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 811-7076
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Wilshire Mutual Funds, Inc.
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(Exact name of registrant as specified in charter)
c/o PFPC Inc.
400 Bellevue Parkway, 3rd Floor
Wilmington, DE 19809
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(Address of principal executive offices) (Zip code)
Lisa King, Esq.
c/o PFPC Inc.
400 Bellevue Parkway, 3rd Floor
Wilmington, DE 19809
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(Name and address of agent for service)
Registrant's telephone number, including area code: 302-791-1763
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Date of fiscal year end: December 31, 2003
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Date of reporting period: December 31, 2003
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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, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
[GRAPHIC OMITTED]
WILSHIRE
MUTUAL FUNDS, INC.
ANNUAL REPORT
LARGE COMPANY GROWTH PORTFOLIO
LARGE COMPANY VALUE PORTFOLIO
SMALL COMPANY GROWTH PORTFOLIO
SMALL COMPANY VALUE PORTFOLIO
WILSHIRE 5000 INDEX PORTFOLIO
DECEMBER 31, 2003
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www.wilfunds.com
WILSHIRE MUTUAL FUNDS, INC.
Shareholder Letter .............................................. 1
Large Company Growth Portfolio:
Commentary ................................................. 2
Large Company Value Portfolio:
Commentary ................................................. 4
Small Company Growth Portfolio:
Commentary ................................................. 6
Small Company Value Portfolio:
Commentary ................................................. 8
Wilshire 5000 Index Portfolio:
Commentary ................................................. 10
Statements of Investments:
Large Company Growth Portfolio ............................. 13
Large Company Value Portfolio .............................. 20
Small Company Growth Portfolio ............................. 26
Small Company Value Portfolio .............................. 33
Wilshire 5000 Index Portfolio .............................. 40
Statements of Assets and Liabilities ............................ 81
Statements of Operations ........................................ 83
Statements of Changes in Net Assets ............................. 84
Financial Highlights:
Large Company Growth Portfolio ............................. 88
Large Company Value Portfolio .............................. 90
Small Company Growth Portfolio ............................. 92
Small Company Value Portfolio .............................. 94
Wilshire 5000 Index Portfolio .............................. 96
Notes to Financial Statements ................................... 100
Report of Independent Auditors .................................. 106
Tax Information ................................................. 107
Additional Fund Information ...................................... 108
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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 AND WILSHIRE 5000 INDEX PORTFOLIO. 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 PFPC Distributors, Inc.
Dear Wilshire Mutual Fund Shareholder,
We are pleased to present this Annual report to all shareholders of the Wilshire
Mutual Funds, Inc. (the "Funds"). This report covers the period from January 1,
2003 to December 31, 2003 (the "Period"), for all share classes of the Large
Company Growth, Large Company Value, Small Company Growth, Small Company Value
and Wilshire 5000 Index Portfolios.
MARKET ENVIRONMENT AND FUND PERFORMANCE OVERVIEW
The tone and direction of the markets changed dramatically this year as equity
investors once again enjoyed large gains. The stock market rebounded in a broad
market rally, particularly benefiting those stocks that had been under the
greatest of price pressure during the previous three years. The rally was driven
in part by continued positive economic and global political news.
Unemployment fell below the critical 6% level in November and inflation remained
low throughout the year. Strong gains in productivity accompanied rapid economic
growth and higher corporate profits. During the year, the Federal Reserve Bank
lowered target overnight interest rates by 0.25% to 1.00%, the lowest level
since pre-World War II. The Federal Reserve acknowledged the strong growing
economy at its November meeting which caused investors to take an even more
optimistic view about the economic recovery.
In the domestic stock market, small cap stocks which had been under significant
price pressure during the last few years rose dramatically throughout the year.
Technology stocks in particular drove market returns. For the year, value stocks
outperformed growth stocks and smaller market cap stocks outperformed their
large cap counterparts. The technology sector was a particular area of strength
in both large and small cap stocks.
For the year, the Wilshire 5000 Index rose approximately 32%. Other broad market
indices rose in concert with the index, and international markets were higher as
well. The strong performance of 2003 was a welcome reward to long-term investors
that suffered through the losses of prior years.
We note that many of the factors that were present in 2003 that contributed to
strong economic and equity market performance have dissipated. We are cautious
on the outlook for the economy and the U.S. Equity Market in 2004.
The Wilshire Mutual Fund family participated in the stock market rally. All
Funds were up at least 26%. The Wilshire Small Company Growth Fund gained over
37% for the year. We will discuss Fund performance in more depth in the coming
pages of this report.
We encourage all shareholders to visit www.wilfunds.com. Fund management has
added an e-mail distribution list that features the free delivery of an
electronic copy of our monthly market commentary and other relevant market
research pieces. We maintain the list in the strictest of confidence and would
never sell or distribute the addresses to any outside party. It is our goal to
build a list of all of our shareholders so that we are better able to
communicate with our clients. Access to daily net asset values and quarterly
performance reports for the Funds is available on the site; additionally,
prospectuses and account applications are available, as well.
We are heartened by the gains posted by all of our funds during the past year
and we thank our loyal shareholders for their business and their on-going
support. Thank you for your continued confidence in the Wilshire Mutual Funds.
Sincerely,
/s/ MICHAEL J. NAPOLI, JR.
Michael J. Napoli, Jr.
President and
Chairman of the Board
1
[LE TREES LOGO OMITTED]
LARGE COMPANY GROWTH PORTFOLIO
COMMENTARY
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/03.............................. 26.45%
FIVE YEARS ENDED 12/31/03............................ (1.38)%
TEN YEARS ENDED 12/31/03............................. 11.80%
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/03.............................. 26.85%
FIVE YEARS ENDED 12/31/03............................ (1.08)%
INCEPTION (7/15/96) THROUGH 12/31/03................. 10.63%
The Large Company Growth Portfolio's (the "Fund") Investment Class Shares gained
26.45% while Institutional Class Shares rose 26.85% during the year ended
December 31, 2003 (the "period"). Both classes of the Fund underperformed the
blended index that the Fund uses as a benchmark. The benchmark index was the
Wilshire Target Large Company Growth Index (the "Target Large Growth Index")
until April 25, 2003 when the benchmark index was changed to the Russell 1000
Growth Index. This blended index returned 27.2% over the period.
The Fund experienced a strong year on an absolute basis in the final three
quarters. After the uncertainty over the military conflict in Iraq was resolved,
stock markets moved higher for the rest of the year. However, the managers did
not add a number of stocks to the portfolio that rallied significantly. The
underperformance of the Fund versus the benchmark stemmed mainly from stock
selection in the Information Technology and Healthcare sectors. Merck & Co,
Schering Plough, and Johnson & Johnson all finished down for the year,
significantly underperforming the impressive gains of the broad equity market.
These stocks, as well as overweighted exposures to the two sectors noted above
resulted in the underperformance of the Fund. Positive results for the year came
from holdings in Intel, Cisco, and Pfizer, three stocks that posted strong
results for the year.
While the large growth style did not outperform the broad market, it was a
rewarding year for large growth investors as that style rebounded heavily from
previous years of losses to post impressive gains in 2003.
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS. DURING CERTAIN
PERIODS SINCE INCEPTION, CERTAIN FEES AND EXPENSES WERE WAIVED OR REIMBURSED.FOR
THE YEAR ENDED 12/31/03, FEES TOTALING 0.10% OF AVERAGE NET ASSETS WERE
WAIVED.WITHOUT SUCH WAIVERS AND REIMBURSEMENTS, TOTAL RETURNS SINCE INCEPTION
WOULD HAVE BEEN LOWER.
THE TARGET LARGE COMPANY GROWTH INDEX IS AN UNMANAGED INDEX, WHICH IS A FOCUSED
MEASUREMENT OF THE LARGE GROWTH SECTOR OF THE MARKET AND IS USED TO TRACK
WILSHIRE ASSET MANAGEMENT'S LARGE COMPANY GROWTH ACCOUNTS. COMPANIES LISTED IN
THIS INDEX ARE LARGE COMPANIES THAT HAVE ABOVE AVERAGE EARNINGS AND SALES GROWTH
HISTORIES AND FIT A CLASSIC HIGH QUALITY GROWTH PROFILE. COMPANIES THAT DO NOT
FALL CLEARLY INTO THE DEFINED GROWTH CATEGORY ARE ELIMINATED. IT IS TYPICAL TO
FIND SECURITIES IN THIS INDEX THAT HAVE ENJOYED LONG AND SUCCESSFUL GROWTH
TRENDS. IN ADDITION, THESE COMPANIES TYPICALLY HAVE HIGHER THAN AVERAGE RETURNS
ON EQUITY AND LEVELS OF PROFITABILITY. AN INDIVIDUAL INVESTOR CANNOT INVEST
DIRECTLY IN ANY INDEX.
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE
FUTURE RESULTS.CURRENT PERFORMANCE MAY BE LOWER OR HIGHER.THE INVESTMENT RETURN
AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT SHARES, WHEN
REDEEMED, MAY BE WORTH LESS THAN THEIR ORIGINAL COST.
2
LARGE COMPANY GROWTH PORTFOLIO [GRAPHIC OMITTED] TREES
COMMENTARY - (CONTINUED)
COMPARATIVE PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN SHARES OF LARGE COMPANY
GROWTH PORTFOLIO, THE WILSHIRE 5000 INDEX, THE TARGET LARGE
COMPANY GROWTH INDEX AND THE RUSSELL 1000 GROWTH INDEX FROM
INCEPTION THROUGH 12/31/03.
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Large Company Growth Wilshire Target Large
Portfolio Investment 5000 Company Russell 1000
Class Shares Index Growth Index Growth Index*
9/30/92 10,000 10,000 10,000 10,000
8/31/93 10,245 11,704 10,299 10,676
8/31/94 10,893 12,264 10,998 11,365
8/31/95 14,491 14,958 13,727 14,164
8/31/96 17,665 17,532 16,847 16,767
8/31/97 24,889 24,066 24,058 23,367
8/31/98 27,777 24,712 27,078 25,296
8/31/99 41,241 34,317 40,720 37,521
8/31/00 53,135 41,181 52,164 50,076
8/31/01 33,831 30,655 32,851 27,380
8/31/02 26,229 25,579 27,243 21,310
12/31/02 25,594 24,812 26,682 20,465
12/31/03 32,364 32,663 33,419 26,553
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Large Company Growth Wilshire Target Large
Portfolio Institutional 5000 Company Russell 1000
Class Shares Index Growth Index Growth Index*
7/15/96 10,000 10,000 10,000 10,000
8/31/96 10,591 10,468 9,778 10,523
8/31/97 14,942 14,369 13,963 14,665
8/31/98 16,701 14,755 15,716 15,876
8/31/99 24,850 20,490 23,634 23,548
8/31/00 32,112 24,588 30,276 31,428
8/31/01 20,510 18,303 19,066 17,184
8/31/02 17,150 15,272 15,823 13,374
12/31/02 16,752 14,814 15,497 12,844
12/31/03 21,249 19,501 19,410 16,665
PAST PERFORMANCE DOES NOT PREDICT FUTURE PERFORMANCE. ALL DIVIDENDS AND CAPITAL
GAINS ARE REINVESTED. FURTHER INFORMATION RELATING TO THE PORTFOLIO'S
PERFORMANCE, INCLUDING EXPENSE REIMBURSEMENTS, IS CONTAINED IN THE FINANCIAL
HIGHLIGHTS SECTION OF THE RESPECTIVE PROSPECTUS AND ELSEWHERE IN THIS REPORT.
THE WILSHIRE 5000 INDEX** IS AN UNMANAGED INDEX WHICH MEASURES THE PERFORMANCE
OF ALL U.S. HEADQUARTERED EQUITY SECURITIES WITH READILY AVAILABLE PRICE DATA.
THE TARGET LARGE COMPANY GROWTH INDEX** IS AN UNMANAGED INDEX WHICH IS A FOCUSED
MEASUREMENT OF THE LARGE GROWTH SECTOR OF THE MARKET. 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. AN INDIVIDUAL CANNOT INVEST DIRECTLY IN ANY INDEX.
* THE RUSSELL 1000 GROWTH INDEX HAS BEEN DETERMINED TO BE THE MOST APPROPRIATE
INDEX TO BE USED FOR COMPARATIVE PURPOSES.IN THE FUTURE, THE WILSHIRE 5000 INDEX
WILL NOT BE SHOWN.
** INDEX PERFORMANCE IS PRESENTED FOR GENERAL COMPARATIVE PURPOSES.
3
LARGE COMPANY VALUE PORTFOLIO [GRAPHIC OMITTED] TREES
COMMENTARY
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/03.............................. 28.51%
FIVE YEARS ENDED 12/31/03............................ 2.75%
TEN YEARS ENDED 12/31/03............................. 9.93%
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/03.............................. 28.83%
FIVE YEARS ENDED 12/31/03............................ 3.02%
INCEPTION (7/15/96) THROUGH 12/31/03................. 9.39%
The Large Company Value Portfolio's (the "Fund") Investment Class Shares rose
28.51% while Institutional Class Shares gained 28.83% during the year ended
December 31, 2003 (the "period"). Both classes of the Fund underperformed the
blended index that the Fund uses as a benchmark. The benchmark index was the
Wilshire Target Large Company Value Index (the "Target Large Company Value
Index") until April 25, 2003 when the benchmark index was changed to the Russell
1000 Value Index. This blended index returned 29.7% over the period.
The value style took a back seat to growth in the middle of year as investors
preferred more speculative stocks. However, on a one year basis, the value style
finished ahead of growth. The performance of the Fund during the period was
lowered by its exposure to Financials and Consumer Staples. Consumer oriented
stocks such as Newell Rubbermaid, Dollar Tree Stores and Kraft Foods had
disappointing years with negative returns. Holdings in these stocks were harmful
to Fund performance. Additionally, national banks as well as regional banks were
harmful to the Fund's relative performance.
On a positive note, exposure to Telecomm, Industrials and Healthcare all
benefited the Fund. General Electric drove Fund returns as the electronics giant
posted impressive returns for the year.
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS. DURING CERTAIN
PERIODS SINCE INCEPTION, CERTAIN FEES AND EXPENSES WERE WAIVED OR REIMBURSED.FOR
THE YEAR ENDED 12/31/03, FEES TOTALING 0.11% OF AVERAGE NET ASSETS WERE
WAIVED.WITHOUT SUCH WAIVERS AND REIMBURSEMENTS, TOTAL RETURNS SINCE INCEPTION
WOULD HAVE BEEN LOWER.
THE TARGET LARGE COMPANY VALUE INDEX IS AN UNMANAGED INDEX, WHICH IS A FOCUSED
MEASUREMENT OF THE LARGE VALUE SECTOR OF THE MARKET AND IS USED TO TRACK
WILSHIRE ASSET MANAGEMENT'S LARGE COMPANY VALUE ACCOUNTS. THE INDEX IS COMPRISED
OF LARGE COMPANIES THAT ARE MONITORED USING A VARIETY OF RELATIVE VALUE
CRITERIA, THE GOAL OF WHICH IS TO CAPTURE THE MOST ATTRACTIVE VALUE
OPPORTUNITIES AVAILABLE. A HIGH QUALITY PROFILE IS REQUIRED, ELIMINATING
COMPANIES THAT ARE UNDERGOING ADVERSE FINANCIAL PRESSURES. COMPANIES THAT DO NOT
FALL CLEARLY INTO THE DEFINED VALUE CATEGORY ARE ELIMINATED. AN INDIVIDUAL
INVESTOR CANNOT INVEST DIRECTLY IN ANY INDEX.
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE
FUTURE RESULTS.CURRENT PERFORMANCE MAY BE LOWER OR HIGHER.THE INVESTMENT RETURN
AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT SHARES, WHEN
REDEEMED, MAY BE WORTH LESS THAN THEIR ORIGINAL COST.
4
LARGE COMPANY VALUE PORTFOLIO [GRAPHIC OMITTED] TREES
COMMENTARY - (CONTINUED)
COMPARATIVE PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN SHARES OF LARGE COMPANY
VALUE PORTFOLIO, THE WILSHIRE 5000 INDEX, THE TARGET LARGE
COMPANY VALUE INDEX AND THE RUSSELL 1000 VALUE INDEX FROM
INCEPTION THROUGH 12/31/03.
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Large Company Value Wilshire Target Large
Portfolio Investment 5000 Company Russell 1000
Class Shares Index Value Index Value Index
9/30/92 10,000 10,000 10,000 10,000
8/31/93 12,292 11,704 12,336 12,513
8/31/94 11,850 12,264 11,992 12,872
8/31/95 14,097 14,958 14,588 15,340
8/31/96 16,568 17,532 17,280 18,031
8/31/97 22,246 24,066 23,427 25,160
8/31/98 22,544 24,712 23,942 26,138
8/31/99 26,776 34,317 28,665 34,001
8/31/00 26,837 41,181 27,633 35,413
8/31/01 30,655 29,091 29,221 35,018
8/31/02 25,907 25,579 25,764 30,418
12/31/02 23,967 24,812 23,832 29,527
12/31/03 30,797 32,663 31,546 38,394
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Large Company Value Wilshire Target Large
Portfolio Institutional 5000 Company Russell 1000
Class Shares Index Value Index Value Index
7/15/96 10,000 10,000 10,000 10,000
8/31/96 10,355 10,468 9,962 10,368
8/31/97 13,905 14,369 13,506 14,468
8/31/98 14,111 14,755 13,803 15,031
8/31/99 16,796 20,490 16,525 19,552
8/31/00 17,141 24,588 15,931 20,364
8/31/01 18,303 18,355 16,846 20,136
8/31/02 16,387 15,272 14,853 17,492
12/31/02 15,168 14,814 13,806 16,979
12/31/03 19,541 19,501 18,275 22,078
PAST PERFORMANCE DOES NOT PREDICT FUTURE PERFORMANCE. ALL DIVIDENDS AND CAPITAL
GAINS ARE REINVESTED. FURTHER INFORMATION RELATING TO THE PORTFOLIO'S
PERFORMANCE, INCLUDING EXPENSE REIMBURSEMENTS, IS CONTAINED IN THE FINANCIAL
HIGHLIGHTS SECTION OF THE RESPECTIVE PROSPECTUS AND ELSEWHERE IN THIS REPORT.
THE WILSHIRE 5000 INDEX** IS AN UNMANAGED INDEX WHICH MEASURES THE PERFORMANCE
OF ALL U.S. HEADQUARTERED EQUITY SECURITIES WITH READILY AVAILABLE PRICE DATA.
THE TARGET LARGE COMPANY VALUE INDEX** IS AN UNMANAGED INDEX WHICH IS A FOCUSED
MEASUREMENT OF THE LARGE VALUE SECTOR OF THE MARKET. 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. AN INDIVIDUAL CANNOT INVEST DIRECTLY IN ANY INDEX.
* THE RUSSELL 1000 VALUE INDEX HAS BEEN DETERMINED TO BE THE MOST APPROPRIATE
INDEX TO BE USED FOR COMPARATIVE PURPOSES.IN THE FUTURE, THE WILSHIRE 5000 INDEX
WILL NOT BE SHOWN.
** INDEX PERFORMANCE IS PRESENTED FOR GENERAL COMPARATIVE PURPOSES.
5
SMALL COMPANY GROWTH PORTFOLIO [GRAPHIC OMITTED] TREES
COMMENTARY
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/03.............................. 37.02%
FIVE YEARS ENDED 12/31/03............................ 5.73%
TEN YEARS ENDED 12/31/03............................. 7.44%
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/03.............................. 37.30%
FIVE YEARS ENDED 12/31/03............................ 5.95%
INCEPTION (7/15/96) THROUGH 12/31/03................. 6.71%
The Small Company Growth Portfolio's (the "Fund") Investment Class Shares rose
37.02% while Institutional Class Shares gained 37.30% during the year ended
December 31, 2003 (the "period"). Both classes of the Fund underperformed the
blended index that the Fund uses as a benchmark. The benchmark index was the
Wilshire Target Small Company Growth Index (the "Target Small Company Growth
Index") until April 23, 2003 when the benchmark index was changed to the Russell
2000 Growth Index. This blended index returned 41.9% over the period.
The Fund experienced a significant amount of volatility during the year. The
first quarter ended on a down note as markets struggled through geo-political
crises. Investors shied away from the small growth style in favor of larger cap
stocks. However, the final three quarters of the year provided small growth
investors with double-digit quarterly returns for each quarter.
The primary driver of the Fund's underperformance relative to the blended
benchmark index was stock selection in both the Healthcare and Technology
sectors. Three stocks that helped the portfolio were Ade Corp, Cognizant
Technology, and Visx Inc. Each one of these three securities gained more than
100% during the year.
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS. DURING CERTAIN
PERIODS SINCE INCEPTION, CERTAIN FEES AND EXPENSES WERE WAIVED OR REIMBURSED.FOR
THE YEAR ENDED 12/31/03, FEES TOTALING 0.60% OF AVERAGE NET ASSETS WERE
WAIVED.WITHOUT SUCH WAIVERS AND REIMBURSEMENTS, TOTAL RETURNS SINCE INCEPTION
WOULD HAVE BEEN LOWER.
THE TARGET SMALL COMPANY GROWTH INDEX IS AN UNMANAGED INDEX, WHICH IS A FOCUSED
MEASUREMENT OF THE SMALL GROWTH SECTOR OF THE MARKET AND IS USED TO TRACK
WILSHIRE ASSET MANAGEMENT'S SMALL COMPANY GROWTH ACCOUNTS. COMPANIES LISTED IN
THIS INDEX ARE SMALL CAPITALIZATION COMPANIES. THESE COMPANIES HAVE ABOVE
AVERAGE EARNINGS AND SALES GROWTH HISTORIES, ALTHOUGH THIS GROWTH NEED NOT BE AS
STEADY OVER LONGER PERIODS, AS REQUIRED OF A LARGER COMPANY. COMPANIES THAT DO
NOT FALL CLEARLY INTO THE DEFINED GROWTH CATEGORY ARE ELIMINATED. THESE
COMPANIES TYPICALLY HAVE HIGHER THAN AVERAGE RETURNS ON EQUITY AND LEVELS OF
PROFITABILITY AND OFTEN PAY LITTLE OR NO DIVIDENDS. AN INDIVIDUAL INVESTOR
CANNOT INVEST DIRECTLY IN ANY INDEX. SMALL COMPANY STOCKS ARE GENERALLY RISKIER
THAN LARGE COMPANY STOCKS DUE TO GREATER VOLATILITY AND LESS LIQUIDITY.
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE
FUTURE RESULTS. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER.THE INVESTMENT RETURN
AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT SHARES, WHEN
REDEEMED, MAY BE WORTH LESS THAN THEIR ORIGINAL COST.
6
SMALL COMPANY GROWTH PORTFOLIO [GRAPHIC OMITTED] TREES
COMMENTARY - (CONTINUED)
COMPARATIVE PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN SHARES OF SMALL COMPANY
GROWTH PORTFOLIO, THE WILSHIRE 5000 INDEX, THE TARGET SMALL COMPANY GROWTH
INDEX, THE RUSSELL 1000 GROWTH INDEX AND THE RUSSELL 2000 GROWTH INDEX FROM
INCEPTION THROUGH 12/31/03.
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Small Company Growth Wilshire Target Small
Portfolio Investment 5000 Company Russell 1000 Russell 2000
Class Shares Index Growth Index Growth Index Growth Index*
9/30/92 10,000 10,000 10,000 10,000 10,000
8/31/93 12,850 11,704 13,052 10,676 12,414
8/31/94 13,516 12,264 13,952 11,365 12,790
8/31/95 16,632 14,958 18,472 14,164 16,279
8/31/96 19,543 17,532 20,480 16,767 17,793
8/31/97 22,506 24,066 25,926 23,367 21,373
8/31/98 16,651 24,712 19,067 25,296 15,750
8/31/99 20,114 34,317 23,494 37,521 22,571
8/31/00 26,837 41,181 31,124 50,076 31,391
8/31/01 23,115 30,655 26,456 27,380 20,423
8/31/02 21,287 25,579 24,831 21,310 15,109
12/31/02 20,553 24,812 24,153 20,465 15,070
12/31/03 28,162 32,663 33,471 26,553 22,385
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Small Company Growth Wilshire Target Small
Portfolio Institutional 5000 Company Russell 1000 Russell 2000
Class Shares Index Growth Index Growth Index Growth Index*
7/15/96 10,000 10,000 10,000 10,000 10,000
8/31/96 11,141 10,468 9,642 10,523 10,871
8/31/97 12,828 14,369 12,206 14,665 13,058
8/31/98 9,499 14,755 8,977 15,876 9,623
8/31/99 11,497 20,490 11,061 23,548 13,790
8/31/00 15,389 24,588 14,653 31,428 19,179
8/31/01 13,287 18,303 12,455 17,184 12,478
8/31/02 12,268 15,272 11,690 13,374 9,231
12/31/02 11,830 14,814 11,371 12,844 9,207
12/31/03 16,242 19,501 15,758 16,665 13,677
PAST PERFORMANCE DOES NOT PREDICT FUTURE PERFORMANCE. ALL DIVIDENDS AND CAPITAL
GAINS ARE REINVESTED. FURTHER INFORMATION RELATING TO THE PORTFOLIO'S
PERFORMANCE, INCLUDING EXPENSE REIMBURSEMENTS, IS CONTAINED IN THE FINANCIAL
HIGHLIGHTS SECTION OF THE RESPECTIVE PROSPECTUS AND ELSEWHERE IN THIS REPORT.
THE WILSHIRE 5000 INDEX** IS AN UNMANAGED INDEX WHICH MEASURES THE PERFORMANCE
OF ALL U.S. HEADQUARTERED EQUITY SECURITIES WITH READILY AVAILABLE PRICE DATA.
THE TARGET SMALL COMPANY GROWTH INDEX** IS AN UNMANAGED INDEX WHICH IS A FOCUSED
MEASUREMENT OF THE SMALL GROWTH SECTOR OF THE MARKET. 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. THE RUSSELL 2000 GROWTH INDEX IS AN UNMANAGED INDEX THAT MEASURES THE
PERFORMANCE OF THE 2000 SMALLEST U.S. COMPANIES WITH HIGHER PRICE-TO-BOOK RATIOS
AND HIGHER FORECASTED GROWTH VALUES. AN INDIVIDUAL CANNOT INVEST DIRECTLY IN ANY
INDEX.
* THE RUSSELL 2000 GROWTH INDEX HAS BEEN DETERMINED TO BE THE MOST APPROPRIATE
INDEX TO BE USED FOR COMPARATIVE PURPOSES.IN THE FUTURE, THE WILSHIRE 5000 INDEX
AND THE RUSSELL 1000 GROWTH INDEX WILL NOT BE SHOWN.
** INDEX PERFORMANCE IS PRESENTED FOR GENERAL COMPARATIVE PURPOSES.
7
SMALL COMPANY VALUE PORTFOLIO [GRAPHIC OMITTED] TREES
COMMENTARY
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/03............................... 36.41%
FIVE YEARS ENDED 12/31/03............................. 7.89%
TEN YEARS ENDED 12/31/03.............................. 9.44%
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/03.............................. 36.86%
FIVE YEARS ENDED 12/31/03............................ 8.16%
INCEPTION (7/15/96) THROUGH 12/31/03................. 10.44%
The Small Company Value Portfolio's (the "Fund") Investment Class Shares gained
36.41% while Institutional Class Shares gained 36.86% during the year ended
December 31, 2003 (the "period"). Both classes of the Fund underperformed the
blended index that the Fund uses as a benchmark. The benchmark index was the
Wilshire Target Small Company Value Index (the "Target Small Company Value
Index") until April 23, 2003 when the benchmark index was changed to the Russell
2000 Value Index. This blended index returned 41.9% over the period.
The Fund rewarded investors with impressive absolute returns for the year,
ending a three-year pattern of negative results. On a general style basis, the
small value asset class performed the best year of the four style categories
based on absolute performance for the period.
The Fund's underperformance relative to the benchmark stemmed mainly from its
holdings in Information Technology. While the sector in general enjoyed a strong
year, the Fund was harmed by selected stocks' failure to produce expected
results. Healthcare was a bright spot for the Fund as Pacificare and Kindred
Healthcare each turned in strong results for the period.
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS. DURING CERTAIN
PERIODS SINCE INCEPTION, CERTAIN FEES AND EXPENSES WERE WAIVED OR REIMBURSED.FOR
THE YEAR ENDED 12/31/03, FEES TOTALING 0.60% OF AVERAGE NET ASSETS WERE
WAIVED.WITHOUT SUCH WAIVERS AND REIMBURSEMENTS, TOTAL RETURNS SINCE INCEPTION
WOULD HAVE BEEN LOWER.
THE TARGET SMALL COMPANY VALUE INDEX IS AN UNMANAGED INDEX, WHICH IS A FOCUSED
MEASUREMENT OF THE SMALL CAPITALIZATION VALUE SECTOR OF THE MARKET AND IS USED
TO TRACK WILSHIRE ASSET MANAGEMENT'S SMALL COMPANY VALUE ACCOUNTS. THE INDEX IS
COMPRISED OF SMALL COMPANIES.THESE COMPANIES ARE MONITORED USING A VARIETY OF
RELATIVE VALUE CRITERIA IN ORDER TO CAPTURE THE MOST ATTRACTIVE VALUE
OPPORTUNITIES AVAILABLE. A HIGH QUALITY PROFILE IS REQUIRED, ELIMINATING
COMPANIES THAT ARE UNDERGOING ADVERSE FINANCIAL PRESSURES. COMPANIES THAT DO NOT
FALL CLEARLY INTO THE DEFINED VALUE CATEGORY ARE ELIMINATED. AN INDIVIDUAL
INVESTOR CANNOT INVEST DIRECTLY IN ANY INDEX. SMALL COMPANY STOCKS ARE GENERALLY
RISKIER THAN LARGE COMPANY STOCKS DUE TO GREATER VOLATILITY AND LESS LIQUIDITY.
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE
FUTURE RESULTS.CURRENT PERFORMANCE MAY BE LOWER OR HIGHER.THE INVESTMENT RETURN
AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT SHARES, WHEN
REDEEMED, MAY BE WORTH LESS THAN THEIR ORIGINAL COST.
8
SMALL COMPANY VALUE PORTFOLIO [GRAPHIC OMITTED] TREES
COMMENTARY - (CONTINUED)
COMPARATIVE PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN SHARES OF SMALL COMPANY
VALUE PORTFOLIO, THE WILSHIRE 5000 INDEX, THE TARGET SMALL COMPANY VALUE
INDEX, THE RUSSELL 1000 VALUE INDEX AND THE RUSSELL 2000 VALUE INDEX FROM
INCEPTION THROUGH 12/31/03.
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Small Company Value Wilshire Target Small
Portfolio Investment 5000 Company Russell 1000 Russell 2000
Class Shares Index Value Index Value Index Value Index*
9/30/92 10,000 10,000 10,000 10,000 10,000
8/31/93 11,974 11,704 12,570 12,513 13,100
8/31/94 11,972 12,264 12,876 12,872 13,837
8/31/95 13,391 14,958 14,880 15,340 16,385
8/31/96 14,735 17,532 16,647 18,031 18,370
8/31/97 19,706 24,066 22,554 25,160 25,242
8/31/98 17,975 24,712 20,680 26,138 22,222
8/31/99 19,841 34,317 22,142 34,001 25,351
8/31/00 18,684 41,181 20,437 35,413 28,824
8/31/01 23,781 30,655 26,145 35,018 34,024
8/31/02 22,048 25,579 25,645 30,418 32,119
12/31/02 21,682 24,812 24,547 29,527 31,292
12/31/03 29,577 32,663 34,582 38,394 45,695
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Small Company Value Wilshire Target Small
Portfolio Institutional 5000 Company Russell 1000 Russell 2000
Class Shares Index Value Index Value Index Value Index*
7/15/96 10,000 10,000 10,000 10,000 10,000
8/31/96 10,304 10,468 9,897 10,368 10,406
8/31/97 13,781 14,369 13,408 14,468 14,299
8/31/98 12,578 14,755 12,294 15,031 12,588
8/31/99 13,389 20,490 13,163 19,552 14,361
8/31/00 12,638 24,588 12,149 20,364 16,328
8/31/01 16,115 18,303 15,543 20,136 19,274
8/31/02 15,578 15,272 15,246 17,492 18,195
12/31/02 15,333 14,789 14,618 16,979 17,727
12/31/03 20,985 19,501 20,594 22,078 25,886
PAST PERFORMANCE DOES NOT PREDICT FUTURE PERFORMANCE. ALL DIVIDENDS AND CAPITAL
GAINS ARE REINVESTED. FURTHER INFORMATION RELATING TO THE PORTFOLIO'S
PERFORMANCE, INCLUDING EXPENSE REIMBURSEMENTS, IS CONTAINED IN THE FINANCIAL
HIGHLIGHTS SECTION OF THE RESPECTIVE PROSPECTUS AND ELSEWHERE IN THIS REPORT.
THE WILSHIRE 5000 INDEX** IS AN UNMANAGED INDEX WHICH MEASURES THE PERFORMANCE
OF ALL U.S. HEADQUARTERED EQUITY SECURITIES WITH READILY AVAILABLE PRICE DATA.
THE TARGET SMALL COMPANY VALUE INDEX** IS AN UNMANAGED INDEX WHICH IS A FOCUSED
MEASUREMENT OF THE SMALL CAPITALIZATION VALUE SECTOR OF THE MARKET. THE RUSSELL
1000 VALUE INDEX** IS AN UNMANAGED INDEX THAT MEASURES THE PERFORMANCE OF THE
1,000 U.S. COMPANIES WITH LOWER PRICE-TO-BOOK RATIOS AND LOWER FORECASTED GROWTH
VALUES. 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 VALUES. AN INDIVIDUAL CANNOT INVEST DIRECTLY IN ANY INDEX.
* THE RUSSELL 2000 VALUE INDEX HAS BEEN DETERMINED TO BE THE MOST APPROPRIATE
INDEX TO BE USED FOR COMPARATIVE PURPOSES.IN THE FUTURE, THE WILSHIRE 5000 INDEX
AND THE RUSSELL 1000 VALUE INDEX WILL NOT BE SHOWN.
** INDEX PERFORMANCE IS PRESENTED FOR GENERAL COMPARATIVE PURPOSES.
9
WILSHIRE 5000 INDEX PORTFOLIO [GRAPHIC OMITTED] TREES
COMMENTARY
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/03.............................. 29.62%
INCEPTION (2/1/99) THROUGH 12/31/03.................. (1.01)%
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/03.............................. 30.05%
INCEPTION (2/1/99) THROUGH 12/31/03.................. (0.73)%
QUALIFIED CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/03.............................. 29.45%
INCEPTION (5/10/00) THROUGH 12/31/03................. (4.03)%
HORACE MANN CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/03.............................. 29.44%
INCEPTION (12/10/99) THROUGH 12/31/03................ (1.24)%
The Wilshire 5000 Portfolio's (the "Fund") Investment Class Shares picked up
29.62% while Institutional Class Shares were also up 30.05% during the year
ended December 31, 2003 (the "period"). Both classes of the Fund underperformed
the Wilshire 5000 Index, as the Index gained 31.6% over the period. The gains of
the Fund ended a three year trend of negative returns.
The Fund moved upwards after the first quarter as the uncertainty concerning
military conflict in Iraq was resolved. Technology stocks were the driver of
Fund returns as that important area of the market gained approximately 50% for
the year. The Fund was hurt by its holdings in the Consumer Discretionary
sector. Newell Rubbermaid and Eastman Kodak fell during the year, lowering Fund
returns. The Healthcare sector was a drag on relative performance, as Merck & Co
and Johnson & Johnson turned in disappointing years. While the accounting
scandals of 2002 did not, for the most part, carry over into 2003, the Fund was
impacted by the isolated accounting scandal at Healthsouth Corporation.
Positive notes for Fund performance came from technology giants Intel and Cisco,
which both recorded strong years. Additionally, financial stocks such as
Citigroup and JP Morgan Chase added to Fund performance with impressive returns.
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS. DURING CERTAIN
PERIODS SINCE INCEPTION, CERTAIN FEES AND EXPENSES WERE WAIVED OR REIMBURSED.FOR
THE YEAR ENDED 12/31/03, THERE WERE NO WAIVERS OR REIMBURSEMENTS. WITHOUT SUCH
WAIVERS AND REIMBURSEMENTS, TOTAL RETURNS SINCE INCEPTION WOULD HAVE BEEN LOWER.
THE WILSHIRE 5000 INDEX IS AN UNMANAGED INDEX WHICH MEASURES THE PERFORMANCE OF
ALL U.S. HEADQUARTERED EQUITY SECURITIES WITH READILY AVAILABLE PRICE DATA.AN
INDIVIDUAL CANNOT INVEST DIRECTLY IN ANY INDEX.
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE
FUTURE RESULTS.CURRENT PERFORMANCE MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN
AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT SHARES, WHEN
REDEEMED, MAY BE WORTH LESS THAN THEIR ORIGINAL COST.
10
WILSHIRE 5000 INDEX PORTFOLIO [GRAPHIC OMITTED] TREES
COMMENTARY - (CONTINUED)
COMPARATIVE PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN SHARES OF WILSHIRE 5000
INDEX PORTFOLIO AND THE WILSHIRE 5000 INDEX FROM INCEPTION THROUGH 12/31/03.
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Wilshire 5000
Index Portfolio Wilshire
Investment 5000
Class Shares Index
2/1/99 10,000 10,000
8/31/99 10,320 10,347
8/31/00 12,295 12,416
8/31/01 9,120 9,245
8/31/02 7,585 7,714
12/31/02 7,340 7,483
12/31/03 9,514 9,851
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Wilshire 5000
Index Portfolio Wilshire
Institutional 5000
Class Shares Index
2/1/99 10,000 10,000
8/31/99 10,330 10,347
8/31/00 12,339 12,416
8/31/01 9,185 9,245
8/31/02 7,662 7,714
12/31/02 7,418 7,483
12/31/03 9,648 9,851
PAST PERFORMANCE DOES NOT PREDICT FUTURE PERFORMANCE. ALL DIVIDENDS AND CAPITAL
GAINS ARE REINVESTED. FURTHER INFORMATION RELATING TO THE PORTFOLIO'S
PERFORMANCE, INCLUDING EXPENSE REIMBURSEMENTS, IS CONTAINED IN THE FINANCIAL
HIGHLIGHTS SECTION OF THE RESPECTIVE PROSPECTUS AND ELSEWHERE IN THIS REPORT.
THE WILSHIRE 5000 INDEX IS AN UNMANAGED INDEX WHICH MEASURES THE PERFORMANCE OF
ALL U.S. HEADQUARTERED EQUITY SECURITIES WITH READILY AVAILABLE PRICE DATA. AN
INDIVIDUAL CANNOT INVEST DIRECTLY IN ANY INDEX.
11
WILSHIRE 5000 INDEX PORTFOLIO [GRAPHIC OMITTED] TREES
COMMENTARY - (CONTINUED)
COMPARATIVE PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN SHARES OF WILSHIRE 5000
INDEX PORTFOLIO AND THE WILSHIRE 5000 INDEX FROM INCEPTION THROUGH 12/31/03.
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Wilshire 5000
Index Portfolio Wilshire
Horace Mann 5000
Class Index
12/10/99 10,000 10,000
8/31/00 12,308 11,785
8/31/01 9,134 8,773
8/31/02 7,595 7,320
12/31/02 7,348 7,100
12/31/03 9,451 9,346
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Wilshire 5000
Index Portfolio Wilshire
Qualified 5000
Class Index
5/10/00 10,000 10,000
8/31/00 11,179 10,895
8/31/01 8,284 8,110
8/31/02 6,882 6,767
12/31/02 6,660 6,564
12/31/03 8,622 8,641
PAST PERFORMANCE DOES NOT PREDICT FUTURE PERFORMANCE. ALL DIVIDENDS AND CAPITAL
GAINS ARE REINVESTED. FURTHER INFORMATION RELATING TO THE PORTFOLIO'S
PERFORMANCE, INCLUDING EXPENSE REIMBURSEMENTS, IS CONTAINED IN THE FINANCIAL
HIGHLIGHTS SECTION OF THE RESPECTIVE PROSPECTUS AND ELSEWHERE IN THIS REPORT.
THE WILSHIRE 5000 INDEX IS AN UNMANAGED INDEX WHICH MEASURES THE PERFORMANCE OF
ALL U.S. HEADQUARTERED EQUITY SECURITIES WITH READILY AVAILABLE PRICE DATA. AN
INDIVIDUAL CANNOT INVEST DIRECTLY IN ANY INDEX.
12
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
LARGE COMPANY GROWTH PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS
Value
Shares (Note 1)
------ --------
COMMON STOCKS - 98.4%
Aerospace - 0.5%
31,600 Boeing Company .............. $ 1,331,624
1,400 General Dynamics Corporation 126,546
4,400 L-3 Communications
Holdings, Inc.* ........... 225,984
16,300 Lockheed Martin Corporation . 837,820
-----------
2,521,974
------------
Air Transportation - 0.3%
23,800 Delta Air Lines, Inc.* ...... 281,078
6,600 JetBlue Airways Corporation* 175,032
14,700 SkyWest, Inc. ............... 266,364
61,400 Southwest Airlines Company .. 990,996
------------
1,713,470
------------
Apparel - 0.2%
9,600 Coach, Inc.* ................ 362,400
6,800 Columbia Sportswear Company* 370,600
10,100 Jones Apparel Group, Inc. ... 355,823
3,400 Timberland Company, Class A* 177,038
------------
1,265,861
------------
Banks - 1.3%
18,400 Bank of America Corporation . 1,479,912
10,300 Fifth Third Bancorp ......... 608,730
46,456 Hudson City Bancorp, Inc. ... 1,773,690
4,900 KeyCorp ..................... 143,668
7,000 Mellon Financial Corporation 224,770
6,800 National City Corporation ... 230,792
4,233 New York Community
Bancorp, Inc. ............. 161,066
14,200 State Street Corporation .... 739,536
5,700 U.S. Bancorp ................ 169,746
19,300 Wachovia Corporation ........ 899,187
3,800 Wells Fargo & Company ....... 223,782
------------
6,654,879
------------
Value
Shares (Note 1)
------ --------
Business Machines - 12.8%
14,800 3Com Corporation* ........... $ 120,916
8,600 Adaptec, Inc.* .............. 75,938
13,100 Adobe Systems, Inc. ......... 514,830
40,600 BMC Software, Inc.* ......... 757,190
705,278 Cisco Systems, Inc.* ........ 17,131,203
49,200 Compuware Corporation* ...... 297,168
190,600 Dell, Inc.* ................. 6,472,776
176,400 EMC Corporation* ............ 2,279,088
122,700 Hewlett-Packard Company ..... 2,818,419
97,400 International Business
Machines Corporation ...... 9,027,032
16,700 Lexmark International, Inc.* 1,313,288
633,348 Microsoft Corporation ....... 17,442,404
21,100 Network Appliance, Inc.* .... 433,183
401,200 Oracle Corporation* ......... 5,295,840
7,800 Pitney Bowes, Inc. .......... 316,836
23,900 SanDisk Corporation* ........ 1,461,246
5,100 Storage Technology
Corporation* .............. 131,325
93,800 Xerox Corporation* .......... 1,294,440
..................................... ------------
67,183,122
------------
Business Services - 5.2%
18,790 Accenture, Ltd., Class A* ... 494,553
13,000 Affiliated Computer
Services, Inc., Class A* .. 707,980
32,328 Automatic Data Processing, Inc. 1,280,512
18,500 BearingPoint, Inc.* ......... 186,665
7,600 Catalina Marketing Corporation* 153,216
20,700 CDW Corporation ............. 1,195,632
37,300 Cendant Corporation* ........ 830,671
16,800 Ceridian Corporation* ....... 351,792
30,200 CheckFree Corporation* ...... 835,030
2,100 Cintas Corporation .......... 105,273
24,300 Citrix Systems, Inc.* ....... 515,403
9,800 Cognizant Technology
Solutions Corporation* .... 447,272
48,300 Computer Associates
International, Inc. ....... 1,320,522
43,100 Convergys Corporation* ...... 752,526
40,580 eBay, Inc.* ................. 2,621,062
See Notes to Financial Statements.
13
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
LARGE COMPANY GROWTH PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Business Services (continued)
21,700 Electronic Data Systems
Corporation ............... $ 532,518
5,100 FactSet Research Systems, Inc. 194,871
23,700 Fair Isaac Corporation ...... 1,165,092
41,500 First Data Corporation ...... 1,705,235
24,500 Fiserv, Inc.* ............... 967,995
3,500 Getty Images, Inc., Class A* 175,455
11,700 H & R Block, Inc. ........... 647,829
20,000 Ingram Micro, Inc., Class A* 318,000
13,600 Interpublic Group of
Companies, Inc.* .......... 212,160
4,600 Intuit, Inc.* ............... 243,386
58,500 Juniper Networks, Inc.* ..... 1,092,780
4,600 Macromedia, Inc.* ........... 82,064
8,700 Mercury Interactive Corporation* 423,168
8,200 Monster Worldwide, Inc.* .... 180,072
13,600 NetScreen Technologies, Inc.* 336,600
8,900 Network Associates, Inc.* ... 133,856
7,600 Omnicom Group, Inc. ......... 663,708
14,024 Paychex, Inc. ............... 521,693
8,200 Pixar, Inc.* ................ 568,178
9,200 Polycom, Inc.* .............. 179,584
21,800 Red Hat, Inc.* .............. 409,186
7,000 Robert Half International, Inc.* 163,380
5,000 SunGard Data Systems, Inc.* . 138,550
60,100 Symantec Corporation* ....... 2,082,465
5,500 Synopsys, Inc.* ............. 185,680
8,300 Tech Data Corporation* ...... 329,427
3,600 Total System Services, Inc. . 112,068
30,600 VeriSign, Inc.* ............. 498,780
41,100 VERITAS Software Corporation* 1,527,276
------------
27,589,165
------------
Chemicals - 0.1%
2,000 du Pont (E.I.) de Nemours
& Company ................. 91,780
3,200 Ecolab, Inc. ................ 87,584
6,400 Engelhard Corporation ....... 191,680
14,200 OM Group, Inc.* ............. 371,898
------------
742,942
------------
Value
Shares (Note 1)
------ --------
Construction - 0.6%
2,800 Centex Corporation .......... $ 301,420
13,600 D.R. Horton, Inc. ........... 588,336
2,500 Hovnanian Enterprises, Inc.,
Class A* .................. 217,650
3,600 Lennar Corporation .......... 345,600
11,213 Masco Corporation ........... 307,348
2,327 NVR, Inc.* .................. 1,084,382
3,700 Toll Brothers, Inc.* ........ 147,112
------------
2,991,848
------------
Consumer Durables - 0.6%
12,200 Maytag Corporation .......... 339,770
4,000 Mohawk Industries, Inc.* .... 282,160
22,750 Rent-A-Center, Inc.* ........ 679,770
25,700 Whirlpool Corporation ....... 1,867,105
------------
3,168,805
------------
Containers - 0.2%
3,900 Ball Corporation ............ 232,323
18,300 Sealed Air Corporation* ..... 990,762
------------
1,223,085
------------
Cosmetics - 0.4%
10,900 Alberto-Culver Company,
Class B ................... 687,572
18,500 Colgate-Palmolive Company ... 925,925
19,800 Gillette Company ............ 727,254
------------
2,340,751
------------
Domestic Oil - 0.2%
12,400 Chesapeake Energy Corporation 168,392
28,600 Marathon Oil Corporation .... 946,374
------------
1,114,766
------------
Drugs & Medicine - 23.9%
141,186 Abbott Laboratories ......... 6,579,268
17,800 AdvancePCS* ................. 937,348
3,300 Allergan, Inc. .............. 253,473
13,950 American Pharmaceutical
Partners, Inc.* ........... 468,720
7,300 AmerisourceBergen Corporation 409,895
See Notes to Financial Statements.
14
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
LARGE COMPANY GROWTH PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Drugs & Medicine (continued)
149,868 Amgen, Inc.* ................ $ 9,261,842
8,900 Amylin Pharmaceuticals, Inc.* 197,758
13,800 Anthem, Inc.* ............... 1,035,000
5,400 Barr Laboratories, Inc.* .... 415,530
46,900 Baxter International, Inc. .. 1,431,388
4,500 Becton, Dickinson & Company . 185,130
9,600 Biogen Idec, Inc.* .......... 353,088
5,700 Biomet, Inc. ................ 207,537
82,700 Boston Scientific Corporation* 3,040,052
101,850 Bristol-Myers Squibb Company 2,912,910
35,223 Cardinal Health, Inc. ....... 2,154,239
53,000 Caremark Rx, Inc.* .......... 1,342,490
22,800 Celgene Corporation* ........ 1,026,456
2,300 Chiron Corporation* ......... 131,077
34,300 Coventry Health Care, Inc.* . 2,212,007
11,700 DaVita, Inc.* ............... 456,300
12,600 Edwards Lifesciences Corporation* 379,008
3,400 Eon Labs, Inc.* ............. 173,230
3,600 Express Scripts, Inc.* ...... 239,148
28,100 Forest Laboratories, Inc.* .. 1,736,580
31,300 Genentech, Inc.* ............ 2,928,741
14,700 Genzyme Corporation* ........ 725,298
20,400 Gilead Sciences, Inc.* ...... 1,186,056
18,500 HCA, Inc. ................... 794,760
3,900 Health Management Associates,
Inc., Class A ............. 93,600
29,500 Health Net, Inc.* ........... 964,650
18,800 Henry Schein, Inc.* ......... 1,270,504
10,700 Humana, Inc.* ............... 244,495
15,400 ICOS Corporation* ........... 635,712
17,900 ImClone Systems, Inc.* ...... 709,914
3,800 Invitrogen Corporation* ..... 266,000
15,800 IVAX Corporation* ........... 377,304
226,778 Johnson & Johnson ........... 11,715,351
18,400 King Pharmaceuticals, Inc.* . 280,784
49,900 Lilly (Eli) & Company ....... 3,509,467
16,900 Lincare Holdings, Inc.* ..... 507,507
14,100 McKesson Corporation ........ 453,456
18,218 Medco Health Solutions, Inc.* 619,230
5,000 Medicines Company* .......... 147,300
2,000 Medicis Pharmaceutical
Corporation, Class A ...... 142,600
Value
Shares (Note 1)
------ --------
Drugs & Medicine (continued)
25,200 MedImmune, Inc.* ............ $ 640,080
65,034 Medtronic, Inc. ............. 3,161,303
199,550 Merck & Company, Inc. ....... 9,219,210
17,900 Mid Atlantic Medical
Services, Inc.* ........... 1,159,920
34,100 Millennium Pharmaceuticals,
Inc.* ..................... 636,647
32,900 Mylan Laboratories, Inc.* ... 831,054
7,300 Oxford Health Plans, Inc.* .. 317,550
7,200 PacifiCare Health Systems,
Inc.* ..................... 486,720
11,200 Patterson Dental Company* ... 718,592
684,772 Pfizer, Inc. ................ 24,192,995
10,200 Pharmaceutical Product
Development, Inc.* ........ 275,094
13,700 Pharmaceutical Resources,
Inc.* ..................... 892,555
1,800 Quest Diagnostics, Inc. ..... 131,598
3,000 ResMed, Inc.* ............... 124,620
107,258 Schering-Plough Corporation . 1,865,217
20,400 Sepracor, Inc.* ............. 488,172
12,550 St. Jude Medical, Inc.* ..... 769,942
12,100 Stryker Corporation ......... 1,028,621
24,200 Tenet Healthcare Corporation* 388,410
48,500 UnitedHealth Group, Inc. .... 2,821,730
25,900 Valeant Pharmaceuticals
International ............. 651,385
18,100 Varian Medical Systems, Inc.* 1,250,710
19,000 Watson Pharmaceuticals, Inc.* 874,000
16,200 WellChoice, Inc.* ........... 558,900
13,100 WellPoint Health Networks,
Inc.* ..................... 1,270,569
42,400 Western Digital Corporation* 499,896
118,100 Wyeth ....................... 5,013,345
8,200 Zimmer Holdings, Inc.* ...... 577,280
------------
125,958,318
------------
Electronics - 9.8%
30,700 Altera Corporation* ......... 696,890
21,600 Amkor Technology, Inc.* ..... 393,336
38,900 Analog Devices, Inc.* ....... 1,775,785
90,656 Applied Materials, Inc.* .... 2,035,227
22,200 Applied Micro Circuits
Corporation* .............. 132,756
21,500 Arrow Electronics, Inc.* .... 497,510
See Notes to Financial Statements.
15
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
LARGE COMPANY GROWTH PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Electronics (continued)
61,700 Atmel Corporation* .......... $ 370,817
5,700 Broadcom Corporation, Class A* 194,313
41,700 Brocade Communications
Systems, Inc.* ............ 241,026
11,300 Cadence Design Systems, Inc.* 203,174
24,400 Cree, Inc.* ................. 431,636
34,400 Cypress Semiconductor Corporation* 734,784
15,200 Fairchild Semiconductor
International, Inc.* ...... 379,544
21,400 Foundry Networks, Inc.* ..... 585,504
46,050 Guidant Corporation ......... 2,772,210
15,800 Integrated Device Technology,
Inc.* ..................... 271,286
728,484 Intel Corporation ........... 23,457,185
5,300 Intersil Corporation,
Class A* .................. 131,705
20,100 Jabil Circuit, Inc.* ........ 568,830
17,200 KLA-Tencor Corporation* ..... 1,009,124
13,700 Lam Research Corporation* ... 442,510
37,000 Linear Technology Corporation 1,556,590
119,500 LSI Logic Corporation* ...... 1,059,965
12,020 Maxim Integrated Products,
Inc. ...................... 598,596
15,687 Microchip Technology, Inc. .. 523,318
22,500 Micron Technology, Inc.* .... 303,075
25,600 National Semiconductor
Corporation* .............. 1,008,896
3,200 Novellus Systems, Inc.* ..... 134,560
23,900 NVIDIA Corporation* ......... 555,675
56,000 PMC-Sierra, Inc.* ........... 1,128,400
5,600 QLogic Corporation* ......... 288,960
70,700 Sanmina-SCI Corporation* .... 891,527
5,700 Silicon Laboratories, Inc.* . 246,354
34,800 Solectron Corporation* ...... 205,668
152,200 Texas Instruments, Inc. ..... 4,471,636
8,150 Waters Corporation* ......... 270,254
32,600 Xilinx, Inc.* ............... 1,262,924
------------
51,831,550
------------
Energy & Utilities - 0.4%
46,100 AES Corporation* ............ 435,184
20,700 Edison International* ....... 453,951
2,100 Entergy Corporation ......... 119,973
1,400 Exelon Corporation .......... 92,904
27,000 Williams Companies, Inc. .... 265,140
29,900 Xcel Energy, Inc. ........... 507,702
------------
1,874,854
------------
Value
Shares (Note 1)
------ --------
Energy - Raw Materials - 0.5%
2,400 Apache Corporation .......... $ 194,640
5,000 BJ Services Company* ........ 179,500
16,700 FMC Technologies, Inc.* ..... 389,110
59,300 Halliburton Company ......... 1,541,800
2,700 Tidewater, Inc. ............. 80,676
------------
2,385,726
------------
Food & Agriculture - 2.9%
15,400 AGCO Corporation* ........... 310,156
124,700 Coca-Cola Company ........... 6,328,525
85,600 Coca-Cola Enterprises, Inc. . 1,872,072
10,700 Dean Foods Company* ......... 351,709
93,400 PepsiCo, Inc. ............... 4,354,308
12,900 Sara Lee Corporation ........ 280,059
50,976 Sysco Corporation ........... 1,897,836
------------
15,394,665
------------
Gold - 0.1%
13,100 Newmont Mining Corporation .. 636,791
------------
Insurance - 1.6%
4,700 Aetna, Inc.* ................ 317,626
9,600 AFLAC, Inc. ................. 347,328
8,000 Allstate Corporation ........ 344,160
35,700 American International
Group, Inc. ............... 2,366,196
10,900 CIGNA Corporation ........... 626,750
34,700 Fidelity National Financial,
Inc. ...................... 1,345,666
30,900 Marsh & McLennan
Companies, Inc. ........... 1,479,801
4,500 MGIC Investment Corporation . 256,230
13,100 Nationwide Financial Services,
Inc., Class A ............. 433,086
6,800 PMI Group, Inc. ............. 253,164
4,300 Progressive Corporation ..... 359,437
3,400 Radian Group, Inc. .......... 165,750
12,200 UnumProvident Corporation ... 192,394
------------
8,487,588
------------
International Oil - 0.4%
3,900 Burlington Resources, Inc. .. 215,982
7,700 ConocoPhillips .............. 504,889
28,250 Exxon Mobil Corporation ..... 1,158,250
------------
1,879,121
------------
See Notes to Financial Statements.
16
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
LARGE COMPANY GROWTH PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Liquor - 0.4%
35,700 Anheuser-Busch Companies,
Inc. ...................... $ 1,880,676
------------
Media - 2.3%
23,600 Cablevision Systems New York
Group, Class A* .......... 552,004
35,300 Comcast Corporation, Class A* 1,160,311
24,200 Comcast Corporation, Special
Class A* ................. 756,976
9,400 Cox Communications, Inc.,
Class A* ................. 323,830
29,900 EchoStar Communications
Corporation, Class A* .... 1,016,600
27,900 Entravision Communications
Corporation, Class A* .... 309,690
16,400 Fox Entertainment Group, Inc.,
Class A* ................. 478,060
86,600 Liberty Media Corporation,
Class A* ................. 1,029,674
4,700 McGraw-Hill Companies, Inc. 328,624
4,200 Scholastic Corporation* .... 142,968
1,400 Scripps (E.W.) Company,
Class A .................. 131,796
233,800 Time Warner, Inc.* ......... 4,206,062
11,945 Univision Communications,
Inc.,
Class A* ................. 474,097
10,900 Viacom, Inc., Class B ...... 483,742
7,500 Walt Disney Company ........ 174,975
7,500 Westwood One, Inc.* ........ 256,575
17,600 XM Satellite Radio Holdings, Inc.,
Class A* ................. 463,936
------------
12,289,920
------------
Miscellaneous - 0.5%
3,600 Weight Watchers
International, Inc.* ..... 138,132
61,400 Yahoo, Inc.* ............... 2,773,438
------------
2,911,570
------------
Miscellaneous Finance - 7.7%
29,600 American Express Company ... 1,427,608
27,700 AmeriCredit Corporation* ... 441,261
14,700 Ameritrade Holding Corporation* 206,829
Value
Shares (Note 1)
------ --------
Miscellaneous Finance (continued)
55,000 Capital One Financial
Corporation .............. $ 3,370,950
1,500 Chicago Mercantile Exchange 108,540
75,800 Citigroup, Inc. ............ 3,679,332
5,200 Countrywide Financial
Corporation .............. 394,420
27,150 Doral Financial Corporation 876,402
5,000 Equifax, Inc. .............. 122,500
137,200 Fannie Mae ................. 10,298,232
2,800 Franklin Resources, Inc. ... 145,768
66,100 Freddie Mac ................ 3,854,952
9,500 Friedman, Billings, Ramsey
Group, Inc. .............. 219,260
3,400 Goldman Sachs Group, Inc. .. 335,682
56,800 J. P. Morgan Chase & Company 2,086,264
14,400 Janus Capital Group, Inc. .. 236,304
4,000 Lehman Brothers Holdings, Inc. 308,880
189,450 MBNA Corporation ........... 4,707,832
27,300 Merrill Lynch & Company, Inc. 1,601,145
27,200 Moody's Corporation ........ 1,646,960
13,600 Morgan Stanley ............. 787,032
3,700 Nuveen Investments, Class A 98,642
38,400 Providian Financial
Corporation* ............. 446,976
30,500 Schwab (Charles) Corporation 361,120
12,700 SEI Investments Company .... 386,969
49,000 SLM Corporation ............ 1,846,320
3,529 T. Rowe Price Group, Inc. .. 167,310
3,900 Washington Mutual, Inc. .... 156,468
------------
40,319,958
------------
Motor Vehicles - 0.6%
3,300 ArvinMeritor, Inc. ......... 79,596
29,600 General Motors Corporation . 1,580,640
23,128 Harley-Davidson, Inc. ...... 1,099,274
4,000 PACCAR, Inc. ............... 340,480
------------
3,099,990
------------
Non-Durables & Entertainment - 2.5%
7,400 CBRL Group, Inc. ........... 283,124
13,400 Dial Corporation ........... 381,498
23,700 Electronic Arts, Inc.* ..... 1,132,386
See Notes to Financial Statements.
17
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
LARGE COMPANY GROWTH PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Non-Durables & Entertainment (continued)
31,700 GTECH Holdings Corporation .. $ 1,568,833
22,300 InterActiveCorp* ............ 756,639
21,100 International Game Technology 753,270
11,550 Kimberly-Clark Corporation .. 682,489
15,900 Marvel Enterprises, Inc.* ... 462,849
71,300 Procter & Gamble Company .... 7,121,444
------------
13,142,532
------------
Non-Ferrous Metals - 0.3%
3,800 Alcoa, Inc. ................. 144,400
27,100 Freeport-McMoRan Copper &
Gold, Inc., Class B ....... 1,141,723
1,200 Phelps Dodge Corporation* ... 91,308
------------
1,377,431
------------
Optical & Photo - 0.0%**
5,100 Oakley, Inc. ................ 70,584
------------
Paper & Forest Products - 0.1%
9,400 Weyerhaeuser Company ........ 601,600
------------
Producer Goods - 4.7%
28,300 3M Company .................. 2,406,349
2,200 American Standard
Companies, Inc.* .......... 221,540
5,672 Avery Dennison Corporation .. 317,745
3,000 Danaher Corporation ......... 275,250
10,800 Fastenal Company ............ 539,352
13,600 Fisher Scientific
International, Inc.* ...... 562,632
571,200 General Electric Company .... 17,695,776
36,400 Honeywell International, Inc. 1,216,852
2,900 Illinois Tool Works, Inc. ... 243,339
3,100 Johnson Controls, Inc. ...... 359,972
17,800 Pall Corporation ............ 477,574
7,000 W.W. Grainger, Inc. ......... 331,730
------------
24,648,111
------------
Restaurants - 0.3%
10,200 Applebee's International, Inc. 400,554
27,900 McDonald's Corporation ...... 692,757
Value
Shares (Note 1)
------ --------
Restaurants (continued)
3,400 Outback Steakhouse, Inc. .... $ 150,314
6,900 Ruby Tuesday, Inc. .......... 196,581
4,000 Starbucks Corporation* ...... 132,240
------------
1,572,446
------------
Retail - 9.4%
12,900 Abercrombie & Fitch Company,
Class A* .................. 318,759
6,900 Advance Auto Parts, Inc.* ... 561,660
22,800 Amazon.com, Inc.* ........... 1,200,192
9,900 American Eagle Outfitters,
Inc.* ..................... 162,360
16,064 AutoZone, Inc.* ............. 1,368,814
35,450 Bed Bath & Beyond, Inc. ..... 1,536,758
46,300 Best Buy Company, Inc.* ..... 2,418,712
5,200 BJ's Wholesale Club, Inc.* .. 119,392
9,100 Blockbuster, Inc., Class A .. 163,345
17,900 Costco Wholesale Corporation* 665,522
10,900 CVS Corporation ............. 393,708
12,500 Dollar General Corporation .. 262,375
15,300 Dollar Tree Stores, Inc.* ... 459,918
3,800 Family Dollar Stores, Inc. .. 136,344
47,100 Gap, Inc. ................... 1,093,191
318,982 Home Depot, Inc. ............ 11,320,671
5,228 Kohl's Corporation* ......... 234,946
62,500 Kroger Company* ............. 1,156,875
87,678 Lowe's Companies, Inc. ...... 4,856,484
6,300 Michaels Stores, Inc. ....... 278,460
5,850 Pacific Sunwear of California,
Inc.* ..................... 123,552
28,446 PETsMART, Inc. .............. 677,015
18,600 RadioShack Corporation ...... 570,648
60,500 Rite Aid Corporation* ....... 365,420
29,200 Ross Stores, Inc. ........... 771,756
18,700 Safeway, Inc.* .............. 409,717
45,100 Sears, Roebuck & Company .... 2,051,599
48,050 Staples, Inc.* .............. 1,311,765
53,900 Target Corporation .......... 2,069,760
2,200 Tiffany & Company ........... 99,440
13,800 TJX Companies, Inc. ......... 304,290
202,700 Wal-Mart Stores, Inc. ....... 10,753,235
34,150 Walgreen Company ............ 1,242,377
8,500 Williams-Sonoma, Inc.* ...... 295,545
------------
49,754,605
------------
See Notes to Financial Statements.
18
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
LARGE COMPANY GROWTH PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Schools - 1.1%
48,256 Apollo Group, Inc., Class A* $ 3,281,408
44,600 Career Education Corporation* 1,787,122
6,300 Corinthian Colleges, Inc.* .. 350,028
2,400 ITT Educational Services,
Inc.* ..................... 112,728
3,900 University of Phoenix
Online* ................... 268,827
------------
5,800,113
------------
Steel - 0.1%
7,800 Nucor Corporation ........... 436,800
------------
Telecommunications - 3.6%
11,000 ADTRAN, Inc. ................ 341,000
23,800 American Tower Corporation,
Class A* .................. 257,516
223,500 AT&T Wireless Services, Inc.* 1,785,765
48,900 Avaya, Inc.* ................ 632,766
16,700 BellSouth Corporation ....... 472,610
40,600 CIENA Corporation* .......... 269,584
55,600 Citizens Communications
Company* .................. 690,552
30,400 Comverse Technology, Inc.* .. 534,736
162,200 Corning, Inc.* .............. 1,691,746
26,700 Crown Castle International
Corporation* .............. 294,501
14,500 InterDigital Communications
Corporation* .............. 299,280
32,700 Level 3 Communications, Inc.* 186,390
177,500 Motorola, Inc. .............. 2,497,425
87,100 Nextel Communications, Inc.,
Class A* ................. 2,444,026
38,400 Nextel Partners, Inc.,
Class A* .................. 516,480
29,200 Nokia Oyj, ADR .............. 496,400
74,950 QUALCOMM, Inc. .............. 4,042,054
7,500 Scientific-Atlanta, Inc. .... 204,750
26,500 Sprint Corporation .......... 435,130
62,400 Tellabs, Inc.* .............. 526,032
3,600 UTStarcom, Inc.* ............ 133,452
------------
18,752,195
------------
Tobacco - 1.6%
157,500 Altria Group, Inc. .......... 8,571,150
------------
Value
Shares (Note 1)
------ --------
Travel & Recreation - 0.4%
16,100 Callaway Golf Company ....... $ 271,285
4,300 Harrah's Entertainment, Inc. 214,011
21,500 Hilton Hotels Corporation ... 368,295
33,600 Royal Caribbean Cruises, Ltd. 1,168,944
------------
2,022,535
------------
Trucking & Freight - 0.8%
7,100 C.H. Robinson Worldwide, Inc. 269,161
2,500 CNF, Inc. ................... 84,750
11,400 J.B. Hunt Transport
Services, Inc.* ........... 307,914
8,700 Ryder System, Inc. .......... 297,105
41,000 United Parcel Service, Inc.,
Class B ................... 3,056,550
------------
4,015,480
------------
TOTAL COMMON STOCKS
(Cost $417,052,858) ....... 518,226,977
------------
EXCHANGE TRADED FUNDS - 0.1%
4,800 Nasdaq-100 Index Tracking Stock 175,008
3,164 SPDR Trust Series 1 ......... 352,090
------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $485,298) ........... 527,098
------------
TOTAL INVESTMENTS
(Cost $417,538,156***) ..... 98.5% 518,754,075
OTHER ASSETS AND LIABILITIES
(Net) ...................... 1.5% 7,718,390
------ ------------
NET ASSETS .................... 100.0% $526,472,465
===== ============
- -------------------
* Non-income producing security.
** Amount represents less than 0.1% of net assets.
*** Aggregate cost for Federal tax purposes, not including futures, is
$425,237,655.
ADR American Depository Receipt
FUTURES CONTRACTS
Number of Unrealized
Contracts Appreciation
---------- ------------
20 S&P 500 Index,
March 2004 ................ $ 206,904
===========
See Notes to Financial Statements.
19
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
LARGE COMPANY VALUE PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS
Value
Shares (Note 1)
------ --------
COMMON STOCKS - 98.0%
Aerospace - 1.0%
1,385 General Dynamics Corporation $ 125,190
6,400 Goodrich Corporation ........ 190,016
400 Lockheed Martin Corporation . 20,560
2,285 Northrop Grumman Corporation 218,446
2,600 Rockwell Collins, Inc. ...... 78,078
------------
632,290
------------
Air Transportation - 0.1%
2,500 Southwest Airlines Company .. 40,350
------------
Apparel - 0.3%
1,900 Jones Apparel Group, Inc. ... 66,937
700 Nike, Inc., Class B ......... 47,922
2,600 V.F. Corporation ............ 112,424
------------
227,283
------------
Banks - 15.1%
10,100 AmSouth Bancorporation ...... 247,450
5,000 Astoria Financial Corporation 186,000
18,554 Bank of America Corporation . 1,492,298
5,100 Bank of New York Company,
Inc. ...................... 168,912
8,500 Bank One Corporation ....... 387,515
1,081 Charter One Financial, Inc. . 37,348
600 City National Corporation ... 37,272
5,300 Commerce Bancorp, Inc. ...... 279,204
10,500 Fifth Third Bancorp ......... 620,550
22,818 FleetBoston Financial
Corporation ............... 996,006
3,000 Golden West Financial
Corporation ............... 309,570
3,300 Hudson City Bancorp, Inc. ... 125,994
9,600 Huntington Bancshares, Inc. . 216,000
17,900 KeyCorp ..................... 524,828
3,900 Mellon Financial Corporation 125,229
22,500 National City Corporation ... 763,650
2,100 North Fork Bancorporation,
Inc. ...................... 84,987
5,800 Northern Trust Corporation .. 269,236
4,900 PNC Financial Services Group 268,177
1,000 Popular, Inc. ............... 44,940
6,300 Regions Financial Corporation 234,360
Value
Shares (Note 1)
------ --------
Banks (continued)
3,300 SouthTrust Corporation ...... $ 108,009
4,300 State Street Corporation .... 223,944
7,900 SunTrust Banks, Inc. ........ 564,850
2,000 Synovus Financial Corporation 57,840
1,200 TCF Financial Corporation ... 61,620
9,900 U.S. Bancorp ................ 294,822
3,100 UnionBanCal Corporation ..... 178,374
14,100 Wachovia Corporation ........ 656,919
7,000 Wells Fargo & Company ....... 412,230
300 Zions Bancorporation ........ 18,399
------------
9,996,533
------------
Business Machines - 3.0%
8,800 3Com Corporation* ........... 71,896
3,600 BMC Software, Inc.* ......... 67,140
37,000 Hewlett-Packard Company ..... 849,890
10,100 International Business
Machines Corporation ...... 936,068
1,001 NCR Corporation* ............ 38,839
1,400 Siebel Systems, Inc.* ....... 19,418
1,300 Sun Microsystems, Inc.* ..... 5,837
------------
1,989,088
------------
Business Services - 2.1%
11,300 Allied Waste Industries, Inc.* 156,844
1,900 CDW Corporation ............. 109,744
3,600 Cendant Corporation* ........ 80,172
800 ChoicePoint, Inc.* .......... 30,472
800 Computer Sciences Corporation* 35,384
2,000 Concord EFS, Inc.* .......... 29,680
4,900 DoubleClick, Inc.* .......... 50,078
600 eBay, Inc.* ................. 38,754
2,100 Electronic Data Systems
Corporation ............... 51,534
1,500 FedEx Corporation ........... 101,250
1,400 Imation Corporation ......... 49,210
4,600 Ingram Micro, Inc., Class A* 73,140
200 Lamar Advertising Company* .. 7,464
1,600 Monster Worldwide, Inc.* .... 35,136
3,600 Network Associates, Inc.* ... 54,144
1,000 Red Hat, Inc.* .............. 18,770
See Notes to Financial Statements.
20
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
LARGE COMPANY VALUE PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED
Value
Shares (Note 1)
------ --------
Business Services (continued)
900 Robert Half International,
Inc.* .....................$ 21,006
1,400 Synopsys, Inc.* ............. 47,264
4,900 Tech Data Corporation* ...... 194,481
8,500 Tyco International, Ltd. .... 225,250
------------
1,409,777
------------
Chemicals - 1.6%
3,100 Ashland, Inc. ............... 136,586
6,700 Dow Chemical Company ........ 278,519
9,800 du Pont (E.I.) de Nemours
& Company ................. 449,722
2,700 Engelhard Corporation ....... 80,865
1,300 Lyondell Chemical Company ... 22,035
1,100 Sigma-Aldrich Corporation ... 62,898
------------
1,030,625
------------
Construction - 1.2%
1,600 Centex Corporation .......... 172,240
1,200 D.R. Horton, Inc. ........... 51,912
600 Lafarge Corporation ......... 24,312
600 M.D.C. Holdings, Inc. ....... 38,700
3,000 Martin Marietta Materials,
Inc. ...................... 140,910
1,500 Masco Corporation ........... 41,115
100 Pulte Homes, Inc. ........... 9,362
400 Ryland Group, Inc. .......... 35,456
5,500 Vulcan Materials Company .... 261,635
------------
775,642
------------
Consumer Durables - 0.5%
2,100 Cooper Industries, Ltd.,
Class A ................... 121,653
300 Leggett & Platt, Inc. ....... 6,489
2,700 Whirlpool Corporation ....... 196,155
------------
324,297
------------
Containers - 0.4%
5,600 Owens-Illinois, Inc.* ....... 66,584
800 Pactiv Corporation* ......... 19,120
10,000 Smurfit-Stone Container
Corporation* .............. 185,700
------------
271,404
------------
Value
Shares (Note 1)
------ --------
Cosmetics - 0.6%
1,000 Avon Products, Inc. ......... $ 67,490
6,600 Colgate-Palmolive Company ... 330,330
------------
397,820
------------
Domestic Oil - 0.6%
300 Kerr-McGee Corporation ...... 13,947
10,800 Marathon Oil Corporation .... 357,372
1,700 Westport Resources
Corporation* .............. 50,762
------------
422,081
------------
Drugs & Medicine - 3.4%
1,200 AdvancePCS* ................. 63,192
600 Andrx Corporation* .......... 14,424
2,600 Bristol-Myers Squibb Company 74,360
2,400 Caremark Rx, Inc.* .......... 60,792
1,100 Community Health Systems,
Inc.* ..................... 29,238
1,100 DaVita, Inc.* ............... 42,900
3,700 Edwards Lifesciences
Corporation* .............. 111,296
300 Eon Labs, Inc.* ............. 15,285
3,900 GlaxoSmithKline PLC, ADR .... 181,818
3,100 HCA, Inc. ................... 133,176
500 Human Genome Sciences, Inc.* 6,625
15,600 Humana, Inc.* ............... 356,460
500 Medtronic, Inc. ............. 24,305
7,200 Merck & Company, Inc. ....... 332,640
600 Oxford Health Plans, Inc.* .. 26,100
3,200 PacifiCare Health Systems,
Inc.* ..................... 216,320
8,280 Pfizer, Inc. ................ 292,532
400 Pharmaceutical Resources,
Inc.* ..................... 26,060
300 Quest Diagnostics, Inc. ..... 21,933
6,000 Schering-Plough Corporation . 104,340
2,100 Triad Hospitals, Inc.* ...... 69,867
1,600 Valeant Pharmaceuticals
International ............. 40,240
------------
2,243,903
------------
Electronics - 2.6%
1,300 Agilent Technologies, Inc.* . 38,012
6,000 Arrow Electronics, Inc.* .... 138,840
7,100 Avnet, Inc.* ................ 153,786
6,200 Brocade Communications
Systems, Inc.* ............ 35,836
100 Cree, Inc.* ................. 1,769
See Notes to Financial Statements.
21
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
LARGE COMPANY VALUE PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Electronics (continued)
3,300 Cypress Semiconductor
Corporation* .............. $ 70,488
10,000 Flextronics International,
Ltd.* ..................... 148,400
4,000 Guidant Corporation ......... 240,800
4,600 Integrated Device
Technology, Inc.* ......... 78,982
1,500 Intersil Corporation, Class A* 37,275
1,200 Linear Technology Corporation 50,484
3,000 LSI Logic Corporation* ...... 26,610
1,400 Microchip Technology, Inc. .. 46,704
700 Micron Technology, Inc.* .... 9,429
500 Novellus Systems, Inc.* ..... 21,025
2,800 Rohm & Haas Company ......... 119,588
1,600 Sanmina-SCI Corporation* .... 20,176
35,300 Solectron Corporation* ...... 208,623
5,900 Texas Instruments, Inc. ..... 173,342
2,300 Xilinx, Inc.* ............... 89,102
------------
1,709,271
------------
Energy & Utilities - 6.7%
5,600 Alliant Energy Corporation .. 139,440
1,700 Ameren Corporation .......... 78,200
28,900 American Electric Power
Company, Inc. ............. 881,739
1,100 Baker Hughes, Inc. .......... 35,376
500 Constellation Energy Group,
Inc. ...................... 19,580
2,900 Dominion Resources, Inc. .... 185,107
2,200 DTE Energy Company .......... 86,680
7,400 Duke Energy Corporation ..... 151,330
42,100 Edison International* ....... 923,253
17,500 El Paso Corporation ......... 143,325
5,300 Entergy Corporation ......... 302,789
5,500 Exelon Corporation .......... 364,980
1,200 FPL Group, Inc. ............. 78,504
1,300 NiSource, Inc. .............. 28,522
7,200 Northeast Utilities ......... 145,224
5,400 PPL Corporation ............. 236,250
7,200 Sempra Energy ............... 216,432
2,200 TECO Energy, Inc. ........... 31,702
6,000 TXU Corporation ............. 142,320
4,000 Williams Companies, Inc. .... 39,280
10,200 Xcel Energy, Inc. ........... 173,196
------------
4,403,229
------------
Value
Shares (Note 1)
------ --------
Energy - Raw Materials - 0.9%
1,007 Devon Energy Corporation .... $ 57,661
2,600 ENSCO International, Inc. ... 70,642
1,700 FMC Technologies, Inc.* ..... 39,610
8,000 Occidental Petroleum
Corporation ............... 337,920
1,400 Schlumberger, Ltd. .......... 76,608
500 Valero Energy Corporation ... 23,170
------------
605,611
------------
Food & Agriculture - 1.4%
800 AGCO Corporation* ........... 16,112
2,500 Archer-Daniels-Midland
Company ................... 38,050
1,100 Campbell Soup Company ....... 29,480
8,400 Coca-Cola Company ........... 426,300
2,200 Kellogg Company ............. 83,776
1,200 Kraft Foods, Inc., Class A .. 38,664
6,500 Monsanto Company ............ 187,070
4,900 Sara Lee Corporation ........ 106,379
------------
925,831
------------
Gold - 0.2%
3,200 Newmont Mining Corporation .. 155,552
------------
Insurance - 7.4%
2,200 ACE, Ltd. ................... 91,124
3,200 Aetna, Inc.* ................ 216,256
1,800 Allstate Corporation ........ 77,436
2,200 American Financial Group,
Inc. ...................... 58,212
14,600 American International
Group, Inc. ............... 967,688
3,800 Chubb Corporation ........... 258,780
6,200 CIGNA Corporation ........... 356,500
675 Fidelity National Financial,
Inc. ...................... 26,176
5,000 Hartford Financial Services
Group, Inc. ............... 295,150
4,975 Jefferson-Pilot Corporation . 251,984
21,700 John Hancock Financial
Services, Inc. ............ 813,750
15,600 MetLife, Inc. ............... 525,252
2,900 MGIC Investment Corporation . 165,126
4,700 MONY Group, Inc. ............ 147,063
1,200 Nationwide Financial Services,
Inc., Class A ............. 39,672
See Notes to Financial Statements.
22
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
LARGE COMPANY VALUE PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Insurance (continued)
1,100 PMI Group, Inc. ............. $ 40,953
4,500 Prudential Financial, Inc. .. 187,965
1,700 RenaissanceRe Holdings, Ltd. 83,385
9,500 Travelers Property Casualty
Corporation, Class A ...... 159,410
6,500 UnumProvident Corporation ... 102,505
800 XL Capital, Ltd., Class A ... 62,040
------------
4,926,427
------------
International Oil - 8.8%
3,400 Amerada Hess Corporation .... 180,778
16,200 ChevronTexaco Corporation ... 1,399,518
9,800 ConocoPhillips .............. 642,586
79,100 Exxon Mobil Corporation ..... 3,243,100
7,000 Pioneer Natural Resources
Company* .................. 223,510
3,100 Unocal Corporation .......... 114,173
------------
5,803,665
------------
Media - 3.7%
2,800 Cablevision Systems New
York Group, Class A* ...... 65,492
14,900 Comcast Corporation, Class A* 489,763
1,200 Entercom Communications
Corporation* .............. 63,552
7,600 Liberty Media Corporation,
Class A* .................. 90,364
300 Media General, Inc., Class A 19,530
6,800 R.R. Donnelley & Sons Company 205,020
800 Scholastic Corporation* ..... 27,232
42,700 Time Warner, Inc.* .......... 768,173
1,600 Tribune Company ............. 82,560
9,700 Viacom, Inc., Class B ....... 430,486
6,200 Walt Disney Company ......... 144,646
1,600 XM Satellite Radio Holdings,
Inc., Class A* ............ 42,176
------------
2,428,994
------------
Miscellaneous Finance - 12.3%
4,500 Allied Capital Corporation .. 125,460
8,300 AmeriCredit Corporation* .... 132,219
700 Bear Stearns Companies, Inc. 55,965
Value
Shares (Note 1)
------ --------
Miscellaneous Finance (continued)
200 BISYS Group, Inc.* .......... $ 2,976
2,100 Capital One Financial
Corporation ............... 128,709
1,900 Chicago Mercantile Exchange . 137,484
44,700 Citigroup, Inc. ............. 2,169,738
1,067 Countrywide Financial
Corporation ............... 80,907
700 Eaton Vance Corporation ..... 25,648
2,100 Fannie Mae .................. 157,626
2,600 Franklin Resources, Inc. .... 135,356
800 Freddie Mac ................. 46,656
3,800 Goldman Sachs Group, Inc. ... 375,174
900 Instinet Group, Inc.* ....... 4,635
3,800 Investors Financial Services
Corporation ............... 145,958
24,796 J. P. Morgan Chase & Company 910,757
4,200 Lehman Brothers Holdings,
Inc. ...................... 324,324
12,000 Merrill Lynch & Company, Inc. 703,800
10,500 Moody's Corporation ......... 635,775
10,800 Morgan Stanley .............. 624,996
1,500 SLM Corporation ............. 56,520
29,050 Washington Mutual, Inc. ..... 1,165,486
------------
8,146,169
------------
Motor Vehicles - 3.1%
2,900 American Axle & Manufacturing
Holdings, Inc.* ........... 117,218
5,600 Autoliv, Inc. ............... 210,840
4,300 Delphi Corporation .......... 43,903
21,300 General Motors Corporation .. 1,137,420
3,900 Lear Corporation* ........... 239,187
2,600 Magna International, Inc.,
Class A ................... 208,130
800 PACCAR, Inc. ................ 68,096
------------
2,024,794
------------
Non-Durables & Entertainment - 0.7%
3,800 Electronic Arts, Inc.* ...... 181,564
800 Fortune Brands, Inc. ........ 57,192
600 International Speedway
Corporation, Class A ...... 26,796
700 Newell Rubbermaid, Inc. ..... 15,939
1,100 Procter & Gamble Company .... 109,868
3,000 Sherwin-Williams Company .... 104,220
------------
495,579
------------
See Notes to Financial Statements.
23
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
LARGE COMPANY VALUE PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Non-Ferrous Metals - 0.8%
12,400 Alcoa, Inc. ................. $ 471,200
100 Freeport-McMoRan Copper &
Gold, Inc., Class B ....... 4,213
300 Phelps Dodge Corporation* ... 22,827
------------
498,240
------------
Paper & Forest Products - 1.1%
4,200 Boise Cascade Corporation ... 138,012
1,300 Bowater, Inc. ............... 60,203
10,800 Georgia-Pacific Corporation . 331,236
700 Temple-Inland, Inc. ......... 43,869
1,900 Weyerhaeuser Company ........ 121,600
------------
694,920
------------
Producer Goods - 2.1%
200 3M Company .................. 17,006
800 Caterpillar, Inc. ........... 66,416
400 Eaton Corporation ........... 43,192
400 Fastenal Company ............ 19,976
20,500 General Electric Company .... 635,090
2,200 Honeywell International, Inc. 73,546
800 Parker-Hannifin Corporation . 47,600
1,200 SPX Corporation* ............ 70,572
6,100 Textron, Inc. ............... 348,066
1,800 W.W. Grainger, Inc. ......... 85,302
------------
1,406,766
------------
Railroad & Shipping - 2.0%
8,400 Burlington Northern Santa Fe
Corporation ............... 271,740
5,000 CSX Corporation ............. 179,700
12,500 Norfolk Southern Corporation 295,625
8,500 Union Pacific Corporation ... 590,580
------------
1,337,645
------------
Real Estate Investment Trust - 0.9%
1,800 Apartment Investment &
Management Company,
Class A ................... 62,100
1,600 Boston Properties, Inc. ..... 77,104
Value
Shares (Note 1)
------ --------
Real Estate Investment Trust (continued)
8,600 Crescent Real Estate
Equities Company .......... $ 147,318
1,600 Equity Office Properties
Trust ..................... 45,840
6,800 Host Marriott Corporation* .. 83,776
1,000 iStar Financial, Inc. ....... 38,900
2,600 Vornado Realty Trust ........ 142,350
------------
597,388
------------
Restaurants - 0.7%
1,100 Darden Restaurants, Inc. .... 23,144
15,900 McDonald's Corporation ...... 394,797
1,200 Starbucks Corporation* ...... 39,672
800 Wendy's International, Inc. . 31,392
------------
489,005
------------
Retail - 2.6%
2,100 Albertson's, Inc. ........... 47,565
6,900 Blockbuster, Inc., Class A .. 123,855
4,600 Costco Wholesale Corporation* 171,028
1,400 Dollar Tree Stores, Inc.* ... 42,084
6,500 Federated Department
Stores, Inc.* ............. 306,345
100 Kohl's Corporation* ......... 4,494
18,700 Kroger Company* ............. 346,137
1,800 Limited Brands .............. 32,454
7,100 May Department Stores Company 206,397
500 Nordstrom, Inc. ............. 17,150
800 RadioShack Corporation ...... 24,544
8,400 Rite Aid Corporation* ....... 50,736
7,500 Sears, Roebuck & Company .... 341,175
------------
1,713,964
------------
Schools - 0.3%
3,000 Apollo Group, Inc., Class A* 204,000
------------
Steel - 0.1%
800 Nucor Corporation ........... 44,800
900 United States Steel
Corporation ............... 31,518
------------
76,318
------------
See Notes to Financial Statements.
24
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
LARGE COMPANY VALUE PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Telecommunications - 7.0%
200 ADTRAN, Inc. ................ $ 6,200
300 ALLTEL Corporation .......... 13,974
6,900 American Tower Corporation,
Class A* ................. 74,658
3,200 AT&T Corporation ............ 64,960
700 AT&T Wireless Services, Inc.* 5,593
2,900 Avaya, Inc.* ................ 37,526
30,700 BellSouth Corporation ....... 868,810
29,500 Corning, Inc.* .............. 307,685
700 IDT Corporation* ............ 15,505
700 InterDigital Communications
Corporation* .............. 14,448
19,600 Level 3 Communications, Inc.* 111,720
97,400 Lucent Technologies, Inc.* .. 276,616
13,400 Motorola, Inc. .............. 188,538
60,700 Nortel Networks Corporation . 256,761
200 NTL, Inc.* .................. 13,950
31,700 SBC Communications, Inc. .... 826,419
20,900 Sprint Corporation .......... 343,178
23,700 Sprint Corporation (PCS
Group)* ................... 133,194
600 Telephone & Data Systems,
Inc. ...................... 37,530
17,700 Tellabs, Inc.* .............. 149,211
26,000 Verizon Communications, Inc. 912,080
------------
4,658,556
------------
Tires & Rubber - 0.1%
4,200 Cooper Tire & Rubber Company 89,796
------------
Tobacco - 1.9%
15,400 Altria Group, Inc. .......... 838,068
2,900 R.J. Reynolds Tobacco
Holdings, Inc. ............ 168,635
7,700 UST, Inc. ................... 274,813
------------
1,281,516
------------
Value
Shares (Note 1)
------ --------
Travel & Recreation - 0.1%
1,400 Hilton Hotels Corporation ... $ 23,982
4,000 Park Place Entertainment
Corporation* .............. 43,320
1,300 Sabre Holdings Corporation .. 28,067
------------
95,369
------------
Trucking & Freight - 0.6%
2,300 C.H. Robinson Worldwide, Inc. 87,193
900 Expeditors International of
Washington, Inc. .......... 33,894
1,100 Ryder System, Inc. .......... 37,565
2,900 Swift Transportation
Company, Inc.* ............ 60,958
2,240 United Parcel Service, Inc.,
Class B ................... 166,992
------------
386,602
------------
TOTAL COMMON STOCKS
(Cost $51,648,016) ........ 64,916,300
------------
RIGHTS - 0.0%**
(Cost $0)
6,924 Seagate Tax Refund Rights*+ 1
------------
TOTAL INVESTMENTS
(Cost $51,648,016***) 98.0% 64,916,301
OTHER ASSETS AND LIABILITIES
(Net) 2.0% 1,304,379
----- ------------
NET ASSETS 100.0% $ 66,220,680
===== ============
* Non-income producing security.
** Amount represents less than 0.1% of net assets.
*** Aggregate cost for Federal tax purposes is $51,835,239.
+ Fair-valued Securities
ADR American Depository Receipt
See Notes to Financial Statements.
25
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
SMALL COMPANY GROWTH PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS
Value
Shares (Note 1)
------ --------
COMMON STOCKS - 99.9%
Aerospace - 1.5%
400 Curtiss-Wright Corporation .. $ 18,004
3,200 Orbital Sciences Corporation* 38,464
2,100 Teledyne Technologies, Inc.* 39,585
1,900 Titan Corporation* .......... 41,439
800 Trimble Navigation, Ltd.* ... 29,792
------------
167,284
------------
Air Transportation - 0.3%
600 AirTran Holdings, Inc.* ..... 7,140
1,900 AMR Corporation* ............ 24,605
500 ExpressJet Holdings, Inc.* .. 7,500
------------
39,245
------------
Apparel - 0.5%
1,200 J. Jill Group, Inc.* ........ 15,252
1,000 K-Swiss, Inc., Class A ...... 24,060
1,000 OshKosh B'Gosh, Inc., Class A 21,460
------------
60,772
------------
Banks - 7.1%
2,900 BankAtlantic Bancorp, Inc.,
Class A ................... 55,100
700 BSB Bancorp, Inc. ........... 27,650
700 Cathay Bancorp, Inc. ........ 38,976
735 Chemical Financial Corporation 26,747
600 City Holding Company ........ 21,000
800 Community Banks, Inc. ....... 31,448
1,050 Greater Bay Bancorp ......... 29,904
300 Hancock Holding Company ..... 16,371
2,000 Harbor Florida Bancshares, Inc. 59,420
3,600 Humboldt Bancorp ............ 63,072
1,500 Integra Bank Corporation .... 32,965
700 ITLA Capital Corporation* ... 35,070
1,000 MBT Financial Corporation ... 16,510
700 Mid-State Bancshares ........ 17,808
2,600 NetBank, Inc. ............... 34,710
400 Old Second Bancorp, Inc. .... 19,800
800 Patriot Bank Corporation .... 22,888
1,100 PrivateBancorp, Inc. ........ 50,072
Value
Shares (Note 1)
------ --------
Banks (continued)
1,300 Silicon Valley Bancshares* .. $ 46,891
1,500 Staten Island Bancorp, Inc. . 33,750
1,900 Sterling Financial Corporation 65,037
1,500 Unizan Financial Corporation 30,375
1,836 W Holding Company, Inc. ..... 34,168
------------
809,732
------------
Business Machines - 4.5%
1,900 Advanced Digital Information
Corporation* .............. 26,600
487 Black Box Corporation ....... 22,436
2,000 Borland Software Corporation* 19,460
900 CACI International, Inc., Class A* 43,758
1,300 Dot Hill Systems Corporation* 19,695
1,400 Echelon Corporation* ........ 15,596
2,827 EMC Corporation* ............ 36,525
3,400 Enterasys Networks, Inc.* ... 12,750
2,400 General Binding Corporation* 43,200
1,200 Hutchinson Technology, Inc.* 36,888
1,800 Intervoice, Inc.* ........... 21,366
934 Mercury Computer Systems, Inc.* 23,256
2,600 Micromuse, Inc.* ............ 17,940
1,500 Neoware Systems, Inc.* ...... 20,550
2,600 Paxar Corporation ........... 34,840
2,300 Rainbow Technologies, Inc.* . 25,898
700 ScanSource, Inc.* ........... 31,934
3,000 Sybase, Inc.* ............... 61,740
------------
514,432
------------
Business Services - 14.5%
600 Advent Software, Inc.* ...... 10,458
450 ADVO, Inc. .................. 14,292
1,800 Agile Software Corporation* . 17,820
1,514 American Management
Systems, Inc.* ............ 22,816
900 AMN Healthcare Services, Inc.* 15,444
900 Anteon International
Corporation* .............. 32,445
1,300 Ask Jeeves, Inc.* ........... 23,556
2,200 Aspen Technology, Inc.* ..... 22,572
679 BARRA, Inc.* ................ 24,097
See Notes to Financial Statements.
26
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
SMALL COMPANY GROWTH PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Business Services (continued)
1,100 Brink's Company ............. $ 24,871
1,565 Catalina Marketing
Corporation* .............. 31,550
1,000 Cerner Corporation* ......... 37,850
800 Concord Communications, Inc.* 15,976
1,100 Consolidated Graphics, Inc.* 34,738
2,120 Copart, Inc.* ............... 34,980
2,800 Cornell Corrections, Inc.* .. 38,220
3,400 CSG Systems International,
Inc.* ..................... 42,466
700 Digital Insight Corporation* 17,430
1,800 Digital River, Inc.* ........ 39,780
2,700 EarthLink, Inc.* ............ 27,000
1,000 Eclipsys Corporation* ....... 11,640
1,000 Epicor Software Corporation* 12,760
1,100 F5 Networks, Inc.* .......... 27,610
1,700 FalconStor Software, Inc.* .. 14,858
700 FileNET Corporation* ........ 18,956
1,275 FTI Consulting, Inc.* ....... 29,797
2,400 Gentiva Health Services,
Inc.* ..................... 30,336
1,300 Global Imaging Systems, Inc.* 41,275
2,100 GSI Commerce, Inc.* ......... 20,498
600 Heidrick & Struggles
International, Inc.* ...... 13,080
1,400 Hyperion Solutions
Corporation* .............. 42,196
2,300 ICT Group, Inc.* ............ 27,025
3,500 Informatica Corporation* .... 36,050
1,800 Internet Security Systems,
Inc.* ..................... 33,894
1,600 Kroll, Inc.* ................ 41,600
3,310 Labor Ready, Inc.* .......... 43,361
1,070 Manhattan Associates, Inc.* . 29,575
2,200 Manugistics Group, Inc.* .... 13,750
3,100 Medical Staffing Network
Holdings, Inc.* ........... 33,945
2,400 Mentor Graphics Corporation* 34,896
400 MicroStrategy, Inc., Class A* 20,992
100 Omnicell, Inc.* ............. 1,620
1,040 PEC Solutions, Inc.* ........ 17,628
2,400 Perot Systems Corporation,
Class A* .................. 32,352
1,900 Plexus Corporation* ......... 32,623
1,500 Progress Software Corporation* 30,690
1,800 ProQuest Company* ........... 53,010
1,100 QAD, Inc.* .................. 13,486
Value
Shares (Note 1)
------ --------
Business Services (continued)
1,200 Renaissance Learning, Inc.* . $ 28,896
900 Retek, Inc.* ................ 8,352
1,700 RSA Security, Inc.* ......... 24,140
1,100 SafeNet, Inc.* .............. 33,847
1,000 Secure Computing Corporation* 17,910
1,500 SERENA Software, Inc.* ...... 27,525
372 StarTek, Inc. ............... 15,174
100 Supportsoft, Inc.* .......... 1,315
300 TALX Corporation ............ 6,909
2,100 TeleTech Holdings, Inc.* .... 23,730
1,593 Tetra Tech, Inc.* ........... 39,602
500 Transaction Systems Architects,
Inc., Class A* ............ 11,315
2,000 URS Corporation* ............ 50,020
1,200 WebEx Communications, Inc.* . 24,120
2,000 webMethods, Inc.* ........... 18,300
1,800 Wireless Facilities, Inc.* .. 26,748
------------
1,645,767
------------
Chemicals - 1.7%
720 Cabot Microelectronics
Corporation* .............. 35,280
1,800 FMC Corporation* ............ 61,434
1,900 Georgia Gulf Corporation .... 54,872
900 Spartech Corporation ........ 22,176
1,000 SurModics, Inc.* ............ 23,900
------------
197,662
------------
Construction - 1.5%
400 Dominion Homes, Inc.* ....... 12,132
3,200 Matrix Service Company* ..... 58,080
400 Meritage Corporation* ....... 26,524
480 Simpson Manufacturing
Company, Inc.* ............ 24,413
800 Trex Company, Inc.* ......... 30,384
1,500 Walter Industries, Inc. ..... 20,025
------------
171,558
------------
Consumer Durables - 1.6%
6,800 Champion Enterprises, Inc.* . 47,600
1,100 Department 56, Inc.* ........ 14,410
See Notes to Financial Statements.
27
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
SMALL COMPANY GROWTH PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Consumer Durables (continued)
1,300 Genlyte Group, Inc.* ........ $ 75,894
1,875 Nautilus Group, Inc. ........ 26,344
400 Toro Company ................ 18,560
------------
182,808
------------
Containers - 0.4%
1,100 Silgan Holdings, Inc.* ...... 46,849
------------
Domestic Oil - 0.6%
3,600 Gulf Island Fabrication,
Inc.* ..................... 61,308
150 Patina Oil & Gas Corporation 7,348
------------
68,656
------------
Drugs & Medicine - 18.8%
1,600 Accredo Health, Inc.* ....... 50,576
2,100 Adolor Corporation* ......... 42,042
600 Advanced Neuromodulation
Systems, Inc.* ............ 27,588
1,600 Aksys, Ltd.* ................ 14,128
1,200 Align Technology, Inc.* ..... 19,824
600 Alkermes, Inc.* ............. 8,100
800 American Healthways, Inc.* .. 19,096
1,200 American Medical Security
Group, Inc.* .............. 26,904
900 AMERIGROUP Corporation* ..... 38,385
700 AmSurg Corporation* ......... 26,523
1,000 ArthroCare Corporation* ..... 24,500
900 AtheroGenics, Inc.* ......... 13,455
7,200 Beverly Enterprises, Inc.* .. 61,848
1,600 BioLase Technology, Inc.* ... 26,560
1,100 Biosite, Inc.* .............. 31,845
1,000 Bradley Pharmaceuticals,
Inc.* ..................... 25,430
800 Centene Corporation* ........ 22,408
1,300 Conceptus, Inc.* ............ 13,806
500 Cooper Companies, Inc. ...... 23,565
2,400 Covance, Inc.* .............. 64,320
2,900 CryoLife, Inc.* ............. 16,762
2,200 CTI Molecular Imaging, Inc.* 37,202
800 CV Therapeutics, Inc.* ...... 11,728
700 Cyberonics, Inc.* ........... 22,407
4,800 Cytyc Corporation* .......... 66,048
Value
Shares (Note 1)
------ --------
Drugs & Medicine (continued)
900 Diagnostic Products
Corporation ............... $ 41,319
400 Digene Corporation* ......... 16,040
1,500 Enzon Pharmaceuticals, Inc.* 18,000
600 Esperion Therapeutics, Inc.* 20,766
700 Haemonetics Corporation* .... 16,723
1,100 Hi-Tech Pharmacal
Company, Inc.* ............ 25,850
1,600 Hollis-Eden Pharmaceuticals,
Inc.* ..................... 17,616
800 ICU Medical, Inc.* .......... 27,424
300 IGEN International, Inc.* ... 17,673
900 IMPAC Medical Systems Inc.* . 23,004
900 INAMED Corporation* ......... 43,254
300 InterMune, Inc.* ............ 6,948
2,500 Interpore International,
Inc.* ..................... 32,500
1,100 Intuitive Surgical, Inc.* ... 18,799
900 Inverness Medical
Innovations, Inc.* ........ 19,602
950 K-V Pharmaceutical Company,
Class A* .................. 24,225
700 Kindred Healthcare, Inc.* ... 36,386
1,600 LifePoint Hospitals, Inc.* .. 47,120
2,000 Ligand Pharmaceuticals, Inc.,
Class B* .................. 29,380
400 Martek Biosciences
Corporation* .............. 25,988
700 Matria Healthcare, Inc.* .... 14,791
600 Medicines Company* .......... 17,676
1,508 Mentor Corporation .......... 36,282
700 MGI Pharma, Inc.* ........... 28,805
4,900 MIM Corporation* ............ 34,447
1,400 NBTY, Inc.* ................. 37,604
2,300 Nektar Therapeutics* ........ 31,303
600 Noven Pharmaceuticals, Inc.* 9,126
600 Odyssey Healthcare, Inc.* ... 17,556
300 Onyx Pharmaceuticals, Inc.* . 8,469
3,000 OrthoLogic Corporation* ..... 18,390
700 OSI Pharmaceuticals, Inc.* .. 22,547
600 Pediatrix Medical Group,
Inc.* ..................... 33,054
1,300 Penwest Pharmaceuticals
Company* .................. 22,464
800 PolyMedica Corporation ...... 21,048
1,500 POZEN, Inc.* ................ 15,300
See Notes to Financial Statements.
28
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
SMALL COMPANY GROWTH PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Drugs & Medicine (continued)
1,250 Priority Healthcare Corporation,
Class B* .................. $ 30,138
1,200 Regeneron Pharmaceuticals,
Inc.* ..................... 17,652
1,800 Select Medical Corporation* . 29,304
1,700 Sierra Health Services, Inc.* 46,665
800 SonoSite, Inc.* ............. 17,152
1,300 Sybron Dental Specialties,
Inc.* ..................... 36,530
1,300 Tanox, Inc.* ................ 19,305
1,018 Techne Corporation* ......... 38,460
1,100 Telik, Inc.* ................ 25,311
1,400 Therasense, Inc.* ........... 28,420
1,200 Thoratec Corporation* ....... 15,612
1,500 Tularik, Inc.* .............. 24,225
600 United Surgical Partners
International, Inc.* ...... 20,088
3,800 US Oncology, Inc.* .......... 40,888
600 Ventana Medical Systems,
Inc.* ..................... 23,640
2,100 Vertex Pharmaceuticals,
Inc.* ..................... 21,483
1,200 Vicuron Pharmaceuticals,
Inc.* ..................... 22,380
3,700 VIVUS, Inc.* ................ 14,023
4,000 Wind River Systems, Inc.* ... 35,040
600 Wright Medical Group, Inc.* . 18,264
------------
2,137,109
------------
Electronics - 13.3%
800 Anixter International, Inc.* 20,704
1,500 Applera Corporation - Celera
Genomics Group* ........... 20,865
1,600 Aspect Communications
Corporation* .............. 25,216
1,900 Asyst Technologies, Inc.* ... 32,965
1,100 ATMI, Inc.* ................. 25,454
950 Benchmark Electronics, Inc.* 33,069
1,400 Brooks Automation, Inc.* .... 33,838
952 C&D Technologies, Inc. ...... 18,250
400 Ceradyne, Inc.* ............. 13,624
2,700 ChipPAC, Inc., Class A* ..... 20,493
3,200 Cirrus Logic, Inc.* ......... 24,544
700 Coherent, Inc.* ............. 16,660
4,200 Conexant Systems, Inc.* ..... 20,874
2,100 Credence Systems Corporation* 27,636
Value
Shares (Note 1)
------ --------
Electronics (continued)
1,100 Cymer, Inc.* ................ $ 50,809
700 Dionex Corporation* ......... 32,214
700 DSP Group, Inc.* ............ 17,437
1,150 Engineered Support Systems,
Inc. ...................... 63,319
2,500 Entegris, Inc.* ............. 32,125
3,000 Extreme Networks, Inc.* ..... 21,630
500 FEI Company* ................ 11,250
3,900 General Cable Corporation* .. 31,785
5,000 GlobespanVirata, Inc.* ...... 29,400
800 Intermagnetics General
Corporation* .............. 17,728
600 InVision Technologies, Inc.* 20,142
1,200 Itron, Inc.* ................ 22,032
2,400 Kopin Corporation* .......... 16,104
2,300 Kulicke & Soffa Industries,
Inc.* ..................... 33,074
3,900 Lattice Semiconductor
Corporation* .............. 37,752
1,500 LTX Corporation* ............ 22,545
900 Magma Design Automation,
Inc.* ..................... 21,006
1,700 Mattson Technology, Inc.* ... 20,774
600 OmniVision Technologies,
Inc.* ..................... 33,150
500 Photon Dynamics, Inc.* ...... 20,120
1,400 Photronics, Inc.* ........... 27,888
1,900 Pinnacle Systems, Inc.* ..... 16,207
1,100 Pixelworks, Inc.* ........... 12,144
1,700 Planar Systems, Inc.* ....... 41,344
910 Power Integrations, Inc.* ... 30,449
3,600 Power-One, Inc.* ............ 38,988
2,100 REMEC, Inc.* ................ 17,661
6,300 RF Micro Devices, Inc.* ..... 63,315
2,000 Semtech Corporation* ........ 45,460
3,600 Silicon Image, Inc.* ........ 26,028
2,200 Silicon Storage Technology,
Inc.* ..................... 24,200
300 Siliconix, Inc.* ............ 13,710
5,100 TriQuint Semiconductor, Inc.* 36,057
900 Ultratech, Inc.* ............ 26,433
700 Varian Semiconductor Equipment
Associates, Inc.* ......... 30,583
1,200 Varian, Inc.* ............... 50,076
1,000 Veeco Instruments, Inc.* .... 28,200
1,600 VISX, Inc.* ................. 37,040
See Notes to Financial Statements.
29
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
SMALL COMPANY GROWTH PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Electronics (continued)
6,100 Vitesse Semiconductor
Corporation* .............. $ 35,807
1,620 Zoran Corporation* .......... 28,172
------------
1,518,350
------------
Energy & Utilities - 0.3%
400 FuelCell Energy, Inc.* ...... 5,200
4,100 Plug Power, Inc.* ........... 29,725
------------
34,925
------------
Energy - Raw Materials - 1.0%
2,800 Headwaters, Inc.* ........... 54,936
2,340 Plains Exploration &
Production Company* ....... 36,013
1,200 Powell Industries, Inc.* .... 22,980
------------
113,929
------------
Food & Agriculture - 1.6%
900 Coca-Cola Bottling
Company Consolidated ...... 48,141
1,300 Delta & Pine Land Company ... 33,020
100 Farmer Brothers Company ..... 31,125
4,800 IMC Global, Inc. ............ 47,664
2,100 Wild Oats Markets, Inc.* .... 27,153
------------
187,103
------------
Gold - 0.6%
3,100 Royal Gold, Inc. ............ 64,883
------------
Insurance - 1.1%
2,200 Argonaut Group, Inc.* ....... 34,188
3,638 Citizens, Inc.* ............. 34,306
600 Hilb, Rogal & Hamilton
Company ................... 19,242
2,500 Presidential Life
Corporation ............... 32,900
------------
120,636
------------
Media - 1.7%
500 Avid Technology, Inc.* ...... 24,000
3,300 CNET Networks, Inc.* ........ 22,506
450 Courier Corporation ......... 17,312
3,200 Hollinger International, Inc. 49,984
Value
Shares (Note 1)
------ --------
Media (continued)
1,600 Macrovision Corporation* .... $ 36,144
4,900 Mediacom Communications
Corporation* .............. 42,483
------------
192,429
------------
Miscellaneous - 0.8%
4,000 Clean Harbors, Inc.* ........ 35,640
600 Gen-Probe, Inc.* ............ 21,882
800 VCA Antech, Inc.* ........... 24,784
600 X-Rite, Inc. ................ 6,792
------------
89,098
------------
Miscellaneous Finance - 2.8%
1,400 Accredited Home Lenders
Holding Company* .......... 42,840
1,230 Affiliated Managers Group,
Inc.* ..................... 85,596
1,400 eSPEED, Inc., Class A* ...... 32,774
2,900 Investment Technology
Group, Inc.* .............. 46,835
1,350 New Century Financial
Corporation ............... 53,554
300 S1 Corporation* ............. 2,415
1,300 United PanAm Financial
Corporation* .............. 21,723
800 WFS Financial, Inc.* ........ 33,968
------------
319,705
------------
Motor Vehicles - 1.3%
1,900 CSK Auto Corporation* ....... 35,663
800 Group 1 Automotive, Inc.* ... 28,952
700 Monaco Coach Corporation* ... 16,660
1,300 Oshkosh Truck Corporation ... 66,339
------------
147,614
------------
Non-Durables & Entertainment - 2.1%
800 Fossil, Inc.* ............... 22,408
2,300 Penn National Gaming, Inc.* . 53,084
4,800 Playtex Products, Inc.* ..... 37,104
675 SCP Pool Corporation* ....... 22,059
1,300 Sonic Corporation* .......... 39,806
See Notes to Financial Statements.
30
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
SMALL COMPANY GROWTH PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Non-Durables & Entertainment (continued)
2,200 Take-Two Interactive
Software, Inc.* ........... $ 63,382
400 Tupperware Corporation ...... 6,936
------------
244,779
------------
Non-Ferrous Metals - 0.3%
1,300 Brush Engineered Materials,
Inc.* ..................... 19,903
300 Cleveland-Cliffs, Inc.* ..... 15,285
------------
35,188
------------
Optical & Photo - 1.0%
800 Advanced Medical Optics,
Inc.* ..................... 15,720
2,200 Lexar Media, Inc.* .......... 38,346
1,000 Oakley, Inc. ................ 13,840
1,500 Ocular Sciences, Inc.* ...... 43,065
------------
110,971
------------
Paper & Forest Products - 0.5%
2,700 Kadant, Inc.* ............... 58,455
------------
Producer Goods - 4.5%
500 Actuant Corporation, Class A* 18,100
1,200 Advanced Energy Industries,
Inc.* ..................... 31,260
600 Aeroflex, Inc.* ............. 7,014
3,300 Astec Industries, Inc.* ..... 40,491
2,300 Axcelis Technologies, Inc.* . 23,506
700 Brady Corporation, Class A .. 28,525
600 CLARCOR, Inc. ............... 26,460
1,400 Helix Technology Corporation 28,812
500 Kennametal, Inc. ............ 19,875
1,800 Lydall, Inc.* ............... 18,342
1,200 Manitowoc Company, Inc. ..... 37,440
1,100 Matthews International
Corporation, Class A ...... 32,549
1,900 Micrel, Inc.* ............... 29,602
1,000 Mykrolis Corporation* ....... 16,080
3,200 Presstek, Inc.* ............. 23,264
1,400 Roper Industries, Inc. ...... 68,964
1,300 Terex Corporation* .......... 37,024
700 York International
Corporation ............... 25,760
------------
513,068
------------
Value
Shares (Note 1)
------ --------
Real Estate Investment Trust - 0.6%
1,468 American Home Mortgage
Investment Corporation* ... $ 33,045
3,100 FelCor Lodging Trust, Inc.* . 34,348
------------
67,393
------------
Restaurants - 0.5%
600 CEC Entertainment, Inc.* .... 28,434
500 P.F. Chang's China Bistro,
Inc.* ..................... 25,440
------------
53,874
------------
Retail - 5.8%
3,000 7-Eleven, Inc.* ............. 48,150
900 Aeropostale, Inc.* .......... 24,678
1,250 American Eagle Outfitters,
Inc.* ..................... 20,500
1,500 BJ's Wholesale Club, Inc.* .. 34,440
4,300 Casual Male Retail Group,
Inc.* ..................... 29,842
900 Christopher & Banks
Corporation ............... 17,577
1,100 Coldwater Creek, Inc.* ...... 12,100
700 Dick's Sporting Goods, Inc.* 34,062
1,200 Electronics Boutique
Holdings Corporation* ..... 27,468
1,100 Hollywood Entertainment
Corporation* .............. 15,125
1,075 Hot Topic, Inc.* ............ 31,670
1,000 Insight Enterprises, Inc.* .. 18,800
630 Linens 'n Things, Inc.* ..... 18,950
1,900 Mothers Work, Inc.* ......... 46,360
2,028 Pacific Sunwear of
California, Inc.* ......... 42,831
2,300 Payless ShoeSource, Inc.* ... 30,820
1,400 PETCO Animal Supplies, Inc.* 42,630
3,600 Restoration Hardware, Inc.* . 17,100
800 Sharper Image Corporation* .. 26,120
1,200 Too, Inc.* .................. 20,256
1,000 United Stationers, Inc.* .... 40,920
700 World Fuel Services
Corporation ............... 23,765
1,190 Yankee Candle Company, Inc.* 32,523
------------
656,687
------------
See Notes to Financial Statements.
31
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
SMALL COMPANY GROWTH PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Schools - 0.6%
400 Bright Horizons Family
Solutions, Inc.* .......... $ 16,800
1,900 Sylvan Learning Systems,
Inc.* ..................... 54,701
------------
71,501
------------
Steel - 0.2%
1,000 Maverick Tube Corporation* .. 19,250
------------
Telecommunications - 3.0%
1,800 Andrew Corporation* ......... 20,718
300 Commonwealth Telephone
Enterprises, Inc.* ........ 11,325
600 Comtech Telecommunications
Corporation* .............. 17,322
800 Inter-Tel, Inc. ............. 19,984
2,100 Lightbridge, Inc.* .......... 19,110
600 NII Holdings, Inc., Class B* 44,778
2,400 Openwave Systems, Inc.* ..... 26,400
1,000 Plantronics, Inc.* .......... 32,650
5,700 Sonus Networks, Inc.* ....... 43,092
2,188 Tekelec* .................... 34,023
1,850 United Online, Inc.* ........ 31,062
900 Wilson Greatbatch
Technologies, Inc.* ....... 38,043
------------
338,507
------------
Tobacco - 0.1%
580 Vector Group, Ltd. .......... 9,466
------------
Value
Shares (Note 1)
------ --------
Travel & Recreation - 2.0%
2,000 Isle of Capri Casinos, Inc.* $ 42,940
10,400 La Quinta Corporation* ...... 66,664
1,500 Priceline.com, Inc.* ........ 26,850
2,000 Scientific Games Corporation,
Class A* .................. 34,020
1,100 Shuffle Master, Inc.* ....... 38,082
800 Speedway Motorsports, Inc. .. 23,136
------------
231,692
------------
Trucking & Freight - 1.2%
200 Forward Air Corporation* .... 5,500
800 Landstar System, Inc.* ...... 30,432
1,100 Pacer International, Inc.* .. 22,242
900 SCS Transportation, Inc.* ... 15,822
1,400 Wabash National Corporation* 41,020
498 Yellow Roadway Corporation* . 18,013
------------
133,029
------------
TOTAL INVESTMENTS
(Cost $9,756,825**) ........ 99.9% 11,374,406
OTHER ASSETS AND LIABILITIES
(Net) ...................... 0.1% 8,396
----- ------------
NET ASSETS .................... 100.0% $ 11,382,802
===== ============
* Non-income producing security.
** Aggregate cost for Federal tax purposes is $9,841,264.
See Notes to Financial Statements.
32
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
SMALL COMPANY VALUE PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS
Value
Shares (Note 1)
------ --------
COMMON STOCKS - 99.6%
Aerospace - 2.2%
3,600 Armor Holdings, Inc.* ....... $ 94,716
3,400 Curtiss-Wright Corporation .. 153,034
1,644 DRS Technologies, Inc.* ..... 45,670
2,100 Esterline Technologies
Corporation* .............. 56,007
1,400 Moog, Inc., Class A* ........ 69,160
2,600 Triumph Group, Inc.* ........ 94,640
------------
513,227
------------
Air Transportation - 1.3%
4,000 AAR Corporation* ............ 59,800
2,400 Alaska Air Group, Inc.* ..... 65,496
2,700 AMR Corporation* ............ 34,965
2,900 Atlantic Coast Airlines
Holdings, Inc.* ........... 28,710
3,800 Continental Airlines, Inc.,
Class B* .................. 61,826
4,000 Northwest Airlines
Corporation* .............. 50,480
------------
301,277
------------
Apparel - 2.6%
4,600 Guess?, Inc.* ............... 55,522
3,700 J. Jill Group, Inc.* ........ 47,027
1,200 K-Swiss, Inc., Class A ...... 28,872
3,000 Kellwood Company ............ 123,000
1,200 Oxford Industries, Inc. ..... 40,656
2,500 Phillips-Van Heusen
Corporation ............... 44,350
5,600 Stride Rite Corporation ..... 63,728
6,500 Unifi, Inc.* ................ 41,925
4,300 Vans, Inc.* ................. 49,063
2,900 Warnaco Group, Inc.* ........ 46,255
3,700 Wolverine World Wide, Inc. .. 75,406
------------
615,804
------------
Banks - 11.2%
6,100 BankAtlantic Bancorp, Inc.,
Class A ................... 115,900
1,000 Charter Financial Corporation 37,270
1,400 Columbia Bancorp ............ 44,730
Value
Shares (Note 1)
------ --------
Banks (continued)
1,200 EverTrust Financial Group,
Inc. ...................... $ 3 8,208
5,000 First Community Bancshares,
Inc. ...................... 165,800
6,600 First Financial Bancorp. .... 105,270
1,600 First Place Financial
Corporation ............... 31,248
2,600 First Republic Bank ......... 93,080
900 First State Bancorporation .. 31,275
900 FirstFed Financial
Corporation* .............. 39,150
4,600 Gold Banc Corporation, Inc. . 64,676
2,300 Greater Bay Bancorp ......... 65,504
500 Hancock Holding Company ..... 27,285
3,300 Heritage Commerce
Corporation* .............. 40,425
1,900 Hudson River Bancorp, Inc. .. 74,157
4,500 Humboldt Bancorp ............ 78,840
1,500 ITLA Capital Corporation* ... 75,150
1,500 Lakeland Financial
Corporation ............... 52,980
2,000 Local Financial Corporation* 41,680
1,400 LSB Bancshares, Inc. ........ 24,360
800 Macatawa Bank Corporation ... 22,648
2,006 MAF Bancorp, Inc. ........... 84,051
1,900 Mid-State Bancshares ........ 48,336
2,100 Nara Bancorp, Inc. .......... 57,330
7,400 NetBank, Inc. ............... 98,790
4,600 Pacific Union Bank .......... 117,438
1,200 PrivateBancorp, Inc. ........ 54,624
1,000 Provident Bankshares
Corporation ............... 29,440
1,500 R&G Financial Corporation,
Class B ................... 59,700
2,000 Seacoast Financial Services
Corporation ............... 54,820
2,900 Silicon Valley Bancshares* .. 104,603
4,800 South Financial Group, Inc. . 133,728
3,900 Sterling Financial
Corporation ............... 133,497
2,100 Sun Bancorp, Inc.* .......... 55,440
2,500 Susquehanna Bancshares, Inc. 62,525
2,800 U.S.B. Holding Company, Inc. 54,292
1,100 Umpqua Holdings Corporation . 22,869
1,500 Unizan Financial Corporation 30,375
4,100 WesBanco, Inc. .............. 113,529
1,400 Western Sierra Bancorp* ..... 65,800
------------
2,650,823
------------
See Notes to Financial Statements.
33
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
SMALL COMPANY VALUE PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Business Machines - 1.7%
7,500 Adaptec, Inc.* .............. $ 66,225
4,200 Artesyn Technologies, Inc.* . 35,784
901 Black Box Corporation ....... 41,509
15,700 Gateway, Inc.* .............. 72,220
4,600 InFocus Corporation* ........ 44,528
3,400 JDA Software Group, Inc.* ... 56,134
2,600 PalmOne, Inc.* .............. 30,550
4,500 Paxar Corporation* .......... 60,300
------------
407,250
------------
Business Services - 6.0%
4,900 ABM Industries, Inc. ........ 85,309
4,000 American Management
Systems, Inc.* ............ 60,280
5,000 Calgon Carbon Corporation ... 31,050
3,100 Cornell Corrections, Inc.* .. 42,315
1,700 Corrections Corporation
of America* ............... 49,011
5,400 EarthLink, Inc.* ............ 54,000
3,042 eFunds Corporation* ......... 52,779
1,900 G & K Services, Inc., Class A 69,825
8,100 Gentiva Health Services,
Inc.* ..................... 102,384
4,100 GSI Commerce, Inc.* ......... 40,020
2,500 Hughes Supply, Inc. ......... 124,050
2,000 Imagistics International,
Inc.* ..................... 75,000
1,600 Kelly Services, Inc., Class A 45,664
4,000 Lawson Software, Inc.* ...... 32,920
2,200 NCO Group, Inc.* ............ 50,094
3,000 NetIQ Corporation* .......... 39,750
805 PalmSource, Inc.* ........... 17,541
1,100 R.H. Donnelley Corporation* . 43,824
10,100 Spherion Corporation* ....... 98,879
2,000 Standard Register Company ... 33,660
4,800 TeleTech Holdings, Inc.* .... 54,240
3,900 Tier Technologies, Inc.,
Class B* .................. 31,863
1,300 UniFirst Corporation ........ 30,823
3,800 URS Corporation* ............ 95,038
1,900 Wackenhut Corrections
Corporation* .............. 43,320
------------
1,403,639
------------
Value
Shares (Note 1)
------ --------
Chemicals - 2.5%
2,000 Albemarle Corporation ....... $ 59,940
1,900 Cambrex Corporation ......... 47,994
2,200 Ferro Corporation ........... 59,862
3,500 FMC Corporation* ............ 119,455
1,400 Georgia Gulf Corporation .... 40,432
2,200 H. B. Fuller Company ........ 65,428
700 Minerals Technologies, Inc. . 41,475
1,600 Octel Corporation ........... 31,504
1,700 OM Group, Inc.* ............. 44,523
1,100 Sensient Technologies
Corporation ............... 21,747
4,600 Wellman, Inc. ............... 46,966
------------
579,326
------------
Construction - 4.7%
1,500 Beazer Homes USA, Inc.* ..... 146,490
1,500 Dominion Homes, Inc.* ....... 45,495
3,800 Dycom Industries, Inc.* ..... 101,916
1,400 EMCOR Group, Inc.* .......... 61,460
1,300 M/I Schottenstein Homes, Inc. 50,765
2,600 Matrix Service Company* ..... 47,190
1,200 Meritage Corporation* ....... 79,572
2,000 NCI Building Systems, Inc.* . 47,800
1,600 Orleans Homebuilders, Inc.* . 45,328
3,700 Perini Corporation* ......... 33,855
1,000 Skyline Corporation ......... 34,870
3,800 Standard Pacific Corporation 184,490
2,300 Texas Industries, Inc. ...... 85,100
2,000 USG Corporation* ............ 33,140
7,600 Walter Industries, Inc. ..... 101,460
------------
1,098,931
------------
Consumer Durables - 2.6%
2,400 Bassett Furniture Industries,
Inc. ...................... 39,600
2,600 Department 56, Inc.* ........ 34,060
1,600 Genlyte Group, Inc.* ........ 93,408
4,700 Kimball International, Inc.,
Class B ................... 73,085
6,000 Lennox International, Inc. .. 100,200
3,200 Nautilus Group, Inc. ........ 44,960
1,900 Thomas Industries, Inc. ..... 65,854
800 Toro Company ................ 37,120
6,300 United Rentals, Inc.* ....... 121,338
------------
609,625
------------
See Notes to Financial Statements.
34
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
SMALL COMPANY VALUE PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Containers - 0.7%
10,000 Crown Holdings, Inc.* ....... $ 90,600
1,800 Greif, Inc., Class A ........ 63,918
------------
154,518
------------
Domestic Oil - 1.9%
2,900 Energy Partners, Ltd.* ...... 40,310
2,700 Gulf Island Fabrication, Inc.* 45,981
2,000 Houston Exploration Company* 73,040
3,000 Stone Energy Corporation* ... 127,350
7,400 Vintage Petroleum, Inc. ..... 89,022
4,500 W-H Energy Services, Inc.* .. 72,900
------------
448,603
------------
Drugs & Medicine - 5.3%
3,100 Abgenix, Inc.* .............. 38,626
2,200 Alpharma, Inc., Class A ..... 44,220
2,500 American Medical Security
Group, Inc.* .............. 56,050
600 AMERIGROUP Corporation* ..... 25,590
900 Arrow International, Inc. ... 22,482
1,200 CONMED Corporation* ......... 28,560
2,300 CTI Molecular Imaging, Inc.* 38,893
2,100 Inverness Medical
Innovations, Inc.* ........ 45,738
2,900 Kindred Healthcare, Inc.* ... 150,742
4,100 Medarex, Inc.* .............. 25,543
1,600 Medical Action Industries,
Inc.* ..................... 29,936
7,000 MIM Corporation* ............ 49,210
3,800 Nabi Biopharmaceuticals* .... 48,298
925 Odyssey Healthcare, Inc.* ... 27,065
5,000 Orthodontic Centers of
America, Inc.* ............ 40,250
600 Pediatrix Medical Group,
Inc.* ..................... 33,054
2,000 Perrigo Company ............. 31,440
1,600 PolyMedica Corporation ...... 42,096
2,300 RehabCare Group, Inc.* ...... 48,898
2,900 Sierra Health Services, Inc.* 79,605
1,600 Sunrise Assisted Living,
Inc.* ..................... 61,984
6,800 US Oncology, Inc.* .......... 73,168
3,000 Viasys Healthcare, Inc.* .... 61,800
2,000 West Pharmaceutical Services,
Inc. ...................... 67,800
8,800 Wind River Systems, Inc.* ... 77,088
------------
1,248,136
------------
Value
Shares (Note 1)
------ --------
Electronics - 4.2%
2,200 Anixter International, Inc.* $ 56,936
1,550 Benchmark Electronics, Inc.* 53,956
2,000 Coherent, Inc.* ............. 47,600
5,100 Credence Systems Corporation* 67,116
1,000 DSP Group, Inc.* ............ 24,910
1,500 DuPont Photomasks, Inc.* .... 36,210
3,800 EDO Corporation ............. 93,670
2,000 Electro Scientific Industries,
Inc.* ..................... 47,600
3,800 Electronics for Imaging, Inc.* 98,876
2,300 InVision Technologies, Inc.* 77,211
4,500 KEMET Corporation* .......... 61,605
4,000 Lattice Semiconductor
Corporation* .............. 38,720
3,500 MTS Systems Corporation ..... 67,305
1,200 Photronics, Inc.* ........... 23,904
3,000 Power-One, Inc.* ............ 32,490
4,500 REMEC, Inc.* ................ 37,845
2,600 Technitrol, Inc.* ........... 53,924
2,800 TriQuint Semiconductor, Inc.* 19,796
2,900 Zygo Corporation* ........... 47,821
------------
987,495
------------
Energy & Utilities - 4.0%
10,100 Allegheny Energy, Inc.* ..... 128,876
1,600 American States Water Company 40,000
4,100 Atmos Energy Corporation .... 99,630
5,500 Avista Corporation .......... 99,660
1,400 Black Hills Corporation ..... 41,762
5,100 CMS Energy Corporation* ..... 43,452
1,600 Energen Corporation ......... 65,648
1,700 IDACORP, Inc. ............... 50,864
2,250 New Jersey Resources
Corporation ............... 86,648
1,400 NUI Corporation ............. 22,568
2,200 PNM Resources, Inc. ......... 61,820
10,100 Sierra Pacific Resources* ... 74,134
2,200 Southern Union Company* ..... 40,480
1,400 Southwest Gas Corporation ... 31,430
2,400 Westar Energy, Inc. ......... 48,600
------------
935,572
------------
See Notes to Financial Statements.
35
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
SMALL COMPANY VALUE PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Energy - Raw Materials - 1.4%
2,300 Denbury Resources, Inc.* .... $ 31,993
2,600 Headwaters, Inc.* ........... 51,012
2,300 Massey Energy Company ....... 47,840
1,500 Powell Industries, Inc.* .... 28,725
2,300 Swift Energy Company* ....... 38,755
900 Tom Brown, Inc.* ............ 29,025
4,300 Universal Compression
Holdings, Inc.* ........... 112,488
------------
339,838
------------
Food & Agriculture - 3.3%
4,000 Chiquita Brands
International, Inc.* ...... 90,120
2,791 Corn Products International, Inc. 96,150
1,700 Delta & Pine Land Company ... 43,180
200 Farmer Brothers Company ..... 62,250
3,100 Flowers Foods, Inc. ......... 79,980
1,500 Hain Celestial Group, Inc.* . 34,815
2,200 Interstate Bakeries
Corporation ............... 31,306
800 J & J Snack Foods Corporation* 30,208
1,100 Lindsay Manufacturing Company 27,775
3,800 M&F Worldwide Corporation* .. 50,768
3,000 Pilgrim's Pride Corporation,
Class B ................... 48,990
700 Ralcorp Holdings, Inc.* ..... 21,952
3,300 Ruddick Corporation ......... 59,070
1,100 Sanderson Farms, Inc. ....... 44,330
100 Seaboard Corporation ........ 28,200
2,300 Wild Oats Markets, Inc.* .... 29,739
------------
778,833
------------
Insurance - 3.4%
4,300 Allmerica Financial
Corporation* .............. 132,311
4,100 Argonaut Group, Inc.* ....... 63,714
700 Commerce Group, Inc. ........ 27,650
2,400 LandAmerica Financial
Group, Inc. ............... 125,424
1,700 Midland Company ............. 40,154
5,600 Ohio Casualty Corporation* .. 97,216
10,600 Phoenix Companies, Inc. ..... 127,624
1,000 Selective Insurance Group,
Inc. ...................... 32,360
Value
Shares (Note 1)
------ --------
Insurance (continued)
1,500 Stewart Information
Services Corporation* ..... $ 60,825
2,000 U.S.I. Holdings Corporation* 26,100
5,800 UICI* ....................... 77,024
------------
810,402
------------
Liquor - 0.2%
1,000 Robert Mondavi Corporation,
Class A* .................. 38,840
------------
Media - 0.7%
1,800 Information Holdings, Inc.* . 39,780
2,400 Insight Communications
Company, Inc.* ............ 24,744
900 Lin TV Corporation, Class A* 23,229
2,500 Spanish Broadcasting System,
Inc., Class A* ............ 26,250
3,000 Thomas Nelson, Inc. ......... 57,990
------------
171,993
------------
Miscellaneous - 1.0%
2,500 Acuity Brands, Inc. ......... 64,500
4,800 Alderwoods Group, Inc.* ..... 45,216
1,800 Ionics, Inc.* ............... 57,330
900 Mine Safety Appliances
Company ................... 71,559
------------
238,605
------------
Miscellaneous Finance - 3.0%
500 Affiliated Managers Group,
Inc.* ..................... 34,795
1,500 CompuCredit Corporation* .... 31,920
1,900 Financial Federal Corporation* 58,045
700 Gabelli Asset Management,
Inc.,
Class A* .................. 27,860
2,200 Gladstone Capital Corporation 49,170
1,800 iPayment Holdings, Inc.* .... 61,200
5,100 Knight Trading Group, Inc.* . 74,664
550 New Century Financial
Corporation ............... 21,819
11,300 S1 Corporation* ............. 90,965
3,300 Saxon Capital, Inc.* ........ 69,135
1,900 Westcorp .................... 69,445
2,800 WSFS Financial Corporation .. 125,580
------------
714,598
------------
See Notes to Financial Statements.
36
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
SMALL COMPANY VALUE PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Motor Vehicles - 2.5%
3,300 Aftermarket Technology
Corporation* .............. $ 45,276
1,400 Arctic Cat, Inc. ............ 34,580
2,800 CSK Auto Corporation* ....... 52,556
3,800 Fleetwood Enterprises, Inc.* 38,988
2,000 Group 1 Automotive, Inc.* ... 72,380
1,500 Modine Manufacturing Company 40,470
2,300 Smith (A.O.) Corporation .... 80,615
800 Superior Industries
International, Inc. ....... 34,816
3,100 United Auto Group, Inc. ..... 97,030
6,300 Visteon Corporation ......... 65,583
400 Winnebago Industries, Inc. .. 27,500
------------
589,794
------------
Non-Durables & Entertainment - 1.8%
1,700 Action Performance
Companies, Inc. ........... 33,320
3,900 Activision, Inc.* ........... 70,980
3,200 AMC Entertainment, Inc.* .... 48,672
1,500 Central Garden & Pet Company* 42,045
900 Churchill Downs, Inc. ....... 32,581
1,050 CSS Industries, Inc.* ....... 32,560
900 Russ Berrie and Company, Inc. 30,510
4,400 THQ, Inc.* .................. 74,404
1,600 WD-40 Company ............... 56,576
------------
421,648
------------
Non-Ferrous Metals - 1.1%
2,300 Brush Engineered Materials,
Inc.* ..................... 35,213
1,500 Cleveland-Cliffs, Inc.* ..... 76,425
1,400 Commercial Metals Company ... 42,560
800 Mueller Industries, Inc.* ... 27,488
2,500 Reliance Steel &
Aluminum Company* ......... 83,025
------------
264,711
------------
Optical & Photo - 0.4%
2,300 Ocular Sciences, Inc.* ...... 66,033
2,000 Sola International, Inc.* ... 37,600
------------
103,633
------------
Value
Shares (Note 1)
------ --------
Paper & Forest Products - 1.8%
9,000 Buckeye Technologies, Inc.* . $ 90,450
5,900 Caraustar Industries, Inc.* . 81,420
4,700 Kadant, Inc.* ............... 101,755
2,000 Louisiana-Pacific
Corporation* .............. 35,760
2,600 Pope & Talbot, Inc. ......... 45,786
2,300 Potlatch Corporation ........ 79,971
------------
435,142
------------
Producer Goods - 7.9%
1,700 Actuant Corporation, Class A* 61,540
8,500 Axcelis Technologies, Inc.* . 86,870
2,300 Barnes Group, Inc. .......... 74,313
2,300 Belden, Inc. ................ 48,507
2,200 Brady Corporation, Class A .. 89,650
1,367 Briggs & Stratton Corporation 92,136
1,150 CLARCOR, Inc. ............... 50,715
1,100 ESCO Technologies, Inc.* .... 48,015
3,500 Federal Signal Corporation .. 61,320
2,600 Flowserve Corporation* ...... 54,288
1,700 Griffon Corporation* ........ 34,442
4,100 JLG Industries, Inc. ........ 62,443
3,100 Kaydon Corporation .......... 80,104
1,200 Kennametal, Inc. ............ 47,700
5,300 Lydall, Inc.* ............... 54,007
425 Precision Castparts
Corporation ............... 19,299
2,500 Regal-Beloit Corporation .... 55,000
3,200 Shaw Group, Inc.* ........... 43,584
2,100 Standex International
Corporation ............... 58,800
3,500 Stewart & Stevenson Services,
Inc. ...................... 49,175
2,300 Tecumseh Products Company,
Class A ................... 111,389
5,800 Terex Corporation* .......... 165,184
3,900 Tredegar Corporation ........ 60,567
2,700 Watsco, Inc. ................ 61,371
3,700 Watts Industries, Inc.,
Class A ................... 82,140
1,800 Woodward Governor Company ... 102,294
2,900 York International
Corporation ............... 106,720
------------
1,861,573
------------
Railroad & Shipping - 1.5%
1,300 Alexander & Baldwin, Inc. ... 43,797
2,600 Florida East Coast
Industries, Inc. .......... 86,060
See Notes to Financial Statements.
37
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
SMALL COMPANY VALUE PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Railroad & Shipping (continued)
1,500 GATX Corporation ............ $ 41,970
1,300 Genesee & Wyoming, Inc.,
Class A* .................. 40,950
8,500 Kansas City Southern* ....... 121,720
1,700 Wabtec Corporation .......... 28,968
------------
363,465
------------
Real Estate Investment Trust - 6.4%
3,856 American Home Mortgage
Investment Corporation* ... 86,799
1,800 Amli Residential Properties Trust 48,240
3,400 Anthracite Capital, Inc. .... 37,638
2,100 Anworth Mortgage Asset
Corporation ............... 29,253
4,600 Associated Estates Realty
Corporation ............... 33,626
4,700 Boykin Lodging Company* ..... 43,005
6,200 Cornerstone Realty Income
Trust, Inc. ............... 54,312
3,700 CRIIMI MAE, Inc.* ........... 38,591
4,300 Equity Inns, Inc. ........... 38,915
6,700 FelCor Lodging Trust, Inc.* . 74,236
3,100 First Industrial Realty Trust,
Inc. ...................... 104,625
1,700 Heritage Property
Investment Trust .......... 48,365
2,900 Home Properties, Inc. ....... 117,131
4,700 Impac Mortgage Holdings, Inc. 85,587
3,500 Koger Equity, Inc. .......... 73,255
3,200 LTC Properties, Inc. ........ 47,168
6,900 MeriStar Hospitality
Corporation* .............. 44,919
4,900 MFA Mortgage Investments, Inc. 47,775
2,100 Nationwide Health
Properties, Inc. .......... 41,055
1,000 Novastar Financial, Inc. .... 42,960
500 Parkway Properties, Inc. .... 20,800
1,300 Redwood Trust, Inc. ......... 66,105
5,200 Taubman Centers, Inc. ....... 107,120
2,200 U.S. Restaurant Properties,
Inc. ...................... 37,488
6,200 Ventas, Inc. ................ 136,400
------------
1,505,368
------------
Value
Shares (Note 1)
------ --------
Real Property - 0.7%
5,500 Jones Lang LaSalle, Inc.* ... $ 114,015
3,800 Trammell Crow Company* ...... 50,350
------------
164,365
------------
Restaurants - 0.2%
1,700 Landry's Restaurants, Inc. .. 43,724
------------
Retail - 5.5%
2,800 7-Eleven, Inc.* ............. 44,940
2,400 Aviall, Inc.* ............... 37,224
2,000 Big 5 Sporting Goods
Corporation* .............. 41,900
5,200 BJ's Wholesale Club, Inc.* .. 119,392
1,600 Buckle, Inc. ................ 35,440
2,500 Building Materials Holding
Corporation ............... 38,825
1,500 Burlington Coat Factory
Warehouse Corporation ..... 31,740
7,900 Charming Shoppes, Inc.* ..... 42,660
1,600 Dillard's, Inc., Class A .... 26,336
3,100 Finlay Enterprises, Inc.* ... 43,803
3,400 Friedman's, Inc., Class A ... 22,814
1,500 Haverty Furniture Companies,
Inc. ...................... 29,790
1,800 Insight Enterprises, Inc.* .. 33,840
1,000 Men's Wearhouse, Inc.* ...... 25,010
2,200 Mothers Work, Inc.* ......... 53,680
3,900 Pathmark Stores, Inc.* ...... 29,640
4,000 Payless ShoeSource, Inc.* ... 53,600
5,700 Pep Boys-Manny, Moe & Jack .. 130,359
6,200 Restoration Hardware, Inc.* . 29,450
1,600 REX Stores Corporation* ..... 22,656
1,500 ShopKo Stores, Inc.* ........ 22,875
1,258 Sports Authority, Inc.* ..... 48,307
3,700 Stage Stores, Inc.* ......... 103,230
3,700 Tweeter Home Entertainment
Group, Inc. ............... 34,965
1,600 United Stationers, Inc.* .... 65,472
1,600 Weis Markets, Inc. .......... 58,080
1,100 Zale Corporation* ........... 58,520
------------
1,284,548
------------
See Notes to Financial Statements.
38
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
SMALL COMPANY VALUE PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Steel - 0.8%
7,700 Allegheny Technologies, Inc. $ 101,794
1,400 Carpenter Technology
Corporation ............... 41,398
1,200 Quanex Corporation .......... 55,320
------------
198,512
------------
Telecommunications - 1.4%
6,800 Andrew Corporation* ......... 78,268
9,100 Cincinnati Bell, Inc.* ...... 45,955
2,800 CommScope, Inc.* ............ 45,724
1,500 Inter-Tel, Inc. ............. 37,470
5,500 MasTec, Inc.* ............... 81,455
1,900 Newport Corporation* ........ 31,407
------------
320,279
------------
Tobacco - 0.6%
2,500 Standard Commercial
Corporation ............... 50,175
1,900 Universal Corporation ....... 83,923
------------
134,098
------------
Travel & Recreation - 2.2%
3,000 Aztar Corporation* .......... 67,500
5,000 Bally Total Fitness Holding
Corporation* .............. 35,000
4,200 Callaway Golf Company ....... 70,770
2,300 Dollar Thrifty Automotive
Group, Inc.* .............. 59,662
3,500 Extended Stay America, Inc.* 50,680
17,700 La Quinta Corporation* ...... 113,457
4,000 Pinnacle Entertainment, Inc.* 37,280
7,800 Six Flags, Inc.* ............ 58,656
1,600 Vail Resorts, Inc.* ......... 27,200
------------
520,205
------------
Value
Shares (Note 1)
------ --------
Trucking & Freight - 0.9%
3,000 SCS Transportation, Inc.* ... $ 52,740
1,500 USF Corporation ............. 51,285
3,194 Yellow Roadway Corporation* . 115,527
------------
219,552
------------
TOTAL COMMON STOCKS
(Cost $18,655,570) ........ 23,477,952
------------
RIGHTS - 0.0%**
(Cost $442)
1,300 Bank United Corporation,
Contingent Payment Rights* 156
------------
TOTAL INVESTMENTS
(Cost $18,656,012***) ...... 99.6% 23,478,108
OTHER ASSETS AND LIABILITIES
(Net) ...................... 0.4% 105,580
----- ------------
NET ASSETS .................... 100.0% $ 23,583,688
===== ============
* Non-income producing security.
** Amount represents less than 0.1% of net assets.
*** Aggregate cost for Federal tax purposes is $18,873,876.
See Notes to Financial Statements.
39
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS
Value
Shares (Note 1)
------ --------
COMMON STOCKS - 101.1%
Aerospace - 1.4%
337 Alliant Techsystems, Inc.* .. $ 19,465
300 Allied Defense Group, Inc.* . 7,173
100 Astronics Corporation* ...... 500
8,700 Boeing Company .............. 366,618
400 Curtiss-Wright Corporation .. 18,004
100 Ducommun, Inc.* ............. 2,235
400 Environmental Tectonics
Corporation* .............. 3,048
2,220 General Dynamics Corporation 200,666
1,200 Goodrich Corporation ........ 35,628
100 HEICO Corporation ........... 1,820
120 HEICO Corporation, Class A .. 1,690
100 Herley Industries, Inc.* .... 2,070
600 Kaman Corporation, Class A .. 7,638
300 Kreisler Manufacturing
Corporation* .............. 1,500
900 L-3 Communications
Holdings, Inc.* ........... 46,224
4,700 Lockheed Martin Corporation . 241,580
100 MTC Technologies, Inc.* ..... 3,222
2,050 Northrop Grumman Corporation 195,980
1,000 Orbital Sciences Corporation* 12,020
4,300 Raytheon Company ............ 129,172
1,700 Rockwell Collins, Inc. ...... 51,051
300 Teledyne Technologies, Inc.* 5,655
1,400 Titan Corporation* .......... 30,534
200 Triumph Group, Inc.* ........ 7,280
100 United Defense Industries,
Inc.* ..................... 3,188
100 United Industrial Corporation 1,805
4,947 United Technologies
Corporation ............... 468,827
------------
1,864,593
------------
Air Transportation - 0.2%
700 ABX Air, Inc.* .............. 3,010
900 AirTran Holdings, Inc.* ..... 10,710
100 Alaska Air Group, Inc.* ..... 2,729
1,200 America West Holdings
Corporation, Class B* ..... 14,880
1,300 AMR Corporation* ............ 16,835
Value
Shares (Note 1)
------ --------
Air Transportation (continued)
600 Atlantic Coast Airlines
Holdings, Inc.* ........... $ 5,940
1,200 Continental Airlines, Inc.,
Class B* .................. 19,524
1,000 Delta Air Lines, Inc.* ...... 11,810
700 EGL, Inc.* .................. 12,292
500 ExpressJet Holdings, Inc.* .. 7,500
450 Frontier Airlines, Inc.* .... 6,417
1,200 JetBlue Airways Corporation* 31,824
200 MAIR Holdings, Inc.* ........ 1,456
1,000 Mesa Air Group, Inc.* ....... 12,520
800 Midwest Express Holdings,
Inc.* ..................... 3,368
1,500 Northwest Airlines
Corporation* .............. 18,930
500 SkyWest, Inc. ............... 9,060
8,293 Southwest Airlines Company .. 133,849
300 UAL Corporation* ............ 487
400 US Airways Group, Inc.*+# ... 0
------------
323,141
------------
Apparel - 0.5%
200 Barry (R.G.) Corporation* ... 878
200 bebe stores, Inc.* .......... 5,198
200 Cherokee, Inc.* ............. 4,548
2,000 Coach, Inc.* ................ 75,500
400 Columbia Sportswear Company* 21,800
200 Cutter & Buck, Inc.* ........ 1,876
600 Gymboree Corporation* ....... 10,338
600 J. Jill Group, Inc.* ........ 7,626
1,378 Jones Apparel Group, Inc. ... 48,547
300 Just for Feet, Inc.* ........ 1
800 K-Swiss, Inc., Class A ...... 19,248
400 Kenneth Cole Productions, Inc. 11,760
1,200 Liz Claiborne, Inc. ......... 42,552
150 Maxwell Shoe Company, Inc.* . 2,546
2,900 Nike, Inc., Class B ......... 198,534
300 OshKosh B'Gosh, Inc., Class A 6,438
100 Perry Ellis International,
Inc.* ..................... 2,578
800 Polo Ralph Lauren Corporation 23,040
800 Quiksilver, Inc.* ........... 14,184
700 Reebok International, Ltd. .. 27,524
500 Russell Corporation ......... 8,780
100 Steven Madden, Ltd.* ........ 2,040
See Notes to Financial Statements.
40
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Apparel (continued)
200 Superior Uniform Group, Inc. $ 3,290
100 Tag-It Pacific, Inc.* ....... 449
100 Tarrant Apparel Group* ...... 359
400 Timberland Company, Class A* 20,828
1,100 V.F. Corporation ............ 47,564
300 Vans, Inc.* ................. 3,423
100 Vulcan International
Corporation ............... 4,375
600 Warnaco Group, Inc.,
Class A*+# ................ 0
900 Warnaco Group, Inc.* ........ 14,355
1,300 WestPoint Stevens, Inc. ..... 24
150 Weyco Group, Inc. ........... 5,047
100 Wolverine World Wide, Inc. .. 2,038
------------
637,288
------------
Banks - 7.8%
430 1st Source Corporation ...... 9,249
380 ABC Bancorp ................. 6,069
100 Alabama National
BanCorporation ............ 5,255
200 Allegiant Bancorp, Inc. ..... 5,610
500 AMCORE Financial, Inc. ...... 13,510
3,433 AmSouth Bancorporation ...... 84,108
510 Anchor BanCorp Wisconsin,
Inc. ...................... 12,699
198 Arrow Financial Corporation . 5,498
684 Associated Banc-Corp ........ 29,173
800 Astoria Financial Corporation 29,760
100 BancFirst Corporation ....... 5,870
700 BancorpSouth, Inc. .......... 16,604
15,700 Bank of America Corporation . 1,262,751
350 Bank of Granite Corporation . 7,623
500 Bank of Hawaii Corporation .. 21,100
8,100 Bank of New York Company,
Inc. ...................... 268,272
800 Bank of the Ozarks, Inc. .... 18,008
12,000 Bank One Corporation ........ 547,080
500 BankAtlantic Bancorp, Inc.,
Class A ................... 9,500
1,447 Banknorth Group, Inc. ....... 47,071
700 BankUnited Financial
Corporation, Class A* ..... 18,053
100 Bar Harbor Bankshares ....... 2,700
Value
Shares (Note 1)
------ --------
Banks (continued)
6,134 BB&T Corporation ............ $ 237,018
100 BNCCORP, Inc.* .............. 1,818
200 Boston Private Financial
Holdings, Inc. ............ 4,968
656 Brookline Bancorp, Inc. ..... 10,063
294 BSB Bancorp, Inc. ........... 11,613
5 California Independent
Bancorp ................... 192
73 Camco Financial Corporation . 1,265
100 Capital Corp of the West .... 3,964
400 Capitol Bancorp, Ltd. ....... 11,360
900 Capitol Federal Financial ... 32,454
612 Cascade Bancorp ............. 11,787
500 Cathay Bancorp, Inc. ........ 27,840
150 CCF Holding Company ......... 3,375
112 Center Bancorp, Inc. ........ 2,202
111 Central Coast Bancorp* ...... 2,014
200 Central Pacific Financial
Corporation ............... 6,008
100 Charter Financial Corporation 3,727
2,671 Charter One Financial, Inc. . 92,283
105 Chemical Financial
Corporation ............... 3,821
350 Chittenden Corporation ...... 11,774
500 Citizens Banking Corporation 16,360
300 Citizens First Financial
Corporation ............... 7,650
314 Citizens South Banking
Corporation ............... 4,380
100 City Holding Company ........ 3,500
514 City National Corporation ... 31,930
100 Coastal Bancorp, Inc. ....... 4,111
800 Colonial BancGroup, Inc. .... 13,856
200 Columbia Bancorp ............ 6,390
644 Columbia Banking System, Inc. 13,949
1,948 Comerica, Inc. .............. 109,205
100 Comm Bancorp, Inc. .......... 3,723
700 Commerce Bancorp, Inc. ...... 36,876
597 Commerce Bancshares, Inc. ... 29,248
500 Commercial Federal
Corporation ............... 13,355
120 Community Bancorp, Inc.* .... 2,353
400 Community Bank System, Inc. . 19,600
236 Community Banks, Inc. ....... 9,277
See Notes to Financial Statements.
41
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Banks (continued)
400 Community First Bankshares,
Inc. ...................... $ 11,576
1,100 Compass Bancshares, Inc. .... 43,241
400 Corus Bankshares, Inc. ...... 12,624
100 Crazy Woman Creek Bancorp,
Inc. ...................... 2,162
400 Cullen/Frost Bankers, Inc. .. 16,228
613 CVB Financial Corporation ... 11,819
400 Downey Financial Corporation 19,720
300 East West Bancorp, Inc. ..... 16,104
100 EFC Bancorp, Inc. ........... 2,390
544 F.N.B. Corporation .......... 19,285
200 FFD Financial Corporation ... 2,950
300 FFLC Bancorp, Inc. .......... 8,625
133 Fidelity Bancorp, Inc. ...... 3,437
200 Fidelity Bankshares, Inc. ... 6,280
6,254 Fifth Third Bancorp ......... 369,611
550 First BanCorp. .............. 21,752
100 First Busey Corporation ..... 2,700
500 First Charter Corporation ... 9,775
200 First Citizens BancShares, Inc.,
Class A ................... 24,306
800 First Commonwealth Financial
Corporation ............... 11,408
264 First Federal Bankshares,
Inc. ...................... 6,550
300 First Financial Bancorp. .... 4,785
468 First Financial Bankshares,
Inc. ...................... 19,516
600 First Financial Corporation . 18,006
100 First M&F Corporation ....... 3,790
100 First Mariner Bancorp, Inc.* 1,873
537 First Midwest Bancorp, Inc. . 17,404
1,100 First Midwest Financial, Inc. 24,486
375 First Mutual Bancshares, Inc. 9,187
458 First Niagara Financial
Group, Inc. ............... 6,829
300 First Place Financial
Corporation ............... 5,859
1,700 First Tennessee National
Corporation ............... 74,970
200 First United Corporation .... 4,874
600 Firstfed America Bancorp, Inc. 15,618
400 FirstFed Financial
Corporation* .............. 17,400
600 FirstMerit Corporation ...... 16,182
750 Flagstar Bancorp, Inc. ...... 16,065
11,231 FleetBoston Financial
Corporation ............... 490,233
Value
Shares (Note 1)
------ --------
Banks (continued)
600 Flushing Financial
Corporation ............... $ 10,968
869 FNB Corporation ............. 18,405
125 FNB Financial Services
Corporation ............... 2,494
400 Franklin Bancorp, Inc. ...... 8,620
800 Fremont General Corporation . 13,528
500 Frontier Financial Corporation 16,580
751 Fulton Financial Corporation 16,454
600 GA Financial, Inc. .......... 20,838
22 German American Bancorp ..... 385
508 Glacier Bancorp, Inc. ....... 16,459
1,700 Golden West Financial
Corporation ............... 175,423
300 Great Southern Bancorp, Inc. 13,911
700 Greater Bay Bancorp ......... 19,936
17 Greater Community Bancorp ... 288
1,500 GreenPoint Financial
Corporation ............... 52,980
400 GS Financial Corporation .... 7,776
100 Guaranty Financial
Corporation ............... 2,575
100 Habersham Bancorp ........... 2,449
100 Hanmi Financial Corporation . 1,977
500 Harbor Florida Bancshares,
Inc. ...................... 14,855
131 Harleysville National
Corporation ............... 3,943
133 Harleysville Savings Financial
Corporation ............... 3,897
150 Hawthorne Financial
Corporation* .............. 4,197
165 Heritage Commerce Corporation* 2,021
330 HF Financial Corporation .... 5,396
1,500 Hibernia Corporation, Class A 35,265
200 Home Financial Bancorp ...... 1,280
43 Horizon Financial Corporation 753
2,000 Hudson City Bancorp, Inc. ... 76,360
600 Hudson United Bancorp ....... 22,170
2,485 Huntington Bancshares, Inc. . 55,913
179 IBERIABANK Corporation ...... 10,561
500 Independence Community
Bank Corporation .......... 17,985
100 Independent Bank Corporation 2,882
483 International Bancshares
Corporation ............... 22,773
See Notes to Financial Statements.
42
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Banks (continued)
200 Irwin Financial Corporation . $ 6,280
300 ITLA Capital Corporation* ... 15,030
100 Jefferson Bancshares, Inc. .. 1,379
5,000 KeyCorp ..................... 146,600
700 Klamath First Bancorp, Inc. . 18,578
407 KNBT Bancorp, Inc.* ......... 7,155
100 Lakeland Financial
Corporation ............... 3,532
100 Laurel Capital Group, Inc. .. 2,475
100 Lincoln Bancorp ............. 1,996
100 Local Financial Corporation* 2,084
200 LSB Bancshares, Inc. ........ 3,480
1,300 M&T Bank Corporation ........ 127,790
479 MAF Bancorp, Inc. ........... 20,070
2,700 Marshall & Ilsley Corporation 103,275
100 Matrix Bancorp, Inc.* ....... 925
150 Mayflower Co-operative Bank . 2,252
4,500 Mellon Financial Corporation 144,495
800 Mercantile Bankshares
Corporation ............... 36,464
750 Merchants Bancshares, Inc. .. 22,913
100 Mid-State Bancshares ........ 2,544
150 Midwest Banc Holdings, Inc. . 3,338
300 MidWestOne Financial
Group, Inc. ............... 5,697
100 MSB Financial, Inc. ......... 1,857
200 MutualFirst Financial, Inc. . 5,068
105 Mystic Financial, Inc. ...... 3,143
6,300 National City Corporation ... 213,822
1,835 National Commerce Financial
Corporation ............... 50,059
113 National Penn Bancshares, Inc. 3,630
641 NetBank, Inc. ............... 8,557
2,428 New York Community
Bancorp, Inc. ............. 92,385
100 North Bancshares, Inc. ...... 1,355
1,520 North Fork Bancorporation,
Inc. ...................... 61,514
420 North Valley Bancorp ........ 6,410
100 Northeast Bancorp ........... 1,930
1,300 Northern States Financial
Corporation ............... 37,583
2,500 Northern Trust Corporation .. 116,050
Value
Shares (Note 1)
------ --------
Banks (continued)
462 Northrim BanCorp, Inc. ...... $ 10,603
300 Northwest Bancorp, Inc. ..... 6,408
150 Norwood Financial Corporation 3,966
126 NSD Bancorp, Inc. ........... 3,213
671 Old National Bancorp ........ 15,332
100 Omega Financial Corporation . 3,849
303 Oriental Financial Group,
Inc. ...................... 7,774
400 Pacific Capital BanCorp ..... 14,728
400 Pacific Crest Capital, Inc. . 10,340
200 Park National Corporation ... 22,630
500 People's Bank ............... 16,300
450 Peoples Holding Company ..... 14,850
256 PHSB Financial Corporation .. 5,504
1,200 Popular, Inc. ............... 53,928
456 Provident Bankshares
Corporation ............... 13,425
600 Provident Financial Group,
Inc. ...................... 19,170
306 PVF Capital Corporation ..... 4,926
100 R&G Financial Corporation,
Class B ................... 3,980
2,100 Regions Financial Corporation 78,120
764 Republic Bancorp, Inc. ...... 10,306
500 Republic Bancorp, Inc.,
Class A ................... 9,770
400 S&T Bancorp, Inc. ........... 11,960
200 S.Y. Bancorp, Inc. .......... 4,112
300 Sandy Spring Bancorp, Inc. .. 11,220
100 Second Bancorp, Inc. ........ 2,640
100 Security Bank Corporation ... 3,150
400 Silicon Valley Bancshares* .. 14,428
400 Simmons First National
Corporation, Class A ...... 11,160
644 Sky Financial Group, Inc. ... 16,705
100 Sound Federal Bancorp, Inc. . 1,559
600 South Financial Group, Inc. . 16,716
100 Southern Banc Company, Inc. . 1,589
2,400 Southern Missouri Bancorp,
Inc. ...................... 33,024
3,400 SouthTrust Corporation ...... 111,282
500 Southwest Bancorporation
of Texas, Inc. ............ 19,425
3,500 Sovereign Bancorp, Inc. ..... 83,125
666 State Bancorp, Inc. ......... 16,157
3,800 State Street Corporation .... 197,904
See Notes to Financial Statements.
43
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Banks (continued)
800 Staten Island Bancorp, Inc. . $ 18,000
188 Sterling Bancorp ............ 5,358
150 Sterling Bancshares, Inc. ... 2,000
300 Sterling Financial Corporation 8,325
300 Suffolk Bancorp ............. 10,359
100 Summit Bancshares, Inc. ..... 2,786
5 Sun Bancorp, Inc.* .......... 132
3,080 SunTrust Banks, Inc. ........ 220,220
500 Susquehanna Bancshares, Inc. 12,505
3,256 Synovus Financial Corporation 94,164
900 TCF Financial Corporation ... 46,215
100 Teche Holding Company ....... 3,628
275 Texas Regional Bancshares,
Inc. ...................... 10,175
100 Timberland Bancorp, Inc. .... 2,269
110 Tompkins Trustco, Inc. ...... 5,066
300 Trust Company of New Jersey . 11,904
858 TrustCo Bank Corporation NY . 11,283
600 Trustmark Corporation ....... 17,562
20,209 U.S. Bancorp ................ 601,824
115 U.S.B. Holding Company, Inc. 2,230
800 UCBH Holdings, Inc. ......... 31,176
405 UMB Financial Corporation ... 19,254
100 Union Community Bancorp ..... 1,767
2,000 Union Planters Corporation .. 62,980
1,500 UnionBanCal Corporation ..... 86,310
400 United Bankshares, Inc. ..... 12,480
100 United Community Financial
Corporation ............... 1,141
495 United Financial Corporation 13,043
424 United National Bancorp ..... 15,150
100 United Tennessee
Bankshares, Inc. .......... 1,706
100 Vail Banks, Inc. ............ 1,194
680 Valley National Bancorp ..... 19,856
765 W Holding Company, Inc. ..... 14,237
13,848 Wachovia Corporation ........ 645,178
650 Waddell & Reed Financial, Inc.,
Class A ................... 15,249
482 Washington Federal, Inc. .... 13,689
100 Washington Trust Bancorp, Inc. 2,620
404 Webster Financial Corporation 18,527
17,995 Wells Fargo & Company ....... 1,059,726
Value
Shares (Note 1)
------ --------
Banks (continued)
500 WesBanco, Inc. .............. $ 13,845
100 West Coast Bancorp .......... 2,134
400 Westamerica Bancorporation .. 19,880
450 Whitney Holding Corporation . 18,446
228 Willow Grove Bancorp, Inc. .. 4,049
600 Wilmington Trust Corporation 21,600
100 Yardville National Bancorp .. 2,574
1,000 Zions Bancorporation ........ 61,330
------------
10,714,928
------------
Business Machines - 8.0%
4,000 3Com Corporation* ........... 32,680
400 3D Systems Corporation* ..... 4,060
1,200 Adaptec, Inc.* .............. 10,596
2,500 Adobe Systems, Inc. ......... 98,250
400 Advanced Digital Information
Corporation* .............. 5,600
3,600 Apple Computer, Inc.* ....... 76,932
300 Artesyn Technologies, Inc.* . 2,556
800 Autodesk, Inc. .............. 19,664
75 Avici Systems, Inc.* ........ 596
400 Avocent Corporation* ........ 14,608
4,500 BEA Systems, Inc.* .......... 55,350
2,067 BMC Software, Inc.* ......... 38,550
900 Borland Software Corporation* 8,757
700 CACI International, Inc.,
Class A* .................. 34,034
200 Cash Technologies, Inc.* .... 220
72,873 Cisco Systems, Inc.* ........ 1,770,085
200 Cognitronics Corporation* ... 670
3,900 Compuware Corporation* ...... 23,556
26,300 Dell, Inc.* ................. 893,148
700 Diebold, Inc. ............... 37,709
700 Echelon Corporation* ........ 7,798
27,029 EMC Corporation* ............ 349,215
1,700 Enterasys Networks, Inc.* ... 6,375
200 Evans & Sutherland Computer
Corporation* .............. 900
200 Extended Systems, Inc.* ..... 868
3,200 Gateway, Inc.* .............. 14,720
600 Henry (Jack) & Associates, Inc. 12,348
32,017 Hewlett-Packard Company ..... 735,430
See Notes to Financial Statements.
44
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Business Machines (continued)
1,100 IKON Office Solutions, Inc. . $ 13,046
100 Immersion Corporation* ...... 595
600 InFocus Corporation* ........ 5,808
500 Intergraph Corporation* ..... 11,960
18,070 International Business
Machines Corporation ...... 1,674,728
1,300 Intervoice, Inc.* ........... 15,431
450 Kronos, Inc.* ............... 17,824
1,400 Lexmark International, Inc.* 110,096
2,280 Maxtor Corporation* ......... 25,308
1,047 McDATA Corporation, Class A* 9,978
300 Mercury Computer Systems,
Inc.* ..................... 7,470
2,600 Micromuse, Inc.* ............ 17,940
300 MICROS Systems, Inc.* ....... 13,008
114,090 Microsoft Corporation ....... 3,142,039
400 MIPS Technologies, Inc.,
Class A* .................. 2,178
800 NCR Corporation* ............ 31,040
450 Netegrity, Inc.* ............ 4,639
3,600 Network Appliance, Inc.* .... 73,908
3,734 Novell, Inc.* ............... 39,282
200 Optio Software, Inc.* ....... 240
54,900 Oracle Corporation* ......... 724,680
400 Overland Storage, Inc.* ..... 7,520
215 PalmOne, Inc.* .............. 2,526
200 Paxar Corporation ........... 2,680
2,500 Pitney Bowes, Inc. .......... 101,550
1,300 Quantum Corporation* ........ 4,056
1,100 Rainbow Technologies, Inc.* . 12,386
300 Rimage Corporation* ......... 4,749
900 SanDisk Corporation* ........ 55,026
200 ScanSource, Inc.* ........... 9,124
500 SCM Microsystems, Inc.* ..... 3,860
1,300 Seagate Technology .......... 24,570
5,800 Siebel Systems, Inc.* ....... 80,446
1,400 Storage Technology
Corporation* .............. 36,050
450 Stratasys, Inc.* ............ 12,267
34,500 Sun Microsystems, Inc.* ..... 154,905
1,900 Sybase, Inc.* ............... 39,102
700 Synaptics, Inc.* ............ 10,486
500 TransAct Technologies, Inc.* 12,100
100 UniComp, Inc.* .............. 3
Value
Shares (Note 1)
------ --------
Business Machines (continued)
4,200 Unisys Corporation* ......... $ 62,370
80 VelocityHSI, Inc.*# ......... 0
8,100 Xerox Corporation* .......... 111,780
------------
10,944,029
------------
Business Services - 4.7%
600 ABM Industries, Inc. ........ 10,446
100 ACMAT Corporation, Class A* . 1,231
500 ActivCard Corporation* ...... 3,940
700 Acxiom Corporation* ......... 12,999
500 Adept Technology, Inc.* ..... 710
1,000 Administaff, Inc.* .......... 17,380
900 Advent Software, Inc.* ...... 15,687
400 Aether Systems, Inc.* ....... 1,900
1,500 Affiliated Computer Services, Inc.,
Class A* .................. 81,690
1,200 Affymetrix, Inc.* ........... 29,532
1,100 Agile Software Corporation* . 10,890
1,259 Akamai Technologies, Inc.* .. 13,534
3,400 Allied Waste Industries, Inc.* 47,192
200 American Locker Group, Inc.* 2,232
600 American Management
Systems, Inc.* ............ 9,042
100 American Software, Inc.,
Class A ................... 716
500 AMN Healthcare Services,
Inc.* ..................... 8,580
400 Angelica Corporation ........ 8,800
300 ANSYS, Inc.* ................ 11,910
300 Anteon International
Corporation* .............. 10,815
200 Appiant Technologies, Inc.* . 2
100 Apropos Technology, Inc.* ... 348
100 Aptimus, Inc.* .............. 425
700 aQuantive, Inc.* ............ 7,175
1,000 ARAMARK Corporation, Class B* 27,420
340 Arbitron, Inc.* ............. 14,185
200 Ardent Communications, Inc.* 1
2,800 Ariba, Inc.* ................ 8,400
100 Ascendant Solutions, Inc.* .. 36
450 Ascential Software
Corporation* .............. 11,669
500 Ask Jeeves, Inc.* ........... 9,060
700 Aspen Technology, Inc.* ..... 7,182
700 At Road, Inc.* .............. 9,310
See Notes to Financial Statements.
45
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Business Services (continued)
6,100 Automatic Data Processing,
Inc. ...................... $ 241,621
300 BARRA, Inc.* ................ 10,647
1,200 BearingPoint, Inc.* ......... 12,108
180 Blue Coat Systems, Inc.* .... 4,016
700 Bowne & Company, Inc. ....... 9,492
200 Breakaway Solutions, Inc.* .. 1
500 Brink's Company ............. 11,305
300 BroadVision, Inc.* .......... 1,278
100 Calico Commerce, Inc.*+# .... 0
200 Captiva Software Corporation* 2,532
700 Carreker Corporation* ....... 9,807
500 Casella Waste Systems, Inc.,
Class A* .................. 6,845
546 Catalina Marketing
Corporation* .............. 11,007
500 Catalyst International, Inc.* 775
100 Catapult Communications
Corporation* .............. 1,450
200 CDI Corporation ............. 6,550
1,180 CDW Corporation ............. 68,157
10,577 Cendant Corporation* ........ 235,550
200 Centra Software, Inc.* ...... 790
1,200 Ceridian Corporation* ....... 25,128
300 Cerner Corporation* ......... 11,355
550 Certegy, Inc. ............... 18,040
400 Charles River Associates,
Inc.* ..................... 12,796
1,000 CheckFree Corporation* ...... 27,650
300 Checkpoint Systems, Inc.* ... 5,673
342 Chindex International, Inc.* 11,129
886 ChoicePoint, Inc.* .......... 33,748
700 Chordiant Software, Inc.* ... 3,815
1,300 CIBER, Inc.* ................ 11,258
1,782 Cintas Corporation .......... 89,332
1,800 Citrix Systems, Inc.* ....... 38,178
100 Clarus Corporation* ......... 721
60 Click Commerce, Inc.* ....... 307
600 Cognizant Technology
Solutions Corporation* .... 27,384
200 Coinstar, Inc.* ............. 3,612
156 Commerce One, Inc.* ......... 198
6,121 Computer Associates
International, Inc. ....... 167,348
900 Computer Horizons
Corporation* .............. 3,537
Value
Shares (Note 1)
------ --------
Business Services (continued)
1,980 Computer Sciences
Corporation* .............. $ 87,575
600 Computer Task Group, Inc.* .. 2,334
200 Concord Communications, Inc.* 3,994
4,600 Concord EFS, Inc.* .......... 68,264
300 Consolidated Graphics, Inc.* 9,474
1,600 Convergys Corporation* ...... 27,936
1,050 Copart, Inc.* ............... 17,325
400 Corillian Corporation* ...... 2,524
300 Cornell Corrections, Inc.* .. 4,095
400 Corporate Executive Board
Company* .................. 18,668
398 Corrections Corporation
of America* ............... 11,474
500 CoStar Group, Inc.* ......... 20,840
600 Covansys Corporation* ....... 6,600
700 Cross Country Healthcare,
Inc.* ..................... 10,444
29 Cross Media Marketing
Corporation*# ............. 0
400 CSG Systems International,
Inc.* ..................... 4,996
100 CSP, Inc.* .................. 616
300 CyberSource Corporation* .... 1,548
750 D&B Corporation* ............ 38,033
200 Datalink Corporation* ....... 758
100 Datawatch Corporation* ...... 550
700 Dendrite International, Inc.* 10,969
350 DiamondCluster
International, Inc.* ...... 3,570
200 Digital Fusion, Inc.* ....... 74
457 Digital Insight Corporation* 11,379
1,100 Digital River, Inc.* ........ 24,310
500 DigitalThink, Inc.* ......... 1,405
600 Digitas, Inc.* .............. 5,592
100 Docent, Inc.* ............... 460
1,438 DoubleClick, Inc.* .......... 14,696
100 Drexler Technology
Corporation* .............. 1,367
1,100 DST Systems, Inc.* .......... 45,936
700 E.piphany, Inc.* ............ 5,047
1,671 EarthLink, Inc.* ............ 16,710
6,800 eBay, Inc.* ................. 439,212
100 ebix.com, Inc.* ............. 1,226
400 Eclipsys Corporation* ....... 4,656
630 eFunds Corporation* ......... 10,931
See Notes to Financial Statements.
46
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Business Services (continued)
5,000 Electronic Data Systems
Corporation ............... $ 122,700
400 Embarcadero Technologies,
Inc.* ..................... 6,380
750 Encompass Services
Corporation*# ............. 0
700 Entrust Technologies, Inc.* . 2,856
300 EPIQ Systems, Inc.* ......... 5,139
200 ePresence, Inc.* ............ 750
100 Equinix, Inc.* .............. 2,820
900 eResearch Technology, Inc.* . 22,878
1,100 Exult, Inc.* ................ 7,832
400 F5 Networks, Inc.* .......... 10,040
400 FactSet Research Systems,
Inc. ...................... 15,284
563 Fair Isaac Corporation ...... 27,677
3,032 FedEx Corporation ........... 204,660
300 FileNET Corporation* ........ 8,124
300 FindWhat.com* ............... 5,625
7,900 First Data Corporation ...... 324,611
100 Firstwave Technologies, Inc.* 534
2,128 Fiserv, Inc.* ............... 84,077
400 Forrester Research, Inc.* ... 7,148
400 FreeMarkets, Inc.* .......... 2,676
450 FTI Consulting, Inc.* ....... 10,517
200 G & K Services, Inc.,
Class A ................... 7,350
1,700 Gartner, Inc., Class A* ..... 19,227
300 Gentiva Health Services,
Inc.* ..................... 3,792
600 Getty Images, Inc., Class A* 30,078
300 Global Imaging Systems, Inc.* 9,525
400 Global Payments, Inc. ....... 18,848
300 GP Strategies Corporation* .. 2,400
100 Grey Global Group, Inc. ..... 68,305
700 Group 1 Software, Inc.* ..... 12,334
27 GSI Commerce, Inc.* ......... 264
200 GulfMark Offshore, Inc.* .... 2,800
2,180 H & R Block, Inc. ........... 120,707
550 HA-LO Industries, Inc.*# .... 0
600 Harris Interactive, Inc.* ... 4,980
200 Healthcare Services Group,
Inc. ...................... 3,858
100 HealthExtras, Inc.* ......... 1,340
200 HearMe* ..................... 3
100 Heidrick & Struggles
International, Inc.* ...... 2,180
Value
Shares (Note 1)
------ --------
Business Services (continued)
100 Homeseekers.com, Inc.*# ..... $ 0
267 Hudson Highland Group, Inc.* 6,368
200 Hughes Supply, Inc. ......... 9,924
1,100 Hypercom Corporation* ....... 5,236
300 Hyperion Solutions
Corporation* .............. 9,042
3,540 i2 Technologies, Inc.* ...... 5,770
600 iGATE Capital Corporation* .. 4,710
484 Imagistics International,
Inc.* ..................... 18,150
700 Imation Corporation ......... 24,605
800 Informatica Corporation* .... 8,240
200 Inforte Corporation* ........ 1,658
410 InfoSpace, Inc.* ............ 9,451
1,200 Ingram Micro, Inc., Class A* 19,080
100 Integral Systems, Inc.* ..... 2,152
300 Interactive Intelligence,
Inc.* ..................... 1,563
300 InterCept, Inc.* ............ 3,387
100 Interleukin Genetics, Inc.* . 465
143 Internet Pictures
Corporation* .............. 252
4,242 Interpublic Group of
Companies, Inc.* .......... 66,175
4 InterWorld Corporation* ..... 1
504 Interwoven, Inc.* ........... 6,371
2,200 Intuit, Inc.* ............... 116,402
200 iPass, Inc.* ................ 3,206
900 Iron Mountain, Inc.* ........ 35,586
900 IT Group, Inc.*+# ........... 0
600 Jacobs Engineering Group,
Inc.* ..................... 28,806
4,000 Juniper Networks, Inc.* ..... 74,720
200 Jupitermedia Corporation* ... 920
200 Kana Software, Inc.* ........ 674
700 Keane, Inc.* ................ 10,248
200 Keith Companies, Inc.* ...... 2,724
400 Kelly Services, Inc., Class A 11,416
300 Keynote Systems, Inc.* ...... 3,570
547 Kinder Morgan Management,
LLC* ...................... 23,517
500 Korn/Ferry International* ... 6,670
444 Kroll, Inc.* ................ 11,544
300 LabOne, Inc.* ............... 9,741
600 Labor Ready, Inc.* .......... 7,860
1,000 Lamar Advertising Company* .. 37,320
100 Larscom, Inc.* .............. 440
1,100 Lawson Software, Inc.* ...... 9,053
See Notes to Financial Statements.
47
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Business Services (continued)
1,000 Liberate Technologies, Inc.* $ 3,070
500 Lionbridge Technologies,
Inc.* ..................... 4,805
300 LivePerson, Inc.* ........... 1,524
200 LiveWorld, Inc.* ............ 34
88 LTWC Corporation*# .......... 0
740 Macromedia, Inc.* ........... 13,202
800 Mail-Well, Inc.* ............ 3,688
500 Manhattan Associates, Inc.* . 13,820
900 Manpower, Inc. .............. 42,372
800 Manugistics Group, Inc.* .... 5,000
819 MarchFirst, Inc.* ........... 2
200 Marimba, Inc.* .............. 1,100
200 MarketWatch.com, Inc.* ...... 1,722
500 MatrixOne, Inc.* ............ 3,080
300 MAXIMUS, Inc.* .............. 11,739
45 MCSi, Inc.*# ................ 0
200 Mechanical Technology, Inc.* 1,094
900 Medical Staffing Network
Holdings, Inc.* ........... 9,855
200 Mediware Information
Systems, Inc.* ............ 3,192
500 MemberWorks, Inc.* .......... 13,585
700 Mentor Graphics Corporation* 10,178
900 Mercury Interactive
Corporation* .............. 43,776
100 MicroAge, Inc.*# ............ 0
30 MicroStrategy, Inc., Class A* 1,574
200 Microvision, Inc.* .......... 1,524
933 Mindspeed Technologies, Inc.* 6,391
200 Modem Media, Inc.* .......... 1,634
900 Monster Worldwide, Inc.* .... 19,764
800 MPS Group, Inc.* ............ 7,480
350 National Instruments
Corporation ............... 15,915
1,100 Navarre Corporation* ........ 6,688
400 Navigant Consulting, Inc.* .. 7,544
200 NaviSite, Inc.* ............. 1,314
500 NCO Group, Inc.* ............ 11,385
500 NDCHealth Corporation ....... 12,810
250 Neoforma, Inc.* ............. 2,660
200 NEON Systems, Inc.* ......... 698
300 Netcentives, Inc.*# ......... 0
300 NETGEAR, Inc.* .............. 4,797
1,332 NetIQ Corporation* .......... 17,649
Value
Shares (Note 1)
------ --------
Business Services (continued)
200 NetObjects, Inc.* ........... $ 1
400 NetRatings, Inc.* ........... 4,572
200 NetScreen Technologies, Inc.* 4,950
1,700 Network Associates, Inc.* ... 25,568
27 Network Commerce, Inc.*# .... 0
200 New England Business
Service, Inc. ............. 5,900
200 New Horizons Worldwide, Inc.* 1,138
600 NIC, Inc.* .................. 4,818
200 Nuance Communications, Inc.* 1,528
300 NWH, Inc. ................... 6,156
500 Offshore Logistics, Inc.* ... 12,260
2,000 Omnicom Group, Inc. ......... 174,660
100 OneSource Information
Services, Inc.* ........... 942
800 Opsware, Inc.* .............. 5,920
400 Packeteer, Inc.* ............ 6,792
166 PalmSource, Inc.* ........... 3,617
1,900 Parametric Technology
Corporation* .............. 7,486
3,800 Paychex, Inc. ............... 141,360
300 PC-Tel, Inc.* ............... 3,183
600 PDF Solutions, Inc.* ........ 8,940
900 PDI, Inc.* .................. 24,129
100 PEC Solutions, Inc.* ........ 1,695
3,639 PeopleSoft, Inc.* ........... 82,969
40 Peregrine Systems, Inc.* .... 720
1,400 Perot Systems Corporation,
Class A* .................. 18,872
500 Pixar, Inc.* ................ 34,645
600 PLATO Learning, Inc.* ....... 6,330
700 Plexus Corporation* ......... 12,019
200 Plumtree Software, Inc.* .... 940
800 Polycom, Inc.* .............. 15,616
100 Pomeroy IT Solutions, Inc.* . 1,474
400 Portal Software, Inc.* ...... 2,692
300 Pre-Paid Legal Services, Inc.* 7,836
300 Precept Business Services,
Inc., Class A*# ........... 0
100 Preview Systems, Inc.* ...... 6
200 Progress Software Corporation* 4,092
300 ProQuest Company* ........... 8,835
See Notes to Financial Statements.
48
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Business Services (continued)
100 Provell, Inc., Class A*# .... $ 0
100 ProxyMed, Inc.* ............. 1,749
200 PubliCARD, Inc.* ............ 11
700 Pumatech, Inc.* ............. 2,786
300 QRS Corporation* ............ 2,436
100 Quality Systems, Inc.* ...... 4,459
1,100 Quest Software, Inc.* ....... 15,620
300 Quintus Corporation* ........ 105
600 Quovadx, Inc.* .............. 2,940
300 R.H. Donnelley Corporation* . 11,952
600 Radiant Systems, Inc.* ...... 5,046
1,700 RealNetworks, Inc.* ......... 9,707
2,800 Red Hat, Inc.* .............. 52,556
500 Register.com, Inc.* ......... 2,625
1,000 RemedyTemp, Inc., Class A* .. 10,910
500 Renaissance Learning, Inc.* . 12,040
200 Resources Connection, Inc.* . 5,462
548 Retek, Inc.* ................ 5,085
800 Reynolds & Reynolds Company,
Class A ................... 23,240
550 Right Management
Consultants, Inc.* ........ 10,263
1,600 Robert Half International,
Inc.* ..................... 37,344
750 RSA Security, Inc.* ......... 10,650
125 Saba Software, Inc.* ........ 431
1,400 Safeguard Scientifics, Inc.* 5,656
300 SafeNet, Inc.* .............. 9,231
500 Sanchez Computer
Associates, Inc.* ......... 2,075
800 Sapient Corporation* ........ 4,480
300 SBS Technologies, Inc.* ..... 4,413
200 SCO Group, Inc.* ............ 3,400
500 Secure Computing Corporation* 8,955
1,200 SeeBeyond Technology
Corporation* .............. 5,148
300 Selectica, Inc.* ............ 1,284
600 SERENA Software, Inc.* ...... 11,010
2,300 ServiceMaster Company ....... 26,795
100 SM&A* ....................... 1,170
556 Sonic Foundry, Inc.* ........ 1,040
700 SonicWALL, Inc.* ............ 5,460
Value
Shares (Note 1)
------ --------
Business Services (continued)
1,000 Spherion Corporation* ....... $ 9,790
600 SPSS, Inc.* ................. 10,728
500 SRA International, Inc.,
Class A* .................. 21,550
100 SS&C Technologies, Inc. ..... 2,795
400 Standard Register Company ... 6,732
100 Stardrive Solutions, Inc.*+# 0
300 StarTek, Inc. ............... 12,237
600 Stellent, Inc.* ............. 5,904
300 Stericycle, Inc.* ........... 14,010
3,364 SunGard Data Systems, Inc.* . 93,216
400 Supportsoft, Inc.* .......... 5,260
300 Switchboard, Inc.* .......... 2,073
800 Sykes Enterprises, Inc.* .... 6,848
3,100 Symantec Corporation* ....... 107,415
1,592 Synopsys, Inc.* ............. 53,746
300 Synplicity, Inc.* ........... 2,349
495 TALX Corporation ............ 11,400
500 Tech Data Corporation* ...... 19,845
1,300 TeleTech Holdings, Inc.* .... 14,690
843 Tetra Tech, Inc.* ........... 20,957
200 TheStreet.com, Inc.* ........ 824
2,400 TIBCO Software, Inc.* ....... 16,248
200 Tier Technologies, Inc.,
Class B* .................. 1,634
1,940 Total System Services, Inc. . 60,392
171 Tradestation Group, Inc.* ... 1,515
500 Transaction Systems
Architects, Inc.,
Class A* .................. 11,315
150 Trident Microsystems, Inc.* . 2,613
500 TriZetto Group, Inc.* ....... 3,225
100 Tucows, Inc.* ............... 48
200 U.S. Interactive, Inc.*# .... 0
400 UniFirst Corporation ........ 9,484
700 Universal Electronics, Inc.* 8,918
700 UNOVA, Inc.* ................ 16,065
600 URS Corporation* ............ 15,006
763 ValueClick, Inc.* ........... 6,928
500 Vastera, Inc.* .............. 2,000
201 Ventiv Health, Inc.* ........ 1,839
300 Verint Systems, Inc.* ....... 6,768
2,716 VeriSign, Inc.* ............. 44,271
4,478 VERITAS Software Corporation* 166,402
See Notes to Financial Statements.
49
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Business Services (continued)
500 Verity, Inc.* ............... $ 8,345
700 Viad Corporation ............ 17,500
2,516 Vignette Corporation* ....... 5,711
300 Vitria Technology, Inc.* .... 2,130
100 Wackenhut Corrections
Corporation* .............. 2,280
400 WatchGuard Technologies,
Inc.* ..................... 2,328
500 Watson Wyatt & Company
Holdings* ................. 12,075
500 WebEx Communications, Inc.* . 10,050
2,845 WebMD Corporation* .......... 25,577
600 webMethods, Inc.* ........... 5,490
300 Websense, Inc.* ............. 8,772
300 Wireless Facilities, Inc.* .. 4,458
80 Worldwide Xceed Group, Inc.*# 0
100 Ziplink, Inc.* .............. 1
800 Zix Corporation* ............ 6,952
------------
6,408,072
------------
Chemicals - 1.4%
2,500 Air Products and Chemicals,
Inc. ...................... 132,075
1,270 Airgas, Inc.* ............... 27,280
400 Albemarle Corporation ....... 11,988
250 Arch Chemicals, Inc. ........ 6,415
800 Ashland, Inc. ............... 35,248
300 Balchem Corporation, Class B 6,840
600 Cabot Corporation ........... 19,104
300 Cabot Microelectronics
Corporation* .............. 14,700
300 Cambrex Corporation ......... 7,578
562 Crompton Corporation ........ 4,030
400 Cytec Industries, Inc.* ..... 15,356
9,711 Dow Chemical Company ........ 403,686
10,500 du Pont (E.I.) de Nemours
& Company ................. 481,845
800 Eastman Chemical Company .... 31,624
2,400 Ecolab, Inc. ................ 65,688
1,300 Engelhard Corporation ....... 38,935
400 Ferro Corporation ........... 10,884
200 FMC Corporation* ............ 6,826
20 General Chemical Group, Inc.* 1
300 Georgia Gulf Corporation .... 8,664
Value
Shares (Note 1)
------ --------
Chemicals (continued)
700 Great Lakes Chemical
Corporation ............... $ 19,033
400 H. B. Fuller Company ........ 11,896
1,000 Hercules, Inc.* ............. 12,200
800 International Flavors &
Fragrances, Inc. .......... 27,936
250 Kronos Worldwide, Inc.* ..... 5,550
400 Lubrizol Corporation ........ 13,008
1,400 Lyondell Chemical Company ... 23,730
500 MacDermid, Inc. ............. 17,120
600 Millennium Chemicals, Inc.* . 7,608
200 Minerals Technologies, Inc. . 11,850
500 NL Industries, Inc. ......... 5,850
100 NuCo2, Inc.* ................ 1,267
300 Oil-Dri Corporation of
America ................... 4,773
570 Olin Corporation ............ 11,434
200 OM Group, Inc.* ............. 5,238
300 Penford Corporation ......... 4,119
1,100 PolyOne Corporation* ........ 7,029
1,800 PPG Industries, Inc. ........ 115,236
4,000 Praxair, Inc. ............... 152,800
300 Rogers Corporation* ......... 13,236
900 RPM, Inc. ................... 14,814
100 Schulman (A.), Inc. ......... 2,132
400 Sensient Technologies
Corporation ............... 7,908
700 Sigma-Aldrich Corporation ... 40,026
700 Solutia, Inc. ............... 243
400 Spartech Corporation ........ 9,856
1,200 SurModics, Inc.* ............ 28,680
300 Symyx Technologies, Inc.* ... 6,165
900 Valhi, Inc. ................. 13,464
500 Valspar Corporation ......... 24,710
500 W.R. Grace & Company* ....... 1,285
100 Wellman, Inc. ............... 1,021
------------
1,949,984
------------
Construction - 0.8%
100 Ameron International
Corporation ............... 3,469
200 Beazer Homes USA, Inc.* ..... 19,532
200 Brookfield Homes Corporation 5,154
See Notes to Financial Statements.
50
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
Value
Shares (Note 1)
------ --------
Construction (continued)
100 Butler Manufacturing Company* $ 2,200
30 Cavco Industries, Inc.* ..... 720
600 Centex Construction Products,
Inc. ...................... 36,162
700 Centex Corporation .......... 75,355
100 Continental Materials
Corporation* .............. 2,724
1,587 D.R. Horton, Inc. ........... 68,654
100 Dominion Homes, Inc.* ....... 3,033
200 Drew Industries, Inc.* ...... 5,560
600 Dycom Industries, Inc.* ..... 16,092
300 Florida Rock Industries, Inc. 16,455
700 Fluor Corporation ........... 27,748
150 Granite Construction, Inc. .. 3,524
400 Hovnanian Enterprises, Inc.,
Class A* .................. 34,824
800 Joy Global, Inc. ............ 20,920
500 KB HOME ..................... 36,260
500 Lafarge Corporation ......... 20,260
100 Layne Christensen Company* .. 1,175
900 Lennar Corporation .......... 86,400
330 M.D.C. Holdings, Inc. ....... 21,285
400 M/I Schottenstein Homes, Inc. 15,620
300 Martin Marietta Materials,
Inc. ...................... 14,091
5,300 Masco Corporation ........... 145,273
100 Modtech Holdings, Inc.* ..... 841
100 NCI Building Systems, Inc.* . 2,390
200 Nobility Homes, Inc.* ....... 2,130
100 NVR, Inc.* .................. 46,600
160 Oakwood Homes Corporation* .. 19
300 Owens Corning* .............. 126
600 Palm Harbor Homes, Inc.* .... 10,722
700 Pulte Homes, Inc. ........... 65,534
800 Quanta Services, Inc.* ...... 5,840
300 RMH Teleservices, Inc.* ..... 1,548
300 Ryland Group, Inc. .......... 26,592
500 SBA Communications
Corporation* .............. 1,890
300 Simpson Manufacturing
Company, Inc.* ............ 15,258
200 Skyline Corporation ......... 6,974
400 Standard Pacific Corporation 19,420
400 Texas Industries, Inc. ...... 14,800
600 Toll Brothers, Inc.* ........ 23,856
Value
Shares (Note 1)
------ --------
Construction (continued)
100 Trex Company, Inc.* ......... $ 3,798
50 UNIFAB International, Inc.* . 59
1,200 USG Corporation* ............ 19,884
900 Vulcan Materials Company .... 42,813
700 Walter Industries, Inc. ..... 9,345
1,100 West Corporation* ........... 25,553
------------
1,028,482
------------
Consumer Durables - 0.5%
200 Aaron Rents, Inc. ........... 4,026
100 Bassett Furniture Industries,
Inc. ...................... 1,650
700 Black & Decker Corporation .. 34,524
200 Bush Industries, Inc., Class A* 838
700 Champion Enterprises, Inc.* . 4,900
500 Charles & Covard, Ltd.* ..... 2,063
100 Chromcraft Revington, Inc.* . 1,134
900 Coachmen Industries, Inc. ... 16,299
500 CompX International, Inc. ... 3,200
1,100 Cooper Industries, Ltd.,
Class A ................... 63,723
300 Craftmade International, Inc. 7,872
400 Culp, Inc.* ................. 4,360
100 Department 56, Inc.* ........ 1,310
400 Ethan Allen Interiors, Inc. . 16,752
200 Fiberstars, Inc.* ........... 1,360
1,000 Furniture Brands
International, Inc. ....... 29,330
4,200 Gemstar-TV Guide
International, Inc.* ...... 21,210
200 Hardinge, Inc. .............. 2,316
500 HON INDUSTRIES, Inc. ........ 21,660
800 Jacuzzi Brands, Inc.* ....... 5,672
600 Kimball International, Inc.,
Class B ................... 9,330
400 Koss Corporation ............ 8,256
900 La-Z-Boy, Inc. .............. 18,882
1,600 Leggett & Platt, Inc. ....... 34,608
900 Lennox International, Inc. .. 15,030
400 Libbey, Inc. ................ 11,392
100 Lifetime Hoan Corporation ... 1,690
600 Maytag Corporation .......... 16,710
400 Mestek, Inc.* ............... 7,704
700 Miller (Herman), Inc. ....... 16,989
See Notes to Financial Statements.
51
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Consumer Durables (continued)
550 Mity Enterprises, Inc.* ..... $ 9,625
577 Mohawk Industries, Inc.* .... 40,702
300 Recoton Corporation* ........ 1
750 Rent-A-Center, Inc.* ........ 22,410
450 Salton, Inc.* ............... 5,873
600 SLI, Inc.* .................. 1
446 Snap-on, Inc. ............... 14,379
700 Stanley Works ............... 26,509
300 Steelcase, Inc. ............. 4,308
300 Thomas Industries, Inc. ..... 10,398
400 Toro Company ................ 18,560
1,500 United Rentals, Inc.* ....... 28,890
438 Virco Manufacturing
Corporation* .............. 2,781
55 Water Pik Technologies, Inc.* 675
700 Whirlpool Corporation ....... 50,855
------------
620,757
------------
Containers - 0.2%
600 Ball Corporation ............ 35,742
500 Bemis Company, Inc. ......... 25,000
2,100 Crown Holdings, Inc.* ....... 19,026
800 Graphic Packaging Corporation* 3,248
300 Greif, Inc., Class A ........ 10,653
400 Mobile Mini, Inc.* .......... 7,888
50 Mod-Pac Corporation* ........ 400
1,600 Owens-Illinois, Inc.* ....... 19,024
800 Packaging Corporation of
America ................... 17,488
140 Packaging Dynamics
Corporation* .............. 1,439
1,500 Pactiv Corporation* ......... 35,850
800 Sealed Air Corporation* ..... 43,312
200 Silgan Holdings, Inc.* ...... 8,518
2,400 Smurfit-Stone Container
Corporation* .............. 44,568
700 Sonoco Products Company ..... 17,234
------------
289,390
------------
Cosmetics - 0.7%
700 Alberto-Culver Company,
Class B ................... 44,156
300 Allou Health Care, Inc.,
Class A*+ ................. 8
2,700 Avon Products, Inc. ......... 182,223
600 Chattem, Inc.* .............. 10,740
5,680 Colgate-Palmolive Company ... 284,284
Value
Shares (Note 1)
------ --------
Cosmetics (continued)
128 Del Laboratories, Inc.* ..... $ 3,200
200 Elizabeth Arden, Inc.* ...... 3,984
1,300 Estee Lauder Companies, Inc.,
Class A ................... 51,038
10,600 Gillette Company ............ 389,338
300 Nu Skin Enterprises, Inc.,
Class A ................... 5,127
600 Revlon, Inc., Class A* ...... 1,344
500 Styling Technology
Corporation* .............. 2
200 SunStar Healthcare, Inc.* ... 7
100 Tristar Corporation*# ....... 0
------------
975,451
------------
Domestic Oil - 0.6%
200 Barnwell Industries, Inc.* .. 6,315
100 Berry Petroleum Company,
Class A ................... 2,025
400 Buckeye Partners, L.P. ...... 18,140
300 Callon Petroleum Company* ... 3,111
400 CARBO Ceramics, Inc. ........ 20,500
2,000 Chesapeake Energy Corporation 27,160
300 Clayton Williams Energy,
Inc.* ..................... 8,721
700 Comstock Resources, Inc.* ... 13,510
200 Encore Acquisition Company* . 4,930
300 Energy Partners, Ltd.* ...... 4,170
100 Exploration Company of
Delaware* ................. 610
300 Frontier Oil Corporation .... 5,166
900 Global Industries, Ltd.* .... 4,635
500 Gulf Island Fabrication,
Inc.* ..................... 8,515
300 Holly Corporation ........... 8,250
300 Houston Exploration Company* 10,956
1,100 Kerr-McGee Corporation ...... 51,139
3,100 Marathon Oil Corporation .... 102,579
100 McMoRan Exploration Company* 1,875
1,000 Murphy Oil Corporation ...... 65,310
1,300 National-Oilwell, Inc.* ..... 29,068
600 Newfield Exploration Company* 26,724
600 Nuevo Energy Company* ....... 14,502
100 Pacific Energy Partners, L.P. 2,933
506 Patina Oil & Gas Corporation 24,789
700 Patterson-UTI Energy, Inc.* . 23,044
900 Premcor, Inc.* .............. 23,400
See Notes to Financial Statements.
52
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Domestic Oil (continued)
200 Quicksilver Resources, Inc.* $ 6,460
400 St. Mary Land & Exploration
Company ................... 11,400
378 Stone Energy Corporation* ... 16,046
900 Sunoco, Inc. ................ 46,035
400 Superior Energy Services,
Inc.* ..................... 3,760
500 TEPPCO Partners, L.P. ....... 20,150
1,100 Tesoro Petroleum Corporation* 16,027
700 TransMontaigne, Inc.* ....... 4,515
3,163 Transocean, Inc.* ........... 75,944
800 Varco International, Inc.* .. 16,504
1,000 Vintage Petroleum, Inc. ..... 12,030
200 W-H Energy Services, Inc.* .. 3,240
800 Westport Resources
Corporation* .............. 23,888
2,133 XTO Energy, Inc. ............ 60,364
------------
828,440
------------
Drugs & Medicine - 12.8%
100 1-800 Contacts, Inc.* ....... 2,100
300 aaiPharma, Inc.* ............ 7,536
16,400 Abbott Laboratories ......... 764,240
1,900 Abgenix, Inc.* .............. 23,674
1,000 Accredo Health, Inc.* ....... 31,610
200 Aclara Biosciences, Inc.* ... 730
1,000 Adolor Corporation* ......... 20,020
150 Advanced Neuromodulation
Systems, Inc.* ............ 6,897
1,100 AdvancePCS* ................. 57,926
600 ALARIS Medical Systems, Inc.* 9,126
1,500 Alcide Corporation* ......... 22,050
200 Alexion Pharmaceuticals,
Inc.* ..................... 3,404
800 Alkermes, Inc.* ............. 10,800
1,300 Allergan, Inc. .............. 99,853
300 Allscripts Healthcare
Solutions, Inc.* .......... 1,596
600 Alpharma, Inc., Class A ..... 12,060
1,000 American Healthways, Inc.* .. 23,870
300 American Medical Systems
Holdings, Inc.* ........... 6,540
600 American Pharmaceutical
Partners, Inc.* ........... 20,160
Value
Shares (Note 1)
------ --------
Drugs & Medicine (continued)
400 AMERIGROUP Corporation* ..... $ 17,060
1,070 AmerisourceBergen Corporation 60,080
13,532 Amgen, Inc.* ................ 836,278
1,300 Amylin Pharmaceuticals, Inc.* 28,886
600 Andrx Corporation* .......... 14,424
1,618 Anthem, Inc.* ............... 121,350
200 Antigenics, Inc.* ........... 2,264
100 Aphton Corporation* ......... 600
900 Apogent Technologies, Inc.* . 20,736
700 Apria Healthcare Group, Inc.* 19,929
200 ARIAD Pharmaceuticals, Inc.* 1,490
200 Arrhythmia Research
Technology, Inc. .......... 6,286
400 Arrow International, Inc. ... 9,992
700 ArthroCare Corporation* ..... 17,150
600 Atrix Laboratories, Inc.* ... 14,424
400 AVI BioPharma, Inc.* ........ 1,628
300 Avigen, Inc.* ............... 1,764
600 Bard (C.R.), Inc. ........... 48,750
750 Barr Laboratories, Inc.* .... 57,712
6,363 Baxter International, Inc. .. 194,199
600 Beckman Coulter, Inc. ....... 30,498
2,500 Becton, Dickinson & Company . 102,850
300 Bio-Rad Laboratories, Inc.,
Class A* .................. 17,301
5,255 Biogen Idec, Inc.* .......... 193,279
100 BioLase Technology, Inc.* ... 1,660
2,750 Biomet, Inc. ................ 100,127
200 Biopure Corporation* ........ 476
600 Biosite, Inc.* .............. 17,370
400 BioTime, Inc.* .............. 552
100 BioTransplant, Inc.*# ....... 0
200 Bone Care International,
Inc.* ..................... 2,548
8,400 Boston Scientific
Corporation* .............. 308,784
20,400 Bristol-Myers Squibb
Company ................... 583,440
200 Cantel Medical Corporation* . 3,238
4,746 Cardinal Health, Inc. ....... 290,265
2,500 Caremark Rx, Inc.* .......... 63,325
1,000 Celgene Corporation* ........ 45,020
600 Cell Genesys, Inc.* ......... 7,764
500 Cephalon, Inc.* ............. 24,205
See Notes to Financial Statements.
53
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Drugs & Medicine (continued)
800 Cerus Corporation* .......... $ 3,632
500 Charles River Laboratories
International, Inc.* ...... 17,165
2,046 Chiron Corporation* ......... 116,602
200 Chronimed, Inc.* ............ 1,696
100 CIMA Labs, Inc.* ............ 3,262
400 Ciphergen Biosystems, Inc.* . 4,496
200 Closure Medical Corporation* 6,786
200 Columbia Laboratories, Inc.* 1,260
900 Community Health Systems,
Inc.* ..................... 23,922
400 Cooper Companies, Inc. ...... 18,852
400 Corixa Corporation* ......... 2,416
100 CorVel Corporation* ......... 3,760
1,300 Covance, Inc.* .............. 34,840
600 Coventry Health Care, Inc.* . 38,694
400 CryoLife, Inc.* ............. 2,312
800 CTI Molecular Imaging, Inc.* 13,528
600 Cubist Pharmaceuticals, Inc.* 7,296
800 CuraGen Corporation* ........ 5,864
90 Curis, Inc.* ................ 405
300 CV Therapeutics, Inc.* ...... 4,398
560 CYTOGEN Corporation* ........ 6,093
1,800 Cytyc Corporation* .......... 24,768
200 Dade Behring Holdings, Inc.* 7,148
300 Datascope Corporation ....... 10,755
200 DataTRAK International, Inc.* 1,210
700 DaVita, Inc.* ............... 27,300
400 Daxor Corporation* .......... 5,900
945 Dendreon Corporation* ....... 7,617
750 DENTSPLY International, Inc. 33,877
280 Diagnostic Products
Corporation ............... 12,855
300 Digene Corporation* ......... 12,030
200 Digital Angel Corporation* .. 948
400 Diversa Corporation* ........ 3,700
300 DJ Orthopedics, Inc.* ....... 8,040
200 drkoop.com, Inc.*# .......... 0
200 E-Z-EM, Inc.* ............... 2,590
1,000 Edwards Lifesciences
Corporation* .............. 30,080
400 Emisphere Technologies, Inc.* 2,192
300 Encysive Pharmaceuticals,
Inc.* ..................... 2,685
Value
Shares (Note 1)
------ --------
Drugs & Medicine (continued)
1,200 Endo Pharmaceuticals
Holdings, Inc.* ........... $ 23,112
700 EntreMed, Inc.* ............. 2,338
546 Enzo Biochem, Inc.* ......... 9,779
300 Enzon Pharmaceuticals, Inc.* 3,600
400 Eon Labs, Inc.* ............. 20,380
300 EPIX Medical, Inc.* ......... 4,884
300 Exact Sciences Corporation* . 3,036
100 Exactech, Inc.* ............. 1,475
400 Exelixis, Inc.* ............. 2,832
800 Express Scripts, Inc.* ...... 53,144
900 First Health Group
Corporation* .............. 17,514
600 First Horizon Pharmaceutical
Corporation* .............. 6,720
3,900 Forest Laboratories, Inc.* .. 241,020
200 Gene Logic, Inc.* ........... 1,038
700 Genencor International, Inc.* 11,025
2,300 Genentech, Inc.* ............ 215,211
200 Genesis Health Ventures,
Inc.* ..................... 3,950
100 Genesis HealthCare
Corporation* .............. 2,278
100 Genome Therapeutics
Corporation* .............. 313
700 Genta, Inc.* ................ 7,287
152 GenVec, Inc.* ............... 502
2,415 Genzyme Corporation* ........ 119,156
100 Geron Corporation* .......... 997
2,000 Gilead Sciences, Inc.* ...... 116,280
600 GTC Biotherapeutics, Inc.* .. 1,914
1,100 Guilford Pharmaceuticals,
Inc.* ..................... 7,458
300 Haemonetics Corporation* .... 7,167
5,500 HCA, Inc. ................... 236,280
2,200 Health Management Associates,
Inc., Class A ............. 52,800
1,000 Health Net, Inc.* ........... 32,700
500 Henry Schein, Inc.* ......... 33,790
400 Hi-Tech Pharmacal
Company, Inc.* ............ 9,400
600 Hillenbrand Industries, Inc. 37,236
400 Hologic, Inc.* .............. 6,932
1,000 Human Genome Sciences, Inc.* 13,250
2,200 Humana, Inc.* ............... 50,270
See Notes to Financial Statements.
54
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Drugs & Medicine (continued)
600 i-STAT Corporation* ......... $ 9,180
500 ICOS Corporation* ........... 20,640
350 ICU Medical, Inc.* .......... 11,998
546 IDEXX Laboratories, Inc.* ... 25,269
600 IDX Systems Corporation* .... 16,092
500 IGEN International, Inc.* ... 29,455
600 ILEX Oncology, Inc.* ........ 12,750
800 ImClone Systems, Inc.* ...... 31,728
450 Immucor, Inc.* .............. 9,175
300 ImmunoGen, Inc.* ............ 1,515
900 Immunomedics, Inc.* ......... 4,104
700 IMPATH, Inc.* ............... 2,730
2,400 IMS Health, Inc. ............ 59,664
750 INAMED Corporation* ......... 36,045
700 Incyte Corporation* ......... 4,788
300 Integra LifeSciences
Holdings* ................. 8,589
200 InterMune, Inc.* ............ 4,632
100 Intuitive Surgical, Inc.* ... 1,709
300 Invacare Corporation ........ 12,111
300 Inveresk Research Group,
Inc.* ..................... 7,419
360 Inverness Medical
Innovations, Inc.* ........ 7,841
500 Invitrogen Corporation* ..... 35,000
550 Invivo Corporation* ......... 12,056
600 Isis Pharmaceuticals, Inc.* . 3,900
1,310 Ista Pharmaceuticals, Inc.* . 12,157
1,800 IVAX Corporation* ........... 42,984
31,180 Johnson & Johnson ........... 1,610,759
450 K-V Pharmaceutical Company,
Class A* .................. 11,475
100 Kendle International, Inc.* . 634
200 Kensey Nash Corporation* .... 4,650
100 Kindred Healthcare, Inc.* ... 5,198
2,174 King Pharmaceuticals, Inc.* . 33,175
300 Kos Pharmaceuticals, Inc.* .. 12,912
100 Kyphon, Inc.* ............... 2,483
1,700 Laboratory Corporation of
America Holdings* ......... 62,815
200 Laserscope* ................. 3,118
72 LCA-Vision, Inc.* ........... 1,524
600 Lexicon Genetics, Inc.* ..... 3,534
605 LifePoint Hospitals, Inc.* .. 17,817
Value
Shares (Note 1)
------ --------
Drugs & Medicine (continued)
1,000 Ligand Pharmaceuticals, Inc.,
Class B* .................. $ 14,690
11,800 Lilly (Eli) & Company ....... 829,894
900 Lincare Holdings, Inc.* ..... 27,027
600 Luminex Corporation* ........ 5,628
314 Lynx Therapeutics, Inc.* .... 2,000
900 Manor Care, Inc.* ........... 31,113
500 Martek Biosciences
Corporation* .............. 32,485
100 Matritech, Inc.* ............ 189
300 Maxim Pharmaceuticals, Inc.* 2,670
200 Maxygen, Inc.* .............. 2,126
3,000 McKesson Corporation ........ 96,480
700 Medarex, Inc.* .............. 4,361
3,007 Medco Health Solutions, Inc.* 102,208
700 Medicines Company* .......... 20,622
200 Medicis Pharmaceutical
Corporation, Class A ...... 14,260
2,655 MedImmune, Inc.* ............ 67,437
400 MedQuist, Inc.* ............. 6,424
300 Medstone International, Inc.* 1,429
221 MEDTOX Scientific, Inc.* .... 1,315
12,768 Medtronic, Inc. ............. 620,652
600 Mentor Corporation .......... 14,436
23,523 Merck & Company, Inc. ....... 1,086,763
100 Meridian Bioscience, Inc. ... 1,043
179 Merit Medical Systems, Inc.* 3,985
600 MGI Pharma, Inc.* ........... 24,690
560 Mid Atlantic Medical
Services, Inc.* ........... 36,288
3,700 Millennium Pharmaceuticals,
Inc.* ..................... 69,079
500 Millipore Corporation* ...... 21,525
500 Moore Medical Corporation* .. 3,570
3,000 Mylan Laboratories, Inc.* ... 75,780
100 Nature's Sunshine Products,
Inc. ...................... 845
1,000 NBTY, Inc.* ................. 26,860
700 Nektar Therapeutics* ........ 9,527
632 NeoPharm, Inc.* ............. 11,578
200 NeoRx Corporation* .......... 832
500 Neose Technologies, Inc.* ... 4,600
1,800 Neurobiological
Technologies, Inc.* ....... 10,494
300 Neurocrine Biosciences, Inc.* 16,362
See Notes to Financial Statements.
55
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Drugs & Medicine (continued)
100 Neurogen Corporation* ....... $ 841
300 North American Scientific,
Inc.* ..................... 3,150
800 Northfield Laboratories, Inc.* 5,288
400 Novavax, Inc.* .............. 2,400
200 Noven Pharmaceuticals, Inc.* 3,042
200 NPS Pharmaceuticals, Inc.* .. 6,148
725 Odyssey Healthcare, Inc.* ... 21,214
1,100 Omnicare, Inc. .............. 44,429
200 Onyx Pharmaceuticals, Inc.* . 5,646
400 OraSure Technologies, Inc.* . 3,184
200 Organogenesis, Inc.*+# ...... 0
100 Orphan Medical, Inc.* ....... 1,025
510 Orthodontic Centers of
America, Inc.* ............ 4,106
500 OSI Pharmaceuticals, Inc.* .. 16,105
800 Osteotech, Inc.* ............ 7,040
400 Owens & Minor, Inc. ......... 8,764
700 Oxford Health Plans, Inc.* .. 30,450
200 OXiGENE, Inc.* .............. 1,616
400 PacifiCare Health Systems,
Inc.* ..................... 7,040
700 PAREXEL International
Corporation* .............. 11,382
800 Patterson Dental Company* ... 51,328
200 Pediatrix Medical Group,
Inc.* ..................... 11,018
1,100 Perrigo Company ............. 17,292
80,511 Pfizer, Inc. ................ 2,844,454
500 Pharmaceutical Product
Development, Inc.* ........ 13,485
460 Pharmaceutical Resources,
Inc.* ..................... 29,969
800 Pharmacopeia, Inc.* ......... 11,368
1,300 PRAECIS Pharmaceuticals, Inc.* 8,372
500 Priority Healthcare
Corporation,
Class B* .................. 12,055
400 Progenics Pharmaceuticals,
Inc.* ..................... 7,544
1,400 Protein Design Labs, Inc.* .. 25,060
450 Province Healthcare Company* 7,200
900 PSS World Medical, Inc.* .... 10,863
100 Psychiatric Solutions, Inc.* 2,090
1,000 Quest Diagnostics, Inc. ..... 73,110
200 Quidel Corporation* ......... 2,164
300 Regeneration Technologies,
Inc.* ..................... 3,288
640 Regeneron Pharmaceuticals,
Inc.* ..................... 9,414
Value
Shares (Note 1)
------ --------
Drugs & Medicine (continued)
100 RehabCare Group, Inc.* ...... $ 2,126
460 Renal Care Group, Inc.* ..... 18,952
500 ResMed, Inc.* ............... 20,770
400 Respironics, Inc.* .......... 18,036
600 Rochester Medical
Corporation* .............. 5,622
300 Sangamo BioSciences, Inc.* .. 1,662
400 Savient Pharmaceuticals,
Inc.* ..................... 1,844
15,100 Schering-Plough Corporation . 262,589
300 SciClone Pharmaceuticals,
Inc.* ..................... 2,034
800 Select Medical Corporation* . 13,024
700 Sepracor, Inc.* ............. 16,751
500 Sequenom, Inc.* ............. 1,590
40 SeraCare Life Sciences, Inc.* 405
400 Serologicals Corporation* ... 7,440
500 SFBC International, Inc.* ... 13,280
1,100 SICOR, Inc.* ................ 29,920
100 Sonic Innovations, Inc.* .... 645
300 SonoSite, Inc.* ............. 6,432
8 Spectrum Pharmaceuticals,
Inc.* ..................... 67
300 SRI/Surgical Express, Inc.* . 1,869
1,800 St. Jude Medical, Inc.* ..... 110,430
1,000 STERIS Corporation* ......... 22,600
2,200 Stryker Corporation ......... 187,022
599 Sybron Dental Specialties,
Inc.* ..................... 16,832
300 Tanox, Inc.* ................ 4,455
700 Techne Corporation* ......... 26,446
200 Therasense, Inc.* ........... 4,060
600 Thoratec Corporation* ....... 7,806
300 Transkaryotic Therapies,
Inc.* ..................... 4,683
605 Triad Hospitals, Inc.* ...... 20,128
400 Trimeris, Inc.* ............. 8,392
100 Trover Solutions, Inc.* ..... 663
500 Tularik, Inc.* .............. 8,075
400 Twinlab Corporation* ........ 9
500 United Surgical Partners
International, Inc.* ...... 16,740
100 United Therapeutics Corporation* 2,295
6,134 UnitedHealth Group, Inc. .... 356,876
700 Universal Health Services, Inc.,
Class B* .................. 37,604
88 US Oncology, Inc.* .......... 947
See Notes to Financial Statements.
56
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Drugs & Medicine (continued)
1,600 Valeant Pharmaceuticals
International ............. $ 40,240
109 Valentis, Inc.* ............. 294
900 Varian Medical Systems, Inc.* 62,190
400 Ventana Medical Systems,
Inc.* ..................... 15,760
1,000 Vertex Pharmaceuticals, Inc.* 10,230
199 Viasys Healthcare, Inc.* .... 4,099
100 Vical, Inc.* ................ 492
100 ViroPharma, Inc.* ........... 278
400 Vital Signs, Inc. ........... 13,080
1,300 Watson Pharmaceuticals, Inc.* 59,800
1,600 WellPoint Health Networks,
Inc.* ..................... 155,184
100 West Pharmaceutical
Services, Inc. ............ 3,390
1,800 Western Digital Corporation* 21,222
868 Wind River Systems, Inc.* ... 7,604
14,000 Wyeth ....................... 594,300
1,200 XOMA, Ltd.* ................. 7,920
2,500 Zimmer Holdings, Inc.* ...... 176,000
200 Zoll Medical Corporation* ... 7,096
100 Zymogenetics, Inc.* ......... 1,550
------------
17,539,624
------------
Electronics - 5.5%
600 ACT Manufacturing, Inc.* .... 6
700 Actel Corporation* .......... 16,870
100 ADE Corporation* ............ 1,852
597 Adelphia Business
Solutions, Inc.* .......... 5
3,400 Advanced Micro Devices, Inc.* 50,660
14,707 Agere Systems, Inc., Class A* 44,856
4,846 Agilent Technologies, Inc.* . 141,697
200 Alliance Semiconductor
Corporation* .............. 1,422
200 Alpine Group, Inc.* ......... 190
4,100 Altera Corporation* ......... 93,070
2,200 American Power Conversion
Corporation ............... 53,790
100 American Science and
Engineering, Inc.* ........ 1,205
500 American Superconductor
Corporation* .............. 6,930
Value
Shares (Note 1)
------ --------
Electronics (continued)
300 AMETEK, Inc. ................ $ 14,478
1,600 Amkor Technology, Inc.* ..... 29,136
300 Amphenol Corporation,
Class A* .................. 19,179
200 Amtech Systems, Inc.* ....... 1,152
250 ANADIGICS, Inc.* ............ 1,490
4,000 Analog Devices, Inc.* ....... 182,600
200 Anaren, Inc.* ............... 2,824
400 Anixter International, Inc.* 10,352
1,800 Applera Corporation -
Applied Biosystems Group . 37,278
1,100 Applera Corporation - Celera
Genomics Group* ........... 15,301
17,458 Applied Materials, Inc.* .... 391,932
2,346 Applied Micro Circuits
Corporation* .............. 14,029
300 APW, Ltd.*+# ................ 0
900 Arrow Electronics, Inc.* .... 20,826
300 Artisan Components, Inc.* ... 6,150
400 Asyst Technologies, Inc.* ... 6,940
4,200 Atmel Corporation* .......... 25,242
900 Audiovox Corporation,
Class A* .................. 11,556
1,700 Avnet, Inc.* ................ 36,822
1,300 AVX Corporation ............. 21,606
500 BEI Technologies, Inc. ...... 10,000
100 Bel Fuse, Inc., Class A ..... 2,990
600 Benchmark Electronics, Inc.* 20,886
200 Boston Acoustics, Inc. ...... 2,202
250 Brillian Corporation* ....... 2,113
3,500 Broadcom Corporation,
Class A* .................. 119,315
2,200 Brocade Communications
Systems, Inc.* ............ 12,716
556 Brooks Automation, Inc.* .... 13,439
300 Brooktrout, Inc.* ........... 3,774
500 Bruker BioSciences
Corporation* .............. 2,275
300 C&D Technologies, Inc. ...... 5,751
600 Cable Design Technologies
Corporation* .............. 5,394
2,477 Cadence Design Systems, Inc.* 44,537
200 Caliper Technologies
Corporation* .............. 1,316
750 Candela Corporation* ........ 13,635
200 Catalyst Semiconductor, Inc.* 1,410
900 Celeritek, Inc.* ............ 6,678
See Notes to Financial Statements.
57
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Electronics (continued)
133 CEVA, Inc.* ................. $ 1,383
700 Cirrus Logic, Inc.* ......... 5,369
500 Coherent, Inc.* ............. 11,900
300 Cohu, Inc. .................. 5,745
300 Communications Systems, Inc. 2,403
2,800 Conexant Systems, Inc.* ..... 13,916
700 Cree, Inc.* ................. 12,383
200 CTS Corporation ............. 2,300
400 Cubic Corporation ........... 9,200
500 Cymer, Inc.* ................ 23,095
2,300 Cypress Semiconductor
Corporation* .............. 49,128
4 DDI Corporation* ............ 59
231 Diodes, Inc.* ............... 4,389
400 DSP Group, Inc.* ............ 9,964
200 DuPont Photomasks, Inc.* .... 4,828
100 EDO Corporation ............. 2,465
300 Electro Scientific Industries,
Inc.* ..................... 7,140
600 Electronics for Imaging,
Inc.* ..................... 15,612
600 EMCORE Corporation* ......... 2,826
600 Emulex Corporation* ......... 16,008
100 Energy Conversion Devices,
Inc.* ..................... 903
200 Engineered Support Systems,
Inc. ...................... 11,012
1,100 Entegris, Inc.* ............. 14,135
300 Espey Manufacturing & Electronics
Corporation ............... 7,800
600 ESS Technology, Inc.* ....... 10,206
1,200 Exar Corporation* ........... 20,496
1,200 Extreme Networks, Inc.* ..... 8,652
1,900 Fairchild Semiconductor
International, Inc.* ...... 47,443
900 FEI Company* ................ 20,250
400 FLIR Systems, Inc.* ......... 14,600
1,300 Foundry Networks, Inc.* ..... 35,568
100 General Cable Corporation* .. 815
680 Gentex Corporation* ......... 30,029
1,434 GlobespanVirata, Inc.* ...... 8,432
700 GrafTech International, Ltd.* 9,450
3,270 Guidant Corporation ......... 196,854
600 Harman International
Industries, Inc. .......... 44,388
100 hi/fn, Inc.* ................ 1,190
Value
Shares (Note 1)
------ --------
Electronics (continued)
100 II-Vi, Inc.* ................ $ 2,580
300 Illumina, Inc.* ............. 2,115
10 Imergent, Inc.* ............. 86
500 Integrated Circuit Systems,
Inc.* ..................... 14,245
1,500 Integrated Device
Technology, Inc.* ......... 25,755
68,716 Intel Corporation ........... 2,212,655
200 Intermagnetics General
Corporation* .............. 4,432
1,100 International Rectifier
Corporation* .............. 54,351
1,700 Intersil Corporation, Class A 42,245
400 InVision Technologies, Inc.* 13,428
100 Itron, Inc.* ................ 1,836
600 Ixia* ....................... 7,020
200 IXYS Corporation* ........... 1,870
2,100 Jabil Circuit, Inc.* ........ 59,430
600 Jaco Electronics, Inc.* ..... 4,134
18,530 JDS Uniphase Corporation* ... 67,635
300 Keithley Instruments, Inc. .. 5,490
1,200 KEMET Corporation* .......... 16,428
200 Kewaunee Scientific
Corporation ............... 2,100
2,300 KLA-Tencor Corporation* ..... 134,941
1,300 Kopin Corporation* .......... 8,723
700 Kulicke & Soffa Industries,
Inc.* ..................... 10,066
1,700 Lam Research Corporation* ... 54,910
800 Lattice Semiconductor
Corporation* .............. 7,744
3,200 Linear Technology Corporation 134,624
400 Littelfuse, Inc.* ........... 11,528
700 LogicVision, Inc.* .......... 3,150
162 LSI Industries, Inc.* ....... 2,187
3,390 LSI Logic Corporation* ...... 30,069
500 LTX Corporation* ............ 7,515
3,590 Maxim Integrated Products, Inc. 178,782
600 Maxwell Technologies, Inc.* . 4,260
800 Measurement Specialties, Inc.* 16,344
1,400 MEMC Electronic Materials,
Inc.* ..................... 13,468
200 Mesa Laboratories, Inc.* .... 1,992
900 Metawave Communications
Corporation* .............. 2
See Notes to Financial Statements.
58
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Electronics (continued)
300 Methode Electronics, Inc.,
Class A ................... $ 3,669
2,112 Microchip Technology, Inc. .. 70,456
6,800 Micron Technology, Inc.* .... 91,596
1,000 Microsemi Corporation* ...... 24,580
500 MKS Instruments, Inc.* ...... 14,500
100 MOCON, Inc. ................. 810
2,025 Molex, Inc. ................. 70,652
600 Monolithic System
Technology, Inc.* ......... 5,130
400 MTS Systems Corporation ..... 7,692
600 Nanometrics, Inc.* .......... 8,826
200 Nassda Corporation* ......... 1,450
1,900 National Semiconductor
Corporation* .............. 74,879
200 Netopia, Inc.* .............. 2,916
1,623 Novellus Systems, Inc.* ..... 68,247
200 Nu Horizons Electronics
Corporation* .............. 1,960
300 NVE Corporation* ............ 15,390
1,400 NVIDIA Corporation* ......... 32,550
400 OmniVision Technologies,
Inc.* ..................... 22,100
2,400 ON Semiconductor Corporation* 15,480
200 Orbit International
Corporation* .............. 1,500
300 ParkerVision, Inc.* ......... 2,937
100 Parlex Corporation* ......... 791
400 Pericom Semiconductor
Corporation* .............. 4,264
1,017 PerkinElmer, Inc. ........... 17,360
525 Photronics, Inc.* ........... 10,458
900 Pixelworks, Inc.* ........... 9,936
500 Planar Systems, Inc.* ....... 12,160
1,700 Power-One, Inc.* ............ 18,411
1,000 QLogic Corporation* ......... 51,600
1,000 Rambus, Inc.* ............... 30,700
200 Reliability, Inc.* .......... 238
1,250 REMEC, Inc.* ................ 10,513
1,400 RF Micro Devices, Inc.* ..... 14,070
2,358 Rohm & Haas Company ......... 100,710
600 Rudolph Technologies, Inc.* . 14,724
6,436 Sanmina-SCI Corporation* .... 81,158
800 Semtech Corporation* ........ 18,184
Value
Shares (Note 1)
------ --------
Electronics (continued)
1,900 Silicon Image, Inc.* ........ $ 13,737
1,000 Silicon Laboratories, Inc.* . 43,220
1,800 Silicon Storage Technology,
Inc.* ..................... 19,800
300 Siliconix, Inc.* ............ 13,710
1,682 Skyworks Solutions, Inc.* ... 14,633
300 SMTEK International, Inc.* .. 2,226
7,618 Solectron Corporation* ...... 45,022
800 Stratex Networks, Inc.* ..... 3,400
949 SureBeam Corporation,
Class A* .................. 204
1,987 Symbol Technologies, Inc. ... 33,561
100 Taser International, Inc.* .. 8,237
400 Technitrol, Inc.* ........... 8,296
1,000 Tektronix, Inc.* ............ 31,600
1,700 Teradyne, Inc.* ............. 43,265
18,222 Texas Instruments, Inc. ..... 535,362
1,365 Thermo Electron Corporation* 34,398
600 Thomas & Betts Corporation* . 13,734
1,200 Three-Five Systems, Inc.* ... 6,288
500 Tollgrade Communications,
Inc.* ..................... 8,765
1,115 TriQuint Semiconductor, Inc.* 7,883
200 TTM Technologies, Inc.* ..... 3,376
600 Ultratech, Inc.* ............ 17,622
100 Universal Display Corporation* 1,367
300 Varian Semiconductor
Equipment Associates, Inc.* 13,107
500 Varian, Inc.* ............... 20,865
200 Verisity, Ltd.* ............. 2,550
400 Vicor Corporation* .......... 4,564
2,156 Vishay Intertechnology, Inc.* 49,372
600 VISX, Inc.* ................. 13,890
4,800 Vitesse Semiconductor
Corporation* .............. 28,176
1,400 Waters Corporation* ......... 46,424
3,500 Xilinx, Inc.* ............... 135,590
162 Zoran Corporation* .......... 2,817
200 Zygo Corporation* ........... 3,298
------------
7,533,309
------------
Energy & Utilities - 3.1%
6,085 AES Corporation* ............ 57,442
600 AGL Resources, Inc. ......... 17,460
1,100 Allegheny Energy, Inc.* ..... 14,036
See Notes to Financial Statements.
59
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Energy & Utilities (continued)
700 ALLETE, Inc. ................ $ 21,420
1,000 Alliant Energy Corporation .. 24,900
1,600 Ameren Corporation .......... 73,600
4,180 American Electric Power
Company, Inc. ............. 127,532
300 American States Water Company 7,500
1,317 Aquila, Inc.* ............... 4,465
450 Artesian Resources Corporation,
Class A ................... 12,536
450 AstroPower, Inc.* ........... 277
700 Atmos Energy Corporation .... 17,010
3,500 Baker Hughes, Inc. .......... 112,560
400 Black Hills Corporation ..... 11,932
400 California Water Service
Group ..................... 10,960
6,800 Calpine Corporation* ........ 32,708
500 Cascade Natural Gas
Corporation ............... 10,545
248 Catalytica Energy Systems,
Inc.* ..................... 868
2,700 CenterPoint Energy, Inc. .... 26,163
200 CH Energy Group, Inc. ....... 9,380
100 Chesapeake Utilities
Corporation ............... 2,605
1,900 Cinergy Corporation ......... 73,739
400 Cleco Corporation ........... 7,192
3,100 CMS Energy Corporation* ..... 26,412
400 Connecticut Water Service, Inc. 11,060
900 CONSOL Energy, Inc. ......... 23,310
2,700 Consolidated Edison, Inc. ... 116,127
1,700 Constellation Energy Group,
Inc. ...................... 66,572
400 Covanta Energy Corporation* . 2
1,000 Distributed Energy Systems
Corporation ............... 2,860
3,445 Dominion Resources, Inc. .... 219,894
1,100 DPL, Inc. ................... 22,968
1,700 DTE Energy Company .......... 66,980
9,300 Duke Energy Corporation ..... 190,185
900 Duquesne Light Holdings, Inc. 16,506
3,332 Dynegy, Inc., Class A* ...... 14,261
3,800 Edison International* ....... 83,334
7,214 El Paso Corporation ......... 59,083
200 El Paso Electric Company* ... 2,670
500 Empire District Electric
Company ................... 10,965
420 Energen Corporation ......... 17,233
1,100 Energy East Corporation ..... 24,640
Value
Shares (Note 1)
------ --------
Energy & Utilities (continued)
300 EnergySouth, Inc. ........... $ 10,500
2,400 Entergy Corporation ......... 137,112
600 Equitable Resources, Inc. ... 25,752
3,662 Exelon Corporation .......... 243,010
3,500 FirstEnergy Corporation ..... 123,200
2,100 FPL Group, Inc. ............. 137,382
800 FuelCell Energy, Inc.* ...... 10,400
700 Great Plains Energy, Inc. ... 22,274
200 Green Mountain Power
Corporation ............... 4,720
300 Hawaiian Electric Industries,
Inc. ...................... 14,211
600 IDACORP, Inc. ............... 17,952
300 Kaneb Services LLC .......... 9,561
1,600 KeySpan Corporation ......... 58,880
1,500 Kinder Morgan, Inc. ......... 88,650
100 Laclede Group, Inc. ......... 2,855
950 MDU Resources Group, Inc. ... 22,619
400 MGE Energy, Inc. ............ 12,604
200 Middlesex Water Company ..... 4,060
200 Millennium Cell, Inc.* ...... 466
3,766 Mirant Corporation* ......... 1,469
500 National Fuel Gas Company ... 12,220
300 New Jersey Resources
Corporation ............... 11,553
600 Nicor, Inc. ................. 20,424
2,390 NiSource, Inc. .............. 52,437
1,700 Northeast Utilities ......... 34,289
300 Northwest Natural Gas Company 9,225
100 NorthWestern Corporation* ... 8
495 NSTAR ....................... 24,007
300 NUI Corporation ............. 4,836
400 Oceaneering International,
Inc.* ..................... 11,200
700 OGE Energy Corporation ...... 16,933
1,100 ONEOK, Inc. ................. 24,288
100 Otter Tail Corporation ...... 2,673
400 Pennichuck Corporation ...... 11,306
400 Peoples Energy Corporation .. 16,816
1,300 Pepco Holdings, Inc. ........ 25,402
4,300 PG&E Corporation* ........... 119,411
566 Philadelphia Suburban
Corporation ............... 12,509
82 PICO Holdings, Inc.* ........ 1,285
See Notes to Financial Statements.
60
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Energy & Utilities (continued)
400 Piedmont Natural Gas
Company, Inc. ............. $ 17,384
1,000 Pinnacle West Capital
Corporation ............... 40,020
849 Plug Power, Inc.* ........... 6,155
600 PNM Resources, Inc. ......... 16,860
1,800 PPL Corporation ............. 78,750
2,441 Progress Energy, Inc. ....... 110,480
2,300 Public Service Enterprise
Group, Inc. ............... 100,740
800 Puget Energy, Inc. .......... 19,016
700 Questar Corporation ......... 24,605
979 SCANA Corporation ........... 33,531
200 SEACOR SMIT, Inc.* .......... 8,406
2,400 Sempra Energy ............... 72,144
800 Sierra Pacific Resources* ... 5,872
100 SJW Corporation ............. 8,925
100 South Jersey Industries, Inc. 4,050
7,500 Southern Company ............ 226,875
607 Southern Union Company* ..... 11,169
100 Southwest Gas Corporation ... 2,245
200 Southwestern Energy Company* 4,780
1,400 TECO Energy, Inc. ........... 20,174
135 Texas Genco Holdings, Inc. .. 4,387
3,900 TXU Corporation ............. 92,508
500 UGI Corporation ............. 16,950
200 UIL Holdings Corporation .... 9,020
500 Unisource Energy Corporation 12,330
400 Unitil Corporation .......... 10,320
633 Vectren Corporation ......... 15,603
400 Veritas DGC, Inc.* .......... 4,192
900 Westar Energy, Inc. ......... 18,225
500 WGL Holdings, Inc. .......... 13,895
4,900 Williams Companies, Inc. .... 48,118
1,000 Wisconsin Energy Corporation 33,450
300 WPS Resources Corporation ... 13,869
4,835 Xcel Energy, Inc. ........... 82,098
------------
4,197,537
------------
Energy - Raw Materials - 1.4%
100 Adams Resources & Energy, Inc. 1,360
400 Alliance Resource Partners, L.P. 13,752
Value
Shares (Note 1)
------ --------
Energy - Raw Materials (continued)
2,628 Anadarko Petroleum
Corporation ............... $ 134,054
1,628 Apache Corporation .......... 132,031
798 Arch Coal, Inc. ............. 24,874
300 Atwood Oceanics, Inc.* ...... 9,582
1,446 BJ Services Company* ........ 51,911
500 Cabot Oil and Gas Corporation 14,675
365 Cimarex Energy Company* ..... 9,742
500 Cooper Cameron Corporation* . 23,300
200 Crosstex Energy, L.P. ....... 8,260
400 Dawson Geophysical Company* . 3,000
2,818 Devon Energy Corporation .... 161,359
1,600 ENSCO International, Inc. ... 43,472
1,900 Enterprise Products Partners,
L.P. ...................... 46,645
1,200 EOG Resources, Inc. ......... 55,404
400 Evergreen Resources, Inc.* .. 13,004
489 FMC Technologies, Inc.* ..... 11,394
446 Forest Oil Corporation* ..... 12,742
1,900 Grant Prideco, Inc.* ........ 24,738
4,600 Halliburton Company ......... 119,600
700 Headwaters, Inc.* ........... 13,734
600 Helmerich & Payne, Inc. ..... 16,758
210 Inergy, L.P. ................ 10,395
2,000 Key Energy Services, Inc.* .. 20,620
300 Kirby Corporation* 10,464
100 Lufkin Industries, Inc. ..... 2,879
100 Magellan Midstream Partners,
L.P. ...................... 5,000
1,300 Massey Energy Company ....... 27,040
1,100 McDermott International, Inc.* 13,145
500 Newpark Resources, Inc.* .... 2,395
1,200 Noble Corporation* .......... 42,936
500 Noble Energy, Inc. .......... 22,215
4,100 Occidental Petroleum
Corporation ............... 173,184
500 Peabody Energy Corporation .. 20,855
300 Penn Virginia Corporation ... 16,695
400 Plains All America Pipeline,
L.P. ...................... 12,984
585 Plains Exploration &
Production Company* ....... 9,003
100 Plains Resources, Inc.* ..... 1,605
100 Powell Industries, Inc.* .... 1,915
400 Prima Energy Corporation* ... 14,064
2,229 Reliant Resources, Inc.* .... 16,405
See Notes to Financial Statements.
61
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Energy - Raw Materials (continued)
700 Rowan Companies, Inc.* ...... $ 16,219
128 Royale Energy, Inc.* ........ 1,566
6,200 Schlumberger, Ltd. .......... 339,264
1,100 Smith International, Inc.* .. 45,672
400 Spinnaker Exploration Company* 12,908
100 Sunoco Logistics Partners,
L.P. ...................... 3,690
600 Swift Energy Company* ....... 10,110
500 Tidewater, Inc. ............. 14,940
500 Tom Brown, Inc.* ............ 16,125
600 Trico Marine Services, Inc.* 1,074
400 Unit Corporation* ........... 9,420
1,200 Valero Energy Corporation ... 55,608
1,400 Weatherford International,
Ltd.* ..................... 50,400
400 Western Gas Resources, Inc. . 18,900
------------
1,965,086
------------
Food & Agriculture - 3.4%
1,600 AGCO Corporation* ........... 32,224
200 American Italian Pasta Company,
Class A* .................. 8,380
600 Andersons, Inc. ............. 9,580
6,661 Archer-Daniels-Midland
Company ................... 101,380
400 Bob Evans Farms, Inc. ....... 12,984
1,200 Bunge, Ltd. ................. 39,504
24 Cadiz, Inc.* ................ 121
4,600 Campbell Soup Company ....... 123,280
100 Coca-Cola Bottling Company
Consolidated .............. 5,349
25,770 Coca-Cola Company ........... 1,307,828
4,520 Coca-Cola Enterprises, Inc. . 98,852
5,673 ConAgra Foods, Inc. ......... 149,711
400 Corn Products International,
Inc. ...................... 13,780
1,784 Dean Foods Company* ......... 58,640
2,005 Del Monte Foods Company* .... 20,852
400 Delta & Pine Land Company ... 10,160
100 Diedrich Coffee, Inc.* ...... 384
100 Embrex, Inc.* ............... 1,374
100 Farmer Brothers Company ..... 31,125
700 Fleming Companies, Inc. ..... 2
495 Flowers Foods, Inc. ......... 12,771
100 Fresh America Corporation* .. 4
400 Fresh Brands, Inc. .......... 4,400
Value
Shares (Note 1)
------ --------
Food & Agriculture (continued)
500 Fresh Del Monte Produce, Inc. $ 11,915
400 Gardenburger, Inc.* ......... 112
3,800 General Mills, Inc. ......... 172,140
100 Griffin Land & Nurseries,
Inc.* ..................... 1,421
600 Hain Celestial Group, Inc.* . 13,926
3,600 Heinz (H.J.) Company ........ 131,148
1,300 Hershey Foods Corporation ... 100,087
1,300 Hormel Foods Corporation .... 33,553
800 IMC Global, Inc. ............ 7,944
200 International Multifoods
Corporation* .............. 3,600
700 Interstate Bakeries
Corporation ............... 9,961
618 J. M. Smucker Company ....... 27,989
200 John B. Sanfillippo & Son,
Inc.* ..................... 10,208
4,200 Kellogg Company ............. 159,936
3,000 Kraft Foods, Inc., Class A .. 96,660
200 Lance, Inc. ................. 3,006
100 LESCO, Inc.* ................ 1,299
100 M&F Worldwide Corporation* .. 1,336
400 Marsh Supermarkets, Inc.,
Class B ................... 4,320
1,300 McCormick & Company, Inc. ... 39,130
300 Middleby Corporation ........ 12,141
200 Mississippi Chemical
Corporation* .............. 30
2,840 Monsanto Company ............ 81,735
100 Nash Finch Company .......... 2,234
100 National Beverage
Corporation* .............. 1,630
200 Neogen Corporation* ......... 4,954
100 Peet's Coffee & Tea, Inc.* .. 1,741
2,720 Pepsi Bottling Group, Inc. .. 65,770
1,000 PepsiAmericas, Inc. ......... 17,120
18,040 PepsiCo, Inc. ............... 841,025
600 Performance Food Group
Company* .................. 21,702
700 Pilgrim's Pride Corporation,
Class B ................... 11,431
300 Ralcorp Holdings, Inc.* ..... 9,408
100 Riviana Foods, Inc. ......... 2,739
500 Sanderson Farms, Inc. ....... 20,150
8,120 Sara Lee Corporation ........ 176,285
100 Seaboard Corporation ........ 28,200
See Notes to Financial Statements.
62
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Food & Agriculture (continued)
100 Seneca Foods Corporation,
Class A* .................. $ 2,150
1,000 Smithfield Foods, Inc.* ..... 20,700
1,200 SUPERVALU, Inc. ............. 34,308
6,700 Sysco Corporation ........... 249,441
400 Tasty Baking Company ........ 4,044
439 Tootsie Roll Industries, Inc. 15,804
3,305 Tyson Foods, Inc., Class A .. 43,758
200 United Natural Foods, Inc.* . 7,182
400 Village Super Market, Inc.,
Class A* .................. 12,304
450 Wild Oats Markets, Inc.* .... 5,819
2,300 Wrigley (Wm.) Jr. Company ... 129,283
------------
4,695,464
------------
Gold - 0.2%
1,700 Glamis Gold, Ltd.* .......... 29,104
1,300 Meridian Gold, Inc.* ........ 18,993
4,500 Newmont Mining Corporation .. 218,745
------------
266,842
------------
Insurance - 5.3%
700 21st Century Insurance Group 9,625
1,800 Aetna, Inc.* ................ 121,644
5,200 AFLAC, Inc. ................. 188,136
900 Alfa Corporation ............ 11,574
200 Alleghany Corporation* ...... 44,500
700 Allmerica Financial
Corporation* .............. 21,539
7,200 Allstate Corporation ........ 309,744
1,100 Ambac Financial Group, Inc. . 76,329
800 American Financial Group, Inc. 21,168
27,675 American International
Group, Inc. ............... 1,834,299
200 American National Insurance
Company ................... 16,874
600 AmerUs Group Company ........ 20,982
3,100 Aon Corporation ............. 74,214
300 Arch Capital Group, Ltd.* ... 11,958
600 Argonaut Group, Inc.* ....... 9,324
300 ARM Financial Group, Inc.,
Class A*+# ................ 0
Value
Shares (Note 1)
------ --------
Insurance (continued)
750 Berkley (W.R.) Corporation .. $ 26,212
354 Berkshire Hathaway, Inc.,
Class B* .................. 996,510
700 Brown & Brown, Inc. ......... 22,827
2,000 Chubb Corporation ........... 136,200
1,400 CIGNA Corporation ........... 80,500
1,500 Cincinnati Financial
Corporation ............... 62,820
100 Citizens Financial Corporation,
Class A* .................. 859
2,400 CNA Financial Corporation* .. 57,840
100 CNA Surety Corporation* ..... 951
300 Commerce Group, Inc. ........ 11,850
900 Conseco, Inc.* .............. 19,620
700 Crawford & Company, Class B . 4,942
315 Delphi Financial Group, Inc.,
Class A ................... 11,340
500 Erie Indemnity Company,
Class A ................... 21,190
400 FBL Financial Group, Inc.,
Class A ................... 10,320
1,517 Fidelity National Financial,
Inc. ...................... 58,829
100 Financial Industries
Corporation ............... 1,410
667 First American Corporation .. 19,857
100 FPIC Insurance Group, Inc.* . 2,509
700 Gallagher (Arthur J.) &
Company ................... 22,743
100 Great American Financial
Resources, Inc. ........... 1,622
300 Harleysville Group, Inc. .... 5,967
2,800 Hartford Financial Services
Group, Inc. ............... 165,284
600 HCC Insurance Holdings, Inc. 19,080
400 Hilb, Rogal & Hamilton
Company ................... 12,828
500 Horace Mann Educators
Corporation ............... 6,985
100 Independence Holding Company 2,392
200 Investors Title Company ..... 6,202
1,300 Jefferson-Pilot Corporation . 65,845
2,900 John Hancock Financial
Services, Inc. ............ 108,750
200 Kansas City Life Insurance
Company ................... 9,240
2,200 Lincoln National Corporation 88,814
1,900 Loews Corporation ........... 93,955
See Notes to Financial Statements.
63
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Insurance (continued)
100 Markel Corporation* ......... $ 25,351
5,570 Marsh & McLennan
Companies, Inc. ........... 266,747
1,800 MBIA, Inc. .................. 106,614
200 Merchants Group, Inc. ....... 4,764
500 Mercury General Corporation . 23,275
8,246 MetLife, Inc. ............... 277,643
1,500 MGIC Investment Corporation . 85,410
500 MONY Group, Inc. ............ 15,645
1,000 Nationwide Financial Services,
Inc., Class A ............. 33,060
264 Navigators Group, Inc.* ..... 8,150
100 NYMAGIC, Inc. ............... 2,742
700 Odyssey Re Holdings
Corporation ............... 15,785
700 Ohio Casualty Corporation* .. 12,152
1,650 Old Republic International
Corporation ............... 41,844
600 Penn-America Group, Inc. .... 7,962
300 Philadelphia Consolidated
Holding Corporation* ...... 14,649
600 Phoenix Companies, Inc. ..... 7,224
100 PMA Capital Corporation,
Class A ................... 512
800 PMI Group, Inc. ............. 29,784
100 Presidential Life Corporation 1,316
3,200 Principal Financial Group, Inc. 105,824
115 ProAssurance Corporation* ... 3,697
2,300 Progressive Corporation ..... 192,257
500 Protective Life Corporation . 16,920
5,600 Prudential Financial, Inc. .. 233,912
1,120 Radian Group, Inc. .......... 54,600
400 Reinsurance Group of
America, Inc. ............. 15,460
1,200 Reliance Group Holdings, Inc.* 3
600 RLI Corporation ............. 22,476
100 RTW, Inc.* .................. 644
1,300 SAFECO Corporation .......... 50,609
300 SCPIE Holdings, Inc. ........ 2,646
200 Selective Insurance Group,
Inc. ...................... 6,472
300 SNTL Corporation* ........... 50
2,300 St. Paul Companies, Inc. .... 91,195
400 StanCorp Financial Group,
Inc. ...................... 25,152
Value
Shares (Note 1)
------ --------
Insurance (continued)
400 Stewart Information Services
Corporation* .............. $ 16,220
1,400 Torchmark Corporation ....... 63,756
450 Transatlantic Holdings, Inc. 36,360
10,577 Travelers Property Casualty
Corporation, Class B ...... 179,492
100 Triad Guaranty, Inc.* ....... 5,035
400 UICI* ....................... 5,312
300 United Fire & Casualty
Company ................... 12,108
500 Unitrin, Inc. ............... 20,705
2,757 UnumProvident Corporation ... 43,478
100 Wesco Financial Corporation . 35,200
200 White Mountains Insurance
Group, Ltd. ............... 91,990
400 Zenith National Insurance
Corporation ............... 13,020
------------
7,253,425
------------
International Oil - 3.4%
900 Amerada Hess Corporation .... 47,853
200 ATP Oil & Gas Corporation* .. 1,256
2,000 Burlington Resources, Inc. .. 110,760
10,996 ChevronTexaco Corporation ... 949,944
6,658 ConocoPhillips .............. 436,565
1,100 Diamond Offshore Drilling,
Inc. ...................... 22,561
68,040 Exxon Mobil Corporation ..... 2,789,640
2,197 GlobalSantaFe Corporation ... 54,552
1,900 Nabors Industries, Ltd.* .... 78,850
200 Oil States International,
Inc.* ..................... 2,788
1,300 Pioneer Natural Resources
Company* .................. 41,509
500 Pogo Producing Company ...... 24,150
1,300 Pride International, Inc.* .. 24,232
1,400 Ultra Petroleum Corporation* 34,468
2,670 Unocal Corporation .......... 98,336
------------
4,717,464
------------
Liquor - 0.4%
8,500 Anheuser-Busch Companies, Inc. 447,780
100 Boston Beer Company, Inc.,
Class A* .................. 1,814
See Notes to Financial Statements.
64
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Liquor (continued)
600 Brown-Forman Corporation,
Class B ................... $ 56,070
1,000 Constellation Brands, Inc.,
Class A* .................. 32,930
400 Coors (Adolph) Company,
Class B ................... 22,440
200 Genesee Corporation, Class B 722
300 Robert Mondavi Corporation,
Class A* .................. 11,652
------------
573,408
------------
Media - 4.5%
600 Acme Communications, Inc.* .. 5,274
100 Advanced Marketing Services,
Inc. ...................... 1,140
400 Alloy, Inc.* ................ 2,084
100 ARTISTdirect, Inc.* ......... 26
300 Avid Technology, Inc.* ...... 14,400
1,000 Belo Corporation, Class A ... 28,340
2,000 Cablevision Systems New York
Group, Class A* ........... 46,780
2,500 Charter Communications, Inc.,
Class A* .................. 10,050
6,487 Clear Channel
Communications, Inc. ...... 303,786
1,437 CNET Networks, Inc.* ........ 9,800
24,222 Comcast Corporation, Class A* 796,177
6,238 Cox Communications, Inc.,
Class A* .................. 214,899
800 Cox Radio, Inc., Class A* ... 20,184
200 Crown Media Holdings, Inc.,
Class A* .................. 1,654
1,100 Cumulus Media, Inc., Class A* 24,200
700 Dow Jones & Company, Inc. ... 34,895
2,800 EchoStar Communications
Corporation, Class A* ..... 95,200
700 Emmis Communications
Corporation, Class A* ..... 18,935
400 Entercom Communications
Corporation* .............. 21,184
600 Entravision Communications
Corporation, Class A* ..... 6,660
100 Fisher Communications, Inc.* 5,100
Value
Shares (Note 1)
------ --------
Media (continued)
4,200 Fox Entertainment Group, Inc.,
Class A* .................. $ 122,430
3,000 Gannett Company, Inc. ....... 267,480
100 Gray Television, Inc.,
Class A ................... 1,517
1,100 Gray Television, Inc.,
Class B ................... 16,632
750 Harte-Hanks, Inc. ........... 16,313
563 Hearst-Argyle Television,
Inc.* ..................... 15,516
900 Hollinger International, Inc. 14,058
9,302 Hughes Electronics
Corporation* .............. 153,954
40 iBEAM Broadcasting
Corporation*# ............. 0
300 Information Holdings, Inc.* . 6,630
500 Insight Communications
Company, Inc.* ............ 5,155
100 InterVideo, Inc.* ........... 1,175
400 j2 Global Communications,
Inc.* ..................... 9,908
500 Journal Register Company* ... 10,350
770 Knight-Ridder, Inc. ......... 59,575
400 Lee Enterprises, Inc. ....... 17,460
200 Liberty Corporation ......... 9,038
29,400 Liberty Media Corporation,
Class A* .................. 349,566
300 Lin TV Corporation, Class A* 7,743
200 LodgeNet Entertainment
Corporation* .............. 3,656
300 Lynch Interactive
Corporation* .............. 7,155
400 Macrovision Corporation* .... 9,036
200 MaxWorldwide, Inc.* ......... 162
400 McClatchy Company, Class A .. 27,520
2,200 McGraw-Hill Companies, Inc. . 153,824
300 Media General, Inc., Class A 19,530
1,100 Mediacom Communications
Corporation* .............. 9,537
200 Medialink Worldwide, Inc.* .. 640
600 Meredith Corporation ........ 29,286
2,100 Metro-Goldwyn-Mayer, Inc.* .. 35,889
1,700 New York Times Company,
Class A ................... 81,243
1,040 News Corporation, Ltd., ADR . 31,473
1,300 PanAmSat Corporation* ....... 28,028
300 Pegasus Communications
Corporation* .............. 8,424
See Notes to Financial Statements.
65
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Media (continued)
600 Playboy Enterprises, Inc.,
Class B* .................. $ 9,696
1,368 PRIMEDIA, Inc.* ............. 3,872
200 Pulitzer, Inc. .............. 10,800
200 Quipp, Inc. ................. 2,300
1,600 R.R. Donnelley & Sons Company 48,240
800 Radio One, Inc., Class A* ... 15,640
1,200 Reader's Digest Association,
Inc. ...................... 17,592
100 Saga Communications, Inc.,
Class A* .................. 1,853
300 Salem Communications
Corporation, Class A* ..... 8,136
600 Scholastic Corporation* ..... 20,424
800 Scripps (E.W.) Company,
Class A ................... 75,312
400 SeaChange International, Inc.* 6,160
300 Sinclair Broadcast Group,
Inc., Class A* ............ 4,476
100 Sonic Solutions* ............ 1,530
200 Spanish Broadcasting System,
Inc.,
Class A* .................. 2,100
110 Stan Lee Media, Inc.*# ...... 0
47,674 Time Warner, Inc.* .......... 857,655
1,700 TiVo, Inc.* ................. 12,580
3,201 Tribune Company ............. 165,172
3,665 Univision Communications, Inc.,
Class A* .................. 145,464
800 Valassis Communications,
Inc.* ..................... 23,480
700 Valley Media, Inc.*# ........ 0
800 ValueVision International, Inc.,
Class A* .................. 13,360
18,374 Viacom, Inc., Class B ....... 815,438
22,400 Walt Disney Company ......... 522,592
100 Washington Post Company,
Class B ................... 79,140
1,000 Westwood One, Inc.* ......... 34,210
800 Wiley (John) & Sons, Inc.,
Class A ................... 20,824
1,500 XM Satellite Radio Holdings,
Inc., Class A* ............ 39,540
500 Young Broadcasting, Inc.,
Class A* .................. 10,020
------------
6,158,277
------------
Value
Shares (Note 1)
------ --------
Miscellaneous - 0.7%
500 Acuity Brands, Inc. ......... $ 12,900
800 AMCOL International
Corporation ............... 16,240
61 CareMatrix Corporation* ..... 1
200 Central Parking Corporation . 2,986
200 Cybercash, Inc., Escrow*# ... 0
2,600 Deere & Company ............. 169,130
100 Duratek, Inc.* .............. 1,304
100 Encore Wire Corporation* .... 1,771
600 Gen-Probe, Inc.* ............ 21,882
200 Global E-Point, Inc.* ....... 980
200 Gundle/SLT Environmental,
Inc.* ..................... 4,152
300 Henley, L.P., Escrow*+# ..... 0
200 Intelli-Check, Inc.* ........ 1,582
100 Internet America, Inc.* ..... 96
100 Ionics, Inc.* ............... 3,185
100 McGrath Rentcorp ............ 2,725
600 Mine Safety Appliances
Company ................... 47,706
200 Morgan Group Holding
Company* .................. 25
100 Ohio Art Company ............ 1,205
100 Providence Service
Corporation* .............. 1,618
500 Quixote Corporation ......... 12,205
1,600 Republic Services, Inc. ..... 41,008
100 Research Frontiers, Inc.* ... 929
2,600 Return Assured, Inc.*# ...... 0
400 Rollins, Inc. ............... 9,020
200 Safety-Kleen Corporation* ... 4
2,800 Service Corporation
International* ............ 15,092
100 SRS Labs, Inc.* ............. 933
900 Stewart Enterprises, Inc.,
Class A ................... 5,112
400 VCA Antech, Inc.* ........... 12,392
400 VL Dissolution Corporation* . 256
500 Waste Connections, Inc.* .... 18,885
6,100 Waste Management, Inc. ...... 180,560
1,046 Weight Watchers
International, Inc.* ...... 40,135
100 X-Rite, Inc. ................ 1,132
6,950 Yahoo, Inc.* ................ 313,931
------------
941,082
------------
See Notes to Financial Statements.
66
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Miscellaneous Finance - 7.5%
100 ACE Cash Express, Inc.* ..... $ 2,126
200 Actrade Financial
Technologies, Ltd.* ....... 249
200 Affiliated Managers Group,
Inc.* ..................... 13,918
500 Airlease, Ltd. .............. 835
600 Alliance Capital Management
Holding, L.P. ............. 20,250
1,200 Allied Capital Corporation .. 33,456
1,200 American Capital Strategies,
Ltd. ...................... 35,676
13,600 American Express Company .... 655,928
100 American Indemnity Financial
Corporation, Escrow*# ..... 0
2,200 AmeriCredit Corporation* .... 35,046
4,500 Ameritrade Holding Corporation* 63,315
100 ASB Financial Corporation ... 2,467
500 Bankrate, Inc.* ............. 6,190
100 Banner Corporation .......... 2,515
500 Bay View Capital Corporation* 1,070
955 Bear Stearns Companies, Inc. 76,352
800 BISYS Group, Inc.* .......... 11,904
424 BOK Financial Corporation* .. 16,417
200 California First National
Bancorp ................... 2,860
2,500 Capital One Financial
Corporation ............... 153,225
900 Cash America International,
Inc. ...................... 19,062
11 CB Bancshares, Inc. ......... 693
100 Charter Municipal Mortgage
Acceptance Company ........ 2,113
300 Chicago Mercantile Exchange . 21,708
2,646 CIT Group, Inc. ............. 95,124
54,425 Citigroup, Inc. ............. 2,641,789
220 Classic Bancshares, Inc. .... 7,315
800 CompuCredit Corporation* .... 17,024
200 Convera Corporation* ........ 682
1,867 Countrywide Financial
Corporation ............... 141,587
215 Cross Timbers Royalty Trust . 6,132
600 Deluxe Corporation .......... 24,798
900 Doral Financial Corporation . 29,052
200 DVI, Inc.* .................. 8
3,937 E*TRADE Financial
Corporation* .............. 49,803
600 E-LOAN, Inc.* ............... 1,788
Value
Shares (Note 1)
------ --------
Miscellaneous Finance (continued)
600 Eaton Vance Corporation ..... $ 21,984
600 Edwards (A.G.), Inc. ........ 21,738
1,300 Equifax, Inc. ............... 31,850
10,200 Fannie Mae .................. 765,612
1,250 Federated Investors, Inc.,
Class B ................... 36,700
400 Financial Federal Corporation* 12,220
200 First Marblehead Corporation* 4,376
2,800 Franklin Resources, Inc. .... 145,768
7,300 Freddie Mac ................. 425,736
2,460 Friedman, Billings, Ramsey
Group, Inc. ............... 56,777
200 Gabelli Asset Management, Inc.,
Class A* .................. 7,960
5,070 Goldman Sachs Group, Inc. ... 500,561
800 IndyMac Bancorp, Inc. ....... 23,832
1,500 Instinet Group, Inc.* ....... 7,725
800 Interactive Data Corporation* 13,248
388 Investment Technology
Group, Inc.* .............. 6,266
600 Investors Financial Services
Corporation ............... 23,046
100 iPayment Holdings, Inc.* .... 3,400
21,436 J. P. Morgan Chase & Company 787,344
2,200 Janus Capital Group, Inc. ... 36,102
600 Jefferies Group, Inc. ....... 19,812
1,300 Knight Trading Group, Inc.* . 19,032
600 LaBranche & Company, Inc.* .. 7,002
700 Legg Mason, Inc. ............ 54,026
2,984 Lehman Brothers Holdings, Inc. 230,424
827 Leucadia National Corporation 38,137
200 LNR Property Corporation .... 9,902
13,227 MBNA Corporation ............ 328,691
9,946 Merrill Lynch & Company, Inc. 583,333
800 Metris Companies, Inc. ...... 3,552
1,500 Moody's Corporation ......... 90,825
11,400 Morgan Stanley .............. 659,718
500 National Processing, Inc.* .. 11,775
42 NCO Portfolio Management,
450 New Century Financial
Corporation ............... 17,852
500 NextCard, Inc.* ............. 3
See Notes to Financial Statements.
67
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Miscellaneous Finance (continued)
600 Nuveen Investments, Class A . $ 15,996
100 Online Resources Corporation* 661
600 Point West Capital
Corporation* .............. 1
2,500 Providian Financial
Corporation* .............. 29,100
500 Raymond James Financial, Inc. 18,850
700 S1 Corporation* ............. 5,635
495 Santander BanCorp* .......... 12,053
200 Saxon Capital, Inc.* ........ 4,190
14,264 Schwab (Charles) Corporation 168,886
900 SEI Investments Company ..... 27,423
300 Siebert Financial
Corporation* .............. 1,086
5,000 SLM Corporation ............. 188,400
200 Student Loan Corporation .... 29,200
399 SWS Group, Inc. ............. 7,102
1,400 T. Rowe Price Group, Inc. ... 66,374
363 Tarragon Realty Investors,
Inc.* ..................... 5,993
150 TETRA Tech, Inc.* ........... 3,636
100 UniCapital Corporation*# .... 0
100 Value Line, Inc. ............ 4,990
9,490 Washington Mutual, Inc. ..... 380,739
105 Waypoint Financial
Corporation ............... 2,277
500 Westcorp .................... 18,275
99 Westwood Holdings Group, Inc. 1,761
400 WFS Financial, Inc.* ........ 16,984
100 Winfield Capital Corporation* 20
300 World Acceptance Corporation* 5,973
------------
10,214,759
------------
Motor Vehicles - 1.1%
500 A.S.V., Inc.* ............... 18,680
100 Aftermarket Technology
Corporation* .............. 1,372
100 America's Car-Mart, Inc.* ... 2,692
600 American Axle & Manufacturing
Holdings, Inc.* ........... 24,252
850 ArvinMeritor, Inc. .......... 20,502
270 BorgWarner, Inc. ............ 22,969
100 Coast Distribution System,
Inc.* ..................... 551
400 CSK Auto Corporation* ....... 7,508
500 Cummins Engine Company, Inc. 24,470
1,200 Dana Corporation ............ 22,020
Value
Shares (Note 1)
------ --------
Motor Vehicles (continued)
5,076 Delphi Corporation .......... $ 51,826
500 Fleetwood Enterprises, Inc.* 5,130
19,235 Ford Motor Company .......... 307,760
200 Gehl Company* ............... 2,840
5,870 General Motors Corporation .. 313,458
1,800 Genuine Parts Company ....... 59,760
3,500 Harley-Davidson, Inc. ....... 166,355
200 Keystone Automotive
Industries, Inc.* ......... 5,072
700 Lear Corporation ............ 42,931
100 Lithia Motors, Inc., Class A 2,521
40 Major Automotive
Companies, Inc.* .......... 30
600 Midas, Inc. ................. 8,580
200 Modine Manufacturing Company 5,396
200 Monaco Coach Corporation* ... 4,760
700 Navistar International
Corporation* .............. 33,523
200 Noble International, Ltd. ... 4,560
500 O'Reilly Automotive, Inc.* .. 19,180
600 Oshkosh Truck Corporation ... 30,618
1,350 PACCAR, Inc. ................ 114,912
200 Polaris Industries, Inc. .... 17,716
600 Rush Enterprises, Inc.,
Class B* .................. 6,060
500 Smith (A.O.) Corporation .... 17,525
400 Sonic Automotive, Inc. ...... 9,168
100 Spartan Motors, Inc. ........ 1,010
100 Starcraft Corporation* ...... 3,252
300 Stoneridge, Inc.* ........... 4,515
300 Superior Industries
International, Inc. ....... 13,056
100 Tenneco Automotive, Inc.* ... 669
500 Thor Industries, Inc. ....... 28,110
1,200 Visteon Corporation ......... 12,492
400 Winnebago Industries, Inc. .. 27,500
------------
1,465,301
------------
Non-Durables & Entertainment - 2.3%
300 Action Performance
Companies, Inc. ........... 5,880
900 Activision, Inc.* ........... 16,380
See Notes to Financial Statements.
68
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Non-Durables & Entertainment (continued)
500 Alliance Gaming Corporation* $ 12,325
700 AMC Entertainment, Inc.* .... 10,647
700 American Greetings Corporation,
Class A* .................. 15,309
600 Blyth, Inc. ................. 19,332
100 Canterbury Park Holding
Corporation* .............. 1,690
300 CBRL Group, Inc. ............ 11,478
500 Cedar Fair, L.P. ............ 15,375
500 Central Garden & Pet Company* 14,015
400 Championship Auto Racing
Teams, Inc.* .............. 38
470 Church & Dwight Company, Inc. 18,612
300 Churchill Downs, Inc. ....... 10,860
2,100 Clorox Company .............. 101,976
200 CNS, Inc. ................... 2,740
300 CSS Industries, Inc.* ....... 9,303
900 Dial Corporation ............ 25,623
200 Digital Theater Systems,
Inc.* ..................... 4,938
100 Dixon Ticonderoga Company* .. 418
3,200 Electronic Arts, Inc.* ...... 152,896
1,133 Energizer Holdings, Inc.* ... 42,555
400 Enesco Group, Inc. .......... 4,128
300 Escalade, Inc. .............. 10,197
100 eUniverse, Inc.* ............ 161
1,600 Fortune Brands, Inc. ........ 114,384
575 Fossil, Inc.* ............... 16,106
600 GTECH Holdings Corporation .. 29,694
1,550 Hasbro, Inc. ................ 32,984
200 Hauser, Inc.* ............... 12
300 Huffy Corporation* .......... 1,575
6,800 InterActiveCorp* ............ 230,724
3,500 International Game Technology 124,950
512 International Speedway
Corporation, Class A ...... 22,866
800 JAKKS Pacific, Inc.* ........ 10,528
5,374 Kimberly-Clark Corporation .. 317,550
300 Lancaster Colony Corporation 13,548
200 Marcus Corporation .......... 3,280
1,000 Marvel Enterprises, Inc.* ... 29,110
4,180 Mattel, Inc. ................ 80,549
300 Movado Group, Inc. .......... 8,469
Value
Shares (Note 1)
------ --------
Non-Durables & Entertainment (continued)
300 NetFlix, Inc.* .............. $ 16,407
2,736 Newell Rubbermaid, Inc. ..... 62,299
400 Penn National Gaming, Inc.* . 9,232
100 Playtex Products, Inc.* ..... 773
13,600 Procter & Gamble Company .... 1,358,368
5 Quepasa Corporation* ........ 4
6 Quokka Sports, Inc.*# ....... 0
700 Rayovac Corporation* ........ 14,665
300 Russ Berrie and Company, Inc. 10,170
400 Scotts Company, Class A* .... 23,664
552 SCP Pool Corporation* ....... 18,039
1,400 Sherwin-Williams Company .... 48,636
500 Sonic Corporation* .......... 15,310
753 Sotheby's Holdings, Inc.,
Class A* .................. 10,286
200 SportsLine.com, Inc.* ....... 254
600 Take-Two Interactive Software,
Inc.* ..................... 17,286
450 THQ, Inc.* .................. 7,610
800 Tupperware Corporation ...... 13,872
100 WD-40 Company ............... 3,536
200 WMS Industries, Inc.* ....... 5,240
200 World Wrestling Federation
Entertainment, Inc. ....... 2,620
------------
3,181,476
------------
Non-Ferrous Metals - 0.4%
9,048 Alcoa, Inc. ................. 343,824
100 Cleveland-Cliffs, Inc.* ..... 5,095
700 Commercial Metals Company ... 21,280
300 Commonwealth Industries,
Inc.* ..................... 3,012
1,900 Freeport-McMoRan Copper &
Gold, Inc., Class B ....... 80,047
100 IMCO Recycling, Inc.* ....... 989
500 Mueller Industries, Inc.* ... 17,180
920 Phelps Dodge Corporation* ... 70,003
450 Reliance Steel & Aluminum
Company* .................. 14,944
500 Southern Peru Copper
Corporation ............... 23,580
300 Stillwater Mining Company* .. 2,871
200 Titanium Metals Corporation* 10,502
1,000 USEC, Inc. .................. 8,400
300 Wolverine Tube, Inc.* ....... 1,890
------------
603,617
------------
See Notes to Financial Statements.
69
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Optical & Photo - 0.1%
288 Advanced Medical Optics,
Inc.* ..................... $ 5,659
600 Applied Films Corporation* .. 19,812
400 Bausch & Lomb, Inc. ......... 20,760
600 Concord Camera Corporation* . 5,550
200 CPI Corporation ............. 4,042
100 Digimarc Corporation* ....... 1,330
3,100 Eastman Kodak Company ....... 79,577
200 Escalon Medical Corporation* 1,340
800 Lexar Media, Inc.* .......... 13,944
900 Oakley, Inc. ................ 12,456
300 Ocular Sciences, Inc.* ...... 8,613
516 ScanSoft, Inc.* ............. 2,745
200 STAAR Surgical Company* ..... 2,252
------------
178,080
------------
Paper & Forest Products - 0.5%
1,200 Boise Cascade Corporation ... 39,432
500 Bowater, Inc. ............... 23,155
600 Caraustar Industries, Inc.* . 8,280
400 Chesapeake Corporation ...... 10,592
200 Deltic Timber Corporation ... 6,080
500 FiberMark, Inc.* ............ 875
2,617 Georgia-Pacific Corporation . 80,263
100 Glatfelter .................. 1,245
4,992 International Paper Company . 215,205
83 Kadant, Inc.* ............... 1,797
800 Longview Fibre Company* ..... 9,880
1,200 Louisiana-Pacific
Corporation* .............. 21,456
1,876 MeadWestvaco Corporation .... 55,811
100 Pope & Talbot, Inc. ......... 1,761
200 Potlatch Corporation ........ 6,954
501 Rayonier, Inc. .............. 20,807
300 Rock-Tenn Company, Class A .. 5,178
400 Schweitzer-Mauduit
International, Inc. ....... 11,912
600 Temple-Inland, Inc. ......... 37,602
200 Universal Forest Products, Inc. 6,436
100 Wausau-Mosinee Paper
Corporation ............... 1,352
2,200 Weyerhaeuser Company ........ 140,800
------------
706,873
------------
Value
Shares (Note 1)
------ --------
Producer Goods - 5.3%
8,300 3M Company .................. $ 705,749
520 Actuant Corporation, Class A* 18,824
400 Advanced Energy Industries,
Inc.* ..................... 10,420
1,800 Aeroflex, Inc.* ............. 21,042
200 American Biltrite, Inc.* .... 1,540
700 American Standard
Companies, Inc.* .......... 70,490
400 Ampco-Pittsburgh Corporation 5,468
600 Applied Industrial
Technologies, Inc. ........ 14,316
300 AptarGroup, Inc. ............ 11,700
900 Astec Industries, Inc.* ..... 11,043
1,100 Avery Dennison Corporation .. 61,622
1,189 Axcelis Technologies, Inc.* . 12,152
200 AZZ, Inc.* .................. 2,670
500 Baldor Electric Company ..... 11,425
100 Barnes Group, Inc. .......... 3,231
400 Brady Corporation, Class A .. 16,300
400 Briggs & Stratton Corporation 26,960
300 Carlisle Companies, Inc. .... 18,258
100 Cascade Corporation ......... 2,230
3,600 Caterpillar, Inc. ........... 298,872
200 Chicago Rivet & Machine
Company ................... 5,402
400 CLARCOR, Inc. ............... 17,640
500 Cognex Corporation* ......... 14,120
500 Comfort Systems USA, Inc.* .. 2,740
800 Crane Company ............... 24,592
200 CUNO, Inc.* ................. 9,006
1,659 Danaher Corporation ......... 152,213
400 Donaldson Company, Inc. ..... 23,664
2,100 Dover Corporation ........... 83,475
1,100 DT Industries, Inc.* ........ 1,353
450 Eastern Company ............. 7,038
800 Eaton Corporation ........... 86,384
110 Edelbrock Corporation ....... 1,383
4,500 Emerson Electric Company .... 291,375
229 EnPro Industries, Inc.* ..... 3,195
100 ESCO Technologies, Inc.* .... 4,365
100 Fab Industries, Inc. ........ 525
700 Fastenal Company ............ 34,958
See Notes to Financial Statements.
70
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Producer Goods (continued)
500 Federal Signal Corporation .. $ 8,760
600 Fisher Scientific International,
Inc.* ..................... 24,822
500 Flowserve Corporation* ...... 10,440
200 Franklin Electric Company, Inc. 12,098
105,946 General Electric Company .... 3,282,207
600 Global Power Equipment
Group, Inc.* .............. 4,008
325 Graco, Inc. ................. 13,032
720 Griffon Corporation* ........ 14,587
700 Hanover Compressor Company* . 7,805
300 Harsco Corporation .......... 13,146
100 Hexcel Corporation* ......... 741
8,875 Honeywell International, Inc. 296,691
500 Hubbell, Inc., Class B ...... 22,050
400 Hydril Company* ............. 9,572
300 IDEX Corporation ............ 12,477
3,323 Illinois Tool Works, Inc. ... 278,833
1,800 Ingersoll-Rand Company,
Class A ................... 122,184
1,200 Intermet Corporation ........ 6,516
900 ITT Industries, Inc. ........ 66,789
700 JLG Industries, Inc. ........ 10,661
1,000 Johnson Controls, Inc. ...... 116,120
400 Kaydon Corporation .......... 10,336
400 Kennametal, Inc. ............ 15,900
200 Lancer Corporation* ......... 1,360
400 Lincoln Electric Holdings,
Inc. ...................... 9,896
300 Lone Star Technologies, Inc.* 4,794
800 Lydall, Inc.* ............... 8,152
700 MagneTek, Inc.* ............. 4,613
650 Manitowoc Company, Inc. ..... 20,280
200 Matthews International Corporation,
Class A ................... 5,918
400 Merix Corporation* .......... 9,812
1,900 Micrel, Inc.* ............... 29,602
500 Milacron, Inc.* ............. 2,085
200 Misonix, Inc.* .............. 888
338 Mykrolis Corporation* ....... 5,435
400 Nordson Corporation ......... 13,812
1,200 Pall Corporation ............ 32,196
500 Park-Ohio Holdings
Corporation* .............. 3,700
1,129 Parker-Hannifin Corporation . 67,175
Value
Shares (Note 1)
------ --------
Producer Goods (continued)
800 Penn Engineering &
Manufacturing Corporation . $ 15,224
400 Pentair, Inc. ............... 18,280
800 Polymer Group, Inc.,
Escrow*+# ................. 0
10 Polymer Group, Inc., Class B* 75
600 Precision Castparts
Corporation ............... 27,246
400 Presstek, Inc.* ............. 2,908
600 Regal-Beloit Corporation .... 13,200
2,300 Rockwell Automation, Inc. ... 81,880
300 Roper Industries, Inc. ...... 14,778
200 Sequa Corporation, Class A* . 9,800
400 Shaw Group, Inc.* ........... 5,448
934 SPX Corporation* ............ 54,929
400 Standex International
Corporation ............... 11,200
400 Tech/Ops Sevcon, Inc. ....... 2,192
200 Tecumseh Products Company,
Class A ................... 9,686
400 Teleflex, Inc. .............. 19,332
600 Terex Corporation* .......... 17,088
1,500 Textron, Inc. ............... 85,590
800 Timken Company .............. 16,048
500 Tredegar Corporation ........ 7,765
600 Trinity Industries, Inc. .... 18,504
100 Twin Disc, Inc. ............. 1,903
600 Valmont Industries, Inc. .... 13,890
1,100 W.W. Grainger, Inc. ......... 52,129
200 Watsco, Inc. ................ 4,546
100 Watts Industries, Inc.,
Class A ................... 2,220
200 Woodward Governor Company ... 11,366
700 York International Corporation 25,760
450 Zebra Technologies Corporation,
Class A* .................. 29,867
------------
7,240,087
------------
Railroad & Shipping - 0.4%
700 Alexander & Baldwin, Inc. ... 23,583
4,100 Burlington Northern Santa Fe
Corporation ............... 132,635
2,200 CSX Corporation ............. 79,068
400 Florida East Coast Industries,
Inc. ...................... 13,240
700 GATX Corporation ............ 19,586
See Notes to Financial Statements.
71
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Railroad & Shipping (continued)
325 Genesee & Wyoming, Inc.,
Class A* .................. $ 10,238
400 Greenbrier Companies, Inc.* . 6,700
100 International Shipholding
Corporation* .............. 1,475
423 Kansas City Southern* ....... 6,057
4,200 Norfolk Southern Corporation 99,330
300 Overseas Shipholding Group,
Inc. ...................... 10,215
600 Transport Corporation of
America, Inc.* ............ 4,350
2,700 Union Pacific Corporation ... 187,596
400 Wabtec Corporation .......... 6,816
------------
600,889
------------
Real Estate Investment Trust - 1.7%
100 Alexander's, Inc.* .......... 12,466
200 Alexandria Real Estate
Equities, Inc. ............ 11,580
600 AMB Property Corporation .... 19,728
800 American Home Mortgage
Investment Corporation* ... 18,008
200 American Land Lease, Inc. ... 3,990
300 American Mortgage
Acceptance Company ........ 4,890
200 AmeriVest Properties, Inc. .. 1,436
500 Amli Residential Properties
Trust ..................... 13,400
1,800 Annaly Mortgage
Management, Inc. .......... 33,120
700 Anthracite Capital, Inc. .... 7,749
1,072 Apartment Investment &
Management Company,
Class A ................... 36,984
1,992 Archstone-Smith Trust ....... 55,736
700 Arden Realty, Inc. .......... 21,238
600 Avalonbay Communities, Inc. . 28,680
400 Bedford Property Investors,
Inc. ...................... 11,452
100 BNP Residential Properties,
Inc. ...................... 1,161
900 Boston Properties, Inc. ..... 43,371
500 Brandywine Realty Trust ..... 13,385
500 BRE Properties, Inc., Class A 16,700
900 Burnham Pacific Properties,
Inc. ...................... 211
Value
Shares (Note 1)
------ --------
Real Estate Investment Trust (continued)
500 Camden Property Trust ....... $ 22,150
100 Capital Automotive REIT ..... 3,200
1,000 CarrAmerica Realty Corporation 29,780
400 CBL & Associates Properties,
Inc. ...................... 22,600
300 CenterPoint Properties Trust 22,470
400 Chelsea Property Group, Inc. 21,924
300 Colonial Properties Trust ... 11,880
245 Commercial Net Lease Realty . 4,361
100 Cornerstone Realty Income
Trust, Inc. ............... 876
200 Corporate Office Properties
Trust ..................... 4,200
550 Cousins Properties, Inc. .... 16,830
1,200 Crescent Real Estate
Equities Company .......... 20,556
100 CRIIMI MAE, Inc.* ........... 1,043
1,326 Developers Diversified
Realty Corporation ........ 44,514
1,276 Duke Realty Corporation ..... 39,556
100 EastGroup Properties, Inc. .. 3,238
100 Entertainment Properties Trust 3,471
100 Equity Inns, Inc. ........... 905
4,245 Equity Office Properties Trust 121,619
600 Equity One, Inc. ............ 10,128
2,954 Equity Residential .......... 87,173
300 Essex Property Trust, Inc. .. 19,266
500 Federal Realty Investment
Trust ..................... 19,195
500 FelCor Lodging Trust, Inc.* . 5,540
600 First Industrial Realty Trust,
Inc. ...................... 20,250
100 First Potomac Realty Trust* . 1,874
100 Gables Residential Trust .... 3,474
2,400 General Growth Properties, Inc. 66,600
600 Getty Realty Corporation .... 15,690
100 Glenborough Realty Trust, Inc. 1,995
400 Golf Trust of America, Inc. . 992
200 Great Lakes REIT ............ 3,140
600 Health Care Property
Investors, Inc. ........... 30,480
500 Health Care REIT, Inc. ...... 18,000
500 Healthcare Realty Trust, Inc. 17,875
900 Heritage Property
Investment Trust .......... 25,605
See Notes to Financial Statements.
72
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Real Estate Investment Trust (continued)
500 Highwoods Properties, Inc. .. $ 12,700
300 Home Properties, Inc. ....... 12,117
400 Hospitality Properties Trust 16,512
2,800 Host Marriott Corporation* .. 34,496
1,800 HRPT Properties Trust ....... 18,162
500 Innkeepers USA Trust ........ 4,185
200 Investors Real Estate Trust . 1,980
1,264 iStar Financial, Inc. ....... 49,170
400 Keystone Property Trust ..... 8,836
400 Kilroy Realty Corporation ... 13,100
1,350 Kimco Realty Corporation .... 60,412
500 Koger Equity, Inc. .......... 10,465
300 LaSalle Hotel Properties .... 5,565
200 Lexington Corporate
Properties Trust .......... 4,038
700 Liberty Property Trust ...... 27,230
700 LTC Properties, Inc. ........ 10,318
400 Macerich Company ............ 17,800
500 Mack-Cali Realty Corporation 20,810
100 Malan Realty Investors, Inc. 485
300 Manufactured Home
Communities, Inc. ......... 11,295
800 MeriStar Hospitality
Corporation* .............. 5,208
100 Mid-America Apartment
Communities, Inc. ......... 3,358
600 Mills Corporation ........... 26,400
200 Mission West Properties, Inc. 2,590
200 Monmouth Real Estate
Investment Corporation,
Class A ................... 1,738
400 National Health Realty, Inc. 7,880
700 Nationwide Health Properties,
Inc. ...................... 13,685
1,200 New Plan Excel Realty Trust . 29,604
200 Newcastle Investment
Corporation ............... 5,420
600 Novastar Financial, Inc. .... 25,776
521 Pan Pacific Retail Properties,
Inc. ...................... 24,826
400 Parkway Properties, Inc. .... 16,640
371 Pennsylvania Real Estate
Investment Trust .......... 13,467
200 Philips International Realty
Corporation ............... 190
200 PMC Commercial Trust ........ 3,046
Value
Shares (Note 1)
------ --------
Real Estate Investment Trust (continued)
700 Post Properties, Inc. ....... $ 19,544
400 Prentiss Properties Trust ... 13,196
100 Prime Group Realty Trust .... 627
1,694 ProLogis .................... 54,360
1,286 Public Storage, Inc. ........ 55,800
200 RAIT Investment Trust ....... 5,120
300 Ramco-Gershenson
Properties Trust .......... 8,490
400 Realty Income Corporation ... 16,000
600 Reckson Associates Realty
Corporation ............... 14,580
300 Redwood Trust, Inc. ......... 15,255
400 Regency Centers Corporation . 15,940
400 Saul Centers, Inc. .......... 11,468
70 Senior Housing Properties
Trust ..................... 1,206
100 Shelbourne Properties I, Inc. 1,775
500 Shurgard Storage Centers, Inc.,
Class A ................... 18,825
2,200 Simon Property Group, Inc. .. 101,948
400 SL Green Realty Corporation . 16,420
400 Summit Properties, Inc. ..... 9,608
300 Tanger Factory Outlet
Centers, Inc. ............. 12,210
500 Taubman Centers, Inc. ....... 10,300
900 The Rouse Company ........... 42,300
746 Thornburg Mortgage, Inc. .... 20,291
100 Town & Country Trust ........ 2,535
336 Transcontinental Realty
Investors, Inc.* .......... 5,621
1,400 Trizec Properties, Inc. ..... 21,560
1,000 United Dominion Realty
Trust, Inc. ............... 19,200
400 Universal Health Realty
Income Trust .............. 12,040
1,200 Ventas, Inc. ................ 26,400
1,200 Vornado Realty Trust ........ 65,700
400 Washington Real Estate
Investment Trust .......... 11,680
450 Weingarten Realty Investors . 19,958
------------
2,267,196
------------
See Notes to Financial Statements.
73
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Real Property - 0.1%
980 Catellus Development
Corporation ............... $ 23,648
100 Consolidated-Tomoka
Land Company .............. 3,270
600 Forest City Enterprises, Inc.,
Class A ................... 28,506
400 Jones Lang LaSalle, Inc.* ... 8,292
400 Newhall Land & Farming
Company, L.P. ............. 16,152
1,959 Plum Creek Timber
Company, Inc. ............. 59,652
600 St. Joe Company ............. 22,374
300 Trammell Crow Company* ...... 3,975
400 W.P. Carey & Company, LLC ... 12,208
100 Wellsford Real Properties,
Inc.* ..................... 1,860
------------
179,937
------------
Restaurants - 0.7%
500 Applebee's International, Inc. 19,635
300 Ark Restaurants Corporation* 4,215
215 Benihana, Inc., Class A* .... 2,763
900 Brinker International, Inc.* 29,844
100 Buca, Inc.* ................. 681
500 CEC Entertainment, Inc.* .... 23,695
200 Checkers Drive-In
Restaurants, Inc.* ........ 2,082
500 Cheesecake Factory, Inc.* ... 22,015
600 CKE Restaurants, Inc.* ...... 3,834
200 Cooker Restaurant Corporation* 2
1,600 Darden Restaurants, Inc. .... 33,664
600 Dave & Buster's, Inc.* ...... 7,608
500 Frisch's Restaurants, Inc. .. 14,400
500 Jack in the Box, Inc.* ...... 10,680
500 Landry's Restaurants, Inc. .. 12,860
400 Lone Star Steakhouse &
Saloon, Inc. .............. 9,272
600 Luby's, Inc.* ............... 2,214
13,300 McDonald's Corporation ...... 330,239
300 O'Charley's, Inc.* .......... 5,385
800 Outback Steakhouse, Inc. .... 35,368
300 P.F. Chang's China Bistro,
Inc.* ..................... 15,264
Value
Shares (Note 1)
------ --------
Restaurants (continued)
400 Panera Bread Company,
Class A* .................. $ 15,812
300 Papa John's International,
Inc.* ..................... 10,014
200 Red Robin Gourmet Burgers* .. 6,088
900 Ruby Tuesday, Inc. .......... 25,641
100 Star Buffet, Inc.* .......... 446
3,900 Starbucks Corporation* ...... 128,934
100 Total Entertainment
Restaurant Corporation* ... 1,208
1,000 Wendy's International, Inc. . 39,240
3,100 Yum! Brands, Inc.* .......... 106,640
------------
919,743
------------
Retail - 6.3%
300 1-800-FLOWERS.COM, Inc.,
Class A* .................. 3,318
100 3Dshopping.com*# ............ 0
900 7-Eleven, Inc.* ............. 14,445
900 99 Cents Only Stores* ....... 24,507
1,000 Abercrombie & Fitch Company,
Class A* .................. 24,710
600 Advance Auto Parts, Inc.* ... 48,840
100 Advantage Marketing
Systems, Inc.* ............ 409
300 Aeropostale, Inc.* .......... 8,226
500 AFC Enterprises, Inc.* ...... 9,712
4,408 Albertson's, Inc. ........... 99,841
4,200 Amazon.com, Inc.* ........... 221,088
600 American Eagle Outfitters,
Inc.* ..................... 9,840
300 Ames Department Stores,
Inc.*# .................... 0
500 AnnTaylor Stores Corporation* 19,500
2,600 AutoNation, Inc.* ........... 47,762
900 AutoZone, Inc.* ............. 76,689
700 Barnes & Noble, Inc.* ....... 22,995
3,200 Bed Bath & Beyond, Inc. ..... 138,720
3,300 Best Buy Company, Inc.* ..... 172,392
1,000 Big Lots, Inc.* ............. 14,210
600 BJ's Wholesale Club, Inc.* .. 13,776
400 Blair Corporation ........... 9,736
400 Blockbuster, Inc., Class A .. 7,180
300 Blue Rhino Corporation* ..... 4,167
100 Bombay Company, Inc.* ....... 814
See Notes to Financial Statements.
74
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Retail (continued)
1,300 Borders Group, Inc.* ........ $ 28,496
150 Brookstone, Inc.* ........... 3,196
200 Brown Shoe Company, Inc. .... 7,586
500 Burlington Coat Factory
Warehouse Corporation ..... 10,580
1,290 CarMax, Inc.* ............... 39,900
700 Casey's General Stores, Inc. 12,362
500 Charlotte Russe Holding,
Inc.* ..................... 6,930
700 Chico's FAS, Inc.* .......... 25,865
300 CHS Electronics, Inc.* ...... 1
2,200 Circuit City Stores, Inc. ... 22,286
1,600 Claire's Stores, Inc. ....... 30,144
200 Cole National Corporation* .. 4,000
4,800 Costco Wholesale Corporation* 178,464
4,140 CVS Corporation ............. 149,537
100 Deb Shops, Inc. ............. 2,150
1,500 Dillard's, Inc., Class A .... 24,690
3,731 Dollar General Corporation .. 78,314
1,050 Dollar Tree Stores, Inc.* ... 31,563
700 Dress Barn, Inc.* ........... 10,493
700 drugstore.com, Inc.* ........ 3,857
200 Egghead.com, Inc.* .......... 1
400 Electronics Boutique Holdings
Corporation* .............. 9,156
500 Factory 2-U Stores, Inc.* ... 685
1,700 Family Dollar Stores, Inc. .. 60,996
2,100 Federated Department
Stores, Inc.* ............. 98,973
100 Finlay Enterprises, Inc.* ... 1,413
1,400 Foot Locker, Inc. ........... 32,830
200 Footstar, Inc.* ............. 788
400 Fred's, Inc. ................ 12,392
600 Galyan's Trading Company* ... 7,224
9,150 Gap, Inc. ................... 212,371
300 Genesco, Inc.* .............. 4,539
200 GenesisIntermedia, Inc.*+# .. 0
900 Goody's Family Clothing, Inc. 8,424
400 Great Atlantic & Pacific Tea
Company, Inc.* ............ 3,360
500 Guitar Center, Inc.* ........ 16,290
600 Handleman Company ........... 12,318
Value
Shares (Note 1)
------ --------
Retail (continued)
1,300 Hollywood Entertainment
Corporation* .............. $ 17,875
23,850 Home Depot, Inc. ............ 846,437
600 Hot Topic, Inc.* ............ 17,676
100 Ingles Markets, Inc., Class A 1,027
500 Insight Enterprises, Inc.* .. 9,400
2,667 J.C. Penney Company, Inc.
(Holding Company) ......... 70,089
100 Kirkland's, Inc.* ........... 1,766
700 Kmart Holding Corporation* .. 16,765
3,400 Kohl's Corporation* ......... 152,796
500 Krispy Kreme Doughnuts, Inc.* 18,300
7,500 Kroger Company* ............. 138,825
5,115 Limited Brands .............. 92,223
1,100 Linens 'n Things, Inc.* ..... 33,088
170 Longs Drug Stores Corporation 4,206
8,228 Lowe's Companies, Inc. ...... 455,749
2,850 May Department Stores Company 82,850
486 Men's Wearhouse, Inc.* ...... 12,155
600 Michaels Stores, Inc. ....... 26,520
300 Mothers Work, Inc.* ......... 7,320
400 Neiman Marcus Group, Inc.,
Class A* .................. 21,468
1,400 Nordstrom, Inc. ............. 48,020
3,900 Office Depot, Inc.* ......... 65,169
300 Overstock.com, Inc.* ........ 5,958
900 Pacific Sunwear of
California, Inc.* ......... 19,008
100 Party City Corporation* ..... 1,269
600 Payless ShoeSource, Inc.* ... 8,040
200 PC Connection, Inc.* ........ 1,674
800 Pep Boys-Manny, Moe & Jack .. 18,296
1,400 PETsMART, Inc. .............. 33,320
700 Pier 1 Imports, Inc. ........ 15,302
300 PriceSmart, Inc.* ........... 1,878
500 Programmer's Paradise, Inc.* 3,445
1,700 RadioShack Corporation ...... 52,156
100 RedEnvelope, Inc.* .......... 1,670
700 Regis Corporation ........... 27,664
5,000 Rite Aid Corporation* ....... 30,200
1,400 Ross Stores, Inc. ........... 37,002
200 Ryan's Family Steak Houses,
Inc.* ..................... 3,028
See Notes to Financial Statements.
75
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Retail (continued)
4,600 Safeway, Inc.* .............. $ 100,786
1,000 Saks, Inc.* ................. 15,040
400 School Specialty, Inc.* ..... 13,604
3,100 Sears, Roebuck & Company .... 141,019
300 Sharper Image Corporation* .. 9,795
400 Shoe Carnival, Inc.* ........ 7,120
400 Stage Stores, Inc.* ......... 11,160
400 Stamps.com, Inc.* ........... 2,480
5,700 Staples, Inc.* .............. 155,610
300 Summit America Television,
Inc.* ..................... 1,176
700 Systemax, Inc.* ............. 4,662
500 Talbots, Inc. ............... 15,390
9,600 Target Corporation .......... 368,640
1,500 Tiffany & Company ........... 67,800
5,000 TJX Companies, Inc. ......... 110,250
3,300 Toys "R" Us, Inc.* .......... 41,712
500 Tractor Supply Company* ..... 19,445
400 Tuesday Morning Corporation* 12,100
200 Tweeter Home Entertainment
Group, Inc. ............... 1,890
100 U.S.A. Floral Products,
Inc.*# .................... 0
500 United Stationers, Inc.* .... 20,460
800 Urban Outfitters, Inc.* ..... 29,640
700 Value America, Inc.*# ....... 0
45,870 Wal-Mart Stores, Inc. ....... 2,433,404
11,100 Walgreen Company ............ 403,818
200 Webvan Group, Inc.*# ........ 0
300 Weis Markets, Inc. .......... 10,890
400 West Marine, Inc.* .......... 11,124
225 Wet Seal, Inc., Class A* .... 2,225
350 Whitehall Jewellers, Inc.* .. 3,455
600 Whole Foods Market, Inc.* ... 40,278
1,000 Williams-Sonoma, Inc.* ...... 34,770
2,100 Winn-Dixie Stores, Inc. ..... 20,895
100 World Fuel Services
Corporation ............... 3,395
500 Yankee Candle Company, Inc.* 13,665
300 Zale Corporation* ........... 15,960
100 Zany Brainy, Inc.*# ......... 0
------------
8,688,343
------------
Value
Shares (Note 1)
------ --------
Schools - 0.2%
1,825 Apollo Group, Inc., Class A* $ 124,100
1,000 Career Education Corporation* 40,070
700 Corinthian Colleges, Inc.* .. 38,892
600 DeVRY, Inc.* ................ 15,078
300 eCollege.com, Inc.* ......... 5,538
600 Education Management
Corporation* .............. 18,624
100 EVCI Career Colleges, Inc.* . 539
400 ITT Educational Services, Inc.* 18,788
200 Learning-Tree International,
Inc.* ..................... 3,478
100 Strayer Education, Inc. ..... 10,883
500 Sylvan Learning Systems,
Inc.* ..................... 14,395
------------
290,385
------------
Steel - 0.1%
1,700 AK Steel Holding Corporation* 8,670
950 Allegheny Technologies, Inc. 12,559
400 Carpenter Technology
Corporation ............... 11,828
200 Gibraltar Steel Corporation . 5,030
200 Material Sciences Corporation* 2,022
100 Northwest Pipe Company* ..... 1,332
800 Nucor Corporation ........... 44,800
500 Oregon Steel Mills, Inc.* ... 2,905
500 Ryerson Tull, Inc. .......... 5,725
200 Steel Dynamics, Inc.* ....... 4,698
1,100 United States Steel
Corporation ............... 38,522
1,400 Worthington Industries, Inc. 25,242
------------
163,333
------------
Telecommunications - 4.2%
5,930 ADC Telecommunications, Inc.* 17,612
1,700 Adelphia Communications
Corporation, Class A* ..... 909
1,200 ADTRAN, Inc. ................ 37,200
700 Advanced Fibre
Communications, Inc.* ..... 14,105
900 Advanced Radio Telecom
Corporation*+# ............ 0
300 AirGate PCS, Inc.* .......... 738
700 Alamosa Holdings, Inc.* ..... 2,807
See Notes to Financial Statements.
76
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Telecommunications (continued)
100 Alaska Communications
Systems Holdings, Inc.* ... $ 474
3,301 ALLTEL Corporation .......... 153,761
1,600 American Tower Corporation,
Class A* .................. 17,312
1,500 Andrew Corporation* ......... 17,265
400 Applied Innovation, Inc.* ... 2,692
100 Applied Signal Technology, Inc. 2,301
300 Arris Group, Inc.* .......... 2,172
9,281 AT&T Corporation ............ 188,404
600 AT&T Latin America Corporation,
Class A* .................. 13
28,497 AT&T Wireless Services, Inc.* 227,691
400 Autobytel, Inc.* ............ 3,632
1,900 Avanex Corporation* ......... 9,481
5,590 Avaya, Inc.* ................ 72,335
19,400 BellSouth Corporation ....... 549,020
1,100 Boston Communications
Group, Inc.* .............. 10,219
600 Captaris, Inc.* ............. 3,372
500 Centillium Communications,
Inc.* ..................... 2,815
1,600 CenturyTel, Inc. ............ 52,192
550 Choice One
Communications, Inc.* ..... 396
3,681 CIENA Corporation* .......... 24,442
2,139 Cincinnati Bell, Inc.* ...... 10,802
3,300 Citizens Communications
Company* .................. 40,986
150 COMARCO, Inc.* .............. 1,650
500 Commonwealth Telephone
Enterprises, Inc.* ........ 18,875
700 CommScope, Inc.* ............ 11,431
1,931 Comverse Technology, Inc.* .. 33,966
100 Concerto Software, Inc.* .... 1,198
600 Concurrent Computer
Corporation* .............. 2,622
200 Convergent Communications,
Inc.*+# ................... 0
200 Copper Mountain Networks,
Inc.* ..................... 2,154
13,619 Corning, Inc.* .............. 142,046
2,200 Covad Communications
Group, Inc.* .............. 7,920
Value
Shares (Note 1)
------ --------
Telecommunications (continued)
1,900 Crown Castle International
Corporation* .............. $ 20,957
139 D&E Communications, Inc. .... 2,017
200 Davel Communications, Inc.* . 4
900 Ditech Communications
Corporation* .............. 17,190
1,100 Dobson Communications
Corporation, Class A* ..... 7,227
300 e.spire Communications, Inc.*# 0
300 EMS Technologies, Inc.* ..... 6,162
1,100 Global TeleSystems
Group, Inc.*+# ............ 0
200 GRIC Communications, Inc.* .. 1,080
1,200 Harmonic, Inc.* ............. 8,700
500 Harris Corporation .......... 18,975
100 Hickory Tech Corporation .... 1,145
100 Hungarian Telephone and
Cable Corporation* ........ 986
500 ICG Communications, Inc.*+# . 0
200 IDT Corporation* ............ 4,430
500 Inet Technologies, Inc.* .... 6,000
900 InterDigital Communications
Corporation* .............. 18,576
100 Interspeed, Inc.* ........... 1
200 Leap Wireless International,
Inc.* ..................... 7
7,300 Level 3 Communications, Inc.* 41,610
200 Lightbridge, Inc.* .......... 1,820
187 LightPath Technologies, Inc.,
Class A* .................. 522
42,586 Lucent Technologies, Inc.* .. 120,944
300 MasTec, Inc.* ............... 4,443
100 Micronetics, Inc.* .......... 721
25,341 Motorola, Inc. .............. 356,548
500 Net2Phone, Inc.* ............ 3,400
300 Network Access Solutions
Corporation* .............. 2
100 Network Equipment
Technologies, Inc.* ....... 1,100
400 Network Plus Corporation*# .. 0
1,300 New Focus, Inc.* ............ 6,526
11,300 Nextel Communications, Inc.,
Class A* .................. 317,078
See Notes to Financial Statements.
77
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Telecommunications (continued)
2,600 Nextel Partners, Inc.,
Class A* .................. $ 34,970
200 Norstan, Inc.* .............. 638
22 NTL Europe, Inc.* ........... 1
900 NTL, Inc.* .................. 62,775
661 Openwave Systems, Inc.* ..... 7,271
200 Optical Cable Corporation* .. 1,420
700 Pacific Gateway Exchange, Inc.* 1
600 Peco II, Inc.* .............. 673
300 Performance Technologies, Inc.* 4,275
700 Plantronics, Inc.* .......... 22,855
100 Price Communications
Corporation* .............. 1,373
8,400 QUALCOMM, Inc. .............. 453,012
18,570 Qwest Communications
International, Inc.* ...... 80,222
400 Raindance Communications, Inc.* 1,100
1,500 Rhythms NetConnections, Inc.*# 0
34,791 SBC Communications, Inc. .... 907,001
1,300 Scientific-Atlanta, Inc. .... 35,490
60 Sirenza Microdevices, Inc.* . 288
4,200 Sonus Networks, Inc.* ....... 31,752
125 Sorrento Networks Corporation* 370
9,500 Sprint Corporation .......... 155,990
10,200 Sprint Corporation (PCS Group)* 57,324
195 Stratos Lightwave, Inc.* .... 1,322
500 Sunrise Telecom, Inc. ....... 1,750
3,100 Sycamore Networks, Inc.* .... 16,244
600 TALK America Holdings, Inc.* 6,912
500 Tekelec* .................... 7,775
570 Telephone & Data Systems, Inc. 35,654
3,700 Tellabs, Inc.* .............. 31,191
1,800 Terayon Communication
Systems, Inc.* ............ 8,100
100 TippingPoint Technologies,
Inc.* ..................... 3,000
1,300 Touch America Holdings, Inc.* 13
382 Tumbleweed Communications
Corporation* .............. 3,201
600 Tut Systems, Inc.* .......... 3,852
600 Ulticom, Inc.* .............. 5,790
670 United Online, Inc.* ........ 11,249
700 United States Cellular
Corporation* .............. 24,850
Value
Shares (Note 1)
------ --------
Telecommunications (continued)
28,986 Verizon Communications, Inc. $ 1,016,829
1,000 Vodavi Technology, Inc.* .... 5,800
1,500 Western Wireless Corporation,
Class A* .................. 27,540
5,171 Williams Communications
Group, Inc.+ .............. 1
100 Wilson Greatbatch
Technologies, Inc.* ....... 4,227
600 WinStar Communications, Inc.* 1
900 World Access, Inc. .......... 1
800 Xeta Technologies, Inc.* .... 4,840
------------
5,734,124
------------
Tires & Rubber - 0.0%**
300 Bandag, Inc. ................ 12,360
1,100 Cooper Tire & Rubber Company 23,518
1,900 Goodyear Tire &
Rubber Company* ........... 14,934
200 Plymouth Rubber Company, Inc.,
Class A* .................. 280
------------
51,092
------------
Tobacco - 1.0%
21,400 Altria Group, Inc. .......... 1,164,588
832 R.J. Reynolds Tobacco
Holdings, Inc. ............ 48,381
100 Standard Commercial
Corporation ............... 2,007
200 Universal Corporation ....... 8,834
1,700 UST, Inc. ................... 60,673
666 Vector Group, Ltd. .......... 10,869
------------
1,295,352
------------
Travel & Recreation - 0.8%
200 Ambassadors Group, Inc.* .... 4,698
100 Ameristar Casinos, Inc.* .... 2,447
400 Argosy Gaming Company* ...... 10,396
200 Aztar Corporation* .......... 4,500
200 Bally Total Fitness
Holding Corporation* ...... 1,400
220 Bowl America, Inc., Class A . 3,096
600 Boyd Gaming Corporation* .... 9,684
See Notes to Financial Statements.
78
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
Travel & Recreation (continued)
1,000 Brunswick Corporation ....... $ 31,830
700 Callaway Golf Company ....... 11,795
7,000 Carnival Corporation ........ 278,110
900 Choice Hotels International,
Inc.* ..................... 31,725
300 Coastcast Corporation* ...... 597
500 Dollar Thrifty Automotive
Group, Inc.* .............. 12,970
560 Dover Downs Gaming &
Entertainment, Inc. ....... 5,298
800 Dover Motorsports, Inc. ..... 2,800
1,000 Extended Stay America, Inc.* 14,480
255 Gaylord Entertainment Company* 7,612
1,100 Harrah's Entertainment, Inc. 54,747
4,265 Hilton Hotels Corporation ... 73,059
417 K2, Inc.* ................... 6,342
500 Mandalay Resort Group ....... 22,360
2,500 Marriott International, Inc.,
Class A ................... 115,500
1,500 MGM Mirage* ................. 56,415
200 Monarch Casino Resort, Inc.* 2,206
100 Multimedia Games, Inc.* ..... 4,110
100 Navigant International, Inc.* 1,385
2,400 Park Place Entertainment
Corporation* .............. 25,992
600 Pegasus Solutions, Inc.* .... 6,282
900 Pinnacle Entertainment, Inc.* 8,388
500 Priceline.com, Inc.* ........ 8,950
700 Prime Hospitality Corporation* 7,140
700 Regal Entertainment Group,
Class A ................... 14,364
2,100 Royal Caribbean Cruises, Ltd. 73,059
1,730 Sabre Holdings Corporation .. 37,351
450 Shuffle Master, Inc.* ....... 15,579
700 Six Flags, Inc.* ............ 5,264
600 Speedway Motorsports, Inc. .. 17,352
1,973 Starwood Hotels & Resorts
Worldwide, Inc. ........... 70,969
900 Station Casinos, Inc. ....... 27,567
100 Vail Resorts, Inc.* ......... 1,700
------------
1,089,519
------------
Value
Shares (Note 1)
------ --------
Trucking & Freight - 0.9%
100 AMERCO* ..................... $ 2,150
400 Boyd Brothers
Transportation, Inc.* ..... 2,464
900 C.H. Robinson Worldwide, Inc. 34,119
100 Celadon Group, Inc.* ........ 1,420
700 CNF, Inc. ................... 23,730
400 Consolidated Freightways
Corporation* .............. 2
500 Covenant Transport, Inc.,
Class A* .................. 9,505
1,200 Expeditors International of
Washington, Inc. .......... 45,192
150 Forward Air Corporation* .... 4,125
200 Frozen Food Express
Industries, Inc.* ......... 1,328
800 Heartland Express, Inc. ..... 19,352
100 Interpool, Inc. ............. 1,525
1,000 J.B. Hunt Transport Services,
Inc.* ..................... 27,010
450 Knight Transportation, Inc.* 11,542
400 Landstar System, Inc.* ...... 15,216
450 Marten Transport, Ltd.* ..... 6,921
150 Old Dominion Freight Line,
Inc.* ..................... 5,112
100 P.A.M. Transportation
Services, Inc.* ........... 2,133
100 Quality Distribution, Inc.* . 1,955
500 Ryder System, Inc. .......... 17,075
720 Swift Transportation
Company, Inc.* ............ 15,134
100 U.S. Xpress Enterprises, Inc.,
Class A* .................. 1,225
11,800 United Parcel Service, Inc.,
Class B ................... 879,690
300 USF Corporation ............. 10,257
200 Wabash National Corporation* 5,860
750 Werner Enterprises, Inc. .... 14,618
------------
1,158,660
------------
TOTAL COMMON STOCKS
(Cost $130,955,599) ....... 138,454,839
------------
See Notes to Financial Statements.
79
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO DECEMBER 31, 2003
STATEMENT OF INVESTMENTS - (CONTINUED)
Value
Shares (Note 1)
------ --------
PREFERRED STOCK - 0.0%**
Media - 0.0%**
190 InterActiveCorp Series A,
Convertible ............... $ 10,925
Real Estate - 0.0%**
21 Commercial Net Lease Realty
9.000% Series A ........... 575
------------
TOTAL PREFERRED STOCK
(Cost $5,364) ............. 11,500
------------
RIGHTS - 0.0%**
200 Bank United Corporation,
Contingent Payment Rights* 24
400 Biotime, Inc. Rights* ....... 4
1,800 Seagate Tax Refund Rights*+# 0
300 Wiltel Communications, Inc.
Rights*# .................. 0
------------
TOTAL RIGHTS
(Cost $68) ................ 28
------------
Value
Shares (Note 1)
------ --------
WARRANTS - 0.0%**
211 InterActiveCorp, Series A
Warrants Expire 02/04/09* . $ 2,809
3 Lodgian, Inc., Class A
Warrants Expire 11/25/07*+# 0
8 Lodgian, Inc., Class B
Warrants Expire 11/25/09*+# 0
12 Polymer Group, Inc., Class A
Warrants Expire 03/04/10*+# 0
13 Polymer Group, Inc., Class B
Warrants Expire 03/04/10*+# 0
6 Spectrasite, Inc.,
Warrants Expire 02/10/10 .. 252
------------
TOTAL WARRANTS
(Cost $21,496) ............ 3,061
------------
TOTAL INVESTMENTS
(Cost $130,982,527***) .... 101.1% 138,469,428
OTHER ASSETS AND LIABILITIES
(Net) ..................... (1.1)% (1,551,036)
----- ------------
NET ASSETS ................... 100.0% $136,918,392
===== ============
* Non-income producing security.
** Amount represents less than 0.1% of net assets.
*** Aggregate cost for Federal tax purposes is $137,070,355.
# Amount represents less than $1.00
+ Fair-valued Securities
ADR American Depository Receipt
See Notes to Financial Statements.
80
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2003
LARGE LARGE SMALL SMALL WILSHIRE
COMPANY COMPANY COMPANY COMPANY 5000
GROWTH VALUE GROWTH VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- ----------- ----------- ----------- ------------
ASSETS:
Investments, at cost (Note 1) .................. $ 417,538,156 $51,648,016 $ 9,756,825 $18,656,012 $130,982,527
============= =========== =========== =========== ============
Investments, at value (Note 1),
See accompanying schedules .................. $ 518,754,075 $64,916,301 $11,374,406 $23,478,108 $138,469,428
Cash 1 ......................................... 12,959,787 1,579,082 56,848 124,886 1,020,133
Receivable for Portfolio shares sold ........... 1,822,894 210,552 5,971 17,768 236,346
Receivable for investment securities sold ...... 2,230,845 33,956 -- -- 3,840
Dividends receivable ........................... 529,722 92,802 4,033 28,053 170,055
Variation margin ............................... 14,500 -- -- -- --
Prepaid expenses and other assets .............. 17,340 3,014 361 955 4,825
------------- ----------- ----------- ----------- ------------
Total Assets ................................ 536,329,163 66,835,707 11,441,619 23,649,770 139,904,627
------------- ----------- ----------- ----------- ------------
LIABILITIES:
Payable for Portfolio shares redeemed .......... 4,054,163 107,104 25,907 25,628 1,914,624
Payable for investment securities purchased .... 5,186,520 399,674 -- -- 879,318
Investment advisory fee payable (Note 2) ....... 326,323 40,831 2,636 4,894 11,193
Due to Custodian ............................... 6,282 13,899 10,816 10,702 26,138
Distribution and service fees payable
(Note 3) .................................... 84,247 13,011 6,501 7,468 67,258
Directors' fees payable (Note 2) ............... 7,774 937 94 224 1,480
Administration and Accounting fees payable 69,043 11,309 4,417 5,240 19,427
Transfer agent fees payable .................... 24,984 12,809 4,283 4,456 14,325
Printing expenses payable ...................... 47,360 7,686 1,071 3,289 29,510
Accrued expenses and other payables ............ 50,002 7,767 3,092 4,181 22,962
------------- ----------- ----------- ----------- ------------
Total Liabilities ........................... 9,856,698 615,027 58,817 66,082 2,986,235
------------- ----------- ----------- ----------- ------------
NET ASSETS ..................................... $ 526,472,465 $66,220,680 $11,382,802 $23,583,688 $136,918,392
============= =========== =========== =========== ============
NET ASSETS consist of:
Undistributed net investment income ............ -- $552,754 -- $65,065 $332,614
Accumulated net realized loss on
investments sold and futures contracts ...... $(112,965,708) (3,630,020) $ (302,182) (351,474) (20,278,073)
Net unrealized appreciation of investments
and futures contracts ....................... 101,422,681 13,268,285 1,617,581 4,822,096 7,486,901
Par value ...................................... 538,458 56,029 10,243 19,048 149,376
Paid-in capital ................................ 537,477,034 55,973,632 10,057,160 19,028,953 149,227,574
------------- ----------- ----------- ----------- ------------
NET ASSETS ..................................... $ 526,472,465 $66,220,680 $11,382,802 $23,583,688 $136,918,392
============= =========== =========== =========== ============
- ----------------------
1 $320,000 is segregated as collateral on futures contracts for the Large
Company Growth Portfolio.
See Notes to Financial Statements.
81
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
STATEMENTS OF ASSETS AND LIABILITIES - (CONTINUED)
DECEMBER 31, 2003
LARGE LARGE SMALL SMALL WILSHIRE
COMPANY COMPANY COMPANY COMPANY 5000
GROWTH VALUE GROWTH VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- ----------- ----------- ----------- ------------
NET ASSETS:
Investment Class shares............................. $ 365,658,299 $35,996,705 $11,224,151 $13,441,224 $107,818,035
============= =========== =========== =========== ============
(50,000,000 shares authorized, per class,
per Portfolio, par value $.001 per share)
Institutional Class shares.......................... $ 160,814,166 $30,223,975 $ 158,651 $10,142,464 $ 23,621,105
============= =========== =========== =========== ============
(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 $ 3,564,618
============= =========== =========== =========== ============
(10,000,000 shares authorized, per class,
per Portfolio, par value $.001 per share)
Horace Mann Class shares............................. N/A N/A N/A N/A $ 1,914,634
============= =========== =========== =========== ============
(10,000,000 shares authorized, per class,
per Portfolio, par value $.001 per share)
SHARES OUTSTANDING:
Investment Class shares............................. 12,259,050 1,754,406 713,397 688,411 11,759,357
============= =========== =========== =========== ============
Institutional Class shares.......................... 5,336,790 1,470,869 9,956 518,740 2,573,297
============= =========== =========== =========== ============
Qualified Class shares.............................. N/A N/A N/A N/A 389,439
============= =========== =========== =========== ============
Horace Mann Class shares............................ N/A N/A N/A N/A 209,149
============= =========== =========== =========== ============
INVESTMENT CLASS SHARES:
Net asset value, offering and redemption
price per share.................................. $ 29.83 $ 20.52 $ 15.73 $ 19.52 $ 9.17
============= =========== =========== =========== ============
INSTITUTIONAL CLASS SHARES:
Net asset value, offering and redemption
price per share.................................. $ 30.13 $ 20.55 $ 15.94 $ 19.55 $ 9.18
============= =========== =========== =========== ============
QUALIFIED CLASS SHARES:
Net asset value, offering and redemption
price per share.................................. N/A N/A N/A N/A $ 9.15
============= =========== =========== =========== ============
HORACE MANN CLASS SHARES:
Net asset value, offering and redemption
price per share.................................. N/A N/A N/A N/A $ 9.15
============= =========== =========== =========== ============
See Notes to Financial Statements.
82
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
LARGE LARGE SMALL SMALL WILSHIRE
COMPANY COMPANY COMPANY COMPANY 5000
GROWTH VALUE GROWTH VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- ----------- ----------- ----------- ------------
INVESTMENT INCOME:
Dividends ....................................... $ 4,639,474 $ 1,451,906 $ 47,037 $ 368,883 $ 1,788,514
Foreign taxes withheld .......................... (1,242) (537) (75) (62) (112)
------------ ------------ ------------ ------------ ------------
Total Income ................................. 4,638,232 1,451,369 46,962 368,821 1,788,402
------------ ------------ ------------ ------------ ------------
EXPENSES:
Investment advisory fee (Note 2) ................ 3,008,304 472,738 75,765 179,925 104,876
Distribution and service fees (Note 3) .......... 991,957 102,512 26,922 33,956 265,685
Administration and Accounting fees
(Note 2) ..................................... 645,830 128,440 51,227 58,751 188,313
Transfer agent fees (Note 2) .................... 268,096 105,616 47,295 51,155 143,009
Printing fees ................................... 195,216 33,487 3,322 7,299 74,431
Legal and Audit fees ............................ 173,623 24,673 2,060 7,858 36,580
Custodian fees (Note 2) ......................... 72,590 41,302 32,738 34,715 88,149
Directors' fees and expenses (Note 2) ........... 64,533 9,041 811 2,379 15,639
Registration and filing fees .................... 41,672 28,680 24,937 31,134 41,245
Other ........................................... 54,836 21,166 11,684 14,228 100,157
------------ ------------ ------------ ------------ ------------
Subtotal ..................................... 5,516,657 967,655 276,761 421,400 1,058,084
Fees waived by investment adviser
(Note 2) ..................................... (391,067) (71,325) (53,481) (127,006) --
Custody earnings credits (Note 2) ............... (45,213) (4,613) (515) -- (5,328)
------------ ------------ ------------ ------------ ------------
Total net expenses ......................... 5,080,377 891,717 222,765 294,394 1,052,756
------------ ------------ ------------ ------------ ------------
NET INVESTMENT INCOME/(LOSS) .................... (442,145) 559,652 (175,803) 74,427 735,646
------------ ------------ ------------ ------------ ------------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS
AND FUTURES CONTRACTS
(Notes 1 and 4) Net realized gain/(loss) from:
Investments .................................. 11,825,420 2,932,752 1,542,552 3,275,363 (3,084,255)
Futures contracts ............................ 283,585 -- -- -- --
Net change in unrealized appreciation
on investments and futures contracts ......... 84,625,803 12,670,183 1,296,775 2,699,675 31,484,991
------------ ------------ ------------ ------------ ------------
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS AND
FUTURES CONTRACTS ............................ 96,734,808 15,602,935 2,839,327 5,975,038 28,400,736
------------ ------------ ------------ ------------ ------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS .................... $ 96,292,663 $ 16,162,587 $ 2,663,524 $ 6,049,465 $ 29,136,382
============ ============ ============ ============ ============
See Notes to Financial Statements.
83
WILSHIRE MUTUAL FUNDS, INC.. [GRAPHIC OMITTED] TREES
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2003
LARGE LARGE SMALL SMALL WILSHIRE
COMPANY COMPANY COMPANY COMPANY 5000
GROWTH VALUE GROWTH VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ----------- ----------- ------------
Operations:
Net investment income/(loss) ....... $ (442,145) $ 559,652 $ (175,803) $ 74,427 $ 735,646
Net realized gain/(loss) on investments
and futures contracts ........... 12,109,005 2,932,752 1,542,552 3,275,363 (3,084,255)
Net change in unrealized appreciation
on investments and futures contracts 84,625,803 12,670,183 1,296,775 2,699,675 31,484,991
------------ ------------ ----------- ----------- ------------
Net increase in net assets resulting
from operations.................. 96,292,663 16,162,587 2,663,524 6,049,465 29,136,382
Distributions to shareholders from:
Net investment income:
Investment Class shares.......... -- (138,785) -- (28,976) (390,699)
Institutional Class shares....... (393,682) (167,538) -- (46,501) (136,762)
Qualified Class shares........... N/A N/A N/A N/A (11,232)
Horace Mann Class shares......... N/A N/A N/A N/A (5,750)
------------ ------------ ----------- ----------- ------------
Total distributions to shareholders. (393,682) (306,323) -- (75,477) (544,443)
Capital Stock Transactions: (Dollars)
Investment Class shares:
Shares sold...................... 134,668,787 8,398,007 5,743,438 4,444,472 43,375,245
Shares issued as reinvestment
of dividends................... -- 135,751 -- 28,534 378,963
Shares redeemed.................. (81,411,765) (5,302,778) (4,197,766) (10,265,092) (21,924,314)
------------ ------------ ----------- ----------- ------------
Total Investment Class shares....... 53,257,022 3,230,980 1,545,672 (5,792,086) 21,829,894
------------ ------------ ----------- ----------- ------------
Institutional Class shares:
Shares sold...................... 82,549,121 6,082,075 13,866 281,777 5,778,301
Shares issued as reinvestment
of dividends................... 316,235 71,946 -- 46,381 135,442
Shares redeemed.................. (31,897,915) (18,281,673) (178,267) (2,455,762) (2,250,090)
------------ ------------ ----------- ----------- ------------
Total Institutional Class shares.... 50,967,441 (12,127,652) (164,401) (2,127,604) 3,663,653
------------ ------------ ----------- ----------- ------------
Qualified Class shares:
Shares sold...................... N/A N/A N/A N/A 2,108,996
Shares issued as reinvestment
of dividends................... N/A N/A N/A N/A 11,232
Shares redeemed.................. N/A N/A N/A N/A (980,222)
------------ ------------ ----------- ----------- ------------
Total Qualified Class shares........ N/A N/A N/A N/A 1,140,006
------------ ------------ ----------- ----------- ------------
Horace Mann Class shares:
Shares sold...................... N/A N/A N/A N/A 288,083
Shares issued as reinvestment
of dividends................... N/A N/A N/A N/A 5,713
Shares redeemed.................. N/A N/A N/A N/A (200,447)
------------ ------------ ----------- ----------- ------------
Total Horace Mann Class shares...... N/A N/A N/A N/A 93,349
------------ ------------ ----------- ----------- ------------
Net increase/(decrease) in net assets from
Capital Stock transactions....... 104,224,463 (8,896,672) 1,381,271 (7,919,690) 26,726,902
------------ ------------ ----------- ----------- ------------
Net increase/(decrease) in net assets $200,123,444 $ 6,959,592 $ 4,044,795 $(1,945,702) $ 55,318,841
------------ ------------ ----------- ----------- ------------
See Notes to Financial Statements.
84
WILSHIRE MUTUAL FUNDS, INC.. [GRAPHIC OMITTED] TREES
STATEMENTS OF CHANGES IN NET ASSETS - (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2003
LARGE LARGE SMALL SMALL WILSHIRE
COMPANY COMPANY COMPANY COMPANY 5000
GROWTH VALUE GROWTH VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ----------- ------------ ------------
NET ASSETS:
Beginning of year.................. $326,349,021 $ 59,261,088 $ 7,338,007 $ 25,529,390 $ 81,599,551
------------ ------------ ----------- ------------ ------------
End of year........................ $526,472,465 $ 66,220,680 $11,382,802 $ 23,583,688 $136,918,392
============ ============ =========== ============ ============
Undistributed net investment
income/(loss).................... -- $ 552,754 -- $ 65,065 $ 332,614
============ ============ =========== ============ ============
Capital Share Transactions:
Investment Class shares:
Shares sold...................... 5,067,938 470,566 404,562 263,158 5,623,645
Shares issued as reinvestment
of dividends................... -- 6,632 -- 1,440 41,373
Shares redeemed.................. (3,148,078) (302,628) (305,085) (709,333) (2,811,694)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) in Investment
Class shares outstanding......... 1,919,860 174,570 99,477 (444,735) 2,853,324
============ ============ =========== ============ ============
Institutional Class shares:
Shares sold...................... 3,102,234 352,045 1,222 16,250 685,817
Shares issued as reinvestment
of dividends................... 10,503 3,510 -- 2,338 14,770
Shares redeemed.................. (1,238,451) (999,931) (16,254) (146,943) (273,671)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) in Institutional
Class shares outstanding......... 1,874,286 (644,376) (15,032) (128,355) 426,916
============ ============ =========== ============ ============
Qualified Class shares:
Shares sold...................... N/A N/A N/A N/A 265,578
Shares issued as reinvestment
of dividends................... N/A N/A N/A N/A 1,227
Shares redeemed.................. N/A N/A N/A N/A (121,335)
------------ ------------ ----------- ------------ ------------
Net increase in Qualified Class shares
outstanding...................... N/A N/A N/A N/A 145,470
============ ============ =========== ============ ============
Horace Mann Class shares:
Shares sold...................... N/A N/A N/A N/A 37,126
Shares issued as reinvestment
of dividends................... N/A N/A N/A N/A 624
Shares redeemed.................. N/A N/A N/A N/A (26,211)
------------ ------------ ----------- ------------ ------------
Net increase in Horace Mann Class
shares outstanding............... N/A N/A N/A N/A 11,539
============ ============ =========== ============ ============
See Notes to Financial Statements.
85
WILSHIRE MUTUAL FUNDS, INC.. [GRAPHIC OMITTED] TREES
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE FOUR MONTH PERIOD ENDED DECEMBER 31, 2002
LARGE LARGE SMALL SMALL WILSHIRE
COMPANY COMPANY COMPANY COMPANY 5000
GROWTH VALUE GROWTH VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ----------- ----------- ------------
Operations:
Net investment income/(loss)........ $ 394,162 $ 306,418 $ ( 46,277) $ 75,488 $ 176,525
Net realized loss on investments
sold during the period........... (22,450,295) (2,072,834) (872,217) (1,799,121) (1,655,687)
Net change in unrealized appreciation/
(depreciation) of investments
during the period................ 13,680,052 (3,337,520) 501,075 647,145 (1,165,141)
------------ ------------ ----------- ----------- -----------
Net decrease in net assets
resulting from operations........ (8,376,081) (5,103,936) (417,419) (1,076,488) (2,644,303)
Distributions to shareholders from:
Net investment income:
Investment Class shares.......... (449,004) (375,892) -- (281,336) (456,393)
Institutional Class shares....... (443,700) (597,659) -- (175,142) (158,294)
Qualified Class shares........... N/A N/A N/A N/A (7,945)
Horace Mann Class shares......... N/A N/A N/A N/A (9,386)
------------ ------------ ----------- ----------- -----------
Total distributions to shareholders. (892,704) (973,551) -- (456,478) (632,018)
Capital Share Transactions: (Dollars)
Investment Class shares:
Shares sold...................... 29,620,709 3,619,421 592,476 5,270,657 11,178,292
Shares issued as reinvestment of dividends 436,485 364,383 -- 253,602 444,597
Shares redeemed.................. (28,559,703) (6,058,618) (549,343) (8,409,239) (5,416,867)
------------ ------------ ----------- ----------- -----------
Total Investment Class shares....... 1,497,491 (2,074,814) 43,133 (2,884,980) 6,206,022
------------ ------------ ----------- ----------- -----------
Institutional Class shares:
Shares sold...................... 15,333,539 1,756,132 12,800 57,131 509,976
Shares issued as reinvestment of dividends 422,708 550,343 -- 173,444 156,494
Shares redeemed.................. (15,235,624) (2,157,380) (2,958,092) (178,723) (4,706,055)
------------ ------------ ----------- ----------- -----------
Total Institutional Class shares.... 520,623 149,095 (2,945,292) 51,852 (4,039,585)
------------ ------------ ----------- ----------- -----------
Qualified Class shares:
Shares sold...................... N/A N/A N/A N/A 207,550
Shares issued as reinvestment of dividends N/A N/A N/A N/A 7,944
Shares redeemed.................. N/A N/A N/A N/A (497,100)
------------ ------------ ----------- ----------- -----------
Total Qualified Class shares........ N/A N/A N/A N/A (281,606)
------------ ------------ ----------- ----------- -----------
Horace Mann Class shares:
Shares sold...................... N/A N/A N/A N/A 144,600
Shares issued as reinvestment of dividends N/A N/A N/A N/A 9,298
Shares redeemed.................. N/A N/A N/A N/A (100,713)
------------ ------------ ----------- ----------- -----------
Total Horace Mann Class shares...... N/A N/A N/A N/A 53,185
------------ ------------ ----------- ----------- -----------
Net increase/(decrease) in net assets from
Capital Stock transactions....... 2,018,114 (1,925,719) (2,902,159) (2,833,128) 1,938,016
------------ ------------ ----------- ----------- -----------
Net decrease in net assets.......... (7,250,671) (8,003,206) (3,319,578) (4,366,094) (1,338,305)
------------ ------------ ----------- ----------- -----------
See Notes to Financial Statements.
86
WILSHIRE MUTUAL FUNDS, INC.. [GRAPHIC OMITTED] TREES
STATEMENTS OF CHANGES IN NET ASSETS - (CONTINUED)
FOR THE FOUR MONTH PERIOD ENDED DECEMBER 31, 2002
LARGE LARGE SMALL SMALL WILSHIRE
COMPANY COMPANY COMPANY COMPANY 5000
GROWTH VALUE GROWTH VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- ----------- ----------- ----------- ------------
NET ASSETS:
Beginning of period................. $333,599,692 $67,264,294 $10,657,585 $29,895,484 $82,937,856
------------ ----------- ----------- ----------- -----------
End of period....................... $326,349,021 $59,261,088 $ 7,338,007 $25,529,390 $81,599,551
============ =========== =========== =========== ===========
Undistributed net investment income. $ 393,868 $ 306,544 $ -- $ 75,560 $ 177,185
============ =========== =========== =========== ===========
Capital Share Transactions:
Investment Class shares:
Shares sold......................... 1,231,897 221,399 51,627 363,124 1,561,122
Shares issued as reinvestment
of dividends..................... 18,496 22,760 -- 17,784 62,708
Shares redeemed..................... (1,207,152) (377,612) (47,826) (617,817) (763,621)
------------ ----------- ----------- ----------- -----------
Net increase/(decrease) in Investment
Class shares outstanding......... 43,241 (133,453) 3,801 (236,909) 860,209
============ =========== =========== =========== ===========
Institutional Class shares:
Shares sold......................... 634,259 107,864 1,118 4,046 70,919
Shares issued as reinvestment
of dividends..................... 17,746 34,332 -- 12,146 22,073
Shares redeemed..................... (627,280) (132,356) (258,798) (13,135) (645,406)
------------ ----------- ----------- ----------- -----------
Net increase/(decrease) in Institutional
Class shares outstanding......... 24,725 9,840 (257,680) 3,057 (552,414)
============ =========== =========== =========== ===========
Qualified Class shares:
Shares sold......................... N/A N/A N/A N/A 29,175
Share issued as reinvestment
of dividends..................... N/A N/A N/A N/A 1,122
Shares redeemed..................... N/A N/A N/A N/A (67,780)
------------ ----------- ----------- ----------- -----------
Net decrease in Qualified Class
shares outstanding............... N/A N/A N/A N/A (37,483)
============ =========== =========== =========== ===========
Horace Mann Class shares:
Shares sold......................... N/A N/A N/A N/A 20,534
Shares issued as reinvestment
of dividends..................... N/A N/A N/A N/A 1,313
Shares redeemed..................... N/A N/A N/A N/A (14,182)
------------ ----------- ----------- ----------- -----------
Net increase in Horace Mann
Class shares outstanding......... N/A N/A N/A N/A 7,665
============ =========== =========== =========== ===========
See Notes to Financial Statements.
87
WILSHIRE MUTUAL FUNDS, INC.. [GRAPHIC OMITTED] TREES
LARGE COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INVESTMENT CLASS SHARES
-------------------------------------------------------------------------
FOUR MONTH
YEAR PERIOD YEAR ENDED AUGUST 31,
ENDED ENDED -----------------------------------------------
12/31/03 12/31/02 1 2002 2001 2000 1999
-------- -------- -------- -------- -------- --------
Net asset value, beginning of period...... $ 23.59 $ 24.22 $ 29.12 $ 46.36 $ 36.37 $ 26.09
-------- -------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss).............. (0.05)*** 0.02*** 0.04*** (0.08)*** (0.12)*** (0.05)
Net realized and unrealized gain/(loss)
on investments.......................... 6.29 (0.61) (4.86) (16.65) 10.55 12.30
-------- -------- -------- -------- -------- --------
Total from investment operations.......... 6.24 (0.59) (4.82) (16.73) 10.43 12.25
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income...... -- (0.04) -- -- -- (0.02)
Distributions from capital gains.......... -- -- (0.08) (0.51) (0.44) (1.95)
-------- -------- -------- -------- -------- --------
Total distributions....................... -- (0.04) (0.08) (0.51) (0.44) (1.97)
-------- -------- -------- -------- -------- --------
Net asset value, end of period............ $ 29.83 $ 23.59 $ 24.22 $ 29.12 $ 46.36 $ 36.37
======== ======== ======== ======== ======== ========
Total return 2............................ 26.45% (2.42)%** (16.61)% (36.33)% 28.84% 48.46%
======== ======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)...... $365,658 $243,890 $249,328 $354,633 $656,711 $454,853
Operating expenses excluding custody
earnings credit......................... 1.37% 0.95%* 0.90% 0.84% 0.84% 0.95%
Operating expenses including reimbursement/
waiver/custody earnings credit.......... 1.36% 0.95%* 0.89% 0.83% 0.83% 0.90%
Operating expenses excluding reimbursement/
waiver/custody earnings credit.......... 1.47% 1.45%* 0.90% 0.84% 0.84% 0.95%
Net investment income including reimbursement/
waiver/custody earnings credit.......... (0.20)% 0.28%* 0.14% (0.23)% (0.28)% (0.11)%
Portfolio turnover rate................... 93% 21%** 47% 43% 50% 35%
- ------------------------------------------------------------------------------------------------------------------------------------
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the average shares
outstanding method for the period.
1 The Funds fiscal year-end changed from August 31 to December 31, effective
December 31, 2002.
2 Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
88
WILSHIRE MUTUAL FUNDS, INC.. [GRAPHIC OMITTED] TREES
LARGE COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS - (CONTINUED)
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INSTITUTIONAL CLASS SHARES
-------------------------------------------------------------------------
FOUR MONTH
YEAR PERIOD YEAR ENDED AUGUST 31,
ENDED ENDED -----------------------------------------------
12/31/03 12/31/02 1 2002 2001 2000 1999
-------- -------- -------- -------- -------- --------
Net asset value, beginning of period...... $ 23.81 $ 24.51 $ 29.39 $ 46.63 $ 36.47 $ 26.12
-------- -------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income..................... 0.03*** 0.05*** 0.12*** 0.03*** 0.01*** 0.03
Net realized and unrealized gain/(loss)
on investments.......................... 6.36 (0.62) (4.92) (16.76) 10.59 12.31
-------- -------- -------- -------- -------- --------
Total from investment operations.......... 6.39 (0.57) (4.80) (16.73) 10.60 12.34
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income...... (0.07) (0.13) -- -- -- (0.04)
Distributions from capital gains.......... -- -- (0.08) (0.51) (0.44) (1.95)
-------- -------- -------- -------- -------- --------
Total distributions....................... (0.07) (0.13) (0.08) (0.51) (0.44) (1.99)
-------- -------- -------- -------- -------- --------
Net asset value, end of period............ $ 30.13 $ 23.81 $ 24.51 $ 29.39 $ 46.63 $ 36.47
======== ======== ======== ======== ======== ========
Total return 2............................ 26.85% (2.32)%** (16.39)% (36.12)% 29.23% 48.81%
======== ======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)...... $160,814 $ 82,459 $ 84,271 $108,794 $149,043 $ 72,773
Operating expenses excluding custody
earnings credit......................... 1.05% 0.64%* 0.59% 0.52% 0.53% 0.67%
Operating expenses including reimbursement/
waiver/custody earnings credit.......... 1.04% 0.64%* 0.58% 0.51% 0.52% 0.62%
Operating expenses excluding reimbursement/
waiver/custody earnings credit.......... 1.15% 1.14%* 0.59% 0.52% 0.53% 0.67%
Net investment income including reimbursement/
waiver/custody earnings credit.......... 0.12% 0.59%* 0.45% 0.09% 0.03% 0.18%
Portfolio turnover rate................... 93% 21%** 47% 43% 50% 35%
- ------------------------------------------------------------------------------------------------------------------------------------
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the average shares
outstanding method for the period.
1 The Funds fiscal year-end changed from August 31 to December 31, effective
December 31, 2002.
2 Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
89
WILSHIRE MUTUAL FUNDS, INC.. [GRAPHIC OMITTED] TREES
LARGE COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INVESTMENT CLASS SHARES
-------------------------------------------------------------------------
FOUR MONTH
YEAR PERIOD YEAR ENDED AUGUST 31,
ENDED ENDED -----------------------------------------------
12/31/03 12/31/02 1 2002 2001 2000 1999
-------- -------- -------- -------- -------- --------
Net asset value, beginning of period...... $ 16.03 $ 17.59 $ 21.09 $ 19.91 $ 21.02 $ 19.29
-------- -------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income..................... 0.13*** 0.08*** 0.21*** 0.27*** 0.28*** 0.28
Net realized and unrealized gain/(loss)
on investments.......................... 4.44 (1.40) (2.41) 1.09 (0.02) 3.32
-------- -------- -------- -------- -------- --------
Total from investment operations.......... 4.57 (1.32) (2.20) 1.36 0.26 3.60
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income...... (0.08) (0.24) (0.27) (0.18) (0.31) (0.33)
Distributions from capital gains.......... -- -- (1.03) -- (1.06) (1.54)
-------- -------- -------- -------- -------- --------
Total distributions....................... (0.08) (0.24) (1.30) (0.18) (1.37) (1.87)
-------- -------- -------- -------- -------- --------
Net asset value, end of period............ $ 20.52 $ 16.03 $ 17.59 $ 21.09 $ 19.91 $ 21.02
======== ======== ======== ======== ======== ========
Total return 2............................ 28.51% (7.49)%** (10.94)% 6.81% 1.71% 18.78%
======== ======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)...... $ 35,997 $ 25,327 $ 30,131 $ 31,455 $ 21,490 $ 19,814
Operating expenses excluding custody
earnings credit......................... 1.56% 1.17%* 1.04% 0.98% 1.01% 1.06%
Operating expenses including reimbursement/
waiver/custody earnings credit.......... 1.55% 1.16%* 1.03% 0.95% 0.98% 1.04%
Operating expenses excluding reimbursement/
waiver/custody earnings credit.......... 1.67% 1.67%* 1.04% 0.98% 1.01% 1.06%
Net investment income including reimbursement/
waiver/custody earnings credit.......... 0.75% 1.39%* 1.06% 1.28% 1.51% 1.58%
Portfolio turnover rate................... 103% 19%** 72% 77% 110% 57%
- ------------------------------------------------------------------------------------------------------------------------------------
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the average shares
outstanding method for the period.
1 The Funds fiscal year-end changed from August 31 to December 31, effective
December 31, 2002.
2 Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
90
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
LARGE COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS - (CONTINUED)
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INSTITUTIONAL CLASS SHARES
-------------------------------------------------------------------------
FOUR MONTH
YEAR PERIOD YEAR ENDED AUGUST 31,
ENDED ENDED -----------------------------------------------
12/31/03 12/31/02 1 2002 2001 2000 1999
-------- -------- -------- -------- -------- --------
Net asset value, beginning of period...... $ 16.04 $ 17.64 $ 21.14 $ 19.93 $ 21.04 $ 19.29
-------- -------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income..................... 0.18*** 0.09*** 0.26*** 0.33*** 0.33*** 0.37
Net realized and unrealized gain/(loss)
on investments.......................... 4.44 (1.40) (2.41) 1.08 (0.01) 3.28
-------- -------- -------- -------- -------- --------
Total from investment operations.......... 4.62 (1.31) (2.15) 1.41 0.32 3.65
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income...... (0.11) (0.29) (0.32) (0.20) (0.37) (0.36)
Distributions from capital gains.......... -- -- (1.03) -- (1.06) (1.54)
-------- -------- -------- -------- -------- --------
Total distributions....................... (0.11) (0.29) (1.35) (0.20) (1.43) (1.90)
-------- -------- -------- -------- -------- --------
Net asset value, end of period............ $ 20.55 $ 16.04 $ 17.64 $ 21.14 $ 19.93 $ 21.04
======== ======== ======== ======== ======== ========
Total return 2............................ 28.83% (7.44)%** (10.71)% 7.08% 2.06% 19.05%
======== ======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)...... $ 30,224 $ 33,934 $ 37,133 $ 54,525 $ 58,566 $ 56,719
Operating expenses excluding custody
earnings credit......................... 1.31% 0.94%* 0.79% 0.71% 0.74% 0.79%
Operating expenses including reimbursement/
waiver/custody earnings credit.......... 1.30% 0.93%* 0.78% 0.68% 0.71% 0.77%
Operating expenses excluding reimbursement/
waiver/custody earnings credit.......... 1.42% 1.44%* 0.79% 0.71% 0.74% 0.79%
Net investment income including reimbursement/
waiver/custody earnings credit.......... 1.00% 1.62%* 1.31% 1.55% 1.78% 1.86%
Portfolio turnover rate................... 103% 19%** 72% 77% 110% 57%
- ------------------------------------------------------------------------------------------------------------------------------------
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the average shares
outstanding method for the period.
1 The Funds fiscal year-end changed from August 31 to December 31, effective
December 31, 2002.
2 Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
91
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
SMALL COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INVESTMENT CLASS SHARES
-------------------------------------------------------------------------
FOUR MONTH
YEAR PERIOD YEAR ENDED AUGUST 31,
ENDED ENDED -----------------------------------------------
12/31/03 12/31/02 1 2002 2001 2000 1999
-------- -------- -------- -------- -------- --------
Net asset value, beginning of period...... $ 11.48 $ 11.89 $ 12.91 $ 17.80 $ 13.34 $ 11.78
-------- -------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss....................... (0.26)*** (0.06)*** (0.19)*** (0.21)*** (0.21)*** (0.57)***
Net realized and unrealized gain/(loss)
on investments.......................... 4.51 (0.35) (0.83) (2.23) 4.67 3.01
-------- -------- -------- -------- -------- --------
Total from investment operations.......... 4.25 (0.41) (1.02) (2.44) 4.46 2.44
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from capital gains.......... -- -- -- (2.45) -- (0.88)
-------- -------- -------- -------- -------- --------
Total distributions....................... -- -- -- (2.45) -- (0.88)
-------- -------- -------- -------- -------- --------
Net asset value, end of period............ $ 15.73 $ 11.48 $ 11.89 $ 12.91 $ 17.80 $ 13.34
======== ======== ======== ======== ======== ========
Total return 2............................ 37.02% (3.45)%** (7.90)% (13.87)% 33.43% 20.79%
======== ======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)...... $ 11,224 $ 7,048 $ 7,253 $ 6,894 $ 8,871 $ 8,907
Operating expenses excluding custody
earnings credit......................... 2.51% 2.54%* 1.85% 1.75% 1.56% 1.50%
Operating expenses including reimbursement/
waiver/custody earnings credit.......... 2.51% 2.53%* 1.83% 1.72% 1.52% 1.46%
Operating expenses excluding reimbursement/
waiver/custody earnings credit.......... 3.11% 3.14%* 1.90% 1.90% 1.71% 1.65%
Net investment income including reimbursement/
waiver/custody earnings credit.......... (1.98)% (1.67)%* (1.50)% (1.50)% (1.36)% (1.20)%
Portfolio turnover rate................... 162% 35%** 84% 91% 127% 153%
- ------------------------------------------------------------------------------------------------------------------------------------
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the average shares
outstanding method for the period.
1 The Funds fiscal year-end changed from August 31 to December 31, effective
December 31, 2002.
2 Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
92
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
SMALL COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS - (CONTINUED)
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INSTITUTIONAL CLASS SHARES
-------------------------------------------------------------------------
FOUR MONTH
YEAR PERIOD YEAR ENDED AUGUST 31,
ENDED ENDED -----------------------------------------------
12/31/03 12/31/02 1 2002 2001 2000 1999
-------- -------- -------- -------- -------- --------
Net asset value, beginning of period...... $ 11.61 $ 12.04 $ 13.04 $ 17.91 $ 13.38 $ 11.79
-------- -------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss....................... (0.23)*** (0.06)*** (0.16)*** (0.17)*** (0.17)*** (0.54)
Net realized and unrealized gain/(loss)
on investments.......................... 4.56 (0.37) (0.84) (2.25) 4.70 3.01
-------- -------- -------- -------- -------- --------
Total from investment operations.......... 4.33 (0.43) (1.00) (2.42) 4.53 2.47
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from capital gains.......... -- -- -- (2.45) -- (0.88)
-------- -------- -------- -------- -------- --------
Total distributions....................... -- -- -- (2.45) -- (0.88)
-------- -------- -------- -------- -------- --------
Net asset value, end of period............ $ 15.94 $ 11.61 $ 12.04 $ 13.04 $ 17.91 $ 13.38
======== ======== ======== ======== ======== ========
Total return 2............................ 37.30% (3.57)%** (7.67)% (13.66)% 33.86% 21.04%
======== ======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)...... $ 159 $ 290 $ 3,404 $ 5,818 $ 6,802 $ 5,011
Operating expenses excluding custody
earnings credit......................... 2.28% 2.27%* 1.57% 1.47 1.28% 1.31%
Operating expenses including reimbursement/
waiver/custody earnings credit.......... 2.28% 2.26%* 1.55% 1.44% 1.24% 1.27%
Operating expenses excluding reimbursement/
waiver/custody earnings credit.......... 2.88% 2.87%* 1.62% 1.62% 1.43% 1.46%
Net investment income including reimbursement/
waiver/custody earnings credit.......... (1.75)% (1.40)%* (1.22)% (1.22)% (1.08)% (1.01)%
Portfolio turnover rate................... 162% 35%** 84% 91% 127% 153%
- ------------------------------------------------------------------------------------------------------------------------------------
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the average shares
outstanding method for the period.
1 The Funds fiscal year-end changed from August 31 to December 31, effective
December 31, 2002.
2 Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
93
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
SMALL COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INVESTMENT CLASS SHARES
-------------------------------------------------------------------------
FOUR MONTH
YEAR PERIOD YEAR ENDED AUGUST 31,
ENDED ENDED -----------------------------------------------
12/31/03 12/31/02 1 2002 2001 2000 1999
-------- -------- -------- -------- -------- --------
Net asset value, beginning of period...... $ 14.34 $ 14.84 $ 15.53 $ 12.31 $ 13.60 $ 13.77
-------- -------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income..................... 0.04*** 0.04*** 0.16*** 0.17*** 0.18*** 0.09
Net realized and unrealized gain/(loss)
on investments.......................... 5.18 (0.29) (0.71) 3.17 (0.98) 0.79
-------- -------- -------- -------- -------- --------
Total from investment operations.......... 5.22 (0.25) (0.55) 3.34 (0.80) 0.88
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income...... (0.04) (0.25) (0.14) (0.12) (0.24) (0.19)
Distributions from capital gains.......... -- -- -- -- (0.25) (0.86)
-------- -------- -------- -------- -------- --------
Total distributions....................... (0.04) (0.25) (0.14) (0.12) (0.49) (1.05)
-------- -------- -------- -------- -------- --------
Net asset value, end of period............ $ 19.52 $ 14.34 $ 14.84 $ 15.53 $ 12.31 $ 13.60
======== ======== ======== ======== ======== ========
Total return 2............................ 36.41% (1.66)%** (3.59)% 27.28% (5.83)% 6.20%
======== ======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)...... $ 13,441 $ 16,245 $ 20,325 $ 24,342 $ 7,332 $ 26,395
Operating expenses excluding custody
earnings credit......................... 1.52% 1.54%* 1.16% 1.24% 1.17% 1.08%
Operating expenses including reimbursement/
waiver/custody earnings credit.......... 1.52% 1.53%* 1.14% 1.18% 1.15% 1.02%
Operating expenses excluding reimbursement/
waiver/custody earnings credit.......... 2.12% 2.14%* 1.21% 1.39% 1.32% 1.23%
Net investment income including reimbursement/
waiver/custody earnings credit.......... 0.22% 0.82%* 1.02% 1.24% 1.51% 1.71%
Portfolio turnover rate................... 124% 43%** 117% 95% 94% 113%
- ------------------------------------------------------------------------------------------------------------------------------------
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the average shares
outstanding method for the period.
1 The Funds fiscal year-end changed from August 31 to December 31, effective
December 31, 2002.
2 Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
94
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
SMALL COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS - (CONTINUED)
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INSTITUTIONAL CLASS SHARES
-------------------------------------------------------------------------
FOUR MONTH
YEAR PERIOD YEAR ENDED AUGUST 31,
ENDED ENDED -----------------------------------------------
12/31/03 12/31/02 1 2002 2001 2000 1999
-------- -------- -------- -------- -------- --------
Net asset value, beginning of period...... $ 14.35 $ 14.86 $ 15.53 $ 12.31 $ 13.61 $ 13.76
-------- -------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income..................... 0.08*** 0.05*** 0.20*** 0.21*** 0.21*** 0.14
Net realized and unrealized gain/(loss)
on investments.......................... 5.21 (0.28) (0.71) 3.16 (0.99) 0.77
-------- -------- -------- -------- -------- --------
Total from investment operations.......... 5.29 (0.23) (0.51) 3.37 (0.78) 0.91
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income...... (0.09) (0.28) (0.16) (0.15) (0.27) (0.20)
Distributions from capital gains.......... -- -- -- -- (0.25) (0.86)
-------- -------- -------- -------- -------- --------
Total distributions....................... (0.09) (0.28) (0.16) (0.15) (0.52) (1.06)
-------- -------- -------- -------- -------- --------
Net asset value, end of period............ $ 19.55 $ 14.35 $ 14.86 $ 15.53 $ 12.31 $ 13.61
======== ======== ======== ======== ======== ========
Total return 2............................ 36.86% (1.57)%** (3.34)% 27.51% (5.61)% 6.43%
======== ======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)...... $ 10,142 $ 9,285 $ 9,570 $ 14,791 $ 11,739 $ 11,627
Operating expenses excluding custody
earnings credit......................... 1.23% 1.28%* 0.92% 1.00% 0.95% 0.85%
Operating expenses including reimbursement/
waiver/custody earnings credit.......... 1.23% 1.27%* 0.90% 0.94% 0.93% 0.79%
Operating expenses excluding reimbursement/
waiver/custody earnings credit.......... 1.83% 1.88%* 0.97% 1.15% 1.10% 1.00%
Net investment income including reimbursement/
waiver/custody earnings credit.......... 0.51% 1.08%* 1.26% 1.48% 1.73% 1.94%
Portfolio turnover rate................... 124% 43%** 117% 95% 94% 113%
- ------------------------------------------------------------------------------------------------------------------------------------
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the average shares
outstanding method for the period.
1 The Funds fiscal year-end changed from August 31 to December 31, effective
December 31, 2002.
2 Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
95
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INVESTMENT CLASS SHARES
-------------------------------------------------------------------------
FOUR MONTH
YEAR PERIOD YEAR ENDED AUGUST 31, PERIOD
ENDED ENDED ---------------------------------- ENDED
12/31/03 12/31/02 1 2002 2001 2000 8/31/99 3
-------- -------- -------- -------- -------- ---------
Net asset value, beginning of period. $ 7.10 $ 7.39 $ 8.93 $ 12.23 $ 10.32 $ 10.00
-------- -------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income................ 0.05*** 0.01*** 0.05*** 0.06*** 0.06*** 0.02
Net realized and unrealized gain/(loss)
on investments.................... 2.05 (0.25) (1.55) (3.19) 1.91 0.30
-------- -------- -------- -------- -------- --------
Total from investment operations..... 2.10 (0.24) (1.50) (3.13) 1.97 0.32
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income. (0.03) (0.05) (0.04) (0.03) (0.04) --
Distributions from capital gains..... -- -- -- (0.14) (0.02) --
-------- -------- -------- -------- -------- --------
Total distributions.................. (0.03) (0.05) (0.04) (0.17) (0.06) --
-------- -------- -------- -------- -------- --------
Net asset value, end of period....... $ 9.17 $ 7.10 $ 7.39 $ 8.93 $ 12.23 $ 10.32
======== ======== ======== ======== ======== ========
Total return 2....................... 29.62% (3.23)%** (16.95)% (25.82)% 19.14% 3.20%**
======== ======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's). $107,818 $ 63,224 $ 59,466 $ 83,421 $ 85,704 $ 99,986
Operating expenses excluding custody
earnings credit................... 1.06% 1.23%* 0.87% 0.67% 0.62% 0.69%*
Operating expenses including
reimbursement/waiver/custody
earnings credit................... 1.05% 1.22%* 0.86% 0.64% 0.60% 0.60%*
Operating expenses excluding
reimbursement/waiver/custody
earnings credit................... 1.06% 1.23%* 1.01% 0.98% 0.97% 1.33%*
Net investment income including
reimbursement/waiver/custody
earnings credit................... 0.66% 0.59%* 0.53% 0.54% 0.54% 0.60%*
Portfolio turnover rate.............. 3% 6%** 22% 8% 61% 4%**
- ------------------------------------------------------------------------------------------------------------------------------------
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the average shares
outstanding method for the period.
1 The Funds fiscal year-end changed from August 31 to December 31, effective
December 31, 2002.
2 Total return represents aggregate total return for the period indicated.
3 The Wilshire 5000 Index Portfolio Investment Class Shares commenced
operations February 1, 1999.
See Notes to Financial Statements.
96
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS - (CONTINUED)
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INSTITUTIONAL CLASS SHARES
-------------------------------------------------------------------------
FOUR MONTH
YEAR PERIOD YEAR ENDED AUGUST 31, PERIOD
ENDED ENDED ---------------------------------- ENDED
12/31/03 12/31/02 1 2002 2001 2000 8/31/99 3
-------- -------- -------- -------- -------- --------
Net asset value, beginning of period. $ 7.10 $ 7.41 $ 8.95 $ 12.25 $ 10.33 $ 10.00
-------- -------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income................ 0.08*** 0.02*** 0.07*** 0.09*** 0.10*** 0.03
Net realized and unrealized gain/(loss)
on investments.................... 2.05 (0.26) (1.54) (3.19) 1.91 0.30
-------- -------- -------- -------- -------- --------
Total from investment operations..... 2.13 (0.24) (1.47) (3.10) 2.01 0.33
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income. (0.05) (0.07) (0.07) (0.06) (0.07) --
Distributions from capital gains..... -- -- -- (0.14) (0.02) --
-------- -------- -------- -------- -------- --------
Total distributions.................. (0.05) (0.07) (0.07) (0.20) (0.09) --
-------- -------- -------- -------- -------- --------
Net asset value, end of period....... $ 9.18 $ 7.10 $ 7.41 $ 8.95 $ 12.25 $ 10.33
======== ======== ======== ======== ======== ========
Total return 2....................... 30.05% (3.18)%** (16.58)% (25.56)% 19.45% 3.30%**
======== ======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's). $ 23,621 $ 15,245 $ 19,999 $ 22,799 $ 17,651 $ 183
Operating expenses excluding custody
earnings credit................... 0.76% 0.95%* 0.58% 0.37% 0.37% 0.48%*
Operating expenses including
reimbursement/waiver/custody
earnings credit................... 0.75% 0.94%* 0.57% 0.34% 0.35% 0.35%*
Operating expenses excluding
reimbursement/waiver/custody
earnings credit................... 0.76% 0.95%* 0.72% 0.68% 0.72% 1.32%*
Net investment income including
reimbursement/waiver/custody
earnings credit................... 0.96% 0.87%* 0.82% 0.84% 0.79% 1.20%*
Portfolio turnover rate.............. 3% 6%** 22% 8% 61% 4%**
- --------------------------------------------------------------------------------
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the average shares
outstanding method for the period.
1 The Funds fiscal year-end changed from August 31 to December 31, effective
December 31, 2002.
2 Total return represents aggregate total return for the period indicated.
3 The Wilshire 5000 Index Portfolio Institutional Class Shares commenced
operations February 1, 1999.
See Notes to Financial Statements.
97
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS - (CONTINUED)
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
QUALIFIED CLASS SHARES
-------------------------------------------------------------------------
FOUR MONTH
YEAR PERIOD YEAR ENDED AUGUST 31, PERIOD
ENDED ENDED --------------------- ENDED
12/31/03 12/31/02 1 2002 2001 8/31/00 3
-------- -------- -------- -------- ---------
Net asset value, beginning of period.. $ 7.09 $ 7.36 $ 8.90 $ 12.23 $ 10.94
-------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income***.............. 0.04 0.01 0.04 0.05 0.09
Net realized and unrealized gain/(loss)
on investments...................... 2.05 (0.25) (1.54) (3.19) 1.20
-------- -------- -------- -------- --------
Total from investment operations...... 2.09 (0.24) (1.50) (3.14) 1.29
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income.. (0.03) (0.03) (0.04) (0.05) --
Distributions from capital gains...... -- -- -- (0.14) --
-------- -------- -------- -------- --------
Total distributions................... (0.03) (0.03) (0.04) (0.19) --
-------- -------- -------- -------- --------
Net asset value, end of period........ $ 9.15 $ 7.09 $ 7.36 $ 8.90 $ 12.23
======== ======== ======== ======== ========
Total return 2........................ 29.45% (3.22)%** (16.93)% (25.90)% 11.79%**
======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's).. $ 3,565 $ 1,730 $ 2,073 $ 1,770 $ 1,158
Operating expenses excluding custody
earnings credit..................... 1.15% 1.35%* 0.98% 0.77% 0.62%*
Operating expenses including reimbursement/
waiver/custody earnings credit...... 1.14% 1.34%* 0.97% 0.74% 0.60%*
Operating expenses excluding reimbursement/
waiver/custody earnings credit...... 1.15% 1.35%* 1.12% 1.08% 0.97%*
Net investment income including reimbursement/
waiver/custody earnings credit...... 0.58% 0.47%* 0.42% 0.44% 0.54%*
Portfolio turnover rate............... 3% 6%** 22% 8% 61%**
- ------------------------------------------------------------------------------------------------------------------------------------
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the average shares
outstanding method for the period.
1 The Funds fiscal year-end changed from August 31 to December 31, effective
December 31, 2002.
2 Total return represents aggregate total return for the period indicated.
3 The Wilshire 5000 Index Portfolio Qualified Class Shares commenced
operations May 10, 2000.
See Notes to Financial Statements.
98
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
WILSHIRE 5000 INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS - (CONTINUED)
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
HORACE MANN CLASS SHARES
-----------------------------------------------------------
FOUR MONTH
YEAR PERIOD YEAR ENDED AUGUST 31, PERIOD
ENDED ENDED -------------------------- ENDED
12/31/03 12/31/02 1 2002 2001 8/31/00 3
-------- -------- -------- -------- --------
Net asset value, beginning of period........ $ 7.09 $ 7.38 $ 8.91 $ 12.22 $ 10.00
-------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income***.................... 0.05 0.01 0.04 0.05 0.07
Net realized and unrealized gain/(loss)
on investments............................ 2.04 (0.25) (1.53) (3.17) 2.21
-------- -------- -------- -------- --------
Total from investment operations............ 2.09 (0.24) (1.49) (3.12) 2.28
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income........ (0.03) (0.05) (0.04) (0.05) (0.06)
Distributions from capital gains............ -- -- -- (0.14) --
-------- -------- -------- -------- --------
Total distributions......................... (0.03) (0.05) (0.04) (0.19) (0.06)
-------- -------- -------- -------- --------
Net asset value, end of period.............. $ 9.15 $ 7.09 $ 7.38 $ 8.91 $ 12.22
======== ======== ======== ======== ========
Total return 2.............................. 29.44% (3.28)%** (16.85)% (25.79)% 22.87%**
======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)........ $ 1,915 $ 1,401 $ 1,401 $ 1,623 $ 1,432
Operating expenses excluding custody
earnings credit........................... 1.11% 1.30%* 0.93% 0.72% 0.72%*
Operating expenses including reimbursement/
waiver/custody earnings credit............ 1.10% 1.29%* 0.92% 0.69% 0.70%*
Operating expenses excluding reimbursement/
waiver/custody earnings credit............ 1.11% 1.30%* 1.07% 1.03% 1.07%*
Net investment income including reimbursement/
waiver/custody earnings credit............ 0.61% 0.52%* 0.47% 0.49% 0.44%*
Portfolio turnover rate..................... 3% 6%** 22% 8% 61%**
- --------------------------------------------------------------------------------------------------------------------
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the average shares
outstanding method for the period.
1 The Funds fiscal year-end changed from August 31 to December 31, effective
December 31, 2002.
2 Total return represents aggregate total return for the period indicated.
3 The Wilshire 5000 Index Portfolio Horace Mann Class Shares commenced
operations December 10, 1999.
See Notes to Financial Statements.
99
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies.
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 five series: Large
Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth
Portfolio, Small Company Value Portfolio and Wilshire 5000 Index Portfolio
(collectively the "Portfolios", each a Portfolio of the Company). The Company
accounts separately for the assets, liabilities and operations of each series
and, for Federal income tax purposes, each Portfolio is treated as a separate
legal entity. Effective December 31, 2002, the Company's fiscal year-end changed
from August 31 to December 31.
Each of the Portfolios offers Investment and Institutional Class shares (the
"Shares"), each of which has equal rights as to class and voting privileges. The
Wilshire 5000 Index Portfolio 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.
The preparation of financial statements in accordance with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities, disclosure of contingent assets and liabilities, at the date of the
financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates. The
following is a summary of significant accounting policies consistently followed
by the Portfolios in the preparation of their financial statements.
PORTFOLIO VALUATION: Each Portfolio's investment securities are valued at the
last sale price on the securities exchange or national securities market on
which such securities primarily are traded. For securities traded on the
National Association of Securities Dealers Automated Quotations system
("NASDAQ"), the NASDAQ Official Closing Price is used. Securities not listed on
an exchange or national securities market, or securities in which there were no
transactions, are valued at the average of the most recent bid and asked prices.
Bid price is used when no asked price is available. Any securities or other
assets for which recent market quotations are not readily available are valued
at fair value as determined in good faith pursuant to procedures adopted by the
Board of Directors.
FUTURES TRANSACTIONS: Each Portfolio may enter into futures contracts on
particular securities or stock indices in U.S. domestic markets. A futures
contract is an agreement in which one party agrees to deliver to the other an
amount of cash equal to a specific dollar amount times the difference between
the value of a specific stock or stock index at the close of the last trading
day of the contract and the price at which the agreement is made. No physical
delivery of securities is made. A Portfolio agrees to receive from or pay to the
broker an amount of cash equal to the daily fluctuation in the value of the
contract. Such receipts or payments are known as variation margin and are
recorded by the Portfolio as unrealized gains or losses. A Portfolio may have to
sell securities to meet daily variation margin requirements. Engaging in these
transactions involves risk of loss to a Portfolio, which could affect the value
of such
100
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
Portfolio's net assets adversely. Although each Portfolio intends to purchase or
sell futures contracts only if there is an active market for such contracts, no
assurance exists that a liquid market will exist for any particular contract at
any particular time.
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, amortization of discount and accretion of premium on investments, is
recognized on the accrual basis.
EXPENSES: 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 and fees, including the advisory and administration fees, are accrued
daily and taken into account for the purpose of determining the net asset value
of each Portfolio's shares.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Distributions from net investment
income, if any, are declared and paid annually. The Portfolio's 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.
Ordinary income distributions and net capital gain distributions are determined
in accordance with income tax regulations which may differ from accounting
principles generally accepted in the United States of America. These differences
are primarily due to differing treatments of income and gains on various
investment securities held by the Portfolios, timing differences and differing
characterization of distributions made by each Portfolio as a whole.
FEDERAL INCOME TAXES: The Company intends to qualify each Portfolio each year as
a regulated investment company by complying with the requirements under
Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to
regulated investment companies and by, among other things, distributing
substantially all of its earnings to shareholders. Therefore, no Federal income
tax provision is required.
2. Investment Advisory Fee, Administration Fee and Other Transactions.
Effective April 1, 2002, the shareholders of the Company approved a new advisory
agreement (the "Agreement") between the Company and Wilshire Associates
Incorporated ("Wilshire") which permits the Board of Directors and Wilshire to
retain sub-advisers to the Portfolios in certain circumstances without
shareholder approval. Under the Agreement, Wilshire may charge annual fees up to
0.75% of average daily net assets for the Large Company Growth and Value
Portfolios, up to 0.85% of average daily net assets for the Small Company Growth
and Value Portfolios, and 0.10% of average daily net assets of the Wilshire 5000
Index Portfolio. Wilshire has agreed to voluntarily waive its fees so that each
Portfolio, with the exception of the Wilshire 5000 Index Portfolio, will be
charged an annual fee of 0.25% of the average daily net assets of the Portfolio,
until both Wilshire and a majority of the independent Directors conclude that
any such increase is merited in view of the retention of additional sub-advisers
or other future
101
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
developments. With the exception of the Small Company Growth and Small Company
Value Portfolios, the fee waivers were terminated as of April 1, 2003, in
connection with the retention of additional sub-advisers.
For the year ended December 31, 2003, Wilshire voluntarily waived fees as
follows:
PORTFOLIO
- ---------
Large Company Growth Portfolio......................... $391,067
Large Company Value Portfolio.......................... 71,325
Small Company Growth Portfolio ........................ 53,481
Small Company Value Portfolio.......................... 127,006
The Board of Directors of the Company has approved Putnam Advisory Company, LLC
("Putnam"), Grantham, Mayo, Van Otterloo & Co., LLC ("GMO") and Alliance Capital
Management, LP ("Alliance Capital") (collectively, the "New Sub-Advisers," and
together with Los Angeles Capital Management & Equity Research, Inc., ("LACMER")
the "Sub-Advisers") to provide sub-advisory services with respect to the
Portfolios as of April 9, 2003. LACMER, Putnam and GMO each manage a portion of
the Large Company Growth Portfolio and Alliance Capital and LACMER each manage a
portion of the Large Company Value Portfolio. The New Sub-Advisers join LACMER,
which continues to provide sub-advisory services with respect to a portion of
the Portfolios. Wilshire continues to oversee the Sub-Advisers. The fees of the
Sub-Advisers are paid by Wilshire.
PFPC Inc. ("PFPC") serves as the Company's administrator and accounting agent
pursuant to a Services Agreement.
The Northern Trust Company serves as the Company's custodian (the "Custodian").
Each Portfolio maintains a cash balance with the Custodian and receives a
reduction of its custody fees and expenses for the amount of interest earned on
such uninvested cash balances. The amounts are presented as Custody earnings
credits in the Statements of Operations.
No officer, director or employee of Wilshire, PFPC, or any affiliate thereof,
receives any compensation from the Company for serving as Director or officer of
the Company. The Company pays each unaffiliated Director an annual fee of $3,000
plus an additional $2,500 for each board meeting attended. The Company also
reimburses expenses incurred by the unaffiliated Directors in attending such
meetings.
3. Distribution and Service Plan.
The Directors of the Company, the Investment Class shareholders of each
Portfolio and the Qualified Class shareholders of the Wilshire 5000 Index
Portfolio have adopted service and distribution plans (the "Plans") pursuant to
Rule 12b-1 adopted by the Securities and Exchange Commission under the 1940 Act,
with respect to the Investment Class Shares shares of each Portfolio and the
Qualified Class Shares of the Wilshire 5000 Index Portfolio. Under the Plans,
each such Portfolio reimburses PFPC Distributors, Inc. (the "Distributor"), at
an annual rate of up to 0.25% of the value of the average daily net assets
attributable to the Investment Class Shares and Qualified Class Shares of each
Portfolio for certain service fees provided by securities dealers or other
financial intermediaries ("service fees") and for certain distribution expenses
for the purpose of financing any activity intended to result in the sale of
Investment
102
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
Class Shares or Qualified Class Shares. For the year ended December 31, 2003,
the distribution and service fee expenses incurred for such classes of the Large
Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth
Portfolio, Small Company Value Portfolio and Wilshire 5000 Index Portfolio were
0.25%, 0.25%, 0.25%, 0.25% and 0.25% of average net assets, respectively.
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 to any such shareholder service
provider does not exceed in any year 0.10% of the Portfolio's average net assets
attributable to the shares whose holders are serviced by such provider.
For the year ended December 31, 2003, the shareholder service provider fees were
as follows (as a percent of average net assets of each class):
PORTFOLIO INVESTMENT CLASS INSTITUTIONAL CLASS
-------- ---------------- -------------------
Large Company Growth Portfolio........... 0.09% 0.02%
Large Company Value Portfolio............ 0.05% 0.05%
Small Company Growth Portfolio........... 0.06% 0.08%
Small Company Value Portfolio............ 0.04% 0.00%
Wilshire 5000 Index Portfolio............ 0.05% N/A
The Qualified Class Shares of the Wilshire 5000 Index Portfolio has adopted a
shareholder services plan which authorizes payments by the Qualified Class
Shares of up to 0.15% of the average daily net assets attributable to the
Portfolio's Qualified Class Shares for certain shareholder services provided by
insurers or other financial intermediaries.
The Directors of the Company and the Horace Mann Class shareholders of the
Wilshire 5000 Index Portfolio, have adopted a service and distribution plan
pursuant to Rule 12b-1 with respect to the Horace Mann Class Shares of the
Wilshire 5000 Index Portfolio. Under such Plan, the Company reimburses the
Distributor an annual rate of up to 0.35 of 1% of the value of the average daily
net assets of the Wilshire 5000 Index Portfolio attributable to the Horace Mann
Class Shares.
4. Securities Transactions.
For the year ended December 31, 2003, aggregate cost of purchases and proceeds
from sales of securities, other than short-term investments, were as follows:
PORTFOLIO PURCHASES SALES
-------- --------- ------
Large Company Growth Portfolio............ $ 463,101,258 $ 367,054,769
Large Company Value Portfolio............. 63,795,078 73,689,223
Small Company Growth Portfolio............ 15,784,513 14,369,329
Small Company Value Portfolio............. 26,456,020 34,054,664
Wilshire 5000 Index Portfolio............. 31,881,726 2,903,595
103
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
The aggregate gross unrealized appreciation and depreciation, as computed on a
Federal income tax basis, at December 31, 2003 for each Portfolio is as follows:
UNREALIZED UNREALIZED NET UNREALIZED
PORTFOLIO APPRECIATION DEPRECIATION APPRECIATION
- --------- ------------ ------------ ------------
Large Company Growth Portfolio ......... $99,010,752 $ (5,494,332) $93,516,420
Large Company Value Portfolio........... 13,355,532 (274,470) 13,081,062
Small Company Growth Portfolio.......... 1,908,862 (375,720) 1,533,142
Small Company Value Portfolio........... 4,873,223 (268,991) 4,604,232
Wilshire 5000 Index Portfolio........... 18,938,590 (17,539,517) 1,399,073
5. Significant Shareholder Activity.
On December 31, 2003, the following shareholders held 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)........... 61%
Large Company Value Portfolio (2 omnibus shareholders)............ 39%
Small Company Growth Portfolio (2 omnibus shareholders)........... 67%
Small Company Value Portfolio (4 omnibus shareholders)............ 78%
Wilshire 5000 Index Portfolio (3 omnibus shareholders)............ 63%
6. Tax Information
Under the current tax law, capital and currency losses realized after October 31
may be deferred and treated as occurring on the first day of the following
fiscal year. For the year ending December 31, 2003, the following Portfolio
elected to defer capital losses occurring between November 1, 2003 and December
31, 2003 as follows:
PORTFOLIO CAPITAL LOSSES
-------- --------------
Wilshire 5000 Index Portfolio.......................... $28,144
104
WILSHIRE MUTUAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
At December 31, 2003, the following Portfolios had available for Federal income
tax purposes unused capital losses as follows:
EXPIRING DECEMBER 31,
------------------------
PORTFOLIO 2008 2009 2010 2011
- ---------- ------ ------ ------ -------
Large Company Growth Portfolio................ -- $66,589,785 $38,469,520 --
Large Company Value Portfolio................. -- 68,331 3,374,466 --
Small Company Growth Portfolio................ -- -- 217,743 --
Small Company Value Portfolio................. -- -- 133,610 --
Wilshire 5000 Index Portfolio................. $343,818 1,775,025 8,232,611 $3,810,647
The tax character of distributions paid were:
2003 2002
PORTFOLIO ORDINARY INCOME ORDINARY INCOME*
- --------- --------------- ----------------
Large Company Growth Portfolio............ $393,682 $892,704
Large Company Value Portfolio............. 306,323 973,551
Small Company Value Portfolio............. 75,477 456,478
Wilshire 5000 Index Portfolio............. 544,443 632,018
*inclusive of short term capital gains
At December 31, 2003, the components of distributable accumulated
earnings/(losses) on a tax basis were as follows:
LARGE LARGE SMALL SMALL WILSHIRE
COMPANY COMPANY COMPANY COMPANY 5000
GROWTH VALUE GROWTH VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- ----------- ---------- ----------- -------------
Undistributed ordinary income.............. -- $ 552,754 -- $ 65,065 $ 332,614
Accumulated capital loss................... $(105,059,305) (3,442,797) $ (217,743) (133,610) (14,190,245)
Unrealized appreciation.................... 93,516,278 13,081,062 1,533,142 4,604,232 1,399,073
------------- ----------- ---------- ----------- -------------
Total accumulated income/(losses).......... $ (11,543,027) $10,191,019 $1,315,399 $ 4,535,687 $ (12,458,558)
============= =========== ========== =========== =============
The differences between book and tax-basis unrealized appreciation are
attributable primarily to the tax deferral of losses on wash sales on all
Portfolios, and a REIT return of capital basis adjustment carryforward. The
cumulative timing difference under accumulated capital loss is due to
post-October losses for the Wilshire 5000 Index Portfolio.
See Notes to Financial Statements.
105
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Directors
of Wilshire Mutual Funds, Inc.:
In our opinion, the accompanying statements of assets and liabilities,
including the statements of investments, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of the Wilshire Mutual
Funds, Inc. (comprised of Large Company Growth Portfolio, Large Company Value
Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio and
Wilshire 5000 Index Portfolio) (collectively referred to hereafter as the
"Fund") at December 31, 2003, the results of each of their operations, the
changes in each of their net assets and the financial highlights for each of the
periods presented, in conformity with accounting principles generally accepted
in the United States of America. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with auditing standards
generally accepted in the United States of America, which require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at
December 31, 2003 by correspondence with the custodian and brokers, provide a
reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, PA
February 26, 2004
106
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
TAX INFORMATION
(UNAUDITED)
Of the distributions made by the following Portfolios, the corresponding
percentage represents the amount of each distribution which will qualify for the
dividends received deduction available to corporate shareholders:
PORTFOLIO PERCENTAGE
- ---------- ----------
Large Company Growth Portfolio 100%
Large Company Value Portfolio 100%
Small Company Value Portfolio 100%
Wilshire 5000 Index Portfolio 100%
Pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003, the
Portfolios listed below designate the following percentages of their income
dividends distributed in 2003 as qualified dividend income (QDI) as defined in
Section I (h) (II) of the Internal Revenue Code.
PORTFOLIO PERCENTAGE
- ---------- ----------
Large Company Growth Portfolio 100%
Large Company Value Portfolio 100%
Small Company Value Portfolio 100%
Wilshire 5000 Index Portfolio 100%
107
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
ADDITIONAL FUND INFORMATION
Set forth below are the Directors and executive officers of the
Company, their ages, business addresses, positions and terms of office,
principal occupations during the past five years, and other directorships held
by them. The Company's Statement of Additional Information includes additional
information about the Directors of the Company and is available without charge,
upon request, by calling (800) 200-6796.
Number of
Term of Portfolios in
Name, Age, Address 1 Office 2 and Fund Complex Other Trusteeships/
and Position(s) with Length of Principal Occupation(s) Overseen by Directorships
the Fund Time Served During Past 5 Years Director Held by Director
- ------------------------------------------------------------------------------------------------------------------------------------
DIRECTORS WHO ARE NOT "INTERESTED PERSONS" OF THE COMPANY
- ------------------------------------------------------------------------------------------------------------------------------------
DeWitt F. Bowman Since 1996 Principal, 2/94-present, Five Director, 5/00-present, Forward Funds; Trustee,
(72) Pension Investment 5/98-present, PCG Private Equity Fund;
Director Consulting (pension Trustee, 5/95-present, Brandes
consulting firm). Institutional International Fund
(registered investment companies). Director,
5/94-present, RREEF America REIT (real estate
investment trust); Trustee, 3/94-present,
Pacific Gas & Electric Nuclear Decommissioning
Trust (trust fund for decommissioning nuclear
power plants); Treasurer, 10/00-6/01,
University of California Regents Investment
Management.
Cynthia A. Hargadon Since 1998 Managing Director, 5/03-present, Five Trustee, 1992-present, America
(48) McHenry Group (investment Investment Trust (registered
Director management consulting firm); investment company).
Senior Consultant, 5/02-4/03,
SPG & Associates (consulting firm);
President, 5/00-5/02, Potomac
Asset Management; Director of
Investments, 7/98-5/00, National
Automobile Dealers Association;
President, 11/96-7/98, Stable
Value Investment Association.
108
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
ADDITIONAL FUND INFORMATION (continued)
Number of
Term of Portfolios in
Name, Age, Address 1 Office 2 and Fund Complex Other Trusteeships/
and Position(s) with Length of Principal Occupation(s) Overseen by Directorships
the Fund Time Served During Past 5 Years Director Held by Director
- ------------------------------------------------------------------------------------------------------------------------------------
DIRECTORS WHO ARE NOT "INTERESTED PERSONS" OF THE COMPANY
- ------------------------------------------------------------------------------------------------------------------------------------
Anne L. Wexler Since 1996 Chairman, 1/81-present, Five Director, 8/94-present, Dreyfus Florida
(73) Wexler Walker Public Policy Intermediate Municipal Bond Fund, Dreyfus
Director (government relations firm). Florida Municipal Money Market Fund, Dreyfus
Global Growth, LP, Dreyfus Investors GNMA
Fund, Dreyfus New Jersey Municipal Bond
Fund, Inc., Dreyfus New York Insured Tax
Exempt Bond Fund, Dreyfus Strategies Growth
LP, Dreyfus 100% US Treasury Intermediate
Term Fund, Dreyfus 100% US Treasury Long
Term Fund, Dreyfus 100% US Treasury Money
Market Fund, Dreyfus 100% US Treasury Short
Term Fund; 5/91-present; Director, Premier
Global Investing, Inc., Director, 8/91 -
present, Dreyfus Edison Electrical Fund,
Inc., Dreyfus Life and Annuity Index Fund,
Inc., Peoples Index Fund, Inc.; Director,
6/91-present, Peoples S&P Midcap Index
Fund, Inc. (registered investment
companies). Director, 3/91-present,
Comcast (cable provider). Director,
01/01-present, Methanex Corp. (methanol
producer).
- ------------------------------------------------------------------------------------------------------------------------------------
DIRECTORS WHO ARE "INTERESTED PERSONS" OF THE COMPANY 3
- ------------------------------------------------------------------------------------------------------------------------------------
Michael J. Napoli, Since 2004 Director and President, Five None
Jr. 2/04-present, Wilshire
(52) Mutual Funds, Inc.;
Director and President Managing Director,
5/03-present, Wilshire
Associates Inc.;
Financial Consultant,
4/02-4/03, A.G. Edwards;
self-employed private
investor, 1/01-4/02;
Vice President, 1/91-
12/00, Wilshire
Associates Inc.
109
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OMITTED] TREES
ADDITIONAL FUND INFORMATION (continued)
Number of
Term of Portfolios in
Name, Age, Address 1 Office 2 and Fund Complex Other Trusteeships/
and Position(s) with Length of Principal Occupation(s) Overseen by Directorships
the Fund Time Served During Past 5 Years Director Held by Director
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICERS WHO ARE NOT DIRECTORS
- ------------------------------------------------------------------------------------------------------------------------------------
Helen E. Webb Since 2003 Treasurer, 3/03-present N/A N/A
(36) and Secretary 2/04-present
Treasurer Wilshire Mutual Funds,
and Secretary Inc.; Vice President,
2/03-present, Wilshire
Associates Inc.;
Associate Director,
4/01-2/03, First
Quadrant LP; Associate
Director/ Compliance
Officer, 12/98-4/01,
First Quadrant LP.
1 IF NECESSARY, EACH DIRECTOR MAY BE CONTACTED BY WRITING TO THE COMPANY, C/O
WILSHIRE ASSOCIATES INCORPORATED, 1299 OCEAN AVENUE, SUITE 700, SANTA MONICA,
CA 90401-1085.
2 DIRECTORS HOLD OFFICE UNTIL THEY RESIGN OR THEIR SUCCESSORS HAVE BEEN ELECTED
AND QUALIFIED.
3 MR. NAPOLI IS AN "INTERESTED" DIRECTOR OF THE COMPANY, AS DEFINED BY THE 1940
ACT, BY REASON OF HIS POSITION WITH WILSHIRE.
110
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[LOGO OMITTED]
P.O. Box 60488
King of Prussia, Pennsylvania 19406-0488
WILAR03
ITEM 2. CODE OF ETHICS.
(a) The registrant, as of the end of the period covered by this report,
has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party.
(b) There have been no amendments, during the period covered by this
report, to a provision of the code of ethics that applies to the
registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are
employed by the registrant or a third party, and that relates to any
element of the code of ethics description.
(c) The registrant has not granted any waivers, including an implicit
waiver, from a provision of the code of ethics that applies to the
registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are
employed by the registrant or a third party, that relates to one or
more of the items set forth in paragraph (b) of this item's
instructions.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
As of the end of the period covered by the report, the registrant's board of
directors has determined that DeWitt F. Bowman is qualified to serve as an audit
committee financial expert serving on its audit committee and that he is
"independent," as defined by this Item 3.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Audit Fees
----------
(a) The aggregate fees billed for each of the last two fiscal years for
professional services rendered by the principal accountant for the
audit of the registrant's annual financial statements or services that
are normally provided by the accountant in connection with statutory
and regulatory filings or engagements for those fiscal years were
$116,900 for 2002 and $120,400 for 2003.
Audit-Related Fees
------------------
(b) The aggregate fees billed in each of the last two fiscal years to the
registrant for assurance and related services by the principal
accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item were $0 for 2002 and $0 for 2003. [In
addition, in each of the last two fiscal years the principal
accountant billed $0 and $0 in fees which were required to be approved
pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X [AS SUMMARIZED IN
THE THIRD PARAGRAPH OF THE COMPANY'S PRE-APPROVAL POLICY, ON THE THIRD
PAGE OF THIS REPORT] for such services to the registrant's investment
adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services
to the registrant [THE ADVISER AND ITS AFFILIATES].
Tax Fees
--------
(c) The aggregate fees billed in each of the last two fiscal years for
professional services rendered by the principal accountant for tax
compliance, tax advice, and tax planning were $ 0 for 2002 and $0 for
2003. [In addition, in each of the last two fiscal years the principal
accountant billed $0 and $0 in fees which were required to be approved
pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X [AS SUMMARIZED IN
THE THIRD PARAGRAPH OF THE COMPANY'S PRE-APPROVAL POLICY, ON THE THIRD
PAGE OF THIS REPORT] for such services to the registrant's investment
adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services
to the registrant [THE ADVISER AND ITS AFFILIATES].
All Other Fees
--------------
(d) The aggregate fees billed in each of the last two fiscal years for
products and services provided by the principal accountant, other than
the services reported in paragraphs (a) through (c) of this Item were
$0 for 2002 and $10,000 for 2003 in connection with the preparation of
a Type 1 SAS 70 for Wilshire Private Markets Group. [In addition, in
each of the last two fiscal years the principal accountant billed $0
and $10,000 in fees which were required to be approved pursuant to
Rule 2-01(c)(7)(ii) of Regulation S-X [AS SUMMARIZED IN THE THIRD
PARAGRAPH OF THE COMPANY'S PRE-APPROVAL POLICY, ON THE THIRD PAGE OF
THIS REPORT] for such services to the registrant's investment adviser
(not including any sub-adviser whose role is primarily portfolio
management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the
registrant [THE ADVISER AND ITS AFFILIATES].
(e)(1) The audit committee's pre-approval policies and procedures described
in paragraph (c)(7) of Rule 2-01 of Regulation S-X are disclosed
below.
PRE-APPROVAL OF AUDIT AND PERMITTED NON-AUDIT
SERVICES PROVIDED TO THE COMPANY
The Committee shall pre-approve all auditing services and
permissible non-audit services (e.g., tax services) to be provided
to the Company by the Accountant, including the fees therefore.
The Committee may delegate to one or more of its members the
authority to grant pre-approvals. In connection with such
delegation, the Committee shall establish pre-approval policies
and procedures, including the requirement that the decisions of
any member to whom authority is delegated under this section (B)
shall be presented to the full Committee at each of its scheduled
meetings.
Pre-approval for a permitted non-audit service shall not be
required if: (1) the aggregate amount of all such non-audit
services is not more than 5% of the total revenues paid by the
Company to the Accountant in the fiscal year in which the
non-audit services are provided; (2) such services were not
recognized by the Company at the time of the engagement to be
non-audit services; and (3) such services are promptly brought to
the attention of the Committee and approved prior to the
completion of the audit by the Committee or by one or more members
of the Committee to whom authority to grant such approvals has
been delegated by the Committee.
Additionally, the Committee shall pre-approve the Accountant's
engagements for non-audit services with the Adviser and any
affiliate of the Adviser that provides ongoing services to the
Company in accordance with the foregoing paragraph, if the
engagement relates directly to the operations and financial
reporting of the Company, unless the aggregate amount of all
services provided constitutes no more than 5% of the total amount
of revenues paid to the Accountant by the Company, the Adviser and
any affiliate of the Adviser that provides ongoing services to the
Company during the fiscal year in which the services are provided
that would have to be pre-approved by the Committee pursuant to
this paragraph (without regard to this exception).
(e)(2) The percentage of services to the registrant described in each of
paragraphs (b) through (d) of this Item that were approved by the
audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of
Regulation S-X are as follows:
(b) 0%
(c) 0%
(d) 100%
(f) The percentage of hours expended on the principal accountant's
engagement to audit the registrant's financial statements for the most
recent fiscal year that were attributed to work performed by persons
other than the principal accountant's full-time, permanent employees
was zero percent (0%).
(g) The aggregate non-audit fees billed by the registrant's accountant for
services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is
primarily portfolio management and is subcontracted with or overseen
by another investment adviser), and any entity controlling, controlled
by, or under common control with the adviser that provides ongoing
services to the registrant for each of the last two fiscal years of
the registrant were $0 for 2002 and $10,000 for 2003.
(h) The registrant's audit committee of the board of directors HAS
considered whether the provision of non-audit services that were
rendered to the registrant's investment adviser (not including any
sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any
entity controlling, controlled by, or under common control with the
investment adviser that provides ongoing services to the registrant
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule
2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable.
ITEM 10. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these
controls and procedures required by Rule 30a-3(b) under the 1940 Act
(17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the
Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal half-year (the registrant's second fiscal half-year in the case
of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 11. EXHIBITS.
(a)(1) Code of ethics, or any amendment thereto, that is the subject of
disclosure required by Item 2 is attached hereto.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002 are attached hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to 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/ Michael J. Napoli, Jr.
-----------------------------------------------------
Michael J. Napoli, Jr., President
(principal executive officer)
Date March 9, 2004
-------------------------------------------------------------------------
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/ Michael J. Napoli, Jr.
-----------------------------------------------------
Michael J. Napoli, Jr., President
(principal executive officer)
Date March 9, 2004
-------------------------------------------------------------------------
By (Signature and Title)* /s/ Helen E. Webb
-----------------------------------------------------
Helen E. Webb, Treasurer
(principal financial officer)
Date March 9, 2004
-------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.