Wilshire Mutual Funds NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07076

Wilshire Mutual Funds, Inc.

(Exact name of registrant as specified in charter)

Wilshire Associates Incorporated

1299 Ocean Avenue, Suite 700

Santa Monica, CA 90401-1085

(Address of principal executive offices) (Zip code)

Jamie B. Ohl, President

1299 Ocean Avenue, Suite 700

Santa Monica, CA 90401-1085

(Name and address of agent for service)

Registrant’s telephone number, including area code: 310-260-6639

Date of fiscal year end: December 31

Date of reporting period: June 30, 2012

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.

Reports to Stockholders.

The Report to Shareholders is attached herewith.

Wilshire Mutual Funds

SEMI-ANNUAL REPORT

(Unaudited)

Large Company Growth Portfolio

Large Company Value Portfolio

Small Company Growth Portfolio

Small Company Value Portfolio

Wilshire 5000 Indexsm Fund

Wilshire Large Cap Core Plus Fund

June 30, 2012

www.wilfunds.com

Wilshire Mutual Funds

Table of Contents

Shareholder Letter	1
Commentary:
Large Company Growth Portfolio	2
Large Company Value Portfolio	6
Small Company Growth Portfolio	10
Small Company Value Portfolio	14
Wilshire 5000 IndexSM Fund	18
Wilshire Large Cap Core Plus Fund	24
Disclosure of Fund Expenses	28
Condensed Schedules of Investments:
Large Company Growth Portfolio	31
Large Company Value Portfolio	33
Small Company Growth Portfolio	35
Small Company Value Portfolio	37
Wilshire 5000 IndexSM Fund	39
Schedule of Investments:
Wilshire Large Cap Core Plus Fund	41
Schedule of Securities Sold Short:
Wilshire Large Cap Core Plus Fund	47
Statements of Assets and Liabilities	50
Statements of Operations	52
Statements of Changes in Net Assets	53
Statement of Cash Flows	57
Financial Highlights:
Large Company Growth Portfolio	58
Large Company Value Portfolio	60
Small Company Growth Portfolio	62
Small Company Value Portfolio	64
Wilshire 5000 IndexSM Fund	66
Wilshire Large Cap Core Plus Fund	70
Notes to Financial Statements	72
Additional Fund Information	83

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 IndexSM Fund and Wilshire Large Cap Core Plus Fund. Its use in connection with any offering of a Portfolio’s shares is authorized only if accompanied or preceded by the Portfolio’s current prospectus.

Wilshire Mutual Funds, Inc. are distributed by SEI Investments Distribution Co.

Wilshire Mutual Funds

Letter to Shareholders

Dear Wilshire Mutual Fund Shareholder:

We are pleased to present this first half report to all shareholders of the Wilshire Mutual Funds. This report covers the period from January 1, 2012 to June 30, 2012 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, and Wilshire Large Cap Core Plus Fund (the “Funds”).

Market Environment

The U.S. stock market sold off in the second quarter after a strong first quarter performance, but still held on to gains as the Wilshire 5000 Total Market IndexSM returned 9.22% in the first half of the year. In the first quarter, large and small capitalization stocks posted similar results with the Wilshire US Large Cap IndexSM and Wilshire U.S. Small-Cap IndexSM returning 9.15% and 9.54%, respectively. In the second quarter, total returns were comparable across size segments with the Wilshire US Large Cap, Wilshire U.S. Small-Cap and Wilshire US Microcap Indexes down 3.11%, 3.33% and 2.85%, respectively.

While global stock markets experienced increased volatility in the first half of the year, the MSCI EAFE still gained 2.96%. In the first quarter, markets were upbeat as the MSCI EAFE increased by 10.86%. However, sentiment turned negative during the second quarter, with events in continental Europe again taking center stage as the MSCI EAFE lost -7.13% during the second quarter. Greece’s ongoing fiscal woes were not the only news story affecting stocks as Spain’s banking sector entered crisis mode. Although a €100 million bailout to stabilize the nation’s banks failed to calm investors’ nerves, promises of increased fiscal integration among Eurozone nations spurred a dramatic rally in European stocks at the end of the second quarter.

The U.S. bond market finished higher in the first half of the year as the Barclays Aggregate Bond Index gained 2.37%. During the first quarter, the massive liquidity injections provided by the Bank of Japan, European Central Bank and the Federal Reserve led to a rally in global equities and a move out of the safety of the bond market as the Barclays U.S. Aggregate Bond Index lost -0.55%. In the second quarter, bond investors searching for yield found another challenging marketplace as the volatility of global stock markets fueled a rotation into the safety of U.S. Treasuries, sending yields for this sector broadly lower.

Fund Performance Review

The Wilshire Mutual Funds turned in mixed performance in the first half of 2012. The Large Company Growth Portfolio Institutional Class returned 10.27%, Large Company Value Portfolio Institutional Class returned 7.66%, Small Company Growth Portfolio Institutional Class returned 7.11%, Small Company Value Portfolio Institutional Class returned 6.98%, Wilshire 5000 Index Fund Institutional Class returned 8.97%, and Wilshire Large Cap Core Plus Fund Institutional Class returned 7.56%. The Wilshire Large Company Growth Portfolio’s Institutional Class outperformed its benchmark. While the other Funds lagged their benchmarks, we are confident that each Fund is well positioned for future growth.

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

Sincerely,

Jamie Ohl

President

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Commentary

INVESTMENT CLASS SHARES

Average Annual Total Return*

Six Months Ended 06/30/12**	10.08%
One Year Ended 06/30/12	2.90%
Five Years Ended 06/30/12	1.35%
Ten Years Ended 06/30/12	5.14%

RUSSELL 1000® GROWTH INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/12**	10.08%
One Year Ended 06/30/12	5.76%
Five Years Ended 06/30/12	2.87%
Ten Years Ended 06/30/12	6.03%

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 www.wilfunds.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 that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2012, there were no waivers.

**	Not annualized.

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

Large Company Growth Portfolio

Commentary - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Return*

Six Months Ended 06/30/12**	10.27%
One Year Ended 06/30/12	3.27%
Five Years Ended 06/30/12	1.71%
Ten Years Ended 06/30/12	5.50%

RUSSELL 1000® GROWTH INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/12**	10.08%
One Year Ended 06/30/12	5.76%
Five Years Ended 06/30/12	2.87%
Ten Years Ended 06/30/12	6.03%

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2012, there were no waivers.

**	Not annualized.

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

Large Company Growth Portfolio

Commentary - (Continued)

The first half of 2012 saw the U.S. stock market post another strong return as the S&P 500 Index rose 9.49%. The market got off to a fast start in the first quarter with the S&P 500 Index returning 12.58%. Several positive macroeconomic developments in the first quarter, including the European Central Bank’s announced $1.2 trillion long-term refinancing program and the Bank of Japan’s pledged 10 trillion yen in asset purchases, helped fuel positive investor sentiment. However, the second quarter saw the market reverse, and the S&P 500 Index was on track for a dismal second quarter before returning 2.29% on the last trading day and ending down -2.75% for the quarter. Investor sentiment worsened in the second quarter due in large part to continued uncertainty in the euro region and a stronger than expected slowdown in Chinese economic growth. Furthermore, uncertainty around the newly elected Greek government caused investor anxiety. France’s new government leadership also caused worries, while the nationalization of Spanish Bankia SA and the Spanish bailout funds request tempered investor sentiment. Large cap stocks posted strong gains for the first six months of the year, with the Russell 1000 Index posting a 9.38% gain, slightly edging out small cap. Both growth and value styles performed well, with value stocks modestly trailing their growth counterparts. All sectors, with the exception of Energy (-2.28%) , were positive year to date – Telecommunication Services (16.48%), Financials (13.67%), and Information Technology (13.32%) posted the strongest returns, while Utilities (4.90%) and Energy (-2.28%) logged the worst returns.

The Wilshire Large Company Growth Portfolio Institutional Class returned 10.27% for the first six months of 2012, outperforming the Russell 1000 Growth Index return of 10.08% by 0.19%. The Institutional Class benefited from positive stock selection in Health Care and Consumer Discretionary; performance was partially offset by poor stock selection in Information Technology and Materials.

We are pleased with the Institutional Class outperformance for the year-to-date period and believe the Fund is well positioned going into the second half of 2012 as the market deals with ongoing macroeconomic and geopolitical uncertainties.

Large Company Growth Portfolio

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2012)

†	Based on percent of the Portfolio’s total investments in securities, at value. Includes investments held as collateral for securities on loan (See Note 6 in Notes to Financial Statements).

Large Company Value Portfolio

Commentary

INVESTMENT CLASS SHARES

Average Annual Total Return*

Six Months Ended 06/30/12**	7.60%
One Year Ended 06/30/12	(2.51)%
Five Years Ended 06/30/12	(4.06)%
Ten Years Ended 06/30/12	3.47%

RUSSELL 1000® VALUE INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/12**	8.68%
One Year Ended 06/30/12	3.01%
Five Years Ended 06/30/12	(2.19)%
Ten Years Ended 06/30/12	5.28%

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2012, there were no waivers.

**	Not annualized.

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

Large Company Value Portfolio

Commentary - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Return*

Six Months Ended 06/30/12**	7.66%
One Year Ended 06/30/12	(2.22)%
Five Years Ended 06/30/12	(3.84)%
Ten Years Ended 06/30/12	3.71%

RUSSELL 1000® VALUE INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/12**	8.68%
One Year Ended 06/30/12	3.01%
Five Years Ended 06/30/12	(2.19)%
Ten Years Ended 06/30/12	5.28%

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2012, there were no waivers.

**	Not annualized.

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

Large Company Value Portfolio

Commentary - (Continued)

The Wilshire Large Company Value Portfolio Institutional Class returned 7.66% for the first six months of 2012, underperforming the Russell 1000 Value Index return of 8.68% by 1.02%. The Institutional Class benefited from positive stock selection in Energy and Materials; performance was partially offset by poor stock selection in Financials and Utilities.

Despite the Institutional Class’s underperformance versus its benchmark, we believe the Fund is well positioned going into the second half of 2012 as the market deals with ongoing macroeconomic and geopolitical issues.

Large Company Value Portfolio

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2012)

†	Based on percent of the Portfolio’s total investments in securities, at value. Includes investments held as collateral for securities on loan (See Note 6 in Notes to Financial Statements).

Small Company Growth Portfolio

Commentary

INVESTMENT CLASS SHARES

Average Annual Total Return*

Six Months Ended 06/30/12**	6.92%
One Year Ended 06/30/12	(3.85)%
Five Years Ended 06/30/12	1.08%
Ten Years Ended 06/30/12	6.56%

RUSSELL 2000® GROWTH INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/12**	8.81%
One Year Ended 06/30/12	(2.71)%
Five Years Ended 06/30/12	1.99%
Ten Years Ended 06/30/12	7.39%

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2012, fees totaling 0.59% of average net assets were waived for the Investment Class Shares.

**	Not annualized.

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

Small Company Growth Portfolio

Commentary - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Return*

Six Months Ended 06/30/12**	7.11%
One Year Ended 06/30/12	(3.53)%
Five Years Ended 06/30/12	1.33%
Ten Years Ended 06/30/12	6.81%

RUSSELL 2000® GROWTH INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/12**	8.81%
One Year Ended 06/30/12	(2.71)%
Five Years Ended 06/30/12	1.99%
Ten Years Ended 06/30/12	7.39%

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2012, fees totaling 0.59% of average net assets were waived for the Institutional Class Shares.

**	Not annualized.

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

Small Company Growth Portfolio

Commentary - (Continued)

The Wilshire Small Company Growth Portfolio Institutional Class returned 7.11% for the first six months of 2012, underperforming the Russell 2000 Growth Index return of 8.81% by 1.80%. The Institutional Class benefited from positive stock selection in Information Technology and Energy; performance was partially offset by poor stock selection in Health Care.

Small Company Growth Portfolio

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2012)

†	Based on percent of the Portfolio’s total investments in securities, at value. Includes investments held as collateral for securities on loan (See Note 6 in Notes to Financial Statements).

Small Company Value Portfolio

Commentary

INVESTMENT CLASS SHARES

Average Annual Total Return*

Six Months Ended 06/30/12**	6.91%
One Year Ended 06/30/12	(4.31)%
Five Years Ended 06/30/12	(2.13)%
Ten Years Ended 06/30/12	5.94%

RUSSELL 2000® VALUE INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/12**	8.23%
One Year Ended 06/30/12	(1.44)%
Five Years Ended 06/30/12	(1.05)%
Ten Years Ended 06/30/12	6.50%

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2012, fees totaling 0.37% of average net assets were waived in the Investment Class Shares.

**	Not annualized.

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

Small Company Value Portfolio

Commentary - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Return*

Six Months Ended 06/30/12**	6.98%
One Year Ended 06/30/12	(3.78)%
Five Years Ended 06/30/12	(1.75)%
Ten Years Ended 06/30/12	6.30%

RUSSELL 2000® VALUE INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/12**	8.23%
One Year Ended 06/30/12	(1.44)%
Five Years Ended 06/30/12	(1.05)%
Ten Years Ended 06/30/12	6.50%

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2012, fees totaling 0.37% of average net assets were waived in the Institutional Class Shares.

**	Not annualized.

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

Small Company Value Portfolio

Commentary - (Continued)

The Wilshire Small Company Value Portfolio Institutional Class returned 6.98% for the first six months of 2012, underperforming the Russell 2000 Value Index return of 8.23% by 1.25%. The Institutional Class benefited from positive stock selection in Consumer Staples and Energy; performance was partially offset by poor stock selection in Health Care.

Small Company Value Portfolio

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2012)

†	Based on percent of the Portfolio’s total investments in securities, at value. Includes investments held as collateral for securities on loan (See Note 6 in Notes to Financial Statements).

Wilshire 5000 Indexsm Fund

Commentary

INVESTMENT CLASS SHARES

Average Annual Total Return*

Six Months Ended 06/30/12**	8.78%
One Year Ended 06/30/12	3.14%
Five Years Ended 06/30/12	(0.15)%
Ten Years Ended 06/30/12	5.17%

WILSHIRE 5000 INDEXSM(1)

Average Annual Total Return

Six Months Ended 06/30/12**	9.22%
One Year Ended 06/30/12	3.98%
Five Years Ended 06/30/12	0.44%
Ten Years Ended 06/30/12	6.04%

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 www.wilfunds.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 that a shareholder would pay on Fund distributions or the redemption of Fund shares.

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2012, there were no waivers.

**	Not annualized.

(1)	The Wilshire 5000 IndexSM 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 taxes, transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

Wilshire 5000 Indexsm Fund

Commentary - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Return*

Six Months Ended 06/30/12**	8.97%
One Year Ended 06/30/12	3.45%
Five Years Ended 06/30/12	0.06%
Ten Years Ended 06/30/12	5.43%

WILSHIRE 5000 INDEXSM(1)

Average Annual Total Return

Six Months Ended 06/30/12**	9.22%
One Year Ended 06/30/12	3.98%
Five Years Ended 06/30/12	0.44%
Ten Years Ended 06/30/12	6.04%

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 www.wilfunds.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 that a shareholder would pay on Fund distributions or the redemption of Fund shares.

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2012, there were no waivers.

**	Not annualized.

(1)	The Wilshire 5000 IndexSM 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 taxes, transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

Wilshire 5000 Indexsm Fund

Commentary - (Continued)

QUALIFIED CLASS SHARES

Average Annual Total Return*

Six Months Ended 06/30/12**	9.02%
One Year Ended 06/30/12	3.69%
Five Years Ended 06/30/12	(0.04)%
Ten Years Ended 06/30/12	5.16%

WILSHIRE 5000 INDEXSM(1)

Average Annual Total Return

Six Months Ended 06/30/12**	9.22%
One Year Ended 06/30/12	3.98%
Five Years Ended 06/30/12	0.44%
Ten Years Ended 06/30/12	6.04%

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 www.wilfunds.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 that a shareholder would pay on Fund distributions or the redemption of Fund shares.

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2012, there were no waivers.

**	Not annualized.

(1)	The Wilshire 5000 IndexSM 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 taxes, transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

Wilshire 5000 Indexsm Fund

Commentary - (Continued)

HORACE MANN CLASS SHARES

Average Annual Total Return*

Six Months Ended 06/30/12**	8.80%
One Year Ended 06/30/12	3.18%
Five Years Ended 06/30/12	(0.18)%
Ten Years Ended 06/30/12	5.12%

WILSHIRE 5000 INDEXSM(1)

Average Annual Total Return

Six Months Ended 06/30/12**	9.22%
One Year Ended 06/30/12	3.98%
Five Years Ended 06/30/12	0.44%
Ten Years Ended 06/30/12	6.04%

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 www.wilfunds.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 that a shareholder would pay on Fund distributions or the redemption of Fund shares.

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2012, there were no waivers.

**	Not annualized.

(1)	The Wilshire 5000 IndexSM 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 taxes, transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

Wilshire 5000 Indexsm Fund

Commentary - (Continued)

The Wilshire 5000 IndexSM Fund, Institutional Class returned 8.97% for the first six months of 2012, slightly trailing the Fund’s benchmark (the Wilshire 5000 IndexSM) return of 9.22% by 0.25%.The underperformance is attributable to the optimization approach utilized by Los Angeles Capital (the Fund’s subadvisor) and is well within the range of historical experience.

Wilshire 5000 Indexsm Fund

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2012)

†	Based on percent of the Fund’s total investments in securities, at value. Includes investments held as collateral for securities on loan (See Note 6 in Notes to Financial Statements).

Wilshire Large Cap Core Plus Fund

Commentary

INVESTMENT CLASS SHARES

Average Annual Total Return*

Six Months Ended 06/30/12**	7.34%
One Year Ended 06/30/12	(0.17)%
Inception (11/15/07) through 06/30/12	(3.05)%

S&P 500 INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/12**	9.49%
One Year Ended 06/30/12	5.45%
Inception (11/15/07) through 06/30/12	0.73%

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 www.wilfunds.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 that a shareholder would pay on Fund distributions or the redemption of Fund shares.

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2012, fees totaling 0.07% of average net assets were waived in the Investment Class Shares.

**	Not annualized.

(1)	The S&P 500 Index 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 taxes, transaction costs, management fees or other expenses.

Wilshire Large Cap Core Plus Fund

Commentary - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Return*

Six Months Ended 06/30/12**	7.56%
One Year Ended 06/30/12	0.25%
Inception (11/15/07) through 06/30/12	(2.75)%

S&P 500 INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/12**	9.49%
One Year Ended 06/30/12	5.45%
Inception (11/15/07) through 06/30/12	0.73%

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 www.wilfunds.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 that a shareholder would pay on Fund distributions or the redemption of Fund shares.

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2012, fees totaling 0.04% of average net assets were waived in the Institutional Class Shares.

**	Not annualized.

(1)	The S&P 500 Index 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 taxes, transaction costs, management fees or other expenses.

Wilshire Large Cap Core Plus Fund

Commentary - (Continued)

The Wilshire Large Cap Core Plus Fund, Institutional Class, returned 7.56% for the first six months of 2012, underperforming the S&P 500 Index return of 9.49% by 1.93%. The Institutional Class benefited from positive stock selection in Consumer Staples and Energy; performance was partially offset by poor stock selection in Health Care and Industrials.

Despite the Fund’s underperformance versus its benchmark, we believe the Fund is well positioned going into the second half of 2012 as the market deals with ongoing macroeconomic and geopolitical issues.

Wilshire Large Cap Core Plus Fund

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2012)

†	Based on percent of the Fund’s total investments in securities, at value. Includes investments held as collateral for securities on loan (See Note 6 in Notes to Financial Statements).

Wilshire Mutual Funds, Inc.

Disclosure of Fund Expenses

For the Six Months Ended June 30, 2012 (Unaudited)

All mutual funds have operating expenses. As a shareholder of a portfolio (or a “fund”), 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 fund. A fund’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 your fund 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 shown and held for the entire period.

The table on the next page illustrates your Portfolio’s costs in two ways:

Actual Fund Return: This section helps you to estimate the actual expenses, after any applicable fee waivers, that you paid over the period. The “Ending Account Value” shown is derived from the 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 Portfolio 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 your fund in the first line under the heading entitled “Expenses Paid During Period.”

Hypothetical 5% Return: This section is intended to help you compare your fund’s 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 the 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 the 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 Securities and Exchange Commission (“SEC”) requires all mutual funds to calculate expenses based on an assumed 5% annual return. You can assess your Portfolio’s 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.

Wilshire Mutual Funds, Inc.

Disclosure of Fund Expenses - (Continued)

For the Six Months Ended June 30, 2012 (Unaudited)

	Beginning Account Value 01/01/12	Ending Account Value 06/30/12	Expense Ratio(1)	Expenses Paid During Period 01/01/12-06/30/12(2)
Large Company Growth Portfolio
Actual Fund Return
Investment Class	$1,000.00	$1,100.80	1.43%	$7.47
Institutional Class	$1,000.00	$1,102.70	1.06%	$5.54
Hypothetical 5% Return
Investment Class	$1,000.00	$1,017.75	1.43%	$7.17
Institutional Class	$1,000.00	$1,019.59	1.06%	$5.32
Large Company Value Portfolio
Actual Fund Return
Investment Class	$1,000.00	$1,076.00	1.33%	$6.86
Institutional Class	$1,000.00	$1,076.60	1.13%	$5.83
Hypothetical 5% Return
Investment Class	$1,000.00	$1,018.25	1.33%	$6.67
Institutional Class	$1,000.00	$1,019.24	1.13%	$5.67
Small Company Growth Portfolio
Actual Fund Return
Investment Class	$1,000.00	$1,069.20	1.44%	$7.41
Institutional Class	$1,000.00	$1,071.10	1.23%	$6.33
Hypothetical 5% Return
Investment Class	$1,000.00	$1,017.70	1.44%	$7.22
Institutional Class	$1,000.00	$1,018.75	1.23%	$6.17
Small Company Value Portfolio
Actual Fund Return
Investment Class	$1,000.00	$1,069.10	1.49%	$7.67
Institutional Class	$1,000.00	$1,069.80	1.31%	$6.74
Hypothetical 5% Return
Investment Class	$1,000.00	$1,017.45	1.49%	$7.47
Institutional Class	$1,000.00	$1,018.35	1.31%	$6.57

Wilshire Mutual Funds, Inc.

Disclosure of Fund Expenses - (Continued)

For the Six Months Ended June 30, 2012 (Unaudited)

	Beginning Account Value 01/01/12	Ending Account Value 06/30/12	Expense Ratio(1)	Expenses Paid During Period 01/01/12-06/30/12(2)
Wilshire 5000 IndexSM Fund
Actual Fund Return
Investment Class	$1,000.00	$1,087.80	0.73%	$3.79
Institutional Class	$1,000.00	$1,089.70	0.50%	$2.60
Qualified Class	$1,000.00	$1,090.20	0.00%	$0.00
Horace Mann Class	$1,000.00	$1,088.00	0.64%	$3.32
Hypothetical 5% Return
Investment Class	$1,000.00	$1,021.23	0.73%	$3.67
Institutional Class	$1,000.00	$1,022.38	0.50%	$2.51
Qualified Class	$1,000.00	$1,024.86	0.00%	$0.00
Horace Mann Class	$1,000.00	$1,021.68	0.64%	$3.22
Wilshire Large Cap Core Plus Fund
Actual Fund Return
Investment Class	$1,000.00	$1,073.40	2.17%(3)	$11.19
Institutional Class	$1,000.00	$1,075.60	1.92%(3)	$9.91
Hypothetical 5% Return
Investment Class	$1,000.00	$1,014.07	2.17%(3)	$10.87
Institutional Class	$1,000.00	$1,015.32	1.92%(3)	$9.62

(1)	Annualized, based on the Portfolio’s most recent fiscal half-year expenses.

(2)	Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the period, then divided by 366.

(3)	The annualized expense ratios include dividend expense, interest expense and rebates on securities sold short incurred during the six months ended June 30, 2012.

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Condensed Schedule of Investments

June 30, 2012
(Unaudited)

	Shares		Percentage of Net Assets (%)		Value
COMMON STOCK — 98.4% ††
Consumer Discretionary — 20.3%
	9,435	Amazon.com, Inc.†	1.2	$	2,154,482
	53,909	Apollo Group, Inc., Class A†	1.1		1,950,967
	28,697	Coach, Inc.	0.9		1,678,201
	27,704	Dollar General Corp.†	0.8		1,506,821
	25,850	Dollar Tree, Inc.†	0.8		1,390,730
	86,551	Johnson Controls, Inc.	1.3		2,398,328
	17,078	McDonald's Corp.	0.8		1,511,915
	3,420	priceline.com, Inc.†	1.2		2,272,659
	24,573	Starbucks Corp.	0.7		1,310,232
	15,191	VF Corp.	1.1		2,027,239
	28,888	Walt Disney Co. (The)	0.8		1,401,068
	439,232	Other Securities	9.6		17,677,461
					37,280,103
Consumer Staples — 8.9%
	24,348	British American Tobacco PLC ADR	1.4		2,486,418
	23,063	Coca-Cola Co. (The)	1.0		1,803,296
	27,060	Diageo PLC	1.5		2,789,074
	21,856	Philip Morris International, Inc.	1.0		1,907,155
	18,867	Wal-Mart Stores, Inc.	0.7		1,315,407
	103,503	Other Securities	3.3		6,048,551
					16,349,901
Energy — 6.3%
	108,120	Cobalt International Energy, Inc.†	1.4		2,540,820
	47,550	Schlumberger, Ltd.	1.7		3,086,471
	161,155	Other Securities	3.2		5,868,870
					11,496,161
Financials — 5.6%
	12,360	Goldman Sachs Group, Inc. (The)	0.7		1,184,830
	27,459	Visa, Inc., Class A	1.9		3,394,756
	156,671	Other Securities	3.0		5,733,279
					10,312,865
Health Care — 13.1%
	18,515	Alexion Pharmaceuticals, Inc.†	1.0		1,838,540
	18,933	Allergan, Inc.	1.0		1,752,628

Percentage of

Net Assets (%)

Value

Health Care (continued)
	12,334	Biogen Idec, Inc.†	1.0	$	1,780,783
	25,576	Celgene Corp.†	0.9		1,640,956
	36,050	Gilead Sciences, Inc.†	1.0		1,848,644
	22,746	Johnson & Johnson	0.8		1,536,720
	11,200	Perrigo Co.	0.7		1,320,816
	26,582	WellPoint, Inc.	0.9		1,695,666
	247,439	Other Securities	5.8		10,706,281
					24,121,034
Industrials — 9.7%
	23,530	Caterpillar, Inc.	1.1		1,997,932
	77,610	CSX Corp.	0.9		1,735,360
	46,088	Fluor Corp.	1.2		2,273,982
	29,967	Joy Global, Inc.	0.9		1,700,028
	20,427	Rockwell Automation, Inc.	0.7		1,349,408
	13,550	Union Pacific Corp.	0.9		1,616,650
	137,736	Other Securities	4.0		7,102,208
					17,775,568
Information Technology — 29.7%
	26,705	Apple, Inc.†	8.5		15,595,720
	25,489	Baidu, Inc.†	1.6		2,930,725
	30,997	Citrix Systems, Inc.†	1.4		2,601,888
	23,890	Cognizant Technology Solutions Corp., Class A†	0.8		1,433,400
	53,750	eBay, Inc.†	1.2		2,258,038
	59,620	EMC Corp.†	0.8		1,528,060
	6,390	Google, Inc., Class A†	2.0		3,706,647
	15,743	International Business Machines Corp.	1.7		3,079,016
	88,995	Microsoft Corp.	1.5		2,722,357
	30,467	OpenTable, Inc.†	0.8		1,371,320
	105,815	QUALCOMM, Inc.	3.2		5,891,779
	105,539	Western Union Co. (The)	1.0		1,777,277
	308,903	Other Securities	5.2		9,658,464
					54,554,691
Materials — 4.1%
	47,100	Freeport-McMoRan Copper & Gold, Inc.	0.9		1,604,697
	19,836	Monsanto Co.	0.9		1,642,024
	36,725	Mosaic Co.	1.1		2,011,061
	36,883	Other Securities	1.2		2,341,980
					7,599,762

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Condensed Schedule of Investments - (Continued)

June 30, 2012
(Unaudited)

Percentage of

Net Assets (%)

Value

Telecommunication Services — 0.5%
	21,910	Other Securities	0.5	$	973,680

Utilities — 0.2%
	9,210	Other Securities	0.2		297,045

Total Common Stock
(Cost $145,275,668)					180,760,810

SHORT-TERM INVESTMENTS — 12.6%
	19,341,806	Northern Trust Institutional Liquid Asset Portfolio, 0.010% (a) (b)			19,341,806
	3,789,028	Northern Trust Institutional Government Select Portfolio, 0.010% (b)			3,789,028

Total Short-Term Investments
(Cost $23,130,834)					23,130,834

Total Investments — 111.0%
(Cost $168,406,502)					203,891,644
Other Assets & Liabilities, Net — (11.0)%					(20,249,619	)

NET ASSETS — 100.0%				$	183,642,025

†	Non-income producing security.

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

(a)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2012 was $19,341,806 (Note 6).

(b)	Rate shown is the 7-day effective yield as of June 30, 2012.

ADR — American Depositary Receipt

PLC — Public Limited Company

The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Portfolio’s net assets. “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) without charge, upon request, by calling (800) 607-2200; (ii) on the SEC’s website at http://www.sec.gov; and (iii) on our website at www.wilfunds.com.

As of June 30, 2012, all of the Portfolio’s investments were considered Level 1. For the six months ended June 30, 2012, there were no Level 3 securities. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Condensed Schedule of Investments

June 30, 2012
(Unaudited)

Percentage of

Net Assets (%)

Value

COMMON STOCK — 99.3% ††
Consumer Discretionary — 9.1%
	10,875	Apollo Group, Inc., Class A† (a)	1.0	$	393,566
	12,950	Delphi Automotive PLC† (a)	0.8		330,225
	8,650	Macy's, Inc.(a)	0.7		297,128
	8,800	Omnicom Group, Inc.	1.1		427,680
	47,875	Staples, Inc.	1.5		624,769
	61,406	Other Securities	4.0		1,603,713
					3,677,081
Consumer Staples — 6.8%
	10,517	Archer-Daniels-Midland Co.	0.8		310,462
	11,971	CVS Caremark Corp.	1.4		559,405
	50,312	Other Securities	4.6		1,868,304
					2,738,171
Energy — 15.0%
	14,318	BP PLC	1.4		580,466
	7,887	Chevron Corp.	2.1		832,078
	8,646	ConocoPhillips	1.2		483,138
	13,989	Exxon Mobil Corp.	3.0		1,197,039
	9,812	Marathon Petroleum Corp.	1.1		440,755
	9,801	Royal Dutch Shell PLC, Class A	1.6		660,903
	53,079	Other Securities	4.6		1,860,014
					6,054,393
Financials — 25.7%
	22,325	Allstate Corp. (The)	2.0		783,384
	23,395	American International Group, Inc.† (a)	1.9		750,746
	12,725	Axis Capital Holdings, Ltd.	1.0		414,199
	47,375	Bank of America Corp.	1.0		387,528
	7,980	Capital One Financial Corp.(a)	1.1		436,187
	19,484	Citigroup, Inc.	1.3		534,056
	19,973	Discover Financial Services	1.7		690,666
	18,564	JPMorgan Chase & Co.	1.6		663,292
	20,000	MetLife, Inc.(a)	1.5		617,000
	11,154	PNC Financial Services Group, Inc.	1.7		681,621
	27,975	UBS AG	0.8		327,587
	9,634	Wells Fargo & Co.	0.8		322,161

Percentage of

Net Assets (%)

Value

Financials (continued)
	166,388	Other Securities	9.3	$	3,738,094
					10,346,521
Health Care — 11.2%
	7,437	Abbott Laboratories	1.2		479,463
	7,564	Aetna, Inc.	0.7		293,256
	4,075	Becton Dickinson and Co.	0.7		304,606
	9,193	Eli Lilly & Co.	1.0		394,472
	6,584	Johnson & Johnson	1.1		444,815
	16,934	Merck & Co., Inc.	1.8		706,995
	21,335	Pfizer, Inc.	1.2		490,705
	10,318	UnitedHealth Group, Inc.	1.5		603,603
	17,601	Other Securities	2.0		799,949
					4,517,864
Industrials — 9.5%
	24,100	General Electric Co.	1.3		502,244
	4,675	L-3 Communications Holdings, Inc., Class 3	0.9		345,997
	23,275	Masco Corp.	0.8		322,824
	11,637	Northrop Grumman Corp.	1.8		742,324
	80,167	Other Securities	4.7		1,895,571
					3,808,960
Information Technology — 11.3%
	26,050	Dell, Inc.†	0.8		326,146
	575	Google, Inc., Class A†	0.8		333,540
	28,650	Hewlett-Packard Co.	1.4		576,152
	12,865	Intel Corp.	0.9		342,852
	16,295	Microsoft Corp.	1.2		498,464
	20,000	Oracle Corp.	1.5		594,000
	14,825	TE Connectivity, Ltd.	1.2		473,066
	48,817	Other Securities	3.5		1,407,606
					4,551,826
Materials — 5.2%
	8,345	LyondellBasell Industries NV, Class A	0.8		336,053
	4,545	PPG Industries, Inc.	1.2		482,315
	35,135	Other Securities	3.2		1,297,913
					2,116,281
Telecommunication Services — 1.6%
	10,700	AT&T, Inc.	0.9		381,562
	7,084	Other Securities	0.7		246,960
					628,522

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Condensed Schedule of Investments - (Continued)

June 30, 2012
(Unaudited)

Percentage of

Net Assets (%)

Value

Utilities — 3.9%
	6,075	Entergy Corp.	1.0	$	412,432
	11,800	PPL Corp.	0.8		328,158
	26,267	Other Securities	2.1		824,750
					1,565,340
Total Common Stock
(Cost $36,996,563)					40,004,959

SHORT-TERM INVESTMENTS — 22.6%
	8,530,515	Northern Trust Institutional Liquid Asset Portfolio, 0.010% (b) (c)			8,530,515
	580,089	Northern Trust Institutional Government Select Portfolio, 0.010% (c)			580,089

Total Short-Term Investments
(Cost $9,110,604)					9,110,604

Total Investments — 121.9%
(Cost $46,107,167)					49,115,563
Other Assets & Liabilities, Net — (21.9)%					(8,826,560	)

NET ASSETS — 100.0%				$	40,289,003

†	Non-income producing security.

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

(a)	This security or a partial position of this security is on loan at June 30, 2012. The total market value of securities on loan at June 30, 2012 was $8,532,982 (Note 6).

(b)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2012 was $8,530,515 (Note 6).

(c)	Rate shown is the 7-day effective yield as of June 30, 2012.

Ltd. — Limited

PLC — Public Limited Company

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Condensed Schedule of Investments

June 30, 2012
(Unaudited)

Percentage of

Net Assets (%)

Value

COMMON STOCK — 99.2%
Consumer Discretionary — 21.9%
	1,606	AFC Enterprises, Inc.† (a)	0.5	$	37,163
	3,816	Ameristar Casinos, Inc.	1.0		67,810
	2,050	Ascena Retail Group, Inc.†	0.6		38,171
	2,212	Cheesecake Factory, Inc. (The)†	1.0		70,696
	577	Coinstar, Inc.† (a)	0.6		39,617
	781	Cracker Barrel Old Country Store, Inc.	0.7		49,047
	1,188	Domino's Pizza, Inc.(a)	0.5		36,721
	720	Hibbett Sports, Inc.†	0.6		41,551
	1,000	HSN, Inc.	0.6		40,350
	799	Papa John's International, Inc.†	0.6		38,008
	2,210	Pier 1 Imports, Inc.	0.5		36,310
	2,500	Valassis Communications, Inc.†	0.8		54,375
	45,531	Other Securities	13.9		970,164
					1,519,983
Consumer Staples — 5.7%
	266	Boston Beer Co., Inc., Class A†	0.5		32,186
	16,992	Other Securities	5.2		363,871
					396,057
Energy — 3.0%
	1,152	CVR Energy, Inc.†	0.4		30,620
	1,773	Western Refining, Inc.	0.6		39,485
	9,122	Other Securities	2.0		141,397
					211,502
Financials — 10.0%
	2,674	CBL & Associates Properties, Inc.	0.7		52,250
	1,430	Greenlight Capital Re, Ltd., Class A† (a)	0.5		36,351
	605	SVB Financial Group† (a)	0.5		35,526
	639	World Acceptance Corp.†	0.6		42,046
	27,139	Other Securities	7.7		526,738
					692,911

Percentage of

Net Assets (%)

Value

Health Care — 21.1%
	1,056	ArthroCare Corp.†	0.4	$	30,920
	464	athenahealth, Inc.† (a)	0.5		36,735
	880	Chemed Corp.(a)	0.8		53,187
	1,273	Cubist Pharmaceuticals, Inc.†	0.7		48,259
	1,225	Medicis Pharmaceutical Corp., Class A	0.6		41,834
	1,044	Par Pharmaceutical Cos., Inc.†	0.5		37,730
	7,720	PDL BioPharma, Inc.(a)	0.7		51,184
	830	Pharmacyclics, Inc.†	0.7		45,326
	1,025	Questcor Pharmaceuticals, Inc.† (a)	0.8		54,571
	2,304	Spectrum Pharmaceuticals, Inc.† (a)	0.5		35,850
	892	WellCare Health Plans, Inc.† (a)	0.7		47,276
	55,612	Other Securities	14.2		984,745
					1,467,617
Industrials — 14.2%
	890	Alaska Air Group, Inc.†	0.5		31,951
	2,400	Avis Budget Group, Inc.†	0.5		36,480
	1,348	Deluxe Corp.	0.5		33,619
	580	Dollar Thrifty Automotive Group, Inc.†	0.7		46,957
	757	DXP Enterprises, Inc.†	0.4		31,408
	1,496	TAL International Group, Inc.	0.7		50,101
	32,431	Other Securities	10.9		757,713
					988,229
Information Technology — 20.1%
	1,062	Cardtronics, Inc.†	0.5		32,083
	1,177	Cirrus Logic, Inc.†	0.5		35,169
	1,144	Fair Isaac Corp.	0.7		48,368
	1,594	Heartland Payment Systems, Inc.	0.7		47,948
	1,839	j2 Global, Inc.(a)	0.7		48,586
	955	Jack Henry & Associates, Inc.	0.5		32,967
	911	Manhattan Associates, Inc.†	0.6		41,642
	720	MAXIMUS, Inc.	0.5		37,260
	1,047	Plantronics, Inc.	0.5		34,970
	1,775	Plexus Corp.†	0.7		50,055

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Condensed Schedule of Investments - (Continued)

June 30, 2012
(Unaudited)

Percentage of

Net Assets (%)

Value

Information Technology (continued)
	1,343	Quest Software, Inc.† (a)	0.5	$	37,403
	930	Tyler Technologies, Inc.†	0.5		37,525
	51,561	Other Securities	13.2		912,738
					1,396,714
Materials — 2.4%
	874	AEP Industries, Inc.†	0.5		38,063
	5,677	Other Securities	1.9		131,234
					169,297
Telecommunication Services — 0.6%
	3,211	Other Securities	0.6		42,245


Utilities — 0.2%
	780	Other Securities	0.2		14,985

Total Common Stock
(Cost $5,993,159)					6,899,540

SHORT-TERM INVESTMENTS — 48.6%
	3,313,647	Northern Trust Institutional Liquid Asset Portfolio, 0.010% (b) (c)			3,313,647
	59,583	Northern Trust Institutional Government Select Portfolio, 0.010% (c)			59,583

Total Short-Term Investments
(Cost $3,373,230)					3,373,230

Total Investments — 147.8%
(Cost $9,366,389)					10,272,770
Other Assets & Liabilities, Net — (47.8)%					(3,320,069	)

NET ASSETS — 100.0%				$	6,952,701

†	Non-income producing security.

(a)	This security or a partial position of this security is on loan at June 30, 2012. The total market value of securities on loan at June 30, 2012 was $3,357,803 (Note 6).

(b)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2012 was $3,313,647 (Note 6).

(c)	Rate shown is the 7-day effective yield as of June 30, 2012.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Condensed Schedule of Investments

June 30, 2012
(Unaudited)

Percentage of

Net Assets (%)

Value

COMMON STOCK — 99.6% ††
Consumer Discretionary — 15.1%
	1,223	Bob Evans Farms, Inc.	0.6	$	49,165
	1,412	Cabela's, Inc.†	0.6		53,388
	675	Cracker Barrel Old Country Store, Inc.	0.5		42,390
	1,767	Scholastic Corp.	0.6		49,759
	72,389	Other Securities	12.8		1,108,431
					1,303,133
Consumer Staples — 4.5%
	4,907	Pantry, Inc. (The)†	0.9		72,133
	20,765	Other Securities	3.6		313,112
					385,245
Energy — 2.4%
	1,865	Western Refining, Inc.	0.5		41,534
	11,612	Other Securities	1.9		167,662
					209,196
Financials — 41.8%
	6,399	American Equity Investment Life Holding Co.	0.8		70,453
	8,650	Apollo Investment Corp.†	0.8		66,432
	6,430	Ashford Hospitality Trust, Inc.‡	0.6		54,205
	6,127	Banco Latinoamericano de Comercio Exterior SA, Class E	1.5		131,302
	6,906	Boston Private Financial Holdings, Inc.	0.7		61,671
	6,899	Calamos Asset Management, Inc., Class A	0.9		78,994
	2,228	CBL & Associates Properties, Inc.	0.5		43,535
	2,123	DuPont Fabros Technology, Inc.‡	0.7		60,633
	1,329	Entertainment Properties Trust‡	0.6		54,635
	3,634	Equity One, Inc.	0.9		77,041
	1,599	FBL Financial Group, Inc., Class A	0.5		44,788
	10,726	First Busey Corp.	0.6		51,807
	11,715	First Commonwealth Financial Corp.	0.9		78,842

Percentage of

Net Assets (%)

Value

Financials (continued)
	3,961	FirstMerit Corp.	0.8	$	65,436
	3,947	FNB Corp.	0.5		42,904
	5,150	Hanmi Financial Corp.†	0.6		53,972
	1,516	Highwoods Properties, Inc.	0.6		51,013
	7,050	iStar Financial, Inc.† ‡	0.5		45,473
	5,348	Maiden Holdings, Ltd.	0.5		46,421
	4,560	MB Financial, Inc.	1.1		98,222
	13,574	National Penn Bancshares, Inc.	1.5		129,903
	8,320	NorthStar Realty Finance Corp.	0.5		43,430
	2,239	Republic Bancorp, Inc., Class A	0.6		49,818
	2,951	Safeguard Scientifics, Inc.†	0.5		45,682
	890	Sovran Self Storage, Inc.‡	0.5		44,580
	6,575	Susquehanna Bancshares, Inc.	0.8		67,722
	726	SVB Financial Group†	0.5		42,631
	5,229	Webster Financial Corp.	1.3		113,260
	133,545	Other Securities	21.0		1,788,091
					3,602,896
Health Care — 7.8%
	2,473	Magellan Health Services, Inc.†	1.3		112,101
	1,970	Viropharma, Inc.†	0.5		46,689
	34,769	Other Securities	6.0		513,822
					672,612
Industrials — 12.9%
	9,669	Aircastle, Ltd.	1.4		116,511
	600	Allegiant Travel Co., Class A†	0.5		41,808
	2,889	Briggs & Stratton Corp.	0.6		50,529
	1,769	Deluxe Corp.	0.5		44,119
	2,787	Miller Industries, Inc.	0.5		44,397
	1,759	Mueller Industries, Inc.	0.9		74,916
	2,870	SeaCube Container Leasing, Ltd.	0.6		48,991
	1,002	Unifirst Corp.	0.7		63,878
	28,707	Other Securities	7.2		628,062
					1,113,211

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Condensed Schedule of Investments - (Continued)

June 30, 2012
(Unaudited)

Percentage of

Net Assets (%)

Value

Information Technology — 8.0%
	1,500	Comtech Telecommunications Corp.	0.5	$	42,870
	1,778	Scansource, Inc.†	0.6		54,478
	4,668	XO Group, Inc.†	0.5		41,405
	48,657	Other Securities	6.4		549,837
					688,590
Materials — 3.1%
	1,721	Sensient Technologies Corp.	0.7		63,212
	7,475	Other Securities	2.4		201,887
					265,099
Telecommunication Services — 0.9%
	4,574	USA Mobility, Inc.	0.7		58,822
	1,803	Other Securities	0.2		18,878
					77,700
Utilities — 3.1%
	1,152	MGE Energy, Inc.	0.6		54,489
	7,226	Other Securities	2.5		214,245
					268,734
Total Common Stock
(Cost $7,716,026)					8,586,416

SHORT-TERM INVESTMENTS — 1.9%
	167,940	Northern Trust Institutional Liquid Asset Portfolio, 0.010% (a) (b) (Cost $167,940)			167,940

Total Investments — 101.5%
(Cost $7,883,966)					8,754,356
Other Assets & Liabilities, Net — (1.5)%					(134,812	)

NET ASSETS — 100.0%				$	8,619,544

‡	Real Estate Investment Trust

†	Non-income producing security.

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

(a)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2012 was $167,940 (Note 6).

(b)	Rate shown is the 7-day effective yield as of June 30, 2012.

Ltd. — Limited

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm Fund

Condensed Schedule of Investments

June 30, 2012
(Unaudited)

Percentage of

Net Assets (%)

Value

COMMON STOCK — 99.3%
Consumer Discretionary — 11.5%
	3,880	Amazon.com, Inc.†	0.6	$	885,998
	22,271	Comcast Corp. Special, Class A(a)	0.5		712,004
	14,395	Home Depot, Inc. (The)	0.5		762,791
	11,690	McDonald's Corp.	0.7		1,034,916
	18,643	Walt Disney Co. (The)	0.6		904,185
	523,883	Other Securities	8.6		13,892,299
					18,192,193
Consumer Staples — 10.2%
	21,875	Altria Group, Inc.	0.5		755,781
	23,270	Coca-Cola Co. (The)	1.1		1,819,481
	14,142	CVS Caremark Corp.	0.4		660,856
	17,271	Kraft Foods, Inc., Class A	0.4		667,006
	17,957	PepsiCo, Inc.	0.8		1,268,842
	18,180	Philip Morris International, Inc.	1.0		1,586,387
	31,052	Procter & Gamble Co. (The)	1.2		1,901,935
	19,545	Wal-Mart Stores, Inc.	0.9		1,362,677
	154,939	Other Securities	3.9		6,087,043
					16,110,008
Energy — 10.3%
	21,239	Chevron Corp.	1.4		2,240,714
	14,631	ConocoPhillips	0.5		817,580
	52,985	Exxon Mobil Corp.	2.9		4,533,926
	9,405	Occidental Petroleum Corp.	0.5		806,667
	15,329	Schlumberger, Ltd.	0.6		995,005
	237,801	Other Securities	4.4		7,027,793
					16,421,685
Financials — 16.2%
	10,250	American Express Co.	0.4		596,653
	117,248	Bank of America Corp.	0.6		959,089
	21,220	Berkshire Hathaway, Inc., Class B†	1.1		1,768,263
	33,765	Citigroup, Inc.	0.6		925,499
	43,409	JPMorgan Chase & Co.	1.0		1,551,004
	21,459	U.S. Bancorp	0.5		690,121
	5,200	Visa, Inc., Class A	0.4		642,876
	56,717	Wells Fargo & Co.	1.2		1,896,616
	649,234	Other Securities	10.4		16,618,737
					25,648,858

Percentage of

Net Assets (%)

Value

Health Care — 11.7%
	18,000	Abbott Laboratories	0.8	$	1,160,460
	8,505	Amgen, Inc.	0.4		621,205
	17,800	Bristol-Myers Squibb Co.	0.4		639,910
	29,685	Johnson & Johnson	1.3		2,005,519
	32,405	Merck & Co., Inc.	0.9		1,352,909
	84,862	Pfizer, Inc.	1.2		1,951,826
	11,230	UnitedHealth Group, Inc.	0.4		656,955
	280,566	Other Securities	6.3		10,114,174
					18,502,958
Industrials — 10.5%
	7,385	3M Co.	0.4		661,696
	120,646	General Electric Co.	1.6		2,514,263
	4,760	Union Pacific Corp.	0.4		567,916
	8,221	United Parcel Service, Inc., Class B	0.4		647,486
	9,254	United Technologies Corp.	0.4		698,955
	330,977	Other Securities	7.3		11,600,615
					16,690,931
Information Technology — 18.3%
	9,980	Apple, Inc.†	3.7		5,828,320
	61,423	Cisco Systems, Inc.	0.7		1,054,633
	22,779	EMC Corp.†	0.4		583,826
	2,720	Google, Inc., Class A†	1.0		1,577,791
	57,118	Intel Corp.	1.0		1,522,195
	12,287	International Business Machines Corp.	1.5		2,403,091
	89,087	Microsoft Corp.	1.7		2,725,171
	43,980	Oracle Corp.	0.8		1,306,206
	19,425	QUALCOMM, Inc.	0.7		1,081,584
	501,003	Other Securities	6.8		10,911,306
					28,994,123
Materials — 3.8%
	173,441	Other Securities	3.8		6,110,222

Telecommunication Services — 2.9%
	66,449	AT&T, Inc.	1.5		2,369,571
	32,238	Verizon Communications, Inc.	0.9		1,432,657
	84,973	Other Securities	0.5		831,159
					4,633,387

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm Fund

Condensed Schedule of Investments - (Continued)

June 30, 2012
(Unaudited)

Percentage of

Net Assets (%)

Value

Utilities — 3.9%
	182,131	Other Securities	3.9	$	6,115,630

Total Common Stock
(Cost $93,339,850)					157,419,995

PREFERRED STOCK — 0.0%
Consumer Discretionary — 0.0%
	41	Other Securities (Cost $47)	0.0		80

WARRANT — 0.0%
	1	Other Securities (Cost $0)	0.0		—

SHORT-TERM INVESTMENTS — 10.4%
	15,426,164	Northern Trust Institutional Liquid Asset Portfolio, 0.010% (b) (c)			15,426,164
	1,135,273	Northern Trust Institutional Government Select Portfolio, 0.010% (c)			1,135,273

Total Short-Term Investments
(Cost $16,561,437)					16,561,437

Total Investments — 109.7%
(Cost $109,901,334)					173,981,512
Other Assets & Liabilities, Net — (9.7)%					(15,400,257	)

NET ASSETS — 100.0%				$	158,581,255

†	Non-income producing security.

(a)	This security or a partial position of this security is on loan at June 30, 2012. The total market value of securities on loan at June 30, 2012 was $15,504,917 (Note 6).

(b)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2012 was $15,426,164 (Note 6).

(c)	Rate shown is the 7-day effective yield as of June 30, 2012.

As of June 30, 2012 all of the Fund’s investments were considered Level 1, except for Magnum Hunter Resource Warrants, Orleans Homebuilders, Inc., and Trico Marine Services, Inc., which are Level 3. The value of Magnum Hunter Resource Warrants and Orleans Homebuilders, Inc., at January 1, 2012 was zero, and the value has remained zero throughout the period ended June 30, 2012.

	Common Stock
Beginning balance as of January 1, 2012	$	—
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Net purchases		42
Net sales		—
Net transfer into Level 3		—
Net transfer out of Level 3		—
Ending balance as of June 30, 2012	$	42

For the six months ended June 30, 2012, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the six months ended June 30, 2012, there have been no transfers between Level 2 and Level 3 assets and liabilities. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

Amounts designated as “—“ are either $0, or have been rounded to $0.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
COMMON STOCK — 120.5%
Consumer Discretionary — 12.8%
	2,600	Advance Auto Parts, Inc.	$	177,372
	6,280	Amazon.com, Inc. † (a)		1,434,038
	5,500	Bed Bath & Beyond, Inc. † (a)		339,900
	4,850	Best Buy Co., Inc.(a)		101,656
	8,850	CBS Corp., Class B(a)		290,103
	9,280	Coach, Inc.(a)		542,694
	42,740	Comcast Corp. Special, Class A(a) (b)		1,366,398
	5,100	Dick's Sporting Goods, Inc.(a)		244,800
	14,320	DIRECTV, Class A †		699,102
	16,670	DISH Network Corp., Class A(a)		475,929
	5,800	Dollar Tree, Inc. † (a)		312,040
	8,750	Foot Locker, Inc.(a)		267,575
	16,900	Ford Motor Co.(a)		162,071
	7,650	GameStop Corp., Class A(a) (b)		140,454
	11,500	Gannett Co., Inc.(a)		169,395
	10,500	Gap, Inc. (The)(a)		287,280
	2,950	Genuine Parts Co.(a)		177,738
	22,970	Home Depot, Inc. (The)(a)		1,217,180
	18,150	Interpublic Group of Cos., Inc. (The)(a)		196,928
	4,200	Jarden Corp.(a)		176,484
	4,100	Lear Corp.(a)		154,693
	6,600	Lennar Corp., Class A(a)		204,006
	21,150	Macy's, Inc.(a)		726,503
	7,550	Mattel, Inc.(a)		244,922
	3,700	McDonald's Corp.(a)		327,561
	5,550	Meredith Corp.(a)		177,267
	17,000	News Corp., Class A(a)		378,930
	3,800	NIKE, Inc., Class B(a)		333,564
	2,350	Omnicom Group, Inc.(a)		114,210
	2,500	O'Reilly Automotive, Inc. †		209,425
	4,800	PetSmart, Inc.(a)		327,264
	780	priceline.com, Inc. † (a)		518,326
	2,680	Ralph Lauren Corp., Class A(a)		375,361
	10,600	Regis Corp.(a)		190,376
	4,350	Ross Stores, Inc.(a)		271,745
	7,750	Starbucks Corp.		413,230
	4,200	Target Corp.		244,398
	17,000	Time Warner Cable, Inc., Class A		1,395,700

Value

Consumer Discretionary (continued)
	8,050	Time Warner, Inc.(a)	$	309,925
	8,200	TJX Cos., Inc.(a)		352,026
	11,190	Urban Outfitters, Inc. † (a)		308,732
	13,420	VF Corp.(a)		1,790,898
	20,370	Viacom, Inc., Class B(a)		957,797
	11,100	Walt Disney Co. (The)(a)		538,350
	5,900	Williams-Sonoma, Inc.(a)		206,323
	4,600	Wyndham Worldwide Corp.(a)		242,604
	30,290	Yum! Brands, Inc.		1,951,281
				22,044,554
Consumer Staples — 13.9%
	48,600	Altria Group, Inc.(a)		1,679,130
	33,300	Coca-Cola Co. (The)(a)		2,603,726
	1,800	Colgate-Palmolive Co.(a)		187,380
	4,150	Costco Wholesale Corp.(a)		394,250
	49,170	CVS Caremark Corp.(a)		2,297,714
	21,200	Dean Foods Co. † (a)		361,036
	10,500	Dr. Pepper Snapple Group, Inc.(a) (b)		459,375
	9,920	Estee Lauder Cos., Inc. (The), Class A(a)		536,870
	10,800	Hormel Foods Corp.(a)		328,536
	3,750	Kimberly-Clark Corp.(a)		314,138
	30,780	Kraft Foods, Inc., Class A(a)		1,188,724
	17,400	Kroger Co. (The)(a)		403,506
	13,080	Lorillard, Inc.(a)		1,725,906
	20,400	McCormick & Co., Inc.		1,237,260
	4,630	Mead Johnson Nutrition Co., Class A(a)		372,761
	2,950	Molson Coors Brewing Co., Class B(a)		122,750
	2,900	Monster Beverage Corp. † (a)		206,480
	28,080	PepsiCo, Inc.(a)		1,984,133
	28,000	Philip Morris International, Inc.(a)		2,443,279
	34,160	Procter & Gamble Co. (The)(a)		2,092,300
	4,900	Reynolds American, Inc.(a)		219,863
	7,850	Safeway, Inc.		142,478
	16,400	Tyson Foods, Inc., Class A(a)		308,812
	4,150	Universal Corp.(a)		192,270
	5,000	Walgreen Co.		147,900
	22,480	Wal-Mart Stores, Inc.(a)		1,567,306

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Investments - (Continued)

June 30, 2012
(Unaudited)

	Shares			Value
Consumer Staples (continued)
	4,850	Whole Foods Market, Inc.	$	462,302
				23,980,185
Energy — 12.9%
	5,500	Anadarko Petroleum Corp.(a)		364,100
	6,160	Apache Corp.(a)		541,402
	21,800	BG Group PLC ADR(a)		447,772
	11,040	Cameron International Corp. † (a)		471,518
	38,480	Chevron Corp.(a)		4,059,640
	11,900	ConocoPhillips		664,972
	4,300	Diamond Offshore Drilling, Inc.		254,259
	10,260	Ensco PLC, Class A(a)		481,912
	24,100	EQT Corp.		1,292,483
	52,100	Exxon Mobil Corp.(a)		4,458,198
	13,700	Halliburton Co.(a)		388,943
	2,650	Helmerich & Payne, Inc.(a)		115,222
	7,700	HollyFrontier Corp.(a)		272,811
	27,200	Kinder Morgan, Inc.		876,384
	6,250	Marathon Oil Corp.(a)		159,813
	18,935	Marathon Petroleum Corp.(a)		850,560
	4,150	Murphy Oil Corp.(a)		208,704
	26,000	Nabors Industries, Ltd. † (a)		374,400
	9,810	National Oilwell Varco, Inc.(a)		632,156
	13,290	Occidental Petroleum Corp.(a)		1,139,883
	5,950	Phillips 66 † (a)		197,778
	1,700	Pioneer Natural Resources Co.(a)		149,957
	23,700	Royal Dutch Shell PLC, Class A(a)		1,598,091
	5,400	Schlumberger, Ltd.(a)		350,514
	40,200	Seadrill, Ltd.		1,427,904
	7,100	Valero Energy Corp.(a)		171,465
	12,400	WPX Energy, Inc. † (a) (b)		200,632
				22,151,473
Financials — 16.8%
	3,650	Allstate Corp. (The)(a)		128,079
	4,900	American Express Co.(a)		285,229
	6,450	American Financial Group, Inc.(a)		253,034
	12,530	American Tower Corp., Class A(a)		875,972
	3,250	Ameriprise Financial, Inc.(a)		169,845
	2,650	Assurant, Inc.		92,326
	12,650	BancorpSouth, Inc.(a)		183,678
	61,800	Bank of America Corp.(a)		505,524

Value

Financials (continued)
	6,700	Bank of New York Mellon Corp. (The)(a)	$	147,065
	24,020	Berkshire Hathaway, Inc., Class B † (a)		2,001,586
	7,200	BlackRock, Inc., Class A(a)		1,222,704
	21,570	Capital One Financial Corp.(a)		1,179,016
	12,100	Charles Schwab Corp. (The)(a)		156,453
	2,850	Chubb Corp.(a)		207,537
	13,800	Citigroup, Inc.(a)		378,258
	1,810	CME Group, Inc., Class A(a)		485,279
	7,300	CNA Financial Corp.(a)		202,356
	9,630	Comerica, Inc.(a)		295,737
	6,037	Commerce Bancshares, Inc.(a)		228,802
	19,000	Cullen/Frost Bankers, Inc.		1,092,310
	7,450	Discover Financial Services(a)		257,621
	8,600	Equity One, Inc.(a)		182,320
	4,700	Equity Residential(a)		293,092
	9,850	Fifth Third Bancorp		131,990
	4,000	Goldman Sachs Group, Inc. (The)(a) (b)		383,440
	9,750	Hospitality Properties Trust(a)		241,508
	13,000	Host Hotels & Resorts, Inc.(a) (b)		205,660
	28,580	Huntington Bancshares, Inc.(a)		182,912
	9,000	International Bancshares Corp.(a)		175,680
	40,900	Invesco, Ltd.(a)		924,340
	87,780	JPMorgan Chase & Co.(a)		3,136,378
	103,400	KeyCorp(a)		800,316
	10,500	Kimco Realty Corp.(a)		199,815
	13,300	Legg Mason, Inc.(a)		350,721
	19,450	Lincoln National Corp.(a)		425,372
	4,350	Loews Corp.(a)		177,959
	43,470	MetLife, Inc.(a)		1,341,050
	15,850	NASDAQ OMX Group, Inc. (The)(a)		359,320
	96,000	New York Community Bancorp, Inc.		1,202,880
	9,200	Platinum Underwriters Holdings, Ltd.(a)		350,520
	4,450	PNC Financial Services Group, Inc.(a)		271,940

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Investments - (Continued)

June 30, 2012
(Unaudited)

	Shares			Value
Financials (continued)
	3,600	Prudential Financial, Inc.(a)	$	174,348
	4,600	Public Storage(a)		664,286
	36,290	Regions Financial Corp.(a)		244,958
	3,000	Reinsurance Group of America, Inc., Class A(a)		159,630
	3,720	Simon Property Group, Inc.(a)		579,055
	4,100	State Street Corp.(a)		183,024
	8,250	SunTrust Banks, Inc.(a)		199,898
	2,700	Taubman Centers, Inc.(a)		208,332
	22,540	TD Ameritrade Holding Corp.(a) (b)		383,180
	11,550	U.S. Bancorp(a)		371,448
	10,700	Unum Group(a)		204,691
	10,610	Visa, Inc., Class A(a)		1,311,714
	70,800	Wells Fargo & Co.(a)		2,367,551
	7,700	XL Group PLC, Class A(a)		162,008
				28,899,747
Health Care — 14.3%
	33,800	Abbott Laboratories(a)		2,179,085
	3,150	Aetna, Inc.(a)		122,126
	5,130	Allergan, Inc.		474,884
	41,450	AmerisourceBergen Corp., Class A		1,631,057
	13,270	Amgen, Inc.(a)		969,241
	6,540	Biogen Idec, Inc. † (a)		944,245
	35,000	Boston Scientific Corp. † (a)		198,450
	12,200	Bristol-Myers Squibb Co.		438,590
	7,770	C.R. Bard, Inc.(a)		834,809
	3,550	Cardinal Health, Inc.(a)		149,100
	4,250	Celgene Corp. †		272,680
	3,900	Cerner Corp. † (a)		322,374
	4,150	CIGNA Corp.(a)		182,600
	9,200	Community Health Systems, Inc. † (a)		257,876
	3,350	Cooper Cos., Inc. (The)(a)		267,196
	5,000	Covance, Inc. † (a)		239,250
	4,800	Coventry Health Care, Inc.(a)		152,592
	3,900	Covidien PLC		208,650
	4,610	Edwards Lifesciences Corp. † (a)		476,213
	9,100	Express Scripts Holding Co. †		508,053
	15,640	Gilead Sciences, Inc. †		802,019

Value

Health Care (continued)
	6,650	Hanger Orthopedic Group, Inc. † (a) (b)	$	170,506
	6,270	Hospira, Inc. † (a)		219,325
	2,650	Humana, Inc.(a)		205,216
	15,500	Johnson & Johnson(a)		1,047,180
	2,450	McKesson Corp.(a)		229,688
	15,110	Medicis Pharmaceutical Corp., Class A(a)		516,007
	1,770	Medivation, Inc. † (a)		161,778
	8,200	Medtronic, Inc.(a)		317,586
	21,900	Merck & Co., Inc.(a)		914,325
	7,900	Novo Nordisk ADR		1,148,186
	7,700	Onyx Pharmaceuticals, Inc. † (a)		511,665
	7,000	Patterson Cos., Inc.(a)		241,290
	163,930	Pfizer, Inc.(a)		3,770,389
	3,000	SXC Health Solutions Corp. † (a) (b)		297,630
	3,400	Teleflex, Inc.(a)		207,094
	6,100	Thermo Fisher Scientific, Inc.(a)		316,651
	4,000	United Therapeutics Corp. † (a)		197,520
	18,860	UnitedHealth Group, Inc.(a)		1,103,310
	8,200	Valeant Pharmaceuticals International, Inc. † (a)		367,278
	4,510	Varian Medical Systems, Inc. † (a) (b)		274,073
	5,100	Watson Pharmaceuticals, Inc. † (a)		377,349
	3,200	WellCare Health Plans, Inc. † (a)		169,600
	3,950	WellPoint, Inc.(a)		251,971
				24,646,707
Industrials — 13.2%
	5,300	3M Co.		474,880
	15,030	Boeing Co. (The)(a)		1,116,729
	3,500	Carlisle Cos., Inc.(a)		185,570
	19,780	Caterpillar, Inc.(a)		1,679,519
	5,300	Chicago Bridge & Iron Co. NV(a)		201,188
	6,340	Cummins, Inc.(a)		614,409
	14,490	Danaher Corp.(a)		754,639
	3,800	Deere & Co.(a)		307,306
	13,000	Delta Air Lines, Inc. † (a)		142,350
	9,000	Deluxe Corp.(a)		224,460

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Investments - (Continued)

June 30, 2012 (Unaudited)

	Shares			Value
Industrials (continued)
	7,000	Donaldson Co., Inc.(a)	$	233,590
	27,900	Eaton Corp.		1,105,677
	28,200	Emerson Electric Co.(a)		1,313,556
	2,750	FedEx Corp.(a)		251,928
	2,510	Flowserve Corp.(a) (b)		288,023
	3,150	Gardner Denver, Inc.(a)		166,667
	94,260	General Electric Co.(a)		1,964,377
	6,500	Honeywell International, Inc.(a)		362,960
	1	Huntington Ingalls Industries, Inc. †		40
	3,150	Illinois Tool Works, Inc.(a)		166,604
	16,300	Ingersoll-Rand PLC(a)		687,534
	6,550	Kennametal, Inc.		217,133
	3,700	Landstar System, Inc.(a)		191,364
	3,200	MSC Industrial Direct Co., Inc., Class A(a)		209,760
	3,600	Norfolk Southern Corp.(a)		258,372
	3,400	Northrop Grumman Corp.		216,886
	7,500	Oshkosh Corp. † (a)		157,125
	21,700	PACCAR, Inc.		850,423
	2,150	Parker Hannifin Corp.(a)		165,292
	3,890	Precision Castparts Corp.		639,866
	9,850	Raytheon Co.(a)		557,412
	3,240	Republic Services, Inc., Class A(a)		85,730
	1,900	Rockwell Automation, Inc.(a)		125,514
	11,000	RR Donnelley & Sons Co.(a)		129,470
	4,350	Snap-on, Inc.(a)		270,788
	20,150	Southwest Airlines Co.(a)		185,783
	3,950	Towers Watson & Co., Class A(a)		236,605
	6,100	Trinity Industries, Inc.(a)		152,378
	3,000	Triumph Group, Inc.(a)		168,810
	4,600	Tyco International, Ltd.(a)		243,110
	19,060	Union Pacific Corp.(a)		2,274,048
	11,910	United Parcel Service, Inc., Class B(a)		938,032
	17,480	United Technologies Corp.(a)		1,320,264
	3,700	URS Corp.(a)		129,056
	2,700	Wabtec Corp.(a)		210,627
	9,950	Werner Enterprises, Inc.(a)		237,706
	1,150	WW Grainger, Inc.(a)		219,926
				22,633,486

Value

Information Technology — 23.0%
	33,250	Accenture PLC, Class A(a)	$	1,997,993
	15,400	Activision Blizzard, Inc.(a)		184,646
	9,440	ADTRAN, Inc.(a) (b)		284,994
	8,890	Altera Corp.(a)		300,838
	12,470	Apple, Inc. † (a)		7,282,479
	15,150	Applied Materials, Inc.(a)		173,619
	3,800	Automatic Data Processing, Inc.(a)		211,508
	8,500	Avago Technologies, Ltd.(a)		305,150
	22,990	Broadcom Corp., Class A(a)		777,062
	6,100	CA, Inc.		165,249
	10,300	Check Point Software Technologies, Ltd. † (a)		510,777
	36,350	Cisco Systems, Inc.(a)		624,130
	3,790	Citrix Systems, Inc. †		318,133
	12,860	Cognizant Technology Solutions Corp., Class A † (a)		771,600
	27,490	Compuware Corp. † (a)		255,382
	9,250	Corning, Inc.(a)		119,603
	12,950	Dell, Inc. † (a)		162,134
	4,800	Diebold, Inc.(a)		177,168
	4,500	DST Systems, Inc.(a)		244,395
	7,250	eBay, Inc. † (a)		304,573
	13,200	EMC Corp. † (a)		338,316
	1,800	Factset Research Systems, Inc.(a)		167,292
	34,000	Fidelity National Information Services, Inc.		1,158,720
	7,500	Fortinet, Inc. † (a)		174,150
	13,000	Genpact, Ltd. † (a)		216,190
	3,630	Google, Inc., Class A † (a)		2,105,654
	46,080	Hewlett-Packard Co.(a)		926,669
	5,650	IAC/InterActive Corp.(a)		257,640
	45,550	Intel Corp.(a)		1,213,908
	13,800	International Business Machines Corp.(a)		2,699,003
	7,200	Jabil Circuit, Inc.(a)		146,376
	26,910	Juniper Networks, Inc. † (a)		438,902
	2,750	KLA-Tencor Corp.		135,438
	2,000	LinkedIn Corp., Class A †		212,540
	25,750	LSI Corp. † (a)		164,028

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Investments - (Continued)

June 30, 2012
(Unaudited)

	Shares			Value
Information Technology (continued)
	6,250	M/A-COM Technology Solutions, Inc. † (a)	$	115,625
	900	Mastercard, Inc., Class A(a)		387,099
	8,840	Maxim Integrated Products, Inc.(a)		226,658
	44,600	Microchip Technology, Inc.		1,475,368
	88,800	Microsoft Corp.(a)		2,716,391
	6,400	Molex, Inc.(a)		153,216
	41,340	Motorola Solutions, Inc.(a)		1,988,867
	6,350	NeuStar, Inc., Class A † (a)		212,090
	14,400	NXP Semiconductor NV † (a) (b)		334,800
	52,730	Oracle Corp.(a)		1,566,081
	5,200	Paychex, Inc.(a)		163,332
	4,900	Plantronics, Inc.(a)		163,660
	45,440	QUALCOMM, Inc.(a)		2,530,098
	3,500	Red Hat, Inc. †		197,680
	8,200	Semtech Corp. † (a)		199,424
	4,600	Tech Data Corp. † (a)		221,582
	5,400	Teradata Corp. † (a)		388,854
	12,000	Teradyne, Inc. † (a)		168,720
	4,932	VMware, Inc., Class A †		449,009
	6,100	Western Digital Corp. †		185,928
	25,000	Xerox Corp.(a)		196,750
	9,600	Yahoo!, Inc. † (a)		151,968
				39,719,459
Materials — 4.4%
	5,050	Celanese Corp., Ser A, Class A(a)		174,831
	3,010	CF Industries Holdings, Inc.(a)		583,157
	13,000	Commercial Metals Co.(a)		164,320
	7,350	Dow Chemical Co. (The)		231,525
	6,450	Ecolab, Inc.(a)		442,019
	6,400	EI du Pont de Nemours & Co.(a)		323,648
	3,900	FMC Corp.(a)		208,572
	15,360	Freeport-McMoRan Copper & Gold, Inc.(a)		523,315
	7,100	International Paper Co.(a)		205,261
	12,100	LyondellBasell Industries NV, Class A(a)		487,267
	6,300	Monsanto Co.(a)		521,514
	7,370	Newmont Mining Corp.(a)		357,519
	5,260	PPG Industries, Inc.(a)		558,191

Value

Materials (continued)
	3,370	Praxair, Inc.	$	366,420
	4,250	Reliance Steel & Aluminum Co.(a)		214,625
	4,000	Rockwood Holdings, Inc.(a)		177,400
	5,100	Sensient Technologies Corp.(a)		187,323
	42,481	Southern Copper Corp.		1,338,576
	12,000	Steel Dynamics, Inc.(a)		141,000
	5,700	United States Steel Corp.(a)		117,420
	7,250	Weyerhaeuser Co.(a)		162,110
				7,486,013
Telecommunication Services — 3.7%
	102,050	AT&T, Inc.(a)		3,639,102
	18,879	CenturyLink, Inc.(a)		745,532
	130,370	Frontier Communications Corp.(a) (b)		499,317
	12,450	NII Holdings, Inc. †		127,364
	6,030	SBA Communications Corp., Class A † (a) (b)		344,012
	10,000	Telephone & Data Systems, Inc.(a)		212,900
	17,400	Verizon Communications, Inc.(a)		773,256
				6,341,483
Utilities — 5.5%
	5,700	Ameren Corp.(a)		191,178
	7,100	American Electric Power Co., Inc.(a)		283,290
	2,350	Consolidated Edison, Inc.		146,147
	11,430	Dominion Resources, Inc.(a)		617,220
	3,500	DTE Energy Co.(a)		207,655
	18,100	Duke Energy Corp.(a) (b)		417,386
	23,290	Edison International(a)		1,075,998
	4,150	Entergy Corp.(a)		281,744
	9,950	Exelon Corp.(a)		374,319
	9,100	Great Plains Energy, Inc.(a)		194,831
	5,700	IDACORP, Inc.(a)		239,856
	4,050	Integrys Energy Group, Inc.(a) (b)		230,324
	16,980	ITC Holdings Corp.		1,170,092
	20,900	NextEra Energy, Inc.		1,438,128
	30,600	Oneok, Inc.(a)		1,294,685
	7,500	Pepco Holdings, Inc.(a)		146,775
	3,800	Pinnacle West Capital Corp.(a)		196,612

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Investments - (Continued)

June 30, 2012
(Unaudited)

	Shares			Value
Utilities (continued)
	22,610	PPL Corp.(a)	$	628,784
	2,750	Public Service Enterprise Group, Inc.		89,375
	4,050	Southern Co.(a)		187,515
				9,411,914
Total Common Stock (Cost $172,330,578)				207,315,021

SHORT-TERM INVESTMENTS — 17.5%
	28,983,211	Northern Trust Institutional Liquid Asset Portfolio, 0.010% (c) (d)		28,983,211
	1,119,997	Northern Trust Institutional Government Select Portfolio, 0.010% (d)		1,119,997

Total Short-Term Investments
(Cost $30,103,208)				30,103,208

Total Investments — 138.0%
(Cost $202,433,786)				237,418,229
Other Assets & Liabilities, Net — (38.0)%				(65,410,403	)

NET ASSETS — 100.0%			$	172,007,826

†	Non-income producing security.

(a)	All or a portion of the shares have been committed as collateral for open short positions.

(b)	This security or a partial position of this security is on loan at June 30, 2012. The total market value of securities on loan at June 30, 2012 was $28,999,073 (Note 6).

(c)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2012 was $28,983,211 (Note 6).

(d)	Rate shown is the 7-day effective yield as of June 30, 2012.

ADR — American Depositary Receipt

PLC— Public Limited Company

As of June 30, 2012, all of the Fund’s investments were considered Level 1. For the six months ended June 30, 2012, there were no Level 3 securities. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Securities Sold Short

June 30, 2012
(Unaudited)

Shares			Value
SECURITIES SOLD SHORT — (21.0)%
Consumer Discretionary — (2.8)%
	3,100	Advance Auto Parts, Inc.	$	211,482
	4,500	AMC Networks, Inc., Class A †		159,975
	4,970	Cheesecake Factory, Inc. (The) †		158,841
	3,350	Choice Hotels International, Inc.		133,766
	4,230	Darden Restaurants, Inc.		214,165
	4,250	DIRECTV, Class A †		207,485
	8,220	DR Horton, Inc.		151,084
	3,610	Expedia, Inc.		173,533
	8,800	Gentex Corp.		183,656
	7,100	Guess, Inc.		215,627
	6,900	Hanesbrands, Inc. †		191,337
	6,290	J.C. Penney Co., Inc.		146,620
	4,550	Life Time Fitness, Inc. †		211,621
	6,500	Marriott International, Inc., Class A		254,799
	3,000	Mohawk Industries, Inc. †		209,490
	1,710	O'Reilly Automotive, Inc. †		143,247
	6,100	Rent-A-Center, Inc., Class A		205,814
	8,410	Skechers U.S.A., Inc., Class A †		171,312
	5,600	Sotheby's		186,816
	2,900	Stanley Black & Decker, Inc.		186,644
	9,000	Staples, Inc.		117,450
	2,800	Starbucks Corp.		149,296
	2,640	Target Corp.		153,622
	2,300	Under Armour, Inc., Class A †		217,303
	8,000	Valassis Communications, Inc. †		174,000
	6,000	WMS Industries, Inc. †		119,700
	3,900	Yum! Brands, Inc.		251,237
				4,899,922
Consumer Staples — (1.8)%
	11,610	Archer-Daniels-Midland Co.		342,727
	3,550	Energizer Holdings, Inc. †		267,138
	8,000	Flowers Foods, Inc.		185,840
	9,190	HJ Heinz Co.		499,751
	2,500	Kellogg Co.		123,325
	3,000	Ralcorp Holdings, Inc. †		200,220
	7,200	SABMiller PLC ADR		291,744
	12,430	Safeway, Inc.		225,605
	3,130	Snyders-Lance, Inc.		78,970
	13,470	Sysco Corp.		401,541
	8,240	Tootsie Roll Industries, Inc.		196,606
	4,870	Walgreen Co.		144,055

Value

Consumer Staples (continued)
	1,690	Whole Foods Market, Inc.	$	161,091
				3,118,613
Energy — (1.4)%
	16,700	ConocoPhillips		933,197
	3,560	Devon Energy Corp.		206,444
	2,510	Diamond Offshore Drilling, Inc.		148,416
	5,800	FMC Technologies, Inc. †		227,534
	20,200	Kodiak Oil & Gas Corp., Class Greek †		165,842
	3,000	Range Resources Corp.		185,610
	1,800	SEACOR Holdings, Inc. †		160,884
	7,400	Southwestern Energy Co. †		236,282
	6,700	Ultra Petroleum Corp. †		154,569
				2,418,778
Financials — (2.7)%
	2,750	Affiliated Managers Group, Inc. †		300,988
	4,500	Alexander & Baldwin, Inc. †		239,625
	3,400	Aon PLC		159,052
	12,000	Assurant, Inc.		418,079
	6,600	Brown & Brown, Inc.		179,982
	4,800	CIT Group, Inc. †		171,072
	4,570	Digital Realty Trust, Inc. ‡		343,070
	6,850	Eaton Vance Corp.		184,608
	6,350	Federated Investors, Inc., Class B		138,748
	15,810	Fifth Third Bancorp		211,854
	4,330	Franklin Resources, Inc.		480,586
	13,665	General Growth Properties, Inc. ‡		247,200
	2,600	Health Care, Inc. ‡		151,580
	3,000	Howard Hughes Corp. (The) †		184,920
	6,160	LPL Financial Holdings, Inc. †		208,023
	5,600	MSCI, Inc., Class A †		190,512
	5,550	Northern Trust Corp.		255,411
	6,800	Omega Healthcare Investors, Inc. ‡		153,000
	4,880	T Rowe Price Group, Inc.		307,245
	10,000	Zions Bancorporation		194,200
				4,719,755
Health Care — (2.8)%
	3,100	Allergan, Inc.		286,967
	7,810	AmerisourceBergen Corp., Class A		307,324
	2,530	Becton Dickinson and Co.		189,118

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Securities Sold Short - (Continued)

June 30, 2012
(Unaudited)

	Shares			Value
Health Care (continued)
	1,800	Bio-Rad Laboratories, Inc., Class A †	$	180,018
	9,800	Bristol-Myers Squibb Co.		352,309
	8,400	Brookdale Senior Living, Inc., Class A †		149,016
	7,150	Celgene Corp. †		458,743
	5,900	Charles River Laboratories International, Inc. †		193,284
	4,700	Covidien PLC		251,450
	1,900	DaVita, Inc. †		186,599
	4,100	Express Scripts Holding Co. †		228,903
	3,500	Gilead Sciences, Inc. †		179,480
	2,450	IDEXX Laboratories, Inc. †		235,519
	8,380	Immunogen, Inc. †		140,616
	2,650	Laboratory Corp. of America Holdings †		245,417
	4,800	Life Technologies Corp. †		215,952
	7,000	Owens & Minor, Inc.		214,410
	4,500	Quest Diagnostics, Inc.		269,550
	4,890	St. Jude Medical, Inc.		195,160
	6,050	VCA Antech, Inc. †		132,979
	5,550	Warner Chilcott PLC, Class A †		99,456
	2,000	Waters Corp. †		158,940
				4,871,210
Industrials — (3.1)%
	1,120	3M Co.		100,352
	4,800	Armstrong World Industries, Inc.		235,968
	5,500	BE Aerospace, Inc. †		240,130
	3,300	CH Robinson Worldwide, Inc.		193,149
	7,700	Corrections Corp. of America		226,765
	5,340	Eaton Corp.		211,624
	3,700	Fastenal Co.		149,147
	3,500	GATX Corp.		134,750
	2,610	General Dynamics Corp.		172,156
	8,400	Granite Construction, Inc.		219,324
	7,700	Huntington Ingalls Industries, Inc. †		309,848
	6,500	Iron Mountain, Inc.		214,240
	4,800	JB Hunt Transport Services, Inc.		286,080
	8,730	Kennametal, Inc.		289,400
	9,400	Korn/Ferry International †		134,890
	6,330	Northrop Grumman Corp.		403,790
	5,250	Owens Corning †		149,835
	7,390	PACCAR, Inc.		289,614

Value

Industrials (continued)
	5,000	Pentair, Inc.	$	191,400
	1,000	Precision Castparts Corp.		164,490
	3,900	Rockwell Collins, Inc.		192,465
	2,300	Roper Industries, Inc.		226,734
	2,500	Stericycle, Inc. †		229,175
	4,500	Verisk Analytics, Inc., Class A †		221,670
				5,186,996
Information Technology — (3.9)%
	3,250	ANSYS, Inc. †		205,108
	16,000	ARM Holdings PLC		380,640
	4,700	Arrow Electronics, Inc. †		154,207
	14,650	Atmel Corp. †		98,155
	21,790	CA, Inc.		590,291
	3,250	Citrix Systems, Inc. †		272,805
	7,800	Cree, Inc. †		200,226
	13,790	Diodes, Inc. †		258,838
	1,330	F5 Networks, Inc. †		132,415
	4,350	Fiserv, Inc. †		314,157
	5,000	Gartner, Inc. †		215,250
	3,700	Itron, Inc. †		152,588
	5,960	KLA-Tencor Corp.		293,530
	990	LinkedIn Corp., Class A †		105,207
	11,000	Marvell Technology Group, Ltd.		124,080
	46,400	Nokia OYJ ADR		96,048
	5,100	Rackspace Hosting, Inc. †		224,094
	5,100	Red Hat, Inc. †		288,048
	5,500	SanDisk Corp. †		200,640
	6,200	Silicon Laboratories, Inc. †		234,980
	4,000	Solera Holdings, Inc.		167,160
	8,600	Synopsys, Inc. †		253,098
	30,800	Taiwan Semiconductor Manufacturing Co., Ltd.		429,968
	4,200	VeriFone Systems, Inc. †		138,978
	7,000	VeriSign, Inc. †		304,990
	1,900	VMware, Inc., Class A †		172,976
	4,450	Western Digital Corp. †		135,636
	10,500	Western Union Co. (The)		176,820
	5,200	Zebra Technologies Corp., Class A †		178,672
				6,499,605
Materials — (1.1)%
	7,000	Allied Nevada Gold Corp. †		198,660
	9,710	Dow Chemical Co. (The)		305,865
	2,900	Martin Marietta Materials, Inc.		228,578

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Securities Sold Short - (Continued)

June 30, 2012
(Unaudited)

	Shares			Value
Materials (continued)
	5,110	Nucor Corp.	$	193,669
	7,350	Owens-Illinois, Inc. †		140,900
	2,200	Praxair, Inc.		239,206
	2,500	Royal Gold, Inc.		196,000
	6,000	Silgan Holdings, Inc.		256,140
	5,800	Sonoco Products Co.		174,870
				1,933,888
Telecommunication Services — (0.4)%
	10,900	America Movil SAB de CV, Ser L		284,054
	5,000	Level 3 Communications, Inc. †		110,750
	12,000	NII Holdings, Inc. †		122,760
	21,580	Windstream Corp.		208,463
				726,027
Utilities — (1.0)%
	3,600	AGL Resources, Inc.		139,500
	9,500	Aqua America, Inc.		237,120
	7,680	Calpine Corp. †		126,797
	2,470	Consolidated Edison, Inc.		153,609
	3,000	ITC Holdings Corp.		206,730
	9,600	MDU Resources Group, Inc.		207,456
	7,140	National Fuel Gas Co.		335,437
	4,490	Public Service Enterprise Group, Inc.		145,925
	6,500	UGI Corp.		191,295
				1,743,869

Securities Sold Short (Proceeds $34,657,855)			$	36,118,663

Percentages are based on Net Assets of $172,007,826.

†	Non-income producing security.

‡	Real Estate Investment Trust.

ADR — American Depositary Receipt

PLC — Public Limited Company

As of June 30, 2012, all of the Fund’s securities sold short were considered Level 1. For the six months ended June 30, 2012, there were no Level 3 securities. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurement.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Statements of Assets and Liabilities

June 30, 2012 (Unaudited)

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO			SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEXSM FUND			WILSHIRE LARGE CAP CORE PLUS FUND
ASSETS:
Investments in securities, at value (Note 2)	$	203,891,644		$	49,115,563		$	10,272,770		$	8,754,356		$	173,981,512		$	237,418,229
Cash		—			—			—			—			20,225			—
Receivable for investment securities sold		76,691			1,717,184			7,350			50,955			3,525			2,033,757
Dividends and interest receivable		131,578			55,547			3,070			14,342			207,071			227,406
Receivable for Portfolio shares sold		60,566			27,678			704			6,231			35,538			—
Dividend reclaim receivable		67			3,265			—			—			—			2,846
Receivable from Adviser (Note 3)		—			—			6,570			5,251			—			9,564
Prepaid expenses and other assets		26,532			18,715			14,338			15,188			39,761			22,139
Total Assets		204,187,078			50,937,952			10,304,802			8,846,323			174,287,632			239,713,941

LIABILITIES:
Securities sold short, at value		—			—			—			—			—			36,118,663
Payable upon return on securities loaned		19,341,806			8,530,515			3,313,647			167,940			15,426,164			28,983,211
Payable for investment securities purchased		560,572			1,869,529			9,734			7,731			—			2,115,418
Payable for Portfolio shares redeemed		224,352			160,937			4,020			20,636			83,179			—
Investment advisory fees payable (Note 3)		228,311			49,108			9,429			11,860			25,983			281,286
Distribution fees payable (Note 4)		19,182			7,041			1,528			1,422			21,903			11,386
Shareholder Service fees payable (Note 4)		35,009			—			—			—			30,106			2,247
Administration fees payable		10,341			2,235			379			475			8,846			9,593
Directors’ fees payable		2,872			519			110			137			2,458			2,879
Chief compliance officer expenses payable		1,446			272			57			72			1,257			1,429
Dividends payable on securities sold short		—			—			—			—			—			37,877
Cash overdraft		—			—			—			4,295			—			1,050
Accrued expenses and other payables		121,162			28,793			13,197			12,211			106,481			141,076
Total Liabilities		20,545,053			10,648,949			3,352,101			226,779			15,706,377			67,706,115
NET ASSETS	$	183,642,025		$	40,289,003		$	6,952,701		$	8,619,544		$	158,581,255		$	172,007,826

NET ASSETS consist of:
Paid-in capital	$	148,966,300		$	51,279,604		$	6,847,293		$	10,159,110		$	141,540,031		$	146,530,654
Undistributed net investment income/ (accumulated net investment loss)		(1,141	)		192,482			(2,488	)		(11,794	)		1,225,458			679,140
Accumulated net realized loss on investments sold and securities sold short		(808,276	)		(14,191,479	)		(798,485	)		(2,398,162	)		(48,264,412	)		(8,725,603	)
Net unrealized appreciation of investments and securities sold short		35,485,142			3,008,396			906,381			870,390			64,080,178			33,523,635

NET ASSETS	$	183,642,025		$	40,289,003		$	6,952,701		$	8,619,544		$	158,581,255		$	172,007,826
Investments in securities, at cost (Note 2)	$	168,406,502		$	46,107,167		$	9,366,389		$	7,883,966		$	109,901,334		$	202,433,786
Securities on Loan		19,472,854			8,532,982			3,357,803			166,068			15,504,917			28,999,073
Securities sold short, proceeds receivable		—			—			—			—			—			34,657,855

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Statements of Assets and Liabilities - (Continued)

June 30, 2012 (Unaudited)

	LARGE COMPANY GROWTH PORTFOLIO		LARGE COMPANY VALUE PORTFOLIO		SMALL COMPANY GROWTH PORTFOLIO		SMALL COMPANY VALUE PORTFOLIO		WILSHIRE 5000 INDEXSM FUND		WILSHIRE LARGE CAP CORE PLUS FUND
NET ASSETS:
Investment Class shares	$	103,553,210	$	39,437,882	$	6,928,687	$	8,566,358	$	104,851,458	$	78,142,181
(50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)†
Institutional Class shares	$	80,088,815	$	851,121	$	24,014	$	53,186	$	52,538,897	$	93,865,645
(50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)†
Qualified Class shares		N/A		N/A		N/A		N/A	$	120		N/A
(50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)
Horace Mann Class shares		N/A		N/A		N/A		N/A	$	1,190,780		N/A
(50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)

SHARES OUTSTANDING:
Investment Class shares		2,982,911		2,652,974		407,459		532,874		8,815,479		9,536,490
Institutional Class shares		2,225,833		57,127		1,351		3,273		4,416,310		11,383,487
Qualified Class shares		N/A		N/A		N/A		N/A		10		N/A
Horace Mann Class shares		N/A		N/A		N/A		N/A		100,298		N/A

INVESTMENT CLASS SHARES:
Net asset value, offering and redemption price per share	$	34.72	$	14.87	$	17.00	$	16.08	$	11.89	$	8.19

INSTITUTIONAL CLASS SHARES:
Net asset value, offering and redemption price per share	$	35.98	$	14.90	$	17.78	$	16.25	$	11.90	$	8.25

QUALIFIED CLASS SHARES:
Net asset value, offering and redemption price per share		N/A		N/A		N/A		N/A	$	12.09		N/A

HORACE MANN CLASS SHARES:
Net asset value, offering and redemption price per share		N/A		N/A		N/A		N/A	$	11.87		N/A

†	For the Wilshire Large Cap Core Plus Fund, (40,000,000 shares authorized, per class, par value $.001 per share).

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Statements of Operations

For the Six Months Ended June 30, 2012 (Unaudited)

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO			SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEXSM FUND			WILSHIRE LARGE CAP CORE PLUS FUND
INVESTMENT INCOME:
Dividends	$	1,130,250		$	432,889		$	49,656		$	85,002		$	1,631,461		$	2,390,934
Interest		137			36			2			1			26			28
Income from Security Lending		32,971			2,297			2,803			1,823			37,272			87,506
Foreign taxes withheld		(1,186	)		—			(38	)		(31	)		(67	)		(13,000	)
Total income		1,162,172			435,222			52,423			86,795			1,668,692			2,465,468

EXPENSES:
Investment advisory fee (Note 3)		688,372			137,229			29,603			37,440			79,219			880,250
Distribution (12b-1) fees (Note 4)
Investment Class		128,820			44,694			7,294			10,938			124,129			99,816
Horace Mann Class		N/A			N/A			N/A			N/A			1,349			N/A
Shareholder Service fees
Investment Class		64,703			4,623			4,543			3,564			40,914			15,693
Institutional Class		2,208			305			12			44			22,481			79
Administration and accounting fees (Note 3)		64,248			12,808			2,438			3,083			55,453			61,618
Directors' fees and expenses (Note 3)		18,254			3,434			713			904			15,882			18,044
Chief compliance officer expenses		1,531			2,082			21			25			462			520
Transfer agent fees (Note 3)		71,413			5,681			2,592			2,888			39,364			20,920
Professional fees		48,696			9,255			1,890			2,382			42,265			47,870
Printing fees		18,421			3,395			716			1,100			15,569			18,544
Registration and filing fees		14,527			11,704			12,962			11,316			27,168			19,159
Custodian fees (Note 3)		26,895			7,784			3,746			4,005			21,367			36,988
Dividend expense on securities sold short		—			—			—			—			—			350,754
Interest expense		—			—			—			—			—			245,962
Other		16,756			3,115			4,121			4,219			31,186			20,508
Total expenses		1,164,844			246,109			70,651			81,908			516,808			1,836,725
Fees waived by investment Adviser (Note 3)		—			—			(19,821	)		(15,892	)		—			(39,871	)
Fees paid indirectly (Note 4)		(1,531	)		(3,374	)		(422	)		(361	)		(111	)		(10,528	)
Net expenses		1,163,313			242,735			50,408			65,655			516,697			1,786,326
Net investment income/(loss)		(1,141	)		192,487			2,015			21,140			1,151,995			679,142

NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND SECURITIES SOLD SHORT (NOTES 1 and 7):
Net realized gain/(loss) from:
Investments		9,448,584			940,458			98,431			208,124			2,640,201			4,949,823
Securities sold short		—			—			—			—			—			(1,301,368	)
Net change in unrealized appreciation/ (depreciation) on:
Investments		7,605,599			1,139,606			383,104			388,906			9,427,580			9,892,231
Securities sold short		—			—			—			—			—			(952,631	)
Net realized and unrealized gain on investments and securities sold short		17,054,183			2,080,064			481,535			597,030			12,067,781			12,588,055
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	17,053,042		$	2,272,551		$	483,550		$	618,170		$	13,219,776		$	13,267,197

Amounts designated as “—” are either $0, or have been rounded to $0.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets

For the Six Months Ended June 30, 2012 (Unaudited)

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO			SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEXSM FUND			WILSHIRE LARGE CAP CORE PLUS FUND
OPERATIONS:
Net investment income/(loss)	$	(1,141	)	$	192,487		$	2,015		$	21,140		$	1,151,995		$	679,142
Net realized gain on investments and securities sold short		9,448,584			940,458			98,431			208,124			2,640,201			3,648,455
Net change in unrealized appreciation on investments and securities sold short		7,605,599			1,139,606			383,104			388,906			9,427,580			8,939,600
Net increase in net assets resulting from operations		17,053,042			2,272,551			483,550			618,170			13,219,776			13,267,197

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income:
Investment Class shares		—			—			—			—			—			—
Institutional Class shares		—			—			—			—			—			—
Qualified Class shares		N/A			N/A			N/A			N/A			—			N/A
Horace Mann Class shares		N/A			N/A			N/A			N/A			—			N/A
Net Realized Capital Gains
Investment Class shares		—			—			—			—			—			—
Institutional Class shares		—			—			—			—			—			—
Total Distributions to Shareholders		—			—			—			—			—			—

CAPITAL STOCK TRANSACTIONS (DOLLARS):
Investment Class shares:
Shares sold		7,272,860			8,726,437			332,640			603,251			5,432,620			11,054
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Shares redeemed		(8,010,596	)		(2,470,378	)		(699,868	)		(1,445,022	)		(8,783,252	)		(7,881,557	)
Net increase/(decrease) in net assets from Investment Class share transactions		(737,736	)		6,256,059			(367,228	)		(841,771	)		(3,350,632	)		(7,870,503	)
Institutional Class shares:
Shares sold		5,816,483			65,794			10,181			9,101			2,144,383			876,610
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Shares redeemed		(7,563,106	)		(46,613	)		(1	)		(42,537	)		(4,322,699	)		(7,400,825	)
Net increase/(decrease) in net assets from Institutional Class share transactions		(1,746,623	)		19,181			10,180			(33,436	)		(2,178,316	)		(6,524,215	)
Qualified Class shares:
Shares sold		N/A			N/A			N/A			N/A			—			N/A
Shares issued as reinvestment of distributions		N/A			N/A			N/A			N/A			—			N/A
Shares redeemed		N/A			N/A			N/A			N/A			—			N/A
Net decrease in net assets from Qualified Class share transactions		N/A			N/A			N/A			N/A			—			N/A
Horace Mann Class shares:
Shares sold		N/A			N/A			N/A			N/A			19,650			N/A
Shares issued as reinvestment of distributions		N/A			N/A			N/A			N/A			—			N/A
Shares redeemed		N/A			N/A			N/A			N/A			(34,286	)		N/A
Net decrease in net assets from Horace Mann Class share transactions		N/A			N/A			N/A			N/A			(14,636	)		N/A
Net increase/(decrease) in net assets from capital stock transactions		(2,484,359	)		6,275,240			(357,048	)		(875,207	)		(5,543,584	)		(14,394,718	)
Net increase/(decrease) in net assets		14,568,683			8,547,791			126,502			(257,037	)		7,676,192			(1,127,521	)

Amounts designated as “—” are either $0, or have been rounded to $0.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets - (Continued)

For the Six Months Ended June 30, 2012 (Unaudited)

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO			SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEXSM FUND			WILSHIRE LARGE CAP CORE PLUS FUND
NET ASSETS:
Beginning of period	$	169,073,342		$	31,741,212		$	6,826,199		$	8,876,581		$	150,905,063		$	173,135,347
End of period	$	183,642,025		$	40,289,003		$	6,952,701		$	8,619,544		$	158,581,255		$	172,007,826
Undistributed net investment income/ (accumulated net investment loss) at end of period	$	(1,141	)	$	192,482		$	(2,488	)	$	(11,794	)	$	1,225,458		$	679,140

CAPITAL SHARE TRANSACTIONS:
Investment Class shares:
Shares sold		205,481			578,186			19,596			37,460			461,622			1,332
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Shares redeemed		(230,405	)		(165,833	)		(40,820	)		(89,187	)		(750,637	)		(953,600	)
Net increase/(decrease) in Investment Class shares outstanding		(24,924	)		412,353			(21,124	)		(51,727	)		(289,015	)		(952,268	)

Institutional Class shares:
Shares sold		162,194			4,340			562			548			181,312			105,904
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Shares redeemed		(210,240	)		(3,093	)		—			(2,658	)		(365,373	)		(870,247	)
Net increase/(decrease) in Institutional Class shares outstanding		(48,046	)		1,247			562			(2,110	)		(184,061	)		(764,343	)

Qualified Class shares:
Shares sold		N/A			N/A			N/A			N/A			—			N/A
Shares issued as reinvestment of distributions		N/A			N/A			N/A			N/A			—			N/A
Shares redeemed		N/A			N/A			N/A			N/A			—			N/A
Net decrease in Qualified Class shares outstanding		N/A			N/A			N/A			N/A			—			N/A

Horace Mann Class shares:
Shares sold		N/A			N/A			N/A			N/A			1,676			N/A
Shares issued as reinvestment of distributions		N/A			N/A			N/A			N/A			—			N/A
Shares redeemed		N/A			N/A			N/A			N/A			(2,907	)		N/A
Net decrease in Horace Mann Class shares outstanding		N/A			N/A			N/A			N/A			(1,231	)		N/A

Amounts designated as “—” are either $0, or have been rounded to $0.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets

For the Year Ended December 31, 2011

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO			SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEXSM FUND			WILSHIRE LARGE CAP CORE PLUS FUND
OPERATIONS:
Net investment income/(loss)	$	(210,394	)	$	266,177		$	(63,919	)	$	(1,008	)	$	2,071,889		$	370,987
Net realized gain on investments and securities sold short		19,056,395			2,558,053			1,625,193			1,630,319			4,689,955			4,373,844
Net change in unrealized depreciation on investments and securities sold short		(20,776,717	)		(3,902,707	)		(1,548,423	)		(2,313,120	)		(6,547,746	)		(8,274,855	)
Net increase/(decrease) in net assets resulting from operations		(1,930,716	)		(1,078,477	)		12,851			(683,809	)		214,098			(3,530,024	)

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income:
Investment Class shares		—			(256,861	)		—			(39,491	)		(1,299,378	)		(619,283	)
Institutional Class shares		—			(9,947	)		—			(922	)		(764,700	)		(994,442	)
Qualified Class shares		N/A			N/A			N/A			N/A			—			N/A
Horace Mann Class shares		N/A			N/A			N/A			N/A			(13,865	)		N/A
Net Realized Capital Gains
Investment Class shares		—			—			—			—			—			(2,109,433	)
Institutional Class shares		—			—			—			—			—			(2,435,339	)
Total Distributions to Shareholders		—			(266,808	)		—			(40,413	)		(2,077,943	)		(6,158,497	)

CAPITAL STOCK TRANSACTIONS (DOLLARS):
Investment Class shares:
Shares sold		4,042,266			1,719,606			790,076			1,454,740			19,394,996			35,639
Shares issued as reinvestment of distributions		—			255,796			—			39,014			1,267,385			2,721,826
Shares redeemed		(19,884,541	)		(3,578,375	)		(1,495,115	)		(5,735,611	)		(24,678,838	)		(9,997,018	)
Net decrease in net assets from Investment Class share transactions		(15,842,275	)		(1,602,973	)		(705,039	)		(4,241,857	)		(4,016,457	)		(7,239,553	)
Institutional Class shares:
Shares sold		9,873,214			13,915			4,074			35			6,781,426			3,205,807
Shares issued as reinvestment of distributions		—			8,942			—			888			760,788			3,429,780
Shares redeemed		(16,937,860	)		(325,176	)		(185,985	)		(68,015	)		(10,288,790	)		(11,738,689	)
Net decrease in net assets from Institutional Class share transactions		(7,064,646	)		(302,319	)		(181,911	)		(67,092	)		(2,746,576	)		(5,103,102	)
Qualified Class shares:
Shares sold		N/A			N/A			N/A			N/A			43,978			N/A
Shares issued as reinvestment of distributions		N/A			N/A			N/A			N/A			—			N/A
Shares redeemed		N/A			N/A			N/A			N/A			(778,666	)		N/A
Net decrease in net assets from Qualified Class share transactions		N/A			N/A			N/A			N/A			(734,688	)		N/A
Horace Mann Class shares:
Shares sold		N/A			N/A			N/A			N/A			42,075			N/A
Shares issued as reinvestment of distributions		N/A			N/A			N/A			N/A			13,865			N/A
Shares redeemed		N/A			N/A			N/A			N/A			(141,090	)		N/A
Net decrease in net assets from Horace Mann Class share transactions		N/A			N/A			N/A			N/A			(85,150	)		N/A
Net decrease in net assets from capital stock transactions		(22,906,921	)		(1,905,292	)		(886,950	)		(4,308,949	)		(7,582,871	)		(12,342,655	)
Net decrease in net assets		(24,837,637	)		(3,250,577	)		(874,099	)		(5,033,171	)		(9,446,716	)		(22,031,176	)

Amounts designated as “—” are either $0, or have been rounded to $0.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets - (Continued)

For the Year Ended December 31, 2011

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO			SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEXSM FUND			WILSHIRE LARGE CAP CORE PLUS FUND
NET ASSETS:
Beginning of year	$	193,910,979		$	34,991,789		$	7,700,298		$	13,909,752		$	160,351,779		$	195,166,523
End of year	$	169,073,342		$	31,741,212		$	6,826,199		$	8,876,581		$	150,905,063		$	173,135,347
Undistributed net investment income/(accumulated net investment loss)/(distributions in excess of net investment income) at end of year	$	—		$	(5	)	$	(4,503	)	$	(32,934	)	$	73,463		$	(2	)

CAPITAL SHARE TRANSACTIONS:
Investment Class shares:
Shares sold		124,807			121,345			45,137			91,474			1,711,879			4,334
Shares issued as reinvestment of distributions		—			18,416			—			2,574			115,427			364,597
Shares redeemed		(613,507	)		(249,337	)		(88,106	)		(350,974	)		(2,229,867	)		(1,201,381	)
Net decrease in Investment Class shares outstanding		(488,700	)		(109,576	)		(42,969	)		(256,926	)		(402,561	)		(832,450	)

Institutional Class shares:
Shares sold		296,601			922			225			2			605,494			397,872
Shares issued as reinvestment of distributions		—			643			—			58			69,351			455,164
Shares redeemed		(508,434	)		(22,201	)		(10,204	)		(4,111	)		(913,997	)		(1,427,164	)
Net decrease in Institutional Class shares outstanding		(211,833	)		(20,636	)		(9,979	)		(4,051	)		(239,152	)		(574,128	)

Qualified Class shares:
Shares sold		N/A			N/A			N/A			N/A			3,756			N/A
Shares issued as reinvestment of distributions		N/A			N/A			N/A			N/A			—			N/A
Shares redeemed		N/A			N/A			N/A			N/A			(68,517	)		N/A
Net decrease in Qualified Class shares outstanding		N/A			N/A			N/A			N/A			(64,761	)		N/A

Horace Mann Class shares:
Shares sold		N/A			N/A			N/A			N/A			3,772			N/A
Shares issued as reinvestment of distributions		N/A			N/A			N/A			N/A			1,266			N/A
Shares redeemed		N/A			N/A			N/A			N/A			(12,753	)		N/A
Net decrease in Horace Mann Class shares outstanding		N/A			N/A			N/A			N/A			(7,716	)		N/A

Amounts designated as “—” are either $0, or have been rounded to $0.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Statement of Cash Flows

For the Six Months Ended June 30, 2012 (Unaudited)

	WILSHIRE LARGE CAP CORE PLUS FUND
INCREASE (DECREASE) IN CASH
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase in net assets from operations	$	13,267,197
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchases of investment securities		(117,833,077	)
Proceeds from disposition of investment securities		103,129,051
Purchases to cover securities sold short		(33,064,044	)
Proceeds from securities sold short		32,276,672
Net realized (gain)/loss from:
Investments		(4,949,823	)
Securities sold short		1,301,368
Net change in unrealized (appreciation)/depreciation on:
Investments		(9,892,231	)
Securities sold short		952,631
Decrease in dividends and interest receivable		49,283
Decrease in receivable from Adviser		27,188
Increase in prepaid expenses and other assets		(3,499	)
Increase in dividend reclaim receivable		(2,611	)
Increase in payable upon return on securities loaned		28,983,211
Increase in investment advisory fees payable		136,038
Decrease in distribution fees payable		(5,954	)
Decrease in shareholder service fees payable		(1,288	)
Decrease in administration fees payable		(574	)
Increase in Directors’ fees payable		301
Decrease in dividends payable on securities sold short		(6,732	)
Increase in chief compliance officer expenses payable		520
Increase accrued expenses and other payables		26,621
Net cash provided by operating activities		14,390,248

Cash Flows From Financing Activities:
Proceeds from shares sold		900,615
Payments on shares redeemed		(15,292,230	)
Distributions to shareholders*		—
Net cash flows used in financing activities		(14,391,615	)
Net decrease in cash		(1,367	)

Cash at beginning of period		317
Cash overdraft at end of period	$	(1,050	)

*	Non-cash operating activities not included herein interest paid of $350,754.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Six Months Ended 06/30/2012 (Unaudited)			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008			Year Ended 12/31/2007
Net asset value, beginning of period	$	31.54		$	32.00		$	26.88		$	20.12		$	35.34		$	36.20

Income/(loss) from investment operations:
Net investment income/(loss)1		(0.03	)		(0.09	)		0.01			0.00			(0.09	)		(0.13	)
Net realized and unrealized gain/(loss) on investments		3.21			(0.37	)		5.12			6.76			(14.73	)		6.18
Total from investment operations		3.18			(0.46	)		5.13			6.76			(14.82	)		6.05

Less distributions:
From net investment income		0.00			0.00			(0.01	)		0.00			0.00			0.00
Return of capital		0.00			0.00			(0.00	)2		0.00			0.00			0.00
From capital gains		0.00			0.00			0.00			0.00			(0.40	)		(6.91	)
Total distributions		0.00			0.00			(0.01	)		0.00			(0.40	)		(6.91	)

Net asset value, end of period	$	34.72		$	31.54		$	32.00		$	26.88		$	20.12		$	35.34

Total return		10.08	%3		(1.44	)%		19.10	%		33.60	%		(41.88	)%		16.33	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	103,553		$	94,872		$	111,904		$	116,799		$	118,683		$	312,297
Operating expenses including reimbursement/fees paid indirectly		1.43	%4		1.41	%		1.42	%		1.43	%		1.43	%		1.41	%
Operating expenses excluding reimbursement/fees paid indirectly		1.43	%4		1.41	%		1.42	%		1.43	%		1.43	%		1.41	%
Net investment income/(loss)		(0.16	)%4		(0.27	)%		0.04	%		(0.02	)%		(0.31	)%		(0.32	)%
Portfolio turnover rate		38	%3		104	%		167	%		84	%		178	%		129	%

1	The selected per share data was calculated using the average shares outstanding method for the period.

2	Amount is less than $0.01 per share.

3	Not Annualized

4	Annualized

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Six Months Ended 06/30/2012 (Unaudited)		��	Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008			Year Ended 12/31/2007
Net asset value, beginning of period	$	32.63		$	32.99		$	27.70		$	20.72		$	36.25		$	36.84

Income/(loss) from investment operations:
Net investment income1		0.04			0.03			0.12			0.08			0.02			0.03
Net realized and unrealized gain/(loss) on investments		3.31			(0.39	)		5.30			6.98			(15.15	)		6.29
Total from investment operations		3.35			(0.36	)		5.42			7.06			(15.13	)		6.32

Less distributions:
From net investment income		0.00			0.00			(0.13	)		(0.08	)		0.00			0.00
Return of capital		0.00			0.00			(0.00	)2		0.00			0.00			0.00
From capital gains		0.00			0.00			0.00			0.00			(0.40	)		(6.91	)
Total distributions		0.00			0.00			(0.13	)		(0.08	)		(0.40	)		(6.91	)

Net asset value, end of period	$	35.98		$	32.63		$	32.99		$	27.70		$	20.72		$	36.25

Total return		10.27	%3		(1.09	)%		19.55	%		34.07	%		(41.70	)%		16.80	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	80,089		$	74,201		$	82,007		$	89,049		$	81,680		$	169,017
Operating expenses including reimbursement/fees paid indirectly		1.06	%4		1.05	%		1.05	%		1.09	%		1.06	%		1.02	%
Operating expenses excluding reimbursement/fees paid indirectly		1.06	%4		1.05	%		1.05	%		1.09	%		1.06	%		1.02	%
Net investment income		0.21	%4		0.09	%		0.40	%		0.33	%		0.07	%		0.08	%
Portfolio turnover rate		38	%3		104	%		167	%		84	%		178	%		129	%

1	The selected per share data was calculated using the average shares outstanding method for the period.

2	Amount is less than $0.01 per share.

3	Not Annualized

4	Annualized

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Six Months Ended 06/30/2012 (Unaudited)			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008			Year Ended 12/31/2007
Net asset value, beginning of period	$	13.82		$	14.42		$	12.78		$	10.02		$	17.51		$	22.99

Income/(loss) from investment operations:
Net investment income1		0.08			0.11			0.07			0.08			0.17			0.20
Net realized and unrealized gain/(loss) on investments		0.97			(0.59	)		1.64			2.77			(7.45	)		(0.58	)
Total from investment operations		1.05			(0.48	)		1.71			2.85			(7.28	)		(0.38	)

Less distributions:
From net investment income		0.00			(0.12	)		(0.07	)		(0.09	)		(0.21	)		(0.23	)
Return of capital		0.00			0.00			(0.00	)2		0.00			0.00			(0.00	)2
From capital gains		0.00			0.00			0.00			0.00			0.00	2		(4.87	)
Total distributions		0.00			(0.12	)		(0.07	)		(0.09	)		(0.21	)		(5.10	)

Net asset value, end of period	$	14.87		$	13.82		$	14.42		$	12.78		$	10.02		$	17.51

Total return		7.60	%3		(3.36	)%		13.40	%		28.48	%		(41.55	)%		(2.00	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	39,438		$	30,968		$	33,887		$	30,677		$	24,791		$	57,314
Operating expenses including reimbursement/fees paid indirectly		1.33	%4		1.39	%		1.39	%		1.48	%		1.49	%		1.42	%
Operating expenses excluding reimbursement/fees paid indirectly		1.35	%4		1.39	%		1.39	%		1.48	%		1.49	%		1.42	%
Net investment income/(loss)		1.24	%4		0.77	%		0.54	%		0.75	%		1.22	%		0.85	%
Portfolio turnover rate		50	%3		140	%		140	%		188	%		183	%		120	%

1	The selected per share data was calculated using the average shares outstanding method for the period.

2	Amount is less than $0.01 per share.

3	Not Annualized

4	Annualized

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Six Months Ended 06/30/2012 (Unaudited)			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008			Year Ended 12/31/2007
Net asset value, beginning of period	$	13.84		$	14.44		$	12.79		$	10.01		$	17.49		$	23.04

Income/(loss) from investment operations:
Net investment income1		0.09			0.16			0.08			0.10			0.20			0.27
Net realized and unrealized gain/(loss) on investments		0.97			(0.58	)		1.66			2.76			(7.45	)		(0.64	)
Total from investment operations		1.06			(0.42	)		1.74			2.86			(7.25	)		(0.37	)

Less distributions:
From net investment income		0.00			(0.18	)		(0.09	)		(0.08	)		(0.23	)		(0.31	)
Return of capital		0.00			0.00			(0.00	)2		0.00			0.00			(0.00	)2
From capital gains		0.00			0.00			0.00			0.00			0.00	2		(4.87	)
Total distributions		0.00			(0.18	)		(0.09	)		(0.08	)		(0.23	)		(5.18	)

Net asset value, end of period	$	14.90		$	13.84		$	14.44		$	12.79		$	10.01		$	17.49

Total return		7.66	%3		(2.95	)%		13.57	%		28.60	%		(41.41	)%		(1.92	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	851		$	773		$	1,105		$	1,461		$	4,736		$	8,469
Operating expenses including reimbursement/fees paid indirectly		1.13	%4		1.00	%		1.27	%		1.36	%		1.30	%		1.12	%
Operating expenses excluding reimbursement/fees paid indirectly		1.15	%4		1.16	%		1.27	%		1.36	%		1.30	%		1.12	%
Net investment income		1.24	%4		1.13	%		0.65	%		0.97	%		1.34	%		1.15	%
Portfolio turnover rate		50	%		140	%		140	%		188	%		183	%		120	%

1	The selected per share data was calculated using the average shares outstanding method for the period.

2	Amount is less than $0.01 per share.

3	Not Annualized

4	Annualized

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Six Months Ended 06/30/2012 (Unaudited)			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008			Year Ended 12/31/2007
Net asset value, beginning of period	$	15.90		$	15.95		$	12.64		$	9.70		$	16.94		$	17.46

Income/(loss) from investment operations:
Net investment loss1		0.00	5		(0.14	)		(0.05	)		(0.08	)		(0.10	)		(0.09	)
Net realized and unrealized gain/(loss) on investments		1.10			0.09	2		3.36			3.02			(6.56	)		1.60
Total from investment operations		1.10			(0.05	)		3.31			2.94			(6.66	)		1.51

Less distributions:
From capital gains		0.00			0.00			0.00			0.00			(0.58	)		(2.03	)
Total distributions		0.00			0.00			0.00			0.00			(0.58	)		(2.03	)

Net asset value, end of period	$	17.00		$	15.90		$	15.95		$	12.64		$	9.70		$	16.94

Total return		6.92	%3		(0.31	)%		26.19	%		30.31	%		(39.13	)%		8.36	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	6,929		$	6,813		$	7,521		$	6,513		$	5,273		$	18,702
Operating expenses including reimbursement/waiver and fees paid indirectly		1.44	%4		1.50	%		1.45	%		1.50	%		1.47	%		1.46	%
Operating expenses excluding reimbursement/waiver and fees paid indirectly6		2.03	%4		2.02	%		2.18	%		2.41	%		2.07	%		2.06	%
Net investment loss		0.06	%4		(0.85	)%		(0.41	)%		(0.74	)%		(0.66	)%		(1.09	)%
Portfolio turnover rate		47	%3		177	%		83	%		98	%		87	%		99	%

1	The selected per share data was calculated using the average shares outstanding method for the period.

2	The amount shown for a share outstanding throughout the year ended December 31, 2011, does not accord with the aggregate net gains on investments for the year because of the sales and repurchases of Portfolio shares in relation to fluctuating market value of the investments of the Portfolio.

3	Not Annualized

4	Annualized

5	Amount is less than $0.01 per share.

6	The ratio of operating expenses excluding reimbursement/waiver for the six months ended June 30, 2012 excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 2.02%.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Six Months Ended 06/30/2012 (Unaudited)			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008			Year Ended 12/31/2007
Net asset value, beginning of period	$	16.60		$	16.61		$	13.12		$	10.03		$	17.50		$	17.93

Income/(loss) from investment operations:
Net investment loss1		0.03			(0.12	)		(0.01	)		(0.04	)		(0.06	)		(0.06	)
Net realized and unrealized gain/(loss) on investments		1.15			0.11	2		3.50			3.13			(6.83	)		1.66
Total from investment operations		1.18			(0.01	)		3.49			3.09			(6.89	)		1.60

Less distributions:
From capital gains		0.00			0.00			0.00			0.00			(0.58	)		(2.03	)
Total distributions		0.00			0.00			0.00			0.00			(0.58	)		(2.03	)

Net asset value, end of period	$	17.78		$	16.60		$	16.61		$	13.12		$	10.03		$	17.50

Total return		7.11	%3		(0.06	)%		26.60	%		30.81	%		(39.17	)%		8.58	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	24		$	13		$	179		$	135		$	154		$	298
Operating expenses including reimbursement/waiver and fees paid indirectly		1.23	%4		1.23	%		1.15	%		1.18	%		1.24	%		1.21	%
Operating expenses excluding reimbursement/waiver and fees paid indirectly5		1.82	%4		1.69	%		1.87	%		2.09	%		1.78	%		1.81	%
Net investment income/(loss)		0.33	%4		(0.68	)%		(0.09	)%		(0.43	)%		(0.39	)%		(0.92	)%
Portfolio turnover rate		47	%3		177	%		83	%		98	%		87	%		99	%

1	The selected per share data was calculated using the average shares outstanding method for the period.

2	The amount shown for a share outstanding throughout the year ended December 31, 2011, does not accord with the aggregate net gains on investments for the year because of the sales and repurchases of Portfolio shares in relation to fluctuating market value of the investments of the Portfolio.

3	Not Annualized

4	Annualized

5	The ratio of operating expenses excluding reimbursement/waiver for the six months ended June 30, 2012, excludes the effect of fees paid indirectly. If this expense offset was included the ratio would have been 1.81%.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Six Months Ended 06/30/2012 (Unaudited)			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008			Year Ended 12/31/2007
Net asset value, beginning of period	$	15.04		$	16.34		$	13.32		$	10.93		$	16.49		$	18.77

Income/(loss) from investment operations:
Net investment income1		0.04			0.00			0.12			0.05			0.09			0.10
Net realized and unrealized gain/(loss) on investments		1.00			(1.23	)		3.02			2.44			(5.51	)		(0.70	)
Total from investment operations		1.04			(1.23	)		3.14			2.49			(5.42	)		(0.60	)

Less distributions:
From net investment income		0.00			(0.07	)		(0.12	)		(0.10	)		(0.14	)		(0.11	)
From capital gains		0.00			0.00			0.00			0.00			0.00	2		(1.57	)
Total distributions		0.00			(0.07	)		(0.12	)		(0.10	)		(0.14	)		(1.68	)

Net asset value, end of period	$	16.08		$	15.04		$	16.34		$	13.32		$	10.93		$	16.49

Total return		6.91	%3		(7.54	)%		23.60	%		22.81	%		(32.81	)%		(3.45	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	8,566		$	8,795		$	13,754		$	9,511		$	8,211		$	21,630
Operating expenses including reimbursement/waiver and fees paid indirectly		1.49	%4		1.50	%		1.50	%		1.50	%		1.34	%		1.19	%
Operating expenses excluding reimbursement/waiver and fees paid indirectly5		1.86	%4		1.90	%		1.87	%		2.01	%		1.94	%		1.79	%
Net investment income/(loss)		0.48	%4		(0.02	)%		0.82	%		0.49	%		0.62	%		(0.05	)%
Portfolio turnover rate		33	%3		118	%		89	%		61	%		83	%		68	%

1	The selected per share data was calculated using the average shares outstanding method for the period.

2	Amount is less than $0.01 per share

3	Not Annualized

4	Annualized

5	The ratio of operating expenses excluding reimbursement/waiver for the six months ended June 30, 2012, excludes the effect of fees paid indirectly. If this expense offset was included the ratio would have been 1.85%.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Six Months Ended 06/30/2012 (Unaudited)			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008			Year Ended 12/31/2007
Net asset value, beginning of period	$	15.19		$	16.51		$	13.45		$	11.02		$	16.61		$	18.90

Income/(loss) from investment operations:
Net investment income1		0.05			0.09			0.14			0.07			0.12			0.17
Net realized and unrealized gain/(loss) on investments		1.01			(1.24	)		3.06			2.48			(5.51	)		(0.72	)
Total from investment operations		1.06			(1.15	)		3.20			2.55			(5.39	)		(0.55	)

Less distributions:
From net investment income		0.00			(0.17	)		(0.14	)		(0.12	)		(0.20	)		(0.17	)
From capital gains		0.00			0.00			0.00			0.00			0.00	2		(1.57	)
Total distributions		0.00			(0.17	)		(0.14	)		(0.12	)		(0.20	)		(1.74	)

Net asset value, end of period	$	16.25		$	15.19		$	16.51		$	13.45		$	11.02		$	16.61

Total return		6.98	%3		(6.95	)%		23.80	%		23.11	%		(32.37	)%		(3.18	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	53		$	82		$	156		$	170		$	441		$	5,652
Operating expenses including reimbursement/waiver and fees paid indirectly		1.31	%4		0.94	%		1.29	%		1.30	%		1.00	%		0.91	%
Operating expenses excluding reimbursement/waiver and fees paid indirectly5		1.68	%4		1.64	%		1.67	%		1.71	%		1.61	%		1.51	%
Net investment income		0.59	%4		0.53	%		0.96	%		0.65	%		0.82	%		0.30	%
Portfolio turnover rate		33	%3		118	%		89	%		61	%		83	%		68	%

1	The selected per share data was calculated using the average shares outstanding method for the period.

2	Amount is less than $0.01 per share.

3	Not Annualized

4	Annualized

5	The ratio of operating expenses excluding reimbursement/waiver for the six months ended June 30, 2012, excludes the effect of fees paid indirectly. If this expense offset was included the ratio would have been 1.67%.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Six Months Ended 06/30/2012 (Unaudited)			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008			Year Ended 12/31/2007
Net asset value, beginning of period	$	10.93		$	11.05		$	9.61		$	7.67		$	12.42		$	12.02

Income/(loss) from investment operations:
Net investment income1		0.08			0.14			0.13			0.11			0.15			0.15
Net realized and unrealized gain/(loss) on investments		0.88			(0.12	)		1.45			1.96			(4.77	)		0.42
Total from investment operations		0.96			0.02			1.58			2.07			(4.62	)		0.57

Less distributions:
From net investment income		0.00			(0.14	)		(0.14	)		(0.13	)		(0.13	)		(0.17	)
Total distributions		0.00			(0.14	)		(0.14	)		(0.13	)		(0.13	)		(0.17	)

Net asset value, end of period	$	11.89		$	10.93		$	11.05		$	9.61		$	7.67		$	12.42

Total return		8.78	%2		0.21	%		16.44	%		26.98	%		(37.11	)%		4.75	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	104,851		$	99,545		$	105,019		$	109,304		$	98,032		$	143,090
Operating expenses including reimbursement/fees paid indirectly		0.73	%3		0.74	%		0.72	%		0.77	%		0.78	%		0.68	%
Operating expenses excluding reimbursement/fees paid indirectly		0.73	%3		0.74	%		0.72	%		0.77	%		0.78	%		0.68	%
Net investment income		1.38	%3		1.22	%		1.26	%		1.36	%		1.48	%		1.20	%
Portfolio turnover rate		—	%2,4		9	%		2	%		57	%		52	%		60	%

1	The selected per share data was calculated using the average shares outstanding method for the period.

2	Not Annualized

3	Annualized

4	Amounts designated as “—” have been rounded to 0.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm Fund

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Six Months Ended 06/30/2012 (Unaudited)			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008			Year Ended 12/31/2007
Net asset value, beginning of period	$	10.92		$	11.04		$	9.60		$	7.67		$	12.41		$	12.02

Income/(loss) from investment operations:
Net investment income1		0.09			0.16			0.15			0.13			0.17			0.19
Net realized and unrealized gain/(loss) on investments		0.89			(0.11	)		1.45			1.95			(4.76	)		0.41
Total from investment operations		0.98			0.05			1.60			2.08			(4.59	)		0.60

Less distributions:
From net investment income		0.00			(0.17	)		(0.16	)		(0.15	)		(0.15	)		(0.21	)
Total distributions		0.00			(0.17	)		(0.16	)		(0.15	)		(0.15	)		(0.21	)

Net asset value, end of period	$	11.90		$	10.92		$	11.04		$	9.60		$	7.67		$	12.41

Total return		8.97	%2		0.43	%		16.71	%		27.10	%		(36.95	)%		4.97	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	52,539		$	50,252		$	53,415		$	66,764		$	55,088		$	113,721
Operating expenses including reimbursement/fees paid indirectly		0.50	%3		0.53	%		0.50	%		0.54	%		0.59	%		0.39	%
Operating expenses excluding reimbursement/fees paid indirectly		0.50	%3		0.53	%		0.50	%		0.54	%		0.59	%		0.39	%
Net investment income		1.61	%3		1.43	%		1.48	%		1.59	%		1.62	%		1.49	%
Portfolio turnover rate		—	%2,4		9	%		2	%		57	%		52	%		60	%

1	The selected per share data was calculated using the average shares outstanding method for the period.

2	Not Annualized

3	Annualized

4	Amounts designated as “—” have been rounded to 0.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm Fund

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Qualified Class Shares
	Six Months Ended 06/30/2012 (Unaudited)			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008			Year Ended 12/31/2007
Net asset value, beginning of period	$	11.09		$	11.03		$	9.59		$	7.67		$	12.42		$	12.02

Income/(loss) from investment operations:
Net investment income1		0.11			0.14			0.13			0.12			0.15			0.14
Net realized and unrealized gain/(loss) on investments		0.89			(0.08	)		1.46			1.95			(4.76	)		0.42
Total from investment operations		1.00			0.06			1.59			2.07			(4.61	)		0.56

Less distributions:
From net investment income		0.00			0.00			(0.15	)		(0.15	)		(0.14	)		(0.16	)
Total distributions		0.00			0.00			(0.15	)		(0.15	)		(0.14	)		(0.16	)

Net asset value, end of period	$	12.09		$	11.09		$	11.03		$	9.59		$	7.67		$	12.42

Total return		9.02	%3		0.54	%		16.56	%		26.91	%		(37.09	)%		4.63	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	—	2	$	—	2	$	714		$	614		$	431		$	607
Operating expenses including reimbursement/fees paid indirectly		0.00	%4,5		0.65	%		0.66	%		0.61	%		0.84	%		0.79	%
Operating expenses excluding reimbursement/fees paid indirectly		0.00	%4,5		0.65	%		0.66	%		0.61	%		0.84	%		0.79	%
Net investment income		1.91	%4		1.21	%		1.32	%		1.51	%		1.40	%		1.08	%
Portfolio turnover rate		—	%2,3		9	%		2	%		57	%		52	%		60	%

1	The selected per share data was calculated using the average shares outstanding method for the period.

2	Amounts designated as "—" have been rounded to 0.

3	Not Annualized

4	Annualized

5	Results not considered meaningful due to low level of assets.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm Fund

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Horace Mann Class Shares
	Six Months Ended 06/30/2012 (Unaudited)			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008			Year Ended 12/31/2007
Net asset value, beginning of period	$	10.91		$	11.02		$	9.59		$	7.66		$	12.38		$	11.99

Income/(loss) from investment operations:
Net investment income1		0.09			0.13			0.13			0.11			0.15			0.14
Net realized and unrealized gain/(loss) on investments		0.87			(0.10	)		1.44			1.95			(4.75	)		0.41
Total from investment operations		0.96			0.03			1.57			2.06			(4.60	)		0.55

Less distributions:
From net investment income		0.00			(0.14	)		(0.14	)		(0.13	)		(0.12	)		(0.16	)
Total distributions		0.00			(0.14	)		(0.14	)		(0.13	)		(0.12	)		(0.16	)

Net asset value, end of period	$	11.87		$	10.91		$	11.02		$	9.59		$	7.66		$	12.38

Total return		8.80	%2		0.25	%		16.39	%		26.85	%		(37.08	)%		4.60	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	1,191		$	1,108		$	1,204		$	1,111		$	952		$	1,593
Operating expenses including reimbursement/fees paid indirectly		0.64	%3		0.78	%		0.72	%		0.80	%		0.82	%		0.74	%
Operating expenses excluding reimbursement/fees paid indirectly		0.64	%3		0.78	%		0.72	%		0.80	%		0.82	%		0.74	%
Net investment income		1.47	%3		1.17	%		1.26	%		1.34	%		1.41	%		1.14	%
Portfolio turnover rate		—	%2,4		9	%		2	%		57	%		52	%		60	%

1	The selected per share data was calculated using the average shares outstanding method for the period.

2	Not Annualized

3	Annualized

4	Amounts designated as “—” have been rounded to 0.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Six Months Ended 06/30/2012 (Unaudited)			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008			Period Ended 12/31/20071
Net asset value, beginning of period	$	7.63		$	8.09		$	7.37		$	6.23		$	10.12		$	10.00
Income/(loss) from investment operations:
Net investment income/(loss)2		0.03			0.00	3		0.00	3		0.04			0.02			(0.02	)
Net realized and unrealized gain/(loss) on investments		0.53			(0.19	)		0.84			1.13			(3.90	)		0.14
Total from investment operations		0.56			(0.19	)		0.84			1.17			(3.88	)		0.12
Less distributions:
From net investment income		0.00			(0.06	)		(0.04	)		(0.03	)		(0.01	)		0.00	3
From capital gains		0.00			(0.21	)		(0.08	)		0.00			0.00			0.00
Total distributions		0.00			(0.27	)		(0.12	)		(0.03	)		(0.01	)		0.00
Net asset value, end of period	$	8.19		$	7.63		$	8.09		$	7.37		$	6.23		$	10.12
Total return		7.34	%4		(2.28	)%		11.47	%		18.73	%		(38.31	)%		1.21	%4
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	78,142		$	80,004		$	91,641		$	93,553		$	36,356		$	7,196
Operating expenses excluding dividends and rebates on securities sold short and interest expense, after expense reimbursement/ waiver and fees paid indirectly		1.50	%5		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%5
Operating expenses including dividends and rebates on securities sold short and interest expense, after expense reimbursement/ waiver and fees paid indirectly		2.17	%5		2.27	%		2.19	%		2.17	%		2.70	%		3.51	%5
Operating expenses including dividends and rebates on securities sold short and interest expense, before expense reimbursement/ waiver and fees paid indirectly6		2.24	%5		2.33	%		2.23	%		2.33	%		3.79	%		5.00	%5
Net investment income/(loss)		0.64	%5		0.06	%		0.05	%		0.61	%		0.20	%		(1.24	)%5
Portfolio turnover rate		22	%4		134	%		283	%		289	%		175	%		84	%4

1	The Wilshire Large Cap Core Plus Fund commenced operations November 15, 2007.

2	The selected per share data was calculated using the average shares outstanding method for the period.

3	Amount is less than $0.01 per share.

4	Not annualized.

5	Annualized.

6	The ratio of operating expenses including dividends and rebates on securities sold short and interest expense, before reimbursement/waiver for the six months ended June 30, 2012, excludes the effect of fees paid indirectly. If this expense offset was included the ratio would have been 2.23%.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Six Months Ended 06/30/2012 (Unaudited)			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008			Period Ended 12/31/20071
Net asset value, beginning of period	$	7.67		$	8.14		$	7.41		$	6.25		$	10.12		$	10.00
Income/(loss) from investment operations:
Net investment income/(loss)2		0.03			0.02			0.02			0.06			0.04			(0.01	)
Net realized and unrealized gain/(loss) on investments		0.55			(0.20	)		0.85			1.14			(3.89	)		0.13
Total from investment operations		0.58			(0.18	)		0.87			1.20			(3.85	)		0.12
Less distributions:
From net investment income		0.00			(0.08	)		(0.06	)		(0.04	)		(0.02	)		0.00	3
From capital gains		0.00			(0.21	)		(0.08	)		0.00			0.00			0.00
Total distributions		0.00			(0.29	)		(0.14	)		(0.04	)		(0.02	)		0.00
Net asset value, end of period	$	8.25		$	7.67		$	8.14		$	7.41		$	6.25		$	10.12
Total return		7.56	%4		(2.11	)%		11.82	%		19.14	%		(38.09	)%		1.23	%4
Ratios to average net assets/ supplemental data:
Net assets, end of period (in 000’s)	$	93,866		$	93,132		$	103,526		$	110,064		$	24,617		$	12,870
Operating expenses excluding dividends and rebates on securities sold short and interest expense, after expense reimbursement/ waiver and fees paid indirectly		1.25	%5		1.25	%		1.25	%		1.25	%		1.21	%		1.25	%5
Operating expenses including dividends and rebates on securities sold short and interest expense, after expense reimbursement/ waiver and fees paid indirectly		1.92	%5		2.02	%		1.94	%		1.92	%		2.41	%		3.09	%5
Operating expenses including dividends and rebates on securities sold short and interest expense, before expense reimbursement/ waiver and fees paid indirectly		1.96	%5		2.05	%		1.96	%		2.03	%		3.50	%		4.38	%5
Net investment income/(loss)		0.88	%5		0.32	%		0.30	%		0.85	%		0.49	%		(0.79	)%5
Portfolio turnover rate		22	%4		134	%		283	%		289	%		175	%		84	%4

1	The Wilshire Large Cap Core Plus Fund commenced operations November 15, 2007.

2	The selected per share data was calculated using the average shares outstanding method for the period.

3	Amount is less than $0.01 per share.

4	Not annualized.

5	Annualized.

6	The ratio of operating expenses including dividends and rebates on securities sold short and interest expense, before reimbursement/waiver for the six months ended June 30, 2012, excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.94%.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements

June 30, 2012 (Unaudited)

1. Organization.

Wilshire Mutual Funds, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end diversified investment company, which was incorporated under Maryland law on July 30, 1992. The Company operates as a series company and presently offers six series, all of which had operations during the annual period: Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 IndexSM Fund and Wilshire Large Cap Core Plus Fund (formerly the Wilshire Large Cap Core 130/30 Fund) (collectively the “Portfolios”, each a “Portfolio”). The Company accounts separately for the assets, liabilities and operations of each series.

Each of the Portfolios offers Investment and Institutional Class shares, each of which has equal rights as to voting privileges. The Wilshire 5000 IndexSM Fund also offers Qualified Class Shares and Horace Mann Class Shares. Each of the Investment Class, Qualified Class and Horace Mann Class has exclusive voting rights with respect to its particular 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 each Portfolio. Each class of shares differs in its respective service and distribution expenses.

2. Significant Accounting Policies.

Use of estimates – The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“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. The following is a summary of significant accounting policies consistently followed by the Portfolios in the preparation of their financial statements.

Security valuation – A security listed or traded on U.S. exchanges is valued at its last sales price on the exchange where it is principally traded. In the absence of a current quotation, the 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, the most recent bid quotation is used. Securities traded over-the-counter (other than on NASDAQ) are valued at the last current sale price; and if there are no such sales, the most recent bid quotation is used. Equity securities primarily traded on a foreign exchange or market are valued daily at the price, which is an estimate of the fair value price, as provided by an independent pricing service. In the event market quotations are not readily available, or for whose value does not reflect fair value because a significant valuation event has occurred, such securities are valued at fair value according to procedures established by the Board of Directors or as determined in good faith by the Pricing Committee, whose members include at least two representatives of the Adviser, one of whom is an officer of the Company, or by the Company’s Valuation Committee. Fair value is defined as the amount the owner of a security might reasonably expect to receive upon a current sale. Significant events may include, but are not limited to the following: significant fluctuations in domestic

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2012 (Unaudited)

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.

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

•

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

•

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, etc.); and

•

Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

In May 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”)”. ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 requires reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity, and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. The Portfolios adopted ASU 2011-04 during the six months ended June 30, 2012. The adoption of ASU 2011-04 did not have an impact on the Portfolios’ financial statements.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For the six months ended June 30, 2012, there have been no significant changes to the Portfolios’ fair value methodologies and there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

Fair value measurement classifications are summarized in each Portfolio’s Condensed Schedule of Investments, Schedule of Investments and/or Schedule of Securities Sold Short, as applicable.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2012 (Unaudited)

Securities sold short – The Wilshire Large Cap Core Plus Fund engages in short selling. To complete a short sale transaction, the Portfolio must borrow the security to make delivery to the buyer. The Portfolio then is obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Portfolio. Until the security is replaced, the Portfolio is required to pay to the lender amounts equal to any dividends or interest, which accrue during the period of the loan. To borrow the security, the Portfolio also may be required to pay a premium, which would increase the cost of the security sold. The Portfolio pays interest to the lender for borrowing the security. This amount is reflected as interest expense in the Statements of Operations.

Until the Portfolio closes its short position or replaces the borrowed security, the Portfolio will: (a) maintain a segregated account containing cash or liquid securities at such a level that (i) the amount deposited in the account plus the amount deposited with the custodian as collateral will equal the current value of the security sold short and (ii) the amount deposited in the segregated account as collateral will not be less than the market value of the security at the time the security was sold short; or (b) otherwise cover the Portfolio’s short position.

Dividends on short positions are recorded on the ex-dividend date as an expense on the Statements of Operations. Short sale transactions result in off-balance sheet risk because the ultimate obligation may exceed the amount shown in the Statements of Assets and Liabilities. The Portfolio will incur a loss if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security. The Portfolio will realize a gain if the price of the security declines between those dates. Short selling involves the risk of a potentially unlimited increase in the market value of the security sold short, which could result in a potentially unlimited loss for the Portfolio.

Securities transactions and investment income – Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis from settlement date. Distributions received on securities that represent a return of capital or capital gain are reclassed as a reduction of cost of investments and/or as a realized gain. The actual character of income, realized gain and return of capital distributions received from Real Estate Investment Trusts (“REITs”) is not known until after the end of the fiscal year, at which time such distribution estimates are appropriately adjusted.

Expenses policy – Distribution and Service fees directly attributable to a class of shares are charged to that class’ operations. Expenses of the Portfolios 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 which are attributable to the Company and the Wilshire Variable Insurance Trust 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 of each Portfolio’s shares.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2012 (Unaudited)

Investments in REITs – With respect to the Portfolios, dividend income is recorded based on the income included in distributions received from the 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.

Distributions to shareholders – Distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income, if any, are declared and paid annually. The Portfolios’ net realized capital gains, unless offset by any available capital loss carryforward, are distributed to shareholders annually. Additional distributions of net investment income and capital gains may be made at the discretion of the Board of Directors in order to avoid the application of a 4% non-deductible Federal excise tax.

3. Investment Advisory Fee and Other Transactions.

Pursuant to the Advisory Agreement (the “Agreement”) between the Company and Wilshire Associates Incorporated (“Wilshire” or the “Adviser”), Wilshire charges annual fees of 0.75% of average daily net assets for the Large Company Growth and Large Company Value Portfolios, 0.85% of average daily net assets for the Small Company Growth and Small Company Value Portfolios, 0.10% of average daily net assets for the Wilshire 5000 IndexSM Fund and 1.00% for the Wilshire Large Cap Core Plus Fund. For the Wilshire Small Company Growth Portfolio and Wilshire Small Company Value Portfolio, Wilshire voluntarily agreed to limit Total Annual Portfolio Operating Expenses for the Institutional Class to 1.50% less an equivalent ratio of Investment Class share-specific expenses. These voluntary limits are expected to continue through December 31, 2012 and may be changed by Wilshire at any time, subject to approval by the Board of Directors. Wilshire will not seek recoupment from the Company for expenses previously waived or reimbursed for such Portfolios. Wilshire has entered into a contractual expense limitation agreement with the Wilshire Large Cap Core Plus Fund to waive a portion of its management fee and/or reimburse expenses to limit expenses (excluding taxes, brokerage expenses, dividend expenses on securities sold short, rebates on securities sold short, interest expense, and extraordinary expenses) to 1.50% and 1.25% of average daily net assets for Investment Class shares and Institutional Class shares, respectively. This agreement to limit expenses continues through at least April 30, 2013. Wilshire may recoup the amount of any management fee waived within three years after the year in which Wilshire incurred the expense if the recoupment does not exceed the existing expense limitation for the Wilshire Large Cap Core Plus Fund. At June 30, 2012, the amounts of waivers subject to recoupment for Wilshire Large Cap Core Plus Fund are $39,871 expiring in 2015, $75,863 expiring in 2014, $63,981, expiring in 2013, and $111,656, expiring in 2012. As of June 30, 2012, Wilshire had not recouped any management fees previously waived.

For the six months ended June 30, 2012, Wilshire waived advisory fees as follows:

Portfolio	Fees Waived		Fees Recouped
Small Company Growth Portfolio	$	19,821		N/A
Small Company Value Portfolio		15,892		N/A
Wilshire Large Cap Core Plus Fund		39,871		N/A

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2012 (Unaudited)

The Board of Directors of the Company has approved Los Angeles Capital Management and Equity Research, Inc. (“L.A. Capital”), Cornerstone Capital Management, Inc. (“Cornerstone”), Santa Barbara Asset Management, LLC (“Santa Barbara”), Pyramis Global Advisors, LLC (“Pyramis”), Victory Capital Management Inc. (“Victory”), Pzena Investment Management, LLC (“Pzena”), Acadian Asset Management, Inc. (“Acadian”), Systematic Financial Management, L.P. (“Systematic”), Ranger Investment Management, L.P. (“Ranger”), NWQ Investment Management Company, LP (“NWQ”), and TWIN Capital Management, Inc. (“TWIN”) (collectively the “Sub-Advisers”) to provide sub-advisory services with respect to the Portfolios. L.A. Capital, Cornerstone and Victory each manage a portion of the Large Company Growth Portfolio. Pzena, Acadian and Systematic each manage a portion of the Large Company Value Portfolio. L.A. Capital and Ranger each manage a portion of the Small Company Growth Portfolio. L.A. Capital and NWQ each manage a portion of the Small Company Value Portfolio. L.A. Capital is the sole sub-adviser for the Wilshire 5000 IndexSM Fund. Pyramis, TWIN and Santa Barbara each manage a portion of the Wilshire Large Cap Core Plus Fund.

Wilshire continues to oversee the Sub-Advisers. The fees of the Sub-Advisers are paid by Wilshire.

SEI Investments Global Funds Services (“SEI”) serves as the Company’s administrator and accounting agent pursuant to an administration agreement dated May 31, 2008. DST Systems, Inc. serves as the Company’s transfer agent and dividend disbursing agent. Effective June 10, 2011, NTC serves as the Company’s custodian for all Portfolios. Prior to June 10, 2011, BNY Mellon Asset Servicing Global Financial Institution served as the Company’s custodian for all Portfolios except the Wilshire Large Cap Core Plus Fund. Prior to June 10, 2011, JPMorgan Chase Bank, N.A. served as the custodian for the Wilshire Large Cap Core Plus Fund. SEI Investments Distribution Co. serves as the Company’s distributor.

Officers’ and Directors’ Expenses – The officers of the Company are affiliated with and receive remuneration from the Adviser. The Company does not pay any remuneration to its officers. The Company and Wilshire Variable Insurance Trust together pay each independent director an annual retainer of $14,000, an annual additional Board Chair retainer of $12,000, a Board in-person meeting fee of $1,500, a Board telephonic meeting fee of $1,000, an annual Committee Member retainer of $4,000, an annual Committee Chairperson retainer of $8,000 in lieu of the $4,000 Committee Member retainer, and a Committee telephonic meeting fee of $500.

4. Distribution Plan, Shareholder Services Plan and Fees Paid Indirectly.

The Directors of the Company have adopted shareholder services and/or distribution plans (the “Plans”) pursuant to Rule 12b-1 under the 1940 Act, with respect to the Investment Class Shares of each Portfolio and the Qualified Class Shares of the Wilshire 5000 IndexSM Fund. Under the Plans, each such Portfolio reimburses SEI Investments Distribution Co. (the “Distributor”), at an annual rate of up to 0.25% of the value of the average daily net assets attributable to the Investment Class Shares and Qualified Class Shares of each Portfolio for certain services provided by securities dealers or other financial intermediaries or for certain distribution expenses for the purpose of financing any activity intended to result in the sale of Investment Class Shares or Qualified Class Shares. For the six months ended June 30, 2012, the distribution and service fee expenses incurred for each such class of the Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Value Portfolio, Wilshire 5000 IndexSM Fund and Wilshire Large Cap Core Plus was 0.25% of the respective average net assets of each Portfolio. For the six months ended June 30, 2012, the distribution and services fee expenses incurred for Investment Class Shares of the Small Company Growth Portfolio was 0.21% of its respective average net assets.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2012 (Unaudited)

The Directors of the Company have adopted a shareholder services and distribution plan pursuant to Rule 12b-1 with respect to the Horace Mann Class Shares of the Wilshire 5000 IndexSM Fund. Under such Plan, the Company reimburses the Distributor for its shareholder service and distribution payments at an annual rate of up to 0.35% of the value of the average daily net assets of the Wilshire 5000 IndexSM Fund attributable to the Horace Mann Class Shares. For the six months ended June 30, 2012, the distribution fees for the Horace Mann Class Shares were 0.23% of average net assets.

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% for the Investment and Institutional Class Shares, respectively, of the average net assets of each class. For the six months ended June 30, 2012, the net shareholder service provider fees were as follows (as a percent of average net assets of each class):

Portfolio	Investment Class	Institutional Class
Large Company Growth Portfolio	0.13%	0.01%
Large Company Value Portfolio	0.03%	0.07%
Small Company Growth Portfolio	0.13%	0.12%
Small Company Value Portfolio	0.08%	0.15%
Wilshire 5000 IndexSM Fund	0.08%	0.08%
Wilshire Large Cap Core Plus Fund	0.04%	0.00%

The Qualified Class Shares of the Wilshire 5000 IndexSM Fund has adopted a shareholder services plan which authorizes payments by the Qualified Class Shares of up to 0.15% of the average daily net assets attributable to the Portfolio’s Qualified Class Shares for certain shareholder services provided by insurers or other financial intermediaries. For the six months ended June 30, 2012, the shareholder service provider fees for the Qualified Class Shares were 0.00% of average net assets.

Fees paid indirectly – The Company has entered into a brokerage commission recapture program with the Distributor, pursuant to which a portion of the Portfolios’ commissions generated from transactions directed to the Distributor are used to reduce the Portfolios’ expenses. Under such program, the Distributor, as introducing broker, retains a portion of the Portfolios’ commissions.

Such commissions for the six month period ended June 30, 2012 were as follows:

Wilshire Large Company Growth Portfolio	$	1,531
Wilshire Large Company Value Portfolio		3,374
Wilshire Small Company Growth Portfolio		422
Wilshire Small Company Value Portfolio		361
Wilshire 5000 IndexSM Fund		111
Wilshire Large Cap Core Plus Fund		10,528

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2012 (Unaudited)

5. Securities Transactions.

For the six months ended June 30, 2012, aggregate cost of purchases and proceeds from sales of securities, other than short-term investments, short sales and purchases to cover, were as follows:

Portfolio	Purchases		Sales
Large Company Growth Portfolio	$	68,349,400	$	72,020,472
Large Company Value Portfolio		24,661,429		18,200,194
Small Company Growth Portfolio		3,262,243		3,643,384
Small Company Value Portfolio		2,896,271		3,706,722
Wilshire 5000 IndexSM Fund		605,797		5,747,211
Wilshire Large Cap Core Plus Fund		177,833,077		103,129,051

For Wilshire Large Cap Core Plus Fund, short sales and purchases to cover were $32,276,672 and $33,064,044, respectively.

6. Securities Lending.

The Portfolios may seek additional income by lending their securities on a short-term basis to banks, brokers and dealers in return for cash collateral, which is invested in short-term securities. A Portfolio may return a portion of the interest earned to the borrower or a third party which 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 collateral and securities loaned are denominated in different currencies) plus accrued interest when the transaction is entered into, and that the collateral supporting loans be remarked 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 and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Northern Trust Company (“NTC”) the Portfolios’ custodian, acts as the securities lending agent for the Portfolios. The value of the securities on loan and the value of the related collateral at June 30, 2012 are shown on the Statement of Assets and Liabilities. The Northern Trust Institutional Liquid Asset Portfolio was purchased with proceeds from collateral received from securities on loan. At June 30, 2012 $19,341,806, $8,530,515, $3,313,647, $167,940, $15,426,164, and $28,983,211 of this cash equivalent represents the collateral received for securities on loan in the Wilshire Large Company Growth Portfolio, Wilshire Large Company Value Portfolio, Wilshire Small Company Growth Portfolio, Wilshire Small Company Value Portfolio, Wilshire 5000 Index Fund, and the Wilshire Large Cap Core Plus Fund, respectively.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2012 (Unaudited)

7. Significant Shareholder Activity.

On June 30, 2012, the Portfolios had the following concentrations of shareholders holding 10% or more of the outstanding shares of the Portfolios. These represent omnibus shareholder accounts comprised of many individual shareholders.

Portfolio
Large Company Growth Portfolio (2 omnibus shareholders)	58%
Large Company Value Portfolio (2 omnibus shareholder)	84%
Small Company Growth Portfolio (2 omnibus shareholders)	64%
Small Company Value Portfolio (2 omnibus shareholders)	68%
Wilshire 5000 IndexSM Fund (3 omnibus shareholders)	66%
Wilshire Large Cap Core Plus Fund (2 omnibus shareholders)	100%

8. Tax Information.

No provision for federal income taxes is required because each Portfolio has qualified and intends to continue to qualify, as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and distributes to shareholders all of its taxable income and gains. Federal income tax regulations differ from accounting principles generally accepted in the United States of America; 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 (i.e., the last 3 tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

Under current tax law, capital and currency losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. For the year ended December 31, 2011, the following Portfolios had post-October capital loss deferrals as follows:

Portfolio		Capital Losses
Small Company Value Portfolio		$	16,623

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2012 (Unaudited)

The federal tax cost, unrealized appreciation and depreciation at June 30, 2012 for each Portfolio are as follows (excluding securities sold short):

Portfolio	Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation
Large Company Growth Portfolio	$	168,406,502	$	41,828,559	$	(6,343,417	)	$	35,485,142
Large Company Value Portfolio		46,107,167		4,589,988		(1,581,592	)		3,008,396
Small Company Growth Portfolio		9,366,389		1,113,621		(207,240	)		906,381
Small Company Value Portfolio		7,883,966		1,181,541		(311,151	)		870,390
Wilshire 5000 IndexSM Fund		110,821,636		72,544,502		(9,384,626	)		63,159,876
Wilshire Large Cap Core Plus Fund		202,433,786		38,228,557		(3,244,114	)		34,984,443

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

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Portfolios will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The Portfolios intend to retain realized gains to the extent of available capital loss carryforwards. At December 31, 2011, the following Portfolios had available for federal income tax purposes unused capital losses as follows:

	Expiring December 31
Portfolio	2012		2013		2016		2017		2018
Large Company Growth Portfolio	$	—	$	—	$	—	$	8,205,794	$	—
Large Company Value Portfolio		—		—		7,445,997		6,732,491		—
Small Company Growth Portfolio		—		—		—		876,116		—
Small Company Value Portfolio		—		—		431,874		2,132,220		—
Wilshire 5000 IndexSM Fund		5,509,772		108,266		9,735,193		30,139,484		2,464

During the year ended December 31, 2011, the Large Company Growth Portfolio, the Large Company Value Portfolio, the Small Company Growth Portfolio, the Small Company Value Portfolio, and the Wilshire 5000 IndexSM Fund utilized capital loss carryforwards of $18,999,715, $2,124,340, $1,610,372, $1,567,536, and $2,841,370, respectively, to offset capital gains.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2012 (Unaudited)

The tax character of distributions declared during the years ended December 31, 2011 and 2010 were as follows:

Portfolio	2011 Ordinary Income		2011 Capital Gains		2011 Return of Capital		2010 Ordinary Income		2010 Capital Gains		2010 Return of Capital
Large Company Growth Portfolio	$	—	$	—	$	—	$	352,731	$	—	$	12,146
Large Company Value Portfolio		266,100		—		708		175,536		—		1,913
Small Company Value Portfolio		40,413		—		—		105,261		—		—
Wilshire 5000 IndexSM Fund		2,077,943		—		—		2,127,746		—		—
Wilshire Large Cap Core Plus Fund		4,135,949		2,022,548		—		1,985,225		1,326,676		—

At December 31, 2011, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

	Large Company Growth Portfolio			Large Company Value Portfolio			Small Company Growth Portfolio			Small Company Value Portfolio			Wilshire 5000 IndexSM Fund			Wilshire Large Cap Core Plus Fund
Undistributed ordinary income	$	—		$	—		$	—		$	2,098		$	73,201		$	—
Undistributed long-term capital gain		—			—			—			—			—			407,706
Capital loss carryforwards		(8,205,794	)		(14,178,488	)		(876,116	)		(2,564,094	)		(45,495,179	)		—
Post October losses		—			—			—			(16,623	)		—			—
Unrealized appreciation		25,828,479			915,341			497,976			420,879			49,243,424			11,802,271
Other temporary differences		(2	)		(5	)		(2	)		4			2			(2	)
Total distributable earnings/ (accumulated losses)	$	17,622,683		$	(13,263,152	)	$	(378,142	)	$	(2,157,736	)	$	3,821,448		$	12,209,975

9. Indemnifications

In the normal course of business, the Company, on behalf of the Portfolios, enters into contracts that provide general indemnifications. The Portfolios’ maximum exposure under these arrangements is dependent on claims that may be made against the Portfolios in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

10. Contingencies

The Wilshire 5000 Index 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

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2012 (Unaudited)

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, respectively. The Adviser does not expect the Portfolio to be materially impacted by the lawsuits.

11. Subsequent Event Evaluation.

The Portfolios have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no additional disclosures or adjustments were required to the financial statements.

Wilshire Mutual Funds, Inc.

Additional Fund Information

Information on Proxy Voting

The Securities and Exchange Commission (“SEC”) has adopted the requirement that all funds file their complete proxy voting records with the SEC on an annual basis on Form N-PX. Such filing, for the 12-month period ended June 30, must be made no later than August 31 of each year.

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 1-888-200-6796, by e-mailing us at www.wilfunds.com or on the SEC’s website at http://www.sec.gov.

Information on Form N-Q

The Company files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of period. The Company’s Forms N-Q are available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-202-551-8090.

Householding Policy

In order to reduce printing and mailing expenses, only one copy of each prospectus, annual and semi-annual report will be sent to all related accounts at a common address, unless you have indicated otherwise on your Account Application. Shareholders may revoke their consent to householding at any time by calling 1-888-200-6796. 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.

Wilshire Mutual Funds, Inc.

Privacy Statement

At Wilshire Mutual Funds, Inc., we appreciate the privacy concerns of our customers. We have established the following policies to maintain the privacy of information you share with us.

INFORMATION WE COLLECT

We collect and retain nonpublic personal information about you that may include:

•

Information we receive on your account applications or other forms such as your name, address, financial information and/or social security number;

•

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 can not find out a user’s name or email address, or anything about the user’s computer using cookies.

INFORMATION WE MAY SHARE

We do not sell any of your nonpublic personal information to third parties. We may share the information we collect with affiliates or with non-affiliated third parties only when those parties are acting on our behalf in servicing your account, or as required by law. These third parties may include:

•

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

•

Companies that provide services for us to help market our products to you; and

•

Governmental or other legal agencies, as required by law.

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.

CONFIDENTIALITY AND SECURITY

Within our organization, we 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. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.

As previously mentioned, we may collect information through the use of Internet “cookies” on our website. In addition, in order to provide you with access to your account via the web, it is necessary for us to collect certain nonpublic personal information such as your name, social security number and account information. Special measures such as data encryption and authentication apply to all nonpublic personal information and communications on our website.

APPLICABILITY

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 Portfolios, we consider you to be our customer. Shareholders purchasing or owning shares of any of the Portfolios through their bank, broker, or other financial institution should also consult that financial institution’s privacy policies.

Wilshire Mutual Funds, Inc. values your business. We understand the importance of maintaining the integrity of your personal information and are committed to keeping your trust. Please contact us at 1-888-200-6796 if you have any questions concerning our policy, or visit us at www.wilshirefunds.com for additional copies of this policy.

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Wilshire Mutual Funds

Wilshire Associates Incorporated

1299 Ocean Avenue

Santa Monica, CA 90401

1-888-200-6796

www.wilfunds.com

WIL-AR-001-0500

Item 2.

Code of Ethics.

Not applicable.

Item 3.

Audit Committee Financial Expert.

Not applicable.

Item 4.

Principal Accountant Fees and Services.

Not applicable.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Schedule of Investments.

(a)

The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the Wilshire 5000 IndexSM Fund, the Large Company Growth Portfolio, the Large Company Value Portfolio, the Small Company Growth Portfolio and the Small Company Value Portfolio are listed below. The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period for the Wilshire Large Cap Core Plus Fund is included as part of the report to shareholders filed under Item 1 of this Form.

(b)	Not applicable

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Investments

June 30, 2012
(Unaudited)

Shares				Value

COMMON STOCK — 98.4%††
Consumer Discretionary — 20.3%
	80	Aaron's, Inc.		$	2,265
	9,435	Amazon.com, Inc. †			2,154,482
	53,909	Apollo Group, Inc., Class A †			1,950,967
	500	AutoZone, Inc. †			183,585
	550	Bally Technologies, Inc. †			25,663
	3,070	Bed Bath & Beyond, Inc. †			189,726
	1,013	Big Lots, Inc. †			41,320
	19,810	Brinker International, Inc.			631,345
	27,171	Burberry Group PLC ADR(a)			1,131,672
	7,400	Cablevision Systems Corp., Class A(a)			98,346
	24,515	CBS Corp., Class B			803,602
	2,835	Chipotle Mexican Grill, Inc., Class A †			1,077,158
	10,740	Choice Hotels International, Inc.			428,848
	28,697	Coach, Inc.			1,678,201
	16,360	Comcast Corp. Special, Class A(a)			523,029
	9,905	Dick's Sporting Goods, Inc.			475,440
	3,010	Dillard's, Inc., Class A			191,677
	7,769	DIRECTV, Class A †			379,283
	4,690	Discovery Communications, Inc., Class C †			234,922
	27,704	Dollar General Corp. †			1,506,821
	25,850	Dollar Tree, Inc. †			1,390,730
	2,990	Expedia, Inc.(a)			143,729
	17,900	Ford Motor Co.			171,661
	10,630	Gannett Co., Inc.			156,580
	15,310	Gap, Inc. (The)			418,882
	740	Garmin, Ltd.(a)			28,335
	1,662	Harley-Davidson, Inc.			76,003
	17,590	Home Depot, Inc. (The)			932,094
	4,220	International Game Technology	��		66,465
	3,230	ITT Educational Services, Inc. † (a)			196,222
	86,551	Johnson Controls, Inc.			2,398,328
	4,580	Kohl's Corp.			208,344
	5,900	Las Vegas Sands Corp.			256,591
	1,140	Liberty Media Corp. - Capital, Class A †			100,217
	11,900	Liberty Media Corp. - Interactive, Class A †			211,701
	14,030	Ltd. Brands, Inc.			596,696
	12,725	Lululemon Athletica, Inc. †			758,792
	4,110	Madison Square Garden, Inc., Class A †			153,878
	4,290	Mattel, Inc.			139,168
	17,078	McDonald's Corp.			1,511,915
	4,480	Morningstar, Inc.			259,123
	690	News Corp., Class A			15,380
	3,090	NIKE, Inc., Class B			271,240
	1,187	Nordstrom, Inc.			58,982
	6,990	Omnicom Group, Inc.			339,714
	1,080	O'Reilly Automotive, Inc. †			90,472
	1,100	PetSmart, Inc.			74,998
	3,420	priceline.com, Inc. †			2,272,659
	3,410	Ross Stores, Inc.			213,023
	950	Sally Beauty Holdings, Inc. †			24,453
	10,440	Scripps Networks Interactive, Inc., Class A			593,619
	44,534	Sirius XM Radio, Inc. † (a)			82,388
	24,573	Starbucks Corp.			1,310,232
	14,050	Starwood Hotels & Resorts Worldwide, Inc.			745,212
	1,160	Tempur-Pedic International, Inc. † (a)			27,132
	6,420	Tiffany & Co.			339,939
	4,860	Time Warner Cable, Inc., Class A			399,006
	1,540	Time Warner, Inc.			59,290
	12,900	TJX Cos., Inc.			553,797

Shares			Value
Consumer Discretionary (continued)
	10,825	Tractor Supply Co.	$	899,124
	3,000	TripAdvisor, Inc. †		134,070
	1,420	TRW Automotive Holdings Corp. †		52,199
	1,420	Ulta Salon Cosmetics & Fragrance, Inc.		132,599
	3,561	Urban Outfitters, Inc. †		98,248
	15,191	VF Corp.		2,027,239
	5,050	Viacom, Inc., Class B		237,451
	13,510	Virgin Media, Inc.(a)		329,509
	28,888	Walt Disney Co. (The)		1,401,068
	1,370	Weight Watchers International, Inc.		70,637
	3,290	Wyndham Worldwide Corp.		173,515
	1,950	Wynn Resorts, Ltd.		202,254
	2,590	Yum! Brands, Inc.		166,848
				37,280,103
Consumer Staples — 8.9%
	19,670	Altria Group, Inc.		679,598
	24,348	British American Tobacco PLC ADR		2,486,418
	1,360	Church & Dwight Co., Inc.		75,439
	70	Clorox Co.		5,072
	23,063	Coca-Cola Co. (The)		1,803,296
	1,280	Coca-Cola Enterprises, Inc.		35,891
	4,591	Colgate-Palmolive Co.		477,923
	4,210	Costco Wholesale Corp.		399,950
	3,490	CVS Caremark Corp.		163,088
	27,060	Diageo PLC ADR		2,789,074
	4,650	Dr. Pepper Snapple Group, Inc.(a)		203,438
	120	Estee Lauder Cos., Inc. (The), Class A		6,495
	4,470	General Mills, Inc.		172,274
	540	Herbalife, Ltd.(a)		26,098
	170	Hershey Co. (The)		12,245
	840	HJ Heinz Co.		45,679
	2,970	Kimberly-Clark Corp.		248,797
	730	Kraft Foods, Inc., Class A		28,192
	2,450	Lorillard, Inc.		323,277
	8,260	Mead Johnson Nutrition Co., Class A		665,013
	4,536	Monster Beverage Corp. †		322,963
	16,316	PepsiCo, Inc.		1,152,889
	21,856	Philip Morris International, Inc.		1,907,155
	4,690	Procter & Gamble Co. (The)		287,263
	1,630	Reynolds American, Inc.		73,138
	2,090	Sysco Corp.		62,303
	11,990	Walgreen Co.		354,664
	18,867	Wal-Mart Stores, Inc.		1,315,407
	2,380	Whole Foods Market, Inc.		226,862
				16,349,901
Energy — 6.3%
	13,780	Anadarko Petroleum Corp.		912,236
	22,400	Cameron International Corp. †		956,704
	130	Chevron Corp.		13,715
	108,120	Cobalt International Energy, Inc. †		2,540,820
	2,050	Concho Resources, Inc. †		174,496
	6,278	ConocoPhillips		350,815
	2,530	Core Laboratories NV		293,227
	22,441	Hess Corp.		975,061
	10,250	Occidental Petroleum Corp.		879,142
	3,100	Oceaneering International, Inc.		148,366
	4,149	Phillips 66 †		137,913
	47,550	Schlumberger, Ltd.		3,086,471
	880	SEACOR Holdings, Inc. †		78,654
	670	SM Energy Co.		32,904
	72,497	Weatherford International, Ltd. †		915,637
				11,496,161
Financials — 5.6%
	8,600	Affiliated Managers Group, Inc. †		941,270

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Financials (continued)
	3,090	American Capital Agency Corp.(a)	$	103,855
	10,710	American Express Co.		623,429
	4,260	American Tower Corp., Class A		297,816
	840	Assured Guaranty, Ltd.		11,844
	35,423	CapitalSource, Inc.		238,043
	8,810	Capitol Federal Financial, Inc.		104,663
	8,670	CBOE Holdings, Inc.(a)		239,986
	820	CME Group, Inc., Class A		219,850
	1,330	Discover Financial Services		45,991
	1,800	Franklin Resources, Inc.		199,782
	41,180	General Growth Properties, Inc.		744,946
	12,360	Goldman Sachs Group, Inc. (The)		1,184,830
	1,300	IntercontinentalExchange, Inc. †		176,774
	2,540	Macerich Co. (The)		149,987
	68	Marsh & McLennan Cos., Inc.		2,192
	150	Protective Life Corp.		4,411
	4,660	Public Storage		672,951
	3,150	Simon Property Group, Inc.		490,329
	8,960	SLM Corp.		140,762
	670	Taubman Centers, Inc.		51,697
	500	Ventas, Inc.		31,560
	27,459	Visa, Inc., Class A		3,394,756
	6,480	Waddell & Reed Financial, Inc., Class A		196,214
	2,660	Washington Federal, Inc.		44,927
				10,312,865
Health Care — 13.1%
	16,350	Abbott Laboratories		1,054,085
	18,515	Alexion Pharmaceuticals, Inc. †		1,838,540
	18,933	Allergan, Inc.		1,752,628
	2,300	AmerisourceBergen Corp., Class A(a)		90,505
	11,760	Amgen, Inc.		858,950
	1,900	Baxter International, Inc.		100,985
	3,268	Becton Dickinson and Co.		244,283
	12,334	Biogen Idec, Inc. †		1,780,783
	480	BioMarin Pharmaceutical, Inc. † (a)		18,998
	15,290	Bristol-Myers Squibb Co.		549,675
	25,576	Celgene Corp. †		1,640,956
	2,600	Cerner Corp. †		214,916
	3,641	Cooper Cos., Inc. (The)		290,406
	550	Covance, Inc. †		26,318
	3,260	Edwards Lifesciences Corp. †		336,758
	1,420	Eli Lilly & Co.		60,932
	16,365	Express Scripts Holding Co. †		913,658
	4,590	Forest Laboratories, Inc. †		160,604
	36,050	Gilead Sciences, Inc. †		1,848,644
	7,660	HCA Holdings, Inc.(a)		233,094
	640	Health Management Associates, Inc., Class A †		5,024
	59,175	Hologic, Inc. †		1,067,517
	314	IDEXX Laboratories, Inc. † (a)		30,185
	24,998	Illumina, Inc. †		1,009,669
	408	Intuitive Surgical, Inc. †		225,946
	22,746	Johnson & Johnson		1,536,720
	1,117	Laboratory Corp. of America Holdings † (a)		103,445
	1,380	LifePoint Hospitals, Inc. †		56,552
	2,310	McKesson Corp.		216,563
	5,971	Mednax, Inc. † (a)		409,252
	1,330	Medtronic, Inc.		51,511
	10,300	Myriad Genetics, Inc. †		244,831
	17,452	NuVasive, Inc. †		442,583
	4,383	Patterson Cos., Inc.		151,082
	11,200	Perrigo Co.		1,320,816
	1,340	Regeneron Pharmaceuticals, Inc. † (a)		153,055
	756	ResMed, Inc. †		23,587

Shares			Value
Health Care (continued)
	140	SXC Health Solutions Corp. † (a)	$	13,889
	3,046	Techne Corp.		226,013
	7,620	United Therapeutics Corp. †		376,276
	13,325	Vertex Pharmaceuticals, Inc. †		745,134
	26,582	WellPoint, Inc.		1,695,666
				24,121,034
Industrials — 9.7%
	5,473	3M Co.		490,381
	5,222	Alliant Techsystems, Inc.		264,077
	5,095	Boeing Co. (The)		378,558
	23,530	Caterpillar, Inc.		1,997,932
	870	CH Robinson Worldwide, Inc.(a)		50,921
	5,808	Corrections Corp. of America(a)		171,046
	5,590	Crane Co.		203,364
	77,610	CSX Corp.		1,735,360
	3,460	Cummins, Inc.		335,309
	2,800	Deere & Co.		226,436
	600	Donaldson Co., Inc.		20,022
	1,990	Emerson Electric Co.		92,694
	20,780	Fastenal Co.		837,642
	46,088	Fluor Corp.		2,273,982
	1,930	Goodrich Corp.		244,917
	4,930	Graco, Inc.		227,175
	1,160	Honeywell International, Inc.		64,774
	126	Illinois Tool Works, Inc.		6,664
	1,840	JB Hunt Transport Services, Inc.		109,664
	29,967	Joy Global, Inc.		1,700,028
	1,810	KAR Auction Services, Inc. † (a)		31,114
	6,729	Landstar System, Inc.		348,024
	1,100	Lincoln Electric Holdings, Inc.		48,169
	1,340	Lockheed Martin Corp.		116,687
	4,000	Nordson Corp.		205,160
	1,300	Norfolk Southern Corp.		93,301
	750	Northrop Grumman Corp.		47,843
	20,427	Rockwell Automation, Inc.		1,349,408
	26,551	Textron, Inc.		660,323
	4,462	Toro Co. (The)		327,020
	900	TransDigm Group, Inc. †		120,870
	13,550	Union Pacific Corp.		1,616,650
	7,550	United Parcel Service, Inc., Class B		594,638
	2,240	United Technologies Corp.		169,187
	4,320	Verisk Analytics, Inc., Class A †		212,803
	7,010	WESCO International, Inc. † (a)		403,425
				17,775,568
Information Technology — 29.7%
	100	Accenture PLC, Class A		6,009
	62,744	Acme Packet, Inc. †		1,170,176
	3,789	Altera Corp.		128,220
	5,500	ANSYS, Inc. †		347,105
	26,705	Apple, Inc. †		15,595,720
	25,489	Baidu, Inc. ADR †		2,930,725
	4,369	BMC Software, Inc. †		186,469
	19,315	Broadcom Corp., Class A		652,847
	30,997	Citrix Systems, Inc. †		2,601,888
	23,890	Cognizant Technology Solutions Corp., Class A †		1,433,400
	1,160	Cypress Semiconductor Corp.		15,335
	17,100	Dell, Inc. †		214,092
	53,750	eBay, Inc. †		2,258,038
	59,620	EMC Corp. †		1,528,060
	3,166	F5 Networks, Inc. †		315,207
	15,935	Facebook, Inc., Class A † (a)		495,897
	1,100	Factset Research Systems, Inc.		102,234
	1,910	Gartner, Inc. †		82,225

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Information Technology (continued)
	6,390	Google, Inc., Class A †	$	3,706,647
	36,020	Intel Corp.		959,933
	15,743	International Business Machines Corp.		3,079,016
	710	Intuit, Inc.		42,139
	140	KLA-Tencor Corp.		6,895
	249	Lam Research Corp. †		9,397
	1,740	Lexmark International, Inc., Class A		46,249
	580	Mastercard, Inc., Class A		249,464
	88,995	Microsoft Corp.		2,722,357
	13,890	NetApp, Inc. †		441,980
	8,517	NeuStar, Inc., Class A †		284,468
	4,202	NVIDIA Corp. †		58,072
	30,467	OpenTable, Inc. †		1,371,320
	32,422	Oracle Corp.		962,933
	7,680	Paychex, Inc.		241,229
	105,815	QUALCOMM, Inc.		5,891,779
	9,169	Tech Data Corp. †		441,671
	7,700	Teradata Corp. †		554,477
	35,686	Texas Instruments, Inc.		1,023,831
	13,810	VeriSign, Inc. † (a)		601,702
	200	VMware, Inc., Class A †		18,208
	105,539	Western Union Co. (The)		1,777,277
				54,554,691
Materials — 4.1%
	2,100	Air Products & Chemicals, Inc.		169,533
	3,240	Cabot Corp.		131,868
	350	CF Industries Holdings, Inc.		67,809
	2,160	Compass Minerals International, Inc.(a)		164,765
	1,600	Cytec Industries, Inc.		93,824
	620	Domtar Corp.		47,560
	6,020	EI du Pont de Nemours & Co.		304,431
	47,100	Freeport-McMoRan Copper & Gold, Inc.		1,604,697
	600	Greif, Inc., Class A		24,600
	19,836	Monsanto Co.		1,642,024
	36,725	Mosaic Co.		2,011,061
	4,090	Packaging Corp. of America		115,502
	940	PPG Industries, Inc.		99,753
	6,790	Praxair, Inc.		738,277
	540	Sherwin-Williams Co. (The)		71,469
	5,883	Silgan Holdings, Inc.		251,145
	1,950	Southern Copper Corp.(a)		61,444
				7,599,762
Telecommunication Services — 0.5%
	21,910	Verizon Communications, Inc.		973,680

Utilities — 0.2%
	2,540	CenterPoint Energy, Inc.		52,502
	370	Dominion Resources, Inc.		19,980
	290	Duke Energy Corp.(a)		6,687
	540	NiSource, Inc.(a)		13,365
	3,030	Oneok, Inc.		128,199
	1,240	Questar Corp.		25,867
	440	Southern Co.		20,372
	760	Wisconsin Energy Corp.		30,073
				297,045
Total Common Stock (Cost $145,275,668)				180,760,810

Shares			Value

SHORT-TERM INVESTMENTS — 12.6%
	19,341,806	Northern Trust Institutional Liquid Asset Portfolio, 0.010% (b) (c)	$	19,341,806
	3,789,028	Northern Trust Institutional Government Select Portfolio, 0.010% (c)		3,789,028

Total Short-Term Investments
(Cost $23,130,834)				23,130,834
Total Investments — 111.0%
(Cost $168,406,502)				203,891,644
Other Assets & Liabilities, Net — (11.0)%				(20,249,619	)
NET ASSETS — 100.0%			$	183,642,025

†	Non-income producing security.
††	More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
(a)	This security or a partial position of this security is on loan at June 30, 2012. The total market value of securities on loan at June 30, 2012 was $19,472,854.
(b)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2012 was $19,341,806.
(c)	Rate shown is the 7-day effective yield as of June 30, 2012.

ADR — American Depositary Receipt

PLC— Public Limited Company

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value

COMMON STOCK — 99.3%††
Consumer Discretionary — 9.1%
	225	American Greetings Corp., Class A(a)	$	3,289
	10,875	Apollo Group, Inc., Class A † (a)		393,566
	862	Arctic Cat, Inc. † (a)		31,515
	7,841	CBS Corp., Class B		257,028
	1,649	Comcast Corp. Special, Class A		52,719
	1,563	CSS Industries, Inc.		32,120
	12,950	Delphi Automotive PLC † (a)		330,225
	1,562	Dillard's, Inc., Class A		99,468
	5,307	Exceed Co., Ltd. † (a)		11,144
	3,165	Flexsteel Industries, Inc.		62,604
	9,025	Foot Locker, Inc.		275,985
	8,448	General Motors Co. † (a)		166,594
	2,350	Home Depot, Inc. (The)		124,526
	272	Jarden Corp.		11,429
	1,843	Luby's, Inc. †		12,348
	8,650	Macy's, Inc.(a)		297,128
	1,867	Marcus Corp.		25,690
	2,000	Movado Group, Inc.		50,040
	2,121	Multimedia Games, Inc. †		29,694
	6,150	News Corp., Class A(a)		137,083
	8,800	Omnicom Group, Inc.		427,680
	800	PVH Corp.		62,232
	172	Quiksilver, Inc. † (a)		401
	47,875	Staples, Inc.		624,769
	1,518	Unifi, Inc. †		17,199
	2,666	Wyndham Worldwide Corp.(a)		140,605
				3,677,081
Consumer Staples — 6.8%
	3,175	Anheuser-Busch InBev NV ADR(a)		252,888
	10,517	Archer-Daniels-Midland Co.		310,462
	11,137	Avon Products, Inc.		180,531
	490	Bunge, Ltd.(a)		30,743
	11,971	CVS Caremark Corp.		559,405
	3,225	Herbalife, Ltd.(a)		155,864
	6,300	Kraft Foods, Inc., Class A		243,306
	5,775	Molson Coors Brewing Co., Class B		240,298
	111	Nu Skin Enterprises, Inc., Class A(a)		5,206
	4,100	Orchids Paper Products Co.(a)		72,488
	2,811	Philip Morris International, Inc.		245,288
	118	Smithfield Foods, Inc. †		2,552
	8,678	Tyson Foods, Inc., Class A		163,407
	1,303	Universal Corp.		60,368
	3,089	Wal-Mart Stores, Inc.		215,365
				2,738,171
Energy — 15.0%
	1,524	Adams Resources & Energy, Inc.		63,886
	2,559	Anadarko Petroleum Corp.		169,406
	1,850	Apache Corp.		162,597
	6,850	Baker Hughes, Inc.		281,535
	14,318	BP PLC		580,466
	7,887	Chevron Corp.		832,078
	8,646	ConocoPhillips		483,138
	1,350	Devon Energy Corp.(a)		78,286
	13,989	Exxon Mobil Corp.		1,197,039
	3,600	HollyFrontier Corp.		127,548
	9,812	Marathon Petroleum Corp.		440,755
	6,600	Nabors Industries, Ltd. † (a)		95,040
	2,575	National Oilwell Varco, Inc.		165,933
	4,479	Phillips 66 †		148,882
	9,801	Royal Dutch Shell PLC, Class A		660,903
	4,400	Suncor Energy, Inc.		127,380
	4,221	Tesoro Corp. †		105,356

Shares			Value
Energy (continued)
	1,400	Transocean, Ltd.	$	62,622
	6,186	Valero Energy Corp.		149,392
	5,485	Western Refining, Inc.		122,151
				6,054,393
Financials — 25.7%
	2,712	Aflac, Inc.		115,504
	22,325	Allstate Corp. (The)		783,384
	638	Altisource Portfolio Solutions SA † (a)		46,721
	4,041	American Express Co.		235,227
	23,395	American International Group, Inc. † (a)		750,746
	4,806	Assurant, Inc.		167,441
	12,725	Axis Capital Holdings, Ltd.		414,199
	47,375	Bank of America Corp.		387,528
	2,100	BB&T Corp.		64,785
	2,400	Calamos Asset Management, Inc., Class A(a)		27,480
	7,980	Capital One Financial Corp.(a)		436,187
	3,548	Cash America International, Inc.(a)		156,254
	19,484	Citigroup, Inc.		534,056
	20,594	CNO Financial Group, Inc.(a)		160,633
	2,500	Comerica, Inc.		76,775
	1,160	Diamond Hill Investment Group, Inc.		90,816
	925	Digital Realty Trust, Inc.		69,440
	19,973	Discover Financial Services		690,666
	735	Everest Re Group, Ltd.(a)		76,065
	614	Fidelity National Financial, Inc., Class A		11,826
	15,900	Fifth Third Bancorp		213,060
	2,200	Franklin Resources, Inc.		244,178
	2,450	Goldman Sachs Group, Inc. (The)		234,857
	924	Hartford Financial Services Group, Inc.		16,290
	12,400	Invesco, Ltd.		280,240
	18,564	JPMorgan Chase & Co.		663,292
	27,048	KeyCorp		209,352
	5,800	Lincoln National Corp.		126,846
	20,000	MetLife, Inc.(a)		617,000
	12,125	Morgan Stanley		176,904
	1,852	PartnerRe, Ltd.(a)		140,141
	11,154	PNC Financial Services Group, Inc.		681,621
	11,650	Regions Financial Corp.		78,637
	3,734	Reinsurance Group of America, Inc., Class A		198,686
	7,650	SLM Corp.		120,181
	6,225	State Street Corp.		277,884
	9,657	Symetra Financial Corp.		121,871
	27,975	UBS AG		327,587
	9,634	Wells Fargo & Co.		322,161
				10,346,521
Health Care — 11.2%
	7,437	Abbott Laboratories		479,463
	7,564	Aetna, Inc.		293,256
	2,200	Amgen, Inc.		160,688
	4,075	Becton Dickinson and Co.		304,606
	4,915	Bristol-Myers Squibb Co.		176,694
	9,193	Eli Lilly & Co.		394,472
	1,350	Gilead Sciences, Inc. †		69,228
	2,359	Humana, Inc.		182,681
	6,584	Johnson & Johnson		444,815
	1,924	McKesson Corp.(a)		180,375
	16,934	Merck & Co., Inc.		706,995
	21,335	Pfizer, Inc.		490,705
	4,853	Pozen, Inc. † (a)		30,283
	10,318	UnitedHealth Group, Inc.		603,603
				4,517,864

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Industrials — 9.5%
	2,237	3M Co.(a)	$	200,435
	2,451	Boeing Co. (The)		182,109
	15,246	Delta Air Lines, Inc. †		166,944
	4,625	Eaton Corp.		183,289
	3,900	Fortune Brands Home & Security, Inc. †		86,853
	4,445	FreightCar America, Inc.		102,102
	24,100	General Electric Co.		502,244
	8,450	Hertz Global Holdings, Inc. †		108,160
	723	Intersections, Inc.		11,459
	1,611	KBR, Inc.		39,808
	3,118	Kimball International, Inc., Class B		24,009
	4,675	L-3 Communications Holdings, Inc., Class 3		345,997
	22	Layne Christensen Co. †		455
	23,275	Masco Corp.		322,824
	627	NN, Inc. †		6,402
	11,637	Northrop Grumman Corp.		742,324
	478	Raytheon Co.(a)		27,050
	555	Saia, Inc. †		12,149
	721	Sauer-Danfoss, Inc.		25,185
	16,351	Southwest Airlines Co.		150,756
	1,216	Standex International Corp.		51,765
	1,906	Sypris Solutions, Inc.		13,285
	2,550	Timken Co.		116,764
	4,786	Tyco International, Ltd.		252,940
	3,800	United Rentals, Inc. †		129,352
	349	Willis Lease Finance Corp. †		4,300
				3,808,960
Information Technology — 11.3%
	2,600	Adobe Systems, Inc. †		84,162
	361	Apple, Inc. †		210,824
	5,800	Broadcom Corp., Class A		196,040
	15,800	Cisco Systems, Inc.		271,286
	11,100	Computer Sciences Corp.		275,502
	26,050	Dell, Inc. †		326,146
	6,011	EMC Corp. †		154,062
	575	Google, Inc., Class A †		333,540
	28,650	Hewlett-Packard Co.		576,152
	14	Hutchinson Technology, Inc. †		20
	12,865	Intel Corp.		342,852
	107	International Business Machines Corp.		20,927
	2,450	Lam Research Corp. †		92,463
	1,184	Magnachip Semiconductor Corp. †		11,284
	16,295	Microsoft Corp.		498,464
	20,000	Oracle Corp.		594,000
	90	PRGX Global, Inc. †		715
	3,300	Skyworks Solutions, Inc. † (a)		90,321
	14,825	TE Connectivity, Ltd.		473,066
				4,551,826
Materials — 5.2%
	1,100	Agrium, Inc.(a)		97,317
	2,400	Ashland, Inc.(a)		166,344
	480	Buckeye Technologies, Inc.		13,675
	3,471	Cabot Corp.		141,270
	1,030	CF Industries Holdings, Inc.		199,552
	2,712	Chemtura Corp. †		39,324
	1,838	Domtar Corp.		140,993
	2,338	Eastman Chemical Co.		117,765
	5,700	Freeport-McMoRan Copper & Gold, Inc.		194,199
	7,855	Huntsman Corp.		101,644
	8,345	LyondellBasell Industries NV, Class A		336,053
	4,545	PPG Industries, Inc.		482,315
	3,086	Spartech Corp. †		15,955

Shares			Value
Materials (continued)
	3,125	Weyerhaeuser Co.	$	69,875
				2,116,281
Telecommunication Services — 1.6%
	10,700	AT&T, Inc.		381,562
	2,931	Telephone & Data Systems, Inc.		62,401
	4,153	Verizon Communications, Inc.		184,559
				628,522
Utilities — 3.9%
	2,150	Energen Corp.		97,030
	6,075	Entergy Corp.		412,432
	110	FirstEnergy Corp.		5,411
	7,000	NiSource, Inc.(a)		173,250
	1,123	NRG Energy, Inc. †		19,495
	5,751	Portland General Electric Co.		153,321
	11,800	PPL Corp.		328,158
	6,733	Public Service Enterprise Group, Inc.		218,823
	3,400	Southern Co.		157,420
				1,565,340
Total Common Stock (Cost $36,996,563)				40,004,959

SHORT-TERM INVESTMENTS — 22.6%
	8,530,515	Northern Trust Institutional Liquid Asset Portfolio, 0.010% (b) (c)		8,530,515
	580,089	Northern Trust Institutional Government Select Portfolio, 0.010% (c)		580,089

Total Short-Term Investments
(Cost $9,110,604)				9,110,604
Total Investments — 121.9%
(Cost $46,107,167)				49,115,563
Other Assets & Liabilities, Net — (21.9)%				(8,826,560	)
NET ASSETS — 100.0%			$	40,289,003

†	Non-income producing security.
††	More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
(a)	This security or a partial position of this security is on loan at June 30, 2012. The total market value of securities on loan at June 30, 2012 was $8,532,982.
(b)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2012 was $8,530,515.
(c)	Rate shown is the 7-day effective yield as of June 30, 2012.

ADR — American Depositary Receipt

Ltd.— Limited

PLC— Public Limited Company

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value

COMMON STOCK — 99.2%
Consumer Discretionary — 21.9%
	1,280	Aeropostale, Inc. †	$	22,822
	1,606	AFC Enterprises, Inc. † (a)		37,163
	310	American Greetings Corp., Class A		4,532
	170	American Public Education, Inc. † (a)		5,440
	240	America's Car-Mart, Inc. † (a)		9,324
	1,080	Amerigon, Inc. † (a)		12,409
	3,816	Ameristar Casinos, Inc.		67,810
	1,072	ANN, Inc. †		27,325
	610	Arbitron, Inc.		21,350
	480	Arctic Cat, Inc. †		17,549
	580	Asbury Automotive Group, Inc. †		13,740
	2,050	Ascena Retail Group, Inc. †		38,171
	240	Belo Corp., Class A		1,546
	30	Biglari Holdings, Inc. † (a)		11,592
	110	Bob Evans Farms, Inc.		4,422
	1,100	Bridgepoint Education, Inc. † (a)		23,980
	593	Brunswick Corp.		13,176
	430	Buckle, Inc. (The)		17,015
	760	Cabela's, Inc. †		28,736
	430	Capella Education Co. †		14,947
	440	Carmike Cinemas, Inc. †		6,446
	170	Carter's, Inc. †		8,942
	160	Cato Corp. (The), Class A		4,874
	20	CEC Entertainment, Inc.		727
	2,212	Cheesecake Factory, Inc. (The) †		70,696
	1,014	Cherokee, Inc.(a)		14,125
	920	Cinemark Holdings, Inc.		21,022
	577	Coinstar, Inc. † (a)		39,617
	350	Conn's, Inc. †		5,180
	900	Cost Plus, Inc. †		19,800
	781	Cracker Barrel Old Country Store, Inc.		49,047
	1,000	CROCS, Inc. †		16,150
	917	Dana Holding Corp.		11,747
	520	Destination Maternity Corp.(a)		11,232
	650	DineEquity, Inc. †		29,016
	1,188	Domino's Pizza, Inc.(a)		36,721
	160	Dorman Products, Inc. †		4,014
	448	Ethan Allen Interiors, Inc.		8,929
	1,217	Express, Inc. †		22,113
	320	Finish Line, Inc. (The), Class A		6,691
	60	Francesca's Holdings Corp. †		1,621
	190	GNC Holdings, Inc., Class A		7,448
	220	hhgregg, Inc. † (a)		2,488
	720	Hibbett Sports, Inc. †		41,551
	110	Hillenbrand, Inc.		2,022
	1,160	Hot Topic, Inc.		11,240
	1,000	HSN, Inc.		40,350
	230	iRobot Corp. †		5,095
	377	JOS A Bank Clothiers, Inc. †		16,008
	1,410	Leapfrog Enterprises, Inc., Class A † (a)		14,467
	120	Libbey, Inc. †		1,844
	600	Life Time Fitness, Inc. † (a)		27,906
	490	Lions Gate Entertainment Corp. †		7,223
	212	Lumber Liquidators Holdings, Inc. † (a)		7,164
	1,930	MDC Partners, Inc., Class A		21,886
	80	Men's Wearhouse, Inc. (The)		2,251
	500	Monro Muffler Brake, Inc.		16,620
	220	Movado Group, Inc.		5,504
	710	Multimedia Games, Inc. †		9,940
	810	National CineMedia, Inc.		12,288
	746	New York & Co., Inc. †		2,596

Shares			Value
Consumer Discretionary (continued)
	660	Nexstar Broadcasting Group, Inc., Class A † (a)	$	4,448
	2,690	Orbitz Worldwide, Inc. † (a)		9,818
	315	Overstock.com, Inc. †		2,177
	130	Oxford Industries, Inc.		5,811
	799	Papa John's International, Inc. †		38,008
	60	Penske Automotive Group, Inc.(a)		1,274
	1,960	PetMed Express, Inc.		23,834
	20	PF Chang's China Bistro, Inc.		1,029
	2,210	Pier 1 Imports, Inc.		36,310
	600	Pool Corp.(a)		24,276
	340	Red Robin Gourmet Burgers, Inc. †		10,373
	100	Rue21, Inc. †		2,524
	90	Ruth's Hospitality Group, Inc. †		594
	1,390	Select Comfort Corp. † (a)		29,079
	900	Sinclair Broadcast Group, Inc., Class A		8,154
	349	Six Flags Entertainment Corp.		18,909
	1,190	Smith & Wesson Holding Corp. †		9,889
	538	Sotheby's		17,947
	150	Steven Madden, Ltd. †		4,763
	220	Strayer Education, Inc.		23,984
	710	Sturm Ruger & Co., Inc.		28,506
	846	Tenneco, Inc. †		22,690
	400	Texas Roadhouse, Inc., Class A		7,372
	1,050	Town Sports International Holdings, Inc. † (a)		13,955
	300	True Religion Apparel, Inc.(a)		8,694
	2,500	Valassis Communications, Inc. †		54,375
	100	Vera Bradley, Inc. † (a)		2,108
	260	Vitamin Shoppe, Inc. † (a)		14,282
	206	Warnaco Group, Inc. (The) †		8,771
	522	Winmark Corp.		30,563
	120	Winnebago Industries, Inc. †		1,223
	419	Zumiez, Inc. †		16,593
				1,519,983
Consumer Staples — 5.7%
	290	B&G Foods, Inc., Class A(a)		7,714
	266	Boston Beer Co., Inc., Class A †		32,186
	200	Calavo Growers, Inc.		5,116
	160	Cal-Maine Foods, Inc.		6,256
	460	Casey's General Stores, Inc.		27,135
	370	Darling International, Inc. †		6,101
	340	Elizabeth Arden, Inc. †		13,195
	90	Fresh Market, Inc. (The) † (a)		4,827
	230	Hain Celestial Group, Inc. (The) †		12,659
	452	Harris Teeter Supermarkets, Inc.		18,528
	110	Lancaster Colony Corp.		7,833
	100	Medifast, Inc. † (a)		1,968
	749	Nature's Sunshine Products, Inc.		11,310
	502	Nu Skin Enterprises, Inc., Class A(a)		23,544
	350	Omega Protein Corp. †		2,576
	210	Orchids Paper Products Co.		3,713
	472	Pantry, Inc. (The) †		6,938
	190	Pricesmart, Inc.		12,827
	4,590	Rite Aid Corp. †		6,426
	310	Roundy's, Inc.		3,165
	430	Sanderson Farms, Inc.		19,703
	1,490	Smart Balance, Inc. † (a)		13,991
	980	Snyders-Lance, Inc.		24,725
	340	Spectrum Brands Holdings, Inc. †		11,074
	120	Susser Holdings Corp. †		4,460
	110	Tootsie Roll Industries, Inc.		2,625
	250	TreeHouse Foods, Inc. †		15,573
	480	United Natural Foods, Inc. †		26,333

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Consumer Staples (continued)
	600	USANA Health Sciences, Inc. † (a)	$	24,672
	1,397	Vector Group, Ltd.(a)		23,777
	260	WD-40 Co.		12,951
	360	Westway Group, Inc. † (a)		2,156
				396,057
Energy — 3.0%
	1,087	Alon USA Energy, Inc.		9,196
	295	Berry Petroleum Co., Class A		11,700
	2,120	BPZ Resources, Inc. †		5,363
	294	Contango Oil & Gas Co. † (a)		17,405
	1,055	Crosstex Energy, Inc.(a)		14,770
	1,152	CVR Energy, Inc. †		30,620
	47	Dril-Quip, Inc. †		3,083
	904	Energy XXI Bermuda, Ltd.(a)		28,286
	1,670	ION Geophysical Corp. †		11,005
	580	Magnum Hunter Resources Corp. † (a)		2,424
	522	Rosetta Resources, Inc. †		19,126
	420	Targa Resources Corp.		17,934
	128	Vaalco Energy, Inc. † (a)		1,105
	1,773	Western Refining, Inc.		39,485
				211,502
Financials — 10.0%
	660	American Assets Trust, Inc.		16,005
	150	American Campus Communities, Inc.		6,747
	60	American Capital Mortgage Investment Corp.		1,433
	210	American Safety Insurance Holdings, Ltd. †		3,937
	230	Amtrust Financial Services, Inc.		6,833
	200	Apollo Residential Mortgage, Inc.(a)		3,856
	640	Bank of the Ozarks, Inc.		19,251
	150	BofI Holding, Inc. †		2,964
	350	Cash America International, Inc.(a)		15,414
	2,674	CBL & Associates Properties, Inc.		52,250
	90	Cohen & Steers, Inc.(a)		3,106
	213	Credit Acceptance Corp. †		17,915
	1,360	DFC Global Corp. † (a)		25,065
	236	Diamond Hill Investment Group, Inc.		18,477
	896	Duff & Phelps Corp., Class A(a)		12,992
	230	DuPont Fabros Technology, Inc.(a)		6,569
	100	EastGroup Properties, Inc.		5,330
	690	Employers Holdings, Inc.		12,448
	550	Encore Capital Group, Inc. †		16,291
	510	Enterprise Financial Services Corp.		5,590
	230	Epoch Holding Corp.(a)		5,239
	430	Extra Space Storage, Inc.		13,158
	2,460	FelCor Lodging Trust, Inc. † (a)		11,562
	230	First Cash Financial Services, Inc. †		9,239
	380	First Financial Bankshares, Inc.		13,133
	2,840	Glimcher Realty Trust		29,025
	1,430	Greenlight Capital Re, Ltd., Class A † (a)		36,351
	820	HFF, Inc., Class A † (a)		11,431
	520	Highwoods Properties, Inc.		17,498
	70	Home Properties, Inc.		4,295
	1,470	Investors Bancorp, Inc. † (a)		22,182
	1,120	Investors Real Estate Trust		8,848
	100	Manning & Napier, Inc., Class A(a)		1,423
	320	MarketAxess Holdings, Inc.		8,525
	450	Montpelier Re Holdings, Ltd.		9,580
	383	National Health Investors, Inc.		19,502
	190	Navigators Group, Inc. †		9,510
	171	Netspend Holdings, Inc. † (a)		1,572
	1,340	Omega Healthcare Investors, Inc.		30,150
	350	Oritani Financial Corp.(a)		5,036

Shares			Value
Financials (continued)
	130	PS Business Parks, Inc.	$	8,804
	420	S.Y. Bancorp, Inc.		10,059
	200	Saul Centers, Inc.		8,574
	160	Signature Bank †		9,755
	3,870	Strategic Hotels & Resorts, Inc. †		25,000
	605	SVB Financial Group † (a)		35,526
	340	Taylor Capital Group, Inc. †		5,573
	250	Universal Health Realty Income Trust(a)		10,382
	370	Westamerica Bancorporation		17,460
	639	World Acceptance Corp. †		42,046
				692,911
Health Care — 21.1%
	169	Accretive Health, Inc. † (a)		1,852
	1,249	Acorda Therapeutics, Inc. †		29,426
	220	Affymax, Inc. † (a)		2,834
	298	Air Methods Corp. †		29,279
	1,615	Akorn, Inc. †		25,469
	900	Align Technology, Inc. †		30,114
	414	Alkermes PLC † (a)		7,026
	70	Alnylam Pharmaceuticals, Inc. † (a)		817
	750	AMN Healthcare Services, Inc. †		4,448
	1,530	Arena Pharmaceuticals, Inc. †		15,269
	420	Ariad Pharmaceuticals, Inc. †		7,228
	1,056	ArthroCare Corp. †		30,920
	464	athenahealth, Inc. † (a)		36,735
	460	Auxilium Pharmaceuticals, Inc. †		12,369
	626	Bio-Reference Labs, Inc. † (a)		16,451
	520	BioScrip, Inc. † (a)		3,864
	1,000	CardioNet, Inc. †		2,030
	906	Centene Corp. †		27,325
	588	Cepheid, Inc. †		26,313
	450	Cerus Corp. †		1,494
	880	Chemed Corp.(a)		53,187
	60	Computer Programs & Systems, Inc.		3,433
	567	Corvel Corp. †		27,783
	1,273	Cubist Pharmaceuticals, Inc. †		48,259
	1,040	Curis, Inc. †		5,616
	530	Cyberonics, Inc. †		23,818
	1,409	Depomed, Inc. †		8,017
	120	Derma Sciences, Inc. †		1,142
	300	Discovery Laboratories, Inc. †		696
	1,490	Dusa Pharmaceuticals, Inc. †		7,778
	1,731	DynaVox, Inc., Class A †		1,939
	342	Emergent Biosolutions, Inc. †		5,181
	400	Emeritus Corp. †		6,732
	90	Ensign Group, Inc. (The)		2,544
	1,700	EnteroMedics, Inc. † (a)		5,865
	300	ExamWorks Group, Inc. †		3,969
	290	Exelixis, Inc. † (a)		1,604
	378	Haemonetics Corp. †		28,014
	30	Hanger Orthopedic Group, Inc. †		769
	80	HealthSouth Corp. †		1,861
	150	HealthStream, Inc. † (a)		3,900
	80	HeartWare International, Inc. †		7,104
	60	Hi-Tech Pharmacal Co., Inc. † (a)		1,944
	552	HMS Holdings Corp. † (a)		18,387
	180	ICU Medical, Inc. † (a)		9,608
	680	Immunogen, Inc. † (a)		11,410
	690	Impax Laboratories, Inc. †		13,959
	750	Incyte Corp., Ltd. † (a)		17,025
	370	Infinity Pharmaceuticals, Inc. † (a)		5,017
	100	Insulet Corp. †		2,137
	160	Invacare Corp.		2,469
	542	Jazz Pharmaceuticals PLC † (a)		24,395

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Health Care (continued)
	190	LHC Group, Inc. †	$	3,222
	140	MAP Pharmaceuticals, Inc. † (a)		2,097
	860	MedAssets, Inc. †		11,567
	821	Medicines Co. (The) †		18,834
	1,225	Medicis Pharmaceutical Corp., Class A		41,834
	205	Medidata Solutions, Inc. † (a)		6,697
	210	Medivation, Inc. † (a)		19,194
	390	Mediware Information Systems †		5,694
	1,070	Merge Healthcare, Inc. †		3,060
	2,520	Metropolitan Health Networks, Inc. †		24,116
	140	MModal, Inc. † (a)		1,817
	410	Molina Healthcare, Inc. † (a)		9,619
	658	Momenta Pharmaceuticals, Inc. †		8,896
	90	MWI Veterinary Supply, Inc. †		9,249
	378	Neurocrine Biosciences, Inc. † (a)		2,990
	360	NPS Pharmaceuticals, Inc. † (a)		3,100
	470	NuVasive, Inc. †		11,919
	1,041	NxStage Medical, Inc. † (a)		17,447
	1,268	Obagi Medical Products, Inc. †		19,362
	160	Omeros Corp. †		1,600
	821	Omnicell, Inc. †		12,020
	170	Oncothyreon, Inc. †		796
	226	Onyx Pharmaceuticals, Inc. †		15,018
	300	Optimer Pharmaceuticals, Inc. † (a)		4,656
	490	Orthofix International NV † (a)		20,213
	740	Owens & Minor, Inc.		22,666
	1,044	Par Pharmaceutical Cos., Inc. †		37,730
	470	PAREXEL International Corp. †		13,268
	7,720	PDL BioPharma, Inc.(a)		51,184
	112	Pernix Therapeutics Holdings †		816
	830	Pharmacyclics, Inc. †		45,326
	190	Pozen, Inc. † (a)		1,186
	672	Progenics Pharmaceuticals, Inc. †		6,572
	360	Providence Service Corp. (The) †		4,936
	175	PSS World Medical, Inc. † (a)		3,673
	846	Quality Systems, Inc.		23,274
	1,025	Questcor Pharmaceuticals, Inc. † (a)		54,571
	833	RTI Biologics, Inc. †		3,132
	446	Salix Pharmaceuticals, Ltd. †		24,280
	1,340	Sciclone Pharmaceuticals, Inc. † (a)		9,393
	110	Seattle Genetics, Inc. †		2,793
	1,131	Select Medical Holdings Corp. † (a)		11,434
	310	Skilled Healthcare Group, Inc., Class A † (a)		1,947
	2,304	Spectrum Pharmaceuticals, Inc. † (a)		35,850
	449	Staar Surgical Co. †		3,489
	790	STERIS Corp.		24,782
	2,340	Sunrise Senior Living, Inc. † (a)		17,059
	830	SurModics, Inc. †		14,359
	400	Synergetics USA, Inc. †		1,784
	1,155	Team Health Holdings, Inc. †		27,824
	230	Theravance, Inc. † (a)		5,111
	130	Utah Medical Products, Inc.		4,359
	690	Vivus, Inc. †		19,693
	892	WellCare Health Plans, Inc. † (a)		47,276
	119	West Pharmaceutical Services, Inc.		6,008
				1,467,617
Industrials — 14.2%
	726	3D Systems Corp. † (a)		24,786
	280	Acacia Research-Acacia Technologies †		10,427
	180	Acuity Brands, Inc.(a)		9,164
	320	Advisory Board Co. (The) † (a)		15,869
	993	Aircastle, Ltd.(a)		11,966
	890	Alaska Air Group, Inc. †		31,951

Shares			Value
Industrials (continued)
	401	Allegiant Travel Co., Class A †	$	27,941
	110	Applied Industrial Technologies, Inc.		4,053
	540	Astronics Corp. †		15,250
	2,400	Avis Budget Group, Inc. †		36,480
	290	AZZ, Inc.		17,765
	440	Barrett Business Services, Inc.		9,302
	739	Beacon Roofing Supply, Inc. †		18,638
	600	Brady Corp., Class A		16,506
	420	Casella Waste Systems, Inc., Class A †		2,457
	129	Chart Industries, Inc. † (a)		8,870
	350	CLARCOR, Inc.		16,856
	692	Coleman Cable, Inc.		6,013
	1,348	Deluxe Corp.		33,619
	580	Dollar Thrifty Automotive Group, Inc. †		46,957
	757	DXP Enterprises, Inc. †		31,408
	448	Echo Global Logistics, Inc. † (a)		8,539
	460	Exponent, Inc. † (a)		24,302
	74	H&E Equipment Services, Inc. †		1,112
	703	HEICO Corp.		27,782
	939	Hexcel Corp. †		24,217
	440	Hub Group, Inc., Class A †		15,928
	20	Huron Consulting Group, Inc. †		633
	810	Innerworkings, Inc. † (a)		10,959
	808	Insperity, Inc.(a)		21,857
	830	Intersections, Inc.		13,156
	170	Kaman Corp.		5,260
	1,780	Knight Transportation, Inc.		28,462
	50	MasTec, Inc. †		752
	161	Middleby Corp. †		16,037
	292	Mueller Industries, Inc.		12,436
	400	National Presto Industries, Inc.		27,908
	580	Old Dominion Freight Line, Inc. †		25,108
	980	Pacer International, Inc. †		5,312
	410	Park-Ohio Holdings Corp. †		7,802
	160	Patrick Industries, Inc. †		2,040
	200	Portfolio Recovery Associates, Inc. †		18,252
	330	Primoris Services Corp.(a)		3,960
	159	RBC Bearings, Inc. † (a)		7,521
	980	Republic Airways Holdings, Inc. †		5,439
	150	Roadrunner Transportation Systems, Inc. †		2,533
	520	Saia, Inc. † (a)		11,383
	472	Sauer-Danfoss, Inc.		16,487
	40	SeaCube Container Leasing, Ltd.		683
	530	SkyWest, Inc.		3,461
	430	Spirit Airlines, Inc. †		8,368
	135	Standard Parking Corp. †		2,905
	619	Sun Hydraulics Corp.		15,035
	300	Sypris Solutions, Inc.		2,091
	1,496	TAL International Group, Inc.		50,101
	4,030	Taser International, Inc. † (a)		21,117
	443	Tennant Co.		17,698
	597	Textainer Group Holdings, Ltd.(a)		22,029
	108	Titan International, Inc.(a)		2,649
	439	Trimas Corp. †		8,824
	80	TrueBlue, Inc. † (a)		1,238
	50	United Rentals, Inc. †		1,702
	1,390	US Airways Group, Inc. † (a)		18,529
	400	USG Corp. †		7,620
	690	Wabash National Corp. †		4,568
	296	Watsco, Inc.		21,845
	440	Werner Enterprises, Inc.		10,512
	488	Woodward Governor Co.		19,247
	390	XPO Logistics, Inc. †		6,552
				988,229

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments

June 30, 2012
(Unaudited)

Shares				Value
Information Technology — 20.1%
	298	ADTRAN, Inc.(a)		$	8,997
	1,069	Advent Software, Inc. †			28,981
	170	American Software, Inc., Class A			1,352
	341	Ancestry.com, Inc. †			9,388
	459	Anixter International, Inc.			24,350
	130	Aspen Technology, Inc. †			3,009
	760	Blackbaud, Inc.			19,509
	20	BroadSoft, Inc. † (a)	��		579
	479	Cabot Microelectronics Corp.(a)			13,991
	130	CACI International, Inc., Class A †			7,153
	1,140	CalAmp Corp. †			8,356
	180	Calix, Inc. † (a)			1,480
	1,062	Cardtronics, Inc. †			32,083
	1,177	Cirrus Logic, Inc. †			35,169
	296	Coherent, Inc. †			12,817
	426	CommVault Systems, Inc. †			21,117
	300	Constant Contact, Inc. †			5,364
	743	CSG Systems International, Inc. †			12,839
	224	Cymer, Inc. †			13,205
	2,260	Datalink Corp. †			21,583
	400	Dice Holdings, Inc. †			3,756
	1,000	Dot Hill Systems Corp. †			1,140
	163	DTS, Inc. † (a)			4,251
	90	Electronics for Imaging, Inc. †			1,462
	1,370	Entegris, Inc. †			11,700
	1,160	Exar Corp. †			9,466
	50	ExlService Holdings, Inc. †			1,232
	100	Fabrinet † (a)			1,255
	1,144	Fair Isaac Corp.			48,368
	79	FARO Technologies, Inc. †			3,324
	545	FEI Co.(a)			26,073
	140	Finisar Corp. † (a)			2,094
	792	Forrester Research, Inc.			26,817
	2,940	Global Cash Access Holdings, Inc. †			21,197
	2,601	GT Advanced Technologies, Inc. † (a)			13,733
	353	Hackett Group, Inc. (The) †			1,966
	1,594	Heartland Payment Systems, Inc.			47,948
	121	Hittite Microwave Corp. †			6,185
	190	iGATE Corp. †			3,234
	440	Innodata, Inc. †			3,010
	250	InterDigital, Inc.(a)			7,378
	1,839	j2 Global, Inc.(a)			48,586
	955	Jack Henry & Associates, Inc.			32,967
	380	Kenexa Corp. †			11,031
	450	KEY Tronic Corp. †			3,708
	130	Liquidity Services, Inc. † (a)			6,655
	160	Littelfuse, Inc.			9,102
	645	LivePerson, Inc. †			12,294
	150	Loral Space & Communications, Inc.			10,102
	911	Manhattan Associates, Inc. †			41,642
	720	MAXIMUS, Inc.			37,260
	1,110	Mentor Graphics Corp. †			16,650
	320	Micrel, Inc.			3,050
	274	Microsemi Corp. †			5,066
	120	MicroStrategy, Inc., Class A †			15,583
	220	MIPS Technologies, Inc., Class A †			1,467
	72	Monolithic Power Systems, Inc. †		��	1,431
	660	MTS Systems Corp.			25,443
	390	NeoPhotonics Corp. † (a)			1,927
	762	Netgear, Inc. †			26,297
	285	Netscout Systems, Inc. †			6,153
	144	Newport Corp. †			1,731
	1,130	NIC, Inc.(a)			14,351
	268	OpenTable, Inc. †			12,063
	180	Oplink Communications, Inc. † (a)			2,435

Shares			Value
Information Technology (continued)
	110	OSI Systems, Inc. †	$	6,967
	300	Parametric Technology Corp. †		6,288
	1,047	Plantronics, Inc.		34,970
	1,775	Plexus Corp. †		50,055
	2,675	PRGX Global, Inc. †		21,266
	741	Progress Software Corp. †		15,465
	340	QLIK Technologies, Inc. †		7,521
	1,343	Quest Software, Inc. † (a)		37,403
	50	RealD, Inc. † (a)		748
	60	Saba Software, Inc. †		557
	596	Scansource, Inc. †		18,262
	107	SolarWinds, Inc. †		4,661
	130	Sourcefire, Inc. † (a)		6,682
	270	Stamps.com, Inc. †		6,661
	500	STEC, Inc. †		3,900
	10	Stratasys, Inc. †		496
	814	Synaptics, Inc. † (a)		23,305
	309	Syntel, Inc.(a)		18,756
	350	Take-Two Interactive Software, Inc. †		3,311
	700	TeleNav, Inc. †		4,291
	1,384	TeleTech Holdings, Inc. †		22,144
	810	Telular Corp.		7,484
	220	Tessco Technologies, Inc.		4,851
	300	TiVo, Inc. †		2,481
	550	TNS, Inc. †		9,867
	170	Travelzoo, Inc. † (a)		3,862
	930	Tyler Technologies, Inc. †		37,525
	300	Ultimate Software Group, Inc. †		26,736
	580	Unisys Corp. †		11,339
	160	Universal Display Corp. † (a)		5,750
	675	ValueClick, Inc. † (a)		11,063
	158	VASCO Data Security International, Inc. † (a)		1,292
	586	Veeco Instruments, Inc. †		20,135
	100	Verint Systems, Inc. †		2,951
	250	VirnetX Holding Corp. † (a)		8,812
	110	Virtusa Corp. † (a)		1,469
	170	Web.com Group, Inc. † (a)		3,114
	897	Websense, Inc. †		16,801
	320	Wright Express Corp. † (a)		19,750
	3,030	XO Group, Inc. †		26,876
	2,670	Zix Corp. †		6,942
				1,396,714
Materials — 2.4%
	874	AEP Industries, Inc. †		38,063
	230	American Vanguard Corp.		6,116
	120	Arabian American Development Co. †		1,163
	150	Buckeye Technologies, Inc.		4,273
	420	Chemtura Corp. †		6,090
	750	Coeur d'Alene Mines Corp. †		13,170
	260	Flotek Industries, Inc. †		2,428
	430	FutureFuel Corp.		4,519
	274	HB Fuller Co.		8,412
	260	Headwaters, Inc. † (a)		1,339
	344	Innophos Holdings, Inc.		19,422
	60	Innospec, Inc. † (a)		1,777
	446	Koppers Holdings, Inc.		15,164
	303	LSB Industries, Inc. †		9,366
	660	Myers Industries, Inc.		11,325
	30	NewMarket Corp.		6,498
	170	Omnova Solutions, Inc. †		1,282
	70	PH Glatfelter Co.		1,146
	80	Schweitzer-Mauduit International, Inc.		5,451
	230	TPC Group, Inc. †		8,498

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Materials (continued)
	390	Wausau Paper Corp.	$	3,795
				169,297
Telecommunication Services — 0.6%
	1,231	Cogent Communications Group, Inc. † (a)		23,697
	462	General Communication, Inc., Class A †		3,839
	1,010	IDT Corp., Class B		9,908
	508	Lumos Networks Corp.		4,801
				42,245
Utilities — 0.2%
	490	California Water Service Group		9,050
	150	Otter Tail Corp.		3,430
	140	York Water Co.		2,505
				14,985
Total Common Stock (Cost $5,993,159)				6,899,540

SHORT-TERM INVESTMENTS — 48.6%
	3,313,647	Northern Trust Institutional Liquid Asset Portfolio, 0.010% (b) (c)		3,313,647
	59,583	Northern Trust Institutional Government Select Portfolio, 0.010% (c)		59,583

Total Short-Term Investments
(Cost $3,373,230)				3,373,230
Total Investments — 147.8%
(Cost $9,366,389)				10,272,770
Other Assets & Liabilities, Net — (47.8)%				(3,320,069	)
NET ASSETS — 100.0%			$	6,952,701

†	Non-income producing security.
(a)	This security or a partial position of this security is on loan at June 30, 2012. The total market value of securities on loan at June 30, 2012 was $3,357,803.
(b)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2012 was $3,313,647.
(c)	Rate shown is the 7-day effective yield as of June 30, 2012.

Ltd.— Limited

PLC— Public Limited Company

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value

COMMON STOCK — 99.6% ††
Consumer Discretionary — 15.1%
	2,410	American Greetings Corp., Class A	$	35,234
	560	America's Car-Mart, Inc. †		21,756
	2,175	Ameristar Casinos, Inc.		38,650
	210	ANN, Inc. †		5,353
	400	Arctic Cat, Inc. †		14,624
	1,050	Asbury Automotive Group, Inc. †		24,874
	1,900	Bassett Furniture Industries, Inc.		19,589
	60	Biglari Holdings, Inc. †		23,183
	1,223	Bob Evans Farms, Inc.		49,165
	2,050	Boyd Gaming Corp. †		14,760
	420	Brown Shoe Co., Inc.		5,422
	1,412	Cabela's, Inc. †		53,388
	600	Carriage Services, Inc., Class A		4,992
	629	Cherokee, Inc.		8,762
	100	Coinstar, Inc. † (a)		6,866
	690	Collective Brands, Inc. †		14,780
	413	Conn's, Inc. †		6,112
	200	Core-Mark Holding Co., Inc.		9,628
	140	Cost Plus, Inc. †		3,080
	675	Cracker Barrel Old Country Store, Inc.		42,390
	650	CSS Industries, Inc.		13,358
	2,510	Dana Holding Corp.		32,153
	380	Destination Maternity Corp.		8,208
	273	Dillard's, Inc., Class A		17,384
	160	DineEquity, Inc. †		7,142
	1,151	Domino's Pizza, Inc.		35,577
	470	Ethan Allen Interiors, Inc.		9,367
	480	Express, Inc. †		8,722
	1,866	Finish Line, Inc. (The), Class A		39,018
	500	Flexsteel Industries, Inc.		9,890
	360	G-III Apparel Group, Ltd. †		8,528
	670	Group 1 Automotive, Inc.		30,559
	1,922	hhgregg, Inc. † (a)		21,738
	400	Hibbett Sports, Inc. †		23,084
	366	Hooker Furniture Corp.		4,315
	1,320	Hot Topic, Inc.		12,791
	250	HSN, Inc.		10,087
	1,470	Iconix Brand Group, Inc. †		25,681
	460	Jakks Pacific, Inc.		7,365
	1,100	Lifetime Brands, Inc.		13,717
	1,070	Lincoln Educational Services Corp.		6,955
	820	Lithia Motors, Inc., Class A		18,901
	530	Marriott Vacations Worldwide Corp. †		16,419
	210	MDC Holdings, Inc.		6,861
	730	MDC Partners, Inc., Class A		8,278
	682	Men's Wearhouse, Inc. (The)		19,191
	762	Multimedia Games, Inc. †		10,668
	4,678	New York & Co., Inc. †		16,279
	1,910	New York Times Co. (The), Class A †		14,898
	2,540	Nexstar Broadcasting Group, Inc., Class A †		17,120
	2,060	Orbitz Worldwide, Inc. †		7,519
	970	Penske Automotive Group, Inc.		20,603
	290	Perry Ellis International, Inc. †		6,018
	2,010	Pier 1 Imports, Inc.		33,024
	2,390	Reading International, Inc., Class A †		12,930
	850	Red Robin Gourmet Burgers, Inc. †		25,934
	310	Regis Corp.		5,568
	1,000	Rent-A-Center, Inc., Class A		33,740
	1,149	Saks, Inc. † (a)		12,237
	1,767	Scholastic Corp.		49,759

Shares			Value
Consumer Discretionary (continued)
	680	Select Comfort Corp. †	$	14,226
	2,950	Sinclair Broadcast Group, Inc., Class A		26,727
	340	Skechers U.S.A., Inc., Class A †		6,926
	2,170	Sonic Automotive, Inc., Class A		29,664
	1,892	Spartan Motors, Inc.		9,914
	430	Stein Mart, Inc. †		3,418
	770	Sturm Ruger & Co., Inc.		30,915
	1,140	Superior Industries International, Inc.		18,662
	911	Tenneco, Inc. †		24,433
	770	Valassis Communications, Inc. †		16,747
	430	VOXX International Corp., Class A †		4,008
	480	Winnebago Industries, Inc. †		4,891
	3,200	Zale Corp. †		8,608
	500	Zumiez, Inc. †		19,800
				1,303,133
Consumer Staples — 4.5%
	240	Andersons, Inc. (The)		10,239
	405	Hain Celestial Group, Inc. (The) †		22,291
	1,210	Ingles Markets, Inc., Class A		19,396
	320	John B. Sanfilippo & Son, Inc. †		5,712
	670	Medifast, Inc. †		13,185
	520	Nash Finch Co.		11,170
	989	Nature's Sunshine Products, Inc.		14,934
	200	Nu Skin Enterprises, Inc., Class A		9,380
	1,170	Omega Protein Corp. †		8,611
	4,907	Pantry, Inc. (The) †		72,133
	2,322	Revlon, Inc., Class A †		33,042
	6,070	Rite Aid Corp. †		8,498
	3,139	Smart Balance, Inc. †		29,476
	170	Snyders-Lance, Inc.		4,289
	454	Susser Holdings Corp. †		16,875
	366	TreeHouse Foods, Inc. †		22,798
	540	Universal Corp.		25,018
	990	USANA Health Sciences, Inc. † (a)		40,709
	300	Weis Markets, Inc.		13,356
	690	Westway Group, Inc. †		4,133
				385,245
Energy — 2.4%
	976	Alon USA Energy, Inc.		8,257
	2,150	Amyris, Inc. †		9,524
	228	Bristow Group, Inc.		9,273
	1,710	Crosstex Energy, Inc.		23,940
	1,280	CVR Energy, Inc. †		34,022
	2,169	Delek US Holdings, Inc.		38,153
	883	Helix Energy Solutions Group, Inc. †		14,490
	999	REX American Resources Corp. †		19,500
	1,217	Vaalco Energy, Inc. †		10,503
	1,865	Western Refining, Inc.		41,534
				209,196
Financials — 41.8%
	200	Agree Realty Corp.		4,426
	1,350	Alterra Capital Holdings, Ltd.		31,523
	6,399	American Equity Investment Life Holding Co.		70,453
	936	American Safety Insurance Holdings, Ltd. †		17,550
	470	Amerisafe, Inc. †		12,196
	1,160	Anworth Mortgage Asset Corp.		8,178
	8,650	Apollo Investment Corp. †		66,432
	340	Argo Group International Holdings, Ltd.		9,952
	590	Arlington Asset Investment Corp., Class A		12,809

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Financials (continued)
	1,220	ARMOUR Residential REIT, Inc.	$	8,674
	6,430	Ashford Hospitality Trust, Inc.		54,205
	1,390	AV Homes, Inc. †		20,266
	6,127	Banco Latinoamericano de Comercio Exterior SA, Class E		131,302
	237	Bank of Marin Bancorp		8,771
	676	Bank of the Ozarks, Inc.		20,334
	1,680	Banner Corp.		36,809
	531	BofI Holding, Inc. †		10,493
	6,906	Boston Private Financial Holdings, Inc.		61,671
	6,899	Calamos Asset Management, Inc., Class A		78,994
	1,320	CapLease, Inc.		5,478
	1,870	Capstead Mortgage Corp.		26,012
	1,466	Cathay General Bancorp		24,204
	2,228	CBL & Associates Properties, Inc.		43,535
	7,090	Cedar Shopping Centers, Inc.		35,805
	1,507	Centerstate Banks, Inc.		10,775
	1,891	Chemical Financial Corp.		40,657
	200	Chesapeake Lodging Trust		3,444
	4,154	CNO Financial Group, Inc.		32,401
	396	Colonial Properties Trust		8,767
	1,381	Community Bank System, Inc.		37,453
	180	Coresite Realty Corp.		4,647
	1,490	Cousins Properties, Inc.		11,547
	66	Credit Acceptance Corp. †		5,551
	600	CYS Investments, Inc.		8,262
	2,123	DuPont Fabros Technology, Inc.		60,633
	970	Dynex Capital, Inc.		10,069
	870	Eagle Bancorp, Inc. †		13,702
	910	Employers Holdings, Inc.		16,416
	1,329	Entertainment Properties Trust		54,635
	3,634	Equity One, Inc.		77,041
	1,599	FBL Financial Group, Inc., Class A		44,788
	410	First American Financial Corp.		6,954
	10,726	First Busey Corp.		51,807
	245	First Citizens BancShares, Inc., Class A		40,829
	11,715	First Commonwealth Financial Corp.		78,842
	1,617	First Financial Bancorp		25,840
	1,149	First Financial Bankshares, Inc.		39,709
	2,721	First Financial Holdings, Inc.		29,169
	2,070	First Industrial Realty Trust, Inc. †		26,123
	4,200	First Marblehead Corp. (The) †		4,914
	3,961	FirstMerit Corp.		65,436
	3,947	FNB Corp.		42,904
	830	Fox Chase Bancorp, Inc.		11,985
	310	FXCM, Inc., Class A		3,646
	1,491	Glacier Bancorp, Inc.		23,096
	2,760	Gladstone Capital Corp.		21,776
	570	Global Indemnity PLC, Class A †		11,542
	630	Greenlight Capital Re, Ltd., Class A †		16,015
	5,150	Hanmi Financial Corp. †		53,972
	660	Hatteras Financial Corp.		18,876
	1,516	Highwoods Properties, Inc.		51,013
	742	Hudson Valley Holding Corp.		13,430
	339	Infinity Property & Casualty Corp.		19,550
	2,880	Inland Real Estate Corp.		24,134
	1,040	Interactive Brokers Group, Inc., Class A		15,309
	940	Invesco Mortgage Capital, Inc.		17,240
	540	Investment Technology Group, Inc. †		4,968
	7,050	iStar Financial, Inc. †		45,473
	789	Kaiser Federal Financial Group, Inc.		11,662
	700	Kohlberg Capital Corp.		5,082
	770	Lakeland Financial Corp.		20,659
	152	LaSalle Hotel Properties		4,429

Shares			Value
Financials (continued)
	2,558	Lexington Realty Trust	$	21,666
	927	LTC Properties, Inc.		33,632
	5,348	Maiden Holdings, Ltd.		46,421
	400	Marlin Business Services Corp.		6,556
	4,560	MB Financial, Inc.		98,222
	790	MCG Capital Corp.		3,634
	970	Medallion Financial Corp.		10,302
	1,146	Medical Properties Trust, Inc.		11,025
	3,977	MFA Financial, Inc.		31,379
	1,220	Montpelier Re Holdings, Ltd.		25,974
	1,730	MVC Capital, Inc.		22,404
	310	National Financial Partners Corp. †		4,154
	260	National Health Investors, Inc.		13,239
	13,574	National Penn Bancshares, Inc.		129,903
	226	National Retail Properties, Inc.		6,394
	300	Navigators Group, Inc. †		15,015
	1,017	NBT Bancorp, Inc.		21,957
	1,042	Nelnet, Inc., Class A		23,966
	760	New Mountain Finance Corp. †		10,784
	2,750	NGP Capital Resources Co.		19,470
	8,320	NorthStar Realty Finance Corp.		43,430
	1,699	Old National Bancorp		20,405
	950	One Liberty Properties, Inc.		17,889
	277	Oppenheimer Holdings, Inc., Class A		4,354
	1,541	Oritani Financial Corp.		22,175
	640	Orrstown Financial Services, Inc.		5,139
	1,290	Parkway Properties, Inc.		14,758
	1,310	Pennsylvania Real Estate Investment Trust		19,624
	270	PennyMac Mortgage Investment Trust		5,327
	661	PHH Corp. †		11,554
	700	Pinnacle Financial Partners, Inc. †		13,657
	207	Piper Jaffray Cos. †		4,850
	280	Platinum Underwriters Holdings, Ltd.		10,668
	250	Post Properties, Inc.		12,237
	830	Potlatch Corp.		26,510
	760	Primerica †		20,315
	203	ProAssurance Corp.		18,085
	1,661	Provident Financial Services, Inc.		25,496
	1,016	Pzena Investment Management, Inc., Class A		4,501
	3,900	Radian Group, Inc.		12,831
	5,010	RAIT Financial Trust		23,146
	1,991	Redwood Trust, Inc.		24,848
	2,239	Republic Bancorp, Inc., Class A		49,818
	640	Retail Opportunity Investments Corp.(a)		7,718
	342	RLI Corp.		23,324
	810	RLJ Lodging Trust		14,685
	754	S&T Bancorp, Inc.		13,926
	2,951	Safeguard Scientifics, Inc. †		45,682
	140	Safety Insurance Group, Inc.		5,690
	1,540	SeaBright Holdings, Inc.		13,691
	1,050	SI Financial Group, Inc.		12,075
	440	Solar Capital, Ltd.		9,794
	2,430	Southwest Bancorp, Inc. †		22,866
	890	Sovran Self Storage, Inc.		44,580
	720	Starwood Property Trust, Inc.		15,343
	470	Sterling Financial Corp. †		8,878
	1,520	Strategic Hotels & Resorts, Inc. †		9,819
	120	Sun Communities, Inc.		5,309
	6,575	Susquehanna Bancshares, Inc.		67,722
	726	SVB Financial Group †		42,631
	685	SWS Group, Inc.		3,651
	1,600	Symetra Financial Corp.		20,192

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Financials (continued)
	227	Tower Group, Inc.	$	4,737
	2,902	Trustco Bank Corp.		15,845
	1,700	Two Harbors Investment Corp.		17,612
	790	Union First Market Bankshares Corp.		11,415
	480	Walter Investment Management Corp.		11,251
	5,229	Webster Financial Corp.		113,260
	2,180	Western Alliance Bancorp †		20,405
	480	Winthrop Realty Trust		5,837
				3,602,896
Health Care — 7.8%
	660	Amedisys, Inc. †		8,217
	717	Amsurg Corp., Class A †		21,496
	235	Assisted Living Concepts, Inc., Class A		3,342
	921	Centene Corp. †		27,777
	404	Chemed Corp.		24,418
	110	Cubist Pharmaceuticals, Inc. †		4,170
	420	Derma Sciences, Inc. †		3,998
	592	Emergent Biosolutions, Inc. †		8,969
	1,668	HealthSouth Corp. †		38,798
	580	Healthways, Inc. †		4,628
	400	Hi-Tech Pharmacal Co., Inc. †		12,960
	2,473	Magellan Health Services, Inc. †		112,101
	1,634	Maxygen, Inc. †		9,739
	989	Medicis Pharmaceutical Corp., Class A		33,775
	1,199	Molina Healthcare, Inc. †		28,128
	160	National Healthcare Corp.		7,237
	921	Owens & Minor, Inc.		28,210
	580	Par Pharmaceutical Cos., Inc. †		20,961
	5,922	PDL BioPharma, Inc.(a)		39,263
	474	Quality Systems, Inc.		13,040
	334	Questcor Pharmaceuticals, Inc. †		17,782
	5,100	RTI Biologics, Inc. †		19,176
	3,157	Select Medical Holdings Corp. †		31,917
	183	Sirona Dental Systems, Inc. †		8,237
	1,099	Skilled Healthcare Group, Inc., Class A †		6,902
	570	Spectrum Pharmaceuticals, Inc. † (a)		8,869
	1,560	Sun Healthcare Group, Inc. †		13,057
	630	SurModics, Inc. †		10,899
	1,510	Team Health Holdings, Inc. †		36,376
	2,040	Universal American Corp. †		21,481
	1,970	Viropharma, Inc. †		46,689
				672,612
Industrials — 12.9%
	9,669	Aircastle, Ltd.		116,511
	180	Alaska Air Group, Inc. †		6,462
	503	Albany International Corp., Class A		9,411
	600	Allegiant Travel Co., Class A †		41,808
	164	American Science & Engineering, Inc.		9,258
	220	Atlas Air Worldwide Holdings, Inc. †		9,572
	1,216	Belden, Inc.		40,554
	891	Blount International, Inc. †		13,053
	391	Brady Corp., Class A		10,756
	2,889	Briggs & Stratton Corp.		50,529
	1,769	Deluxe Corp.		44,119
	270	Dollar Thrifty Automotive Group, Inc. †		21,859
	855	DXP Enterprises, Inc. †		35,474
	308	EMCOR Group, Inc.		8,569
	1,256	Encore Wire Corp.		33,636
	202	Foster (L.B.) Co., Class A		5,779
	1,174	FTI Consulting, Inc. †		33,752
	539	GenCorp, Inc. †		3,509
	971	Great Lakes Dredge & Dock Corp.		6,913
	710	HEICO Corp.		28,059

Shares			Value
Industrials (continued)
	200	Huron Consulting Group, Inc. †	$	6,330
	1,230	JetBlue Airways Corp. †		6,519
	474	Kaman Corp.		14,666
	1,915	Kelly Services, Inc., Class A		24,723
	323	Korn/Ferry International †		4,635
	819	MasTec, Inc. †		12,318
	554	Michael Baker Corp. †		14,454
	2,787	Miller Industries, Inc.		44,397
	327	Mine Safety Appliances Co.		13,158
	1,759	Mueller Industries, Inc.		74,916
	100	National Presto Industries, Inc.		6,977
	159	Northwest Pipe Co. †		3,857
	997	RailAmerica, Inc. †		24,128
	1,560	Republic Airways Holdings, Inc. †		8,658
	1,099	Rush Enterprises, Inc., Class A †		17,969
	400	Saia, Inc. †		8,756
	110	Sauer-Danfoss, Inc.		3,842
	2,870	SeaCube Container Leasing, Ltd.		48,991
	1,060	Simpson Manufacturing Co., Inc.		31,281
	3,091	SkyWest, Inc.		20,184
	1,068	TAL International Group, Inc.		35,767
	472	Tennant Co.		18,856
	339	Tredegar Corp.		4,936
	1,002	Unifirst Corp.		63,878
	241	United Stationers, Inc.		6,495
	559	Watsco, Inc.		41,254
	1,760	Willis Lease Finance Corp. †		21,683
				1,113,211
Information Technology — 8.0%
	1,726	Acxiom Corp. †		26,080
	1,870	Advanced Energy Industries, Inc. †		25,095
	589	Anixter International, Inc.		31,246
	310	Black Box Corp.		8,897
	309	Blackbaud, Inc.		7,932
	434	CACI International, Inc., Class A †		23,879
	1,500	CIBER, Inc. †		6,465
	356	Coherent, Inc. †		15,415
	1,500	Comtech Telecommunications Corp.		42,870
	493	Cray, Inc. †		5,955
	750	Datalink Corp. †		7,163
	1,400	Earthlink, Inc.		10,416
	2,930	Entegris, Inc. †		25,022
	100	Fair Isaac Corp.		4,228
	523	First Solar, Inc. †		7,876
	162	Forrester Research, Inc.		5,485
	1,658	GT Advanced Technologies, Inc. †		8,754
	1,989	Insight Enterprises, Inc. †		33,475
	663	Mantech International Corp., Class A		15,561
	410	MKS Instruments, Inc.		11,861
	1,106	Monotype Imaging Holdings, Inc. †		18,548
	341	MTS Systems Corp.		13,145
	480	Nanometrics, Inc. †		7,373
	450	Netgear, Inc. †		15,530
	854	Omnivision Technologies, Inc. †		11,410
	1,630	Photronics, Inc. †		9,943
	229	Plantronics, Inc.		7,649
	400	Plexus Corp. †		11,280
	970	Power-One, Inc. †		4,384
	845	Quest Software, Inc. †		23,533
	2,857	Richardson Electronics, Ltd.		35,227
	1,130	Sanmina-SCI Corp. †		9,255
	1,778	Scansource, Inc. †		54,478
	105	Syntel, Inc.		6,373

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Information Technology (continued)
	1,510	Tellabs, Inc.	$	5,028
	9,333	United Online, Inc.		39,385
	509	ValueClick, Inc. †		8,343
	568	Veeco Instruments, Inc. †		19,517
	370	Websense, Inc. †		6,930
	6,798	Westell Technologies, Inc., Class A †		16,179
	4,668	XO Group, Inc. †		41,405
				688,590
Materials — 3.1%
	234	A Schulman, Inc.		4,645
	1,818	Coeur d'Alene Mines Corp. †		31,924
	490	Georgia Gulf Corp.		12,578
	679	HB Fuller Co.		20,845
	365	Innophos Holdings, Inc.		20,608
	120	Kaiser Aluminum Corp.		6,221
	1,001	Koppers Holdings, Inc.		34,034
	340	Minerals Technologies, Inc.		21,685
	640	Myers Industries, Inc.		10,983
	627	Olympic Steel, Inc.		10,295
	481	PH Glatfelter Co.		7,874
	480	PolyOne Corp.		6,567
	200	Schweitzer-Mauduit International, Inc.		13,628
	1,721	Sensient Technologies Corp.		63,212
				265,099
Telecommunication Services — 0.9%
	830	IDT Corp., Class B		8,142
	537	Neutral Tandem, Inc. †		7,078
	436	Premiere Global Services, Inc. †		3,658
	4,574	USA Mobility, Inc.		58,822
				77,700
Utilities — 3.1%
	410	Artesian Resources Corp., Class A		8,831
	700	Avista Corp.		18,690
	140	Black Hills Corp.		4,504
	500	California Water Service Group		9,235
	290	Cleco Corp.		12,131
	510	El Paso Electric Co.		16,912
	1,152	MGE Energy, Inc.		54,489
	240	Northwest Natural Gas Co.		11,424
	380	NorthWestern Corp.		13,946
	436	Otter Tail Corp.		9,971
	1,250	PNM Resources, Inc.		24,425
	820	Portland General Electric Co.		21,861
	510	Southwest Gas Corp.		22,262
	200	UIL Holdings Corp.		7,172
	380	UNS Energy Corp.		14,596
	460	WGL Holdings, Inc.		18,285
				268,734
Total Common Stock (Cost $7,716,026)				8,586,416
SHORT-TERM INVESTMENTS — 1.9%
	167,940	Northern Trust Institutional Liquid Asset Portfolio, 0.010% (b) (c) (Cost $167,940)		167,940
Total Investments —101.5%
(Cost $7,716,026)				8,754,356
Other Assets & Liabilities, Net — (1.5)%				(134,812	)
NET ASSETS — 100.0%			$	8,619,544

‡	Real Estate Investment Trust
†	Non-income producing security.
††	More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
(a)	This security or a partial position of this security is on loan at June 30, 2012. The total market value of securities on loan at June 30, 2012 was $166,068.
(b)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2012 was $167,940.
(c)	Rate shown is the 7-day effective yield as of June 30, 2012.

Ltd.— Limited

PLC— Public Limited Company

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm FUnd

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value

COMMON STOCK — 99.3%
Consumer Discretionary — 11.5%
	300	1-800-Flowers.com, Inc., Class A †	$	1,047
	975	Aaron's, Inc.		27,602
	900	Abercrombie & Fitch Co., Class A		30,726
	300	Acme United Corp.		3,057
	800	Advance Auto Parts, Inc.		54,576
	850	Aeropostale, Inc. †		15,156
	100	AFC Enterprises, Inc. †		2,314
	90	AH Belo Corp., Class A		362
	200	Aldila, Inc. †		440
	3,880	Amazon.com, Inc. †		885,998
	400	Ambassadors Group, Inc.		2,176
	656	AMC Networks, Inc., Class A †		23,321
	3,500	American Apparel, Inc. †		3,002
	1,400	American Axle & Manufacturing Holdings, Inc. †		14,686
	2,625	American Eagle Outfitters, Inc.		51,791
	450	American Greetings Corp., Class A		6,579
	100	Ameristar Casinos, Inc.		1,777
	964	ANN, Inc. †		24,572
	1,350	Apollo Group, Inc., Class A †		48,856
	300	Arbitron, Inc.		10,500
	1,128	Ascena Retail Group, Inc. †		21,003
	200	Ascent Media Corp., Class A †		10,350
	1,017	Autoliv, Inc.		55,589
	1,250	AutoNation, Inc. † (a)		44,100
	406	AutoZone, Inc. †		149,071
	500	Bally Technologies, Inc. †		23,330
	1,000	Beazer Homes USA, Inc. † (a)		3,250
	1,400	Bebe Stores, Inc.		8,218
	1,925	Bed Bath & Beyond, Inc. †		118,965
	950	Belo Corp., Class A		6,118
	3,400	Best Buy Co., Inc.		71,264
	200	Big 5 Sporting Goods Corp.		1,512
	500	Big Lots, Inc. †		20,395
	40	Biglari Holdings, Inc. † (a)		15,456
	250	Blue Nile, Inc. † (a)		7,428
	300	Bluegreen Corp. †		1,488
	224	Blyth, Inc.(a)		7,741
	400	Bon-Ton Stores, Inc. (The)(a)		3,124
	100	Books-A-Million, Inc., Class A †		320
	1,280	BorgWarner, Inc. †		83,955
	2,000	Boyd Gaming Corp. †		14,400
	1,000	Bravo Brio Restaurant Group, Inc. † (a)		17,830
	500	Bridgepoint Education, Inc. † (a)		10,900
	775	Brinker International, Inc.		24,699
	764	Brookfield Residential Properties, Inc. † (a)		8,328
	500	Brunswick Corp.		11,110
	500	Cabela's, Inc. †		18,905
	2,625	Cablevision Systems Corp., Class A(a)		34,886
	200	Cache, Inc. †		928
	500	Callaway Golf Co.		2,955
	500	Career Education Corp. †		3,345
	900	Caribou Coffee Co., Inc. †		11,619
	1,755	CarMax, Inc. †		45,525
	3,200	Carnival Corp.		109,664
	850	Carter's, Inc. †		44,710
	6,483	CBS Corp., Class B		212,513
	362	Charles & Colvard, Ltd. †		1,365
	700	Charter Communications, Inc., Class A †		49,609
	600	Cheesecake Factory, Inc. (The) †		19,176
	2,450	Chico's FAS, Inc.		36,358
	200	Children's Place Retail Stores, Inc. (The) †		9,966

Shares			Value
Consumer Discretionary (continued)
	300	Chipotle Mexican Grill, Inc., Class A †	$	113,985
	800	Cinemark Holdings, Inc.		18,280
	50	Citi Trends, Inc. † (a)		772
	1,000	Clear Channel Outdoor Holdings, Inc., Class A		6,020
	3,500	Coach, Inc.		204,680
	100	Cobra Electronics Corp. †		439
	200	Coinstar, Inc. † (a)		13,732
	1,450	Coldwater Creek, Inc. †		792
	550	Collective Brands, Inc. † (a)		11,781
	110	Collectors Universe		1,615
	200	Columbia Sportswear Co.		10,724
	22,271	Comcast Corp. Special, Class A(a)		712,004
	500	Conn's, Inc. †		7,400
	1,000	Cooper Tire & Rubber Co.		17,540
	2,450	Corinthian Colleges, Inc. †		7,080
	1,200	CROCS, Inc. †		19,380
	6,200	Crown Media Holdings, Inc., Class A †		10,850
	50	CSS Industries, Inc.		1,027
	300	Cumulus Media, Inc., Class A †		903
	1,500	Dana Holding Corp.		19,215
	1,500	Darden Restaurants, Inc.		75,945
	450	Deckers Outdoor Corp. †		19,804
	775	DeVry, Inc.		24,002
	5	Dial Global, Inc. †		17
	1,002	Dick's Sporting Goods, Inc.		48,096
	100	Dillard's, Inc., Class A		6,368
	6,008	DIRECTV, Class A †		293,310
	1,600	Discovery Communications, Inc., Class A †		86,400
	2,025	DISH Network Corp., Class A		57,814
	100	Dixie Group, Inc. †		380
	1,000	Dollar General Corp. †		54,390
	2,550	Dollar Tree, Inc. †		137,190
	650	Domino's Pizza, Inc.(a)		20,092
	650	Dover Downs Gaming & Entertainment, Inc.		1,957
	2,623	DR Horton, Inc.(a)		48,211
	1,200	DreamWorks Animation SKG, Inc., Class A † (a)		22,872
	642	Education Management Corp. † (a)		4,462
	219	Emmis Communications Corp., Class A †		403
	100	Empire Resorts, Inc. †		185
	250	Entercom Communications Corp., Class A †		1,505
	100	Entravision Communications Corp., Class A		121
	1,366	EW Scripps Co. (The), Class A †		13,127
	1,057	Expedia, Inc.		50,810
	1,000	Express, Inc. †		18,170
	1,200	Family Dollar Stores, Inc.		79,776
	200	Famous Dave's of America, Inc. †		2,210
	1,500	Federal-Mogul Corp. †		16,500
	800	Fifth & Pacific , Inc. †		8,584
	100	Finish Line, Inc. (The), Class A		2,091
	1,900	Foot Locker, Inc.		58,102
	40,485	Ford Motor Co.		388,251
	300	Forward Industries, Inc. †		522
	600	Fossil, Inc. †		45,924
	700	Fred's, Inc., Class A		10,703
	200	Furniture Brands International, Inc. †		248
	600	Gaiam, Inc., Class A † (a)		2,340
	1,625	GameStop Corp., Class A(a)		29,835
	600	Gaming Partners International Corp.		3,678
	2,800	Gannett Co., Inc.		41,244
	4,400	Gap, Inc. (The)		120,384

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm FUnd

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Consumer Discretionary (continued)
	9,050	General Motors Co. † (a)	$	178,466
	275	Genesco, Inc. †		16,541
	2,010	Gentex Corp.		41,949
	1,900	Genuine Parts Co.		114,475
	300	GNC Holdings, Inc., Class A		11,760
	1,875	Goodyear Tire & Rubber Co. (The) †		22,144
	500	Grand Canyon Education, Inc. †		10,470
	1,000	Gray Television, Inc. †		1,470
	200	Group 1 Automotive, Inc.		9,122
	400	Guess, Inc.		12,148
	3,760	H&R Block, Inc.		60,085
	696	Hanesbrands, Inc. †		19,300
	2,475	Harley-Davidson, Inc.		113,182
	600	Harman International Industries, Inc.		23,760
	1,000	Harte-Hanks, Inc.		9,140
	1,300	Hasbro, Inc.		44,031
	200	Helen of Troy, Ltd. †		6,778
	500	hhgregg, Inc. † (a)		5,655
	200	Hibbett Sports, Inc. †		11,542
	300	Hillenbrand, Inc.		5,514
	14,395	Home Depot, Inc. (The)		762,791
	200	Hooker Furniture Corp.		2,358
	100	Hot Topic, Inc.		969
	1,000	Hovnanian Enterprises, Inc., Class A †		2,900
	743	HSN, Inc.		29,980
	600	Hyatt Hotels Corp., Class A †		22,296
	450	Iconix Brand Group, Inc. †		7,861
	3,450	International Game Technology		54,337
	237	International Speedway Corp., Class A		6,205
	5,372	Interpublic Group of Cos., Inc. (The)		58,286
	743	Interval Leisure Group, Inc.(a)		14,124
	340	ITT Educational Services, Inc. † (a)		20,655
	2,292	J.C. Penney Co., Inc.		53,427
	1,000	Jack in the Box, Inc. †		27,880
	1,000	Jarden Corp.		42,020
	500	John Wiley & Sons, Inc., Class A		24,495
	7,450	Johnson Controls, Inc.		206,439
	378	Jones Group, Inc. (The)(a)		3,614
	300	JOS A Bank Clothiers, Inc. †		12,738
	600	Journal Communications, Inc., Class A †		3,096
	300	K12, Inc. † (a)		6,990
	800	KB Home(a)		7,840
	300	Kenneth Cole Productions, Inc., Class A †		4,515
	200	Kid Brands, Inc. †		400
	50	Knology, Inc. †		983
	2,400	Kohl's Corp.		109,176
	300	Krispy Kreme Doughnuts, Inc. †		1,917
	550	K-Swiss, Inc., Class A †		1,694
	200	Lakes Entertainment, Inc. †		570
	500	Lamar Advertising Co., Class A †		14,300
	5,600	Las Vegas Sands Corp.		243,544
	200	La-Z-Boy, Inc., Class Z †		2,458
	100	Leapfrog Enterprises, Inc., Class A †		1,026
	1,183	Lear Corp.		44,635
	500	Learning Tree International, Inc. †		2,185
	750	Lee Enterprises, Inc. †		1,215
	1,410	Leggett & Platt, Inc.		29,793
	1,200	Lennar Corp., Class A		37,092
	1,000	Libbey, Inc. †		15,370
	1,351	Liberty Global, Inc., Class A †		67,050
	1,377	Liberty Media Corp. - Capital, Class A †		121,052
	5,675	Liberty Media Corp. - Interactive, Class A †		100,958
	200	Life Time Fitness, Inc. † (a)		9,302
	700	Lifetime Brands, Inc.		8,729
	2,940	Limited Brands, Inc.		125,038

Shares			Value
Consumer Discretionary (continued)
	200	LIN TV Corp., Class A †	$	604
	200	Lincoln Educational Services Corp.		1,300
	2,537	Live Nation Entertainment, Inc. †		23,290
	1,800	LKQ Corp. †		60,120
	13,331	Lowe's Cos., Inc.		379,134
	4,798	Macy's, Inc.		164,811
	881	Madison Square Garden, Inc., Class A †		32,985
	100	Marcus Corp.		1,376
	700	Marine Products Corp.		4,256
	2,577	Marriott International, Inc., Class A		101,018
	257	Marriott Vacations Worldwide Corp. † (a)		7,962
	3,100	Martha Stewart Living Omnimedia, Class A		10,540
	3,730	Mattel, Inc.		121,001
	100	Matthews International Corp., Class A		3,249
	496	McClatchy Co. (The), Class A †		1,091
	11,690	McDonald's Corp.		1,034,916
	3,200	McGraw-Hill Cos., Inc. (The)		144,000
	271	MDC Holdings, Inc.		8,854
	500	Media General, Inc., Class A †		2,305
	500	Meritage Homes Corp. †		16,970
	4,200	MGM Resorts International †		46,872
	577	Mohawk Industries, Inc. †		40,292
	1,600	Monarch Casino & Resort, Inc. †		14,624
	150	Morgans Hotel Group Co. † (a)		705
	700	MTR Gaming Group, Inc. †		3,325
	591	Multimedia Games, Inc. †		8,274
	500	National CineMedia, Inc.		7,585
	50	Nautilus, Inc. †		166
	100	Navarre Corp. †		159
	600	Netflix, Inc. † (a)		41,082
	1,300	New York & Co., Inc. †		4,524
	2,100	New York Times Co. (The), Class A †		16,380
	2,926	Newell Rubbermaid, Inc.		53,078
	14,813	News Corp., Class A		330,182
	200	Nexstar Broadcasting Group, Inc., Class A † (a)		1,348
	3,940	NIKE, Inc., Class B		345,853
	2,000	Nordstrom, Inc.		99,380
	60	NVR, Inc. †		51,000
	5,525	Office Depot, Inc. †		11,934
	1,100	OfficeMax, Inc. † (a)		5,566
	3,500	Omnicom Group, Inc.		170,100
	2,900	Orbitz Worldwide, Inc. † (a)		10,585
	41	Orchard Supply Hardware Stores Corp., Class A †		682
	1,360	O'Reilly Automotive, Inc. †		113,927
	650	Orleans Homebuilders, Inc. † (b)		—
	500	Outdoor Channel Holdings, Inc.		3,655
	300	Overstock.com, Inc. †		2,073
	50	Oxford Industries, Inc.		2,235
	200	Pacific Sunwear of California, Inc. †		366
	300	Panera Bread Co., Class A †		41,832
	700	Penn National Gaming, Inc. †		31,213
	400	Penske Automotive Group, Inc.(a)		8,496
	1,500	PEP Boys-Manny Moe & Jack		14,850
	100	Perry Ellis International, Inc. †		2,075
	1,250	PetSmart, Inc.		85,225
	1,900	Pier 1 Imports, Inc.		31,217
	800	Pinnacle Entertainment, Inc. †		7,696
	600	Polaris Industries, Inc.		42,888
	275	Premier Exhibitions, Inc. † (a)		742
	560	priceline.com, Inc. †		372,131
	3,840	Pulte Group, Inc. †		41,088
	600	PVH Corp.		46,674
	50	Quiksilver, Inc. †		116

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm FUnd

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Consumer Discretionary (continued)
	1,850	RadioShack Corp.	$	7,104
	565	Ralph Lauren Corp., Class A		79,134
	1,000	ReachLocal, Inc. †		11,000
	600	Regal Entertainment Group, Class A		8,256
	200	Regis Corp.		3,592
	250	Rent-A-Center, Inc., Class A		8,435
	1,500	Rick's Cabaret International, Inc. †		13,005
	100	Rocky Brands, Inc. †		1,319
	2,075	Ross Stores, Inc.		129,625
	1,625	Royal Caribbean Cruises, Ltd.		42,299
	500	Ruby Tuesday, Inc. †		3,405
	500	Ryland Group, Inc. (The)		12,790
	1,800	Saks, Inc. † (a)		19,170
	100	Salem Communications Corp., Class A		547
	1,000	Sally Beauty Holdings, Inc. †		25,740
	400	School Specialty, Inc. †		1,304
	1,500	Scientific Games Corp., Class A †		12,825
	900	Scripps Networks Interactive, Inc., Class A		51,174
	200	Sealy Corp. †		370
	925	Sears Holdings Corp. †		55,222
	188	Select Comfort Corp. †		3,933
	2,675	Service Corp. International		33,090
	600	Shoe Carnival, Inc.		12,894
	100	Shuffle Master, Inc. †		1,380
	776	Signet Jewelers, Ltd.(a)		34,152
	900	Sinclair Broadcast Group, Inc., Class A		8,154
	48,100	Sirius XM Radio, Inc. † (a)		88,985
	1,000	Sonic Automotive, Inc., Class A(a)		13,670
	800	Sonic Corp. †		8,016
	603	Sotheby's		20,116
	75	Spartan Motors, Inc.		393
	400	Speedway Motorsports, Inc.		6,764
	552	Stage Stores, Inc.		10,113
	1,892	Stanley Black & Decker, Inc.		121,769
	200	Stanley Furniture Co., Inc. †		798
	8,075	Staples, Inc.		105,379
	8,100	Starbucks Corp.		431,892
	1,973	Starwood Hotels & Resorts Worldwide, Inc.		104,648
	100	Steinway Musical Instruments, Inc. †		2,450
	900	Stewart Enterprises, Inc., Class A		6,426
	150	Superior Industries International, Inc.		2,455
	1,300	Syms Corp. †		8,593
	600	Systemax, Inc. †		7,092
	1,500	Talbots, Inc. †		3,780
	6,825	Target Corp.		397,147
	700	Tempur-Pedic International, Inc. †		16,373
	450	Tenneco, Inc. †		12,069
	380	Tesla Motors, Inc. † (a)		11,890
	1,000	Texas Roadhouse, Inc., Class A		18,430
	500	Thor Industries, Inc.		13,705
	1,235	Tiffany & Co.		65,393
	3,016	Time Warner Cable, Inc., Class A		247,614
	10,758	Time Warner, Inc.		414,183
	7,475	TJX Cos., Inc.		320,902
	1,600	Toll Brothers, Inc. †		47,568
	800	Tractor Supply Co.		66,448
	200	Trans World Entertainment Corp. †		620
	1,057	TripAdvisor, Inc. †		47,237
	300	True Religion Apparel, Inc.		8,694
	1,000	TRW Automotive Holdings Corp. †		36,760
	200	Tuesday Morning Corp. †		858
	600	Tupperware Brands Corp.		32,856
	600	Ulta Salon Cosmetics & Fragrance, Inc.		56,028
	400	Under Armour, Inc., Class A †		37,792

Shares			Value
Consumer Discretionary (continued)
	200	Universal Electronics, Inc. †	$	2,634
	500	Universal Technical Institute, Inc.		6,755
	1,400	Urban Outfitters, Inc. †		38,626
	200	Value Line, Inc.		2,378
	300	Valuevision Media, Inc., Class A †		624
	950	VF Corp.		126,778
	5,406	Viacom, Inc., Class B		254,190
	2,825	Virgin Media, Inc.(a)		68,902
	18,643	Walt Disney Co. (The)		904,185
	500	Warnaco Group, Inc. (The) †		21,290
	296	Weight Watchers International, Inc.		15,262
	4,600	Wendy's Co.(a)		21,712
	572	Whirlpool Corp.		34,983
	1,100	Williams-Sonoma, Inc.		38,467
	500	Winnebago Industries, Inc. †		5,095
	400	Wolverine World Wide, Inc.		15,512
	600	World Wrestling Entertainment, Inc., Class A(a)		4,692
	1,785	Wyndham Worldwide Corp.		94,141
	650	Wynn Resorts, Ltd.		67,418
	4,650	Yum! Brands, Inc.		299,553
	1,900	Zale Corp. †		5,111
				18,192,193
Consumer Staples — 10.2%
	200	Alico, Inc.		6,108
	2,200	Alliance One International, Inc. †		7,612
	21,875	Altria Group, Inc.		755,781
	250	Andersons, Inc. (The)		10,665
	6,786	Archer-Daniels-Midland Co.		200,323
	3,950	Avon Products, Inc.		64,029
	1,900	Beam, Inc.		118,731
	1,100	Brown-Forman Corp., Class B		106,535
	1,900	Bunge, Ltd.(a)		119,206
	2,175	Campbell Soup Co.		72,601
	1,500	Central European Distribution Corp. †		4,290
	1,700	Church & Dwight Co., Inc.		94,299
	1,500	Clorox Co.		108,690
	23,270	Coca-Cola Co. (The)		1,819,481
	4,120	Coca-Cola Enterprises, Inc.		115,525
	5,090	Colgate-Palmolive Co.		529,869
	4,573	ConAgra Foods, Inc.		118,578
	1,550	Constellation Brands, Inc., Class A †		41,943
	4,350	Costco Wholesale Corp.		413,250
	14,142	CVS Caremark Corp.		660,856
	650	Darling International, Inc. †		10,718
	6,720	DE Master Blenders NV †		75,772
	2,134	Dean Foods Co. †		36,342
	1,500	Dole Food Co., Inc. †		13,170
	2,000	Dr. Pepper Snapple Group, Inc.		87,500
	800	Energizer Holdings, Inc. †		60,200
	2,400	Estee Lauder Cos., Inc. (The), Class A		129,888
	1,687	Flowers Foods, Inc.		39,189
	7,100	General Mills, Inc.		273,634
	1,300	Green Mountain Coffee Roasters, Inc. †		28,314
	400	Hain Celestial Group, Inc. (The) †		22,016
	1,200	Herbalife, Ltd.(a)		57,996
	2,000	Hershey Co. (The)		144,060
	1,344	Hillshire Brands Co.		38,963
	3,750	HJ Heinz Co.		203,925
	2,100	Hormel Foods Corp.		63,882
	550	Ingles Markets, Inc., Class A		8,817
	800	Ingredion, Inc.		39,616
	1,219	JM Smucker Co. (The)		92,059
	3,050	Kellogg Co.		150,457
	4,574	Kimberly-Clark Corp.		383,164

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm FUnd

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Consumer Staples (continued)
	17,271	Kraft Foods, Inc., Class A	$	667,006
	6,825	Kroger Co. (The)		158,272
	1,235	Lorillard, Inc.		162,958
	70	Mannatech, Inc. †		485
	750	McCormick & Co., Inc.		45,487
	2,300	Mead Johnson Nutrition Co., Class A		185,173
	200	MGP Ingredients, Inc.		642
	1,500	Molson Coors Brewing Co., Class B		62,415
	1,600	Monster Beverage Corp. †		113,920
	700	Nu Skin Enterprises, Inc., Class A(a)		32,830
	17,957	PepsiCo, Inc.		1,268,842
	18,180	Philip Morris International, Inc.		1,586,387
	350	Post Holdings, Inc. †		10,762
	1,200	Prestige Brands Holdings, Inc. †		18,972
	31,052	Procter & Gamble Co. (The)		1,901,935
	700	Ralcorp Holdings, Inc. †		46,718
	100	Reliv International, Inc.		160
	5,703	Reynolds American, Inc.		255,894
	7,050	Rite Aid Corp. †		9,870
	70	Rocky Mountain Chocolate Factory, Inc.		813
	2,800	Safeway, Inc.		50,820
	50	Sanderson Farms, Inc.		2,291
	2,200	Smithfield Foods, Inc. †		47,586
	1,000	Snyders-Lance, Inc.		25,230
	3,036	SUPERVALU, Inc.		15,726
	6,700	Sysco Corp.		199,727
	3,805	Tyson Foods, Inc., Class A		71,648
	198	USANA Health Sciences, Inc. † (a)		8,142
	1,050	Vector Group, Ltd.(a)		17,871
	10,000	Walgreen Co.		295,800
	19,545	Wal-Mart Stores, Inc.		1,362,677
	1,625	Whole Foods Market, Inc.		154,895
				16,110,008
Energy — 10.3%
	1,500	Alon USA Energy, Inc.		12,690
	2,272	Alpha Natural Resources, Inc. †		19,789
	1,000	Amyris, Inc. † (a)		4,430
	5,387	Anadarko Petroleum Corp.		356,619
	4,346	Apache Corp.		381,970
	300	Approach Resources, Inc. †		7,662
	3,000	Arch Coal, Inc.		20,670
	600	Atwood Oceanics, Inc. †		22,704
	4,720	Baker Hughes, Inc.		193,992
	600	Barnwell Industries, Inc. †		1,782
	400	Berry Petroleum Co., Class A		15,864
	45	BioFuel Energy Corp. †		160
	900	Bolt Technology Corp.		13,509
	300	BP Prudhoe Bay Royalty Trust		34,971
	3,100	BPZ Resources, Inc. †		7,843
	200	Bristow Group, Inc.		8,134
	1,800	Cabot Oil & Gas Corp.		70,920
	1,218	Cal Dive International, Inc. †		3,532
	1,500	Callon Petroleum Co. †		6,390
	2,800	Cameron International Corp. †		119,588
	150	CARBO Ceramics, Inc.		11,509
	200	Cheniere Energy, Inc. †		2,948
	6,600	Chesapeake Energy Corp.		122,760
	21,239	Chevron Corp.		2,240,714
	447	Cimarex Energy Co.		24,639
	600	Clean Energy Fuels Corp. †		9,300
	1,000	Cloud Peak Energy, Inc. †		16,910
	400	Comstock Resources, Inc. †		6,568
	800	Concho Resources, Inc. †		68,096
	14,631	ConocoPhillips		817,580
	2,600	Consol Energy, Inc.(a)		78,624

Shares			Value
Energy (continued)
	500	Continental Resources, Inc. †	$	33,310
	200	Cross Timbers Royalty Trust		6,998
	500	Crosstex Energy, Inc.		7,000
	1,000	CVR Energy, Inc. †		26,580
	1,000	Delek US Holdings, Inc.		17,590
	3,779	Denbury Resources, Inc. †		57,101
	4,336	Devon Energy Corp.		251,445
	2,477	DHT Holdings, Inc.(a)		1,547
	850	Diamond Offshore Drilling, Inc.(a)		50,260
	800	Dresser-Rand Group, Inc. †		35,632
	300	Dril-Quip, Inc. †		19,677
	15	Energy Partners, Ltd. † (a)		254
	1,000	Energy XXI Bermuda, Ltd.(a)		31,290
	2,575	EOG Resources, Inc.		232,033
	1,600	EQT Corp.		85,808
	2,700	EXCO Resources, Inc.		20,493
	812	Exterran Holdings, Inc. † (a)		10,353
	52,985	Exxon Mobil Corp.		4,533,926
	2,356	FMC Technologies, Inc. †		92,426
	950	Forest Oil Corp. †		6,963
	100	GeoMet, Inc. † (a)		32
	500	Goodrich Petroleum Corp. †		6,930
	381	Gulf Island Fabrication, Inc.		10,748
	300	Gulfmark Offshore, Inc., Class A †		10,212
	350	Gulfport Energy Corp. †		7,220
	10,181	Halliburton Co.		289,039
	1,000	Helix Energy Solutions Group, Inc. † (a)		16,410
	1,150	Helmerich & Payne, Inc.		50,002
	1,900	Hercules Offshore, Inc. †		6,726
	3,665	Hess Corp.		159,244
	1,058	HollyFrontier Corp.		37,485
	500	Hornbeck Offshore Services, Inc. †		19,390
	1,000	Houston American Energy Corp.(a)		1,120
	1,750	ION Geophysical Corp. †		11,533
	450	James River Coal Co. †		1,219
	2,200	Key Energy Services, Inc. †		16,720
	14,985	Kinder Morgan, Inc.		482,817
	400	Lufkin Industries, Inc.		21,728
	9	Magnum Hunter Resources Corp. † (a)		38
	8,222	Marathon Oil Corp.		210,237
	4,111	Marathon Petroleum Corp.		184,666
	450	Matrix Service Co. †		5,108
	2,875	McDermott International, Inc. †		32,027
	1,500	McMoRan Exploration Co. †		19,005
	2,400	Murphy Oil Corp.		120,696
	3,100	Nabors Industries, Ltd. †		44,640
	5,045	National Oilwell Varco, Inc.		325,100
	1,525	Newfield Exploration Co. †		44,698
	875	Newpark Resources, Inc. †		5,162
	1,750	Noble Energy, Inc.		148,435
	1,000	Northern Oil and Gas, Inc. †		15,940
	400	Oasis Petroleum, Inc. †		9,672
	9,405	Occidental Petroleum Corp.		806,667
	900	Oceaneering International, Inc.		43,074
	500	Oil States International, Inc. †		33,100
	113	OYO Geospace Corp. †		10,169
	15	Pacific Ethanol, Inc. †		5
	730	Patriot Coal Corp. † (a)		891
	1,950	Patterson-UTI Energy, Inc.		28,392
	3,150	Peabody Energy Corp.		77,238
	2,300	Petroquest Energy, Inc. †		11,500
	7,315	Phillips 66 †		243,151
	1,325	Pioneer Natural Resources Co.		116,878
	1,553	Plains Exploration & Production Co. †		54,635
	1,700	Pyramid Oil Co. †		7,769
	2,200	QEP Resources, Inc.		65,934

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm FUnd

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Energy (continued)
	1,700	Quicksilver Resources, Inc. † (a)	$	9,214
	1,800	Range Resources Corp.		111,366
	600	Rex Energy Corp. †		6,726
	600	Rosetta Resources, Inc. †		21,984
	1,600	Rowan PLC, Class A †		51,728
	1,012	RPC, Inc.		12,033
	4,400	SandRidge Energy, Inc. † (a)		29,436
	15,329	Schlumberger, Ltd.		995,005
	1,000	Ship Finance International, Ltd.(a)		15,630
	750	SM Energy Co.		36,832
	1,000	Solazyme, Inc. † (a)		13,900
	4,200	Southwestern Energy Co. †		134,106
	7,341	Spectra Energy Corp.		213,329
	1,065	Sunoco, Inc.		50,587
	1,706	Superior Energy Services, Inc. †		34,512
	3,500	Syntroleum Corp. †		2,363
	1,500	Tesoro Corp. †		37,440
	222	TGC Industries, Inc. †		2,156
	1,600	Trico Marine Services, Inc. † (b)		42
	1,765	Ultra Petroleum Corp. †		40,719
	200	Union Drilling, Inc. † (a)		896
	500	Unit Corp. †		18,445
	1,150	USEC, Inc. † (a)		1,139
	1,100	Vaalco Energy, Inc. †		9,493
	6,814	Valero Energy Corp.		164,558
	1,550	Venoco, Inc. † (a)		15,515
	8	Verenium Corp. †		25
	800	W&T Offshore, Inc.		12,240
	300	Warren Resources, Inc. †		720
	500	Western Refining, Inc.		11,135
	1,400	Whiting Petroleum Corp. †		57,568
	7,050	Williams Cos., Inc. (The)		203,181
	800	World Fuel Services Corp.		30,424
	2,350	WPX Energy, Inc. † (a)		38,023
	500	ZaZa Energy Corp. † (a)		2,260
				16,421,685
Financials — 16.2%
	200	21st Century Holding Co. †		800
	1	Acadia Realty Trust		23
	600	Affiliated Managers Group, Inc. †		65,670
	200	Affirmative Insurance Holdings, Inc. †		66
	5,550	Aflac, Inc.		236,375
	450	Alexander & Baldwin, Inc. †		23,963
	700	Alexandria Real Estate Equities, Inc.		50,904
	5,550	Allstate Corp. (The)		194,750
	800	Alterra Capital Holdings, Ltd.		18,680
	100	Altisource Portfolio Solutions SA †		7,323
	807	American Campus Communities, Inc.		36,299
	1,600	American Capital Agency Corp.(a)		53,776
	4,200	American Capital, Ltd. †		42,294
	1,100	American Equity Investment Life Holding Co.		12,111
	10,250	American Express Co.		596,653
	1,100	American Financial Group, Inc.		43,153
	5,100	American International Group, Inc. †		163,659
	300	American National Insurance Co.		21,381
	4,425	American Tower Corp., Class A		309,352
	2,580	Ameriprise Financial, Inc.		134,831
	1,000	Amtrust Financial Services, Inc.		29,710
	11,525	Annaly Capital Management, Inc.		193,390
	1,500	Anworth Mortgage Asset Corp.		10,575
	1,256	Apartment Investment & Management Co., Class A		33,950
	2,200	Apollo Investment Corp. † (a)		16,896
	200	Arbor Realty Trust, Inc.		1,070

Shares			Value
Financials (continued)
	1,200	Arch Capital Group, Ltd. †	$	47,628
	4	Arlington Asset Investment Corp., Class A		87
	1,150	Arthur J. Gallagher & Co.		40,330
	544	Ashford Hospitality Trust, Inc.		4,586
	1,100	Aspen Insurance Holdings, Ltd.(a)		31,790
	400	Asset Acceptance Capital Corp. † (a)		2,720
	1,354	Associated Banc-Corp		17,859
	300	Associated Estates Realty Corp.		4,485
	900	Assurant, Inc.		31,356
	1,600	Assured Guaranty, Ltd.		22,560
	700	Astoria Financial Corp.		6,860
	600	AV Homes, Inc. †		8,748
	847	AvalonBay Communities, Inc.		119,834
	1,700	Axis Capital Holdings, Ltd.		55,335
	50	Bancorp, Inc. †		473
	1,150	BancorpSouth, Inc.		16,698
	117,248	Bank of America Corp.		959,089
	450	Bank of Hawaii Corp.		20,678
	11,913	Bank of New York Mellon Corp. (The)		261,490
	16	BankAtlantic Bancorp, Inc., Class A †		88
	700	BankFinancial Corp.(a)		5,271
	1,000	BankUnited, Inc.(a)		23,580
	7,925	BB&T Corp.		244,486
	600	BBCN Bancorp, Inc. †		6,534
	500	Beneficial Mutual Bancorp, Inc. †		4,315
	21,220	Berkshire Hathaway, Inc., Class B †		1,768,263
	1,000	BGC Partners, Inc., Class A(a)		5,870
	2,000	BioMed Realty Trust, Inc., Class Basis Forward(a)		37,360
	1,100	BlackRock, Inc., Class A		186,802
	1,000	Boston Private Financial Holdings, Inc.		8,930
	1,625	Boston Properties, Inc.		176,101
	1,988	Brandywine Realty Trust		24,532
	1,075	BRE Properties, Inc.		53,771
	3,075	Brookfield Properties Corp.		53,567
	1,500	Brookline Bancorp, Inc.		13,275
	1,400	Brown & Brown, Inc.		38,178
	100	Camden National Corp.		3,662
	825	Camden Property Trust		55,828
	350	Capital City Bank Group, Inc.		2,580
	4,850	Capital One Financial Corp.		265,101
	3,839	CapitalSource, Inc.		25,798
	1,000	Capitol Federal Financial, Inc.		11,880
	700	CapLease, Inc.		2,905
	1,700	Capstead Mortgage Corp.		23,647
	100	Cardinal Financial Corp.(a)		1,228
	288	Cathay General Bancorp		4,755
	1,780	CBL & Associates Properties, Inc.		34,781
	600	CBOE Holdings, Inc.		16,608
	3,825	CBRE Group, Inc., Class A †		62,577
	650	Cedar Shopping Centers, Inc.		3,282
	11,314	Charles Schwab Corp. (The)		146,290
	400	Charter Financial Corp.		3,880
	500	Chemical Financial Corp.		10,750
	11,900	Chimera Investment Corp.(a)		28,084
	3,300	Chubb Corp.		240,306
	23	CIFC Corp. † (a)		170
	1,394	Cincinnati Financial Corp.		53,070
	2,150	CIT Group, Inc. †		76,626
	33,765	Citigroup, Inc.		925,499
	600	City National Corp.		29,148
	775	CME Group, Inc., Class A		207,785
	300	CNA Financial Corp.		8,316
	2,900	CNO Financial Group, Inc.(a)		22,620
	750	CoBiz Financial, Inc.		4,695

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm FUnd

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Financials (continued)
	350	Cohen & Steers, Inc.(a)	$	12,078
	1,429	Colonial Properties Trust		31,638
	276	Columbia Banking System, Inc.		5,194
	2,433	Comerica, Inc.		74,717
	1,240	Commerce Bancshares, Inc.		46,996
	1,293	CommonWealth REIT		24,722
	500	Community Bank System, Inc.		13,560
	100	Community Trust Bancorp, Inc.		3,349
	200	CompuCredit Holdings Corp. † (a)		724
	850	Corporate Office Properties Trust		19,984
	1,863	Cousins Properties, Inc.		14,438
	199	Cowen Group, Inc., Class A †		529
	200	Crawford & Co., Class B		818
	937	CubeSmart, Class Basis Forward		10,935
	600	Cullen/Frost Bankers, Inc.		34,494
	1,000	CVB Financial Corp.		11,650
	1,000	CYS Investments, Inc.(a)		13,770
	3,450	DCT Industrial Trust, Inc.		21,735
	2,995	DDR Corp.		43,847
	2,502	DiamondRock Hospitality Co.		25,520
	1,000	Digital Realty Trust, Inc.		75,070
	5,425	Discover Financial Services		187,596
	1,100	Donegal Group, Inc., Class A		14,608
	1,100	Douglas Emmett, Inc.		25,410
	400	Duff & Phelps Corp., Class A		5,800
	3,101	Duke Realty Corp.		45,399
	700	DuPont Fabros Technology, Inc.(a)		19,992
	3,778	E*Trade Financial Corp. †		30,375
	2,000	East West Bancorp, Inc.		46,920
	1,325	Eaton Vance Corp.		35,709
	1,000	Education Realty Trust, Inc.		11,080
	900	eHealth, Inc. † (a)		14,499
	200	Encore Capital Group, Inc. †		5,924
	700	Endurance Specialty Holdings, Ltd.		26,824
	50	Enterprise Financial Services Corp.		548
	300	Entertainment Properties Trust		12,333
	500	Equity Lifestyle Properties, Inc.		34,485
	1,000	Equity One, Inc.		21,200
	3,479	Equity Residential		216,950
	400	Essex Property Trust, Inc.		61,568
	700	Everest Re Group, Ltd.		72,443
	1,500	Extra Space Storage, Inc.		45,900
	1,000	Ezcorp, Inc., Class A †		23,460
	625	Federal Realty Investment Trust		65,056
	1,200	Federated Investors, Inc., Class B		26,220
	1,000	FelCor Lodging Trust, Inc. † (a)		4,700
	2,291	Fidelity National Financial, Inc., Class A		44,125
	11,701	Fifth Third Bancorp		156,793
	1,200	Financial Institutions, Inc.		20,256
	100	First Acceptance Corp. †		134
	827	First American Financial Corp.		14,026
	300	First BanCorp		2,667
	166	First Bank of Puerto Rico †		657
	500	First Cash Financial Services, Inc. † (a)		20,085
	800	First Commonwealth Financial Corp.		5,384
	425	First Community Bancshares, Inc.(a)		6,133
	100	First Financial Corp.		2,900
	2,433	First Horizon National Corp.		21,045
	650	First Industrial Realty Trust, Inc. †		8,203
	50	First Marblehead Corp. (The) †		59
	3,424	First Niagara Financial Group, Inc.		26,194
	800	First Potomac Realty Trust(a)		9,416
	600	First Republic Bank † (a)		20,160
	1,007	FirstMerit Corp.		16,636
	950	Flagstone Reinsurance Holdings SA		7,609
	1,500	FNB Corp.		16,305

Shares			Value
Financials (continued)
	2,100	Forest City Enterprises, Inc., Class A †	$	30,660
	1,760	Franklin Resources, Inc.		195,342
	950	Franklin Street Properties Corp.(a)		10,051
	2,734	Fulton Financial Corp.		27,313
	4,665	General Growth Properties, Inc.		84,390
	5,850	Genworth Financial, Inc., Class A †		33,111
	400	Getty Realty Corp.		7,660
	900	Glacier Bancorp, Inc.(a)		13,941
	1,000	Gleacher & Co., Inc. †		800
	800	Glimcher Realty Trust		8,176
	4,950	Goldman Sachs Group, Inc. (The)		474,507
	435	Gramercy Capital Corp. †		1,087
	338	Green Bankshares, Inc. †		561
	1,000	Guaranty Bancorp † (a)		2,110
	100	Hallmark Financial Services † (a)		780
	627	Hancock Holding Co.		19,086
	69	Hanmi Financial Corp. †		723
	700	Hanover Insurance Group, Inc. (The)		27,391
	4,750	Hartford Financial Services Group, Inc.		83,742
	1,000	Hatteras Financial Corp.		28,600
	1,175	HCC Insurance Holdings, Inc.		36,895
	4,625	HCP, Inc.		204,194
	2,200	Health Care REIT, Inc.		128,260
	500	Healthcare Realty Trust, Inc.		11,920
	50	Heritage Commerce Corp. †		325
	700	Hersha Hospitality Trust, Class A		3,696
	650	Highwoods Properties, Inc.		21,872
	1,500	Hilltop Holdings, Inc. †		15,465
	660	Home BancShares, Inc.		20,183
	500	Home Properties, Inc.		30,680
	1,000	Horace Mann Educators Corp.		17,480
	1,500	Hospitality Properties Trust		37,155
	8,624	Host Hotels & Resorts, Inc.		136,432
	44	Howard Hughes Corp. (The) †		2,712
	6,626	Hudson City Bancorp, Inc.		42,208
	9,351	Huntington Bancshares, Inc.		59,846
	100	ICG Group, Inc. †		925
	85	IMPAC Mortgage Holdings, Inc. †		170
	300	Infinity Property & Casualty Corp.		17,301
	1,100	Inland Real Estate Corp.		9,218
	1,500	Interactive Brokers Group, Inc., Class A(a)		22,080
	875	IntercontinentalExchange, Inc. †		118,982
	700	International Bancshares Corp.		13,664
	500	International. FCStone, Inc. † (a)		9,675
	550	Intervest Bancshares Corp., Class A †		2,107
	1,000	Invesco Mortgage Capital, Inc.(a)		18,340
	4,800	Invesco, Ltd.		108,480
	1,000	Investment Technology Group, Inc. †		9,200
	800	Investors Bancorp, Inc. †		12,072
	1,800	Investors Real Estate Trust		14,220
	1,564	iStar Financial, Inc. † (a)		10,088
	2,475	Janus Capital Group, Inc.		19,355
	1,700	Jefferies Group, Inc.		22,083
	500	Jones Lang LaSalle, Inc.		35,185
	43,409	JPMorgan Chase & Co.		1,551,004
	600	Kearny Financial Corp.		5,814
	350	Kemper Corp.		10,762
	12,173	KeyCorp		94,219
	700	Kilroy Realty Corp.		33,887
	4,625	Kimco Realty Corp.		88,014
	800	Kite Realty Group Trust		3,992
	1,400	Knight Capital Group, Inc., Class A †		16,716
	1,500	LaSalle Hotel Properties		43,710
	1,700	Legg Mason, Inc.		44,829
	2,505	Leucadia National Corp.		53,281

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm FUnd

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Financials (continued)
	1,626	Lexington Realty Trust	$	13,772
	1,450	Liberty Property Trust		53,418
	3,700	Lincoln National Corp.		80,919
	3,300	Loews Corp.		135,003
	200	LPL Financial Holdings, Inc. † (a)		6,754
	1,372	M&T Bank Corp.(a)		113,286
	1,287	Macerich Co. (The)		75,997
	1,500	Mack-Cali Realty Corp.		43,605
	1,000	Maiden Holdings, Ltd.		8,680
	5,370	Marsh & McLennan Cos., Inc.		173,075
	244	MB Financial, Inc.		5,256
	1,900	MBIA, Inc. † (a)		20,539
	967	Meadowbrook Insurance Group, Inc.		8,500
	600	Medallion Financial Corp.		6,372
	1,500	Medical Properties Trust, Inc.		14,430
	9,921	MetLife, Inc.		306,063
	4,000	MFA Financial, Inc.		31,560
	1,500	MGIC Investment Corp. †		4,320
	100	Mid-America Apartment Communities, Inc.		6,824
	400	Montpelier Re Holdings, Ltd.(a)		8,516
	1,575	Moody's Corp.		57,566
	17,825	Morgan Stanley		260,067
	3,800	MPG Office Trust, Inc. †		7,638
	1,072	MSCI, Inc., Class A † (a)		36,469
	1,450	NASDAQ OMX Group, Inc. (The)		32,872
	400	National Interstate Corp.		10,636
	2,500	National Penn Bancshares, Inc.		23,925
	500	National Retail Properties, Inc.		14,145
	500	NBT Bancorp, Inc.		10,795
	4,312	New York Community Bancorp, Inc.		54,029
	350	Newcastle Investment Corp.		2,345
	10	North Valley Bancorp †		132
	2,850	Northern Trust Corp.		131,157
	156	NorthStar Realty Finance Corp.		814
	875	Northwest Bancshares, Inc.		10,246
	3,350	NYSE Euronext		85,693
	300	Ocwen Financial Corp. †		5,634
	1,500	Old National Bancorp		18,015
	3,236	Old Republic International Corp.		26,826
	400	Old Second Bancorp, Inc. †		520
	1,800	Omega Healthcare Investors, Inc.		40,500
	600	OneBeacon Insurance Group, Ltd., Class A		7,812
	432	Oriental Financial Group, Inc.(a)		4,787
	400	Oritani Financial Corp.		5,756
	200	Parkway Properties, Inc.		2,288
	900	PartnerRe, Ltd.		68,103
	1,000	Pebblebrook Hotel Trust		23,310
	4,347	People's United Financial, Inc.		50,469
	123	PHH Corp. †		2,150
	1,250	Phoenix Cos., Inc. (The) † (a)		2,313
	2,100	Piedmont Office Realty Trust, Inc., Class A		36,141
	900	Pinnacle Financial Partners, Inc. † (a)		17,559
	500	Platinum Underwriters Holdings, Ltd.		19,050
	1,884	Plum Creek Timber Co., Inc.		74,795
	6,000	PNC Financial Services Group, Inc.		366,660
	1,158	Popular, Inc. †		19,226
	600	Post Properties, Inc.		29,370
	200	Preferred Bank †		2,672
	1,000	Primerica †		26,730
	100	Primus Guaranty, Ltd. † (a)		750
	3,400	Principal Financial Group, Inc.(a)		89,182
	1,222	PrivateBancorp, Inc., Class A		18,037
	265	ProAssurance Corp.		23,609

Shares			Value
Financials (continued)
	6,125	Progressive Corp. (The)	$	127,584
	4,735	ProLogis, Inc.		157,344
	500	Prosperity Bancshares, Inc.		21,015
	1,000	Protective Life Corp.		29,410
	1,500	Provident Financial Services, Inc.(a)		23,025
	1,050	Provident New York Bancorp		7,969
	5,350	Prudential Financial, Inc.		259,100
	1,639	Public Storage		236,688
	2,077	Pzena Investment Management, Inc., Class A(a)		9,201
	1,370	Radian Group, Inc.		4,507
	66	RAIT Financial Trust		305
	1,000	Ramco-Gershenson Properties Trust		12,570
	1,200	Raymond James Financial, Inc.		41,088
	1,501	Rayonier, Inc.		67,395
	1,300	Realty Income Corp.		54,301
	1,200	Redwood Trust, Inc.		14,976
	1,025	Regency Centers Corp.		48,759
	13,306	Regions Financial Corp.		89,815
	850	Reinsurance Group of America, Inc., Class A		45,228
	700	RenaissanceRe Holdings, Ltd.		53,207
	50	Renasant Corp.		785
	315	Republic Bancorp, Inc., Class A		7,009
	250	Resource America, Inc., Class A		1,595
	200	Resource Capital Corp.(a)		1,066
	1,000	RLJ Lodging Trust		18,130
	1,700	Roma Financial Corp.(a)		14,484
	174	Rouse Properties, Inc.		2,358
	233	Sabra Health Care REIT, Inc.		3,987
	200	Saul Centers, Inc.		8,574
	700	SeaBright Holdings, Inc.		6,223
	750	Seacoast Banking Corp. of Florida †		1,133
	2,000	SEI Investments Co.(A)		39,780
	600	Selective Insurance Group, Inc.		10,446
	1,650	Senior Housing Properties Trust		36,828
	400	Signature Bank † (a)		24,388
	200	Simmons First National Corp., Class A		4,650
	3,346	Simon Property Group, Inc.		520,838
	1,000	SL Green Realty Corp.		80,240
	5,500	SLM Corp.		86,405
	50	Southwest Bancorp, Inc. †		471
	316	Sovran Self Storage, Inc.		15,828
	500	St. Joe Co. (The) †		7,905
	490	StanCorp Financial Group, Inc.		18,208
	1,000	Starwood Property Trust, Inc.		21,310
	400	State Auto Financial Corp.		5,620
	5,540	State Street Corp.		247,306
	270	Steel Excel, Inc. †		7,330
	50	Sterling Bancorp, Class N		499
	300	Stewart Information Services Corp.		4,605
	640	Stifel Financial Corp. †		19,776
	2,100	Strategic Hotels & Resorts, Inc. †		13,566
	50	Suffolk Bancorp †		648
	822	Sun Bancorp, Inc. † (a)		2,219
	500	Sun Communities, Inc.		22,120
	2,595	Sunstone Hotel Investors, Inc. †		28,519
	6,580	SunTrust Banks, Inc.		159,433
	3,378	Susquehanna Bancshares, Inc.		34,793
	450	SVB Financial Group †		26,424
	1,000	Symetra Financial Corp.		12,620
	10,831	Synovus Financial Corp.(a)		21,445
	3,025	T Rowe Price Group, Inc.		190,454
	1,000	Tanger Factory Outlet Centers		32,050
	500	Taubman Centers, Inc.		38,580
	500	Taylor Capital Group, Inc. †		8,195

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm FUnd

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Financials (continued)
	1,500	TCF Financial Corp.	$	17,220
	3,103	TD Ameritrade Holding Corp.(a)		52,751
	50	Tejon Ranch Co. †		1,431
	784	Texas Capital Bancshares, Inc. † (a)		31,666
	1,250	TFS Financial Corp. †		11,937
	1,100	Torchmark Corp.		55,605
	103	TowneBank(a)		1,442
	4,269	Travelers Cos., Inc. (The)		272,533
	90	Tree.com, Inc. †		1,030
	400	Trico Bancshares		6,160
	1,208	Trustco Bank Corp.		6,596
	1,000	Trustmark Corp.		24,480
	21,459	U.S. Bancorp		690,121
	2,328	UDR, Inc.		60,156
	1,300	Umpqua Holdings Corp.		17,108
	474	United Community Banks, Inc. † (a)		4,062
	317	United Community Financial Corp. †		945
	403	United Financial Bancorp, Inc.		5,795
	300	United Fire Group, Inc.		6,399
	345	United Security Bancshares †		759
	200	Universal Health Realty Income Trust(a)		8,306
	3,407	Unum Group		65,176
	500	Urstadt Biddle Properties, Inc., Class A		9,885
	300	Validus Holdings, Ltd.		9,609
	1,831	Valley National Bancorp		19,409
	3,315	Ventas, Inc.		209,243
	565	Virginia Commerce Bancorp, Inc. † (a)		4,763
	157	Virtus Investment Partners, Inc. †		12,717
	5,200	Visa, Inc., Class A		642,876
	2,132	Vornado Realty Trust		179,045
	1,187	W.R. Berkley Corp.		46,198
	1,400	Waddell & Reed Financial, Inc., Class A		42,392
	220	Walter Investment Management Corp.		5,157
	1,333	Washington Federal, Inc.		22,514
	1,250	Washington Real Estate Investment Trust		35,563
	400	Washington Trust Bancorp, Inc.		9,752
	550	Waterstone Financial, Inc. †		2,090
	800	Webster Financial Corp.		17,328
	1,700	Weingarten Realty Investors		44,778
	56,717	Wells Fargo & Co.		1,896,616
	383	Westamerica Bancorporation		18,074
	1,150	Western Alliance Bancorp †		10,764
	200	Westfield Financial, Inc.		1,460
	80	White Mountains Insurance Group, Ltd.		41,740
	700	Wilshire Bancorp, Inc. †		3,836
	500	Wintrust Financial Corp.(a)		17,750
	10	WP Stewart & Co., Ltd. †		35
	1,630	Zions Bancorporation		31,655
	400	ZipRealty, Inc. †		584
				25,648,858
Health Care — 11.7%
	18,000	Abbott Laboratories		1,160,460
	100	Acadia Pharmaceuticals, Inc. †		176
	300	Accretive Health, Inc. † (a)		3,288
	3,631	Aetna, Inc.		140,774
	200	Affymetrix, Inc. †		938
	3,746	Agilent Technologies, Inc.		146,993
	100	Air Methods Corp. †		9,825
	400	Akorn, Inc. †		6,308
	700	Albany Molecular Research, Inc. †		1,785
	500	Alere, Inc. † (a)		9,720
	1,800	Alexion Pharmaceuticals, Inc. †		178,740
	750	Align Technology, Inc. †		25,095
	1,000	Alkermes PLC † (a)		16,970
	3,580	Allergan, Inc.		331,401

Shares			Value
Health Care (continued)
	700	Alliance HealthCare Services, Inc. †	$	699
	1,600	Allos Therapeutics, Inc. †		2,864
	1,500	Allscripts Healthcare Solutions, Inc. †		16,395
	1,321	Alnylam Pharmaceuticals, Inc. † (a)		15,416
	100	AMAG Pharmaceuticals, Inc. † (a)		1,540
	201	Amedisys, Inc. †		2,502
	1,800	American Caresource Holdings, Inc. †		1,134
	500	AMERIGROUP Corp. † (a)		32,955
	3,180	AmerisourceBergen Corp., Class A(a)		125,133
	8,505	Amgen, Inc.		621,205
	300	Amicus Therapeutics, Inc. † (a)		1,650
	250	AMN Healthcare Services, Inc. †		1,483
	400	Amsurg Corp., Class A †		11,992
	2,250	Amylin Pharmaceuticals, Inc. †		63,518
	600	Angeion Corp. †		3,264
	500	Anika Therapeutics, Inc. †		6,795
	300	Arena Pharmaceuticals, Inc. †		2,994
	1,000	Ariad Pharmaceuticals, Inc. †		17,210
	17	AspenBio Pharma, Inc. †		32
	1,000	Auxilium Pharmaceuticals, Inc. †		26,890
	5,863	Baxter International, Inc.		311,618
	2,440	Becton Dickinson and Co.		182,390
	200	Biodel, Inc. †		516
	1,905	Biogen Idec, Inc. †		275,044
	1,000	BioMarin Pharmaceutical, Inc. † (a)		39,580
	200	Bio-Rad Laboratories, Inc., Class A †		20,002
	16,439	Boston Scientific Corp. †		93,209
	17,800	Bristol-Myers Squibb Co.		639,910
	1,000	Brookdale Senior Living, Inc., Class A †		17,740
	1,000	Bruker Corp. †		13,310
	200	BSD Medical Corp. †		328
	825	C.R. Bard, Inc.		88,638
	700	Cadence Pharmaceuticals, Inc. † (a)		2,499
	1,850	Cambrex Corp. †		17,408
	100	Capital Senior Living Corp. †		1,060
	3,986	Cardinal Health, Inc.		167,412
	2,293	CareFusion Corp. †		58,884
	500	Catalyst Health Solutions, Inc. †		46,720
	5,017	Celgene Corp. †		321,891
	1,133	Cell Therapeutics, Inc. †		657
	27	Celldex Therapeutics, Inc. † (a)		140
	500	Cepheid, Inc. † (a)		22,375
	1,600	Cerner Corp. †		132,256
	500	Charles River Laboratories International, Inc. †		16,380
	3,400	CIGNA Corp.		149,600
	200	Cleveland Biolabs, Inc. †		314
	37	Codexis, Inc. †		138
	1,100	Community Health Systems, Inc. †		30,833
	100	Computer Programs & Systems, Inc.		5,722
	243	Conceptus, Inc. †		4,816
	300	CONMED Corp.		8,301
	400	Cooper Cos., Inc. (The)		31,904
	1,500	Cornerstone Therapeutics, Inc. †		9,495
	550	Covance, Inc. †		26,318
	1,516	Coventry Health Care, Inc.		48,194
	500	Cubist Pharmaceuticals, Inc. †		18,955
	300	Cyberonics, Inc. †		13,482
	1,477	Cynosure, Inc., Class A †		31,239
	2,300	Cytori Therapeutics, Inc. † (a)		6,210
	1,075	DaVita, Inc. †		105,576
	1,700	Dendreon Corp. † (a)		12,580
	1,075	DENTSPLY International, Inc.		40,646
	100	Dyax Corp. † (a)		213
	1,100	Edwards Lifesciences Corp. †		113,630
	11,695	Eli Lilly & Co.		501,832

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm FUnd

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Health Care (continued)
	793	Emergent Biosolutions, Inc. †	$	12,014
	889	Emeritus Corp. †		14,962
	1,400	Endo Pharmaceuticals Holdings, Inc. †		43,372
	1,100	eResearchTechnology, Inc. † (a)		8,789
	800	Exelixis, Inc. † (a)		4,424
	9,140	Express Scripts Holding Co. †		510,286
	100	Five Star Quality Care, Inc. †		307
	3,250	Forest Laboratories, Inc. †		113,717
	116	Furiex Pharmaceuticals, Inc. †		2,430
	500	Galena Biopharma, Inc. †		825
	200	Genomic Health, Inc. †		6,680
	575	Gen-Probe, Inc. †		47,265
	50	Gentiva Health Services, Inc. † (a)		346
	1,100	Geron Corp. †		1,892
	8,800	Gilead Sciences, Inc. †		451,264
	450	GTx, Inc. †		1,588
	1,700	Halozyme Therapeutics, Inc. † (a)		15,062
	500	HCA Holdings, Inc.(a)		15,215
	3,350	Health Management Associates, Inc., Class A †		26,297
	700	Health Net, Inc. †		16,989
	1,100	HealthSouth Corp. †		25,586
	1,100	Henry Schein, Inc. †		86,339
	300	Hill-Rom Holdings, Inc.		9,255
	2,452	Hologic, Inc. †		44,234
	1,740	Hospira, Inc. †		60,865
	1,650	Human Genome Sciences, Inc. †		21,665
	1,900	Humana, Inc.		147,136
	200	ICU Medical, Inc. † (a)		10,676
	1,300	Idenix Pharmaceuticals, Inc. † (a)		13,390
	400	IDEXX Laboratories, Inc. † (a)		38,452
	1,388	Illumina, Inc. †		56,061
	1,000	Immunogen, Inc. † (a)		16,780
	1,000	Impax Laboratories, Inc. †		20,230
	2,300	Incyte Corp., Ltd. † (a)		52,210
	600	Infinity Pharmaceuticals, Inc. † (a)		8,136
	300	Integra LifeSciences Holdings Corp. †		11,154
	562	InterMune, Inc. † (a)		6,716
	365	Intuitive Surgical, Inc. †		202,133
	200	IRIS International, Inc. †		2,260
	1,000	Ironwood Pharmaceuticals, Inc., Class A † (a)		13,780
	700	Isis Pharmaceuticals, Inc. †		8,400
	29,685	Johnson & Johnson		2,005,519
	300	Keryx Biopharmaceuticals, Inc. †		540
	400	KV Pharmaceutical Co., Class A †		216
	1,075	Laboratory Corp. of America Holdings † (a)		99,556
	200	LCA-Vision, Inc. †		860
	600	LHC Group, Inc. †		10,176
	1,833	Life Technologies Corp. †		82,467
	565	LifePoint Hospitals, Inc. †		23,154
	16	Ligand Pharmaceuticals, Inc., Class B † (a)		271
	1,050	Lincare Holdings, Inc.		35,721
	400	Magellan Health Services, Inc. †		18,132
	500	MAKO Surgical Corp. †		12,805
	1,600	MannKind Corp. † (a)		3,664
	5	Marina Biotech, Inc. †		1
	600	Masimo Corp. †		13,428
	200	Maxygen, Inc. †		1,192
	2,475	McKesson Corp.		232,031
	400	MedAssets, Inc. †		5,380
	700	Medicis Pharmaceutical Corp., Class A		23,905
	600	Mednax, Inc. † (a)		41,124
	11,897	Medtronic, Inc.		460,771
	32,405	Merck & Co., Inc.		1,352,909

Shares			Value
Health Care (continued)
	100	Merge Healthcare, Inc. †	$	286
	300	Mettler-Toledo International, Inc. †		46,755
	1,000	MModal, Inc. † (a)		12,980
	600	Molina Healthcare, Inc. † (a)		14,076
	200	Momenta Pharmaceuticals, Inc. †		2,704
	5,350	Mylan, Inc. †		114,329
	375	Myrexis, Inc. †		979
	500	Myriad Genetics, Inc. †		11,885
	300	National Healthcare Corp.		13,569
	950	Nektar Therapeutics †		7,666
	200	Neurocrine Biosciences, Inc. † (a)		1,582
	1,000	NuVasive, Inc. †		25,360
	1,000	NxStage Medical, Inc. † (a)		16,760
	900	Oculus Innovative Sciences, Inc. † (a)		630
	1,300	Omnicare, Inc.		40,599
	325	Onyx Pharmaceuticals, Inc. †		21,596
	3,000	Opko Health, Inc. † (a)		13,800
	1,500	Optimer Pharmaceuticals, Inc. † (a)		23,280
	750	Orexigen Therapeutics, Inc. †		4,155
	700	Owens & Minor, Inc.		21,441
	50	Palomar Medical Technologies, Inc. †		425
	600	PAREXEL International Corp. †		16,938
	950	Patterson Cos., Inc.		32,746
	800	PDI, Inc. †		6,592
	1,100	PDL BioPharma, Inc.(a)		7,293
	1,517	PerkinElmer, Inc.		39,139
	850	Perrigo Co.		100,241
	84,862	Pfizer, Inc.		1,951,826
	381	PharMerica Corp. † (a)		4,161
	400	Pozen, Inc. † (a)		2,496
	800	Progenics Pharmaceuticals, Inc. †		7,824
	200	Providence Service Corp. (The) †		2,742
	500	PSS World Medical, Inc. † (a)		10,495
	1,925	Quest Diagnostics, Inc.		115,307
	800	Questcor Pharmaceuticals, Inc. † (a)		42,592
	600	Regeneron Pharmaceuticals, Inc. †		68,532
	1,800	ResMed, Inc. †		56,160
	1,600	Rigel Pharmaceuticals, Inc. †		14,880
	418	RTI Biologics, Inc. †		1,572
	600	Sagent Pharmaceuticals, Inc. †		10,848
	600	Salix Pharmaceuticals, Ltd. †		32,664
	300	Sangamo Biosciences, Inc. †		1,656
	800	Savient Pharmaceuticals, Inc. †		432
	1,500	Seattle Genetics, Inc. †		38,085
	1,000	Select Medical Holdings Corp. † (a)		10,110
	1,500	Sequenom, Inc. †		6,090
	600	Simulations Plus, Inc.		2,496
	350	Sirona Dental Systems, Inc. †		15,754
	700	Skilled Healthcare Group, Inc., Class A †		4,396
	600	Solta Medical, Inc. † (a)		1,758
	100	Somaxon Pharmaceuticals, Inc. †		29
	3,250	St. Jude Medical, Inc.		129,708
	650	STERIS Corp.		20,390
	4,070	Stryker Corp.		224,257
	233	Sun Healthcare Group, Inc. † (a)		1,950
	200	Symmetry Medical, Inc. †		1,716
	400	Synta Pharmaceuticals Corp. † (a)		2,188
	1,000	Team Health Holdings, Inc. †		24,090
	500	Techne Corp.		37,100
	500	Teleflex, Inc.		30,455
	5,626	Tenet Healthcare Corp. †		29,480
	1,000	Theravance, Inc. † (a)		22,220
	4,459	Thermo Fisher Scientific, Inc.		231,467
	600	Thoratec Corp. †		20,148
	1,000	TranS1, Inc. † (a)		2,480
	80	Transcept Pharmaceuticals, Inc. †		496

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm FUnd

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Health Care (continued)
	600	Triple-S Management Corp., Class B †	$	10,968
	600	United Therapeutics Corp. †		29,628
	11,230	UnitedHealth Group, Inc.		656,955
	500	Universal American Corp. † (a)		5,265
	1,100	Universal Health Services, Inc., Class B		47,476
	1,200	Varian Medical Systems, Inc. † (a)		72,924
	500	VCA Antech, Inc. †		10,990
	2,100	Vertex Pharmaceuticals, Inc. †		117,432
	700	Viropharma, Inc. †		16,590
	500	Volcano Corp. †		14,325
	1,000	Waters Corp. †		79,470
	1,350	Watson Pharmaceuticals, Inc. †		99,887
	3,763	WellPoint, Inc.		240,042
	2,036	Zimmer Holdings, Inc.		131,037
				18,502,958
Industrials — 10.5%
	1,000	3D Systems Corp. † (a)		34,140
	7,385	3M Co.		661,696
	1,500	A123 Systems, Inc. † (a)		1,890
	300	Acacia Research-Acacia Technologies †		11,172
	453	ACCO Brands Corp. †		4,684
	1,240	Actuant Corp., Class A(a)		33,678
	300	Acuity Brands, Inc.(a)		15,273
	1,100	AECOM Technology Corp. †		18,095
	850	AGCO Corp. †		38,871
	1,000	Air Lease Corp., Class A † (a)		19,390
	1,200	Aircastle, Ltd.(a)		14,460
	600	Alaska Air Group, Inc. †		21,540
	100	Albany International Corp., Class A		1,871
	250	Alliant Techsystems, Inc.		12,643
	100	Amerco, Inc.		8,997
	1,575	AMETEK, Inc.		78,608
	3,275	AMR Corp. †		1,798
	1,500	AMREP Corp. †		9,075
	500	Apogee Enterprises, Inc.		8,035
	200	Armstrong World Industries, Inc.		9,832
	250	Ascent Solar Technologies, Inc. †		198
	200	Astec Industries, Inc. †		6,136
	1,100	Avery Dennison Corp.		30,074
	992	Avis Budget Group, Inc. †		15,078
	300	AZZ, Inc.		18,378
	1,437	Babcock & Wilcox Co. †		35,207
	600	Barnes Group, Inc.		14,574
	1,075	BE Aerospace, Inc. †		46,935
	500	Blount International, Inc. †		7,325
	900	BlueLinx Holdings, Inc. †		2,115
	6,940	Boeing Co. (The)		515,642
	445	Brady Corp., Class A		12,242
	450	Brink's Co. (The)		10,431
	450	Builders FirstSource, Inc. † (a)		2,133
	500	Carlisle Cos., Inc.		26,510
	100	Casella Waste Systems, Inc., Class A †		585
	6,589	Caterpillar, Inc.		559,472
	1,300	CBIZ, Inc. †		7,722
	400	CDI Corp.		6,560
	400	Ceco Environmental Corp.		3,160
	300	Celadon Group, Inc.		4,914
	800	Cenveo, Inc. † (a)		1,544
	1,850	CH Robinson Worldwide, Inc.		108,280
	400	Chart Industries, Inc. †		27,504
	1,032	Cintas Corp.		39,846
	400	CLARCOR, Inc.		19,264
	540	Clean Harbors, Inc. †		30,467
	300	Coleman Cable, Inc.		2,607
	400	Columbus McKinnon Corp. †		6,036

Shares			Value
Industrials (continued)
	900	Comfort Systems USA, Inc.	$	9,018
	300	Commercial Vehicle Group, Inc. †		2,586
	100	Competitive Technologies, Inc. †		76
	550	Con-way, Inc.		19,861
	1,400	Copart, Inc. †		33,166
	800	Corrections Corp. of America		23,560
	1,750	Covanta Holding Corp.(a)		30,013
	100	Covenant Transportation Group, Inc., Class A †		372
	300	Crane Co.		10,914
	10,850	CSX Corp.		242,606
	1,805	Cummins, Inc.		174,923
	300	Curtiss-Wright Corp.		9,315
	6,136	Danaher Corp.		319,563
	4,750	Deere & Co.		384,132
	10,050	Delta Air Lines, Inc. †		110,047
	1,500	Dolan Co. (The) †		10,095
	500	Dollar Thrifty Automotive Group, Inc. †		40,480
	1,800	Donaldson Co., Inc.		60,066
	2,050	Dover Corp.		109,900
	500	Dun & Bradstreet Corp.		35,585
	100	DXP Enterprises, Inc. †		4,149
	400	Dynamic Materials Corp.		6,932
	450	Eagle Bulk Shipping, Inc. †		1,422
	3,800	Eaton Corp.		150,594
	500	EMCOR Group, Inc.		13,910
	8,378	Emerson Electric Co.		390,247
	700	Empire Resources, Inc.		2,093
	550	Encore Wire Corp.		14,729
	500	Energy Recovery, Inc. †		1,200
	2,500	EnergySolutions, Inc. †		4,225
	300	EnerNOC, Inc. †		2,172
	1,000	EnerSys †		35,070
	50	Ennis, Inc.		769
	1,375	Equifax, Inc.		64,075
	200	ESCO Technologies, Inc.		7,288
	2,200	Exelis, Inc.		21,692
	2,425	Expeditors International of Washington, Inc.		93,969
	3,000	Fastenal Co.		120,930
	1,000	Federal Signal Corp. †		5,840
	2,982	FedEx Corp.		273,181
	700	Flowserve Corp.(a)		80,325
	1,900	Fluor Corp.		93,746
	1,900	Fortune Brands Home & Security, Inc. †		42,313
	300	Franklin Electric Co., Inc.		15,339
	500	FreightCar America, Inc.		11,485
	100	Frozen Food Express Industries †		110
	600	FTI Consulting, Inc. †		17,250
	700	Fuel Tech, Inc. †		3,416
	500	FuelCell Energy, Inc. † (a)		505
	300	Furmanite Corp. †		1,458
	750	Gardner Denver, Inc.		39,682
	200	GATX Corp.		7,700
	1,500	GenCorp, Inc. †		9,765
	625	General Cable Corp. †		16,212
	3,540	General Dynamics Corp.		233,498
	120,646	General Electric Co.		2,514,263
	1,000	Geo Group, Inc. (The) †		22,720
	1,425	Goodrich Corp.		180,832
	406	Gorman-Rupp Co. (The)		12,099
	487	Graco, Inc.		22,441
	1,350	GrafTech International, Ltd. †		13,028
	400	Granite Construction, Inc.		10,444
	1,500	Great Lakes Dredge & Dock Corp.		10,680
	550	Greenbrier Cos., Inc. †		9,669

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm FUnd

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Industrials (continued)
	350	Griffon Corp.	$	3,003
	850	Hardinge, Inc.		7,735
	1,200	Harsco Corp.		24,456
	1,500	Hawaiian Holdings, Inc. †		9,765
	200	Heidrick & Struggles International, Inc.		3,500
	600	Herman Miller, Inc.		11,112
	2,150	Hertz Global Holdings, Inc. † (a)		27,520
	1,550	Hexcel Corp. †		39,974
	300	Hill International, Inc. †		960
	400	HNI Corp.		10,300
	7,925	Honeywell International, Inc.		442,532
	42	Horizon Lines, Inc., Class A †		79
	300	Hubbell, Inc., Class B		23,382
	525	Huntington Ingalls Industries, Inc. †		21,126
	400	Hurco Cos., Inc. †		8,196
	200	Huron Consulting Group, Inc. †		6,330
	975	IDEX Corp.		38,005
	450	IHS, Inc., Class A †		48,478
	1,000	II-VI, Inc. †		16,670
	5,066	Illinois Tool Works, Inc.		267,941
	875	Industrial Services of America, Inc. †		4,340
	500	Innerworkings, Inc. † (a)		6,765
	500	Innovaro, Inc. † (a)		370
	100	Innovative Solutions & Support, Inc. †		329
	36	Insperity, Inc.		974
	500	Integrated Electrical Services, Inc. †		1,370
	1,300	Interface, Inc.		17,719
	500	Interline Brands, Inc. †		12,535
	400	International Shipholding Corp.		7,544
	400	Intersections, Inc.		6,340
	1,650	Iron Mountain, Inc.		54,384
	1,100	ITT Corp.		19,360
	1,000	Jacobs Engineering Group, Inc. †		37,860
	1,075	JB Hunt Transport Services, Inc.		64,070
	2,525	JetBlue Airways Corp. †		13,382
	251	John Bean Technologies Corp.		3,406
	1,075	Joy Global, Inc.		60,985
	200	Kadant, Inc. †		4,690
	1,323	Kansas City Southern		92,028
	1,000	KAR Auction Services, Inc. † (a)		17,190
	1,550	KBR, Inc.		38,301
	400	Kelly Services, Inc., Class A		5,164
	500	Kennametal, Inc.		16,575
	150	Kforce, Inc. †		2,019
	700	Kimball International, Inc., Class B		5,390
	600	Kirby Corp. †		28,248
	387	Knight Transportation, Inc.		6,188
	500	Knoll, Inc.		6,710
	10	Kratos Defense & Security Solutions, Inc. †		58
	1,075	L-3 Communications Holdings, Inc., Class 3		79,561
	600	Landstar System, Inc.		31,032
	600	Layne Christensen Co. †		12,414
	657	Lennox International, Inc.		30,636
	1,000	Lincoln Electric Holdings, Inc.		43,790
	200	Lindsay Corp.		12,980
	100	LMI Aerospace, Inc. †		1,738
	2,565	Lockheed Martin Corp.		223,360
	700	LSI Industries, Inc.(a)		4,984
	1,600	Manitowoc Co., Inc. (The)		18,720
	1,002	Manpower, Inc.		36,723
	100	Marten Transport, Ltd.		2,126
	3,250	Masco Corp.		45,078
	1,000	MasTec, Inc. †		15,040
	1,550	Meritor, Inc. †		8,091

Shares			Value
Industrials (continued)
	3,150	Metalico, Inc. †	$	6,930
	300	Mfri, Inc. †		2,112
	200	Michael Baker Corp. †		5,218
	1,081	Mobile Mini, Inc. † (a)		15,566
	300	MSC Industrial Direct Co., Inc., Class A		19,665
	1,900	Mueller Water Products, Inc., Class A		6,574
	200	NACCO Industries, Inc., Class A		23,250
	1,500	Navigant Consulting, Inc. †		18,960
	700	Navistar International Corp. † (a)		19,859
	500	NCI Building Systems, Inc. †		5,415
	600	Nordson Corp.		30,774
	3,700	Norfolk Southern Corp.		265,549
	2,300	Northrop Grumman Corp.		146,717
	600	Old Dominion Freight Line, Inc. †		25,974
	100	On Assignment, Inc. †		1,596
	500	Orion Energy Systems, Inc. †		1,100
	1,000	Oshkosh Corp. †		20,950
	1,250	Owens Corning †		35,675
	4,255	PACCAR, Inc.		166,753
	3,000	Pacer International, Inc. †		16,260
	1,250	Pall Corp.		68,513
	1,693	Parker Hannifin Corp.		130,158
	1,300	Pentair, Inc.		49,764
	600	Pike Electric Corp. †		4,632
	2,125	Pitney Bowes, Inc.		31,811
	300	Polypore International, Inc. † (a)		12,117
	100	Portfolio Recovery Associates, Inc. †		9,126
	250	PowerSecure International, Inc. † (a)		1,245
	1,620	Precision Castparts Corp.		266,474
	1,000	Quanex Building Products Corp.		17,880
	2,450	Quanta Services, Inc. †		58,971
	300	Raven Industries, Inc.		20,877
	3,550	Raytheon Co.		200,894
	400	Regal-Beloit Corp.		24,904
	1,500	Republic Airways Holdings, Inc. †		8,325
	3,218	Republic Services, Inc., Class A		85,148
	200	Resources Connection, Inc.		2,460
	447	Robbins & Myers, Inc.		18,694
	1,700	Robert Half International, Inc.		48,569
	1,540	Rockwell Automation, Inc.		101,732
	1,825	Rockwell Collins, Inc.		90,064
	1,050	Rollins, Inc.		23,489
	1,070	Roper Industries, Inc.		105,481
	1,000	RPX Corp., Class Basis Forward † (a)		14,350
	1,850	RR Donnelley & Sons Co.		21,775
	75	Rush Enterprises, Inc., Class A †		1,226
	400	Ryder System, Inc.		14,404
	150	Saia, Inc. † (a)		3,283
	100	Sauer-Danfoss, Inc.		3,493
	1,200	Shaw Group, Inc. (The) †		32,772
	300	SIFCO Industries, Inc.		6,894
	50	Simpson Manufacturing Co., Inc.		1,475
	1,100	SkyWest, Inc.		7,183
	600	Snap-on, Inc.		37,350
	7,799	Southwest Airlines Co.		71,907
	1,000	Spirit Aerosystems Holdings, Inc., Class A †		23,830
	1,000	Spirit Airlines, Inc. †		19,460
	584	SPX Corp.		38,147
	1,350	Standard Register Co. (The)		810
	50	Standex International Corp.		2,128
	1,000	Steelcase, Inc., Class A		9,030
	775	Stericycle, Inc. †		71,044
	1,000	Swift Transportation Co., Class A †		9,450
	102	SYKES Enterprises, Inc. †		1,628
	100	Sypris Solutions, Inc.		697

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm FUnd

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Industrials (continued)
	500	TAL International Group, Inc.	$	16,745
	200	Taser International, Inc. † (a)		1,048
	500	Team, Inc. †		15,590
	500	Tecumseh Products Co., Class A †		2,525
	250	Tennant Co.		9,987
	1,300	Terex Corp. †		23,179
	743	Tetra Tech, Inc. †		19,377
	700	Textainer Group Holdings, Ltd.(a)		25,830
	3,200	Textron, Inc.		79,584
	800	Timken Co.		36,632
	312	Titan International, Inc.(a)		7,653
	300	Toro Co. (The)		21,987
	700	Towers Watson & Co., Class A		41,930
	600	TransDigm Group, Inc. †		80,580
	100	TRC Cos., Inc. †		608
	671	Tredegar Corp.		9,770
	300	Trex Co., Inc. † (a)		9,027
	100	Trimas Corp. †		2,010
	900	Trinity Industries, Inc.		22,482
	300	Triumph Group, Inc.		16,881
	800	TrueBlue, Inc. †		12,384
	500	Tutor Perini Corp. †		6,335
	400	Twin Disc, Inc.		7,396
	200	Ultralife Corp. †		772
	200	Unifirst Corp.		12,750
	4,760	Union Pacific Corp.		567,916
	3,805	United Continental Holdings, Inc. †		92,576
	8,221	United Parcel Service, Inc., Class B		647,486
	1,433	United Rentals, Inc. †		48,779
	9,254	United Technologies Corp.		698,955
	850	URS Corp.		29,648
	1,500	US Airways Group, Inc. † (a)		19,995
	500	US Ecology, Inc.(a)		8,870
	200	US Home Systems, Inc.		2,030
	900	UTi Worldwide, Inc.		13,149
	3,400	Valence Technology, Inc. †		2,111
	1,500	Verisk Analytics, Inc., Class A †		73,890
	400	Viad Corp.(a)		8,000
	300	Vicor Corp.		2,082
	750	Volt Information Sciences, Inc. †		5,130
	50	Wabash National Corp. †		331
	591	WABCO Holdings, Inc. †		31,282
	300	Wabtec Corp.		23,403
	1,462	Waste Connections, Inc.		43,743
	4,050	Waste Management, Inc.(a)		135,270
	300	Watts Water Technologies, Inc., Class A		10,002
	250	Werner Enterprises, Inc.		5,973
	600	WESCO International, Inc. † (a)		34,530
	500	Woodward Governor Co.		19,720
	685	WW Grainger, Inc.		131,000
	2,200	Xylem, Inc.		55,374
				16,690,931
Information Technology — 18.3%
	546	Accelrys, Inc. † (a)		4,417
	95	ACI Worldwide, Inc. †		4,200
	600	Acme Packet, Inc. †		11,190
	4,638	Activision Blizzard, Inc.		55,610
	800	Acxiom Corp. †		12,088
	600	ADDvantage Technologies Group, Inc. †		1,206
	5,087	Adobe Systems, Inc. †		164,666
	600	ADTRAN, Inc.(a)		18,114
	700	Advanced Energy Industries, Inc. †		9,394
	6,750	Advanced Micro Devices, Inc. †		38,678
	1,000	Advent Software, Inc. †		27,110
	500	Aehr Test Systems †		610

Shares			Value
Information Technology (continued)
	1,000	Aeroflex Holding Corp. †	$	6,050
	500	Agilysys, Inc. † (a)		4,335
	1,959	Akamai Technologies, Inc. †		62,198
	650	Alliance Data Systems Corp. †		87,750
	2,950	Altera Corp.		99,828
	1,050	Amkor Technology, Inc. †		5,124
	1,625	Amphenol Corp., Class A		89,245
	300	Anadigics, Inc. †		543
	3,350	Analog Devices, Inc.		126,195
	200	Anaren, Inc. †		3,920
	922	ANSYS, Inc. †		58,187
	1,441	AOL, Inc. † (a)		40,463
	9,980	Apple, Inc. †		5,828,320
	15,383	Applied Materials, Inc.		176,289
	1,500	Applied Micro Circuits Corp. † (a)		8,580
	1,000	Ariba, Inc. †		44,760
	854	Arris Group, Inc. †		11,879
	1,350	Arrow Electronics, Inc. †		44,293
	1,500	Aruba Networks, Inc. †		22,575
	700	Aspen Technology, Inc. †		16,205
	100	Astea International, Inc. †		316
	5,250	Atmel Corp. †		35,175
	486	ATMI, Inc. †		9,997
	2,200	Autodesk, Inc. †		76,978
	5,565	Automatic Data Processing, Inc.		309,748
	1,778	Aviat Networks, Inc. †		4,978
	1,825	Avnet, Inc. †		56,320
	1,000	AVX Corp.		10,690
	289	Axcelis Technologies, Inc. †		347
	200	Badger Meter, Inc.		7,510
	300	Bel Fuse, Inc., Class B		5,283
	1,150	Benchmark Electronics, Inc. †		16,042
	298	Black Box Corp.		8,553
	300	Blackbaud, Inc.		7,701
	250	Blucora, Inc. †		3,080
	1,942	BMC Software, Inc. †		82,885
	1,000	Booz Allen Hamilton Holding Corp., Class A		15,280
	600	Brightpoint, Inc. †		3,246
	5,465	Broadcom Corp., Class A		184,717
	1,250	Broadridge Financial Solutions, Inc.		26,587
	7,350	Brocade Communications Systems, Inc. †		36,235
	106	Brooks Automation, Inc.		1,001
	100	BTU International, Inc. †		266
	4,322	CA, Inc.		117,083
	100	Cabot Microelectronics Corp.		2,921
	2,402	Cadence Design Systems, Inc. †		26,398
	175	Calix, Inc. † (a)		1,438
	200	Callidus Software, Inc. †		996
	200	Cascade Microtech, Inc. †		910
	500	Cavium, Inc. † (a)		14,000
	900	CIBER, Inc. † (a)		3,879
	997	Ciena Corp. †		16,321
	200	Cinedigm Digital Cinema Corp., Class A †		300
	400	Cirrus Logic, Inc. †		11,952
	61,423	Cisco Systems, Inc.		1,054,633
	2,125	Citrix Systems, Inc. †		178,373
	500	Cognex Corp.		15,825
	3,175	Cognizant Technology Solutions Corp., Class A †		190,500
	400	Coherent, Inc. †		17,320
	1,880	Computer Sciences Corp.		46,662
	2,025	Compuware Corp. †		18,812
	400	comScore, Inc. †		6,584
	100	Comtech Telecommunications Corp.		2,858
	400	Constant Contact, Inc. †		7,152

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm FUnd

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Information Technology (continued)
	1,300	Convergys Corp.	$	19,201
	1,827	CoreLogic, Inc. † (a)		33,452
	500	Cornerstone OnDemand, Inc. †		11,905
	15,969	Corning, Inc.		206,479
	25	CoStar Group, Inc. † (a)		2,030
	100	Cray, Inc. †		1,208
	900	Cree, Inc. †		23,103
	200	Crexendo, Inc.		742
	1,128	CSG Systems International, Inc. †		19,492
	100	CTS Corp.		942
	1,625	Cypress Semiconductor Corp.		21,482
	800	Daktronics, Inc.		5,528
	600	Datalink Corp. †		5,730
	500	DealerTrack Holdings, Inc. †		15,055
	16,700	Dell, Inc. †		209,084
	403	Deltek, Inc. † (a)		4,671
	1,000	Demand Media, Inc. † (a)		11,200
	388	Dice Holdings, Inc. †		3,643
	650	Diebold, Inc.		23,992
	400	Digital Ally, Inc. † (a)		164
	700	Digital River, Inc. †		11,634
	300	Diodes, Inc. †		5,631
	300	Ditech Networks, Inc. † (a)		258
	200	Document Security Systems, Inc. † (a)		802
	600	Dolby Laboratories, Inc., Class A † (a)		24,780
	400	DST Systems, Inc.		21,724
	1,421	Earthlink, Inc.		10,572
	12,050	eBay, Inc. †		506,221
	331	Ebix, Inc.		6,603
	150	Echelon Corp. † (a)		522
	1,000	EchoStar Corp., Class A †		26,420
	100	Electro Scientific Industries, Inc.		1,182
	3,600	Electronic Arts, Inc. †		44,460
	729	Electronics for Imaging, Inc. †		11,846
	22,779	EMC Corp. †		583,826
	125	Emcore Corp. †		553
	1,000	Emulex Corp. †		7,200
	1,836	Entegris, Inc. †		15,679
	16	Entorian Technologies, Inc. †		34
	1,500	EPIQ Systems, Inc.(a)		18,375
	400	Equinix, Inc. † (a)		70,260
	500	Exar Corp. †		4,080
	200	Extreme Networks †		688
	900	F5 Networks, Inc. †		89,604
	550	Factset Research Systems, Inc.		51,117
	200	Fair Isaac Corp.		8,456
	1,250	Fairchild Semiconductor International, Inc., Class A †		17,625
	900	FalconStor Software, Inc. †		2,349
	200	FARO Technologies, Inc. †		8,416
	2,610	Fidelity National Information Services, Inc.		88,949
	1,200	Finisar Corp. † (a)		17,952
	700	First Solar, Inc. †		10,542
	1,628	Fiserv, Inc. †		117,574
	700	FleetCor Technologies, Inc. †		24,528
	1,500	FLIR Systems, Inc.		29,250
	350	Formfactor, Inc. †		2,265
	255	Forrester Research, Inc.		8,634
	1,000	Fortinet, Inc. †		23,220
	1,000	Freescale Semiconductor Holdings I, Ltd. † (a)		10,250
	1,100	Gartner, Inc. †		47,355
	1,000	Genpact, Ltd. †		16,630
	102	GigOptix, Inc. † (a)		274
	1,850	Global Cash Access Holdings, Inc. †		13,339

Shares			Value
Information Technology (continued)
	1,050	Global Payments, Inc.	$	45,392
	200	Globecomm Systems, Inc. † (a)		2,028
	400	Glu Mobile, Inc. †		2,220
	2,720	Google, Inc., Class A †		1,577,791
	1,100	GT Advanced Technologies, Inc. † (a)		5,808
	200	Guidance Software, Inc. †		1,902
	800	Harmonic, Inc. †		3,408
	1,225	Harris Corp.		51,266
	19,927	Hewlett-Packard Co.		400,732
	300	Hittite Microwave Corp. †		15,336
	1,100	Hutchinson Technology, Inc. †		1,606
	1,000	IAC/InterActive Corp.		45,600
	100	ID Systems, Inc. †		438
	100	iGO, Inc. †		42
	50	Ikanos Communications, Inc. †		43
	600	Infinera Corp. † (a)		4,104
	1,075	Informatica Corp. †		45,537
	100	Infosonics Corp. †		156
	2,100	Ingram Micro, Inc., Class A †		36,687
	500	Insight Enterprises, Inc. †		8,415
	1,560	Integrated Device Technology, Inc. †		8,767
	400	Integrated Silicon Solution, Inc. †		4,036
	57,118	Intel Corp.		1,522,195
	350	Interactive Intelligence Group, Inc. † (a)		9,874
	600	InterDigital, Inc.(a)		17,706
	200	Intermec, Inc. †		1,240
	371	Internap Network Services Corp. † (a)		2,415
	12,287	International Business Machines Corp.		2,403,091
	350	International Rectifier Corp. †		6,996
	600	Interphase Corp. †		2,628
	850	Intersil Corp., Class A		9,053
	3,025	Intuit, Inc.		179,534
	381	IPG Photonics Corp. † (a)		16,608
	500	Itron, Inc. †		20,620
	1,200	Ixia †		14,424
	800	IXYS Corp. † (a)		8,936
	450	j2 Global, Inc.(a)		11,889
	2,400	Jabil Circuit, Inc.		48,792
	1,000	Jack Henry & Associates, Inc.		34,520
	550	JDA Software Group, Inc. † (a)		16,330
	3,203	JDS Uniphase Corp. † (a)		35,233
	6,165	Juniper Networks, Inc. †		100,551
	233	Kemet Corp. †		1,400
	600	KEY Tronic Corp. †		4,944
	100	Keynote Systems, Inc.		1,485
	1,625	KLA-Tencor Corp.		80,031
	400	Kulicke & Soffa Industries, Inc. †		3,568
	1,787	Lam Research Corp. †		67,441
	200	Lattice Semiconductor Corp. †		754
	100	LeCroy Corp. †		1,426
	500	Lender Processing Services, Inc.(a)		12,640
	375	Lexmark International, Inc., Class A		9,967
	2,100	Limelight Networks, Inc. † (a)		6,153
	1,725	Linear Technology Corp.		54,044
	200	Littelfuse, Inc.		11,378
	193	Local.com Corp. † (a)		467
	200	LoJack Corp. †		604
	200	Loral Space & Communications, Inc.		13,470
	100	LRAD Corp. † (a)		119
	6,096	LSI Corp. †		38,832
	600	MakeMusic, Inc. †		2,340
	200	Marchex, Inc., Class B(a)		722
	700	Market Leader, Inc. †		3,556
	600	Marlborough Software Development Holdings, Inc. †		534
	5,750	Marvell Technology Group, Ltd.		64,860

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm FUnd

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Information Technology (continued)
	1,160	Mastercard, Inc., Class A	$	498,928
	400	Mattson Technology, Inc. †		700
	1,900	Maxim Integrated Products, Inc.		48,716
	200	Measurement Specialties, Inc. †		6,502
	3,575	MEMC Electronic Materials, Inc. †		7,758
	1,200	Mentor Graphics Corp. †		18,000
	100	Mercury Computer Systems, Inc. †		1,293
	400	Methode Electronics, Inc.		3,404
	600	Micrel, Inc.		5,718
	1,537	Microchip Technology, Inc.		50,844
	10,552	Micron Technology, Inc. †		66,583
	1,400	Micronetics, Inc. †		20,608
	500	MICROS Systems, Inc. †		25,600
	650	Microsemi Corp. †		12,019
	89,087	Microsoft Corp.		2,725,171
	200	MIPS Technologies, Inc., Class A †		1,334
	600	MKS Instruments, Inc.		17,358
	1,175	Molex, Inc.		28,130
	662	MoneyGram International, Inc. † (a)		9,665
	500	Monolithic Power Systems, Inc. †		9,935
	1,550	Monster Worldwide, Inc. †		13,175
	100	MoSys, Inc. †		324
	3,335	Motorola Solutions, Inc.		160,447
	1	Move, Inc. † (a)		9
	328	Multi-Fineline Electronix, Inc. †		8,082
	200	Nanometrics, Inc. †		3,072
	900	NAPCO Security Technologies, Inc. †		2,646
	1,012	National Instruments Corp.		27,182
	1,925	NCR Corp. †		43,755
	3,450	NetApp, Inc. †		109,779
	500	Netlist, Inc. †		1,130
	400	Netscout Systems, Inc. †		8,636
	600	NetSuite, Inc. †		32,862
	100	Network Equipment Technologies, Inc. †		131
	750	NeuStar, Inc., Class A †		25,050
	200	Newport Corp. †		2,404
	1,000	NIC, Inc.		12,700
	50	Novatel Wireless, Inc. †		125
	3,050	Nuance Communications, Inc. † (a)		72,651
	100	NVE Corp. †		5,375
	5,825	NVIDIA Corp. †		80,501
	600	Omnivision Technologies, Inc. †		8,016
	5,105	ON Semiconductor Corp. †		36,245
	100	Online Resources Corp. †		243
	285	OpenTable, Inc. †		12,828
	100	Opnet Technologies, Inc.		2,659
	50	Opnext, Inc. †		63
	43,980	Oracle Corp.		1,306,206
	200	OSI Systems, Inc. †		12,668
	33	Overland Storage, Inc. †		62
	100	PAR Technology Corp. †		493
	10	Parametric Sound Corp. †		91
	1,240	Parametric Technology Corp. †		25,990
	600	Park Electrochemical Corp.		15,528
	200	Parkervision, Inc. †		476
	3,650	Paychex, Inc.		114,647
	400	PC Mall, Inc. † (a)		2,164
	300	Pegasystems, Inc.		9,894
	100	Pericom Semiconductor Corp. †		900
	8	Pfsweb, Inc. †		23
	33	Pixelworks, Inc. †		80
	100	Planar Systems, Inc. †		165
	450	Plantronics, Inc.		15,030
	100	PLX Technology, Inc. †		635
	2,225	PMC - Sierra, Inc. † (a)		13,661
	1,900	Polycom, Inc. †		19,988

Shares			Value
Information Technology (continued)
	300	Power Integrations, Inc.	$	11,190
	200	Power-One, Inc. †		904
	76	Powerwave Technologies, Inc. †		55
	220	PRGX Global, Inc. †		1,749
	40	QAD, Inc., Class B †		544
	1,000	QLIK Technologies, Inc. †		22,120
	1,650	QLogic Corp. †		22,589
	19,425	QUALCOMM, Inc.		1,081,584
	500	Quest Software, Inc. †		13,925
	900	Rackspace Hosting, Inc. †		39,546
	1,000	Rambus, Inc. †		5,740
	1,000	RealD, Inc. † (a)		14,960
	681	RealNetworks, Inc.(a)		5,884
	1,490	Red Hat, Inc. †		84,155
	600	Relm Wireless Corp. †		942
	2,627	RF Micro Devices, Inc. †		11,165
	1,400	Riverbed Technology, Inc. †		22,610
	300	Rosetta Stone, Inc. †		4,152
	1,020	Rovi Corp. †		20,012
	340	Rudolph Technologies, Inc. †		2,965
	3,925	SAIC, Inc.		47,571
	1,100	Salesforce.com, Inc. † (a)		152,086
	2,325	SanDisk Corp. † (a)		84,816
	1,833	Sanmina-SCI Corp. †		15,012
	1,650	Sapient Corp.		16,615
	300	Scansource, Inc. †		9,192
	600	Semtech Corp. †		14,592
	300	ShoreTel, Inc. †		1,314
	100	Silicon Image, Inc. †		414
	500	Silicon Laboratories, Inc. †		18,950
	1,707	Skyworks Solutions, Inc. †		46,721
	300	Smith Micro Software, Inc. †		552
	500	SolarWinds, Inc. †		21,780
	800	Solera Holdings, Inc.(a)		33,432
	4,725	Sonus Networks, Inc. †		10,159
	300	Sourcefire, Inc. †		15,420
	900	Spire Corp. †		536
	1,000	SS&C Technologies Holdings, Inc. †		25,000
	200	STEC, Inc. †		1,560
	1,000	SunPower Corp., Class A †		4,810
	430	Sycamore Networks, Inc. †		6,244
	8,383	Symantec Corp. †		122,476
	100	Symmetricom, Inc. †		599
	300	SYNNEX Corp. † (a)		10,347
	1,417	Synopsys, Inc. †		41,702
	300	Syntel, Inc.		18,210
	550	Take-Two Interactive Software, Inc. †		5,203
	700	Tech Data Corp. †		33,719
	800	TechTarget, Inc. † (a)		4,032
	5,404	Tellabs, Inc.		17,995
	1,800	Teradata Corp. †		129,618
	1,825	Teradyne, Inc. †		25,660
	1,000	Tessco Technologies, Inc.		22,050
	400	Tessera Technologies, Inc.		6,148
	11,060	Texas Instruments, Inc.		317,311
	1,000	THQ, Inc. †		620
	1,825	TIBCO Software, Inc. †		54,604
	800	TiVo, Inc. †		6,616
	200	TNS, Inc. †		3,588
	1,937	Total System Services, Inc.		46,352
	100	Travelzoo, Inc. † (a)		2,272
	1,267	Trimble Navigation, Ltd. †		58,295
	1,300	TriQuint Semiconductor, Inc. † (a)		7,150
	1,200	TTM Technologies, Inc. †		11,292
	500	Tyler Technologies, Inc. †		20,175
	400	Ultimate Software Group, Inc. †		35,648

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm FUnd

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Information Technology (continued)
	427	Unisys Corp. †	$	8,348
	800	United Online, Inc.		3,376
	700	Universal Display Corp. † (a)		25,158
	311	Unwired Planet, Inc. †		715
	200	UTStarcom Holdings Corp. † (a)		238
	505	ValueClick, Inc. † (a)		8,277
	450	VASCO Data Security International, Inc. † (a)		3,681
	1,015	VeriFone Systems, Inc. † (a)		33,586
	1,416	VeriSign, Inc. † (a)		61,695
	55	Viasystems Group, Inc. †		935
	1,000	VirnetX Holding Corp. † (a)		35,250
	1,000	Virtusa Corp. †		13,350
	1,806	Vishay Intertechnology, Inc. †		17,031
	129	Vishay Precision Group, Inc. † (a)		1,800
	585	VMware, Inc., Class A †		53,258
	300	Volterra Semiconductor Corp. †		7,035
	200	Web.com Group, Inc. † (a)		3,664
	958	WebMD Health Corp., Class A † (a)		19,649
	300	WebMediaBrands, Inc. †		189
	2,525	Western Digital Corp. †		76,962
	7,854	Western Union Co. (The)		132,261
	200	Wireless Ronin Technologies, Inc. †		182
	100	WPCS International, Inc. †		84
	13,095	Xerox Corp.		103,058
	2,175	Xilinx, Inc.		73,015
	800	XO Group, Inc. †		7,096
	11,900	Yahoo!, Inc. †		188,377
	825	Zebra Technologies Corp., Class A †		28,347
	1,000	Zygo Corp. †		17,860
				28,994,123
Materials — 3.8%
	81	A Schulman, Inc.		1,608
	2,295	Air Products & Chemicals, Inc.		185,275
	735	Airgas, Inc.		61,747
	1,875	AK Steel Holding Corp.		11,006
	1,000	Albemarle Corp.		59,640
	12,298	Alcoa, Inc.		107,607
	1,050	Allegheny Technologies, Inc.		33,484
	900	Allied Nevada Gold Corp. †		25,542
	500	AM Castle & Co. †		5,310
	200	AMCOL International Corp.(a)		5,662
	400	American Vanguard Corp.		10,636
	850	Aptargroup, Inc.		43,393
	717	Ashland, Inc.		49,695
	348	Balchem Corp.		11,348
	2,000	Ball Corp.		82,100
	1,150	Bemis Co., Inc.		36,041
	300	Buckeye Technologies, Inc.		8,547
	700	Cabot Corp.		28,490
	500	Carpenter Technology Corp.		23,920
	1,500	Celanese Corp., Ser A, Class A		51,930
	600	Century Aluminum Co. †		4,398
	725	CF Industries Holdings, Inc.		140,462
	1,005	Chemtura Corp. †		14,572
	1,400	Cliffs Natural Resources, Inc.		69,006
	1,110	Coeur d'Alene Mines Corp. †		19,492
	1,300	Commercial Metals Co.		16,432
	400	Compass Minerals International, Inc.(a)		30,512
	1,800	Core Molding Technologies, Inc. †		14,832
	2,000	Crown Holdings, Inc. †		68,980
	600	Cytec Industries, Inc.		35,184
	100	Deltic Timber Corp.		6,098
	400	Domtar Corp.		30,684
	11,461	Dow Chemical Co. (The)		361,022

Shares			Value
Materials (continued)
	1,400	Eastman Chemical Co.	$	70,518
	2,800	Ecolab, Inc.		191,884
	10,521	EI du Pont de Nemours & Co.		532,047
	1,000	Ferro Corp. †		4,800
	1,300	Flotek Industries, Inc. †		12,142
	1,600	FMC Corp.		85,568
	10,794	Freeport-McMoRan Copper & Gold, Inc.		367,752
	1,000	Friedman Industries, Inc.		10,170
	500	Globe Specialty Metals, Inc.(a)		6,715
	2,900	Graphic Packaging Holding Co. †		15,950
	2,000	Headwaters, Inc. † (a)		10,300
	3,400	Hecla Mining Co.		16,150
	300	Horsehead Holding Corp. †		2,988
	2,150	Huntsman Corp.		27,821
	1,000	International Flavors & Fragrances, Inc.		54,800
	4,542	International Paper Co.		131,309
	400	Intrepid Potash, Inc. †		9,104
	1,100	Louisiana-Pacific Corp. †		11,968
	400	Martin Marietta Materials, Inc.		31,528
	1,200	McEwen Mining, Inc. † (a)		3,612
	1,376	MeadWestvaco Corp.		39,560
	1,000	Metals USA Holdings Corp. †		15,910
	190	Minerals Technologies, Inc.		12,118
	800	Molycorp, Inc. †		17,240
	6,115	Monsanto Co.		506,200
	1,900	Mosaic Co.		104,044
	200	Myers Industries, Inc.		3,432
	100	NewMarket Corp.		21,660
	5,350	Newmont Mining Corp.		259,528
	100	NL Industries, Inc.		1,247
	1,000	Noranda Aluminum Holding Corp.(a)		7,960
	2,670	Nucor Corp.		101,193
	770	Olin Corp.		16,085
	1,475	Owens-Illinois, Inc. †		28,276
	1,550	Packaging Corp. of America		43,772
	1,000	PH Glatfelter Co.		16,370
	1,000	PolyOne Corp.		13,680
	1,755	PPG Industries, Inc.		186,241
	3,425	Praxair, Inc.		372,400
	1,000	Reliance Steel & Aluminum Co.		50,500
	400	Rock-Tenn Co., Class A		21,820
	600	Rockwood Holdings, Inc.		26,610
	600	Royal Gold, Inc.		47,040
	1,300	RPM International, Inc.		35,360
	700	Scotts Miracle-Gro Co. (The), Class A		28,784
	1,300	Sealed Air Corp.		20,072
	100	Senomyx, Inc. † (a)		235
	500	Sensient Technologies Corp.		18,365
	1,080	Sherwin-Williams Co. (The)		142,938
	1,200	Sigma-Aldrich Corp.		88,716
	700	Silgan Holdings, Inc.		29,883
	1,800	Solutia, Inc.		50,490
	775	Sonoco Products Co.		23,366
	2,122	Southern Copper Corp.		66,864
	500	Spartech Corp. †		2,585
	2,800	Steel Dynamics, Inc.		32,900
	1,600	Stillwater Mining Co. †		13,664
	564	SunCoke Energy, Inc. †		8,263
	192	Texas Industries, Inc.		7,490
	1,273	Titanium Metals Corp.		14,398
	500	UFP Technologies, Inc. †		8,450
	50	United States Lime & Minerals, Inc. †		2,334
	900	United States Steel Corp.		18,540
	1,000	US Energy Corp. †		2,360
	1,300	Valspar Corp.		68,237
	1,000	Verso Paper Corp. †		1,180

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm FUnd

Schedule of Investments

June 30, 2012
(Unaudited)

Shares			Value
Materials (continued)
	3,200	Vista Gold Corp. †	$	9,312
	944	Vulcan Materials Co.		37,486
	700	Walter Energy, Inc.		30,912
	1,300	Wausau Paper Corp.		12,649
	100	Westlake Chemical Corp.		5,226
	5,508	Weyerhaeuser Co.		123,159
	1,000	Worthington Industries, Inc.		20,470
	400	WR Grace & Co. †		20,180
	50	Zep, Inc.		687
				6,110,222
Telecommunication Services — 2.9%
	600	Alaska Communications Systems Group, Inc.(a)		1,260
	66,449	AT&T, Inc.		2,369,571
	200	Atlantic Telegraph-Network, Inc.		6,746
	5,610	CenturyLink, Inc.		221,539
	1,425	Cincinnati Bell, Inc. †		5,301
	4,600	Clearwire Corp., Class A † (a)		5,152
	200	Cogent Communications Group, Inc. † (a)		3,850
	3,000	Crown Castle International Corp. †		175,980
	11,886	Frontier Communications Corp.(a)		45,523
	600	General Communication, Inc., Class A †		4,986
	7,400	Globalstar, Inc. †		2,368
	16	IDT Corp., Class B		157
	1,500	Leap Wireless International, Inc. †		9,645
	1,374	Level 3 Communications, Inc. † (a)		30,434
	3,700	MetroPCS Communications, Inc. †		22,385
	500	Neutral Tandem, Inc. †		6,590
	1,825	NII Holdings, Inc. † (a)		18,670
	1,200	SBA Communications Corp., Class A †		68,460
	30,071	Sprint Nextel Corp. †		98,031
	200	SureWest Communications		4,214
	975	tw telecom, Inc., Class A † (a)		25,019
	400	USA Mobility, Inc.		5,144
	32,238	Verizon Communications, Inc.		1,432,657
	600	Vonage Holdings Corp. † (a)		1,206
	7,091	Windstream Corp.(a)		68,499
				4,633,387
Utilities — 3.9%
	7,860	AES Corp. (The) †		100,844
	1,519	AGL Resources, Inc.		58,861
	1,500	Alliant Energy Corp.		68,355
	2,800	Ameren Corp.		93,912
	5,780	American Electric Power Co., Inc.		230,622
	2,500	American Water Works Co., Inc.		85,700
	1,721	Aqua America, Inc.		42,956
	1,100	Atmos Energy Corp.		38,577
	1,000	Avista Corp.		26,700
	300	Black Hills Corp.		9,651
	6,000	Calpine Corp. †		99,060
	4,600	CenterPoint Energy, Inc.		95,082
	400	Cleco Corp.		16,732
	2,350	CMS Energy Corp.		55,225
	3,250	Consolidated Edison, Inc.		202,118
	6,040	Dominion Resources, Inc.		326,160
	2,000	DTE Energy Co.		118,660
	14,882	Duke Energy Corp.(a)		343,179
	1,448	Dynegy, Inc., Class A † (a)		847
	3,050	Edison International		140,910
	890	Energen Corp.		40,166
	1,750	Entergy Corp.		118,808
	9,691	Exelon Corp.		364,575
	4,280	FirstEnergy Corp.		210,533
	16	Genie Energy, Ltd., Class B		124
	9,479	GenOn Energy, Inc. †		16,209

Shares			Value
Utilities (continued)
	1,305	Great Plains Energy, Inc.	$	27,940
	750	Hawaiian Electric Industries, Inc.		21,390
	500	IDACORP, Inc.		21,040
	700	Integrys Energy Group, Inc.(a)		39,809
	600	ITC Holdings Corp.		41,346
	2,125	MDU Resources Group, Inc.		45,921
	950	National Fuel Gas Co.		44,631
	5,010	NextEra Energy, Inc.		344,738
	3,215	NiSource, Inc.		79,571
	3,117	Northeast Utilities		120,971
	2,425	NRG Energy, Inc. †		42,098
	3,150	NV Energy, Inc.		55,377
	1,400	OGE Energy Corp.		72,506
	2,050	Oneok, Inc.		86,736
	1,000	Ormat Technologies, Inc.		21,390
	2,650	Pepco Holdings, Inc.		51,860
	4,600	PG&E Corp.		208,242
	700	Piedmont Natural Gas Co., Inc.		22,533
	1,300	Pinnacle West Capital Corp.		67,262
	700	PNM Resources, Inc.		13,678
	800	Portland General Electric Co.		21,328
	7,150	PPL Corp.		198,842
	3,291	Progress Energy, Inc.		198,019
	5,350	Public Service Enterprise Group, Inc.		173,875
	2,200	Questar Corp.		45,892
	1,379	SCANA Corp.(a)		65,972
	2,750	Sempra Energy		189,420
	9,800	Southern Co.		453,740
	2,700	TECO Energy, Inc.		48,762
	1,300	UGI Corp.		38,259
	933	Vectren Corp.		27,542
	950	Westar Energy, Inc.		28,453
	350	WGL Holdings, Inc.		13,912
	2,700	Wisconsin Energy Corp.		106,839
	6,025	Xcel Energy, Inc.		171,170
				6,115,630
Total Common Stock (Cost $93,339,850)				157,419,995

PREFERRED STOCK — 0.0%
Consumer Discretionary — 0.0%
	41	Orchard Supply Hardware Stores Corp.† (Cost $47)		80

WARRANT — 0.0%
	1	Magnum Hunter Resources Corp., Expires 08/29/14 † (b) (Cost $0)		—

SHORT-TERM INVESTMENTS —10.4%
	15,426,164	Northern Trust Institutional Liquid Asset Portfolio, 0.010% (c) (d)		15,426,164
	1,135,273	Northern Trust Institutional Government Select Portfolio, 0.010% (d)		1,135,273

Total Short-Term Investments
(Cost $16,561,437)				16,561,437
Total Investments — 109.7%
(Cost $109,901,334)				173,981,512
Other Assets & Liabilities, Net — (9.7)%				(15,400,257	)
NET ASSETS — 100.0%			$	158,581,255

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm FUnd

Schedule of Investments

June 30, 2012
(Unaudited)

†	Non-income producing security.
(a)	This security or a partial position of this security is on loan at June 30, 2012. The total market value of securities on loan at June 30, 2012 was $15,504,917.
(b)	Security fair valued using methods determined in good faith by the Pricing Committee. The total market value of such securities as of December 31, 2011 was $0 ($ Thousands) and represented 0.0% of Net Assets.
(c)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2012 was $15,426,164.
(d)	Rate shown is the 7-day effective yield as of December 31, 2011.

Ltd. — Limited

PLC — Public Limited Company

REIT — Real Estate Investment Trust

Amounts designated as “—” are either $0, or have been rounded to $0.

Item 7.

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

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

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

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors since the registrant last disclosed such procedures in the definitive proxy statement filed with the SEC on March 29, 2011.

Item 11.

Controls and Procedures.

	(a)		The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 .
	(b)		There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's second fiscal quarter of the period that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12.

Exhibits.

	(a)(1)		Not applicable.
	(a)(2)		Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
	(a)(3)		Not applicable.
	(b)		Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Wilshire Mutual Funds, Inc.


By (Signature and Title)*	/s/ Jamie B. Ohl
	Jamie B. Ohl, President
	(principal executive officer)

Date: September 4, 2012


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)*	/s/ Jamie B. Ohl
	Jamie B. Ohl, President
	(principal executive officer)

Date: September 4, 2012


By (Signature and Title)*	/s/ Michael Wauters
	Michael Wauters, Treasurer
	(principal financial officer)

Date: September 4, 2012

* Print the name and title of each signing officer under his or her signature.

Wilshire Mutual Funds N-CSRSCertified semi-annual shareholder report (management investment company)