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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811-07076

Wilshire Mutual Funds, Inc.

(Exact name of registrant as specified in charter)

Wilshire Associates Incorporated

1299 Ocean Avenue, Suite 700

Santa Monica, CA 90401-1085

(Address of principal executive offices) (Zip code)

Jason A. 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, 2012

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

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

Item 1.

Reports to Stockholders.

The Report to Shareholders is attached herewith.

Wilshire Mutual Funds

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, 2012

http://advisor.wilshire.com

Wilshire Mutual Funds

Table of Contents

Shareholder Letter	1
Commentary:
Large Company Growth Portfolio	3
Large Company Value Portfolio	7
Small Company Growth Portfolio	11
Small Company Value Portfolio	15
Wilshire 5000 IndexSM Fund	19
Wilshire Large Cap Core Plus Fund	25
Disclosure of Fund Expenses	29
Condensed Schedules of Investments:
Large Company Growth Portfolio	32
Large Company Value Portfolio	34
Small Company Growth Portfolio	36
Small Company Value Portfolio	38
Wilshire 5000 IndexSM Fund	40
Schedule of Investments:
Wilshire Large Cap Core Plus Fund	42
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.

Wilshire Mutual Funds

Letter to Shareholders

Dear Wilshire Mutual Fund Shareholder:

We are pleased to present this annual report to all shareholders of the Wilshire Mutual Funds. This report covers the period from January 1, 2012 to December 31, 2012, for all share classes of the Large Company Growth Fund, Large Company Value Fund, Small Company Growth Fund, Small Company Value Fund, Wilshire 5000 IndexSM Fund, and Wilshire Large Cap Core Plus Fund.

Market Environment

U.S. Equity Market

Despite short-term volatility in equities mainly due to uncertainty surrounding the situation in the euro-zone, domestic markets were able to push ahead in 2012, with the Wilshire 5000 IndexSM gaining 15.54% for the year. This advance marked the Wilshire 5000’s fourth consecutive year of positive returns, and a 76.17% advance since the end of 2008. All style and size segments delivered very strong returns across the board, with growth stocks outpacing value in the large cap segment (16.90% v. 14.56%), and small cap outperforming large cap for the year (18.76% v. 15.74%). Markets suffered through the months of October and November as concerns over the outcome of the Presidential election, as well as the fallout from Superstorm Sandy, began to weigh on investor sentiment. In the fourth quarter, markets remained volatile as the “fiscal cliff” negotiations heated up, but ultimately rose when an agreement was reached. Financials was the best performing sector for the year, returning 26.44%, while the Energy and Utilities sectors lagged, returning 3.85% and 2.17%, respectively.

International Equity Market

Despite continued fiscal upheaval in Europe, 2012 proved to be a good year for global stocks overall, with the MSCI EAFE Index and MSCI Emerging Markets Index gaining 17.32% and 18.23%, respectively. In July, European Central Bank President Mario Draghi said he would do “whatever it takes” to preserve the euro, boosting investor confidence worldwide. The euro received additional support from the European Central Bank through several stimulus packages, averting a potential breakup of the euro-zone. European stocks rallied at the end of the year, with the MSCI Europe Index rising 19.12% for 2012, its strongest annual gain since 2009. China also made headlines as investors grew nervous about a possible slowdown in the world’s second largest economy. While China’s economy did cool down, expanding at an annualized rate of 7.4% in the third quarter, by the end of the year the country was showing increasing signs of renewed economic growth.

Bond Market

Fixed income securities rallied in 2012, with all sectors of the debt market gaining and the Barclays U.S. Aggregate Bond Index returning 4.22%. As Federal Reserve policy kept Treasury yields depressed, investors in search of higher yield ventured farther out on the yield curve. The 10-year Treasury yield remained volatile over the year, soaring to over 2.39% in March, and then falling to an all-time low of 1.38% in July as concerns over the euro-zone debt crisis rapidly escalated. At the end of the year, the 10-year Treasury ended up just about where it started at 1.76%. High yield and corporate sectors performed well, as the Barclays U.S. Corporate High Yield Index and Barclays U.S. Credit Index rose 15.81% and 9.89%, respectively. The Barclays EM Local Currency Government Universal Index posted strong performance, returning 11.21%. However, the Barclays Global Aggregate Index posted returns in line with its U.S. counterpart, gaining 4.32%.

Fund Performance Review

The Wilshire Mutual Funds turned in mixed performance in 2012. The Wilshire Large Company Growth Portfolio Institutional Class returned 14.04% for the year, underperforming the Russell 1000 Growth Index return of 15.26%. The Wilshire Large Company Value Portfolio Institutional Class returned 16.18% for the year, underperforming the Russell

Wilshire Mutual Funds

Letter to Shareholders - (Continued)

1000 Value Index return of 17.51%. The Wilshire Small Company Growth Portfolio Institutional Class returned 13.80% for the year, underperforming the Russell 2000 Growth Index return of 14.59%. The Wilshire Small Company Value Portfolio Institutional Class returned 17.41% for the year, underperforming the Russell 2000 Value Index return of 18.05%. The Wilshire 5000 IndexSM Fund Institutional Class returned 15.54% for the year, underperforming the Wilshire 5000 IndexSM return of 16.07%. Lastly, the Wilshire Large Cap Core Plus Fund Institutional Class returned 13.63% for the year, underperforming the S&P 500 Index return of 16.00%.

We are 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 sincerely appreciate your continued support and confidence in Wilshire Associates.

Sincerely,

Jason Schwarz

President

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Commentary

INVESTMENT CLASS SHARES

Average Annual Total Return*

One Year Ended 12/31/12	13.72%
Five Years Ended 12/31/12	0.72%
Ten Years Ended 12/31/12	6.36%

RUSSELL 1000® GROWTH INDEX(1)

Average Annual Total Return

One Year Ended 12/31/12	15.26%
Five Years Ended 12/31/12	3.12%
Ten Years Ended 12/31/12	7.52%

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 12/31/12.

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

*	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, 2012, 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 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.

Large Company Growth Portfolio

Commentary - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Return*

One Year Ended 12/31/12	14.04%
Five Years Ended 12/31/12	1.06%
Ten Years Ended 12/31/12	6.73%

RUSSELL 1000® GROWTH INDEX(1)

Average Annual Total Return

One Year Ended 12/31/12	15.26%
Five Years Ended 12/31/12	3.12%
Ten Years Ended 12/31/12	7.52%

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 12/31/12.

*	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, 2012, 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 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.

Large Company Growth Portfolio

Commentary - (Continued)

Stock markets around the world rallied in 2012 as stimulus measures by central banks overshadowed continuing concerns about a slowing global economy. After getting off to a fast start in the first quarter, equity markets sold off in the second quarter as fears over the European debt crisis and a “hard-landing” in the Chinese economy rattled investors. Markets reversed course in July as concerns over a euro-zone breakup subsided when European Central Bank President Mario Draghi declared that the ECB would do “whatever it takes” to preserve the monetary union. Markets trended downwards to start the fourth quarter as election jitters and worries about the upcoming “fiscal cliff” weakened investor confidence. Equity markets rallied on the final trading day of the year as U.S. political leaders hinted that an agreement to avoid the “fiscal cliff” was imminent. Supported by generally strong corporate earnings, investors shifted out of defensive sectors and into the more cyclical, economically-sensitive areas of the market in 2012. Financials and Consumer Discretionary were the best performing sectors for the year, returning 26.4% and 23.9%, respectively, while Utilities was the worst, returning 2.2%. For 2012, small capitalization stocks outperformed large capitalization stocks returning 18.8% and 15.7%, respectively, and across market capitalizations, value stocks generally outperformed growth stocks. The small value style delivered the best returns for the year, up 21.5%, while large value and mid growth trailed other styles, returning 14.6% and 13.5%, respectively.

The Wilshire Large Company Growth Portfolio Institutional Class (the “Fund”) returned 14.04% for the year ended December 31, 2012, underperforming the benchmark (the Russell 1000 Growth Index) return of 15.26%. Underperformance was driven by poor stock selection in Information Technology, Consumer Discretionary and Materials. Underperformance was modestly offset by strong stock selection in Health Care and Consumer Staples.

Large Company Growth Portfolio

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2012)

†	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 12/31/12	15.92%
Five Years Ended 12/31/12	(0.94)%
Ten Years Ended 12/31/12	5.79%

RUSSELL 1000® VALUE INDEX(1)

Average Annual Total Return

One Year Ended 12/31/12	17.51%
Five Years Ended 12/31/12	0.59%
Ten Years Ended 12/31/12	7.38%

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 12/31/12.

*	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, 2012, 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 12/31/12	16.18%
Five Years Ended 12/31/12	(0.71)%
Ten Years Ended 12/31/12	6.05%

RUSSELL 1000® VALUE INDEX(1)

Average Annual Total Return

One Year Ended 12/31/12	17.51%
Five Years Ended 12/31/12	0.59%
Ten Years Ended 12/31/12	7.38%

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 12/31/12.

*	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, 2012, 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)

The Wilshire Large Company Value Portfolio Institutional Class (the “Fund”) returned 16.18% for the year ended December 31, 2012, underperforming the benchmark (the Russell 1000 Value Index) return of 17.51%. Underperformance was driven by poor stock selection in Consumer Discretionary and Consumer Staples, as well as an overweight allocation to Information Technology. Underperformance was modestly offset by strong stock selection in Energy, Materials and Industrials.

Large Company Value Portfolio

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31 2012)

†	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 12/31/12	13.58%
Five Years Ended 12/31/12	2.53%
Ten Years Ended 12/31/12	8.53%

RUSSELL 2000® GROWTH INDEX(1)

Average Annual Total Return

One Year Ended 12/31/12	14.59%
Five Years Ended 12/31/12	3.49%
Ten Years Ended 12/31/12	9.80%

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 12/31/12.

*	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, 2012, fees totaling 0.49% 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 12/31/12	13.80%
Five Years Ended 12/31/12	2.76%
Ten Years Ended 12/31/12	8.80%

RUSSELL 2000® GROWTH INDEX(1)

Average Annual Total Return

One Year Ended 12/31/12	14.59%
Five Years Ended 12/31/12	3.49%
Ten Years Ended 12/31/12	9.80%

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 12/31/12.

*	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, 2012, fees totaling 0.50% of average net assets were waived for the Institutional 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)

The Wilshire Small Company Growth Portfolio Institutional Class (the “Fund”) returned 13.80% for the year ended December 31, 2012, underperforming the benchmark (the Russell 2000 Growth Index) return of 14.59%. Underperformance was driven primarily by poor stock selection in Health Care and Financials, as well as an underweight in Industrials. Underperformance was modestly offset by strong stock selection in Information Technology and Energy.

Small Company Growth Portfolio

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31 2012)

†	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 12/31/12	17.20%
Five Years Ended 12/31/12	2.02%
Ten Years Ended 12/31/12	8.47%

RUSSELL 2000® VALUE INDEX(1)

Average Annual Total Return

One Year Ended 12/31/12	18.05%
Five Years Ended 12/31/12	3.55%
Ten Years Ended 12/31/12	9.50%

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 12/31/12.

*	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, 2012, fees totaling 0.34% 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 12/31/12	17.41%
Five Years Ended 12/31/12	2.40%
Ten Years Ended 12/31/12	8.83%

RUSSELL 2000® VALUE INDEX(1)

Average Annual Total Return

One Year Ended 12/31/12	18.05%
Five Years Ended 12/31/12	3.55%
Ten Years Ended 12/31/12	9.50%

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 12/31/12.

*	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, 2012, fees totaling 0.34% of average net assets were waived in the Institutional 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)

The Wilshire Small Company Value Portfolio, Institutional Class (the “Fund”) returned 17.41% for the year ended December 31, 2012, underperforming the benchmark (the Russell 2000 Value Index) return of 18.05%. Underperformance was driven by poor stock selection in Financials and Health Care. Underperformance was modestly offset by an underweight allocation and strong stock selection in Information Technology, as well as strong stock selection in Energy.

Small Company Value Portfolio

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31 2012)

†	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 12/31/12	15.36%
Five Years Ended 12/31/12	1.46%
Ten Years Ended 12/31/12	6.97%

WILSHIRE 5000 INDEXSM(1)

Average Annual Total Return

One Year Ended 12/31/12	16.07%
Five Years Ended 12/31/12	2.04%
Ten Years Ended 12/31/12	7.85%

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 12/31/12.

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

*	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, 2012, 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 12/31/12	15.54%
Five Years Ended 12/31/12	1.65%
Ten Years Ended 12/31/12	7.21%

WILSHIRE 5000 INDEXSM(1)

Average Annual Total Return

One Year Ended 12/31/12	16.07%
Five Years Ended 12/31/12	2.04%
Ten Years Ended 12/31/12	7.85%

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 12/31/12.

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

*	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, 2012, 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)

QUALIFIED CLASS SHARES

Average Annual Total Return*

One Year Ended 12/31/12	15.93%
Five Years Ended 12/31/12	1.64%
Ten Years Ended 12/31/12	6.99%

WILSHIRE 5000 INDEXSM(1)

Average Annual Total Return

One Year Ended 12/31/12	16.07%
Five Years Ended 12/31/12	2.04%
Ten Years Ended 12/31/12	7.85%

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 12/31/12.

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

*	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, 2012, 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)

HORACE MANN CLASS SHARES

Average Annual Total Return*

One Year Ended 12/31/12	15.31%
Five Years Ended 12/31/12	1.43%
Ten Years Ended 12/31/12	6.91%

WILSHIRE 5000 INDEXSM(1)

Average Annual Total Return

One Year Ended 12/31/12	16.07%
Five Years Ended 12/31/12	2.04%
Ten Years Ended 12/31/12	7.85%

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 12/31/12.

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

*	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, 2012, 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)

The Wilshire 5000 IndexSM Fund Institutional Class returned 15.54% for the year ended December 31, 2012, underperforming the Fund’s benchmark (the Wilshire 5000 IndexSM) return of 16.07% by 0.53%. The slight underperformance is well within the range of historical experience.

Wilshire 5000 Indexsm Fund

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31 2012)

†	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 12/31/12	13.36%
Five Years Ended 12/31/12	(1.99)%
Inception (11/15/07) through 12/31/12	(1.71)%

S&P 500 INDEX(1)

Average Annual Total Return

One Year Ended 12/31/12	16.00%
Five Years Ended 12/31/12	1.66%
Inception (11/15/07) through 12/31/12	1.80%

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 12/31/12.

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

*	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, 2012, fees totaling 0.04% of average net assets were waived in the Investment Class Shares.

(1)	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index (stock price times the number of shares outstanding), with each stock’s weight in the index proportionate to its market value. 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 Large Cap Core Plus Fund

Commentary - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Return*

One Year Ended 12/31/12	13.63%
Five Years Ended 12/31/12	(1.71)%
Inception (11/15/07) through 12/31/12	(1.43)%

S&P 500 INDEX(1)

Average Annual Total Return

One Year Ended 12/31/12	16.00%
Five Years Ended 12/31/12	1.66%
Inception (11/15/07) through 12/31/12	1.80%

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 12/31/12.

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

*	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, 2012, there were no waivers in the Institutional Class Shares.

(1)	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index (stock price times the number of shares outstanding), with each stock’s weight in the index proportionate to its market value. 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 Large Cap Core Plus Fund

Commentary - (Continued)

The Wilshire Large Cap Core Plus Fund Institutional Class (the “Fund”) returned 13.63% for the year ended December 31, 2012, underperforming the benchmark (the S&P 500 Index) return of 16.00%. Underperformance was driven by poor stock selection and an underweight allocation in Financials, as well as poor stock selection in Information Technology. Underperformance was modestly offset by strong stock selection in Health Care and Energy.

Wilshire Large Cap Core Plus Fund

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31 2012)

†	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, 2012 (Unaudited)

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

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

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

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

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

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

Wilshire Mutual Funds, Inc.

Disclosure of Fund Expenses - (Continued)

For the Six Months Ended December 31, 2012 (Unaudited)

	Beginning Account Value 07/01/12	Ending Account Value 12/31/12	Expense Ratio(1)	Expenses Paid During Period 07/01/12-12/31/12(2)
Large Company Growth Portfolio
Actual Fund Return
Investment Class	$1,000.00	$1,033.00	1.35%	$6.91
Institutional Class	$1,000.00	$1,034.20	1.15%	$5.87
Hypothetical 5% Return
Investment Class	$1,000.00	$1,018.33	1.35%	$6.87
Institutional Class	$1,000.00	$1,019.37	1.15%	$5.82
Large Company Value Portfolio
Actual Fund Return
Investment Class	$1,000.00	$1,077.40	1.36%	$7.11
Institutional Class	$1,000.00	$1,079.20	1.14%	$5.96
Hypothetical 5% Return
Investment Class	$1,000.00	$1,018.29	1.36%	$6.91
Institutional Class	$1,000.00	$1,019.40	1.14%	$5.79
Small Company Growth Portfolio
Actual Fund Return
Investment Class	$1,000.00	$1,062.40	1.48%	$7.68
Institutional Class	$1,000.00	$1,062.40	1.32%	$6.85
Hypothetical 5% Return
Investment Class	$1,000.00	$1,017.69	1.48%	$7.51
Institutional Class	$1,000.00	$1,018.49	1.32%	$6.70
Small Company Value Portfolio
Actual Fund Return
Investment Class	$1,000.00	$1,096.20	1.48%	$7.82
Institutional Class	$1,000.00	$1,097.50	1.30%	$6.85
Hypothetical 5% Return
Investment Class	$1,000.00	$1,017.67	1.48%	$7.53
Institutional Class	$1,000.00	$1,018.60	1.30%	$6.60

Wilshire Mutual Funds, Inc.

Disclosure of Fund Expenses - (Continued)

For the Six Months Ended December 31, 2012 (Unaudited)

	Beginning Account Value 07/01/12	Ending Account Value 12/31/12	Expense Ratio(1)	Expenses Paid During Period 07/01/12-12/31/12(2)
Wilshire 5000 IndexSM Fund
Actual Fund Return
Investment Class	$1,000.00	$1,060.40	0.67%	$3.49
Institutional Class	$1,000.00	$1,060.30	0.43%	$2.24
Qualified Class	$1,000.00	$1,063.40	0.00%(4)	$0.00
Horace Mann Class	$1,000.00	$1,059.90	0.73%	$3.79
Hypothetical 5% Return
Investment Class	$1,000.00	$1,021.75	0.67%	$3.43
Institutional Class	$1,000.00	$1,022.96	0.43%	$2.20
Qualified Class	$1,000.00	$1,025.14	0.00%(4)	$0.00
Horace Mann Class	$1,000.00	$1,021.45	0.73%	$3.72
Wilshire Large Cap Core Plus Fund
Actual Fund Return
Investment Class	$1,000.00	$1,056.10	1.49%(3)	$7.68
Institutional Class	$1,000.00	$1,056.40	1.24%(3)	$6.39
Hypothetical 5% Return
Investment Class	$1,000.00	$1,017.67	1.49%(3)	$7.54
Institutional Class	$1,000.00	$1,018.92	1.24%(3)	$6.28

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

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

(3)	The annualized expense ratios include dividend expense, interest expense and rebates on securities sold short 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, 2012 due to the low average net assets (of approximately $125) relative to the other classes of this Fund.

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Condensed Schedule of Investments

December 31, 2012

Shares			Percentage of Net Assets (%)		Value
COMMON STOCK — 99.0%††
Consumer Discretionary — 19.1%
	14,058	Amazon.com, Inc.		1.9	$	3,530,526
	96,772	Apollo Group, Inc., Class A(a)		1.1		2,024,470
	47,932	Dollar General Corp.		1.1		2,113,322
	82,131	Johnson Controls, Inc.(a)		1.3		2,521,422
	38,880	NIKE, Inc., Class B		1.1		2,006,208
	2,280	priceline.com, Inc.†		0.8		1,416,336
	31,668	Starbucks Corp.		0.9		1,698,038
	29,870	Walt Disney Co. (The)		0.8		1,487,227
	430,857	Other Securities		10.1		18,834,216
						35,631,765
Consumer Staples — 8.3%
	90,625	Coca-Cola Co. (The)		1.8		3,285,156
	14,135	Costco Wholesale Corp.		0.8		1,396,114
	17,422	Diageo PLC ADR		1.1		2,031,057
	40,974	Philip Morris International, Inc.		1.8		3,427,065
	93,120	Other Securities		2.8		5,312,924
						15,452,316
Energy — 5.6%
	91,814	Cobalt International Energy, Inc.†		1.2		2,254,952
	53,154	Schlumberger, Ltd.		2.0		3,683,040
	156,657	Other Securities		2.4		4,528,003
						10,465,995
Financials — 5.7%
	22,106	Camden Property Trust‡		0.8		1,507,850
	33,478	Capital One Financial Corp.		1.0		1,939,381
	210,973	Other Securities		3.9		7,249,356
						10,696,587
Health Care — 13.1%
	19,560	Alexion Pharmaceuticals, Inc.† (a)		1.0		1,834,923
	14,833	Allergan, Inc.		0.7		1,360,631
	11,784	Biogen Idec, Inc.		0.9		1,728,359
	18,237	Celgene Corp.†		0.8		1,435,617
	46,762	Express Scripts Holding Co.		1.4		2,525,148
	78,613	Hologic, Inc.(a)		0.9		1,574,618
	45,329	Teva Pharmaceutical Industries, Ltd. ADR		0.9		1,692,585
	48,164	WellPoint, Inc.(a)		1.6		2,934,151
	154,397	Other Securities		4.9		9,361,168
						24,447,200

Percentage of

Net Assets (%)

Value

Industrials — 10.9%
	19,825	Caterpillar, Inc.	1.0	$	1,775,924
	89,490	CSX Corp.	0.9		1,765,638
	28,545	Fastenal Co.(a)	0.7		1,332,766
	36,664	Fluor Corp.	1.2		2,153,643
	26,785	Joy Global, Inc.(a)	0.9		1,708,347
	14,255	Union Pacific Corp.	1.0		1,792,139
	166,202	Other Securities	5.2		9,692,615
					20,221,072
Information Technology — 30.1%
	62,744	Acme Packet, Inc.† (a)	0.7		1,387,897
	27,532	Apple, Inc.	7.9		14,675,382
	23,305	Baidu, Inc. ADR† (a)	1.3		2,337,258
	44,164	Citrix Systems, Inc.(a)	1.6		2,903,783
	17,750	Cognizant Technology Solutions Corp., Class A†	0.7		1,314,388
	62,495	eBay, Inc.†	1.7		3,188,495
	58,920	EMC Corp.†	0.8		1,490,676
	4,564	Google, Inc., Class A†	1.7		3,237,565
	11,933	International Business Machines Corp.	1.2		2,285,766
	86,085	Microsoft Corp.	1.2		2,301,052
	41,992	Oracle Corp.	0.7		1,399,173
	98,613	QUALCOMM, Inc.	3.3		6,115,978
	29,824	Visa, Inc., Class A	2.4		4,520,722
	174,532	Western Union Co. (The)	1.3		2,375,381
	164,748	Other Securities	3.6		6,619,653
					56,153,169
Materials — 5.2%
	22,766	Monsanto Co.	1.2		2,154,802
	35,360	Mosaic Co. (The)	1.1		2,002,437
	8,293	Sherwin-Williams Co. (The)	0.7		1,275,629
	91,088	Other Securities	2.2		4,151,812
					9,584,680
Telecommunication Services — 1.0%
	32,850	Verizon Communications, Inc.	0.8		1,421,420
	11,450	Other Securities	0.2		469,004
					1,890,424
Utilities — 0.0%
	1,480	Other Securities	0.0		63,270

Total Common Stock
(Cost $151,523,255)					184,606,478

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Condensed Schedule of Investments - (Continued)

December 31, 2012

Percentage of

Net Assets (%)

Value

SHORT-TERM INVESTMENTS — 15.2%
	26,397,533	Northern Institutional Liquid Asset Portfolio, 0.010% (b),(c)	14.1	$	26,397,533
	2,007,875	Northern Trust Institutional Government Select Portfolio, 0.010% (c)	1.1		2,007,875

Total Short-Term Investments
(Cost $28,405,408)					28,405,408

Total Investments — 114.2%
(Cost $179,928,663)					213,011,886
Other Assets & Liabilities, Net — (14.2)%					(26,419,056	)

NET ASSETS — 100.0%				$	186,592,830

†	Non-income producing security.

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

(a)	This security or a partial position of this security is on loan at December 31, 2012. The total market value of securities on loan at December 31, 2012 was $26,432,210.

(b)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2012 was $26,397,533. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $124,857 (Note 6).

(c)	Rate shown is the 7-day effective yield as of December 31, 2012.

ADR — American Depositary Receipt

Ltd. — Limited

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 http://advisor.wilshire.com.

As of December 31, 2012, all of the Portfolio’s investments were considered Level 1. For the year ended December 31. 2012, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the year ended December 31, 2012, there have been no transfers between Level 2 and Level 3 assets and liabilities. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Condensed Schedule of Investments

December 31, 2012

Shares			Percentage of Net Assets (%)		Value
COMMON STOCK — 98.7%††
Consumer Discretionary — 9.3%
	10,891	Comcast Corp., Class A		0.9	$	407,106
	17,300	Delphi Automotive PLC(a)		1.5		661,725
	10,800	Omnicom Group, Inc.		1.2		539,568
	47,875	Staples, Inc.(a)		1.2		545,775
	83,652	Other Securities		4.5		2,013,650
						4,167,824
Consumer Staples — 7.3%
	13,266	CVS Caremark Corp.		1.4		641,411
	11,090	Procter & Gamble Co. (The)		1.7		752,900
	56,776	Other Securities		4.2		1,873,872
						3,268,183
Energy — 16.4%
	11,525	Baker Hughes, Inc.		1.0		470,681
	16,343	BP PLC ADR(a)		1.5		680,523
	4,675	Chevron Corp.(a)		1.1		505,554
	9,291	ConocoPhillips		1.2		538,785
	16,674	Exxon Mobil Corp.		3.2		1,443,135
	6,209	Marathon Petroleum Corp.		0.9		391,167
	10,049	Royal Dutch Shell PLC ADR, Class A(a)		1.5		692,852
	10,340	Valero Energy Corp.		0.8		352,801
	67,528	Other Securities		5.2		2,310,106
						7,385,604
Financials — 27.8%
	15,450	Allstate Corp. (The)		1.4		620,626
	29,632	American International Group, Inc.†		2.3		1,046,010
	15,650	Axis Capital Holdings, Ltd.(a)		1.2		542,116
	56,300	Bank of America Corp.		1.4		653,080
	5,639	Berkshire Hathaway, Inc., Class B		1.1		505,818
	29,396	Citigroup, Inc.		2.6		1,162,906
	17,873	Discover Financial Services(a)		1.5		689,004
	15,575	Invesco, Ltd.		0.9		406,352
	30,510	JPMorgan Chase & Co.		3.0		1,341,524
	23,225	MetLife, Inc.		1.7		765,032
	17,425	Morgan Stanley		0.7		333,166
	12,279	PNC Financial Services Group, Inc.		1.6		715,989
	29,875	UBS AG(a)		1.0		470,232

Percentage of

Net Assets (%)

Value

Financials (continued)
	115,811	Other Securities	7.4	$	3,273,699
					12,525,554
Health Care — 11.1%
	10,737	Abbott Laboratories	1.6		703,273
	5,575	Becton Dickinson and Co.(a)	1.0		435,909
	9,268	Eli Lilly & Co.	1.0		457,098
	17,009	Merck & Co., Inc.(a)	1.5		696,348
	35,471	Pfizer, Inc.	2.0		889,613
	37,746	Other Securities	4.0		1,824,687
					5,006,928
Industrials — 8.3%
	6,300	Eaton Corp. PLC(a)	0.8		341,460
	23,050	General Electric Co.	1.1		483,820
	4,675	L-3 Communications Holdings, Inc., Class 3	0.8		358,199
	19,550	Masco Corp.	0.7		325,703
	9,137	Northrop Grumman Corp.	1.4		617,478
	89,333	Other Securities	3.5		1,617,566
					3,744,226
Information Technology — 10.8%
	18,700	Cisco Systems, Inc.	0.8		367,455
	575	Google, Inc., Class A†	0.9		407,888
	46,700	Hewlett-Packard Co.	1.5		665,475
	13,098	Microsoft Corp.	0.8		350,109
	17,700	Oracle Corp.	1.3		589,764
	14,825	TE Connectivity, Ltd.	1.2		550,304
	92,428	Other Securities	4.3		1,933,488
					4,864,483
Materials — 3.0%
	6,870	LyondellBasell Industries NV, Class A	0.9		392,208
	15,392	Other Securities	2.1		940,172
					1,332,380
Telecommunication Services — 2.0%
	11,950	AT&T, Inc.	0.9		402,834
	8,537	Verizon Communications, Inc.(a)	0.8		369,396
	6,435	Other Securities	0.3		142,471
					914,701
Utilities — 2.7%
	6,075	Entergy Corp.(a)	0.8		387,281
	18,370	PPL Corp.(a)	1.2		525,933

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Condensed Schedule of Investments - (Continued)

December 31, 2012

Percentage of

Net Assets (%)

Value

Utilities (continued)
	11,485	Other Securities	0.7	$	305,518
					1,218,732
Total Common Stock
(Cost $40,099,694)					44,428,615

SHORT-TERM INVESTMENTS — 22.6%
	9,489,195	Northern Institutional Liquid Asset Portfolio, 0.010% (b),(c)	21.1		9,489,195
	678,662	Northern Trust Institutional Government Select Portfolio, 0.010% (c)	1.5		678,662

Total Short-Term Investments
(Cost $10,167,857)					10,167,857

Total Investments — 121.3%
(Cost $50,267,551)					54,596,472
Other Assets & Liabilities, Net — (21.3)%					(9,576,440	)

NET ASSETS — 100.0%				$	45,020,032

†	Non-income producing security.

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

(a)	This security or a partial position of this security is on loan at December 31, 2012. The total market value of securities on loan at December 31, 2012 was $9,367,300 (Note 6).

(b)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2012 was $9,489,195. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $5,424 (Note 6).

(c)	Rate shown is the 7-day effective yield as of December 31, 2012.

ADR — American Depositary Receipt

Ltd. — Limited

PLC — Public Limited Company

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Condensed Schedule of Investments

December 31, 2012

Shares			Percentage of Net Assets (%)		Value
COMMON STOCK — 99.1%††
Consumer Discretionary — 19.8%
	1,676	Ameristar Casinos, Inc.(a)		0.6	$	43,978
	812	ANN, Inc.		0.4		27,478
	750	Cabela's, Inc.		0.4		31,312
	992	Cheesecake Factory, Inc. (The)(a)		0.4		32,458
	587	Coinstar, Inc.(a)		0.4		30,530
	461	Cracker Barrel Old Country Store, Inc.		0.4		29,624
	788	Domino's Pizza, Inc.(a)		0.5		34,317
	530	Hibbett Sports, Inc.† (a)		0.4		27,931
	490	HSN, Inc.(a)		0.4		26,989
	600	Life Time Fitness, Inc.† (a)		0.4		29,526
	1,510	Pier 1 Imports, Inc.(a)		0.4		30,200
	62,739	Other Securities		15.1		1,091,787
						1,436,130
Consumer Staples — 7.3%
	990	B&G Foods, Inc., Class A(a)		0.4		28,027
	27,128	Other Securities		6.9		499,854
						527,881
Energy — 2.6%
	11,210	Other Securities		2.6		189,193
						189,193
Financials — 10.8%
	1,424	CBL & Associates Properties, Inc.(a)		0.4		30,203
	2,840	Glimcher Realty Trust		0.4		31,496
	1,280	Greenlight Capital Re, Ltd., Class A		0.4		29,542
	1,270	Omega Healthcare Investors, Inc. (a)		0.4		30,289
	495	SVB Financial Group		0.4		27,705
	670	Texas Capital Bancshares, Inc.† (a)		0.4		30,029
	469	World Acceptance Corp.(a)		0.5		34,969
	33,212	Other Securities		7.9		570,019
						784,252
Health Care — 16.5%
	894	Air Methods Corp.(a)		0.5		32,980
	1,564	Alkermes PLC(a)		0.4		28,965
	806	Centene Corp.†		0.5		33,046
	1,243	Cubist Pharmaceuticals, Inc.(a)		0.7		52,281

Percentage of

Net Assets (%)

Value

Health Care (continued)
	1,390	Emeritus Corp.	0.5	$	34,361
	1,290	HealthSouth Corp.(a)	0.4		27,232
	512	Jazz Pharmaceuticals PLC(a)	0.4		27,238
	1,080	Owens & Minor, Inc.(a)	0.4		30,791
	903	Pharmacyclics, Inc.†	0.7		52,284
	790	STERIS Corp.	0.4		27,437
	57,003	Other Securities	11.6		848,048
					1,194,663
Industrials — 16.1%
	566	3D Systems Corp.† (a)	0.4		30,196
	1,380	Avis Budget Group, Inc.† (a)	0.4		27,352
	1,260	CAI International, Inc.† (a)	0.4		27,657
	419	Chart Industries, Inc.†	0.4		27,935
	803	HEICO Corp.(a)	0.5		35,942
	1,090	MasTec, Inc.(a)	0.4		27,174
	885	Old Dominion Freight Line, Inc.	0.4		30,338
	1,896	TAL International Group, Inc.(a)	0.9		68,977
	2,330	US Airways Group, Inc.(a)	0.4		31,455
	1,250	USG Corp.(a)	0.5		35,087
	42,633	Other Securities	11.4		825,884
					1,167,997
Information Technology — 17.7%
	1,027	Cirrus Logic, Inc.	0.4		29,752
	426	CommVault Systems, Inc.† (a)	0.4		29,696
	934	Fair Isaac Corp.	0.5		39,256
	1,594	Heartland Payment Systems, Inc.(a)	0.6		47,023
	481	Manhattan Associates, Inc.	0.4		29,023
	430	MAXIMUS, Inc.	0.4		27,184
	440	WEX, Inc.(a)	0.5		33,163
	65,581	Other Securities	14.5		1,042,217
					1,277,314
Materials — 7.3%
	3,675	Myers Industries, Inc.(a)	0.8		55,676
	700	Schweitzer-Mauduit International, Inc.	0.4		27,321
	22,313	Other Securities	6.1		443,518
					526,515
Telecommunication Services — 0.9%
	6,300	Other Securities	0.9		65,434
					65,434

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Condensed Schedule of Investments - (Continued)

December 31, 2012

Percentage of

Net Assets (%)

Value

Utilities — 0.1%
	360	Other Securities	0.1	$	9,576

Total Common Stock
(Cost $6,349,114)					7,178,955

SHORT-TERM INVESTMENTS — 44.7%
	3,153,425	Northern Institutional Liquid Asset Portfolio, 0.010% (b),(c)	43.6		3,153,425
	80,931	Northern Trust Institutional Government Select Portfolio, 0.010% (c)	1.1		80,931

Total Short-Term Investments
(Cost $3,234,356)					3,234,356

Total Investments — 143.8%
(Cost $9,583,470)					10,413,311
Other Assets & Liabilities, Net — (43.8)%					(3,172,920	)

NET ASSETS — 100.0%				$	7,240,391

†	Non-income producing security.

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

‡	Real Estate Investment Trust

(a)	This security or a partial position of this security is on loan at December 31, 2012. The total market value of securities on loan at December 31, 2012 was $3,154,548 (Note 6).

(b)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2012 was $3,153,425. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $33,599 (Note 6).

(c)	Rate shown is the 7-day effective yield as of December 31, 2012.

PLC — Public Limited Company

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Condensed Schedule of Investments

December 31, 2012

Shares			Percentage of Net Assets (%)		Value
COMMON STOCK — 99.1%††
Consumer Discretionary — 16.0%
	2,175	Ameristar Casinos, Inc.		0.6	$	57,072
	1,223	Bob Evans Farms, Inc.		0.5		49,165
	670	Group 1 Automotive, Inc.		0.4		41,533
	1,767	Scholastic Corp.		0.5		52,233
	89,596	Other Securities		14.0		1,355,363
						1,555,366
Consumer Staples — 4.4%
	4,387	Pantry, Inc. (The)		0.6		53,214
	880	Universal Corp.		0.5		43,921
	21,953	Other Securities		3.3		328,427
						425,562
Energy — 0.9%
	3,946	Other Securities		0.9		89,045
						89,045
Financials — 42.3%
	1,450	Alterra Capital Holdings, Ltd.		0.4		40,876
	6,399	American Equity Investment Life Holding Co.		0.8		78,132
	8,810	Ashford Hospitality Trust, Inc.		1.0		92,593
	6,906	Boston Private Financial Holdings, Inc.		0.6		62,223
	6,869	Calamos Asset Management, Inc., Class A		0.7		72,605
	2,028	CBL & Associates Properties, Inc.		0.4		43,014
	1,891	Chemical Financial Corp.		0.5		44,930
	6,544	CNO Financial Group, Inc.		0.6		61,056
	1,703	DuPont Fabros Technology, Inc.		0.4		41,144
	1,329	EPR Properties		0.6		61,280
	2,534	Equity One, Inc.		0.5		53,239
	1,519	FBL Financial Group, Inc., Class A		0.5		51,965
	10,726	First Busey Corp.		0.5		49,876
	11,715	First Commonwealth Financial Corp.		0.8		79,896
	1,149	First Financial Bankshares, Inc.		0.5		44,822
	3,961	FirstMerit Corp.		0.6		56,207
	3,947	FNB Corp.		0.4		41,917

Percentage of

Net Assets (%)

Value

Financials (continued)
	4,780	Hanmi Financial Corp.	0.7	$	64,960
	2,090	Invesco Mortgage Capital, Inc.	0.4		41,194
	7,050	iStar Financial, Inc.†	0.6		57,458
	5,348	Maiden Holdings, Ltd.	0.5		49,148
	4,560	MB Financial, Inc.	0.9		90,060
	9,594	National Penn Bancshares, Inc.	0.9		89,416
	8,320	NorthStar Realty Finance Corp.	0.6		58,573
	2,698	Pennsylvania Real Estate Investment Trust	0.5		47,593
	2,820	PrivateBancorp, Inc., Class A	0.5		43,202
	2,059	Republic Bancorp, Inc., Class A	0.5		43,507
	4,525	Susquehanna Bancshares, Inc.	0.5		47,422
	4,649	Webster Financial Corp.	1.0		95,537
	168,717	Other Securities	24.9		2,394,997
					4,098,842
Health Care — 6.5%
	1,513	Magellan Health Services, Inc.†	0.8		74,137
	50,732	Other Securities	5.7		554,562
					628,699
Industrials — 10.3%
	9,669	Aircastle, Ltd.	1.3		121,249
	926	Belden, Inc.	0.4		41,661
	1,680	Layne Christensen Co.	0.4		40,773
	2,787	Miller Industries, Inc.	0.5		42,502
	2,650	SeaCube Container Leasing, Ltd.	0.5		49,952
	2,198	TAL International Group, Inc.	0.8		79,963
	34,039	Other Securities	6.4		621,133
					997,233
Information Technology — 6.8%
	2,894	OmniVision Technologies, Inc.	0.4		40,748
	1,778	ScanSource, Inc.†	0.6		56,487
	4,668	XO Group, Inc.†	0.4		43,412
	41,435	Other Securities	5.4		515,221
					655,868

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Condensed Schedule of Investments - (Continued)

December 31, 2012

Percentage of

Net Assets (%)

Value

Materials — 7.7%
	1,818	Coeur d'Alene Mines Corp.	0.5	$	44,723
	950	Kaiser Aluminum Corp.	0.6		58,605
	3,124	Myers Industries, Inc.	0.5		47,328
	1,721	Sensient Technologies Corp.	0.6		61,199
	37,194	Other Securities	5.5		536,560
					748,415
Telecommunication Services — 0.4%
	4,304	Other Securities	0.4		44,621
					44,621
Utilities — 3.8%
	11,865	Other Securities	3.8		364,962
					364,962
Total Common Stock
(Cost $8,474,923)					9,608,613

SHORT-TERM INVESTMENT — 0.8%
	77,029	Northern Trust Institutional Government Select Portfolio, 0.010% (a)	0.8		77,029

Total Short-Term Investment
(Cost $77,029)					77,029

Total Investments — 99.9%
(Cost $8,551,952)					9,685,642
Other Assets & Liabilities, Net — 0.1%					9,228

NET ASSETS — 100.0%				$	9,694,870

†	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, 2012.

Ltd. — Limited

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm Fund

Condensed Schedule of Investments

December 31, 2012

Shares			Percentage of Net Assets (%)		Value
COMMON STOCK — 99.2%
Consumer Discretionary — 12.0%
	3,762	Amazon.com, Inc.		0.6	$	944,789
	20,821	Comcast Corp., Class A		0.5		778,289
	13,470	Home Depot, Inc. (The)		0.5		833,119
	10,704	McDonald's Corp.		0.6		944,200
	17,668	Walt Disney Co. (The)		0.6		879,690
	513,188	Other Securities		9.2		14,713,246
						19,093,333
Consumer Staples — 9.6%
	20,975	Altria Group, Inc.		0.4		659,035
	44,365	Coca-Cola Co. (The)		1.0		1,608,231
	13,542	CVS Caremark Corp.		0.4		654,756
	16,757	PepsiCo, Inc.		0.7		1,146,682
	17,257	Philip Morris International, Inc.		0.9		1,443,375
	29,702	Procter & Gamble Co. (The)		1.3		2,016,469
	17,795	Wal-Mart Stores, Inc.		0.8		1,214,153
	164,150	Other Securities		4.1		6,538,202
						15,280,903
Energy — 10.4%
	21,299	Chevron Corp.		1.5		2,303,274
	13,181	ConocoPhillips		0.5		764,366
	49,512	Exxon Mobil Corp.		2.7		4,285,264
	8,916	Occidental Petroleum Corp.		0.4		683,055
	14,604	Schlumberger, Ltd.		0.7		1,011,911
	228,142	Other Securities		4.6		7,530,222
						16,578,092
Financials — 16.5%
	9,875	American Express Co.		0.4		567,615
	117,248	Bank of America Corp.		0.9		1,360,077
	20,222	Berkshire Hathaway, Inc., Class B		1.2		1,813,913
	31,840	Citigroup, Inc.		0.8		1,259,590
	4,950	Goldman Sachs Group, Inc. (The)		0.4		631,422
	41,309	JPMorgan Chase & Co.		1.1		1,816,357
	19,409	U.S. Bancorp		0.4		619,923
	52,592	Wells Fargo & Co.		1.2		1,797,595
	625,837	Other Securities		10.0		16,532,302
						26,398,794

Percentage of

Net Assets (%)

Value

Health Care — 11.4%
	17,125	Abbott Laboratories	0.7	$	1,121,687
	6,575	Amgen, Inc.	0.4		567,554
	30,060	Johnson & Johnson	1.3		2,107,206
	30,730	Merck & Co., Inc.	0.8		1,258,086
	79,912	Pfizer, Inc.	1.3		2,004,193
	282,864	Other Securities	6.9		11,152,373
					18,211,099
Industrials — 10.9%
	7,385	3M Co.	0.4		685,697
	7,515	Boeing Co. (The)	0.4		566,330
	7,299	Caterpillar, Inc.	0.4		653,844
	113,921	General Electric Co.	1.5		2,391,202
	4,572	Union Pacific Corp.	0.4		574,792
	7,921	United Parcel Service, Inc., Class B	0.4		584,015
	10,187	United Technologies Corp.	0.5		835,436
	318,736	Other Securities	6.9		11,119,458
					17,410,774
Information Technology — 18.3%
	10,200	Apple, Inc.	3.4		5,436,906
	57,648	Cisco Systems, Inc.	0.7		1,132,783
	12,050	eBay, Inc.†	0.4		614,791
	22,779	EMC Corp.†	0.3		576,309
	2,720	Google, Inc., Class A†	1.2		1,929,486
	54,018	Intel Corp.	0.7		1,114,391
	11,525	International Business Machines Corp.	1.4		2,207,614
	86,862	Microsoft Corp.	1.5		2,321,821
	40,280	Oracle Corp.	0.9		1,342,130
	18,750	QUALCOMM, Inc.	0.8		1,162,875
	5,550	Visa, Inc., Class A	0.5		841,269
	477,723	Other Securities	6.5		10,537,671
					29,218,046
Materials — 3.9%
	167,149	Other Securities	3.9		6,300,384
					6,300,384
Telecommunication Services — 2.7%
	61,699	AT&T, Inc.	1.3		2,079,873
	31,013	Verizon Communications, Inc.	0.9		1,341,933
	80,760	Other Securities	0.5		945,425
					4,367,231

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm Fund

Condensed Schedule of Investments - (Continued)

December 31, 2012

Percentage of

Net Assets (%)

Value

Utilities — 3.5%
	154,989	Other Securities	3.5	$	5,597,640
					5,597,640
Total Common Stock
(Cost $88,191,615)					158,456,296

RIGHT — 0.0%

Number Of Rights
	1,600	Other Securities (Cost $—)	0.0		176

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

SHORT-TERM INVESTMENT — 9.9%
	15,766,844	Northern Institutional Liquid Asset Portfolio, 0.010% (a),(b)	9.9		15,766,844

Total Short-Term Investment
(Cost $15,766,844)					15,766,844

Total Investments — 109.1%
(Cost $103,958,459)					174,223,316
Other Assets & Liabilities, Net — (9.1)%					(14,459,628	)

NET ASSETS — 100.0%				$	159,763,688

†	Non-income producing security.

(a)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2012 was $15,766,844. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $40,620 (Note 6).

(b)	Rate shown is the 7-day effective yield as of December 31, 2012.

Ltd. — Limited

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

As of December 31, 2012, all of the Portfolio’s investments were considered Level 1, except for Allos Therapeutics Rights, Hyster-Yale Materials Handling, Inc., Magnum Hunter Resources Corp. Warrant, Orleans Homebuilders, Inc. and Trico Marine Services, Inc. which are Level 3. At December 31, 2012, these investments were valued at $9,936. The value of Level 3 investments at December 31, 2011 was zero. A reconciliation of Level 3 investments is only presented when the Portfolio has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. For the year ended December 31, 2012, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the year ended December 31, 2012, there have been no transfers between Level 2 and Level 3 assets and liabilities. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Investments

December 31, 2012

Shares			Value
COMMON STOCK — 119.4%
Consumer Discretionary — 14.2%
	2,600	Advance Auto Parts, Inc.(a)	$	188,110
	4,100	Amazon.com, Inc.(a)		1,029,674
	4,800	Bed Bath & Beyond, Inc.(a)		268,368
	7,800	CBS Corp., Class B(a)		296,790
	7,210	Coach, Inc.(a)		400,227
	45,550	Comcast Corp., Class A(a)		1,702,658
	5,100	Dick's Sporting Goods, Inc.(a)(b)		231,999
	9,300	Dollar Tree, Inc.(a)		377,208
	10,100	DR Horton, Inc.(a)(b)		199,778
	8,750	Foot Locker, Inc.(a)		281,050
	16,900	Ford Motor Co.(a)(b)		218,855
	7,650	GameStop Corp., Class A(a)(b)		191,939
	7,300	Gannett Co., Inc.(a)		131,473
	10,500	Gap, Inc. (The)(a)		325,920
	2,950	Genuine Parts Co.(a)		187,561
	24,840	Home Depot, Inc. (The)(a)		1,536,354
	4,200	Jarden Corp.(a)(b)		217,140
	4,100	Lear Corp.(a)		192,044
	6,600	Lennar Corp., Class A(a)(b)		255,222
	3,000	Liberty Global, Inc., Class A †(a)		188,970
	38,600	Lowe's Cos., Inc.		1,371,072
	7,100	Macy's, Inc.(a)		277,042
	7,550	Mattel, Inc.(a)(b)		276,481
	14,130	McDonald's Corp.(a)		1,246,407
	5,550	Meredith Corp.(a)(b)		191,198
	4,000	Michael Kors Holdings, Ltd.(a)(b)		204,120
	11,600	News Corp., Class A(a)		296,264
	21,860	NIKE, Inc., Class B(a)		1,127,976
	5,200	Omnicom Group, Inc.(a)		259,792
	4,000	PetSmart, Inc.(a)		273,360
	400	priceline.com, Inc. †(a)		248,480
	2,290	Ralph Lauren Corp., Class A(a)		343,317
	10,600	Regis Corp.(a)(b)		179,352
	4,350	Ross Stores, Inc.(a)		235,553
	2,400	Stanley Black & Decker, Inc.(a)		177,528
	25,420	Staples, Inc.(a)(b)		289,788
	17,860	Starbucks Corp.(a)		957,653
	15,000	Time Warner Cable, Inc., Class A		1,457,850
	22,790	Time Warner, Inc.(a)		1,090,046
	10,500	TJX Cos., Inc.(a)		445,725
	5,700	Urban Outfitters, Inc.(a)		224,352
	9,200	VF Corp.		1,388,924
	22,960	Viacom, Inc., Class B(a)		1,210,910

Value

Consumer Discretionary (continued)
	10,400	Walt Disney Co. (The)(a)	$	517,816
	5,900	Williams-Sonoma, Inc.(a)		258,243
	4,600	Wyndham Worldwide Corp.(a)		244,766
	24,000	Yum! Brands, Inc.(a)		1,593,600
				24,808,955
Consumer Staples — 12.8%
	9,350	Altria Group, Inc.(a)		293,777
	68,400	Coca-Cola Co. (The)(a)		2,479,500
	1,800	Colgate-Palmolive Co.(a)		188,172
	3,700	Costco Wholesale Corp.(a)		365,449
	68,690	CVS Caremark Corp.(a)		3,321,161
	10,500	Dr. Pepper Snapple Group, Inc.(a)		463,890
	17,490	Estee Lauder Cos., Inc. (The), Class A(a)		1,046,951
	4,500	Hormel Foods Corp.(a)(b)		140,445
	3,750	Kimberly-Clark Corp.(a)		316,613
	10,546	Kraft Foods Group, Inc.(a)		479,527
	16,200	Kroger Co. (The)(a)(b)		421,524
	12,880	Lorillard, Inc.(a)		1,502,710
	18,400	McCormick & Co., Inc.(b)		1,168,952
	10,800	Mondelez International, Inc., Class A(a)		275,076
	2,900	Monster Beverage Corp.(a)		153,352
	29,400	PepsiCo, Inc.(a)		2,011,842
	41,710	Philip Morris International, Inc.(a)		3,488,623
	23,420	Procter & Gamble Co. (The)(a)		1,589,984
	4,900	Reynolds American, Inc.(a)		203,007
	7,850	Safeway, Inc.(a)(b)		142,007
	6,600	Tyson Foods, Inc., Class A(a)		128,040
	4,150	Universal Corp.(a)(b)		207,127
	8,000	Walgreen Co.(a)		296,080
	21,110	Wal-Mart Stores, Inc.(a)		1,440,335
	2,450	Whole Foods Market, Inc.(a)		223,759
				22,347,903
Energy — 13.1%
	7,490	Apache Corp.(a)		587,965
	5,000	Atwood Oceanics, Inc. †(a)(b)		228,950
	9,980	Cameron International Corp.(a)		563,471
	25,450	Chevron Corp.(a)		2,752,163
	5,290	Concho Resources, Inc.(a)(b)		426,162
	7,500	ConocoPhillips(a)		434,925

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Investments - (Continued)

December 31, 2012

Value

Energy (continued)
	4,300	Diamond Offshore Drilling, Inc.(a)(b)	$	292,228
	8,960	Ensco PLC, Class A(a)		531,149
	3,100	EOG Resources, Inc.(a)		374,449
	30,230	EQT Corp.(a)(b)		1,782,965
	51,740	Exxon Mobil Corp.(a)		4,478,097
	18,300	Halliburton Co.(a)		634,827
	3,800	Helmerich & Payne, Inc.(a)(b)		212,838
	6,500	HollyFrontier Corp.(a)		302,575
	30,200	Kinder Morgan, Inc.(a)		1,066,966
	11,100	Marathon Oil Corp.(a)		340,326
	18,855	Marathon Petroleum Corp.(a)		1,187,865
	7,850	Murphy Oil Corp.(a)(b)		467,468
	12,340	National Oilwell Varco, Inc.(a)		843,439
	14,820	Occidental Petroleum Corp.(a)		1,135,360
	16,130	Phillips 66(a)		856,503
	18,200	Royal Dutch Shell PLC ADR, Class A(b)		1,254,890
	4,900	Schlumberger, Ltd.(a)		339,521
	37,700	Seadrill, Ltd.(b)		1,387,360
	7,100	Valero Energy Corp.(a)		242,252
				22,724,714
Financials — 17.1%
	4,300	American Express Co.(a)		247,164
	6,450	American Financial Group, Inc.		254,904
	5,200	American International Group, Inc. †(a)		183,560
	10,790	American Tower Corp., Class A(a)		833,743
	13,890	Ameriprise Financial, Inc.(a)(b)		869,931
	19,800	Apartment Investment & Management Co., Class A(a)		535,788
	5,200	Assurant, Inc.(a)		180,440
	12,650	BancorpSouth, Inc.(a)(b)		183,931
	61,800	Bank of America Corp.		716,880
	18,980	Berkshire Hathaway, Inc., Class B(a)		1,702,506
	7,400	BlackRock, Inc., Class A(a)		1,529,654
	3,400	Boston Properties, Inc.(a)(b)		359,754
	21,940	Capital One Financial Corp.(a)		1,270,984
	12,100	Charles Schwab Corp. (The)(a)(b)		173,756
	5,200	Chubb Corp. (The)(a)		391,664
	29,600	Citigroup, Inc.(a)		1,170,976
	7,300	CNA Financial Corp.(a)		204,473
	6,338	Commerce Bancshares, Inc.(a)(b)		222,210

Value

Financials (continued)
	19,000	Cullen/Frost Bankers, Inc.(b)	$	1,031,130
	7,450	Discover Financial Services(a)		287,198
	8,600	Equity One, Inc.(a)		180,686
	13,800	Fifth Third Bancorp(a)		209,622
	1,500	Franklin Resources, Inc.(a)		188,550
	4,000	Goldman Sachs Group, Inc. (The)		510,240
	14,610	Hartford Financial Services Group, Inc.(a)		327,848
	46,930	Huntington Bancshares, Inc.(a)		299,883
	9,000	International Bancshares Corp.(a)(b)		162,450
	31,900	Invesco, Ltd.(a)		832,271
	81,090	JPMorgan Chase & Co.(a)		3,565,527
	6,800	Legg Mason, Inc.(b)		174,896
	6,000	Leucadia National Corp.(a)(b)		142,740
	19,450	Lincoln National Corp.(a)(b)		503,755
	2,680	M&T Bank Corp.(a)(b)		263,900
	22,410	MetLife, Inc.(a)		738,185
	33,750	NASDAQ OMX Group, Inc. (The)(a)		844,088
	91,000	New York Community Bancorp, Inc.(b)		1,192,100
	8,700	Platinum Underwriters Holdings, Ltd.(a)		400,200
	17,330	PNC Financial Services Group, Inc.(a)		1,010,512
	3,600	Prudential Financial, Inc.(a)		191,988
	13,020	Raymond James Financial, Inc.(a)		501,661
	27,280	Regions Financial Corp.(a)		194,234
	3,000	Reinsurance Group of America, Inc., Class A(a)		160,560
	2,400	RenaissanceRe Holdings, Ltd.(a)		195,024
	5,000	State Street Corp.(a)		235,050
	7,800	SunTrust Banks, Inc.(a)		221,130
	10,800	U.S. Bancorp(a)		344,952
	9,300	Unum Group(a)		193,626
	98,230	Wells Fargo & Co.(a)		3,357,501
	7,700	XL Group PLC, Class A(a)		192,962
				29,686,787
Health Care — 13.4%
	42,510	Abbott Laboratories(a)		2,784,404
	4,600	Aetna, Inc.(a)(b)		212,980
	5,000	Agilent Technologies, Inc.(a)		204,700
	1,700	Alexion Pharmaceuticals, Inc. †(a)		159,477

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Investments - (Continued)

December 31, 2012

Value

Health Care (continued)
	4,100	Allergan, Inc.(a)	$	376,093
	4,700	AmerisourceBergen Corp., Class A(a)(b)		202,946
	5,700	Amgen, Inc.(a)		492,024
	4,270	Baxter International, Inc.(a)		284,638
	2,000	Biogen Idec, Inc.(a)		293,340
	7,110	BioMarin Pharmaceutical, Inc.(a)		350,168
	35,000	Boston Scientific Corp. †(a)		200,550
	6,600	Bristol-Myers Squibb Co.(a)(b)		215,094
	4,400	Cardinal Health, Inc.(a)		181,192
	5,200	Catamaran Corp.(a)		244,972
	5,300	Celgene Corp. †(a)		417,216
	3,200	Cerner Corp.(a)		248,448
	4,150	Cigna Corp.(a)		221,859
	5,000	Covance, Inc. †(a)(b)		288,850
	3,900	Covidien PLC(a)		225,186
	18,700	Elan Corp. PLC ADR †(a)		190,927
	10,400	Eli Lilly & Co.(a)		512,928
	10,670	Express Scripts Holding Co.(a)		576,180
	11,930	Gilead Sciences, Inc.(a)		876,259
	6,360	Hanger, Inc. †(a)(b)		174,010
	13,550	HCA Holdings, Inc.(a)		408,804
	9,250	Hospira, Inc.(a)		288,970
	5,500	Illumina, Inc. †(a)(b)		305,745
	16,500	Johnson & Johnson(a)		1,156,650
	2,450	McKesson Corp.(a)		237,552
	3,570	Medivation, Inc. †(a)(b)		182,641
	7,300	Medtronic, Inc.(a)		299,446
	21,000	Merck & Co., Inc.(a)		859,740
	5,400	Mylan, Inc. †(a)		148,392
	7,100	Novo Nordisk ADR		1,158,791
	6,660	Onyx Pharmaceuticals, Inc. †(a)(b)		503,030
	157,560	Pfizer, Inc.(a)		3,951,604
	456	Prothena Corp. PLC(a)		3,343
	3,210	Regeneron Pharmaceuticals, Inc.(a)		549,135
	3,400	Teleflex, Inc.(a)		242,454
	10,630	Thoratec Corp. †(a)		398,838
	4,000	United Therapeutics Corp.(a)(b)		213,680
	7,300	UnitedHealth Group, Inc.(a)		395,952
	10,300	Valeant Pharmaceuticals International, Inc.(a)		615,631
	2,360	Varian Medical Systems, Inc.(a)(b)		165,766
	4,700	Watson Pharmaceuticals, Inc.(a)		404,200

Value

Health Care (continued)
	3,200	WellCare Health Plans, Inc.(a)	$	155,808
	8,730	WellPoint, Inc.(a)(b)		531,832
	4,300	Zimmer Holdings, Inc.(a)(b)		286,638
				23,399,083
Industrials — 13.0%
	5,300	3M Co.(a)		492,105
	7,000	Babcock & Wilcox Co. (The)(a)		183,400
	14,940	Boeing Co. (The)(a)		1,125,878
	3,500	Carlisle Cos., Inc.(a)		205,660
	17,300	Caterpillar, Inc.(a)		1,549,734
	5,300	Chicago Bridge & Iron Co. NV(a)(b)		245,655
	11,000	Covanta Holding Corp.(a)		202,620
	5,950	Cummins, Inc.(a)		644,683
	18,600	Danaher Corp.(a)		1,039,740
	13,000	Delta Air Lines, Inc.(a)		154,310
	9,000	Deluxe Corp.(a)(b)		290,160
	7,000	Donaldson Co., Inc.(a)		229,880
	24,900	Eaton Corp. PLC(a)		1,349,580
	27,400	Emerson Electric Co.(a)		1,451,104
	5,840	FedEx Corp.(a)		535,645
	1,750	Flowserve Corp.(a)		256,900
	3,150	Gardner Denver, Inc.(a)		215,775
	4,400	General Dynamics Corp.(a)		304,788
	96,510	General Electric Co.(a)		2,025,745
	5,900	Honeywell International, Inc.(a)		374,473
	1	Huntington Ingalls Industries, Inc.(a)		43
	3,150	Illinois Tool Works, Inc.(a)		191,552
	17,500	Ingersoll-Rand PLC(a)		839,300
	3,700	Landstar System, Inc.(a)(b)		194,102
	3,000	Northrop Grumman Corp.(a)(b)		202,740
	7,500	Oshkosh Corp.(a)		222,375
	23,100	PACCAR, Inc.(b)		1,044,351
	2,150	Parker Hannifin Corp.(a)		182,879
	3,710	Precision Castparts Corp.(a)		702,748
	9,850	Raytheon Co.(a)		566,966
	1,900	Rockwell Automation, Inc.(a)		159,581
	4,350	Snap-on, Inc.(a)		343,607
	20,150	Southwest Airlines Co.(a)		206,336
	3,000	Triumph Group, Inc.(a)(b)		195,900
	19,110	Union Pacific Corp.(a)		2,402,509
	6,100	United Parcel Service, Inc., Class B(a)		449,753

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Investments - (Continued)

December 31, 2012

Value

Industrials (continued)
	14,640	United Technologies Corp.(a)	$	1,200,626
	3,700	URS Corp.(a)		145,262
	2,700	Wabtec Corp.(a)		236,358
	1,000	WW Grainger, Inc.(a)(b)		202,370
				22,567,193
Information Technology — 22.3%
	31,600	Accenture PLC, Class A(a)		2,101,400
	15,400	Activision Blizzard, Inc.(a)(b)		163,548
	11,520	Adobe Systems, Inc.(a)		434,074
	14,970	ADTRAN, Inc.(a)(b)		292,514
	14,410	Altera Corp.(a)(b)		496,280
	12,235	Apple, Inc.(a)		6,521,621
	5,070	Atmel Corp.(a)		33,209
	22,890	Broadcom Corp., Class A(a)		760,177
	6,100	CA, Inc.(a)		134,078
	15,000	Cadence Design Systems, Inc.(a)		202,650
	7,000	Check Point Software Technologies, Ltd.(a)(b)		333,480
	34,500	Cisco Systems, Inc.(a)		677,925
	4,990	Citrix Systems, Inc.(a)		328,093
	12,030	Cognizant Technology Solutions Corp., Class A †(a)		890,822
	26,200	Corning, Inc.(a)		330,644
	18,200	Dell, Inc.(a)		184,366
	4,800	Diebold, Inc.(a)		146,928
	7,250	eBay, Inc. †(a)		369,895
	11,000	Electronic Arts, Inc. †(a)(b)		159,830
	30,280	EMC Corp. †(a)		766,084
	1,800	FactSet Research Systems, Inc.(a)(b)		158,508
	30,000	Fidelity National Information Services, Inc.		1,044,300
	7,500	Fortinet, Inc.(a)		158,025
	13,000	Genpact, Ltd.(a)		201,500
	3,360	Google, Inc., Class A †(a)		2,383,483
	9,000	Hewlett-Packard Co.(a)		128,250
	5,650	IAC/InterActiveCorp.(a)		267,245
	32,200	Intel Corp.(a)		664,286
	13,350	International Business Machines Corp.(a)		2,557,192
	31,280	Juniper Networks, Inc.(a)		615,278
	4,300	KLA-Tencor Corp.(a)(b)		205,368
	2,000	LinkedIn Corp., Class A †(a)		229,640
	25,750	LSI Corp.(a)		182,310

Value

Information Technology (continued)
	500	Mastercard, Inc., Class A(a)	$	245,640
	7,190	Maxim Integrated Products, Inc.(a)		211,386
	36,800	Microchip Technology, Inc.(b)		1,199,312
	3,900	MICROS Systems, Inc.(a)		165,516
	93,200	Microsoft Corp.(a)		2,491,235
	5,200	Molex, Inc.(a)(b)		142,116
	35,760	Motorola Solutions, Inc.(a)		1,991,117
	5,700	NetApp, Inc. †(a)		191,235
	9,600	NXP Semiconductor NV(a)		253,152
	42,730	Oracle Corp.(a)		1,423,764
	5,200	Paychex, Inc.(a)(b)		161,928
	4,900	Plantronics, Inc.(a)		180,663
	45,310	QUALCOMM, Inc.(a)		2,810,125
	7,350	Sourcefire, Inc.(a)(b)		347,067
	29,000	STMicroelectronics NV, Class Y(a)(b)		209,960
	4,600	Tech Data Corp.(a)		209,438
	12,000	Teradyne, Inc.(a)(b)		202,680
	9,040	Visa, Inc., Class A(a)		1,370,283
	4,462	VMware, Inc., Class A(a)(b)		420,053
	25,000	Xerox Corp.(a)		170,500
	17,100	Yahoo!, Inc.(a)		340,290
				38,860,463
Materials — 4.8%
	7,060	Albemarle Corp.(a)		438,567
	26,300	Alcoa, Inc.(a)		228,284
	6,100	Bemis Co., Inc.(a)(b)		204,106
	2,340	CF Industries Holdings, Inc.(a)		475,394
	3,660	Ecolab, Inc.(a)		263,154
	3,900	FMC Corp.(a)		228,228
	6,100	Freeport-McMoRan Copper & Gold, Inc.(a)		208,620
	2,700	International Flavors & Fragrances, Inc.(a)(b)		179,658
	4,200	International Paper Co.(a)		167,328
	12,000	Louisiana-Pacific Corp.(a)		231,840
	15,200	LyondellBasell Industries NV, Class A(a)		867,768
	5,300	MeadWestvaco Corp.(a)		168,911
	5,800	Monsanto Co.(a)		548,970
	6,060	PPG Industries, Inc.(a)		820,221
	3,850	Praxair, Inc.(a)(b)		421,383
	5,100	Sensient Technologies Corp.(a)		181,356
	1,200	Sherwin-Williams Co. (The)(a)		184,584

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Investments - (Continued)

December 31, 2012

Value

Materials (continued)
	42,481	Southern Copper Corp.(b)	$	1,608,331
	5,700	United States Steel Corp.(a)(b)		136,059
	3,600	Valspar Corp.(a)		224,640
	21,900	Weyerhaeuser Co.(a)		609,258
				8,396,660
Telecommunication Services — 3.5%
	81,570	AT&T, Inc.(a)		2,749,725
	18,109	CenturyLink, Inc.(a)(b)		708,424
	72,820	Frontier Communications Corp.(a)(b)		311,670
	6,920	SBA Communications Corp., Class A(a)(b)		491,458
	10,000	Telephone & Data Systems, Inc.(a)(b)		221,400
	4,700	United States Cellular Corp. †(a)(b)		165,628
	31,640	Verizon Communications, Inc.(a)		1,369,063
				6,017,368
Utilities — 5.2%
	15,000	AES Corp. (The)(a)		160,500
	13,100	Ameren Corp.(a)		402,432
	7,100	American Electric Power Co., Inc.(a)		303,028
	5,000	American Water Works Co., Inc.(a)		185,650
	11,440	Dominion Resources, Inc.(a)(b)		592,592
	3,500	DTE Energy Co.(a)		210,175
	5,300	Duke Energy Corp.(a)		338,140
	21,260	Edison International(a)(b)		960,739
	6,100	Exelon Corp.(a)		181,414
	9,100	Great Plains Energy, Inc.(a)		184,821
	5,700	IDACORP, Inc.(b)		247,095
	13,830	ITC Holdings Corp.(a)(b)		1,063,665
	24,300	NextEra Energy, Inc.(a)		1,681,317
	9,500	NRG Energy, Inc.(a)		218,405
	23,700	ONEOK, Inc.		1,013,175
	3,800	Pinnacle West Capital Corp.(a)(b)		193,724
	21,940	PPL Corp.(a)(b)		628,142
	11,500	Public Service Enterprise Group, Inc.(a)		351,900
	4,050	Southern Co. (The)(a)(b)		173,381
				9,090,295
Total Common Stock
(Cost $167,954,972)				207,899,421

Value

SHORT-TERM INVESTMENTS — 16.9%
	27,847,290	Northern Institutional Liquid Asset Portfolio, 0.010% (c)(d)	$	27,847,290
	1,556,014	Northern Trust Institutional Government Select Portfolio, 0.010% (d)		1,556,014

Total Short-Term Investments
(Cost $29,403,304)				29,403,304

Total Investments — 136.3%
(Cost $197,358,276)				237,302,725
Other Assets & Liabilities, Net — (36.3)%				(63,198,106	)

NET ASSETS — 100.0%			$	174,104,619

†	Non-income producing security.

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

(b)	This security or a partial position of this security is on loan at December 31, 2012. The total market value of securities on loan at December 31, 2012 was $26,550,859 (Note 6).

(c)	This security was purchased with cash collateral held from securities on loan. The total value of such security at December 31, 2012 was $27,847,290 (Note 6).

(d)	Rate shown is the 7-day effective yield as of December 31, 2012.

ADR — American Depositary Receipt

Ltd. — Limited

PLC — Public Limited Company

As of December 31, 2012, all of the Portfolio’s investments in securities were considered Level 1. For the year ended December 31, 2012, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the year ended December 31, 2012, there have been no transfers between Level 2 and Level 3 assets and liabilities. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Securities Sold Short

December 31, 2012

Shares			Value
SECURITIES SOLD SHORT — (20.3)%
Consumer Discretionary — (2.9)%
	4,500	AMC Networks, Inc., Class A †	$	222,750
	2,650	Bed Bath & Beyond, Inc.		148,162
	2,900	BorgWarner, Inc.		207,698
	2,140	Buffalo Wild Wings, Inc.		155,835
	3,350	Choice Hotels International, Inc.		112,627
	2,370	Darden Restaurants, Inc.		106,816
	4,250	DIRECTV †		213,180
	2,800	DSW, Inc., Class A		183,932
	2,500	Family Dollar Stores, Inc.		158,525
	4,970	Gap, Inc. (The)		154,269
	8,800	Gentex Corp.		165,616
	7,100	Guess, Inc.		174,234
	6,900	Hanesbrands, Inc.		247,158
	5,200	Hyatt Hotels Corp., Class A †		200,564
	17,450	J.C. Penney Co., Inc.		343,939
	4,550	Life Time Fitness, Inc. †		223,906
	3,900	Luxottica Group ADR		161,265
	4,030	Macy's, Inc.		157,251
	3,000	Mohawk Industries, Inc.		271,409
	2,890	Nordstrom, Inc.		154,615
	6,100	Rent-A-Center, Inc., Class A		209,596
	14,840	Saks, Inc. †		155,968
	6,300	Sally Beauty Holdings, Inc.		148,491
	5,600	Sotheby's		188,272
	2,460	Tiffany & Co.		141,056
	7,860	Under Armour, Inc., Class A		381,445
	5,400	Valassis Communications, Inc.		139,212
				5,127,791
Consumer Staples — (1.8)%
	7,000	Archer-Daniels-Midland Co.		191,730
	2,600	Energizer Holdings, Inc.		207,948
	6,970	General Mills, Inc.		281,658
	10,280	HJ Heinz Co.		592,950
	2,500	Kellogg Co.		139,625
	3,000	Ralcorp Holdings, Inc.		268,950
	2,500	Reynolds American, Inc.		103,575
	8,000	SABMiller PLC ADR		374,320
	15,700	Sysco Corp.		497,062
	8,240	Tootsie Roll Industries, Inc.		213,581
	3,770	Walgreen Co.		139,528
	1,610	Whole Foods Market, Inc.		147,041
				3,157,968

Value

Energy — (1.6)%
	30,960	Chesapeake Energy Corp.	$	514,555
	10,100	ConocoPhillips		585,700
	5,800	FMC Technologies, Inc. †		248,414
	4,900	Kinder Morgan, Inc.		173,117
	23,200	Kodiak Oil & Gas Corp.		205,320
	13,920	Northern Oil and Gas, Inc. †		234,134
	3,000	Range Resources Corp.		188,490
	1,800	SEACOR Holdings, Inc.		150,840
	7,400	Southwestern Energy Co.		247,234
	9,200	Ultra Petroleum Corp.		166,796
				2,714,600
Financials — (2.7)%
	2,300	Affiliated Managers Group, Inc.		299,345
	4,500	Alexander & Baldwin, Inc. †		132,165
	9,860	Annaly Capital Management, Inc.		138,434
	3,400	Aon PLC		189,040
	7,400	BankUnited, Inc.		180,856
	32,530	BGC Partners, Inc., Class A		112,554
	6,600	Brown & Brown, Inc.		168,036
	15,860	CNO Financial Group, Inc.		147,974
	6,850	Eaton Vance Corp.		218,173
	5,000	First Republic Bank		163,900
	5,100	Hancock Holding Co.		161,874
	2,600	Health Care REIT, Inc.		159,354
	31,790	Janus Capital Group, Inc.		270,851
	16,870	Northern Trust Corp.		846,198
	6,800	Omega Healthcare Investors, Inc.		162,180
	8,300	Progressive Corp. (The)		175,130
	25,470	Protective Life Corp.		727,933
	3,500	SL Green Realty Corp.		268,275
	2,160	T Rowe Price Group, Inc.		140,681
				4,662,953
Health Care — (2.8)%
	2,700	Allergan, Inc.		247,671
	9,600	AmerisourceBergen Corp., Class A		414,528
	1,490	Amgen, Inc.		128,617
	3,950	Becton Dickinson and Co.		308,851
	1,800	Bio-Rad Laboratories, Inc., Class A †		189,090
	13,360	Bristol-Myers Squibb Co.		435,401
	8,400	Brookdale Senior Living, Inc., Class A †		212,688

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Securities Sold Short - (Continued)

December 31, 2012

Value

Health Care (continued)
	5,900	Charles River Laboratories International, Inc. †	$	221,073
	1,900	DaVita HealthCare Partners, Inc. †		210,007
	3,500	Gilead Sciences, Inc.		257,075
	2,450	IDEXX Laboratories, Inc.		227,360
	11,300	Immunogen, Inc.		144,075
	3,090	Johnson & Johnson		216,609
	2,650	Laboratory Corp. of America Holdings †		229,543
	4,800	Life Technologies Corp.		235,584
	7,000	Owens & Minor, Inc.		199,570
	4,500	Quest Diagnostics, Inc.		262,215
	8,170	St. Jude Medical, Inc.		295,264
	6,050	VCA Antech, Inc. †		127,353
	5,550	Warner Chilcott PLC, Class A		66,822
	2,000	Waters Corp.		174,240
				4,803,636
Industrials — (2.7)%
	1,650	3M Co.		153,203
	4,800	Armstrong World Industries, Inc.		243,504
	5,500	B/E Aerospace, Inc.		271,700
	7,700	Corrections Corp. of America		273,119
	2,000	Deere & Co.		172,840
	6,780	Fastenal Co.		316,558
	4,000	General Dynamics Corp.		277,080
	8,400	Granite Construction, Inc.		282,408
	7,077	Iron Mountain, Inc.		219,741
	4,100	JB Hunt Transport Services, Inc.		244,811
	5,360	Kennametal, Inc.		214,400
	4,510	Northrop Grumman Corp.		304,786
	5,250	Owens Corning		194,198
	8,180	PACCAR, Inc.		369,817
	1,000	Precision Castparts Corp.		189,420
	3,900	Rockwell Collins, Inc.		226,863
	2,500	Stericycle, Inc. †		233,175
	9,000	United Continental Holdings, Inc.		210,420
	4,500	Verisk Analytics, Inc., Class A		229,500
				4,627,543
Information Technology — (3.3)%
	17,400	ARM Holdings PLC ADR		658,241
	4,700	Arrow Electronics, Inc. †		178,976
	6,710	Autodesk, Inc.		237,199
	10,710	CA, Inc.		235,406

Value

Information Technology (continued)
	2,800	Citrix Systems, Inc.	$	184,100
	2,700	Concur Technologies, Inc. †		182,304
	7,800	Cree, Inc.		265,044
	7,500	Jabil Circuit, Inc.		144,675
	6,810	KLA-Tencor Corp.		325,246
	6,860	MKS Instruments, Inc.		176,851
	9,500	NCR Corp.		242,060
	3,410	NetSuite, Inc. †		229,493
	5,500	SanDisk Corp.		239,580
	6,200	Silicon Laboratories, Inc.		259,222
	4,000	Solera Holdings, Inc.		213,880
	31,900	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		547,403
	9,480	Texas Instruments, Inc.		293,311
	4,200	VeriFone Systems, Inc.		124,656
	6,000	VeriSign, Inc.		232,920
	1,900	VMware, Inc., Class A		178,866
	8,720	Western Digital Corp.		370,513
	10,500	Western Union Co. (The)		142,905
	5,200	Zebra Technologies Corp., Class A		204,256
				5,867,107
Materials — (1.0)%
	7,000	Allied Nevada Gold Corp.		210,910
	7,120	EI du Pont de Nemours & Co.		320,187
	2,900	Martin Marietta Materials, Inc.		273,412
	2,200	Praxair, Inc.		240,790
	2,500	Royal Gold, Inc.		203,275
	1,560	Sherwin-Williams Co. (The)		239,959
	4,000	Silgan Holdings, Inc.		166,360
	5,800	Sonoco Products Co.		172,434
				1,827,327
Telecommunication Services — (0.5)%
	10,400	America Movil SAB de CV ADR, Ser L		240,656
	2,500	Crown Castle International Corp.		180,400
	5,000	Level 3 Communications, Inc.		115,550
	5,000	tw telecom, Inc., Class A †		127,350
	25,950	Windstream Corp.		214,866
				878,822
Utilities — (1.0)%
	3,600	AGL Resources, Inc.		143,892
	1,600	Cia de Saneamento Basico do Estado de Sao Paulo ADR		133,712

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Schedule of Securities Sold Short - (Continued)

December 31, 2012

Value

Utilities (continued)
	3,000	ITC Holdings Corp.	$	230,730
	9,600	MDU Resources Group, Inc.		203,904
	8,050	National Fuel Gas Co.		408,055
	3,200	OGE Energy Corp.		180,192
	5,190	Public Service Enterprise Group, Inc.		158,814
	6,500	UGI Corp.		212,615
				1,671,914

Securities Sold Short
(Proceeds $32,439,322)			$	35,339,661

Percentages are based on Net Assets of $174,104,619.

†	Non-income producing security.

ADR — American Depositary Receipt

Ltd. — Limited

PLC— Public Limited Company

REIT — Real Estate Investment Trust

As of December 31, 2012, all of the Fund’s securities sold short were considered Level 1. For the year ended December 31, 2012, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the year ended December 31, 2012, there have been no transfers between Level 2 and Level 3 assets and liabilities. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Statements of Assets and Liabilities

December 31, 2012

	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)	$	213,011,886	*	$	54,596,472	*	$	10,413,311	*	$	9,685,642	*	$	174,223,316	*	$	237,302,725	*
Receivable for investment securities sold		586,923			74,205			—			—			2,033,864			196,325
Dividends and interest receivable		132,457			50,023			2,538			14,458			182,480			192,042
Receivable for Portfolio shares sold		378,635			40,447			—			7,950			170,158			—
Dividend reclaim receivable		—			—			—			—			—			27
Receivable from Adviser (Note 3)		—			—			85			—			—			—
Prepaid expenses and other assets		18,637			14,305			13,519			13,519			27,359			21,564
Total Assets		214,128,538			54,775,452			10,429,453			9,721,569			176,637,177			237,712,683

LIABILITIES:
Securities sold short, at value		—			—			—			—			—			35,339,661
Payable upon return on securities loaned		26,397,533			9,489,195			3,153,425			—			15,766,844			27,847,290
Payable for investment securities purchased		545,433			129,697			11,363			—			589,205			87,794
Payable for Portfolio shares redeemed		297,613			66,100			4,432			5,999			160,311			1,179
Investment advisory fees payable (Note 3)		118,039			28,283			5,112			7,064			13,644			161,516
Distribution fees payable (Note 4)		22,249			9,352			3,460			2,128			31,283			15,232
Shareholder Service fees payable (Note 4)		25,287			1,792			—			335			16,339			1,518
Administration fees payable		11,017			2,640			421			564			9,550			10,282
Directors’ fees payable		3,913			934			147			197			3,398			3,649
Dividends payable on securities sold short		—			—			—			—			—			26,292
Cash overdraft		—			—			—			—			191,071			—
Accrued expenses and other payables		114,624			27,427			10,702			10,412			91,844			113,651
Total Liabilities		27,535,708			9,755,420			3,189,062			26,699			16,873,489			63,608,064

NET ASSETS	$	186,592,830		$	45,020,032		$	7,240,391		$	9,694,870		$	159,763,688		$	174,104,619

NET ASSETS consist of:
Paid-in capital	$	152,014,791		$	53,316,680		$	6,709,348		$	10,521,497		$	133,702,460		$	145,406,958
Undistributed net investment income/(accumulated net investment loss)		12,246			6,444			38,906			(32,028	)		461,031			(3	)
Accumulated net realized gain/(loss) on investments sold and securities sold short		1,482,570			(12,632,013	)		(337,704	)		(1,928,289	)		(44,664,660	)		(8,346,446	)
Net unrealized appreciation of investments and securities sold short		33,083,223			4,328,921			829,841			1,133,690			70,264,857			37,044,110
NET ASSETS	$	186,592,830		$	45,020,032		$	7,240,391		$	9,694,870		$	159,763,688		$	174,104,619

Investments in securities, at cost (Note 2)	$	153,531,130		$	40,778,356		$	6,430,045		$	8,551,952		$	88,191,615		$	169,510,986
Securities on Loan		26,397,533			9,489,195			3,153,425			—			15,766,844			27,847,290
Securities sold short, proceeds receivable		—			—			—			—			—			32,439,322

* Includes Market Value of Securities on Loan	$	26,432,210		$	9,367,300		$	3,154,548		$	220,721		$	15,628,179		$	26,550,859

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

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Statements of Assets and Liabilities - (Continued)

December 31, 2012

	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	$	100,852,963	$	44,219,971	$	7,225,428	$	9,641,065	$	107,888,023		$	74,999,100
(50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)†
Institutional Class shares	$	85,739,867	$	800,061	$	14,963	$	53,805	$	50,632,942		$	99,105,519
(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	$	127			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	$	1,242,596			N/A
(50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)

SHARES OUTSTANDING:
Investment Class shares		2,906,453		2,787,867		400,082		554,079		8,682,744			8,988,861
Institutional Class shares		2,385,536		50,361		792		3,061		4,078,485			11,822,049
Qualified Class shares		N/A		N/A		N/A		N/A		10			N/A
Horace Mann Class shares		N/A		N/A		N/A		N/A		100,233			N/A

INVESTMENT CLASS SHARES:
Net asset value, offering and redemption price per share	$	34.70	$	15.86	$	18.06	$	17.40	$	12.43		$	8.34

INSTITUTIONAL CLASS SHARES:
Net asset value, offering and redemption price per share	$	35.94	$	15.89	$	18.89	$	17.58	$	12.41		$	8.38

QUALIFIED CLASS SHARES:
Net asset value, offering and redemption price per share		N/A		N/A		N/A		N/A	$	12.64	*		N/A

HORACE MANN CLASS SHARES:
Net asset value, offering and redemption price per share		N/A		N/A		N/A		N/A	$	12.40			N/A

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

*	Difference in net asset value recalculation and net asset value stated is caused by rounding differences.

N/A — Not Applicable. Share classes currently not offered.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Statements of Operations

For the Year Ended December 31, 2012

	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	$	2,902,094		$	980,581		$	129,698		$	241,922		$	3,629,320		$	5,202,534
Interest		275			71			4			5			3,318			56
Income from Security Lending		79,817			7,600			12,442			4,382			71,708			134,761
Foreign taxes withheld		(5,560	)		(6,315	)		(93	)		(63	)		(192	)		(26,177	)
Total income		2,976,626			981,937			142,051			246,246			3,704,154			5,311,174
EXPENSES:
Investment advisory fee (Note 3)		1,393,647			298,212			59,919			76,593			160,525			1,764,013
Investment advisory fee waiver recapture (Note 3)		—			—			—			—			—			14,634
Distribution (12b-1) fees (Note 4)
Investment Class		259,752			97,293			16,186			22,386			259,432			198,205
Horace Mann Class		N/A			N/A			N/A			N/A			3,503			N/A
Shareholder Service fees (Note 4)
Investment Class		95,874			14,416			6,608			7,235			63,652			27,497
Institutional Class		44,959			634			28			84			35,793			104
Administration and accounting fees (Note 3)		130,074			27,833			4,934			6,308			112,367			123,481
Directors' fees and expenses (Note 3)		35,953			7,526			1,373			1,752			31,134			34,389
Transfer agent fees (Note 3)		147,736			14,848			5,315			6,564			77,250			42,490
Professional fees		101,190			22,564			3,808			4,868			87,383			95,151
Printing fees		39,276			8,518			2,428			4,880			32,026			29,575
Registration and filing fees		34,445			27,626			27,922			26,706			54,619			39,401
Custodian fees (Note 3)		39,112			9,874			2,079			716			33,110			45,814
Dividend expense on securities sold short		—			—			—			—			—			877,089
Interest expense for securities sold short		—			—			—			—			—			440,492
Other		34,433			10,452			8,139			7,916			52,148			36,833
Total expenses		2,356,451			539,796			138,739			166,008			1,002,942			3,769,168
Fees waived by investment Adviser (Note 3)		—			—			(34,426	)		(30,950	)		—			(48,140	)
Fees paid indirectly (Note 4)		(3,202	)		(4,969	)		(972	)		(885	)		(244	)		(19,546	)
Net expenses		2,353,249			534,827			103,341			134,173			1,002,698			3,701,482
Net investment income		623,377			447,110			38,710			112,073			2,701,456			1,609,692
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND SECURITIES SOLD SHORT (NOTES 2 and 5):
Net realized gain/(loss) from:
Investments		17,311,562			2,505,781			563,911			689,932			4,299,258			11,233,827
Securities sold short		—			—			—			—			—			(2,323,357	)
Net change in unrealized appreciation/(depreciation) on:
Investments		5,203,680			2,460,131			306,564			652,206			15,612,259			14,852,237
Securities sold short		—			—			—			—			—			(2,392,162	)
Net realized and unrealized gain on investments and securities sold short		22,515,242			4,965,912			870,475			1,342,138			19,911,517			21,370,545
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,138,619		$	5,413,022		$	909,185		$	1,454,211		$	22,612,973		$	22,980,237

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, 2012

	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	$	623,377		$	447,110		$	38,710		$	112,073		$	2,701,456		$	1,609,692
Net realized gain on investments and securities sold short		17,311,562			2,505,781			563,911			689,932			4,299,258			8,910,470
Net change in unrealized appreciation on investments and securities sold short		5,203,680			2,460,131			306,564			652,206			15,612,259			12,460,075
Net increase in net assets resulting from operations		23,138,619			5,413,022			909,185			1,454,211			22,612,973			22,980,237
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income:
Investment Class shares		(207,623	)		(436,965	)		—			(122,348	)		(1,516,208	)		(760,719	)
Institutional Class shares		(414,871	)		(9,553	)		—			(754	)		(820,042	)		(1,293,440	)
Qualified Class shares		N/A			N/A			N/A			N/A			(2	)		N/A
Horace Mann Class shares		N/A			N/A			N/A			N/A			(17,537	)		N/A
Net Realized Capital Gains:
Investment Class shares		(3,063,311	)		—			—			—			—			(1,929,117	)
Institutional Class shares		(2,497,458	)		—			—			—			—			(2,509,275	)
Total Distributions to Shareholders		(6,183,263	)		(446,518	)		—			(123,102	)		(2,353,789	)		(6,492,551	)
CAPITAL STOCK TRANSACTIONS (DOLLARS):								��
Investment Class shares:
Shares sold		11,793,130			13,519,969			786,424			1,624,892			11,067,308			63,126
Shares issued as reinvestment of distributions		3,172,026			420,868			—			118,798			1,464,906			2,687,099
Shares redeemed		(18,467,813	)		(5,541,689	)		(1,281,207	)		(2,219,348	)		(17,517,591	)		(15,416,348	)
Net increase/(decrease) in net assets from Investment Class share transactions		(3,502,657	)		8,399,148			(494,783	)		(475,658	)		(4,985,377	)		(12,666,123	)
Institutional Class shares:
Shares sold		19,163,786			65,848			10,209			14,151			3,190,784			878,374
Shares issued as reinvestment of distributions		1,588,657			8,333			—			703			809,809			3,802,713
Shares redeemed		(16,685,654	)		(161,013	)		(10,419	)		(52,016	)		(10,400,423	)		(7,533,378	)
Net increase/(decrease) in net assets from Institutional Class share transactions		4,066,789			(86,832	)		(210	)		(37,162	)		(6,399,830	)		(2,852,291	)
Qualified Class shares:
Shares sold		N/A			N/A			N/A			N/A			—			N/A
Shares issued as reinvestment of distributions		N/A			N/A			N/A			N/A			1			N/A
Shares redeemed		N/A			N/A			N/A			N/A			—			N/A
Net increase in net assets from Qualified Class share transactions		N/A			N/A			N/A			N/A			1			N/A
Horace Mann Class shares:
Shares sold		N/A			N/A			N/A			N/A			38,750			N/A
Shares issued as reinvestment of distributions		N/A			N/A			N/A			N/A			17,537			N/A
Shares redeemed		N/A			N/A			N/A			N/A			(71,640	)		N/A
Net decrease in net assets from Horace Mann Class share transactions		N/A			N/A			N/A			N/A			(15,353	)		N/A
Net increase/(decrease) in net assets from capital stock transactions		564,132			8,312,316			(494,993	)		(512,820	)		(11,400,559	)		(15,518,414	)
Net increase in net assets		17,519,488			13,278,820			414,192			818,289			8,858,625			969,272

N/A — Not Applicable. Share classes currently not offered.

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, 2012

	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	$	169,073,342		$	31,741,212		$	6,826,199		$	8,876,581		$	150,905,063		$	173,135,347
End of year	$	186,592,830		$	45,020,032		$	7,240,391		$	9,694,870		$	159,763,688		$	174,104,619
Undistributed net investment income/(accumulated net investment loss) at end of year	$	12,246		$	6,444		$	38,906		$	(32,028	)	$	461,031		$	(3	)

CAPITAL SHARE TRANSACTIONS:
Investment Class shares:
Shares sold		331,181			883,883			45,393			97,624			917,410			7,296
Shares issued as reinvestment of distributions		92,654			26,996			—			6,951			119,878			322,809
Shares redeemed		(525,217	)		(363,633	)		(73,894	)		(135,097	)		(1,459,038	)		(1,830,002	)
Net increase/(decrease) in Investment Class shares outstanding		(101,382	)		547,246			(28,501	)		(30,522	)		(421,750	)		(1,499,897	)

Institutional Class shares:
Shares sold		524,356			4,343			563			843			265,860			106,110
Shares issued as reinvestment of distributions		44,711			534			—			41			66,324			454,631
Shares redeemed		(457,410	)		(10,396	)		(560	)		(3,206	)		(854,070	)		(886,522	)
Net increase/(decrease) in Institutional Class shares outstanding		111,657			(5,519	)		3			(2,322	)		(521,886	)		(325,781	)

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

Horace Mann Class shares:
Shares sold		N/A			N/A			N/A			N/A			3,232			N/A
Shares issued as reinvestment of distributions		N/A			N/A			N/A			N/A			1,439			N/A
Shares redeemed		N/A			N/A			N/A			N/A			(5,967	)		N/A
Net decrease in Horace Mann Class shares outstanding		N/A			N/A			N/A			N/A			(1,296	)		N/A

N/A — Not Applicable. Share classes currently not offered.

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			(12,754	)		N/A
Net decrease in Horace Mann Class shares outstanding		N/A			N/A			N/A			N/A			(7,716	)		N/A

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

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Statement of Cash Flows

For the Year Ended December 31, 2012

	WILSHIRE LARGE CAP CORE PLUS FUND
INCREASE (DECREASE) IN CASH
Cash Flows From Operating Activities:
Net increase in net assets from operations	$	22,980,237
Adjustments to reconcile net increase in net assets from operations to net cash provided by in operating activities:
Purchases of investment securities		(194,205,683	)
Proceeds from disposition of investment securities		190,670,979
Purchases to cover securities sold short		(60,770,149	)
Proceeds from securities sold short		56,742,255
Net realized (gain)/loss from:
Investments		(11,233,827	)
Securities sold short		2,323,357
Net change in unrealized (appreciation)/depreciation on:
Investments		(14,852,237	)
Securities sold short		2,392,162
Decrease in dividends and interest receivable		84,647
Decrease in reimbursements from advisor		36,752
Increase in prepaid expenses and other assets		(2,924	)
Decrease in dividend reclaim receivable		208
Increase in payable upon return of securities loaned		27,847,290
Increase in investment advisory fees payable		16,268
Decrease in distribution (12b-1) fees payable		(2,108	)
Decrease in service fees payable		(2,017	)
Increase in administration fees payable		115
Increase in trustees' fees payable		1,071
Decrease in dividends payable on securities sold short		(18,317	)
Decrease in chief compliance officer expenses payable		(909	)
Decrease accrued expenses and other payables		(804	)
Net cash provided by operating activities		22,006,366

Cash Flows From Financing Activities:
Proceeds from shares sold		954,451
Payments on shares redeemed		(22,958,395	)
Distributions to shareholders*		(2,739	)
Net cash flows used in financing activities		(22,006,683	)
Net decrease in cash		(317	)

Cash at beginning of year		317
Cash at end of year	$	—

*	Non cash operating activities not included herein consist of reinvestment of dividends and distributions of $6,489,812 and interest paid of $440,492.

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 12/31/2012			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008
Net asset value, beginning of year	$	31.54		$	32.00		$	26.88		$	20.12		$	35.34

Income/(loss) from investment operations:
Net investment income/(loss)1		0.07			(0.09	)		0.01			0.00			(0.09	)
Net realized and unrealized gain/(loss) on investments		4.24			(0.37	)		5.12			6.76			(14.73	)
Total from investment operations		4.31			(0.46	)		5.13			6.76			(14.82	)

Less distributions:
From net investment income		(0.07	)		0.00			(0.01	)		0.00			0.00
Return of capital		0.00			0.00			(0.00	)2		0.00			0.00
From capital gains		(1.08	)		0.00			0.00			0.00			(0.40	)
Total distributions		(1.15	)		0.00			(0.01	)		0.00			(0.40	)

Net asset value, end of year	$	34.70		$	31.54		$	32.00		$	26.88		$	20.12

Total return		13.72	%		(1.44	)%		19.10	%		33.60	%		(41.88	)%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	100,853		$	94,872		$	111,904		$	116,799		$	118,683
Operating expenses including reimbursement/fees paid indirectly		1.39	%		1.41	%		1.42	%		1.43	%		1.43	%
Operating expenses excluding reimbursement/fees paid indirectly3		1.39	%		1.41	%		1.42	%		1.43	%		1.43	%
Net investment income/(loss)		0.20	%		(0.27	)%		0.04	%		(0.02	)%		(0.31	)%
Portfolio turnover rate		71	%		104	%		167	%		84	%		178	%

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

2	Amount is less than $0.01 per share.

3	The ratio of operating expenses excluding reimbursement/waiver for the year ended December 31, 2012, excludes the effect of fees paid indirectly. If this expense offset was included the ratio would have been 1.39%.

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 12/31/2012			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008
Net asset value, beginning of year	$	32.63		$	32.99		$	27.70		$	20.72		$	36.25

Income/(loss) from investment operations:
Net investment income1		0.18			0.03			0.12			0.08			0.02
Net realized and unrealized gain/(loss) on investments		4.38			(0.39	)		5.30			6.98			(15.15	)
Total from investment operations		4.56			(0.36	)		5.42			7.06			(15.13	)

Less distributions:
From net investment income		(0.17	)		0.00			(0.13	)		(0.08	)		0.00
Return of capital		0.00			0.00			(0.00	)2		0.00			0.00
From capital gains		(1.08	)		0.00			0.00			0.00			(0.40	)
Total distributions		(1.25	)		0.00			(0.13	)		(0.08	)		(0.40	)

Net asset value, end of year	$	35.94		$	32.63		$	32.99		$	27.70		$	20.72

Total return		14.04	%		(1.09	)%		19.55	%		34.07	%		(41.70	)%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	85,740		$	74,201		$	82,007		$	89,049		$	81,680
Operating expenses including reimbursement/fees paid indirectly		1.11	%		1.05	%		1.05	%		1.09	%		1.06	%
Operating expenses excluding reimbursement/fees paid indirectly3		1.11	%		1.05	%		1.05	%		1.09	%		1.06	%
Net investment income		0.50	%		0.09	%		0.40	%		0.33	%		0.07	%
Portfolio turnover rate		71	%		104	%		167	%		84	%		178	%

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

2	Amount is less than $0.01 per share.

3	The ratio of operating expenses excluding reimbursement/waiver for the year ended December 31, 2012, excludes the effect of fees paid indirectly. If this expense offset was included the ratio would have been 1.11%.

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 12/31/2012			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008
Net asset value, beginning of year	$	13.82		$	14.42		$	12.78		$	10.02		$	17.51

Income/(loss) from investment operations:
Net investment income1		0.17			0.11			0.07			0.08			0.17
Net realized and unrealized gain/(loss) on investments		2.03			(0.59	)		1.64			2.77			(7.45	)
Total from investment operations		2.20			(0.48	)		1.71			2.85			(7.28	)

Less distributions:
From net investment income		(0.16	)		(0.12	)		(0.07	)		(0.09	)		(0.21	)
Return of capital		0.00			0.00			(0.00	)2		0.00			0.00	2
From capital gains		0.00			0.00			0.00			0.00			0.00	2
Total distributions		(0.16	)		(0.12	)		(0.07	)		(0.09	)		(0.21	)

Net asset value, end of year	$	15.86		$	13.82		$	14.42		$	12.78		$	10.02

Total return		15.92	%		(3.36	)%		13.40	%		28.48	%		(41.55	)%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	44,220		$	30,968		$	33,887		$	30,677		$	24,791
Operating expenses including reimbursement/fees paid indirectly		1.35	%		1.39	%		1.39	%		1.48	%		1.49	%
Operating expenses excluding reimbursement/fees paid indirectly3		1.36	%		1.39	%		1.39	%		1.48	%		1.49	%
Net investment income		1.12	%		0.77	%		0.54	%		0.75	%		1.22	%
Portfolio turnover rate		97	%		140	%		140	%		188	%		183	%

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

2	Amount is less than $0.01 per share.

3	The ratio of operating expenses excluding reimbursement/waiver for the year ended December 31, 2012 excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.35%.

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 12/31/2012			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008
Net asset value, beginning of year	$	13.84		$	14.44		$	12.79		$	10.01		$	17.49

Income/(loss) from investment operations:
Net investment income1		0.20			0.16			0.08			0.10			0.20
Net realized and unrealized gain/(loss) on investments		2.04			(0.58	)		1.66			2.76			(7.45	)
Total from investment operations		2.24			(0.42	)		1.74			2.86			(7.25	)

Less distributions:
From net investment income		(0.19	)		(0.18	)		(0.09	)		(0.08	)		(0.23	)
Return of capital		0.00			0.00			(0.00	)2		0.00			0.00
From capital gains		0.00			0.00			0.00			0.00			0.00	2
Total distributions		(0.19	)		(0.18	)		(0.09	)		(0.08	)		(0.23	)

Net asset value, end of year	$	15.89		$	13.84		$	14.44		$	12.79		$	10.01

Total return		16.18	%		(2.95	)%		13.57	%		28.60	%		(41.41	)%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	800		$	773		$	1,105		$	1,461		$	4,736
Operating expenses including reimbursement/fees paid indirectly		1.14	%		1.00	%		1.27	%		1.36	%		1.30	%
Operating expenses excluding reimbursement/fees paid indirectly3		1.15	%		1.16	%		1.27	%		1.36	%		1.30	%
Net investment income		1.32	%		1.13	%		0.65	%		0.97	%		1.34	%
Portfolio turnover rate		97	%		140	%		140	%		188	%		183	%

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

2	Amount is less than $0.01 per share.

3	The ratio of operating expenses excluding reimbursement/waiver for the year ended December 31, 2012 excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.14%.

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 12/31/2012			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008
Net asset value, beginning of year	$	15.90		$	15.95		$	12.64		$	9.70		$	16.94

Income/(loss) from investment operations:
Net investment income/(loss)1		0.09			(0.14	)		(0.05	)		(0.08	)		(0.10	)
Net realized and unrealized gain/(loss) on investments		2.07			0.09	2		3.36			3.02			(6.56	)
Total from investment operations		2.16			(0.05	)		3.31			2.94			(6.66	)

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

Net asset value, end of year	$	18.06		$	15.90		$	15.95		$	12.64		$	9.70

Total return		13.58	%		(0.31	)%		26.19	%		30.31	%		(39.13	)%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	7,225		$	6,813		$	7,521		$	6,513		$	5,273
Operating expenses including reimbursement/waiver and fees paid indirectly		1.47	%		1.50	%		1.45	%		1.50	%		1.47	%
Operating expenses excluding reimbursement/waiver and fees paid indirectly3		1.97	%		2.02	%		2.18	%		2.41	%		2.07	%
Net investment income/(loss)		0.55	%		(0.85	)%		(0.41	)%		(0.74	)%		(0.66	)%
Portfolio turnover rate		99	%		177	%		83	%		98	%		87	%

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

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

3	The ratio of operating expenses excluding reimbursement/waiver for the year ended December 31, 2012 excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.95%.

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 12/31/2012			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008
Net asset value, beginning of year	$	16.60		$	16.61		$	13.12		$	10.03		$	17.50

Income/(loss) from investment operations:
Net investment income/(loss)1		0.11			(0.12	)		(0.01	)		(0.04	)		(0.06	)
Net realized and unrealized gain/(loss) on investments		2.18			0.11	2		3.50			3.13			(6.83	)
Total from investment operations		2.29			(0.01	)		3.49			3.09			(6.89	)

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

Net asset value, end of year	$	18.89		$	16.60		$	16.61		$	13.12		$	10.03

Total return		13.80	%		(0.06	)%		26.60	%		30.81	%		(39.17	)%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	15		$	13		$	179		$	135		$	154
Operating expenses including reimbursement/waiver and fees paid indirectly		1.28	%		1.23	%		1.15	%		1.18	%		1.24	%
Operating expenses excluding reimbursement/waiver and fees paid indirectly3		1.79	%		1.69	%		1.87	%		2.09	%		1.78	%
Net investment income/(loss)		0.60	%		(0.68	)%		(0.09	)%		(0.43	)%		(0.39	)%
Portfolio turnover rate		99	%		177	%		83	%		98	%		87	%

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

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

3	The ratio of operating expenses excluding reimbursement/waiver for the year ended December 31, 2012, excludes the effect of fees paid indirectly. If this expense offset was included the ratio would have been 1.78%.

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 12/31/2012			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008
Net asset value, beginning of year	$	15.04		$	16.34		$	13.32		$	10.93		$	16.49

Income/(loss) from investment operations:
Net investment income1		0.20			0.00			0.12			0.05			0.09
Net realized and unrealized gain/(loss) on investments		2.38			(1.23	)		3.02			2.44			(5.51	)
Total from investment operations		2.58			(1.23	)		3.14			2.49			(5.42	)

Less distributions:
From net investment income		(0.22	)		(0.07	)		(0.12	)		(0.10	)		(0.14	)
From capital gains		0.00			0.00			0.00			0.00			0.00	2
Total distributions		(0.22	)		(0.07	)		(0.12	)		(0.10	)		(0.14	)

Net asset value, end of year	$	17.40		$	15.04		$	16.34		$	13.32		$	10.93

Total return		17.20	%		(7.54	)%		23.60	%		22.81	%		(32.81	)%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	9,641		$	8,795		$	13,754		$	9,511		$	8,211
Operating expenses including reimbursement/waiver and fees paid indirectly		1.49	%		1.50	%		1.50	%		1.50	%		1.34	%
Operating expenses excluding reimbursement/waiver and fees paid indirectly3		1.84	%		1.90	%		1.87	%		2.01	%		1.94	%
Net investment income/(loss)		1.24	%		(0.02	)%		0.82	%		0.49	%		0.62	%
Portfolio turnover rate		68	%		118	%		89	%		61	%		83	%

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

2	Amount is less than $0.01 per share

3	The ratio of operating expenses excluding reimbursement/waiver for the year ended December 31, 2012, excludes the effect of fees paid indirectly. If this expense offset was included the ratio would have been 1.83%.

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 12/31/2012			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008
Net asset value, beginning of year	$	15.19		$	16.51		$	13.45		$	11.02		$	16.61

Income/(loss) from investment operations:
Net investment income1		0.22			0.09			0.14			0.07			0.12
Net realized and unrealized gain/(loss) on investments		2.42			(1.24	)		3.06			2.48			(5.51	)
Total from investment operations		2.64			(1.15	)		3.20			2.55			(5.39	)

Less distributions:
From net investment income		(0.25	)		(0.17	)		(0.14	)		(0.12	)		(0.20	)
From capital gains		0.00			0.00			0.00			0.00			0.00	2
Total distributions		(0.25	)		(0.17	)		(0.14	)		(0.12	)		(0.20	)

Net asset value, end of year	$	17.58		$	15.19		$	16.51		$	13.45		$	11.02

Total return		17.41	%		(6.95	)%		23.80	%		23.11	%		(32.37	)%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	54		$	82		$	156		$	170		$	441
Operating expenses including reimbursement/waiver and fees paid indirectly		1.31	%		0.94	%		1.29	%		1.30	%		1.00	%
Operating expenses excluding reimbursement/waiver and fees paid indirectly3		1.66	%		1.64	%		1.67	%		1.71	%		1.61	%
Net investment income		1.33	%		0.53	%		0.96	%		0.65	%		0.82	%
Portfolio turnover rate		68	%		118	%		89	%		61	%		83	%

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

2	Amount is less than $0.01 per share.

3	The ratio of operating expenses excluding reimbursement/waiver for the year ended December 31, 2012, excludes the effect of fees paid indirectly. If this expense offset was included the ratio would have been 1.65%.

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 12/31/2012			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008
Net asset value, beginning of year	$	10.93		$	11.05		$	9.61		$	7.67		$	12.42

Income/(loss) from investment operations:
Net investment income1		0.19			0.14			0.13			0.11			0.15
Net realized and unrealized gain/(loss) on investments		1.49			(0.12	)		1.45			1.96			(4.77	)
Total from investment operations		1.68			0.02			1.58			2.07			(4.62	)

Less distributions:
From net investment income		(0.18	)		(0.14	)		(0.14	)		(0.13	)		(0.13	)
Total distributions		(0.18	)		(0.14	)		(0.14	)		(0.13	)		(0.13	)

Net asset value, end of year	$	12.43		$	10.93		$	11.05		$	9.61		$	7.67

Total return		15.36	%		0.21	%		16.44	%		26.98	%		(37.11	)%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	107,888		$	99,545		$	105,019		$	109,304		$	98,032
Operating expenses including reimbursement/fees paid indirectly		0.70	%		0.74	%		0.72	%		0.77	%		0.78	%
Operating expenses excluding reimbursement/fees paid indirectly		0.70	%		0.74	%		0.72	%		0.77	%		0.78	%
Net investment income		1.61	%		1.22	%		1.26	%		1.36	%		1.48	%
Portfolio turnover rate		2	%		9	%		2	%		57	%		52	%

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

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 12/31/2012			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008
Net asset value, beginning of year	$	10.92		$	11.04		$	9.60		$	7.67		$	12.41

Income/(loss) from investment operations:
Net investment income1		0.22			0.16			0.15			0.13			0.17
Net realized and unrealized gain/(loss) on investments		1.47			(0.11	)		1.45			1.95			(4.76	)
Total from investment operations		1.69			0.05			1.60			2.08			(4.59	)

Less distributions:
From net investment income		(0.20	)		(0.17	)		(0.16	)		(0.15	)		(0.15	)
Total distributions		(0.20	)		(0.17	)		(0.16	)		(0.15	)		(0.15	)

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

Total return		15.54	%		0.43	%		16.71	%		27.10	%		(36.95	)%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	50,633		$	50,252		$	53,415		$	66,764		$	55,088
Operating expenses including reimbursement/fees paid indirectly		0.47	%		0.53	%		0.50	%		0.54	%		0.59	%
Operating expenses excluding reimbursement/fees paid indirectly		0.47	%		0.53	%		0.50	%		0.54	%		0.59	%
Net investment income		1.84	%		1.43	%		1.48	%		1.59	%		1.62	%
Portfolio turnover rate		2	%		9	%		2	%		57	%		52	%

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

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 12/31/2012			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008
Net asset value, beginning of year	$	11.09		$	11.03		$	9.59		$	7.67		$	12.42

Income/(loss) from investment operations:
Net investment income1		0.26			0.14			0.13			0.12			0.15
Net realized and unrealized gain/(loss) on investments		1.50			(0.08	)		1.46			1.95			(4.76	)
Total from investment operations		1.76			0.06			1.59			2.07			(4.61	)

Less distributions:
From net investment income		(0.21	)		0.00			(0.15	)		(0.15	)		(0.14	)
Total distributions		(0.21	)		0.00			(0.15	)		(0.15	)		(0.14	)

Net asset value, end of year	$	12.64		$	11.09		$	11.03		$	9.59		$	7.67

Total return		15.93	%3		0.54	%		16.56	%		26.91	%		(37.09	)%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	—	2	$	—	2	$	714		$	614		$	431
Operating expenses including reimbursement/fees paid indirectly		0.00	%3		0.65	%		0.66	%		0.61	%		0.84	%
Operating expenses excluding reimbursement/fees paid indirectly		0.00	%3		0.65	%		0.66	%		0.61	%		0.84	%
Net investment income		2.16	%		1.21	%		1.32	%		1.51	%		1.40	%
Portfolio turnover rate		2	%		9	%		2	%		57	%		52	%

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

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

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

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm Fund

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Year.
	Horace Mann Class Shares
	Year Ended 12/31/2012			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008
Net asset value, beginning of year	$	10.91		$	11.02		$	9.59		$	7.66		$	12.38

Income/(loss) from investment operations:
Net investment income1		0.19			0.13			0.13			0.11			0.15
Net realized and unrealized gain/(loss) on investments		1.48			(0.10	)		1.44			1.95			(4.75	)
Total from investment operations		1.67			0.03			1.57			2.06			(4.60	)

Less distributions:
From net investment income		(0.18	)		(0.14	)		(0.14	)		(0.13	)		(0.12	)
Total distributions		(0.18	)		(0.14	)		(0.14	)		(0.13	)		(0.12	)

Net asset value, end of year	$	12.40		$	10.91		$	11.02		$	9.59		$	7.66

Total return		15.31	%		0.25	%		16.39	%		26.85	%		(37.08	)%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	1,243		$	1,108		$	1,204		$	1,111		$	952
Operating expenses including reimbursement/fees paid indirectly		0.69	%		0.78	%		0.72	%		0.80	%		0.82	%
Operating expenses excluding reimbursement/fees paid indirectly		0.69	%		0.78	%		0.72	%		0.80	%		0.82	%
Net investment income		1.62	%		1.17	%		1.26	%		1.34	%		1.41	%
Portfolio turnover rate		2	%		9	%		2	%		57	%		52	%

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

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire Large Cap Core Plus Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Year.
	Investment Class Shares
	Year Ended 12/31/2012			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008
Net asset value, beginning of year	$	7.63		$	8.09		$	7.37		$	6.23		$	10.12

Income/(loss) from investment operations:
Net investment income1		0.06			0.00	2		0.00	2		0.04			0.02
Net realized and unrealized gain/(loss) on investments		0.96			(0.19	)		0.84			1.13			(3.90	)
Total from investment operations		1.02			(0.19	)		0.84			1.17			(3.88	)

Less distributions:
From net investment income		(0.09	)		(0.06	)		(0.04	)		(0.03	)		(0.01	)
From capital gains		(0.22	)		(0.21	)		(0.08	)		0.00			0.00
Total distributions		(0.31	)		(0.27	)		(0.12	)		(0.03	)		(0.01	)

Net asset value, end of year	$	8.34		$	7.63		$	8.09		$	7.37		$	6.23

Total return		13.36	%		(2.28	)%		11.47	%		18.73	%		(38.31	)%

Ratios to average net assets/supplemental data3:
Net assets, end of year (in 000’s)	$	74,999		$	80,004		$	91,641		$	93,553		$	36,356
Operating expenses including dividends and rebates on securities sold short and interest expense, after expense reimbursement/waiver and fees paid indirectly		2.24	%		2.27	%		2.19	%		2.17	%		2.70	%
Operating expenses including dividends and rebates on securities sold short and interest expense, before expense reimbursement/waiver and fees paid indirectly4		2.29	%		2.33	%		2.23	%		2.33	%		3.79	%
Net investment income/(loss)		0.77	%		0.06	%		0.05	%		0.61	%		0.20	%
Portfolio turnover rate		45	%		134	%		283	%		289	%		175	%

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

2	Amount is less than $0.01 per share.

3	The operating expense ratios reflect the expenses related to investing in securities sold short. Had these expenses been excluded, the expense ratio (after waiver and fees paid indirectly) would have been 1.50% for each of the last five years.

4	The ratio of operating expenses including dividends and rebates on securities sold short and interest expense, before reimbursement/waiver for the year ended December 31, 2012, excludes the effect of fees paid indirectly. If this expense offset was included the ratio would have been 2.28%.

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 Year.
	Institutional Class Shares
	Year Ended 12/31/2012			Year Ended 12/31/2011			Year Ended 12/31/2010			Year Ended 12/31/2009			Year Ended 12/31/2008
Net asset value, beginning of year	$	7.67		$	8.14		$	7.41		$	6.25		$	10.12

Income/(loss) from investment operations:
Net investment income1		0.09			0.02			0.02			0.06			0.04
Net realized and unrealized gain/(loss) on investments		0.95			(0.20	)		0.85			1.14			(3.89	)
Total from investment operations		1.04			(0.18	)		0.87			1.20			(3.85	)

Less distributions:
From net investment income		(0.11	)		(0.08	)		(0.06	)		(0.04	)		(0.02	)
From capital gains		(0.22	)		(0.21	)		(0.08	)		0.00			0.00
Total distributions		(0.33	)		(0.29	)		(0.14	)		(0.04	)		(0.02	)

Net asset value, end of year	$	8.38		$	7.67		$	8.14		$	7.41		$	6.25

Total return		13.63	%		(2.11	)%		11.82	%		19.14	%		(38.09	)%

Ratios to average net assets/supplemental data2:
Net assets, end of year (in 000’s)	$	99,106		$	93,132		$	103,526		$	110,064		$	24,617
Operating expenses including dividends and rebates on securities sold short and interest expense, after expense reimbursement/waiver and fees paid indirectly		1.99	%		2.02	%		1.94	%		1.92	%		2.41	%
Operating expenses including dividends and rebates on securities sold short and interest expense, before expense reimbursement/ waiver and fees paid indirectly3		2.01	%		2.05	%		1.96	%		2.03	%		3.50	%
Net investment income/(loss)		1.03	%		0.32	%		0.30	%		0.85	%		0.49	%
Portfolio turnover rate		45	%		134	%		283	%		289	%		175	%

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

2	The operating expense ratios reflect the expenses related to investing in securities sold short. Had these expenses been excluded, the expense ratio (after waiver and fees paid indirectly) would have been 1.25% for each of the last five years.

3	The ratio of operating expenses including dividends and rebates on securities sold short and interest expense, before reimbursement/waiver for the year ended December 31, 2012, excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 2.00%.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements

December 31, 2012

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 (each a “Portfolio” and collectively the “Portfolios”). 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 (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be material. 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, 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

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

December 31, 2012

domestic markets, foreign markets or foreign currencies; occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant governmental actions; and major announcements affecting a single issuer or an entire market or market sector.

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, 2012, there have been no significant changes to the Portfolios’ fair value methodologies and there have been no transfers between Level 1 and Level 2 assets and liabilities.

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

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, 2012

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

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

Expenses policy – Distribution and Service fees directly attributable to a class of shares are charged to that class’ operations. Expenses of the Portfolios other than Distribution and Service fees are prorated among the classes to which the expense relates based on the relative net assets of each class of shares. Expenses directly attributable to a Portfolio are charged to that Portfolio. Expenses not directly attributable to a Portfolio are allocated proportionately among all Portfolios daily in relation to the net assets of each Portfolio or another reasonable basis. Expenses which are attributable to the Company and the Wilshire Variable Insurance Trust are allocated across the Company and the Wilshire Variable Insurance Trust based upon relative net assets or another reasonable basis. Expenses and fees, including the advisory fees, are accrued daily and taken into account for the purpose of determining the net asset value of each Portfolio’s shares.

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, 2012

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 first $1 billion and 0.65% thereafter for the Large Company Growth Portfolio and Large Company Value Portfolio, 0.85% of average daily net assets for the first $1 billion and 0.75% thereafter for the Small Company Growth Portfolio and Small Company Value Portfolio, 0.10% of the average daily net assets for the first $1 billion and 0.07% thereafter for the Index Fund and 1.00% of the average daily net assets for the first $1 billion and 0.90% thereafter for the 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, 2013 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, 2014. 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, 2012, the amounts of waivers subject to recoupment for Wilshire Large Cap Core Plus Fund were $48,140 expiring in 2015, $75,863 expiring in 2014, $63,981, expiring in 2013. As of December 31, 2012, Wilshire had not recouped any management fees previously waived.

For the year ended December 31, 2012, Wilshire waived advisory fees as follows:

Portfolio	Fees Waived	Fees Recouped
Small Company Growth Portfolio	$34,426	N/A
Small Company Value Portfolio	30,950	N/A
Wilshire Large Cap Core Plus Fund	48,140	14,634

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

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

December 31, 2012

for the Wilshire 5000 IndexSM Fund. Pyramis, TWIN and Santa Barbara each manage a portion of the Wilshire Large Cap Core Plus Fund. As of December 31, 2012, Ranger and NWQ were allocated 0.00% of the assets of the Small Company Growth Portfolio and Small Company Value Portfolio, respectively.

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. 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. For the year ended December 31, 2012, the Company and Wilshire Variable Insurance Trust together paid each independent director an annual retainer of $14,000, an annual additional Board Chair retainer of $12,000, a Board in-person meeting fee of $1,500, a Board telephonic meeting fee of $1,000, an annual Committee Member retainer of $4,000, an annual Committee Chairperson retainer of $8,000 in lieu of the $4,000 Committee Member retainer, and a Committee telephonic meeting fee of $500.

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

The Directors of the Company have adopted shareholder services and/or distribution plans (the “Plans”) pursuant to Rule 12b-1 under the 1940 Act, with respect to the Investment Class Shares of each Portfolio and the Qualified Class Shares of the Wilshire 5000 IndexSM Fund. Under the Plans, each such Portfolio reimburses SEI Investments Distribution Co. (the “Distributor”), at an annual rate of up to 0.25% of the value of the average daily net assets attributable to the Investment Class Shares and Qualified Class Shares of each Portfolio for certain services provided by securities dealers or other financial intermediaries or for certain distribution expenses for the purpose of financing any activity intended to result in the sale of Investment Class Shares or Qualified Class Shares. For the year ended December 31, 2012, the distribution and service fee expenses incurred for each such class of the Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Value Portfolio, Wilshire 5000 IndexSM Fund and Wilshire Large Cap Core Plus was 0.25% of the respective average net assets of each Portfolio. For the year ended December 31, 2012, the distribution and services fee expenses incurred for Investment Class Shares of the Small Company Growth Portfolio was 0.23% 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, 2012, the distribution fees for the Horace Mann Class Shares were 0.29% of average net assets.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

December 31, 2012

In addition, Investment Class Shares and Institutional Class Shares pay the expenses associated with certain shareholder servicing arrangements with third parties, provided that payment of such fees does not exceed in any year 0.20% and 0.15% for the Investment and Institutional Class Shares, respectively, of the average net assets of each class. For the year ended December 31, 2012, the net shareholder service provider fees were as follows (as a percent of average net assets of each class):

Portfolio	Investment Class	Institutional Class
Large Company Growth Portfolio	0.09%	0.05%
Large Company Value Portfolio	0.04%	0.08%
Small Company Growth Portfolio	0.09%	0.14%
Small Company Value Portfolio	0.08%	0.15%
Wilshire 5000 IndexSM Fund	0.06%	0.07%
Wilshire Large Cap Core Plus Fund	0.03%	0.00%

The Directors of the Company have adopted a shareholder services plan with respect to the Qualified Class Shares of the Wilshire 5000 IndexSM Fund 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, 2012, there were no shareholder service provider fees for the Qualified Class Shares.

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

Such commissions for the year ended December 31, 2012 were as follows:

Wilshire Large Company Growth Portfolio	$	3,202
Wilshire Large Company Value Portfolio		4,969
Wilshire Small Company Growth Portfolio		972
Wilshire Small Company Value Portfolio		885
Wilshire 5000 IndexSM Fund		244
Wilshire Large Cap Core Plus Fund		19,546

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

December 31, 2012

5. Securities Transactions.

For the year ended December 31, 2012, aggregate cost of purchases and proceeds from sales of securities, other than short-term investments, short sales and purchases to cover, were as follows:

Portfolio	Purchases		Sales
Large Company Growth Portfolio	$	128,885,640	$	134,149,341
Large Company Value Portfolio		45,676,522		37,674,004
Small Company Growth Portfolio		6,944,677		7,434,056
Small Company Value Portfolio		6,075,100		6,603,016
Wilshire 5000 IndexSM Fund		2,877,552		14,760,393
Wilshire Large Cap Core Plus Fund		134,987,030		159,661,717

For Wilshire Large Cap Core Plus Fund, short sales and purchases to cover were $56,742,255 and $60,770,149, respectively.

6. Securities Lending.

The Portfolios may seek additional income by lending their securities on a short-term basis to banks, brokers and dealers in return for cash collateral, which is invested in short-term securities. A Portfolio may return a portion of the interest earned to the borrower or a third party which is unaffiliated with the Company and acting as a “placing broker.” A Portfolio receives compensation for lending securities in the form of fees. A Portfolio also continues to receive dividends on the securities loaned. Security loans are secured at all times by collateral. It is the Company’s policy that the collateral be equal to at least 102% of the market value of the securities loaned (105% if the collateral and securities loaned are denominated in different currencies) plus accrued interest when the transaction is entered into, and that the collateral supporting loans be valued daily. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Gain or loss in the market price of the securities loaned that may occur during the term of the loan are reflected in the value of the Portfolio. The risks from securities lending are that the borrower may not provide additional collateral when required or return the securities when due or when called for by the Portfolio. Lending securities entails a risk of loss to the Portfolio if and to the extent that the market value of securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. NTC, the Portfolios’ custodian, acts as the securities lending agent for the Portfolios. The value of the securities on loan and the value of the related collateral at December 31, 2012 are shown on the Statement of Assets and Liabilities. The Northern Trust Institutional Liquid Asset Portfolio was purchased with proceeds from collateral received from securities on loan. At December 31, 2012, $26,397,533, $9,489,195, $3,153,425, $0, $15,766,844, and $27,847,290 of this cash equivalent represents the collateral received for securities on loan in the Wilshire Large Company Growth Portfolio, Wilshire Large Company Value Portfolio, Wilshire Small Company Growth Portfolio, Wilshire Small Company Value Portfolio, Wilshire 5000 Index Fund, and the Wilshire Large Cap Core Plus Fund, respectively.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

December 31, 2012

7. Significant Shareholder Activity.

On December 31, 2012, the Portfolios had the following concentrations of shareholders holding 10% or more of the outstanding shares of the Portfolios. These represent omnibus shareholder accounts comprised of many individual shareholders.

Portfolio
Large Company Growth Portfolio (2 omnibus shareholders)	56%
Large Company Value Portfolio (2 omnibus shareholder)	82%
Small Company Growth Portfolio (2 omnibus shareholders)	62%
Small Company Value Portfolio (3 omnibus shareholders)	75%
Wilshire 5000 IndexSM Fund (3 omnibus shareholders)	64%
Wilshire Large Cap Core Plus Fund (2 omnibus shareholders)	100%

8. Tax Information.

No provision for federal income taxes is required because each Portfolio has qualified and intends to continue to qualify, as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and distributes to shareholders all of its taxable income and gains. Federal income tax regulations differ from accounting principles generally accepted in the United States of America; therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences.

The Portfolios evaluate tax positions taken or expected to be taken in the course of preparing the Portfolios’ tax returns to determine whether it is “more-likely than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Portfolios did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

Under current tax law, capital and specified 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, 2012, the following Portfolio had post-October capital loss deferrals as follows:

Portfolio		Capital Losses
Wilshire Large Cap Core Plus Fund		$	1,420,454

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

December 31, 2012

The federal tax cost, unrealized appreciation and depreciation at December 31, 2012 for each Portfolio are as follows (excluding securities sold short):

Portfolio	Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation
Large Company Growth Portfolio	$	181,584,261	$	37,388,343	$	(5,960,718	)	$	31,427,625
Large Company Value Portfolio		51,199,974		5,734,652		(2,338,154	)		3,396,498
Small Company Growth Portfolio		9,609,559		1,075,111		(271,359	)		803,752
Small Company Value Portfolio		8,610,737		1,369,173		(294,268	)		1,074,905
Wilshire 5000 IndexSM Fund		108,638,424		75,877,208		(10,292,316	)		65,584,892
Wilshire Large Cap Core Plus Fund		205,315,580		42,445,538		(10,458,393	)		31,987,145

The differences between book and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax deferral of losses on wash sales and investment in passive foreign investment companies, straddles, constructive sales and 263(h) reclassifications.

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, 2012, the following Portfolios had available for federal income tax purposes unused capital losses as follows:

	Expiring December 31
Portfolio	2013		2016		2017		2018
Large Company Growth Portfolio	$	—	$	—	$	—	$	—
Large Company Value Portfolio		—		4,967,113		6,732,491		—
Small Company Growth Portfolio		—		—		314,984		—
Small Company Value Portfolio		—		—		1,913,980		—
Wilshire 5000 IndexSM Fund		108,266		9,735,193		30,139,484		2,464

During the year ended December 31, 2012, 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 $8,205,794, $2,478,884, $561,132, $650,114, and $3,529,176, respectively, to offset capital gains. For the year ended December 31, 2012, the Wilshire 5000 IndexSM Fund had pre-enactment RIC modernization capital losses expire of $1,980,596.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

December 31, 2012

The tax character of distributions declared during the years ended December 31, 2012 and 2011 were as follows:

Portfolio	2012 Ordinary Income		2012 Capital Gains		2012 Return of Capital		2011 Ordinary Income		2011 Capital Gains		2011 Return of Capital
Large Company Growth Portfolio	$	622,494	$	5,560,769	$	—	$	—	$	—	$	—
Large Company Value Portfolio		446,518		—		—		266,100		—		708
Small Company Growth Portfolio		—		—		—		—		—		—
Small Company Value Portfolio		123,102		—		—		40,413		—		—
Wilshire 5000 IndexSM Fund		2,353,789		—		—		2,077,943		—		—
Wilshire Large Cap Core Plus Fund		1,718,664		4,773,887		—		4,135,949		2,022,548		—

At December 31, 2012, 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	$	12,246	$	6,459		$	42,276		$	12,445		$	461,743		$	—
Undistributed long-term capital gain		3,138,168		—			—			—			—			1,031,307
Capital loss carryforwards		—		(11,699,604	)		(314,984	)		(1,913,980	)		(39,985,407	)		—
Post October losses		—		—			—			—			—			(1,420,454	)
Unrealized appreciation		31,427,625		3,396,498			803,752			1,074,905			65,584,892			29,086,808
Other temporary differences		—		(1	)		(1	)		3			—			—
Total distributable earnings/ (accumulated losses)	$	34,578,039	$	(8,296,648	)	$	531,043		$	(826,627	)	$	26,061,228		$	28,697,661

9. 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. The reclassifications primarily include investments in real estate investment trusts, sales of passive foreign investment companies, investments in Master Limited Partnerships, investment in Grantor Trusts and expiration of capital loss carryforwards. These reclassifications have no effect on net assets or net asset values per share. As of December 31, 2012, the reclassifications were as follows:

Fund	Decrease Paid-in Capital			Increase/(Decrease) Undistributed Investment Income		Increase/(Decrease) Net Realized Capital Gains/(Losses)
Large Company Growth Portfolio	$	—		$	11,363	$	(11,363	)
Large Company Value Portfolio		—			5,857		(5,857	)
Small Company Growth Portfolio		—			4,699		(4,699	)
Small Company Value Portfolio		—			11,935		(11,935	)
Wilshire 5000 IndexSM Fund		(1,980,596	)		39,901		1,940,695
Wilshire Large Cap Core Plus Fund		—			444,466		(444,466	)

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

December 31, 2012

10. 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.

11. Contingencies

The Wilshire 5000 Index Fund was named as a defendant and a putative member of a proposed defendant class of shareholders in a lawsuit filed on December 7, 2010, in the U.S. Bankruptcy Court for the District of Delaware and on March 6, 2012, in the District Court for the Southern District of New York, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding. The 2010 lawsuit was brought by the official Committee of Unsecured Creditors of the Tribune Company and the 2012 lawsuit was brought by Deutsche Bank, as trustee for senior noteholders of Tribune Company. Both lawsuits relate to a leveraged buyout transaction by which Tribune Company converted to a privately-held company in 2007 less than a year prior to Tribune Company’s bankruptcy filing. The putative defendant class is comprised of beneficial owners of shares of Tribune Company who meet certain jurisdictional requirements and received proceeds of the leveraged buyout. The plaintiffs seek to recover those proceeds, together with interest and attorneys’ fees and expenses, as fraudulent transfers under the Bankruptcy Act or various state laws, respectively. The Adviser does not expect the Portfolio to be materially impacted by the lawsuits.

12. Recent Accounting Pronouncement

In December 2011, the Financial Accounting Standards Board issued a further update to the guidance “Balance Sheet — Disclosures about Offsetting Assets and Liabilities”. The amendments to this standard require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The amended guidance is effective for interim and annual reporting periods beginning after January 1, 2013. At this time, management is evaluating the implications of this update and its impact on the financial statements has not been determined.

13. Subsequent Event Evaluation.

The Portfolios have evaluated the need for additional disclosures resulting from subsequent events as follows: Effective on or about March 24, 2013, the Wilshire Large Cap Core Plus Fund will be restructured and the Fund’s name will change to the Wilshire International Equity Fund. As a result of the restructuring, the Fund’s principal investment strategy will be changed to allow the Fund to invest in equity securities of companies, wherever organized, which do business primarily outside the United States. The Fund’s subadvisers and benchmark will also change in connection with the restructuring. Based on this evaluation, no additional disclosures or adjustments were required to the financial statements.

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:

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 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, 2012 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, for the year then ended, and each of their financial highlights for each of the five years in the period ended, 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, 2012 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 28, 2013

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
Victor Zhang, 40(2)	Vice President Director	Since 2009 Since 2012	President, Wilshire Funds Management, Head of Investments, Wilshire Associates Incorporated, (Since 2006); Director of Investments, Harris myCFO Investment Advisory Services, LLC (2001 to 2006).	6	Wilshire Associates Incorporated; Guggenheim Beta Plus Solution Fund SPC; Wilshire Institutional Master Fund SPC; Wilshire Institutional Master Fund II SPC

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, 61	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, 64	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, 61	Director	Since 2011	Founder and Principal, Strategic Talent Solutions	15	Wilshire Variable Insurance Trust (9 Funds)

Suanne K. Luhn, 58	Director	Since 2008	Retired; formerly Chief Compliance Officer, Bahl & Gaynor (investment adviser) (1990 to 2006)	15	Wilshire Variable Insurance Trust (9 Funds)

George J. Zock, 62	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
Jason Schwarz, 38	President	Since 2012	Managing Director, Wilshire Associates Incorporated (Since 2005); Head of Wilshire Funds Management’s Client Service, Sales, Marketing and Distribution functions (Since 2005).	N/A	N/A

Reena S. Lalji, 41	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, 35	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, 45	Chief Compliance Officer Vice President	Since 2013 Since 2008	Managing Director, Wilshire Associates Incorporated (since 2003); Associate Director, First Quadrant, L.P. (2001 to 2003); Chief Compliance Officer, Financial Controller, Company Secretary, Associate Director (1996 to 2003), First Quadrant Limited	N/A	N/A

Michael Wauters, 47	Treasurer	Since 2009	Chief Financial Officer, Wilshire Associates Incorporated (since 2009); Assistant Vice President- Financial Operations, Pacific Life Insurance Company (2000-2009)	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
Nathan R. Palmer, 37	Vice President	Since 2011	Vice President, Wilshire Funds Management (since 2011); Senior Investment Management Associate, Convergent Wealth Advisors (2009 to 2010); Director of Public Markets, Investment Office, California Institute of Technology (2008 to 2009); Treasury Manager, Retirement Investments, Intel Corporation (2004 to 2008).	N/A	N/A

(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. Zhang 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 http://advisor.wilshire.com or on the SEC’s website at http://www.sec.gov.

Information on Form N-Q

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

Householding Policy

In order to reduce printing and mailing expenses, only one copy of each prospectus, annual and semi-annual report will be sent to all related accounts at a common address, unless you have indicated otherwise on your Account Application. Shareholders may revoke their consent to householding at any time by calling 1-888-200-6796. Upon receipt of a shareholder’s revocation, the Company will begin mailing individual copies of the above-referenced documents to the shareholder’s attention within 30 days.

Wilshire Mutual Funds, Inc.

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	100.00%
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	100.00%

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 2012 as qualified dividend income as defined in Section 1(h)(II) of the Internal Revenue Code.

Portfolio	Percentage
Large Company Growth Portfolio	100.00%
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	100.00%

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 - (Unaudited) (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, 2012, 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 Plus Fund (the “Funds”). The Board also 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, Santa Barbara Asset Management, LLC (“Santa Barbara”) with respect to the Wilshire Large Cap Core Plus Fund, 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, 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 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 economies of scale as a Fund grows; and whether any fall-out benefits are being 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.

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.

Wilshire Mutual Funds, Inc.

Board Approval of Advisory and Subadvisory Agreements -

(Continued)

Information Requested and Received

The Board, including all the Independent Directors, considered the renewal of the Subadvisory Agreements pursuant to a process that concluded at the Board’s August 24, 2012 meeting and the renewal of the Advisory Agreement pursuant to a process that concluded at the Board’s November 30, 2012 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 meetings of the Independent Directors held on August 24, 2012 and November 30, 2012, 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 describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Subadviser in connection with the Fund; (iii) the financial condition of the Subadviser, (iv) the extent to which economies of scale are realized as a Fund grows, (v) whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, (vi) comparisons of services rendered and amounts paid by other registered investment companies and any comparable advisory clients, and (vii) benefits realized by the Subadviser from its relationship with the Fund. 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.

As a part of its evaluation, the Board considered the assessment of performance made by the Investment Committee (which is comprised solely of Independent Directors), which met on August 23, 2012 and November 30, 2012, respectively, to review the data Wilshire had prepared on performance and on the Subadvisers’ performance. Based upon its evaluation of all materials provided, the Board concluded that it was in the best interests of each Fund to renew the Advisory and Subadvisory Agreements.

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 considered the recent transition in senior management personnel and determined that the current personnel had the requisite skill sets. 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

Wilshire Mutual Funds, Inc.

Board Approval of Advisory and Subadvisory Agreements -

(Continued)

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 Plus Fund 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, 2012, as applicable, along with performance information of a peer group of funds determined by Wilshire based upon the Morningstar database and in comparison to its benchmark for the same periods. For the Large Company Growth Portfolio, the Board noted that the Fund outperformed the median of its peer group for all time periods and the benchmark for the one-year period. For the Large Company Value Portfolio, the Board noted that although the Fund underperformed the median of its peer group for the three-, five- and 10 year periods and its benchmark for the one-, three-, five- and ten-year periods, the Board took into consideration the Fund’s outperformance relative to the median of its benchmark for the one-year period. For the Small Company Growth Portfolio, the Board noted that the Fund outperformed the median of its peer group for the one-, three- and five-year periods and its benchmark for the three-year period, and that the Fund’s performance was competitive to its peer group for the ten-year period. For the Small Company Value Portfolio, the Board noted that, although the Fund underperformed the median of its peer group during the five- and ten-year periods and benchmark for the one-, three-, five- and ten-year periods, it outperformed the median of its peer group for the one-year period and its performance was competitive relative to its peer group for the three-year period. For the Wilshire 5000 Index Fund, the Board noted the competitive levels of performance as compared to the median of its peer group and its benchmark for the one-year period. Although performance for longer periods was below the median of the peer group, the Board noted that the small size of the Fund contributed to that ranking. For the Wilshire Large Cap Core Plus Fund, the Board noted that the Fund outperformed the median of its peer group for the one-year period and its performance was competitive relative to the median of its peer group for the three-year period, although the Fund underperformed its benchmark for the one- and three-year periods. Based upon the above, the Board determined that for each Fund performance was satisfactory.

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 actual advisory fee paid 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 contractual fees charged by the Adviser to other registered investment companies advised by the Adviser that were 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.

Wilshire Mutual Funds, Inc.

Board Approval of Advisory and Subadvisory Agreements -

(Continued)

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 Plus Fund and whether the investment process produced economies of scale. The Board noted that the advisory fee for all Funds includes a breakpoint. 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.

Nature, Extent and Quality of Services – Subadvisers

As to each Subadvisory Agreement, the Board considered the nature, extent and quality of services 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 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 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 renewed.

The Board reviewed information comparing each 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 Acadian outperformed for the annualized one- and three-year periods ended June 30, 2012. The Board concluded that the investment performance of Cornerstone, with respect to the Large Company Growth Portfolio, met acceptable levels of investment performance for the year-to-date period ended June 30, 2012, and therefore, was satisfactory. With respect to the Small Company Growth Portfolio, the Board noted LA Capital’s outperformance for the annualized one-, three-, five- and ten-year periods ended June 30, 2012. With respect to the Large Company Growth Portfolio, the Board noted LA Capital’s outperformance for the annualized one- and three-year periods ended June 30, 2012. With respect to the Small Company Value Portfolio, the Board determined that although LA Capital underperformed for the annualized one and five-year periods ended June 30, 2012, outperformance for the annualized three- and ten-year periods ended June 30, 2012 resulted in a conclusion that performance was satisfactory. The Board considered that NWQ and Ranger currently have been allocated 0% of the Small Company Value Portfolio and Small Company Growth Portfolio’s assets, respectively, due to the small size of each Fund and determined to approve each Subadvisory Agreement based on the Adviser’s recommendation. The Board noted that Pzena, with respect to the Large Company Value Portfolio, had underperformed for all periods reviewed but considered

Wilshire Mutual Funds, Inc.

Board Approval of Advisory and Subadvisory Agreements -

(Continued)

that the Adviser is satisfied with the level of services provided based upon its assessment that performance is within expectations given Pzena’s investment style, and that the Adviser has committed to monitor Pzena’s performance. With respect to Victory’s performance for the Large Company Growth Portfolio, the Board noted Victory’s outperformance for the annualized three-year period ended June 30, 2012. With respect to Systematic’s performance for the Large Company Value Portfolio, the Board noted underperformance for the annualized one- and three-year periods ended June 30, 2012, but outperformance for the year-to-date period ended June 30, 2012, which resulted in a conclusion that performance was satisfactory. With respect to the Wilshire 5000 Index Fund, the Board noted LA Capital’s underperformance for most periods reviewed but considered LA Capital’s outperformance for the annualized three-year period ended June 30, 2012, that the Adviser is satisfied with the level of services provided and performance is within the Adviser’s expectations. With respect to the Wilshire Large Cap Core Plus Fund, the Board noted that TWIN and Pyramis underperformed for the annualized one- and three-year periods ended June 30, 2012. The Board concluded it was appropriate to approve the continuation of TWIN’s Subadvisory Agreement due to the Adviser’s satisfaction with the level of services provided given TWIN’s investment style. The Board also concluded that it was appropriate to approve the continuation of Pyramis’ Subadvisory Agreement given improved recent performance and the Adviser’s recommendation of approval and its commitment to monitor underperformance. The Board determined that Santa Barbara’s performance with respect to the Wilshire Large Cap Core Plus Fund was too new to judge, and, therefore, it was appropriate to approve continuation of the 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 had been deemed reasonable by the Board.

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 limited due to the size of the Funds. The Board took these factors into consideration in concluding that the subadvisory fees were reasonable.

Wilshire Mutual Funds, Inc.

Board Approval of Advisory and Subadvisory Agreements -

(Continued)

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.

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. 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 continuation 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.

Wilshire Mutual Funds

Wilshire Associates Incorporated

1299 Ocean Avenue

Santa Monica, CA 90401

1-888-200-6796

http://advisor.wilshire.com

WIL-AR-001-0600

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 $307,000 for 2011and $328,140 for 2012.

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 2011 and $0 for 2012.

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 $45,000 for 2011 and $49,950 for 2012. 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 2011 and $0 for 2012.

(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 $918,602 for 2011 and $985,175 for 2012.

(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 Plus 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, 2012, and for the year then ended and have issued our unqualified report thereon dated February 28, 2013 (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, 2012 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, 2013

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Investments

December 31, 2012

Shares			Value
COMMON STOCK — 99.0%††
Consumer Discretionary — 19.1%
	14,058	Amazon.com, Inc.	$	3,530,526
	96,772	Apollo Group, Inc., Class A(a)		2,024,470
	640	AutoZone, Inc. †		226,835
	7,090	Brinker International, Inc.(a)		219,719
	30,104	Burberry Group PLC ADR(a)		1,227,641
	5,660	Cablevision Systems Corp., Class A(a)		84,560
	15,593	CBS Corp., Class B(a)		593,314
	3,990	Charter Communications, Inc., Class A(a)		304,198
	2,775	Chipotle Mexican Grill, Inc., Class A(a)		825,451
	3,040	Coach, Inc.		168,750
	18,170	Comcast Corp., Class A		679,195
	2,140	Darden Restaurants, Inc.(a)		96,450
	22,749	Dick's Sporting Goods, Inc.(a)		1,034,852
	1,030	Dillard's, Inc., Class A		86,283
	8,749	DIRECTV †		438,850
	4,690	Discovery Communications, Inc., Class C †(a)		274,365
	2,630	Discovery Communications, Inc., Class A(a)		166,952
	47,932	Dollar General Corp.		2,113,322
	2,690	Dollar Tree, Inc.		109,106
	3,160	DR Horton, Inc.(a)		62,505
	1,360	Dunkin' Brands Group, Inc.		45,125
	1,000	Expedia, Inc.		61,450
	4,550	Ford Motor Co.(a)		58,923
	6,480	Gap, Inc. (The)		201,139
	2,420	Garmin, Ltd.(a)		98,784
	1,930	Genuine Parts Co.		122,709
	7,480	Goodyear Tire & Rubber Co. (The)		103,299
	3,980	H&R Block, Inc.		73,909
	1,662	Harley-Davidson, Inc.		81,172
	17,590	Home Depot, Inc. (The)		1,087,941
	82,131	Johnson Controls, Inc.(a)		2,521,422
	4,870	Las Vegas Sands Corp.		224,799
	6,300	Liberty Global, Inc., Class A †		396,837
	9,450	Liberty Interactive Corp., Class A †		185,976
	580	Liberty Media Corp. - Liberty Capital, Class A		67,286
	5,400	Ltd. Brands, Inc.(a)		254,124
	10,375	Lululemon Athletica, Inc. †(a)		790,886
	5,930	Marriott International, Inc., Class A		221,011
	4,930	Mattel, Inc.(a)		180,537
	13,318	McDonald's Corp.		1,174,781
	1,830	McGraw-Hill Cos., Inc. (The)		100,046
	820	Michael Kors Holdings, Ltd.(a)		41,845
	5,740	News Corp., Class A		146,600
	38,880	NIKE, Inc., Class B		2,006,208
	2,917	Nordstrom, Inc.		156,060
	6,990	Omnicom Group, Inc.		349,220
	670	O'Reilly Automotive, Inc.		59,911
	1,950	PetSmart, Inc.		133,263
	1,300	Polaris Industries, Inc.(a)		109,395
	2,280	priceline.com, Inc. †		1,416,336
	640	Ralph Lauren Corp., Class A		95,949
	3,520	Ross Stores, Inc.		190,608
	5,740	Sally Beauty Holdings, Inc.		135,292
	4,520	Scripps Networks Interactive, Inc., Class A		261,798
	1,230	Sears Hometown and Outlet Stores, Inc. †		40,049
	78,784	Sirius XM Radio, Inc.		227,686
	31,668	Starbucks Corp.		1,698,038

Shares			Value
Consumer Discretionary (continued)
	1,850	Starwood Hotels & Resorts Worldwide, Inc.	$	106,116
	4,860	Time Warner Cable, Inc., Class A		472,343
	1,540	Time Warner, Inc.		73,658
	11,630	TJX Cos., Inc.		493,694
	10,675	Tractor Supply Co.		943,243
	850	Ulta Salon Cosmetics & Fragrance, Inc.		83,521
	1,620	Under Armour, Inc., Class A(a)		78,619
	5,576	VF Corp.		841,809
	5,950	Viacom, Inc., Class B		313,803
	10,850	Virgin Media, Inc.(a)		398,738
	29,870	Walt Disney Co. (The)		1,487,227
	1,370	Weight Watchers International, Inc.(a)		71,733
	5,540	Wyndham Worldwide Corp.		294,783
	2,040	Wynn Resorts, Ltd.(a)		229,480
	5,350	Yum! Brands, Inc.		355,240
				35,631,765
Consumer Staples — 8.3%
	19,670	Altria Group, Inc.		618,032
	90,625	Coca-Cola Co. (The)		3,285,156
	4,821	Colgate-Palmolive Co.		503,987
	14,135	Costco Wholesale Corp.		1,396,114
	3,620	CVS Caremark Corp.		175,027
	17,422	Diageo PLC ADR		2,031,057
	4,650	Dr. Pepper Snapple Group, Inc.		205,437
	6,950	General Mills, Inc.		280,849
	1,050	Hershey Co. (The)		75,831
	2,670	HJ Heinz Co.(a)		154,006
	3,430	Kimberly-Clark Corp.		289,595
	426	Kraft Foods Group, Inc.		19,370
	740	Lorillard, Inc.		86,336
	1,770	Nu Skin Enterprises, Inc., Class A(a)		65,579
	17,096	PepsiCo, Inc.		1,169,879
	40,974	Philip Morris International, Inc.		3,427,065
	2,800	Procter & Gamble Co. (The)		190,092
	2,240	Reynolds American, Inc.(a)		92,803
	2,770	Sysco Corp.(a)		87,698
	16,607	Wal-Mart Stores, Inc.		1,133,096
	1,810	Whole Foods Market, Inc.		165,307
				15,452,316
Energy — 5.6%
	16,530	Anadarko Petroleum Corp.		1,228,344
	22,550	Cameron International Corp.		1,273,173
	91,814	Cobalt International Energy, Inc. †		2,254,952
	1,068	ConocoPhillips		61,933
	590	EOG Resources, Inc.		71,266
	6,360	Kinder Morgan, Inc.		224,699
	1,830	Oceaneering International, Inc.		98,436
	939	Phillips 66		49,861
	53,154	Schlumberger, Ltd.		3,683,040
	8,300	Spectra Energy Corp.(a)		227,254
	89,630	Weatherford International, Ltd. †		1,002,960
	8,860	Williams Cos., Inc. (The)		290,077
				10,465,995
Financials — 5.7%
	8,250	Affiliated Managers Group, Inc.		1,073,737
	1,210	Allied World Assurance Co. Holdings AG		95,348
	4,680	American Capital, Ltd.		56,160
	10,710	American Express Co.		615,611
	3,730	American International Group, Inc. †		131,669
	4,700	American Tower Corp., Class A		363,169
	6,940	Annaly Capital Management, Inc.(a)		97,438
	2,320	Arthur J. Gallagher & Co.		80,388
	3,430	Assured Guaranty, Ltd.		48,809

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Investments

December 31, 2012

Shares			Value
Financials (continued)
	3,860	Bank of Hawaii Corp.(a)	$	170,033
	970	BlackRock, Inc., Class A		200,509
	22,106	Camden Property Trust		1,507,850
	33,478	Capital One Financial Corp.		1,939,381
	21,703	CapitalSource, Inc.		164,508
	8,810	Capitol Federal Financial, Inc.		102,989
	3,120	CME Group, Inc., Class A		158,215
	2,980	Discover Financial Services		114,879
	350	Essex Property Trust, Inc.		51,328
	5,620	Fifth Third Bancorp		85,368
	17,620	General Growth Properties, Inc.		349,757
	10,810	Genworth Financial, Inc., Class A †		81,183
	1,190	HCP, Inc.		53,764
	1,300	IntercontinentalExchange, Inc.(a)		160,953
	4,680	Kimco Realty Corp.(a)		90,418
	2,540	Macerich Co. (The)		148,082
	5,340	Marsh & McLennan Cos., Inc.		184,070
	10,110	MBIA, Inc.(a)		79,363
	2,810	Plum Creek Timber Co., Inc.(a)		124,680
	13,510	Progressive Corp. (The)(a)		285,061
	4,870	Protective Life Corp.		139,185
	2,720	Public Storage		394,291
	1,180	Rayonier, Inc.(a)		61,159
	3,440	Simon Property Group, Inc.		543,830
	12,350	SLM Corp.		211,555
	1,180	State Street Corp.		55,472
	1,900	T Rowe Price Group, Inc.		123,747
	770	Taubman Centers, Inc.		60,614
	6,290	TD Ameritrade Holding Corp.		105,735
	5,370	U.S. Bancorp		171,518
	1,740	Validus Holdings, Ltd.		60,169
	2,660	Washington Federal, Inc.		44,874
	3,210	Wells Fargo & Co.		109,718
				10,696,587
Health Care — 13.1%
	16,730	Abbott Laboratories		1,095,815
	19,560	Alexion Pharmaceuticals, Inc. †(a)		1,834,923
	14,833	Allergan, Inc.		1,360,631
	4,300	AmerisourceBergen Corp., Class A		185,674
	11,180	Amgen, Inc.		965,058
	7,580	Ariad Pharmaceuticals, Inc. †		145,384
	3,480	Baxter International, Inc.		231,977
	3,268	Becton Dickinson and Co.		255,525
	11,784	Biogen Idec, Inc.		1,728,359
	16,470	Bristol-Myers Squibb Co.(a)		536,757
	2,170	Cardinal Health, Inc.		89,361
	1,110	Catamaran Corp.		52,292
	18,237	Celgene Corp. †		1,435,617
	14,355	Cerner Corp.		1,114,522
	530	Edwards Lifesciences Corp. †(a)		47,790
	4,780	Eli Lilly & Co.		235,750
	46,762	Express Scripts Holding Co.		2,525,148
	8,365	Gilead Sciences, Inc.		614,409
	4,060	HCA Holdings, Inc.		122,490
	78,613	Hologic, Inc.(a)		1,574,618
	408	Intuitive Surgical, Inc.		200,071
	7,658	Johnson & Johnson		536,826
	1,380	LifePoint Hospitals, Inc.(a)		52,095
	3,380	McKesson Corp.		327,725
	2,220	Medivation, Inc. †(a)		113,575
	1,330	Medtronic, Inc.		54,557
	690	Onyx Pharmaceuticals, Inc. †(a)		52,116
	4,383	Patterson Cos., Inc.(a)		150,030
	9,050	Perrigo Co.		941,471
	1,750	Pfizer, Inc.		43,890

Shares			Value
Health Care (continued)
	1,450	Regeneron Pharmaceuticals, Inc.	$	248,051
	2,300	Tenet Healthcare Corp. †(a)		74,681
	45,329	Teva Pharmaceutical Industries, Ltd. ADR		1,692,585
	2,930	United Therapeutics Corp.(a)		156,521
	17,090	Vertex Pharmaceuticals, Inc.		716,755
	48,164	WellPoint, Inc.(a)		2,934,151
				24,447,200
Industrials — 10.9%
	7,213	3M Co.		669,727
	6,185	Boeing Co. (The)		466,102
	19,825	Caterpillar, Inc.		1,775,924
	3,670	Crane Co.(a)		169,848
	89,490	CSX Corp.		1,765,638
	1,470	Cummins, Inc.		159,275
	4,600	Danaher Corp.		257,140
	2,810	Deere & Co.(a)		242,840
	7,540	Emerson Electric Co.		399,319
	28,545	Fastenal Co.(a)		1,332,766
	36,664	Fluor Corp.		2,153,643
	1,720	General Cable Corp.(a)		52,305
	14,230	General Electric Co.		298,688
	1,870	Graco, Inc.		96,286
	8,860	Honeywell International, Inc.		562,344
	5,620	Illinois Tool Works, Inc.		341,752
	4,600	Iron Mountain, Inc.		142,830
	3,630	ITT Corp.		85,160
	11,850	JB Hunt Transport Services, Inc.(a)		707,563
	26,785	Joy Global, Inc.(a)		1,708,347
	3,840	Lockheed Martin Corp.		354,394
	740	Nordson Corp.(a)		46,709
	940	Northrop Grumman Corp.		63,525
	2,310	Oshkosh Corp.		68,492
	1,460	Precision Castparts Corp.		276,553
	1,450	Raytheon Co.		83,462
	13,420	Rockwell Automation, Inc.		1,127,146
	1,450	Rockwell Collins, Inc.(a)		84,346
	1,630	Roper Industries, Inc.		181,712
	600	Stericycle, Inc. †		55,962
	26,551	Textron, Inc.(a)		658,199
	1,130	TransDigm Group, Inc.(a)		154,087
	3,293	Trinity Industries, Inc.		117,955
	14,255	Union Pacific Corp.		1,792,139
	7,810	United Parcel Service, Inc., Class B		575,831
	9,870	United Technologies Corp.		809,439
	960	WABCO Holdings, Inc.		62,582
	1,940	WESCO International, Inc.(a)		130,814
	940	WW Grainger, Inc.		190,228
				20,221,072
Information Technology — 30.1%
	4,620	Accenture PLC, Class A		307,230
	62,744	Acme Packet, Inc. †(a)		1,387,897
	3,789	Altera Corp.		130,493
	27,532	Apple, Inc.		14,675,382
	5,910	Automatic Data Processing, Inc.		336,929
	23,305	Baidu, Inc. ADR †(a)		2,337,258
	5,614	CA, Inc.(a)		123,396
	44,164	Citrix Systems, Inc.(a)		2,903,783
	17,750	Cognizant Technology Solutions Corp., Class A †		1,314,388
	62,495	eBay, Inc. †		3,188,495
	58,920	EMC Corp. †		1,490,676
	1,506	F5 Networks, Inc. †		146,308

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Investments

December 31, 2012

Shares			Value
Information Technology (continued)
	2,300	Fidelity National Information Services, Inc.	$	80,063
	1,910	Gartner, Inc.		87,898
	4,564	Google, Inc., Class A †		3,237,565
	50,570	Intel Corp.		1,043,259
	11,933	International Business Machines Corp.		2,285,766
	6,560	Intuit, Inc.		390,320
	4,825	LinkedIn Corp., Class A †(a)		554,006
	940	Mastercard, Inc., Class A		461,803
	86,085	Microsoft Corp.		2,301,052
	1,900	Motorola Solutions, Inc.		105,792
	24,025	NetApp, Inc. †		806,039
	41,992	Oracle Corp.		1,399,173
	7,680	Paychex, Inc.(a)		239,155
	98,613	QUALCOMM, Inc.		6,115,978
	410	Salesforce.com, Inc. †(a)		68,921
	3,899	Tech Data Corp.		177,522
	15,450	Teradata Corp.		956,200
	5,670	TIBCO Software, Inc.		124,797
	5,890	VeriSign, Inc.(a)		228,650
	29,824	Visa, Inc., Class A		4,520,722
	174,532	Western Union Co. (The)		2,375,381
	1,650	Xilinx, Inc.		59,235
	9,630	Yahoo!, Inc.		191,637
				56,153,169
Materials — 5.2%
	2,100	Air Products & Chemicals, Inc.		176,442
	2,980	Ball Corp.(a)		133,355
	3,240	Cabot Corp.		128,919
	320	CF Industries Holdings, Inc.		65,011
	730	Cytec Industries, Inc.		50,246
	620	Domtar Corp.(a)		51,782
	5,330	Dow Chemical Co. (The)		172,266
	1,640	Ecolab, Inc.		117,916
	14,340	EI du Pont de Nemours & Co.(a)		644,870
	37,015	Freeport-McMoRan Copper & Gold, Inc.		1,265,913
	4,790	Kronos Worldwide, Inc.(a)		93,405
	22,766	Monsanto Co.		2,154,802
	35,360	Mosaic Co. (The)		2,002,437
	4,090	Packaging Corp. of America		157,343
	940	PPG Industries, Inc.		127,229
	5,750	Praxair, Inc.(a)		629,337
	2,560	Rockwood Holdings, Inc.		126,618
	8,293	Sherwin-Williams Co. (The)		1,275,629
	1,263	Silgan Holdings, Inc.		52,528
	2,640	Southern Copper Corp.(a)		99,950
	740	Westlake Chemical Corp.(a)		58,682
				9,584,680
Telecommunication Services — 1.0%
	2,680	AT&T, Inc.		90,343
	2,620	CenturyLink, Inc.		102,494
	2,560	Crown Castle International Corp.		184,730
	3,590	tw telecom, Inc., Class A †(a)		91,437
	32,850	Verizon Communications, Inc.		1,421,420
				1,890,424
Utilities — 0.0%
	1,480	ONEOK, Inc.		63,270

Total Common Stock
(Cost $151,523,168)				184,606,478

Shares			Value

SHORT-TERM INVESTMENTS — 15.2%
	2,007,875	Northern Trust Institutional Government Select Portfolio, 0.010%(b)	$	2,007,875
	26,397,533	Northern Trust Institutional Liquid Asset Portfolio, 0.010%(b) (c)		26,397,533

Total Short-Term Investments
(Cost $28,405,408)				28,405,408
Total Investments — 114.2%
(Cost $179,928,576)				213,011,886
Other Assets & Liabilities, Net — (14.2)%				(26,419,056	)
NET ASSETS — 100.0%			$	186,592,830

†	Non-income producing security.
††	More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
(a)	This security or a partial position of this security is on loan at December 31, 2012. The total market value of securities on loan at December 31, 2012 was $26,432,210.
(b)	Rate shown is the 7-day effective yield as of December 31, 2012.
(c)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2012 was $26,397,533. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $124,857 (Note 6).

ADR — American Depositary Receipt

Ltd. — Limited

PLC— Public Limited Company

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments

December 31, 2012

Shares			Value
COMMON STOCK — 98.7%††
Consumer Discretionary — 9.3%
	3,240	1-800-Flowers.com, Inc., Class A †(a)	$	11,891
	2,282	American Eagle Outfitters, Inc.(a)		46,804
	13,175	Apollo Group, Inc., Class A(a)		275,621
	10,891	Comcast Corp., Class A		407,106
	2,882	CSS Industries, Inc.(a)		63,087
	17,300	Delphi Automotive PLC(a)		661,725
	40	Dillard's, Inc., Class A (a)		3,351
	5,307	Exceed Co., Ltd. †(a)		7,164
	3,165	Flexsteel Industries, Inc.		67,889
	9,275	Foot Locker, Inc.		297,913
	4,900	GNC Holdings, Inc., Class A(a)		163,072
	5,781	Lowe's Cos., Inc.		205,341
	1,843	Luby's, Inc. †		12,330
	4,200	Macy's, Inc.		163,884
	1,821	Marcus Corp.(a)		22,708
	4,250	Newell Rubbermaid, Inc.(a)		94,647
	4,050	News Corp., Class A		103,437
	10,800	Omnicom Group, Inc.		539,568
	5,900	PulteGroup, Inc.		107,144
	800	PVH Corp.(a)		88,808
	47,875	Staples, Inc.		545,775
	1,300	Town Sports International Holdings, Inc.		13,845
	3,525	TravelCenters of America LLC †		16,567
	3,987	Unifi, Inc. †(a)		51,871
	1,929	Whirlpool Corp.		196,276
				4,167,824
Consumer Staples — 7.3%
	6,991	Central Garden and Pet Co., Class A †(a)		73,056
	2,000	Coca-Cola Co. (The)		72,500
	13,266	CVS Caremark Corp.		641,411
	–	Herbalife, Ltd.(a)		—
	1,375	JM Smucker Co. (The)(a)		118,580
	2,433	Kraft Foods Group, Inc.		110,629
	2,950	Kroger Co. (The)		76,759
	5,775	Molson Coors Brewing Co., Class B(a)		247,112
	7,000	Mondelez International, Inc., Class A		178,290
	4,957	Orchids Paper Products Co.(a)		100,230
	2,811	Philip Morris International, Inc.		235,112
	11,090	Procter & Gamble Co. (The)		752,900
	118	Smithfield Foods, Inc (a).		2,545
	11,300	Tyson Foods, Inc., Class A		219,220
	5,725	Walgreen Co.		211,882
	3,341	Wal-Mart Stores, Inc.(a)		227,957
				3,268,183
Energy — 16.4%
	1,524	Adams Resources & Energy, Inc.		53,447
	7,850	Alon USA Energy, Inc.		142,006
	2,625	Anadarko Petroleum Corp.		195,064
	11,525	Baker Hughes, Inc.		470,681
	16,343	BP PLC ADR(a)		680,523
	2,300	Cameron International Corp.		129,858
	4,675	Chevron Corp.(a)		505,554
	9,291	ConocoPhillips		538,785
	4,816	Delek US Holdings, Inc.(a)		121,941
	2,200	Energen Corp.(a)		99,198
	16,674	Exxon Mobil Corp.		1,443,135
	2,025	Helmerich & Payne, Inc.(a)		113,420
	3,725	Hess Corp.(a)		197,276
	3,004	HollyFrontier Corp.(a)		139,836
	6,209	Marathon Petroleum Corp.		391,167
	7,350	Peabody Energy Corp.(a)		195,584
	7,866	Penn Virginia Corp.(a)		34,689

Shares			Value
Energy (continued)
	4,838	Phillips 66	$	256,898
	10,049	Royal Dutch Shell PLC ADR, Class A		692,852
	4,550	Suncor Energy, Inc.		150,059
	4,770	Tesoro Corp.		210,118
	2,600	Transocean, Ltd.		116,090
	10,340	Valero Energy Corp.		352,801
	5,485	Western Refining, Inc.(a)		154,622
				7,385,604
Financials — 27.8%
	1,312	Aflac, Inc.		69,693
	1,235	Alexander & Baldwin, Inc. †		36,272
	15,450	Allstate Corp. (The)		620,626
	0	Altisource Asset Management Corp. †		16
	692	Altisource Portfolio Solutions SA †		59,965
	231	Altisource Residential Corp., Class B †(a)		3,654
	29,632	American International Group, Inc. †		1,046,010
	8,177	Associated Banc-Corp(a)		107,282
	5,793	Assurant, Inc.(a)		201,017
	15,650	Axis Capital Holdings, Ltd.(a)		542,116
	56,300	Bank of America Corp.		653,080
	5,639	Berkshire Hathaway, Inc., Class B		505,818
	2,400	Calamos Asset Management, Inc., Class A(a)		25,368
	4,250	Capital One Financial Corp.		246,203
	29,396	Citigroup, Inc.		1,162,906
	6,438	CNO Financial Group, Inc. (a)		60,067
	2,225	Digital Realty Trust, Inc.(a)		151,055
	17,873	Discover Financial Services(a)		689,004
	4,350	Fidelity National Financial, Inc., Class A		102,443
	16,300	Fifth Third Bancorp		247,597
	879	First Financial Holdings, Inc.(a)		11,497
	2,200	Franklin Resources, Inc.		276,540
	2,450	Goldman Sachs Group, Inc. (The)(a)		312,522
	261	Home Loan Servicing Solutions, Ltd.		4,933
	2,238	Horace Mann Educators Corp.(a)		44,670
	15,575	Invesco, Ltd.		406,352
	30,510	JPMorgan Chase & Co.		1,341,524
	8,100	KeyCorp		68,202
	6,875	Lincoln National Corp.(a)		178,063
	23,225	MetLife, Inc.		765,032
	17,425	Morgan Stanley		333,166
	2,824	PartnerRe, Ltd.(a)		227,304
	12,279	PNC Financial Services Group, Inc.		715,989
	4,141	PrivateBancorp, Inc., Class A(a)		63,440
	1,675	Provident Financial Holdings, Inc.		29,313
	11,900	Regions Financial Corp.		84,728
	6,225	State Street Corp.		292,637
	2,647	Stewart Information Services Corp.(a)		68,822
	3,850	SunTrust Banks, Inc.		109,148
	29,875	UBS AG(a)		470,232
	1,585	United Fire Group, Inc.(a)		34,616
	2,100	Validus Holdings, Ltd.		72,618
	2,458	Wells Fargo & Co.		84,014
				12,525,554
Health Care — 11.1%
	10,737	Abbott Laboratories		703,273
	1,725	Aetna, Inc.(a)		79,868
	4,170	Albany Molecular Research, Inc. †(a)		22,018
	2,100	Amgen, Inc.		181,272
	1,650	AstraZeneca PLC ADR (a)		77,995
	5,575	Becton Dickinson and Co.		435,909
	4,150	Bristol-Myers Squibb Co.		135,249
	975	Celgene Corp. †		76,752
	2,726	Cigna Corp.(a)		145,732

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments

December 31, 2012

Shares			Value
Health Care (continued)
	9,268	Eli Lilly & Co.	$	457,098
	2,050	Express Scripts Holding Co.		110,700
	1,050	Gilead Sciences, Inc.		77,122
	2,004	Humana, Inc.		137,535
	1,050	Johnson & Johnson		73,605
	3,525	Laboratory Corp. of America Holdings †		305,335
	1,623	McKesson Corp.		157,366
	17,009	Merck & Co., Inc.(a)		696,348
	317	National Healthcare Corp.		14,905
	35,471	Pfizer, Inc.		889,613
	4,853	Pozen, Inc. †(a)		24,314
	3,778	UnitedHealth Group, Inc.		204,919
				5,006,928
Industrials — 8.3%
	1,356	Alliant Techsystems, Inc.		84,018
	866	American Woodmark Corp. †		24,092
	2,339	Argan, Inc.		42,102
	2,098	Courier Corp.(a)		23,078
	8,550	Delta Air Lines, Inc.		101,488
	6,300	Eaton Corp. PLC(a)		341,460
	5,119	FreightCar America, Inc.(a)		114,768
	23,050	General Electric Co.		483,820
	1,844	Intersections, Inc.(a)		17,481
	5,258	Kimball International, Inc., Class B(a)		61,045
	4,675	L-3 Communications Holdings, Inc., Class 3		358,199
	2,364	Lockheed Martin Corp.		218,174
	4,785	Lydall, Inc.(a)		68,617
	19,550	Masco Corp.		325,703
	627	NN, Inc.(a)		5,743
	9,137	Northrop Grumman Corp.		617,478
	2,342	PGT, Inc. †(a)		10,539
	4,056	Raytheon Co.		233,463
	696	Saia, Inc.(a)		16,092
	21,325	Southwest Airlines Co.		218,368
	7,457	Sparton Corp. †(a)		103,429
	9,668	Sypris Solutions, Inc.(a)		38,285
	4,334	TMS International Corp., Class A		54,262
	3,900	United Rentals, Inc.(a)		177,528
	349	Willis Lease Finance Corp. †(a)		4,994
				3,744,226
Information Technology — 10.8%
	2,100	Adobe Systems, Inc.		79,128
	5,318	AOL, Inc.(a)		157,466
	131	Apple, Inc.		69,827
	6,324	Booz Allen Hamilton Holding Corp., Class A(a)		88,030
	6,400	Broadcom Corp., Class A		212,544
	18,700	Cisco Systems, Inc.		367,455
	6,413	Computer Sciences Corp.		256,841
	23,725	Dell, Inc.		240,334
	567	EarthLink, Inc.		3,663
	6,100	EMC Corp. †(a)		154,330
	575	Google, Inc., Class A †		407,888
	46,700	Hewlett-Packard Co.		665,475
	14	Hutchinson Technology, Inc. †(a)		28
	6,023	Kulicke & Soffa Industries, Inc.(a)		72,216
	641	Magnachip Semiconductor Corp. †		10,205
	13,098	Microsoft Corp.		350,109
	3,750	NXP Semiconductor NV		98,887
	17,700	Oracle Corp.		589,764
	7,999	Photronics, Inc. †(a)		47,674
	90	PRGX Global, Inc. †		580
	1,700	QUALCOMM, Inc.		105,434

Shares			Value
Information Technology (continued)
	7,100	Skyworks Solutions, Inc.	$	144,130
	14,825	TE Connectivity, Ltd.		550,304
	783	Ultra Clean Holdings(a)		3,845
	1,950	Western Digital Corp.		82,856
	5,300	Yahoo!, Inc.		105,470
				4,864,483
Materials — 3.0%
	218	AEP Industries, Inc. †(a)		12,912
	1,181	CF Industries Holdings, Inc.		239,932
	8,200	Freeport-McMoRan Copper & Gold, Inc.		280,440
	794	Huntsman Corp.(a)		12,625
	6,870	LyondellBasell Industries NV, Class A		392,208
	1,900	Nucor Corp.(a)		82,042
	2,250	PPG Industries, Inc.		304,537
	849	US Concrete, Inc. †		7,684
				1,332,380
Telecommunication Services — 2.0%
	11,950	AT&T, Inc.		402,834
	6,435	Telephone & Data Systems, Inc.(a)		142,471
	8,537	Verizon Communications, Inc.(a)		369,396
				914,701
Utilities — 2.7%
	576	Chesapeake Utilities Corp.(a)		26,151
	6,075	Entergy Corp.(a)		387,281
	6,600	NiSource, Inc.		164,274
	18,370	PPL Corp.(a)		525,933
	4,309	Xcel Energy, Inc.		115,093
				1,218,732
Total Common Stock
(Cost $40,099,694)				44,428,615

SHORT-TERM INVESTMENTS — 22.6%
	678,662	Northern Trust Institutional Government Select Portfolio, 0.010%(b)		678,622
	9,489,195	Northern Trust Institutional Liquid Asset Portfolio, 0.010%(b) (c)		9,489,195

Total Short-Term Investments
(Cost $10,167,857)				10,167,857
Total Investments — 121.3%
(Cost $50,267,551)				54,596,472
Other Assets & Liabilities, Net — (21.3)%				(9,576,440	)
NET ASSETS — 100.0%			$	45,020,032

†	Non-income producing security.
††	More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
(a)	This security or a partial position of this security is on loan at December 31, 2012. The total market value of securities on loan at December 31, 2012 was $9,367,300 (Note 6).
(b)	Rate shown is the 7-day effective yield as of December 31, 2012.
(c)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2012 was $9,489,195. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $5,424 (Note 6).

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments

December 31, 2012

ADR — American Depositary Receipt

LLC— Limited Liability Company

Ltd.— Limited

PLC— Public Limited Company

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments

December 31, 2012

Shares			Value
COMMON STOCK — 99.1%††
Consumer Discretionary — 19.8%
	970	Aeropostale, Inc. †(a)	$	12,620
	376	AFC Enterprises, Inc. †		9,825
	580	American Greetings Corp., Class A(a)		9,796
	170	American Public Education, Inc. †(a)		6,139
	240	America's Car-Mart, Inc. †(a)		9,725
	1,676	Ameristar Casinos, Inc.(a)		43,978
	812	ANN, Inc.		27,478
	510	Arbitron, Inc.(a)		23,807
	500	Arctic Cat, Inc. †(a)		16,695
	780	Asbury Automotive Group, Inc.(a)		24,983
	1,230	Belo Corp., Class A(a)		9,434
	30	Biglari Holdings, Inc. †(a)		11,701
	700	Blyth, Inc.(a)		10,885
	330	Bob Evans Farms, Inc.(a)		13,266
	1,000	Boyd Gaming Corp. †(a)		6,640
	450	Bravo Brio Restaurant Group, Inc.(a)		6,044
	548	Bridgepoint Education, Inc. †(a)		5,644
	603	Brunswick Corp.		17,541
	310	Buckle, Inc. (The)(a)		13,838
	750	Cabela's, Inc.		31,312
	560	Caesars Entertainment Corp. †(a)		3,875
	250	Capella Education Co.		7,057
	1,377	Carmike Cinemas, Inc. †		20,655
	550	Cato Corp. (The), Class A(a)		15,086
	120	Cavco Industries, Inc. †		5,998
	360	CEC Entertainment, Inc.(a)		11,948
	992	Cheesecake Factory, Inc. (The)(a)		32,458
	504	Cherokee, Inc.		6,910
	330	Children's Place Retail Stores, Inc. (The) †		14,616
	250	Citi Trends, Inc. †		3,440
	587	Coinstar, Inc.(a)		30,530
	1,160	Collectors Universe(a)		11,635
	240	Conn's, Inc. †		7,363
	910	Cooper Tire & Rubber Co.(a)		23,078
	140	Core-Mark Holding Co., Inc.		6,629
	461	Cracker Barrel Old Country Store, Inc.		29,624
	1,270	Crocs, Inc.		18,275
	297	Dana Holding Corp.		4,636
	730	Destination Maternity Corp.		15,739
	230	DineEquity, Inc.		15,410
	788	Domino's Pizza, Inc.(a)		34,317
	260	Dorman Products, Inc.(a)		9,188
	190	Drew Industries, Inc.(a)		6,128
	320	Einstein Noah Restaurant Group, Inc.		3,907
	378	Ethan Allen Interiors, Inc.(a)		9,718
	1,107	Express, Inc. †(a)		16,705
	461	Finish Line, Inc. (The), Class A		8,727
	460	Francesca's Holdings Corp.(a)		11,942
	440	Genesco, Inc. †		24,200
	1,080	Gentherm, Inc. †		14,364
	200	G-III Apparel Group, Ltd. †		6,846
	260	Gordmans Stores, Inc. †		3,905
	530	Hibbett Sports, Inc. †(a)		27,931
	2,060	Hot Topic, Inc.(a)		19,879
	490	HSN, Inc.(a)		26,989
	280	iRobot Corp.		5,247
	307	Jos. A Bank Clothiers, Inc. †(a)		13,072
	2,720	LeapFrog Enterprises, Inc., Class A †(a)		23,474
	900	Libbey, Inc.		17,415
	600	Life Time Fitness, Inc. †(a)		29,526
	1,140	Lions Gate Entertainment Corp.(a)		18,696
	302	Lumber Liquidators Holdings, Inc. †(a)		15,955

Shares			Value
Consumer Discretionary (continued)
	1,320	MDC Partners, Inc., Class A(a)	$	14,916
	1,100	Morgans Hotel Group Co. †		6,094
	210	Movado Group, Inc.		6,443
	3,030	MTR Gaming Group, Inc. †		12,635
	1,140	Multimedia Games Holding Co., Inc. †		16,769
	810	National CineMedia, Inc.(a)		11,445
	680	Nexstar Broadcasting Group, Inc., Class A †		7,201
	2,690	Orbitz Worldwide, Inc. †(a)		7,317
	260	Oxford Industries, Inc.(a)		12,054
	429	Papa John's International, Inc. †		23,569
	640	PetMed Express, Inc.(a)		7,104
	1,510	Pier 1 Imports, Inc.(a)		30,200
	1,030	Pinnacle Entertainment, Inc. †		16,305
	600	Pool Corp.		25,392
	350	Red Robin Gourmet Burgers, Inc.(a)		12,352
	410	RG Barry Corp.		5,810
	170	rue21, Inc. †(a)		4,826
	3,690	Ruth's Hospitality Group, Inc. †		26,826
	300	Ryland Group, Inc. (The)(a)		10,950
	760	Select Comfort Corp. †(a)		19,889
	1,020	Sinclair Broadcast Group, Inc., Class A(a)		12,872
	359	Six Flags Entertainment Corp.		21,971
	1,560	Smith & Wesson Holding Corp. †(a)		13,166
	380	Steven Madden, Ltd.		16,062
	340	Sturm Ruger & Co., Inc.(a)		15,436
	456	Tenneco, Inc.		16,010
	930	Texas Roadhouse, Inc., Class A(a)		15,624
	832	Tower International, Inc. †		6,698
	1,650	Town Sports International Holdings, Inc.		17,573
	260	True Religion Apparel, Inc.(a)		6,609
	1,010	Valassis Communications, Inc.(a)		26,038
	260	Vitamin Shoppe, Inc.(a)		14,914
	122	Winmark Corp.		6,954
	1,030	World Wrestling Entertainment, Inc., Class A		8,127
	1,032	Zagg, Inc. †(a)		7,596
	409	Zumiez, Inc.(a)		7,939
				1,436,130
Consumer Staples — 7.3%
	160	Alico, Inc.		5,861
	990	B&G Foods, Inc., Class A(a)		28,027
	136	Boston Beer Co., Inc. (The), Class A(a)		18,285
	210	Calavo Growers, Inc.(a)		5,294
	610	Cal-Maine Foods, Inc.		24,534
	230	Casey's General Stores, Inc.(a)		12,213
	970	Central Garden and Pet Co., Class A †		10,136
	220	Coca-Cola Bottling Co. Consolidated		14,630
	1,060	Craft Brew Alliance, Inc. †(a)		6,869
	520	Darling International, Inc. †		8,341
	410	Elizabeth Arden, Inc. †		18,454
	350	Hain Celestial Group, Inc. (The)(a)		18,977
	142	Harris Teeter Supermarkets, Inc.		5,476
	570	Inter Parfums, Inc.		11,092
	1,170	Inventure Foods, Inc. †(a)		7,593
	180	J&J Snack Foods Corp.		11,509
	290	Lancaster Colony Corp.(a)		20,065
	370	Medifast, Inc.		9,764
	1,159	Nature's Sunshine Products, Inc.(a)		16,783
	502	Nu Skin Enterprises, Inc., Class A(a)		18,599
	680	Orchids Paper Products Co.		13,750
	482	Pantry, Inc. (The)(a)		5,847
	1,640	Pilgrim's Pride Corp.(a)		11,890
	340	Post Holdings, Inc. †		11,645

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments

December 31, 2012

Shares			Value
Consumer Staples (continued)
	690	Prestige Brands Holdings, Inc. †	$	13,821
	170	Pricesmart, Inc.(a)		13,098
	4,590	Rite Aid Corp. †		6,242
	400	Sanderson Farms, Inc.(a)		19,020
	870	Snyders-Lance, Inc.(a)		20,976
	270	Spectrum Brands Holdings, Inc.(a)		12,131
	2,950	Star Scientific, Inc. †(a)		7,906
	210	Susser Holdings Corp.(a)		7,243
	1,240	Synutra International, Inc. †(a)		5,741
	280	Tootsie Roll Industries, Inc.(a)		7,258
	300	TreeHouse Foods, Inc.		15,639
	480	United Natural Foods, Inc.		25,723
	610	USANA Health Sciences, Inc.(a)		20,087
	1,277	Vector Group, Ltd.(a)		18,989
	390	WD-40 Co.		18,373
				527,881
Energy — 2.6%
	376	Alon USA Energy, Inc.		6,802
	695	Berry Petroleum Co., Class A(a)		23,317
	815	Crosstex Energy, Inc.		11,687
	77	Dril-Quip, Inc. †		5,625
	384	Energy XXI Bermuda, Ltd.(a)		12,361
	1,643	Halcon Resources Corp. †(a)		11,370
	1,670	ION Geophysical Corp.(a)		10,871
	1,240	Kodiak Oil & Gas Corp.(a)		10,974
	720	Oasis Petroleum, Inc.		22,896
	472	Rosetta Resources, Inc. †		21,410
	230	Targa Resources Corp.		12,153
	1,205	TGC Industries, Inc.		9,869
	900	Vaalco Energy, Inc.(a)		7,785
	783	Western Refining, Inc.(a)		22,073
				189,193
Financials — 10.8%
	250	Acadia Realty Trust(a)		6,270
	290	American Assets Trust, Inc.		8,100
	210	American Safety Insurance Holdings, Ltd. †		3,973
	733	Amtrust Financial Services, Inc.(a)		21,030
	200	Apollo Residential Mortgage, Inc.		4,038
	153	Arrow Financial Corp.(a)		3,817
	750	Bank of the Ozarks, Inc.(a)		25,103
	2,759	BGC Partners, Inc., Class A		9,546
	170	BofI Holding, Inc. †		4,738
	660	Bridge Capital Holdings †(a)		10,270
	1,424	CBL & Associates Properties, Inc.(a)		30,203
	310	Coresite Realty Corp.(a)		8,574
	233	Credit Acceptance Corp.		23,689
	1,090	DFC Global Corp.(a)		20,176
	896	Duff & Phelps Corp., Class A		13,996
	230	DuPont Fabros Technology, Inc.		5,557
	230	Eagle Bancorp, Inc. †		4,593
	100	EastGroup Properties, Inc.(a)		5,381
	1,120	Employers Holdings, Inc.(a)		23,050
	550	Encore Capital Group, Inc. †(a)		16,841
	510	Enterprise Financial Services Corp.		6,666
	230	Extra Space Storage, Inc.		8,370
	4,570	FelCor Lodging Trust, Inc.		21,342
	220	First Cash Financial Services, Inc.		10,916
	380	First Financial Bankshares, Inc.(a)		14,824
	2,840	Glimcher Realty Trust		31,496
	1,280	Greenlight Capital Re, Ltd., Class A		29,542
	60	Gyrodyne Co. of America, Inc.		4,324
	230	Heritage Financial Group, Inc.		3,172
	650	HFF, Inc., Class A(a)		9,685

Shares			Value
Financials (continued)
	520	Highwoods Properties, Inc.	$	17,394
	420	Homeowners Choice, Inc.		8,732
	930	Inland Real Estate Corp.		7,793
	1,110	Investors Bancorp, Inc.(a)		19,736
	1,120	Investors Real Estate Trust		9,778
	900	Meadowbrook Insurance Group, Inc.(a)		5,202
	780	MicroFinancial, Inc.		5,679
	880	Montpelier Re Holdings, Ltd.(a)		20,117
	223	National Health Investors, Inc.(a)		12,606
	390	Navigators Group, Inc. (The)		19,917
	590	Netspend Holdings, Inc.(a)		6,974
	1,270	Omega Healthcare Investors, Inc.(a)		30,289
	1,330	Oritani Financial Corp.		20,375
	190	Portfolio Recovery Associates, Inc.		20,303
	130	PS Business Parks, Inc.		8,447
	330	Regional Management Corp. †		5,461
	215	Ryman Hospitality Properties(a)		8,270
	420	S.Y. Bancorp, Inc.(a)		9,416
	200	Saul Centers, Inc.		8,558
	170	Sovran Self Storage, Inc.		10,557
	3,870	Strategic Hotels & Resorts, Inc. †(a)		24,768
	495	SVB Financial Group		27,705
	340	Taylor Capital Group, Inc. †		6,137
	670	Texas Capital Bancshares, Inc. †(a)		30,029
	370	Westamerica Bancorporation(a)		15,758
	469	World Acceptance Corp.(a)		34,969
				784,252
Health Care — 16.5%
	530	ABIOMED, Inc. †(a)		7,134
	429	Acorda Therapeutics, Inc.		10,665
	670	Affymax, Inc. †		12,730
	894	Air Methods Corp.(a)		32,980
	1,355	Akorn, Inc. †(a)		18,103
	710	Align Technology, Inc.(a)		19,702
	1,564	Alkermes PLC(a)		28,965
	260	Alnylam Pharmaceuticals, Inc. †		4,745
	930	AMN Healthcare Services, Inc. †(a)		10,741
	500	Amsurg Corp., Class A		15,005
	130	Analogic Corp.(a)		9,659
	1,030	Anika Therapeutics, Inc. †(a)		10,238
	2,280	Arena Pharmaceuticals, Inc. †(a)		20,566
	136	ArthroCare Corp.		4,704
	184	athenahealth, Inc.(a)		13,515
	560	Auxilium Pharmaceuticals, Inc.		10,377
	860	BioDelivery Sciences International, Inc. †		3,707
	226	Bio-Reference Labs, Inc.(a)		6,484
	530	BioScrip, Inc. †		5,708
	440	Cambrex Corp.		5,007
	200	Cantel Medical Corp.		5,946
	806	Centene Corp. †		33,046
	158	Cepheid, Inc.(a)		5,342
	2,770	Cerus Corp. †(a)		8,753
	310	Chemed Corp.(a)		21,263
	100	Computer Programs & Systems, Inc.(a)		5,034
	347	Corvel Corp. †		15,556
	1,243	Cubist Pharmaceuticals, Inc.(a)		52,281
	1,590	Curis, Inc. †		5,454
	100	Cyberonics, Inc. †		5,253
	510	Cynosure, Inc., Class A		12,296
	969	Depomed, Inc. †(a)		5,998
	1,690	Dynavax Technologies Corp.(a)		4,833
	332	Emergent Biosolutions, Inc.(a)		5,325
	1,390	Emeritus Corp.		34,361
	790	Endocyte, Inc. †(a)		7,094

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments

December 31, 2012

Shares			Value
Health Care (continued)
	770	Ensign Group, Inc. (The)	$	20,936
	740	ExamWorks Group, Inc.(a)		10,352
	576	Haemonetics Corp. †(a)		23,524
	1,290	HealthSouth Corp.(a)		27,232
	672	HMS Holdings Corp. †(a)		17,418
	180	ICU Medical, Inc.(a)		10,967
	660	Immunogen, Inc.(a)		8,415
	790	Impax Laboratories, Inc. †		16,179
	230	IPC The Hospitalist Co., Inc.(a)		9,133
	512	Jazz Pharmaceuticals PLC(a)		27,238
	190	Magellan Health Services, Inc. †(a)		9,310
	1,011	Medicines Co. (The) †(a)		24,234
	110	Medivation, Inc. †(a)		5,628
	610	Molina Healthcare, Inc. †(a)		16,506
	220	MWI Veterinary Supply, Inc. †		24,200
	160	National Research Corp.		8,672
	790	Natus Medical, Inc. †		8,832
	140	Neogen Corp.(a)		6,345
	331	NxStage Medical, Inc. †(a)		3,724
	461	Omnicell, Inc.		6,855
	950	Opko Health, Inc. †(a)		4,569
	490	Orthofix International NV		19,272
	1,080	Owens & Minor, Inc.(a)		30,791
	890	PAREXEL International Corp.		26,335
	2,750	PDL BioPharma, Inc.(a)		19,387
	678	Pernix Therapeutics Holdings †		5,254
	903	Pharmacyclics, Inc. †		52,284
	990	Pozen, Inc. †		4,960
	490	Providence Service Corp. (The) †		8,325
	965	Questcor Pharmaceuticals, Inc.(a)		25,785
	246	Salix Pharmaceuticals, Ltd.		9,958
	1,020	Santarus, Inc. †(a)		11,200
	2,580	Sciclone Pharmaceuticals, Inc. †		11,120
	981	Select Medical Holdings Corp.(a)		9,251
	1,226	Skilled Healthcare Group, Inc., Class A †(a)		7,810
	1,894	Spectrum Pharmaceuticals, Inc.(a)		21,194
	790	STERIS Corp.		27,437
	1,060	Sunesis Pharmaceuticals, Inc. †		4,452
	430	SurModics, Inc. †(a)		9,615
	675	Team Health Holdings, Inc.		19,420
	230	Theravance, Inc.(a)		5,122
	2,080	Threshold Pharmaceuticals, Inc. †(a)		8,757
	370	U.S. Physical Therapy, Inc.		10,190
	320	Utah Medical Products, Inc.		11,536
	1,280	Vanda Pharmaceuticals, Inc. †		4,736
	660	Vascular Solutions, Inc. †		10,428
	1,900	Vical, Inc. †(a)		5,529
	920	Vivus, Inc.		12,346
	472	WellCare Health Plans, Inc.(a)		22,982
	189	West Pharmaceutical Services, Inc.		10,348
				1,194,663
Industrials — 16.1%
	566	3D Systems Corp. †(a)		30,196
	1,180	Aceto Corp.(a)		11,847
	150	Actuant Corp., Class A		4,187
	240	Acuity Brands, Inc.		16,255
	590	ADA-ES, Inc., Class ield does not have fast totalE †(a)		9,959
	320	Advisory Board Co. (The)(a)		14,973
	993	Aircastle, Ltd.(a)		12,452
	610	Alaska Air Group, Inc. †(a)		26,285
	380	Altra Holdings, Inc.		8,379
	630	Applied Industrial Technologies, Inc.		26,466

Shares			Value
Industrials (continued)
	530	Argan, Inc.	$	9,540
	69	Astronics Corp., Class B †		1,497
	460	Astronics Corp. †(a)		10,525
	1,380	Avis Budget Group, Inc. †(a)		27,352
	380	Barrett Business Services, Inc.		14,474
	419	Beacon Roofing Supply, Inc.(a)		13,944
	520	Belden, Inc.		23,395
	1,310	Builders FirstSource, Inc. †(a)		7,310
	1,260	CAI International, Inc. †(a)		27,657
	530	Celadon Group, Inc.(a)		9,577
	419	Chart Industries, Inc. †		27,935
	140	CLARCOR, Inc.		6,689
	1,522	Coleman Cable, Inc.		14,109
	1,660	Comfort Systems USA, Inc.		20,186
	300	Corporate Executive Board Co. (The)		14,238
	515	CPI Aerostructures, Inc. †		5,155
	478	Deluxe Corp.(a)		15,411
	450	DigitalGlobe, Inc. †(a)		10,998
	527	DXP Enterprises, Inc.(a)		25,860
	180	EnerSys, Inc. †(a)		6,773
	370	Exponent, Inc.		20,657
	1,510	Federal Signal Corp.(a)		11,491
	1,280	Flow International Corp.(a)		4,480
	1,380	GenCorp, Inc.(a)		12,627
	400	GP Strategies Corp. †(a)		8,260
	840	Great Lakes Dredge & Dock Corp.(a)		7,501
	770	H&E Equipment Services, Inc.		11,604
	803	HEICO Corp.(a)		35,942
	398	Insperity, Inc.(a)		12,959
	1,280	Intersections, Inc.(a)		12,134
	260	Lindsay Corp.(a)		20,831
	1,090	MasTec, Inc.(a)		27,174
	181	Middleby Corp. †(a)		23,206
	500	Mueller Industries, Inc.		25,015
	840	MYR Group, Inc. †(a)		18,690
	250	National Presto Industries, Inc.(a)		17,275
	80	Nortek, Inc. †		5,300
	885	Old Dominion Freight Line, Inc.		30,338
	1,000	Pacer International, Inc. †		3,900
	610	Patrick Industries, Inc. †(a)		9,492
	1,490	Primoris Services Corp.		22,410
	407	Raven Industries, Inc.(a)		10,729
	159	RBC Bearings, Inc.		7,961
	3,050	Republic Airways Holdings, Inc.		17,324
	262	Sauer-Danfoss, Inc.		13,983
	370	SeaCube Container Leasing, Ltd.(a)		6,975
	820	SkyWest, Inc.(a)		10,217
	160	Standex International Corp.		8,206
	410	Sterling Construction Co., Inc. †		4,075
	259	Sun Hydraulics Corp.(a)		6,755
	550	Swift Transportation Co., Class A		5,016
	980	Sypris Solutions, Inc.(a)		3,881
	1,896	TAL International Group, Inc.(a)		68,977
	1,160	Taser International, Inc.		10,371
	393	Tennant Co.(a)		17,272
	757	Textainer Group Holdings, Ltd.(a)		23,815
	988	Titan International, Inc.(a)		21,459
	841	Titan Machinery, Inc. †(a)		20,773
	789	Trimas Corp.		22,061
	2,330	US Airways Group, Inc.(a)		31,455
	1,250	USG Corp.(a)		35,087
	1,590	Wabash National Corp.(a)		14,262
	166	Watsco, Inc.(a)		12,433
				1,167,997

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments

December 31, 2012

Shares			Value
Information Technology — 17.7%
	900	Active Network, Inc.	$	4,419
	438	ADTRAN, Inc.(a)		8,559
	379	Advent Software, Inc. †		8,103
	279	Anixter International, Inc.(a)		17,851
	1,050	Aruba Networks, Inc.(a)		21,787
	420	Aspen Technology, Inc. †		11,609
	440	ATMI, Inc. †		9,187
	550	Aware, Inc.(a)		3,014
	380	Blackbaud, Inc.(a)		8,675
	220	BroadSoft, Inc.(a)		7,993
	369	Cabot Microelectronics Corp.		13,103
	130	CACI International, Inc., Class A(a)		7,154
	1,940	CalAmp Corp. †		16,141
	962	Cardtronics, Inc.		22,838
	429	Cass Information Systems, Inc.(a)		18,104
	680	Ciena Corp. †(a)		10,676
	1,027	Cirrus Logic, Inc.		29,752
	426	CommVault Systems, Inc. †(a)		29,696
	300	Constant Contact, Inc.		4,263
	743	CSG Systems International, Inc. †		13,508
	1,660	Daktronics, Inc.		18,376
	3,080	Datalink Corp. †		26,334
	410	DealerTrack Holdings, Inc.		11,775
	1,265	Dice Holdings, Inc.(a)		11,613
	350	Digimarc Corp.		7,245
	630	Ellie Mae, Inc.(a)		17,482
	1,370	Entegris, Inc. †		12,577
	1,180	Exar Corp. †		10,502
	934	Fair Isaac Corp.		39,256
	455	FEI Co.		25,234
	612	Forrester Research, Inc.(a)		16,401
	2,500	Global Cash Access Holdings, Inc.		19,600
	340	Globecomm Systems, Inc. †		3,842
	2,140	Glu Mobile, Inc.(a)		4,901
	3,061	GT Advanced Technologies, Inc. †(a)		9,244
	1,594	Heartland Payment Systems, Inc.(a)		47,023
	121	Hittite Microwave Corp. †		7,514
	660	iGATE Corp. †(a)		10,408
	390	InterDigital, Inc.(a)		16,029
	310	Ixia		5,264
	569	j2 Global, Inc.(a)		17,400
	315	Jack Henry & Associates, Inc.(a)		12,367
	460	Key Tronic Corp. †		4,710
	260	Liquidity Services, Inc. †(a)		10,624
	160	Littelfuse, Inc.		9,874
	481	Manhattan Associates, Inc.		29,023
	642	Market Leader, Inc. †		4,205
	430	MAXIMUS, Inc.		27,184
	1,110	Mentor Graphics Corp. †		18,892
	394	Microsemi Corp.		8,290
	120	MicroStrategy, Inc., Class A †		11,206
	320	MoneyGram International, Inc.(a)		4,253
	410	MTS Systems Corp.(a)		20,881
	182	NETGEAR, Inc.(a)		7,174
	535	Netscout Systems, Inc. †		13,905
	268	OpenTable, Inc. †(a)		13,078
	370	OSI Systems, Inc.		23,695
	1,090	Parametric Technology Corp.(a)		24,536
	830	PDF Solutions, Inc. †(a)		11,438
	297	Plantronics, Inc.(a)		10,950
	785	Plexus Corp. †		20,253
	2,225	PRGX Global, Inc. †(a)		14,351
	490	Procera Networks, Inc. †		9,090
	340	QLIK Technologies, Inc.(a)		7,385
	560	RealD, Inc.(a)		6,278

Shares			Value
Information Technology (continued)
	880	Rosetta Stone, Inc. †	$	10,859
	596	ScanSource, Inc. †		18,935
	420	Silicon Graphics International Corp. †(a)		4,297
	3,550	Silicon Image, Inc. †(a)		17,608
	190	Sourcefire, Inc.(a)		8,972
	120	Stratasys, Ltd.(a)		9,618
	514	Synaptics, Inc.(a)		15,404
	129	Syntel, Inc.		6,913
	600	Take-Two Interactive Software, Inc. †		6,606
	490	Tangoe, Inc.(a)		5,816
	700	Telenav, Inc.		5,586
	1,224	TeleTech Holdings, Inc.(a)		21,787
	1,630	Telular Corp.		15,436
	680	Tessco Technologies, Inc.(a)		15,055
	430	TNS, Inc. †		8,914
	320	Travelzoo, Inc.		6,077
	420	Tyler Technologies, Inc.		20,345
	260	Ultimate Software Group, Inc.(a)		24,547
	210	Universal Display Corp.(a)		5,380
	300	ValueClick, Inc.(a)		5,823
	186	Veeco Instruments, Inc.(a)		5,491
	290	VirnetX Holding Corp.(a)		8,491
	830	Virtusa Corp.		13,637
	740	Web.com Group, Inc.(a)		10,952
	887	Websense, Inc.		13,340
	440	WEX, Inc.(a)		33,163
	2,440	XO Group, Inc. †(a)		22,692
	2,670	Zix Corp. †		7,476
				1,277,314
Materials — 7.3%
	324	AEP Industries, Inc. †		19,191
	660	American Vanguard Corp.(a)		20,506
	2,370	Arabian American Development Co. †(a)		19,695
	400	Balchem Corp.		14,560
	450	Buckeye Technologies, Inc.		12,920
	810	Chemtura Corp. †		17,221
	300	Clearwater Paper Corp.		11,748
	770	Coeur d'Alene Mines Corp.(a)		18,942
	440	Eagle Materials, Inc.		25,740
	1,650	Flotek Industries, Inc. †(a)		20,130
	430	FutureFuel Corp.		5,091
	480	Georgia Gulf Corp.(a)		19,814
	280	Gold Resource Corp.(a)		4,315
	670	GSE Holding, Inc.(a)		4,154
	1,180	Handy & Harman, Ltd.		17,782
	400	Hawkins, Inc.		15,456
	274	HB Fuller Co.(a)		9,541
	2,066	Headwaters, Inc. †		17,685
	334	Innophos Holdings, Inc.(a)		15,531
	610	KMG Chemicals, Inc.		10,718
	446	Koppers Holdings, Inc.(a)		17,015
	413	LSB Industries, Inc. †(a)		14,628
	486	Metals USA Holdings Corp.		8,500
	3,675	Myers Industries, Inc.(a)		55,676
	860	Neenah Paper, Inc.		24,484
	680	Olin Corp.(a)		14,681
	1,290	PH Glatfelter Co.(a)		22,549
	700	Schweitzer-Mauduit International, Inc.		27,321
	690	SunCoke Energy, Inc. †		10,757
	150	United States Lime & Minerals, Inc. †		7,068
	2,000	Wausau Paper Corp.(a)		17,320
	400	Zep, Inc.		5,776
				526,515

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments

December 31, 2012

Shares			Value
Telecommunication Services — 0.9%
	782	General Communication, Inc., Class A †	$	7,499
	660	HickoryTech Corp.		6,422
	2,690	IDT Corp., Class B		25,663
	508	Lumos Networks Corp.(a)		5,090
	370	magicJack VocalTec, Ltd.(a)		6,738
	1,290	Primus Telecommunications Group, Inc.(a)		14,022
				65,434
Utilities — 0.1%
	360	SJW Corp.(a)		9,576

Total Common Stock
(Cost $6,349,114)				7,178,955

SHORT-TERM INVESTMENTS — 44.7%
	80,931	Northern Trust Institutional Government Select Portfolio, 0.010% (b)		80,391
	3,153,425	Northern Trust Institutional Liquid Asset Portfolio, 0.010% (b) (c)		3,153,425

Total Short-Term Investments
(Cost $3,234,356)				3,234,356
Total Investments — 143.8%
(Cost $9,583,470)				10,413,311
Other Assets & Liabilities, Net — (43.8)%				(3,172,920	)
NET ASSETS — 100.0%			$	7,240,391

†	Non-income producing security.
††	More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
(a)	This security or a partial position of this security is on loan at December 31, 2012. The total market value of securities on loan at December 31, 2012 was $3,154,548 (Note 6).
(b)	Rate shown is the 7-day effective yield as of December 31, 2012.
(c)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2012 was $3,153,425. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $33,599 (Note 6).

LLC— Limited Liability Company

Ltd. — Limited

PLC— Public Limited Company

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments

December 31, 2012

Shares			Value
COMMON STOCK — 99.1%††
Consumer Discretionary — 16.0%
	2,410	American Greetings Corp., Class A(a)	$	40,705
	560	America's Car-Mart, Inc. †		22,691
	2,175	Ameristar Casinos, Inc.		57,072
	400	Arctic Cat, Inc. †		13,356
	1,050	Asbury Automotive Group, Inc.		33,632
	1,900	Bassett Furniture Industries, Inc.		23,693
	60	Biglari Holdings, Inc. †		23,401
	760	Blyth, Inc.(a)		11,818
	1,223	Bob Evans Farms, Inc.		49,165
	1,200	Bon-Ton Stores, Inc. (The)		14,544
	2,800	Boyd Gaming Corp. †		18,592
	242	Cabela's, Inc.		10,104
	1,863	Carmike Cinemas, Inc. †		27,945
	629	Cherokee, Inc.		8,624
	330	Coinstar, Inc.(a)		17,163
	413	Conn's, Inc. †		12,671
	200	Core-Mark Holding Co., Inc.		9,470
	445	Cracker Barrel Old Country Store, Inc.		28,596
	1,220	CSS Industries, Inc.		26,706
	2,510	Dana Holding Corp.		39,181
	1,109	Delta Apparel, Inc. †		15,504
	420	Destination Maternity Corp.		9,055
	133	Dillard's, Inc., Class A		11,141
	160	DineEquity, Inc.		10,720
	440	Ethan Allen Interiors, Inc.		11,312
	1,826	Finish Line, Inc. (The), Class A		34,566
	1,240	Flexsteel Industries, Inc.		26,598
	360	G-III Apparel Group, Ltd. †		12,323
	670	Group 1 Automotive, Inc.		41,533
	2,250	Harte-Hanks, Inc.		13,275
	300	Hibbett Sports, Inc. †		15,810
	1,880	Hot Topic, Inc.		18,142
	1,320	Iconix Brand Group, Inc.		29,462
	1,360	KB Home		21,488
	1,715	LeapFrog Enterprises, Inc., Class A †		14,800
	1,100	Lifetime Brands, Inc.		11,671
	820	Lithia Motors, Inc., Class A		30,684
	2,550	Marcus Corp.		31,798
	1,218	MarineMax, Inc. †		10,889
	530	Marriott Vacations Worldwide Corp.		22,085
	280	MDC Holdings, Inc.		10,293
	770	MDC Partners, Inc., Class A		8,701
	682	Men's Wearhouse, Inc. (The)		21,251
	380	Movado Group, Inc.		11,658
	762	Multimedia Games Holding Co., Inc. †		11,209
	4,678	New York & Co., Inc. †		17,823
	1,910	New York Times Co. (The), Class A †		16,292
	1,950	Nexstar Broadcasting Group, Inc., Class A †		20,650
	830	Penske Automotive Group, Inc.		24,975
	1,970	Pinnacle Entertainment, Inc. †		31,185
	2,390	Reading International, Inc., Class A		14,364
	850	Red Robin Gourmet Burgers, Inc.		29,997
	1,740	Regis Corp.		29,441
	1,000	Rent-A-Center, Inc., Class A		34,360
	3,160	Ruth's Hospitality Group, Inc. †		22,973
	1,149	Saks, Inc. †		12,076
	1,767	Scholastic Corp.		52,233
	2,950	Sinclair Broadcast Group, Inc., Class A		37,229
	780	Skechers U.S.A., Inc., Class A †		14,430
	1,910	Sonic Automotive, Inc., Class A		39,900

Shares			Value
Consumer Discretionary (continued)
	2,382	Spartan Motors, Inc.	$	11,743
	1,020	Standard Motor Products, Inc.		22,665
	2,300	Stein Mart, Inc.		17,342
	3,260	Stewart Enterprises, Inc., Class A		24,906
	230	Sturm Ruger & Co., Inc.(a)		10,442
	1,290	Superior Industries International, Inc.		26,316
	301	Tenneco, Inc.		10,568
	1,169	Unifi, Inc. †		15,209
	770	Valassis Communications, Inc.		19,851
	2,260	VOXX International Corp., Class A †		15,210
	900	West Marine, Inc. †		9,675
	640	Winnebago Industries, Inc.		10,963
	1,310	Zagg, Inc. †		9,642
	1,900	Zale Corp. †		7,809
				1,555,366
Consumer Staples — 4.4%
	240	Andersons, Inc. (The)		10,296
	799	Boulder Brands, Inc.		10,307
	1,320	Fresh Del Monte Produce, Inc.		34,782
	1,210	Ingles Markets, Inc., Class A		20,885
	1,300	John B. Sanfilippo & Son, Inc.		23,634
	670	Medifast, Inc.		17,681
	520	Nash Finch Co.		11,066
	1,239	Nature's Sunshine Products, Inc.		17,941
	200	Nu Skin Enterprises, Inc., Class A		7,410
	3,450	Omega Protein Corp. †		21,114
	4,387	Pantry, Inc. (The)		53,214
	2,190	Pilgrim's Pride Corp.		15,877
	2,322	Revlon, Inc., Class A †		33,669
	417	Seneca Foods Corp., Class A †		12,677
	360	Snyders-Lance, Inc.		8,680
	354	Susser Holdings Corp.		12,209
	880	Universal Corp.		43,921
	940	USANA Health Sciences, Inc.(a)		30,954
	300	Weis Markets, Inc.		11,751
	4,122	Westway Group, Inc. †		27,494
				425,562
Energy — 0.9%
	679	Delek US Holdings, Inc.		17,192
	790	Exterran Holdings, Inc.		17,317
	883	Helix Energy Solutions Group, Inc. †		18,225
	969	REX American Resources Corp. †		18,692
	625	Western Refining, Inc.(a)		17,619
				89,045
Financials — 42.3%
	1,450	Alterra Capital Holdings, Ltd.		40,876
	6,399	American Equity Investment Life Holding Co.		78,132
	1,016	American Safety Insurance Holdings, Ltd. †		19,223
	470	Amerisafe, Inc.		12,807
	4,620	Apollo Investment Corp. †		38,623
	874	Argo Group International Holdings, Ltd.		29,358
	790	Arlington Asset Investment Corp., Class A		16,408
	4,030	ARMOUR Residential REIT, Inc.		26,074
	8,810	Ashford Hospitality Trust, Inc.		92,593
	1,390	AV Homes, Inc. †		19,766
	1,535	Banco Latinoamericano de Comercio Exterior SA, Class E		33,095
	2,830	Bank Mutual Corp.		12,169
	237	Bank of Marin Bancorp		8,878

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments

December 31, 2012

Shares			Value
Financials (continued)
	676	Bank of the Ozarks, Inc.	$	22,626
	1,130	Banner Corp.		34,725
	531	BofI Holding, Inc. †		14,799
	6,906	Boston Private Financial Holdings, Inc.		62,223
	6,869	Calamos Asset Management, Inc., Class A		72,605
	1,870	Capstead Mortgage Corp.		21,449
	1,466	Cathay General Bancorp		28,587
	2,028	CBL & Associates Properties, Inc.		43,014
	7,090	Cedar Realty Trust, Inc.		37,435
	1,507	Centerstate Banks, Inc.		12,855
	1,891	Chemical Financial Corp.		44,930
	780	City Holding Co.		27,183
	6,544	CNO Financial Group, Inc.		61,056
	396	Colonial Properties Trust		8,463
	1,540	Columbia Banking System, Inc.		27,628
	1,381	Community Bank System, Inc.		37,784
	1,490	Cousins Properties, Inc.		12,442
	630	CYS Investments, Inc.		7,440
	1,703	DuPont Fabros Technology, Inc.		41,144
	970	Dynex Capital, Inc.		9,157
	900	Eagle Bancorp, Inc. †		17,973
	1,320	Employers Holdings, Inc.		27,166
	890	Enterprise Financial Services Corp.		11,632
	1,329	EPR Properties		61,280
	2,534	Equity One, Inc.		53,239
	1,519	FBL Financial Group, Inc., Class A		51,965
	4,420	FelCor Lodging Trust, Inc.		20,641
	1,510	Fifth Street Finance Corp.		15,734
	550	First American Financial Corp.		13,250
	2,334	First BanCorp		10,690
	10,726	First Busey Corp.		49,876
	245	First Citizens BancShares, Inc., Class A		40,057
	11,715	First Commonwealth Financial Corp.		79,896
	1,617	First Financial Bancorp		23,640
	1,149	First Financial Bankshares, Inc.		44,822
	2,721	First Financial Holdings, Inc.		35,591
	2,070	First Industrial Realty Trust, Inc. †		29,146
	2,430	First Potomac Realty Trust		30,035
	3,961	FirstMerit Corp.		56,207
	3,947	FNB Corp.		41,917
	830	Fox Chase Bancorp, Inc.		13,819
	870	FXCM, Inc., Class A		8,761
	1,060	Getty Realty Corp.		19,144
	1,491	Glacier Bancorp, Inc.		21,933
	3,295	Gladstone Capital Corp.		26,887
	1,510	Global Indemnity PLC, Class A		33,416
	590	Great Southern Bancorp, Inc.		15,015
	1,130	Greenlight Capital Re, Ltd., Class A		26,080
	4,780	Hanmi Financial Corp.		64,960
	300	Hatteras Financial Corp.		7,443
	530	Heartland Financial USA, Inc.		13,859
	1,136	Highwoods Properties, Inc.		37,999
	616	Horace Mann Educators Corp.		12,295
	1,032	Hudson Valley Holding Corp.		16,068
	339	Infinity Property & Casualty Corp.		19,743
	2,880	Inland Real Estate Corp.		24,134
	1,040	Interactive Brokers Group, Inc., Class A		14,227
	2,090	Invesco Mortgage Capital, Inc.		41,194
	7,050	iStar Financial, Inc. †		57,458
	990	KCAP Financial, Inc.(a)		9,098
	770	Lakeland Financial Corp.		19,897
	2,558	Lexington Realty Trust		26,731
	187	LTC Properties, Inc.		6,581
	5,348	Maiden Holdings, Ltd.		49,148

Shares			Value
Financials (continued)
	4,560	MB Financial, Inc.	$	90,060
	2,976	Meadowbrook Insurance Group, Inc.		17,201
	970	Medallion Financial Corp.		11,388
	1,146	Medical Properties Trust, Inc.		13,706
	740	Mercantile Bank Corp.		12,210
	830	MetroCorp Bancshares, Inc. †		9,122
	2,077	MFA Financial, Inc.		16,844
	2,920	Mission West Properties, Inc. †		26,601
	1,220	Montpelier Re Holdings, Ltd.		27,889
	1,730	MVC Capital, Inc.		21,020
	9,594	National Penn Bancshares, Inc.		89,416
	200	National Western Life Insurance Co., Class A		31,548
	300	Navigators Group, Inc. (The)		15,321
	1,017	NBT Bancorp, Inc.		20,615
	1,042	Nelnet, Inc., Class A		31,041
	730	New Mountain Finance Corp.		10,877
	2,750	NGP Capital Resources Co.		19,855
	8,320	NorthStar Realty Finance Corp.		58,573
	1,699	Old National Bancorp		20,167
	950	One Liberty Properties, Inc.		19,276
	807	Oppenheimer Holdings, Inc., Class A		13,937
	1,541	Oritani Financial Corp.		23,608
	2,590	Pacific Continental Corp.		25,201
	1,010	PacWest Bancorp		25,028
	1,290	Parkway Properties, Inc.		18,047
	2,698	Pennsylvania Real Estate Investment Trust		47,593
	1,411	PHH Corp. †		32,100
	886	Phoenix , Inc. †		21,911
	920	Pinnacle Financial Partners, Inc.		17,333
	650	Piper Jaffray Cos.		20,885
	700	Platinum Underwriters Holdings, Ltd.		32,200
	830	Primerica †		24,909
	2,820	PrivateBancorp, Inc., Class A		43,202
	406	ProAssurance Corp.		17,129
	1,661	Provident Financial Services, Inc.		24,782
	1,016	Pzena Investment Management, Inc., Class A		5,486
	2,150	Radian Group, Inc.(a)		13,136
	7,200	RAIT Financial Trust		40,680
	1,991	Redwood Trust, Inc.		33,628
	2,059	Republic Bancorp, Inc., Class A		43,507
	640	Retail Opportunity Investments Corp.(a)		8,230
	342	RLI Corp.		22,114
	1,370	RLJ Lodging Trust		26,537
	1,210	Rockville Financial, Inc.		15,609
	754	S&T Bancorp, Inc.		13,625
	750	S.Y. Bancorp, Inc.		16,815
	2,691	Safeguard Scientifics, Inc. †		39,692
	849	SeaBright Holdings, Inc.		9,398
	1,050	SI Financial Group, Inc.		12,075
	900	Simmons First National Corp., Class A		22,824
	809	Simplicity Bancorp, Inc.		12,095
	3,370	Southwest Bancorp, Inc. †		37,744
	720	Starwood Property Trust, Inc.		16,531
	1,210	Sterling Financial Corp.		25,265
	1,520	Strategic Hotels & Resorts, Inc. †		9,728
	4,525	Susquehanna Bancshares, Inc.		47,422
	726	SVB Financial Group		40,634
	2,000	SWS Group, Inc. †		10,580
	2,060	Symetra Financial Corp.		26,739
	820	Trico Bancshares		13,735
	2,902	TrustCo Bank Corp.		15,323

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments

December 31, 2012

Shares			Value
Financials (continued)
	2,610	Two Harbors Investment Corp.	$	28,919
	1,421	Union First Market Bankshares Corp.		22,409
	1,200	United Financial Bancorp, Inc.		18,864
	577	United Fire Group, Inc.		12,602
	270	Walter Investment Management Corp.		11,615
	4,649	Webster Financial Corp.		95,537
	2,180	Western Alliance Bancorp		22,955
				4,098,842
Health Care — 6.5%
	550	Almost Family, Inc.		11,143
	1,180	Amedisys, Inc.		13,299
	717	Amsurg Corp., Class A		21,517
	2,580	BioDelivery Sciences International, Inc. †		11,120
	221	Centene Corp. †		9,061
	800	CONMED Corp.		22,360
	592	Emergent Biosolutions, Inc.		9,496
	750	ExamWorks Group, Inc.		10,492
	2,670	Five Star Quality Care, Inc. †		13,377
	1,668	HealthSouth Corp.		35,211
	890	Kindred Healthcare, Inc. †		9,630
	1,513	Magellan Health Services, Inc. †		74,137
	7,960	Maxygen, Inc.		19,582
	1,199	Molina Healthcare, Inc. †		32,445
	490	National Healthcare Corp.		23,040
	580	NuVasive, Inc. †		8,967
	681	Owens & Minor, Inc.		19,415
	2,682	PDL BioPharma, Inc.(a)		18,908
	200	Pharmacyclics, Inc. †		11,580
	2,100	PharMerica Corp.		29,904
	5,100	RTI Biologics, Inc. †		21,777
	2,530	Sciclone Pharmaceuticals, Inc. †		10,904
	2,657	Select Medical Holdings Corp.		25,056
	1,544	Skilled Healthcare Group, Inc., Class A †		9,835
	1,090	Spectrum Pharmaceuticals, Inc.(a)		12,197
	840	SurModics, Inc. †		18,782
	580	Team Health Holdings, Inc.		16,687
	2,110	Threshold Pharmaceuticals, Inc. †		8,883
	1,110	Triple-S Management Corp., Class B †		20,502
	3,110	Universal American Corp.		26,715
	410	Utah Medical Products, Inc.		14,781
	681	ViroPharma, Inc.		15,499
	460	WellCare Health Plans, Inc.		22,397
				628,699
Industrials — 10.3%
	590	ADA-ES, Inc., Class ield does not have fast totalE †		9,959
	9,669	Aircastle, Ltd.		121,249
	503	Albany International Corp., Class A		11,408
	164	American Science & Engineering, Inc.		10,694
	1,170	Argan, Inc.		21,060
	926	Belden, Inc.		41,661
	391	Brady Corp., Class A		13,059
	1,759	Briggs & Stratton Corp.		37,080
	1,670	CAI International, Inc. †		36,657
	1,520	Comfort Systems USA, Inc.		18,483
	739	Deluxe Corp.		23,825
	665	DXP Enterprises, Inc.		32,632
	308	EMCOR Group, Inc.		10,660
	1,066	Encore Wire Corp.		32,311
	2,810	Federal Signal Corp.		21,384
	250	HEICO Corp.		11,190
	1,180	Intersections, Inc.		11,187
	1,915	Kelly Services, Inc., Class A		30,142

Shares			Value
Industrials (continued)
	1,680	Layne Christensen Co.	$	40,773
	809	MasTec, Inc.		20,168
	1,034	Michael Baker Corp.		25,778
	2,787	Miller Industries, Inc.		42,502
	569	Mueller Industries, Inc.		28,467
	720	MYR Group, Inc. †		16,020
	100	National Presto Industries, Inc.		6,910
	1,160	NN, Inc.		10,626
	660	Patrick Industries, Inc. †		10,270
	3,005	Republic Airways Holdings, Inc.		17,068
	1,029	Rush Enterprises, Inc., Class A		21,269
	2,650	SeaCube Container Leasing, Ltd.		49,952
	1,151	SkyWest, Inc.		14,342
	2,170	Sterling Construction Co., Inc. †		21,570
	2,198	TAL International Group, Inc.		79,963
	472	Tennant Co.		20,744
	480	Textainer Group Holdings, Ltd.		15,101
	480	Titan Machinery, Inc. †(a)		11,856
	1,430	Tutor Perini Corp.		19,591
	2,070	Willis Lease Finance Corp. †		29,622
				997,233
Information Technology — 6.8%
	1,876	Acxiom Corp. †		32,755
	2,050	Advanced Energy Industries, Inc. †		28,310
	284	CACI International, Inc., Class A		15,628
	1,500	Comtech Telecommunications Corp.		38,070
	2,110	Datalink Corp. †		18,040
	3,220	EarthLink, Inc.		20,801
	2,930	Entegris, Inc. †		26,897
	1,183	First Solar, Inc. †(a)		36,531
	1,989	Insight Enterprises, Inc. †		34,549
	410	MKS Instruments, Inc.		10,570
	686	Monotype Imaging Holdings, Inc.		10,962
	341	MTS Systems Corp.		17,367
	450	NETGEAR, Inc.		17,739
	2,894	OmniVision Technologies, Inc.		40,748
	2,612	Photronics, Inc. †		15,568
	229	Plantronics, Inc.		8,443
	400	Plexus Corp. †		10,320
	2,497	Richardson Electronics, Ltd.		28,266
	1,130	Sanmina Corp. †		12,509
	1,778	ScanSource, Inc. †		56,487
	1,150	Silicon Graphics International Corp. †		11,765
	1,080	SYNNEX Corp.		37,131
	810	Tessco Technologies, Inc.		17,933
	4,623	United Online, Inc.		25,843
	509	ValueClick, Inc.		9,880
	568	Veeco Instruments, Inc.(a)		16,767
	6,798	Westell Technologies, Inc., Class A †		12,577
	4,668	XO Group, Inc. †		43,412
				655,868
Materials — 7.7%
	1,010	A Schulman, Inc.		29,219
	290	AEP Industries, Inc. †		17,177
	260	American Vanguard Corp.		8,078
	1,570	Arabian American Development Co. †		13,047
	1,818	Coeur d'Alene Mines Corp.		44,723
	2,450	FutureFuel Corp.		29,008
	490	Georgia Gulf Corp.		20,227
	730	Handy & Harman, Ltd.		11,001
	519	HB Fuller Co.		18,072
	2,430	Headwaters, Inc. †		20,801
	185	Innophos Holdings, Inc.		8,602

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments

December 31, 2012

Shares			Value
Materials (continued)
	950	Kaiser Aluminum Corp.	$	58,605
	1,001	Koppers Holdings, Inc.		38,188
	590	Kraton Performance Polymers, Inc. †		14,178
	1,562	Louisiana-Pacific Corp.		30,178
	4,960	McEwen Mining, Inc.		18,997
	680	Minerals Technologies, Inc.		27,146
	3,124	Myers Industries, Inc.		47,328
	920	Neenah Paper, Inc.		26,193
	1,386	Olympic Steel, Inc.		30,686
	1,971	PH Glatfelter Co.		34,453
	1,580	Resolute Forest Products †		20,919
	5,290	Revett Minerals, Inc. †		14,918
	840	Schweitzer-Mauduit International, Inc.		32,785
	1,721	Sensient Technologies Corp.		61,199
	2,050	Spartech Corp. †		18,593
	1,030	UFP Technologies, Inc.		18,458
	320	Universal Stainless & Alloy †		11,766
	3,080	Zoltek Cos., Inc. †		23,870
				748,415
Telecommunication Services — 0.4%
	2,640	IDT Corp., Class B		25,186
	1,664	USA Mobility, Inc.		19,435
				44,621
Utilities — 3.8%
	200	American States Water Co.		9,596
	550	Artesian Resources Corp., Class A		12,336
	360	Avista Corp.		8,680
	330	Black Hills Corp.		11,992
	530	California Water Service Group		9,726
	197	CH Energy Group, Inc.		12,848
	620	Cleco Corp.		24,806
	660	El Paso Electric Co.		21,061
	600	Empire District Electric Co.		12,228
	360	IDACORP, Inc.		15,606
	310	Laclede Group, Inc.		11,969
	452	MGE Energy, Inc.		23,029
	630	Middlesex Water Co.		12,323
	260	NorthWestern Corp.		9,030
	910	Ormat Technologies, Inc.		17,545
	436	Otter Tail Corp.		10,900
	380	Piedmont Natural Gas Co., Inc.		11,898
	780	PNM Resources, Inc.		15,998
	1,140	Portland General Electric Co.		31,190
	330	SJW Corp.		8,778
	510	Southwest Gas Corp.		21,629
	440	UIL Holdings Corp.		15,756
	480	UNS Energy Corp.		20,362
	400	WGL Holdings, Inc.		15,676
				364,962
Total Common Stock
(Cost $8,477,932)				9,608,613

SHORT-TERM INVESTMENT — 0.8%
	77,029	Northern Trust Institutional Government Select Portfolio, 0.010%(b)		77,029

Total Short-Term Investment
(Cost $77,029)				77,029
Total Investments — 99.9%
(Cost $8,554,961)				9,685,642

Shares	Value

Other Assets & Liabilities, Net — 0.1%	$	9,228
NET ASSETS — 100.0%	$	9,694,870

†	Non-income producing security.
††	More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
(a)	This security or a partial position of this security is on loan at December 31, 2012. The total market value of securities on loan at December 31, 2012 was $220,721. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $221,179 (Note 6).
(b)	Rate shown is the 7-day effective yield as of December 31, 2012.

LLC— Limited Liability Company

Ltd. — Limited

PLC— Public Limited Company

REIT — Real Estate Investment Trust

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

December 31, 2012

Shares			Value
COMMON STOCK — 99.2%
Consumer Discretionary — 12.0%
	300	1-800-Flowers.com, Inc., Class A †(a)	$	1,101
	975	Aaron's, Inc.		27,573
	900	Abercrombie & Fitch Co., Class A(a)		43,173
	800	Advance Auto Parts, Inc.		57,880
	850	Aeropostale, Inc. †		11,058
	100	AFC Enterprises, Inc. †(a)		2,613
	90	AH Belo Corp., Class A		419
	200	Aldila, Inc. †		792
	3,762	Amazon.com, Inc.		944,789
	400	Ambassadors Group, Inc.		1,704
	656	AMC Networks, Inc., Class A †		32,472
	3,500	American Apparel, Inc. †(a)		3,535
	1,400	American Axle & Manufacturing Holdings, Inc. †(a)		15,680
	2,625	American Eagle Outfitters, Inc.		53,839
	450	American Greetings Corp., Class A(a)		7,601
	100	Ameristar Casinos, Inc.		2,624
	964	ANN, Inc.		32,622
	1,350	Apollo Group, Inc., Class A(a)		28,242
	300	Arbitron, Inc.		14,004
	1,128	Ascena Retail Group, Inc.		20,857
	200	Ascent Capital Group, Inc., Class A		12,388
	1,017	Autoliv, Inc.(a)		68,536
	1,250	AutoNation, Inc. †		49,625
	406	AutoZone, Inc. †		143,899
	500	Bally Technologies, Inc.		22,355
	200	Beazer Homes USA, Inc.(a)		3,378
	1,400	bebe stores, Inc.(a)		5,586
	1,925	Bed Bath & Beyond, Inc.		107,627
	950	Belo Corp., Class A(a)		7,287
	3,400	Best Buy Co., Inc.(a)		40,290
	200	Big 5 Sporting Goods Corp.(a)		2,620
	500	Big Lots, Inc.		14,230
	40	Biglari Holdings, Inc. †(a)		15,601
	250	Blue Nile, Inc. †(a)		9,625
	300	Bluegreen Corp. †		2,814
	224	Blyth, Inc.(a)		3,483
	400	Bon-Ton Stores, Inc. (The)(a)		4,848
	100	Books-A-Million, Inc., Class A †(a)		266
	1,280	BorgWarner, Inc.		91,673
	2,000	Boyd Gaming Corp. †(a)		13,280
	1,000	Bravo Brio Restaurant Group, Inc.(a)		13,430
	500	Bridgepoint Education, Inc. †(a)		5,150
	775	Brinker International, Inc.		24,017
	764	Brookfield Residential Properties, Inc. †(a)		13,706
	500	Brunswick Corp.		14,545
	500	Cabela's, Inc.		20,875
	2,625	Cablevision Systems Corp., Class A(a)		39,218
	200	Cache, Inc. †		484
	500	Callaway Golf Co.(a)		3,250
	500	Career Education Corp.		1,760
	900	Caribou Coffee Co., Inc.(a)		14,571
	1,755	CarMax, Inc.		65,883
	3,200	Carnival Corp.		117,664
	850	Carter's, Inc. †(a)		47,302
	6,483	CBS Corp., Class B		246,678
	362	Charles & Colvard, Ltd. †		1,419
	700	Charter Communications, Inc., Class A		53,368
	600	Cheesecake Factory, Inc. (The)(a)		19,632
	2,450	Chico's FAS, Inc.		45,227
	200	Children's Place Retail Stores, Inc. (The) †		8,858
	237	Chipotle Mexican Grill, Inc., Class A		70,498

Shares			Value
Consumer Discretionary (continued)
	800	Cinemark Holdings, Inc.	$	20,784
	50	Citi Trends, Inc. †		688
	1,000	Clear Channel Outdoor Holdings, Inc., Class A(a)		7,020
	3,150	Coach, Inc.		174,856
	100	Cobra Electronics Corp. †(a)		376
	200	Coinstar, Inc.(a)		10,402
	362	Coldwater Creek, Inc. †(a)		1,741
	110	Collectors Universe(a)		1,103
	200	Columbia Sportswear Co.(a)		10,672
	20,821	Comcast Corp., Class A		778,289
	500	Conn's, Inc. †		15,340
	1,000	Cooper Tire & Rubber Co.		25,360
	2,450	Corinthian Colleges, Inc. †(a)		5,978
	1,200	Crocs, Inc.		17,268
	6,200	Crown Media Holdings, Inc., Class A †(a)		11,470
	50	CSS Industries, Inc.		1,095
	300	Cumulus Media, Inc., Class A †(a)		801
	1,500	Dana Holding Corp.		23,415
	1,075	Darden Restaurants, Inc.		48,450
	450	Deckers Outdoor Corp. †(a)		18,121
	775	DeVry, Inc.(a)		18,391
	5	Dial Global, Inc. †		1
	1,002	Dick's Sporting Goods, Inc.(a)		45,581
	100	Dillard's, Inc., Class A		8,377
	5,633	DIRECTV †		282,551
	1,600	Discovery Communications, Inc., Class A(a)		101,568
	2,025	DISH Network Corp., Class A		73,710
	100	Dixie Group, Inc. (The) †		331
	1,000	Dollar General Corp.		44,090
	2,100	Dollar Tree, Inc.		85,176
	650	Domino's Pizza, Inc.(a)		28,307
	650	Dover Downs Gaming & Entertainment, Inc.		1,430
	2,623	DR Horton, Inc.(a)		51,883
	1,200	DreamWorks Animation SKG, Inc., Class A(a)		19,884
	642	Education Management Corp. †(a)		2,812
	219	Emmis Communications Corp., Class A †		431
	100	Empire Resorts, Inc. †(a)		233
	250	Entercom Communications Corp., Class A(a)		1,745
	100	Entravision Communications Corp., Class A		166
	1,366	EW Scripps Co. (The), Class A †(a)		14,766
	1,057	Expedia, Inc.(a)		64,952
	1,000	Express, Inc. †		15,090
	1,200	Family Dollar Stores, Inc.		76,092
	200	Famous Dave's of America, Inc. †(a)		1,838
	1,500	Federal-Mogul Corp.(a)		12,030
	800	Fifth & Pacific Cos., Inc. †		9,960
	100	Finish Line, Inc. (The), Class A(a)		1,893
	1,900	Foot Locker, Inc.		61,028
	40,485	Ford Motor Co.(a)		524,281
	300	Forward Industries, Inc. †(a)		417
	600	Fossil, Inc.		55,860
	700	Fred's, Inc., Class A(a)		9,317
	200	Furniture Brands International, Inc. †		212
	600	Gaiam, Inc., Class A †		1,896
	1,625	GameStop Corp., Class A(a)		40,771
	600	Gaming Partners International Corp.		4,170
	2,800	Gannett Co., Inc.		50,428
	3,675	Gap, Inc. (The)		114,072
	7,525	General Motors Co.		216,946
	275	Genesco, Inc. †(a)		15,125

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

December 31, 2012

Shares			Value
Consumer Discretionary (continued)
	2,010	Gentex Corp.(a)	$	37,828
	1,600	Genuine Parts Co.		101,728
	300	GNC Holdings, Inc., Class A		9,984
	1,875	Goodyear Tire & Rubber Co. (The)		25,894
	500	Grand Canyon Education, Inc. †		11,735
	1,000	Gray Television, Inc. †		2,200
	200	Group 1 Automotive, Inc.(a)		12,398
	400	Guess, Inc.(a)		9,816
	2,635	H&R Block, Inc.		48,932
	696	Hanesbrands, Inc.		24,931
	2,475	Harley-Davidson, Inc.		120,879
	600	Harman International Industries, Inc.		26,784
	1,000	Harte-Hanks, Inc.(a)		5,900
	1,300	Hasbro, Inc.(a)	��	46,670
	200	Helen of Troy, Ltd.(a)		6,678
	500	hhgregg, Inc. †(a)		3,510
	200	Hibbett Sports, Inc. †(a)		10,540
	300	Hillenbrand, Inc.		6,783
	13,470	Home Depot, Inc. (The)		833,119
	200	Hooker Furniture Corp.(a)		2,906
	100	Hot Topic, Inc.(a)		965
	1,000	Hovnanian Enterprises, Inc., Class A †(a)		7,000
	418	HSN, Inc.		23,023
	600	Hyatt Hotels Corp., Class A †(a)		23,142
	450	Iconix Brand Group, Inc.		10,044
	3,450	International Game Technology		48,886
	237	International Speedway Corp., Class A		6,546
	5,372	Interpublic Group of Cos., Inc. (The)		59,199
	743	Interval Leisure Group, Inc.		14,407
	340	ITT Educational Services, Inc. †(a)		5,885
	2,292	J.C. Penney Co., Inc.(a)		45,175
	350	Jack in the Box, Inc.		10,010
	1,000	Jarden Corp.		51,700
	500	John Wiley & Sons, Inc., Class A		19,465
	7,450	Johnson Controls, Inc.		228,715
	378	Jones Group, Inc. (The)(a)		4,181
	300	Jos. A Bank Clothiers, Inc. †(a)		12,774
	600	Journal Communications, Inc., Class A		3,246
	300	K12, Inc. †(a)		6,132
	800	KB Home(a)		12,640
	200	Kid Brands, Inc. †		310
	2,400	Kohl's Corp.		103,152
	300	Krispy Kreme Doughnuts, Inc.		2,814
	550	K-Swiss, Inc., Class A †(a)		1,848
	200	Lakes Entertainment, Inc. †		602
	500	Lamar Advertising Co., Class A(a)		19,375
	4,300	Las Vegas Sands Corp.		198,488
	200	La-Z-Boy, Inc., Class Z(a)		2,830
	100	LeapFrog Enterprises, Inc., Class A †(a)		863
	1,183	Lear Corp.		55,412
	500	Learning Tree International, Inc. †(a)		2,725
	750	Lee Enterprises, Inc. †		855
	1,410	Leggett & Platt, Inc.(a)		38,380
	1,200	Lennar Corp., Class A(a)		46,404
	1,000	Libbey, Inc.		19,350
	1,351	Liberty Global, Inc., Class A †		85,100
	4,600	Liberty Interactive Corp., Class A †		90,528
	1,177	Liberty Media Corp. - Liberty Capital, Class A		136,544
	230	Liberty Ventures, Ser A †		15,585
	200	Life Time Fitness, Inc. †(a)		9,842
	700	Lifetime Brands, Inc.		7,427
	200	LIN TV Corp., Class A †(a)		1,506
	200	Lincoln Educational Services Corp.(a)		1,118
	1,350	Lions Gate Entertainment Corp.(a)		22,140
	2,537	Live Nation Entertainment, Inc.		23,620

Shares			Value
Consumer Discretionary (continued)
	3,600	LKQ Corp. †	$	75,960
	12,106	Lowe's Cos., Inc.		430,005
	2,540	Ltd. Brands, Inc.		119,532
	4,298	Macy's, Inc.		167,708
	881	Madison Square Garden Co. (The), Class A		39,072
	100	Marcus Corp.		1,247
	700	Marine Products Corp.		4,004
	2,577	Marriott International, Inc., Class A		96,045
	257	Marriott Vacations Worldwide Corp.		10,709
	3,100	Martha Stewart Living Omnimedia, Class A †(a)		7,595
	3,255	Mattel, Inc.		119,198
	100	Matthews International Corp., Class A		3,210
	496	McClatchy Co. (The), Class A †(a)		1,622
	10,704	McDonald's Corp.		944,200
	2,800	McGraw-Hill Cos., Inc. (The)		153,076
	271	MDC Holdings, Inc.		9,962
	500	Media General, Inc., Class A †(a)		2,150
	500	Meritage Homes Corp.		18,675
	4,200	MGM Resorts International(a)		48,888
	577	Mohawk Industries, Inc.		52,201
	1,600	Monarch Casino & Resort, Inc. †(a)		17,456
	150	Morgans Hotel Group Co. †		831
	700	MTR Gaming Group, Inc. †		2,919
	591	Multimedia Games Holding Co., Inc. †		8,694
	500	National CineMedia, Inc.		7,065
	50	Nautilus, Inc. †		176
	100	Navarre Corp. †		178
	600	Netflix, Inc.(a)		55,668
	1,300	New York & Co., Inc. †		4,953
	2,100	New York Times Co. (The), Class A †(a)		17,913
	2,926	Newell Rubbermaid, Inc.(a)		65,162
	14,063	News Corp., Class A		359,169
	200	Nexstar Broadcasting Group, Inc., Class A †		2,118
	7,880	NIKE, Inc., Class B		406,608
	2,000	Nordstrom, Inc.		107,000
	60	NVR, Inc.(a)		55,200
	5,525	Office Depot, Inc.(a)		18,122
	1,100	OfficeMax, Inc.(a)		10,736
	3,125	Omnicom Group, Inc.		156,125
	2,900	Orbitz Worldwide, Inc. †		7,888
	41	Orchard Supply Hardware Stores Corp., Class A †(a)		304
	1,360	O'Reilly Automotive, Inc.		121,611
	650	Orleans Homebuilders, Inc. † (b)		—
	500	Outdoor Channel Holdings, Inc.		3,800
	300	Overstock.com, Inc. †(a)		4,293
	50	Oxford Industries, Inc.(a)		2,318
	200	Pacific Sunwear of California, Inc. †(a)		318
	300	Panera Bread Co., Class A		47,649
	700	Penn National Gaming, Inc.(a)		34,377
	400	Penske Automotive Group, Inc.(a)		12,036
	1,500	Pep Boys-Manny Moe & Jack (The)(a)		14,745
	100	Perry Ellis International, Inc.(a)		1,990
	950	PetSmart, Inc.		64,923
	825	Pier 1 Imports, Inc.(a)		16,500
	800	Pinnacle Entertainment, Inc. †		12,664
	600	Polaris Industries, Inc.		50,490
	275	Premier Exhibitions, Inc. †		745
	525	priceline.com, Inc. †		326,130
	3,840	PulteGroup, Inc.		69,734
	600	PVH Corp.		66,606
	50	Quiksilver, Inc. †(a)		213
	1,850	RadioShack Corp.(a)		3,922

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

December 31, 2012

Shares			Value
Consumer Discretionary (continued)
	565	Ralph Lauren Corp., Class A	$	84,705
	1,000	ReachLocal, Inc.		12,910
	600	Regal Entertainment Group, Class A(a)		8,370
	200	Regis Corp.(a)		3,384
	250	Rent-A-Center, Inc., Class A(a)		8,590
	1,500	Rick's Cabaret International, Inc. †		12,075
	100	Rocky Brands, Inc. †(a)		1,302
	2,075	Ross Stores, Inc.		112,361
	1,625	Royal Caribbean Cruises, Ltd.		55,250
	500	Ruby Tuesday, Inc.		3,930
	500	Ryland Group, Inc. (The)(a)		18,250
	1,800	Saks, Inc. †		18,918
	100	Salem Communications Corp., Class A		546
	1,000	Sally Beauty Holdings, Inc.		23,570
	400	School Specialty, Inc. †(a)		380
	1,500	Scientific Games Corp., Class A		13,005
	900	Scripps Networks Interactive, Inc., Class A		52,128
	200	Sealy Corp. †(a)		434
	396	Sears Canada, Inc.(a)		3,988
	925	Sears Holdings Corp.(a)		38,258
	188	Select Comfort Corp. †(a)		4,920
	1,400	Service Corp. International		19,334
	100	SHFL Entertainment, Inc. †		1,450
	600	Shoe Carnival, Inc.(a)		12,294
	776	Signet Jewelers, Ltd.(a)		41,438
	900	Sinclair Broadcast Group, Inc., Class A		11,358
	48,100	Sirius XM Radio, Inc.(a)		139,009
	450	Six Flags Entertainment Corp.		27,540
	1,000	Sonic Automotive, Inc., Class A		20,890
	800	Sonic Corp. †(a)		8,328
	603	Sotheby's(a)		20,273
	75	Spartan Motors, Inc.		370
	400	Speedway Motorsports, Inc.		7,136
	552	Stage Stores, Inc.(a)		13,679
	1,892	Stanley Black & Decker, Inc.		139,951
	200	Stanley Furniture Co., Inc. †		900
	8,075	Staples, Inc.(a)		92,055
	8,100	Starbucks Corp.		434,322
	1,973	Starwood Hotels & Resorts Worldwide, Inc.		113,171
	100	Steinway Musical Instruments, Inc. †		2,115
	900	Stewart Enterprises, Inc., Class A(a)		6,876
	150	Superior Industries International, Inc.(a)		3,060
	600	Systemax, Inc.(a)		5,790
	6,825	Target Corp.		403,835
	700	Tempur-Pedic International, Inc.		22,043
	450	Tenneco, Inc.		15,799
	380	Tesla Motors, Inc. †(a)		12,870
	1,000	Texas Roadhouse, Inc., Class A		16,800
	3,700	Thomson Reuters Corp.		107,522
	500	Thor Industries, Inc.(a)		18,715
	1,235	Tiffany & Co.(a)		70,815
	3,016	Time Warner Cable, Inc., Class A		293,125
	9,783	Time Warner, Inc.		467,921
	6,850	TJX Cos., Inc.		290,783
	1,600	Toll Brothers, Inc. †		51,728
	800	Tractor Supply Co.		70,688
	200	Trans World Entertainment Corp.		696
	1,300	Trinity Place Holdings, Inc. †(a)		6,435
	1,057	TripAdvisor, Inc.(a)		44,352
	300	True Religion Apparel, Inc.		7,626
	1,000	TRW Automotive Holdings Corp.		53,610
	200	Tuesday Morning Corp. †		1,250
	600	Tupperware Brands Corp.		38,460
	600	Ulta Salon Cosmetics & Fragrance, Inc.		58,956

Shares			Value
Consumer Discretionary (continued)
	800	Under Armour, Inc., Class A(a)	$	38,824
	200	Universal Electronics, Inc.		3,870
	500	Universal Technical Institute, Inc.(a)		5,020
	1,400	Urban Outfitters, Inc.		55,104
	200	Value Line, Inc.(a)		1,794
	300	Valuevision Media, Inc., Class A †(a)		540
	950	VF Corp.		143,422
	4,906	Viacom, Inc., Class B		258,742
	2,075	Virgin Media, Inc.(a)		76,256
	600	Visteon Corp.		32,292
	17,668	Walt Disney Co. (The)		879,690
	500	Warnaco Group, Inc. (The)		35,785
	296	Weight Watchers International, Inc.(a)		15,499
	4,600	Wendy's Co. (The)(a)		21,620
	572	Whirlpool Corp.		58,201
	1,100	Williams-Sonoma, Inc.		48,147
	500	Winnebago Industries, Inc.(a)		8,565
	400	Wolverine World Wide, Inc.(a)		16,392
	600	World Wrestling Entertainment, Inc., Class A		4,734
	1,360	Wyndham Worldwide Corp.		72,366
	650	Wynn Resorts, Ltd.		73,119
	4,650	Yum! Brands, Inc.		308,760
	1,900	Zale Corp. †		7,809
				19,093,333
Consumer Staples — 9.6%
	200	Alico, Inc.		7,326
	2,200	Alliance One International, Inc. †(a)		8,008
	20,975	Altria Group, Inc.		659,035
	250	Andersons, Inc. (The)		10,725
	6,786	Archer-Daniels-Midland Co.		185,869
	3,950	Avon Products, Inc.		56,722
	1,900	Beam, Inc.		116,071
	1,350	Brown-Forman Corp., Class B(a)		85,387
	1,550	Bunge, Ltd.		112,670
	2,175	Campbell Soup Co.(a)		75,886
	1,500	Central European Distribution Corp. †(a)		3,255
	1,700	Church & Dwight Co., Inc.		91,069
	1,500	Clorox Co. (The)		109,830
	44,365	Coca-Cola Co. (The)		1,608,231
	2,695	Coca-Cola Enterprises, Inc.		85,512
	4,568	Colgate-Palmolive Co.		477,539
	4,573	ConAgra Foods, Inc.		134,903
	1,550	Constellation Brands, Inc., Class A †		54,855
	4,150	Costco Wholesale Corp.		409,895
	13,542	CVS Caremark Corp.		654,756
	650	Darling International, Inc. †		10,426
	2,134	Dean Foods Co. †		35,232
	1,500	Dole Food Co., Inc.		17,205
	2,000	Dr. Pepper Snapple Group, Inc.		88,360
	800	Energizer Holdings, Inc.		63,984
	2,400	Estee Lauder Cos., Inc. (The), Class A		143,664
	1,687	Flowers Foods, Inc.		39,256
	7,100	General Mills, Inc.(a)		286,911
	1,300	Green Mountain Coffee Roasters, Inc. †(a)		53,768
	400	Hain Celestial Group, Inc. (The)(a)		21,688
	1,200	Herbalife, Ltd.(a)		39,528
	2,000	Hershey Co. (The)		144,440
	1,344	Hillshire Brands Co.		37,820
	3,750	HJ Heinz Co.(a)		216,300
	1,500	Hormel Foods Corp.(a)		46,815
	550	Ingles Markets, Inc., Class A(a)		9,493
	800	Ingredion, Inc.		51,544
	1,219	JM Smucker Co. (The)		105,127

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

December 31, 2012

Shares			Value
Consumer Staples (continued)
	3,050	Kellogg Co.	$	170,342
	4,347	Kimberly-Clark Corp.		367,017
	5,607	Kraft Foods Group, Inc.		254,950
	5,950	Kroger Co. (The)		154,819
	1,235	Lorillard, Inc.		144,087
	70	Mannatech, Inc. †		394
	750	McCormick & Co., Inc.(a)		47,647
	2,300	Mead Johnson Nutrition Co., Class A		151,547
	200	MGP Ingredients, Inc.		684
	1,500	Molson Coors Brewing Co., Class B		64,185
	16,821	Mondelez International, Inc., Class A		428,431
	1,600	Monster Beverage Corp.		84,608
	700	Nu Skin Enterprises, Inc., Class A(a)		25,935
	16,757	PepsiCo, Inc.		1,146,682
	17,257	Philip Morris International, Inc.		1,443,375
	350	Post Holdings, Inc. †		11,988
	1,200	Prestige Brands Holdings, Inc. †		24,036
	29,702	Procter & Gamble Co. (The)		2,016,469
	700	Ralcorp Holdings, Inc.		62,755
	100	Reliv International, Inc.(a)		131
	3,503	Reynolds American, Inc.(a)		145,129
	7,050	Rite Aid Corp. †		9,588
	70	Rocky Mountain Chocolate Factory, Inc.		739
	2,800	Safeway, Inc.(a)		50,652
	50	Sanderson Farms, Inc.		2,378
	2,200	Smithfield Foods, Inc.(a)		47,454
	1,000	Snyders-Lance, Inc.(a)		24,110
	3,036	SUPERVALU, Inc.(a)		7,499
	6,700	Sysco Corp.(a)		212,122
	3,805	Tyson Foods, Inc., Class A		73,817
	450	United Natural Foods, Inc.		24,115
	198	USANA Health Sciences, Inc.(a)		6,520
	1,102	Vector Group, Ltd.		16,387
	9,150	Walgreen Co.		338,642
	17,795	Wal-Mart Stores, Inc.		1,214,153
	1,625	Whole Foods Market, Inc.		148,411
				15,280,903
Energy — 10.4%
	1,500	Alon USA Energy, Inc.		27,135
	2,272	Alpha Natural Resources, Inc. †(a)		22,129
	1,000	Amyris, Inc.(a)		3,120
	5,387	Anadarko Petroleum Corp.		400,308
	4,091	Apache Corp.		321,143
	300	Approach Resources, Inc.(a)		7,503
	3,000	Arch Coal, Inc.		21,960
	600	Atwood Oceanics, Inc. †		27,474
	4,245	Baker Hughes, Inc.		173,366
	600	Barnwell Industries, Inc. †(a)		1,938
	400	Berry Petroleum Co., Class A(a)		13,420
	45	BioFuel Energy Corp. †		166
	900	Bolt Technology Corp.		12,843
	300	BP Prudhoe Bay Royalty Trust		20,562
	3,100	BPZ Resources, Inc. †(a)		9,765
	200	Bristow Group, Inc.		10,732
	1,800	Cabot Oil & Gas Corp.		89,532
	1,218	Cal Dive International, Inc.(a)		2,107
	1,500	Callon Petroleum Co. †		7,050
	2,800	Cameron International Corp.		158,088
	150	CARBO Ceramics, Inc.(a)		11,751
	200	Cheniere Energy, Inc. †		3,756
	6,600	Chesapeake Energy Corp.(a)		109,692
	21,299	Chevron Corp.		2,303,274
	447	Cimarex Energy Co.		25,805
	600	Clean Energy Fuels Corp.(a)		7,470
	1,000	Cloud Peak Energy, Inc.		19,330

Shares			Value
Energy (continued)
	400	Comstock Resources, Inc. †(a)	$	6,052
	800	Concho Resources, Inc.(a)		64,448
	13,181	ConocoPhillips		764,366
	2,600	Consol Energy, Inc.(a)		83,460
	500	Continental Resources, Inc.		36,745
	200	Cross Timbers Royalty Trust		5,384
	500	Crosstex Energy, Inc.		7,170
	1,000	Delek US Holdings, Inc.		25,320
	3,779	Denbury Resources, Inc.		61,220
	4,336	Devon Energy Corp.		225,645
	206	DHT Holdings, Inc.(a)		845
	850	Diamond Offshore Drilling, Inc.(a)		57,766
	800	Dresser-Rand Group, Inc. †		44,912
	300	Dril-Quip, Inc. †		21,915
	890	Energen Corp.		40,130
	525	Energy Transfer Partners, LP		22,538
	1,000	Energy XXI Bermuda, Ltd.(a)		32,190
	2,575	EOG Resources, Inc.		311,034
	15	EPL Oil & Gas, Inc. †		338
	1,600	EQT Corp.		94,368
	2,700	EXCO Resources, Inc.(a)		18,279
	812	Exterran Holdings, Inc.(a)		17,799
	49,512	Exxon Mobil Corp.		4,285,264
	1,906	FMC Technologies, Inc. †		81,634
	950	Forest Oil Corp. †(a)		6,355
	100	GeoMet, Inc. †(a)		14
	226	Geospace Technologies Corp.		20,085
	500	Goodrich Petroleum Corp.(a)		4,660
	381	Gulf Island Fabrication, Inc.		9,155
	300	Gulfmark Offshore, Inc., Class A(a)		10,335
	350	Gulfport Energy Corp. †(a)		13,377
	10,181	Halliburton Co.		353,179
	1,000	Helix Energy Solutions Group, Inc. †		20,640
	1,150	Helmerich & Payne, Inc.(a)		64,411
	1,900	Hercules Offshore, Inc.		11,742
	3,665	Hess Corp.		194,098
	1,058	HollyFrontier Corp.		49,250
	500	Hornbeck Offshore Services, Inc. †(a)		17,170
	1,000	Houston American Energy Corp. †(a)		220
	1,750	ION Geophysical Corp.(a)		11,392
	450	James River Coal Co. †(a)		1,440
	2,200	Key Energy Services, Inc.		15,290
	10,260	Kinder Morgan, Inc.		362,486
	2,950	Kodiak Oil & Gas Corp.		26,107
	400	Lufkin Industries, Inc.(a)		23,252
	9	Magnum Hunter Resources Corp.(a)		36
	8,222	Marathon Oil Corp.		252,087
	3,761	Marathon Petroleum Corp.		236,943
	450	Matrix Service Co. †		5,175
	2,875	McDermott International, Inc. †		31,683
	1,500	McMoRan Exploration Co. †(a)		24,075
	2,400	Murphy Oil Corp.		142,920
	3,100	Nabors Industries, Ltd.		44,795
	4,420	National Oilwell Varco, Inc.		302,107
	1,525	Newfield Exploration Co.		40,839
	875	Newpark Resources, Inc. †(a)		6,869
	1,539	Noble Energy, Inc.(a)		156,578
	1,000	Northern Oil and Gas, Inc. †(a)		16,820
	400	Oasis Petroleum, Inc.		12,720
	8,916	Occidental Petroleum Corp.		683,055
	900	Oceaneering International, Inc.		48,411
	500	Oil States International, Inc. †		35,770
	15	Pacific Ethanol, Inc. †		5
	1,950	Patterson-UTI Energy, Inc.(a)		36,329
	3,150	Peabody Energy Corp.		83,821
	2,300	PetroQuest Energy, Inc. †		11,385

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

December 31, 2012

Shares			Value
Energy (continued)
	6,890	Phillips 66	$	365,859
	1,125	Pioneer Natural Resources Co.		119,914
	1,553	Plains Exploration & Production Co. †		72,898
	1,700	Pyramid Oil Co. †(a)		6,630
	2,200	QEP Resources, Inc.		66,594
	1,700	Quicksilver Resources, Inc. †(a)		4,862
	1,800	Range Resources Corp.(a)		113,094
	600	Rex Energy Corp. †(a)		7,812
	600	Rosetta Resources, Inc. †(a)		27,216
	1,600	Rowan PLC, Class A		50,032
	1,012	RPC, Inc.(a)		12,387
	4,400	SandRidge Energy, Inc. †(a)		27,940
	14,604	Schlumberger, Ltd.		1,011,911
	1,000	Ship Finance International, Ltd.(a)		16,630
	750	SM Energy Co.(a)		39,158
	1,000	Solazyme, Inc. †(a)		7,860
	4,200	Southwestern Energy Co.		140,322
	6,641	Spectra Energy Corp.(a)		181,831
	270	Steel Excel, Inc. †		6,737
	1,706	Superior Energy Services, Inc.		35,348
	3,500	Syntroleum Corp. †(a)		1,383
	1,500	Tesoro Corp.		66,075
	222	TGC Industries, Inc.		1,818
	525	Tidewater, Inc.(a)		23,457
	1,600	Trico Marine Services, Inc. † (b)		—
	1,000	U.S. Energy Corp. †		1,500
	1,765	Ultra Petroleum Corp.(a)		31,999
	500	Unit Corp.(a)		22,525
	1,150	USEC, Inc.		610
	1,100	Vaalco Energy, Inc.		9,515
	6,114	Valero Energy Corp.		208,610
	8	Verenium Corp. †		17
	800	W&T Offshore, Inc.		12,824
	300	Warren Resources, Inc. †		843
	500	Western Refining, Inc.(a)		14,095
	1,400	Whiting Petroleum Corp.		60,718
	7,050	Williams Cos., Inc. (The)		230,817
	800	World Fuel Services Corp.(a)		32,936
	2,350	WPX Energy, Inc.(a)		34,968
	500	ZaZa Energy Corp. †(a)		1,025
				16,578,092
Financials — 16.5%
	1	Acadia Realty Trust(a)		25
	600	Affiliated Managers Group, Inc.		78,090
	200	Affirmative Insurance Holdings, Inc. †(a)		28
	4,800	Aflac, Inc.		254,976
	450	Alexander & Baldwin, Inc. †		13,216
	700	Alexandria Real Estate Equities, Inc.		48,524
	127	Alleghany Corp.		42,598
	4,650	Allstate Corp. (The)		186,790
	800	Alterra Capital Holdings, Ltd.		22,552
	10	Altisource Asset Management Corp. †(a)		800
	100	Altisource Portfolio Solutions SA †		8,666
	33	Altisource Residential Corp., Class B †(a)		528
	807	American Campus Communities, Inc.		37,227
	3,825	American Capital Agency Corp.		110,695
	4,200	American Capital, Ltd.		50,400
	1,100	American Equity Investment Life Holding Co.(a)		13,431
	9,875	American Express Co.		567,615
	1,100	American Financial Group, Inc.		43,472
	4,200	American International Group, Inc. †		148,260
	300	American National Insurance Co.		20,487
	4,077	American Tower Corp., Class A		315,030
	2,280	Ameriprise Financial, Inc.		142,796

Shares			Value
Financials (continued)
	302	Amtrust Financial Services, Inc.(a)	$	8,664
	10,025	Annaly Capital Management, Inc.(a)		140,751
	1,500	Anworth Mortgage Asset Corp.		8,670
	1,256	Apartment Investment & Management Co., Class A		33,987
	2,200	Apollo Investment Corp. †(a)		18,392
	200	Arbor Realty Trust, Inc.		1,198
	1,200	Arch Capital Group, Ltd.		52,824
	4	Arlington Asset Investment Corp., Class A		83
	3,325	ARMOUR Residential REIT, Inc.		21,513
	1,150	Arthur J. Gallagher & Co.		39,848
	544	Ashford Hospitality Trust, Inc.(a)		5,717
	1,100	Aspen Insurance Holdings, Ltd.		35,288
	400	Asset Acceptance Capital Corp. †		1,800
	1,354	Associated Banc-Corp(a)		17,764
	300	Associated Estates Realty Corp.		4,836
	900	Assurant, Inc.		31,230
	1,600	Assured Guaranty, Ltd.		22,768
	700	Astoria Financial Corp.		6,552
	200	Atlanticus Holdings Corp. †(a)		670
	600	AV Homes, Inc. †		8,532
	847	AvalonBay Communities, Inc.		114,845
	1,175	Axis Capital Holdings, Ltd.(a)		40,702
	50	Bancorp, Inc.		548
	1,150	BancorpSouth, Inc.		16,721
	117,248	Bank of America Corp.		1,360,077
	450	Bank of Hawaii Corp.(a)		19,822
	11,913	Bank of New York Mellon Corp. (The)(a)		306,164
	700	BankFinancial Corp.(a)		5,194
	1,000	BankUnited, Inc.(a)		24,440
	7,925	BB&T Corp.		230,697
	600	BBCN Bancorp, Inc.		6,942
	16	BBX Capital Corp., Class A †(a)		107
	500	Beneficial Mutual Bancorp, Inc.		4,750
	20,222	Berkshire Hathaway, Inc., Class B		1,813,913
	1,000	BGC Partners, Inc., Class A		3,460
	2,000	BioMed Realty Trust, Inc.		38,660
	1,100	BlackRock, Inc., Class A		227,381
	1,000	Boston Private Financial Holdings, Inc.(a)		9,010
	1,625	Boston Properties, Inc.		171,941
	1,988	Brandywine Realty Trust		24,234
	1,075	BRE Properties, Inc.		54,642
	3,075	Brookfield Office Properties, Inc.(a)		52,306
	1,500	Brookline Bancorp, Inc.(a)		12,750
	1,400	Brown & Brown, Inc.		35,644
	100	Camden National Corp.		3,397
	825	Camden Property Trust		56,273
	30	Capital Bank Financial Corp., Class A †		512
	350	Capital City Bank Group, Inc.		3,979
	4,850	Capital One Financial Corp.		280,960
	3,839	CapitalSource, Inc.		29,100
	1,000	Capitol Federal Financial, Inc.		11,690
	700	CapLease, Inc.		3,899
	1,700	Capstead Mortgage Corp.		19,499
	100	Cardinal Financial Corp.		1,627
	288	Cathay General Bancorp(a)		5,616
	1,780	CBL & Associates Properties, Inc.		37,754
	600	CBOE Holdings, Inc.		17,676
	3,825	CBRE Group, Inc., Class A		76,117
	650	Cedar Realty Trust, Inc.(a)		3,432
	11,314	Charles Schwab Corp. (The)(a)		162,469
	400	Charter Financial Corp.		4,240
	500	Chemical Financial Corp.		11,880
	11,900	Chimera Investment Corp.		31,059
	2,802	Chubb Corp. (The)		211,047

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

December 31, 2012

Shares			Value
Financials (continued)
	23	CIFC Corp. †	$	184
	1,394	Cincinnati Financial Corp.(a)		54,589
	2,150	CIT Group, Inc. †		83,076
	31,840	Citigroup, Inc.		1,259,590
	600	City National Corp.(a)		29,712
	3,300	CME Group, Inc., Class A		167,343
	300	CNA Financial Corp.		8,403
	2,900	CNO Financial Group, Inc.		27,057
	750	CoBiz Financial, Inc.		5,602
	350	Cohen & Steers, Inc.(a)		10,664
	1,429	Colonial Properties Trust(a)		30,538
	276	Columbia Banking System, Inc.(a)		4,951
	1,783	Comerica, Inc.		54,096
	1,302	Commerce Bancshares, Inc.		45,648
	1,293	CommonWealth REIT		20,481
	500	Community Bank System, Inc.(a)		13,680
	100	Community Trust Bancorp, Inc.(a)		3,278
	850	Corporate Office Properties Trust		21,233
	1,863	Cousins Properties, Inc.		15,556
	199	Cowen Group, Inc., Class A †		488
	200	Crawford & Co., Class B		1,596
	937	CubeSmart REIT		13,652
	600	Cullen/Frost Bankers, Inc.		32,562
	1,000	CVB Financial Corp.(a)		10,400
	1,000	CYS Investments, Inc.(a)		11,810
	3,450	DCT Industrial Trust, Inc.(a)		22,390
	2,995	DDR Corp.		46,902
	2,502	DiamondRock Hospitality Co.		22,518
	1,000	Digital Realty Trust, Inc.		67,890
	5,425	Discover Financial Services		209,134
	1,100	Donegal Group, Inc., Class A		15,444
	1,100	Douglas Emmett, Inc.		25,630
	400	Duff & Phelps Corp., Class A		6,248
	3,101	Duke Realty Corp.		43,011
	700	DuPont Fabros Technology, Inc.		16,912
	3,778	E*Trade Financial Corp.		33,813
	2,000	East West Bancorp, Inc.		42,980
	1,325	Eaton Vance Corp.(a)		42,201
	1,000	Education Realty Trust, Inc.		10,640
	175	eHealth, Inc. †		4,809
	200	Encore Capital Group, Inc. †		6,124
	700	Endurance Specialty Holdings, Ltd.		27,783
	50	Enterprise Financial Services Corp.(a)		654
	300	EPR Properties(a)		13,833
	500	Equity Lifestyle Properties, Inc.		33,645
	1,000	Equity One, Inc.		21,010
	3,479	Equity Residential		197,155
	400	Essex Property Trust, Inc.		58,660
	536	Everest Re Group, Ltd.		58,933
	1,500	Extra Space Storage, Inc.		54,585
	1,000	Ezcorp, Inc., Class A †		19,860
	625	Federal Realty Investment Trust		65,012
	1,200	Federated Investors, Inc., Class B(a)		24,276
	200	Federated National Holding Co.(a)		1,084
	1,000	FelCor Lodging Trust, Inc.		4,670
	2,291	Fidelity National Financial, Inc., Class A(a)		53,953
	10,401	Fifth Third Bancorp		157,991
	1,200	Financial Institutions, Inc.		22,356
	100	First Acceptance Corp. †		125
	827	First American Financial Corp.		19,922
	300	First Bancorp(a)		3,846
	166	First BanCorp		760
	500	First Cash Financial Services, Inc.		24,810
	800	First Commonwealth Financial Corp.(a)		5,456

Shares			Value
Financials (continued)
	425	First Community Bancshares, Inc.(a)	$	6,787
	100	First Financial Corp.(a)		3,024
	2,433	First Horizon National Corp.(a)		24,111
	650	First Industrial Realty Trust, Inc. †		9,152
	50	First Marblehead Corp. (The) †		39
	3,424	First Niagara Financial Group, Inc.		27,152
	800	First Potomac Realty Trust		9,888
	600	First Republic Bank		19,668
	1,007	FirstMerit Corp.(a)		14,289
	1,500	FNB Corp.(a)		15,930
	2,100	Forest City Enterprises, Inc., Class A †		33,915
	1,557	Franklin Resources, Inc.		195,715
	950	Franklin Street Properties Corp.		11,694
	2,734	Fulton Financial Corp.		26,274
	4,665	General Growth Properties, Inc.		92,600
	5,850	Genworth Financial, Inc., Class A †		43,934
	400	Getty Realty Corp.(a)		7,224
	900	Glacier Bancorp, Inc.(a)		13,239
	1,000	Gleacher & Co., Inc. †		750
	800	Glimcher Realty Trust		8,872
	4,950	Goldman Sachs Group, Inc. (The)		631,422
	435	Gramercy Capital Corp. †(a)		1,279
	1,000	Guaranty Bancorp †(a)		1,950
	100	Hallmark Financial Services †		939
	627	Hancock Holding Co.		19,901
	69	Hanmi Financial Corp.		938
	700	Hanover Insurance Group, Inc. (The)		27,118
	4,750	Hartford Financial Services Group, Inc.		106,590
	1,000	Hatteras Financial Corp.		24,810
	1,175	HCC Insurance Holdings, Inc.(a)		43,722
	4,625	HCP, Inc.		208,957
	2,200	Health Care REIT, Inc.		134,838
	500	Healthcare Realty Trust, Inc.		12,005
	50	Heritage Commerce Corp.		349
	700	Hersha Hospitality Trust, Class A		3,500
	650	Highwoods Properties, Inc.(a)		21,743
	1,500	Hilltop Holdings, Inc. †		20,310
	660	Home BancShares, Inc.		21,793
	500	Home Properties, Inc.		30,655
	1,000	Horace Mann Educators Corp.		19,960
	1,500	Hospitality Properties Trust(a)		35,130
	8,624	Host Hotels & Resorts, Inc.		135,138
	44	Howard Hughes Corp. (The) †		3,213
	4,301	Hudson City Bancorp, Inc.		34,967
	9,351	Huntington Bancshares, Inc.		59,753
	100	ICG Group, Inc. †		1,143
	85	IMPAC Mortgage Holdings, Inc. †		1,199
	300	Infinity Property & Casualty Corp.(a)		17,472
	1,100	Inland Real Estate Corp.		9,218
	1,500	Interactive Brokers Group, Inc., Class A		20,520
	669	IntercontinentalExchange, Inc.		82,829
	700	International Bancshares Corp.		12,635
	550	Intervest Bancshares Corp., Class A †		2,140
	500	INTL FCStone, Inc. †(a)		8,705
	1,000	Invesco Mortgage Capital, Inc.		19,710
	4,800	Invesco, Ltd.		125,232
	1,000	Investment Technology Group, Inc.		9,000
	800	Investors Bancorp, Inc.		14,224
	1,800	Investors Real Estate Trust		15,714
	1,564	iStar Financial, Inc. †		12,747
	2,475	Janus Capital Group, Inc.(a)		21,087
	1,700	Jefferies Group, Inc.		31,569
	500	Jones Lang LaSalle, Inc.		41,970
	41,309	JPMorgan Chase & Co.		1,816,357
	600	Kearny Financial Corp.(a)		5,850
	350	Kemper Corp.(a)		10,325

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

December 31, 2012

Shares			Value
Financials (continued)
	9,848	KeyCorp	$	82,920
	700	Kilroy Realty Corp.		33,159
	4,625	Kimco Realty Corp.		89,355
	800	Kite Realty Group Trust		4,472
	1,400	Knight Capital Group, Inc., Class A(a)		4,914
	1,500	LaSalle Hotel Properties		38,085
	1,700	Legg Mason, Inc.(a)		43,724
	2,505	Leucadia National Corp.(a)		59,594
	1,626	Lexington Realty Trust(a)		16,992
	1,450	Liberty Property Trust		51,867
	2,875	Lincoln National Corp.(a)		74,463
	3,300	Loews Corp.		134,475
	200	LPL Financial Holdings, Inc.		5,632
	1,372	M&T Bank Corp.(a)		135,101
	1,287	Macerich Co. (The)		75,032
	1,500	Mack-Cali Realty Corp.		39,165
	1,000	Maiden Holdings, Ltd.		9,190
	101	Markel Corp.		43,775
	5,370	Marsh & McLennan Cos., Inc.		185,104
	244	MB Financial, Inc.		4,819
	1,900	MBIA, Inc.(a)		14,915
	967	Meadowbrook Insurance Group, Inc.		5,589
	600	Medallion Financial Corp.(a)		7,044
	1,500	Medical Properties Trust, Inc.		17,940
	9,921	MetLife, Inc.		326,798
	4,000	MFA Financial, Inc.		32,440
	1,500	MGIC Investment Corp.(a)		3,990
	100	Mid-America Apartment Communities, Inc.(a)		6,475
	400	Montpelier Re Holdings, Ltd.		9,144
	1,575	Moody's Corp.(a)		79,254
	15,450	Morgan Stanley		295,404
	3,800	MPG Office Trust, Inc. †(a)		11,704
	1,072	MSCI, Inc., Class A †(a)		33,221
	1,450	NASDAQ OMX Group, Inc. (The)		36,265
	400	National Interstate Corp.		11,528
	2,500	National Penn Bancshares, Inc.(a)		23,300
	500	National Retail Properties, Inc.		15,600
	500	NBT Bancorp, Inc.(a)		10,135
	4,312	New York Community Bancorp, Inc.(a)		56,487
	350	Newcastle Investment Corp.		3,038
	10	North Valley Bancorp †		142
	2,850	Northern Trust Corp.		142,956
	156	NorthStar Realty Finance Corp.(a)		1,098
	875	Northwest Bancshares, Inc.(a)		10,623
	2,375	NYSE Euronext		74,907
	300	Ocwen Financial Corp. †		10,377
	1,500	Old National Bancorp(a)		17,805
	3,236	Old Republic International Corp.		34,463
	400	Old Second Bancorp, Inc. †(a)		488
	975	Omega Healthcare Investors, Inc.(a)		23,254
	600	OneBeacon Insurance Group, Ltd., Class A		8,340
	432	Oriental Financial Group, Inc.(a)		5,767
	400	Oritani Financial Corp.		6,128
	200	Parkway Properties, Inc.		2,798
	625	PartnerRe, Ltd.		50,306
	1,000	Pebblebrook Hotel Trust		23,100
	4,347	People's United Financial, Inc.(a)		52,555
	123	PHH Corp. †(a)		2,798
	62	Phoenix , Inc. †(a)		1,533
	2,100	Piedmont Office Realty Trust, Inc., Class A		37,905
	900	Pinnacle Financial Partners, Inc.(a)		16,956
	500	Platinum Underwriters Holdings, Ltd.		23,000

Shares			Value
Financials (continued)
	1,884	Plum Creek Timber Co., Inc.	$	83,593
	6,000	PNC Financial Services Group, Inc.		349,860
	1,157	Popular, Inc.		24,054
	100	Portfolio Recovery Associates, Inc.		10,686
	600	Post Properties, Inc.(a)		29,970
	200	Preferred Bank		2,840
	300	Primerica †		9,003
	100	Primus Guaranty, Ltd. †(a)		875
	3,400	Principal Financial Group, Inc.(a)		96,968
	1,222	PrivateBancorp, Inc., Class A(a)		18,721
	530	ProAssurance Corp.		22,361
	6,125	Progressive Corp. (The)		129,238
	4,735	Prologis, Inc.		172,780
	500	Prosperity Bancshares, Inc.(a)		21,000
	1,000	Protective Life Corp.		28,580
	1,500	Provident Financial Services, Inc.(a)		22,380
	1,050	Provident New York Bancorp(a)		9,776
	5,350	Prudential Financial, Inc.		285,316
	1,639	Public Storage		237,589
	2,077	Pzena Investment Management, Inc., Class A		11,216
	1,370	Radian Group, Inc.(a)		8,371
	66	RAIT Financial Trust(a)		373
	1,000	Ramco-Gershenson Properties Trust		13,310
	1,200	Raymond James Financial, Inc.		46,236
	1,501	Rayonier, Inc.		77,797
	1,300	Realty Income Corp.(a)		52,273
	1,200	Redwood Trust, Inc.		20,268
	1,025	Regency Centers Corp.		48,298
	13,306	Regions Financial Corp.		94,739
	850	Reinsurance Group of America, Inc., Class A		45,492
	400	RenaissanceRe Holdings, Ltd.		32,504
	50	Renasant Corp.		957
	315	Republic Bancorp, Inc., Class A(a)		6,656
	250	Resource America, Inc., Class A		1,668
	200	Resource Capital Corp.(a)		1,120
	1,000	RLJ Lodging Trust		19,370
	1,700	Roma Financial Corp.(a)		25,704
	174	Rouse Properties, Inc.(a)		2,944
	233	Sabra Health Care REIT, Inc.		5,061
	200	Saul Centers, Inc.		8,558
	700	SeaBright Holdings, Inc.		7,749
	750	Seacoast Banking Corp. of Florida †		1,208
	2,000	SEI Investments Co.(a) (c)		46,680
	600	Selective Insurance Group, Inc.(a)		11,562
	1,650	Senior Housing Properties Trust		39,006
	400	Signature Bank(a)		28,536
	200	Simmons First National Corp., Class A(a)		5,072
	3,346	Simon Property Group, Inc.		528,969
	1,000	SL Green Realty Corp.		76,650
	4,300	SLM Corp.		73,659
	50	Southwest Bancorp, Inc. †		560
	316	Sovran Self Storage, Inc.		19,624
	500	St. Joe Co. (The) †(a)		11,540
	490	StanCorp Financial Group, Inc.(a)		17,968
	1,000	Starwood Property Trust, Inc.		22,960
	400	State Auto Financial Corp.		5,976
	4,990	State Street Corp.		234,580
	50	Sterling Bancorp, Class N(a)		456
	300	Stewart Information Services Corp.		7,800
	640	Stifel Financial Corp. †(a)		20,461
	2,100	Strategic Hotels & Resorts, Inc. †		13,440
	50	Suffolk Bancorp †(a)		655
	822	Sun Bancorp, Inc. †		2,910
	500	Sun Communities, Inc.(a)		19,945

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

December 31, 2012

Shares			Value
Financials (continued)
	2,595	Sunstone Hotel Investors, Inc.	$	27,792
	5,930	SunTrust Banks, Inc.		168,116
	3,378	Susquehanna Bancshares, Inc.		35,401
	450	SVB Financial Group		25,187
	1,000	Symetra Financial Corp.		12,980
	10,831	Synovus Financial Corp.(a)		26,536
	2,625	T Rowe Price Group, Inc.		170,966
	1,000	Tanger Factory Outlet Centers		34,200
	500	Taubman Centers, Inc.		39,360
	500	Taylor Capital Group, Inc. †		9,025
	1,500	TCF Financial Corp.(a)		18,225
	3,103	TD Ameritrade Holding Corp.		52,161
	50	Tejon Ranch Co. †		1,404
	784	Texas Capital Bancshares, Inc. †(a)		35,139
	1,250	TFS Financial Corp.(a)		12,025
	1,100	Torchmark Corp.		56,837
	103	TowneBank		1,595
	4,269	Travelers Cos., Inc. (The)		306,600
	90	Tree.com, Inc.		1,623
	400	Trico Bancshares(a)		6,700
	1,208	TrustCo Bank Corp.(a)		6,378
	1,000	Trustmark Corp.(a)		22,460
	3,125	Two Harbors Investment Corp.		34,625
	19,409	U.S. Bancorp		619,923
	2,328	UDR, Inc.		55,360
	1,300	Umpqua Holdings Corp.		15,327
	474	United Community Banks, Inc.		4,465
	317	United Community Financial Corp. †		916
	403	United Financial Bancorp, Inc.(a)		6,335
	300	United Fire Group, Inc.		6,552
	351	United Security Bancshares †		906
	200	Universal Health Realty Income Trust		10,122
	2,407	Unum Group		50,114
	500	Urstadt Biddle Properties, Inc., Class A		9,840
	483	Validus Holdings, Ltd.		16,702
	1,831	Valley National Bancorp(a)		17,028
	3,315	Ventas, Inc.		214,547
	565	Virginia Commerce Bancorp, Inc.(a)		5,057
	157	Virtus Investment Partners, Inc. †(a)		18,988
	2,132	Vornado Realty Trust		170,731
	1,187	W.R. Berkley Corp.		44,797
	825	Waddell & Reed Financial, Inc., Class A		28,727
	220	Walter Investment Management Corp.		9,464
	1,333	Washington Federal, Inc.		22,488
	1,250	Washington Real Estate Investment Trust		32,688
	400	Washington Trust Bancorp, Inc.(a)		10,524
	550	Waterstone Financial, Inc.		4,290
	800	Webster Financial Corp.		16,440
	1,700	Weingarten Realty Investors		45,509
	52,592	Wells Fargo & Co.		1,797,595
	383	Westamerica Bancorporation(a)		16,312
	1,150	Western Alliance Bancorp(a)		12,110
	200	Westfield Financial, Inc.(a)		1,446
	80	White Mountains Insurance Group, Ltd.		41,200
	700	Wilshire Bancorp, Inc.		4,109
	500	Wintrust Financial Corp.(a)		18,350
	10	WP Stewart & Co., Ltd. †		50
	1,630	Zions Bancorporation(a)		34,882
	400	ZipRealty, Inc. †(a)		1,120
				26,398,794
Health Care — 11.4%
	17,125	Abbott Laboratories		1,121,687
	100	ACADIA Pharmaceuticals, Inc. †		465
	300	Accretive Health, Inc. †(a)		3,468
	3,631	Aetna, Inc.		168,115

Shares			Value
Health Care (continued)
	200	Affymetrix, Inc.(a)	$	634
	3,746	Agilent Technologies, Inc.		153,361
	300	Air Methods Corp.(a)		11,067
	400	Akorn, Inc. †(a)		5,344
	700	Albany Molecular Research, Inc. †		3,696
	500	Alere, Inc. †(a)		9,250
	1,800	Alexion Pharmaceuticals, Inc. †		168,858
	750	Align Technology, Inc.(a)		20,812
	1,000	Alkermes PLC(a)		18,520
	3,385	Allergan, Inc.		310,506
	140	Alliance HealthCare Services, Inc. †		893
	1,500	Allscripts Healthcare Solutions, Inc. †		14,130
	1,321	Alnylam Pharmaceuticals, Inc. †(a)		24,108
	100	AMAG Pharmaceuticals, Inc. †		1,471
	201	Amedisys, Inc.(a)		2,265
	600	American Caresource Holdings, Inc. †(a)		852
	2,680	AmerisourceBergen Corp., Class A		115,722
	6,575	Amgen, Inc.		567,554
	300	Amicus Therapeutics, Inc. †(a)		804
	250	AMN Healthcare Services, Inc. †(a)		2,888
	400	Amsurg Corp., Class A		12,004
	500	Anika Therapeutics, Inc. †		4,970
	300	Arena Pharmaceuticals, Inc. †(a)		2,706
	1,000	Ariad Pharmaceuticals, Inc. †		19,180
	1,000	Auxilium Pharmaceuticals, Inc.		18,530
	5,513	Baxter International, Inc.		367,497
	2,165	Becton Dickinson and Co.(a)		169,281
	200	Biodel, Inc. †(a)		470
	1,905	Biogen Idec, Inc.		279,406
	1,000	BioMarin Pharmaceutical, Inc.		49,250
	200	Bio-Rad Laboratories, Inc., Class A †		21,010
	16,439	Boston Scientific Corp. †		94,195
	17,150	Bristol-Myers Squibb Co.		558,918
	1,000	Brookdale Senior Living, Inc., Class A †		25,320
	1,000	Bruker Corp.		15,270
	200	BSD Medical Corp. †(a)		302
	825	C.R. Bard, Inc.		80,635
	700	Cadence Pharmaceuticals, Inc. †(a)		3,353
	1,850	Cambrex Corp.		21,053
	100	Capital Senior Living Corp. †(a)		1,869
	3,211	Cardinal Health, Inc.		132,229
	2,293	CareFusion Corp. †		65,534
	1,960	Catamaran Corp.		92,336
	4,749	Celgene Corp. †		373,841
	226	Cell Therapeutics, Inc. †		294
	27	Celldex Therapeutics, Inc.		181
	500	Cepheid, Inc.(a)		16,905
	1,600	Cerner Corp.		124,224
	500	Charles River Laboratories International, Inc. †		18,735
	3,400	Cigna Corp.		181,764
	200	Cleveland Biolabs, Inc. †(a)		266
	37	Codexis, Inc. †(a)		82
	1,100	Community Health Systems, Inc.		33,814
	100	Computer Programs & Systems, Inc.(a)		5,034
	243	Conceptus, Inc.		5,105
	300	CONMED Corp.		8,385
	400	Cooper Cos., Inc. (The)		36,992
	1,500	Cornerstone Therapeutics, Inc. †		7,095
	550	Covance, Inc. †		31,773
	1,516	Coventry Health Care, Inc.		67,962
	500	Cubist Pharmaceuticals, Inc.(a)		21,030
	300	Cyberonics, Inc. †		15,759
	1,477	Cynosure, Inc., Class A		35,610
	2,300	Cytori Therapeutics, Inc. †(a)		6,486
	829	DaVita HealthCare Partners, Inc. †		91,629

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

December 31, 2012

Shares			Value
Health Care (continued)
	1,700	Dendreon Corp.(a)	$	8,976
	1,075	DENTSPLY International, Inc.		42,581
	100	Dyax Corp. †		348
	1,100	Edwards Lifesciences Corp. †		99,187
	11,245	Eli Lilly & Co.		554,603
	793	Emergent Biosolutions, Inc.		12,720
	889	Emeritus Corp.		21,976
	1,400	Endo Health Solutions, Inc. †		36,778
	800	Exelixis, Inc.(a)		3,656
	9,140	Express Scripts Holding Co.		493,560
	100	Five Star Quality Care, Inc. †		501
	2,725	Forest Laboratories, Inc.		96,247
	116	Furiex Pharmaceuticals, Inc. †(a)		2,234
	500	Galena Biopharma, Inc. †		765
	200	Genomic Health, Inc. †		5,452
	50	Gentiva Health Services, Inc.		503
	1,100	Geron Corp.(a)		1,551
	6,375	Gilead Sciences, Inc.		468,244
	450	GTx, Inc. †		1,890
	1,700	Halozyme Therapeutics, Inc.(a)		11,407
	500	HCA Holdings, Inc.		15,085
	3,350	Health Management Associates, Inc., Class A		31,222
	700	Health Net, Inc.		17,010
	1,100	HealthSouth Corp.		23,221
	1,100	Henry Schein, Inc.		88,506
	300	Hill-Rom Holdings, Inc.		8,550
	2,452	Hologic, Inc.		49,114
	1,740	Hospira, Inc.		54,358
	1,900	Humana, Inc.		130,397
	200	ICU Medical, Inc.(a)		12,186
	1,300	Idenix Pharmaceuticals, Inc. †(a)		6,305
	400	IDEXX Laboratories, Inc.(a)		37,120
	1,388	Illumina, Inc. †(a)		77,159
	1,000	Immunogen, Inc.(a)		12,750
	1,000	Impax Laboratories, Inc. †		20,480
	2,300	Incyte Corp., Ltd.(a)		38,203
	600	Infinity Pharmaceuticals, Inc.		21,000
	300	Integra LifeSciences Holdings Corp. †		11,691
	562	InterMune, Inc.(a)		5,446
	365	Intuitive Surgical, Inc.		178,985
	1,000	Ironwood Pharmaceuticals, Inc., Class A †(a)		11,090
	700	Isis Pharmaceuticals, Inc.(a)		7,322
	30,060	Johnson & Johnson		2,107,206
	300	Keryx Biopharmaceuticals, Inc. †		786
	400	KV Pharmaceutical Co., Class A †		24
	1,075	Laboratory Corp. of America Holdings †		93,117
	200	LCA-Vision, Inc. †		570
	600	LHC Group, Inc.		12,780
	1,833	Life Technologies Corp.(a)		89,964
	565	LifePoint Hospitals, Inc.		21,329
	16	Ligand Pharmaceuticals, Inc., Class B †(a)		332
	400	Magellan Health Services, Inc. †		19,600
	500	MAKO Surgical Corp. †(a)		6,435
	1,600	MannKind Corp.(a)		3,696
	5	Marina Biotech, Inc. †		2
	600	Masimo Corp.		12,606
	200	Maxygen, Inc.		492
	2,475	McKesson Corp.		239,976
	400	MedAssets, Inc. †		6,708
	725	Medivation, Inc. †		37,091
	600	MEDNAX, Inc.(a)		47,712
	10,822	Medtronic, Inc.		443,918
	30,730	Merck & Co., Inc.		1,258,086
	100	Merge Healthcare, Inc. †(a)		247

Shares			Value
Health Care (continued)
	200	Mettler-Toledo International, Inc.	$	38,660
	600	MGC Diagnostics Corp. †(a)		3,528
	600	Molina Healthcare, Inc. †(a)		16,236
	200	Momenta Pharmaceuticals, Inc. †		2,356
	4,275	Mylan, Inc. †		117,477
	375	Myrexis, Inc. †		1,061
	500	Myriad Genetics, Inc. †		13,625
	300	National Healthcare Corp.(a)		14,106
	950	Nektar Therapeutics(a)		7,040
	200	Neurocrine Biosciences, Inc. †(a)		1,496
	1,000	NuVasive, Inc. †		15,460
	1,000	NxStage Medical, Inc. †		11,250
	900	Oculus Innovative Sciences, Inc. †(a)		567
	1,300	Omnicare, Inc.(a)		46,930
	325	Onyx Pharmaceuticals, Inc. †		24,547
	3,000	Opko Health, Inc. †(a)		14,430
	1,500	Optimer Pharmaceuticals, Inc.		13,575
	750	Orexigen Therapeutics, Inc. †(a)		3,952
	700	Owens & Minor, Inc.(a)		19,957
	50	Palomar Medical Technologies, Inc. †(a)		461
	600	PAREXEL International Corp.(a)		17,754
	950	Patterson Cos., Inc.		32,519
	800	PDI, Inc. †(a)		6,080
	1,100	PDL BioPharma, Inc.(a)		7,755
	1,517	PerkinElmer, Inc.		48,150
	850	Perrigo Co.		88,426
	79,912	Pfizer, Inc.		2,004,193
	575	Pharmacyclics, Inc. †		33,293
	381	PharMerica Corp.		5,425
	400	Pozen, Inc. †		2,004
	800	Progenics Pharmaceuticals, Inc. †		2,384
	200	Providence Service Corp. (The) †		3,398
	500	PSS World Medical, Inc. †		14,440
	1,575	Quest Diagnostics, Inc.(a)		91,775
	800	Questcor Pharmaceuticals, Inc.(a)		21,376
	600	Regeneron Pharmaceuticals, Inc.		102,642
	1,800	ResMed, Inc.(a)		74,826
	1,600	Rigel Pharmaceuticals, Inc. †(a)		10,400
	418	RTI Biologics, Inc. †		1,785
	600	Sagent Pharmaceuticals, Inc. †		9,654
	600	Salix Pharmaceuticals, Ltd.		24,288
	300	Sangamo Biosciences, Inc.(a)		1,803
	800	Savient Pharmaceuticals, Inc. †(a)		840
	1,500	Seattle Genetics, Inc. †(a)		34,800
	1,000	Select Medical Holdings Corp.(a)		9,430
	1,500	Sequenom, Inc. †(a)		7,080
	600	Simulations Plus, Inc.		2,634
	350	Sirona Dental Systems, Inc.		22,561
	700	Skilled Healthcare Group, Inc., Class A †(a)		4,459
	600	Solta Medical, Inc. †		1,602
	12	Somaxon Pharmaceuticals, Inc. †		37
	3,250	St. Jude Medical, Inc.		117,455
	650	STERIS Corp.		22,575
	3,720	Stryker Corp.		203,930
	200	Symmetry Medical, Inc. †		2,104
	400	Synta Pharmaceuticals Corp. †(a)		3,608
	1,000	Team Health Holdings, Inc.		28,770
	500	Techne Corp.		34,170
	500	Teleflex, Inc.		35,655
	1,406	Tenet Healthcare Corp. †(a)		45,653
	1,000	Theravance, Inc.		22,270
	4,109	Thermo Fisher Scientific, Inc.		262,072
	600	Thoratec Corp. †		22,512
	1,000	TranS1, Inc. †(a)		2,480
	80	Transcept Pharmaceuticals, Inc. †		356

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

December 31, 2012

Shares			Value
Health Care (continued)
	600	Triple-S Management Corp., Class B †(a)	$	11,082
	600	United Therapeutics Corp.(a)		32,052
	10,380	UnitedHealth Group, Inc.		563,011
	500	Universal American Corp.		4,295
	1,100	Universal Health Services, Inc., Class B		53,185
	1,200	Varian Medical Systems, Inc.(a)		84,288
	500	VCA Antech, Inc. †(a)		10,525
	17	Venaxis, Inc. †		44
	1,750	Vertex Pharmaceuticals, Inc.		73,395
	700	ViroPharma, Inc.(a)		15,932
	500	Volcano Corp.(a)		11,805
	1,000	Waters Corp.(a)		87,120
	1,350	Watson Pharmaceuticals, Inc.		116,100
	3,063	WellPoint, Inc.		186,598
	2,036	Zimmer Holdings, Inc.		135,720
				18,211,099
Industrials — 10.9%
	450	3D Systems Corp. †(a)		24,008
	7,385	3M Co.		685,697
	1,500	A123 Systems, Inc. †		27
	300	Acacia Research Corp.		7,695
	453	ACCO Brands Corp. †		3,325
	300	Acme United Corp.(a)		3,309
	1,240	Actuant Corp., Class A(a)		34,608
	300	Acuity Brands, Inc.		20,319
	2,500	ADT Corp.		116,225
	1,100	AECOM Technology Corp. †		26,180
	850	AGCO Corp.		41,752
	1,000	Air Lease Corp., Class A		21,500
	1,200	Aircastle, Ltd.(a)		15,048
	600	Alaska Air Group, Inc. †(a)		25,854
	100	Albany International Corp., Class A		2,268
	250	Alliant Techsystems, Inc.		15,490
	100	Amerco, Inc.		12,681
	2,362	AMETEK, Inc.		88,740
	3,275	AMR Corp. †		2,603
	1,500	AMREP Corp. †(a)		22,560
	500	Apogee Enterprises, Inc.		11,985
	200	Armstrong World Industries, Inc.		10,146
	250	Ascent Solar Technologies, Inc. †(a)		155
	200	Astec Industries, Inc.		6,666
	1,100	Avery Dennison Corp.(a)		38,412
	992	Avis Budget Group, Inc. †(a)		19,661
	600	AZZ, Inc.		23,058
	1,075	B/E Aerospace, Inc.		53,105
	1,437	Babcock & Wilcox Co. (The)		37,649
	600	Barnes Group, Inc.		13,476
	500	Blount International, Inc.(a)		7,910
	900	BlueLinx Holdings, Inc. †(a)		2,529
	7,515	Boeing Co. (The)		566,330
	445	Brady Corp., Class A		14,863
	450	Brink's Co. (The)		12,838
	450	Builders FirstSource, Inc. †(a)		2,511
	500	Carlisle Cos., Inc.		29,380
	100	Casella Waste Systems, Inc., Class A †		438
	7,299	Caterpillar, Inc.		653,844
	1,300	CBIZ, Inc. †(a)		7,683
	400	CDI Corp.		6,852
	400	Ceco Environmental Corp.		3,980
	300	Celadon Group, Inc.		5,421
	800	Cenveo, Inc. †(a)		2,160
	1,850	CH Robinson Worldwide, Inc.		116,957
	400	Chart Industries, Inc. †(a)		26,668
	1,032	Cintas Corp.(a)		42,209
	400	CLARCOR, Inc.(a)		19,112

Shares			Value
Industrials (continued)
	540	Clean Harbors, Inc. †	$	29,705
	300	Coleman Cable, Inc.		2,781
	400	Columbus McKinnon Corp.(a)		6,608
	900	Comfort Systems USA, Inc.		10,944
	300	Commercial Vehicle Group, Inc. †		2,463
	100	Competitive Technologies, Inc. †(a)		64
	550	Con-way, Inc.		15,301
	1,400	Copart, Inc.		41,300
	800	Corrections Corp. of America		28,376
	1,750	Covanta Holding Corp.		32,235
	100	Covenant Transportation Group, Inc., Class A †		553
	300	Crane Co.		13,884
	10,850	CSX Corp.		214,070
	1,805	Cummins, Inc.		195,572
	300	Curtiss-Wright Corp.		9,849
	6,136	Danaher Corp.		343,002
	4,113	Deere & Co.		355,445
	10,050	Delta Air Lines, Inc.		119,293
	1,500	Dolan Co. (The) †		5,835
	1,225	Donaldson Co., Inc.		40,229
	2,050	Dover Corp.		134,705
	500	Dun & Bradstreet Corp.		39,325
	100	DXP Enterprises, Inc.		4,907
	400	Dynamic Materials Corp.		5,560
	450	Eagle Bulk Shipping, Inc. †(a)		675
	3,800	Eaton Corp. PLC		205,960
	500	EMCOR Group, Inc.		17,305
	7,728	Emerson Electric Co.		409,275
	700	Empire Resources, Inc.		2,093
	550	Encore Wire Corp.(a)		16,670
	500	Energy Recovery, Inc. †		1,700
	2,500	EnergySolutions, Inc.		7,800
	300	EnerNOC, Inc. †		3,525
	500	EnerSys, Inc. †		18,815
	179	Engility Holdings, Inc.(a)		3,448
	50	Ennis, Inc.		774
	1,375	Equifax, Inc.		74,415
	200	ESCO Technologies, Inc.		7,482
	2,200	Exelis, Inc.		24,794
	2,425	Expeditors International of Washington, Inc.		95,909
	3,000	Fastenal Co.		140,070
	1,000	Federal Signal Corp.(a)		7,610
	2,982	FedEx Corp.		273,509
	505	Flowserve Corp.		74,134
	1,900	Fluor Corp.		111,606
	1,900	Fortune Brands Home & Security, Inc.		55,518
	300	Franklin Electric Co., Inc.		18,651
	500	FreightCar America, Inc.		11,210
	100	Frozen Food Express Industries †(a)		89
	600	FTI Consulting, Inc.(a)		19,800
	700	Fuel Tech, Inc. †		2,940
	500	FuelCell Energy, Inc.(a)		458
	300	Furmanite Corp. †		1,611
	750	Gardner Denver, Inc.		51,375
	200	GATX Corp.		8,660
	1,500	GenCorp, Inc.(a)		13,725
	625	General Cable Corp.		19,006
	3,240	General Dynamics Corp.		224,435
	113,921	General Electric Co.		2,391,202
	475	Genessee & Wyoming, Inc., Class A		36,138
	1,000	Geo Group, Inc. (The)		28,200
	406	Gorman-Rupp Co. (The)(a)		12,111
	487	Graco, Inc.		25,076
	1,350	GrafTech International, Ltd.(a)		12,677

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

December 31, 2012

Shares			Value
Industrials (continued)
	400	Granite Construction, Inc.	$	13,448
	1,500	Great Lakes Dredge & Dock Corp.(a)		13,395
	550	Greenbrier Cos., Inc. †		8,893
	350	Griffon Corp.(a)		4,011
	850	Hardinge, Inc.		8,449
	1,200	Harsco Corp.		28,200
	1,500	Hawaiian Holdings, Inc.		9,855
	200	Heidrick & Struggles International, Inc.		3,052
	600	Herman Miller, Inc.		12,852
	2,150	Hertz Global Holdings, Inc. †(a)		34,981
	1,550	Hexcel Corp.		41,788
	300	Hill International, Inc. †(a)		1,098
	400	HNI Corp.		12,024
	7,925	Honeywell International, Inc.		503,000
	42	Horizon Lines, Inc., Class A †		63
	300	Hubbell, Inc., Class B		25,389
	525	Huntington Ingalls Industries, Inc.		22,753
	400	Hurco Cos., Inc. †		9,200
	200	Huron Consulting Group, Inc.		6,738
	200	Hyster-Yale Materials Handling, Inc.		9,760
	200	Hyster-Yale Materials Handling, Inc., Class B(b)		9,760
	975	IDEX Corp.(a)		45,367
	450	IHS, Inc., Class A		43,200
	1,000	II-VI, Inc.(a)		18,270
	4,666	Illinois Tool Works, Inc.		283,739
	875	Industrial Services of America, Inc. †(a)		2,083
	500	InnerWorkings, Inc. †(a)		6,890
	500	Innovaro, Inc. †(a)		120
	100	Innovative Solutions & Support, Inc.		344
	36	Insperity, Inc.		1,172
	500	Integrated Electrical Services, Inc. †		2,330
	1,300	Interface, Inc., Class A(a)		20,904
	400	International Shipholding Corp.(a)		6,592
	400	Intersections, Inc.(a)		3,792
	1,796	Iron Mountain, Inc.		55,766
	1,100	ITT Corp.		25,806
	1,000	Jacobs Engineering Group, Inc. †		42,570
	1,075	JB Hunt Transport Services, Inc.		64,188
	2,525	JetBlue Airways Corp. †(a)		14,418
	251	John Bean Technologies Corp.		4,460
	1,075	Joy Global, Inc.		68,564
	200	Kadant, Inc. †		5,302
	1,323	Kansas City Southern		110,444
	1,000	KAR Auction Services, Inc.		20,240
	1,550	KBR, Inc.		46,376
	400	Kelly Services, Inc., Class A(a)		6,296
	500	Kennametal, Inc.(a)		20,000
	150	Kforce, Inc.(a)		2,150
	700	Kimball International, Inc., Class B		8,127
	600	Kirby Corp. †(a)		37,134
	387	Knight Transportation, Inc.(a)		5,662
	500	Knoll, Inc.		7,680
	10	Kratos Defense & Security Solutions, Inc. †		50
	1,075	L-3 Communications Holdings, Inc., Class 3		82,367
	600	Landstar System, Inc.		31,476
	600	Layne Christensen Co.(a)		14,562
	657	Lennox International, Inc.(a)		34,506
	1,000	Lincoln Electric Holdings, Inc.		48,680
	200	Lindsay Corp.(a)		16,024
	100	LMI Aerospace, Inc. †		1,934
	2,565	Lockheed Martin Corp.		236,724
	700	LSI Industries, Inc.(a)		4,907
	1,600	Manitowoc Co., Inc. (The)(a)		25,088

Shares			Value
Industrials (continued)
	1,002	Manpower, Inc.	$	42,525
	100	Marten Transport, Ltd.		1,839
	3,250	Masco Corp.		54,145
	1,000	MasTec, Inc.(a)		24,930
	450	Matson, Inc.		11,124
	1,550	Meritor, Inc. †		7,332
	3,150	Metalico, Inc. †		6,174
	300	Mfri, Inc. †		1,701
	200	Michael Baker Corp.(a)		4,986
	199	Middleby Corp. †		25,514
	1,081	Mobile Mini, Inc. †(a)		22,517
	300	MSC Industrial Direct Co., Inc., Class A		22,614
	1,900	Mueller Water Products, Inc., Class A		10,659
	200	NACCO Industries, Inc., Class A		12,138
	1,500	Navigant Consulting, Inc. †		16,740
	700	Navistar International Corp. †		15,239
	500	NCI Building Systems, Inc. †		6,950
	600	Nordson Corp.(a)		37,872
	3,100	Norfolk Southern Corp.		191,704
	2,300	Northrop Grumman Corp.		155,434
	900	Old Dominion Freight Line, Inc.		30,852
	100	On Assignment, Inc.		2,028
	500	Orion Energy Systems, Inc. †		830
	1,000	Oshkosh Corp.		29,650
	1,250	Owens Corning		46,237
	3,755	PACCAR, Inc.		169,764
	3,000	Pacer International, Inc. †		11,700
	1,250	Pall Corp.(a)		75,325
	1,424	Parker Hannifin Corp.		121,125
	1,300	Pentair, Ltd.		63,895
	600	Pike Electric Corp.(a)		5,730
	2,125	Pitney Bowes, Inc.(a)		22,610
	300	Polypore International, Inc. †(a)		13,950
	250	PowerSecure International, Inc. †		1,953
	1,620	Precision Castparts Corp.		306,860
	1,000	Quanex Building Products Corp.(a)		20,410
	2,450	Quanta Services, Inc. †		66,860
	600	Raven Industries, Inc.(a)		15,816
	3,550	Raytheon Co.		204,338
	400	Regal-Beloit Corp.		28,188
	1,500	Republic Airways Holdings, Inc.		8,520
	3,218	Republic Services, Inc., Class A		94,384
	200	Resources Connection, Inc.		2,388
	447	Robbins & Myers, Inc.		26,574
	1,700	Robert Half International, Inc.		54,094
	1,540	Rockwell Automation, Inc.		129,345
	1,425	Rockwell Collins, Inc.(a)		82,892
	1,050	Rollins, Inc.		23,142
	1,070	Roper Industries, Inc.		119,284
	1,000	RPX Corp.		9,040
	1,850	RR Donnelley & Sons Co.(a)		16,650
	75	Rush Enterprises, Inc., Class A		1,550
	400	Ryder System, Inc.		19,972
	150	Saia, Inc.		3,468
	100	Sauer-Danfoss, Inc.		5,337
	600	Shaw Group, Inc. (The) †		27,966
	300	SIFCO Industries, Inc.(a)		4,725
	50	Simpson Manufacturing Co., Inc.		1,640
	1,100	SkyWest, Inc.		13,706
	600	Snap-on, Inc.		47,394
	5,574	Southwest Airlines Co.		57,078
	1,000	Spirit Aerosystems Holdings, Inc., Class A †		16,970
	1,000	Spirit Airlines, Inc.		17,720
	584	SPX Corp.		40,968
	1,350	Standard Register Co. (The)(a)		851

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

December 31, 2012

Shares			Value
Industrials (continued)
	50	Standex International Corp.	$	2,564
	1,000	Steelcase, Inc., Class A		12,740
	775	Stericycle, Inc. †		72,284
	1,000	Swift Transportation Co., Class A		9,120
	102	SYKES Enterprises, Inc.		1,552
	100	Sypris Solutions, Inc.		396
	500	TAL International Group, Inc.(a)		18,190
	200	Taser International, Inc.		1,788
	500	Team, Inc. †		19,020
	500	Tecumseh Products Co., Class A †		2,310
	250	Tennant Co.(a)		10,988
	1,300	Terex Corp.(a)		36,543
	743	Tetra Tech, Inc. †		19,652
	700	Textainer Group Holdings, Ltd.(a)		22,022
	2,400	Textron, Inc.(a)		59,496
	800	Timken Co.		38,264
	312	Titan International, Inc.(a)		6,777
	600	Toro Co. (The)		25,788
	700	Towers Watson & Co., Class A		39,347
	600	TransDigm Group, Inc.		81,816
	100	TRC Cos., Inc.		582
	300	Trex Co., Inc.		11,169
	100	Trimas Corp.		2,796
	900	Trinity Industries, Inc.		32,238
	300	Triumph Group, Inc.(a)		19,590
	800	TrueBlue, Inc.(a)		12,600
	500	Tutor Perini Corp.		6,850
	400	Twin Disc, Inc.(a)		6,972
	200	Ultralife Corp. †		648
	200	UniFirst Corp.		14,664
	4,572	Union Pacific Corp.		574,792
	3,805	United Continental Holdings, Inc.(a)		88,961
	7,921	United Parcel Service, Inc., Class B		584,015
	1,008	United Rentals, Inc.		45,884
	10,187	United Technologies Corp.		835,436
	850	URS Corp.		33,371
	1,500	US Airways Group, Inc.(a)		20,250
	500	US Ecology, Inc.		11,770
	900	UTi Worldwide, Inc.		12,060
	3,400	Valence Technology, Inc. †(a)		21
	259	Valmont Industries, Inc.		35,366
	1,500	Verisk Analytics, Inc., Class A		76,500
	400	Viad Corp.		10,864
	300	Vicor Corp.		1,626
	750	Volt Information Sciences, Inc. †		4,688
	50	Wabash National Corp.(a)		449
	591	WABCO Holdings, Inc.		38,527
	300	Wabtec Corp.		26,262
	1,462	Waste Connections, Inc.(a)		49,401
	4,050	Waste Management, Inc.		136,647
	300	Watts Water Technologies, Inc., Class A		12,897
	250	Werner Enterprises, Inc.(a)		5,418
	600	WESCO International, Inc.(a)		40,458
	500	Woodward, Inc.		19,065
	585	WW Grainger, Inc.		118,387
	2,200	Xylem, Inc.		59,620
				17,410,774
Information Technology — 18.3%
	546	Accelrys, Inc. †		4,941
	95	ACI Worldwide, Inc. †(a)		4,151
	600	Acme Packet, Inc. †(a)		13,272
	4,638	Activision Blizzard, Inc.(a)		49,256
	800	Acxiom Corp. †		13,968
	600	ADDvantage Technologies Group, Inc. †(a)		1,188

Shares			Value
Information Technology (continued)
	5,087	Adobe Systems, Inc.	$	191,678
	600	ADTRAN, Inc.(a)		11,724
	700	Advanced Energy Industries, Inc. †(a)		9,667
	6,750	Advanced Micro Devices, Inc.(a)		16,200
	1,000	Advent Software, Inc. †		21,380
	500	Aehr Test Systems †		425
	1,000	Aeroflex Holding Corp. †(a)		7,000
	500	Agilysys, Inc. †		4,185
	1,959	Akamai Technologies, Inc. †		80,143
	650	Alliance Data Systems Corp. †(a)		94,094
	2,950	Altera Corp.		101,598
	1,050	Amkor Technology, Inc.(a)		4,462
	1,625	Amphenol Corp., Class A		105,137
	300	ANADIGICS, Inc. †(a)		756
	3,350	Analog Devices, Inc.(a)		140,901
	200	Anaren, Inc. †(a)		3,890
	922	ANSYS, Inc.		62,087
	716	AOL, Inc.(a)		21,201
	10,200	Apple, Inc.		5,436,906
	13,633	Applied Materials, Inc.		155,962
	1,500	Applied Micro Circuits Corp. †(a)		12,600
	854	Arris Group, Inc.		12,759
	1,350	Arrow Electronics, Inc. †		51,408
	1,500	Aruba Networks, Inc.(a)		31,125
	700	Aspen Technology, Inc. †		19,348
	100	Astea International, Inc. †		268
	5,250	Atmel Corp.		34,387
	486	ATMI, Inc. †		10,148
	2,200	Autodesk, Inc.		77,770
	5,165	Automatic Data Processing, Inc.		294,457
	1,778	Aviat Networks, Inc. †(a)		5,850
	1,825	Avnet, Inc. †		55,863
	1,000	AVX Corp.		10,780
	289	Axcelis Technologies, Inc. †(a)		402
	200	Badger Meter, Inc.		9,482
	300	Bel Fuse, Inc., Class B		5,865
	1,150	Benchmark Electronics, Inc.		19,113
	298	Black Box Corp.		7,253
	300	Blackbaud, Inc.		6,849
	250	Blucora, Inc.		3,927
	1,392	BMC Software, Inc.		55,207
	1,000	Booz Allen Hamilton Holding Corp., Class A(a)		13,920
	5,465	Broadcom Corp., Class A		181,493
	1,250	Broadridge Financial Solutions, Inc.		28,600
	7,350	Brocade Communications Systems, Inc.		39,175
	106	Brooks Automation, Inc.		853
	100	BTU International, Inc. †		199
	4,322	CA, Inc.		94,998
	100	Cabot Microelectronics Corp.(a)		3,551
	2,402	Cadence Design Systems, Inc.		32,451
	175	Calix, Inc. †		1,346
	200	Callidus Software, Inc. †(a)		908
	200	Cascade Microtech, Inc. †		1,120
	500	Cavium, Inc.(a)		15,605
	900	CIBER, Inc.		3,006
	997	Ciena Corp. †		15,653
	200	Cinedigm Digital Cinema Corp., Class A †(a)		280
	400	Cirrus Logic, Inc.		11,588
	57,648	Cisco Systems, Inc.		1,132,783
	1,800	Citrix Systems, Inc.		118,350
	500	Cognex Corp.		18,410
	3,175	Cognizant Technology Solutions Corp., Class A †		235,109
	400	Coherent, Inc.(a)		20,248

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

December 31, 2012

Shares			Value
Information Technology (continued)
	375	CommVault Systems, Inc. †	$	26,141
	1,330	Computer Sciences Corp.		53,266
	2,025	Compuware Corp. †		22,012
	400	comScore, Inc. †(a)		5,512
	100	Comtech Telecommunications Corp.		2,538
	425	Concur Technologies, Inc. †(a)		28,696
	400	Constant Contact, Inc.(a)		5,684
	1,300	Convergys Corp.(a)		21,333
	1,152	CoreLogic, Inc.		31,012
	500	Cornerstone OnDemand, Inc.		14,765
	15,969	Corning, Inc.		201,529
	25	CoStar Group, Inc.(a)		2,234
	100	Cray, Inc.(a)		1,595
	900	Cree, Inc.(a)		30,582
	200	Crexendo, Inc.(a)		566
	1,128	CSG Systems International, Inc. †		20,507
	100	CTS Corp.		1,063
	1,625	Cypress Semiconductor Corp.(a)		17,615
	800	Daktronics, Inc.		8,856
	600	Datalink Corp. †		5,130
	500	DealerTrack Holdings, Inc.		14,360
	16,700	Dell, Inc.		169,171
	1,000	Demand Media, Inc.(a)		9,290
	388	Dice Holdings, Inc.(a)		3,562
	650	Diebold, Inc.		19,896
	51	Digital Ally, Inc. †(a)		177
	700	Digital River, Inc. †		10,073
	300	Diodes, Inc.(a)		5,205
	200	Document Security Systems, Inc. †		434
	600	Dolby Laboratories, Inc., Class A(a)		17,598
	400	DST Systems, Inc.		24,240
	1,421	EarthLink, Inc.		9,180
	12,050	eBay, Inc. †		614,791
	331	Ebix, Inc.(a)		5,319
	150	Echelon Corp. †		368
	400	EchoStar Corp., Class A †		13,688
	100	Electro Scientific Industries, Inc.		995
	3,600	Electronic Arts, Inc. †(a)		52,308
	729	Electronics for Imaging, Inc.		13,844
	22,779	EMC Corp. †		576,309
	125	Emcore Corp. †		537
	1,000	Emulex Corp.		7,300
	1,836	Entegris, Inc. †		16,854
	1,500	EPIQ Systems, Inc.(a)		19,170
	400	Equinix, Inc.		82,480
	500	Exar Corp. †		4,450
	200	Extreme Networks(a)		728
	900	F5 Networks, Inc. †		87,435
	4,859	Facebook, Inc., Class A †(a)		129,395
	550	FactSet Research Systems, Inc.(a)		48,433
	200	Fair Isaac Corp.		8,406
	1,250	Fairchild Semiconductor International, Inc., Class A		18,000
	900	FalconStor Software, Inc. †(a)		2,097
	200	FARO Technologies, Inc. †(a)		7,136
	2,610	Fidelity National Information Services, Inc.		90,854
	1,200	Finisar Corp. †(a)		19,560
	700	First Solar, Inc. †(a)		21,616
	1,323	Fiserv, Inc.(a)		104,557
	700	FleetCor Technologies, Inc.		37,555
	1,500	FLIR Systems, Inc.		33,465
	350	FormFactor, Inc.		1,596
	255	Forrester Research, Inc.		6,834
	1,000	Fortinet, Inc.		21,070
	1,000	Freescale Semiconductor, Ltd. †(a)		11,010

Shares			Value
Information Technology (continued)
	1,100	Gartner, Inc.	$	50,622
	1,000	Genpact, Ltd.		15,500
	102	GigOptix, Inc. †		196
	1,850	Global Cash Access Holdings, Inc.		14,504
	1,050	Global Payments, Inc.		47,565
	200	Globecomm Systems, Inc. †(a)		2,260
	400	Glu Mobile, Inc.(a)		916
	2,720	Google, Inc., Class A †		1,929,486
	1,100	GT Advanced Technologies, Inc. †(a)		3,322
	200	Guidance Software, Inc. †		2,374
	800	Harmonic, Inc. †		4,056
	1,225	Harris Corp.		59,976
	19,927	Hewlett-Packard Co.		283,960
	300	Hittite Microwave Corp. †(a)		18,630
	1,100	Hutchinson Technology, Inc. †(a)		2,200
	1,000	IAC/InterActiveCorp.		47,300
	100	ID Systems, Inc. †		582
	100	iGO, Inc. †(a)		26
	50	Ikanos Communications, Inc. †		81
	600	Infinera Corp. †(a)		3,486
	1,075	Informatica Corp.		32,594
	100	Infosonics Corp. †		61
	2,100	Ingram Micro, Inc., Class A		35,532
	500	Insight Enterprises, Inc. †		8,685
	1,560	Integrated Device Technology, Inc. †		11,388
	400	Integrated Silicon Solution, Inc. †		3,600
	54,018	Intel Corp.		1,114,391
	350	Interactive Intelligence Group, Inc. †(a)		11,739
	600	InterDigital, Inc.(a)		24,660
	200	Intermec, Inc.(a)		1,972
	371	Internap Network Services Corp. †		2,575
	11,525	International Business Machines Corp.		2,207,614
	350	International Rectifier Corp. †(a)		6,205
	600	Interphase Corp. †		1,554
	850	Intersil Corp., Class A		7,047
	2,675	Intuit, Inc.		159,162
	381	IPG Photonics Corp.(a)		25,394
	500	Itron, Inc. †		22,275
	1,200	Ixia(a)		20,376
	800	IXYS Corp.(a)		7,312
	450	j2 Global, Inc.(a)		13,761
	2,400	Jabil Circuit, Inc.		46,296
	1,000	Jack Henry & Associates, Inc.		39,260
	3,203	JDS Uniphase Corp.(a)		43,369
	6,165	Juniper Networks, Inc.		121,266
	233	Kemet Corp. †(a)		1,172
	600	Key Tronic Corp. †		6,144
	100	Keynote Systems, Inc.		1,409
	1,275	KLA-Tencor Corp.		60,894
	400	Kulicke & Soffa Industries, Inc.		4,796
	1,787	Lam Research Corp. †		64,564
	200	Lattice Semiconductor Corp. †(a)		798
	500	Lender Processing Services, Inc.		12,310
	375	Lexmark International, Inc., Class A(a)		8,696
	2,100	Limelight Networks, Inc. †(a)		4,662
	1,725	Linear Technology Corp.		59,168
	900	LinkedIn Corp., Class A †		103,338
	200	Littelfuse, Inc.		12,342
	193	Local Corp. †(a)		396
	200	LoJack Corp. †(a)		558
	200	Loral Space & Communications, Inc.		10,932
	100	LRAD Corp. †(a)		110
	6,096	LSI Corp.		43,160
	600	MakeMusic, Inc. †		2,280
	200	Marchex, Inc., Class B(a)		822
	700	Market Leader, Inc. †		4,585

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

December 31, 2012

Shares			Value
Information Technology (continued)
	600	Marlborough Software Development Holdings, Inc. †(a)	$	108
	5,750	Marvell Technology Group, Ltd.		41,745
	1,113	Mastercard, Inc., Class A		546,795
	400	Mattson Technology, Inc. †(a)		336
	1,900	Maxim Integrated Products, Inc.		55,860
	200	Measurement Specialties, Inc.		6,872
	3,575	MEMC Electronic Materials, Inc. †		11,476
	1,200	Mentor Graphics Corp. †(a)		20,424
	100	Mercury Systems, Inc. †(a)		920
	400	Methode Electronics, Inc.		4,012
	600	Micrel, Inc.		5,700
	1,537	Microchip Technology, Inc.(a)		50,091
	10,552	Micron Technology, Inc.		67,005
	500	MICROS Systems, Inc.		21,220
	650	Microsemi Corp.		13,676
	86,862	Microsoft Corp.		2,321,821
	200	MIPS Technologies, Inc., Class A(a)		1,564
	600	MKS Instruments, Inc.		15,468
	1,175	Molex, Inc.(a)		32,113
	662	MoneyGram International, Inc.(a)		8,798
	500	Monolithic Power Systems, Inc.(a)		11,140
	1,550	Monster Worldwide, Inc. †(a)		8,711
	100	MoSys, Inc. †		348
	2,960	Motorola Solutions, Inc.		164,813
	1	Move, Inc.		8
	328	Multi-Fineline Electronix, Inc.		6,629
	200	Nanometrics, Inc.(a)		2,884
	900	NAPCO Security Technologies, Inc. †		3,276
	1,012	National Instruments Corp.		26,120
	1,925	NCR Corp.		49,049
	3,450	NetApp, Inc. †		115,747
	500	Netlist, Inc. †(a)		370
	400	Netscout Systems, Inc. †		10,396
	600	NetSuite, Inc. †		40,380
	750	NeuStar, Inc., Class A		31,447
	200	Newport Corp. †		2,690
	1,000	NIC, Inc.(a)		16,340
	50	Novatel Wireless, Inc. †		67
	3,050	Nuance Communications, Inc.(a)		68,076
	100	NVE Corp. †(a)		5,549
	5,825	NVIDIA Corp.		71,589
	21	Oclaro, Inc. †(a)		33
	600	OmniVision Technologies, Inc.(a)		8,448
	5,105	ON Semiconductor Corp. †		35,990
	100	Online Resources Corp. †		227
	285	OpenTable, Inc. †(a)		13,908
	40,280	Oracle Corp.		1,342,130
	200	OSI Systems, Inc.		12,808
	33	Overland Storage, Inc. †		35
	100	PAR Technology Corp. †		490
	10	Parametric Sound Corp. †		69
	1,240	Parametric Technology Corp.		27,912
	600	Park Electrochemical Corp.		15,438
	200	Parkervision, Inc. †(a)		406
	3,650	Paychex, Inc.(a)		113,661
	400	PC Mall, Inc. †(a)		2,484
	300	Pegasystems, Inc.		6,804
	100	Pericom Semiconductor Corp.		803
	8	Pfsweb, Inc. †		23
	33	Pixelworks, Inc. †		74
	100	Planar Systems, Inc. †		143
	450	Plantronics, Inc.		16,591
	100	PLX Technology, Inc. †		363
	2,225	PMC - Sierra, Inc. †(a)		11,592
	1,900	Polycom, Inc. †(a)		19,874

Shares			Value
Information Technology (continued)
	300	Power Integrations, Inc.(a)	$	10,083
	200	Power-One, Inc.(a)		822
	76	Powerwave Technologies, Inc. †		24
	220	PRGX Global, Inc. †		1,419
	40	QAD, Inc., Class B		519
	1,000	QLIK Technologies, Inc.		21,720
	1,650	QLogic Corp.		16,055
	18,750	QUALCOMM, Inc.		1,162,875
	900	Rackspace Hosting, Inc.		66,843
	1,000	Rambus, Inc.(a)		4,880
	1,000	RealD, Inc.(a)		11,210
	681	RealNetworks, Inc.(a)		5,148
	1,490	Red Hat, Inc.		78,910
	600	Relm Wireless Corp. †(a)		1,008
	2,627	RF Micro Devices, Inc.		11,769
	1,428	Riverbed Technology, Inc.		28,155
	300	Rosetta Stone, Inc. †		3,702
	1,020	Rovi Corp.		15,739
	340	Rudolph Technologies, Inc.(a)		4,573
	3,925	SAIC, Inc.(a)		44,431
	1,100	Salesforce.com, Inc. †(a)		184,910
	2,325	SanDisk Corp.		101,277
	1,833	Sanmina Corp. †		20,291
	1,650	Sapient Corp. †(a)		17,424
	300	ScanSource, Inc. †		9,531
	600	Semtech Corp.		17,370
	300	ShoreTel, Inc. †(a)		1,272
	100	Silicon Image, Inc. †		496
	500	Silicon Laboratories, Inc.		20,905
	1,707	Skyworks Solutions, Inc.		34,652
	300	Smith Micro Software, Inc. †		453
	500	SolarWinds, Inc.		26,225
	800	Solera Holdings, Inc.(a)		42,776
	4,725	Sonus Networks, Inc.(a)		8,032
	300	Sourcefire, Inc.(a)		14,166
	900	Spire Corp. †		451
	1,000	SS&C Technologies Holdings, Inc. †		23,120
	200	STEC, Inc. †(a)		986
	1,000	SunPower Corp., Class A		5,620
	430	Sycamore Networks, Inc.		963
	7,083	Symantec Corp.		133,231
	100	Symmetricom, Inc. †(a)		577
	300	SYNNEX Corp.(a)		10,314
	1,417	Synopsys, Inc.		45,117
	300	Syntel, Inc.		16,077
	550	Take-Two Interactive Software, Inc. †(a)		6,056
	700	Tech Data Corp.		31,871
	800	TechTarget, Inc. †(a)		4,440
	5,404	Tellabs, Inc.(a)		12,321
	1,800	Teradata Corp.		111,402
	1,825	Teradyne, Inc.(a)		30,824
	1,000	Tessco Technologies, Inc.(a)		22,140
	400	Tessera Technologies, Inc.		6,568
	10,235	Texas Instruments, Inc.		316,671
	100	THQ, Inc. †(a)		29
	1,825	TIBCO Software, Inc.		40,168
	800	TiVo, Inc. †		9,856
	200	TNS, Inc. †		4,146
	1,937	Total System Services, Inc.		41,490
	100	Travelzoo, Inc.(a)		1,899
	1,267	Trimble Navigation, Ltd.		75,741
	1,300	TriQuint Semiconductor, Inc.(a)		6,292
	1,200	TTM Technologies, Inc.		11,040
	500	Tyler Technologies, Inc.		24,220
	400	Ultimate Software Group, Inc.		37,764
	427	Unisys Corp.(a)		7,387

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

December 31, 2012

Shares			Value
Information Technology (continued)
	800	United Online, Inc.	$	4,472
	700	Universal Display Corp.(a)		17,934
	311	Unwired Planet, Inc. †(a)		373
	200	UTStarcom Holdings Corp. †(a)		208
	505	ValueClick, Inc.(a)		9,802
	450	VASCO Data Security International, Inc. †(a)		3,672
	1,015	VeriFone Systems, Inc.(a)		30,125
	1,416	VeriSign, Inc.		54,969
	55	Viasystems Group, Inc. †		671
	475	VirnetX Holding Corp.(a)		13,908
	1,000	Virtusa Corp.		16,430
	5,550	Visa, Inc., Class A		841,269
	1,806	Vishay Intertechnology, Inc.(a)		19,198
	129	Vishay Precision Group, Inc.		1,705
	585	VMware, Inc., Class A(a)		55,072
	300	Volterra Semiconductor Corp.		5,151
	200	Web.com Group, Inc.		2,960
	958	WebMD Health Corp., Class A(a)		13,738
	42	WebMediaBrands, Inc. †		84
	2,525	Western Digital Corp.		107,287
	6,454	Western Union Co. (The)		87,839
	40	Wireless Ronin Technologies, Inc. †		81
	100	WPCS International, Inc. †(a)		39
	13,095	Xerox Corp.		89,308
	2,175	Xilinx, Inc.		78,083
	800	XO Group, Inc. †		7,440
	11,900	Yahoo!, Inc.		236,810
	825	Zebra Technologies Corp., Class A		32,406
	1,000	Zygo Corp. †(a)		15,700
				29,218,046
Materials — 3.9%
	81	A Schulman, Inc.(a)		2,343
	1,995	Air Products & Chemicals, Inc.		167,620
	735	Airgas, Inc.		67,098
	1,875	AK Steel Holding Corp.(a)		8,625
	1,000	Albemarle Corp.		62,120
	12,298	Alcoa, Inc.		106,747
	1,050	Allegheny Technologies, Inc.		31,878
	900	Allied Nevada Gold Corp.(a)		27,117
	500	AM Castle & Co. †(a)		7,385
	200	AMCOL International Corp.(a)		6,136
	400	American Vanguard Corp.		12,428
	850	Aptargroup, Inc.		40,562
	717	Ashland, Inc.		57,654
	348	Balchem Corp.		12,667
	1,600	Ball Corp.		71,600
	1,150	Bemis Co., Inc.(a)		38,479
	300	Buckeye Technologies, Inc.		8,613
	700	Cabot Corp.		27,853
	500	Carpenter Technology Corp.		25,815
	1,500	Celanese Corp., Ser A, Class A		66,795
	600	Century Aluminum Co.		5,256
	619	CF Industries Holdings, Inc.		125,756
	1,005	Chemtura Corp. †		21,366
	1,400	Cliffs Natural Resources, Inc.(a)		53,984
	1,110	Coeur d'Alene Mines Corp.		27,306
	1,300	Commercial Metals Co.		19,318
	400	Compass Minerals International, Inc.(a)		29,884
	1,800	Core Molding Technologies, Inc. †		11,880
	2,000	Crown Holdings, Inc.		73,620
	600	Cytec Industries, Inc.		41,298
	100	Deltic Timber Corp.		7,062
	400	Domtar Corp.		33,408
	10,736	Dow Chemical Co. (The)		346,988

Shares			Value
Materials (continued)
	1,316	Eastman Chemical Co.	$	89,554
	2,800	Ecolab, Inc.		201,320
	10,521	EI du Pont de Nemours & Co.		473,129
	1,000	Ferro Corp.		4,180
	1,300	Flotek Industries, Inc. †(a)		15,860
	1,275	FMC Corp.		74,613
	10,794	Freeport-McMoRan Copper & Gold, Inc.		369,155
	1,000	Friedman Industries, Inc.		10,120
	500	Globe Specialty Metals, Inc.(a)		6,875
	2,900	Graphic Packaging Holding Co. †		18,734
	2,000	Headwaters, Inc. †		17,120
	3,400	Hecla Mining Co.(a)		19,822
	300	Horsehead Holding Corp.		3,063
	2,150	Huntsman Corp.		34,185
	700	International Flavors & Fragrances, Inc.		46,578
	4,542	International Paper Co.		180,953
	400	Intrepid Potash, Inc.		8,516
	1,100	Louisiana-Pacific Corp.		21,252
	400	Martin Marietta Materials, Inc.(a)		37,712
	1,200	McEwen Mining, Inc.(a)		4,596
	1,376	MeadWestvaco Corp.		43,853
	1,000	Metals USA Holdings Corp.		17,490
	380	Minerals Technologies, Inc.		15,170
	800	Molycorp, Inc. †(a)		7,552
	5,657	Monsanto Co.		535,435
	3,050	Mosaic Co. (The)		172,722
	200	Myers Industries, Inc.		3,030
	100	NewMarket Corp.(a)		26,220
	5,350	Newmont Mining Corp.		248,454
	100	NL Industries, Inc.		1,145
	1,000	Noranda Aluminum Holding Corp.		6,110
	2,670	Nucor Corp.		115,290
	770	Olin Corp.(a)		16,624
	1,475	Owens-Illinois, Inc.		31,373
	975	Packaging Corp. of America		37,508
	1,000	PH Glatfelter Co.(a)		17,480
	1,000	PolyOne Corp.		20,420
	1,597	PPG Industries, Inc.		216,154
	3,176	Praxair, Inc.		347,613
	1,000	Reliance Steel & Aluminum Co.		62,100
	400	Rock-Tenn Co., Class A		27,964
	600	Rockwood Holdings, Inc.		29,676
	600	Royal Gold, Inc.(a)		48,786
	1,300	RPM International, Inc.		38,168
	700	Scotts Miracle-Gro Co. (The), Class A		30,835
	1,300	Sealed Air Corp.		22,763
	100	Senomyx, Inc. †(a)		168
	500	Sensient Technologies Corp.		17,780
	930	Sherwin-Williams Co. (The)		143,053
	1,200	Sigma-Aldrich Corp.		88,296
	700	Silgan Holdings, Inc.		29,113
	775	Sonoco Products Co.		23,041
	2,122	Southern Copper Corp.(a)		80,339
	500	Spartech Corp. †		4,535
	2,800	Steel Dynamics, Inc.		38,444
	1,600	Stillwater Mining Co.(a)		20,448
	564	SunCoke Energy, Inc. †(a)		8,793
	192	Texas Industries, Inc. †(a)		9,794
	671	Tredegar Corp.(a)		13,702
	500	UFP Technologies, Inc.		8,960
	50	United States Lime & Minerals, Inc. †(a)		2,356
	900	United States Steel Corp.(a)		21,483
	900	Valspar Corp.		56,160
	1,000	Verso Paper Corp. †(a)		1,070
	3,200	Vista Gold Corp. †		8,640
	944	Vulcan Materials Co.		49,135

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

December 31, 2012

Shares			Value
Materials (continued)
	700	Walter Energy, Inc.	$	25,116
	1,300	Wausau Paper Corp.(a)		11,258
	100	Westlake Chemical Corp.(a)		7,930
	5,508	Weyerhaeuser Co.		153,233
	1,000	Worthington Industries, Inc.(a)		25,990
	400	WR Grace & Co. †		26,892
	50	Zep, Inc.		722
				6,300,384
Telecommunication Services — 2.7%
	600	Alaska Communications Systems Group, Inc.(a)		1,164
	61,699	AT&T, Inc.		2,079,873
	200	Atlantic Tele-Network, Inc.		7,342
	5,610	CenturyLink, Inc.		219,463
	1,425	Cincinnati Bell, Inc. †(a)		7,809
	4,600	Clearwire Corp., Class A		13,294
	200	Cogent Communications Group, Inc.(a)		4,528
	87	Consolidated Communications Holdings, Inc.(a)		1,385
	3,000	Crown Castle International Corp.		216,480
	11,886	Frontier Communications Corp.(a)		50,872
	600	General Communication, Inc., Class A †		5,754
	7,400	Globalstar, Inc. †(a)		2,257
	16	IDT Corp., Class B		153
	1,500	Leap Wireless International, Inc.(a)		9,975
	1,374	Level 3 Communications, Inc.(a)		31,753
	3,700	MetroPCS Communications, Inc.		36,778
	500	Neutral Tandem, Inc.(a)		1,285
	1,825	NII Holdings, Inc. †(a)		13,012
	1,200	SBA Communications Corp., Class A(a)		85,224
	25,971	Sprint Nextel Corp. †		147,256
	975	tw telecom, Inc., Class A †(a)		24,833
	400	USA Mobility, Inc.		4,672
	31,013	Verizon Communications, Inc.		1,341,933
	600	Vonage Holdings Corp.		1,422
	7,091	Windstream Corp.(a)		58,714
				4,367,231
Utilities — 3.5%
	6,135	AES Corp. (The)		65,644
	1,519	AGL Resources, Inc.		60,714
	1,500	Alliant Energy Corp.		65,865
	2,800	Ameren Corp.		86,016
	5,330	American Electric Power Co., Inc.		227,484
	2,000	American Water Works Co., Inc.		74,260
	1,721	Aqua America, Inc.		43,748
	1,100	Atmos Energy Corp.		38,632
	1,000	Avista Corp.		24,110
	300	Black Hills Corp.(a)		10,902
	6,000	Calpine Corp. †(a)		108,780
	4,600	CenterPoint Energy, Inc.		88,550
	400	Cleco Corp.		16,004
	2,350	CMS Energy Corp.(a)		57,293
	3,250	Consolidated Edison, Inc.		180,505
	6,040	Dominion Resources, Inc.		312,872
	1,675	DTE Energy Co.		100,584
	6,776	Duke Energy Corp.(a)		432,309
	11	Dynegy, Inc. †(a)		210
	183	Dynegy, Inc. †(a)		231
	3,050	Edison International		137,829
	1,750	Entergy Corp.		111,562
	9,691	Exelon Corp.		288,210
	4,280	FirstEnergy Corp.(a)		178,733
	16	Genie Energy, Ltd., Class B(a)		114
	1,305	Great Plains Energy, Inc.		26,505
	750	Hawaiian Electric Industries, Inc.(a)		18,855

Shares			Value
Utilities (continued)
	500	IDACORP, Inc.	$	21,675
	700	Integrys Energy Group, Inc.(a)		36,554
	600	ITC Holdings Corp.(a)		46,146
	2,125	MDU Resources Group, Inc.		45,135
	950	National Fuel Gas Co.(a)		48,155
	4,710	NextEra Energy, Inc.		325,885
	3,215	NiSource, Inc.		80,021
	3,117	Northeast Utilities		121,812
	3,578	NRG Energy, Inc.		82,250
	3,150	NV Energy, Inc.(a)		57,141
	1,050	OGE Energy Corp.		59,125
	2,050	ONEOK, Inc.		87,638
	1,000	Ormat Technologies, Inc.(a)		19,280
	2,650	Pepco Holdings, Inc.(a)		51,967
	4,600	PG&E Corp.		184,828
	700	Piedmont Natural Gas Co., Inc.(a)		21,917
	1,300	Pinnacle West Capital Corp.		66,274
	700	PNM Resources, Inc.		14,357
	800	Portland General Electric Co.		21,888
	6,450	PPL Corp.		184,664
	5,350	Public Service Enterprise Group, Inc.		163,710
	2,200	Questar Corp.		43,472
	1,379	SCANA Corp.(a)		62,938
	2,475	Sempra Energy		175,577
	9,800	Southern Co. (The)		419,538
	2,700	TECO Energy, Inc.(a)		45,252
	1,300	UGI Corp.		42,523
	933	Vectren Corp.		27,430
	950	Westar Energy, Inc.		27,189
	350	WGL Holdings, Inc.(a)		13,717
	2,700	Wisconsin Energy Corp.		99,495
	5,375	Xcel Energy, Inc.		143,566
				5,597,640
Total Common Stock
(Cost $88,940,883)				158,456,296

SHORT-TERM INVESTMENT — 9.9%
	15,766,844	Northern Trust Institutional Liquid Asset Portfolio, 0.010%(d) (e)		15,766,844

Total Short-Term Investment
(Cost $15,766,844)				15,766,844
RIGHT — 0.0%
	1,600	Allos Therapeutics(b)		176

Total Right (Cost $–)				176

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

Total Warrant (Cost $–)				—
Total Investments — 109.1%
(Cost $104,707,727)				174,223,316
Other Assets & Liabilities, Net — (9.1)%				(14,459,628	)
NET ASSETS — 100.0%			$	159,763,688

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

December 31, 2012

†	Non-income producing security.
(a)	This security or a partial position of this security is on loan at December 31, 2012. The total market value of securities on loan at December 31, 2012 was $15,628,179.
(b)	Securities fair valued using methods determined in good faith by the Pricing Committee. The total market value of such securities as of December 31, 2012 was $9,936.
(c)	The Fund may purchase securities of certain companies with which it is affiliated to the extent these companies are represented in its benchmark index.
(d)	Rate shown is the 7-day effective yield as of December 31, 2012.
(e)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2012 was $15,766,844. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $40,620 (Note 6).

LP — Limited Partnership Investment

Ltd. — Limited

PLC— Public Limited Company

REIT — Real Estate Investment Trust

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

As of December 31, 2012, all of the Fund’s investments were considered Level 1, except for Allos Therapeutics Rights, Hyster-Yale Materials Handling, Inc.,

Magnum Hunter Resources Corp. Warrant, Orleans Homebuilders, Inc. and Trico Marine Services, Inc. which are Level 3. At December 31, 2012, these investments were valued at $9,936. A reconciliation of Level 3 investments is only presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. For the year ended December 31, 2012, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the year ended December 31, 2012, there have been no transfers between Level 2 and Level 3 assets and liabilities.

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 A. Schwarz
	Jason A. Schwarz, President
	(principal executive officer)

Date: March 7, 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 A. Schwarz
	Jason A. Schwarz, President
	(principal executive officer)

Date: March 7, 2013

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

Date: March 7, 2013

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

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