UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07076
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Wilshire Mutual Funds, Inc.
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(Exact name of registrant as specified in charter)
c/o PFPC Inc.
760 Moore Rd.
King of Prussia, PA 19406
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(Address of principal executive offices) (Zip code)
David Lebisky
c/o PFPC Inc.
760 Moore Rd.
King of Prussia, PA 19406
(Name and address of agent for service)
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registrant's telephone number, including area code: 610-382-8667
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Date of fiscal year end: December 31
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Date of reporting period: December 31, 2004
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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.
The Report to Shareholders is attached herewith.
[LOGO OMITTED]
WILSHIRE
MUTUAL FUNDS, INC.
ANNUAL REPORT
LARGE COMPANY GROWTH PORTFOLIO
LARGE COMPANY VALUE PORTFOLIO
SMALL COMPANY GROWTH PORTFOLIO
SMALL COMPANY VALUE PORTFOLIO
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
(formerly, the WILSHIRE 5000 INDEX PORTFOLIO)
DECEMBER 31, 2004
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www.wilshirefunds.com
WILSHIRE MUTUAL FUNDS, INC.
Shareholder Letter .............................................. 1
Large Company Growth Portfolio:
Commentary .................................................. 2
Large Company Value Portfolio:
Commentary .................................................. 5
Small Company Growth Portfolio:
Commentary .................................................. 8
Small Company Value Portfolio:
Commentary .................................................. 11
Dow Jones Wilshire 5000 Index Portfolio:
Commentary .................................................. 14
Disclosure of Fund Expenses ...................................... 18
Condensed Statements of Investments:
Large Company Growth Portfolio .............................. 20
Large Company Value Portfolio ............................... 22
Small Company Growth Portfolio .............................. 24
Small Company Value Portfolio ............................... 26
Dow Jones Wilshire 5000 Index Portfolio ..................... 28
Statements of Assets and Liabilities ............................. 30
Statements of Operations ......................................... 32
Statements of Changes in Net Assets .............................. 33
Financial Highlights:
Large Company Growth Portfolio .............................. 37
Large Company Value Portfolio ............................... 39
Small Company Growth Portfolio .............................. 41
Small Company Value Portfolio ............................... 43
Dow Jones Wilshire 5000 Index Portfolio ..................... 45
Notes to Financial Statements .................................... 49
Report of Independent Registered Public Accounting Firm .......... 56
Tax Information .................................................. 57
Additional Fund Information ...................................... 58
--------------------------------
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 DOW JONES 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 Wilshire
Mutual Funds, Inc. (the "Portfolios"). This report covers the period from
January 1, 2004 to December 31, 2004 (the "Period") for all share classes of the
Large Company Growth, Large Company Value, Small Company Growth, Small Company
Value and Dow Jones Wilshire 5000 Index Portfolios.
Equity markets were held back over the first three quarters of 2004 due in part
to ambiguous economic data, stubbornly high energy prices, a weakening dollar in
combination with burgeoning budget and trade deficits, and continuing terrorist
activity. However, investors renewed their interest in the stock markets in the
last two months of the 4th quarter, resulting in solid gains for the year. In
addition to the conclusion of the Presidential election during the quarter,
domestic equity markets were supported by falling energy prices, positive
economic data, and a reemergence of merger and acquisition activity.
The most recent GDP results show signs of a strengthening domestic economy as
GDP grew at a solid 4.0% annualized pace in the third quarter of the year. The
Federal Reserve continued its move toward neutral monetary policy, increasing
the benchmark federal funds rate five times over the year, each time by 25 basis
points. All told, the Federal Reserve Bank raised target overnight interest
rates by 1.25%, ending the year at 2.25%. Unemployment held steady over the
year, ending at 5.4%. While inflation has come into the picture again, core CPI
- -- which excludes volatile food and energy prices -- advanced a tepid 2.2% over
the trailing twelve month period ending November 2004.
For the second consecutive year, small cap stocks outperformed their larger
counterparts while value stocks beat growth stocks. Energy stocks in particular
drove market returns. The technology sector lagged the market after leading the
way last year.
For the year, the Dow Jones Wilshire 5000 Index rose approximately 12.5%. Other
broad market indices rose in concert with the index, and international markets
were higher as well. The strong performance of 2004 was a welcome reward to
long-term investors who suffered through the losses of prior years.
This year, we took several steps to strengthen the portfolio management team of
the Portfolios. We engaged Transamerica Investment Management, LLC, Goldman
Sachs Asset Management, Pzena Investment Management, LLC, NWQ Investment
Management Company, LP and Kalmar Investment Advisers to serve our shareholders.
We are excited about the opportunities that lie ahead with these talented teams.
We encourage all shareholders to visit www.wilshirefunds.com. Funds management
has added an e-mail distribution list that features the free delivery of an
electronic copy of our market commentary and other relevant market research
pieces. We maintain the list in the strictest of confidence and do not sell or
distribute the addresses to any outside parties. It is our goal to build a list
of 100% of our shareholders so that we are better able to communicate with our
investors. Access to daily net asset values and quarterly performance reports
for the Portfolios is available on the site; prospectuses and account
applications are available as well.
We are encouraged by the gains posted by all of our Portfolios during the past
year and we thank our loyal shareholders for their business and their ongoing
support. Thank you for your continued confidence in Wilshire Mutual Funds, Inc.
Sincerely,
/s/ Alexander Chaloff
Alexander Chaloff
Chief Financial Officer
1
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LARGE COMPANY GROWTH PORTFOLIO [GRAPHIC OF TREE OMITTED]
COMMENTARY
- --------------------------------------------------------------------------------
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/04.............................. 6.70%
FIVE YEARS ENDED 12/31/04............................ (5.76)%
TEN YEARS ENDED 12/31/04............................. 12.27%
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/04.............................. 7.10%
FIVE YEARS ENDED 12/31/04............................ (5.46)%
INCEPTION (7/15/96) THROUGH 12/31/04................. 10.20%
The performance data quoted represents past performance and does not indicate
future results. Current performance may be lower or higher. Performance data
current to the most recent quarter end may be obtained at www.wilshirefunds.com.
The investment return and principal value of an investment will fluctuate so
that shares, when redeemed, may be worth less than their original cost. The
table above, and the Comparative Performance graphs, do not reflect the
deduction of taxes that a shareholder would pay on Portfolio distributions or
the redemption of Portfolio shares.
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS. DURING CERTAIN
PERIODS SINCE INCEPTION, CERTAIN FEES AND EXPENSES WERE WAIVED OR REIMBURSED.
FOR THE YEAR ENDED 12/31/04, THERE WERE NO WAIVERS OR REIMBURSEMENTS. WITHOUT
SUCH WAIVERS AND REIMBURSEMENTS, HISTORICAL TOTAL RETURNS WOULD HAVE BEEN LOWER.
PORTFOLIO SECTOR WEIGHTING**
(As of December 31, 2004)
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW:
Information Technology 25.3%
Consumer Discretionary 21.6%
Health Care 21.5%
Industrials 9.8%
Financials 8.6%
Consumer Staples 6.4%
Materials 2.8%
Energy 1.9%
Telecommunication Services 1.9%
Utilities 0.2%
** BASED ON PERCENT OF PORTFOLIO'S TOTAL MARKET VALUE.
2
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LARGE COMPANY GROWTH PORTFOLIO [GRAPHIC OF TREE OMITTED]
COMMENTARY - (CONTINUED)
- --------------------------------------------------------------------------------
Investment Class Shares of the Large Company Growth Portfolio (the "Fund")
gained 6.70% while Institutional Class Shares rose 7.10% during the one year
period ended December 31, 2004 (the "Period"). Both classes of the Fund
outperformed its index, the Russell 1000 Growth Index, which returned 6.28% over
the Period.
The large growth category saw positive gains in 2004, but lagged other U.S.
Equity segments. Value outperformed growth and smaller companies outperformed
larger companies; however all U.S. Equity styles ended the year with positive
performance. After struggling in the third quarter, the Fund and its benchmark
used the fourth quarter to help post gains for the year. The Fund benefited from
overweight positions and stock selection within Utilities, Telecomm and Energy,
the top performing sectors for the year. A large holding in Qualcomm, Inc.
(3.12% of portfolio) had the most significant impact on the Fund's
outperformance of the benchmark, helped by healthcare companies WellPoint, Inc.
(1.94% of portfolio) and UnitedHealth Group, Inc. (0.42% of portfolio). While
Information Technology was the only sector that saw negative returns for the
year, positive security selection within the sector helped as names such as
Microsoft Corporation (4.15% of portfolio) beat the broad market.
While the large growth style did not outperform the broad market, it was the
second consecutive rewarding year for large growth investors as the style
continues to rebound from earlier poor performance.
3
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LARGE COMPANY GROWTH PORTFOLIO [GRAPHIC OF TREE OMITTED]
COMMENTARY - (CONTINUED)
- --------------------------------------------------------------------------------
COMPARATIVE PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN SHARES OF
LARGE COMPANY GROWTH PORTFOLIO, THE TARGET LARGE COMPANY GROWTH INDEX AND
THE RUSSELL 1000 GROWTH INDEX FROM INCEPTION THROUGH 12/31/04.
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Large Company Growth Target Large
Portfolio Investment Company Russell 1000
Class Shares Growth Index Growth Index
9/30/92 10,000 10,000 10,000
8/31/93 10,245 10,299 10,676
8/31/94 10,893 10,998 11,365
8/31/95 14,491 13,727 14,164
8/31/96 17,665 16,847 16,767
8/31/97 24,889 24,058 23,367
8/31/98 27,777 27,078 25,296
8/31/99 41,241 40,720 37,521
8/31/00 53,135 52,164 50,076
8/31/01 33,831 32,851 27,380
8/31/02 26,229 27,243 21,310
12/31/02 25,594 26,682 20,465
12/31/03 32,364 33,419 26,553
12/31/04 34,533 36,016 28,226
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Large Company Growth Target Large
Portfolio Institutional Company Russell 1000
Class Shares Growth Index Growth Index
7/15/96 10,000 10,000 10,000
8/31/96 10,591 9,778 10,523
8/31/97 14,942 13,963 14,665
8/31/98 16,701 15,716 15,876
8/31/99 24,850 23,634 23,548
8/31/00 32,112 30,276 31,428
8/31/01 20,510 19,066 17,184
8/31/02 17,150 15,823 13,374
12/31/02 16,752 15,497 12,844
12/31/03 21,249 19,410 16,665
12/31/04 22,758 20,918 17,715
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 TARGET LARGE COMPANY GROWTH INDEX IS AN UNMANAGED INDEX COMPILED BY WILSHIRE
ASSOCIATES,INCORPORATED, 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 HIGH
PRICE-TO-BOOK RATIOS AND HIGH FORECASTED GROWTH VALUES. AN INDIVIDUAL CANNOT
INVEST DIRECTLY IN ANY INDEX. INDEX PERFORMANCE IS PRESENTED FOR GENERAL
COMPARATIVE PURPOSES.
4
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LARGE COMPANY VALUE PORTFOLIO [GRAPHIC OF TREE OMITTED]
COMMENTARY
- --------------------------------------------------------------------------------
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/04............................ 13.28%
FIVE YEARS ENDED 12/31/04.......................... 6.84%
TEN YEARS ENDED 12/31/04........................... 11.90%
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/04............................ 13.62%
FIVE YEARS ENDED 12/31/04.......................... 7.12%
INCEPTION (7/15/96) THROUGH 12/31/04............... 9.88%
The performance data quoted represents past performance and does not indicate
future results. Current performance may be lower or higher. Performance data
current to the most recent quarter end may be obtained at www.wilshirefunds.com.
The investment return and principal value of an investment will fluctuate so
that shares, when redeemed, may be worth less than their original cost. The
table above, and the Comparative Performance graphs, do not reflect the
deduction of taxes that a shareholder would pay on Portfolio distributions or
the redemption of Portfolio shares.
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS. DURING CERTAIN
PERIODS SINCE INCEPTION, CERTAIN FEES AND EXPENSES WERE WAIVED OR REIMBURSED.
FOR THE YEAR ENDED 12/31/04, THERE WERE NO WAIVERS OR REIMBURSEMENTS. WITHOUT
SUCH WAIVERS AND REIMBURSEMENTS, HISTORICAL TOTAL RETURNS WOULD HAVE BEEN LOWER.
PORTFOLIO SECTOR WEIGHTING**
(As of December 31, 2004)
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW:
Financials 37.2%
Industrials 13.0%
Energy 11.7%
Consumer Discretionary 9.0%
Information Technology 5.5%
Consumer Staples 5.3%
Health Care 5.2%
Telecommunication Services 5.0%
Utilities 4.6%
Materials 3.5%
** BASED ON PERCENT OF PORTFOLIO'S TOTAL MARKET VALUE.
5
- --------------------------------------------------------------------------------
LARGE COMPANY VALUE PORTFOLIO [GRAPHIC OF TREE OMITTED]
COMMENTARY - (CONTINUED)
- --------------------------------------------------------------------------------
Investment Class Shares of the Large Company Value Portfolio (the "Fund") rose
13.28% while Institutional Class Shares gained 13.62% during the one year period
ended December 31, 2004 (the "Period"). Both classes of the Fund underperformed
the benchmark, the Russell 1000 Value Index, which returned 16.45% over the
Period.
Value outperformed growth, but smaller value companies showed better returns
than their larger counterparts. All sectors within the large value segment ended
the year with positive returns. Health Care was the weakest performer as
negative news concerning Merck & Company, Inc. (0.20% of portfolio) and Pfizer,
Inc. (0.63% of portfolio) adversely affected both sector and Fund returns. Stock
selection within the Consumer Discretionary sector was another drag on
performance as holdings of General Motors Corporation (0.44% of portfolio)
significantly hurt the Fund.
On a positive note, the Fund benefited from stock selection in Energy, the top
performing sector for the Period. Exxon Mobil Corporation (3.60% of portfolio),
ChevronTexaco Corporation (1.98% of portfolio), and ConocoPhillips (1.76% of
portfolio) all contributed positive returns for the Fund.
6
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LARGE COMPANY VALUE PORTFOLIO [GRAPHIC OF TREE OMITTED]
COMMENTARY - (CONTINUED)
- --------------------------------------------------------------------------------
COMPARATIVE PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN SHARES OF
LARGE COMPANY VALUE PORTFOLIO, THE TARGET LARGE COMPANY VALUE INDEX AND
THE RUSSELL 1000 VALUE INDEX FROM INCEPTION THROUGH 12/31/04.
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Large Company Value Target Large
Portfolio Investment Company Russell 1000
Class Shares Value Index Value Index
9/30/92 10,000 10,000 10,000
8/31/93 12,292 12,336 12,513
8/31/94 11,850 11,992 12,872
8/31/95 14,097 14,588 15,340
8/31/96 16,568 17,280 18,031
8/31/97 22,246 23,427 25,160
8/31/98 22,544 23,942 26,138
8/31/99 26,776 28,665 34,001
8/31/00 26,837 27,633 35,413
8/31/01 30,655 29,221 35,018
8/31/02 25,907 25,764 30,418
12/31/02 23,967 23,832 29,527
12/31/03 30,797 31,546 38,394
12/31/04 34,887 36,641 44,725
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Large Company Value Target Large
Portfolio Institutional Company Russell 1000
Class Shares Value Index Value Index
7/15/96 10,000 10,000 10,000
8/31/96 10,355 9,962 10,368
8/31/97 13,905 13,506 14,468
8/31/98 14,111 13,803 15,031
8/31/99 16,796 16,525 19,552
8/31/00 17,141 15,931 20,364
8/31/01 18,303 16,846 20,136
8/31/02 16,387 14,853 17,492
12/31/02 15,168 13,806 16,979
12/31/03 19,541 18,275 22,078
12/31/04 22,203 21,226 25,719
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 TARGET LARGE COMPANY VALUE INDEX IS AN UNMANAGED INDEX COMPILED BY WILSHIRE
ASSOCIATES,INCORPORATED, 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. INDEX PERFORMANCE IS PRESENTED FOR GENERAL
COMPARATIVE PURPOSES.
7
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO [GRAPHIC OF TREE OMITTED]
COMMENTARY
- --------------------------------------------------------------------------------
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/04............................ 17.22%
FIVE YEARS ENDED 12/31/04.......................... 6.24%
TEN YEARS ENDED 12/31/04........................... 9.31%
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/04............................ 17.56%
FIVE YEARS ENDED 12/31/04.......................... 6.47%
INCEPTION (7/15/96) THROUGH 12/31/04............... 7.94%
The performance data quoted represents past performance and does not indicate
future results. Current performance may be lower or higher. Performance data
current to the most recent quarter end may be obtained at www.wilshirefunds.com.
The investment return and principal value of an investment will fluctuate so
that shares, when redeemed, may be worth less than their original cost. Small
company stocks may be subject to a higher degree of market risk than the
securities of more established companies because they tend to be more volatile
and less liquid. The table above, and the Comparative Performance graphs, do not
reflect the deduction of taxes that a shareholder would pay on Portfolio
distributions or the redemption of Portfolio shares.
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS. DURING CERTAIN
PERIODS SINCE INCEPTION, CERTAIN FEES AND EXPENSES WERE WAIVED OR REIMBURSED.
FOR THE YEAR ENDED 12/31/04, FEES TOTALING 0.92% OF AVERAGE NET ASSETS WERE
WAIVED AND REIMBURSED.WITHOUT SUCH WAIVERS AND REIMBURSEMENTS, TOTAL RETURNS
SINCE INCEPTION WOULD HAVE BEEN LOWER.
PORTFOLIO SECTOR WEIGHTING**
(As of December 31, 2004)
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW:
Information Technology 24.3%
Industrials 17.6%
Health Care 16.7%
Consumer Discretionary 16.7%
Energy 8.5%
Financials 7.4%
Materials 5.4%
Telecommunication Services 1.9%
Consumer Staples 1.5%
** BASED ON PERCENT OF PORTFOLIO'S TOTAL MARKET VALUE.
8
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO [GRAPHIC OF TREE OMITTED]
COMMENTARY - (CONTINUED)
- --------------------------------------------------------------------------------
Investment Class Shares of the Small Company Growth Portfolio (the "Fund") rose
17.22%, while Institutional Class Shares gained 17.56% during the one year
period ended December 31, 2004 (the "Period"). Both classes of the Fund
outperformed the benchmark, the Russell 2000 Growth Index, which returned 14.26%
over the Period.
The U.S. equity market experienced a good year even with a difficult third
quarter caused by a record high peak in oil prices. Value outperformed growth
and small companies were favored over large companies during the Period.
The small growth style saw most of its return coming from the Energy sector. The
Fund capitalized on this run with an overweight allocation to Energy and
substantial holdings in companies like Tesoro Corporation (0.09% of portfolio)
and Lone Star Technologies, Inc. (0.44% of portfolio). A significant overweight
and impressive stock selection in the Materials sector also helped the Fund
outperform its benchmark.
9
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO [GRAPHIC OF TREE OMITTED]
COMMENTARY - (CONTINUED)
- --------------------------------------------------------------------------------
COMPARATIVE PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN SHARES OF
SMALL COMPANY GROWTH PORTFOLIO, THE TARGET SMALL COMPANY GROWTH INDEX AND
THE RUSSELL 2000 GROWTH INDEX FROM INCEPTION THROUGH 12/31/04.
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Small Company Growth Target Small
Portfolio Investment Company Russell 2000
Class Shares Growth Index Growth Index
9/30/92 10,000 10,000 10,000
8/31/93 12,850 13,052 12,414
8/31/94 13,516 13,952 12,790
8/31/95 16,632 18,472 16,279
8/31/96 19,543 20,480 17,793
8/31/97 22,506 25,926 21,373
8/31/98 16,651 19,067 15,750
8/31/99 20,114 23,494 22,571
8/31/00 26,837 31,124 31,391
8/31/01 23,115 26,456 20,423
8/31/02 21,287 24,831 15,109
12/31/02 20,553 24,153 15,070
12/31/03 28,162 33,471 22,385
12/31/04 33,012 39,489 25,588
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Small Company Growth Target Small
Portfolio Institutional Company Russell 2000
Class Shares Growth Index Growth Index
7/15/96 10,000 10,000 10,000
8/31/96 11,141 9,642 10,871
8/31/97 12,828 12,206 13,058
8/31/98 9,499 8,977 9,623
8/31/99 11,497 11,061 13,790
8/31/00 15,389 14,653 19,179
8/31/01 13,287 12,455 12,478
8/31/02 12,268 11,690 9,231
12/31/02 11,830 11,371 9,207
12/31/03 16,242 15,758 13,677
12/31/04 19,095 18,591 15,634
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 TARGET SMALL COMPANY GROWTH INDEX IS AN UNMANAGED INDEX COMPILED BY WILSHIRE
ASSOCIATES,INCORPORATED, WHICH IS A FOCUSED MEASUREMENT OF THE SMALL GROWTH
SECTOR OF THE MARKET. 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. INDEX PERFORMANCE IS PRESENTED FOR GENERAL
COMPARATIVE PURPOSES.
10
- --------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO [GRAPHIC OF TREE OMITTED]
COMMENTARY
- --------------------------------------------------------------------------------
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/04................................... 22.78%
FIVE YEARS ENDED 12/31/04................................. 15.37%
TEN YEARS ENDED 12/31/04.................................. 12.23%
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/04................................... 23.11%
FIVE YEARS ENDED 12/31/04................................. 15.67%
INCEPTION (7/15/96) THROUGH 12/31/04...................... 11.87%
The performance data quoted represents past performance and does not indicate
future results. Current performance may be lower or higher. Performance data
current to the most recent quarter end may be obtained at www.wilshirefunds.com.
The investment return and principal value of an investment will fluctuate so
that shares, when redeemed, may be worth less than their original cost. Small
company stocks may be subject to a higher degree of market risk than the
securities of more established companies because they tend to be more volatile
and less liquid. The table above, and the Comparative Performance graphs, do not
reflect the deduction of taxes that a shareholder would pay on Portfolio
distributions or the redemption of Portfolio shares.
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS. DURING CERTAIN
PERIODS SINCE INCEPTION, CERTAIN FEES AND EXPENSES WERE WAIVED OR REIMBURSED.
FOR THE YEAR ENDED 12/31/04, FEES TOTALING 0.61% OF AVERAGE NET ASSETS WERE
WAIVED AND REIMBURSED. WITHOUT SUCH WAIVERS AND REIMBURSEMENTS, TOTAL RETURNS
SINCE INCEPTION WOULD HAVE BEEN LOWER.
PORTFOLIO SECTOR WEIGHTING**
(As of December 31, 2004)
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW:
Financials 29.4%
Industrials 19.9%
Materials 15.6%
Energy 11.0%
Consumer Discretionary 7.6%
Information Technology 6.0%
Consumer Staples 3.6%
Health Care 3.2%
Utilities 3.0%
Telecommunication Services 0.7%
** BASED ON PERCENT OF PORTFOLIO'S TOTAL MARKET VALUE.
11
- --------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO [GRAPHIC OF TREE OMITTED]
COMMENTARY - (CONTINUED)
- --------------------------------------------------------------------------------
Investment Class Shares of the Small Company Value Portfolio (the "Fund") gained
22.78% while Institutional Class Shares gained 23.11% during the one year period
ended December 31, 2004 (the "Period"). Both classes of the Fund outperformed
the benchmark, the Russell 2000 Value Index, which returned 22.18% over the
Period.
The small value style was the top performer of the four style categories based
on absolute performance for the Period. Like other styles, small value struggled
in the third quarter as oil prices peaked at new record highs, but ended the
year with an impressive fourth quarter.
The Fund's strong performance for the year came primarily from the Energy
sector. A significant overweight and strong stock selection in this top
performing sector helped the Fund generate impressive returns and outperform the
benchmark. Tesoro Corporation (0.32% of portfolio), Range Resources Corporation
(0.88% of portfolio) and Vintage Petroleum, Inc. (0.53% of portfolio) stocks
were all key contributors to the Fund's performance. Superior stock selection in
the Financial sector also helped the Fund as holdings of UICI (0.05% of
portfolio) returned more than 150%.
12
- --------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO [GRAPHIC OF TREE OMITTED]
COMMENTARY - (CONTINUED)
- --------------------------------------------------------------------------------
COMPARATIVE PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN SHARES OF
SMALL COMPANY VALUE PORTFOLIO, THE TARGET SMALL COMPANY VALUE INDEX AND
THE RUSSELL 2000 VALUE INDEX FROM INCEPTION THROUGH 12/31/04.
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Small Company Value Target Small
Portfolio Investment Company Russell 2000
Class Shares Value Index Value Index
9/30/92 10,000 10,000 10,000
8/31/93 11,974 12,570 13,100
8/31/94 11,972 12,876 13,837
8/31/95 13,391 14,880 16,385
8/31/96 14,735 16,647 18,370
8/31/97 19,706 22,554 25,242
8/31/98 17,975 20,680 22,222
8/31/99 19,841 22,142 25,351
8/31/00 18,684 20,437 28,824
8/31/01 23,781 26,145 34,024
8/31/02 22,048 25,645 32,119
12/31/02 21,682 24,547 31,292
12/31/03 29,577 34,582 45,695
12/31/04 36,312 44,894 58,862
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Small Company Value Target Small
Portfolio Institutional Company Russell 2000
Class Shares Value Index Value Index
7/15/96 10,000 10,000 10,000
8/31/96 10,304 9,897 10,406
8/31/97 13,781 13,408 14,299
8/31/98 12,578 12,294 12,588
8/31/99 13,389 13,163 14,361
8/31/00 12,638 12,149 16,328
8/31/01 16,115 15,543 19,274
8/31/02 15,578 15,246 18,195
12/31/02 15,333 14,618 17,727
12/31/03 20,985 20,594 25,886
12/31/04 25,834 26,735 31,646
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 TARGET SMALL COMPANY VALUE INDEX IS AN UNMANAGED INDEX COMPILED BY WILSHIRE
ASSOCIATES,INCORPORATED, WHICH IS A FOCUSED MEASUREMENT OF THE SMALL
CAPITALIZATION VALUE SECTOR OF THE MARKET. 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. INDEX PERFORMANCE IS PRESENTED
FOR GENERAL COMPARATIVE PURPOSES.
13
- --------------------------------------------------------------------------------
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO [GRAPHIC OF TREE OMITTED]
COMMENTARY
- --------------------------------------------------------------------------------
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/04.................................. 11.17%
FIVE YEARS ENDED 12/31/04................................ (2.25)%
INCEPTION (2/1/99) THROUGH 12/31/04...................... 0.95%
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/04.................................. 11.56%
FIVE YEARS ENDED 12/31/04................................ (1.95)%
INCEPTION (2/1/99) THROUGH 12/31/04...................... 1.25%
QUALIFIED CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/04.................................. 11.13%
INCEPTION (5/10/00) THROUGH 12/31/04..................... (0.93)%
HORACE MANN CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 12/31/04.................................. 11.23%
FIVE YEARS ENDED 12/31/04................................ (2.27)%
INCEPTION (12/10/99) THROUGH 12/31/04.................... 1.11%
The performance data quoted represents past performance and does not indicate
future results. Current performance may be lower or higher. Performance data
current to the most recent quarter end may be obtained at www.wilshirefunds.com.
The investment return and principal value of an investment will fluctuate so
that shares, when redeemed, may be worth less than their original cost. The
table above, and the Comparative Performance graphs, do not reflect the
deduction of taxes that a shareholder would pay on Portfolio distributions or
the redemption of Portfolio shares.
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS. DURING CERTAIN
PERIODS SINCE INCEPTION, CERTAIN FEES AND EXPENSES WERE WAIVED OR REIMBURSED.
FOR THE YEAR ENDED 12/31/04, THERE WERE NO WAIVERS OR REIMBURSEMENTS. WITHOUT
SUCH WAIVERS AND REIMBURSEMENTS, TOTAL RETURNS SINCE INCEPTION WOULD HAVE BEEN
LOWER.
PORTFOLIO SECTOR WEIGHTING**
(As of December 31, 2004)
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW:
Financials 22.7%
Information Technology 15.0%
Consumer Discretionary 14.8%
Health Care 12.3%
Industrials 11.4%
Consumer Staples 7.2%
Energy 7.2%
Materials 3.6%
Utilities 2.9%
Telecommunication Services 2.9%
** BASED ON PERCENT OF PORTFOLIO'S TOTAL MARKET VALUE.
14
- --------------------------------------------------------------------------------
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO [GRAPHIC OF TREE OMITTED]
COMMENTARY - (CONTINUED)
- --------------------------------------------------------------------------------
Investment Class Shares of the Dow Jones Wilshire 5000 Portfolio (the "Fund")
picked up 11.17% while Institutional Class Shares were also up 11.56% during the
one year period ended December 31, 2004 (the "Period"). The Fund uses the Dow
Jones Wilshire 5000 Index as the benchmark. Both classes of the Fund
underperformed the benchmark, as the Index gained 12.48% over the Period.
Two rate hikes from the Fed, continued uncertainty in Iraq and extremely high
oil prices could not keep the U.S. equity market from posting a positive return
for 2004. The Fund and Index finished the Period with positive returns for the
second year in a row, after several years of negative performance.
The Fund began the first half of the year with modestly positive returns until
experiencing a difficult third quarter caused by a peak in oil prices. However,
once oil prices hit the ceiling and began to come down, the fourth quarter more
than made up for the losses of the third. The strongest returns for the Fund
came from the Energy sector. Names like Exxon Mobil Corporation (2.30% of
portfolio) and ChevronTexaco Corporation (0.78% of portfolio) helped lead the
way. The Fund was hurt by select Health Care companies including Pfizer, Inc.
(1.36% of portfolio) and Merck & Company, Inc. (0.49% of portfolio). The worst
performing sector for the period was Information Technology. Stock selection
within that sector had a negative effect on the Fund's performance as Cisco
Systems, Inc. (0.88% of portfolio) and Intel Corporation (1.02% of portfolio)
both experienced significant losses.
15
- --------------------------------------------------------------------------------
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO [GRAPHIC OF TREE OMITTED]
COMMENTARY - (CONTINUED)
- --------------------------------------------------------------------------------
COMPARATIVE PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN SHARES OF
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO AND THE DOW JONES WILSHIRE 5000 INDEX
FROM INCEPTION THROUGH 12/31/04.
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Dow Jones
Wilshire 5000 Dow Jones
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
12/31/04 10,576 11,080
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Dow Jones
Wilshire 5000 Dow Jones
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
12/31/04 10,764 11,080
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 DOW JONES 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.
16
- --------------------------------------------------------------------------------
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO [GRAPHIC OF TREE OMITTED]
COMMENTARY - (CONTINUED)
- --------------------------------------------------------------------------------
COMPARATIVE PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN SHARES OF
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO AND THE DOW JONES WILSHIRE 5000 INDEX
FROM INCEPTION THROUGH 12/31/04.
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Dow Jones
Wilshire 5000 Dow Jones
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
12/31/04 10,512 10,576
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW
Dow Jones
Wilshire 5000 Dow Jones
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
12/31/04 9,581 9,719
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 DOW JONES 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.
17
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
DISCLOSURE OF FUND EXPENSES
FOR THE SIX MONTHS ENDED DECEMBER 31, 2004
- --------------------------------------------------------------------------------
We believe it is important for you to understand the impact of fees regarding
your investment. All mutual funds have operating expenses. As a shareholder of a
Portfolio (or a "fund"), you incur ongoing costs, which include costs for
portfolio management, administrative services, and shareholder reports (like
this one), among others. Operating expenses, which are deducted from a fund's
gross income, directly reduce the investment return of the fund. A fund's
expenses are expressed as a percentage of its average net assets. This figure is
known as the expense ratio. The following examples are intended to help you
understand the ongoing fees (in dollars) of investing in your fund and to
compare these costs with those of other mutual funds. The examples are based on
an investment of $1,000 made at the beginning of the period shown and held for
the entire period.
The following table illustrates your fund's costs in two ways:
ACTUAL FUND RETURN: This section helps you to estimate the actual expenses,
after any applicable fee waivers, that you paid over the period. The "Ending
Account Value" shown is derived from the Fund's ACTUAL return for the past six
month period. The "Expense Ratio" column shows the period's annualized expense
ratio and the "Expenses Paid During Period" column shows the dollar amount that
would have been paid by an investor who started with $1,000 in the fund at the
beginning of the period.
You may use the information here, together with your account value, to estimate
the expenses that you paid over the period. To do so, simply divide your account
value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6),
then multiply the result by the number given for your fund under the heading
entitled "Expenses Paid During Period."
HYPOTHETICAL 5% RETURN: This section is intended to help you compare your fund's
costs with those of other mutual funds. It assumes that the fund had an annual
return of 5% before expenses and that the expense ratio is unchanged. In this
case, because the return used is NOT the fund's actual return, the results do
not apply to your investment. The example is useful in making comparisons to
other mutual funds because the Securities and Exchange Commission requires all
mutual funds to calculate expenses based on an assumed 5% return. You can assess
your fund's costs by comparing this hypothetical example with the hypothetical
examples that appear in shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help
you compare your ongoing costs only and do not reflect any transactional costs
such as sales charges (loads), redemption fees, or exchange fees. Wilshire
Mutual Funds, Inc. has no such charges or fees, but they may be present in other
funds that you compare this data to. Therefore, the hypothetical portions of the
table are useful in comparing ongoing costs only, and will not help you
determine the relative total costs of owning different funds.
18
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
DISCLOSURE OF FUND EXPENSES - (CONTINUED)
FOR THE SIX MONTHS ENDED DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Beginning Ending Expenses Paid
Account Account During Period
Value Value Expense 7/01/04-
07/01/04 12/31/04 Ratio (1) 12/31/04 (2)
-------- -------- --------- -------------
LARGE COMPANY GROWTH PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------
ACTUAL FUND RETURN
Investment Class............................. $1,000.00 $1,040.20 1.45% $7.44
Institutional Class.......................... 1,000.00 1,041.90 1.11 5.69
HYPOTHETICAL 5% RETURN
Investment Class............................. 1,000.00 1,017.84 1.45 7.36
Institutional Class.......................... 1,000.00 1,019.57 1.11 5.63
LARGE COMPANY VALUE PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------
ACTUAL FUND RETURN
Investment Class............................. 1,000.00 1,089.30 1.69 8.86
Institutional Class.......................... 1,000.00 1,091.10 1.35 7.12
HYPOTHETICAL 5% RETURN
Investment Class............................. 1,000.00 1,016.65 1.69 8.55
Institutional Class.......................... 1,000.00 1,018.33 1.35 6.87
SMALL COMPANY GROWTH PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------
ACTUAL FUND RETURN
Investment Class............................. 1,000.00 1,089.20 1.58 8.29
Institutional Class.......................... 1,000.00 1,091.40 1.26 6.63
HYPOTHETICAL 5% RETURN
Investment Class............................. 1,000.00 1,017.20 1.58 8.01
Institutional Class.......................... 1,000.00 1,018.80 1.26 6.40
SMALL COMPANY VALUE PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------
ACTUAL FUND RETURN
Investment Class............................. 1,000.00 1,115.20 1.46 7.78
Institutional Class.......................... 1,000.00 1,116.30 1.14 6.09
HYPOTHETICAL 5% RETURN
Investment Class............................. 1,000.00 1,017.78 1.46 7.42
Institutional Class.......................... 1,000.00 1,019.39 1.14 5.81
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------
ACTUAL FUND RETURN
Investment Class............................. 1,000.00 1,073.10 0.91 4.75
Institutional Class.......................... 1,000.00 1,075.80 0.60 3.14
Qualified Class ............................. 1,000.00 1,072.60 1.00 5.23
Horace Mann Class ........................... 1,000.00 1,073.60 0.96 5.00
HYPOTHETICAL 5% RETURN
Investment Class............................. 1,000.00 1,020.56 0.91 4.63
Institutional Class.......................... 1,000.00 1,022.11 0.60 3.06
Qualified Class ............................. 1,000.00 1,020.09 1.00 5.10
Horace Mann Class ........................... 1,000.00 1,020.32 0.96 4.87
(1) ANNUALIZED, BASED ON THE PORTFOLIO'S MOST RECENT FISCAL HALF-YEAR EXPENSES.
(2) EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO MULTIPLIED BY THE
AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS IN THE
MOST RECENT FISCAL HALF-YEAR, THEN DIVIDED BY 366.
19
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------------
COMMON STOCKS - 100.0%
CONSUMER DISCRETIONARY - 21.6%
14,100 Abercrombie & Fitch Company, Class A $ 661,995
29,325 American Eagle Outfitters 1,381,207
12,100 American Greetings Corporation, Class A 306,735
4,300 Autoliv, Inc. 207,690
18,500 Autonation, Inc.* 355,385
1,024 Autozone, Inc.* 93,501
2,000 Barnes & Noble, Inc.* 64,540
7,800 Bed Bath & Beyond, Inc.* 310,674
5,600 Best Buy Company, Inc. 332,752
22,440 Black & Decker Corporation 1,982,125
11,800 Brunswick Corporation 584,100
5,700 Centex Corporation 339,606
4,400 Choice Hotels International, Inc. 255,200
109,000 Circuit City Stores, Inc. 1,704,760
4,300 Coach, Inc.* 242,520
11,200 CVS Corporation 504,784
14,100 D.R. Horton, Inc. 568,371
6,600 Dillard's, Inc., Class A 177,342
8,813 Dow Jones & Company, Inc. 379,488
8,608 Eastman Kodak Company 277,608
54,824 eBay, Inc.* 6,374,935
225,000 EchoStar Communications Corporation, Class A* 7,479,000
161,782 Ford Motor Company 2,368,488
2,939 Getty Images, Inc.* 202,350
43,800 GTECH Holdings Corporation 1,136,610
3,528 Harley-Davidson, Inc. 214,326
16,000 Harman International Industries, Inc. 2,032,000
33,000 Home Depot, Inc. 1,410,420
210,000 International Game Technology 7,219,800
48,699 Interpublic Group of Companies, Inc.* 652,567
6,300 Johnson Controls, Inc. 399,672
100,000 Liberty Media Corporation, Class A* 1,098,000
207,215 Liberty Media International, Inc., Class A* 9,579,549
2,523 Lowe's Companies, Inc. 145,300
120,000 Marriott International, Inc., Class A 7,557,600
19,534 Maytag Corporation 412,167
10,500 McGraw-Hill Companies, Inc. 961,170
90,000 MGM Mirage* 6,546,600
9,437 New York Times Company, Class A 385,030
1,300 OfficeMax, Inc. 40,794
4,800 Petsmart, Inc. 170,544
13,400 Polaris Industries, Inc. 911,468
12,400 Radio One, Inc., Class D* 199,888
12,471 RadioShack Corporation 410,046
4,466 Regal Entertainment Group, Class A 92,670
31,800 Rite Aid Corporation* 116,388
2,400 Sabre Holdings Corporation, Class A 53,184
177 Sears Roebuck & Company 9,032
305,300 Staples, Inc. 10,291,663
9,700 Starbucks Corporation* 604,892
37,200 Target Corporation 1,931,796
104,300 Time Warner, Inc.* 2,027,592
14,300 TJX Companies, Inc. 359,359
1,072 Toll Brothers, Inc.* 73,550
29,500 Toys "R" Us, Inc.* 603,865
60,899 Viacom, Inc., Class B 2,216,115
300,300 Wal-Mart Stores, Inc. 15,861,846
235,650 Walgreen Company 9,041,891
165,000 Weight Watchers International, Inc.* 6,776,550
7,700 Westwood One, Inc.* 207,361
14,600 Whirlpool Corporation 1,010,466
214,600 XM Satellite Radio Holdings, Inc., Class A* 8,073,252
------------
127,990,179
------------
CONSUMER STAPLES - 6.3%
4,671 Alberto-Culver Company 226,870
33,900 Albertson's, Inc. 809,532
38,800 Anheuser-Busch Companies, Inc. 1,968,324
18,067 Archer-Daniels-Midland Company 403,075
74,100 Coca-Cola Company 3,084,783
14,800 Colgate-Palmolive Company 757,168
2,700 Coors (Adolph) Company, Class B 204,309
30,900 Costco Wholesale Corporation 1,495,869
10,459 Energizer Holdings, Inc.* 519,708
2,600 Estee Lauder Companies, Inc., Class A 119,002
269,600 Gillette Company 12,072,688
19,400 Hershey Foods Corporation 1,077,476
15,900 PepsiAmericas, Inc. 337,716
57,400 PepsiCo, Inc. 2,996,280
See Notes to Financial Statements.
1
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------------
CONSUMER STAPLES (CONTINUED)
27,000 Pilgrim's Pride Corporation $ 828,360
139,800 Procter & Gamble Company 7,700,184
9,000 Reynolds American, Inc. 707,400
8,600 Supervalu, Inc. 296,872
66,100 Tyson Foods, Inc., Class A 1,216,240
10,600 Wrigley (Wm.) Jr. Company 733,414
------------
37,555,270
------------
ENERGY - 2.0%
37,307 Amerada Hess Corporation 3,073,351
22,300 Anadarko Petroleum Corporation 1,445,263
11,700 Burlington Resources, Inc. 508,950
9,219 ConocoPhillips 800,486
52,396 Devon Energy Corporation 2,039,252
6,375 Grant Prideco, Inc.* 127,819
2,933 Kerr-McGee Corporation 169,498
29,800 Marathon Oil Corporation 1,120,778
8,517 Patina Oil & Gas Corporation 319,387
5,800 Pogo Producing Company 281,242
2,202 Sunoco, Inc. 179,925
24,424 Valero Energy Corporation 1,108,850
9,900 XTO Energy, Inc. 350,262
------------
11,525,063
------------
FINANCIALS - 8.7%
16,900 Ambac Financial Group, Inc. 1,387,997
35,000 American Express Company 1,972,950
20,800 American International Group, Inc. 1,365,936
60,433 AmeriCredit Corporation* 1,477,587
1,800 Arthur J Gallagher & Company 58,500
38,000 Bank of America Corporation 1,785,620
3,300 Blackrock, Inc., Class A 254,958
3,000 Capital One Financial Corporation 252,630
25,896 Chicago Mercantile Exchange Holdings, Inc. 5,922,415
20,400 Equity Office Properties Trust 594,048
30,379 Fannie Mae 2,163,289
39,770 Fidelity National Financial, Inc. 1,816,296
16,000 Freddie Mac 1,179,200
583 Goldman Sachs Group, Inc. 60,655
21,695 HRPT Properties Trust 278,347
28,636 Hudson City Bancorp, Inc. 1,054,377
25,500 Loews Corporation 1,792,650
24,500 Marsh & McLennan Companies, Inc. 806,050
27,500 MBIA, Inc. 1,740,200
18,860 MBNA Corporation 531,663
141,300 Moody's Corporation 12,271,905
1,859 Nationwide Financial Services, Inc., Class A 71,070
150,000 Northern Trust Corporation 7,287,000
3,800 Nuveen Investments, Inc., Class A 149,986
4,050 PMI Group, Inc. 169,087
12,800 Providian Financial Corporation* 210,816
34,900 Prudential Financial, Inc. 1,918,104
3,500 Radian Group, Inc. 186,340
11,030 Schwab (Charles) Corporation 131,919
5,200 SLM Corporation 277,628
300 St. Joe Company 19,260
4,800 State Street Corporation 235,776
3,629 T. Rowe Price Group, Inc. 225,724
18,980 Thornburg Mortgage, Inc. 549,661
11,100 U.S. Bancorp 347,652
10,300 UnionBanCal Corporation 664,144
------------
51,211,440
------------
HEALTH CARE - 21.5%
85,986 Abbott Laboratories 4,011,247
400 Accredo Health, Inc.* 11,088
19,103 Aetna, Inc. 2,383,099
144,030 Allergan, Inc. 11,676,512
10,100 AmerisourceBergen Corporation 592,668
45,355 Amgen, Inc.* 2,909,523
22,300 Baxter International, Inc. 770,242
38,200 Becton, Dickinson & Company 2,169,760
46,300 Biogen Idec, Inc.* 3,084,043
8,513 Biomet, Inc. 369,379
41,175 Bristol-Myers Squibb Company 1,054,904
13,700 Cardinal Health, Inc. 796,655
89,799 Caremark Rx, Inc.* 3,540,775
11,200 Charles River Laboratories International, Inc.* 515,312
2,560 Chiron Corporation* 85,325
12,757 Cigna Corporation 1,040,588
9,100 Cytyc Corporation* 250,887
3,400 Dade Behring Holdings, Inc.* 190,400
18,150 DaVita, Inc.* 717,470
36,800 Edwards Lifesciences Corporation* 1,518,368
67,700 Eli Lilly & Company 3,841,975
7,200 Eon Labs, Inc.* 194,400
14,100 Fisher Scientific International, Inc.* 879,558
641 Forest Laboratories, Inc.* 28,755
193,600 Genentech, Inc.* 10,539,584
26,200 Genzyme Corporation* 1,521,434
See Notes to Financial Statements.
2
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------------
HEALTH CARE (CONTINUED)
22,142 Gilead Sciences, Inc.* $ 774,749
17,600 Guidant Corporation 1,268,960
19,200 HCA, Inc. 767,232
4,000 Health Management Associates, Inc., Class A 90,880
6,378 Hospira, Inc.* 213,663
41,076 ImClone Systems, Inc.* 1,892,782
42,100 IMS Health, Inc. 977,141
200 Inamed Corporation* 12,650
208,528 Johnson & Johnson 13,224,846
3,800 Lincare Holdings, Inc.* 162,070
8,147 Medco Health Solutions, Inc.* 338,915
14,147 Medicis Pharmaceutical Corporation, Class A 496,701
70,214 Medtronic, Inc. 3,487,529
154,822 Merck & Company, Inc. 4,975,979
200 MGI Pharma, Inc.* 5,602
1,600 Mylan Laboratories, Inc. 28,288
32,237 OSI Pharmaceuticals, Inc.* 2,412,939
27,737 PerkinElmer, Inc. 623,805
465,584 Pfizer, Inc. 12,519,554
10,785 Pharmaceutical Product Development, Inc.* 445,313
2,200 Quest Diagnostics 210,210
5,800 Respironics, Inc.* 315,288
4,758 Schering-Plough Corporation 99,347
8,400 St. Jude Medical, Inc.* 352,212
8,000 Stryker Corporation 386,000
28,262 UnitedHealth Group, Inc. 2,487,904
23,382 VCA Antech, Inc.* 458,287
100,000 WellPoint, Inc.* 11,500,000
48,600 Wyeth 2,069,874
128,900 Zimmer Holdings, Inc.* 10,327,468
------------
127,620,139
------------
INDUSTRIALS - 9.8%
36,950 3M Company 3,032,486
18,550 AGCO Corporation* 406,059
10,500 Alliant Techsystems, Inc.* 686,490
50,920 Allied Waste Industries, Inc.* 472,538
201,395 AMR Corporation* 2,205,275
21,056 Apollo Group, Inc., Class A* 1,699,430
5,872 Avery Dennison Corporation 352,144
55,200 Boeing Company 2,857,704
8,002 Briggs & Stratton Corporation 332,723
7,300 C.H. Robinson Worldwide, Inc. 405,296
95,873 Cendant Corporation 2,241,511
26,881 CNF, Inc. 1,346,738
15,157 CSX Corporation 607,493
27,300 Emerson Electric Company 1,913,730
5,100 Equifax, Inc. 143,310
183,917 Expeditors International Washington, Inc. 10,277,282
11,800 FedEx Corporation 1,162,182
54,593 General Electric Company 1,992,645
2,500 H&R Block, Inc. 122,500
7,400 Hughes Supply, Inc. 239,390
3,300 Illinois Tool Works, Inc. 305,844
16,400 Ingram Micro, Inc., Class A* 341,120
100 ITT Educational Services, Inc.* 4,755
9,600 ITT Industries, Inc. 810,720
59,248 J.B. Hunt Transport Services, Inc. 2,657,273
4,900 JetBlue Airways Corporation* 113,778
35,700 Norfolk Southern Corporation 1,291,983
12,600 Northrop Grumman Corporation 684,936
8,000 Pitney Bowes, Inc. 370,240
10,000 Raytheon Company 388,300
36,800 Ryder System, Inc. 1,757,936
25,084 Sirva, Inc.* 482,114
41,289 Southwest Airlines Company 672,185
10,800 Tyco International, Ltd. 385,992
153,200 United Parcel Service, Inc., Class B 13,092,472
6,610 W.W. Grainger, Inc. 440,358
34,325 Yellow Roadway Corporation* 1,912,246
------------
58,209,178
------------
INFORMATION TECHNOLOGY - 25.2%
36,500 Acxiom Corporation 959,950
39,000 Adobe Systems, Inc. 2,446,860
8,200 Advanced Micro Devices, Inc.* 180,564
7,800 Altera Corporation* 161,460
16,522 Analog Devices, Inc. 609,992
27,556 Applied Materials, Inc.* 471,208
90,938 Autodesk, Inc. 3,451,097
19,328 Automatic Data Processing, Inc. 857,197
16,000 BMC Software, Inc.* 297,600
5,800 Broadcom Corporation, Class A* 187,224
37,700 Cadence Design Systems, Inc.* 520,637
3,199 CDW Corporation 212,254
2,419 CheckFree Corporation* 92,115
357,681 Cisco Systems, Inc.* 6,903,243
20,202 Citrix Systems, Inc.* 495,555
32,872 Cognizant Technology Solutions Corporation, Class A* 1,391,472
31,600 Computer Sciences Corporation* 1,781,292
56,035 Cree, Inc.* 2,245,883
90,711 Dell, Inc.* 3,822,561
See Notes to Financial Statements.
3
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------------
INFORMATION TECHNOLOGY (CONTINUED)
3,358 Diebold, Inc. $ 187,141
43,600 EMC Corporation* 648,332
4,300 Fairchild Semiconductor International, Inc.* 69,918
280,200 First Data Corporation 11,919,708
3,810 Flir Systems, Inc.* 243,040
70,000 Freescale Semiconductor, Inc., Class A* 1,247,400
18,834 Freescale Semiconductor, Inc., Class B* 345,792
5,500 Harris Corporation 339,845
371,984 Intel Corporation 8,700,706
72,217 International Business Machines Corporation 7,119,152
168,095 Intuit, Inc.* 7,397,861
22,722 Jabil Circuit, Inc.* 581,229
2,700 KLA-Tencor Corporation* 125,766
4,000 Lam Research Corporation* 115,640
77,900 Lexmark International, Inc., Class A* 6,621,500
21,400 Linear Technology Corporation 829,464
12,320 Maxim Integrated Products, Inc. 522,245
20,592 McAfee, Inc.* 595,727
12,477 Microchip Technology, Inc. 332,637
132,110 Micron Technology, Inc.* 1,631,558
921,348 Microsoft Corporation 24,609,205
176,282 Motorola, Inc. 3,032,050
2,500 NCR Corporation* 173,075
2,600 Network Appliance, Inc.* 86,372
256,524 Paychex, Inc. 8,742,338
436,390 Qualcomm, Inc. 18,502,936
7,492 Red Hat, Inc.* 100,018
250,000 SanDisk Corporation* 6,242,500
133,608 Sanmina-SCI Corporation* 1,131,660
100 Silicon Laboratories, Inc.* 3,531
5,200 Storage Technology Corporation* 164,372
70,210 Sun Microsystems, Inc.* 377,730
57,000 Symantec Corporation* 1,468,320
516 Tech Data Corporation* 23,426
400 Teradyne, Inc.* 6,828
34,318 Texas Instruments, Inc. 844,909
47,800 Unisys Corporation* 486,604
38,884 VeriSign, Inc.* 1,303,392
17,900 Xilinx, Inc. 530,735
135,888 Yahoo!, Inc.* 5,120,260
------------
149,613,086
------------
MATERIALS - 2.8%
18,500 Alcoa, Inc. 581,270
8,000 Ball Corporation 351,840
20,182 Bowater, Inc. 887,403
2,000 du Pont (E.I.) de Nemours & Company 98,100
3,200 Ecolab, Inc. 112,416
4,008 Engelhard Corporation 122,925
7,977 Georgia-Pacific Corporation 298,978
9,100 Louisiana-Pacific Corporation 243,334
24,700 Lubrizol Corporation 910,442
16,700 Massey Energy Company 583,665
4,100 Newmont Mining Corporation 182,081
50,500 Nucor Corporation 2,643,170
1,400 Phelps Dodge Corporation 138,488
185,000 Praxair, Inc. 8,167,750
930 RPM International, Inc. 18,284
6,340 United States Steel Corporation 324,925
9,800 Weyerhaeuser Company 658,756
------------
16,323,827
------------
TELECOMMUNICATION SERVICES - 1.9%
5,400 Alltel Corporation 317,304
33,872 BellSouth Corporation 941,303
20,800 CenturyTel, Inc. 737,776
198,870 Citizens Communications Company 2,742,417
5,100 Foundry Networks, Inc.* 67,116
21,013 Juniper Networks, Inc.* 571,343
42,300 Nextel Communications, Inc., Class A* 1,269,000
40,100 Nextel Partners, Inc., Class A* 783,554
51,600 Sprint Corporation 1,282,260
11,100 Telephone & Data Systems, Inc. 854,145
3,900 United States Cellular Corporation* 174,564
37,333 Verizon Communications, Inc. 1,512,360
------------
11,253,142
------------
UTILITIES - 0.2%
5,800 Idacorp, Inc. 177,306
13,600 Northeast Utilities 256,360
16,900 NRG Energy, Inc.* 609,245
5,600 WGL Holdings, Inc. 172,704
------------
1,215,615
------------
TOTAL COMMON STOCKS
(Cost $501,153,018) 592,516,939
------------
WARRANTS - 0.0%**
(Cost $0)
154,656 Lucent Technologies, Inc.
Warrants Expire 12/10/07* 244,357
------------
See Notes to Financial Statements.
4
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------------
TOTAL INVESTMENTS
(Cost $501,153,018) 100.0% 592,761,296
OTHER ASSETS AND LIABILITIES
(Net) 0.0%** 37,725
----- ------------
NET ASSETS 100.0% $592,799,021
===== ============
FUTURES CONTRACT - LONG POSITIONS
Number of Unrealized
Contracts Appreciation
- -------- ------------
2 CME E-Mini S&P 500 $ 25
- ----------
* Non-income producing security.
** Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
5
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO
STATEMENT OF INVESTMENTS DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
------ -----------
COMMON STOCKS - 93.8%
CONSUMER DISCRETIONARY - 8.4%
1,300 American Axle & Manufacturing Holdings, Inc. $ 39,858
800 Autoliv, Inc. 38,640
1,300 BorgWarner, Inc. 70,421
750 Brunswick Corporation 37,125
1,656 Cablevision Systems New York Group, Class A* 41,234
4,000 Caesars Entertainment, Inc.* 80,560
960 Centex Corporation 57,197
7,300 Comcast Corporation, Class A* 242,944
5,400 Dana Corporation 93,582
4,402 Eastman Kodak Company 141,964
1,200 Entercom Communications Corporation* 43,068
1,800 Federated Department Stores, Inc. 104,022
11,504 Ford Motor Company 168,418
1,000 Fortune Brands, Inc. 77,180
3,900 Gap, Inc. 82,368
6,167 General Motors Corporation 247,050
1,000 Hilton Hotels Corporation 22,740
5,600 Interpublic Group of Companies, Inc.* 75,040
8,475 Johnson Controls, Inc. 537,654
1,700 Jones Apparel Group, Inc. 62,169
1,400 Lear Corporation 85,414
5,200 Limited Brands, Inc. 119,704
1,100 Magna International, Inc., Class A 90,805
300 Mandalay Resort Group 21,129
928 Maytag Corporation 19,581
11,615 McDonald's Corporation 372,377
640 MDC Holdings, Inc. 55,322
300 Media General, Inc., Class A 19,443
4,700 Newell Rubbermaid, Inc. 113,693
1,800 Nordstrom, Inc. 84,114
6,100 Office Depot, Inc.* 105,896
794 OfficeMax, Inc. 24,916
13,775 RadioShack Corporation 452,922
1,600 Ryland Group, Inc. 92,064
2,300 Target Corporation 119,439
38,307 Time Warner, Inc.* 744,688
100 Urban Outfitters, Inc.* 4,440
1,000 V.F. Corporation 55,380
700 Viacom, Inc., Class B 25,473
900 Walt Disney Company 25,020
1,819 Whirlpool Corporation 125,893
700 Wiley (John) & Sons, Inc., Class A 24,388
-----------
5,045,335
-----------
CONSUMER STAPLES - 4.9%
3,300 Albertson's, Inc. 78,804
11,499 Altria Group, Inc. 702,589
5,990 Archer-Daniels-Midland Company 133,637
2,000 Avon Products, Inc. 77,400
549 Colgate-Palmolive Company 28,087
816 Costco Wholesale Corporation 39,503
4,100 Del Monte Foods Company* 44,885
2,200 Kellogg Company 98,252
2,200 Kimberly-Clark Corporation 144,782
4,900 Kroger Company* 85,946
1,500 PepsiCo, Inc. 78,300
1,169 Reynolds American, Inc. 91,883
5,900 Safeway, Inc.* 116,466
38,375 Sara Lee Corporation 926,372
2,000 Unilever NV, NY Shares 133,420
3,800 UST, Inc. 182,818
-----------
2,963,144
-----------
ENERGY - 11.0%
4,700 Amerada Hess Corporation 387,186
1,523 Ashland, Inc. 88,913
5,250 BP PLC, ADR 306,600
21,200 ChevronTexaco Corporation 1,113,212
11,375 ConocoPhillips 987,691
4,578 Devon Energy Corporation 178,176
2,739 EOG Resources, Inc. 195,455
39,349 Exxon Mobil Corporation 2,017,030
300 Kerr-McGee Corporation 17,337
6,654 Marathon Oil Corporation 250,257
2,700 Occidental Petroleum Corporation 157,572
5,037 Patina Oil & Gas Corporation 188,887
7,100 Pioneer Natural Resources Company 249,210
2,300 Unocal Corporation 99,452
7,392 Valero Energy Corporation 335,597
-----------
6,572,575
-----------
FINANCIALS - 34.9%
1,800 ACE, Ltd. 76,950
11,950 Allstate Corporation 618,054
11,900 American International Group, Inc. 781,473
7,798 AmeriCredit Corporation* 190,661
19,025 AON Corporation 453,936
See Notes to Financial Statements.
1
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
------ -----------
FINANCIALS (CONTINUED)
1,800 Apartment Investment & Management Company, Class A $ 69,372
35,696 Bank of America Corporation 1,677,355
600 Bear Stearns Companies, Inc. 61,386
100 Boston Properties, Inc. 6,467
600 Capital One Financial Corporation 50,526
100 Chicago Mercantile Exchange Holdings, Inc. 22,870
1,700 Chubb Corporation 130,730
9,850 CIT Group, Inc. 451,327
51,075 Citigroup, Inc. 2,460,793
700 City National Corporation 49,455
7,825 Comerica, Inc. 477,481
5,400 Commerce Bancorp, Inc. 347,760
3,300 E*Trade Financial Corporation* 49,335
700 Eaton Vance Corporation 36,505
1,600 Equity Office Properties Trust 46,592
1,600 Fannie Mae 113,936
742 Fidelity National Financial, Inc. 33,887
10,300 Fifth Third Bancorp 486,984
1,400 Franklin Resources, Inc. 97,510
13,100 Freddie Mac 965,470
1,200 Golden West Financial Corporation 73,704
4,200 Goldman Sachs Group, Inc. 436,968
2,300 Hartford Financial Services Group, Inc. 159,413
6,900 Host Marriott Corporation* 119,370
3,550 HRPT Properties Trust 45,546
4,400 Huntington Bancshares, Inc. 109,032
1,395 Investors Financial Services Corporation 69,722
1,000 iStar Financial, Inc. 45,260
10,796 JPMorgan Chase & Company 421,152
4,100 KeyCorp 138,990
3,700 Lehman Brothers Holdings, Inc. 323,676
10,825 Loews Corporation 760,998
1,700 Manulife Financial Corporation 78,540
8,450 MBIA, Inc. 534,716
4,700 Merrill Lynch & Company, Inc. 280,919
33,600 MetLife, Inc. 1,361,136
1,200 MGIC Investment Corporation 82,692
17,925 Morgan Stanley 995,196
10,800 National City Corporation 405,540
1,200 Nationwide Financial Services, Inc., Class A 45,876
3,150 North Fork Bancorporation, Inc. 90,878
500 Northern Trust Corporation 24,290
1,100 PMI Group, Inc. 45,925
1,100 PNC Financial Services Group, Inc. 63,184
6,900 ProLogis 298,977
4,600 Prudential Financial, Inc. 252,816
1,892 SEI Investments Company 79,332
1,500 SLM Corporation 80,085
550 St. Joe Company 35,310
2,000 St. Paul Travelers Companies, Inc. 74,140
1,800 StanCorp Financial Group, Inc. 148,500
4,400 State Street Corporation 216,128
2,100 SunTrust Banks, Inc. 155,148
2,000 Synovus Financial Corporation 57,160
2,400 TCF Financial Corporation 77,136
4,934 Thornburg Mortgage, Inc. 142,889
6,300 Torchmark Corporation 359,982
4,200 U.S. Bancorp 131,544
3,100 UnionBanCal Corporation 199,888
6,600 UnumProvident Corporation 118,404
600 Vornado Realty Trust 45,678
6,201 Wachovia Corporation 326,173
17,050 Washington Mutual, Inc. 720,874
3,600 Wells Fargo & Company 223,740
1,700 WR Berkley Corporation 80,189
6,775 XL Capital, Ltd., Class A 526,079
400 Zions Bancorporation 27,212
-----------
20,846,922
-----------
HEALTH CARE - 4.9%
3,630 Aetna, Inc. 452,843
700 AstraZeneca PLC, ADR 25,473
1,500 Bristol-Myers Squibb Company 38,430
6,625 Cigna Corporation 540,401
1,100 Community Health Systems, Inc.* 30,668
2,200 Edwards Lifesciences Corporation* 90,772
900 GlaxoSmithKline PLC, ADR 42,651
9,150 HCA, Inc. 365,634
3,900 IMS Health, Inc. 90,519
17,200 McKesson Corporation 541,112
2,400 Medco Health Solutions, Inc.* 99,840
3,500 Merck & Company, Inc. 112,490
862 OSI Pharmaceuticals, Inc.* 64,521
13,200 Pfizer, Inc. 354,948
700 Pharmaceutical Product Development, Inc.* 28,903
581 UnitedHealth Group, Inc. 51,145
-----------
2,930,350
-----------
See Notes to Financial Statements.
2
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
------ -----------
INDUSTRIALS - 12.2%
400 3M Company $ 32,828
7,258 AGCO Corporation* 158,878
919 Alliant Techsystems, Inc.* 60,084
1,517 Allied Waste Industries, Inc.* 14,078
4,340 AMR Corporation* 47,523
700 Apollo Group, Inc., Class A* 56,497
15,825 Boeing Company 819,260
5,660 Briggs & Stratton Corporation 235,343
5,861 Burlington Northern Santa Fe Corporation 277,284
1,000 Caterpillar, Inc. 97,510
29,241 Cendant Corporation 683,655
500 CNF, Inc. 25,050
1,200 Cooper Industries, Ltd., Class A 81,468
1,686 CSX Corporation 67,575
1,700 Eaton Corporation 123,012
3,493 Expeditors International Washington, Inc. 195,189
1,400 FedEx Corporation 137,886
1,100 General Dynamics Corporation 115,060
29,056 General Electric Company 1,060,544
1,600 Goodrich Corporation 52,224
5,121 Graco, Inc. 191,269
1,200 H&R Block, Inc. 58,800
900 Honeywell International, Inc. 31,869
2,500 Hubbell, Inc., Class B 130,750
980 J.B. Hunt Transport Services, Inc. 43,953
1,400 Jacobs Engineering Group, Inc.* 66,906
4,500 JetBlue Airways Corporation* 104,490
1,500 Masco Corporation 54,795
8,600 Norfolk Southern Corporation 311,234
500 Parker-Hannifin Corporation 37,870
5,300 Ryder System, Inc. 253,181
330 Sirva, Inc.* 6,343
14,800 Southwest Airlines Company 240,944
2,600 SPX Corporation 104,156
1,800 Textron, Inc. 132,840
5,738 Timken Company 149,303
2,600 Tyco International, Ltd. 92,924
10,365 Union Pacific Corporation 697,046
340 United Parcel Service, Inc., Class B 29,056
1,600 W.W. Grainger, Inc. 106,592
2,109 Yellow Roadway Corporation* 117,492
-----------
7,302,761
-----------
INFORMATION TECHNOLOGY - 5.1%
28,000 ADC Telecommunications, Inc.* 75,040
1,400 Adobe Systems, Inc. 87,836
21,200 Agere Systems, Inc., Class A* 29,044
700 CheckFree Corporation* 26,656
1,200 Cognizant Technology Solutions Corporation, Class A* 50,796
23,350 Computer Associates International, Inc. 725,251
4,600 Corning, Inc.* 54,142
2,300 Cree, Inc.* 92,184
5,600 Electronic Data Systems Corporation 129,360
260 First Data Corporation 11,060
10,000 Flextronics International, Ltd.* 138,200
47,150 Hewlett-Packard Company 988,736
900 International Business Machines Corporation 88,722
8,700 Microsoft Corporation 232,377
800 Network Appliance, Inc.* 26,576
1,700 Red Hat, Inc.* 22,695
2,700 Sanmina-SCI Corporation* 22,869
21,600 Solectron Corporation* 115,128
700 Tech Data Corporation* 31,780
10,000 Tellabs, Inc.* 85,900
1,300 VeriSign, Inc.* 43,576
-----------
3,077,928
-----------
MATERIALS - 3.3%
500 Dow Chemical Company 24,755
1,400 du Pont (E.I.) de Nemours & Company 68,670
263 Florida Rock Industries, Inc. 15,656
8,757 Georgia-Pacific Corporation 328,212
500 Lafarge North America, Inc. 25,660
100 Louisiana-Pacific Corporation 2,674
1,800 Martin Marietta Materials, Inc. 96,588
3,200 MeadWestvaco Corporation 108,448
4,700 Monsanto Company 261,085
1,600 Nucor Corporation 83,744
3,000 Owens-Illinois, Inc.* 67,950
740 Phelps Dodge Corporation 73,201
3,000 RPM International, Inc. 58,980
5,600 Smurfit-Stone Container Corporation* 104,608
2,127 Temple-Inland, Inc. 145,487
4,400 United States Steel Corporation 225,500
700 Vulcan Materials Company 38,227
1,900 Weyerhaeuser Company 127,718
4,800 Worthington Industries, Inc. 93,984
-----------
1,951,147
-----------
TELECOMMUNICATION SERVICES - 4.7%
3,084 Alltel Corporation 181,216
See Notes to Financial Statements.
3
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
------ -----------
TELECOMMUNICATION SERVICES (CONTINUED)
1,629 American Tower Corporation, Class A* $ 29,974
486 AT&T Corporation 9,263
7,360 BellSouth Corporation 204,534
2,019 CenturyTel, Inc. 71,614
16,235 Citizens Communications Company 223,881
4,042 Juniper Networks, Inc.* 109,902
300 NTL, Inc.* 21,888
10,900 SBC Communications, Inc. 280,893
31,634 Sprint Corporation 786,105
800 Telephone & Data Systems, Inc. 61,560
20,055 Verizon Communications, Inc. 812,428
-----------
2,793,258
-----------
UTILITIES - 4.4%
3,600 Alliant Energy Corporation 102,960
3,900 American Electric Power Company, Inc. 133,926
500 Constellation Energy Group, Inc. 21,855
2,100 DTE Energy Company 90,573
900 Duke Energy Corporation 22,797
6,513 Edison International 208,611
2,000 Entergy Corporation 135,180
1,200 Exelon Corporation 52,884
300 FPL Group, Inc. 22,425
7,200 Northeast Utilities 135,720
2,111 Public Service Enterprise Group, Inc. 109,286
4,550 SCANA Corporation 179,270
3,000 Sempra Energy 110,040
8,600 TXU Corporation 555,216
15,950 Wisconsin Energy Corporation 537,675
10,300 Xcel Energy, Inc. 187,460
-----------
2,605,878
-----------
TOTAL COMMON STOCKS
(Cost $46,292,991) 56,089,298
-----------
RIGHTS - 0.0%**
(Cost $0)
6,924 Seagate Tax Refund Rights*+ 1
-----------
TOTAL INVESTMENTS
(Cost $46,292,991) 93.8% 56,089,299
OTHER ASSETS AND LIABILITIES
(Net) 6.2% 3,718,713
----- -----------
NET ASSETS 100.0% $59,808,012
===== ===========
- ----------
* Non-income producing security.
** Amount represents less than 0.1% of net assets.
+ Fair-valued Securities
ADR--American Depository Receipt
See Notes to Financial Statements.
4
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------ -----------
COMMON STOCKS - 86.0%
CONSUMER DISCRETIONARY - 14.3%
700 Advisory Board Company* $ 25,816
600 Advo, Inc. 21,390
750 Aeropostale, Inc.* 22,072
200 Ambassadors Group, Inc. 7,122
219 Ameristar Casinos, Inc. 9,441
683 Arbitron, Inc.* 26,760
740 Argosy Gaming Company* 34,558
1,112 Asbury Automative Group, Inc.* 15,323
1,090 Boyd Gaming Corporation 45,398
200 Bright Horizons Family Solutions, Inc.* 12,952
1,465 Catalina Marketing Corporation 43,408
829 Central Garden & Pet Company* 34,602
2,202 Champion Enterprises, Inc.* 26,028
500 Charles River Associates, Inc.* 23,385
568 Chattem, Inc.* 18,801
1,900 Christopher & Banks Corporation 35,055
1,150 Coldwater Creek, Inc.* 35,501
2,419 Cost Plus, Inc.* 77,722
950 Fred's, Inc. 16,530
1,900 GameStop Corporation, Class A* 42,484
850 Gentex Corporation 31,467
275 Getty Images, Inc.* 18,934
250 Harman International Industries, Inc. 31,750
1,080 Hollinger International, Inc., Class A 16,934
1,335 HOT Topic, Inc.* 22,949
3,350 Insight Enterprises, Inc.* 68,742
2,018 Jarden Corporation* 87,662
450 Linens 'N Things, Inc.* 11,160
1,875 Michaels Stores, Inc. 56,194
2,000 Midas, Inc.* 40,000
1,950 MSC Industrial Direct Company, Class A 70,161
1,119 Multimedia Games, Inc.* 17,635
325 O'Reilly Automotive, Inc.* 14,641
964 Orleans Homebuilders, Inc.* 19,135
800 Pantry, Inc.* 24,072
2,050 Penn National Gaming, Inc.* 124,128
3,025 PEP Boys-Manny, Moe & Jack 51,637
1,375 Petsmart, Inc. 48,854
5,488 Playtex Products, Inc.* 43,849
8,388 Primedia, Inc.* 31,874
400 R.H. Donnelley Corporation* 23,620
700 Red Robin Gourmet Burgers, Inc.* 37,429
2,550 Ruby Tuesday, Inc. 66,504
1,032 SCP Pool Corporation 32,921
1,122 Select Comfort Corporation* 20,129
1,250 Shuffle Master, Inc.* 58,875
463 Six Flags, Inc.* 2,486
100 Speedway Motorsports, Inc. 3,918
400 Strayer Education, Inc. 43,916
1,815 Sunterra Corporation* 25,483
2,375 TBC Corporation* 66,025
1,374 Thor Industries, Inc. 50,907
2,684 Tractor Supply Company* 99,872
583 Tuesday Morning Corporation* 17,857
917 Warnaco Group, Inc.* 19,807
1,190 Yankee Candle Company, Inc.* 39,484
1,130 Young Broadcasting, Inc., Class A* 11,933
-----------
2,027,292
-----------
CONSUMER STAPLES - 1.3%
70 Corn Products International, Inc. 3,749
2,625 Performance Food Group Company* 70,639
1,720 Rayovac Corporation* 52,563
1,164 Universal Corporation 55,686
-----------
182,637
-----------
ENERGY - 7.3%
1,400 Cabot Oil & Gas Corporation 61,950
1,540 Cal Dive International, Inc.* 62,755
1,943 Callon Petroleum Company* 28,096
600 CARBO Ceramics, Inc. 41,400
1,300 Comstock Resources, Inc.* 28,665
1,225 Core Laboratories N.V.* 28,604
2,425 Delta Petroleum Corporation* 38,024
800 Frontier Oil Corporation 21,328
1,302 Grey Wolf, Inc.* 6,862
1,216 Hanover Compressor Company* 17,182
4,624 Input/Output, Inc.* 40,876
1,900 KCS Energy, Inc.* 28,082
1,584 Lone Star Technologies, Inc.* 53,001
1,710 Maverick Tube Corporation* 51,813
3,037 Meridian Resource Corporation* 18,374
550 Niko Resources, Ltd. 23,138
700 Oceaneering International, Inc.* 26,124
1,280 Quicksilver Resources, Inc.* 47,078
See Notes to Financial Statements.
1
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------ -----------
ENERGY (CONTINUED)
2,000 Spinnaker Exploration Company* $ 70,140
300 St. Mary Land & Exploration Company 12,522
367 Tesoro Corporation* 11,693
2,018 Tetra Technologies, Inc.* 57,109
975 Ultra Petroleum Corporation* 46,927
1,820 Unit Corporation* 69,542
1,200 Veritas DGC, Inc.* 26,892
3,100 Vintage Petroleum, Inc. 70,339
850 Whiting Petroleum Corporation* 25,712
325 XTO Energy, Inc. 11,499
-----------
1,025,727
-----------
FINANCIALS - 6.3%
1,300 Advanta Corporation, Class B 31,551
1,445 Affiliated Managers Group, Inc.* 97,884
3,855 American Home Mortgage Investment Corporation 132,034
3,512 Anworth Mortgage Asset Corporation 37,614
1,200 BankAtlantic Bancorp, Inc., Class A 23,880
425 Boston Private Financial Holdings, Inc. 11,972
300 Cathay General Bancorp, Inc. 11,250
1,975 Citizens, Inc.* 12,579
1,337 Commercial Capital Bancorp, Inc. 30,992
8 Community Banks, Inc. 225
800 Equity Lifestyle Properties, Inc. 28,600
861 FelCor Lodging Trust, Inc.* 12,614
800 Gables Residential Trust 28,632
871 Glacier Bancorp, Inc. 29,649
1,400 Harbor Florida Bancshares, Inc. 48,454
566 Independent Bank Corporation 19,103
603 Integra Bank Corporation 13,935
500 ITLA Capital Corporation* 29,395
1,732 Luminent Mortgage Capital, Inc. 20,611
1,000 MBT Financial Corporation 23,270
700 Mid-State Bancshares 20,055
800 Old Second Bancorp, Inc. 25,504
1,745 Omega Healthcare Investors, Inc. 20,591
1,010 Portfolio Recovery Associates, Inc.* 41,632
626 PrivateBancorp, Inc. 20,176
890 Sterling Financial Corporation* 34,941
1,225 United Community Banks, Inc. 32,989
300 Walter Industries, Inc. 10,119
1,756 Wilshire Bancorp, Inc.* 29,044
300 WSFS Financial Corporation 18,096
-----------
897,391
-----------
HEALTH CARE - 14.4%
700 Advanced Medical Optics, Inc.* 28,798
800 Advanced Neuromodulation Systems, Inc.* 31,568
1,340 Align Technology, Inc.* 14,405
1,075 America Service Group, Inc.* 28,778
900 American Medical Systems Holdings, Inc.* 37,629
500 AMERIGROUP Corporation* 37,830
1,050 Amsurg Corporation* 31,017
400 Analogic Corporation 17,916
900 Arthrocare Corporation* 28,854
77 Bentley Pharmaceuticals, Inc.* 828
3,464 Beverly Enterprises, Inc.* 31,696
600 Biosite, Inc.* 36,924
1,000 Bradley Pharmaceuticals, Inc.* 19,400
123 Cardiodynamics International Corporation* 636
1,600 Centene Corporation* 45,360
900 Cerner Corporation* 47,853
600 Chemed Corporation 40,266
509 Closure Medical Corporation* 9,925
579 Connetics Corporation* 14,064
2,550 Covance, Inc.* 98,812
500 Diagnostic Products Corporation 27,525
1,200 DJ Orthopedics, Inc.* 25,704
80 Enzon Pharmaceuticals, Inc.* 1,098
328 Genzyme Corporation* 19,032
300 Haemonetics Corporation* 10,863
650 Immucor, Inc.* 15,281
1,738 Impax Laboratories, Inc.* 27,599
700 Integra LifeSciences Holdings Corporation* 25,851
2,600 Intermagnetics General Corporation* 66,066
447 LabOne, Inc.* 14,322
1,000 LifePoint Hospitals, Inc.* 34,820
1,440 Ligand Pharmaceuticals, Inc., Class B* 16,762
100 Mannatech, Inc. 1,904
700 Matria Healthcare, Inc.* 27,349
640 Medicines Company* 18,432
708 Mentor Corporation 23,888
737 NDCHealth Corporation 13,701
See Notes to Financial Statements.
2
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------ -----------
HEALTH CARE (CONTINUED)
600 Nutraceutical International Corporation* $ 9,246
1,300 Nuvelo, Inc.* 12,805
900 Ocular Sciences, Inc.* 44,109
1,200 Odyssey Healthcare, Inc.* 16,416
800 Onyx Pharmaceuticals, Inc.* 25,912
2,500 Orthologic Corporation* 15,625
1,540 Par Pharmaceutical Companies, Inc.* 63,725
600 Pediatrix Medical Group, Inc.* 38,430
900 Penwest Pharmaceuticals Company* 10,764
500 Pharmacyclics, Inc.* 5,235
800 PolyMedica Corporation 29,832
2,800 PSS World Medical, Inc.* 35,042
1,364 Regeneration Technologies, Inc.* 14,295
600 Regeneron Pharmaceuticals, Inc.* 5,526
308 RehabCare Group, Inc.* 8,621
1,200 Resmed, Inc.* 61,320
1,575 Respironics, Inc.* 85,617
538 Salix Pharmaceuticals, Ltd.* 9,463
1,400 Select Medical Corporation 24,640
1,100 Sierra Health Services, Inc.* 60,621
1,091 Sonic Innovations, Inc.* 4,549
1,600 SonoSite, Inc.* 54,320
600 Steris Corporation* 14,232
1,000 SurModics, Inc.* 32,510
1,140 Sybron Dental Specialties, Inc.* 40,333
1,018 Techne Corporation* 39,600
160 Telik, Inc.* 3,062
1,575 United Surgical Partners International, Inc.* 65,678
690 USANA Health Sciences, Inc.* 23,598
500 Valeant Pharmaceuticals International 13,175
860 Varian, Inc.* 35,269
700 Ventana Medical Systems, Inc.* 44,793
2,197 Visx, Inc.* 56,836
400 West Pharmaceutical Services, Inc. 10,012
1,140 Wilson Greatbatch Technologies, Inc.* 25,559
600 Wright Medical Group, Inc.* 17,100
-----------
2,030,626
-----------
INDUSTRIALS - 15.2%
675 Actuant Corporation, Class A* 35,201
5,910 AirTran Holdings, Inc.* 63,237
2,000 America West Holdings Corporation, Class B* 13,160
1,050 Artesyn Technologies, Inc.* 11,865
600 Brady Corporation, Class A 37,542
550 Carlisle Companies, Inc. 35,706
600 Ceradyne, Inc.* 34,326
700 Chicago Bridge & Iron Company, N.V. 28,000
875 ChoicePoint, Inc.* 40,241
600 Clarcor, Inc. 32,862
1,970 Coinstar, Inc.* 52,855
3,976 Continental Airlines, Inc., Class B* 53,835
745 Cornell Companies, Inc.* 11,309
700 CorVel Corporation* 18,746
650 Donaldson Company, Inc. 21,177
600 Drew Industries, Inc.* 21,702
1,400 EGL, Inc.* 41,846
1,025 ElkCorp 35,075
350 Engineered Support Systems, Inc. 20,727
2,100 ExpressJet Holdings, Inc.* 27,048
2,093 Forward Air Corporation* 93,557
1,765 Frontier Airlines, Inc.* 20,139
1,275 FTI Consulting, Inc.* 26,864
1,500 General Binding Corporation* 19,710
100 Genlyte Group, Inc.* 8,568
1,900 Gevity HR, Inc. 39,064
900 Greenbrier Companies, Inc. 30,465
2,818 Heartland Express, Inc. 63,320
737 Heidrick & Struggles International, Inc.* 25,257
1,025 Hewitt Associates, Inc., Class A* 32,810
1,300 Hudson Highland Group, Inc.* 37,440
610 Imagistics International, Inc.* 20,533
1,092 Kansas City Southern* 19,361
500 Kirby Corporation* 22,190
3,416 Knight Transportation, Inc. 84,717
2,130 Labor Ready, Inc.* 36,040
700 Landstar System, Inc.* 51,548
1,050 Laureate Education, Inc.* 46,294
400 Manitowoc Company, Inc. 15,060
2,210 Mesa Air Group, Inc.* 17,547
200 Middleby Corporation* 10,144
875 Mobile Mini, Inc.* 28,910
1,300 Navigant Consulting, Inc.* 34,580
1,025 NCI Building Systems, Inc.* 38,438
700 Northwest Airlines Corporation* 7,651
See Notes to Financial Statements.
3
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------ -----------
INDUSTRIALS (CONTINUED)
3,000 Orbital Sciences Corporation* $ 35,490
2,210 Pacer International, Inc.* 46,985
1,825 Pentair, Inc. 79,497
500 Pinnacle Airlines Corporation* 6,970
900 Powell Industries, Inc.* 16,641
1,540 Power-One, Inc.* 13,737
500 Pre-Paid Legal Services, Inc. 18,775
929 Presstek, Inc.* 8,993
325 Providence Service Corporation* 6,815
500 Raven Industries, Inc. 10,655
2,017 Republic Airways Holdings, Inc.* 26,766
500 SkyWest, Inc. 10,030
400 TeleTech Holdings, Inc.* 3,876
1,593 Tetra Tech, Inc.* 26,667
300 Toro Company 24,405
1,000 Trex Company, Inc.* 52,440
3,395 United Rentals, Inc.* 64,166
510 United Stationers, Inc.* 23,562
100 UNOVA, Inc.* 2,529
1,263 URS Corporation* 40,542
300 Wabash National Corporation* 8,079
1,400 Watson Wyatt & Company Holdings 37,730
1,392 Werner Enterprises, Inc. 31,515
2,183 Westinghouse Air Brake Technologies Corporation 46,542
900 York International Corporation 31,086
-----------
2,141,160
-----------
INFORMATION TECHNOLOGY - 20.9%
4,425 Acxiom Corporation 116,377
1,140 Advanced Energy Industries, Inc.* 10,408
1,425 Advent Software, Inc.* 29,184
6,950 Aeroflex, Inc.* 84,234
725 Alliance Data Systems Corporation* 34,423
900 Altiris, Inc.* 31,887
1,100 Amis Holdings, Inc.* 18,172
400 Anixter International, Inc.* 14,396
2,280 answerthink, Inc.* 10,625
900 Anteon International Corporation* 37,674
4,123 Aspen Technology, Inc.* 25,604
2,490 Asyst Technologies, Inc.* 12,674
2,825 ATMI, Inc.* 63,647
1,400 Avocent Corporation* 56,728
2,200 Axcelis Technologies, Inc.* 17,886
400 BEI Technologies, Inc. 12,352
2,125 Benchmark Electronics, Inc.* 72,463
87 Black Box Corporation 4,178
300 Borland Software Corporation* 3,504
2,000 Brooks Automation, Inc.* 34,440
520 Cabot Microelectronics Corporation* 20,826
1,000 CACI International, Inc., Class A* 68,130
968 CCC Information Services Group, Inc.* 21,499
1,365 Checkpoint Systems, Inc.* 24,638
1,800 Cirrus Logic, Inc.* 9,918
300 Cognex Corporation 8,370
3,300 Credence Systems Corporation* 30,195
1,781 CSG Systems International, Inc.* 33,305
1,400 Cymer, Inc.* 41,356
5,376 DDi Corporation* 17,096
1,240 Digital River, Inc.* 51,596
1,975 Digitas, Inc.* 18,861
700 Dionex Corporation* 39,669
700 DSP Group, Inc.* 15,631
600 DuPont Photomasks, Inc.* 15,846
719 Electro Scientific Industries, Inc.* 14,207
1,600 Emulex Corporation* 26,944
700 Epicor Software Corporation* 9,863
740 FactSet Research Systems, Inc. 43,246
525 Fair Isaac Corporation 19,257
375 Faro Technologies, Inc.* 11,693
2,900 FEI Company* 60,900
800 Filenet Corporation* 20,608
1,300 Global Imaging Systems, Inc.* 51,350
1,400 Hyperion Solutions Corporation* 65,268
1,384 Identix, Inc.* 10,214
200 Imation Corporation 6,366
3,000 Informatica Corporation* 24,360
1,375 International Rectifier Corporation* 61,284
680 Internet Security Systems, Inc.* 15,810
1,200 InterVoice, Inc.* 16,020
2,282 Intrado, Inc.* 27,612
1,000 Itron, Inc.* 23,910
850 Kronos, Inc.* 43,461
2,869 Kulicke & Soffa Industries, Inc.* 24,731
1,996 Lattice Semiconductor Corporation* 11,377
1,500 Lexar Media, Inc.* 11,760
See Notes to Financial Statements.
4
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------ -----------
INFORMATION TECHNOLOGY (CONTINUED)
360 Littelfuse, Inc.* $ 12,298
3,174 LTX Corporation* 24,408
1,300 Macrovision Corporation* 33,436
1,200 Magma Design Automation, Inc.* 15,072
870 Manhattan Associates, Inc.* 20,776
1,300 Mantech International Corporation, Class A* 30,862
1,500 Mattson Technology, Inc.* 16,890
3,503 Mentor Graphics Corporation* 53,561
800 MicroStrategy, Inc., Class A* 48,200
1,900 MPS Group, Inc.* 23,294
2,037 OmniVision Technologies, Inc.* 37,379
7,102 ON Semiconductor Corporation* 32,243
100 Openwave Systems, Inc.* 1,546
1,650 Opnet Technologies, Inc.* 13,893
1,500 Paxar Corporation* 33,255
1,000 Per-Se Technologies, Inc.* 15,830
1,913 Perot Systems Corporation, Class A* 30,665
600 Photon Dynamics, Inc.* 14,568
1,800 Photronics, Inc.* 29,700
3,403 Pinnacle Systems, Inc. 20,758
400 Planar Systems, Inc.* 4,492
500 Plexus Corporation* 6,505
700 Polycom, Inc.* 16,324
910 Power Integrations, Inc.* 18,000
2,400 Progress Software Corporation* 56,040
1,700 ProQuest Company* 50,490
600 Renaissance Learning, Inc. 11,136
5,500 RF Micro Devices, Inc.* 37,620
2,250 Richardson Electronics, Ltd. 23,873
1,950 Rogers Corporation* 84,045
1,900 Serena Software, Inc.* 41,116
525 SI International, Inc.* 16,149
1,192 Silicon Image, Inc.* 19,620
2,500 Silicon Storage Technology, Inc.* 14,875
300 Siliconix, Inc.* 10,947
1,980 Sohu.com, Inc.* 35,066
672 Startek, Inc. 19,118
1,556 Synaptics, Inc.* 47,582
800 Taser International, Inc.* 25,272
819 Technitrol, Inc.* 14,906
800 Tessera Technologies, Inc.* 29,768
3,422 Titan Corporation* 55,436
400 TransAct Technologies, Inc.* 8,544
900 Varian Semiconductor Equipment Associates, Inc.* 33,165
531 Verint Systems, Inc.* 19,291
2,910 Vitesse Semiconductor Corporation* 10,272
228 Websense, Inc.* 11,564
600 Wind River Systems, Inc.* 8,130
820 Zoran Corporation* 9,496
-----------
2,955,509
-----------
MATERIALS - 4.6%
680 Allegheny Technologies, Inc. 14,735
2,200 Buckeye Technologies, Inc.* 28,622
2,090 Cambrex Corporation 56,639
2,012 Caraustar Industries, Inc.* 33,842
1,166 Century Aluminum Company* 30,619
2,808 Danielson Holding Corporation* 23,728
500 FMC Corporation* 24,150
1,400 Georgia Gulf Corporation 69,720
677 Headwaters, Inc.* 19,294
4,429 Hercules, Inc.* 65,771
1,500 MacDermid, Inc. 54,150
1,180 NewMarket Corporation* 23,482
500 OM Group, Inc.* 16,210
1,272 Omnova Solutions, Inc.* 7,149
700 Potlatch Corporation 35,406
2,215 Royal Gold, Inc. 40,402
1,100 Silgan Holdings, Inc. 67,056
300 Spartech Corporation 8,127
1,300 Stillwater Mining Company* 14,638
500 Wheeling-Pittsburgh Corporation* 19,270
-----------
653,010
-----------
TELECOMMUNICATION SERVICES - 1.7%
1,656 Alamosa Holdings, Inc.* 20,650
1,585 Centennial Communications Corporation* 12,569
4,036 Cincinnati Bell, Inc.* 16,749
590 Commonwealth Telephone Enterprises, Inc.* 29,299
550 Golden Telecom, Inc. 14,531
1,247 InterDigital Communications Corporation* 27,559
449 North Pittsburgh Systems, Inc. 11,104
600 Novatel Wireless, Inc.* 11,628
694 SafeNet, Inc.* 25,498
3,200 Tekelec* 65,408
-----------
234,995
-----------
TOTAL COMMON STOCKS
(Cost $10,229,944) 12,148,347
-----------
See Notes to Financial Statements.
5
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------ -----------
WARRANTS - 0.0%**
(Cost $0)
241 Optical Cable Corporation
Warrants Expire
10/24/07*#+ $ 0
-----------
TOTAL INVESTMENTS
(Cost $10,229,944) 86.0% 12,148,347
OTHER ASSETS AND LIABILITIES
(Net) 14.0% 1,981,841
----- -----------
NET ASSETS 100.0% $14,130,188
===== ===========
- ----------
* Non-income producing security.
** Amount represents less than 0.1% of net assets.
# Amount represents market value less than $1.00.
+ Fair-valued Securities
See Notes to Financial Statements.
6
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO
STATEMENT OF INVESTMENTS DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------ ----------
COMMON STOCKS - 99.3%
CONSUMER DISCRETIONARY - 7.6%
628 4Kids Entertainment, Inc.* $ 13,201
700 Aaron Rents, Inc. 17,500
2,000 Aftermarket Technology Corporation* 32,200
5,738 American Greetings Corporation, Class A 145,458
1,600 Ameristar Casinos, Inc. 68,976
2,130 Argosy Gaming Company* 99,471
3,100 Asbury Automative Group, Inc.* 42,718
3,200 Aztar Corporation* 111,744
800 Beazer Homes USA, Inc. 116,968
400 Boyd Gaming Corporation 16,660
1,500 Brown Shoe Company, Inc. 44,745
6,089 Callaway Golf Company 82,202
4,777 Central Garden & Pet Company* 199,392
1,200 Christopher & Banks Corporation 22,140
8,800 Commercial Vehicle Group, Inc.* 192,104
2,189 CSK Auto Corporation* 36,644
1,600 Finish Line, Inc., Class A 29,280
2,400 Group 1 Automotive, Inc.* 75,600
1,300 Insight Enterprises, Inc.* 26,676
4,200 Jarden Corporation* 182,448
1,300 Jo-Ann Stores, Inc.* 35,802
1,757 Journal Communications, Inc., Class A 31,749
2,348 Journal Register Company* 45,387
710 K2, Inc.* 11,275
2,074 Kimball International, Inc., Class B 30,716
3,170 La Quinta Corporation* 28,815
2,514 Linens 'N Things, Inc.* 62,347
2,200 Men's Wearhouse, Inc.* 70,312
800 Midas, Inc.* 16,000
1,800 Modine Manufacturing Company 60,786
3,545 Orleans Homebuilders, Inc.* 70,368
809 Pantry, Inc.* 24,343
4,741 Payless Shoesource, Inc.* 58,314
7,028 Playtex Products, Inc.* 56,154
2,259 Pulitzer, Inc. 146,496
3,400 R.H. Donnelley Corporation* 200,770
2,300 School Specialty, Inc.* 88,688
13,211 Six Flags, Inc.* 70,943
1,800 Sonic Automotive, Inc. 44,640
2,500 Speedway Motorsports, Inc. 97,950
1,400 Sunterra Corporation* 19,656
1,000 Thor Industries, Inc. 37,050
477 Vail Resorts, Inc.* 10,694
3,228 WCI Communities, Inc.* 94,903
1,040 Wolverine World Wide, Inc. 32,677
2,600 Zale Corporation* 77,662
-----------
3,080,624
-----------
CONSUMER STAPLES - 3.6%
17,200 Casey's General Stores, Inc. 312,180
3,811 Corn Products International, Inc. 204,117
36,300 Del Monte Foods Company* 400,026
13,201 DIMON, Inc. 88,711
8,800 Interstate Bakeries Corporation 56,760
3,520 Rayovac Corporation* 107,571
6,272 Universal Corporation 300,053
-----------
1,469,418
-----------
ENERGY - 10.9%
2,500 Cabot Oil & Gas Corporation 110,625
2,000 Cal Dive International, Inc.* 81,500
3,067 Callon Petroleum Company* 44,349
1,200 Comstock Resources, Inc.* 26,460
9,800 Denbury Resources, Inc.* 269,010
2,600 Energy Partners, Ltd.* 52,702
9,627 Forest Oil Corporation* 305,369
4,135 Giant Industries, Inc.* 109,619
8,880 Hanover Compressor Company* 125,474
400 Helmerich & Payne, Inc. 13,616
2,500 Houston Exploration Company* 140,775
15,208 Input/Output, Inc.* 134,439
1,000 Lone Star Technologies, Inc.* 33,460
7,798 Magnum Hunter Resources, Inc.* 100,594
2,606 Maverick Tube Corporation* 78,962
2,700 Meridian Resource Corporation* 16,335
2,700 Oceaneering International, Inc.* 100,764
3,705 Offshore Logistics, Inc.* 120,301
6,000 Parker Drilling Company* 23,580
7,040 Plains Exploration & Production Company* 183,040
17,400 Range Resources Corporation 356,004
1,800 Remington Oil & Gas Corporation* 49,050
2,100 Southwestern Energy Company* 106,449
See Notes to Financial Statements.
1
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------ -----------
ENERGY (CONTINUED)
3,816 Spinnaker Exploration Company* $ 133,827
1,600 St. Mary Land & Exploration Company 66,784
74,800 Stolt Offshore, S.A., ADR* 486,200
3,000 Stone Energy Corporation* 135,270
3,300 Swift Energy Company* 95,502
4,086 Tesoro Corporation* 130,180
6,548 Tetra Technologies, Inc.* 185,308
8,800 Todco, Class A* 162,096
2,459 Unit Corporation* 93,958
8,100 Veritas DGC, Inc.* 181,521
9,400 Vintage Petroleum, Inc. 213,286
-----------
4,466,409
-----------
FINANCIALS - 29.2%
1,804 Advanta Corporation, Class B 43,783
1,150 Affiliated Managers Group, Inc.* 77,901
600 AMCORE Financial, Inc. 19,308
6,492 American Equity Investment Life Holding Company* 69,919
8,557 American Home Mortgage Investment Corporation 293,077
1,932 American Physicians Capital, Inc.* 69,591
1,800 Amli Residential Properties Trust 57,600
24,800 Anthracite Capital, Inc. 306,528
25,714 Anworth Mortgage Asset Corporation 275,397
900 ASTA Funding, Inc. 24,156
6,555 Bancorp, Inc.* 104,880
500 Bank of Granite Corporation 10,450
6,100 BankAtlantic Bancorp, Inc., Class A 121,390
3,600 BankUnited Financial Corporation, Class A* 115,020
600 Cash America International, Inc. 17,838
600 Chittenden Corporation 17,238
1,700 Colonial Properties Trust 66,759
1,100 Commerce Group, Inc. 67,144
3,802 Commercial Capital Bancorp,Inc. 88,130
2,906 Commercial Federal Corporation 86,337
8,367 Cornerstone Realty Income Trust, Inc. 83,503
2,272 Corus Bankshares, Inc. 109,079
1,800 Credit Acceptance Coporation* 45,810
1,000 CRT Properties, Inc. 23,860
2,200 Delphi Financial Group, Inc., Class A 101,530
1,700 Direct General Corporation 54,570
600 Donegal Group, Inc., Class A 13,758
1,300 Downey Financial Corporation 74,100
1,642 EastGroup Properties, Inc. 62,921
4,100 Equity Inns, Inc. 48,134
3,440 Equity Lifestyle Properties, Inc. 122,980
257 Equity One, Inc. 6,099
382 Essex Property Trust, Inc. 32,011
2,130 Financial Federal Corporation 83,496
1,200 First BanCorp 76,212
600 First Citizens BancShares, Inc., Class A 88,950
841 First Community Bancorp, Inc. 35,911
2,860 First Communtiy Bancshares, Inc. 103,189
3,678 First Financial Bancorp 64,365
853 First Financial Bankshares, Inc. 38,223
600 First Financial Corporation 21,018
500 First Indiana Corporation 11,255
3,500 First Industrial Realty Trust, Inc. 142,555
2,000 First Midwest Bancorp, Inc. 72,580
8,100 First Niagara Financial Group, Inc. 112,995
800 First Place Financial Corporation 17,912
2,800 First Republic Bank 148,400
3,700 FirstFed Financial Corporation* 191,919
13,600 Franklin Bank Corporation* 248,200
1,945 Gabelli Asset Management, Inc., Class A 94,371
6,696 Gables Residential Trust 239,650
3,481 GATX Corporation 102,898
4,781 Glacier Bancorp, Inc. 162,745
3,613 Glenborough Realty Trust, Inc. 76,885
4,500 Gold Banc Corporation, Inc. 65,790
2,300 Greater Bay Bancorp 64,124
1,100 Hancock Holding Company 36,806
874 Harleysville Group, Inc. 20,862
842 Heritage Property Investment Trust 27,020
2,464 Highwoods Properties, Inc. 68,253
3,400 Home Properties, Inc. 146,200
17,600 HomeBanc Corporation 170,368
3,100 Hudson River Bancorp, Inc. 61,349
1,141 IBERIABANK Corporation 75,717
7,300 Impac Mortgage Holdings, Inc. 165,491
1,361 Independent Bank Corporation 45,934
See Notes to Financial Statements.
2
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- -----------
FINANCIALS (CONTINUED)
2,713 Infinity Property & Casual Corporation $ 95,497
5,159 Investment Technology Group, Inc.* 103,180
4,632 Investors Real Estate Trust 48,590
2,162 Irwin Financial Corporation 61,379
2,010 ITLA Capital Corporation* 118,168
4,378 Jones Lang LaSalle, Inc.* 163,781
2,300 Kilroy Realty Corporation 98,325
3,700 Knight Trading Group, Inc., Class A* 40,515
3,130 LaBranche & Company, Inc.* 28,045
1,300 Lakeland Financial Corporation 51,610
1,653 LandAmerica Financial Group, Inc. 89,146
1,565 LTC Properties, Inc. 31,159
2,406 MAF Bancorp, Inc. 107,837
7,100 MCG Capital Corporation 121,623
3,780 Metris Companies, Inc.* 48,195
1,300 Mid-America Apartment Communities, Inc. 53,586
1,100 Midland Company 34,397
500 National Health Investors, Inc. 14,590
659 Nationwide Health Properties, Inc. 15,651
590 Navigators Group, Inc.* 17,765
1,616 NBT Bancorp, Inc. 41,563
18,700 New York Mortgage Trust, Inc. 209,440
5,906 Newcastle Investment Corporation 187,693
4,500 Ohio Casualty Corporation* 104,445
1,100 Old National Bancorp 28,446
3,417 Omega Healthcare Investors, Inc. 40,320
2,998 Partners Trust Financial Group, Inc. 34,927
4,581 PFF Bancorp, Inc. 212,238
1,700 Philadelphia Consolidated Holding Corporation* 112,438
4,400 Phoenix Companies, Inc. 55,000
11,800 PMA Capital Corporation, Class A* 122,130
921 Portfolio Recovery Associates, Inc.* 37,964
5,420 Prentiss Properties Trust 207,044
707 PrivateBancorp, Inc. 22,787
1,472 Prosperity Bancshares, Inc. 42,997
3,130 Provident Bankshares Corporation 113,838
600 PS Business Parks, Inc. 27,060
136,100 Quantum Corporation* 356,582
4,610 R&G Financial Corporation, Class B 179,237
3,300 RAIT Investment Trust 92,301
1,700 Ramco-Gershenson Properties Trust 54,825
700 Redwood Trust, Inc. 43,463
2,738 Republic Bancorp, Inc. 41,837
1,703 Santander BanCorp 51,362
4,400 Saxon Capital, Inc. 105,556
1,000 Selective Insurance Group, Inc. 44,240
8,040 Senior Housing Properties Trust 152,278
1,900 Silicon Valley Bancshares* 85,158
3,610 Sterling Financial Corporation* 141,729
1,700 Stewart Information Services Corporation 70,805
6,200 Summit Properties, Inc. 201,872
1,805 Sun Bancorp, Inc.* 45,089
17,000 Sunset Financial Resources, Inc. 176,970
1,200 SWS Group, Inc. 26,304
5,100 Taubman Centers, Inc. 152,745
1,100 Texas Capital Banshares, Inc.* 23,782
2,650 Texas Regional Bancshares, Inc., Class A 86,602
6,405 Trammell Crow Company* 115,994
1,900 U.S. Restaurant Properties, Inc. 34,314
2,225 U.S.B. Holding Company, Inc. 55,402
662 UICI 22,442
7,304 Umpqua Holdings Corporation 184,134
1,100 United Fire & Casualty Company 37,081
900 Universal Health Realty Income Trust 28,917
1,300 Unizan Financial Corporation 34,255
1,200 Washington Real Estate Investment Trust 40,644
1,800 WesBanco, Inc. 57,546
1,007 WestAmerica Bancorporation 58,718
1,500 Western Sierra Bancorp* 57,532
1,900 Wintrust Financial Corporation 108,224
1,900 WSFS Financial Corporation 114,608
1,900 Zenith National Insurance Corporation 94,696
-----------
11,913,057
-----------
HEALTH CARE - 3.2%
2,770 Alpharma, Inc., Class A 46,951
1,900 Amsurg Corporation* 56,126
1,900 Analogic Corporation 85,101
900 Apria Healthcare Group, Inc.* 29,655
2,200 Chemed Corporation 147,642
See Notes to Financial Statements.
3
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------ -----------
HEALTH CARE (CONTINUED)
2,900 Conmed Corporation* $ 82,418
5,056 First Health Group Corporation* 94,598
3,526 Hanger Orthopedic Group, Inc.* 28,561
1,737 Invacare Corporation 80,354
1,000 LabOne, Inc.* 32,040
3,540 OCA, Inc.* 22,479
1,200 Ocular Sciences, Inc.* 58,812
2,711 Par Pharmaceutical Companies, Inc.* 112,181
1,000 Pediatrix Medical Group, Inc.* 64,050
580 Province Healthcare Company* 12,963
3,300 Regeneration Technologies, Inc.* 34,584
2,882 Sola International, Inc.* 79,370
1,400 Sybron Dental Specialties, Inc.* 49,532
1,400 Techne Corporation* 54,460
1,000 Valeant Pharmaceuticals International 26,350
2,400 Viasys Healthcare, Inc.* 45,600
1,952 West Pharmaceutical Services, Inc. 48,859
-----------
1,292,686
-----------
INDUSTRIALS - 19.7%
1,555 ABM Industries, Inc. 30,665
1,700 Alaska Air Group, Inc.* 56,933
1,608 Albany International Corporation, Class A 56,537
2,300 Alderwoods Group, Inc.* 26,174
1,201 Alexander & Baldwin, Inc. 50,946
15,082 America West Holdings Corporation, Class B* 99,240
2,000 Barnes Group, Inc. 53,020
100 C&D Technologies, Inc. 1,704
2,060 Calgon Carbon Corporation 18,705
1,644 Cascade Corporation 65,678
6,400 Chicago Bridge & Iron Company, N.V. 256,000
1,150 Clarcor, Inc. 62,985
881 Coinstar, Inc.* 23,637
11,667 Continental Airlines, Inc., Class B* 157,971
1,700 Cornell Companies, Inc.* 25,806
613 Corrections Corporation of America* 24,796
1,800 Curtiss-Wright Corporation 103,338
14,620 Delta Air Lines, Inc.* 109,358
1,300 Dollar Thrifty Automotive Group, Inc.* 39,260
600 EGL, Inc.* 17,934
1,600 Esterline Technologies Corporation* 52,240
7,200 ExpressJet Holdings, Inc.* 92,736
2,800 Federal Signal Corporation 49,448
2,553 Florida East Coast Industries, Inc. 115,140
422 Flowserve Corporation* 11,622
69,575 FLYi, Inc.* 123,148
2,286 Forward Air Corporation* 102,184
8,216 Frontier Airlines, Inc.* 93,745
5,140 FTI Consulting, Inc.* 108,300
1,580 G&K Services, Inc., Class A 68,604
1,300 Gardner Denver, Inc.* 47,177
4,300 Genesee & Wyoming, Inc., Class A* 120,959
1,100 Genlyte Group, Inc.* 94,248
17,951 Global Power Equipment Group, Inc.* 176,638
2,400 GrafTech International, Ltd.* 22,704
3,438 Greenbrier Companies, Inc. 116,376
14,600 Griffon Corporation* 394,200
900 GulfMark Offshore, Inc.* 20,043
9,889 Heartland Express, Inc. 222,206
1,400 Imagistics International, Inc.* 47,124
7,940 Kansas City Southern* 140,776
1,000 Kelly Services, Inc., Class A 30,180
8,800 Kennametal, Inc. 437,976
1,875 Kirby Corporation* 83,212
8,351 Marten Transport, Ltd.* 189,818
11,380 Mesa Air Group, Inc.* 90,357
1,800 Mobile Mini, Inc.* 59,472
1,650 Moog, Inc., Class A* 74,827
1,790 Northwest Airlines Corporation* 19,565
2,582 Old Dominion Freight Line* 89,854
2,400 Overnite Corporation 89,376
7,323 Pacer International, Inc.* 155,687
700 PEC Solutions, Inc.* 9,919
5,552 Pinnacle Airlines Corporation* 77,395
2,051 Powell Industries, Inc.* 37,923
49,600 Quaker Fabric Corporation 277,760
3,400 Raven Industries, Inc. 72,454
5,600 Reliance Steel & Aluminum Company 218,176
3,000 Ritchie Bros. Auctioneers, Inc. 99,180
20,700 Sauer-Danfoss, Inc. 451,467
4,863 SCS Transportation, Inc.* 113,648
7,139 SkyWest, Inc. 143,208
3,182 Smith (A.O.) Corporation 95,269
See Notes to Financial Statements.
4
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------ -----------
INDUSTRIALS (CONTINUED)
3,744 Stewart Enterprises, Inc., Class A* $ 26,171
1,059 Tecumseh Products Company, Class A 50,620
910 Tetra Tech, Inc.* 15,233
3,958 Thomas & Betts Corporation* 121,708
1,130 Thomas Industries, Inc. 45,110
400 Toro Company 32,540
1,574 Trex Company, Inc.* 82,541
4,203 United Rentals, Inc.* 79,437
2,637 United Stationers, Inc.* 121,829
4,140 UNOVA, Inc.* 104,701
3,041 URS Corporation* 97,616
4,206 USF Corporation 159,618
744 Vertrue, Inc.* 28,101
1,600 Walter Industries, Inc. 53,968
500 Waste Connections, Inc.* 17,125
1,177 Watson Wyatt & Company Holdings 31,720
8,070 Werner Enterprises, Inc. 182,705
1,808 Westinghouse Air Brake Technologies
Corporation 38,547
1,000 Woodward Governor Company 71,610
7,810 York International Corporation 269,757
-----------
8,047,685
-----------
INFORMATION TECHNOLOGY - 6.0%
839 Advanced Energy Industries, Inc.* 7,660
1,400 Anixter International, Inc.* 50,386
1,637 Belden CDT, Inc. 37,978
1,450 Benchmark Electronics, Inc.* 49,445
4,700 BISYS Group, Inc.* 77,315
2,351 Black Box Corporation 112,895
1,273 CCC Information Services Group, Inc.* 28,273
7,656 Checkpoint Systems, Inc.* 138,191
1,739 Cohu, Inc. 32,276
1,100 Dionex Corporation* 62,337
700 DuPont Photomasks, Inc.* 18,487
2,519 Electro Scientific Industries, Inc.* 49,775
3,000 Electronics for Imaging* 52,230
1,900 EPIQ Systems, Inc.* 27,816
6,000 Excel Technology, Inc.* 156,000
9,000 General Cable Corporation* 124,650
1,410 Global Imaging Systems, Inc.* 55,695
4,310 Imation Corporation 137,187
6,807 Kemet Corporation* 60,923
1,892 Littelfuse, Inc.* 64,631
27,700 Mattson Technology, Inc.* 311,902
1,900 MAXIMUS, Inc.* 59,128
41,600 Maxtor Corporation* 220,480
10,111 McData Corporation, Class A* 60,262
300 MTS Systems Corporation 10,143
4,400 Paxar Corporation* 97,548
900 Perot Systems Corporation, Class A* 14,427
2,730 Photronics, Inc.* 45,045
800 ProQuest Company* 23,760
1,531 Rofin-Sinar Technologies Inc.* 64,991
1,200 Sirf Technology Holdings, Inc.* 15,264
900 Sohu.com, Inc.* 15,939
1,046 Startek, Inc. 29,759
1,000 Synaptics, Inc.* 30,580
1,747 Talx Corporation 45,055
2,677 Technitrol, Inc.* 48,721
-----------
2,437,154
-----------
MATERIALS - 15.5%
5 Aceto Corporation 95
18,100 Agrium, Inc. 304,985
5,267 Airgas, Inc. 139,628
2,400 Albemarle Corporation 92,904
16,200 Aleris International, Inc.* 274,104
600 Aptargroup, Inc. 31,668
2,800 Arch Coal, Inc. 99,512
21,377 Buckeye Technologies, Inc.* 278,115
2,700 Cambrex Corporation 73,170
5,900 Caraustar Industries, Inc.* 99,238
2,084 Carpenter Technology Corporation 121,831
11,544 Century Aluminum Company* 303,145
1,100 Commercial Metals Company 55,616
3,259 Crompton Corporation 38,456
5,434 Crown Holdings, Inc.* 74,663
6,578 Cytec Industries, Inc. 338,241
1,812 Deltic Timber Corporation 76,919
2,700 Ferro Corporation 62,613
4,450 FMC Corporation* 214,935
6,037 Georgia Gulf Corporation 300,643
17,700 Gibraltar Industries, Inc. 418,074
14,019 Glatfelter 214,210
1,510 Great Lakes Chemical Corporation 43,020
3,680 Greif, Inc., Class A 206,080
2,100 H. B. Fuller Company 59,871
4,995 Hecla Mining Company* 29,121
9,557 Hercules, Inc.* 141,922
3,141 Longview Fibre Company 56,978
1,900 Minerals Technologies, Inc. 126,730
2,938 Myers Industries, Inc. 37,606
See Notes to Financial Statements.
5
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------ -----------
MATERIALS (CONTINUED)
522 NewMarket Corporation* $ 10,388
1,100 OM Group, Inc.* 35,662
5,974 Omnova Solutions, Inc.* 33,574
7,200 Packaging Corporation of America 169,560
19,690 PolyOne Corporation* 178,391
5,600 Pope & Talbot, Inc. 95,816
3,100 Potlatch Corporation 156,798
400 Quanex Corporation 27,428
28,700 Sappi, Ltd., ADR 416,150
1,200 Silgan Holdings, Inc. 73,152
8,446 Spartech Corporation 228,802
2,900 Stillwater Mining Company* 32,654
2,432 Terra Industries, Inc.* 21,596
1,579 Texas Industries, Inc. 98,498
19,844 Wausau-Mosinee Paper Corporation 354,414
1,770 Wheeling-Pittsburgh Corporation* 68,216
-----------
6,315,192
-----------
TELECOMMUNICATION SERVICES - 0.7%
20,230 Cincinnati Bell, Inc.* 83,954
400 Commonwealth Telephone Enterprises, Inc.* 19,864
42,535 Dobson Communications Corporation, Class A* 73,160
24,931 Primus Telecommunications Group, Inc.* 79,281
6,617 Time Warner Telecom, Inc., Class A* 28,850
-----------
285,109
-----------
UTILITIES - 2.9%
1,400 American States Water Company 36,400
278 Atmos Energy Corporation 7,603
3,500 Avista Corporation 61,845
4,856 Black Hills Corporation 148,982
2,404 Cleco Corporation 48,705
14,344 CMS Energy Corporation* 149,895
3,590 Energen Corporation 211,631
2,785 Peoples Energy Corporation 122,401
14,828 Sierra Pacific Resources* 155,694
4,635 Southern Union Company* 111,147
1,000 UIL Holdings Corporation 51,300
3,848 Unisource Energy Corporation 92,775
-----------
1,198,378
-----------
TOTAL INVESTMENTS (Cost $33,508,256) 99.3% 40,505,712
OTHER ASSETS AND LIABILITIES (Net) 0.7% 281,356
----- -----------
NET ASSETS 100.0% $40,787,068
===== ===========
- ----------
* Non-income producing security.
ADR--American Depository Receipt
See Notes to Financial Statements.
6
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- --------
COMMON STOCKS - 99.9%
CONSUMER DISCRETIONARY - 14.8%
400 1-800-FLOWERS.COM, Inc., Class A* 3,364
200 4Kids Entertainment, Inc.* 4,204
1,500 7-Eleven, Inc.* 35,925
100 99 Cents Only Stores* 1,616
750 Aaron Rents, Inc. 18,750
1,000 Abercrombie & Fitch Company, Class A 46,950
1,700 Advance Auto Parts* 74,256
200 Advisory Board Company* 7,376
400 Advo, Inc. 14,260
450 Aeropostale, Inc.* 13,243
800 Alliance Gaming Corporation* 11,048
600 American Axle & Manufacturing Holdings, Inc. 18,396
900 American Eagle Outfitters 42,390
1,200 American Greetings Corporation, Class A 30,420
400 Ameristar Casinos, Inc. 17,244
750 AnnTaylor Stores Corporation* 16,147
750 Applebee's International, Inc. 19,837
640 Arbitron, Inc.* 25,075
400 Argosy Gaming Company* 18,680
550 ArvinMeritor, Inc. 12,303
1,100 Autonation, Inc.* 21,131
1,000 Autozone, Inc.* 91,310
500 Aztar Corporation* 17,460
700 Barnes & Noble, Inc.* 22,589
200 Beazer Homes USA, Inc. 29,242
1,500 Bebe Stores, Inc. 40,470
4,200 Bed Bath & Beyond, Inc.* 167,286
1,400 Belo Corporation, Class A 36,736
4,500 Best Buy Company, Inc. 267,390
200 Big Lots, Inc.* 2,426
600 BJ's Wholesale Club, Inc.* 17,478
1,100 Black & Decker Corporation 97,163
600 Blyth, Inc. 17,736
540 BorgWarner, Inc. 29,252
900 Boyd Gaming Corporation 37,485
1,000 Bright Horizons Family Solutions, Inc.* 64,760
1,200 Brinker International, Inc.* 42,084
200 Brookfield Homes Corporation 6,780
200 Brown Shoe Company, Inc. 5,966
1,000 Brunswick Corporation 49,500
500 Burlington Coat Factory Warehouse Corporation 11,350
1,000 Cabela's, Inc., Class A* 22,740
Value
Shares (Note 1)
- ------- --------
CONSUMER DISCRETIONARY(CONTINUED)
3,000 Cablevision Systems New York Group, Class A* 74,700
2,800 Caesars Entertainment, Inc.* 56,392
300 Callaway Golf Company 4,050
790 Carmax, Inc.* 24,529
7,800 Carnival Corporation 449,514
100 Carter's, Inc.* 3,399
546 Catalina Marketing Corporation 16,178
300 CBRL Group, Inc. 12,555
250 CEC Entertainment, Inc.* 9,992
1,500 Centex Corporation 89,370
500 Central Garden & Pet Company* 20,870
100 Champion Enterprises, Inc.* 1,182
300 Charming Shoppes* 2,811
500 Charter Communications, Inc., Class A* 1,120
200 Chattem, Inc.* 6,620
750 Cheesecake Factory, Inc.* 24,352
900 Chico's FAS, Inc.* 40,977
1,000 Children's Place* 37,030
400 Choice Hotels International, Inc. 23,200
200 Christopher & Banks Corporation 3,690
700 Circuit City Stores, Inc. 10,948
800 Citadel Broadcasting Corporation* 12,944
900 Claire's Stores, Inc. 19,125
6,787 Clear Channel Communications, Inc. 227,297
2,100 Coach, Inc.* 118,440
1,000 Coldwater Creek, Inc.* 30,870
400 Columbia Sportswear Company* 23,844
25,822 Comcast Corporation, Class A* 859,356
700 Cooper Tire & Rubber Company 15,085
1,050 Copart, Inc.* 27,636
300 Cost Plus, Inc.* 9,639
300 Cox Radio, Inc., Class A* 4,944
500 Crown Media Holdings, Inc., Class A* 4,300
500 CSK Auto Corporation* 8,370
200 Cumulus Media, Inc., Class A* 3,016
4,240 CVS Corporation 191,097
2,380 D.R. Horton, Inc. 95,938
1,000 Dana Corporation 17,330
2,200 Darden Restaurants, Inc. 61,028
4,676 Delphi Corporation 42,178
1,300 Dex Media, Inc 32,448
See Notes to Financial Statements.
1
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- ---------
CONSUMER DISCRETIONARY (CONTINUED)
100 DHB Industries, Inc.* 1,904
1,100 Dick's Sporting Goods, Inc.* 38,665
800 Dillard's, Inc., Class A 21,496
15,002 DIRECTV Group, Inc.* 251,133
3,731 Dollar General Corporation 77,493
1,050 Dollar Tree Stores, Inc.* 30,114
500 Domino's Pizza, Inc. 8,900
1,000 Dow Jones & Company, Inc. 43,060
3,200 Eastman Kodak Company 103,200
8,200 eBay, Inc.* 953,496
2,300 EchoStar Communications Corporation, Class A* 76,452
1,000 Electronics Boutique Holdings Corporation* 42,940
319 Emmis Communications Corporation, Class A* 6,122
500 Entercom Communications Corporation* 17,945
400 Ethan Allen Interiors, Inc. 16,008
1,700 EW Scripps Company, Class A 82,076
1,700 Family Dollar Stores, Inc. 53,091
2,200 Federated Department Stores, Inc. 127,138
100 Finish Line, Inc., Class A 1,830
1,400 Foot Locker, Inc. 37,702
19,235 Ford Motor Company 281,600
2,400 Fortune Brands, Inc. 185,232
462 Fossil, Inc.* 11,846
4,700 Fox Entertainment Group, Inc., Class A* 146,922
100 Fred's, Inc. 1,740
700 Furniture Brands International, Inc. 17,535
1,000 GameStop Corporation, Class A* 22,360
297 GameStop Corporation, Class B* 6,656
3,200 Gannett Company, Inc. 261,440
9,050 Gap, Inc. 191,136
2,700 Gemstar-TV Guide International, Inc.* 15,984
7,270 General Motors Corporation 291,236
680 Gentex Corporation 25,174
1,700 Genuine Parts Company 74,902
600 Getty Images, Inc.* 41,310
200 Goody's Family Clothing, Inc. 1,828
600 Goodyear Tire & Rubber Company* 8,796
500 Gray Television, Inc. 7,750
22 Grey Global Group, Inc. 24,200
Value
Shares (Note 1)
- ------- ---------
CONSUMER DISCRETIONARY (CONTINUED)
300 Group 1 Automotive, Inc.* 9,450
1,200 GTECH Holdings Corporation 31,140
200 Guitar Center, Inc.* 10,538
500 Gymboree Corporation* 6,410
4,200 Harley-Davidson, Inc. 255,150
800 Harman International Industries, Inc. 101,600
1,200 Harrah's Entertainment, Inc. 80,268
1,150 Harte-Hanks, Inc. 29,877
750 Hasbro, Inc. 14,535
463 Hearst-Argyle Television, Inc. 12,214
400 Helen of Troy, Ltd.* 13,444
300 Henley L.P., Escrow*#+ 0
1,000 Hibbett Sporting Goods, Inc.* 26,610
3,465 Hilton Hotels Corporation 78,794
400 Hollinger International, Inc., Class A 6,272
25,750 Home Depot, Inc. 1,100,555
200 HOT Topic, Inc.* 3,438
500 Hovnanian Enterprises, Inc., Class A* 24,760
100 IHOP Corporation 4,189
200 Insight Communications Company, Inc., Class A* 1,854
200 Insight Enterprises, Inc.* 4,104
300 Interface, Inc., Class A* 2,991
4,500 International Game Technology 154,710
512 International Speedway Corporation, Class A 27,034
3,242 Interpublic Group of Companies, Inc.* 43,443
3,067 J.C. Penney Co., Inc., Holding Company 126,974
600 Jarden Corporation* 26,064
2,100 Johnson Controls, Inc. 133,224
1,378 Jones Apparel Group, Inc. 50,393
400 Journal Communications, Inc., Class A 7,228
100 Journal Register Company* 1,933
317 K2, Inc.* 5,034
500 KB Home 52,200
500 Kellwood Company 17,250
100 Kimball International, Inc., Class B 1,481
1,900 Kmart Holding Corporation* 188,005
870 Knight-Ridder, Inc. 58,238
4,500 Kohl's Corporation* 221,265
500 Krispy Kreme Doughnuts, Inc.* 6,300
200 La Quinta Corporation* 1,818
100 La-Z-Boy, Inc. 1,537
See Notes to Financial Statements.
2
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- ----------
CONSUMER DISCRETIONARY (CONTINUED)
1,000 Lamar Advertising Company, Class A* 42,780
100 Landry's Restaurants, Inc. 2,906
200 Leapfrog Enterprises, Inc.* 2,720
800 Lear Corporation 48,808
1,400 Lee Enterprises, Inc. 64,512
2,760 Leggett & Platt, Inc. 78,467
1,500 Lennar Corporation, Class A 85,020
200 Liberty Corporation 8,792
31,300 Liberty Media Corporation, Class A* 343,674
1,425 Liberty Media International, Inc., Class A* 65,878
1,000 Life Time Fitness, Inc. 25,880
5,415 Limited Brands, Inc. 124,653
200 Lin TV Corporation, Class A* 3,820
600 Linens 'N Things, Inc.* 14,880
1,200 Liz Claiborne, Inc. 50,652
9,328 Lowe's Companies, Inc. 537,200
800 Mandalay Resort Group 56,344
200 Marcus Corporation 5,028
200 Marine Products Corporation 5,222
2,600 Marriott International, Inc., Class A 163,748
700 Marvel Enterprises, Inc.* 14,336
2,380 Mattel, Inc. 46,386
3,250 May Department Stores Company 95,550
800 Maytag Corporation 16,880
400 McClatchy Company, Class A 28,724
14,000 McDonald's Corporation 448,840
2,100 McGraw-Hill Companies, Inc. 192,234
363 MDC Holdings, Inc. 31,378
500 Media General, Inc., Class A 32,405
300 Mediacom Communications Corporation, Class A* 1,875
486 Men's Wearhouse, Inc.* 15,533
600 Meredith Corporation 32,520
100 Meritage Homes Corporation* 11,270
800 Metro-Goldwyn-Mayer, Inc.* 9,504
1,600 MGM Mirage* 116,384
2,200 Michaels Stores, Inc. 65,934
200 Modine Manufacturing Company 6,754
677 Mohawk Industries, Inc.* 61,776
700 MSC Industrial Direct Company, Class A 25,186
200 Multimedia Games, Inc.* 3,152
500 Neiman Marcus Group, Inc., Class A 35,770
Value
Shares (Note 1)
- ------- ----------
CONSUMER DISCRETIONARY (CONTINUED)
1,000 New York & Co., Inc.* 16,520
1,700 New York Times Company, Class A 69,360
3,226 Newell Rubbermaid, Inc. 78,037
3,800 Nike, Inc., Class B 344,622
2,400 Nordstrom, Inc. 112,152
1,000 Nu Skin Enterprises, Inc., Class A 25,380
100 NVR, Inc.* 76,940
1,500 O'Reilly Automotive, Inc.* 67,575
1,700 Office Depot, Inc.* 29,512
1,200 OfficeMax, Inc. 37,656
3,100 Omnicom Group, Inc. 261,392
800 Outback Steakhouse, Inc. 36,624
300 P.F. Chang's China Bistro, Inc.* 16,905
700 Pacific Sunwear of California, Inc.* 15,582
300 Panera Bread Company, Class A* 12,096
300 Payless Shoesource, Inc.* 3,690
200 Pegasus Solutions, Inc.* 2,520
400 Penn National Gaming, Inc.* 24,220
100 PEP Boys-Manny, Moe & Jack 1,707
400 PETCO Animal Supplies, Inc.* 15,792
2,500 Petsmart, Inc. 88,825
500 Pier 1 Imports, Inc. 9,850
500 Pinnacle Entertainment, Inc.* 9,890
500 Playtex Products, Inc.* 3,995
400 Polaris Industries, Inc. 27,208
1,000 Polo Ralph Lauren Corporation 42,600
2,300 Pulte Homes, Inc. 146,740
500 Quiksilver, Inc.* 14,895
300 R.H. Donnelley Corporation* 17,715
500 Radio One, Inc., Class A* 8,050
1,700 RadioShack Corporation 55,896
300 Rare Hospitality International, Inc.* 9,558
300 Reader's Digest Association, Inc. 4,173
700 Reebok International, Ltd. 30,800
1,300 Regal Entertainment Group, Class A 26,975
500 Regis Corporation 23,075
1,050 Rent-A-Center, Inc.* 27,825
1,100 Rite Aid Corporation* 4,026
1,400 Ross Stores, Inc. 40,418
2,400 Royal Caribbean Cruises, Ltd. 130,656
800 Ruby Tuesday, Inc. 20,864
600 Ryland Group, Inc. 34,524
1,630 Sabre Holdings Corporation, Class A 36,121
See Notes to Financial Statements.
3
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- ----------
CONSUMER DISCRETIONARY (CONTINUED)
100 Saks, Inc.* 1,451
500 Scholastic Corporation* 18,480
1,000 School Specialty, Inc.* 38,560
1,000 Scientific Games Corporation, Class A* 23,840
678 SCP Pool Corporation 21,628
2,700 Sears Roebuck & Company 137,781
359 Select Comfort Corporation* 6,440
100 ShopKo Stores, Inc.* 1,868
475 Shuffle Master, Inc.* 22,373
600 Six Flags, Inc.* 3,222
646 Snap-On, Inc. 22,197
350 Sonic Corporation* 10,675
600 Speedway Motorsports, Inc. 23,508
400 Standard Pacific Corporation 25,656
100 Stanley Furniture Company, Inc. 4,495
1,000 Stanley Works 48,990
6,000 Staples, Inc. 202,260
5,100 Starbucks Corporation* 318,036
2,373 Starwood Hotels & Resorts Worldwide, Inc. 138,583
800 Station Casinos, Inc. 43,744
300 Stein Mart, Inc.* 5,118
100 Steinway Musical Instruments* 2,894
200 Strayer Education, Inc. 21,958
400 Stride Rite Corporation 4,468
300 Superior Industries International, Inc. 8,715
500 Talbots, Inc. 13,615
10,800 Target Corporation 560,844
150 Technical Olympic USA, Inc. 3,807
1,000 Tempur-Pedic International, Inc.* 21,200
600 Thor Industries, Inc. 22,230
1,500 Tiffany & Company 47,955
400 Timberland Company, Class A* 25,068
49,174 Time Warner, Inc.* 955,943
6,100 TJX Companies, Inc. 153,293
600 Toll Brothers, Inc.* 41,166
200 Too, Inc.* 4,892
2,100 Toys "R" Us, Inc.* 42,987
400 Tractor Supply Company* 14,884
500 Triarc Companies, Inc., Class B 6,130
3,501 Tribune Company 147,532
800 TRW Automotive Holdings Corporation* 16,560
400 Tuesday Morning Corporation* 12,252
300 United Auto Group, Inc. 8,877
2,400 UnitedGlobalCom, Inc., Class A* 23,184
Value
Shares (Note 1)
- ------- ----------
CONSUMER DISCRETIONARY (CONTINUED)
3,365 Univision Communications, Inc., Class A* 98,494
800 Urban Outfitters, Inc.* 35,520
1,100 V.F. Corporation 60,918
100 Value Line, Inc. 3,924
1 Ventiv Health, Inc.* 20
19,774 Viacom, Inc., Class B 719,576
200 Visteon Corporation 1,954
49,170 Wal-Mart Stores, Inc. 2,597,159
11,900 Walgreen Company 456,603
23,500 Walt Disney Company 653,300
600 Warnaco Group, Inc.* 12,960
100 Washington Post Company, Class B 98,302
200 WCI Communities, Inc.* 5,880
1,046 Weight Watchers International, Inc.* 42,959
1,400 Wendy's International, Inc. 54,964
1,000 Westwood One, Inc.* 26,930
740 Whirlpool Corporation 51,215
600 Wiley (John) & Sons, Inc., Class A 20,904
1,000 William Lyon Homes, Inc.* 70,240
1,300 Williams-Sonoma, Inc.* 45,552
800 Wilsons The Leather Experts, Inc.* 3,120
300 Winnebago Industries, Inc. 11,718
1,000 WMS Industries, Inc.* 33,540
400 Wolverine World Wide, Inc. 12,568
900 Wynn Resorts, Ltd.* 60,228
3,100 XM Satellite Radio Holdings, Inc., Class A* 116,622
500 Yankee Candle Company, Inc.* 16,590
3,200 Yum! Brands, Inc. 150,976
600 Zale Corporation* 17,922
----------
24,645,271
----------
CONSUMER STAPLES - 7.2%
1,050 Alberto-Culver Company 50,998
3,908 Albertson's, Inc. 93,323
23,800 Altria Group, Inc. 1,454,180
9,400 Anheuser-Busch Companies, Inc. 476,862
6,961 Archer-Daniels-Midland Company 155,300
5,900 Avon Products, Inc. 228,330
600 Borders Group, Inc. 15,240
1,200 Brown-Forman Corporation, Class B 58,416
1,200 Bunge, Ltd. 68,412
5,100 Campbell Soup Company 152,439
See Notes to Financial Statements.
4
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- ----------
CONSUMER STAPLES (CONTINUED)
600 Church & Dwight Company, Inc. 20,172
2,200 Clorox Company 129,646
28,070 Coca-Cola Company 1,168,554
4,720 Coca-Cola Enterprises, Inc. 98,412
6,880 Colgate-Palmolive Company 351,981
5,473 ConAgra Foods, Inc. 161,180
1,100 Constellation Brands, Inc., Class A* 51,161
400 Coors (Adolph) Company, Class B 30,268
900 Corn Products International, Inc. 48,204
5,600 Costco Wholesale Corporation 271,096
1,684 Dean Foods Company* 55,488
205 Del Monte Foods Company* 2,259
200 Delta & Pine Land Company 5,456
300 DIMON, Inc. 2,016
1,033 Energizer Holdings, Inc.* 51,330
1,400 Estee Lauder Companies, Inc., Class A 64,078
1,200 Flowers Foods, Inc. 37,896
300 Fresh Del Monte Produce, Inc. 8,883
5,000 General Mills, Inc. 248,550
11,800 Gillette Company 528,404
500 Great Atlantic & Pacific Tea Company, Inc.* 5,125
2,700 Hershey Foods Corporation 149,958
4,700 HJ Heinz Company 183,253
2,100 Hormel Foods Corporation 65,835
718 J. M. Smucker Company 33,796
5,200 Kellogg Company 232,232
5,674 Kimberly-Clark Corporation 373,406
11,000 Kraft Foods, Inc., Class A 391,710
6,700 Kroger Company* 117,518
300 Lancaster Colony Corporation 12,861
1,300 McCormick & Company, Inc. 50,180
2,820 Pepsi Bottling Group, Inc. 76,253
1,700 PepsiAmericas, Inc. 36,108
19,240 PepsiCo, Inc. 1,004,328
700 Pilgrim's Pride Corporation 21,476
29,480 Procter & Gamble Company 1,623,758
600 Ralcorp Holdings, Inc.* 25,158
600 Rayovac Corporation* 18,336
2,432 Reynolds American, Inc. 191,155
300 Ruddick Corporation 6,507
4,200 Safeway, Inc.* 82,908
162 Sanderson Farms, Inc. 7,011
8,720 Sara Lee Corporation 210,501
1,400 Smithfield Foods, Inc.* 41,426
Value
Shares (Note 1)
- ------- ----------
CONSUMER STAPLES (CONTINUED)
1,500 Supervalu, Inc. 51,780
7,800 Sysco Corporation 297,726
555 Tootsie Roll Industries, Inc. 19,220
2,205 Tyson Foods, Inc., Class A 40,572
300 United Natural Foods, Inc.* 9,330
700 Universal Corporation 33,488
1,600 UST, Inc. 76,976
174 Vector Group, Ltd. 2,894
1,000 Weis Markets, Inc. 38,570
1,700 Whole Foods Market, Inc. 162,095
3,400 Wrigley (Wm.) Jr. Company 235,246
----------
12,017,230
----------
ENERGY - 7.2%
2,000 Amerada Hess Corporation 164,760
3,228 Anadarko Petroleum Corporation 209,207
4,456 Apache Corporation 225,340
800 Ashland, Inc. 46,704
300 Atwood Oceanics, Inc.* 15,630
3,600 Baker Hughes, Inc. 153,612
400 Berry Petroleum Company, Class A 19,080
2,736 BJ Services Company 127,333
1,200 BP Prudhoe Bay Royalty Trust 57,960
400 Brigham Exploration Company* 3,600
4,200 Burlington Resources, Inc. 182,700
500 Cabot Oil & Gas Corporation 22,125
600 Cal Dive International, Inc.* 24,450
500 Callon Petroleum Company* 7,230
400 CARBO Ceramics, Inc. 27,600
1,800 Chesapeake Energy Corporation 29,700
24,892 ChevronTexaco Corporation 1,307,079
1,000 Cimarex Energy Company* 37,900
300 Clayton Williams Energy, Inc.* 6,870
700 Comstock Resources, Inc.* 15,435
8,158 ConocoPhillips 708,359
800 Cooper Cameron Corporation* 43,048
400 Delta Petroleum Corporation* 6,272
1,100 Denbury Resources, Inc.* 30,195
7,436 Devon Energy Corporation 289,409
1,400 Diamond Offshore Drilling 56,070
1,000 Dorchester Minerals, LP 23,920
200 Dril-Quip, Inc.* 4,852
5,714 El Paso Corporation 59,426
600 Encore Acquisition Company* 20,946
200 Energy Partners, Ltd.* 4,054
1,600 ENSCO International, Inc. 50,784
2,300 EOG Resources, Inc. 164,128
74,950 Exxon Mobil Corporation 3,841,937
589 FMC Technologies, Inc.* 18,966
See Notes to Financial Statements.
5
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- ----------
ENERGY (CONTINUED)
1,246 Forest Oil Corporation* 39,523
500 Frontier Oil Corporation 13,330
300 Global Industries, Ltd.* 2,487
2,597 GlobalSantaFe Corporation 85,987
900 Grant Prideco, Inc.* 18,045
5,700 Halliburton Company 223,668
900 Hanover Compressor Company* 12,717
400 Harvest Natural Resources, Inc.* 6,908
900 Helmerich & Payne, Inc. 30,636
600 Holly Corporation 16,722
600 Houston Exploration Company* 33,786
600 Hugoton Royalty Trust 15,720
500 Hydril* 22,755
500 Input/Output, Inc.* 4,420
500 KCS Energy, Inc.* 7,390
1,768 Kerr-McGee Corporation 102,173
900 Key Energy Services, Inc.* 10,620
584 Kinder Morgan Management, LLC* 23,769
2,300 Kinder Morgan, Inc. 168,199
500 Lone Star Technologies, Inc.* 16,730
100 Magnum Hunter Resources, Inc.* 1,290
3,700 Marathon Oil Corporation 139,157
500 Maverick Tube Corporation* 15,150
300 Meridian Resource Corporation* 1,815
300 Mission Resources Corporation* 1,752
1,100 Murphy Oil Corporation 88,495
1,700 Nabors Industries, Ltd.* 87,193
1,800 National-Oilwell, Inc.* 63,522
600 Newfield Exploration Company* 35,430
400 Newpark Resources, Inc.* 2,060
1,260 Noble Corporation* 62,672
800 Noble Energy, Inc. 49,328
5,100 Occidental Petroleum Corporation 297,636
400 Oceaneering International, Inc.* 14,928
500 Offshore Logistics, Inc.* 16,235
300 Oil States International, Inc.* 5,787
700 Overseas Shipholding Group, Inc. 38,640
1,312 Patina Oil & Gas Corporation 49,200
2,100 Patterson-UTI Energy, Inc. 40,845
500 Penn Virginia Corporation 20,285
2,400 Pioneer Natural Resources Company 84,240
Value
Shares (Note 1)
- ------- ----------
ENERGY (CONTINUED)
1,400 Plains Exploration & Production Company* 36,400
900 Pogo Producing Company 43,641
1,200 Premcor, Inc. 50,604
1,200 Pride International, Inc.* 24,648
700 Quicksilver Resources, Inc.* 25,746
600 Range Resources Corporation 12,276
800 Remington Oil & Gas Corporation* 21,800
1,200 Rowan Companies, Inc.* 31,080
2 Royale Energy, Inc.* 14
300 RPC, Inc. 7,536
7,500 Schlumberger, Ltd. 502,125
300 SEACOR Holdings, Inc.* 16,020
1,200 Smith International, Inc.* 65,292
600 Spinnaker Exploration Company* 21,042
700 St. Mary Land & Exploration Company 29,218
678 Stone Energy Corporation* 30,571
1,120 Sunoco, Inc. 91,515
500 Superior Energy Services, Inc.* 7,705
600 Swift Energy Company* 17,364
1,100 Tesoro Corporation* 35,046
350 Tetra Technologies, Inc.* 9,905
800 Tidewater, Inc. 28,488
200 Todco, Class A* 3,684
4,563 Transocean, Inc.* 193,426
1,570 Ultra Petroleum Corporation* 75,564
700 Unit Corporation* 26,747
3,770 Unocal Corporation 163,015
3,600 Valero Energy Corporation 163,440
1,100 Varco International, Inc.* 32,065
900 Veritas DGC, Inc.* 20,169
700 Vintage Petroleum, Inc. 15,883
1,500 Weatherford International, Ltd.* 76,950
1,000 Western Gas Resources, Inc. 29,250
100 Whiting Petroleum Corporation* 3,025
4,600 Williams Companies, Inc. 74,934
3,766 XTO Energy, Inc. 133,241
----------
12,097,355
----------
FINANCIALS - 22.7%
130 1st Source Corporation 3,316
300 21st Century Insurance Group 4,080
300 Accredited Home Lenders Holding Company* 14,904
300 Affiliated Managers Group, Inc.* 20,322
5,700 Aflac, Inc. 227,088
See Notes to Financial Statements.
6
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- ---------
FINANCIALS (CONTINUED)
100 Alabama National BanCorporation 6,450
100 Alexander's, Inc.* 21,500
300 Alexandria Real Estate Equities, Inc. 22,326
300 Alfa Corporation 4,555
100 Alleghany Corporation* 28,525
200 Allied Capital Corporation 5,168
600 Allmerica Financial Corporation* 19,698
8,700 Allstate Corporation 449,964
1,000 AMB Property Corporation 40,390
1,200 Ambac Financial Group, Inc. 98,556
100 AMCORE Financial, Inc. 3,218
14,800 American Express Company 834,276
800 American Financial Group, Inc. 25,048
600 American Financial Realty Trust 9,708
1,100 American Home Mortgage Investment Corporation 37,675
30,075 American International Group, Inc. 1,975,025
400 American National Insurance Company 41,664
1,700 AmeriCredit Corporation* 41,565
5,100 Ameritrade Holding Corporation* 72,522
500 AmerUs Group Company 22,650
200 Amli Residential Properties Trust 6,400
4,833 AmSouth Bancorporation 125,175
210 Anchor BanCorp Wisconsin, Inc. 6,121
1,100 Annaly Mortgage Management, Inc. 21,582
200 Anthracite Capital, Inc. 2,472
600 Anworth Mortgage Asset Corporation 6,426
3,300 AON Corporation 78,738
1,072 Apartment Investment & Management Company, Class A 41,315
200 Apollo Investment Corporation* 3,020
1,892 Archstone-Smith Trust 72,464
600 Arden Realty, Inc. 22,632
100 Argonaut Group, Inc.* 2,113
1,300 Arthur J Gallagher & Company 42,250
100 ASB Financial Corporation 2,186
400 Ashford Hospitality Trust, Inc. 4,348
1,754 Associated Banc-Corp 58,250
1,400 Assurant, Inc. 42,770
Value
Shares (Note 1)
- ------- ---------
FINANCIALS (CONTINUED)
1,200 Astoria Financial Corporation 47,964
1,000 AvalonBay Communities, Inc. 75,300
100 BancFirst Corporation 7,898
300 BancorpSouth, Inc. 7,311
200 Bank Mutual Corporation 2,434
47,012 Bank of America Corporation 2,209,094
1,000 Bank of Hawaii Corporation 50,740
9,500 Bank of New York Company, Inc. 317,490
700 BankAtlantic Bancorp, Inc., Class A 13,930
1,847 Banknorth Group, Inc. 67,600
400 BankUnited Financial Corporation, Class A* 12,780
100 Banner Corporation 3,119
6,234 BB&T Corporation 262,140
1,355 Bear Stearns Companies, Inc. 138,630
100 Bedford Property Investors, Inc. 2,841
508 Berkshire Hathaway, Inc., Class B* 1,491,488
200 Blackrock, Inc., Class A 15,452
736 BOK Financial Corporation* 35,887
200 Boston Private Financial Holdings, Inc. 5,634
1,200 Boston Properties, Inc. 77,604
500 Brandywine Realty Trust 14,695
400 BRE Properties, Inc., Class A 16,124
156 Brookline Bancorp, Inc. 2,546
700 Brown & Brown, Inc. 30,485
500 Camden Property Trust 25,500
300 Capital Automotive REIT 10,657
3,200 Capital One Financial Corporation 269,472
1,600 CapitalSource, Inc.* 41,072
500 Capital Federal Financial 18,000
500 CarrAmerica Realty Corporation 16,500
200 Cash America International, Inc. 5,946
980 Catellus Development Corporation 29,988
938 Cathay General Bancorp, Inc. 35,175
900 CB Richard Ellis Group, Inc., Class A* 30,195
500 CBL & Associates Properties, Inc. 38,175
600 CenterPoint Properties Trust 28,734
122 Central Coast Bancorp* 2,817
1,000 Central Pacific Financial Corporation 36,170
100 Charter Financial Corporation 4,387
400 CharterMac 9,776
See Notes to Financial Statements.
7
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- ---------
FINANCIALS (CONTINUED)
105 Chemical Financial Corporation 4,507
600 Chicago Mercantile Exchange Holdings, Inc. 137,220
625 Chittenden Corporation 17,956
2,100 Chubb Corporation 161,490
1,985 Cincinnati Financial Corporation 87,856
2,446 CIT Group, Inc. 112,076
59,125 Citigroup, Inc. 2,848,642
500 Citizens Banking Corporation 17,175
3,000 Citizens First Financial Corporation 97,830
614 City National Corporation 43,379
3,000 CNA Financial Corporation* 80,130
300 CNA Surety Corporation* 4,005
2,600 Colonial BancGroup, Inc. 55,198
600 Colonial Properties Trust 23,562
76 Columbia Banking System, Inc. 1,899
2,048 Comerica, Inc. 124,969
1,100 Commerce Bancorp, Inc. 70,840
625 Commerce Bancshares, Inc. 31,375
300 Commerce Group, Inc. 18,312
790 Commercial Capital Bancorp, Inc. 18,312
500 Commercial Federal Corporation 14,855
245 Commercial Net Lease Realty 5,047
100 Community Bank System, Inc. 2,825
1,400 Compass Bancshares, Inc. 68,138
500 CompuCredit Corporation* 13,670
1,000 Conseco, Inc.* 19,950
500 Cornerstone Realty Income Trust, Inc. 4,990
200 Corporate Office Properties Trust 5,870
400 Corus Bankshares, Inc. 19,204
7,098 Countrywide Financial Corporation 262,697
1,250 Cousins Properties, Inc. 37,837
500 Credit Acceptance Coporation* 12,725
400 Crescent Real Estate Equities Company 7,304
200 CRT Properties, Inc. 4,772
800 Cullen/Frost Bankers, Inc. 38,880
612 CVB Financial Corporation 16,255
615 Delphi Financial Group, Inc., Class A 28,382
1,326 Developers Diversified Realty Corporation 58,835
400 Dime Community Bancshares, Inc. 7,164
Value
Shares (Note 1)
- ------- ---------
FINANCIALS (CONTINUED)
900 Doral Financial Corporation 44,325
400 Downey Financial Corporation 22,800
2,376 Duke Realty Corporation 81,117
3,037 E*Trade Financial Corporation* 45,403
1,000 East West Bancorp, Inc. 41,960
200 EastGroup Properties, Inc. 7,664
900 Eaton Vance Corporation 46,935
900 Edwards (A.G.), Inc. 38,889
200 Entertainment Properties Trust 8,910
300 Equity Inns, Inc. 3,522
1,000 Equity Lifestyle Properties, Inc. 35,750
4,345 Equity Office Properties Trust 126,526
600 Equity One, Inc. 14,238
3,054 Equity Residential 110,494
500 Erie Indemnity Company, Class A 26,285
900 Essex Property Trust, Inc. 75,420
12,100 Fannie Mae 861,641
100 FBL Financial Group, Inc., Class A 2,855
500 Federal Realty Investment Trust 25,825
1,250 Federated Investors, Inc., Class B 38,000
500 FelCor Lodging Trust, Inc.* 7,325
2,100 FFD Financial Corporation 34,440
100 Fidelity Bankshares, Inc. 4,276
1,686 Fidelity National Financial, Inc. 77,000
7,254 Fifth Third Bancorp 342,969
400 Financial Federal Corporation 15,680
500 First Acceptance Corporation* 4,480
567 First American Corporation 19,924
550 First BanCorp 34,931
200 First Charter Corporation 5,234
200 First Citizens BancShares, Inc., Class A 29,650
220 First Commonwealth Financial Corporation 3,386
400 First Community Bancorp, Inc. 17,080
400 First Financial Bancorp 7,000
468 First Financial Bankshares, Inc. 20,971
100 First Financial Corporation 3,503
1,800 First Horizon National Corporation 77,598
200 First Indiana Corporation 4,502
600 First Industrial Realty Trust, Inc. 24,438
500 First Marblehead Corporation* 28,125
637 First Midwest Bancorp, Inc. 23,117
260 First National Bankshares of Florida, Inc. 6,214
See Notes to Financial Statements.
8
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- ---------
FINANCIALS (CONTINUED)
158 First Niagara Financial Group, Inc. 2,204
163 First Place Financial Corporation 3,650
400 First Republic Bank 21,200
400 FirstFed Financial Corporation* 20,748
1,600 FirstMerit Corporation 45,584
450 Flagstar Bancorp, Inc. 10,170
200 Flushing Financial Corporation 4,012
244 FNB Corporation 4,968
600 Forest City Enterprises, Inc., Class A 34,530
100 FPIC Insurance Group, Inc.* 3,538
2,900 Franklin Resources, Inc. 201,985
8,600 Freddie Mac 633,820
800 Fremont General Corporation 20,144
1,460 Friedman, Billings, Ramsey Group, Inc., Class A 28,309
100 Frontier Financial Corporation 3,861
988 Fulton Financial Corporation 23,030
1,000 Gabelli Asset Management, Inc., Class A 48,520
700 Gables Residential Trust 25,053
400 GATX Corporation 11,824
2,400 General Growth Properties, Inc. 86,784
4,400 Genworth Financial Inc., Class A 118,800
435 Glacier Bancorp, Inc. 14,807
800 Glenborough Realty Trust, Inc. 17,024
1,000 Glimcher Realty Trust 27,710
200 Global Signal, Inc. 5,508
4,600 Golden West Financial Corporation 282,532
6,070 Goldman Sachs Group, Inc. 631,523
100 Great Southern Bancorp, Inc. 3,500
700 Greater Bay Bancorp 19,516
1,100 Hanmi Financial Corporation 39,534
200 Harbor Florida Bancshares, Inc. 6,922
300 Harleysville Group, Inc. 7,161
137 Harleysville National Corporation 3,644
4,000 Hartford Financial Services Group, Inc. 277,240
500 HCC Insurance Holdings, Inc. 16,560
1,200 Health Care Property Investors, Inc. 33,228
500 Health Care REIT, Inc. 19,075
500 Healthcare Realty Trust, Inc. 20,350
400 Heritage Property Investment Trust 12,836
Value
Shares (Note 1)
- ------- ---------
FINANCIALS (CONTINUED)
1,500 Hibernia Corporation, Class A 44,265
500 Highwoods Properties, Inc. 13,850
400 Hilb, Rogal & Hobbs Company 14,496
300 Home Properties, Inc. 12,900
500 Horace Mann Educators Corporation 9,540
700 Hospitality Properties Trust 32,200
2,600 Host Marriott Corporation* 44,980
300 HRPT Properties Trust 3,849
2,100 Hudson City Bancorp, Inc. 77,322
400 Hudson River Bancorp, Inc. 7,916
600 Hudson United Bancorp 23,628
3,085 Huntington Bancshares, Inc. 76,446
1,400 Impac Mortgage Holdings, Inc. 31,738
1,000 Independence Community Bank Corporation 42,580
800 IndyMac Bancorp, Inc. 27,560
100 Infinity Property & Casual Corporation 3,520
700 Inland Real Estate Corporation 11,165
200 Innkeepers USA Trust 2,840
2,500 Instinet Group, Inc.* 15,075
606 International Bancshares Corporation 23,864
300 Investment Technology Group, Inc.* 6,000
1,000 Investors Financial Services Corporation 49,980
1,000 iPayment Holdings, Inc.* 49,520
400 Irwin Financial Corporation 11,356
1,164 iStar Financial, Inc. 52,683
1,100 Janus Capital Group, Inc. 18,491
900 Jefferies Group, Inc. 36,252
1,600 Jefferson-Pilot Corporation 83,136
400 Jones Lang LaSalle, Inc.* 14,964
40,980 JPMorgan Chase & Company 1,598,630
5,100 KeyCorp 172,890
400 Kilroy Realty Corporation 17,100
1,050 Kimco Realty Corporation 60,890
207 KNBT Bancorp, Inc. 3,498
500 Knight Trading Group, Inc., Class A* 5,475
1,000 Kramont Realty Trust, Inc. 23,400
100 LaBranche & Company, Inc.* 896
100 Lakeland Financial Corporation 3,970
300 LaSalle Hotel Properties 9,549
1,350 Legg Mason, Inc. 98,901
4,184 Lehman Brothers Holdings, Inc. 366,016
927 Leucadia National Corporation 64,408
See Notes to Financial Statements.
9
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- --------
FINANCIALS (CONTINUED)
200 Lexington Corporate Properties Trust 4,516
1,000 Liberty Property Trust 43,200
2,300 Lincoln National Corporation 107,364
1,100 LNR Property Corporation 69,201
2,200 Loews Corporation 154,660
200 LTC Properties, Inc. 3,982
2,000 M&T Bank Corporation 215,680
800 Macerich Company 50,240
500 Mack-Cali Realty Corporation 23,015
479 MAF Bancorp, Inc. 21,469
500 Maguire Properties, Inc. 13,730
400 Main Street Banks, Inc. 13,972
100 Markel Corporation* 36,400
6,770 Marsh & McLennan Companies, Inc. 222,733
2,800 Marshall & Ilsley Corporation 123,760
400 MB Financial, Inc. 16,860
1,700 MBIA, Inc. 107,576
14,127 MBNA Corporation 398,240
400 MCG Capital Corporation 6,852
4,600 Mellon Financial Corporation 143,106
800 Mercantile Bankshares Corporation 41,760
500 Mercury General Corporation 29,960
400 MeriStar Hospitality Corporation* 3,340
11,046 Merrill Lynch & Company, Inc. 660,219
9,246 MetLife, Inc. 374,555
400 Metris Companies, Inc.* 5,100
1,200 MGIC Investment Corporation 82,692
100 Mid-America Apartment Communities, Inc. 4,122
100 Mid-State Bancshares 2,865
600 Mills Corporation 38,256
700 MoneyGram International, Inc. 14,798
1,900 Moody's Corporation 165,015
12,900 Morgan Stanley 716,208
8,413 National City Corporation 315,908
300 National Financial Partners Corporation 11,640
141 National Penn Bancshares, Inc. 3,906
1,020 Nationwide Financial Services, Inc., Class A 38,995
700 Nationwide Health Properties, Inc. 16,625
400 NBT Bancorp, Inc. 10,288
600 Nelnet, Inc., Class A* 16,158
1,500 New Century Financial Corporation* 95,865
Value
Shares (Note 1)
- ------- --------
FINANCIALS (CONTINUED)
1,200 New Plan Excel Realty Trust 32,496
2,437 New York Community Bancorp, Inc. 50,129
200 NewAlliance Bancshares, Inc. 3,060
1,200 Newcastle Investment Corporation 38,136
6,036 North Fork Bancorporation, Inc. 174,139
2,600 Northern Trust Corporation 126,308
500 Northwest Bancorp, Inc. 12,545
200 Novastar Financial, Inc. 9,900
1,000 Nuveen Investments, Inc., Class A 39,470
500 Ocwen Financial Corporation* 4,780
600 Odyssey Re Holdings Corporation 15,126
1,100 Ohio Casualty Corporation* 25,531
804 Old National Bancorp 20,791
1,750 Old Republic International Corporation 44,275
400 Omega Healthcare Investors, Inc. 4,720
332 Oriental Financial Group, Inc. 9,405
533 Pacific Capital BanCorp 18,117
1,321 Pan Pacific Retail Properties, Inc. 82,827
210 Park National Corporation 28,455
1,000 Parkway Properties, Inc. 50,750
312 Partners Trust Financial Group, Inc. 3,635
371 Pennsylvania Real Estate Investment Trust 15,879
1,550 People's Bank 60,280
50 Peoples Holding Company 1,655
300 PFF Bancorp, Inc. 13,899
300 Philadelphia Consolidated Holding Corporation* 19,842
1,959 Plum Creek Timber Company, Inc. 75,304
1,300 PMI Group, Inc. 54,275
4,000 PNC Financial Services Group, Inc. 229,760
3,200 Popular, Inc. 92,256
300 Post Properties, Inc. 10,470
300 Prentiss Properties Trust 11,460
3,400 Principal Financial Group, Inc. 139,196
300 PrivateBancorp, Inc. 9,669
115 ProAssurance Corporation* 4,498
3,500 Progressive Corporation 296,940
2,094 ProLogis 90,733
See Notes to Financial Statements.
10
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- --------
FINANCIALS (CONTINUED)
1,000 Protective Life Corporation 42,690
200 Provident Bancorp, Inc. 2,638
264 Provident Bankshares Corporation 9,602
600 Provident Financial Services, Inc. 11,622
1,800 Providian Financial Corporation* 29,646
5,800 Prudential Financial, Inc. 318,768
1,000 PS Business Parks, Inc. 45,100
1,186 Public Storage, Inc. 66,120
550 R&G Financial Corporation, Class B 21,384
1,220 Radian Group, Inc. 64,953
100 Ramco-Gershenson Properties Trust 3,225
750 Raymond James Financial, Inc. 23,235
500 Realty Income Corporation 25,290
600 Reckson Associates Realty Corporation 19,686
300 Redwood Trust, Inc. 18,627
1,500 Regency Centers Corporation 83,100
5,992 Regions Financial Corporation 213,255
800 Reinsurance Group of America, Inc. 38,760
10 Republic Bancorp, Inc. 153
500 Riggs National Corporation 10,630
200 RLI Corporation 8,314
400 S&T Bancorp, Inc. 15,076
1,800 Safeco Corporation* 94,032
984 Santander BanCorp 29,677
14,264 Schwab (Charles) Corporation 170,597
900 SEI Investments Company 37,737
600 Selective Insurance Group, Inc. 26,544
1,400 Senior Housing Properties Trust 26,516
500 Shurgard Storage Centers, Inc., Class A 22,005
400 Silicon Valley Bancshares* 17,928
3,191 Simon Property Group, Inc. 206,362
420 Simon Property Group, LP 24,872
1,070 Sky Financial Group, Inc. 30,677
300 SL Green Realty Corporation 18,165
5,100 SLM Corporation 272,289
600 South Financial Group, Inc. 19,518
1,000 Southern Missouri Bancorp, Inc. 18,490
700 Southwest Bancorp of Texas, Inc. 16,303
3,640 Sovereign Bancorp, Inc. 82,082
300 Sovran Self Storage, Inc. 12,642
Value
Shares (Note 1)
- ------- --------
FINANCIALS (CONTINUED)
8,284 St. Paul Travelers Companies, Inc. 307,088
370 StanCorp Financial Group, Inc. 30,525
500 State Auto Financial Corporation 12,925
3,900 State Street Corporation 191,568
345 Sterling Bancorp 9,746
150 Sterling Bancshares, Inc. 2,141
592 Sterling Financial Corporation* 23,242
800 Sterling Financial Corporation, PA 22,936
100 Stewart Information Services Corporation 4,165
200 Student Loan Corporation 36,800
300 Suffolk Bancorp 10,449
200 Summit Properties, Inc. 6,512
200 Sun Communities, Inc. 8,050
4,180 SunTrust Banks, Inc. 308,818
500 Susquehanna Bancshares, Inc. 12,475
3,356 Synovus Financial Corporation 95,914
1,500 T. Rowe Price Group, Inc. 93,300
600 Tanger Factory Outlet Centers, Inc. 15,876
153 Tarragon Corporation* 2,731
500 Taubman Centers, Inc. 14,975
1,800 TCF Financial Corporation 57,852
200 Texas Capital Banshares, Inc.* 4,324
862 Texas Regional Bancshares, Inc., Class A 28,170
900 The St. Joe Company 57,780
1,746 Thornburg Mortgage, Inc. 50,564
110 Tompkins Trustco, Inc. 5,884
1,100 Torchmark Corporation 62,854
562 Transatlantic Holdings, Inc. 34,748
200 Triad Guaranty, Inc.* 12,096
100 Trizec Properties, Inc. 1,892
358 TrustCo Bank Corporation NY 4,937
700 Trustmark Corporation 21,749
21,709 U.S. Bancorp 679,926
700 UCBH Holdings, Inc. 32,074
700 UICI 23,730
105 UMB Financial Corporation 5,949
700 Umpqua Holdings Corporation 17,647
1,600 UnionBanCal Corporation 103,168
800 United Bankshares, Inc. 30,520
300 United Community Banks, Inc. 8,079
2,000 United Dominion Realty Trust, Inc. 49,600
600 United Fire & Casualty Company 20,226
See Notes to Financial Statements.
11
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WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- ----------
FINANCIALS (CONTINUED)
100 United PanAm Financial Corporation* 1,906
900 United Tennessee Bankshares, Inc. 18,000
1,600 Unitrin, Inc. 72,720
300 Universal American Financial Corporation* 4,641
1,000 Unizan Financial Corporation 26,350
1,257 UnumProvident Corporation 22,551
714 Valley National Bancorp 19,742
500 Ventas, Inc. 13,705
2,300 Vornado Realty Trust 175,099
1,188 W Holding Company, Inc. 27,260
400 W.P. Carey & Company, LLC 14,064
21,074 Wachovia Corporation 1,108,492
650 Waddell & Reed Financial, Inc., Class A 15,529
100 Walter Industries, Inc. 3,373
1,030 Washington Federal, Inc. 27,336
10,490 Washington Mutual, Inc. 443,517
400 Washington Real Estate Investment Trust 13,548
100 Washington Trust Bancorp, Inc. 2,931
305 Waypoint Financial Corporation 8,647
704 Webster Financial Corporation 35,651
675 Weingarten Realty Investors 27,068
19,395 Wells Fargo & Company 1,205,399
200 WesBanco, Inc. 6,394
100 Wesco Financial Corporation 39,300
100 West Coast Bancorp 2,541
400 Westamerica Bancorporation 23,324
500 Westcorp 22,965
700 WFS Financial, Inc.* 35,546
750 Whitney Holding Corporation 33,743
900 Wilmington Trust Corporation 32,535
200 Wintrust Financial Corporation 11,392
750 WR Berkley Corporation 35,378
100 WSFS Financial Corporation 6,032
300 Zenith National Insurance Corporation 14,952
2,000 Zions Bancorporation 136,060
----------
37,931,431
----------
HEALTH CARE - 12.3%
17,700 Abbott Laboratories 825,705
500 Abgenix, Inc.* 5,170
500 Accelrys, Inc.* 3,900
600 Accredo Health, Inc.* 16,632
1,000 Advanced Medical Optics, Inc.* 41,140
1,000 Advanced Neuromodulation Systems, Inc.* 39,460
Value
Shares (Note 1)
- ------- ----------
HEALTH CARE (CONTINUED)
1,800 Aetna, Inc. 224,550
600 Affymetrix, Inc.* 21,930
300 Alkermes, Inc.* 4,227
1,600 Allergan, Inc. 129,712
300 American Healthways, Inc.* 9,912
300 American Medical Systems Holdings, Inc.* 12,543
800 American Pharmaceutical Partners, Inc.* 29,928
400 AMERIGROUP Corporation* 30,264
1,570 AmerisourceBergen Corporation 92,128
14,902 Amgen, Inc.* 955,963
1,000 Amsurg Corporation* 29,540
1,400 Amylin Pharmaceuticals, Inc.* 32,704
1,000 Analogic Corporation 44,790
400 Andrx Corporation* 8,732
600 Antigenics, Inc.* 6,072
1,800 Applera Corporation - Applied Biosystems Group 37,638
400 Applera Corporation - Celera Genomics Group* 5,500
700 Apria Healthcare Group, Inc.* 23,065
600 Arqule, Inc.* 3,474
800 Arrow International, Inc. 24,792
200 Arthrocare Corporation* 6,412
1,000 Atherogenics, Inc.* 23,560
300 Axonyx, Inc.* 1,860
1,100 Bard (C.R.), Inc. 70,378
1,225 Barr Pharmaceuticals, Inc.* 55,786
700 Bausch & Lomb, Inc. 45,122
7,463 Baxter International, Inc. 257,772
700 Beckman Coulter, Inc. 46,893
3,000 Becton, Dickinson & Company 170,400
200 Beverly Enterprises, Inc.* 1,830
300 Bio-Rad Laboratories, Inc., Class A* 17,211
4,655 Biogen Idec, Inc.* 310,070
2,850 Biomet, Inc. 123,661
1,000 Biosite, Inc.* 61,540
100 Biotransplant, Inc.*# 0
10,170 Boston Scientific Corporation* 361,543
100 Bradley Pharmaceuticals, Inc.* 1,940
22,100 Bristol-Myers Squibb Company 566,202
4,736 Cardinal Health, Inc. 275,398
100 Cardiodynamics International Corporation* 517
5,728 Caremark Rx, Inc.* 225,855
1,400 Celgene Corporation* 37,142
500 Cell Therapeutics, Inc.* 4,070
600 Centene Corporation* 17,010
See Notes to Financial Statements.
12
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- ---------
HEALTH CARE (CONTINUED)
500 Cephalon, Inc.* 25,440
600 Cepheid, Inc. 5,964
300 Cerner Corporation* 15,951
644 Charles River Laboratories International, Inc.* 29,630
200 Chemed Corporation 13,422
2,046 Chiron Corporation* 68,193
1,800 Cigna Corporation 146,826
1,000 Community Health Systems, Inc.* 27,880
300 Conmed Corporation* 8,526
400 Connetics Corporation* 9,716
400 Cooper Companies, Inc. 28,236
700 Covance, Inc.* 27,125
900 Coventry Health Care, Inc.* 47,772
100 Cross Country Healthcare, Inc.* 1,808
300 CTI Molecular Imaging, Inc.* 4,257
400 Curative Health Services, Inc.* 2,740
1,100 Cytyc Corporation* 30,327
700 Dade Behring Holdings, Inc.* 39,200
1,050 DaVita, Inc.* 41,506
100 Dendreon Corporation* 1,078
200 Dendrite International, Inc.* 3,880
1,050 Dentsply International, Inc. 59,010
580 Diagnostic Products Corporation 31,929
600 Discovery Laboratories, Inc.* 4,758
500 Diversa Corporation* 4,370
300 DJ Orthopedics, Inc.* 6,426
900 Edwards Lifesciences Corporation* 37,134
13,070 Eli Lilly & Company 741,723
1,200 Endo Pharmaceuticals Holdings, Inc.* 25,224
500 Enzo Biochem, Inc.* 9,735
800 Eon Labs, Inc.* 21,600
100 Exactech, Inc.* 1,829
200 Exelixis, Inc.* 1,900
1,400 Express Scripts, Inc.* 107,016
300 Eyetech Pharmaceuticals, Inc.* 13,650
900 First Health Group Corporation* 16,839
400 First Horizon Pharmaceutical Corporation* 9,156
1,572 Fisher Scientific International, Inc.* 98,061
4,000 Forest Laboratories, Inc.* 179,440
600 Gen-Probe, Inc.* 27,126
300 Genencor International, Inc.* 4,920
9,100 Genentech, Inc.* 495,404
Value
Shares (Note 1)
- ------- ---------
HEALTH CARE (CONTINUED)
200 Genesis HealthCare Corporation* 7,006
2,655 Genzyme Corporation* 154,203
4,900 Gilead Sciences, Inc.* 171,451
200 GTx, Inc.* 2,698
4,370 Guidant Corporation 315,077
300 Haemonetics Corporation* 10,863
5,900 HCA, Inc. 235,764
2,400 Health Management Associates, Inc., Class A 54,528
1,000 Health Net, Inc.* 28,870
500 Henry Schein, Inc.* 34,820
700 Hillenbrand Industries, Inc. 38,878
1,740 Hospira, Inc.* 58,290
400 Human Genome Sciences, Inc.* 4,808
1,800 Humana, Inc.* 53,442
400 ICOS Corporation* 11,312
646 Idexx Laboratories, Inc.* 35,265
700 Illumina, Inc.* 6,636
800 ImClone Systems, Inc.* 36,864
338 Immucor, Inc.* 7,935
200 Immunogen, Inc.* 1,768
100 Impax Laboratories, Inc.* 1,588
2,400 IMS Health, Inc. 55,704
400 Inamed Corporation* 25,300
500 Inspire Pharmaceuticals, Inc.* 8,385
600 Integra LifeSciences Holdings Corporation* 22,158
450 Intermagnetics General Corporation* 11,435
200 Intuitive Surgical, Inc.* 8,004
300 Invacare Corporation 13,878
600 Invitrogen Corporation* 40,278
300 Isis Pharmaceuticals, Inc.* 1,770
1,250 IVAX Corporation* 19,775
34,260 Johnson & Johnson 2,172,769
300 Kindred Healthcare, Inc.* 8,985
700 Kinetic Concepts, Inc.* 53,410
974 King Pharmaceuticals, Inc.* 12,078
1,000 Kos Pharmaceuticals, Inc.* 37,640
200 Kosan Biosciences, Inc.* 1,386
450 KV Pharmaceutical Company, Class A* 9,923
100 Kyphon, Inc.* 2,576
100 LabOne, Inc.* 3,204
2,400 Laboratory Corporation of America Holdings* 119,568
38 Lexicon Genetics, Inc.* 295
605 LifePoint Hospitals, Inc.* 21,066
See Notes to Financial Statements.
13
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- ---------
HEALTH CARE (CONTINUED)
400 Ligand Pharmaceuticals, Inc., Class B* 4,656
1,100 Lincare Holdings, Inc.* 46,915
400 Magellan Health Services, Inc.* 13,664
300 Mannatech, Inc. 5,712
1,000 Manor Care, Inc. 35,430
300 Martek Biosciences Corporation* 15,360
3,400 McKesson Corporation 106,964
400 Medarex, Inc.* 4,312
3,007 Medco Health Solutions, Inc.* 125,091
600 Medicines Company* 17,280
800 Medicis Pharmaceutical Corporation, Class A 28,088
2,655 MedImmune, Inc.* 71,977
13,868 Medtronic, Inc. 688,824
500 Mentor Corporation 16,870
25,533 Merck & Company, Inc. 820,631
179 Merit Medical Systems, Inc.* 2,735
800 MGI Pharma, Inc.* 22,408
1,700 Millennium Pharmaceuticals, Inc.* 20,604
500 Millipore Corporation* 24,905
300 Molina Healthcare, Inc.* 13,914
1,200 Mylan Laboratories, Inc. 21,216
500 Nabi Biopharmaceuticals* 7,325
600 NBTY, Inc.* 14,406
500 NDCHealth Corporation 9,295
700 NeighborCare, Inc.* 21,504
200 Nektar Therapeutics* 4,048
300 Neurocrine Biosciences, Inc.* 14,790
300 NitroMed, Inc.* 7,995
200 Nutraceutical International Corporation* 3,082
100 Oakley, Inc. 1,275
400 Ocular Sciences, Inc.* 19,604
125 Odyssey Healthcare, Inc.* 1,710
1,400 Omnicare, Inc. 48,468
100 OraSure Technologies, Inc.* 672
500 OSI Pharmaceuticals, Inc.* 37,425
400 Owens & Minor, Inc. 11,268
1,100 Pacificare Health Systems, Inc.* 62,172
600 Par Pharmaceutical Companies, Inc.* 24,828
1,400 Patterson Companies, Inc.* 60,746
300 Pediatrix Medical Group, Inc.* 19,215
1,217 PerkinElmer, Inc. 27,370
400 Perrigo Company 6,908
84,511 Pfizer, Inc. 2,272,501
Value
Shares (Note 1)
- ------- ---------
HEALTH CARE (CONTINUED)
700 Pharmaceutical Product Development, Inc.* 28,903
200 Pharmion Corporation* 8,442
400 PolyMedica Corporation 14,916
900 Protein Design Labs, Inc.* 18,594
550 Province Healthcare Company* 12,293
200 PSS World Medical, Inc.* 2,503
200 Psychiatric Solutions, Inc.* 7,312
500 QLT, Inc.* 8,040
1,700 Quest Diagnostics 162,435
440 Regeneron Pharmaceuticals, Inc.* 4,052
790 Renal Care Group, Inc.* 28,432
300 Renovis, Inc.* 4,314
500 Resmed, Inc.* 25,550
400 Respironics, Inc.* 21,744
200 Salix Pharmaceuticals, Ltd.* 3,518
600 Santarus, Inc.* 5,436
15,200 Schering-Plough Corporation 317,376
400 Select Medical Corporation 7,040
900 Sepracor, Inc.* 53,433
400 Sierra Health Services, Inc.* 22,044
1,000 Sola International, Inc.* 27,540
5,800 St. Jude Medical, Inc.* 243,194
800 Steris Corporation* 18,976
5,220 Stryker Corporation 251,865
599 Sybron Dental Specialties, Inc.* 21,193
100 Tanox, Inc.* 1,520
500 Techne Corporation* 19,450
100 Telik, Inc.* 1,914
2,826 Tenet Healthcare Corporation* 31,029
600 Theravance, Inc.* 10,740
2,065 Thermo Electron Corporation* 62,342
450 Third Wave Technologies, Inc.* 3,870
600 Thoratec Corporation* 6,252
1,005 Triad Hospitals, Inc.* 37,396
500 United Surgical Partners International, Inc.* 20,850
1,000 United Therapeutics Corporation* 45,150
8,466 UnitedHealth Group, Inc. 745,262
700 Universal Health Services, Inc., Class B 31,150
200 USANA Health Sciences, Inc.* 6,840
700 Valeant Pharmaceuticals International 18,445
1,500 Varian Medical Systems, Inc.* 64,860
500 Varian, Inc.* 20,505
300 Vaso Active Pharmaceuticals, Inc., Class A* 149
See Notes to Financial Statements.
14
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- ----------
HEALTH CARE (CONTINUED)
800 VCA Antech, Inc.* 15,680
100 Vertex Pharmaceuticals, Inc.* 1,057
299 Viasys Healthcare, Inc.* 5,681
500 Vicuron Pharmaceuticals, Inc.* 8,705
600 Visx, Inc.* 15,522
1,400 Waters Corporation* 65,506
1,300 Watson Pharmaceuticals, Inc.* 42,653
1,100 WellChoice, Inc.* 58,740
3,568 WellPoint, Inc.* 410,320
300 Wright Medical Group, Inc.* 8,550
14,900 Wyeth 634,591
3,100 Zimmer Holdings, Inc.* 248,372
1,000 Zymogenetics, Inc.* 23,000
----------
20,509,432
----------
INDUSTRIALS - 11.3%
9,700 3M Company 796,079
1,000 A.S.V., Inc.* 47,900
600 ABM Industries, Inc. 11,832
200 Actrade Financial Technologies, Ltd.*# 0
420 Actuant Corporation, Class A* 21,903
500 Acuity Brands, Inc. 15,900
900 Adesa, Inc. 19,098
200 Administaff, Inc.* 2,522
1,000 AGCO Corporation* 21,890
100 AirTran Holdings, Inc.* 1,070
400 Alaska Air Group, Inc.* 13,396
700 Albany International Corporation, Class A 24,612
100 Albany Molecular Research, Inc.* 1,114
700 Alexander & Baldwin, Inc. 29,694
637 Alliant Techsystems, Inc.* 41,647
1,300 Allied Waste Industries, Inc.* 12,064
100 America West Holdings Corporation, Class B* 658
1,800 American Power Conversion Corporation 38,520
2,200 American Standard Companies, Inc.* 90,904
1,000 Americo, Inc.* 45,980
700 Ametek, Inc. 24,969
1,000 AMR Corporation* 10,950
2,225 Apollo Group, Inc., Class A* 179,580
300 Applied Industrial Technologies, Inc. 8,220
2,000 Aramark Corporation, Class B 53,020
400 Arkansas Best Corporation 17,956
400 Armor Holdings, Inc.* 18,808
200 Artesyn Technologies, Inc.* 2,260
Value
Shares (Note 1)
- ------- ----------
INDUSTRIALS (CONTINUED)
1,200 Avery Dennison Corporation 71,964
200 Baldor Electric Company 5,506
300 Banta Corporation 13,428
100 Barnes Group, Inc. 2,651
400 BearingPoint, Inc.* 3,212
400 Blount International, Inc.* 6,968
9,300 Boeing Company 481,461
300 Bowne & Company, Inc. 4,878
300 Brady Corporation, Class A 18,771
800 Briggs & Stratton Corporation 33,264
700 Brink's Company 27,664
1,000 Bucyrus International, Inc., Class A* 40,640
5,190 Burlington Northern Santa Fe Corporation 245,539
200 Bush Industries, Inc., Escrow#+ 0
1,900 C.H. Robinson Worldwide, Inc. 105,488
200 Calgon Carbon Corporation 1,816
1,300 Career Education Corporation* 52,000
300 Carlisle Companies, Inc. 19,476
100 Cascade Corporation 3,995
4,900 Caterpillar, Inc. 477,799
200 CDI Corporation 4,276
11,477 Cendant Corporation 268,332
300 Central Parking Corporation 4,545
300 Cherokee International Corporation* 2,883
886 ChoicePoint, Inc.* 40,747
2,782 Cintas Corporation 122,019
400 Clarcor, Inc. 21,908
700 CNF, Inc. 35,070
200 Compx International, Inc. 3,306
100 Continental Airlines, Inc., Class B* 1,354
1,100 Cooper Industries, Ltd., Class A 74,679
600 Corinthian Colleges, Inc.* 11,307
200 Cornell Companies, Inc.* 3,036
400 Corporate Executive Board Company 26,776
398 Corrections Corporation of America* 16,099
800 Crane Company 23,072
3,000 CSX Corporation 120,240
1,100 Cummins, Inc. 92,169
300 CUNO, Inc.* 17,820
400 Curtiss-Wright Corporation 22,964
3,018 Danaher Corporation 173,263
3,500 Deere & Company 260,400
700 Delta Air Lines, Inc.* 5,236
See Notes to Financial Statements.
15
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- ---------
INDUSTRIALS (CONTINUED)
600 Deluxe Corporation 22,398
100 DeVry, Inc.* 1,736
200 Dollar Thrifty Automotive Group, Inc.* 6,040
1,100 Donaldson Company, Inc. 35,838
2,400 Dover Corporation 100,656
750 Dun & Bradstreet Corporation* 44,737
600 Dycom Industries, Inc.* 18,312
1,700 Eaton Corporation 123,012
500 EDO Corporation 15,875
1,000 Education Management Corporation* 33,010
700 EGL, Inc.* 20,923
5,600 Emerson Electric Company 392,560
200 Engineered Support Systems, Inc. 11,844
229 EnPro Industries, Inc.* 6,772
1,600 Equifax, Inc. 44,960
1,200 Expeditors International Washington, Inc. 67,056
200 ExpressJet Holdings, Inc.* 2,576
700 Fastenal Company 43,092
500 Federal Signal Corporation 8,830
3,432 FedEx Corporation 338,018
400 Florida East Coast Industries, Inc. 18,040
500 Flowserve Corporation* 13,770
900 Fluor Corporation 49,059
150 Forward Air Corporation* 6,705
300 Franklin Electric Company, Inc. 12,678
300 Frontier Airlines, Inc.* 3,423
450 FTI Consulting, Inc.* 9,481
500 G&K Services, Inc., Class A 21,710
100 Gardner Denver, Inc.* 3,629
300 GenCorp, Inc. 5,571
2,320 General Dynamics Corporation 242,672
120,546 General Electric Company 4,399,929
800 General Maritime Corporation* 31,960
1,000 Genesee & Wyoming, Inc., Class A* 28,130
300 Genlyte Group, Inc.* 25,704
100 Gevity HR, Inc. 2,056
500 Global Power Equipment Group, Inc.* 4,920
1,200 Goodrich Corporation 39,168
787 Graco, Inc. 29,394
200 GrafTech International, Ltd.* 1,892
550 Granite Construction, Inc. 14,630
720 Griffon Corporation* 19,440
1,880 H & R Block, Inc. 92,120
Value
Shares (Note 1)
- ------- ---------
INDUSTRIALS (CONTINUED)
100 Handleman Company 2,148
300 Harland (John H.) Company 10,830
400 Harsco Corporation 22,296
200 Hawaiian Holdings, Inc.* 1,366
1,100 Healthcare Services Group, Inc. 22,924
750 Heartland Express, Inc. 16,852
142 Heico Corporation, Class A 2,455
700 Herman Miller, Inc. 19,341
1,620 Hewitt Associates, Inc., Class A* 51,856
800 HNI Corporation 34,440
10,175 Honeywell International, Inc. 360,297
800 Hubbell, Inc., Class B 41,840
800 Hughes Supply, Inc. 25,880
750 IDEX Corporation 30,375
900 IKON Office Solutions, Inc. 10,404
3,533 Illinois Tool Works, Inc. 327,438
1,000 Imagistics International, Inc.* 33,660
200 Infrasource Services, Inc.* 2,600
2,900 Ingersoll-Rand Company, Class A 232,870
1,700 Ingram Micro, Inc., Class A* 35,360
1,300 Interactive Data Corporation* 28,262
1,350 Iron Mountain, Inc.* 41,162
700 ITT Educational Services, Inc.* 33,285
2,000 ITT Industries, Inc. 168,900
1,000 J.B. Hunt Transport Services, Inc. 44,850
1,000 Jackson Hewitt Tax Service, Inc. 25,250
800 Jacobs Engineering Group, Inc.* 38,232
200 Jacuzzi Brands, Inc.* 1,740
1,800 JetBlue Airways Corporation* 41,796
300 JLG Industries, Inc. 5,889
800 Joy Global, Inc. 34,744
123 Kansas City Southern* 2,181
400 Kaydon Corporation 13,208
400 Kelly Services, Inc., Class A 12,072
700 Kennametal, Inc. 34,839
400 Kirby Corporation* 17,752
675 Knight Transportation, Inc. 16,740
15,500 Kreisler Manufacturing Corporation* 80,910
1,300 L-3 Communications Holdings, Inc. 95,212
500 Laidlaw International, Inc.* 10,700
See Notes to Financial Statements.
16
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- ---------
INDUSTRIALS (CONTINUED)
400 Landstar System, Inc.* 29,456
500 Laureate Education, Inc.* 22,045
100 LECG Corporation* 1,865
300 Lennox International, Inc. 6,105
400 Lincoln Electric Holdings, Inc. 13,816
5,000 Lockheed Martin Corporation 277,750
200 Lydall, Inc.* 2,372
450 Manitowoc Company, Inc. 16,943
1,103 Manpower, Inc. 53,275
5,500 Masco Corporation 200,915
700 Matthews International Corporation, Class A 25,760
300 McDermott International, Inc.* 5,508
100 McGrath Rentcorp 4,361
400 MedQuist, Inc.* 5,950
500 Mesa Air Group, Inc.* 3,970
510 Mine Safety Appliances Company 25,857
1,000 Mobile Mini, Inc.* 33,040
300 Moog, Inc., Class A* 13,605
500 Mueller Industries, Inc. 16,100
400 Navigant Consulting, Inc.* 10,640
900 Navistar International Corporation* 39,582
200 NCI Building Systems, Inc.* 7,500
515 NCO Group, Inc.* 13,313
400 Nordson Corporation 16,028
4,700 Norfolk Southern Corporation 170,093
3,900 Northrop Grumman Corporation 212,004
200 Northwest Airlines Corporation* 2,186
100 Nuco2, Inc.* 2,219
225 Old Dominion Freight Line* 7,830
800 OMI Corporation 13,480
400 Orbital Sciences Corporation* 4,732
500 Oshkosh Truck Corporation 34,190
400 Overnite Corporation 14,896
2,425 Paccar, Inc. 195,164
500 Pacer International, Inc.* 10,630
1,200 Pall Corporation 34,740
1,529 Parker-Hannifin Corporation 115,806
200 PDI, Inc.* 4,456
1,100 Pentair, Inc. 47,916
500 Pinnacle Airlines Corporation* 6,970
2,600 Pitney Bowes, Inc. 120,328
200 Power-One, Inc.* 1,784
900 Precision Castparts Corporation 59,112
300 Presstek, Inc.* 2,904
700 PRG-Schultz International, Inc.* 3,521
600 Princeton Review, Inc.* 3,690
400 Quanta Services, Inc.* 3,200
100 Quipp, Inc.* 1,350
3,300 R.R. Donnelley & Sons Company 116,457
400 RailAmerica, Inc.* 5,220
200 Raven Industries, Inc. 4,262
4,400 Raytheon Company 170,852
200 Regal-Beloit Corporation 5,720
450 Reliance Steel & Aluminum Company 17,532
1,800 Republic Services, Inc. 60,372
300 Resources Connection, Inc.* 16,293
200 Robbins & Myers, Inc. 4,766
2,100 Robert Half International, Inc. 61,803
2,100 Rockwell Automation, Inc. 104,055
1,700 Rockwell Collins, Inc. 67,048
400 Rollins, Inc. 10,528
400 Roper Industries, Inc. 24,308
1,000 Ryder System, Inc. 47,770
500 Sauer-Danfoss, Inc. 10,905
300 SCS Transportation, Inc.* 7,011
2,400 Service Corporation International* 17,880
1,400 ServiceMaster Company 19,306
500 Shaw Group, Inc.* 8,925
600 Simpson Manufacturing Company, Inc. 20,940
800 Sirva, Inc.* 15,376
800 SkyWest, Inc. 16,048
253 Sotheby's Holdings, Inc., Class A* 4,594
200 Sourcecorp, Inc.* 3,822
7,893 Southwest Airlines Company 128,498
500 Spherion Corporation* 4,200
934 SPX Corporation 37,416
400 Standard Register Company 5,648
100 Steelcase, Inc., Class A 1,384
700 Stericycle, Inc.* 32,165
600 Stewart Enterprises, Inc., Class A* 4,194
420 Swift Transportation Company, Inc.* 9,022
300 Teledyne Technologies, Inc.* 8,829
400 Teleflex, Inc. 20,776
400 TeleTech Holdings, Inc.* 3,876
600 Terex Corporation* 28,590
43 Tetra Tech, Inc.* 720
1,800 Textron, Inc. 132,840
900 Thomas & Betts Corporation* 27,675
1,000 Timken Company 26,020
400 Toro Company 32,540
200 TRC Companies, Inc.* 3,400
500 Tredegar Corporation 10,105
100 Trex Company, Inc.* 5,244
600 Trinity Industries, Inc. 20,448
200 Triumph Group, Inc.* 7,900
See Notes to Financial Statements.
17
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- ---------
INDUSTRIALS (CONTINUED)
300 Ultralife Batteries, Inc.* 5,835
3,400 Union Pacific Corporation 228,650
700 United Defense Industries, Inc.* 33,075
13,800 United Parcel Service, Inc., Class B 1,179,348
200 United Rentals, Inc.* 3,780
500 United Stationers, Inc.* 23,100
6,747 United Technologies Corporation 697,302
300 Universal Technical Institute, Inc.* 11,436
700 UNOVA, Inc.* 17,703
600 URS Corporation* 19,260
300 USF Corporation 11,385
200 Valmont Industries, Inc. 5,022
1,000 W.W. Grainger, Inc. 66,620
450 Waste Connections, Inc.* 15,413
7,300 Waste Management, Inc. 218,562
300 Watsco, Inc. 10,566
500 Watson Wyatt & Company Holdings 13,475
300 Watts Water Technologies, Inc., Class A 9,672
750 Werner Enterprises, Inc. 16,980
1,000 WESCO International, Inc.* 29,640
600 Westinghouse Air Brake Technologies Corporation 12,792
600 Yellow Roadway Corporation* 33,426
600 York International Corporation 20,724
----------
18,963,855
----------
INFORMATION TECHNOLOGY - 15.0%
1,200 3Com Corporation* 5,004
550 Activision, Inc.* 11,099
700 Acxiom Corporation 18,410
300 Adaptec, Inc.* 2,277
2,730 ADC Telecommunications, Inc.* 7,316
2,600 Adobe Systems, Inc. 163,124
800 Adtran, Inc. 15,312
600 Advanced Digital Information Corporation* 6,012
3,800 Advanced Micro Devices, Inc.* 83,676
200 Advent Software, Inc.* 4,096
400 Aeroflex, Inc.* 4,848
1,400 Affiliated Computer Services, Inc., Class A* 84,266
13,907 Agere Systems, Inc., Class A* 19,053
100 Agile Software Corporation* 817
4,646 Agilent Technologies, Inc.* 111,969
300 Agilysys, Inc. 5,142
359 Akamai Technologies, Inc.* 4,678
1,100 Alliance Data Systems Corporation* 52,228
4,400 Altera Corporation* 91,080
200 Altiris, Inc.* 7,086
5,200 Amazon.com, Inc.* 230,308
500 Amis Holdings, Inc.* 8,260
400 Amkor Technology, Inc.* 2,672
800 Amphenol Corporation, Class A* 29,392
5,100 Analog Devices, Inc. 188,292
300 Andrew Corporation* 4,089
400 Anixter International, Inc.* 14,396
600 Ansys, Inc.* 19,236
300 Anteon International Corporation* 12,558
5,200 Apple Computer, Inc.* 334,880
18,158 Applied Materials, Inc.* 310,502
346 Applied Micro Circuits Corporation* 1,457
200 aQuantive, Inc.* 1,788
291 Ariba, Inc.* 4,831
1,500 Arrow Electronics, Inc.* 36,450
450 Ascential Software Corporation* 7,339
600 Ask Jeeves, Inc.* 16,050
700 Aspen Technology, Inc.* 4,347
1,100 Atmel Corporation* 4,312
200 ATMI, Inc.* 4,506
500 August Technology Corporation* 5,265
2,400 Autodesk, Inc. 91,080
7,500 Automatic Data Processing, Inc. 332,625
3,190 Avaya, Inc.* 54,868
400 Avid Technology, Inc.* 24,700
800 Avnet, Inc.* 14,592
600 Avocent Corporation* 24,312
500 AVX Corporation 6,300
189 Axcelis Technologies, Inc.* 1,537
2,500 BEA Systems, Inc.* 22,150
300 Belden CDT, Inc. 6,960
600 Benchmark Electronics, Inc.* 20,460
500 BISYS Group, Inc.* 8,225
567 BMC Software, Inc.* 10,546
100 Borland Software Corporation* 1,168
4,310 Broadcom Corporation, Class A* 139,127
2,100 Brocade Communications Systems, Inc.* 16,044
356 Brooks Automation, Inc.* 6,130
200 Cabot Microelectronics Corporation* 8,010
500 CACI International, Inc., Class A* 34,065
1,077 Cadence Design Systems, Inc.* 14,873
100 Carreker Corporation* 860
1,000 CCC Information Services Group, Inc.* 22,210
880 CDW Corporation 58,388
See Notes to Financial Statements.
18
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- ---------
INFORMATION TECHNOLOGY (CONTINUED)
1,000 Ceridian Corporation* 18,280
850 Certegy, Inc. 30,200
1,300 CheckFree Corporation* 49,504
300 Checkpoint Systems, Inc.* 5,415
100 Ciber, Inc.* 964
981 Ciena Corporation* 3,277
100 Cirrus Logic, Inc.* 551
75,873 Cisco Systems, Inc.* 1,464,349
1,600 Citrix Systems, Inc.* 39,248
837 CNET Networks, Inc.* 9,400
1,000 Cogent, Inc.* 33,000
500 Cognex Corporation 13,950
1,400 Cognizant Technology Solutions Corporation, Class A* 59,262
400 Coherent, Inc.* 12,176
300 Cohu, Inc. 5,568
200 CommScope, Inc.* 3,780
7,321 Computer Associates International, Inc. 227,390
2,080 Computer Sciences Corporation* 117,250
3,000 Compuware Corporation* 19,410
2,831 Comverse Technology, Inc.* 69,218
300 Concur Technologies, Inc.* 2,673
117 Conexant Systems, Inc.* 233
700 Convergys Corporation* 10,493
14,419 Corning, Inc.* 169,712
300 Covansys Corporation* 4,590
500 Credence Systems Corporation* 4,575
1,700 Cree, Inc.* 68,136
200 CSG Systems International, Inc.* 3,740
500 Cymer, Inc.* 14,770
100 Cypress Semiconductor Corporation* 1,173
29,100 Dell, Inc.* 1,226,274
900 Diebold, Inc. 50,157
500 Digital River, Inc.* 20,805
600 Digitas, Inc.* 5,730
400 Dionex Corporation* 22,668
1,138 DoubleClick, Inc.* 8,854
200 drkoop.com, Inc.*# 0
300 DSP Group, Inc.* 6,699
1,100 DST Systems, Inc.* 57,332
971 Earthlink, Inc.* 11,186
500 Echelon Corporation* 4,220
530 eFunds Corporation* 12,725
3,900 Electronic Arts, Inc.* 240,552
4,800 Electronic Data Systems Corporation 110,880
100 Electronics for Imaging* 1,741
25,829 EMC Corporation* 384,077
200 Emulex Corporation* 3,368
100 Entegris, Inc.* 995
500 Epicor Software Corporation* 7,045
300 Exar Corporation* 4,257
1,000 F5 Networks, Inc.* 48,720
400 FactSet Research Systems, Inc. 23,376
844 Fair Isaac Corporation 30,958
700 Fairchild Semiconductor International, Inc.* 11,382
800 FalconStor Software, Inc. 7,656
1,000 FEI Company* 21,000
300 Filenet Corporation* 7,728
10,479 First Data Corporation 445,777
2,228 Fiserv, Inc.* 89,543
300 Flir Systems, Inc.* 19,137
1,000 Formfactor, Inc.* 27,140
3,000 Freescale Semiconductor, Inc., Class A* 53,460
3,051 Freescale Semiconductor, Inc., Class B* 56,016
600 Gartner, Inc., Class A* 7,476
2,700 Gateway, Inc.* 16,227
400 Global Imaging Systems, Inc.* 15,800
500 Global Payments, Inc. 29,270
3,200 Google, Inc., Class A* 617,920
300 Harmonic, Inc.* 2,502
800 Harris Corporation 49,432
400 Henry (Jack) & Associates, Inc. 7,964
33,677 Hewlett-Packard Company 706,207
500 Hyperion Solutions Corporation* 23,310
7,720 IAC/InterActiveCorp* 213,226
300 Identix, Inc.* 2,214
300 IDX Systems Corporation* 10,338
600 Imation Corporation 19,098
900 Informatica Corporation* 7,308
610 InfoSpace, Inc.* 29,005
500 infoUSA, Inc.* 5,595
800 Integrated Circuit Systems, Inc.* 16,736
300 Integrated Device Technology, Inc.* 3,468
72,816 Intel Corporation 1,703,166
100 Inter-Tel, Inc. 2,738
400 Intergraph Corporation* 10,772
19,570 International Business Machines Corporation 1,929,211
1,000 International Rectifier Corporation* 44,570
400 Internet Security Systems, Inc.* 9,300
800 Intersil Corporation, Class A 13,392
200 Intrado, Inc.* 2,420
2,100 Intuit, Inc.* 92,421
2,100 Jabil Circuit, Inc.* 53,718
12,930 JDS Uniphase Corporation* 40,988
1,000 Kanbay International, Inc.* 31,300
400 Keane, Inc.* 5,880
See Notes to Financial Statements.
19
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- ---------
INFORMATION TECHNOLOGY (CONTINUED)
300 Kemet Corporation* 2,685
3,100 KLA-Tencor Corporation* 144,398
600 Komag, Inc.* 11,268
450 Kronos, Inc.* 23,008
300 Kulicke & Soffa Industries, Inc.* 2,586
1,400 Lam Research Corporation* 40,474
600 Lattice Semiconductor Corporation* 3,420
800 Lawson Software, Inc.* 5,496
400 Lexar Media, Inc.* 3,136
1,500 Lexmark International, Inc., Class A* 127,500
4,400 Linear Technology Corporation 170,544
400 Littelfuse, Inc.* 13,664
2,790 LSI Logic Corporation* 15,289
300 LTX Corporation* 2,307
43,086 Lucent Technologies, Inc.* 162,003
640 Macromedia, Inc.* 19,917
600 Macrovision Corporation* 15,432
300 Magma Design Automation, Inc.* 3,768
1,000 Manhattan Associates, Inc.* 23,880
100 Mantech International Corporation, Class A* 2,374
200 MarketWatch, Inc.* 3,600
4,490 Maxim Integrated Products, Inc. 190,331
300 MAXIMUS, Inc.* 9,336
480 Maxtor Corporation* 2,544
200 MaxWorldwide, Inc.* 88
2,300 McAfee, Inc.* 66,539
647 McData Corporation, Class A* 3,856
700 MEMC Electronic Materials, Inc.* 9,275
400 Mentor Graphics Corporation* 6,116
900 Mercury Interactive Corporation* 40,995
500 Methode Electronics, Inc. 6,425
400 Micrel, Inc.* 4,408
2,112 Microchip Technology, Inc. 56,306
1,000 Micromuse, Inc.* 5,550
5,100 Micron Technology, Inc.* 62,985
200 Micros Systems, Inc.* 15,612
500 Microsemi Corporation* 8,680
123,190 Microsoft Corporation 3,290,405
100 MicroStrategy, Inc., Class A* 6,025
500 Midway Games, Inc.* 5,250
100 MKS Instruments, Inc.* 1,855
2,025 Molex, Inc. 60,750
1,100 Monster Worldwide, Inc.* 37,004
25,641 Motorola, Inc. 441,025
300 MPS Group, Inc.* 3,678
200 MRO Software, Inc.* 2,604
38 Mykrolis Corporation* 538
925 National Instruments Corporation 25,206
2,900 National Semiconductor Corporation 52,055
1,000 NAVTEQ Corporation* 46,360
1,200 NCR Corporation* 83,076
241 NetBank, Inc. 2,509
500 NetFlix, Inc.* 6,165
332 NetIQ Corporation* 4,054
4,600 Network Appliance, Inc.* 152,812
500 Newport Corporation* 7,050
2,434 Novell, Inc.* 16,430
1,623 Novellus Systems, Inc.* 45,265
1,600 Nvidia Corporation* 37,696
400 OmniVision Technologies, Inc.* 7,340
61 Openwave Systems, Inc.* 943
57,930 Oracle Corporation* 794,800
415 PalmOne, Inc.* 13,093
2,100 Parametric Technology Corporation* 12,369
700 Paxar Corporation* 15,519
4,900 Paychex, Inc. 166,992
4,739 PeopleSoft, Inc.* 125,489
40 Peregrine Systems, Inc.* 790
500 Perot Systems Corporation, Class A* 8,015
100 Photon Dynamics, Inc.* 2,428
125 Photronics, Inc.* 2,063
400 Pinnacle Systems, Inc. 2,440
900 Pixar, Inc.* 77,049
200 Pixelworks, Inc.* 2,268
400 Plantronics, Inc. 16,588
1,100 Polycom, Inc.* 25,652
100 Power Integrations, Inc.* 1,978
400 Progress Software Corporation* 9,340
200 ProQuest Company* 5,940
1,000 QLogic Corporation* 36,730
18,700 Qualcomm, Inc. 792,880
200 Quest Software, Inc.* 3,190
600 Rambus, Inc.* 13,800
976 RealNetworks, Inc.* 6,461
390 Red Hat, Inc.* 5,207
300 Renaissance Learning, Inc. 5,568
800 Reynolds & Reynolds Company, Class A 21,208
1,300 RF Micro Devices, Inc.* 8,892
650 RSA Security, Inc.* 13,039
300 S1 Corporation* 2,718
700 Salesforce.com, Inc.* 11,858
1,700 SanDisk Corporation* 42,449
4,476 Sanmina-SCI Corporation* 37,912
500 Sapient Corporation* 3,955
200 ScanSource, Inc.* 12,432
1,610 Scientific-Atlanta, Inc. 53,146
See Notes to Financial Statements.
20
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- ---------
INFORMATION TECHNOLOGY (CONTINUED)
2,700 Seagate Technology* 46,629
100 Semitool, Inc.* 928
1,000 Semtech Corporation* 21,870
300 Serena Software, Inc.* 6,492
3,800 Siebel Systems, Inc.* 39,900
400 Silicon Image, Inc.* 6,584
700 Silicon Laboratories, Inc.* 24,717
400 Silicon Storage Technology, Inc.* 2,380
300 Siliconix, Inc.* 10,947
800 Sirf Technology Holdings, Inc.* 10,176
682 Skyworks Solutions, Inc.* 6,431
8,618 Solectron Corporation* 45,934
48 SonicWALL, Inc.* 303
500 SRA International, Inc., Class A* 32,100
200 SS&C Technologies, Inc. 4,130
200 Startek, Inc. 5,690
1,300 Storage Technology Corporation* 41,093
37,000 Sun Microsystems, Inc.* 199,060
2,964 SunGard Data Systems, Inc.* 83,970
400 Sybase, Inc.* 7,980
8,600 Symantec Corporation* 221,536
987 Symbol Technologies, Inc. 17,075
600 Symmetricon, Inc.* 5,826
1,000 Synaptics, Inc.* 30,580
392 Synopsys, Inc.* 7,691
300 Syntel, Inc. 5,262
200 Sypris Solutions, Inc. 3,062
600 Take-Two Interactive Software, Inc.* 20,874
400 Taser International, Inc.* 12,636
800 Tech Data Corporation* 36,320
1,000 Tektronix, Inc. 30,210
3,254 Tellabs, Inc.* 27,952
500 Teradyne, Inc.* 8,535
400 Tessera Technologies, Inc.* 14,884
19,822 Texas Instruments, Inc. 488,018
250 THQ, Inc.* 5,735
300 TIBCO Software, Inc.* 4,002
300 Titan Corporation* 4,860
2,840 Total System Services, Inc. 69,012
400 Transaction Systems Architects, Inc., Class A* 7,940
500 Trimble Navigation, Ltd.* 16,520
500 Ulticom, Inc.* 8,015
2,070 Unisys Corporation* 21,073
1,400 Utstarcom, Inc.* 31,010
263 ValueClick, Inc.* 3,506
300 Varian Semiconductor Equipment Associates, Inc.* 11,055
200 Veeco Instruments, Inc.* 4,214
300 Verint Systems, Inc.* 10,899
3,516 VeriSign, Inc.* 117,856
4,678 VERITAS Software Corporation* 133,557
356 Vishay Intertechnology, Inc.* 5,347
400 WebEx Communications, Inc.* 9,512
1,745 WebMD Corporation* 14,239
500 webMethods, Inc.* 3,605
200 Websense, Inc.* 10,144
1,400 Western Digital Corporation* 15,176
468 Wind River Systems, Inc.* 6,341
7,700 Xerox Corporation* 130,977
4,700 Xilinx, Inc. 139,355
15,900 Yahoo!, Inc.* 599,112
675 Zebra Technologies Corporation, Class A* 37,989
162 Zoran Corporation* 1,876
----------
24,991,220
----------
MATERIALS - 3.6%
2,400 Air Products & Chemicals, Inc. 139,128
770 Airgas, Inc. 20,413
200 AK Steel Holding Corporation* 2,894
700 Albemarle Corporation 27,097
9,948 Alcoa, Inc. 312,566
650 Allegheny Technologies, Inc. 14,085
100 AMCOL International Corporation 2,009
400 Anchor Glass Container Corporation 2,688
700 Aptargroup, Inc. 36,946
650 Arch Chemicals, Inc. 18,707
700 Arch Coal, Inc. 24,878
1,200 Ball Corporation 52,776
1,000 Bemis Company, Inc. 29,090
1,000 Bowater, Inc. 43,970
200 Brush Engineered Materials, Inc.* 3,700
400 Buckeye Technologies, Inc.* 5,204
1,100 Cabot Corporation 42,548
400 Cambrex Corporation 10,840
500 Caraustar Industries, Inc.* 8,410
400 Carpenter Technology Corporation 23,384
500 Century Aluminum Company* 13,130
200 Cleveland-Cliffs, Inc. 20,772
400 Commercial Metals Company 20,224
900 CONSOL Energy, Inc. 36,945
762 Crompton Corporation 8,992
100 Crown Holdings, Inc.* 1,374
700 Cytec Industries, Inc. 35,994
600 Danielson Holding Corporation* 5,070
200 Deltic Timber Corporation 8,490
11,111 Dow Chemical Company 550,106
See Notes to Financial Statements.
21
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- ---------
MATERIALS (CONTINUED)
11,900 du Pont (E.I.) de Nemours & Company 583,695
331 Eagle Materials, Inc. 28,582
800 Eastman Chemical Company 46,184
2,700 Ecolab, Inc. 94,851
1,300 Engelhard Corporation 39,871
500 Ferro Corporation 11,595
850 Florida Rock Industries, Inc. 50,601
600 FMC Corporation* 28,980
2,000 Freeport-McMoRan Copper & Gold, Inc., Class B 76,460
600 Georgia Gulf Corporation 29,880
2,917 Georgia-Pacific Corporation 109,329
600 Glatfelter 9,168
300 Graphic Packaging Corporation* 2,160
1,000 Great Lakes Chemical Corporation 28,490
800 Greif, Inc., Class A 44,800
600 H. B. Fuller Company 17,106
600 Headwaters, Inc.* 17,100
800 Hecla Mining Company* 4,664
500 Hercules, Inc.* 7,425
1,100 International Flavors & Fragrances, Inc. 47,124
5,092 International Paper Company 213,864
1,100 International Steel Group, Inc.* 44,616
467 Kronos Worldwide, Inc. 19,034
800 Lafarge North America, Inc. 41,056
600 Longview Fibre Company 10,884
1,600 Louisiana-Pacific Corporation 42,784
800 Lubrizol Corporation 29,488
3,655 Lyondell Chemical Company 105,703
500 MacDermid, Inc. 18,050
700 Martin Marietta Materials, Inc. 37,562
1,300 Massey Energy Company 45,435
3,176 MeadWestvaco Corporation 107,635
1,000 Meridian Gold, Inc.* 18,970
400 Minerals Technologies, Inc. 26,680
2,940 Monsanto Company 163,317
2,700 Mosaic Company* 44,064
330 Myers Industries, Inc. 4,224
171 Neenah Paper, Inc.* 5,575
300 NewMarket Corporation* 5,970
4,500 Newmont Mining Corporation 199,845
1,000 NL Industries, Inc. 22,100
1,960 Nucor Corporation 102,586
970 Olin Corporation 21,359
500 OM Group, Inc.* 16,210
200 Omnova Solutions, Inc.* 1,124
2,100 Owens-Illinois, Inc.* 47,565
1,800 Packaging Corporation of America 42,390
1,500 Pactiv Corporation* 37,935
900 Peabody Energy Corporation 72,819
300 Penford Corporation 4,719
1,320 Phelps Dodge Corporation 130,574
800 Polymer Group, Inc., Escrow*#+ 0
700 PolyOne Corporation* 6,342
500 Potlatch Corporation 25,290
1,900 PPG Industries, Inc. 129,504
4,200 Praxair, Inc. 185,430
801 Rayonier, Inc. 39,177
300 Rock-Tenn Company, Class A 4,548
2,458 Rohm & Haas Company 108,717
900 RPM International, Inc. 17,694
300 Schnitzer Steel Industries, Inc., Class A 10,179
500 Schulman (A.), Inc. 10,705
400 Scotts Company, Class A* 29,408
1,000 Sealed Air Corporation* 53,270
1,600 Sherwin-Williams Company 71,408
700 Sigma-Aldrich Corporation 42,322
500 Silgan Holdings, Inc. 30,480
1,800 Smurfit-Stone Container Corporation* 33,624
1,300 Sonoco Products Company 38,545
800 Southern Peru Copper Corporation 37,768
400 Spartech Corporation 10,836
800 Steel Dynamics, Inc. 30,304
200 Stillwater Mining Company* 2,252
300 Symyx Technologies, Inc.* 9,024
700 Temple-Inland, Inc. 47,880
300 Terra Industries, Inc.* 2,664
400 Texas Industries, Inc. 24,952
1,100 United States Steel Corporation 56,375
200 USEC, Inc. 1,938
1,100 USG Corporation* 44,297
800 Valhi, Inc. 12,872
500 Valspar Corporation 25,005
1,100 Vulcan Materials Company 60,071
300 W.R. Grace & Company* 4,083
600 Wausau-Mosinee Paper Corporation 10,716
1,000 Westlake Chemical Corporation 33,400
3,400 Weyerhaeuser Company 228,548
900 Worthington Industries, Inc. 17,622
---------
5,981,882
---------
TELECOMMUNICATION SERVICES - 2.9%
4,401 Alltel Corporation 258,603
700 American Tower Corporation, Class A* 12,880
600 Arris Group, Inc.* 4,224
100 Aspect Communications Corporation* 1,114
7,581 AT&T Corporation 144,494
See Notes to Financial Statements.
22
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WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- ---------
TELECOMMUNICATION SERVICES (CONTINUED)
100 Atheros Communications, Inc.* 1,025
21,200 BellSouth Corporation 589,148
500 Centennial Communications Corporation* 3,965
1,800 CenturyTel, Inc. 63,846
339 Cincinnati Bell, Inc.* 1,407
1,800 Citizens Communications Company 24,822
300 Commonwealth Telephone Enterprises, Inc.* 14,898
1,000 Corvis Corporation 9,110
800 Crown Castle International Corporation* 13,312
100 Ditech Communications Corporation* 1,495
400 Extreme Networks, Inc.* 2,620
500 Foundry Networks, Inc.* 6,580
200 Hypercom Corporation* 1,184
500 IDT Corporation, Class B* 7,740
500 InterDigital Communications Corporation* 11,050
100 Ixia* 1,681
6,240 Juniper Networks, Inc.* 169,666
4,200 Level 3 Communications, Inc.* 14,238
3,100 MCI, Inc. 62,496
11,800 Nextel Communications, Inc., Class A* 354,000
300 Nextel Partners, Inc., Class A* 5,862
200 NMS Communications Corporation* 1,262
1,200 NTL, Inc.* 87,552
400 Powerwave Technologies, Inc.* 3,392
100 PTEK Holdings, Inc.* 1,071
15,370 Qwest Communications International, Inc.* 68,243
700 Remec, Inc.* 5,047
1,000 SafeNet, Inc.* 36,740
500 SBA Communications Corporation, Class A* 4,640
37,291 SBC Communications, Inc. 960,989
1,000 Sonus Networks, Inc.* 5,730
800 Spectrasite, Inc.* 46,320
16,650 Sprint Corporation 413,752
400 Sycamore Networks, Inc.* 1,624
400 Tekelec* 8,176
670 Telephone & Data Systems, Inc. 51,556
300 Time Warner Telecom, Inc., Class A* 1,308
700 Ubiquitel, Inc.* 4,984
1,000 United States Cellular Corporation* 44,760
32,386 Verizon Communications, Inc. 1,311,957
700 West Corporation* 23,177
800 Western Wireless Corporation, Class A* 23,440
300 Wireless Facilities, Inc.* 2,832
---------
4,890,012
---------
UTILITIES - 2.9%
5,685 AES Corporation* 77,714
600 AGL Resources, Inc. 19,944
1,000 Allegheny Energy, Inc.* 19,710
433 Allete, Inc. 15,913
1,000 Alliant Energy Corporation 28,600
2,000 Ameren Corporation 100,280
4,280 American Electric Power Company, Inc. 146,975
1,366 Aqua America, Inc. 33,590
500 Atmos Energy Corporation 13,675
200 Avista Corporation 3,534
400 Black Hills Corporation 12,272
100 California Water Service Group 3,765
500 Calpine Corporation* 1,970
2,700 Centerpoint Energy, Inc. 30,510
300 CH Energy Group, Inc. 14,415
2,600 Cinergy Corporation 108,238
400 Cleco Corporation 8,104
500 CMS Energy Corporation* 5,225
3,300 Consolidated Edison, Inc. 144,375
1,700 Constellation Energy Group, Inc. 74,307
4,545 Dominion Resources, Inc. 307,878
1,100 DPL, Inc. 27,621
1,800 DTE Energy Company 77,634
10,900 Duke Energy Corporation 276,097
100 Duquesne Light Holdings, Inc. 1,885
432 Dynegy, Inc., Class A* 1,996
4,250 Edison International 136,127
700 El Paso Electric Company* 13,258
100 Empire District Electric Company 2,268
720 Energen Corporation 42,444
2,000 Energy East Corporation 53,360
2,500 Entergy Corporation 168,975
600 Equitable Resources, Inc. 36,396
7,524 Exelon Corporation 331,583
3,600 FirstEnergy Corporation 142,236
2,930 FPL Group, Inc. 219,017
700 Great Plains Energy, Inc. 21,196
600 Hawaiian Electric Industries, Inc. 17,490
400 Idacorp, Inc. 12,228
1,600 KeySpan Corporation 63,120
950 MDU Resources Group, Inc. 25,346
100 MGE Energy, Inc. 3,603
900 National Fuel Gas Company 25,506
300 New Jersey Resources Corporation 13,002
See Notes to Financial Statements.
23
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WILSHIRE MUTUAL FUNDS, INC.
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
STATEMENT OF INVESTMENTS - (CONTINUED) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- ---------
UTILITIES (CONTINUED)
400 Nicor, Inc. 14,776
2,690 NiSource, Inc. 61,278
200 Northeast Utilities 3,770
500 Northwest Natural Gas Company 16,870
800 NRG Energy, Inc.* 28,840
495 NSTAR 26,869
700 OGE Energy Corporation 18,557
1,100 Oneok, Inc. 31,262
200 Otter Tail Corporation 5,106
400 Peoples Energy Corporation 17,580
1,600 Pepco Holdings, Inc. 34,112
4,000 PG&E Corporation* 133,120
800 Piedmont Natural Gas Company, Inc. 18,592
1,000 Pinnacle West Capital Corporation 44,410
600 PNM Resources, Inc. 15,174
1,900 PPL Corporation 101,232
3,541 Progress Energy, Inc. 160,195
3,400 Public Service Enterprise Group, Inc. 176,018
1,100 Puget Energy, Inc. 27,170
700 Questar Corporation 35,672
1,529 Reliant Energy, Inc.* 20,871
979 SCANA Corporation 38,573
2,900 Sempra Energy 106,372
900 Sierra Pacific Resources* 9,450
100 South Jersey Industries, Inc. 5,256
8,200 Southern Company 274,864
1,372 Southern Union Company* 32,901
700 Southwest Gas Corporation 17,780
700 TECO Energy, Inc. 10,738
3,670 TXU Corporation 236,935
500 UGI Corporation 20,455
300 UIL Holdings Corporation 15,390
500 Unisource Energy Corporation 12,055
633 Vectren Corporation 16,964
600 Westar Energy, Inc. 13,722
500 WGL Holdings, Inc. 15,420
1,000 Wisconsin Energy Corporation 33,710
400 WPS Resources Corporation 19,984
3,825 Xcel Energy, Inc. 69,615
------------
4,825,040
------------
TOTAL COMMON STOCKS (Cost $132,415,926) 166,852,728
------------
RIGHTS - 0.0%**
(Cost $0)
1,800 Seagate Tax Refund Rights*#+ 0
------------
WARRANTS - 0.0%**
211 IAC InterActiveCorp Warrants Expire 02/04/09* 1,372
3 Lodgian, Inc., Class A Warrants Expire
11/25/07*#+ 0
8 Lodgian, Inc., Class B Warrants Expire
11/25/09*#+ 0
2,671 Lucent Technologies, Inc. Warrants Expire
12/10/07* 4,220
12 Polymer Group, Inc., Class A Warrants Expire
03/04/10*#+ 0
13 Polymer Group, Inc., Class B Warrants Expire
03/04/10*#+ 0
------------
TOTAL WARRANTS (Cost $2,622) 5,592
------------
TOTAL INVESTMENTS (Cost $132,418,548) 99.9% 166,858,320
OTHER ASSETS AND LIABILITIES (Net) 0.1% 135,765
----- ------------
NET ASSETS 100.0% $166,994,085
----- ------------
- ----------
* Non-income producing security.
** Amount represents less than 0.1% of net assets.
# Amount represents less than $1.00
+ Fair-valued Securities.
See Notes to Financial Statements.
24
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2004
- --------------------------------------------------------------------------------
DOW JONES
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) ........... $ 501,153,018 $ 46,292,991 $ 10,229,944 $ 33,508,256 $ 132,418,548
============= ============= ============= ============= =============
Investments, at value (Note 1),
See accompanying schedules ........... $ 592,761,296 $ 56,089,299 $ 12,148,347 $ 40,505,712 $ 166,858,320
Cash .................................... 4,166,385 19,193,282 4,756,781 265,587 367,240
Cash on deposit for futures contracts ... 35,200 -- -- -- --
Receivable for Portfolio shares sold .... 1,215,551 53,689 -- 27,480 73,054
Due from Advisor (Note 2) ............... -- -- 4,201 -- --
Receivable for investment securities sold 242 959,671 -- -- 29,845
Dividends receivable .................... 380,438 92,066 7,044 65,154 206,439
Prepaid expenses and other assets ....... 26,454 11,203 4,781 10,331 12,950
------------- ------------- ------------- ------------- -------------
Total Assets ......................... 598,585,566 76,399,210 16,921,154 40,874,264 167,547,848
------------- ------------- ------------- ------------- -------------
LIABILITIES:
Cash overdraft .......................... 66,567 1,022,149 -- -- --
Payable for Portfolio shares redeemed ... 3,510,702 155,255 24,351 21,118 328,825
Payable for investment securities
purchased ............................ 1,381,130 15,312,308 2,740,328 -- --
Investment advisory fee payable
(Note 2) ............................. 371,492 37,635 -- 6,899 14,147
Distribution and service fees payable
(Note 3) ............................. 178,893 19,763 3,163 9,607 86,624
Due to Custodian ........................ 10,485 10,960 8,904 23,377 37,315
Variation margin ........................ 100 -- -- -- --
Accrued expenses and other payables ..... 267,176 33,128 14,220 26,195 86,852
------------- ------------- ------------- ------------- -------------
Total Liabilities .................... 5,786,545 16,591,198 2,790,966 87,196 553,763
------------- ------------- ------------- ------------- -------------
NET ASSETS .............................. $ 592,799,021 $ 59,808,012 $ 14,130,188 $ 40,787,068 $ 166,994,085
============= ============= ============= ============= =============
NET ASSETS consist of:
Undistributed net investment
income/(loss) ........................ $ -- $ -- $ -- $ -- $ 3,492
Accumulated net realized gain/(loss)
on investments sold .................. (66,744,625) 4,029,291 877,432 552,143 (31,521,309)
Net unrealized appreciation
of investments ....................... 91,608,298 9,796,308 1,918,403 6,997,456 34,439,772
Par value ............................... 567,954 45,982 11,334 33,235 164,022
Paid-in capital ......................... 567,367,394 45,936,431 11,323,019 33,204,234 163,908,108
------------- ------------- ------------- ------------- -------------
NET ASSETS .............................. $ 592,799,021 $ 59,808,012 $ 14,130,188 $ 40,787,068 $ 166,994,085
============= ============= ============= ============= =============
See Notes to Financial Statements.
30
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
STATEMENTS OF ASSETS AND LIABILITIES - (CONTINUED)
DECEMBER 31, 2004
- --------------------------------------------------------------------------------
DOW JONES
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............. $410,332,422 $49,749,182 $13,915,922 $36,826,003 $122,262,956
(50,000,000 shares authorized, per class, ============ =========== =========== =========== ============
per Portfolio, par value $.001 per share)
Institutional Class shares.......... $182,466,599 $10,058,830 $ 214,266 $ 3,961,065 $ 41,368,076
(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 $ 1,399,391
(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 $ 1,963,662
(10,000,000 shares authorized, per class, ============ =========== =========== =========== ============
per Portfolio, par value $.001 per share)
SHARES OUTSTANDING:
Investment Class shares............. 12,903,405 2,269,383 784,343 1,715,094 12,116,116
============ =========== =========== =========== ============
Institutional Class shares.......... 5,679,444 458,455 11,879 184,196 4,093,743
============ =========== =========== =========== ============
Qualified Class shares.............. N/A N/A N/A N/A 138,555
============ =========== =========== =========== ============
Horace Mann Class shares............ N/A N/A N/A N/A 194,901
============ =========== =========== =========== ============
INVESTMENT CLASS SHARES:
Net asset value, offering and redemption
price per share.................. $ 31.80 $ 21.92 $ 17.74 $ 21.47 $ 10.09
============ =========== =========== =========== ============
INSTITUTIONAL CLASS SHARES:
Net asset value, offering and redemption
price per share.................. $ 32.13 $ 21.94 $ 18.04 $ 21.50 $ 10.11
============ =========== =========== =========== ============
QUALIFIED CLASS SHARES:
Net asset value, offering and redemption
price per share.................. N/A N/A N/A N/A $ 10.10
============ =========== =========== =========== ============
HORACE MANN CLASS SHARES:
Net asset value, offering and redemption
price per share.................. N/A N/A N/A N/A $ 10.08
============ =========== =========== =========== ============
See Notes to Financial Statements.
31
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2004
- --------------------------------------------------------------------------------
DOW JONES
LARGE LARGE SMALL SMALL WILSHIRE
COMPANY COMPANY COMPANY COMPANY 5000
GROWTH VALUE GROWTH VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- ------------- ------------- -------------
INVESTMENT INCOME:
Dividends ............................ $ 8,542,844 $ 1,372,584 $ 49,314 $ 362,986 $ 2,723,628
Foreign taxes withheld ............... (1,569) (1,559) -- -- --
------------ ------------ ------------ ------------ ------------
Total Income ...................... 8,541,275 1,371,025 49,314 362,986 2,723,628
------------ ------------ ------------ ------------ ------------
EXPENSES:
Investment advisory fee (Note 2) ..... 4,178,860 445,811 103,427 260,515 147,654
Distribution and service fees (Note 3) 1,490,086 120,665 38,565 72,496 347,917
Administration and Accounting fees
(Note 2) .......................... 904,314 136,936 67,101 88,583 343,923
Transfer agent fees (Note 2) ......... 263,474 97,539 48,102 51,393 148,105
Legal and Audit fees ................. 203,285 20,831 4,350 11,203 49,923
Printing fees ........................ 166,950 15,286 5,011 12,210 37,847
Custodian fees (Note 2) .............. 79,163 42,049 44,817 86,346 126,542
Registration and filing fees ......... 51,399 27,527 28,318 29,401 39,406
Directors' fees and expenses (Note 2) 47,067 4,960 1,111 2,779 13,151
Other ................................ 43,477 7,165 2,292 3,909 12,552
------------ ------------ ------------ ------------ ------------
Subtotal .......................... 7,428,075 918,769 343,094 618,835 1,267,020
Fees waived and reimbursed by
investment advisor (Note 2) ....... -- -- (115,637) (187,103) --
Custody earnings credits (Note 2) .... (44,104) (3,619) (871) (5,244) (4,828)
------------ ------------ ------------ ------------ ------------
Total net expenses ................ 7,383,971 915,150 226,586 426,488 1,262,192
------------ ------------ ------------ ------------ ------------
NET INVESTMENT INCOME/(LOSS) ......... 1,157,304 455,875 (177,272) (63,502) 1,461,436
------------ ------------ ------------ ------------ ------------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS AND
FUTURES CONTRACTS (Notes 1 and 4)
Net realized gain/(loss) from:
Investments ....................... 45,964,585 10,116,120 1,895,008 5,194,267 (11,171,701)
Futures contracts ................. 256,498 -- -- -- --
Net change in unrealized appreciation/
(depreciation) on investments and
futures contracts ................. (9,814,383) (3,471,977) 300,822 2,175,360 26,952,871
------------ ------------ ------------ ------------ ------------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS .................... 36,406,700 6,644,143 2,195,830 7,369,627 15,781,170
------------ ------------ ------------ ------------ ------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ......... $ 37,564,004 $ 7,100,018 $ 2,018,558 $ 7,306,125 $ 17,242,606
============ ============ ============ ============ ============
See Notes to Financial Statements.
32
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2004
- --------------------------------------------------------------------------------
DOW JONES
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) ......... $ 1,157,304 $ 455,875 $ (177,272) $ (63,502) $ 1,461,436
Net realized gain/(loss) on investments
and futures contracts .............. 46,221,083 10,116,120 1,895,008 5,194,267 (11,171,701)
Net change in unrealized appreciation/
(depreciation) on investments and
futures contracts .................. (9,814,383) (3,471,977) 300,822 2,175,360 26,952,871
------------- ------------ ----------- ----------- ------------
Net increase in net assets resulting
from operations .................... 37,564,004 7,100,018 2,018,558 7,306,125 17,242,606
Distributions to shareholders from:
Net investment income:
Investment Class shares ............ (379,823) (830,112) -- (47,474) (1,252,062)
Institutional Class shares ......... (795,861) (207,028) -- (17,660) (531,446)
Qualified Class shares ............. N/A N/A N/A N/A (9,717)
Horace Mann Class shares ........... N/A N/A N/A N/A (18,885)
Net realized capital gains:
Investment Class shares ............ -- (2,014,824) (530,040) (3,802,511) --
Institutional Class shares ......... -- (413,379) (8,082) (422,116) --
Qualified Class shares ............. N/A N/A N/A N/A --
Horace Mann Class shares ........... N/A N/A N/A N/A --
------------- ------------ ----------- ----------- ------------
Total distributions to shareholders. (1,175,684) (3,465,343) (538,122) (4,289,761) (1,812,110)
Capital Stock Transactions: (Dollars)
Investment Class shares:
Shares sold ........................ 140,660,287 17,483,046 2,031,310 26,043,617 38,098,778
Shares issued as reinvestment
of distributions ................. 371,391 2,777,755 521,571 3,721,596 1,219,296
Shares redeemed .................... (121,797,055) (9,010,345) (1,319,595) (8,188,006) (36,176,494)
------------- ------------ ----------- ----------- ------------
Total Investment Class shares ......... 19,234,623 11,250,456 1,233,286 21,577,207 3,141,580
------------- ------------ ----------- ----------- ------------
Institutional Class shares:
Shares sold ........................ 53,544,985 3,220,709 35,095 1,516,109 25,961,940
Shares issued as reinvestment
of distributions ................. 624,078 458,339 6,455 438,053 528,193
Shares redeemed .................... (43,465,450) (24,976,847) (7,886) (9,344,353) (12,543,322)
------------- ------------ ----------- ----------- ------------
Total Institutional Class shares ...... 10,703,613 (21,297,799) 33,664 (7,390,191) 13,946,811
------------- ------------ ----------- ----------- ------------
Qualified Class shares:
Shares sold ........................ N/A N/A N/A N/A 1,170,496
Shares issued as reinvestment
of distributions ................. N/A N/A N/A N/A 9,717
Shares redeemed .................... N/A N/A N/A N/A (3,491,334)
------------- ------------ ----------- ----------- ------------
Total Qualified Class shares .......... N/A N/A N/A N/A (2,311,121)
------------- ------------ ----------- ----------- ------------
Horace Mann Class shares:
Shares sold ........................... N/A N/A N/A N/A 191,673
Shares issued as reinvestment
of distributions ................... N/A N/A N/A N/A 18,732
Shares redeemed ....................... N/A N/A N/A N/A (342,478)
------------- ------------ ----------- ----------- ------------
Total Horace Mann Class shares ........ N/A N/A N/A N/A (132,073)
------------- ------------ ----------- ----------- ------------
Net increase/(decrease) in net assets
from Capital Stock transactions .... 29,938,236 (10,047,343) 1,266,950 14,187,016 14,645,197
------------- ------------ ----------- ----------- ------------
Net increase/(decrease) in net assets..$ 66,326,556 $ (6,412,668) $ 2,747,386 $17,203,380 $ 30,075,693
------------- ------------ ----------- ----------- ------------
See Notes to Financial Statements.
33
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
STATEMENTS OF CHANGES IN NET ASSETS - (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2004
- --------------------------------------------------------------------------------
DOW JONES
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 .....................$ 526,472,465 $ 66,220,680 $11,382,802 $23,583,688 $136,918,392
------------- ------------ ----------- ----------- ------------
End of year ...........................$ 592,799,021 $ 59,808,012 $14,130,188 $40,787,068 $166,994,085
============= ============ =========== =========== ============
Undistributed net investment income....$ -- $ -- $ -- $ -- $ 3,492
============= ============ =========== =========== ============
Capital Share Transactions:
Investment Class shares:
Shares sold ........................ 4,705,170 813,222 123,137 1,242,720 4,067,842
Shares issued as reinvestment
of distributions ................. 11,649 126,549 29,302 173,178 120,722
Shares redeemed .................... (4,072,464) (424,794) (81,493) (389,215) (3,831,805)
------------- ------------ ----------- ----------- ------------
Net increase/(decrease) in Investment
Class shares outstanding ........... 644,355 514,977 70,946 1,026,683 356,759
============= ============ =========== =========== ============
Institutional Class shares:
Shares sold ........................ 1,749,057 151,527 2,050 70,712 2,789,080
Shares issued as reinvestment
of distributions ................. 19,382 20,862 357 20,355 52,193
Shares redeemed .................... (1,425,785) (1,184,803) (484) (425,611) (1,320,827)
------------- ------------ ----------- ----------- ------------
Net increase/(decrease) in Institutional
Class shares outstanding ........... 342,654 (1,012,414) 1,923 (334,544) 1,520,446
============= ============ =========== =========== ============
Qualified Class shares:
Shares sold ........................ N/A N/A N/A N/A 125,876
Shares issued as reinvestment
of distributions ................. N/A N/A N/A N/A 961
Shares redeemed .................... N/A N/A N/A N/A (377,721)
------------- ------------ ----------- ----------- ------------
Net increase in Qualified Class
shares outstanding ................. N/A N/A N/A N/A (250,884)
============= ============ =========== =========== ============
Horace Mann Class shares:
Shares sold ........................ N/A N/A N/A N/A 20,485
Shares issued as reinvestment
of distributions ................. N/A N/A N/A N/A 1,857
Shares redeemed .................... N/A N/A N/A N/A (36,590)
------------- ------------ ----------- ----------- ------------
Net increase in Horace Mann Class
shares outstanding ................. N/A N/A N/A N/A (14,248)
============= ============ =========== =========== ============
See Notes to Financial Statements.
34
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2003
- --------------------------------------------------------------------------------
DOW JONES
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.
35
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
STATEMENTS OF CHANGES IN NET ASSETS - (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2003
- --------------------------------------------------------------------------------
DOW JONES
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.
36
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
LARGE COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INVESTMENT CLASS SHARES
-------------------------------------------------------------------
FOUR MONTH
YEAR YEAR PERIOD YEAR ENDED AUGUST 31,
ENDED ENDED ENDED ----------------------------
12/31/04 12/31/03 12/31/02 1 2002 2001 2000
---------- ---------- ---------- ---- ---- ----
Net asset value, beginning of period...... $ 29.83 $ 23.59 $ 24.22 $ 29.12 $ 46.36 $ 36.37
-------- -------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)***........... 0.04 (0.05) 0.02 0.04 (0.08) (0.12)
Net realized and unrealized gain/(loss)
on investments and futures contracts.... 1.96 6.29 (0.61) (4.86) (16.65) 10.55
-------- -------- -------- -------- -------- --------
Total from investment operations.......... 2.00 6.24 (0.59) (4.82) (16.73) 10.43
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income...... (0.03) -- (0.04) -- -- --
Distributions from capital gains.......... -- -- -- (0.08) (0.51) (0.44)
-------- -------- -------- -------- -------- --------
Total distributions....................... (0.03) -- (0.04) (0.08) (0.51) (0.44)
-------- -------- -------- -------- -------- --------
Net asset value, end of period............ $ 31.80 $ 29.83 $ 23.59 $ 24.22 $ 29.12 $ 46.36
======== ======== ======== ======== ======== ========
Total return 2............................ 6.70% 26.45% (2.42)%** (16.61)% (36.33)% 28.84%
======== ======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)...... $410,332 $365,658 $243,890 $249,328 $354,633 $656,711
Operating expenses excluding custody
earnings credit......................... 1.44% 1.37% 0.95%* 0.90% 0.84% 0.84%
Operating expenses including reimbursement/
waiver/custody earnings credit.......... 1.43% 1.36% 0.95%* 0.89% 0.83% 0.83%
Operating expenses excluding reimbursement/
waiver/custody earnings credit.......... 1.44% 1.47% 1.45%* 0.90% 0.84% 0.84%
Net investment income/(loss) including
reimbursement/waiver/custody
earnings credit ........................ 0.11% (0.20)% 0.28%* 0.14% (0.23)% (0.28)%
Portfolio turnover rate................... 121% 93% 21%** 47% 43% 50%
- ----------
* 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.
37
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
LARGE COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS - (CONTINUED)
- --------------------------------------------------------------------------------
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INSTITUTIONAL CLASS SHARES
-------------------------------------------------------------------
FOUR MONTH
YEAR YEAR PERIOD YEAR ENDED AUGUST 31,
ENDED ENDED ENDED ----------------------------
12/31/04 12/31/03 12/31/02 1 2002 2001 2000
---------- ---------- ---------- ---- ---- ----
Net asset value, beginning of period...... $ 30.13 $ 23.81 $ 24.51 $ 29.39 $ 46.63 $ 36.47
-------- -------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)***........... 0.13 0.03 0.05 0.12 0.03 0.01
Net realized and unrealized gain/(loss)
on investments and futures contracts.... 2.01 6.36 (0.62) (4.92) (16.76) 10.59
-------- -------- -------- -------- -------- --------
Total from investment operations.......... 2.14 6.39 (0.57) (4.80) (16.73) 10.60
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income...... (0.14) (0.07) (0.13) -- -- --
Distributions from capital gains.......... -- -- -- (0.08) (0.51) (0.44)
-------- -------- -------- -------- -------- --------
Total distributions....................... (0.14) (0.07) (0.13) (0.08) (0.51) (0.44)
-------- -------- -------- -------- -------- --------
Net asset value, end of period............ $ 32.13 $ 30.13 $ 23.81 $ 24.51 $ 29.39 $ 46.63
======== ======== ======== ======== ======== ========
Total return 2............................ 7.10% 26.85% (2.32)%** (16.39)% (36.12)% 29.23%
======== ======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)...... $182,467 $160,814 $ 82,459 $ 84,271 $108,794 $149,043
Operating expenses excluding custody
earnings credit......................... 1.10% 1.05% 0.64%* 0.59% 0.52% 0.53%
Operating expenses including reimbursement/
waiver/custody earnings credit.......... 1.09% 1.04% 0.64%* 0.58% 0.51% 0.52%
Operating expenses excluding reimbursement/
waiver/custody earnings credit.......... 1.10% 1.15% 1.14%* 0.59% 0.52% 0.53%
Net investment income/(loss) including
reimbursement/waiver/custody earnings credit 0.45% 0.12% 0.59%* 0.45% 0.09% 0.03%
Portfolio turnover rate................... 121% 93% 21%** 47% 43% 50%
- ----------
* 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.
38
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
LARGE COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS - (CONTINUED)
- --------------------------------------------------------------------------------
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INVESTMENT CLASS SHARES
-------------------------------------------------------------------
FOUR MONTH
YEAR YEAR PERIOD YEAR ENDED AUGUST 31,
ENDED ENDED ENDED ----------------------------
12/31/04 12/31/03 12/31/02 1 2002 2001 2000
---------- ---------- ---------- ---- ---- ----
Net asset value, beginning of period...... $ 20.52 $ 16.03 $ 17.59 $ 21.09 $ 19.91 $ 21.02
-------- -------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income***.................. 0.14 0.13 0.08 0.21 0.27 0.28
Net realized and unrealized gain/(loss)
on investments.......................... 2.59 4.44 (1.40) (2.41) 1.09 (0.02)
-------- -------- -------- -------- -------- --------
Total from investment operations.......... 2.73 4.57 (1.32) (2.20) 1.36 0.26
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income...... (0.39) (0.08) (0.24) (0.27) (0.18) (0.31)
Distributions from capital gains.......... (0.94) -- -- (1.03) -- (1.06)
-------- -------- -------- -------- -------- --------
Total distributions....................... (1.33) (0.08) (0.24) (1.30) (0.18) (1.37)
-------- -------- -------- -------- -------- --------
Net asset value, end of period............ $ 21.92 $ 20.52 $ 16.03 $ 17.59 $ 21.09 $ 19.91
======== ======== ======== ======== ======== ========
Total return 2............................ 13.28% 28.51% (7.49)%** (10.94)% 6.81% 1.71%
======== ======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)...... $ 49,749 $ 35,997 $ 25,327 $ 30,131 $ 31,455 $ 21,490
Operating expenses excluding custody
earnings credit......................... 1.65% 1.56% 1.17%* 1.04% 0.98% 1.01%
Operating expenses including reimbursement/
waiver/custody earnings credit.......... 1.65% 1.55% 1.16%* 1.03% 0.95% 0.98%
Operating expenses excluding reimbursement/
waiver/custody earnings credit.......... 1.65% 1.67% 1.67%* 1.04% 0.98% 1.01%
Net investment income including reimbursement/
waiver/custody earnings credit.......... 0.67% 0.75% 1.39%* 1.06% 1.28% 1.51%
Portfolio turnover rate................... 73% 103% 19%** 72% 77% 110%
- ----------
* 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.
39
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
LARGE COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS - (CONTINUED)
- --------------------------------------------------------------------------------
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INSTITUTIONAL CLASS SHARES
-------------------------------------------------------------------
FOUR MONTH
YEAR YEAR PERIOD YEAR ENDED AUGUST 31,
ENDED ENDED ENDED ----------------------------
12/31/04 12/31/03 12/31/02 1 2002 2001 2000
---------- ---------- ---------- ---- ---- ----
Net asset value, beginning of period...... $ 20.55 $ 16.04 $ 17.64 $ 21.14 $ 19.93 $ 21.04
-------- -------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income***.................. 0.21 0.18 0.09 0.26 0.33 0.33
Net realized and unrealized gain/(loss)
on investments.......................... 2.59 4.44 (1.40) (2.41) 1.08 (0.01)
-------- -------- -------- -------- -------- --------
Total from investment operations.......... 2.80 4.62 (1.31) (2.15) 1.41 0.32
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income...... (0.47) (0.11) (0.29) (0.32) (0.20) (0.37)
Distributions from capital gains.......... (0.94) -- -- (1.03) -- (1.06)
-------- -------- -------- -------- -------- --------
Total distributions....................... (1.41) (0.11) (0.29) (1.35) (0.20) (1.43)
-------- -------- -------- -------- -------- --------
Net asset value, end of period............ $ 21.94 $ 20.55 $ 16.04 $ 17.64 $ 21.14 $ 19.93
======== ======== ======== ======== ======== ========
Total return 2............................ 13.62% 28.83% (7.44)%** (10.71)% 7.08% 2.06%
======== ======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)...... $ 10,059 $ 30,224 $ 33,934 $ 37,133 $ 54,525 $ 58,566
Operating expenses excluding custody
earnings credit......................... 1.34% 1.31% 0.94%* 0.79% 0.71% 0.74%
Operating expenses including reimbursement/
waiver/custody earnings credit.......... 1.34% 1.30% 0.93%* 0.78% 0.68% 0.71%
Operating expenses excluding reimbursement/
waiver/custody earnings credit.......... 1.34% 1.42% 1.44%* 0.79% 0.71% 0.74%
Net investment income including reimbursement/
waiver/custody earnings credit.......... 0.97% 1.00% 1.62%* 1.31% 1.55% 1.78%
Portfolio turnover rate................... 73% 103% 19%** 72% 77% 110%
- ----------
* 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.
40
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
SMALL COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INVESTMENT CLASS SHARES
-------------------------------------------------------------------
FOUR MONTH
YEAR YEAR PERIOD YEAR ENDED AUGUST 31,
ENDED ENDED ENDED ----------------------------
12/31/04 12/31/03 12/31/02 1 2002 2001 2000
---------- ---------- ---------- ---- ---- ----
Net asset value, beginning of period...... $ 15.73 $ 11.48 $ 11.89 $ 12.91 $ 17.80 $ 13.34
-------- -------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss***.................... (0.24) (0.26) (0.06) (0.19) (0.21) (0.21)
Net realized and unrealized gain/(loss)
on investments.......................... 2.95 4.51 (0.35) (0.83) (2.23) 4.67
-------- -------- -------- -------- -------- --------
Total from investment operations.......... 2.71 4.25 (0.41) (1.02) (2.44) 4.46
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from capital gains.......... (0.70) -- -- -- (2.45) --
-------- -------- -------- -------- -------- --------
Total distributions....................... (0.70) -- -- -- (2.45) --
-------- -------- -------- -------- -------- --------
Net asset value, end of period............ $ 17.74 $ 15.73 $ 11.48 $ 11.89 $ 12.91 $ 17.80
======== ======== ======== ======== ======== ========
Total return 2............................ 17.22% 37.02% (3.45)%** (7.90)% (13.87)% 33.43%
======== ======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)...... $ 13,916 $ 11,224 $ 7,048 $ 7,253 $ 6,894 $ 8,871
Operating expenses excluding custody
earnings credit......................... 1.87% 2.51% 2.54%* 1.85% 1.75% 1.56%
Operating expenses including reimbursement/
waiver/custody earnings credit.......... 1.87% 2.51% 2.53%* 1.83% 1.72% 1.52%
Operating expenses excluding reimbursement/
waiver/custody earnings credit.......... 2.82% 3.11% 3.14%* 1.90% 1.90% 1.71%
Net investment loss including reimbursement/
waiver/custody earnings credit.......... (1.46)% (1.98)% (1.67)%* (1.50)% (1.50)% (1.36)%
Portfolio turnover rate................... 106% 162% 35%** 84% 91% 127%
- ----------
* 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.
41
- -------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
SMALL COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS - (CONTINUED)
- -------------------------------------------------------------------------------
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INSTITUTIONAL CLASS SHARES
-------------------------------------------------------------------
FOUR MONTH
YEAR YEAR PERIOD YEAR ENDED AUGUST 31,
ENDED ENDED ENDED ----------------------------
12/31/04 12/31/03 12/31/02 1 2002 2001 2000
---------- ---------- ---------- ---- ---- ----
Net asset value, beginning of period...... $ 15.94 $ 11.61 $ 12.04 $ 13.04 $ 17.91 $ 13.38
-------- -------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss***.................... (0.19) (0.23) (0.06) (0.16) (0.17) (0.17)
Net realized and unrealized gain/(loss)
on investments.......................... 2.99 4.56 (0.37) (0.84) (2.25) 4.70
-------- -------- -------- -------- -------- --------
Total from investment operations.......... 2.80 4.33 (0.43) (1.00) (2.42) 4.53
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from capital gains.......... (0.70) -- -- -- (2.45) --
-------- -------- -------- -------- -------- --------
Total distributions....................... (0.70) -- -- -- (2.45) --
-------- -------- -------- -------- -------- --------
Net asset value, end of period............ $ 18.04 $ 15.94 $ 11.61 $ 12.04 $ 13.04 $ 17.91
======== ======== ======== ======== ======== ========
Total return 2............................ 17.56% 37.30% (3.57)%** (7.67)% (13.66)% 33.86%
======== ======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)...... $ 214 $ 159 $ 290 $ 3,404 $ 5,818 $ 6,802
Operating expenses excluding custody
earnings credit......................... 1.55% 2.28% 2.27%* 1.57% 1.47% 1.28%
Operating expenses including reimbursement/
waiver/custody earnings credit.......... 1.55% 2.28% 2.26%* 1.55% 1.44% 1.24%
Operating expenses excluding reimbursement/
waiver/custody earnings credit.......... 2.50% 2.88% 2.87%* 1.62% 1.62% 1.43%
Net investment loss including reimbursement/
waiver/custody earnings credit.......... (1.14)% (1.75)% (1.40)%* (1.22)% (1.22)% (1.08)%
Portfolio turnover rate................... 106% 162% 35%** 84% 91% 127%
- ----------
* 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.
42
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
SMALL COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INVESTMENT CLASS SHARES
-------------------------------------------------------------------
FOUR MONTH
YEAR YEAR PERIOD YEAR ENDED AUGUST 31,
ENDED ENDED ENDED ----------------------------
12/31/04 12/31/03 12/31/02 1 2002 2001 2000
---------- ---------- ---------- ---- ---- ----
Net asset value, beginning of period...... $ 19.52 $ 14.34 $ 14.84 $ 15.53 $ 12.31 $ 13.60
-------- -------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)***........... (0.06) 0.04 0.04 0.16 0.17 0.18
Net realized and unrealized gain/(loss)
on investments.......................... 4.51 5.18 (0.29) (0.71) 3.17 (0.98)
-------- -------- -------- -------- -------- --------
Total from investment operations.......... 4.45 5.22 (0.25) (0.55) 3.34 (0.80)
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income...... (0.03) (0.04) (0.25) (0.14) (0.12) (0.24)
Distributions from capital gains.......... (2.47) -- -- -- -- (0.25)
-------- -------- -------- -------- -------- --------
Total distributions....................... (2.50) (0.04) (0.25) (0.14) (0.12) (0.49)
-------- -------- -------- -------- -------- --------
Net asset value, end of period............ $ 21.47 $ 19.52 $ 14.34 $ 14.84 $ 15.53 $ 12.31
======== ======== ======== ======== ======== ========
Total return 2............................ 22.78% 36.41% (1.66)%** (3.59)% 27.28% (5.83)%
======== ======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)...... $ 36,826 $ 13,441 $ 16,245 $ 20,325 $ 24,342 $ 7,332
Operating expenses excluding custody
earnings credit......................... 1.48% 1.52% 1.54%* 1.16% 1.24% 1.17%
Operating expenses including reimbursement/
waiver/custody earnings credit.......... 1.46% 1.52% 1.53%* 1.14% 1.18% 1.15%
Operating expenses excluding reimbursement/
waiver/custody earnings credit.......... 2.09% 2.12% 2.14%* 1.21% 1.39% 1.32%
Net investment income/(loss) including
reimbursement/waiver/custody
earnings credit ........................ (0.28)% 0.22% 0.82%* 1.02% 1.24% 1.51%
Portfolio turnover rate................... 134% 124% 43%** 117% 95% 94%
- ----------
* 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.
43
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
SMALL COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS - (CONTINUED)
- --------------------------------------------------------------------------------
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INSTITUTIONAL CLASS SHARES
-------------------------------------------------------------------
FOUR MONTH
YEAR YEAR PERIOD YEAR ENDED AUGUST 31,
ENDED ENDED ENDED ----------------------------
12/31/04 12/31/03 12/31/02 1 2002 2001 2000
---------- ---------- ---------- ---- ---- ----
Net asset value, beginning of period...... $ 19.55 $ 14.35 $ 14.86 $ 15.53 $ 12.31 $ 13.61
-------- -------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income***.................. 0.01 0.08 0.05 0.20 0.21 0.21
Net realized and unrealized gain/(loss)
on investments.......................... 4.51 5.21 (0.28) (0.71) 3.16 (0.99)
-------- -------- -------- -------- -------- --------
Total from investment operations.......... 4.52 5.29 (0.23) (0.51) 3.37 (0.78)
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income...... (0.10) (0.09) (0.28) (0.16) (0.15) (0.27)
Distributions from capital gains.......... (2.47) -- -- -- -- (0.25)
-------- -------- -------- -------- -------- --------
Total distributions....................... (2.57) (0.09) (0.28) (0.16) (0.15) (0.52)
-------- -------- -------- -------- -------- --------
Net asset value, end of period............ $ 21.50 $ 19.55 $ 14.35 $ 14.86 $ 15.53 $ 12.31
======== ======== ======== ======== ======== ========
Total return 2............................ 23.11% 36.86% (1.57)%** (3.34)% 27.51% (5.61)%
======== ======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)...... $ 3,961 $ 10,142 $ 9,285 $ 9,570 $ 14,791 $ 11,739
Operating expenses excluding custody
earnings credit......................... 1.17% 1.23% 1.28%* 0.92% 1.00% 0.95%
Operating expenses including reimbursement/
waiver/custody earnings credit.......... 1.15% 1.23% 1.27%* 0.90% 0.94% 0.93%
Operating expenses excluding reimbursement/
waiver/custody earnings credit.......... 1.78% 1.83% 1.88%* 0.97% 1.15% 1.10%
Net investment income/(loss) including
reimbursement/waiver/custody earnings credit 0.03% 0.51% 1.08%* 1.26% 1.48% 1.73%
Portfolio turnover rate................... 134% 124% 43%** 117% 95% 94%
- ----------
* 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.
44
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INVESTMENT CLASS SHARES
-------------------------------------------------------------------
FOUR MONTH
YEAR YEAR PERIOD YEAR ENDED AUGUST 31,
ENDED ENDED ENDED ----------------------------
12/31/04 12/31/03 12/31/02 1 2002 2001 2000
---------- ---------- ---------- ---- ---- ----
Net asset value, beginning of period...... $ 9.17 $ 7.10 $ 7.39 $ 8.93 $ 12.23 $ 10.32
-------- -------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income***.................. 0.09 0.05 0.01 0.05 0.06 0.06
Net realized and unrealized gain/(loss)
on investments......................... 0.93 2.05 (0.25) (1.55) (3.19) 1.91
-------- -------- -------- -------- -------- --------
Total from investment operations.......... 1.02 2.10 (0.24) (1.50) (3.13) 1.97
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income...... (0.10) (0.03) (0.05) (0.04) (0.03) (0.04)
Distributions from capital gains.......... -- -- -- -- (0.14) (0.02)
-------- -------- -------- -------- -------- --------
Total distributions....................... (0.10) (0.03) (0.05) (0.04) (0.17) (0.06)
-------- -------- -------- -------- -------- --------
Net asset value, end of period............ $ 10.09 $ 9.17 $ 7.10 $ 7.39 $ 8.93 $ 12.23
======== ======== ======== ======== ======== ========
Total return 2............................ 11.17% 29.62% (3.23)%** (16.95)% (25.82)% 19.14%
======== ======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)...... $122,263 $107,818 $ 63,224 $ 59,466 $ 83,421 $ 85,704
Operating expenses excluding custody
earnings credit........................ 0.92% 1.06% 1.23%* 0.87% 0.67% 0.62%
Operating expenses including reimbursement/
waiver/custody earnings credit......... 0.92% 1.05% 1.22%* 0.86% 0.64% 0.60%
Operating expenses excluding reimbursement/
waiver/custody earnings credit......... 0.92% 1.06% 1.23%* 1.01% 0.98% 0.97%
Net investment income including reimbursement/
waiver/custody earnings credit......... 0.93% 0.66% 0.59%* 0.53% 0.54% 0.54%
Portfolio turnover rate................... 31% 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.
See Notes to Financial Statements.
45
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS - (CONTINUED)
- --------------------------------------------------------------------------------
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INSTITUTIONAL CLASS SHARES
-------------------------------------------------------------------
FOUR MONTH
YEAR YEAR PERIOD YEAR ENDED AUGUST 31,
ENDED ENDED ENDED ----------------------------
12/31/04 12/31/03 12/31/02 1 2002 2001 2000
-------- -------- -------- -------- -------- --------
Net asset value, beginning of period...... $ 9.18 $ 7.10 $ 7.41 $ 8.95 $ 12.25 $ 10.33
-------- -------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income***.................. 0.12 0.08 0.02 0.07 0.09 0.10
Net realized and unrealized gain/(loss)
on investments......................... 0.94 2.05 (0.26) (1.54) (3.19) 1.91
-------- -------- -------- -------- -------- --------
Total from investment operations.......... 1.06 2.13 (0.24) (1.47) (3.10) 2.01
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income...... (0.13) (0.05) (0.07) (0.07) (0.06) (0.07)
Distributions from capital gains.......... -- -- -- -- (0.14) (0.02)
-------- -------- -------- -------- -------- --------
Total distributions....................... (0.13) (0.05) (0.07) (0.07) (0.20) (0.09)
-------- -------- -------- -------- -------- --------
Net asset value, end of period............ $ 10.11 $ 9.18 $ 7.10 $ 7.41 $ 8.95 $ 12.25
======== ======== ======== ======== ======== ========
Total return 2............................ 11.56% 30.05% (3.18)%** (16.58)% (25.56)% 19.45%
======== ======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)...... $ 41,368 $ 23,621 $ 15,245 $ 19,999 $ 22,799 $ 17,651
Operating expenses excluding custody
earnings credit........................ 0.62% 0.76% 0.95%* 0.58% 0.37% 0.37%
Operating expenses including
reimbursement/waiver/custody
earnings credit........................ 0.62% 0.75% 0.94%* 0.57% 0.34% 0.35%
Operating expenses excluding
reimbursement/waiver/custody
earnings credit........................ 0.62% 0.76% 0.95%* 0.72% 0.68% 0.72%
Net investment income including
reimbursement/waiver/custody
earnings credit........................ 1.22% 0.96% 0.87%* 0.82% 0.84% 0.79%
Portfolio turnover rate................... 31% 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.
See Notes to Financial Statements.
46
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS - (CONTINUED)
- --------------------------------------------------------------------------------
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
QUALIFIED CLASS SHARES
-------------------------------------------------------------------
FOUR MONTH YEAR ENDED
YEAR YEAR PERIOD AUGUST 31, PERIOD
ENDED ENDED ENDED ----------------- ENDED
12/31/04 12/31/03 12/31/02 1 2002 2001 8/31/00 3
-------- -------- ---------- ------ ------- ---------
Net asset value, beginning of period...... $ 9.15 $ 7.09 $ 7.36 $ 8.90 $ 12.23 $ 10.94
------- ------- ------- ------- ------- -------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income***.................. 0.08 0.04 0.01 0.04 0.05 0.09
Net realized and unrealized gain/(loss)
on investments.......................... 0.94 2.05 (0.25) (1.54) (3.19) 1.20
------- ------- ------- ------- ------- -------
Total from investment operations.......... 1.02 2.09 (0.24) (1.50) (3.14) 1.29
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income...... (0.07) (0.03) (0.03) (0.04) (0.05) --
Distributions from capital gains.......... -- -- -- -- (0.14) --
------- ------- ------- ------- ------- -------
Total distributions....................... (0.07) (0.03) (0.03) (0.04) (0.19) --
------- ------- ------- ------- ------- -------
Net asset value, end of period............ $ 10.10 $ 9.15 $ 7.09 $ 7.36 $ 8.90 $ 12.23
======= ======= ======= ======= ======= =======
Total return 2............................ 11.13% 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)...... $ 1,399 $ 3,565 $ 1,730 $ 2,073 $ 1,770 $ 1,158
Operating expenses excluding custody
earnings credit......................... 0.99% 1.15% 1.35%* 0.98% 0.77% 0.62%*
Operating expenses including reimbursement/
waiver/custody earnings credit.......... 0.99% 1.14% 1.34%* 0.97% 0.74% 0.60%*
Operating expenses excluding reimbursement/
waiver/custody earnings credit.......... 0.99% 1.15% 1.35%* 1.12% 1.08% 0.97%*
Net investment income including reimbursement/
waiver/custody earnings credit.......... 0.85% 0.58% 0.47%* 0.42% 0.44% 0.54%*
Portfolio turnover rate................... 31% 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 Dow Jones Wilshire 5000 Index Portfolio Qualified Class Shares commenced
operations May 10, 2000.
See Notes to Financial Statements.
47
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
DOW JONES WILSHIRE 5000 INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS - (CONTINUED)
- --------------------------------------------------------------------------------
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
HORACE MANN CLASS SHARES
-------------------------------------------------------------------
FOUR MONTH YEAR ENDED
YEAR YEAR PERIOD AUGUST 31, PERIOD
ENDED ENDED ENDED ----------------- ENDED
12/31/04 12/31/03 12/31/02 1 2002 2001 8/31/00 3
-------- -------- ---------- ------ ------- ---------
Net asset value, beginning of period...... $ 9.15 $ 7.09 $ 7.38 $ 8.91 $ 12.22 $ 10.00
------- ------- ------- ------- ------- -------
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income***.................. 0.08 0.05 0.01 0.04 0.05 0.07
Net realized and unrealized gain/(loss)
on investments.......................... 0.95 2.04 (0.25) (1.53) (3.17) 2.21
------- ------- ------- ------- ------- -------
Total from investment operations.......... 1.03 2.09 (0.24) (1.49) (3.12) 2.28
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income...... (0.10) (0.03) (0.05) (0.04) (0.05) (0.06)
Distributions from capital gains.......... -- -- -- -- (0.14) --
------- ------- ------- ------- ------- -------
Total distributions....................... (0.10) (0.03) (0.05) (0.04) (0.19) (0.06)
------- ------- ------- ------- ------- -------
Net asset value, end of period............ $ 10.08 $ 9.15 $ 7.09 $ 7.38 $ 8.91 $ 12.22
======= ======= ======= ======= ======= =======
Total return 2............................ 11.23% 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)...... $ 1,964 $ 1,915 $ 1,401 $ 1,401 $ 1,623 $ 1,432
Operating expenses excluding custody
earnings credit......................... 0.97% 1.11% 1.30%* 0.93% 0.72% 0.72%*
Operating expenses including reimbursement/
waiver/custody earnings credit.......... 0.97% 1.10% 1.29%* 0.92% 0.69% 0.70%*
Operating expenses excluding reimbursement/
waiver/custody earnings credit.......... 0.97% 1.11% 1.30%* 1.07% 1.03% 1.07%*
Net investment income including reimbursement/
waiver/custody earnings credit.......... 0.87% 0.61% 0.52%* 0.47% 0.49% 0.44%*
Portfolio turnover rate................... 31% 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 Dow Jones Wilshire 5000 Index Portfolio Horace Mann Class Shares
commenced operations December 10, 1999.
See Notes to Financial Statements.
48
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
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 Dow Jones Wilshire 5000 Index
Portfolio (formerly, the "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.
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
Dow Jones 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 CONTRACTS: A futures contract is an agreement to purchase (long) or sell
(short) an agreed amount of securities at a set price for delivery on a future
date. Upon entering into a futures contract, the Portfolio is required to pledge
to the broker an amount of cash and/or other assets equal to a certain
percentage of the contract amount. This amount is known as the "initial margin."
Subsequent payments known as "variation margin," are made or received by the
Portfolio each day, depending on the daily fluctuations in the value of the
underlying security. Such variation margin is recorded for financial statement
purposes on a daily basis as unrealized gain or loss. When the contract expires
or is closed, the gain or loss is realized and is presented in the Statement of
Operations as net realized gain or loss on futures contracts. The use of futures
transactions involves the risk of imperfect correlation in movement in the price
of futures contracts, interest rates, and underlying hedged assets.
49
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
- --------------------------------------------------------------------------------
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. The character of distributions received from
Real Estate Investment Trusts (REITs) is estimated during the Portfolios' fiscal
year. Actual amounts of income, realized gain and return of capital are not
known until after the end of the fiscal year and may differ from those estimated
amounts.
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 to shareholders are
recorded on the ex-dividend date. 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.
OTHER: In the normal course of business, the Funds enter into contracts that
provide general indemnifications. The Funds' maximum exposure under these
arrangements is dependent on claims that may be made against the Funds in the
future and, therefore, cannot be estimated; however, based on experience, the
risk of material loss from such claims is considered remote.
2. INVESTMENT ADVISORY FEE, ADMINISTRATION FEE AND OTHER TRANSACTIONS.
The advisory agreement (the "Agreement") between the Company and Wilshire
Associates Incorporated ("Wilshire") 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 Dow Jones
Wilshire 5000 Index Portfolio. For the year ended December 31, 2004, Wilshire
voluntarily waived 0.60% from its fee for the Small Company Growth Portfolio and
0.60% from its fee for the Small Company Value Portfolio. Effective July 22,
2004, Wilshire also reimbursed the Small Company Value and Growth Portfolios for
any expense accruals in excess of 1.50%. Wilshire will not seek recoupment from
the Company for expenses previously waived or reimbursed.
For the year ended December 31, 2004, Wilshire voluntarily waived fees and
reimbursed expenses as follows:
PORTFOLIO WAIVED FEES REIMBURSED EXPENSES
- --------- ----------- -------------------
Small Company Growth Portfolio ........ $ 73,008 $42,629
Small Company Value Portfolio.......... 183,893 3,210
50
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
- --------------------------------------------------------------------------------
The Board of Directors of the Company has approved Los Angeles Capital
Management & Equity Research, Inc., ("L.A. Capital"), Transamerica Investment
Management, LLC ("Transamerica"), Goldman Sachs Asset Management ("Goldman
Sachs"), Pzena Investment Management, LLC ("Pzena"), Alliance Capital
Management, LP ("Alliance Capital"), Kalmar Investment Advisers ("Kalmar") and
NWQ Investment Management Company ("NWQ") (collectively the "Sub-Advisers") to
provide sub-advisory services with respect to the Portfolios. L.A. Capital,
Transamerica, and Goldman Sachs each manage a portion of the Large Company
Growth Portfolio. L.A. Capital, Pzena and Alliance Capital each manage a portion
of the Large Company Value Portfolio. L.A. Capital and Kalmar each manage a
portion of the Small Company Growth Portfolio. L.A. Capital and NWQ each manage
a portion of the Small Company Value Portfolio. L.A. Capital is the sole
sub-adviser for the Dow Jones Wilshire 5000 Index Portfolio.
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. Each Portfolio
maintains a cash balance with its 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 Dow Jones Wilshire 5000
Index Portfolio have adopted service and distribution plans (the "Plans")
pursuant to Rule 12b-1 under the 1940 Act, with respect to the Investment Class
Shares of each Portfolio and the Qualified Class Shares of the Dow Jones
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 Class shares or Qualified
Class shares. For the year ended December 31, 2004, the distribution and service
fee expenses incurred for each such class of the Large Company Growth Portfolio,
Large Company Value Portfolio, Small Company Growth Portfolio, Small Company
Value Portfolio and Dow Jones Wilshire 5000 Index Portfolio were 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 0.20% and 0.15% for the Investment
andInstitutional Class Shares, respectively, of the Portfolio's average net
assets attributable to the shares whose holders are serviced by such provider.
51
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
- --------------------------------------------------------------------------------
For the year ended December 31, 2004, 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.......... 0.12% 0.03%
Large Company Value Portfolio........... 0.06% 0.00%
Small Company Growth Portfolio.......... 0.07% 0.00%
Small Company Value Portfolio........... 0.06% 0.00%
Dow Jones Wilshire 5000 Index Portfolio. 0.05% 0.00%
The Qualified Class Shares of the Dow Jones 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. For the year ended December 31,
2004, the shareholder service provider fees for the Qualified Class Shares was
0.12% of average net assets.
The Directors of the Company, and the Horace Mann Class shareholders of the Dow
Jones 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
Dow Jones Wilshire 5000 Index Portfolio. Under such Plan, the Company pays the
Distributor a fee equal to 0.35% of the value of the average daily net assets of
the Dow Jones Wilshire 5000 Index Portfolio attributable to the Horace Mann
Class Shares.
4. SECURITIES TRANSACTIONS.
For the year ended December 31, 2004, 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 .............. $711,105,059 $668,436,254
Large Company Value Portfolio ............... 43,194,585 58,104,337
Small Company Growth Portfolio............... 20,294,376 21,417,526
Small Company Value Portfolio ............... 84,623,590 74,248,169
Dow Jones Wilshire 5000 Index Portfolio...... 58,816,233 45,181,690
The tax cost and aggregate gross unrealized appreciation and depreciation, as
computed on a Federal income tax basis, at December 31, 2004 for each Portfolio
is as follows:
TAX UNREALIZED UNREALIZED NET UNREALIZED
PORTFOLIO COST APPRECIATION DEPRECIATION APPRECIATION
- --------- ------------ ------------ ------------- ------------
Large Company Growth Portfolio ........... $507,072,018 $98,252,279 $(12,563,001) $85,689,278
Large Company Value Portfolio............. 46,394,034 10,209,972 (514,707) 9,695,265
Small Company Growth Portfolio............ 10,278,075 2,123,712 (253,440) 1,870,272
Small Company Value Portfolio............. 33,688,588 7,303,410 (486,286) 6,817,124
Dow Jones Wilshire 5000 Index Portfolio... 141,930,335 40,521,597 (15,593,612) 24,927,985
52
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
- --------------------------------------------------------------------------------
5. BROKERAGE COMMISSIONS
The Company is party to a commission recapture agreement whereby a percentage of
commissions paid to the broker for portfolio transactions are reimbursed in cash
to the Portfolios. Such amounts are recorded as realized gains. During the year
ended December 31, 2004, the Portfolios received cash payments under the
agreement as follows:
PORTFOLIO $ COMMISSIONS REIMBURSED
- --------- ------------------------
Large Company Value Portfolio.......................... $53,278
Small Company Growth Portfolio......................... 15,381
Small Company Value Portfolio.......................... 55,777
Dow Jones Wilshire 5000 Index Portfolio................ 1,215
6. SIGNIFICANT SHAREHOLDER ACTIVITY.
On December 31, 2004, 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 (1 omnibus shareholder)............ 58%
Large Company Value Portfolio (2 omnibus shareholders)............ 51%
Small Company Growth Portfolio (2 omnibus shareholders)........... 69%
Small Company Value Portfolio (1 omnibus shareholders)............ 32%
Dow Jones Wilshire 5000 Index Portfolio (3 omnibus shareholders).. 67%
7. TAX INFORMATION.
No provision for Federal income taxes is required since each Portfolio intends
to continue to qualify as a regulated investment company under Subchapter M of
the Internal Revenue Code of 1986, as amended, and distribute to shareholders
all of its taxable income and gains. Federal income tax regulations differ from
accounting principles generally accepted in the United States of America;
therefore, distributions determined in accordance with tax regulations may
differ in amount or character from net investment income and realized gains for
financial reporting purposes. Financial reporting records are adjusted for
permanent book/tax differences to reflect tax character. Financial records are
not adjusted for temporary differences.
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, 2004, the following Portfolio
elected to defer capital losses occurring between November 1, 2004 and December
31, 2004 as follows:
PORTFOLIO CAPITAL LOSSES
- --------- --------------
Dow Jones Wilshire 5000 Index Portfolio................ $2,337,494
The Portfolios intend to retain realized gains to the extent of available
capital loss carryforwards. At December 31, 2004, the following Portfolios had
available for Federal income tax purposes unused capital losses as follows:
EXPIRING DECEMBER 31,
---------------------
PORTFOLIO 2008 2009 2010 2011 2012
- --------- -------- -------- -------- -------- -------
Large Company Growth Portfolio................ -- $22,356,080 $38,469,520 -- --
Dow Jones Wilshire 5000 Index Portfolio....... $343,818 1,775,025 8,232,611 $3,810,802 $5,509,772
53
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
- --------------------------------------------------------------------------------
The following capital loss carryforwards were utilized in the current year:
PORTFOLIO
- ---------
Large Company Growth Portfolio ................................... $44,149,311
Large Company Value Portfolio .................................... 3,442,797
Small Company Growth Portfolio ................................... 217,743
Small Company Value Portfolio .................................... 133,610
The tax character of distributions paid were:
2004 2004 2004 2003
PORTFOLIO ORDINARY INCOME RETURN OF CAPITAL CAPITAL GAINS ORDINARY INCOME*
- --------- --------------- ----------------- ------------- ----------------
Large Company Growth Portfolio................ $1,157,304 $18,380 -- $393,682
Large Company Value Portfolio................. 1,029,832 -- $2,435,511 306,323
Small Company Growth Portfolio................ 144,466 -- 393,656 --
Small Company Value Portfolio................. 2,027,608 -- 2,262,153 75,477
Dow Jones Wilshire 5000 Index Portfolio....... 1,812,110 -- -- 544,443
* inclusive of short term capital gains.
At December 31, 2004, the components of distributable accumulated
earnings/(losses) on a tax basis were as follows:
DOW JONES
LARGE LARGE SMALL SMALL WILSHIRE
COMPANY COMPANY COMPANY COMPANY 5000
GROWTH VALUE GROWTH VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ----------- ---------- ---------- ------------
Undistributed ordinary income/(loss)........ -- $ 668,118 $ 446,619 $ 460,727 $ 3,492
Accumulated capital gain/(loss)............. $(60,825,600) 3,462,217 478,945 271,749 (19,672,028)
Unrealized appreciation..................... 85,689,272 9,695,265 1,870,271 6,817,122 24,927,985
Post-October loss deferral.................. -- -- -- -- (2,337,494)
------------ ----------- ---------- ---------- ------------
Total accumulated income.................... $ 24,863,672 $13,825,600 $2,795,835 $7,549,598 $ 2,921,955
============ =========== ========== ========== ============
The differences between book and tax-basis unrealized appreciation/depreciation)
are attributable primarily to the tax deferral of losses on wash sales on all
Portfolios.
8. RECLASSIFICATIONS.
Accounting principles generally accepted in the United States of America require
that certain components of net assets be reclassified between financial and tax
reporting. These reclassifications have no effect on net assets or net asset
values per share. As of December 31, 2004, the reclassifications were as
follows:
INCREASE DECREASE
INCREASE/(DECREASE) UNDISTRIBUTED NET REALIZED
PORTFOLIO PAID-IN CAPITAL INVESTMENT INCOME CAPITAL GAINS
- --------- --------------- ----------------- -------------
Large Company Growth Portfolio....................... $(18,380) $ 18,380 --
Large Company Value Portfolio........................ 95 28,511 $ (28,606)
Small Company Growth Portfolio....................... -- 177,272 (177,272)
Small Company Value Portfolio........................ 2,452 63,571 (66,023)
Dow Jones Wilshire 5000 Index Portfolio.............. 49,983 21,552 (71,535)
9. SUBSEQUENT EVENTS (UNAUDITED).
On February 24, 2005, the Board of Directors approved a name change from
Wilshire 5000 Index Portfolio to Dow Jones Wilshire 5000 Index Portfolio.
54
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
- --------------------------------------------------------------------------------
INFORMATION ON PROXY VOTING
The Securities and Exchange Commission ("SEC") has adopted a requirement that
all funds file their complete proxy voting records with the SEC on an annual
basis on Form N-PX. Such filing, for the 12-month period ended December 31, must
be made no later than August 31 of each year.
A description of the policies and procedures that the Portfolios use to
determine how to vote proxies relating to portfolio securities, along with each
Portfolio's proxy voting record relating to portfolio securities held during the
12-month period ended December 31, 2004, is available at no charge, upon request
by calling 1-888-200-6796, by e-mailing us at www.wilshirefunds.com, or on the
SEC's website at http://www.sec.gov.
INFORMATION ON FORM N-Q
Beginning on fiscal quarter ended September 30, 2004, the Trust files its
complete schedule of portfolio holdings with the SEC for the first and third
quarters of each fiscal year on Form N-Q within sixty days after the end of the
period. The Trust's Forms N-Q will be available on the SEC's website at
http://www.sec.gov, and may be reviewed and copied at the SEC's Public Reference
Room in Washington, DC. Information on the operation of the Public Reference
Room may be obtained by calling 1-800-SEC-0330.
55
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WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
To the Shareholders and Board of Directors
of Wilshire Mutual Funds, Inc.:
In our opinion, the accompanying statements of assets and liabilities,
including the condensed 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 Large Company Growth
Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small
Company Value Portfolio and Dow Jones Wilshire 5000 Index Portfolio (formerly
known as Wilshire 5000 Index Portfolio) (constituting Wilshire Mutual Funds,
Inc., hereafter referred to as the "Company") at December 31, 2004, the results
of each of their operations for the year then ended, the changes in each of
their net assets for each of the two years in the period then ended and the
financial highlights for each of the periods indicated, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Company'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 the standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 2004 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion.
PricewaterhouseCoopers LLP
Philadelphia, PA
February 28, 2005
56
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
TAX INFORMATION
(UNAUDITED)
- --------------------------------------------------------------------------------
Of the distributions made by the following Portfolios, the corresponding
percentage represents the amount of each distribution which will qualify for the
dividends received deduction available to corporate shareholders:
PORTFOLIO PERCENTAGE
--------- ----------
Large Company Growth Portfolio................. 100.00%
Large Company Value Portfolio.................. 100.00%
Small Company Growth Portfolio................. 6.29%
Small Company Value Portfolio.................. 16.26%
Dow Jones Wilshire 5000 Index Portfolio........ 100.00%
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 2004 as qualified dividend income as defined in Section
1(h)(II) of the Internal Revenue Code.
PORTFOLIO PERCENTAGE
- --------- ----------
Large Company Growth Portfolio................. 100.00%
Large Company Value Portfolio.................. 100.00%
Small Company Growth Portfolio................. 7.10%
Small Company Value Portfolio.................. 8.43%
Dow Jones Wilshire 5000 Index Portfolio........ 100.00%
The Portfolios designate long-term capital gain distributions pursuant to
Section 852(b)(3) of the Internal Revenue Code as follows:
PORTFOLIO
- ---------
Large Company Value Portfolio.................. $2,435,511
Small Company Growth Portfolio................. 393,656
Small Company Value Portfolio.................. 2,262,153
57
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
ADDITIONAL FUND INFORMATION
- --------------------------------------------------------------------------------
Set forth below are the names of the Directors and executive officers
of the Company, their ages, business addresses, positions and terms of office,
their principal occupations during the past five years, and other directorships
held by them.
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 3 Held by Director
- --------------------------------------------------------------------------------------------------------------------------------
DIRECTORS WHO ARE NOT "INTERESTED PERSONS" OF THE COMPANY
- --------------------------------------------------------------------------------------------------------------------------------
DeWitt F. Bowman Since 1996 Principal, Five Director, 10/03-present,
(73) 2/94-present, Pension Sycuan Funds; Director,
Director Investment Consulting 5/00-present, Forward
(pension consulting Funds; Trustee,
firm). 5/98-present, PCG Private
Equity Fund; Trustee,
5/95-present, Brandes
Institutional
International Fund
(registered investment
companies). Director,
2/03-present, RREEF
America REIT III;
Director, 5/94-present,
RREEF America REIT (real
estate investment trusts);
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 Chief Investment Twelve Trustee, 10/04-present, Wilshire
(49) Officer, Variable Insurance Trust;
Director 5/03-present, North Trustee, 1992-present, America
Point Advisors Investment Trust (registered
(Investment investment company).
Management Consulting
Firm); 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.
58
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
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 3 Held by Director
- --------------------------------------------------------------------------------------------------------------------------------
DIRECTORS WHO ARE NOT "INTERESTED PERSONS" OF THE COMPANY
- --------------------------------------------------------------------------------------------------------------------------------
Anne L. Wexler Since 1996 Chairman, Five Director, 8/94-present,
(74) 1/81-present, Wexler Dreyfus Florida
Director Walker Public Policy Intermediate Municipal
(government relations Bond Fund, Dreyfus Florida
firm). 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, 01/01-present,
Methanex Corp. (methanol
producer).
- -------------------------------------------------------------------------------------------------------------------------
DIRECTORS WHO ARE "INTERESTED PERSONS" OF THE COMPANY 4
- -------------------------------------------------------------------------------------------------------------------------
Lawrence E. Davanzo Since 2005 Senior Managing Five None
(52) Director,
Director 10/04-present,
Wilshire Associates
Incorporated;
Managing Director,
8/04-10/04,
Guggenheim Partners;
Independent Investor,
8/01-8/04; President,
2/00-8/01,
InvestorForce
Securities; Managing
Director and Founder,
2/91-2/00, Asset
Strategy Consulting.
59
- --------------------------------------------------------------------------------
WILSHIRE MUTUAL FUNDS, INC. [GRAPHIC OF TREE OMITTED]
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 3 Held by Director
- --------------------------------------------------------------------------------------------------------------------------------
OFFICERS WHO ARE NOT DIRECTORS
- --------------------------------------------------------------------------------------------------------------------------------
Helen E. Webb Since 2004 Chief Compliance N/A N/A
(37) Officer,
Chief Compliance 10/04-present and
Officer and Secretary,
Secretary 2/04-present,
Wilshire Mutual
Funds, Inc.; Vice
President,
2/03-present,
Wilshire Associates
Incorporated;
Associate Director,
4/01-2/03, First
Quadrant LP;
Associate
Director/Compliance
Officer, 9/96-4/01,
First Quadrant
Limited, London.
Alex I. Chaloff Since 2004 Treasurer, N/A N/A
(33) 9/04-present,
Treasurer Wilshire Mutual
Funds, Inc.; Managing
Director,
12/04-present,
Wilshire Associates
Incorporated; Vice
President,
12/02-12/04, Wilshire
Associates
Incorporated; Senior
Associate,
7/01-12/02, Wilshire
Associates
Incorporated;
Director of Product
Development,
1/00-7/01, Investec
Asset Management.
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 AND OFFICERS HOLD OFFICE UNTIL THEY RESIGN OR THEIR SUCCESSORS HAVE
BEEN ELECTED AND QUALIFIED.
3 MS. HARGADON SERVES AS A DIRECTOR OF THE COMPANY AND OF WILSHIRE VARIABLE
INSURANCE TRUST, A REGISTERED INVESTMENT COMPANY FOR WHICH WILSHIRE PROVIDES
INVESTMENT ADVISORY SERVICES. WILSHIRE VARIABLE INSURANCE TRUST IS COMPRISED
OF SEVEN SEPARATE INVESTMENT PORTFOLIOS.
4 MR. DAVANZO IS AN "INTERESTED" DIRECTOR OF THE COMPANY, AS DEFINED BY THE
1940 ACT, BY REASON OF HIS POSITION WITH WILSHIRE.
60
[LOGO OMITTED]
WILSHIRE
MUTUAL FUNDS, INC.
c/o PFPC Inc.
P.O. Box 9807
Providence,RI 02940
1-888-200-6796
www.wilshirefunds.com
WILAR04
ITEM 2. CODE OF ETHICS.
(a) The registrant, as of the end of the period covered by this report, has
adopted a code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless
of whether these individuals are employed by the registrant or a third
party.
(c) There have been no amendments during the period covered by this report to
any provision of the code of ethics described in Item 2(a) above.
(d) The registrant has not granted any waivers, including any implicit
waivers, from a provision of the code of ethics described in Item 2(a)
above.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
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 Item 3 of Form N-CSR.
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 registrant's 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 $105,548 in
2003 and $166,520 in 2004.
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 registrant's 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 in 2003 and $0 in 2004. In addition, in each of
the last two fiscal years the principal accountant billed $0 in 2003 and $0
in 2004 in fees which were required to be approved pursuant to Rule
2-01(c)(7)(ii) of Regulation S-X 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.
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 in 2003 and $0 in 2004. In
addition, in each of the last two fiscal years the principal accountant
billed $0 in 2003 and $0 in 2004 in fees which were required to be approved
pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X 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.
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 in 2003 and $0
in 2004. In addition, in each of the last two fiscal years the principal
accountant billed $0 in 2003 and $0 in 2004 in fees which were required to
be approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X 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.
(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 as follows.
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 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) n/a
(c) n/a
(d) n/a
(f) The percentage of hours expended on the principal accountant's engagement
to audit the registrant's financial statements for the most recent fiscal
year that were attributed to work performed by persons other than the
principal accountant's full-time, permanent employees was 0%.
(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
$115,500 for 2003 and $113,400 for 2004.
(h) The registrant's audit committee of the board of directors has considered
whether the provision of non-audit services that were rendered to the
registrant's investment adviser (not including any sub-adviser whose role
is primarily portfolio management and is subcontracted with or overseen by
another investment adviser), and any entity controlling, controlled by, or
under common control with the investment adviser that provides ongoing
services to the registrant that were not pre-approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining
the principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS
Schedule of Investments in securities of unaffiliated issuers as of the close of
reporting period is included as part of the report to shareholders filed under
Item 1 of this form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The registrant has adopted the following procedures by which shareholders may
recommend nominees to thE Fund's Board of Directors. Shareholders may recommend
candidates for Board positions by forwarding their correspondence by U.S. mail
or courier service to the registrant's Secretary for the attention of the Chair
of the Nominating and Governance Committee.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers have
concluded that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as
amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date
within 90 days of the filing date of the report that includes the
disclosure required by this paragraph, based on their evaluation of these
controls and procedures required by Rule 30a-3(b) under the 1940 Act (17
CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR
270.30a-3(d)) that occurred during the registrant's second fiscal quarter
of the period covered by this report that HAVE materially affected, or ARE
reasonably likely to materially affect, the registrant's internal control
over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) The code of ethics that is the subject of disclosure required by
Item 2 is attached hereto.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act
and Section 302 of the Sarbanes-Oxley Act of 2002 are attached
hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act
and Section 906 of the Sarbanes-Oxley Act of 2002 are attached
hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) Wilshire Mutual Funds, Inc.
--------------------------------------------------------------------
By (Signature and Title)* /s/ Lawrence E. Davanzo
-------------------------------------------------------
Lawrence E. Davanzo, President
(principal executive officer)
Date March 9, 2005
----------------------------------------------------------------------------
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/ Lawrence E. Davanzo
-------------------------------------------------------
Lawrence E. Davanzo, President
(principal executive officer)
Date March 9, 2005
----------------------------------------------------------------------------
By (Signature and Title)* /s/ Alex Chaloff
-------------------------------------------------------
Alex Chaloff, Treasurer
(principal financial officer)
Date March 9, 2005
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.