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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07076

Wilshire Mutual Funds, Inc.

(Exact name of registrant as specified in charter)

Wilshire Associates Incorporated

1299 Ocean Avenue, Suite 700

Santa Monica, CA 90401-1085

(Address of principal executive offices) (Zip code)

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: June 30, 2013

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

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

Item 1.

Reports to Stockholders.

The Report to Shareholders is attached herewith.

Wilshire Mutual Funds

SEMI-ANNUAL REPORT

(Unaudited)

Large Company Growth Portfolio

Large Company Value Portfolio

Small Company Growth Portfolio

Small Company Value Portfolio

Wilshire 5000 Indexsm Fund

Wilshire International Equity Fund

(Formerly Wilshire Large Cap Core Plus Fund)

June 30, 2013

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 International Equity 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
Wilshire International Equity Fund	42
Statements of Assets and Liabilities	46
Statements of Operations	49
Statements of Changes in Net Assets	51
Financial Highlights:
Large Company Growth Portfolio	57
Large Company Value Portfolio	59
Small Company Growth Portfolio	61
Small Company Value Portfolio	63
Wilshire 5000 IndexSM Fund	65
Wilshire International Equity Fund	69
Notes to Financial Statements	71
Additional Fund Information	83
Board Approval of Subadvisory Agreements	84

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 International Equity 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 semi-annual report to all shareholders of the Wilshire Mutual Funds. This report covers the period from January 1, 2013 to June 30, 2013, for all share classes of the Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 IndexSM Fund, and Wilshire International Equity Fund.

Market Environment

U.S. Equity Market

The U.S. stock market, represented by the Wilshire 5000 IndexSM, posted a total return of 13.98% during the first half of the year. Small-cap growth stocks gained the most year-to-date, as the Wilshire U.S. Small-Cap Growth IndexSM added 18.55%. The market’s rise was realized despite giving back 1.27% in June, its first monthly loss since October 2012. Solid gains in April and May – up 1.93% and 2.34%, respectively – propelled U.S. stocks to an impressive 13.98% advance through the end of June. This marked the best first half of a calendar year since 1998, when the U.S. stock market was up 15.47% through the first six months of that year. Small capitalization stocks outperformed larger stocks in the first half of 2013, and on a style basis, micro-cap stocks have enjoyed an outstanding 2013 so far.

International Equity Market

International equities also advanced in the first half of the year as the MSCI EAFE Index rose 4.10%. However, emerging markets equities struggled year-to-date, with the MSCI Emerging Markets Index losing (9.57%). Through the first half of the year, the European Union continued to struggle with political uncertainty in Greece as well as lackluster economic expansion and/or recession throughout the region. The announced upcoming wind-down of the U.S. Federal Reserve’s programs of accommodative lending sent markets reeling worldwide. Japan’s 2013 rally plunged into a volatile bear run after the Nikkei hit a five-year high on May 22; however, Japanese stocks remain among the strongest performers this year. Emerging markets stocks continued to find performance held back by concerns over China’s slowing domestic economy. Additionally, political unrest in Egypt, Brazil, and Turkey late in the second quarter weighed on emerging markets.

Bond Market

Bond returns were mixed in the first half of the year. The broad fixed-income market posted positive returns as the Barclays Aggregate Bond Index returned 2.44% year-to-date. High yield bonds also did well on a relative basis, as the Barclays U.S. Corporate High Yield Index gained 1.42% in the same period. Long-term U.S. Treasuries lost value, with the Barclays Long Term Treasury Index losing (7.97%) in the first two quarters. Bond yields began to drift lower in April, with the bellwether 10-year U.S. Treasury hitting a near-term low of 1.66% on May 1. Subsequently, yields climbed sharply higher, with the 10-year Treasury closing the second quarter at 2.52%, fully 65 basis points higher than its first quarter close. With the end of the Federal Reserve’s “easy money” policy looming on the horizon, interest rate-sensitive assets in general suffered losses; corporate spreads widened over the quarter as well. Non-U.S. fixed income performed roughly on par with U.S.-based paper, although the strength of the U.S. dollar eroded performance on unhedged assets.

Fund Performance Review

The Wilshire Mutual Funds turned in mostly positive relative performance in the first half of 2013. The Large Company Growth Portfolio Institutional Class returned 9.02% underperforming the Russell 1000 Growth Index by 2.78%, Large Company Value Portfolio Institutional Class returned 18.57% outperforming the Russell 1000 Value Index by 2.67%, Small Company Growth Portfolio Institutional Class returned 17.89% outperforming the Russell 2000 Growth Index by 0.45%, Small Company Value Portfolio Institutional Class returned 18.43% outperforming the Russell 2000 Value Index by 4.04%, Wilshire 5000 IndexSM Fund Institutional Class returned 13.86% underperforming the Wilshire 5000 IndexSM by

Wilshire Mutual Funds

Letter to Shareholders - (Continued)

0.12%, and Wilshire International Equity Fund Institutional Class returned 4.42% outperforming the MSCI EAFE Index by 0.32%. While Wilshire Large Company Growth Portfolio’s and the Wilshire 5000 IndexSM Fund’s Institutional Classes underperformed their respective benchmarks, we are confident that each Portfolio is well positioned for future growth.

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

Sincerely,

Jason Schwarz

President

Wilshire Mutual Funds, Inc.

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.

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.

This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any stock in particular. There are risks involved with investing, including loss of principal.

There are risks involved with investing, including loss of principal. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principals or from social, economic or political instability in other nations. Investments in smaller companies typically exhibit higher volatility.

Large Company Growth Portfolio

Commentary

INVESTMENT CLASS SHARES

Average Annual Total Return*

Six Months Ended 06/30/13**	8.85%
One Year Ended 06/30/13	12.44%
Five Years Ended 06/30/13	4.97%
Ten Years Ended 06/30/13	6.05%

RUSSELL 1000® GROWTH INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/13**	11.80%
One Year Ended 06/30/13	17.07%
Five Years Ended 06/30/13	7.47%
Ten Years Ended 06/30/13	7.40%

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2013, there were no waivers.
**	Not annualized.
(1)	The Russell 1000® Growth Index is an unmanaged index that measures the performance of the largest 1,000 U.S. companies with 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*

Six Months Ended 06/30/13**	9.02%
One Year Ended 06/30/13	12.75%
Five Years Ended 06/30/13	5.31%
Ten Years Ended 06/30/13	6.42%

RUSSELL 1000® GROWTH INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/13**	11.80%
One Year Ended 06/30/13	17.07%
Five Years Ended 06/30/13	7.47%
Ten Years Ended 06/30/13	4.40%

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2013, there were no waivers.
**	Not annualized.
(1)	The Russell 1000® Growth Index is an unmanaged index that measures the performance of the largest 1,000 U.S. companies with 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)

The U.S. stock market got off to its strongest start since 1998 as the S&P 500 Index rose 13.84% through June 2013. The market rallied in the first quarter with the S&P 500 Index hitting new all-time highs as investors cheered the news of a “Fiscal Cliff” resolution, a positive fourth quarter GDP estimate marking the 14th consecutive quarter of economic expansion, and signs of improvement within the housing sector. The second quarter saw more modest but still positive gains as investors grappled with the possibility of the Federal Reserve “tapering” its quantitative easing program earlier than anticipated. However, the U.S. market again hit new all-time highs during the second quarter. Both large and small capitalization stocks posted strong gains during the first six months of the year, however small capitalization securities modestly outpaced their large capitalization counterparts with the Russell 2000 Index and Russell 1000 Index returning 15.86% and 13.90%, respectively.

Within the large capitalization space, value stocks outperformed growth securities, and within the small capitalization space, growth stocks outperformed value securities. All sectors within the Wilshire 5000 IndexSM were positive year-to-date. Consumer Discretionary (20.47%), Health Care (20.42%) and Financials (17.95%) were the top performers, while Materials (2.06%) and Information Technology (6.62%) lagged the broader market during the first half of the year.

The Wilshire Large Company Growth Portfolio Institutional Class (the “Fund”) returned 9.02% for the first six months of 2013, underperforming the Russell 1000 Growth Index return of 11.80% by 2.78%. The Fund benefited from positive stock selection in Financials and a slight overweight allocation to Consumer Discretionary; performance was offset by poor stock selection in Industrials, Consumer Discretionary and Health Care.

Despite the Fund’s underperformance versus its benchmark, we believe the Fund is well positioned going into the second half of 2013 as the market deals with ongoing macroeconomic and geopolitical issues.

Large Company Growth Portfolio

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2013)

†	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*

Six Months Ended 06/30/13**	18.47%
One Year Ended 06/30/13	27.64%
Five Years Ended 06/30/13	5.70%
Ten Years Ended 06/30/13	6.45%

RUSSELL 1000® VALUE INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/13**	15.90%
One Year Ended 06/30/13	25.32%
Five Years Ended 06/30/13	6.67%
Ten Years Ended 06/30/13	7.79%

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2013, there were no waivers.
**	Not annualized.
(1)	The Russell 1000® Value Index is an unmanaged index that measures the performance of the largest 1,000 U.S. companies with lower price-to-book ratios and lower forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

Large Company Value Portfolio

Commentary - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Return*

Six Months Ended 06/30/13**	18.57%
One Year Ended 06/30/13	27.95%
Five Years Ended 06/30/13	5.93%
Ten Years Ended 06/30/13	6.70%

RUSSELL 1000® VALUE INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/13**	15.90%
One Year Ended 06/30/13	25.32%
Five Years Ended 06/30/13	6.67%
Ten Years Ended 06/30/13	7.79%

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2013, there were no waivers.
**	Not annualized.
(1)	The Russell 1000® Value Index is an unmanaged index that measures the performance of the largest 1,000 U.S. companies with lower price-to-book ratios and lower forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

Large Company Value Portfolio

Commentary - (Continued)

The Wilshire Large Company Value Portfolio Institutional Class (the (“Fund”) returned 18.57% for the first six months of 2013, outperforming the Russell 1000 Value Index return of 15.90% by 2.67%. The Fund benefited from positive stock selection in Financials and Consumer Discretionary as well as an underweight allocation to Information Technology; performance was partially offset by poor stock selection in Energy.

We are pleased with the Fund’s outperformance for the year-to-date period and believe the Fund is well positioned going into the second half of 2013 as the market deals with ongoing macroeconomic and geopolitical uncertainties.

Large Company Value Portfolio

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2013)

†	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*

Six Months Ended 06/30/13**	17.83%
One Year Ended 06/30/13	25.18%
Five Years Ended 06/30/13	7.71%
Ten Years Ended 06/30/13	9.01%

RUSSELL 2000® GROWTH INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/13**	17.44%
One Year Ended 06/30/13	23.67%
Five Years Ended 06/30/13	8.89%
Ten Years Ended 06/30/13	9.62%

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2013, fees totaling 0.34% of average net assets were waived for the Investment Class Shares.
**	Not annualized.
(1)	The Russell 2000® Growth Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with higher price-to-book ratios and higher forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

Small Company Growth Portfolio

Commentary - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Return*

Six Months Ended 06/30/13**	17.89%
One Year Ended 06/30/13	25.25%
Five Years Ended 06/30/13	7.98%
Ten Years Ended 06/30/13	9.27%

RUSSELL 2000® GROWTH INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/13**	17.44%
One Year Ended 06/30/13	23.67%
Five Years Ended 06/30/13	8.89%
Ten Years Ended 06/30/13	9.62%

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2013, fees totaling 0.09% of average net assets were waived for the Institutional Class Shares.
**	Not annualized.
(1)	The Russell 2000® Growth Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with higher price-to-book ratios and higher forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

Small Company Growth Portfolio

Commentary - (Continued)

The Wilshire Small Company Growth Portfolio Institutional Class (the “Fund”) returned 17.89% for the first six months of 2013, outperforming the Russell 2000 Growth Index return of 17.44% by 0.45%. The Fund benefited from positive stock selection in Financials and Industrials; performance was partially offset by poor stock selection in Health Care and Energy.

Small Company Growth Portfolio

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2013)

†	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*

Six Months Ended 06/30/13**	18.33%
One Year Ended 06/30/13	29.72%
Five Years Ended 06/30/13	7.83%
Ten Years Ended 06/30/13	9.12%

RUSSELL 2000® VALUE INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/13**	14.39%
One Year Ended 06/30/13	24.76%
Five Years Ended 06/30/13	8.59%
Ten Years Ended 06/30/13	9.30%

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2013, fees totaling 0.21% of average net assets were waived in the Investment Class Shares.
**	Not annualized.
(1)	The Russell 2000® Value Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with lower price-to-book ratios and lower forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

Small Company Value Portfolio

Commentary - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Return*

Six Months Ended 06/30/13**	18.43%
One Year Ended 06/30/13	29.98%
Five Years Ended 06/30/13	8.17%
Ten Years Ended 06/30/13	9.48%

RUSSELL 2000® VALUE INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/13**	14.39%
One Year Ended 06/30/13	24.76%
Five Years Ended 06/30/13	8.59%
Ten Years Ended 06/30/13	9.30%

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2013, fees totaling 0.03% of average net assets were waived in the Institutional Class Shares.
**	Not annualized.
(1)	The Russell 2000® Value Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with lower price-to-book ratios and lower forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

Small Company Value Portfolio

Commentary - (Continued)

The Wilshire Small Company Value Portfolio Institutional Class (the “Fund”) returned 18.43% for the first six months of 2013, outperforming the Russell 2000 Value Index return of 14.39% by 4.04%. The Fund benefited from positive stock selection in Financials, Industrials and Materials as well as underweight allocations to Financials and Energy.

Small Company Value Portfolio

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2013)

†	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*

Six Months Ended 06/30/13**	13.60%
One Year Ended 06/30/13	20.46%
Five Years Ended 06/30/13	6.61%
Ten Years Ended 06/30/13	7.12%

WILSHIRE 5000 INDEXSM(1)

Average Annual Total Return

Six Months Ended 06/30/13**	13.98%
One Year Ended 06/30/13	21.13%
Five Years Ended 06/30/13	7.19%
Ten Years Ended 06/30/13	7.96%

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2013, there were no waivers.
**	Not annualized.
(1)	The Wilshire 5000 IndexSM is an unmanaged index that measures the performance of all U.S. headquartered equity securities with readily available price data. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

Wilshire 5000 Indexsm Fund

Commentary - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Return*

Six Months Ended 06/30/13**	13.86%
One Year Ended 06/30/13	20.72%
Five Years Ended 06/30/13	6.81%
Ten Years Ended 06/30/13	7.36%

WILSHIRE 5000 INDEXSM(1)

Average Annual Total Return

Six Months Ended 06/30/13**	13.98%
One Year Ended 06/30/13	21.13%
Five Years Ended 06/30/13	7.19%
Ten Years Ended 06/30/13	7.96%

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2013, there were no waivers.
**	Not annualized.
(1)	The Wilshire 5000 IndexSM is an unmanaged index that measures the performance of all U.S. headquartered equity securities with readily available price data. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

Wilshire 5000 Indexsm Fund

Commentary - (Continued)

QUALIFIED CLASS SHARES

Average Annual Total Return*

Six Months Ended 06/30/13**	14.00%
One Year Ended 06/30/13	21.23%
Five Years Ended 06/30/13	6.88%
Ten Years Ended 06/30/13	7.18%

WILSHIRE 5000 INDEXSM(1)

Average Annual Total Return

Six Months Ended 06/30/13**	13.98%
One Year Ended 06/30/13	21.13%
Five Years Ended 06/30/13	7.19%
Ten Years Ended 06/30/13	7.96%

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2013, there were no waivers.
**	Not annualized.
(1)	The Wilshire 5000 IndexSM is an unmanaged index that measures the performance of all U.S. headquartered equity securities with readily available price data. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

Wilshire 5000 Indexsm Fund

Commentary - (Continued)

HORACE MANN CLASS SHARES

Average Annual Total Return*

Six Months Ended 06/30/13**	13.63%
One Year Ended 06/30/13	20.43%
Five Years Ended 06/30/13	6.59%
Ten Years Ended 06/30/13	7.06%

WILSHIRE 5000 INDEXSM(1)

Average Annual Total Return

Six Months Ended 06/30/13**	13.98%
One Year Ended 06/30/13	21.13%
Five Years Ended 06/30/13	7.19%
Ten Years Ended 06/30/13	7.96%

*	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2013, there were no waivers.
**	Not annualized.
(1)	The Wilshire 5000 IndexSM is an unmanaged index that measures the performance of all U.S. headquartered equity securities with readily available price data. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

Wilshire 5000 Indexsm Fund

Commentary - (Continued)

The Wilshire 5000 IndexSM Fund Institutional Class (the “Fund”) returned 13.86% for the first six months of 2013, slightly trailing the Fund’s benchmark (the Wilshire 5000 IndexSM) return of 13.98% by 0.12%. The underperformance is attributable to the optimization approach utilized by Los Angeles Capital Management and Equity Research Inc. and is well within the range of historical experience.

Wilshire 5000 Indexsm Fund

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2013)

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

Wilshire International Equity Fund

Commentary

INVESTMENT CLASS SHARES

Average Annual Total Return**

Six Months Ended 06/30/13***	4.32%
One Year Ended 06/30/13	10.16%
Five Years Ended 06/30/13	1.23%
Inception (11/16/07) through 06/30/13	(0.82)%

MSCI EAFE INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/13***	4.10%
One Year Ended 06/30/13	18.62%
Five Years Ended 06/30/13	(0.63)%
Inception (11/16/07) through 06/30/13	(5.47)%

S&P 500 INDEX(2)

Average Annual Total Return

Six Months Ended 06/30/13***	13.82%
One Year Ended 06/30/13	20.60%
Five Years Ended 06/30/13	7.01%
Inception (11/16/07) through 06/30/13	4.01%

*	Effective April 2, 2013, the Fund changed its investment strategy. Consequently, prior period performance may have been different if the new investment strategy had been in effect during these periods.
**	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2013, fees totaling 0.06% of average net assets were waived in the Investment Class Shares.
***	Not annualized.
(1)	Effective April 2, 2013, the Fund changed its benchmark to the MSCI EAFE Index because it is more reflective of the Fund’s investment strategy. The MSCI EAFE Index is an unmanaged capitalization-weighted measure of stock markets in Europe, Australasia and the Far East. An individual cannot invest directly in any index. Index performance is presented for general comparitive purposes.
(2)	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 International Equity Fund

Commentary - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Return**

Six Months Ended 06/30/13***	4.42%
One Year Ended 06/30/13	10.30%
Five Years Ended 06/30/13	1.52%
Inception (11/16/07) through 06/30/13	(0.54)%

MSCI EAFE INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/13***	4.10%
One Year Ended 06/30/13	18.62%
Five Years Ended 06/30/13	(0.63)%
Inception (11/16/07) through 06/30/13	(5.47)%

S&P 500 INDEX(2)

Average Annual Total Return

Six Months Ended 06/30/13***	13.82%
One Year Ended 06/30/13	20.60%
Five Years Ended 06/30/13	7.01%
Inception (11/16/07) through 06/30/13	4.01%

*	Effective April 2, 2013, the Fund changed its investment strategy. Consequently, prior period performance may have been different if the new investment strategy had been in effect during these periods.
**	Assumes reinvestment of all distributions. During certain periods since inception, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements, historical total returns would have been lower. For the six months ended June 30, 2013, fees totaling 0.11% of average net assets were waived in the Institutional Class Shares.
***	Not annualized.
(1)	Effective April 2, 2013, the Fund changed its benchmark to the MSCI EAFE Index because it is more reflective of the Fund’s investment strategy. The MSCI EAFE Index is an unmanaged capitalization-weighted measure of stock markets in Europe, Australasia and the Far East. An individual cannot invest directly in any index. Index performance is presented for general comparitive purposes.
(2)	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 International Equity Fund

Commentary - (Continued)

International stock markets underperformed the U.S. as the MSCI EAFE Index returned 4.10% in the first half of the year. The Cypriot banking crisis dominated headlines to start the year. The Eurozone continued to then struggle as the region experienced its sixth consecutive quarter of recessionary conditions and concerns over the region’s debt crisis prompted the European Central Bank to cut its benchmark interest rate to a record low 0.5%. Conversely, the Japanese market soared as the yen dramatically weakened after the Bank of Japan’s new governor announced plans for aggressive quantitative easing. The MSCI Japan Index returned 16.55% during the first half of the year. Emerging markets fared worse as inflation worries, decreasing commodity prices, political unrest in Turkey, Brazil, and Egypt, and continuing fears over a slowdown in the Chinese economy rattled investors. The MSCI Emerging Markets Index returned (9.57%) for the first half of the year.

Within the MSCI EAFE Index, sector performance was mixed. Consumer Discretionary (13.68%), Health Care (13.47%) and Telecom Services (11.98%) performed strongly, while Utilities (3.79%) and Information Technology (4.40%) lagged. Hurt by decreasing commodity prices, Materials (12.81%) and Energy (4.48%) were the worst performing sectors during the period.

Effective on April 2, 2013, the “Wilshire Large Cap Core Plus Fund” changed its name to “Wilshire International Equity Fund” (the “Fund”). The Fund has changed its primary benchmark index to the MSCI EAFE Index. The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. In addition, the Fund’s “Principal Investment Strategies” and “Principal Risks” have changed. To view these changes, please refer to the Fund’s Prospectus supplement dated January 23, 2013.

The Fund’s Institutional Class returned 4.42% for the first six months of 2013, outperforming the MSCI EAFE Index return of 4.10% by 0.32%.

The Fund benefited from positive stock selection in Energy and Health Care as well as an underweight allocation to Materials; performance was partially offset by poor stock selection in Information Technology and Consumer Discretionary.

Wilshire International Equity Fund

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2013)

†	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 June 30, 2013 (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 June 30, 2013 (Unaudited)

	Beginning Account Value 01/01/13	Ending Account Value 06/30/13	Expense Ratio(1)	Expenses Paid During Period 01/01/13-06/30/13(2)
Large Company Growth Portfolio
Actual Fund Return
Investment Class	$1,000.00	$1,088.50	1.38%	$7.17
Institutional Class	$1,000.00	$1,090.20	1.05%	$5.46
Hypothetical 5% Return
Investment Class	$1,000.00	$1,017.93	1.38%	$6.92
Institutional Class	$1,000.00	$1,019.57	1.05%	$5.28

Large Company Value Portfolio
Actual Fund Return
Investment Class	$1,000.00	$1,184.70	1.28%	$6.92
Institutional Class	$1,000.00	$1,185.70	0.94%	$5.12
Hypothetical 5% Return
Investment Class	$1,000.00	$1,018.46	1.28%	$6.39
Institutional Class	$1,000.00	$1,020.11	0.94%	$4.73

Small Company Growth Portfolio
Actual Fund Return
Investment Class	$1,000.00	$1,178.30	1.43%	$7.71
Institutional Class	$1,000.00	$1,178.90	1.22%	$6.59
Hypothetical 5% Return
Investment Class	$1,000.00	$1,017.72	1.43%	$7.14
Institutional Class	$1,000.00	$1,018.74	1.22%	$6.11

Small Company Value Portfolio
Actual Fund Return
Investment Class	$1,000.00	$1,183.30	1.49%	$8.08
Institutional Class	$1,000.00	$1,184.30	1.24%	$6.72
Hypothetical 5% Return
Investment Class	$1,000.00	$1,017.39	1.49%	$7.47
Institutional Class	$1,000.00	$1,018.64	1.24%	$6.21

Wilshire Mutual Funds, Inc.

Disclosure of Fund Expenses - (Continued)

For the Six Months Ended June 30, 2013 (Unaudited)

	Beginning Account Value 01/01/13	Ending Account Value 06/30/13	Expense Ratio(1)	Expenses Paid During Period 01/01/13-06/30/13(2)
Wilshire 5000 IndexSM Fund
Actual Fund Return
Investment Class	$1,000.00	$1,136.00	0.67%	$3.55
Institutional Class	$1,000.00	$1,138.60	0.47%	$2.47
Qualified Class	$1,000.00	$1,140.00	0.00%(4)	$0.00
Horace Mann Class	$1,000.00	$1,136.30	0.73%	$3.87
Hypothetical 5% Return
Investment Class	$1,000.00	$1,021.47	0.67%	$3.36
Institutional Class	$1,000.00	$1,022.48	0.47%	$2.34
Qualified Class	$1,000.00	$1,024.79	0.00%(4)	$0.00
Horace Mann Class	$1,000.00	$1,021.17	0.73%	$3.66

Wilshire International Equity Fund
Actual Fund Return
Investment Class	$1,000.00	$1,043.20	1.98%(3)	$10.01
Institutional Class	$1,000.00	$1,044.20	1.74%(3)	$8.81
Hypothetical 5% Return
Investment Class	$1,000.00	$1,015.00	1.98%(3)	$9.87
Institutional Class	$1,000.00	$1,016.18	1.74%(3)	$8.69

(1)	Annualized, based on the Portfolio’s most recent fiscal half-year expenses.
(2)	Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the period, then divided by 365.
(3)	The annualized expense ratios include dividend expense, interest expense and rebates on securities sold short during the six-month period.
(4)	There were no expenses accrued in the Wilshire 5000 IndexSM Fund Qualified Class for the six months ended June 30, 2013 due to the low average net assets (of approximately $141) relative to the other classes of this Fund.

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Condensed Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Percentage of Net Assets (%)		Value
COMMON STOCK — 99.1%††
Consumer Discretionary — 20.5%
	20,512	Amazon.com, Inc.		1.9	$	5,695,977
	54,534	Comcast Corp., Class A		0.8		2,283,884
	48,262	Dick's Sporting Goods, Inc.(a)		0.8		2,415,996
	58,944	Johnson Controls, Inc.		0.7		2,109,606
	44,607	Michael Kors Holdings, Ltd.(a)		0.9		2,766,526
	40,056	NIKE, Inc., Class B(a)		0.9		2,550,766
	3,824	priceline.com, Inc.† (a)		1.0		3,162,945
	14,581	Ralph Lauren Corp., Class A		0.8		2,533,303
	44,417	Starbucks Corp.		1.0		2,908,869
	43,730	TJX Cos., Inc.(a)		0.7		2,189,124
	61,670	Walt Disney Co. (The)		1.3		3,894,461
	675,190	Other Securities		9.7		29,571,228
						62,082,685
Consumer Staples — 8.0%
	86,356	Coca-Cola Co. (The)		1.1		3,463,739
	30,523	Diageo PLC ADR(a)		1.2		3,508,619
	64,021	Philip Morris International, Inc.		1.8		5,545,499
	250,909	Other Securities		3.9		11,840,322
						24,358,179
Energy — 4.0%
	144,192	Cobalt International Energy, Inc.†		1.3		3,831,181
	60,649	Schlumberger, Ltd.		1.4		4,346,107
	69,069	Other Securities		1.3		4,015,838
						12,193,126
Financials — 5.7%
	14,700	Affiliated Managers Group, Inc.† (a)		0.8		2,409,918
	34,354	Camden Property Trust‡ (a)		0.8		2,375,235
	30,155	CME Group, Inc., Class A(a)		0.7		2,291,177
	296,582	Other Securities		3.4		10,324,734
						17,401,064
Health Care — 14.0%
	11,016	Biogen Idec, Inc.		0.8		2,370,643
	64,656	Catamaran Corp.(a)		1.0		3,150,040
	27,602	Celgene Corp.†		1.1		3,226,950
	50,961	Edwards Lifesciences Corp.† (a)		1.1		3,424,579
	52,947	Express Scripts Holding Co.		1.1		3,266,301
	100,044	Gilead Sciences, Inc.(a)		1.7		5,123,253
	202,806	Hologic, Inc.(a)		1.3		3,914,156

Percentage of

Net Assets (%)

Value

Health Care (continued)
	370,791	Other Securities	5.9	$	18,125,861
					42,601,783
Industrials — 11.3%
	44,053	Fluor Corp.	0.8		2,612,784
	40,998	Joy Global, Inc.(a)	0.7		1,989,633
	47,606	United Rentals, Inc.(a)	0.8		2,376,015
	552,949	Other Securities	9.0		27,331,106
					34,309,538
Information Technology — 28.4%
	82,188	Altera Corp.(a)	0.9		2,711,382
	17,797	Apple, Inc.	2.3		7,049,036
	79,514	Citrix Systems, Inc.	1.6		4,797,080
	89,971	eBay, Inc.†	1.5		4,653,300
	92,662	EMC Corp.(a)	0.7		2,188,676
	15,478	Google, Inc., Class A†	4.5		13,626,367
	16,588	International Business Machines Corp.	1.0		3,170,133
	16,822	LinkedIn Corp., Class A†	1.0		2,999,362
	108,161	Microsoft Corp.	1.2		3,734,799
	74,574	NetApp, Inc.(a)	0.9		2,817,406
	157,682	QUALCOMM, Inc.	3.2		9,631,217
	71,449	Salesforce.com, Inc.† (a)	0.9		2,727,923
	43,621	Visa, Inc., Class A(a)	2.6		7,971,738
	267,532	Western Union Co. (The)(a)	1.5		4,577,473
	405,931	Other Securities	4.6		13,690,338
					86,346,230
Materials — 5.7%
	82,507	Freeport-McMoRan Copper & Gold, Inc.	0.7		2,278,018
	32,819	Monsanto Co.	1.1		3,242,517
	45,087	Mosaic Co. (The)	0.8		2,426,131
	21,702	Sherwin-Williams Co. (The)	1.3		3,832,573
	121,475	Other Securities	1.8		5,539,444
					17,318,683
Telecommunication Services — 1.4%
	46,009	Verizon Communications, Inc.	0.8		2,316,093
	95,708	Other Securities	0.6		1,803,185
					4,119,278
Utilities — 0.1%
	3,210	Other Securities	0.1		132,605

Total Common Stock
(Cost $259,118,634)					300,863,171

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Condensed Schedule of Investments - (Continued)

June 30, 2013

(Unaudited)

Shares			Percentage of Net Assets (%)		Value
SHORT-TERM INVESTMENTS (b) — 23.6%
	5,475,716	Northern Trust Institutional Government Select Portfolio, 0.010%		1.8	$	5,475,716
	66,318,438	Northern Trust Institutional Liquid Asset Portfolio, 0.010% (c)		21.8		66,318,438

Total Short-Term Investments
(Cost $71,794,154)						71,794,154

Total Investments — 122.7%
(Cost $330,912,788)						372,657,325
Other Assets & Liabilities, Net — (22.7)%						(68,880,731	)

NET ASSETS — 100.0%					$	303,776,594

†

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 June 30, 2013. The total market value of securities on loan at June 30, 2013 was $64,658,559 (Note 6).

(b)	Rate shown is the 7-day effective yield as of June 30, 2013.

(c)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2013 was $66,318,438 (Note 6).

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 June 30, 2013, all of the Portfolio’s investments were considered Level 1. For the six months ended June 30, 2013, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the six months ended June 30, 2013, 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

June 30, 2013

(Unaudited)

Shares			Percentage of Net Assets (%)		Value
COMMON STOCK — 98.3%††
Consumer Discretionary — 10.8%
	23,094	Comcast Corp., Class A		0.6	$	967,177
	23,650	Delphi Automotive PLC		0.8		1,198,818
	42,240	General Motors Co.(a)		0.9		1,407,014
	22,918	Omnicom Group, Inc.		0.9		1,440,855
	120,250	Staples, Inc.(a)		1.2		1,907,165
	287,212	Other Securities		6.4		9,589,483
						16,510,512
Consumer Staples — 3.7%
	23,140	CVS Caremark Corp.		0.9		1,323,145
	12,605	Procter & Gamble Co. (The)		0.7		970,459
	89,279	Other Securities		2.1		3,315,602
						5,609,206
Energy — 12.6%
	30,317	Baker Hughes, Inc.(a)		0.9		1,398,523
	48,578	BP PLC ADR		1.3		2,027,646
	21,228	Chevron Corp.		1.7		2,512,122
	35,608	Exxon Mobil Corp.		2.1		3,217,183
	19,300	Hess Corp.		0.8		1,283,257
	13,486	Occidental Petroleum Corp.		0.8		1,203,356
	31,400	Royal Dutch Shell PLC ADR, Class A(a)		1.3		2,003,320
	138,175	Other Securities		3.7		5,637,864
						19,283,271
Financials — 32.2%
	29,539	Allstate Corp. (The)		0.9		1,421,417
	62,833	American International Group, Inc.† (a)		1.8		2,808,635
	220,884	Bank of America Corp.		1.9		2,840,568
	9,330	Berkshire Hathaway, Inc., Class B(a)		0.7		1,044,214
	61,751	Citigroup, Inc.		1.9		2,962,195
	26,484	Discover Financial Services		0.8		1,261,698
	90,638	Fifth Third Bancorp(a)		1.1		1,636,016
	13,304	Goldman Sachs Group, Inc. (The)(a)		1.3		2,012,230
	38,800	Invesco, Ltd.		0.8		1,233,840
	67,744	JPMorgan Chase & Co.		2.3		3,576,206
	58,163	MetLife, Inc.		1.8		2,661,539
	55,378	Morgan Stanley		0.9		1,352,885
	33,134	PNC Financial Services Group, Inc.		1.6		2,416,131
	121,675	Regions Financial Corp.		0.8		1,159,563

Percentage of

Net Assets (%)

Value

Financials (continued)
	23,420	State Street Corp.	1.0	$	1,527,218
	65,775	UBS AG	0.7		1,114,886
	75,508	Wells Fargo & Co.	2.0		3,116,215
	26,175	Willis Group Holdings PLC(a)	0.7		1,067,416
	440,662	Other Securities	9.2		13,873,861
					49,086,733
Health Care — 11.5%
	31,881	Abbott Laboratories	0.7		1,112,009
	22,300	Aetna, Inc.	0.9		1,416,942
	15,317	Becton Dickinson and Co.(a)	1.0		1,513,779
	18,339	Johnson & Johnson(a)	1.0		1,574,587
	30,643	Merck & Co., Inc.	1.0		1,423,367
	76,569	Pfizer, Inc.(a)	1.4		2,144,698
	214,572	Other Securities	5.5		8,299,095
					17,484,477
Industrials — 8.7%
	128,601	General Electric Co.(a)	2.0		2,982,257
	14,115	L-3 Communications Holdings, Inc., Class 3	0.8		1,210,220
	14,950	Northrop Grumman Corp.	0.8		1,237,860
	230,900	Other Securities	5.1		7,860,818
					13,291,155
Information Technology — 11.0%
	113,804	Cisco Systems, Inc.	1.8		2,766,575
	135,764	Hewlett-Packard Co.	2.2		3,366,947
	39,273	Microsoft Corp.	0.9		1,356,097
	48,125	Oracle Corp.	1.0		1,478,400
	24,025	TE Connectivity, Ltd.	0.7		1,094,099
	383,126	Other Securities	4.4		6,729,427
					16,791,545
Materials — 2.5%
	103,506	Other Securities	2.5		3,783,980

Telecommunication Services — 2.3%
	65,111	AT&T, Inc.	1.5		2,304,929
	73,994	Other Securities	0.8		1,172,960
					3,477,889
Utilities — 3.0%
	16,450	Entergy Corp.	0.7		1,146,236
	132,412	Other Securities	2.3		3,473,980
					4,620,216
Total Common Stock
(Cost $136,326,264)					149,938,984

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Condensed Schedule of Investments - (Continued)

June 30, 2013

(Unaudited)

Shares			Percentage of Net Assets (%)		Value
SHORT-TERM INVESTMENTS (b) — 23.8%
	2,019,644	Northern Trust Institutional Government Select Portfolio, 0.010%		1.3	$	2,019,644
	34,189,871	Northern Trust Institutional Liquid Asset Portfolio, 0.010% (c)		22.5		34,189,871

Total Short-Term Investments
(Cost $36,209,515)						36,209,515

Total Investments — 122.1%
(Cost $172,535,779)						186,148,499
Other Assets & Liabilities, Net — (22.1)%						(33,631,986	)

NET ASSETS — 100.0%					$	152,516,513

†

Non-income producing security.

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

(a)	This security or a partial position of this security is on loan at June 30, 2013. The total market value of securities on loan at June 30, 2013 was $33,556,400 (Note 6).

(b)	Rate shown is the 7-day effective yield as of June 30, 2013.

(c)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2013 was $34,189,871. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $299,404 (Note 6).

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

June 30, 2013

(Unaudited)

Shares			Percentage of Net Assets (%)		Value
COMMON STOCK — 98.5%††
Consumer Discretionary — 18.6%
	8,614	Asbury Automotive Group, Inc.(a)		1.5	$	345,421
	3,949	Deckers Outdoor Corp.†		0.9		199,464
	14,741	Express, Inc.†		1.3		309,119
	5,513	Group 1 Automotive, Inc.(a)		1.5		354,651
	8,264	Meritage Homes Corp.		1.5		358,327
	21,299	Pier 1 Imports, Inc.		2.1		500,314
	3,434	Red Robin Gourmet Burgers, Inc.(a)		0.8		189,488
	12,510	Sonic Corp.† (a)		0.8		182,146
	3,444	Steven Madden, Ltd.		0.7		166,621
	86,137	Other Securities		7.5		1,840,332
						4,445,883
Consumer Staples — 5.9%
	6,160	Inter Parfums, Inc.(a)		0.8		175,683
	10,064	Prestige Brands Holdings, Inc.†		1.2		293,265
	3,794	TreeHouse Foods, Inc.(a)		1.0		248,659
	34,846	Other Securities		2.9		685,074
						1,402,681
Energy — 5.2%
	16,700	Approach Resources, Inc.(a)		1.7		410,319
	8,830	Gulfport Energy Corp.†		1.8		415,628
	18,210	Pacific Drilling†		0.8		178,094
	24,743	Other Securities		0.9		228,299
						1,232,340
Financials — 12.0%
	6,440	Bank of the Ozarks, Inc.(a)		1.2		279,045
	13,890	Hilltop Holdings, Inc.† (a)		1.0		227,796
	10,539	Home BancShares, Inc.(a)		1.1		273,698
	3,215	Iberiabank Corp.(a)		0.7		172,356
	4,771	MarketAxess Holdings, Inc.		0.9		223,044
	21,041	PrivateBancorp, Inc., Class A(a)		1.9		446,280
	2,350	Signature Bank(a)		0.8		195,097
	3,330	SVB Financial Group(a)		1.2		277,456
	4,090	Texas Capital Bancshares, Inc.† (a)		0.8		181,432
	34,533	Other Securities		2.4		579,447
						2,855,651

Percentage of

Net Assets (%)

Value

Health Care — 18.1%
	8,895	Air Methods Corp.(a)	1.3	$	301,363
	24,614	Akorn, Inc.† (a)	1.4		332,781
	1,879	athenahealth, Inc.(a)	0.7		159,189
	6,160	Centene Corp.†	1.4		323,153
	11,776	HMS Holdings Corp.† (a)	1.2		274,381
	4,350	Medidata Solutions, Inc.†	1.4		336,907
	7,774	PAREXEL International Corp.(a)	1.5		357,137
	144,924	Other Securities	9.2		2,233,236
					4,318,147
Industrials — 17.0%
	7,620	Advisory Board Co. (The)	1.7		416,433
	7,493	Beacon Roofing Supply, Inc.(a)	1.2		283,835
	3,116	Chart Industries, Inc.† (a)	1.2		293,184
	6,010	EnerSys, Inc.(a)	1.2		294,731
	17,051	Healthcare Services Group, Inc.(a)	1.8		418,090
��	3,880	Triumph Group, Inc.(a)	1.3		307,102
	3,090	Wabtec Corp.	0.7		165,099
	86,630	Other Securities	7.9		1,891,801
					4,070,275
Information Technology — 19.1%
	27,650	Applied Micro Circuits Corp.† (a)	1.0		243,320
	10,654	Aruba Networks, Inc.(a)	0.7		163,645
	12,400	AVG Technologies NV† (a)	1.0		241,180
	11,370	InvenSense, Inc., Class A† (a)	0.7		174,871
	9,530	Ixia(a)	0.7		175,352
	3,765	MAXIMUS, Inc.	1.2		280,417
	6,140	QLIK Technologies, Inc.	0.7		173,578
	4,070	Sourcefire, Inc.(a)	0.9		226,088
	4,189	SPS Commerce, Inc.(a)	1.0		230,395
	9,982	Synchronoss Technologies, Inc.† (a)	1.3		308,144
	142,795	Other Securities	9.9		2,349,227
					4,566,217
Materials — 2.0%
	27,658	Other Securities	2.0		480,969

Telecommunication Services — 0.5%
	14,841	Other Securities	0.5		120,821

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Condensed Schedule of Investments - (Continued)

June 30, 2013

(Unaudited)

Percentage of

Net Assets (%)

Value

Utilities — 0.1%
	1,100	Other Securities	0.1	$	25,872

Total Common Stock
(Cost $20,828,219)					23,518,856

SHORT-TERM INVESTMENTS (b) — 50.2%
	347,184	Northern Trust Institutional Government Select Portfolio, 0.010%	1.5		347,184
	11,639,687	Northern Trust Institutional Liquid Asset Portfolio, 0.010% (c)	48.7		11,639,687

Total Short-Term Investments
(Cost $11,986,871)					11,986,871

Total Investments — 148.7%
(Cost $32,815,090)					35,505,727
Other Assets & Liabilities, Net — (48.7)%					(11,632,617	)

NET ASSETS — 100.0%				$	23,873,110

†

Non-income producing security.

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

(a)	This security or a partial position of this security is on loan at June 30, 2013. The total market value of securities on loan at June 30, 2013 was $11,303,062 (Note 6).

(b)	Rate shown is the 7-day effective yield as of June 30, 2013.

(c)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2013 was $11,639,687. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $8,871 (Note 6).

Ltd. — Limited

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Condensed Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Percentage of Net Assets (%)		Value
COMMON STOCK — 97.5%††
Consumer Discretionary — 13.7%
	14,112	Bob Evans Farms, Inc.(a)		2.4	$	662,982
	7,300	Harman International Industries, Inc.(a)		1.5		395,660
	20,100	Hooker Furniture Corp.		1.2		326,826
	11,210	Maidenform Brands, Inc.		0.7		194,269
	127,175	Other Securities		7.9		2,143,225
						3,722,962
Consumer Staples — 7.8%
	14,900	Elizabeth Arden, Inc.† (a)		2.5		671,543
	9,100	Inter Parfums, Inc.(a)		1.0		259,532
	6,905	TreeHouse Foods, Inc.		1.7		452,554
	62,207	Other Securities		2.6		754,581
						2,138,210
Energy — 3.4%
	20,200	Carrizo Oil & Gas, Inc.(a)		2.1		572,266
	21,800	McDermott International, Inc.† (a)		0.7		178,324
	20,867	Other Securities		0.6		177,768
						928,358
Financials — 28.4%
	10,276	Ashford Hospitality Trust, Inc.‡		0.4		117,660
	11,000	Aspen Insurance Holdings, Ltd.(a)		1.5		407,990
	9,830	CNO Financial Group, Inc.		0.5		127,397
	13,653	First Commonwealth Financial Corp.(a)		0.4		100,623
	26,300	Forestar Group, Inc.† (a)		1.9		527,578
	18,400	HomeStreet, Inc.(a)		1.4		394,680
	4,865	MB Financial, Inc.		0.5		130,382
	11,184	National Penn Bancshares, Inc.		0.4		113,629
	10,616	NorthStar Realty Finance Corp.‡ (a)		0.4		96,606
	6,900	PacWest Bancorp(a)		0.8		211,485
	16,892	PrivateBancorp, Inc., Class A(a)		1.3		358,279
	9,439	Texas Capital Bancshares, Inc.† (a)		1.5		418,714
	5,419	Webster Financial Corp.		0.5		139,160
	21,128	Western Alliance Bancorp		1.2		334,456
	266,310	Other Securities		15.7		4,242,800
						7,721,439

Percentage of

Net Assets (%)

Value

Health Care — 3.1%
	1,761	Magellan Health Services, Inc.†	0.4	$	98,757
	55,377	Other Securities	2.7		749,265
					848,022
Industrials — 20.8%
	11,259	Aircastle, Ltd.(a)	0.7		180,031
	15,127	Albany International Corp., Class A	1.8		498,888
	6,370	Astronics Corp.† (a)	1.0		260,342
	4,300	EnerSys, Inc.(a)	0.8		210,872
	17,200	GP Strategies Corp.† (a)	1.5		409,704
	42,367	Griffon Corp.(a)	1.8		476,629
	24,000	Marten Transport, Ltd.(a)	1.4		376,080
	9,800	Mistras Group, Inc.(a)	0.6		172,284
	23,600	Orbital Sciences Corp.†	1.5		409,932
	14,394	Orion Marine Group, Inc.(a)	0.6		174,023
	2,571	TAL International Group, Inc.(a)	0.4		112,019
	9,600	TMS International Corp., Class A	0.5		142,368
	14,300	Trimas Corp.	2.0		533,104
	110,235	Other Securities	6.2		1,697,262
					5,653,538
Information Technology — 13.8%
	8,200	Coherent, Inc.	1.7		451,574
	27,000	Entegris, Inc.†	0.9		253,530
	5,000	Euronet Worldwide, Inc.† (a)	0.6		159,300
	30,300	GSI Group, Inc.† (a)	0.9		243,612
	6,215	Measurement Specialties, Inc.(a)	1.1		289,184
	16,800	Methode Electronics, Inc.	1.0		285,768
	19,130	Microsemi Corp.(a)	1.6		435,208
	12,200	MKS Instruments, Inc.	1.2		323,788
	30,570	PMC - Sierra, Inc.† (a)	0.7		194,119
	105,446	Other Securities	4.1		1,121,327
					3,757,410
Materials — 4.6%
	3,800	Deltic Timber Corp.	0.8		219,716
	11,769	Neenah Paper, Inc.(a)	1.4		373,901
	42,438	Other Securities	2.4		648,951
					1,242,568

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Condensed Schedule of Investments - (Continued)

June 30, 2013

(Unaudited)

Percentage of

Net Assets (%)

Value

Telecommunication Services — 0.6%
	21,839	Other Securities	0.6	$	175,552

Utilities — 1.3%
	10,690	Other Securities	1.3		364,140

Total Common Stock
(Cost $23,454,798)					26,552,199

SHORT-TERM INVESTMENTS (b) — 44.8%
	602,584	Northern Trust Institutional Government Select Portfolio, 0.010%	2.2		602,584
	11,588,079	Northern Trust Institutional Liquid Asset Portfolio, 0.010% (c)	42.6		11,588,079

Total Short-Term Investments
(Cost $12,190,663)					12,190,663

Total Investments — 142.3%
(Cost $35,645,461)					38,742,862
Other Assets & Liabilities, Net — (42.3)%					(11,515,286	)

NET ASSETS — 100.0%				$	27,227,576

†

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 June 30, 2013. The total market value of securities on loan at June 30, 2013 was $11,303,675 (Note 6).

(b)	Rate shown is the 7-day effective yield as of June 30, 2013.

(c)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2013 was $11,588,079. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $115,176 (Note 6).

Ltd. — Limited

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm Fund

Condensed Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Percentage of Net Assets (%)		Value
COMMON STOCK — 99.0%
Consumer Discretionary — 12.6%
	3,688	Amazon.com, Inc.		0.6	$	1,024,121
	20,821	Comcast Corp., Class A		0.5		871,983
	13,147	Home Depot, Inc. (The)		0.6		1,018,498
	10,104	McDonald's Corp.		0.6		1,000,296
	17,668	Walt Disney Co. (The)		0.6		1,115,734
	501,748	Other Securities		9.7		17,119,647
						22,150,279
Consumer Staples — 9.4%
	20,175	Altria Group, Inc.		0.4		705,923
	43,140	Coca-Cola Co. (The)		1.0		1,730,345
	13,042	CVS Caremark Corp.		0.4		745,742
	15,591	PepsiCo, Inc.		0.7		1,275,188
	16,525	Philip Morris International, Inc.		0.8		1,431,396
	28,939	Procter & Gamble Co. (The)		1.3		2,228,014
	17,470	Wal-Mart Stores, Inc.		0.8		1,301,340
	164,430	Other Securities		4.0		7,085,631
						16,503,579
Energy — 9.9%
	20,669	Chevron Corp.		1.4		2,445,969
	13,181	ConocoPhillips		0.5		797,450
	47,466	Exxon Mobil Corp.		2.5		4,288,553
	8,680	Occidental Petroleum Corp.		0.5		774,516
	14,224	Schlumberger, Ltd.		0.6		1,019,292
	218,566	Other Securities		4.4		8,002,676
						17,328,456
Financials — 17.4%
	9,475	American Express Co.		0.4		708,351
	115,473	Bank of America Corp.		0.8		1,484,983
	19,584	Berkshire Hathaway, Inc., Class B		1.3		2,191,841
	31,265	Citigroup, Inc.		0.9		1,499,782
	4,783	Goldman Sachs Group, Inc. (The)		0.4		723,429
	40,734	JPMorgan Chase & Co.		1.2		2,150,348
	2,850	Northern Trust Corp.		0.1		165,015
	18,759	U.S. Bancorp		0.4		678,138
	51,892	Wells Fargo & Co.		1.2		2,141,583
	620,641	Other Securities		10.7		18,897,896
						30,641,366

Percentage of

Net Assets (%)

Value

Health Care — 12.0%
	17,125	AbbVie, Inc.	0.4	$	707,947
	16,450	Bristol-Myers Squibb Co.	0.4		735,151
	29,685	Johnson & Johnson	1.5		2,548,754
	30,130	Merck & Co., Inc.	0.8		1,399,539
	76,487	Pfizer, Inc.	1.2		2,142,401
	10,380	UnitedHealth Group, Inc.	0.4		679,682
	271,908	Other Securities	7.3		12,903,719
					21,117,193
Industrials — 10.9%
	7,385	3M Co.	0.5		807,550
	7,515	Boeing Co. (The)	0.4		769,837
	110,646	General Electric Co.	1.5		2,565,880
	4,572	Union Pacific Corp.	0.4		705,368
	7,921	United Parcel Service, Inc., Class B	0.4		685,008
	9,820	United Technologies Corp.	0.5		912,671
	302,155	Other Securities	7.2		12,772,806
					19,219,120
Information Technology — 17.3%
	9,948	Apple, Inc.	2.3		3,940,204
	56,598	Cisco Systems, Inc.	0.8		1,375,897
	2,640	Google, Inc., Class A†	1.3		2,324,177
	53,043	Intel Corp.(a)	0.7		1,284,701
	11,180	International Business Machines Corp.	1.2		2,136,610
	84,662	Microsoft Corp.	1.7		2,923,379
	39,555	Oracle Corp.	0.7		1,215,130
	18,250	QUALCOMM, Inc.	0.7		1,114,710
	5,350	Visa, Inc., Class A	0.6		977,713
	508,548	Other Securities	7.3		13,026,641
					30,319,162
Materials — 3.5%
	163,440	Other Securities	3.5		6,158,349

Telecommunication Services — 2.6%
	58,449	AT&T, Inc.	1.2		2,069,095
	30,438	Verizon Communications, Inc.	0.9		1,532,249
	71,510	Other Securities	0.5		974,471
					4,575,815

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm Fund

Condensed Schedule of Investments - (continued)

June 30, 2013

(Unaudited)

Percentage of

Net Assets (%)

Value

Utilities — 3.4%
	150,780	Other Securities	3.4	$	5,988,909

Total Common Stock
(Cost $85,635,347)					174,002,228

RIGHT — 0.0%
Number Of Rights
	1,500	Other Securities (Cost $—)	0.0		4,500

WARRANTS — 0.0%
	184	Other Securities (Cost $5,144)	0.0		338

SHORT-TERM INVESTMENTS (b) — 15.1%
	1,606,369	Northern Trust Institutional Government Select Portfolio, 0.010%	0.9		1,606,369
	24,991,940	Northern Trust Institutional Liquid Asset Portfolio, 0.010% (c)	14.2		24,991,940

Total Short-Term Investments
(Cost $26,598,309)					26,598,309

Total Investments — 114.1%
(Cost $112,238,800)					200,605,375
Other Assets & Liabilities, Net — (14.1)%					(24,846,156	)

NET ASSETS — 100.0%				$	175,759,219

†

Non-income producing security.

(a)	This security or a partial position of this security is on loan at June 30, 2013. The total market value of securities on loan at June 30, 2013 was $24,351,781 (Note 6).

(b)	Rate shown is the 7-day effective yield as of June 30, 2013.

(c)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2013 was $24,991,940. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $20,293 (Note 6).

Ltd. — Limited

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

As of June 30, 2013, all of the Fund’s investments were considered Level 1, except for AMREP Corp. Rights, Central European Distribution Corp., Hyster-Yale Materials Handling, Inc., Magnum Hunter Resources Corp. Warrant, Orleans Homebuilders, Inc., School Specialty, Inc. and Trico Marine Services, Inc. which are Level 3. At June 30, 2013, these investments were valued at $17,058. The value of Level 3 investments at December 31, 2012 was $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 six months ended June 30, 2013, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the six months ended June 30, 2013, 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 International Equity Fund

Condensed Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Percentage of Net Assets (%)		Value
COMMON STOCK — 90.8%
Australia — 3.3%
	9,655	Australia & New Zealand Banking Group, Ltd.		0.8	$	250,639
	2,607	BHP Billiton, Ltd.		0.3		75,037
	66,881	Other Securities		2.2		667,990
						993,666
Austria — 0.1%
	901	Other Securities		0.1		22,774

Belgium — 0.4%
	1,674	Other Securities		0.4		109,692

Brazil — 0.8%
	18,920	Cia de Saneamento Basico do Estado de Sao Paulo ADR(a)		0.7		196,957
	3,300	Other Securities		0.1		42,933
						239,890
Canada — 3.7%
	3,300	Alimentation Couche Tard, Inc., Class B		0.7		195,797
	2,250	Canadian National Railway Co.(a)		0.7		219,074
	4,900	Royal Bank of Canada(a)		0.9		285,511
	9,620	Other Securities		1.4		410,508
						1,110,890
China — 1.6%
	444,000	Bank of China, Ltd., Class H		0.6		181,891
	25,200	Sinopharm Group Co., Ltd., Class H		0.2		62,979
	153,052	Other Securities		0.8		236,506
						481,376
Denmark — 1.2%
	8,100	Topdanmark A†		0.7		206,158
	3,838	Other Securities		0.5		156,029
						362,187
Finland — 1.7%
	12,900	Pohjola Bank PLC, Class A		0.6		189,555
	6,747	Sampo, Class A		0.9		262,726
	5,148	Other Securities		0.2		49,067
						501,348

Percentage of

Net Assets (%)

Value

France — 5.2%
	1,500	Christian Dior SA	0.8	$	242,328
	3,804	Sanofi-Aventis SA	1.3		393,258
	21,990	Other Securities	3.1		922,757
					1,558,343
Germany — 8.7%
	2,431	Adidas AG	0.9		262,787
	3,449	BASF SE	1.0		307,627
	3,578	Bayer AG	1.3		380,950
	2,607	Fresenius SE & Co. KGaA	1.1		320,870
	1,390	Muenchener Rueckversicherungs AG	0.8		255,359
	4,538	SAP AG	1.1		331,377
	14,985	Other Securities	2.5		751,906
					2,610,876
Greece — 0.0%
	1,254	Other Securities	0.0		5,477

Guernsey — 0.0%
	1,666	Other Securities	0.0		7,217

Hong Kong — 6.3%
	17,651	Cheung Kong Holdings, Ltd.	0.8		238,014
	43,000	Cheung Kong Infrastructure Holdings, Ltd.	1.0		286,524
	28,000	China Overseas Land & Investment, Ltd.	0.3		72,897
	1,084	Hang Seng Bank, Ltd.	0.1		15,964
	14,000	Jardine Strategic Holdings, Ltd.	1.7		506,954
	353,907	Other Securities	2.4		764,029
					1,884,382
India — 0.4%
	3,180	Other Securities	0.4		120,268

Indonesia — 0.4%
	131,000	Other Securities	0.4		118,154

Ireland — 0.2%
	2,452	Other Securities	0.2		48,176

Isle of Man — 0.0%
	6,192	Other Securities	0.0		6,421

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Condensed Schedule of Investments - (continued)

June 30, 2013

(Unaudited)

Shares			Percentage of Net Assets (%)		Value
Israel — 0.1%
	2,405	Other Securities		0.1	$	41,002

Italy — 0.9%
	51,967	Other Securities		0.9		284,767

Japan — 17.0%
	258	Chugai Pharmaceutical Co., Ltd.		0.0		5,340
	137,450	Mizuho Financial Group, Inc.		1.0		285,441
	3,761	Nippon Telegraph & Telephone Corp.		0.7		196,027
	19,983	Nissan Motor Co., Ltd.		0.7		200,282
	5,138	Sumitomo Mitsui Financial Group, Inc.		0.8		235,182
	6,318	Tokio Marine Holdings, Inc.		0.7		199,364
	5,258	Toyota Industries Corp.		0.7		214,726
	6,954	Toyota Motor Corp.		1.4		419,450
	3,400	Unicharm Corp.		0.6		192,299
	216,138	Other Securities		10.4		3,169,775
						5,117,886
Jersey — 0.1%
	1,272	Other Securities		0.1		38,750

Luxembourg — 0.4%
	6,009	Other Securities		0.4		120,529

Macau — 0.0%
	2,000	Other Securities		0.0		5,380

Malaysia — 0.6%
	86,500	Other Securities		0.6		188,881

Mexico — 1.1%
	96,100	Other Securities		1.1		328,880

Netherlands — 2.3%
	2,705	ASML Holding NV		0.7		213,534
	23,376	Other Securities		1.6		489,394
						702,928
New Zealand — 0.0%
	4,361	Other Securities		0.0		7,671

Norway — 2.5%
	4,880	Seadrill, Ltd.		0.7		196,549

Percentage of

Net Assets (%)

Value

Norway (continued)
	13,560	Statoil ASA	0.9	$	280,123
	11,398	Telenor ASA	0.8		226,399
	3,289	Other Securities	0.1		34,068
					737,139
Portugal — 0.0%
	4,773	Other Securities	0.0		9,691

Russia — 0.6%
	3,100	Other Securities	0.6		178,715

Singapore — 3.1%
	9,000	Jardine Cycle & Carriage, Ltd.	1.0		300,906
	15,142	United Overseas Bank, Ltd.	0.8		236,459
	100,617	Other Securities	1.3		394,553
					931,918
South Africa — 2.5%
	11,900	Remgro, Ltd.	0.8		228,602
	29,000	Woolworths Holdings, Ltd.	0.6		189,027
	29,200	Other Securities	1.1		344,207
					761,836
South Korea — 2.0%
	820	Samsung Electronics Co., Ltd. GDR	1.6		476,540
	5,800	Other Securities	0.4		117,914
					594,454
Spain — 1.1%
	31,226	Other Securities	1.1		334,236

Sweden — 3.3%
	5,620	Svenska Handelsbanken AB, Class A	0.8		225,162
	17,184	Swedbank AB, Class A	1.3		393,592
	31,902	Other Securities	1.2		386,929
					1,005,683
Switzerland — 3.8%
	1,224	Roche Holding AG	1.0		303,793
	27,501	Other Securities	2.8		843,968
					1,147,761
Thailand — 1.6%
	35,700	PTT Exploration & Production PLC	0.6		181,581
	40,700	Other Securities	1.0		284,205
					465,786

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Condensed Schedule of Investments - (continued)

June 30, 2013

(Unaudited)

Shares			Percentage of Net Assets (%)		Value
Turkey — 0.3%
	4,050	Other Securities		0.3	$	96,309

United Kingdom — 12.8%
	11,200	BHP Billiton PLC		1.0		285,577
	41,782	BP PLC		1.0		289,967
	6,152	British American Tobacco PLC		1.0		315,536
	34,343	HSBC Holdings PLC		1.2		355,526
	17,026	Prudential PLC		0.9		277,913
	18,670	WH Smith PLC		0.7		203,892
	265,236	Other Securities		7.0		2,113,045
						3,841,456
United States — 0.7%
	3,630	Other Securities		0.7		202,331

Total Common Stock
(Cost $29,901,081)						27,325,126

SHORT-TERM INVESTMENT (b) (c) — 14.7%
	4,424,549	Northern Trust Institutional Liquid Asset Portfolio, 0.010%		14.7		4,424,549

Total Short-Term Investment
(Cost $4,424,549)						4,424,549

EXCHANGE TRADED FUND — 9.4%
	73,141	Vanguard FTSE Emerging Markets ETF(a)		9.4		2,836,408

Total Exchange Traded Funds
(Cost $3,404,942)						2,836,408

PREFERRED STOCK — 0.8%
Germany — 0.8%
	2,292	Henkel AG & Co. KGAA		0.7		215,240
	245	Other Securities		0.1		37,259

Total Preferred Stock
(Cost $259,348)						252,499

Percentage of

Net Assets (%)

Value

PRIVATE COMPANY — 0.0%
Malta — 0.0%
	4,007	Other Securities	0.0	$	—

Total Private Company
(Cost $—)					—

RIGHT — 0.0%
Number Of Rights
Hong Kong — 0.0%
	31	Other Securities	0.0		—

Total Right
(Cost $—)					—

Total Investments — 115.7%
(Cost $37,989,920)					34,838,582
Other Assets & Liabilities, Net — (15.7)%					(4,732,788	)

NET ASSETS — 100.0%				$	30,105,794

†

Non-income producing security.

(a)	This security or a partial position of this security is on loan at June 30, 2013. The total market value of securities on loan at June 30, 2013 was $4,315,072 (Note 6).

(b)	Rate shown in the 7-day effective yield as of June 30, 2013.

(c)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2013 was $4,424,549. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $6,545 (Note 6).

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

ETF — Exchange Traded Fund

FTSE — Financial Times and the London Stock Exchange

Ltd. — Limited

PLC — Public Limited Company

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

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Condensed Schedule of Investments - (Continued)

June 30, 2013

(Unaudited)

The following is a summary of the inputs used as of June 30, 2013 in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2			Level 3		Total
Common Stock
Australia	$	—	$	993,666	*	$	—	$	993,666
Austria		—		22,774	*		—		22,774
Belgium		—		109,692	*		—		109,692
Brazil		239,890		—			—		239,890
Canada		1,110,890		—			—		1,110,890
China		2,067		479,309	*		—		481,376
Denmark		—		362,187	*		—		362,187
Finland		—		501,348	*		—		501,348
France		136		1,558,207	*		—		1,558,343
Germany		—		2,610,876	*		—		2,610,876
Greece		—		5,477	*		—		5,477
Guernsey		—		7,217	*		—		7,217
Hong Kong		—		1,884,382	*		—		1,884,382
India		120,268		—			—		120,268
Indonesia		—		118,154	*		—		118,154
Ireland		—		48,176	*		—		48,176
Isle of Man		—		6,421	*		—		6,421
Israel		—		41,002	*		—		41,002
Italy		—		284,767	*		—		284,767
Japan		—		5,117,886	*		—		5,117,886
Jersey		—		38,750	*		—		38,750
Luxembourg		—		120,529	*		—		120,529
Macau		—		5,380	*		—		5,380
Malaysia		—		188,881	*		—		188,881
Mexico		328,880		—			—		328,880
Netherlands		—		702,928	*		—		702,928
New Zealand		—		7,671	*		—		7,671
Norway		—		737,139	*		—		737,139
Portugal		—		9,691	*		—		9,691
Russia		178,715		—			—		178,715
Singapore		—		931,918	*		—		931,918

Investments in Securities		Level 1		Level 2			Level 3			Level 4
Common Stock (continued)
South Africa	$	—	$	761,836	*	$	—		$	761,836
South Korea		117,914		476,540	*		—			594,454
Spain		—		334,236	*		—			334,236
Sweden		—		1,005,683	*		—			1,005,683
Switzerland		—		1,147,761	*		—			1,147,761
Thailand		—		465,786	*		—			465,786
Turkey		96,309		—			—			96,309
United Kingdom		—		3,841,456	*		—			3,841,456
United States		202,331		—			—			202,331
Total Common Stock		2,397,400		24,927,726			—			27,325,126
Short-Term Investment		4,424,549		—			—			4,424,549
Exchange Traded Fund		2,836,408		—			—			2,836,408
Preferred Stock		—		252,499			—			252,499
Private Company
Malta		—		—		—		^		—
Right		—		—			—			—
Total Investments in Securities	$	9,658,357	$	25,180,225		$	—		$	34,838,582

Represents securities trading primarily outside the United States, the value of which were adjusted as a result of local trading through the application of a third-party vendor.

This security was categorized as Level 3 and had a market value of $0 as of June 30, 2013 and the value has remained $0 throughout the six months ended June 30, 2013. There were no accrued discounts/premiums, realized gain/(loss), change in unrealized appreciation/(depreciation), purchases, sales or transfers in or out of Level 3 during the six months ended June 30, 2013.

For the six months ended June 30, 2013, the transfers out of Level 1 and into Level 2 were $24,905,917 and the transfers out of Level 2 into Level 1 were $(0). The transfers were related to the fair value of certain foreign securities.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Statements of Assets and Liabilities

June 30, 2013 (Unaudited)

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO			SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEXSM FUND			WILSHIRE INTERNATIONAL EQUITY FUND
ASSETS:
Investments in securities, at value (Note 2)	$	372,657,325	*	$	186,148,499	*	$	35,505,727	*	$	38,742,862	*	$	200,605,375	*	$	34,838,582	*
Cash		2,320			861			—			99			62			—
Foreign currency, at value		—			—			—			—			—			9,371
Receivable for investment securities sold		253,348			1,130,963			171,844			144,308			232			—
Dividends and interest receivable		340,071			230,679			4,462			24,150			217,892			49,456
Receivable for Portfolio shares sold		366,531			26,168			—			3,090			63,362			100
Dividend reclaim receivable		1,902			6,313			—			—			—			23,414
Receivable from Adviser (Note 3)		—			—			2,074			923			—			6,968
Unrealized gain on foreign spot currency contracts		—			—			—			—			—			446
Prepaid expenses and other assets		28,976			18,590			11,821			11,270			27,634			27,537
Total Assets		373,650,473			187,562,073			35,695,928			38,926,702			200,914,557			34,955,874

LIABILITIES:
Payable upon return on securities loaned		66,318,438			34,189,871			11,639,687			11,588,079			24,991,940			4,424,549
Payable for investment securities purchased		2,647,139			689,353			147,215			69,366			—			—
Payable for Portfolio shares redeemed		601,307			25,854			1,217			4,980			51,567			—
Unrealized loss on foreign spot currency contracts		—			—			—			—			—			490
Investment advisory fees payable (Note 3)		189,178			94,815			16,587			19,053			14,513			25,339
Distribution fees payable (Note 4)		22,545			10,684			2,854			2,995			30,584			—
Shareholder Service fees payable (Note 4)		25,282			4,070			—			1,880			9,738			29
Administration fees payable		17,657			8,849			1,366			1,626			10,159			1,774
Directors’ fees payable		6,193			3,551			552			611			2,984			—
Chief compliance officer expenses payable		290			128			20			24			181			99
Cash overdraft		—			—			—			—			—			374,377
Accrued expenses and other payables		45,850			18,385			13,320			10,512			43,672			23,423
Total Liabilities		69,873,879			35,045,560			11,822,818			11,699,126			25,155,338			4,850,080

NET ASSETS	$	303,776,594		$	152,516,513		$	23,873,110		$	27,227,576		$	175,759,219		$	30,105,794

* Includes Market Value of Securities on Loan	$	64,658,559		$	33,556,400		$	11,303,062		$	11,303,675		$	24,351,781		$	4,315,072

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)

June 30, 2013 (Unaudited)

	LARGE COMPANY GROWTH PORTFOLIO		LARGE COMPANY VALUE PORTFOLIO			SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEXSM FUND			WILSHIRE INTERNATIONAL EQUITY FUND
NET ASSETS consist of:
Paid-in capital	$	250,450,902	$	146,704,842		$	21,063,017		$	25,302,848		$	128,084,505		$	(11,971,020	)
Undistributed net investment income/(accumulated net investment loss)		334,120		532,231			(1,090	)		(14,443	)		1,709,982			480,043
Accumulated net realized gain/(loss) on investments sold, securities sold short and foreign currency transactions1		11,247,035		(8,333,280	)		120,546			(1,158,230	)		(42,401,843	)		44,749,434
Net unrealized appreciation/(depreciation) of investments, securities sold short and other assets and liabilities denominated in foreign currencies1		41,744,537		13,612,720			2,690,637			3,097,401			88,366,575			(3,152,663	)

NET ASSETS	$	303,776,594	$	152,516,513		$	23,873,110		$	27,227,576		$	175,759,219		$	30,105,794

Investments in securities, at cost (Note 2)	$	264,594,350	$	138,345,908		$	21,175,403		$	24,057,382		$	87,246,860		$	33,565,371
Cash collateral for securities on loan, at cost		66,318,438		34,189,871			11,639,687			11,588,079			24,991,940			4,424,549
Foreign currency, at cost		—		—			—			—			—			9,371

NET ASSETS:
Investment Class shares	$	102,527,245	$	52,200,944		$	8,347,131		$	11,509,722		$	119,716,169		$	149,880
(50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)†
Institutional Class shares	$	201,249,349	$	100,315,569		$	15,525,979		$	15,717,854		$	54,674,101		$	29,955,914
(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		$	146			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		$	1,368,803			N/A
(50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)

1	Effective April 2, 2013, the Wilshire International Equity Fund no longer engages in securities sold short.
†	For the Wilshire International Equity 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 Assets and Liabilities - (Continued)

June 30, 2013 (Unaudited)

	LARGE COMPANY GROWTH PORTFOLIO		LARGE COMPANY VALUE PORTFOLIO		SMALL COMPANY GROWTH PORTFOLIO		SMALL COMPANY VALUE PORTFOLIO		WILSHIRE 5000 INDEXSM FUND			WILSHIRE INTERNATIONAL EQUITY FUND
SHARES OUTSTANDING:
Investment Class shares		2,714,683		2,778,110		392,323		559,058		8,476,118			17,224
Institutional Class shares		5,136,347		5,324,314		697,218		754,887		3,870,644			3,422,932
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		97,168			N/A

INVESTMENT CLASS SHARES:
Net asset value, offering and redemption price per share	$	37.77	$	18.79	$	21.28	$	20.59	$	14.12		$	8.70

INSTITUTIONAL CLASS SHARES:
Net asset value, offering and redemption price per share	$	39.18	$	18.84	$	22.27	$	20.82	$	14.13		$	8.75

QUALIFIED CLASS SHARES:
Net asset value, offering and redemption price per share		N/A		N/A		N/A		N/A	$	14.41	*		N/A

HORACE MANN CLASS SHARES:
Net asset value, offering and redemption price per share		N/A		N/A		N/A		N/A	$	14.09			N/A

*	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 Six Months Ended June 30, 2013 (Unaudited)

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO			SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEXSM FUND			WILSHIRE INTERNATIONAL EQUITY FUND
INVESTMENT INCOME:
Dividends	$	1,745,638		$	1,032,564		$	41,370		$	136,695		$	1,728,178		$	1,474,063
Interest		226			77			10			18			2,409			986
Income from Security Lending		36,241			10,412			17,139			5,764			32,056			20,792
Foreign taxes withheld		1,952			8,007			(24	)		(258	)		(107	)		(32,831	)
Total income		1,784,057			1,051,060			58,495			142,219			1,762,536			1,463,010

EXPENSES:
Investment advisory fee (Note 3)		919,662			353,090			62,889			76,018			85,218			539,063
Distribution (12b-1) fees (Note 4)
Investment Class		128,840			60,671			7,273			13,581			131,994			48,852
Horace Mann Class		N/A			N/A			N/A			N/A			2,332			N/A
Shareholder Service fees (Note 4)
Investment Class		60,011			6,789			2,976			3,401			32,208			7,580
Institutional Class		29,577			408			1,766			1,808			23,193			46
Administration and accounting fees (Note 3)		85,835			32,955			5,179			6,317			59,652			37,734
Directors' fees and expenses (Note 3)		19,906			7,536			1,194			1,437			13,930			9,348
Chief compliance officer expenses		688			264			42			50			477			309
Transfer agent fees (Note 3)		80,808			10,478			3,385			4,243			37,305			16,709
Professional fees		44,883			17,611			7,715			8,100			40,410			42,438
Printing fees		22,876			9,624			1,521			1,791			14,877			7,599
Registration and filing fees		21,611			16,636			14,475			14,594			23,635			18,810
Custodian fees (Note 3)		34,681			10,032			3,467			2,850			28,709			32,637
Dividend expense on securities sold short1		—			—			—			—			—			143,945
Interest expense for securities sold short1		—			—			—			—			—			116,333
Other		14,596			5,464			3,290			3,184			19,908			11,943
Total expenses		1,463,974			531,558			115,172			137,374			513,848			1,033,346
Fees waived by investment Adviser (Note 3)		—			—			(16,120	)		(11,701	)		—			(47,342	)
Fees paid indirectly (Note 4)		(1,791	)		(6,285	)		(561	)		(1,039	)		(263	)		(3,040	)
Net expenses		1,462,183			525,273			98,491			124,634			513,585			982,964

Net investment income/(loss)		321,874			525,787			(39,996	)		17,585			1,248,951			480,046

1	Effective April 2, 2013, the Wilshire International Equity Fund no longer engages in securities sold short.
Amounts designated as “—” are either $0, or have been rounded to $0.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Statements of Operations - (Continued)

For the Six Months Ended June 30, 2013 (Unaudited)

	LARGE COMPANY GROWTH PORTFOLIO		LARGE COMPANY VALUE PORTFOLIO		SMALL COMPANY GROWTH PORTFOLIO		SMALL COMPANY VALUE PORTFOLIO		WILSHIRE 5000 INDEXSM FUND		WILSHIRE INTERNATIONAL EQUITY FUND
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS, SECURITIES SOLD SHORT AND FOREIGN CURRENCY TRANSACTIONS (NOTES 2 and 5):
Net realized gain/(loss) from:
Investments1	$	9,764,465	$	4,298,733	$	458,250	$	770,059	$	2,262,817	$	59,881,499
Securities sold short2		—		—		—		—		—		(6,764,407	)
Foreign currency transactions		—		—		—		—		—		(21,212	)
Net change in unrealized appreciation/(depreciation) on:
Investments		8,661,314		9,283,799		1,860,796		1,963,711		18,101,718		(43,095,787	)
Securities sold short2		—		—		—		—		—		2,900,339
Other assets and liabilities denominated in foreign currencies		—		—		—		—		—		(1,325	)

Net realized and unrealized gain on investments, securities sold short and foreign currencies		18,425,779		13,582,532		2,319,046		2,733,770		20,364,535		12,899,107

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	18,747,653	$	14,108,319	$	2,279,050	$	2,751,355	$	21,613,486	$	13,379,153

1	Includes realized gain/(loss) as a result of in-kind transactions. See Note 9 in Notes to Financial Statements.
2	Effective April 2, 2013, the Wilshire International Equity Fund no longer engages in securities sold short.
Amounts designated as “—” are either $0, or have been rounded to $0.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets

For the Six Months Ended June 30, 2013 (Unaudited)

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO			SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEXSM FUND			WILSHIRE INTERNATIONAL EQUITY FUND
OPERATIONS:
Net investment income/(loss)	$	321,874		$	525,787		$	(39,996	)	$	17,585		$	1,248,951		$	480,046
Net realized gain on investments and securities sold short1,2		9,764,465			4,298,733			458,250			770,059			2,262,817			53,095,880
Net change in unrealized appreciation/(depreciation) on investments and securities sold short2		8,661,314			9,283,799			1,860,796			1,963,711			18,101,718			(40,196,773	)
Net increase in net assets resulting from operations		18,747,653			14,108,319			2,279,050			2,751,355			21,613,486			13,379,153

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

CAPITAL STOCK TRANSACTIONS (DOLLARS)3:
Investment Class shares:
Shares sold		4,202,005			4,429,965			317,797			1,152,150			6,126,968			72,093
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Shares redeemed		(11,280,645	)		(4,486,045	)		(480,863	)		(1,074,575	)		(8,847,510	)		(81,827,778	)
Net increase/(decrease) in net assets from Investment Class share transactions		(7,078,640	)		(56,080	)		(163,066	)		77,575			(2,720,542	)		(81,755,685	)

Institutional Class shares:
Shares sold		114,909,566			96,166,331			14,821,463			14,998,024			1,788,694			33,381,079
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Shares redeemed		(9,394,815	)		(2,722,089	)		(304,728	)		(294,248	)		(4,644,252	)		(109,003,372	)
Net increase/(decrease) in net assets from Institutional Class share transactions		105,514,751			93,444,242			14,516,735			14,703,776			(2,855,558	)		(75,622,293	)

1	Includes realized gain/(loss) as a result of in-kind transactions. See Note 9 in Notes to Financial Statements.
2	Effective April 2, 2013, the Wilshire International Equity Fund no longer engages in securities sold short.
3	Includes shares sold/shares redeemed as a result of in-kind transactions. See Note 9 in Notes to Financial Statements.
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 Six Months Ended June 30, 2013 (Unaudited)

	LARGE COMPANY GROWTH PORTFOLIO		LARGE COMPANY VALUE PORTFOLIO		SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEXSM FUND			WILSHIRE INTERNATIONAL EQUITY FUND
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Continued):
Qualified Class shares:
Shares sold		N/A		N/A		N/A			N/A			1			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 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			14,400			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			(56,256	)		N/A
Net decrease in net assets from Horace Mann Class share transactions		N/A		N/A		N/A			N/A			(41,856	)		N/A
Net increase/(decrease) in net assets from capital stock transactions		98,436,111		93,388,162		14,353,669			14,781,351			(5,617,955	)		(157,377,978	)
Net increase/(decrease) in net assets		117,183,764		107,496,481		16,632,719			17,532,706			15,995,531			(143,998,825	)

NET ASSETS:
Beginning of period		186,592,830		45,020,032		7,240,391			9,694,870			159,763,688			174,104,619
End of period	$	303,776,594	$	152,516,513	$	23,873,110		$	27,227,576		$	175,759,219		$	30,105,794
Undistributed net investment income/(accumulated net investment loss) at end of period	$	334,120	$	532,231	$	(1,090	)	$	(14,443	)	$	1,709,982		$	480,043

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 Six Months Ended June 30, 2013 (Unaudited)

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO			SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEXSM FUND			WILSHIRE INTERNATIONAL EQUITY FUND
CAPITAL SHARE TRANSACTIONS1:
Investment Class shares:
Shares sold		113,507			249,959			16,267			59,790			444,955			2,009
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Shares redeemed		(305,278	)		(259,716	)		(24,026	)		(54,811	)		(651,581	)		(8,973,646	)
Net increase/(decrease) in Investment Class shares outstanding		(191,771	)		(9,757	)		(7,759	)		4,979			(206,626	)		(8,971,637	)

Institutional Class shares:
Shares sold		2,992,197			5,421,113			710,320			766,003			130,846			3,463,385
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Shares redeemed		(241,385	)		(147,160	)		(13,894	)		(14,176	)		(338,687	)		(11,862,502	)
Net increase/(decrease) in Institutional Class shares outstanding		2,750,812			5,273,953			696,426			751,827			(207,841	)		(8,399,117	)

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			1,059			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			(4,124	)		N/A
Net decrease in Horace Mann Class shares outstanding		N/A			N/A			N/A			N/A			(3,065	)		N/A

1	Includes shares sold/shares redeemed as a result of in-kind transactions. See Note 9 in Notes to Financial Statements.
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, 2012

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO			SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEXSM FUND			WILSHIRE INTERNATIONAL EQUITY 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	)

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 INTERNATIONAL EQUITY FUND
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Continued):
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

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	)

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 INTERNATIONAL EQUITY FUND
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.

Large Company Growth Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Six Months Ended 06/30/2013 (Unaudited)			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 period	$	34.70		$	31.54		$	32.00		$	26.88		$	20.12		$	35.34

Income/(loss) from investment operations:
Net investment income/(loss)1		0.01			0.07			(0.09	)		0.01			0.00			(0.09	)
Net realized and unrealized gain/(loss) on investments		3.06			4.24			(0.37	)		5.12			6.76			(14.73	)
Total from investment operations		3.07			4.31			(0.46	)		5.13			6.76			(14.82	)

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

Net asset value, end of period	$	37.77		$	34.70		$	31.54		$	32.00		$	26.88		$	20.12

Total return		8.85	%3		13.72	%		(1.44	)%		19.10	%		33.60	%		(41.88	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	102,527		$	100,853		$	94,872		$	111,904		$	116,799		$	118,683
Operating expenses including reimbursement/fees paid indirectly		1.38	%4		1.39	%		1.41	%		1.42	%		1.43	%		1.43	%
Operating expenses excluding reimbursement/fees paid indirectly5		1.39	%4		1.39	%		1.41	%		1.42	%		1.43	%		1.43	%
Net investment income/(loss)		0.06	%4		0.20	%		(0.27	)%		0.04	%		(0.02	)%		(0.31	)%
Portfolio turnover rate		40	%3		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	Not Annualized.
4	Annualized.
5	The ratio of operating expenses excluding reimbursement/waiver for the six months ended June 30, 2013, excludes the effect of fees paid indirectly. If this expense offset was included the ratio would have been 1.38%.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Six Months Ended 06/30/2013 (Unaudited)			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 period	$	35.94		$	32.63		$	32.99		$	27.70		$	20.72		$	36.25

Income/(loss) from investment operations:
Net investment income1		0.08			0.18			0.03			0.12			0.08			0.02
Net realized and unrealized gain/(loss) on investments		3.16			4.38			(0.39	)		5.30			6.98			(15.15	)
Total from investment operations		3.24			4.56			(0.36	)		5.42			7.06			(15.13	)

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

Net asset value, end of period	$	39.18		$	35.94		$	32.63		$	32.99		$	27.70		$	20.72

Total return		9.02	%3		14.04	%		(1.09	)%		19.55	%		34.07	%		(41.70	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	201,249		$	85,740		$	74,201		$	82,007		$	89,049		$	81,680
Operating expenses including reimbursement/fees paid indirectly		1.05	%4		1.11	%		1.05	%		1.05	%		1.09	%		1.06	%
Operating expenses excluding reimbursement/fees paid indirectly5		1.06	%4		1.11	%		1.05	%		1.05	%		1.09	%		1.06	%
Net investment income		0.41	%4		0.50	%		0.09	%		0.40	%		0.33	%		0.07	%
Portfolio turnover rate		40	%3		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	Not Annualized.
4	Annualized.
5	The ratio of operating expenses excluding reimbursement/waiver for the six months ended June 30, 2013, excludes the effect of fees paid indirectly. If this expense offset was included the ratio would have been 1.05%.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Six Months Ended 06/30/2013 (Unaudited)			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 period	$	15.86		$	13.82		$	14.42		$	12.78		$	10.02		$	17.51

Income/(loss) from investment operations:
Net investment income1		0.08			0.17			0.11			0.07			0.08			0.17
Net realized and unrealized gain/(loss) on investments		2.85			2.03			(0.59	)		1.64			2.77			(7.45	)
Total from investment operations		2.93			2.20			(0.48	)		1.71			2.85			(7.28	)

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

Net asset value, end of period	$	18.79		$	15.86		$	13.82		$	14.42		$	12.78		$	10.02

Total return		18.47	%3		15.92	%		(3.36	)%		13.40	%		28.48	%		(41.55	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	52,201		$	44,220		$	30,968		$	33,887		$	30,677		$	24,791
Operating expenses including reimbursement/fees paid indirectly		1.28	%4		1.35	%		1.39	%		1.39	%		1.48	%		1.49	%
Operating expenses excluding reimbursement/fees paid indirectly5		1.29	%4		1.36	%		1.39	%		1.39	%		1.48	%		1.49	%
Net investment income		0.94	%4		1.12	%		0.77	%		0.54	%		0.75	%		1.22	%
Portfolio turnover rate		83	%3		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	Not Annualized.
4	Annualized.
5	The ratio of operating expenses excluding reimbursement/waiver for the six months ended June 30, 2013 excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.28%.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Six Months Ended 06/30/2013 (Unaudited)			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 period	$	15.89		$	13.84		$	14.44		$	12.79		$	10.01		$	17.49

Income/(loss) from investment operations:
Net investment income1		0.12			0.20			0.16			0.08			0.10			0.20
Net realized and unrealized gain/(loss) on investments		2.83			2.04			(0.58	)		1.66			2.76			(7.45	)
Total from investment operations		2.95			2.24			(0.42	)		1.74			2.86			(7.25	)

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

Net asset value, end of period	$	18.84		$	15.89		$	13.84		$	14.44		$	12.79		$	10.01

Total return		18.57	%3		16.18	%		(2.95	)%		13.57	%		28.60	%		(41.41	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	100,316		$	800		$	773		$	1,105		$	1,461		$	4,736
Operating expenses including reimbursement/fees paid indirectly		0.94	%4		1.14	%		1.00	%		1.27	%		1.36	%		1.30	%
Operating expenses excluding reimbursement/fees paid indirectly5		0.96	%4		1.15	%		1.16	%		1.27	%		1.36	%		1.30	%
Net investment income		1.31	%4		1.32	%		1.13	%		0.65	%		0.97	%		1.34	%
Portfolio turnover rate		83	%3		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	Not Annualized.
4	Annualized.
5	The ratio of operating expenses excluding reimbursement/waiver for the six months ended June 30, 2013 excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 0.95%.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Six Months Ended 06/30/2013 (Unaudited)			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 period	$	18.06		$	15.90		$	15.95		$	12.64		$	9.70		$	16.94

Income/(loss) from investment operations:
Net investment income/(loss)1		(0.05	)		0.09			(0.14	)		(0.05	)		(0.08	)		(0.10	)
Net realized and unrealized gain/(loss) on investments		3.27			2.07			0.09	2		3.36			3.02			(6.56	)
Total from investment operations		3.22			2.16			(0.05	)		3.31			2.94			(6.66	)

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

Net asset value, end of period	$	21.28		$	18.06		$	15.90		$	15.95		$	12.64		$	9.70

Total return		17.83	%3		13.58	%		(0.31	)%		26.19	%		30.31	%		(39.13	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	8,347		$	7,225		$	6,813		$	7,521		$	6,513		$	5,273
Operating expenses including reimbursement/waiver and fees paid indirectly		1.43	%4		1.47	%		1.50	%		1.45	%		1.50	%		1.47	%
Operating expenses excluding reimbursement/waiver and fees paid indirectly5		1.77	%4		1.97	%		2.02	%		2.18	%		2.41	%		2.07	%
Net investment income/(loss)		(0.54	)%4		0.55	%		(0.85	)%		(0.41	)%		(0.74	)%		(0.66	)%
Portfolio turnover rate		48	%3		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	Not Annualized.
4	Annualized.
5	The ratio of operating expenses excluding reimbursement/waiver for the six months ended June 30, 2013 excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.76%.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Six Months Ended 06/30/2013 (Unaudited)			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 period	$	18.89		$	16.60		$	16.61		$	13.12		$	10.03		$	17.50

Income/(loss) from investment operations:
Net investment income/(loss)1		(0.06	)		0.11			(0.12	)		(0.01	)		(0.04	)		(0.06	)
Net realized and unrealized gain/(loss) on investments		3.44			2.18			0.11	2		3.50			3.13			(6.83	)
Total from investment operations		3.38			2.29			(0.01	)		3.49			3.09			(6.89	)

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

Net asset value, end of period	$	22.27		$	18.89		$	16.60		$	16.61		$	13.12		$	10.03

Total return		17.89	%3		13.80	%		(0.06	)%		26.60	%		30.81	%		(39.17	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	15,526		$	15		$	13		$	179		$	135		$	154
Operating expenses including reimbursement/waiver and fees paid indirectly		1.22	%4		1.28	%		1.23	%		1.15	%		1.18	%		1.24	%
Operating expenses excluding reimbursement/waiver and fees paid indirectly5		1.31	%4		1.79	%		1.69	%		1.87	%		2.09	%		1.78	%
Net investment income/(loss)		(0.54	)%4		0.60	%		(0.68	)%		(0.09	)%		(0.43	)%		(0.39	)%
Portfolio turnover rate		48	%3		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	Not Annualized.
4	Annualized.
5	The ratio of operating expenses excluding reimbursement/waiver for the six months ended June 30, 2013, excludes the effect of fees paid indirectly. If this expense offset was included the ratio would have been 1.30%.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Six Months Ended 06/30/2013 (Unaudited)			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 period	$	17.40		$	15.04		$	16.34		$	13.32		$	10.93		$	16.49

Income/(loss) from investment operations:
Net investment income1		0.02			0.20			0.00			0.12			0.05			0.09
Net realized and unrealized gain/(loss) on investments		3.17			2.38			(1.23	)		3.02			2.44			(5.51	)
Total from investment operations		3.19			2.58			(1.23	)		3.14			2.49			(5.42	)

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

Net asset value, end of period	$	20.59		$	17.40		$	15.04		$	16.34		$	13.32		$	10.93

Total return		18.33	%3		17.20	%		(7.54	)%		23.60	%		22.81	%		(32.81	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	11,510		$	9,641		$	8,795		$	13,754		$	9,511		$	8,211
Operating expenses including reimbursement/waiver and fees paid indirectly		1.49	%4		1.49	%		1.50	%		1.50	%		1.50	%		1.34	%
Operating expenses excluding reimbursement/waiver and fees paid indirectly5		1.70	%4		1.84	%		1.90	%		1.87	%		2.01	%		1.94	%
Net investment income/(loss)		0.16	%4		1.24	%		(0.02	)%		0.82	%		0.49	%		0.62	%
Portfolio turnover rate		32	%3		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	Not Annualized.
4	Annualized.
5	The ratio of operating expenses excluding reimbursement/waiver for the six months ended June 30, 2013, excludes the effect of fees paid indirectly. If this expense offset was included the ratio would have been 1.69%.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Six Months Ended 06/30/2013 (Unaudited)			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 period	$	17.58		$	15.19		$	16.51		$	13.45		$	11.02		$	16.61

Income/(loss) from investment operations:
Net investment income1		0.03			0.22			0.09			0.14			0.07			0.12
Net realized and unrealized gain/(loss) on investments		3.21			2.42			(1.24	)		3.06			2.48			(5.51	)
Total from investment operations		3.24			2.64			(1.15	)		3.20			2.55			(5.39	)

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

Net asset value, end of period	$	20.82		$	17.58		$	15.19		$	16.51		$	13.45		$	11.02

Total return		18.43	%3		17.41	%		(6.95	)%		23.80	%		23.11	%		(32.37	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	15,718		$	54		$	82		$	156		$	170		$	441
Operating expenses including reimbursement/waiver and fees paid indirectly		1.24	%4		1.31	%		0.94	%		1.29	%		1.30	%		1.00	%
Operating expenses excluding reimbursement/waiver and fees paid indirectly5		1.27	%4		1.66	%		1.64	%		1.67	%		1.71	%		1.61	%
Net investment income		0.25	%4		1.33	%		0.53	%		0.96	%		0.65	%		0.82	%
Portfolio turnover rate		32	%3		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	Not Annualized.
4	Annualized.
5	The ratio of operating expenses excluding reimbursement/waiver for the six months ended June 30, 2013, excludes the effect of fees paid indirectly. If this expense offset was included the ratio would have been 1.26%.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Six Months Ended 06/30/2013 (Unaudited)			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 period	$	12.43		$	10.93		$	11.05		$	9.61		$	7.67		$	12.42

Income/(loss) from investment operations:
Net investment income1		0.10			0.19			0.14			0.13			0.11			0.15
Net realized and unrealized gain/(loss) on investments		1.59			1.49			(0.12	)		1.45			1.96			(4.77	)
Total from investment operations		1.69			1.68			0.02			1.58			2.07			(4.62	)

Less distributions:
From net investment income		0.00			(0.18	)		(0.14	)		(0.14	)		(0.13	)		(0.13	)
Total distributions		0.00			(0.18	)		(0.14	)		(0.14	)		(0.13	)		(0.13	)

Net asset value, end of period	$	14.12		$	12.43		$	10.93		$	11.05		$	9.61		$	7.67

Total return		13.60	%2		15.36	%		0.21	%		16.44	%		26.98	%		(37.11	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	119,716		$	107,888		$	99,545		$	105,019		$	109,304		$	98,032
Operating expenses including reimbursement/fees paid indirectly		0.67	%3		0.70	%		0.74	%		0.72	%		0.77	%		0.78	%
Operating expenses excluding reimbursement/fees paid indirectly		0.67	%3		0.70	%		0.74	%		0.72	%		0.77	%		0.78	%
Net investment income		1.40	%3		1.61	%		1.22	%		1.26	%		1.36	%		1.48	%
Portfolio turnover rate		0	%2,4		2	%		9	%		2	%		57	%		52	%

1	The selected per share data was calculated using the average shares outstanding method for the period.
2	Not Annualized.
3	Annualized.
4	Less than 0.10%.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm Fund

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Six Months Ended 06/30/2013 (Unaudited)			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 period	$	12.41		$	10.92		$	11.04		$	9.60		$	7.67		$	12.41

Income/(loss) from investment operations:
Net investment income1		0.11			0.22			0.16			0.15			0.13			0.17
Net realized and unrealized gain/(loss) on investments		1.61			1.47			(0.11	)		1.45			1.95			(4.76	)
Total from investment operations		1.72			1.69			0.05			1.60			2.08			(4.59	)

Less distributions:
From net investment income		0.00			(0.20	)		(0.17	)		(0.16	)		(0.15	)		(0.15	)
Total distributions		0.00			(0.20	)		(0.17	)		(0.16	)		(0.15	)		(0.15	)

Net asset value, end of period	$	14.13		$	12.41		$	10.92		$	11.04		$	9.60		$	7.67

Total return		13.86	%2		15.54	%		0.43	%		16.71	%		27.10	%		(36.95	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	54,674		$	50,633		$	50,252		$	53,415		$	66,764		$	55,088
Operating expenses including reimbursement/fees paid indirectly		0.47	%3		0.47	%		0.53	%		0.50	%		0.54	%		0.59	%
Operating expenses excluding reimbursement/fees paid indirectly		0.47	%3		0.47	%		0.53	%		0.50	%		0.54	%		0.59	%
Net investment income		1.60	%3		1.84	%		1.43	%		1.48	%		1.59	%		1.62	%
Portfolio turnover rate		0	%2,4		2	%		9	%		2	%		57	%		52	%

1	The selected per share data was calculated using the average shares outstanding method for the period.
2	Not Annualized.
3	Annualized.
4	Less than 0.10%.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm Fund

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Qualified Class Shares
	Six Months Ended 06/30/2013 (Unaudited)			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 period	$	12.64		$	11.09		$	11.03		$	9.59		$	7.67		$	12.42

Income/(loss) from investment operations:
Net investment income1		0.14			0.26			0.14			0.13			0.12			0.15
Net realized and unrealized gain/(loss) on investments		1.63			1.50			(0.08	)		1.46			1.95			(4.76	)
Total from investment operations		1.77			1.76			0.06			1.59			2.07			(4.61	)

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

Net asset value, end of period	$	14.41		$	12.64		$	11.09		$	11.03		$	9.59		$	7.67

Total return		14.00	%3,4		15.93	%3		0.54	%		16.56	%		26.91	%		(37.09	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	—	2	$	—	2	$	—	2	$	714		$	614		$	431
Operating expenses including reimbursement/fees paid indirectly		0.00	%3		0.00	%3		0.65	%		0.66	%		0.61	%		0.84	%
Operating expenses excluding reimbursement/fees paid indirectly		0.00	%3		0.00	%3		0.65	%		0.66	%		0.61	%		0.84	%
Net investment income		1.99	%5		2.16	%		1.21	%		1.32	%		1.51	%		1.40	%
Portfolio turnover rate		0	%4,6		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.
4	Not annualized.
5	Annualized.
6	Less than 0.10%.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire 5000 Indexsm Fund

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Horace Mann Class Shares
	Six Months Ended 06/30/2013 (Unaudited)			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 period	$	12.40		$	10.91		$	11.02		$	9.59		$	7.66		$	12.38

Income/(loss) from investment operations:
Net investment income1		0.09			0.19			0.13			0.13			0.11			0.15
Net realized and unrealized gain/(loss) on investments		1.60			1.48			(0.10	)		1.44			1.95			(4.75	)
Total from investment operations		1.69			1.67			0.03			1.57			2.06			(4.60	)

Less distributions:
From net investment income		0.00			(0.18	)		(0.14	)		(0.14	)		(0.13	)		(0.12	)
Total distributions		0.00			(0.18	)		(0.14	)		(0.14	)		(0.13	)		(0.12	)

Net asset value, end of period	$	14.09		$	12.40		$	10.91		$	11.02		$	9.59		$	7.66

Total return		13.63	%2		15.31	%		0.25	%		16.39	%		26.85	%		(37.08	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	1,369		$	1,243		$	1,108		$	1,204		$	1,111		$	952
Operating expenses including reimbursement/fees paid indirectly		0.73	%3		0.69	%		0.78	%		0.72	%		0.80	%		0.82	%
Operating expenses excluding reimbursement/fees paid indirectly		0.73	%3		0.69	%		0.78	%		0.72	%		0.80	%		0.82	%
Net investment income		1.34	%3		1.62	%		1.17	%		1.26	%		1.34	%		1.41	%
Portfolio turnover rate		0	%3,4		2	%		9	%		2	%		57	%		52	%

1	The selected per share data was calculated using the average shares outstanding method for the period.
2	Not Annualized.
3	Annualized.
4	Less than 0.10%.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Six Months Ended 06/30/2013 (Unaudited)			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 period	$	8.34		$	7.63		$	8.09		$	7.37		$	6.23		$	10.12

Income/(loss) from investment operations:
Net investment income1		0.02			0.06			0.00	2		0.00	2		0.04			0.02
Net realized and unrealized gain/(loss) on investments		0.34			0.96			(0.19	)		0.84			1.13			(3.90	)
Total from investment operations		0.36			1.02			(0.19	)		0.84			1.17			(3.88	)

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

Net asset value, end of period	$	8.70		$	8.34		$	7.63		$	8.09		$	7.37		$	6.23

Total return		4.32	%3		13.36	%		(2.28	)%		11.47	%		18.73	%		(38.31	)%

Ratios to average net assets/supplemental data4:
Net assets, end of period (in 000’s)	$	150		$	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 indirectly5		1.98	%6		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 indirectly5,7		2.03	%6		2.29	%		2.33	%		2.23	%		2.33	%		3.79	%
Net investment income		0.38	%6		0.77	%		0.06	%		0.05	%		0.61	%		0.20	%
Portfolio turnover rate		212	%3		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	Not Annualized.
4	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.
5	Effective April 2, 2013, the Wilshire International Equity Fund no longer engages in securities sold short.
6	Annualized.
7	The ratio of operating expenses including dividends and rebates on securities sold short and interest expense, before reimbursement/waiver for the six months ended June 30, 2013, excludes the effect of fees paid indirectly. If this expense offset was included the ratio would have been 2.02%.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Six Months Ended 06/30/2013 (Unaudited)			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 period	$	8.38		$	7.67		$	8.14		$	7.41		$	6.25		$	10.12

Income/(loss) from investment operations:
Net investment income1		0.05			0.09			0.02			0.02			0.06			0.04
Net realized and unrealized gain/(loss) on investments		0.32			0.95			(0.20	)		0.85			1.14			(3.89	)
Total from investment operations		0.37			1.04			(0.18	)		0.87			1.20			(3.85	)

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

Net asset value, end of period	$	8.75		$	8.38		$	7.67		$	8.14		$	7.41		$	6.25

Total return		4.42	%2		13.63	%		(2.11	)%		11.82	%		19.14	%		(38.09	)%

Ratios to average net assets/supplemental data3:
Net assets, end of period (in 000’s)	$	29,956		$	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 indirectly4		1.74	%5		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 indirectly4,6		1.85	%5		2.01	%		2.05	%		1.96	%		2.03	%		3.50	%
Net investment income		1.18	%5		1.03	%		0.32	%		0.30	%		0.85	%		0.49	%
Portfolio turnover rate		212	%2		45	%		134	%		283	%		289	%		175	%

1	The selected per share data was calculated using the average shares outstanding method for the period.
2	Not Annualized.
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 1.25% for each of the last five years.
4	Effective April 2, 2013, the Wilshire International Equity Fund no longer engages in securities sold short.
5	Annualized.
6	The ratio of operating expenses including dividends and rebates on securities sold short and interest expense, before reimbursement/waiver for the six months ended June 30, 2013, excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.84%.

See Notes to Financial Statements.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements

June 30, 2013 (Unaudited)

1. Organization.

Wilshire Mutual Funds, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end diversified investment company, which was incorporated under Maryland law on July 30, 1992. The Company operates as a series company and presently offers six series, all of which had operations during the period: Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 IndexSM Fund and Wilshire International Equity Fund (formerly the 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, such securities are valued at fair value according to procedures adopted by the Board of Directors or as determined in good faith by the Pricing Committee, whose members include at least two representatives of Wilshire Associates Incorporated (“Wilshire” or 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. Securities whose value does not reflect fair value because a significant valuation event has occurred may be valued at fair value by the Pricing Committee or the Valuation Committee in accordance with the Company’s valuation procedures. Significant events may include, but

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

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

The Wilshire International Equity Fund uses Interactive Data Pricing and Reference Data, Inc. (formerly FT Interactive Data Corp.) (“Interactive Data”) as a third party fair valuation vendor daily. Interactive Data provides a fair value for foreign securities in the Wilshire International Equity Fund based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by Interactive Data. These factors are used to value the Wilshire International Equity Fund without holding a Pricing Committee meeting. In the event that the Adviser believes that the fair values provided by Interactive Data are not reliable, the Adviser contacts the Wilshire International Equity Fund’s administrator and may request that a meeting of the Pricing Committee be held.

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Portfolios disclose 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 six months ended June 30, 2013, there have been no significant changes to the Portfolios’ fair value methodologies.

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

Securities sold short – During the six month period ended June 30, 2013, the Wilshire International Equity Fund engaged 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,

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

the Portfolio also may be required to pay a premium, which would increase the cost of the security sold. The Portfolio pays interest to the lender for borrowing the security. This amount is reflected as interest expense in the Statements of Operations.

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

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

As of June 30, 2013, the Portfolio did not hold any securities sold short.

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.

Foreign currency transactions — The books and records of the Funds are maintained in U.S. dollars. Foreign currency transactions are translated into U.S. dollars on the following basis:

•

market value of investment securities, other assets and other liabilities at the daily rates of exchange and

•

purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions.

Net realized and unrealized gain (loss) from foreign currency related transactions includes gains and losses between trade and settlement dates on securities transactions, gains and losses arising from the sales of foreign currency and gains and losses between the ex-dividend and payment dates on dividends, interest and foreign withholding taxes. The effect of changes in foreign exchange rates on realized and unrealized gains or losses is reflected as a component of such gains or losses.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

Expense 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.

3. Investment Advisory Fee and Other Transactions.

Pursuant to the Advisory Agreement (the “Agreement”) between the Company and 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 Wilshire 5000 IndexSM Fund and 1.00% of the average daily net assets for the first $1 billion and 0.90% thereafter for the Wilshire International Equity Fund. Wilshire has entered into contractual expense limitation agreements with the Small Company Growth Portfolio, the Small Company Value Portfolio and the Wilshire International Equity Fund to waive a portion of its management fees to limit expenses of such Portfolios (excluding taxes, brokerage expenses, dividend expenses on short securities, and extraordinary expenses) to 1.50% and 1.25% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. These agreements to limit expenses continue 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 waived the expenses if the recoupment does not exceed the existing expense limitation. At June 30, 2013, the amounts of waivers subject to recoupment for Wilshire International Equity Fund were $47,342 expiring in 2016, $48,140 expiring in 2015, $75,863 expiring in 2014, $63,981, expiring in 2013. As of June 30, 2013, Wilshire had not recouped any management fees previously waived.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

For the six months ended June 30, 2013, Wilshire waived advisory fees as follows:

Portfolio	Fees Waived		Fees Recouped
Small Company Growth Portfolio	$	16,120		N/A
Small Company Value Portfolio		11,701		N/A
Wilshire International Equity Fund		47,342		N/A

The Board of Directors of the Company has approved Los Angeles Capital Management and Equity Research, Inc. (“L.A. Capital”), Cornerstone Capital Management, Inc. (“Cornerstone”), Victory Capital Management Inc. (“Victory”), Pzena Investment Management, LLC (“Pzena”), PanAgora Asset Management, Inc. (“PanAgora”), Systematic Financial Management, L.P. (“Systematic”), Ranger Investment Management, L.P. (“Ranger”), NWQ Investment Management Company, LP (“NWQ”), and Thomas White International Ltd. (“Thomas White”) (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. L.A. Capital, Pzena and Systematic each manage a portion of the Large Company Value Portfolio. L.A. Capital and Ranger each manage a portion of the Small Company Growth Portfolio. L.A. Capital and NWQ each manage a portion of the Small Company Value Portfolio. L.A. Capital is the sole sub-adviser for the Wilshire 5000 IndexSM Fund. PanAgora and Thomas White each manage a portion of the Wilshire International Equity Fund.

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

SEI Investments Global Funds Services (“SEI”) serves as the Company’s administrator and accounting agent pursuant to an administration agreement dated May 31, 2008. DST Systems, Inc. serves as the Company’s transfer agent and dividend disbursing agent. 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. The Company and the Wilshire Variable Insurance Trust together pay each independent director an annual retainer of $18,000, an annual additional Board chair retainer of $12,000, a Board in-person meeting fee of $2,000, a Board telephonic meeting fee of $1,000, an annual Committee Member retainer of $8,000 and a Committee telephonic meeting fee of $500.

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

The Directors of the Company have adopted shareholder services and/or distribution plans (the “Plans”) pursuant to Rule 12b-1 under the 1940 Act, with respect to the Investment Class Shares of each Portfolio and the Qualified Class Shares of the Wilshire 5000 IndexSM Fund. Under the Plans, each such Portfolio reimburses SEI Investments Distribution Co. (the “Distributor”), at an annual rate of up to 0.25% of the value of the average daily net assets attributable to the Investment Class Shares and Qualified Class Shares of each Portfolio for certain services provided by securities dealers or other financial intermediaries or for certain distribution expenses for the purpose of financing any activity intended to result in the sale of Investment Class Shares or Qualified Class Shares. For the six months ended June 30, 2013, 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 and

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

Wilshire International Equity was 0.25% of the respective average net assets of each Portfolio. For the six months ended June 30, 2013, the distribution and services fee expenses incurred for Investment Class Shares of the Small Company Growth Portfolio was 0.18% of its respective average net assets. For the six months ended June 30, 2013, the distribution and services fee expenses incurred for Investment Class Shares of the Wilshire 5000 IndexSM Fund 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 six months ended June 30, 2013, the shareholder services and distribution fees for the Horace Mann Class Shares were 0.35% of average net assets.

In addition, Investment Class Shares and Institutional Class Shares pay the expenses associated with certain shareholder servicing arrangements with third parties, provided that payment of such fees does not exceed in any year 0.20% and 0.15% for the Investment and Institutional Class Shares, respectively, of the average net assets of each class. For the six months ended June 30, 2013, 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	0.12%	0.04%
Large Company Value Portfolio	0.03%	0.00%
Small Company Growth Portfolio	0.07%	0.05%
Small Company Value Portfolio	0.06%	0.05%
Wilshire 5000 IndexSM Fund	0.06%	0.09%
Wilshire International Equity Fund	0.04%	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 six months ended June 30, 2013, 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.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

Such commissions rebated to the Portfolios for the six months ended June 30, 2013 were as follows:

Wilshire Large Company Growth Portfolio	$	1,791
Wilshire Large Company Value Portfolio		6,285
Wilshire Small Company Growth Portfolio		561
Wilshire Small Company Value Portfolio		1,039
Wilshire 5000 IndexSM Fund		263
Wilshire International Equity Fund		3,040

5. Securities Transactions.

For the six months ended June 30, 2013, 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	$	194,125,411	$	96,131,105
Large Company Value Portfolio		167,715,689		75,803,246
Small Company Growth Portfolio		20,854,398		6,832,671
Small Company Value Portfolio		19,781,869		5,566,348
Wilshire 5000 IndexSM Fund		81,846		4,835,442
Wilshire International Equity Fund		258,313,174		452,586,898

For Wilshire International Equity Fund, short sales and purchases to cover were $51,599,914 and $12,396,184, 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

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

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 June 30, 2013 are shown on the Statement of Assets and Liabilities. The Northern Trust Institutional Liquid Asset Portfolio was purchased with proceeds from collateral received from securities on loan. At June 30, 2013, $66,318,438, $34,189,871, $11,639,687, $11,588,079, $24,991,940, and $4,424,549 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 IndexSM Fund, and the Wilshire Interntional Equity Fund, respectively.

7. Significant Shareholder Activity.

On June 30, 2013, 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)	73%
Large Company Value Portfolio (2 omnibus shareholder)	82%
Small Company Growth Portfolio (2 omnibus shareholders)	61%
Small Company Value Portfolio (3 omnibus shareholders)	75%
Wilshire 5000 IndexSM Fund (2 omnibus shareholders)	53%
Wilshire International Equity Fund (5 omnibus shareholders)	91%

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.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

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 International Equity Fund		$	1,420,454

The federal tax cost, unrealized appreciation and depreciation at June 30, 2013 for each Portfolio are as follows:

Portfolio	Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation
Large Company Growth Portfolio	$	330,912,788	$	46,052,216	$	(4,307,679	)	$	41,744,537
Large Company Value Portfolio		172,535,779		15,234,245		(1,621,525	)		13,612,720
Small Company Growth Portfolio		32,815,090		3,091,025		(400,388	)		2,690,637
Small Company Value Portfolio		35,645,461		3,521,645		(424,244	)		3,097,401
Wilshire 5000 IndexSM Fund		112,238,800		92,444,590		(4,078,015	)		88,366,575
Wilshire International Equity Fund		37,989,920		586,570		(3,737,908	)		(3,151,338	)

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 Regulated Investment Company Modernization Act of 2010 (“RIC Modernization”), the Portfolios are 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.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

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.

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 International Equity 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 International Equity 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

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

9. In-Kind Transfers.

During the six months ended June 30, 2013, the Porfolios issued and redeemed shares of common stock through affiliated in-kind transfers of investment securities and cash. The securities were transferred at their current value on the date of such transactions.

Receiving Portfolio	Contributing Portfolio	Date of Transfer	Value of Investment Securities		Cash		Total Assets		Shares Issued/ (Redemed)			Realized Gain/ (Loss) Earned from Contributing Portfolio
Large Company Growth Portfolio	VIT Equity Fund	4/8/2013	$	64,025,634	$	1,097,110	$	65,122,744		1,695,627		$	2,590,858
Large Company Growth Portfolio	VIT Balanced Fund	4/8/2013		29,580,794		1,017,251		30,598,045		796,693			(251,486	)
Large Company Value Portfolio	VIT Equity Fund	4/8/2013		64,037,268		1,432,638		65,469,906		3,690,691			3,344,532
Large Company Value Portfolio	VIT Balanced Fund	4/8/2013		29,678,783		1,016,141		30,694,924		1,730,344			(122,322	)
Small Company Growth Portfolio	VIT Small Cap Fund	4/8/2013		6,996,577		167,384		7,163,961		343,333			1,035,447
Small Company Growth Portfolio	VIT Balanced Fund	4/8/2013		7,279,152		378,324		7,657,476		366,985			(82,358	)
Small Company Value Portfolio	VIT Small Cap Fund	4/8/2013		6,862,541		367,373		7,229,914		369,257			104,637
Small Company Value Portfolio	VIT Balanced Fund	4/8/2013		7,139,924		628,186		7,768,110		396,745			15,070
Wilshire International Equity Fund	VIT International Equity Fund	4/2/2013		5,931,173		—		5,931,173		645,387			(1,951,869	)
Wilshire International Equity Fund	VIT Balanced Fund	4/3/2013		—		25,551,553		25,551,553		2,817,958			—
VIT Equity Fund	Wilshire International Equity Fund	4/2/2013		108,142,870		279,665		108,422,535		(11,797,754	)		22,029,945
VIT Balanced Fund	Wilshire International Equity Fund	4/2/2013		77,077,919		212,167		77,290,086		(8,455,321	)		25,597,135

VIT - Wilshire Variable Insurance Trust

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

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. Risks.

Foreign security risk – The Wilshire International Equity Fund invests in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States, as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.

12. Contingencies.

The Wilshire 5000 IndexSM 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.

13. Recent Accounting Pronouncement.

In June 2013, the Financial Accounting Standards Board issued an update (“ASU 2013-08”) to ASC Topic 946, Financial Services - Investment Companies (“Topic 946”). ASU 2013-08 amends the guidance in Topic 946 for determining whether an entity qualifies as an investment company and requires certain additional disclosures. ASU 2013-08 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013. Management is currently evaluating the impact, if any, of ASU 2013-08 on the Portfolios’ financial statements.

14. Subsequent Event Evaluation.

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

Wilshire Mutual Funds, Inc.

Additional Fund Information

Information on Proxy Voting

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

A description of policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities, along with each Portfolio’s proxy voting record relating to portfolio securities held during most recent 12-month period ended June 30 is available at no charge, upon request by calling 1-888-200-6796, by e-mailing us at 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.

Board Approval of Subadvisory Agreements

During the six months ended June 30, 2013, the Board of Directors (the “Board”) of Wilshire Mutual Funds, Inc. (the “Company”) approved new subadvisory agreements between Wilshire Associates Incorporated (“Wilshire” or the “Adviser”) and each of the following subadvisers: Los Angeles Capital Management and Equity Research, Inc. (“LA Capital”) with respect to the Large Company Value Portfolio and PanAgora Asset Management, Inc. (“PanAgora”) and Thomas White International Ltd. (“Thomas White”) with respect to the Wilshire International Equity Fund. 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 each of the Subadvisory Agreements. In connection with its deliberations regarding 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 to be performed by the Subadvisers under the subadvisory arrangements; the profits to be realized by the Subadvisers; the extent to which the Subadviser may realize economies of scale as a Fund grows; and whether any fall-out benefits would be realized by 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”), 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 unanimous separate vote of the Independent Directors. In deciding to approve the 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, after reviewing the various factors, in favor of such approval.

Information Received

The Directors received information from the Adviser regarding the factors underlying the recommendations to approve the Subadvisory Agreement in advance of the meeting. The Directors considered each Subadviser’s investment performance in managing investment products similar to the applicable Fund. The Directors also reviewed information from each Subadviser that they received in connection with contract renewal in August of 2012 describing: (i) the nature, extent and quality of services to be provided, (ii) the financial condition of the Subadviser, (iii) the extent to which economies of scale will be realized as the Fund grows, (iv) whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, (v) comparisons of services to be rendered and amounts paid by other registered investment companies and any comparable clients, and (vi) benefits to be realized by the Subadviser from its relationship with the Fund. 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.

Nature, Extent and Quality of Services

As to each Subadvisory Agreement, the Board considered the nature, extent and quality of services to be provided. The Board considered the reputation, qualifications and background of the Subadviser, investment approach of the Subadviser, the experience and skills of investment personnel to be responsible for the day-to-day management

Wilshire Mutual Funds, Inc.

Board Approval of Subadvisory Agreements - (Continued)

of each Fund, and the resources made available to such personnel. In addition, the Board considered the analysis provided by the Adviser, which concluded that each Subadviser would provide reasonable services and recommended that each Subadvisory Agreement for each Fund be approved.

The Board reviewed information comparing each Subadviser’s gross investment performance for managing investment products similar to the Fund to a relevant benchmark and considered the Subadviser’s experience and record in managing other funds managed by the Adviser. Based upon all relevant factors, the Board determined to approve the Subadvisory Agreement with LA Capital, noting that LA Capital outperformed the Fund’s benchmark for the annualized one-, five- and ten-year periods ended December 31, 2012, and therefore performance was satisfactory. The Board determined to approve the Subadvisory Agreement with Thomas White, noting that it outperformed the MSCI ACWI Ex USA Index for the annualized one-, three-, five- and ten-year periods ended December 31, 2012. The Board also concluded that the investment performance of PanAgora, met or exceeded acceptable levels of investment performance relative to the MSCI EAFE Index for the annualized one-, three-, five- and ten-year periods ended December 31, 2012, and therefore, was satisfactory.

Subadvisory Fees

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

Profitability

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

Economies of Scale

The Board considered whether there may be economies of scale with respect to the subadvisory services provided to each Fund and whether the subadvisory fee reflects 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 the Fund. The Board concluded that the fee schedule for each Fund reflects an appropriate recognition of any economies of scale.

Fall-Out Benefits

The Board also considered the character and amount of other incidental benefits 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 fee charged under each Subadvisory Agreement was reasonable.

Wilshire Mutual Funds, Inc.

Board Approval of Subadvisory Agreements - (Continued)

Conclusion

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

Wilshire Mutual Funds, Inc.

Privacy Statement

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

INFORMATION WE COLLECT

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

•

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

•

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

•

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

INFORMATION WE MAY SHARE

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

•

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

•

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

•

Governmental or other legal agencies, as required by law.

When information is shared with third parties, they are legally obligated to maintain the confidentiality of the information and to limit their use of it to servicing your account, except as permitted or required by law.

CONFIDENTIALITY AND SECURITY

Within our organization, we restrict access to your nonpublic personal information to authorized employees who need to access such information in order to provide services or products to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.

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

APPLICABILITY

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

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

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Wilshire Mutual Funds

Wilshire Associates Incorporated

1299 Ocean Avenue

Santa Monica, CA 90401

1-888-200-6796

http://advisor.wilshire.com

WIL-SA-004-0100

Item 2.

Code of Ethics.

Not applicable.

Item 3.

Audit Committee Financial Expert.

Not applicable.

Item 4.

Principal Accountant Fees and Services.

Not applicable.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Schedule of Investments.

(a)

The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the Wilshire International Equity Fund, 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.

(b)	Not applicable

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value

COMMON STOCK — 99.1%††
Consumer Discretionary — 20.5%
	20,512	Amazon.com, Inc.	$	5,695,977
	5,780	AutoNation, Inc.†(a)		250,794
	489	AutoZone, Inc.†		207,184
	4,190	Big Lots, Inc.		132,110
	9,981	Brinker International, Inc.(a)		393,551
	38,182	Burberry Group PLC ADR		1,573,099
	37,402	Cablevision Systems Corp., Class A(a)		629,102
	4,346	Carnival Corp.		149,024
	5,785	Charter Communications, Inc., Class A(a)		716,472
	3,225	Chipotle Mexican Grill, Inc., Class A		1,175,029
	54,534	Comcast Corp., Class A		2,283,884
	7,623	Darden Restaurants, Inc.(a)		384,809
	3,377	Delphi Automotive PLC		171,180
	48,262	Dick's Sporting Goods, Inc.(a)		2,415,996
	14,326	DIRECTV†		882,768
	6,584	Discovery Communications, Inc., Class C†		458,641
	3,727	Discovery Communications, Inc., Class A†(a)		287,762
	19,195	DISH Network Corp., Class A		816,171
	18,488	Dollar General Corp.		932,350
	5,910	Dunkin' Brands Group, Inc.		253,066
	7,680	Expedia, Inc.(a)		461,952
	8,160	Gannett Co., Inc.		199,594
	29,180	Goodyear Tire & Rubber Co. (The)		446,162
	8,130	H&R Block, Inc.		225,608
	2,360	Harley-Davidson, Inc.		129,375
	21,521	Home Depot, Inc. (The)		1,667,232
	9,580	Hyatt Hotels Corp., Class A†		386,649
	16,010	International Game Technology		267,527
	16,460	Jarden Corp.†		720,125
	9,340	John Wiley & Sons, Inc., Class A(a)		374,441
	58,944	Johnson Controls, Inc.		2,109,606
	7,304	L Brands, Inc.		359,722
	12,620	Lamar Advertising Co., Class A		547,708
	11,115	Liberty Global PLC, Class A†		823,407
	1,660	Liberty Global PLC†		112,698
	34,873	Liberty Interactive Corp., Class A†		802,428
	4,060	Lowe's Cos., Inc.		166,054
	8,323	Marriott International, Inc., Class A		335,999
	6,304	Mattel, Inc.		285,634
	14,035	McDonald's Corp.		1,389,465
	44,607	Michael Kors Holdings, Ltd.(a)		2,766,526
	1,110	Netflix, Inc.(a)		234,310
	8,033	News Corp., Class A		261,876
	40,056	NIKE, Inc., Class B(a)		2,550,766
	3,303	Nordstrom, Inc.		197,982
	9,781	Omnicom Group, Inc.(a)		614,931
	2,748	PetSmart, Inc.(a)		184,089
	1,828	Polaris Industries, Inc.(a)		173,660
	3,824	priceline.com, Inc.†(a)		3,162,945
	13,970	PulteGroup, Inc.(a)		265,011
	1,530	PVH Corp.		191,327
	14,581	Ralph Lauren Corp., Class A		2,533,303
	6,414	Scripps Networks Interactive, Inc., Class A(a)		428,199
	9,240	Service Corp. International		166,597
	11,485	Shutterfly, Inc.(a)		640,748
	110,187	Sirius XM Radio, Inc.(a)		369,126
	44,417	Starbucks Corp.		2,908,869
	2,648	Starwood Hotels & Resorts Worldwide, Inc.		167,327
	6,260	Tempur Sealy International, Inc.		274,814

Shares			Value
Consumer Discretionary (continued)
	13,501	Time Warner Cable, Inc., Class A	$	1,518,592
	2,238	Time Warner, Inc.		129,401
	43,730	TJX Cos., Inc.(a)		2,189,124
	5,700	Toll Brothers, Inc.†(a)		185,991
	16,525	Tractor Supply Co.(a)		1,943,505
	1,239	VF Corp.(a)		239,201
	8,123	Viacom, Inc., Class B		552,770
	61,670	Walt Disney Co. (The)		3,894,461
	2,750	Whirlpool Corp.		314,490
	7,833	Wyndham Worldwide Corp.		448,283
	2,767	Wynn Resorts, Ltd.(a)		354,176
	8,652	Yum! Brands, Inc.		599,930
				62,082,685
Consumer Staples — 8.0%
	26,866	Altria Group, Inc.		940,041
	6,860	Avon Products, Inc.		144,266
	4,980	Bunge, Ltd.(a)		352,435
	5,260	Campbell Soup Co.		235,595
	86,356	Coca-Cola Co. (The)		3,463,739
	7,640	Coca-Cola Enterprises, Inc.		268,623
	13,570	Colgate-Palmolive Co.		777,425
	17,194	ConAgra Foods, Inc.		600,586
	5,925	Costco Wholesale Corp.		655,127
	2,788	CVS Caremark Corp.		159,418
	15,993	Dean Foods Co.†(a)		160,250
	30,523	Diageo PLC ADR(a)		3,508,619
	6,544	Dr. Pepper Snapple Group, Inc.		300,566
	8,003	General Mills, Inc.		388,386
	1,548	Hershey Co. (The)		138,205
	6,678	Kellogg Co.		428,928
	4,826	Kimberly-Clark Corp.		468,798
	46,968	Mondelez International, Inc., Class A		1,339,997
	2,568	Nu Skin Enterprises, Inc., Class A		156,956
	23,975	PepsiCo, Inc.		1,960,915
	64,021	Philip Morris International, Inc.		5,545,499
	1,988	Procter & Gamble Co. (The)		153,056
	2,967	Reynolds American, Inc.(a)		143,514
	14,043	Smithfield Foods, Inc.(a)		459,908
	3,966	Sysco Corp.(a)		135,479
	19,759	Wal-Mart Stores, Inc.		1,471,848
				24,358,179
Energy — 4.0%
	8,373	Anadarko Petroleum Corp.		719,492
	32,100	Cameron International Corp.		1,963,236
	144,192	Cobalt International Energy, Inc.†		3,831,181
	4,330	Dresser-Rand Group, Inc.†		259,714
	2,365	EOG Resources, Inc.		311,423
	8,952	Kinder Morgan, Inc.(a)		341,519
	60,649	Schlumberger, Ltd.		4,346,107
	12,949	Williams Cos., Inc. (The)		420,454
				12,193,126
Financials — 5.7%
	14,700	Affiliated Managers Group, Inc.†(a)		2,409,918
	5,225	Aflac, Inc.		303,677
	10,347	American Express Co.		773,542
	7,224	American Tower Corp., Class A‡		528,580
	10,442	Aon PLC		671,943
	3,457	Arch Capital Group, Ltd.(a)		177,724
	3,317	Arthur J. Gallagher & Co.		144,920
	5,455	Bank of Hawaii Corp.(a)		274,496
	34,354	Camden Property Trust‡(a)		2,375,235
	21,264	Capital One Financial Corp.		1,335,592
	15,130	CBRE Group, Inc., Class A		353,437
	74,800	Charles Schwab Corp. (The)		1,588,004

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Financials (continued)
	30,155	CME Group, Inc., Class A(a)	$	2,291,177
	11,160	Forest City Enterprises, Inc., Class A†		199,876
	1,148	IntercontinentalExchange, Inc.(a)		204,068
	7,533	Marsh & McLennan Cos., Inc.		300,717
	11,664	MBIA, Inc.(a)		155,248
	43,979	Morgan Stanley		1,074,407
	4,006	Plum Creek Timber Co., Inc.‡(a)		186,960
	18,893	Progressive Corp. (The)		480,260
	2,866	Simon Property Group, Inc.‡		452,599
	26,057	SLM Corp.		595,663
	5,052	StanCorp Financial Group, Inc.(a)		249,619
	7,563	U.S. Bancorp		273,402
				17,401,064
Health Care — 14.0%
	23,409	Abbott Laboratories		816,506
	15,340	AbbVie, Inc.		634,156
	7,620	Agilent Technologies, Inc.		325,831
	6,710	Alere, Inc.†(a)		164,395
	16,422	Alexion Pharmaceuticals, Inc.†		1,514,765
	5,270	Allergan, Inc.		443,945
	6,094	AmerisourceBergen Corp., Class A(a)		340,228
	13,076	Amgen, Inc.		1,290,078
	5,425	Baxter International, Inc.		375,790
	4,074	Becton Dickinson and Co.(a)		402,633
	11,016	Biogen Idec, Inc.		2,370,643
	43,850	Boston Scientific Corp.†		406,489
	23,050	Bristol-Myers Squibb Co.		1,030,104
	3,067	Cardinal Health, Inc.		144,763
	64,656	Catamaran Corp.(a)		3,150,040
	27,602	Celgene Corp.†		3,226,950
	17,350	Cerner Corp.(a)		1,667,161
	1,698	DaVita HealthCare Partners, Inc.†		205,118
	50,961	Edwards Lifesciences Corp.†(a)		3,424,579
	6,774	Eli Lilly & Co.		332,739
	8,250	Endo Health Solutions, Inc.†(a)		303,517
	52,947	Express Scripts Holding Co.		3,266,301
	100,044	Gilead Sciences, Inc.(a)		5,123,253
	6,896	HCA Holdings, Inc.		248,670
	10,660	Health Management Associates, Inc., Class A(a)		167,575
	4,590	Health Net, Inc.		146,054
	202,806	Hologic, Inc.(a)		3,914,156
	8,664	Hospira, Inc.(a)		331,918
	9,769	Johnson & Johnson		838,766
	4,776	McKesson Corp.		546,852
	3,357	Medivation, Inc.†(a)		165,165
	960	Mettler-Toledo International, Inc.(a)		193,152
	22,656	Mylan, Inc.†		703,016
	1,858	Onyx Pharmaceuticals, Inc.†(a)		161,312
	6,177	Patterson Cos., Inc.(a)		232,255
	4,170	PerkinElmer, Inc.		135,525
	12,607	Tenet Healthcare Corp.†(a)		581,183
	39,923	Teva Pharmaceutical Industries, Ltd. ADR		1,564,982
	4,126	United Therapeutics Corp.(a)		271,573
	1,577	Vertex Pharmaceuticals, Inc.		125,955
	5,936	Warner Chilcott PLC, Class A		118,008
	14,610	WellPoint, Inc.(a)		1,195,682
				42,601,783
Industrials — 11.3%
	9,274	3M Co.		1,014,112
	8,595	AECOM Technology Corp.†		273,235
	6,194	Air Lease Corp., Class A(a)		170,892
	3,627	Alliant Techsystems, Inc.		298,611

Shares				Value
Industrials (continued)
	9,441		Babcock & Wilcox Co. (The)(a)	$	283,513
	3,025		Boeing Co. (The)		309,881
	14,725		Canadian Pacific Railway, Ltd.		1,787,320
	10,121		Caterpillar, Inc.(a)		834,881
	4,036		CH Robinson Worldwide, Inc.(a)		227,267
	5,165		Crane Co.		309,487
	16,200		Cummins, Inc.		1,757,052
	6,494		Danaher Corp.		411,070
	5,755		Deere & Co.(a)		467,594
	36,358		Delta Air Lines, Inc.		680,258
	4,156		Dun & Bradstreet Corp.(a)		405,002
	10,630		Emerson Electric Co.		579,760
	12,149		Exelis, Inc.		167,535
	33,325		Fastenal Co.(a)		1,527,951
	2,200		FedEx Corp.		216,876
	44,053		Fluor Corp.		2,612,784
	1,748		Gardner Denver, Inc.(a)		131,415
	7,483		GATX Corp.		354,919
	9,718		General Cable Corp.		298,829
	20,882		General Electric Co.		484,254
	64,850		Hertz Global Holdings, Inc.†(a)		1,608,280
	10,159		Honeywell International, Inc.		806,015
	4,313		Illinois Tool Works, Inc.		298,330
	2,987		Ingersoll-Rand PLC		165,838
	9,036		Iron Mountain, Inc.		240,448
	17,415		ITT Corp.		512,175
	25,400		JB Hunt Transport Services, Inc.(a)		1,834,896
	40,998		Joy Global, Inc.(a)		1,989,633
	3,115		Lockheed Martin Corp.(a)		337,853
	10,331		Manitowoc Co., Inc. (The)(a)		185,028
	8,755		Masco Corp.		170,635
	3,767		Oshkosh Corp.		143,033
	13,313		Rockwell Automation, Inc.(a)		1,106,843
	2,048		Rockwell Collins, Inc.		129,864
	2,328		Roper Industries, Inc.(a)		289,184
	5,106		Ryder System, Inc.		310,394
	18,710		Spirit Aerosystems Holdings, Inc., Class A†		401,891
	4,658		Terex Corp.(a)		122,506
	39,865		Textron, Inc.(a)		1,038,483
	2,368		TransDigm Group, Inc.		371,231
	6,987		Trinity Industries, Inc.		268,580
	5,525		Union Pacific Corp.		852,397
	23,016		United Continental Holdings, Inc.(a)		720,171
	11,000		United Parcel Service, Inc., Class B		951,280
	47,606		United Rentals, Inc.(a)		2,376,015
	13,858		United Technologies Corp.		1,287,962
	2,738		WESCO International, Inc.(a)		186,075
					34,309,538
Information Technology — 28.4%
	6,514		Accenture PLC, Class A		468,747
	8,389		Alliance Data Systems Corp.†(a)		1,518,661
	82,188		Altera Corp.(a)		2,711,382
	17,797		Apple, Inc.		7,049,036
	16,000		Atmel Corp.		117,600
	8,303		Automatic Data Processing, Inc.		571,745
	5,245	��	BMC Software, Inc.		236,759
	5,458		CA, Inc.		156,262
	79,514		Citrix Systems, Inc.		4,797,080
	2,930		Cognizant Technology Solutions Corp., Class A†		183,447
	8,940		Computer Sciences Corp.		391,304
	89,971		eBay, Inc.†		4,653,300
	92,662		EMC Corp.(a)		2,188,676

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Information Technology (continued)
	3,157	Fidelity National Information Services, Inc.	$	135,246
	2,708	Gartner, Inc.†		154,329
	15,478	Google, Inc., Class A†		13,626,367
	13,783	Intel Corp.(a)		333,824
	16,588	International Business Machines Corp.		3,170,133
	9,082	Intuit, Inc.(a)		554,274
	10,040	Juniper Networks, Inc.(a)		193,872
	4,726	Lexmark International, Inc., Class A(a)		144,474
	16,822	LinkedIn Corp., Class A†		2,999,362
	35,750	LSI Corp.†		255,255
	1,339	Mastercard, Inc., Class A		769,255
	108,161	Microsoft Corp.		3,734,799
	3,257	Motorola Solutions, Inc.		188,027
	16,569	NCR Corp.		546,611
	74,574	NetApp, Inc.(a)		2,817,406
	6,731	Nuance Communications, Inc.(a)		123,716
	70,570	ON Semiconductor Corp.†		570,206
	58,740	Oracle Corp.		1,804,493
	7,220	Paychex, Inc.(a)		263,674
	33,440	PMC - Sierra, Inc.†		212,344
	157,682	QUALCOMM, Inc.		9,631,217
	5,470	Rovi Corp.		124,935
	71,449	Salesforce.com, Inc.†(a)		2,727,923
	18,397	Stratasys, Ltd.(a)		1,540,565
	7,370	Symantec Corp.		165,604
	5,494	Tech Data Corp.		258,712
	43,621	Visa, Inc., Class A(a)		7,971,738
	267,532	Western Union Co. (The)(a)		4,577,473
	30,309	Zillow, Inc., Class A(a)		1,706,397
				86,346,230
Materials — 5.7%
	2,887	Air Products & Chemicals, Inc.(a)		264,363
	4,625	Ashland, Inc.		386,187
	10,964	Ball Corp.		455,445
	4,856	Cabot Corp.		181,712
	15,069	Crown Holdings, Inc.(a)		619,788
	7,093	Dow Chemical Co. (The)		228,182
	4,046	Ecolab, Inc.		344,679
	9,752	EI du Pont de Nemours & Co.(a)		511,980
	82,507	Freeport-McMoRan Copper & Gold, Inc.		2,278,018
	32,819	Monsanto Co.		3,242,517
	45,087	Mosaic Co. (The)		2,426,131
	11,860	Owens-Illinois, Inc.		329,589
	1,339	PPG Industries, Inc.		196,043
	5,133	Praxair, Inc.		591,116
	20,144	Sealed Air Corp.		482,449
	21,702	Sherwin-Williams Co. (The)		3,832,573
	6,970	Silgan Holdings, Inc.		327,311
	7,217	Vulcan Materials Co.		349,375
	9,520	Weyerhaeuser Co.‡		271,225
				17,318,683
Telecommunication Services — 1.4%
	3,777	AT&T, Inc.		133,706
	7,637	CenturyLink, Inc.(a)		269,968
	5,166	Crown Castle International Corp.		373,967
	4,788	SBA Communications Corp., Class A		354,887
	67,295	Sprint Nextel Corp.†		472,411
	7,045	tw telecom, Inc., Class A†		198,246
	46,009	Verizon Communications, Inc.		2,316,093
				4,119,278

Shares			Value
Utilities — 0.1%
	3,210	ONEOK, Inc.	$	132,605

Total Common Stock
(Cost $259,118,634)				300,863,171

SHORT-TERM INVESTMENTS (b) — 23.6%
	5,475,716	Northern Trust Institutional Government Select Portfolio, 0.010%		5,475,716
	66,318,438	Northern Trust Institutional Liquid Asset Portfolio, 0.010%(c)		66,318,438

Total Short-Term Investments
(Cost $71,794,154)				71,794,154

Total Investments — 122.7%
(Cost $330,912,788)				372,657,325
Other Assets & Liabilities, Net — (22.7)%				(68,880,731	)

NET ASSETS — 100.0%			$	303,776,594

†	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 June 30, 2013. The total market value of securities on loan at June 30, 2013 was $64,658,559.
(b)	Rate shown is the 7-day effective yield as of June 30, 2013.
(c)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2013 was $66,318,438.

ADR — American Depositary Receipt

Ltd. — Limited

PLC— Public Limited Company

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value

COMMON STOCK — 98.3%††
Consumer Discretionary — 10.8%
	9,150	Abercrombie & Fitch Co., Class A(a)	$	414,037
	1,489	Allison Transmission Holdings, Inc.		34,366
	13,910	Apollo Group, Inc., Class A(a)		246,485
	110	AutoNation, Inc.†(a)		4,773
	397	Brinker International, Inc.(a)		15,654
	11,438	Cablevision Systems Corp., Class A(a)		192,387
	1,921	Carnival Corp.		65,871
	5,700	CBS Corp., Class B		278,559
	1,170	Charter Communications, Inc., Class A(a)		144,904
	23,094	Comcast Corp., Class A		967,177
	63	CST Brands, Inc.†(a)		1,941
	1,687	Darden Restaurants, Inc.		85,160
	23,650	Delphi Automotive PLC		1,198,818
	99	DeVry, Inc.(a)		3,071
	965	DIRECTV†		59,463
	99	Discovery Communications, Inc., Class A†(a)		7,644
	5,459	DISH Network Corp., Class A		232,117
	100	DreamWorks Animation SKG, Inc., Class A(a)		2,566
	397	Dunkin' Brands Group, Inc.		16,999
	220	Expedia, Inc.		13,233
	18,200	Foot Locker, Inc.		639,366
	46,625	Ford Motor Co.		721,289
	13,370	Gannett Co., Inc.		327,030
	42,240	General Motors Co.(a)		1,407,014
	8,040	Goodyear Tire & Rubber Co. (The)		122,932
	992	Harman International Industries, Inc.		53,767
	1,360	Hyatt Hotels Corp., Class A†		54,890
	40	International Game Technology		668
	2,040	Interpublic Group of Cos., Inc. (The)		29,682
	100	Jarden Corp.†		4,375
	110	John Wiley & Sons, Inc., Class A(a)		4,410
	199	Johnson Controls, Inc.		7,122
	10,925	Kohl's Corp.(a)		551,822
	1,170	Lamar Advertising Co., Class A		50,778
	6,050	Las Vegas Sands Corp.		320,226
	4,500	Lear Corp.		272,070
	397	Leggett & Platt, Inc.(a)		12,343
	1,489	Liberty Global PLC, Class A†		110,305
	11,020	Liberty Interactive Corp., Class A†		253,570
	298	Liberty Ventures†		25,333
	2,545	Lowe's Cos., Inc.		104,091
	8,975	Magna International, Inc., Class A(a)		639,200
	2,084	Marriott International, Inc., Class A		84,131
	24,369	MGM Resorts International(a)		360,174
	9,429	News Corp., Class A		307,385
	22,918	Omnicom Group, Inc.		1,440,855
	587	PulteGroup, Inc.(a)		11,135
	1,687	Royal Caribbean Cruises, Ltd.		56,245
	233	Scripps Networks Interactive, Inc., Class A(a)		15,555
	11,293	Sirius XM Radio, Inc.(a)		37,832
	1,420	Stanley Black & Decker, Inc.		109,766
	120,250	Staples, Inc.(a)		1,907,165
	2,184	Target Corp.(a)		150,390
	3,474	Thomson Reuters Corp.		113,148
	2,018	Time Warner Cable, Inc., Class A		226,985
	5,856	Time Warner, Inc.		338,594
	4,700	TRW Automotive Holdings Corp.		312,268
	8,222	Viacom, Inc., Class B		559,507
	953	Visteon Corp.		60,153
	4,174	Walt Disney Co. (The)		263,588

Shares			Value
Consumer Discretionary (continued)
	7,543	Wendy's Co. (The)(a)	$	43,976
	3,075	Whirlpool Corp.(a)		351,657
	1,092	Wyndham Worldwide Corp.		62,495
				16,510,512
Consumer Staples — 3.7%
	1,139	Altria Group, Inc.		39,854
	2,737	Bunge, Ltd.(a)		193,697
	1,100	Campbell Soup Co.		49,269
	397	Clorox Co. (The)(a)		33,007
	199	Coca-Cola Co. (The)		7,982
	4,210	Coca-Cola Enterprises, Inc.		148,024
	198	Colgate-Palmolive Co.		11,343
	9,063	ConAgra Foods, Inc.		316,570
	1,170	Constellation Brands, Inc., Class A†		60,980
	23,140	CVS Caremark Corp.		1,323,145
	2,581	Dean Foods Co.†(a)		25,862
	993	Dr. Pepper Snapple Group, Inc.		45,608
	200	Energizer Holdings, Inc.		20,102
	298	General Mills, Inc.		14,462
	298	JM Smucker Co. (The)(a)		30,739
	970	Kellogg Co.		62,303
	2,221	Kraft Foods Group, Inc.(a)		124,087
	14,000	Kroger Co. (The)		483,560
	11,609	Molson Coors Brewing Co., Class B(a)		555,607
	10,025	Mondelez International, Inc., Class A		286,013
	993	Nu Skin Enterprises, Inc., Class A		60,692
	199	PepsiCo, Inc.		16,276
	12,605	Procter & Gamble Co. (The)		970,459
	561	Reynolds American, Inc.(a)		27,135
	2,630	Safeway, Inc.(a)		62,226
	6,489	Smithfield Foods, Inc.(a)		212,515
	1,092	Sysco Corp.(a)		37,303
	11,300	Tyson Foods, Inc., Class A		290,184
	1,010	Wal-Mart Stores, Inc.		75,235
	938	WhiteWave Foods Co., Class B†(a)		14,258
	659	WhiteWave Foods Co., Class A(a)		10,709
				5,609,206
Energy — 12.6%
	5,062	Alpha Natural Resources, Inc.†(a)		26,525
	9,512	Anadarko Petroleum Corp.		817,366
	11,391	Apache Corp.		954,908
	30,317	Baker Hughes, Inc.(a)		1,398,523
	48,578	BP PLC ADR		2,027,646
	23,350	Chesapeake Energy Corp.(a)		475,873
	21,228	Chevron Corp.		2,512,122
	14,232	ConocoPhillips		861,036
	2,417	Consol Energy, Inc.		65,501
	1,489	Devon Energy Corp.		77,249
	850	Dresser-Rand Group, Inc.†		50,983
	35,608	Exxon Mobil Corp.		3,217,183
	6,375	Halliburton Co.		265,965
	19,300	Hess Corp.		1,283,257
	280	HollyFrontier Corp.		11,978
	993	Kinder Morgan, Inc.(a)		37,883
	649	Marathon Oil Corp.		22,442
	6,359	Marathon Petroleum Corp.		451,871
	987	National Oilwell Varco, Inc.		68,005
	993	Newfield Exploration Co.		23,723
	13,486	Occidental Petroleum Corp.		1,203,356
	23,509	Peabody Energy Corp.(a)		344,172
	2,954	Phillips 66		174,020
	99	QEP Resources, Inc.		2,750
	60	Rowan PLC, Class A		2,044
	31,400	Royal Dutch Shell PLC ADR, Class A(a)		2,003,320

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Energy (continued)
	893	Southwestern Energy Co.(a)	$	32,621
	2,238	Spectra Energy Corp.(a)		77,121
	10	Tesoro Corp.		523
	760	Tidewater, Inc.		43,297
	298	Unit Corp.(a)		12,689
	8,934	Valero Energy Corp.		310,635
	5,075	Whiting Petroleum Corp.		233,907
	2,481	Williams Cos., Inc. (The)		80,558
	5,925	WPX Energy, Inc.(a)		112,219
				19,283,271
Financials — 32.2%
	794	ACE, Ltd.(a)		71,047
	3,474	Aflac, Inc.		201,909
	397	Alexandria Real Estate Equities, Inc.‡		26,091
	29,539	Allstate Corp. (The)		1,421,417
	1,007	American Capital Agency Corp.‡		23,151
	1,766	American Capital, Ltd.		22,375
	939	American Express Co.		70,199
	2,581	American Financial Group, Inc.		126,237
	62,833	American International Group, Inc.†(a)		2,808,635
	99	American Tower Corp., Class A‡		7,244
	893	Ameriprise Financial, Inc.		72,226
	5,322	Annaly Capital Management, Inc.‡(a)		66,897
	2,938	Aon PLC		189,060
	993	Arch Capital Group, Ltd.(a)		51,050
	5,955	Associated Banc-Corp		92,600
	2,481	Assurant, Inc.		126,308
	1,335	Assured Guaranty, Ltd.(a)		29,450
	18,524	Axis Capital Holdings, Ltd.(a)		848,029
	220,884	Bank of America Corp.		2,840,568
	13,039	Bank of New York Mellon Corp. (The)(a)		365,744
	3,077	BB&T Corp.		104,249
	9,330	Berkshire Hathaway, Inc., Class B(a)		1,044,214
	794	BOK Financial Corp.		50,856
	695	Boston Properties, Inc.‡		73,302
	1,390	BRE Properties, Inc.‡		69,528
	298	Brown & Brown, Inc.		9,607
	7,575	Capital One Financial Corp.		475,786
	21,462	CBL & Associates Properties, Inc.‡(a)		459,716
	5,160	CBRE Group, Inc., Class A		120,538
	1,700	Charles Schwab Corp. (The)(a)		36,091
	1,191	Chimera Investment Corp.‡(a)		3,573
	1,787	Chubb Corp. (The)		151,269
	266	Cincinnati Financial Corp.		12,209
	1,540	CIT Group, Inc.†		71,810
	61,751	Citigroup, Inc.		2,962,195
	17	CME Group, Inc., Class A		1,292
	23,320	Comerica, Inc.		928,836
	893	Cullen/Frost Bankers, Inc.(a)		59,626
	26,484	Discover Financial Services		1,261,698
	6,384	E*Trade Financial Corp.		80,822
	8,238	East West Bancorp, Inc.		226,545
	99	Federal Realty Investment Trust‡		10,264
	1,191	Fidelity National Financial, Inc., Class A		28,358
	90,638	Fifth Third Bancorp(a)		1,636,016
	99	First Citizens BancShares, Inc., Class A		19,013
	3,275	First Horizon National Corp.(a)		36,680
	3,672	Forest City Enterprises, Inc., Class A†		65,765
	5,630	Franklin Resources, Inc.		765,793
	13,304	Goldman Sachs Group, Inc. (The)(a)		2,012,230
	12,730	Hartford Financial Services Group, Inc.		393,612
	1,191	HCC Insurance Holdings, Inc.		51,344
	797	HCP, Inc.‡		36,216
	199	Howard Hughes Corp. (The)†		22,306
	31,525	ING US, Inc.†(a)		853,067

Shares			Value
Financials (continued)
	38,800	Invesco, Ltd.	$	1,233,840
	70	Jones Lang LaSalle, Inc.		6,380
	67,744	JPMorgan Chase & Co.		3,576,206
	77,385	KeyCorp		854,330
	2,603	Kimco Realty Corp.‡(a)		55,782
	12,366	Liberty Property Trust‡(a)		457,047
	8,960	Lincoln National Corp.(a)		326,771
	1,390	Loews Corp.		61,716
	695	M&T Bank Corp.(a)		77,666
	1,886	Marsh & McLennan Cos., Inc.		75,289
	4,566	MBIA, Inc.(a)		60,773
	58,163	MetLife, Inc.		2,661,539
	55,378	Morgan Stanley		1,352,885
	3,110	NASDAQ OMX Group, Inc. (The)(a)		101,977
	4,764	New York Community Bancorp, Inc.(a)		66,696
	99	Northern Trust Corp.(a)		5,732
	1,170	Old Republic International Corp.		15,058
	794	PartnerRe, Ltd.(a)		71,905
	11,122	People's United Financial, Inc.(a)		165,718
	199	Plum Creek Timber Co., Inc.‡(a)		9,287
	33,134	PNC Financial Services Group, Inc.		2,416,131
	4,764	Popular, Inc.		144,492
	1,580	Principal Financial Group, Inc.(a)		59,171
	5,062	Progressive Corp. (The)		128,676
	1,322	Prologis, Inc.‡		49,866
	7,246	Protective Life Corp.		278,319
	10,372	Prudential Financial, Inc.		757,467
	1,630	Raymond James Financial, Inc.		70,057
	199	Rayonier, Inc.‡(a)		11,023
	810	Realogy Holdings Corp.†(a)		38,912
	298	Regency Centers Corp.‡		15,141
	121,675	Regions Financial Corp.		1,159,563
	11,514	SLM Corp.		263,210
	23,420	State Street Corp.		1,527,218
	5,737	SunTrust Banks, Inc.		181,117
	275	SVB Financial Group		22,913
	1,390	Synovus Financial Corp.		4,059
	4,069	TCF Financial Corp.(a)		57,698
	5,863	Torchmark Corp.(a)		381,916
	794	Travelers Cos., Inc. (The)		63,456
	12,605	U.S. Bancorp		455,671
	65,775	UBS AG		1,114,886
	14,207	Unum Group(a)		417,260
	906	Ventas, Inc.‡		62,931
	794	Vornado Realty Trust‡(a)		65,783
	75,508	Wells Fargo & Co.		3,116,215
	99	White Mountains Insurance Group, Ltd.		56,919
	26,175	Willis Group Holdings PLC(a)		1,067,416
	1,290	XL Group PLC, Class A		39,113
	7,925	Zions Bancorporation(a)		228,874
				49,086,733
Health Care — 11.5%
	31,881	Abbott Laboratories		1,112,009
	22,300	Aetna, Inc.		1,416,942
	2,400	Alere, Inc.†(a)		58,800
	783	AmerisourceBergen Corp., Class A(a)		43,715
	15,317	Becton Dickinson and Co.(a)		1,513,779
	52,020	Boston Scientific Corp.†		482,225
	376	Bristol-Myers Squibb Co.		16,803
	1,125	Brookdale Senior Living, Inc., Class A†		29,745
	1,290	Cardinal Health, Inc.		60,888
	9,750	Cigna Corp.		706,777
	2,084	Community Health Systems, Inc.		97,698
	2,581	Covidien PLC		162,190
	13,398	Eli Lilly & Co.		658,110

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Health Care (continued)
	1,886	Endo Health Solutions, Inc.†	$	69,386
	15,337	Forest Laboratories, Inc.		628,817
	9,450	Gilead Sciences, Inc.		483,935
	3,681	HCA Holdings, Inc.		132,737
	5,062	Health Management Associates, Inc., Class A(a)		79,575
	1,191	Health Net, Inc.		37,898
	12,179	Hologic, Inc.		235,055
	19,049	Hospira, Inc.(a)		729,767
	18,339	Johnson & Johnson(a)		1,574,587
	5,725	Laboratory Corp. of America Holdings†(a)		573,072
	1,390	LifePoint Hospitals, Inc.		67,887
	298	McKesson Corp.		34,121
	16,735	Medtronic, Inc.		861,351
	30,643	Merck & Co., Inc.		1,423,367
	4,189	Mylan, Inc.†(a)		129,985
	496	Patterson Cos., Inc.(a)		18,650
	199	PerkinElmer, Inc.		6,467
	76,569	Pfizer, Inc.(a)		2,144,698
	5,810	QIAGEN NV(a)		115,677
	9,794	Quest Diagnostics, Inc.(a)		593,810
	3,573	Tenet Healthcare Corp.†(a)		164,715
	9,133	Thermo Fisher Scientific, Inc.		772,926
	2,893	UnitedHealth Group, Inc.(a)		189,434
	695	WellPoint, Inc.(a)		56,879
				17,484,477
Industrials — 8.7%
	4,169	AECOM Technology Corp.†		132,532
	6,500	AGCO Corp.		326,235
	3,077	Air Lease Corp., Class A		84,895
	390	Alaska Air Group, Inc.†		20,280
	893	Alliant Techsystems, Inc.		73,521
	1,085	Babcock & Wilcox Co. (The)(a)		32,583
	298	CH Robinson Worldwide, Inc.(a)		16,780
	298	Cintas Corp.		13,571
	99	Clean Harbors, Inc.†(a)		5,002
	980	CNH Global NV(a)		40,827
	993	Crane Co.		59,500
	794	CSX Corp.		18,413
	2,283	Danaher Corp.		144,514
	46,384	Delta Air Lines, Inc.		867,845
	397	Dover Corp.		30,831
	1,588	Dun & Bradstreet Corp.(a)		154,751
	8,500	Eaton Corp. PLC		559,385
	199	Emerson Electric Co.		10,853
	3,672	Exelis, Inc.		50,637
	1,180	FedEx Corp.		116,325
	298	Gardner Denver, Inc.		22,404
	2,779	GATX Corp.(a)		131,808
	860	General Cable Corp.		26,445
	7,601	General Dynamics Corp.		595,386
	128,601	General Electric Co.(a)		2,982,257
	2,084	Harsco Corp.		48,328
	400	Hertz Global Holdings, Inc.†(a)		9,920
	1,092	Huntington Ingalls Industries, Inc.		61,676
	99	Ingersoll-Rand PLC		5,496
	2,581	Iron Mountain, Inc.		68,680
	4,466	ITT Corp.(a)		131,345
	500	Joy Global, Inc.(a)		24,265
	14,115	L-3 Communications Holdings, Inc., Class 3		1,210,220
	1,985	Manitowoc Co., Inc. (The)(a)		35,551
	49,375	Masco Corp.		962,319
	298	MRC Global, Inc.†		8,231

Shares			Value
Industrials (continued)
	1,092	Navistar International Corp.†(a)	$	30,314
	100	Nielsen Holdings NV		3,359
	99	Nordson Corp.(a)		6,862
	14,950	Northrop Grumman Corp.		1,237,860
	2,581	Oshkosh Corp.		98,001
	7,475	Parker Hannifin Corp.(a)		713,115
	1,330	Pitney Bowes, Inc.(a)		19,524
	2,382	Republic Services, Inc., Class A		80,845
	329	Rockwell Collins, Inc.		20,862
	37	Roper Industries, Inc.(a)		4,596
	1,985	Ryder System, Inc.		120,668
	1,588	Southwest Airlines Co.		20,469
	7,674	Spirit Aerosystems Holdings, Inc., Class A†		164,837
	1,340	SPX Corp.(a)		96,453
	23,735	Terex Corp.(a)		624,230
	1,410	Textron, Inc.		36,731
	3,475	Towers Watson & Co., Class A		284,742
	3,474	Trinity Industries, Inc.(a)		133,541
	99	Triumph Group, Inc.(a)		7,836
	5,418	United Continental Holdings, Inc.(a)		169,529
	2,680	URS Corp.(a)		126,550
	397	Waste Connections, Inc.(a)		16,333
	2,812	Waste Management, Inc.		113,408
	1,092	WESCO International, Inc.(a)		74,212
	99	Xylem, Inc.		2,667
				13,291,155
Information Technology — 11.0%
	1,092	Amdocs, Ltd.		40,502
	397	AOL, Inc.		14,483
	50	Apple, Inc.		19,804
	1,080	Arrow Electronics, Inc.†		43,038
	5,200	Atmel Corp.		38,220
	1,700	Avnet, Inc.†		57,120
	1,290	AVX Corp.		15,158
	11,811	Brocade Communications Systems, Inc.		68,031
	113,804	Cisco Systems, Inc.		2,766,575
	2,220	Computer Sciences Corp.		97,170
	59,200	Dell, Inc.		790,320
	2,950	Diebold, Inc.(a)		99,386
	1,040	Freescale Semiconductor, Ltd.†		14,092
	950	Google, Inc., Class A†		836,351
	496	Harris Corp.		24,428
	135,764	Hewlett-Packard Co.		3,366,947
	9,256	Ingram Micro, Inc., Class A		175,771
	3,400	Intel Corp.(a)		82,348
	397	JDS Uniphase Corp.		5,709
	4,242	Juniper Networks, Inc.(a)		81,913
	8,400	Lam Research Corp.†(a)		372,456
	35,825	Marvell Technology Group, Ltd.		419,511
	41,250	Micron Technology, Inc.(a)		591,112
	39,273	Microsoft Corp.		1,356,097
	3,777	NCR Corp.		124,603
	54,725	Nokia OYJ ADR(a)		204,672
	1,418	Nuance Communications, Inc.(a)		26,063
	17,800	NXP Semiconductor NV		551,444
	25,862	ON Semiconductor Corp.†		208,965
	48,125	Oracle Corp.		1,478,400
	1,090	PMC - Sierra, Inc.†		6,922
	810	Rovi Corp.(a)		18,500
	28,225	Skyworks Solutions, Inc.		617,845
	15,825	Symantec Corp.		355,588
	24,025	TE Connectivity, Ltd.		1,094,099
	2,283	Tech Data Corp.		107,506
	1,320	Teradyne, Inc.(a)		23,192

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Information Technology (continued)
	1,710	Vishay Intertechnology, Inc.(a)	$	23,752
	20,660	Xerox Corp.		187,386
	15,375	Yahoo!, Inc.		386,066
				16,791,545
Materials — 2.5%
	1,191	Air Products & Chemicals, Inc.(a)		109,060
	2,184	Alcoa, Inc.(a)		17,079
	2,381	Ashland, Inc.		198,813
	2,382	Ball Corp.		98,948
	496	Bemis Co., Inc.(a)		19,413
	2,328	Cabot Corp.		87,114
	496	Celanese Corp., Class A(a)		22,221
	11,195	Cliffs Natural Resources, Inc.(a)		181,919
	5,712	Crown Holdings, Inc.(a)		234,935
	298	Cytec Industries, Inc.		21,828
	1,390	Domtar Corp.		92,435
	4,827	Dow Chemical Co. (The)(a)		155,285
	26,530	Freeport-McMoRan Copper & Gold, Inc.		732,493
	5,250	International Paper Co.		232,627
	13,125	LyondellBasell Industries NV, Class A		869,662
	1,083	Newmont Mining Corp.		32,436
	1,687	Nucor Corp.		73,081
	2,480	Owens-Illinois, Inc.		68,919
	5,490	Sealed Air Corp.		131,486
	1,470	Silgan Holdings, Inc.		69,031
	1,985	Sonoco Products Co.		68,622
	897	United States Steel Corp.(a)		15,724
	2,035	Vulcan Materials Co.(a)		98,514
	1,964	Walter Energy, Inc.		20,426
	4,630	Weyerhaeuser Co.‡		131,909
				3,783,980
Telecommunication Services — 2.3%
	65,111	AT&T, Inc.		2,304,929
	5,062	CenturyLink, Inc.(a)		178,942
	30	Crown Castle International Corp.		2,172
	500	Level 3 Communications, Inc.(a)		10,540
	1,099	SBA Communications Corp., Class A		81,458
	43,077	Sprint Nextel Corp.†		302,400
	1,877	Telephone & Data Systems, Inc.(a)		46,268
	560	tw telecom, Inc., Class A†		15,758
	8,619	Verizon Communications, Inc.		433,881
	13,170	Windstream Corp.(a)		101,541
				3,477,889
Utilities — 3.0%
	53,260	AES Corp. (The)(a)		638,587
	1,217	AGL Resources, Inc.(a)		52,161
	199	Alliant Energy Corp.		10,034
	2,283	American Electric Power Co., Inc.		102,233
	695	American Water Works Co., Inc.		28,655
	2,779	CenterPoint Energy, Inc.(a)		65,279
	199	CMS Energy Corp.(a)		5,407
	1,092	Consolidated Edison, Inc.(a)		63,675
	2,581	Dominion Resources, Inc.(a)		146,652
	695	DTE Energy Co.(a)		46,572
	2,529	Duke Energy Corp.(a)		170,708
	100	Edison International(a)		4,816
	16,450	Entergy Corp.		1,146,236
	13,650	Exelon Corp.(a)		421,512
	510	FirstEnergy Corp.(a)		19,043
	1,964	NextEra Energy, Inc.		160,027
	397	NiSource, Inc.		11,370
	920	Northeast Utilities(a)		38,658
	15,400	NRG Energy, Inc.		411,180
	610	ONEOK, Inc.		25,199

Shares			Value
Utilities (continued)
	298	Pepco Holdings, Inc.(a)	$	6,008
	1,489	PG&E Corp.(a)		68,092
	17,775	PPL Corp.(a)		537,871
	1,390	Public Service Enterprise Group, Inc.(a)		45,397
	540	Questar Corp.(a)		12,879
	298	SCANA Corp.(a)		14,632
	616	Sempra Energy		50,364
	3,871	Southern Co. (The)(a)		170,827
	1,290	TECO Energy, Inc.(a)		22,175
	787	UGI Corp.(a)		30,779
	695	Wisconsin Energy Corp.(a)		28,488
	2,283	Xcel Energy, Inc.(a)		64,700
				4,620,216
Total Common Stock
(Cost $136,326,264)				149,938,984

SHORT-TERM INVESTMENTS (b)— 23.8%
	2,019,644	Northern Trust Institutional Government Select Portfolio, 0.010%		2,019,644
	34,189,871	Northern Trust Institutional Liquid Asset Portfolio, 0.010%(c)		34,189,871

Total Short-Term Investments
(Cost $36,209,515)				36,209,515

Total Investments — 122.1%
(Cost $172,535,779)				186,148,499
Other Assets & Liabilities, Net — (22.1)%				(33,631,986	)

NET ASSETS — 100.0%			$	152,516,513

†	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 June 30, 2013. The total market value of securities on loan at June 30, 2013 was $33,556,400 (Note 6).
(b)	Rate shown is the 7-day effective yield as of June 30, 2013.
(c)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2013 was $0. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $299,404 (Note 6)

ADR — American Depositary Receipt

Ltd. — Limited

PLC— Public Limited Company

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value

COMMON STOCK — 98.5%††
Consumer Discretionary — 18.6%
	1,860	American Axle & Manufacturing Holdings, Inc.†(a)	$	34,652
	580	American Greetings Corp., Class A		10,568
	300	American Public Education, Inc.†(a)		11,148
	240	America's Car-Mart, Inc.†(a)		10,378
	346	Ameristar Casinos, Inc.(a)		9,096
	170	Arbitron, Inc.		7,896
	8,614	Asbury Automotive Group, Inc.(a)		345,421
	1,379	Belo Corp., Class A(a)		19,237
	990	Bloomin' Brands, Inc.†(a)		24,631
	170	Blue Nile, Inc.†		6,422
	1,134	Boyd Gaming Corp.†		12,814
	450	Bravo Brio Restaurant Group, Inc.(a)		8,019
	480	Bright Horizons Family Solutions, Inc.†		16,661
	240	Brown Shoe Co., Inc.(a)		5,167
	727	Brunswick Corp.		23,228
	1,620	Buffalo Wild Wings, Inc.(a)		159,019
	250	Capella Education Co.		10,412
	340	Carrols Restaurant Group, Inc.†		2,196
	120	Cavco Industries, Inc.†(a)		6,054
	684	CEC Entertainment, Inc.(a)		28,071
	646	Cheesecake Factory, Inc. (The)(a)		27,061
	324	Cherokee, Inc.(a)		4,141
	3,540	Christopher & Banks Corp.		23,860
	90	Chuy's Holdings, Inc.†(a)		3,451
	280	Citi Trends, Inc.†(a)		4,068
	180	Conn's, Inc.†(a)		9,317
	1,034	Cooper Tire & Rubber Co.		34,298
	244	Cracker Barrel Old Country Store, Inc.(a)		23,097
	1,409	Crocs, Inc.(a)		23,248
	297	Dana Holding Corp.		5,720
	3,949	Deckers Outdoor Corp.†		199,464
	612	Domino's Pizza, Inc.		35,588
	260	Dorman Products, Inc.		11,864
	1,710	Entravision Communications Corp., Class A		10,516
	14,741	Express, Inc.†		309,119
	230	Francesca's Holdings Corp.(a)		6,392
	360	Geeknet, Inc.†		4,990
	434	Genesco, Inc.†(a)		29,074
	890	Gentherm, Inc.†		16,527
	800	Global Sources, Ltd.		5,368
	724	Grand Canyon Education, Inc.†(a)		23,334
	5,513	Group 1 Automotive, Inc.(a)		354,651
	220	Hibbett Sports, Inc.†(a)		12,210
	860	Hillenbrand, Inc.(a)		20,391
	780	Iconix Brand Group, Inc.		22,940
	250	iRobot Corp.(a)		9,943
	230	Jack in the Box, Inc.(a)		9,037
	380	K12, Inc.†(a)		9,983
	800	Kirkland's, Inc.†		13,800
	120	Krispy Kreme Doughnuts, Inc.(a)		2,094
	1,268	LeapFrog Enterprises, Inc., Class A†(a)		12,477
	2,269	Libbey, Inc.(a)		54,388
	724	Life Time Fitness, Inc.†(a)		36,280
	1,360	LIN TV Corp., Class A†(a)		20,808
	130	Lincoln Educational Services Corp.		685
	1,369	Lions Gate Entertainment Corp.(a)		37,606
	30	Lithia Motors, Inc., Class A(a)		1,599
	734	Loral Space & Communications, Inc.(a)		44,025
	436	Lumber Liquidators Holdings, Inc.†		33,951
	650	Matthews International Corp., Class A(a)		24,505
	2,014	MDC Partners, Inc., Class A(a)		36,333
	8,264	Meritage Homes Corp.		358,327

Shares			Value
Consumer Discretionary (continued)
	2,813	Morgans Hotel Group Co.†	$	22,673
	3,988	MTR Gaming Group, Inc.†		13,360
	464	Multimedia Games Holding Co., Inc.†(a)		12,096
	810	National CineMedia, Inc.(a)		13,681
	680	Nexstar Broadcasting Group, Inc., Class A(a)		24,113
	2,474	Orbitz Worldwide, Inc.†(a)		19,866
	2,990	Pacific Sunwear of California, Inc.†		10,913
	553	Papa John's International, Inc.†		36,150
	1,210	Penske Automotive Group, Inc.(a)		36,953
	21,299	Pier 1 Imports, Inc.		500,314
	2,124	Pinnacle Entertainment, Inc.†(a)		41,779
	310	Pool Corp.(a)		16,247
	1,290	Quiksilver, Inc.†(a)		8,308
	3,434	Red Robin Gourmet Burgers, Inc.(a)		189,488
	410	RG Barry Corp.(a)		6,658
	2,093	Ruth's Hospitality Group, Inc.(a)		25,263
	984	Ryland Group, Inc. (The)(a)		39,458
	3,664	Scientific Games Corp., Class A(a)		41,220
	954	Sinclair Broadcast Group, Inc., Class A(a)		28,029
	966	Six Flags Entertainment Corp.		33,965
	1,759	Smith & Wesson Holding Corp.†(a)		17,555
	12,510	Sonic Corp.†(a)		182,146
	694	Sotheby's(a)		26,310
	580	Stein Mart, Inc.(a)		7,917
	3,444	Steven Madden, Ltd.		166,621
	650	Tenneco, Inc.		29,432
	1,054	Texas Roadhouse, Inc., Class A(a)		26,371
	952	Tower International, Inc.†		18,840
	759	Town Sports International Holdings, Inc.(a)		8,174
	240	True Religion Apparel, Inc.(a)		7,598
	230	Tumi Holdings, Inc.†		5,520
	1,134	Valassis Communications, Inc.(a)		27,885
	470	Valuevision Media, Inc., Class A†		2,402
	510	Vitamin Shoppe, Inc.		22,868
	5,560	Wet Seal, Inc. (The), Class A(a)		26,188
	910	Winnebago Industries, Inc.(a)		19,101
	830	Wolverine World Wide, Inc.(a)		45,326
	260	Zumiez, Inc.(a)		7,475
				4,445,883
Consumer Staples — 5.9%
	3,440	Annie's, Inc.†		147,026
	724	B&G Foods, Inc., Class A(a)		24,652
	106	Boston Beer Co., Inc. (The), Class A(a)		18,088
	660	Boulder Brands, Inc.†(a)		7,953
	284	Cal-Maine Foods, Inc.		13,209
	230	Casey's General Stores, Inc.(a)		13,837
	1,349	Central Garden and Pet Co., Class A†(a)		9,308
	490	Coca-Cola Bottling Co. Consolidated(a)		29,963
	1,184	Craft Brew Alliance, Inc.†(a)		9,756
	670	Darling International, Inc.†		12,502
	534	Elizabeth Arden, Inc.†		24,068
	474	Hain Celestial Group, Inc. (The)(a)		30,796
	160	Harris Teeter Supermarkets, Inc.		7,498
	6,160	Inter Parfums, Inc.(a)		175,683
	180	J&J Snack Foods Corp.		14,004
	207	Lancaster Colony Corp.		16,144
	320	Medifast, Inc.(a)		8,243
	570	Natural Grocers by Vitamin Cottage, Inc.†(a)		17,670
	276	Nu Skin Enterprises, Inc., Class A		16,869
	492	Pantry, Inc. (The)(a)		5,992
	4,290	Pilgrim's Pride Corp.(a)		64,092
	270	Post Holdings, Inc.†		11,788
	10,064	Prestige Brands Holdings, Inc.†		293,265

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Consumer Staples (continued)
	60	Pricesmart, Inc.(a)	$	5,258
	14,847	Rite Aid Corp.†(a)		42,462
	264	Sanderson Farms, Inc.		17,535
	330	Snyders-Lance, Inc.(a)		9,375
	884	Spectrum Brands Holdings, Inc.(a)		50,273
	370	Susser Holdings Corp.(a)		17,716
	3,794	TreeHouse Foods, Inc.(a)		248,659
	424	United Natural Foods, Inc.(a)		22,892
	657	Vector Group, Ltd.(a)		10,657
	100	WD-40 Co.		5,448
				1,402,681
Energy — 5.2%
	16,700	Approach Resources, Inc.(a)		410,319
	505	Berry Petroleum Co., Class A		21,371
	2,678	BPZ Resources, Inc.†		4,794
	13,296	Callon Petroleum Co.†(a)		44,807
	564	Carrizo Oil & Gas, Inc.(a)		15,978
	250	Diamondback Energy, Inc.(a)		8,330
	117	Dril-Quip, Inc.†		10,564
	1,590	Gastar Exploration, Ltd.†(a)		4,245
	8,830	Gulfport Energy Corp.†		415,628
	2,159	Kodiak Oil & Gas Corp.		19,193
	570	Matador Resources Co.(a)		6,829
	880	Midstates Petroleum Co., Inc.†(a)		4,761
	270	Northern Oil and Gas, Inc.†(a)		3,602
	864	Oasis Petroleum, Inc.		33,584
	18,210	Pacific Drilling†		178,094
	646	Rosetta Resources, Inc.†		27,468
	354	Targa Resources Corp.		22,773
				1,232,340
Financials — 12.0%
	250	Acadia Realty Trust‡(a)		6,173
	290	American Assets Trust, Inc.‡(a)		8,949
	6,440	Bank of the Ozarks, Inc.(a)		279,045
	2,707	BGC Partners, Inc., Class A		15,944
	1,598	CBL & Associates Properties, Inc.‡(a)		34,229
	230	Coresite Realty Corp.‡(a)		7,316
	103	Credit Acceptance Corp.		10,787
	1,214	DFC Global Corp.(a)		16,765
	674	Encore Capital Group, Inc.†(a)		22,316
	510	Enterprise Financial Services Corp.(a)		8,139
	530	Ezcorp, Inc., Class A†		8,947
	6,896	FelCor Lodging Trust, Inc.‡(a)		40,755
	620	First American Financial Corp.		13,665
	3,293	Glimcher Realty Trust‡(a)		35,960
	1,714	Greenlight Capital Re, Ltd., Class A		42,044
	100	Gyrodyne Co. of America, Inc.‡		7,150
	294	Highwoods Properties, Inc.‡(a)		10,469
	13,890	Hilltop Holdings, Inc.†(a)		227,796
	10,539	Home BancShares, Inc.(a)		273,698
	3,215	Iberiabank Corp.(a)		172,356
	930	Inland Real Estate Corp.‡(a)		9,505
	1,259	Investors Bancorp, Inc.(a)		26,540
	204	Investors Real Estate Trust‡		1,754
	4,771	MarketAxess Holdings, Inc.		223,044
	910	Meadowbrook Insurance Group, Inc.(a)		7,307
	173	National Health Investors, Inc.‡		10,356
	300	Nationstar Mortgage Holdings, Inc.†(a)		11,232
	1,054	Ocwen Financial Corp.†		43,446
	1,394	Omega Healthcare Investors, Inc.‡(a)		43,242
	184	Portfolio Recovery Associates, Inc.		28,268
	21,041	PrivateBancorp, Inc., Class A(a)		446,280
	150	PS Business Parks, Inc.‡		10,826
	510	Regional Management Corp.†		12,750
	200	Saul Centers, Inc.‡		8,892

Shares			Value
Financials (continued)
	2,350	Signature Bank(a)	$	195,097
	610	State Auto Financial Corp.(a)		11,084
	4,367	Strategic Hotels & Resorts, Inc.† ‡		38,692
	3,330	SVB Financial Group(a)		277,456
	4,090	Texas Capital Bancshares, Inc.†(a)		181,432
	1,265	Tower Group International, Ltd.(a)		25,945
				2,855,651
Health Care — 18.1%
	4,233	Accuray, Inc.†(a)		24,297
	3,600	Achillion Pharmaceuticals, Inc.(a)		29,448
	389	Acorda Therapeutics, Inc.(a)		12,833
	70	Addus HomeCare Corp.†		1,382
	730	Aegerion Pharmaceuticals, Inc.(a)		46,238
	8,895	Air Methods Corp.(a)		301,363
	24,614	Akorn, Inc.†(a)		332,781
	834	Align Technology, Inc.(a)		30,891
	1,588	Alkermes PLC		45,544
	1,374	Alnylam Pharmaceuticals, Inc.†		42,608
	530	AMAG Pharmaceuticals, Inc.†		11,792
	740	AMN Healthcare Services, Inc.†		10,597
	624	Amsurg Corp., Class A(a)		21,902
	1,764	Anacor Pharmaceuticals, Inc.†(a)		9,861
	150	Analogic Corp.(a)		10,924
	136	ArthroCare Corp.		4,696
	1,879	athenahealth, Inc.(a)		159,189
	1,140	Auxilium Pharmaceuticals, Inc.		18,958
	1,244	AVEO Pharmaceuticals, Inc.†(a)		3,110
	1,094	Cambrex Corp.(a)		15,283
	4,380	Cantel Medical Corp.(a)		148,351
	930	Capital Senior Living Corp.†		22,227
	2,350	Celldex Therapeutics, Inc.(a)		36,683
	1,184	Cempra, Inc.†(a)		9,271
	6,160	Centene Corp.†		323,153
	348	Cepheid, Inc.(a)		11,978
	1,419	Cerus Corp.†(a)		6,272
	351	Chemed Corp.(a)		25,423
	490	ChemoCentryx, Inc.†		6,929
	274	Corvel Corp.†(a)		8,020
	534	Cyberonics, Inc.†		27,747
	6,035	Depomed, Inc.†(a)		33,856
	1,160	DexCom, Inc.		26,042
	3,223	Dyax Corp.†(a)		11,152
	3,528	Dynavax Technologies Corp.(a)		3,881
	1,502	Emergent Biosolutions, Inc.(a)		21,659
	2,754	Emeritus Corp.		63,838
	1,124	Endocyte, Inc.†(a)		14,758
	2,004	Exact Sciences Corp.(a)		27,876
	740	ExamWorks Group, Inc.(a)		15,710
	460	Furiex Pharmaceuticals, Inc.†(a)		15,672
	390	Gentiva Health Services, Inc.(a)		3,884
	490	GTx, Inc.†		3,234
	1,760	Haemonetics Corp.†(a)		72,776
	1,500	Halozyme Therapeutics, Inc.(a)		11,910
	1,464	HealthSouth Corp.(a)		42,163
	11,776	HMS Holdings Corp.†(a)		274,381
	180	Hyperion Therapeutics, Inc.†(a)		3,960
	4,260	ICON PLC†		150,932
	160	ICU Medical, Inc.(a)		11,530
	2,150	ImmunoGen, Inc.(a)		35,668
	530	Impax Laboratories, Inc.†(a)		10,563
	1,184	Infinity Pharmaceuticals, Inc.		19,240
	230	IPC The Hospitalist Co., Inc.(a)		11,813
	970	Ironwood Pharmaceuticals, Inc., Class A†(a)		9,651
	516	Jazz Pharmaceuticals PLC		35,465
	330	KYTHERA Biopharmaceuticals, Inc.†(a)		8,927

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Health Care (continued)
	4,709	Lexicon Pharmaceuticals, Inc.†(a)	$	10,219
	130	Magellan Health Services, Inc.†		7,290
	1,284	MedAssets, Inc.†		22,778
	835	Medicines Co. (The)†(a)		25,685
	4,350	Medidata Solutions, Inc.†		336,907
	110	Medivation, Inc.†(a)		5,412
	3,080	Merge Healthcare, Inc.†(a)		11,088
	1,634	Merrimack Pharmaceuticals, Inc.†(a)		10,997
	734	Molina Healthcare, Inc.†(a)		27,290
	970	Momenta Pharmaceuticals, Inc.†		14,608
	250	MWI Veterinary Supply, Inc.†		30,810
	2,034	Natus Medical, Inc.†(a)		27,764
	2,894	Nektar Therapeutics		33,426
	2,520	Neogen Corp.		140,011
	1,430	Neurocrine Biosciences, Inc.†(a)		19,133
	200	NPS Pharmaceuticals, Inc.(a)		3,020
	914	NuVasive, Inc.†		22,658
	461	Omnicell, Inc.(a)		9,474
	1,760	OncoGenex Pharmaceutical, Inc.(a)		17,248
	3,760	Orexigen Therapeutics, Inc.†		21,996
	514	Owens & Minor, Inc.(a)		17,389
	3,548	Pain Therapeutics, Inc.		7,841
	7,774	PAREXEL International Corp.(a)		357,137
	3,098	PDL BioPharma, Inc.(a)		23,917
	22	Pharmacyclics, Inc.†(a)		1,748
	3,384	Pozen, Inc.†		16,954
	490	Providence Service Corp. (The)†(a)		14,254
	1,630	Regulus Therapeutics, Inc.†(a)		15,990
	2,413	Rigel Pharmaceuticals, Inc.†(a)		8,059
	166	Salix Pharmaceuticals, Ltd.		10,981
	1,004	Santarus, Inc.†		21,134
	873	Sciclone Pharmaceuticals, Inc.†		4,330
	280	Seattle Genetics, Inc.†(a)		8,809
	1,105	Select Medical Holdings Corp.		9,061
	1,789	Sequenom, Inc.†(a)		7,532
	1,500	Skilled Healthcare Group, Inc., Class A†(a)		10,020
	1,890	Staar Surgical Co.†(a)		19,183
	904	STERIS Corp.		38,764
	2,179	Sunesis Pharmaceuticals, Inc.†(a)		11,353
	594	Synageva BioPharma Corp.		24,948
	375	Team Health Holdings, Inc.		15,401
	190	TESARO, Inc.†		6,221
	230	Theravance, Inc.(a)		8,862
	2,538	Threshold Pharmaceuticals, Inc.†(a)		13,350
	2,110	Trius Therapeutics, Inc.(a)		17,133
	220	U.S. Physical Therapy, Inc.(a)		6,081
	4,437	Vanda Pharmaceuticals, Inc.†(a)		35,851
	1,520	Vanguard Health Systems, Inc.†		31,525
	660	Vascular Solutions, Inc.†(a)		9,709
	2,149	Vical, Inc.†(a)		6,726
	310	ViroPharma, Inc.(a)		8,881
	176	WellCare Health Plans, Inc.		9,777
	189	West Pharmaceutical Services, Inc.		13,279
	1,584	XenoPort, Inc.		7,841
				4,318,147
Industrials — 17.0%
	529	Acacia Research Corp.(a)		11,823
	2,720	Accuride Corp.		13,763
	989	Aceto Corp.(a)		13,777
	364	Acuity Brands, Inc.(a)		27,489
	7,620	Advisory Board Co. (The)		416,433
	1,117	Aircastle, Ltd.(a)		17,861
	854	Alaska Air Group, Inc.†		44,408
	270	Altra Holdings, Inc.(a)		7,393
	724	Applied Industrial Technologies, Inc.(a)		34,991

Shares			Value
Industrials (continued)
	420	ARC Document Solutions, Inc.†	$	1,680
	530	Argan, Inc.		8,268
	604	Astronics Corp.†		24,685
	1,439	Avis Budget Group, Inc.†		41,371
	314	Barrett Business Services, Inc.		16,394
	7,493	Beacon Roofing Supply, Inc.(a)		283,835
	1,344	Belden, Inc.(a)		67,106
	2,454	Blount International, Inc.(a)		29,006
	714	Brink's Co. (The)		18,214
	2,094	Builders FirstSource, Inc.†		12,522
	984	CAI International, Inc.†		23,193
	530	Celadon Group, Inc.(a)		9,672
	3,116	Chart Industries, Inc.†(a)		293,184
	140	CLARCOR, Inc.		7,309
	1,486	Coleman Cable, Inc.		26,837
	494	Corporate Executive Board Co. (The)(a)		31,231
	755	CPI Aerostructures, Inc.†		8,192
	370	Cubic Corp.(a)		17,797
	224	DigitalGlobe, Inc.†		6,946
	52	DXP Enterprises, Inc.(a)		3,463
	350	Dycom Industries, Inc.(a)		8,099
	930	Edgen Group, Inc., Class A†		5,933
	600	EnerNOC, Inc.†(a)		7,956
	6,010	EnerSys, Inc.(a)		294,731
	194	Exponent, Inc.(a)		11,467
	2,259	Federal Signal Corp.(a)		19,766
	1,429	Flow International Corp.		5,273
	2,944	GenCorp, Inc.(a)		47,869
	920	Generac Holdings, Inc.		34,049
	380	General Cable Corp.		11,685
	531	Genessee & Wyoming, Inc., Class A(a)		45,050
	1,829	Great Lakes Dredge & Dock Corp.(a)		14,303
	894	H&E Equipment Services, Inc.(a)		18,837
	3,294	Hawaiian Holdings, Inc.(a)		20,126
	17,051	Healthcare Services Group, Inc.(a)		418,090
	350	Heartland Express, Inc.		4,855
	927	HEICO Corp.(a)		46,693
	1,374	Hexcel Corp.		46,785
	4,340	Hub Group, Inc., Class A†		158,063
	190	Hyster-Yale Materials Handling, Inc.(a)		11,930
	148	Insperity, Inc.(a)		4,484
	694	John Bean Technologies Corp.(a)		14,581
	540	Kforce, Inc.		7,884
	914	Knight Transportation, Inc.(a)		15,373
	295	Lindsay Corp.(a)		22,119
	1,064	MasTec, Inc.(a)		35,006
	3,120	Meritor, Inc.†(a)		21,996
	205	Middleby Corp.†		34,868
	584	Mueller Industries, Inc.		29,451
	5,139	Mueller Water Products, Inc., Class A		35,511
	230	Multi-Color Corp.(a)		6,978
	80	Nortek, Inc.†(a)		5,155
	1,109	Old Dominion Freight Line, Inc.		46,157
	750	Pacer International, Inc.†(a)		4,732
	410	Park-Ohio Holdings Corp.†		13,522
	1,429	Primoris Services Corp.		28,180
	387	Raven Industries, Inc.(a)		11,602
	159	RBC Bearings, Inc.		8,260
	2,253	Republic Airways Holdings, Inc.†		25,527
	1,270	Rexnord Corp.(a)		21,400
	250	Roadrunner Transportation Systems, Inc.†		6,960
	830	SkyWest, Inc.		11,238
	500	Spirit Airlines, Inc.		15,885
	1,160	Standard Parking Corp.(a)		24,894
	160	Standex International Corp.		8,440

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Industrials (continued)
	470	Sterling Construction Co., Inc.†	$	4,258
	1,429	Swift Transportation Co., Class A		23,636
	2,135	TAL International Group, Inc.(a)		93,022
	1,879	Taser International, Inc.		16,009
	450	Teledyne Technologies, Inc.†		34,808
	74	Tetra Tech, Inc.†(a)		1,740
	521	Textainer Group Holdings, Ltd.(a)		20,027
	832	Titan International, Inc.(a)		14,036
	350	Titan Machinery, Inc.†(a)		6,870
	390	TMS International Corp., Class A		5,784
	913	Trimas Corp.(a)		34,037
	3,880	Triumph Group, Inc.(a)		307,102
	1,484	USG Corp.(a)		34,206
	2,170	UTi Worldwide, Inc.		35,740
	1,789	Wabash National Corp.(a)		18,212
	3,090	Wabtec Corp.		165,099
	910	Werner Enterprises, Inc.(a)		21,995
	610	Wesco Aircraft Holdings, Inc.†		11,328
	294	Woodward, Inc.		11,760
				4,070,275
Information Technology — 19.1%
	744	ACI Worldwide, Inc.†(a)		34,581
	810	Active Network, Inc.		6,132
	379	Advent Software, Inc.†		13,288
	590	Ambarella, Inc.†(a)		9,930
	450	Anaren, Inc.†		10,323
	403	Anixter International, Inc.†(a)		30,551
	27,650	Applied Micro Circuits Corp.†(a)		243,320
	10,654	Aruba Networks, Inc.(a)		163,645
	420	Aspen Technology, Inc.†		12,092
	12,400	AVG Technologies NV†(a)		241,180
	1,618	Bazaarvoice, Inc.†(a)		15,242
	380	Blackbaud, Inc.(a)		12,377
	1,204	Blucora, Inc.(a)		22,322
	130	CACI International, Inc., Class A(a)		8,254
	1,120	Calix, Inc.†		11,312
	1,030	Callidus Software, Inc.†(a)		6,788
	1,086	Cardtronics, Inc.		29,974
	553	Cass Information Systems, Inc.(a)		25,493
	1,214	Cavium, Inc.		42,939
	1,601	Ceva, Inc.†		30,995
	2,964	Ciena Corp.†(a)		57,561
	181	Cirrus Logic, Inc.(a)		3,142
	633	CommVault Systems, Inc.†		48,038
	730	Comverse, Inc.		21,725
	160	Cornerstone OnDemand, Inc.		6,926
	50	CoStar Group, Inc.		6,454
	620	Cray, Inc.(a)		12,177
	1,017	CSG Systems International, Inc.(a)		22,069
	860	Datalink Corp.†		9,150
	1,350	Diodes, Inc.		35,059
	754	Ellie Mae, Inc.(a)		17,402
	4,972	Envestnet, Inc.(a)		122,311
	440	ExactTarget, Inc.		14,837
	1,389	Exar Corp.†		14,960
	888	Fair Isaac Corp.		40,697
	469	FEI Co.(a)		34,232
	420	FleetMatics Group PLC		13,957
	1,744	Global Cash Access Holdings, Inc.(a)		10,917
	1,879	Hackett Group, Inc. (The)		9,752
	783	Heartland Payment Systems, Inc.(a)		29,167
	121	Hittite Microwave Corp.†(a)		7,018
	1,650	iGATE Corp.†(a)		27,093
	1,654	Immersion Corp.†(a)		21,915
	4,937	Infinera Corp.†(a)		52,678
	470	Infoblox, Inc.†		13,752

Shares			Value
Information Technology (continued)
	13,030	Inphi Corp.	$	143,330
	394	InterDigital, Inc.(a)		17,592
	590	Internap Network Services Corp.†(a)		4,879
	11,370	InvenSense, Inc., Class A†(a)		174,871
	9,530	Ixia(a)		175,352
	693	j2 Global, Inc.(a)		29,459
	270	LogMeIn, Inc.†(a)		6,604
	585	Manhattan Associates, Inc.		45,139
	162	Market Leader, Inc.†		1,733
	3,765	MAXIMUS, Inc.		280,417
	1,094	MaxLinear, Inc., Class A†		7,658
	1,370	Maxwell Technologies, Inc.†(a)		9,796
	1,259	Mentor Graphics Corp.		24,613
	1,553	Microsemi Corp.(a)		35,331
	1,734	MoneyGram International, Inc.(a)		39,275
	340	Multi-Fineline Electronix, Inc.(a)		5,035
	182	NETGEAR, Inc.(a)		5,558
	535	Netscout Systems, Inc.†(a)		12,487
	254	OSI Systems, Inc.†(a)		16,363
	740	PDF Solutions, Inc.†(a)		13,638
	909	Plexus Corp.†(a)		27,170
	1,518	PLX Technology, Inc.†		7,226
	3,660	PMC - Sierra, Inc.†		23,241
	480	Power Integrations, Inc.(a)		19,469
	10,140	Procera Networks, Inc.†(a)		139,222
	1,090	PTC, Inc.†		26,738
	6,140	QLIK Technologies, Inc.		173,578
	4,289	Rambus, Inc.(a)		36,843
	5,297	RF Micro Devices, Inc.(a)		28,339
	600	Saba Software, Inc.		5,844
	720	ScanSource, Inc.†		23,040
	824	Semtech Corp.(a)		28,865
	2,124	ShoreTel, Inc.†(a)		8,560
	310	Shutterstock, Inc.(a)		17,292
	420	Silicon Graphics International Corp.†(a)		5,620
	3,998	Silicon Image, Inc.†		23,388
	4,078	Sonus Networks, Inc.(a)		12,275
	4,070	Sourcefire, Inc.(a)		226,088
	4,189	SPS Commerce, Inc.(a)		230,395
	180	SS&C Technologies Holdings, Inc.†		5,922
	120	Stratasys, Ltd.(a)		10,049
	8,038	SunEdison, Inc.†(a)		65,670
	640	SunPower Corp., Class A(a)		13,248
	500	Super Micro Computer, Inc.†(a)		5,320
	3,598	support.com, Inc.†(a)		16,443
	194	Synaptics, Inc.(a)		7,481
	9,982	Synchronoss Technologies, Inc.†(a)		308,144
	119	Syntel, Inc.		7,482
	1,789	Take-Two Interactive Software, Inc.†(a)		26,781
	420	Tangoe, Inc.(a)		6,481
	1,123	TeleTech Holdings, Inc.		26,312
	4,020	TriQuint Semiconductor, Inc.(a)		27,859
	300	Trulia, Inc.		9,327
	250	Tyler Technologies, Inc.		17,137
	272	Ultimate Software Group, Inc.(a)		31,903
	980	Unisys Corp.(a)		21,629
	210	Universal Display Corp.(a)		5,903
	300	ValueClick, Inc.(a)		7,404
	384	Verint Systems, Inc.†		13,620
	350	ViaSat, Inc.		25,011
	420	Virtusa Corp.(a)		9,307
	1,110	Vocus, Inc.†(a)		11,677
	1,444	Web.com Group, Inc.(a)		36,966
	1,360	WebMD Health Corp., Class A		39,943
	499	WEX, Inc.(a)		38,273
	608	XO Group, Inc.†(a)		6,810

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Information Technology (continued)
	440	Yelp, Inc., Class A	$	15,299
	3,018	Zix Corp.†		12,766
				4,566,217
Materials — 2.0%
	464	American Vanguard Corp.(a)		10,872
	220	Axiall Corp.(a)		9,368
	1,330	Berry Plastics Group, Inc.†		29,353
	440	Calgon Carbon Corp.(a)		7,339
	874	Chemtura Corp.†		17,742
	884	Clearwater Paper Corp.(a)		41,601
	264	Eagle Materials, Inc.		17,495
	5,840	Graphic Packaging Holding Co.†(a)		45,202
	1,329	Handy & Harman, Ltd.(a)		23,762
	1,044	HB Fuller Co.(a)		39,474
	1,210	Headwaters, Inc.†(a)		10,697
	680	Landec Corp.†(a)		8,983
	203	Myers Industries, Inc.(a)		3,047
	614	Neenah Paper, Inc.(a)		19,507
	1,444	Olin Corp.(a)		34,540
	1,224	OMNOVA Solutions, Inc.†(a)		9,804
	1,314	PH Glatfelter Co.		32,981
	1,209	PolyOne Corp.(a)		29,959
	600	SunCoke Energy, Inc.†		8,412
	4,877	Wausau Paper Corp.(a)		55,598
	1,594	Zep, Inc.(a)		25,233
				480,969
Telecommunication Services — 0.5%
	5,988	Cincinnati Bell, Inc.†(a)		18,323
	1,660	Consolidated Communications Holdings, Inc.(a)		28,901
	3,032	General Communication, Inc., Class A†		23,740
	230	HickoryTech Corp.		2,445
	480	Inteliquent, Inc.(a)		2,760
	668	Lumos Networks Corp.(a)		11,423
	2,783	Primus Telecommunications Group, Inc.		33,229
				120,821
Utilities — 0.1%
	1,100	Ormat Technologies, Inc.(a)		25,872

Total Common Stock
(Cost $20,828,219)				23,518,856

SHORT-TERM INVESTMENTS (b)— 50.2%
	347,184	Northern Trust Institutional Government Select Portfolio, 0.010%		347,184
	11,639,687	Northern Trust Institutional Liquid Asset Portfolio, 0.010%(c)		11,639,687

Total Short-Term Investments
(Cost $11,986,871)				11,986,871

Total Investments — 148.7%
(Cost $32,815,090)				35,505,727
Other Assets & Liabilities, Net — (48.7)%				(11,632,617	)

NET ASSETS — 100.0%			$	23,873,110

†	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 June 30, 2013. The total market value of securities on loan at June 30, 2013 was $11,303,062 (Note 6).
(b)	Rate shown is the 7-day effective yield as of June 30, 2013.
(c)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2013 was $11,639,687. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $8,871 (Note 6).

Ltd. — Limited

PLC— Public Limited Company

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value

COMMON STOCK — 97.5%††
Consumer Discretionary — 13.7%
	2,848	American Axle & Manufacturing Holdings, Inc.†(a)	$	53,058
	2,410	American Greetings Corp., Class A		43,910
	394	America's Car-Mart, Inc.†(a)		17,037
	815	Ameristar Casinos, Inc.(a)		21,426
	1,224	Asbury Automotive Group, Inc.(a)		49,082
	470	Ascent Capital Group, Inc., Class A		36,693
	2,198	Bassett Furniture Industries, Inc.		34,135
	60	Biglari Holdings, Inc.†		24,624
	14,112	Bob Evans Farms, Inc.(a)		662,982
	1,399	Bon-Ton Stores, Inc. (The)(a)		25,252
	3,247	Boyd Gaming Corp.†(a)		36,691
	160	Bright Horizons Family Solutions, Inc.†		5,554
	5,830	Career Education Corp.		16,907
	1,190	Carriage Services, Inc., Class A		20,170
	207	Conn's, Inc.†(a)		10,714
	200	Core-Mark Holding Co., Inc.(a)		12,700
	245	Cracker Barrel Old Country Store, Inc.		23,192
	1,498	Dana Holding Corp.		28,851
	160	DineEquity, Inc.		11,019
	3,990	Federal-Mogul Corp.		40,738
	1,439	Flexsteel Industries, Inc.		35,083
	794	Group 1 Automotive, Inc.(a)		51,078
	7,300	Harman International Industries, Inc.(a)		395,660
	4,383	Harte-Hanks, Inc.(a)		37,694
	20,100	Hooker Furniture Corp.		326,826
	1,298	Hovnanian Enterprises, Inc., Class A†(a)		7,282
	1,574	Iconix Brand Group, Inc.(a)		46,291
	2,370	Isle of Capri Casinos, Inc.(a)		17,775
	1,944	JAKKS Pacific, Inc.		21,870
	930	Jones Group, Inc. (The)(a)		12,788
	2,470	Journal Communications, Inc., Class A(a)		18,500
	1,264	KB Home		24,812
	1,988	LeapFrog Enterprises, Inc., Class A†(a)		19,562
	2,174	Libbey, Inc.		52,111
	1,274	Lifetime Brands, Inc.		17,301
	1,410	LIN TV Corp., Class A†		21,573
	609	Lithia Motors, Inc., Class A(a)		32,466
	5,973	Live Nation Entertainment, Inc.		92,582
	11,210	Maidenform Brands, Inc.		194,269
	2,972	Marcus Corp.(a)		37,804
	654	Marriott Vacations Worldwide Corp.		28,279
	530	Matthews International Corp., Class A(a)		19,981
	280	MDC Holdings, Inc.		9,103
	3,654	MDC Partners, Inc., Class A		65,918
	440	Meritage Homes Corp.		19,078
	6,210	Morgans Hotel Group Co.†		50,052
	600	National CineMedia, Inc.(a)		10,134
	4,061	New York Times Co. (The), Class A†(a)		44,915
	1,253	Nexstar Broadcasting Group, Inc., Class A		44,431
	530	Orient-Express Hotels, Ltd., Class A(a)		6,445
	979	Penske Automotive Group, Inc.		29,899
	2,873	Pinnacle Entertainment, Inc.†(a)		56,512
	4,996	Reading International, Inc., Class A(a)		31,775
	959	Red Robin Gourmet Burgers, Inc.(a)		52,918
	2,353	Regis Corp.(a)		38,636
	614	Rent-A-Center, Inc., Class A(a)		23,056
	854	Ryland Group, Inc. (The)(a)		34,245
	1,149	Saks, Inc.†(a)		15,672
	2,065	Scholastic Corp.(a)		60,484
	6,757	Scientific Games Corp., Class A		76,016
	1,842	Sinclair Broadcast Group, Inc., Class A		54,118

Shares			Value
Consumer Discretionary (continued)
	904	Skechers U.S.A., Inc., Class A†	$	21,705
	1,748	Sonic Automotive, Inc., Class A		36,953
	410	Sotheby's(a)		15,543
	2,755	Spartan Motors, Inc.		16,861
	4,721	Standard Pacific Corp.(a)		39,326
	2,673	Stein Mart, Inc.(a)		36,486
	3,877	Stewart Enterprises, Inc., Class A(a)		50,750
	301	Tenneco, Inc.		13,629
	600	Tower International, Inc.†		11,874
	558	Unifi, Inc.†		11,534
	894	Valassis Communications, Inc.(a)		21,983
	670	Wolverine World Wide, Inc.(a)		36,589
				3,722,962
Consumer Staples — 7.8%
	1,880	Alliance One International, Inc.†		7,144
	364	Andersons, Inc. (The)(a)		19,361
	1,610	Boulder Brands, Inc.†(a)		19,400
	3,483	Chiquita Brands International, Inc.(a)		38,034
	6,600	Cott Corp.(a)		51,546
	5,313	Dole Food Co., Inc.		67,741
	14,900	Elizabeth Arden, Inc.†(a)		671,543
	1,544	Fresh Del Monte Produce, Inc.		43,047
	5,225	Harbinger Group, Inc.†		39,396
	1,409	Ingles Markets, Inc., Class A(a)		35,577
	9,100	Inter Parfums, Inc.(a)		259,532
	1,369	John B. Sanfilippo & Son, Inc.(a)		27,599
	1,150	Nash Finch Co.		25,312
	200	Nu Skin Enterprises, Inc., Class A		12,224
	4,021	Omega Protein Corp.†		36,109
	5,107	Pantry, Inc. (The)(a)		62,203
	1,099	Pilgrim's Pride Corp.(a)		16,419
	2,480	Revlon, Inc., Class A†		54,709
	15,550	Rite Aid Corp.†(a)		44,473
	541	Seneca Foods Corp., Class A†(a)		16,598
	1,150	Spartan Stores, Inc.(a)		21,206
	950	Spectrum Brands Holdings, Inc.		54,027
	478	Susser Holdings Corp.(a)		22,887
	6,905	TreeHouse Foods, Inc.		452,554
	684	Universal Corp.(a)		39,569
				2,138,210
Energy — 3.4%
	5,920	Alpha Natural Resources, Inc.†(a)		31,021
	20,200	Carrizo Oil & Gas, Inc.(a)		572,266
	1,124	Comstock Resources, Inc.(a)		17,680
	1,049	Exterran Holdings, Inc.(a)		29,498
	3,040	Forest Oil Corp.†(a)		12,434
	3,340	Global Geophysical Services, Inc.		15,764
	697	Helix Energy Solutions Group, Inc.†(a)		16,059
	21,800	McDermott International, Inc.†(a)		178,324
	610	PDC Energy, Inc.†(a)		31,403
	5,087	Penn Virginia Corp.(a)		23,909
				928,358
Financials — 28.4%
	950	Alexander & Baldwin, Inc.†		37,763
	700	Allied World Assurance Co. Holdings AG		64,057
	1,419	American Capital Mortgage Investment Corp.‡		25,499
	6,122	American Equity Investment Life Holding Co.(a)		96,115
	1,100	American Safety Insurance Holdings, Ltd.†(a)		31,845
	594	Amerisafe, Inc.		19,240
	1,339	Argo Group International Holdings, Ltd.		56,760
	4,701	ARMOUR Residential REIT, Inc.‡(a)		22,142

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Financials (continued)
	10,276	Ashford Hospitality Trust, Inc.‡	$	117,660
	11,000	Aspen Insurance Holdings, Ltd.(a)		407,990
	1,614	AV Homes, Inc.†(a)		28,616
	1,783	Banco Latinoamericano de Comercio Exterior SA, Class E(a)		39,921
	2,260	BancorpSouth, Inc.		40,002
	3,277	Bank Mutual Corp.(a)		18,482
	800	Bank of the Ozarks, Inc.(a)		34,664
	8,049	Boston Private Financial Holdings, Inc.(a)		85,641
	2,966	Capstead Mortgage Corp.‡		35,889
	1,714	Cathay General Bancorp		34,880
	431	CBL & Associates Properties, Inc.‡(a)		9,232
	8,258	Cedar Realty Trust, Inc.‡		42,777
	1,755	Centerstate Banks, Inc.		15,233
	830	Central Pacific Financial Corp.		14,940
	2,214	Chemical Financial Corp.(a)		57,542
	224	City Holding Co.(a)		8,725
	9,830	CNO Financial Group, Inc.		127,397
	1,605	Community Bank System, Inc.(a)		49,514
	1,714	Cousins Properties, Inc.‡(a)		17,311
	10,610	Cowen Group, Inc., Class A†		30,769
	1,976	DuPont Fabros Technology, Inc.‡(a)		47,720
	6,394	Dynex Capital, Inc.‡(a)		65,155
	1,153	Eagle Bancorp, Inc.†		25,804
	1,544	Employers Holdings, Inc.		37,751
	1,014	Enterprise Financial Services Corp.(a)		16,183
	1,168	EPR Properties‡(a)		58,715
	2,956	Equity One, Inc.‡(a)		66,894
	4,299	EverBank Financial Corp.(a)		71,191
	1,767	FBL Financial Group, Inc., Class A		76,882
	960	Federal Agricultural Mortgage Corp., Class C(a)		27,725
	5,140	FelCor Lodging Trust, Inc.‡(a)		30,377
	1,074	First American Financial Corp.		23,671
	2,707	First BanCorp(a)		19,166
	12,490	First Busey Corp.		56,205
	287	First Citizens BancShares, Inc., Class A		55,118
	13,653	First Commonwealth Financial Corp.(a)		100,623
	1,865	First Financial Bancorp		27,789
	1,153	First Financial Bankshares, Inc.(a)		64,176
	2,393	First Industrial Realty Trust, Inc.‡(a)		36,302
	1,440	First Midwest Bancorp, Inc.(a)		19,757
	2,828	First Potomac Realty Trust‡(a)		36,934
	4,607	FirstMerit Corp.(a)		92,278
	4,593	FNB Corp.(a)		55,483
	26,300	Forestar Group, Inc.†(a)		527,578
	954	Fox Chase Bancorp, Inc.(a)		16,218
	1,870	Gain Capital Holdings, Inc.(a)		11,800
	1,739	Glacier Bancorp, Inc.(a)		38,588
	2,188	Global Indemnity PLC, Class A(a)		51,527
	1,424	Greenlight Capital Re, Ltd., Class A		34,931
	1,848	Hanmi Financial Corp.(a)		32,654
	704	Heartland Financial USA, Inc.(a)		19,353
	810	Highwoods Properties, Inc.‡(a)		28,844
	4,740	Hilltop Holdings, Inc.†		77,736
	18,400	HomeStreet, Inc.(a)		394,680
	740	Horace Mann Educators Corp.(a)		18,041
	463	Infinity Property & Casualty Corp.(a)		27,669
	3,352	Inland Real Estate Corp.‡(a)		34,258
	1,090	INTL FCStone, Inc.†		19,021
	3,272	Invesco Mortgage Capital, Inc.‡(a)		54,184
	6,066	Investment Technology Group, Inc.(a)		84,803
	8,218	iStar Financial, Inc.† ‡(a)		92,781
	894	Lakeland Financial Corp.		24,809
	2,450	Lexington Realty Trust‡(a)		28,616

Shares			Value
Financials (continued)
	6,218	Maiden Holdings, Ltd.(a)	$	69,766
	62	Markel Corp.		32,671
	4,865	MB Financial, Inc.		130,382
	3,448	Meadowbrook Insurance Group, Inc.		27,688
	864	Mercantile Bank Corp.		15,526
	2,400	MFA Financial, Inc.‡(a)		20,280
	6,830	MGIC Investment Corp.(a)		41,458
	1,419	Montpelier Re Holdings, Ltd.(a)		35,489
	1,833	MVC Capital, Inc.		23,077
	11,184	National Penn Bancshares, Inc.		113,629
	194	National Western Life Insurance Co., Class A(a)		36,831
	424	Navigators Group, Inc. (The)(a)		24,185
	1,191	NBT Bancorp, Inc.(a)		25,213
	2,306	Nelnet, Inc., Class A		83,224
	720	New Mountain Finance Corp.(a)		10,195
	10,616	NorthStar Realty Finance Corp.‡(a)		96,606
	1,478	Ocwen Financial Corp.†		60,923
	1,972	Old National Bancorp		27,273
	824	One Liberty Properties, Inc.‡(a)		18,095
	931	Oppenheimer Holdings, Inc., Class A(a)		17,726
	811	Oritani Financial Corp.(a)		12,716
	3,012	Pacific Continental Corp.(a)		35,542
	6,900	PacWest Bancorp(a)		211,485
	1,489	Parkway Properties, Inc.‡(a)		24,956
	1,874	PHH Corp.†(a)		38,192
	535	Phoenix, Inc.†(a)		23,005
	1,069	Pinnacle Financial Partners, Inc.(a)		27,484
	774	Piper Jaffray Cos.†(a)		24,466
	824	Platinum Underwriters Holdings, Ltd.(a)		47,149
	979	Primerica†		36,654
	16,892	PrivateBancorp, Inc., Class A(a)		358,279
	1,934	Provident Financial Services, Inc.		30,519
	2,498	Radian Group, Inc.(a)		29,027
	5,183	RAIT Financial Trust‡		38,976
	2,314	Redwood Trust, Inc.‡(a)		39,338
	1,237	Republic Bancorp, Inc., Class A(a)		27,115
	466	RLI Corp.(a)		35,607
	1,594	RLJ Lodging Trust‡		35,849
	878	S&T Bancorp, Inc.		17,209
	3,138	Safeguard Scientifics, Inc.†(a)		50,365
	779	Simmons First National Corp., Class A		20,324
	922	Southwest Bancorp, Inc.†(a)		12,170
	844	Starwood Property Trust, Inc.‡		20,889
	920	State Auto Financial Corp.(a)		16,716
	1,409	Sterling Financial Corp.(a)		33,506
	1,768	Strategic Hotels & Resorts, Inc.† ‡		15,665
	5,270	Susquehanna Bancshares, Inc.(a)		67,720
	840	SVB Financial Group(a)		69,989
	2,023	SWS Group, Inc.†		11,025
	9,439	Texas Capital Bancshares, Inc.†(a)		418,714
	944	Trico Bancshares(a)		20,136
	3,374	TrustCo Bank Corp.		18,355
	4,936	Two Harbors Investment Corp.‡		50,594
	1,645	Union First Market Bankshares Corp.(a)		33,871
	701	United Fire Group, Inc.		17,406
	1,309	Walter Investment Management Corp.		44,257
	5,419	Webster Financial Corp.		139,160
	21,128	Western Alliance Bancorp		334,456
	1,244	Western Asset Mortgage Capital Corp.‡(a)		21,720
				7,721,439
Health Care — 3.1%
	550	Almost Family, Inc.(a)		10,450
	1,354	Amedisys, Inc.(a)		15,733
	841	Amsurg Corp., Class A(a)		29,519

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Health Care (continued)
	221	Centene Corp.†	$	11,594
	924	CONMED Corp.		28,866
	2,653	Emeritus Corp.		61,496
	4,730	Enzon Pharmaceuticals, Inc.		9,460
	874	ExamWorks Group, Inc.(a)		18,555
	1,712	Five Star Quality Care, Inc.†(a)		9,604
	1,180	Gentiva Health Services, Inc.(a)		11,753
	300	Haemonetics Corp.†		12,405
	1,941	HealthSouth Corp.(a)		55,901
	1,444	Kindred Healthcare, Inc.†(a)		18,960
	1,761	Magellan Health Services, Inc.†		98,757
	1,070	MedAssets, Inc.†		18,982
	1,398	Molina Healthcare, Inc.†(a)		51,978
	434	National Healthcare Corp.		20,745
	1,710	Nektar Therapeutics		19,751
	580	NuVasive, Inc.†		14,378
	381	Owens & Minor, Inc.(a)		12,889
	3,104	PDL BioPharma, Inc.(a)		23,963
	2,538	PharMerica Corp.		35,177
	5,945	RTI Biologics, Inc.†		22,353
	5,649	Select Medical Holdings Corp.		46,322
	1,792	Skilled Healthcare Group, Inc., Class A†		11,971
	1,284	Triple-S Management Corp., Class B†(a)		27,567
	3,607	Universal American Corp.(a)		32,066
	4,612	Vanda Pharmaceuticals, Inc.†(a)		37,265
	1,160	Vanguard Health Systems, Inc.†		24,058
	805	ViroPharma, Inc.(a)		23,063
	584	WellCare Health Plans, Inc.		32,441
				848,022
Industrials — 20.8%
	984	AAR Corp.(a)		21,628
	4,060	Accuride Corp.(a)		20,544
	3,840	Air Transport Services Group, Inc.†		25,382
	11,259	Aircastle, Ltd.(a)		180,031
	460	Alaska Air Group, Inc.†		23,920
	15,127	Albany International Corp., Class A		498,888
	974	Ampco-Pittsburgh Corp.		18,282
	1,344	Argan, Inc.		20,966
	960	Arkansas Best Corp.(a)		22,032
	6,370	Astronics Corp.†(a)		260,342
	560	Atlas Air Worldwide Holdings, Inc.†(a)		24,506
	510	Avis Budget Group, Inc.†		14,663
	1,075	Belden, Inc.(a)		53,675
	3,432	Blount International, Inc.(a)		40,566
	515	Brady Corp., Class A(a)		15,826
	2,057	Briggs & Stratton Corp.(a)		40,729
	1,943	CAI International, Inc.†		45,796
	6,539	Casella Waste Systems, Inc., Class A†(a)		28,183
	3,460	CBIZ, Inc.†(a)		23,217
	1,768	Comfort Systems USA, Inc.(a)		26,379
	1,370	CRA International, Inc.†(a)		25,304
	770	Cubic Corp.(a)		37,037
	2,260	Curtiss-Wright Corp.		83,756
	432	EMCOR Group, Inc.		17,561
	1,240	Encore Wire Corp.(a)		42,284
	4,300	EnerSys, Inc.(a)		210,872
	5,217	Federal Signal Corp.(a)		45,649
	2,359	FTI Consulting, Inc.(a)		77,587
	1,040	General Cable Corp.		31,980
	180	Genessee & Wyoming, Inc., Class A(a)		15,271
	17,200	GP Strategies Corp.†(a)		409,704
	3,062	Great Lakes Dredge & Dock Corp.(a)		23,945
	42,367	Griffon Corp.(a)		476,629
	5,468	Hawaiian Holdings, Inc.(a)		33,410
	250	HEICO Corp.(a)		12,592

Shares			Value
Industrials (continued)
	604	Hyster-Yale Materials Handling, Inc.	$	37,925
	630	International Shipholding Corp.		14,698
	9,813	JetBlue Airways Corp.†(a)		61,822
	1,123	Kelly Services, Inc., Class A(a)		19,619
	1,953	Layne Christensen Co.(a)		38,103
	24,000	Marten Transport, Ltd.(a)		376,080
	933	MasTec, Inc.(a)		30,696
	5,940	Meritor, Inc.†(a)		41,877
	1,034	Michael Baker Corp.(a)		28,032
	3,214	Miller Industries, Inc.(a)		49,431
	9,800	Mistras Group, Inc.(a)		172,284
	693	Mueller Industries, Inc.		34,948
	844	MYR Group, Inc.†(a)		16,416
	1,599	NCI Building Systems, Inc.†		24,449
	1,334	NN, Inc.(a)		15,221
	23,600	Orbital Sciences Corp.†		409,932
	14,394	Orion Marine Group, Inc.(a)		174,023
	660	Patrick Industries, Inc.†		13,721
	2,230	Quality Distribution, Inc.†		19,713
	3,502	Republic Airways Holdings, Inc.†		39,678
	1,614	Rexnord Corp.(a)		27,196
	1,203	Rush Enterprises, Inc., Class A(a)		29,774
	2,149	SkyWest, Inc.		29,097
	2,703	Sterling Construction Co., Inc.†		24,489
	2,571	TAL International Group, Inc.(a)		112,019
	500	Teledyne Technologies, Inc.†		38,675
	604	Textainer Group Holdings, Ltd.(a)		23,218
	9,600	TMS International Corp., Class A		142,368
	14,300	Trimas Corp.		533,104
	1,923	Tutor Perini Corp.(a)		34,787
	1,210	US Airways Group, Inc.(a)		19,868
	564	USG Corp.		13,000
	3,530	UTi Worldwide, Inc.		58,139
				5,653,538
Information Technology — 13.8%
	2,174	Acxiom Corp.†(a)		49,306
	2,210	Applied Micro Circuits Corp.†		19,448
	560	Black Box Corp.		14,179
	408	CACI International, Inc., Class A(a)		25,904
	1,290	Checkpoint Systems, Inc.†		18,305
	1,160	Ciena Corp.†(a)		22,527
	8,200	Coherent, Inc.		451,574
	1,044	Comtech Telecommunications Corp.		28,073
	2,458	Datalink Corp.†		26,153
	310	Diodes, Inc.		8,051
	1,950	DSP Group, Inc.†(a)		16,204
	2,110	EarthLink, Inc.		13,103
	27,000	Entegris, Inc.†		253,530
	5,000	Euronet Worldwide, Inc.†(a)		159,300
	247	First Solar, Inc.†(a)		11,048
	2,328	FormFactor, Inc.(a)		15,714
	30,300	GSI Group, Inc.†(a)		243,612
	10,920	Imation Corp.		46,192
	2,012	Insight Enterprises, Inc.†		35,693
	3,300	International Rectifier Corp.†		69,102
	6,215	Measurement Specialties, Inc.(a)		289,184
	16,800	Methode Electronics, Inc.		285,768
	19,130	Microsemi Corp.(a)		435,208
	12,200	MKS Instruments, Inc.		323,788
	2,753	MoneyGram International, Inc.(a)		62,355
	3,710	Monster Worldwide, Inc.†		18,216
	534	NETGEAR, Inc.(a)		16,309
	2,416	OmniVision Technologies, Inc.(a)		45,058
	3,034	Photronics, Inc.†(a)		24,454
	400	Plexus Corp.†(a)		11,956

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Information Technology (continued)
	30,570	PMC - Sierra, Inc.†(a)	$	194,119
	3,597	Rambus, Inc.		30,898
	4,256	RF Micro Devices, Inc.(a)		22,770
	2,245	Richardson Electronics, Ltd.(a)		26,356
	1,304	Sanmina Corp.†(a)		18,713
	2,076	ScanSource, Inc.†(a)		66,432
	6,770	Sigma Designs, Inc.†		34,189
	2,323	Spansion, Inc., Class A†		29,084
	7,956	SunEdison, Inc.†		65,001
	1,254	SYNNEX Corp.(a)		53,019
	5,770	Tellabs, Inc.(a)		11,425
	1,980	TriQuint Semiconductor, Inc.(a)		13,721
	2,568	TTM Technologies, Inc.(a)		21,571
	640	Unisys Corp.(a)		14,125
	5,393	United Online, Inc.(a)		40,879
	1,040	Web.com Group, Inc.(a)		26,624
	1,030	WebMD Health Corp., Class A		30,251
	7,916	Westell Technologies, Inc., Class A†		18,919
				3,757,410
Materials — 4.6%
	1,184	A Schulman, Inc.		31,755
	1,260	Berry Plastics Group, Inc.†		27,808
	5,006	Boise, Inc.(a)		42,751
	1,748	Century Aluminum Co.(a)		16,222
	514	Clearwater Paper Corp.		24,189
	766	Coeur Mining, Inc.		10,188
	3,800	Deltic Timber Corp.		219,716
	6,520	Graphic Packaging Holding Co.†		50,465
	1,714	Handy & Harman, Ltd.		30,646
	643	HB Fuller Co.		24,312
	4,436	Hecla Mining Co.(a)		13,219
	714	Kraton Performance Polymers, Inc.†		15,137
	1,165	Louisiana-Pacific Corp.		17,230
	804	Minerals Technologies, Inc.		33,237
	1,461	Myers Industries, Inc.(a)		21,930
	11,769	Neenah Paper, Inc.(a)		373,901
	1,610	Olympic Steel, Inc.(a)		39,445
	864	OM Group, Inc.†(a)		26,715
	2,294	PH Glatfelter Co.		57,580
	773	PolyOne Corp.(a)		19,155
	2,088	Resolute Forest Products, Inc.†(a)		27,499
	1,414	Sensient Technologies Corp.		57,224
	5,460	Wausau Paper Corp.(a)		62,244
				1,242,568
Telecommunication Services — 0.6%
	10,610	Cincinnati Bell, Inc.†(a)		32,466
	2,490	Consolidated Communications Holdings, Inc.(a)		43,351
	4,370	General Communication, Inc., Class A†		34,217
	1,440	Lumos Networks Corp.(a)		24,624
	1,310	NTELOS Holdings Corp.		21,563
	1,619	Primus Telecommunications Group, Inc.		19,331
				175,552
Utilities — 1.3%
	360	Avista Corp.		9,727
	744	Cleco Corp.(a)		34,544
	644	El Paso Electric Co.(a)		22,740
	550	Empire District Electric Co.(a)		12,270
	484	IDACORP, Inc.(a)		23,116
	434	Laclede Group, Inc.(a)		19,817
	222	MGE Energy, Inc.(a)		12,157
	260	NorthWestern Corp.		10,374
	2,139	Ormat Technologies, Inc.(a)		50,309
	504	Piedmont Natural Gas Co., Inc.(a)		17,005

Shares			Value
Utilities (continued)
	904	PNM Resources, Inc.	$	20,060
	1,339	Portland General Electric Co.(a)		40,960
	634	Southwest Gas Corp.		29,665
	564	UIL Holdings Corp.(a)		21,573
	384	UNS Energy Corp.		17,176
	524	WGL Holdings, Inc.(a)		22,647
				364,140
Total Common Stock
(Cost $23,454,798)				26,552,199

SHORT-TERM INVESTMENTS (b) — 44.8%
	602,584	Northern Trust Institutional Government Select Portfolio, 0.010%		602,584
	11,588,079	Northern Trust Institutional Liquid Asset Portfolio, 0.010%(c)		11,588,079

Total Short-Term Investments
(Cost $12,190,663)				12,190,663

Total Investments — 142.3%
(Cost $35,645,461)				38,742,862
Other Assets & Liabilities, Net — (42.3)%				(11,515,286	)

NET ASSETS — 100.0%			$	27,227,576

†	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 June 30, 2013. The total market value of securities on loan at June 30, 2013 was $11,303,675 (Note 6).
(b)	Rate shown is the 7-day effective yield as of June 30, 2013.
(c)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2013 was $11,588,079. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $115,176 (Note 6).

Ltd. — Limited

PLC— Public Limited Company

REIT — Real Estate Investment Trust

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value

COMMON STOCK — 99.0%
Consumer Discretionary — 12.6%
	300	1-800-Flowers.com, Inc., Class A†(a)	$	1,857
	975	Aaron's, Inc.		27,310
	900	Abercrombie & Fitch Co., Class A		40,725
	800	Advance Auto Parts, Inc.		64,936
	850	Aeropostale, Inc.†(a)		11,730
	100	AFC Enterprises, Inc.†		3,594
	90	AH Belo Corp., Class A		617
	3,688	Amazon.com, Inc.		1,024,121
	400	Ambassadors Group, Inc.		1,420
	656	AMC Networks, Inc., Class A†		42,909
	3,500	American Apparel, Inc.†(a)		6,720
	1,400	American Axle & Manufacturing Holdings, Inc.†(a)		26,082
	2,625	American Eagle Outfitters, Inc.		47,932
	450	American Greetings Corp., Class A		8,199
	100	Ameristar Casinos, Inc.(a)		2,629
	964	ANN, Inc.(a)		32,005
	1,350	Apollo Group, Inc., Class A(a)		23,922
	300	Arbitron, Inc.		13,935
	1,128	Ascena Retail Group, Inc.		19,684
	200	Ascent Capital Group, Inc., Class A		15,614
	1,017	Autoliv, Inc.		78,706
	1,250	AutoNation, Inc.†(a)		54,237
	406	AutoZone, Inc.†		172,018
	500	Bally Technologies, Inc.(a)		28,210
	200	Beazer Homes USA, Inc.†(a)		3,504
	1,400	bebe stores, Inc.(a)		7,854
	1,925	Bed Bath & Beyond, Inc.		136,482
	950	Belo Corp., Class A		13,252
	3,400	Best Buy Co., Inc.		92,922
	200	Big 5 Sporting Goods Corp.		4,390
	500	Big Lots, Inc.		15,765
	40	Biglari Holdings, Inc.†		16,416
	250	Blue Nile, Inc.†		9,445
	224	Blyth, Inc.(a)		3,127
	400	Bon-Ton Stores, Inc. (The)(a)		7,220
	100	Books-A-Million, Inc., Class A†(a)		262
	1,280	BorgWarner, Inc.		110,272
	2,000	Boyd Gaming Corp.†		22,600
	1,000	Bravo Brio Restaurant Group, Inc.		17,820
	500	Bridgepoint Education, Inc.†(a)		6,090
	775	Brinker International, Inc.(a)		30,558
	764	Brookfield Residential Properties, Inc.†(a)		16,854
	500	Brunswick Corp.		15,975
	500	Cabela's, Inc.		32,380
	2,625	Cablevision Systems Corp., Class A(a)		44,153
	200	Cache, Inc.†(a)		890
	500	Callaway Golf Co.(a)		3,290
	500	Career Education Corp.		1,450
	1,755	CarMax, Inc.		81,011
	3,200	Carnival Corp.		109,728
	850	Carter's, Inc.		62,959
	5,983	CBS Corp., Class B		292,389
	362	Charles & Colvard, Ltd.†		1,477
	700	Charter Communications, Inc., Class A(a)		86,695
	600	Cheesecake Factory, Inc. (The)(a)		25,134
	2,450	Chico's FAS, Inc.		41,797
	200	Children's Place Retail Stores, Inc. (The)†		10,960
	237	Chipotle Mexican Grill, Inc., Class A		86,351
	800	Cinemark Holdings, Inc.		22,336
	50	Citi Trends, Inc.†(a)		726
	1,000	Clear Channel Outdoor Holdings, Inc., Class A†(a)		7,460
	3,150	Coach, Inc.(a)		179,833
	100	Cobra Electronics Corp.†		300

Shares			Value
Consumer Discretionary (continued)
	362	Coldwater Creek, Inc.†	$	905
	110	Collectors Universe(a)		1,457
	200	Columbia Sportswear Co.(a)		12,530
	20,821	Comcast Corp., Class A		871,983
	500	Conn's, Inc.†		25,880
	1,000	Cooper Tire & Rubber Co.		33,170
	2,450	Corinthian Colleges, Inc.†(a)		5,488
	1,200	Crocs, Inc.		19,800
	6,200	Crown Media Holdings, Inc., Class A†(a)		15,314
	50	CSS Industries, Inc.		1,246
	679	CST Brands, Inc.†(a)		20,920
	300	Cumulus Media, Inc., Class A†(a)		1,017
	1,500	Dana Holding Corp.		28,890
	1,075	Darden Restaurants, Inc.		54,266
	450	Deckers Outdoor Corp.†(a)		22,730
	775	DeVry, Inc.		24,041
	1,002	Dick's Sporting Goods, Inc.		50,160
	100	Dillard's, Inc., Class A		8,197
	5,633	DIRECTV†		347,105
	1,600	Discovery Communications, Inc., Class A†(a)		123,536
	2,025	DISH Network Corp., Class A		86,103
	100	Dixie Group, Inc. (The)†		830
	1,000	Dollar General Corp.		50,430
	2,100	Dollar Tree, Inc.		106,764
	650	Domino's Pizza, Inc.		37,797
	650	Dover Downs Gaming & Entertainment, Inc.		1,007
	2,623	DR Horton, Inc.(a)		55,817
	1,200	DreamWorks Animation SKG, Inc., Class A(a)		30,792
	642	Education Management Corp.†(a)		3,608
	219	Emmis Communications Corp., Class A†		469
	100	Empire Resorts, Inc.†(a)		292
	250	Entercom Communications Corp., Class A(a)		2,360
	100	Entravision Communications Corp., Class A		615
	1,366	EW Scripps Co. (The), Class A†		21,282
	1,057	Expedia, Inc.(a)		63,579
	1,000	Express, Inc.†		20,970
	1,200	Family Dollar Stores, Inc.		74,772
	200	Famous Dave's of America, Inc.†(a)		3,118
	1,500	Federal-Mogul Corp.		15,315
	800	Fifth & Pacific Cos., Inc.†		17,872
	100	Finish Line, Inc. (The), Class A(a)		2,186
	1,900	Foot Locker, Inc.		66,747
	40,485	Ford Motor Co.		626,303
	300	Forward Industries, Inc.†(a)		555
	600	Fossil Group, Inc.†		61,986
	700	Fred's, Inc., Class A(a)		10,843
	28	Furniture Brands International, Inc.†		112
	600	Gaiam, Inc., Class A†		2,676
	1,625	GameStop Corp., Class A		68,299
	600	Gaming Partners International Corp.		4,740
	2,800	Gannett Co., Inc.		68,488
	3,675	Gap, Inc. (The)		153,358
	6,400	General Motors Co.(a)		213,184
	275	Genesco, Inc.†		18,422
	2,010	Gentex Corp.		46,330
	1,600	Genuine Parts Co.(a)		124,912
	300	GNC Holdings, Inc., Class A		13,263
	1,875	Goodyear Tire & Rubber Co. (The)		28,669
	500	Grand Canyon Education, Inc.†(a)		16,115
	1,000	Gray Television, Inc.†		7,200
	200	Group 1 Automotive, Inc.(a)		12,866
	400	Guess, Inc.(a)		12,412

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Consumer Discretionary (continued)
	2,635	H&R Block, Inc.	$	73,121
	696	Hanesbrands, Inc.		35,788
	2,475	Harley-Davidson, Inc.		135,680
	600	Harman International Industries, Inc.		32,520
	1,000	Harte-Hanks, Inc.		8,600
	1,300	Hasbro, Inc.(a)		58,279
	200	Helen of Troy, Ltd.		7,674
	500	hhgregg, Inc.†(a)		7,985
	200	Hibbett Sports, Inc.†(a)		11,100
	300	Hillenbrand, Inc.		7,113
	13,147	Home Depot, Inc. (The)		1,018,498
	200	Hooker Furniture Corp.		3,252
	1,000	Hovnanian Enterprises, Inc., Class A†(a)		5,610
	418	HSN, Inc.		22,455
	600	Hyatt Hotels Corp., Class A†		24,216
	450	Iconix Brand Group, Inc.(a)		13,235
	3,450	International Game Technology		57,649
	237	International Speedway Corp., Class A		7,458
	5,372	Interpublic Group of Cos., Inc. (The)		78,163
	743	Interval Leisure Group, Inc.(a)		14,801
	340	ITT Educational Services, Inc.†(a)		8,296
	2,292	J.C. Penney Co., Inc.(a)		39,147
	350	Jack in the Box, Inc.		13,752
	1,500	Jarden Corp.†		65,625
	500	John Wiley & Sons, Inc., Class A(a)		20,045
	6,850	Johnson Controls, Inc.		245,161
	378	Jones Group, Inc. (The)		5,198
	300	Jos A Bank Clothiers, Inc.†(a)		12,396
	600	Journal Communications, Inc., Class A		4,494
	300	K12, Inc.†(a)		7,881
	800	KB Home		15,704
	200	Kid Brands, Inc.†		308
	2,400	Kohl's Corp.(a)		121,224
	300	Krispy Kreme Doughnuts, Inc.		5,235
	2,540	L Brands, Inc.		125,095
	200	Lakes Entertainment, Inc.†		702
	500	Lamar Advertising Co., Class A		21,700
	4,300	Las Vegas Sands Corp.		227,599
	200	La-Z-Boy, Inc., Class Z		4,054
	100	LeapFrog Enterprises, Inc., Class A†(a)		984
	1,183	Lear Corp.		71,524
	500	Learning Tree International, Inc.†(a)		1,525
	750	Lee Enterprises, Inc.†(a)		1,530
	1,410	Leggett & Platt, Inc.(a)		43,837
	1,200	Lennar Corp., Class A(a)		43,248
	1,000	Libbey, Inc.		23,970
	1,887	Liberty Global PLC, Class A†		139,772
	400	Liberty Global PLC†		27,160
	4,600	Liberty Interactive Corp., Class A†		105,846
	1,177	Liberty Media Corp.†		149,197
	230	Liberty Ventures†		19,552
	200	Life Time Fitness, Inc.†(a)		10,022
	700	Lifetime Brands, Inc.		9,506
	200	LIN TV Corp., Class A†(a)		3,060
	200	Lincoln Educational Services Corp.(a)		1,054
	1,350	Lions Gate Entertainment Corp.		37,085
	2,537	Live Nation Entertainment, Inc.		39,324
	3,600	LKQ Corp.†		92,700
	200	Loral Space & Communications, Inc.		11,996
	11,456	Lowe's Cos., Inc.		468,550
	4,298	Macy's, Inc.		206,304
	881	Madison Square Garden Co. (The), Class A		52,199
	100	Marcus Corp.		1,272
	700	Marine Products Corp.(a)		5,614
	2,577	Marriott International, Inc., Class A		104,033
	257	Marriott Vacations Worldwide Corp.		11,113

Shares			Value
Consumer Discretionary (continued)
	3,100	Martha Stewart Living Omnimedia, Class A†	$	7,471
	3,255	Mattel, Inc.		147,484
	100	Matthews International Corp., Class A		3,770
	496	McClatchy Co. (The), Class A†(a)		1,131
	10,104	McDonald's Corp.		1,000,296
	271	MDC Holdings, Inc.		8,810
	500	Media General, Inc., Class A†(a)		5,515
	500	Meritage Homes Corp.		21,680
	4,200	MGM Resorts International(a)		62,076
	577	Mohawk Industries, Inc.		64,907
	1,600	Monarch Casino & Resort, Inc.†(a)		26,976
	150	Morgans Hotel Group Co.†		1,209
	700	MTR Gaming Group, Inc.†		2,345
	591	Multimedia Games Holding Co., Inc.†		15,407
	500	National CineMedia, Inc.		8,445
	50	Nautilus, Inc.†		434
	492	Netflix, Inc.(a)		103,856
	1,300	New York & Co., Inc.†		8,255
	2,100	New York Times Co. (The), Class A†(a)		23,226
	2,926	Newell Rubbermaid, Inc.		76,808
	13,313	News Corp., Class A		434,004
	200	Nexstar Broadcasting Group, Inc., Class A		7,092
	7,330	NIKE, Inc., Class B		466,774
	2,000	Nordstrom, Inc.		119,880
	40	NVR, Inc.		36,880
	5,525	Office Depot, Inc.(a)		21,382
	1,100	OfficeMax, Inc.(a)		11,253
	2,775	Omnicom Group, Inc.(a)		174,464
	2,900	Orbitz Worldwide, Inc.†		23,287
	41	Orchard Supply Hardware Stores Corp., Class A†(a)		12
	1,142	O'Reilly Automotive, Inc.		128,612
	650	Orleans Homebuilders, Inc.† (b)		—
	200	Outerwall, Inc.(a)		11,734
	300	Overstock.com, Inc.†(a)		8,460
	50	Oxford Industries, Inc.		3,120
	200	Pacific Sunwear of California, Inc.†(a)		730
	300	Panera Bread Co., Class A		55,782
	700	Penn National Gaming, Inc.(a)		37,002
	400	Penske Automotive Group, Inc.		12,216
	1,500	Pep Boys-Manny Moe & Jack (The)		17,370
	100	Perry Ellis International, Inc.		2,031
	950	PetSmart, Inc.(a)		63,641
	825	Pier 1 Imports, Inc.		19,379
	800	Pinnacle Entertainment, Inc.†(a)		15,736
	600	Polaris Industries, Inc.		57,000
	275	Premier Exhibitions, Inc.†(a)		479
	525	priceline.com, Inc.†(a)		434,243
	2,765	PulteGroup, Inc.		52,452
	691	PVH Corp.		86,410
	50	Quiksilver, Inc.†(a)		322
	1,850	RadioShack Corp.(a)		5,846
	565	Ralph Lauren Corp., Class A		98,163
	1,000	ReachLocal, Inc.(a)		12,260
	600	Regal Entertainment Group, Class A(a)		10,740
	200	Regis Corp.(a)		3,284
	250	Rent-A-Center, Inc., Class A(a)		9,388
	1,500	Rick's Cabaret International, Inc.†		12,945
	100	Rocky Brands, Inc.		1,512
	2,075	Ross Stores, Inc.		134,481
	1,625	Royal Caribbean Cruises, Ltd.		54,178
	500	Ruby Tuesday, Inc.(a)		4,615
	500	Ryland Group, Inc. (The)(a)		20,050
	1,800	Saks, Inc.†(a)		24,552
	100	Salem Communications Corp., Class A		749

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Consumer Discretionary (continued)
	1,000	Sally Beauty Holdings, Inc.	$	31,100
	400	School Specialty, Inc.† (b)		—
	1,500	Scientific Games Corp., Class A		16,875
	900	Scripps Networks Interactive, Inc., Class A(a)		60,084
	396	Sears Canada, Inc.(a)		4,103
	925	Sears Holdings Corp.(a)		38,924
	188	Select Comfort Corp.†		4,711
	1,400	Service Corp. International		25,242
	100	SHFL Entertainment, Inc.†		1,771
	600	Shoe Carnival, Inc.		14,406
	776	Signet Jewelers, Ltd.		52,326
	900	Sinclair Broadcast Group, Inc., Class A		26,442
	48,100	Sirius XM Radio, Inc.(a)		161,135
	900	Six Flags Entertainment Corp.		31,644
	1,000	Sonic Automotive, Inc., Class A		21,140
	800	Sonic Corp.†(a)		11,648
	603	Sotheby's(a)		22,860
	75	Spartan Motors, Inc.		459
	400	Speedway Motorsports, Inc.(a)		6,960
	552	Stage Stores, Inc.(a)		12,972
	1,892	Stanley Black & Decker, Inc.		146,252
	200	Stanley Furniture Co., Inc.†		800
	8,075	Staples, Inc.(a)		128,070
	8,100	Starbucks Corp.		530,469
	1,973	Starwood Hotels & Resorts Worldwide, Inc.(a)		124,674
	1,177	Starz†		26,012
	100	Steinway Musical Instruments, Inc.†		3,043
	900	Stewart Enterprises, Inc., Class A(a)		11,781
	150	Superior Industries International, Inc.		2,582
	600	Systemax, Inc.		5,646
	6,500	Target Corp.		447,590
	700	Tempur Sealy International, Inc.		30,730
	450	Tenneco, Inc.		20,376
	380	Tesla Motors, Inc.†(a)		40,823
	1,000	Texas Roadhouse, Inc., Class A		25,020
	3,700	Thomson Reuters Corp.		120,509
	500	Thor Industries, Inc.(a)		24,590
	1,235	Tiffany & Co.		89,957
	3,016	Time Warner Cable, Inc., Class A		339,240
	8,983	Time Warner, Inc.		519,397
	6,850	TJX Cos., Inc.		342,911
	1,600	Toll Brothers, Inc.†(a)		52,208
	800	Tractor Supply Co.		94,088
	200	Trans World Entertainment Corp.		972
	1,300	Trinity Place Holdings, Inc.†		6,370
	1,057	TripAdvisor, Inc.(a)		64,340
	300	True Religion Apparel, Inc.		9,498
	1,000	TRW Automotive Holdings Corp.		66,440
	200	Tuesday Morning Corp.†		2,074
	600	Tupperware Brands Corp.		46,614
	600	Ulta Salon Cosmetics & Fragrance, Inc.(a)		60,096
	800	Under Armour, Inc., Class A(a)		47,768
	200	Universal Electronics, Inc.		5,626
	500	Universal Technical Institute, Inc.(a)		5,165
	1,400	Urban Outfitters, Inc.		56,308
	200	Value Line, Inc.(a)		1,700
	300	Valuevision Media, Inc., Class A†		1,533
	950	VF Corp.		183,407
	4,906	Viacom, Inc., Class B		333,853
	600	Visteon Corp.		37,872
	17,668	Walt Disney Co. (The)		1,115,734
	296	Weight Watchers International, Inc.(a)		13,616
	4,600	Wendy's Co. (The)(a)		26,818
	572	Whirlpool Corp.		65,414
	1,100	Williams-Sonoma, Inc.(a)		61,479

Shares			Value
Consumer Discretionary (continued)
	500	Winnebago Industries, Inc.(a)	$	10,495
	400	Wolverine World Wide, Inc.(a)		21,844
	600	World Wrestling Entertainment, Inc., Class A		6,186
	1,360	Wyndham Worldwide Corp.		77,833
	650	Wynn Resorts, Ltd.(a)		83,200
	4,650	Yum! Brands, Inc.		322,431
	1,900	Zale Corp.†		17,290
				22,150,279
Consumer Staples — 9.4%
	200	Alico, Inc.		8,022
	2,200	Alliance One International, Inc.†(a)		8,360
	20,175	Altria Group, Inc.		705,923
	250	Andersons, Inc. (The)		13,297
	5,986	Archer-Daniels-Midland Co.		202,985
	3,950	Avon Products, Inc.		83,069
	1,900	Beam, Inc.		119,909
	1,350	Brown-Forman Corp., Class B		91,193
	1,550	Bunge, Ltd.		109,694
	2,175	Campbell Soup Co.		97,418
	1,500	Central European Distribution Corp.† (b)		—
	1,700	Church & Dwight Co., Inc.		104,907
	1,200	Clorox Co. (The)(a)		99,768
	43,140	Coca-Cola Co. (The)		1,730,345
	2,695	Coca-Cola Enterprises, Inc.		94,756
	9,136	Colgate-Palmolive Co.		523,401
	4,573	ConAgra Foods, Inc.		159,735
	1,550	Constellation Brands, Inc., Class A†		80,786
	4,150	Costco Wholesale Corp.		458,865
	250	Crimson Wine Group, Ltd.†		2,120
	13,042	CVS Caremark Corp.		745,742
	650	Darling International, Inc.†		12,129
	2,134	Dean Foods Co.†(a)		21,383
	1,500	Dole Food Co., Inc.		19,125
	2,000	Dr. Pepper Snapple Group, Inc.		91,860
	584	Energizer Holdings, Inc.		58,698
	2,400	Estee Lauder Cos., Inc. (The), Class A		157,848
	2,531	Flowers Foods, Inc.(a)		55,798
	7,100	General Mills, Inc.		344,563
	962	Green Mountain Coffee Roasters, Inc.†(a)		72,208
	400	Hain Celestial Group, Inc. (The)(a)		25,988
	1,200	Herbalife, Ltd.(a)		54,168
	1,746	Hershey Co. (The)		155,883
	1,344	Hillshire Brands Co.		44,460
	1,500	Hormel Foods Corp.(a)		57,870
	550	Ingles Markets, Inc., Class A		13,887
	800	Ingredion, Inc.		52,496
	1,219	JM Smucker Co. (The)		125,740
	2,725	Kellogg Co.		175,027
	4,107	Kimberly-Clark Corp.		398,954
	5,607	Kraft Foods Group, Inc.(a)		313,263
	5,225	Kroger Co. (The)		180,472
	3,130	Lorillard, Inc.(a)		136,718
	70	Mannatech, Inc.†		769
	750	McCormick & Co., Inc.(a)		52,770
	2,300	Mead Johnson Nutrition Co., Class A		182,229
	200	MGP Ingredients, Inc.(a)		1,192
	1,500	Molson Coors Brewing Co., Class B		71,790
	16,821	Mondelez International, Inc., Class A		479,903
	1,600	Monster Beverage Corp.(a)		97,232
	700	Nu Skin Enterprises, Inc., Class A		42,784
	15,591	PepsiCo, Inc.		1,275,188
	16,525	Philip Morris International, Inc.		1,431,396
	350	Post Holdings, Inc.†		15,281
	350	Prestige Brands Holdings, Inc.†		10,199
	28,939	Procter & Gamble Co. (The)		2,228,014
	100	Reliv International, Inc.		128

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Consumer Staples (continued)
	3,503	Reynolds American, Inc.(a)	$	169,440
	7,050	Rite Aid Corp.†(a)		20,163
	70	Rocky Mountain Chocolate Factory, Inc.		846
	2,800	Safeway, Inc.(a)		66,248
	50	Sanderson Farms, Inc.		3,321
	1,350	Smithfield Foods, Inc.		44,212
	1,000	Snyders-Lance, Inc.		28,410
	3,036	SUPERVALU, Inc.(a)		18,884
	6,700	Sysco Corp.(a)		228,872
	2,930	Tyson Foods, Inc., Class A		75,242
	450	United Natural Foods, Inc.		24,296
	198	USANA Health Sciences, Inc.		14,331
	1,102	Vector Group, Ltd.(a)		17,875
	9,150	Walgreen Co.		404,430
	17,470	Wal-Mart Stores, Inc.		1,301,340
	776	WhiteWave Foods Co., Class B†(a)		11,795
	545	WhiteWave Foods Co., Class A		8,856
	3,250	Whole Foods Market, Inc.		167,310
				16,503,579
Energy — 9.9%
	250	Alon USA Energy, Inc.		3,615
	2,272	Alpha Natural Resources, Inc.†(a)		11,905
	1,000	Amyris, Inc.(a)		2,890
	5,087	Anadarko Petroleum Corp.		437,126
	4,091	Apache Corp.		342,949
	300	Approach Resources, Inc.(a)		7,371
	3,000	Arch Coal, Inc.(a)		11,340
	600	Atwood Oceanics, Inc.†		31,230
	4,245	Baker Hughes, Inc.		195,822
	600	Barnwell Industries, Inc.†		1,890
	400	Berry Petroleum Co., Class A		16,928
	45	BioFuel Energy Corp.†		150
	900	Bolt Technology Corp.		15,372
	300	BP Prudhoe Bay Royalty Trust		28,881
	3,100	BPZ Resources, Inc.†		5,549
	200	Bristow Group, Inc.		13,064
	1,800	Cabot Oil & Gas Corp.		127,836
	1,218	Cal Dive International, Inc.(a)		2,290
	1,500	Callon Petroleum Co.†		5,055
	2,450	Cameron International Corp.		149,842
	150	CARBO Ceramics, Inc.(a)		10,115
	200	Cheniere Energy, Inc.†		5,552
	6,600	Chesapeake Energy Corp.(a)		134,508
	20,669	Chevron Corp.		2,445,969
	447	Cimarex Energy Co.		29,051
	600	Clean Energy Fuels Corp.(a)		7,920
	1,000	Cloud Peak Energy, Inc.		16,480
	400	Comstock Resources, Inc.(a)		6,292
	800	Concho Resources, Inc.		66,976
	13,181	ConocoPhillips		797,450
	2,600	Consol Energy, Inc.		70,460
	500	Continental Resources, Inc.(a)		43,030
	200	Cross Timbers Royalty Trust		5,324
	500	Crosstex Energy, Inc.		9,880
	175	Delek US Holdings, Inc.(a)		5,036
	3,779	Denbury Resources, Inc.		65,452
	4,336	Devon Energy Corp.		224,952
	206	DHT Holdings, Inc.(a)		923
	850	Diamond Offshore Drilling, Inc.(a)		58,472
	800	Dresser-Rand Group, Inc.†		47,984
	300	Dril-Quip, Inc.†		27,087
	890	Energen Corp.		46,511
	525	Energy Transfer Partners, LP(A)		26,533
	1,000	Energy XXI Bermuda, Ltd.(a)		22,180
	2,575	EOG Resources, Inc.		339,076
	15	EPL Oil & Gas, Inc.†		440
	1,600	EQT Corp.		126,992

Shares			Value
Energy (continued)
	2,700	EXCO Resources, Inc.(a)	$	20,628
	812	Exterran Holdings, Inc.(a)		22,833
	47,466	Exxon Mobil Corp.		4,288,553
	1,906	FMC Technologies, Inc.†		106,126
	950	Forest Oil Corp.†(a)		3,886
	226	Geospace Technologies Corp.		15,612
	500	Goodrich Petroleum Corp.		6,400
	1,725	Gulf Coast Ultra Deep Royalty Trust†(a)		3,450
	381	Gulf Island Fabrication, Inc.		7,296
	300	Gulfmark Offshore, Inc., Class A(a)		13,527
	350	Gulfport Energy Corp.†		16,475
	10,181	Halliburton Co.		424,751
	1,000	Helix Energy Solutions Group, Inc.†(a)		23,040
	1,150	Helmerich & Payne, Inc.(a)		71,818
	1,900	Hercules Offshore, Inc.		13,376
	3,290	Hess Corp.		218,752
	1,058	HollyFrontier Corp.(a)		45,261
	500	Hornbeck Offshore Services, Inc.†		26,750
	1,750	ION Geophysical Corp.(a)		10,535
	450	James River Coal Co.†		819
	2,200	Key Energy Services, Inc.		13,090
	10,260	Kinder Morgan, Inc.(a)		391,419
	2,950	Kodiak Oil & Gas Corp.		26,226
	400	Lufkin Industries, Inc.(a)		35,388
	9	Magnum Hunter Resources Corp.(a)		33
	7,572	Marathon Oil Corp.		261,840
	3,452	Marathon Petroleum Corp.		245,299
	450	Matrix Service Co.†		7,011
	2,875	McDermott International, Inc.†		23,517
	2,075	Murphy Oil Corp.		126,347
	3,100	Nabors Industries, Ltd.		47,461
	4,420	National Oilwell Varco, Inc.		304,538
	1,525	Newfield Exploration Co.		36,432
	875	Newpark Resources, Inc.†		9,616
	3,078	Noble Energy, Inc.		184,803
	1,000	Northern Oil and Gas, Inc.†(a)		13,340
	400	Oasis Petroleum, Inc.		15,548
	8,680	Occidental Petroleum Corp.		774,516
	900	Oceaneering International, Inc.		64,980
	500	Oil States International, Inc.†		46,320
	1	Pacific Ethanol, Inc.†		4
	1,950	Patterson-UTI Energy, Inc.		37,742
	3,150	Peabody Energy Corp.(a)		46,116
	2,300	PetroQuest Energy, Inc.†(a)		9,108
	6,890	Phillips 66		405,890
	1,125	Pioneer Natural Resources Co.		162,844
	1,700	Pyramid Oil Co.†(a)		6,834
	2,200	QEP Resources, Inc.		61,116
	1,700	Quicksilver Resources, Inc.†(a)		2,856
	1,800	Range Resources Corp.		139,176
	600	Rex Energy Corp.†(a)		10,548
	600	Rosetta Resources, Inc.†		25,512
	1,600	Rowan PLC, Class A		54,512
	1,012	RPC, Inc.(a)		13,976
	4,400	SandRidge Energy, Inc.†(a)		20,944
	14,224	Schlumberger, Ltd.		1,019,292
	1,000	Ship Finance International, Ltd.(a)		14,840
	750	SM Energy Co.		44,985
	1,000	Solazyme, Inc.†(a)		11,720
	4,200	Southwestern Energy Co.(a)		153,426
	6,641	Spectra Energy Corp.		228,849
	270	Steel Excel, Inc.†		7,830
	1,706	Superior Energy Services, Inc.		44,254
	350	Syntroleum Corp.†(a)		2,415
	1,500	Tesoro Corp.		78,480
	233	TGC Industries, Inc.		1,915
	525	Tidewater, Inc.(a)		29,909

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Energy (continued)
	1,600	Trico Marine Services, Inc.† (b)	$	—
	1,000	U.S. Energy Corp.†		2,070
	1,765	Ultra Petroleum Corp.(a)		34,982
	500	Unit Corp.		21,290
	1,100	Vaalco Energy, Inc.		6,292
	6,114	Valero Energy Corp.		212,584
	8	Verenium Corp.†		18
	800	W&T Offshore, Inc.(a)		11,432
	300	Warren Resources, Inc.†		765
	500	Western Refining, Inc.(a)		14,035
	1,400	Whiting Petroleum Corp.		64,526
	7,050	Williams Cos., Inc. (The)		228,914
	800	World Fuel Services Corp.(a)		31,984
	2,350	WPX Energy, Inc.(a)		44,509
	500	ZaZa Energy Corp.†(a)		600
				17,328,456
Financials — 17.4%
	1	Acadia Realty Trust‡		25
	600	Affiliated Managers Group, Inc.†		98,364
	4,800	Aflac, Inc.		278,976
	450	Alexander & Baldwin, Inc.†		17,887
	700	Alexandria Real Estate Equities, Inc.‡		46,004
	127	Alleghany Corp.		48,680
	4,650	Allstate Corp. (The)		223,758
	10	Altisource Asset Management Corp.†(a)		2,655
	100	Altisource Portfolio Solutions SA†(a)		9,408
	33	Altisource Residential Corp., Class B†		551
	807	American Campus Communities, Inc.‡		32,813
	3,825	American Capital Agency Corp.‡		87,937
	4,200	American Capital, Ltd.		53,214
	1,100	American Equity Investment Life Holding Co.(a)		17,270
	9,475	American Express Co.		708,351
	1,100	American Financial Group, Inc.		53,801
	4,200	American International Group, Inc.†		187,740
	300	American National Insurance Co.		29,841
	4,077	American Tower Corp., Class A‡		298,314
	2,280	Ameriprise Financial, Inc.		184,406
	302	Amtrust Financial Services, Inc.(a)		10,781
	10,025	Annaly Capital Management, Inc.‡(a)		126,014
	1,500	Anworth Mortgage Asset Corp.‡(a)		8,400
	1,256	Apartment Investment & Management Co., Class A‡		37,730
	2,200	Apollo Investment Corp.†(a)		17,028
	200	Arbor Realty Trust, Inc.‡		1,256
	1,200	Arch Capital Group, Ltd.(a)		61,692
	4	Arlington Asset Investment Corp., Class A(a)		107
	3,325	ARMOUR Residential REIT, Inc.‡(a)		15,661
	1,150	Arthur J. Gallagher & Co.		50,243
	544	Ashford Hospitality Trust, Inc.‡		6,229
	1,100	Aspen Insurance Holdings, Ltd.		40,799
	1,354	Associated Banc-Corp		21,055
	300	Associated Estates Realty Corp.‡(a)		4,824
	900	Assurant, Inc.		45,819
	1,600	Assured Guaranty, Ltd.		35,296
	700	Astoria Financial Corp.(a)		7,546
	200	Atlanticus Holdings Corp.†(a)		716
	600	AV Homes, Inc.†		10,638
	847	AvalonBay Communities, Inc.‡		114,269
	1,175	Axis Capital Holdings, Ltd.		53,792
	50	Bancorp, Inc.		749
	1,150	BancorpSouth, Inc.(a)		20,355
	115,473	Bank of America Corp.		1,484,983
	450	Bank of Hawaii Corp.(a)		22,644
	11,913	Bank of New York Mellon Corp. (The)		334,160
	700	BankFinancial Corp.		5,950

Shares			Value
Financials (continued)
	1,000	BankUnited, Inc.	$	26,010
	7,925	BB&T Corp.		268,499
	600	BBCN Bancorp, Inc.		8,532
	16	BBX Capital Corp., Class A†		207
	500	Beneficial Mutual Bancorp, Inc.		4,200
	19,584	Berkshire Hathaway, Inc., Class B		2,191,841
	1,000	BGC Partners, Inc., Class A		5,890
	2,000	BioMed Realty Trust, Inc.‡		40,460
	1,100	BlackRock, Inc., Class A(a)		282,535
	1,000	Boston Private Financial Holdings, Inc.		10,640
	1,625	Boston Properties, Inc.‡		171,389
	1,988	Brandywine Realty Trust‡		26,878
	1,075	BRE Properties, Inc.‡		53,771
	3,075	Brookfield Office Properties, Inc.(a)		51,291
	1,500	Brookline Bancorp, Inc.		13,020
	1,400	Brown & Brown, Inc.		45,136
	100	Camden National Corp.		3,547
	825	Camden Property Trust‡		57,040
	30	Capital Bank Financial Corp., Class A†		570
	350	Capital City Bank Group, Inc.		4,035
	4,850	Capital One Financial Corp.		304,629
	3,839	CapitalSource, Inc.		36,010
	1,000	Capitol Federal Financial, Inc.		12,140
	700	CapLease, Inc.‡		5,908
	1,700	Capstead Mortgage Corp.‡		20,570
	100	Cardinal Financial Corp.		1,464
	288	Cathay General Bancorp		5,861
	1,780	CBL & Associates Properties, Inc.‡(a)		38,128
	600	CBOE Holdings, Inc.		27,984
	3,825	CBRE Group, Inc., Class A		89,352
	650	Cedar Realty Trust, Inc.‡		3,367
	9,964	Charles Schwab Corp. (The)		211,536
	498	Charter Financial Corp.		5,020
	500	Chemical Financial Corp.		12,995
	11,900	Chimera Investment Corp.‡(a)		35,700
	2,802	Chubb Corp. (The)		237,189
	23	CIFC Corp.†(a)		174
	1,394	Cincinnati Financial Corp.		63,985
	2,150	CIT Group, Inc.†		100,254
	31,265	Citigroup, Inc.		1,499,782
	600	City National Corp.		38,022
	3,300	CME Group, Inc., Class A		250,734
	300	CNA Financial Corp.		9,786
	2,900	CNO Financial Group, Inc.		37,584
	750	CoBiz Financial, Inc.		6,225
	350	Cohen & Steers, Inc.(a)		11,893
	1,429	Colonial Properties Trust‡		34,467
	276	Columbia Banking System, Inc.(a)		6,572
	1,783	Comerica, Inc.		71,017
	1,302	Commerce Bancshares, Inc.(a)		56,715
	1,293	CommonWealth REIT‡(a)		29,894
	500	Community Bank System, Inc.(a)		15,425
	100	Community Trust Bancorp, Inc.(a)		3,562
	850	Corporate Office Properties Trust‡(a)		21,675
	899	Corrections Corp. of America‡		30,449
	1,863	Cousins Properties, Inc.‡		18,816
	199	Cowen Group, Inc., Class A†		577
	200	Crawford & Co., Class B		1,124
	937	CubeSmart‡		14,973
	600	Cullen/Frost Bankers, Inc.		40,062
	1,000	CVB Financial Corp.		11,760
	1,000	CYS Investments, Inc.‡		9,210
	3,450	DCT Industrial Trust, Inc.‡(a)		24,667
	2,995	DDR Corp.‡(a)		49,867
	2,502	DiamondRock Hospitality Co.‡		23,319
	1,000	Digital Realty Trust, Inc.‡(a)		61,000
	4,875	Discover Financial Services		232,245

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Financials (continued)
	1,100	Donegal Group, Inc., Class A	$	15,367
	1,100	Douglas Emmett, Inc.‡		27,445
	3,101	Duke Realty Corp.‡		48,345
	700	DuPont Fabros Technology, Inc.‡(a)		16,905
	3,778	E*Trade Financial Corp.		47,829
	2,000	East West Bancorp, Inc.		55,000
	1,325	Eaton Vance Corp.(a)		49,807
	1,000	Education Realty Trust, Inc.‡		10,230
	175	eHealth, Inc.†		3,976
	200	Encore Capital Group, Inc.†(a)		6,622
	700	Endurance Specialty Holdings, Ltd.		36,015
	50	Enterprise Financial Services Corp.		798
	300	EPR Properties‡		15,081
	500	Equity Lifestyle Properties, Inc.‡		39,295
	1,000	Equity One, Inc.‡(a)		22,630
	3,479	Equity Residential‡		201,991
	400	Essex Property Trust, Inc.‡		63,568
	536	Everest Re Group, Ltd.		68,747
	1,500	Extra Space Storage, Inc.‡		62,895
	1,000	Ezcorp, Inc., Class A†		16,880
	625	Federal Realty Investment Trust‡		64,800
	1,200	Federated Investors, Inc., Class B(a)		32,892
	200	Federated National Holding Co.(a)		1,950
	1,000	FelCor Lodging Trust, Inc.‡		5,910
	2,291	Fidelity National Financial, Inc., Class A		54,549
	10,401	Fifth Third Bancorp		187,738
	1,200	Financial Institutions, Inc.		22,092
	100	First Acceptance Corp.†		164
	827	First American Financial Corp.		18,227
	300	First Bancorp		4,230
	166	First BanCorp(a)		1,175
	500	First Cash Financial Services, Inc.†		24,605
	800	First Commonwealth Financial Corp.		5,896
	425	First Community Bancshares, Inc.		6,664
	100	First Financial Corp.		3,099
	2,433	First Horizon National Corp.(a)		27,250
	650	First Industrial Realty Trust, Inc.‡		9,860
	50	First Marblehead Corp. (The)†(a)		59
	3,424	First Niagara Financial Group, Inc.		34,480
	800	First Potomac Realty Trust‡		10,448
	600	First Republic Bank		23,088
	1,007	FirstMerit Corp.(a)		20,170
	1,500	FNB Corp.(a)		18,120
	2,100	Forest City Enterprises, Inc., Class A†		37,611
	1,557	Franklin Resources, Inc.		211,783
	950	Franklin Street Properties Corp.‡(a)		12,540
	2,734	Fulton Financial Corp.(a)		31,386
	4,665	General Growth Properties, Inc.‡		92,694
	5,850	Genworth Financial, Inc., Class A†		66,748
	1,152	Geo Group, Inc. (The)‡		39,110
	400	Getty Realty Corp.‡		8,260
	900	Glacier Bancorp, Inc.(a)		19,971
	50	Gleacher & Co., Inc.†		694
	800	Glimcher Realty Trust‡(a)		8,736
	4,783	Goldman Sachs Group, Inc. (The)		723,429
	435	Gramercy Property Trust, Inc.† ‡		1,957
	200	Guaranty Bancorp(a)		2,270
	100	Hallmark Financial Services, Inc.†		914
	627	Hancock Holding Co.		18,854
	69	Hanmi Financial Corp.		1,219
	700	Hanover Insurance Group, Inc. (The)		34,251
	4,750	Hartford Financial Services Group, Inc.		146,870
	1,000	Hatteras Financial Corp.‡		24,640
	1,175	HCC Insurance Holdings, Inc.		50,654
	4,625	HCP, Inc.‡		210,160
	2,200	Health Care REIT, Inc.‡		147,466
	500	Healthcare Realty Trust, Inc.‡		12,750

Shares			Value
Financials (continued)
	50	Heritage Commerce Corp.	$	350
	700	Hersha Hospitality Trust, Class A‡		3,948
	650	Highwoods Properties, Inc.‡		23,146
	1,500	Hilltop Holdings, Inc.†		24,600
	1,320	Home BancShares, Inc.(a)		34,280
	500	Home Properties, Inc.‡(a)		32,685
	1,000	Horace Mann Educators Corp.		24,380
	1,500	Hospitality Properties Trust‡		39,420
	8,624	Host Hotels & Resorts, Inc.‡(a)		145,487
	44	Howard Hughes Corp. (The)†		4,932
	4,301	Hudson City Bancorp, Inc.		39,397
	9,351	Huntington Bancshares, Inc.(a)		73,686
	100	ICG Group, Inc.†		1,140
	85	IMPAC Mortgage Holdings, Inc.† ‡		863
	300	Infinity Property & Casualty Corp.		17,928
	1,100	Inland Real Estate Corp.‡		11,242
	1,500	Interactive Brokers Group, Inc., Class A		23,955
	669	IntercontinentalExchange, Inc.(a)		118,921
	700	International Bancshares Corp.		15,806
	550	Intervest Bancshares Corp., Class A†		3,674
	500	INTL FCStone, Inc.†(a)		8,725
	1,000	Invesco Mortgage Capital, Inc.‡		16,560
	4,800	Invesco, Ltd.		152,640
	1,000	Investment Technology Group, Inc.		13,980
	800	Investors Bancorp, Inc.(a)		16,864
	1,800	Investors Real Estate Trust‡		15,480
	1,564	iStar Financial, Inc.† ‡		17,658
	2,475	Janus Capital Group, Inc.(a)		21,062
	500	Jones Lang LaSalle, Inc.		45,570
	40,734	JPMorgan Chase & Co.		2,150,348
	600	Kearny Financial Corp.†(a)		6,294
	350	Kemper Corp.(a)		11,988
	9,848	KeyCorp		108,722
	700	Kilroy Realty Corp.‡(a)		37,107
	4,625	Kimco Realty Corp.‡(a)		99,114
	800	Kite Realty Group Trust‡		4,824
	1,400	Knight Capital Group, Inc., Class A		5,026
	1,500	LaSalle Hotel Properties‡(a)		37,050
	1,700	Legg Mason, Inc.(a)		52,717
	2,882	Leucadia National Corp.		75,566
	1,626	Lexington Realty Trust‡(a)		18,992
	1,450	Liberty Property Trust‡(a)		53,592
	2,875	Lincoln National Corp.		104,851
	3,300	Loews Corp.		146,520
	200	LPL Financial Holdings, Inc.		7,552
	1,372	M&T Bank Corp.(a)		153,321
	1,287	Macerich Co. (The)‡		78,468
	1,500	Mack-Cali Realty Corp.‡		36,735
	1,000	Maiden Holdings, Ltd.		11,220
	135	Markel Corp.		71,138
	5,370	Marsh & McLennan Cos., Inc.		214,370
	244	MB Financial, Inc.		6,539
	1,900	MBIA, Inc.(a)		25,289
	2,800	McGraw Hill Financial, Inc.		148,932
	967	Meadowbrook Insurance Group, Inc.		7,765
	600	Medallion Financial Corp.(a)		8,346
	1,500	Medical Properties Trust, Inc.‡		21,480
	9,421	MetLife, Inc.		431,105
	4,000	MFA Financial, Inc.‡		33,800
	1,500	MGIC Investment Corp.(a)		9,105
	100	Mid-America Apartment Communities, Inc.‡(a)		6,777
	400	Montpelier Re Holdings, Ltd.(a)		10,004
	1,575	Moody's Corp.		95,965
	15,450	Morgan Stanley		377,443
	3,800	MPG Office Trust, Inc.† ‡		11,932
	1,072	MSCI, Inc., Class A†		35,665

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Financials (continued)
	1,450	NASDAQ OMX Group, Inc. (The)	$	47,546
	400	National Interstate Corp.		11,700
	2,500	National Penn Bancshares, Inc.		25,400
	500	National Retail Properties, Inc.‡(a)		17,200
	500	NBT Bancorp, Inc.(a)		10,585
	350	New Residential Investment Corp.‡		2,359
	4,312	New York Community Bancorp, Inc.(a)		60,368
	350	Newcastle Investment Corp.‡		1,830
	10	North Valley Bancorp†		165
	2,850	Northern Trust Corp.		165,015
	156	NorthStar Realty Finance Corp.‡(a)		1,420
	875	Northwest Bancshares, Inc.		11,821
	2,375	NYSE Euronext		98,325
	300	Ocwen Financial Corp.†		12,366
	432	OFG Bancorp(a)		7,824
	1,500	Old National Bancorp		20,745
	3,236	Old Republic International Corp.		41,647
	400	Old Second Bancorp, Inc.†(a)		2,208
	975	Omega Healthcare Investors, Inc.‡(a)		30,244
	600	OneBeacon Insurance Group, Ltd., Class A(a)		8,688
	400	Oritani Financial Corp.		6,272
	200	Parkway Properties, Inc.‡		3,352
	625	PartnerRe, Ltd.		56,600
	1,000	Pebblebrook Hotel Trust‡		25,850
	4,347	People's United Financial, Inc.(a)		64,770
	123	PHH Corp.†		2,507
	62	Phoenix, Inc.†		2,666
	2,100	Piedmont Office Realty Trust, Inc., Class A‡(a)		37,548
	900	Pinnacle Financial Partners, Inc.		23,139
	500	Platinum Underwriters Holdings, Ltd.		28,610
	1,884	Plum Creek Timber Co., Inc.‡		87,926
	5,675	PNC Financial Services Group, Inc.		413,821
	1,157	Popular, Inc.		35,092
	100	Portfolio Recovery Associates, Inc.(a)		15,363
	600	Post Properties, Inc.‡		29,694
	200	Preferred Bank(a)		3,296
	300	Primerica†		11,232
	100	Primus Guaranty, Ltd.†(a)		1,006
	2,750	Principal Financial Group, Inc.		102,988
	1,222	PrivateBancorp, Inc., Class A(a)		25,919
	530	ProAssurance Corp.		27,645
	6,125	Progressive Corp. (The)		155,698
	4,735	Prologis, Inc.‡		178,604
	500	Prosperity Bancshares, Inc.		25,895
	1,000	Protective Life Corp.		38,410
	1,500	Provident Financial Services, Inc.		23,670
	1,050	Provident New York Bancorp(a)		9,807
	4,975	Prudential Financial, Inc.		363,324
	1,639	Public Storage‡		251,308
	2,077	Pzena Investment Management, Inc., Class A(a)		13,542
	1,370	Radian Group, Inc.(a)		15,919
	66	RAIT Financial Trust‡		496
	1,000	Ramco-Gershenson Properties Trust‡		15,530
	1,200	Raymond James Financial, Inc.		51,576
	1,501	Rayonier, Inc.‡(a)		83,140
	1,300	Realty Income Corp.‡(a)		54,496
	1,200	Redwood Trust, Inc.‡		20,400
	1,025	Regency Centers Corp.‡		52,080
	13,306	Regions Financial Corp.		126,806
	850	Reinsurance Group of America, Inc., Class A		58,744
	400	RenaissanceRe Holdings, Ltd.		34,716
	50	Renasant Corp.(a)		1,217
	315	Republic Bancorp, Inc., Class A(a)		6,905

Shares			Value
Financials (continued)
	250	Resource America, Inc., Class A	$	2,125
	200	Resource Capital Corp.‡(a)		1,230
	1,000	RLJ Lodging Trust‡		22,490
	1,700	Roma Financial Corp.(a)		30,872
	174	Rouse Properties, Inc.‡(a)		3,414
	233	Sabra Health Care REIT, Inc.‡(a)		6,084
	200	Saul Centers, Inc.‡		8,892
	750	Seacoast Banking Corp. of Florida†		1,650
	2,000	SEI Investments Co.(c)		56,860
	600	Selective Insurance Group, Inc.		13,812
	1,650	Senior Housing Properties Trust‡		42,785
	400	Signature Bank		33,208
	152	Silver Bay Realty Trust Corp.‡(a)		2,517
	200	Simmons First National Corp., Class A(a)		5,218
	3,346	Simon Property Group, Inc.‡		528,400
	1,000	SL Green Realty Corp.‡(a)		88,190
	4,300	SLM Corp.		98,298
	50	Southwest Bancorp, Inc.†		660
	316	Sovran Self Storage, Inc.‡		20,474
	500	St. Joe Co. (The)†(a)		10,525
	490	StanCorp Financial Group, Inc.(a)		24,211
	1,000	Starwood Property Trust, Inc.‡		24,750
	400	State Auto Financial Corp.		7,268
	4,990	State Street Corp.		325,398
	50	Sterling Bancorp, Class N		581
	300	Stewart Information Services Corp.		7,857
	640	Stifel Financial Corp.†(a)		22,829
	2,100	Strategic Hotels & Resorts, Inc.† ‡		18,606
	50	Suffolk Bancorp†(a)		817
	822	Sun Bancorp, Inc.†(a)		2,787
	500	Sun Communities, Inc.‡(a)		24,880
	2,595	Sunstone Hotel Investors, Inc.‡		31,348
	5,930	SunTrust Banks, Inc.		187,210
	1,728	Susquehanna Bancshares, Inc.		22,205
	450	SVB Financial Group		37,494
	1,000	Symetra Financial Corp.(a)		15,990
	10,831	Synovus Financial Corp.		31,627
	2,625	T Rowe Price Group, Inc.		192,019
	1,000	Tanger Factory Outlet Centers‡		33,460
	500	Taubman Centers, Inc.‡		37,575
	500	Taylor Capital Group, Inc.†		8,445
	1,500	TCF Financial Corp.(a)		21,270
	3,103	TD Ameritrade Holding Corp.		75,372
	50	Tejon Ranch Co.†		1,425
	784	Texas Capital Bancshares, Inc.†		34,778
	1,250	TFS Financial Corp.		14,000
	1,100	Torchmark Corp.(a)		71,654
	103	TowneBank(a)		1,516
	4,004	Travelers Cos., Inc. (The)		320,000
	90	Tree.com, Inc.(a)		1,543
	400	Trico Bancshares(a)		8,532
	1,208	TrustCo Bank Corp.		6,572
	1,000	Trustmark Corp.		24,580
	3,125	Two Harbors Investment Corp.‡		32,031
	18,759	U.S. Bancorp		678,138
	2,328	UDR, Inc.‡(a)		59,341
	1,300	Umpqua Holdings Corp.		19,513
	474	United Community Banks, Inc.		5,887
	317	United Community Financial Corp.†		1,474
	403	United Financial Bancorp, Inc.		6,105
	300	United Fire Group, Inc.		7,449
	357	United Security Bancshares†		1,514
	200	Universal Health Realty Income Trust‡(a)		8,626
	2,407	Unum Group		70,694
	500	Urstadt Biddle Properties, Inc., Class A‡		10,085
	483	Validus Holdings, Ltd.		17,446
	1,831	Valley National Bancorp(a)		17,340

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Financials (continued)
	3,315	Ventas, Inc.‡	$	230,260
	565	Virginia Commerce Bancorp, Inc.		7,887
	48	Virtus Investment Partners, Inc.†		8,461
	2,132	Vornado Realty Trust‡		176,636
	1,187	W.R. Berkley Corp.		48,501
	825	Waddell & Reed Financial, Inc., Class A		35,887
	220	Walter Investment Management Corp.		7,438
	1,333	Washington Federal, Inc.		25,167
	1,250	Washington Real Estate Investment Trust‡(a)		33,638
	400	Washington Trust Bancorp, Inc.		11,408
	550	Waterstone Financial, Inc.(a)		5,588
	800	Webster Financial Corp.		20,544
	1,700	Weingarten Realty Investors‡(a)		52,309
	51,892	Wells Fargo & Co.		2,141,583
	383	Westamerica Bancorporation(a)		17,499
	1,150	Western Alliance Bancorp(a)		18,204
	200	Westfield Financial, Inc.		1,400
	80	White Mountains Insurance Group, Ltd.		45,995
	700	Wilshire Bancorp, Inc.		4,634
	500	Wintrust Financial Corp.(a)		19,140
	10	WP Stewart & Co., Ltd.†		70
	1,630	Zions Bancorporation(a)		47,074
	400	ZipRealty, Inc.†(a)		1,252
				30,641,366
Health Care — 12.0%
	17,125	Abbott Laboratories		597,320
	17,125	AbbVie, Inc.		707,947
	100	ACADIA Pharmaceuticals, Inc.†(a)		1,815
	300	Accretive Health, Inc.†(a)		3,243
	1,350	Actavis, Inc.†		170,397
	4,219	Aetna, Inc.		268,075
	200	Affymetrix, Inc.(a)		888
	3,746	Agilent Technologies, Inc.		160,179
	300	Air Methods Corp.(a)		10,164
	400	Akorn, Inc.†(a)		5,408
	700	Albany Molecular Research, Inc.†		8,309
	500	Alere, Inc.†(a)		12,250
	1,800	Alexion Pharmaceuticals, Inc.†		166,032
	750	Align Technology, Inc.(a)		27,780
	1,000	Alkermes PLC(a)		28,680
	3,158	Allergan, Inc.		266,030
	140	Alliance HealthCare Services, Inc.†		2,190
	1,500	Allscripts Healthcare Solutions, Inc.†(a)		19,410
	496	Alnylam Pharmaceuticals, Inc.†		15,381
	100	AMAG Pharmaceuticals, Inc.†		2,225
	201	Amedisys, Inc.(a)		2,336
	600	American Caresource Holdings, Inc.†		1,068
	2,280	AmerisourceBergen Corp., Class A		127,292
	6,275	Amgen, Inc.		619,091
	300	Amicus Therapeutics, Inc.†(a)		699
	250	AMN Healthcare Services, Inc.†(a)		3,580
	400	Amsurg Corp., Class A		14,040
	500	Anika Therapeutics, Inc.†(a)		8,500
	300	Arena Pharmaceuticals, Inc.†(a)		2,310
	1,000	Ariad Pharmaceuticals, Inc.†		17,490
	1,000	Auxilium Pharmaceuticals, Inc.		16,630
	1,000	Baxano Surgical, Inc.†		2,400
	5,513	Baxter International, Inc.		381,885
	2,165	Becton Dickinson and Co.(a)		213,967
	200	Biodel, Inc.†(a)		836
	1,905	Biogen Idec, Inc.		409,956
	1,000	BioMarin Pharmaceutical, Inc.		55,790
	200	Bio-Rad Laboratories, Inc., Class A†		22,440
	13,689	Boston Scientific Corp.†		126,897
	16,450	Bristol-Myers Squibb Co.		735,151
	1,000	Brookdale Senior Living, Inc., Class A†		26,440

Shares			Value
Health Care (continued)
	1,000	Bruker Corp.(a)	$	16,150
	200	BSD Medical Corp.†(a)		264
	825	C.R. Bard, Inc.		89,661
	700	Cadence Pharmaceuticals, Inc.†(a)		4,774
	1,850	Cambrex Corp.		25,844
	100	Capital Senior Living Corp.†		2,390
	3,211	Cardinal Health, Inc.		151,559
	2,293	CareFusion Corp.†		84,497
	1,960	Catamaran Corp.		95,491
	4,532	Celgene Corp.†		529,836
	226	Cell Therapeutics, Inc.†		237
	27	Celldex Therapeutics, Inc.(a)		421
	500	Cepheid, Inc.(a)		17,210
	1,600	Cerner Corp.		153,744
	500	Charles River Laboratories International, Inc.†		20,515
	3,050	Cigna Corp.		221,094
	200	Cleveland Biolabs, Inc.†(a)		316
	37	Codexis, Inc.†		82
	1,100	Community Health Systems, Inc.		51,568
	100	Computer Programs & Systems, Inc.		4,914
	300	CONMED Corp.(a)		9,372
	400	Cooper Cos., Inc. (The)		47,620
	1,500	Cornerstone Therapeutics, Inc.†		12,000
	550	Covance, Inc.†(a)		41,877
	500	Cubist Pharmaceuticals, Inc.		24,150
	300	Cyberonics, Inc.†		15,588
	1,491	Cynosure, Inc., Class A(a)		38,739
	2,300	Cytori Therapeutics, Inc.†(a)		5,290
	829	DaVita HealthCare Partners, Inc.†		100,143
	1,700	Dendreon Corp.(a)		7,004
	1,075	DENTSPLY International, Inc.(a)		44,032
	100	Dyax Corp.†		346
	1,100	Edwards Lifesciences Corp.†(a)		73,920
	10,645	Eli Lilly & Co.		522,882
	793	Emergent Biosolutions, Inc.		11,435
	889	Emeritus Corp.		20,607
	1,400	Endo Health Solutions, Inc.†(a)		51,506
	800	Exelixis, Inc.(a)		3,632
	8,740	Express Scripts Holding Co.		539,171
	100	Five Star Quality Care, Inc.†(a)		561
	2,725	Forest Laboratories, Inc.		111,725
	116	Furiex Pharmaceuticals, Inc.†		3,952
	500	Galena Biopharma, Inc.†(a)		1,110
	200	Genomic Health, Inc.†(a)		6,342
	50	Gentiva Health Services, Inc.(a)		498
	1,100	Geron Corp.(a)		1,650
	12,750	Gilead Sciences, Inc.(a)		652,928
	450	GTx, Inc.†		2,970
	1,700	Halozyme Therapeutics, Inc.(a)		13,498
	500	HCA Holdings, Inc.		18,030
	3,350	Health Management Associates, Inc., Class A(a)		52,662
	700	Health Net, Inc.		22,274
	1,100	HealthSouth Corp.		31,680
	872	Henry Schein, Inc.(a)		83,494
	300	Hill-Rom Holdings, Inc.		10,104
	2,452	Hologic, Inc.		47,324
	1,740	Hospira, Inc.(a)		66,659
	1,581	Humana, Inc.		133,405
	200	ICU Medical, Inc.		14,412
	1,300	Idenix Pharmaceuticals, Inc.†(a)		4,693
	400	IDEXX Laboratories, Inc.(a)		35,912
	1,388	Illumina, Inc.†(a)		103,878
	1,000	ImmunoGen, Inc.(a)		16,590
	1,000	Impax Laboratories, Inc.†		19,930
	1,300	Incyte Corp., Ltd.(a)		28,600

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Health Care (continued)
	600	Infinity Pharmaceuticals, Inc.	$	9,750
	300	Integra LifeSciences Holdings Corp.†(a)		10,989
	562	InterMune, Inc.(a)		5,406
	365	Intuitive Surgical, Inc.		184,902
	1,000	Ironwood Pharmaceuticals, Inc., Class A†(a)		9,950
	700	Isis Pharmaceuticals, Inc.(a)		18,809
	29,685	Johnson & Johnson		2,548,754
	300	Keryx Biopharmaceuticals, Inc.†(a)		2,241
	1,075	Laboratory Corp. of America Holdings†(a)		107,607
	200	LCA-Vision, Inc.†		604
	600	LHC Group, Inc.(a)		11,748
	1,833	Life Technologies Corp.		135,660
	565	LifePoint Hospitals, Inc.		27,595
	16	Ligand Pharmaceuticals, Inc., Class B†(a)		599
	400	Magellan Health Services, Inc.†		22,432
	500	MAKO Surgical Corp.†(a)		6,025
	1,600	MannKind Corp.(a)		10,400
	600	Masimo Corp.		12,720
	200	Maxygen, Inc.		496
	2,475	McKesson Corp.		283,388
	400	MedAssets, Inc.†		7,096
	725	Medivation, Inc.†(a)		35,670
	600	MEDNAX, Inc.		54,948
	10,297	Medtronic, Inc.		529,986
	30,130	Merck & Co., Inc.		1,399,539
	100	Merge Healthcare, Inc.†		360
	200	Mettler-Toledo International, Inc.		40,240
	600	MGC Diagnostics Corp.		5,010
	600	Molina Healthcare, Inc.†(a)		22,308
	200	Momenta Pharmaceuticals, Inc.†		3,012
	4,275	Mylan, Inc.†		132,653
	500	Myriad Genetics, Inc.†		13,435
	300	National Healthcare Corp.		14,340
	950	Nektar Therapeutics		10,973
	200	Neurocrine Biosciences, Inc.†(a)		2,676
	1,000	NuVasive, Inc.†		24,790
	1,000	NxStage Medical, Inc.†		14,280
	128	Oculus Innovative Sciences, Inc.†(a)		330
	1,300	Omnicare, Inc.(a)		62,023
	325	Onyx Pharmaceuticals, Inc.†(a)		28,217
	3,000	Opko Health, Inc.†(a)		21,300
	1,500	Optimer Pharmaceuticals, Inc.(a)		21,705
	750	Orexigen Therapeutics, Inc.†(a)		4,388
	700	Owens & Minor, Inc.(a)		23,681
	600	PAREXEL International Corp.(a)		27,564
	950	Patterson Cos., Inc.(a)		35,720
	800	PDI, Inc.†		3,760
	1,100	PDL BioPharma, Inc.(a)		8,492
	1,517	PerkinElmer, Inc.		49,303
	5	Pernix Therapeutics Holdings†		18
	850	Perrigo Co.		102,850
	76,487	Pfizer, Inc.		2,142,401
	575	Pharmacyclics, Inc.†		45,695
	381	PharMerica Corp.		5,281
	400	Pozen, Inc.†		2,004
	800	Progenics Pharmaceuticals, Inc.†		3,568
	200	Providence Service Corp. (The)†(a)		5,818
	1,575	Quest Diagnostics, Inc.(a)		95,492
	800	Questcor Pharmaceuticals, Inc.(a)		36,368
	600	Regeneron Pharmaceuticals, Inc.(a)		134,928
	1,800	ResMed, Inc.(a)		81,234
	1,600	Rigel Pharmaceuticals, Inc.†(a)		5,344
	418	RTI Biologics, Inc.†		1,572
	600	Sagent Pharmaceuticals, Inc.†(a)		12,588
	600	Salix Pharmaceuticals, Ltd.		39,690

Shares				Value
Health Care (continued)
	300		Sangamo Biosciences, Inc.(a)	$	2,343
	1,500		Seattle Genetics, Inc.†(a)		47,190
	1,000		Select Medical Holdings Corp.		8,200
	1,500		Sequenom, Inc.†(a)		6,315
	600	��	Simulations Plus, Inc.		2,502
	350		Sirona Dental Systems, Inc.		23,058
	700		Skilled Healthcare Group, Inc., Class A†		4,676
	600		Solta Medical, Inc.†		1,368
	2,700		St. Jude Medical, Inc.		123,201
	650		STERIS Corp.		27,872
	3,720		Stryker Corp.		240,610
	200		Symmetry Medical, Inc.†		1,684
	400		Synta Pharmaceuticals Corp.†(a)		1,996
	1,000		Team Health Holdings, Inc.		41,070
	500		Techne Corp.		34,540
	500		Teleflex, Inc.		38,745
	931		Tenet Healthcare Corp.†		42,919
	1,000		Theravance, Inc.(a)		38,530
	3,840		Thermo Fisher Scientific, Inc.		324,979
	600		Thoratec Corp.†		18,786
	80		Transcept Pharmaceuticals, Inc.†		242
	600		Triple-S Management Corp., Class B†(a)		12,882
	600		United Therapeutics Corp.(a)		39,492
	10,380		UnitedHealth Group, Inc.		679,682
	500		Universal American Corp.(a)		4,445
	1,100		Universal Health Services, Inc., Class B		73,656
	1,200		Varian Medical Systems, Inc.(a)		80,940
	500		VCA Antech, Inc.†		13,045
	17		Venaxis, Inc.†		20
	1,750		Vertex Pharmaceuticals, Inc.		139,773
	700		ViroPharma, Inc.(a)		20,055
	500		Volcano Corp.(a)		9,065
	1,000		Waters Corp.		100,050
	3,063		WellPoint, Inc.		250,676
	2,036		Zimmer Holdings, Inc.(a)		152,578
					21,117,193
Industrials — 10.9%
	675		3D Systems Corp.†(a)		29,633
	7,385		3M Co.		807,550
	300		Acacia Research Corp.(a)		6,705
	453		ACCO Brands Corp.†(a)		2,881
	300		Acme United Corp.(a)		3,855
	590		Actuant Corp., Class A(a)		19,452
	300		Acuity Brands, Inc.(a)		22,656
	2,500		ADT Corp.		99,625
	1,100		AECOM Technology Corp.†		34,969
	850		AGCO Corp.		42,661
	1,000		Air Lease Corp., Class A(a)		27,590
	1,200		Aircastle, Ltd.		19,188
	600		Alaska Air Group, Inc.†		31,200
	100		Albany International Corp., Class A		3,298
	250		Alliant Techsystems, Inc.		20,582
	100		AMERCO		16,190
	2,362		AMETEK, Inc.		99,912
	3,275		AMR Corp.†		13,198
	1,500		AMREP Corp.†(a)		13,875
	500		Apogee Enterprises, Inc.		12,000
	200		Armstrong World Industries, Inc.		9,558
	200		Astec Industries, Inc.		6,858
	1,100		Avery Dennison Corp.		47,036
	992		Avis Budget Group, Inc.†		28,520
	600		AZZ, Inc.		23,136
	1,075		B/E Aerospace, Inc.		67,811
	1,437		Babcock & Wilcox Co. (The)(a)		43,153
	600		Barnes Group, Inc.		17,994
	500		Blount International, Inc.		5,910
	900		BlueLinx Holdings, Inc.†(a)		1,935

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Industrials (continued)
	7,515	Boeing Co. (The)	$	769,837
	445	Brady Corp., Class A		13,675
	450	Brink's Co. (The)		11,479
	450	Builders FirstSource, Inc.†		2,691
	500	Carlisle Cos., Inc.		31,155
	100	Casella Waste Systems, Inc., Class A†		431
	6,606	Caterpillar, Inc.(a)		544,929
	1,300	CBIZ, Inc.†(a)		8,723
	400	CDI Corp.		5,664
	400	Ceco Environmental Corp.(a)		4,920
	300	Celadon Group, Inc.		5,475
	800	Cenveo, Inc.†(a)		1,704
	1,525	CH Robinson Worldwide, Inc.(a)		85,873
	400	Chart Industries, Inc.†(a)		37,636
	77	Chicago Bridge & Iron Co. NV		4,594
	1,032	Cintas Corp.		46,997
	400	CLARCOR, Inc.		20,884
	540	Clean Harbors, Inc.†(a)		27,286
	300	Coleman Cable, Inc.		5,418
	400	Columbus McKinnon Corp.		8,528
	900	Comfort Systems USA, Inc.		13,428
	300	Commercial Vehicle Group, Inc.†(a)		2,238
	550	Con-way, Inc.		21,428
	1,400	Copart, Inc.		43,120
	1,750	Covanta Holding Corp.(a)		35,035
	100	Covenant Transportation Group, Inc., Class A†		624
	300	Crane Co.		17,976
	9,950	CSX Corp.		230,741
	1,805	Cummins, Inc.		195,770
	300	Curtiss-Wright Corp.		11,118
	6,136	Danaher Corp.		388,409
	3,813	Deere & Co.(a)		309,806
	10,050	Delta Air Lines, Inc.		188,035
	1,500	Dolan Co. (The)†		2,445
	1,225	Donaldson Co., Inc.(a)		43,683
	1,758	Dover Corp.		136,526
	500	Dun & Bradstreet Corp.(a)		48,725
	100	DXP Enterprises, Inc.(a)		6,660
	400	Dynamic Materials Corp.(a)		6,604
	450	Eagle Bulk Shipping, Inc.†		1,642
	3,800	Eaton Corp. PLC		250,078
	500	EMCOR Group, Inc.		20,325
	7,353	Emerson Electric Co.		401,033
	700	Empire Resources, Inc.(a)		3,479
	550	Encore Wire Corp.		18,755
	500	Energy Recovery, Inc.†(a)		2,065
	300	EnerNOC, Inc.†		3,978
	500	EnerSys, Inc.		24,520
	179	Engility Holdings, Inc.(a)		5,087
	50	Ennis, Inc.		864
	1,375	Equifax, Inc.		81,029
	200	ESCO Technologies, Inc.		6,476
	2,200	Exelis, Inc.		30,338
	2,425	Expeditors International of Washington, Inc.		92,174
	3,000	Fastenal Co.(a)		137,550
	1,000	Federal Signal Corp.		8,750
	2,759	FedEx Corp.		271,982
	1,515	Flowserve Corp.(a)		81,825
	1,500	Fluor Corp.		88,965
	1,900	Fortune Brands Home & Security, Inc.		73,606
	600	Franklin Electric Co., Inc.		20,190
	500	FreightCar America, Inc.(a)		8,495
	100	Frozen Food Express Industries†		161
	600	FTI Consulting, Inc.(a)		19,734
	700	Fuel Tech, Inc.†		2,681

Shares			Value
Industrials (continued)
	500	FuelCell Energy, Inc.(a)	$	635
	300	Furmanite Corp.†		2,007
	750	Gardner Denver, Inc.		56,385
	200	GATX Corp.		9,486
	1,500	GenCorp, Inc.(a)		24,390
	625	General Cable Corp.		19,219
	3,240	General Dynamics Corp.		253,789
	110,646	General Electric Co.		2,565,880
	475	Genessee & Wyoming, Inc., Class A		40,299
	406	Gorman-Rupp Co. (The)(a)		12,927
	487	Graco, Inc.		30,783
	1,350	GrafTech International, Ltd.(a)		9,828
	400	Granite Construction, Inc.		11,904
	1,500	Great Lakes Dredge & Dock Corp.(a)		11,730
	550	Greenbrier Cos., Inc.†(a)		13,403
	350	Griffon Corp.		3,937
	850	Hardinge, Inc.		12,563
	1,200	Harsco Corp.		27,828
	1,500	Hawaiian Holdings, Inc.(a)		9,165
	200	Heidrick & Struggles International, Inc.		3,344
	600	Herman Miller, Inc.		16,242
	2,150	Hertz Global Holdings, Inc.†(a)		53,320
	1,550	Hexcel Corp.		52,777
	300	Hill International, Inc.†		822
	400	HNI Corp.(a)		14,428
	7,925	Honeywell International, Inc.		628,770
	42	Horizon Lines, Inc., Class A†		55
	300	Hubbell, Inc., Class B		29,700
	525	Huntington Ingalls Industries, Inc.		29,652
	400	Hurco Cos., Inc.(a)		11,508
	200	Huron Consulting Group, Inc.		9,248
	200	Hyster-Yale Materials Handling, Inc.		12,558
	200	Hyster-Yale Materials Handling, Inc., Class B(b)		12,558
	975	IDEX Corp.		52,465
	450	IHS, Inc., Class A		46,971
	1,000	II-VI, Inc.		16,260
	4,666	Illinois Tool Works, Inc.		322,747
	875	Industrial Services of America, Inc.†(a)		2,214
	500	InnerWorkings, Inc.†(a)		5,425
	100	Innovative Solutions & Support, Inc.		640
	36	Insperity, Inc.		1,091
	500	Integrated Electrical Services, Inc.†		2,225
	1,300	Interface, Inc., Class A		22,061
	400	International Shipholding Corp.(a)		9,332
	400	Intersections, Inc.(a)		3,508
	1,796	Iron Mountain, Inc.		47,792
	1,100	ITT Corp.		32,351
	1,000	Jacobs Engineering Group, Inc.†		55,130
	1,075	JB Hunt Transport Services, Inc.		77,658
	2,525	JetBlue Airways Corp.†(a)		15,908
	251	John Bean Technologies Corp.		5,274
	1,075	Joy Global, Inc.(a)		52,170
	200	Kadant, Inc.		6,034
	1,115	Kansas City Southern		118,145
	1,000	KAR Auction Services, Inc.		22,870
	1,550	KBR, Inc.		50,375
	400	Kelly Services, Inc., Class A(a)		6,988
	500	Kennametal, Inc.(a)		19,415
	150	Kforce, Inc.		2,190
	700	Kimball International, Inc., Class B		6,797
	600	Kirby Corp.†(a)		47,724
	387	Knight Transportation, Inc.(a)		6,509
	500	Knoll, Inc.		7,105
	10	Kratos Defense & Security Solutions, Inc.†		65

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Industrials (continued)
	1,075	L-3 Communications Holdings, Inc., Class 3(a)	$	92,171
	600	Landstar System, Inc.(a)		30,900
	600	Layne Christensen Co.(a)		11,706
	657	Lennox International, Inc.(a)		42,403
	1,000	Lincoln Electric Holdings, Inc.		57,270
	200	Lindsay Corp.(a)		14,996
	100	LMI Aerospace, Inc.†		1,874
	2,565	Lockheed Martin Corp.		278,200
	700	LSI Industries, Inc.		5,663
	1,600	Manitowoc Co., Inc. (The)(a)		28,656
	1,002	Manpowergroup, Inc.		54,910
	150	Marten Transport, Ltd.		2,351
	3,250	Masco Corp.		63,343
	1,000	MasTec, Inc.(a)		32,900
	450	Matson, Inc.		11,250
	1,550	Meritor, Inc.†		10,928
	3,150	Metalico, Inc.†(a)		3,780
	300	Mfri, Inc.†(a)		3,411
	200	Michael Baker Corp.(a)		5,422
	199	Middleby Corp.†		33,848
	406	Mobile Mini, Inc.†		13,459
	300	MSC Industrial Direct Co., Inc., Class A(a)		23,238
	1,900	Mueller Water Products, Inc., Class A		13,129
	200	NACCO Industries, Inc., Class A		11,456
	1,500	Navigant Consulting, Inc.†		18,000
	700	Navistar International Corp.†(a)		19,432
	500	NCI Building Systems, Inc.†		7,645
	600	Nordson Corp.(a)		41,586
	3,100	Norfolk Southern Corp.(a)		225,215
	2,300	Northrop Grumman Corp.		190,440
	900	Old Dominion Freight Line, Inc.		37,458
	100	On Assignment, Inc.		2,672
	500	Orion Energy Systems, Inc.†		1,240
	1,000	Oshkosh Corp.		37,970
	1,250	Owens Corning		48,850
	3,755	PACCAR, Inc.		201,493
	3,000	Pacer International, Inc.†		18,930
	1,250	Pall Corp.		83,038
	1,424	Parker Hannifin Corp.(a)		135,850
	1,300	Pentair, Ltd.		74,997
	600	Pike Electric Corp.		7,380
	2,125	Pitney Bowes, Inc.(a)		31,195
	300	Polypore International, Inc.†(a)		12,090
	250	PowerSecure International, Inc.†		3,757
	1,620	Precision Castparts Corp.		366,136
	1,000	Quanex Building Products Corp.(a)		16,840
	2,450	Quanta Services, Inc.†		64,827
	600	Raven Industries, Inc.		17,988
	3,550	Raytheon Co.		234,726
	400	Regal-Beloit Corp.		25,936
	1,500	Republic Airways Holdings, Inc.†		16,995
	3,218	Republic Services, Inc., Class A		109,219
	200	Resources Connection, Inc.		2,320
	1,700	Robert Half International, Inc.		56,491
	1,540	Rockwell Automation, Inc.		128,036
	1,425	Rockwell Collins, Inc.		90,359
	1,050	Rollins, Inc.		27,195
	913	Roper Industries, Inc.		113,413
	1,000	RPX Corp.		16,800
	1,850	RR Donnelley & Sons Co.(a)		25,918
	75	Rush Enterprises, Inc., Class A		1,856
	400	Ryder System, Inc.		24,316
	225	Saia, Inc.		6,743
	300	SIFCO Industries, Inc.(a)		4,854
	50	Simpson Manufacturing Co., Inc.(a)		1,471

Shares			Value
Industrials (continued)
	1,100	SkyWest, Inc.	$	14,894
	600	Snap-on, Inc.		53,628
	5,574	Southwest Airlines Co.		71,849
	1,000	Spirit Aerosystems Holdings, Inc., Class A†		21,480
	1,000	Spirit Airlines, Inc.		31,770
	584	SPX Corp.(a)		42,036
	270	Standard Register Co.†(a)		778
	50	Standex International Corp.		2,638
	1,000	Steelcase, Inc., Class A		14,580
	775	Stericycle, Inc.†		85,583
	1,000	Swift Transportation Co., Class A		16,540
	100	Sypris Solutions, Inc.		321
	500	TAL International Group, Inc.(a)		21,785
	200	Taser International, Inc.		1,704
	500	Team, Inc.†		18,925
	500	Tecumseh Products Co., Class A†		5,465
	250	Tennant Co.(a)		12,068
	1,300	Terex Corp.(a)		34,190
	743	Tetra Tech, Inc.†		17,468
	700	Textainer Group Holdings, Ltd.(a)		26,908
	2,400	Textron, Inc.		62,520
	800	Timken Co.		45,024
	312	Titan International, Inc.(a)		5,263
	600	Toro Co. (The)		27,246
	700	Towers Watson & Co., Class A		57,358
	600	TransDigm Group, Inc.		94,062
	100	TRC Cos., Inc.(a)		700
	300	Trex Co., Inc.(a)		14,247
	100	Trimas Corp.		3,728
	900	Trinity Industries, Inc.		34,596
	300	Triumph Group, Inc.(a)		23,745
	800	TrueBlue, Inc.		16,840
	500	Tutor Perini Corp.		9,045
	400	Twin Disc, Inc.		9,480
	200	Ultralife Corp.†		712
	200	UniFirst Corp.		18,250
	4,572	Union Pacific Corp.		705,368
	2,980	United Continental Holdings, Inc.		93,244
	7,921	United Parcel Service, Inc., Class B		685,008
	1,008	United Rentals, Inc.(a)		50,309
	9,820	United Technologies Corp.		912,671
	850	URS Corp.(a)		40,137
	1,500	US Airways Group, Inc.(a)		24,630
	500	US Ecology, Inc.		13,720
	900	UTi Worldwide, Inc.		14,823
	259	Valmont Industries, Inc.		37,060
	1,500	Verisk Analytics, Inc., Class A		89,550
	400	Viad Corp.		9,808
	300	Vicor Corp.		2,055
	750	Volt Information Sciences, Inc.†(a)		5,400
	50	Wabash National Corp.(a)		509
	591	WABCO Holdings, Inc.		44,142
	600	Wabtec Corp.		32,058
	1,462	Waste Connections, Inc.(a)		60,147
	4,050	Waste Management, Inc.		163,337
	300	Watts Water Technologies, Inc., Class A(a)		13,602
	250	Werner Enterprises, Inc.(a)		6,043
	600	WESCO International, Inc.(a)		40,776
	500	Woodward, Inc.		20,000
	585	WW Grainger, Inc.		147,526
	2,200	Xylem, Inc.		59,268
				19,219,120
Information Technology — 17.3%
	546	Accelrys, Inc.†		4,586
	95	ACI Worldwide, Inc.†(a)		4,416

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Information Technology (continued)
	4,638	Activision Blizzard, Inc.	$	66,138
	800	Acxiom Corp.†		18,144
	600	ADDvantage Technologies Group, Inc.†(a)		1,356
	5,087	Adobe Systems, Inc.		231,764
	600	ADTRAN, Inc.(a)		14,766
	700	Advanced Energy Industries, Inc.†		12,187
	6,750	Advanced Micro Devices, Inc.(a)		27,540
	1,000	Advent Software, Inc.†		35,060
	500	Aehr Test Systems†		645
	1,000	Aeroflex Holding Corp.†(a)		7,890
	500	Agilysys, Inc.†(a)		5,645
	1,959	Akamai Technologies, Inc.†		83,355
	650	Alliance Data Systems Corp.†(a)		117,669
	2,950	Altera Corp.		97,320
	1,050	Amkor Technology, Inc.(a)		4,420
	1,625	Amphenol Corp., Class A		126,652
	300	ANADIGICS, Inc.†(a)		660
	2,875	Analog Devices, Inc.		129,548
	200	Anaren, Inc.†(a)		4,588
	922	ANSYS, Inc.		67,398
	716	AOL, Inc.		26,120
	9,948	Apple, Inc.		3,940,204
	13,633	Applied Materials, Inc.		203,268
	1,500	Applied Micro Circuits Corp.†		13,200
	854	ARRIS Group, Inc.†(a)		12,255
	1,350	Arrow Electronics, Inc.†		53,797
	1,500	Aruba Networks, Inc.		23,040
	700	Aspen Technology, Inc.†		20,153
	100	Astea International, Inc.†		203
	5,250	Atmel Corp.		38,588
	486	ATMI, Inc.†		11,494
	2,200	Autodesk, Inc.		74,668
	5,165	Automatic Data Processing, Inc.		355,662
	1,778	Aviat Networks, Inc.†		4,658
	1,275	Avnet, Inc.†		42,840
	1,000	AVX Corp.		11,750
	289	Axcelis Technologies, Inc.†		526
	200	Badger Meter, Inc.		8,910
	300	Bel Fuse, Inc., Class B		4,035
	1,150	Benchmark Electronics, Inc.		23,115
	298	Black Box Corp.		7,545
	300	Blackbaud, Inc.		9,771
	250	Blucora, Inc.(a)		4,635
	1,392	BMC Software, Inc.		62,835
	1,000	Booz Allen Hamilton Holding Corp., Class A		17,380
	5,465	Broadcom Corp., Class A		184,498
	1,250	Broadridge Financial Solutions, Inc.(a)		33,225
	7,350	Brocade Communications Systems, Inc.		42,336
	106	Brooks Automation, Inc.		1,031
	100	BTU International, Inc.†		240
	3,472	CA, Inc.		99,403
	100	Cabot Microelectronics Corp.†(a)		3,301
	2,402	Cadence Design Systems, Inc.(a)		34,781
	175	Calix, Inc.†		1,768
	200	Callidus Software, Inc.†(a)		1,318
	200	Cascade Microtech, Inc.†		1,332
	500	Cavium, Inc.(a)		17,685
	900	CIBER, Inc.(a)		3,006
	997	Ciena Corp.†(a)		19,362
	200	Cinedigm Digital Cinema Corp., Class A†(a)		284
	400	Cirrus Logic, Inc.(a)		6,944
	56,598	Cisco Systems, Inc.		1,375,897
	1,800	Citrix Systems, Inc.		108,594
	500	Cognex Corp.		22,610

Shares			Value
Information Technology (continued)
	3,175	Cognizant Technology Solutions Corp., Class A†	$	198,787
	400	Coherent, Inc.(a)		22,028
	375	CommVault Systems, Inc.†		28,459
	1,330	Computer Sciences Corp.		58,214
	2,025	Compuware Corp.		20,959
	400	comScore, Inc.†		9,756
	100	Comtech Telecommunications Corp.		2,689
	425	Concur Technologies, Inc.†(a)		34,586
	400	Constant Contact, Inc.(a)		6,428
	1,300	Convergys Corp.		22,659
	1,152	CoreLogic, Inc.		26,692
	500	Cornerstone OnDemand, Inc.		21,645
	15,969	Corning, Inc.		227,239
	25	CoStar Group, Inc.		3,227
	100	Cray, Inc.(a)		1,964
	900	Cree, Inc.		57,474
	200	Crexendo, Inc.(a)		540
	1,128	CSG Systems International, Inc.		24,478
	100	CTS Corp.		1,364
	1,625	Cypress Semiconductor Corp.(a)		17,436
	800	Daktronics, Inc.		8,208
	600	Datalink Corp.†		6,384
	500	Dealertrack Technologies, Inc.		17,715
	16,700	Dell, Inc.		222,945
	1,000	Demand Media, Inc.(a)		6,000
	388	Dice Holdings, Inc.(a)		3,574
	650	Diebold, Inc.(a)		21,898
	51	Digital Ally, Inc.†		372
	700	Digital River, Inc.†		13,139
	300	Diodes, Inc.		7,791
	200	Document Security Systems, Inc.†(a)		460
	600	Dolby Laboratories, Inc., Class A(a)		20,070
	400	DST Systems, Inc.		26,132
	1,421	EarthLink, Inc.(a)		8,824
	12,050	eBay, Inc.†		623,226
	331	Ebix, Inc.(a)		3,065
	150	Echelon Corp.†		316
	400	EchoStar Corp., Class A†		15,644
	100	Electro Scientific Industries, Inc.		1,076
	3,600	Electronic Arts, Inc.†		82,692
	729	Electronics for Imaging, Inc.		20,623
	22,779	EMC Corp.(a)		538,040
	125	Emcore Corp.†(a)		450
	1,000	Emulex Corp.		6,520
	1,836	Entegris, Inc.†		17,240
	1,500	EPIQ Systems, Inc.		20,205
	400	Equinix, Inc.(a)		73,888
	500	Exar Corp.†		5,385
	200	Extreme Networks		690
	900	F5 Networks, Inc.†		61,920
	4,859	Facebook, Inc., Class A†		120,795
	550	FactSet Research Systems, Inc.(a)		56,067
	200	Fair Isaac Corp.		9,166
	1,250	Fairchild Semiconductor International, Inc., Class A		17,250
	900	FalconStor Software, Inc.†		1,233
	200	FARO Technologies, Inc.†		6,764
	2,610	Fidelity National Information Services, Inc.		111,812
	1,200	Finisar Corp.†(a)		20,340
	700	First Solar, Inc.†(a)		31,311
	1,323	Fiserv, Inc.		115,643
	350	FleetCor Technologies, Inc.		28,455
	1,500	FLIR Systems, Inc.		40,455
	350	FormFactor, Inc.		2,363
	255	Forrester Research, Inc.		9,356

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Information Technology (continued)
	1,000	Fortinet, Inc.	$	17,500
	1,000	Freescale Semiconductor, Ltd.†		13,550
	1,100	Gartner, Inc.†		62,689
	1,000	Genpact, Ltd.		19,240
	102	GigOptix, Inc.†(a)		133
	1,850	Global Cash Access Holdings, Inc.		11,581
	1,050	Global Payments, Inc.		48,636
	200	Globecomm Systems, Inc.†(a)		2,528
	400	Glu Mobile, Inc.(a)		880
	2,640	Google, Inc., Class A†		2,324,177
	1,100	GT Advanced Technologies, Inc.†(a)		4,565
	200	Guidance Software, Inc.†(a)		1,748
	800	Harmonic, Inc.†		5,080
	1,225	Harris Corp.		60,331
	19,927	Hewlett-Packard Co.		494,190
	300	Hittite Microwave Corp.†		17,400
	1,100	Hutchinson Technology, Inc.†		5,203
	1,000	IAC/InterActiveCorp.		47,560
	100	ID Systems, Inc.†		503
	8	iGO, Inc.†		19
	50	Ikanos Communications, Inc.†		75
	600	Infinera Corp.†(a)		6,402
	1,075	Informatica Corp.		37,603
	2,100	Ingram Micro, Inc., Class A		39,879
	500	Insight Enterprises, Inc.†		8,870
	1,560	Integrated Device Technology, Inc.†		12,386
	400	Integrated Silicon Solution, Inc.†		4,384
	53,043	Intel Corp.(a)		1,284,701
	350	Interactive Intelligence Group, Inc.†		18,060
	600	InterDigital, Inc.		26,790
	200	Intermec, Inc.(a)		1,966
	371	Internap Network Services Corp.†(a)		3,068
	11,180	International Business Machines Corp.		2,136,610
	350	International Rectifier Corp.†(a)		7,329
	600	Interphase Corp.†(a)		1,602
	850	Intersil Corp., Class A		6,647
	2,675	Intuit, Inc.		163,255
	381	IPG Photonics Corp.(a)		23,138
	500	Itron, Inc.†		21,215
	1,200	Ixia		22,080
	800	IXYS Corp.(a)		8,848
	450	j2 Global, Inc.(a)		19,130
	2,400	Jabil Circuit, Inc.		48,912
	1,000	Jack Henry & Associates, Inc.		47,130
	3,203	JDS Uniphase Corp.		46,059
	6,165	Juniper Networks, Inc.(a)		119,046
	233	Kemet Corp.†		958
	600	Key Tronic Corp.†		6,210
	100	Keynote Systems, Inc.		1,976
	1,275	KLA-Tencor Corp.		71,056
	400	Kulicke & Soffa Industries, Inc.		4,424
	1,787	Lam Research Corp.†		79,236
	200	Lattice Semiconductor Corp.†(a)		1,014
	500	Lender Processing Services, Inc.		16,175
	375	Lexmark International, Inc., Class A(a)		11,464
	2,100	Limelight Networks, Inc.†(a)		4,725
	1,725	Linear Technology Corp.(a)		63,549
	900	LinkedIn Corp., Class A†		160,470
	200	Littelfuse, Inc.		14,922
	193	Local Corp.†		324
	200	LoJack Corp.†(a)		630
	100	LRAD Corp.†(a)		113
	6,096	LSI Corp.†		43,525
	200	Marchex, Inc., Class B		1,204
	700	Market Leader, Inc.†		7,490
	5,750	Marvell Technology Group, Ltd.		67,333
	1,073	Mastercard, Inc., Class A		616,438

Shares				Value
Information Technology (continued)
	400		Mattson Technology, Inc.†(a)	$	872
	1,900		Maxim Integrated Products, Inc.		52,782
	200	��	Measurement Specialties, Inc.		9,306
	42		Mediabistro, Inc.†		66
	1,200		Mentor Graphics Corp.		23,460
	100		Mercury Systems, Inc.†(a)		922
	400		Methode Electronics, Inc.		6,804
	600		Micrel, Inc.(a)		5,928
	1,537		Microchip Technology, Inc.(a)		57,253
	10,552		Micron Technology, Inc.(a)		151,210
	500		MICROS Systems, Inc.(a)		21,575
	650		Microsemi Corp.		14,788
	84,662		Microsoft Corp.		2,923,379
	600		MKS Instruments, Inc.		15,924
	1,175		Molex, Inc.(a)		34,475
	662		MoneyGram International, Inc.		14,994
	500		Monolithic Power Systems, Inc.		12,055
	1,550		Monster Worldwide, Inc.†(a)		7,611
	100		MoSys, Inc.†		402
	2,960		Motorola Solutions, Inc.		170,881
	1		Move, Inc.		13
	328		Multi-Fineline Electronix, Inc.		4,858
	200		Nanometrics, Inc.(a)		2,934
	900		NAPCO Security Technologies, Inc.†		4,302
	1,012		National Instruments Corp.		28,275
	100		Navarre Corp.†		276
	1,925		NCR Corp.		63,506
	3,450		NetApp, Inc.(a)		130,341
	500		Netlist, Inc.†(a)		440
	400		Netscout Systems, Inc.†		9,336
	600		NetSuite, Inc.†		55,044
	750		NeuStar, Inc., Class A(a)		36,510
	200		Newport Corp.†		2,786
	1,000		NIC, Inc.		16,530
	50		Novatel Wireless, Inc.†		197
	3,050		Nuance Communications, Inc.(a)		56,059
	100		NVE Corp.†		4,682
	5,825		NVIDIA Corp.(a)		81,725
	21		Oclaro, Inc.†		25
	600		OmniVision Technologies, Inc.		11,190
	5,105		ON Semiconductor Corp.†		41,248
	285		OpenTable, Inc.†(a)		18,226
	39,555		Oracle Corp.		1,215,130
	200		OSI Systems, Inc.†		12,884
	33		Overland Storage, Inc.†		38
	100		PAR Technology Corp.†		403
	10		Parametric Sound Corp.†		163
	600		Park Electrochemical Corp.		14,406
	200		Parkervision, Inc.†(a)		910
	3,650		Paychex, Inc.(a)		133,298
	400		PCM, Inc.†(a)		3,840
	300		Pegasystems, Inc.		9,936
	100		Pericom Semiconductor Corp.		712
	8		Pfsweb, Inc.†		32
	33		Pixelworks, Inc.†		113
	100		Planar Systems, Inc.†		163
	450		Plantronics, Inc.		19,764
	100		PLX Technology, Inc.†		476
	2,225		PMC - Sierra, Inc.†		14,129
	1,900		Polycom, Inc.†		20,026
	300		Power Integrations, Inc.(a)		12,168
	200		Power-One, Inc.		1,264
	220		PRGX Global, Inc.†		1,208
	1,240		PTC, Inc.†		30,417
	40		QAD, Inc., Class B		417
	1,000		QLIK Technologies, Inc.		28,270
	1,650		QLogic Corp.		15,774

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Information Technology (continued)
	18,250	QUALCOMM, Inc.	$	1,114,710
	900	Rackspace Hosting, Inc.		34,101
	1,000	Rambus, Inc.(a)		8,590
	1,000	RealD, Inc.(a)		13,900
	681	RealNetworks, Inc.		5,148
	1,490	Red Hat, Inc.		71,252
	600	Relm Wireless Corp.†		1,800
	2,627	RF Micro Devices, Inc.		14,054
	1,427	Riverbed Technology, Inc.		22,204
	300	Rosetta Stone, Inc.†		4,422
	1,020	Rovi Corp.		23,297
	340	Rudolph Technologies, Inc.(a)		3,808
	3,925	SAIC, Inc.(a)		54,675
	4,400	Salesforce.com, Inc.†(a)		167,992
	2,325	SanDisk Corp.		142,057
	1,833	Sanmina Corp.†		26,304
	1,650	Sapient Corp.†		21,549
	300	ScanSource, Inc.†		9,600
	600	Semtech Corp.		21,018
	300	ShoreTel, Inc.†		1,209
	100	Silicon Image, Inc.†		585
	500	Silicon Laboratories, Inc.		20,705
	1,707	Skyworks Solutions, Inc.		37,366
	300	Smith Micro Software, Inc.†		318
	500	SolarWinds, Inc.		19,405
	800	Solera Holdings, Inc.		44,520
	4,725	Sonus Networks, Inc.		14,222
	300	Sourcefire, Inc.(a)		16,665
	1,000	SS&C Technologies Holdings, Inc.†		32,900
	200	STEC, Inc.†		1,344
	3,575	SunEdison, Inc.†		29,208
	1,000	SunPower Corp., Class A(a)		20,700
	102	SYKES Enterprises, Inc.†		1,608
	7,083	Symantec Corp.		159,155
	100	Symmetricom, Inc.†		449
	300	SYNNEX Corp.(a)		12,684
	1,417	Synopsys, Inc.		50,658
	300	Syntel, Inc.		18,861
	550	Take-Two Interactive Software, Inc.†(a)		8,233
	700	Tech Data Corp.		32,963
	800	TechTarget, Inc.†(a)		3,576
	5,404	Tellabs, Inc.		10,700
	1,800	Teradata Corp.		90,414
	1,825	Teradyne, Inc.(a)		32,065
	1,000	Tessco Technologies, Inc.(a)		26,400
	400	Tessera Technologies, Inc.		8,320
	9,485	Texas Instruments, Inc.		330,742
	1,825	TIBCO Software, Inc.		39,055
	800	TiVo, Inc.†		8,840
	1,937	Total System Services, Inc.		47,418
	100	Travelzoo, Inc.		2,726
	2,534	Trimble Navigation, Ltd.		65,909
	1,300	TriQuint Semiconductor, Inc.(a)		9,009
	1,200	TTM Technologies, Inc.		10,080
	500	Tyler Technologies, Inc.		34,275
	400	Ultimate Software Group, Inc.		46,916
	427	Unisys Corp.(a)		9,424
	800	United Online, Inc.		6,064
	700	Universal Display Corp.(a)		19,677
	311	Unwired Planet, Inc.†(a)		606
	66	UTStarcom Holdings Corp.†(a)		176
	505	ValueClick, Inc.(a)		12,463
	450	VASCO Data Security International, Inc.†		3,740
	1,015	VeriFone Systems, Inc.		17,062
	1,416	VeriSign, Inc.(a)		63,239
	55	Viasystems Group, Inc.†		634
	475	VirnetX Holding Corp.(a)		9,495

Shares			Value
Information Technology (continued)
	1,000	Virtusa Corp.	$	22,160
	5,350	Visa, Inc., Class A		977,713
	1,806	Vishay Intertechnology, Inc.(a)		25,085
	129	Vishay Precision Group, Inc.		1,953
	585	VMware, Inc., Class A(a)		39,189
	300	Volterra Semiconductor Corp.		4,236
	200	Web.com Group, Inc.		5,120
	958	WebMD Health Corp., Class A		28,136
	2,150	Western Digital Corp.		133,493
	6,454	Western Union Co. (The)(a)		110,428
	15	WPCS International, Inc.†		66
	13,095	Xerox Corp.		118,772
	2,175	Xilinx, Inc.(a)		86,152
	800	XO Group, Inc.†		8,960
	10,975	Yahoo!, Inc.		275,582
	825	Zebra Technologies Corp., Class A		35,838
	1,000	Zygo Corp.†(a)		15,810
				30,319,162
Materials — 3.5%
	81	A Schulman, Inc.		2,172
	1,995	Air Products & Chemicals, Inc.		182,682
	735	Airgas, Inc.		70,163
	1,875	AK Steel Holding Corp.(a)		5,700
	1,000	Albemarle Corp.(a)		62,290
	12,298	Alcoa, Inc.(a)		96,170
	1,050	Allegheny Technologies, Inc.		27,626
	900	Allied Nevada Gold Corp.(a)		5,832
	500	AM Castle & Co.†(a)		7,880
	200	AMCOL International Corp.(a)		6,338
	400	American Vanguard Corp.		9,372
	850	Aptargroup, Inc.		46,929
	717	Ashland, Inc.		59,869
	348	Balchem Corp.		15,573
	1,600	Ball Corp.		66,464
	1,150	Bemis Co., Inc.(a)		45,011
	300	Buckeye Technologies, Inc.		11,112
	700	Cabot Corp.		26,194
	500	Carpenter Technology Corp.		22,535
	1,500	Celanese Corp., Class A		67,200
	600	Century Aluminum Co.(a)		5,568
	619	CF Industries Holdings, Inc.		106,159
	1,005	Chemtura Corp.†		20,402
	1,400	Cliffs Natural Resources, Inc.(a)		22,750
	1,110	Coeur Mining, Inc.		14,763
	1,300	Commercial Metals Co.		19,201
	400	Compass Minerals International, Inc.(a)		33,812
	1,800	Core Molding Technologies, Inc.†		16,056
	2,000	Crown Holdings, Inc.(a)		82,260
	600	Cytec Industries, Inc.		43,950
	100	Deltic Timber Corp.		5,782
	400	Domtar Corp.		26,600
	10,736	Dow Chemical Co. (The)(a)		345,377
	1,316	Eastman Chemical Co.		92,133
	2,800	Ecolab, Inc.		238,532
	9,996	EI du Pont de Nemours & Co.(a)		524,790
	1,000	Ferro Corp.		6,950
	1,300	Flotek Industries, Inc.†		23,322
	1,275	FMC Corp.		77,852
	10,169	Freeport-McMoRan Copper & Gold, Inc.		280,766
	1,000	Friedman Industries, Inc.(a)		9,850
	500	Globe Specialty Metals, Inc.(a)		5,435
	2,900	Graphic Packaging Holding Co.†		22,446
	2,000	Headwaters, Inc.†		17,680
	3,400	Hecla Mining Co.(a)		10,132
	300	Horsehead Holding Corp.(a)		3,843
	2,150	Huntsman Corp.		35,604
	700	International Flavors & Fragrances, Inc.		52,612

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Materials (continued)
	4,542	International Paper Co.	$	201,256
	400	Intrepid Potash, Inc.		7,620
	1,100	Louisiana-Pacific Corp.		16,269
	400	Martin Marietta Materials, Inc.		39,368
	1,200	McEwen Mining, Inc.(a)		2,016
	1,376	MeadWestvaco Corp.		46,935
	380	Minerals Technologies, Inc.		15,709
	800	Molycorp, Inc.†(a)		4,960
	5,445	Monsanto Co.		537,966
	3,050	Mosaic Co. (The)		164,121
	200	Myers Industries, Inc.		3,002
	100	NewMarket Corp.(a)		26,256
	4,900	Newmont Mining Corp.		146,755
	100	NL Industries, Inc.		1,130
	1,000	Noranda Aluminum Holding Corp.		3,230
	2,670	Nucor Corp.		115,664
	770	Olin Corp.(a)		18,418
	1,475	Owens-Illinois, Inc.		40,990
	975	Packaging Corp. of America		47,736
	1,000	PH Glatfelter Co.		25,100
	1,158	PolyOne Corp.		28,695
	1,361	PPG Industries, Inc.		199,264
	2,981	Praxair, Inc.		343,292
	1,000	Reliance Steel & Aluminum Co.		65,560
	400	Rock Tenn Co., Class A		39,952
	600	Rockwood Holdings, Inc.		38,418
	600	Royal Gold, Inc.(a)		25,248
	1,300	RPM International, Inc.		41,522
	700	Scotts Miracle-Gro Co. (The), Class A(a)		33,817
	1,300	Sealed Air Corp.		31,135
	100	Senomyx, Inc.†		218
	500	Sensient Technologies Corp.		20,235
	806	Sherwin-Williams Co. (The)		142,339
	1,200	Sigma-Aldrich Corp.(a)		96,432
	700	Silgan Holdings, Inc.		32,872
	775	Sonoco Products Co.		26,792
	2,122	Southern Copper Corp.(a)		58,610
	2,800	Steel Dynamics, Inc.		41,748
	1,600	Stillwater Mining Co.†(a)		17,184
	564	SunCoke Energy, Inc.†		7,907
	192	Texas Industries, Inc.†(a)		12,507
	671	Tredegar Corp.(a)		17,245
	500	UFP Technologies, Inc.(a)		9,790
	50	United States Lime & Minerals, Inc.†(a)		2,612
	900	United States Steel Corp.(a)		15,777
	900	Valspar Corp.		58,203
	1,000	Verso Paper Corp.†(a)		1,150
	3,200	Vista Gold Corp.†		3,104
	944	Vulcan Materials Co.		45,699
	700	Walter Energy, Inc.		7,280
	1,300	Wausau Paper Corp.(a)		14,820
	100	Westlake Chemical Corp.		9,641
	5,508	Weyerhaeuser Co.‡		156,923
	1,000	Worthington Industries, Inc.		31,710
	400	WR Grace & Co.†(a)		33,616
	50	Zep, Inc.		792
				6,158,349
Telecommunication Services — 2.6%
	600	Alaska Communications Systems Group, Inc.		1,008
	58,449	AT&T, Inc.		2,069,095
	200	Atlantic Tele-Network, Inc.		9,932
	5,610	CenturyLink, Inc.(a)		198,313
	1,425	Cincinnati Bell, Inc.†		4,360
	4,600	Clearwire Corp., Class A		22,908
	200	Cogent Communications Group, Inc.		5,630

Shares			Value
Telecommunication Services (continued)
	87	Consolidated Communications Holdings, Inc.(a)	$	1,515
	3,000	Crown Castle International Corp.		217,170
	11,886	Frontier Communications Corp.(a)		48,138
	600	General Communication, Inc., Class A†		4,698
	16	IDT Corp., Class B		299
	500	Inteliquent, Inc.		2,875
	1,500	Leap Wireless International, Inc.(a)		10,095
	1,374	Level 3 Communications, Inc.(a)		28,964
	1,825	NII Holdings, Inc.†(a)		12,173
	1,200	SBA Communications Corp., Class A		88,944
	25,971	Sprint Nextel Corp.†		182,316
	1,850	T-Mobile US, Inc.		45,899
	975	tw telecom, Inc., Class A†		27,436
	400	USA Mobility, Inc.		5,428
	30,438	Verizon Communications, Inc.		1,532,249
	600	Vonage Holdings Corp.		1,698
	7,091	Windstream Corp.(a)		54,672
				4,575,815
Utilities — 3.4%
	6,135	AES Corp. (The)		73,559
	1,519	AGL Resources, Inc.		65,104
	1,100	Alliant Energy Corp.		55,462
	2,800	Ameren Corp.		96,432
	5,330	American Electric Power Co., Inc.		238,677
	2,000	American Water Works Co., Inc.		82,460
	1,721	Aqua America, Inc.		53,850
	1,100	Atmos Energy Corp.(a)		45,166
	1,000	Avista Corp.		27,020
	300	Black Hills Corp.		14,625
	5,000	Calpine Corp.†		106,150
	4,600	CenterPoint Energy, Inc.		108,054
	400	Cleco Corp.		18,572
	2,350	CMS Energy Corp.		63,849
	3,250	Consolidated Edison, Inc.(a)		189,507
	6,040	Dominion Resources, Inc.		343,193
	1,675	DTE Energy Co.		112,242
	6,776	Duke Energy Corp.(a)		457,380
	11	Dynegy, Inc.†(a)		248
	3,050	Edison International		146,888
	1,750	Entergy Corp.		121,940
	9,066	Exelon Corp.(a)		279,958
	4,280	FirstEnergy Corp.(a)		159,815
	16	Genie Energy, Ltd., Class B		146
	1,305	Great Plains Energy, Inc.		29,415
	750	Hawaiian Electric Industries, Inc.(a)		18,983
	500	IDACORP, Inc.(a)		23,880
	700	Integrys Energy Group, Inc.(a)		40,971
	600	ITC Holdings Corp.(a)		54,780
	2,125	MDU Resources Group, Inc.		55,059
	950	National Fuel Gas Co.(a)		55,053
	4,710	NextEra Energy, Inc.		383,771
	3,215	NiSource, Inc.		92,078
	3,117	Northeast Utilities(a)		130,976
	3,577	NRG Energy, Inc.		95,506
	2,100	NV Energy, Inc.		49,266
	1,050	OGE Energy Corp.		71,610
	2,050	ONEOK, Inc.		84,686
	1,000	Ormat Technologies, Inc.(a)		23,520
	2,650	Pepco Holdings, Inc.(a)		53,424
	4,125	PG&E Corp.		188,636
	700	Piedmont Natural Gas Co., Inc.(a)		23,618
	1,300	Pinnacle West Capital Corp.		72,111
	700	PNM Resources, Inc.		15,533
	800	Portland General Electric Co.(a)		24,472
	6,450	PPL Corp.(a)		195,177
	5,350	Public Service Enterprise Group, Inc.(a)		174,731

Wilshire Mutual Funds, Inc.

Wilshire 5000 IndexSM Fund

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Utilities (continued)
	2,200	Questar Corp.(a)	$	52,470
	1,379	SCANA Corp.(a)		67,709
	2,475	Sempra Energy		202,356
	9,325	Southern Co. (The)(a)		411,512
	2,700	TECO Energy, Inc.(a)		46,413
	1,300	UGI Corp.(a)		50,843
	933	Vectren Corp.(a)		31,563
	950	Westar Energy, Inc.(a)		30,362
	350	WGL Holdings, Inc.		15,127
	2,700	Wisconsin Energy Corp.(a)		110,673
	5,375	Xcel Energy, Inc.		152,328
				5,988,909
Total Common Stock
(Cost $85,635,347)				174,002,228

RIGHT — 0.0%
	1,500	AMREP Corp.(b)		4,500

Total Right (Cost $–)				4,500

WARRANTS — 0.0%
	183	Dynegy, Inc., Expires 10/04/17		338
	1	Magnum Hunter Resources Corp., Expires 08/29/14(b)		—
Total Warrants (Cost $5,144)				338
SHORT-TERM INVESTMENTS (d)— 15.1%
	1,606,369	Northern Trust Institutional Government Select Portfolio, 0.010%		1,606,369
	24,991,940	Northern Trust Institutional Liquid Asset Portfolio, 0.010%(e)		24,991,940

Total Short-Term Investments
(Cost $26,598,309)				26,598,309

Total Investments — 114.1%
(Cost $112,238,800)				200,605,375
Other Assets & Liabilities, Net — (14.1)%				(24,846,156	)
NET ASSETS — 100.0%			$	175,759,219

†	Non-income producing security.
‡	Real Estate Investment Trust.
(a)	This security or a partial position of this security is on loan at June 30, 2013. The total market value of securities on loan at June 30, 2013 was $24,351,781 (Note 6).
(b)	Securities fair valued using methods determined in good faith by the Pricing Committee. The total market value of such securities as of June 30, 2013 was $17,058.
(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 June 30, 2013.
(e)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2013 was $24,991,940. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $20,293 (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.

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value

COMMON STOCK — 90.8%
Australia — 3.3%
	506	AGL Energy, Ltd.	$	6,695
	2,751	Alumina, Ltd.		2,448
	1,084	Amcor, Ltd.		10,018
	2,412	AMP, Ltd.		9,328
	902	Aristocrat Leisure, Ltd.		3,525
	150	ASX, Ltd.		4,523
	1,500	Aurizon Holdings, Ltd.		5,698
	9,655	Australia & New Zealand Banking Group, Ltd.		250,639
	2,607	BHP Billiton, Ltd.		75,037
	574	BlueScope Steel, Ltd.		2,442
	1,336	Brambles, Ltd.		11,380
	1,275	Commonwealth Bank of Australia		80,257
	516	CSL, Ltd.		28,987
	627	DuluxGroup, Ltd.		2,412
	1,232	Echo Entertainment Group, Ltd.		3,454
	1,610	Fortescue Metals Group, Ltd.(a)		4,432
	1,420	Goodman Group‡		6,313
	1,092	GPT Group‡		3,834
	458	Iluka Resources, Ltd.(a)		4,128
	1,940	Incitec Pivot, Ltd.		5,051
	16,919	Insurance Australia Group, Ltd.		83,981
	176	Leighton Holdings, Ltd.		2,467
	575	Macquarie Atlas Roads Group		1,018
	272	Macquarie Group, Ltd.		10,374
	1,904	National Australia Bank, Ltd.		51,503
	835	Newcrest Mining, Ltd.		7,708
	317	Orica, Ltd.		5,976
	1,092	Origin Energy, Ltd.		12,514
	831	QBE Insurance Group, Ltd.		11,506
	408	Rio Tinto, Ltd.		19,554
	1,083	Santos, Ltd.		12,333
	2,521	Stockland‡		8,022
	1,467	Suncorp Group, Ltd.		15,933
	1,232	Tabcorp Holdings, Ltd.		3,431
	4,128	Telstra Corp., Ltd.		17,946
	800	Toll Holdings, Ltd.		3,872
	1,343	Transurban Group		8,294
	999	Wesfarmers, Ltd.		36,150
	131	Wesfarmers, Ltd. PPS		4,830
	1,834	Westfield Group‡		19,209
	1,834	Westfield Retail Trust‡		5,187
	2,947	Westpac Banking Corp.		77,373
	501	Woodside Petroleum, Ltd.		15,956
	1,149	Woolworths, Ltd.		34,420
	198	WorleyParsons, Ltd.		3,508
				993,666
Austria — 0.1%
	127	Erste Group Bank AG		3,385
	134	OMV AG		6,045
	408	Telekom Austria AG		2,582
	232	Vienna Insurance Group		10,762
				22,774
Belgium — 0.4%
	271	Ageas		9,509
	726	Anheuser-Busch InBev NV		65,364
	144	Belgacom SA		3,224
	102	Delhaize Group SA		6,306
	70	Groupe Bruxelles Lambert SA		5,272
	206	KBC Groep NV		7,679
	52	Solvay SA		6,809

Shares			Value
Belgium (continued)
	103	UCB SA	$	5,529
				109,692
Brazil — 0.8%
	3,300	Banco Bradesco SA ADR(a)		42,933
	18,920	Cia de Saneamento Basico do Estado de Sao Paulo ADR(a)		196,957
				239,890
Canada — 3.7%
	300	Agrium, Inc.		26,010
	3,300	Alimentation Couche Tard, Inc., Class B		195,797
	2,250	Canadian National Railway Co.(a)		219,074
	1,220	Canadian Pacific Railway, Ltd.		147,938
	3,300	Husky Energy, Inc.(a)		87,921
	1,200	Magna International, Inc.		85,416
	3,600	Pacific Rubiales Energy Corp.		63,223
	4,900	Royal Bank of Canada(a)		285,511
				1,110,890
China — 1.6%
	23,000	Anhui Conch Cement Co., Ltd., Class H		61,833
	444,000	Bank of China, Ltd., Class H		181,891
	12,000	Beijing Enterprises Holdings, Ltd.		86,435
	66,000	Dongyue Group		26,183
	3,781	FIH Mobile, Ltd.†		2,067
	—	Foxconn International Holdings, Ltd.†(a)		—
	46,620	PICC Property & Casualty Co., Ltd., Class H		52,273
	1,651	Sands China, Ltd.		7,715
	25,200	Sinopharm Group Co., Ltd., Class H		62,979
				481,376
Denmark — 1.2%
	2	AP Moller - Maersk A/S, Class B		14,307
	98	Carlsberg A, Class B		8,763
	434	Danske Bank A/S†		7,403
	2,461	DSV A/S		59,950
	339	Novo Nordisk A/S, Class B		52,702
	323	Novozymes A, Class B		10,346
	8,100	Topdanmark A†		206,158
	181	Vestas Wind Systems A/S†(a)		2,558
				362,187
Finland — 1.7%
	552	Fortum OYJ		10,341
	134	Kone OYJ, Class B(a)		10,628
	2,962	Nokia OYJ		11,042
	12,900	Pohjola Bank PLC, Class A		189,555
	6,747	Sampo, Class A		262,726
	748	Stora Enso OYJ, Class R(a)		5,009
	613	UPM-Kymmene OYJ		6,008
	139	Wartsila OYJ Abp(a)		6,039
				501,348
France — 5.2%
	191	Accor SA		6,714
	264	Air Liquide SA		32,604
	2,363	Alcatel-Lucent†(a)		4,303
	227	Alstom SA		7,446
	1,465	AXA SA		28,879
	850	BNP Paribas		46,533
	232	Bouygues SA		5,912
	200	Bureau Veritas SA		5,179
	150	Cap Gemini SA		7,284
	497	Carrefour SA		13,651
	1,500	Christian Dior SA		242,328
	372	Cie de St.-Gobain		15,074

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
France (continued)
	152	Cie Generale de Geophysique-Veritas	$	3,368
	1,126	Cie Generale des Etablissements Michelin, Class B		100,682
	175	Cie Generale d'Optique Essilor International SA		18,644
	372	CNP Assurances		5,341
	831	Credit Agricole SA		7,152
	490	Danone SA		36,881
	191	Edenred		5,848
	187	Electricite de France SA		4,340
	1,802	France Telecom SA		17,064
	1,093	GDF Suez		21,439
	52	Groupe Fnac†		136
	52	Kering		10,581
	181	Lafarge SA		11,114
	170	Lagardere SCA		4,743
	200	Legrand SA		9,273
	253	L'Oreal SA		41,589
	203	LVMH Moet Hennessy Louis Vuitton SA		32,958
	21	Neopost SA(a)		1,390
	147	Pernod-Ricard SA		16,316
	268	Publicis Groupe SA		19,087
	159	Renault SA		10,710
	190	Safran SA		9,919
	3,804	Sanofi-Aventis SA		393,258
	416	Schneider Electric SA		30,213
	611	Societe Generale		21,028
	1,819	Sodexo		151,449
	232	Suez Environnement Co.		2,999
	83	Technip SA		8,435
	1,705	Total SA		83,277
	68	Unibail-Rodamco SE‡		15,837
	139	Vallourec SA		7,054
	447	Veolia Environnement SA		5,103
	312	Vinci SA		15,650
	1,032	Vivendi SA		19,558
				1,558,343
Germany — 8.7%
	2,431	Adidas AG		262,787
	383	Allianz SE		55,903
	3,449	BASF SE		307,627
	3,578	Bayer AG		380,950
	1,158	Bayerische Motoren Werke AG		101,065
	85	Beiersdorf AG		7,404
	510	Brenntag AG		77,516
	323	Commerzbank AG†		2,806
	110	Continental AG		14,664
	743	Daimler AG		44,854
	802	Deutsche Bank AG		33,630
	181	Deutsche Boerse AG		11,902
	190	Deutsche Lufthansa AG		3,849
	683	Deutsche Post AG		16,951
	2,534	Deutsche Telekom AG		29,522
	1,523	E.ON SE		24,960
	175	Fresenius Medical Care AG & Co. KGAA		12,404
	2,607	Fresenius SE & Co. KGaA		320,870
	150	GEA Group AG		5,311
	1,950	Hannover Rueckversicherung SE		140,218
	154	HeidelbergCement AG		10,318
	108	Henkel AG & Co. KGaA		8,459
	998	Infineon Technologies AG		8,354
	208	K+S AG		7,687
	134	Linde AG		24,970
	35	MAN SE		3,816
	55	Merck KGAA		8,364

Shares			Value
Germany (continued)
	160	Metro AG	$	5,056
	1,390	Muenchener Rueckversicherungs AG		255,359
	456	RWE AG		14,536
	4,538	SAP AG		331,377
	628	Siemens AG		63,593
	144	Solarworld AG		86
	372	ThyssenKrupp AG		7,292
	33	Volkswagen AG		6,416
				2,610,876
Greece — 0.0%
	552	Alpha Bank AE†		309
	351	Hellenic Telecommunications Organization SA		2,745
	70	National Bank of Greece SA†		227
	258	OPAP SA		2,159
	23	Piraeus Bank SA†		37
				5,477
Guernsey — 0.0%
	1,666	Resolution, Ltd.		7,217

Hong Kong — 6.3%
	7,637	AIA Group, Ltd.		32,175
	2,497	Bank of East Asia, Ltd.		8,937
	5,986	BOC Hong Kong Holdings, Ltd.		18,312
	17,651	Cheung Kong Holdings, Ltd.		238,014
	43,000	Cheung Kong Infrastructure Holdings, Ltd.		286,524
	28,000	China Overseas Land & Investment, Ltd.		72,897
	1,332	CLP Holdings, Ltd.		10,768
	1,057	Esprit Holdings, Ltd.		1,557
	2,000	Galaxy Entertainment Group, Ltd.†		9,715
	1,961	Hang Lung Properties, Ltd.		6,793
	1,084	Hang Seng Bank, Ltd.		15,964
	4,438	Hong Kong & China Gas Co., Ltd.		10,829
	980	Hong Kong Exchanges and Clearing, Ltd.		14,719
	2,632	Hutchison Whampoa, Ltd.		27,537
	14,000	Jardine Strategic Holdings, Ltd.		506,954
	180,000	Lenovo Group, Ltd.(a)		162,018
	4,261	Li & Fung, Ltd.(a)		5,808
	2,580	Link REIT‡		12,662
	2,464	New World Development, Ltd.		3,384
	1,600	Power Assets Holdings, Ltd.		13,773
	60,000	SJM Holdings, Ltd.		145,608
	980	Sun Hung Kai Properties, Ltd.		12,585
	722	Swire Pacific, Ltd., Class A		8,699
	67,000	Techtronic Industries Co.		159,059
	2,200	Tencent Holdings, Ltd.		85,904
	1,580	Wharf Holdings, Ltd.		13,187
				1,884,382
India — 0.4%
	3,180	Dr. Reddy's Laboratories, Ltd. ADR(a)		120,268

Indonesia — 0.4%
	131,000	Bank Mandiri		118,154

Ireland — 0.2%
	687	CRH PLC		13,900
	397	Elan Corp. PLC		5,571
	1,238	Experian PLC		21,516
	130	Kerry Group PLC, Class A		7,189
				48,176

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Isle of Man — 0.0%
	6,192	Genting Singapore PLC(a)	$	6,421

Israel — 0.1%
	1,000	Bank Hapoalim BM†		4,513
	631	Israel Chemicals, Ltd.		6,197
	774	Teva Pharmaceutical Industries, Ltd.		30,292
				41,002
Italy — 0.9%
	1,030	Assicurazioni Generali SpA		18,004
	412	Atlantia SpA		6,720
	2,405	Banca Monte dei Paschi di Siena SPA†(a)		609
	789	Banco Popolare SC		927
	5,583	Enel SPA		17,519
	7,436	Eni SpA		152,615
	779	Fiat Industrial SpA		8,672
	779	Fiat SPA		5,433
	562	Finmeccanica SPA		2,812
	8,421	Intesa Sanpaolo SpA		13,478
	1,125	Intesa Sanpaolo SpA, RNC		1,506
	150	Luxottica Group SpA		7,589
	1,192	Mediaset SpA		4,490
	710	Mediobanca SpA		3,692
	225	Saipem SpA		3,652
	2,310	Snam Rete Gas SpA		10,518
	7,391	Telecom Italia SpA		5,152
	6,770	Telecom Italia SpA, RNC		3,774
	3,314	UniCredit SpA		15,493
	584	Unione di Banche Italiane SCPA		2,112
				284,767
Japan — 17.0%
	155	Advantest Corp.		2,554
	826	Aeon Co., Ltd.		10,855
	258	Aisin Seiki Co., Ltd.		9,851
	353	Ajinomoto Co., Inc.		5,178
	568	Amada Co., Ltd.		3,739
	361	Asahi Breweries, Ltd.		8,943
	1,135	Asahi Glass Co., Ltd.		7,357
	1,858	Asahi Kasei Corp.		12,259
	2,664	Astellas Pharma, Inc.		144,719
	2,116	Bank of Yokohama, Ltd. (The)		10,916
	671	Bridgestone Corp.		22,881
	928	Canon, Inc.		30,414
	103	Central Japan Railway Co.		12,554
	722	Chiba Bank, Ltd. (The)		4,926
	453	Chubu Electric Power Co., Inc.		6,417
	258	Chugai Pharmaceutical Co., Ltd.		5,340
	52	Credit Saison Co., Ltd.		1,307
	568	Dai Nippon Printing Co., Ltd.		5,183
	9	Dai-ichi Life Insurance Co., Ltd.		12,920
	722	Daiichi Sankyo Co., Ltd.		12,032
	206	Daikin Industries, Ltd.		8,326
	1,103	Daito Trust Construction Co., Ltd.		103,924
	159	Daiwa House Industry Co., Ltd.		2,962
	1,496	Daiwa Securities Group, Inc.		12,529
	489	Denso Corp.		22,990
	258	Dentsu, Inc.		8,925
	1,010	East Japan Railway Co.		78,611
	258	Eisai Co., Ltd.		10,515
	103	Electric Power Development Co., Ltd.		3,220
	155	FANUC Corp.		22,433
	52	Fast Retailing Co., Ltd.		17,550
	413	FUJIFILM Holdings Corp.		9,083
	1,858	Fujitsu, Ltd.		7,687
	980	Fukuoka Financial Group, Inc.		4,168

Shares			Value
Japan (continued)
	112	Hankyu Hanshin Holdings, Inc.	$	637
	52	Hirose Electric Co., Ltd.		6,849
	4,011	Hitachi, Ltd.		25,701
	263	Hokkaido Electric Power Co., Inc.		3,589
	826	Hokuhoku Financial Group, Inc.		1,687
	1,296	Honda Motor Co., Ltd.		48,146
	464	Hoya Corp.		9,544
	103	Ibiden Co., Ltd.		1,603
	2	INPEX Corp.		8,313
	300	Isetan Mitsukoshi Holdings, Ltd.		3,984
	1,000	Isuzu Motors, Ltd.		6,836
	13,087	ITOCHU Corp.		151,337
	601	Japan Steel Works, Ltd. (The)		3,298
	5,126	Japan Tobacco, Inc.		180,935
	361	JFE Holdings, Inc.		7,909
	4,000	JGC Corp.		144,050
	1,032	Joyo Bank, Ltd. (The)		5,636
	619	JTEKT Corp.		6,938
	2,067	JX Holdings, Inc.		9,980
	1,187	Kajima Corp.		3,935
	568	Kansai Electric Power Co., Inc. (The)		7,775
	516	Kao Corp.		17,566
	416	KDDI Corp.		21,663
	524	Keio Corp.		3,600
	62	Keyence Corp.		19,754
	1,703	Kintetsu Corp.		7,476
	980	Kirin Holdings Co., Ltd.		15,351
	3,148	Kobe Steel, Ltd.		3,893
	929	Komatsu, Ltd.		21,397
	568	Konica Minolta, Inc.		4,275
	585	Kubota Corp.		8,514
	516	Kuraray Co., Ltd.		7,232
	155	Kyocera Corp.		15,771
	361	Kyushu Electric Power Co., Inc.		5,441
	361	LIXIL Group Corp.		8,791
	1,500	Makita Corp.		80,643
	1,651	Marubeni Corp.		11,034
	464	Marui Group Co., Ltd.		4,622
	3,000	Mazda Motor Corp.		11,860
	2,300	Miraca Holdings, Inc.		105,692
	929	Mitsubishi Chemical Holdings Corp.		4,354
	3,342	Mitsubishi Corp.		57,094
	1,651	Mitsubishi Electric Corp.		15,427
	1,135	Mitsubishi Estate Co., Ltd.		30,218
	722	Mitsubishi Gas Chemical Co., Inc.		5,293
	3,096	Mitsubishi Heavy Industries, Ltd.		17,212
	1,342	Mitsubishi Materials Corp.		4,724
	10,491	Mitsubishi UFJ Financial Group, Inc.		64,791
	1,445	Mitsui & Co., Ltd.		18,120
	826	Mitsui Fudosan Co., Ltd.		24,284
	1,393	Mitsui OSK Lines, Ltd.		5,414
	137,450	Mizuho Financial Group, Inc.		285,441
	387	MS&AD Insurance Group Holdings		9,803
	206	Murata Manufacturing Co., Ltd.		15,669
	817	NEC Corp.		1,789
	52	Nidec Corp.(a)		3,638
	413	Nikon Corp.		9,649
	71	Nintendo Co., Ltd.		8,359
	1	Nippon Building Fund, Inc.‡		11,582
	545	Nippon Electric Glass Co., Ltd.		2,653
	1,084	Nippon Express Co., Ltd.		5,147
	5,973	Nippon Steel & Sumitomo Metal Corp.		16,093
	3,761	Nippon Telegraph & Telephone Corp.		196,027
	1,445	Nippon Yusen KK		3,823
	19,983	Nissan Motor Co., Ltd.		200,282

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Japan (continued)
	206	Nitto Denko Corp.	$	13,212
	245	NKSJ Holdings, Inc.		5,822
	3,457	Nomura Holdings, Inc.		25,446
	568	NSK, Ltd.		5,419
	2	NTT Data Corp.		7,124
	12	NTT DOCOMO, Inc.		18,668
	568	Obayashi Corp.		2,945
	206	Olympus Corp.		6,260
	258	Omron Corp.		7,692
	100	Ono Pharmaceutical Co., Ltd.		6,807
	930	ORIX Corp.		12,691
	23,477	Osaka Gas Co., Ltd.		99,129
	400	Otsuka Holdings Co., Ltd.		13,208
	2,149	Panasonic Corp.		17,304
	826	Rakuten, Inc.		9,767
	2,270	Resona Holdings, Inc.		11,055
	568	Ricoh Co., Ltd.		6,731
	103	Rohm Co., Ltd.		4,183
	155	Secom Co., Ltd.		8,428
	206	Sega Sammy Holdings, Inc.		5,162
	155	Seiko Epson Corp.(a)		2,117
	10,032	Sekisui Chemical Co., Ltd.		106,525
	877	Sekisui House, Ltd.		12,671
	4,274	Seven & I Holdings Co., Ltd.		156,528
	980	Sharp Corp.		3,946
	361	Shin-Etsu Chemical Co., Ltd.		23,893
	671	Shinsei Bank, Ltd.		1,524
	268	Shionogi & Co., Ltd.		5,589
	361	Shiseido Co., Ltd.		5,371
	568	Shizuoka Bank, Ltd. (The)		6,126
	1,445	Showa Denko KK		1,906
	71	SMC Corp.		14,234
	774	Softbank Corp.		45,055
	2,345	Sojitz Corp.		3,891
	929	Sony Corp.		19,626
	1,651	Sumitomo Chemical Co., Ltd.		5,178
	11,987	Sumitomo Corp.		149,401
	619	Sumitomo Electric Industries, Ltd.		7,369
	929	Sumitomo Heavy Industries, Ltd.		3,901
	671	Sumitomo Metal Mining Co., Ltd.		7,474
	5,138	Sumitomo Mitsui Financial Group, Inc.		235,182
	2,979	Sumitomo Mitsui Trust Holdings, Inc.		13,900
	516	Sumitomo Realty & Development Co., Ltd.		20,565
	2,400	Sundrug Co., Ltd.		101,853
	316	Suzuki Motor Corp.		7,284
	310	T&D Holdings, Inc.		4,147
	671	Takashimaya Co., Ltd.		6,801
	671	Takeda Pharmaceutical Co., Ltd.		30,258
	103	TDK Corp.		3,549
	1,600	Teijin, Ltd.		3,505
	206	Terumo Corp.		10,239
	1,290	Tobu Railway Co., Ltd.		6,648
	464	Tohoku Electric Power Co., Inc.		5,793
	6,318	Tokio Marine Holdings, Inc.		199,364
	877	Tokyo Electric Power Co., Inc. (The)		4,527
	155	Tokyo Electron, Ltd.		7,837
	2,322	Tokyo Gas Co., Ltd.		12,811
	1,032	Tokyu Corp.		6,757
	568	Toppan Printing Co., Ltd.		3,940
	1,393	Toray Industries, Inc.		9,001
	3,096	Toshiba Corp.		14,841
	5,258	Toyota Industries Corp.		214,726
	6,954	Toyota Motor Corp.		419,450
	258	Toyota Tsusho Corp.		6,634

Shares			Value
Japan (continued)
	3,400	Unicharm Corp.	$	192,299
	206	West Japan Railway Co.		8,737
	18	Yahoo Japan Corp.		8,863
	98	Yamada Denki Co., Ltd.		3,968
	310	Yamaha Motor Co., Ltd.		4,015
	361	Yamato Holdings Co., Ltd.		7,603
				5,117,886
Jersey — 0.1%
	366	Atrium European Real Estate, Ltd.		1,903
	125	Randgold Resources, Ltd.		7,921
	492	Shire PLC		15,592
	289	Wolseley PLC		13,334
				38,750
Luxembourg — 0.4%
	1	APERAM		11
	849	ArcelorMittal		9,502
	89	Millicom International Cellular SA		6,410
	422	SES SA		12,091
	237	Subsea 7 SA(a)		4,170
	4,411	Tenaris SA		88,345
				120,529
Macau — 0.0%
	2,000	Wynn Macau, Ltd.		5,380

Malaysia — 0.6%
	34,500	AMMB Holdings BHD		79,975
	52,000	Axiata Group BHD		108,906
				188,881
Mexico — 1.1%
	68,700	Alfa SAB de CV, Class A		165,209
	27,400	Grupo Financiero Banorte SAB de CV, Class O		163,671
				328,880
Netherlands — 2.3%
	911	Aegon NV		6,112
	153	Akzo Nobel NV		8,633
	2,705	ASML Holding NV		213,534
	356	European Aeronautic Defence and Space Co. NV		19,046
	310	Heineken NV		19,732
	3,840	ING Groep NV, CVA		35,094
	918	Koninklijke Ahold NV		13,653
	222	Koninklijke DSM NV		14,473
	1,214	Koninklijke KPN NV		2,519
	949	Koninklijke Philips Electronics NV		25,871
	533	PostNL NV		1,485
	621	Reed Elsevier NV		10,342
	2,098	Royal Dutch Shell PLC, Class B		69,484
	3,020	Royal Dutch Shell PLC, Class A		96,471
	6,050	SBM Offshore NV		101,997
	476	TNT Express NV		3,566
	1,364	Unilever NV, CVA		53,693
	341	Wolters Kluwer NV		7,223
				702,928
New Zealand — 0.0%
	727	Chorus, Ltd.		1,343
	3,634	Telecom Corp. of New Zealand, Ltd.		6,328
				7,671
Norway — 2.5%
	837	DnB NOR ASA		12,142
	1,135	Norsk Hydro ASA(a)		4,551

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
Norway (continued)
	1,109	Orkla ASA	$	9,080
	4,880	Seadrill, Ltd.		196,549
	13,560	Statoil ASA		280,123
	11,398	Telenor ASA		226,399
	208	Yara International ASA		8,295
				737,139
Portugal — 0.0%
	1,925	Banco Comercial Portugues SA, Class R†		240
	2,451	Energias de Portugal SA		7,906
	397	Portugal Telecom SGPS SA(a)		1,545
				9,691
Russia — 0.6%
	3,100	Lukoil OAO ADR		178,715

Singapore — 3.1%
	9,288	CapitaMalls Asia, Ltd.		13,321
	1,548	DBS Group Holdings, Ltd.		18,836
	9,000	Jardine Cycle & Carriage, Ltd.		300,906
	7,218	Keppel Corp., Ltd.		59,038
	1,200	Keppel REIT‡		1,223
	3,096	Oversea-Chinese Banking Corp., Ltd.		24,338
	942	SATS, Ltd.		2,441
	1,290	Singapore Airlines, Ltd.		10,297
	2,000	Singapore Press Holdings, Ltd.(a)		6,574
	2,096	Singapore Technologies Engineering, Ltd.		6,905
	52,875	Singapore Telecommunications, Ltd.		156,606
	15,142	United Overseas Bank, Ltd.		236,459
	17,000	UOL Group, Ltd.		89,869
	2,064	Wilmar International, Ltd.		5,105
				931,918
South Africa — 2.5%
	7,400	Aspen Pharmacare Holdings, Ltd.		170,110
	19,500	Life Healthcare Group Holdings, Ltd.		73,960
	11,900	Remgro, Ltd.		228,602
	2,300	Sasol, Ltd.		100,137
	29,000	Woolworths Holdings, Ltd.		189,027
				761,836
South Korea — 2.0%
	820	Samsung Electronics Co., Ltd. GDR		476,540
	5,800	SK Telecom Co., Ltd. ADR		117,914
				594,454
Spain — 1.1%
	314	Abertis Infraestructuras SA		5,471
	71	Acciona SA		3,743
	74	ACS Actividades de Construccion y Servicios SA		1,958
	4,503	Banco Bilbao Vizcaya Argentaria SA		37,842
	2,500	Banco de Sabadell SA		4,147
	777	Banco Popular Espanol SA		2,378
	8,680	Banco Santander SA		55,545
	497	Distribuidora Internacional de Alimentacion SA		3,754
	3,400	Enagas SA		84,034
	427	Ferrovial SA		6,817
	108	Fomento de Construcciones y Contratas SA(a)		1,006
	300	Gas Natural SDG SA		6,044
	3,948	Iberdrola SA		20,864
	196	Inditex SA		24,176
	696	Indra Sistemas SA		8,990
	795	Repsol SA		16,778

Shares			Value
Spain (continued)
	3,940	Telefonica SA	$	50,689
				334,236
Sweden — 3.3%
	413	Assa Abloy AB, Class B		16,141
	568	Atlas Copco AB, Class A		13,690
	330	Atlas Copco AB, Class B		7,062
	310	Electrolux AB, Class B		7,823
	200	Getinge AB, Class B		6,072
	872	Hennes & Mauritz AB, Class B		28,690
	2,683	Nordea Bank AB		29,962
	1,032	Sandvik AB(a)		12,325
	258	Scania AB, Class B		5,162
	568	Securitas AB, Class B		4,966
	16,881	Skandinaviska Enskilda Banken AB, Class A		161,163
	413	SKF AB, Class B(a)		9,675
	412	SSAB AB, Class A(a)		2,461
	774	Svenska Cellulosa AB, Class B		19,411
	5,620	Svenska Handelsbanken AB, Class A		225,162
	17,184	Swedbank AB, Class A		393,592
	2,894	Telefonaktiebolaget LM Ericsson, Class B		32,817
	2,116	TeliaSonera AB		13,789
	1,178	Volvo AB, Class B		15,720
				1,005,683
Switzerland — 3.8%
	7,582	ABB, Ltd.		164,241
	67	Actelion, Ltd.		4,036
	175	Adecco SA		9,967
	100	Aryzta AG		5,613
	400	Cie Financiere Richemont SA		35,275
	1,020	Credit Suisse Group AG		27,004
	46	Geberit AG		11,395
	8,001	Glencore Xstrata PLC		33,120
	273	Holcim, Ltd.		19,003
	254	Julius Baer Group, Ltd.		9,913
	2,614	Nestle SA		171,532
	168	Nobel Biocare Holding AG		2,040
	1,820	Novartis AG		128,912
	1,224	Roche Holding AG		303,793
	6	SGS SA		12,882
	50	Sonova Holding AG		5,290
	759	STMicroelectronics NV		6,821
	34	Swatch Group AG (The)		18,572
	34	Swiss Life Holding AG		5,519
	313	Swiss Re, Ltd.		23,287
	25	Swisscom AG		10,944
	86	Syngenta AG		33,536
	330	Transocean, Ltd.		15,846
	3,210	UBS AG		54,486
	134	Zurich Insurance Group AG		34,734
				1,147,761
Thailand — 1.6%
	12,900	Advanced Info Service PLC		116,622
	14,200	Bangkok Bank PLC		92,693
	35,700	PTT Exploration & Production PLC		181,581
	13,600	Siam Commercial Bank PLC		74,890
				465,786
Turkey — 0.3%
	4,050	KOC Holding AS ADR(a)		96,309

United Kingdom — 12.8%
	1,185	3i Group PLC		6,085
	12,960	Aberdeen Asset Management PLC		75,423

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments

June 30, 2013

(Unaudited)

Shares			Value
United Kingdom (continued)
	292	Aggreko PLC	$	7,298
	1,114	Anglo American PLC		21,468
	1,222	ARM Holdings PLC		14,783
	300	Associated British Foods PLC		7,914
	1,028	AstraZeneca PLC		48,603
	2,497	Aviva PLC		12,870
	3,246	BAE Systems PLC		18,903
	35,446	Barclays PLC		150,956
	2,836	BG Group PLC		48,195
	11,200	BHP Billiton PLC		285,577
	41,782	BP PLC		289,967
	6,152	British American Tobacco PLC		315,536
	552	British Land Co. PLC‡		4,755
	1,202	British Sky Broadcasting Group PLC		14,480
	6,279	BT Group PLC, Class A		29,478
	400	Bunzl PLC		7,802
	2,282	Cable & Wireless Communications PLC		1,421
	674	Cairn Energy PLC†		2,594
	629	Capita Group PLC (The)		9,246
	206	Carnival PLC		7,160
	4,320	Centrica PLC		23,629
	11,964	Compass Group PLC		152,872
	1,914	Diageo PLC		54,887
	1,500	G4S PLC		5,289
	3,915	GlaxoSmithKline PLC		97,861
	253	Hammerson PLC‡		1,876
	1,485	Home Retail Group PLC(a)		3,025
	34,343	HSBC Holdings PLC		355,526
	805	Imperial Tobacco Group PLC		27,913
	298	InterContinental Hotels Group PLC		8,190
	150	Intertek Group PLC		6,668
	1,610	J Sainsbury PLC		8,702
	172	Johnson Matthey PLC		6,872
	2,554	Kingfisher PLC		13,316
	501	Land Securities Group PLC‡		6,729
	4,785	Legal & General Group PLC		12,471
	35,782	Lloyds Banking Group PLC†		34,362
	181	London Stock Exchange Group PLC		3,679
	1,812	Man Group PLC		2,289
	1,409	Marks & Spencer Group PLC		9,219
	2,972	National Grid PLC		33,690
	1,219	Next PLC		84,441
	5,526	Old Mutual PLC		15,170
	691	Pearson PLC		12,289
	230	Petrofac, Ltd.		4,187
	17,026	Prudential PLC		277,913
	525	Reckitt Benckiser Group PLC		37,137
	996	Reed Elsevier PLC		11,327
	1,063	Rexam PLC		7,715
	1,015	Rio Tinto PLC		41,279
	1,904	Rolls-Royce Holdings PLC		32,784
	1,473	Royal Bank of Scotland Group PLC†		6,113
	2,930	RSA Insurance Group PLC		5,316
	797	SABMiller PLC		38,211
	1,078	Sage Group PLC		5,571
	800	Scottish & Southern Energy PLC		18,526
	258	Severn Trent PLC		6,533
	537	Smith & Nephew PLC		6,014
	331	Smiths Group PLC		6,585
	7,688	Standard Chartered PLC		166,911
	2,000	Standard Life PLC		10,525
	6,824	Tesco PLC		34,365
	754	Tullow Oil PLC		11,478
	1,017	Unilever PLC		41,171
	634	United Utilities Group PLC		6,596

Shares			Value
United Kingdom (continued)
	38,881	Vodafone Group PLC	$	111,421
	2,550	Weir Group PLC		83,383
	18,670	WH Smith PLC		203,892
	2,408	Whitbread PLC		112,020
	24,520	William Hill PLC		164,429
	2,846	WM Morrison Supermarkets PLC		11,328
	1,009	WPP PLC		17,247
				3,841,456
United States — 0.7%
	1,730	Philip Morris International, Inc.(a)		149,853
	1,900	Southern Copper Corp.(a)		52,478
				202,331
Total Common Stock
(Cost $29,901,081)				27,325,126

SHORT-TERM INVESTMENT — 14.7%
	4,424,549	Northern Trust Institutional Liquid Asset Portfolio, 0.010%(b)(c)		4,424,549

Total Short-Term Investment
(Cost $4,424,549)				4,424,549

EXCHANGE TRADED FUND — 9.4%
	73,141	Vanguard FTSE Emerging Markets ETF		2,836,408

Total Exchange Traded Fund
(Cost $3,404,942)				2,836,408

PREFERRED STOCK — 0.8%††
Germany — 0.8%
	2,292	Henkel AG & Co. KGAA		215,240
	98	Porsche Automobil Holding SE		7,568
	147	Volkswagen AG		29,691
				252,499
Total Preferred Stock
(Cost $259,348)				252,499

PRIVATE COMPANY — 0.0%
Malta — 0.0%
	4,007	BGP Holdings PLC† (d)		—

Total Private Company
(Cost $–)				—
RIGHT — 0.0%
	31	New World Development(d)		—

Total Right (Cost $–)				—

Total Investments — 115.7%
(Cost $37,989,920)				34,838,582
Other Assets & Liabilities, Net — (15.7)%				(4,732,788	)
NET ASSETS — 100.0%			$	30,105,794

†	Non-income producing security.
‡	Real Estate Investment Trust.

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments

June 30, 2013

(Unaudited)

(a)	This security or a partial position of this security is on loan at June 30, 2013. The total market value of securities on loan at June 30, 2013 was $4,315,072 (Note 6).
(b)	Rate shown is the 7-day effective yield as of June 30, 2013.
(c)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2013 was $4,424,549. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $6,545 (Note 6).
(d)	Securities fair valued using methods determined in good faith by the Pricing Committee. The total market value of such securities as of June 30, 2013 was $0 and represents 0.0% of Net Assets.

ADR — American Depositary Receipt

ETF — Exchange Traded Fund

FTSE — Financial Times and the London Stock Exchange

GDR — Global Depositary Receipt

Ltd. — Limited

PLC — Public Limited Company

REIT — Real Estate Investment Trust

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

The following is a summary of the inputs used as of June 30, 2013 in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2			Level 3			Total
Common Stock
Australia	$	—	$	993,666	*	$	—		$	993,666
Austria		—		22,774	*		—			22,774
Belgium		—		109,692	*		—			109,692
Brazil		239,890		—			—			239,890
Canada		1,110,890		—			—			1,110,890
China		2,067		479,309	*		—			481,376
Denmark		—		362,187	*		—			362,187
Finland		—		501,348	*		—			501,348
France		136		1,558,207	*		—			1,558,343
Germany		—		2,610,876	*		—			2,610,876
Greece		—		5,477	*		—			5,477
Guernsey		—		7,217	*		—			7,217
Hong Kong		—		1,884,382	*		—			1,884,382
India		120,268		—			—			120,268
Indonesia		—		118,154	*		—			118,154
Ireland		—		48,176	*		—			48,176
Isle of Man		—		6,421	*		—			6,421
Israel		—		41,002	*		—			41,002
Italy		—		284,767	*		—			284,767
Japan		—		5,117,886	*		—			5,117,886
Jersey		—		38,750	*		—			38,750
Luxembourg		—		120,529	*		—			120,529
Macau		—		5,380	*		—			5,380
Malaysia		—		188,881	*		—			188,881
Mexico		328,880		—			—			328,880
Netherlands		—		702,928	*		—			702,928
New Zealand		—		7,671	*		—			7,671
Norway		—		737,139	*		—			737,139
Portugal		—		9,691	*		—			9,691
Russia		178,715		—			—			178,715
Singapore		—		931,918	*		—			931,918
South Africa		—		761,836	*		—			761,836
South Korea		117,914		476,540	*		—			594,454
Spain		—		334,236	*		—			334,236
Sweden		—		1,005,683	*		—			1,005,683
Switzerland		—		1,147,761	*		—			1,147,761
Thailand		—		465,786	*		—			465,786
Turkey		96,309		—			—			96,309
United Kingdom		—		3,841,456	*		—			3,841,456
United States		202,331		—			—			202,331
Total Common Stock		2,397,400		24,927,726			—			27,325,126
Short-Term Investment		4,424,549		—			—			4,424,549
Exchange Traded Fund		2,836,408		—			—			2,836,408
Preferred Stock		—		252,499			—			252,499
Private Company
Malta		—		—		—		^		—

Right		—		—			—			—
Total Investments in Securities	$	9,658,357	$	25,180,225		$	—		$	34,838,582

*	Represents securities trading primarily outside the United States, the value of which were adjusted as a result of local trading through the application of a third-party vendor.

Item 7.

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

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

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

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

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

Item 11.

Controls and Procedures.

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

Item 12.

Exhibits.

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

SIGNATURES

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

(Registrant)		Wilshire Mutual Funds, Inc.

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

Date:	September 4, 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:	September 4, 2013

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

Date:	September 4, 2013

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

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