217 | $77659 | $64470 | $56671 |
| Operating expenses after fee reductions and expense reimbursements and fees paid indirectly <sup>(c)</sup>  | 1.30 %<sup>(d)</sup> | 1.30 %<sup>(d)</sup> | 1.30 %<sup>(d)</sup> | 1.30 %<sup>(d)</sup> | 1.31% |
| Operating expenses before fee reductions and expense reimbursements and fees paid indirectly <sup>(c)(e)</sup>  | 1.31% | 1.30% | 1.31% | 1.32% | 1.31% |
| Net investment loss <sup>(f)</sup>  | (0.15 %) | (0.55 %) | (0.43 %) | (0.37 %) | (0.48%) |
| Portfolio turnover rate  | 75% | 85% | 84% | 43% | 69% |

---

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

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

<sup>(c)</sup> Ratio does not include expenses from underlying funds.

<sup>(d)</sup> The ratio of operating expenses after fee reductions and expense reimbursements includes previous investments advisory fee reductions and expense reimbursements recouped by the Investment Adviser. If this expense offset was excluded, the ratio would have been 1.30%, 1.30%, 1.30% and 1.30% for the years ended December 31, 2022, 2021, 2020, and 2019, respectively (Note 3).

<sup>(e)</sup> The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.31%, 1.30%, 1.31% 1.32%, and 1.31%, for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively (Note 4).

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

See Notes to Financial Statements.<br> 255

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Growth Portfolio** <br>**Financial Highlights - (Continued)** | ![](fp0081225-2_256.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** |
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | **Year <br> Ended <br> 12/31/2022** | **Year <br> Ended <br> 12/31/2021** | **Year <br> Ended <br> 12/31/2020** | **Year <br> Ended <br> 12/31/2019** | **Year <br> Ended <br> 12/31/2018** |
| Net asset value, beginning of period  | $51.72 | $50.18 | $42.99 | $36.41 | $42.53 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |
| Net investment income (loss) <sup>(a)</sup>  | 0.07 | (0.12) | (0.06) | (0.03) | (0.07) |
| Net realized and unrealized gains (losses) on investments <sup>(b)</sup>  | (16.06) | 11.72 | 16.65 | 10.52 | (0.40) |
| Total from investment operations  | (15.99) | 11.60 | 16.59 | 10.49 | (0.47) |
| **Less distributions:** |  |  |  |  |  |
| From net investment income  | (0.04) |  | (0.05) |  |  |
| From realized capital gains  | (5.26) | (10.06) | (9.35) | (3.91) | (5.65) |
| Total distributions  | (5.30) | (10.06) | (9.40) | (3.91) | (5.65) |
| Net asset value, end of period  | $30.43 | $51.72 | $50.18 | $42.99 | $36.41 |
| Total return <sup>(c)</sup>  | (31.53 %) | 23.42% | 39.25% | 29.02% | (1.58%) |
| **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** |
| Net assets, end of period (in 000's)  | $147922 | $208370 | $184704 | $146459 | $148029 |
| Operating expenses after fee reductions and expense reimbursements and fees paid indirectly <sup>(d)</sup>  | 1.00 %<sup>(g)</sup> | 0.97 %<sup>(g)</sup> | 0.98% | 1.00% | 0.98% |
| Operating expenses before fee reductions and expense reimbursements and fees paid indirectly <sup>(d)(e)</sup>  | 1.00% | 0.97% | 0.98% | 1.00% | 0.99% |
| Net investment income (loss) <sup>(f)</sup>  | 0.17% | (0.22 %) | (0.12%) | (0.07%) | (0.16%) |
| Portfolio turnover rate  | 75% | 85% | 84% | 43% | 69% |

---

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

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

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

<sup>(d)</sup> Ratio does not include expenses from underlying funds.

<sup>(e)</sup> The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.00%, 0.97%, 0.98%, 1.00%, and 0.99%, for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively (Note 4).

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

<sup>(g)</sup> The ratio of operating expenses after fee reductions and expense reimbursements includes previous investments advisory fee reductions and expense reimbursements recouped by the Investment Adviser. If this expense offset was excluded, the ratio would have been 1.00% and 0.97% for the years ended December 31, 2022 and 2021, respectively (Note 3).

See Notes to Financial Statements.<br> 256

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Value Portfolio** <br>**Financial Highlights** | ![](fp0081225-2_257.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** |
|  | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** |
|  | **Year <br> Ended <br> 12/31/2022** | **Year <br> Ended <br> 12/31/2021** | **Year <br> Ended <br> 12/31/2020** | **Year <br> Ended <br> 12/31/2019** | **Year <br> Ended <br> 12/31/2018** |
| Net asset value, beginning of period  | $22.29 | $19.75 | $20.11 | $17.22 | $21.18 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |
| Net investment income <sup>(a)</sup>  | 0.12 | 0.05 | 0.22 | 0.31 | 0.29 |
| Net realized and unrealized gains (losses) on investments and foreign currency transactions  | (2.62) | 4.99 | (0.39) | 3.74 | (2.73) |
| Total from investment operations  | (2.50) | 5.04 | (0.17) | 4.05 | (2.44) |
| **Less distributions:** |  |  |  |  |  |
| From net investment income  | (0.21) | (0.28) |  | (0.32) | (0.29) |
| From realized capital gains  | (1.74) | (2.22) | (0.19) | (0.84) | (1.23) |
| Total distributions  | (1.95) | (2.50) | (0.19) | (1.16) | (1.52) |
| Net asset value, end of period  | $17.84 | $22.29 | $19.75 | $20.11 | $17.22 |
| Total return <sup>(b)</sup>  | (11.46%) | 25.82% | (0.81%) | 23.63% | (11.71%) |
| **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** |
| Net assets, end of period (in 000's)  | $4029 | $6068 | $5509 | $6070 | $5137 |
| Operating expenses after fee reductions and expense reimbursements and fees paid indirectly <sup>(c)</sup>  | 1.29% | 1.32% | 1.32% | 1.26% | 1.24% |
| Operating expenses before fee reductions and expense reimbursements and fees paid indirectly <sup>(c)(d)</sup>  | 1.29% | 1.32% | 1.32% | 1.26% | 1.24% |
| Net investment income <sup>(e)</sup>  | 0.62% | 0.24% | 1.32% | 1.61% | 1.40% |
| Portfolio turnover rate  | 38% | 87% | 77% | 48% | 65% |

---

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

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

<sup>(c)</sup> Ratio does not include expenses from underlying funds.

<sup>(d)</sup> The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.29%, 1.32%, 1.32%, 1.26%, and 1.24% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively (Note 4).

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

See Notes to Financial Statements.<br> 257

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Large Company Value Portfolio** <br>**Financial Highlights - (Continued)** | ![](fp0081225-2_258.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** |
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | **Year <br> Ended <br> 12/31/2022** | **Year <br> Ended <br> 12/31/2021** | **Year <br> Ended <br> 12/31/2020** | **Year <br> Ended <br> 12/31/2019** | **Year <br> Ended <br> 12/31/2018** |
| Net asset value, beginning of period  | $22.29 | $19.56 | $19.86 | $17.01 | $20.95 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |
| Net investment income <sup>(a)</sup>  | 0.18 | 0.13 | 0.28 | 0.36 | 0.35 |
| Net realized and unrealized gains (losses) on investments and foreign currency transactions  | (2.80) | 5.14 | (0.39) | 3.71 | (2.71) |
| Total from investment operations  | (2.62) | 5.27 | (0.11) | 4.07 | (2.36) |
| **Less distributions:** |  |  |  |  |  |
| From net investment income  | (0.27) | (0.32) |  | (0.38) | (0.35) |
| From realized capital gains  | (1.74) | (2.22) | (0.19) | (0.84) | (1.23) |
| Total distributions  | (2.01) | (2.54) | (0.19) | (1.22) | (1.58) |
| Net asset value, end of period  | $17.66 | $22.29 | $19.56 | $19.86 | $17.01 |
| Total return <sup>(b)</sup>  | (11.97%) | 27.26% | (0.52%) | 23.99% | (11.47%) |
| **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** |
| Net assets, end of period (in 000's)  | $165710 | $223288 | $187545 | $186069 | $182553 |
| Operating expenses after fee reductions and expense reimbursements and fees paid indirectly <sup>(c)</sup>  | 1.00% | 0.99% | 0.99% | 0.98% | 0.97% |
| Operating expenses before fee reductions and expense reimbursements and fees paid indirectly <sup>(c)(d)</sup>  | 1.02% | 0.99% | 0.99% | 0.98% | 0.97% |
| Net investment income <sup>(e)</sup>  | 0.92% | 0.57% | 1.65% | 1.88% | 1.70% |
| Portfolio turnover rate  | 38% | 87% | 77% | 48% | 65% |

---

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

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

<sup>(c)</sup> Ratio does not include expenses from underlying funds.

<sup>(d)</sup> The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.02%, 0.99%, 0.98%, 0.98%, and 0.97% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively (Note 4).

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

See Notes to Financial Statements.<br> 258

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Growth Portfolio** <br>**Financial Highlights** | ![](fp0081225-2_259.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** |
|  | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** |
|  | **Year <br> Ended <br> 12/31/2022** | **Year <br> Ended <br> 12/31/2021** | **Year <br> Ended <br> 12/31/2020** | **Year <br> Ended <br> 12/31/2019** | **Year <br> Ended <br> 12/31/2018** |
| Net asset value, beginning of period  | $25.11 | $30.94 | $27.09 | $21.71 | $25.05 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |
| Net investment loss <sup>(a)</sup>  | (0.14) | (0.29) | (0.24) | (0.17) | (0.17) |
| Net realized and unrealized gains (losses) on investments  | (7.65) | 4.07 | 7.84 | 6.07 | (1.75) |
| Total from investment operations  | (7.79) | 3.78 | 7.60 | 5.90 | (1.92) |
| **Less distributions:** |  |  |  |  |  |
| From realized capital gains  | (3.53) | (9.61) | (3.75) | (0.52) | (1.42) |
| Net asset value, end of period  | $13.79 | $25.11 | $30.94 | $27.09 | $21.71 |
| Total return <sup>(b)</sup>  | (31.59 %) | 13.07% | 28.98% | 27.23% | (7.87%) |
| **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** |
| Net assets, end of period (in 000's)  | $5938 | $10817 | $11128 | $9823 | $8162 |
| Operating expenses after fee reductions and expense reimbursements and fees paid indirectly  | 1.34 %<sup>(e)</sup> | 1.35% | 1.35% | 1.35 %<sup>(c)</sup> | 1.35% |
| Operating expenses before fee reductions and expense reimbursements and fees paid indirectly <sup>(d)</sup>  | 1.87% | 1.63% | 1.63% | 1.54% | 1.54% |
| Net investment loss  | (0.74 %) | (0.88%) | (0.91%) | (0.67 %) | (0.65%) |
| Portfolio turnover rate  | 57% | 65% | 50% | 67% | 92% |

---

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

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

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

<sup>(d)</sup> The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.86%, 1.63%, 1.63%, 1.53%, and 1.54%, for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively (Note 4).

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

See Notes to Financial Statements.<br> 259

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Growth Portfolio** <br>**Financial Highlights - (Continued)** | ![](fp0081225-2_260.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** |
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | **Year <br> Ended <br> 12/31/2022** | **Year <br> Ended <br> 12/31/2021** | **Year <br> Ended <br> 12/31/2020** | **Year <br> Ended <br> 12/31/2019** | **Year <br> Ended <br> 12/31/2018** |
| Net asset value, beginning of period  | $29.12 | $34.40 | $29.70 | $23.70 | $27.14 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |
| Net investment loss <sup>(a)</sup>  | (0.11) | (0.24) | (0.19) | (0.12) | (0.11) |
| Net realized and unrealized gains (losses) on investments  | (8.90) | 4.57 | 8.64 | 6.64 | (1.91) |
| Total from investment operations  | (9.01) | 4.33 | 8.45 | 6.52 | (2.02) |
| **Less distributions:** |  |  |  |  |  |
| From realized capital gains  | (3.53) | (9.61) | (3.75) | (0.52) | (1.42) |
| Net asset value, end of period  | $16.58 | $29.12 | $34.40 | $29.70 | $23.70 |
| Total return <sup>(b)</sup>  | (31.42 %) | 13.36% | 29.30% | 27.56% | (7.63%) |
| **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** |
| Net assets, end of period (in 000's)  | $16545 | $28146 | $36932 | $53301 | $44603 |
| Operating expenses after fee reductions and expense reimbursements and fees paid indirectly  | 1.09 %<sup>(e)</sup> | 1.10% | 1.10% | 1.10 %<sup>(c)</sup> | 1.10% |
| Operating expenses before fee reductions and expense reimbursements and fees paid indirectly <sup>(d)</sup>  | 1.67% | 1.38% | 1.36% | 1.27% | 1.27% |
| Net investment loss  | (0.48 %) | (0.64%) | (0.66%) | (0.43 %) | (0.37%) |
| Portfolio turnover rate  | 57% | 65% | 50% | 67% | 92% |

---

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

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

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

<sup>(d)</sup> The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.66%, 1.37%, 1.36%, 1.26%, and 1.27%, for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively (Note 4).

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

See Notes to Financial Statements.<br> 260

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Value Portfolio** <br>**Financial Highlights** | ![](fp0081225-2_261.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** |
|  | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** |
|  | **Year <br> Ended <br> 12/31/2022** | **Year <br> Ended <br> 12/31/2021** | **Year <br> Ended <br> 12/31/2020** | **Year <br> Ended <br> 12/31/2019** | **Year <br> Ended <br> 12/31/2018** |
| Net asset value, beginning of period  | $28.06 | $21.45 | $21.85 | $18.13 | $22.99 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |
| Net investment income <sup>(a)</sup>  | 0.17 | 0.07 | 0.06 | 0.14 | 0.05 |
| Net realized and unrealized gains (losses) on investments <sup>(b)</sup>  | (3.01) | 6.80 | 0.03 | 3.72 | (3.77) |
| Total from investment operations  | (2.84) | 6.87 | 0.09 | 3.86 | (3.72) |
| **Less distributions:** |  |  |  |  |  |
| From net investment income  | (0.18) | (0.24) |  | (0.14) | (0.05) |
| From realized capital gains  | (2.35) | (0.02) | (0.49) |  | (1.09) |
| Total distributions  | (2.53) | (0.26) | (0.49) | (0.14) | (1.14) |
| Net asset value, end of period  | $22.69 | $28.06 | $21.45 | $21.85 | $18.13 |
| Total return <sup>(c)</sup>  | (10.33%) | 32.04% | 0.47% | 21.32% | (16.35%) |
| **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** |
| Net assets, end of period (in 000's)  | $5189 | $6751 | $5186 | $5355 | $4792 |
| Operating expenses after fee reductions and expense reimbursements and fees paid indirectly  | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% |
| Operating expenses before fee reductions and expense reimbursements and fees paid indirectly <sup>(d)</sup>  | 1.89% | 1.75% | 1.84% | 1.56% | 1.57% |
| Net investment income  | 0.66% | 0.28% | 0.36% | 0.69% | 0.21% |
| Portfolio turnover rate  | 52% | 45% | 54% | 168% | 74% |

---

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

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

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

<sup>(d)</sup> The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.88%, 1.75%, 1.84%, 1.55%, and 1.58%, for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively (Note 4).

See Notes to Financial Statements.<br> 261

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Small Company Value Portfolio** <br>**Financial Highlights - (Continued)** | ![](fp0081225-2_262.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** |
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | **Year <br> Ended <br> 12/31/2022** | **Year <br> Ended <br> 12/31/2021** | **Year <br> Ended <br> 12/31/2020** | **Year <br> Ended <br> 12/31/2019** | **Year <br> Ended <br> 12/31/2018** |
| Net asset value, beginning of period  | $28.78 | $21.99 | $22.33 | $18.53 | $23.49 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |
| Net investment income <sup>(a)</sup>  | 0.23 | 0.13 | 0.11 | 0.19 | 0.11 |
| Net realized and unrealized gains (losses) on investments <sup>(b)</sup>  | (3.09) | 7.00 | 0.04 | 3.81 | (3.88) |
| Total from investment operations  | (2.86) | 7.13 | 0.15 | 4.00 | (3.77) |
| **Less distributions:** |  |  |  |  |  |
| From net investment income  | (0.25) | (0.32) |  | (0.20) | (0.10) |
| From realized capital gains  | (2.35) | (0.02) | (0.49) |  | (1.09) |
| Total distributions  | (2.60) | (0.34) | (0.49) | (0.20) | (1.19) |
| Net asset value, end of period  | $23.32 | $28.78 | $21.99 | $22.33 | $18.53 |
| Total return <sup>(c)</sup>  | (10.13%) | 32.40% | 0.73% | 21.60% | (16.17%) |
| **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** |
| Net assets, end of period (in 000's)  | $19273 | $30347 | $34796 | $55078 | $46948 |
| Operating expenses after fee reductions and expense reimbursements and fees paid indirectly  | 1.10% | 1.10% | 1.10% | 1.10 %<sup>(d)</sup> | 1.10% |
| Operating expenses before fee reductions and expense reimbursements and fees paid indirectly <sup>(e)</sup>  | 1.60% | 1.46% | 1.52% | 1.28% | 1.26% |
| Net investment income  | 0.86% | 0.49% | 0.59% | 0.92% | 0.53% |
| Portfolio turnover rate  | 52% | 45% | 54% | 168% | 74% |

---

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

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

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

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

<sup>(e)</sup> The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.60%, 1.46%, 1.51%, 1.27%, and 1.27%, for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively (Note 4).

See Notes to Financial Statements.<br> 262

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Financial Highlights** | ![](fp0081225-2_263.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** |
|  | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** |
|  | **Year <br> Ended <br> 12/31/2022** | **Year <br> Ended <br> 12/31/2021** | **Year <br> Ended <br> 12/31/2020** | **Year <br> Ended <br> 12/31/2019** | **Year <br> Ended <br> 12/31/2018** |
| Net asset value, beginning of period  | $29.40 | $25.14 | $22.93 | $18.58 | $20.83 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |
| Net investment income <sup>(a)</sup>  | 0.25 | 0.23 | 0.26 | 0.31 | 0.31 |
| Net realized and unrealized gains (losses) on investments and foreign currency transactions  | (5.80) | 6.16 | 4.25 | 5.20 | (1.45) |
| Total from investment operations  | (5.55) | 6.39 | 4.51 | 5.51 | (1.14) |
| **Less distributions:** |  |  |  |  |  |
| From net investment income  | (0.25) | (0.22) | (0.26) | (0.30) | (0.30) |
| From realized capital gains  | (0.92) | (1.91) | (2.04) | (0.86) | (0.81) |
| Total distributions  | (1.17) | (2.13) | (2.30) | (1.16) | (1.11) |
| Net asset value, end of period  | $22.68 | $29.40 | $25.14 | $22.93 | $18.58 |
| Total return <sup>(b)</sup>  | (18.98%) | 25.59% | 19.93% | 29.74% | (5.60%) |
| **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** |
| Net assets, end of period (in 000's)  | $157124 | $202121 | $164172 | $162114 | $134197 |
| Operating expenses  | 0.57% | 0.52% | 0.61% | 0.62% | 0.60% |
| Net investment income  | 0.98% | 0.81% | 1.13% | 1.34% | 1.42% |
| Portfolio turnover rate  | 21% | 9% | 9% | 3% | 1% |

---

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

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

See Notes to Financial Statements.<br> 263

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire 5000 Index<sup>sm</sup>** **Fund** <br>**Financial Highlights - (Continued)** | ![](fp0081225-2_264.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** |
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | **Year <br> Ended <br> 12/31/2022** | **Year <br> Ended <br> 12/31/2021** | **Year <br> Ended <br> 12/31/2020** | **Year <br> Ended <br> 12/31/2019** | **Year <br> Ended <br> 12/31/2018** |
| Net asset value, beginning of period  | $29.42 | $25.15 | $22.93 | $18.58 | $20.83 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |
| Net investment income <sup>(a)</sup>  | 0.30 | 0.29 | 0.33 | 0.37 | 0.37 |
| Net realized and unrealized gains (losses) on investments and foreign currency transactions  | (5.81) | 6.17 | 4.26 | 5.20 | (1.46) |
| Total from investment operations  | (5.51) | 6.46 | 4.59 | 5.57 | (1.09) |
| **Less distributions:** |  |  |  |  |  |
| From net investment income  | (0.30) | (0.28) | (0.33) | (0.36) | (0.35) |
| From realized capital gains  | (0.92) | (1.91) | (2.04) | (0.86) | (0.81) |
| Total distributions  | (1.22) | (2.19) | (2.37) | (1.22) | (1.16) |
| Net asset value, end of period  | $22.69 | $29.42 | $25.15 | $22.93 | $18.58 |
| Total return <sup>(b)</sup>  | (18.83%) | 25.85% | 20.28% | 30.08% | (5.32%) |
| **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** |
| Net assets, end of period (in 000's)  | $42372 | $56073 | $48571 | $40266 | $32110 |
| Operating expenses  | 0.35% | 0.31% | 0.31% | 0.33% | 0.33% |
| Net investment income  | 1.17% | 1.02% | 1.44% | 1.61% | 1.70% |
| Portfolio turnover rate  | 21% | 9% | 9% | 3% | 1% |

---

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

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

See Notes to Financial Statements.<br> 264

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Financial Highlights** | ![](fp0081225-2_265.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** |
|  | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** |
|  | **Year <br> Ended <br> 12/31/2022** | **Year <br> Ended <br> 12/31/2021** | **Year <br> Ended <br> 12/31/2020** | **Year <br> Ended <br> 12/31/2019** | **Year <br> Ended <br> 12/31/2018** |
| Net asset value, beginning of period  | $11.64 | $12.38 | $11.37 | $9.32 | $11.19 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |
| Net investment income <sup>(a)</sup>  | 0.13 | 0.09 | 0.05 | 0.12 | 0.10 |
| Net realized and unrealized gains (losses) on investments and foreign currency transactions  | (2.32) | 1.41 | 1.81 | 2.07 | (1.51) |
| Total from investment operations  | (2.19) | 1.50 | 1.86 | 2.19 | (1.41) |
| **Less distributions:** |  |  |  |  |  |
| From net investment income  |  | (0.39) | (0.02) | (0.14) | (0.04) |
| From realized capital gains  | (0.09) | (1.85) | (0.83) |  | (0.42) |
| Total distributions  | (0.09) | (2.24) | (0.85) | (0.14) | (0.46) |
| Redemption fees (Note 2)  | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| Net asset value, end of period  | $9.36 | $11.64 | $12.38 | $11.37 | $9.32 |
| Total return <sup>(c)</sup>  | (18.88 %) | 12.48% | 16.55% | 23.52% | (12.66 %) |
| **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** |
| Net assets, end of period (in 000's)  | $1037 | $3269 | $2438 | $2612 | $2789 |
| Operating expenses after fee reductions and expense reimbursements and fees paid indirectly <sup>(d)</sup>  | 1.50% | 1.50% | 1.50% | 1.50% | 1.51 %<sup>(e)</sup> |
| Operating expenses before fee reductions and expense reimbursements and fees paid indirectly <sup>(d)</sup>  | 1.75 %<sup>(f)</sup> | 1.76 %<sup>(f)</sup> | 1.69 %<sup>(f)</sup> | 1.63 %<sup>(f)</sup> | 1.59% |
| Net investment income <sup>(g)</sup>  | 1.36% | 0.65% | 0.44% | 1.21% | 1.02% |
| Portfolio turnover rate  | 48% | 53% | 61% | 54% | 96% |

---

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

<sup>(b)</sup> Amount rounds to less than $0.01 per share.

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

<sup>(d)</sup> Ratio does not include expenses from underlying funds.

<sup>(e)</sup> The ratio of operating expenses after fee reductions and expense reimbursements includes previous investment advisory fee reductions and expense reimbursements recouped by the Investment Adviser. If this expense offset was excluded, the ratio would have been 1.50% for the year ended December 31, 2018 (Note 3).

<sup>(f)</sup> The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.75%, 1.76%, 1.69% and 1.63% for the years ended December 31, 2022 2021, 2020 and 2019, respectively (Note 4).

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

See Notes to Financial Statements.<br> 265

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire International Equity Fund** <br>**Financial Highlights - (Continued)** | ![](fp0081225-2_266.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** |
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | **Year <br> Ended <br> 12/31/2022** | **Year <br> Ended <br> 12/31/2021** | **Year <br> Ended <br> 12/31/2020** | **Year <br> Ended <br> 12/31/2019** | **Year <br> Ended <br> 12/31/2018** |
| Net asset value, beginning of period  | $11.47 | $12.20 | $11.19 | $9.19 | $11.04 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |
| Net investment income <sup>(a)</sup>  | 0.15 | 0.12 | 0.08 | 0.14 | 0.13 |
| Net realized and unrealized gains (losses) on investments and foreign currency transactions  | (2.28) | 1.39 | 1.78 | 2.05 | (1.49) |
| Total from investment operations  | (2.13) | 1.51 | 1.86 | 2.19 | (1.36) |
| **Less distributions:** |  |  |  |  |  |
| From net investment income  |  | (0.39) | (0.02) | (0.19) | (0.07) |
| From realized capital gains  | (0.09) | (1.85) | (0.83) |  | (0.42) |
| Total distributions  | (0.09) | (2.24) | (0.85) | (0.19) | (0.49) |
| Redemption fees (Note 2)  | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| Net asset value, end of period  | $9.25 | $11.47 | $12.20 | $11.19 | $9.19 |
| Total return <sup>(c)</sup>  | (18.63 %) | 12.78% | 16.82% | 23.81% | (12.39 %) |
| **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** |
| Net assets, end of period (in 000's)  | $220963 | $295154 | $305433 | $387493 | $383682 |
| Operating expenses after fee reductions and expense reimbursements and fees paid indirectly <sup>(d)</sup>  | 1.25% | 1.25% | 1.25% | 1.25 %<sup>(e)</sup> | 1.27 %<sup>(e)</sup> |
| Operating expenses before fee reductions and expense reimbursements and fees paid indirectly <sup>(d)</sup>  | 1.40 %<sup>(f)</sup> | 1.38 %<sup>(f)</sup> | 1.32 %<sup>(f)</sup> | 1.29 %<sup>(f)</sup> | 1.25% |
| Net investment income <sup>(g)</sup>  | 1.57% | 0.90% | 0.71% | 1.39% | 1.28% |
| Portfolio turnover rate  | 48% | 53% | 61% | 54% | 96% |

---

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

<sup>(b)</sup> Amount rounds to less than $0.01 per share.

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

<sup>(d)</sup> Ratio does not include expenses from underlying funds.

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

<sup>(f)</sup> The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.40%, 1.38%, 1.31% and 1.28% for the years ending December 31, 2022, 2021, 2020 and 2019, respectively (Note 4).

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

See Notes to Financial Statements.<br> 266

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Financial Highlights**  | ![](fp0081225-2_267.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** |
|  | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** |
|  | **Year <br> Ended <br> 12/31/2022** | **Year <br> Ended <br> 12/31/2021** | **Year <br> Ended <br> 12/31/2020** | **Year <br> Ended <br> 12/31/2019** | **Year <br> Ended <br> 12/31/2018** |
| Net asset value, beginning of period  | $10.08 | $10.39 | $10.42 | $9.88 | $10.25 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |
| Net investment income <sup>(a)</sup>  | 0.27 | 0.26 | 0.33 | 0.35 | 0.32 |
| Net realized and unrealized gains (losses) on investments and foreign currency transactions <sup>(b)</sup>  | (1.40) | (0.22) | 0.03 | 0.58 | (0.39) |
| Total from investment operations  | (1.13) | 0.04 | 0.36 | 0.93 | (0.07) |
| **Less distributions:** |  |  |  |  |  |
| From net investment income  | (0.29) | (0.26) | (0.35) | (0.39) | (0.30) |
| From realized capital gains  |  | (0.09) | (0.04) |  |  |
| Total distributions  | (0.29) | (0.35) | (0.39) | (0.39) | (0.30) |
| Net asset value, end of period  | $8.66 | $10.08 | $10.39 | $10.42 | $9.88 |
| Total return <sup>(c)</sup>  | (11.18%) | 0.40% | 3.59 %<sup>(d)</sup> | 9.58 %<sup>(d)</sup> | (0.65 %)<sup>(d)</sup> |
| **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** |
| Net assets, end of period (in 000's)  | $516 | $2136 | $1998 | $1913 | $1864 |
| Operating expenses after fee reductions and expense reimbursements and fees paid indirectly <sup>(e)</sup>  | 1.15% | 1.15% | 1.15% | 1.18 %<sup>(f)</sup> | 1.16% |
| Operating expenses before fee reductions and expense reimbursements and fees paid indirectly <sup>(e)</sup>  | 1.32% | 1.31% | 1.29% | 1.26% | 1.20% |
| Net investment income <sup>(g)</sup>  | 2.95% | 2.49% | 3.24% | 3.37% | 3.02% |
| Portfolio turnover rate  | 78% | 109% | 104% | 89% | 177% |

---

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

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

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

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

<sup>(e)</sup> Ratio does not include expenses from underlying funds.

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

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

See Notes to Financial Statements.<br> 267

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Wilshire Income Opportunities Fund** <br>**Financial Highlights - (Continued)** | ![](fp0081225-2_268.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** | &nbsp;&nbsp;&nbsp;***For a Fund Share Outstanding Throughout Each Period.*** |
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | **Year <br> Ended <br> 12/31/2022** | **Year <br> Ended <br> 12/31/2021** | **Year <br> Ended <br> 12/31/2020** | **Year <br> Ended <br> 12/31/2019** | **Year <br> Ended <br> 12/31/2018** |
| Net asset value, beginning of period  | $9.99 | $10.33 | $10.37 | $9.83 | $10.22 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |
| Net investment income <sup>(a)</sup>  | 0.31 | 0.28 | 0.35 | 0.38 | 0.35 |
| Net realized and unrealized gains (losses) on investments and foreign currency transactions <sup>(b)</sup>  | (1.40) | (0.22) | 0.03 | 0.58 | (0.40) |
| Total from investment operations  | (1.09) | 0.06 | 0.38 | 0.96 | (0.05) |
| **Less distributions:** |  |  |  |  |  |
| From net investment income  | (0.32) | (0.31) | (0.38) | (0.42) | (0.34) |
| From realized capital gains  |  | (0.09) | (0.04) |  |  |
| Total distributions  | (0.32) | (0.40) | (0.42) | (0.42) | (0.34) |
| Net asset value, end of period  | $8.58 | $9.99 | $10.33 | $10.37 | $9.83 |
| Total return <sup>(c)</sup>  | (10.91%) | 0.63% | 3.77 %<sup>(d)</sup> | 9.94 %<sup>(d)</sup> | (0.43 %)<sup>(d)</sup> |
| **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** | **Ratios to average net assets/supplemental data:** |
| Net assets, end of period (in 000's)  | $232704 | $301210 | $306671 | $295437 | $312201 |
| Operating expenses after fee reductions and expense reimbursements and fees paid indirectly <sup>(e)</sup>  | 0.90% | 0.90% | 0.90% | 0.92 %<sup>(f)</sup> | 0.90% |
| Operating expenses before fee reductions and expense reimbursements and fees paid indirectly <sup>(e)</sup>  | 0.96% | 0.92% | 0.92% | 0.92% | 0.90% |
| Net investment income <sup>(g)</sup>  | 3.37% | 2.75% | 3.48% | 3.66% | 3.48% |
| Portfolio turnover rate  | 78% | 109% | 104% | 89% | 177% |

---

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

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

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

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

<sup>(e)</sup> Ratio does not include expenses from underlying funds.

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

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

See Notes to Financial Statements.<br> 268

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements** <br>***December 31, 2022*** | ![](fp0081225-2_269.jpg) |

---

1. Organization.

Wilshire Mutual Funds, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), which was incorporated under Maryland law on July 30, 1992. The Company operates as a series company and presently offers seven series: Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index<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, 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 Wilshire 5000 Index<sup>SM</sup> Fund is to replicate as closely as possible the performance of the 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_270.jpg) |

---

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, 2022, and the period covered by these Notes to Financial Statements is the fiscal year ended December 31, 2022 (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 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 Adviser's Pricing Committee concludes it approximates fair value. Equity securities primarily traded on a foreign exchange are typically valued daily at a price as provided by an independent pricing service, which is an estimate of the fair value price. Foreign currency contracts, including forward contracts, are valued at the applicable translation rates as supplied by the third-party pricing vendor. In the event market quotations are not readily available, such securities are valued at fair value according to procedures adopted by the Board of Directors (the "Board") or as

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_271.jpg) |

---

determined in good faith by the Adviser's Pricing Committee, whose members include at least two representatives of Wilshire Advisors LLC (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).

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_272.jpg) |

---

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.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Company Growth Portfolio** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks  | $160078851 | $— | $— | $160078851 |
| U.S. Treasury Obligations  |  | 1040853 |  | 1040853 |
| Agency Mortgage-Backed Obligations Interest-Only Strips  |  | 250792 |  | 250792 |
| Non-Agency Mortgage-Backed Obligations  |  | 3662276 |  | 3662276 |
| Non-Agency Mortgage-Backed Obligations Interest-Only Strips  |  | 254776 |  | 254776 |
| Asset-Backed Securities  |  | 2878182 |  | 2878182 |
| Collateralized Loan Obligations  |  | 4788155 |  | 4788155 |
| Corporate Bonds  |  | 8010000 |  | 8010000 |
| Affiliated Registered Investment Companies  | 7987630 |  |  | 7987630 |
| Right  |  |  | — \* |  |
| Total  | $168066481 | $20885034 | $— | $188951515 |
| **Other Financial Instruments\*\*** |  |  |  |  |
| **Assets** |  |  |  |  |
| Unrealized appreciation on futures contracts  | $38887 | $— | $— | $38887 |
| Total Assets  | $38887 | $— | $— | $38887 |
| **Liabilities** |  |  |  |  |
| Unrealized depreciation on futures contracts  | $(779) | $— | $— | $(779) |
| Unrealized depreciation on swap contracts  |  | (1662547) |  | (1662547) |
| Total Liabilities  | $(779) | $(1662547) | $— | $(1663326) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_273.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Company Value Portfolio** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Common Stocks  | $136667040 | $— | $— | $136667040 |
| U.S. Treasury Obligations  |  | 933292 |  | 933292 |
| Agency Mortgage-Backed Obligations Interest-Only Strips  |  | 121775 |  | 121775 |
| Non-Agency Mortgage-Backed Obligations  |  | 2894907 |  | 2894907 |
| Non-Agency Mortgage-Backed Obligations Interest-Only Strips  |  | 106501 |  | 106501 |
| Asset-Backed Securities  |  | 2366746 |  | 2366746 |
| Collateralized Loan Obligations  |  | 3766128 |  | 3766128 |
| Corporate Bonds  |  | 5144717 |  | 5144717 |
| Affiliated Registered Investment Companies  | 7211274 |  |  | 7211274 |
| Total  | $143878314 | $15334066 | $— | $159212380 |
| **Other Financial Instruments\*\*** |  |  |  |  |
| **Assets** |  |  |  |  |
| Unrealized appreciation on futures contracts  | $34325 | $— | $— | $34325 |
| Unrealized appreciation on swap contracts  |  | 397322 |  | 397322 |
| Total Assets  | $34325 | $397322 | $— | $431647 |
| **Liabilities** |  |  |  |  |
| Unrealized depreciation on futures contracts  | $(520) | $— | $— | $(520) |
| Unrealized depreciation on swap contracts  |  | (3919) |  | (3919) |
| Total Liabilities.  | $(520) | $(3919) | $— | $(4439) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Small Company Growth Portfolio** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Common Stocks  | $21978710 | $— | $— \* | $21978710 |
| Total  | $21978710 | $— | $— | $21978710 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Company Value Portfolio** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Common Stocks  | $24206486 | $— | $— | $24206486 |
| Total  | $24206486 | $— | $— | $24206486 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Wilshire 5000 Index<sup>SM</sup>** **Fund** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Common Stocks  | $197635298 | $— | $— \* | $197635298 |
| Warrant  | 39 |  |  | 39 |
| Right  |  |  | — \* |  |
| Total  | $197635337 | $— | $— | $197635337 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_274.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Wilshire International Equity Fund** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia  | $27401 | $4637465 | $— | $4664866 |
| &nbsp;&nbsp;&nbsp;Austria  |  | 264240 |  | 264240 |
| &nbsp;&nbsp;&nbsp;Belgium  |  | 224122 |  | 224122 |
| &nbsp;&nbsp;&nbsp;Brazil  | 2279673 |  |  | 2279673 |
| &nbsp;&nbsp;&nbsp;Britain  | 360028 | 17947838 |  | 18307866 |
| &nbsp;&nbsp;&nbsp;Canada  | 9911784 |  |  | 9911784 |
| &nbsp;&nbsp;&nbsp;Chile  | 132364 |  |  | 132364 |
| &nbsp;&nbsp;&nbsp;China  | 2207169 | 7376375 |  | 9583544 |
| &nbsp;&nbsp;&nbsp;Colombia  | 10511 |  |  | 10511 |
| &nbsp;&nbsp;&nbsp;Czech Republic  |  | 32360 |  | 32360 |
| &nbsp;&nbsp;&nbsp;Denmark  |  | 5484781 |  | 5484781 |
| &nbsp;&nbsp;&nbsp;Egypt  | 112609 | 44841 |  | 157450 |
| &nbsp;&nbsp;&nbsp;Finland  |  | 2705086 |  | 2705086 |
| &nbsp;&nbsp;&nbsp;France  |  | 16062085 |  | 16062085 |
| &nbsp;&nbsp;&nbsp;Georgia  |  | 53956 |  | 53956 |
| &nbsp;&nbsp;&nbsp;Germany  | 36425 | 6504510 |  | 6540935 |
| &nbsp;&nbsp;&nbsp;Gibraltar  |  | 21733 |  | 21733 |
| &nbsp;&nbsp;&nbsp;Greece  | 44234 | 53054 | — \* | 97288 |
| &nbsp;&nbsp;&nbsp;Hong Kong  | 80975 | 5362286 |  | 5443261 |
| &nbsp;&nbsp;&nbsp;India  | 1375379 | 3818575 |  | 5193954 |
| &nbsp;&nbsp;&nbsp;Indonesia  |  | 497391 |  | 497391 |
| &nbsp;&nbsp;&nbsp;Ireland  | 2785811 | 2635250 |  | 5421061 |
| &nbsp;&nbsp;&nbsp;Isle Of Man  |  | 62010 |  | 62010 |
| &nbsp;&nbsp;&nbsp;Israel  | 86324 | 281220 |  | 367544 |
| &nbsp;&nbsp;&nbsp;Italy  | 44781 | 4471198 |  | 4515979 |
| &nbsp;&nbsp;&nbsp;Japan  |  | 23444022 |  | 23444022 |
| &nbsp;&nbsp;&nbsp;Jersey  |  | 46295 |  | 46295 |
| &nbsp;&nbsp;&nbsp;Luxembourg  |  | 1267953 |  | 1267953 |
| &nbsp;&nbsp;&nbsp;Malaysia  |  | 468097 |  | 468097 |
| &nbsp;&nbsp;&nbsp;Mauritius  |  | 94660 |  | 94660 |
| &nbsp;&nbsp;&nbsp;Mexico  | 850247 |  |  | 850247 |
| &nbsp;&nbsp;&nbsp;Netherlands  | 1163832 | 7060747 |  | 8224579 |
| &nbsp;&nbsp;&nbsp;New Zealand  |  | 265800 |  | 265800 |
| &nbsp;&nbsp;&nbsp;Norway  |  | 801708 |  | 801708 |
| &nbsp;&nbsp;&nbsp;Philippines  |  | 301431 |  | 301431 |
| &nbsp;&nbsp;&nbsp;Poland  |  | 229758 |  | 229758 |
| &nbsp;&nbsp;&nbsp;Portugal  |  | 315628 |  | 315628 |
| &nbsp;&nbsp;&nbsp;Qatar  |  | 29206 |  | 29206 |
| &nbsp;&nbsp;&nbsp;Russia  |  |  | — \* |  |
| &nbsp;&nbsp;&nbsp;Saudi Arabia  |  | 254674 |  | 254674 |
| &nbsp;&nbsp;&nbsp;Singapore  | 10414 | 1748623 |  | 1759037 |
| &nbsp;&nbsp;&nbsp;South Africa  |  | 1120434 |  | 1120434 |
| &nbsp;&nbsp;&nbsp;South Korea  |  | 4744908 |  | 4744908 |
| &nbsp;&nbsp;&nbsp;Spain  |  | 2043229 |  | 2043229 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_275.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Wilshire International Equity Fund** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Common Stocks (Continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sweden | $— | $4690444 | $— | $4690444 |
| &nbsp;&nbsp;&nbsp;Switzerland  |  | 10424007 |  | 10424007 |
| &nbsp;&nbsp;&nbsp;Taiwan  | 29765 | 5931038 |  | 5960803 |
| &nbsp;&nbsp;&nbsp;Thailand  | 556300 | 615431 |  | 1171731 |
| &nbsp;&nbsp;&nbsp;Turkey  |  | 865651 |  | 865651 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates  |  | 746417 |  | 746417 |
| &nbsp;&nbsp;&nbsp;United States  | 7786846 |  |  | 7786846 |
| Total Common Stocks  | 29892872 | 146050537 |  | 175943409 |
| Preferred Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil  | 935410 |  |  | 935410 |
| &nbsp;&nbsp;&nbsp;Colombia  | 35571 |  |  | 35571 |
| &nbsp;&nbsp;&nbsp;Germany  |  | 1128262 |  | 1128262 |
| &nbsp;&nbsp;&nbsp;Russia  |  |  | — \* |  |
| &nbsp;&nbsp;&nbsp;South Korea  |  | 411 |  | 411 |
| Total Preferred Stocks  | 970981 | 1128673 |  | 2099654 |
| U.S. Treasury Obligations  |  | 1938200 |  | 1938200 |
| Agency Mortgage-Backed Obligations Interest-Only Strips  |  | 204532 |  | 204532 |
| Non-Agency Mortgage-Backed Obligations  |  | 4375686 |  | 4375686 |
| Non-Agency Mortgage-Backed Obligations Interest-Only Strips  |  | 198201 |  | 198201 |
| Asset-Backed Securities  |  | 2946715 |  | 2946715 |
| Collateralized Loan Obligations  |  | 3572455 |  | 3572455 |
| Corporate Bonds  |  | 7766687 |  | 7766687 |
| Affiliated Registered Investment Companies  | 7580341 |  |  | 7580341 |
| Right  | 1006 |  |  | 1006 |
| Total  | $38445200 | $168181686 | $— | $206626886 |
| **Other Financial Instruments\*\*** |  |  |  |  |
| **Assets** |  |  |  |  |
| Unrealized appreciation on futures contracts  | $42168 | $— | $— | $42168 |
| Unrealized appreciation on swap contracts  |  | 4206287 |  | 4206287 |
| Total Assets  | $42168 | $4206287 | $— | $4248455 |
| **Liabilities** |  |  |  |  |
| Unrealized depreciation on futures contracts  | $(774) | $— | $— | $(774) |
| Unrealized depreciation on swap contracts  |  | (4941) |  | (4941) |
| Total Liabilities.  | $(774) | $(4941) | $— | $(5715) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_276.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Wilshire Income Opportunities Fund** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Investments in Securities** |  |  |  |  |
| U.S. Treasury Obligations  | $— | $21770673 | $— | $21770673 |
| Municipal Bonds  |  | 32818 |  | 32818 |
| Agency Mortgage-Backed Obligations  |  | 18435408 |  | 18435408 |
| Non-Agency Mortgage-Backed Obligations  |  | 30694637 |  | 30694637 |
| Non-Agency Mortgage-Backed Obligations Interest-Only Strips  |  | 4125034 |  | 4125034 |
| Asset-Backed Securities  |  | 13397021 |  | 13397021 |
| Collateralized Loan Obligations  |  | 11137980 |  | 11137980 |
| Corporate Bonds  |  | 47815210 |  | 47815210 |
| Foreign Bonds  |  | 51205255 |  | 51205255 |
| Bank Loans  |  | 10235063 |  | 10235063 |
| Common Stocks  | 346288 |  |  | 346288 |
| Preferred Stocks  | 2293276 | 275165 |  | 2568441 |
| Purchased OTC Options  |  | 49217 |  | 49217 |
| Affiliated Registered Investment Companies  | 7522664 |  |  | 7522664 |
| Total  | $10162228 | $209173481 | $— | $219335709 |
| **Other Financial Instruments\*\*** |  |  |  |  |
| **Assets** |  |  |  |  |
| Unrealized appreciation on forward foreign currency contracts  | $— | $1366524 | $— | $1366524 |
| Unrealized appreciation on futures contracts  | 133161 |  |  | 133161 |
| Unrealized appreciation on swap contracts  |  | 83065 |  | 83065 |
| Unrealized appreciation on swaption contracts  |  | 207999 |  | 207999 |
| Total Assets  | $133161 | $1657588 | $— | $1790749 |
| **Liabilities** |  |  |  |  |
| Written Options  | $— | $(79791) | $— | $(79791) |
| Unrealized depreciation on forward foreign currency contracts  |  | (2122041) |  | (2122041) |
| Unrealized depreciation on futures contracts  | (94610) |  |  | (94610) |
| Unrealized depreciation on swap contracts  |  | (351691) |  | (351691) |
| Unrealized depreciation on swaption contracts  |  | (270107) |  | (270107) |
| Total Liabilities.  | $(94610) | $(2823630) | $— | $(2918240) |

---

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| | |
|:---|:---|
| \* | Includes securities that have been fair valued at $0. |
| \*\* | Other financial instruments are derivative financial instruments not reflected in the Schedules of Investments, such as futures contracts, swap contracts and forward foreign currency contracts. These contracts are valued at the unrealized appreciation (depreciation) on the instrument. |

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---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_277.jpg) |

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Refer to the Portfolios' Schedules of Investments for a listing of the securities by industry or sector type. Large Company Value Portfolio, Small Company Value Portfolio, and Wilshire Income Opportunities Fund did not hold any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of the end of the current fiscal period. Large Company Growth Portfolio held rights that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0. Small Company Growth Portfolio held common stocks that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0. Wilshire 5000 Index<sup>SM</sup> Fund held common stocks and rights that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0 and $0, respectively. Wilshire International Equity Fund held common stocks and preferred stocks that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0 and $0, respectively. A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments, is only presented when a Portfolio has over 1% of its net assets in Level 3 investments. For the current fiscal period, there were no significant changes into/out of Level 3. The transfers into Level 3 investments for the Wilshire International Equity Fund were immaterial, although the unrealized appreciation/(depreciation) on Russian investments was $(693,196). These securities were impacted by the invasion of Ukraine and sanctions on market conditions in Russia. From the start of the conflict in Ukraine until the end of the current fiscal period, Russian-held investments were valued at a 100 percent discount from their last traded prices. Management has determined the Level 3 investments are not significant to the financial statements and therefore determined further disclosures are not relevant to the financials.

***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

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_278.jpg) |

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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.

The long and short average monthly notional value of option contracts purchased and written for Wilshire Income Opportunities Fund during the current fiscal period were $11,268,891 and $6,858,319, respectively.

The long and short average monthly notional value of swaption contracts purchased and written for Wilshire Income Opportunities during the current fiscal period were $3,654,675 and $22,127,800, respectively.

***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

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_279.jpg) |

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swaps to gain equity exposure of the underlying index. The average monthly notional value of over the counter total return swaps for Large Company Growth Portfolio, Large Company Value Portfolio, and Wilshire International Equity Fund during the current fiscal period, were $42,937,281, $38,419,449, and $46,141,589, respectively.

***Interest Rate Swaps*** – Wilshire Income Opportunities Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. The value of fixed-rate bonds held by the Portfolio may decrease if interest rates rise. In order to reduce such risks, the Portfolio may enter into interest rate swaps. Interest rate swaps involve the exchange of commitments to pay and receive a fixed or floating rate of interest based on a notional principal amount. The risks of interest rate swaps include changes in market conditions that will affect their value or cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the swap's remaining life. Upon entering into a swap contract, the Portfolio is required to satisfy an initial margin requirement by delivering cash to the counterparty. 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. The average monthly notional value of interest rate swaps for Wilshire Income Opportunities Fund during the current fiscal period was $8,784,682.

***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

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_280.jpg) |

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reported separately as Margin Deposits for Swap Contracts on the Statements of Assets and Liabilities. The average monthly notional value of credit default swaps in the Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund during the current fiscal period were as follows:

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| | |
|:---|:---|
| **Portfolio** |  |
| Large Company Growth Portfolio  | $315898.0 |
| Large Company Value Portfolio  | 243122.0 |
| Wilshire International Equity Fund  | 325778.0 |
| Wilshire Income Opportunities Fund  | 2314286.0 |

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***Futures Contracts*** – During the current fiscal period, Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund held futures contracts. They may use futures contracts to gain exposure or to hedge asset classes such as currencies and fixed income. These Portfolios may use futures contacts as a substitute for taking a position in an underlying asset, to make tactical asset allocations, to seek to minimize risk, to enhance returns and/or assist in managing cash. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Upon entering into a contract, the Portfolios deposit and maintain as collateral, an initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Portfolios agree to receive from or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolios as unrealized gains and losses. Variation margin is typically settled daily. When the contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio, if any, is reported separately as Margin deposits for futures contracts on the Statements of Assets and Liabilities. Non-cash collateral pledged by the Portfolios, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount before a transfer has to be made. To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty nonperformance. The average

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_281.jpg) |

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monthly notional amount of futures contracts held in Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund during the current fiscal period, were as follows:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Long Contracts** | **Short Contracts** |
| Large Company Growth Portfolio  | $137767 | $7823451 |
| Large Company Value Portfolio  |  | 5679827 |
| Wilshire International Equity Fund  |  | 8189679 |
| Wilshire Income Opportunities Fund  | 35173054 | 13635940 |

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

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

***Mortgage, asset-backed and collateralized loan securities*** – Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund may invest in mortgage, asset-backed and collateralized loan securities, including collateralized loan obligations ("CLOs"), which represent shares in a pool of mortgages or other debt. These securities are generally pass-through securities, which means that principal and interest payments on the underlying securities (less servicing fees) are passed through to owners on a pro rata basis. These securities involve prepayment risk, which is the risk that the underlying mortgages or other debt may be refinanced or paid off before they mature, particularly during periods of declining interest rates. In that case, proceeds from the securities may have to be reinvested at a lower interest rate. This could lower the Portfolios' return and result in losses to the Portfolios if some securities were acquired at a premium. Potential market gains on a security subject to prepayment risk may be more limited than potential market

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_282.jpg) |

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gains on a comparable security that is not subject to prepayment risk. The Portfolio may also invest in collateralized mortgage obligations ("CMOs"). In a CMO, a series of bonds or certificates is issued in multiple classes, which have varying levels of risks.

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

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

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

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_283.jpg) |

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though a percentage of the notional loan accounts may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a floating rate loan by a borrower. Fees earned are recorded as a component of interest income on the Statements of Operations. The Portfolio currently holds $0 in unfunded loan commitments.

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

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

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

The portion of the results of operations caused by changes in foreign exchange rates on investments are not isolated from those caused by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on investments. Foreign currency transactions are related to gains and losses between trade and settlement dates on currency transactions, gains and losses arising from the sales of foreign currency and gains and losses between the ex-dividend and payment dates on dividends, interest and foreign withholding taxes. The effect of changes in foreign exchange rates on realized and unrealized gains or losses is reflected as a component of such gains or losses.

***Forward Foreign Currency Contracts*** – Wilshire Income Opportunities Fund may enter into forward foreign currency contracts as hedges against either specific transactions, Portfolio positions or anticipated Portfolio positions. The Portfolio may also engage in currency transactions to enhance the Portfolio's returns. All commitments are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded. The Portfolio realizes gains and losses at the time forward foreign currency contracts are closed. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for federal income tax purposes. Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. The average monthly notional value of forward foreign currency contracts purchased and sold for Wilshire Income Opportunities Fund during the current fiscal period, were $51,254,394 and $69,292,274, respectively.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_284.jpg) |

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***Centrally Cleared Swaps*** – For swaps that are centrally cleared, initial margins are posted, and daily changes in fair value are recorded as variation margin at the broker and may be recorded as a payable or receivable on the Statements of Assets and Liabilities as "Net variation margin receivable on swaps" and settled daily against the Portfolio's margin account. Because the Portfolio's margin does not leave the brokerage account until recalled, centrally cleared swaps are shown at unrealized appreciation (depreciation) on swap contracts, which closely approximates the accumulated variation margin. Initial margin is determined by each relevant clearing agency and is segregated at a broker account registered with the Commodity Futures Trading Commission ("CFTC"), or the applicable regulator. Customer Account Agreements ("CAA") and related addendums governing the Company's cleared swap transactions do not provide the Company with legal right of set off and are not associated with a master netting agreement.

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

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

The average monthly notional value of over the counter exchange rate volatility swaps for the Wilshire Income Opportunities Fund during the current fiscal period was $836,133.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_285.jpg) |

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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:

**Large Company Growth Portfolio** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Derivative <br> Assets** | **Derivative Liabilities** | **Derivative Liabilities** | | | |
| <br>**Counterparty** | **Total** | **Total Return <br> Swaps** | **Total** | <br>**Net Derivative <br> Assets <br> (Liabilities)** | <br>**Collateral <br> (Received) <br> Pledged\*** | <br>**Net Amount** |
| Goldman Sachs Bank, USA  | $— | $(1657531) | $(1657531) | $(1657531) | $— | $(1657531) |
| Total  | $— | $(1657531) | $(1657531) | $(1657531) | $— | $(1657531) |

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**Large Company Value Portfolio** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Derivative Assets** | **Derivative Assets** | **Derivative <br> Liabilities** | | | |
| <br>**Counterparty** | **Total Return <br> Swaps** | **Total** | **Total** | <br>**Net Derivative <br> Assets <br> (Liabilities)** | <br>**Collateral <br> (Received) <br> Pledged\*** | <br>**Net Amount** |
| Goldman Sachs Bank, USA  | $397322 | $397322 | $— | $397322 | $— | $397322 |
| Total  | $397322 | $397322 | $— | $397322 | $— | $397322 |

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**Wilshire International Equity Fund** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Derivative Assets** | **Derivative Assets** | **Derivative <br> Liabilities** | | | |
| <br>**Counterparty** | **Total Return <br> Swaps** | **Total** | **Total** | <br>**Net Derivative <br> Assets <br> (Liabilities)** | <br>**Collateral <br> (Received) <br> Pledged\*** | <br>**Net Amount** |
| Goldman Sachs Bank, USA  | $1379252 | $1379252 | $— | $1379252 | $— | $1379252 |
| Morgan Stanley Capital  | 2827035 | 2827035 |  | 2827035 |  | 2827035 |
| Total  | $4206287 | $4206287 | $— | $4206287 | $— | $4206287 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_286.jpg) |

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**Wilshire Income Opportunities Fund** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Derivative Assets** | **Derivative Assets** | **Derivative Assets** | **Derivative Assets** | **Derivative Assets** | **Derivative Assets** |
| <br>**Counterparty** | **Forward <br> Foreign <br> Currency <br> Contracts** | **Purchased <br> Options** | **Swaptions** | **Exchange <br> Rate Volatility <br> Swaps** | | **Total** |
| Australia and New Zealand Banking Group Ltd.  | $41523 | $— | $— | $— |  | $41523 |
| Bank of America, San Francisco  | 5555 | 4708 | 52710 |  |  | 62973 |
| Barclays Capital, Inc.  | 58694 | 692 | 42353 |  |  | 101739 |
| BNP Paribas Brokerage Services, Inc.  | 571 | 25987 |  |  |  | 26558 |
| CIBC, Toronto  | 21704 |  |  |  |  | 21704 |
| Citigroup  | 189967 |  |  |  |  | 189967 |
| Deutsche Bank, London  |  |  | 22474 |  |  | 22474 |
| Goldman Sachs Bank, USA  | 104880 | 16860 | 13158 |  |  | 134898 |
| HSBC Bank, USA  | 94670 |  |  |  |  | 94670 |
| JPMChase, New York  | 194525 |  | 33345 |  |  | 227870 |
| Morgan Stanley Capital  | 333757 | 970 | 43959 |  | \*\* | 378686 |
| Royal Bank of Canada, Toronto  | 45191 |  |  |  |  | 45191 |
| Standard Chartered Securities N.A.  | 52960 |  |  |  |  | 52960 |
| State Street Bank, Boston  | 157218 |  |  |  |  | 157218 |
| UBS AG, Stamford  | 65309 |  |  |  |  | 65309 |
| Total  | $1366524 | $49217 | $207999 | $— |  | $1623740 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_287.jpg) |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Derivative Liabilities** | **Derivative Liabilities** | **Derivative Liabilities** | **Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward <br> Foreign <br> Currency <br> Contracts** | **Written <br> Options** | **Swaptions** | **Total** | <br>**Net <br> Derivative <br> Assets <br> (Liabilities)** | <br>**Collateral <br> (Received) <br> Pledged\*** | <br>**Net <br> Amount** |
| Australia and New Zealand Banking Group Ltd | $(11307) | $— | $— | (11307) | $30216 | $— | $30216 |
| Bank of America, San Francisco  | (64254) | (37751) | (48551) | (150556) | (87583) |  | (87583) |
| Barclays Capital, Inc.  | (46094) |  | (46377) | (92471) | 9268 |  | 9268 |
| BNP Paribas Brokerage Services, Inc.  | (17466) | (6039) |  | (23505) | 3053 |  | 3053 |
| CIBC, Toronto  | (110404) |  |  | (110404) | (88700) |  | (88700) |
| Citigroup  | (212493) |  |  | (212493) | (22526) |  | (22526) |
| Deutsche Bank, London  |  |  | (66574) | (66574) | (44100) |  | (44100) |
| Goldman Sachs Bank, USA  | (34575) | (4278) | (20155) | (59008) | 75890 |  | 75890 |
| HSBC Bank, USA  | (314447) |  |  | (314447) | (219777) |  | (219777) |
| JPMChase, New York  | (269593) |  | (49734) | (319327) | (91457) |  | (91457) |
| Morgan Stanley Capital  | (216599) | (31723) | (38716) | (287038) | 91648 |  | 91648 |
| Royal Bank of Canada, Toronto  | (166625) |  |  | (166625) | (121434) |  | (121434) |
| Standard Chartered Securities N.A.  | (108593) |  |  | (108593) | (55633) |  | (55633) |
| State Street Bank, Boston  | (154323) |  |  | (154323) | 2895 |  | 2895 |
| UBS AG, Stamford  | (395268) |  |  | (395268) | (329959) |  | (329959) |
| Total  | $(2122041) | $(79791) | $(270107) | $(2471939) | $(848199) | $— | $(848199) |

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| | |
|:---|:---|
| \* | Actual collateral pledged, or margin deposits in the case of futures contracts, may be larger than than reported in order to satisfy broker or exchange requirements. |
| \*\* | Includes contracts that have unrealized appreciation totaling $0. |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_288.jpg) |

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

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

***Investments in REITs*** – With respect to each Portfolio, dividend income is recorded based on the income included in distributions received from its REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of these estimated amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year end, and may differ from the estimated amounts.

***Master Limited Partnerships ("MLPs")*** – Each Portfolio may invest in MLPs, which are limited partnerships or limited liability companies whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange. MLPs are treated as publicly traded partnerships for federal income tax purposes. To qualify to be treated as a partnership for tax purposes, an MLP must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the "Code"). These qualifying sources include activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. MLPs that are formed as limited liability companies generally have two analogous classes of owners, the managing member and the members. For purposes of this section, references to general partners also apply to managing members and references to limited partners also apply to members. The general partner is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an equity interest in the MLP of as much as 2% plus, in many cases, ownership of common units and subordinated units. Limited partners own the remainder of the MLP through ownership of common units and have a limited role in the MLP's operations and management.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_289.jpg) |

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***Distributions to shareholders*** – Distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income, if any, are declared and paid at least once a year. The Portfolios' net realized capital gains, unless offset by any available capital loss carryforward, are distributed to shareholders at least once a year. Additional distributions of net investment income and net realized capital gains may be made at the discretion of the Board in order to avoid the application of a 4% non-deductible Federal excise tax.

***Redemption fees*** – Wilshire International Equity Fund charges a redemption fee of 1% on redemption of its shares held for sixty days or less, subject to certain exceptions. During the current fiscal period and the year ended December 31, 2021, Wilshire International Equity Fund collected $9,333 and $3,905, respectively, in redemption fees.

3. Investment Adviser and Other Service Providers.

Pursuant to the Advisory Agreement between the Company and the Adviser, the Adviser charges annual fees of 0.75% of average daily net assets for the first $1 billion and 0.65% thereafter for each of Large Company Growth Portfolio and Large Company Value Portfolio; 0.85% of average daily net assets for the first $1 billion and 0.75% thereafter for each of Small Company Growth Portfolio and Small Company Value Portfolio; 0.10% of the average daily net assets for the first $1 billion and 0.07% thereafter for Wilshire 5000 Index<sup>SM</sup> Fund; 1.00% of the average daily net assets for the first $1 billion and 0.90% thereafter for Wilshire International Equity Fund; and 0.60% of average daily net assets for Wilshire Income Opportunities Fund.

The Adviser has entered into expense limitation agreements with Large Company Growth Portfolio and Large Company Value Portfolio requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolios (excluding taxes, brokerage expenses, dividend expenses on short securities, and extraordinary expenses) to 1.30% and 1.00% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. The Adviser has entered into expense limitation agreements with Small Company Growth Portfolio and Small Company Value Portfolio requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolios (excluding taxes, brokerage expenses, dividend expenses on short securities, and extraordinary expenses) to 1.35% and 1.10% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. The Adviser has also entered into an expense limitation agreement with Wilshire International Equity Fund requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, and extraordinary expenses) to 1.50% and 1.25% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. The Adviser has also entered into an expense limitation agreement with Wilshire Income Opportunities Fund requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolio (excluding taxes, brokerage expenses,

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_290.jpg) |

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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, 2023. 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:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Fee Reductions/ <br> Reimbursements** | **Fees Recouped** |
| Large Company Growth Portfolio  | $10446 | $2542 |
| Large Company Value Portfolio  | 30491 |  |
| Small Company Growth Portfolio  | 154221 |  |
| Small Company Value Portfolio  | 148103 |  |
| Wilshire International Equity Fund  | 359553 |  |
| Wilshire Income Opportunities Fund  | 159407 |  |

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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 $23,339, $30,491, $389,725, $445,460, $936,499, and $294,571, respectively. The portions of these amounts that the Adviser may recover expire no later than the following dates:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **December 31,<br> 2023** | **December 31,<br> 2024** | **December 31<br> 2025** |
| Large Company Growth Portfolio  | $11273 | $1620 | $10446 |
| Large Company Value Portfolio |  |  | 30491 |
| Small Company Growth Portfolio  | 122904 | 112600 | 154221 |
| Small Company Value Portfolio  | 163436 | 133921 | 148103 |
| Wilshire International Equity Fund  | 204357 | 372589 | 359553 |
| Wilshire Income Opportunities Fund  | 58126 | 77038 | 159407 |

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The Board has approved Los Angeles Capital Management and Equity Research, Inc. ("L.A. Capital"), Pzena Investment Management, LLC ("Pzena"), Massachusetts Financial Services Company (d/b/a MFS Investment Management) ("MFS"), Ranger Investment Management, LLC ("Ranger"), AllianceBernstein, L.P. ("AllianceBernstein"), Granahan Investment Management, Inc. ("Granahan"), DoubleLine<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

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_291.jpg) |

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LLC ("Lazard"), Hotchkis & Wiley Capital Management, LLC ("H&W"), Diamond Hill Capital Management, Inc. ("Diamond Hill"), and Fred Alger Management, LLC ("Alger Management"), (collectively the "Sub-Advisers") to provide sub-advisory services for the Portfolios. L.A. Capital, AllianceBernstein, Alger Management and Voya each manage a portion of Large Company Growth Portfolio. L.A. Capital, H&W, MFS and Voya each manage a portion of Large Company Value Portfolio. L.A. Capital, Ranger, and Granahan each manage a portion of Small Company Growth Portfolio. L.A. Capital, H&W and Diamond Hill each manage a portion of Small Company Value Portfolio. L.A. Capital is the sole sub-adviser for Wilshire 5000 Index<sup>SM</sup> Fund. L.A. Capital, Pzena, Lazard, WCM and Voya each manage a portion of Wilshire International Equity Fund. DoubleLine, Voya and Manulife each manage a portion of Wilshire Income Opportunities Fund.

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

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

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. Compass Distributors, LLC, serves as the Company's principal underwriter. Certain officers and an interested Trustee of the Trust may also be officers or employees of the Adviser, Administrator or their affiliates. They receive no fees for serving as officers or as an interested Trustee of the Trust.

***Officers' and Directors' Expenses*** – The Company and the Wilshire Variable Insurance Trust together pay each director who is not an interested person of the Company ("Independent Director") an annual retainer of $56,000, an annual additional retainer for each Committee chair of $12,000 and an annual additional retainer to the Board chair of $12,000. In addition, each Independent Director is compensated for Board and Committee meeting attendance in accordance with the following schedule: a quarterly Board meeting or a special in-person Board meeting fee of $6,000 for Independent Directors and $7,000 for the Board chair; a virtual special Board meeting fee of $3,000 for Independent Directors and $3,500 for the Board chair; and a virtual special Committee meeting fee of $1,500.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_292.jpg) |

---

4. Distribution Plan, Shareholder Services Plan and Fees Paid Indirectly.

The Board has adopted a shareholder services and distribution plan (the "Plan"), pursuant to Rule 12b-1 under the 1940 Act, on behalf of the Investment Class Shares of each Portfolio. Under the Plan, each Portfolio may pay up to 0.25% of the value of the average daily net assets attributable to the Investment Class Shares for certain services provided by financial intermediaries or for certain distribution expenses for the purpose of financing any activity intended to result in the sale of Investment Class Shares. During the current fiscal period, the distribution and service fee expenses incurred by the Investment Class of the Portfolios was 0.25% of the respective average net assets of the Investment Class of each Portfolio, except Large Company Growth Portfolio and Wilshire 5000 Index<sup>SM</sup> Fund. Large Company Growth Portfolio and Wilshire 5000 Index<sup>SM</sup> Fund incurred distribution and service fee expenses totaling 0.24% and 0.20% of the average net assets of their Investment Class Shares, respectively.

In addition, Investment Class Shares and Institutional Class Shares pay the expenses associated with certain shareholder servicing arrangements with third parties, provided that payment of such fees does not exceed in any year 0.20% and 0.15% of the average daily net assets of Investment Class Shares and Institutional Class Shares, respectively. For the current fiscal period, the shareholder service provider fees were as follows (as a percent of average net assets of each class):

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Investment Class** | **Institutional Class** |
| Large Company Growth Portfolio  | 0.124% | 0.048% |
| Large Company Value Portfolio  | 0.067% | 0.043% |
| Small Company Growth Portfolio  | 0.085% | 0.128% |
| Small Company Value Portfolio  | 0.134% | 0.109% |
| Wilshire 5000 Index<sup>SM</sup> Fund  | 0.061% | 0.045% |
| Wilshire International Equity Fund  | 0.163% | 0.043% |
| Wilshire Income Opportunities Fund  | 0.171% | 0.050% |

---

***Fees paid indirectly*** – The Company has a brokerage commission recapture program with Cowen and Company, LLC ("Cowen"), pursuant to which a portion of the Portfolios' commissions generated from transactions directed to Cowen are used to reduce the Portfolios' expenses. Under such program, Cowen, as introducing broker, retains a portion of the Portfolios' commissions.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_293.jpg) |

---

Such commissions rebated to the Portfolios during the current fiscal period were as follows:

---

| | |
|:---|:---|
| Large Company Growth Portfolio  | $375 |
| Large Company Value Portfolio  | 82 |
| Small Company Growth Portfolio  | 1482 |
| Small Company Value Portfolio  | 751 |
| Wilshire 5000 Index<sup>SM</sup> Fund  |  |
| Wilshire International Equity Fund  | 4667 |
| Wilshire Income Opportunities Fund  |  |

---

For the current fiscal period, Cowen retained the following commissions:

---

| | |
|:---|:---|
| Large Company Growth Portfolio  | $41 |
| Large Company Value Portfolio  | 241 |
| Small Company Growth Portfolio  | 333 |
| Small Company Value Portfolio  | 244 |
| Wilshire 5000 Index<sup>SM</sup> Fund  |  |
| Wilshire International Equity Fund  | 1174 |
| Wilshire Income Opportunities Fund  |  |

---

5. Line of Credit.

The Company and the Wilshire Variable Insurance Trust have a $75,000,000 umbrella line of credit (the "Line"), which is uncommitted and senior secured with U.S. Bank N.A. The Line serves as a temporary liquidity service to meet redemption requests that otherwise might require the untimely disposition of securities. Borrowings made by a Portfolio are secured by the Portfolio's assets. The Line has a one-year term and is reviewed annually by the Board of Directors. The Line matures, unless renewed, on January 5, 2024. Interest

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_294.jpg) |

---

is charged at the prime rate, which was 7.50% as of the end of the current fiscal period. The Portfolios did not have any outstanding borrowings 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> Borrowing Date** | **Average <br> Borrowings** |
| Large Company Growth Portfolio  | 6.86% | $2458 | $8148000 | November 3, 2022 | $34868 |
| Large Company Value Portfolio  | 5.83% | 1577 | 1418000 | May 19, 2022 | 23184 |
| Small Company Growth Portfolio  | 6.60% | 158 | 331000 | December 14, 2022 | 2293 |
| Small Company Value Portfolio  | 4.15% | 603 | 1326000 | May 18, 2022 | 14274 |
| Wilshire 5000 Index<sup>SM</sup> Fund  | 3.54% | 5177 | 8842000 | April 29, 2022 | 144307 |
| Wilshire International Equity Fund  | 5.48% | 5332 | 11491000 | November 3, 2022 | 95888 |
| Wilshire Income Opportunities Fund  | 4.00% | 57 | 509000 | May 17, 2022 | 1395 |

---

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  | $162271722 | $164695575 |
| Large Company Value Portfolio  | 64191113 | 92734129 |
| Small Company Growth Portfolio  | 15763732 | 19727207 |
| Small Company Value Portfolio  | 15167765 | 23596635 |
| Wilshire 5000 Index<sup>SM</sup> Fund  | 47531758 | 51989374 |
| Wilshire International Equity Fund  | 105827281 | 125364703 |
| Wilshire Income Opportunities Fund  | 69496928 | 88386738 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_295.jpg) |

---

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  | $3570582 | $3238062 |
| Large Company Value Portfolio  | 2063341 | 1789593 |
| Wilshire International Equity Fund  | 4192348 | 3621862 |
| Wilshire Income Opportunities Fund  | 120353398 | 124635674 |

---

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> 2021** | **Purchases** | **Proceeds <br> from <br> Sales** | **Realized <br> Loss** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value as of <br> December 31, <br> 2022** | **Income <br> Distribution** | **Long-Term <br> Capital <br> Gain <br> Distribution** |
| Voya Emerging Markets Hard Currency Debt Fund - Class P  | $2240592 | $98014 | $(1000000) | $(404891) | $(139469) | $794246 | $96012 | $— |
| Voya High Yield Bond Fund - Class P .  | 2082421 | 92874 | (1000000) | (81832) | (207697) | 885766 | 82096 | 6676 |
| Voya Investment Grade Credit Fund - Class P .  | 906202 | 879195 | (900000) | (194303) | (45170) | 645924 | 30357 |  |
| Voya Securitized Credit Fund - Class P  | 8549478 | 246339 | (2450000) | (22497) | (661626) | 5661694 | 247889 |  |
|  | $13778693 | $1316422 | $(5350000) | $(703523) | $(1053962) | $7987630 | $456354 | $6676 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_296.jpg) |

---

**Large Company Value Portfolio** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Value as of <br> December 31, <br> 2021** | **Purchases** | **Proceeds <br> from <br> Sales** | **Realized <br> Loss** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value as of <br> December 31, <br> 2022** | **Income <br> Distribution** | **Long-Term <br> Capital <br> Gain <br> Distribution** |
| Voya Emerging Markets Hard Currency Debt Fund - Class P  | $1722723 | $74761 | $(800000) | $(323887) | $(96394) | $577203 | $72921 | $— |
| Voya High Yield Bond Fund - Class P  | 1610581 | 77007 | (700000) | (70399) | (171110) | 746079 | 68566 | 5624 |
| Voya Investment Grade Credit Fund - Class P  | 2083715 | 769855 | (400000) | (89894) | (398529) | 1965147 | 74717 |  |
| Voya Securitized Credit Fund - Class P  | 6763832 | 193262 | (2500000) | (66216) | (468033) | 3922845 | 191876 |  |
|  | $12180851 | $1114885 | $(4400000) | $(550396) | $(1134066) | $7211274 | $408080 | $5624 |

---

**Wilshire International Equity Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Value as of <br> December 31, <br> 2021** | **Purchases** | **Proceeds <br> from <br> Sales** | **Realized <br> Gain <br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value as of <br> December 31, <br> 2022** | **Income <br> Distribution** | **Long-Term <br> Capital <br> Gain <br> Distribution** |
| Voya Emerging Markets Hard Currency Debt Fund - Class P  | $2298725 | $98445 | $(1150000) | $(466896) | $(99715) | $680559 | $95348 | $— |
| Voya High Yield Bond Fund - Class P  | 2479447 | 105608 | (1400000) | (130845) | (218117) | 836093 | 92998 | 6302 |
| Voya Investment Grade Credit Fund - Class P  | 709584 | 924750 | (900000) | (174216) | (33410) | 526708 | 25754 |  |
| Voya Securitized Credit Fund - Class P  | 9085479 | 253515 | (3100000) | 16476 | (718489) | 5536981 | 252913 |  |
|  | $14573235 | $1382318 | $(6550000) | $(755481) | $(1069731) | $7580341 | $467013 | $6302 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_297.jpg) |

---

**Wilshire Income Opportunities Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Value as of <br> December 31, <br> 2021** | **Purchases** | **Proceeds <br> from <br> Sales** | **Realized <br> Loss** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value as of <br> December 31, <br> 2022** | **Income <br> Distribution** | **Long-Term <br> Capital <br> Gain <br> Distribution** |
| Voya Emerging Markets Corporate Debt Fund - Class P  | $— | $933146 | $— | $— | $(136189) | $796957 | $35083 | $1540 |
| Voya Emerging Markets Hard Currency Debt Fund - Class P  | 5128114 | 210056 | (2700000) | (814171) | (374683) | 1449316 | 202254 |  |
| Voya Floating Rate Fund - Class P  | 12081644 | 425348 | (9200000) | (977695) | 248863 | 2578160 | 403782 |  |
| Voya High Yield Bond Fund - Class P  | 3965944 | 5404071 | (5400000) | (683892) | (587892) | 2698231 | 381786 | 20339 |
|  | $21175702 | $6972621 | $(17300000) | $(2475758) | $(849901) | $7522664 | $1022905 | $21879 |

---

7. Derivative Transactions.

Small Company Growth Portfolio, Small Company Value Portfolio and Wilshire 5000 Index<sup>SM</sup> Fund did not hold any derivative instruments as of or during the current fiscal period.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_298.jpg) |

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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 Type** | **Statements of Assets <br> and Liabilities <br> Location** | **Fair Value <br> Amount** | **Statements of Assets <br> and Liabilities <br> Location** | **Fair Value <br> Amount** |
| Interest Rate  | Futures contracts\*  | Net variation margin receivable on futures contracts | $38887 | Net variation margin receivable on futures contracts | $(779) |
| Credit | Centrally cleared credit default swap contracts\* | N/A |  | Net variation margin receivable on swap contracts | (5016) |
| Equity  | Total return swap contracts | N/A |  | Net unrealized depreciation on swap contracts | (1657531) |
|  |  |  | $38887 |  | $(1663326) |

---

\* Includes cumulative appreciation (depreciation) as reported on the Schedule of Futures Contracts and Schedule of Centrally Cleared Credit Default Swaps. For futures contracts and centrally cleared swap contracts, only current day's variation margin is reported within the Statements 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 Type** | **Statements of Assets <br> and Liabilities <br> Location** | **Fair Value <br> Amount** | **Statements of Assets <br> and Liabilities <br> Location** | **Fair Value <br> Amount** |
| Interest Rate | Futures contracts\* | Net variation margin receivable on futures contracts | $34325 | Net variation margin receivable on futures contracts | $(520) |
| Credit | Centrally cleared credit default swap contracts\* | N/A |  | Net variation margin receivable on swap contracts | (3919) |
| Equity | Total return swap contracts | Net unrealized appreciation on swap contracts | 397322 | N/A |  |
|  |  |  | $431647 |  | $(4439) |

---

\* Includes cumulative appreciation (depreciation) as reported on the Schedule of Futures Contracts and Schedule of Centrally Cleared Credit Default Swaps. For futures contracts and centrally cleared swap contracts, only current day's variation margin is reported within the Statements of Assets and Liabilities.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_299.jpg) |

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At the end of the current fiscal period, Wilshire International Equity Fund is invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities, as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Derivative Assets** | **Derivative Assets** | **Derivative Liabilities** | **Derivative Liabilities** |
| <br>**Risk** | <br>**Derivative Type** | **Statements of Assets <br> and Liabilities <br> Location** | **Fair Value <br> Amount** | **Statements of Assets <br> and Liabilities <br> Location** | **Fair Value <br> Amount** |
| Interest Rate | Futures contracts\* | Net variation margin receivable on futures contracts | $42168 | Net variation margin receivable on futures contracts | $(774) |
| Credit | Centrally cleared credit default swap contracts\* | N/A |  | Net variation margin receivable on swap contracts | (4941) |
| Equity | Total return swap contracts | Net unrealized appreciation on swap contracts | 4206287 | N/A |  |
|  |  |  | $4248455 |  | $(5715) |

---

\* Includes cumulative appreciation (depreciation) as reported on the Schedule of Futures Contracts and Schedule of Centrally Cleared Credit Default Swaps. For futures contracts and centrally cleared swap contracts, only current day's variation margin is reported within the Statements of Assets and Liabilities.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_300.jpg) |

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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 Type** | **Statements of Assets <br> and Liabilities <br> Location** | **Fair Value <br> Amount** | **Statements of Assets <br> and Liabilities <br> Location** | **Fair Value <br> Amount** |
| Interest Rate | Futures contracts\* | Net variation margin payable on futures contracts  | $133161 | Net variation margin payable on futures contracts  | $(94610) |
|  | Centrally cleared interest rate swaps\*  | Net variation margin receivable on swap contracts  | 83065 | Net variation margin receivable on swap contracts  | (335569) |
|  | OTC interest rate swaptions | Unrealized appreciation on swaption contracts | 207999 | Unrealized depreciation on swaption contracts  | (270107) |
| Credit | Centrally cleared credit default swap contracts\*  | N/A |  | Net variation margin receivable on swap contracts  | (16122) |
| Currency | Forward foreign currency exchange contracts  | Unrealized appreciation on forward foreign currency contracts  | 1366524 | Unrealized depreciation on forward foreign currency contracts  | (2122041) |
|  | Exchange rate volatility swaps | Unrealized appreciation on swap contracts |  | Unrealized appreciation on swap contracts |  |
|  | OTC currency options  | Unaffiliated investments, at value  | 49217 | Options written, at value | (79791) |
|  |  |  | $1839966 |  | $(2918240) |

---

\* Includes cumulative appreciation (depreciation) as reported on the Schedule of Futures Contracts, Schedule of Centrally Cleared Credit Default Swaps, and Schedule of Centrally Cleared Interest Rate Swaps. For futures contracts, centrally cleared credit default swaps, and centrally cleared interest rate swaps, only current day's variation margin is reported within the Statements of Assets and Liabilities.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_301.jpg) |

---

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 <br> in Unrealized <br> Appreciation <br> (Depreciation)** |
| Interest Rate | Futures contracts | Futures contracts | $1586814 | $171068 |
| Credit | Swap contracts | Swap contracts | (2178) | (5016) |
| Equity | Swap contracts | Swap contracts | (8022119) | (7750691) |

---

For the current fiscal period, the effect of derivative contracts in Large Company Value 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 <br> in Unrealized <br> Appreciation <br> (Depreciation)** |
| Interest Rate | Futures contracts | Futures contracts | $1300359 | $139803 |
| Credit | Swap contracts | Swap contracts | (1595) | (3919) |
| Equity | Swap contracts | Swap contracts | (1399426) | (2807048) |

---

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 <br> in Unrealized <br> Appreciation <br> (Depreciation)** |
| Interest Rate | Futures contracts | Futures contracts | $1623370 | $185985 |
| Credit | Swap contracts | Swap contracts | (1938) | (4941) |
| Equity | Swap contracts | Swap contracts | (12392786) | 3440448 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_302.jpg) |

---

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 <br> in Unrealized <br> Appreciation <br> (Depreciation)** |
| Interest Rate | Futures contracts | Futures contracts | $(514109) | $179284 |
| Interest Rate | Swaptions | Swaption contracts | 570604 | (65753) |
| Interest Rate | Swap contracts | Swap contracts | (506628) | (252454) |
| **Interest Rate Total** | **Interest Rate Total** |  | **(450133)** | **(138923)** |
| Credit | Swap contracts | Swap contracts | 114803 | (14287) |
| **Credit Total** |  |  | **114803** | **(14287)** |
| Currency | Forward foreign currency exchange contracts | Forward foreign currency contracts | 1256576 | (919325) |
| Currency | Written options | Option contracts written | 200450 | 48588 |
| Currency | Purchased options | Unaffiliated investments | (52856) | (45389) |
| Currency | Swap contracts | Swap contracts | 18907 | (7192) |
| **Currency Total** |  |  | **1423077** | **(923318)** |
| Equity | Futures contracts | Futures contracts | 183 |  |
| Equity | Written options | Option contracts written | (36064) | (31734) |
| Equity | Purchased options | Unaffiliated investments | 12690 | 45772 |
| **Total Equity** |  |  | **(23191)** | **14038** |

---

8. Securities Lending.

Each Portfolio may seek additional income by lending its securities on a short-term basis to banks, brokers and dealers in return for cash collateral, which is invested in a U.S. Bank Money Market Deposit Account. A Portfolio may return a portion of the interest earned to the borrower or a third party that is unaffiliated with the Company and acting as a "placing broker." A Portfolio receives compensation for lending securities in the form of fees. A Portfolio also continues to receive dividends on the securities loaned. Security loans are secured at all times by collateral. It is the Company's policy that the collateral be equal to at least 102% of the market value of the securities loaned (105% if the securities loaned are denominated in different currencies) plus accrued interest when the transaction is entered into, and that the collateral supporting the loans be valued daily. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day's market fluctuations and the current day's lending activity. Gain or loss in the market price of the securities loaned that may occur during the term of the loan are reflected in the value of the Portfolio. The risks from securities lending are that the borrower may not provide additional collateral when required or return the securities when due or

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_303.jpg) |

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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.

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:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Gross Amount <br> of Recognized <br> Assets (Value <br> of Securities <br> on Loan)** | **Value of <br> Cash Collateral <br> Received\*** |
| Large Company Growth Portfolio  | $25119 | $25119 |
| Large Company Value Portfolio  | 119620 | 119620 |
| Small Company Growth Portfolio  | 346842 | 346842 |
| Small Company Value Portfolio  | 56620 | 56620 |
| Wilshire 5000 Index<sup>SM</sup> Fund  | 1014354 | 1014354 |
| Wilshire International Equity Fund  | 102560 | 102560 |
| Wilshire Income Opportunities Fund  | 2535158 | 2535158 |

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

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_304.jpg) |

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9. Capital Share Transactions.

Transactions in shares of the Portfolios are summarized below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LARGE COMPANY <br> GROWTH PORTFOLIO** | **LARGE COMPANY <br> GROWTH PORTFOLIO** | **LARGE COMPANY <br> VALUE PORTFOLIO** | **LARGE COMPANY <br> VALUE PORTFOLIO** | **SMALL COMPANY <br> GROWTH PORTFOLIO** | **SMALL COMPANY <br> GROWTH PORTFOLIO** |
|  | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |  |  |
| Investment Class shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold  | 24635 | 20194 | 8210 | 13915 | 5489 | 7960 |
| &nbsp;&nbsp;&nbsp;Shares issued as reinvestment of distributions  | 328840 | 358588 | 19574 | 25451 | 83228 | 119625 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (279619) | (185544) | (74175) | (46163) | (88925) | (56458) |
| Net increase (decrease) in Investment Class shares outstanding  | 73856 | 193238 | (46391) | (6797) | (208) | 71127 |
| Shares outstanding at beginning of year  | 1944610 | 1751372 | 272177 | 278974 | 430835 | 359708 |
| Shares outstanding at end of year  | 2018466 | 1944610 | 225786 | 272177 | 430627 | 430835 |
| Institutional Class shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold  | 818946 | 414382 | 632778 | 1606053 | 74798 | 86290 |
| &nbsp;&nbsp;&nbsp;Shares issued as reinvestment of distributions  | 679892 | 656370 | 945423 | 1059648 | 174925 | 250636 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (666854) | (722747) | (2213737) | (2232678) | (218676) | (443984) |
| Net increase (decrease) in Institutional Class shares outstanding  | 831984 | 348005 | (635536) | 433023 | 31047 | (107058) |
| Shares outstanding at beginning of year  | 4028780 | 3680775 | 10019035 | 9586012 | 966665 | 1073723 |
| Shares outstanding at end of year  | 4860764 | 4028780 | 9383499 | 10019035 | 997712 | 966665 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_305.jpg) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SMALL COMPANY <br> VALUE PORTFOLIO** | **SMALL COMPANY <br> VALUE PORTFOLIO** | **WILSHIRE 5000 <br> INDEX<sup>SM</sup>** **FUND** | **WILSHIRE 5000 <br> INDEX<sup>SM</sup>** **FUND** | **WILSHIRE INTERNATIONAL <br> EQUITY FUND** | **WILSHIRE INTERNATIONAL <br> EQUITY FUND** |
|  | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |  |  |
| Investment Class shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold  | 3170 | 17570 | 364771 | 491727 | 44128 | 76990 |
| &nbsp;&nbsp;&nbsp;Shares issued as reinvestment of distributions  | 23307 | 2200 | 319651 | 457586 | 970 | 43441 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (38334) | (20963) | (630409) | (603899) | (215248) | (36394) |
| Net increase (decrease) in Investment Class shares outstanding  | (11857) | (1193) | 54013 | 345414 | (170150) | 84037 |
| Shares outstanding at beginning of year  | 240545 | 241738 | 6875203 | 6529789 | 280877 | 196840 |
| Shares outstanding at end of year  | 228688 | 240545 | 6929216 | 6875203 | 110727 | 280877 |
| Institutional Class shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold  | 37206 | 60294 | 1157272 | 143779 | 2138067 | 2732764 |
| &nbsp;&nbsp;&nbsp;Shares issued as reinvestment of distributions  | 82261 | 12004 | 75669 | 120538 | 213191 | 4274740 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (347514) | (600010) | (1271396) | (289525) | (4192631) | (6295492) |
| Net increase (decrease) in Institutional Class shares outstanding  | (228047) | (527712) | (38455) | (25208) | (1841373) | 712012 |
| Shares outstanding at beginning of year  | 1054532 | 1582244 | 1905928 | 1931136 | 25741704 | 25029692 |
| Shares outstanding at end of year  | 826485 | 1054532 | 1867473 | 1905928 | 23900331 | 25741704 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_306.jpg) |

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| | | |
|:---|:---|:---|
|  | **WILSHIRE INCOME <br> OPPORTUNITIES FUND** | **WILSHIRE INCOME <br> OPPORTUNITIES FUND** |
|  | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Investment Class shares: |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold  | 30157 | 51293 |
| &nbsp;&nbsp;&nbsp;Shares issued as reinvestment of distributions  | 4545 | 6688 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (187172) | (38274) |
| Net increase (decrease) in Investment Class shares outstanding  | (152470) | 19707 |
| Shares outstanding at beginning of year  | 212047 | 192340 |
| Shares outstanding at end of year  | 59577 | 212047 |
| Institutional Class shares: |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold  | 1644396 | 4141651 |
| &nbsp;&nbsp;&nbsp;Shares issued as reinvestment of distributions  | 1004823 | 1161392 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (5662221) | (4838766) |
| Net increase (decrease) in Institutional Class shares outstanding  | (3013002) | 464277 |
| Shares outstanding at beginning of year  | 30142015 | 29677738 |
| Shares outstanding at end of year  | 27129013 | 30142015 |

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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.

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| | |
|:---|:---|
| **Portfolio** |  |
| Large Company Growth Portfolio (4 omnibus shareholders)  | 86% |
| Large Company Value Portfolio (3 omnibus shareholders)  | 82% |
| Small Company Growth Portfolio (4 omnibus shareholders)  | 72% |
| Small Company Value Portfolio (4 omnibus shareholders)  | 83% |
| Wilshire 5000 Index<sup>SM</sup> Fund (3 omnibus shareholders)  | 67% |
| Wilshire International Equity Fund (3 omnibus shareholders)  | 83% |
| Wilshire Income Opportunities Fund (3 omnibus shareholders)  | 80% |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_307.jpg) |

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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:

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| | |
|:---|:---|
| **Portfolio** |  |
| Large Company Growth Portfolio  | 34% |
| Large Company Value Portfolio  | 50% |
| Small Company Growth Portfolio  | 27% |
| Small Company Value Portfolio  | 32% |
| Wilshire 5000 Index<sup>SM</sup> Fund  | 0% |
| Wilshire International Equity Fund  | 47% |
| Wilshire Income Opportunities Fund  | 41% |

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11. Tax Information.

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

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

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_308.jpg) |

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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, 2022, for each Portfolio are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large <br> Company <br> Growth <br> Portfolio** | **Large <br> Company <br> Value <br> Portfolio** | **Small <br> Company <br> Growth <br> Portfolio** | **Small <br> Company <br> Value <br> Portfolio** |
| Tax cost of Investments  | $168274709 | $155742789 | $22078047 | $22495287 |
| Unrealized Appreciation  | 42389395 | 21116024 | 4477399 | 4389348 |
| Unrealized Depreciation  | (23370120) | (17181500) | (4576736) | (2678149) |
| Net unrealized appreciation (depreciation)  | 19019275 | 3934524 | (99337) | 1711199 |
| Undistributed Ordinary Income  | 1776 |  |  | 1436 |
| Undistributed Long-Term Capital Gain  |  | 1191302 |  | 887555 |
| Distributable earnings  | 1776 | 1191302 |  | 888991 |
| Other accumulated gain/(loss)  | (9339020) | (1581299) | (2479832) |  |
| Total distributable earnings (accumulated losses)  | 9682031 | 3544527 | (2579169) | 2600190 |

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| | | | |
|:---|:---|:---|:---|
|  | **Wilshire <br> 5000 <br> Index<sup>SM</sup>** **<br> Fund** | **Wilshire <br> International <br> Equity <br> Fund** | **Wilshire<br> Income<br> Opportunities<br> Fund** |
| Tax cost of Investments  | $63843777 | $201160448 | $251054907 |
| Unrealized Appreciation  | 143054324 | 32656910 | 4237106 |
| Unrealized Depreciation  | (9262764) | (25815153) | (35956304) |
| Net unrealized appreciation (depreciation)  | 133791560 | 6841757 | (31719198) |
| Undistributed Ordinary Income  | 40001 |  |  |
| Undistributed Long-Term Capital Gain  | 1664153 |  |  |
| Distributable earnings  | 1704154 |  |  |
| Other accumulated gain/(loss)  |  | (2527493) | (11362305) |
| Total distributable earnings (accumulated losses)  | 135495714 | 4314264 | (43081503) |

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

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_309.jpg) |

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At December 31, 2022, Large Company Growth Portfolio, Large Company Value Portfolio, and Small Company Growth Portfolio had post-October capital loss deferrals of $9,339,020, $1,581,252, and $501,567, respectively. Wilshire Income Opportunities Fund also had a specified ordinary late year loss deferral of $495,040.

As of December 31, 2022, Large Company Value Portfolio and Small Company Value Portfolio had the following capital loss carryforwards ("CLCFs") for federal income tax purposes which do not expire:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Short-Term <br> Loss** | **Long-Term <br> Loss** | **Total** |
| Small Company Growth Portfolio | $1978265 | $— | $1978265 |
| Wilshire International Equity Fund | 2498079 |  | 2498079 |
| Wilshire Income Opportunities Fund | 4400607 | 6385527 | 10786134 |

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These CLCFs may be utilized in the current and futures years to offset net realized capital gains, if any, prior to distributing such gains to shareholders. During the year ended December 31, 2022, the Portfolios did not utilize any CLCFs.

The tax character of distributions declared during the years ended December 31, 2022 and December 31, 2021 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **2022<br> Ordinary <br> Income**  | **2022<br> Long-Term <br> Capital Gains**  | **2021 <br> Ordinary <br> Income**  | **2021 <br> Long-Term <br> Capital Gains**  |
| Large Company Growth Fund  | $171788 | $31530544 | $8816031 | $41902843 |
| Large Company Value Portfolio  | 5889980 | 12018006 | 6997644 | 17237076 |
| Small Company Growth Portfolio  |  | 4298514 | 2351726 | 7944421 |
| Small Company Value Portfolio  | 249102 | 2318391 | 375370 | 37491 |
| Wilshire 5000 Index<sup>SM</sup> Fund  | 2294416 | 7789311 | 2291936 | 15549313 |
| Wilshire International Equity Fund  |  | 2053351 | 13590293 | 36713419 |
| Wilshire Income Opportunities Fund  | 8922423 |  | 9200066 | 2745464 |

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The Portfolios designated as long-term capital gain dividend, 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 gain to zero for the tax year ended December 31, 2022.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_310.jpg) |

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For the year ended December 31, 2022, the following reclassifications were made on the Statements of Assets and Liabilities as a result of permanent differences between income tax regulations and GAAP:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large <br> Company <br> Growth <br> Portfolio** | **Large <br> Company <br> Value <br> Portfolio** | **Small <br> Company <br> Growth <br> Portfolio** | **Small <br> Company <br> Value <br> Portfolio** |
| Distributable earnings (Accumulated losses)  | $– $| (3517863) | $159547 | $(695905) |
| Paid-in capital  | – | 3517863 | (159547) | 695905 |

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| | | | |
|:---|:---|:---|:---|
|  | **Wilshire <br> 5000 <br> Index<sup>SM</sup>** **<br> Fund** | **Wilshire <br> International <br> Equity <br> Fund** | **Wilshire <br> Income <br> Opportunities <br> Fund** |
| Distributable earnings (Accumulated losses)  | $(974357) | $6241028 | $— |
| Paid-in capital  | 974357 | (6241028) |  |

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Such reclassifications, primarily related to the use of equalization, are the result of permanent differences between financial statement and income tax reporting requirements and had no effect on each Portfolio's net assets or NAV per share.

12. Indemnifications.

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

13. Certain Investment Risks.

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

***Collateralized debt obligation ("CDO") risk*** – A CDO is an ABS whose underlying collateral is typically a portfolio of bonds, bank loans, other structured finance securities and/or synthetic instruments. Investors in CDOs bear the credit risk of the underlying collateral. Multiple tranches of securities are issued by the CDO, offering investors various maturity and credit risk characteristics. Tranches are categorized as senior, mezzanine,

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_311.jpg) |

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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

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_312.jpg) |

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issuer may retire an outstanding bond early to reduce interest costs. A Portfolio's ability to maintain positions in such securities will be affected by reductions in the principal amount of such securities resulting from prepayments, and its ability to reinvest the returns of principal at comparable yields is subject to generally prevailing interest rates at that time.

***Counterparty credit risk*** – Counterparty credit risk is the risk that a counterparty to a financial instrument will fail on a commitment that it has entered into with a Portfolio. A Portfolio's Sub-Adviser seeks to minimize counterparty credit risk by monitoring the creditworthiness of each counterparty on an ongoing basis.

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

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

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

***Sector Risk*** – If a Portfolio has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Portfolio than would be the case if the Portfolio did not have significant investments in that sector. In addition, this may increase 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

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Notes to Financial Statements - (Continued)** <br>***December 31, 2022*** | ![](fp0081225-2_313.jpg) |

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32.8% of the value of its net assets invested in stocks within the Information Technology sector; Small Company Growth Portfolio had 29.6% of the value of its net assets invested in stocks within the Health Care sector; and Small Company Value Portfolio had 31.3% of the value of its net assets invested in stocks within the Financials sector.

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

14. Other Risks.

The global outbreak of coronavirus disease 2019 ("COVID-19") has disrupted global economic markets and adversely affected individual companies and investment products. The prolonged economic impact of COVID-19 is uncertain. The operational and financial performance of the issuers of securities in which the Portfolio invest depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn impact the value of the Portfolios' investments.

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries and any sanctions imposed in the future could have a 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. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Portfolios.

15. Subsequent Event Evaluation.

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

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Report of Independent Registered Public <br> Accounting Firm**  | ![](fp0081225-2_314.jpg) |

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To the Shareholders and Board of Directors of<br> Wilshire Mutual Funds, Inc.

<u><u>Opinion on the Financial Statements</u></u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, total return swaps, futures contracts, forward foreign currency contracts, written options, interest rate swaptions, centrally cleared credit default swaps, centrally cleared interest rate swaps, and over the counter exchange rate volatility swaps, of Wilshire Mutual Funds, Inc. comprising Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index<sup>SM</sup> Fund, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund ("the Funds") as of December 31, 2022, 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 related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2022, 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><u>Basis for Opinion</u></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, 2022, by correspondence with the custodian, agent banks, counterparties and brokers; when replies were not received from counterparties, brokers, or agent banks, we performed other appropriate auditing procedures. Our audits also included evaluating the accounting principles

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| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Report of Independent Registered Public <br> Accounting Firm - (Continued)** <br>| ![](fp0081225-2_315.jpg) |

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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.

![](fp0081225-2_315a.jpg)

COHEN & COMPANY, LTD.<br> Cleveland, Ohio <br> March 1, 2023

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| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Additional Fund Information (Unaudited)** | ![](fp0081225-2_316.jpg) |

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DIRECTORS AND OFFICERS

The Board of Directors, five of whom are not considered "interested persons" of the Company within the meaning of the 1940 Act (the "Independent Directors"), has responsibility for the overall management and operations of the Company. The Board establishes the Company's policies and meets regularly to review the activities of the officers, who are responsible for day-to-day operations of the Company.

Set forth below are the names of the Directors and executive officers of the Company, their ages, business addresses, positions and terms of office, their principal occupations during the past five years, and other directorships held by them, including directorships in public companies. The address of each Director and officer is 1299 Ocean Avenue, Suite 700, Santa Monica, CA 90401.

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|:---|:---|:---|:---|:---|:---|
| **Name and <br> Age**  | **Position <br> Held <br> with the <br> Company** | **Term of <br> Office<sup>(1)</sup>** **<br> and <br> Length of <br> Time <br> Served** | **Principal <br> Occupations <br> During the Past <br> Five Years** | **Number of <br> Funds/ <br> Funds in <br> Complex <br> Overseen <br> by Director** | **Other <br> Directorships <br> Held by <br> Director Over <br> the Past Five <br> Years** |
| **NON-INTERESTED DIRECTORS** | **NON-INTERESTED DIRECTORS** | **NON-INTERESTED DIRECTORS** | **NON-INTERESTED DIRECTORS** | **NON-INTERESTED DIRECTORS** | **NON-INTERESTED DIRECTORS** |
| Roger A. Formisano, 74<sup>(2)</sup> | Director | Since 2002 | Retired; formerly Vice President, University Medical Foundation, (2006 to 2018); formerly Director, The Center for Leadership and Applied Business, UW-Madison School of Business; Principal, R.A. Formisano & Company, LLC | 8 | Wilshire Variable Insurance Trust (1 Fund) |
| Matt Forstenhausler, 63 | Director | Since 2023 | Retired; formerly Partner, Ernst Young LLP (1981 to 2019)  | 8 | Wilshire Variable Insurance Trust (1 Fund), Sierra Income Fund (2020-2022) |
| Edward Gubman, 72 | Director | Since 2011 | Retired; formerly Founder and Principal, Strategic Talent Solutions (2004 to 2009); Consultant, Gubman Consulting (2001 to 2003); Account Manager and Global Practice Leader, Hewitt Associates (1983 to 2000) | 8 | Wilshire Variable Insurance Trust (1 Fund) |

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| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Additional Fund Information (Unaudited) - (Continued)**  | ![](fp0081225-2_317.jpg) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and <br> Age**  | **Position <br> Held <br> with the <br> Company** | **Term of <br> Office<sup>(1)</sup>** **<br> and <br> Length of <br> Time <br> Served** | **Principal <br> Occupations <br> During the Past <br> Five Years** | **Number of <br> Funds/ <br> Funds in <br> Complex <br> Overseen <br> by Director** | **Other <br> Directorships <br> Held by <br> Director Over <br> the Past Five <br> Years** |
| Elizabeth A. Levy-Navarro, 59 | Director | Since 2019 | Independent Corporate Advisor, Summit Strategy (since 2018); Chief Executive Officer, Orrington Strategies (2002 to 2017); Partner, Practice Leader, and Operating Committee Member for a division of Nielsen Holdings (1993 to 2002). | 8 | Wilshire Variable Insurance Trust (1 Fund); Eastside Distilling Company |
| George J. Zock, 72 | Director, Chairperson of the Board | Since 2006 | Independent Consultant; Consultant, Horace Mann Service Corporation (2004 to 2005); Executive Vice President, Horace Mann Life Insurance Company and Horace Mann Service Corporation (1997 to 2003) | 8 | Wilshire Variable Insurance Trust (1 Fund); Armed Forces Insurance Exchange |
| **INTERESTED DIRECTOR and PRESIDENT** | **INTERESTED DIRECTOR and PRESIDENT** | **INTERESTED DIRECTOR and PRESIDENT** | **INTERESTED DIRECTOR and PRESIDENT** | **INTERESTED DIRECTOR and PRESIDENT** | **INTERESTED DIRECTOR and PRESIDENT** |
| Jason Schwarz,<sup>(3)</sup> 48 | Director and President | Director since 2018/ President since 2012 | President, Wilshire Advisors LLC (since 2021); Chief Operating Officer, Wilshire Advisors LLC (since 2020); President, Wilshire Funds Management (2014 to 2020); President, Wilshire Analytics (2017 to 2020); Managing Director, Head of Wilshire Funds Management's Client Service, Sales, Marketing and Distribution functions (2005 to 2014) | 8 | Wilshire Advisors LLC; Wilshire Variable Insurance Trust (1 Fund) |
| **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** |
| Benkai Bouey, 51 | Chief Compliance Officer | Since 2015 | Chief Compliance Officer, Wilshire Advisors LLC (since 2012); Attorney, Benkai Bouey, Attorney at Law (2010 to 2013); Client Relationship Manager, Horizon Asset Management, Inc. (2008 to 2010) | N/A | N/A |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Additional Fund Information (Unaudited) - (Continued)**  | ![](fp0081225-2_318.jpg) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and <br> Age**  | **Position <br> Held <br> with the <br> Company** | **Term of <br> Office<sup>(1)</sup>** **<br> and <br> Length of <br> Time <br> Served** | **Principal <br> Occupations <br> During the Past <br> Five Years** | **Number of <br> Funds/ <br> Funds in <br> Complex <br> Overseen <br> by Director** | **Other <br> Directorships <br> Held by <br> Director Over <br> the Past Five <br> Years** |
| Nathan R. Palmer, 47 | Vice President | Since 2011 | Managing Director, Wilshire Advisors LLC (since 2011); Senior Investment Management Associate, Convergent Wealth Advisors (2009 to 2010); Director of Public Markets, Investment Office, California Institute of Technology (2008 to 2009). Treasury Manager, Retirement Investments, Intel Corporation (2004 to 2008) | N/A | N/A |
| Michael Wauters, 56 | Treasurer | Since 2009 | Managing Director - Finance, Wilshire Advisors LLC (since 2021); Controller, (2009 to 2012); Assistant Vice President- Financial Operations, Pacific Life Insurance Company (2000 to 2009) | N/A | N/A |
| Josh Emanuel, 43 | Vice President | Since 2015 | Chief Investment Officer - Global Investment Management (since 2021); Managing Director, Wilshire Advisors LLC (since 2015); Chief Investment Officer, Global Investment Management Wilshire Advisors LLC (since 2015); Chief Investment Officer, The Elements Financial Group, LLC (2010 to 2015) | N/A | N/A |
| Michael Lavalle, 41 | Secretary | Since 2021 | Head of Legal, Wilshire Advisors LLC (since 2021); Senior Vice President/Counsel, Wilshire Advisors LLC (2019 to 2021); Vice President/Counsel, Wilshire Advisors LLC (2014 to 2019); Counsel, Corporate Affairs, Relativity Media (2012 to 2014); Latham & Watkins, Associate (2009 to 2012) | N/A | N/A |

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| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Additional Fund Information (Unaudited) - (Continued)**  | ![](fp0081225-2_319.jpg) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and <br> Age**  | **Position <br> Held <br> with the <br> Company** | **Term of <br> Office<sup>(1)</sup>** **<br> and <br> Length of <br> Time <br> Served** | **Principal <br> Occupations <br> During the Past <br> Five Years** | **Number of <br> Funds/ <br> Funds in <br> Complex <br> Overseen <br> by Director** | **Other <br> Directorships <br> Held by <br> Director Over <br> the Past Five <br> Years** |
| Suehyun Kim, 45 | Vice President | Since 2019 | Vice President, Wilshire Advisors LLC (since 2018); Director, Cetera Financial Group (2011 to 2018) | N/A | N/A |

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(1) Each Director serves until the next shareholders' meeting (and until the election and qualification of a successor), or until death, resignation, removal or retirement which takes effect no later than May 1 following his or her 75th birthday. Officers are elected by the Board on an annual basis to serve until their successors have been elected and qualified.

(2) Mr. Formisano invests in mutual funds advised by WCM Investment Management, LLC, a sub-adviser to the Wilshire International Equity Fund.

(3) Mr. Schwarz is considered an Interested Director because he is an officer of Wilshire.

**Information on Proxy Voting** 

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

**Information on Form N-PORT** 

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

**Householding Policy** 

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

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| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Tax Information (Unaudited)** | ![](fp0081225-2_320.jpg) |

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For the year ended December 31, 2022, the Portfolios designated the following long-term capital gain distributions:

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| | |
|:---|:---|
| **Portfolio** | **Amount** |
| Large Company Growth Portfolio  | $31530544 |
| Large Company Value Portfolio  | 12018006 |
| Small Company Growth Portfolio  | 4298514 |
| Small Company Value Portfolio  | 2318391 |
| Wilshire 5000 Index<sup>SM</sup> Fund  | 7789311 |
| Wilshire Income Opportunities Fund  |  |
| Wilshire International Equity Fund  | 2053351 |

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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:

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| | |
|:---|:---|
| **Portfolio** | **Percentage** |
| Large Company Growth Portfolio  | 100.00% |
| Large Company Value Portfolio  | 58.06% |
| Small Company Growth Portfolio  | 0.00% |
| Small Company Value Portfolio  | 100.00% |
| Wilshire 5000 Index<sup>SM</sup> Fund  | 100.00% |
| Wilshire Income Opportunities Fund  | 1.82% |
| Wilshire International Equity Fund  | 5.10% |

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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 2022 as qualified dividend income as defined in Section 1(h)(II) of the Internal Revenue Code.

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| | |
|:---|:---|
| **Portfolio** | **Percentage** |
| Large Company Growth Portfolio  | 100.00% |
| Large Company Value Portfolio  | 77.33% |
| Small Company Growth Portfolio  | 0.00% |
| Small Company Value Portfolio  | 100.00% |
| Wilshire 5000 Index<sup>SM</sup> Fund  | 100.00% |
| Wilshire Income Opportunities Fund  | 2.17% |
| Wilshire International Equity Fund  | 100.00% |

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| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Tax Information (Unaudited) - (continued)** | ![](fp0081225-2_321.jpg) |

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Pursuant to the American Jobs Creation Act of 2004, and as extended by Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010, the Portfolios listed below designated the following percentages of short-term capital gain distributions as qualified short-term capital gain that is exempt from U.S. withholding tax when paid to foreign investors.

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| | |
|:---|:---|
| **Portfolio** | **Percentage** |
| Large Company Growth Fund  | 0.00% |
| Large Company Value Portfolio  | 56.29% |
| Small Company Growth Portfolio  | 0.00% |
| Small Company Value Portfolio  | 0.00% |
| Wilshire 5000 Index<sup>SM</sup> Fund  | 0.00% |
| Wilshire Income Opportunities Fund  | 0.00% |
| Wilshire International Equity Fund  | 0.00% |

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**Foreign Tax Credit Pass Through** 

The Portfolios intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Wilshire International Equity Fund's foreign source income per share was $0.30 and the foreign tax expense per share was $0.03 per share. The pass-through of the foreign tax credit will only affect those persons who are shareholders on the dividend record date in December 2022. These shareholders will receive more detailed information along with their 2022 Form 1099-DIV.

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| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**(the "Company" and each series thereof, a "Fund")** <br>**Board Approval of Advisory Agreement** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited)** | ![](fp0081225-2_322.jpg) |

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Wilshire Mutual Funds, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end diversified investment company, which was incorporated under Maryland law on July 30, 1992. The Company operates as a series company and presently offers seven series:

● Large Company Growth Portfolio ● Large Company Value Portfolio

● Small Company Growth Portfolio ● Small Company Value Portfolio

● Wilshire 5000 Index 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, 2022, 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 15, 2022 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><u>Information Requested and Received</u></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.

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| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**(the "Company" and each series thereof, a "Fund")** <br>**Board Approval of Advisory Agreement** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited) - (continued)** | ![](fp0081225-2_323.jpg) |

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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><u>Factors Considered</u></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 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 15, 2022 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

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| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**(the "Company" and each series thereof, a "Fund")** <br>**Board Approval of Advisory Agreement** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited) - (continued)** | ![](fp0081225-2_324.jpg) |

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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><u>Nature, Extent and Quality of Services</u></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 Value Portfolio, Wilshire Income Opportunities Fund and Wilshire International Equity Fund pursuant to expense limitation agreements. In this connection, the Board reviewed, among other things, the Adviser's audited consolidated financial statements as of December 31, 2021, 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 the Investment Class shares of each actively managed Fund—i.e., each of the Funds, with the exception of the

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| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**(the "Company" and each series thereof, a "Fund")** <br>**Board Approval of Advisory Agreement** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited) - (continued)** | ![](fp0081225-2_325.jpg) |

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Wilshire 5000 Index Fund (the "Index Fund")—for the annualized one-, three-, five- and ten-year periods ended September 30, 2022, as applicable, in comparison to each Fund's benchmark and a peer group of funds determined by Wilshire based upon the Morningstar database for the same periods.

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 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 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, 2022—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***

● The Fund's annualized return for each period was below the Fund's benchmark performance. In addition, the Fund underperformed its peer group median for the one-, five- and ten-year periods, ranking in the third, third and fourth quintiles, respectively, of its peer group (the first quintile being the best performers and the fifth quintile being the worst performers) and outperformed the peer group median for the three-year period, ranking in the second quintile.

***Large Company Value Portfolio***

● The Fund's annualized return for each period was below the Fund's benchmark performance. In addition, the Fund underperformed its peer group median for each period reviewed, ranking in the fifth quintile of its 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, including individual subadviser performance.

***Small Company Growth Portfolio***

● The Fund's annualized returns for the five- and ten-year periods were above the Fund's benchmark performance. However, the Fund underperformed its peer group median for the one-, three- and five-year periods, ranking in the third,

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**(the "Company" and each series thereof, a "Fund")** <br>**Board Approval of Advisory Agreement** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited) - (continued)** | ![](fp0081225-2_326.jpg) |

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fourth and fourth quintiles of its peer group, respectively, and performed the same as the peer group median for the ten-year period. 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***

● Although the Fund's annualized return for the five-year period was below the Fund's benchmark performance, the Fund outperformed its benchmark for the one-, three- and ten-year periods. In addition, although the Fund underperformed its peer group median for the three- and five-year periods, ranking in the third quintile of its peer group, the Fund outperformed its peer group median for the one- and ten-year periods, ranking in the second quintile of its peer group.

***Index Fund***

● The Index Fund's tracking error was above its peer group median—i.e., the Index Fund tracked its index less closely than the median of its peer group—for all periods reviewed, ranking in the fifth, fifth, fourth and fourth quintiles of its peer group, respectively, for the one-, three-, five- and ten-year periods. The Board also noted that, although the Index Fund underperformed its index for all periods reviewed except the one-year period, 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.

***Wilshire Income Opportunities Fund***

● The Fund's annualized returns were below the Fund's benchmark performance for each period reviewed. In addition, the Fund underperformed its peer group median for the one-, three- and five-year periods, ranking in the fourth, fifth and fourth quintiles of its peer group, respectively. 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***

● The Board noted that the Fund changed its investment mandate from a domestic large cap core fund to an international large cap fund in April 2013 and changed its benchmark to the MSCI ACW ex-U.S. Index at the same time, so annualized peer returns and performance relative to the Index are not comparable for the ten-year period. Consequently, the Board focused on more recent performance metrics, noting that the Fund's performance for the three- and five-year periods exceeded its benchmark. In addition, the Fund's performance for the three- and five-year periods exceeded its peer group median, ranking in the first quintile. In

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**(the "Company" and each series thereof, a "Fund")** <br>**Board Approval of Advisory Agreement** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited) - (continued)** | ![](fp0081225-2_327.jpg) |

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assessing the Fund's performance data, the Board took into account the Adviser's explanation of the factors that detracted from one-year performance, including individual subadviser performance.

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><u>Comparative Fees</u></u>

The Board compared each Fund's actual management fee paid and total expense ratio for Investment 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***

● Although each of the Fund's total expense ratio and actual management fee paid was above the peer group median, ranking in the fourth and fifth quintiles, respectively (the first quintile being the lowest and the fifth quintile being the highest), the actual management fee paid was seven basis points above the peer group median, which the Board concluded was competitive. 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***

● Each of the Fund's total expense ratio and actual management fee paid was above the 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***

● Although the Fund's total expense ratio was above the 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

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**(the "Company" and each series thereof, a "Fund")** <br>**Board Approval of Advisory Agreement** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited) - (continued)** | ![](fp0081225-2_328.jpg) |

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total expense ratio, the Board considered the Fund's small size relative to its peer group. In addition, the Board took into account that the Adviser has entered into an expense limitation agreement with respect to the Fund.

***Small Company Value Portfolio***

● Although the Fund's total expense ratio was above the 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 group. In addition, the Board took into account that the Adviser has entered into an expense limitation agreement with respect to the Fund.

***Index Fund***

● Both the Fund's total expense ratio and the actual management fee paid were below the peer group median, ranking in the first quintile.

***Wilshire Income Opportunities Fund***

● Although the Fund's total expense ratio was above the 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. 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***

● Although the Fund's total expense ratio was above the peer group median, ranking in the fifth quintile of its peer group, the Fund's actual management fee paid was below the peer group median and ranked in the third quintile. 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 retirements plans a lower fee. In this connection, 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.

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**(the "Company" and each series thereof, a "Fund")** <br>**Board Approval of Advisory Agreement** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited) - (continued)** | ![](fp0081225-2_329.jpg) |

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Based upon all of the above, the Board concluded that the management fee for each Fund was reasonable.

<u><u>Costs of Services Provided and Profitability to Wilshire</u></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><u>Economies of Scale</u></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 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><u>Fall-Out Benefits</u></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

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**(the "Company" and each series thereof, a "Fund")** <br>**Board Approval of Advisory Agreement** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited) - (continued)** | ![](fp0081225-2_330.jpg) |

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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><u>Conclusion</u></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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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Board Approval of Subadvisory Agreements** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited)** | ![](fp0081225-2_331.jpg) |

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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

● Wilshire 5000 Index 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, 2022, 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):

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| | |
|:---|:---|
| **Subadviser** | **Fund(s)** |
| 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 |
| Hotchkis & Wiley Capital Management, LLC ("Hotchkis & Wiley") | Small Company Value Portfolio |
| Lazard Asset Management LLC ("Lazard") | Wilshire International Equity Fund |
| Los Angeles Capital Management LLC ("LA Capital") | Large Company Growth Portfolio |
|  | Large Company Value Portfolio |
|  | Small Company Growth Portfolio |
|  | Small Company Value Portfolio |
|  | Wilshire 5000 Index Fund  |
|  | 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 |
|  | Large Company Value Portfolio |
|  | Wilshire Income Opportunities Fund |
|  | Wilshire International Equity Fund |
| WCM Investment Management, LLC ("WCM") | Wilshire International Equity Fund |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Board Approval of Subadvisory Agreements** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited) - (continued)** | ![](fp0081225-2_332.jpg) |

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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 22, 2022 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 its 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 Subadvisory Agreements, and advised the Independent Directors of the relevant legal standards.

<u><u>Information Requested and Received</u></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><u>Factors Considered</u></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

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Board Approval of Subadvisory Agreements** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited) - (continued)** | ![](fp0081225-2_333.jpg) |

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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 22, 2022 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><u>Nature, Extent and Quality of Services</u></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 compliance, in addition to information regarding each firm's disaster recovery, including cybersecurity risk mitigation, and policies with respect to portfolio execution,

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Board Approval of Subadvisory Agreements** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited) - (continued)** | ![](fp0081225-2_334.jpg) |

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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, 2022. To the extent a Subadviser had not achieved longer-term performance, the Board reviewed the performance for the periods available. With respect to the Wilshire 5000 Index Fund, LA Capital's gross investment performance was compared to its tracking index, the 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 the 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***

● **Fred Alger.** 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 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

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Board Approval of Subadvisory Agreements** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited) - (continued)** | ![](fp0081225-2_335.jpg) |

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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.

● **LA Capital.** The Subadviser outperformed the Fund and the Subadviser's benchmark index, the Russell 1000 Growth 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.

● **Voya.** The Subadviser underperformed 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, but will continue to monitor the Subadviser's performance.

***Large Company Value Portfolio***

● **LA Capital.** The Subadviser outperformed the Fund and the Subadviser's benchmark index, the Russell 1000 Value Index, for the quarter-to-date, year-to-date and one-year periods ended June 30, 2022, and underperformed for the three-, five- and ten-year periods ended June 30, 2022. 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.

● **MFS.** The Subadviser outperformed the Subadviser's benchmark index, the Russell 1000 Index, for the quarter-to-date period ended June 30, 2022 and underperformed the Subadviser's benchmark index for the year-to-date and one-year periods ended June 30, 2022. The Subadviser underperformed the Fund's benchmark index, the Russell 1000 Value Index, for all periods reviewed. The Board noted that the Subadviser began managing its portion of the Fund in January 2021 and determined that performance history was too new to judge.

● **Voya.** The Subadviser underperformed 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

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Board Approval of Subadvisory Agreements** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited) - (continued)** | ![](fp0081225-2_336.jpg) |

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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, but will continue to monitor the Subadviser's performance.

***Small Company Growth Portfolio***

● **LA Capital.** With the exception of the five-year period ended June 30, 2022, the Subadviser outperformed 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.

● **Ranger.** The Subadviser outperformed 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.

***Small Company Value Portfolio***

● **Diamond Hill.** The Subadviser outperformed the Fund and the Subadviser's benchmark index, the Russell 2000 Value Index, for the one-year period ended June 30, 2022 and underperformed for the quarter-to-date and year-to-date periods ended June 30, 2022. 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.

● **Hotchkis & Wiley.** 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.

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Board Approval of Subadvisory Agreements** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited) - (continued)** | ![](fp0081225-2_337.jpg) |

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● **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.

***Wilshire 5000 Index Fund***

● **LA Capital.** The Subadviser outperformed 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 connection, 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.

***Wilshire Income Opportunities Fund***

● **DoubleLine.** With the exception of the quarter-to-date period ended June 30, 2022, the Subadviser outperformed the Subadviser's custom blended benchmark<sup>1</sup>for all periods reviewed. With the exception of the three-year period ended June 30, 2022, the Subadviser outperformed the Fund's custom blended benchmark<sup>2</sup>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.

<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.

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Board Approval of Subadvisory Agreements** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited) - (continued)** | ![](fp0081225-2_338.jpg) |

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● **Manulife.** With the exception of the three-year period ended June 30, 2022, the Subadviser underperformed the Subadviser's benchmark index, the Bloomberg Multiverse Index USD (Hedged), for all periods reviewed. With the exception of the quarter-to-date period ended June 30, 2022, the Subadviser outperformed the Fund's 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 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 performance of the Subadviser.

● **Voya.** The Subadviser outperformed the Subadviser's custom blended benchmark<sup>3</sup> index for the quarter-to-date and year-to-date periods ended June 30, 2022 and underperformed the Subadviser's benchmark index for the one- and three-year periods ended June 30, 2022. With the exception of the three-year period ended June 30, 2022, the Subadviser outperformed the Fund's custom blended benchmark 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***

● **Lazard.** The Subadviser outperformed the Subadviser's benchmark index, the MSCI ACWI ex USA Small Cap Index, for all periods reviewed. With the exception of the three-year period ended June 30, 2022, the Subadviser outperformed the Fund's benchmark index, the MSCI ACWI ex USA Investable Market Index, 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.

<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.

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Board Approval of Subadvisory Agreements** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited) - (continued)** | ![](fp0081225-2_339.jpg) |

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● **LA Capital.** The Subadviser outperformed the Subadviser's benchmark index, the MSCI ACWI ex USA Index, and the Fund's benchmark index, the MSCI ACWI ex USA Investable Market 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.

● **Pzena.** The Subadviser outperformed the Subadviser's benchmark index, the MSCI ACWI ex USA Value Index, for the quarter-to-date and the 3-year periods ended June 30, 2022, and underperformed for the year-to-date and one-year periods ended June 30, 2022. The Subadviser outperformed the Fund's benchmark index, the MSCI ACWI ex USA Investable Market 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, but will continue to closely monitor the Subadviser's performance.

● **Voya.** The Subadviser underperformed 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, but will continue to closely monitor the Subadviser's performance.

● **WCM.** The Subadviser outperformed the Subadviser's benchmark index, the MSCI ACWI ex USA Growth Index, for the three- and five-year periods ended June 30, 2022 and underperformed for the quarter-to-date, year-to-date and one-year periods. The Subadviser outperformed the Fund's benchmark index, the MSCI ACWI ex USA Investable Market Index, for the three- and five-year periods ended June 30, 2022 and underperformed the Fund's benchmark index for all other 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;**Wilshire Mutual Funds, Inc.** <br>**Board Approval of Subadvisory Agreements** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited) - (continued)** | ![](fp0081225-2_340.jpg) |

---

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><u>Subadvisory Fees</u></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><u>Profitability to the Subadvisers</u></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 certain 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><u>Economies of Scale</u></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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Wilshire Mutual Funds, Inc.** <br>**Board Approval of Subadvisory Agreements** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited) - (continued)** | ![](fp0081225-2_341.jpg) |

---

<u><u>Fall-Out Benefits</u></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, as well as affiliated brokerage arrangements for Fred Alger. The Board concluded that, taking into account the benefits arising from these practices, the fees charged under each Subadvisory Agreement were reasonable.

<u><u>Conclusion</u></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.

![](fp0081225-2_342.jpg)

**Wilshire Mutual Funds**

WH-WMF-ANNUAL 12/31/22

Wilshire Advisors LLC

1299 Ocean Avenue

Santa Monica, CA 90401

1-866-591-1568

http://advisor.wilshire.com

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

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

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 13(a)(1), a copy of registrant's code of ethics is filed herewith. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

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

As of February 28, 2023, the registrant's board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee. Mr. Roger A. Formisano and Mr. Matt Forstenhausler are the "audit committee financial experts" and are 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 12/31/2022 | FYE 12/31/2021 |
| Audit Fees | 138000 | 135500 |
| Audit-Related Fees | 7060 | 0 |
| Tax Fees | 32000 | 35000 |
| All Other Fees | 0 | 0 |

---

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.

The percentage of fees billed by Cohen & Co. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2022 | FYE 12/31/2021 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

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.

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. The audit committee of the board of 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.

<u>Non-Audit Related Fees</u> <u>FYE 12/31/2022</u> <u>FYE 12/31/2021</u> <br> Registrant 35,000 35,000 <br> <u>Registrant's Investment Adviser</u> <u>0</u> <u>0</u>

**<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).

(b) Not applicable.

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

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

(b) Not applicable.

**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 10. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

**<u>Item 11. Controls and Procedures.</u>**

(a) The Registrant's President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as
required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review,
such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed
in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and
by the Registrant's service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that
occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's
internal control over financial reporting.

**<u>Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Exhibits.</u>**

(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. A copy of the registrant's Code of Ethics is filed herewith.](https://www.sec.gov/Archives/edgar/data/1026708/000139834422005471/fp0073592_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Attached hereto.](fp0081225-2_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 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;(4) Change in the registrant's independent public accountants. There was no change in the registrant's independent public accountant for the period covered by this report.

 

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Attached hereto.](fp0081225-2_ex99906cert.htm)

[Exhibit 99.CODE ETH](https://www.sec.gov/Archives/edgar/data/1026708/000139834422005471/fp0073592_ex99code.htm)

[Code of Ethics](https://www.sec.gov/Archives/edgar/data/1026708/000139834422005471/fp0073592_ex99code.htm)

[Exhibit 99.CERT](fp0081225-2_ex99cert.htm)

[Certifications required by Rule 30a-2(a) under the Act](fp0081225-2_ex99cert.htm)

[Exhibit 99.906CERT](fp0081225-2_ex99906cert.htm)

[Certifications required by Rule 30a-2(b) under the Act](fp0081225-2_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 |
|  | President and Principal Executive Officer |
| Date | 3/8/2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Jason A. Schwarz |
|  | Jason A. Schwarz |
|  | President and Principal Executive Officer |
| Date | 3/8/2023 |

---

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Michael Wauters |
|  | Michael Wauters |
|  | Treasurer, Principal Financial Officer and Principal Accounting Officer |
| Date | 3/9/2023 |

---

## Ex-99.Cert

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, Jason A. Schwarz, certify that:

1. I have reviewed this report on Form N-CSR of Wilshire Mutual Funds, Inc.;

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;

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;

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;(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;(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;(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;(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

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: | 3/8/2023 | /s/ Jason A. Schwarz |
|  |  | Jason A. Schwarz |
|  |  | President and Principal Executive Officer |

---

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, Michael Wauters, certify that:

1. I have reviewed this report on Form N-CSR of Wilshire Mutual Funds, Inc.;

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;

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;

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;(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;(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;(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;(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

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: | 3/9/2023 | /s/ Michael Wauters |
|  |  | Michael Wauters |
|  |  | Treasurer and Principal Financial 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 Wilshire Mutual Funds, Inc., does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Wilshire Mutual Funds, Inc. for the year ended December 31, 2022 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 Wilshire Mutual Funds, Inc. for the stated period.

---

| | | | |
|:---|:---|:---|:---|
| Chief Executive Officer | Chief Executive Officer | Chief Financial Officer | Chief Financial Officer |
| Wilshire Mutual Funds, Inc. | Wilshire Mutual Funds, Inc. | Wilshire Mutual Funds, Inc. | Wilshire Mutual Funds, Inc. |
| /s/ Jason A. Schwarz | /s/ Jason A. Schwarz | /s/ Michael Wauters | /s/ Michael Wauters |
| Jason A. Schwarz | Jason A. Schwarz | Michael Wauters | Michael Wauters |
| President and Principal Executive Officer | President and Principal Executive Officer | Treasurer and Principal Financial Officer and Principal Accounting Officer | Treasurer and Principal Financial Officer and Principal Accounting Officer |
| Date: | 3/8/2023 | Date: | 3/9/2023 |

---

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.