Wilshire Mutual Funds NCSR/A Certified annual shareholder report (management investment company) (amended)

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)

Jason Schwarz, 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: December 31, 2011

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.

ANNUAL REPORT

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

December 31, 2011

www.wilfunds.com

Wilshire Mutual Funds, Inc.

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
Report of Independent Registered Public Accounting Firm	83
Additional Fund Information	84
Tax Information	89
Board Approval of Advisory and Subadvisory Agreements	91

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.

Dear Wilshire Mutual Fund Shareholder:

We are pleased to present the 2011 Annual Report to all shareholders of the Wilshire Mutual Funds, Inc. This report covers the twelve month period (the “Period”) ended December 31, 2011, 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

Volatility and uncertainty were defining attributes of 2011 as macroeconomic events weighed on markets worldwide. The Japanese earthquake and tsunami roiled markets in the first quarter, casting substantial doubt on the future of the world’s third largest economy and disrupting global supply chains. Geopolitical unrest in the Middle East exploded with the “Arab Spring,” which played out for the duration of the year with a revolutionary spate of protests across the region. During the second quarter protracted political gridlock in Washington caused a delay in raising the debt ceiling, with an agreement finally coming in the eleventh hour but not until after the damage was done. Standard and Poor’s downgraded the U.S.’s debt rating from AAA to AA+ on August 5th, 2011, contributing to the largest one-day market move of 2011 on August 8, 2011, when the Wilshire 5000 Total Market IndexSM lost $1.0 trillion. The Federal Reserve continued the expansion of its balance sheet by announcing “Operation Twist” in the third quarter, a policy maneuver that involved selling short-term assets and buying long-term assets in an effort to push down long-term interest rates. Lastly, the European debt crisis continued unabated in the fourth quarter, with questions surrounding Greece, Italy, and Portugal’s fiscal futures all hanging in the balance.

Against the backdrop of significant and ongoing macroeconomic uncertainty, markets continued to disregard stock-specific fundamentals. The Wilshire 5000 Total Market IndexSM returned 0.99 percent for the year, heartily outpacing developed and emerging international market equities which fell by -12.1 percent and -18.4 percent, respectively. Performance of most U.S. equity sub-asset class styles closed the year down with the exceptions of large cap value and U.S. real estate, which ended 2011 up 3.7 percent and 9.2 percent, respectively. One of the worst performing equity styles this year was microcap, which closed the year down -13.5 percent. Fixed income investors watched interest rates sink to historic lows as the U.S. 10-year Treasury bond dropped below two percent as global investors shifted towards higher quality assets en masse. Additionally, the U.S. dollar reversed its trend by appreciating against other foreign currencies.

FUND PERFORMANCE OVERVIEW

Against this backdrop, markets continued to focus on the macroeconomic headlines, flocking to the perceived safety of defensively-oriented stocks and making 2011 a difficult year for active management. The S&P 500 Index outperformed roughly four-fifths of the managers in the large core mutual fund universe, while the MSCI EAFE Index outperformed nearly 2/3 of all actively-managed funds. The Funds were not immune to this trend, with all Funds—with the exception of the Small Company Growth Portfolio—underperforming their respective benchmarks.

We are always mindful that markets can behave erratically and current trends shift swiftly. You can expect us to continue to work diligently to manage your investments and seek to generate returns commensurate with the Funds’ investment objectives. As always, we appreciate your continued support and confidence.

Sincerely,

Jamie Ohl

President

Large Company Growth Portfolio

Commentary

INVESTMENT CLASS SHARES

Average Annual Total Return*

One Year Ended 12/31/11	(1.44)%
Five Years Ended 12/31/11	1.18%
Ten Years Ended 12/31/11	2.45%

RUSSELL 1000® GROWTH INDEX(1)

Average Annual Total Return

One Year Ended 12/31/11	2.64%
Five Years Ended 12/31/11	2.50%
Ten Years Ended 12/31/11	2.60%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in Shares of Large Company Growth

Portfolio, Investment Class Shares and the Russell 1000 Growth Index through 12/31/11.

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 year ended December 31, 2011, there were no waivers.

(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*

One Year Ended 12/31/11	(1.09)%
Five Years Ended 12/31/11	1.54%
Ten Years Ended 12/31/11	2.81%

RUSSELL 1000® GROWTH INDEX(1)

Average Annual Total Return

One Year Ended 12/31/11	2.64%
Five Years Ended 12/31/11	2.50%
Ten Years Ended 12/31/11	2.60%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $250,000 Investment in Shares of Large Company Growth

Portfolio, Institutional Class Shares and the Russell 1000 Growth Index through 12/31/11.

*	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 year ended December 31, 2011, there were no waivers.

(1)

Large Company Growth Portfolio

Commentary - (Continued)

On the heels of a positive 2010, equity investors were bullish as 2011 began, but turned increasingly defensive as the year wore on. After trading sideways for the first two quarters of 2011, equity markets sold-off in August when the U.S. lost its AAA credit rating, prompting a worldwide retrenchment from risk assets. Markets rallied back in the fourth quarter of 2011 even though the headwinds from uncertainty in the euro zone increased. Despite record profits at U.S. companies, investors generally shifted out of cyclical, economically–sensitive sectors in favor of more defensive and stable areas of the market, particularly well-capitalized large cap companies with strong, recurring revenue streams. Utilities and Consumer Staples were the best performing sectors for the year, returning 18.7 percent and 13.9 percent, respectively, while Financials and Materials performed the worst, falling by -14.7 and -8.9 percent, respectively. For 2011, small capitalization stocks were down -3.4 percent against gains of 1.6 percent for large capitalization stocks. The large value style delivered the best returns for the year, up 3.7 percent, while small value and microcap stocks trailed other styles, down -5.3 percent and –13.5 percent, respectively.

The Wilshire Large Company Growth Portfolio Institutional Class returned -1.09% for the year ended December 31, 2011, underperforming the benchmark (the Russell 1000 Growth Index) return of 2.64%. Underperformance was driven by poor stock selection in Financials, Materials and Information Technology as well as an underweight in Consumer Staples. Underperformance was modestly offset by strong stock selection in Health Care.

Despite the Fund’s underperformance versus its benchmark, we remain confident in our sub-advisers, who continue to follow through with the disciplined investment approaches that have made them successful over the long-term. It is our belief that the Fund is well positioned going into 2012 and should benefit as macroeconomic fears are allayed and investors return their focus to company fundamentals.

Large Company Growth Portfolio

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2011)

†	Based on percent of the Portfolio’s total investments in securities, at value.

Large Company Value Portfolio

Commentary

INVESTMENT CLASS SHARES

Average Annual Total Return*

One Year Ended 12/31/11	(3.36)%
Five Years Ended 12/31/11	(4.21)%
Ten Years Ended 12/31/11	2.29%

RUSSELL 1000® VALUE INDEX(1)

Average Annual Total Return

One Year Ended 12/31/11	0.39%
Five Years Ended 12/31/11	(2.64)%
Ten Years Ended 12/31/11	3.89%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in Shares of Large Company Value

Portfolio, Investment Class Shares and the Russell 1000 Value Index through 12/31/11.

*	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 year ended December 31, 2011, there were no waivers.

(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*

One Year Ended 12/31/11	(2.95)%
Five Years Ended 12/31/11	(4.02)%
Ten Years Ended 12/31/11	2.53%

RUSSELL 1000® VALUE INDEX(1)

Average Annual Total Return

One Year Ended 12/31/11	0.39%
Five Years Ended 12/31/11	(2.64)%
Ten Years Ended 12/31/11	3.89%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $250,000 Investment in Shares of Large Company Value

Portfolio, Institutional Class Shares and the Russell 1000 Value Index through 12/31/11.

*	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 year ended December 31, 2011, there were no waivers.

(1)

Large Company Value Portfolio

Commentary - (Continued)

The Wilshire Large Company Value Portfolio Institutional Class returned -2.95% for the year ended December 31, 2011, underperforming the benchmark (the Russell 1000 Value Index) return of 0.39%. Underperformance was driven by poor stock selection in Information Technology, Industrials and Consumer Staples. Underperformance was modestly offset by strong stock selection in Financials and Energy.

Large Company Value Portfolio

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2011)

†	Based on percent of the Portfolio’s total investments in securities, at value.

Small Company Growth Portfolio

Commentary

INVESTMENT CLASS SHARES

Average Annual Total Return*

One Year Ended 12/31/11	(0.31)%
Five Years Ended 12/31/11	1.57%
Ten Years Ended 12/31/11	5.56%

RUSSELL 2000® GROWTH INDEX(1)

Average Annual Total Return

One Year Ended 12/31/11	(2.91)%
Five Years Ended 12/31/11	2.09%
Ten Years Ended 12/31/11	4.48%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in Shares of Small Company Growth

Portfolio, Investment Class Shares and the Russell 2000 Growth Index through 12/31/11.

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 year ended December 31, 2011, fees totaling 0.52% of average net assets were waived for the Investment Class Shares.

(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*

One Year Ended 12/31/11	(0.06)%
Five Years Ended 12/31/11	1.80%
Ten Years Ended 12/31/11	5.81%

RUSSELL 2000® GROWTH INDEX(1)

Average Annual Total Return

One Year Ended 12/31/11	(2.91)%
Five Years Ended 12/31/11	2.09%
Ten Years Ended 12/31/11	4.48%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $250,000 Investment in Shares of Small Company Growth

Portfolio, Institutional Class Shares and the Russell 2000 Growth Index through 12/31/11.

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 year ended December 31, 2011, fees totaling 0.46% of average net assets were waived for the Institutional Class Shares.

(1)

Small Company Growth Portfolio

Commentary - (Continued)

The Wilshire Small Company Growth Portfolio Institutional Class returned -0.06% for the year ended December 31, 2011, outperforming the benchmark (the Russell 2000 Growth Index) return of -2.91% by 2.85%. Outperformance was driven primarily by strong stock selection in Health Care, Materials and Industrials, mitigated slightly by poor stock selection in Information Technology.

We are pleased with the performance of the Fund and are encouraged by the current activities and positioning of our sub-advisers, who continue to follow through with the disciplined investment approaches that have made them successful over the long-term. It is our belief that the Fund is well positioned going into 2012 and should benefit as macroeconomic fears are allayed and investors return their focus on company fundamentals.

Small Company Growth Portfolio

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2011)

†	Based on percent of the Portfolio’s total investments in securities, at value.

Small Company Value Portfolio

Commentary

INVESTMENT CLASS SHARES

Average Annual Total Return*

One Year Ended 12/31/11	(7.54)%
Five Years Ended 12/31/11	(1.86)%
Ten Years Ended 12/31/11	5.87%

RUSSELL 2000® VALUE INDEX(1)

Average Annual Total Return

One Year Ended 12/31/11	(5.50)%
Five Years Ended 12/31/11	(1.87)%
Ten Years Ended 12/31/11	6.40%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in Shares of Small Company Value

Portfolio, Investment Class Shares and the Russell 2000 Value Index through 12/31/11.

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 year ended December 31, 2011, fees totaling 0.40% of average net assets were waived in the Investment Class Shares.

(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*

One Year Ended 12/31/11	(6.95)%
Five Years Ended 12/31/11	(1.47)%
Ten Years Ended 12/31/11	6.24%

RUSSELL 2000® VALUE INDEX(1)

Average Annual Total Return

One Year Ended 12/31/11	(5.50)%
Five Years Ended 12/31/11	(1.87)%
Ten Years Ended 12/31/11	6.40%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $250,000 Investment in Shares of Small Company Value

Portfolio, Institutional Class Shares and the Russell 2000 Value Index through 12/31/11.

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 year ended December 31, 2011, fees totaling 0.40% of average net assets were waived in the Institutional Class Shares.

(1)

Small Company Value Portfolio

Commentary - (Continued)

The Wilshire Small Company Value Portfolio, Institutional Class returned -6.95% for the year ended December 31 2011, underperforming the benchmark (the Russell 2000 Value Index) return of -5.50%. Underperformance was driven by poor stock selection in Financials, Consumer Discretionary and information Technology and poor sector allocation in Utilities.

Small Company Value Portfolio

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2011)

†	Based on percent of the Portfolio’s total investments in securities, at value.

Wilshire 5000 Indexsm Fund

Commentary

INVESTMENT CLASS SHARES

Average Annual Total Return*

One Year Ended 12/31/11	0.21%
Five Years Ended 12/31/11	(0.48)%
Ten Years Ended 12/31/11	2.95%

WILSHIRE 5000 INDEXSM(1)

Average Annual Total Return

One Year Ended 12/31/11	0.99%
Five Years Ended 12/31/11	0.13%
Ten Years Ended 12/31/11	3.80%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in Shares of Wilshire 5000 IndexSM

Fund, Investment Class Shares and the Wilshire 5000 IndexSM through 12/31/11.

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 year ended December 31, 2011, there were no waivers.

(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*

One Year Ended 12/31/11	0.43%
Five Years Ended 12/31/11	(0.28)%
Ten Years Ended 12/31/11	3.20%

WILSHIRE 5000 INDEXSM(1)

Average Annual Total Return

One Year Ended 12/31/11	0.99%
Five Years Ended 12/31/11	0.13%
Ten Years Ended 12/31/11	3.80%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $250,000 Investment in Shares of Wilshire 5000 IndexSM

Fund, Institutional Class Shares and the Wilshire 5000 IndexSM through 12/31/11.

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 year ended December 31, 2011, there were no waivers.

(1)

Wilshire 5000 Indexsm Fund

Commentary - (Continued)

QUALIFIED CLASS SHARES

Average Annual Total Return*

One Year Ended 12/31/11	0.54%
Five Years Ended 12/31/11	(0.43)%
Ten Years Ended 12/31/11	2.92%

WILSHIRE 5000 INDEXSM(1)

Average Annual Total Return

One Year Ended 12/31/11	0.99%
Five Years Ended 12/31/11	0.13%
Ten Years Ended 12/31/11	3.80%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in Shares of Wilshire 5000 IndexSM

Fund, Qualified Class Shares and the Wilshire 5000 IndexSM through 12/31/11.

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 year ended December 31, 2011, there were no waivers.

(1)

Wilshire 5000 Indexsm Fund

Commentary - (Continued)

HORACE MANN CLASS SHARES

Average Annual Total Return*

One Year Ended 12/31/11	0.25%
Five Years Ended 12/31/11	(0.53)%
Ten Years Ended 12/31/11	2.90%

WILSHIRE 5000 INDEXSM(1)

Average Annual Total Return

One Year Ended 12/31/11	0.99%
Five Years Ended 12/31/11	0.13%
Ten Years Ended 12/31/11	3.80%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in Shares of Wilshire 5000 IndexSM

Fund, Horace Mann Class Shares and the Wilshire 5000 IndexSM through 12/31/11.

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 year ended December 31, 2011, there were no waivers.

(1)

Wilshire 5000 Indexsm Fund

Commentary - (Continued)

The Wilshire 5000 IndexSM Fund Institutional Class returned 0.43% for the year ended December 31, 2011, slightly trailing the Fund’s benchmark (the Wilshire 5000 IndexSM) return of 0.99% by 0.56%. The slight underperformance is well within the range of historical experience.

Wilshire 5000 Indexsm Fund

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2011)

†	Based on percent of the Fund’s total investments in securities, at value.

Wilshire Large Cap Core Plus Fund

Commentary

INVESTMENT CLASS SHARES

Average Annual Total Return*

One Year Ended 12/31/11	(2.28)%
Inception (11/15/07) through 12/31/11	(5.06)%

S&P 500 INDEX(1)

Average Annual Total Return

One Year Ended 12/31/11	2.11%
Inception (11/15/07) through 12/31/11	(1.37)%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in Shares of Wilshire Large Cap

Core Plus Fund, Investment Class Shares and the S&P 500 Index through 12/31/11.

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 year ended December 31, 2011, fees totaling 0.06% of average net assets were waived in the Investment Class Shares.

(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*

One Year Ended 12/31/11	(2.11)%
Inception (11/15/07) through 12/31/11	(4.77)%

S&P 500 INDEX(1)

Average Annual Total Return

One Year Ended 12/31/11	2.11%
Inception (11/15/07) through 12/31/11	(1.37)%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $250,000 Investment in Shares of Wilshire Large Cap

Core Plus Fund, Institutional Class Shares and the S&P 500 Index through 12/31/11.

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 year ended December 31, 2011, fees totaling 0.03% of average net assets were waived in the Institutional Class Shares.

(1)

Wilshire Large Cap Core Plus Fund

Commentary - (Continued)

The Wilshire Large Cap Core Plus Fund Institutional Class returned -2.11% for the year ended December 31, 2011, underperforming the benchmark (the S&P 500 Index) return of 2.11%. Underperformance was driven entirely from poor stock selection, particularly in Energy, Financials, and Health Care.

Wilshire Large Cap Core Plus Fund

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2011)

†	Based on percent of the Fund’s total investments in securities, at value.

Wilshire Mutual Funds, Inc.

Disclosure of Fund Expenses

For the Six Months Ended December 31, 2011 (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 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 December 31, 2011 (Unaudited)

	Beginning Account Value 07/01/11	Ending Account Value 12/31/11	Expense Ratio(1)	Expenses Paid During Period 07/01/11-12/31/11(2)
Large Company Growth Portfolio
Actual Fund Return
Investment Class	$1,000.00	$934.80	1.43%	$6.98
Institutional Class	$1,000.00	$936.60	1.07%	$5.24
Hypothetical 5% Return
Investment Class	$1,000.00	$1,017.99	1.43%	$7.28
Institutional Class	$1,000.00	$1,019.79	1.07%	$5.46
Large Company Value Portfolio
Actual Fund Return
Investment Class	$1,000.00	$906.00	1.43%	$6.88
Institutional Class	$1,000.00	$908.20	0.91%	$4.37
Hypothetical 5% Return
Investment Class	$1,000.00	$1,017.99	1.43%	$7.28
Institutional Class	$1,000.00	$1,020.63	0.91%	$4.63
Small Company Growth Portfolio
Actual Fund Return
Investment Class	$1,000.00	$899.30	1.49%	$7.15
Institutional Class	$1,000.00	$900.70	1.16%	$5.55
Hypothetical 5% Return
Investment Class	$1,000.00	$1,017.67	1.49%	$7.60
Institutional Class	$1,000.00	$1,019.37	1.16%	$5.90
Small Company Value Portfolio
Actual Fund Return
Investment Class	$1,000.00	$895.00	1.50%	$7.16
Institutional Class	$1,000.00	$899.40	0.51%(5)	$2.44
Hypothetical 5% Return
Investment Class	$1,000.00	$1,017.64	1.50%	$7.63
Institutional Class	$1,000.00	$1,022.64	0.51%(5)	$2.60

Wilshire Mutual Funds, Inc.

Disclosure of Fund Expenses - (Continued)

For the Six Months Ended December 31, 2011 (Unaudited)

	Beginning Account Value 07/01/11	Ending Account Value 12/31/11	Expense Ratio(1)	Expenses Paid During Period 07/01/11-12/31/11(2)
Wilshire 5000 IndexSM Fund
Actual Fund Return
Investment Class	$1,000.00	$948.10	0.78%	$3.81
Institutional Class	$1,000.00	$949.30	0.57%	$2.81
Qualified Class	$1,000.00	$948.30	0.00%(4)	$0.00
Horace Mann Class	$1,000.00	$951.10	0.82%	$4.04
Hypothetical 5% Return
Investment Class	$1,000.00	$1,021.30	0.78%	$3.95
Institutional Class	$1,000.00	$1,022.32	0.57%	$2.91
Qualified Class	$1,000.00	$1,025.21	0.00%(4)	$0.00
Horace Mann Class	$1,000.00	$1,021.06	0.82%	$4.18
Wilshire Large Cap Core Plus Fund
Actual Fund Return
Investment Class	$1,000.00	$930.10	1.74%(3)	$8.46
Institutional Class	$1,000.00	$932.00	1.49%(3)	$8.84
Hypothetical 5% Return
Investment Class	$1,000.00	$1,016.43	1.74%(3)	$7.26
Institutional Class	$1,000.00	$1,017.69	1.49%(3)	$7.58

(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 365.

(3)	The annualized expense ratios include dividend expense, interest expense and rebates on securities sold short during the six-month period.

(4)	There were no expenses accrued in the Wilshire 5000 IndexSM Fund Qualified Class for the six months ended December 31, 2011 due to the low average net assets (of approximately $108) relative to the other classes of this Fund.

(5)	Expenses were low for the 12 months ended December 31, 2011 relative to prior years in part because there was a reimbursement to shareholders of approximately 0.37% for shareholder services fees accrued but not paid.

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Condensed Schedule of Investments

December 31, 2011

Percentage of Net Assets (%)

Value

COMMON STOCK — 99.0% ††
Consumer Discretionary — 16.4%
16,931	Amazon.com, Inc.†	1.7	$	2,930,756
38,331	Burberry Group PLC ADR	0.8		1,419,780
3,725	Chipotle Mexican Grill, Inc., Class A†	0.7		1,258,081
86,551	Johnson Controls, Inc.	1.6		2,705,584
25,248	McDonald's Corp.	1.5		2,533,132
2,985	priceline.com, Inc.†	0.8		1,396,114
18,167	TJX Cos., Inc.	0.7		1,172,680
32,050	Walt Disney Co. (The)	0.7		1,201,875
321,359	Other Securities	7.9		13,104,514
				27,722,516
Consumer Staples — 9.2%
16,732	British American Tobacco PLC ADR	0.9		1,587,532
23,103	Coca-Cola Co. (The)	1.0		1,616,517
22,195	Diageo PLC ADR	1.1		1,940,287
11,537	Estee Lauder Cos., Inc. (The), Class A	0.8		1,295,836
50,667	General Mills, Inc.	1.2		2,047,453
35,336	Philip Morris International, Inc.	1.7		2,773,169
18,897	Wal-Mart Stores, Inc.	0.7		1,129,285
41,650	Other Securities	1.8		3,195,507
				15,585,586
Energy — 10.6%
23,325	Cameron International Corp.†	0.7		1,147,357
80,970	Cobalt International Energy, Inc.†	0.7		1,256,654
64,016	Exxon Mobil Corp.	3.2		5,425,996
22,441	Hess Corp.	0.8		1,274,649
31,496	Schlumberger, Ltd.	1.3		2,151,492
159,991	Other Securities	3.9		6,713,515
				17,969,663
Financials — 3.8%
32,247	Visa, Inc., Class A	1.9		3,274,038
81,971	Other Securities	1.9		3,200,057
				6,474,095

Percentage of Net Assets (%)

Value

Health Care — 13.5%
23,495	Alexion Pharmaceuticals, Inc.†	1.0	$	1,679,893
22,158	Allergan, Inc.	1.1		1,944,143
11,819	Biogen Idec, Inc.†	0.8		1,300,681
33,342	Express Scripts, Inc., Class A†	0.9		1,490,054
69,567	Gilead Sciences, Inc.†	1.7		2,847,377
21,158	Johnson & Johnson	0.8		1,387,542
29,381	Medco Health Solutions, Inc.†	1.0		1,642,398
14,175	Perrigo Co.	0.8		1,379,227
24,161	WellPoint, Inc.	0.9		1,600,666
217,781	Other Securities	4.5		7,584,325
				22,856,306
Industrials — 11.8%
23,700	Caterpillar, Inc.	1.3		2,147,220
26,800	Fastenal Co.	0.7		1,168,748
22,527	Fluor Corp.	0.7		1,131,982
24,326	General Dynamics Corp.	1.0		1,615,490
15,300	Union Pacific Corp.	1.0		1,620,882
308,532	Other Securities	7.1		12,183,734
				19,868,056
Information Technology — 28.4%
64,074	Acme Packet, Inc.†	1.2		1,980,527
26,626	Apple, Inc.†	6.4		10,783,530
35,787	Citrix Systems, Inc.†	1.3		2,172,987
26,275	Cognizant Technology Solutions Corp., Class A†	1.0		1,689,745
56,900	EMC Corp.†	0.7		1,225,626
10,163	Google, Inc., Class A†	3.9		6,564,282
17,983	International Business Machines Corp.	2.0		3,306,714
89,145	Microsoft Corp.	1.4		2,314,204
102,712	QUALCOMM, Inc.	3.3		5,618,347
12,482	Salesforce.com, Inc.†	0.7		1,266,424
120,827	Western Union Co. (The)	1.3		2,206,301
256,834	Other Securities	5.2		8,862,854
				47,991,541

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Condensed Schedule of Investments - (Continued)

December 31, 2011

Percentage of Net Assets (%)

Value

Materials — 5.2%
60,948	Freeport-McMoRan Copper & Gold, Inc.	1.3	$	2,242,277
20,116	Monsanto Co.	0.8		1,409,528
33,730	Mosaic Co.	1.0		1,701,004
63,073	Other Securities	2.1		3,391,665
				8,744,474
Telecommunication Services — 0.1%
4,210	Other Securities	0.1		168,905

Total Common Stock
(Cost $139,501,599)				167,381,142

SHORT-TERM INVESTMENT — 1.1%
1,883,379	Northern Trust Institutional Government Select Portfolio, 0.01% (a) (Cost $1,883,379)	1.1		1,883,379

Total Investments — 100.1%
(Cost $141,384,978)				169,264,521
Other Assets & Liabilities, Net — (0.1)%				(191,179	)

NET ASSETS — 100.0%			$	169,073,342

†	Non-income producing security.

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

(a)	Rate shown is the 7-day effective yield as of December 31, 2011.

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 December 31, 2011, all of the Portfolio’s investments were considered Level 1. For the year ended December 31, 2011, 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 Growth Portfolio

Condensed Schedule of Investments

December 31, 2011

Percentage of Net Assets (%)

Value

COMMON STOCK — 99.1% ††
Consumer Discretionary — 10.3%
6,500	J.C. Penney Co., Inc.	0.7	$	228,475
7,950	Omnicom Group, Inc.	1.1		354,411
34,025	Staples, Inc.	1.5		472,607
75,010	Other Securities	7.0		2,218,852
				3,274,345
Consumer Staples — 6.8%
12,862	Avon Products, Inc.	0.7		224,699
9,921	CVS Caremark Corp.	1.2		404,578
1,993	Lorillard, Inc.	0.7		227,202
8,525	Molson Coors Brewing Co., Class B	1.2		371,179
11,195	Smithfield Foods, Inc.†	0.8		271,815
18,940	Other Securities	2.2		673,178
				2,172,651
Energy — 13.8%
9,405	BP PLC ADR	1.3		401,970
8,159	Chevron Corp.	2.7		868,117
7,208	ConocoPhillips	1.6		525,247
9,674	Exxon Mobil Corp.	2.6		819,968
7,345	Royal Dutch Shell PLC ADR, Class A	1.7		536,846
31,376	Other Securities	3.9		1,231,584
				4,383,732
Financials — 25.6%
3,276	ACE, Ltd.	0.7		229,713
16,900	Allstate Corp. (The)	1.5		463,229
10,150	Axis Capital Holdings, Ltd.	1.0		324,394
7,079	Capital One Financial Corp.	1.0		299,371
17,914	Citigroup, Inc.	1.5		471,317
19,073	Discover Financial Services	1.4		457,752
2,650	Franklin Resources, Inc.	0.8		254,559
2,625	Goldman Sachs Group, Inc. (The)	0.7		237,379
15,625	JPMorgan Chase & Co.	1.6		519,531
37,883	KeyCorp	0.9		291,320
13,198	MetLife, Inc.	1.3		411,514
11,315	PNC Financial Services Group, Inc.	2.1		652,536
9,062	State Street Corp.	1.2		365,289

Percentage of Net Assets (%)

Value

Financials (continued)
22,575	UBS AG	0.8	$	267,062
161,964	Other Securities	9.1		2,864,962
				8,109,928
Health Care — 11.2%
6,300	Abbott Laboratories	1.1		354,249
6,667	Bristol-Myers Squibb Co.	0.7		234,945
13,922	Merck & Co., Inc.	1.7		524,860
37,761	Pfizer, Inc.	2.6		817,148
11,669	UnitedHealth Group, Inc.	1.9		591,385
21,768	Other Securities	3.2		1,046,969
				3,569,556
Industrials — 8.9%
19,100	General Electric Co.	1.1		342,081
4,100	L-3 Communications Holdings, Inc., Class 3	0.9		273,388
23,275	Masco Corp.	0.8		243,922
13,137	Northrop Grumman Corp.	2.4		768,252
42,564	Other Securities	3.7		1,206,097
				2,833,740
Information Technology — 11.3%
14,575	CA, Inc.	0.9		294,634
11,100	Computer Sciences Corp.	0.8		263,070
27,737	Dell, Inc.†	1.3		405,792
25,103	Hewlett-Packard Co.	2.1		646,653
11,948	Intel Corp.	0.9		289,739
11,751	Microsoft Corp.	1.0		305,056
8,500	TE Connectivity, Ltd.	0.8		261,885
43,294	Other Securities	3.5		1,109,838
				3,576,667
Materials — 4.8%
2,909	Domtar Corp.	0.7		232,604
9,571	Freeport-McMoRan Copper & Gold, Inc.	1.1		352,117
4,475	PPG Industries, Inc.	1.2		373,618
2,850	Sherwin-Williams Co. (The)	0.8		254,419
8,858	Other Securities	1.0		295,814
				1,508,572
Telecommunication Services — 2.6%
22,851	AT&T, Inc.	2.2		691,014
5,439	Other Securities	0.4		140,816
				831,830

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Condensed Schedule of Investments - (Continued)

December 31, 2011

Percentage of Net Assets (%)

Value

Utilities — 3.8%
6,323	FirstEnergy Corp.	0.9	$	280,109
23,305	Other Securities	2.9		924,007
				1,204,116
Total Common Stock
(Cost $29,596,347)				31,465,137

SHORT-TERM INVESTMENT — 1.1%
327,267	Northern Trust Institutional Government Select Portfolio, 0.01% (a) (Cost $327,267)	1.1		327,267

Total Investments — 100.2%
(Cost $29,923,614)				31,792,404
Other Assets & Liabilities, Net — (0.2)%				(51,192	)

NET ASSETS — 100.0%			$	31,741,212

†	Non-income producing security.

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

(a)	Rate shown is the 7-day effective yield as of December 31, 2011.

ADR — American Depositary Receipt

PLC — Public Limited Company

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Condensed Schedule of Investments

December 31, 2011

Percentage of Net Assets (%)

Value

COMMON STOCK — 99.6%
Consumer Discretionary — 15.6%
3,006	AFC Enterprises, Inc.†	0.6	$	44,188
4,296	Ameristar Casinos, Inc.	1.1		74,278
1,142	Blue Nile, Inc.†	0.7		46,685
2,312	Cheesecake Factory, Inc. (The)†	1.0		67,857
1,511	Cracker Barrel Old Country Store, Inc.	1.1		76,169
3,220	Pier 1 Imports, Inc.†	0.7		44,855
450	Strayer Education, Inc.	0.7		43,736
1,300	Sturm Ruger & Co., Inc.	0.6		43,498
23,814	Other Securities	9.1		627,003
				1,068,269
Consumer Staples — 4.5%
1,252	Nu Skin Enterprises, Inc., Class A	0.9		60,809
3,522	Pantry, Inc. (The)†	0.6		42,159
3,217	Vector Group, Ltd.	0.8		57,134
7,237	Other Securities	2.2		147,489
				307,591
Energy — 10.6%
511	Apco Oil and Gas International, Inc.	0.6		41,759
1,348	Complete Production Services, Inc.†	0.7		45,239
2,842	CVR Energy, Inc.†	0.8		53,231
1,814	Energy XXI Bermuda, Ltd.†	0.9		57,830
3,280	Goodrich Petroleum Corp.†	0.7		45,034
1,212	Rosetta Resources, Inc.†	0.8		52,722
2,180	World Fuel Services Corp.	1.3		91,516
22,642	Other Securities	4.8		335,564
				722,895
Financials — 4.6%
503	Credit Acceptance Corp.†	0.6		41,266
1,140	World Acceptance Corp.†	1.2		83,790
7,171	Other Securities	2.8		190,192
				315,248

Percentage of Net Assets (%)

Value

Health Care — 20.6%
2,068	Cepheid, Inc.†	1.1	$	71,160
940	Chemed Corp.	0.7		48,137
2,533	Cubist Pharmaceuticals, Inc.†	1.5		100,357
2,602	Emergent Biosolutions, Inc.†	0.6		43,818
1,102	Jazz Pharmaceuticals, Inc.†	0.6		42,570
1,295	Medicis Pharmaceutical Corp., Class A	0.7		43,059
2,858	Momenta Pharmaceuticals, Inc.†	0.7		49,701
7,720	PDL BioPharma, Inc.	0.7		47,864
1,025	Questcor Pharmaceuticals, Inc.†	0.6		42,620
1,466	Salix Pharmaceuticals, Ltd.†	1.1		70,148
3,394	Spectrum Pharmaceuticals, Inc.†	0.7		49,654
3,555	Team Health Holdings, Inc.†	1.2		78,459
49,025	Other Securities	10.4		715,427
				1,402,974
Industrials — 15.7%
1,461	Allegiant Travel Co., Class A†	1.1		77,930
2,307	DXP Enterprises, Inc.†	1.1		74,285
1,789	Hexcel Corp.†	0.6		43,312
560	National Presto Industries, Inc.	0.8		52,416
1,496	TAL International Group, Inc.	0.6		43,070
1,495	Tennant Co.	0.8		58,111
1,048	Woodward Governor Co.	0.6		42,895
37,070	Other Securities	10.1		679,531
				1,071,550
Information Technology — 21.7%
1,020	CACI International, Inc., Class A†	0.8		57,038
1,642	Forrester Research, Inc.†	0.8		55,729
1,784	Heartland Payment Systems, Inc.	0.6		43,458
3,149	j2 Global, Inc.	1.3		88,613
600	MicroStrategy, Inc., Class A†	1.0		64,992
2,283	Quest Software, Inc.†	0.6		42,464
1,390	Tyler Technologies, Inc.†	0.6		41,853
2,570	Veeco Instruments, Inc.†	0.8		53,456
56,190	Other Securities	15.2		1,034,379
				1,481,982

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Condensed Schedule of Investments - (Continued)

December 31, 2011

Percentage of Net Assets (%)

Value

Materials — 4.9%
1,164	Innophos Holdings, Inc.	0.8	$	56,524
450	NewMarket Corp.	1.3		89,149
13,492	Other Securities	2.8		186,835
				332,508
Telecommunication Services — 1.4%
4,790	General Communication, Inc., Class A†	0.7		46,894
4,814	Other Securities	0.7		48,732
				95,626
Utilities — 0.0%
134	Other Securities	0.0		1,063

Total Common Stock
(Cost $6,276,429)				6,799,706

Short-Term Investment — 0.5%
36,585	Northern Trust Institutional Government Select Portfolio, 0.01% (a) (Cost $36,585)	0.5		36,585

Total Investments — 100.1%
(Cost $6,313,014)				6,836,291
Other Assets & Liabilities, Net — (0.1)%				(10,092	)

NET ASSETS — 100.0%			$	6,826,199

†	Non-income producing security.

(a)	Rate shown is the 7-day effective yield as of December 31, 2011.

Ltd. — Limited

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Condensed Schedule of Investments

December 31, 2011

Percentage of Net Assets (%)

Value

COMMON STOCK — 99.2% ††
Consumer Discretionary — 9.0%
4,056	Cabela's, Inc.†	1.2	$	103,104
1,800	Scholastic Corp.	0.6		53,946
20,004	School Specialty, Inc.†	0.6		50,010
37,346	Other Securities	6.6		588,866
				795,926
Consumer Staples — 3.5%
4,300	Pantry, Inc. (The)†	0.6		51,471
1,266	TreeHouse Foods, Inc.†	0.9		82,771
11,463	Other Securities	2.0		174,919
				309,161
Energy — 7.7%
1,827	Swift Energy Co.†	0.6		54,298
3,359	World Fuel Services Corp.	1.6		141,011
43,157	Other Securities	5.5		482,858
				678,167
Financials — 34.0%
14,422	American Equity Investment Life Holding Co.	1.7		149,989
8,707	Banco Latinoamericano de Comercio Exterior SA, Class E	1.6		139,747
7,045	Boston Private Financial Holdings, Inc.	0.6		55,937
4,303	CBL & Associates Properties, Inc.‡	0.8		67,557
2,282	DuPont Fabros Technology, Inc.‡	0.6		55,270
1,359	Entertainment Properties Trust‡	0.7		59,402
6,668	Equity One, Inc.‡	1.3		113,223
1,429	FBL Financial Group, Inc., Class A	0.5		48,614
10,934	First Busey Corp.	0.6		54,670
11,946	First Commonwealth Financial Corp.	0.7		62,836
4,042	FirstMerit Corp.	0.7		61,155
2,384	Hatteras Financial Corp.‡	0.7		62,866
1,778	Highwoods Properties, Inc.‡	0.6		52,753
4,649	MB Financial, Inc.	0.9		79,498

Percentage of Net Assets (%)

Value

Financials (continued)
1,500	National Health Investors, Inc.‡	0.7	$	65,970
16,968	National Penn Bancshares, Inc.	1.6		143,210
2,140	ProAssurance Corp.	1.9		170,815
3,809	Safeguard Scientifics, Inc.†	0.7		60,144
1,250	Sovran Self Storage, Inc.‡	0.6		53,337
11,166	Susquehanna Bancshares, Inc.	1.1		93,571
2,355	SVB Financial Group†	1.3		112,310
5,326	Webster Financial Corp.	1.2		108,597
82,419	Other Securities	12.9		1,144,893
				3,016,364
Health Care — 11.4%
2,259	Centene Corp.†	1.0		89,434
3,061	Magellan Health Services, Inc.†	1.7		151,428
17,383	Maxygen, Inc.†	1.1		97,866
2,613	Viropharma, Inc.†	0.8		71,570
33,982	Other Securities	6.8		602,039
				1,012,337
Industrials — 15.5%
11,221	Aircastle, Ltd.	1.6		142,731
1,394	FTI Consulting, Inc.†	0.7		59,134
2,094	Hexcel Corp.†	0.6		50,696
1,862	Mueller Industries, Inc.	0.8		71,538
4,697	RailAmerica, Inc.†	0.8		69,938
2,260	Tredegar Corp.	0.6		50,217
1,015	Unifirst Corp.	0.7		57,591
36,717	Other Securities	9.7		876,671
				1,378,516
Information Technology — 10.2%
4,352	Richardson Electronics, Ltd.	0.6		53,486
2,388	Scansource, Inc.†	1.0		85,968
9,513	United Online, Inc.	0.6		51,751
2,702	Veeco Instruments, Inc.†	0.6		56,202
6,500	XO Group, Inc.†	0.6		54,210
44,342	Other Securities	6.8		604,506
				906,123

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Condensed Schedule of Investments - (Continued)

December 31, 2011

Percentage of Net Assets (%)

Value

Materials — 3.9%
2,484	HB Fuller Co.	0.6	$	57,405
1,986	Sensient Technologies Corp.	0.8		75,270
11,660	Other Securities	2.5		216,858
				349,533
Telecommunication Services — 2.2%
6,000	USA Mobility, Inc.	0.9		83,220
13,743	Other Securities	1.3		115,197
				198,417
Utilities — 1.8%
2,908	MGE Energy, Inc.	1.5		136,007
926	Other Securities	0.3		22,197
				158,204
Total Common Stock
(Cost $8,321,264)				8,802,748

Short-Term Investment — 0.8%
72,564	Northern Trust Institutional Government Select Portfolio, 0.01% (a) (Cost $72,564)	0.8		72,564

Total Investments — 100.0%
(Cost $8,393,828)				8,875,312
Other Assets & Liabilities, Net — 0.0%				1,269

NET ASSETS — 100.0%			$	8,876,581

‡	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)	Rate shown is the 7-day effective yield as of December 31, 2011.

Ltd. — Limited

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm Fund

Condensed Schedule of Investments

December 31, 2011

Percentage of Net Assets (%)

Value

COMMON STOCK — 99.8%
Consumer Discretionary — 11.3%
3,975	Amazon.com, Inc.†	0.5	$	688,072
22,983	Comcast Corp. Special, Class A	0.4		544,927
14,850	Home Depot, Inc. (The)	0.4		624,294
11,940	McDonald's Corp.	0.8		1,197,940
19,118	Walt Disney Co. (The)	0.5		716,925
543,074	Other Securities	8.7		13,225,733
				16,997,891
Consumer Staples — 10.3%
22,575	Altria Group, Inc.	0.4		669,349
24,220	Coca-Cola Co. (The)	1.1		1,694,673
14,742	CVS Caremark Corp.	0.4		601,179
17,271	Kraft Foods, Inc., Class A	0.4		645,245
18,340	PepsiCo, Inc.	0.8		1,216,859
18,925	Philip Morris International, Inc.	1.0		1,485,234
31,752	Procter & Gamble Co. (The)	1.4		2,118,176
20,295	Wal-Mart Stores, Inc.	0.8		1,212,829
156,061	Other Securities	4.0		5,904,134
				15,547,678
Energy — 11.7%
22,019	Chevron Corp.	1.6		2,342,822
15,701	ConocoPhillips	0.8		1,144,132
55,849	Exxon Mobil Corp.	3.1		4,733,761
9,405	Occidental Petroleum Corp.	0.6		881,249
15,629	Schlumberger, Ltd.	0.7		1,067,617
234,489	Other Securities	4.9		7,532,127
				17,701,708
Financials — 15.6%
117,248	Bank of America Corp.	0.4		651,899
21,495	Berkshire Hathaway, Inc., Class B†	1.1		1,640,068
33,765	Citigroup, Inc.	0.6		888,357
5,925	Goldman Sachs Group, Inc. (The)	0.4		535,798
44,709	JPMorgan Chase & Co.	1.0		1,486,574
22,209	U.S. Bancorp	0.4		600,753
57,817	Wells Fargo & Co.	1.1		1,593,437

Percentage of Net Assets (%)

Value

Financials (continued)
691,133	Other Securities	10.6	$	16,115,984
				23,512,870
Health Care — 11.7%
18,000	Abbott Laboratories	0.7		1,012,140
9,571	Amgen, Inc.	0.4		614,554
18,400	Bristol-Myers Squibb Co.	0.4		648,416
30,085	Johnson & Johnson	1.3		1,972,974
33,305	Merck & Co., Inc.	0.8		1,255,599
90,304	Pfizer, Inc.	1.3		1,954,179
11,712	UnitedHealth Group, Inc.	0.4		593,564
292,588	Other Securities	6.4		9,519,899
				17,571,325
Industrials — 10.7%
7,635	3M Co.	0.4		624,009
7,200	Boeing Co. (The)	0.4		528,120
6,800	Caterpillar, Inc.	0.4		616,080
122,646	General Electric Co.	1.5		2,196,590
5,060	Union Pacific Corp.	0.4		536,057
8,500	United Parcel Service, Inc., Class B	0.4		622,115
9,254	United Technologies Corp.	0.5		676,375
328,893	Other Securities	6.7		10,381,182
				16,180,528
Information Technology — 17.8%
10,085	Apple, Inc.†	2.7		4,084,425
63,623	Cisco Systems, Inc.	0.8		1,150,304
2,760	Google, Inc., Class A†	1.2		1,782,684
23,177	Hewlett-Packard Co.	0.4		597,040
59,366	Intel Corp.	1.0		1,439,625
12,910	International Business Machines Corp.	1.6		2,373,891
90,140	Microsoft Corp.	1.6		2,340,034
45,630	Oracle Corp.	0.8		1,170,410
19,425	QUALCOMM, Inc.	0.7		1,062,548
525,380	Other Securities	7.0		10,833,025
				26,833,986
Materials — 3.9%
175,506	Other Securities	3.9		5,921,679
				5,921,679

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm Fund

Condensed Schedule of Investments - (Continued)

December 31, 2011

Percentage of Net Assets (%)

Value

Telecommunication Services — 2.8%
68,524	AT&T, Inc.	1.4	$	2,072,166
32,759	Verizon Communications, Inc.	0.9		1,314,291
85,483	Other Securities	0.5		810,061
				4,196,518
Utilities — 4.0%
182,112	Other Securities	4.0		6,053,192

Total Common Stock
(Cost $95,864,777)				150,517,375

WARRANTS — 0.0%
7	Other Securities (Cost $0)			—

SHORT-TERM INVESTMENT — 0.2%
334,814	Northern Trust Institutional Government Select Portfolio, 0.01% (a) (Cost $334,814)	0.2		334,814

Total Investments — 100.0%
(Cost $96,199,591)				150,852,189
Other Assets & Liabilities, Net — 0.0%				52,874

NET ASSETS — 100.0%			$	150,905,063

†	Non-income producing security.

(a)	Rate shown is the 7-day effective yield as of December 31, 2011.

As of December 31, 2011, all of the Fund’s investments were considered Level 1, except for Atherogenics, Inc., BearingPoint, Inc., Building Materials Holding Corp., California Coastal Community, Inc., Idearc, Inc., Journal Register Co., Lear Corp., Magnum Hunter Resource Warrants, Noble International, Ltd., Orleans Homebuilders, Inc., and SIRVA, Inc., which are Level 3. The value of Atherogenics, Inc., BearingPoint, Inc., Building Materials Holding Corp., California Coastal Community, Inc., Idearc, Inc., Journal Register Co., Lear Corp., Magnum Hunter Resource Warrants, Noble International, Ltd., Orleans Homebuilders, Inc., and SIRVA, Inc., at January 1, 2011 was zero, and the value has remained zero throughout the period ended December 31, 2011.

	Investments in Securities
Beginning balance as of January 1, 2011	$	760
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Net purchases/sales		(760	)
Net transfer in and/or out of Level 3		—
Ending balance as of December 31, 2011	$	—

For the year ended December 31, 2011, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the year ended December 31, 2011, 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

December 31, 2011

Value

COMMON STOCK — 119.3%
Consumer Discretionary — 13.0%
10,770	Abercrombie & Fitch Co., Class A(a)	$	526,007
2,600	Advance Auto Parts, Inc.(a)		181,038
4,980	Amazon.com, Inc. † (a)		862,038
5,900	Bed Bath & Beyond, Inc. †		342,023
5,200	Best Buy Co., Inc.(a)		121,524
9,550	CBS Corp., Class B(a)		259,187
11,300	Coach, Inc.(a)		689,752
16,900	Comcast Corp. Special, Class A(a)		400,699
1,350	DeVry, Inc.(a)		51,921
5,750	Dick's Sporting Goods, Inc.(a)		212,060
28,080	DISH Network Corp., Class A(a)		799,718
2,900	Dollar Tree, Inc. † (a)		241,019
10,050	Foot Locker, Inc.(a)		239,592
18,150	Ford Motor Co.(a)		195,294
7,650	GameStop Corp., Class A † (a)		184,595
12,400	Gannett Co., Inc.(a)		165,788
11,300	Gap, Inc. (The)		209,615
3,150	Genuine Parts Co.(a)		192,780
10,000	Home Depot, Inc. (The)(a)		420,400
11,900	International Game Technology(a)		204,680
19,500	Interpublic Group of Cos., Inc. (The)(a)		189,735
17,670	Johnson Controls, Inc.(a)		552,364
3,950	Kohl's Corp.		194,933
4,100	Lear Corp.(a)		163,180
55,300	Leggett & Platt, Inc.		1,274,112
11,200	Lowe's Cos., Inc.(a)		284,256
7,600	Macy's, Inc.(a)		244,568
7,550	Mattel, Inc.(a)		209,588
5,550	Meredith Corp.(a)		181,208
18,300	News Corp., Class A(a)		326,472
4,050	NIKE, Inc., Class B(a)		390,299
3,500	Nordstrom, Inc.(a)		173,985
2,550	Omnicom Group, Inc.(a)		113,679
3,150	O'Reilly Automotive, Inc. † (a)		251,843
5,550	PetSmart, Inc.(a)		284,660
1,820	priceline.com, Inc. † (a)		851,232
3,500	PVH Corp.(a)		246,715

Value

Consumer Discretionary (continued)
10,600	Regis Corp.(a)	$	175,430
4,700	Ross Stores, Inc.(a)		223,391
2,000	Stanley Black & Decker, Inc.(a)		135,200
9,100	Starbucks Corp.(a)		418,691
14,820	Starwood Hotels & Resorts Worldwide, Inc.(a)		710,915
30,100	Thomson Reuters Corp.		802,767
2,150	Tiffany & Co.(a)		142,459
11,960	Time Warner Cable, Inc., Class A(a)		760,297
8,600	Time Warner, Inc.(a)		310,804
12,600	VF Corp.(a)		1,600,073
23,290	Viacom, Inc., Class B(a)		1,057,599
14,250	Walt Disney Co. (The)(a)		534,375
3,050	Whirlpool Corp.(a)		144,723
5,900	Williams-Sonoma, Inc.(a)		227,150
5,000	Wyndham Worldwide Corp.(a)		189,150
4,870	Wynn Resorts, Ltd.(a)		538,086
34,270	Yum! Brands, Inc.		2,022,272
			22,425,941
Consumer Staples — 13.7%
49,340	Altria Group, Inc.(a)		1,462,931
6,100	Archer-Daniels-Midland Co.		174,460
33,500	Coca-Cola Co. (The)(a)		2,343,994
1,950	Colgate-Palmolive Co.(a)		180,161
6,350	Constellation Brands, Inc., Class A † (a)		131,255
1,950	Costco Wholesale Corp.(a)		162,474
48,070	CVS Caremark Corp.(a)		1,960,295
22,870	Dr. Pepper Snapple Group, Inc.(a)		902,908
9,140	Estee Lauder Cos., Inc. (The), Class A(a)		1,026,605
2,530	Green Mountain Coffee Roasters, Inc. † (a)		113,471
2,500	Hansen Natural Corp. † (a)		230,350
2,700	Hershey Co. (The)(a)		166,806
11,200	Hormel Foods Corp.		328,048
12,790	Kellogg Co.		646,790
4,100	Kimberly-Clark Corp.		301,596
12,600	Kraft Foods, Inc., Class A(a)		470,736

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Investments - (Continued)

December 31, 2011

Value

Consumer Staples (continued)
38,440	Kroger Co. (The)(a)	$	931,017
12,850	Lorillard, Inc.(a)		1,464,900
20,400	McCormick & Co., Inc.		1,028,568
6,960	Mead Johnson Nutrition Co., Class A		478,361
3,150	Molson Coors Brewing Co., Class B(a)		137,151
8,300	PepsiCo, Inc.(a)		550,705
34,000	Philip Morris International, Inc.(a)		2,668,319
58,170	Procter & Gamble Co. (The)(a)		3,880,520
5,300	Reynolds American, Inc.(a)		219,526
8,450	Safeway, Inc.		177,788
16,250	SUPERVALU, Inc.		131,950
12,700	Tyson Foods, Inc., Class A(a)		262,128
4,150	Universal Corp.(a)		190,734
5,400	Walgreen Co.(a)		178,524
5,700	Wal-Mart Stores, Inc.(a)		340,632
6,550	Whole Foods Market, Inc.(a)		455,749
			23,699,452
Energy — 14.4%
5,270	Apache Corp.(a)		477,357
2,850	Baker Hughes, Inc.(a)		138,624
2,800	BG Group PLC ADR(a)		299,600
6,950	Cameron International Corp. † (a)		341,871
50,130	Chevron Corp.(a)		5,333,831
8,000	Comstock Resources, Inc. † (a)		122,400
12,750	ConocoPhillips		929,093
5,000	Consol Energy, Inc.(a)		183,500
11,930	Denbury Resources, Inc. † (a)		180,143
3,500	Devon Energy Corp.(a)		217,000
6,360	Ensco PLC ADR(a)		298,411
2,900	EOG Resources, Inc.(a)		285,679
20,600	EQT Corp.		1,128,674
32,200	Exxon Mobil Corp.(a)		2,729,272
23,330	Halliburton Co.(a)		805,118
2,850	Helmerich & Payne, Inc.		166,326
8,130	Hess Corp.(a)		461,784
7,700	HollyFrontier Corp.(a)		180,180
41,700	Kinder Morgan, Inc.		1,341,489
6,650	Marathon Oil Corp.(a)		194,646
10,975	Marathon Petroleum Corp.(a)		365,358

Value

Energy (continued)
4,500	Murphy Oil Corp.(a)	$	250,830
10,860	National Oilwell Varco, Inc.(a)		738,371
21,630	Occidental Petroleum Corp.(a)		2,026,731
9,800	Patterson-UTI Energy, Inc.(a)		195,804
5,300	Peabody Energy Corp.(a)		175,483
5,980	QEP Resources, Inc.(a)		175,214
38,100	Royal Dutch Shell PLC ADR, Class A(a)		2,784,728
8,500	RPC, Inc.(a)		155,125
5,800	Schlumberger, Ltd.(a)		396,198
42,200	Seadrill Ltd. †		1,400,196
3,700	SM Energy Co.(a)		270,470
7,650	Valero Energy Corp.(a)		161,033
			24,910,539

Financials — 15.3%
26,350	Aflac, Inc.(a)		1,139,901
4,000	Allstate Corp. (The)(a)		109,640
5,250	American Express Co.(a)		247,643
6,450	American Financial Group, Inc.(a)		237,941
5,550	American Tower Corp., Class A(a)		333,056
3,400	Ameriprise Financial, Inc.(a)		168,776
2,800	Assurant, Inc.(a)		114,968
12,650	BancorpSouth, Inc.(a)		139,403
55,650	Bank of America Corp.		309,414
7,200	Bank of New York Mellon Corp. (The)(a)		143,352
22,580	Berkshire Hathaway, Inc., Class B † (a)		1,722,853
6,600	BlackRock, Inc., Class A		1,176,384
16,200	Brandywine Realty Trust(a)		153,900
5,900	Capital One Financial Corp.(a)		249,511
9,470	CBRE Group, Inc., Class A † (a)		144,133
3,000	Chubb Corp.(a)		207,660
14,850	Citigroup, Inc.(a)		390,704
3,750	CME Group, Inc., Class A(a)		913,763
7,300	CNA Financial Corp.(a)		195,275
14,430	Comerica, Inc.(a)		372,294
6,037	Commerce Bancshares, Inc.(a)		230,130
20,000	Cullen/Frost Bankers, Inc.		1,058,200
8,000	Discover Financial Services(a)		192,000

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Investments - (Continued)

December 31, 2011

Value

Financials (continued)
14,100	Equity Residential(a)	$	804,123
10,600	Fifth Third Bancorp		134,832
26,870	First Horizon National Corp.(a)		214,960
8,840	Goldman Sachs Group, Inc. (The)(a)		799,401
9,750	Hospitality Properties Trust(a)		224,055
11,100	Interactive Brokers Group, Inc., Class A(a)		165,834
5,250	International Bancshares Corp.(a)		96,259
42,000	Invesco, Ltd.(a)		843,780
7,620	Investment Technology Group, Inc. † (a)		82,372
111,890	JPMorgan Chase & Co.(a)		3,720,342
91,250	KeyCorp(a)		701,713
20,150	Lincoln National Corp.(a)		391,313
4,650	Loews Corp.(a)		175,073
1,650	M&T Bank Corp.(a)		125,961
36,330	MetLife, Inc.(a)		1,132,769
4,700	Morgan Stanley(a)		71,111
16,500	NASDAQ OMX Group, Inc. (The) † (a)		404,415
90,000	New York Community Bancorp, Inc.		1,113,300
10,000	Platinum Underwriters Holdings, Ltd.(a)		341,100
4,800	PNC Financial Services Group, Inc.(a)		276,816
3,000	Principal Financial Group, Inc.(a)		73,800
3,850	Prudential Financial, Inc.(a)		192,962
9,940	Public Storage(a)		1,336,531
65,750	Regions Financial Corp.(a)		282,725
3,000	Reinsurance Group of America, Inc., Class A(a)		156,750
4,400	State Street Corp.(a)		177,364
8,850	SunTrust Banks, Inc.(a)		156,645
24,420	TD Ameritrade Holding Corp.(a)		382,173
12,350	U.S. Bancorp(a)		334,068
11,500	Unum Group(a)		242,305
3,730	Visa, Inc., Class A(a)		378,707
34,100	Wells Fargo & Co.(a)		939,796
			26,424,256

Value

Health Care — 13.8%
38,600	Abbott Laboratories(a)	$	2,170,477
3,400	Aetna, Inc.(a)		143,446
8,060	Allergan, Inc.		707,184
42,800	AmerisourceBergen Corp., Class A(a)		1,591,731
16,570	Amgen, Inc.(a)		1,063,960
7,640	Biogen Idec, Inc. † (a)		840,782
35,000	Boston Scientific Corp. † (a)		186,900
13,050	Bristol-Myers Squibb Co.		459,882
3,850	Cardinal Health, Inc.(a)		156,349
3,900	Cerner Corp. † (a)		238,875
4,450	CIGNA Corp.(a)		186,900
9,200	Community Health Systems, Inc. † (a)		160,540
3,350	Cooper Cos., Inc. (The)(a)		236,242
10,150	Coventry Health Care, Inc. † (a)		308,256
3,900	Covidien PLC(a)		175,539
8,130	DENTSPLY International, Inc.(a)		284,469
7,750	Eli Lilly & Co.(a)		322,090
11,140	Express Scripts, Inc., Class A †		497,847
5,100	Forest Laboratories, Inc. †		154,326
6,240	Gilead Sciences, Inc. † (a)		255,403
8,900	Health Net, Inc. † (a)		270,738
22,000	Hologic, Inc. † (a)		385,220
6,840	Hospira, Inc. † (a)		207,731
2,850	Humana, Inc.(a)		249,689
18,740	Johnson & Johnson(a)		1,228,969
2,650	McKesson Corp.(a)		206,462
7,590	Medicis Pharmaceutical Corp., Class A(a)		252,368
11,500	Medtronic, Inc.(a)		439,875
23,600	Merck & Co., Inc.(a)		889,720
8,200	Novo Nordisk ADR		945,132
8,980	Omnicare, Inc.(a)		309,361
10,860	Onyx Pharmaceuticals, Inc. † (a)		477,297
12,700	PerkinElmer, Inc.(a)		254,000
191,440	Pfizer, Inc.(a)		4,142,761
1,880	Regeneron Pharmaceuticals, Inc. †		104,208
5,050	SXC Health Solutions Corp. † (a)		285,224
2,800	Teleflex, Inc.(a)		171,612

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Investments - (Continued)

December 31, 2011

Value

Health Care (continued)
6,400	Thermo Fisher Scientific, Inc. † (a)	$	287,808
4,000	United Therapeutics Corp. † (a)		189,000
21,400	UnitedHealth Group, Inc.(a)		1,084,552
9,900	Valeant Pharmaceuticals International, Inc. † (a)		462,231
5,500	Watson Pharmaceuticals, Inc. † (a)		331,870
5,000	WellCare Health Plans, Inc. † (a)		262,500
4,250	WellPoint, Inc.(a)		281,563
			23,861,089
Industrials — 13.6%
2,850	3M Co.		232,931
2,700	Alliant Techsystems, Inc.(a)		154,332
17,040	Boeing Co. (The)(a)		1,249,883
3,500	Carlisle Cos., Inc.(a)		155,050
19,760	Caterpillar, Inc.(a)		1,790,255
5,300	Chicago Bridge & Iron Co. NV(a)		200,340
10,800	CSX Corp.(a)		227,448
8,230	Cummins, Inc.(a)		724,405
18,910	Danaher Corp.(a)		889,526
4,050	Deere & Co.(a)		313,268
6,550	Deluxe Corp.(a)		149,078
3,500	Donaldson Co., Inc.(a)		238,280
3,050	Dover Corp.(a)		177,053
24,200	Eaton Corp.(a)		1,053,426
20,550	Emerson Electric Co.(a)		957,425
4,050	Expeditors International of Washington, Inc.(a)		165,888
9,350	Fastenal Co.(a)		407,754
2,900	FedEx Corp.(a)		242,179
4,060	Flowserve Corp.(a)		403,239
3,150	Gardner Denver, Inc.(a)		242,739
2,950	General Dynamics Corp.		195,910
87,390	General Electric Co.(a)		1,565,154
7,050	Honeywell International, Inc.(a)		383,168
1	Huntington Ingalls Industries, Inc. †		31
3,400	Illinois Tool Works, Inc.(a)		158,814
3,540	Joy Global, Inc.(a)		265,394
6,550	Kennametal, Inc.(a)		239,206

Value

Industrials (continued)
4,600	Lockheed Martin Corp.(a)	$	372,140
3,200	MSC Industrial Direct Co., Inc., Class A(a)		228,960
7,600	Norfolk Southern Corp.(a)		553,736
3,700	Northrop Grumman Corp.		216,376
26,000	PACCAR, Inc.		974,220
2,350	Parker Hannifin Corp.(a)		179,188
4,100	Precision Castparts Corp.		675,639
26,550	Raytheon Co.(a)		1,284,488
6,320	Republic Services, Inc., Class A(a)		174,116
2,050	Rockwell Automation, Inc.(a)		150,409
11,700	RR Donnelley & Sons Co.(a)		168,831
4,350	Snap-on, Inc.(a)		220,197
3,250	SPX Corp.(a)		195,878
3,950	Towers Watson & Co., Class A(a)		236,724
6,100	Trinity Industries, Inc.(a)		183,366
5,000	Tyco International, Ltd.(a)		233,550
24,550	Union Pacific Corp.(a)		2,600,826
6,590	United Parcel Service, Inc., Class B(a)		482,322
14,950	United Technologies Corp.(a)		1,092,695
3,700	URS Corp. † (a)		129,944
9,950	Werner Enterprises, Inc.(a)		239,795
1,250	WW Grainger, Inc.(a)		233,988
			23,609,564
Information Technology — 21.5%
33,350	Accenture PLC, Class A		1,775,221
15,400	Activision Blizzard, Inc.(a)		189,728
13,850	Akamai Technologies, Inc. † (a)		447,078
11,930	Apple, Inc. † (a)		4,831,649
9,950	Applied Materials, Inc.(a)		106,565
7,200	Autodesk, Inc. † (a)		218,376
16,900	Avago Technologies, Ltd.		487,734
12,500	AVX Corp.(a)		159,500
20,150	Broadcom Corp., Class A(a)		591,604
6,500	CA, Inc.		131,398
8,500	Check Point Software Technologies, Ltd. † (a)		446,590
39,000	Cisco Systems, Inc.(a)		705,120

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Investments - (Continued)

December 31, 2011

Value

Information Technology (continued)
4,120	Citrix Systems, Inc. †	$	250,166
16,110	Cognizant Technology Solutions Corp., Class A † (a)		1,036,034
57,400	Compuware Corp. † (a)		477,568
9,950	Corning, Inc.(a)		129,151
13,950	Dell, Inc. † (a)		204,089
6,600	Diebold, Inc.(a)		198,462
4,500	DST Systems, Inc.(a)		204,840
7,850	eBay, Inc. † (a)		238,091
16,200	Electronic Arts, Inc. † (a)		333,720
24,460	EMC Corp. † (a)		526,868
1,800	Factset Research Systems, Inc.(a)		157,104
12,840	Fidelity National Information Services, Inc.(a)		341,416
4,100	Global Payments, Inc.(a)		194,258
4,400	Google, Inc., Class A † (a)		2,841,959
34,240	Hewlett-Packard Co.(a)		882,022
6,650	IAC/InterActive Corp.(a)		283,290
50,250	Intel Corp.(a)		1,218,563
14,950	International Business Machines Corp.(a)		2,749,005
7,750	Jabil Circuit, Inc.(a)		152,365
19,410	Juniper Networks, Inc. † (a)		396,158
2,900	KLA-Tencor Corp.(a)		139,925
4,630	Lam Research Corp. † (a)		171,403
5,650	Lexmark International, Inc., Class A(a)		186,846
5,500	Mantech International Corp., Class A(a)		171,820
950	Mastercard, Inc., Class A(a)		354,179
45,100	Microchip Technology, Inc.		1,652,013
103,450	Microsoft Corp.(a)		2,685,561
6,900	Molex, Inc.(a)		164,634
26,200	Motorola Solutions, Inc.(a)		1,212,798
12,250	NCR Corp. † (a)		201,635
9,700	NeuStar, Inc., Class A † (a)		331,449
10,500	NVIDIA Corp. † (a)		145,530
33,090	ON Semiconductor Corp. † (a)		255,455
27,250	Oracle Corp.(a)		698,963
5,600	Paychex, Inc.(a)		168,616
4,900	Plantronics, Inc.(a)		174,636

Value

Information Technology (continued)
48,590	QUALCOMM, Inc.(a)	$	2,657,872
4,150	SanDisk Corp. † (a)		204,222
47,170	Sapient Corp.(a)		594,342
7,050	Symantec Corp. † (a)		110,333
4,600	Tech Data Corp. † (a)		227,286
5,800	Teradata Corp. † (a)		281,358
18,000	Texas Instruments, Inc.(a)		523,980
13,000	Vishay Intertechnology, Inc. † (a)		116,870
7,432	VMware, Inc., Class A †		618,268
4,050	Western Digital Corp. † (a)		125,348
25,000	Xerox Corp.(a)		199,000
			37,280,034
Materials — 4.5%
5,050	Celanese Corp., Ser A, Class A(a)		223,564
2,930	CF Industries Holdings, Inc.(a)		424,791
3,150	Cliffs Natural Resources, Inc.(a)		196,403
7,950	Dow Chemical Co. (The)		228,642
11,930	Ecolab, Inc.(a)		689,673
7,600	EI du Pont de Nemours & Co.(a)		347,928
2,150	FMC Corp.(a)		184,986
14,160	Freeport-McMoRan Copper & Gold, Inc.(a)		520,946
7,600	International Paper Co.(a)		224,960
22,800	LyondellBasell Industries NV, Class A(a)		740,771
6,450	MeadWestvaco Corp.(a)		193,178
4,500	Monsanto Co.(a)		315,315
6,050	Newmont Mining Corp.(a)		363,061
4,480	PPG Industries, Inc.(a)		374,035
4,880	Praxair, Inc.		521,672
4,250	Reliance Steel & Aluminum Co.(a)		206,933
5,100	Sensient Technologies Corp.(a)		193,290
49,000	Southern Copper Corp.		1,478,819
9,150	United States Steel Corp.(a)		242,109
7,850	Weyerhaeuser Co.(a)		146,560
			7,817,636
Telecommunication Services — 3.5%
110,900	AT&T, Inc.(a)		3,353,615
22,669	CenturyLink, Inc.(a)		843,287
13,520	NII Holdings, Inc. † (a)		287,976
121,140	Sprint Nextel Corp. † (a)		283,468

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Investments - (Continued)

December 31, 2011

Value

Telecommunication Services (continued)
12,000	Telephone & Data Systems, Inc.(a)	$	310,680
23,500	Verizon Communications, Inc.(a)		942,820
			6,021,846
Utilities — 6.0%
28,150	AES Corp. (The) † (a)		333,296
5,000	Alliant Energy Corp.(a)		220,550
6,100	Ameren Corp.(a)		202,093
9,400	CMS Energy Corp.(a)		207,552
2,550	Consolidated Edison, Inc.(a)		158,177
3,700	DTE Energy Co.(a)		201,465
19,450	Duke Energy Corp.(a)		427,900
19,220	Edison International(a)		795,708
7,600	Entergy Corp.		555,180
20,180	Exelon Corp.(a)		875,207
9,100	Great Plains Energy, Inc.(a)		198,198
7,200	IDACORP, Inc.(a)		305,352
4,050	Integrys Energy Group, Inc.(a)		219,429
12,600	ITC Holdings Corp.		956,088
23,100	NextEra Energy, Inc.		1,406,327
16,100	Oneok, Inc.(a)		1,395,709
8,000	Pepco Holdings, Inc.(a)		162,400
44,000	PPL Corp.(a)		1,294,480
2,900	Public Service Enterprise Group, Inc.(a)		95,729
4,350	Southern Co.(a)		201,362
8,550	Xcel Energy, Inc.(a)		236,322
			10,448,524
Total Common Stock (Cost $181,406,669)			206,498,881

SHORT-TERM INVESTMENT— 0.7%
1,271,078	Northern Trust Institutional Government Select Portfolio, 0.01% (b) (Cost $1,271,078)		1,271,078

Total Investments — 120.0%
(Cost $182,677,747)			207,769,959
Other Assets & Liabilities, Net — (20.0)%			(34,634,612	)

NET ASSETS — 100.0%		$	173,135,347

†	Non-income producing security.

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

(b)	Rate shown is the 7-day effective yield as of December 31, 2011.

ADR — American Depositary Receipt

PLC— Public Limited Company

As of December 31, 2011, all of the Fund’s investments were considered Level 1. For the year ended December 31, 2011, 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

December 31, 2011

Value

SECURITIES SOLD SHORT — (20.0)%
Consumer Discretionary — (2.4)%
7,150	Aeropostale, Inc. †	$	109,038
4,500	AMC Networks, Inc., Class A †		169,110
4,120	Bed Bath & Beyond, Inc. †		238,835
3,790	Buffalo Wild Wings, Inc. †		255,862
7,250	Cablevision Systems Corp., Class A		103,095
3,350	Choice Hotels International, Inc.		127,468
8,900	Collective Brands, Inc. †		127,893
4,250	DIRECTV, Class A †		181,730
15,550	Gap, Inc. (The)		288,452
11,510	Goodyear Tire & Rubber Co. (The) †		163,097
6,900	Hanesbrands, Inc. †		150,834
3,900	Harley-Davidson, Inc.		151,593
7,740	J.C. Penney Co., Inc.		272,060
2,670	Kohl's Corp.		131,765
8,900	Liberty Media Corp. - Interactive, Class A †		144,314
4,550	Life Time Fitness, Inc. †		212,713
7,900	Marriott International, Inc., Class A		230,443
5,500	MDC Holdings, Inc.		96,965
3,000	Mohawk Industries, Inc. †		179,550
4,700	Staples, Inc.		65,283
8,030	Urban Outfitters, Inc. †		221,307
6,000	Valassis Communications, Inc. †		115,380
3,550	Weight Watchers International, Inc.		195,286
3,100	WMS Industries, Inc. †		63,612
3,900	Yum! Brands, Inc.		230,139
			4,225,824
Consumer Staples — (1.8)%
9,220	Archer-Daniels-Midland Co.		263,692
19,730	Avon Products, Inc.		344,683
3,200	Beam, Inc.		163,936
3,550	Energizer Holdings, Inc. †		275,054
4,570	HJ Heinz Co.		246,963
8,870	Hormel Foods Corp.		259,802
2,500	Kellogg Co.		126,425
2,640	Kimberly-Clark Corp.		194,198
4,000	McCormick & Co., Inc.		201,680

Value

Consumer Staples (continued)
2,650	Mead Johnson Nutrition Co., Class A	$	182,135
1,180	Ralcorp Holdings, Inc. †		100,890
8,230	Safeway, Inc.		173,159
12,900	SUPERVALU, Inc.		104,748
7,030	Sysco Corp.		206,190
8,000	Tootsie Roll Industries, Inc.		189,360
			3,032,915
Energy — (1.7)%
4,250	Alpha Natural Resources, Inc. †		86,828
10,200	Arch Coal, Inc.		148,002
4,030	Cimarex Energy Co.		249,457
12,800	ConocoPhillips		932,736
8,900	Exterran Holdings, Inc. †		80,990
5,800	FMC Technologies, Inc. †		302,934
3,990	Helmerich & Payne, Inc.		232,856
6,000	Patriot Coal Corp. †		50,820
14,500	Quicksilver Resources, Inc. †		97,295
3,000	Range Resources Corp.		185,820
1,800	SEACOR Holdings, Inc. †		160,128
15,600	Ultra Petroleum Corp. †		462,228
			2,990,094
Financials — (2.4)%
2,750	Affiliated Managers Group, Inc. †		263,863
600	Alleghany Corp. †		171,174
3,400	Aon Corp.		159,120
7,800	Arthur J. Gallagher & Co.		260,832
11,820	Bank of America Corp.		65,719
8,000	BankUnited, Inc.		175,920
7,590	CBOE Holdings, Inc.		196,277
4,960	Digital Realty Trust, Inc. ‡		330,683
6,850	Eaton Vance Corp.		161,934
11,430	Federated Investors, Inc., Class B		173,165
37,780	Fifth Third Bancorp		480,561
4,510	Franklin Resources, Inc.		433,231
13,665	General Growth Properties, Inc. ‡		205,248
2,600	Health Care, Inc. ‡		141,778
14,860	Legg Mason, Inc.		357,383
450	Markel Corp. †		186,602
5,550	Northern Trust Corp.		220,113
6,800	Omega Healthcare Investors, Inc. ‡		131,580
			4,115,183

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Securities Sold Short - (Continued)

December 31, 2011

Value

Health Care — (2.6)%
3,100	Allergan, Inc.	$	271,993
1,800	Bio-Rad Laboratories, Inc., Class A †		172,872
5,210	Bristol-Myers Squibb Co.		183,600
8,400	Brookdale Senior Living, Inc., Class A †		146,076
11,810	Celgene Corp. †		798,355	��
5,900	Charles River Laboratories International, Inc. †		161,247
1,900	DaVita, Inc. †		144,039
3,100	Express Scripts, Inc., Class A †		138,539
11,360	Forest Laboratories, Inc. †		343,753
3,550	Henry Schein, Inc. †		228,727
11,550	Human Genome Sciences, Inc. †		85,355
2,450	IDEXX Laboratories, Inc. †		188,552
2,650	Laboratory Corp. of America Holdings †		227,821
4,800	Life Technologies Corp. †		186,768
2,600	Medco Health Solutions, Inc. †		145,340
4,500	Quest Diagnostics, Inc.		261,270
3,200	Regeneron Pharmaceuticals, Inc. †		177,376
5,770	St. Jude Medical, Inc.		197,911
6,050	VCA Antech, Inc. †		119,488
5,550	Warner Chilcott PLC, Class A †		83,972
3,510	Waters Corp. †		259,916
			4,522,970
Industrials — (3.0)%
2,530	3M Co.		206,777
4,800	Armstrong World Industries, Inc. †		210,576
7,600	Babcock & Wilcox Co. †		183,464
5,500	BE Aerospace, Inc. †		212,905
7,700	Corrections Corp. of America †		156,849
3,500	GATX Corp.		152,810
5,250	General Dynamics Corp.		348,653
7,700	Huntington Ingalls Industries, Inc. †		240,856
6,500	Iron Mountain, Inc.		200,200
5,500	JB Hunt Transport Services, Inc.		247,885
9,400	Korn/Ferry International †		160,364
3,900	Lennox International, Inc.		131,625
6,000	Northrop Grumman Corp.		350,880
5,250	Owens Corning †		150,780

Value

Industrials (continued)
8,540	PACCAR, Inc.	$	319,994
5,000	Pentair, Inc.		166,450
8,000	Pitney Bowes, Inc.		148,320
1,000	Precision Castparts Corp.		164,790
3,250	Roper Industries, Inc.		282,328
20,200	Spirit Aerosystems Holdings, Inc., Class A †		419,755
2,500	Stericycle, Inc. †		194,800
7,800	Terex Corp. †		105,378
10,600	UTi Worldwide, Inc.		140,874
6,500	Verisk Analytics, Inc., Class A †		260,845
			5,158,158
Information Technology — (3.6)%
7,100	Accenture PLC, Class A		377,933
2,300	Alliance Data Systems Corp. †		238,832
3,250	ANSYS, Inc. †		186,160
15,500	ARM Holdings PLC ADR		428,884
4,700	Arrow Electronics, Inc. †		175,827
5,000	Avago Technologies, Ltd.		144,300
18,460	CA, Inc.		373,169
3,250	Citrix Systems, Inc. †		197,340
9,250	CoreLogic, Inc. †		119,603
4,800	Digital River, Inc. †		72,096
4,350	Fiserv, Inc. †		255,519
5,000	Gartner, Inc. †		173,850
11,150	Ingram Micro, Inc., Class A †		202,819
7,930	Intuit, Inc.		417,039
3,700	Itron, Inc. †		132,349
30,900	Marvell Technology Group, Ltd. †		427,965
54,500	Nokia OYJ ADR		262,690
5,100	Rackspace Hosting, Inc. †		219,351
6,200	Silicon Laboratories, Inc. †		269,204
4,000	Solera Holdings, Inc.		178,160
8,600	Synopsys, Inc. †		233,920
7,900	VeriSign, Inc.		282,188
2,800	VMware, Inc., Class A †		232,932
8,500	Western Union Co. (The)		155,210
15,430	Xilinx, Inc.		494,685
			6,252,025
Materials — (1.1)%
7,000	Allied Nevada Gold Corp. †		211,960
9,260	Dow Chemical Co. (The)		266,318
2,900	Martin Marietta Materials, Inc.		218,689

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Securities Sold Short - (Continued)

December 31, 2011

Value

Materials (continued)
6,330	Nucor Corp.	$	250,478
7,350	Owens-Illinois, Inc. †		142,443
2,200	Praxair, Inc.		235,180
2,500	Royal Gold, Inc.		168,575
6,000	Silgan Holdings, Inc.		231,840
5,800	Sonoco Products Co.		191,168
			1,916,651
Telecommunication Services — (0.4)%
15,500	America Movil SAB de CV ADR, Ser L		350,300
5,750	SBA Communications Corp., Class A †		247,020
7,890	Windstream Corp.		92,629
			689,949
Utilities — (1.0)%
3,600	AGL Resources, Inc.		152,136
9,500	Aqua America, Inc.		209,475
16,500	Calpine Corp. †		269,445
20,340	Dynegy, Inc., Class A †		56,342
3,970	Entergy Corp.		290,008
3,000	ITC Holdings Corp.		227,640
11,800	NV Energy, Inc.		192,930
6,500	UGI Corp.		191,100
3,600	WGL Holdings, Inc.		159,192
			1,748,268

Securities Sold Short (Proceeds $34,143,860)		$	34,652,037

Percentages are based on Net Assets of $173,135,347.

†	Non-income producing security.

‡	Real Estate Investment Trust

ADR — American Depositary Receipt

PLC— Public Limited Company

As of December 31, 2011, all of the Fund’s securities sold short were considered Level 1. For the year ended December 31, 2011, 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

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
ASSETS:
Investments in securities, at value (Note 2)	$	169,264,521		$	31,792,404		$	6,836,291		$	8,875,312		$	150,852,189		$	207,769,959
Cash		104			—			—			—			712			317
Receivable for investment securities sold		904,748			2,874			—			—			7,350			135,238
Dividends and interest receivable		144,696			47,854			2,108			13,873			228,204			276,689
Receivable for Portfolio shares sold		101,913			1,083			182			3,165			27,247			12,951
Dividend reclaim receivable		59			1,070			—			—			—			235
Receivable from Adviser (Note 3)		—			—			1,940			4,640			—			36,752
Prepaid expenses and other assets		10,400			7,612			8,488			7,241			24,386			18,640
Total Assets		170,426,441			31,852,897			6,849,009			8,904,231			151,140,088			208,250,781

LIABILITIES:
Securities sold short, at value		—			—			—			—			—			34,652,037
Payable for investment securities purchased		894,407			—			—			—			—			114,708
Payable for Portfolio shares redeemed		180,465			58,352			3,887			6,463			74,918			9,848
Investment advisory fees payable (Note 3)		107,678			20,080			4,937			6,382			12,748			145,248
Distribution fees payable (Note 4)		20,882			6,747			1,449			1,323			22,595			17,340
Shareholder Service fees payable (Note 4)		25,227			958			835			742			18,045			3,535
Administration fees payable		10,050			1,874			407			526			8,923			10,167
Directors’ fees payable		2,581			475			102			132			2,256			2,578
Chief compliance officer expenses payable		910			167			36			46			796			909
Dividends payable on securities sold short		—			—			—			—			—			44,609
Accrued expenses and other payables		110,899			23,032			11,157			12,036			94,744			114,455
Total Liabilities		1,353,099			111,685			22,810			27,650			235,025			35,115,434

NET ASSETS	$	169,073,342		$	31,741,212		$	6,826,199		$	8,876,581		$	150,905,063		$	173,135,347

NET ASSETS consist of:
Paid-in capital	$	151,450,659		$	45,004,364		$	7,204,341		$	11,034,317		$	147,083,615		$	160,925,372
Undistributed net investment income/(accumulated net investment loss)		—			(5	)		(4,503	)		(32,934	)		73,463			(2	)
Accumulated net realized loss on investments sold and securities sold short		(10,256,860	)		(15,131,937	)		(896,916	)		(2,606,286	)		(50,904,613	)		(12,374,058	)
Net unrealized appreciation of investments and securities sold short		27,879,543			1,868,790			523,277			481,484			54,652,598			24,584,035

NET ASSETS	$	169,073,342		$	31,741,212		$	6,826,199		$	8,876,581		$	150,905,063		$	173,135,347

Investments in securities, at cost (Note 2)	$	141,384,978		$	29,923,614		$	6,313,014		$	8,393,828		$	96,199,591		$	182,677,747
Securities sold short, proceeds receivable		—			—			—			—			—			34,143,860

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Statements of Assets and Liabilities - (Continued)

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:
Investment Class shares	$	94,872,400	$	30,967,950	$	6,813,099	$	8,794,793	$	99,545,439	$	80,003,834
(50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)†
Institutional Class shares	$	74,200,942	$	773,262	$	13,100	$	81,788	$	50,251,931	$	93,131,513
(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	$	110		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	$	1,107,583		N/A
(50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)

SHARES OUTSTANDING:
Investment Class shares		3,007,835		2,240,621		428,583		584,601		9,104,494		10,488,758
Institutional Class shares		2,273,879		55,880		789		5,383		4,600,371		12,147,830
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		101,529		N/A

INVESTMENT CLASS SHARES:
Net asset value, offering and redemption price per share	$	31.54	$	13.82	$	15.90	$	15.04	$	10.93	$	7.63

INSTITUTIONAL CLASS SHARES:
Net asset value, offering and redemption price per share	$	32.63	$	13.84	$	16.60	$	15.19	$	10.92	$	7.67

QUALIFIED CLASS SHARES:
Net asset value, offering and redemption price per share		N/A		N/A		N/A		N/A	$	11.09		N/A

HORACE MANN CLASS SHARES:
Net asset value, offering and redemption price per share		N/A		N/A		N/A		N/A	$	10.91		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 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
INVESTMENT INCOME:
Dividends	$	2,102,193		$	735,847		$	48,649		$	151,947		$	3,140,640		$	4,345,822
Interest		826			97			31			27			225			8,235
Foreign taxes withheld		(1,025	)		—			—			—			(136	)		(25,527	)
Total income		2,101,994			735,944			48,680			151,974			3,140,729			4,328,530

EXPENSES:
Investment advisory fee (Note 3)		1,386,320			255,301			64,047			87,118			160,411			1,850,689
Distribution (12b-1) fees (Note 4)
Investment Class		262,674			82,757			15,902			25,333			262,219			213,227
Qualified Class		N/A			N/A			N/A			N/A			925			N/A
Horace Mann Class		N/A			N/A			N/A			N/A			4,160			N/A
Shareholder Service fees
Investment Class		119,569			6,897			7,697			8,775			56,516			27,558
Institutional Class		4,358			444			32			94			49,749			136
Administration and accounting fees (Note 3)		129,390			23,828			5,274			7,175			112,287			129,548
Directors' fees and expenses (Note 3)		34,031			6,275			1,400			1,893			29,513			34,036
Chief compliance officer expenses		1,100			201			44			76			961			1,096
Transfer agent fees (Note 3)		100,276			12,684			5,692			6,350			90,701			46,546
Professional fees		101,103			18,558			4,036			5,270			88,206			100,475
Printing fees		70,476			13,330			3,694			3,724			62,170			71,178
Registration and filing fees		33,157			26,189			24,597			24,875			51,304			38,279
Custodian fees (Note 3)		47,057			18,212			12,693			16,553			44,883			59,258
Rebates on/Costs for securities sold short (Note 2)		—			—			—			—			—			101,322
Dividend expense on securities sold short		—			—			—			—			—			1,026,656
Interest expense		—			—			—			—			—			303,461
Other		22,877			6,643			7,088			7,488			54,835			32,072
Total expenses		2,312,388			471,319			152,196			194,724			1,068,840			4,035,537
Fees waived by investment Adviser (Note 3)		—			—			(39,597	)		(41,395	)		—			(75,863	)
Shareholder Service fees expense credit
Institutional Class		—			(1,552	)		—			(347	)		—			(2,131	)
Net expenses		2,312,388			469,767			112,599			152,982			1,068,840			3,957,543
Net investment income/(loss)		(210,394	)		266,177			(63,919	)		(1,008	)		2,071,889			370,987

NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND SECURITIES SOLD SHORT (NOTES 1 and 7):
Net realized gain/(loss) from:
Investments		19,056,395			2,558,053			1,625,193			1,630,319			4,689,955			10,551,529
Securities sold short		—			—			—			—			—			(6,177,685	)
Net change in unrealized appreciation/(depreciation) on:
Investments		(20,776,717	)		(3,902,707	)		(1,548,423	)		(2,313,120	)		(6,547,746	)		(15,694,658	)
Securities sold short		—			—			—			—			—			7,419,803

Net realized and unrealized gain/(loss) on investments and securities sold short		(1,720,322	)		(1,344,654	)		76,770			(682,801	)		(1,857,791	)		(3,901,011	)

NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,930,716	)	$	(1,078,477	)	$	12,851		$	(683,809	)	$	214,098		$	(3,530,024	)

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.

Statements of Changes in Net Assets

For the Year Ended December 31, 2010

	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)	$	352,731		$	175,536		$	(26,834	)	$	92,608		$	2,066,164		$	336,069
Net realized gain on investments and securities sold short		20,072,678			2,330,315			762,451			807,665			2,527,828			6,003,724
Net change in unrealized appreciation on investments and securities sold short		11,507,509			1,654,255			875,125			2,062,626			19,319,715			15,463,097
Net increase in net assets resulting from operations		31,932,918			4,160,106			1,610,742			2,962,899			23,913,707			21,802,890
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Investment Class shares		(44,463	)		(169,091	)		—			(103,932	)		(1,318,200	)		(492,236	)
Institutional Class shares		(308,268	)		(6,445	)		—			(1,329	)		(784,864	)		(786,093	)
Qualified Class shares		N/A			N/A			N/A			N/A			(9,365	)		N/A
Horace Mann Class shares		N/A			N/A			N/A			N/A			(15,317	)		N/A
Net realized capital gains:
Investment Class shares		—			—			—			—			—			(982,815	)
Institutional Class shares		—			—			—			—			—			(1,050,757	)
Return of capital:
Investment Class shares		(7,088	)		(1,840	)		—			—			—			—
Institutional Class shares		(5,058	)		(73	)		—			—			—			—
Total distributions to shareholders		(364,877	)		(177,449	)		—			(105,261	)		(2,127,746	)		(3,311,901	)
CAPITAL STOCK TRANSACTIONS (DOLLARS):
Investment Class shares:
Shares sold		4,315,864			1,929,294			370,534			6,809,631			16,153,766			5,403,581
Shares issued as reinvestment of distributions		50,650			170,235			—			102,880			1,288,288			1,471,983
Shares redeemed		(27,750,991	)		(2,733,950	)		(936,476	)		(5,495,953	)		(35,939,696	)		(18,157,214	)
Net increase/(decrease) in net assets from Investment Class share transactions		(23,384,477	)		(634,421	)		(565,942	)		1,416,558			(18,497,642	)		(11,281,650	)
Institutional Class shares:
Shares sold		11,771,372			21,561			13,333			13,361			3,300,621			5,218,490
Shares issued as reinvestment of distributions		173,019			5,311			—			1,301			776,835			1,836,850
Shares redeemed		(32,064,571	)		(521,719	)		(5,499	)		(60,188	)		(24,747,016	)		(22,715,586	)
Net increase/(decrease) in net assets from Institutional Class share transactions		(20,120,180	)		(494,847	)		7,834			(45,526	)		(20,669,560	)		(15,660,246	)
Qualified Class shares:
Shares sold		N/A			N/A			N/A			N/A			66,781			N/A
Shares issued as reinvestment of distributions		N/A			N/A			N/A			N/A			9,364			N/A
Shares redeemed		N/A			N/A			N/A			N/A			(69,535	)		N/A
Net increase in net assets from Qualified Class share transactions		N/A			N/A			N/A			N/A			6,610			N/A
Horace Mann Class shares:
Shares sold		N/A			N/A			N/A			N/A			43,910			N/A
Shares issued as reinvestment of distributions		N/A			N/A			N/A			N/A			15,317			N/A
Shares redeemed		N/A			N/A			N/A			N/A			(125,159	)		N/A
Net decrease in net assets from Horace Mann Class share transactions		N/A			N/A			N/A			N/A			(65,932	)		N/A
Net increase/(decrease) in net assets from capital stock transactions		(43,504,657	)		(1,129,268	)		(558,108	)		1,371,032			(39,226,524	)		(26,941,896	)
Net increase/(decrease) in net assets		(11,936,616	)		2,853,389			1,052,634			4,228,670			(17,440,563	)		(8,450,907	)

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, 2010

	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	$	205,847,595		$	32,138,400		$	6,647,664		$	9,681,082		$	177,792,342		$	203,617,430
End of year	$	193,910,979		$	34,991,789		$	7,700,298		$	13,909,752		$	160,351,779		$	195,166,523
Undistributed net investment income/(accumulated net investment loss)/(distributions in excess of net investment income) at end of year	$	—		$	(5	)	$	(3,885	)	$	(15,038	)	$	74,292		$	39,353

CAPITAL SHARE TRANSACTIONS:
Investment Class shares:
Shares sold		154,299			145,789			26,143			484,722			1,638,373			801,864
Shares issued as reinvestment of distributions		1,578			11,781			—			6,246			116,376			181,428
Shares redeemed		(1,004,663	)		(207,382	)		(69,854	)		(363,274	)		(3,623,799	)		(2,361,115	)
Net increase/(decrease) in Investment Class shares outstanding		(848,786	)		(49,812	)		(43,711	)		127,694			(1,869,050	)		(1,377,823	)
Institutional Class shares:
Shares sold		410,502			1,602			890			821			334,109			695,199
Shares issued as reinvestment of distributions		5,230			367			—			78			70,238			224,908
Shares redeemed		(1,144,750	)		(39,689	)		(408	)		(4,126	)		(2,519,678	)		(3,060,849	)
Net increase/(decrease) in Institutional Class shares outstanding		(729,018	)		(37,720	)		482			(3,227	)		(2,115,331	)		(2,140,742	)
Qualified Class shares:
Shares sold		N/A			N/A			N/A			N/A			6,610			N/A
Shares issued as reinvestment of distributions		N/A			N/A			N/A			N/A			847			N/A
Shares redeemed		N/A			N/A			N/A			N/A			(6,686	)		N/A
Net increase in Qualified Class shares outstanding		N/A			N/A			N/A			N/A			771			N/A
Horace Mann Class shares:
Shares sold		N/A			N/A			N/A			N/A			4,403			N/A
Shares issued as reinvestment of distributions		N/A			N/A			N/A			N/A			1,387			N/A
Shares redeemed		N/A			N/A			N/A			N/A			(12,381	)		N/A
Net decrease in Horace Mann Class shares outstanding		N/A			N/A			N/A			N/A			(6,591	)		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 Year Ended December 31, 2011

	WILSHIRE LARGE CAP CORE PLUS FUND
INCREASE (DECREASE) IN CASH
CASH FLOWS FROM OPERATING ACTIVITIES:
Net decrease in net assets from operations	$	(3,530,024	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Purchases of investment securities		(266,461,137	)
Proceeds from disposition of investment securities		306,322,684
Purchases to cover securities sold short		(95,134,915	)
Proceeds from securities sold short		77,616,493
Net realized (gain)/loss from:
Investments		(10,551,529	)
Securities sold short		6,177,685
Net change in unrealized (appreciation)/depreciation on:
Investments		15,694,658
Securities sold short		(7,419,803	)
Increase in dividends and interest receivable		(54,388	)
Increase in reimbursements from advisor		(36,752	)
Decrease in prepaid expenses and other assets		12,929
Decrease in dividend reclaim receivable		5,354
Decrease in investment advisory fees payable		(31,533	)
Decrease in distribution (12b-1) fees payable		(2,887	)
Decrease in service fees payable		(3,178	)
Decrease in administration fees payable		(1,591	)
Decrease in Directors’ fees payable		(3,269	)
Increase in dividends payable on securities sold short		11,075
Increase in chief compliance officer expenses payable		909
Decrease accrued expenses and other payables		(1,671	)
Net cash provided by operating activities		22,609,110

Cash Flows From Financing Activities:
Proceeds from shares sold		3,235,325
Payments on shares redeemed		(21,735,964	)
Distributions to shareholders*		(6,891	)
Net cash flows used in financing activities		(18,507,530	)
Net increase in cash		4,101,580

Cash overdraft at beginning of year		(4,101,263	)
Cash at end of year	$	317

*	Non-cash operating and financing activities not included herein consist of reinvestment of dividends and distributions of $6,151,606 and interest paid of $303,461.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Year.
	Investment Class Shares
	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 year	$	32.00		$	26.88		$	20.12		$	35.34		$	36.20

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

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

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

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

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	94,872		$	111,904		$	116,799		$	118,683		$	312,297
Operating expenses		1.41	%		1.42	%		1.43	%		1.43	%		1.41	%
Net investment income/(loss)		(0.27	)%		0.04	%		(0.02	)%		(0.31	)%		(0.32	)%
Portfolio turnover rate		104	%		167	%		84	%		178	%		129	%

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

2	Amount is less than $0.01 per share.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Year.
	Institutional Class Shares
	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 year	$	32.99		$	27.70		$	20.72		$	36.25		$	36.84

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

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

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

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

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	74,201		$	82,007		$	89,049		$	81,680		$	169,017
Operating expenses		1.05	%		1.05	%		1.09	%		1.06	%		1.02	%
Net investment income		0.09	%		0.40	%		0.33	%		0.07	%		0.08	%
Portfolio turnover rate		104	%		167	%		84	%		178	%		129	%

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

2	Amount is less than $0.01 per share.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Year.
	Investment Class Shares
	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 year	$	14.42		$	12.78		$	10.02		$	17.51		$	22.99

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

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

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

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

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	30,968		$	33,887		$	30,677		$	24,791		$	57,314
Operating expenses		1.39	%		1.39	%		1.48	%		1.49	%		1.42	%
Net investment income		0.77	%		0.54	%		0.75	%		1.22	%		0.85	%
Portfolio turnover rate		140	%		140	%		188	%		183	%		120	%

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

2	Amount is less than $0.01 per share.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Year.
	Institutional Class Shares
	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 year	$	14.44		$	12.79		$	10.01		$	17.49		$	23.04

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

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

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

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

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

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

2	Amount is less than $0.01 per share.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Year.
	Investment Class Shares
	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 year	$	15.95		$	12.64		$	9.70		$	16.94		$	17.46

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

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

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

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

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

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

*	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.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Year.
	Institutional Class Shares
	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 year	$	16.61		$	13.12		$	10.03		$	17.50		$	17.93

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

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

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

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

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

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

*	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.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Year.
	Investment Class Shares
	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 year	$	16.34		$	13.32		$	10.93		$	16.49		$	18.77

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

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

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

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

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

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

2	Amount is less than $0.01 per share

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Year.
	Institutional Class Shares
	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 year	$	16.51		$	13.45		$	11.02		$	16.61		$	18.90

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

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

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

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

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	82		$	156		$	170		$	441		$	5,652
Operating expenses including reimbursement/waiver		0.94	%		1.29	%		1.30	%		1.00	%		0.91	%
Operating expenses excluding reimbursement/waiver		1.64	%		1.67	%		1.71	%		1.61	%		1.51	%
Net investment income		0.53	%		0.96	%		0.65	%		0.82	%		0.30	%
Portfolio turnover rate		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.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Year.
	Investment Class Shares
	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 year	$	11.05		$	9.61		$	7.67		$	12.42		$	12.02

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

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

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

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

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	99,545		$	105,019		$	109,304		$	98,032		$	143,090
Operating expenses		0.74	%		0.72	%		0.77	%		0.78	%		0.68	%
Net investment income		1.22	%		1.26	%		1.36	%		1.48	%		1.20	%
Portfolio turnover rate		9	%		2	%		57	%		52	%		60	%

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

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm Fund

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Year.
	Institutional Class Shares
	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 year	$	11.04		$	9.60		$	7.67		$	12.41		$	12.02

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

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

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

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

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

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

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm Fund

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Year.
	Qualified Class Shares
	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 year	$	11.03		$	9.59		$	7.67		$	12.42		$	12.02

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

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

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

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

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	—	2	$	714		$	614		$	431		$	607
Operating expenses		0.65	%		0.66	%		0.61	%		0.84	%		0.79	%
Net investment income		1.21	%		1.32	%		1.51	%		1.40	%		1.08	%
Portfolio turnover rate		9	%		2	%		57	%		52	%		60	%

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

2	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 Year.
	Horace Mann Class Shares
	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 year	$	11.02		$	9.59		$	7.66		$	12.38		$	11.99

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

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

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

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

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	1,108		$	1,204		$	1,111		$	952		$	1,593
Operating expenses		0.78	%		0.72	%		0.80	%		0.82	%		0.74	%
Net investment income		1.17	%		1.26	%		1.34	%		1.41	%		1.14	%
Portfolio turnover rate		9	%		2	%		57	%		52	%		60	%

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

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
	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	$	8.09		$	7.37		$	6.23		$	10.12		$	10.00

Income/(loss) from investment operations:
Net investment income/(loss)2		0.00	3		0.00	3		0.04			0.02			(0.02	)
Net realized and unrealized gain/(loss) on investments		(0.19	)		0.84			1.13			(3.90	)		0.14
Total from investment operations		(0.19	)		0.84			1.17			(3.88	)		0.12

Less distributions:
From net investment income		(0.06	)		(0.04	)		(0.03	)		(0.01	)		0.00	3
From capital gains		(0.21	)		(0.08	)		0.00			0.00			0.00
Total distributions		(0.27	)		(0.12	)		(0.03	)		(0.01	)		0.00

Net asset value, end of period	$	7.63		$	8.09		$	7.37		$	6.23		$	10.12

Total return		(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)	$	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		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		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		2.33	%		2.23	%		2.33	%		3.79	%		5.00	%5
Net investment income/(loss)		0.06	%		0.05	%		0.61	%		0.20	%		(1.24	)%5
Portfolio turnover rate		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.

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
	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	$	8.14		$	7.41		$	6.25		$	10.12		$	10.00

Income/(loss) from investment operations:
Net investment income/(loss)2		0.02			0.02			0.06			0.04			(0.01	)
Net realized and unrealized gain/(loss) on investments		(0.20	)		0.85			1.14			(3.89	)		0.13
Total from investment operations		(0.18	)		0.87			1.20			(3.85	)		0.12

Less distributions:
From net investment income		(0.08	)		(0.06	)		(0.04	)		(0.02	)		0.00	3
From capital gains		(0.21	)		(0.08	)		0.00			0.00			0.00
Total distributions		(0.29	)		(0.14	)		(0.04	)		(0.02	)		0.00

Net asset value, end of period	$	7.67		$	8.14		$	7.41		$	6.25		$	10.12

Total return		(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)	$	93,132		$	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		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		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		2.05	%		1.96	%		2.03	%		3.50	%		4.38	%5
Net investment income/(loss)		0.32	%		0.30	%		0.85	%		0.49	%		(0.79	)%5
Portfolio turnover rate		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.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements

December 31, 2011

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)

December 31, 2011

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).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For the year ended December 31, 2011, 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 Schedule of Securities Sold Short, as applicable.

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.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

December 31, 2011

The rebates on/costs for securities sold short presented in the Statements of Operations represent the net income/expense earned/paid on the short sale proceeds/costs held on deposit with the Portfolio’s custodian. The Portfolio is subject to risk of loss if the broker were to fail to perform its obligation under contractual terms. 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”) are 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.

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.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

December 31, 2011

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, 2012. 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 December 31, 2011, the amounts of waivers subject to recoupment for Wilshire Large Cap Core Plus Fund are $75,863 expiring in 2014, $63,981, expiring in 2013, and $111,656, expiring in 2012. As of December 31, 2011, the Portfolios had not recouped any management fees previously waived.

For the year ended December 31, 2011, Wilshire waived advisory fees as follows:

Portfolio	Fees Waived	Fees Recouped
Small Company Growth Portfolio	$39,597	N/A
Small Company Value Portfolio	41,395	N/A
Wilshire Large Cap Core Plus Fund	75,863	N/A

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 Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

December 31, 2011

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, The Northern Trust Company (“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 and Shareholder Services Plans.

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 service fees 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 year ended December 31, 2011, 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 year ended December 31, 2011, 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.

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 year ended December 31, 2011, the distribution fees for the Horace Mann Class Shares were 0.35% 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 Portfolio’s average net assets. For the year ended December 31, 2011, 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	0.11%	0.01%
Large Company Value Portfolio	0.02%	(0.12)%
Small Company Growth Portfolio	0.10%	0.04%
Small Company Value Portfolio	0.09%	(0.22)%
Wilshire 5000 IndexSM Fund	0.05%	0.09%
Wilshire Large Cap Core Plus Fund	0.03%	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 year ended December 31, 2011, the shareholder service provider fees for the Qualified Class Shares were 0.00% of average net assets.

5. Securities Transactions.

For the year ended December 31, 2011, 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	$191,456,285	$214,353,070
Large Company Value Portfolio	47,627,454	49,369,760
Small Company Growth Portfolio	13,358,499	14,205,150
Small Company Value Portfolio	12,109,454	16,429,844
Wilshire 5000 IndexSM Fund	14,828,834	22,037,815
Wilshire Large Cap Core Plus Fund	232,493,853	267,693,348

For Wilshire Large Cap Core Plus Fund, short sales and purchases to cover were $77,616,493 and $95,134,915, respectively.

6. Significant Shareholder Activity.

On December 31, 2011, 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.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

December 31, 2011

Portfolio
Large Company Growth Portfolio (2 omnibus shareholders)	60%
Large Company Value Portfolio (2 omnibus shareholder)	88%
Small Company Growth Portfolio (3 omnibus shareholders)	65%
Small Company Value Portfolio (2 omnibus shareholders)	68%
Wilshire 5000 IndexSM Fund (3 omnibus shareholders)	67%
Wilshire Large Cap Core Plus Fund (2 omnibus shareholders)	96%

7. 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 distribute 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)

December 31, 2011

The federal tax cost, unrealized appreciation and depreciation at December 31, 2011 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	$	143,436,042	$	34,219,480	$	(8,391,001	)	$	25,828,479
Large Company Value Portfolio		30,877,063		3,475,089		(2,559,748	)		915,341
Small Company Growth Portfolio		6,338,315		831,720		(333,744	)		497,976
Small Company Value Portfolio		8,454,433		1,030,493		(609,614	)		420,879
Wilshire 5000 IndexSM Fund		101,608,765		63,430,644		(14,187,220	)		49,243,424
Wilshire Large Cap Core Plus Fund		195,459,511		32,723,072		(20,412,624	)		12,310,448

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

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

December 31, 2011

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.

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

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

December 31, 2011

8. Reclassifications

Accounting principles generally accepted in the United States of America require that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The permanent differences are primarily attributable to the net realized gain on sale of partnerships, PFIC capital gain to ordinary income, write-off of net operating losses and capital losses and the recharacterization of distributions. As of December 31, 2011, the reclassifications were as follows:

Portfolio	Decrease Paid-in Capital			Increase Undistributed Net Investment Income		Increase/(Decrease) Realized Capital Gains
Large Company Growth Portfolio	$	(210,394	)	$	210,394	$	—
Large Company Value Portfolio		(631	)		631		—
Small Company Growth Portfolio		(58,283	)		63,301		(5,018	)
Small Company Value Portfolio		—			23,525		(23,525	)
Wilshire 5000 IndexSM Fund		(969,432	)		5,225		964,207
Wilshire Large Cap Core Plus Fund		—			1,203,383		(1,203,383	)

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, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding (In re Tribune Company). The lawsuit was brought by the official Committee of Unsecured Creditors of the Tribune Company and relates to a leveraged buyout transaction by which Tribune Company converted to a privately-held company in 2007. The putative defendant class is comprised of beneficial owners of shares of Tribune Company who meet certain jurisdictional requirements and received proceeds of the leveraged buyout. The plaintiffs seek to recover those proceeds, together with interest and attorneys’ fees and expenses, as constructively fraudulent transfers under various state laws. The Advisor does not expect the Portfolio to be materially impacted by the lawsuit.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

December 31, 2011

11. Recent Accounting Pronouncement

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 will require 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. At this time, management is evaluating the implications of ASU 2011-04 and its impact on the financial statements.

12. 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 other than noted below.

On January 31, 2012, the Company entered into a securities lending agreement with the Custodian as lending agent authorizing all Portfolios to engage in securities lending and to invest cash collateral received in shares of the Custodian’s affiliated registered investment company.

Wilshire Mutual Funds, Inc.

Report of Independent Registered Public Accounting Firm

To the Board of Directors Wilshire Mutual Funds, Inc. and 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 (formerly the Wilshire Large Cap Core 130/30 Fund):

In our opinion, the accompanying statements of assets and liabilities, including the condensed schedules of investments of Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio and Wilshire 5000 IndexSM Fund and the schedule of investments of Wilshire Large Cap Core Plus Fund (formerly known as Wilshire Large Cap Core 130/30 Fund) and the schedule of securities sold short of Wilshire Large Cap Core Plus Fund (six portfolios/funds constituting the Wilshire Mutual Funds, Inc., hereafter referred to as the Portfolios) and the related statements of operations, of changes in net assets, of cash flows of the Wilshire Large Cap Core Plus Fund and the financial highlights present fairly, in all material respects, the financial position of the Portfolios at December 31, 2011 and the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended, the cash flows of Wilshire Large Cap Core Plus Fund, and each of their financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as financial statements) are the responsibility of the Portfolios management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2011 by correspondence with the custodian, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 28, 2012

Wilshire Mutual Funds, Inc.

Additional Fund Information

The Board of Directors has responsibility for the overall management and operations of the Company. The Board establishes the Company’s policies and meets regularly to review the activities of the officers, who are responsible for the day-to-day operations of the Company.

Set forth below are the names of the Directors and executive officers of the Company, their ages, positions and terms of office, their principal occupations during the past five years, and other directorships held by them. The address of each Director and Officer is 1299 Ocean Avenue, Suite 700, Santa Monica, California 90401.

Name and Age	Position Held with the Company	Term of Office(1) and Length of Time Served	Principal Occupations During the Past Five Years	Number of Funds/ Funds in Complex Overseen by Director	Other Directorships Held by Director
INTERESTED DIRECTOR
Lawrence E. Davanzo, 59(2)	Director	Since 2005	President, Wilshire Associates Incorporated, October 2007-Present; Senior Managing Director, October 2004-October 2007, Wilshire Associates Incorporated; President, 2005- 2010, Wilshire Variable Insurance Trust and Wilshire Mutual Funds, Inc.; Managing Director, August 2004-October 2004, Guggenheim Partners, independent investor, August 2001-August 2004.	15	Wilshire Variable Insurance Trust (9 Funds); Wilshire Associates Incorporated

Wilshire Mutual Funds, Inc.

Additional Fund Information - (Continued)

Name and Age	Position Held with the Company	Term of Office(1) and Length of Time Served	Principal Occupations During the Past Five Years	Number of Funds/ Funds in Complex Overseen by Director	Other Directorships Held by Director
NON-INTERESTED DIRECTORS
Margaret M. Cannella, 60	Director	Since 2011	Adjunct Professor, Columbia Business School. Formerly, Managing Director, Head, Global Credit Research and Corporate Strategy, JPMorgan Securities, Inc. and Managing Director, Head US Corporate Research, JP Morgan Securities, Inc.	15	Wilshire Variable Insurance Trust, Inc. (9 Funds); Schroder Series Trust; Schroder Global Series Trust; Schroder Capital Funds (Delaware); CHF Finance International (for profit joint venture of the World Bank and CHF); Advanced Pierre Foods; Princeton-in-Asia

Roger A. Formisano, 63	Director	Since 2006	Vice President, University Medical Foundation, 2006- Present; formerly Director, The Center for Leadership and Applied Business, UW-Madison School of Business; Principal, R.A. Formisano & Company, LLC	15	Integrity Mutual Insurance Company, Wilshire Variable Insurance Trust (9 Funds)

Edward Gubman, 60	Director	Since 2011	Founder and Principal, Strategic Talent Solutions	15	N/A

Richard A. Holt, 70	Director	Since 2006	Retired; formerly Senior Relationship Manager, Scudder Insurance Asset Management.	15	Wilshire Variable Insurance Trust (9 Funds)

Suanne K. Luhn, 57	Director	Since 2008	Retired; formerly Chief Compliance Officer, Bahl & Gaynor (investment adviser) (1990 to 2006)	15	Wilshire Variable Insurance Trust (9 Funds)

Harriet A. Russell, 70	Director	Since 2006	President, Greater Cincinnati Credit Union; formerly Vice President, Cincinnati Board of Education; formerly teacher, Walnut Hills High School.	15	Greater Cincinnati Credit Union Board; Wilshire Variable Insurance Trust (9 Funds)

George J. Zock, 61	Director, Chairman of the Board	Since 2006	Independent Consultant; Consultant, Horace Mann Service Corporation (2004 to 2005); Executive Vice President, Horace Mann Life Insurance Company and Horace Mann Service Corporation (1997 to 2003).	15	Wilshire Variable Insurance Trust (9 Funds)

Wilshire Mutual Funds, Inc.

Additional Fund Information - (Continued)

Name and Age	Position Held with the Company	Term of Office(1) and Length of Time Served	Principal Occupations During the Past Five Years	Number of Funds/ Funds in Complex Overseen by Director	Other Directorships Held by Director
OFFICERS
Jamie B. Ohl, 46	President	Since 2010	President, Chief Operating Officer and Managing Director, Wilshire Funds Management since 2011; Senior Vice President and Director of the Retirement Plans Group, Hartford Life Insurance Co. from 2006-2010.	N/A	N/A

Aaron W.L. Eubanks, 49	Chief Compliance Officer	Since 2009	Chief Compliance Officer and Managing Director, Wilshire Associates, Incorporated (since 2009). Chief Operating Officer and Chief Compliance Officer, Provident Investment Counsel (1992-2009)	N/A	N/A

Reena S. Lalji, 40	Secretary	Since 2009	Managing Director and General Counsel, Wilshire Associates Incorporated (Since 2009); Senior Counsel, Royal Bank of Canada (2003 – 2008)	N/A	N/A

James E. St. Aubin, 34	Vice President	Since 2009	Senior Portfolio Manager in Wilshire's Funds Management Group. 2004 – 2008, Senior Consultant at Ibbotson Associates – a division Morningstar Inc.	N/A	N/A

Helen Thompson, 44	Vice President	Since 2008	Managing Director, Wilshire Associates Incorporated. (since 2003); Associate Director, First Quadrant, L.P. (2001 to 2003); Chief Investment Accountant, Financial Controller, Company Secretary, Associate Director, Compliance Officer (1996 to 2003), First Quadrant Limited	N/A	N/A

Wilshire Mutual Funds, Inc.

Additional Fund Information - (Continued)

Name and Age	Position Held with the Company	Term of Office(1) and Length of Time Served	Principal Occupations During the Past Five Years	Number of Funds/ Funds in Complex Overseen by Director	Other Directorships Held by Director
OFFICERS
Michael Wauters, 46	Treasurer	Since 2009	Controller, Wilshire Associates Incorporated (since 2009); Assistant Vice President- Financial Operations, Pacific Life Insurance Company (2000-2009)	N/A	N/A

Victor Zhang, 39	Vice President	Since 2009	Head of Portfolio Management, Member of Wilshire Funds Management Investment Committee, Wilshire Associates Incorporated, January 2006 to Present; Director of Investments, Harris myCFO Investment Advisory Services, LLC, 2001 to 2006.	N/A	N/A

Nathan R. Palmer, 36	Vice President	Since 2011	Vice President, Wilshire Funds Management (since 2011); Senior Investment Management Associate, Convergent Wealth Advisors (2009-2010); Director of Public Markets, Investment Office, California Institute of Technology (2008-2009); Treasury Manager, Retirement Investments, Intel Corporation (2004-2008).	N/A	N/A

(1)

Each director serves until the next shareholders’ meeting (and until the election and qualification of a successor), or until death, resignation, removal or retirement which takes effect no later than May 1 following his or her 70th birthday. Officers are elected by the board on an annual basis to serve until their successors have been elected and qualified.

(2)	Mr. Davanzo is an interested person because of his position with the company’s investment adviser, Wilshire Associates Incorporated.

The Company’s Statement of Additional Information includes additional information about the Directors of the Company and is available, without charge, upon request, by calling 1-888-200-6796.

Wilshire Mutual Funds, Inc.

Additional Fund Information - (Continued)

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 Form N-Q is 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.

Tax Information

(Unaudited)

Of the distributions made by the following Portfolios, the corresponding percentage represents the amount of each distribution which will qualify for the dividends received deduction available to corporate shareholders:

Portfolio	Percentage
Large Company Growth Portfolio	0.00%
Large Company Value Portfolio	100.00%
Small Company Growth Portfolio	0.00%
Small Company Value Portfolio	100.00%
Wilshire 5000 IndexSM Fund	100.00%
Wilshire Large Cap Core Plus Fund	73.64%

Pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003, and as extended by Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010, the Portfolios listed below designate the following percentages of their income dividends distributed in 2011 as qualified dividend income as defined in Section 1(h)(II) of the Internal Revenue Code.

Portfolio	Percentage
Large Company Growth Portfolio	0.00%
Large Company Value Portfolio	100.00%
Small Company Growth Portfolio	0.00%
Small Company Value Portfolio	100.00%
Wilshire 5000 IndexSM Fund	100.00%
Wilshire Large Cap Core Plus Fund	72.12%

Pursuant to the American Jobs Creation Act of 2004, and as extended by Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010, the Funds listed below designate the following percentages of income distributions as qualified interest income that is exempt from U.S. withholding tax when paid to foreign investors.

Portfolio	Percentage
Large Company Growth Portfolio	0.00%
Large Company Value Portfolio	0.00%
Small Company Growth Portfolio	0.00%
Small Company Value Portfolio	0.00%
Wilshire 5000 IndexSM Fund	0.00%
Wilshire Large Cap Core Plus Fund	0.00%

Wilshire Mutual Funds, Inc.

Tax Information - (Continued)

Pursuant to the American Jobs Creation Act of 2004, and as extended by Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010, the Funds listed below designate the following percentages of short-term capital gain distributions as qualified short-term capital gain that is exempt from U.S. withholding tax when paid to foreign investors.

Portfolio	Percentage
Large Company Growth Portfolio	0.00%
Large Company Value Portfolio	0.00%
Small Company Growth Portfolio	0.00%
Small Company Value Portfolio	0.00%
Wilshire 5000 IndexSM Fund	0.00%
Wilshire Large Cap Core Plus Fund	0.00%

Wilshire Mutual Funds, Inc.

Board Approval of Advisory and

Subadvisory Agreements

During the six months ended December 31, 2011, the Board of Directors (the “Board”) of Wilshire Mutual Funds, Inc. (the “Company”) approved the renewal for an additional one-year term of the Company’s advisory agreement (the “Advisory Agreement”) with Wilshire Associates Incorporated (“Wilshire” or the “Adviser”) with respect to each of the Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index Fund and Wilshire Large Cap Core 130/30 Fund (the “Funds”). The Board also approved the subadvisory agreement between Wilshire and Santa Barbara Asset Management, LLC (“Santa Barbara”) with respect to the Wilshire Large Cap Core Plus Fund and approved the renewal for additional one-year terms of Wilshire’s subadvisory agreements with each of the following subadvisers: Acadian Asset Management, Inc. (“Acadian”) with respect to the Large Company Value Portfolio, Cornerstone Capital Management, Inc. (“Cornerstone”) with respect to the Large Company Growth Portfolio, Los Angeles Capital Management and Equity Research, Inc. (“LA Capital”) with respect to each of the Small Company Value Portfolio, Small Company Growth Portfolio, Large Company Growth Portfolio and Wilshire 5000 Index Fund, NWQ Investment Management Company, LLC (“NWQ”) with respect to the Small Company Value Portfolio, Pyramis Global Advisors, LLC (“Pyramis”) with respect to the Wilshire Large Cap Core Plus Fund, Pzena Investment Management, LLC (“Pzena”) with respect to the Large Company Value Portfolio, Ranger Investment Management, L.P. (“Ranger”) with respect to the Small Company Growth Portfolio, Systematic Financial Management, L.P. (“Systematic”) with respect to the Wilshire Large Company Value Portfolio, TWIN Capital Management, Inc. (“TWIN”) with respect to the Wilshire Large Cap Core Plus Fund, UBS Global Asset Management Americas (“UBS”) with respect to the Wilshire Large Cap Core Plus Fund, and Victory Capital Management, Inc. (“Victory”) with respect to the Wilshire Large Company Growth Portfolio. In the following text, the subadvisers are referred to as “Subadvisers” and the subadvisory agreements between Wilshire and each Subadviser are referred to as “Subadvisory Agreements.”

The information in this summary outlines the Board’s considerations associated with its approval of the Advisory Agreement and each of the Subadvisory Agreements. In connection with its deliberations regarding the continuation of these relationships, the Board considered such information and factors as it believed to be relevant. As described below, the Board considered the nature, extent and quality of the services performed or to be performed by Wilshire and the Subadvisers under the advisory arrangements; with respect to Wilshire, comparative fees and expense ratios; the profits to be realized by Wilshire and the Subadvisers; the extent to which Wilshire and the Subadvisers realize or will realize economies of scale as a Fund grows; and whether any fall-out benefits are being or will be realized by Wilshire and the Subadvisers. In considering these matters, the Board was advised with respect to relevant legal standards by independent counsel. In addition, the Directors who are not “interested persons” of the Company as defined in the Investment Company Act of 1940 (the “Independent Directors”) met with counsel in private sessions at which no representatives of Wilshire were present and discussed the approval of the Subadvisory Agreements with management and in private sessions with counsel at which no representatives of the Subadvisers were present.

Wilshire Mutual Funds, Inc.

Board Approval of Advisory and

Subadvisory Agreements (Continued)

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

Information Requested and Received

The Board, including all the Independent Directors, considered the approval of the Subadvisory Agreement pursuant to a process that concluded at the Board’s August 26, 2011 meeting and the renewal of the Advisory Agreement pursuant to a process that concluded at the Board’s December 2, 2011 meeting, in each case following an extensive process. At the direction of the Independent Directors, counsel to the Company and the Independent Directors sent memoranda to the Adviser requesting information regarding the Subadvisory Agreements and the Advisory Agreement to be provided to the Directors in advance of a meeting of the Contract Review Committee (which is comprised of all the Independent Directors) held on August 25, 2011 and December 1, 2011, respectively.

In response to the requests for information, the Directors received information from the Adviser as to each of the Funds describing: (i) the nature, extent and quality of services provided; (ii) the investment performance of each Fund as provided by Wilshire based upon data gathered from the Morningstar Direct database (“Morningstar”), along with the comparison to its benchmark index; (iii) the costs of services provided and estimated profits realized by the Adviser; (iv) the extent to which economies of scale are realized as a Fund grows; (v) whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders; (vi) comparisons of services rendered and amounts paid by other registered investment companies as provided by Wilshire based upon data gathered from Morningstar; and (vii) benefits realized by the Adviser from its relationship with each Fund. The Directors received information from the Adviser regarding the factors underlying the recommendations to approve each Subadvisory Agreement. The Directors also received information from each Subadviser as to each Fund it managed or would manage describing: (i) the nature, extent and quality of services provided or to be provided, (ii) for current Subadvisers, the investment performance of the Subadviser in connection with the Fund, and for Santa Barbara, the investment performance for products managed by the Subadviser that are similar to the Fund; (iii) the financial condition of the Subadviser, (iv) the extent to which economies of scale are realized as a Fund grows, (v) whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, (vi) comparisons of services rendered and amounts paid by other registered investment companies and any comparable advisory clients, and (vii) benefits realized or to be realized by the Subadviser from its relationship with the Fund. At each meeting, the Independent Directors also received a memorandum from counsel describing their duties in connection with contract approvals, and they were assisted in their review by independent legal counsel.

Wilshire Mutual Funds, Inc.

Board Approval of Advisory and

Subadvisory Agreements (Continued)

Prior to consideration by the Board, the Contract Review Committee met on August 25, 2011 and December 1, 2011, respectively, to discuss the information provided. As a part of its evaluation it considered the assessment of performance made by the Investment Committee (which is comprised solely of Independent Directors), which also met on August 25, 2011 and December 1, 2011, respectively, to review the data Wilshire had prepared on performance and on the Subadvisers’ performance. Following its evaluation of all materials provided, the Contract Review Committee concluded that it was in the best interests of each Fund to approve the Advisory and Subadvisory Agreements and recommended to the Board that the Advisory and Subadvisory Agreements be approved. At its meeting on August 26, 2011 and December 2, 2011, as applicable, the Board considered the recommendation of the Contract Review Committee along with the other factors that the Board deemed relevant.

Nature, Extent and Quality of Services – Wilshire

With respect to the nature, extent and quality of services provided by the Adviser, the Board reviewed the functions performed by the Adviser. The Board considered the experience and skills of the senior management leading fund operations, the experience and skills of the personnel performing the functions under the Advisory Agreement and the resources made available to such personnel. The Board also considered the compliance program established by the Adviser and the level of compliance maintained for the Funds. The Board reviewed the processes used by the Adviser to select, monitor and replace subadvisers, which system appeared to be reasonable. The Board concluded that the Adviser was successful in negotiating favorable subadvisory agreements on behalf of the Funds. The Board concluded that the Adviser had a robust system in place for selecting, monitoring and terminating subadvisers. The Board also reviewed the Adviser’s financial condition, and considered the financial support provided by the Adviser to the Small Company Growth and Small Company Value Portfolios through voluntary expense caps and to the Wilshire Large Cap Core 130/30 through an expense limitation agreement. Based upon all relevant factors, the Board concluded that the nature, quality and extent of the services provided by the Adviser to each Fund support renewal of the contract.

The Board reviewed information on the performance of each Fund for the annualized one-, three-, five- and ten-year periods ended September 30, 2011, as applicable, along with performance information of a peer group of funds determined by Wilshire based upon the Morningstar database for the same periods and in comparison to its benchmark. For the Large Company Growth Portfolio, the Board noted that the Fund outperformed its peer group for all time periods while underperforming the benchmark for the same periods. For the Large Company Value Portfolio, the Board noted the competitive performance with its peer group and outperformance with respect to its benchmark for the three-year period. For the Small Company Growth Portfolio, the Board noted that the Fund outperformed its peer group for the one-, five- and ten-year periods and its benchmark for the one- and ten-year periods. For the Small Company Value Portfolio, the Board noted that, although the Fund underperformed its peer group during the one-, three-, five- and ten-year periods, it outperformed its benchmark for the three-, five- and ten-year periods. In addition, the Board noted the steps taken to improve relative performance. For the Wilshire 5000 Index Fund, the Board noted the competitive levels of performance as compared

Wilshire Mutual Funds, Inc.

Board Approval of Advisory and

Subadvisory Agreements (Continued)

to its peer group and benchmark for all time periods. For the Wilshire Large Cap Core Plus Fund, the Board noted that the Fund underperformed the median of its peer group and underperformed its benchmark for the one- and three-year periods, but took into consideration the steps taken by the Adviser to address performance issues by engaging a new subadviser for the Fund, effective October 3, 2011. Based upon the above, the Board determined that for each Fund either performance was satisfactory or that the Adviser was taking appropriate steps to improve performance.

Advisory Fees

The Board reviewed each Fund’s advisory fee and total expense ratio and reviewed information comparing the advisory fee and total expense ratio to those of the peer group of funds. The Board determined that the advisory fee for each Fund was within a competitive range. As to total expenses, the Board noted that total expenses are influenced by the small size of the complex. The Board received information regarding fees charged by the Adviser to other registered investment companies advised by the Adviser and similar to certain Funds and determined such fees were comparable to those of the applicable Funds. The Board concluded that the advisory fee for each Fund was reasonable and appropriate in amount.

Profitability to Wilshire and Economies of Scale

With respect to the profitability of the Advisory Agreement, the Board primarily considered the fee structure of the Advisory Agreement, including the costs of the services provided and the profits realized by the Adviser from its relationship with the Funds. The Board concluded that the profits realized by the Adviser were reasonable in comparison with the costs of providing investment advisory services to the Funds. In addition, the Board considered the extent to which economies of scale are realized as the Funds grow and whether fee levels reasonably reflect economies of scale for the benefit of shareholders. The Board reviewed each Fund’s asset size, each Fund’s expense ratio, the voluntary expense caps in place for the Small Company Growth and Small Company Value Portfolios, the expense limitation agreement in place for the Wilshire Large Cap Core 130/30 Fund and whether the investment process produced economies of scale. The Board noted that the Adviser proposed to include a breakpoint to the advisory fee for each Fund. The Board concluded that each Fund’s advisory fee reasonably reflected appropriate recognition of any economies of scale.

Fall-Out Benefits – Wilshire

The Board considered the nature and amount of any benefits derived by the Adviser from its relationship with the Funds. The Board determined that the advisory fees were reasonable in light of these fall-out benefits.

Wilshire Mutual Funds, Inc.

Board Approval of Advisory and

Subadvisory Agreements (Continued)

Nature, Extent and Quality of Services – Subadvisers

As to each Subadvisory Agreement, the Board considered the nature, extent and quality of services provided or to be provided. The Board considered the reputation, qualifications and background of the Subadviser, investment approach of the Subadviser, the experience and skills of investment personnel responsible or to be responsible for the day-to-day management of each Fund, and the resources made available to such personnel. The Board also considered the Subadviser’s compliance with investment policies, as applicable, and general legal compliance. In addition, the Board considered the analysis provided by the Adviser, which concluded that each Subadviser was providing or would provide reasonable services and recommended that each Subadvisory Agreement for each Fund be approved.

The Board reviewed information comparing each current Subadviser’s gross investment performance to a relevant benchmark. Based upon all relevant factors, the Board determined to approve the Subadvisory Agreement with Acadian, with respect to the Large Company Value Portfolio, noting that although Acadian underperformed for the annualized three-year period ended June 30, 2011, Acadian outperformed for the annualized one-year period ended June 30, 2011. The Board concluded that the investment performance of Cornerstone, with respect to the Large Company Growth Portfolio, met or exceeded acceptable levels of investment performance for the annualized one-year period ended June 30, 2011, and therefore, was satisfactory. With respect to the Small Company Growth Portfolio and Small Company Value Portfolio, the Board noted LA Capital’s underperformance for the annualized one- and three-year periods ended June 30, 2011 but noted the outperformance for the year-to-date period ended June 30, 2011. With respect to the Large Company Growth Portfolio and the Wilshire 5000 Index Fund, the Board noted LA Capital’s underperformance for the annualized one-, three- and five-year periods ended June 30, 2011 but considered that the Adviser is satisfied with the level of services provided and performance is within the Adviser’s expectations. With respect to NWQ’s performance for the Small Company Value Portfolio and Ranger’s performance for the Small Company Growth Portfolio, the Board noted that NWQ and Ranger currently have been allocated 0% of the respective Fund’s assets, but that the Adviser recommends approval of the Subadvisory Agreements to permit the Subadvisers potentially to be used in the future. The Board determined that although these Subadvisers underperformed for the annualized three-year period (and five-year period for NWQ) ended June 30, 2011, outperformance for the annualized one-year period ended June 30, 2011 resulted in a conclusion that performance was satisfactory. The Board concluded that, although Pzena, with respect to the Large Company Value Portfolio, had underperformed for the annualized five-year period ended June 30, 2011, outperformance for the annualized one- and three-year periods ended June 30, 2011 resulted in the conclusion that performance was satisfactory. With respect to TWIN’s performance for the Wilshire Large Cap Core Plus Fund, Victory’s performance for the Large Company Growth Portfolio, Systematic’s performance for the Large Company Value Portfolio and Pyramis’ performance with respect to the Wilshire Large Cap Core Plus Fund, the Board noted that they had met or exceeded acceptable levels of performance for the annualized one-, three- and five-year periods ended June 30, 2011, as applicable. The Board determined to approve the Subadvisory Agreement with Santa Barbara with respect to the

Wilshire Mutual Funds, Inc.

Board Approval of Advisory and

Subadvisory Agreements (Continued)

Wilshire Large Cap Core Plus Fund, noting that Santa Barbara’s performance for products that are similar to the Fund met or exceeded acceptable levels of investment performance. The Board noted that UBS had underperformed with respect to the Wilshire Large Cap Core Plus Fund for the annualized one-year period ended June 30, 2011. Based on Wilshire’s recommendation that the Subadvisory Agreement with UBS be renewed while Wilshire restructures the Fund, the Board determined to approve continuation of such Subadvisory Agreement.

Subadvisory Fees

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

With respect to LA Capital, the Board also considered that the Subadviser had agreed to a reduction in its subadvisory fee rates for each of the Small Company Value Portfolio, Small Company Growth Portfolio, Large Company Growth Portfolio and Wilshire 5000 Index Fund.

For the Subadvisers that reported fees for “Other Clients” with comparable investment policies and services, the Board noted that most Subadvisers did not charge higher fees to the Adviser for the Funds than were charged to their Other Clients. For the Subadvisers where the fees charged to the Adviser were higher than that charged to Other Clients, the Board determined that the fees charged to the Adviser were competitive.

Based upon all of the above, the Board determined that the subadvisory fees for each Fund were reasonable.

Profitability to the Subadvisers

The Board noted that the Adviser compensates each Subadviser from its own advisory fees and that the fees were negotiated at arm’s length between the Adviser and each Subadviser. In addition, the Board noted that the revenues to the various Subadvisers were or would be limited due to the size of the Funds. The Board took these factors into consideration in concluding that the subadvisory fees were reasonable.

Economies of Scale – Subadvisers

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

Wilshire Mutual Funds, Inc.

Board Approval of Advisory and

Subadvisory Agreements (Continued)

Fall-Out Benefits – Subadvisers

The Board also considered the character and amount of other incidental benefits received or to be received by each Subadviser. The Board considered each Subadviser’s soft dollar practices and use of affiliated brokerage, as applicable. The Board concluded that, taking into account the benefits arising from these practices, the fees charged under each Subadvisory Agreement were reasonable.

Conclusion

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

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.

(This page intentionally left blank)

Wilshire Associates Incorporated

1299 Ocean Avenue

Santa Monica, CA 90401

1-888-200-6796

www.wilfunds.com

WIL-AR-001-0400

Item 2.

Code of Ethics.

(a)

The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c)

During the period covered by this report, the code of ethics was amended to address changes in the registrant’s covered officers.

(d)

The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3.

Audit Committee Financial Expert.

The Registrant’s Board of Directors has determined that the Registrant has at least one “audit committee financial expert” (as defined by Item 3 of Form N-CSR) serving on its audit committee. Mr. Roger A. Formisano, the Registrant’s audit committee financial expert, is “independent,” for purposes of Item 3 of Form N-CSR.

An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the audit committee or Board of Directors.

Item 4.

Principal Accountant Fees and Services.

Audit Fees

(a)

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $168,700 for 2010 and $307,000 for 2011.

Audit-Related Fees

(b)

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2010 and $0 for 2011.

Tax Fees

(c)

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, tax planning and tax training are $22,325 for 2010 and $45,000 for 2011. Such services consisted of quarterly diversification review, annual distribution review and tax return review.

All Other Fees

(d)

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2010 and $0 for 2011.

(e)(1)

Audit Committee Pre-Approval Policies and Procedures.

Pursuant to Registrant’s Audit Committee Charter (the “Charter”), the Audit Committee is responsible for pre-approving any engagement of the principal accountant to provide non-prohibited services to the Registrant, including the fees and other compensation to be paid to the principal accountant, to the extent required by Rule 2-01(c)(7) of Regulation S-X. The Chairman of the Audit Committee may grant pre-approval for engagements of less than $5,000. All such delegated pre-approvals will be presented to the Audit Committee no later than the next Audit Committee meeting.

Pursuant to the Charter, the Audit Committee is also responsible for pre-approving any engagement of the principal accountant, including the fees and other compensation to be paid to the principal accountant, to provide non-audit services to the Registrant’s investment adviser (or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant), if the engagement relates directly to the operations and financial reporting of the Registrant, to the extent required by Rule 2-01(c)(7) of Regulation S-X. The Chairman of the Audit Committee may grant pre-approval for engagements of less than $5,000. All such delegated pre-approvals will be presented to the Audit Committee no later than the next Audit Committee meeting.

(e)(2)

The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b)

Not Applicable

(c)

(d)

Not Applicable

(f)

The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was (0%) zero percent.

(g)

The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $789,665 for 2010 and $918,602 for 2011.

(h)

The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

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 130/30 Fund is included as part of the report to shareholders filed under Item 1 of this form.

(b)	Not applicable

Report of Independent Registered Public Accounting Firm

To the Board of Directors Wilshire Mutual Funds, Inc. and the Shareholders of

Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio and Wilshire 5000 IndexSM Fund:

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio and Wilshire 5000 IndexSM Fund, (five of the portfolios/funds constituting Wilshire Mutual Funds, Inc., hereafter referred to as the “Portfolios”) as of December 31, 2011, and for the year then ended and have issued our unqualified report thereon dated February 28, 2012 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). Our audit included an audit of the Portfolios' schedule of investments (the “Statement”) as of December 31, 2011 appearing in Item 6 of this Form N-CSR. This Statement is the responsibility of the Portfolios' management. Our responsibility is to express an opinion on this Statement based on our audit. In our opinion, the Statement referred to above, when read in conjunction with the financial statements of the Portfolios referred to above, presents fairly, in all material respects, the information set forth therein.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 28, 2012

Wilshire Mutual Funds, Inc.
Large Company Growth Portfolio	December 31, 2011
Schedule of Investments

Shares			Value

COMMON STOCK — 99.0%††
Consumer Discretionary — 16.4%
	90	Aaron's, Inc.	$	2,401
	16,931	Amazon.com, Inc. †		2,930,756
	600	Apollo Group, Inc., Class A †		32,322
	100	AutoZone, Inc. †		32,497
	550	Bally Technologies, Inc. †		21,758
	3,080	Bed Bath & Beyond, Inc. †		178,548
	1,013	Big Lots, Inc. †		38,251
	23,760	Brinker International, Inc.		635,818
	38,331	Burberry Group PLC ADR		1,419,780
	13,400	CBS Corp., Class B		363,676
	3,725	Chipotle Mexican Grill, Inc., Class A †		1,258,081
	11,570	Choice Hotels International, Inc.		440,238
	11,900	Coach, Inc.		726,376
	23,160	Dick's Sporting Goods, Inc.		854,141
	3,020	Dillard's, Inc., Class A		135,538
	7,789	DIRECTV, Class A †		333,058
	4,700	Discovery Communications, Inc., Class C †		177,190
	16,761	Dollar General Corp. †		689,547
	11,425	Dollar Tree, Inc. †		949,532
	858	Education Management Corp. †		24,016
	3,000	Expedia, Inc.		87,060
	20,600	Gap, Inc. (The)		382,130
	740	Garmin, Ltd.		29,459
	22,069	Guess?, Inc.		658,098
	1,672	Harley-Davidson, Inc.		64,991
	4,230	International Game Technology		72,756
	10,480	ITT Educational Services, Inc. †		596,207
	86,551	Johnson Controls, Inc.		2,705,584
	4,590	Kohl's Corp.		226,516
	190	Las Vegas Sands Corp. †		8,119
	14,050	Ltd. Brands, Inc.		566,917
	16,350	Lululemon Athletica, Inc. †		762,891
	4,960	Madison Square Garden, Inc., Class A †		142,054
	4,300	Mattel, Inc.		119,368
	25,248	McDonald's Corp.		2,533,132
	5,610	Morningstar, Inc.		333,515
	700	News Corp., Class A		12,488
	3,090	NIKE, Inc., Class B		297,784
	1,187	Nordstrom, Inc.		59,006
	7,000	Omnicom Group, Inc.		312,060
	1,100	PetSmart, Inc.		56,419
	2,985	priceline.com, Inc. †		1,396,114
	15,000	Scripps Networks Interactive, Inc., Class A		636,300
	5,708	Starbucks Corp.		262,625
	21,500	Starwood Hotels & Resorts Worldwide, Inc.		1,031,355
	5,198	Tiffany & Co.		344,419
	700	Time Warner Cable, Inc., Class A		44,499
	18,167	TJX Cos., Inc.		1,172,680
	550	Tractor Supply Co.		38,582
	3,000	TripAdvisor, Inc. †		75,630
	3,571	Urban Outfitters, Inc. †		98,417
	6,300	Virgin Media, Inc.		134,694
	32,050	Walt Disney Co. (The)		1,201,875
	138	Wynn Resorts, Ltd.		15,248
				27,722,516
Consumer Staples — 9.2%
	16,732	British American Tobacco PLC ADR		1,587,532
	23,103	Coca-Cola Co. (The)		1,616,517

Shares			Value
Consumer Staples (continued)
	3,891	Colgate-Palmolive Co.	$	359,490
	22,195	Diageo PLC ADR		1,940,287
	11,537	Estee Lauder Cos., Inc. (The), Class A		1,295,836
	50,667	General Mills, Inc.		2,047,453
	5,903	Hansen Natural Corp. †		543,902
	4,700	Lorillard, Inc.		535,800
	10,820	Mead Johnson Nutrition Co., Class A		743,659
	8,046	PepsiCo, Inc.		533,852
	35,336	Philip Morris International, Inc.		2,773,169
	4,700	Procter & Gamble Co. (The)		313,537
	2,100	Sysco Corp.		61,593
	18,897	Wal-Mart Stores, Inc.		1,129,285
	1,490	Whole Foods Market, Inc.		103,674
				15,585,586
Energy — 10.6%
	13,114	Anadarko Petroleum Corp.		1,000,992
	23,325	Cameron International Corp. †		1,147,357
	130	Chevron Corp.		13,832
	80,970	Cobalt International Energy, Inc. †		1,256,654
	5,100	Concho Resources, Inc. †		478,125
	9,828	ConocoPhillips		716,166
	597	Continental Resources, Inc. †		39,826
	3,380	Core Laboratories NV		385,151
	4,568	Diamond Offshore Drilling, Inc.		252,428
	64,016	Exxon Mobil Corp.		5,425,996
	22,441	Hess Corp.		1,274,649
	601	Murphy Oil Corp.		33,500
	7,995	Noble Energy, Inc.		754,648
	10,600	Occidental Petroleum Corp.		993,220
	5,500	Oceaneering International, Inc.		253,715
	1,400	Oil States International, Inc. †		106,918
	19,300	Quicksilver Resources, Inc. †		129,503
	31,496	Schlumberger, Ltd.		2,151,492
	1,290	SEACOR Holdings, Inc. †		114,758
	830	SM Energy Co.		60,673
	4,100	Superior Energy Services, Inc. †		116,604
	4,900	Tidewater, Inc.		241,570
	65,368	Weatherford International, Ltd. †		956,987
	1,390	Whiting Petroleum Corp. †		64,899
				17,969,663
Financials — 3.8%
	35,483	CapitalSource, Inc.		237,736
	8,940	CBOE Holdings, Inc.		231,188
	820	CME Group, Inc., Class A		199,810
	1,800	Franklin Resources, Inc.		172,908
	12,360	Goldman Sachs Group, Inc. (The)		1,117,715
	1,300	IntercontinentalExchange, Inc. †		156,715
	78	Marsh & McLennan Cos., Inc.		2,466
	5,500	People's United Financial, Inc.		70,675
	160	Protective Life Corp.		3,610
	4,660	Public Storage		626,583
	1,200	Simon Property Group, Inc.		154,728
	500	Ventas, Inc.		27,565
	32,247	Visa, Inc., Class A		3,274,038
	6,500	Waddell & Reed Financial, Inc., Class A		161,005
	2,670	Washington Federal, Inc.		37,353
				6,474,095
Health Care — 13.5%
	13,550	Abbott Laboratories		761,917
	23,495	Alexion Pharmaceuticals, Inc. †		1,679,893
	22,158	Allergan, Inc.		1,944,143
	7,120	Amylin Pharmaceuticals, Inc. †		81,026

Wilshire Mutual Funds, Inc.
Large Company Growth Portfolio	December 31, 2011
Schedule of Investments

Shares			Value
Health Care (continued)
	1,900	Baxter International, Inc.	$	94,012
	3,268	Becton Dickinson and Co.		244,185
	11,819	Biogen Idec, Inc. †		1,300,681
	490	BioMarin Pharmaceutical, Inc. †		16,846
	27,760	Bristol-Myers Squibb Co.		978,262
	100	Celgene Corp. †		6,760
	2,600	Cerner Corp. †		159,250
	6,671	Cooper Cos., Inc. (The)		470,439
	1,270	Covance, Inc. †		58,064
	3,270	Edwards Lifesciences Corp. †		231,189
	33,342	Express Scripts, Inc., Class A †		1,490,054
	4,600	Forest Laboratories, Inc. †		139,196
	69,567	Gilead Sciences, Inc. †		2,847,377
	314	IDEXX Laboratories, Inc. †		24,166
	408	Intuitive Surgical, Inc. †		188,908
	21,158	Johnson & Johnson		1,387,542
	1,117	Laboratory Corp. of America Holdings †		96,028
	1,390	LifePoint Hospitals, Inc. †		51,639
	29,381	Medco Health Solutions, Inc. †		1,642,398
	10,361	Mednax, Inc. †		746,096
	52,748	Myriad Genetics, Inc. †		1,104,543
	57,638	NuVasive, Inc. †		725,662
	4,393	Patterson Cos., Inc.		129,681
	14,175	Perrigo Co.		1,379,227
	5,371	Pharmasset, Inc. †		688,562
	766	ResMed, Inc. †		19,456
	3,046	Techne Corp.		207,920
	7,630	United Therapeutics Corp. †		360,518
	24,161	WellPoint, Inc.		1,600,666
				22,856,306
Industrials — 11.8%
	5,483	3M Co.		448,126
	5,232	Alliant Techsystems, Inc.		299,061
	5,105	Boeing Co. (The)		374,452
	23,700	Caterpillar, Inc.		2,147,220
	870	CH Robinson Worldwide, Inc.		60,708
	18,255	Cooper Industries PLC, Class A		988,508
	9,368	Corrections Corp. of America †		190,826
	5,600	Crane Co.		261,576
	44,033	CSX Corp.		927,335
	3,460	Cummins, Inc.		304,549
	2,800	Deere & Co.		216,580
	300	Donaldson Co., Inc.		20,424
	2,000	Emerson Electric Co.		93,180
	19,300	Expeditors International of Washington, Inc.		790,528
	26,800	Fastenal Co.		1,168,748
	300	FedEx Corp.		25,053
	22,527	Fluor Corp.		1,131,982
	5,400	Fortune Brands Home & Security, Inc. †		91,962
	24,326	General Dynamics Corp.		1,615,490
	6,620	Graco, Inc.		270,692
	1,100	Honeywell International, Inc.		59,785
	126	Illinois Tool Works, Inc.		5,885
	2,220	JB Hunt Transport Services, Inc.		100,055
	2,600	Joy Global, Inc.		194,922
	4,100	KAR Auction Services, Inc. †		55,350
	11,139	Landstar System, Inc.		533,781
	1,100	Lincoln Electric Holdings, Inc.		43,032
	4,120	Nordson Corp.		169,662
	1,300	Norfolk Southern Corp.		94,718
	14,150	Polypore International, Inc. †		622,459
	300	Regal-Beloit Corp.		15,291

Shares			Value
Industrials (continued)
	38,107	Robert Half International, Inc.	$	1,084,526
	14,377	Rockwell Automation, Inc.		1,054,840
	37,755	Terex Corp. †		510,070
	9,782	Toro Co. (The)		593,376
	900	TransDigm Group, Inc. †		86,112
	15,300	Union Pacific Corp.		1,620,882
	6,430	United Parcel Service, Inc., Class B		470,612
	14,670	Verisk Analytics, Inc., Class A †		588,707
	10,130	WESCO International, Inc. †		536,991
				19,868,056
Information Technology — 28.4%
	64,074	Acme Packet, Inc. †		1,980,527
	3,799	Altera Corp.		140,943
	5,510	ANSYS, Inc. †		315,613
	26,626	Apple, Inc. †		10,783,530
	28,450	ARM Holdings PLC ADR		787,212
	7,507	Baidu, Inc. ADR †		874,340
	4,379	BMC Software, Inc. †		143,543
	35,787	Citrix Systems, Inc. †		2,172,987
	26,275	Cognizant Technology Solutions Corp., Class A †		1,689,745
	2,150	Cypress Semiconductor Corp.		36,313
	26,400	Dell, Inc. †		386,232
	15,152	eBay, Inc. †		459,560
	56,900	EMC Corp. †		1,225,626
	270	Equinix, Inc. †		27,378
	3,286	F5 Networks, Inc. †		348,710
	1,100	Factset Research Systems, Inc.		96,008
	10,163	Google, Inc., Class A †		6,564,282
	18,780	Intel Corp.		455,415
	17,983	International Business Machines Corp.		3,306,714
	140	KLA-Tencor Corp.		6,755
	1,750	Lexmark International, Inc., Class A		57,873
	580	Mastercard, Inc., Class A		216,236
	89,145	Microsoft Corp.		2,314,204
	10,617	NeuStar, Inc., Class A †		362,783
	15,218	Novellus Systems, Inc. †		628,351
	25,302	OpenTable, Inc. †		990,067
	29,992	Oracle Corp.		769,295
	7,700	Paychex, Inc.		231,847
	9,050	QLogic Corp. †		135,750
	102,712	QUALCOMM, Inc.		5,618,347
	12,482	Salesforce.com, Inc. †		1,266,424
	9,189	Tech Data Corp. †		454,028
	22,893	Texas Instruments, Inc.		666,415
	7,620	VeriSign, Inc.		272,187
	120,827	Western Union Co. (The)		2,206,301
				47,991,541
Materials — 5.2%
	2,100	Air Products & Chemicals, Inc.		178,899
	3,250	Cabot Corp.		104,455
	3,430	CF Industries Holdings, Inc.		497,281
	2,390	Compass Minerals International, Inc.		164,551
	1,600	Cytec Industries, Inc.		71,440
	620	Domtar Corp.		49,575
	60,948	Freeport-McMoRan Copper & Gold, Inc.		2,242,277
	4,900	Greif, Inc., Class A		223,195
	17,220	Intrepid Potash, Inc. †		389,689
	20,116	Monsanto Co.		1,409,528
	33,730	Mosaic Co.		1,701,004
	9,670	Newmont Mining Corp.		580,297
	4,100	Packaging Corp. of America		103,484
	6,800	Praxair, Inc.		726,920

Wilshire Mutual Funds, Inc.
Large Company Growth Portfolio	December 31, 2011
Schedule of Investments

Shares			Value
Materials (continued)
	1,100	Royal Gold, Inc.	$	74,173
	5,893	Silgan Holdings, Inc.		227,706
				8,744,474
Telecommunication Services — 0.1%
	4,210	Verizon Communications, Inc.		168,905

Total Common Stock (Cost $139,501,599)				167,381,142

SHORT-TERM INVESTMENT — 1.1%
	1,883,379	Northern Trust Institutional Government Select Portfolio, 0.01% (a) (Cost $1,883,379)		1,883,379

Total Investments — 100.1%
(Cost $141,384,978)				169,264,521
Other Assets & Liabilities, Net — (0.1)%				(191,179	)
NET ASSETS — 100.0%			$	169,073,342

†	Non-income producing security.
††	More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
(a)	Rate shown is the 7-day effective yield as of December 31, 2011.

ADR — American Depositary Receipt

PLC— Public Limited Company

Wilshire Mutual Funds, Inc.
Large Company Value Portfolio	December 31, 2011
Schedule of Investments

Shares			Value

COMMON STOCK — 99.1%††
Consumer Discretionary — 10.3%
	3,964	American Greetings Corp., Class A	$	49,590
	3,025	Apollo Group, Inc., Class A †		162,957
	6,286	Career Education Corp. †		50,099
	6,241	CBS Corp., Class B		169,381
	379	CSS Industries, Inc.		7,550
	2,963	Dillard's, Inc., Class A		132,979
	2,876	DIRECTV, Class A †		122,978
	5,307	Exceed Co., Ltd. †		26,270
	448	Flexsteel Industries, Inc.		6,200
	7,086	Foot Locker, Inc.		168,930
	2,292	General Motors Co. †		46,459
	984	Harley-Davidson, Inc.		38,248
	3,742	Home Depot, Inc. (The)		157,314
	1,545	ITT Educational Services, Inc. †		87,895
	6,500	J.C. Penney Co., Inc.		228,475
	3,782	Lear Corp.		150,524
	6,099	Macy's, Inc.		196,266
	2,121	Multimedia Games, Inc. †		16,841
	7,950	Omnicom Group, Inc.		354,411
	929	Papa John's International, Inc. †		35,004
	2,314	Polaris Industries, Inc.		129,538
	1,244	PVH Corp.		87,689
	172	Quiksilver, Inc. †		621
	1,910	Scholastic Corp.		57,242
	1,458	Signet Jewelers, Ltd.		64,094
	3,588	Standard Motor Products, Inc.		71,939
	34,025	Staples, Inc.		472,607
	1,589	Target Corp.		81,389
	2,666	Wyndham Worldwide Corp.		100,855
				3,274,345
Consumer Staples — 6.8%
	12,862	Avon Products, Inc.		224,699
	3,200	Constellation Brands, Inc., Class A †		66,144
	9,921	CVS Caremark Corp.		404,578
	2,363	Herbalife, Ltd.		122,096
	3,703	Kroger Co. (The)		89,687
	1,993	Lorillard, Inc.		227,202
	8,525	Molson Coors Brewing Co., Class B		371,179
	2,811	Philip Morris International, Inc.		220,607
	11,195	Smithfield Foods, Inc. †		271,815
	5,560	Tyson Foods, Inc., Class A		114,758
	1,303	Universal Corp.		59,886
				2,172,651
Energy — 13.8%
	2,009	Anadarko Petroleum Corp.		153,347
	1,000	Apache Corp.		90,580
	9,405	BP PLC ADR		401,970
	8,159	Chevron Corp.		868,117
	7,208	ConocoPhillips		525,247
	9,674	Exxon Mobil Corp.		819,968
	1,562	Hess Corp.		88,721
	6,617	Marathon Petroleum Corp.		220,280
	4,100	Nabors Industries, Ltd. †		71,094
	3,200	National Oilwell Varco, Inc.		217,568
	1,532	Oil States International, Inc. †		116,999
	7,345	Royal Dutch Shell PLC ADR, Class A		536,846
	3,800	Suncor Energy, Inc.		109,554
	1,899	Tesoro Corp. †		44,361
	5,657	Valero Energy Corp.		119,080
				4,383,732

Shares			Value
Financials — 25.6%
	3,276	ACE, Ltd.	$	229,713
	2,912	Aflac, Inc.		125,973
	16,900	Allstate Corp. (The)		463,229
	3,946	American Express Co.		186,133
	9,000	American International Group, Inc. †		208,800
	13,524	Annaly Capital Management, Inc.		215,843
	10,150	Axis Capital Holdings, Ltd.		324,394
	18,250	Bank of America Corp.		101,470
	491	Berkshire Hathaway, Inc., Class B †		37,463
	2,400	Calamos Asset Management, Inc., Class A		30,024
	7,079	Capital One Financial Corp.		299,371
	2,833	Cash America International, Inc.		132,103
	4,793	CBOE Holdings, Inc.		123,947
	17,914	Citigroup, Inc.		471,317
	20,594	CNO Financial Group, Inc. †		129,948
	1,160	Diamond Hill Investment Group, Inc.		85,817
	19,073	Discover Financial Services		457,752
	12,614	Fidelity National Financial, Inc., Class A		200,941
	14,295	Fifth Third Bancorp		181,833
	2,650	Franklin Resources, Inc.		254,559
	2,625	Goldman Sachs Group, Inc. (The)		237,379
	2,582	Hartford Financial Services Group, Inc.		41,958
	1,192	Interactive Brokers Group, Inc., Class A		17,809
	6,098	Janus Capital Group, Inc.		38,478
	15,625	JPMorgan Chase & Co.		519,531
	37,883	KeyCorp		291,320
	5,300	Lincoln National Corp.		102,926
	13,198	MetLife, Inc.		411,514
	14,500	Morgan Stanley		219,385
	11,315	PNC Financial Services Group, Inc.		652,536
	3,438	Prudential Financial, Inc.		172,313
	2,893	Reinsurance Group of America, Inc., Class A		151,159
	12,800	SLM Corp.		171,520
	9,062	State Street Corp.		365,289
	172	Travelers Cos., Inc. (The)		10,177
	22,575	UBS AG		267,062
	695	Visa, Inc., Class A		70,563
	5,482	XL Group PLC, Class A		108,379
				8,109,928
Health Care — 11.2%
	6,300	Abbott Laboratories		354,249
	4,464	Aetna, Inc.		188,336
	975	AMERIGROUP Corp. †		57,603
	6,667	Bristol-Myers Squibb Co.		234,945
	4,495	CIGNA Corp.		188,790
	4,368	Eli Lilly & Co.		181,534
	2,300	HCA Holdings, Inc. †		50,669
	1,170	Humana, Inc.		102,504
	1,974	McKesson Corp.		153,794
	13,922	Merck & Co., Inc.		524,860
	37,761	Pfizer, Inc.		817,148
	11,669	UnitedHealth Group, Inc.		591,385
	1,729	Watson Pharmaceuticals, Inc. †		104,328
	293	WellPoint, Inc.		19,411
				3,569,556
Industrials — 8.9%
	1,243	AGCO Corp. †		53,412
	3,710	Briggs & Stratton Corp.		57,468
	1,527	Caterpillar, Inc.		138,346
	703	Cummins, Inc.		61,878
	2,200	Eaton Corp.		95,766
	3,900	Fortune Brands Home & Security, Inc. †		66,417

Wilshire Mutual Funds, Inc.
Large Company Value Portfolio	December 31, 2011
Schedule of Investments

Shares			Value
Industrials (continued)
	19,100	General Electric Co.	$	342,081
	10,900	Hertz Global Holdings, Inc. †		127,748
	1,279	Huntington Ingalls Industries, Inc. †		40,007
	2,061	KBR, Inc.		57,440
	4,100	L-3 Communications Holdings, Inc., Class 3		273,388
	22	Layne Christensen Co. †		532
	23,275	Masco Corp.		243,922
	42	Norfolk Southern Corp.		3,060
	13,137	Northrop Grumman Corp.		768,252
	2,700	Owens Corning †		77,544
	898	Parker Hannifin Corp.		68,473
	3,338	RPX Corp. †		42,226
	721	Sauer-Danfoss, Inc. †		26,107
	354	Standard Register Co. (The)		825
	2,675	Timken Co.		103,549
	100	Tredegar Corp.		2,222
	1,050	Triumph Group, Inc.		61,372
	983	Tyco International, Ltd.		45,916
	2,158	URS Corp. †		75,789
				2,833,740
Information Technology — 11.3%
	451	Apple, Inc. †		182,655
	3,997	Broadcom Corp., Class A		117,352
	14,575	CA, Inc.		294,634
	8,100	Cisco Systems, Inc.		146,448
	11,100	Computer Sciences Corp.		263,070
	4,427	Cray, Inc. †		28,643
	27,737	Dell, Inc. †		405,792
	6,695	Electronic Arts, Inc. †		137,917
	3,061	EMC Corp. †		65,934
	25,103	Hewlett-Packard Co.		646,653
	14	Hutchinson Technology, Inc. †		21
	11,948	Intel Corp.		289,739
	544	International Business Machines Corp.		100,031
	11,751	Microsoft Corp.		305,056
	90	PRGX Global, Inc. †		535
	1,500	SanDisk Corp. †		73,815
	6,150	Seagate Technology PLC		100,860
	6,100	Symantec Corp. †		95,465
	8,500	TE Connectivity, Ltd.		261,885
	1,523	VeriFone Systems, Inc. †		54,097
	600	Vishay Intertechnology, Inc. †		5,394
	42	Vishay Precision Group, Inc. †		671
				3,576,667
Materials — 4.8%
	1,748	Agrium, Inc.		117,308
	480	Buckeye Technologies, Inc.		16,051
	275	CF Industries Holdings, Inc.		39,870
	2,909	Domtar Corp.		232,604
	9,571	Freeport-McMoRan Copper & Gold, Inc.		352,117
	3,487	Huntsman Corp.		34,870
	897	KapStone Paper and Packaging Corp. †		14,119
	621	LyondellBasell Industries NV, Class A		20,176
	1,350	Nucor Corp.		53,420
	4,475	PPG Industries, Inc.		373,618
	2,850	Sherwin-Williams Co. (The)		254,419
				1,508,572
Telecommunication Services — 2.6%
	22,851	AT&T, Inc.		691,014
	5,439	Telephone & Data Systems, Inc.		140,816
				831,830

Shares			Value
Utilities — 3.8%
	4,229	Ameren Corp.	$	140,107
	4,314	American Electric Power Co., Inc.		178,211
	2,175	Edison International		90,045
	2,275	Entergy Corp.		166,189
	921	Exelon Corp.		39,944
	6,323	FirstEnergy Corp.		280,109
	1,757	National Fuel Gas Co.		97,654
	3,269	NiSource, Inc.		77,835
	2,804	PPL Corp.		82,494
	1,561	Public Service Enterprise Group, Inc.		51,528
				1,204,116
Total Common Stock (Cost $29,596,347)				31,465,137

SHORT-TERM INVESTMENT — 1.1%
	327,267	Northern Trust Institutional Government Select Portfolio, 0.01% (a) (Cost $327,267)		327,267

Total Investments — 100.2%
(Cost $29,923,614)				31,792,404
Other Assets & Liabilities, Net — (0.2)%				(51,192	)
NET ASSETS — 100.0%			$	31,741,212

†	Non-income producing security.
††	More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
(a)	Rate shown is the 7-day effective yield as of December 31, 2011.

ADR — American Depositary Receipt

PLC— Public Limited Company

Wilshire Mutual Funds, Inc.
Small Company Growth Portfolio	December 31, 2011
Schedule of Investments

Shares			Value

COMMON STOCK — 99.6%††
Consumer Discretionary — 15.6%
	40	Aeropostale, Inc. †	$	610
	3,006	AFC Enterprises, Inc. †		44,188
	170	American Public Education, Inc. †		7,358
	240	America's Car-Mart, Inc. †		9,403
	4,296	Ameristar Casinos, Inc.		74,278
	412	ANN, Inc. †		10,209
	610	Arbitron, Inc.		20,990
	1,125	Ascena Retail Group, Inc. †		33,435
	70	Biglari Holdings, Inc. †		25,777
	1,142	Blue Nile, Inc. †		46,685
	1,100	Bridgepoint Education, Inc. †		25,300
	593	Brunswick Corp.		10,709
	430	Buckle, Inc. (The)		17,574
	430	Capella Education Co. †		15,501
	2,312	Cheesecake Factory, Inc. (The) †		67,857
	1,474	Cherokee, Inc.		17,202
	397	Coinstar, Inc. †		18,119
	900	Cost Plus, Inc. †		8,775
	1,511	Cracker Barrel Old Country Store, Inc.		76,169
	297	Dana Holding Corp. †		3,609
	1,035	Denny's Corp. †		3,892
	250	Digital Generation, Inc. †		2,980
	1,188	Domino's Pizza, Inc. †		40,333
	448	Ethan Allen Interiors, Inc.		10,622
	1,217	Express, Inc. †		24,267
	200	Finish Line, Inc. (The), Class A		3,857
	400	Global Sources, Ltd. †		1,940
	820	Hibbett Sports, Inc. †		37,048
	110	Hillenbrand, Inc.		2,455
	600	iRobot Corp. †		17,910
	177	JOS A Bank Clothiers, Inc. †		8,631
	600	Life Time Fitness, Inc. †		28,050
	500	Monro Muffler Brake, Inc.		19,395
	460	National CineMedia, Inc.		5,704
	1,406	New York & Co., Inc. †		3,740
	315	Overstock.com, Inc. †		2,470
	1,039	Papa John's International, Inc. †		39,149
	180	PetMed Express, Inc.		1,868
	3,220	Pier 1 Imports, Inc. †		44,855
	340	Red Robin Gourmet Burgers, Inc. †		9,418
	100	Rue21, Inc. †		2,160
	1,200	Select Comfort Corp. †		26,028
	169	Six Flags Entertainment Corp.		6,970
	1,238	Sotheby's		35,320
	450	Strayer Education, Inc.		43,736
	1,300	Sturm Ruger & Co., Inc.		43,498
	216	Tenneco, Inc. †		6,432
	300	True Religion Apparel, Inc. †		10,374
	100	Vera Bradley, Inc. †		3,225
	206	Warnaco Group, Inc. (The) †		10,308
	612	Winmark Corp.		35,110
	100	Zumiez, Inc. †		2,776
				1,068,269
Consumer Staples — 4.5%
	296	Boston Beer Co., Inc., Class A †		32,134
	120	Casey's General Stores, Inc.		6,181
	100	Medifast, Inc. †		1,372
	569	Nature's Sunshine Products, Inc. †		8,831
	1,252	Nu Skin Enterprises, Inc., Class A		60,809
	400	Omega Protein Corp. †		2,852
	3,522	Pantry, Inc. (The) †		42,159
	100	Pricesmart, Inc.		6,959
	452	Ruddick Corp.		19,273

Shares			Value
Consumer Staples (continued)
	4,150	Smart Balance, Inc. †	$	22,244
	450	TreeHouse Foods, Inc. †		29,421
	600	USANA Health Sciences, Inc. †		18,222
	3,217	Vector Group, Ltd.		57,134
				307,591
Energy — 10.6%
	3,197	Alon USA Energy, Inc.		27,846
	511	Apco Oil and Gas International, Inc.		41,759
	105	Approach Resources, Inc. †		3,088
	240	Basic Energy Services, Inc. †		4,728
	295	Berry Petroleum Co., Class A		12,396
	3,170	Cal Dive International, Inc. †		7,132
	297	Clayton Williams Energy, Inc. †		22,536
	1,348	Complete Production Services, Inc. †		45,239
	524	Contango Oil & Gas Co. †		30,486
	1,055	Crosstex Energy, Inc.		13,335
	2,842	CVR Energy, Inc. †		53,231
	297	Dril-Quip, Inc. †		19,548
	1,814	Energy XXI Bermuda, Ltd. †		57,830
	2,600	Evolution Petroleum Corp. †		20,930
	500	Global Geophysical Services, Inc. †		3,360
	293	Golar LNG, Ltd.		13,024
	3,280	Goodrich Petroleum Corp. †		45,034
	470	Gulfmark Offshore, Inc., Class A †		19,745
	920	ION Geophysical Corp. †		5,640
	110	Key Energy Services, Inc. †		1,702
	297	Lufkin Industries, Inc.		19,991
	215	Mitcham Industries, Inc. †		4,696
	2,418	Newpark Resources, Inc. †		22,971
	706	Northern Oil and Gas, Inc. †		16,930
	164	Oasis Petroleum, Inc. †		4,771
	290	Panhandle Oil and Gas, Inc., Class A		9,515
	1,316	Petroquest Energy, Inc. †		8,686
	952	Rex Energy Corp. †		14,052
	1,212	Rosetta Resources, Inc. †		52,722
	128	Vaalco Energy, Inc. †		773
	2,083	Western Refining, Inc.		27,683
	2,180	World Fuel Services Corp.		91,516
				722,895
Financials — 4.6%
	2,707	Advance America Cash Advance Centers, Inc.		24,228
	640	Bank of the Ozarks, Inc.		18,963
	503	Credit Acceptance Corp. †		41,266
	376	Diamond Hill Investment Group, Inc.		27,816
	380	First Financial Bankshares, Inc.		12,703
	120	MarketAxess Holdings, Inc.		3,613
	383	National Health Investors, Inc.		16,844
	320	S.Y. Bancorp, Inc.		6,570
	605	SVB Financial Group †		28,853
	920	Tejon Ranch Co. †		22,522
	720	Universal Health Realty Income Trust		28,080
	1,140	World Acceptance Corp. †		83,790
				315,248
Health Care — 20.6%
	539	Accretive Health, Inc. †		12,386
	1,459	Acorda Therapeutics, Inc. †		34,782
	298	Air Methods Corp. †		25,166
	2,255	Akorn, Inc. †		25,076
	414	Alkermes PLC †		7,187
	1,056	Arthrocare Corp. †		33,454
	524	athenahealth, Inc. †		25,739
	298	AVEO Pharmaceuticals, Inc. †		5,125
	626	Bio-Reference Labs, Inc. †		10,185
	906	Centene Corp. †		35,869

Wilshire Mutual Funds, Inc.
Small Company Growth Portfolio	December 31, 2011
Schedule of Investments

Shares			Value
Health Care (continued)
	2,068	Cepheid, Inc. †	$	71,160
	940	Chemed Corp.		48,137
	60	Computer Programs & Systems, Inc.		3,067
	567	Corvel Corp. †		29,320
	2,533	Cubist Pharmaceuticals, Inc. †		100,357
	1,534	Depomed, Inc. †		7,946
	1,490	Dusa Pharmaceuticals, Inc. †		6,526
	2,431	DynaVox, Inc., Class A †		8,849
	2,602	Emergent Biosolutions, Inc. †		43,818
	790	Exelixis, Inc. †		3,741
	520	Genomic Health, Inc. †		13,203
	378	Haemonetics Corp. †		23,141
	732	HMS Holdings Corp. †		23,409
	1,680	Incyte Corp., Ltd. †		25,217
	980	InterMune, Inc. †		12,348
	1,102	Jazz Pharmaceuticals, Inc. †		42,570
	747	Maxygen, Inc. †		4,206
	821	Medicines Co. (The) †		15,303
	1,295	Medicis Pharmaceutical Corp., Class A		43,059
	205	Medidata Solutions, Inc. †		4,459
	300	Medivation, Inc. †		13,833
	2,858	Momenta Pharmaceuticals, Inc. †		49,701
	63	Neogen Corp. †		1,930
	3,278	Neurocrine Biosciences, Inc. †		27,863
	1,041	NxStage Medical, Inc. †		18,509
	1,268	Obagi Medical Products, Inc. †		12,883
	821	Omnicell, Inc. †		13,563
	666	Onyx Pharmaceuticals, Inc. †		29,271
	674	Par Pharmaceutical Cos., Inc. †		22,060
	7,720	PDL BioPharma, Inc.		47,864
	112	Pernix Therapeutics Holdings †		1,037
	2,562	Progenics Pharmaceuticals, Inc. †		21,879
	125	PSS World Medical, Inc. †		3,024
	986	Quality Systems, Inc.		36,472
	1,025	Questcor Pharmaceuticals, Inc. †		42,620
	8,563	RTI Biologics, Inc. †		38,020
	1,466	Salix Pharmaceuticals, Ltd. †		70,148
	600	Sciclone Pharmaceuticals, Inc. †		2,574
	861	Select Medical Holdings Corp. †		7,301
	3,394	Spectrum Pharmaceuticals, Inc. †		49,654
	449	Staar Surgical Co. †		4,710
	790	STERIS Corp.		23,558
	400	Synergetics USA, Inc. †		2,952
	3,481	Synta Pharmaceuticals Corp. †		16,256
	3,555	Team Health Holdings, Inc. †		78,459
	210	Theravance, Inc. †		4,641
	184	Transcend Services, Inc. †		4,366
	162	WellCare Health Plans, Inc. †		8,505
	119	West Pharmaceutical Services, Inc.		4,516
				1,402,974
Industrials — 15.7%
	1,406	3D Systems Corp. †		20,246
	260	AAR Corp.		4,984
	1,353	Actuant Corp., Class A		30,700
	160	Advisory Board Co. (The) †		11,874
	2,843	Aircastle, Ltd.		36,163
	1,461	Allegiant Travel Co., Class A †		77,930
	1,637	Altra Holdings, Inc. †		30,825
	160	American Science & Engineering, Inc.		10,898
	540	Astronics Corp. †		19,337
	1,805	Blount International, Inc. †		26,209
	640	Brady Corp., Class A		20,205
	129	Chart Industries, Inc. †		6,975
	350	CLARCOR, Inc.		17,496
	692	Coleman Cable, Inc. †		6,020
	1,010	Colfax Corp. †		28,765

Shares			Value
Industrials (continued)
	1,348	Deluxe Corp.	$	30,680
	380	Dollar Thrifty Automotive Group, Inc. †		26,699
	447	Douglas Dynamics, Inc.		6,535
	2,307	DXP Enterprises, Inc. †		74,285
	563	HEICO Corp.		32,924
	1,789	Hexcel Corp. †		43,312
	450	Huron Consulting Group, Inc. †		17,433
	800	Innerworkings, Inc. †		7,448
	1,168	Insperity, Inc.		29,609
	430	Kaman Corp.		11,748
	1,780	Knight Transportation, Inc.		27,839
	50	MasTec, Inc. †		868
	161	Middleby Corp. †		15,140
	81	Mine Safety Appliances Co.		2,683
	1,340	Mistras Group, Inc. †		34,157
	292	Mueller Industries, Inc.		11,219
	560	National Presto Industries, Inc.		52,416
	7,470	Pendrell Corp. †		19,048
	200	Portfolio Recovery Associates, Inc. †		13,504
	159	RBC Bearings, Inc. †		6,630
	912	Sauer-Danfoss, Inc. †		33,024
	135	Standard Parking Corp. †		2,412
	619	Sun Hydraulics Corp.		14,503
	1,496	TAL International Group, Inc.		43,070
	4,030	Taser International, Inc. †		20,634
	1,495	Tennant Co.		58,111
	597	Textainer Group Holdings, Ltd.		17,385
	338	Titan International, Inc.		6,577
	39	Trimas Corp. †		700
	296	Watsco, Inc.		19,435
	1,048	Woodward Governor Co.		42,895
				1,071,550
Information Technology — 21.7%
	298	ADTRAN, Inc.		8,988
	1,349	Advent Software, Inc. †		32,862
	120	Amtech Systems, Inc. †		1,021
	341	Ancestry.com, Inc. †		7,829
	459	Anixter International, Inc. †		27,375
	130	Aspen Technology, Inc. †		2,255
	760	Blackbaud, Inc.		21,052
	20	BroadSoft, Inc. †		604
	479	Cabot Microelectronics Corp. †		22,633
	1,020	CACI International, Inc., Class A †		57,038
	1,062	Cardtronics, Inc. †		28,738
	1,377	Cirrus Logic, Inc. †		21,826
	296	Coherent, Inc. †		15,472
	296	CommVault Systems, Inc. †		12,645
	300	Constant Contact, Inc. †		6,963
	743	CSG Systems International, Inc. †		10,930
	234	Cymer, Inc. †		11,644
	1,538	Daktronics, Inc.		14,719
	163	DTS, Inc. †		4,440
	448	Echo Global Logistics, Inc. †		7,235
	1,144	Fair Isaac Corp.		41,001
	79	FARO Technologies, Inc. †		3,634
	445	FEI Co. †		18,147
	1,642	Forrester Research, Inc. †		55,729
	4,591	GT Advanced Technologies, Inc. †		33,239
	1,784	Heartland Payment Systems, Inc.		43,458
	121	Hittite Microwave Corp. †		5,975
	3,149	j2 Global, Inc.		88,613
	715	Jack Henry & Associates, Inc.		24,031
	160	Littelfuse, Inc.		6,877
	645	LivePerson, Inc. †		8,095
	981	Manhattan Associates, Inc. †		39,711
	200	MAXIMUS, Inc.		8,270

Wilshire Mutual Funds, Inc.
Small Company Growth Portfolio	December 31, 2011
Schedule of Investments

Shares			Value
Information Technology (continued)
	320	Micrel, Inc.	$	3,235
	604	Microsemi Corp. †		10,117
	600	MicroStrategy, Inc., Class A †		64,992
	672	Monolithic Power Systems, Inc. †		10,127
	660	MTS Systems Corp.		26,895
	40	Netgear, Inc. †		1,343
	55	Netscout Systems, Inc. †		968
	424	Newport Corp. †		5,771
	1,130	NIC, Inc.		15,040
	240	NVE Corp. †		13,327
	558	OpenTable, Inc. †		21,835
	880	Oplink Communications, Inc. †		14,493
	300	Parametric Technology Corp. †		5,478
	1,157	Plantronics, Inc.		41,235
	1,275	Plexus Corp. †		34,909
	3,915	Power-One, Inc. †		15,308
	2,675	PRGX Global, Inc. †		15,916
	861	Progress Software Corp. †		16,660
	40	QLIK Technologies, Inc. †		968
	2,283	Quest Software, Inc. †		42,464
	313	RightNow Technologies, Inc. †		13,375
	156	Rofin-Sinar Technologies, Inc. †		3,564
	428	Rogers Corp. †		15,776
	170	Rubicon Technology, Inc. †		1,596
	596	Scansource, Inc. †		21,456
	1,610	Silicon Graphics International Corp. †		18,451
	1,380	Silicon Image, Inc. †		6,486
	797	SolarWinds, Inc. †		22,276
	43	Stamps.com, Inc. †		1,124
	1,114	Synaptics, Inc. †		33,587
	379	Syntel, Inc.		17,726
	2,214	TeleTech Holdings, Inc. †		35,867
	1,800	TiVo, Inc. †		16,146
	550	TNS, Inc. †		9,746
	1,390	Tyler Technologies, Inc. †		41,853
	300	Ultimate Software Group, Inc. †		19,536
	2,075	ValueClick, Inc. †		33,802
	158	VASCO Data Security International, Inc. †		1,030
	2,570	Veeco Instruments, Inc. †		53,456
	897	Websense, Inc. †		16,801
	210	Wright Express Corp. †		11,399
	3,030	XO Group, Inc. †		25,270
	2,670	Zix Corp. †		7,529
				1,481,982
Materials — 4.9%
	446	A Schulman, Inc.		9,446
	974	AEP Industries, Inc. †		27,418
	287	Calgon Carbon Corp. †		4,509
	750	Coeur d'Alene Mines Corp. †		18,105
	964	HB Fuller Co.		22,278
	7,603	Hecla Mining Co.		39,764
	1,164	Innophos Holdings, Inc.		56,524
	446	Koppers Holdings, Inc.		15,325
	1,273	LSB Industries, Inc. †		35,682
	56	Myers Industries, Inc.		691
	450	NewMarket Corp.		89,149
	693	Olin Corp.		13,617
				332,508
Telecommunication Services — 1.4%
	1,951	Cogent Communications Group, Inc. †		32,952
	4,790	General Communication, Inc., Class A †		46,894
	134	IDT Corp., Class B		1,257
	608	Lumos Networks Corp.		9,327

Shares			Value
Telecommunication Services (continued)
	2,121	Vonage Holdings Corp. †	$	5,196
				95,626
Utilities — 0.0%
	134	Genie Energy, Ltd., Class B		1,063

Total Common Stock (Cost $6,276,429)				6,799,706

SHORT-TERM INVESTMENT — 0.5%
	36,585	Northern Trust Institutional Government Select Portfolio, 0.01% (a) (Cost $36,585)		36,585

Total Investments — 100.1%
(Cost $6,313,014)				6,836,291
Other Assets & Liabilities, Net — (0.1)%				(10,092	)
NET ASSETS — 100.0%			$	6,826,199

PLC— Public Limited Company

† Non-income producing security.

(a) Rate shown is the 7-day effective yield as of December 31, 2011.

Wilshire Mutual Funds, Inc.
Small Company Value Portfolio	December 31, 2011
Schedule of Investments

Shares			Value

COMMON STOCK — 99.2% ††
Consumer Discretionary — 9.0%
	600	America's Car-Mart, Inc. †	$	23,508
	2,474	Ameristar Casinos, Inc.		42,775
	89	Ascena Retail Group, Inc. †		2,645
	878	Blue Nile, Inc. †		35,893
	1,253	Bob Evans Farms, Inc.		42,026
	100	Bridgepoint Education, Inc. †		2,300
	4,056	Cabela's, Inc. †		103,104
	659	Cherokee, Inc.		7,691
	100	Coinstar, Inc. †		4,564
	200	Core-Mark Holding Co., Inc.		7,920
	886	Cracker Barrel Old Country Store, Inc.		44,663
	582	Digital Generation, Inc. †		6,937
	273	Dillard's, Inc., Class A		12,252
	1,181	Domino's Pizza, Inc. †		40,095
	500	Express, Inc. †		9,970
	1,900	Finish Line, Inc. (The), Class A		36,641
	2,200	hhgregg, Inc. †		31,790
	400	Hibbett Sports, Inc. †		18,072
	100	HOT Topic, Inc.		661
	1,500	Iconix Brand Group, Inc. †		24,435
	800	Lincoln Educational Services Corp.		6,320
	682	Men's Wearhouse, Inc. (The)		22,104
	792	Multimedia Games, Inc. †		6,289
	12,759	New York & Co., Inc. †		33,939
	1,828	Overstock.com, Inc. †		14,331
	1,179	Saks, Inc. †		11,495
	1,800	Scholastic Corp.		53,946
	20,004	School Specialty, Inc. †		50,010
	700	Select Comfort Corp. †		15,183
	1,100	Sturm Ruger & Co., Inc.		36,806
	1,131	Tenneco, Inc. †		33,681
	500	Zumiez, Inc. †		13,880
				795,926
Consumer Staples — 3.5%
	13	Boston Beer Co., Inc., Class A †		1,411
	405	Hain Celestial Group, Inc. (The) †		14,847
	700	Medifast, Inc. †		9,604
	1,019	Nature's Sunshine Products, Inc. †		15,815
	200	Nu Skin Enterprises, Inc., Class A		9,714
	1,200	Omega Protein Corp. †		8,556
	4,300	Pantry, Inc. (The) †		51,471
	2,372	Revlon, Inc., Class A †		35,272
	3,200	Smart Balance, Inc. †		17,152
	1,154	Susser Holdings Corp. †		26,104
	1,266	TreeHouse Foods, Inc. †		82,771
	1,200	USANA Health Sciences, Inc. †		36,444
				309,161
Energy — 7.7%
	1,900	Alon USA Energy, Inc.		16,549
	835	Berry Petroleum Co., Class A		35,087
	270	Bill Barrett Corp. †		9,199
	228	Bristow Group, Inc.		10,805
	13,100	Cal Dive International, Inc. †		29,475
	1,212	Callon Petroleum Co. †		6,024
	1,212	Complete Production Services, Inc. †		40,675
	2,178	Crosstex Energy, Inc.		27,530
	1,310	CVR Energy, Inc. †		24,536
	2,410	Delek US Holdings, Inc.		27,498
	1,160	Evolution Petroleum Corp. †		9,338
	2,100	Goodrich Petroleum Corp. †		28,833
	1,100	Gulfmark Offshore, Inc., Class A †		46,211
	113	Helix Energy Solutions Group, Inc. †		1,785

Shares			Value
Energy (continued)
	520	L&L Energy, Inc. †	$	1,347
	100	Mitcham Industries, Inc. †		2,184
	3,315	Newpark Resources, Inc. †		31,493
	511	Nordic American Tanker Shipping		6,127
	3,465	Petroquest Energy, Inc. †		22,869
	1,650	REX American Resources Corp. †		36,481
	749	Rosetta Resources, Inc. †		32,581
	1,827	Swift Energy Co. †		54,298
	1,820	Vaalco Energy, Inc. †		10,993
	1,899	Western Refining, Inc.		25,238
	3,359	World Fuel Services Corp.		141,011
				678,167
Financials — 34.0%
	1,552	Advance America Cash Advance Centers, Inc.		13,890
	200	Agree Realty Corp.		4,876
	38	American Capital, Ltd. †		256
	14,422	American Equity Investment Life Holding Co.		149,989
	8,707	Banco Latinoamericano de Comercio Exterior SA, Class E		139,747
	237	Bank of Marin Bancorp		8,909
	676	Bank of the Ozarks, Inc.		20,030
	2,275	BioMed Realty Trust, Inc.		41,132
	491	BofI Holding, Inc. †		7,979
	7,045	Boston Private Financial Holdings, Inc.		55,937
	2,995	Calamos Asset Management, Inc., Class A		37,467
	1,915	Capstead Mortgage Corp.		23,823
	1,496	Cathay General Bancorp		22,335
	4,303	CBL & Associates Properties, Inc.		67,557
	1,537	Centerstate Banks, Inc.		10,175
	1,925	Chemical Financial Corp.		41,041
	3,843	CNO Financial Group, Inc. †		24,249
	396	Colonial Properties Trust		8,260
	1,411	Community Bank System, Inc.		39,226
	66	Credit Acceptance Corp. †		5,415
	2,282	DuPont Fabros Technology, Inc.		55,270
	900	Eagle Bancorp, Inc. †		13,086
	82	Education Realty Trust, Inc.		839
	1,359	Entertainment Properties Trust		59,402
	6,668	Equity One, Inc.		113,223
	783	Extra Space Storage, Inc.		18,972
	1,429	FBL Financial Group, Inc., Class A		48,614
	10,934	First Busey Corp.		54,670
	245	First Citizens BancShares, Inc., Class A		42,872
	11,946	First Commonwealth Financial Corp.		62,836
	1,648	First Financial Bancorp		27,423
	1,179	First Financial Bankshares, Inc.		39,414
	4,042	FirstMerit Corp.		61,155
	4,028	FNB Corp.		45,557
	1,521	Glacier Bancorp, Inc.		18,298
	1,988	Hanmi Financial Corp. †		14,707
	2,384	Hatteras Financial Corp.		62,866
	1,778	Highwoods Properties, Inc.		52,753
	342	Home Properties, Inc.		19,689
	772	Hudson Valley Holding Corp.		16,382
	339	Infinity Property & Casualty Corp.		19,235
	2,937	Inland Real Estate Corp.		22,351
	169	Knight Capital Group, Inc., Class A †		1,998
	800	Lakeland Financial Corp.		20,696
	152	LaSalle Hotel Properties		3,680
	2,611	Lexington Realty Trust		19,556
	1,037	LTC Properties, Inc.		32,002
	5,457	Maiden Holdings, Ltd.		47,803
	4,649	MB Financial, Inc.		79,498

Wilshire Mutual Funds, Inc.
Small Company Value Portfolio	December 31, 2011
Schedule of Investments

Shares			Value
Financials (continued)
	1,176	Medical Properties Trust, Inc.	$	11,607
	5,983	MFA Financial, Inc.		40,206
	1,500	National Health Investors, Inc.		65,970
	16,968	National Penn Bancshares, Inc.		143,210
	626	National Retail Properties, Inc.		16,514
	1,047	NBT Bancorp, Inc.		23,170
	632	Nelnet, Inc., Class A		15,465
	1,741	Old National Bancorp		20,283
	980	One Liberty Properties, Inc.		16,170
	307	Oppenheimer Holdings, Inc., Class A		4,943
	1,271	Oritani Financial Corp.		16,231
	791	PHH Corp. †		8,464
	437	Piper Jaffray Cos. †		8,827
	2,639	PMI Group, Inc. (The) †		71
	860	Potlatch Corp.		26,755
	2,140	ProAssurance Corp.		170,815
	1,703	Provident Financial Services, Inc.		22,803
	1,046	Pzena Investment Management, Inc., Class A		4,529
	2,037	Redwood Trust, Inc.		20,737
	1,978	Republic Bancorp, Inc., Class A		45,296
	342	RLI Corp.		24,918
	784	S&T Bancorp, Inc.		15,327
	3,809	Safeguard Scientifics, Inc. †		60,144
	138	Signature Bank †		8,279
	1,250	Sovran Self Storage, Inc.		53,337
	11,166	Susquehanna Bancshares, Inc.		93,571
	2,355	SVB Financial Group †		112,310
	227	Tower Group, Inc.		4,579
	4,260	Trustco Bank Corp.		23,899
	400	Virginia Commerce Bancorp, Inc. †		3,092
	742	Walter Investment Management Corp.		15,218
	5,326	Webster Financial Corp.		108,597
	2,229	Western Alliance Bancorp †		13,887
				3,016,364
Health Care — 11.4%
	747	Amsurg Corp., Class A †		19,452
	265	Assisted Living Concepts, Inc., Class A		3,946
	345	athenahealth, Inc. †		16,947
	366	Bio-Rad Laboratories, Inc., Class A †		35,151
	2,259	Centene Corp. †		89,434
	404	Chemed Corp.		20,689
	200	Cornerstone Therapeutics, Inc. †		1,120
	410	Cubist Pharmaceuticals, Inc. †		16,244
	800	DynaVox, Inc., Class A †		2,912
	1,852	Emergent Biosolutions, Inc. †		31,188
	100	eResearchTechnology, Inc. †		469
	1,700	HealthSouth Corp. †		30,039
	400	Hi-Tech Pharmacal Co., Inc. †		15,556
	3,061	Magellan Health Services, Inc. †		151,428
	17,383	Maxygen, Inc. †		97,866
	1,019	Medicis Pharmaceutical Corp., Class A		33,882
	1,229	Molina Healthcare, Inc. †		27,443
	2,690	Momenta Pharmaceuticals, Inc. †		46,779
	34	Neurocrine Biosciences, Inc. †		289
	139	NxStage Medical, Inc. †		2,471
	951	Owens & Minor, Inc.		26,428
	680	Par Pharmaceutical Cos., Inc. †		22,256
	6,950	PDL BioPharma, Inc.		43,090
	774	Quality Systems, Inc.		28,630
	334	Questcor Pharmaceuticals, Inc. †		13,888
	3,301	RTI Biologics, Inc. †		14,657
	677	Salix Pharmaceuticals, Ltd. †		32,394
	3,218	Select Medical Holdings Corp. †		27,289
	683	Sirona Dental Systems, Inc. †		30,079

Shares			Value
Health Care (continued)
	1,129	Skilled Healthcare Group, Inc., Class A †	$	6,164
	600	Spectrum Pharmaceuticals, Inc. †		8,778
	1,985	Team Health Holdings, Inc. †		43,809
	2,613	Viropharma, Inc. †		71,570
				1,012,337
Industrials — 15.5%
	100	3D Systems Corp. †		1,440
	1,059	AAR Corp.		20,301
	625	Acuity Brands, Inc.		33,125
	11,221	Aircastle, Ltd.		142,731
	503	Albany International Corp., Class A		11,629
	740	Allegiant Travel Co., Class A †		39,472
	164	American Science & Engineering, Inc.		11,170
	273	Astec Industries, Inc. †		8,793
	1,246	Belden, Inc.		41,467
	1,301	Blount International, Inc. †		18,891
	391	Brady Corp., Class A		12,344
	2,947	Briggs & Stratton Corp.		45,649
	286	Ceradyne, Inc. †		7,659
	1,832	Deluxe Corp.		41,696
	875	DXP Enterprises, Inc. †		28,175
	108	EMCOR Group, Inc.		2,895
	1,286	Encore Wire Corp.		33,307
	202	Foster (L.B.) Co., Class A		5,715
	1,394	FTI Consulting, Inc. †		59,134
	569	GenCorp, Inc. †		3,027
	1,001	Great Lakes Dredge & Dock Corp.		5,566
	578	HEICO Corp.		33,802
	2,094	Hexcel Corp. †		50,696
	200	Huron Consulting Group, Inc. †		7,748
	474	Kaman Corp.		12,950
	2,041	Kelly Services, Inc., Class A		27,921
	453	Korn/Ferry International †		7,728
	1,249	MasTec, Inc. †		21,695
	574	Michael Baker Corp. †		11,256
	2,843	Miller Industries, Inc.		44,720
	1,227	Mine Safety Appliances Co.		40,638
	1,388	Mistras Group, Inc. †		35,380
	1,862	Mueller Industries, Inc.		71,538
	100	National Presto Industries, Inc.		9,360
	732	Nordson Corp.		30,144
	159	Northwest Pipe Co. †		3,635
	1,000	Pendrell Corp. †		2,550
	461	Pike Electric Corp. †		3,315
	4,697	RailAmerica, Inc. †		69,938
	1,129	Rush Enterprises, Inc., Class A †		23,619
	110	Sauer-Danfoss, Inc. †		3,983
	1,120	Simpson Manufacturing Co., Inc.		37,699
	2,392	SkyWest, Inc.		30,115
	1,418	TAL International Group, Inc.		40,824
	472	Tennant Co.		18,347
	113	Titan International, Inc.		2,199
	2,260	Tredegar Corp.		50,217
	1,015	Unifirst Corp.		57,591
	241	United Stationers, Inc.		7,847
	679	Watsco, Inc.		44,583
	56	Woodward Governor Co.		2,292
				1,378,516
Information Technology — 10.2%
	1,769	Acxiom Corp. †		21,599
	233	ADTRAN, Inc.		7,027
	799	Anixter International, Inc. †		47,652
	1,389	Blackbaud, Inc.		38,475
	134	CACI International, Inc., Class A †		7,493

Wilshire Mutual Funds, Inc.
Small Company Value Portfolio	December 31, 2011
Schedule of Investments

Shares			Value
Information Technology (continued)
	676	Coherent, Inc. †	$	35,335
	1,530	Comtech Telecommunications Corp.		43,789
	112	Constant Contact, Inc. †		2,599
	5,513	Cray, Inc. †		35,669
	556	Daktronics, Inc.		5,321
	2,745	Earthlink, Inc.		17,678
	110	Echo Global Logistics, Inc. †		1,777
	8	Euronet Worldwide, Inc. †		148
	100	Fair Isaac Corp.		3,584
	162	Forrester Research, Inc. †		5,498
	1,700	GT Advanced Technologies, Inc. †		12,308
	1,032	Higher One Holdings, Inc. †		19,030
	2,035	Insight Enterprises, Inc. †		31,115
	300	j2 Global, Inc.		8,442
	1,173	Mantech International Corp., Class A		36,645
	1,136	Monotype Imaging Holdings, Inc. †		17,710
	341	MTS Systems Corp.		13,896
	1,544	Omnivision Technologies, Inc. †		18,891
	341	OpenTable, Inc. †		13,343
	229	Plantronics, Inc.		8,162
	1,700	Power-One, Inc. †		6,647
	2,193	Quest Software, Inc. †		40,790
	4,352	Richardson Electronics, Ltd.		53,486
	900	S1 Corp. †		8,613
	2,388	Scansource, Inc. †		85,968
	500	Silicon Image, Inc. †		2,350
	282	SolarWinds, Inc. †		7,882
	500	Stamps.com, Inc. †		13,065
	625	Syntel, Inc.		29,231
	9,513	United Online, Inc.		51,751
	679	ValueClick, Inc. †		11,061
	2,702	Veeco Instruments, Inc. †		56,202
	400	Websense, Inc. †		7,492
	10,896	Westell Technologies, Inc., Class A †		24,189
	6,500	XO Group, Inc. †		54,210
				906,123
Materials — 3.9%
	234	A Schulman, Inc.		4,956
	1,851	Coeur d'Alene Mines Corp. †		44,683
	300	Georgia Gulf Corp. †		5,847
	2,484	HB Fuller Co.		57,405
	3,946	Hecla Mining Co.		20,637
	395	Innophos Holdings, Inc.		19,181
	1,031	Koppers Holdings, Inc.		35,425
	338	Materion Corp. †		8,207
	185	Metals USA Holdings Corp. †		2,081
	340	Minerals Technologies, Inc.		19,220
	1,070	Myers Industries, Inc.		13,204
	122	Olin Corp.		2,397
	627	Olympic Steel, Inc.		14,622
	511	PH Glatfelter Co.		7,215
	510	PolyOne Corp.		5,891
	200	Schweitzer-Mauduit International, Inc.		13,292
	1,986	Sensient Technologies Corp.		75,270
				349,533
Telecommunication Services — 2.2%
	3,876	General Communication, Inc., Class A †		37,946
	230	IDT Corp., Class B		2,158
	2,351	Neutral Tandem, Inc. †		25,132
	5,334	Premiere Global Services, Inc. †		45,179
	6,000	USA Mobility, Inc.		83,220
	1,952	Vonage Holdings Corp. †		4,782
				198,417

Shares			Value
Utilities — 1.8%
	400	El Paso Electric Co.	$	13,856
	230	Genie Energy, Ltd., Class B		1,823
	2,908	MGE Energy, Inc.		136,007
	296	Otter Tail Corp.		6,518
				158,204
Total Common Stock (Cost $8,321,264)				8,802,748

SHORT-TERM INVESTMENT — 0.8%
	72,564	Northern Trust Institutional Government Select Portfolio, 0.01% (a) (Cost $72,564)		72,564

Total Investments — 100.0%
(Cost $8,393,828)				8,875,312
Other Assets & Liabilities, Net — 0.0%				1,269
NET ASSETS — 100.0%			$	8,876,581

†	Non-income producing security.
††	More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
(a)	Rate shown is the 7-day effective yield as of December 31, 2011.

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	December 31, 2011
Schedule of Investments

Shares			Value

COMMON STOCK — 99.8%
Consumer Discretionary — 11.3%
	300	1-800-Flowers.com, Inc., Class A †	$	660
	200	4Kids Entertainment, Inc. †		28
	800	99 Cents Only Stores †		17,560
	975	Aaron's, Inc.		26,013
	900	Abercrombie & Fitch Co., Class A		43,956
	300	Acme United Corp.		2,850
	800	Advance Auto Parts, Inc.		55,704
	850	Aeropostale, Inc. †		12,963
	100	AFC Enterprises, Inc. †		1,470
	90	AH Belo Corp., Class A		428
	200	Aldila, Inc. †		442
	3,975	Amazon.com, Inc. †		688,072
	400	Ambassadors Group, Inc.		1,804
	656	AMC Networks, Inc., Class A †		24,652
	3,500	American Apparel, Inc. †		2,520
	1,400	American Axle & Manufacturing Holdings, Inc. †		13,846
	2,625	American Eagle Outfitters, Inc.		40,136
	450	American Greetings Corp., Class A		5,630
	100	Ameristar Casinos, Inc.		1,729
	964	ANN, Inc. †		23,888
	1,350	Apollo Group, Inc., Class A †		72,724
	300	Arbitron, Inc.		10,323
	564	Ascena Retail Group, Inc. †		16,762
	200	Ascent Media Corp., Class A †		10,144
	1,250	AutoNation, Inc. †		46,087
	465	AutoZone, Inc. †		151,111
	500	Bally Technologies, Inc. †		19,780
	1,000	Beazer Homes USA, Inc. †		2,480
	1,400	Bebe Stores, Inc.		11,662
	1,925	Bed Bath & Beyond, Inc. †		111,592
	950	Belo Corp., Class A		5,985
	3,400	Best Buy Co., Inc.		79,458
	200	Big 5 Sporting Goods Corp.		2,088
	500	Big Lots, Inc. †		18,880
	40	Biglari Holdings, Inc. †		14,730
	250	Blue Nile, Inc. †		10,220
	300	Bluegreen Corp. †		843
	112	Blyth, Inc.		6,362
	400	Bon-Ton Stores, Inc. (The)		1,348
	100	Books-A-Million, Inc., Class A		239
	400	Borders Group, Inc. †		3
	1,280	BorgWarner, Inc. †		81,587
	2,000	Boyd Gaming Corp. †		14,920
	1,000	Bravo Brio Restaurant Group, Inc. †		17,150
	500	Bridgepoint Education, Inc. †		11,500
	775	Brinker International, Inc.		20,739
	764	Brookfield Residential Properties, Inc. †		5,967
	500	Brunswick Corp.		9,030
	500	Cabela's, Inc. †		12,710
	2,625	Cablevision Systems Corp., Class A		37,327
	200	Cache, Inc. †		1,238
	400	California Coastal Communities, Inc. † (b)		—
	500	Callaway Golf Co.		2,765
	500	Career Education Corp. †		3,985
	900	Caribou Coffee Co., Inc. †		12,555
	1,755	CarMax, Inc. †		53,492
	3,200	Carnival Corp.		104,448
	850	Carter's, Inc. †		33,839
	7,137	CBS Corp., Class B		193,698
	362	Charles & Colvard, Ltd. †		930
	2,550	Charming Shoppes, Inc. †		12,495
	700	Charter Communications, Inc., Class A †		39,858
	600	Cheesecake Factory, Inc. (The) †		17,610
	2,450	Chico's FAS, Inc.		27,293

Shares			Value
Consumer Discretionary (continued)
	200	Children's Place Retail Stores, Inc. (The) †	$	10,624
	300	Chipotle Mexican Grill, Inc., Class A †		101,322
	800	Cinemark Holdings, Inc.		14,792
	50	Citi Trends, Inc. †		439
	1,000	Clear Channel Outdoor Holdings, Inc., Class A †		12,550
	3,500	Coach, Inc.		213,640
	100	Cobra Electronics Corp. †		428
	200	Coinstar, Inc. †		9,128
	1,450	Coldwater Creek, Inc. †		1,711
	550	Collective Brands, Inc. †		7,904
	110	Collectors Universe		1,603
	200	Columbia Sportswear Co.		9,310
	22,983	Comcast Corp. Special, Class A		544,927
	500	Conn's, Inc. †		5,550
	1,000	Cooper Tire & Rubber Co.		14,010
	2,450	Corinthian Colleges, Inc. †		5,316
	1,200	CROCS, Inc. †		17,724
	6,200	Crown Media Holdings, Inc., Class A †		7,502
	50	CSS Industries, Inc.		996
	300	Cumulus Media, Inc., Class A †		1,002
	1,500	Dana Holding Corp. †		18,225
	1,500	Darden Restaurants, Inc.		68,370
	450	Deckers Outdoor Corp. †		34,007
	775	DeVry, Inc.		29,806
	5	Dial Global, Inc. †		16
	1,002	Dick's Sporting Goods, Inc.		36,954
	100	Dillard's, Inc., Class A		4,488
	6,968	DIRECTV, Class A †		297,952
	1,600	Discovery Communications, Inc., Class A †		65,552
	2,025	DISH Network Corp., Class A		57,672
	100	Dixie Group, Inc. †		295
	1,000	Dollar General Corp. †		41,140
	1,275	Dollar Tree, Inc. †		105,965
	650	Domino's Pizza, Inc. †		22,067
	650	Dover Downs Gaming & Entertainment, Inc.		1,391
	2,623	DR Horton, Inc.		33,076
	1,200	DreamWorks Animation SKG, Inc., Class A †		19,914
	3,625	Eastman Kodak Co. †		2,354
	642	Education Management Corp. †		17,969
	219	Emmis Communications Corp., Class A †		145
	100	Empire Resorts, Inc. †		154
	250	Entercom Communications Corp., Class A †		1,537
	100	Entravision Communications Corp., Class A		156
	1,366	EW Scripps Co. (The), Class A †		10,942
	1,058	Expedia, Inc.		30,689
	1,000	Express, Inc. †		19,940
	1,200	Family Dollar Stores, Inc.		69,192
	200	Famous Dave's of America, Inc. †		2,076
	1,500	Federal-Mogul Corp. †		22,125
	100	Finish Line, Inc. (The), Class A		1,929
	1,900	Foot Locker, Inc.		45,296
	40,485	Ford Motor Co.		435,619
	300	Forward Industries, Inc. †		501
	600	Fossil, Inc. †		47,616
	700	Fred's, Inc., Class A		10,206
	200	Furniture Brands International, Inc. †		246
	600	Gaiam, Inc., Class A †		1,944
	1,625	GameStop Corp., Class A †		39,211
	600	Gaming Partners International Corp.		3,720
	2,800	Gannett Co., Inc.		37,436
	5,100	Gap, Inc. (The)		94,605

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	December 31, 2011
Schedule of Investments

Shares			Value
Consumer Discretionary (continued)
	9,050	General Motors Co. †	$	183,443
	275	Genesco, Inc. †		16,978
	2,010	Gentex Corp.		59,476
	1,900	Genuine Parts Co.		116,280
	1,000	GNC Holdings, Inc., Class A †		28,950
	1,875	Goodyear Tire & Rubber Co. (The) †		26,569
	500	Grand Canyon Education, Inc. †		7,980
	1,000	Gray Television, Inc. †		1,620
	300	Great Wolf Resorts, Inc. †		870
	200	Group 1 Automotive, Inc.		10,360
	400	Guess?, Inc.		11,928
	3,760	H&R Block, Inc.		61,401
	696	Hanesbrands, Inc. †		15,215
	2,475	Harley-Davidson, Inc.		96,203
	600	Harman International Industries, Inc.		22,824
	1,000	Harte-Hanks, Inc.		9,090
	1,300	Hasbro, Inc.		41,457
	200	Helen of Troy, Ltd. †		6,140
	500	hhgregg, Inc. †		7,225
	200	Hibbett Sports, Inc. †		9,036
	300	Hillenbrand, Inc.		6,696
	14,850	Home Depot, Inc. (The)		624,294
	200	Hooker Furniture Corp.		2,294
	100	HOT Topic, Inc.		661
	1,000	Hovnanian Enterprises, Inc., Class A †		1,450
	743	HSN, Inc.		26,941
	600	Hyatt Hotels Corp., Class A †		22,584
	450	Iconix Brand Group, Inc. †		7,330
	3,450	International Game Technology		59,340
	237	International Speedway Corp., Class A		6,008
	5,372	Interpublic Group of Cos., Inc. (The)		52,270
	743	Interval Leisure Group, Inc. †		10,112
	340	ITT Educational Services, Inc. †		19,343
	2,292	J.C. Penney Co., Inc.		80,564
	1,000	Jack in the Box, Inc. †		20,900
	1,500	Jarden Corp.		44,820
	500	John Wiley & Sons, Inc., Class A		22,200
	7,450	Johnson Controls, Inc.		232,887
	378	Jones Group, Inc. (The)		3,988
	300	JOS A Bank Clothiers, Inc. †		14,628
	600	Journal Communications, Inc., Class A †		2,640
	900	Journal Register Co. † (b)		—
	300	K12, Inc. †		5,382
	800	KB Home		5,376
	1,800	Kenneth Cole Productions, Inc., Class A †		19,062
	200	Kid Brands, Inc. †		632
	50	Knology, Inc. †		710
	2,800	Kohl's Corp.		138,180
	300	Krispy Kreme Doughnuts, Inc. †		1,962
	550	K-Swiss, Inc., Class A †		1,606
	200	Lakes Entertainment, Inc. †		370
	500	Lamar Advertising Co., Class A †		13,750
	5,600	Las Vegas Sands Corp. †		239,288
	200	La-Z-Boy, Inc., Class Z †		2,380
	100	Leapfrog Enterprises, Inc., Class A †		559
	450	Lear Corp. † (b)		—
	500	Learning Tree International, Inc. †		3,510
	750	Lee Enterprises, Inc. †		533
	1,410	Leggett & Platt, Inc.		32,486
	1,200	Lennar Corp., Class A		23,580
	1,000	Libbey, Inc. †		12,740
	1,351	Liberty Global, Inc., Class A †		55,432
	1,377	Liberty Media Corp. - Capital, Class A		107,475
	5,675	Liberty Media Corp. - Interactive, Class A †		92,020
	200	Life Time Fitness, Inc. †		9,350
	700	Lifetime Brands, Inc.		8,498

Shares			Value
Consumer Discretionary (continued)
	200	LIN TV Corp., Class A †	$	846
	200	Lincoln Educational Services Corp.		1,580
	2,537	Live Nation Entertainment, Inc. †		21,082
	800	Liz Claiborne, Inc. †		6,904
	1,800	LKQ Corp. †		54,144
	14,581	Lowe's Cos., Inc.		370,066
	2,940	Ltd. Brands, Inc.		118,629
	4,798	Macy's, Inc.		154,400
	881	Madison Square Garden, Inc., Class A †		25,232
	100	Marcus Corp.		1,261
	700	Marine Products Corp. †		3,472
	2,577	Marriott International, Inc., Class A		75,171
	257	Marriott Vacations Worldwide Corp. †		4,410
	3,100	Martha Stewart Living Omnimedia, Class A		13,640
	3,730	Mattel, Inc.		103,545
	100	Matthews International Corp., Class A		3,143
	496	McClatchy Co. (The), Class A †		1,185
	1,500	McCormick & Schmick's Seafood Restaurants, Inc. †		13,110
	11,940	McDonald's Corp.		1,197,940
	3,200	McGraw-Hill Cos., Inc. (The)		143,904
	271	MDC Holdings, Inc.		4,778
	500	Media General, Inc., Class A †		2,035
	500	Meritage Homes Corp. †		11,595
	4,200	MGM Resorts International †		43,806
	577	Mohawk Industries, Inc. †		34,534
	1,600	Monarch Casino & Resort, Inc. †		16,304
	150	Morgans Hotel Group Co. †		885
	300	Morton's Restaurant Group, Inc. †		2,064
	700	MTR Gaming Group, Inc. †		1,309
	591	Multimedia Games, Inc. †		4,693
	500	National CineMedia, Inc.		6,200
	50	Nautilus, Inc. †		88
	100	Navarre Corp. †		154
	600	Netflix, Inc. †		41,574
	1,300	New York & Co., Inc. †		3,458
	2,100	New York Times Co. (The), Class A †		16,233
	2,926	Newell Rubbermaid, Inc.		47,255
	16,138	News Corp., Class A		287,902
	200	Nexstar Broadcasting Group, Inc., Class A †		1,568
	4,340	NIKE, Inc., Class B		418,246
	700	Noble International, Ltd. † (b)		—
	2,000	Nordstrom, Inc.		99,420
	60	NVR, Inc. †		41,160
	5,525	Office Depot, Inc. †		11,879
	1,100	OfficeMax, Inc. †		4,994
	3,500	Omnicom Group, Inc.		156,030
	2,900	Orbitz Worldwide, Inc. †		10,904
	1,560	O'Reilly Automotive, Inc. †		124,722
	650	Orleans Homebuilders, Inc. † (b)		—
	500	Outdoor Channel Holdings, Inc.		3,730
	300	Overstock.com, Inc. †		2,352
	50	Oxford Industries, Inc.		2,256
	200	Pacific Sunwear of California, Inc. †		342
	300	Panera Bread Co., Class A †		42,435
	700	Penn National Gaming, Inc. †		26,649
	400	Penske Automotive Group, Inc.		7,700
	1,500	PEP Boys-Manny Moe & Jack		16,500
	100	Perry Ellis International, Inc. †		1,422
	1,250	PetSmart, Inc.		64,112
	1,900	Pier 1 Imports, Inc. †		26,467
	800	Pinnacle Entertainment, Inc. †		8,128
	600	Polaris Industries, Inc.		33,588
	275	Premier Exhibitions, Inc. †		674
	560	priceline.com, Inc. †		261,918

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	December 31, 2011
Schedule of Investments

Shares			Value
Consumer Discretionary (continued)
	100	Princeton Review, Inc. †	$	9
	3,840	Pulte Group, Inc. †		24,230
	600	PVH Corp.		42,294
	50	Quiksilver, Inc. †		180
	1,850	RadioShack Corp.		17,964
	565	Ralph Lauren Corp., Class A		78,015
	1,000	ReachLocal, Inc. †		6,180
	600	Regal Entertainment Group, Class A		7,164
	200	Regis Corp.		3,310
	250	Rent-A-Center, Inc., Class A		9,250
	1,500	Rick's Cabaret International, Inc. †		12,690
	100	Rocky Brands, Inc. †		902
	2,500	Ross Stores, Inc.		118,825
	1,625	Royal Caribbean Cruises, Ltd.		40,251
	500	Ruby Tuesday, Inc. †		3,450
	2,200	Ruth's Hospitality Group, Inc. †		10,934
	500	Ryland Group, Inc. (The)		7,880
	1,800	Saks, Inc. †		17,550
	100	Salem Communications Corp., Class A †		257
	1,000	Sally Beauty Holdings, Inc. †		21,130
	400	School Specialty, Inc. †		1,000
	1,500	Scientific Games Corp., Class A †		14,550
	1,300	Scripps Networks Interactive, Inc., Class A		55,146
	200	Sealy Corp. †		344
	925	Sears Holdings Corp. †		29,396
	188	Select Comfort Corp. †		4,078
	2,675	Service Corp. International		28,489
	400	Shoe Carnival, Inc. †		10,280
	100	Shuffle Master, Inc. †		1,172
	776	Signet Jewelers, Ltd.		34,113
	900	Sinclair Broadcast Group, Inc., Class A		10,197
	48,100	Sirius XM Radio, Inc. †		87,542
	1,000	Sonic Automotive, Inc., Class A		14,810
	800	Sonic Corp. †		5,384
	603	Sotheby's		17,204
	75	Spartan Motors, Inc.		361
	400	Speedway Motorsports, Inc.		6,132
	552	Stage Stores, Inc.		7,667
	1,892	Stanley Black & Decker, Inc.		127,899
	200	Stanley Furniture Co., Inc. †		600
	8,075	Staples, Inc.		112,162
	8,100	Starbucks Corp.		372,681
	1,973	Starwood Hotels & Resorts Worldwide, Inc.		94,645
	100	Steinway Musical Instruments, Inc. †		2,504
	900	Stewart Enterprises, Inc., Class A		5,184
	150	Superior Industries International, Inc.		2,481
	1,300	Syms Corp. †		14,300
	600	Systemax, Inc. †		9,846
	1,500	Talbots, Inc. †		3,990
	7,200	Target Corp.		368,784
	700	Tempur-Pedic International, Inc. †		36,771
	450	Tenneco, Inc. †		13,401
	1,000	Tesla Motors, Inc. †		28,560
	1,000	Texas Roadhouse, Inc., Class A		14,900
	500	Thor Industries, Inc.		13,715
	1,235	Tiffany & Co.		81,831
	3,299	Time Warner Cable, Inc., Class A		209,717
	10,758	Time Warner, Inc.		388,794
	4,050	TJX Cos., Inc.		261,427
	1,600	Toll Brothers, Inc. †		32,672
	800	Tractor Supply Co.		56,120
	200	Trans World Entertainment Corp. †		504
	1,058	TripAdvisor, Inc. †		26,660
	300	True Religion Apparel, Inc. †		10,374
	1,000	TRW Automotive Holdings Corp. †		32,600

Shares			Value
Consumer Discretionary (continued)
	200	Tuesday Morning Corp. †	$	690
	600	Tupperware Brands Corp.		33,582
	600	Ulta Salon Cosmetics & Fragrance, Inc. †		38,952
	400	Under Armour, Inc., Class A †		28,716
	200	Universal Electronics, Inc. †		3,374
	500	Universal Technical Institute, Inc. †		6,390
	1,400	Urban Outfitters, Inc. †		38,584
	200	Value Line, Inc.		2,056
	300	Valuevision Media, Inc., Class A †		564
	950	VF Corp.		120,640
	6,937	Viacom, Inc., Class B		315,009
	2,825	Virgin Media, Inc.		60,398
	19,118	Walt Disney Co. (The)		716,925
	500	Warnaco Group, Inc. (The) †		25,020
	296	Weight Watchers International, Inc.		16,283
	4,600	Wendy's Co.		24,656
	572	Whirlpool Corp.		27,141
	1,100	Williams-Sonoma, Inc.		42,350
	500	Winnebago Industries, Inc. †		3,690
	400	Wolverine World Wide, Inc.		14,256
	600	World Wrestling Entertainment, Inc., Class A		5,592
	1,785	Wyndham Worldwide Corp.		67,527
	650	Wynn Resorts, Ltd.		71,818
	4,950	Yum! Brands, Inc.		292,100
	1,900	Zale Corp. †		7,239
				16,997,891
Consumer Staples — 10.3%
	200	Alico, Inc.		3,874
	2,200	Alliance One International, Inc. †		5,984
	22,575	Altria Group, Inc.		669,349
	250	Andersons, Inc. (The)		10,915
	6,786	Archer-Daniels-Midland Co.		194,080
	3,950	Avon Products, Inc.		69,007
	1,900	Beam, Inc.		97,337
	1,100	Brown-Forman Corp., Class B		88,561
	1,900	Bunge, Ltd.		108,680
	2,175	Campbell Soup Co.		72,297
	1,500	Central European Distribution Corp. †		6,562
	1,700	Church & Dwight Co., Inc.		77,792
	1,500	Clorox Co.		99,840
	24,220	Coca-Cola Co. (The)		1,694,673
	4,120	Coca-Cola Enterprises, Inc.		106,214
	5,330	Colgate-Palmolive Co.		492,439
	4,573	ConAgra Foods, Inc.		120,727
	1,550	Constellation Brands, Inc., Class A †		32,039
	800	Corn Products International, Inc.		42,072
	4,350	Costco Wholesale Corp.		362,442
	14,742	CVS Caremark Corp.		601,179
	650	Darling International, Inc. †		8,638
	2,134	Dean Foods Co. †		23,901
	1,500	Dole Food Co., Inc. †		12,975
	2,500	Dr. Pepper Snapple Group, Inc.		98,700
	800	Energizer Holdings, Inc. †		61,984
	1,200	Estee Lauder Cos., Inc. (The), Class A		134,784
	1,687	Flowers Foods, Inc.		32,019
	7,100	General Mills, Inc.		286,911
	1,300	Green Mountain Coffee Roasters, Inc. †		58,305
	400	Hain Celestial Group, Inc. (The) †		14,664
	800	Hansen Natural Corp. †		73,712
	1,200	Herbalife, Ltd.		62,004
	2,000	Hershey Co. (The)		123,560
	3,750	HJ Heinz Co.		202,650
	2,100	Hormel Foods Corp.		61,509
	550	Ingles Markets, Inc., Class A		8,283
	1,500	JM Smucker Co. (The)		117,255
	3,050	Kellogg Co.		154,239

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	December 31, 2011
Schedule of Investments

Shares			Value
Consumer Staples (continued)
	4,574	Kimberly-Clark Corp.	$	336,463
	17,271	Kraft Foods, Inc., Class A		645,245
	6,825	Kroger Co. (The)		165,301
	1,425	Lorillard, Inc.		162,450
	700	Mannatech, Inc. †		287
	750	McCormick & Co., Inc.		37,815
	2,300	Mead Johnson Nutrition Co., Class A		158,079
	200	MGP Ingredients, Inc.		1,008
	1,500	Molson Coors Brewing Co., Class B		65,310
	700	Nu Skin Enterprises, Inc., Class A		33,999
	50	Parametric Sound Corp. †		35
	18,340	PepsiCo, Inc.		1,216,859
	18,925	Philip Morris International, Inc.		1,485,234
	1,200	Prestige Brands Holdings, Inc. †		13,524
	31,752	Procter & Gamble Co. (The)		2,118,176
	700	Ralcorp Holdings, Inc. †		59,850
	100	Reliv International, Inc.		130
	6,228	Reynolds American, Inc.		257,964
	7,050	Rite Aid Corp. †		8,883
	70	Rocky Mountain Chocolate Factory, Inc.		598
	3,900	Safeway, Inc.		82,056
	50	Sanderson Farms, Inc.		2,506
	6,720	Sara Lee Corp.		127,142
	700	SIRVA, Inc. † (b)		—
	2,200	Smithfield Foods, Inc. †		53,416
	1,000	Snyders-Lance, Inc.		22,500
	3,036	SUPERVALU, Inc.		24,652
	6,700	Sysco Corp.		196,511
	3,805	Tyson Foods, Inc., Class A		78,535
	198	USANA Health Sciences, Inc. †		6,013
	1,050	Vector Group, Ltd.		18,648
	10,600	Walgreen Co.		350,436
	20,295	Wal-Mart Stores, Inc.		1,212,829
	1,625	Whole Foods Market, Inc.		113,068
				15,547,678
Energy — 11.7%
	1,500	Alon USA Energy, Inc.		13,065
	2,272	Alpha Natural Resources, Inc. †		46,417
	1,000	Amyris, Inc. †		11,540
	5,706	Anadarko Petroleum Corp.		435,539
	4,546	Apache Corp.		411,777
	300	Approach Resources, Inc. †		8,823
	3,000	Arch Coal, Inc.		43,530
	1,000	Atwood Oceanics, Inc. †		39,790
	4,720	Baker Hughes, Inc.		229,581
	600	Barnwell Industries, Inc. †		1,620
	400	Berry Petroleum Co., Class A		16,808
	900	BioFuel Energy Corp. †		612
	900	Bolt Technology Corp.		10,296
	300	BP Prudhoe Bay Royalty Trust		34,188
	3,100	BPZ Resources, Inc. †		8,804
	200	Bristow Group, Inc.		9,478
	900	Cabot Oil & Gas Corp.		68,310
	1,218	Cal Dive International, Inc. †		2,740
	1,500	Callon Petroleum Co. †		7,455
	2,800	Cameron International Corp. †		137,732
	150	CARBO Ceramics, Inc.		18,499
	200	Cheniere Energy, Inc. †		1,738
	6,600	Chesapeake Energy Corp.		147,114
	22,019	Chevron Corp.		2,342,822
	447	Cimarex Energy Co.		27,669
	600	Clean Energy Fuels Corp. †		7,476
	1,000	Cloud Peak Energy, Inc. †		19,320
	800	Complete Production Services, Inc. †		26,848
	400	Comstock Resources, Inc. †		6,120
	800	Concho Resources, Inc. †		75,000
	15,701	ConocoPhillips		1,144,132

Shares			Value
Energy (continued)
	2,600	Consol Energy, Inc.	$	95,420
	500	Continental Resources, Inc. †		33,355
	200	Cross Timbers Royalty Trust		9,774
	500	Crosstex Energy, Inc.		6,320
	1,000	CVR Energy, Inc. †		18,730
	1,000	Delek US Holdings, Inc.		11,410
	250	Delta Petroleum Corp. †		24
	3,779	Denbury Resources, Inc. †		57,063
	4,336	Devon Energy Corp.		268,832
	2,477	DHT Holdings, Inc.		1,833
	850	Diamond Offshore Drilling, Inc.		46,971
	800	Dresser-Rand Group, Inc. †		39,928
	300	Dril-Quip, Inc. †		19,746
	9,064	El Paso Corp.		240,830
	15	Energy Partners, Ltd. †		219
	1,000	Energy XXI Bermuda, Ltd. †		31,880
	2,575	EOG Resources, Inc.		253,663
	1,600	EQT Corp.		87,664
	2,700	EXCO Resources, Inc.		28,215
	812	Exterran Holdings, Inc. †		7,389
	55,849	Exxon Mobil Corp.		4,733,761
	2,356	FMC Technologies, Inc. †		123,054
	950	Forest Oil Corp. †		12,873
	1,500	General Maritime Corp.		22
	100	GeoMet, Inc. †		93
	500	Goodrich Petroleum Corp. †		6,865
	381	Gulf Island Fabrication, Inc.		11,129
	300	Gulfmark Offshore, Inc., Class A †		12,603
	350	Gulfport Energy Corp. †		10,307
	10,181	Halliburton Co.		351,346
	1,000	Helix Energy Solutions Group, Inc. †		15,800
	1,150	Helmerich & Payne, Inc.		67,114
	1,900	Hercules Offshore, Inc. †		8,436
	3,665	Hess Corp.		208,172
	1,058	HollyFrontier Corp.		24,757
	500	Hornbeck Offshore Services, Inc. †		15,510
	1,000	Houston American Energy Corp.		12,190
	1,750	ION Geophysical Corp. †		10,728
	450	James River Coal Co. †		3,114
	2,200	Key Energy Services, Inc. †		34,034
	8,200	Kinder Morgan, Inc.		263,794
	581	Lone Pine Resources, Inc. †		4,073
	400	Lufkin Industries, Inc.		26,924
	9	Magnum Hunter Resources Corp. †		49
	8,222	Marathon Oil Corp.		240,658
	4,111	Marathon Petroleum Corp.		136,855
	450	Matrix Service Co. †		4,248
	2,875	McDermott International, Inc. †		33,091
	1,500	McMoRan Exploration Co. †		21,825
	2,400	Murphy Oil Corp.		133,776
	3,100	Nabors Industries, Ltd. †		53,754
	5,045	National Oilwell Varco, Inc.		343,010
	1,525	Newfield Exploration Co. †		57,538
	875	Newpark Resources, Inc. †		8,312
	1,750	Noble Energy, Inc.		165,182
	1,000	Northern Oil and Gas, Inc. †		23,980
	400	Oasis Petroleum, Inc. †		11,636
	9,405	Occidental Petroleum Corp.		881,249
	900	Oceaneering International, Inc.		41,517
	500	Oil States International, Inc. †		38,185
	113	OYO Geospace Corp. †		8,738
	15	Pacific Ethanol, Inc. †		16
	730	Patriot Coal Corp. †		6,183
	1,950	Patterson-UTI Energy, Inc.		38,961
	3,150	Peabody Energy Corp.		104,296
	2,300	Petroquest Energy, Inc. †		15,180
	1,325	Pioneer Natural Resources Co.		118,561

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	December 31, 2011
Schedule of Investments

Shares			Value
Energy (continued)
	1,553	Plains Exploration & Production Co. †	$	57,026
	1,700	Pyramid Oil Co. †		6,868
	2,200	QEP Resources, Inc.		64,460
	1,700	Quicksilver Resources, Inc. †		11,407
	1,800	Range Resources Corp.		111,492
	600	Rex Energy Corp. †		8,856
	600	Rosetta Resources, Inc. †		26,100
	1,600	Rowan Cos., Inc. †		48,528
	675	RPC, Inc.		12,319
	4,400	SandRidge Energy, Inc. †		35,904
	15,629	Schlumberger, Ltd.		1,067,617
	1,000	Ship Finance International, Ltd.		9,340
	750	SM Energy Co.		54,825
	1,000	Solazyme, Inc. †		11,900
	1,172	Southern Union Co.		49,353
	4,200	Southwestern Energy Co. †		134,148
	7,341	Spectra Energy Corp.		225,736
	1,065	Sunoco, Inc.		43,686
	950	Superior Energy Services, Inc. †		27,018
	3,500	Syntroleum Corp. †		3,360
	1,500	Tesoro Corp. †		35,040
	212	TGC Industries, Inc. †		1,514
	500	Toreador Resources Corp. †		2,575
	1,600	Trico Marine Services, Inc. †		50
	1,765	Ultra Petroleum Corp. †		52,297
	200	Union Drilling, Inc. †		1,248
	500	Unit Corp. †		23,200
	1,150	USEC, Inc. †		1,311
	1,100	Vaalco Energy, Inc. †		6,644
	6,814	Valero Energy Corp.		143,435
	1,550	Venoco, Inc. †		10,494
	8	Verenium Corp. †		17
	800	W&T Offshore, Inc.		16,968
	300	Warren Resources, Inc. †		978
	500	Western Refining, Inc.		6,645
	1,400	Whiting Petroleum Corp. †		65,366
	7,050	Williams Cos., Inc. (The)		232,791
	800	World Fuel Services Corp.		33,584
				17,701,708
Financials — 15.6%
	200	21st Century Holding Co. †		592
	1	Acadia Realty Trust		20
	600	Advance America Cash Advance Centers, Inc.		5,370
	600	Affiliated Managers Group, Inc. †		57,570
	200	Affirmative Insurance Holdings, Inc. †		108
	5,550	Aflac, Inc.		240,093
	700	Alexandria Real Estate Equities, Inc.		48,279
	6,175	Allstate Corp. (The)		169,257
	800	Alterra Capital Holdings, Ltd.		18,904
	100	Altisource Portfolio Solutions SA †		5,018
	807	American Campus Communities, Inc.		33,862
	1,600	American Capital Agency Corp.		44,928
	4,200	American Capital, Ltd. †		28,266
	1,100	American Equity Investment Life Holding Co.		11,440
	10,250	American Express Co.		483,493
	1,100	American Financial Group, Inc.		40,579
	5,100	American International Group, Inc. †		118,320
	300	American National Insurance Co.		21,909
	4,425	American Tower Corp., Class A		265,544
	3,080	Ameriprise Financial, Inc.		152,891
	1,000	Amtrust Financial Services, Inc.		23,750
	310	Anchor Bancorp Wisconsin, Inc. †		104
	11,525	Annaly Capital Management, Inc.		183,939
	1,500	Anworth Mortgage Asset Corp.		9,420
	3,550	Aon Corp.		166,140

Shares			Value
Financials (continued)
	1,256	Apartment Investment & Management Co., Class A	$	28,775
	2,200	Apollo Investment Corp. †		14,168
	200	Arbor Realty Trust, Inc. †		704
	1,200	Arch Capital Group, Ltd. †		44,676
	4	Arlington Asset Investment Corp., Class A		85
	1,150	Arthur J. Gallagher & Co.		38,456
	544	Ashford Hospitality Trust, Inc.		4,352
	1,100	Aspen Insurance Holdings, Ltd.		29,150
	400	Asset Acceptance Capital Corp. †		1,564
	1,354	Associated Banc-Corp		15,124
	300	Associated Estates Realty Corp.		4,785
	1,400	Assurant, Inc.		57,484
	1,600	Assured Guaranty, Ltd.		21,024
	700	Astoria Financial Corp.		5,943
	847	AvalonBay Communities, Inc.		110,618
	600	Avatar Holdings, Inc. †		4,308
	1,700	Axis Capital Holdings, Ltd.		54,332
	50	Bancorp, Inc. †		362
	1,150	BancorpSouth, Inc.		12,673
	117,248	Bank of America Corp.		651,899
	450	Bank of Hawaii Corp.		20,021
	12,913	Bank of New York Mellon Corp. (The)		257,098
	16	BankAtlantic Bancorp, Inc., Class A †		54
	700	BankFinancial Corp.		3,864
	1,000	BankUnited, Inc.		21,990
	8,725	BB&T Corp.		219,608
	600	BBCN Bancorp, Inc. †		5,670
	500	Beneficial Mutual Bancorp, Inc. †		4,180
	21,495	Berkshire Hathaway, Inc., Class B †		1,640,068
	1,000	BGC Partners, Inc., Class A		5,940
	2,000	BioMed Realty Trust, Inc.		36,160
	1,100	BlackRock, Inc., Class A		196,064
	1,000	Boston Private Financial Holdings, Inc.		7,940
	1,625	Boston Properties, Inc.		161,850
	1,988	Brandywine Realty Trust		18,886
	1,075	BRE Properties, Inc.		54,266
	3,075	Brookfield Properties Corp.		48,093
	1,500	Brookline Bancorp, Inc.		12,660
	1,400	Brown & Brown, Inc.		31,682
	100	Camden National Corp.		3,260
	825	Camden Property Trust		51,348
	350	Capital City Bank Group, Inc.		3,343
	4,850	Capital One Financial Corp.		205,107
	3,839	CapitalSource, Inc.		25,721
	1,000	Capitol Federal Financial, Inc.		11,540
	700	CapLease, Inc.		2,828
	1,700	Capstead Mortgage Corp.		21,148
	100	Cardinal Financial Corp.		1,074
	288	Cathay General Bancorp		4,300
	1,780	CBL & Associates Properties, Inc.		27,946
	600	CBOE Holdings, Inc.		15,516
	3,825	CBRE Group, Inc., Class A †		58,217
	650	Cedar Shopping Centers, Inc.		2,801
	12,914	Charles Schwab Corp. (The)		145,412
	400	Charter Financial Corp.		3,704
	500	Chemical Financial Corp.		10,660
	11,900	Chimera Investment Corp.		29,869
	3,300	Chubb Corp.		228,426
	23	CIFC Corp. †		124
	1,394	Cincinnati Financial Corp.		42,461
	2,150	CIT Group, Inc. †		74,970
	33,765	Citigroup, Inc.		888,357
	2,500	City Bank †		400
	600	City National Corp.		26,508
	775	CME Group, Inc., Class A		188,844

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	December 31, 2011
Schedule of Investments

Shares			Value
Financials (continued)
	1,000	CNA Financial Corp.	$	26,750
	2,900	CNO Financial Group, Inc. †		18,299
	750	CoBiz Financial, Inc.		4,327
	1,000	Cogdell Spencer, Inc.		4,250
	350	Cohen & Steers, Inc.		10,115
	1,429	Colonial Properties Trust		29,809
	276	Columbia Banking System, Inc.		5,319
	2,433	Comerica, Inc.		62,771
	1,240	Commerce Bancshares, Inc.		47,269
	1,293	CommonWealth REIT		21,516
	500	Community Bank System, Inc.		13,900
	100	Community Trust Bancorp, Inc.		2,942
	200	CompuCredit Holdings Corp. †		740
	850	Corporate Office Properties Trust		18,071
	1,863	Cousins Properties, Inc.		11,942
	199	Cowen Group, Inc., Class A †		515
	200	Crawford & Co., Class B		1,232
	937	CubeSmart		9,970
	950	Cullen/Frost Bankers, Inc.		50,265
	1,000	CVB Financial Corp.		10,030
	1,000	CYS Investments, Inc.		13,140
	3,450	DCT Industrial Trust, Inc.		17,664
	2,995	DDR Corp.		36,449
	322	Delphi Financial Group, Inc., Class A		14,265
	2,502	DiamondRock Hospitality Co.		24,119
	1,000	Digital Realty Trust, Inc.		66,670
	5,425	Discover Financial Services		130,200
	1,100	Donegal Group, Inc., Class A		15,576
	1,100	Douglas Emmett, Inc.		20,064
	400	Duff & Phelps Corp., Class A		5,800
	3,101	Duke Realty Corp.		37,367
	700	DuPont Fabros Technology, Inc.		16,954
	3,778	E*Trade Financial Corp. †		30,073
	2,000	East West Bancorp, Inc.		39,500
	1,325	Eaton Vance Corp.		31,323
	1,000	Education Realty Trust, Inc.		10,230
	1,500	eHealth, Inc. †		22,050
	200	Encore Capital Group, Inc. †		4,252
	700	Endurance Specialty Holdings, Ltd.		26,775
	50	Enterprise Financial Services Corp.		740
	300	Entertainment Properties Trust		13,113
	500	Equity Lifestyle Properties, Inc.		33,345
	1,000	Equity One, Inc.		16,980
	3,479	Equity Residential		198,407
	400	Essex Property Trust, Inc.		56,204
	700	Everest Re Group, Ltd.		58,863
	1,500	Extra Space Storage, Inc.		36,345
	1,000	Ezcorp, Inc., Class A †		26,370
	625	Federal Realty Investment Trust		56,719
	1,200	Federated Investors, Inc., Class B		18,180
	1,000	FelCor Lodging Trust, Inc. †		3,050
	2,291	Fidelity National Financial, Inc., Class A		36,496
	11,701	Fifth Third Bancorp		148,837
	1,200	Financial Institutions, Inc.		19,368
	100	First Acceptance Corp. †		136
	827	First American Financial Corp.		10,478
	300	First Bancorp		3,345
	166	First BanCorp †		579
	500	First Cash Financial Services, Inc. †		17,545
	800	First Commonwealth Financial Corp.		4,208
	425	First Community Bancshares, Inc.		5,304
	100	First Financial Corp.		3,328
	2,433	First Horizon National Corp.		19,464
	650	First Industrial Realty Trust, Inc. †		6,650
	50	First Marblehead Corp. (The) †		58
	3,424	First Niagara Financial Group, Inc.		29,549
	800	First Potomac Realty Trust		10,440

Shares			Value
Financials (continued)
	600	First Republic Bank †	$	18,366
	1,007	FirstMerit Corp.		15,236
	950	Flagstone Reinsurance Holdings SA		7,876
	1,500	FNB Corp.		16,965
	2,100	Forest City Enterprises, Inc., Class A †		24,822
	1,760	Franklin Resources, Inc.		169,066
	950	Franklin Street Properties Corp.		9,453
	490	Frontier Financial Corp. †		14
	2,734	Fulton Financial Corp.		26,821
	4,665	General Growth Properties, Inc.		70,068
	5,850	Genworth Financial, Inc., Class A †		38,317
	400	Getty Realty Corp.		5,580
	900	Glacier Bancorp, Inc.		10,827
	1,000	Gleacher & Co., Inc. †		1,680
	800	Glimcher Realty Trust		7,360
	5,925	Goldman Sachs Group, Inc. (The)		535,798
	435	Gramercy Capital Corp. †		1,087
	338	Green Bankshares, Inc. †		426
	300	Grubb & Ellis Co. †		38
	1,000	Guaranty Bancorp †		1,470
	100	Hallmark Financial Services †		699
	627	Hancock Holding Co.		20,045
	69	Hanmi Financial Corp. †		509
	700	Hanover Insurance Group, Inc. (The)		24,465
	200	Harleysville Group, Inc.		11,314
	4,750	Hartford Financial Services Group, Inc.		77,187
	1,000	Hatteras Financial Corp.		26,370
	1,175	HCC Insurance Holdings, Inc.		32,312
	4,625	HCP, Inc.		191,614
	2,200	Health Care REIT, Inc.		119,966
	500	Healthcare Realty Trust, Inc.		9,295
	50	Heritage Commerce Corp. †		237
	700	Hersha Hospitality Trust, Class A		3,416
	650	Highwoods Properties, Inc.		19,285
	1,500	Hilltop Holdings, Inc. †		12,675
	660	Home Bancshares, Inc.		17,101
	500	Home Properties, Inc.		28,785
	1,000	Horace Mann Educators Corp.		13,710
	1,500	Hospitality Properties Trust		34,470
	8,624	Host Hotels & Resorts, Inc.		127,376
	44	Howard Hughes Corp. (The) †		1,943
	6,626	Hudson City Bancorp, Inc.		41,413
	9,351	Huntington Bancshares, Inc.		51,337
	100	ICG Group, Inc. †		772
	85	IMPAC Mortgage Holdings, Inc. †		172
	300	Infinity Property & Casualty Corp.		17,022
	1,100	Inland Real Estate Corp.		8,371
	1,500	Interactive Brokers Group, Inc., Class A		22,410
	875	IntercontinentalExchange, Inc. †		105,481
	700	International Bancshares Corp.		12,835
	500	International. FCStone, Inc. †		11,785
	550	Intervest Bancshares Corp., Class A †		1,502
	1,000	Invesco Mortgage Capital, Inc.		14,050
	5,700	Invesco, Ltd.		114,513
	1,000	Investment Technology Group, Inc. †		10,810
	800	Investors Bancorp, Inc. †		10,784
	1,800	Investors Real Estate Trust		13,131
	1,564	iStar Financial, Inc. †		8,274
	2,475	Janus Capital Group, Inc.		15,617
	1,700	Jefferies Group, Inc.		23,375
	500	Jones Lang LaSalle, Inc.		30,630
	44,709	JPMorgan Chase & Co.		1,486,574
	600	Kearny Financial Corp.		5,700
	350	Kemper Corp.		10,224
	12,173	KeyCorp		93,610
	700	Kilroy Realty Corp.		26,649
	4,625	Kimco Realty Corp.		75,110

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	December 31, 2011
Schedule of Investments

Shares			Value
Financials (continued)
	800	Kite Realty Group Trust	$	3,608
	1,400	Knight Capital Group, Inc., Class A †		16,548
	1,500	LaSalle Hotel Properties		36,315
	1,700	Legg Mason, Inc.		40,885
	2,505	Leucadia National Corp.		56,964
	1,626	Lexington Realty Trust		12,179
	1,450	Liberty Property Trust		44,776
	3,700	Lincoln National Corp.		71,854
	3,300	Loews Corp.		124,245
	200	LPL Investment Holdings, Inc. †		6,108
	1,372	M&T Bank Corp.		104,738
	1,287	Macerich Co. (The)		65,122
	1,500	Mack-Cali Realty Corp.		40,035
	1,000	Maiden Holdings, Ltd.		8,760
	5,370	Marsh & McLennan Cos., Inc.		169,799
	244	MB Financial, Inc.		4,172
	1,900	MBIA, Inc. †		22,021
	967	Meadowbrook Insurance Group, Inc.		10,328
	600	Medallion Financial Corp.		6,828
	1,500	Medical Properties Trust, Inc.		14,805
	9,921	MetLife, Inc.		309,337
	4,000	MFA Financial, Inc.		26,880
	1,500	MGIC Investment Corp. †		5,595
	100	Mid-America Apartment Communities, Inc.		6,255
	400	Montpelier Re Holdings, Ltd.		7,100
	1,575	Moody's Corp.		53,046
	17,825	Morgan Stanley		269,692
	3,800	MPG Office Trust, Inc. †		7,562
	1,072	MSCI, Inc., Class A †		35,301
	1,450	NASDAQ OMX Group, Inc. (The) †		35,540
	400	National Interstate Corp.		9,868
	2,500	National Penn Bancshares, Inc.		21,100
	500	National Retail Properties, Inc.		13,190
	500	NBT Bancorp, Inc.		11,065
	4,312	New York Community Bancorp, Inc.		53,339
	350	Newcastle Investment Corp.		1,627
	10	North Valley Bancorp †		96
	2,850	Northern Trust Corp.		113,031
	156	NorthStar Realty Finance Corp.		744
	875	Northwest Bancshares, Inc.		10,885
	3,350	NYSE Euronext		87,435
	300	Ocwen Financial Corp. †		4,344
	1,500	Old National Bancorp		17,475
	3,236	Old Republic International Corp.		29,998
	400	Old Second Bancorp, Inc. †		532
	1,800	Omega Healthcare Investors, Inc.		34,830
	600	OneBeacon Insurance Group, Ltd., Class A		9,234
	432	Oriental Financial Group, Inc.		5,232
	400	Oritani Financial Corp.		5,108
	200	Parkway Properties, Inc.		1,972
	900	PartnerRe, Ltd.		57,789
	1,000	Pebblebrook Hotel Trust		19,180
	4,347	People's United Financial, Inc.		55,859
	123	PHH Corp. †		1,316
	1,250	Phoenix Cos., Inc. (The) †		2,100
	2,100	Piedmont Office Realty Trust, Inc., Class A		35,784
	1,500	Pinnacle Financial Partners, Inc. †		24,225
	500	Platinum Underwriters Holdings, Ltd.		17,055
	1,884	Plum Creek Timber Co., Inc.		68,879
	1,725	PMI Group, Inc. (The) †		47
	6,300	PNC Financial Services Group, Inc.		363,321
	11,575	Popular, Inc. †		16,089
	600	Post Properties, Inc.		26,232
	200	Preferred Bank †		1,500

Shares			Value
Financials (continued)
	1,000	Primerica †	$	23,240
	100	Primus Guaranty, Ltd. †		490
	3,400	Principal Financial Group, Inc.		83,640
	1,222	PrivateBancorp, Inc., Class A		13,418
	265	ProAssurance Corp.		21,152
	6,125	Progressive Corp. (The)		119,499
	4,735	ProLogis, Inc.		135,374
	500	Prosperity Bancshares, Inc.		20,175
	1,000	Protective Life Corp.		22,560
	1,500	Provident Financial Services, Inc.		20,085
	1,050	Provident New York Bancorp		6,972
	5,650	Prudential Financial, Inc.		283,178
	1,639	Public Storage		220,380
	2,077	Pzena Investment Management, Inc., Class A		8,993
	1,370	Radian Group, Inc.		3,206
	66	RAIT Financial Trust		313
	1,000	Ramco-Gershenson Properties Trust		9,830
	1,200	Raymond James Financial, Inc.		37,152
	1,501	Rayonier, Inc.		66,990
	1,300	Realty Income Corp.		45,448
	1,200	Redwood Trust, Inc.		12,216
	1,025	Regency Centers Corp.		38,560
	13,306	Regions Financial Corp.		57,216
	850	Reinsurance Group of America, Inc., Class A		44,413
	700	RenaissanceRe Holdings, Ltd.		52,059
	50	Renasant Corp.		750
	315	Republic Bancorp, Inc., Class A		7,213
	250	Resource America, Inc., Class A		1,190
	200	Resource Capital Corp.		1,122
	1,000	RLJ Lodging Trust		16,830
	1,700	Roma Financial Corp.		16,728
	233	Sabra Health Care REIT, Inc.		2,817
	200	Saul Centers, Inc.		7,084
	700	SeaBright Holdings, Inc.		5,355
	750	Seacoast Banking Corp. of Florida †		1,140
	2,000	SEI Investments Co.		34,700
	600	Selective Insurance Group, Inc.		10,638
	1,650	Senior Housing Properties Trust		37,026
	400	Signature Bank †		23,996
	200	Simmons First National Corp., Class A		5,438
	3,496	Simon Property Group, Inc.		450,774
	1,000	SL Green Realty Corp.		66,640
	5,500	SLM Corp.		73,700
	50	Southwest Bancorp, Inc. †		298
	316	Sovran Self Storage, Inc.		13,484
	500	St. Joe Co. (The) †		7,330
	490	StanCorp Financial Group, Inc.		18,007
	1,000	Starwood Property Trust, Inc.		18,510
	400	State Auto Financial Corp.		5,436
	6,015	State Street Corp.		242,465
	270	Steel Excel, Inc. †		6,480
	50	Sterling Bancorp, Class N		432
	300	Stewart Information Services Corp.		3,465
	640	Stifel Financial Corp. †		20,512
	2,100	Strategic Hotels & Resorts, Inc. †		11,277
	50	Suffolk Bancorp		540
	822	Sun Bancorp, Inc. †		1,989
	500	Sun Communities, Inc.		18,265
	2,595	Sunstone Hotel Investors, Inc. †		21,149
	6,580	SunTrust Banks, Inc.		116,466
	3,378	Susquehanna Bancshares, Inc.		28,308
	450	SVB Financial Group †		21,460
	1,000	Symetra Financial Corp.		9,070
	10,831	Synovus Financial Corp.		15,272
	3,025	T Rowe Price Group, Inc.		172,274

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	December 31, 2011
Schedule of Investments

Shares			Value
Financials (continued)
	1,000	Tanger Factory Outlet Centers	$	29,320
	500	Taubman Centers, Inc.		31,050
	500	Taylor Capital Group, Inc. †		4,860
	1,500	TCF Financial Corp.		15,480
	3,103	TD Ameritrade Holding Corp.		48,562
	50	Tejon Ranch Co. †		1,224
	784	Texas Capital Bancshares, Inc. †		23,998
	1,250	TFS Financial Corp. †		11,200
	1,500	Torchmark Corp.		65,085
	100	TowneBank		1,224
	500	Transatlantic Holdings, Inc.		27,365
	4,659	Travelers Cos., Inc. (The)		275,673
	90	Tree.com, Inc. †		503
	400	Trico Bancshares		5,688
	1,208	Trustco Bank Corp.		6,777
	1,000	Trustmark Corp.		24,290
	22,209	U.S. Bancorp		600,753
	2,328	UDR, Inc.		58,433
	1,300	Umpqua Holdings Corp.		16,107
	474	United Community Banks, Inc. †		3,313
	317	United Community Financial Corp. †		403
	403	United Financial Bancorp, Inc.		6,484
	300	United Fire & Casualty Co.		6,054
	339	United Security Bancshares †		742
	200	Universal Health Realty Income Trust		7,800
	3,407	Unum Group		71,785
	500	Urstadt Biddle Properties, Inc., Class A		9,040
	300	Validus Holdings, Ltd.		9,450
	1,744	Valley National Bancorp		21,573
	3,315	Ventas, Inc.		182,756
	565	Virginia Commerce Bancorp, Inc. †		4,367
	157	Virtus Investment Partners, Inc. †		11,933
	5,200	Visa, Inc., Class A		527,956
	2,132	Vornado Realty Trust		163,866
	15	W Holding Co., Inc. †		—
	1,187	W.R. Berkley Corp.		40,821
	1,400	Waddell & Reed Financial, Inc., Class A		34,678
	220	Walter Investment Management Corp.		4,512
	1,333	Washington Federal, Inc.		18,649
	1,250	Washington Real Estate Investment Trust		34,188
	400	Washington Trust Bancorp, Inc.		9,544
	550	Waterstone Financial, Inc. †		1,056
	800	Webster Financial Corp.		16,312
	1,700	Weingarten Realty Investors		37,094
	57,817	Wells Fargo & Co.		1,593,437
	383	Westamerica Bancorporation		16,814
	1,150	Western Alliance Bancorp †		7,164
	200	Westfield Financial, Inc.		1,472
	80	White Mountains Insurance Group, Ltd.		36,277
	700	Wilshire Bancorp, Inc. †		2,541
	500	Wintrust Financial Corp.		14,025
	10	WP Stewart & Co., Ltd. †		61
	1,630	Zions Bancorporation		26,536
	400	ZipRealty, Inc. †		452
				23,512,870
Health Care — 11.7%
	18,000	Abbott Laboratories		1,012,140
	100	Acadia Pharmaceuticals, Inc. †		108
	300	Accretive Health, Inc. †		6,894
	4,100	Aetna, Inc.		172,979
	200	Affymetrix, Inc. †		818
	3,746	Agilent Technologies, Inc. †		130,848
	300	Air Methods Corp. †		25,335
	400	Akorn, Inc. †		4,448
	700	Albany Molecular Research, Inc. †		2,051
	500	Alere, Inc. †		11,545
	1,800	Alexion Pharmaceuticals, Inc. †		128,700

Shares			Value
Health Care (continued)
	750	Align Technology, Inc. †	$	17,794
	1,000	Alkermes PLC †		17,360
	3,580	Allergan, Inc.		314,109
	700	Alliance HealthCare Services, Inc. †		882
	1,600	Allos Therapeutics, Inc. †		2,272
	1,500	Allscripts Healthcare Solutions, Inc. †		28,410
	1,321	Alnylam Pharmaceuticals, Inc. †		10,766
	100	AMAG Pharmaceuticals, Inc. †		1,891
	201	Amedisys, Inc. †		2,193
	1,800	American Caresource Holdings, Inc. †		722
	500	AMERIGROUP Corp. †		29,540
	3,180	AmerisourceBergen Corp., Class A		118,264
	9,571	Amgen, Inc.		614,554
	300	Amicus Therapeutics, Inc. †		1,032
	250	AMN Healthcare Services, Inc. †		1,108
	400	Amsurg Corp., Class A †		10,416
	2,250	Amylin Pharmaceuticals, Inc. †		25,605
	600	Angeion Corp. †		3,132
	500	Anika Therapeutics, Inc. †		4,900
	300	Arena Pharmaceuticals, Inc. †		561
	1,000	Ariad Pharmaceuticals, Inc. †		12,250
	100	AspenBio Pharma, Inc. †		97
	200	Atherogenics, Inc. † (b)		—
	1,000	Auxilium Pharmaceuticals, Inc. †		19,930
	6,288	Baxter International, Inc.		311,130
	2,440	Becton Dickinson and Co.		182,317
	800	Biodel, Inc. †		497
	2,055	Biogen Idec, Inc. †		226,153
	1,000	BioMarin Pharmaceutical, Inc. †		34,380
	200	Bio-Rad Laboratories, Inc., Class A †		19,208
	16,439	Boston Scientific Corp. †		87,784
	18,400	Bristol-Myers Squibb Co.		648,416
	1,000	Brookdale Senior Living, Inc., Class A †		17,390
	1,000	Bruker Corp. †		12,420
	200	BSD Medical Corp. †		474
	825	C.R. Bard, Inc.		70,537
	700	Cadence Pharmaceuticals, Inc. †		2,765
	3,100	Cambrex Corp. †		22,258
	100	Capital Senior Living Corp. †		794
	3,986	Cardinal Health, Inc.		161,871
	2,293	CareFusion Corp. †		58,265
	500	Catalyst Health Solutions, Inc. †		26,000
	5,326	Celgene Corp. †		360,038
	1,133	Cell Therapeutics, Inc. †		1,314
	27	Celldex Therapeutics, Inc. †		70
	500	Cepheid, Inc. †		17,205
	1,600	Cerner Corp. †		98,000
	1,000	Charles River Laboratories International, Inc. †		27,330
	3,400	CIGNA Corp.		142,800
	200	Cleveland Biolabs, Inc. †		572
	37	Codexis, Inc. †		196
	1,100	Community Health Systems, Inc. †		19,195
	100	Computer Programs & Systems, Inc.		5,111
	243	Conceptus, Inc. †		3,071
	300	CONMED Corp. †		7,701
	400	Cooper Cos., Inc. (The)		28,208
	1,500	Cornerstone Therapeutics, Inc. †		8,400
	550	Covance, Inc. †		25,146
	1,516	Coventry Health Care, Inc. †		46,041
	500	Cubist Pharmaceuticals, Inc. †		19,810
	300	Cyberonics, Inc. †		10,050
	1,477	Cynosure, Inc., Class A †		17,370
	2,300	Cytori Therapeutics, Inc. †		5,060
	1,075	DaVita, Inc. †		81,496
	1,700	Dendreon Corp. †		12,920
	1,075	DENTSPLY International, Inc.		37,614

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	December 31, 2011
Schedule of Investments

Shares			Value
Health Care (continued)
	100	Dyax Corp. †	$	136
	1,100	Edwards Lifesciences Corp. †		77,770
	12,195	Eli Lilly & Co.		506,824
	793	Emergent Biosolutions, Inc. †		13,354
	889	Emeritus Corp. †		15,566
	1,400	Endo Pharmaceuticals Holdings, Inc. †		48,342
	1,100	eResearchTechnology, Inc. †		5,159
	800	Exelixis, Inc. †		3,788
	5,700	Express Scripts, Inc., Class A †		254,733
	100	Five Star Quality Care, Inc. †		300
	3,250	Forest Laboratories, Inc. †		98,345
	116	Furiex Pharmaceuticals, Inc. †		1,939
	500	Galena Biopharma, Inc. †		234
	200	Genomic Health, Inc. †		5,078
	575	Gen-Probe, Inc. †		33,994
	50	Gentiva Health Services, Inc. †		337
	1,100	Geron Corp. †		1,628
	8,800	Gilead Sciences, Inc. †		360,184
	450	GTx, Inc. †		1,512
	1,700	Halozyme Therapeutics, Inc. †		16,167
	500	HCA Holdings, Inc. †		11,015
	3,350	Health Management Associates, Inc., Class A †		24,690
	700	Health Net, Inc. †		21,294
	1,100	HealthSouth Corp. †		19,437
	500	Healthspring, Inc. †		27,270
	1,100	Henry Schein, Inc. †		70,873
	300	Hill-Rom Holdings, Inc.		10,107
	2,452	Hologic, Inc. †		42,935
	1,740	Hospira, Inc. †		52,844
	1,650	Human Genome Sciences, Inc. †		12,193
	1,900	Humana, Inc.		166,459
	200	ICU Medical, Inc. †		9,000
	1,300	Idenix Pharmaceuticals, Inc. †		9,679
	400	IDEXX Laboratories, Inc. †		30,784
	1,388	Illumina, Inc. †		42,306
	1,000	Immunogen, Inc. †		11,580
	1,000	Impax Laboratories, Inc. †		20,140
	2,300	Incyte Corp., Ltd. †		34,523
	600	Infinity Pharmaceuticals, Inc. †		5,304
	300	Integra LifeSciences Holdings Corp. †		9,249
	562	InterMune, Inc. †		7,081
	405	Intuitive Surgical, Inc. †		187,519
	200	IRIS International, Inc. †		1,870
	1,000	Ironwood Pharmaceuticals, Inc., Class A †		11,970
	700	Isis Pharmaceuticals, Inc. †		5,047
	300	Jazz Pharmaceuticals, Inc. †		11,589
	30,085	Johnson & Johnson		1,972,974
	300	Keryx Biopharmaceuticals, Inc. †		759
	400	KV Pharmaceutical Co., Class A †		560
	1,075	Laboratory Corp. of America Holdings †		92,418
	200	LCA-Vision, Inc. †		580
	600	LHC Group, Inc. †		7,698
	2,233	Life Technologies Corp. †		86,886
	565	LifePoint Hospitals, Inc. †		20,990
	16	Ligand Pharmaceuticals, Inc., Class B †		190
	1,050	Lincare Holdings, Inc.		26,995
	400	Magellan Health Services, Inc. †		19,788
	500	MAKO Surgical Corp. †		12,605
	1,600	MannKind Corp. †		4,000
	5	Marina Biotech, Inc. †		4
	600	Masimo Corp. †		11,211
	200	Maxygen, Inc. †		1,126
	2,750	McKesson Corp.		214,252
	400	MedAssets, Inc. †		3,700
	4,248	Medco Health Solutions, Inc. †		237,463
	700	Medicis Pharmaceutical Corp., Class A		23,275

Shares			Value
Health Care (continued)
	600	Mednax, Inc. †	$	43,206
	1,000	MedQuist Holdings, Inc. †		9,620
	12,668	Medtronic, Inc.		484,551
	33,305	Merck & Co., Inc.		1,255,599
	100	Merge Healthcare, Inc. †		485
	300	Mettler-Toledo International, Inc. †		44,313
	600	Molina Healthcare, Inc. †		13,398
	200	Momenta Pharmaceuticals, Inc. †		3,478
	5,350	Mylan, Inc. †		114,811
	375	Myrexis, Inc. †		1,005
	500	Myriad Genetics, Inc. †		10,470
	300	National Healthcare Corp.		12,570
	950	Nektar Therapeutics †		5,315
	200	Neurocrine Biosciences, Inc. †		1,700
	1,000	NuVasive, Inc. †		12,590
	1,000	NxStage Medical, Inc. †		17,780
	900	Oculus Innovative Sciences, Inc. †		945
	1,300	Omnicare, Inc.		44,785
	325	Onyx Pharmaceuticals, Inc. †		14,284
	3,000	Opko Health, Inc. †		14,700
	1,500	Optimer Pharmaceuticals, Inc. †		18,360
	750	Orexigen Therapeutics, Inc. †		1,208
	700	Owens & Minor, Inc.		19,453
	50	Palomar Medical Technologies, Inc. †		465
	1,500	PAREXEL International Corp. †		31,110
	950	Patterson Cos., Inc.		28,044
	800	PDI, Inc. †		5,160
	1,100	PDL BioPharma, Inc.		6,820
	1,517	PerkinElmer, Inc.		30,340
	850	Perrigo Co.		82,705
	90,304	Pfizer, Inc.		1,954,179
	800	Pharmasset, Inc. †		102,560
	381	PharMerica Corp. †		5,784
	400	Pozen, Inc. †		1,580
	800	Progenics Pharmaceuticals, Inc. †		6,832
	200	Providence Service Corp. (The) †		2,752
	500	PSS World Medical, Inc. †		12,095
	200	PURE Bioscience, Inc. †		65
	1,925	Quest Diagnostics, Inc.		111,766
	800	Questcor Pharmaceuticals, Inc. †		33,264
	600	Regeneron Pharmaceuticals, Inc. †		33,258
	1,800	ResMed, Inc. †		45,720
	1,600	Rigel Pharmaceuticals, Inc. †		12,624
	418	RTI Biologics, Inc. †		1,856
	600	Sagent Pharmaceuticals, Inc. †		12,600
	600	Salix Pharmaceuticals, Ltd. †		28,710
	300	Sangamo Biosciences, Inc. †		852
	800	Savient Pharmaceuticals, Inc. †		1,784
	1,500	Seattle Genetics, Inc. †		25,073
	1,000	Select Medical Holdings Corp. †		8,480
	1,500	Sequenom, Inc. †		6,675
	600	Simulations Plus, Inc. †		1,794
	350	Sirona Dental Systems, Inc. †		15,414
	700	Skilled Healthcare Group, Inc., Class A †		3,822
	600	Solta Medical, Inc. †		1,884
	100	Somaxon Pharmaceuticals, Inc. †		45
	3,750	St. Jude Medical, Inc.		128,625
	650	STERIS Corp.		19,383
	4,070	Stryker Corp.		202,320
	233	Sun Healthcare Group, Inc. †		904
	200	Symmetry Medical, Inc. †		1,598
	400	Synta Pharmaceuticals Corp. †		1,868
	1,000	Team Health Holdings, Inc. †		22,070
	500	Techne Corp.		34,130
	500	Teleflex, Inc.		30,645
	5,626	Tenet Healthcare Corp. †		28,861
	1,000	Theravance, Inc. †		22,100

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	December 31, 2011
Schedule of Investments

Shares			Value
Health Care (continued)
	4,459	Thermo Fisher Scientific, Inc. †	$	200,521
	600	Thoratec Corp. †		20,136
	1,000	TranS1, Inc. †		1,870
	50	Transcend Services, Inc. †		1,186
	80	Transcept Pharmaceuticals, Inc. †		626
	600	Triple-S Management Corp., Class B †		12,012
	600	United American Healthcare Corp. †		7
	600	United Therapeutics Corp. †		28,350
	11,712	UnitedHealth Group, Inc.		593,564
	500	Universal American Corp.		6,355
	1,100	Universal Health Services, Inc., Class B		42,746
	1,200	Varian Medical Systems, Inc. †		80,556
	500	VCA Antech, Inc. †		9,875
	2,100	Vertex Pharmaceuticals, Inc. †		69,741
	700	Viropharma, Inc. †		19,173
	500	Volcano Corp. †		11,895
	1,200	Waters Corp. †		88,860
	1,350	Watson Pharmaceuticals, Inc. †		81,459
	4,191	WellPoint, Inc.		277,654
	2,400	Zimmer Holdings, Inc.		128,208
	200	Zoll Medical Corp. †		12,636
				17,571,325
Industrials — 10.7%
	1,000	3D Systems Corp. †		14,400
	7,635	3M Co.		624,009
	1,500	A123 Systems, Inc. †		2,415
	300	Acacia Research-Acacia Technologies †		10,953
	1,240	Actuant Corp., Class A		28,136
	300	Acuity Brands, Inc.		15,900
	1,100	AECOM Technology Corp. †		22,627
	850	AGCO Corp. †		36,525
	1,000	Air Lease Corp., Class A †		23,710
	1,200	Aircastle, Ltd.		15,264
	300	Alaska Air Group, Inc. †		22,527
	100	Albany International Corp., Class A		2,312
	450	Alexander & Baldwin, Inc.		18,369
	250	Alliant Techsystems, Inc.		14,290
	100	Amerco, Inc.		8,840
	1,575	AMETEK, Inc.		66,307
	3,275	AMR Corp. †		1,146
	1,500	AMREP Corp. †		9,840
	500	Apogee Enterprises, Inc.		6,130
	200	Armstrong World Industries, Inc. †		8,774
	250	Ascent Solar Technologies, Inc. †		98
	200	Astec Industries, Inc. †		6,442
	1,100	Avery Dennison Corp.		31,548
	992	Avis Budget Group, Inc. †		10,634
	300	AZZ, Inc.		13,632
	1,437	Babcock & Wilcox Co. †		34,689
	600	Barnes Group, Inc.		14,466
	1,075	BE Aerospace, Inc. †		41,613
	500	Blount International, Inc. †		7,260
	900	BlueLinx Holdings, Inc. †		1,350
	7,200	Boeing Co. (The)		528,120
	445	Brady Corp., Class A		14,049
	450	Brink's Co. (The)		12,096
	450	Builders FirstSource, Inc. †		918
	150	Building Materials Holding Corp. † (b)		—
	4	C&D Technologies, Inc. †		39
	500	Carlisle Cos., Inc.		22,150
	100	Casella Waste Systems, Inc., Class A †		640
	6,800	Caterpillar, Inc.		616,080
	1,300	CBIZ, Inc. †		7,943
	400	CDI Corp.		5,524
	400	Ceco Environmental Corp.		2,260
	300	Celadon Group, Inc.		3,543
	800	Cenveo, Inc. †		2,720

Shares			Value
Industrials (continued)
	1,850	CH Robinson Worldwide, Inc.	$	129,093
	400	Chart Industries, Inc. †		21,628
	1,032	Cintas Corp.		35,924
	400	CLARCOR, Inc.		19,996
	540	Clean Harbors, Inc. †		34,414
	300	Coleman Cable, Inc. †		2,610
	400	Columbus McKinnon Corp. †		5,076
	900	Comfort Systems USA, Inc.		9,648
	300	Commercial Vehicle Group, Inc. †		2,712
	100	Competitive Technologies, Inc. †		126
	550	Con-way, Inc.		16,038
	700	Copart, Inc. †		33,523
	800	Corrections Corp. of America †		16,296
	1,750	Covanta Holding Corp.		23,957
	100	Covenant Transportation Group, Inc., Class A †		297
	300	Crane Co.		14,013
	10,850	CSX Corp.		228,501
	2,000	Cummins, Inc.		176,040
	300	Curtiss-Wright Corp.		10,599
	6,136	Danaher Corp.		288,637
	4,750	Deere & Co.		367,412
	10,050	Delta Air Lines, Inc. †		81,305
	1,500	Dolan Co. (The) †		12,780
	500	Dollar Thrifty Automotive Group, Inc. †		35,130
	900	Donaldson Co., Inc.		61,272
	2,050	Dover Corp.		119,003
	500	Dun & Bradstreet Corp.		37,415
	100	DXP Enterprises, Inc. †		3,220
	400	Dynamic Materials Corp.		7,912
	1,800	Eagle Bulk Shipping, Inc. †		1,696
	3,800	Eaton Corp.		165,414
	500	EMCOR Group, Inc.		13,405
	8,900	Emerson Electric Co.		414,651
	700	Empire Resources, Inc.		1,960
	550	Encore Wire Corp.		14,245
	1,300	Ener1, Inc. †		62
	500	Energy Recovery, Inc. †		1,290
	2,500	EnergySolutions, Inc. †		7,725
	300	EnerNOC, Inc. †		3,261
	1,000	EnerSys †		25,970
	50	Ennis, Inc.		666
	1,375	Equifax, Inc.		53,268
	200	ESCO Technologies, Inc.		5,756
	1,500	Excel Maritime Carriers, Ltd., Class A †		2,175
	2,200	Exelis, Inc.		19,910
	2,825	Expeditors International of Washington, Inc.		115,712
	3,000	Fastenal Co.		130,830
	1,000	Federal Signal Corp.		4,150
	2,982	FedEx Corp.		249,027
	200	Flanders Corp. †		610
	700	Flowserve Corp.		69,524
	1,900	Fluor Corp.		95,475
	1,900	Fortune Brands Home & Security, Inc. †		32,357
	300	Franklin Electric Co., Inc.		13,068
	500	FreightCar America, Inc. †		10,475
	100	Frozen Food Express Industries †		129
	600	FTI Consulting, Inc. †		25,452
	700	Fuel Tech, Inc. †		4,606
	500	FuelCell Energy, Inc. †		436
	300	Furmanite Corp. †		1,893
	750	Gardner Denver, Inc.		57,795
	200	GATX Corp.		8,732
	1,500	GenCorp, Inc. †		7,980
	625	General Cable Corp. †		15,631
	3,540	General Dynamics Corp.		235,091

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	December 31, 2011
Schedule of Investments

Shares			Value
Industrials (continued)
	122,646	General Electric Co.	$	2,196,590
	1,000	Geo Group, Inc. (The) †		16,750
	1,425	Goodrich Corp.		176,272
	406	Gorman-Rupp Co. (The)		11,023
	487	Graco, Inc.		19,913
	1,350	GrafTech International, Ltd. †		18,428
	400	Granite Construction, Inc.		9,488
	1,500	Great Lakes Dredge & Dock Corp.		8,340
	550	Greenbrier Cos., Inc. †		13,354
	350	Griffon Corp.		3,195
	850	Hardinge, Inc.		6,842
	1,200	Harsco Corp.		24,696
	1,500	Hawaiian Holdings, Inc. †		8,700
	200	Heidrick & Struggles International, Inc.		4,308
	600	Herman Miller, Inc.		11,070
	2,150	Hertz Global Holdings, Inc. †		25,198
	1,550	Hexcel Corp. †		37,525
	300	Hill International, Inc. †		1,542
	400	HNI Corp.		10,440
	600	Hoku Corp. †		348
	8,425	Honeywell International, Inc.		457,899
	42	Horizon Lines, Inc., Class A		182
	300	Hubbell, Inc., Class B		20,058
	525	Huntington Ingalls Industries, Inc. †		16,422
	400	Hurco Cos., Inc. †		8,400
	200	Huron Consulting Group, Inc. †		7,748
	975	IDEX Corp.		36,182
	450	IHS, Inc., Class A †		38,772
	1,000	II-VI, Inc. †		18,360
	5,466	Illinois Tool Works, Inc.		255,317
	875	Industrial Services of America, Inc. †		4,629
	2,500	Innerworkings, Inc. †		23,275
	500	Innovaro, Inc. †		480
	100	Innovative Solutions & Support, Inc. †		344
	36	Insperity, Inc.		913
	500	Integrated Electrical Services, Inc. †		960
	1,300	Interface, Inc., Class A		15,002
	500	Interline Brands, Inc. †		7,785
	400	International Shipholding Corp.		7,476
	400	Intersections, Inc.		4,436
	1,650	Iron Mountain, Inc.		50,820
	1,100	ITT Corp.		21,263
	1,000	Jacobs Engineering Group, Inc. †		40,580
	1,075	JB Hunt Transport Services, Inc.		48,450
	2,525	JetBlue Airways Corp. †		13,130
	251	John Bean Technologies Corp.		3,858
	1,075	Joy Global, Inc.		80,593
	200	Kadant, Inc. †		4,522
	1,323	Kansas City Southern †		89,977
	1,000	KAR Auction Services, Inc. †		13,500
	1,550	KBR, Inc.		43,198
	400	Kelly Services, Inc., Class A		5,472
	500	Kennametal, Inc.		18,260
	150	Kforce, Inc. †		1,850
	700	Kimball International, Inc., Class B		3,549
	600	Kirby Corp. †		39,504
	387	Knight Transportation, Inc.		6,053
	500	Knoll, Inc.		7,425
	10	Kratos Defense & Security Solutions, Inc. †		60
	1,375	L-3 Communications Holdings, Inc., Class 3		91,685
	600	Landstar System, Inc.		28,752
	600	Layne Christensen Co. †		14,520
	100	LECG Corp. †		1
	657	Lennox International, Inc.		22,174
	1,000	Lincoln Electric Holdings, Inc.		39,120

Shares			Value
Industrials (continued)
	200	Lindsay Corp.	$	10,978
	100	LMI Aerospace, Inc. †		1,755
	2,565	Lockheed Martin Corp.		207,509
	700	LSI Industries, Inc.		4,200
	1,600	Manitowoc Co., Inc. (The)		14,704
	1,002	Manpower, Inc.		35,821
	100	Marten Transport, Ltd.		1,799
	3,250	Masco Corp.		34,060
	1,000	MasTec, Inc. †		17,370
	1,550	Meritor, Inc. †		8,246
	3,150	Metalico, Inc. †		10,363
	300	Mfri, Inc. †		2,082
	200	Michael Baker Corp. †		3,922
	1,081	Mobile Mini, Inc. †		18,863
	300	MSC Industrial Direct Co., Inc., Class A		21,465
	1,900	Mueller Water Products, Inc., Class A		4,636
	200	NACCO Industries, Inc., Class A		17,844
	1,500	Navigant Consulting, Inc. †		17,115
	700	Navistar International Corp. †		26,516
	500	NCI Building Systems, Inc. †		5,435
	600	Nordson Corp.		24,708
	4,000	Norfolk Southern Corp.		291,440
	2,650	Northrop Grumman Corp.		154,972
	1,000	Old Dominion Freight Line, Inc. †		40,530
	100	On Assignment, Inc. †		1,118
	500	Orion Energy Systems, Inc. †		1,475
	1,000	Oshkosh Corp. †		21,380
	1,250	Owens Corning †		35,900
	4,255	PACCAR, Inc.		159,435
	3,000	Pacer International, Inc. †		16,050
	1,250	Pall Corp.		71,437
	1,693	Parker Hannifin Corp.		129,091
	1,300	Pentair, Inc.		43,277
	600	Pike Electric Corp. †		4,314
	2,125	Pitney Bowes, Inc.		39,398
	300	Polypore International, Inc. †		13,197
	100	Portfolio Recovery Associates, Inc. †		6,752
	250	PowerSecure International, Inc. †		1,237
	1,620	Precision Castparts Corp.		266,960
	1,000	Quanex Building Products Corp.		15,020
	2,450	Quanta Services, Inc. †		52,773
	300	Raven Industries, Inc.		18,570
	4,000	Raytheon Co.		193,520
	400	Regal-Beloit Corp.		20,388
	1,500	Republic Airways Holdings, Inc. †		5,145
	3,818	Republic Services, Inc., Class A		105,186
	200	Resources Connection, Inc.		2,118
	447	Robbins & Myers, Inc.		21,702
	1,700	Robert Half International, Inc.		48,382
	1,800	Rockwell Automation, Inc.		132,066
	1,825	Rockwell Collins, Inc.		101,050
	1,050	Rollins, Inc.		23,331
	1,070	Roper Industries, Inc.		92,951
	1,000	RPX Corp. †		12,650
	1,850	RR Donnelley & Sons Co.		26,696
	1,200	RSC Holdings, Inc. †		22,200
	75	Rush Enterprises, Inc., Class A †		1,569
	400	Ryder System, Inc.		21,256
	150	Saia, Inc. †		1,872
	100	Sauer-Danfoss, Inc. †		3,621
	1,200	Shaw Group, Inc. (The) †		32,280
	300	SIFCO Industries, Inc.		5,982
	50	Simpson Manufacturing Co., Inc.		1,683
	1,100	SkyWest, Inc.		13,849
	600	Snap-on, Inc.		30,372
	7,799	Southwest Airlines Co.		66,760

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	December 31, 2011
Schedule of Investments

Shares			Value
Industrials (continued)
	1,000	Spirit Aerosystems Holdings, Inc., Class A †	$	20,780
	1,000	Spirit Airlines, Inc. †		15,600
	584	SPX Corp.		35,198
	1,350	Standard Register Co. (The)		3,145
	50	Standex International Corp.		1,708
	1,000	Steelcase, Inc., Class A		7,460
	775	Stericycle, Inc. †		60,388
	1,000	Swift Transportation Co., Class A †		8,240
	102	SYKES Enterprises, Inc. †		1,597
	100	Sypris Solutions, Inc. †		397
	500	TAL International Group, Inc.		14,395
	200	Taser International, Inc. †		1,024
	500	Team, Inc. †		14,875
	500	Tecumseh Products Co., Class A †		2,350
	250	Tennant Co.		9,718
	1,300	Terex Corp. †		17,563
	743	Tetra Tech, Inc. †		16,041
	700	Textainer Group Holdings, Ltd.		20,384
	3,200	Textron, Inc.		59,168
	600	Thomas & Betts Corp. †		32,760
	800	Timken Co.		30,968
	312	Titan International, Inc.		6,072
	300	Toro Co. (The)		18,198
	700	Towers Watson & Co., Class A		41,951
	600	TransDigm Group, Inc. †		57,408
	100	TRC Cos., Inc. †		601
	671	Tredegar Corp.		14,910
	300	Trex Co., Inc. †		6,873
	100	Trimas Corp. †		1,795
	900	Trinity Industries, Inc.		27,054
	300	Triumph Group, Inc.		17,535
	800	TrueBlue, Inc. †		11,104
	500	Tutor Perini Corp. †		6,170
	400	Twin Disc, Inc.		14,528
	200	Ultralife Corp. †		804
	200	Unifirst Corp.		11,348
	5,060	Union Pacific Corp.		536,057
	3,805	United Continental Holdings, Inc. †		71,800
	8,500	United Parcel Service, Inc., Class B		622,115
	1,100	United Rentals, Inc. †		32,505
	9,254	United Technologies Corp.		676,375
	850	URS Corp. †		29,852
	1,500	US Airways Group, Inc. †		7,605
	500	US Ecology, Inc.		9,390
	200	US Home Systems, Inc.		1,330
	900	UTi Worldwide, Inc.		11,961
	3,400	Valence Technology, Inc. †		3,332
	1,500	Verisk Analytics, Inc., Class A †		60,195
	400	Viad Corp.		6,992
	300	Vicor Corp.		2,388
	750	Volt Information Sciences, Inc. †		4,650
	50	Wabash National Corp. †		392
	591	WABCO Holdings, Inc. †		25,649
	300	Wabtec Corp.		20,985
	1,462	Waste Connections, Inc.		48,451
	4,050	Waste Management, Inc.		132,476
	300	Watts Water Technologies, Inc., Class A		10,263
	250	Werner Enterprises, Inc.		6,025
	600	WESCO International, Inc. †		31,806
	500	Woodward Governor Co.		20,465
	685	WW Grainger, Inc.		128,225
	2,200	Xylem, Inc.		56,518
				16,180,528
Information Technology — 17.8%
	546	Accelrys, Inc. †		3,669
	600	Acme Packet, Inc. †		18,546

Shares			Value
Information Technology (continued)
	4,638	Activision Blizzard, Inc.	$	57,140
	800	Acxiom Corp. †		9,768
	600	ADDvantage Technologies Group, Inc. †		1,284
	5,684	Adobe Systems, Inc. †		160,687
	600	ADTRAN, Inc.		18,096
	500	Advanced Analogic Technologies, Inc. †		2,890
	700	Advanced Energy Industries, Inc. †		7,511
	6,750	Advanced Micro Devices, Inc. †		36,450
	1,000	Advent Software, Inc. †		24,360
	500	Aehr Test Systems †		260
	1,000	Aeroflex Holding Corp. †		10,240
	500	Agilysys, Inc. †		3,975
	2,559	Akamai Technologies, Inc. †		82,605
	650	Alliance Data Systems Corp. †		67,496
	2,950	Altera Corp.		109,445
	1,050	Amkor Technology, Inc. †		4,578
	1,625	Amphenol Corp., Class A		73,759
	300	Anadigics, Inc. †		657
	3,350	Analog Devices, Inc.		119,863
	200	Anaren, Inc. †		3,324
	922	ANSYS, Inc. †		52,812
	1,441	AOL, Inc. †		21,759
	10,085	Apple, Inc. †		4,084,425
	15,383	Applied Materials, Inc.		164,752
	1,500	Applied Micro Circuits Corp. †		10,080
	1,000	Ariba, Inc. †		28,080
	854	Arris Group, Inc. †		9,240
	1,350	Arrow Electronics, Inc. †		50,503
	1,500	Aruba Networks, Inc. †		27,780
	700	Aspen Technology, Inc. †		12,145
	100	Astea International, Inc. †		335
	5,250	Atmel Corp. †		42,525
	486	ATMI, Inc. †		9,735
	2,200	Autodesk, Inc. †		66,726
	5,925	Automatic Data Processing, Inc.		320,009
	1,778	Aviat Networks, Inc. †		3,254
	1,825	Avnet, Inc. †		56,739
	1,000	AVX Corp.		12,760
	289	Axcelis Technologies, Inc. †		384
	200	Badger Meter, Inc.		5,886
	22	BearingPoint, Inc. † (b)		—
	300	Bel Fuse, Inc., Class B		5,625
	1,150	Benchmark Electronics, Inc. †		15,491
	600	Bitstream, Inc., Class A †		3,450
	298	Black Box Corp.		8,356
	300	Blackbaud, Inc.		8,310
	1,942	BMC Software, Inc. †		63,659
	1,000	Booz Allen Hamilton Holding Corp., Class A †		17,250
	600	Brightpoint, Inc. †		6,456
	5,465	Broadcom Corp., Class A		160,452
	1,250	Broadridge Financial Solutions, Inc.		28,187
	7,350	Brocade Communications Systems, Inc. †		38,147
	106	Brooks Automation, Inc.		1,089
	100	BTU International, Inc. †		260
	4,322	CA, Inc.		87,369
	100	Cabot Microelectronics Corp. †		4,725
	2,402	Cadence Design Systems, Inc. †		24,981
	175	Calix, Inc. †		1,132
	200	Callidus Software, Inc. †		1,284
	200	Cascade Microtech, Inc. †		682
	1,000	Cavium, Inc. †		28,430
	900	CIBER, Inc. †		3,474
	997	Ciena Corp. †		12,064
	200	Cinedigm Digital Cinema Corp., Class A †		276
	400	Cirrus Logic, Inc. †		6,340
	63,623	Cisco Systems, Inc.		1,150,304

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	December 31, 2011
Schedule of Investments

Shares			Value
Information Technology (continued)
	2,125	Citrix Systems, Inc. †	$	129,030
	500	Cognex Corp.		17,895
	3,175	Cognizant Technology Solutions Corp., Class A †		204,184
	400	Coherent, Inc. †		20,908
	1,880	Computer Sciences Corp.		44,556
	2,025	Compuware Corp. †		16,848
	400	comScore, Inc. †		8,480
	100	Comtech Telecommunications Corp.		2,862
	400	Constant Contact, Inc. †		9,284
	1,300	Convergys Corp. †		16,601
	1,827	CoreLogic, Inc. †		23,623
	500	Cornerstone OnDemand, Inc. †		9,120
	15,969	Corning, Inc.		207,278
	100	Cray, Inc. †		647
	900	Cree, Inc. †		19,836
	200	Crexendo, Inc.		566
	1,128	CSG Systems International, Inc. †		16,593
	100	CTS Corp.		920
	1,625	Cypress Semiconductor Corp.		27,446
	800	Daktronics, Inc.		7,656
	600	Datalink Corp. †		4,956
	500	DealerTrack Holdings, Inc. †		13,630
	16,700	Dell, Inc. †		244,321
	403	Deltek, Inc. †		3,957
	1,000	Demand Media, Inc. †		6,650
	388	Dice Holdings, Inc. †		3,217
	650	Diebold, Inc.		19,546
	400	Digital Ally, Inc. †		240
	700	Digital River, Inc. †		10,514
	300	Diodes, Inc. †		6,390
	300	Ditech Networks, Inc. †		282
	200	Document Security Systems, Inc. †		510
	600	Dolby Laboratories, Inc., Class A †		18,306
	400	DST Systems, Inc.		18,208
	1,421	Earthlink, Inc.		9,151
	12,050	eBay, Inc. †		365,476
	331	Ebix, Inc.		7,315
	150	Echelon Corp. †		731
	1,000	EchoStar Corp., Class A †		20,940
	100	Electro Scientific Industries, Inc.		1,448
	3,600	Electronic Arts, Inc. †		74,160
	729	Electronics for Imaging, Inc. †		10,388
	22,779	EMC Corp. †		490,660
	500	Emcore Corp. †		431
	1,000	Emulex Corp. †		6,860
	1,836	Entegris, Inc. †		16,019
	16	Entorian Technologies, Inc. †		32
	1,500	EPIQ Systems, Inc.		18,030
	400	Equinix, Inc. †		40,560
	38	Evergreen Solar, Inc. †		—
	500	Exar Corp. †		3,250
	200	Extreme Networks †		584
	900	F5 Networks, Inc. †		95,508
	550	Factset Research Systems, Inc.		48,004
	200	Fair Isaac Corp.		7,168
	1,250	Fairchild Semiconductor International, Inc., Class A †		15,050
	900	FalconStor Software, Inc. †		2,322
	200	FARO Technologies, Inc. †		9,200
	2,610	Fidelity National Information Services, Inc.		69,400
	1,200	Finisar Corp. †		20,094
	700	First Solar, Inc. †		23,632
	1,628	Fiserv, Inc. †		95,629
	700	FleetCor Technologies, Inc. †		20,909
	1,500	FLIR Systems, Inc.		37,605

Shares			Value
Information Technology (continued)
	350	Formfactor, Inc. †	$	1,771
	255	Forrester Research, Inc. †		8,655
	1,000	Fortinet, Inc. †		21,810
	1,000	Freescale Semiconductor Holdings I, Ltd. †		12,650
	1,100	Gartner, Inc. †		38,247
	1,000	Genpact, Ltd. †		14,950
	102	GigOptix, Inc. †		184
	1,850	Global Cash Access Holdings, Inc. †		8,233
	1,050	Global Payments, Inc.		49,749
	200	Globecomm Systems, Inc. †		2,736
	400	Glu Mobile, Inc. †		1,256
	2,760	Google, Inc., Class A †		1,782,684
	1,100	GT Advanced Technologies, Inc. †		7,964
	200	Guidance Software, Inc. †		1,296
	800	Harmonic, Inc. †		4,032
	1,225	Harris Corp.		44,149
	23,177	Hewlett-Packard Co.		597,040
	300	Hittite Microwave Corp. †		14,814
	1,100	Hutchinson Technology, Inc. †		1,650
	1,000	IAC/InterActive Corp.		42,600
	100	ID Systems, Inc. †		473
	1,399	Idearc, Inc. † (b)		—
	100	iGO, Inc. †		77
	50	Ikanos Communications, Inc. †		40
	600	Infinera Corp. †		3,768
	1,075	Informatica Corp. †		39,700
	100	Infosonics Corp. †		60
	250	Infospace, Inc. †		2,747
	2,100	Ingram Micro, Inc., Class A †		38,199
	500	Insight Enterprises, Inc. †		7,645
	1,560	Integrated Device Technology, Inc. †		8,518
	400	Integrated Silicon Solution, Inc. †		3,656
	59,366	Intel Corp.		1,439,625
	350	Interactive Intelligence Group, Inc. †		8,022
	600	InterDigital, Inc.		26,142
	200	Intermec, Inc. †		1,372
	371	Internap Network Services Corp. †		2,204
	12,910	International Business Machines Corp.		2,373,891
	350	International Rectifier Corp. †		6,797
	82	Internet Media Services, Inc. †		10
	600	Interphase Corp. †		2,712
	850	Intersil Corp., Class A		8,874
	3,025	Intuit, Inc.		159,085
	300	INX, Inc. †		2,625
	381	IPG Photonics Corp. †		12,904
	500	Itron, Inc. †		17,885
	1,200	Ixia †		12,612
	800	IXYS Corp. †		8,664
	450	j2 Global, Inc.		12,663
	2,400	Jabil Circuit, Inc.		47,184
	1,000	Jack Henry & Associates, Inc.		33,610
	550	JDA Software Group, Inc. †		17,815
	3,203	JDS Uniphase Corp. †		33,439
	6,165	Juniper Networks, Inc. †		125,828
	233	Kemet Corp. †		1,643
	600	KEY Tronic Corp. †		2,814
	100	Keynote Systems, Inc.		2,054
	1,625	KLA-Tencor Corp.		78,406
	400	Kulicke & Soffa Industries, Inc. †		3,700
	1,225	Lam Research Corp. †		45,349
	200	Lattice Semiconductor Corp. †		1,188
	100	LeCroy Corp. †		841
	500	Lender Processing Services, Inc.		7,535
	375	Lexmark International, Inc., Class A		12,401
	2,100	Limelight Networks, Inc. †		6,216
	1,725	Linear Technology Corp.		51,802

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	December 31, 2011
Schedule of Investments

Shares			Value
Information Technology (continued)
	200	Littelfuse, Inc.	$	8,596
	10	LiveWire Mobile, Inc.		8
	193	Local.com Corp. †		413
	200	LoJack Corp. †		614
	700	LoopNet, Inc. †		12,796
	200	Loral Space & Communications, Inc. †		12,976
	100	LRAD Corp. †		149
	8,510	LSI Corp. †		50,634
	50	Magma Design Automation, Inc. †		359
	600	MakeMusic, Inc. †		2,652
	200	Marchex, Inc., Class B		1,250
	700	Market Leader, Inc. †		1,925
	5,750	Marvell Technology Group, Ltd. †		79,638
	1,220	Mastercard, Inc., Class A		454,840
	400	Mattson Technology, Inc. †		552
	1,900	Maxim Integrated Products, Inc.		49,476
	200	Measurement Specialties, Inc. †		5,592
	3,575	MEMC Electronic Materials, Inc. †		14,085
	1,200	Mentor Graphics Corp. †		16,272
	100	Mercury Computer Systems, Inc. †		1,329
	400	Methode Electronics, Inc.		3,316
	600	Micrel, Inc.		6,066
	1,537	Microchip Technology, Inc.		56,300
	10,552	Micron Technology, Inc. †		66,372
	1,400	Micronetics, Inc. †		11,032
	500	MICROS Systems, Inc. †		23,290
	650	Microsemi Corp. †		10,888
	90,140	Microsoft Corp.		2,340,034
	200	MIPS Technologies, Inc., Class A †		892
	600	MKS Instruments, Inc.		16,692
	1,175	Molex, Inc.		28,036
	662	MoneyGram International, Inc. †		11,751
	500	Monolithic Power Systems, Inc. †		7,535
	1,550	Monster Worldwide, Inc. †		12,291
	100	MoSys, Inc. †		420
	3,395	Motorola Mobility Holdings, Inc. †		131,726
	3,880	Motorola Solutions, Inc.		179,605
	1	Move, Inc. †		6
	328	Multi-Fineline Electronix, Inc. †		6,740
	200	Nanometrics, Inc. †		3,684
	900	NAPCO Security Technologies, Inc. †		2,241
	1,012	National Instruments Corp.		26,261
	1,925	NCR Corp. †		31,685
	3,450	NetApp, Inc. †		125,131
	500	Netlist, Inc. †		1,255
	800	Netlogic Microsystems, Inc. †		39,656
	400	Netscout Systems, Inc. †		7,040
	600	NetSuite, Inc. †		24,330
	100	Network Equipment Technologies, Inc. †		116
	750	NeuStar, Inc., Class A †		25,627
	200	Newport Corp. †		2,722
	1,000	NIC, Inc.		13,310
	50	Novatel Wireless, Inc. †		156
	500	Novellus Systems, Inc. †		20,645
	3,050	Nuance Communications, Inc. †		76,738
	100	NVE Corp. †		5,553
	5,825	NVIDIA Corp. †		80,735
	600	Omnivision Technologies, Inc. †		7,341
	5,105	ON Semiconductor Corp. †		39,411
	100	Online Resources Corp. †		242
	285	OpenTable, Inc. †		11,152
	311	Openwave Systems, Inc. †		491
	100	Opnet Technologies, Inc.		3,667
	50	Opnext, Inc. †		40
	45,630	Oracle Corp.		1,170,410
	200	OSI Systems, Inc. †		9,756
	33	Overland Storage, Inc. †		83

Shares			Value
Information Technology (continued)
	100	PAR Technology Corp. †	$	391
	1,240	Parametric Technology Corp. †		22,642
	600	Park Electrochemical Corp.		15,372
	200	Parkervision, Inc. †		170
	3,650	Paychex, Inc.		109,902
	400	PC Mall, Inc. †		2,512
	300	Pegasystems, Inc.		8,820
	100	Pericom Semiconductor Corp. †		761
	8	Pfsweb, Inc. †		26
	33	Pixelworks, Inc. †		80
	100	Planar Systems, Inc. †		194
	450	Plantronics, Inc.		16,038
	100	PLX Technology, Inc. †		287
	2,225	PMC - Sierra, Inc. †		12,260
	1,900	Polycom, Inc. †		30,970
	300	Power Integrations, Inc.		9,948
	200	Power-One, Inc. †		782
	76	Powerwave Technologies, Inc. †		158
	220	PRGX Global, Inc. †		1,309
	40	QAD, Inc., Class B †		414
	1,000	QLIK Technologies, Inc. †		24,200
	1,650	QLogic Corp. †		24,750
	19,425	QUALCOMM, Inc.		1,062,548
	500	Quest Software, Inc. †		9,300
	900	Rackspace Hosting, Inc. †		38,709
	1,000	Rambus, Inc. †		7,550
	1,000	RealD, Inc. †		7,940
	681	RealNetworks, Inc.		5,108
	1,490	Red Hat, Inc. †		61,522
	600	Relm Wireless Corp. †		660
	2,627	RF Micro Devices, Inc. †		14,186
	200	RightNow Technologies, Inc. †		8,546
	1,400	Riverbed Technology, Inc. †		32,900
	300	Rosetta Stone, Inc. †		2,289
	1,020	Rovi Corp. †		25,072
	340	Rudolph Technologies, Inc. †		3,148
	900	S1 Corp. †		8,613
	3,925	SAIC, Inc. †		48,238
	1,100	Salesforce.com, Inc. †		111,606
	2,325	SanDisk Corp. †		114,413
	1,833	Sanmina-SCI Corp. †		17,065
	1,650	Sapient Corp.		20,790
	300	Scansource, Inc. †		10,800
	600	Semtech Corp. †		14,892
	300	ShoreTel, Inc. †		1,914
	100	Silicon Image, Inc. †		470
	500	Silicon Laboratories, Inc. †		21,710
	1,707	Skyworks Solutions, Inc. †		27,688
	300	Smith Micro Software, Inc. †		339
	500	SolarWinds, Inc. †		13,975
	800	Solera Holdings, Inc.		35,632
	4,725	Sonus Networks, Inc. †		11,340
	300	Sourcefire, Inc. †		9,714
	900	Spire Corp. †		558
	1,000	SS&C Technologies Holdings, Inc. †		18,060
	200	STEC, Inc. †		1,718
	600	SuccessFactors, Inc. †		23,922
	1,000	SunPower Corp., Class A †		6,230
	430	Sycamore Networks, Inc. †		7,697
	8,383	Symantec Corp. †		131,194
	100	Symmetricom, Inc. †		539
	300	SYNNEX Corp. †		9,138
	1,417	Synopsys, Inc. †		38,542
	300	Syntel, Inc.		14,031
	550	Take-Two Interactive Software, Inc. †		7,453
	700	Tech Data Corp. †		34,587
	800	TechTarget, Inc. †		4,672

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	December 31, 2011
Schedule of Investments

Shares			Value
Information Technology (continued)
	1,500	Tekelec †	$	16,395
	5,404	Tellabs, Inc.		21,832
	1,800	Teradata Corp. †		87,318
	1,825	Teradyne, Inc. †		24,875
	1,000	Tessco Technologies, Inc.		13,820
	400	Tessera Technologies, Inc. †		6,700
	11,772	Texas Instruments, Inc.		342,683
	1,000	THQ, Inc. †		760
	1,825	TIBCO Software, Inc. †		43,636
	800	TiVo, Inc. †		7,176
	200	TNS, Inc. †		3,544
	1,937	Total System Services, Inc.		37,888
	100	Travelzoo, Inc. †		2,458
	150	Trident Microsystems, Inc. †		27
	1,267	Trimble Navigation, Ltd. †		54,988
	500	Trio-Tech International †		1,195
	1,300	TriQuint Semiconductor, Inc. †		6,331
	1,200	TTM Technologies, Inc. †		13,152
	500	Tyler Technologies, Inc. †		15,055
	400	Ultimate Software Group, Inc. †		26,048
	427	Unisys Corp. †		8,416
	800	United Online, Inc.		4,352
	700	Universal Display Corp. †		25,683
	200	UTStarcom Holdings Corp. †		276
	505	ValueClick, Inc. †		8,226
	450	VASCO Data Security International, Inc. †		2,934
	1,015	VeriFone Systems, Inc. †		36,053
	1,416	VeriSign, Inc.		50,580
	55	Viasystems Group, Inc. †		931
	425	Vicon Industries, Inc. †		1,385
	1,000	VirnetX Holding Corp. †		24,970
	1,000	Virtusa Corp. †		14,480
	1,806	Vishay Intertechnology, Inc. †		16,236
	129	Vishay Precision Group, Inc. †		2,061
	585	VMware, Inc., Class A †		48,666
	300	Volterra Semiconductor Corp. †		7,683
	200	Web.com Group, Inc. †		2,290
	958	WebMD Health Corp., Class A †		35,973
	300	WebMediaBrands, Inc. †		137
	3,025	Western Digital Corp. †		93,624
	7,854	Western Union Co. (The)		143,414
	200	Wireless Ronin Technologies, Inc. †		240
	100	WPCS International, Inc. †		168
	15,678	Xerox Corp.		124,797
	2,175	Xilinx, Inc.		69,731
	800	XO Group, Inc. †		6,672
	900	X-Rite, Inc. †		4,176
	11,900	Yahoo!, Inc. †		191,947
	825	Zebra Technologies Corp., Class A †		29,518
	1,000	Zygo Corp. †		17,650
				26,833,986
Materials — 3.9%
	81	A Schulman, Inc.		1,716
	2,295	Air Products & Chemicals, Inc.		195,511
	735	Airgas, Inc.		57,389
	1,875	AK Steel Holding Corp.		15,487
	1,000	Albemarle Corp.		51,510
	12,298	Alcoa, Inc.		106,378
	1,050	Allegheny Technologies, Inc.		50,190
	900	Allied Nevada Gold Corp. †		27,252
	500	AM Castle & Co. †		4,730
	200	AMCOL International Corp.		5,370
	400	American Vanguard Corp.		5,336
	850	Aptargroup, Inc.		44,345
	1,017	Ashland, Inc.		58,132
	348	Balchem Corp.		14,108

Shares			Value
Materials (continued)
	2,000	Ball Corp.	$	71,420
	1,150	Bemis Co., Inc.		34,592
	300	Buckeye Technologies, Inc.		10,032
	700	Cabot Corp.		22,498
	500	Carpenter Technology Corp.		25,740
	1,500	Celanese Corp., Ser A, Class A		66,405
	600	Century Aluminum Co. †		5,106
	725	CF Industries Holdings, Inc.		105,110
	1,004	Chemtura Corp. †		11,385
	1,400	Cliffs Natural Resources, Inc.		87,290
	1,110	Coeur d'Alene Mines Corp. †		26,795
	1,300	Commercial Metals Co.		17,979
	400	Compass Minerals International, Inc.		27,540
	1,800	Core Molding Technologies, Inc. †		14,508
	2,000	Crown Holdings, Inc. †		67,160
	600	Cytec Industries, Inc.		26,790
	100	Deltic Timber Corp.		6,039
	400	Domtar Corp.		31,984
	11,461	Dow Chemical Co. (The)		329,618
	1,400	Eastman Chemical Co.		54,684
	2,800	Ecolab, Inc.		161,868
	11,050	EI du Pont de Nemours & Co.		505,869
	1,000	Ferro Corp. †		4,890
	1,300	Flotek Industries, Inc. †		12,948
	800	FMC Corp.		68,832
	11,202	Freeport-McMoRan Copper & Gold, Inc.		412,122
	1,000	Friedman Industries, Inc.		10,450
	500	Globe Specialty Metals, Inc.		6,695
	2,900	Graphic Packaging Holding Co. †		12,354
	2,000	Headwaters, Inc. †		4,440
	3,400	Hecla Mining Co.		17,782
	300	Horsehead Holding Corp. †		2,703
	2,150	Huntsman Corp.		21,500
	1,000	International Flavors & Fragrances, Inc.		52,420
	4,542	International Paper Co.		134,443
	400	Intrepid Potash, Inc. †		9,052
	1,100	Louisiana-Pacific Corp. †		8,877
	400	Martin Marietta Materials, Inc.		30,164
	1,376	MeadWestvaco Corp.		41,211
	1,000	Metals USA Holdings Corp. †		11,250
	190	Minerals Technologies, Inc.		10,741
	800	Molycorp, Inc. †		19,184
	6,430	Monsanto Co.		450,550
	1,900	Mosaic Co.		95,817
	200	Myers Industries, Inc.		2,468
	100	NewMarket Corp.		19,811
	5,350	Newmont Mining Corp.		321,053
	100	NL Industries, Inc.		1,297
	1,000	Noranda Aluminum Holding Corp.		8,250
	2,670	Nucor Corp.		105,652
	770	Olin Corp.		15,130
	1,475	Owens-Illinois, Inc. †		28,585
	1,550	Packaging Corp. of America		39,122
	1,000	PH Glatfelter Co.		14,120
	1,000	PolyOne Corp.		11,550
	1,755	PPG Industries, Inc.		146,525
	3,600	Praxair, Inc.		384,840
	1,000	Reliance Steel & Aluminum Co.		48,690
	400	Rock-Tenn Co., Class A		23,080
	600	Rockwood Holdings, Inc. †		23,622
	600	Royal Gold, Inc.		40,458
	1,300	RPM International, Inc.		31,915
	700	Scotts Miracle-Gro Co. (The), Class A		32,683
	1,300	Sealed Air Corp.		22,373
	100	Senomyx, Inc. †		348
	1,000	Sensient Technologies Corp.		37,900
	1,080	Sherwin-Williams Co. (The)		96,411

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	December 31, 2011
Schedule of Investments

Shares			Value
Materials (continued)
	1,200	Sigma-Aldrich Corp.	$	74,952
	700	Silgan Holdings, Inc.		27,048
	1,800	Solutia, Inc.		31,104
	775	Sonoco Products Co.		25,544
	2,100	Southern Copper Corp.		63,378
	500	Spartech Corp. †		2,365
	2,800	Steel Dynamics, Inc.		36,820
	1,600	Stillwater Mining Co. †		16,736
	925	Temple-Inland, Inc.		29,332
	192	Texas Industries, Inc.		5,910
	1,273	Titanium Metals Corp.		19,070
	500	UFP Technologies, Inc. †		7,385
	50	United States Lime & Minerals, Inc. †		3,006
	900	United States Steel Corp.		23,814
	1,000	US Energy Corp. †		2,910
	1,200	US Gold Corp. †		4,032
	1,300	Valspar Corp.		50,661
	1,000	Verso Paper Corp. †		960
	3,200	Vista Gold Corp. †		9,824
	944	Vulcan Materials Co.		37,146
	700	Walter Energy, Inc.		42,392
	1,300	Wausau Paper Corp.		10,738
	400	Westlake Chemical Corp.		16,096
	5,508	Weyerhaeuser Co.		102,835
	1,000	Worthington Industries, Inc.		16,380
	400	WR Grace & Co. †		18,368
	50	Zep, Inc.		699
				5,921,679
Telecommunication Services — 2.8%
	600	Alaska Communications Systems Group, Inc.		1,806
	68,524	AT&T, Inc.		2,072,166
	200	Atlantic Telegraph-Network, Inc.		7,810
	5,610	CenturyLink, Inc.		208,692
	1,425	Cincinnati Bell, Inc. †		4,318
	4,600	Clearwire Corp., Class A †		8,924
	200	Cogent Communications Group, Inc. †		3,378
	3,500	Crown Castle International Corp. †		156,800
	10	FiberTower Corp. †		2
	11,886	Frontier Communications Corp.		61,213
	600	General Communication, Inc., Class A †		5,874
	7,400	Globalstar, Inc. †		3,996
	16	IDT Corp., Class B		150
	1,500	Leap Wireless International, Inc. †		13,935
	1,374	Level 3 Communications, Inc. †		23,344
	3,700	MetroPCS Communications, Inc. †		32,116
	500	Neutral Tandem, Inc. †		5,345
	1,825	NII Holdings, Inc. †		38,873
	1,200	SBA Communications Corp., Class A †		51,552
	30,071	Sprint Nextel Corp. †		70,366
	200	SureWest Communications		2,406
	975	tw telecom, Inc., Class A †		18,895
	400	USA Mobility, Inc.		5,548
	32,759	Verizon Communications, Inc.		1,314,291
	600	Vonage Holdings Corp. †		1,470
	7,091	Windstream Corp.		83,248
				4,196,518
Utilities — 4.0%
	7,860	AES Corp. (The) †		93,063
	1,519	AGL Resources, Inc.		64,193
	1,500	Alliant Energy Corp.		66,165
	2,800	Ameren Corp.		92,764
	5,780	American Electric Power Co., Inc.		238,772
	2,500	American Water Works Co., Inc.		79,650
	1,721	Aqua America, Inc.		37,948
	1,100	Atmos Energy Corp.		36,685

Shares			Value
Utilities (continued)
	1,000	Avista Corp.	$	25,750
	300	Black Hills Corp.		10,074
	6,000	Calpine Corp. †		97,980
	4,600	CenterPoint Energy, Inc.		92,414
	100	Central Vermont Public Service Corp.		3,510
	400	Cleco Corp.		15,240
	2,350	CMS Energy Corp.		51,888
	3,250	Consolidated Edison, Inc.		201,597
	1,900	Constellation Energy Group, Inc.		75,373
	6,040	Dominion Resources, Inc.		320,603
	2,000	DTE Energy Co.		108,900
	14,882	Duke Energy Corp.		327,404
	1,448	Dynegy, Inc., Class A †		4,011
	3,050	Edison International		126,270
	890	Energen Corp.		44,500
	2,050	Entergy Corp.		149,752
	7,924	Exelon Corp.		343,664
	4,280	FirstEnergy Corp.		189,604
	16	Genie Energy, Ltd., Class B		127
	9,479	GenOn Energy, Inc. †		24,740
	1,305	Great Plains Energy, Inc.		28,423
	750	Hawaiian Electric Industries, Inc.		19,860
	500	IDACORP, Inc.		21,205
	700	Integrys Energy Group, Inc.		37,926
	600	ITC Holdings Corp.		45,528
	2,125	MDU Resources Group, Inc.		45,603
	950	National Fuel Gas Co.		52,801
	5,010	NextEra Energy, Inc.		305,009
	3,215	NiSource, Inc.		76,549
	2,000	Northeast Utilities		72,140
	2,425	NRG Energy, Inc. †		43,941
	1,290	NSTAR		60,578
	3,150	NV Energy, Inc.		51,502
	1,400	OGE Energy Corp.		79,394
	1,025	Oneok, Inc.		88,857
	1,000	Ormat Technologies, Inc.		18,030
	2,650	Pepco Holdings, Inc.		53,795
	4,600	PG&E Corp.		189,612
	700	Piedmont Natural Gas Co., Inc.		23,786
	1,300	Pinnacle West Capital Corp.		62,634
	700	PNM Resources, Inc.		12,761
	800	Portland General Electric Co.		20,232
	7,150	PPL Corp.		210,353
	3,291	Progress Energy, Inc.		184,362
	5,350	Public Service Enterprise Group, Inc.		176,604
	2,200	Questar Corp.		43,692
	1,379	SCANA Corp.		62,138
	3,050	Sempra Energy		167,750
	9,800	Southern Co.		453,642
	2,700	TECO Energy, Inc.		51,678
	1,300	UGI Corp.		38,220
	933	Vectren Corp.		28,205
	950	Westar Energy, Inc.		27,341
	350	WGL Holdings, Inc.		15,477
	2,700	Wisconsin Energy Corp.		94,392
	6,025	Xcel Energy, Inc.		166,531
				6,053,192
Total Common Stock (Cost $95,864,777)				150,517,375

WARRANTS — 0.0%
	6	Krispy Kreme Doughnuts, Inc., Expires 02/03/12 †		—
	1	Magnum Hunter Resources Corp., Expires 08/29/14 † (b)		—

		Total Warrants (Cost $0)		—

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	December 31, 2011
Schedule of Investments

Shares			Value

SHORT-TERM INVESTMENT — 0.2%
	334,814	Northern Trust Institutional Government Select Portfolio, 0.01% (a) (Cost $334,814)	$	334,814

Total Investments — 100.0%
(Cost $96,199,591)				150,852,189
Other Assets & Liabilities, Net — 0.0%				52,874
NET ASSETS — 100.0%			$	150,905,063

†	Non-income producing security.
(a)	Rate shown is the 7-day effective yield as of December 31, 2011.
(b)	Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of December 31, 2011 was $0 ($ Thousands) and represented 0.0% of Net Assets.

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 January 10, 2006.

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, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

	(b)	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Exhibits.

	(a)(1)	Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

	(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/ Jason Schwarz, President
	Jason Schwarz, President
	(principal executive officer)

Date: February 28, 2013


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


By (Signature and Title)*	/s/ Jason Schwarz, President
	Jason Schwarz, President
	(principal executive officer)

Date: February 28, 2013


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

Date: February 28, 2013

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

Wilshire Mutual Funds N-CSR/ACertified annual shareholder report (management investment company) (amended)