ThZeal - The Zeal

Wilshire Mutual Funds, Inc.
(Exact name of registrant as specified in charter)

Santa Monica, CA 90401-1085
(Address of principal executive offices) (Zip code)

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

We are pleased to present this semi-annual report to all shareholders of the Wilshire Mutual Funds (the “Funds”). This report covers the period from January 1, 2021 to June 30, 2021, for all share classes of the Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 IndexSM Fund, Wilshire International Equity Fund and Wilshire Income Opportunities Fund.

The U.S. stock market, represented by the Wilshire 5000 Total Market Index^SM, was up 15.45% for the first half of 2021. All eleven sectors were in positive territory, with Energy (+48.58%) and Financials (+26.00%) representing the best performing sectors. The only sector with low single digit performance during the period was Utilities (+2.61%%), which represents a relatively small segment of the U.S. market, with a weight of 2.3%. From a size perspective, large-cap underperformed small-cap during the quarter. Style-based results favored value as both large and small value outperformed their counterparts - large-growth and small value.

Inflation continues to accelerate in 2021, and it is unclear as to whether this is the beginning of a persistent trend or one effect of a rapidly reopening economy. U.S. Consumer Price Index is up 6.5% (annualized) year to date through May 2021, largely due to a spike in energy prices, with oil up more than 50%. Though not typically large contributors to overall inflation, used car and truck prices, which were up 10% in April and another 7% in May, provide some evidence of potentially transitory spikes. The Output Gap, or the difference between actual and potential economic growth, can provide a much broader read on inflationary pressures. Currently, however, the lingering impact of the COVID-19 economic shutdowns has the U.S. still running well below potential, which may assist in supporting the Fed’s current patience in the face of rising inflation risks.

Equity markets outside of the U.S. also enjoyed a strong 6 month period, with developed markets leading emerging markets. Economic conditions are rapidly improving in the U.K., led by the services sector as retail and hospitality businesses are benefitting from an economy that has almost totally reopened. Unfortunately, after a surge in the Delta variant of COVID-19 that was originally discovered in India, Prime Minister Boris Johnson of the U.K. delayed lifting the final restrictions, originally due to expire on June 21. Conditions in Germany, Europe’s largest economy, are also improving as pandemic-related restrictions are being lifted. Both the U.K. and Germany are facing accelerating inflation but, like in the U.S., central bankers are remaining patient with accommodative short-term policy rates. China, the world’s second largest economy, continues to achieve accelerating growth. However, the country’s exporting business, a major economic driver, should face increased global competition as economies continue to reopen.

The U.S. Treasury yield curve was down across most maturities at the end of the second half after a significant increase during the first quarter. The 10-year Treasury yield ended the first half of 2021 at 1.46%, up 55 basis points from January. The Federal Open Market Committee met twice during the second quarter, as scheduled, with no change to the overnight rate. Credit spreads continued to tighten during the first half of the year, boosting investment grade and high yield returns. During the first half of 2021, the Bloomberg Barclays U.S Aggregate Bond Index, Bloomberg Barclays U.S. Credit Index and Bloomberg Barclays U.S. Corporate High Yield Index returned -1.60%, -1.28%, and 3.62%, respectively.

The Wilshire Large Company Growth Portfolio - Institutional Class returned 13.53%, outperforming the Russell 1000 Growth Index return of 12.99% by 0.54%. The Wilshire Large Company Value Portfolio - Institutional Class returned 17.74%, outperforming the Russell 1000 Value Index return of 17.05% by 0.69%. The Wilshire Small Company Growth Portfolio - Institutional Class returned 12.65%, outperforming the Russell 2000 Growth Index return of 8.98% by 3.67%. The Wilshire Small Company Value Portfolio - Institutional Class returned 26.15%, underperforming the Russell 2000 Value Index return of 26.69% by -0.54%. The Wilshire International Equity Fund - Institutional Class returned 12.13%, outperforming the MSCI All Country World ex USA Investable Market Index return of 9.58% by 2.55%. The Wilshire Income Opportunities Fund - Institutional Class returned 1.08%, outperforming the Bloomberg Barclay US Universal Index return of -1.15% by 2.23%.

We are pleased with the Portfolios’ performance through the first half of 2021, and we are confident that each Portfolio is well positioned for future growth.

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

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.

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.

Investing involves risk including loss of principal. This report identifies each Portfolio’s investments on June 30, 2020. These holdings are subject to change. 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 ACWI ex USA Index is an equity index which captures large and mid cap representation across 22 of 23 Developed Markets countries (excluding the U.S) and 26 Emerging Markets countries. With 2,370 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.

The MSCI ACWI 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.

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 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.

Bloomberg Barclays U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

Bloomberg Barclays U.S. Credit Index measures the investment grade, US dollar-denominated, fixed-rate, taxable corporate and government related bond markets.

The Bloomberg Barclays U.S. Corporate High Yield Index measures the US dollar-denominated, high yield, fixed-rate, corporate bond market.

Bloomberg Barclay 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.

Russell 1000^® 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.

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.

Russell 2000^® 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.

Russell 2000^® 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.

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 back 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.

Consumer Price Index is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available.

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.

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.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2021 was 1.31% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2021 was 1.30% for Investment Class Shares.

The Advisor has 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 until April 30, 2022.

The Wilshire 5000 Total Market Index^SM returned 15.45% for the first half of the year. Global securities markets continued to trend higher during the first 6 months of the year, benefiting from the reopening of global economies and higher earnings growth, particularly in the U.S. Global economic data pointed to a continuation of the recovery in the first quarter, leading some economists to upgrade forecasts of global growth. At the same time, investor sentiment has been gradually shifting, as enthusiasm regarding the early cycle recovery has started to wane, and concerns about peaking economic growth in the U.S. began to surface.

The U.S. economy grew at an annualized rate of 6.5% in the second quarter, falling short of expectations, primarily due to a decline in inventories and less government spending. On the other hand, personal consumption remains strong, with spending on services surging during the second quarter despite a material decline in the demand for goods.

For the first half of the year, large capitalization stocks underperformed small capitalization stocks with the Wilshire U.S. Large-Cap Index^SM returning 15.10% versus 18.92% for the Wilshire U.S. Small-Cap Index^SM. Growth stocks lagged value equities during the period, with Wilshire U.S. Large-Cap Growth Index^SM returning 14.06% versus 15.43% for the Wilshire U.S. Large-Cap Value Index^SM.

Sector returns for the Wilshire 5000 Total Market Index were generally positive for the first half of the year. Energy (+48.58%) and Financials (+26.00%) were the best performing sectors while Consumer Staples (+5.64%) and Utilities (+2.61%) were the largest laggards.

Real estate securities were up during the second quarter in both the U.S. and abroad. Gains by sector were generally broad based, with Retail Real Estate Investment Trust (“REITs”) (+16%) and Residential REITs (+14%) leading the market. Commodity results were positive for the quarter as crude oil was up 24.2% to $73.47 per barrel. Oil prices are now back above pre-COVID levels, up +20% (cumulative) since year-end 2019. Natural gas prices were up 40.0% during the second quarter, ending at $3.65 per million British Thermal Units, the highest level since January 2019. Midstream energy surged for the third consecutive quarter while the broader infrastructure segment was also positive. Finally, gold prices rebounded 3.4% and finished at approximately $1,772 per troy ounce.

The Wilshire Large Company Growth Portfolio - Institutional Class returned 13.53% in the first six months of 2021, outperforming the Russell 1000 Growth Index return of 12.99% by 0.54%. Stock selection within Healthcare and Consumer Discretionary detracted from performance. Overweight to Industrials and underweight to Real Estate were the top two detractors from sector allocation perspective. Conversely, security selection within Information Technology as well as overweight exposure to Consumer Services contributed positively to relative performance.

We are pleased with the Portfolio’s recent relative outperformance for the first half of the year and believe that the Portfolio is well positioned going into 2021 as the market deals with ongoing pandemic, macroeconomic and geopolitical issues.

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 Portfolio’s total expense ratio per the prospectus dated 4/30/2021 was 1.32% for Investment Class Shares.

The Wilshire Large Company Value Portfolio - Institutional Class returned 17.74% during the first six months of 2021, outperforming the Russell 1000 Value Index return of 17.05% by 0.69%. From a sector allocation perspective, underweight exposure to Real Estate and Information Technology detracted from relative perspective. Stock selection within Energy detracted from performance as well. Conversely, underweight exposure to Utilities and Communication Service along with stock selection within Consumer Discretionary and Communication Services contributed positively to relative performance.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2021 was 1.63% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2021 was 1.35% for Investment Class Shares.

The Advisor has 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 until April 30, 2022.

The Wilshire Small Company Growth Portfolio - Institutional Class returned 12.65% during the first six months of 2021, outperforming the Russell 2000 Growth Index return of 8.98% by 3.67%. Stock selection within Materials and Consumer Staples weighed on result. Conversely, stock selection within Healthcare and Consumer Discretionary meaningfully contributed to relative performance. Underweight to Healthcare also aided performance.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2021 was 1.84% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2021 was 1.35% for Investment Class Shares.

The Advisor has 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 until April 30, 2022.

The Wilshire Small Company Value Portfolio - Institutional Class returned 26.15% during the first six months of 2021, underperforming the Russell 2000 Value Index return of 26.69% by -0.54%. Overweight exposure to Financials and underweight exposure to Communication Services detracted from performance. Stock selection within Communication Services and Consumer Discretionary also weighed on relative performance. Conversely, Stock selection in Financial and Energy contributed positively. Overweight exposure to Consumer Discretionary, along with an underweight exposure to Utilities aided result.

Despite recent relative underperformance, we believe the Portfolio is well positioned going into 2021 as the market deals with ongoing pandemic, macroeconomic and geopolitical issues.

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.

The Index Fund’s total expense ratio per the prospectus dated 4/30/2021 was 0.62% for Investment Class Shares.

The Wilshire 5000 Index Fund - Institutional Class returned 14.91% during the first six months of 2021, underperforming the Wilshire 5000 Index return of 15.45% by -0.54%. Relative underperformance is mainly attributable to Fund expenses and is within the historical range.

On April 2, 2013 and July 21, 2021, 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 4/30/2021 was 1.69% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2021 was 1.50% for Investment Class Shares.

The Advisor has 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 until April 30, 2022.

Outside of the United States, equity performance lagged its U.S. counterparts, with the MSCI All Country World ex USA Index returning 10.65% and MSCI Emerging Markets Index returning 18.31% for the year. Global equities continued to stage a tremendous rally in the fourth quarter, benefiting from optimism regarding the distribution of a COVID-19 vaccine. The economic recovery was aided by continued accommodative monetary policy including the European Central Bank expanding and extending its bond buying programs.

The Wilshire International Equity Fund - Institutional Class returned 12.13%, outperforming the MSCI All Country World ex USA Investable Market Index return of 9.58% by 2.55% during the first six months of 2021. Stock selection within most sectors were positive with Industrials and Information Technology contributing the most. Strong stock selection within U.S. contributed materially to relative performance. Conversely, stock selection within Energy and Financials weighed on result. Underweight to Canada and large overweight exposures to U.S. relative to the benchmark also detracted from performance.

We are pleased with the Fund’s recent relative outperformance for the first half of the year and believe that the Fund is well positioned going into 2021 as the market deals with ongoing pandemic, macroeconomic and geopolitical issues.

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 4/30/2021 was 1.30% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2021 was 1.16% for Investment Class Shares.

The Advisor has 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 until April 30, 2022.

The Bloomberg Barclays US Aggregate Bond Index returned -1.60% for the first half of the year. The U.S. Treasury yield curve flattened during the second quarter with yields beyond a 3-year maturity falling and shorter-term rates generally rising. The 10-year Treasury yield ended the quarter at 1.47%, down 27 basis points from March. Credit spreads tightened, with the spread on the broad high yield market closing the quarter at 2.68%. The Federal Open Market Committee (FOMC) met twice during the second quarter, as scheduled, with no change to its overnight rate. Messaging has long been an important tool that the FOMC wields in delivering on its dual mandate of price stability and maximum employment. Economists are split, however, on interpreting the Fed’s current intentions. The FOMC recently opened the conversation on possible tapering of bond purchases and its median forecast for the future overnight rate moved from no change to a 0.5% increase – albeit in 2023. However, a week after the last meeting, Chair Jerome Powell indicated that the Fed would not raise rates “preemptively” on possible inflation fears.

Wilshire Income Opportunities Fund - Institutional Class returned 1.08%, outperforming the Bloomberg Barclay U.S. Universal Index return of -1.15% by 2.23%. During the first six months of 2021, exposures to U.S. Treasuries, Investment Grade corporate and Agency Residential Mortgaged-Backed Securities detracted from relative performance. Additionally, underweight to duration weighed on performance as U.S. Treasuries sold off during the first quarter. Conversely, overweight to securitized assets such as Commercial Mortgage-Backed Securities and Asset-Backed Securitie s as well as Emerging Market debt contributed positively for the period.

All mutual funds have operating expenses. As a shareholder of a Portfolio, you incur ongoing costs, which include costs for investment advisory, administrative services, distribution and/or shareholder services and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the Portfolio. A Portfolio’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing fees (in dollars) of investing in the Portfolios and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire period from January 1, 2021 to June 30, 2021.

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.

The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings, each investment of any issue that exceeds 1% of the Portfolio’s net assets, and any investments classified as Level 3. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). The complete schedule of portfolio holdings is available (i) on the SEC’s website at http://www.sec.gov; and (ii) on our website at http://advisor.wilshire.com.

schedule of portfolio holdings is available on the SEC’s website at http://www.sec.gov; and (ii) on our website at http://advisor.wilshire.com.

individually or in the aggregate, respectively, or any issuers not classified as Level 3 investments, as of June 30, 2021.

The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings,

each investment of any issue that exceeds 1% of the Portfolio’s net assets, and any investments classified as Level 3. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). The complete schedule of portfolio holdings is available (i) on the SEC’s website at http://www.sec.gov; and (ii) on our website at http://advisor.wilshire.com.

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^SM 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^SM 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^SM Fund is to replicate as closely as possible the performance of the Wilshire 5000 Index^SM before the deduction of the Portfolio’s expenses.

The investment objective of Wilshire International Equity Fund is 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.

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

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

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 determined in good faith by the Adviser’s Pricing Committee, whose members include at least two representatives of Wilshire Advisors LLC, formerly known as Wilshire Associates Incorporated (the “Adviser”), one of whom is an officer of the Company, or by the Company’s Valuation Committee which is composed

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

Wilshire International Equity Fund uses 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:

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. During the six months ended June 30, 2021, 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 June 30, 2021:

Refer to the Portfolios’ Condensed Schedules of Investments for a listing of the securities by industry or sector type. Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Value Portfolio, and Wilshire Income Opportunities Fund did not hold any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of June 30, 2021. Small Company Growth Portfolio held common stocks that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0. Wilshire 5000 Index^SM Fund held common stocks and rights that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $85 and $0, respectively. Wilshire International Equity Fund held common stocks, that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $43,538. A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments, is only presented when a Portfolio has over 1% of Level 3 investments.

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 Statement of Assets and Liabilities. The amount of the liability is subsequently marked-to-market to reflect the current value of the option. If an option expires on its stipulated expiration date or if the Portfolio enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. If a written put option is exercised, the cost of the security acquired is decreased by the premium originally received. As a writer of an option, the Portfolio has no control over whether the underlying securities are subsequently sold (call) or purchased (put). As a result, the Portfolio bears the market risk of an unfavorable change in the price of the security or index underlying the written option. When the Portfolio purchases a call or put option, an amount equal to the premium paid is included as an investment in the Portfolio’s Statement of Assets and Liabilities and is subsequently marked-to-market to reflect the current value of the option. If an option expires on the stipulated expiration date or if the Portfolio enters into a closing sale transaction, a gain or loss is realized. If the Portfolio exercises a call, the cost of the security acquired is increased by the premium paid for the call. If the Portfolio exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium

originally paid. Written and purchased options are non-income producing securities. The option techniques utilized are generally to hedge against changes in interest rates, foreign currency exchange rates or securities prices in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by the Portfolio, to reduce the volatility of the currency exposure associated with an investment in non-U.S. securities, or as an efficient means of adjusting exposure to the bond, equity and currency markets.

The long and short average monthly notional value of option contracts purchased and written for Wilshire Income Opportunities Fund during the six months ended June 30, 2021 were $11,487,333 and $1,605,167, respectively.

The long and short average monthly notional value of swaption contracts purchased and written for Wilshire Income Opportunities during the six months ended June 30, 2021 were $2,543,167 and $7,262,833, 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. The Portfolios use swaps to gain equity exposure of the underlying index.

Interest Rate Swaps – Wilshire Income Opportunities Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. The value of fixed-rate bonds held by the Portfolio may decrease if interest rates rise. In order to reduce such risks, the Portfolio may enter into interest rate swaps. Interest rate swaps involve the exchange of commitments to pay and receive a fixed or floating rate of interest based on a notional principal amount. The risks of interest rate swaps include changes in market conditions that will affect their value or cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. The Portfolio’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the swap’s remaining life. Upon entering into a swap contract, the Portfolio is required to satisfy an initial margin requirement by delivering cash to the counterparty. 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 six months ended June 30, 2021 was $1,772,128.

Credit Default Swaps – During the six months ended June 30, 2021, Wilshire Income Opportunities Fund entered into credit default swaps to preserve a return or spread on a particular investment or portion of its portfolio, as a duration management technique and to protect against any increase in the price of securities the Fund anticipates 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 Fund is selling protection, the notional amount approximates the maximum loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio, if any, is reported separately as Margin Deposits for Swap Contracts on the Statements of Assets and Liabilities. The average monthly notional value of credit default swaps for the Wilshire Income Opportunities Fund during the six months ended June 30, 2021 was $1,965,000.

Futures Contracts – During the six months ended June 30, 2021, 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 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 six months ended June 30, 2021, were as follows:

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 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 the Portfolios 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 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 $38,003 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:

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 interest forward foreign currency contracts purchased and sold for Wilshire Income Opportunities Fund during the six months ended June 30, 2021 were $43,413,909 and $48,748,738, respectively.

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 “Variation Margin on Derivative Instruments” 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 CFTC, or the applicable regulator. The Customer Account Agreements 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 does 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 total return swaps for Large Company Growth Portfolio, Large Company Value Portfolio, and Wilshire International Equity Fund during the six months ended June 30, 2021 were $51,492,783, $38,230,136, and $63,249,681, respectively.

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 June 30, 2021:

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.

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 six months ended June 30, 2021 and the year ended December 31, 2020, Wilshire International Equity Fund collected $2,603 and $4,003, respectively, in redemption fees.

New Accounting Pronouncements – In March 2020, FASB issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

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^SM Fund; 1.00% of the average daily net assets for the first $1 billion and 0.90% thereafter for Wilshire International Equity Fund; and 0.60% of average daily net assets for Wilshire Income Opportunities Fund.

The Adviser has entered into expense limitation agreements with Large Company Growth Portfolio requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolios (excluding taxes, brokerage expenses, dividend expenses on short securities, and extraordinary expenses) to 1.30% and 1.00% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. The Adviser has entered into expense limitation agreements with Small Company Growth Portfolio and Small Company Value Portfolio requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolios (excluding taxes, brokerage expenses, dividend expenses on short securities, and extraordinary expenses) to 1.35% and 1.10% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. The Adviser has also entered into an expense limitation agreement with Wilshire International Equity Fund requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, and extraordinary expenses) to 1.50% and 1.25% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. The Adviser has also entered into an expense limitation agreement with Wilshire Income Opportunities Fund requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, acquired fund fees and expenses and extraordinary expenses) to 1.15% and 0.90% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. These

agreements to limit expenses continue through at least April 30, 2022. The Adviser may recoup the amount of any fee reductions or expense reimbursements within three years after the day on which it reduced its fees or reimbursed expenses if the recoupment does not cause a Portfolio’s expenses to exceed the expense limitation that was in place at the time of the fee reduction or expense reimbursement.

During the six months ended June 30, 2021, the Adviser reduced fees, reimbursed expenses or recouped fees as follows:

As of June 30, 2021 the amounts of fee reductions and expense reimbursements subject to recovery by the Adviser from Large Company Growth Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire International Equity Fund and Wilshire Income Opportunities Fund are $23,124, $337,723, $386,984, $455,467, and $94,853, respectively. The portions of these amounts that the Adviser may recover expire no later than the following dates:

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”), Loomis, Sayles & Company, L.P. (“Loomis Sayles”), DoubleLine^® Capital LP (“DoubleLine”), WCM Investment Management, LLC (“WCM”), Voya Investment Management Co. LLC (“Voya”), Manulife Asset Management (US) LLC (“Manulife”), Lazard Asset Management LLC (“Lazard”), Hotchkis & Wiley Capital Management, LLC (“H&W”), Diamond Hill Capital Management, Inc. (“Diamond Hill”), and Fred Alger Management, LLC (“Alger Management”), (collectively the “Sub-Advisers”) to provide sub-advisory services for the Portfolios. L.A. Capital, Loomis Sayles, Alger Management and Voya each manage a portion of Large Company Growth Portfolio. L.A. Capital, Pzena, MFS and Voya each manage a portion of Large Company Value

Portfolio. L.A. Capital and Ranger each manage a portion of Small Company Growth Portfolio. L.A. Capital, 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^SM 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 six months ended June 30, 2021, 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 $48,000, an annual additional retainer for each Committee chair of $12,000 and an annual additional retainer to the Board chair of $12,000. In addition, each Independent Director is compensated for Board and Committee meeting attendance in accordance with the following schedule: an in-person Board meeting fee of $6,000 for Independent Directors and $7,000 for the Board chair; a telephonic Board meeting fee of $3,000 for Independent Directors and $3,500 for the Board chair; and a telephonic Committee meeting fee of $500.

The Board has adopted a shareholder services and distribution plan (the “Plan”), pursuant to Rule 12b-1 under the 1940 Act, on behalf of the Investment Class Shares of each Portfolio. Under the Plan, each Portfolio may pay up to 0.25% of the value of the average daily net assets attributable to the Investment Class Shares for certain services provided by financial intermediaries or for certain distribution expenses for the purpose

of financing any activity intended to result in the sale of Investment Class Shares. During the six months ended June 30, 2021, the distribution and service fee expenses incurred by the Investment Class of the Portfolios was 0.25% of the respective average net assets of the Investment Class of each Portfolio.

In addition, Investment Class Shares and Institutional Class Shares pay the expenses associated with certain shareholder servicing arrangements with third parties, provided that payment of such fees does not exceed in any year 0.20% and 0.15% of the average daily net assets of Investment Class Shares and Institutional Class Shares, respectively. For the six months ended June 30, 2021, the shareholder service provider fees were as follows (as a percent of average net assets of each class):

Fees paid indirectly – The Company has a brokerage commission recapture program with Cowen and Company, LLC (“Cowen”), pursuant to which a portion of the Portfolios’ commissions generated from transactions directed to Cowen are used to reduce the Portfolios’ expenses. Under such program, Cowen, as introducing broker, retains a portion of the Portfolios’ commissions.

Such commissions rebated to the Portfolios during the six months ended June 30, 2021 were as follows:

For the six months ended June 30, 2021, Cowen retained the following commissions:

The Wilshire Mutual Funds, Inc. and the Wilshire Global Allocation Fund 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. The Line is secured by the Company’s assets. The Line has a one-year term and is reviewed annually by the Board of Directors. The interest rate as of June 30, 2021 was 3.25%. During the six-months ended June 30, 2021, the Wilshire Income Opportunities Fund did not have any borrowings under the Line. During the six-months ended June 30, 2021, the Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index^SM Fund and Wilshire International Equity Fund, Line activity was as follows:

During the six months ended June 30, 2021, aggregate cost of purchases and proceeds from sales and maturities of investments, other than affiliated investments, short-term investments, and U.S. Government securities, were as follows:

Purchases and sales and maturities of long-term U.S. Government securities during the six months ended June 30, 2021 were:

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 six months ended June 30, 2021, 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 six months ended June 30, 2021 and the value of such investments as of June 30, 2021 were as follows:

Small Company Growth Portfolio, Small Company Value Portfolio and Wilshire 5000 Index^SM Fund did not hold any derivative instruments as of or during the six months ended June 30, 2021.

At June 30, 2021, Large Company Growth Portfolio is invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities, as follows:

At June 30, 2021, Large Company Value Portfolio is invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities, as follows:

At June 30, 2021, Wilshire International Equity Fund is invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities, as follows:

At June 30, 2021, Wilshire Income Opportunities Fund is invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities, as follows:

For the six months ended June 30, 2021, the effect of derivative contracts in Large Company Growth Portfolio’s Statements of Operations was as follows:

For the six months ended June 30, 2021, the effect of derivative contracts in Large Company Value Portfolio’s Statements of Operations was as follows:

For the six months ended June 30, 2021, the effect of derivative contracts in Wilshire International Equity Fund’s Statements of Operations was as follows:

For the six months ended June 30, 2021, the effect of derivative contracts in Wilshire Income Opportunities Fund’s Statements of Operations was as follows:

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 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 June 30, 2021 are shown on the Statements of Assets and Liabilities.

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 June 30, 2021:

On June 30, 2021, 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.

As of June 30, 2021, an affiliated investment company, also advised by the Adviser, owned the following amounts of the outstanding shares of the Portfolios:

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

The Portfolios evaluate tax positions taken or expected to be taken in the course of preparing the Portfolios’ tax returns to determine whether it is “more-likely than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Portfolios did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may

be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities of returns filed within the past three years and on-going analysis of and changes to tax laws, regulations and interpretations thereof.

The federal tax cost of portfolio securities including derivatives and unrealized appreciation and depreciation and the components of accumulated earnings (losses) for income tax purposes as of December 31, 2020 for each Portfolio are as follows:

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, royalty trust basis adjustments, and investment in passive foreign investment companies.

At December 31, 2020, the Wilshire Income Opportunities Fund had a late year loss deferral of $197,799.

The tax character of distributions declared during the years ended ended December 31, 2020 and December 31, 2019 was as follows:

The Fund 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, 2020.

As of December 31, 2020, 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:

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, 2020, Wilshire International Equity Fund utilized $844,411 of capital loss carryforward.

For the year ended December 31, 2020, the following reclassifications were made on the Statements of Assets and Liabilities as a result of permanent differences between income tax regulations and GAAP:

Such reclassifications, primarily related to net operating losses, 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.

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.

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

Collateralized debt obligation (“CDO”) risk – A CDO is an ABS whose underlying collateral is typically a portfolio of bonds, bank loans, other structured finance securities and/or synthetic instruments. Investors in CDOs bear the credit risk of the underlying collateral. Multiple tranches of securities are issued by the CDO, offering investors various maturity and credit risk characteristics. Tranches are categorized as senior, mezzanine, and subordinated/equity, according to their degree of risk. If there are defaults or the CDO’s collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. CDOs are subject to the same risk of prepayment described for certain mortgage-related and ABS, and are subject to credit risk, interest rate risk and default risk. The market value of CDOs may be affected by changes in the market’s perception of the creditworthiness of the servicing agent for the pool or the originator.

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

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

Credit risk – A Portfolio’s debt instruments are subject to credit risk, which is the risk that an issuer will be unable, or will be perceived to be unable, to repay its obligations at maturity. Funds that invest primarily in high quality securities generally are subject to less credit risk than funds that invest in lower quality securities. Certain securities are backed by credit enhancements from various financial institutions and financial guarantee assurance agencies. These credit enhancements reinforce the credit quality of the individual securities; however, if any of the financial institutions or financial guarantee assurance agencies’ credit quality should deteriorate, it could cause the individual security’s credit quality to change. Additionally, if a Portfolio concentrates its credit enhancements in any one financial institution, the risk of credit quality deterioration increases. The value of ABS may be affected by the credit risk of the servicing agent for the pool, the originator of the loans or receivables, or the financial institution(s) providing the credit support. In addition to credit risk, ABS and other securities with early redemption features are subject to pre-payment risk. During periods of declining interest rates, prepayment of loans underlying ABS can be expected to accelerate or an issuer may retire an outstanding bond early to reduce interest costs. A Portfolio’s ability to maintain positions in such securities will be affected by reductions in the principal amount of such securities resulting from prepayments, and its ability to reinvest the returns of principal at comparable yields is subject to generally prevailing interest rates at that time.

Counterparty credit risk – Counterparty credit risk is the risk that a counterparty to a financial instrument will fail on a commitment that it has entered into with a Portfolio. A Portfolio’s Sub-Adviser seeks to minimize counterparty credit risk by monitoring the creditworthiness of each counterparty on an ongoing basis.

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

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

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

Sector Risk – If a Portfolio has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Portfolio than would be the case if the Portfolio did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Portfolio and increase the volatility of the Portfolio’s NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Portfolio’s holdings would be adversely affected. As of June 30, 2021, Large Company Growth Portfolio had 33.3% of the value of its net assets invested in stocks within the Information Technology sector; Small Company Growth Portfolio had 29% and 26.4% of the value of its net assets invested in stocks within the Health Care and Information Technology sectors, respectively; Small Company Value Portfolio had 29.7% of the value of its net assets invested in stocks within the Financials sector; and the Wilshire 5000 Index^SM Fund had 25.7% of its net assets invested in stocks within the Information Technology sector.

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

Wilshire 5000 Index^SM Fund was named as a defendant and a putative member of a proposed defendant class of shareholders in a lawsuit filed on December 7, 2010 in the U.S. Bankruptcy Court for the District of Delaware, and on March 6, 2012 in the District Court for the Southern District of New York, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding. The 2010 lawsuit was brought by the Official Committee of Unsecured Creditors of the Tribune Company and the 2012 lawsuit was brought by Deutsche Bank, as trustee for senior noteholders of Tribune Company. Both lawsuits relate to a leveraged buyout transaction by which Tribune Company converted to a privately-held company in 2007 less than a year prior to Tribune Company’s bankruptcy filing. The putative defendant class is comprised of beneficial owners of shares of Tribune Company who meet certain jurisdictional requirements and received proceeds of the leveraged buyout. The plaintiffs seek to recover those proceeds, together with interest and attorneys’ fees and expenses, as fraudulent transfers under the Bankruptcy Act or various state laws. In 2013, the Complaint in the 2012 lawsuit was dismissed and the Second Circuit Court of Appeals affirmed the dismissal and the plaintiffs filed a petition for review by the Supreme Court. In April 2018, the Supreme Court deferred consideration of the petition to allow the Second Circuit to consider whether it would be appropriate to vacate the judgment in light of a 2018 Supreme Court decision in another case. On December 19, 2019, the Second Circuit issued an amended opinion that again affirmed the dismissal. The Second Circuit denied a motion for a rehearing filed by the plaintiff on February 6, 2020. On July 6, 2020, the plaintiffs filed a petition for a writ of certiorari with the United States Supreme Court. The Supreme Court has not yet ruled on the petition for a writ of certiorari. The Adviser does not expect the Portfolio to be materially impacted by the lawsuits.

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.

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

On July 7, 2021, Foreside Financial Group, LLC (“Foreside”), the parent company of Compass Distributors (“Compass”), the Portfolios’ distributor, announced that it had entered into a definitive purchase and sale agreement with Genstar Capital (“Genstar”) such that Genstar would acquire a majority stake in Foreside. The transaction is expected to close at the end of the third quarter of 2021. Compass will remain the Portfolios’ distributor at the close of the transaction, subject to Board approval.

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Portfolios will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Portfolios will be required to comply with the new rules by September 8, 2022. Management is currently assessing the potential impact of the new rules on the Portfolios’ financial statements.

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940, as amended (the “1940 Act”), the Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated Wilshire Advisors LLC (“Wilshire”) as Program administrator. The Program is designed to assess and manage the Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Wilshire has designated the Liquidity Risk Committee (the “Committee”) composed of personnel from multiple departments within Wilshire that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk. Under the Program, every investment held by the Fund is classified into one of four liquidity categories based on calculations of the investment’s ability to be sold during designated timeframes in current market conditions. At the Board’s February 2021 meeting, as required by the Program and the Liquidity Rule, the Committee provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from April 1, 2020 through December 31, 2020 (the “Reporting Period”). During the Reporting Period, the Fund was predominantly (generally, 100%) invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less). As a result, the Fund has not adopted a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be converted to cash in seven days or less without the sale of the investment materially affecting the market value of the investment). The Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, the Committed concluded that, given the investor base of the Fund, the diversified subadvisers of the affiliated funds in which the Fund invests and the highly liquid nature of the Fund’s strategy, the Program and its implementing policy are suited to the needs of the Fund.

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.

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.

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

On January 8, 2021, the Board of Directors (the “Board” and each individually, a “Director”) of Wilshire Mutual Funds, Inc. (the “Company”) approved a new subadvisory agreement between Wilshire Associates Incorporated (“Wilshire” or the “Adviser”) and Massachusetts Financial Services Company (or MFS Investment Management) (the “Subadviser”) pursuant to which the Subadviser serves as a new subadviser to the Large Company Value Portfolio (the “Fund”) effective January 20, 2021 (the “Subadvisory Agreement”).

At the meeting on January 8, 2021, in connection with the review of Wilshire’s proposed Subadvisory Agreement with the Subadviser, the Board evaluated information provided by Wilshire and the Subadviser in accordance with Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”).

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

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

The Board, including the Independent Directors, considered the approval of the Subadvisory Agreement at the Board’s January 8, 2021 meeting. The Directors received information from the Adviser regarding the factors underlying its recommendations to approve the Subadvisory Agreement. The Directors also received information from the Subadviser describing: (i) the nature, extent and quality of services to be provided; (ii) the financial condition of the Subadviser; (iii) the extent to which economies of scale may be realized as the Fund grows; (iv) whether fee levels reflect any possible economies of scale for the benefit of the Fund’s shareholders; (v) comparisons of services rendered and amounts paid by any comparable advisory clients; and (vi) benefits to be realized by the

Subadviser from its relationship with the Fund. The Independent Directors were assisted in their review by independent legal counsel. Based upon its evaluation of all materials provided, the Board concluded that it was in the best interests of the Fund to approve the Subadvisory Agreement.

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

The Board reviewed information comparing the Subadviser’s annualized gross investment performance for managing investment products with an investment strategy similar to the one to be employed by the Subadviser for the Fund to the Russell 1000 Value Index (the Fund’s benchmark index) for the one-, three- and five-year periods ended September 30, 2020. The Board considered that the performance reviewed was based on an international intrinsic value strategy managed by the portfolio management team who would manage the Subadviser’s sleeve of the Fund employing the same investment process as would be employed for the Fund. The Board noted that the Subadviser outperformed the benchmark index for all periods reviewed.

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

As part of its evaluation of the Subadviser’s fee, the Board noted that the Subadviser had not identified any other client portfolios that it advises using the same investment strategy as that to be employed for the Fund.

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

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

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

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

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

The Wilshire Variable Insurance Trust and Wilshire Mutual Funds, Inc. (each a “Fund” and collectively, the “Funds”)., appreciate the privacy concerns of our customers. We have established the following policies to maintain the privacy of information you share with us.

In most cases, we collect information directly from the person or entity with whom we have the relationship (e.g. through account applications, website usage, and electronic or verbal correspondence); but may also obtain information from other sources (e.g. transactions; brokers, consultants or financial advisory firms). We collect and retain nonpublic personal information about you that may include, but is not limited to:

Information we receive on your account applications or other forms such as your name, address (or other contact information), financial information and/or information related to personal identification (e.g. social security number, date of birth, etc.);

Information we receive about your mutual fund transactions, such as purchases, sales, exchanges and account balances; and

Information we collect through the use of Internet “cookies” when you access our website. Cookies are a collection of information stored on the local hard drive of an Internet user, used primarily by web servers to identify previous users and their preferences. A web server cannot find out a user’s name or email address, or anything about the user’s computer using cookies.

The Funds consider privacy to be a fundamental aspect of our relationships. We are committed to maintaining the confidentiality, integrity, and security of private, personal and confidential information in our possession. We maintain appropriate physical, electronic and procedural safeguards which includes the use of security procedures to protect your nonpublic personal information. In the course of providing our products and services, we may collect, retain, and use private, personal and confidential information for the purpose of administering our operations, and complying with legal and regulatory requirements. Within our organization, we seek to restrict access to your nonpublic personal information to authorized employees who need to access such information in order to provide services or products to you. Where necessary we may share the information we collect with affiliates. The Funds also reserve the right to disclose private, personal and confidential information where we believe in good faith that disclosure is required either under law or to cooperate with regulators or law enforcement authorities.

The Funds generally do not share private, personal and confidential information with third parties, except for third party processors and service providers that are essential in administering our operations. These companies may be provided access to private, personal and confidential information solely to provide the specific service or as otherwise required or permitted by law. We may also provide confidential information to brokerage, financial advisory, or other third party financial intermediaries. These third parties may include:

Administrative service providers who, for example, process transactions for your account, print checks or prepare account statements;

When information is shared with third parties, they are legally obligated to maintain the confidentiality of the information and to limit their use of it to servicing your account, except as permitted or required by law. We do not sell any of your nonpublic personal information to third parties.

Our privacy policies apply only to those individual investors who have a direct customer relationship with us. If you are an individual shareholder of record of any of the Funds, we consider you to be our customer. Shareholders purchasing or owning shares of any of the Funds through their bank, broker, or other financial institution should also consult that financial institution’s privacy policies.

The Funds value your business. We understand the importance of maintaining the integrity of your personal information and are committed to keeping your trust. As required by regulations, the Funds will provide to its clients annually a statement regarding their rights to privacy. The Funds may update its privacy policies and this statement at any time and, in such cases, will provide an updated copy to relevant parties as required by relevant laws.

Should you have any questions regarding the Funds’ privacy policy or this statement please do not hesitate to contact us directly or through your representative.

WILSHIRE MUTUAL FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO	June 30, 2021 (Unaudited)
SCHEDULE OF INVESTMENTS

COMMON STOCKS - 81.0% (a)	Shares		Value
Communication Services - 13.6%
Activision Blizzard, Inc.		5,660	$	540,190
Alphabet, Inc. - Class A (b)		2,135		5,213,222
Alphabet, Inc. - Class C (b)		4,169		10,448,848
Altice Usa, Inc. (b)		911		31,102
Electronic Arts, Inc.		2,417		347,637
Facebook, Inc. - Class A (b)		34,071		11,846,827
Genius Sports Ltd. - Class A (b)		59,102		1,109,345
Live Nation Entertainment, Inc. (b)		11,049		967,782
Match Group, Inc. (b)		412		66,435
Netflix, Inc. (b)		848		447,922
Nexstar Media Group, Inc. - Class A		2,458		363,489
Pinterest, Inc. - Class A (b)		17,432		1,376,256
Playtika Holding Corp. (b)		1,405		33,495
Roku, Inc. - Class A (b)		3,294		1,512,770
Snap, Inc. - Class A (b)		15,177		1,034,161
Take-Two Interactive Software, Inc. (b)		2,345		415,112
The Walt Disney Co. (b)		15,334		2,695,257
T-Mobile Us, Inc. (b)		4,506		652,604
Zillow Group, Inc. - Class C (b)		710		86,776
				39,189,230
Consumer Discretionary - 13.9%
2U, Inc. (b)		784		32,669
Alibaba Group Holding Ltd. (b)		14,737		3,342,057
Amazon.Com, Inc. (b)		4,936		16,980,630
Autozone, Inc. (b)		37		55,212
Boyd Gaming Corp. (b)		4,712		289,741
Burlington Stores, Inc. (b)		152		48,942
Caesars Entertainment, Inc. (b)		1,637		169,839
Carvana Co. - Class A (b)		1,832		552,934
Darden Restaurants, Inc.		363		52,994
Dollar General Corp.		728		157,532
Dollar Tree, Inc. (b)		2,108		209,746
Doordash, Inc. - Class A (b)		588		104,858
Draftkings, Inc. - Class A (b)		5,816		303,421
Ebay, Inc.		152		10,672
Expedia Group, Inc. (b)		9,868		1,615,490
Five Below, Inc. (b)		351		67,838
L Brands, Inc.		1,469		105,856
Leslie'S, Inc. (b)		4,048		111,280
Lithia Motors, Inc. - Class A		3,897		1,339,165
Lowe'S Cos, Inc.		3,712		720,017
Mattel, Inc. (b)		16,751		336,695
Mgm Resorts International		37,649		1,605,730
Nike, Inc.		8,450		1,305,440
Nordstrom, Inc. (b)		955		34,924
O'Reilly Automotive, Inc. (b)		588		332,931
Peloton Interactive, Inc. - Class A (b)		301		37,330
Penn National Gaming, Inc. (b)		959		73,354
Pool Corp.		1,418		650,380
Pultegroup, Inc.		3,057		166,820
Rh (b)		146		99,134
Starbucks Corp.		37,279		4,168,165
Target Corp.		285		68,896
Tempur Sealy International, Inc.		3,584		140,457
Tesla, Inc. (b)		3,075		2,090,078
The Home Depot, Inc.		1,954		623,111
Topbuild Corp. (b)		184		36,392
Ulta Beauty, Inc. (b)		169		58,435
Wayfair, Inc. - Class A (b)		101		31,887
Williams-Sonoma, Inc.		366		58,432
Wynn Resorts Ltd. (b)		1,619		198,004
Yum China Holdings, Inc.		11,357		752,401
Yum! Brands, Inc.		8,427		969,358
				40,109,247
Consumer Staples - 1.9%
Altria Group, Inc.		1,453		69,279
Colgate-Palmolive Co.		12,545		1,020,536
Costco Wholesale Corp.		762		301,501
Herbalife Nutrition Ltd. (b)		736		38,809
Monster Beverage Corp. (b)		29,456		2,690,806
Pepsico, Inc.		279		41,339
Sprouts Farmers Market, Inc. (b)		1,820		45,227
Sysco Corp.		531		41,285
The Coca-Cola Co.		3,170		171,529
Us Foods Holding Corp. (b)		31,039		1,190,656
				5,610,967
Energy - 0.5%
Cheniere Energy, Inc. (b)		83		7,199
Equitrans Midstream Corp.		9,105		77,484
Schlumberger Nv		41,332		1,323,037
				1,407,720
Financials - 2.7%
Alleghany Corp. (b)		54		36,022
Aon Plc - Class A		404		96,459
Apollo Global Management, Inc. - Class A		2,987		185,791
Cboe Global Markets, Inc.		3,541		421,556
Cme Group, Inc.		2,930		623,152
Everest Re Group Ltd.		1,747		440,262
Factset Research Systems, Inc.		3,204		1,075,294
Lincoln National Corp.		1,504		94,511
Lpl Financial Holdings, Inc.		211		28,481
Marsh & Mclennan Cos, Inc.		970		136,460
Morgan Stanley		7,266		666,220
Msci, Inc.		100		53,308
S&P Global, Inc.		3,212		1,318,365
Sei Investments Co.		18,089		1,120,975
Signature Bank		2,837		696,909
Slm Corp.		10,718		224,435
Virtu Financial, Inc. - Class A		17,895		494,439
				7,712,639
Health Care - 8.6%
Abbott Laboratories		1,041		120,683
Abbvie, Inc.		4,201		473,201
Abiomed, Inc. (b)		74		23,096
Align Technology, Inc. (b)		1,402		856,622
Amgen, Inc.		817		199,144
Anthem, Inc.		1,157		441,743
Avantor, Inc. (b)		5,177		183,835
Baxter International, Inc.		386		31,073
Cardinal Health, Inc.		1,034		59,031
Centene Corp. (b)		595		43,393
Cerner Corp.		12,695		992,241
Chemed Corp.		76		36,062
Cigna Corp.		543		128,729
Danaher Corp.		6,838		1,835,046
Dexcom, Inc. (b)		1,312		560,224
Edwards Lifesciences Corp. (b)		346		35,835
Encompass Health Corp.		2,572		200,693
Guardant Health, Inc. (b)		2,425		301,161
Hca Healthcare, Inc.		427		88,278
Hologic, Inc. (b)		878		58,580
Humana, Inc.		907		401,547
Idexx Laboratories, Inc. (b)		411		259,567
Illumina, Inc. (b)		4,967		2,350,434
Intuitive Surgical, Inc. (b)		1,275		1,172,541
Iqvia Holdings, Inc. (b)		138		33,440
Johnson & Johnson		709		116,801
Maravai Lifesciences Holdings, Inc. - Class A (b)		6,721		280,467
Mckesson Corp.		2,504		478,865
Medtronic Plc		9,982		1,239,066
Moderna, Inc. (b)		1,331		312,758
Molina Healthcare, Inc. (b)		1,081		273,558
Novartis Ag		27,074		2,470,232
Novo Nordisk A/S		8,556		716,736
Organon & Co. (b)		444		13,436
Quidel Corp. (b)		1,226		157,075
Regeneron Pharmaceuticals, Inc. (b)		3,769		2,105,137
Repligen Corp. (b)		901		179,858
Resmed, Inc.		143		35,252
Roche Holding Ag		41,415		1,946,091
Royalty Pharma Plc		6,170		252,908
Thermo Fisher Scientific, Inc.		875		441,411
Unitedhealth Group, Inc.		4,767		1,908,898
Veeva Systems, Inc. (b)		740		230,103
Vertex Pharmaceuticals, Inc. (b)		3,145		634,126
Waters Corp. (b)		642		221,882
				24,900,859
Industrials - 6.2%
3M Co.		159		31,582
Booz Allen Hamilton Holding Corp. - Class A		5,500		468,490
Caci International, Inc. (b)		721		183,942
Ch Robinson Worldwide, Inc.		1,740		162,986
Cintas Corp.		2,104		803,728
Deere & Co.		8,933		3,150,758
Delta Air Lines, Inc. (b)		794		34,348
Eaton Corp. Plc		7,007		1,038,297
Expeditors International Of Washington, Inc.		19,895		2,518,707
Illinois Tool Works, Inc.		829		185,331
Landstar System, Inc.		1,188		187,728
Lockheed Martin Corp.		789		298,518
Northrop Grumman Corp.		305		110,846
Old Dominion Freight Line, Inc.		1,916		486,281
Plug Power, Inc. (b)		2,418		82,671
Textron, Inc.		12,196		838,719
The Boeing Co (b)		15,071		3,610,409
Transdigm Group, Inc. (b)		2,686		1,738,621
Uber Technologies, Inc. (b)		12,143		608,607
Union Pacific Corp.		3,621		796,367
United Parcel Service, Inc. - Class B		1,957		406,997
Ww Grainger, Inc.		112		49,056
Xpo Logistics, Inc. (b)		276		38,610
				17,831,599
Information Technology - 33.3%
Accenture Plc - Class A		3,084		909,132
Adobe, Inc. (b)		8,037		4,706,789
Advanced Micro Devices, Inc. (b)		5,748		539,910
Allegro Microsystems, Inc. (b)		1,893		52,436
Anaplan, Inc. (b)		1,751		93,328
Apple, Inc.		79,697		10,915,301
Applied Materials, Inc.		26,703		3,802,507
Arista Networks, Inc. (b)		804		291,297
Atlassian Corp. Plc - Class A (b)		215		55,225
Autodesk, Inc. (b)		12,861		3,754,126
Automatic Data Processing, Inc.		2,870		570,039
Avalara, Inc. (b)		226		36,567
Bill.Com Holdings, Inc. (b)		1,679		307,559
Broadcom, Inc.		810		386,240
Cdw Corp.		985		172,030
Cisco Systems, Inc.		26,620		1,410,860
Cognizant Technology Solutions Corp. - Class A		2,479		171,696
Crowdstrike Holdings, Inc. - Class A (b)		3,236		813,239
Datadog, Inc. - Class A (b)		1,286		133,847
Dell Technologies, Inc. - Class C (b)		1,173		116,913
Docusign, Inc. (b)		535		149,570
Dynatrace, Inc. (b)		7,378		431,023
Elastic Nv (b)		293		42,708
Fair Isaac Corp. (b)		444		223,190
Fireeye, Inc. (b)		1,822		36,841
Fiserv, Inc. (b)		1,126		120,358
Five9, Inc. (b)		3,688		676,342
Fortinet, Inc. (b)		2,267		539,977
Gartner, Inc. (b)		1,308		316,798
Genpact Ltd.		9,293		422,181
Godaddy, Inc. - Class A (b)		4,063		353,318
Hp, Inc.		6,362		192,069
Hubspot, Inc. (b)		265		154,421
Intuit, Inc.		3,080		1,509,724
Jabil, Inc.		4,694		272,815
Kla Corp.		1,559		505,443
Lam Research Corp.		502		326,651
Mastercard, Inc. - Class A		2,325		848,834
Microsoft Corp.		68,457		18,545,001
Monolithic Power Systems, Inc.		524		195,688
Netapp, Inc.		635		51,956
Nvidia Corp.		11,410		9,129,141
Nxp Semiconductors Nv		4,050		833,166
Oracle Corp.		44,231		3,442,941
Paypal Holdings, Inc. (b)		15,423		4,495,496
Qualcomm, Inc.		22,619		3,232,934
Ringcentral, Inc. - Class A (b)		1,544		448,656
Sabre Corp. (b)		5,607		69,975
Salesforce.Com, Inc. - Class A (b)		20,478		5,002,161
Servicenow, Inc. (b)		741		407,217
Square, Inc. - Class A (b)		884		215,519
Taiwan Semiconductor Manufacturing Co Ltd.		6,839		821,774
Teradata Corp. (b)		1,894		94,643
Teradyne, Inc.		120		16,075
Texas Instruments, Inc.		1,364		262,297
The Trade Desk, Inc. - Class A (b)		410		31,718
The Western Union Co.		5,143		118,135
Twilio, Inc. (b)		1,910		752,846
Universal Display Corp.		881		195,873
Visa, Inc. - Class A		40,180		9,394,888
Workday, Inc. - Class A (b)		4,638		1,107,276
Zoom Video Communications, Inc. - Class A (b)		1,336		517,072
Zscaler, Inc. (b)		138		29,816
				95,773,568
Materials - 0.2%
Air Products And Chemicals, Inc.		210		60,413
Amcor Plc		3,598		41,233
Berry Global Group, Inc. (b)		958		62,481
Graphic Packaging Holding Co.		5,850		106,119
Louisiana-Pacific Corp.		6,118		368,854
				639,100
Real Estate - 0.1%
Simon Property Group, Inc.		1,252		163,361
Total Common Stocks (Cost $108,704,045)				233,338,290

		Par Value

U.S. TREASURY OBLIGATIONS - 0.2%
U.S. Treasury Notes - 0.2%
0.125%, due 05/31/23 (c)	$	119,000		118,758
0.125%, due 06/30/23 (c)		35,000		34,913
0.250%, due 06/15/24 (c)		172,000		170,952
0.250%, due 10/31/25 (c)		55,000		53,771
0.875%, due 06/30/26 (c)		116,000		115,946
1.250%, due 06/30/28 (c)		3,000		3,005
1.125%, due 02/15/31 (c)		7,000		6,796
Total U.S. Treasury Obligations (Cost $505,456)				504,141

AGENCY MORTGAGE-BACKED OBLIGATIONS - 0.1%
Federal Home Loan Mortgage Corp. - 0.0% (d)
Freddie Mac Multifamily Structured Pass Through Certificates
Series K-123, 0.866%, due 12/25/30 (c)(e)		1,399,276		87,909

Federal Home Loan Mortgage Corp. Interest-Only Strips - 0.1%
Freddie Mac Multifamily Structured Pass Through Certificates
Series K-108, 1.810%, due 03/25/30 (c)(e)		459,947		59,170
Series K-1501, 0.540%, due 04/25/30 (c)(e)		2,588,048		71,310
Series K-110, 1.815%, due 04/25/30 (c)(e)		399,436		50,858
Series K-118, 1.054%, due 09/25/30 (c)(e)		998,691		76,617
				257,955
Total Agency Mortgage-Backed Obligations (Cost $319,381)				345,864

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 2.0%
BBCMS 2018-TALL Mortgage Trust
Series 2018-TALL, 0.795%, due 03/15/37 (1 Month U.S. LIBOR + 0.722%) (c)(f)(g)		180,000		178,875
BBCMS 2020-BID Mortgage Trust
Series 2020-BID, 2.213%, due 10/15/37 (1 Month U.S. LIBOR + 2.140%) (c)(f)(g)		170,000		170,919
BBCMS MTG TR 2021-C10
Series 2021-C10, 1.434%, due 07/17/54 (c)		1,000,000		100,116
BBCMS Trust
Series 2021-AGW, 1.323%, due 06/16/36 (1 Month U.S. LIBOR + 1.250%) (c)(f)(g)		300,000		300,187
BX Commercial Mortgage Trust 2020-VKNG
Series 2020-VKNG, 1.473%, due 10/15/37 (1 Month U.S. LIBOR + 1.400%) (c)(f)(g)		100,000		100,126
CIM Trust 2021-J3
Series 2021-J3, 2.500%, due 06/25/51 (c)(e)(f)		499,107		502,227
GS Mortgage Securities Trust 2018-HART
Series 2018-HART, 1.170%, due 10/15/31 (1 Month U.S. LIBOR + 1.090%) (c)(f)(g)		170,000		170,106
GSCG Trust 2019-600C
Series 2019-600C, 2.936%, due 09/12/34 (c)(f)		180,000		188,199
J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-ICON
Series A, 3.884%, due 01/06/34 (c)(f)		130,000		135,962
JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5
Series B, 5.611%, due 08/17/46 (c)(e)(f)		210,000		209,888
JP Morgan Mortgage Trust 2017-2
Series 2017-2, 3.500%, due 05/25/47 (c)(e)(f)		94,394		96,301
JP MORGAN MORTGAGE TRUST 2018-5
Series 2018-5, 3.500%, due 10/25/48 (c)(e)(f)		209,127		213,072
JP Morgan Mortgage Trust 2019-1
Series 2019-1, 4.000%, due 05/25/49 (c)(e)(f)		35,356		35,959
JP Morgan Mortgage Trust 2019-3
Series 2019-3, 4.000%, due 09/25/49 (c)(e)(f)		9,197		9,316
JP Morgan Mortgage Trust 2019-INV3
Series 2019-INV3, 3.500%, due 05/25/50 (c)(e)(f)		176,805		180,362
JP Morgan Mortgage Trust 2020-2
Series 2020-2, 3.500%, due 07/25/50 (c)(e)(f)		171,793		175,040
JP Morgan Mortgage Trust 2021-7
Series TR, 2.500%, due 11/25/51 (c)(e)(f)		298,737		300,022
JP Morgan Trust 2015-3
Series 2015-3, 3.500%, due 05/25/45 (c)(e)(f)		103,401		105,005
JPMBB Commercial Mortgage Securities Trust 2013-C12
Series B, 4.235%, due 07/17/45 (c)(e)		163,000		171,171
Mello Warehouse Securitization Trust 2020-1
Series 2020-1, 1.242%, due 10/27/53 (1 Month U.S. LIBOR + 1.150%) (c)(f)(g)		100,000		100,786
PSMC 2020-3 Trust
Series 2020-3, 3.000%, due 11/25/50 (c)(e)(f)		126,770		129,133
Ready Capital Mortgage Financing 2021-FL5 LLC
Series 2021-FL5, 1.842%, due 04/25/38 (1 Month U.S. LIBOR + 1.750%) (c)(f)(g)		350,000		350,109
Sequoia Mortgage Trust 2013-3
Series 2013-3, 2.500%, due 03/25/43 (c)(e)		108,538		109,468
Sequoia Mortgage Trust 2016-3
Series 2016-3, 3.000%, due 11/25/46 (c)(e)(f)		115,970		116,432
Sequoia Mortgage Trust 2018-8
Series 2018-8, 4.000%, due 11/25/48 (c)(e)(f)		150,933		153,137
Sequoia Mortgage Trust 2019-CH2
Series 2019-CH2, 4.500%, due 08/25/49 (c)(e)(f)		33,611		34,281
Sequoia Mortgage Trust 2019-CH3
Series 2019-CH3, 4.000%, due 10/25/49 (c)(e)(f)		26,179		26,763
Sequoia Mortgage Trust 2020-4
Series 2020-4, 2.500%, due 11/25/50 (c)(e)(f)		200,000		200,138
Sequoia Mortgage Trust 2021-1
Series A-7, 2.500%, due 03/25/51 (c)(e)(f)		350,000		355,578
Shellpoint Co-Originator Trust 2016-1
Series 2016-1, 3.500%, due 11/25/46 (c)(e)(f)		60,331		60,426
SLG Office Trust 2021-OVA
Series 2021-OVA, 2.585%, due 07/15/41 (c)(f)		190,000		197,957
Wells Fargo Commercial Mortgage Trust 2021-FCMT
Series A, 1.273%, due 05/15/31 (1 Month U.S. LIBOR + 1.200%) (c)(f)(g)		200,000		200,479
Wells Fargo Mortgage Backed Securities 2020-RR1 Trust
Series A-1, 3.000%, due 05/25/50 (1 Month U.S. LIBOR + 0.000%) (c)(e)(f)		224,641		228,516
WFRBS Commercial Mortgage Trust 2014-C21
Series 2014-C21, 4.213%, due 08/16/47 (c)(e)		180,000		191,009
Total Non-Agency Mortage-Backed Obligations (Cost $5,800,553)				5,797,065

NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS - 0.1%
Benchmark 2020-B19 Mortgage Trust
Series 2020-B19, 1.891%, due 09/17/53 (c)(e)		998,412		109,048
DBJPM 20-C9 Mortgage Trust
Series 2020-C9, 1.831%, due 08/15/53 (c)(e)		709,176		72,745
Total Non-Agency Mortage-Backed Obligation Interest-Only Strips (Cost $190,922)				181,793

ASSET-BACKED SECURITIES - 1.5%
American Airlines 2016-2 Class AA Pass Through Trust
Series 2016-2, 3.200%, due 12/15/29 (c)		50,368		51,006
AmeriCredit Automobile Receivables Trust 2021-2
Series TR, 1.010%, due 01/19/27 (c)		100,000		100,556
Arbor Realty Collateralized Loan Obligation Ltd.
Series B, 1.700%, due 05/15/36 (1 Month U.S. LIBOR + 1.600%) (c)(f)(g)		350,000		350,817
Commonbond Student Loan Trust 2018-C-GS
Series A-1, 3.870%, due 02/25/46 (c)(f)		169,239		174,761
Exeter Automobile Receivables Trust 2020-3
Series 2020-3, 1.320%, due 07/15/25 (c)		200,000		201,768
FedEx Corp 2020-1 Class AA Pass Through Trust
Series 2020-1AA, 1.875%, due 08/20/35 (c)		247,209		244,690
Helios Issuer LLC
Series A, 2.980%, due 06/20/47 (c)(f)		214,204		223,575
Laurel Road Prime Student Loan Trust 2020-A
Series 1.40000, 1.400%, due 11/25/50 (c)(f)		300,000		296,572
Loanpal Solar Loan 2020-2 Ltd.
Series A, 2.750%, due 07/20/47 (c)(f)		215,529		223,702
Marlette Funding Trust 2021-1
Series C, 1.410%, due 06/16/31 (c)(f)		200,000		199,544
Mosaic Solar Loan Trust 2020-2
Series 2020-2, 1.440%, due 08/20/46 (c)(f)		83,957		82,905
Navient Private Education Refi Loan Trust 2021-A
Series A, 0.840%, due 05/15/69 (c)(f)		126,941		126,698
Oscar US Funding XII LLC
Series A-4, 1.000%, due 04/10/28 (c)(f)		200,000		202,197
PFS Financing Corp.
Series 2021-A, 0.710%, due 04/15/26 (c)(f)		100,000		99,632
Santander Consumer Auto Receivables Trust 2021-A
Series 2021-A, 1.030%, due 11/16/26 (c)(f)		150,000		148,697
Santander Drive Auto Receivables Trust 2020-3
Series B, 0.690%, due 03/17/25 (c)		100,000		100,304
Santander Drive Auto Receivables Trust 2020-3
Series C, 1.120%, due 01/15/26 (c)		200,000		201,142
Santander Drive Auto Receivables Trust 2021-2
Series C, 0.900%, due 06/15/26 (c)		100,000		99,876
Sofi Consumer Loan Program 2018-1 Trust
Series B, 3.650%, due 02/25/27 (c)(f)		101,729		103,099
SoFi Consumer Loan Program 2020-1 Trust
Series B, 2.250%, due 01/25/29 (c)(f)		350,000		355,642
Sofi Professional Loan Program 2017-C LLC
Series A-1, 0.692%, due 07/25/40 (1 Month U.S. LIBOR + 0.600%) (c)(f)(g)		127,131		127,215
Sofi Professional Loan Program 2018-B Trust
Series 3.34000, 3.340%, due 08/25/47 (c)(f)		157,092		161,138
Tesla Auto Lease Trust 2019-A
Series 2019-A, 2.680%, due 01/20/23 (c)(f)		225,000		230,177
Vivint Solar Financing VII LLC
Series LLC, 2.210%, due 07/30/51 (c)(f)		195,065		197,255
Volvo Financial Equipment LLC
Series A-4, 0.600%, due 03/15/28 (c)(f)		100,000		100,608
Total Asset Backed Securities (Cost $4,388,617)				4,403,576

COLLATERALIZED LOAN OBLIGATIONS - 1.4%
Aimco CLO 11 Ltd.
1.484%, due 10/15/31 (3 Month U.S. LIBOR + 1.300%) (c)(f)(g)		400,000		400,177
Aimco CLO 11 Ltd.
Series LTD, 1.564%, due 10/15/31 (3 Month U.S. LIBOR + 1.380%) (c)(f)(g)		400,000		400,728
Benefit Street Partners CLO XIX Ltd.
Series A, 1.534%, due 01/18/33 (3 Month U.S. LIBOR + 1.350%) (c)(f)(g)		350,000		350,774
Benefit Street Partners CLO XXIII Ltd.
Series A-1, 1.293%, due 04/25/34 (3 Month U.S. LIBOR + 1.080%) (c)(f)(g)		250,000		250,088
CIFC Funding 2020-III Ltd.
Series 2020-3, 1.788%, due 10/20/31 (3 Month U.S. LIBOR + 1.600%) (c)(f)(g)		400,000		400,544
CIFC Funding 2021-I Ltd.
Series LTD, 1.246%, due 04/25/33 (3 Month U.S. LIBOR + 1.110%) (c)(f)(g)		250,000		249,691
Marble Point CLO XIV Ltd.
Series FLT, 1.468%, due 01/20/32 (3 Month U.S. LIBOR + 1.280%) (c)(f)(g)		450,000		450,133
Octagon Investment Partners 32 Ltd.
Series FLT, 1.384%, due 07/16/29 (3 Month U.S. LIBOR + 1.200%) (c)(f)(g)		250,000		250,005
Octagon Investment Partners 48 Ltd.
Series A, 1.688%, due 10/20/31 (3 Month U.S. LIBOR + 1.500%) (c)(f)(g)		400,000		400,396
OHA Credit Funding 4 Ltd.
Series A-1, 1.552%, due 10/22/32 (3 Month U.S. LIBOR + 1.330%) (c)(f)(g)		400,000		400,595
Sound Point CLO XXVII Ltd.
Series 2020-27, 1.876%, due 10/27/31 (3 Month U.S. LIBOR + 1.700%) (c)(f)(g)		400,000		400,685
Total Collateralized Loan Obligations (Cost $3,947,963)				3,953,816

CORPORATE BONDS - 3.2%
Basic Materials - 0.1%
Sierra Pacific Power Co.
2.600%, due 05/01/26 (c)		121,000		128,197
				128,197
Communications - 0.2%
Aflac, Inc.
3.250%, due 03/17/25 (c)		80,000		86,410
Alabama Power Co.
1.450%, due 09/15/30 (c)		100,000		95,266
Citigroup, Inc.
4.450%, due 09/29/27 (c)		76,000		86,598
Southwestern Electric Power Co.
1.650%, due 03/15/26 (c)		80,000		80,926
Steel Dynamics, Inc.
1.650%, due 10/15/27 (c)		74,000		73,639
T-Mobile Usa, Inc.
3.750%, due 04/15/27 (c)		74,000		81,757
The Walt Disney Co.
2.200%, due 01/13/28 (c)		68,000		70,380
United Airlines 2014-2 Class A Pass Through Trust
Series A, 3.750%, due 03/03/28 (c)		38,665		40,774
				615,750
Consumer, Cyclical - 0.2%
Amazon.Com, Inc.
1.500%, due 06/03/30 (c)		100,000		97,927
Brookfield Finance, Inc.
2.724%, due 04/15/31 (c)		143,000		146,436
Microsoft Corp.
2.400%, due 08/08/26 (c)		150,000		159,859
Raytheon Technologies Corp.
3.200%, due 03/15/24 (c)		87,000		92,484
Td Ameritrade Holding Corp.
3.300%, due 04/01/27 (c)		46,000		50,444
				547,150
Consumer, Non-cyclical - 0.7%
Abbvie, Inc.
3.800%, due 03/15/25 (c)		121,000		132,062
American International Group, Inc.
3.900%, due 04/01/26 (c)		141,000		156,994
Bank Of America Corp.
2.496%, due 02/13/31 (3 Month U.S. LIBOR + 0.990%) (c)(e)(g)		168,000		171,221
Broadcom, Inc.
4.150%, due 11/15/30 (c)		226,000		253,280
Carrier Global Corp.
2.722%, due 02/15/30 (c)		188,000		194,674
Firstenergy Corp.
4.400%, due 07/15/27 (c)		138,000		150,005
General Electric Co.
3.450%, due 05/01/27 (c)		94,000		103,384
Hca, Inc.
4.125%, due 06/15/29 (c)		98,000		110,372
Kinder Morgan Energy Partners Lp
3.450%, due 02/15/23 (c)		67,000		69,596
Nissan Motor Co Ltd.
4.810%, due 09/17/30 (c)(f)		74,000		83,257
Oracle Corp.
2.950%, due 04/01/30 (c)		200,000		210,141
Royal Bank Of Canada
1.200%, due 04/27/26 (c)		80,000		79,833
Royalty Pharma Plc
0.750%, due 09/02/23 (c)(f)		59,000		59,063
The Aes Corp.
1.375%, due 01/15/26 (c)(f)		75,000		74,167
The Boeing Co.
4.875%, due 05/01/25 (c)		76,000		85,154
Wells Fargo & Co.
2.406%, due 10/30/25 (SOFR Rate + 1.087%) (c)(e)(g)		216,000		225,910
				2,159,113
Energy - 0.3%
Ecolab, Inc.
4.800%, due 03/24/30 (c)		61,000		74,554
Eli Lilly & Co.
7.125%, due 06/01/25 (c)		80,000		98,248
Jpmorgan Chase & Co.
3.875%, due 09/10/24 (c)		183,000		199,016
Kite Realty Group Lp
4.000%, due 10/01/26 (c)		94,000		101,109
Owl Rock Capital Corp.
3.750%, due 07/22/25 (c)		74,000		78,317
Realty, Inc.ome Corp.
3.250%, due 01/15/31 (c)		168,000		182,910
				734,154
Financial - 1.1%
Ameren Illinois Co.
3.800%, due 05/15/28 (c)		70,000		79,122
American Honda Finance Corp.
1.200%, due 07/08/25 (c)		70,000		70,360
Amphenol Corp.
2.800%, due 02/15/30 (c)		93,000		98,204
Apple, Inc.
1.200%, due 02/08/28 (c)		80,000		78,811
Assurant, Inc.
4.200%, due 09/27/23 (c)		67,000		71,800
Astrazeneca Plc
0.700%, due 04/08/26 (c)		81,000		78,807
Bank Of America Corp.
1.734%, due 07/22/27 (SOFR Rate + 0.960%) (c)(e)(g)		160,000		160,911
Bat International Finance Plc
1.668%, due 03/25/26 (c)		142,000		142,021
Citigroup, Inc.
0.981%, due 05/01/25 (SOFR Rate + 0.669%) (c)(e)(g)		120,000		119,837
Cvs Health Corp.
1.750%, due 08/21/30 (c)		148,000		141,771
Entergy Corp.
0.900%, due 09/15/25 (c)		100,000		98,593
Global Payments, Inc.
2.650%, due 02/15/25 (c)		78,000		82,112
Jpmorgan Chase & Co.
1.578%, due 04/22/27 (SOFR Rate + 0.885%) (c)(e)(g)		120,000		120,218
2.522%, due 04/22/31 (SOFR Rate + 2.040%) (c)(e)(g)		338,000		345,121
Keurig Dr Pepper, Inc.
4.417%, due 05/25/25 (c)		67,000		75,225
Mitsubishi Ufj Financial Group, Inc.
3.761%, due 07/26/23 (c)		67,000		71,413
Morgan Stanley
2.188%, due 04/28/26 (SOFR Rate + 1.990%) (c)(e)(g)		223,000		230,991
0.985%, due 12/10/26 (SOFR Rate + 0.720%) (c)(e)(g)		148,000		145,747
1.593%, due 05/04/27 (SOFR Rate + 0.879%) (c)(e)(g)		160,000		160,490
O'Reilly Automotive, Inc.
3.600%, due 09/01/27 (c)		158,000		176,396
Phillips 66
0.900%, due 02/15/24 (c)		75,000		75,092
Royalty Pharma Plc
1.200%, due 09/02/25 (c)(f)		61,000		60,365
1.750%, due 09/02/27 (c)(f)		60,000		58,946
Scentre Group Trust 1 / Scentre Group Trust 2
3.625%, due 01/28/26 (c)(f)		158,000		172,821
The Goldman Sachs Group, Inc.
0.855%, due 02/12/26 (SOFR Rate + 0.609%) (c)(e)(g)		80,000		79,398
Verizon Communications, Inc.
3.376%, due 02/15/25 (c)		141,000		152,735
4.329%, due 09/21/28 (c)		74,000		85,885
Xlit Ltd.
4.450%, due 03/31/25 (c)		74,000		82,968
				3,316,160
Industrial - 0.2%
American Tower Corp.
5.000%, due 02/15/24 (c)		66,000		73,145
Bank Of America Corp.
4.125%, due 01/22/24 (c)		150,000		163,231
Cvs Health Corp.
3.875%, due 07/20/25 (c)		234,000		258,197
Equinix, Inc.
1.250%, due 07/15/25 (c)		126,000		126,297
Pepsico, Inc.
2.625%, due 07/29/29 (c)		79,000		84,523
				705,393
Technology - 0.1%
Amgen, Inc.
3.200%, due 11/02/27 (c)		115,000		125,248
Bank Of America Corp.
4.000%, due 01/22/25 (c)		71,000		77,737
Mplx Lp
4.875%, due 12/01/24 (c)		70,000		78,050
Nextera Energy Capital Holdings, Inc.
3.150%, due 04/01/24 (c)		70,000		74,288
				355,323
Utilities - 0.3%
Altria Group, Inc.
3.400%, due 05/06/30 (c)		88,000		92,879
At&T, Inc.
2.750%, due 06/01/31 (c)		148,000		153,258
Constellation Brands, Inc.
3.700%, due 12/06/26 (c)		88,000		97,852
Duke Energy Corp.
3.150%, due 08/15/27 (c)		150,000		161,890
Enterprise Products Operating Llc
2.800%, due 01/31/30 (c)		74,000		77,892
Mplx Lp
2.650%, due 08/15/30 (c)		56,000		56,490
Ross Stores, Inc.
4.600%, due 04/15/25 (c)		114,000		128,589
Sabine Pass Liquefaction Llc
5.625%, due 03/01/25 (c)		51,000		58,268
				827,118
Total Corporate Bonds (Cost $9,449,145)				9,388,358

AFFILIATED REGISTERED INVESTMENT COMPANIES - 4.2%		Shares
Voya Emerging Markets Hard Currency Debt Fund - Class P		212,569		2,072,550
Voya High Yield Bond Fund - Class P		221,607		1,797,236
Voya Investment Grade Credit Fund - Class P		66,394		754,240
Voya Securitized Credit Fund - Class P		749,291		7,358,035
Total Affiliated Registered Investment Companies (Cost $11,657,193)				11,982,061

Total Investments at Value - 93.7% (Cost $144,963,275)				269,894,964
Other Assets in Excess of Liabilities - 6.3%				18,108,446
Net Assets - 100.0%			$	288,003,410

Percentages are stated as a percent of net assets.

ADR American Depository Receipt

LIBOR London Interbank Offered Rate

SOFR Secured Overnight Financing Rate

(a)

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

(b)

Non-income producing security.

(c)

Level 2 security.

(d)

Represents less than 0.1%.

(e)

Variable rate security. The coupon is based on an underlying pool of loans. The rate listed is as of June 30, 2021

(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 (date), the value of these investments was $13,091,970, or 4.5% of total net assets.

(g)

Variable rate security based on a reference index and spread. The rate listed is as of June 30, 2021.

WILSHIRE MUTUAL FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO	June 30, 2021 (Unaudited)
SCHEDULE OF INVESTMENTS

	Shares		Value
COMMON STOCKS - 81.5% (a)
Communication Services - 4.1%
Activision Blizzard, Inc.		9,854	$	940,466
Alphabet, Inc. - Class A (b)		731		1,784,948
Alphabet, Inc. - Class C (b)		414		1,037,616
AT&T, Inc.		23,366		672,473
Comcast Corp. - Class A		6,491		370,117
DISH Network Corp. - Class A (b)		4,495		187,891
Electronic Arts, Inc.		5,326		766,039
Liberty Media Corp. - Liberty SiriusXM - Class A (b)		1,502		69,963
Liberty Media Corp. - Liberty SiriusXM - Class C (b)		2,566		119,037
News Corp. - Class A		12,150		313,105
Nexstar Media Group, Inc. - Class A		1,700		251,396
Omnicom Group, Inc.		450		35,995
Pinterest, Inc. - Class A (b)		340		26,843
Take-Two Interactive Software, Inc. (b)		3,905		691,263
The Interpublic Group of Cos., Inc.		5,610		182,269
The Walt Disney Co. (b)		4,306		756,866
Twitter, Inc. (b)		1,486		102,252
Verizon Communications, Inc.		14,656		821,176
Zillow Group, Inc. - Class C (b)		430		52,555
				9,182,270
Consumer Discretionary - 8.0%
Advance Auto Parts, Inc.		290		59,491
Amazon.com, Inc. (b)		271		932,283
AutoNation, Inc. (b)		4,420		419,060
AutoZone, Inc. (b)		221		329,781
Booking Holdings, Inc. (b)		231		505,449
Boyd Gaming Corp. (b)		2,900		178,321
Capri Holdings Ltd. (b)		640		36,602
Carnival Corp. (b)		245		6,458
Carter's, Inc.		1,790		184,674
Darden Restaurants, Inc.		290		42,337
Dick's Sporting Goods, Inc.		2,610		261,496
Dollar General Corp.		306		66,215
Dollar Tree, Inc. (b)		3,590		357,205
DoorDash, Inc. - Class A (b)		180		32,099
DR Horton, Inc.		2,170		196,103
eBay, Inc.		794		55,747
Foot Locker, Inc.		1,260		77,654
Ford Motor Co. (b)		96,352		1,431,791
frontdoor, Inc. (b)		585		29,145
Garmin Ltd.		129		18,659
Gentex Corp.		2,035		67,338
Gildan Activewear, Inc.		47,543		1,755,288
Grand Canyon Education, Inc. (b)		330		29,690
Harley-Davidson, Inc.		1,560		71,479
L Brands, Inc.		2,595		186,996
Lear Corp.		9,189		1,610,648
Lennar Corp. - Class B		540		43,983
LVMH Moet Hennessy Louis Vuitton SE		714		559,872
Marriott Vacations Worldwide Corp. (b)		730		116,289
Mattel, Inc. (b)		5,690		114,369
McDonald's Corp.		1,178		272,106
Mohawk Industries, Inc. (b)		6,483		1,245,968
Newell Brands, Inc.		42,318		1,162,475
NIKE, Inc. - Class B		6,817		1,053,158
Peloton Interactive, Inc. - Class A (b)		210		26,044
Penske Automotive Group, Inc.		2,240		169,098
PulteGroup, Inc.		4,625		252,386
PVH Corp. (b)		14,355		1,544,454
Quarte Retail, Inc. - Series A		10,410		136,267
Royal Caribbean Cruises Ltd. (b)		1,650		140,712
Skechers USA, Inc. - Class A (b)		13,101		652,823
Tapestry, Inc. (b)		2,709		117,787
Target Corp.		2,775		670,828
Tempur Sealy International, Inc.		3,575		140,104
The Home Depot, Inc.		1,027		327,500
Toll Brothers, Inc.		195		11,273
Wayfair, Inc. - Class A (b)		130		41,042
Williams-Sonoma, Inc.		310		49,492
Yum! Brands, Inc.		2,130		245,014
				18,035,053
Consumer Staples - 5.0%
Altria Group, Inc.		2,180		103,942
Brown-Forman Corp. - Class B		2,037		152,653
Colgate-Palmolive Co.		31,332		2,548,858
Constellation Brands, Inc. - Class A		1,574		368,143
Costco Wholesale Corp.		3,277		1,296,611
Diageo PLC		14,930		714,788
Herbalife Nutrition Ltd. (b)		2,515		132,616
Kellogg Co.		6,413		412,548
Kimberly-Clark Corp.		1,276		170,703
Lamb Weston Holdings, Inc.		2,520		203,263
Mondelez International, Inc. - Class A		4,475		279,419
PepsiCo, Inc.		1,455		215,587
Pernod Ricard SA		3,186		707,202
Philip Morris International, Inc.		8,450		837,480
Spectrum Brands Holdings, Inc.		1,524		129,601
Sprouts Farmers Market, Inc. (b)		5,060		125,741
The Clorox Co.		2,200		395,802
The Coca-Cola Co.		11,323		612,688
The Estee Lauder Cos., Inc. - Class A		2,837		902,393
The Hershey Co.		700		121,926
The Procter & Gamble Co.		2,699		364,176
Walmart, Inc.		4,495		633,885
				11,430,025
Energy - 3.8%
APA Corp.		3,100		67,053
Baker Hughes Co.		44,471		1,017,052
Cenovus Energy, Inc.		27,130		259,905
Chevron Corp.		3,590		376,017
Diamondback Energy, Inc.		490		46,006
Equitrans Midstream Corp.		11,830		100,673
Exxon Mobil Corp.		31,632		1,995,347
Halliburton Co.		75,308		1,741,121
Hess Corp.		1,580		137,966
Marathon Petroleum Corp.		960		58,003
NOV, Inc. (b)		78,148		1,197,227
Royal Dutch Shell PLC - Class A - ADR (c)		27,669		1,117,828
Schlumberger NV		1,010		32,330
Targa Resources Corp.		6,938		308,394
Valero Energy Corp.		2,220		173,338
				8,628,260
Financials - 17.1%
Ally Financial, Inc.		1,180		58,811
American International Group, Inc.		36,257		1,725,833
American National Group, Inc.		490		72,789
Aon PLC - Class A		4,647		1,109,518
Arch Capital Group Ltd. (b)		10,422		405,833
Arthur J Gallagher & Co.		5,038		705,723
Axis Capital Holdings Ltd.		15,621		765,585
Bank of America Corp.		54,158		2,232,934
Bank of Hawaii Corp.		1,480		124,646
Berkshire Hathaway, Inc. - Class B (b)		5,907		1,641,673
BlackRock, Inc.		297		259,866
Capital One Financial Corp.		13,467		2,083,210
Cboe Global Markets, Inc.		2,905		345,840
Citigroup, Inc.		28,389		2,008,522
Citizens Financial Group, Inc.		1,650		75,686
CME Group, Inc.		1,613		343,053
Discover Financial Services		1,995		235,989
Equitable Holdings, Inc.		41,259		1,256,337
Everest Re Group Ltd.		3,092		779,215
Fidelity National Financial, Inc.		9,120		396,355
First American Financial Corp.		3,720		231,942
First Hawaiian, Inc.		4,610		130,647
Franklin Resources, Inc.		1,140		36,469
Huntington Bancshares, Inc.		12,225		174,451
Interactive Brokers Group, Inc. - Class A		4,386		288,292
Invesco Ltd.		10,821		289,245
Janus Henderson Group PLC		2,210		85,770
JPMorgan Chase & Co.		20,663		3,213,923
Lazard Ltd. - Class A		4,580		207,245
M&T Bank Corp.		2,581		375,045
Markel Corp. (b)		271		321,598
Marsh & Mclennan Cos., Inc.		6,104		858,711
MetLife, Inc.		22,137		1,324,899
Moody's Corp.		4,453		1,613,634
Morgan Stanley		6,792		622,758
Nasdaq, Inc.		2,113		371,465
New York Community Bancorp, Inc.		2,690		29,644
PacWest Bancorp		6,005		247,166
Popular, Inc.		1,545		115,952
Prosperity Bancshares, Inc.		2,120		152,216
Raymond James Financial, Inc.		1,090		141,591
Regions Financial Corp.		6,335		127,840
Reinsurance Group of America, Inc.		990		112,860
S&P Global, Inc.		2,826		1,159,932
Santander Consumer USA Holdings, Inc.		8,365		303,817
SEI Investments Co.		1,180		73,125
Signature Bank		150		36,848
SLM Corp.		3,390		70,987
Starwood Property Trust, Inc.		6,740		176,386
Stifel Financial Corp.		4,870		315,868
Synchrony Financial		6,149		298,349
The Charles Schwab Corp.		22,873		1,665,383
The Goldman Sachs Group, Inc.		2,947		1,118,475
Truist Financial Corp.		9,140		507,270
UBS Group AG		16,849		258,464
US Bancorp		4,493		255,966
Virtu Financial, Inc. - Class A		15,870		438,488
Voya Financial, Inc.		16,634		1,022,991
W.R. Berkley Corp.		5,475		407,504
Wells Fargo & Co.		63,706		2,885,245
Zions Bancorp NA		1,265		66,868
				38,762,747
Health Care - 8.6%
Abbott Laboratories		3,520		408,073
AbbVie, Inc.		980		110,387
Agilent Technologies, Inc.		9,679		1,430,653
AmerisourceBergen Corp.		530		60,680
Amgen, Inc.		3,304		805,350
Anthem, Inc.		1,492		569,646
Baxter International, Inc.		1,180		94,990
Becton Dickinson and Co.		220		53,502
Biogen, Inc. (b)		180		62,329
Bio-Techne Corp.		499		224,680
Bristol-Myers Squibb Co.		18,624		1,244,456
Bruker Corp.		15,691		1,192,202
Cardinal Health, Inc.		8,950		510,955
Centene Corp. (b)		2,680		195,452
Chemed Corp.		160		75,920
Cigna Corp.		3,626		859,616
CVS Health Corp.		18,661		1,557,074
Danaher Corp.		4,042		1,084,711
DENTSPLY SIRONA, Inc		1,410		89,197
Elanco Animal Health, Inc. (b)		1,330		46,138
Gilead Sciences, Inc.		3,740		257,536
HCA Healthcare, Inc.		1,551		320,654
Hologic, Inc. (b)		2,330		155,458
Humana, Inc.		1,121		496,289
IQVIA Holdings, Inc. (b)		203		49,191
Johnson & Johnson		8,074		1,330,111
Laboratory Corp. of America Holdings (b)		299		82,479
Maravai LifeSciences Holdings, Inc. - Class A (b)		2,220		92,641
McKesson Corp.		8,033		1,536,231
Medtronic PLC		1,733		215,117
Merck & Co., Inc.		3,084		239,843
Molina Healthcare, Inc. (b)		720		182,203
Organon & Co. (b)		225		6,808
Pfizer, Inc.		37,949		1,486,083
Quest Diagnostics, Inc.		525		69,284
Quidel Corp. (b)		2,850		365,142
Royalty Pharma PLC - Class A		3,205		131,373
Thermo Fisher Scientific, Inc.		1,024		516,577
UnitedHealth Group, Inc.		2,050		820,902
Waters Corp. (b)		750		259,207
Zimmer Biomet Holdings, Inc.		407		65,454
				19,354,594
Industrials - 12.1%
3M Co.		3,774		749,630
AGCO Corp.		410		53,456
Allegion PLC		1,660		231,238
AMETEK, Inc.		1,245		166,208
Builders FirstSource, Inc. (b)		1,230		52,472
Carlisle Cos., Inc.		840		160,759
CH Robinson Worldwide, Inc.		420		39,341
CSX Corp.		2,670		85,654
Curtiss-Wright Corp.		2,485		295,119
Deere & Co.		760		268,060
Emerson Electric Co.		3,420		329,141
Equifax, Inc.		3,322		795,652
Expeditors International of Washington, Inc.		4,060		513,996
Fastenal Co.		9,331		485,212
FedEx Corp.		1,424		424,822
Ferguson PLC		1,977		274,845
Fortive Corp.		205		14,297
FTI Consulting, Inc. (b)		123		16,803
General Electric Co.		178,290		2,399,783
Graco, Inc.		9,786		740,800
Graftech International Ltd.		2,520		29,282
Honeywell International, Inc.		5,527		1,212,347
IDEX Corp.		4,532		997,267
Illinois Tool Works, Inc.		1,070		239,209
Johnson Controls International PLC		12,365		848,610
Kansas City Southern		1,363		386,233
Knight-Swift Transportation Holdings, Inc.		770		35,004
Leidos Holdings, Inc.		805		81,386
ManpowerGroup, Inc.		1,890		224,740
Masco Corp.		3,600		212,076
MSA Safety, Inc.		2,731		452,199
Nordson Corp.		3,865		848,406
Norfolk Southern Corp.		373		98,998
Northrop Grumman Corp.		170		61,783
Old Dominion Freight Line, Inc.		193		48,983
Oshkosh Corp.		335		41,754
Otis Worldwide Corp.		28,781		2,353,422
PACCAR, Inc.		1,490		132,983
Parker-Hannifin Corp.		569		174,746
Pentair PLC		5,120		345,549
RBC Bearings, Inc. (b)		1,710		341,008
Republic Services, Inc.		715		78,657
Rockwell Automation, Inc.		5,022		1,436,392
Simpson Manufacturing Co., Inc.		2,883		318,399
Snap-on, Inc.		130		29,046
Stanley Black & Decker, Inc.		5,589		1,145,689
Textron, Inc.		14,088		968,832
The Boeing Co. (b)		589		141,101
Trane Technologies PLC		3,889		716,120
TransUnion		8,074		886,606
United Parcel Service, Inc. - Class B		710		147,659
Verisk Analytics, Inc.		3,426		598,591
Watsco, Inc.		2,572		737,238
Watts Water Technologies, Inc. - Class A		8,041		1,173,262
Westinghouse Air Brake Technologies Corp.		19,844		1,633,161
Woodward, Inc.		570		70,042
				27,344,068
Information Technology - 15.2%
Accenture PLC - Class A		3,494		1,029,996
Adobe, Inc. (b)		2,514		1,472,299
Advanced Micro Devices, Inc. (b)		1,017		95,527
Allegro MicroSystems, Inc. (b)		1,485		41,135
Altair Engineering, Inc. - Class A (b)		9,936		685,286
Amdocs Ltd.		15,142		1,171,385
Analog Devices, Inc.		8,168		1,406,203
ANSYS, Inc. (b)		3,566		1,237,616
Apple, Inc.		693		94,913
Applied Materials, Inc.		7,226		1,028,982
Arista Networks, Inc. (b)		96		34,782
Arrow Electronics, Inc. (b)		593		67,501
Autodesk, Inc. (b)		3,091		902,263
Cadence Design Systems, Inc. (b)		10,800		1,477,656
Cisco Systems, Inc.		20,376		1,079,928
Cognizant Technology Solutions Corp. - Class A		26,888		1,862,263
Concentrix Corp. (b)		1,685		270,948
Dell Technologies, Inc. - Class C (b)		2,260		225,254
DocuSign, Inc. (b)		582		162,710
EPAM Systems, Inc. (b)		413		211,026
Genpact Ltd.		2,380		108,123
Global Payments, Inc.		430		80,642
Hewlett Packard Enterprise Co.		89,243		1,301,163
HP, Inc.		15,240		460,096
Intel Corp.		13,597		763,336
International Business Machines Corp.		2,895		424,378
Jabil, Inc.		6,900		401,028
Jack Henry & Associates, Inc.		877		143,398
Juniper Networks, Inc.		13,798		377,375
Lam Research Corp.		1,467		954,577
Manhattan Associates, Inc. (b)		167		24,188
Mastercard, Inc. - Class A		3,610		1,317,975
Micron Technology, Inc. (b)		6,279		533,589
Microsoft Corp.		7,883		2,135,505
MongoDB, Inc. (b)		387		139,908
Motorola Solutions, Inc.		884		191,695
NCR Corp. (b)		2,135		97,377
NetApp, Inc.		1,614		132,057
Novanta, Inc. (b)		2,063		278,010
Oracle Corp.		14,748		1,147,984
Power Integrations, Inc.		1,724		141,471
PTC, Inc. (b)		3,402		480,567
Qorvo, Inc. (b)		1,730		338,475
QUALCOMM, Inc.		440		62,889
salesforce.com, Inc. (b)		6,698		1,636,120
Semtech Corp. (b)		1,791		123,221
Shimadzu Corp.		15,000		579,909
Silicon Laboratories, Inc. (b)		3,127		479,213
Skyworks Solutions, Inc.		970		185,998
SYNNEX Corp.		680		82,797
Synopsys, Inc. (b)		4,396		1,212,373
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		6,896		828,623
Teradata Corp. (b)		1,830		91,445
Texas Instruments, Inc.		5,929		1,140,147
The Western Union Co.		4,050		93,029
Twilio, Inc. - Class A (b)		220		86,715
Vontier Corp.		6,610		215,354
Western Digital Corp. (b)		480		34,162
Workday, Inc. - Class A (b)		2,521		601,864
Zendesk, Inc. (b)		2,362		340,931
				34,325,380
Materials - 4.8%
Agnico Eagle Mines Ltd.		4,218		255,067
Air Products and Chemicals, Inc.		28		8,055
Amcor PLC		8,320		95,347
Berry Global Group, Inc. (b)		480		31,306
CF Industries Holdings, Inc.		2,979		153,270
Crown Holdings, Inc.		1,250		127,762
Dow, Inc.		28,623		1,811,263
Dupont de Nemours, Inc.		1,213		93,898
Franco-Nevada Corp.		6,009		872,022
Givaudan SA		220		1,023,140
Linde PLC		988		285,631
Louisiana-Pacific Corp.		910		54,864
LyondellBasell Industries NV - Class A		2,571		264,479
Martin Marietta Materials, Inc.		2,396		842,937
NewMarket Corp.		604		194,476
Newmont Corp.		4,615		292,499
Reliance Steel & Aluminum Co.		900		135,810
Royal Gold, Inc.		5,657		645,464
RPM International, Inc.		3,414		302,754
Sealed Air Corp.		3,386		200,620
Silgan Holdings, Inc.		780		32,370
Sonoco Products Co.		2,003		134,001
Southern Copper Corp.		2,910		187,171
The Scotts Miracle-Gro Co.		74		14,202
The Sherwin-Williams Co.		2,432		662,598
Valvoline, Inc.		6,090		197,681
Vulcan Materials Co.		7,498		1,305,177
Westlake Chemical Corp.		810		72,973
Wheaton Precious Metals Corp.		11,003		484,998
				10,781,835
Real Estate - 0.8%
AvalonBay Communities, Inc.		234		48,833
EPR Properties (b)		335		17,648
Kimco Realty Corp.		13,245		276,158
National Retail Properties, Inc.		1,660		77,821
Omega Healthcare Investors, Inc.		3,400		123,386
Regency Centers Corp.		9,007		577,078
Ventas, Inc.		3,370		192,427
VEREIT, Inc.		7,930		364,225
Vornado Realty Trust		730		34,069
WP Carey, Inc.		430		32,087
				1,743,732
Utilities - 2.0%
American Electric Power Co., Inc.		680		57,521
CenterPoint Energy, Inc.		9,269		227,276
Dominion Energy, Inc.		1,280		94,169
Edison International		27,451		1,587,217
Entergy Corp.		606		60,418
Evergy, Inc.		960		58,013
Exelon Corp.		5,180		229,526
FirstEnergy Corp.		1,310		48,745
NRG Energy, Inc.		43,953		1,771,306
The Southern Co.		3,211		194,298
UGI Corp.		2,770		128,279
Vistra Corp.		3,530		65,481
				4,522,249
Total Common Stocks (Cost $142,996,847)				184,110,213

U.S. TREASURY OBLIGATIONS - 0.3%
U.S. Treasury Notes - 0.3%		Par Value
0.125%, due 05/31/23 (d)	$	82,000		81,833
0.125%, due 06/30/23 (d)		19,000		18,953
0.250%, due 06/15/24 (d)		252,000		250,464
0.875%, due 06/30/26 (d)		402,000		401,812
1.250%, due 06/30/28 (d)		2,000		2,003
1.125%, due 02/15/31 (d)		8,000		7,767
Total U.S. Treasury Obligations (Cost $763,431)				762,832

AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS - 0.1%
Federal Home Loan Mortgage Corp. Interest-Only Strips - 0.1%
Freddie Mac Multifamily Structured Pass Through Certificates
Series K-108, 1.810%, due 03/25/30 (d)(e)		289,967		37,303
Series K-1501, 0.540%, due 04/25/30 (d)(e)		1,663,745		45,843
Series K-110, 1.815%, due 04/25/30 (d)(e)		299,577		38,143
Series K-118, 1.054%, due 09/25/30 (d)(e)		599,214		45,970
Total Agency Mortgage-Backed Obligation Interest-Only Strips (153,982)				167,259

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 1.9%
BBCMS 2018-TALL Mortgage Trust
Series 2018-TALL, 0.795%, due 03/15/37 (1 Month U.S. LIBOR + 0.722%) (d)(f)(g)		120,000		119,250
BBCMS 2020-BID Mortgage Trust
Series 2020-BID, 2.213%, due 10/15/37 (1 Month U.S. LIBOR + 2.140%) (d)(f)(g)		110,000		110,594
BBCMS MTG TR 2021-C10
Series 2021-C10, 1.434%, due 07/17/54 (d)		1,000,000		100,116
BBCMS Trust
Series 2021-AGW, 1.323%, due 06/16/36 (1 Month U.S. LIBOR + 1.250%) (d)(f)(g)		200,000		200,125
BX Commercial Mortgage Trust 2020-VKNG
Series 2020-VKNG, 1.473%, due 10/15/37 (1 Month U.S. LIBOR + 1.400%) (d)(f)(g)		100,000		100,126
CIM Trust 2021-J1
Series 2021-J1, 2.500%, due 03/25/51 (d)(e)(f)		288,819		293,692
CIM Trust 2021-J3
Series 2021-J3, 2.500%, due 06/25/51 (d)(e)(f)		299,464		301,336
Citigroup Commercial Mortgage Trust 2016-P4
Series 2016-P4, 4.128%, due 07/12/49 (d)(e)		108,000		112,209
GS Mortgage Securities Trust 2018-HART
Series 2018-HART, 1.170%, due 10/15/31 (1 Month U.S. LIBOR + 1.090%) (d)(f)(g)		110,000		110,069
GSCG Trust 2019-600C
Series 2019-600C, 2.936%, due 09/12/34 (d)(f)		120,000		125,466
JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5
Series B, 5.611%, due 08/17/46 (d)(e)(f)		130,000		129,931
JP Morgan Chase Commercial Mortgage Securities Trust 2019-ICON
Series A, 3.883%, due 01/06/34 (d)(f)		90,000		94,128
JP Morgan Mortgage Trust 2017-2
Series 2017-2, 3.500%, due 05/25/47 (d)(e)(f)		62,101		63,356
JP Morgan Mortgage Trust 2018-5
Series 2018-5, 3.500%, due 10/25/48 (d)(e)(f)		133,935		136,462
JP Morgan Mortgage Trust 2019-1
Series 2019-1, 4.000%, due 05/25/49 (d)(e)(f)		31,976		32,522
JP Morgan Mortgage Trust 2019-3
Series 2019-3, 4.000%, due 09/25/49 (d)(e)(f)		6,131		6,211
JP Morgan Mortgage Trust 2019-INV3
Series 2019-INV3, 3.500%, due 05/25/50 (d)(e)(f)		132,604		135,271
JP Morgan Mortgage Trust 2020-2
Series 2020-2, 3.500%, due 07/25/50 (d)(e)(f)		103,076		105,024
JP Morgan Mortgage Trust 2021-7
Series TR, 2.500%, due 11/25/51 (d)(e)(f)		199,158		200,014
JP Morgan Trust 2015-3
Series 2015-3, 3.500%, due 05/25/45 (d)(e)(f)		73,858		75,004
JPMBB Commercial Mortgage Securities Trust 2013-C12
Series B, 4.235%, due 07/17/45 (d)(e)		105,000		110,264
Morgan Stanley Capital I Trust 2016-BNK2
Series C, 4.030%, due 11/18/49 (d)(e)		100,000		102,052
PSMC 2020-3 Trust
Series 2020-3, 3.000%, due 11/25/50 (d)(e)(f)		63,385		64,566
Ready Capital Mortgage Financing 2021-FL5 LLC
Series 2021-FL5, 1.842%, due 04/25/38 (1 Month U.S. LIBOR + 1.750%) (d)(f)(g)		250,000		250,078
Sequoia Mortgage Trust 2013-3
Series 2013-3, 2.500%, due 03/25/43 (d)(e)		72,359		72,979
Sequoia Mortgage Trust 2016-3
Series 2016-3, 3.000%, due 11/25/46 (d)(e)(f)		77,313		77,621
Sequoia Mortgage Trust 2018-8
Series 2018-8, 4.000%, due 11/25/48 (d)(e)(f)		92,882		94,238
Sequoia Mortgage Trust 2019-CH2
Series 2019-CH2, 4.500%, due 08/25/49 (d)(e)(f)		16,806		17,140
Sequoia Mortgage Trust 2020-4
Series 2020-4, 2.500%, due 11/25/50 (d)(e)(f)		100,000		100,069
Sequoia Mortgage Trust 2021-1
Series A-7, 2.500%, due 03/25/51 (d)(e)(f)		250,000		253,984
Shellpoint Co-Originator Trust 2016-1
Series 2016-1, 3.500%, due 11/25/46 (d)(e)(f)		38,393		38,453
SLG Office Trust 2021-OVA
Series 2021-OVA, 2.585%, due 07/15/41 (d)(f)		140,000		145,863
Wells Fargo Commercial Mortgage Trust 2021-FCMT
Series A, 1.273%, due 05/15/31 (1 Month LIBOR USD + 1.200%) (d)(f)(g)		100,000		100,240
Wells Fargo Mortgage Backed Securities 2020-RR1 Trust
Series A-1, 3.000%, due 05/25/50 (d)(e)(f)		134,784		137,110
WFRBS Commercial Mortgage Trust 2014-C21
Series 2014-C21, 4.213%, due 08/16/47 (d)(e)		120,000		127,340
Total Non-Agency Mortgage-Backed Obligations (Cost $4,251,755)				4,242,903

NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS - 0.0% (h)
DBJPM 20-C9 Mortgage Trust
Series 2020-C9, 1.831%, due 08/15/53 (d)(e)		459,466		47,131
Total Non-Agency Mortgage-Backed Obligation Interest-Only Strips (Cost $49,109)				47,131

ASSET-BACKED SECURITIES - 1.4%
American Airlines 2016-2 Class AA Pass Through Trust
Series 2016-2, 3.200%, due 12/15/29 (d)		24,397		24,706
AmeriCredit Automobile Receivables Trust 2021-2
Series TR, 1.010%, due 01/19/27 (d)		100,000		100,556
Commonbond Student Loan Trust 2018-C-GS
Series A-1, 3.870%, due 02/25/46 (d)(f)		107,698		111,211
Exeter Automobile Receivables Trust 2020-3
Series 2020-3, 1.320%, due 07/15/25 (d)		150,000		151,326
FedEx Corp. 2020-1 Class AA Pass Through Trust
Series 2020-1AA, 1.875%, due 08/20/35 (d)		136,257		134,869
Helios Issuer LLC
Series A, 2.980%, due 06/20/47 (d)(f)		128,522		134,145
Laurel Road Prime Student Loan Trust 2020-A
Series 1.40000, 1.400%, due 11/25/50 (d)(f)		200,000		197,715
Loanpal Solar Loan 2020-2 Ltd.
Series A, 2.750%, due 07/20/47 (d)(f)		129,318		134,221
Marlette Funding Trust 2021-1
Series C, 1.410%, due 06/16/31 (d)(f)		100,000		99,772
Mosaic Solar Loan Trust 2020-2
Series 2020-2, 1.440%, due 08/20/46 (d)(f)		83,957		82,905
Navient Private Education Refi Loan Trust 2020-G
Series A, 1.170%, due 09/15/69 (d)(f)		119,311		119,848
Navient Private Education Refi Loan Trust 2021-A
Series A, 0.840%, due 05/15/69 (d)(f)		84,627		84,466
Oscar US Funding XII LLC
Series A-4, 1.000%, due 04/10/28 (d)(f)		100,000		101,098
PFS Financing Corp.
Series 2021-A, 0.710%, due 04/15/26 (d)(f)		100,000		99,632
Santander Consumer Auto Receivables Trust 2021-A
Series 2021-A, 1.030%, due 11/16/26 (d)(f)		100,000		99,131
Santander Drive Auto Receivables Trust 2020-3
Series B, 0.690%, due 03/17/25 (d)		100,000		100,304
Series C, 1.120%, due 01/15/26 (d)		150,000		150,857
Santander Drive Auto Receivables Trust 2021-2
Series C, 0.900%, due 06/15/26 (d)		100,000		99,876
SMB Private Education Loan Trust 2020-PTB
Series 1.60000, 1.600%, due 09/15/54 (d)(f)		200,000		201,328
SoFi Consumer Loan Program 2020-1 Trust
Series B, 2.250%, due 01/25/29 (d)(f)		250,000		254,030
Sofi Professional Loan Program 2017-C LLC
Series A-1, 0.692%, due 07/25/40 (1 Month U.S. LIBOR + 0.600%) (d)(f)(g)		95,348		95,411
Sofi Professional Loan Program 2018-B Trust
Series 3.34000, 3.340%, due 08/25/47 (d)(f)		94,255		96,683
Tesla Auto Lease Trust 2019-A
Series 2019-A, 2.680%, due 01/20/23 (d)(f)		125,000		127,876
Vivint Solar Financing VII LLC
Series LLC, 2.210%, due 07/30/51 (d)(f)		146,299		147,942
Volvo Financial Equipment LLC
Series A-4, 0.600%, due 03/15/28 (d)(f)		100,000		100,608
Westlake Automobile Receivables Trust 2020-3
Series B, 0.780%, due 11/17/25 (d)(f)		150,000		150,524
Total Asset-Backed Securities (Cost $3,188,983)				3,201,040

COLLATERALIZED LOAN OBLIGATIONS - 1.4%
Aimco CLO 11 Ltd.
1.484%, due 10/15/31 (3 Month U.S. LIBOR + 1.300%) (d)(f)(g)		250,000		250,111
Aimco CLO 11 Ltd.
Series LTD, 1.564%, due 10/15/31 (3 Month U.S. LIBOR + 1.380%) (d)(f)(g)		250,000		250,455
Apidos CLO XXIII
Series XXIII, 1.404%, due 04/15/33 (3 Month U.S. LIBOR + 1.220%) (d)(f)(g)		250,000		250,100
Arbor Realty Collateralized Loan Obligation Ltd.
Series B, 1.700%, due 05/15/36 (1 Month U.S. LIBOR + 1.600%) (d)(f)(g)		250,000		250,583
Barings CLO Ltd 2020-I
Series LTD, 1.584%, due 10/15/32 (3 Month U.S. LIBOR + 1.400%) (d)(f)(g)		250,000		250,294
Benefit Street Partners CLO XIX Ltd.
Series A, 1.534%, due 01/15/33 (3 Month U.S. LIBOR + 1.350%) (d)(f)(g)		250,000		250,553
CIFC Funding 2020-III Ltd.
Series 2020-3, 1.788%, due 10/20/31 (3 Month U.S. LIBOR + 1.600%) (d)(f)(g)		250,000		250,340
Dryden 78 CLO Ltd.
Series LTD, 1.370%, due 04/17/33 (3 Month U.S. LIBOR + 1.180%) (d)(f)(g)		250,000		249,804
Marble Point CLO XIV Ltd.
Series FLT, 1.468%, due 01/20/32 (3 Month U.S. LIBOR + 1.280%) (d)(f)(g)		280,000		280,083
Octagon Investment Partners 48 Ltd.
Series A, 1.688%, due 10/20/31 (3 Month U.S. LIBOR + 1.500%) (d)(f)(g)		250,000		250,247
OHA Credit Funding 4 Ltd.
Series A-1, 1.552%, due 10/22/32 (3 Month U.S. LIBOR + 1.330%) (d)(f)(g)		250,000		250,372
Sound Point CLO XXVII Ltd.
Series 2020-27, 1.876%, due 10/25/31 (3 Month U.S. LIBOR + 1.700%) (d)(f)(g)		250,000		250,428
Total Collateralized Loan Obligations (Cost $3,024,737)				3,033,370

CORPORATE BONDS - 2.7%
Basic Materials - 0.0% (h)
Ecolab, Inc.
4.800%, due 03/24/30 (d)		33,000		40,333
Steel Dynamics, Inc.
1.650%, due 10/15/27 (d)		46,000		45,776
				86,109
Communications - 0.2%
Amazon.com, Inc.
1.500%, due 06/03/30 (d)		70,000		68,549
AT&T, Inc.
2.750%, due 06/01/31 (d)		92,000		95,268
TD Ameritrade Holding Corp.
3.300%, due 04/01/27 (d)		34,000		37,285
The Walt Disney Co.
2.200%, due 01/13/28 (d)		38,000		39,330
T-Mobile USA, Inc.
3.750%, due 04/15/27 (d)		46,000		50,822
Verizon Communications, Inc.
3.376%, due 02/15/25 (d)		77,000		83,408
4.329%, due 09/21/28 (d)		46,000		53,388
				428,050
Consumer, Cyclical - 0.1%
American Honda Finance Corp.
1.200%, due 07/08/25 (d)		38,000		38,195
Nissan Motor Co. Ltd.
4.810%, due 09/17/30 (d)(f)		46,000		51,755
O'Reilly Automotive, Inc.
3.600%, due 09/01/27 (d)		87,000		97,129
Ross Stores, Inc.
4.600%, due 04/15/25 (d)		62,000		69,934
United Airlines 2014-2 Class A Pass Through Trust
Series A, 3.750%, due 09/03/26 (d)		18,642		19,659
				276,672
Consumer, Non-cyclical - 0.5%
AbbVie, Inc.
3.800%, due 03/15/25 (d)		67,000		73,125
Altria Group, Inc.
3.400%, due 05/06/30 (d)		48,000		50,661
Amgen, Inc.
3.200%, due 11/02/27 (d)		63,000		68,614
AstraZeneca PLC
0.700%, due 04/08/26 (d)		44,000		42,809
BAT International Finance PLC
1.668%, due 03/25/26 (d)		78,000		78,011
Constellation Brands, Inc.
3.700%, due 12/06/26 (d)		48,000		53,374
CVS Health Corp.
3.875%, due 07/20/25 (d)		128,000		141,236
1.750%, due 08/21/30 (d)		92,000		88,128
Eli Lilly & Co.
7.125%, due 06/01/25 (d)		60,000		73,686
Global Payments, Inc.
2.650%, due 02/15/25 (d)		43,000		45,267
HCA, Inc.
4.125%, due 06/15/29 (d)		54,000		60,818
Johnson & Johnson
0.950%, due 09/01/27 (d)		100,000		98,055
1.300%, due 09/01/30 (d)		100,000		97,034
Keurig Dr Pepper, Inc.
4.417%, due 05/25/25 (d)		37,000		41,542
PepsiCo, Inc.
2.625%, due 07/29/29 (d)		44,000		47,076
Royalty Pharma PLC
1.200%, due 09/02/25 (d)(f)		39,000		38,594
1.750%, due 09/02/27 (d)(f)		39,000		38,315
				1,136,345
Energy - 0.2%
BP Capital Markets PLC
3.535%, due 11/04/24 (d)		58,000		63,148
Enterprise Products Operating LLC
2.800%, due 01/31/30 (d)		46,000		48,420
Exxon Mobil Corp.
2.275%, due 08/16/26 (d)		52,000		54,831
Kinder Morgan Energy Partners LP
3.450%, due 02/15/23 (d)		37,000		38,434
MPLX LP
4.875%, due 12/01/24 (d)		38,000		42,370
2.650%, due 08/15/30 (d)		35,000		35,306
Phillips 66
0.900%, due 02/15/24 (d)		47,000		47,057
Sabine Pass Liquefaction LLC.
5.625%, due 03/01/25 (d)		36,000		41,130
				370,696
Financial - 1.1%
Aflac, Inc.
3.250%, due 03/17/25 (d)		60,000		64,808
American International Group, Inc.
3.900%, due 04/01/26 (d)		77,000		85,735
American Tower Corp.
5.000%, due 02/15/24 (d)		36,000		39,897
Assurant, Inc.
4.200%, due 09/27/23 (d)		37,000		39,651
Bank of America Corp.
4.125%, due 01/22/24 (d)		102,000		110,997
4.000%, due 01/22/25 (d)		39,000		42,701
1.734%, due 07/22/27 (SOFR Rate + 0.960%) (d)(g)		120,000		120,683
2.496%, due 02/13/31 (3 Month U.S. LIBOR + 0.990%) (d)(g)		92,000		93,764
Brookfield Finance, Inc.
2.724%, due 04/15/31 (d)		79,000		80,898
Citigroup, Inc.
0.981%, due 05/01/25 (SOFR Rate + 0.669%) (d)(g)		90,000		89,878
4.450%, due 09/29/27 (d)		42,000		47,856
Equinix, Inc.
1.250%, due 07/15/25 (d)		69,000		69,162
JPMorgan Chase & Co.
2.776%, due 04/25/23 (3 Month U.S. LIBOR + 0.935%) (d)(g)		88,000		89,654
3.875%, due 09/10/24 (d)		100,000		108,752
1.578%, due 04/22/27 (SOFR Rate + 0.885%) (d)(g)		90,000		90,163
2.522%, due 04/22/31 (SOFR Rate + 2.040%) (d)(g)		185,000		188,898
Kite Realty Group LP
4.000%, due 10/01/26 (d)		52,000		55,932
Mitsubishi UFJ Financial Group, Inc.
3.761%, due 07/26/23 (d)		37,000		39,437
Morgan Stanley
2.188%, due 04/28/26 (SOFR Rate + 1.990%) (d)(g)		122,000		126,372
0.985%, due 12/10/26 (SOFR Rate + 0.720%) (d)(g)		92,000		90,599
1.593%, due 05/04/27 (SOFR Rate + 0.879%) (d)(g)		120,000		120,368
Owl Rock Capital Corp.
3.750%, due 07/22/25 (d)		46,000		48,683
Realty Income Corp.
3.250%, due 01/15/31 (d)		92,000		100,165
Royal Bank of Canada
1.200%, due 04/27/26 (d)		60,000		59,875
Scentre Group Trust 1
3.625%, due 01/28/26 (d)(f)		87,000		95,161
The Bank of Nova Scotia
2.700%, due 08/03/26 (d)		87,000		92,737
The Goldman Sachs Group, Inc.
2.908%, due 06/05/23 (3 Month U.S. LIBOR + 1.053%) (d)(g)		75,000		76,615
0.855%, due 02/12/26 (SOFR Rate + 0.609%) (d)(g)		60,000		59,549
Wells Fargo & Co.
2.406%, due 10/30/25 (SOFR Rate + 1.087%) (d)(g)		118,000		123,414
XLIT Ltd.
4.450%, due 03/31/25 (d)		46,000		51,575
				2,503,979
Industrial - 0.2%
3M Co.
2.000%, due 02/14/25 (d)		48,000		49,975
Amphenol Corp.
2.800%, due 02/15/30 (d)		51,000		53,854
Carrier Global Corp.
2.722%, due 02/15/30 (d)		103,000		106,656
Caterpillar Financial Services Corp.
2.850%, due 05/17/24 (d)		50,000		53,240
General Electric Co.
3.450%, due 05/01/27 (d)		52,000		57,191
Raytheon Technologies Corp.
3.200%, due 03/15/24 (d)		48,000		51,026
The Boeing Co.
4.875%, due 05/01/25 (d)		47,000		52,661
				424,603
Technology - 0.2%
Apple, Inc.
1.200%, due 02/08/28 (d)		60,000		59,109
Broadcom, Inc.
4.150%, due 11/15/30 (d)		124,000		138,968
Microsoft Corp.
2.400%, due 08/08/26 (d)		101,000		107,638
Oracle Corp.
2.950%, due 04/01/30 (d)		109,000		114,526
				420,241
Utilities - 0.2%
Alabama Power Co.
1.450%, due 09/15/30 (d)		20,000		19,053
Ameren Illinois Co.
3.800%, due 05/15/28 (d)		50,000		56,516
Duke Energy Corp.
3.150%, due 08/15/27 (d)		94,000		101,451
Entergy Corp.
0.900%, due 09/15/25 (d)		20,000		19,719
FirstEnergy Corp.
4.400%, due 07/15/27 (d)		76,000		82,611
NextEra Energy Capital Holdings, Inc.
3.150%, due 04/01/24 (d)		38,000		40,328
Sierra Pacific Power Co.
2.600%, due 05/01/26 (d)		67,000		70,985
Southwestern Electric Power Co.
1.650%, due 03/15/26 (d)		60,000		60,696
The AES Corp.
1.375%, due 01/15/26 (d)(f)		47,000		46,478
				497,837
Total Corporate Bonds (Cost $6,190,666)				6,144,532

AFFILIATED REGISTERED INVESTMENT COMPANIES - 4.4%		Shares
Voya Emerging Markets Hard Currency Debt Fund - Class P		138,170		1,347,158
Voya High Yield Bond Fund - Class P		170,588		1,383,470
Voya Investment Grade Credit Fund - Class P		147,861		1,679,702
Voya Securitized Credit Fund - Class P		559,577		5,495,049
Total Affiliated Registered Investment Companies (Cost $9,715,125)				9,905,379


Total Investments at Value - 93.7% (Cost $170,334,635)				211,614,659
Other Assets in Excess of Liabilities - 6.3%				14,193,031
Net Assets - 100.0%			$	225,807,690

Percentages are stated as a percent of net assets.

ADR American Depository Receipt

LIBOR London Interbank Offered Rate

SOFR Secured Overnight Financing Rate

(a)

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

(b)

Non-income producing security.

(c)

This security or a partial position of this security is on loan at June 30, 2021. The total market value of securities on loan at June 30, 2021 was $1,106,637.

(d)

Level 2 security.

(e)

Variable rate security. The coupon is based on an underlying pool of loans. The rate listed is as of June 30, 2021.

(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 June 30, 2021, the value of these investments was $9,360,161 or 4.1% of total net assets.

(g)

Variable rate security based on a reference index and spread. The rate listed is as of June 30, 2021.

(h)

Represents less than 0.1%.

WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO	June 30, 2021 (Unaudited)
SCHEDULE OF INVESTMENTS

	Shares		Value
COMMON STOCKS - 98.3% (a)
Communication Services - 2.0%
AMC Networks, Inc. - Class A (b)		1,273	$	85,036
Bandwidth, Inc. - Class A (b)		315		43,445
Cardlytics, Inc. (b)		2,650		336,365
Cargurus, Inc. (b)		145		3,804
Cinemark Holdings, Inc. (b)		2,285		50,156
Cogent Communications Holdings, Inc.		395		30,372
Eventbrite, Inc. - Class A (b)		395		7,505
EverQuote, Inc. - Class A (b)		1,290		42,157
Gray Television, Inc.		395		9,243
Magnite, Inc. (b)		2,080		70,387
Meredith Corp. (b)		655		28,453
National CineMedia, Inc.		1,590		8,061
Ooma, Inc. (b)		1,510		28,479
Sinclair Broadcast Group, Inc. - Class A		760		25,247
TechTarget, Inc. (b)		510		39,520
WideOpenWest, Inc. (b)		1,230		25,473
				833,703
Consumer Discretionary - 16.2%
1-800-Flowers.com, Inc. - Class A (b)		1,615		51,470
Abercrombie & Fitch Co. - Class A (b)		1,110		51,537
Academy Sports & Outdoors, Inc. (b)		792		32,662
Asbury Automotive Group, Inc. (b)		195		33,417
Big Lots, Inc.		152		10,034
BJ's Restaurants, Inc. (b)		205		10,074
Bloomin' Brands, Inc. (b)		2,860		77,620
Boot Barn Holdings, Inc. (b)		4,940		415,207
Brinker International, Inc. (b)		7,515		464,803
Caesars Entertainment, Inc. (b)		665		68,994
Camping World Holdings, Inc. - Class A		1,685		69,068
Cavco Industries, Inc. (b)		222		49,326
Century Casinos, Inc. (b)		1,800		24,174
Crocs, Inc. (b)		610		71,077
Dave & Buster's Entertainment, Inc. (b)		890		36,134
Deckers Outdoor Corp. (b)		196		75,278
Dorman Products, Inc. (b)		263		27,265
Drive Shack, Inc. (b)		6,460		21,383
Everi Holdings, Inc. (b)		1,980		49,381
Fox Factory Holding Corp. (b)		170		26,462
Funko, Inc. - Class A (b)(c)		390		8,299
Gentherm, Inc. (b)		580		41,209
Green Brick Partners, Inc. (b)		11,696		265,967
GrowGeneration Corp. (b)		1,020		49,062
Guess?, Inc.		1,130		29,832
Hamilton Beach Brands Holding Co. - Class A		540		12,026
Haverty Furniture Cos., Inc.		541		23,133
Helen of Troy Ltd. (b)		50		11,406
Hibbett, Inc. (b)		680		60,948
International Game Technology PLC (b)		2,248		53,862
iRobot Corp. (b)		610		56,968
KB Home		170		6,922
Legacy Housing Corp. (b)		460		7,779
LGI Homes, Inc. (b)		392		63,480
Liquidity Services, Inc. (b)		740		18,833
Lithia Motors, Inc.		20		6,873
Malibu Boats, Inc. - Class A (b)		705		51,698
Meritage Homes Corp. (b)		180		16,934
Modine Manufacturing Co. (b)		1,180		19,576
Murphy USA, Inc.		550		73,354
National Vision Holdings, Inc. (b)		1,291		66,009
Nautilus, Inc. (b)		1,690		28,476
Noodles & Co. (b)		206		2,571
Overstock.com, Inc. (b)		400		36,880
Papa John's International, Inc.		260		27,154
Party City Holdco, Inc. (b)		2,770		25,844
Penn National Gaming, Inc. (b)		910		69,606
Perdoceo Education Corp. (b)		2,910		35,706
PlayAGS, Inc. (b)		5,941		58,816
Porch Group, Inc. (b)		500		9,670
Purple Innovation, Inc. (b)		205		5,414
RCI Hospitality Holdings, Inc.		130		8,606
Red Rock Resorts, Inc. - Class A (b)		371		15,767
Rent-A-Center, Inc.		2,357		125,086
Revolve Group, Inc. (b)		130		8,957
RH (b)		47		31,913
Sally Beauty Holdings, Inc. (b)		2,830		62,458
Scientific Games Corp. (b)		754		58,390
Shake Shack, Inc. - Class A (b)		390		41,738
Shutterstock, Inc.		1,435		140,874
Signet Jewelers Ltd. (b)		790		63,824
Skyline Champion Corp. (b)		15,291		815,010
Sleep Number Corp. (b)		379		41,671
Sonos, Inc. (b)		2,162		76,167
Stamps.com, Inc. (b)		458		91,733
Standard Motor Products, Inc.		893		38,712
Stitch Fix, Inc. - Class A (b)		115		6,934
Sturm Ruger & Co., Inc.		1,394		125,432
Superior Group of Cos., Inc.		465		11,118
Taylor Morrison Home Corp. (b)		1,024		27,054
Tenneco, Inc. - Class A (b)		2,070		39,992
Texas Roadhouse, Inc.		5,159		496,296
The Cheesecake Factory, Inc. (b)		170		9,211
The Children's Place, Inc. (b)		1,030		95,852
The Lovesac Co.(b)		445		35,507
TopBuild Corp. (b)		2,792		552,202
Universal Electronics, Inc. (b)		316		15,326
Vivint Smart Home, Inc. (b)		2,280		30,096
Waitr Holdings, Inc. (b)(c)		6,820		12,140
Wingstop, Inc.		420		66,205
Winmark Corp.		409		78,561
Winnebago Industries, Inc.		995		67,620
WW International, Inc. (b)		1,165		42,103
XPEL, Inc. (b)		325		27,258
YETI Holdings, Inc. (b)		5,005		459,559
				6,729,045
Consumer Staples - 4.0%
Celsius Holdings, Inc. (b)		195		14,838
Coca-Cola Consolidated, Inc.		10		4,021
elf Beauty, Inc. (b)		24,399		662,189
Grocery Outlet Holding Corp. (b)		13,475		467,043
Inter Parfums, Inc.		170		12,240
J & J Snack Foods Corp.		45		7,848
John B Sanfilippo & Son, Inc.		350		31,000
Lifevantage Corp. (b)		3,250		23,887
Medifast, Inc.		216		61,124
National Beverage Corp.		660		31,172
Performance Food Group Co. (b)		450		21,820
Sanderson Farms, Inc.		150		28,196
Turning Point Brands, Inc.		905		41,422
USANA Health Sciences, Inc. (b)		1,230		125,989
Vector Group Ltd.		3,540		50,056
Veru, Inc. (b)		2,900		23,403
WD-40 Co.		282		72,274
				1,678,522
Energy - 1.5%
Brigham Minerals, Inc. - Class A		15,601		332,145
Centennial Resource Development, Inc. - Class A (b)		2,860		19,391
Dorian LPG Ltd. (b)		1,110		15,673
Kosmos Energy Ltd. (b)		16,680		57,713
Laredo Petroleum, Inc. (b)		730		67,737
Magnolia Oil & Gas Corp. - Class A (b)		2,160		33,761
Southwestern Energy Co. (b)		7,820		44,339
TETRA Technologies, Inc. (b)		9,440		40,969
				611,728
Financials - 6.5%
Artisan Partners Asset Management, Inc. - Class A		2,095		106,468
Atlanticus Holdings Corp. (b)		696		27,631
Banc of California, Inc.		22,870		401,140
Cadence BanCorp		23,934		499,742
Cohen & Steers, Inc.		2,300		188,807
Cowen, Inc. - Class A		1,290		52,954
Curo Group Holdings Corp.		343		5,831
Customers Bancorp, Inc. (b)		490		19,105
Eastern Bankshares, Inc.		1,220		25,095
eHealth, Inc. (b)		270		15,768
Esquire Financial Holdings, Inc. (b)		470		11,139
First Financial Bankshares, Inc.		325		15,967
Focus Financial Partners, Inc. - Class A (b)		125		6,063
GAMCO Investors, Inc. - Class A		740		18,574
Glacier Bancorp, Inc.		810		44,615
Hanmi Financial Corp.		210		4,002
Home BancShares, Inc.		19,110		471,635
Kinsale Capital Group, Inc.		40		6,591
LendingTree, Inc. (b)		1,380		292,394
Moelis & Co. - Class A		1,010		57,459
NMI Holdings, Inc. - Class A (b)		585		13,151
Piper Sandler Cos.		140		18,138
PJT Partners, Inc. - Class A		1,500		107,070
PROG Holdings, Inc.		1,460		70,270
Pzena Investment Management, Inc. - Class A		760		8,368
Selectquote, Inc. (b)		1,240		23,882
Silvercrest Asset Management Group, Inc. - Class A		1,170		17,597
Silvergate Capital Corp. - Class A (b)		340		38,529
StepStone Group, Inc. - Class A		4,120		141,728
				2,709,713
Health Care - 29.0%
1Life Healthcare, Inc. (b)		1,815		60,004
Abeona Therapeutics, Inc. (b)		5,660		8,830
AdaptHealth Corp. (b)		1,190		32,618
Addus HomeCare Corp. (b)		180		15,703
ADMA Biologics, Inc. (b)		3,270		5,232
Adverum Biotechnologies, Inc. (b)		795		2,782
Aerie Pharmaceuticals, Inc. (b)		505		8,085
Affimed NV (b)		3,165		26,903
Agenus, Inc. (b)		5,300		29,097
Albireo Pharma, Inc. (b)		935		32,893
Allakos, Inc. (b)		200		17,074
Allogene Therapeutics, Inc. (b)		1,855		48,378
Alphatec Holdings, Inc. (b)		775		11,873
Amedisys, Inc. (b)		132		32,331
AMN Healthcare Services, Inc. (b)		470		45,581
Amneal Pharmaceuticals, Inc. (b)		6,740		34,509
Apellis Pharmaceuticals, Inc. (b)		155		9,796
Arcus Biosciences, Inc. (b)		405		11,121
Arcutis Biotherapeutics, Inc. (b)		630		17,193
Arrowhead Pharmaceuticals, Inc. (b)		842		69,734
Arvinas, Inc. (b)		545		41,965
Atara Biotherapeutics, Inc. (b)		3,045		47,350
Atea Pharmaceuticals, Inc. (b)(c)		330		7,088
Avid Bioservices, Inc. (b)		20,675		530,314
Beam Therapeutics, Inc. (b)		595		76,582
BioDelivery Sciences International, Inc. (b)		13,630		48,795
Biohaven Pharmaceutical Holding Co. Ltd. (b)		75		7,281
BioLife Solutions, Inc. (b)		8,385		373,216
Blueprint Medicines Corp. (b)		978		86,025
Bridgebio Pharma, Inc. (b)		755		46,025
CareDx, Inc. (b)		320		29,286
Castle Biosciences, Inc. (b)		277		20,312
Chemed Corp.		144		68,328
ClearPoint Neuro, Inc. (b)		640		12,218
Collegium Pharmaceutical, Inc. (b)		1,690		39,952
Community Health Systems, Inc. (b)		1,072		16,552
CONMED Corp.		3,785		520,173
Constellation Pharmaceuticals, Inc. (b)		420		14,196
Corcept Therapeutics, Inc. (b)		295		6,490
CorVel Corp. (b)		114		15,310
Cross Country Healthcare, Inc. (b)		910		15,024
CryoLife, Inc. (b)		815		23,146
CryoPort, Inc. (b)		1,015		64,046
Curis, Inc. (b)		1,060		8,554
Cutera, Inc. (b)		275		13,483
CytomX Therapeutics, Inc. (b)		539		3,412
Denali Therapeutics, Inc. (b)		2,112		165,665
DermTech, Inc. (b)		205		8,522
Dicerna Pharmaceuticals, Inc. (b)		374		13,958
Dynavax Technologies Corp. (b)		1,020		10,047
Eagle Pharmaceuticals, Inc. (b)		115		4,922
Eargo, Inc. (b)		1,180		47,094
Editas Medicine, Inc. (b)		936		53,015
Emergent BioSolutions, Inc. (b)		555		34,959
Esperion Therapeutics, Inc. (b)(c)		416		8,798
Fate Therapeutics, Inc. (b)		775		67,262
Fulgent Genetics, Inc. (b)(c)		465		42,887
G1 Therapeutics, Inc. (b)		719		15,775
Generation Bio Co. (b)		240		6,456
Globus Medical, Inc. - Class A (b)		265		20,545
Halozyme Therapeutics, Inc. (b)		3,089		140,271
Hanger, Inc. (b)		687		17,367
HealthEquity, Inc. (b)		190		15,291
HealthStream, Inc. (b)		125		3,492
Heska Corp. (b)		2,527		580,528
IGM Biosciences, Inc. (b)		380		31,616
ImmunoGen, Inc. (b)		5,252		34,611
Inari Medical, Inc. (b)		1,029		95,985
InfuSystem Holdings, Inc. (b)		845		17,568
Innoviva, Inc. (b)		4,385		58,803
Inovalon Holdings, Inc. - Class A (b)		1,075		36,636
Insmed, Inc. (b)		356		10,132
Inspire Medical Systems, Inc. (b)		432		83,488
Integer Holdings Corp. (b)		260		24,492
Intellia Therapeutics, Inc. (b)		565		91,479
Intercept Pharmaceuticals, Inc. (b)		1,029		20,549
Intersect ENT, Inc. (b)		109		1,863
Invitae Corp. (b)(c)		990		33,393
iRhythm Technologies, Inc. (b)		458		30,388
Ironwood Pharmaceuticals, Inc. (b)		3,786		48,726
Karuna Therapeutics, Inc. (b)		120		13,679
Kiniksa Pharmaceuticals Ltd. - Class A (b)		1,152		16,047
Kodiak Sciences, Inc. (b)		490		45,570
Kura Oncology, Inc. (b)		135		2,815
LeMaitre Vascular, Inc.		5,672		346,105
LHC Group, Inc. (b)		2,406		481,826
Ligand Pharmaceuticals, Inc. (b)		70		9,183
MacroGenics, Inc. (b)		675		18,131
Marinus Pharmaceuticals, Inc. (b)		1,615		28,973
Medpace Holdings, Inc. (b)		4,888		863,367
MEI Pharma, Inc. (b)		2,850		8,122
Meridian Bioscience, Inc. (b)		2,845		63,102
Merit Medical Systems, Inc. (b)		170		10,992
Mesa Laboratories, Inc.		1,800		488,106
Minerva Neurosciences, Inc. (b)		5,360		12,435
ModivCare, Inc. (b)		170		28,912
Morphic Holding, Inc. (b)		395		22,669
Neogen Corp. (b)		14,940		687,838
NeoGenomics, Inc. (b)		12,370		558,753
Nevro Corp. (b)		691		114,561
Nkarta, Inc. (b)		790		25,035
Novavax, Inc. (b)		85		18,046
Novocure Ltd. (b)		52		11,535
NuVasive, Inc. (b)		35		2,372
Omnicell, Inc. (b)		3,163		479,036
Optinose, Inc. (b)		2,150		6,686
Pacific Biosciences of California, Inc. (b)		1,650		57,701
Pacira BioSciences, Inc. (b)		260		15,777
Phreesia, Inc. (b)		7,301		447,551
Precision BioSciences, Inc. (b)		1,150		14,398
Progyny, Inc. (b)		885		52,215
Puma Biotechnology, Inc. (b)		1,620		14,872
Quanterix Corp. (b)		130		7,626
Quotient Ltd. (b)		1,785		6,497
Radius Health, Inc. (b)		1,420		25,901
Repligen Corp. (b)		4,682		934,621
Rocket Pharmaceuticals, Inc. (b)		455		20,152
Sangamo Therapeutics, Inc. (b)		3,228		38,639
Scholar Rock Holding Corp. (b)		150		4,335
Select Medical Holdings Corp.		2,763		116,764
Sesen Bio, Inc. (b)		4,370		20,189
Sharps Compliance Corp. (b)		1,421		14,636
Shockwave Medical, Inc. (b)		450		85,379
Sientra, Inc. (b)		1,950		15,522
Simulations Plus, Inc.		9,501		521,700
SpringWorks Therapeutics, Inc. (b)		130		10,713
STAAR Surgical Co. (b)		330		50,325
Stereotaxis, Inc. (b)		3,890		37,500
STERIS PLC		138		28,469
Stoke Therapeutics, Inc. (b)		470		15,820
Syros Pharmaceuticals, Inc. (b)		7,010		38,205
Teladoc Health, Inc. (b)		34		5,654
Tenet Healthcare Corp. (b)		41		2,747
TG Therapeutics, Inc. (b)		735		28,511
The Ensign Group, Inc.		385		33,368
The Pennant Group, Inc. (b)		392		16,033
Tivity Health, Inc. (b)		502		13,208
Translate Bio, Inc. (b)		1,825		50,261
Triple-S Management Corp. (b)		440		9,799
Turning Point Therapeutics, Inc. (b)		691		53,912
Twist Bioscience Corp. (b)		260		34,645
Ultragenyx Pharmaceutical, Inc. (b)		424		40,428
US Physical Therapy, Inc.		515		59,673
Veracyte, Inc. (b)		320		12,794
Verastem, Inc. (b)		4,190		17,053
Vericel Corp. (b)		177		9,293
Viemed Healthcare, Inc. (b)		2,205		15,766
Vir Biotechnology, Inc. (b)(c)		645		30,496
Vocera Communications, Inc. (b)		1,365		54,395
Xencor, Inc. (b)		1,999		68,946
Y-mAbs Therapeutics, Inc. (b)		306		10,343
				12,058,171
Industrials - 10.5%
Aerojet Rocketdyne Holdings, Inc.		1,255		60,604
AeroVironment, Inc. (b)		622		62,293
Allegiant Travel Co. (b)		90		17,460
Allied Motion Technologies, Inc.		90		3,108
Atkore, Inc. (b)		2,109		149,739
Atlas Air Worldwide Holdings, Inc. (b)		290		19,752
Barrett Business Services, Inc.		115		8,350
Bloom Energy Corp. - Class A (b)		1,120		30,094
Boise Cascade Co.		225		13,129
Brady Corp. - Class A		905		50,716
Builders FirstSource, Inc. (b)		425		18,130
CAI International, Inc.		436		24,416
Chart Industries, Inc. (b)		1,766		258,401
Cimpress PLC (b)		430		46,616
Comfort Systems USA, Inc.		369		29,074
Cornerstone Building Brands, Inc. (b)		2,940		53,449
EMCOR Group, Inc.		1,090		134,277
Evoqua Water Technologies Corp. (b)		1,250		42,225
Exponent, Inc.		201		17,931
Franklin Electric Co., Inc.		1,525		122,945
FuelCell Energy, Inc. (b)(c)		6,530		58,117
Graftech International Ltd.		740		8,599
HC2 Holdings, Inc. (b)		3,854		15,339
Healthcare Services Group, Inc.		1,790		56,510
Hydrofarm Holdings Group, Inc. (b)		300		17,733
Infrastructure and Energy Alternatives, Inc. (b)		1,830		23,534
John Bean Technologies Corp.		740		105,539
Kratos Defense & Security Solutions, Inc. (b)		12,988		370,028
Masonite International Corp. (b)		110		12,297
MasTec, Inc. (b)		25		2,652
Mastech Digital, Inc. (b)		195		2,915
Mercury Systems, Inc. (b)		5,409		358,509
Meritor, Inc. (b)		880		20,610
MRC Global, Inc. (b)		305		2,867
Mueller Industries, Inc.		1,433		62,063
PAE, Inc. (b)		3,330		29,637
Plug Power, Inc. (b)		1,590		54,362
Proto Labs, Inc. (b)		288		26,438
RBC Bearings, Inc. (b)		341		68,002
Rexnord Corp.		1,020		51,041
Saia, Inc. (b)		3,250		680,842
Science Applications International Corp.		23		2,018
Simpson Manufacturing Co., Inc.		1,095		120,932
SiteOne Landscape Supply, Inc. (b)		2,268		383,882
Sunrun, Inc. (b)		81		4,518
Tetra Tech, Inc.		125		15,255
The Brink's Co.		55		4,226
The ExOne Co.(b)		390		8,440
TPI Composites, Inc. (b)		4,645		224,911
TriNet Group, Inc. (b)		1,037		75,162
UFP Industries, Inc.		2,175		161,690
Upwork, Inc. (b)		1,428		83,238
Vectrus, Inc. (b)		100		4,759
Vicor Corp. (b)		190		20,091
Watts Water Technologies, Inc. - Class A		60		8,755
Welbilt, Inc. (b)		175		4,051
Werner Enterprises, Inc.		400		17,808
WillScot Mobile Mini Holdings Corp. (b)		930		25,919
				4,355,998
Information Technology - 26.4%
3D Systems Corp. (b)		3,300		131,901
8x8, Inc. (b)		9,614		266,885
A10 Networks, Inc. (b)		5,835		65,702
ACI Worldwide, Inc. (b)		1,980		73,537
Advanced Energy Industries, Inc.		535		60,300
Alarm.com Holdings, Inc. (b)		340		28,798
Alpha & Omega Semiconductor Ltd. (b)		500		15,195
Ambarella, Inc. (b)		535		57,047
Appfolio, Inc. - Class A (b)		2,004		282,965
Appian Corp. (b)(c)		580		79,895
Asana, Inc. - Class A (b)(c)		260		16,128
Avaya Holdings Corp. (b)		2,480		66,712
Axcelis Technologies, Inc. (b)		1,415		57,194
Badger Meter, Inc.		670		65,740
Blackbaud, Inc. (b)		460		35,222
Blackline, Inc. (b)		257		28,596
Box, Inc. - Class A (b)		4,050		103,478
Brightcove, Inc. (b)		895		12,843
Brooks Automation, Inc.		811		77,272
Cass Information Systems, Inc.		608		24,776
Cerence, Inc. (b)		4,386		468,030
Cohu, Inc. (b)		445		16,372
CommVault Systems, Inc. (b)		1,597		124,838
Cornerstone OnDemand, Inc. (b)		2,010		103,676
CyberOptics Corp. (b)		604		24,740
Diebold Nixdorf, Inc. (b)		1,730		22,213
Digital Turbine, Inc. (b)		1,596		121,344
Domo, Inc. - Class B (b)		350		28,290
Endava PLC - ADR (b)		4,946		560,777
Enphase Energy, Inc. (b)		20		3,673
Everbridge, Inc. (b)		170		23,134
Evo Payments, Inc. - Class A (b)		27,198		754,473
ExlService Holdings, Inc. (b)		523		55,574
Extreme Networks, Inc. (b)		2,290		25,556
FormFactor, Inc. (b)		2,050		74,743
II-VI, Inc. (b)		1,469		106,635
International Money Express, Inc. (b)		740		10,989
J2 Global, Inc. (b)		1,195		164,372
Kulicke & Soffa Industries, Inc.		620		37,944
Lattice Semiconductor Corp. (b)		1,725		96,911
LivePerson, Inc. (b)		575		36,363
MACOM Technology Solutions Holdings, Inc. (b)		1,929		123,610
Maximus, Inc.		5,555		488,673
MicroStrategy, Inc. - Class A (b)(c)		90		59,805
Mimecast Ltd. (b)		12,585		667,634
nLight, Inc. (b)		7,296		264,699
ON24, Inc. (b)		1,460		51,801
Onto Innovation, Inc. (b)		190		13,878
OSI Systems, Inc. (b)		960		97,574
Pegasystems, Inc.		6,189		861,447
Power Integrations, Inc.		935		76,726
Q2 Holdings, Inc. (b)		180		18,464
Qualys, Inc. (b)		2,056		207,019
Rackspace Technology, Inc. (b)		1,090		21,375
Repay Holdings Corp. (b)		15,247		366,538
Rimini Street, Inc. (b)		6,555		40,379
Rogers Corp. (b)		85		17,068
Sailpoint Technologies Holdings, Inc. (b)		665		33,962
Sapiens International Corp. NV		250		6,567
Semtech Corp. (b)		2,715		186,792
Silicon Laboratories, Inc. (b)		2,447		375,003
SMART Global Holdings, Inc. (b)		1,085		51,733
SPS Commerce, Inc. (b)		897		89,565
Synaptics, Inc. (b)		958		149,046
TTEC Holdings, Inc.		308		31,752
Ultra Clean Holdings, Inc. (b)		1,720		92,398
Varonis Systems, Inc. (b)		915		52,722
Verra Mobility Corp. (b)		3,730		57,330
Viavi Solutions, Inc. (b)		1,240		21,898
Vonage Holdings Corp. (b)		1,510		21,759
WNS Holdings Ltd. - ADR (b)		11,155		890,950
Workiva, Inc. (b)		10,236		1,139,574
Xperi Holding Corp.		310		6,894
				10,995,468
Materials - 1.9%
Amyris, Inc. (b)		1,140		18,662
Avient Corp.		332		16,321
Balchem Corp.		173		22,708
Ferroglobe Representation & Warranty Insurance Trust (b)(d)(e)		840		–
Forterra, Inc. (b)		2,379		55,930
Innospec, Inc.		760		68,864
Koppers Holdings, Inc. (b)		535		17,307
Louisiana-Pacific Corp.		625		37,681
Materion Corp.		229		17,255
Neenah, Inc.		79		3,964
Novagold Resources, Inc. (b)		5,670		45,417
Quaker Chemical Corp.		1,825		432,872
Ryerson Holding Corp. (b)		690		10,074
Tronox Holdings PLC - Class A		1,270		28,448
				775,503

Real Estate - 0.2%
EastGroup Properties, Inc.		272		44,730
eXp World Holdings, Inc. (b)		440		17,059
Redfin Corp. (b)		895		56,752
				118,541
Utilities - 0.1%
Genie Energy Ltd. - Class B		1,170		7,394
Ormat Technologies, Inc.		170		11,820
South Jersey Industries, Inc.		890		23,078
Spark Energy, Inc. - Class A		2,870		32,517
				74,809
Total Common Stocks (Cost $25,509,340)				40,941,201

		Par Value
CORPORATE BONDS - 0.0% (f)
Financials - 0.0% (f)
GAMCO Investors, Inc.
4.000%, due 06/15/23 (g)	$	1,480		1,480
Total Corporate Bonds (Cost $1,480)				1,480

Total Investments at Value - 98.3% (Cost $25,510,820)				40,942,681
Other Assets in Excess of Liabilities - 1.7%				694,654
Net Assets - 100.0%			$	41,637,335

Percentages are stated as a percent of net assets.

ADR American Depository Receipt

(a)

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

(b)

Non-income producing security.

(c)

This security or a partial position of this security is on loan at June 30, 2021. The total market value of securities on loan at June 30, 2021 was $352,694 (Note 7).

(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 June 30, 2021, representing 0.0% of net assets.

(e)

Illiquid security. The total value of such securities is $0 as of June 30, 2021, representing 0.0% of net assets.

(f)

Represents less than 0.1%.

(g)

Level 2 security.

WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO	June 30, 2021 (Unaudited)
SCHEDULE OF INVESTMENTS

	Shares		Value
COMMON STOCKS - 98.7% (a)

Communication Services - 2.4%
Advantage Solutions, Inc. (b)		660	$	7,122
AMC Networks, Inc. (b)		1,170		78,156
AUDACY, Inc. (b)		2,040		8,792
Cinemark Holdings, Inc. (b)		1,530		33,584
Consolidated Communications Holdings, Inc. (b)		2,790		24,524
Emerald Holding, Inc. (b)		9,300		50,127
Entravision Communications Corp. - Class A		5,490		36,673
Gannett Co, Inc. (b)		8,162		44,809
Gray Television, Inc.		330		7,722
Hemisphere Media Group, Inc. (b)		1,365		16,107
iHeartMedia, Inc. (b) - Class A		870		23,429
Liberty Latin America Ltd. - Class A (b)		1,545		21,414
Liberty Latin America Ltd. - Class C (b)		4,135		58,304
Lions Gate Entertainment Corp. - Class B (b)		400		7,320
Live Nation Entertainment, Inc. (b)		2,344		205,311
Magnite, Inc. (b)		335		11,336
MDC Partners, Inc. Class A (b)		2,500		14,625
Meredith Corp. (b)		849		36,881
MSG Networks, Inc. Class A (b)		2,130		31,055
National CineMedia, Inc.		4,177		21,177
Ooma, Inc. (b)		870		16,408
Sinclair Broadcast Group, Inc. - Class A		2,445		81,223
TEGNA, Inc.		1,995		37,426
TrueCar, Inc. (b)		1,560		8,814
				882,339
Consumer Discretionary - 15.4%
2U, Inc. (b)		390		16,251
Abercrombie & Fitch Co. Class A (b)		450		20,893
Academy Sports & Outdoors, Inc. (b)		1,100		45,364
Adient PLC (b)		1,890		85,428
Adtalem Global Education, Inc. (b)		410		14,612
American Eagle Outfitters, Inc. (c)		1,930		72,433
American Public Education, Inc. (b)		1,440		40,810
Asbury Automotive Group, Inc. (b)		570		97,681
Beazer Homes USA, Inc. (b)		650		12,538
Bed Bath & Beyond, Inc. (b)		1,515		50,434
Big Lots, Inc.		679		44,821
Biglari Holdings, Inc. - Class B (b)		120		19,136
Brinker International, Inc. (b)		400		24,740
Caesars Entertainment, Inc. (b)		355		36,831
Carriage Services, Inc.		320		11,830
Carrols Restaurant Group, Inc. (b)		2,290		13,763
Carter's, Inc.		917		94,607
Casper Sleep, Inc. (b)		880		7,251
Century Casinos, Inc. (b)		670		8,998
Century Communities, Inc.		1,544		102,738
Chuy's Holdings, Inc. (b)		425		15,836
Citi Trends, Inc. (b)		505		43,935
Coursera, Inc. (b)		1,570		62,109
Culp, Inc.		800		13,040
Dana, Inc.		865		20,552
Del Taco Restaurants, Inc.		1,170		11,712
Dillard's, Inc. - Class A (c)		120		21,706
Dine Brands Global, Inc. (b)		150		13,388
El Pollo Loco Holdings, Inc. (b)		1,070		19,570
Ethan Allen Interiors, Inc.		1,900		52,440
Fiesta Restaurant Group, Inc. (b)		1,199		16,103
Foot Locker, Inc.		430		26,501
Fossil Group, Inc. (b)		1,870		26,704
Franchise Group, Inc.		600		21,162
Funko, Inc. - Class A (b)(c)		1,310		27,877
Genesco, Inc. (b)		800		50,944
G-III Apparel Group Ltd. (b)		800		26,288
Green Brick Partners, Inc. (b)		9,252		210,390
Group 1 Automotive, Inc.		790		122,000
Guess?, Inc.		815		21,516
H&R Block, Inc.		2,200		51,656
Hanesbrands, Inc.		9,802		183,003
Haverty Furniture Cos., Inc.		1,265		54,091
Hibbett, Inc. (b)		818		73,317
Hilton Grand Vacations, Inc. (b)		1,230		50,910
Hooker Furniture Corp.		1,000		34,640
International Game Technology Plc (b)		2,130		51,035
iRobot Corp. (b)		250		23,347
Jack in the Box, Inc.		320		35,661
Johnson Outdoors, Inc. - Class A		380		45,980
KB Home		1,720		70,038
Laureate Education, Inc. (b) - Class A		995		14,438
La-Z-Boy, Inc.		500		18,520
LGI Homes, Inc. (b)		210		34,007
Lifetime Brands, Inc.		830		12,425
Lumber Liquidators Holdings, Inc. (b)		175		3,692
M/I Homes, Inc. (b)		2,130		124,967
Macy's, Inc. (b)		8,100		153,576
MarineMax, Inc. (b)		500		24,370
Meritage Homes Corp. (b)		1,229		115,624
Modine Manufacturing Co. (b)		1,995		33,097
Motorcar Parts of America, Inc. (b)		1,600		35,904
Movado Group, Inc.		930		29,267
Murphy USA, Inc.		352		46,946
Nautilus, Inc. (b)		2,470		41,620
OneWater Marine, Inc. - Class A		1,000		42,030
Penske Automotive Group, Inc.		300		22,647
PetMed Express, Inc. (c)		400		12,740
PlayAGS, Inc. (b)		3,590		35,541
Red Rock Resorts, Inc. - Class A (b)		12,330		524,025
Rent-A-Center, Inc.		650		34,496
Rocky Brands, Inc.		280		15,568
Sally Beauty Holdings, Inc. (b)		3,043		67,159
Shoe Carnival, Inc.		190		13,602
Signet Jewelers Ltd. (b)		483		39,022
Sleep Number Corp. (b)		150		16,493
Sonic Automotive, Inc. - Class A		1,100		49,214
Sportsman's Warehouse Holdings, Inc. (b)		2,800		49,756
Stamps.com, Inc. (b)		80		16,023
Standard Motor Products, Inc.		861		37,324
Sturm Ruger & Co, Inc.		422		37,972
Superior Group of Cos, Inc.		495		11,835
Taylor Morrison Home Corp. (b)		3,780		99,868
Tenneco, Inc. - Class A (b)		3,000		57,960
The Aaron's Co., Inc.		647		20,698
The Buckle, Inc.		2,360		117,410
The Cato Corp. - Class A		2,800		47,236
The Cheesecake Factory, Inc. (b)		395		21,401
The Children's Place, Inc. (b)		350		32,571
The Goodyear Tire & Rubber Co. (b)		4,491		77,021
The ODP Corp. (b)		1,166		55,980
Tilly's, Inc. - Class A		4,295		68,634
Travel + Leisure Co.		620		36,859
Tri Pointe Homes, Inc. (b)		3,610		77,362
Unifi, Inc. (b)		1,690		41,168
Universal Electronics, Inc. (b)		294		14,259
Urban Outfitters, Inc. (b)		1,315		54,204
Vail Resorts, Inc. (b)		1,115		352,920
Vera Bradley, Inc. (b)		3,900		48,321
Vista Outdoor, Inc. (b)		1,277		59,100
Vivint Smart Home, Inc. (b)		2,620		34,584
Winnebago Industries, Inc.		170		11,553
Wolverine World Wide, Inc.		3,820		128,505
WW International, Inc. (b)		1,447		52,295
Zumiez, Inc. (b)		2,470		121,005
				5,663,424
Consumer Staples - 5.1%
B&G Foods, Inc. (c)		1,240		40,672
BellRing Brands, Inc. - Class A (b)		930		29,146
BJ's Wholesale Club Holdings, Inc. (b)		780		37,112
Cal-Maine Foods, Inc.		9,763		353,518
Central Garden & Pet Co. (b)		700		37,051
Darling Ingredients, Inc. (b)		755		50,963
Edgewell Personal Care Co.		225		9,878
Energizer Holdings, Inc.		300		12,894
Flowers Foods, Inc.		5,737		138,835
Hostess Brands, Inc. (b)		4,770		77,226
Ingles Markets, Inc. - Class A		710		41,372
Inter Parfums, Inc.		150		10,800
Lancaster Colony Corp.		676		130,813
Natural Grocers by Vitamin Cottage, Inc.		3,300		35,442
Nu Skin Enterprises, Inc. - Class A		440		24,926
Post Holdings, Inc. (b)		3,147		341,355
Primo Water Corporation (b)		625		10,456
Rite Aid Corp. (b)		2,100		34,230
Seaboard Corp.		49		189,568
Seneca Foods Corp. - Class A (b)		530		27,073
SpartanNash Co.		1,395		26,937
Sprouts Farmers Market, Inc. (b)		900		22,365
The Andersons, Inc.		793		24,210
The Duckhorn Portfolio, Inc. (b)(c)		1,270		28,016
The Simply Good Foods Co. (b)		220		8,032
United Natural Foods, Inc. (b)		605		22,373
USANA Health Sciences, Inc. (b)		400		40,972
Vector Group Ltd.		526		7,438
Village Super Market, Inc. - Class A		1,000		23,510
Weis Markets, Inc.		400		20,664
				1,857,847
Energy - 5.8%
Antero Resources Corp. (b)		1,510		22,695
Berry Corp.		4,700		31,584
Bonanza Creek Energy, Inc.		4,772		224,618
BP Midstream Partners LP		1,200		17,376
Cactus, Inc. - Class A		700		25,704
California Resources Corp. (b)		240		7,234
ChampionX Corp. (b)		3,692		94,700
Chesapeake Energy Corp.		1,230		63,862
Cimarex Energy Co.		1,966		142,437
CNX Resources Corp. (b)		3,005		41,048
CONSOL Energy, Inc. (b)		2,475		45,713
Core Laboratories		300		11,685
CVR Energy, Inc.		500		8,980
Delek US Holdings, Inc.		392		8,484
DHT Holdings, Inc.		5,300		34,397
Dril-Quip, Inc. (b)		800		27,064
Earthstone Energy, Inc. - Class A (b)		5,000		55,350
Equitrans Midstream Corp.		5,400		45,954
Frank's International (b)		12,000		36,360
Green Plains, Inc. (b)		400		13,448
Helix Energy Solutions Group, Inc. (b)		7,000		39,970
Hoegh LNG Partners LP		600		10,554
HollyFrontier Corp.		700		23,030
Kosmos Energy Ltd. (b)		10,300		35,638
Liberty Oilfield Services, Inc. - Class A (b)		2,700		38,232
Magnolia Oil & Gas Corp. - Class A (b)		905		14,145
Murphy Oil Corp.		2,400		55,872
NexTier Oilfield Solutions, Inc. (b)		11,100		52,836
Northern Oil and Gas, Inc.		2,600		54,002
Oasis Petroleum, Inc.		650		65,357
Oil States International, Inc. (b)		1,500		11,775
OVINTIV, Inc.		2,320		73,010
PBF Energy, Inc. - Class A (b)		680		10,404
PDC Energy, Inc.		2,687		123,038
Penn Virginia Corp. (b)		1,600		37,776
ProPetro Holding Corp. (b)		2,400		21,984
Range Resources Corp. (b)		5,275		88,409
Rattler Midstream LP		1,900		20,748
REX American Resources Corp. (b)		300		27,054
Scorpio Tankers, Inc.		1,110		24,476
Select Energy Services, Inc. - Class A (b)		4,000		24,160
SFL Corp Ltd. (b)		3,950		30,218
Shell Midstream Partners LP		1,900		28,063
Solaris Oilfield Infrastructure, Inc. - Class A		3,500		34,090
Southwestern Energy Co. (b)		7,512		42,593
TechnipFMC PLC (b)		1,300		11,765
Teekay Tankers Ltd. - Class A (b)		490		7,066
Transocean Ltd. (b)(c)		3,790		17,131
W&T Offshore, Inc. (b)		14,644		71,023
Whiting Petroleum Corp. (b)		1,386		75,606
World Fuel Services Corp.		600		19,038
				2,147,756
Financials - 29.7%
1st Source Corp.		600		27,876
AllianceBernstein Holding LP		600		27,936
Altabancorp		1,894		82,029
Amalgamated Financial Corp.		1,000		15,630
Ambac Financial Group, Inc. (b)		2,200		34,452
Amerant Bancorp, Inc. (b)		2,174		46,480
America First Multifamily Investors LP		2,600		17,524
American Equity Investment Life Holding Co.		2,220		71,750
AMERISAFE, Inc.		560		33,426
Apollo Commercial Real Estate Finance, Inc.		2,690		42,905
Argo Group International Holdings Ltd.		1,160		60,123
Arlington Asset Investment Corp. - Class A (b)		2,700		10,962
Artisan Partners Asset Management, Inc. - Class A		1,295		65,812
Associated Banc-Corp		3,278		67,133
Axis Capital Holdings Ltd.		950		46,560
BancFirst Corp.		1,455		90,836
Bank OZK		11,592		488,719
BankUnited, Inc.		3,198		136,523
Bar Harbor Bankshares		600		17,172
Berkshire Hills Bancorp, Inc.		2,950		80,859
Blackstone Mortgage Trust, Inc. - Class A		475		15,148
BOK Financial Corp.		3,036		262,918
Bridgewater Bancshares, Inc. (b)		1,000		16,150
Brighthouse Financial, Inc. (b)		800		36,432
Brightsphere Investment Group, Inc.		1,900		44,517
BrightSpire Capital, Inc.		6,620		62,228
Brookline Bancorp, Inc.		2,700		40,365
Bryn Mawr Bank Corp.		400		16,876
Cadence BanCorp		12,287		256,553
Camden National Corp.		300		14,328
Cannae Holdings, Inc. (b)		920		31,197
Cathay General Bancorp		5,407		212,820
Central Pacific Financial Corp.		1,000		26,060
CIT Group, Inc.		1,300		67,067
City Holding Co.		499		37,545
Civista Bancshares, Inc.		600		13,260
CNB Financial Corp.		600		13,692
CNO Financial Group, Inc.		1,900		44,878
Columbia Banking System, Inc.		1,170		45,115
Community Bank System, Inc.		610		46,146
Community Trust Bancorp, Inc.		700		28,266
ConnectOne Bancorp, Inc.		1,500		39,255
Cowen, Inc. - Class A		1,300		53,365
CrossFirst Bankshares, Inc. (b)		2,275		31,281
Customers Bancorp, Inc. (b)		1,300		50,687
CVB Financial Corp.		3,525		72,580
Diamond Hill Investment Group, Inc.		140		23,423
Dime Community Bancshares, Inc.		1,538		51,708
Dynex Capital, Inc.		1,810		33,775
Eagle Bancorp, Inc.		840		47,107
Eastern Bankshares, Inc.		2,815		57,905
Employers Holdings, Inc.		1,000		42,800
Encore Capital Group, Inc. (b)		835		39,571
Enova International, Inc. (b)		260		8,895
Enstar Group Ltd. (b)		1,516		362,203
Equity Bancshares, Inc. - Class A (b)		1,200		36,588
Essent Group Ltd.		540		24,273
Evercore, Inc. - Class A		200		28,154
FB Financial Corp.		1,143		42,657
Federal Agricultural Mortgage Corp. - Class C		400		39,560
Federated Hermes, Inc.		1,100		37,301
Financial Institutions, Inc.		800		24,000
First BanCorp/Puerto Rico		8,305		98,996
First Busey Corp.		900		22,194
First Business Financial Services, Inc.		400		10,828
First Community Bankshares, Inc.		2,328		69,491
First Financial Bancorp		1,700		40,171
First Financial Corp.		1,301		53,107
First Hawaiian, Inc.		1,900		53,846
First Internet Bancorp		700		21,686
First Interstate BancSystem, Inc. - Class A		2,114		88,429
First Merchants Corp.		735		30,627
First Midwest Bancorp Inc.		1,700		33,711
Flagstar Bancorp, Inc.		460		19,444
Flushing Financial Corp.		2,100		45,003
FNB Corp.		3,000		36,990
FS Bancorp, Inc.		200		14,254
Fulton Financial Corp.		5,010		79,058
Genworth Financial, Inc. - Class A (b)		5,730		22,347
Glacier Bancorp, Inc.		1,530		84,272
Global Indemnity Group LLC - Class A		700		18,445
Granite Point Mortgage Trust, Inc.		4,860		71,685
Great Ajax Corp.		1,913		24,831
Great Southern Bancorp, Inc.		700		37,730
Great Western Bancorp, Inc.		1,915		62,793
Greenhill & Co, Inc.		2,200		34,232
Hancock Whitney Corp.		3,196		142,030
Hanmi Financial Corp.		2,600		49,556
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		465		26,110
Heritage Insurance Holdings, Inc.		840		7,207
Hilltop Holdings, Inc.		700		25,480
Home BancShares, Inc.		4,110		101,435
HomeStreet, Inc.		900		36,666
HomeTrust Bancshares, Inc.		400		11,160
Hope Bancorp, Inc.		8,585		121,735
Horace Mann Educators Corp.		1,240		46,401
Horizon Bancorp, Inc.		1,320		23,008
Independent Bank Corp.		993		21,558
International Bancshares Corp.		3,310		142,131
Invesco Mortgage Capital, Inc.		6,392		24,929
Investors Bancorp, Inc.		5,931		84,576
James River Group Holdings Ltd.		700		26,264
Lakeland Bancorp, Inc.		2,200		38,456
Lazard Ltd. - Class A		1,100		49,775
Live Oak Bancshares, Inc.		3,585		211,515
Luther Burbank Corp.		1,900		22,534
Marlin Business Services Corp.		340		7,738
Mercantile Bank Corp.		1,623		49,015
Meridian Bancorp, Inc.		600		12,276
Meta Financial Group, Inc.		170		8,607
Metropolitan Bank Holding Corp. (b)		500		30,110
MFA Financial, Inc.		2,200		10,098
Midland States Bancorp, Inc.		1,500		39,405
MidWestOne Financial Group, Inc.		800		23,016
Mr. Cooper Group, Inc. (b)		6,166		203,848
National Bank Holdings Corp. - Class A		245		9,246
National Western Life Group, Inc. - Class A		599		134,410
Navient Corp.		2,000		38,660
NBT Bancorp, Inc.		1,018		36,617
New York Mortgage Trust, Inc.		4,260		19,042
NMI Holdings, Inc. - Class A (b)		375		8,430
Northfield Bancorp, Inc.		1,500		24,600
Northrim BanCorp, Inc.		970		41,467
OceanFirst Financial Corp.		1,700		35,428
Oppenheimer Holdings, Inc. - Class A		895		45,502
Orrstown Financial Services, Inc.		700		16,149
PacWest Bancorp		1,300		53,508
Peapack Gladstone Financial Corp.		1,200		37,284
PennyMac Mortgage Investment Trust		885		18,638
Peoples Bancorp, Inc.		2,190		64,868
Peoples Financial Services Corp. (b)		170		7,242
Popular, Inc.		690		51,785
PRA Group, Inc. (b)		1,385		53,281
Preferred Bank		600		37,962
Premier Financial Corp.		4,501		127,873
Primis Financial Corp. (b)		1,600		24,416
ProAssurance Corp.		12,499		284,352
PROG Holdings, Inc.		4,864		234,104
Prosperity Bancshares, Inc.		299		21,468
Provident Financial Services, Inc.		2,535		58,026
Pzena Investment Management, Inc. - Class A		4,566		50,272
Radian Group, Inc.		1,240		27,590
RBB Bancorp		800		19,376
Ready Capital Corp.		3,860		61,258
Redwood Trust, Inc.		825		9,958
Regional Management Corp.		295		13,729
Reinsurance Group of America, Inc.		814		92,796
Reliant Bancorp, Inc.		725		20,104
RenaissanceRe Holdings Ltd.		568		84,530
Republic Bancorp, Inc. - Class A		1,333		61,491
S&T Bancorp, Inc.		1,490		46,637
Sandy Spring Bancorp, Inc.		1,020		45,013
Selective Insurance Group, Inc.		405		32,866
Selectquote, Inc. (b)		1,685		32,453
Sierra Bancorp		500		12,725
Simmons First National Corp. - Class A		2,765		81,125
SiriusPoint Ltd. (b)		3,300		33,231
Slm Corp.		2,300		48,162
Southern Missouri Bancorp, Inc.		300		13,488
State Auto Financial Corp.		1,400		23,968
StepStone Group, Inc. - Class A		660		22,704
Sterling Bancorp.		19,192		475,770
Stewart Information Services Corp.		1,000		56,690
Stifel Financial Corp.		1,042		67,584
Stock Yards Bancorp, Inc.		1,285		65,394
Synovus Financial Corp.		1,000		43,880
Territorial Bancorp, Inc.		600		15,582
Texas Capital Bancshares, Inc. (b)		1,890		119,996
The First of Long Island Corp.		4,393		93,263
The Hanover Insurance Group, Inc.		360		48,830
Towne Bank		1,300		39,546
TPG RE Finance Trust, Inc.		3,458		46,510
TriCo Bancshares		300		12,774
TriState Capital Holdings, Inc. (b)		1,100		22,429
Triumph Bancorp, Inc. (b)		765		56,801
Trustco Bank Corp. (b)		940		32,317
Trustmark Corp.		2,914		89,751
Two Harbors Investment Corp.		1,570		11,869
UMB Financial Corp.		200		18,612
Umpqua Holdings Corp.		2,000		36,900
United Bankshares, Inc.		4,590		167,535
United Community Banks, Inc.		2,035		65,140
Univest Financial Corp.		3,334		87,918
Valley National Bancorp		3,015		40,491
Victory Capital Holdings, Inc. - Class A		1,400		45,206
Washington Federal, Inc.		2,450		77,861
Washington Trust Bancorp, Inc.		450		23,108
Waterstone Financial, Inc.		1,280		25,165
Webster Financial Corp.		930		49,606
Wintrust Financial Corp.		650		49,160
				10,917,687
Health Care - 4.4%
4D Molecular Therapeutics, Inc. Com. (b)		300		7,224
AdaptHealth Corp. (b)		960		26,313
Albireo Pharma, Inc. (b)		345		12,137
American Well Corp. - Class A (b)		8,040		101,143
Allogene Therapeutics, Inc. (b)		1,340		34,947
Allscripts Healthcare Solutions, Inc. (b)		855		15,826
Altimmune, Inc. (b)		880		8,668
Atara Biotherapeutics, Inc. (b)		1,560		24,258
Coherus Biosciences, Inc. (b)		1,430		19,777
Covetrus, Inc. (b)		345		9,315
Emergent BioSolutions, Inc. (b)		480		30,235
Hanger, Inc. (b)		4,433		112,066
Homology Medicines, Inc. (b)		980		7,125
Innoviva, Inc. (b)		630		8,448
Integer Holdings Corp. (b)		916		86,287
MacroGenics, Inc. (b)		432		11,604
MEDNAX, Inc. (b)		1,095		33,014
Meridian Bioscience, Inc. (b)		1,090		24,176
Natus Medical, Inc. (b)		5,957		154,763
Novavax, Inc. (b)		359		76,219
Patterson Cos, Inc.		2,035		61,844
Tenet Healthcare Corp. (b)		466		31,217
Tivity Health, Inc. (b)		315		8,288
AnaptysBio, Inc. (b)		1,770		45,896
Apria, Inc. (b)		600		16,800
Arcutis Biotherapeutics, Inc. (b)		1,720		46,939
Brookdale Senior Living, Inc. (b)		4,020		31,758
Catalyst Pharmaceuticals, Inc. (b)		5,460		31,395
Community Health Systems, Inc. (b)		2,790		43,078
CryoLife, Inc. (b)		790		22,436
Cullinan Oncology, Inc. (b)		310		7,982
Curis, Inc. (b)		2,840		22,919
Dynavax Technologies Corp. (b)		930		9,160
Forma Therapeutics Holdings, Inc. (b)		590		14,685
Generation Bio Co. (b)		360		9,684
ImmunoGen, Inc. (b)		2,810		18,518
Kiniksa Pharmaceuticals Ltd. - Class A (b)		2,780		38,725
National HealthCare Corp.		653		45,645
Nkarta, Inc. (b)		430		13,627
Oncternal Therapeutics, Inc. (b)		6,560		31,160
OraSure Technologies, Inc. (b)		4,470		45,326
Passage Bio, Inc. (b)		490		6,488
Sana Biotechnology, Inc. (b)		310		6,095
Selecta Biosciences, Inc. (b)		2,970		12,415
Spectrum Pharmaceuticals, Inc. (b)		4,790		17,962
Syros Pharmaceuticals, Inc. (b)		5,830		31,773
Taro Pharmaceutical Industries Ltd. (b)		660		47,494
Translate Bio, Inc. (b)		700		19,278
Triple-S Management Corp. - Class B (b)		958		21,335
Utah Medical Products, Inc.		190		16,158
Vanda Pharmaceuticals, Inc. (b)		1,400		30,114
				1,609,739
Industrials - 16.9%
AAR Corp. (b)		2,855		110,631
ABM Industries, Inc.		2,285		101,340
ACCO Brands Corp.		5,600		48,328
Acuity Brands, Inc.		140		26,184
Aerojet Rocketdyne Holdings, Inc.		478		23,083
Allegiant Travel Co. (b)		940		182,360
Allied Motion Technologies, Inc.		1,443		49,827
Apogee Enterprises, Inc.		600		24,438
Argan, Inc.		290		13,859
Armstrong Flooring, Inc. (b)		4,700		29,093
ASGN, Inc. (b)		465		45,072
Atkore International Group, Inc. (b)		200		14,200
Atlas Air Worldwide Holdings, Inc. (b)		380		25,882
AZZ, Inc.		950		49,191
Barnes Group, Inc.		372		19,065
Beacon Roofing Supply, Inc. (b)		395		21,034
BGSF, Inc.		1,000		12,340
Blue Bird Corp. (b)		1,500		37,290
Boise Cascade Co.		790		46,096
CBIZ, Inc. (b)		720		23,594
Chart Industries, Inc. (b)		160		23,411
Cimpress PLC (b)		615		66,672
CIRCOR International, Inc. (b)		435		14,181
Colfax Corp. (b)		8,512		389,935
Columbus McKinnon Corp.		300		14,472
Comfort Systems USA, Inc.		500		39,395
Concrete Pumping Holdings, Inc. (b)		10,166		86,106
Costamare, Inc.		710		8,385
Covanta Holding Corp.		1,015		17,874
Crane Co.		300		27,711
CSW Industrials, Inc.		88		10,424
Curtiss-Wright Corp.		290		34,440
Deluxe Corp.		1,115		53,264
Douglas Dynamics, Inc.		1,278		52,002
Ducommun, Inc. (b)		515		28,098
DXP Enterprises, Inc. (b)		2,155		71,761
EMCOR Group, Inc.		2,052		252,786
Encore Wire Corp.		700		53,053
EnerSys		520		50,820
Ennis, Inc.		1,800		38,736
EnPro Industries, Inc.		600		58,290
Flowserve Corp.		530		21,370
Fluor Corp. (b)		2,600		46,020
Forward Air Corp.		300		26,925
Franklin Electric Co., Inc.		820		66,108
FTI Consulting, Inc. (b)		200		27,322
GATX Corp.		290		25,656
GP Strategies Corp. (b)		1,100		17,292
Graftech International Ltd.		3,900		45,318
Graham Corp.		800		11,008
Great Lakes Dredge & Dock Corp. (b)		3,200		46,752
Griffon Corp.		600		15,378
H&E Equipment Services, Inc.		400		13,308
Hawaiian Holdings, Inc. (b)		495		12,063
Heidrick & Struggles International, Inc.		1,140		50,787
Herman Miller, Inc.		760		35,826
Hillenbrand, Inc.		1,120		49,370
Hyster-Yale Materials Handling, Inc.		1,072		78,235
Interface, Inc.		3,000		45,900
KBR, Inc.		1,300		49,595
Kelly Services, Inc. - Class A (b)		1,600		38,352
Kennametal, Inc.		700		25,144
Kforce, Inc.		300		18,879
Kimball International, Inc. - Class B		1,500		19,725
Kirby Corp. (b)		2,934		177,918
Knoll, Inc.		1,950		50,681
Korn Ferry		1,150		83,433
Masonite International Corp. (b)		440		49,188
MasTec, Inc. (b)		585		62,069
Matrix Service Co. (b)		2,300		24,150
Matson, Inc.		1,540		98,560
Maxar Technologies, Inc.		720		28,742
Meritor, Inc. (b)		1,930		45,201
Mesa Air Group, Inc. (b)		2,090		19,500
Miller Industries, Inc.		500		19,720
Moog, Inc. - Class A		400		33,624
MRC Global, Inc. (b)		4,835		45,449
Mueller Industries, Inc.		3,575		154,833
Mueller Water Products, Inc. - Class A		2,000		28,840
MYR Group, Inc. (b)		300		27,276
National Presto Industries, Inc.		430		43,709
Navistar International Corp. (b)		580		25,810
NOW, Inc. (b)		2,827		26,828
Powell Industries, Inc.		700		21,665
Preformed Line Products Co.		300		22,260
Primoris Services Corp.		1,765		51,944
Resideo Technologies, Inc. (b)		3,930		117,900
Resources Connection, Inc.		2,900		41,644
Rexnord Corp.		795		39,782
Rush Enterprises, Inc. - Class A		1,000		43,240
Schneider National, Inc. - Class A		600		13,062
Sensata Technologies Holding Plc (b)		905		52,463
SP Plus Corp. (b)		320		9,789
Spirit Airlines, Inc. (b)		2,260		68,794
SPX FLOW, Inc.		2,749		179,345
Steelcase, Inc. - Class A		3,100		46,841
Stericycle, Inc. (b)		2,176		155,693
Sterling Construction Co., Inc. (b)		1,000		24,130
Textainer Group Holdings Ltd. (b)		592		19,992
The Greenbrier Cos, Inc.		1,000		43,580
Thermon Group Holdings, Inc. (b)		2,900		49,416
TriMas Corp. (b)		3,019		91,566
Triton International Ltd.		1,934		101,226
TrueBlue, Inc. (b)		2,210		62,123
Tutor Perini Corp. (b)		2,500		34,625
UFP Industries, Inc.		810		60,215
Universal Logistics Holdings, Inc.		1,000		23,300
US Ecology, Inc. (b)		400		15,008
Valmont Industries, Inc.		200		47,210
Vectrus, Inc. (b)		1,420		67,578
Veritiv Corp. (b)		512		31,447
Wabash National Corp.		4,261		68,176
Watts Water Technologies, Inc. - Class A		255		37,207
WESCO International, Inc. (b)		3,620		372,208
WillScot Mobile Mini Holdings Corp. (b)		2,301		64,129
				6,204,145
Information Technology - 7.7%
3D Systems Corp. (b)		2,053		82,059
Ambarella, Inc. (b)		492		52,462
Amkor Technology, Inc.		2,045		48,405
Avaya Holdings Corp. (b)		1,285		34,567
Avnet, Inc.		1,200		48,096
Axcelis Technologies, Inc. (b)		235		9,499
Belden, Inc.		1,030		52,087
BM Technologies, Inc. (b)		446		5,548
Broadridge Financial Solutions, Inc.		287		46,359
Casa Systems, Inc. (b)		1,200		10,644
Cass Information Systems, Inc.		900		36,675
Cerence, Inc. (b)		430		45,885
Cohu, Inc. (b)		1,235		45,436
Comtech Telecommunications Corp.		2,140		51,703
Concentrix Corp. (b)		424		68,179
CSG Systems International, Inc.		300		14,154
Diebold Nixdorf, Inc. (b)		3,250		41,730
DigitalOcean Holdings, Inc. (b)		670		37,245
Diodes, Inc. (b)		700		55,839
Ebix, Inc.		800		27,120
ePlus, Inc. (b)		320		27,741
FormFactor, Inc. (b)		745		27,163
GTY Technology Holdings, Inc. (b)		1,180		8,390
II-VI, Inc. (b)		260		18,873
Insight Enterprises, Inc. (b)		560		56,006
Kimball Electronics, Inc. (b)		1,200		26,088
Lumentum Holdings, Inc. (b)		284		23,297
MACOM Technology Solutions Holdings, Inc. (b)		640		41,011
Methode Electronics, Inc.		1,130		55,607
NETGEAR, Inc. (b)		300		11,496
NVE Corp.		517		38,284
ON24, Inc. (b)		2,470		87,635
OSI Systems, Inc. (b)		665		67,591
PC Connection, Inc.		840		38,867
Photronics, Inc. (b)		4,100		54,161
Plexus Corp. (b)		100		9,141
Rackspace Technology, Inc. (b)		2,910		57,065
Rambus, Inc. (b)		5,885		139,533
Rogers Corp. (b)		319		64,055
Sanmina Corp. (b)		3,741		145,749
ScanSource, Inc. (b)		1,570		44,164
Semtech Corp. (b)		680		46,784
SMART Global Holdings, Inc. (b)		1,025		48,872
StarTek, Inc. (b)		9,480		67,592
Super Micro Computer, Inc. (b)		1,915		67,370
Sykes Enterprises, Inc. (b)		840		45,108
Synaptics, Inc. (b)		425		66,122
SYNNEX Corp.		424		51,626
Ultra Clean Holdings, Inc. (b)		1,004		53,935
Unisys Corp. (b)		369		9,339
Veeco Instruments, Inc. (b)		2,695		64,788
Vishay Intertechnology, Inc.		2,040		46,002
WNS Holdings Ltd. - ADR (b)		3,944		315,007
Xperi Holding Corp.		4,889		108,731
				2,846,885
Materials - 4.1%
American Vanguard Corp.		2,100		36,771
Arconic Corp. (b)		220		7,836
Ashland Global Holdings, Inc.		2,763		241,762
Avient Corp.		935		45,965
Cabot Corp.		730		41,559
Chase Corp.		918		94,196
Clearwater Paper Corp. (b)		325		9,415
Commercial Metals Co.		1,845		56,678
Domtar Corp. (b)		2,040		112,118
FutureFuel Corp.		1,200		11,520
Glatfelter Corp.		800		11,176
Greif, Inc. - Class A		720		43,596
Hawkins, Inc.		400		13,100
HB Fuller Co.		200		12,722
Innospec, Inc.		745		67,505
Kaiser Aluminum Corp.		420		51,866
Koppers Holdings, Inc. (b)		345		11,161
Materion Corp.		558		42,045
Mercer International, Inc.		2,300		29,325
PQ Group Holdings, Inc.		1,300		19,968
Ryerson Holding Corp. (b)		1,105		16,133
Schnitzer Steel Industries, Inc. - Class A		200		9,810
Summit Materials, Inc. - Class A (b)		1,481		51,613
Tredegar Corp.		2,510		34,563
Trinseo SA		800		47,872
UFP Technologies, Inc. (b)		1,356		77,862
W R Grace & Co.		2,539		175,496
Warrior Met Coal, Inc.		1,400		24,080
Westlake Chemical Partners LP		900		24,228
Worthington Industries, Inc.		1,105		67,604
				1,489,545
Real Estate - 4.4%
Acadia Realty Trust		2,640		57,974
Agree Realty Corp.		590		41,589
Alexander's, Inc.		130		34,833
CubeSmart		6,331		293,252
DiamondRock Hospitality Co. (b)		2,743		26,607
Diversified Healthcare Trust		6,587		27,534
Easterly Government Properties, Inc.		4,300		90,644
Empire State Realty Trust, Inc. - Class A		9,610		115,320
Equity Commonwealth		3,580		93,796
Essential Properties Realty Trust, Inc.		412		11,140
Healthcare Realty Trust, Inc.		3,580		108,116
iStar, Inc.		2,601		53,919
Jones Lang LaSalle, Inc. (b)		281		54,924
Lexington Realty Trust		1,955		23,362
National Health Investors, Inc.		616		41,303
Newmark Group, Inc. - Class A		4,435		53,264
Pebblebrook Hotel Trust		2,185		51,457
PS Business Parks, Inc.		110		16,289
Rayonier, Inc.		3,214		115,479
RE/MAX Holdings, Inc. - Class A		492		16,398
Realogy Holdings Corp. (b)		955		17,400
RPT Realty		865		11,228
Sabra Health Care REIT, Inc.		4,700		85,540
Seritage Growth Properties - Class A (b)		1,150		21,160
SITE Centers Corp. (c)		3,160		47,590
Summit Hotel Properties, Inc. (b)		885		8,257
Sunstone Hotel Investors, Inc. (b)		610		7,576
The Macerich Co.		610		11,133
The RMR Group, Inc. - Class A		1,160		44,822
Urban Edge Properties		1,390		26,549
				1,608,455
Utilities - 2.8%
ALLETE, Inc.		987		69,070
Artesian Resources Corp. - Class A		610		22,429
Avista Corp.		1,100		46,937
Black Hills Corp.		630		41,347
Brookfield Renewable Corp. - Class A		505		21,180
Hawaiian Electric Industries, Inc.		1,100		46,508
Northwest Natural Holding Co.		130		6,828
NorthWestern Corp.		800		48,176
ONE Gas, Inc.		362		26,832
Otter Tail Corp.		1,040		50,762
PNM Resources, Inc.		1,040		50,721
Portland General Electric Co.		1,680		77,414
South Jersey Industries, Inc.		8,036		208,374
Southwest Gas Holdings, Inc.		800		52,952
Spire, Inc.		1,020		73,715
Star Group LP		2,000		22,400
Suburban Propane Partners LP		3,100		47,554
UGI Corp.		2,814		130,316
				1,043,515
Total Common Stocks (Cost $26,921,770)			$	36,271,337

Total Investments at Value - 98.7% (Cost $26,921,770)				36,271,337
Other Assets in Excess of Liabilities - 1.3%				472,508
Net Assets - 100.0%			$	36,743,845

Percentages are stated as a percent of net assets.

ADR American Depository Receipt

REIT Real Estate Investment Trust

(a)

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

(b)

Non-income producing security.

(c)

This security or a partial position of this security is on loan at June 30, 2021. The total market value of securities on loan at June 30, 2021 was $268,165.

WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE 5000 INDEX FUND	June 30, 2021 (Unaudited)
SCHEDULE OF INVESTMENTS

	Shares		Value
COMMON STOCKS - 98.3% (a)
Communication Services - 10.2%
Activision Blizzard, Inc.		4,183	$	399,226
Actua Corp. (b)(c)(d)		100		5
Alphabet, Inc. - Class C (d)		3,373		8,453,817
Altice USA, Inc. (d)		120		4,097
Ambassadors Group, Inc. (b)(c)(d)		400		–
AMC Networks, Inc. (d)		356		23,781
Angi, Inc. (d)		150		2,028
AT&T, Inc.		40,748		1,172,727
Boston Omaha Corp. (d)		720		22,831
Bumble, Inc. (d)		510		29,376
Cable One, Inc.		20		38,256
Cardlytics, Inc. (d)		230		29,194
Cars.com, Inc. (d)		445		6,377
Charter Communications, Inc. (d)		748		539,645
Cinemark Holdings, Inc. (d)		775		17,011
Cogent Communications Holdings, Inc.		340		26,143
Comcast Corp.		24,888		1,419,114
Consolidated Communications Holdings, Inc. (d)		501		4,404
Discovery, Inc. - Class A (d)(e)		798		24,483
DISH Network Corp. (d)		1,469		61,404
Electronic Arts, Inc.		1,650		237,320
Facebook, Inc. - Class A (d)		12,589		4,377,321
Fox Corp.		2,196		81,538
Gaia, Inc. (d)		600		6,594
Gannett Co, Inc. (d)		3,980		21,850
IAC/InterActive Corp. (d)		450		69,377
iHeartMedia, Inc. (d)		1,340		36,086
Iridium Communications, Inc. (d)		910		36,391
John Wiley & Sons, Inc.		200		12,036
Liberty Broadband Corp. (d)		861		144,794
Liberty Media Corp. - Liberty SiriusXM (d)		1,252		58,318
Liberty Media Corp-Liberty Braves (d)		360		10,159
Liberty Media Corp-Liberty Formula One (d)		1,070		45,614
Lions Gate Entertainment Corp. (d)		1,033		18,904
Live Nation Entertainment, Inc. (d)		857		75,065
Loral Space & Communications, Inc.		300		11,655
Lumen Technologies, Inc.		7,952		108,068
Madison Square Garden Entertainment Corp. (d)		93		7,809
Madison Square Garden Sports Corp. (d)		93		16,049
Magnite, Inc. (d)		700		23,688
Match Group, Inc. (d)		1,416		228,330
Meredith Corp. (d)		300		13,032
MSG Networks, Inc. (d)		581		8,471
Netflix, Inc. (d)		2,492		1,316,299
News Corp.		1,173		30,228
Nexstar Media Group, Inc. - Class A		189		27,949
Omnicom Group, Inc.		1,114		89,109
Pinterest, Inc. - Class A (d)		580		45,791
ROBLOX Corp. (d)		1,890		170,062
Roku, Inc. (d)		140		64,295
Scholastic Corp.		325		12,314
Shenandoah Telecommunications Co.		300		14,553
Sinclair Broadcast Group, Inc.		425		14,119
Sirius XM Holdings, Inc. (e)		8,669		56,695
Snap, Inc. (d)		6,230		424,512
Spok Holdings, Inc.		400		3,848
Take-Two Interactive Software, Inc. (d)		635		112,408
TechTarget, Inc. (d)		60		4,649
TEGNA, Inc.		215		4,033
Telephone and Data Systems, Inc.		700		15,862
The Interpublic Group Of Cos., Inc.		1,762		57,247
The Marcus Corp. (d)(e)		100		2,121
The New York Times Co.		620		27,001
The Walt Disney Co. (d)		9,206		1,618,139
T-Mobile Us, Inc. (d)		4,148		600,755
TripAdvisor, Inc. (d)		634		25,550
Twitter, Inc. (d)		4,320		297,259
United States Cellular Corp. (d)		300		10,893
Verizon Communications, Inc.		23,173		1,298,383
ViacomCBS, Inc. - Class B		3,094		139,849
Vimeo, Inc. (d)		730		35,770
Warner Music Group Corp.		1,000		36,040
World Wrestling Entertainment, Inc.		280		16,209
Yelp, Inc. (d)		566		22,617
Zillow Group, Inc. (d)		558		68,199
ZoomInfo Technologies, Inc. (d)		400		20,868
Zynga, Inc. (d)		5,350		56,871
				24,662,885
Consumer Discretionary - 12.1%
1-800-Flowers.com, Inc. - Class A (d)		300		9,561
2U, Inc. (d)		325		13,543
Abercrombie & Fitch Co. (d)		425		19,733
Adtalem Global Education, Inc. (d)		400		14,256
Advance Auto Parts, Inc.		371		76,107
Airbnb, Inc. (d)		380		58,193
Amazon.Com, Inc. (d)		2,598		8,937,536
American Axle & Manufacturing Holdings, Inc. (d)		2,130		22,046
American Eagle Outfitters, Inc. (e)		665		24,957
American Outdoor Brands, Inc. (d)		118		4,147
American Public Education, Inc. (d)		300		8,502
Aramark		1,065		39,671
Asbury Automotive Group, Inc. (d)		50		8,568
At Home Group, Inc. (d)		830		30,577
Autoliv, Inc.		648		63,348
AutoNation, Inc. (d)		195		18,488
Autozone, Inc. (d)		136		202,942
Beazer Homes USA, Inc. (d)		200		3,858
Bed Bath & Beyond, Inc. (d)		275		9,155
Best Buy Co, Inc.		1,395		160,397
Big Lots, Inc.		200		13,202
Bloomin' Brands, Inc. (d)		880		23,883
Booking Holdings, Inc. (d)		228		498,885
Borgwarner, Inc.		1,310		63,587
Boyd Gaming Corp. (d)		235		14,450
Bright Horizons Family Solutions, Inc. (d)		300		44,133
Brinker International, Inc. (d)		175		10,824
Brunswick Corp.		550		54,791
Burlington Stores, Inc. (d)		308		99,173
Caesars Entertainment, Inc. (d)		900		93,375
Caleres, Inc.		425		11,598
Callaway Golf Co.		650		21,924
Camping World Holdings, Inc. - Class A		660		27,053
CarMax, Inc. (d)		890		114,943
Carnival Corp. (d)		5,125		135,095
Carter's, Inc.		172		17,745
Carvana Co. (d)		80		24,146
Chegg, Inc. (d)		740		61,501
Chewy, Inc. (d)(e)		290		23,116
Chipotle Mexican Grill, Inc. (d)		147		227,900
Choice Hotels International, Inc.		200		23,772
Churchill Downs, Inc.		191		37,868
Columbia Sportswear Co.		340		33,442
Core-Mark Holding Co., Inc.		206		9,272
Cracker Barrel Old Country Store, Inc.		191		28,356
Crocs, Inc. (d)		250		29,130
Dana, Inc.		900		21,384
Darden Restaurants, Inc.		643		93,872
Dave & Buster's Entertainment, Inc. (d)		300		12,180
Deckers Outdoor Corp. (d)		145		55,690
Dick's Sporting Goods, Inc.		527		52,800
Dollar General Corp.		1,226		265,294
Dollar Tree, Inc. (d)		1,306		129,947
Domino's Pizza, Inc.		219		102,161
DoorDash, Inc. (d)		220		39,233
Dorman Products, Inc. (d)		200		20,734
DR Horton, Inc.		2,073		187,337
Ebay, Inc.		4,045		283,999
Etsy, Inc. (d)		630		129,679
Expedia Group, Inc. (d)		724		118,526
Fiesta Restaurant Group, Inc. (d)		300		4,029
Five Below, Inc. (d)		230		44,452
Floor & Decor Holdings, Inc. (d)		440		46,508
Foot Locker, Inc.		475		29,274
Ford Motor Co. (d)		22,740		337,916
Fossil Group, Inc. (d)		400		5,712
Fox Factory Holding Corp. (d)		290		45,141
frontdoor, Inc. (d)(e)		487		24,262
GameStop Corp. (d)(e)		150		32,121
General Motors Co. (d)		7,560		447,325
Gentex Corp.		845		27,961
Gentherm, Inc. (d)		75		5,329
Genuine Parts Co.		747		94,473
Golden Entertainment, Inc. (d)		100		4,480
Grand Canyon Education, Inc. (d)		200		17,994
Green Brick Partners, Inc. (d)		45		1,023
Group 1 Automotive, Inc.		43		6,640
H&R Block, Inc.		1,310		30,759
Hanesbrands, Inc.		1,575		29,405
Harley-Davidson, Inc.		650		29,783
Hasbro, Inc.		610		57,657
Helen of Troy Ltd. (d)		119		27,146
Hilton Grand Vacations, Inc. (d)		105		4,346
Hilton Worldwide Holdings, Inc. (d)		1,450		174,899
Hooker Furniture Corp.		200		6,928
Houghton Mifflin Harcourt Co. (d)		2,130		23,515
Hyatt Hotels Corp. (d)		300		23,292
Installed Building Products, Inc.		70		8,565
iRobot Corp. (d)		167		15,596
Just Eat Takeaway.com NV (d)		0		7
KB Home		375		15,270
Kohl's Corp.		1,075		59,243
Kontoor Brands, Inc.		339		19,123
L Brands, Inc.		1,484		106,937
Lands' End, Inc. (d)		278		11,412
Las Vegas Sands Corp. (d)		2,627		138,417
La-Z-Boy, Inc.		425		15,742
LCI Industries		154		20,239
Lear Corp.		350		61,348
Leggett & Platt, Inc.		420		21,760
Lennar Corp. - Class A		1,600		158,960
Lithia Motors, Inc. - Class A		134		46,048
LKQ Corp. (d)		1,540		75,799
Lowe'S Cos, Inc.		3,956		767,345
Lumber Liquidators Holdings, Inc. (d)(e)		241		5,085
Macy's, Inc. (d)		2,223		42,148
Marriott International, Inc. (d)		1,809		246,965
Marriott Vacations Worldwide Corp. (d)		244		38,869
Mattel, Inc. (d)		1,025		20,603
McDonald's Corp.		3,908		902,709
Meritage Homes Corp. (d)		200		18,816
Mgm Resorts International		2,670		113,875
Mohawk Industries, Inc. (d)		392		75,338
Motorcar Parts of America, Inc. (d)		300		6,732
Movado Group, Inc.		300		9,441
Murphy USA, Inc.		126		16,805
National Vision Holdings, Inc. (d)		540		27,610
Newell Brands, Inc.		2,575		70,735
Nike, Inc. - Class B		7,399		1,143,072
Nordstrom, Inc. (d)		670		24,502
Norwegian Cruise Line Holdings Ltd. (d)(e)		1,875		55,144
NVR, Inc. (d)		20		99,466
Ollie's Bargain Outlet Holdings, Inc. (d)		340		28,604
O'Reilly Automotive, Inc. (d)		420		237,808
Overstock.com, Inc. (d)		240		22,128
Oxford Industries, Inc.		50		4,942
Papa John's International, Inc.		173		18,068
Patrick Industries, Inc.		20		1,460
Peloton Interactive, Inc. (d)		320		39,686
Penn National Gaming, Inc. (d)		668		51,095
Penske Automotive Group, Inc.		350		26,422
Perdoceo Education Corp. (d)		500		6,135
Planet Fitness, Inc. (d)		440		33,110
Polaris, Inc.		340		46,566
Pool Corp.		183		83,935
PulteGroup, Inc.		1,425		77,762
PVH Corp. (d)		413		44,435
Qurate Retail, Inc.		2,919		38,210
Ralph Lauren Corp.		406		47,831
Regis Corp. (d)		200		1,872
Rent-A-Center, Inc.		110		5,838
RH (d)		46		31,234
Ross Stores, Inc.		1,835		227,540
Royal Caribbean Cruises Ltd. (d)		1,307		111,461
Sally Beauty Holdings, Inc. (d)		700		15,449
Scientific Games Corp. (d)		640		49,562
SeaWorld Entertainment, Inc. (d)		235		11,736
Service Corp International		820		43,944
Shake Shack, Inc. - Class A (d)		60		6,421
Shoe Carnival, Inc.		60		4,295
Shutterstock, Inc.		122		11,977
Signet Jewelers Ltd. (d)		410		33,124
Six Flags Entertainment Corp. (d)		590		25,535
Skechers USA, Inc. (d)		750		37,373
Skyline Champion Corp. (d)		50		2,665
Sleep Number Corp. (d)		90		9,896
Smith & Wesson Brands, Inc.		475		16,483
Sonos, Inc. (d)		390		13,740
Stamps.com, Inc. (d)		109		21,832
Starbucks Corp.		6,673		746,108
Steven Madden Ltd.		450		19,692
Strategic Education, Inc.		87		6,617
Stride, Inc. (d)		300		9,639
Tapestry, Inc. (d)		1,370		59,568
Target Corp.		2,771		669,862
Taylor Morrison Home Corp. (d)		900		23,778
Tempur Sealy International, Inc.		1,192		46,714
Terminix Global Holdings, Inc. (d)		525		25,048
Tesla, Inc. (d)		4,725		3,211,583
Texas Roadhouse, Inc.		475		45,695
The Aaron's Co., Inc.		200		6,398
The Buckle, Inc.		350		17,412
The Cato Corp.		300		5,061
The Cheesecake Factory, Inc. (d)		300		16,254
The Gap, Inc.		840		28,266
The Goodyear Tire & Rubber Co. (d)		2,210		37,901
The Home Depot, Inc.		6,094		1,943,316
The RealReal, Inc. (d)		1,030		20,353
The Tjx Cos, Inc.		6,816		459,535
The Wendy's Co.		1,105		25,879
TheChildren's Place, Inc. (d)		122		11,353
Thor Industries, Inc.		381		43,053
Toll Brothers, Inc.		300		17,343
TopBuild Corp. (d)		125		24,723
Tractor Supply Co		711		132,289
Travel + Leisure Co.		210		12,485
Ulta Beauty, Inc. (d)		349		120,674
Under Armour, Inc. (d)		2,425		51,289
Universal Electronics, Inc. (d)		200		9,700
Vail Resorts, Inc. (d)		200		63,304
Veoneer, Inc. (d)		648		14,936
VF Corp.		2,095		171,874
Vista Outdoor, Inc. (d)		400		18,512
Visteon Corp. (d)		101		12,215
Vroom, Inc. (d)		760		31,814
Wayfair, Inc. (d)		270		85,242
Whirlpool Corp.		274		59,737
Williams-Sonoma, Inc.		310		49,492
Wingstop, Inc.		220		34,679
Winnebago Industries, Inc.		175		11,893
Wolverine World Wide, Inc.		725		24,389
WW International, Inc. (d)		440		15,902
Wyndham Hotels & Resorts, Inc.		620		44,820
Wynn Resorts Ltd. (d)		561		68,610
YETI Holdings, Inc. (d)		310		28,464
Yum! Brands, Inc.		1,539		177,031
Zumiez, Inc. (d)		300		14,697
				29,289,054
Consumer Staples - 5.5%
Alico, Inc.		200		7,120
Altria Group, Inc.		9,861		470,172
Archer-Daniels-Midland Co.		2,856		173,074
B&G Foods, Inc. (e)		250		8,200
Beyond Meat, Inc. (d)(e)		390		61,421
BJ's Wholesale Club Holdings, Inc. (d)		880		41,870
Brown-Forman Corp.		1,555		116,532
Bunge Ltd.		420		32,823
Cal-Maine Foods, Inc.		18		652
Campbell Soup Co.		1,430		65,194
Casey's General Stores, Inc.		177		34,451
Celsius Holdings, Inc. (d)		320		24,349
Church & Dwight Co., Inc.		1,396		118,967
Colgate-Palmolive Co.		4,751		386,494
Conagra Brands, Inc.		2,541		92,442
Constellation Brands, Inc.		966		225,938
Costco Wholesale Corp.		2,451		969,787
Darling Ingredients, Inc. (d)		975		65,813
Edgewell Personal Care Co.		416		18,262
elf Beauty, Inc. (d)		300		8,142
Energizer Holdings, Inc.		152		6,533
Flowers Foods, Inc.		780		18,876
Fresh Del Monte Produce, Inc.		100		3,288
Freshpet, Inc. (d)		270		43,999
General Mills, Inc.		3,605		219,653
Grocery Outlet Holding Corp. (d)		160		5,546
Herbalife Nutrition Ltd. (d)		380		20,037
Hormel Foods Corp.		1,875		89,531
Ingles Markets, Inc.		150		8,741
Ingredion, Inc.		271		24,526
Kellogg Co.		1,643		105,694
Keurig Dr Pepper, Inc.		4,468		157,452
Kimberly-Clark Corp.		1,911		255,654
Lamb Weston Holdings, Inc.		667		53,800
Lancaster Colony Corp.		112		21,673
Mannatech, Inc.		70		1,932
McCormick & Co., Inc.		1,314		116,052
Medifast, Inc.		140		39,617
MGP Ingredients, Inc.		200		13,528
Molson Coors Beverage Co. (d)		673		36,133
Mondelez International, Inc.		7,141		445,884
Monster Beverage Corp. (d)		2,026		185,075
Nu Skin Enterprises, Inc.		325		18,411
PepsiCo, Inc.		7,539		1,117,054
Performance Food Group Co. (d)		600		29,094
Philip Morris International, Inc.		8,766		868,798
Pilgrim's Pride Corp. (d)		650		14,417
Post Holdings, Inc. (d)		438		47,510
PriceSmart, Inc.		115		10,466
Reynolds Consumer Products, Inc.		590		17,907
Rite Aid Corp. (d)		920		14,996
Sanderson Farms, Inc.		143		26,880
SpartanNash Co.		400		7,724
Spectrum Brands Holdings, Inc.		277		23,556
Sprouts Farmers Market, Inc. (d)		1,060		26,341
Sysco Corp.		2,800		217,700
The Andersons. Inc.		75		2,290
The Boston Beer Co., Inc. (d)		50		51,040
The Clorox Co.		760		136,732
The Coca-Cola Co.		23,900		1,293,229
The Estee Lauder Cos., Inc.		1,161		369,291
The Hain Celestial Group, Inc. (d)		600		24,072
The Hershey Co.		819		142,653
The J M Smucker Co.		712		92,254
The Kraft Heinz Co.		3,515		143,342
The Kroger Co.		4,625		177,184
The Procter & Gamble Co.		13,440		1,813,459
The Simply Good Foods Co. (d)		720		26,287
Tootsie Roll Industries, Inc.		27		916
TreeHouse Foods, Inc. (d)		385		17,140
Tyson Foods, Inc.		1,691		124,728
United Natural Foods, Inc. (d)		650		24,037
Us Foods Holding Corp. (d)		1,425		54,663
USANA Health Sciences, Inc. (d)		118		12,087
Vector Group Ltd.		938		13,263
Veru, Inc. (d)		2,880		23,241
Walgreens Boots Alliance, Inc.		4,199		220,909
Walmart, Inc.		8,719		1,229,553
WD-40 Co.		45		11,533
Weis Markets, Inc.		450		23,247
				13,262,931
Energy - 2.8%
Antero Midstream Corp.		3,310		34,391
Antero Resources Corp. (d)		2,370		35,621
APA Corp.		2,303		49,814
Arch Resources, Inc. (d)		163		9,288
Archrock, Inc.		2,670		23,790
Baker Hughes Co.		4,245		97,083
Bristow Group, Inc. (d)		100		2,561
Cabot Oil & Gas Corp.		1,465		25,579
California Resources Corp. (d)		720		21,701
Callon Petroleum Co. (d)		400		23,076
Centennial Resource Development, Inc. - Class A (d)		2,750		18,645
ChampionX Corp. (d)		730		18,724
Cheniere Energy, Inc. (d)		1,625		140,952
Chesapeake Energy Corp.		450		23,364
Chevron Corp.		10,736		1,124,489
Cimarex Energy Co.		596		43,180
Clean Energy Fuels Corp. (d)(e)		1,650		16,747
CNX Resources Corp. (d)		1,650		22,539
ConocoPhillips		7,521		458,029
CONSOL Energy, Inc. (d)		206		3,805
Continental Resources Inc/OK		830		31,565
Cross Timbers Royalty Trust		200		2,366
Delek US Holdings, Inc.		301		6,508
Denbury, Inc. (d)		290		22,266
Devon Energy Corp.		4,272		124,700
Diamondback Energy, Inc.		850		79,807
Dril-Quip, Inc. (d)		145		4,905
EOG Resources, Inc.		2,718		226,790
EQT Corp. (d)		1,339		29,806
Equitrans Midstream Corp.		3,771		32,091
Exxon Mobil Corp.		22,958		1,448,191
Geospace Technologies Corp. (d)		226		1,828
Gevo, Inc. (d)		3,390		24,645
Green Plains, Inc. (d)		300		10,086
Halliburton Co.		4,891		113,080
Helmerich & Payne, Inc.		550		17,947
Hess Corp.		1,604		140,061
HollyFrontier Corp.		1,158		38,098
Kinder Morgan, Inc.		11,670		212,744
Marathon Oil Corp.		3,400		46,308
Marathon Petroleum Corp.		3,591		216,968
Matador Resources Co.		700		25,207
Murphy Oil Corp.		1,025		23,862
New Fortress Energy, Inc.		840		31,819
NOV, Inc. (d)		2,661		40,767
Occidental Petroleum Corp.		5,891		184,212
ONEOK, Inc.		2,475		137,709
OVINTIV, Inc.		1,330		41,855
PBF Energy, Inc. (d)		1,595		24,404
PDC Energy, Inc.		560		25,642
Phillips 66		2,463		211,375
Pioneer Natural Resources Co.		1,108		180,072
Range Resources Corp. (d)		1,350		22,626
Renewable Energy Group, Inc. (d)		454		28,302
Schlumberger NV		7,546		241,547
SFL Corp Ltd.		575		4,399
SM Energy Co.		910		22,413
Southwestern Energy Co. (d)		5,040		28,577
Targa Resources Corp.		1,765		78,454
The Williams Cos., Inc.		6,580		174,699
Valero Energy Corp.		2,404		187,704
Whiting Petroleum Corp. (d)		440		24,002
				6,763,785
Financials - 11.8%
Affiliated Managers Group, Inc.		138		21,281
Aflac, Inc.		4,170		223,762
AGNC Investment Corp.		3,245		54,808
Alleghany Corp. (d)		17		11,340
Ally Financial, Inc.		2,195		109,399
American Equity Investment Life Holding Co.		605		19,554
American Express Co.		3,933		649,850
American Financial Group Inc/OH		226		28,187
American International Group, Inc.		4,530		215,628
American National Group, Inc.		181		26,888
Ameriprise Financial, Inc.		615		153,061
Ameris Bancorp		300		15,189
Annaly Capital Management, Inc.		7,739		68,722
Apollo Commercial Real Estate Finance, Inc.		560		8,932
Apollo Investment Corp.		3,815		52,075
Arbor Realty Trust, Inc.		2,031		36,192
Arch Capital Group Ltd. (d)		1,747		68,028
Ares Capital Corp.		8,795		172,294
Argo Group International Holdings Ltd.		542		28,092
Arlington Asset Investment Corp. - Class A (d)		5,920		24,035
ARMOUR Residential REIT, Inc.		80		914
Arthur J Gallagher & Co.		1,065		149,185
Artisan Partners Asset Management, Inc. - Class A		300		15,246
Ashford, Inc. (d)		6		136
Associated Banc-Corp		900		18,432
Assurant, Inc.		337		52,633
Atlantic Union Bankshares Corp.		275		9,960
Axis Capital Holdings Ltd.		475		23,280
Axos Financial, Inc. (d)		372		17,257
BancorpSouth Bank		675		19,123
Bank Of America Corp.		45,988		1,896,085
Bank Of Hawaii Corp.		303		25,519
Bank OZK		765		32,252
BankFinancial Corp.		700		8,008
BankUnited, Inc.		205		8,751
Banner Corp.		300		16,263
Barings BDC, Inc.		350		3,696
Berkshire Hathaway, Inc. (d)		12,496		3,472,888
Berkshire Hills Bancorp, Inc.		300		8,223
Blackrock, Inc.		862		754,224
Blackstone Mortgage Trust, Inc.		1,150		36,673
BOK Financial Corp.		296		25,634
Brighthouse Financial, Inc. (d)		378		17,214
Broadmark Realty Capital, Inc.		1,580		16,732
Brookline Bancorp, Inc.		500		7,475
Brown & Brown, Inc.		1,390		73,865
Camden National Corp.		150		7,164
Capital City Bank Group, Inc.		350		9,026
Capital One Financial Corp.		2,632		407,144
Capitol Federal Financial, Inc.		1,000		11,780
Cathay General Bancorp		463		18,224
Cboe Global Markets, Inc.		520		61,906
Central Pacific Financial Corp.		300		7,818
Chimera Investment Corp. (e)		1,455		21,912
Cincinnati Financial Corp.		675		78,718
CIT Group, Inc.		710		36,629
Citigroup, Inc.		11,435		809,026
Citizens Financial Group, Inc.		2,555		117,198
Cme Group, Inc.		1,658		352,623
CNO Financial Group, Inc.		1,100		25,982
Cohen & Steers, Inc.		370		30,373
Coinbase Global, Inc. (d)		170		43,061
Columbia Banking System, Inc.		276		10,643
Columbia Financial, Inc. (d)		1,220		21,008
Comerica, Inc.		603		43,018
Commerce Bancshares Inc/MO		834		62,183
Community Bank System, Inc.		200		15,130
Community Trust Bancorp, Inc.		110		4,442
Cowen, Inc. - Class A		540		22,167
Crawford & Co.		200		1,720
Credit Acceptance Corp. (d)(e)		52		23,614
CrossFirst Bankshares, Inc. (d)		1,990		27,362
Cullen/Frost Bankers, Inc.		82		9,184
CVB Financial Corp.		600		12,354
Dime Community Bancshares, Inc.		300		10,086
Discover Financial Services		1,735		205,233
Donnelley Financial Solutions, Inc. (d)		159		5,247
Eagle Bancorp, Inc.		300		16,824
East West Bancorp, Inc.		515		36,920
Eastern Bankshares, Inc.		2,240		46,077
eHealth, Inc. (d)		175		10,220
Employers Holdings, Inc.		75		3,210
Enstar Group Ltd. (d)		120		28,670
Enterprise Financial Services Corp.		50		2,319
Equitable Holdings, Inc.		2,350		71,557
Erie Indemnity Co.		174		33,643
Evercore, Inc.		240		33,785
Everest Re Group Ltd.		146		36,793
EZCORP, Inc. (d)		1,000		6,030
Factset Research Systems, Inc.		250		83,902
FedNat Holding Co.		200		830
Fidelity National Financial, Inc.		1,909		82,965
Fifth Third Bancorp		3,499		133,767
Financial Institutions, Inc.		200		6,000
First American Financial Corp.		527		32,858
First BanCorp		1,366		16,283
First Bancorp/Southern Pines		300		12,273
First Busey Corp.		325		8,014
First Citizens BancShares, Inc.		50		41,637
First Commonwealth Financial Corp.		800		11,256
First Community Bankshares, Inc.		425		12,686
First Financial Bankshares, Inc.		600		29,478
First Financial Corp.		100		4,082
First Hawaiian, Inc.		300		8,502
First Horizon Corp.		3,336		57,646
First Interstate BancSystem, Inc.		300		12,549
First Merchants Corp.		425		17,710
First Midwest Bancorp, Inc.		800		15,864
First Republic Bank		1,033		193,347
FirstCash, Inc.		221		16,893
FNB Corp.		2,460		30,332
Franklin Resources, Inc.		2,171		69,450
FS KKR Capital Corp.		2,870		61,734
Fulton Financial Corp.		1,250		19,725
Genworth Financial, Inc. - Class A (d)		5,830		22,737
Glacier Bancorp, Inc.		550		30,294
Globe Life, Inc.		566		53,911
Golub Capital BDC, Inc.		7,405		114,185
Great Ajax Corp.		1,990		25,830
Green Dot Corp. (d)		250		11,712
Greenhill & Co, Inc.		300		4,668
Hancock Whitney Corp.		500		22,220
Hanmi Financial Corp.		369		7,033
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		680		38,182
Heartland Financial USA, Inc.		300		14,097
Hercules Capital, Inc.		775		13,221
Heritage Commerce Corp.		50		556
Hilltop Holdings, Inc.		550		20,020
Home BancShares, Inc.		950		23,446
HomeStreet, Inc.		300		12,222
Hope Bancorp, Inc.		1,092		15,485
Horace Mann Educators Corp.		375		14,032
Houlihan Lokey, Inc.		320		26,173
Independent Bank Corp.		300		22,650
Independent Bank Group, Inc.		90		6,658
Interactive Brokers Group, Inc.		500		32,865
Intercontinental Exchange, Inc.		3,220		382,214
International Bancshares Corp.		400		17,176
INVesco Ltd.		2,285		61,078
Investors Bancorp, Inc.		1,325		18,895
Jefferies Financial Group, Inc.		1,352		46,238
JPMorgan Chase & Co.		16,972		2,639,825
Kearny Financial Corp.		828		9,895
Kemper Corp.		300		22,170
KeyCorp		6,236		128,773
Kinsale Capital Group, Inc.		100		16,477
KKR Real Estate Finance Trust, Inc.		980		21,197
Lakeland Financial Corp.		300		18,492
LendingTree, Inc. (d)		30		6,356
Lincoln National Corp.		1,480		93,003
Live Oak Bancshares, Inc.		370		21,830
Loews Corp.		205		11,203
LPL Financial Holdings, Inc.		410		55,342
M&T Bank Corp.		727		105,640
Main Street Capital Corp.		475		19,518
Markel Corp. (d)		50		59,336
MarketAxess Holdings, Inc.		250		115,898
Marsh & Mclennan Cos, Inc.		2,669		375,475
Mercury General Corp.		300		19,485
Meta Financial Group, Inc.		300		15,189
Metlife, Inc.		4,716		282,253
MFA Financial, Inc.		5,650		25,934
MGIC Investment Corp.		1,500		20,400
Moody's Corp.		998		361,645
Morgan Stanley		8,479		777,440
Morningstar, Inc.		207		53,222
Msci, Inc.		499		266,007
Nasdaq, Inc.		725		127,455
Navient Corp.		2,050		39,627
NBT Bancorp, Inc.		200		7,194
Nelnet, Inc.		25		1,881
New Mountain Finance Corp.		650		8,560
New Residential Investment Corp.		2,630		27,852
New York Community Bancorp, Inc.		3,062		33,743
NMI Holdings, Inc. - Class A (d)		620		13,938
Northern Trust Corp.		1,338		154,700
Northwest Bancshares, Inc.		875		11,935
OceanFirst Financial Corp.		100		2,084
OFG Bancorp		432		9,556
Oh Huntington Bancshares, Inc.		8,469		120,853
Old National Bancorp		950		16,730
Old Republic International Corp.		1,661		41,376
Old Second Bancorp, Inc.		400		4,960
OneMain Holdings, Inc.		760		45,532
Orchid Island Capital, Inc. (e)		3,770		19,566
Pacific Premier Bancorp, Inc.		300		12,687
PacWest Bancorp		817		33,628
Palomar Holdings, Inc. (d)		210		15,847
Park National Corp.		87		10,216
PennantPark Floating Rate Capital Ltd.		3,110		39,559
PennyMac Financial Services, Inc.		470		29,008
PennyMac Mortgage Investment Trust		450		9,477
Peoples Bancorp, Inc.		780		23,104
People's United Financial, Inc.		2,517		43,141
Pinnacle Financial Partners, Inc.		559		49,354
Popular, Inc.		282		21,164
PRA Group, Inc. (d)		300		11,541
Preferred Bank		200		12,654
Premier Financial Corp.		117		3,324
Primerica, Inc.		130		19,908
Principal Financial Group, Inc.		1,520		96,049
ProAssurance Corp.		230		5,233
PROG Holdings, Inc.		400		19,252
Prospect Capital Corp.		2,650		22,234
Prosperity Bancshares, Inc.		288		20,678
Provident Financial Services, Inc.		600		13,734
Prudential Financial, Inc.		2,491		255,253
Radian Group, Inc.		1,165		25,921
Raymond James Financial, Inc.		705		91,580
Ready Capital Corp.		1,750		27,773
Regions Financial Corp.		4,801		96,884
Reinsurance Group of America, Inc.		154		17,556
RenaissanceRe Holdings Ltd.		290		43,158
Renasant Corp.		400		16,000
Republic Bancorp, Inc.		315		14,531
RLI Corp.		195		20,395
S&P Global, Inc.		1,382		567,242
S&T Bancorp, Inc.		350		10,955
Sandy Spring Bancorp, Inc.		300		13,239
Seacoast Banking Corp of Florida		150		5,123
Sei INVestments Co.		605		37,492
Selective Insurance Group, Inc.		300		24,345
Selectquote, Inc. (d)		890		17,141
ServisFirst Bancshares, Inc.		400		27,192
Signature Bank		387		95,067
Silvergate Capital Corp. (d)		220		24,931
Simmons First National Corp.		438		12,851
Sixth Street Specialty Lending, Inc.		1,110		24,631
Slm Corp.		1,300		27,222
Solar Capital Ltd.		500		9,320
South State Corp.		290		23,710
Southside Bancshares, Inc.		340		12,998
Starwood Property Trust, Inc.		1,825		47,760
State Street Corp.		1,866		153,534
Sterling Bancorp.		405		10,040
Stewart Information Services Corp.		300		17,007
Stifel Financial Corp.		510		33,079
Stock Yards Bancorp, Inc.		300		15,267
StoneX Group, Inc. (d)		150		9,101
SVB Financial Group (d)		287		159,695
Synchrony Financial		2,665		129,306
Synovus Financial Corp.		847		37,166
T Rowe Price Group, Inc.		1,270		251,422
TCG BDC, Inc.		2,960		39,101
Texas Capital Bancshares, Inc. (d)		384		24,380
TFS Financial Corp.		525		10,658
The Allstate Corp.		1,825		238,053
The Bancorp, Inc. (d)		50		1,150
The Bank of New York Mellon Corp.		4,513		231,201
The Charles Schwab Corp.		9,840		716,450
The Goldman Sachs Group, Inc.		1,995		757,162
The Hanover Insurance Group, Inc.		300		40,692
The Hartford Financial Services Group, Inc.		2,175		134,785
The PNC Financial Services Group, Inc.		2,354		449,049
The Progressive Corp.		3,285		322,620
The Travelers Cos., Inc.		1,512		226,362
Tompkins Financial Corp.		105		8,144
Towne Bank		553		16,822
TPG RE Finance Trust, Inc.		2,660		35,777
Tradeweb Markets, Inc.		390		32,978
TriCo Bancshares		109		4,641
Truist Financial Corp.		7,913		439,172
Trupanion, Inc. (d)		270		31,077
TrustCo Bank Corp. (d)		242		8,306
Trustmark Corp.		425		13,090
UMB Financial Corp.		243		22,614
Umpqua Holdings Corp.		1,500		27,675
United Bankshares, Inc.		553		20,185
United Community Banks, Inc.		474		15,173
United Fire Group, Inc.		300		8,319
United Security Bancshares		406		3,317
Unum Group		1,407		39,959
US Bancorp		8,194		466,812
Valley National Bancorp		2,390		32,098
Virtus Investment Partners, Inc.		48		13,333
Voya Financial, Inc.		855		52,583
W R Berkley Corp.		380		28,283
Walker & Dunlop, Inc.		280		29,226
Washington Federal, Inc.		433		13,761
Washington Trust Bancorp, Inc.		100		5,135
Webster Financial Corp.		185		9,868
Wells Fargo & Co.		23,337		1,056,933
WesBanco, Inc.		350		12,471
Westamerica BanCorp		83		4,816
Western Alliance Bancorp		810		75,209
Western New England Bancorp, Inc.		200		1,630
White Mountains Insurance Group Ltd.		20		22,961
Wintrust Financial Corp.		425		32,143
World Acceptance Corp. (d)		100		16,024
WSFS Financial Corp.		465		21,664
Zions Bancorp NA		940		49,688
				28,583,365
Health Care - 13.0%
10X Genomics, Inc. (d)		140		27,415
1Life Healthcare, Inc. (d)		520		17,191
Abbott Laboratories		10,305		1,194,659
Abbvie, Inc.		10,105		1,138,227
Abiomed, Inc. (d)		250		78,027
Acadia Healthcare Co, Inc. (d)		395		24,786
ACADIA Pharmaceuticals, Inc. (d)		735		17,927
Acceleron Pharma, Inc. (d)		360		45,176
Accolade, Inc. (d)		570		30,957
Adaptive Biotechnologies Corp. (d)		350		14,301
Addus HomeCare Corp. (d)		70		6,107
Adverum Biotechnologies, Inc. (d)		710		2,485
Aerie Pharmaceuticals, Inc. (d)		350		5,603
Agilent Technologies, Inc.		1,756		259,554
Agios Pharmaceuticals, Inc. (d)		300		16,533
Albireo Pharma, Inc. (d)		640		22,515
Alector, Inc. (d)		560		11,665
Align Technology, Inc. (d)		414		252,954
Alkermes Plc (d)		1,000		24,520
Allakos, Inc. (d)		160		13,659
Allogene Therapeutics, Inc. (d)		500		13,040
Alnylam Pharmaceuticals, Inc. (d)		553		93,745
Altimmune, Inc. (d)		680		6,698
ALX Oncology Holdings, Inc. (d)		430		23,512
Amedisys, Inc. (d)		201		49,231
American Well Corp. (d)		1,730		21,763
AmerisourceBergen Corp.		704		80,601
Amgen, Inc.		3,170		772,687
Amicus Therapeutics, Inc. (d)		1,225		11,809
AMN Healthcare Services, Inc. (d)		250		24,245
Amneal Pharmaceuticals, Inc. (d)		650		3,328
Anika Therapeutics, Inc. (d)		100		4,329
Anthem, Inc.		1,340		511,612
Apellis Pharmaceuticals, Inc. (d)		430		27,176
Arcus Biosciences, Inc. (d)		670		18,398
Arena Pharmaceuticals, Inc. (d)		440		30,008
Arrowhead Pharmaceuticals, Inc. (d)		460		38,097
Arvinas, Inc. (d)		370		28,490
Atara Biotherapeutics, Inc. (d)		400		6,220
AtriCure, Inc. (d)		400		31,732
Avanos Medical, Inc. (d)		297		10,802
Avantor, Inc. (d)		2,790		99,073
Avid Bioservices, Inc. (d)		950		24,367
Avidity Biosciences, Inc. (d)		880		21,745
Avrobio, Inc. (d)		430		3,823
Axogen, Inc. (d)		500		10,805
Axonics, Inc. (d)		360		22,828
Axsome Therapeutics, Inc. (d)		220		14,841
Baxter International, Inc.		3,013		242,546
Beam Therapeutics, Inc. (d)		280		36,039
Becton Dickinson and Co.		1,674		407,100
Berkeley Lights, Inc. (d)		490		21,957
BioCryst Pharmaceuticals, Inc. (d)		1,160		18,340
Biogen, Inc. (d)		783		271,129
BioMarin Pharmaceutical, Inc. (d)		738		61,579
Bio-Rad Laboratories, Inc. (d)		99		63,785
Bio-Techne Corp.		232		104,460
Bluebird Bio, Inc. (d)		448		14,327
Blueprint Medicines Corp. (d)		320		28,147
Boston Scientific Corp. (d)		8,454		361,493
Bridgebio Pharma, Inc. (d)		590		35,966
Bristol-Myers Squibb Co.		12,821		856,699
Bruker Corp.		305		23,174
Cardinal Health, Inc.		1,718		98,081
Cardiovascular Systems, Inc. (d)		325		13,861
Carecloud, Inc. (d)		3,710		31,238
CareDx, Inc. (d)		240		21,965
Catalent, Inc. (d)		900		97,308
Catalyst Pharmaceuticals, Inc. (d)		4,010		23,058
Celldex Therapeutics, Inc. (d)		450		15,048
Centene Corp. (d)		3,068		223,749
Cerner Corp.		1,670		130,527
Certara, Inc. (d)		880		24,930
Cerus Corp. (d)		4,130		24,408
Change Healthcare, Inc. (d)		1,570		36,173
Charles River Laboratories International, Inc. (d)		346		127,992
Chemed Corp.		96		45,552
ChemoCentryx, Inc. (d)		430		5,758
Cigna Corp.		1,917		454,463
Clovis Oncology, Inc. (d)		300		1,740
Codexis, Inc. (d)		1,077		24,405
Coherus Biosciences, Inc. (d)		590		8,160
Community Health Systems, Inc. (d)		1,470		22,697
Computer Programs and Systems, Inc.		100		3,323
CONMED Corp.		110		15,117
Corcept Therapeutics, Inc. (d)		430		9,460
Covetrus, Inc. (d)		356		9,612
CryoPort, Inc. (d)		420		26,502
CVS Health Corp.		7,168		598,098
Cytokinetics, Inc. (d)(e)		760		15,040
Danaher Corp.		3,849		1,032,918
DaVita, Inc. (d)		523		62,985
Deciphera Pharmaceuticals, Inc. (d)		330		12,081
Denali Therapeutics, Inc. (d)		470		36,867
DENTSPLY SIRONA, Inc.		1,122		70,978
Dexcom, Inc. (d)		458		195,566
Dicerna Pharmaceuticals, Inc. (d)		350		13,062
Editas Medicine, Inc. (d)		320		18,125
Edwards Lifesciences Corp. (d)		3,609		373,784
Elanco Animal Health, Inc. (d)		2,190		75,971
Eli Lilly And Co.		4,792		1,099,860
Emergent BioSolutions, Inc. (d)		293		18,456
Encompass Health Corp.		650		50,719
Endo International PLC (d)		2,760		12,917
Envista Holdings Corp. (d)		1,110		47,963
Epizyme, Inc. (d)		830		6,897
Esperion Therapeutics, Inc. (d)(e)		330		6,979
Evolent Health, Inc. (d)		740		15,629
Exact Sciences Corp. (d)		865		107,528
Exelixis, Inc. (d)		1,985		36,167
Fate Therapeutics, Inc. (d)		590		51,206
FibroGen, Inc. (d)		750		19,972
Generation Bio Co. (d)		910		24,479
Gilead Sciences, Inc.		6,537		450,138
Glaukos Corp. (d)		280		23,752
Global Blood Therapeutics, Inc. (d)		370		12,957
Globus Medical, Inc. - Class A (d)		340		26,360
GoodRx Holdings, Inc. (d)		460		16,565
Guardant Health, Inc. (d)		570		70,788
Haemonetics Corp. (d)		250		16,660
Halozyme Therapeutics, Inc. (d)		830		37,690
Hanger, Inc. (d)		350		8,848
Hca Healthcare, Inc.		1,423		294,191
Health Catalyst, Inc. (d)		510		28,310
HealthEquity, Inc. (d)		430		34,606
Heat Biologics, Inc. (d)(e)		14,250		95,902
Henry Schein, Inc. (d)		890		66,029
Heron Therapeutics, Inc. (d)		1,230		19,090
Hill-Rom Holdings, Inc.		330		37,485
Hologic, Inc. (d)		1,317		87,870
Homology Medicines, Inc. (d)		340		2,472
Horizon Therapeutics PLC (d)		1,105		103,472
Humana, Inc.		678		300,164
ICU Medical, Inc. (d)		100		20,580
Idexx Laboratories, Inc. (d)		479		302,512
Illumina, Inc. (d)		712		336,926
Immunovant, Inc. (d)		530		5,602
Inari Medical, Inc. (d)		210		19,589
Incyte Corp. (d)		1,133		95,319
Innoviva, Inc. (d)		1,000		13,410
Insmed, Inc. (d)		760		21,630
Inspire Medical Systems, Inc. (d)		110		21,259
Insulet Corp. (d)		285		78,235
Integer Holdings Corp. (d)		300		28,260
Integra LifeSciences Holdings Corp. (d)		378		25,795
Intellia Therapeutics, Inc. (d)		290		46,954
Intercept Pharmaceuticals, Inc. (d)		137		2,736
Intuitive Surgical, Inc. (d)		625		574,775
Invitae Corp. (d)(e)		1,350		45,536
Ionis Pharmaceuticals, Inc. (d)		700		27,923
IQVIA Holdings, Inc. (d)		1,081		261,948
iRhythm Technologies, Inc. (d)		130		8,626
Ironwood Pharmaceuticals, Inc. (d)		1,000		12,870
Johnson & Johnson		14,565		2,399,438
Karuna Therapeutics, Inc. (d)		190		21,658
Kodiak Sciences, Inc. (d)		300		27,900
Krystal Biotech, Inc. (d)		310		21,080
Kura Oncology, Inc. (d)		650		13,553
Laboratory Corp. Of America Holdings (d)		580		159,993
Lannett Co, Inc. (d)		300		1,401
LHC Group, Inc. (d)		170		34,044
Ligand Pharmaceuticals, Inc. (d)		164		21,515
MacroGenics, Inc. (d)		740		19,876
Madrigal Pharmaceuticals, Inc. (d)		60		5,845
Magellan Health, Inc. (d)		100		9,420
Maravai LifeSciences Holdings, Inc. (d)		620		25,873
Masimo Corp. (d)		300		72,735
Mckesson Corp.		888		169,821
MEDNAX, Inc. (d)		600		18,090
Medpace Holdings, Inc. (d)		100		17,663
Merck & Co., Inc.		14,335		1,114,833
Meridian Bioscience, Inc. (d)		375		8,318
Merit Medical Systems, Inc. (d)		510		32,977
Mettler-Toledo International, Inc. (d)		120		166,241
Moderna, Inc. (d)		2,080		488,758
ModivCare, Inc. (d)		200		34,014
Molina Healthcare, Inc. (d)		300		75,918
Myriad Genetics, Inc. (d)		450		13,761
NanoString Technologies, Inc. (d)		300		19,437
Natera, Inc. (d)		550		62,442
Natus Medical, Inc. (d)		75		1,949
Nektar Therapeutics (d)		650		11,154
Neogen Corp. (d)		292		13,444
NeoGenomics, Inc. (d)		690		31,167
Neurocrine Biosciences, Inc. (d)		460		44,767
Nevro Corp. (d)		162		26,858
NextGen Healthcare, Inc. (d)		305		5,060
Novavax, Inc. (d)(e)		580		123,140
NuVasive, Inc. (d)		290		19,656
Oak Street Health, Inc. (d)		380		22,257
Ocugen, Inc. (d)		680		5,460
Ocular Therapeutix, Inc. (d)		970		13,755
Omnicell, Inc. (d)		195		29,533
Organon & Co. (d)		1,475		44,634
Owens & Minor, Inc.		620		26,245
Pacific Biosciences of California, Inc. (d)		1,120		39,166
Pacira BioSciences, Inc. (d)		425		25,789
Patterson Cos, Inc.		575		17,474
PDS Biotechnology Corp. (d)		5,160		64,758
Penumbra, Inc. (d)		196		53,716
PerkinElmer, Inc.		522		80,602
Pfizer, Inc.		32,532		1,273,953
Phreesia, Inc. (d)		360		22,068
PPD, Inc. (d)		940		43,325
Prestige Consumer Healthcare, Inc. (d)		350		18,235
Pro-Dex, Inc. (d)		10		306
Progyny, Inc. (d)		520		30,680
PTC Therapeutics, Inc. (d)		470		19,867
Puma Biotechnology, Inc. (d)		254		2,332
Quest Diagnostics, Inc.		837		110,459
Quidel Corp. (d)		180		23,062
R1 RCM, Inc. (d)		640		14,234
Reata Pharmaceuticals, Inc. (d)		130		18,399
Regeneron Pharmaceuticals, Inc. (d)		419		234,028
REGENXBIO, Inc. (d)		410		15,929
Relay Therapeutics, Inc. (d)		620		22,686
Repligen Corp. (d)		300		59,886
ResMed, Inc.		820		202,146
Revance Therapeutics, Inc. (d)		710		21,044
REVOLUTION Medicines, Inc. (d)		530		16,822
Rocket Pharmaceuticals, Inc. (d)		400		17,716
Royalty Pharma PLC - Class A		460		18,855
Sage Therapeutics, Inc. (d)		300		17,043
Sana Biotechnology, Inc. (d)		1,150		22,609
Sangamo Therapeutics, Inc. (d)		730		8,738
Sarepta Therapeutics, Inc. (d)		380		29,541
Schrodinger, Inc. (d)		380		28,732
Seagen, Inc. (d)		957		151,091
Shockwave Medical, Inc. (d)		150		28,460
Silk Road Medical, Inc. (d)		280		13,401
Simulations Plus, Inc.		150		8,237
Sotera Health Co. (d)		870		21,080
Spero Therapeutics, Inc. (d)		1,580		22,057
SpringWorks Therapeutics, Inc. (d)		280		23,075
STAAR Surgical Co. (d)		280		42,700
Stryker Corp.		2,016		523,616
Syneos Health, Inc. (d)		300		26,847
Tabula Rasa HealthCare, Inc. (d)		300		15,000
Tandem Diabetes Care, Inc. (d)		410		39,934
Teladoc Health, Inc. (d)		839		139,517
Teleflex, Inc.		260		104,465
Tenet Healthcare Corp. (d)		631		42,271
The Cooper Cos., Inc.		240		95,105
The Ensign Group, Inc.		300		26,001
The Pennant Group, Inc. (d)		150		6,135
Thermo Fisher Scientific, Inc.		2,231		1,125,473
Tivity Health, Inc. (d)		64		1,684
Tricida, Inc. (d)		540		2,333
Turning Point Therapeutics, Inc. (d)		310		24,186
Twist Bioscience Corp. (d)		260		34,645
Ultragenyx Pharmaceutical, Inc. (d)		207		19,737
United Therapeutics Corp. (d)		288		51,670
Unitedhealth Group, Inc.		5,376		2,152,765
Universal Health Services, Inc.		482		70,579
Varex Imaging Corp. (d)		282		7,563
Veeva Systems, Inc. (d)		565		175,687
Veracyte, Inc. (d)		440		17,591
Vericel Corp. (d)		230		12,075
Vertex Pharmaceuticals, Inc. (d)		1,399		282,080
Viatris, Inc.		6,317		90,270
Vir Biotechnology, Inc. (d)(e)		580		27,422
Waters Corp. (d)		384		132,714
West Pharmaceutical Services, Inc.		415		149,027
Xencor, Inc. (d)		550		18,970
Y-mAbs Therapeutics, Inc. (d)		370		12,506
Zimmer Biomet Holdings, Inc.		1,172		188,481
Zoetis, Inc.		2,665		496,649
Zogenix, Inc. (d)		410		7,085
				31,419,282
Industrials - 9.1%
3M Co		3,436		682,493
A O Smith Corp.		330		23,780
AAON, Inc.		165		10,327
AAR Corp. (d)		300		11,625
ABM Industries, Inc.		500		22,175
ACCO Brands Corp.		825		7,120
Acme United Corp.		300		13,368
Acuity Brands, Inc.		85		15,898
Advanced Drainage Systems, Inc.		270		31,474
AECOM (d)		497		31,470
Aerojet Rocketdyne Holdings, Inc.		400		19,316
AeroVironment, Inc. (d)		300		30,045
AGCO Corp.		400		52,152
Air Lease Corp.		600		25,044
Air Transport Services Group, Inc. (d)		670		15,564
Alaska Air Group, Inc. (d)		484		29,190
Albany International Corp. - Class A		100		8,926
Allegiant Travel Co. (d)		73		14,162
Allison Transmission Holdings, Inc.		625		24,837
Altra Industrial Motion Corp.		300		19,506
AMERCO		70		41,258
American Airlines Group, Inc. (d)		4,983		105,689
American Woodmark Corp. (d)		130		10,620
AMETEK, Inc.		1,337		178,489
Applied Industrial Technologies, Inc.		375		34,147
Armstrong World Industries, Inc.		200		21,452
ASGN, Inc. (d)		250		24,232
Astec Industries, Inc.		200		12,588
Atkore International Group, Inc. (d)		190		13,490
Atlas Air Worldwide Holdings, Inc. (d)		300		20,433
Avis Budget Group, Inc. (d)		382		29,754
Axon Enterprise, Inc. (d)		325		57,460
AZZ, Inc.		225		11,650
Beacon Roofing Supply, Inc. (d)(e)		500		26,625
Boise Cascade Co.		510		29,758
Booz Allen Hamilton Holding Corp.		760		64,737
Brady Corp. - Class A		145		8,126
BrightView Holdings, Inc. (d)		830		13,380
Builders FirstSource, Inc. (d)		1,453		61,985
BWX Technologies, Inc.		292		16,971
CACI International, Inc. (d)		179		45,666
Carlisle Cos, Inc.		293		56,074
Carrier Global Corp.		4,158		202,079
Casella Waste Systems, Inc. (d)		100		6,343
Caterpillar, Inc.		2,881		626,992
CH Robinson Worldwide, Inc.		740		69,316
Chart Industries, Inc. (d)		300		43,896
Cintas Corp.		521		199,022
CIRCOR International, Inc. (d)		184		5,998
Clean Harbors, Inc. (d)		400		37,256
Colfax Corp. (d)		585		26,799
Columbus McKinnon Corp/NY		350		16,884
Comfort Systems USA, Inc.		110		8,667
Copart, Inc. (d)		1,180		155,559
CoreCivic, Inc. (d)		799		8,366
CoStar Group, Inc. (d)		2,150		178,063
Covanta Holding Corp.		850		14,968
Covenant Logistics Group, Inc. (d)		100		2,068
Crane Co.		325		30,020
CSX Corp.		10,755		345,020
Cummins, Inc.		877		213,821
Curtiss-Wright Corp.		300		35,628
Deere & Co.		1,691		596,433
Delta Air Lines, Inc. (d)		3,390		146,651
Deluxe Corp.		200		9,554
Donaldson Co, Inc.		545		34,624
Dover Corp.		761		114,607
Dun & Bradstreet Holdings, Inc. (d)		770		16,455
DXP Enterprises Inc/TX (d)		100		3,330
Dycom Industries, Inc. (d)		11		820
Eaton Corp. PLC		2,111		312,808
EMCOR Group, Inc.		230		28,334
Emerson Electric Co.		3,358		323,174
Energy Recovery, Inc. (d)		500		11,390
Enerpac Tool Group Corp.		290		7,720
EnerSys		375		36,649
Ennis, Inc.		50		1,076
Equifax, Inc.		645		154,484
ESCO Technologies, Inc.		200		18,762
Evoqua Water Technologies Corp. (d)		900		30,402
Expeditors International Of Washington, Inc.		1,020		129,132
Exponent, Inc.		310		27,655
Fastenal Co.		3,150		163,800
Federal Signal Corp.		475		19,109
Fedex Corp.		1,357		404,834
Flowserve Corp.		815		32,861
Fluor Corp. (d)		1,086		19,222
Forrester Research, Inc. (d)		255		11,679
Fortive Corp.		1,525		106,353
Fortune Brands Home & Security, Inc.		640		63,750
Franklin Electric Co., Inc.		275		22,170
FTI Consulting, Inc. (d)		80		10,929
FuelCell Energy, Inc. (d)(e)		3,080		27,412
GATX Corp.		45		3,981
Generac Holdings, Inc. (d)		320		132,848
General Dynamics Corp.		1,510		284,273
General Electric Co.		46,416		624,759
Gibraltar Industries, Inc. (d)		300		22,893
Global Industrial Co.		10		367
Graco, Inc.		716		54,201
Graftech International Ltd.		1,920		22,310
Great Lakes Dredge & Dock Corp. (d)		1,500		21,915
Griffon Corp.		260		6,664
H&E Equipment Services, Inc.		325		10,813
Hawaiian Holdings, Inc. (d)		325		7,920
Healthcare Services Group, Inc.		375		11,839
HEICO Corp.		472		58,613
Herc Holdings, Inc. (d)		143		16,026
Herman Miller, Inc.		300		14,142
Hexcel Corp. (d)		320		19,968
Hillenbrand, Inc.		325		14,326
HNI Corp.		100		4,397
Honeywell International, Inc.		3,952		866,871
Howmet Aerospace, Inc. (d)		1,320		45,500
Hub Group, Inc. (d)		50		3,299
Hubbell, Inc.		318		59,415
Huntington Ingalls Industries, Inc.		249		52,477
Huron Consulting Group, Inc. (d)		200		9,830
Hydrofarm Holdings Group, Inc. (d)		420		24,826
Hyster-Yale Materials Handling, Inc.		118		8,612
IAA, Inc. (d)		975		53,176
IDEX Corp.		437		96,162
IES Holdings, Inc. (d)		60		3,082
Illinois Tool Works, Inc.		1,694		378,711
Ingersoll Rand, Inc. (d)		1,810		88,346
Insperity, Inc.		292		26,388
Insteel Industries, Inc.		300		9,645
Interface, Inc.		500		7,650
ITT, Inc.		280		25,645
Jacobs Engineering Group, Inc.		650		86,723
JB Hunt Transport Services, Inc.		560		91,252
JELD-WEN Holding, Inc. (d)		30		788
JetBlue Airways Corp. (d)		1,750		29,365
John Bean Technologies Corp.		151		21,536
Johnson Controls International PLC		4,890		335,601
Kansas City Southern		519		147,069
KAR Auction Services, Inc. (d)		975		17,111
KBR, Inc.		925		35,289
Kennametal, Inc.		475		17,062
Kforce, Inc.		150		9,439
Kirby Corp. (d)		300		18,192
Knight-Swift Transportation Holdings, Inc.		638		29,003
Knoll, Inc.		500		12,995
Korn Ferry		225		16,324
Kratos Defense & Security Solutions, Inc. (d)		1,020		29,060
L3Harris Technologies, Inc.		1,247		269,539
Landstar System, Inc.		140		22,123
Leidos Holdings, Inc.		931		94,124
Lennox International, Inc.		167		58,584
Lincoln Electric Holdings, Inc.		332		43,728
Lockheed Martin Corp.		1,574		595,523
Lyft, Inc. (d)		300		18,144
ManpowerGroup, Inc.		133		15,815
Masco Corp.		1,590		93,667
MasTec, Inc. (d)		180		19,098
Matson, Inc.		175		11,200
Matthews International Corp.		100		3,596
Maxar Technologies, Inc.		690		27,545
McGrath RentCorp		300		24,471
Mercury Systems, Inc. (d)		400		26,512
Meritor, Inc. (d)		550		12,881
Mesa Air Group, Inc. (d)		2,490		23,232
Moog, Inc.		300		25,218
MSA Safety, Inc.		228		37,752
MSC Industrial Direct Co., Inc.		245		21,984
Mueller Industries, Inc.		300		12,993
Mueller Water Products, Inc.		1,600		23,072
Navistar International Corp. (d)		625		27,812
Nordson Corp.		178		39,073
Norfolk Southern Corp.		1,344		356,711
Northrop Grumman Corp.		927		336,900
NOW, Inc. (d)		649		6,159
nVent Electric PLC		275		8,591
Old Dominion Freight Line, Inc.		620		157,356
Oshkosh Corp.		350		43,624
Otis Worldwide Corp.		2,434		199,028
Owens Corning		530		51,887
PACCAR, Inc.		1,915		170,914
Parker-Hannifin Corp.		747		229,411
Parsons Corp. (d)		720		28,339
Perma-Pipe International Holdings, Inc. (d)		300		1,998
Pitney Bowes, Inc.		2,630		23,065
Plug Power, Inc. (d)		3,270		111,801
Primoris Services Corp.		515		15,156
Proto Labs, Inc. (d)		130		11,934
Quanta Services, Inc.		1,050		95,098
Raven Industries, Inc.		175		10,124
Raytheon Technologies Corp.		8,633		736,481
RBC Bearings, Inc. (d)		145		28,916
Regal Beloit Corp.		100		13,351
Republic Services, Inc.		973		107,040
Resideo Technologies, Inc. (d)		758		22,740
Resources Connection, Inc.		200		2,872
Rexnord Corp.		315		15,763
Robert Half International, Inc.		610		54,272
Rockwell Automation, Inc.		640		183,053
Rollins, Inc.		1,380		47,196
Roper Technologies, Inc.		584		274,597
Rush Enterprises, Inc.		112		4,843
Ryder System, Inc.		405		30,104
Saia, Inc. (d)		110		23,044
Science Applications International Corp.		340		29,828
Shoals Technologies Group, Inc. (d)		700		24,850
Simpson Manufacturing Co., Inc.		100		11,044
SiteOne Landscape Supply, Inc. (d)		230		38,930
SkyWest, Inc. (d)		375		16,151
Snap-on, Inc.		362		80,882
Southwest Airlines Co. (d)		2,944		156,297
Spirit AeroSystems Holdings, Inc.		700		33,033
Spirit Airlines, Inc. (d)		1,030		31,353
SPX Corp. (d)		312		19,057
SPX FLOW, Inc.		312		20,355
Standex International Corp.		50		4,746
Stanley Black & Decker, Inc.		820		168,092
Steelcase, Inc.		875		13,221
Stericycle, Inc. (d)		575		41,141
Sunrun, Inc. (d)		1,120		62,474
Teledyne Technologies, Inc. (d)		280		117,272
Terex Corp.		255		12,143
Tetra Tech, Inc.		238		29,046
Textainer Group Holdings Ltd. (d)		700		23,639
Textron, Inc.		925		63,612
The Boeing Co. (d)		3,278		785,278
The Brink's Co.		450		34,578
The Gorman-Rupp Co.		182		6,268
The Greenbrier Cos., Inc.		200		8,716
The Manitowoc Co., Inc. (d)		268		6,566
The Middleby Corp. (d)		228		39,503
The Shyft Group, Inc.		75		2,806
The Timken Co.		375		30,221
The Toro Co.		398		43,732
TPI Composites, Inc. (d)		450		21,789
Transdigm Group, Inc. (d)		258		167,001
TransUnion		1,010		110,908
Trex Co., Inc. (d)		600		61,326
TriNet Group, Inc. (d)		200		14,496
Trinity Industries, Inc.		1,050		28,235
Triumph Group, Inc. (d)		196		4,067
TrueBlue, Inc. (d)		300		8,433
Tutor Perini Corp. (d)		200		2,770
Twin Disc, Inc. (d)		400		5,692
Uber Technologies, Inc. (d)		9,770		489,672
UFP Industries, Inc.		399		29,662
Ultralife Corp. (d)		200		1,676
UniFirst Corp/MA		86		20,179
Union Pacific Corp.		3,637		799,885
United Airlines Holdings, Inc. (d)		2,001		104,632
United Parcel Service, Inc. - Class B		3,790		788,206
United Rentals, Inc. (d)		452		144,193
Univar Solutions, Inc. (d)		575		14,019
Upwork, Inc. (d)		1,010		58,873
US Ecology, Inc. (d)		200		7,504
Valmont Industries, Inc.		159		37,532
Vectrus, Inc. (d)		122		5,806
Verisk Analytics, Inc.		914		159,694
Veritiv Corp. (d)		97		5,958
Viad Corp. (d)		100		4,985
Vicor Corp. (d)		230		24,320
Wabash National Corp.		50		800
Waste Management, Inc.		2,505		350,976
Watsco, Inc.		114		32,677
Watts Water Technologies, Inc. - Class A		120		17,509
Welbilt, Inc. (d)		1,075		24,886
Werner Enterprises, Inc.		250		11,130
WESCO International, Inc. (d)		110		11,310
Westinghouse Air Brake Technologies Corp.		849		69,873
Willdan Group, Inc. (d)		340		12,798
WillScot Mobile Mini Holdings Corp. (d)		976		27,201
Woodward, Inc.		250		30,720
WW Grainger, Inc.		323		141,474
Xpo Logistics, Inc. (d)		395		55,257
Xylem, Inc.		770		92,369
Yellow Corp. (d)		3,520		22,915
				22,002,995
Information Technology - 25.7%
3D Systems Corp. (d)		848		33,895
8x8, Inc. (d)		230		6,385
ACI Worldwide, Inc. (d)		560		20,798
Adobe, Inc. (d)		2,661		1,558,388
Advanced Energy Industries, Inc.		300		33,813
Advanced Micro Devices, Inc. (d)		6,755		634,497
Agilysys, Inc. (d)		420		23,885
Akamai Technologies, Inc. (d)		894		104,240
Alarm.com Holdings, Inc. (d)		170		14,399
Alliance Data Systems Corp.		408		42,510
Alteryx, Inc. (d)		40		3,441
Ambarella, Inc. (d)		300		31,989
Amkor Technology, Inc.		1,050		24,853
Amphenol Corp.		3,220		220,280
Amtech Systems, Inc. (d)		472		4,550
Analog Devices, Inc.		2,079		357,921
Anaplan, Inc. (d)		720		38,376
ANSYS, Inc. (d)		520		180,471
Appfolio, Inc. - Class A (d)		110		15,532
Apple, Inc.		95,082		13,022,431
Applied Materials, Inc.		4,888		696,051
Arista Networks, Inc. (d)		350		126,808
Arrow Electronics, Inc. (d)		400		45,532
Aspen Technology, Inc. (d)		325		44,700
Autodesk, Inc. (d)		1,285		375,091
Automatic Data Processing, Inc.		2,254		447,689
Avalara, Inc. (d)		480		77,664
Avaya Holdings Corp. (d)		1,050		28,245
Aviat Networks, Inc. (d)		680		22,283
Avnet, Inc.		900		36,072
Badger Meter, Inc.		280		27,474
Belden, Inc.		100		5,057
Benchmark Electronics, Inc.		325		9,249
Bill.Com Holdings, Inc. (d)		340		62,281
Black Knight, Inc. (d)		585		45,618
Blackbaud, Inc. (d)		200		15,314
Blackline, Inc. (d)		240		26,705
Bottomline Technologies DE, Inc. (d)		375		13,905
Box, Inc. - Class A (d)		1,190		30,404
Broadcom, Inc.		1,790		853,544
Broadridge Financial Solutions, Inc.		625		100,956
Brooks Automation, Inc.		446		42,495
Cadence Design Systems, Inc. (d)		1,492		204,135
CalAmp Corp. (d)		400		5,088
Calix, Inc. (d)		175		8,312
CDK Global, Inc.		520		25,839
Cdw Corp.		845		147,579
Cerence, Inc. (d)		271		28,918
Ceridian HCM Holding, Inc. (d)		610		58,511
Ciena Corp. (d)		997		56,719
Cirrus Logic, Inc. (d)		140		11,917
Cisco Systems, Inc.		24,278		1,286,734
Citrix Systems, Inc.		668		78,336
Cloudera, Inc. (d)		1,670		26,486
Cloudflare, Inc. (d)		210		22,226
CMC Materials, Inc.		140		21,104
Cognex Corp.		820		68,921
Cognizant Technology Solutions Corp.		3,118		215,953
Cognyte Software Ltd. (d)		375		9,188
Coherent, Inc. (d)		200		52,868
CommScope Holding Co, Inc. (d)		1,150		24,506
CommVault Systems, Inc. (d)		375		29,314
Comtech Telecommunications Corp.		100		2,416
Concentrix Corp. (d)		229		36,823
Cornerstone OnDemand, Inc. (d)		500		25,790
Corning, Inc.		4,399		179,919
Coupa Software, Inc. (d)		340		89,117
Cree, Inc. (d)		445		43,579
Crowdstrike Holdings, Inc. (d)		170		42,723
CSG Systems International, Inc.		78		3,680
CTS Corp.		100		3,716
CyberOptics Corp. (d)		250		10,240
Daktronics, Inc. (d)		800		5,272
Datadog, Inc. - Class A (d)		200		20,816
Dell Technologies, Inc. (d)		1,300		129,571
Diodes, Inc. (d)		300		23,931
Docusign, Inc. (d)		1,040		290,753
Dolby Laboratories, Inc.		300		29,487
Dropbox, Inc. - Class A (d)		790		23,945
Duck Creek Technologies, Inc. (d)		500		21,755
DXC Technology Co. (d)		1,118		43,535
Dynatrace, Inc. (d)		1,180		68,936
Ebix, Inc.		31		1,051
EchoStar Corp. (d)		400		9,716
eGain Corp. (d)		150		1,722
Enphase Energy, Inc. (d)		650		119,360
Entegris, Inc.		681		83,743
Envestnet, Inc. (d)		375		28,448
EPAM Systems, Inc. (d)		330		168,617
Euronet Worldwide, Inc. (d)		349		47,237
Everbridge, Inc. (d)		190		25,855
ExlService Holdings, Inc. (d)		300		31,878
F5 Networks, Inc. (d)		313		58,425
Fair Isaac Corp. (d)		146		73,391
FARO Technologies, Inc. (d)		200		15,554
Fastly, Inc. (d)(e)		200		11,920
Fidelity National Information Services, Inc.		3,331		471,903
Fireeye, Inc. (d)		1,760		35,587
First Solar, Inc. (d)		400		36,204
Fiserv, Inc. (d)		2,978		318,318
Five9, Inc. (d)		400		73,356
FleetCor Technologies, Inc. (d)		438		112,154
FormFactor, Inc. (d)		480		17,501
Fortinet, Inc. (d)		815		194,125
Gartner, Inc. (d)		451		109,232
Genpact Ltd.		605		27,485
Global Payments, Inc.		1,393		261,243
Godaddy, Inc. - Class A (d)		350		30,436
Guidewire Software, Inc. (d)		490		55,233
Hewlett Packard Enterprise Co.		6,477		94,435
HP, Inc.		7,272		219,542
Hubspot, Inc. (d)		230		134,026
II-VI, Inc. (d)		541		39,271
Infinera Corp. (d)		600		6,120
Insight Enterprises, Inc. (d)		200		20,002
Intel Corp.		23,148		1,299,529
InterDigital, Inc.		246		17,965
International Business Machines Corp.		5,015		735,149
Intuit, Inc.		1,449		710,256
IPG Photonics Corp. (d)		281		59,226
Itron, Inc. (d)		200		19,996
J2 Global, Inc. (d)		325		44,704
Jabil, Inc.		555		32,257
Jack Henry & Associates, Inc.		376		61,480
JFrog Ltd. (d)(e)		480		21,850
Juniper Networks, Inc.		2,190		59,897
Keysight Technologies, Inc. (d)		1,048		161,822
Kimball Electronics, Inc. (d)		525		11,414
Kla Corp.		756		245,103
Knowles Corp. (d)		458		9,041
Kulicke & Soffa Industries, Inc.		480		29,376
Lam Research Corp.		776		504,943
Lattice Semiconductor Corp. (d)		530		29,775
Littelfuse, Inc.		118		30,065
LivePerson, Inc. (d)		490		30,988
LiveRamp Holdings, Inc. (d)		175		8,199
Lumentum Holdings, Inc. (d)		424		34,781
MACOM Technology Solutions Holdings, Inc. (d)		463		29,669
Manhattan Associates, Inc. (d)		350		50,694
Marvell Technology, Inc.		3,849		224,512
Mastercard, Inc.		5,085		1,856,483
Maxim Integrated Products, Inc.		1,445		152,245
MAXIMUS, Inc.		425		37,387
MaxLinear, Inc. (d)		475		20,183
Medallia, Inc. (d)		670		22,613
Methode Electronics, Inc.		100		4,921
Microchip Technology, Inc.		1,394		208,738
Micron Technology, Inc. (d)		6,422		545,742
Microsoft Corp.		41,542		11,253,728
MicroStrategy, Inc. (d)		60		39,870
Mitek Systems, Inc. (d)		420		8,089
MKS Instruments, Inc.		300		53,385
Momentive Global, Inc. (d)		1,170		24,652
Monolithic Power Systems, Inc.		270		100,832
Motorola Solutions, Inc.		1,022		221,621
Napco Security Technologies, Inc. (d)		240		8,729
National Instruments Corp.		812		34,331
nCino, Inc. (d)		330		19,774
NCR Corp. (d)		935		42,645
Netapp, Inc.		955		78,138
NETGEAR, Inc. (d)		50		1,916
NetScout Systems, Inc. (d)		700		19,978
New Relic, Inc. (d)(e)		230		15,403
NortonLifeLock, Inc.		2,463		67,043
Novanta, Inc. (d)		220		29,647
Nuance Communications, Inc. (d)		1,595		86,832
Nutanix, Inc. (d)		470		17,963
NVidia Corp.		3,477		2,781,948
Okta, Inc. (d)		260		63,617
ON Semiconductor Corp. (d)		2,070		79,240
ON24, Inc. (d)		640		22,707
OneSpan, Inc. (d)		450		11,493
Onto Innovation, Inc. (d)		350		25,564
Oracle Corp.		10,880		846,899
OSI Systems, Inc. (d)		100		10,164
PagerDuty, Inc. (d)		620		26,400
Palantir Technologies, Inc. (d)		2,560		67,482
Palo Alto Networks, Inc. (d)		559		207,417
PAR Technology Corp. (d)		100		6,994
Paychex, Inc.		1,560		167,388
Paycom Software, Inc. (d)		310		112,676
Paylocity Holding Corp. (d)		150		28,620
Paypal Holdings, Inc. (d)		6,565		1,913,566
Pegasystems, Inc.		300		41,757
Plantronics, Inc. (d)		300		12,519
Plexus Corp. (d)		300		27,423
Power Integrations, Inc.		280		22,977
Progress Software Corp.		200		9,250
Proofpoint, Inc. (d)		316		54,908
PROS Holdings, Inc. (d)		300		13,671
PTC, Inc. (d)		465		65,686
Pure Storage, Inc. (d)		1,110		21,678
Q2 Holdings, Inc. (d)		240		24,619
Qorvo, Inc. (d)		690		134,999
Qualcomm, Inc.		6,545		935,477
Qualys, Inc. (d)		300		30,207
Rambus, Inc. (d)		500		11,855
Rapid7, Inc. (d)		230		21,765
Ribbon Communications, Inc. (d)		3,000		22,830
Ringcentral, Inc. - Class A (d)		260		75,551
Rogers Corp. (d)		150		30,120
Sabre Corp. (d)		1,400		17,472
Sailpoint Technologies Holdings, Inc. (d)		630		32,174
Salesforce.Com, Inc. (d)		5,059		1,235,762
Sanmina Corp. (d)		333		12,974
Semtech Corp. (d)		300		20,640
Servicenow, Inc. (d)		1,063		584,172
SharpSpring, Inc. (d)		100		1,689
Silicon Laboratories, Inc. (d)		160		24,520
Skyworks Solutions, Inc.		959		183,888
Slack Technologies, Inc. (d)		1,850		81,955
Snowflake, Inc. (d)		170		41,106
Splunk, Inc. (d)		878		126,941
SPS Commerce, Inc. (d)		200		19,970
Square, Inc. (d)		1,410		343,758
SS&C Technologies Holdings, Inc.		1,325		95,480
Sumo Logic, Inc. (d)		1,120		23,128
SunPower Corp. (d)(e)		450		13,149
Sykes Enterprises, Inc. (d)		102		5,477
Synaptics, Inc. (d)		153		23,804
SYNNEX Corp.		229		27,883
Synopsys, Inc. (d)		847		233,594
Tenable Holdings, Inc. (d)		490		20,262
Teradata Corp. (d)		985		49,220
Teradyne, Inc.		865		115,875
TESSCO Technologies, Inc. (d)		100		615
Texas Instruments, Inc.		5,275		1,014,383
The Trade Desk, Inc. - Class A (d)		1,800		139,248
The Western Union Co.		1,694		38,911
Trimble, Inc. (d)		1,394		114,071
TTM Technologies, Inc. (d)		488		6,978
Twilio, Inc. (d)		450		177,372
Tyler Technologies, Inc. (d)		252		113,997
Ubiquiti, Inc.		80		24,975
Ultra Clean Holdings, Inc. (d)		410		22,025
Unisys Corp. (d)		427		10,807
Unity Software, Inc. (d)		620		68,095
Universal Display Corp.		270		60,029
Varonis Systems, Inc. (d)		450		25,929
Veeco Instruments, Inc. (d)		400		9,616
Verint Systems, Inc. (d)		375		16,901
VeriSign, Inc. (d)		576		131,149
Verra Mobility Corp. (d)		1,420		21,825
ViaSat, Inc. (d)		350		17,444
Viavi Solutions, Inc. (d)		1,328		23,452
Visa, Inc. - Class A		10,156		2,374,676
Vishay Intertechnology, Inc.		806		18,175
Vishay Precision Group, Inc. (d)		129		4,391
VMware, Inc. (d)(e)		424		67,827
Vonage Holdings Corp. (d)		1,425		20,534
Vontier Corp.		610		19,874
Western Digital Corp. (d)		2,010		143,052
WEX, Inc. (d)		214		41,495
Workday, Inc. - Class A (d)		545		130,113
Workiva, Inc. (d)		210		23,379
Xerox Holdings Corp.		828		19,450
Xilinx, Inc.		1,385		200,326
Xperi Holding Corp.		799		17,770
Yext, Inc. (d)		1,150		16,434
Zebra Technologies Corp. (d)(e)		315		166,789
Zendesk, Inc. (d)		700		101,038
Zoom Video Communications, Inc. (d)		170		65,795
Zscaler, Inc. (d)		510		110,191
				62,196,609
Materials - 2.3%
Air Products And Chemicals, Inc.		1,270		365,354
Albemarle Corp.		735		123,818
Alcoa Corp. (d)		1,163		42,845
Amyris, Inc. (d)		2,120		34,705
AptarGroup, Inc.		286		40,280
Arconic Corp. (d)		785		27,962
Ashland Global Holdings, Inc.		467		40,862
Avery Dennison Corp.		440		92,506
Avient Corp.		483		23,744
Axalta Coating Systems Ltd. (d)		675		20,581
Balchem Corp.		201		26,383
Ball Corp.		1,710		138,544
Berry Global Group, Inc. (d)		900		58,698
Cabot Corp.		400		22,772
Carpenter Technology Corp.		200		8,044
Celanese Corp.		645		97,782
Cf Industries Holdings, Inc.		980		50,421
Clearwater Paper Corp. (d)		130		3,766
Cleveland-Cliffs, Inc. (d)(e)		3,140		67,698
Coeur Mining, Inc. (d)		3,120		27,706
Commercial Metals Co.		775		23,808
Compass Minerals International, Inc.		100		5,926
Corteva, Inc.		4,263		189,064
Crown Holdings, Inc.		450		45,994
Dow, Inc.		3,653		231,162
Dupont De Nemours, Inc.		3,133		242,526
EAGle Materials, Inc.		333		47,323
Eastman Chemical Co.		620		72,385
Ecolab, Inc.		1,584		326,256
Ferro Corp. (d)		575		12,403
Ferroglobe Representation & Warranty Insurance Trust (b)(c)(d)		500		–
FMC Corp.		665		71,953
Freeport-McMoRan, Inc.		8,089		300,183
Glatfelter Corp.		325		4,540
Graphic Packaging Holding Co.		1,325		24,036
Greif, Inc.		300		18,165
Hawkins, Inc.		720		23,580
HB Fuller Co.		150		9,541
Hecla Mining Co.		4,180		31,099
Huntsman Corp.		1,575		41,769
Ingevity Corp. (d)		93		7,566
International Flavors & Fragrances, Inc.		1,321		197,357
International Paper Co.		1,717		105,269
Kaiser Aluminum Corp.		118		14,572
Livent Corp. (d)		818		15,836
Louisiana-Pacific Corp.		825		49,739
Martin Marietta Materials, Inc.		354		124,541
Minerals Technologies, Inc.		250		19,668
Myers Industries, Inc.		200		4,200
Neenah, Inc.		120		6,020
Newmont Corp.		4,690		297,252
Nucor Corp.		1,425		136,700
Olin Corp.		470		21,742
Packaging Corp of America		395		53,491
PPG Industries, Inc.		1,339		227,322
Quaker Chemical Corp.		100		23,719
Reliance Steel & Aluminum Co.		249		37,574
Royal Gold, Inc.		341		38,908
RPM International, Inc.		710		62,963
Schweitzer-Mauduit International, Inc.		300		12,114
Sealed Air Corp.		680		40,290
Sensient Technologies Corp.		335		28,998
Silgan Holdings, Inc.		400		16,600
Sonoco Products Co.		725		48,503
Southern Copper Corp.		537		34,540
Steel Dynamics, Inc.		830		49,468
Stepan Co.		148		17,800
Summit Materials, Inc. (d)		571		19,899
The Chemours Co.		419		14,581
The Mosaic Co.		1,915		61,108
The Scotts Miracle-Gro Co.		266		51,051
The Sherwin-Williams Co.		1,479		402,954
TimkenSteel Corp. (d)		400		5,660
Tredegar Corp.		671		9,240
UFP Technologies, Inc. (d)		90		5,168
United States Steel Corp.		1,480		35,520
Valvoline, Inc.		1,192		38,692
Verso Corp.		500		8,850
Vulcan Materials Co.		725		126,201
W R Grace & Co.		427		29,514
Westlake Chemical Corp.		212		19,099
Westrock Co.		1,534		81,639
Worthington Industries, Inc.		225		13,766
				5,651,878
Real Estate - 3.5%
Acadia Realty Trust		676		14,845
Agree Realty Corp.		300		21,147
Alexander & Baldwin, Inc.		213		3,902
Alexandria Real Estate Equities, Inc.		801		145,734
American Assets Trust, Inc.		425		15,848
American Campus Communities, Inc.		982		45,879
American Homes 4 Rent		1,700		66,045
American Tower Corp.		2,446		660,762
Americold Realty Trust		1,340		50,719
Apartment Income REIT Corp.		826		39,177
Apartment Investment and Management Co.		826		5,542
Apple Hospitality REIT, Inc.		1,975		30,138
AvalonBay Communities, Inc.		879		183,439
Boston Properties, Inc.		923		105,767
Brandywine Realty Trust		1,413		19,372
Brixmor Property Group, Inc.		2,275		52,075
Camden Property Trust		725		96,186
CareTrust REIT, Inc.		403		9,362
CBRE Group, Inc. (d)		1,645		141,026
Centerspace		180		14,202
Chatham Lodging Trust (d)		425		5,470
CoreSite Realty Corp.		320		43,072
Corporate Office Properties Trust		850		23,791
Cousins Properties, Inc.		839		30,858
Crown Castle International Corp.		2,385		465,313
CubeSmart		1,412		65,404
CyrusOne, Inc.		725		51,852
DiamondRock Hospitality Co. (d)		1,727		16,752
Digital Realty Trust, Inc.		1,631		245,400
DigitalBridge Group, Inc. (d)		4,400		34,760
Douglas Emmett, Inc.		1,300		43,706
Duke Realty Corp.		2,206		104,454
EastGroup Properties, Inc.		262		43,086
EPR Properties (d)		422		22,231
Equinix, Inc.		540		433,404
Equity Commonwealth		83		2,175
Equity LifeStyle Properties, Inc.		1,178		87,537
Equity Residential		2,084		160,468
Essential Properties Realty Trust, Inc.		830		22,443
Essex Property Trust, Inc.		382		114,604
eXp World Holdings, Inc. (d)		540		20,936
Extra Space Storage, Inc.		809		132,530
Federal Realty Investment Trust		750		87,877
First Industrial Realty Trust, Inc.		565		29,510
Franklin Street Properties Corp.		950		4,997
Gaming and Leisure Properties, Inc.		1,154		53,465
Getty Realty Corp.		402		12,522
Global Net Lease, Inc.		1,160		21,460
Healthcare Realty Trust, Inc.		875		26,425
Healthcare Trust of America, Inc.		1,025		27,367
Healthpeak Properties, Inc.		3,055		101,701
Highwoods Properties, Inc.		800		36,136
Host Hotels & Resorts, Inc. (d)		4,834		82,613
Hudson Pacific Properties, Inc.		815		22,673
Industrial Logistics Properties Trust		175		4,574
Innovative Industrial Properties, Inc.		150		28,653
Invitation Homes, Inc.		3,381		126,077
Iron Mountain, Inc.		2,082		88,110
JBG SMITH Properties		764		24,074
Jones Lang LaSalle, Inc. (d)		195		38,115
Kennedy-Wilson Holdings, Inc.		925		18,380
Kilroy Realty Corp.		620		43,177
Kimco Realty Corp.		3,000		62,550
Kite Realty Group Trust		725		15,957
Lamar Advertising Co.		400		41,768
Lexington Realty Trust		1,125		13,444
Life Storage, Inc.		295		31,668
LTC Properties, Inc.		520		19,963
Mack-Cali Realty Corp.		725		12,434
Medical Properties Trust, Inc.		3,590		72,159
Mid-America Apartment Communities, Inc.		689		116,041
National Health Investors, Inc.		325		21,791
National Retail Properties, Inc.		860		40,317
National Storage Affiliates Trust		580		29,325
Newmark Group, Inc. - Class A		765		9,188
Office Properties Income Trust		228		6,683
Omega Healthcare Investors, Inc.		1,749		63,471
Paramount Group, Inc.		1,800		18,126
Park Hotels & Resorts, Inc. (d)		1,629		33,574
Pebblebrook Hotel Trust		1,188		27,977
Physicians Realty Trust		900		16,623
PotlatchDeltic Corp.		298		15,839
Preferred Apartment Communities, Inc.		1,230		11,992
Prologis, Inc.		4,359		521,031
PS Business Parks, Inc.		30		4,442
Public Storage		959		288,362
QTS Realty Trust, Inc.		380		29,374
Rayonier, Inc.		826		29,678
Realty Income Corp.		2,040		136,150
Redfin Corp. (d)		630		39,948
Regency Centers Corp.		1,182		75,731
Retail Opportunity Investments Corp.		725		12,804
Retail Properties of America, Inc.		2,075		23,759
Retail Value, Inc.		158		3,437
Rexford Industrial Realty, Inc.		860		48,977
RLJ Lodging Trust		1,430		21,779
Ryman Hospitality Properties, Inc. (d)		495		39,085
Sabra Health Care REIT, Inc.		1,436		26,135
Safehold, Inc. (e)		270		21,195
SBA Communications Corp.		690		219,903
Service Properties Trust		1,325		16,695
Simon Property Group, Inc.		1,923		250,913
SL Green Realty Corp.		166		13,280
Spirit MTA REIT - Escrow (b)(c)(d)		300		80
Spirit Realty Capital, Inc.		600		28,704
STAG Industrial, Inc.		1,140		42,670
STORE Capital Corp.		1,295		44,690
Summit Hotel Properties, Inc. (d)		975		9,097
Sun Communities, Inc.		640		109,696
Tejon Ranch Co. (d)		50		761
Terreno Realty Corp.		255		16,453
The GEO Group, Inc. (e)		1,740		12,389
The Howard Hughes Corp. (d)		321		31,285
The Macerich Co.		2,134		38,945
UDR, Inc.		1,438		70,433
Uniti Group, Inc.		1,228		13,005
Universal Health Realty Income Trust		200		12,310
Urban Edge Properties		811		15,490
Ventas, Inc.		1,835		104,779
VEREIT, Inc.		1,235		56,724
VICI Properties, Inc.		2,720		84,374
Vornado Realty Trust		1,728		80,646
Weingarten Realty Investors		1,050		33,674
Welltower, Inc.		2,430		201,933
Weyerhaeuser Co.		4,137		142,396
WP Carey, Inc.		860		64,173
Xenia Hotels & Resorts, Inc. (d)		900		16,857
				8,504,451
Utilities - 2.3%
ALLETE, Inc.		425		29,741
Alliant Energy Corp.		1,225		68,306
Ameren Corp.		1,285		102,851
American Electric Power Co, Inc.		2,565		216,973
American States Water Co.		220		17,503
American Water Works Co, Inc.		1,040		160,295
Atmos Energy Corp.		560		53,822
Avangrid, Inc. (e)		530		27,258
Avista Corp.		760		32,429
Black Hills Corp.		420		27,565
California Water Service Group		415		23,049
Centerpoint Energy, Inc.		3,670		89,988
CMS Energy Corp.		1,520		89,802
Consolidated Edison, Inc.		1,749		125,438
Dominion Energy, Inc.		4,607		338,937
DTE Energy Co.		1,023		132,581
Duke Energy Corp.		4,392		433,578
Edison International		1,551		89,679
Entergy Corp.		1,120		111,664
Essential Utilities, Inc.		1,206		55,114
Evergy, Inc.		1,715		103,637
Eversource Energy		1,802		144,592
Exelon Corp.		3,971		175,955
FirstEnergy Corp.		3,370		125,398
Hawaiian Electric Industries, Inc.		820		34,670
IDACORP, Inc.		313		30,517
MDU Resources Group, Inc.		1,115		34,944
MGE Energy, Inc.		150		11,166
Middlesex Water Co.		190		15,529
National Fuel Gas Co.		530		27,692
New Jersey Resources Corp.		440		17,411
NextEra Energy, Inc.		11,182		819,417
NiSource, Inc.		1,200		29,400
Northwest Natural Holding Co.		300		15,756
NorthWestern Corp.		330		19,873
NRG Energy, Inc.		1,512		60,934
OGE Energy Corp.		1,175		39,539
ONE Gas, Inc.		287		21,272
Ormat Technologies, Inc.		465		32,331
Otter Tail Corp.		350		17,084
PG&E Corp. (d)		3,350		34,070
Pinnacle West Capital Corp.		716		58,691
PNM Resources, Inc.		480		23,410
Portland General Electric Co.		500		23,040
PPL Corp.		4,020		112,439
Public Service Enterprise Group, Inc.		2,830		169,064
Pure Cycle Corp. (d)		1,660		22,941
Sempra Energy		1,447		191,699
SJW Group		180		11,394
South Jersey Industries, Inc.		430		11,150
Southwest Gas Holdings, Inc.		325		21,512
Spire, Inc.		350		25,295
Sunnova Energy International, Inc. (d)		690		25,985
The AES Corp.		2,150		56,050
The Southern Co.		6,090		368,506
The York Water Co.		280		12,684
UGI Corp.		1,205		55,804
Vistra Corp.		2,077		38,528
WEC Energy Group, Inc.		1,639		145,789
Xcel Energy, Inc.		2,500		164,700
				5,576,441
Total Common Stocks (Cost $53,930,643)				237,913,676

RIGHTS - 0.0% (f)
AMR Corp., Escrow (b)(c)(d)		3,275		–
Total Rights (Cost $0)				–


Total Investments at Value - 98.3% (Cost $53,930,643)				237,913,676
Other Assets in Excess of Liabilities - 1.7%				4,107,208
Net Assets - 100.0%			$	242,020,884

Percentages are stated as a percent of net assets.

REIT Real Estate Investment Trust

(a)

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

(b)

Illiquid security. The total value of such securities is $85 as of June 30, 2021, representing 0.0% of net assets.

(c)

Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $85 as of June 30, 2021, representing 0.0% of net assets.

(d)

Non-income producing security.

(e)

This security or a partial position of this security is on loan at June 30, 2021. The total market value of securities on loan at June 30, 2021 was $1,165,720 (Note 7).

(f)

Represents less than 0.1%.

The Accompanying Footnotes are an Integral Part of these Financial Statements.

WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE INTERNATIONAL EQUITY FUND	June 30, 2021 (Unaudited)
SCHEDULE OF INVESTMENTS

	Shares		Value
COMMON STOCKS - 77.9%
Argentina - 0.7%
Mercadolibre, Inc. (a)		1,409	$	2,194,926
Australia - 2.5%
Abacus Property Group (b)		32,107		75,517
Arena Reit (b)		20,545		55,584
Asx Ltd. (b)		644		37,540
Austal Ltd. (b)		20,690		31,814
Australia & New Zealand Banking Group Ltd. (b)		1,848		38,928
Aventus Group (b)		25,268		59,680
BGP Holdings Ltd. (a)(c)(d)		4,007		–
Bhp Group Ltd. (b)		16,834		610,620
Bhp Group Plc (b)		14,212		418,907
Bingo Industries Ltd. (b)		13,296		34,204
Breville Group Ltd. (b)		2,385		53,486
Champion Iron Ltd. (a)(b)		11,791		56,389
Charter Hall Group (b)		5,116		59,172
Charter Hall Long Wale Reit (b)		41,054		145,729
Codan Ltd./Australia (b)		6,269		84,454
Collins Foods Ltd. (b)		6,283		53,937
Csl Ltd. (b)		11,320		2,421,665
Data#3 Ltd. (b)		6,120		25,750
Deterra Royalties Ltd. (b)		12,506		42,220
Emeco Holdings Ltd. (a)(b)		62,958		49,824
Goodman Group (b)		6,868		108,515
Grange Resources Ltd. (b)		216,457		96,621
Hansen Technologies Ltd. (b)		20,243		93,918
Healius Ltd. (b)		57,908		201,134
Igo Ltd. (b)		8,237		47,095
Ingenia Communities Group (b)		30,719		140,924
Inghams Group Ltd. (b)		57,242		170,815
Integral Diagnostics Ltd. (b)		7,851		30,621
Jb Hi-Fi Ltd. (b)		889		33,731
Macquarie Group Ltd. (b)		369		43,279
Medibank Pvt Ltd. (b)		60,067		142,262
Mineral Resources Ltd. (b)		2,585		104,115
Mount Gibson Iron Ltd. (b)		46,408		32,825
National Australia Bank Ltd. (b)		5,118		100,454
New Hope Corp. Ltd. (b)		109,561		142,627
Nick Scali Ltd. (b)		9,704		85,376
Nine Entertainment Co Holdings Ltd. (b)		18,587		40,679
Ooh!Media Ltd. (a)(b)		19,763		25,965
People Infrastructure Ltd. (b)		12,943		44,593
Perseus Mining Ltd. (a)(b)		44,851		49,203
Rea Group Ltd. (b)		2,524		320,076
Rio Tinto Ltd. (b)		899		85,390
Rural Funds Group (b)		20,054		39,860
Sandfire Resources Ltd. (b)		13,290		68,159
Santos Ltd. (b)		21,488		114,625
Sonic Healthcare Ltd. (b)		3,064		88,218
Stockland (b)		32,441		113,972
Super Retail Group Ltd. (b)		9,293		90,001
Telstra Corp. Ltd. (b)		15,998		45,119
The Reject Shop Ltd. (a)(b)		5,155		21,548
Vicinity Centres (b)		4,405		5,083
Virtus Health Ltd. (b)		12,654		62,622
Waypoint Reit (b)		107,129		209,706
Wesfarmers Ltd. (b)		5,368		237,815
Westpac Banking Corp. (b)		10,189		196,342
				7,788,708
Austria - 0.3%
Ams Ag (a)(b)		2,912		58,430
Andritz Ag (b)		3,738		210,039
Bawag Group Ag (b)(e)		998		53,113
Erste Group Bank Ag (b)		771		28,263
Evn Ag (b)		1,977		46,612
Oesterreichische Post Ag (b)		659		35,059
Omv Ag (b)		1,407		80,267
Palfinger Ag (b)		656		27,510
Raiffeisen Bank International Ag (b)		692		15,658
Semperit Ag Holding (b)		1,854		74,540
Telekom Austria Ag (b)		13,593		116,056
Wienerberger Ag (b)		5,811		224,207
Zumtobel Group Ag (b)		3,286		33,120
				1,002,874
Belgium - 0.3%
Aedifica Sa (b)		368		48,500
Anheuser-Busch Inbev Sa/Nv (b)		88		6,337
Bekaert Sa (b)		2,885		128,581
Cie D'Entreprises Cfe (b)		278		29,015
Intervest Offices & Warehouses Nv (b)		1,868		50,607
Kbc Group Nv (b)		7,850		597,957
Retail Estates Nv (b)		916		74,409
Telenet Group Holding Nv (b)		3,301		124,226
Tessenderlo Group Sa (a)(b)		715		30,179
				1,089,811
Bermuda - 0.0% (f)
Dht Holdings, Inc.		6,100		39,589

Brazil - 1.5%
Ambev Sa		649,900		2,229,140
Cia De Saneamento De Minas Gerais-Copasa		17,300		53,704
Cia De Saneamento Do Parana		36,400		151,929
Energisa Sa		2,800		26,098
Jbs Sa		7,800		45,776
Magazine Luiza Sa		294,100		1,250,596
Marfrig Global Foods Sa		9,700		37,366
Petroleo Brasileiro Sa (b)		15,100		92,231
QualiCorp. Consultoria E Corretora De Seguros Sa		5,100		29,582
Telefonica Brasil Sa		19,700		166,431
Tim Sa/Brazil		11,700		27,146
Vale Sa (b)		19,596		445,360
Weg Sa (b)		10,500		71,016
Yduqs Participacoes Sa		5,700		37,555
				4,663,930
Britain - 6.0%
Airtel Africa Plc (b)(e)		48,655		51,901
Alliance Pharma Plc (b)		47,235		64,835
Astrazeneca Plc (b)		1,727		207,237
Aviva Plc (b)		154,980		871,492
Bae Systems Plc (b)		9,446		68,291
Balfour Beatty Plc (b)		16,662		70,759
Barclays Plc (b)		320,414		759,934
Barratt Developments Plc (b)		9,856		94,949
Biffa Plc (a)(b)(e)		15,898		71,487
Big Yellow Group Plc (b)		2,976		53,824
Bodycote Plc (b)		5,429		63,651
Bp Plc (b)		29,877		130,577
British American Tobacco Plc (b)		1,040		40,541
Bunzl Plc (b)		1,413		46,723
Central Asia Metals Plc (b)		14,430		47,537
Centrica Plc (a)(b)		72,298		51,478
Chemring Group Plc (b)		9,627		38,285
Civitas Social Housing Plc (b)		18,972		30,295
Clipper Logistics Plc (b)		7,736		86,153
Compass Group Plc (a)(b)		5,486		115,705
Computacenter Plc (b)		4,282		152,445
Convatec Group Plc (b)(e)		20,406		67,953
Cranswick Plc (b)		2,886		158,608
Cvs Group Plc (a)(b)		1,384		46,260
De La Rue Plc (a)(b)		12,565		32,356
Dixons Carphone Plc (a)(b)		32,192		58,013
Dunelm Group Plc (b)		3,379		66,367
Emis Group Plc (b)		3,868		61,541
Endeavour Mining Plc		2,112		45,354
Enquest Plc (a)(b)		191,908		55,215
Foxtons Group Plc (a)(b)		67,799		52,849
Future Plc (b)		3,109		134,794
Greggs Plc (a)(b)		3,365		120,813
Halfords Group Plc (a)(b)		29,030		173,457
Hargreaves Lansdown Plc (b)		340		7,478
Howden Joinery Group Plc (b)		15,892		179,690
Hsbc Holdings Plc (b)		273,452		1,578,035
Imi Plc (b)		12,397		295,020
Ip Group Plc (b)		23,264		37,428
Itv Plc (a)(b)		107,608		187,273
J Sainsbury Plc (b)		449,304		1,690,364
Jd Sports Fashion Plc (b)		8,201		104,430
John Menzies Plc (a)(b)		8,178		35,305
John Wood Group Plc (a)(b)		444,882		1,357,130
Jubilee Metals Group Plc (a)(b)		110,382		28,269
Kainos Group Plc (b)		6,556		133,727
Keller Group Plc (b)		6,409		71,137
Liontrust Asset Management Plc (b)		3,252		84,533
Lloyds Banking Group Plc (b)		154,588		100,005
M&G Plc (b)		22,108		70,134
Man Group Plc/Jersey (b)		49,357		122,891
Mitie Group Plc (a)(b)		87,033		81,945
Natwest Group Plc (b)		290,337		815,812
Ncc Group Plc (b)		7,181		29,216
Newriver Reit Plc (a)(b)		40,545		48,428
Ninety One Plc (b)		30,394		92,670
Nomad Foods Ltd. (a)		2,438		68,922
Osb Group Plc (b)		4,432		28,449
Pan African Resources Plc (b)		137,529		32,815
Paypoint Plc (b)		4,360		34,155
Persimmon Plc (b)		1,005		41,197
Pets At Home Group Plc (b)		9,950		62,817
Premier Foods Plc (a)(b)		64,428		97,714
Qinetiq Group Plc (b)		17,866		85,014
Rathbone Brothers Plc (b)		1,705		42,704
Reach Plc (b)		31,007		117,915
Redde Northgate Plc (b)		19,701		108,932
Redrow Plc (b)		8,177		69,330
Renewi Plc (a)(b)		62,540		47,629
Rio Tinto Plc (b)		3,561		293,165
Rotork Plc (b)		16,331		76,917
Royal Mail Plc (a)(b)		25,003		199,963
Safestore Holdings Plc (b)		11,101		145,487
Savills Plc (b)		3,678		58,517
Senior Plc (a)(b)		11,732		24,600
Serco Group Plc (b)		50,536		94,914
Smart Metering Systems Plc (b)		2,444		29,401
Spirent Communications Plc (b)		38,165		130,214
Stagecoach Group Plc (a)(b)		75,310		85,546
Standard Chartered Plc (b)		169,883		1,082,411
Supermarket, Inc.ome Reit Plc (b)		143,372		233,084
Tate & Lyle Plc (b)		10,730		109,666
Technipfmc Plc (a)		142,732		1,291,725
Tesco Plc (b)		486,445		1,501,633
Tyman Plc (b)		11,188		69,724
Unilever Plc (b)		937		54,804
Vodafone Group Plc (b)		616,657		1,037,171
Watches Of Switzerland Group Plc (a)(b)(e)		7,904		91,425
Watkin Jones Plc (b)		19,050		56,684
Wickes Group Plc (a)(b)		6,590		22,426
Wincanton Plc (b)		5,561		33,859
				18,903,528
Canada - 5.1%
Aecon Group, Inc.		2,600		37,754
Agf Management Ltd.		17,810		114,078
Alimentation Couche-Tard, Inc.		3,100		113,912
Arc Resources Ltd.		18,400		156,599
Artis Real Estate Investment Trust		13,000		117,562
AtCo., Ltd./Canada		2,000		70,926
Bank Of Montreal		1,800		184,501
Brookfield Asset Management Reinsurance Partners Ltd. (a)		12		656
Brookfield Asset Management, Inc.		1,800		91,830
Brp, Inc.		1,100		86,076
Cae, Inc. (a)		800		24,640
Canaccord Genuity Group, Inc.		4,100		44,916
Canadian Apartment Properties Reit		2,685		125,889
Canadian Natural Resources Ltd.		500		18,151
Canadian Pacific Railway Ltd.		36,500		2,807,215
Canadian Pacific Railway Ltd.		1,300		99,965
Canadian Tire Corp. Ltd.		200		31,649
Canadian Western Bank		6,057		170,042
Canfor Corp. (a)		3,154		72,158
Ccl Industries, Inc.		1,500		82,611
Centerra Gold, Inc.		3,549		26,941
Cgi, Inc. (a)		100		9,067
Choice Properties Real Estate Investment Trust		2,600		29,973
Ci Financial Corp.		4,648		85,303
Cogeco Communications, Inc.		1,134		110,884
Constellation Software, Inc./Canada		200		302,906
Dundee Precious Metals, Inc.		6,800		41,197
Empire Co., Ltd.		6,700		211,334
Enbridge, Inc.		2,800		112,104
Enerplus Corp.		5,500		39,533
Ero Copper Corp. (a)		1,600		33,572
Extendicare, Inc.		6,500		44,623
Fairfax Financial Holdings Ltd.		500		219,264
Finning International, Inc.		8,846		231,569
Gildan Activewear, Inc.		2,600		95,937
Granite Real Estate Investment Trust		2,494		165,945
Great-West Lifeco, Inc.		100		2,970
H&R Real Estate Investment Trust		14,100		181,994
Hardwoods Distribution, Inc.		1,400		41,697
Home Capital Group, Inc. (a)		1,800		54,017
Igm Financial, Inc.		100		3,530
Imperial Oil Ltd.		500		15,239
Interfor Corp.		4,100		102,665
Karora Resources, Inc. (a)		9,950		32,027
Kirkland Lake Gold Ltd.		5,175		199,427
Labrador Iron Ore Royalty Corp.		1,400		53,048
Linamar Corp.		3,554		222,913
Lululemon Athletica, Inc. (a)		5,450		1,989,086
Magna International, Inc.		2,800		259,242
Manulife Financial Corp.		9,100		179,122
Martinrea International, Inc.		2,900		30,577
Mullen Group Ltd.		8,200		88,377
National Bank Of Canada		1,600		119,742
Onex Corp.		1,700		123,441
Open Text Corp.		900		45,704
Parkland Corp. (a)		2,000		64,634
Quebecor, Inc.		1,400		37,338
Richelieu Hardware Ltd.		5,880		190,308
Riocan Real Estate Investment Trust		3,900		69,468
Roxgold, Inc. (a)		40,952		62,439
Royal Bank Of Canada		600		60,789
Shopify, Inc. (a)		1,756		2,565,481
Shopify, Inc. (a)		100		146,246
Slate Grocery Reit		3,100		32,135
Sleep Country Canada Holdings, Inc. (e)		836		20,010
Spin Master Corp. (a)(e)		800		31,120
Stella-Jones, Inc.		1,500		54,005
Sun Life Financial, Inc.		800		41,252
Suncor Energy, Inc.		4,500		107,781
Tc Energy Corp.		400		19,794
Tfi International, Inc.		2,400		219,109
The Bank Of Nova Scotia		5,181		336,957
The North West Co, Inc.		3,544		100,608
The Toronto-Dominion Bank		2,900		203,229
Thomson Reuters Corp.		300		29,799
Tmx Group Ltd.		100		10,563
Tourmaline Oil Corp.		4,100		117,185
Transcontinental, Inc.		5,215		97,939
Trip.Com Group (a)		33,132		1,174,861
True North Commercial Real Estate Investment Trust		14,300		85,482
Uranium Participation Corp. (a)		6,200		27,359
Wesdome Gold Mines Ltd. (a)		6,529		61,940
West Fraser Timber Co., Ltd.		1,340		96,198
Yamana Gold, Inc.		5,700		24,003
				16,044,132
Chile - 0.1%
Aes Gener Sa		436,227		59,293
Engie Energia Chile Sa		62,526		46,915
Falabella Sa (b)		11,537		51,353
				157,561
China - 3.9%
21Vianet Group, Inc. (a)		98		2,249
Agile Group Holdings Ltd. (b)		32,000		41,462
Alibaba Group Holding Ltd. (a)(b)		9,948		281,855
Anhui Conch Cement Co., Ltd. (b)		23,300		123,638
Anhui Conch Cement Co., Ltd. (b)		9,369		59,535
Anta Sports Products Ltd.		5,900		138,908
Apeloa Pharmaceutical (a)(b)		1,500		6,827
Baidu, Inc. (a)		3,923		799,900
Beijing United Inf (a)(b)		800		12,378
Bgi Genomics Co., Ltd. (b)		900		16,522
Byd Co., Ltd. (b)		2,000		77,853
Byd Co., Ltd. (b)		2,500		74,772
By-Health Co., Ltd. (b)		3,900		19,862
Changzhou Xingyu A (a)(b)		700		24,454
China Construction Bank Corp. (b)		752,000		590,699
China Construction Bank Corp. (b)		22,400		23,056
China Galaxy Securities Co., Ltd.		113,300		67,563
China Galaxy Securities Co., Ltd. (b)		10,000		16,685
China Merchants Shekou Industrial Zone Holdings Co., Ltd. (b)		15,250		25,846
China Modern Dairy Holdings Ltd. (b)		159,000		35,163
China National Building Material Co., Ltd.		50,000		58,730
China National Medicines Corp. Ltd. (b)		1,800		9,212
China Reinsurance Group Corp. (b)		1,161,000		118,131
China Renaissance Holdings Ltd. (e)		15,400		46,611
China Shenhua Energy Co., Ltd. (b)		16,000		31,365
China Shenhua Energy Co., Ltd. (b)		15,400		46,533
China Shineway Pharmaceutical Group Ltd. (b)		35,000		35,883
Chongqing Changan Automobile Co., Ltd. (a)(b)		10,600		43,121
Chongqing Zhifei Biological Products Co., Ltd. (b)		2,800		80,982
Citic Ltd. (b)		17,000		18,331
Country Garden Services Holdings Co., Ltd. (b)		2,500		27,016
Daan Gene Co., Ltd. (b)		3,360		11,047
Daqo New Energy Corp. (a)		582		37,842
Dashenlin Pharmaceutical Group Co., Ltd. (b)		2,040		16,136
Dongfang Electric Corp. Ltd. (b)		5,000		8,491
Edvantage Group Holdings Ltd. (b)		26,000		26,007
Excellence Commercial Property & Facilities Management Group Ltd.		79,000		86,180
Focus Media Information Technology Co., Ltd. (b)		34,839		50,748
Friendtimes, Inc.		108,000		30,463
G-Bits Network Technology Xiamen Co., Ltd.		200		16,405
Gigadevice Semiconductor Beijing, Inc. (b)		1,600		46,502
Great Wall Motor Co., Ltd. (b)		7,400		23,893
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd. (b)		1,600		6,504
Guangzhou Kingmed Diagnostics Group Co., Ltd. (b)		1,100		27,208
Hangzhou Oxygen Plc (a)(b)		2,300		12,317
Huaxin Cement Co., Ltd. (b)		2,400		6,527
Hunan Valin Steel Co., Ltd. (b)		14,300		14,649
Industrial & Commercial Bank Of China Ltd. (b)		394,100		231,221
Intco Medical Technology Co., Ltd. (b)		800		15,462
Jh Educational Technology, Inc. (b)		60,000		19,847
Jiangsu Hengli Hydraulic Co., Ltd. (b)		3,148		41,893
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. (b)		2,300		13,576
Jiugui Liquor Co., Ltd. (b)		724		28,661
Jnby Design Ltd. (b)		38,500		68,431
Kwg Group Holdings Ltd. (b)		49,500		66,306
Lens Technology Co., Ltd. (b)		9,000		40,977
Livzon Pharmaceutical Group, Inc. (b)		1,500		11,612
Logan Group Co., Ltd. (b)		10,000		14,966
Longi Green Energy Technology Co., Ltd. (b)		3,220		44,218
Lonking Holdings Ltd.		167,000		53,987
Lufax Holding Ltd. (a)		6,682		75,507
Luzhou Laojiao Co., Ltd. (b)		800		29,229
Mango Excellent Media Co., Ltd. (b)		4,100		43,542
Nanji E-Commerce Co., Ltd. (b)		4,000		6,050
Perfect World Co., Ltd./China (b)		4,500		16,656
Petrochina Co., Ltd. (b)		688,000		336,735
Petrochina Co., Ltd. (b)		8,900		7,298
Pinduoduo, Inc. (a)		1,334		169,445
Powerlong Real Estate Holdings Ltd.		56,000		48,107
Qudian, Inc. (a)		20,300		48,923
Saic Motor Corp. Ltd. (b)		17,968		61,041
Sany Heavy Industry Co., Ltd. (b)		200		900
S-Enjoy Service Group Co., Ltd. (b)		26,000		79,032
Sg Micro Corp. (a)(b)		300		11,738
Shaanxi Coal Industry Co., Ltd. (b)		3,000		5,505
Shanghai Fosun Pha (a)(b)		700		7,818
Shanghai Haohai Biological Technology Co., Ltd. (b)(e)		4,400		54,008
Shanghai Jahwa United Co., Ltd. (b)		1,600		14,894
Shanghai Pharmaceuticals Holding Co., Ltd. (b)		800		1,741
Shanghai Pharmaceuticals Holding Co., Ltd. (b)		4,500		14,699
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (b)		2,355		175,039
Shenzhen Sc New Energy Technology Corp. (b)		700		12,552
Shenzhou International Group Holdings Ltd. (b)		69,100		1,745,329
Sinopharm Group Co., Ltd. (b)		7,200		21,422
Sinotruk Hong Kong Ltd. (b)		27,000		57,866
Sungrow Power Supply Co., Ltd. (b)		3,700		65,922
Tangshan Jidong Cement Co., Ltd. (b)		900		1,720
Tbea Co., Ltd. (b)		3,000		5,969
Ten Pao Group Holdings Ltd. (b)		160,000		43,219
Tencent Holdings Ltd. (b)		30,005		2,256,950
Tianneng Power International Ltd.		24,000		41,977
Tingyi Cayman Islands Holding Corp. (b)		61,800		123,372
Tsingtao Brewery Co., Ltd. (b)		4,900		52,709
Want Want China Holdings Ltd. (b)		261,300		185,101
Weichai Power Co., Ltd. (b)		14,200		39,293
Will Semiconductor Co., Ltd. Shanghai (b)		1,400		69,817
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd. (b)		4,900		18,218
Wuxi Biologics Cayman, Inc. (a)(b)(e)		118,119		2,164,979
Xiamen C & D, Inc. (b)		6,700		8,400
Yangzijiang Shipbuilding Holdings Ltd. (b)		50,100		52,670
Yutong Bus Co., Ltd. (b)		5,200		10,052
Zhejiang Sanhua Intelligent Controls Co., Ltd. (b)		5,900		21,904
Zhongsheng Group Holdings Ltd. (b)		4,000		33,282
Zoomlion Heavy Industry Science And Technology Co., Ltd. (b)		52,200		54,661
Zoomlion Heavy Industry Science And Technology Co., Ltd. (b)		16,400		23,461
				12,345,970
Czech - 0.3%
Cez As (b)		33,012		979,357

Denmark - 2.6%
Ap Moller - Maersk A/S (b)		779		2,240,248
Ap Moller - Maersk A/S (b)		20		55,578
Carlsberg As (b)		4		747
Chemometec A/S (b)		581		78,387
Coloplast A/S (b)		638		104,739
D/S Norden A/S (b)		6,583		209,342
Danske Bank A/S (b)		34,767		611,205
Demant A/S (a)(b)		248		14,000
Dsv Panalpina A/S (b)		11,875		2,768,722
Genmab A/S (a)(b)		9		3,671
Gn Store Nord As (b)		1,354		118,567
Jyske Bank A/S (a)(b)		2,540		122,855
Netcompany Group A/S (b)(e)		811		92,380
Novo Nordisk A/S (b)		9,649		807,255
Pandora A/S (b)		2,319		312,480
Per Aarsleff Holding A/S (b)		1,530		68,902
Ringkjoebing Landbobank A/S (b)		509		51,617
Royal Unibrew A/S (b)		902		114,989
Scandinavian Tobacco Group A/S (b)(e)		11,942		244,151
Schouw & Co A/S (b)		770		84,606
Solar A/S (b)		526		45,704
				8,150,145
Egypt - 0.0% (f)
Palm Hills Developments Sae (b)		527,384		59,842
Telecom Egypt Co (b)		64,983		55,687
				115,529
Finland - 1.0%
Kemira Oyj (b)		9,876		155,578
Kesko Oyj (b)		255		9,420
Kone Oyj (b)		3,777		308,156
Nokia Oyj (a)(b)		286,150		1,532,361
Nordea Bank Abp (b)		17,946		199,681
Orion Oyj (b)		550		23,643
Sampo Oyj (b)		5,043		231,912
Terveystalo Oyj (b)(e)		2,259		30,538
Tokmanni Group Corp. (b)		4,136		114,428
Uponor Oyj (b)		6,503		188,602
Valmet Oyj (b)		5,423		236,620
				3,030,939
France - 5.0%
Akwel (b)		782		22,809
Amundi Sa (b)(e)		18,253		1,608,112
Axa Sa (b)		3,037		76,939
Biosynex (b)		1,141		30,309
Bouygues Sa (b)		10,017		370,808
Bureau Veritas Sa (a)(b)		3,911		123,783
Cie De Saint-Gobain (b)		2,931		193,249
Cie Generale Des Etablissements Michelin Sca (b)		13,373		2,134,360
Coface Sa (a)(b)		4,076		49,347
Constellium Se (a)		2,000		37,900
Elis Sa (a)(b)		3,219		60,712
Eurobio Scientific Sa (a)(b)		1,573		33,695
Hermes International (b)		245		357,221
Ipsen Sa (b)		211		21,952
Ipsos (b)		742		31,294
Jacquet Metals Saca (b)		2,470		57,156
Klepierre Sa (b)		2,494		64,293
Legrand Sa (b)		1,050		111,199
L'Oreal Sa (b)		117		52,172
Lvmh Moet Hennessy Louis Vuitton Se (b)		4,060		3,187,770
Mercialys Sa (b)		4,827		58,466
Mersen Sa (a)(b)		1,397		54,440
Natixis Sa (b)		13,827		65,563
Nexans Sa (b)		656		59,812
Nexity Sa (b)		2,032		101,647
Pernod Ricard Sa (b)		6,560		1,456,044
Publicis Groupe Sa (b)		12,581		805,093
Rexel Sa (b)		129,068		2,701,171
Rothschild & Co (b)		813		31,579
Sanofi (b)		1,126		117,988
Schneider Electric Se (b)		270		42,502
Scor Se (a)(b)		12,608		401,060
Societe Bic Sa (b)		994		69,104
Technip Energies Nv (a)		32,330		440,981
Television Francaise 1 (b)		3,202		32,375
Thales Sa (b)		623		63,599
Totalenergies Se (b)		5,137		233,052
Verallia Sa (b)(e)		2,273		84,276
Vicat Sa (b)		1,313		63,468
Virbac Sa (b)		395		135,374
				15,642,674
Georgia - 0.0% (f)
Bank Of Georgia Group Plc (a)(b)		2,063		38,368
Tbc Bank Group Plc (a)(b)		3,199		51,322
				89,690
Germany - 2.6%
Adesso Se (b)		218		36,517
Allianz Se (b)		882		219,914
Atoss Software Ag (b)		275		60,792
Aurubis Ag (b)		373		34,576
Basf Se (b)		28,392		2,237,340
Bayer Ag (b)		288		17,494
Bayerische Motoren Werke Ag (b)		2,718		287,932
Bet-At-Home.Com Ag (b)		821		36,992
Cewe Stiftung & Co Kgaa (b)		898		139,087
Covestro Ag (b)(e)		28,809		1,860,893
Daimler Ag (b)		2,270		202,779
Dermapharm Holding Se (b)		1,403		111,868
Freenet Ag (b)		1,918		45,335
Fresenius Medical Care Ag & Co Kgaa (b)		9,882		820,883
Gerresheimer Ag (b)		438		48,428
Hannover Rueck Se (b)		79		13,217
Hellofresh Se (a)(b)		3,955		384,524
Hornbach Baumarkt Ag (b)		2,573		113,231
Hornbach Holding Ag & Co Kgaa (b)		2,239		255,156
Kloeckner & Co. Se (a)(b)		2,703		37,086
Knorr-Bremse Ag (b)		598		68,820
Muenchener Rueckversicherungs-Gesellschaft Ag In Muenchen (b)		202		55,337
Prosiebensat.1 Media Se (b)		2,137		42,517
Salzgitter Ag (a)(b)		1,096		32,576
Sap Se (b)		2,264		319,444
Secunet Security Networks Ag (b)		69		30,684
Siemens Ag (b)		2,559		405,472
Sirius Real Estate Ltd. (b)		45,974		70,386
Suess Microtec Se (a)(b)		2,225		73,080
Varta Ag (b)		197		30,381
Volkswagen Ag (b)		367		120,471
				8,213,212
Gibraltar - 0.1%
888 Holdings Plc (b)		30,379		161,497

Greece - 0.0% (f)
FF Group (a)(c)(d)		2,880		–
National Bank Of Greece Sa (a)(b)		9,878		28,141
				28,141
Guernsey - 0.0% (f)
Shanta Gold Ltd. (b)		187,082		41,799

Hong Kong - 1.9%
Aia Group Ltd.		230,365		2,863,133
Alibaba Health Information Technology Ltd. (a)(b)		70,800		157,032
Bosideng International Holdings Ltd. (b)		204,000		145,827
Brilliance China Automotive Holdings Ltd.		658,000		847
China Resources Land Ltd. (b)		6,000		24,304
China Water Affairs Group Ltd. (b)		58,000		44,671
Ck Asset Holdings Ltd.		2,000		13,807
Cp Pokphand Co., Ltd. (b)		550,000		60,211
First Pacific Co., Ltd. (b)		82,000		27,987
Fse Lifestyle Services Ltd. (b)		60,000		48,299
Futu Holdings Ltd. (a)		32		5,731
Galaxy Entertainment Group Ltd. (a)(b)		81,000		648,399
Geely Automobile Holdings Ltd. (b)		5,000		15,702
Hang Seng Bank Ltd. (b)		10,100		201,638
Henderson Land Development Co., Ltd. (b)		13,200		62,563
Jardine Matheson Holdings Ltd. (b)		1,600		102,351
Johnson Electric Holdings Ltd. (b)		20,000		51,614
K Wah International Holdings Ltd. (b)		69,000		33,504
Pax Global Technology Ltd. (b)		90,000		103,516
Perfect Medical Health Management Ltd. (b)		116,000		140,143
Shenzhen Investment Ltd. (b)		280,000		86,191
Shimao Group Holdings Ltd.		21,500		52,723
Sitc International Holdings Co., Ltd. (b)		54,000		225,697
Sun Art Retail Group Ltd.		263,500		196,158
Sun Hung Kai Properties Ltd. (b)		2,000		29,803
Tai Hing Group Holdings Ltd. (b)		200,000		56,413
Techtronic Industries Co., Ltd. (b)		8,500		148,760
Vinda International Holdings Ltd.		24,000		73,877
Vstecs Holdings Ltd. (b)		30,000		24,229
Water Oasis Group Ltd. (b)		220,000		34,451
Yuexiu Property Co., Ltd. (b)		190,800		201,019
				5,880,600
Hungary - 0.0% (f)
Magyar Telekom Telecommunications Plc (b)		27,341		39,389

India - 1.9%
Amara Raja Batteries Ltd. (b)		4,840		48,556
Apl Apollo Tubes Ltd. (a)(b)		3,679		80,546
Apollo Tyres Ltd. (a)(b)		15,714		47,637
Bajaj Auto Ltd. (a)(b)		608		33,819
Bajaj Consumer Care Ltd. (b)		18,367		70,718
Colgate-Palmolive India Ltd. (b)		682		15,478
Container Corp. Of India Ltd. (b)		623		5,857
Coromandel International Ltd. (b)		2,461		29,870
Escorts Ltd. (b)		6,175		101,404
Ghcl Ltd. (b)		9,075		33,153
Granules India Ltd. (b)		9,314		41,710
Gujarat Gas Ltd. (b)		20,044		178,401
Hdfc Bank Ltd. (a)		26,700		1,952,304
Heg Ltd. (a)(b)		1,446		42,674
Heidelbergcement India Ltd. (b)		11,212		38,126
Hindustan Petroleum Corp. Ltd. (b)		26,648		105,253
Icici Bank Ltd. (a)(b)		39,310		334,231
Icici Securities Ltd. (b)(e)		7,820		67,502
Indian Energy Exchange Ltd. (b)(e)		14,406		72,827
Indian Oil Corp. Ltd. (b)		71,991		104,569
Iol Chemicals And Pharmaceuticals Ltd. (b)		5,660		46,330
Ipca Laboratories Ltd. (b)		1,643		44,823
Irb Infrastructure Developers Ltd. (b)		47,097		102,329
Jindal Saw Ltd. (b)		27,593		43,545
Laurus Labs Ltd. (b)(e)		14,103		130,790
Mahanagar Gas Ltd. (b)		5,850		89,495
Marksans Pharma Ltd. (b)		39,968		46,313
Ntpc Ltd. (b)		139,835		219,253
Oil & Natural Gas Corp. Ltd. (b)		65,032		103,472
Page Industries Ltd. (b)		215		85,465
Polyplex Corp. Ltd. (b)		6,481		121,144
Power Grid Corp. Of India Ltd. (b)		28,469		89,027
Ptc India Ltd. (b)		82,603		115,256
Rec Ltd. (b)		34,534		69,092
Redington India Ltd. (a)(b)		14,491		52,244
Repco Home Finance Ltd. (b)		10,232		51,306
Shree Cement Ltd. (a)(b)		31		11,486
State Bank Of India (b)		55,000		310,700
Tata Consultancy Services Ltd. (b)		795		35,820
Tata Steel Ltd. (b)		8,628		135,770
TheGreat Eastern Shipping Co., Ltd. (b)		14,141		74,079
Thyrocare Technologies Ltd. (b)(e)		2,223		39,303
Trident Ltd./India (b)		291,689		64,219
Tube Investments Of India Ltd. (b)		2,072		32,643
Ultratech Cement Ltd. (b)		135		12,320
Vaibhav Global Ltd. (a)(b)		7,595		81,646
Vedanta Ltd. (b)		37,760		133,643
Wipro Ltd. (b)		4,076		29,956
Wns Holdings Ltd. (a)		2,369		189,212
Yes Bank Ltd. (a)(b)		154,554		28,199
				5,993,515
Indonesia - 0.1%
Adaro Energy Tbk Pt (b)		307,000		25,514
Bank Mandiri Persero Tbk Pt (b)		43,600		17,705
Bank Negara Indonesia Persero Tbk Pt (b)		174,400		55,603
Erajaya Swasembada Tbk Pt (b)		1,062,000		50,539
Japfa Comfeed Indonesia Tbk Pt (b)		584,500		69,739
Link Net Tbk Pt (b)		174,300		51,690
Puradelta Lestari Tbk Pt (b)		2,336,200		30,865
Tower Bersama Infrastructure Tbk Pt (b)		86,800		19,216
				320,871
Ireland - 1.9%
Accenture Plc		7,000		2,063,530
Experian Plc (b)		74,876		2,888,494
Icon Plc (a)		4,530		936,396
James Hardie Industries Plc (b)		1,502		51,014
Keywords Studios Plc (a)(b)		1,211		41,759
Udg Healthcare Plc (b)		6,972		103,118
				6,084,311
Isle Of Man - 0.0% (f)
Playtech Plc (a)(b)		6,585		38,730

Israel - 0.3%
Ashtrom Group Ltd. (b)		2,231		50,684
Danel Adir Yeoshua Ltd. (b)		495		103,711
Delek Group Ltd. (a)(b)		518		34,733
Elbit Systems Ltd. (b)		721		93,356
ElCo., Ltd. (b)		802		47,732
Electra Consumer Products 1970 Ltd. (b)		2,705		155,443
Fox Wizel Ltd. (b)		507		58,081
Israel Discount Bank Ltd. (a)(b)		39,937		190,178
Matrix It Ltd. (b)		1,413		38,205
Maytronics Ltd. (b)		4,486		93,457
Plus500 Ltd. (b)		3,786		69,921
				935,501
Italy - 1.6%
Anima Holding Spa (b)(e)		12,263		61,115
Azimut Holding Spa (b)		3,417		83,008
Banca Generali Spa (a)(b)		5,885		251,685
Banca Monte Dei Paschi Di Siena Spa (a)(b)		21,641		29,647
Banca Popolare Di Sondrio Scpa (b)		9,350		40,530
Banca Sistema Spa (a)(b)(e)		12,097		29,465
Banco Bpm Spa (b)		42,289		135,919
Bper Banca (b)		36,626		79,794
Buzzi Unicem Spa (b)		2,886		76,765
Credito Emiliano Spa (b)		5,764		34,491
Danieli & C Officine Meccaniche Spa (b)		2,924		50,434
De' Longhi Spa (b)		1,592		69,481
Digital Bros Spa (b)		1,123		32,992
Enel Spa (b)		114,311		1,062,094
Eni Spa (b)		5,882		71,761
Esprinet Spa (b)		2,793		49,096
Ferrari Nv (b)		10,531		2,173,858
Gruppo Mutuionline Spa (b)		761		36,272
Gvs Spa (b)(e)		5,313		87,002
Hera Spa (b)		21,250		87,827
Intesa Sanpaolo Spa (b)		38,363		105,884
Reply Spa (b)		450		73,959
Tinexta Spa (b)		1,053		41,117
Unieuro Spa (b)(e)		3,695		107,181
				4,871,377
Japan - 9.8%
Adeka Corp. (b)		3,300		61,629
Advantest Corp. (b)		200		17,932
Afc-Hd Ams Life Science Co., Ltd. (b)		3,200		28,969
Aichi Steel Corp. (b)		1,800		49,396
Ajinomoto Co, Inc. (b)		200		5,191
Ardepro Co., Ltd. (b)		69,400		37,475
Astena Holdings Co., Ltd. (b)		8,600		49,253
Benesse Holdings, Inc. (b)		1,400		34,809
Bunka Shutter Co., Ltd. (b)		4,300		42,875
Canon, Inc. (b)		700		15,829
Casio Computer Co., Ltd. (b)		4,500		75,196
Cawachi Ltd. (b)		5,600		113,466
Chodai Co., Ltd. (b)		2,200		37,894
Conexio Corp. (b)		2,300		31,048
Credit Saison Co., Ltd. (b)		14,500		175,921
CresCo., Ltd. (b)		4,500		77,182
Cti Engineering Co., Ltd. (b)		2,900		59,239
Cyberagent, Inc. (b)		3,000		64,447
Cybernet Systems Co., Ltd. (b)		4,700		30,452
Daihen Corp. (b)		1,400		58,263
Dai-Ichi Life Holdings, Inc. (b)		13,400		245,244
Daikin Industries Ltd. (b)		600		111,691
Dainichiseika Color & Chemicals Manufacturing Co., Ltd. (b)		3,100		63,933
Daito Trust Construction Co., Ltd. (b)		900		98,393
Dcm Holdings Co., Ltd. (b)		17,000		161,866
Digital Holdings, Inc. (b)		1,500		30,378
Earth Corp. (b)		2,700		156,775
Eizo Corp. (b)		900		40,210
Ej Holdings, Inc. (b)		5,600		53,245
Electric Power Development Co., Ltd. (b)		3,100		44,237
Exedy Corp. (b)		7,900		115,792
Fanuc Corp. (b)		200		48,210
Fidea Holdings Co., Ltd. (b)		23,200		25,210
Fuji Corp./Miyagi (b)		3,000		34,718
Fukuoka Financial Group, Inc. (b)		30,100		523,345
Fumakilla Ltd. (b)		2,700		35,545
Futaba Industrial Co., Ltd. (b)		6,300		29,647
Gakkyusha Co., Ltd. (b)		2,400		29,591
Gmo Internet, Inc. (b)		2,600		70,828
Godo Steel Ltd. (b)		4,500		66,974
Halows Co., Ltd. (b)		2,400		59,308
Hankyu Hanshin Reit, Inc. (b)		21		30,440
Hanwa Co., Ltd. (b)		8,000		231,040
Hikari Tsushin, Inc. (b)		300		52,671
Hitachi Ltd. (b)		6,500		372,001
Hitachi Metals Ltd. (a)(b)		39,300		751,494
Hitachi Zosen Corp. (b)		25,300		163,712
Hogy Medical Co., Ltd. (b)		1,300		39,797
Hokkaido Electric Power Co, Inc. (b)		19,600		88,387
Hokuetsu Corp. (b)		21,900		113,691
Hokuriku Electric Power Co (b)		6,800		37,086
Honda Motor Co., Ltd. (b)		64,200		2,058,220
Hoosiers Holdings (b)		4,500		28,912
Hoshizaki Corp. (b)		1,800		152,905
Hoya Corp. (b)		1,200		159,047
Ichigo Hotel Reit Investment Corp. (b)		131		113,996
Iida Group Holdings Co., Ltd. (b)		2,100		54,038
Iino Kaiun Kaisha Ltd. (b)		11,300		44,547
Inpex Corp. (b)		39,100		293,037
Isb Corp. (b)		2,500		34,738
Iseki & Co., Ltd. (a)(b)		3,500		46,609
Isuzu Motors Ltd. (b)		66,900		887,340
Itfor, Inc. (b)		9,400		67,930
Itochu Techno-Solutions Corp. (b)		200		6,195
Itoham Yonekyu Holdings, Inc. (b)		9,600		61,772
Jaccs Co., Ltd. (b)		2,500		58,486
Japan Communications, Inc. (a)(b)		24,200		45,542
Japan Logistics Fund, Inc. (b)		16		48,110
Japan Petroleum Exploration Co., Ltd. (b)		4,000		72,009
Japan Securities Finance Co., Ltd. (b)		14,500		105,562
Japan Tobacco, Inc. (b)		100		1,889
Jgc Holdings Corp. (b)		3,200		29,820
Jsp Corp. (b)		4,200		60,312
Juki Corp. (b)		11,800		84,190
Jvckenwood Corp. (b)		36,100		76,984
Kaga Electronics Co., Ltd. (b)		3,400		91,107
Kajima Corp. (b)		10,500		132,938
Kandenko Co., Ltd. (b)		27,900		217,554
Kddi Corp. (b)		1,800		56,123
Keyence Corp. (b)		3,780		1,906,797
Kfc Holdings Japan Ltd. (b)		2,700		68,809
Kintetsu World Express, Inc. (b)		7,500		158,150
Kojima Co., Ltd. (b)		4,600		31,438
Komatsu Ltd. (b)		65,700		1,632,370
Komeri Co., Ltd. (b)		1,900		44,763
K'S Holdings Corp. (b)		3,200		36,775
Kureha Corp. (b)		1,000		57,780
Kyoei Steel Ltd. (b)		5,200		67,705
Kyokuyo Co., Ltd. (b)		3,100		80,905
Lasertec Corp. (b)		9,500		1,842,275
Life Corp. (b)		1,600		50,754
Macnica Fuji Electronics Holdings, Inc. (b)		6,200		148,999
Marubeni Corp. (b)		5,200		45,198
Maruha Nichiro Corp. (b)		1,600		33,994
Mcj Co., Ltd. (b)		3,700		41,231
Medipal Holdings Corp. (b)		1,400		26,734
Megachips Corp. (b)		2,400		68,778
Meiwa Estate Co., Ltd. (b)		11,900		65,652
Mimasu Semiconductor Industry Co., Ltd. (b)		5,100		125,223
Mirai Corp. (b)		383		178,961
Mitsubishi Heavy Industries Ltd. (b)		2,200		64,697
Mitsubishi Research Institute, Inc. (b)		1,900		67,481
Mitsui & Co., Ltd. (b)		27,300		614,255
Mitsui-Soko Holdings Co., Ltd. (b)		4,900		111,396
Miyaji Engineering Group, Inc. (b)		1,400		28,853
Mos Food Services, Inc. (b)		1,400		38,239
Ms&Ad Insurance Group Holdings, Inc. (b)		20,500		591,788
Nafco Co., Ltd. (b)		4,400		79,461
Nintendo Co., Ltd. (b)		500		290,920
Nippon Commercial Development Co., Ltd. (b)		3,500		54,837
Nippon Electric Glass Co., Ltd. (b)		3,100		72,798
Nippon Systemware Co., Ltd. (b)		2,300		47,009
Nippon Telegraph & Telephone Corp. (b)		22,500		586,092
Nipro Corp. (b)		12,800		151,231
Nishi-Nippon Financial Holdings, Inc. (b)		14,900		84,519
Nishio Rent All Co., Ltd. (b)		1,700		47,411
Nissan Chemical Corp. (b)		1,200		58,731
Nitto Denko Corp. (b)		3,800		283,412
Nojima Corp. (b)		1,000		24,709
Nok Corp. (b)		6,000		74,167
Nomura Holdings, Inc. (b)		8,700		44,193
Nomura Real Estate Holdings, Inc. (b)		7,800		197,810
Nomura Research Institute Ltd. (b)		5,201		172,115
Ns United Kaiun Kaisha Ltd. (b)		2,500		54,472
Okamura Corp. (b)		8,000		107,963
Open House Co., Ltd. (b)		2,300		108,115
Organo Corp. (b)		500		27,991
Oriental Shiraishi Corp. (a)(b)		35,600		89,107
Osaka Soda Co., Ltd. (b)		2,000		43,718
Otsuka Holdings Co., Ltd. (b)		2,300		95,350
Oyo Corp. (b)		3,700		41,534
Panasonic Corp. (b)		155,441		1,797,822
Prima Meat Packers Ltd. (b)		1,900		51,378
Recruit Holdings Co., Ltd. (b)		1,900		93,491
Relia, Inc. (b)		6,600		80,596
Renesas Electronics Corp. (a)(b)		2,400		25,965
Resona Holdings, Inc. (b)		150,900		578,484
Resorttrust, Inc. (b)		3,300		53,864
Restar Holdings Corp. (b)		4,000		67,887
Ride On Express Holdings Co., Ltd. (b)		2,500		32,139
Sakata Inx Corp. (b)		5,000		45,393
Sanei Architecture Planning Co., Ltd. (b)		5,500		98,857
Sankyo Tateyama, Inc. (b)		4,000		30,795
Scsk Corp. (b)		2,000		119,141
Secom Co., Ltd. (b)		500		37,993
Seikagaku Corp. (b)		3,300		32,246
Seven & I Holdings Co., Ltd. (b)		1,800		85,804
Shimadzu Corp. (b)		6,500		251,185
Shimano, Inc. (b)		1,800		426,822
Shin Nippon Biomedical Laboratories Ltd. (b)		12,100		89,183
Shinoken Group Co., Ltd. (b)		2,900		31,815
Shionogi & Co., Ltd. (b)		900		46,904
Sky Perfect Jsat Holdings, Inc. (b)		42,900		156,351
Softbank Corp. (b)		1,500		19,621
Softbank Group Corp. (b)		400		28,012
Softcreate Holdings Corp. (b)		1,700		39,037
Sony Group Corp. (b)		2,600		252,338
Starts Proceed Investment Corp. (b)		77		167,756
Sumitomo Corp. (b)		11,900		159,206
Sumitomo Mitsui Financial Group, Inc. (b)		29,400		1,011,793
Sumitomo Mitsui Trust Holdings, Inc. (b)		1,100		34,816
Sumitomo Riko Co., Ltd. (b)		4,900		31,829
Sumitomo Rubber Industries Ltd. (b)		8,900		122,771
Sumitomo Seika Chemicals Co., Ltd. (b)		700		22,677
Suzuki Motor Corp. (b)		7,800		329,914
T&D Holdings, Inc. (b)		29,400		382,005
Taisei Corp. (b)		2,600		85,098
Taiyo Holdings Co., Ltd. (b)		500		23,646
Takamatsu Construction Group Co., Ltd. (b)		2,700		49,131
Takara Leben Co., Ltd. (b)		19,700		59,567
Takara Leben Real Estate Investment Corp. (b)		60		67,120
Takasho Co., Ltd. (b)		3,900		28,988
The 77 Bank Ltd. (b)		4,100		44,792
The Aichi Bank Ltd. (b)		3,500		87,502
The Chiba Kogyo Bank Ltd. (b)		10,500		24,604
The Juroku Bank Ltd. (b)		3,400		59,744
The Nisshin Oillio Group Ltd. (b)		4,100		113,279
The Oita Bank Ltd. (b)		1,300		19,674
The Yamanashi Chuo Bank Ltd. (b)		4,600		33,488
Toa Corp./Tokyo (b)		4,300		95,261
Tokyo Electron Device Ltd. (b)		1,600		78,732
Tokyo Electron Ltd. (b)		600		258,325
Tokyo Tekko Co., Ltd. (b)		3,400		47,363
Tokyotokeiba Co., Ltd. (b)		2,900		118,341
Topy Industries Ltd. (b)		2,500		29,153
Towa Pharmaceutical Co., Ltd. (b)		1,700		41,364
Toyo Kanetsu Kk (b)		1,300		28,821
Toyo Seikan Group Holdings Ltd. (b)		8,300		113,274
Toyobo Co., Ltd. (b)		3,400		40,681
Toyota Motor Corp. (b)		4,000		349,190
Trend Micro, Inc./Japan (b)		1,200		62,876
Tsukuba Bank Ltd. (b)		27,900		43,372
Ube Industries Ltd. (b)		4,100		82,823
Uchida Yoko Co., Ltd. (b)		1,100		48,702
United Urban Investment Corp. (b)		4		5,785
Unitika Ltd. (a)(b)		20,800		65,877
Uss Co., Ltd. (b)		3,800		66,261
Valqua Ltd. (b)		1,700		33,243
Warabeya Nichiyo Holdings Co., Ltd. (b)		2,500		48,752
Will Group, Inc. (b)		5,900		53,831
Yamada Holdings Co., Ltd. (b)		11,100		51,245
Yamaha Motor Co., Ltd. (b)		200		5,434
Yokogawa Bridge Holdings Corp. (b)		1,900		35,985
Yokohama Reito Co., Ltd. (b)		6,000		47,626
Zozo, Inc. (b)		5,000		169,973
				30,704,315
Jersey - 0.0% (f)
Centamin Plc (b)		54,095		75,939

Luxembourg - 0.2%
Arcelormittal Sa (b)		3,390		104,066
Aroundtown Sa (b)		11,178		87,088
Sword Group (b)		1,328		60,172
Tenaris Sa (b)		18,697		204,734
				456,060
Malaysia - 0.2%
Astro Malaysia Holdings Bhd (b)		166,300		46,089
Frencken Group Ltd. (b)		141,400		197,002
Hartalega Holdings Bhd (b)		66,300		117,355
Hengyuan Refining Co Bhd (b)		41,300		48,158
Kossan Rubber Industries (b)		49,700		38,532
Lotte Chemical Titan Holding Bhd (b)(e)		101,100		67,753
Sime Darby Bhd (b)		39,000		20,481
Supermax Corp. Bhd (b)		57,900		45,999
Uchi Technologies Bhd (b)		54,900		40,373
Vs Industry Bhd (b)		151,500		50,446
				672,188
Malta - 0.1%
Angler Gaming Plc (a)(c)(d)		14,904		43,538
Kindred Group Plc (b)		8,111		127,178
				170,716
Mauritius - 0.0% (f)
Capital Ltd. (b)		88,034		90,225

Mexico - 0.1%
Arca Continental Sab De Cv (b)		17,100		98,959
Bolsa Mexicana De Valores Sab De Cv		12,600		27,812
Grupo Cementos De Chihuahua Sab De Cv (b)		10,000		80,400
Qualitas Controladora Sab De Cv		8,300		38,869
				246,040
Netherlands - 3.5%
Adyen Nv (a)(b)(e)		655		1,600,765
Akzo Nobel Nv (b)		780		96,389
Asml Holding Nv (b)		1,546		1,064,421
Asml Holding Nv		3,750		2,590,650
Asr Nederland Nv (b)		3,832		147,954
Boskalis Westminster (b)		1,780		57,140
Eurocommercial Properties Nv (b)		5,521		137,385
Flow Traders (b)(e)		1,380		59,360
Forfarmers Nv (b)		10,037		59,285
Heijmans Nv (b)		4,019		61,390
Ing Groep Nv (b)		129,229		1,709,652
Koninklijke Ahold Delhaize Nv (b)		13,843		411,581
Koninklijke Bam Groep Nv (a)(b)		17,187		47,764
Koninklijke Kpn Nv (b)		37,112		115,941
Nn Group Nv (b)		936		44,116
Ordina Nv (b)		14,811		66,448
Pharming Group Nv (a)(b)		30,886		35,130
Randstad Nv (b)		4,718		361,091
Royal Dutch Shell Plc (b)		8,661		174,046
Royal Dutch Shell Plc (b)		4,012		77,955
Royal Dutch Shell Plc (b)		91,689		1,849,784
Signify Nv (b)(e)		787		49,788
				10,818,035
New Zealand - 0.1%
Fisher & Paykel Healthcare Corp. Ltd. (b)		5,342		116,196
Pushpay Holdings Ltd. (a)(b)		60,997		76,807
				193,003
Norway - 0.2%
Arcticzymes Technologies Asa (a)(b)		4,709		50,416
Atea Asa (b)		2,637		51,351
Avance Gas Holding Ltd. (b)(e)		6,359		28,573
Europris Asa (b)(e)		9,658		60,579
Kongsberg Gruppen Asa (b)		1,186		30,548
Norsk Hydro Asa (b)		48,796		311,709
Norwegian Finans Holding Asa (b)		6,254		70,432
Sparebank 1 Nord Norge (b)		4,776		47,365
Veidekke Asa (b)		2,030		27,163
				678,136
Peru - 0.0% (f)
Southern Copper Corp.		761		48,947

Philippines - 0.0% (f)
Metropolitan Bank & Trust Co (b)		21,500		21,446
Nickel Asia Corp. (b)		299,300		33,778
				55,224
Poland - 0.1%
Asseco Poland Sa (b)		1,443		29,201
Budimex Sa (b)		582		42,745
Enea Sa (a)(b)		23,053		51,428
Grupa Azoty Sa (a)(b)		4,356		37,707
Inpost Sa (a)(b)		113		2,270
Santander Bank Polska Sa (a)(b)		1,692		112,855
Tauron Polska Energia Sa (a)(b)		139,872		122,562
Warsaw Stock Exchange (b)		2,389		29,847
				428,615
Portugal - 0.1%
Banco Comercial Portugues Sa (a)(b)		292,049		46,709
Sonae Sgps Sa (b)		118,438		112,400
				159,109
Qatar - 0.0% (f)
Qatar Islamic Bank Saq (b)		6,575		31,224

Republic of Korea - 0.0% (f)
Hybe Co., Ltd. (a)(b)		28		7,270

Russia - 0.8%
Lukoil Pjsc		16,488		1,516,896
Mmc Norilsk Nickel (a)(b)		392		132,747
Novolipetsk Steel Pjsc (b)		56,950		178,964
Phosagro Pjsc (b)		2,591		56,428
Rostelecom Pjsc (a)(b)		106,154		148,317
Severstal Pao (b)		9,951		213,468
Tatneft Pjsc (b)		25,316		184,247
				2,431,067
Saudi Arabia - 0.1%
Al Hammadi Co For Development And Investment (b)		3,164		33,389
Dar Al Arkan Real Estate Development Co (a)(b)		5,763		16,217
Saudi Industrial Investment Group (b)		8,563		79,943
Saudi Kayan Petrochemical Co (a)(b)		3,713		17,882
				147,431
Singapore - 1.0%
Aem Holdings Ltd. (b)		12,900		36,771
Aims Apac Reit (b)		43,200		47,238
Bw Energy Ltd. (a)(b)		14,748		44,898
Bw Lpg Ltd. (b)(e)		7,711		49,812
Comfortdelgro Corp. Ltd. (b)		49,900		60,946
Cse Global Ltd. (b)		93,500		36,868
Dbs Group Holdings Ltd. (b)		54,550		1,210,517
Igg, Inc. (b)		23,000		30,394
Isdn Holdings Ltd. (b)		111,700		60,780
Japfa Ltd. (b)		149,100		91,565
Keppel Dc Reit (b)		20,200		37,442
Oversea-Chinese Banking Corp. Ltd. (b)		1,000		8,894
Riverstone Holdings Ltd./Singapore (b)		19,000		17,378
Sheng Siong Group Ltd. (b)		72,400		85,085
Singapore Exchange Ltd. (b)		17,700		147,346
Ums Holdings Ltd. (b)		35,000		39,698
Wilmar International Ltd. (b)		280,800		941,104
Xp Power Ltd. (b)		675		52,103
				2,998,839
South Africa - 0.5%
African Rainbow Minerals Ltd. (b)		5,025		89,938
Anglo American Platinum Ltd. (b)		1,546		178,656
Impala Platinum Holdings Ltd. (b)		6,473		106,973
Imperial Logistics Ltd. (b)		11,694		38,836
Investec Ltd. (b)		35,724		136,380
Investec Plc (b)		47,186		188,367
Kap Industrial Holdings Ltd. (a)(b)		94,677		27,379
Kumba Iron Ore Ltd. (b)		2,491		111,718
Mr Price Group Ltd. (b)		6,559		96,651
Multichoice Group (b)		7,059		58,032
Royal Bafokeng Platinum Ltd. (b)		7,033		50,248
Shoprite Holdings Ltd. (b)		12,824		139,566
Sibanye Stillwater Ltd. (b)		45,462		190,221
Vodacom Group Ltd. (b)		6,085		54,864
				1,467,829
South Korea - 3.0%
Afreecatv Co., Ltd. (b)		561		59,289
Ahnlab, Inc. (b)		586		37,325
Bnk Financial Group, Inc. (b)		21,211		145,578
Daewoo Engineering & Construction Co., Ltd. (a)(b)		3,872		27,394
Db Hitek Co., Ltd. (b)		1,072		59,426
Db Insurance Co., Ltd. (b)		689		33,531
Dgb Financial Group, Inc. (b)		9,839		81,267
Dl Construction Co., Ltd. (b)		3,353		106,462
Dongwha Pharm Co., Ltd. (b)		2,970		41,281
Dongwon Industries Co., Ltd. (b)		340		79,391
Doubleugames Co., Ltd. (b)		453		24,018
Global Standard Technology Co., Ltd. (b)		2,322		56,505
Golfzon Co., Ltd. (b)		427		51,231
Gs Holdings Corp. (b)		1,801		74,017
Hana Financial Group, Inc. (b)		21,866		893,284
Hankook Tire & Technology Co., Ltd. (b)		3,531		162,140
Hansol Chemical Co., Ltd. (b)		371		80,833
Hanwha Aerospace Co., Ltd. (b)		772		32,228
Hanwha General Insurance Co., Ltd. (a)(b)		11,184		48,378
Hanwha Life Insurance Co., Ltd. (b)		14,071		46,918
Hanyang Eng Co., Ltd. (b)		1,659		26,378
Hmm Co., Ltd. (a)(b)		1,050		40,942
Humedix Co., Ltd. (b)		1,676		52,893
Hyundai Engineering & Construction Co., Ltd. (b)		1,314		68,043
Hyundai Steel Co (b)		936		44,621
Insun Ent Co., Ltd. (a)(b)		3,703		43,576
I-Sens, Inc. (b)		1,074		29,044
Jb Financial Group Co., Ltd. (b)		5,186		34,681
Kakao Corp. (b)		872		126,190
Kgmobilians Co., Ltd. (b)		3,027		28,597
Kia Corp. (b)		3,573		284,355
Kiwoom Securities Co., Ltd. (b)		246		28,625
Korea Asset In Trust Co., Ltd. (b)		35,043		149,234
Korean Reinsurance Co (b)		15,440		134,985
Kt Skylife Co., Ltd. (b)		6,104		58,208
Kumho Petrochemical Co., Ltd. (b)		711		138,314
Kyung Dong Navien Co., Ltd. (b)		700		43,578
Lf Corp. (b)		1,796		32,462
Lg Chem Ltd. (b)		5		3,775
Lg Corp. (b)		722		65,728
Lg Hausys Ltd. (b)		1,933		169,215
Lg Innotek Co., Ltd. (b)		700		138,658
Lotte Chemical Corp. (b)		182		42,432
Meritz Securities Co., Ltd. (b)		10,500		44,131
Mom'S Touch&Co (b)		8,113		33,393
Osstem Implant Co., Ltd. (b)		370		37,362
Posco (b)		7,963		2,450,514
Samsung Card Co., Ltd. (b)		955		29,056
Samsung Electronics Co., Ltd. (b)		13,979		1,001,950
Seegene, Inc. (a)(b)		1,422		104,385
Shinhan Financial Group Co., Ltd. (b)		34,039		1,225,959
Silicon Works Co., Ltd. (b)		920		99,377
Sk Gas Ltd. (b)		1,079		117,212
Sunjin Co., Ltd. (b)		1,874		29,451
The Nature Holdings Co., Ltd. (b)		574		37,832
Tokai Carbon Korea Co., Ltd. (b)		271		48,527
Tse Co., Ltd. (b)		533		27,723
Woori Financial Group, Inc. (b)		4,266		43,363
Worldex Industry & Trading Co., Ltd. (b)		1,770		38,991
Youngone Corp. (b)		881		34,686
				9,328,942
Spain - 1.0%
Amadeus It Group Sa (a)(b)		22,300		1,568,273
Banco Bilbao Vizcaya Argentaria Sa (b)		35,402		220,248
Caixabank Sa (b)		229,138		704,087
Endesa Sa (b)		1,327		32,192
Faes Farma Sa (b)		18,439		73,592
Gestamp Automocion Sa (a)(b)(e)		15,130		80,206
Grupo Catalana Occidente Sa (b)		1,893		73,069
Industria De Diseno Textil Sa (b)		9,298		327,631
Liberbank Sa (b)		93,437		34,305
Pharma Mar Sa (b)		309		27,799
Repsol Sa (b)		7,989		100,209
Telefonica Sa (b)		6,252		29,213
				3,270,824
Sweden - 2.5%
Academedia Ab (b)(e)		11,534		108,920
Alfa Laval Ab (b)		4,526		159,939
Assa Abloy Ab (b)		2,675		80,595
Atlas Copco Ab (b)		30,050		1,840,926
Bergs Timber Ab (b)		40,413		24,464
Betsson Ab (a)(b)		7,008		57,167
Bilia Ab (b)		6,610		140,073
Biogaia Ab (b)		564		31,373
Biotage Ab (b)		2,218		52,507
Boliden Ab (b)		214		8,231
Bufab Ab (b)		1,010		27,976
Bulten Ab (b)		3,494		41,975
Epiroc Ab (a)(b)		1,178		26,845
Evolution Ab (b)(e)		9,350		1,478,143
Fastighets Ab Balder (a)(b)		39		2,447
Ferronordic Ab (b)		1,876		49,430
Fortnox Ab (b)		2,042		100,450
G5 Entertainment Ab (b)		757		46,500
Getinge Ab (b)		2,041		77,008
Humana Ab (a)(b)		3,322		26,088
Husqvarna Ab (b)		6,372		84,707
Intrum Ab (b)		917		30,029
Inwido Ab (b)		10,006		173,104
Know It Ab (b)		1,845		60,476
Leovegas Ab (b)(e)		12,386		55,024
Lime Technologies Ab (b)		1,496		56,931
Lindab International Ab (b)		3,097		72,294
Loomis Ab (b)		2,793		87,382
Lundin Energy Ab (b)		8,654		307,054
Ncc Ab (b)		4,911		83,858
New Wave Group Ab (a)(b)		8,422		106,880
Nibe Industrier Ab (a)(b)		1,272		13,389
Nobina Ab (b)(e)		16,280		147,842
Nordic Waterproofing Holding Ab (b)		2,442		52,744
Note Ab (a)(b)		4,906		66,049
Nyfosa Ab (b)		5,157		69,670
Pricer Ab (b)		18,235		67,516
Saab Ab (b)		996		26,441
Sandvik Ab (b)		21,031		537,303
Svenska Handelsbanken Ab (b)		4,319		48,709
Swedbank Ab (b)		14,133		262,794
Swedencare Ab (a)(b)		3,040		40,861
Swedish Match (a)(b)		28,132		239,945
Telefonaktiebolaget Lm Ericsson (b)		29,216		367,394
Tethys Oil Ab (a)(b)		8,090		55,291
Thule Group Ab (b)(e)		3,553		157,565
Vitrolife Ab (b)		1,962		81,571
				7,733,880
Switzerland - 5.6%
Adecco Group Ag (b)		448		30,450
Alcon, Inc. (b)		25,230		1,767,282
Bachem Holding Ag (b)		538		318,789
Belimo Holding Ag (a)(b)		67		30,645
Bellevue Group Ag (b)		1,679		72,589
Cie Financiere Richemont Sa (b)		96		11,623
Credit Suisse Group Ag (b)		40,678		425,745
Dormakaba Holding Ag (b)		84		57,258
Ferrexpo Plc (b)		14,776		87,673
Gam Holding Ag (a)(b)		11,288		24,525
Geberit Ag (b)		745		559,027
Holcim Ltd. (b)		12,355		741,257
Interroll Holding Ag (b)		12		47,613
Kuehne + Nagel International Ag (b)		578		197,839
Lem Holding Sa (b)		22		46,127
Logitech International Sa (b)		1,646		199,488
Lonza Group Ag (b)		2,730		1,935,277
Nestle Sa (b)		20,010		2,491,952
Novartis Ag (b)		981		89,413
Partners Group Holding Ag (b)		115		174,279
Roche Holding Ag (b)		7,469		2,814,847
Schindler Holding Ag (b)		403		123,299
Sgs Sa (b)		9		27,764
Siegfried Holding Ag (b)		63		59,076
Sika Ag (b)		6,800		2,223,490
Sonova Holding Ag (b)		2,109		793,620
Stmicroelectronics Nv (b)		11,525		418,381
Tecan Group Ag (b)		442		219,112
Ubs Group Ag (b)		99,404		1,522,023
V-Zug Holding Ag (a)(b)		244		37,567
Zehnder Group Ag (b)		1,716		163,654
				17,711,684
Taiwan - 4.9%
Acer, Inc. (b)		141,000		148,275
Ase Technology Holding Co., Ltd.		18,000		72,355
Asrock, Inc. (b)		6,000		41,516
Asustek Computer, Inc. (b)		23,000		306,790
Catcher Technology Co., Ltd. (b)		136,000		888,844
Cathay Financial Holding Co., Ltd. (b)		103,000		199,074
Cheng Loong Corp. (b)		37,000		64,406
Cheng Shin Rubber Industry Co., Ltd. (b)		31,000		52,014
Chicony Power Technology Co., Ltd. (b)		24,000		62,338
China General Plastics Corp. (b)		55,000		74,448
Chung Hung Steel Corp. (a)(b)		58,000		127,397
Compal Electronics, Inc. (b)		163,000		130,751
Ctbc Financial Holding Co., Ltd. (b)		113,000		91,886
Da Cin Construction Co., Ltd. (b)		72,000		89,540
Dimerco Express Corp. (b)		11,269		54,128
Eclat Textile Co., Ltd. (b)		10,200		240,269
Everlight Electronics Co., Ltd. (b)		49,000		92,680
Feng Hsin Steel Co., Ltd. (b)		42,000		122,474
Formosan Rubber Group, Inc. (b)		87,000		77,325
Foxsemicon Integrated Technology, Inc.		3,000		25,680
Fubon Financial Holding Co., Ltd. (b)		3,000		7,942
Gigabyte Technology Co., Ltd. (b)		31,000		119,605
Global Mixed Mode Technology, Inc. (b)		7,000		59,109
Global Unichip Corp. (b)		3,000		44,529
Grand Pacific Petrochemical (a)(b)		48,000		51,517
Greatek Electronics, Inc. (b)		52,000		147,065
Hannstar Display Corp. (a)(b)		38,000		30,141
Ho Tung Chemical Corp. (a)(b)		198,000		87,052
Hon Hai Precision Industry Co., Ltd. (b)		667,461		2,683,020
Ibf Financial Holdings Co., Ltd. (b)		81,000		47,928
International Games System Co., Ltd. (b)		3,000		90,393
Ite Technology, Inc. (b)		33,000		144,048
Kuo Yang Construction Co., Ltd. (b)		111,914		116,282
Lotes Co., Ltd.		5,000		104,800
Mediatek, Inc. (b)		11,600		400,510
Micro-Star International Co., Ltd. (b)		33,000		186,326
Nantex Industry Co., Ltd. (b)		26,000		133,789
Nanya Technology Corp. (b)		45,000		128,721
Nien Made Enterprise Co., Ltd. (b)		9,400		139,532
Novatek Microelectronics Corp. (b)		20,700		370,724
Pegavision Corp.		8,000		173,423
Pou Chen Corp. (b)		16,000		22,585
Quanta Computer, Inc. (b)		55,000		172,723
Realtek Semiconductor Corp. (b)		19,400		351,620
Shin Foong Specialty & Applied Materials Co., Ltd.		6,000		62,234
Shining Building Business Co. Ltd. (a)(b)		107,000		45,498
Shiny Chemical Industrial Co., Ltd.		19,000		85,922
Silicon Motion Technology Corp.		500		32,050
Sitronix Technology Corp. (b)		9,000		101,104
Sonix Technology Co., Ltd. (b)		39,000		131,438
Taita Chemical Co., Ltd. (b)		25,000		39,080
Taiwan Semiconductor Manufacturing Co., Ltd. (b)		119,600		2,554,042
Taiwan Semiconductor Manufacturing Co., Ltd.		24,700		2,967,952
Topco Scientific Co., Ltd. (b)		7,000		31,404
Txc Corp. (b)		36,000		162,799
Upc Technology Corp. (b)		44,000		42,928
Vanguard International Semiconductor Corp. (b)		22,000		92,967
Winbond Electronics Corp. (b)		24,000		29,929
Yfy, Inc. (b)		188,000		308,061
				15,462,982
Thailand - 0.4%
Ap Thailand Pcl (b)		568,700		148,312
Hana Microelectronics Pcl (b)		25,800		57,445
Mega Lifesciences Pcl (b)		49,000		58,554
Polyplex Thailand Pcl (b)		89,900		72,986
Pruksa Holding Pcl (b)		102,400		44,131
Quality Houses Pcl (b)		331,100		23,567
Rs Pcl (a)(b)		74,414		53,247
Sansiri Pcl (b)		2,403,200		99,870
Sc Asset Corp. Pcl (b)		422,600		40,902
The Siam Commercial Bank Pcl (b)		193,500		592,283
United Paper Pcl (b)		73,608		48,540
				1,239,837
Turkey - 0.2%
Akbank Tas (b)		649,930		395,181
Aksa Akrilik Kimya Sanayii As (b)		22,794		39,319
Aksa Enerji Uretim As (a)(b)		53,936		71,593
Haci Omer Sabanci Holding As (b)		94,813		97,069
Koza Altin Isletmeleri As (a)(b)		2,967		39,894
Koza Anadolu Metal Madencilik Isletmeleri As (a)(b)		24,080		39,219
Logo Yazilim Sanayi Ve Ticaret As (b)		5,752		21,935
Vestel Elektronik Sanayi Ve Ticaret As (a)(b)		11,637		40,491
Yatas Yatak Ve Yorgan Sanayi Ve Ticaret As (b)		15,229		22,801
				767,502
United Arab Emirates - 0.3%
Abu Dhabi Commercial Bank Pjsc (b)		464,336		868,817
Abu Dhabi Islamic Bank Pjsc (b)		56,208		83,862
Dubai Islamic Bank Pjsc (b)		69,170		90,816
				1,043,495
United Kingdom - 0.6%
Travis Perkins (a)(b)		79,669		1,862,668

United States - 2.9%
Aon Plc		5,220		1,246,327
Epam Systems, Inc. (a)		3,250		1,660,620
Mettler-Toledo International, Inc. (a)		1,396		1,933,935
Parade Technologies Ltd.		2,000		99,417
Resmed, Inc.		10,400		2,563,808
Steris Plc		7,650		1,578,195
				9,082,302
Total Common Stocks (Cost $175,963,787)				244,232,634

PREFERRED STOCKS - 0.8%
Brazil - 0.2%
Alpargatas Sa (a)		5,700		57,392
Cia De Saneamento Do Parana (b)		103,800		87,234
Cia Energetica De Minas Gerais		36,013		87,901
Cia Paranaense De Energia (b)		113,900		135,110
Petroleo Brasileiro Sa (b)		28,700		169,818
Unipar Carbocloro Sa (b)		2,500		49,957
				587,412
Germany - 0.6%
Bayerische Motoren Werke Ag (b)		2,199		197,646
Draegerwerk Ag & Co Kgaa (b)		598		56,592
Einhell Germany Ag (b)		210		40,675
Sartorius Ag (b)		19		9,891
Sto Se & Co Kgaa (b)		148		32,291
Volkswagen Ag (b)		6,932		1,738,372
				2,075,467
Total Preferred Stocks (Cost $2,688,162)				2,662,879

		Par Value
U.S. TREASURY OBLIGATIONS - 0.5%
U.S. Treasury Notes - 0.5%
0.125%, due 05/31/23 (b)		144,000		143,707
0.125%, due 06/30/23 (b)		39,000		38,903
0.250%, due 06/15/24 (b)		494,000		490,990
0.250%, due 10/31/25 (b)		59,000		57,682
0.875%, due 06/30/26 (b)		753,000		752,647
1.250%, due 06/30/28 (b)		5,000		5,008
1.125%, due 02/15/31 (b)		27,000		26,215
1.625%, due 05/15/31 (b)		43,000		43,665
Total U.S. Treasury Obligations (Cost $1,559,601)				1,558,817

AGENCY MORTGAGE-BACKED OBLIGATIONS - 0.1%
Freddie Mac Multifamily Structured Pass Through Certificates
Series K-108, 1.810%, due 03/25/30 (b)(g)		499,943		64,316
Series K-1501, 0.540%, due 04/25/30 (b)(g)		2,772,908		76,404
Series K-110, 1.815%, due 04/25/30 (b)(g)		499,295		63,572
Series K-118, 1.054%, due 09/25/30 (b)(g)		998,691		76,617
Total Agency Mortgage-Backed Obligations (Cost $258,610)				280,909

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 2.3%
Alen 2021-ACEN Mortgage Trust
Series 2021-ACEN, 2.323%, due 04/15/38 (1 Month U.S. LIBOR + 2.250%) (b)(e)		200,000		200,062
BBCMS 2018-TALL Mortgage Trust
Series 2018-TALL, 0.795%, due 03/15/37 (1 Month U.S. LIBOR + 0.722%) (b)(e)		200,000		198,750
BBCMS Trust
Series 2021-AGW, 1.323%, due 06/16/36 (1 Month U.S. LIBOR + 1.250%) (b)(e)		500,000		500,312
BX Commercial Mortgage Trust 2020-VKNG
Series 2020-VKNG, 1.473%, due 10/15/37 (1 Month U.S. LIBOR + 1.400%) (b)(e)		100,000		100,126
CIM Trust 2021-J1
Series 2021-J1, 2.500%, due 03/25/51 (b)(e) (g)		481,365		489,487
CIM Trust 2021-J3
Series 2021-J3, 2.500%, due 06/25/51 (b)(e) (g)		598,929		602,672
Citigroup Commercial Mortgage Trust 2016-P4
Series 2016-P4, 4.128%, due 07/12/49 (b)(g)		186,000		193,250
GS Mortgage Securities Trust 2018-HART
Series 2018-HART, 1.170%, due 10/15/31 (1 Month U.S. LIBOR + 1.090%) (b)(e)		190,000		190,119
GSCG Trust 2019-600C
Series 2019-600C, 2.936%, due 09/12/34 (b)(e)		200,000		209,110
J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-ICON
Series A, 3.884%, due 01/06/34 (b)(e)		150,000		156,880
JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5
Series B, 5.611%, due 08/17/46 (b)(e) (g)		235,000		234,875
JP Morgan Mortgage Trust 2017-2
Series 2017-2, 3.500%, due 05/25/47 (b)(e) (g)		101,846		103,904
JP MORGAN MORTGAGE TRUST 2018-5
Series 2018-5, 3.500%, due 10/25/48 (b)(e) (g)		237,794		242,279
JP Morgan Mortgage Trust 2019-1
Series 2019-1, 4.000%, due 05/25/49 (b)(e) (g)		36,656		37,281
JP Morgan Mortgage Trust 2019-3
Series 2019-3, 4.000%, due 09/25/49 (b)(e) (g)		10,218		10,351
JP Morgan Mortgage Trust 2019-INV3
Series 2019-INV3, 3.500%, due 05/25/50 (b)(e) (g)		265,208		270,543
JP Morgan Mortgage Trust 2020-2
Series 2020-2, 3.500%, due 07/25/50 (b)(e) (g)		171,793		175,040
JP Morgan Mortgage Trust 2021-7
Series TR, 2.500%, due 11/25/51 (b)(e) (g)		298,737		301,724
JP Morgan Trust 2015-3
Series 2015-3, 3.500%, due 05/25/45 (b)(e) (g)		118,172		120,006
JPMBB Commercial Mortgage Securities Trust 2013-C12
Series B, 4.235%, due 07/17/45 (b)(g)		182,000		191,123
Mello Warehouse Securitization Trust 2020-1
Series 2020-1, 1.242%, due 10/27/53 (1 Month U.S. LIBOR + 1.150%) (b)(e)		150,000		151,179
Morgan Stanley Capital I Trust 2016-BNK2
Series C, 4.030%, due 11/18/49 (b)(g)		200,000		204,105
PSMC 2020-3 Trust
Series 2020-3, 3.000%, due 11/25/50 (b)(e) (g)		126,770		129,133
Ready Capital Mortgage Financing 2021-FL5 LLC
Series 2021-FL5, 1.842%, due 04/25/38 (1 Month U.S. LIBOR + 1.750%) (b)(e)		400,000		400,124
Sequoia Mortgage Trust 2013-3
Series 2013-3, 2.500%, due 03/25/43 (b)(g)		126,628		127,713
Sequoia Mortgage Trust 2016-3
Series 2016-3, 3.000%, due 11/25/46 (b)(e) (g)		128,855		129,369
Sequoia Mortgage Trust 2018-8
Series 2018-8, 4.000%, due 11/25/48 (b)(e) (g)		162,543		164,917
Sequoia Mortgage Trust 2019-CH2
Series 2019-CH2, 4.500%, due 08/25/49 (b)(e) (g)		16,806		17,140
Sequoia Mortgage Trust 2019-CH3
Series 2019-CH3, 4.000%, due 10/25/49 (b)(e) (g)		26,179		26,763
Sequoia Mortgage Trust 2020-4
Series 2020-4, 2.500%, due 11/25/50 (b)(e) (g)		200,000		200,138
Sequoia Mortgage Trust 2021-1
Series A-7, 2.500%, due 03/25/51 (b)(e) (g)		400,000		406,375
Shellpoint Co-Originator Trust 2016-1
Series 2016-1, 3.500%, due 11/25/46 (b)(e) (g)		65,816		65,919
SLG Office Trust 2021-OVA
Series 2021-OVA, 2.585%, due 07/15/41 (b)(e)		220,000		229,214
Wells Fargo Commercial Mortgage Trust 2021-FCMT
Series A, 1.273%, due 05/15/31 (1 Month U.S. LIBOR + 1.200%) (b)(e)		100,000		100,240
Wells Fargo Mortgage Backed Securities 2020-RR1 Trust
Series A-1, 3.000%, due 05/25/50 (1 Month U.S. LIBOR + 0.000%) (b)(e) (g)		224,641		228,516
WFRBS Commercial Mortgage Trust 2014-C21
Series 2014-C21, 4.213%, due 08/16/47 (b)(g)		207,000		219,661
Total Non - Agency Mortgage-Backed Obligations (Cost $7,344,044)				7,328,400

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS - 0.1%
BANK 2020-BNK30
Series 2020-BNK30, 1.443%, due 12/17/53 (b)(g)		994,527		96,271
Benchmark 2020-B19 Mortgage Trust
Series 2020-B19, 1.891%, due 09/17/53 (b)(g)		998,412		109,048
DBJPM 20-C9 Mortgage Trust
Series 2020-C9, 1.831%, due 08/15/53 (b)(g)		789,083		80,942
Total Non - Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $296,631)				286,261

ASSET BACKED SECURITIES - 1.7%
American Airlines 2016-2 Class AA Pass Through Trust
Series 2016-2, 3.200%, due 12/15/29 (b)		55,090		55,788
AmeriCredit Automobile Receivables Trust 2021-2
Series TR, 1.010%, due 01/19/27 (b)		100,000		100,556
Arbor Realty Collateralized Loan Obligation Ltd.
Series B, 1.700%, due 05/15/36 (1 Month U.S. LIBOR + 1.600%) (b)(e)		450,000		451,050
Commonbond Student Loan Trust 2018-C-GS
Series A-1, 3.870%, due 02/25/46 (b)(e)		169,239		174,761
Exeter Automobile Receivables Trust 2020-3
Series 2020-3, 1.320%, due 07/15/25 (b)		200,000		201,769
FedEx Corp 2020-1 Class AA Pass Through Trust
Series 2020-1AA, 1.875%, due 08/20/35 (b)		285,166		282,260
Helios Issuer LLC
Series A, 2.980%, due 06/20/47 (b)(e)		257,045		268,290
Laurel Road Prime Student Loan Trust 2020-A
Series 1.40000, 1.400%, due 11/25/50 (b)(e)		300,000		296,572
Loanpal Solar Loan 2020-2 Ltd.
Series A, 2.750%, due 07/20/47 (b)(e)		258,635		268,442
Marlette Funding Trust 2021-1
Series C, 1.410%, due 06/16/31 (b)(e)		200,000		199,544
Mosaic Solar Loan Trust 2020-2
Series 2020-2, 1.440%, due 08/20/46 (b)(e)		125,936		124,357
Navient Private Education Refi Loan Trust 2020-G
Series A, 1.170%, due 09/15/69 (b)(e)		208,795		209,734
Navient Private Education Refi Loan Trust 2021-A
Series A, 0.840%, due 05/15/69 (b)(e)		126,941		126,698
Oscar US Funding XII LLC
Series A-4, 1.000%, due 04/10/28 (b)(e)		200,000		202,197
PFS Financing Corp.
Series 2021-A, 0.710%, due 04/15/26 (b)(e)		100,000		99,632
Santander Consumer Auto Receivables Trust 2021-A
Series 2021-A, 1.030%, due 11/16/26 (b)(e)		150,000		148,697
Santander Drive Auto Receivables Trust 2020-3
Series B, 0.690%, due 03/17/25 (b)		100,000		100,304
Series C, 1.120%, due 01/15/26 (b)		200,000		201,142
Santander Drive Auto Receivables Trust 2021-2
Series C, 0.900%, due 06/15/26 (b)		100,000		99,876
SMB Private Education Loan Trust 2020-PTB
Series 1.60000, 1.600%, due 09/15/54 (b)(e)		350,000		352,325
Sofi Consumer Loan Program 2018-1 Trust
Series B, 3.650%, due 02/25/27 (b)(e)		101,729		103,099
SoFi Consumer Loan Program 2020-1 Trust
Series B, 2.250%, due 01/25/29 (b)(e)		400,000		406,448
Sofi Professional Loan Program 2017-C LLC
Series A-1, 0.692%, due 07/25/40 (1 Month U.S. LIBOR + 0.600%) (b)(e)		127,131		127,215
Sofi Professional Loan Program 2018-B Trust
Series 3.34000, 3.340%, due 08/25/47 (b)(e)		157,092		161,138
Tesla Auto Lease Trust 2019-A
Series 2019-A, 2.680%, due 01/20/23 (b)(e)		250,000		255,752
United Airlines 2014-2 Class A Pass Through Trust
Series A, 3.750%, due 03/03/28 (b)		42,808		45,143
Vivint Solar Financing VII LLC
Series LLC, 2.210%, due 07/30/51 (b)(e)		195,065		197,255
Volvo Financial Equipment LLC
Series A-4, 0.600%, due 03/15/28 (b)(e)		150,000		150,912
Westlake Automobile Receivables Trust 2020-3
Series B, 0.780%, due 11/17/25 (b)(e)		200,000		200,699
Total Asset Backed Securities (Cost $5,589,053)				5,611,655

COLLATERALIZED LOAN OBLIGATIONS - 1.6%
Aimco CLO 11 Ltd.
Series LTD, 1.564%, due 10/15/31 (3 Month U.S. LIBOR + 1.380%) (b)(e)		500,000		500,910
Apidos CLO XXIII
Series XXIII, 1.404%, due 04/15/33 (3 Month U.S. LIBOR + 1.220%) (b)(e)		400,000		400,160
Bardot CLO Ltd.
Series 2019, 1.834%, due 10/22/32 (3 Month U.S. LIBOR + 1.650%) (b)(e)		400,000		400,868
Barings CLO Ltd 2020-I
Series LTD, 1.584%, due 10/15/32 (3 Month U.S. LIBOR + 1.400%) (b)(e)		400,000		400,471
Benefit Street Partners CLO XIX Ltd.
Series A, 1.534%, due 01/18/33 (3 Month U.S. LIBOR + 1.350%) (b)(e)		400,000		400,884
Betony CLO 2 Ltd.
Series 2018, 1.266%, due 04/30/31 (3 Month U.S. LIBOR + 1.080%) (b)(e)		250,000		249,998
CIFC Funding 2020-III Ltd.
Series 2020-3, 1.788%, due 10/20/31 (3 Month U.S. LIBOR + 1.600%) (b)(e)		400,000		400,544
Dryden 78 CLO Ltd.
Series LTD, 1.370%, due 04/18/33 (3 Month U.S. LIBOR + 1.180%) (b)(e)		500,000		499,609
Marble Point CLO XIV Ltd.
Series FLT, 1.468%, due 01/20/32 (3 Month U.S. LIBOR + 1.280%) (b)(e)		490,000		490,145
Octagon Investment Partners 48 Ltd.
Series A, 1.688%, due 10/20/31 (3 Month U.S. LIBOR + 1.500%) (b)(e)		400,000		400,396
OHA Credit Funding 4 Ltd.
Series A-1, 1.552%, due 10/22/32 (3 Month U.S. LIBOR + 1.330%) (b)(e)		400,000		400,595
Sound Point CLO XXVII Ltd.
Series 2020-27, 1.876%, due 10/27/31 (3 Month U.S. LIBOR + 1.700%) (b)(e)		400,000		400,685
Total Collateralized Loan Obligations (Cost $4,925,430)				4,945,265

CORPORATE BONDS - 3.9%
Australia - 0.1%
Scentre Group Trust 1 / Scentre Group Trust 2
3.625%, due 01/28/26 (b)(e)		182,000		199,073
Britain - 0.2%
Astrazeneca Plc
0.700%, due 04/08/26 (b)		94,000		91,456
Bat International Finance Plc
1.668%, due 03/25/26 (b)		165,000		165,024
Bp Capital Markets Plc
3.535%, due 11/04/24 (b)		122,000		132,828
Royalty Pharma Plc
0.750%, due 09/02/23 (b)(e)		66,000		66,071
1.750%, due 09/02/27 (b)(e)		67,000		65,823
				521,202
Canada - 0.1%
Brookfield Finance, Inc.
2.724%, due 04/15/31 (b)		165,000		168,965
Royal Bank Of Canada
1.200%, due 04/27/26 (b)		100,000		99,791
The Bank Of Nova Scotia
2.700%, due 08/03/26 (b)		182,000		194,002
				462,758
Cayman Islands - 0.0% (f)
Xlit Ltd.
4.450%, due 03/31/25 (b)		80,000		89,695
Guernsey - 0.0% (f)
Credit Suisse Group Guernsey Vii Ltd. CVRT
3.000%, due 11/12/21 (b)(e)		14,000		17,074
Japan - 0.1%
Mitsubishi Ufj Financial Group, Inc.
3.761%, due 07/26/23 (b)		77,000		82,071
Nissan Motor Co. Ltd.
4.810%, due 09/17/30 (b)(e)		80,000		90,008
				172,079
United States - 3.4%
3M Co.
2.000%, due 02/14/25 (b)		102,000		106,198
Abbvie, Inc.
3.800%, due 03/15/25 (b)		140,000		152,799
Aflac, Inc.
3.250%, due 03/17/25 (b)		100,000		108,013
Alabama Power Co.
1.450%, due 09/15/30 (b)		110,000		104,792
Altria Group, Inc.
3.400%, due 05/06/30 (b)		102,000		107,655
Amazon.Com, Inc.
1.500%, due 06/03/30 (b)		146,000		142,972
Ameren Illinois Co.
3.800%, due 05/15/28 (b)		87,000		98,338
American Honda Finance Corp.
1.200%, due 07/08/25 (b)		81,000		81,416
American International Group, Inc.
3.900%, due 04/01/26 (b)		162,000		180,377
American Tower Corp.
5.000%, due 02/15/24 (b)		76,000		84,228
Amgen, Inc.
3.200%, due 11/02/27 (b)		132,000		143,764
Amphenol Corp.
2.800%, due 02/15/30 (b)		107,000		112,987
Apple, Inc.
1.200%, due 02/08/28 (b)		100,000		98,514
Assurant, Inc.
4.200%, due 09/27/23 (b)		77,000		82,516
At&T, Inc.
2.750%, due 06/01/31 (b)		160,000		165,684
Bank Of America Corp.
4.125%, due 01/22/24 (b)		214,000		232,876
4.000%, due 01/22/25 (b)		82,000		89,781
1.734%, due 07/22/27 (SOFR Rate + 0.960%) (b)(g)		200,000		201,139
2.496%, due 02/13/31 (3 Month U.S. LIBOR + 0.990%) (b)(g)		194,000		197,720
Broadcom, Inc.
4.150%, due 11/15/30 (b)		260,000		291,384
Carrier Global Corp.
2.722%, due 02/15/30 (b)		215,000		222,632
Caterpillar Financial Services Corp.
2.850%, due 05/17/24 (b)		104,000		110,739
Charter Communications Operating Llc / Charter Communications Operating Capital
4.464%, due 07/23/22 (b)		64,000		66,252
Citigroup, Inc.
0.981%, due 05/01/25 (SOFR Rate + 0.669%) (b)(g)		150,000		149,796
4.450%, due 09/29/27 (b)		88,000		100,271
Constellation Brands, Inc.
3.700%, due 12/06/26 (b)		102,000		113,420
Cvs Health Corp.
3.875%, due 07/20/25 (b)		270,000		297,920
1.750%, due 08/21/30 (b)		160,000		153,266
Duke Energy Corp.
3.150%, due 08/15/27 (b)		156,000		168,366
Ecolab, Inc.
4.800%, due 03/24/30 (b)		70,000		85,554
Eli Lilly & Co.
7.125%, due 06/01/25 (b)		100,000		122,810
Entergy Corp.
0.900%, due 09/15/25 (b)		110,000		108,452
Enterprise Products Operating Llc
2.800%, due 01/31/30 (b)		80,000		84,208
Equinix, Inc.
1.250%, due 07/15/25 (b)		145,000		145,341
Exxon Mobil Corp.
2.275%, due 08/16/26 (b)		109,000		114,935
Firstenergy Corp.
4.400%, due 07/15/27 (b)		159,000		172,832
General Electric Co.
3.450%, due 05/01/27 (b)		109,000		119,881
Global Payments, Inc.
2.650%, due 02/15/25 (b)		90,000		94,744
Hca, Inc.
4.125%, due 06/15/29 (b)		113,000		127,266
Johnson & Johnson
0.950%, due 09/01/27 (b)		100,000		98,055
1.300%, due 09/01/30 (b)		100,000		97,034
Jpmorgan Chase & Co.
2.776%, due 04/25/23 (3 Month U.S. LIBOR + 0.935%) (b)(g)		187,000		190,515
3.875%, due 09/10/24 (b)		211,000		229,467
1.578%, due 04/22/27 (SOFR Rate + 0.885%) (b)(g)		150,000		150,272
2.522%, due 04/22/31 (SOFR Rate + 2.040%) (b)(g)		390,000		398,217
Keurig Dr Pepper, Inc.
4.417%, due 05/25/25 (b)		77,000		86,453
Kinder Morgan Energy Partners Lp
3.450%, due 02/15/23 (b)		77,000		79,984
Kite Realty Group Lp
4.000%, due 10/01/26 (b)		109,000		117,243
Microsoft Corp.
2.400%, due 08/08/26 (b)		213,000		227,000
Morgan Stanley
2.188%, due 04/28/26 (SOFR Rate + 1.990%) (b)(g)		257,000		266,210
0.985%, due 12/10/26 (SOFR Rate + 0.720%) (b)(g)		160,000		157,564
1.593%, due 05/04/27 (SOFR Rate + 0.879%) (b)(g)		200,000		200,612
Mplx Lp
4.875%, due 12/01/24 (b)		81,000		90,315
2.650%, due 08/15/30 (b)		59,000		59,516
Nextera Energy Capital Holdings, Inc.
3.150%, due 04/01/24 (b)		81,000		85,961
Oracle Corp.
2.950%, due 04/01/30 (b)		231,000		242,712
O'Reilly Automotive, Inc.
3.600%, due 09/01/27 (b)		182,000		203,190
Owl Rock Capital Corp.
3.750%, due 07/22/25 (b)		80,000		84,666
Pepsico, Inc.
2.625%, due 07/29/29 (b)		92,000		98,432
Phillips 66
0.900%, due 02/15/24 (b)		78,000		78,096
Raytheon Technologies Corp.
3.200%, due 03/15/24 (b)		101,000		107,367
Realty, Inc.ome Corp.
3.250%, due 01/15/31 (b)		194,000		211,217
Ross Stores, Inc.
4.600%, due 04/15/25 (b)		131,000		147,765
Sabine Pass Liquefaction Llc
5.625%, due 03/01/25 (b)		62,000		70,835
Sierra Pacific Power Co.
2.600%, due 05/01/26 (b)		140,000		148,327
Southwestern Electric Power Co.
1.650%, due 03/15/26 (b)		100,000		101,158
Steel Dynamics, Inc.
1.650%, due 10/15/27 (b)		80,000		79,610
Td Ameritrade Holding Corp.
3.300%, due 04/01/27 (b)		59,000		64,700
The Aes Corp.
1.375%, due 01/15/26 (b)(e)		78,000		77,134
The Boeing Co.
4.875%, due 05/01/25 (b)		82,000		91,876
The Goldman Sachs Group, Inc.
2.908%, due 06/05/23 (3 Month U.S. LIBOR + 1.053%) (b)(g)		158,000		161,403
0.855%, due 02/12/26 (SOFR Rate + 0.609%) (b)(g)		100,000		99,248
The Walt Disney Co.
2.200%, due 01/13/28 (b)		79,000		81,765
T-Mobile Usa, Inc.
3.750%, due 04/15/27 (b)		80,000		88,386
Verizon Communications, Inc.
3.376%, due 02/15/25 (b)		162,000		175,483
4.329%, due 09/21/28 (b)		80,000		92,848
Wells Fargo & Co.
2.406%, due 10/30/25 (SOFR Rate + 1.087%) (b)(g)		249,000		260,423
				10,642,897
Total Corporate Bonds (Cost $12,195,496)				12,104,778

WARRANTS - 0.0% (f)
Malaysia - 0.0% (f)
Vs Industry Bhd
1.380%, due 06/14/2024 (a)		14,680		937
Thailand - 0.0% (f)
Rs Pcl
29.000%, due 12/31/2024 (a)(b)		14,883		–
Total Warrants (Cost $–)				937

AFFILIATED REGISTERED INVESTMENT COMPANIES - 4.8%
United States - 4.8%
Voya Emerging Markets Hard Currency Debt Fund - Class P		239,140		2,331,619
Voya High Yield Bond Fund - Class P		300,014		2,433,113
Voya Investment Grade Credit Fund - Class P		62,236		707,002
Voya Securitized Credit Fund - Class P		974,482		9,569,417
Total Affiliated Registered Investment Companies (Cost $14,606,274)				15,041,151

Total Investments at Value - 93.7% (Cost $225,427,088)				294,053,686
Other Assets in Excess of Liabilities - 6.3%				19,634,240
Net Assets - 100.0%			$	313,687,926

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

Level 2 security.

(c)

Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $43,538 as of June 30, 2021, representing 0.0% of net assets.

(d)

Illiquid security. The total value of such securities is $43,538 as of June 30, 2021, representing 0.0% of net assets.

(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 June 30, 2021, the value of these investments was $27,490,285, or 8.8% of total net assets.

(f)

Represents less than 0.1%.

(g)

Variable rate security. The coupon is based on an underlying pool of loans. The rate listed is as of June 30, 2021.

REIT Real Estate Investment Trust

ADR American Depository Receipt

CDI CREST Depository Interest

GDR Global Depository Receipt

NVDR Non-Voting Depository Receipt

SDR Special Depository Receipt

LIBOR London Interbank Offered Rate

SOFR Secured Overnight Financing Rate

WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE INCOME OPPORTUNITIES FUND		June 30, 2021 (Unaudited)
SCHEDULE OF INVESTMENTS

		Par Value		Value
U.S. TREASURY OBLIGATIONS - 9.5%
U.S. Treasury Bonds - 1.9%
4.750%, due 02/15/37		$	340,000	$	482,269
4.375%, due 02/15/38			610,000		838,750
2.250%, due 05/15/41			799,000		831,459
2.750%, due 11/15/47			460,000		523,322
3.000%, due 02/15/49			1,095,000		1,310,407
2.000%, due 02/15/50			495,000		486,183
1.625%, due 11/15/50			1,300		1,167
1.875%, due 02/15/51 (a)			418,000		398,733
2.375%, due 05/15/51			680,000		726,006
					5,598,296
U.S. Treasury Notes - 7.5%
0.125%, due 10/31/22			5,800,000		5,798,187
0.125%, due 12/31/22			980,000		979,234
0.125%, due 05/31/23			105,000		104,787
0.125%, due 06/30/23			930,000		927,675
0.125%, due 10/15/23			1,901,000		1,892,980
0.125%, due 01/15/24			760,000		755,488
2.375%, due 02/29/24			155,000		163,162
0.250%, due 06/15/24			4,625,000		4,596,816
1.500%, due 11/30/24			750,000		773,906
0.375%, due 11/30/25			700,000		687,313
0.875%, due 06/30/26			1,362,000		1,361,362
2.000%, due 11/15/26			310,000		327,147
0.500%, due 06/30/27			830,000		802,766
0.375%, due 09/30/27			69,000		65,938
1.250%, due 06/30/28			2,383,000		2,386,723
2.625%, due 02/15/29			480,000		526,275
1.125%, due 02/15/31			47,000		45,634
1.625%, due 05/15/31			507,000		514,843
					22,710,236
U.S. Treasury Inflation-Protected Note - 0.1%
United States Treasury Inflation Indexed Bonds
0.125%, due 01/15/30			409,998		450,037
Total U.S. Treasury Obligations (Cost $28,383,403)					28,758,569

AGENCY MORTGAGE-BACKED OBLIGATIONS - 5.4%
Federal Home Loan Mortgage Corp. - 2.4%
Freddie Mac REMICS
Series 2989, 33.440%, due 08/15/34 (-7 x 1 Month U.S. LIBOR + 33.950%) (b)			105,699		250,008
Series 4249, 4.581%, due 09/15/43 (-0.75 x 1 Month U.S. LIBOR + 4.650%) (b)			680,742		667,507
Series 4355, 4.000%, due 05/15/44			4,628,798		5,183,896
Freddie Mac STACR REMIC Trust 2020-DNA3
Series 2020-DNA3, 3.092%, due 06/25/50 (1 Month U.S. LIBOR + 3.000%) (b)(c)			304,159		305,951
Freddie Mac STACR REMIC Trust 2020-HQA1
Series 2020-HQA1, 1.992%, due 01/25/50 (1 Month U.S. LIBOR + 1.900%) (b)(c)			347,038		347,967
Freddie Mac STACR Trust 2019-HQA2
Series 2019-HQA2, 2.142%, due 04/25/49 (1 Month U.S. LIBOR + 2.050%) (b)(c)			380,879		383,009
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2014-DN3, 4.092%, due 08/25/24 (1 Month U.S. LIBOR + 4.000%) (b)			69,720		71,223
Series 2017-DNA2, 1.292%, due 10/25/29 (1 Month U.S. LIBOR + 1.200%) (b)			33,042		33,098
Series 2017-DNA3, 0.842%, due 03/25/30 (1 Month U.S. LIBOR + 0.750%) (b)			46,255		46,259
					7,288,918
Federal Home Loan Mortgage Corp. Interest-Only Strips - 0.6%
FHLMC REMIC SERIES K-1515
Series K-1515, 1.513%, due 02/25/35 (d)			798,941		127,831
Freddie Mac Multifamily Structured Pass Through Certificates
Series K-L06, 1.364%, due 12/25/29			956,000		87,930
Series K-109, 1.699%, due 04/25/30 (d)			669,041		80,137
Series K-117, 1.343%, due 08/25/30 (d)			1,296,837		123,620
Series K-G04, 0.941%, due 11/25/30 (d)			1,899,223		126,405
Series K-122, 0.974%, due 11/25/30 (d)			1,858,632		132,250
Series K-1517, 1.447%, due 07/25/35 (d)			899,341		132,140
Series K-1518, 0.961%, due 10/25/35 (d)			1,495,300		139,490
Freddie Mac REMICS
Series 2980, 6.627%, due 05/15/35 (6.700% - 1 Month U.S. LIBOR) (b)			497,867		66,940
Series 3311, 6.337%, due 05/15/37 (6.410% - 1 Month U.S. LIBOR) (b)			1,747,563		409,867
Series 3359, 5.647%, due 08/15/37 (5.720% - 1 Month U.S. LIBOR) (b)			833,954		132,226
Series 4077, 5.927%, due 05/15/41 (6.000% - 1 Month U.S. LIBOR) (b)			555,107		104,105
Series 3966, 5.827%, due 12/15/41 (5.900% - 1 Month U.S. LIBOR) (b)			909,758		145,020
Series 4089, 5.927%, due 08/15/42 (6.000% - 1 Month U.S. LIBOR) (b)			732,321		120,058
					1,928,019
Federal National Mortgage Association - 0.9%
Connecticut Avenue Securities Trust 2019-R02
Series 2019-R02, 2.392%, due 08/25/31 (1 Month U.S. LIBOR + 2.300%) (b)(c)			62,705		63,129
Connecticut Avenue Securities Trust 2019-R04
Series 2019-R04, 2.192%, due 06/25/39 (1 Month U.S. LIBOR + 2.100%) (b)(c)			27,592		27,673
Connecticut Avenue Securities Trust 2019-R06
Series 2019-R06, 2.192%, due 09/25/39 (1 Month U.S. LIBOR + 2.100%) (b)(c)			40,563		40,758
Connecticut Avenue Securities Trust 2020-R02
Series 2020-R02, 2.092%, due 01/25/40 (1 Month U.S. LIBOR + 2.000%) (b)(c)			610,829		613,465
Fannie Mae Connecticut Avenue Securities
Series 1M2, 4.092%, due 05/25/25 (1 Month U.S. LIBOR + 4.000%) (b)			238,094		243,333
Series 2015-C04, 5.642%, due 04/25/28 (1 Month U.S. LIBOR + 5.550%) (b)			106,698		112,682
Series 2016-C04, 4.342%, due 01/25/29 (1 Month U.S. LIBOR + 4.250%) (b)			192,756		200,966
Series 2017-C02, 3.742%, due 09/25/29 (1 Month U.S. LIBOR + 3.650%) (b)			294,739		305,170
Series 2017-C07, 2.592%, due 05/25/30 (1 Month U.S. LIBOR + 2.500%) (b)			300,874		304,347
Series 2018-C01, 2.342%, due 07/25/30 (1 Month U.S. LIBOR + 2.250%) (b)			214,908		217,747
Series 2018-C05, 2.442%, due 01/25/31 (1 Month U.S. LIBOR + 2.350%) (b)			77,509		78,398
Series 2018-C06, 2.192%, due 03/25/31 (1 Month U.S. LIBOR + 2.100%) (b)			407,902		412,658
					2,620,326
Federal National Mortgage Association Interest-Only Strips - 1.1%
Fannie Mae Interest Strip
3.500%, due 04/25/44			3,252,378		471,694
Fannie Mae REMICS
Series 2013-60, 3.000%, due 06/25/31			4,324,388		182,954
Series 2014-63, 3.500%, due 06/25/33			2,241,818		70,034
Series 2007-50, 6.359%, due 06/25/37 (6.450% - 1 Month U.S. LIBOR) (b)			2,795,075		570,435
Series 2009-78, 6.649%, due 10/25/39 (6.740% - 1 Month U.S. LIBOR) (b)			4,090,338		970,395
Series 2011-124, 6.409%, due 12/25/41 (6.500% - 1 Month U.S. LIBOR) (b)			644,406		134,251
Series 2012-20, 6.359%, due 03/25/42 (6.450% - 1 Month U.S. LIBOR) (b)			604,351		119,901
Series 2012-76, 5.909%, due 07/25/42 (6.000% - 1 Month U.S. LIBOR) (b)			305,875		58,519
Series 2014-28, 5.959%, due 05/25/44 (6.050% - 1 Month U.S. LIBOR) (b)			1,928,134		327,353
Series 2017-53, 4.000%, due 07/25/47			287,720		27,652
Series 2008-22, 6.069%, due 04/25/48 (6.160% - 1 Month U.S. LIBOR) (b)			1,965,899		403,572
					3,336,760
Government National Mortgage Association Interest-Only Strips - 0.4%
Government National Mortgage Association
Series 2010-133, 5.995%, due 10/16/40 (6.070% - 1 Month U.S. LIBOR) (b)			3,236,678		491,563
Series 2014-102, 5.557%, due 02/20/44 (5.650% - 1 Month U.S. LIBOR) (b)			2,719,842		399,273
Series 2018-083, 5.000%, due 01/20/48			1,596,220		177,913
					1,068,749
Total Agency Mortgage-Backed Obligations (Cost $15,265,675)					16,242,772

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 14.9%
ACE Securities Corp. Mortgage Loan Trust Series 2007-D1
Series 2007-D1, 6.930%, due 02/25/38 (c)			506,270		481,642
Alen 2021-ACEN Mortgage Trust
Series 2021-ACEN, 3.173%, due 04/15/34 (1 Month U.S. LIBOR + 3.100%) (b)(c)			135,000		135,042
Alen 2021-ACEN Mortgage Trust
Series 2021-ACEN, 4.073%, due 04/15/34 (1 Month U.S. LIBOR + 4.000%) (b)(c)			500,000		500,156
Alternative Loan Trust 2006-HY11
Series A-1, 0.332%, due 06/25/36 (1 Month U.S. LIBOR + 0.240%) (b)			326,121		286,896
Alternative Loan Trust 2006-OA6
Series FLT, 0.302%, due 07/25/46 (1 Month U.S. LIBOR + 0.210%) (b)			1,486,165		1,362,194
Alternative Loan Trust 2007-16CB
Series 2007-16CB, 6.250%, due 08/25/37			584,916		449,719
Alternative Loan Trust 2007-OA4
Series 2007-OA4, 0.262%, due 05/25/47 (1 Month U.S. LIBOR + 0.170%) (b)			346,753		325,164
Angel Oak Mortgage Trust I LLC 2019-2
Series 2019-2, 6.286%, due 03/25/49 (c)(d)			1,300,000		1,328,274
Arroyo Mortgage Trust 2019-1
Series 2019-1, 3.805%, due 01/25/49 (c)(d)			113,296		115,161
Arroyo Mortgage Trust 2019-2
Series 2019-2, 3.800%, due 04/25/49 (c)(d)			241,280		245,108
BBCMS 2019-BWAY Mortgage Trust
Series 2019-BWAY, 2.923%, due 11/15/34 (1 Month U.S. LIBOR + 2.850%) (b)(c)			100,000		93,945
BCRR 2016-FRR3 Trust
Series TRUST, 18.439%, due 05/26/26 (1 Month U.S. LIBOR + 18.348%) (b)(c)			797,720		743,566
Bear Stearns ARM Trust 2004-10
Series 2004-10, 2.695%, due 01/25/35 (d)			267,889		266,047
Benchmark 2020-B18 Mortgage Trust
Series 2020-B18, 3.759%, due 07/15/53 (c)			100,000		102,112
Benchmark 2020-IG3 Mortgage Trust
Series 2020-IG3, 3.388%, due 09/15/48 (c)(d)			1,000,000		1,051,997
BF 2019-NYT Mortgage Trust
Series 2019-NYT, 2.573%, due 12/15/35 (1 Month U.S. LIBOR + 2.500%) (b)(c)			325,000		320,532
BHP Trust 2019-BXHP
Series 2019-BXHP, 1.844%, due 08/15/36 (1 Month U.S. LIBOR + 1.771%) (b)(c)			128,100		128,140
BX Commercial Mortgage Trust 2019-IMC
Series 2019-IMC, 2.973%, due 04/15/34 (1 Month U.S. LIBOR + 2.900%) (b)(c)			108,000		106,920
BX Commercial Mortgage Trust 2019-XL
Series 2019-XL, 0.993%, due 10/15/36 (1 Month U.S. LIBOR + 0.920%) (b)(c)			366,633		367,091
BX Trust
Series TR, 2.450%, due 06/15/38 (1 Month U.S. LIBOR + 2.350%) (b)(c)			1,000,000		1,000,473
BX Trust 2018-GW
Series 2018-GW, 2.993%, due 05/15/35 (1 Month U.S. LIBOR + 2.920%) (b)(c)			83,000		82,689
BX Trust 2019-CALM
Series 2019-CALM, 2.073%, due 11/15/32 (1 Month U.S. LIBOR + 2.000%) (b)(c)			195,000		195,000
CHL Mortgage Pass-Through Trust 2007-HY5
Series 2007-HY5, 3.183%, due 09/25/37 (d)			1,038,638		917,701
CIM Trust 2018-INV1
Series 2018-INV1, 4.000%, due 08/25/48 (c)(d)			500,000		512,559
CIM Trust 2019-INV2
Series 2019-INV2, 4.000%, due 05/25/49 (c)(d)			47,393		48,365
CIM Trust 2019-J1
Series 2019-J1, 4.004%, due 08/25/49 (c)(d)			187,954		192,093
Citigroup Commercial Mortgage Trust 2013-GC17
Series D, 5.260%, due 11/10/46 (c)(d)			100,000		90,121
Citigroup Commercial Mortgage Trust 2015-GC27
Series C, 4.567%, due 02/10/48 (d)			164,000		173,707
Citigroup Commercial Mortgage Trust 2016-P4
Series 2016-P4, 4.128%, due 07/10/49 (c)(d)			500,000		439,992
Citigroup Commercial Mortgage Trust 2018-C6
Series D, 5.235%, due 11/10/51 (c)(d)			380,000		391,885
Citigroup Commercial Mortgage Trust 2019-SMRT
Series E, 4.903%, due 01/10/36 (c)(d)			116,000		122,623
Citigroup Mortgage Loan Trust 2015-RP2
Series B-4, 4.250%, due 01/25/53 (c)			704,373		722,543
Citigroup Mortgage Loan Trust 2019-E
Series 2019-E, 3.228%, due 11/25/70 (c)			572,718		586,110
Citigroup Mortgage Loan Trust 2021-J1
Series 2021-J1, 2.500%, due 04/25/51 (c)(d)			498,194		503,176
COMM 2014-CCRE16 Mortgage Trust
Series 2014-CCRE16, 5.090%, due 04/10/47 (d)			165,904		175,884
CSMC 2020-NET
Series 2020-NET, 3.828%, due 08/15/37 (c)(d)			118,000		123,733
CSMC Series 2019-NQM1
Series 2019-NQM1, 2.656%, due 10/25/59 (c)			59,500		60,427
CSMC Trust 2017-CHOP
Series 2017-CHOP, 3.623%, due 07/15/32 (1 Month U.S. LIBOR + 3.300%) (b)(c)			149,000		140,849
CSWF 2018-TOP
Series 2018-TOP, 2.823%, due 08/15/35 (1 Month U.S. LIBOR + 2.750%) (b)(c)			160,000		159,400
DBGS 2018-5BP Mortgage Trust
Series 2018-5BP, 1.573%, due 06/15/33 (1 Month U.S. LIBOR + 1.350%) (b)(c)			325,000		323,781
DBGS 2018-5BP Mortgage Trust
Series 2018-5BP, 2.673%, due 06/15/33 (1 Month U.S. LIBOR + 2.450%) (b)(c)			140,000		136,527
DBUBS 2011-LC1 Mortgage Trust
Series 2011-LC1, 6.091%, due 11/10/46 (c)(d)			200,563		200,759
DBUBS 2011-LC2 Mortgage Trust
Series 2011-LC2, 3.742%, due 07/10/44 (1 Month U.S. LIBOR + 3.650%) (b)(c)			131,347		127,620
DBUBS 2017-BRBK Mortgage Trust
Series 2017-BRBK, 3.648%, due 10/10/34 (c)(d)			320,000		328,983
First Republic Mortgage Trust 2020-1
Series B-1, 2.880%, due 04/25/50 (c)(d)			697,939		717,953
Flagstar Mortgage Trust 2018-6RR
Series 2018-6RR, 4.984%, due 10/25/48 (c)(d)			473,649		505,759
Flagstar Mortgage Trust 2021-2
Series A-4, 2.500%, due 04/25/51 (c)(d)			491,374		496,288
Fontainebleau Miami Beach Trust 2019-FBLU
Series F, 4.095%, due 12/10/36 (c)(d)			120,000		121,968
Fontainebleau Miami Beach Trust 2019-FBLU
Series G, 4.095%, due 12/10/36 (c)(d)			112,000		112,758
FREMF 2018-KF49 Mortgage Trust
Series 2018-KF49, 1.986%, due 06/25/25 (1 Month U.S. LIBOR + 1.900%) (b)(c)			58,213		58,213
FREMF 2019-KG01 Mortgage Trust
Series 2019-KG01, 0.000%, due 05/25/29 (c)			400,000		242,619
GCAT 2020-3 LLC
Series LLC, 2.981%, due 09/25/25 (c)			1,195,785		1,203,482
Grace Trust 2020-GRCE
Series 2020-GRCE, 2.769%, due 12/10/40 (c)(d)			196,000		185,889
Great Wolf Trust 2019-WOLF
Series 2019-WOLF, 3.204%, due 12/15/36 (1 Month U.S. LIBOR + 3.131%) (b)(c)			124,000		121,675
GS Mortgage Securities Corp. Trust 2012-ALOHA
Series 2012-ALOHA, 3.551%, due 04/10/34 (c)			116,000		117,624
GS Mortgage Securities Corp. Trust 2018-LUAU
Series E, 2.623%, due 11/15/32 (1 Month U.S. LIBOR + 2.550%) (b)(c)			150,000		149,906
GS Mortgage Securities Corp. Trust 2018-RIVR
Series C, 1.323%, due 07/15/35 (1 Month U.S. LIBOR + 1.250%) (b)(c)			122,000		119,255
GS Mortgage Securities Corp. Trust 2018-RIVR
Series F, 2.173%, due 07/15/35 (1 Month U.S. LIBOR + 2.100%) (b)(c)			1,000,000		923,118
GS Mortgage Securities Corp. Trust 2019-SOHO
Series E, 1.948%, due 06/15/36 (1 Month U.S. LIBOR + 1.875%) (b)(c)			340,000		334,051
GS Mortgage Securities Trust 2015-GC32
Series 2015-GC32, 4.569%, due 07/10/48 (d)			165,000		175,872
GS Mortgage-Backed Securities Corp. Trust 2020-PJ6
Series A-4, 2.500%, due 05/25/51 (c)(d)			466,847		471,224
GSAA Home Equity Trust 2005-6
Series 2005-6, 0.737%, due 06/25/35 (1 Month U.S. LIBOR + 0.645%) (b)			979,332		980,638
GSAA Home Equity Trust 2006-4
Series 2006-4, 3.059%, due 03/25/36 (d)			502,410		393,883
GSAA Home Equity Trust 2007-7
Series 2007-7, 0.632%, due 07/25/37 (1 Month U.S. LIBOR + 0.540%) (b)			256,613		252,784
GSCG Trust 2019-600C
Series 2019-600C, 4.118%, due 09/06/34 (c)(d)			183,000		179,626
Home RE 2021-1 Ltd.
Series LTD, 2.392%, due 07/25/33 (1 Month U.S. LIBOR + 2.300%) (b)(c)			500,000		496,555
Homeward Opportunities Fund Trust 2020-BPL1
Series A2, 5.438%, due 08/25/25 (c)			497,846		506,248
HPLY Trust 2019-HIT
Series 2019-HIT, 3.223%, due 11/15/36 (1 Month U.S. LIBOR + 3.150%) (b)(c)			153,758		150,683
Hundred Acre Wood Trust 2021-INV1
Series A27, 2.500%, due 07/25/51 (c)(d)			397,977		402,703
IMT Trust 2017-APTS
Series 2017-APTS, 2.223%, due 06/15/34 (1 Month U.S. LIBOR + 2.150%) (b)(c)			128,148		124,506
IMT Trust 2017-APTS
Series 2017-APTS, 2.923%, due 06/15/34 (1 Month U.S. LIBOR + 2.850%) (b)(c)			39,430		39,283
JP Morgan Chase Commercial Mortgage Securities Corp.
Series D, 4.767%, due 07/05/31 (c)(d)			932,000		973,707
JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5
Series B, 5.611%, due 08/15/46 (c)(d)			190,000		189,899
JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5
Series D, 5.611%, due 08/15/46 (c)(d)			268,000		233,511
JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13
Series E, 3.986%, due 01/15/46 (c)(d)			445,000		384,875
JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20
Series 3.53820, 3.538%, due 07/15/47 (c)			119,975		123,851
JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20
Series B, 4.399%, due 07/15/47 (d)			132,000		141,676
JP Morgan Chase Commercial Mortgage Securities Trust 2018-LAQ
Series E, 3.073%, due 06/15/35 (1 Month U.S. LIBOR + 3.000%) (b)(c)			21,600		21,641
JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT
Series FLT, 5.542%, due 07/05/33 (c)(d)			141,000		145,505
JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT
Series FLT, 5.542%, due 07/05/33 (c)(d)			1,400,000		1,425,871
JP Morgan Chase Commercial Mortgage Securities Trust 2019-MFP
Series E, 2.233%, due 07/15/36 (1 Month U.S. LIBOR + 2.160%) (b)(c)			125,000		123,791
JP Morgan Chase Commercial Mortgage Securities Trust 2020-NNN
Series 3.97200, 3.972%, due 01/16/37 (c)			100,000		100,878
JP Morgan Mortgage Trust 2018-6
Series 2018-6, 3.930%, due 12/25/48 (c)(d)			370,767		379,372
JP Morgan Mortgage Trust 2018-8
Series 2018-8, 4.164%, due 01/25/49 (c)(d)			472,344		480,234
JP Morgan Mortgage Trust 2019-8
Series 2019-8, 3.235%, due 03/25/50 (c)(d)			193,438		200,534
JP Morgan Mortgage Trust 2019-8
Series 2019-8, 3.500%, due 03/25/50 (c)(d)			25,486		25,956
JP Morgan Mortgage Trust 2020-4
Series 2020-4, 3.000%, due 11/25/50 (c)(d)			300,000		306,486
JP Morgan Mortgage Trust 2020-4
Series 2020-4, 3.000%, due 11/25/50 (c)(d)			149,435		151,586
JPMBB Commercial Mortgage Securities Trust 2015-C27
Series D, 3.944%, due 02/15/48 (c)(d)			124,000		111,711
Legacy Mortgage Asset Trust 2020-GS3
Series A2, 4.000%, due 05/25/60 (c)			900,000		898,467
LSTAR Commercial Mortgage Trust 2016-4
Series 2016-4, 4.739%, due 03/10/49 (c)(d)			274,000		283,584
MBRT 2019-MBR
Series 2019-MBR, 2.622%, due 11/15/36 (1 Month U.S. LIBOR + 2.549%) (b)(c)			100,000		99,938
MF1 Multifamily Housing Mortgage Loan Trust
2.624%, due 07/15/36 (1 Month U.S. LIBOR + 2.500%) (b)(c)(e)			100,000		100,032
MFA 2020-NQM3 Trust
1.632%, due 01/26/65 (c)(d)			348,396		349,470
MHC Commercial Mortgage Trust 2021-MHC
Series 2021-MHC, 2.674%, due 04/15/38 (1 Month U.S. LIBOR + 2.601%) (b)(c)			300,000		300,423
Morgan Stanley ABS Capital I Inc Trust 2006-NC1
Series 2006-NC1, 0.662%, due 12/25/35 (1 Month U.S. LIBOR + 0.570%) (b)			710,435		710,599
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13
Series 2013-C13, 3.707%, due 11/15/46 (c)			220,000		148,826
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17
Series 2014-C17, 4.637%, due 08/15/47 (d)			117,000		120,754
Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34
Series 2017-C34, 4.318%, due 11/15/52 (d)			170,000		183,977
Morgan Stanley Capital I Trust 2018-SUN
Series 2018-SUN, 2.623%, due 07/15/35 (1 Month U.S. LIBOR + 2.550%) (b)(c)			60,000		59,738
Morgan Stanley Capital I Trust 2018-SUN
Series 2018-SUN, 3.123%, due 07/15/35 (1 Month U.S. LIBOR + 3.050%) (b)(c)			40,000		39,354
Morgan Stanley Capital I Trust 2019-NUGS
Series E, 3.744%, due 12/15/36 (1 Month U.S. LIBOR + 2.244%) (b)(c)			147,000		147,639
Morgan Stanley Capital I Trust 2019-NUGS
Series F, 4.344%, due 12/15/36 (1 Month U.S. LIBOR + 2.844%) (b)(c)			125,000		125,073
Morgan Stanley Capital I Trust 2019-PLND
Series E, 2.223%, due 05/15/36 (1 Month U.S. LIBOR + 2.150%) (b)(c)			189,000		175,043
Motel 6 Trust 2017-MTL6
Series 2017-MTL6, 3.323%, due 08/15/34 (1 Month U.S. LIBOR + 3.250%) (b)(c)			249,561		250,185
Motel 6 Trust 2017-MTL6
Series 2017-MTL6, 4.323%, due 08/15/34 (1 Month U.S. LIBOR + 4.250%) (b)(c)			138,021		138,452
MSCG Trust 2018-SELF
Series 2018-SELF, 3.123%, due 10/15/37 (1 Month U.S. LIBOR + 3.050%) (b)(c)			150,000		150,094
Natixis Commercial Mortgage Securities Trust 2018-850T
Series D, 1.526%, due 07/15/33 (1 Month U.S. LIBOR + 1.454%) (b)(c)			152,000		149,912
NewRez Warehouse Securitization Trust 2021-1
Series 21-1, 5.342%, due 05/25/55 (1 Month U.S. LIBOR + 5.250%) (b)(c)			1,000,000		1,003,076
One New York Plaza Trust 2020-1NYP
Series C, 2.273%, due 01/15/26 (1 Month U.S. LIBOR + 2.200%) (b)(c)			160,000		161,599
PR Mortgage Loan Trust 2014-1
Series 2014-1, 5.903%, due 10/25/49 (c)(d)(e)			1,472,881		1,461,001
RCKT Mortgage Trust 2021-1
Series 2021-1, 2.728%, due 03/25/51 (c)(d)			496,736		484,491
Renaissance Home Equity Loan Trust 2004-4
Series 2004-4, 5.818%, due 02/25/35			344,778		291,519
RLGH Trust 2021-TROT
Series 2021-TROT, 1.787%, due 04/15/36 (1 Month U.S. LIBOR + 1.714%) (b)(c)			175,000		175,028
Sequoia Mortgage Trust 2021-3
Series B-3, 2.664%, due 05/25/51 (c)(d)			497,979		487,305
SoFi Professional Loan Program 2021-A Trust
0.000%, due 08/17/43 (c)			23,000		595,147
Tharaldson Hotel Portfolio Trust 2018-THPT
Series E, 3.410%, due 11/11/34 (1 Month U.S. LIBOR + 3.330%) (b)(c)			113,411		111,146
TTAN 2021-MHC
Series 2021-MHC, 2.973%, due 03/15/38 (1 Month U.S. LIBOR + 2.900%) (b)(c)			200,000		200,375
UBS Commercial Mortgage Trust 2017-C4
Series 2017-C4, 4.594%, due 10/15/50 (d)			250,000		262,168
Velocity Commercial Capital Loan Trust 2020-2
5.000%, due 05/25/50 (c)(d)			500,000		489,485
VOLT XCII LLC
Series 2021-NPL1, 4.949%, due 02/27/51 (c)			700,000		699,849
WaMu Mortgage Pass-Through Certificates Series 2007-HY3 Trust
Series 2007-HY3, 2.830%, due 03/25/37 (d)			458,390		424,837
Wells Fargo Commercial Mortgage Trust 2016-C37
Series C, 4.634%, due 12/15/49 (d)			132,000		142,224
Wells Fargo Commercial Mortgage Trust 2021-C59
Series E, 2.500%, due 04/15/54 (c)			400,000		339,651
Wells Fargo Mortgage Backed Securities 2020-2 Trust
Series 2020-2, 3.000%, due 12/25/49 (c)(d)			300,000		308,270
Wells Fargo Mortgage Backed Securities 2020-2 Trust
Series 2020-2, 3.000%, due 12/25/49 (c)(d)			157,461		160,350
Wells Fargo Mortgage Backed Securities 2020-2 Trust
Series 2020-2, 3.249%, due 12/25/49 (c)(d)			292,768		304,398
WFRBS Commercial Mortgage Trust 2011-C5
Series 2011-C5, 5.901%, due 11/15/44 (c)(d)			190,000		191,039
WFRBS Commercial Mortgage Trust 2013-C12
Series 2013-C12, 3.500%, due 03/15/48 (c)			900,000		752,423
WFRBS Commercial Mortgage Trust 2014-C21
Series 2014-C21, 3.497%, due 08/15/47 (c)			300,000		244,057
Total Non-Agency Mortgage-Backed Obligations (Cost $44,780,566)					44,993,351

NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS - 2.0%
BANK 2017-BNK8
Series 2017-BNK8, 1.406%, due 11/15/50 (c)(d)			7,050,000		512,444
BANK 2018-BNK11
Series 2018-BNK11, 0.623%, due 03/15/61 (d)			11,528,127		341,720
BANK 2019-BNK21
Series 2019-BNK21, 0.992%, due 10/17/52 (d)			4,285,354		251,363
BANK 2020-BNK30
Series 2020-BNK30, 1.443%, due 12/15/53 (d)			1,292,886		125,153
Barclays Commercial Mortgage Trust 2019-C3
Series 2019-C3, 1.502%, due 05/15/52 (d)			1,462,613		129,171
Benchmark 2018-B4 Mortgage Trust
Series 2018-B4, 1.750%, due 07/15/51 (c)(d)			7,000,000		746,404
Benchmark 2019-B10 Mortgage Trust
Series 2019-B10, 1.062%, due 03/15/62 (c)(d)			2,820,000		186,328
Benchmark 2020-B17 Mortgage Trust
Series 2020-B17, 1.541%, due 03/15/53 (d)			2,537,851		222,471
Benchmark 2020-B18 Mortgage Trust
Series 2020-B18, 1.919%, due 07/15/53 (d)			1,558,640		173,129
Benchmark 2020-B22 Mortgage Trust
Series 2020-B22, 1.636%, due 01/15/54 (d)			1,287,793		154,819
Benchmark 2021-B25 Mortgage Trust
Series 2021-B25, 1.232%, due 04/15/54 (d)			2,238,726		197,139
CD 2017-CD4 Mortgage Trust
Series 2017-CD4, 1.438%, due 05/10/50 (d)			1,706,052		91,235
CFCRE Commercial Mortgage Trust 2016-C4
Series 2016-C4, 1.799%, due 05/10/58 (d)			715,857		47,119
CFCRE Commercial Mortgage Trust 2017-C8
Series 2017-C8, 1.755%, due 06/15/50 (d)			1,354,109		86,451
Citigroup Commercial Mortgage Trust 2016-C1
Series XA, 2.011%, due 05/10/49 (d)			786,454		59,349
Citigroup Commercial Mortgage Trust 2017-P8
Series X-A, 1.040%, due 09/15/50 (d)			995,476		46,428
Citigroup Commercial Mortgage Trust 2019-C7
Series X-A, 1.003%, due 12/15/72 (d)			6,266,807		390,666
COMM 2012-LC4 Mortgage Trust
Series 2012-LC4, 2.278%, due 12/10/44 (c)(d)			11,814,217		105,982
COMM 2013-CCRE12 Mortgage Trust
Series 2013-CCRE12, 1.284%, due 10/10/46 (d)			3,128,074		68,837
COMM 2015-LC21 Mortgage Trust
Series 2015-LC21, 0.829%, due 07/10/48 (d)			1,460,555		34,507
CSAIL 2016-C6 Commercial Mortgage Trust
Series 2016-C6, 2.057%, due 01/15/49 (d)			630,795		44,754
CSAIL 2017-CX10 Commercial Mortgage Trust
Series 2017-CX10, 0.849%, due 11/15/50 (d)			5,530,413		198,193
CSAIL 2018-CX12 Commercial Mortgage Trust
Series 2018-CX12, 0.761%, due 08/15/51 (d)			4,709,835		164,318
FREMF 2019-KG01 Mortgage Trust
Series 2019-KG01, 0.100%, due 04/25/29 (c)			5,106,457		23,757
FREMF 2019-KG01 Mortgage Trust
Series 2019-KG01, 0.100%, due 05/25/29 (c)			570,000		3,373
GS Mortgage Securities Corp II
Series 2013-GC10, 1.629%, due 02/10/46 (d)			1,816,947		32,530
GS Mortgage Securities Trust 2011-GC3
Series 2011-GC3, 0.418%, due 03/10/44 (c)(d)(e)			2,553,045		7,758
GS Mortgage Securities Trust 2019-GC42
Series X-A, 0.934%, due 09/01/52 (d)			2,320,823		129,866
GS Mortgage Securities Trust 2020-GC47
Series X-A, 1.247%, due 05/12/53 (d)			1,465,113		132,052
GS Mortgage Securities Trust 2020-GSA2
Series X-A, 1.853%, due 12/12/53 (c)(d)			1,213,127		155,882
JPMBB Commercial Mortgage Securities Trust 2014-C19
Series X-A, 0.834%, due 04/15/47 (d)			14,572,621		205,197
JPMDB Commercial Mortgage Securities Trust 2016-C2
Series X-A, 1.710%, due 06/15/49 (d)			1,011,767		54,961
LSTAR Commercial Mortgage Trust 2016-4
Series 2016-4, 1.921%, due 03/10/49 (c)(d)			1,203,727		53,944
LSTAR Commercial Mortgage Trust 2017-5
Series 2017-5, 1.139%, due 03/10/50 (c)(d)			2,390,468		65,703
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13
Series 2013-C13, 1.113%, due 11/15/46 (d)			4,834,062		89,831
Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19
Series 2014-C19, 1.129%, due 12/15/47 (d)			2,250,695		62,010
Morgan Stanley Capital I Trust 2016-UBS12
Series X-A, 0.850%, due 12/15/49 (d)			3,051,675		85,732
PMTT4
Series 2017-PM1, 0.000%, due 10/25/48 (c)			275,135,913		106,890
SG Commercial Mortgage Securities Trust 2016-C5
Series 2016-C5, 2.097%, due 10/10/48 (d)			1,116,035		74,847
UBS Commercial Mortgage Trust 2018-C9
Series 2018-C9, 1.042%, due 03/15/51 (d)			2,487,959		123,357
Wells Fargo Commercial Mortgage Trust 2018-C45
Series X-A, 0.956%, due 06/15/51 (d)			5,236,294		258,041
Total Non-Agency Mortgage-Backed Obligation Interest-Only Strips (Cost $8,153,732)					6,043,711

ASSET-BACKED SECURITIES - 6.3%
Air Canada 2017-1 Class B Pass Through Trust
Series 2017-1, 3.700%, due 01/15/26 (c)			755,291		734,520
AMSR 2021-SFR1 Trust
Series 2021-SFR1, 3.123%, due 06/17/38 (c)			1,200,000		1,224,116
Applebee's Funding LLC
Series 2019-1, 4.194%, due 06/07/49 (c)			148,875		156,753
Series 2019-1, 4.723%, due 06/07/49 (c)			99,250		106,100
BCAPB LLC Trust 2007-AB1
Series 2007-AB1, 4.824%, due 03/25/37			3,414,577		2,285,186
CARDS II Trust
Series 2021-1, 0.931%, due 04/15/27 (c)			150,000		149,074
Carmax Auto Owner Trust 2019-3
Series 2019-3, 2.850%, due 01/15/26			100,000		103,611
Castlelake Aircraft Structured Trust 2019-1
Series 2091-1, 6.899%, due 04/15/39 (c)			891,795		712,064
CLNC 2019-FL1 Ltd.
Series 2019-FL1, 2.024%, due 08/20/35 (1 Month U.S. LIBOR + 1.900%) (b)(c)(e)			100,000		99,440
Commonbond Student Loan Trust 2018-BGS
Series C, 4.120%, due 09/25/45 (c)			14,006		14,135
Countrywide Asset-Backed Certificates
Series 2006-6, 0.432%, due 09/25/36 (1 Month U.S. LIBOR + 0.340%) (b)			926,423		908,785
DB Master Finance LLC
Series 2017-1, 3.629%, due 11/20/47 (c)			193,500		195,848
Series 2019-1, 3.787%, due 05/20/49 (c)			167,025		169,201
Series 2019-1, 4.021%, due 05/20/49 (c)			88,425		93,295
Domino's Pizza Master Issuer LLC
Series 3.15100, 3.151%, due 04/25/51 (c)			100,000		103,652
Earnest Student Loan Program 2016-C LLC
Series 2016-C, 4.460%, due 01/26/37 (c)			125,018		125,275
First Franklin Mortgage Loan Trust 2004-FF10
Series M-1, 1.367%, due 07/25/34 (1 Month U.S. LIBOR + 1.275%) (b)			252,784		253,483
FirstKey Homes 2020-SFR2 Trust
Series TR, 1.266%, due 10/19/37 (c)			99,779		99,496
Home Partners of America 2018-1 Trust
Series 2018-1, 1.532%, due 07/17/37 (1 Month U.S. LIBOR + 1.450%) (b)(c)			135,000		135,000
Home Partners of America 2019-1 Trust
Series 2019-1, 3.157%, due 09/17/39 (c)			91,127		91,972
Jack in the Box Funding LLC
Series 4.47600, 4.476%, due 08/25/49 (c)			114,138		120,441
Marlette Funding Trust 2019-3
Series 2019-3, 3.070%, due 09/17/29 (c)			200,000		202,338
Mill City Solar Loan 2019-2 Ltd.
Series 2019-2, 3.690%, due 07/20/43 (c)			101,996		107,072
Mosaic Solar Loan Trust 2018-1
Series 2018-1, 4.010%, due 06/22/43 (c)			253,732		272,325
Mosaic Solar Loan Trust 2018-2-GS
Series 2018-2-GS, 4.200%, due 02/22/44 (c)			268,352		291,897
Series 2018-2-GS, 4.740%, due 02/22/44 (c)			334,586		305,651
MVW Owner Trust 2018-1
Series 2018-1, 3.450%, due 01/21/36 (c)			42,635		44,142
Navient Private Education Refi Loan Trust 2020-H
Series A, 1.310%, due 01/15/69 (c)			186,187		187,396
Neighborly Issuer LLC
Series A-2, 3.584%, due 04/30/51 (c)			500,000		510,348
Oscar US Funding XI LLC
Series A-4, 2.680%, due 09/10/26 (c)			150,000		155,264
Progress Residential 2020-SFR3 Trust
Series TR, 4.105%, due 10/17/27 (c)			2,000,000		1,982,145
Progress Residential 2021-SFR3
Series TR, 4.254%, due 05/17/26 (c)			1,100,000		1,099,707
Progress Residential Trust
4.003%, due 07/17/38 (c)			700,000		699,980
PRPM 2020-1 LLC
Series 2020-1, 3.967%, due 02/25/25 (c)			600,000		600,515
Santander Drive Auto Receivables Trust 2018-1
Series 2018-1, 4.370%, due 05/15/25 (c)			750,000		768,100
SoFi Consumer Loan Program 2018-1 Trust
Series C, 3.970%, due 02/25/27 (c)			250,000		256,080
SoFi Consumer Loan Program 2018-2 Trust
Series C, 4.250%, due 04/26/27 (c)			215,000		220,625
SoFi Consumer Loan Program 2018-3 Trust
Series C, 4.670%, due 08/25/27 (c)			150,000		155,579
SoFi Consumer Loan Program 2018-4 Trust
Series D, 4.760%, due 11/26/27 (c)			500,000		516,962
SoFi Professional Loan Program 2018-C Trust
Series R-1, 0.000%, due 01/25/48 (c)(e)			10,000		240,308
Structured Asset Securities Corp Mortgage Loan Trust 2006-BC3
Series A3, 0.412%, due 10/25/36 (1 Month U.S. LIBOR + 0.320%) (b)			684,717		661,252
Sunnova Sol II Issuer LLC
Series A, 2.730%, due 11/01/55 (c)			495,644		506,502
Sunrun Xanadu Issuer 2019-1 LLC
Series 2019-1, 3.980%, due 06/30/54 (c)			126,033		128,258
Taco Bell Funding LLC
Series 2016-1, 4.970%, due 05/25/46 (c)			415,680		449,147
United Airlines 2020-1 Class A Pass Through Trust
Series 2020-1, 5.875%, due 10/15/27			223,638		248,901
Wendy's Funding LLC
Series 2019-1, 3.783%, due 06/15/49 (c)			94,500		100,851
Wingstop Funding LLC
Series 2020-1, 2.841%, due 12/05/50 (c)			249,375		257,573
Zaxby's Funding LLC
Series 2021-1, 3.238%, due 07/30/51 (c)			150,000		151,872
Total Asset-Backed Securities (Cost $19,705,960)					19,002,237

COLLATERALIZED LOAN OBLIGATIONS - 5.5% (b)
ALM 2020 Ltd.
Series 2020-1, 2.034%, due 10/15/29 (3 Month U.S. LIBOR + 1.850%) (c)			500,000		500,062
Annisa CLO Ltd. 2016-2
Series 2016-R, 2.188%, due 07/20/31 (3 Month U.S. LIBOR + 2.000%) (c)			1,000,000		1,000,070
Arbor Realty Collateralized Loan Obligation 2020-FL1 Ltd.
Series 2020-FL1, 1.924%, due 02/15/35 (1 Month U.S. LIBOR + 1.800%) (c)(e)			100,000		100,000
Series 2020-FL1, 2.574%, due 02/15/35 (1 Month U.S. LIBOR + 2.450%) (c)(e)			170,000		169,576
Arbor Realty Commercial Real Estate Notes 2019-FL1 Ltd.
Series 2019-FL1, 1.773%, due 05/15/37 (1 Month U.S. LIBOR + 1.700%) (c)(e)			100,000		100,000
Series 2019-FL1, 2.173%, due 05/15/37 (1 Month U.S. LIBOR + 2.100%) (c)(e)			325,000		324,902
Ares XLIX CLO Ltd.
Series 2018-49, 2.134%, due 07/22/30 (3 Month U.S. LIBOR + 1.950%) (c)			1,000,000		1,004,218
Atrium IX
Series 2013-40R, 3.735%, due 05/28/30 (3 Month U.S. LIBOR + 3.600%) (c)			500,000		499,992
BDS 2019-FL4 Ltd.
Series 2019-FL4, 1.832%, due 08/15/36 (1 Month U.S. LIBOR + 1.750%) (c)(e)			100,000		99,343
BDS 2020-FL5 Ltd.
Series LTD, 2.174%, due 02/16/37 (1 Month U.S. LIBOR + 2.050%) (c)(e)			340,000		342,686
Benefit Street Partners CLO X Ltd.
Series FLT, 2.338%, due 04/20/34 (3 Month U.S. LIBOR + 2.150%) (c)			250,000		248,592
BlueMountain CLO XXVIII Ltd.
Series C, 2.163%, due 04/15/34 (3 Month U.S. LIBOR + 2.000%) (c)			250,000		248,802
Canyon Capital CLO 2014-1 Ltd.
Series 2014-1R, 2.936%, due 01/30/31 (3 Month U.S. LIBOR + 2.750%) (c)			250,000		240,000
Canyon Capital CLO 2021-2 Ltd.
Series D, 3.505%, due 04/15/34 (3 Month U.S. LIBOR + 3.350%) (c)			500,000		500,411
Carlyle Global Market Strategies CLO 2015-3 Ltd.
Series C-R, 3.034%, due 07/28/28 (3 Month U.S. LIBOR + 2.850%) (c)			500,000		496,343
CIFC Funding 2015-IV Ltd.
Series IVR2, 2.009%, due 04/20/34 (3 Month U.S. LIBOR + 1.900%) (c)			250,000		249,590
CIFC Funding 2015-V Ltd.
Series 2015-5R, 3.126%, due 10/25/27 (3 Month U.S. LIBOR + 2.950%) (c)			345,000		344,571
CIFC Funding 2021-IV Ltd.
Series 2021-IV, 2.900%, due 07/15/33 (3 Month U.S. LIBOR + 2.900%) (c)(e)			500,000		500,788
Crown Point CLO 9 Ltd.
Series 2020-9, 2.876%, due 07/14/32 (3 Month U.S. LIBOR + 2.690%) (c)			500,000		498,876
Dryden 33 Senior Loan Fund
Series FLT, 3.834%, due 04/15/29 (3 Month U.S. LIBOR + 3.650%) (c)			500,000		500,075
Dryden 40 Senior Loan Fund
Series 2015-40R, 2.256%, due 08/15/31 (3 Month U.S. LIBOR + 2.100%) (c)			500,000		500,215
Goldentree Loan Management US CLO 2 Ltd.
Series D, 2.838%, due 11/28/30 (3 Month U.S. LIBOR + 2.650%) (c)			500,000		491,453
Greystone CRE Notes 2019-FL2 Ltd.
Series B, 1.673%, due 09/15/37 (1 Month U.S. LIBOR + 1.600%) (c)(e)			100,000		99,970
Series C, 2.073%, due 09/15/37 (1 Month U.S. LIBOR + 2.000%) (c)(e)			200,000		199,260
Series D, 2.473%, due 09/15/37 (1 Month U.S. LIBOR + 2.400%) (c)(e)			183,000		181,971
Hayfin Kingsland VIII Ltd.
Series 2018-8, 1.668%, due 04/20/31 (3 Month U.S. LIBOR + 1.480%) (c)			500,000		496,258
LCM XXIV Ltd.
Series LTD, 2.088%, due 03/20/30 (3 Month U.S. LIBOR + 1.900%) (c)			250,000		249,224
LoanCore 2019-CRE2 Issuer Ltd.
Series B, 1.773%, due 05/15/36 (1 Month U.S. LIBOR + 1.700%) (c)(e)			100,000		99,752
Neuberger Berman Loan Advisers CLO 40 Ltd.
Series C, 1.938%, due 04/16/33 (3 Month U.S. LIBOR + 1.750%) (c)			250,000		249,998
NLY Commercial Mortgage Trust
Series LTD, 1.973%, due 02/15/36 (1 Month U.S. LIBOR + 1.900%) (c)(e)			100,000		99,753
Octagon Investment Partners 30 Ltd.
Series B-R, 2.138%, due 03/17/30 (3 Month U.S. LIBOR + 1.950%) (c)			250,000		248,985
Octagon Investment Partners 31 LLC
Series C-R, 2.238%, due 07/20/30 (3 Month U.S. LIBOR + 2.050%) (c)			280,000		279,715
Octagon Investment Partners XIV Ltd.
Series LTD, 4.084%, due 07/15/29 (3 Month U.S. LIBOR + 3.900%) (c)			500,000		500,101
OHA Credit Funding 5 Ltd.
Series E, 6.440%, due 04/18/33 (3 Month U.S. LIBOR + 6.250%) (c)			500,000		500,056
OHA Credit Funding 8 Ltd.
Series 2021-8, 2.088%, due 01/18/34 (3 Month U.S. LIBOR + 1.900%) (c)			250,000		249,599
OHA Loan Funding 2013-1 Ltd.
Series FLT, 2.243%, due 07/23/31 (3 Month U.S. LIBOR + 2.070%) (c)			500,000		500,091
Palmer Square CLO 2015-1 Ltd.
Series FLT, 1.850%, due 05/21/34 (3 Month U.S. LIBOR + 1.850%) (c)			500,000		499,992
Palmer Square CLO 2018-3 Ltd.
Series C, 2.456%, due 08/15/26 (3 Month U.S. LIBOR + 2.300%) (c)			1,000,000		999,990
Sound Point Clo XIV Ltd.
Series C-R, 2.223%, due 01/23/29 (3 Month U.S. LIBOR + 2.050%) (c)			250,000		249,194
TCI-Flatiron Clo 2018-1 Ltd.
Series C-R, 1.927%, due 01/29/32 (3 Month U.S. LIBOR + 1.750%) (c)			250,000		250,103
TCW CLO 2021-1 Ltd.
Series LTD, 2.009%, due 03/18/34 (3 Month U.S. LIBOR + 1.900%) (c)			250,000		249,594
Venture XIV CLO Ltd.
Series FLT, 1.685%, due 08/28/29 (3 Month U.S. LIBOR + 1.550%) (c)			500,000		500,000
Wind River 2014-3 CLO Ltd.
Series FLT, 3.584%, due 10/22/31 (3 Month U.S. LIBOR + 3.400%) (c)			500,000		481,900
York CLO-6 Ltd.
Series 2019-6, 2.234%, due 07/22/32 (3 Month U.S. LIBOR + 2.050%) (c)			500,000		500,165
Total Collateralized Loan Obligations (Cost $16,613,195)					16,646,236

CORPORATE BONDS - 18.5%
Basic Materials - 0.8%
Arconic Corp.
6.125%, due 02/15/28 (c)			55,000		58,987
CF Industries, Inc.
5.375%, due 03/15/44			25,000		30,969
Cleveland-Cliffs, Inc.
6.750%, due 03/15/26 (c)			80,000		86,100
4.625%, due 03/01/29 (c)			295,000		309,750
4.875%, due 03/01/31 (a)(c)			180,000		189,000
Coeur Mining, Inc.
5.125%, due 02/15/29 (c)			45,000		44,550
Compass Minerals International, Inc.
6.750%, due 12/01/27 (c)			25,000		26,812
CVR Partners LP
6.125%, due 06/15/28 (c)			20,000		20,500
Ecolab, Inc.
1.000%, due 01/15/24	EUR		150,000		182,442
Element Solutions, Inc.
3.875%, due 09/01/28 (c)		$	25,000		25,500
Freeport-McMoRan, Inc.
4.125%, due 03/01/28			50,000		52,125
4.625%, due 08/01/30			200,000		218,750
5.450%, due 03/15/43			385,000		469,700
Glencore Funding LLC
1.625%, due 04/27/26 (c)			95,000		95,177
Illuminate Buyer LLC
9.000%, due 07/01/28 (c)			25,000		27,812
Iris Holdings, Inc.
8.750%, due 02/15/26 (c)			25,000		25,564
Joseph T Ryerson & Son, Inc.
8.500%, due 08/01/28 (c)			8,000		8,850
Kraton Polymers LLC
4.250%, due 12/15/25 (c)			75,000		76,312
Novelis Corp.
5.875%, due 09/30/26 (c)			25,000		25,969
4.750%, due 01/30/30 (c)			20,000		20,975
Olin Corp.
5.125%, due 09/15/27			25,000		26,094
Schweitzer-Mauduit International, Inc.
6.875%, due 10/01/26 (c)			25,000		26,469
SCIH Salt Holdings, Inc.
4.875%, due 05/01/28 (c)			185,000		184,278
6.625%, due 05/01/29 (c)			10,000		9,991
Tronox, Inc.
4.625%, due 03/15/29 (c)			20,000		20,175
Venator Finance Sarl
5.750%, due 07/15/25 (c)			25,000		24,688
					2,287,539
Communications - 3.1%
ANGI Group LLC
3.875%, due 08/15/28 (c)			135,000		133,819
AT&T, Inc.
3.500%, due 09/15/53 (c)			120,000		120,653
3.550%, due 09/15/55 (c)			53,000		53,166
Avaya, Inc.
6.125%, due 09/15/28 (c)			35,000		37,362
Beasley Mezzanine Holdings LLC
8.625%, due 02/01/26 (c)			25,000		25,250
Cable One, Inc.
4.000%, due 11/15/30 (c)			100,000		100,250
CCO Holdings LLC
5.125%, due 05/01/27 (c)			385,000		403,769
4.750%, due 03/01/30 (c)			230,000		242,650
4.500%, due 08/15/30 (c)			125,000		130,312
4.250%, due 02/01/31 (c)			35,000		35,656
4.500%, due 06/01/33 (c)			100,000		102,000
Cengage Learning, Inc.
9.500%, due 06/15/24 (c)			40,000		40,950
Charter Communications Operating LLC
4.908%, due 07/23/25			170,000		192,621
2.800%, due 04/01/31			130,000		132,818
5.750%, due 04/01/48			180,000		228,804
5.125%, due 07/01/49			345,000		410,395
Clear Channel Outdoor Holdings, Inc.
7.500%, due 06/01/29 (c)			55,000		56,787
Comcast Corp.
3.400%, due 04/01/30			85,000		93,798
1.500%, due 02/15/31			105,000		99,083
CommScope Technologies LLC
5.000%, due 03/15/27 (c)			25,000		25,562
CSC Holdings LLC
5.250%, due 06/01/24			70,000		75,775
Diamond Sports Group LLC
5.375%, due 08/15/26 (c)			35,000		22,662
6.625%, due 08/15/27 (c)			15,000		7,350
DISH DBS Corp.
5.875%, due 07/15/22			140,000		145,950
5.875%, due 11/15/24			35,000		37,493
5.125%, due 06/01/29 (c)			55,000		54,244
DISH Network Corp. CVRT
3.375%, due 08/15/26			125,000		127,627
Embarq Corp.
7.995%, due 06/01/36			25,000		28,250
Endure Digital, Inc.
6.000%, due 02/15/29 (c)			45,000		44,550
Etsy, Inc. CVRT
0.250%, due 06/15/28 (c)			115,000		126,040
Expedia Group, Inc.
3.250%, due 02/15/30			85,000		88,751
Frontier Communications Corp.
5.875%, due 10/15/27 (c)			10,000		10,700
5.000%, due 05/01/28 (c)			50,000		51,500
6.750%, due 05/01/29 (c)			15,000		15,919
GCI LLC
4.750%, due 10/15/28 (c)			210,000		214,725
GTT Communications, Inc.
7.875%, due 12/31/24 (c)			20,000		2,500
Hughes Satellite Systems Corp.
6.625%, due 08/01/26			25,000		28,031
iHeartCommunications, Inc.
8.375%, due 05/01/27			35,000		37,494
Level 3 Financing, Inc.
4.625%, due 09/15/27 (c)			35,000		36,356
3.750%, due 07/15/29 (c)			15,000		14,550
Liberty Broadband Corp. CVRT
1.250%, due 09/30/50 (c)			245,000		246,524
2.750%, due 09/30/50 (c)			165,000		175,514
Liberty Media Corp. CVRT
0.500%, due 12/01/50 (c)			100,000		114,969
LogMeIn, Inc.
5.500%, due 09/01/27 (c)			25,000		25,906
Lumen Technologies, Inc.
5.125%, due 12/15/26 (c)			40,000		41,550
4.000%, due 02/15/27 (c)			30,000		30,600
Match Group Holdings II LLC
4.125%, due 08/01/30 (c)			155,000		157,325
MercadoLibre, Inc.
2.375%, due 01/14/26			200,000		201,250
Meredith Corp.
6.875%, due 02/01/26			23,000		23,920
Midcontinent Communications
5.375%, due 08/15/27 (c)			25,000		26,250
Netflix, Inc.
3.625%, due 06/15/25 (c)			380,000		408,500
4.375%, due 11/15/26			135,000		153,225
4.875%, due 04/15/28			60,000		69,750
5.875%, due 11/15/28			25,000		30,656
5.375%, due 11/15/29 (c)			210,000		254,625
News Corp.
3.875%, due 05/15/29 (c)			335,000		338,350
Nexstar Broadcasting, Inc.
5.625%, due 07/15/27 (c)			25,000		26,562
Omnicom Group, Inc.
2.600%, due 08/01/31			160,000		162,671
Radiate Holdco LLC
4.500%, due 09/15/26 (c)			290,000		300,150
6.500%, due 09/15/28 (c)			107,000		112,216
Scripps Escrow II, Inc.
3.875%, due 01/15/29 (c)			40,000		39,500
Scripps Escrow, Inc.
5.875%, due 07/15/27 (c)			45,000		46,575
Sinclair Television Group, Inc.
4.125%, due 12/01/30 (c)			25,000		24,563
Sirius XM Radio, Inc.
5.000%, due 08/01/27 (c)			25,000		26,188
4.125%, due 07/01/30 (c)			20,000		20,250
Spanish Broadcasting System, Inc.
9.750%, due 03/01/26 (c)			25,000		25,250
Sprint Capital Corp.
8.750%, due 03/15/32			199,000		302,480
Sprint Corp.
7.125%, due 06/15/24			35,000		40,381
7.625%, due 03/01/26			25,000		30,594
Summer BC Bidco B LLC
5.500%, due 10/31/26 (c)			10,000		10,163
TEGNA, Inc.
5.000%, due 09/15/29			25,000		26,162
The Interpublic Group of Cos., Inc.
4.650%, due 10/01/28			80,000		93,917
T-Mobile USA, Inc.
4.500%, due 02/01/26			165,000		168,919
2.250%, due 02/15/26			90,000		90,532
2.625%, due 04/15/26			45,000		46,013
4.750%, due 02/01/28			35,000		37,450
2.625%, due 02/15/29			90,000		88,765
3.375%, due 04/15/29			110,000		113,410
3.375%, due 04/15/29 (c)			5,000		5,074
2.875%, due 02/15/31			100,000		99,157
3.500%, due 04/15/31			155,000		159,198
Townsquare Media, Inc.
6.875%, due 02/01/26 (c)			105,000		112,088
TripAdvisor, Inc.
7.000%, due 07/15/25 (c)			160,000		172,000
Uber Technologies, Inc.
7.500%, due 05/15/25 (c)			35,000		37,756
8.000%, due 11/01/26 (c)			215,000		231,663
7.500%, due 09/15/27 (c)			35,000		38,456
Uber Technologies, Inc. CVRT
0.000%, due 12/15/25 (c)			330,000		335,475
Univision Communications, Inc.
6.625%, due 06/01/27 (c)			25,000		27,031
4.500%, due 05/01/29 (c)			30,000		30,225
Urban One, Inc.
7.375%, due 02/01/28 (c)			25,000		26,938
Verizon Communications, Inc.
1.256%, due 05/15/25 (3 Month U.S. LIBOR + 1.100%) (b)			105,000		107,884
ViacomCBS, Inc.
6.250%, due 02/28/57 (3 Month U.S. LIBOR + 3.899%) (b)			25,000		28,500
Viasat, Inc.
5.625%, due 09/15/25 (c)			25,000		25,469
Zayo Group Holdings, Inc.
4.000%, due 03/01/27 (c)			35,000		34,694
6.125%, due 03/01/28 (c)			15,000		15,319
					9,454,724
Consumer, Cyclical - 3.6%
Academy Ltd.
6.000%, due 11/15/27 (c)			25,000		26,750
Adams Homes, Inc.
7.500%, due 02/15/25 (c)			25,000		26,219
Affinity Gaming
6.875%, due 12/15/27 (c)			25,000		26,562
Allison Transmission, Inc.
5.875%, due 06/01/29 (c)			25,000		27,406
Ambience Merger Sub, Inc.
7.125%, due 07/15/29 (c)			20,000		20,200
American Airlines Group, Inc.
5.000%, due 06/01/22 (c)			160,000		160,000
American Airlines Group, Inc. CVRT
6.500%, due 07/01/25			285,000		447,225
American Airlines, Inc.
5.500%, due 04/20/26 (c)			220,000		233,200
5.750%, due 04/20/29 (c)			215,000		232,469
American Axle & Manufacturing, Inc.
6.875%, due 07/01/28 (a)			25,000		27,250
Aramark Services, Inc.
6.375%, due 05/01/25 (c)			35,000		37,144
Asbury Automotive Group, Inc.
4.500%, due 03/01/28			4,000		4,115
4.750%, due 03/01/30			29,000		30,232
Ashton Woods USA LLC
6.750%, due 08/01/25 (c)			25,000		25,905
Bally's Corp.
6.750%, due 06/01/27 (c)			55,000		58,644
Boyd Gaming Corp.
8.625%, due 06/01/25 (c)			25,000		27,500
4.750%, due 06/15/31 (c)			250,000		259,062
Boyne USA, Inc.
4.750%, due 05/15/29 (c)			110,000		113,712
Burlington Stores, Inc. CVRT
2.250%, due 04/15/25			225,000		356,542
Caesars Entertainment, Inc.
6.250%, due 07/01/25 (c)			70,000		74,025
Caesars Resort Collection LLC
5.250%, due 10/15/25 (c)			75,000		75,750
Carvana Co.
5.875%, due 10/01/28 (c)			240,000		251,100
CCM Merger, Inc.
6.375%, due 05/01/26 (c)			25,000		26,250
Cedar Fair LP
5.250%, due 07/15/29			30,000		30,900
Century Communities, Inc.
5.875%, due 07/15/25			25,000		25,844
Cinemark USA, Inc.
5.875%, due 03/15/26 (c)			20,000		20,950
Clarios Global LP
6.250%, due 05/15/26 (c)			39,000		41,535
Core & Main LP
6.125%, due 08/15/25 (c)			25,000		25,469
Delta Air Lines 2020-1 Class A Pass Through Trust
2.500%, due 06/10/28			90,964		91,746
Delta Air Lines, Inc.
2.900%, due 10/28/24			100,000		101,750
7.000%, due 05/01/25 (c)			215,000		251,281
4.500%, due 10/20/25 (c)			150,000		161,832
7.375%, due 01/15/26			35,000		41,081
4.750%, due 10/20/28 (c)			623,000		693,017
Dollar Tree, Inc.
4.000%, due 05/15/25			170,000		187,447
Ferrellgas Escrow LLC
5.375%, due 04/01/26 (c)			25,000		24,781
Ford Motor Co.
8.500%, due 04/21/23			295,000		329,293
7.450%, due 07/16/31			35,000		46,017
Ford Motor Credit Co. LLC
3.350%, due 11/01/22			200,000		204,482
3.370%, due 11/17/23			200,000		207,262
2.748%, due 06/14/24	GBP		100,000		140,311
4.125%, due 08/17/27		$	300,000		318,446
3.625%, due 06/17/31			245,000		249,606
General Motors Financial Co., Inc.
1.184%, due 01/05/23 (3 Month U.S. LIBOR + 0.990%) (b)			150,000		151,351
3.950%, due 04/13/24			5,000		5,388
Golden Entertainment, Inc.
7.625%, due 04/15/26 (c)			25,000		26,562
Golden Nugget, Inc.
6.750%, due 10/15/24 (c)			65,000		65,406
Hilton Domestic Operating Co., Inc.
4.875%, due 01/15/30			65,000		69,469
3.625%, due 02/15/32 (c)			100,000		98,625
Hilton Grand Vacations Borrower Escrow LLC
5.000%, due 06/01/29 (c)			120,000		122,250
Hyatt Hotels Corp.
5.750%, due 04/23/30			148,000		179,570
IAA, Inc.
5.500%, due 06/15/27 (c)			25,000		26,219
Installed Building Products, Inc.
5.750%, due 02/01/28 (c)			25,000		26,375
Interface, Inc.
5.500%, due 12/01/28 (c)			25,000		26,187
IRB Holding Corp.
7.000%, due 06/15/25 (c)			25,000		26,937
6.750%, due 02/15/26 (c)			45,000		46,575
L Brands, Inc.
6.750%, due 07/01/36			25,000		31,312
LBM Acquisition LLC
6.250%, due 01/15/29 (c)			75,000		75,375
LCM Investments Holdings II LLC
4.875%, due 05/01/29 (c)			25,000		25,625
Lions Gate Capital Holdings LLC
5.500%, due 04/15/29 (c)			240,000		253,800
Live Nation Entertainment, Inc.
6.500%, due 05/15/27 (c)			40,000		44,400
M/I Homes, Inc.
4.950%, due 02/01/28			25,000		26,062
Marriott International, Inc.
3.125%, due 06/15/26			90,000		95,669
McDonald's Corp.
3.600%, due 07/01/30			85,000		95,379
Meritage Homes Corp.
5.125%, due 06/06/27			25,000		27,969
Meritor, Inc.
4.500%, due 12/15/28 (c)			25,000		25,312
MGM Resorts International
6.750%, due 05/01/25			60,000		64,125
5.500%, due 04/15/27			25,000		27,437
4.750%, due 10/15/28			20,000		21,250
Midwest Gaming Borrower LLC
4.875%, due 05/01/29 (c)			105,000		104,869
Mileage Plus Holdings LLC
6.500%, due 06/20/27 (c)			175,000		192,719
Murphy Oil USA, Inc.
5.625%, due 05/01/27			25,000		26,406
Newell Brands, Inc.
4.700%, due 04/01/26			35,000		38,981
Penn National Gaming, Inc.
4.125%, due 07/01/29 (c)			25,000		24,969
Performance Food Group, Inc.
5.500%, due 10/15/27 (c)			45,000		47,363
Real Hero Merger Sub 2, Inc.
6.250%, due 02/01/29 (c)			25,000		25,938
Scientific Games International, Inc.
5.000%, due 10/15/25 (c)			25,000		25,719
7.250%, due 11/15/29 (c)			30,000		33,900
SeaWorld Parks & Entertainment, Inc.
9.500%, due 08/01/25 (c)			25,000		26,906
Shea Homes LP
4.750%, due 04/01/29 (c)			25,000		25,625
Sizzling Platter LLC
8.500%, due 11/28/25 (c)			25,000		25,750
Sonic Automotive, Inc.
6.125%, due 03/15/27			25,000		26,219
Southwest Airlines Co. CVRT
1.250%, due 05/01/25			180,000		272,367
Specialty Building Products Holdings LLC
6.375%, due 09/30/26 (c)			25,000		26,125
Speedway Motorsports LLC
4.875%, due 11/01/27 (c)			25,000		25,313
SRS Distribution, Inc.
4.625%, due 07/01/28 (c)			50,000		51,125
6.125%, due 07/01/29 (c)			25,000		25,750
Staples, Inc.
7.500%, due 04/15/26 (c)			30,000		31,125
10.750%, due 04/15/27 (c)			25,000		25,500
Station Casinos LLC
4.500%, due 02/15/28 (c)			25,000		25,375
STL Holding Co. LLC
7.500%, due 02/15/26 (c)			25,000		26,313
Suburban Propane Partners LP
5.000%, due 06/01/31 (c)			45,000		46,069
Tempur Sealy International, Inc.
4.000%, due 04/15/29 (c)			30,000		30,413
Tenneco, Inc.
5.000%, due 07/15/26			15,000		14,925
7.875%, due 01/15/29 (c)			25,000		28,156
The Goodyear Tire & Rubber Co.
5.250%, due 07/15/31 (c)			50,000		52,125
The William Carter Co.
5.500%, due 05/15/25 (c)			85,000		89,569
5.625%, due 03/15/27 (c)			25,000		26,250
Travel + Leisure Co.
6.625%, due 07/31/26 (c)			230,000		260,475
Tri Pointe Homes, Inc.
5.700%, due 06/15/28			25,000		27,594
United Airlines Holdings, Inc.
4.875%, due 01/15/25 (a)			25,000		25,938
United Airlines, Inc.
4.625%, due 04/15/29 (c)			30,000		31,050
Univar Solutions USA, Inc.
5.125%, due 12/01/27 (c)			25,000		26,281
Victoria's Secret & Co.
4.625%, due 07/15/29 (c)			45,000		45,000
WASH Multifamily Acquisition, Inc.
5.750%, due 04/15/26 (c)			45,000		47,025
Wheel Pros, Inc.
6.500%, due 05/15/29 (c)			25,000		25,250
Williams Scotsman International, Inc.
4.625%, due 08/15/28 (c)			25,000		25,719
WMG Acquisition Corp.
3.000%, due 02/15/31 (c)			440,000		416,900
Wolverine World Wide, Inc.
5.000%, due 09/01/26 (c)			25,000		25,656
Wyndham Hotels & Resorts, Inc.
4.375%, due 08/15/28 (c)			145,000		150,075
Yum! Brands, Inc.
4.750%, due 01/15/30 (c)			312,000		336,570
3.625%, due 03/15/31			365,000		363,631
4.625%, due 01/31/32			175,000		183,094
					10,857,063
Consumer, Non-cyclical - 3.3%
AbbVie, Inc.
4.700%, due 05/14/45			155,000		193,601
Acadia Healthcare Co., Inc.
5.500%, due 07/01/28 (c)			25,000		26,687
Acco Brands Corp.
4.250%, due 03/15/29 (c)			5,000		4,950
Albertsons Cos., Inc.
3.500%, due 03/15/29 (c)			25,000		24,656
4.875%, due 02/15/30 (c)			15,000		15,863
Allied Universal Holdco LLC
6.625%, due 07/15/26 (c)			40,000		42,400
9.750%, due 07/15/27 (c)			70,000		77,000
Alta Equipment Group, Inc.
5.625%, due 04/15/26 (c)			25,000		25,719
Altria Group, Inc.
4.450%, due 05/06/50			85,000		90,165
AMN Healthcare, Inc.
4.625%, due 10/01/27 (c)			25,000		25,886
Anheuser-Busch Cos. LLC
4.900%, due 02/01/46			70,000		88,255
Anthem, Inc.
2.375%, due 01/15/25			90,000		94,102
Avantor Funding, Inc.
4.625%, due 07/15/28 (c)			25,000		26,375
B&G Foods, Inc.
5.250%, due 09/15/27			20,000		21,000
Catalent Pharma Solutions, Inc.
5.000%, due 07/15/27 (c)			25,000		26,094
Centene Corp.
4.250%, due 12/15/27			20,000		21,075
4.625%, due 12/15/29			80,000		87,800
3.375%, due 02/15/30			340,000		354,450
3.000%, due 10/15/30			380,000		389,025
2.500%, due 03/01/31			320,000		315,710
Chobani LLC
4.625%, due 11/15/28 (c)			10,000		10,337
Cigna Corp.
1.074%, due 07/15/23 (3 Month U.S. LIBOR + 0.890%) (b)			145,000		146,861
4.900%, due 12/15/48			155,000		199,668
Community Health Systems, Inc.
6.000%, due 01/15/29 (c)			45,000		48,037
6.875%, due 04/15/29 (c)			35,000		36,750
Constellation Brands, Inc.
3.150%, due 08/01/29			155,000		166,319
CoStar Group, Inc.
2.800%, due 07/15/30 (c)			115,000		116,763
Coty, Inc.
5.000%, due 04/15/26 (c)			30,000		30,412
CPI CG, Inc.
8.625%, due 03/15/26 (c)			15,000		15,862
CVS Health Corp.
5.050%, due 03/25/48			110,000		142,422
DaVita, Inc.
4.625%, due 06/01/30 (c)			25,000		25,625
Encompass Health Corp.
4.625%, due 04/01/31			15,000		16,031
Flowers Foods, Inc.
2.400%, due 03/15/31			90,000		90,037
Gartner, Inc.
3.750%, due 10/01/30 (c)			125,000		127,500
Graham Holdings Co.
5.750%, due 06/01/26 (c)			25,000		26,062
HCA, Inc.
5.375%, due 02/01/25			285,000		321,337
4.125%, due 06/15/29			375,000		422,344
3.500%, due 09/01/30			651,000		690,874
Hill-Rom Holdings, Inc.
4.375%, due 09/15/27 (c)			25,000		26,000
Jaguar Holding Co. II
5.000%, due 06/15/28 (c)			25,000		27,031
JBS USA Food Co.
7.000%, due 01/15/26 (c)			200,000		211,500
JBS USA LUX SA
6.750%, due 02/15/28 (c)			25,000		27,437
KeHE Distributors LLC
8.625%, due 10/15/26 (c)			23,000		25,358
Kraft Heinz Foods Co.
3.000%, due 06/01/26			125,000		132,975
3.875%, due 05/15/27			75,000		82,176
4.250%, due 03/01/31			305,000		345,634
5.000%, due 07/15/35			40,000		48,641
6.875%, due 01/26/39			245,000		350,449
7.125%, due 08/01/39 (c)			35,000		51,359
4.625%, due 10/01/39			220,000		254,326
5.200%, due 07/15/45			45,000		55,817
4.375%, due 06/01/46			55,000		62,001
Kronos Acquisition Holdings, Inc.
5.000%, due 12/31/26 (c)			80,000		81,400
7.000%, due 12/31/27 (c)			45,000		45,169
Lamb Weston Holdings, Inc.
4.875%, due 05/15/28 (c)			5,000		5,531
Legacy LifePoint Health LLC
6.750%, due 04/15/25 (c)			25,000		26,563
4.375%, due 02/15/27 (c)			55,000		55,550
Metis Merger Sub LLC
6.500%, due 05/15/29 (c)			40,000		39,450
Molina Healthcare, Inc.
3.875%, due 11/15/30 (c)			25,000		26,000
MPH Acquisition Holdings LLC
5.750%, due 11/01/28 (c)			75,000		75,094
NESCO Holdings II, Inc.
5.500%, due 04/15/29 (c)			25,000		26,000
Nielsen Finance LLC
4.750%, due 07/15/31 (c)			25,000		24,969
Ortho-Clinical Diagnostics, Inc.
7.250%, due 02/01/28 (c)			35,000		38,194
Par Pharmaceutical, Inc.
7.500%, due 04/01/27 (c)			25,000		25,531
Pilgrim's Pride Corp.
5.875%, due 09/30/27 (c)			60,000		63,900
Post Holdings, Inc.
5.750%, due 03/01/27 (c)			330,000		345,262
5.625%, due 01/15/28 (c)			325,000		344,906
5.500%, due 12/15/29 (c)			205,000		219,094
4.625%, due 04/15/30 (c)			65,000		65,975
4.500%, due 09/15/31 (c)			290,000		288,913
Prime Security Services Borrower LLC
3.375%, due 08/31/27 (c)			20,000		19,350
Primo Water Holdings, Inc.
4.375%, due 04/30/29 (c)			105,000		105,000
Radiology Partners, Inc.
9.250%, due 02/01/28 (c)			35,000		38,588
RP Escrow Issuer LLC
5.250%, due 12/15/25 (c)			45,000		46,969
Select Medical Corp.
6.250%, due 08/15/26 (c)			80,000		84,800
Simmons Foods, Inc.
4.625%, due 03/01/29 (c)			25,000		25,219
Smithfield Foods, Inc.
4.250%, due 02/01/27 (c)			155,000		169,346
Spectrum Brands, Inc.
5.750%, due 07/15/25			25,000		25,563
Square, Inc.
3.500%, due 06/01/31 (c)			85,000		85,425
Sysco Corp.
5.950%, due 04/01/30			75,000		96,251
Tenet Healthcare Corp.
5.125%, due 11/01/27 (c)			60,000		62,850
6.125%, due 10/01/28 (c)			80,000		85,000
Thermo Fisher Scientific, Inc.
0.750%, due 09/12/24	EUR		100,000		121,547
0.500%, due 03/01/28	EUR		100,000		119,770
Triton Water Holdings, Inc.
6.250%, due 04/01/29 (c)		$	60,000		60,375
United Natural Foods, Inc.
6.750%, due 10/15/28 (c)			50,000		53,750
United Rentals North America, Inc.
4.875%, due 01/15/28			210,000		222,600
4.000%, due 07/15/30			110,000		113,438
3.875%, due 02/15/31			230,000		234,025
US Foods, Inc.
6.250%, due 04/15/25 (c)			5,000		5,306
Verscend Escrow Corp.
9.750%, due 08/15/26 (c)			92,000		96,945
Vizient, Inc.
6.250%, due 05/15/27 (c)			25,000		26,438
					9,980,814
Energy - 1.8%
Aethon United BR LP
8.250%, due 02/15/26 (c)			25,000		27,062
Antero Midstream Partners LP
5.750%, due 03/01/27 (c)			45,000		46,800
Apache Corp.
4.625%, due 11/15/25			20,000		21,525
4.375%, due 10/15/28			50,000		53,250
Archrock Partners LP
6.250%, due 04/01/28 (c)			25,000		26,062
Blue Racer Midstream LLC
6.625%, due 07/15/26 (c)			15,000		15,675
BP Capital Markets America, Inc.
2.939%, due 06/04/51			100,000		94,957
Cheniere Energy Partners LP
4.500%, due 10/01/29			75,000		80,437
4.000%, due 03/01/31 (c)			260,000		270,400
Chesapeake Energy Corp.
5.875%, due 02/01/29 (c)			50,000		54,000
CNX Resources Corp.
7.250%, due 03/14/27 (c)			25,000		26,812
6.000%, due 01/15/29 (c)			30,000		32,400
Continental Resources, Inc.
5.750%, due 01/15/31 (c)			455,000		543,725
Crestwood Midstream Partners LP
5.750%, due 04/01/25			25,000		25,687
DCP Midstream Operating LP
5.625%, due 07/15/27			25,000		28,375
Delek Logistics Partners LP
6.750%, due 05/15/25			25,000		25,687
Devon Energy Corp.
5.250%, due 10/15/27 (c)			17,000		18,111
DT Midstream, Inc.
4.125%, due 06/15/29 (c)			25,000		25,344
Encino Acquisition Partners Holdings LLC
8.500%, due 05/01/28 (c)			25,000		25,500
Energy Transfer LP
7.125%, Perpetual			175,000		180,687
Energy Transfer Operating LP
4.750%, due 01/15/26			85,000		95,519
Enviva Partners LP
6.500%, due 01/15/26 (c)			25,000		26,125
EQM Midstream Partners LP
6.000%, due 07/01/25 (c)			10,000		10,875
4.750%, due 01/15/31 (c)			190,000		195,225
EQT Corp.
3.900%, due 10/01/27			67,000		71,606
3.125%, due 05/15/26 (c)			40,000		40,900
8.500%, due 02/01/30			25,000		32,438
3.625%, due 05/15/31 (c)			455,000		475,475
Hess Midstream Operations LP
5.625%, due 02/15/26 (c)			25,000		26,000
5.125%, due 06/15/28 (c)			45,000		47,137
Hilcorp Energy I LP
6.250%, due 11/01/28 (c)			35,000		37,187
5.750%, due 02/01/29 (c)			50,000		52,000
Independence Energy Finance LLC
7.250%, due 05/01/26 (c)			25,000		26,312
Indigo Natural Resources LLC
5.375%, due 02/01/29 (c)			60,000		62,700
Kinder Morgan Energy Partners LP
6.950%, due 01/15/38			75,000		106,812
Kinder Morgan, Inc.
2.000%, due 02/15/31			75,000		71,894
Laredo Petroleum, Inc.
10.125%, due 01/15/28			25,000		27,500
Marathon Petroleum Corp.
5.125%, due 12/15/26			80,000		94,100
Murphy Oil Corp.
6.375%, due 07/15/28			25,000		26,313
NGL Energy Operating LLC
7.500%, due 02/01/26 (c)			65,000		68,088
NuStar Logistics LP
6.375%, due 10/01/30			35,000		38,500
Oasis Petroleum, Inc.
6.375%, due 06/01/26 (c)			25,000		26,000
Occidental Petroleum Corp.
8.000%, due 07/15/25			20,000		23,875
3.400%, due 04/15/26			47,000		47,999
3.200%, due 08/15/26			31,000		31,271
6.625%, due 09/01/30			207,000		247,882
6.125%, due 01/01/31			195,000		228,394
7.500%, due 05/01/31			70,000		88,025
6.450%, due 09/15/36			25,000		29,875
Ovintiv, Inc.
7.375%, due 11/01/31			25,000		33,250
6.500%, due 08/15/34			145,000		190,312
6.500%, due 02/01/38			30,000		39,975
Patterson-UTI Energy, Inc.
3.950%, due 02/01/28			45,000		45,338
Peabody Energy Corp.
8.500%, due 12/31/24 (c)			13,136		9,885
Pioneer Natural Resources Co.
1.900%, due 08/15/30			100,000		96,116
Sabine Pass Liquefaction LLC
5.000%, due 03/15/27			80,000		92,400
Southwestern Energy Co.
6.450%, due 01/23/25			20,000		22,025
SunCoke Energy Partners LP
7.500%, due 06/15/25 (c)			70,000		72,713
SunCoke Energy, Inc.
4.875%, due 06/30/29 (c)			65,000		64,838
Sunoco LP
6.000%, due 04/15/27			35,000		36,663
4.500%, due 05/15/29 (c)			40,000		40,700
Tallgrass Energy Partners LP
5.500%, due 01/15/28 (c)			25,000		25,438
Targa Resources Partners LP
5.500%, due 03/01/30			65,000		71,419
4.875%, due 02/01/31 (c)			25,000		27,062
The Williams Cos., Inc.
3.500%, due 11/15/30			30,000		32,764
Transcontinental Gas Pipe Line Co. LLC
3.250%, due 05/15/30			30,000		32,134
USA Compression Partners LP
6.875%, due 09/01/27			75,000		79,688
Vine Energy Holdings LLC
6.750%, due 04/15/29 (c)			25,000		26,313
Viper Energy Partners LP
5.375%, due 11/01/27 (c)			25,000		26,125
Western Midstream Operating LP
4.350%, due 02/01/25			30,000		31,688
5.300%, due 02/01/30			210,000		235,200
5.450%, due 04/01/44			25,000		26,875
					5,337,444
Financial - 2.4%
Acrisure LLC
4.250%, due 02/15/29 (c)			60,000		59,250
Air Lease Corp.
1.875%, due 08/15/26			95,000		95,087
Alexandria Real Estate Equities, Inc.
3.000%, due 05/18/51			100,000		98,056
Alliant Holdings Intermediate LLC
6.750%, due 10/15/27 (c)			30,000		31,500
Ally Financial, Inc.
5.750%, due 11/20/25			25,000		28,704
American Express Co.
3.400%, due 02/22/24			140,000		149,723
American Tower Corp.
1.950%, due 05/22/26	EUR		100,000		127,889
0.500%, due 01/15/28	EUR		100,000		117,467
3.950%, due 03/15/29		$	85,000		95,299
Ares Capital Corp.
2.150%, due 07/15/26			95,000		94,231
Aretec Escrow Issuer, Inc.
7.500%, due 04/01/29 (c)			25,000		25,750
Athene Global Funding
3.000%, due 07/01/22 (c)			90,000		92,253
Bank of America Corp.
3.974%, due 02/07/30 (3 Month U.S. LIBOR + 1.210%) (b)			80,000		90,682
Berkshire Hathaway Finance Corp.
2.375%, due 06/19/39	GBP		120,000		178,296
Berkshire Hathaway, Inc.
0.000%, due 03/12/25	EUR		200,000		237,783
BroadStreet Partners, Inc.
5.875%, due 04/15/29 (c)		$	25,000		25,402
Chubb INA Holdings, Inc.
0.300%, due 12/15/24	EUR		160,000		191,391
Citigroup, Inc.
0.000%, due 03/21/23 (3 Month EURIBOR + 0.500%) (b)	EUR		170,000		202,849
Crown Castle International Corp.
3.650%, due 09/01/27		$	125,000		137,786
2.250%, due 01/15/31			40,000		39,460
Cushman & Wakefield US Borrower LLC
6.750%, due 05/15/28 (c)			25,000		27,000
Discover Financial Services
4.100%, due 02/09/27			125,000		139,752
ESH Hospitality, Inc.
5.250%, due 05/01/25 (c)			25,000		25,469
First Horizon Bank
5.750%, due 05/01/30			255,000		314,537
Freedom Mortgage Corp.
8.250%, due 04/15/25 (c)			25,000		26,094
6.625%, due 01/15/27 (c)			10,000		10,062
GE Capital Funding LLC
3.450%, due 05/15/25			200,000		217,604
GTCR AP Finance, Inc.
8.000%, due 05/15/27 (c)			35,000		37,450
Host Hotels & Resorts LP
3.375%, due 12/15/29			65,000		68,189
3.500%, due 09/15/30			65,000		68,123
Icahn Enterprises LP
5.250%, due 05/15/27			50,000		51,500
Iron Mountain, Inc.
5.250%, due 07/15/30 (c)			25,000		26,438
4.500%, due 02/15/31 (c)			25,000		25,281
JPMorgan Chase & Co.
2.580%, due 04/22/32 (SOFR Rate + 1.250%) (b)			160,000		164,368
Ladder Capital Finance Holdings LLLP
4.750%, due 06/15/29 (c)			10,000		10,000
LPL Holdings, Inc.
4.625%, due 11/15/27 (c)			25,000		25,937
MGM Growth Properties Operating Partnership LP
4.625%, due 06/15/25 (c)			20,000		21,425
3.875%, due 02/15/29 (c)			25,000		25,375
Midcap Financial Issuer Trust
6.500%, due 05/01/28 (c)			15,000		15,656
Morgan Stanley
0.790%, due 05/30/25 (SOFR Rate + 0.525%) (b)			105,000		104,593
MPT Operating Partnership LP
3.500%, due 03/15/31			25,000		25,188
Nationstar Mortgage Holdings, Inc.
5.500%, due 08/15/28 (c)			30,000		30,133
5.125%, due 12/15/30 (c)			25,000		24,906
Navient Corp.
5.000%, due 03/15/27			35,000		36,269
4.875%, due 03/15/28			25,000		25,125
NFP Corp.
6.875%, due 08/15/28 (c)			30,000		31,613
OneMain Finance Corp.
6.625%, due 01/15/28			65,000		74,588
Park Intermediate Holdings LLC
4.875%, due 05/15/29 (c)			35,000		36,094
PennyMac Financial Services, Inc.
4.250%, due 02/15/29 (c)			55,000		52,938
Prudential Financial, Inc.
3.905%, due 12/07/47			85,000		98,519
Quicken Loans LLC
5.250%, due 01/15/28 (c)			25,000		26,225
Realogy Group LLC
7.625%, due 06/15/25 (c)			20,000		21,700
5.750%, due 01/15/29 (c)			55,000		57,475
Santander Holdings USA, Inc.
3.400%, due 01/18/23			180,000		187,213
SBA Communications Corp.
4.875%, due 09/01/24			33,000		33,577
3.875%, due 02/15/27			455,000		467,513
3.125%, due 02/01/29 (c)			195,000		187,931
Service Properties Trust
4.375%, due 02/15/30			25,000		23,854
Synchrony Financial
3.950%, due 12/01/27			90,000		99,845
The Goldman Sachs Group, Inc.
1.375%, due 05/15/24	EUR		150,000		182,492
3.375%, due 03/27/25	EUR		38,000		50,510
0.866%, due 09/10/27 (SOFR Rate + 0.820%) (b)		$	190,000		189,566
2.000%, due 11/01/28	EUR		37,000		48,402
The Western Union Co.
2.750%, due 03/15/31		$	190,000		189,785
Uniti Group LP
7.125%, due 12/15/24 (c)			25,000		25,875
6.500%, due 02/15/29 (c)			35,000		35,044
US Bancorp
0.850%, due 06/07/24	EUR		445,000		541,968
USB Capital IX
3.500%, due 04/15/42 (3 Month U.S. LIBOR + 1.020%) (b)		$	125,000		123,750
VICI Properties LP
4.625%, due 12/01/29 (c)			70,000		74,375
4.125%, due 08/15/30 (c)			165,000		169,538
Wells Fargo & Co.
1.362%, due 07/27/21 (3 Month Bank Bill Swap Rate + 1.320%) (b)	AUD		200,000		150,115
3.250%, due 04/27/22	AUD		200,000		153,603
Welltower, Inc.
2.050%, due 01/15/29		$	95,000		92,539
Willis North America, Inc.
4.500%, due 09/15/28			90,000		103,917
XHR LP
4.875%, due 06/01/29 (c)			10,000		10,325
					7,206,221
Industrial - 1.6%
AECOM
5.125%, due 03/15/27			230,000		255,587
Ardagh Metal Packaging Finance USA LLC
3.250%, due 09/01/28 (c)			200,000		199,250
4.000%, due 09/01/29 (c)			200,000		197,750
Ball Corp.
4.000%, due 11/15/23			190,000		201,400
5.250%, due 07/01/25			260,000		293,475
4.875%, due 03/15/26			240,000		266,400
2.875%, due 08/15/30			105,000		102,506
Berry Global, Inc.
5.625%, due 07/15/27 (c)			180,000		191,700
Builders FirstSource, Inc.
6.750%, due 06/01/27 (c)			80,000		85,800
5.000%, due 03/01/30 (c)			25,000		26,125
Cargo Aircraft Management, Inc.
4.750%, due 02/01/28 (c)			25,000		25,531
Cascades, Inc.
5.375%, due 01/15/28 (c)			25,000		26,312
Clark Equipment Co.
5.875%, due 06/01/25 (c)			25,000		26,344
Clean Harbors, Inc.
5.125%, due 07/15/29 (c)			25,000		27,156
CP Atlas Buyer, Inc.
7.000%, due 12/01/28 (c)			25,000		25,875
Crown Americas LLC
4.500%, due 01/15/23			149,000		155,705
4.250%, due 09/30/26			25,000		26,781
Crown Cork & Seal Co., Inc.
7.375%, due 12/15/26			160,000		196,200
CSX Corp.
3.800%, due 11/01/46			85,000		96,225
Energizer Holdings, Inc.
4.750%, due 06/15/28 (c)			50,000		51,187
Fortress Transportation and Infrastructure Investors LLC
5.500%, due 05/01/28 (c)			25,000		25,969
Global Infrastructure Solutions, Inc.
5.625%, due 06/01/29 (c)			25,000		25,937
GrafTech Finance, Inc.
4.625%, due 12/15/28 (c)			25,000		25,656
Graham Packaging Co., Inc.
7.125%, due 08/15/28 (c)			25,000		26,937
Granite US Holdings Corp.
11.000%, due 10/01/27 (c)			25,000		27,844
Griffon Corp.
5.750%, due 03/01/28			30,000		31,837
Imola Merger Corp.
4.750%, due 05/15/29 (c)			25,000		25,719
Koppers, Inc.
6.000%, due 02/15/25 (c)			25,000		25,719
Madison IAQ LLC
4.125%, due 06/30/28 (c)			40,000		40,400
5.875%, due 06/30/29 (c)			45,000		45,787
New Enterprise Stone & Lime Co., Inc.
9.750%, due 07/15/28 (c)			25,000		27,875
Owens Corning
4.400%, due 01/30/48			85,000		100,349
Packaging Corp. of America
3.000%, due 12/15/29			90,000		95,717
Park-Ohio Industries, Inc.
6.625%, due 04/15/27			25,000		25,438
Penske Truck Leasing Co. LP
4.200%, due 04/01/27 (c)			85,000		95,571
PGT Innovations, Inc.
6.750%, due 08/01/26 (c)			25,000		26,344
Plastipak Holdings, Inc.
6.250%, due 10/15/25 (c)			25,000		25,531
Reynolds Group Issuer, Inc.
4.000%, due 10/15/27 (c)			260,000		258,050
Silgan Holdings, Inc.
4.125%, due 02/01/28			70,000		72,625
Spirit AeroSystems, Inc.
7.500%, due 04/15/25 (c)			35,000		37,363
SSL Robotics LLC
9.750%, due 12/31/23 (c)			15,000		16,556
Standard Industries, Inc.
5.000%, due 02/15/27 (c)			20,000		20,725
3.375%, due 01/15/31 (c)			55,000		52,525
Stevens Holding Co., Inc.
6.125%, due 10/01/26 (c)			25,000		26,750
Summit Materials LLC
5.125%, due 06/01/25 (c)			25,000		25,313
The Boeing Co.
5.040%, due 05/01/27			205,000		236,349
2.950%, due 02/01/30			100,000		102,334
5.150%, due 05/01/30			530,000		627,007
The Kenan Advantage Group, Inc.
7.875%, due 07/31/23 (c)			5,000		4,994
TransDigm, Inc.
8.000%, due 12/15/25 (c)			5,000		5,394
6.250%, due 03/15/26 (c)			50,000		52,750
5.500%, due 11/15/27			60,000		62,625
4.875%, due 05/01/29 (c)			30,000		30,300
Triumph Group, Inc.
7.750%, due 08/15/25 (a)			25,000		25,688
Weekley Homes LLC
4.875%, due 09/15/28 (c)			25,000		25,813
WRKCo, Inc.
3.750%, due 03/15/25			80,000		87,356
					4,946,456
Technology - 1.0%
Apple, Inc.
0.875%, due 05/24/25	EUR		215,000		264,837
Ascend Learning LLC
6.875%, due 08/01/25 (c)		$	25,000		25,469
Austin BidCo, Inc.
7.125%, due 12/15/28 (c)			25,000		25,531
Booz Allen Hamilton, Inc.
3.875%, due 09/01/28 (c)			25,000		25,500
BY Crown Parent LLC
4.250%, due 01/31/26 (c)			25,000		26,187
Castle US Holding Corp.
9.500%, due 02/15/28 (c)			30,000		31,350
CDW LLC
4.250%, due 04/01/28			165,000		173,250
3.250%, due 02/15/29			25,000		25,250
Clarivate Science Holdings Corp.
4.875%, due 06/30/29 (c)			40,000		41,050
CoreLogic, Inc.
4.500%, due 05/01/28 (c)			30,000		29,775
Dell International LLC
8.350%, due 07/15/46			110,000		179,381
Donnelley Financial Solutions, Inc.
8.250%, due 10/15/24			25,000		25,938
Everi Holdings, Inc.
5.000%, due 07/15/29 (c)			5,000		5,000
Fidelity National Information Services, Inc.
1.500%, due 05/21/27	EUR		100,000		125,735
1.000%, due 12/03/28	EUR		100,000		121,779
Fiserv, Inc.
1.125%, due 07/01/27	EUR		100,000		123,775
J2 Global, Inc.
4.625%, due 10/15/30 (c)		$	70,000		72,363
Microchip Technology, Inc.
4.250%, due 09/01/25			25,000		26,242
MSCI, Inc.
3.625%, due 09/01/30 (c)			295,000		302,375
3.875%, due 02/15/31 (c)			155,000		160,425
3.625%, due 11/01/31 (c)			166,000		170,150
NCR Corp.
5.125%, due 04/15/29 (c)			20,000		20,575
NetApp, Inc.
1.875%, due 06/22/25			95,000		97,628
NXP BV
3.875%, due 06/18/26 (c)			170,000		188,249
Oracle Corp.
3.600%, due 04/01/50			95,000		97,295
Rackspace Technology Global, Inc.
5.375%, due 12/01/28 (c)			5,000		5,125
Rocket Software, Inc.
6.500%, due 02/15/29 (c)			25,000		24,750
Roper Technologies, Inc.
1.750%, due 02/15/31			205,000		196,269
Sabre Corp. CVRT
4.000%, due 04/15/25			85,000		153,252
Science Applications International Corp.
4.875%, due 04/01/28 (c)			25,000		26,188
Tempo Acquisition LLC
6.750%, due 06/01/25 (c)			15,000		15,253
Twilio, Inc.
3.625%, due 03/15/29			90,000		91,688
3.875%, due 03/15/31			125,000		128,281
Veritas US, Inc.
7.500%, due 09/01/25 (c)			30,000		31,200
Xerox Holdings Corp.
5.000%, due 08/15/25 (c)			25,000		26,375
					3,083,490
Utilities - 0.9%
Calpine Corp.
5.125%, due 03/15/28 (c)			40,000		40,400
4.625%, due 02/01/29 (c)			15,000		14,700
Clearway Energy Operating LLC
4.750%, due 03/15/28 (c)			25,000		26,187
Dominion Energy, Inc.
4.650%, due 06/15/25 (5 Year CMT Rate + 2.993%) (b)			180,000		191,250
DPL, Inc.
4.125%, due 07/01/25			270,000		288,900
Duke Energy Corp.
4.875%, due 03/16/25 (5 Year CMT Rate + 3.388%) (b)			150,000		159,750
Essential Utilities, Inc.
2.704%, due 04/15/30			95,000		98,449
Eversource Energy
1.650%, due 08/15/30			95,000		90,429
FirstEnergy Corp.
4.400%, due 07/15/27			180,000		195,659
7.375%, due 11/15/31			320,000		435,951
Monongahela Power Co.
5.400%, due 12/15/43 (c)			105,000		137,468
NextEra Energy Capital Holdings, Inc.
2.250%, due 06/01/30			90,000		90,608
5.650%, due 05/01/79 (3 Month U.S. LIBOR + 3.156%) (b)			110,000		127,875
NRG Energy, Inc.
3.625%, due 02/15/31 (c)			60,000		58,950
Pacific Gas and Electric Co.
2.500%, due 02/01/31			95,000		88,626
PG&E Corp.
5.000%, due 07/01/28			20,000		20,125
5.250%, due 07/01/30			120,000		120,973
Pike Corp.
5.500%, due 09/01/28 (c)			35,000		36,400
South Jersey Industries, Inc.
5.020%, due 04/15/31			131,000		137,934
The AES Corp.
3.950%, due 07/15/30 (c)			30,000		32,747
The Brooklyn Union Gas Co.
4.487%, due 03/04/49 (c)			90,000		106,907
The East Ohio Gas Co.
3.000%, due 06/15/50 (c)			95,000		93,548
The Southern Co.
4.000%, due 01/15/51 (5 Year CMT Rate + 3.733%) (b)			130,000		137,261
3.750%, due 09/15/51 (5 Year CMT Rate + 2.915%) (b)			95,000		95,796
Vistra Operations Co. LLC
5.625%, due 02/15/27 (c)			25,000		25,937
					2,852,830
Total Corporate Bonds (Cost $53,521,959)					56,006,581

FOREIGN BONDS - 21.7%
Argentina - 0.1%
Banco Macro SA
6.750%, due 11/04/26 (5 Year USD Swap Rate + 5.463%) (b)			250,000		207,187
Australia - 0.6%
Asian Development Bank
5.000%, due 03/09/22	AUD		110,000		85,269
Australia Government Bond
0.250%, due 11/21/24	AUD		455,000		339,331
0.500%, due 09/21/26	AUD		155,000		114,228
FMG Resources August 2006 Pty Ltd.
4.375%, due 04/01/31 (c)		$	657,000		701,347
Macquarie Group Ltd.
1.629%, due 09/23/27 (SOFR Rate + 0.910%) (b)(c)			95,000		94,459
New South Wales Treasury Corp.
1.000%, due 02/08/24	AUD		580,000		442,605
					1,777,239
Austria - 0.1%
Republic of Austria Government Bond
0.500%, due 02/20/29 (c)	EUR		140,000		174,687
Suzano Austria GmbH
3.125%, due 01/15/32		$	50,000		49,330
					224,017
Bermuda - 0.1%
Digicel Group 0.5 Ltd.
8.000%, due 04/01/25 (c)			65,316		54,865
Digicel Group 0.5 Ltd. CVRT
7.000%, due 12/01/21 (c)			96,925		73,421
Viking Cruises Ltd.
13.000%, due 05/15/25 (c)			25,000		29,344
5.875%, due 09/15/27 (c)			90,000		88,650
					246,280
Brazil - 0.8%
Banco do Estado do Rio Grande do Sul SA
5.375%, due 01/28/31 (5 Year CMT Rate + 4.928%) (b)(c)			200,000		204,130
Brazilian Government International Bond
3.750%, due 09/12/31			200,000		197,000
5.625%, due 02/21/47			500,000		546,250
Itau Unibanco Holding SA
4.625%, Perpetual (5 Year CMT Rate + 3.222%) (b)			200,000		192,000
Natura Cosmeticos SA
4.125%, due 05/03/28 (c)			200,000		204,750
Nota do Tesouro Nacional
10.000%, due 01/01/23	BRL		1,995		416,394
10.000%, due 01/01/25	BRL		2,670		566,505
Simpar Finance Sarl
10.750%, due 02/12/28 (c)	BRL		590,000		107,909
					2,434,938
Britain - 0.9%
Antofagasta PLC
2.375%, due 10/14/30		$	200,000		192,261
BP Capital Markets PLC CVRT
1.000%, due 04/28/23	GBP		200,000		286,390
European Investment Bank
0.399%, due 06/29/23 (SONIA Rate + 0.350%) (b)	GBP		100,000		138,984
Lloyds Banking Group PLC
7.500%, Perpetual (5 Year USD Swap Rate + 4.496%) (b)		$	200,000		232,000
MARB BondCo PLC
3.950%, due 01/29/31 (c)			200,000		192,174
Natwest Group PLC
6.000%, Perpetual (5 Year CMT Rate + 5.625%) (b)			200,000		223,000
Royalty Pharma PLC
3.300%, due 09/02/40 (c)			90,000		90,150
United Kingdom Gilt
3.750%, due 09/07/21	GBP		65,000		90,517
0.500%, due 07/22/22	GBP		100,000		139,007
Vedanta Resources Finance II PLC
9.250%, due 04/23/26 (c)		$	200,000		175,750
Vedanta Resources Ltd.
6.125%, due 08/09/24			200,000		167,500
Virgin Media Finance PLC
5.000%, due 07/15/30 (c)			200,000		200,000
Virgin Media Secured Finance PLC
5.500%, due 05/15/29 (c)			76,000		81,700
Vmed O2 UK Financing I PLC
3.250%, due 01/31/31 (c)	EUR		150,000		178,150
4.250%, due 01/31/31 (c)		$	415,000		406,182
					2,793,765
Canada - 2.6%
1011778 BC ULC
4.250%, due 05/15/24 (c)			177,000		178,991
3.875%, due 01/15/28 (c)			190,000		192,138
3.500%, due 02/15/29 (c)			128,000		126,400
4.000%, due 10/15/30 (c)			356,000		343,540
Air Canada
4.000%, due 07/01/25			100,000		156,467
Bank of Montreal
3.803%, due 12/15/32 (5 Year USD Swap Rate + 1.432%) (b)			85,000		93,606
Bausch Health Cos., Inc.
5.500%, due 11/01/25 (c)			75,000		76,875
9.000%, due 12/15/25 (c)			95,000		101,769
5.000%, due 01/30/28 (c)			294,000		278,932
6.250%, due 02/15/29 (c)			250,000		246,875
5.250%, due 01/30/30 (c)			290,000		269,338
5.250%, due 02/15/31 (c)			50,000		46,500
Bombardier, Inc.
6.000%, due 10/15/22 (c)			35,000		35,000
Canacol Energy Ltd.
7.250%, due 05/03/25 (c)			200,000		212,500
Canada Housing Trust No. 1
1.950%, due 12/15/25 (c)	CAD		295,000		246,347
1.250%, due 06/15/26 (c)	CAD		260,000		209,955
Cenovus Energy, Inc.
3.500%, due 02/07/28	CAD		100,000		84,505
5.250%, due 06/15/37		$	44,000		52,690
6.750%, due 11/15/39			434,000		588,070
5.400%, due 06/15/47			154,000		191,152
Enbridge, Inc.
3.125%, due 11/15/29			175,000		187,224
Garda World Security Corp.
6.000%, due 06/01/29 (c)			55,000		54,519
GFL Environmental, Inc.
4.000%, due 08/01/28 (c)			55,000		54,381
4.750%, due 06/15/29 (c)			155,000		160,038
Hudbay Minerals, Inc.
4.500%, due 04/01/26 (c)			25,000		25,000
Intelligent Packaging Ltd.
6.000%, due 09/15/28 (c)			25,000		26,000
International Bank for Reconstruction & Development
1.900%, due 01/16/25	CAD		260,000		216,283
Mattamy Group Corp.
4.625%, due 03/01/30 (c)		$	45,000		45,787
MDC Partners, Inc.
7.500%, due 05/01/24 (c)			25,000		25,312
MEG Energy Corp.
7.125%, due 02/01/27 (c)			45,000		47,925
5.875%, due 02/01/29 (c)			10,000		10,475
MEGlobal Canada ULC
5.000%, due 05/18/25 (c)			200,000		224,250
NOVA Chemicals Corp.
5.250%, due 06/01/27 (c)			20,000		21,450
Nutrien Ltd.
4.200%, due 04/01/29			85,000		97,445
Open Text Corp.
3.875%, due 02/15/28 (c)			25,000		25,281
Parkland Corp.
4.500%, due 10/01/29 (c)			40,000		40,550
Precision Drilling Corp.
6.875%, due 01/15/29 (c)			25,000		25,813
Province of Ontario Canada
2.900%, due 06/02/28	CAD		220,000		192,157
1.350%, due 12/02/30	CAD		1,660,000		1,266,132
3.450%, due 06/02/45	CAD		195,000		181,575
Province of Quebec Canada
3.000%, due 09/01/23	CAD		325,000		275,906
1.500%, due 12/15/23	GBP		105,000		149,331
0.200%, due 04/07/25	EUR		200,000		241,890
Superior Plus LP
4.500%, due 03/15/29 (c)		$	55,000		56,513
Taseko Mines Ltd.
7.000%, due 02/15/26 (c)			25,000		26,094
The Bank of Nova Scotia
3.400%, due 02/11/24			160,000		171,178
TransCanada PipeLines Ltd.
4.100%, due 04/15/30			225,000		257,506
					7,837,665
Cayman Islands - 0.5%
Avolon Holdings Funding Ltd.
3.250%, due 02/15/27 (c)			165,000		170,362
CK Hutchison International 20 Ltd.
2.500%, due 05/08/30 (c)			200,000		204,213
Cosan Overseas Ltd.
8.250%, Perpetual			200,000		205,000
ENN Energy Holdings Ltd.
3.250%, due 07/24/22			200,000		204,258
Global Aircraft Leasing Co. Ltd.
6.500%, due 09/15/24 (c)			48,321		48,563
Gran Tierra Energy International Holdings Ltd.
6.250%, due 02/15/25			400,000		356,000
SA Global Sukuk Ltd.
2.694%, due 06/17/31 (c)			200,000		201,672
Transocean Poseidon Ltd.
6.875%, due 02/01/27 (c)			75,000		75,375
Transocean, Inc.
11.500%, due 01/30/27 (c)			13,000		13,918
					1,479,361
Chile - 0.7%
AES Gener SA
7.125%, due 03/26/79 (5 Year USD Swap Rate + 4.644%) (b)(c)			200,000		213,750
CAP SA
3.900%, due 04/27/31 (c)			200,000		200,250
Chile Electricity PEC SpA
0.000%, due 01/25/28 (c)			200,000		162,038
Chile Government International Bond
3.100%, due 01/22/61			600,000		577,430
Empresa Electrica Angamos SA
4.875%, due 05/25/29			139,100		139,652
Empresa Electrica Cochrane SpA
5.500%, due 05/14/27			340,720		352,620
Empresa Electrica Guacolda SA
4.560%, due 04/30/25			400,000		288,100
Inversiones Latin America Power Ltda
5.125%, due 06/15/33 (c)			200,000		199,250
					2,133,090
China - 0.3%
China Government Bond
2.880%, due 11/05/23	CNY		2,980,000		462,983
1.990%, due 04/09/25	CNY		2,410,000		360,817
					823,800
Colombia - 0.7%
Colombia Government International Bond
3.125%, due 04/15/31		$	200,000		195,530
3.250%, due 04/22/32			405,000		396,045
5.000%, due 06/15/45			200,000		212,698
4.125%, due 05/15/51			200,000		189,397
Colombian TES
10.000%, due 07/24/24	COP		686,500,000		208,920
6.250%, due 11/26/25	COP		750,000,000		203,629
7.500%, due 08/26/26	COP		770,000,000		218,052
Empresas Publicas de Medellin ESP
4.375%, due 02/15/31		$	400,000		396,606
					2,020,877
Dominican Republic - 0.2%
Dominican Republic International Bond
5.300%, due 01/21/41 (c)			150,000		150,187
5.875%, due 01/30/60			300,000		300,000
Empresa Generadora de Electricidad Itabo SA
7.950%, due 05/11/26 (c)			81,000		83,835
					534,022
France - 0.3%
BNP Paribas SA
4.500%, Perpetual (5 Year CMT Rate + 2.944%) (a)(b)(c)			200,000		203,250
4.625%, Perpetual (5 Year CMT Rate + 3.340%) (a)(b)(c)			400,000		416,700
Engie SA
0.375%, due 06/21/27	EUR		100,000		120,373
Societe Generale SA
8.000%, Perpetual (5 Year ICE Mid-Market Swap Rate + 5.873%) (b)(c)		$	200,000		235,750
Total Capital International SA
3.386%, due 06/29/60			85,000		89,258
					1,065,331
Germany - 0.1%
Deutsche Bank AG
6.000%, Perpetual (5 Year CMT Rate + 4.524%) (b)			200,000		212,000
E.ON SE
0.375%, due 09/29/27	EUR		65,000		77,995
Vertical Holdco GmbH
7.625%, due 07/15/28 (c)		$	5,000		5,412
					295,407
Greece - 0.2%
Hellenic Republic Government Bond
2.000%, due 04/22/27 (c)	EUR		145,000		189,813
1.500%, due 06/18/30 (c)	EUR		205,000		259,943
4.200%, due 01/30/42	EUR		135,000		247,407
					697,163
India - 0.5%
Adani Green Energy UP Ltd.
6.250%, due 12/10/24 (c)		$	200,000		221,250
Adani International Container Terminal Pvt Ltd.
3.000%, due 02/16/31			200,000		193,250
Adani Ports & Special Economic Zone Ltd.
3.100%, due 02/02/31 (c)			200,000		190,448
Indian Railway Finance Corp Ltd.
3.249%, due 02/13/30 (c)			200,000		202,594
JSW Hydro Energy Ltd.
4.125%, due 05/18/31 (c)			200,000		203,000
NTPC Ltd.
7.250%, due 05/03/22	INR		10,000,000		135,707
Reliance Industries Ltd.
5.400%, due 02/14/22		$	250,000		257,187
					1,403,436
Indonesia - 1.4%
Indonesia Asahan Aluminium Persero PT
4.750%, due 05/15/25 (c)			225,000		247,500
Indonesia Government International Bond
2.625%, due 06/14/23 (c)	EUR		150,000		186,569
2.150%, due 07/18/24 (c)	EUR		150,000		188,121
3.850%, due 10/15/30		$	200,000		222,509
1.100%, due 03/12/33	EUR		100,000		115,845
3.700%, due 10/30/49		$	200,000		209,766
Indonesia Treasury Bond
8.375%, due 03/15/24	IDR		2,879,000,000		216,421
6.500%, due 06/15/25	IDR		5,823,000,000		421,424
8.375%, due 09/15/26	IDR		1,606,000,000		124,814
6.125%, due 05/15/28	IDR		2,889,000,000		199,700
9.000%, due 03/15/29	IDR		1,457,000,000		116,088
8.250%, due 05/15/29	IDR		283,000,000		21,744
7.000%, due 09/15/30	IDR		4,685,000,000		332,312
8.750%, due 05/15/31	IDR		3,000,000,000		237,310
6.625%, due 05/15/33	IDR		419,000,000		28,674
7.500%, due 06/15/35	IDR		1,015,000,000		72,072
7.500%, due 05/15/38	IDR		1,447,000,000		101,829
International Bank for Reconstruction & Development
7.450%, due 08/20/21	IDR		1,260,000,000		87,048
Perusahaan Penerbit SBSN Indonesia III
4.150%, due 03/29/27 (c)		$	200,000		224,000
2.550%, due 06/09/31 (c)			400,000		400,500
3.800%, due 06/23/50			200,000		209,000
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
4.125%, due 05/15/27 (c)			250,000		270,625
					4,233,871
Ireland - 0.4%
Cimpress PLC
7.000%, due 06/15/26 (c)			180,000		189,675
Ireland Government Bond
3.900%, due 03/20/23	EUR		95,000		121,320
3.400%, due 03/18/24	EUR		165,000		216,661
Johnson Controls International PLC
0.375%, due 09/15/27	EUR		100,000		118,767
LCPR Senior Secured Financing DAC
6.750%, due 10/15/27 (c)		$	255,000		273,894
5.125%, due 07/15/29 (c)			200,000		205,750
					1,126,067
Israel - 0.1%
Israel Electric Corp. Ltd.
6.875%, due 06/21/23 (c)			200,000		223,214
Italy - 0.3%
Intesa Sanpaolo SpA
4.198%, due 06/01/32 (c)			200,000		205,679
7.700%, Perpetual (5 Year USD Swap Rate + 5.462%) (b)(c)			200,000		229,472
Italy Buoni Poliennali Del Tesoro
1.850%, due 07/01/25 (c)	EUR		325,000		414,317
Republic of Italy Government International Bond
1.250%, due 02/17/26		$	200,000		196,938
					1,046,406
Japan - 0.4%
Japan Government Five Year Bond
0.100%, due 06/20/25	JPY		90,250,000		819,858
Mitsubishi UFJ Financial Group, Inc.
0.871%, due 03/02/23 (3 Month U.S. LIBOR + 0.740%) (b)		$	155,000		156,310
Sony Corp. CVRT
0.000%, due 09/30/22	JPY		7,000,000		137,134
					1,113,302
Jersey - 0.2%
Galaxy Pipeline Assets Bidco Ltd.
2.160%, due 03/31/34 (c)		$	200,000		196,676
2.625%, due 03/31/36			300,000		294,508
					491,184
Liberia - 0.1%
Royal Caribbean Cruises Ltd.
9.125%, due 06/15/23 (c)			25,000		27,437
4.250%, due 07/01/26 (c)			140,000		139,825
5.500%, due 04/01/28 (c)			260,000		271,050
					438,312
Luxembourg - 1.1%
Allergan Funding SCS
1.250%, due 06/01/24	EUR		100,000		118,991
2.625%, due 11/15/28	EUR		100,000		127,800
ArcelorMittal SA
4.550%, due 03/11/26		$	20,000		22,650
7.250%, due 10/15/39			25,000		35,281
7.000%, due 03/01/41			100,000		138,750
Atento Luxco 1 SA
8.000%, due 02/10/26 (c)			100,000		108,750
Becton Dickinson Euro Finance Sarl
1.208%, due 06/04/26	EUR		145,000		179,835
Camelot Finance SA
4.500%, due 11/01/26 (c)		$	70,000		72,887
DH Europe Finance II Sarl
0.450%, due 03/18/28	EUR		310,000		370,344
Endo Luxembourg Finance Co. I Sarl
6.125%, due 04/01/29 (c)		$	30,000		29,400
FS Luxembourg Sarl
10.000%, due 12/15/25 (c)			200,000		218,500
Gilex Holding Sarl
8.500%, due 05/02/23 (c)			150,000		153,750
JBS Finance Luxembourg Sarl
3.625%, due 01/15/32 (c)			200,000		199,000
Kenbourne Invest SA
4.700%, due 01/22/28 (c)			200,000		201,500
Mexico Remittances Funding Fiduciary Estate Management Sarl
4.875%, due 01/15/28 (c)			200,000		196,000
Millicom International Cellular SA
4.500%, due 04/27/31 (c)			200,000		208,250
Petrorio Luxembourg Sarl
6.125%, due 06/09/26 (c)			200,000		204,000
Rede D'or Finance Sarl
4.500%, due 01/22/30 (c)			200,000		204,000
Swiss Insured Brazil Power Finance Sarl
9.850%, due 07/16/32 (c)	BRL		1,878,063		396,471
Telecom Italia Capital SA
6.375%, due 11/15/33		$	25,000		29,813
Trinseo Materials Operating SCA
5.375%, due 09/01/25 (c)			15,000		15,300
					3,231,272
Malaysia - 0.8%
CIMB Bank Bhd
3.263%, due 03/15/22			200,000		203,562
Malayan Banking Bhd
0.956%, due 08/16/24 (3 Month U.S. LIBOR + 0.800%) (b)			200,000		201,134
Malaysia Government Bond
4.160%, due 07/15/21	MYR		1,045,000		251,928
4.059%, due 09/30/24	MYR		875,000		221,778
3.882%, due 03/14/25	MYR		430,000		108,591
3.899%, due 11/16/27	MYR		600,000		152,491
3.733%, due 06/15/28	MYR		400,000		100,724
3.844%, due 04/15/33	MYR		980,000		237,239
3.828%, due 07/05/34	MYR		360,000		86,418
Malaysia Wakala Sukuk Bhd
3.075%, due 04/28/51 (c)		$	350,000		365,313
Petronas Capital Ltd.
3.500%, due 04/21/30 (c)			200,000		219,005
2.480%, due 01/28/32 (c)			200,000		200,628
					2,348,811
Mauritius - 0.1%
Network i2i Ltd.
5.650%, Perpetual (5 Year CMT Rate + 4.277%) (b)(c)			200,000		213,500
Mexico - 1.1%
Banco Actinver SA
9.500%, due 12/18/32 (c)	MXN		3,000,000		109,816
Cemex SAB de CV
3.875%, due 07/11/31 (c)		$	200,000		200,500
Credito Real SAB de CV SOFOM ER
9.125%, Perpetual (5 Year CMT Rate + 7.026%) (a)(b)			200,000		139,250
Mexarrend SAPI de CV
10.250%, due 07/24/24 (c)			200,000		188,250
Mexican Bonos
5.750%, due 03/05/26	MXN		48,300		239,908
7.500%, due 06/03/27	MXN		89,700		470,701
7.750%, due 05/29/31	MXN		60,900		323,270
Mexico Government International Bond
4.280%, due 08/14/41		$	400,000		422,193
4.600%, due 02/10/48			200,000		214,488
3.771%, due 05/24/61			600,000		562,475
Total Play Telecomunicaciones SA de CV
7.500%, due 11/12/25 (c)			205,000		216,275
Unifin Financiera SAB de CV
8.875%, Perpetual (5 Year CMT Rate + 6.308%) (b)			400,000		297,000
					3,384,126
Netherlands - 0.7%
Airbus SE
1.625%, due 06/09/30	EUR		100,000		128,846
BMW Finance NV
1.000%, due 11/14/24	EUR		75,000		92,366
BNG Bank NV
0.250%, due 06/07/24	EUR		120,000		145,218
Greenko Dutch BV
3.850%, due 03/29/26 (c)		$	200,000		204,750
ING Groep NV
5.750%, Perpetual (5 Year CMT Rate + 4.342%) (b)			200,000		221,500
Minejesa Capital BV
4.625%, due 08/10/30			400,000		424,380
5.625%, due 08/10/37			200,000		216,750
Petrobras Global Finance BV
6.900%, due 03/19/49			210,000		249,637
6.750%, due 06/03/50			200,000		232,500
5.500%, due 06/10/51			50,000		50,000
VTR Finance NV
6.375%, due 07/15/28			200,000		212,750
					2,178,697
New Zealand - 0.2%
International Bank for Reconstruction & Development
4.625%, due 10/06/21	NZD		145,000		102,472
3.375%, due 01/25/22	NZD		370,000		262,907
International Finance Corp.
0.375%, due 09/10/25	NZD		250,000		167,481
New Zealand Government Bond
5.500%, due 04/15/23	NZD		60,000		45,645
					578,505
Norway - 0.6%
Aker BP ASA
3.750%, due 01/15/30 (c)		$	185,000		197,488
European Investment Bank
1.500%, due 05/12/22	NOK		1,920,000		224,799
1.750%, due 03/13/25	NOK		290,000		34,275
Nordea Eiendomskreditt AS
0.500%, due 06/21/23 (3 Month NIBOR + 0.300%) (b)	NOK		1,000,000		116,711
0.540%, due 06/19/24 (3 Month NIBOR + 0.340%) (b)	NOK		1,000,000		116,909
Nordic Investment Bank
1.875%, due 04/10/24	NOK		980,000		116,251
Norway Government Bond
2.000%, due 05/24/23 (c)	NOK		8,130,000		968,029
					1,774,462
Panama - 0.5%
Banco General SA
5.250%, Perpetual (10 Year CMT Rate + 3.665%) (b)(c)		$	200,000		207,000
Carnival Corp.
5.750%, due 03/01/27 (c)			300,000		316,500
Panama Government International Bond
4.300%, due 04/29/53			300,000		331,875
3.870%, due 07/23/60			200,000		203,250
UEP Penonome II SA
6.500%, due 10/01/38 (c)			246,493		254,504
6.500%, due 10/01/38			197,194		203,603
					1,516,732
Peru - 0.5%
Banco Internacional del Peru SAA Interbank
4.000%, due 07/08/30 (1 Year CMT Rate + 3.711%) (a)(b)			350,000		345,625
Hunt Oil Co. of Peru LLC Sucursal Del Peru
6.375%, due 06/01/28			200,000		209,500
Orazul Energy Egenor SCA
5.625%, due 04/28/27			200,000		204,872
Peru LNG Srl
5.375%, due 03/22/30			400,000		345,000
Peruvian Government International Bond
2.783%, due 01/23/31			100,000		101,634
3.300%, due 03/11/41			300,000		301,893
3.550%, due 03/10/51 (a)			100,000		103,814
Scotiabank Peru SAA
4.500%, due 12/13/27 (3 Month U.S. LIBOR + 3.856%) (b)			80,000		81,759
					1,694,097
Philippines - 0.5%
Philippine Government International Bond
0.875%, due 05/17/27	EUR		285,000		344,213
2.457%, due 05/05/30		$	200,000		207,998
1.648%, due 06/10/31 (a)			250,000		241,088
6.250%, due 01/14/36	PHP		5,000,000		121,548
3.700%, due 03/01/41		$	400,000		431,000
3.700%, due 02/02/42			200,000		215,613
					1,561,460
Portugal - 0.3%
Portugal Government International Bond
5.125%, due 10/15/24 (c)			345,000		392,006
Portugal Obrigacoes do Tesouro OT
0.700%, due 10/15/27 (c)	EUR		85,000		106,008
0.475%, due 10/18/30 (c)	EUR		460,000		555,600
					1,053,614
Puerto Rico - 0.1%
Popular, Inc.
6.125%, due 09/14/23		$	290,000		310,557
Qatar - 0.1%
Qatar Government International Bond
4.000%, due 03/14/29 (c)			200,000		229,969
Saudi Arabia - 0.3%
Saudi Arabian Oil Co.
3.500%, due 04/16/29 (c)			200,000		216,132
4.250%, due 04/16/39 (c)			200,000		223,142
4.375%, due 04/16/49 (c)			200,000		229,148
Saudi Government International Bond
3.750%, due 01/21/55			250,000		263,447
					931,869
Singapore - 1.2%
BOC Aviation Ltd.
2.750%, due 09/18/22 (c)			200,000		203,506
DBS Group Holdings Ltd.
3.600%, Perpetual (5 Year USD Swap Rate + 2.390%) (b)			600,000		601,500
LLPL Capital Pte Ltd.
6.875%, due 02/04/39 (c)			273,600		318,744
Medco Bell Pte Ltd.
6.375%, due 01/30/27 (c)			200,000		206,250
Medco Oak Tree Pte Ltd.
7.375%, due 05/14/26 (a)(c)			220,000		239,800
Oversea-Chinese Banking Corp. Ltd.
1.832%, due 09/10/30 (5 Year CMT Rate + 1.580%) (b)(c)			500,000		498,940
PSA Treasury Pte Ltd.
2.125%, due 09/05/29			200,000		203,480
Singapore Government Bond
1.750%, due 04/01/22	SGD		485,000		364,448
2.375%, due 06/01/25	SGD		165,000		130,467
Temasek Financial I Ltd.
1.000%, due 10/06/30 (c)		$	400,000		375,200
United Overseas Bank Ltd.
3.875%, Perpetual (5 Year USD Swap Rate + 1.794%) (b)			500,000		518,875
					3,661,210
South Korea - 0.8%
Korea East-West Power Co. Ltd.
1.750%, due 05/06/25 (c)			200,000		204,236
1.750%, due 05/06/25			300,000		306,487
Korea Electric Power Corp.
1.125%, due 06/15/25 (c)			200,000		199,772
KT Corp.
2.500%, due 07/18/26			200,000		209,850
LG Chem Ltd.
2.375%, due 07/07/31 (c)			200,000		198,744
NongHyup Bank
1.250%, due 07/20/25 (c)			200,000		199,727
POSCO
2.375%, due 01/17/23			200,000		204,766
Shinhan Financial Group Co. Ltd.
2.875%, Perpetual (5 Year CMT Rate + 2.064%) (b)(c)			400,000		398,000
The Korea Development Bank
1.000%, due 09/09/26			200,000		198,447
Woori Bank
4.250%, Perpetual (5 Year CMT Rate + 2.664%) (b)			400,000		414,000
					2,534,029
Spain - 0.3%
Banco Santander SA
4.750%, Perpetual (5 Year CMT Rate + 3.753%) (b)			200,000		203,279
Cellnex Telecom SA
1.875%, due 06/26/29	EUR		100,000		120,863
Cellnex Telecom SA CVRT
0.750%, due 11/20/31	EUR		100,000		116,336
Spain Government Bond
0.250%, due 07/30/24 (c)	EUR		170,000		205,783
0.800%, due 07/30/27 (c)	EUR		170,000		212,112
					858,373
Sweden - 0.1%
Sweden Government International Bond
0.125%, due 04/24/23 (c)	EUR		225,000		270,091
Switzerland - 0.3%
Credit Suisse Group AG
4.500%, Perpetual (5 Year CMT Rate + 3.554%) (b)(c)		$	200,000		199,154
6.375%, Perpetual (5 Year CMT Rate + 4.822%) (b)(c)			200,000		222,000
UBS Group AG
3.875%, Perpetual (5 Year CMT Rate + 3.098%) (b)(c)			200,000		200,230
4.375%, Perpetual (5 Year CMT Rate + 3.313%) (b)(c)			200,000		204,385
					825,769
Thailand - 0.2%
Bangkok Bank PCL
5.000%, Perpetual (5 Year CMT Rate + 4.729%) (b)			200,000		211,170
Kasikornbank PCL
5.275%, Perpetual (5 Year CMT Rate + 4.940%) (b)			400,000		425,324
					636,494
United Arab Emirates - 0.3%
Abu Dhabi Government International Bond
3.125%, due 04/16/30 (c)			400,000		434,880
1.700%, due 03/02/31 (c)			185,000		178,142
3.125%, due 09/30/49			450,000		459,181
					1,072,203
Total Foreign Bonds (Cost $63,989,903)					65,511,774

BANK LOANS - 5.9% (b)
1011778 BC ULC
1.854%, due 11/19/26 (1 Month U.S. LIBOR + 1.750%)			718,757		710,111
Abe Investment Holdings, Inc.
4.625%, due 02/19/26 (1 Month U.S. LIBOR + 4.500%)			38,967		38,991
Access CIG LLC
3.842%, due 02/27/25 (1 Month U.S. LIBOR + 3.750%)			44,201		43,992
Acrisure LLC
3.604%, due 02/16/27 (1 Month U.S. LIBOR + 3.500%)			135,024		133,773
ADMI Corp.
4.750%, due 12/23/27 (1 Month U.S. LIBOR + 3.250%)			70,000		70,000
AECOM
1.854%, due 04/13/28 (1 Month U.S. LIBOR + 1.750%)			110,000		110,103
Air Methods Corp.
4.500%, due 04/21/24 (3 Month U.S. LIBOR + 3.500%)			59,077		58,348
Aldevron LLC
4.250%, due 10/11/26 (1 Month U.S. LIBOR + 3.250%)			118,250		118,435
Allied Universal Holdco LLC
4.250%, due 05/14/28 (1 Month U.S. LIBOR + 3.750%)			373,500		375,007
Alterra Mountain Co.
2.854%, due 07/31/24 (1 Month U.S. LIBOR + 2.750%)			127,725		126,448
Altice France SA
4.155%, due 08/14/26 (3 Month U.S. LIBOR + 4.000%)			138,931		138,924
American Airlines, Inc.
5.500%, due 04/20/28 (3 Month U.S. LIBOR + 4.750%)			130,000		135,696
American Tire Distributors, Inc.
8.500%, due 09/01/24 (1 Month U.S. LIBOR + 7.500%)			26,505		26,565
8.500%, due 09/01/24 (3 Month U.S. LIBOR + 7.500%)			2,968		2,975
Aramark Services, Inc.
1.854%, due 03/11/25 (1 Month U.S. LIBOR + 1.750%)			53,000		52,553
Ascend Learning LLC
4.000%, due 07/12/24 (1 Month U.S. LIBOR + 3.000%)			137,452		137,524
AssuredPartners, Inc.
3.604%, due 02/13/27 (1 Month U.S. LIBOR + 3.500%)			234,193		233,267
Asurion LLC
3.104%, due 11/03/23 (1 Month U.S. LIBOR + 3.000%)			70,273		69,987
Asurion LLC
3.354%, due 12/23/26 (1 Month U.S. LIBOR + 3.250%)			154,225		152,659
Avantor Funding, Inc.
3.250%, due 11/06/27 (1 Month U.S. LIBOR + 2.250%)			119,400		119,586
Avaya, Inc.
4.073%, due 12/15/27 (1 Month U.S. LIBOR + 4.000%)			150,000		150,563
Avaya, Inc.
4.323%, due 12/15/27 (1 Month U.S. LIBOR + 4.250%)			22,161		22,255
Berry Global, Inc.
1.827%, due 07/01/26 (1 Month U.S. LIBOR + 1.750%)			440,100		437,257
Blackhawk Network Holdings, Inc.
3.104%, due 06/15/25 (1 Month U.S. LIBOR + 3.000%)			107,958		106,893
Brand Industrial Services, Inc.
5.250%, due 06/21/24 (3 Month U.S. LIBOR + 4.250%)			59,153		58,275
Brown Group Holding LLC
3.250%, due 06/07/28 (3 Month U.S. LIBOR + 2.750%)			112,000		111,552
Caesars Resort Collection LLC
4.604%, due 07/20/25 (1 Month U.S. LIBOR + 4.500%)			54,588		54,826
Camelot Finance SA
4.000%, due 10/31/26 (1 Month U.S. LIBOR + 3.000%)			109,450		109,667
Carnival Corp.
8.500%, due 06/30/25 (1 Month U.S. LIBOR + 3.000%)			60,000		59,850
Castle US Holding Corp.
3.897%, due 01/31/27 (3 Month U.S. LIBOR + 3.750%)			143,521		142,029
Cengage Learning, Inc.
5.250%, due 06/07/23 (6 Month U.S. LIBOR + 4.250%)			57,444		57,608
5.250%, due 06/07/23 (2 Month U.S. LIBOR + 4.250%)			1,664		1,668
Cengage Learning, Inc.
5.750%, due 06/29/26 (1 Month U.S. LIBOR + 4.750%)			180,000		180,451
CenturyLink, Inc.
2.354%, due 03/15/27 (1 Month U.S. LIBOR + 2.250%)			492,500		486,528
Charter Communications Operating LLC
1.860%, due 02/01/27 (1 Month U.S. LIBOR + 1.750%)			489,870		486,706
Charter NEX US, Inc.
4.500%, due 12/01/27 (1 Month U.S. LIBOR + 4.250%)			69,825		69,127
CHG Healthcare Services, Inc.
4.000%, due 06/07/23 (6 Month U.S. LIBOR + 3.000%)			62,461		62,474
Clarios Global LP
3.354%, due 04/30/26 (1 Month U.S. LIBOR + 3.250%)			589,829		585,591
ClubCorp Holdings, Inc.
2.897%, due 09/18/24 (3 Month U.S. LIBOR + 2.750%)			24,361		23,460
CoreLogic, Inc.
4.000%, due 06/02/28 (1 Month U.S. LIBOR + 3.500%)			70,000		69,904
CP Atlas Buyer, Inc.
4.250%, due 11/23/27 (1 Month U.S. LIBOR + 3.750%)			119,700		119,569
CQP Holdco LP
4.250%, due 06/05/28 (3 Month U.S. LIBOR + 3.750%)			265,000		264,271
Cvent, Inc.
3.854%, due 11/30/24 (1 Month U.S. LIBOR + 3.750%)			112,474		111,293
Dcert Buyer, Inc.
4.104%, due 10/16/26 (1 Month U.S. LIBOR + 4.000%)			79,597		79,796
Deerfield Dakota Holding LLC
4.750%, due 04/09/27 (1 Month U.S. LIBOR + 3.750%)			103,975		104,606
Dell International LLC
2.000%, due 09/19/25 (1 Month U.S. LIBOR + 1.750%)			787,514		788,250
Diamond BC BV
3.186%, due 09/06/24 (3 Month U.S. LIBOR + 3.000%)			39,288		39,136
EAB Global, Inc.
3.750%, due 06/25/28 (1 Month U.S. LIBOR + 3.500%)			170,000		170,000
EG Finco Ltd.
4.203%, due 02/05/25 (3 Month U.S. LIBOR + 4.000%)			28,077		27,927
Endurance International Group Holdings, Inc.
4.250%, due 02/10/28 (6 Month U.S. LIBOR + 3.500%)			155,000		154,547
Envision Healthcare Corp.
3.854%, due 10/10/25 (1 Month U.S. LIBOR + 3.750%)			49,611		42,634
Filtration Group
3.093%, due 03/31/25 (1 Month U.S. LIBOR + 3.000%)			120,426		119,610
Finastra USA, Inc.
4.500%, due 06/13/24 (6 Month U.S. LIBOR + 3.500%)			60,233		59,384
Finastra USA, Inc.
8.250%, due 06/13/25 (6 Month U.S. LIBOR + 7.250%)			20,000		20,256
Flex Acquisition Co., Inc.
3.452%, due 06/29/25 (3 Month U.S. LIBOR + 3.250%)			14,824		14,701
Flexential Intermediate Corp.
3.647%, due 08/01/24 (3 Month U.S. LIBOR + 3.500%)			29,540		27,229
Gainwell Acquisition Corp.
4.750%, due 10/01/27 (3 Month U.S. LIBOR + 4.000%)			239,112		240,307
Gogo Intermediate Holdings LLC
4.500%, due 04/30/28 (3 Month U.S. LIBOR + 3.750%)			65,000		64,984
Graham Packaging Co., Inc.
3.750%, due 08/04/27 (1 Month U.S. LIBOR + 3.000%)			73,291		73,312
Great Outdoors Group LLC
5.000%, due 03/05/28 (6 Month U.S. LIBOR + 4.250%)			194,025		194,965
Greeneden US Holdings II LLC
4.750%, due 12/01/27 (1 Month U.S. LIBOR + 4.000%)			230,753		231,578
Harbor Freight Tools USA, Inc.
3.750%, due 10/19/27 (1 Month U.S. LIBOR + 3.000%)			94,525		94,662
Hayward Industries, Inc.
3.250%, due 05/28/28 (1 Month U.S. LIBOR + 2.750%)			175,000		174,754
Helios Software Holdings, Inc.
3.917%, due 03/11/28 (6 Month U.S. LIBOR + 3.750%)			211,286		211,649
Herman Miller, Inc.
2.190%, due 06/29/28 (1 Month U.S. LIBOR + 2.000%)			80,000		80,100
H-Food Holdings LLC
3.792%, due 05/31/25 (1 Month U.S. LIBOR + 3.688%)			54,100		53,842
Hilton Grand Vacations Borrower LLC
3.500%, due 05/20/28 (1 Month U.S. LIBOR + 3.000%)			85,000		85,146
Hyland Software, Inc.
4.250%, due 07/01/24 (1 Month U.S. LIBOR + 3.500%)			216,802		217,456
ICON Luxembourg Sarl
3.000%, due 07/31/28 (1 Month U.S. LIBOR + 2.500%)			294,944		295,751
Indigo Merger Sub, Inc.
3.000%, due 07/01/28 (1 Month U.S. LIBOR + 2.500%)			73,486		73,687
Intelsat Jackson Holdings SA
6.500%, due 07/13/21 (3 Month U.S. LIBOR + 5.500%)			17,349		17,501
Intelsat Jackson Holdings SA
8.000%, due 11/27/23 (Prime + 4.750%)			115,382		117,497
ION Trading Finance Ltd.
4.917%, due 04/01/28 (6 Month U.S. LIBOR + 4.750%)			240,000		241,350
Jazz Financing Lux Sarl
4.000%, due 04/22/28 (1 Month U.S. LIBOR + 3.500%)			330,000		331,417
KFC Holding Co.
1.832%, due 03/15/28 (1 Month U.S. LIBOR + 1.750%)			130,673		130,952
Kronos Acquisition Holdings, Inc.
4.250%, due 12/22/26 (3 Month U.S. LIBOR + 3.750%)			129,350		128,609
Level 3 Financing, Inc.
1.854%, due 03/01/27 (1 Month U.S. LIBOR + 1.750%)			337,328		332,531
LifePoint Health, Inc.
3.854%, due 11/16/25 (1 Month U.S. LIBOR + 3.750%)			99,520		99,406
Lower Cadence Holdings LLC
4.104%, due 05/22/26 (1 Month U.S. LIBOR + 4.000%)			112,269		111,718
Lummus Technology Holdings V LLC
3.604%, due 06/30/27 (1 Month U.S. LIBOR + 3.500%)			84,576		84,183
Madison IAQ LLC
3.750%, due 06/21/28 (3 Month U.S. LIBOR + 3.250%)			100,000		100,172
Marriott Ownership Resorts, Inc.
1.854%, due 08/31/25 (1 Month U.S. LIBOR + 1.750%)			155,000		153,276
Messer Industries USA, Inc.
2.647%, due 03/01/26 (3 Month U.S. LIBOR + 2.500%)			17,284		17,189
Mister Car Wash Holdings, Inc.
3.096%, due 05/14/26 (1 Month U.S. LIBOR + 3.000%)			47,796		47,687
Mitchell International, Inc.
3.354%, due 12/01/24 (1 Month U.S. LIBOR + 3.250%)			162,343		161,076
Nouryon USA LLC
2.843%, due 10/01/25 (1 Month U.S. LIBOR + 2.750%)			74,239		73,791
5.000%, due 10/01/25 (Prime + 1.750%)			11,518		11,448
OneDigital Borrower LLC
5.250%, due 11/16/27 (3 Month U.S. LIBOR + 4.500%)			151,496		152,317
5.250%, due 11/16/27 (1 Month U.S. LIBOR + 4.500%)			3,117		3,134
OneDigital Borrower LLC
5.250%, due 11/16/27 (1 Month U.S. LIBOR + 4.500%)			5,000		5,027
Option Care Health, Inc.
3.854%, due 08/06/26 (1 Month U.S. LIBOR + 3.750%)			138,073		138,332
Organon & Co.
3.500%, due 06/02/28 (6 Month U.S. LIBOR + 3.000%)			345,000		345,792
Pacific Gas and Electric Co.
3.500%, due 01/01/22 (3 Month U.S. LIBOR + 3.000%)			74,250		73,380
Packers Holdings LLC
4.000%, due 03/09/28 (3 Month U.S. LIBOR + 3.250%)			114,713		114,259
Padagis LLC
5.250%, due 07/31/28 (1 Month U.S. LIBOR + 4.750%)			75,000		74,350
PAREXEL International Corp.
2.854%, due 09/27/24 (1 Month U.S. LIBOR + 2.750%)			246,013		244,957
Peraton Corp.
4.500%, due 02/01/28 (1 Month U.S. LIBOR + 3.750%)			129,675		130,278
Petco Health & Wellness Co., Inc.
4.000%, due 03/04/28 (3 Month U.S. LIBOR + 3.250%)			134,663		134,543
PetSmart, Inc.
4.500%, due 02/12/28 (6 Month U.S. LIBOR + 3.750%)			75,000		75,150
Project Alpha Intermediate Holding, Inc.
4.110%, due 04/26/24 (1 Month U.S. LIBOR + 4.000%)			174,735		175,202
Proofpoint, Inc.
3.750%, due 06/10/28 (1 Month U.S. LIBOR + 3.250%)			140,000		139,388
Radiate Holdco LLC
4.250%, due 09/25/26 (1 Month U.S. LIBOR + 3.500%)			124,375		124,645
Radiology Partners, Inc.
4.323%, due 07/09/25 (1 Month U.S. LIBOR + 4.250%)			65,552		65,615
4.345%, due 07/09/25 (1 Month U.S. LIBOR + 4.250%)			56,204		56,259
Redstone Holdco 2 LP
5.500%, due 04/27/28 (3 Month U.S. LIBOR + 4.750%)			50,310		50,289
Redstone Holdco 2 LP
5.500%, due 04/27/28 (1 Month U.S. LIBOR + 4.750%)			19,690		19,682
Rentpath, LLC
7.000%, due 12/17/21 (Prime + 3.750%) (e)			4,677		678
SCIH Salt Holdings, Inc.
4.750%, due 03/16/27 (3 Month U.S. LIBOR + 4.000%)			114,713		115,083
Securus Technologies Holdings LLC
5.500%, due 11/01/24 (6 Month U.S. LIBOR + 4.500%)			48,008		45,199
Sedgwick Claims Management Services, Inc.
3.843%, due 09/03/26 (1 Month U.S. LIBOR + 3.750%)			29,400		29,390
Solenis Holdings LLC
4.135%, due 06/26/25 (3 Month U.S. LIBOR + 4.000%)			78,308		78,392
Solera LLC
4.500%, due 06/04/28 (6 Month U.S. LIBOR + 4.000%)			335,000		336,404
Sophia LP
3.897%, due 10/07/27 (3 Month U.S. LIBOR + 3.750%)			139,300		139,590
Spin Holdco, Inc.
4.750%, due 03/04/28 (3 Month U.S. LIBOR + 4.000%)			94,763		95,029
SRS Distribution, Inc.
4.250%, due 06/02/28 (1 Month U.S. LIBOR + 3.750%)			110,000		110,069
Surf Holdings LLC
3.628%, due 03/05/27 (3 Month U.S. LIBOR + 3.500%)			108,900		108,322
Team Health Holdings, Inc.
3.750%, due 02/06/24 (1 Month U.S. LIBOR + 2.750%)			24,614		23,978
Tech Data Corp.
3.604%, due 07/01/25 (1 Month U.S. LIBOR + 3.500%)			99,250		99,533
The Edelman Financial Engines Center LLC
4.500%, due 04/07/28 (1 Month U.S. LIBOR + 3.750%)			73,398		73,571
The EW Scripps Co.
3.313%, due 05/01/26 (1 Month U.S. LIBOR + 2.563%)			33,261		33,199
The Hertz Corp.
4.000%, due 06/30/28 (1 Month U.S. LIBOR + 3.500%)			25,660		25,671
The Hertz Corp.
4.500%, due 09/29/28 (1 Month U.S. LIBOR + 3.500%)			139,900		139,958
The Hillman Group, Inc.
3.250%, due 01/24/28 (1 Month U.S. LIBOR + 2.750%)			58,186		58,133
The Hillman Group, Inc.
3.250%, due 01/24/28 (1 Month U.S. LIBOR + 2.750%)			11,814		11,803
TIBCO Software, Inc.
3.850%, due 06/30/26 (1 Month U.S. LIBOR + 3.750%)			227,650		227,366
Titan Acquisition Ltd.
3.167%, due 03/28/25 (6 Month U.S. LIBOR + 3.000%)			44,313		43,636
TransDigm, Inc.
2.354%, due 12/09/25 (1 Month U.S. LIBOR + 2.250%)			182,683		180,195
Traverse Midstream Partners LLC
6.500%, due 09/27/24 (1 Month U.S. LIBOR + 5.500%)			58,904		59,273
TricorBraun Holdings, Inc.
3.750%, due 03/03/28 (6 Month U.S. LIBOR + 3.250%)			61,228		60,861
TricorBraun Holdings, Inc.
3.750%, due 03/03/28 (6 Month U.S. LIBOR + 3.250%)			13,772		13,689
UFC Holdings LLC
3.750%, due 04/29/26 (6 Month U.S. LIBOR + 3.000%)			72,582		72,583
UKG, Inc.
3.854%, due 05/03/26 (1 Month U.S. LIBOR + 3.750%)			128,118		128,358
UKG, Inc.
4.000%, due 05/03/26 (3 Month U.S. LIBOR + 3.250%)			104,214		104,470
United Airlines, Inc.
4.500%, due 04/21/28 (3 Month U.S. LIBOR + 3.750%)			244,775		248,328
United Natural Foods, Inc.
3.604%, due 10/22/25 (1 Month U.S. LIBOR + 3.500%)			16,878		16,912
Verscend Holding Corp.
4.104%, due 08/27/25 (1 Month U.S. LIBOR + 4.000%)			75,000		75,295
Vertical US Newco, Inc.
4.478%, due 07/31/27 (6 Month U.S. LIBOR + 4.250%)			193,541		194,066
WestJet Airlines Ltd.
4.000%, due 12/11/26 (6 Month U.S. LIBOR + 3.000%)			68,864		67,615
Zayo Group Holdings, Inc.
3.104%, due 03/09/27 (1 Month U.S. LIBOR + 3.000%)			59,336		58,784
Zebra Buyer LLC
3.750%, due 04/22/28 (1 Month U.S. LIBOR + 3.250%)			115,000		115,575
Total Bank Loans (Cost $17,763,328)					17,840,440

			Shares
COMMON STOCKS - 0.8%
Consumer Discretionary - 0.1%
General Motors Co. (f)			4,096		242,360
Financials - 0.4%
CIT Group, Inc.			3,535		182,371
Credit Agricole SA			13,275		185,962
Credit Suisse Group AG - ADR			12,822		134,503
Societe Generale SA			6,030		177,750
Synovus Financial Corp.			3,925		172,229
US Bancorp			4,465		254,371
					1,107,186
Industrials - 0.2%
Delta Air Lines, Inc. (f)			4,966		214,829
The Boeing Co. (f)			1,579		378,266
					593,095
Real Estate - 0.1%
Americold Realty Trust			7,252		274,488
Safehold, Inc.			898		70,493
					344,981
Total Common Stocks (Cost $2,225,341)					2,287,622

PREFERRED STOCKS - 1.2%
Communication Services - 0.0% (g)
2020 Cash Mandatory Exchangeable Trust CVRT, 5.250% (c)(e)			95		119,945
Financials - 0.1%
US Bancorp, 3.500% (b)			175		172,550
Wells Fargo & Co., 5.850% (b)			4,300		118,465
					291,015
Health Care - 0.1%
Becton Dickinson and Co. CVRT, 6.000%			2,150		115,047
Danaher Corp. CVRT, 4.750%			115		206,840
					321,887
Industrials - 0.1%
Stanley Black & Decker, Inc. CVRT, 5.250%			2,100		253,533

Information Technology - 0.1%
Broadcom, Inc. CVRT, 8.000%			190		288,775
Sabre Corp. CVRT, 6.500%			400		64,476
					353,251
Utilities - 0.8%
Algonquin Power & Utilities Corp. CVRT, 7.750%			5,050		250,772
American Electric Power Co., Inc. CVRT, 6.125%			6,600		338,184
Dominion Energy, Inc. CVRT, 7.250% (a)			3,200		310,816
DTE Energy Co. CVRT, 6.250%			5,500		271,865
NextEra Energy, Inc. CVRT, 4.872%			6,300		353,745
NextEra Energy, Inc. CVRT, 5.279%			6,600		323,136
NextEra Energy, Inc. CVRT, 6.219%			3,500		172,900
The Southern Co. CVRT, 6.750%			6,900		349,347
					2,370,765
Total Preferred Stocks (Cost $3,537,764)					3,710,396

			Notional
PURCHASED OTC OPTIONS - 0.0% (g)	Contracts		Amount
Currency Call Option - 0.0% (g)
Australian Dollar, 9/17/21 at $0.7325		9,117,000	$	9,117,000		73,711
Currency Put Options - 0.0% (g)
Canadian Dollar, 10/7/21 at $1.22		1,550,000		1,550,000		9,765
Mexican Peso, 7/22/21 at $19.25		1,235,000		1,235,000		635
						10,400
Total Purchased OTC Options (Cost $96,623)						84,111

AFFILIATED REGISTERED INVESTMENT COMPANIES - 6.3%		Shares
Voya Emerging Markets Hard Currency Debt Fund - Class P		533,487				5,201,495
Voya Floating Rate Fund - Class P		1,114,304				10,106,735
Voya High Yield Bond Fund - Class P		479,881				3,891,832
Total Affiliated Registered Investment Companies (Cost $19,117,262)						19,200,062

Total Investments at Value - 98.0% (Cost $293,154,711)						296,327,862
Other Assets in Excess of Liabilities - 2.0%						6,167,217
Net Assets - 100.0%					$	302,495,079

Percentages are stated as a percent of net assets.

(a)

This security or a partial position of this security is on loan at June 30, 2021. The total fair value of securities on loan at June 30, 2021 was $2,259,356 (Note 7).

(b)

Variable rate security based on a reference index and spread. The rate listed is as of June 30, 2021.

(c)

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 June 30, 2021, the value of these investments was $124,014,736, or 41.0% of total net assets.

(d)

Variable rate security. The coupon is based on an underlying pool of loans. The rate listed is as of June 30, 2021

(e)

Illiquid security. The total fair value of such securities is $4,347,163 as of June 30, 2021, representing 1.4% of net assets.

(f)

Non-income producing security.

(g)

Represents less than 0.1%.

ADR American Depository Receipt

CVRT Convertible Security

REMIC Real Estate Mortgage Investment Conduit

CMT Constant Maturity U.S. Treasury

LIBOR London Interbank Offered Rate

EURIBOR Euro 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

CNY Chinese Yuan

COP Colombian Peso

EUR Euro

GBP British Pound

IDR Indonesian Rupiah

INR Indian Rupee

JPY Japanese Yen

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

NZD New Zealand Dollar

PHP Philippine Peso

SGD Singapore Dollar

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

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.

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.

Six Months Ended 6/30/21*	13.35%
One Year Ended 6/30/21	40.35%
Five Years Ended 6/30/21	20.80%
Ten Years Ended 6/30/21	15.24%

Six Months Ended 6/30/21*	13.53%
One Year Ended 6/30/21	40.80%
Five Years Ended 6/30/21	21.18%
Ten Years Ended 6/30/21	15.61%

Six Months Ended 6/30/21*	12.99%
One Year Ended 6/30/21	42.50%
Five Years Ended 6/30/21	23.66%
Ten Years Ended 6/30/21	17.87%

Six Months Ended 6/30/21*	17.47%
One Year Ended 6/30/21	46.82%
Five Years Ended 6/30/21	10.73%
Ten Years Ended 6/30/21	9.76%

Six Months Ended 6/30/21*	17.74%
One Year Ended 6/30/21	47.33%
Five Years Ended 6/30/21	11.01%
Ten Years Ended 6/30/21	10.05%


Letter to Shareholders	1
Commentary:
Large Company Growth Portfolio	6
Large Company Value Portfolio	9
Small Company Growth Portfolio	12
Small Company Value Portfolio	15
Wilshire 5000 Index^SM Fund	18
Wilshire International Equity Fund	21
Wilshire Income Opportunities Fund	25
Disclosure of Fund Expenses	28
Condensed Schedules of Investments:
Large Company Growth Portfolio	31
Large Company Value Portfolio	35
Small Company Growth Portfolio	39
Small Company Value Portfolio	41
Wilshire 5000 Index^SM Fund	43
Wilshire International Equity Fund	45
Wilshire Income Opportunities Fund	51
Statements of Assets and Liabilities	70
Statements of Operations	76
Statements of Changes in Net Assets	81
Financial Highlights:
Large Company Growth Portfolio	85
Large Company Value Portfolio	88
Small Company Growth Portfolio	90
Small Company Value Portfolio	92
Wilshire 5000 Index^SM Fund	94
Wilshire International Equity Fund	96
Wilshire Income Opportunities Fund	100
Notes to Financial Statements	104
Additional Fund Information	145
Board Approval of Subadvisory Agreement	147
Privacy Statement	150

Information Technology	41.0%
Consumer Discretionary	17.2%
Communication Services	16.8%
Health Care	10.7%
Industrials	7.6%
Financials	3.3%
Consumer Staples	2.4%
Energy	0.6%
Materials	0.3%
Real Estate	0.1%

Six Months Ended 6/30/21*	17.05%
One Year Ended 6/30/21	43.68%
Five Years Ended 6/30/21	11.87%
Ten Years Ended 6/30/21	11.61%

Financials	21.0%
Information Technology	18.6%
Industrials	14.9%
Health Care	10.5%
Consumer Discretionary	9.8%
Consumer Staples	6.2%
Materials	5.9%
Communication Services	5.0%
Energy	4.7%
Utilities	2.5%
Real Estate	0.9%

Six Months Ended 6/30/21*	12.51%
One Year Ended 6/30/21	50.33%
Five Years Ended 6/30/21	17.42%
Ten Years Ended 6/30/21	13.52%

Six Months Ended 6/30/21*	12.65%
One Year Ended 6/30/21	50.72%
Five Years Ended 6/30/21	17.71%
Ten Years Ended 6/30/21	13.81%

Six Months Ended 6/30/21*	8.98%
One Year Ended 6/30/21	51.36%
Five Years Ended 6/30/21	18.76%
Ten Years Ended 6/30/21	13.52%

Six Months Ended 6/30/21*	25.97%
One Year Ended 6/30/21	70.28%
Five Years Ended 6/30/21	11.02%
Ten Years Ended 6/30/21	10.37%

Six Months Ended 6/30/21*	26.15%
One Year Ended 6/30/21	70.73%
Five Years Ended 6/30/21	11.29%
Ten Years Ended 6/30/21	10.70%

Six Months Ended 6/30/21*	26.69%
One Year Ended 6/30/21	73.28%
Five Years Ended 6/30/21	13.62%
Ten Years Ended 6/30/21	10.85%

Six Months Ended 6/30/21*	14.76%
One Year Ended 6/30/21	42.34%
Five Years Ended 6/30/21	17.07%
Ten Years Ended 6/30/21	13.99%

Six Months Ended 6/30/21*	14.91%
One Year Ended 6/30/21	42.76%
Five Years Ended 6/30/21	17.41%
Ten Years Ended 6/30/21	14.29%

Six Months Ended 6/30/21*	15.45%
One Year Ended 6/30/21	44.24%
Five Years Ended 6/30/21	17.96%
Ten Years Ended 6/30/21	14.76%

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

Six Months Ended 6/30/21*	11.95%
One Year Ended 6/30/21	41.70%
Five Years Ended 6/30/21	12.43%
Ten Years Ended 6/30/21	7.60%

Six Months Ended 6/30/21*	12.13%
One Year Ended 6/30/21	42.18%
Five Years Ended 6/30/21	12.72%
Ten Years Ended 6/30/21	7.87%

Six Months Ended 6/30/21*	9.58%
One Year Ended 6/30/21	37.18%
Five Years Ended 6/30/21	11.20%
Ten Years Ended 6/30/21	5.65%

Japan	12.6%
Britain	7.7%
Switzerland	7.3%
Canada	6.6%
France	6.4%
Taiwan	6.3%
China	5.1%
Netherlands	4.4%
South Korea	3.8%
United States	3.7%
Germany	3.4%
Denmark	3.3%
Australia	3.2%
Sweden	3.2%
Ireland	2.5%
India	2.5%
Hong Kong	2.4%
Italy	2.0%
Brazil	1.9%
Spain	1.3%
Finland	1.3%
Singapore	1.2%
Russia	1.0%
Argentina	0.9%
United Kingdom	0.8%
South Africa	0.6%
Thailand	0.5%
Belgium	0.5%
United Arab Emirates	0.4%
Austria	0.4%
Czech Republic	0.4%
Israel	0.4%
Turkey	0.3%
Malaysia	0.3%
Luxembourg	0.2%
Poland	0.2%
Indonesia	0.1%
Mexico	0.1%
New Zealand	0.1%

Norway	0.1%
Malta	0.1%
Gibraltar	0.1%
Portugal	0.1%
Chile	0.1%
Saudi Arabia	0.1%
Egypt	0.1%
Mauritius	0.0%
Georgia	0.0%
Jersey	0.0%
Philippines	0.0%
Peru	0.0%
Guernsey	0.0%
Bermuda	0.0%
Hungary	0.0%
Isle Of Man	0.0%
Qatar	0.0%
Greece	0.0%
Republic of Korea	0.0%

Six Months Ended 6/30/21*	0.86%
One Year Ended 6/30/21	6.83%
Five Years Ended 6/30/21	3.86%
Inception (03/30/16) through 6/30/21	4.31%

Six Months Ended 6/30/21*	1.08%
One Year Ended 6/30/21	7.09%
Five Years Ended 6/30/21	4.12%
Inception (03/30/16) through 6/30/21	4.53%

Six Months Ended 6/30/21*	-1.15%
One Year Ended 6/30/21	1.12%
Five Years Ended 6/30/21	3.48%
Inception (03/30/16) through 6/30/21	3.85%

	Beginning Account Value 01/01/2021		Ending Account Value 06/30/2021		Net Expense Ratio⁽¹⁾			Expenses Paid During Period 01/01/2021- 06/30/2021⁽²⁾
Large Company Growth Portfolio
Based on Actual Fund Return
Investment Class	$	1,000.00	$	1,133.50		1.30	%	$	6.88
Institutional Class	$	1,000.00	$	1,135.30		0.98	%	$	5.19
Based on Hypothetical 5% Return
Investment Class	$	1,000.00	$	1,018.35		1.30	%	$	6.51
Institutional Class	$	1,000.00	$	1,019.83		0.98	%	$	4.91
Large Company Value Portfolio
Based on Actual Fund Return
Investment Class	$	1,000.00	$	1,174.70		1.31	%	$	7.06
Institutional Class	$	1,000.00	$	1,177.40		0.98	%	$	5.29
Based on Hypothetical 5% Return
Investment Class	$	1,000.00	$	1,018.30		1.31	%	$	6.56
Institutional Class	$	1,000.00	$	1,019.93		0.98	%	$	4.91
Small Company Growth Portfolio
Based on Actual Fund Return
Investment Class	$	1,000.00	$	1,125.10		1.35	%	$	7.11
Institutional Class	$	1,000.00	$	1,126.50		1.10	%	$	5.80
Based on Hypothetical 5% Return
Investment Class	$	1,000.00	$	1,018.10		1.35	%	$	6.76
Institutional Class	$	1,000.00	$	1,019.34		1.10	%	$	5.51
Small Company Value Portfolio
Based on Actual Fund Return
Investment Class	$	1,000.00	$	1,259.70		1.35	%	$	7.56
Institutional Class	$	1,000.00	$	1,261.50		1.10	%	$	6.17
Based on Hypothetical 5% Return
Investment Class	$	1,000.00	$	1,018.10		1.35	%	$	6.76
Institutional Class	$	1,000.00	$	1,019.34		1.10	%	$	5.51

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

	Shares		Value
COMMON STOCKS — 81.0% ^(a)
Communication Services — 13.6%
Alphabet, Inc. - Class A ^(b)		2,135	$	5,213,222
Alphabet, Inc. - Class C ^(b)		4,169		10,448,848
Facebook, Inc. - Class A ^(b)		34,071		11,846,827
Genius Sports Ltd. - Class A ^(b)		59,102		1,109,345
Pinterest, Inc. - Class A ^(b)		17,432		1,376,256
Roku, Inc. - Class A ^(b)		3,294		1,512,770
The Walt Disney Co. ^(b)		15,334		2,695,257
Other Securities ^(b)(c)				4,986,705
				39,189,230
Consumer Discretionary — 13.9%
Alibaba Group Holding Ltd. ^(b)		14,737		3,342,057
Amazon.Com, Inc. ^(b)		4,936		16,980,630
Expedia Group, Inc. ^(b)		9,868		1,615,490
Lithia Motors, Inc. - Class A		3,897		1,339,165
Mgm Resorts International		37,649		1,605,730
Nike, Inc.		8,450		1,305,440
Starbucks Corp.		37,279		4,168,165
Tesla, Inc. ^(b)		3,075		2,090,078
Other Securities ^(b)(c)				7,662,492
				40,109,247
Consumer Staples — 1.9%
Monster Beverage Corp. ^(b)		29,456		2,690,806
Us Foods Holding Corp. ^(b)		31,039		1,190,656
Other Securities ^(b)(c)				1,729,505
				5,610,967
Energy — 0.5%
Schlumberger Nv		41,332		1,323,037
Other Securities ^(b)(c)				84,683
				1,407,720
Financials — 2.7%
Factset Research Systems, Inc.		3,204		1,075,294
S&P Global, Inc.		3,212		1,318,365
Sei Investments Co.		18,089		1,120,975
Other Securities ^(b)(c)				4,198,005
				7,712,639
Health Care — 8.6%
Danaher Corp.		6,838		1,835,046
Illumina, Inc. ^(b)		4,967		2,350,434

	Shares		Value
Intuitive Surgical, Inc. ^(b)		1,275	$	1,172,541
Medtronic Plc		9,982		1,239,066
Novartis Ag		27,074		2,470,232
Regeneron Pharmaceuticals, Inc. ^(b)		3,769		2,105,137
Roche Holding Ag		41,415		1,946,091
Unitedhealth Group, Inc.		4,767		1,908,898
Other Securities ^(b)^(c)				9,873,414
				24,900,859
Industrials — 6.2%
Deere & Co.		8,933		3,150,758
Expeditors International Of Washington, Inc.		19,895		2,518,707
The Boeing Co ^(b)		15,071		3,610,409
Transdigm Group, Inc. ^(b)		2,686		1,738,621
Other Securities ^(b)(c)				6,813,104
				17,831,599
Information Technology — 33.3%
Adobe, Inc. ^(b)		8,037		4,706,789
Apple, Inc.		79,697		10,915,301
Applied Materials, Inc.		26,703		3,802,507
Autodesk, Inc. ^(b)		12,861		3,754,126
Cisco Systems, Inc.		26,620		1,410,860
Intuit, Inc.		3,080		1,509,724
Microsoft Corp.		68,457		18,545,001
Nvidia Corp.		11,410		9,129,141
Oracle Corp.		44,231		3,442,941
Paypal Holdings, Inc. ^(b)		15,423		4,495,496
Qualcomm, Inc.		22,619		3,232,934
Salesforce.Com, Inc. ^(b)		20,478		5,002,161
Visa, Inc. - Class A		40,180		9,394,888
Workday, Inc. - Class A ^(b)		4,638		1,107,276
Other Securities ^(b)(c)				15,324,423
				95,773,568
Materials — 0.2%
Other Securities ^(b)(c)				639,100

Real Estate — 0.1%
Other Securities ^(b)(c)				163,361

Total Common Stocks (Cost $108,704,045)				233,338,290

	Par Value	Value
U.S. TREASURY OBLIGATIONS — 0.2%
U.S. Treasury Notes — 0.2%
Other Securities ^(c)(d)
Total U.S. Treasury Obligations (Cost $505,456)		$	504,141

AGENCY MORTGAGE-BACKED OBLIGATIONS — 0.1%
Federal Home Loan Mortgage Corp. — 0.0% ^(e)
Other Securities ^(c)(d)(f)			87,909

Federal Home Loan Mortgage Corp. Interest-Only Strips — 0.1%
Other Securities ^(c)(d)(f)			257,955
Total Agency Mortgage-Backed Obligations (Cost $319,381)			345,864

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.0%
Other Securities ^{(c)(d)(f)(g)(h)}			5,797,065
Total Non-Agency Mortgage-Backed Obligations (Cost $5,800,553)

NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS — 0.1%
Other Securities ^(c)(d)(f)			181,793
Total Non-Agency Mortgage-Backed Obligation Interest-Only Strips (Cost $190,922)

ASSET-BACKED SECURITIES — 1.5%
Other Securities ^(c)(d)(g)(h)			4,403,576
Total Asset Backed Securities (Cost $4,388,617)

COLLATERALIZED LOAN OBLIGATIONS — 1.4%
Other Securities ^(c)(d)(g)(h)			3,953,816
Total Collateralized Loan Obligations (Cost $3,947,963)

	Par Value		Value
CORPORATE BONDS — 3.2%
Basic Materials — 0.1%
Other Securities ^(c)(d)			$	128,197

Communications — 0.2%
The Walt Disney Co. 2.200%, due 01/13/28 ^(d)	$	68,000		70,380
Other Securities ^(c)(d)				545,370
				615,750
Consumer, Cyclical — 0.2%
Amazon.Com, Inc. 1.500%, due 06/03/30 ^(d)		100,000		97,927
Microsoft Corp. 2.400%, due 08/08/26 ^(d)		150,000		159,859
Other Securities ^(c)(d)				289,364
				547,150
Consumer, Non-cyclical — 0.7%
Oracle Corp. 2.950%, due 04/01/30 ^(d)		200,000		210,141
Other Securities ^(c)(d)				1,948,972
				2,159,113
Energy — 0.3%
Other Securities ^(c)(d)				734,154

Financial — 1.1%
Apple, Inc. 1.200%, due 02/08/28 ^(d)		80,000		78,811
Other Securities ^(c)(d)(f)(h)				3,237,349
				3,316,160
Industrial — 0.2%
Other Securities ^(c)(d)				705,393

Technology — 0.1%
Other Securities ^(c)(d)				355,323

Utilities — 0.3%
Other Securities ^(c)(d)				827,118

Total Corporate Bonds (Cost $9,449,145)				9,388,358

	Shares		Value
AFFILIATED REGISTERED INVESTMENT COMPANIES — 4.2%
Voya Emerging Markets Hard Currency Debt Fund - Class P		212,569	$	2,072,550
Voya High Yield Bond Fund - Class P		221,607		1,797,236
Voya Investment Grade Credit Fund - Class P		66,394		754,240
Voya Securitized Credit Fund - Class P		749,291		7,358,035
Total Affiliated Registered Investment Companies (Cost $11,657,193)				11,982,061

Total Investments at Value — 93.7% (Cost $144,963,275)	$	269,894,964
Other Assets in Excess of Liabilities — 6.3%		18,108,446
Net Assets — 100.0%	$	288,003,410