UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
AMENDMENT NO.1
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-07076
Wilshire Mutual Funds, Inc.
(Exact name of registrant as specified in charter)
Wilshire Associates Incorporated
1299 Ocean Avenue, Suite 700
Santa Monica, CA 90401-1085
(Address of principal executive offices) (Zip code)
Lawrence Davanzo, President
1299 Ocean Avenue, Suite 700
Santa Monica, CA 90401-1085
(Name and address of agent for service)
Registrant's telephone number, including area code: 310-260-6639
Date of fiscal year end: December 31
Date of reporting period: June 30, 2009
Form N-CSR is to be used by management investment companies to file reports
with the Commission not later than 10 days after the transmission to
stockholders of any report that is required to be transmitted to stockholders
under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
The Commission may use the information provided on Form N-CSR in its
regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 100 F Street, NE,
Washington, DC 20549. The OMB has reviewed this collection of information under
the clearance requirements of 44 U.S.C. ss. 3507.
EXPLANTORY NOTE
---------------
The purpose of this Amendment on Form N-CSRS/A to the Shareholder Report for the
semi-annual period ended June 30, 2009 (the "Original Filing"), which was filed
with the Securities and Exchange Commission on September 10, 2009 (Accession
Number 0001135428-09-000455), is to amend the officer certification filed as
Exhibit 99.906 CERT with the incorrect title for the Principal Financial
Officer. No other items of the Original Filing are being amended hereby.
Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
[GRAPHIC OMITTED]
Wilshire Mutual Funds
SEMI-ANNUAL REPORT
(Unaudited)
LARGE COMPANY GROWTH PORTFOLIO
LARGE COMPANY VALUE PORTFOLIO
SMALL COMPANY GROWTH PORTFOLIO
SMALL COMPANY VALUE PORTFOLIO
WILSHIRE 5000 INDEX(SM) FUND
WILSHIRE LARGE CAP CORE 130/30 FUND
JUNE 30, 2009
-----------------
www. wilfunds.com
WILSHIRE MUTUAL FUNDS, INC.
Shareholder Letter .............................................. 1
Commentary:
Large Company Growth Portfolio ............................. 3
Large Company Value Portfolio .............................. 6
Small Company Growth Portfolio ............................. 9
Small Company Value Portfolio .............................. 12
Wilshire 5000 Index(SM) Fund 15
Wilshire Large Cap Core 130/30 Fund ........................ 18
Disclosure of Fund Expenses ..................................... 21
Condensed Schedules of Investments:
Large Company Growth Portfolio ............................. 24
Large Company Value Portfolio .............................. 26
Small Company Growth Portfolio ............................. 28
Small Company Value Portfolio .............................. 30
Wilshire 5000 Index(SM) Fund ............................... 32
Schedule of Investments:
Wilshire Large Cap Core 130/30 Fund ........................ 34
Schedule of Securities Sold Short:
Wilshire Large Cap Core 130/30 Fund ........................ 41
Statements of Assets and Liabilities ............................ 45
Statements of Operations ........................................ 47
Statements of Changes in Net Assets ............................. 48
Statement of Cash Flows ......................................... 52
Financial Highlights:
Large Company Growth Portfolio ............................. 53
Large Company Value Portfolio .............................. 55
Small Company Growth Portfolio ............................. 57
Small Company Value Portfolio .............................. 59
Wilshire 5000 Index(SM) Fund ............................... 61
Wilshire Large Cap Core 130/30 Fund ........................ 65
Notes to Financial Statements ................................... 67
Additional Fund Information ..................................... 80
--------------------
THIS REPORT IS FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF LARGE COMPANY
GROWTH PORTFOLIO, LARGE COMPANY VALUE PORTFOLIO, SMALL COMPANY GROWTH
PORTFOLIO, SMALL COMPANY VALUE PORTFOLIO, WILSHIRE 5000 INDEX(SM) FUND AND
WILSHIRE LARGE CAP CORE 130/30 FUND. ITS USE IN CONNECTION WITH ANY OFFERING OF
A PORTFOLIO'S SHARES IS AUTHORIZED ONLY IF ACCOMPANIED OR PRECEDED BY THE
PORTFOLIO'S CURRENT PROSPECTUS.
Wilshire Mutual Funds, Inc. are distributed by SEI Investments Distribution
Co.
Dear Wilshire Mutual Funds Shareholder:
We are pleased to present the 2009 Semi-Annual Report to all shareholders of
the Wilshire Mutual Funds, Inc. This report covers the six month period ended
June 30, 2009 (the "Period"), for all share classes of the Large Company Growth
Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small
Company Value Portfolio, Wilshire 5000 Index(SM) Fund, and Wilshire Large Cap
Core 130/30 Fund (the "Portfolios").
MARKET ENVIRONMENT
As 2008 came to a close, investors witnessed one of the most challenging
periods for equity investors in memory. The broad U.S. stock market, as
measured by the Wilshire 5000(SM), retreated 37%, marking its worst year since
1931. Overseas markets fared even worse, as the Wilshire Global ex-U.S. Index
fell 45%. The financial consequences stemming from the housing crisis permeated
every segment of the equity market for the year, and no sector was spared.
As we reached the midpoint of 2009, many indicators suggested that the economy
has reached a turning point and that the worst of the aftermath of 2008's
wreckage may be behind us. U.S. GDP contracted at a better than expected 1%
rate in the second quarter of 2009, and improvements were noted in
manufacturing, durable goods and more. Signs of life were seen in the housing
market, while commercial real estate continued to struggle. The employment
situation remained depressed, with unemployment reaching 9.5% in June, while
inflation (as measured by the CPI) was up 0.7% in June after posting an
increase of 0.1% in May.
The sharp declines in U.S. equities experienced in 2008 continued in the
beginning of 2009, as the Wilshire 5000(SM) fell an additional 25% from the
beginning of the year through March 9. However, post-March 9, U.S. equities
experienced a dramatic rebound in performance, erasing all of the losses
experienced before March 9 and posting a positive year-to-date return of 5%.
Small cap stocks, as measured by the Wilshire Small Cap Index, performed even
better during the first half of 2009, posting a return of just under 11%. There
was a sizable difference in performance between asset class styles during the
first half of 2009, as growth stocks outperformed their value counterparts by
13%. The growth asset class was led by the strong returns from the Technology
sector (25%), which makes up over 30% of the growth index. Typical value
sectors such as Financials and Energy, which together make up over 40% of the
value index, returned -3% and -2%, respectively.
Despite facing broad economic troubles that roughly mirrored those experienced
in the U.S., non-U.S. equities also posted a sharp reversal in performance
during the first six months of the year. Developed non-U.S. equities, as
measured by the MSCI EAFE Index, posted a stellar return of 25% for the second
quarter and are now up 8% for the year-to-date period. Emerging market equities
also exhibited their resilience, posting the best return of any asset class for
the second quarter, up 34%, as measured by the MSCI Emerging Markets Index. For
the year-to-date period, Emerging Market equities are up an impressive 36%. In
other asset classes, the DJ Wilshire Global REIT Index returned 28% for the
quarter, but the year-to-date return is still negative, down -5.4% .
Within fixed income markets, credit markets showed signs of improvement in
2009, posting positive performance in most sectors and asset classes during the
first six months of the year. High yield bonds were the strongest performer in
the second quarter, as the Merrill Lynch High Yield Index posted a
1
stellar quarterly return of 23%, adding to the first quarter's positive return
of 5%. Credit spreads came in dramatically from their historic highs during the
second quarter as fears of the 2008 financial crisis eased, although credit
spreads still remain above their long-term historical averages. Core bonds had
a much more muted but still positive return for the second quarter and
year-to-date periods as measured by the Barclays U.S. Aggregate Bond Index,
posting returns of 1.8% and 1.9%, respectively. In other fixed income asset
classes for the six months of the year, Non-U.S. bonds, as measured by the
Citigroup World Government Bond Index, returned -1.5%, and U.S. TIPS (Treasury
Inflationary Protection Securities) returned 6.2%, as measured by the Barclays
U.S. TIPS Index.
PORTFOLIO PERFORMANCE OVERVIEW
The sharp market drop in the beginning of 2009 that was followed by a
substantial market rally had a mixed effect on our Portfolios' performance for
the first six months of the year. This rally, which began after the market hit
its near-term bottom on March 9, has widely been characterized as a low
quality, or "junk", rally. On balance, this "junk" rally had a negative effect
on our Portfolios' performance. As the market bid up many severely beaten down
stocks, the fundamental principle of investing in high quality companies was
generally abandoned, proving to be a headwind for several of Portfolios'
near-term returns.
While we are disappointed by the performance of the underperforming Portfolios
over the last six months, we are encouraged by the activities of our
sub-advisers who continue to follow through with the disciplined investment
approaches that have made them successful over time. While the immediate
terrain our sub-advisers must navigate will continue to be challenging, their
confidence and conviction remain intact. It is our belief that as markets
continue the healing process in the second half of 2009, it will be the patient
and disciplined investors who will be rewarded on the upside.
As always, we sincerely appreciate your continued support and confidence in
Wilshire Associates.
Sincerely,
/s/ Lawrence E. Davanzo
- -----------------------
Lawrence E. Davanzo,
President
2
LARGE COMPANY GROWTH PORTFOLIO
COMMENTARY
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
SIX MONTHS ENDED 06/30/09** ........................................ 9.99%
ONE YEAR ENDED 06/30/09 ............................................ (27.80)%
FIVE YEARS ENDED 06/30/09 .......................................... (2.51)%
TEN YEARS ENDED 06/30/09 ........................................... (2.75)%
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
SIX MONTHS ENDED 06/30/09** ....................................... 10.18%
ONE YEAR ENDED 06/30/09 ........................................... (27.59)%
FIVE YEARS ENDED 06/30/09 ......................................... (2.16)%
TEN YEARS ENDED 06/30/09 .......................................... (2.42)%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE
FUTURE RESULTS. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER PERFORMANCE DATA
CURRENT TO THE MOST RECENT MONTH END MAY BE OBTAINED AT WWW.WILFUNDS.COM. THE
INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT
SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
* Assumes reinvestment of all dividends and distributions. During certain
periods since inception, certain fees and expenses were waived or reimbursed.
Without such waivers and reimbursements, historical total returns would have
been lower. For the six month period ended June 30, 2009, there were no
waivers or reimbursements. The table above does not reflect the deduction
that a shareholder would pay on Portfolio distributions or the redemption of
Portfolio shares.
** Not annualized.
3
LARGE COMPANY GROWTH PORTFOLIO
COMMENTARY - (CONTINUED)
The Wilshire Large Company Growth Portfolio (Investment Class Shares) yielded a
return of 9.99%, underperforming the Russell 1000 Growth Index by -1.54% . The
Portfolio's underperformance was primarily attributable to two more defensively
positioned sub-advisers, Quest Capital Management (Quest) and Sawgrass Asset
Management (Sawgrass). Both firms struggled from disappointing security
selection in Information Technology and Consumer sectors, particularly during
the second quarter. Fortunately, their underperformance was relatively offset
by the strong results of Victory Capital Management ("Victory"), as its strong
security selection in Health Care and Information Technology led to substantial
outperformance during the rebound in equity markets. This strong relative
performance was a notable contribution, as Victory currently represents nearly
25% of the Portfolio. Wilshire's adjustment to the Portfolio's sub-adviser
allocations late in 2008 to a more defensive structure was beneficial for most
of the first quarter, but proved to be out of favor during the second quarter
as equity markets witnessed a dramatic reversal and strong recovery. Wilshire's
disciplined investment approach of combining unique investment philosophies and
growth sub-styles continues to be beneficial, as the sub-advisers provide
complementary performance in up and down markets.
4
LARGE COMPANY GROWTH PORTFOLIO
COMMENTARY - (CONTINUED)
PORTFOLIO SECTOR WEIGHTING+
(As of June 30, 2009)
[GRAPHIC OMITTED]
MATERIALS 4.8%
FINANCIALS 5.9%
ENERGY 6.9%
INDUSTRIALS 8.5%
CONSUMER STAPLES 10.5%
CONSUMER DISCRETIONARY 11.0%
TELECOMMUNICATIONS SERVICES 1.4%
UTILITIES 0.7%
INVESTMENT COMPANY 0.2%
INFORMATION TECHNOLOGY 34.1%
HEALTH CARE 16.0%
+ BASED ON PERCENT OF THE PORTFOLIO'S TOTAL LONG-TERM MARKET VALUE.
5
LARGE COMPANY VALUE PORTFOLIO
COMMENTARY
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
SIX MONTHS ENDED 06/30/09** ........................................ 2.69%
ONE YEAR ENDED 06/30/09 ............................................ (29.94)%
FIVE YEARS ENDED 06/30/09 .......................................... (3.73)%
TEN YEARS ENDED 06/30/09 ........................................... (0.86)%
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
SIX MONTHS ENDED 06/30/09** ........................................ 2.80%
ONE YEAR ENDED 06/30/09 ............................................ (29.78)%
FIVE YEARS ENDED 06/30/09 .......................................... (3.50)%
TEN YEARS ENDED 06/30/09 ........................................... (0.61)%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE
FUTURE RESULTS. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER PERFORMANCE DATA
CURRENT TO THE MOST RECENT MONTH END MAY BE OBTAINED AT WWW.WILFUNDS.COM. THE
INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT
SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
* Assumes reinvestment of all dividends and distributions. During certain
periods since inception, certain fees and expenses were waived or reimbursed.
Without such waivers and reimbursements, historical total returns would have
been lower. For the six month period ended June 30, 2009, there were no
waivers or reimbursements. The table above does not reflect the deduction
that a shareholder would pay on Portfolio distributions or the redemption of
Portfolio shares.
** Not annualized.
6
LARGE COMPANY VALUE PORTFOLIO
COMMENTARY - (CONTINUED)
The Wilshire Large Company Value Portfolio (Investment Class Shares)
outperformed its benchmark by a considerable margin during the year-to-date
period, providing a return of 2.69% relative to the return of -2.87% by the
Russell 1000 Value index. The Portfolio's persistent outperformance during 2009
has been attributable to strong results on behalf of all three sub-advisers. In
particular, Pzena Investment Management's ("Pzena") strong security selection
on a broad basis was beneficial, namely in Information Technology and Consumer
Discretionary stocks, as well as notable overweight to Financials on the heels
of the market recovery. Acadian Asset Management, Inc. ("Acadian") and
Systematic Financial Management, L.P. ("Systematic") continued to outperform
the benchmark for the year-to-date, however both sub-advisers fell slightly
short of the benchmark during the second quarter. Wilshire adjusted the
Portfolio's sub-adviser allocations during the second half of 2008 to take
advantage of the value opportunities presented in the current market
environment, which have continued to prove favorable for Pzena and has led to
strong performance for the year-to-date. The Portfolio continues to exhibit
healthy portfolio characteristics relative to the market.
7
LARGE COMPANY VALUE PORTFOLIO
COMMENTARY - (CONTINUED)
PORTFOLIO SECTOR WEIGHTING+
(As of June 30, 2009)
[GRAPHIC OMITTED]
UTILITIES 3.1%
MATERIALS 3.8%
INDUSTRIALS 8.4%
CONSUMER STAPLES 9.2%
CONSUMER DISCRETIONARY 10.4%
INFORMATION TECHNOLOGY 12.5%
TELECOMMUNICATIONS SERVICES 2.7%
FINANCIALS 24.1%
HEALTH CARE 13.1%
ENERGY 12.7%
+ BASED ON PERCENT OF THE PORTFOLIO'S TOTAL LONG-TERM MARKET VALUE.
8
SMALL COMPANY GROWTH PORTFOLIO
COMMENTARY
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
SIX MONTHS ENDED 06/30/09** ....................................... 4.64%
ONE YEAR ENDED 06/30/09 ........................................... (30.84)%
FIVE YEARS ENDED 06/30/09 ......................................... (2.88)%
TEN YEARS ENDED 06/30/09 .......................................... 1.85%
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
SIX MONTHS ENDED 06/30/09** ....................................... 4.89%
ONE YEAR ENDED 06/30/09 ........................................... (30.64)%
FIVE YEARS ENDED 06/30/09 ......................................... (2.64)%
TEN YEARS ENDED 06/30/09 .......................................... 2.09%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE
FUTURE RESULTS. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER PERFORMANCE DATA
CURRENT TO THE MOST RECENT MONTH END MAY BE OBTAINED AT WWW.WILFUNDS.COM. THE
INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT
SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
* Assumes reinvestment of all dividends and distributions. During certain
periods since inception, certain fees and expenses were waived or reimbursed.
For the six month period ended June 30, 2009, fees totaling 0.94% of average
net assets were waived and reimbursed. Without such waivers and
reimbursements, total returns since inception would have been lower.
** Not annualized.
9
SMALL COMPANY GROWTH PORTFOLIO
COMMENTARY - (CONTINUED)
The Wilshire Small Company Growth Portfolio yielded negative relative
performance compared to its benchmark for the year-to-date, following a very
strong showing relative to the small cap growth fund universe in 2008.
Specifically, the Portfolio's Investment Class Shares underperformed the
Russell 2000 Growth Index by -6.72% during the year-to-date. The Portfolio's
underperformance was attributable to both sub-advisers, most notably Ranger
Investment Management ("Ranger"), who struggled from disappointing security
selection in Consumer Discretionary and Health Care stocks during the second
quarter. Los Angeles Capital Management ("L.A. Capital"), who also fell notably
short of the benchmark particularly during the first quarter, failed to add
value from stock selection on a broad basis. L.A. Capital's underperformance is
fairly consistent with its quantitative peers, as this segment of managers has
struggled during the recent market environment. The firm's risk managed
approach, which provided a solid buffer to Ranger in 2008, failed to continue
its strong results during the quarter. Wilshire did not make any notable
changes to the Portfolio's allocation during the second quarter, as
characteristics remain in line with expectations.
10
SMALL COMPANY GROWTH PORTFOLIO
COMMENTARY - (CONTINUED)
PORTFOLIO SECTOR WEIGHTING+
(As of June 30, 2009)
[GRAPHIC OMITTED]
CONSUMER STAPLES 3.5%
MATERIALS 4.1%
FINANCIALS 6.5%
ENERGY 6.6%
INDUSTRIALS 12.4%
CONSUMER DISCRETIONARY 16.9%
TELECOMMUNICATIONS SERVICES 1.3%
UTILITIES 0.5%
PREFERRED STOCK 0.1%
INFORMATION TECHNOLOGY 28.2%
HEALTH CARE 19.9%
+ BASED ON PERCENT OF THE PORTFOLIO'S TOTAL LONG-TERM MARKET VALUE.
11
SMALL COMPANY VALUE PORTFOLIO
COMMENTARY
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
SIX MONTHS ENDED 06/30/09** ........................................ (5.31)%
ONE YEAR ENDED 06/30/09 ............................................ (29.06)%
FIVE YEARS ENDED 06/30/09 .......................................... (2.88)%
TEN YEARS ENDED 06/30/09 ........................................... 3.46%
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
SIX MONTHS ENDED 06/30/09** ........................................ (5.17)%
ONE YEAR ENDED 06/30/09 ............................................ (28.79)%
FIVE YEARS ENDED 06/30/09 .......................................... (2.53)%
TEN YEARS ENDED 06/30/09 ........................................... 3.78%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE
FUTURE RESULTS. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER PERFORMANCE DATA
CURRENT TO THE MOST RECENT MONTH END MAY BE OBTAINED AT WWW.WILFUNDS.COM. THE
INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT
SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
* Assumes reinvestment of all dividends and distributions. During certain
periods since inception, certain fees and expenses were waived or reimbursed.
For the six month period ended June 30, 2009, fees totaling 0.67% of average
net assets were waived and reimbursed. Without such waivers and
reimbursements, total returns since inception would have been lower.
** Not annualized.
12
SMALL COMPANY VALUE PORTFOLIO
COMMENTARY - (CONTINUED)
The Wilshire Small Company Value Portfolio (Investment Class Shares) fell
slightly short of the benchmarks during the year-to-date, underperforming the
Russell 2000 Value Index by -0.13% . The Portfolio's underperformance was
mostly attributable to L.A. Capital due to disappointing security selection.
NWQ Investment Management ("NWQ"), which has continued to benefit from strong
security selection and sector allocation, outpaced the benchmark by notable
margin. NWQ's benefited from strong security selection in the Energy and Health
Care sectors early in the year, combined with strong results in Industrials and
Materials during the second quarter. Wilshire did not make any structural
changes to the Portfolio during the quarter, as we believe the Portfolio is
well positioned with portfolio characteristics that remain consistent with our
expectations.
13
SMALL COMPANY VALUE PORTFOLIO
COMMENTARY - (CONTINUED)
PORTFOLIO SECTOR WEIGHTING+
(As of June 30, 2009)
[GRAPHIC OMITTED]
HEALTH CARE 5.2%
UTILITIES 5.5%
ENERGY 5.9%
MATERIALS 6.7%
CONSUMER DISCRETIONARY 12.7%
INDUSTRIALS 14.1%
CONSUMER STAPLES 2.9%
TELECOMMUNICATIONS SERVICES 0.8%
PRIVATE COMPANY 0.0%
RIGHTS 0.0%
FINANCIALS 30.7%
INFORMATION TECHNOLOGY 15.5%
+ BASED ON PERCENT OF THE PORTFOLIO'S TOTAL LONG-TERM MARKET VALUE.
14
WILSHIRE 5000 INDEX(SM) FUND
COMMENTARY
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
SIX MONTHS ENDED 06/30/09** ....................................... 3.39%
ONE YEAR ENDED 06/30/09 ........................................... (26.65)%
FIVE YEARS ENDED 06/30/09 ......................................... (2.45)%
TEN YEARS ENDED 06/30/09 .......................................... (2.10)%
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
SIX MONTHS ENDED 06/30/09** ....................................... 3.39%
ONE YEAR ENDED 06/30/09 ........................................... (26.66)%
FIVE YEARS ENDED 06/30/09 ......................................... (2.23)%
TEN YEARS ENDED 06/30/09 .......................................... (1.85)%
QUALIFIED CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
SIX MONTHS ENDED 06/30/09** ....................................... 3.26%
ONE YEAR ENDED 06/30/09 ........................................... (26.72)%
FIVE YEARS ENDED 06/30/09 ......................................... (2.57)%
INCEPTION (5/10/00) THROUGH 6/30/09 ............................... (2.64)%
HORACE MANN CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
SIX MONTHS ENDED 06/30/09** ....................................... 3.39%
ONE YEAR ENDED 06/30/09 ........................................... (26.65)%
FIVE YEARS ENDED 06/30/09 ......................................... (2.50)%
INCEPTION (12/10/99) THROUGH 06/30/09 ............................. (1.47)%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE
FUTURE RESULTS. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER PERFORMANCE DATA
CURRENT TO THE MOST RECENT MONTH END MAY BE OBTAINED AT WWW.WILFUNDS.COM. THE
INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT
SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
* Assumes reinvestment of all dividends and distributions. During certain
periods since inception, certain fees and expenses were waived or reimbursed.
Without such waivers and reimbursements, historical total returns would have
been lower. For the six month period ended June 30, 2009, there were no
waivers or reimbursements. The table above does not reflect the deduction
that a shareholder would pay on Fund distributions or the redemption of Fund
shares.
** Not annualized.
15
WILSHIRE 5000 INDEX(SM) FUND
COMMENTARY - (CONTINUED)
The Wilshire 5000 Index(SM) Fund (Investment Class Shares) returned 3.39%
during the year-to-date. The Portfolio's performance was primarily attributable
to the strong recovery of Information Technology stocks, as the sector returned
more than 25% during the year-to-date, and represents approximately 17% of the
index. Consumer Discretionary and Materials sectors also rebounded on the heels
of a loosening credit environment, and signs of a potential economic recovery.
Despite strong results from these sectors, Financials and Industrials struggled
for the year-to-date, despite a strong recovery since March. The Wilshire 5000
Index(SM) Fund continues to perform within our expectations, providing broad
exposure to the U.S. equity market.
16
WILSHIRE 5000 INDEX(SM) FUND
COMMENTARY - (CONTINUED)
PORTFOLIO SECTOR WEIGHTING+
(As of June 30, 2009)
[GRAPHIC OMITTED]
MATERIALS 3.8%
UTILITIES 4.0%
CONSUMER DISCRETIONARY 10.0%
INDUSTRIALS 10.3%
CONSUMER STAPLES 10.4%
ENERGY 11.6%
TELECOMMUNICATIONS SERVICES 3.2%
PREFERRED STOCK 0.0%
RIGHTS 0.0%
INFORMATION TECHNOLOGY 18.4%
FINANCIALS 14.4%
HEALTH CARE 13.9%
+ BASED ON PERCENT OF THE FUND'S TOTAL LONG-TERM MARKET VALUE.
17
WILSHIRE LARGE CAP CORE 130/30 FUND
COMMENTARY
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
SIX MONTHS ENDED 06/30/09** ........................................ (1.77)%
ONE YEAR ENDED 06/30/09 ............................................ (31.71)%
INCEPTION (11/15/07) THROUGH 06/30/09 .............................. (26.02)%
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
SIX MONTHS ENDED 06/30/09** ........................................ (1.44)%
ONE YEAR ENDED 06/30/09 ............................................ (31.31)%
INCEPTION (11/15/07) THROUGH 06/30/09 .............................. (25.69)%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE
FUTURE RESULTS. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER PERFORMANCE DATA
CURRENT TO THE MOST RECENT MONTH END MAY BE OBTAINED AT WWW.WILFUNDS.COM. THE
INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT
SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
* Assumes reinvestment of all dividends and distributions. During certain
periods since inception, certain fees and expenses were waived or reimbursed.
For the six month period ended June 30, 2009, fees totaling 0.33% for
Investment Class Shares and 0.30% for Institutional Class Shares of average
net assets were waived and reimbursed. Without such waivers and
reimbursements, total returns since inception would have been lower.
** Not annualized.
18
WILSHIRE LARGE CAP CORE 130/30 FUND
COMMENTARY - (CONTINUED)
The Wilshire Large Cap Core 130/30 Portfolio (Investment Class Shares) provided
a return of -1.77% during the year-to-date, underperforming the S&P 500 Index
by -4.93% . The more conservative and risk conscious approach employed by AXA
Rosenberg failed to add value during the year-to-date. Despite a stronger start
to 2009, Thompson, Siegel & Walmsley ("TS&W") struggled during the market
recovery primarily due to its higher quality orientation, leading to
disappointing security selection in Financials and Information Technology.
Fortunately, Twin Capital Management yielded strong results during the second
quarter, unlike many of its quantitative peers, which benefited performance on
a year-to-date basis. We believe the Portfolio is well positioned with
portfolio characteristics that remain consistent with our expectations. We
remain confident that the 130/30 approach of the Portfolio will continue to
provide more breadth to exploit opportunities in the large cap equity market,
particularly in more normal and consistent market environments.
19
WILSHIRE LARGE CAP CORE 130/30 FUND
COMMENTARY - (CONTINUED)
PORTFOLIO SECTOR WEIGHTING+
(As of June 30, 2009)
[GRAPHIC OMITTED]
UTILITIES 3.2%
MATERIALS 4.6%
CONSUMER STAPLES 10.3%
ENERGY 10.5%
INDUSTRIALS 11.7%
HEALTH CARE 11.8%
TELECOMMUNICATIONS SERVICES 2.6%
INFORMATION TECHNOLOGY 19.5%
CONSUMER DISCRETIONARY 13.3%
FINANCIALS 12.5%
+ BASED ON PERCENT OF THE PORTFOLIO'S TOTAL LONG-TERM MARKET VALUE.
20
WILSHIRE MUTUAL FUNDS,INC.
DISCLOSURE OF FUND EXPENSES
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2009 (UNAUDITED)
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
investment advisory, administrative services, distribution and/or shareholder
services and shareholder reports (like this one), among others. Operating
expenses, which are deducted from a fund's gross income, directly reduce the
investment return of the fund. A fund's expenses are expressed as a percentage
of its average net assets. This figure is known as the expense ratio. The
following examples are intended to help you understand the ongoing fees (in
dollars) of investing in your fund and to compare these costs with those of
other mutual funds. The examples are based on an investment of $1,000 made at
the beginning of the period shown and held for the entire period.
This 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 Portfolio'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
Portfolio at the beginning of the period.
You may use the information here, together with your account value, to estimate
the expenses that you paid over the period. To do so, simply divide your
account value by $1,000 (for example, an $8,600 account value divided by $1,000
= 8.6), then multiply the result by the number given for your fund in the first
line under the heading entitled "Expenses Paid During Period."
HYPOTHETICAL 5% RETURN: This section is intended to help you compare your
fund's costs with those of other mutual funds. The "Ending Account Value" shown
is derived from hypothetical account values and hypothetical expenses based on
the Portfolio's actual expense ratio and assumed rate of return. It assumes
that the Portfolio had an annual return of 5% before expenses, but that the
expense ratio is unchanged. In this case, because the return used is NOT the
Portfolio's actual return, the results do not apply to your investment. This
example is useful in making comparisons to other mutual funds because the
Securities and Exchange Commission requires all mutual funds to calculate
expenses based on an assumed 5% annual return. You can assess your fund's
ongoing costs by comparing this hypothetical example with the hypothetical
examples that appear in shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and
help you compare your ONGOING costs only and do not reflect any transactional
costs such as sales charges (loads), redemption fees, or exchange fees.
Wilshire Mutual Funds, Inc. has no such charges, but these may be present in
other funds to which you compare this data. Therefore, the hypothetical
portions of the table are useful in comparing ongoing costs only, and will not
help you determine the relative total costs of owning different funds.
21
WILSHIRE MUTUAL FUNDS,INC.
DISCLOSURE OF FUND EXPENSES - (CONTINUED)
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2009 (UNAUDITED)
Beginning Ending
Account Account Expenses Paid
Value Value Expense During Period
01/01/09 06/30/09 Ratio(1) 01/01/09-06/30/09(2)
--------- -------- ------- --------------------
LARGE COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------------------------
ACTUAL FUND RETURN
Investment Class ................... $1,000.00 $1,099.90 1.50% $7.81
Institutional Class ................ $1,000.00 $1,101.80 1.12% $5.84
HYPOTHETICAL 5% RETURN
Investment Class ................... $1,000.00 $1,017.36 1.50% $7.50
Institutional Class ................ $1,000.00 $1,019.24 1.12% $5.61
LARGE COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------------------------
ACTUAL FUND RETURN
Investment Class ................... $1,000.00 $1,026.90 1.54% $7.74
Institutional Class ................ $1,000.00 $1,028.00 1.40% $7.04
HYPOTHETICAL 5% RETURN
Investment Class ................... $1,000.00 $1,017.16 1.54% $7.70
Institutional Class ................ $1,000.00 $1,017.85 1.40% $7.00
SMALL COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------------------------
ACTUAL FUND RETURN
Investment Class ................... $1,000.00 $1,046.40 1.50% $7.61
Institutional Class ................ $1,000.00 $1,048.90 1.16% $5.89
HYPOTHETICAL 5% RETURN
Investment Class ................... $1,000.00 $1,017.36 1.50% $7.50
Institutional Class ................ $1,000.00 $1,019.04 1.16% $5.81
SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------------------------
ACTUAL FUND RETURN
Investment Class ................... $1,000.00 $ 946.90 1.50% $7.24
Institutional Class ................ $1,000.00 $ 948.30 1.29% $6.23
HYPOTHETICAL 5% RETURN
Investment Class ................... $1,000.00 $1,017.36 1.50% $7.50
Institutional Class ................ $1,000.00 $1,018.40 1.29% $6.46
22
WILSHIRE MUTUAL FUNDS,INC.
DISCLOSURE OF FUND EXPENSES - (CONTINUED)
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2009 (UNAUDITED)
Beginning Ending
Account Account Expenses Paid
Value Value Expense During Period
01/01/09 06/30/09 Ratio(1) 01/01/09-06/30/09(2)
--------- -------- ------- --------------------
WILSHIRE 5000 INDEX(SM) FUND
- --------------------------------------------------------------------------------------------------
ACTUAL FUND RETURN
Investment Class $1,000.00 $1,033.90 0.81% $4.08
Institutional Class $1,000.00 $1,033.90 0.61% $3.08
Qualified Class $1,000.00 $1,032.60 0.88% $4.43
Horace Mann Class $1,000.00 $1,033.90 0.82% $4.14
HYPOTHETICAL 5% RETURN
Investment Class $1,000.00 $1,020.78 0.81% $4.06
Institutional Class $1,000.00 $1,021.77 0.61% $3.06
Qualified Class $1,000.00 $1,020.43 0.88% $4.41
Horace Mann Class $1,000.00 $1,020.73 0.82% $4.11
WILSHIRE LARGE CAP CORE 130/30 FUND
- --------------------------------------------------------------------------------------------------
ACTUAL FUND RETURN
Investment Class $1,000.00 $ 982.30 1.66% $8.16
Institutional Class $1,000.00 $ 985.60 1.41% $6.94
HYPOTHETICAL 5% RETURN
Investment Class $1,000.00 $1,016.56 1.66% $8.30
Institutional Class $1,000.00 $1,017.80 1.41% $7.05
(1) ANNUALIZED, BASED ON THE PORTFOLIO'S MOST RECENT FISCAL HALF-YEAR EXPENSES.
(2) EXPENSES ARE EQUAL TO THE PORTFOLIO'S ANNUALIZED EXPENSE RATIO MULTIPLIED BY
THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS
IN THE PERIOD, THEN DIVIDED BY 365.
23
WILSHIRE MUTUAL FUNDS,INC.
LARGE COMPANY GROWTH PORTFOLIO JUNE 30, 2009
CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)
Percentage of
Shares Net Assets (%) Value
------- -------------- -------------
COMMON STOCK -- 99.1%
Consumer Discretionary -- 10.9%
21,900 Amazon.com, Inc.+ ........... 0.9 $ 1,832,154
22,196 Apollo Group, Inc.,
Class A+ .................... 0.8 1,578,579
70,315 DIRECTV Group,
Inc. (The)+ ................. 0.9 1,737,484
8,400 Liberty Media Corp. -
Entertainment, Ser A+ ....... 0.1 224,700
42,068 McDonald's Corp. ............ 1.2 2,418,490
42,440 Target Corp. ................ 0.9 1,675,107
43,681 TJX Cos., Inc. .............. 0.7 1,374,204
489,074 Other Securities ............ 5.4 10,961,202
-------------
21,801,920
-------------
Consumer Staples -- 10.5%
25,634 Coca-Cola Co. (The) ......... 0.6 1,230,176
108,970 CVS/Caremark Corp. .......... 1.7 3,472,874
37,716 PepsiCo, Inc. ............... 1.1 2,072,871
44,982 Philip Morris
International, Inc. ......... 1.0 1,962,115
90,797 Wal-Mart Stores, Inc. ....... 2.2 4,398,207
238,008 Other Securities ............ 3.9 7,799,514
-------------
20,935,757
-------------
Energy -- 6.9%
36,168 Exxon Mobil Corp. ........... 1.3 2,528,505
38,105 National Oilwell
Varco, Inc.+ ................ 0.6 1,244,509
25,439 Occidental Petroleum
Corp. ....................... 0.9 1,674,141
30,745 Petroleo Brasileiro
SA ADR ...................... 0.6 1,259,930
48,784 Schlumberger, Ltd. .......... 1.3 2,639,702
140,199 Other Securities ............ 2.2 4,368,863
-------------
13,715,650
-------------
Financials -- 5.9%
110,035 Charles Schwab
Corp. (The) ................. 1.0 1,930,014
4,200 CME Group, Inc., Class A .... 0.7 1,306,662
Percentage of
Shares Net Assets (%) Value
------- -------------- -------------
Financials (continued)
17,825 Goldman Sachs Group,
Inc. (The) .................. 1.3 $ 2,628,118
11,430 IntercontinentalExchange,
Inc.+ ....................... 0.7 1,305,763
201,334 Other Securities ............ 2.2 4,640,101
-------------
11,810,658
-------------
Health Care -- 15.9%
42,102 Abbott Laboratories ......... 1.0 1,980,478
26,200 Allergan, Inc. .............. 0.6 1,246,596
20,952 Amgen, Inc.+ ................ 0.5 1,109,199
23,939 Baxter International, Inc. .. 0.6 1,267,809
53,969 Celgene Corp.+ .............. 1.3 2,581,877
97,931 Gilead Sciences, Inc.+ ...... 2.3 4,587,088
8,908 Intuitive Surgical, Inc.+ ... 0.7 1,457,883
55,785 Teva Pharmaceutical
Industries, Ltd. ADR ........ 1.4 2,752,432
439,288 Other Securities ............ 7.5 14,877,857
-------------
31,861,219
-------------
Industrials -- 8.4%
20,300 Danaher Corp. ............... 0.6 1,253,322
41,000 Expeditors International
of Washington, Inc. ......... 0.7 1,366,940
31,965 Union Pacific Corp. ......... 0.8 1,664,098
399,096 Other Securities ............ 6.3 12,628,828
-------------
16,913,188
-------------
Information Technology -- 33.8%
151,200 Activision Blizzard, Inc.+ .. 1.0 1,909,656
48,442 Apple, Inc.+ ................ 3.5 6,899,594
188,986 Cisco Systems, Inc.+ ........ 1.8 3,522,699
121,500 Cognizant Technology
Solutions Corp., Class A+ ... 1.6 3,244,050
87,325 Dell, Inc.+ ................. 0.6 1,198,972
14,067 Google, Inc., Class A+ ...... 3.0 5,930,507
63,722 Hewlett-Packard Co. ......... 1.2 2,462,855
220,260 Intel Corp. ................. 1.8 3,645,303
52,488 International Business
Machines Corp. .............. 2.8 5,480,797
See Notes to Financial Statements.
24
WILSHIRE MUTUAL FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO JUNE 30, 2009
CONDENSED SCHEDULE OF INVESTMENTS - (CONTINUED) (UNAUDITED)
Percentage of
Shares Net Assets (%) Value
------- -------------- -------------
Information Technology (continued)
77,491 Juniper Networks, Inc.+ ..... 0.9 $ 1,828,787
11,300 Mastercard, Inc.,
Class A ................... 1.0 1,890,603
264,044 Microsoft Corp. ............. 3.1 6,276,326
234,288 Novell, Inc.+ ............... 0.5 1,061,325
132,542 Oracle Corp. ................ 1.4 2,839,050
139,209 QUALCOMM, Inc. .............. 3.1 6,292,247
647,674 Other Securities ............ 6.5 13,255,041
-------------
67,737,812
-------------
Materials -- 4.8%
36,381 Monsanto Co. ................ 1.3 2,704,564
19,150 Potash Corp of
Saskatchewan, Inc. .......... 0.9 1,781,907
17,620 Praxair, Inc. ............... 0.6 1,252,253
142,748 Other Securities ............ 2.0 3,793,471
-------------
9,532,195
-------------
Telecommunication Services -- 1.3%
84,310 Other Securities ............ 1.3 2,702,671
-------------
2,702,671
-------------
Utilities -- 0.7%
60,994 Other Securities ............ 0.7 1,345,939
-------------
1,345,939
-------------
Total Common Stock
(Cost $194,133,244) 198,357,009
-------------
CASH EQUIVALENT -- 1.3%
2,603,208 PNC Institutional Money
Market Trust, 0.05% (A) ..... 1.3 2,603,208
-------------
Total Cash Equivalent
(Cost $2,603,208) 2,603,208
-------------
Percentage of
Shares Net Assets (%) Value
------- -------------- -------------
INVESTMENT COMPANY -- 0.1%
Financials -- 0.1%
7,900 Other Securities ............... 0.1 $ 324,137
-------------
Total Investment Company
(Cost $244,088) 324,137
-------------
Total Investments -- 100.5%
(Cost $196,980,540) 201,284,354
Other Assets & Liabilities, Net -- (0.5)% (1,092,061)
-------------
NET ASSETS -- 100.0% $ 200,192,293
=============
(A) Rate shown is the 7-day effective yield as of June 30, 2009.
+ Non-income producing security.
ADR - American Depositary Receipt
The Condensed Schedule of Investments does not reflect the complete
portfolio holdings. It includes the Portfolio's 50 largest holdings and
each investment of any issuer that exceeds 1% of the Portfolio's net
assets. "Other Securities" represent all issues not required to be
disclosed under the rules adopted by the U. S. Securities and Exchange
Commission ("SEC"). The complete schedule of portfolio holdings is
available (i) without charge, upon request, by calling (800) 607-2200; (ii)
on the SEC's website at http://www. sec. gov; and (iii) on our website at
www.wilfunds.com.
See Notes to Financial Statements.
25
WILSHIRE MUTUAL FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO JUNE 30, 2009
CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)
Percentage of
Shares Net Assets (%) Value
------- -------------- -------------
COMMON STOCK -- 98.9%
Consumer Discretionary -- 10.3%
19,475 J.C. Penney Co., Inc. ....... 2.0 $ 559,127
11,975 Magna International, Inc.,
Class A ..................... 1.8 505,824
12,000 Omnicom Group, Inc. ......... 1.3 378,960
6,400 Whirlpool Corp. ............. 1.0 272,384
71,315 Other Securities ............ 4.2 1,213,546
-------------
2,929,841
-------------
Consumer Staples -- 9.1%
22,300 Altria Group, Inc. .......... 1.3 365,497
12,275 Avon Products, Inc. ......... 1.1 316,450
12,875 Kraft Foods, Inc., Class A .. 1.1 326,252
4,800 Procter & Gamble Co. ........ 0.9 245,280
29,975 Sara Lee Corp. .............. 1.0 292,556
7,200 Wal-Mart Stores, Inc. ....... 1.3 348,768
36,441 Other Securities ............ 2.4 706,108
-------------
2,600,911
-------------
Energy -- 12.6%
3,525 Apache Corp. ................ 0.9 254,329
17,550 BJ Services Co. ............. 0.9 239,206
6,875 BP PLC ADR .................. 1.2 327,800
8,200 Chevron Corp. ............... 1.9 543,250
7,631 ConocoPhillips .............. 1.1 320,960
12,300 Exxon Mobil Corp. ........... 3.0 859,893
56,527 Other Securities ............ 3.6 1,044,190
-------------
3,589,628
-------------
Financials -- 23.8%
18,950 Allstate Corp. (The) ........ 1.6 462,380
30,525 Bank of America Corp. ....... 1.4 402,930
15,100 Bank of New York Mellon
Corp. (The) ................. 1.6 442,581
10,450 Capital One Financial
Corp. ....................... 0.8 228,646
13,675 JPMorgan Chase & Co. ........ 1.6 466,454
7,650 MetLife, Inc. ............... 0.8 229,576
20,625 Morgan Stanley .............. 2.1 588,019
6,104 PNC Financial Services
Group, Inc. ................. 0.8 236,896
Percentage of
Shares Net Assets (%) Value
------- -------------- -------------
Financials (continued)
12,194 State Street Corp. .......... 2.0 $ 575,557
13,325 Torchmark Corp. ............. 1.7 493,558
23,850 UBS AG ...................... 1.0 291,209
203,053 Other Securities ............ 8.4 2,365,478
-------------
6,783,284
-------------
Health Care -- 13.0%
14,625 AmerisourceBergen Corp.,
Class A ..................... 0.9 259,447
12,650 Cardinal Health, Inc. ....... 1.4 386,458
13,250 Johnson & Johnson ........... 2.7 752,600
38,300 Pfizer, Inc. ................ 2.0 574,500
10,600 WellPoint, Inc.+ ............ 1.9 539,434
5,875 Zimmer Holdings, Inc.+ ...... 0.9 250,275
44,776 Other Securities ............ 3.2 929,806
-------------
3,692,520
-------------
Industrials -- 8.3%
8,825 Boeing Co. .................. 1.3 375,063
4,300 General Dynamics Corp. ...... 0.8 238,177
21,500 General Electric Co. ........ 0.9 251,980
4,400 L-3 Communications
Holdings, Inc., Class 3 ..... 1.1 305,272
11,100 Northrop Grumman Corp. ...... 1.8 507,048
40,503 Other Securities ............ 2.4 679,661
-------------
2,357,201
-------------
Information Technology -- 12.3%
151,700 Alcatel-Lucent ADR .......... 1.3 376,216
23,075 CA, Inc. .................... 1.4 402,197
26,025 Dell, Inc.+ ................. 1.3 357,323
2,800 International Business
Machines Corp. .............. 1.0 292,376
10,125 Lam Research Corp.+ ......... 0.9 263,250
14,098 Microsoft Corp. ............. 1.2 335,110
64,200 Motorola, Inc. .............. 1.5 425,646
17,275 Tyco Electronics, Ltd.+ ..... 1.1 321,142
84,996 Other Securities ............ 2.6 734,473
-------------
3,507,733
-------------
See Notes to Financial Statements.
26
WILSHIRE MUTUAL FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO JUNE 30, 2009
CONDENSED SCHEDULE OF INVESTMENTS - (CONTINUED) (UNAUDITED)
Percentage of
Shares Net Assets (%) Value
------- -------------- -------------
Materials -- 3.7%
18,400 Temple-Inland, Inc. ......... 0.9 $ 241,408
35,250 Other Securities ............ 2.8 815,494
-------------
1,056,902
-------------
Telecommunication Services -- 2.7%
19,500 AT&T, Inc. .................. 1.7 484,380
30,500 Other Securities ............ 1.0 274,907
-------------
759,287
-------------
Utilities -- 3.1%
6,650 Sempra Energy ............... 1.2 330,039
21,925 Other Securities ............ 1.9 542,910
-------------
872,949
-------------
Total Common Stock
(Cost $30,832,583) 28,150,256
-------------
CASH EQUIVALENT -- 1.1%
321,991 PNC Institutional Money
Market Trust, 0.05% (A) ..... 1.1 321,991
-------------
Total Cash Equivalent
(Cost $321,991) 321,991
-------------
Total Investments -- 100.0%
(Cost $31,154,574) 28,472,247
Other Assets & Liabilities, Net -- 0.0% (1,681)
-------------
NET ASSETS -- 100.0% $ 28,470,566
=============
(A) Rate shown is the 7-day effective yield as of June 30, 2009.
+ Non-income producing security.
ADR - American Depositary Receipt
The Condensed Schedule of Investments does not reflect the complete
portfolio holdings. It includes the Portfolio's 50 largest holdings and each
investment of any issuer that exceeds 1% of the Portfolio's net assets.
"Other Securities" represent all issues not required to be disclosed under
the rules adopted by the U.S. Securities and Exchange Commission ("SEC").
The complete schedule of portfolio holdings is available (i) without charge,
upon request, by calling (800) 607-2200; (ii) on the SEC's website at
http://www.sec.gov; and (iii) on our website at www.wilfunds.com.
See Notes to Financial Statements.
27
WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO JUNE 30, 2009
CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)
Percentage of
Shares Net Assets (%) Value
------- -------------- -------------
COMMON STOCK -- 98.8%
Consumer Discretionary -- 16.7%
5,563 99 Cents Only Stores+ ....... 1.4 $ 75,546
1,150 Aeropostale, Inc.+ .......... 0.7 39,411
4,851 Chico's FAS, Inc.+ .......... 0.8 47,200
1,608 Group 1 Automotive, Inc. .... 0.8 41,840
1,195 Gymboree Corp.+ ............. 0.8 42,399
1,300 J. Crew Group, Inc.+ ........ 0.6 35,126
261 Strayer Education, Inc. ..... 1.0 56,926
50,502 Other Securities ............ 10.6 582,914
-------------
921,362
-------------
Consumer Staples -- 3.4%
1,690 TreeHouse Foods, Inc.+ ...... 0.9 48,621
17,624 Other Securities ............ 2.5 141,029
-------------
189,650
-------------
Energy -- 6.6%
1,380 Arena Resources, Inc.+ ...... 0.8 43,953
445 Core Laboratories NV ........ 0.7 38,782
1,760 Goodrich Petroleum Corp.+ ... 0.8 43,278
3,518 Rosetta Resources, Inc.+ .... 0.6 30,782
800 World Fuel Services Corp. ... 0.6 32,984
14,466 Other Securities ............ 3.1 171,480
-------------
361,259
-------------
Financials -- 6.5%
790 BOK Financial Corp. ......... 0.6 29,759
1,500 Signature Bank+ ............. 0.7 40,680
1,380 SVB Financial Group+ ........ 0.7 37,564
3,178 Texas Capital
Bancshares, Inc.+ ........... 0.9 49,164
13,294 Other Securities ............ 3.6 198,377
-------------
355,544
-------------
Health Care -- 19.8%
1,050 Alexion Pharmaceuticals,
Inc.+ ....................... 0.8 43,176
1,205 athenahealth, Inc.+ ......... 0.8 44,597
1,345 HMS Holdings Corp.+ ......... 1.0 54,768
Percentage of
Shares Net Assets (%) Value
------- -------------- -------------
Health Care (continued)
2,250 Immucor, Inc.+ .............. 0.6 $ 30,960
1,425 Martek Biosciences Corp. .... 0.5 30,139
1,650 Meridian Bioscience, Inc. ... 0.7 37,257
1,342 OSI Pharmaceuticals, Inc.+ .. 0.7 37,885
1,550 SXC Health Solutions
Corp.+ ...................... 0.7 39,401
49,245 Other Securities ............ 14.0 771,798
-------------
1,089,981
-------------
Industrials -- 12.2%
2,437 BE Aerospace, Inc.+ ......... 0.6 34,995
1,430 Bucyrus International, Inc.,
Class A ..................... 0.7 40,841
575 Clean Harbors, Inc.+ ........ 0.6 31,044
2,180 EnerSys+ .................... 0.7 39,654
1,105 Old Dominion Freight
Line, Inc.+ ................. 0.7 37,095
1,135 Triumph Group, Inc. ......... 0.8 45,400
1,003 Wabtec Corp. ................ 0.6 32,267
31,698 Other Securities ............ 7.5 413,328
-------------
674,624
-------------
Information Technology -- 27.8%
3,740 Ariba, Inc.+ ................ 0.7 36,802
1,800 Concur Technologies, Inc.+ .. 1.0 55,944
1,945 DG FastChannel, Inc.+ ....... 0.7 35,594
570 Equinix, Inc.+ .............. 0.7 41,462
2,001 FLIR Systems, Inc.+ ......... 0.8 45,143
7,579 Heartland Payment
Systems, Inc. ............... 1.3 72,531
1,760 Informatica Corp.+ .......... 0.5 30,254
1,730 Macrovision Solutions
Corp.+ ...................... 0.7 37,731
2,903 Monolithic Power
Systems, Inc.+ .............. 1.2 65,056
1,380 Netlogic Microsystems, Inc.+ 0.9 50,315
4,508 Rackspace Hosting, Inc.+ .... 1.1 62,481
7,358 Skyworks Solutions, Inc.+ ... 1.3 71,961
1,200 Solera Holdings, Inc.+ ...... 0.6 30,480
1,515 Starent Networks Corp.+ ..... 0.7 36,981
See Notes to Financial Statements.
28
WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO JUNE 30, 2009
CONDENSED SCHEDULE OF INVESTMENTS - (CONTINUED) (UNAUDITED)
Percentage of
Shares Net Assets (%) Value
------- -------------- -------------
Information Technology (continued)
946 Synaptics, Inc.+ ............ 0.7 $ 36,563
80,122 Other Securities ............ 14.9 823,130
-------------
1,532,428
-------------
Materials -- 4.0%
670 Schnitzer Steel Industries,
Inc., Class A ............... 0.6 35,416
4,500 WR Grace & Co.+ ............. 1.0 55,665
8,578 Other Securities ............ 2.4 130,217
-------------
221,298
-------------
Telecommunication Services -- 1.3%
6,842 Other Securities ............ 1.3 69,045
-------------
69,045
-------------
Utilities -- 0.5%
856 Other Securities ............ 0.5 24,873
-------------
24,873
-------------
Total Common Stock
(Cost $5,264,476) 5,440,064
-------------
CASH EQUIVALENT -- 0.9%
51,215 PNC Institutional Money
Market Trust, 0.05% (A) ..... 0.9 51,215
-------------
Total Cash Equivalent
(Cost $51,215) 51,215
-------------
PREFERRED STOCK -- 0.1%
Health Care -- 0.1%
28 Other Securities ............ 0.1 6,241
-------------
Total Preferred Stock
(Cost $3,870) 6,241
-------------
Total Investments -- 99.8%
(Cost $5,319,561) 5,497,520
Other Assets & Liabilities, Net -- 0.2% 13,368
-------------
NET ASSETS -- 100.0% $ 5,510,888
=============
(A) Rate shown is the 7-day effective yield as of June 30, 2009.
+ Non-income producing security.
The Condensed Schedule of Investments does not reflect the complete
portfolio holdings. It includes the Portfolio's 50 largest holdings and each
investment of any issuer that exceeds 1% of the Portfolio's net assets.
"Other Securities" represent all issues not required to be disclosed under
the rules adopted by the U. S. Securities and Exchange Commission ("SEC").
The complete schedule of portfolio holdings is available (i) without charge,
upon request, by calling (800) 607-2200; (ii) on the SEC's website at
http://www. sec. gov; and (iii) on our website at www. wilfunds. com.
See Notes to Financial Statements.
29
WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO JUNE 30, 2009
CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)
Percentage of
Shares Net Assets (%) Value
------- -------------- -------------
COMMON STOCK -- 98.1%(+)
Consumer Discretionary -- 12.4%
5,400 Cato Corp. (The), Class A ... 1.2 $ 94,176
3,200 Charlotte Russe
Holding, Inc.+ .............. 0.5 41,216
8,500 Dillard's, Inc., Class A .... 1.0 78,200
4,050 Hooker Furniture Corp. ...... 0.6 46,494
22,100 Standard Pacific Corp.+ ..... 0.6 44,863
99,428 Other Securities ............ 8.5 667,460
-------------
972,409
-------------
Consumer Staples -- 2.8%
3,250 Casey's General
Stores, Inc. ................ 1.1 83,493
6,600 Elizabeth Arden, Inc.+ ...... 0.7 57,618
5,100 Other Securities ............ 1.0 79,734
-------------
220,845
-------------
Energy -- 5.8%
7,300 Acergy SA ADR ............... 0.9 71,832
6,975 Approach Resources, Inc.+ ... 0.6 48,128
2,200 Bill Barrett Corp.+ ......... 0.8 60,412
3,000 St. Mary Land &
Exploration Co. ............. 0.8 62,610
1,500 World Fuel Services Corp. ... 0.8 61,845
39,790 Other Securities ............ 1.9 146,724
-------------
451,551
-------------
Financials -- 30.2%
3,200 Aspen Insurance
Holdings, Ltd. .............. 0.9 71,488
2,500 Assurant, Inc. .............. 0.8 60,225
2,100 Delphi Financial Group,
Inc., Class A ............... 0.5 40,803
4,757 Equity One, Inc. ............ 0.8 63,078
5,700 Extra Space Storage, Inc. ... 0.6 47,595
5,100 Forestar Group, Inc.+ ....... 0.8 60,588
1,250 Hanover Insurance Group,
Inc. (The) .................. 0.6 47,638
8,500 Inland Real Estate Corp. .... 0.8 59,500
Percentage of
Shares Net Assets (%) Value
------- -------------- -------------
Financials (continued)
2,600 Knight Capital Group, Inc.,
Class A+ .................... 0.6 $ 44,330
2,865 LTC Properties, Inc. ........ 0.8 58,589
4,355 Old National Bancorp ........ 0.5 42,766
3,200 PacWest Bancorp ............. 0.5 42,112
1,622 Prosperity Bancshares, Inc. . 0.6 48,384
2,100 StanCorp Financial
Group, Inc. ................. 0.8 60,228
2,850 Texas Capital
Bancshares, Inc.+ ........... 0.6 44,090
3,200 Tower Group, Inc. ........... 1.0 79,296
7,500 Trustco Bank Corp. .......... 0.6 44,325
134,586 Other Securities ............ 18.4 1,443,148
-------------
2,358,183
-------------
Health Care -- 5.1%
1,300 Magellan Health
Services, Inc.+ ............. 0.6 42,666
3,450 Sepracor, Inc.+ ............. 0.8 59,754
25,177 Other Securities ............ 3.7 292,818
-------------
395,238
-------------
Industrials -- 13.7%
3,800 Albany International Corp.,
Class A ..................... 0.6 43,244
3,350 Belden, Inc. ................ 0.7 55,945
1,750 CIRCOR International, Inc. .. 0.5 41,317
8,800 Griffon Corp.+ .............. 0.9 73,216
2,700 Marten Transport, Ltd.+ ..... 0.7 56,052
3,100 Mine Safety Appliances Co. .. 1.0 74,710
2,600 RBC Bearings, Inc.+ ......... 0.7 53,170
60,821 Other Securities ............ 8.6 675,963
-------------
1,073,617
-------------
Information Technology -- 15.3%
7,569 Actel Corp.+ ................ 1.0 81,215
6,300 Avocent Corp.+ .............. 1.1 87,948
8,000 Brocade Communications
Systems, Inc.+ .............. 0.8 62,560
10,700 Insight Enterprises, Inc.+ .. 1.3 103,362
See Notes to Financial Statements.
30
WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO JUNE 30, 2009
CONDENSED SCHEDULE OF INVESTMENTS - (CONTINUED) (UNAUDITED)
Percentage of
Shares Net Assets (%) Value
------- -------------- -------------
Information Technology (continued)
3,736 Standard Microsystems
Corp.+ ...................... 1.0 $ 76,401
8,000 THQ, Inc.+ .................. 0.8 57,280
6,700 TIBCO Software, Inc.+ ....... 0.6 48,039
116,444 Other Securities ............ 8.7 678,627
-------------
1,195,432
-------------
Materials -- 6.6%
8,650 Wausau Paper Corp. .......... 0.7 58,128
54,328 Other Securities ............ 5.9 454,445
-------------
512,573
-------------
Telecommunication Services -- 0.8%
6,820 Other Securities ............ 0.8 62,717
-------------
62,717
-------------
Utilities -- 5.4%
1,374 Northwest Natural
Gas Co. ..................... 0.8 60,896
3,050 NorthWestern Corp. .......... 0.9 69,418
3,000 Piedmont Natural
Gas Co., Inc. ............... 0.9 72,330
9,017 Other Securities ............ 2.8 219,603
-------------
422,247
-------------
Total Common Stock
(Cost $9,059,648) 7,664,812
-------------
CASH EQUIVALENT -- 1.2%
91,869 PNC Institutional Money
Market Trust, 0.05% (A) ..... 1.2 91,869
-------------
Total Cash Equivalent
(Cost $91,869) 91,869
-------------
RIGHTS -- 0.0%
1,500 Other Securities ............ 0.0 3,180
-------------
Total Rights
(Cost $0) 3,180
-------------
Percentage of
Shares Net Assets (%) Value
------- -------------- -------------
PRIVATE COMPANY -- 0.0%
6 Teton Advisors, Inc. (B) .... 0.0 $ 2
-------------
Total Private Company
(Cost $251) 2
-------------
Total Investments -- 99.3%
(Cost $9,151,768) 7,759,863
Other Assets & Liabilities, Net -- 0.7% 53,781
-------------
NET ASSETS -- 100.0% $ 7,813,644
=============
+ More narrow industries are utilized for compliance purposes, whereas broad
sectors are utilized for reporting purposes.
(A) Rate shown is the 7-day effective yield as of June 30, 2009.
(B) Security fair valued using methods determined in good faith by the Pricing
Committee. As of June 30, 2009 the total market value of this security was
$2 representing 0.0% of net assets.
+ Non-income producing security.
ADR - American Depositary Receipt
The Condensed Schedule of Investments does not reflect the complete
portfolio holdings. It includes the Portfolio's 50 largest holdings and
each investment of any issuer that exceeds 1% of the Portfolio's net
assets. "Other Securities" represent all issues not required to be
disclosed under the rules adopted by the U. S. Securities and Exchange
Commission ("SEC"). The complete schedule of portfolio holdings is
available (i) without charge, upon request, by calling (800) 607-2200; (ii)
on the SEC's website at http://www. sec. gov; and (iii) on our website at
www.wilfunds.com.
See Notes to Financial Statements.
31
WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE 5000 INDEX(SM) FUND JUNE 30, 2009
CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)
Percentage of
Shares Net Assets (%) Value
------- -------------- -------------
COMMON STOCK -- 99.4%
Consumer Discretionary -- 9.9%
49,183 Comcast Corp. Special,
Class A ..................... 0.4 $ 712,662
28,950 Home Depot, Inc. (The) ...... 0.4 684,089
19,000 McDonald's Corp. ............ 0.7 1,092,310
29,620 Walt Disney Co. (The) ....... 0.4 691,035
808,189 Other Securities (B) ........ 8.0 13,409,686
-------------
16,589,782
-------------
Consumer Staples -- 10.4%
36,320 Coca-Cola Co. (The) ......... 1.0 1,742,997
8,180 Colgate-Palmolive Co. ....... 0.4 578,653
24,442 CVS/Caremark Corp. .......... 0.5 778,967
22,571 Kraft Foods, Inc., Class A .. 0.4 571,949
26,740 PepsiCo, Inc. ............... 0.9 1,469,630
34,525 Philip Morris
International, Inc. ......... 0.9 1,505,981
50,052 Procter & Gamble Co. ........ 1.5 2,557,657
41,595 Wal-Mart Stores, Inc. ....... 1.2 2,014,862
250,042 Other Securities ............ 3.6 6,111,313
-------------
17,332,009
-------------
Energy -- 11.6%
34,199 Chevron Corp. ............... 1.4 2,265,684
23,501 ConocoPhillips .............. 0.6 988,452
84,300 Exxon Mobil Corp. ........... 3.5 5,893,413
13,810 Occidental Petroleum Corp. .. 0.6 908,836
20,300 Schlumberger, Ltd. .......... 0.7 1,098,433
396,352 Other Securities ............ 4.8 8,203,058
-------------
19,357,876
-------------
Financials -- 14.3%
109,248 Bank of America Corp. ....... 0.9 1,442,074
624 Berkshire Hathaway, Inc.,
Class B+ .................... 1.1 1,806,936
7,320 Goldman Sachs
Group, Inc. (The) ........... 0.7 1,079,261
63,659 JPMorgan Chase & Co. ........ 1.3 2,171,408
Percentage of
Shares Net Assets (%) Value
------- -------------- -------------
Financials (continued)
76,223 Wells Fargo & Co. ........... 1.1 $ 1,849,170
978,249 Other Securities ............ 9.2 15,605,212
-------------
23,954,061
-------------
Health Care -- 13.8%
26,300 Abbott Laboratories ......... 0.8 1,237,152
18,102 Amgen, Inc.+ ................ 0.6 958,320
33,550 Bristol-Myers Squibb Co. .... 0.4 681,401
16,495 Eli Lilly & Co. ............. 0.4 571,387
15,500 Gilead Sciences, Inc.+ ...... 0.5 726,020
47,185 Johnson & Johnson ........... 1.6 2,680,108
19,168 Medtronic, Inc. ............. 0.4 668,772
36,058 Merck & Co., Inc. ........... 0.6 1,008,182
115,061 Pfizer, Inc. ................ 1.1 1,725,915
27,625 Schering-Plough Corp. ....... 0.4 693,940
22,750 Wyeth ....................... 0.6 1,032,623
421,717 Other Securities ............ 6.4 11,045,798
-------------
23,029,618
-------------
Industrials -- 10.2%
10,300 3M Co. ...................... 0.4 619,030
180,246 General Electric Co. ........ 1.3 2,112,483
14,944 United Technologies Corp. ... 0.5 776,490
532,371 Other Securities ............ 8.0 13,580,488
-------------
17,088,491
-------------
Information Technology -- 18.3%
15,200 Apple, Inc.+ ................ 1.3 2,164,936
100,523 Cisco Systems, Inc.+ ........ 1.1 1,873,749
3,750 Google, Inc., Class A+ ...... 1.0 1,580,962
41,077 Hewlett-Packard Co. ......... 1.0 1,587,626
94,966 Intel Corp. ................. 1.0 1,571,687
23,170 International Business
Machines Corp. .............. 1.5 2,419,411
135,040 Microsoft Corp. ............. 1.9 3,209,901
66,130 Oracle Corp. ................ 0.9 1,416,505
28,025 QUALCOMM, Inc. .............. 0.8 1,266,730
900,147 Other Securities ............ 7.8 13,588,063
-------------
30,679,570
-------------
See Notes to Financial Statements.
32
WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE 5000 INDEX(SM) FUND JUNE 30, 2009
CONDENSED SCHEDULE OF INVESTMENTS - (CONTINUED) (UNAUDITED)
Percentage of
Shares Net Assets (%) Value
------- -------------- -------------
Materials -- 3.7%
9,230 Monsanto Co. ................ 0.4 $ 686,158
245,083 Other Securities ............ 3.3 5,566,157
-------------
6,252,315
-------------
Telecommunication Services -- 3.2%
101,424 AT&T, Inc. .................. 1.5 2,519,372
48,859 Verizon Communications,
Inc. ........................ 0.9 1,501,437
146,771 Other Securities ............ 0.8 1,296,346
-------------
5,317,155
-------------
Utilities -- 4.0%
11,224 Exelon Corp. ................ 0.4 574,781
239,926 Other Securities ............ 3.6 6,064,320
-------------
6,639,101
-------------
Total Common Stock
(Cost $158,553,725) 166,239,978
-------------
CASH EQUIVALENT -- 0.6%
1,033,345 PNC Institutional Money
Market Trust, 0.05% (A) ..... 0.6 1,033,345
-------------
Total Cash Equivalent
(Cost $1,033,345) 1,033,345
-------------
PREFERRED STOCK -- 0.0%
Health Care -- 0.0%
4 Other Securities ............ 0.0 892
-------------
Total Preferred Stock
(Cost $1,118) 892
-------------
RIGHTS -- 0.0%
1,100 Other Securities ............ 0.0 667
-------------
Total Rights
(Cost $900) 667
-------------
Total Investments -- 100.0%
(Cost $159,589,088) 167,274,882
Other Assets & Liabilities, Net -- 0.0% 1,460
-------------
NET ASSETS -- 100.0% $ 167,276,342
=============
(A) Rate shown is the 7-day effective yield as of June 30, 2009.
(B) Included in "Other Securities" are fair valued securities with a value of
$14. Security fair valued using methods determined in good faith by the
Pricing Committee. As of June 30, 2009 the total market value of this
security was $14 representing 0.0% of net assets.
+ Non-income producing security.
The Condensed Schedule of Investments does not reflect the complete
portfolio holdings. It includes the Portfolio's 50 largest holdings and
each investment of any issuer that exceeds 1% of the Portfolio's net
assets. "Other Securities" represent all issues not required to be
disclosed under the rules adopted by the U. S. Securities and Exchange
Commission ("SEC"). The complete schedule of portfolio holdings is
available (i) without charge, upon request, by calling (800) 607-2200; (ii)
on the SEC's website at http://www. sec. gov; and (iii) on our website at
www.wilfunds.com.
See Notes to Financial Statements.
33
WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE LARGE CAP CORE 130/30 FUND JUNE 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
Shares Value
------ -----
COMMON STOCK -- 126.4%
Consumer Discretionary -- 16.8%
8,300 Advance Auto Parts, Inc. ................ $ 344,367
4,300 Aeropostale, Inc.+ ...................... 147,361
4,850 Amazon.com, Inc.+ ....................... 405,751
3,550 Apollo Group, Inc.,
Class A+ ................................ 252,476
1,500 Autozone, Inc.+ ......................... 226,665
2,800 Barnes & Noble, Inc. .................... 57,764
1,800 Best Buy Co., Inc. ...................... 60,282
2,450 Big Lots, Inc.+ ......................... 51,524
1,750 Bob Evans Farms, Inc. ................... 50,295
4,300 Brinker International, Inc. ............. 73,229
3,550 Career Education Corp.+ ................. 88,359
3,550 CBS Corp., Class B ...................... 24,566
11,700 Coach, Inc. ............................. 314,496
19,100 Comcast Corp. Special,
Class A ................................. 276,759
6,650 Darden Restaurants, Inc. ................ 219,317
400 DeVry, Inc. ............................. 20,016
1,300 DIRECTV Group,
Inc. (The)+ ............................. 32,123
10,600 Discovery Communications,
Inc., Class A+ .......................... 239,030
8,070 DISH Network Corp.,
Class A+ ................................ 130,815
5,900 Dollar Tree, Inc.+ ...................... 248,390
3,200 DreamWorks Animation
SKG, Inc., Class A+ ..................... 88,288
1,770 Expedia, Inc.+ .......................... 26,745
5,700 Family Dollar Stores, Inc. .............. 161,310
2,050 GameStop Corp.,
Class A+ ................................ 45,120
3,850 Gannett Co., Inc. ....................... 13,744
5,950 Gap, Inc. (The) ......................... 97,580
950 H&R Block, Inc. ......................... 16,369
3,680 Hasbro, Inc. ............................ 89,203
1,350 Hillenbrand, Inc. ....................... 22,464
4,300 Home Depot, Inc. (The) .................. 101,609
950 Kohl's Corp.+ ........................... 40,612
Shares Value
------ -----
Consumer Discretionary (continued)
5,650 Lennar Corp., Class A ................... $ 54,749
13,550 Lowe's Cos., Inc. ....................... 263,006
5,400 Ltd. Brands, Inc. ....................... 64,638
11,700 Macy's, Inc. ............................ 137,592
400 Mattel, Inc. ............................ 6,420
9,100 McDonald's Corp. ........................ 523,159
400 Meredith Corp. .......................... 10,220
2,750 Newell Rubbermaid, Inc. ................. 28,627
7,350 News Corp., Class A ..................... 66,958
2,650 NIKE, Inc., Class B ..................... 137,217
5,400 Office Depot, Inc.+ ..................... 24,624
1,700 Omnicom Group, Inc. ..................... 53,686
2,400 priceline.com, Inc.+ .................... 267,720
6,450 RadioShack Corp. ........................ 90,042
2,100 Rent-A-Center, Inc.,
Class A+ ................................ 37,443
700 Ross Stores, Inc. ....................... 27,020
1,250 Sherwin-Williams
Co. (The) ............................... 67,188
1,400 Snap-On, Inc. ........................... 40,236
1,350 Target Corp. ............................ 53,284
1,050 Tiffany & Co. ........................... 26,628
1,200 Time Warner Cable,
Inc., Class A ........................... 38,004
2,850 Time Warner, Inc. ....................... 71,792
11,770 TJX Cos., Inc. .......................... 370,284
3,050 Viacom, Inc., Class B+ .................. 69,235
17,200 Virgin Media Inc. ....................... 160,820
23,650 Walt Disney Co. (The) ................... 551,754
210 Washington Post Co.,
Class B ................................. 73,958
3,050 Wyndham Worldwide Corp. ................. 36,966
15,090 Yum! Brands, Inc. ....................... 503,101
-----------
7,823,000
-----------
Consumer Staples -- 13.0%
1,750 Alberto-Culver Co.,
Class B ................................. 44,503
8,400 Altria Group, Inc. ...................... 137,676
2,050 Archer-Daniels-Midland Co. .............. 54,878
See Notes to Financial Statements.
34
WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE LARGE CAP CORE 130/30 FUND JUNE 30, 2009
SCHEDULE OF INVESTMENTS - (CONTINUED) (UNAUDITED)
Shares Value
------ -----
Consumer Staples (continued)
3,200 Avon Products, Inc. ..................... $ 82,496
1,800 Campbell Soup Co. ....................... 52,956
6,700 Coca-Cola Co. (The) ..................... 321,533
3,050 Coca-Cola Enterprises, Inc. ............. 50,783
2,610 Colgate-Palmolive Co. ................... 184,631
4,850 ConAgra Foods, Inc. ..................... 92,441
2,650 Constellation Brands, Inc.,
Class A+ ................................ 33,602
1,350 Costco Wholesale Corp. .................. 61,695
16,200 CVS/Caremark Corp. ...................... 516,294
3,200 Del Monte Foods Co. ..................... 30,016
3,550 Dr. Pepper Snapple
Group, Inc.+ ............................ 75,225
3,400 Estee Lauder Cos., Inc.
(The), Class A .......................... 111,078
1,350 General Mills, Inc. ..................... 75,627
4,300 Hansen Natural Corp.+ ................... 132,526
1,550 Hormel Foods Corp. ...................... 53,537
210 Kellogg Co. ............................. 9,780
4,100 Kimberly-Clark Corp. .................... 214,963
6,750 Kraft Foods, Inc., Class A .............. 171,045
950 Lancaster Colony Corp. .................. 41,867
2,000 Lorillard, Inc. ......................... 135,540
10,050 Molson Coors Brewing Co.,
Class B ................................. 425,416
6,000 Pepsi Bottling Group, Inc. .............. 203,040
5,450 PepsiCo, Inc. ........................... 299,532
11,100 Philip Morris
International, Inc. ..................... 484,182
9,700 Procter & Gamble Co. .................... 495,670
1,900 Ralcorp Holdings, Inc.+ ................. 115,748
950 Reynolds American, Inc. ................. 36,689
17,750 Safeway, Inc. ........................... 361,567
3,450 Sara Lee Corp. .......................... 33,672
2,600 SUPERVALU, Inc. ......................... 33,670
2,050 SYSCO Corp. ............................. 46,084
12,450 Tyson Foods, Inc.,
Class A ................................. 156,994
1,150 Universal Corp. ......................... 38,077
2,100 Walgreen Co. ............................ 61,740
Shares Value
------ -----
Consumer Staples (continued)
10,650 Wal-Mart Stores, Inc. ................... $ 515,886
3,550 Whole Foods Market, Inc. ................ 67,379
-----------
6,060,038
-----------
Energy -- 13.3%
7,650 Anadarko Petroleum
Corp. ................................... 347,233
900 Apache Corp. ............................ 64,935
2,450 Atwood Oceanics, Inc.+ .................. 61,029
2,600 Cameron International
Corp.+ .................................. 73,580
10,900 Chevron Corp. ........................... 722,125
1,100 Cimarex Energy Co. ...................... 31,174
6,550 ConocoPhillips .......................... 275,493
800 Consol Energy, Inc. ..................... 27,168
4,045 Devon Energy Corp. ...................... 220,452
1,400 Diamond Offshore
Drilling, Inc. .......................... 116,270
550 ENSCO International, Inc. ............... 19,179
750 EOG Resources, Inc. ..................... 50,940
23,150 Exxon Mobil Corp. ....................... 1,618,417
2,800 Halliburton Co. ......................... 57,960
8,950 Marathon Oil Corp. ...................... 269,664
1,050 Murphy Oil Corp. ........................ 57,036
1,300 National Oilwell
Varco, Inc.+ ............................ 42,458
8,680 Occidental Petroleum Corp. .............. 571,231
2,900 Oil States International, Inc.+ ......... 70,209
1,150 Overseas Shipholding .................... 39,146
6,400 PetroHawk Energy Corp.+ ................. 142,720
4,900 Petroleo Brasileiro
SA ADR .................................. 200,802
1,350 Pioneer Natural
Resources Co. ........................... 34,425
2,200 Plains Exploration &
Production Co.+ ......................... 60,192
1,500 Pride International, Inc.+ .............. 37,590
2,950 Rowan, Inc. ............................. 56,994
1,900 Sandridge Energy+ ....................... 16,188
2,650 Schlumberger, Ltd. ...................... 143,391
See Notes to Financial Statements.
35
WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE LARGE CAP CORE 130/30 FUND JUNE 30, 2009
SCHEDULE OF INVESTMENTS - (CONTINUED) (UNAUDITED)
Shares Value
------ -----
Energy (continued)
800 SEACOR Holdings, Inc.+ .................. $ 60,192
3,200 Southern Union Co. ...................... 58,848
7,550 Southwestern Energy Co.+ ................ 293,318
1,100 Sunoco, Inc. ............................ 25,520
3,650 Tesoro Corp. ............................ 46,464
800 Tidewater, Inc. ......................... 34,296
2,400 Transocean, Ltd.+ ....................... 178,296
2,600 Valero Energy Corp. ..................... 43,914
-----------
6,168,849
-----------
Financials -- 15.9%
2,450 Aflac, Inc. ............................. 76,171
1,550 Allstate Corp. (The) .................... 37,820
2,600 American Express Co. .................... 60,424
7,050 Ameriprise Financial, Inc. .............. 171,103
22,750 Annaly Capital
Management, Inc. ........................ 344,435
1,600 AON Corp. ............................... 60,592
1,000 Arch Capital Group, Ltd.+ ............... 58,580
6,050 Astoria Financial Corp. ................. 51,909
27,400 Bank of America Corp. ................... 361,680
2,850 Bank of New York Mellon
Corp. (The) ............................. 83,534
2,000 BB&T Corp. .............................. 43,960
750 Capital One Financial Corp. ............. 16,410
3,050 Charles Schwab Corp. (The) .............. 53,497
2,450 Chubb Corp. ............................. 97,706
13,450 Citigroup, Inc. ......................... 39,947
150 CME Group, Inc., Class A ................ 46,667
1,900 Cousins Properties, Inc. ................ 16,150
2,900 Developers Diversified
Realty Corp. ............................ 14,152
9,150 Discover Financial Services ............. 93,970
900 Everest Re Group, Ltd. .................. 64,413
2,750 Fidelity National Financial,
Inc., Class A ........................... 37,207
2,000 First American Corp. .................... 51,820
800 Franklin Resources, Inc. ................ 57,608
1,650 Genworth Financial, Inc.,
Class A 11,533
Shares Value
------ -----
Financials (continued)
3,560 Goldman Sachs Group,
Inc. (The) .............................. $ 524,886
6,000 Host Hotels & Resorts, Inc. ............. 50,340
400 IntercontinentalExchange,
Inc.+ ................................... 45,696
700 Jefferies Group, Inc. ................... 14,931
23,700 JPMorgan Chase & Co. .................... 808,407
2,900 Keycorp ................................. 15,196
3,650 Lincoln National Corp. .................. 62,817
1,950 Loews Corp. ............................. 53,430
3,300 Marshall & Ilsley Corp. ................. 15,840
1,850 MetLife, Inc. ........................... 55,518
12,550 Morgan Stanley .......................... 357,801
1,750 MSCI, Inc., Class A+ .................... 42,770
3,800 NASDAQ OMX Group, Inc.+ ................. 80,978
14,000 New York Community
Bancorp, Inc. ........................... 149,660
1,350 NYSE Euronext ........................... 36,787
3,200 OneBeacon Insurance
Group, Ltd., Class A .................... 37,408
2,000 PartnerRe, Ltd. ......................... 129,900
2,350 People's United
Financial, Inc. ......................... 35,344
2,500 PNC Financial Services
Group, Inc. ............................. 97,025
8,300 Principal Financial
Group, Inc. ............................. 156,372
1,500 Progressive Corp. (The) ................. 22,665
1,550 Prudential Financial, Inc. .............. 57,691
13,300 Regions Financial Corp. ................. 53,732
800 Reinsurance Group of
America, Inc., Class A .................. 27,928
956 Simon Property Group, Inc. .............. 49,167
3,650 SL Green Realty Corp. ................... 83,731
1,450 State Street Corp. ...................... 68,440
21,650 TD Ameritrade
Holding Corp.+ .......................... 379,741
10,900 Travelers Cos., Inc. (The) .............. 447,336
9,250 U.S. Bancorp ............................ 165,760
7,150 Unum Group .............................. 113,399
See Notes to Financial Statements.
36
WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE LARGE CAP CORE 130/30 FUND JUNE 30, 2009
SCHEDULE OF INVESTMENTS - (CONTINUED) (UNAUDITED)
Shares Value
------ -----
Financials (continued)
1,350 Washington Federal, Inc. ................ $ 17,550
26,600 Wells Fargo & Co. ....................... 645,316
150 Wesco Financial Corp. ................... 43,650
1,250 Westamerica Bancorporation .............. 62,013
15,700 Willis Group Holdings, Ltd. ............. 403,961
1,200 Wilmington Trust Corp. .................. 16,392
1,050 XL Capital, Ltd., Class A ............... 12,033
-----------
7,392,899
-----------
Health Care -- 14.9%
9,850 Abbott Laboratories ..................... 463,344
600 Abraxis Bioscience, Inc.+ ............... 22,116
1,800 Aetna, Inc. ............................. 45,090
4,150 Amgen, Inc.+ ............................ 219,701
1,900 Baxter International, Inc. .............. 100,624
2,700 Beckman Coulter, Inc. ................... 154,278
1,000 Biogen Idec, Inc.+ ...................... 45,150
33,100 Boston Scientific Corp.+ ................ 335,634
3,950 Bristol-Myers Squibb Co. ................ 80,224
1,250 Cardinal Health, Inc. ................... 38,187
1,050 Celgene Corp.+ .......................... 50,232
850 Cerner Corp.+ ........................... 52,947
1,650 Cigna Corp. ............................. 39,749
600 Cooper Cos., Inc. (The) ................. 14,838
1,900 Coventry Health Care, Inc.+ ............. 35,549
3,100 Eli Lilly & Co. ......................... 107,384
550 Express Scripts, Inc.,
Class A+ ................................ 37,813
11,300 Forest Laboratories, Inc.+ .............. 283,743
550 Genzyme Corp.+ .......................... 30,618
10,800 Gilead Sciences, Inc.+ .................. 505,872
5,150 Health Net, Inc.+ ....................... 80,083
2,000 Hill-Rom Holdings, Inc. ................. 32,440
3,700 Hospira, Inc.+ .......................... 142,524
650 Humana, Inc.+ ........................... 20,969
19,500 Johnson & Johnson ....................... 1,107,600
2,650 Kindred Healthcare, Inc.+ ............... 32,780
8,250 King Pharmaceuticals, Inc.+ ............. 79,448
2,600 Laboratory Corp. of
America Holdings+ ....................... 176,254
Shares Value
------ -----
Health Care (continued)
950 McKesson Corp. .......................... $ 41,800
3,000 Medtronic, Inc. ......................... 104,670
5,400 Merck & Co., Inc. ....................... 150,984
33,300 Mylan, Inc.+ ............................ 434,565
2,200 Omnicare, Inc. .......................... 56,672
59,100 Pfizer, Inc. ............................ 886,500
3,400 Quest Diagnostics, Inc. ................. 191,862
2,900 Schering-Plough Corp. ................... 72,848
2,250 St. Jude Medical, Inc.+ ................. 92,475
850 Stryker Corp. ........................... 33,779
1,050 Thermo Fisher
Scientific, Inc.+ ....................... 42,808
3,650 UnitedHealth Group, Inc. ................ 91,177
1,900 Varian Medical
Systems, Inc.+ .......................... 66,766
1,800 Watson Pharmaceuticals,
Inc.+ ................................... 60,642
2,450 WellCare Health Plans, Inc.+ ............ 45,301
1,150 WellPoint, Inc.+ ........................ 58,523
2,700 Wyeth ................................... 122,553
1,050 Zimmer Holdings, Inc.+ .................. 44,730
-----------
6,933,846
-----------
Industrials -- 14.8%
1,300 3M Co. .................................. 78,130
1,050 Brink's Co. (The) ....................... 30,481
600 Burlington Northern
Santa Fe Corp. .......................... 44,124
1,900 Caterpillar, Inc. ....................... 62,776
1,000 CH Robinson
Worldwide, Inc. ......................... 52,150
100 Cintas Corp. ............................ 2,284
700 Cooper Industries, Ltd.,
Class A ................................. 21,735
1,050 CSX Corp. ............................... 36,362
3,400 Cummins, Inc. ........................... 119,714
750 Danaher Corp. ........................... 46,305
8,150 Deere & Co. ............................. 325,593
1,450 Deluxe Corp. ............................ 18,574
8,200 Dover Corp. ............................. 271,338
See Notes to Financial Statements.
37
WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE LARGE CAP CORE 130/30 FUND JUNE 30, 2009
SCHEDULE OF INVESTMENTS - (CONTINUED) (UNAUDITED)
- -
Shares Value
------ -----
Industrials (continued)
1,300 Dun & Bradstreet Corp. .................. $ 105,573
2,100 Emerson Electric Co. .................... 68,040
5,400 Equifax, Inc. ........................... 140,940
1,700 Expeditors International
of Washington, Inc. ..................... 56,678
1,000 FedEx Corp. ............................. 55,620
400 First Solar, Inc.+ ...................... 64,848
900 Flowserve Corp. ......................... 62,829
1,950 Fluor Corp. ............................. 100,015
650 FTI Consulting, Inc.+ ................... 32,968
1,950 Gardner Denver, Inc.+ ................... 49,082
7,400 General Dynamics Corp. .................. 409,886
39,150 General Electric Co. .................... 458,838
5,100 Goodrich Corp. .......................... 254,847
2,550 Hertz Global Holdings, Inc.+ ............ 20,374
1,400 Honeywell
International, Inc. ..................... 43,960
1,700 Illinois Tool Works, Inc. ............... 63,478
3,050 Ingersoll-Rand PLC, Class A ............. 63,745
1,150 ITT Corp. ............................... 51,175
1,950 Jacobs Engineering
Group, Inc.+ ............................ 82,076
4,000 Joy Global, Inc. ........................ 142,880
3,550 Kelly Services, Inc.,
Class A ................................. 38,873
5,150 L-3 Communications
Holdings, Inc., Class 3 ................. 357,307
1,950 Lockheed Martin Corp. ................... 157,267
1,400 Manitowoc Co., Inc. (The) ............... 7,364
800 Masco Corp. ............................. 7,664
1,400 Navistar International Corp.+ ........... 61,040
6,550 Norfolk Southern Corp. .................. 246,738
1,200 Northrop Grumman Corp. .................. 54,816
1,000 Parker Hannifin Corp. ................... 42,960
1,950 Precision Castparts Corp. ............... 142,409
4,200 Raytheon Co. ............................ 186,606
14,700 Republic Services,
Inc., Class A ........................... 358,827
1,350 Rockwell Collins, Inc. .................. 56,335
12,250 Southwest Airlines Co. .................. 82,442
Shares Value
------ -----
Industrials (continued)
1,200 Spirit Aerosystems Holdings,
Inc., Class A+ .......................... $ 16,488
1,100 SPX Corp. ............................... 53,867
1,550 Trinity Industries, Inc. ................ 21,111
8,500 Union Pacific Corp. ..................... 442,510
2,450 United Parcel Service,
Inc., Class B ........................... 122,476
6,000 United Technologies Corp. ............... 311,760
7,800 URS Corp.+ .............................. 386,256
1,250 Wabtec Corp. ............................ 40,212
1,750 Waste Management, Inc. .................. 49,280
1,050 Watson Wyatt Worldwide,
Inc., Class A ........................... 39,407
3,200 Werner Enterprises, Inc. ................ 57,984
1,500 WW Grainger, Inc. ....................... 122,820
-----------
6,902,237
-----------
Information Technology -- 24.5%
10,100 3Com Corp.+ ............................. 47,571
1,650 Adobe Systems, Inc.+ .................... 46,695
7,900 Advanced Micro
Devices, Inc.+ .......................... 30,573
2,450 Altera Corp. ............................ 39,886
7,000 Amdocs, Ltd.+ ........................... 150,150
950 Analog Devices, Inc. .................... 23,541
3,080 Apple, Inc.+ ............................ 438,684
3,100 Arris Group, Inc.+ ...................... 37,696
2,400 Arrow Electronics, Inc.+ ................ 50,976
550 Autodesk, Inc.+ ......................... 10,439
2,550 Automatic Data
Processing, Inc. ........................ 90,372
3,100 Avnet, Inc.+ ............................ 65,193
4,450 Avocent Corp.+ .......................... 62,122
11,900 BMC Software, Inc.+ ..................... 402,101
2,100 Broadcom Corp., Class A+ ................ 52,059
2,050 Broadridge Financial
Solutions, Inc. ......................... 33,989
16,250 CA, Inc. ................................ 283,238
8,800 Cadence Design
Systems, Inc.+ .......................... 51,920
See Notes to Financial Statements.
38
WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE LARGE CAP CORE 130/30 FUND JUNE 30, 2009
SCHEDULE OF INVESTMENTS - (CONTINUED) (UNAUDITED)
Shares Value
------ -----
Information Technology (continued)
23,850 Cisco Systems, Inc.+ .................... $ 444,564
6,000 Computer Sciences Corp.+ ................ 265,800
2,050 Compuware Corp.+ ........................ 14,063
5,050 Convergys Corp.+ ........................ 46,864
3,650 Corning, Inc. ........................... 58,619
5,900 Dell, Inc.+ ............................. 81,007
1,350 Dolby Laboratories,
Inc., Class A+ .......................... 50,328
3,000 eBay, Inc.+ ............................. 51,390
6,400 EMC Corp.+ .............................. 83,840
500 Factset Research
Systems, Inc. ........................... 24,935
19,150 Fidelity National Information
Services, Inc. .......................... 382,234
600 FLIR Systems, Inc.+ ..................... 13,536
960 Google, Inc., Class A+ .................. 404,726
8,100 Harris Corp. ............................ 229,716
1,564 Harris Stratex Networks,
Inc., Class A+ .......................... 10,135
5,000 Hewitt Associates,
Inc., Class A+ .......................... 148,900
23,150 Hewlett-Packard Co. ..................... 894,748
2,200 Ingram Micro, Inc., Class A+ ............ 38,500
5,580 Integrated Device
Technology, Inc.+ ....................... 33,703
24,000 Intel Corp. ............................. 397,200
10,650 International Business
Machines Corp. .......................... 1,112,073
1,900 Intersil Corp., Class A ................. 23,883
3,300 Jabil Circuit, Inc. ..................... 24,486
1,800 Juniper Networks, Inc.+ ................. 42,480
3,400 Kla-Tencor Corp. ........................ 85,850
3,400 Lam Research Corp.+ ..................... 88,400
1,650 Lexmark International,
Inc., Class A+ .......................... 26,152
15,650 LSI Corp.+ .............................. 71,364
15,800 Marvell Technology
Group, Ltd.+ ............................ 183,912
2,300 Mastercard, Inc., Class A ............... 384,813
550 McAfee, Inc.+ ........................... 23,204
Shares Value
------ -----
Information Technology (continued)
10,950 Micron Technology, Inc.+ ................ $ 55,407
28,500 Microsoft Corp. ......................... 677,445
2,750 Molex, Inc. ............................. 42,762
5,100 Motorola, Inc. .......................... 33,813
1,300 NetApp, Inc.+ ........................... 25,636
2,200 Netease.com ADR+ ........................ 77,396
16,900 Novell, Inc.+ ........................... 76,557
800 Novellus Systems, Inc.+ ................. 13,360
1,700 Nvidia Corp.+ ........................... 19,193
8,600 ON Semiconductor Corp.+ ................. 58,996
39,950 Oracle Corp. ............................ 855,729
14,450 QUALCOMM, Inc. .......................... 653,140
2,450 Red Hat, Inc.+ .......................... 49,319
6,200 SAIC, Inc.+ ............................. 115,010
1,400 Salesforce.com, Inc.+ ................... 53,438
4,100 Seagate Technology ...................... 42,886
16,500 Symantec Corp.+ ......................... 256,740
3,900 Tellabs, Inc.+ .......................... 22,347
1,050 Teradata Corp.+ ......................... 24,602
1,600 Teradyne, Inc.+ ......................... 10,976
8,600 Texas Instruments, Inc. ................. 183,180
700 Visa, Inc., Class A ..................... 43,582
3,900 Vishay Intertechnology, Inc.+ ........... 26,481
8,300 Western Digital Corp.+ .................. 219,950
3,600 Western Union Co. (The) ................. 59,040
3,100 Yahoo!, Inc.+ ........................... 48,546
-----------
11,404,161
-----------
Materials -- 5.8%
6,500 Agrium, Inc. ............................ 259,285
650 Air Products &
Chemicals, Inc. ......................... 41,984
850 AK Steel Holding Corp. .................. 16,312
550 Ball Corp. .............................. 24,838
7,500 Celanese Corp.,
Ser A, Class A .......................... 178,125
9,400 Crown Holdings, Inc.+ ................... 226,916
13,650 Dow Chemical Co. (The) .................. 220,311
1,650 EI Du Pont de
Nemours & Co. ........................... 42,273
See Notes to Financial Statements.
39
WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE LARGE CAP CORE 130/30 FUND JUNE 30, 2009
SCHEDULE OF INVESTMENTS - (CONTINUED) (UNAUDITED)
Shares Value
------ -----
Materials (continued)
1,250 FMC Corp. ............................... $ 59,125
4,950 Freeport-McMoRan
Copper & Gold, Inc. ..................... 248,044
1,050 Greif, Inc., Class A .................... 46,431
1,200 International Flavors &
Fragrances, Inc. ........................ 39,264
3,550 International Paper Co. ................. 53,711
2,700 Monsanto Co. ............................ 200,718
7,400 Newmont Mining Corp. .................... 302,438
650 Nucor Corp. ............................. 28,879
2,200 Pactiv Corp.+ ........................... 47,740
3,100 PPG Industries, Inc. .................... 136,090
3,000 Praxair, Inc. ........................... 213,210
1,500 Randgold Resources,
Ltd. ADR ................................ 96,255
1,850 Reliance Steel &
Aluminum Co. ............................ 71,022
1,450 RPM International, Inc. ................. 20,358
1,900 Sealed Air Corp. ........................ 35,055
1,300 Sigma-Aldrich Corp. ..................... 64,428
850 United States Steel Corp. ............... 30,379
-----------
2,703,191
-----------
Telecommunication Services -- 3.3%
33,802 AT&T, Inc. .............................. 839,642
7,650 CenturyTel, Inc. ........................ 234,855
9,350 Sprint Nextel Corp.+ .................... 44,973
300 Telephone & Data
Systems, Inc. ........................... 8,490
700 United States Cellular Corp.+ ........... 26,915
13,000 Verizon Communications,
Inc. .................................... 399,490
-----------
1,554,365
-----------
Utilities -- 4.1%
1,350 American Electric
Power Co., Inc. ......................... 39,002
3,900 CMS Energy Corp. ........................ 47,112
950 Consolidated Edison, Inc. ............... 35,549
1,700 Constellation Energy
Group, Inc. ............................. 45,186
Shares Value
------ -----
Utilities (continued)
3,300 DTE Energy Co. .......................... $ 105,600
9,200 Duke Energy Corp. ....................... 134,228
6,000 Edison International .................... 188,760
1,400 Exelon Corp. ............................ 71,694
1,050 FirstEnergy Corp. ....................... 40,687
750 FPL Group, Inc. ......................... 42,645
1,950 IDACORP, Inc. ........................... 50,973
1,550 National Fuel Gas Co. ................... 55,924
1,500 Nicor, Inc. ............................. 51,930
2,700 Oneok, Inc. ............................. 79,623
12,350 PG&E Corp. .............................. 474,734
1,450 Pinnacle West Capital Corp. ............. 43,718
2,500 PPL Corp. ............................... 82,400
1,400 Progress Energy, Inc. ................... 52,962
1,900 Public Service Enterprise
Group, Inc. ............................. 61,997
1,400 Questar Corp. ........................... 43,484
1,700 Sempra Energy ........................... 84,371
1,750 Southern Co. ............................ 54,530
-----------
1,887,109
-----------
Total Common Stock
(Cost $55,049,650) 58,829,695
-----------
Maturity
Date Par
-------- ------
REPURCHASE AGREEMENT -- 0.1%
Ageement with JPMorgan,
0.020% dated 06/30/09 to
be repurchased on 07/01/09
at $61,964, collateralized by
$75,000 U.S. Treasury Inflation
Bonds, 1.375%, due 02/15/12
(market value $75,351)
(Cost $61,964) 07/01/09 $61,964 61,964
-----------
Total Investments -- 126.5%
(Cost $55,111,614) 58,891,659
Other Assets & Liabilities, Net -- (26.5)% (12,325,200)
-----------
NET ASSETS -- 100.0% $46,566,459
-----------
See Notes to Financial Statements.
40
WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE LARGE CAP CORE 130/30 FUND JUNE 30, 2009
SCHEDULE OF SECURITIES SOLD SHORT (UNAUDITED)
Shares Value
------ -----
SECURITIES SOLD SHORT -- (26.6)%
Consumer Discretionary -- (2.7)%
1,350 Abercrombie & Fitch Co.,
Class A ................................. $ 34,277
1,200 Burger King Holdings, Inc. .............. 20,724
1,900 Cablevision Systems Corp.,
Class A ................................. 36,879
850 Choice Hotels
International, Inc. ..................... 22,618
2,100 Darden Restaurants, Inc. ................ 69,258
800 DeVry, Inc. ............................. 40,032
2,200 Federal Mogul Corp.+ .................... 20,790
1,450 Fortune Brands, Inc. .................... 50,373
1,500 Garmin, Ltd. ............................ 35,730
4,400 Genuine Parts Co. ....................... 147,664
3,600 International Game
Technology .............................. 57,240
500 ITT Educational
Services, Inc.+ ......................... 50,330
1,900 Lamar Advertising Co.,
Class A+ ................................ 29,013
2,250 Liberty Media Corp. -
Entertainment, Ser A+ ................... 60,188
5,400 Mattel, Inc. ............................ 86,670
2,900 MDC Holdings, Inc. ...................... 87,319
1,200 Mohawk Industries, Inc.+ ................ 42,816
2,100 Nordstrom, Inc. ......................... 41,769
3,700 Regal Entertainment Group,
Class A ................................. 49,173
800 Scripps Networks Interactive,
Inc., Class A ........................... 22,264
1,000 Tiffany & Co. ........................... 25,360
1,350 Tim Hortons, Inc. ....................... 33,129
400 Time Warner, Inc. ....................... 10,076
2,900 Toll Brothers, Inc.+ .................... 49,213
1,100 Urban Outfitters, Inc.+ ................. 22,957
2,750 Warner Music Group Corp.+ ............... 16,087
2,200 Weight Watchers
International, Inc. ..................... 56,694
1,100 Wynn Resorts, Ltd.+ ..................... 38,830
-----------
1,257,473
-----------
Shares Value
------ -----
Consumer Staples -- (1.9)%
3,900 Alberto-Culver Co.,
Class B ................................. $ 99,177
2,450 Avon Products, Inc. ..................... 63,161
950 Brown-Forman Corp.,
Class B ................................. 40,831
1,000 Bunge, Ltd. ............................. 60,250
1,000 Clorox Co. .............................. 55,830
6,600 Constellation Brands, Inc.,
Class A+ ................................ 83,688
2,450 Corn Products International,
Inc. .................................... 65,636
3,880 Costco Wholesale Corp. .................. 177,316
2,250 Estee Lauder Cos., Inc. (The),
Class A ................................. 73,508
1,500 HJ Heinz Co. ............................ 53,550
1,200 Kellogg Co. ............................. 55,884
1,450 McCormick & Co., Inc. ................... 47,168
1,050 Ruddick Corp. ........................... 24,601
-----------
900,600
-----------
Energy -- (2.4)%
1,300 Apache Corp. ............................ 93,795
2,400 Baker Hughes, Inc. ...................... 87,456
1,900 Cabot Oil & Gas Corp. ................... 58,216
1,950 CNX Gas Corp.+ .......................... 51,226
3,350 Continental Resources, Inc.+ ............ 92,963
400 Devon Energy Corp. ...................... 21,800
900 FMC Technologies, Inc.+ ................. 33,822
1,000 Halliburton Co. ......................... 20,700
3,600 Hess Corp. .............................. 193,500
2,600 Murphy Oil Corp. ........................ 141,232
700 Oceaneering International,
Inc.+ ................................... 31,640
1,750 Range Resources Corp. ................... 72,467
9,300 Spectra Energy Corp. .................... 157,356
1,300 Tesoro Corp. ............................ 16,549
700 Ultra Petroleum Corp.+ .................. 27,300
-----------
1,100,022
-----------
See Notes to Financial Statements.
41
WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE LARGE CAP CORE 130/30 FUND JUNE 30, 2009
SCHEDULE OF SECURITIES SOLD SHORT - (CONTINUED) (UNAUDITED)
Shares Value
------ -----
Financials -- (3.6)%
1,200 Affiliated Managers
Group, Inc.+ ............................ $ 69,828
11,550 Arthur J. Gallagher & Co. ............... 246,477
4,250 Associated Banc-Corp .................... 53,125
1,750 BOK Financial Corp. ..................... 65,922
3,140 Capitol Federal Financial ............... 120,356
2,600 CB Richard Ellis Group,
Inc., Class A+ .......................... 24,336
2,400 Charles Schwab Corp. (The) .............. 42,096
1,300 Cincinnati Financial Corp. .............. 29,055
800 City National Corp. ..................... 29,464
2,450 Comerica, Inc. .......................... 51,818
2,200 Cullen/Frost Bankers, Inc. .............. 101,464
2,650 Eaton Vance Corp. ....................... 70,887
650 Health Care REIT, Inc. .................. 22,165
2,300 Kimco Realty Corp. ...................... 23,115
2,350 Legg Mason, Inc. ........................ 57,293
3,200 Leucadia National Corp. ................. 67,488
1,550 Mercury General Corp. ................... 51,817
2,200 Moody's Corp. ........................... 57,970
2,600 NASDAQ OMX Group, Inc.+ ................. 55,406
1,750 Omega Healthcare
Investors, Inc. ......................... 27,160
2,900 Regions Financial Corp. ................. 11,716
500 Simon Property Group, Inc. .............. 25,715
1,100 St. Joe Co. (The)+ ...................... 29,139
650 Student Loan Corp. (The) ................ 24,180
2,600 SunTrust Banks, Inc. .................... 42,770
2,600 T Rowe Price Group, Inc. ................ 108,342
2,450 Taubman Centers, Inc. ................... 65,807
1,000 TFS Financial Corp. ..................... 10,620
1,009 Vornado Realty Trust .................... 45,435
1,300 W.R. Berkley Corp. ...................... 27,911
-----------
1,658,877
-----------
Health Care -- (2.7)%
600 Alexion Pharmaceuticals,
Inc.+ ................................... 24,672
1,500 Allergan, Inc. .......................... 71,370
1,500 Beckman Coulter, Inc. ................... 85,710
Shares Value
------ -----
Health Care (continued)
3,600 Celgene Corp.+ .......................... $ 172,224
1,900 Cigna Corp. ............................. 45,771
900 Community Health Systems,
Inc.+ ................................... 22,725
550 DaVita, Inc.+ ........................... 27,203
3,300 DENTSPLY International,
Inc. .................................... 100,716
1,250 Henry Schein, Inc.+ ..................... 59,938
4,300 Hologic, Inc.+ .......................... 61,189
1,100 Idexx Laboratories, Inc.+ ............... 50,820
1,750 Illumina, Inc.+ ......................... 68,145
650 Intuitive Surgical, Inc.+ ............... 106,379
800 Laboratory Corp. of
America Holdings+ ....................... 54,232
1,000 Medtronic, Inc. ......................... 34,890
800 Millipore Corp.+ ........................ 56,168
900 Myriad Genetics, Inc.+ .................. 32,085
225 Myriad Pharmaceuticals,
Inc.+ ................................... 1,046
1,000 OSI Pharmaceuticals, Inc.+ .............. 28,230
5,000 Patterson Cos., Inc.+ ................... 108,500
1,400 Vertex Pharmaceuticals, Inc.+ ........... 49,896
-----------
1,261,909
-----------
Industrials -- (5.4)%
2,350 Alexander & Baldwin, Inc. ............... 55,084
4,740 Boeing Co. .............................. 201,450
1,150 Carlisle Cos., Inc. ..................... 27,646
5,944 Caterpillar, Inc. ....................... 196,390
400 CH Robinson Worldwide,
Inc. .................................... 20,860
2,150 Cintas Corp. ............................ 49,106
1,900 CLARCOR, Inc. ........................... 55,461
2,650 Con-way, Inc. ........................... 93,571
2,700 Covanta Holding Corp.+ .................. 45,792
950 Cummins, Inc. ........................... 33,450
3,500 Delta Air Lines, Inc.+ .................. 20,265
2,600 Eaton Corp. ............................. 115,986
400 Fluor Corp. ............................. 20,516
1,000 Graco, Inc. ............................. 22,020
See Notes to Financial Statements.
42
WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE LARGE CAP CORE 130/30 FUND JUNE 30, 2009
SCHEDULE OF SECURITIES SOLD SHORT - (CONTINUED) (UNAUDITED)
Shares Value
------ -----
Industrials (continued)
1,100 GrafTech International, Ltd.+ ........... $ 12,441
850 Harsco Corp. ............................ 24,055
2,900 Iron Mountain, Inc.+ .................... 83,375
300 ITT Corp. ............................... 13,350
1,050 JB Hunt Transport
Services, Inc. .......................... 32,056
2,700 Kansas City Southern+ ................... 43,497
7,400 Koninklijke Philips
Electronics NV .......................... 136,308
3,650 Landstar System, Inc. ................... 131,072
1,050 Lennox International, Inc. .............. 33,716
1,000 Lincoln Electric
Holdings, Inc. .......................... 36,040
650 Manpower, Inc. .......................... 27,521
6,600 Masco Corp. ............................. 63,228
1,750 Navigant Consulting, Inc.+ .............. 22,610
3,100 PACCAR, Inc. ............................ 100,780
1,750 Pall Corp. .............................. 46,480
1,050 Pentair, Inc. ........................... 26,901
3,500 Pitney Bowes, Inc. ...................... 76,755
2,400 Quanta Services, Inc.+ .................. 55,512
2,100 Republic Services, Inc.,
Class A ................................. 51,261
2,500 Robert Half International,
Inc. .................................... 59,050
2,950 Roper Industries, Inc. .................. 133,665
550 Ryder System, Inc. ...................... 15,356
700 Stericycle, Inc.+ ....................... 36,071
800 SunPower Corp., Class A+ ................ 21,312
1,950 Toro Co. ................................ 58,305
4,060 United Parcel Service, Inc.,
Class B ................................. 202,959
-----------
2,501,273
-----------
Information Technology -- (5.1)%
4,000 Agilent Technologies, Inc.+ ............. 81,240
800 ANSYS, Inc.+ ............................ 24,928
700 Apple, Inc.+ ............................ 99,701
17,800 Applied Materials, Inc. ................. 195,266
800 Citrix Systems, Inc.+ ................... 25,512
Shares Value
------ -----
Information Technology (continued)
18,200 Corning, Inc. ........................... $ 292,292
5,400 Electronic Arts, Inc.+ .................. 117,288
400 Equinix, Inc.+ .......................... 29,096
1,750 Fiserv, Inc.+ ........................... 79,975
2,000 FLIR Systems, Inc.+ ..................... 45,120
11,800 Intel Corp. ............................. 195,290
1,250 Itron, Inc.+ ............................ 68,838
3,100 Lam Research Corp.+ ..................... 80,600
6,500 Linear Technology Corp. ................. 151,775
600 Mastercard, Inc., Class A ............... 100,386
8,600 National Instruments Corp. .............. 194,016
9,700 Nvidia Corp.+ ........................... 109,513
3,400 Red Hat, Inc.+ .......................... 68,442
1,900 Salesforce.com, Inc.+ ................... 72,523
6,900 VeriSign, Inc.+ ......................... 127,512
400 Visa, Inc., Class A ..................... 24,904
900 VMware, Inc., Class A+ .................. 24,543
9,600 Yahoo!, Inc.+ ........................... 150,336
-----------
2,359,096
-----------
Materials -- (1.5)%
4,100 Alcoa, Inc. ............................. 42,353
450 Martin Marietta
Materials, Inc. ......................... 35,496
4,550 Nalco Holding Co. ....................... 76,622
2,600 Nucor Corp. ............................. 115,518
400 PPG Industries, Inc. .................... 17,560
1,050 Praxair, Inc. ........................... 74,624
1,200 Sensient Technologies
Corp. ................................... 27,084
800 Sigma-Aldrich Corp. ..................... 39,648
3,700 Southern Copper Corp. ................... 75,628
1,900 Steel Dynamics, Inc. .................... 27,987
1,200 Vulcan Materials Co. .................... 51,720
3,200 Weyerhaeuser Co. ........................ 97,376
2,200 Worthington Industries, Inc. ............ 28,138
-----------
709,754
-----------
See Notes to Financial Statements.
43
WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE LARGE CAP CORE 130/30 FUND JUNE 30, 2009
SCHEDULE OF SECURITIES SOLD SHORT - (CONTINUED) (UNAUDITED)
Shares Value
------ -----
Telecommunication Services -- (0.3)%
400 American Tower Corp.,
Class A+ ................................ $ 12,612
1,100 Leap Wireless International,
Inc.+ ................................... 36,223
2,100 MetroPCS Communications,
Inc.+ ................................... 27,951
3,250 SBA Communications
Corp., Class A+ ......................... 79,755
1,300 Windstream Corp. ........................ 10,868
-----------
167,409
-----------
Utilities -- (1.0)%
2,650 Allegheny Energy, Inc. .................. 67,973
2,450 Calpine Corp.+ .......................... 27,317
2,300 Equities CORP ........................... 80,293
1,000 NSTAR ................................... 32,110
1,900 PPL Corp. ............................... 62,624
3,000 SCANA Corp. ............................. 97,410
2,250 Vectren Corp. ........................... 52,717
1,000 Wisconsin Energy Corp. .................. 40,710
-----------
461,154
-----------
Securities Sold Short
(Proceeds $11,902,219) .............................. $12,377,567
-----------
+ Non-income producing security.
ADR - American Depositary Receipt
REIT - Real Estate Investment Trust
Ser - Series
See Notes to Financial Statements.
44
WILSHIRE MUTUAL FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2009 (UNAUDITED)
LARGE LARGE SMALL SMALL
COMPANY COMPANY COMPANY COMPANY
GROWTH VALUE GROWTH VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ----------- -----------
ASSETS:
Investments, at value (Note 2) ........... $201,284,354 $ 28,472,247 $ 5,497,520 $ 7,759,863
Cash -- -- -- --
Receivable for investment securities sold 1,176,912 223,303 62,961 42,562
Dividends and interest receivable ........ 148,037 36,148 1,725 10,426
Receivable for Portfolio shares sold ..... 70,059 9,437 -- 7,016
Dividend reclaim receivable .............. 5,467 -- -- --
Receivable from investment advisor -- -- 2,317 --
Prepaid expenses and other assets ........ 31,523 19,416 16,263 15,610
------------ ------------ ----------- -----------
Total Assets 202,716,352 28,760,551 5,580,786 7,835,477
------------ ------------ ----------- -----------
LIABILITIES:
Securities sold short, at value .......... -- -- -- --
Payable to Custodian ..................... 84,983 1,602 3,362 1,449
Payable for Portfolio shares redeemed .... 234,438 3,362 663 2,607
Payable for investment
securities purchased .................... 1,657,968 209,270 55,430 8,586
Investment advisory fees
payable (Note 3) ........................ 252,174 35,495 -- 3,712
Distribution fees payable (Note 4) ....... 68,950 14,030 2,885 3,484
Administration fees payable .............. 44,446 5,966 1,181 1,711
Directors' fees payable .................. 5,335 754 140 205
Chief compliance officer fees payable .... 463 73 120 79
Dividends on short sales ................. -- -- -- --
Accrued expenses and other payables ...... 175,302 19,433 6,117 --
------------ ------------ ----------- -----------
Total Liabilities ...................... 2,524,059 289,985 69,898 21,833
------------ ------------ ----------- -----------
NET ASSETS $200,192,293 $ 28,470,566 $ 5,510,888 $ 7,813,644
============ ============ =========== ===========
NET ASSETS consist of:
Undistributed net investment income/
accumulated net investment loss ......... $ 120,406 $ 152,818 $ (21,949) $ 48,599
Accumulated net realized loss
on investments sold and
securities sold short ................... (56,806,067) (20,109,335) (3,603,414) (5,169,222)
Net unrealized appreciation/
(depreciation) of investments
and securities sold short ............... 4,303,814 (2,682,327) 177,959 (1,391,905)
Paid-in capital .......................... 252,574,140 51,109,410 8,958,292 14,326,172
------------ ------------ ----------- -----------
NET ASSETS ............................... $200,192,293 $ 28,470,566 $ 5,510,888 $ 7,813,644
============ ============ =========== ===========
Investments, at cost (Note 2) ............ $196,980,540 $ 31,154,574 $ 5,319,561 $ 9,151,768
Proceeds from short sales (Note 2) ....... $ -- $ -- $ -- $ --
WILSHIRE
WILSHIRE LARGE CAP
5000 CORE
INDEX(SM) 130/30
FUND FUND
------------ ------------
ASSETS:
Investments, at value (Note 2) ........... $167,274,882 $ 58,891,659
Cash -- 356,456
Receivable for investment securities sold -- 750,196
Dividends and interest receivable ........ 212,045 87,649
Receivable for Portfolio shares sold ..... 46,419 107,497
Dividend reclaim receivable .............. -- --
Receivable from investment advisor -- --
Prepaid expenses and other assets ........ 40,032 15,925
------------ ------------
Total Assets 167,573,378 60,209,382
------------ ------------
LIABILITIES:
Securities sold short, at value .......... -- 12,377,567
Payable to Custodian ..................... 3,171 9,710
Payable for Portfolio shares redeemed .... 40,866 16,185
Payable for investment
securities purchased .................... -- 1,126,947
Investment advisory fees
payable (Note 3) ........................ 27,149 36,820
Distribution fees payable (Note 4) ....... 43,228 16,555
Administration fees payable .............. 33,976 10,170
Directors' fees payable .................. 3,636 2,242
Chief compliance officer fees payable .... 455 809
Dividends on short sales ................. -- 12,889
Accrued expenses and other payables ...... 144,555 33,029
------------ ------------
Total Liabilities ...................... 297,036 13,642,923
------------ ------------
NET ASSETS $167,276,342 $ 46,566,459
============ ============
NET ASSETS consist of:
Undistributed net investment income/
accumulated net investment loss ......... $ 1,499,720 $ 294,349
Accumulated net realized loss
on investments sold and
securities sold short ................... (60,327,756) (15,875,979)
Net unrealized appreciation/
(depreciation) of investments
and securities sold short ............... 7,685,794 3,304,697
Paid-in capital .......................... 218,418,584 58,843,392
------------ ------------
NET ASSETS ............................... $167,276,342 $ 46,566,459
============ ============
Investments, at cost (Note 2) ............ $159,589,088 $ 55,111,614
Proceeds from short sales (Note 2) ....... $ -- $(11,902,219)
See Notes to Financial Statements.
45
WILSHIRE MUTUAL FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES - (CONTINUED)
JUNE 30, 2009 (UNAUDITED)
LARGE LARGE SMALL SMALL
COMPANY COMPANY COMPANY COMPANY
GROWTH VALUE GROWTH VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ----------- ---------- ----------
NET ASSETS:
Investment Class shares .................. $117,623,970 $24,895,011 $5,372,424 $7,635,244
============ =========== ========== ==========
(50,000,000 shares authorized, per class,
per Portfolio, par value $.001
per share)+
Institutional Class shares ............... $ 82,568,323 $ 3,575,555 $ 138,464 $ 178,400
============ =========== ========== ==========
(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
============ =========== ========== ==========
(50,000,000 shares authorized, per class,
per Portfolio, par value $.001
per share)+
Horace Mann Class shares ................. N/A N/A N/A N/A
============ =========== ========== ==========
(50,000,000 shares authorized, per class,
per Portfolio, par value $.001
per share)+
SHARES OUTSTANDING:
Investment Class shares .................. 5,315,904 2,418,247 529,264 737,469
============ =========== ========== ==========
Institutional Class shares ............... 3,616,459 347,534 13,164 17,075
============ =========== ========== ==========
Qualified Class shares ................... N/A N/A N/A N/A
============ =========== ========== ==========
Horace Mann Class shares ................. N/A N/A N/A N/A
============ =========== ========== ==========
INVESTMENT CLASS SHARES:
Net asset value, offering and redemption
price per share ......................... $ 22.13 $ 10.29 $ 10.15 $ 10.35
============ =========== ========== ==========
INSTITUTIONAL CLASS SHARES:
Net asset value, offering and redemption
price per share ......................... $ 22.83 $ 10.29 $ 10.52 $ 10.45
============ =========== ========== ==========
QUALIFIED CLASS SHARES:
Net asset value, offering and redemption
price per share ......................... N/A N/A N/A N/A
============ =========== ========== ==========
HORACE MANN CLASS SHARES:
Net asset value, offering and redemption
price per share ......................... N/A N/A N/A N/A
============ =========== ========== ==========
WILSHIRE
WILSHIRE LARGE CAP
5000 CORE
INDEX(SM) 130/30
FUND FUND
------------ -----------
NET ASSETS:
Investment Class shares .................. $109,753,109 $29,395,666
============ ===========
(50,000,000 shares authorized, per class,
per Portfolio, par value $.001
per share)+
Institutional Class shares ............... $ 56,068,370 $17,170,793
============ ===========
(50,000,000 shares authorized, per class,
per Portfolio, par value $.001
per share)+
Qualified Class shares ................... $ 493,074 N/A
============ ===========
(50,000,000 shares authorized, per class,
per Portfolio, par value $.001
per share)+
Horace Mann Class shares ................. $ 961,789 N/A
============ ===========
(50,000,000 shares authorized, per class,
per Portfolio, par value $.001
per share)+
SHARES OUTSTANDING:
Investment Class shares .................. 13,834,599 4,801,897
============ ===========
Institutional Class shares ............... 7,068,086 2,789,658
============ ===========
Qualified Class shares ................... 62,238 N/A
============ ===========
Horace Mann Class shares ................. 121,478 N/A
============ ===========
INVESTMENT CLASS SHARES:
Net asset value, offering and redemption
price per share ......................... $ 7.93 $ 6.12
============ ===========
INSTITUTIONAL CLASS SHARES:
Net asset value, offering and redemption
price per share ......................... $ 7.93 $ 6.16
============ ===========
QUALIFIED CLASS SHARES:
Net asset value, offering and redemption
price per share ......................... $ 7.92 N/A
============ ===========
HORACE MANN CLASS SHARES:
Net asset value, offering and redemption
price per share ......................... $ 7.92 N/A
============ ===========
- ----------------
+ For the Wilshire Large Cap Core 130/30 Fund, (40,000,000 shares authorized,
per class, par value $.001 per share).
See Notes to Financial Statements.
46
WILSHIRE MUTUAL FUNDS, INC. STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2009 (UNAUDITED)
LARGE LARGE SMALL SMALL
COMPANY COMPANY COMPANY COMPANY
GROWTH VALUE GROWTH VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ----------- ---------- ----------
INVESTMENT INCOME:
Dividends ................................ $ 1,416,968 $ 349,363 $ 15,645 $ 76,725
Interest ................................. -- -- -- --
Foreign taxes withheld ................... (16,820) (465) (51) (19)
------------ ----------- ---------- ----------
Total Income ........................... $ 1,400,148 $ 348,898 $ 15,594 $ 76,706
------------ ----------- ---------- ----------
EXPENSES
Investment advisory fee (Note 3) ......... 714,415 97,149 13,337 21,213
Distribution (12b-1) fees (Note 4)
Investment Class ........................ 140,580 28,146 6,125 8,969
Qualified Class ......................... N/A N/A N/A N/A
Horace Mann Class ....................... N/A N/A N/A N/A
Service fees (Note 4)
Investment Class ........................ 83,426 4,043 2,793 3,914
Institutional Class ..................... 8,390 2,618 19 181
Qualified Class ......................... N/A N/A N/A N/A
Administration and Accounting fees
(Note 3) ............................... 63,318 8,646 1,628 2,428
Directors' fees and expenses (Note 3) .... 24,090 3,238 633 953
Chief compliance officer fees ............ (3,604) (420) 8 (86)
Transfer agent fees (Note 3) ............. 68,138 7,406 2,912 4,498
Professional fees ........................ 65,820 11,979 1,775 2,700
Printing fees ............................ 57,244 7,921 478 2,247
Registration and filing fees ............. 17,912 12,515 10,938 12,205
Custodian fees (Note 3) .................. 15,470 9,282 7,168 5,675
Short stock rebates (Note 2) ............. -- -- -- --
Dividend expense on securities sold short -- -- -- --
Interest expense ......................... -- -- -- --
Other .................................... 24,543 4,544 5,286 4,925
------------ ----------- ---------- ----------
Total Expenses ........................... 1,279,742 197,067 53,100 69,822
Fees waived and reimbursed by investment
adviser (Note 3) ........................ -- -- (15,557) (14,453)
------------ ----------- ---------- ----------
Net expenses ........................... 1,279,742 197,067 37,543 55,369
------------ ----------- ---------- ----------
Net Investment Income/(Loss) ............. 120,406 151,831 (21,949) 21,337
------------ ----------- ---------- ----------
NET REALIZED AND UNREALIZED GAIN/(LOSS)
ON INVESTMENTS AND SHORT SALES
(Notes 2 and 7)
Net realized gain/(loss) from:
Investments ............................ (22,353,858) (5,178,260) (998,759) (994,414)
Short sales ............................ -- -- -- --
Net change in unrealized appreciation/
(depreciation) on:
Investments ............................ 39,901,148 5,080,213 1,260,420 462,432
Short sales ............................ -- -- -- --
------------ ----------- ---------- ----------
NET REALIZED AND UNREALIZED GAIN/(LOSS)
ON INVESTMENTS AND SHORT SALES .......... 17,547,290 (98,047) 261,661 (531,982)
------------ ----------- ---------- ----------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ............... $ 17,667,696 $ 53,784 $ 239,712 $ (510,645)
============ =========== ========== ==========
WILSHIRE
WILSHIRE LARGE CAP
5000 CORE
INDEX(SM) 130/30
FUND FUND
------------ -----------
INVESTMENT INCOME:
Dividends ................................ $ 1,730,633 $ 596,983
Interest ................................. -- --
Foreign taxes withheld ................... (280) (11)
------------ -----------
Total Income ........................... $ 1,730,353 $ 596,972
------------ -----------
EXPENSES
Investment advisory fee (Note 3) ......... 71,838 233,146
Distribution (12b-1) fees (Note 4)
Investment Class ........................ 113,736 36,411
Qualified Class ......................... 538 N/A
Horace Mann Class ....................... 1,551 N/A
Service fees (Note 4)
Investment Class ........................ 42,456 12,729
Institutional Class ..................... 35,382 6,535
Qualified Class ......................... 328 N/A
Administration and Accounting fees
(Note 3) ............................... 48,253 16,108
Directors' fees and expenses (Note 3) .... 18,014 6,136
Chief compliance officer fees ............ (2,845) 549
Transfer agent fees (Note 3) ............. 44,509 7,416
Professional fees ........................ 47,184 29,550
Printing fees ............................ 29,983 14,711
Registration and filing fees ............. 24,631 13,161
Custodian fees (Note 3) .................. 27,041 15,521
Short stock rebates (Note 2) ............. -- 32,940
Dividend expense on securities sold short -- 4,831
Interest expense ......................... -- 13
Other .................................... 30,408 9,998
------------ -----------
Total Expenses ........................... 533,007 439,755
Fees waived and reimbursed by investment
adviser (Note 3) ........................ -- (74,300)
------------ -----------
Net expenses ........................... 533,007 365,455
------------ -----------
Net Investment Income/(Loss) ............. 1,197,346 231,517
------------ -----------
NET REALIZED AND UNREALIZED GAIN/(LOSS)
ON INVESTMENTS AND SHORT SALES
(Notes 2 and 7)
Net realized gain/(loss) from:
Investments ............................ (14,379,702) (8,830,102)
Short sales ............................ -- 420,905
Net change in unrealized appreciation/
(depreciation) on:
Investments ............................ 18,221,860 6,536,072
Short sales ............................ -- (1,160,530)
------------ -----------
NET REALIZED AND UNREALIZED GAIN/(LOSS)
ON INVESTMENTS AND SHORT SALES .......... 3,842,158 (3,033,655)
------------ -----------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ............... $ 5,039,504 $(2,802,138)
============ ===========
See Notes to Financial Statements.
47
WILSHIRE MUTUAL FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JUNE 30, 2009 (UNAUDITED)
LARGE LARGE SMALL SMALL
COMPANY COMPANY COMPANY COMPANY
GROWTH VALUE GROWTH VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ----------- ---------- ----------
Operations:
Net investment income/(loss) ............. $ 120,406 $ 151,831 $ (21,949) $ 21,337
Net realized loss on investments
and short sales ......................... (22,353,858) (5,178,260) (998,759) (994,414)
Net change in unrealized appreciation
on investments and short sales .......... 39,901,148 5,080,213 1,260,421 462,432
------------ ----------- ---------- ----------
Net increase/(decrease) in net assets
resulting from operations ............... 17,667,696 53,784 239,712 (510,645)
------------ ----------- ---------- ----------
Distributions to Shareholders From:
Net investment income:
Investment Class shares ................ -- -- -- --
Institutional Class shares ............. -- -- -- --
Qualified Class shares ................. N/A N/A N/A N/A
Horace Mann Class shares ............... N/A N/A N/A N/A
Net realized capital gains: ..............
Investment Class shares ................ -- -- -- --
Institutional Class shares ............. -- -- -- --
------------ ----------- ---------- ----------
Total distributions to shareholders ...... -- -- -- --
------------ ----------- ---------- ----------
Capital Stock Transactions (Dollars):
Investment Class shares:
Shares sold ............................ 4,437,004 1,298,254 129,721 521,883
Shares issued as reinvestment of
distributions ........................ -- -- -- --
Shares redeemed ........................ (16,004,660) (1,635,259) (265,547) (643,075)
------------ ----------- ---------- ----------
Total Investment Class shares ............ (11,567,656) (337,005) (135,826) (121,192)
------------ ----------- ---------- ----------
Institutional Class shares:
Shares sold ............................ 6,670,317 1,800,601 -- --
Shares issued as reinvestment of
distributions ........................ -- -- -- --
Shares redeemed ........................ (12,940,865) (2,574,086) (20,222) (206,316)
------------ ----------- ---------- ----------
Total Institutional Class shares ......... (6,270,548) (773,485) (20,222) (206,316)
------------ ----------- ---------- ----------
Qualified Class shares:
Shares sold ............................ N/A N/A N/A N/A
Shares issued as reinvestment of
distributions ........................ N/A N/A N/A N/A
Shares redeemed ........................ N/A N/A N/A N/A
------------ ----------- ---------- ----------
Total Qualified Class shares ............. N/A N/A N/A N/A
------------ ----------- ---------- ----------
Horace Mann Class shares:
Shares sold ............................ N/A N/A N/A N/A
Shares issued as reinvestment of
distributions ........................ N/A N/A N/A N/A
Shares redeemed ........................ N/A N/A N/A N/A
------------ ----------- ---------- ----------
Total Horace Mann Class shares ........... N/A N/A N/A N/A
------------ ----------- ---------- ----------
Net increase/(decrease) in net assets
from Capital Stock transactions ......... (17,838,204) (1,110,490) (156,048) (327,508)
------------ ----------- ---------- ----------
Net increase/(decrease) in net assets .... (170,508) (1,056,706) 83,664 (838,153)
------------ ----------- ---------- ----------
WILSHIRE
WILSHIRE LARGE CAP
5000 CORE
INDEX(SM) 130/30
FUND FUND
------------ ------------
Operations:
Net investment income/(loss) ............. $ 1,197,346 $ 231,517
Net realized loss on investments
and short sales ......................... (14,379,702) (8,409,197)
Net change in unrealized appreciation
on investments and short sales .......... 18,221,860 5,375,542
------------ ------------
Net increase/(decrease) in net assets
resulting from operations ............... 5,039,504 (2,802,138)
------------ ------------
Distributions to Shareholders From:
Net investment income:
Investment Class shares ................ -- --
Institutional Class shares ............. -- --
Qualified Class shares ................. -- N/A
Horace Mann Class shares ............... -- N/A
Net realized capital gains: ..............
Investment Class shares ................ -- --
Institutional Class shares ............. -- --
------------ ------------
Total distributions to shareholders ...... -- --
------------ ------------
Capital Stock Transactions (Dollars):
Investment Class shares:
Shares sold ............................ 34,481,949 125,380
Shares issued as reinvestment of
distributions ........................ -- --
Shares redeemed ........................ (25,882,881) (6,003,928)
------------ ------------
Total Investment Class shares ............ 8,599,068 (5,878,548)
------------ ------------
Institutional Class shares:
Shares sold ............................ 6,753,203 5,674,204
Shares issued as reinvestment of
distributions ........................ -- --
Shares redeemed ........................ (7,643,044) (11,399,955)
------------ ------------
Total Institutional Class shares ......... (889,841) (5,725,751)
------------ ------------
Qualified Class shares:
Shares sold ............................ 53,558 N/A
Shares issued as reinvestment of
distributions ........................ -- N/A
Shares redeemed ........................ (10,599) N/A
------------ ------------
Total Qualified Class shares ............. 42,959 N/A
------------ ------------
Horace Mann Class shares:
Shares sold ............................ 24,000 N/A
Shares issued as reinvestment of
distributions ........................ -- N/A
Shares redeemed ........................ (42,619) N/A
------------ ------------
Total Horace Mann Class shares ........... (18,619) N/A
------------ ------------
Net increase/(decrease) in net assets
from Capital Stock transactions ......... 7,733,567 (11,604,299)
------------ ------------
Net increase/(decrease) in net assets .... 12,773,071 (14,406,437)
------------ ------------
See Notes to Financial Statements
48
WILSHIRE MUTUAL FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS - (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 2009 (UNAUDITED)
LARGE LARGE SMALL SMALL
COMPANY COMPANY COMPANY COMPANY
GROWTH VALUE GROWTH VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ----------- ---------- ----------
NET ASSETS:
Beginning of period ...................... $200,362,801 $29,527,272 $5,427,224 $8,651,797
------------ ----------- ---------- ----------
End of period ............................ $200,192,293 $28,470,566 $5,510,888 $7,813,644
============ =========== ========== ==========
Undistributed net investment income/
(accumulated net investment loss)
at end of period ........................ $ 120,406 $ 152,818 $ (21,949) $ 48,599
============ =========== ========== ==========
Capital Share Transactions:
Investment Class shares:
Shares sold ............................ 219,616 142,175 14,314 54,096
Shares issued as reinvestment
of distributions ..................... -- -- -- --
Shares redeemed ........................ (802,257) (197,333) (28,861) (68,063)
------------ ----------- ---------- ----------
Net increase/(decrease) in Investment
Class shares outstanding ................ (582,641) (55,158) (14,547) (13,967)
============ =========== ========== ==========
Institutional Class shares:
Shares sold ............................ 320,088 187,647 -- --
Shares issued as reinvestment
of distributions ..................... -- -- -- --
Shares redeemed ........................ (645,003) (313,311) (2,222) (22,969)
------------ ----------- ---------- ----------
Net decrease in Institutional Class
shares outstanding ...................... (324,915) (125,664) (2,222) (22,969)
============ =========== ========== ==========
Qualified Class shares:
Shares sold ............................ N/A N/A N/A N/A
Shares issued as reinvestment
of distributions ..................... N/A N/A N/A N/A
Shares redeemed ........................ N/A N/A N/A N/A
------------ ----------- ---------- ----------
Net increase in Qualified Class
shares outstanding ...................... N/A N/A N/A N/A
============ =========== ========== ==========
Horace Mann Class shares:
Shares sold ............................ N/A N/A N/A N/A
Shares issued as reinvestment
of distributions ..................... N/A N/A N/A N/A
Shares redeemed ........................ N/A N/A N/A N/A
------------ ----------- ---------- ----------
Net decrease in Horace Mann Class
shares outstanding ...................... N/A N/A N/A N/A
============ =========== ========== ==========
WILSHIRE
WILSHIRE LARGE CAP
5000 INDEX(SM) CORE 130/30
FUND FUND
------------ -----------
NET ASSETS:
Beginning of period ...................... $154,503,271 $60,972,896
------------ -----------
End of period ............................ $167,276,342 $46,566,459
============ ===========
Undistributed net investment income/
(accumulated net investment loss)
at end of period ........................ $ 1,499,720 $ 294,349
============ ===========
Capital Share Transactions:
Investment Class shares:
Shares sold ............................ 4,675,685 20,841
Shares issued as reinvestment
of distributions ..................... -- --
Shares redeemed ........................ (3,616,427) (1,057,813)
------------ -----------
Net increase/(decrease) in Investment
Class shares outstanding ................ 1,059,258 (1,036,972)
============ ===========
Institutional Class shares:
Shares sold ............................ 981,408 946,561
Shares issued as reinvestment
of distributions ..................... -- --
Shares redeemed ........................ (1,100,298) (2,094,129)
------------ -----------
Net decrease in Institutional Class
shares outstanding ...................... (118,890) (1,147,568)
============ ===========
Qualified Class shares:
Shares sold ............................ 7,570 N/A
Shares issued as reinvestment
of distributions ..................... -- N/A
Shares redeemed ........................ (1,486) N/A
------------ -----------
Net increase in Qualified Class
shares outstanding ...................... 6,084 N/A
============ ===========
Horace Mann Class shares:
Shares sold ............................ 3,348 N/A
Shares issued as reinvestment
of distributions ..................... -- N/A
Shares redeemed ........................ (6,212) N/A
------------ -----------
Net decrease in Horace Mann Class
shares outstanding ...................... (2,864) N/A
============ ===========
See Notes to Financial Statements.
49
WILSHIRE MUTUAL FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2008
LARGE LARGE SMALL SMALL
COMPANY COMPANY COMPANY COMPANY
GROWTH VALUE GROWTH VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- ----------- ---------- ----------
Operations:
Net investment income/(loss) ............. $ (597,343) $ 547,825 $ (89,302) $ 122,751
------------- ----------- ---------- ----------
Net realized loss on investments
and short sales ......................... (31,996,345) (12,668,012) (2,547,382) (3,967,970)
Net change in unrealized depreciation on
investments and short sales ............. (139,455,725) (10,785,786) (2,928,141) (2,866,749)
------------- ----------- ---------- ----------
Net decrease in net assets resulting
from operations ......................... (172,049,413) (22,905,973) (5,564,825) (6,711,968)
------------- ----------- ---------- ----------
Distributions to Shareholders From:
Net investment income:
Investment Class shares ................ -- (515,500) -- (102,537)
Institutional Class shares ............. -- (41,978) -- (7,772)
Qualified Class shares ................. N/A N/A N/A N/A
Horace Mann Class shares ............... N/A N/A N/A N/A
Net realized capital gains:
Investment Class shares ................ (2,369,131) (1,036) (297,496) (1,756)
Institutional Class shares ............. (1,539,607) (77) (8,379) (93)
------------- ----------- ---------- ----------
Total distributions to shareholders ...... (3,908,738) (558,591) (305,875) (112,158)
------------- ----------- ---------- ----------
Capital Stock Transactions (Dollars):
Investment Class shares:
Shares sold ............................ 22,629,655 7,597,387 1,860,125 7,131,640
Shares issued as reinvestment
of distributions .................... 2,333,455 515,040 293,495 102,125
Shares redeemed ........................ (108,280,970) (19,615,682) (9,841,372) (14,643,287)
------------- ----------- ---------- ----------
Total Investment Class shares ............ (83,317,860) (11,503,255) (7,687,752) (7,409,522)
------------- ----------- ---------- ----------
Institutional Class shares:
Shares sold ............................ 29,394,027 3,815,890 16,912 917,960
Shares issued as reinvestment
of distributions ..................... 930,367 33,315 7,792 7,737
Shares redeemed ........................ (51,998,803) (5,137,589) (39,073) (5,321,680)
------------- ----------- ---------- ----------
Total Institutional Class shares ......... (21,674,409) (1,288,384) (14,369) (4,395,983)
------------- ----------- ---------- ----------
Qualified Class shares:
Shares sold ............................ N/A N/A N/A N/A
Shares issued as reinvestment
of distributions ...................... N/A N/A N/A N/A
Shares redeemed ........................ N/A N/A N/A N/A
------------- ----------- ---------- ----------
Total Qualified Class shares ............. N/A N/A N/A N/A
------------- ----------- ---------- ----------
Horace Mann Class shares:
Shares sold ............................ N/A N/A N/A N/A
Shares issued as reinvestment
of distributions ...................... N/A N/A N/A N/A
Shares redeemed ........................ N/A N/A N/A N/A
------------- ----------- ---------- ----------
Total Horace Mann Class shares ........... N/A N/A N/A N/A
------------- ----------- ---------- ----------
Net increase/(decrease) in net assets from
Capital Stock transactions .............. (104,992,269) (12,791,639) (7,702,121) (11,805,505)
------------- ----------- ---------- ----------
Net increase/(decrease) in net assets .... (280,950,420) (36,256,203) (13,572,821) (18,629,631)
------------- ----------- ---------- ----------
WILSHIRE
WILSHIRE LARGE CAP
5000 INDEX(SM) CORE 130/30
FUND FUND
-------------- -----------
Operations:
Net investment income/(loss) ............. $ 3,282,992 $ 86,431
------------ -----------
Net realized loss on investments
and short sales ......................... (24,772,375) (7,370,528)
Net change in unrealized depreciation on
investments and short sales ............. (72,312,417 (2,348,876)
------------ -----------
Net decrease in net assets resulting
from operations ......................... (93,801,800) (9,632,973)
------------ -----------
Distributions to Shareholders From:
Net investment income:
Investment Class shares ................ (1,803,750) (70,753)
Institutional Class shares ............. (1,173,679) (39,319)
Qualified Class shares ................. (7,559) N/A
Horace Mann Class shares ............... (15,141) N/A
Net realized capital gains:
Investment Class shares ................ -- --
Institutional Class shares ............. -- --
------------ -----------
Total distributions to shareholders ...... (3,000,129) (110,072)
------------ -----------
Capital Stock Transactions (Dollars):
Investment Class shares:
Shares sold ............................ 68,932,213 35,853,409
Shares issued as reinvestment
of distributions .................... 1,538,912 68,985
Shares redeemed ........................ (61,150,61 (5,219,679)
------------ -----------
Total Investment Class shares ............ 9,320,507 30,702,715
------------ -----------
Institutional Class shares:
Shares sold ............................ 6,136,012 34,968,875
Shares issued as reinvestment
of distributions ..................... 1,165,726 39,027
Shares redeemed ........................ (24,359,675) (15,061,495)
------------ -----------
Total Institutional Class shares ......... (17,057,937) 19,946,407
------------ -----------
Qualified Class shares:
Shares sold ............................ 93,085 N/A
Shares issued as reinvestment
of distributions ...................... 7,558 N/A
Shares redeemed ........................ (24,512) N/A
------------ -----------
Total Qualified Class shares ............. 76,131 N/A
------------ -----------
Horace Mann Class shares:
Shares sold ............................ 60,544 N/A
Shares issued as reinvestment
of distributions ...................... 15,141 N/A
Shares redeemed ........................ (120,901) N/A
------------ -----------
Total Horace Mann Class shares ........... (45,216) N/A
------------ -----------
Net increase/(decrease) in net assets from
Capital Stock transactions .............. (7,706,515) 50,649,122
------------ -----------
Net increase/(decrease) in net assets .... (104,508,444) 40,906,077
------------ -----------
See Notes to Financial Statements.
50
WILSHIRE MUTUAL FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS - (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2008
LARGE LARGE SMALL SMALL
COMPANY COMPANY COMPANY COMPANY
GROWTH VALUE GROWTH VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ----------- ----------- -----------
NET ASSETS:
Beginning of year ........................ $481,313,221 $65,783,475 $19,000,045 $27,281,428
============ =========== =========== ===========
End of year .............................. $200,362,801 $29,527,272 $ 5,427,224 $ 8,651,797
============ =========== =========== ===========
Undistributed net investment income
at end of period. ....................... $ -- $ 987 $ -- $ 27,262
============ =========== =========== ===========
Capital Share Transactions:
Investment Class shares:
Shares sold ............................ 757,688 550,618 126,702 492,316
Shares issued as reinvestment
of distributions ..................... 120,904 53,929 32,208 10,049
Shares redeemed ........................ (3,815,998) (1,405,009) (718,847) (1,062,361)
------------ ----------- ----------- -----------
Net increase/(decrease) in Investment
Class shares outstanding ................ (2,937,406) (800,462) (559,937) (559,996)
============ =========== =========== ===========
Institutional Class shares:
Shares sold ............................ 1,045,798 352,538 1,089 66,593
Shares issued as reinvestment
of distributions ..................... 46,799 3,492 828 755
Shares redeemed ........................ (1,813,137) (367,208) (3,568) (367,536)
------------ ----------- ----------- -----------
Net increase/(decrease) in
Institutional Class
shares outstanding ...................... (720,540) (11,178) (1,651) (300,188)
============ =========== =========== ===========
Qualified Class shares:
Shares sold ............................ N/A N/A N/A N/A
Shares issued as reinvestment
of distributions ..................... N/A N/A N/A N/A
Shares redeemed ........................ N/A N/A N/A N/A
------------ ----------- ----------- -----------
Net increase in Qualified Class shares
outstanding ............................. N/A N/A N/A N/A
============ =========== =========== ===========
Horace Mann Class shares:
Shares sold ............................ N/A N/A N/A N/A
Shares issued as reinvestment
of distributions ..................... N/A N/A N/A N/A
Shares redeemed ........................ N/A N/A N/A N/A
------------ ----------- ----------- -----------
Net decrease in Horace Mann Class shares
outstanding ............................. N/A N/A N/A N/A
============ =========== =========== ===========
WILSHIRE
WILSHIRE LARGE CAP
5000 INDEX(SM) CORE 130/30
FUND FUND
-------------- -----------
NET ASSETS:
Beginning of year ........................ $259,011,715 $20,066,819
============ ===========
End of year .............................. $154,503,271 $60,972,896
============ ===========
Undistributed net investment income
at end of period. ....................... $ 302,374 $ 62,832
============ ===========
Capital Share Transactions:
Investment Class shares:
Shares sold ............................ 8,004,845 5,702,402
Shares issued as reinvestment
of distributions ..................... 209,091 11,497
Shares redeemed ........................ (6,961,111) (585,989)
------------ -----------
Net increase/(decrease) in Investment
Class shares outstanding ................ 1,252,825 5,127,910
============ ===========
Institutional Class shares:
Shares sold ............................ 599,792 4,622,923
Shares issued as reinvestment
of distributions ..................... 158,602 6,472
Shares redeemed ........................ (2,732,627) (1,963,730)
------------ -----------
Net increase/(decrease) in
Institutional Class
shares outstanding ...................... (1,974,233) 2,665,665
============ ===========
Qualified Class shares:
Shares sold ............................ 8,517 N/A
Shares issued as reinvestment
of distributions ..................... 1,028 N/A
Shares redeemed ........................ (2,288) N/A
------------ -----------
Net increase in Qualified Class shares
outstanding ............................. 7,257 N/A
============ ===========
Horace Mann Class shares:
Shares sold ............................ 6,079 N/A
Shares issued as reinvestment
of distributions ..................... 2,063 N/A
Shares redeemed ........................ (12,458) N/A
------------ -----------
Net decrease in Horace Mann Class shares
outstanding ............................. (4,316) N/A
============ ===========
See Notes to Financial Statements.
51
WILSHIRE MUTUAL FUNDS, INC. STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2009 (UNAUDITED)
WILSHIRE
LARGE CAP
CORE 130/30
FUND
------------
INCREASE (DECREASE) IN CASH
Cash Flows From Operating Activities:
Net decrease in net assets from operations ........................................ $ (2,802,138)
Adjustment to reconcile net decrease in net assets from operations to net cash
provided by operating activities:
Purchase of investment securities ................................................. (55,146,086)
Proceeds from disposition of investment securities ................................ 59,097,788
Purchases to cover securities sold short .......................................... (19,894,961)
Proceeds from securities sold short ............................................... 18,855,847
Increase in investment securities sold receivable ................................. (673,056)
Increase in dividends and interest receivable ..................................... (22,479)
Decrease in reimbursement due from Advisor ........................................ 21,280
Decrease in prepaid expenses and other assets ..................................... 136
Increase in dividend expense on short positions ................................... 1,087
Increase in payable for investment securities purchased ........................... 992,174
Increase in investment advisory fees payable ...................................... 36,820
Increase in distribution fees payable ............................................. 8,420
Increase in administration fees payable ........................................... 8,525
Increase in chief compliance officer fees payable ................................. 219
Increase in directors fees and expenses payable ................................... 2,062
Increase in custodian fees payable ................................................ 9,710
Decrease in other accrued expenses and other payables ............................. (3,413)
Change in unrealized appreciation on investments and securities sold short ........ (5,375,542)
Realized loss on investments ...................................................... 8,409,197
------------
Net cash provided by operating activities ........................................ 3,525,590
------------
Cash Flows From Financing Activities:
Proceeds from shares sold ......................................................... 16,436,067
Payment on shares redeemed ........................................................ (19,856,918)
------------
Net cash flows used in financing activities ....................................... (3,420,851)
------------
Net increase in cash .............................................................. 104,739
Cash at beginning of period ....................................................... 251,717
------------
Cash at end of period ............................................................. $ 356,456
============
Supplemental disclosure of cash flow information:
Non cash financing activities not included herein consists of interest paid of $4,844.
See Notes to Financial Statements.
52
WILSHIRE MUTUAL FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INVESTMENT CLASS SHARES
-------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
06/30/2009 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
----------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning
of period ..................... $ 20.12 $ 35.34 $ 36.20 $ 34.49 $ 31.80 $ 29.83
-------- -------- -------- -------- -------- ---------
INCOME/(LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income/(loss)(1) 0.00 (0.09) (0.13) (0.06) (0.12) 0.04
Net realized and unrealized
gain/(loss) on investments .... 2.01 (14.73) 6.18 1.77 2.81 1.96
-------- -------- -------- -------- -------- ---------
Total from investment
operations .................... 2.01 (14.82) 6.05 1.71 2.69 2.00
-------- -------- -------- -------- -------- ---------
LESS DISTRIBUTIONS:
From net investment income ..... 0.00 0.00 0.00 0.00 0.00 (0.03)
From capital gains ............. 0.00 (0.40) (6.91) 0.00 0.00 0.00
-------- -------- -------- -------- -------- ---------
Total distibutions ............. 0.00 (0.40) (6.91) 0.00 0.00 (0.03)
-------- -------- -------- -------- -------- ---------
Net asset value, end of period . $ 22.13 $ 20.12 $ 35.34 $ 36.20 $ 34.49 $ 31.80
======== ======== ======== ======== ======== =========
Total return ................... 9.99% (41.88)% 16.33% 4.96% 8.46% 6.70%
-------- -------- -------- -------- -------- ---------
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net assets, end of period
(in 000's) .................... $117,624 $118,683 $312,297 $379,226 $411,660 $410,332
Operating expenses excluding
custody earnings credit ....... 1.50% 1.43% 1.41% 1.34% 1.39% 1.44%
Operating expenses including
reimbursement/waiver/
custody earnings credits ...... 1.50% 1.43% 1.41% 1.34% 1.38% 1.43%
Operating expenses excluding
reimbursement/waiver/
custody earnings credits ...... 1.50% 1.43% 1.41% 1.34% 1.39% 1.44%
Net investment income/(loss) ... (0.03)% (0.31)% (0.32)% (0.18)% (0.37)% 0.11%
Portfolio turnover rate ........ 42% 178% 129% 62% 58% 121%
(1) The selected per share data was calculated using the average shares
outstanding method for the period.
See Notes to Financial Statements.
53
WILSHIRE MUTUAL FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS - (CONTINUED)
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INSTITUTIONAL CLASS SHARES
----------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
06/30/2009 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
----------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning
of period ..................... $ 20.72 $ 36.25 $ 36.84 $ 34.97 $ 32.13 $ 30.13
-------- ------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income(1) ....... 0.04 0.02 0.03 0.07 0.00(2) 0.13
Net realized and unrealized
gain/(loss) on investments .... 2.07 (15.15) 6.29 1.80 2.84 2.01
-------- ------- -------- -------- -------- --------
Total from investment
operations .................... 2.11 (15.13) 6.32 1.87 2.84 2.14
-------- ------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment income ..... 0.00 0.00 0.00 0.00 0.00 (0.14)
From capital gains ............. 0.00 (0.40) (6.91) 0.00 0.00 0.00
-------- ------- -------- -------- -------- --------
Total distibutions ............. 0.00 (0.40) (6.91) 0.00 0.00 (0.14)
-------- ------- -------- -------- -------- --------
Net asset value, end
of period ..................... $ 22.83 $ 20.72 $ 36.25 $ 36.84 $ 34.97 $ 32.13
======== ======= ======== ======== ======== ========
Total return ................... 10.18% (41.70)% 16.80% 5.35% 8.84% 7.10%
======== ======= ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net assets, end of period
(in 000's) .................... $ 82,568 $81,680 $169,017 $225,390 $212,501 $182,467
Operating expenses excluding
custody earnings credit ....... 1.12% 1.06% 1.02% 0.98% 1.01% 1.10%
Operating expenses including
reimbursement/waiver/
custody earnings credits ...... 1.12% 1.06% 1.02% 0.98% 1.01% 1.09%
Operating expenses excluding
reimbursement/waiver/
custody earnings credits ...... 1.12% 1.06% 1.02% 0.98% 1.01% 1.10%
Net investment income/(loss) ... 0.35% 0.07% 0.08% 0.19% 0.00%(3) 0.45%
Portfolio turnover rate ........ 42% 178% 129% 62% 58% 121%
(1) The selected per share data was calculated using the average shares
outstanding method for the period.
(2) Amount is less than $0.01 per share.
(3) Amount represents less than 0.01%.
See Notes to Financial Statements.
54
WILSHIRE MUTUAL FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INVESTMENT CLASS SHARES
-----------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
06/30/2009 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
----------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning
of period ...................... $ 10.02 $ 17.51 $ 22.99 $ 21.17 $ 21.92 $ 20.52
------- ------- ------- ------- ------- -------
INCOME/(LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income(1) ........ 0.05 0.17 0.20 0.20 0.14 0.14
Net realized and unrealized
gain/(loss) on investments ..... 0.22 (7.45) (0.58) 3.71 1.82 2.59
------- ------- ------- ------- ------- -------
Total from investment
operations ..................... 0.27 (7.28) (0.38) 3.91 1.96 2.73
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
From net investment income ...... 0.00 (0.21) (0.23) (0.19) (0.14) (0.39)
Tax return of capital ........... 0.00 0.00 (0.00)(2) 0.00 (0.10) 0.00
From capital gains .............. 0.00 0.00(2) (4.87) (1.90) (2.47) (0.94)
------- ------- ------- ------- ------- -------
Total distibutions .............. 0.00 (0.21) (5.10) (2.09) (2.71) (1.33)
------- ------- ------- ------- ------- -------
Net asset value, end
of period ...................... $ 10.29 $ 10.02 $ 17.51 $ 22.99 $ 21.17 $ 21.92
======= ======= ======= ======= ======= =======
Total return .................... 2.69% (41.55)% (2.00)% 18.49% 8.90% 13.28%
======= ======= ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net assets, end of period
(in 000's) ..................... $24,895 $24,791 $57,314 $76,481 $56,245 $49,749
Operating expenses excluding
custody earnings credit ........ 1.54% 1.49% 1.42% 1.39% 1.50% 1.65%
Operating expenses including
reimbursement/waiver/
custody earnings credits ....... 1.54% 1.49% 1.42% 1.39% 1.49% 1.65%
Operating expenses excluding
reimbursement/waiver/
custody earnings credits ....... 1.54% 1.49% 1.42% 1.39% 1.50% 1.65%
Net investment income/(loss) .... 1.14% 1.22% 0.85% 0.87% 0.64% 0.67%
Portfolio turnover rate ......... 65% 183% 120% 50% 43% 73%
(1) The selected per share data was calculated using the average shares
outstanding method for the period.
(2) Amount is less than $0.01 per share.
See Notes to Financial Statements.
55
WILSHIRE MUTUAL FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS - (CONTINUED)
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INSTITUTIONAL CLASS SHARES
----------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
06/30/2009 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
----------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning
of period ....................... $10.01 $17.49 $23.04 $21.19 $21.94 $ 20.55
------ ------ ------ ------ ------ ------
INCOME/(LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income(1) ......... 0.06 0.20 0.27 0.27 0.20 0.21
Net realized and unrealized
gain/(loss) on investments
and futures contracts ........... 0.22 (7.45) (0.64) 3.74 1.83 2.59
------ ------ ------ ------ ------ ------
Total from investment
operations ...................... 0.28 (7.25) (0.37) 4.01 2.03 2.80
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
From net investment income ....... 0.00 (0.23) (0.31) (0.26) (0.21) (0.47)
Tax return of capital ............ 0.00 0.00 (0.00)(2) 0.00 (0.10) 0.00
From capital gains ............... 0.00 0.00(2) (4.87) (1.90) (2.47) (0.94)
------ ------ ------ ------ ------ ------
Total distibutions ............... 0.00 (0.23) (5.18) (2.16) (2.78) (1.41)
------ ------ ------ ------ ------ ------
Net asset value, end
of period ....................... $10.29 $10.01 $17.49 $23.04 $21.19 $ 21.94
====== ====== ====== ====== ====== =======
Total return ..................... 2.80% (41.41)% (1.92)% 18.94% 9.18% 13.62%
====== ====== ====== ====== ====== =======
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net assets, end of period
(in 000's) ...................... $3,576 $4,736 $8,469 $7,399 $7,811 $10,059
Operating expenses excluding
custody earnings credit ......... 1.40% 1.30% 1.12% 1.08% 1.21% 1.34%
Operating expenses including
reimbursement/waiver/
custody earnings credits ........ 1.40% 1.30% 1.12% 1.08% 1.20% 1.34%
Operating expenses excluding
reimbursement/waiver/
custody earnings credits ........ 1.40% 1.30% 1.12% 1.08% 1.21% 1.34%
Net investment income/(loss) ..... 1.36% 1.34% 1.15% 1.18% 0.91% 0.97%
Portfolio turnover rate .......... 65% 183% 120% 50% 43% 73%
(1) The selected per share data was calculated using the average shares
outstanding method for the period.
(2) Amount is less than $0.01 per share.
See Notes to Financial Statements.
56
WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INVESTMENT CLASS SHARES
----------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
06/30/2009 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning
of period ....................... $ 9.70 $16.94 $ 17.46 $ 16.88 $ 17.74 $ 15.73
------ ------ ------- ------- ------- -------
INCOME/(LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income/(loss)(1) .. (0.04) (0.10) (0.09) (0.17) (0.17) (0.24)
Net realized and unrealized
gain/(loss) on investments ...... 0.49 (6.56) 1.60 2.04 0.79 2.95
------ ------ ------- ------- ------- -------
Total from investment
operations ...................... 0.45 (6.66) 1.51 1.87 0.62 2.73
------ ------ ------- ------- ------- -------
LESS DISTRIBUTIONS:
From capital gains ............... 0.00 (0.58) (2.03) (1.29) (1.48) (0.70)
------ ------ ------- ------- ------- -------
Total distibutions ............... 0.00 (0.58) (2.03) (1.29) (1.48) (0.70)
------ ------ ------- ------- ------- -------
Net asset value, end of period ... $10.15 $ 9.70 $ 16.94 $ 17.46 $ 16.88 $ 17.74
====== ====== ======= ======= ======= =======
Total return ..................... 4.64% (39.13)% 8.36% 11.12% 3.48% 17.22%
====== ====== ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net assets, end of period
(in 000's) ...................... $5,372 $5,273 $18,702 $15,553 $14,913 $13,916
Operating expenses excluding
custody earnings credit ......... 1.50% 1.47% 2.06% 2.05% 1.52% 1.87%
Operating expenses including
reimbursement/waiver/
custody earnings credits ........ 1.50% 1.47% 1.46% 1.43% 1.50% 1.87%
Operating expenses excluding
reimbursement/waiver/
custody earnings credits ........ 2.44% 2.07% 2.06% 2.05% 2.36% 2.82%
Net investment income/(loss) ..... (0.88)% (0.66)% (1.09)% (0.96)% (0.97)% (1.46)%
Portfolio turnover rate .......... 53% 87% 99% 62% 71% 106%
(1) The selected per share data was calculated using the average shares
outstanding method for the period.
See Notes to Financial Statements.
57
WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS - (CONTINUED)
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INSTITUTIONAL CLASS SHARES
----------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
06/30/2009 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
----------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning
of period ....................... $10.03 $17.50 $17.93 $17.25 $18.04 $15.94
------ ------ ------ ------ ------ ------
INCOME/(LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income/(loss)(1) .. (0.03) (0.06) (0.06) (0.12) (0.12) (0.19)
Net realized and unrealized
gain/(loss) on investments ...... 0.52 (6.83) 1.66 2.09 0.81 2.99
------ ------ ------ ------ ------ ------
Total from investment
operations ...................... 0.49 (6.89) 1.60 1.97 0.69 2.80
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
From capital gains ............... 0.00 (0.58) (2.03) (1.29) (1.48) (0.70)
------ ------ ------ ------ ------ ------
Total distibutions ............... 0.00 (0.58) (2.03) (1.29) (1.48) (0.70)
------ ------ ------ ------ ------ ------
Net asset value, end of period ... $10.52 $10.03 $17.50 $17.93 $17.25 $18.04
====== ====== ====== ====== ====== ======
Total return ..................... 4.89% (39.17)% 8.58% 11.46% 3.81% 17.56%
====== ====== ====== ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net assets, end of period
(in 000's) ...................... $ 138 $ 154 $ 298 $ 196 $ 206 $ 214
Operating expenses excluding
custody earnings credit ......... 1.16% 1.24% 1.81% 1.77% 1.21% 1.55%
Operating expenses including
reimbursement/waiver/
custody earnings credits ........ 1.16% 1.24% 1.21% 1.15% 1.19% 1.55%
Operating expenses excluding
reimbursement/waiver/
custody earnings credits ........ 2.10% 1.78% 1.81% 1.77% 2.05% 2.50%
Net investment income/(loss) ..... (0.69)% (0.39)% (0.92)% (0.68)% (0.66)% (1.14)%
Portfolio turnover rate .......... 53% 87% 99% 62% 71% 106%
(1) The selected per share data was calculated using the average shares
outstanding method for the period.
See Notes to Financial Statements.
58
WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INVESTMENT CLASS SHARES
------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
06/30/2009 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
----------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning
of period ....................... $10.93 $16.49 $ 18.77 $ 17.46 $ 21.47 $ 19.52
------ ------ ------- ------- ------- -------
INCOME/(LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income/(loss)(1) .. 0.03 0.09 0.10 0.03 (0.07) (0.06)
Net realized and unrealized
gain/(loss) on investments ...... (0.61) (5.51) (0.70) 3.38 1.22 4.51
------ ------ ------- ------- ------- -------
Total from investment
operations ...................... (0.58) (5.42) (0.60) 3.41 1.15 4.45
------ ------ ------- ------- ------- -------
LESS DISTRIBUTIONS:
From net investment income ....... 0.00 (0.14) (0.11) (0.03) 0.00 (0.03)
From capital gains ............... 0.00 0.00(2) (1.57) (2.07) (5.16) (2.47)
------ ------ ------- ------- ------- -------
Total distibutions ............... 0.00 (0.14) (1.68) (2.10) (5.16) (2.50)
------ ------ ------- ------- ------- -------
Net asset value, end of period ... $10.35 $10.93 $ 16.49 $ 18.77 $ 17.46 $ 21.47
====== ====== ======= ======= ======= =======
Total return ..................... (5.31)% (32.81)% (3.45)% 19.64% 5.41% 22.78%
====== ====== ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net assets, end of period
(in 000's) ...................... $7,635 $8,211 $21,630 $23,639 $17,048 $36,826
Operating expenses excluding
custody earnings credit ......... 1.50% 1.34% 1.79% 1.92% 1.50% 1.48%
Operating expenses including
reimbursement/waiver/
custody earnings credits ........ 1.50% 1.34% 1.19% 1.31% 1.48% 1.46%
Operating expenses excluding
reimbursement/waiver/
custody earnings credits ........ 2.17% 1.94% 1.79% 1.92% 2.10% 2.09%
Net investment income/(loss) ..... 0.57% 0.62% (0.05)% 0.15% (0.32)%
(0.28)%
Portfolio turnover rate .......... 31% 83% 68% 72% 68% 134%
(1) The selected per share data was calculated using the average shares
outstanding method for the period.
(2) Amount is less than $0.01 per share.
See Notes to Financial Statements.
59
WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS - (CONTINUED)
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INSTITUTIONAL CLASS SHARES
----------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
06/30/2009 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
----------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning
of period ....................... $11.02 $16.61 $18.90 $17.56 $21.50 $ 19.55
------ ------ ------ ------ ------ -------
INCOME/(LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income(1) ......... 0.03 0.12 0.17 0.09 0.00(2) 0.01
Net realized and unrealized
gain/(loss) on investments ...... (0.60) (5.51) (0.72) 3.41 1.22 4.51
------ ------ ------ ------ ------ -------
Total from investment
operations ...................... (0.57) (5.39) (0.55) 3.50 1.22 4.52
------ ------ ------ ------ ------ -------
LESS DISTRIBUTIONS:
From net investment income ....... 0.00 (0.20) (0.17) (0.09) 0.00 (0.10)
From capital gains ............... 0.00 0.00(2) (1.57) (2.07) (5.16) (2.47)
------ ------ ------ ------ ------ -------
Total distibutions ............... 0.00 (0.20) (1.74) (2.16) (5.16) (2.57)
------ ------ ------ ------ ------ -------
Net asset value, end of period ... $10.45 $11.02 $16.61 $18.90 $17.56 $ 21.50
====== ====== ======= ======= ======= =======
Total return ..................... (5.17)% (32.37)% (3.18)% 20.05% 5.73% 23.11%
====== ====== ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net assets, end of period
(in 000's) ...................... $ 178 $ 441 $5,652 $1,375 $1,231 $ 3,961
Operating expenses excluding
custody earnings credit ......... 1.29% 1.00% 1.51% 1.62% 1.17% 1.17%
Operating expenses including
reimbursement/waiver/
custody earnings credits ........ 1.29% 1.00% 0.91% 1.02% 1.16% 1.15%
Operating expenses excluding
reimbursement/waiver/
custody earnings credits ........ 1.96% 1.61% 1.51% 1.62% 1.78% 1.78%
Net investment income/(loss) ..... 0.69% 0.82% 0.30% 0.44% (0.01)% 0.03%
Portfolio turnover rate .......... 31% 83% 68% 72% 68% 134%
(1) The selected per share data was calculated using the average shares
outstanding method for the period.
(2) Amount is less than $0.01 per share.
See Notes to Financial Statements.
60
WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE 5000 INDEX(SM) FUND
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INVESTMENT CLASS SHARES
------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
06/30/2009 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
----------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning
of period ................... $ 7.67 $ 12.42 $ 12.02 $ 10.59 $ 10.09 $ 9.17
-------- ------- -------- -------- -------- --------
INCOME/(LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income(1) ..... 0.06 0.15 0.15 0.12 0.09 0.09
Net realized and unrealized
gain/(loss) on investments .. 0.20 (4.77) 0.42 1.41 0.48 0.93
-------- ------- -------- -------- -------- --------
Total from investment
operations .................. 0.26 (4.62) 0.57 1.53 0.57 1.02
-------- ------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment income ... 0.00 (0.13) (0.17) (0.10) (0.07) (0.10)
-------- ------- -------- -------- -------- --------
Total distibutions ........... 0.00 (0.13) (0.17) (0.10) (0.07) (0.10)
-------- ------- -------- -------- -------- --------
Net asset value, end of period $ 7.93 $ 7.67 $ 12.42 $ 12.02 $ 10.59 $ 10.09
======== ======= ======== ======== ======== ========
Total return ................. 3.39% (37.11)% 4.75% 14.46% 5.63% 11.17%
======== ======= ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net assets, end of period
(in 000's) .................. $109,753 $98,032 $143,090 $145,952 $123,809 $122,263
Operating expenses excluding
custody earnings credit ..... 0.81% 0.78% 0.68% 0.74% 0.82% 0.92%
Operating expenses including
reimbursement/waiver/
custody earnings credits .... 0.81% 0.78% 0.68% 0.74% 0.82% 0.92%
Operating expenses excluding
reimbursement/waiver/
custody earnings credits .... 0.81% 0.78% 0.68% 0.74% 0.82% 0.92%
Net investment income/(loss) . 1.59% 1.48% 1.20% 1.08% 0.89% 0.93%
Portfolio turnover rate ...... 32% 52% 60% 69% 46% 31%
(1) The selected per share data was calculated using the average shares
outstanding method for the period.
See Notes to Financial Statements.
61
WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE 5000 INDEX(SM) FUND
FINANCIAL HIGHLIGHTS - (CONTINUED)
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INSTITUTIONAL CLASS SHARES
-----------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
06/30/2009 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
----------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning
of period ...................... $ 7.67 $ 12.41 $ 12.02 $ 10.60 $ 10.11 $ 9.18
------- ------- -------- ------- ------- -------
INCOME/(LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income(1) ........ 0.07 0.17 0.19 0.15 0.12 0.12
Net realized and unrealized
gain/(loss) on investments ..... 0.19 (4.76) 0.41 1.40 0.47 0.94
------- ------- -------- ------- ------- -------
Total from investment
operations ..................... 0.26 (4.59) 0.60 1.55 0.59 1.06
------- ------- -------- ------- ------- -------
LESS DISTRIBUTIONS:
From net investment income ...... 0.00 (0.15) (0.21) (0.13) (0.10) (0.13)
------- ------- -------- ------- ------- -------
Total distibutions .............. 0.00 (0.15) (0.21) (0.13) (0.10) (0.13)
------- ------- -------- ------- ------- -------
Net asset value, end of period .. $ 7.93 $ 7.67 $ 12.41 $ 12.02 $ 10.60 $ 10.11
======= ======= ======== ======= ======= =======
Total return .................... 3.39% (36.95)% 4.97% 14.66% 5.83% 11.56%
======= ======= ======== ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net assets, end of period
(in 000's) ..................... $56,068 $55,088 $113,721 $65,177 $42,854 $41,368
Operating expenses excluding
custody earnings credit ........ 0.61% 0.59% 0.39% 0.47% 0.54% 0.62%
Operating expenses including
reimbursement/waiver/
custody earnings credits ....... 0.61% 0.59% 0.39% 0.47% 0.54% 0.62%
Operating expenses excluding
reimbursement/waiver/
custody earnings credits ....... 0.61% 0.59% 0.39% 0.47% 0.54% 0.62%
Net investment income/(loss) .... 1.81% 1.62% 1.49% 1.35% 1.17% 1.22%
Portfolio turnover rate ......... 32% 52% 60% 69% 46% 31%
(1) The selected per share data was calculated using the average shares
outstanding method for the period.
See Notes to Financial Statements.
62
WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE 5000 INDEX(SM) FUND
FINANCIAL HIGHLIGHTS - (CONTINUED)
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
QUALIFIED CLASS SHARES
-------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
06/30/2009 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning
of period ...................... $7.67 $12.42 $12.02 $10.61 $10.10 $ 9.15
----- ------ ------ ------ ------ ------
INCOME/(LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income(1) ........ 0.06 0.15 0.14 0.11 0.08 0.08
Net realized and unrealized
gain/(loss) on investments ..... 0.19 (4.76) 0.42 1.39 0.47 0.94
----- ------ ------ ------ ------ ------
Total from investment
operations ..................... 0.25 (4.61) 0.56 1.50 0.55 1.02
----- ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
From net investment income ...... 0.00 (0.14) (0.16) (0.09) (0.04) (0.07)
----- ------ ------ ------ ------ ------
Total distibutions .............. 0.00 (0.14) (0.16) (0.09) (0.04) (0.07)
----- ------ ------ ------ ------ ------
Net asset value, end of period .. $7.92 $ 7.67 $12.42 $12.02 $10.61 $10.10
----- ------ ------ ------ ------ ------
Total return .................... 3.26% (37.09)% 4.63% 14.18% 5.46% 11.13%
----- ------ ------ ------ ------ ------
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net assets, end of period
(in 000's) ..................... $ 493 $ 431 $ 607 $1,114 $ 880 $1,399
Operating expenses excluding
custody earnings credit ........ 0.88% 0.84% 0.79% 0.83% 0.93% 0.99%
Operating expenses including
reimbursement/waiver/
custody earnings credits ....... 0.88% 0.84% 0.79% 0.83% 0.93% 0.99%
Operating expenses excluding
reimbursement/waiver/
custody earnings credits ....... 0.88% 0.84% 0.79% 0.83% 0.93% 0.99%
Net investment income/(loss) .... 1.54% 1.40% 1.08% 0.99% 0.75% 0.85%
Portfolio turnover rate ......... 32% 52% 60% 69% 46% 31%
(1) The selected per share data was calculated using the average shares
outstanding method for the period.
See Notes to Financial Statements.
63
WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE 5000 INDEX(SM) FUND
FINANCIAL HIGHLIGHTS - (CONTINUED)
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
HORACE MANN CLASS SHARES
------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
06/30/2009 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning
of period ...................... $7.66 $12.38 $11.99 $10.57 $10.08 $ 9.15
----- ------ ------ ------ ------ ------
INCOME/(LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income(1) ........ 0.06 0.15 0.14 1.12 0.08 0.05
Net realized and unrealized
gain/(loss) on investments ..... 0.20 (4.75) 0.41 1.39 0.47 0.95
----- ------ ------ ------ ------ ------
Total from investment
operations ..................... 0.26 (4.60) 0.55 1.51 0.55 1.03
----- ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
From net investment income ...... 0.00 (0.12) (0.16) (0.09) (0.06) (0.10)
----- ------ ------ ------ ------ ------
Total distibutions .............. 0.00 (0.12) (0.16) (0.09) (0.06) (0.10)
----- ------ ------ ------ ------ ------
Net asset value, end of period .. $7.92 $7.66 $12.38 $11.99 $10.57 $10.08
===== ====== ====== ====== ====== ======
Total return .................... 3.39% (37.08)% 4.60% 14.32% 5.49% 11.23%
===== ====== ====== ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net assets, end of period
(in 000's) ..................... $ 962 $ 952 $1,593 $1,817 $1,891 $1,964
Operating expenses excluding
custody earnings credit ........ 0.82% 0.82% 0.74% 0.77% 0.89% 0.97%
Operating expenses including
reimbursement/waiver/
custody earnings credits ....... 0.82% 0.82% 0.74% 0.77% 0.89% 0.97%
Operating expenses excluding
reimbursement/waiver/
custody earnings credits ....... 0.82% 0.82% 0.74% 0.77% 0.89% 0.97%
Net investment income/(loss) .... 1.61% 1.41% 1.14% 1.05% 0.82% 0.87%
Portfolio turnover rate ......... 32% 52% 60% 69% 46% 31%
(1) The selected per share data was calculated using the average shares
outstanding method for the period.
See Notes to Financial Statements.
64
WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE LARGE CAP CORE 130/30 FUND
FINANCIAL HIGHLIGHTS
FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INVESTMENT CLASS SHARES
---------------------------------------------------
SIX MONTHS
ENDED YEAR PERIOD
06/30/2009 ENDED ENDED
(UNAUDITED) 12/31/2008 12/31/2007(1)
----------- ---------- -------------
Net asset value, beginning of period .......................... $ 6.23 $ 10.12 $10.00
------- ------- ------
INCOME/(LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income/(loss)(2) ............................... 0.03 0.02 (0.02)
Net realized and unrealized gain/(loss) on investments ........ (0.14) (3.90) 0.14
------- ------- ------
Total from investment operations .............................. (0.11) (3.88) 0.12
------- ------- ------
LESS DISTRIBUTIONS:
From net investment income .................................... 0.00 (0.01) 0.00(3)
------- ------- ------
Total distibutions ............................................ 0.00 (0.01) 0.00
------- ------- ------
Net asset value, end of period ................................ $ 6.12 $ 6.23 $10.12
======= ======= ======
Total return(4) ............................................... (1.77)% (38.31)% 1.21%(5)
======= ======= ======
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) .......................... $29,396 $36,356 $7,196
Operating expenses including dividends on short sales and
interest expense, after expense reimbursement/waiver ......... 1.66% 2.70% 3.51%(6)
Operating expenses including dividends on short sales and
interest expense, before expense reimbursement/waiver ........ 1.99% 3.79% 5.00%(6)
Operating expenses excluding dividends on short sales and
interest expense, after expense reimbursement/waiver ......... 1.50% 1.50% 1.50%(6)
Net investment income/(loss) .................................. 0.89% 0.20% (1.24)%(6)
Portfolio turnover rate ....................................... 81% 175% 84%(5)
(1) The Wilshire Large Cap Core 130/30 Fund commenced operations November 15,
2007.
(2) The selected per share data was calculated using the average shares
outstanding method for the period.
(3) Amount is less than $0.01 per share.
(4) Total return represents the total return for the period indicated.
(5) Not annualized.
(6) Annualized.
See Notes to Financial Statements.
65
WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE LARGE CAP CORE 130/30 FUND FINANCIAL HIGHLIGHTS - (CONTINUED)
FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INSTITUTIONAL CLASS SHARES
-----------------------------------------------
SIX MONTHS
ENDED YEAR PERIOD
06/30/2009 ENDED ENDED
(UNAUDITED) 12/31/2008 12/31/2007(1)
----------- ---------- -------------
Net asset value, beginning of period ....................... $ 6.25 $ 10.12 $ 10.00
------- ------- -------
INCOME/(LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income/(loss)(2) ............................ 0.03 0.04 (0.01)
Net realized and unrealized gain/(loss) on investments ..... (0.12) (3.89) 0.13
------- ------- -------
Total from investment operations ........................... (0.09) (3.85) 0.12
------- ------- -------
LESS DISTRIBUTIONS:
From net investment income ................................. 0.00 (0.02) 0.00(3)
------- ------- -------
Total distibutions ......................................... 0.00 (0.02) 0.00
------- ------- -------
Net asset value, end of period ............................. $ 6.16 $ 6.25 $ 10.12
======= ======= =======
Total return(4) ............................................ (1.44)% (38.09)% 1.23%(5)
======= ======= =======
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) ....................... $17,171 $24,617 $12,870
Operating expenses including dividends on short sales and
interest expense, after expense reimbursement/waiver ...... 1.41% 2.41% 3.09%(6)
Operating expenses including dividends on short sales and
interest expense, before expense reimbursement/waiver ..... 1.71% 3.50% 4.38%(6)
Operating expenses excluding dividends on short sales and
interest expense, after expense reimbursement/waiver ...... 1.25% 1.21% 1.25%(6)
Net investment income/(loss) ............................... 1.17% 0.49% (0.79)%(6)
Portfolio turnover rate .................................... 81% 175% 84%(5)
(1) The Wilshire Large Cap Core 130/30 Fund commenced operations November 15,
2007.
(2) The selected per share data was calculated using the average shares
outstanding method for the period.
(3) Amount is less than $0.01 per share.
(4) Total return represents the total return for the period indicated.
(5) Not annualized.
(6) Annualized.
See Notes to Financial Statements.
66
WILSHIRE MUTUAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009 (UNAUDITED)
1. Organization.
Wilshire Mutual Funds, Inc. (the "Company") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end diversified
investment company, which was incorporated under Maryland law on July 30, 1992.
The Company operates as a series company and presently offers six series, all
of which had operations during the semi-annual period: Large Company Growth
Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small
Company Value Portfolio, Wilshire 5000 Index(SM) Fund and Wilshire Large Cap
Core 130/30 Fund (collectively the "Portfolios", each a "Portfolio"). The
Company accounts separately for the assets, liabilities and operations of each
series.
Each of the Portfolios offers Investment and Institutional Class shares, each
of which has equal rights as to voting privileges. The Wilshire 5000 Index(SM)
Fund also offers Qualified Class Shares and Horace Mann Class Shares. Each of
the Investment Class, Qualified Class and Horace Mann Class has exclusive
voting rights with respect to its particular service and distribution plan.
Investment income, realized and unrealized capital gains and losses and the
common expenses of each Portfolio are allocated on a pro-rata basis to each
class based on the relative net assets of each class to the total net assets of
each Portfolio. Each class of shares differs in its respective service and
distribution expenses.
Effective May 1, 2009, the Dow Jones Wilshire 5000 Index Portfolio changed its
name to Wilshire 5000 Index(SM) Fund.
2. Significant Accounting Policies.
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 and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Actual results could differ from
those estimates. The following is a summary of significant accounting policies
consistently followed by the Portfolios in the preparation of their financial
statements.
PORTFOLIO VALUATION: A security listed or traded on U.S. exchanges is valued at
its last sales price on the exchange where it is principally traded. In the
absence of a current quotation, the security is valued at the mean between the
last bid and asked prices on that exchange. Securities quoted on the National
Association of Securities Dealers Automatic Quotation (NASDAQ) System, for
which there have been sales, are valued at the NASDAQ official closing price.
If there are no such sales, the most recent bid quotation is used. Securities
traded over-the-counter (other than on NASDAQ) are valued at the last current
sale price. Equity securities primarily traded on a foreign exchange or market
are valued daily at the price, which is an estimate of the fair value price, as
provided by an independent pricing service. Debt securities that have a
remaining maturity of 60 days or less are valued at prices supplied by the
Portfolios' pricing agent for such securities, if available, and otherwise are
valued at amortized cost. In the event market quotations are not readily
available, securities are valued at fair value according to procedures
established by the Board of Directors or as determined in good faith by the
Pricing Committee, whose members include at least two representatives of the
Adviser, one of whom is an officer of the Company, or by the Company's
Valuation Committee. Fair value is defined as the amount the owner of a
security might reasonably expect to receive upon a current sale. Securities
whose value using the procedures outlined above does not reflect
67
WILSHIRE MUTUAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2009 (UNAUDITED)
fair value because a significant valuation event has occurred may be valued at
fair value by the Pricing Committee or by the Company's Valuation Committee.
Significant events include, but are not limited to the following: significant
fluctuations in domestic markets, foreign markets or foreign currencies;
occurrences not directly tied to the securities markets such as natural
disasters, armed conflicts or significant governmental actions; and major
announcements affecting a single issuer or an entire market or market sector.
SECURITIES SOLD SHORT: The Wilshire Large Cap Core 130/30 Fund engages in short
selling. To complete a short sales transaction, the Portfolio must borrow the
security to make delivery to the buyer. The Portfolio then is obligated to
replace the security borrowed by purchasing the security at the market price at
the time of replacement. The price at such time may be more or less than the
price at which the security was sold by the Portfolio. Until the security is
replaced, the Portfolio is required to pay to the lender amounts equal to any
dividends or interest, which accrue during the period of the loan. To borrow
the security, the Portfolio also may be required to pay a premium, which would
increase the cost of the security sold. The Portfolio pays interest to the
lender for borrowing the security. This amount is reflected as interest expense
in the Statements of Operations.
Until the Portfolio closes its short position or replaces the borrowed
security, the Portfolio will: (a) maintain a segregated account containing cash
or liquid securities at such a level that (i) the amount deposited in the
account plus the amount deposited with the custodian as collateral will equal
the current value of the security sold short and (ii) the amount deposited in
the segregated account as collateral will not be less than the market value of
the security at the time the security was sold short; or (b) otherwise cover
the Portfolio's short position.
The short stock rebates presented in the Statements of Operations represent the
net income earned on the short sale proceeds held on deposit with the
Portfolio's custodian. The Portfolio is subject to risk of loss if the broker
were to fail to perform its obligation under contractual terms. Dividends on
short positions are recorded on the ex-dividend date as an expense on the
Statements of Operations. Short sales transactions result in off-balance sheet
risk because the ultimate obligation may exceed the amount shown in the
Statements of Assets and Liabilities. The Portfolio will incur a loss if the
price of the security increases between the date of the short sale and the date
on which the Portfolio replaces the borrowed security. The Portfolio will
realize a gain if the price of the security declines between those dates. Short
selling involves the risk of a potentially unlimited increase in the market
value of the security sold short, which could result in a potentially unlimited
loss for the Portfolio.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on a trade date basis. Realized gains and losses from securities
transactions are recorded on the identified cost basis. Dividend income is
recognized on the ex-dividend date and interest income, including, where
applicable, accretion of discount and amortization of premium on investments,
is recognized on the accrual basis. Distributions received on securities that
represent a return of capital or capital gain are reclassed as a reduction of
cost of investments and/or as a realized gain. The actual character of income,
realized gain and return of capital distributions received from Real Estate
Investment Trusts are not known until after the end of the fiscal year, at
which time such distributions are appropriately adjusted.
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 directly attributable to a Port-
68
WILSHIRE MUTUAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2009 (UNAUDITED)
folio are charged to that Portfolio. Expenses not directly attributable to a
Portfolio are allocated proportionately among all Portfolios daily in relation
to the net assets of each Portfolio or another reasonable basis. Expenses which
are attributable to the Company and the Wilshire Variable Insurance Trust are
allocated across the Company and the Wilshire Variable Insurance Trust based
upon relative net assets or another reasonable basis. Expenses and fees,
including the advisory fees, are accrued daily and taken into account for the
purpose of determining the net asset value of each Portfolio's shares.
REPURCHASE AGREEMENTS: Securities pledged as collateral for repurchase
agreements are held by PNC Global Investment Servicing, Inc. ("PNCGIS") and are
designated as being held on each Portfolio's behalf by its custodian under a
book-entry system. Each Portfolio monitors the adequacy of the collateral on a
daily basis and can require the seller to provide additional collateral in the
event the market value of the securities pledged falls below the carrying value
of the repurchase agreement, including accrued interest. It is the Portfolios'
policy to only enter into repurchase agreements with banks and other financial
institutions which are deemed by the investment adviser to be credit-worthy.
The Portfolio bears the risk of loss in the event that the other party to a
repurchase agreement defaults on its obligations and the Portfolio is prevented
from exercising its rights to dispose of the underlying securities received as
collateral and the risk of a possible decline in the value of the underlying
securities during the period.
CASH AND CASH EQUIVALENTS: Idle cash may be swept into various money market
funds and is classified as cash equivalents on the Schedule of Investments.
Amounts invested are generally available on the same business day.
INVESTMENTS IN REITS: With respect to the Portfolio, dividend income is
recorded based on the income included in distributions received from the REIT
investments using published REIT reclassifications including some management
estimates when actual amounts are not available. Distributions received in
excess of these estimated amounts are recorded as a reduction of the cost of
investments or reclassified to capital gains. The actual amounts of income,
return of capital, and capital gains are only determined by each REIT after its
fiscal year end, and may differ from the estimated amounts.
DISTRIBUTIONS TO SHAREHOLDERS: Distributions to shareholders are recorded on
the ex-dividend date. Distributions from net investment income, if any, are
declared and paid annually. The Portfolios' net realized capital gains, unless
offset by any available capital loss carryforward, are distributed to
shareholders annually. Additional distributions of net investment income and
capital gains may be made at the discretion of the Board of Directors in order
to avoid the application of a 4% non-deductible Federal excise tax.
SECURITIES LENDING: The Portfolios may seek additional income by lending their
securities on a short-term basis to banks, brokers and dealers in return for
cash collateral, which is invested in short-term securities. A Portfolio may
return a portion of the interest earned to the borrower or a third party which
is unaffiliated with the Company and acting as a "placing broker." A Portfolio
receives compensation for lending securities in the form of fees. A Portfolio
also continues to receive dividends on the securities loaned. Security loans
are secured at all times by collateral. It is the Company's policy that the
collateral be equal to at least 102% of the market value of the securities
loaned plus accrued interest when the transaction is entered into and that the
collateral supporting loans be remarked daily. Gain or loss in the market price
of the securities loaned that may occur during the term of the loan are
reflected in the value of the Portfolio. The risks from securities lending are
that the borrower may not
69
WILSHIRE MUTUAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2009 (UNAUDITED)
provide additional collateral when required or return the securities when due
or when called for by the Portfolio. Lending securities entails a risk of loss
to the Portfolio if and to the extent that the market value of securities loans
were to increase and the borrower did not increase the collateral accordingly,
and the borrower fails to return the securities. PNCGIS, the Portfolios'
custodian, acts as the securities lending agent for the Portfolios. There were
no securities on loan or related collateral at June 30, 2009. The related
income from securities loaned during the period is reflected in the Statements
of Operations.
3. Investment Advisory Fee and Other Transactions.
Pursuant to the Advisory Agreement (the "Agreement") between the Company and
Wilshire Associates Incorporated ("Wilshire" or the "Adviser"), Wilshire
charges annual fees of 0.75% of average daily net assets for the Large Company
Growth and Large Company Value Portfolios, 0.85% of average daily net assets
for the Small Company Growth and Small Company Value Portfolios, 0.10% of
average daily net assets for the Wilshire 5000 Index(SM) Fund and 1.00% for the
Wilshire Large Cap Core 130/30 Fund. For the Wilshire Small Company Growth Fund
and Wilshire Small Company Value Fund, Wilshire voluntarily agreed to limit
Total Annual Portfolio Operating Expenses for the Institutional Class to 1.50%
less an equivalent ratio of Investment Class share-specific expenses. These
voluntary limits are expected to continue until December 31, 2009, and may be
changed by Wilshire at any time, subject to approval by the Board of Directors.
Wilshire will not seek recoupment from the Company for expenses previously
waived or reimbursed through June 30, 2009 for such Portfolios. Wilshire has
entered into a contractual expense limitation agreement with the Wilshire Large
Cap Core 130/30 Fund to waive a portion of its management fee and/or reimburse
expenses to limit expenses (excluding taxes, brokerage expenses, dividend
expenses on short securities, and extraordinary expenses) to 1.50% and 1.25% of
average daily net assets for Investment Class shares and Institutional Class
shares, respectively. This agreement to limit expenses continues through at
least April 30, 2010. Wilshire may recoup the amount of any management fee
waived within three years after the year in which Wilshire incurred the expense
if the recoupment does not exceed the existing expense limitation for the
Wilshire Large Cap Core 130/30 Fund. At June 30, 2009, the amounts of waivers
subject to recoupment for Wilshire Large Cap Core 130/30 Fund are $74,300,
expiring in 2012, $242,041, expiring in 2011 and $21,064, expiring in 2010.
For the six month period ended June 30, 2009, Wilshire waived advisory fees and
reimbursed expenses as follows:
PORTFOLIO WAIVED FEES REIMBURSED EXPENSES
- --------- ----------- -------------------
Small Company Growth Portfolio ....... $13,337 $2,220
Small Company Value Portfolio ........ 14,453 --
Wilshire Large Cap Core 130/30 Fund .. 74,300 --
The Board of Directors of the Company has approved Los Angeles Capital
Management and Equity Research ("L.A. Capital"), Payden & Rydell ("Payden"),
Quest Investment Management, Inc. ("Quest"), Sawgrass Asset Management
("Sawgrass"), Victory Capital Management Inc. ("Victory"), Pzena Investment
Management, LLC ("Pzena"), Acadian Asset Management, Inc. ("Acadian"),
Systematic Financial Management, L.P. ("Systematic"), Ranger Investment
Management, L.P., NWQ Investment Management Company, LP ("NWQ"), AXA Rosenberg
Investment Manage-
70
WILSHIRE MUTUAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2009 (UNAUDITED)
ment LLC ("AXA"), Thompson, Siegel & Walmsley LLC ("TSW") and TWIN Capital
Management, Inc. ("TWIN") (collectively the "Sub-Advisers") to provide
sub-advisory services with respect to the Portfolios. L.A. Capital, Payden,
Quest, Sawgrass and Victory each manage a portion of the Large Company Growth
Portfolio. Pzena, Acadian and Systematic each manage a portion of the Large
Company Value Portfolio. L.A. Capital and Ranger each manage a portion of the
Small Company Growth Portfolio. L.A. Capital and NWQ each manage a portion of
the Small Company Value Portfolio. L.A. Capital is the sole sub-adviser for the
Wilshire 5000 Index(SM) Fund. AXA, TSW and TWIN each manage a portion of the
Wilshire Large Cap Core 130/30 Fund.
Wilshire continues to oversee the Sub-Advisers. The fees of the Sub-Advisers
are paid by Wilshire.
SEI Investments Global Funds Services ("SEI") serves as the Company's
administrator and accounting agent pursuant to an administration agreement
dated May 31, 2008. DST Systems, Inc. serves as the Company's transfer agent
and dividend disbursing agent. PNCGIS serves as the Company's custodian for all
Portfolios except the Wilshire Large Cap Core 130/30 Fund. Prior to June 15,
2009, Custodial Trust Company served as the custodian for the Wilshire Large
Cap Core 130/30 Fund. Effective June 15, 2009, JPMorgan Chase Bank, N.A. serves
as the custodian for the Wilshire Large Cap Core 130/30 Fund. SEI Investments
Distribution Co. serves as the Company's distributor.
OFFICERS' AND DIRECTORS' EXPENSES: The officers of the Company receive
remuneration from the Adviser. The Company does not pay any remuneration to its
officers. The Company and Wilshire Variable Insurance Trust together pay each
independent director an annual retainer of $14,000, an annual additional Board
Chair retainer of $12,000, a Board in-person meeting fee of $1,500, a Board
telephonic meeting fee of $1,000, an annual Committee Member retainer of
$4,000, an annual Committee Chairperson retainer of $8,000 in lieu of the
$4,000 Committee Member retainer, and a Committee telephonic meeting fee of
$500.
4. Distribution and Shareholder Services Plans.
The Directors of the Company have adopted shareholder services and/or
distribution plans (the "Plans") pursuant to Rule 12b-1 under the 1940 Act,
with respect to the Investment Class Shares of each Portfolio and the Qualified
Class Shares of the Wilshire 5000 Index(SM) Fund. Under the Plans, each such
Portfolio reimburses SEI Investments Distribution Co. (the "Distributor"), at
an annual rate of up to 0.25% of the value of the average daily net assets
attributable to the Investment Class Shares and Qualified Class Shares of each
Portfolio and at an annual rate of up to 0.35% of the value of the average
daily net assets attributable to the Horace Mann Class shares of each
Portfolio, for certain service fees provided by securities dealers or other
financial intermediaries ("service fees") or for certain distribution expenses
for the purpose of financing any activity intended to result in the sale of
Investment Class Shares or Qualified Class Shares. For the six month period
ended June 30, 2009, 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,
Wilshire 5000 Index(SM) Fund and Wilshire Large Cap Core 130/30 was 0.25% of
the respective average net assets of each Portfolio.
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 and
Institutional Class Shares,
71
WILSHIRE MUTUAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2009 (UNAUDITED)
respectively, of the Portfolio's average net assets attributable to the shares
whose holders are serviced by such provider. For the six month period ended
June 30, 2009, 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 ....... 0.15% 0.02%
Large Company Value Portfolio ........ 0.04% 0.15%
Small Company Growth Portfolio ....... 0.11% 0.03%
Small Company Value Portfolio ........ 0.11% 0.15%
Wilshire 5000 Index(SM) Fund ......... 0.08% 0.09%
Wilshire Large Cap Core 130/30 Fund .. 0.09% 0.07%
The Qualified Class Shares of the Wilshire 5000 Index(SM) Fund has adopted a
shareholder services plan which authorizes payments by the Qualified Class
Shares of up to 0.15% of the average daily net assets attributable to the
Portfolio's Qualified Class Shares for certain shareholder services provided by
insurers or other financial intermediaries. For the six month period ended June
30, 2009, the shareholder service provider fees for the Qualified Class Shares
were 0.15% of average net assets.
The Directors of the Company have adopted a shareholder services and
distribution plan pursuant to Rule 12b-1 with respect to the Horace Mann Class
Shares of the Wilshire 5000(SM) Index Fund. Under such Plan, the Company
reimburses the Distributor for its shareholder service and distribution
payments at an annual rate of up to 0.35% of the value of the average daily net
assets of the Wilshire 5000 Index(SM) Fund attributable to the Horace Mann
Class Shares.
5. Securities Transactions.
For the six month period ended June 30, 2009, aggregate cost of purchases and
proceeds from sales of securities, other than short-term investments and short
sales and purchases to cover, were as follows:
PORTFOLIO PURCHASES SALES
- ---------- ----------- -----------
Large Company Growth Portfolio ........ $78,593,308 $93,655,099
Large Company Value Portfolio ......... 18,481,480 16,589,574
Small Company Growth Portfolio ........ 2,665,676 2,851,178
Small Company Value Portfolio ......... 2,286,176 2,662,335
Wilshire 5000 Index(SM) Fund .......... 50,870,216 46,169,201
Wilshire Large Cap Core 130/30 Fund ... 55,146,086 59,097,788
For Wilshire Large Cap Core 130/30 Fund, short sales and purchases to cover
were $18,855,847 and $19,894,961, respectively.
72
WILSHIRE MUTUAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2009 (UNAUDITED)
ADOPTION OF STATEMENT OF FINANCIAL ACCOUNTING STANDARD NO. 157 "FAIR VALUE
MEASUREMENTS" ("FAS 157"): In September, 2006, the Financial Accounting
Standards Board ("FASB") released Statement of Financial Accounting Standards
("SFAS") No. 157, which provides enhanced guidance for using fair value to
measure assets and liabilities. The Portfolios adopted SFAS No. 157 on January
1, 2008. SFAS No. 157 establishes a fair value hierarchy and specifies that a
valuation technique used to measure fair value shall maximize the use of
observable inputs and minimize the use of unobservable inputs. The objective of
a fair value measurement is to determine the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date (an exit price). Accordingly, the
fair value hierarchy gives the highest priority to quoted prices (unadjusted)
in active markets for identical assets or liabilities (Level 1) and the lowest
priority to unobservable inputs (Level 3). The three levels of the fair value
hierarchy under SFAS No. 157 are described below:
o Level 1 -- quoted prices in active markets for identical securities.
o Level 2 -- other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit risk,
etc. ).
o Level 3 -- significant unobservable inputs (including the Portfolio's own
assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities.
The summary of inputs used to value the Portfolios' net assets as of June 30,
2009 is as follows:
LARGE COMPANY GROWTH PORTFOLIO
- ------------------------------
Investments in Securities Level 1 Level 2 Level 3 Total
------------- ------------ ------------ -------------
Common Stock .................... $ 198,357,009 $ -- $ -- $ 198,357,009
Cash Equivalent ................. 2,603,208 -- -- 2,603,208
Investment Company .............. 324,137 -- -- 324,137
------------- ------------ ------------ -------------
Total Investments in Securities ... $ 201,284,354 $ -- $ -- $ 201,284,354
============= ============ ============ =============
LARGE COMPANY VALUE PORTFOLIO
- -----------------------------
Investments in Securities Level 1 Level 2 Level 3 Total
------------- ------------ ------------ -------------
Common Stock .................... $ 28,150,25 $ -- $ -- $ 28,150,256
Cash Equivalent ................. 321,991 -- -- 321,991
------------- ------------ ------------ -------------
Total Investments in Securities ... $ 28,472,247 $ -- $ -- $ 28,472,247
============= ============ ============ =============
73
WILSHIRE MUTUAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2009 (UNAUDITED)
SMALL COMPANY GROWTH PORTFOLIO
- ------------------------------
Investments in Securities Level 1 Level 2 Level 3 Total
------------- ------------ ------------ -------------
Common Stock .................... $ 5,440,064 $ -- $ -- $ 5,440,064
Cash Equivalent ................. 51,215 -- -- 51,215
Preferred Stock ................. 6,241 -- -- 6,241
------------- ------------ ------------ -------------
Total Investments in Securities ... $ 5,497,520 $ -- $ -- $ 5,497,520
============= ============ ============ =============
SMALL COMPANY VALUE PORTFOLIO
- -----------------------------
Investments in Securities Level 1 Level 2 Level 3 Total
------------- ------------ ------------ -------------
Common Stock .................... $ 7,664,812 $ -- $ -- $ 7,664,812
Cash Equivalent ................. 91,869 -- -- 91,869
Rights .......................... 3,180 -- -- 3,180
Private Company ................. -- -- 2 2
------------- ------------ ------------ -------------
Total Investments in Securities ... $ 7,759,861 $ -- $ 2 $ 7,759,863
============= ============ ============ =============
The following is a reconciliation of Level 3 assets for which significant
unobservable inputs were used to determine fair value:
Investments
in Securities
-------------
Beginning balance as of January 1, 2009 .............. $ --
Accrued discounts/premiums ......................... --
Realized gain/(loss) ............................... (25)
Change in unrealized appreciation/(depreciation) ... (249)
Net purchases/sales ................................ 276
Net transfer in and/or out of Level 3 .............. --
----------
Ending balance as of June 30, 2009 ................... $ 2
==========
WILSHIRE 5000 INDEX(SM) FUND
- ----------------------------
Investments in Securities Level 1 Level 2 Level 3 Total
------------- ------------ ------------ -------------
Common Stock .................... $ 166,239,964 $ -- $ 14 $ 166,239,978
Cash Equivalent ................. 1,033,345 -- -- 1,033,345
Preferred Stock ................. 892 -- -- 892
Rights .......................... 667 -- -- 667
------------- ------------ ------------ -------------
Total Investments in Securities .. $ 167,274,868 $ -- $ 14 $ 167,274,882
============= ============ ============ =============
74
WILSHIRE MUTUAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2009 (UNAUDITED)
The following is a reconciliation of Level 3 assets for which significant
unobservable inputs were used to determine fair value:
Investments
in Securities
-------------
Beginning balance as of January 1, 2009 .............. $ --
Accrued discounts/premiums ......................... --
Realized gain/(loss) ............................... --
Change in unrealized appreciation/(depreciation) ... --
Net purchases/sales ................................ --
Net transfer in and/or out of Level 3 .............. 14
----------
Ending balance as of June 30, 2009 ................... $ 14
==========
WILSHIRE LARGE CAP CORE 130/30 FUND
- -----------------------------------
Investments in Securities Level 1 Level 2 Level 3 Total
------------- ------------ ------------ -------------
Common Stock .................... $ 58,829,695 $ -- $ -- $ 58,829,695
Repurchase Agreement ............ -- 61,964 -- 61,964
------------- ------------ ------------ -------------
Total Investments in Securities ... $ 58,829,695 $ 61,964 $ -- $ 58,891,659
============= ============ ============ =============
Investments in Securities Sold Short Level 1 Level 2 Level 3 Total
------------- ------------ ------------ -------------
Common Stock .................... $ (12,377,567) $ -- $ -- $ (12,377,567)
------------- ------------ ------------ -------------
Total Investments in Securities
Sold Short ...................... $ (12,377,567) $ -- $ -- $ (12,377,567)
============= ============ ============ =============
6. Significant Shareholder Activity.
On June 30, 2009, the Portfolios had the following concentrations of
shareholders holding 10% or more of the outstanding shares of the Portfolios.
These represent omnibus shareholder accounts comprised of many individual
shareholders.
PORTFOLIO
- ----------
Large Company Growth Portfolio (1 omnibus shareholder) ................ 39%
Large Company Value Portfolio (1 omnibus shareholder) ................. 75%
Small Company Growth Portfolio (2 omnibus shareholders) ............... 60%
Small Company Value Portfolio (2 omnibus shareholders) ................ 55%
Wilshire 5000 Index(SM) Fund (3 omnibus shareholders) ................. 72%
Wilshire Large Cap Core 130/30 Fund (3 omnibus shareholders) .......... 95%
75
WILSHIRE MUTUAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2009 (UNAUDITED)
7.Tax Information.
No provision for federal income taxes is required because each Portfolio
intends to qualify as a regulated investment company under Subchapter M of the
Internal Revenue Code of 1986, as amended, and distribute to shareholders all
of its taxable income and gains. Federal income tax regulations differ from
accounting principles generally accepted in the United States of America;
therefore, distributions determined in accordance with tax regulations may
differ in amount or character from net investment income and realized gains for
financial reporting purposes. Financial reporting records are adjusted for
permanent book/tax differences to reflect tax character. Financial records are
not adjusted for temporary differences.
The Portfolios are not aware of any tax positions for which it is reasonably
possible that the total amounts of unrecognized tax benefits will significantly
change in the next twelve months. Management has completed their analysis and
has determined that the adoption of FIN 48 will not have an impact on the
Portfolios' financial statements, and therefore the Portfolios did not record
any tax expense in the current period. If the Portfolios were to record a tax
expense as a result of the adoption of FIN 48, the tax expense would include
any interest and penalties. The Portfolios file U.S. federal income tax returns
and if applicable, returns in various foreign jurisdictions in which it
invests. While the statute of limitations remains open to examine the
Portfolios' U.S. federal income tax returns filed for the fiscal years 2005 to
2008, no examinations are in progress or anticipated at this time. However,
management's conclusions regarding FIN 48 may be subject to review and
adjustment at a later date based on factors including, but not limited to,
further implementation guidance expected from the FASB, and on-going analyses
of and changes to tax laws, regulations and interpretations thereof.
Under current tax law, capital and currency losses realized after October 31
may be deferred and treated as occurring on the first day of the following
fiscal year. For the year ended December 31, 2008, the following Portfolios had
post-October capital loss deferrals as follows:
PORTFOLIO CAPITAL LOSSES
- --------- --------------
Large Company Growth Portfolio ...................... $16,496,945
Large Company Value Portfolio ....................... 2,207,104
Small Company Growth Portfolio ...................... 561,144
Small Company Value Portfolio ....................... 1,154,851
Wilshire 5000 Index(SM) Fund ........................ 12,871,081
Wilshire Large Cap Core 130/30 Fund ................. 1,948,775
76
WILSHIRE MUTUAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2009 (UNAUDITED)
The federal tax cost, unrealized appreciation and depreciation at June 30, 2009
for each Portfolio are as follows (excluding securities sold short):
NET
UNREALIZED
TAX UNREALIZED UNREALIZED APPRECIATION
PORTFOLIO COST APPRECIATION DEPRECIATION (DEPRECIATION)
- --------- ------------ ------------ ------------ --------------
Large Company Growth Portfolio ...... $196,980,540 $24,292,358 $(19,988,544) $4,303,814
Large Company Value Portfolio ....... 31,154,574 2,349,621 (5,031,948) (2,682,327)
Small Company Growth Portfolio ...... 5,319,561 903,989 (726,030) 177,959
Small Company Value Portfolio ....... 9,151,768 741,606 (2,133,511) (1,391,905)
Wilshire 5000 Index(SM) Fund ........ 164,373,010 32,531,579 (29,629,707) 2,901,872
Wilshire Large Cap Core 130/30 Fund . 55,111,614 5,833,867 (2,053,822) 3,780,045
The Portfolios intend to retain realized gains to the extent of available
capital loss carryforwards. At December 31, 2008, the following Portfolios had
available for federal income tax purposes unused capital losses as follows:
EXPIRING DECEMBER 31,
----------------------------------------------------------------------
PORTFOLIO 2010 2011 2012 2013 2016
- --------- ---------- -------- --------- -------- -----------
Large Company Growth Portfolio ... $ -- $ -- $ -- $ -- $ 8,168,724
Large Company Value Portfolio .... -- -- -- -- 11,480,213
Small Company Growth Portfolio ... -- -- -- -- 1,928,483
Small Company Value Portfolio .... -- -- -- -- 2,759,056
Wilshire 5000 Index(SM) Fund ..... 2,960,522 3,810,802 5,509,772 108,266 9,722,562
Wilshire Large Cap Core
130/30 Fund .................... -- -- -- -- 2,973,710
The tax character of distributions declared were:
2008 2008 2008 2007 2007 2007
ORDINARY CAPITAL RETURN OF ORDINARY CAPITAL RETURN OF
PORTFOLIO INCOME GAINS CAPITAL INCOME GAINS CAPITAL
- --------- ---------- ---------- ---------- ----------- ---------- ---------
Large Company Growth Portfolio ... $3,908,641 $ -- $ 97 $11,201,849 $71,125,453 $ --
Large Company Value Portfolio .... 557,498 1,093 -- 2,716,827 12,592,542 4,227
Small Company Growth Portfolio ... -- 305,872 3 220,425 1,807,571 --
Small Company Value Portfolio .... 110,316 1,842 -- 727,195 1,830,168 --
Wilshire 5000 Index(SM) Fund ..... 3,000,129 -- -- 3,931,706 -- --
Wilshire Large Cap Core
130/30 Fund .................... 110,072 -- -- 4,000 -- --
77
WILSHIRE MUTUAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2009 (UNAUDITED)
At December 31, 2008, the components of accumulated losses on a tax basis were
as follows:
WILSHIRE
LARGE LARGE SMALL SMALL WILSHIRE LARGE CAP
COMPANY COMPANY COMPANY COMPANY 5000 CORE
GROWTH VALUE GROWTH VALUE INDEX(SM) 130/30
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO FUND FUND
------------ ------------ ----------- ----------- ------------ -----------
Undistributed ordinary
income ................ $ -- $ 987 $ -- $ 27,263 $ 294,244 $ 88,295
Capital loss
carryforwards ......... (8,168,724) (11,480,213) (1,928,483) (2,759,056) (22,111,924) (2,973,710)
Post October losses ..... (16,496,945) (2,207,104) (561,144) (1,154,851) (12,871,081) (1,948,775)
Unrealized appreciation . (45,383,874) (9,006,298) (1,197,489) (2,115,239) (21,492,985) (4,640,605)
------------ ------------ ----------- ----------- ------------ -----------
Total accumulated
earnings/(loss) ....... $(70,049,543) $(22,692,628) $(3,687,116) $(6,001,883) $(56,181,746) $(9,474,795)
============ ============ =========== =========== ============ ===========
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. The permanent differences are primarily attributable to
the net realized gain on sale of partnerships, write-off of net operating
losses and the re-characterization of distributions. As of December 31, 2008,
the reclassifications were as follows:
INCREASE INCREASE/(DECREASE)
INCREASE/(DECREASE) UNDISTRIBUTED NET REALIZED
PORTFOLIO PAID-IN CAPITAL INVESTMENT INCOME CAPITAL GAINS
- --------- ------------------- ------------------- --------------------
Large Company Growth Portfolio ....... $(590,502) $597,343 $ (6,841)
Large Company Value Portfolio ........ 4,227 5,871 (10,098)
Small Company Growth Portfolio ....... (86,875) 89,302 (2,427)
Small Company Value Portfolio ........ -- 14,316 (14,316)
Wilshire 5000 Index(SM) Fund ......... (8,568) 19,511 (10,943)
Wilshire Large Cap Core 130/30 Fund .. (45,447) 76,276 (30,829)
78
WILSHIRE MUTUAL FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2009 (UNAUDITED)
9. Indemnifications.
In the normal course of business, the Company, on behalf of the Portfolios
enters into contracts that provide general indemnifications. The Portfolios'
maximum exposure under these arrangements is dependent on claims that may be
made against the Portfolios in the future and, therefore, cannot be estimated;
however, based on experience, the risk of material loss from such claims is
considered remote.
10. New Accounting Pronouncement.
In March 2008, FASB issued Statement of Financial Accounting Standards No. 161,
"Disclosures about Derivative Instruments and Hedging Activities" ("FAS 161")
and is effective for fiscal years beginning after November 15, 2008. FAS 161 is
intended to improve financial reporting for derivative instruments by requiring
enhanced disclosure that enables investors to understand how and why an entity
uses derivatives, how derivatives are accounted for, and how derivative
instruments affect an entity's results of operations and financial position.
Management has evaluated the implications of FAS 161, and has determined there
is no impact on the Portfolios' financial statement disclosures.
11. Subsequent Event Evaluation.
The Portfolios have evaluated the need for disclosures and/or adjustments
resulting from subsequent events through August 26, 2009, the date the
financial statements were available to be issued. Based on this evaluation, no
adjustments were required to the financial statements as of June 30, 2009.
79
WILSHIRE MUTUAL FUNDS, INC.
ADDITIONAL FUND INFORMATION
INFORMATION ON PROXY VOTING
The Securities and Exchange Commission ("SEC") has adopted the requirement that
all funds file their complete proxy voting records with the SEC on an annual
basis on Form N-PX. Such filing, for the 12-month period ended June 30, must be
made no later than August 31 of each year.
A description of policies and procedures that the Portfolios use to determine
how to vote proxies relating to portfolio securities, along with each
Portfolio's proxy voting record relating to portfolio securities held during
most recent 12-month period ended June 30 is available at no charge, upon
request by calling 1-888-200-6796, by e-mailing us at www.wilfunds.com or on
the SEC's website at http://www.sec.gov.
INFORMATION ON FORM N-Q
The Company files its complete schedule of portfolio holdings with the SEC for
the first and third quarters of each fiscal year on Form N-Q within sixty days
after the end of period. The Company's Form N-Q is available on the SEC's
website at http://www.sec.gov, and may be reviewed and copied at the SEC's
Public Reference Room in Washington, DC. Information on the operation of the
Public Reference Room may be obtained by calling 1-202-551-8090.
80
[GRAPHIC OMITTED]
Wilshire Mutual Funds
Wilshire Associates Incorporated
1299 Ocean Avenue
Santa Monica, CA 90401
1-888-200-6796
www. wilfunds.com
WIL-SA-002-0200
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
The Schedules of Investments in securities of unaffiliated issuers as of the
close of the reporting period for the Large Company Growth Portfolio, the Large
Company Value Portfolio, the Small Company Growth Portfolio, the Small Company
Value Portfolio, and the Wilshire 5000 IndexSM Fund are listed below. The
Schedule of Investments in securities of unaffiliated issuers as of the close of
the reporting period for the Wilshire Large Cap Core 130/30 Fund is included as
part of the report to shareholders filed under Item 1 of this form.
Wilshire Mutual Funds, Inc.
Large Company Growth Portfolio June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ -----
COMMON STOCK -- 99.1%
CONSUMER DISCRETIONARY -- 10.9%
13,000 Abercrombie & Fitch Co., Class A ........... $ 330,070
21,900 Amazon.com, Inc. + ......................... 1,832,154
29,430 American Eagle Outfitters, Inc. ............ 417,023
22,196 Apollo Group, Inc., Class A + .............. 1,578,579
2,500 Barnes & Noble, Inc. ....................... 51,575
11,300 Bed Bath & Beyond, Inc. + .................. 347,475
6,489 Best Buy Co., Inc. ......................... 217,317
6,600 Big Lots, Inc. + ........................... 138,798
100 Brinker International, Inc. ................ 1,703
3,700 Career Education Corp. + ................... 92,093
11,100 Centex Corp. ............................... 93,906
10,100 Clear Channel Outdoor Holdings, Inc.,
Class A + .................................. 53,530
41,600 Dick's Sporting Goods, Inc. + .............. 715,520
70,315 DIRECTV Group, Inc. (The) + ................ 1,737,484
15,000 Dollar Tree, Inc. + ........................ 631,500
11,377 DreamWorks Animation SKG, Inc.,
Class A + .................................. 313,891
8,300 Family Dollar Stores, Inc. ................. 234,890
400 Federal Mogul Corp. + ...................... 3,780
24,400 Foot Locker, Inc. .......................... 255,468
4,600 GameStop Corp., Class A + .................. 101,246
40,200 Gannett Co., Inc. .......................... 143,514
22,500 Gap, Inc. (The) ............................ 369,000
3,200 Garmin, Ltd. ............................... 76,224
6,500 International Game Technology .............. 103,350
14,410 Kohl's Corp. + ............................. 616,027
2,100 Lennar Corp., Class A ...................... 20,349
10,100 Liberty Global, Inc., Class A + ............ 160,489
8,400 Liberty Media Corp. - Entertainment,
Ser A + .................................... 224,700
54,000 Lowe's Cos., Inc. .......................... 1,048,140
4,700 Ltd. Brands, Inc. .......................... 56,259
42,068 McDonald's Corp. ........................... 2,418,490
4,700 Morningstar, Inc. + ........................ 193,781
16,235 NIKE, Inc., Class B ........................ 840,648
3,300 Nordstrom, Inc. ............................ 65,637
10,700 Omnicom Group, Inc. ........................ 337,906
5,700 O'Reilly Automotive, Inc. + ................ 217,056
3,300 PetSmart, Inc. ............................. 70,818
4,885 priceline.com, Inc. + ...................... 544,922
8,400 RadioShack Corp. ........................... 117,264
6,200 Starbucks Corp. + .......................... 86,118
1,517 Strayer Education, Inc. .................... 330,873
42,440 Target Corp. ............................... 1,675,107
43,681 TJX Cos., Inc. ............................. 1,374,204
18,356 Urban Outfitters, Inc. + ................... 383,090
9,750 Walt Disney Co. (The) ...................... 227,468
2,445 Whirlpool Corp. ............................ 104,059
16,200 Williams-Sonoma, Inc. ...................... 192,294
19,680 Yum! Brands, Inc. .......................... 656,131
----------
21,801,920
----------
CONSUMER STAPLES -- 10.5%
45,172 Altria Group, Inc. ......................... 740,369
6,000 Archer-Daniels-Midland Co. ................. 160,620
29,958 Avon Products, Inc. ........................ 772,317
14,300 BJ's Wholesale Club, Inc. + ................ 460,889
25,634 Coca-Cola Co. (The) ........................ 1,230,176
6,850 Colgate-Palmolive Co. ...................... 484,569
19,630 Costco Wholesale Corp. ..................... 897,091
108,970 CVS/Caremark Corp. ......................... 3,472,874
15,073 General Mills, Inc. ........................ 844,390
18,300 Hansen Natural Corp. + ..................... 564,006
SHARES VALUE
------ -----
CONSUMER STAPLES -- 10.5% (CONTINUED)
5,500 Herbalife, Ltd. ............................ $ 173,470
11,680 Kroger Co. (The) ........................... 257,544
4,074 Lorillard, Inc. ............................ 276,095
9,800 Mead Johnson Nutrition Co., Class A ........ 311,346
37,716 PepsiCo, Inc. .............................. 2,072,871
44,982 Philip Morris International, Inc. .......... 1,962,115
20,540 Procter & Gamble Co. ....................... 1,049,594
3,100 Smithfield Foods, Inc. + ................... 43,307
8,700 SYSCO Corp. ................................ 195,576
19,331 Walgreen Co. ............................... 568,331
90,797 Wal-Mart Stores, Inc. ...................... 4,398,207
----------
20,935,757
----------
ENERGY -- 6.9%
10,200 Anadarko Petroleum Corp .................... 462,978
15,413 Cameron International Corp. + .............. 436,188
400 Chevron Corp ............................... 26,500
1,200 ConocoPhillips ............................. 50,472
6,400 Consol Energy, Inc ......................... 217,344
2,497 Continental Resources, Inc. + .............. 69,292
43,277 Denbury Resources, Inc. + .................. 637,470
5,440 EOG Resources, Inc ......................... 369,485
3,600 Exterran Holdings, Inc. + .................. 57,744
36,168 Exxon Mobil Corp ........................... 2,528,505
16,671 Halliburton Co ............................. 345,090
8,917 Hess Corp .................................. 479,289
6,400 Marathon Oil Corp .......................... 192,832
1,200 Murphy Oil Corp ............................ 65,184
38,105 National Oilwell Varco, Inc. + ............. 1,244,509
2,174 Noble Energy, Inc .......................... 128,201
25,439 Occidental Petroleum Corp .................. 1,674,141
30,745 Petroleo Brasileiro SA ADR ................. 1,259,930
2,701 Range Resources Corp ....................... 111,848
48,784 Schlumberger, Ltd .......................... 2,639,702
6,835 Transocean, Ltd. + ......................... 507,772
2,400 Valero Energy Corp ......................... 40,536
4,474 XTO Energy, Inc ............................ 170,638
----------
13,715,650
----------
FINANCIALS -- 5.9%
3,800 Aflac, Inc. ................................ 118,142
4,642 Bank of Hawaii Corp. ....................... 166,323
27,085 Barclays PLC ADR ........................... 499,447
4,760 BlackRock, Inc., Class A ................... 834,999
2,200 Brown & Brown, Inc. ........................ 43,846
2,500 Camden Property Trust ...................... 69,000
110,035 Charles Schwab Corp. (The) ................. 1,930,014
14,400 CIT Group, Inc. ............................ 30,960
2,426 City National Corp. ........................ 89,350
4,200 CME Group, Inc., Class A ................... 1,306,662
6,060 Credit Suisse Group AG ADR ................. 277,124
7,300 Endurance Specialty Holdings, Ltd. ......... 213,890
6,543 GLG Partners, Inc. ......................... 26,761
17,825 Goldman Sachs Group, Inc. (The) ............ 2,628,118
2,317 Hospitality Properties Trust ............... 27,549
10,850 HSBC Holdings PLC ADR ...................... 453,204
11,430 IntercontinentalExchange, Inc. + ........... 1,305,763
36,910 Janus Capital Group, Inc ................... 420,774
4,400 JPMorgan Chase & Co ........................ 150,084
5,700 Mack-Cali Realty Corp ...................... 129,960
13,600 NASDAQ OMX Group, Inc. + ................... 289,816
8,900 SLM Corp. + ................................ 91,403
2,200 StanCorp Financial Group, Inc .............. 63,096
17,341 TD Ameritrade Holding Corp. + .............. 304,161
2,500 Unitrin, Inc ............................... 30,050
9,400 Waddell & Reed Financial, Inc., Class A. ... 247,878
Wilshire Mutual Funds, Inc.
Large Company Growth Portfolio June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ -----
FINANCIALS -- 5.9% (CONTINUED)
3,100 Washington Federal, Inc. ................... $ 40,300
2,400 Whitney Holding Corp. ...................... 21,984
----------
11,810,658
----------
HEALTH CARE -- 15.9%
42,102 Abbott Laboratories ........................ 1,980,478
3,945 Alcon, Inc. ................................ 458,093
26,200 Allergan, Inc. ............................. 1,246,596
58,800 AmerisourceBergen Corp., Class A ........... 1,043,112
20,952 Amgen, Inc. + .............................. 1,109,199
27,500 athenahealth, Inc. + ....................... 1,017,775
23,939 Baxter International, Inc. ................. 1,267,809
8,300 Beckman Coulter, Inc. ...................... 474,262
7,068 Becton Dickinson and Co. ................... 504,019
11,491 Biogen Idec, Inc. + ........................ 518,818
58,220 Boston Scientific Corp. + .................. 590,351
33,300 Bristol-Myers Squibb Co. ................... 676,323
4,205 C.R. Bard, Inc. ............................ 313,062
53,969 Celgene Corp. + ............................ 2,581,877
11,100 Cephalon, Inc. + ........................... 628,815
8,175 Cigna Corp. ................................ 196,936
6,695 Covidien PLC ............................... 250,661
9,898 DENTSPLY International, Inc. ............... 302,087
4,600 Express Scripts, Inc., Class A + ........... 316,250
9,453 Forest Laboratories, Inc. + ................ 237,365
8,413 Gen-Probe, Inc. + .......................... 361,591
7,191 Genzyme Corp. + ............................ 400,323
97,931 Gilead Sciences, Inc. + .................... 4,587,088
9,414 Idexx Laboratories, Inc. + ................. 434,927
8,908 Intuitive Surgical, Inc. + ................. 1,457,883
14,978 Johnson & Johnson .......................... 850,750
8,057 Laboratory Corp. of America Holdings + ..... 546,184
4,195 McKesson Corp. ............................. 184,580
4,035 Medco Health Solutions, Inc. + ............. 184,036
4,901 Mednax, Inc. + ............................. 206,479
20,874 Medtronic, Inc. ............................ 728,294
14,557 Merck & Co., Inc. .......................... 407,014
6,045 Novo Nordisk ADR ........................... 329,211
3,813 Patterson Cos., Inc. + ..................... 82,742
14,604 Pfizer, Inc. ............................... 219,060
5,400 Quest Diagnostics, Inc. .................... 304,722
5,533 Resmed, Inc. + ............................. 225,359
400 Schering-Plough Corp. ...................... 10,048
2,536 St. Jude Medical, Inc. + ................... 104,230
3,100 Techne Corp. ............................... 197,811
55,785 Teva Pharmaceutical Industries, Ltd. ADR ... 2,752,432
20,950 Thermo Fisher Scientific, Inc. + ........... 854,131
6,740 Varian Medical Systems, Inc. + ............. 236,844
1,400 Vertex Pharmaceuticals, Inc. + ............. 49,896
3,760 WellPoint, Inc. + .......................... 191,347
5,642 Zimmer Holdings, Inc. + .................... 240,349
----------
31,861,219
----------
INDUSTRIALS -- 8.4%
9,001 3M Co. ..................................... 540,960
800 Alexander & Baldwin, Inc. .................. 18,752
7,000 AMR Corp. + ................................ 28,140
12,299 Boeing Co. ................................. 522,708
2,308 Brink's Co. (The) .......................... 67,001
4,715 Bucyrus International, Inc., Class A ....... 134,660
9,580 Caterpillar, Inc. .......................... 316,523
38,100 Continental Airlines, Inc., Class B + ...... 337,566
3,923 Corrections Corp of America + .............. 66,652
4,700 Crane Co. .................................. 104,857
9,810 CSX Corp. .................................. 339,721
10,765 Cummins, Inc. .............................. 379,036
SHARES VALUE
------ -----
INDUSTRIALS -- 8.4% (CONTINUED)
20,300 Danaher Corp. .............................. $1,253,322
7,200 Emerson Electric Co. ....................... 233,280
41,000 Expeditors International of Washington,
Inc. ....................................... 1,366,940
25,200 Fastenal Co. ............................... 835,884
600 First Solar, Inc. + ........................ 97,272
2,390 Flowserve Corp. ............................ 166,846
15,900 Fluor Corp. ................................ 815,511
4,938 Foster Wheeler AG + ........................ 117,277
1,479 FTI Consulting, Inc. + ..................... 75,015
9,460 General Cable Corp. + ...................... 355,507
5,800 General Dynamics Corp. ..................... 321,262
4,500 Graco, Inc. ................................ 99,090
15,075 Hertz Global Holdings, Inc. + .............. 120,449
3,139 Hubbell, Inc., Class B ..................... 100,636
3,864 Illinois Tool Works, Inc. .................. 144,282
4,781 ITT Corp. .................................. 212,754
13,644 Jacobs Engineering Group, Inc. + ........... 574,276
11,935 Joy Global, Inc. ........................... 426,318
5,266 Kansas City Southern + 84,835
7,408 L-3 Communications Holdings, Inc.,
Class 3 .................................... 513,967
1,372 Manitowoc Co., Inc. (The) .................. 7,217
6,275 McDermott International, Inc. + ............ 127,445
6,325 Navistar International Corp. + ............. 275,770
7,100 Oshkosh Corp. .............................. 103,234
5,515 Parker Hannifin Corp. ...................... 236,924
14,500 Robert Half International, Inc. ............ 342,490
5,140 Rockwell Automation, Inc. .................. 165,097
4,400 Ryder System, Inc. ......................... 122,848
700 Shaw Group, Inc. (The) + ................... 19,187
17,000 Stericycle, Inc. + ......................... 876,010
34,700 SunPower Corp., Class A + .................. 924,408
5,680 Thomas & Betts Corp. + ..................... 163,925
31,965 Union Pacific Corp. ........................ 1,664,098
15,309 United Technologies Corp. .................. 795,456
12,500 UTi Worldwide, Inc. + ...................... 142,500
7,000 WESCO International, Inc. + ................ 175,280
----------
16,913,188
----------
INFORMATION TECHNOLOGY -- 33.8%
151,200 Activision Blizzard, Inc. + ................ 1,909,656
16,363 Adobe Systems, Inc. + ...................... 463,073
15,700 Akamai Technologies, Inc. + ................ 301,126
15,999 Altera Corp. ............................... 260,464
25,575 Amphenol Corp., Class A .................... 809,193
5,610 ANSYS, Inc. + .............................. 174,807
48,442 Apple, Inc. + .............................. 6,899,594
13,545 ASML Holding NV, Class G ................... 293,249
9,700 Autodesk, Inc. + ........................... 184,106
12,779 BMC Software, Inc. + ....................... 431,802
13,417 Broadcom Corp., Class A + .................. 332,607
9,800 Broadridge Financial Solutions, Inc. ....... 162,484
6,700 Cadence Design Systems, Inc. + ............. 39,530
188,986 Cisco Systems, Inc. + ...................... 3,522,699
121,500 Cognizant Technology Solutions Corp.,
Class A + .................................. 3,244,050
8,300 Compuware Corp. + .......................... 56,938
48,020 Corning, Inc. .............................. 771,201
8,770 Cree, Inc. + ............................... 257,750
87,325 Dell, Inc. + ............................... 1,198,972
1,877 Dolby Laboratories, Inc., Class A + ........ 69,975
12,204 Electronic Arts, Inc. + .................... 265,071
49,200 EMC Corp. + ................................ 644,520
3,945 Equinix, Inc. + ............................ 286,959
10,661 FLIR Systems, Inc. + ....................... 240,512
Wilshire Mutual Funds, Inc.
Large Company Growth Portfolio June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ -----
INFORMATION TECHNOLOGY -- 33.8% (CONTINUED)
1,373 Genpact, Ltd. + $ 16,133
14,067 Google, Inc., Class A + 5,930,507
63,722 Hewlett-Packard Co. 2,462,855
5,600 Ingram Micro, Inc., Class A + 98,000
220,260 Intel Corp. 3,645,303
52,488 International Business Machines Corp. 5,480,797
2,300 Intersil Corp., Class A 28,911
48,400 Jabil Circuit, Inc. 359,128
77,491 Juniper Networks, Inc. + 1,828,787
5,800 Lam Research Corp. + 150,800
3,794 Lexmark International, Inc., Class A + 60,135
12,530 Linear Technology Corp. 292,576
11,400 Marvell Technology Group, Ltd. + 132,696
11,300 Mastercard, Inc., Class A 1,890,603
4,766 MEMC Electronic Materials, Inc. + 84,883
264,044 Microsoft Corp. 6,276,326
11,100 NCR Corp. + 131,313
41,250 NetApp, Inc. + 813,450
234,288 Novell, Inc. + 1,061,325
9,435 Nvidia Corp. + 106,521
132,542 Oracle Corp. 2,839,050
2,600 Paychex, Inc. 65,520
139,209 QUALCOMM, Inc. 6,292,247
12,670 Salesforce.com, Inc. + 483,614
5,796 Synopsys, Inc. + 113,080
4,500 Tech Data Corp. + 147,195
2,550 Teradata Corp. + 59,747
44,001 Texas Instruments, Inc. 937,221
7,119 Trimble Navigation, Ltd. + 139,746
11,635 Varian Semiconductor Equipment
Associates, Inc. + 279,124
13,400 VeriSign, Inc. + 247,632
16,785 Visa, Inc., Class A 1,045,034
12,135 VMware, Inc., Class A + 330,921
67,009 Yahoo!, Inc. + 1,049,361
1,561 Zebra Technologies Corp., Class A + 36,933
----------
67,737,812
----------
MATERIALS -- 4.8%
4,900 Air Products & Chemicals, Inc. 316,491
1,500 Airgas, Inc. 60,795
9,690 AK Steel Holding Corp. 185,951
4,710 Albemarle Corp. 120,435
5,560 Ashland, Inc. 155,958
11,300 Barrick Gold Corp. 379,115
2,825 BHP Billiton, Ltd. ADR 154,612
8,464 Celanese Corp., Ser A, Class A 201,020
4,400 Cliffs Natural Resources, Inc. 107,668
37,696 Commercial Metals Co. 604,267
300 Cytec Industries, Inc. 5,586
5,200 Ecolab, Inc. 202,748
4,910 Freeport-McMoRan Copper & Gold, Inc. 246,040
36,381 Monsanto Co. 2,704,564
2,050 Mosaic Co. (The) 90,815
6,100 Nalco Holding Co. 102,724
1,709 Newmont Mining Corp. 69,847
19,150 Potash Corp of Saskatchewan, Inc. 1,781,907
17,620 Praxair, Inc. 1,252,253
1,184 Sigma-Aldrich Corp. 58,679
7,200 Southern Copper Corp. 147,168
4,440 United States Steel Corp. 158,686
13,410 Vale SA ADR, Class B 236,418
5,200 Walter Energy, Inc. 188,448
----------
9,532,195
----------
SHARES VALUE
------ -----
TELECOMMUNICATION SERVICES -- 1.3%
6,600 American Tower Corp., Class A + $ 208,098
36,200 AT&T, Inc. 899,208
10,000 China Mobile, Ltd. ADR 500,800
7,000 Crown Castle International Corp. + 168,140
11,210 Millicom International Cellular SA + 630,675
5,600 NII Holdings, Inc. + 106,792
7,700 SBA Communications Corp., Class A + 188,958
----------
2,702,671
----------
UTILITIES -- 0.7%
8,700 Constellation Energy Group, Inc. 231,246
3,603 Energen Corp. 143,760
6,200 Equities CORP 216,442
2,063 Exelon Corp. 105,646
12,500 Hawaiian Electric Industries, Inc. 238,250
9,800 Public Service Enterprise Group, Inc. 319,774
18,128 RRI Energy, Inc. + 90,821
----------
1,345,939
----------
Total Common Stock (Cost $194,133,244) 198,357,009
----------
CASH EQUIVALENT -- 1.3%
2,603,208 PNC Institutional Money
Market Trust, 0.05% (A) 2,603,208
----------
Total Cash Equivalent (Cost $2,603,208) 2,603,208
----------
INVESTMENT COMPANY -- 0.1%
FINANCIALS -- 0.1%
7,900 iShares Russell 1000 Growth Index Fund 324,137
----------
Total Investment Company (Cost $244,088) 324,137
----------
Total Investments -- 100.5%
(Cost $196,980,540) 201,284,354
Other Assets & Liabilities, Net -- (0.5)% (1,092,061)
----------
NET ASSETS -- 100.0% $200,192,293
===========
(A) Rate shown is the 7-day effective yield as of June 30, 2009.
+ Non-income producing security.
ADR - American Depositary Receipt
Ser - Series
Wilshire Mutual Funds, Inc.
Large Company Value Portfolio June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
COMMON STOCK -- 98.9%
CONSUMER DISCRETIONARY -- 10.3%
2,600 AutoNation, Inc. + ...................... $ 45,110
800 Best Buy Co., Inc. ...................... 26,792
2,900 Comcast Corp. Special, Class A .......... 42,021
1,600 Darden Restaurants, Inc. ................ 52,768
4,800 Ford Motor Co. + ........................ 29,136
1,400 Fortune Brands, Inc. .................... 48,636
2,300 Goodyear Tire & Rubber Co. (The) + ...... 25,898
7,375 Home Depot, Inc. (The) .................. 174,272
11,202 HSN, Inc. + ............................. 118,405
19,475 J.C. Penney Co., Inc. ................... 559,127
1,500 Johnson Controls, Inc. .................. 32,580
1,400 Kohl's Corp. + .......................... 59,850
11,975 Magna International, Inc., Class A ...... 505,824
12,550 Mattel, Inc. ............................ 201,427
700 McDonald's Corp. ........................ 40,243
2,500 McGraw-Hill Cos., Inc. (The) ............ 75,275
12,000 Omnicom Group, Inc. ..................... 378,960
172 Quiksilver, Inc. + ...................... 318
4,340 Rent-A-Center, Inc., Class A + .......... 77,382
3,500 Royal Caribbean Cruises, Ltd. ........... 47,390
4,800 Ruby Tuesday, Inc. + .................... 31,968
2,200 Shaw Communications, Inc., Class B ...... 37,092
1,200 Snap-On, Inc. ........................... 34,488
76 Sport Supply Group, Inc. ................ 653
1,300 Steak N Shake Co. (The) + ............... 11,362
100 Stoneridge, Inc. + ...................... 480
6,400 Whirlpool Corp. ......................... 272,384
------------
2,929,841
------------
CONSUMER STAPLES -- 9.1%
22,300 Altria Group, Inc. ...................... 365,497
1,127 American Italian Pasta Co., Class A + ... 32,841
12,275 Avon Products, Inc. ..................... 316,450
2,687 Bunge, Ltd. ............................. 161,892
7,017 Central Garden and Pet Co. + ............ 77,117
7,000 Central Garden and Pet Co., Class A + ... 68,950
700 Clorox Co. .............................. 39,081
2,200 Coca-Cola Enterprises, Inc. ............. 36,630
2,200 Dean Foods Co. + ........................ 42,218
9,638 Del Monte Foods Co. ..................... 90,404
1,200 Dr. Pepper Snapple Group, Inc. + ........ 25,428
12,875 Kraft Foods, Inc., Class A .............. 326,252
1,000 Lorillard, Inc. ......................... 67,770
1,400 Molson Coors Brewing Co., Class B ....... 59,262
272 Pantry, Inc. (The) + .................... 4,515
4,800 Procter & Gamble Co. .................... 245,280
29,975 Sara Lee Corp. .......................... 292,556
7,200 Wal-Mart Stores, Inc. ................... 348,768
------------
2,600,911
------------
ENERGY -- 12.6%
4,000 Anadarko Petroleum Corp. ................ 181,560
3,525 Apache Corp. ............................ 254,329
17,550 BJ Services Co. ......................... 239,206
6,875 BP PLC ADR .............................. 327,800
8,200 Chevron Corp. ........................... 543,250
7,631 ConocoPhillips .......................... 320,960
7,100 El Paso Corp. ........................... 65,533
12,300 Exxon Mobil Corp. ....................... 859,893
2,000 Newfield Exploration Co. + .............. 65,340
3,900 Noble Corp. ............................. 117,975
1,400 Occidental Petroleum Corp. .............. 92,134
1,577 Sunoco, Inc. ............................ 36,586
4,800 Tesoro Corp. ............................ 61,104
SHARES VALUE
------ ---------
ENERGY -- 12.6% (CONTINUED)
11,750 Valero Energy Corp. ..................... $ 198,458
17,000 Western Refining, Inc. .................. 120,020
3,000 Whiting Petroleum Corp. + ............... 105,480
------------
3,589,628
------------
FINANCIALS -- 23.8%
900 Aflac, Inc .............................. 27,981
18,950 Allstate Corp. (The) .................... 462,380
6,400 American Equity Investment Life Holding
Co ..................................... 35,712
5,500 American Express Co ..................... 127,820
600 Arch Capital Group, Ltd. + .............. 35,148
18 AvalonBay Communities, Inc .............. 1,007
30,525 Bank of America Corp .................... 402,930
15,100 Bank of New York Mellon Corp. (The) ..... 442,581
950 Boston Properties, Inc .................. 45,315
10,450 Capital One Financial Corp .............. 228,646
74,200 Citigroup, Inc .......................... 220,374
9,925 Comerica, Inc ........................... 209,914
20,367 Conseco, Inc. + ......................... 48,270
5,239 Fidelity National Financial, Inc., Class A 70,884
4,200 Fifth Third Bancorp ..................... 29,820
3,500 Genworth Financial, Inc., Class A ....... 24,465
1,400 Goldman Sachs Group, Inc. (The) ......... 206,416
200 Hartford Financial Services Group, Inc .. 2,374
1,200 Health Care REIT, Inc ................... 40,920
700 Home Bancshares, Inc .................... 13,328
5,300 Invesco, Ltd ............................ 94,446
13,675 JPMorgan Chase & Co ..................... 466,454
7,650 MetLife, Inc ............................ 229,576
20,625 Morgan Stanley .......................... 588,019
12,400 New York Community Bancorp, Inc. ........ 132,556
4,400 NewAlliance Bancshares, Inc. ............ 50,600
1,590 Northern Trust Corp. .................... 85,351
1,000 Ocwen Financial Corp. + ................. 12,970
6,104 PNC Financial Services Group, Inc. ...... 236,896
3,900 ProLogis ................................ 31,434
2,400 Protective Life Corp. ................... 27,456
1,900 Prudential Financial, Inc. .............. 70,718
4,309 PS Business Parks, Inc. ................. 208,728
13,100 Regions Financial Corp. ................. 52,924
890 Republic Bancorp, Inc., Class A ......... 20,105
1,965 Simon Property Group, Inc. .............. 101,076
12,194 State Street Corp. ...................... 575,557
13,325 Torchmark Corp. ......................... 493,558
1,500 Travelers Cos., Inc. (The) .............. 61,560
23,850 UBS AG .................................. 291,209
5,000 Unum Group .............................. 79,300
8,100 Wells Fargo & Co. ....................... 196,506
------------
6,783,284
------------
HEALTH CARE -- 13.0%
8,600 Aetna, Inc. ............................. 215,430
14,625 AmerisourceBergen Corp., Class A ........ 259,447
3,500 Amgen, Inc. + ........................... 185,290
4,000 Bristol-Myers Squibb Co. ................ 81,240
12,650 Cardinal Health, Inc. ................... 386,458
2,900 Cigna Corp. ............................. 69,861
2,300 Community Health Systems, Inc. + ........ 58,075
900 Eli Lilly & Co. ......................... 31,176
44 Emergent Biosolutions, Inc. + ........... 631
2,661 Health Management Associates, Inc.,
Class A + .............................. 13,145
4,400 Insmed, Inc. + ......................... 4,400
13,250 Johnson & Johnson ...................... 752,600
3,600 Kindred Healthcare, Inc. + ............. 44,532
Wilshire Mutual Funds, Inc.
Large Company Value Portfolio June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
HEALTH CARE -- 13.0% (CONTINUED)
3,500 KV Pharmaceutical Co., Class A + ....... $ 11,235
3,000 Life Technologies Corp. + .............. 125,160
1,300 Matrixx Initiatives, Inc. + ............ 7,267
1,100 Maxygen, Inc. + ........................ 7,392
1,200 Omnicare, Inc. ......................... 30,912
38,300 Pfizer, Inc. ........................... 574,500
171 RehabCare Group, Inc. + ................ 4,092
1,600 UnitedHealth Group, Inc. ............... 39,968
10,600 WellPoint, Inc. + ...................... 539,434
5,875 Zimmer Holdings, Inc. + ................ 250,275
------------
3,692,520
------------
INDUSTRIALS -- 8.3%
2,700 APAC Customer Services, Inc. + ......... 13,851
3,939 Armstrong World Industries, Inc. + ..... 64,954
8,825 Boeing Co. ............................. 375,063
24 Chart Industries, Inc. + ............... 436
2,200 Cooper Industries, Ltd., Class A ....... 68,310
1,200 Cummins, Inc. .......................... 42,252
7,900 Dollar Thrifty Automotive Group, Inc. + 110,205
1,250 Fluor Corp. ............................ 64,112
4,300 General Dynamics Corp. ................. 238,177
21,500 General Electric Co. ................... 251,980
1,100 Goodrich Corp. ......................... 54,967
5,300 Hawaiian Holdings, Inc. + .............. 31,906
4,400 L-3 Communications Holdings, Inc.,
Class 3 ................................ 305,272
22 Layne Christensen Co. + ................ 450
59 McDermott International, Inc. + ........ 1,198
11,100 Northrop Grumman Corp. ................. 507,048
2,400 Paragon Shipping, Inc., Class A ........ 8,760
90 PRG-Schultz International, Inc. + ...... 243
1,200 SPX Corp. .............................. 58,764
3,144 Standard Register Co. (The) ............ 10,250
5,400 Timken Co. ............................. 92,232
800 Tredegar Corp. ......................... 10,656
1,775 Tyco International, Ltd. ............... 46,115
------------
2,357,201
------------
INFORMATION TECHNOLOGY -- 12.3%
4,600 3Com Corp. + ........................... 21,666
900 Adaptec, Inc. + ........................ 2,385
151,700 Alcatel-Lucent ADR ..................... 376,216
2,600 Analog Devices, Inc. ................... 64,428
1,000 Automatic Data Processing, Inc. ........ 35,440
23,075 CA, Inc. ............................... 402,197
3,100 Computer Sciences Corp. + .............. 137,330
4,300 Corning, Inc. .......................... 69,058
26,025 Dell, Inc. + ........................... 357,323
4,200 EMC Corp. + ............................ 55,020
11,490 Global Cash Access Holdings, Inc. + .... 91,461
1,800 i2 Technologies, Inc. + ................ 22,590
2,800 International Business Machines Corp. .. 292,376
10,125 Lam Research Corp. + ................... 263,250
121 Lexmark International, Inc., Class A + . 1,918
7,200 Marvell Technology Group, Ltd. + ....... 83,808
14,098 Microsoft Corp. ........................ 335,110
64,200 Motorola, Inc. ......................... 425,646
37,085 OpenTV Corp., Class A + ................ 48,952
1,700 TeleTech Holdings, Inc. + .............. 25,755
17,275 Tyco Electronics, Ltd. ................. 321,142
2,800 Vishay Intertechnology, Inc. + ......... 19,012
2,100 Western Digital Corp. + ................ 55,650
------------
3,507,733
------------
MATERIALS -- 3.7%
1,800 Ashland, Inc. 50,490
SHARES VALUE
------ ---------
MATERIALS -- 3.7% (CONTINUED)
2,200 Celanese Corp., Ser A, Class A ......... $ 52,250
4,308 Cemex SAB de CV ADR + .................. 40,236
900 CF Industries Holdings, Inc. ........... 66,726
800 Clearwater Paper Corp. + ............... 20,232
900 Cliffs Natural Resources, Inc. ......... 22,023
4,400 Eastman Chemical Co. ................... 166,760
3,100 Freeport-McMoRan Copper & Gold, Inc. ... 155,341
7,592 Glatfelter ............................. 67,569
2,600 Huntsman Corp. ......................... 13,078
400 Mosaic Co. (The) ....................... 17,720
1,900 Omnova Solutions, Inc. + ............... 6,194
2,300 Schweitzer-Mauduit International, Inc. . 62,583
18,400 Temple-Inland, Inc. .................... 241,408
2,050 Walter Energy, Inc. .................... 74,292
------------
1,056,902
TELECOMMUNICATION SERVICES -- 2.7%
19,500 AT&T, Inc. ............................. 484,380
13,900 Qwest Communications International,
Inc. ................................... 57,685
11,300 Sprint Nextel Corp. + ................. 54,353
5,300 Verizon Communications, Inc. .......... 162,869
------------
759,287
------------
UTILITIES -- 3.1%
6,000 AES Corp. (The) + ..................... 69,660
100 Amerigas Partners(A) .................. 3,373
200 Consolidated Edison, Inc. ............. 7,484
5,200 Dominion Resources, Inc. .............. 173,784
400 Exelon Corp. .......................... 20,484
2,500 Mirant Corp. + ........................ 39,350
2,600 Northeast Utilities ................... 58,006
1,800 NRG Energy, Inc. + .................... 46,728
1,400 PG&E Corp. ............................ 53,816
6,650 Sempra Energy ......................... 330,039
1,725 Wisconsin Energy Corp. ................ 70,225
------------
872,949
------------
Total Common Stock (Cost $30,832,583) ............ 28,150,256
------------
CASH EQUIVALENT -- 1.1%
321,991 PNC Institutional Money
Market Trust, 0.05% (A) ............... 321,991
------------
Total Cash Equivalent (Cost $321,991) ............ 321,991
------------
Total Investments -- 100.0%
(Cost $31,154,574) ............................... 28,472,247
Other Assets & Liabilities, Net -- 0.0% .......... (1,681)
------------
NET ASSETS -- 100.0% ............................. $ 28,470,566
============
(A) Rate shown is the 7-day effective yield as of June 30, 2009.
+ Non-income producing security.
ADR - American Depositary Receipt
REIT - Real Estate Investment Trust
Wilshire Mutual Funds, Inc.
Small Company Growth Portfolio June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ -----
COMMON STOCK -- 98.8%
CONSUMER DISCRETIONARY -- 16.7%
5,563 99 Cents Only Stores + ..................... $ 75,546
175 Aaron's, Inc. .............................. 5,219
1,150 Aeropostale, Inc. + ........................ 39,411
1,100 American Axle & Manufacturing
Holdings, Inc. ............................. 3,784
1,426 American Eagle Outfitters, Inc. ............ 20,206
799 America's Car-Mart, Inc. + ................. 16,379
700 Arbitron, Inc. ............................. 11,123
150 Bally Technologies, Inc. + ................. 4,488
175 Blue Nile, Inc. + .......................... 7,523
800 Buckle, Inc. (The) ......................... 25,416
500 Cabela's, Inc. + ........................... 6,150
600 California Pizza Kitchen, Inc. + ........... 7,974
400 Carmike Cinemas, Inc. ...................... 3,352
1,500 Cato Corp. (The), Class A .................. 26,160
100 CEC Entertainment, Inc. + .................. 2,948
1,700 Charlotte Russe Holding, Inc. + ............ 21,896
300 Cheesecake Factory (The) + ................. 5,190
4,851 Chico's FAS, Inc. + ........................ 47,200
2,500 Christopher & Banks Corp. .................. 16,775
400 Coldwater Creek, Inc. + .................... 2,424
300 Collective Brands, Inc. + .................. 4,371
1,100 Cooper Tire & Rubber Co. ................... 10,912
875 Corinthian Colleges, Inc. + ................ 14,814
430 DeVry, Inc. ................................ 21,517
400 Dress Barn, Inc. + ......................... 5,720
300 Exide Technologies + ....................... 1,119
200 Fred's, Inc., Class A ...................... 2,520
100 Genesco, Inc. + ............................ 1,877
1,430 Global Sources, Ltd. + ..................... 10,310
1,608 Group 1 Automotive, Inc. ................... 41,840
1,195 Gymboree Corp. + ........................... 42,399
500 hhgregg, Inc. + ............................ 7,580
100 HOT Topic, Inc. + .......................... 731
1,300 J. Crew Group, Inc. + ...................... 35,126
500 Jo-Ann Stores, Inc. + ...................... 10,335
1,200 Journal Communications, Inc., Class A ...... 1,260
3,100 Leapfrog Enterprises, Inc., Class A + ...... 7,099
1,300 Live Nation, Inc. + ........................ 6,318
500 Marvel Entertainment, Inc. + ............... 17,795
125 Matthews International Corp., Class A ...... 3,890
1,000 Mediacom Communications Corp.,
Class A + .................................. 5,110
300 Men's Wearhouse, Inc. (The) ................ 5,754
770 Monro Muffler, Inc. ........................ 19,797
200 Morgans Hotel Group Co. + .................. 766
1,200 NutriSystem, Inc. .......................... 17,400
163 Overstock.com, Inc. + ...................... 1,949
315 Panera Bread Co., Class A + ................ 15,706
411 Peet's Coffee & Tea, Inc. + ................ 10,357
200 PetMed Express, Inc. ....................... 3,006
325 Pre-Paid Legal Services, Inc. + ............ 14,167
2,500 RCN Corp. + ................................ 14,925
300 Red Robin Gourmet Burgers, Inc. + .......... 5,625
2,900 Smith & Wesson Holding Corp. + ............. 16,472
1,225 Sotheby's .................................. 17,285
50 Spartan Motors, Inc. ....................... 566
600 Stage Stores, Inc. ......................... 6,660
712 Stamps.com, Inc. + ......................... 6,038
1,700 Standard Pacific Corp. + ................... 3,451
1,050 Steven Madden, Ltd. + ...................... 26,722
261 Strayer Education, Inc. .................... 56,926
SHARES VALUE
------ ---------
CONSUMER DISCRETIONARY -- 16.7% (CONTINUED)
400 Systemax, Inc. + ........................... $ 4,764
2,550 Texas Roadhouse, Inc., Class A + ........... 27,821
400 Tupperware Brands Corp. .................... 10,408
1,469 Tween Brands, Inc. + ....................... 9,813
175 Universal Electronics, Inc. + .............. 3,530
127 Warnaco Group, Inc. (The) + ................ 4,115
1,000 Wendy's/Arby's Group, Inc., Class A ........ 4,000
200 Winnebago Industries ....................... 1,486
275 Wonder Auto Technology, Inc. + ............. 2,786
2,200 Youbet.com, Inc. + ......................... 7,260
----------
921,362
----------
CONSUMER STAPLES -- 3.4%
2,400 Alliance One International, Inc. + ......... 9,120
1,000 American Oriental Bioengineering, Inc. + ... 5,290
200 Casey's General Stores, Inc ................ 5,138
75 Chattem, Inc. + ............................ 5,107
800 Chiquita Brands International, Inc. + ...... 8,208
600 Darling International, Inc. + .............. 3,960
800 Flowers Foods, Inc ......................... 17,472
112 Green Mountain Coffee Roasters, Inc. + ..... 6,622
687 Lance, Inc ................................. 15,890
1,300 Pantry, Inc. (The) + ....................... 21,580
300 Pricesmart, Inc ............................ 5,025
8,000 Star Scientific, Inc. + .................... 7,120
1,690 TreeHouse Foods, Inc. + .................... 48,621
300 United Natural Foods, Inc. + ............... 7,875
550 USANA Health Sciences, Inc. + .............. 16,352
500 Winn-Dixie Stores, Inc. + .................. 6,270
----------
189,650
----------
ENERGY -- 6.6%
1,380 Arena Resources, Inc. + .................... 43,953
100 Atlas America, Inc. ........................ 1,787
2,700 BPZ Resources, Inc. + ...................... 13,203
318 Comstock Resources, Inc. + ................. 10,510
75 Contango Oil & Gas Co. + ................... 3,187
445 Core Laboratories NV ....................... 38,782
2,325 Endeavour International Corp. + ............ 3,162
2,167 EXCO Resources, Inc. + ..................... 27,998
800 General Maritime Corp. ..................... 7,912
1,760 Goodrich Petroleum Corp. + ................. 43,278
600 Gulfport Energy Corp. + .................... 4,110
250 Lufkin Industries, Inc. .................... 10,512
1,835 Matrix Service Co. + ....................... 21,066
500 McMoRan Exploration Co. + .................. 2,980
634 Oceaneering International, Inc. + .......... 28,657
252 PetroHawk Energy Corp. + ................... 5,620
3,518 Rosetta Resources, Inc. + .................. 30,782
84 Smith International, Inc. .................. 2,163
200 Stone Energy Corp. + ....................... 1,484
1,426 Superior Energy Services, Inc. + ........... 24,627
200 Willbros Group, Inc. + ..................... 2,502
800 World Fuel Services Corp. .................. 32,984
----------
361,259
----------
FINNANCIALS -- 6.5%
150 Anworth Mortgage Asset Corp ................ 1,082
790 BOK Financial Corp ......................... 29,759
100 Chemical Financial Corp .................... 1,991
500 Cohen & Steers, Inc ........................ 7,475
1,100 eHealth, Inc. + ............................ 19,426
300 Equity One, Inc ............................ 3,978
350 Financial Federal Corp ..................... 7,192
300 Hancock Holding Co ......................... 9,747
Wilshire Mutual Funds, Inc.
Small Company Growth Portfolio June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
FINANCIALS -- 6.5% (CONTINUED)
100 Infinity Property & Casualty ............... $ 3,646
1,600 Inland Real Estate Corp. ................... 11,200
100 Investment Technology Group, Inc. + ........ 2,039
1,078 Lazard, Ltd., Class A ...................... 29,020
250 Life Partners Holdings, Inc. ............... 3,545
500 LTC Properties, Inc. ....................... 10,225
100 Mid-America Apartment Communities,
Inc. ....................................... 3,671
225 optionsXpress Holdings, Inc. ............... 3,494
75 Penson Worldwide, Inc. + ................... 671
2,096 Pinnacle Financial Partners, Inc. + ........ 27,919
350 Prospect Capital Corp. ..................... 3,220
1,500 Signature Bank + ........................... 40,680
1,380 SVB Financial Group + ...................... 37,564
675 SWS Group, Inc. ............................ 9,430
3,178 Texas Capital Bancshares, Inc. + ........... 49,164
300 Tower Group, Inc. .......................... 7,434
2,519 Trustco Bank Corp. ......................... 14,887
75 U.S. Global Investors, Inc., Class A ....... 695
1 United Community Banks, Inc. ............... 6
250 Westamerica Bancorporation ................. 12,402
200 World Acceptance Corp. + ................... 3,982
----------
355,544
----------
HEALTH CARE -- 19.8%
1,425 Abaxis, Inc. + ............................. 29,270
100 Acorda Therapeutics, Inc. + ................ 2,819
1,650 Affymetrix, Inc. + ......................... 9,784
200 Air Methods Corp. + ........................ 5,472
475 Albany Molecular Research, Inc. + .......... 3,985
1,050 Alexion Pharmaceuticals, Inc. + ............ 43,176
150 Alexza Pharmaceuticals, Inc. + ............. 355
125 Align Technology, Inc. + ................... 1,325
50 Alkermes, Inc. + ........................... 541
1,675 Allos Therapeutics, Inc. + ................. 13,886
392 Allscripts-Misys Healthcare Solutions, Inc. 6,217
300 Alnylam Pharmaceuticals, Inc. + ............ 6,681
125 AMAG Pharmaceuticals, Inc. + ............... 6,834
524 Amedisys, Inc. + ........................... 17,302
700 American Medical Systems Holdings,
Inc. + ..................................... 11,060
700 Angiodynamics, Inc. + ...................... 9,289
300 Array Biopharma, Inc. + .................... 942
1,205 athenahealth, Inc. + ....................... 44,597
700 Bio-Reference Labs, Inc. + ................. 22,127
800 BioScrip, Inc. + ........................... 4,736
280 Bruker Corp. + ............................. 2,593
125 Centene Corp. + ............................ 2,497
625 Chemed Corp. ............................... 24,675
500 Columbia Laboratories, Inc. + .............. 570
375 Corvel Corp. + ............................. 8,539
650 CryoLife, Inc. + ........................... 3,601
1,475 Cubist Pharmaceuticals, Inc. + ............. 27,037
1,576 Cyberonics, Inc. + ......................... 26,209
1,025 Cypress Bioscience, Inc. + ................. 9,656
200 Dendreon Corp. + ........................... 4,970
150 Dionex Corp. + ............................. 9,154
1,250 Enzo Biochem, Inc. + ....................... 5,538
476 eResearchTechnology, Inc. + ................ 2,956
650 Genoptix, Inc. + ........................... 20,793
425 Geron Corp. + .............................. 3,260
50 GTx, Inc. + ................................ 461
250 Haemonetics Corp. + ........................ 14,250
300 Halozyme Therapeutics, Inc. + .............. 2,091
SHARES VALUE
------ ---------
HEALTH CARE -- 19.8% (CONTINUED)
400 Healthways, Inc. + ......................... $ 5,380
1,345 HMS Holdings Corp. + ....................... 54,768
1,010 ICON PLC ADR + ............................. 21,796
250 ICU Medical, Inc. + ........................ 10,287
2,250 Immucor, Inc. + ............................ 30,960
225 Immunomedics, Inc. + ....................... 571
500 inVentiv Health, Inc. + .................... 6,765
129 Isis Pharmaceuticals, Inc. + ............... 2,129
775 Kendle International, Inc. + ............... 9,486
125 Landauer, Inc. ............................. 7,668
950 LHC Group, Inc. + .......................... 21,100
1,425 Martek Biosciences Corp. ................... 30,139
820 Masimo Corp. + ............................. 19,770
900 Maxygen, Inc. + ............................ 6,048
250 Medarex, Inc. + ............................ 2,087
1,300 Medicines Co. (The) + ...................... 10,907
1,300 Medicis Pharmaceutical Corp., Class A ...... 21,216
1,650 Meridian Bioscience, Inc. .................. 37,257
1,175 Merit Medical Systems, Inc. + .............. 19,152
215 Molina Healthcare, Inc. + .................. 5,143
600 Myriad Genetics, Inc. + .................... 21,390
150 Myriad Pharmaceuticals, Inc. + ............. 697
1,300 Nighthawk Radiology Holdings, Inc. + ....... 4,810
1,650 Noven Pharmaceuticals, Inc. + .............. 23,595
1,100 Obagi Medical Products, Inc. + ............. 8,019
50 Odyssey HealthCare, Inc. + ................. 514
551 Omnicell, Inc. + ........................... 5,923
550 Onyx Pharmaceuticals, Inc. + ............... 15,543
1,342 OSI Pharmaceuticals, Inc. + ................ 37,885
425 Pain Therapeutics, Inc. + .................. 2,282
564 Palomar Medical Technologies, Inc. + ....... 8,268
450 Par Pharmaceutical Cos., Inc. + ............ 6,818
1,627 Parexel International Corp. + .............. 23,396
1,100 PDL BioPharma, Inc. ........................ 8,690
501 Perrigo Co. ................................ 13,918
430 Quality Systems, Inc. ...................... 24,493
1,525 Questcor Pharmaceuticals, Inc. + ........... 7,625
650 Quidel Corp. + ............................. 9,464
825 Regeneron Pharmaceuticals, Inc. + .......... 14,784
400 Rigel Pharmaceuticals, Inc. + .............. 4,848
850 Savient Pharmaceuticals, Inc. + ............ 11,781
1,150 Somanetics Corp. + ......................... 18,987
150 SonoSite, Inc. + ........................... 3,009
525 STERIS Corp. ............................... 13,692
1,550 SXC Health Solutions Corp. + ............... 39,401
75 Symmetry Medical, Inc. + ................... 699
400 Varian, Inc. + ............................. 15,772
75 West Pharmaceutical Services, Inc. ......... 2,614
475 Zoll Medical Corp. + ....................... 9,187
----------
1,089,981
----------
INDUSTRIALS -- 12.2%
130 AAR Corp. + ................................ 2,087
675 Administaff, Inc. .......................... 15,707
1,600 Advanced Battery Technologies, Inc. + . .... 6,432
300 Advisory Board Co. (The) + ................. 7,710
2,800 Airtran Holdings, Inc. + ................... 17,332
262 American Commercial Lines, Inc. + .......... 4,056
300 American Ecology Corp. ..................... 5,376
200 American Railcar Industries, Inc. .......... 1,652
100 American Science & Engineering, Inc. ....... 6,912
500 Apogee Enterprises, Inc. ................... 6,150
100 Astec Industries, Inc. + ................... 2,969
75 Axsys Technologies, Inc. + ................. 4,023
Wilshire Mutual Funds, Inc.
Small Company Growth Portfolio June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
INDUSTRIALS -- 12.2% (CONTINUED)
175 Badger Meter, Inc. ......................... $ 7,175
2,437 BE Aerospace, Inc. + ....................... 34,995
725 Brady Corp., Class A ....................... 18,212
1,214 Briggs & Stratton Corp. .................... 16,195
1,430 Bucyrus International, Inc., Class A ....... 40,841
100 CDI Corp. .................................. 1,115
100 China Fire & Security Group, Inc. + ........ 1,217
575 Clean Harbors, Inc. + ...................... 31,044
175 Columbus McKinnon Corp. + .................. 2,214
50 Comfort Systems USA, Inc. .................. 513
820 Copart, Inc. + ............................. 28,429
50 Cubic Corp. ................................ 1,790
750 Dycom Industries, Inc. + ................... 8,302
25 Energy Conversion Devices, Inc. + .......... 354
2,180 EnerSys + .................................. 39,654
157 Equifax, Inc. .............................. 4,098
297 Flow International Corp. + ................. 698
375 FTI Consulting, Inc. + ..................... 19,020
125 Genco Shipping & Trading, Ltd. ............. 2,715
1,118 GenCorp, Inc. + ............................ 2,135
34 Graham Corp. ............................... 452
400 Houston Wire & Cable Co. ................... 4,764
345 II-VI, Inc. + .............................. 7,649
489 Kaman Corp. ................................ 8,166
175 Knight Transportation, Inc. ................ 2,896
100 Lindsay Corp. .............................. 3,310
601 Lydall, Inc. + ............................. 2,043
533 Marten Transport, Ltd. + ................... 11,065
153 Middleby Corp. + ........................... 6,720
1,050 Mine Safety Appliances Co. ................. 25,305
50 Navigant Consulting, Inc. + ................ 646
175 Nordson Corp. ............................... 6,765
1,105 Old Dominion Freight Line, Inc. + .......... 37,095
4,500 Pacer International, Inc. .................. 10,035
175 Resources Connection, Inc. + ............... 3,005
530 Ritchie Bros. Auctioneers, Inc. ............ 12,428
1,341 Rollins, Inc. .............................. 23,213
1,000 Standard Register Co. (The) ................ 3,260
175 Sun Hydraulics Corp. ....................... 2,830
150 Taser International, Inc. + ................ 684
350 Teledyne Technologies, Inc. + .............. 11,462
43 Tetra Tech, Inc. + ......................... 1,232
426 Titan International, Inc. .................. 3,182
700 Titan Machinery, Inc. + .................... 8,883
50 TransDigm Group, Inc. + .................... 1,810
875 Tredegar Corp. ............................. 11,655
1,135 Triumph Group, Inc. ........................ 45,400
580 TrueBlue, Inc. + ........................... 4,872
2,200 UAL Corp. + ................................ 7,018
1,003 Wabtec Corp. ............................... 32,267
600 Watson Wyatt Worldwide, Inc., Class A ...... 22,518
600 Werner Enterprises, Inc. ................... 10,872
----------
674,624
----------
INFORMATION TECHNOLOGY -- 27.8%
2,100 3Com Corp. + ............................... 9,891
50 ACI Worldwide, Inc. + ...................... 698
825 Actuate Corp. + ............................ 3,944
1,004 Advanced Analogic Technologies, Inc. + ..... 4,608
500 Amkor Technology, Inc. + ................... 2,365
200 Anixter International, Inc. + .............. 7,518
175 ANSYS, Inc. + .............................. 5,453
3,740 Ariba, Inc. + .............................. 36,802
2,394 Art Technology Group, Inc. + ............... 9,097
SHARES VALUE
------ ---------
INFORMATION TECHNOLOGY -- 27.8% (CONTINUED)
100 AsiaInfo Holdings, Inc. + .................. $ 1,721
600 ATMI, Inc. + ............................... 9,318
50 Avocent Corp. + ............................ 698
225 Bankrate, Inc. + ........................... 5,679
650 Blue Coat Systems, Inc. + .................. 10,751
3,200 Brightpoint, Inc. + ........................ 20,064
320 Cabot Microelectronics Corp. + ............. 9,053
675 CACI International, Inc., Class A + ........ 28,829
3,600 Ciber, Inc. + .............................. 11,160
450 Cirrus Logic, Inc. + ....................... 2,025
350 Cognex Corp. ............................... 4,945
950 Cogo Group, Inc. + ......................... 5,671
200 CommVault Systems, Inc. + .................. 3,316
600 comScore, Inc. + ........................... 7,992
1,800 Concur Technologies, Inc. + ................ 55,944
556 CSG Systems International, Inc. + .......... 7,361
453 CTS Corp. .................................. 2,967
1,482 Cybersource Corp. + ........................ 22,675
625 Cymer, Inc. + .............................. 18,581
1,275 Daktronics, Inc. ........................... 9,817
1,945 DG FastChannel, Inc. + ..................... 35,594
815 Digital River, Inc. + ...................... 29,601
100 Double-Take Software, Inc. + ............... 865
525 Earthlink, Inc. ............................ 3,890
300 Emcore Corp. + ............................. 378
475 Emulex Corp. + ............................. 4,645
570 Equinix, Inc. + ............................ 41,462
63 Factset Research Systems, Inc. ............. 3,142
50 FARO Technologies, Inc. + .................. 777
300 FEI Co. + .................................. 6,870
2,001 FLIR Systems, Inc. + ....................... 45,143
50 GSI Commerce, Inc. + ....................... 713
100 Harmonic, Inc. + ........................... 589
7,579 Heartland Payment Systems, Inc. ............ 72,531
175 Hittite Microwave Corp. + .................. 6,081
400 Hutchinson Technology, Inc. + .............. 780
1,800 Hypercom Corp. + ........................... 2,700
400 i2 Technologies, Inc. + .................... 5,020
700 Immersion Corp. + .......................... 3,458
1,300 Infinera Corp. + ........................... 11,869
1,760 Informatica Corp. + ........................ 30,254
700 Insight Enterprises, Inc. + ................ 6,762
272 InterDigital, Inc. + ....................... 6,648
1,200 Intermec, Inc. + ........................... 15,480
125 IPG Photonics Corp. + ...................... 1,371
675 j2 Global Communications, Inc. + ........... 15,228
100 Jack Henry & Associates, Inc. .............. 2,075
50 Knot, Inc. (The) + ......................... 394
800 L-1 Identity Solutions, Inc., Class 1 + .... 6,192
100 Littelfuse, Inc. (+) ....................... 1,996
650 LoopNet, Inc. + ............................ 5,038
1,730 Macrovision Solutions Corp. + .............. 37,731
650 Manhattan Associates, Inc. + ............... 11,843
300 Mantech International Corp., Class A + ..... 12,912
1,700 Methode Electronics, Inc. .................. 11,934
1,000 Micrel, Inc. ............................... 7,320
1,900 Microsemi Corp. + .......................... 26,220
475 MicroStrategy, Inc., Class A + ............. 23,855
3,800 MIPS Technologies, Inc., Class A + ......... 11,400
900 ModusLink Global Solutions, Inc. + ......... 6,174
5,700 MoneyGram International, Inc. + ............ 10,146
2,903 Monolithic Power Systems, Inc. + ........... 65,056
238 Multi-Fineline Electronix, Inc. + .......... 5,093
428 Netgear, Inc. + ............................ 6,167
Wilshire Mutual Funds, Inc.
Small Company Growth Portfolio June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
INFORMATION TECHNOLOGY -- 27.8% (CONTINUED)
1,380 Netlogic Microsystems, Inc. + .............. $ 50,315
50 Netscout Systems, Inc. + ................... 469
269 Nice Systems, Ltd. ADR + ................... 6,206
1,400 Novatel Wireless, Inc. + ................... 12,628
288 Omniture, Inc. + ........................... 3,617
500 Palm, Inc. + ............................... 8,285
50 Perficient, Inc. + ......................... 349
488 Perot Systems Corp., Class A + ............. 6,993
1,120 Phoenix Technologies, Ltd. + ............... 3,035
1,700 Photronics, Inc. + ......................... 6,885
175 Plexus Corp. + ............................. 3,581
825 Presstek, Inc. + ........................... 1,147
385 Progress Software Corp. + .................. 8,150
1,600 Quantum Corp. + ............................ 1,328
4,508 Rackspace Hosting, Inc. + .................. 62,481
300 Radisys Corp. + ............................ 2,703
805 RightNow Technologies, Inc. + .............. 9,499
50 Riverbed Technology, Inc. + ................ 1,160
100 Rofin-Sinar Technologies, Inc. + ........... 2,001
350 Rogers Corp. + ............................. 7,081
400 Scansource, Inc. + ......................... 9,808
300 Sigma Designs, Inc. + ...................... 4,812
7,358 Skyworks Solutions, Inc. + ................. 71,961
1,200 Solera Holdings, Inc. + .................... 30,480
350 SPSS, Inc. + ............................... 11,680
225 Standard Microsystems Corp. + .............. 4,601
1,515 Starent Networks Corp. + ................... 36,981
925 Sybase, Inc. + ............................. 28,989
400 Symyx Technologies + ....................... 2,340
946 Synaptics, Inc. + .......................... 36,563
200 Synchronoss Technologies, Inc. + ........... 2,454
225 Syntel, Inc. ............................... 7,074
2,400 Take-Two Interactive Software, Inc. ........ 22,728
500 Taleo Corp., Class A + ..................... 9,135
400 TeleCommunication Systems, Inc.,
Class A + .................................. 2,844
1,625 TeleTech Holdings, Inc. + .................. 24,619
650 Tessera Technologies, Inc. + ............... 16,439
600 THQ, Inc. + ................................ 4,296
650 Tyler Technologies, Inc. + ................. 10,153
50 Ultratech, Inc. + .......................... 616
250 United Online, Inc. ........................ 1,627
3,200 Utstarcom, Inc. + .......................... 5,216
710 VASCO Data Security International,
Inc. + ..................................... 5,190
50 Vignette Corp. + ........................... 657
605 VistaPrint, Ltd. + ......................... 25,803
1,280 Vocus, Inc. + .............................. 25,293
747 Volterra Semiconductor Corp. + ............. 9,816
----------
1,532,428
----------
MATERIALS -- 4.0%
200 AM Castle & Co. ............................ 2,416
50 American Vanguard Corp. .................... 565
325 Arch Chemicals, Inc. ....................... 7,992
100 Balchem Corp. .............................. 2,452
300 Calgon Carbon Corp. + ...................... 4,167
100 Clearwater Paper Corp. + ................... 2,529
1,690 Commercial Metals Co. ...................... 27,091
250 Compass Minerals International, Inc. ....... 13,727
300 Ferro Corp. ................................ 825
103 Flotek Industries, Inc. + .................. 209
650 HB Fuller Co. .............................. 12,200
900 Headwaters, Inc. + ......................... 3,024
SHARES VALUE
------ ---------
MATERIALS -- 4.0% (CONTINUED)
710 Intrepid Potash, Inc. + .................... $ 19,937
800 Myers Industries, Inc. ..................... 6,656
670 Schnitzer Steel Industries, Inc., Class A .. 35,416
300 Schulman A, Inc. ........................... 4,533
400 Sensient Technologies Corp. ................ 9,028
1,400 Spartech Corp. ............................. 12,866
4,500 WR Grace & Co. + ........................... 55,665
----------
221,298
----------
TELECOMMUNICATION SERVICES -- 1.3%
425 Cbeyond, Inc. + ............................ 6,099
1,351 Cincinnati Bell, Inc. + .................... 3,837
100 General Communication, Inc., Class A + ..... 693
700 Global Crossing, Ltd. + .................... 6,426
100 Neutral Tandem, Inc. + ..................... 2,952
300 PAETEC Holding Corp. + ..................... 810
1,480 Syniverse Holdings, Inc. + ................. 23,724
2,386 tw telecom, Inc., Class A + ................ 24,504
----------
69,045
----------
UTILITIES -- 0.5%
550 Allete, Inc ................................ 15,813
163 Black Hills Corp ........................... 3,747
18 ITC Holdings Corp .......................... 816
25 Ormat Technologies, Inc .................... 1,008
100 South Jersey Industries, Inc ............... 3,489
----------
24,873
----------
Total Common Stock (Cost $5,264,476) .................. 5,440,064
----------
CASH EQUIVALENT -- 0.9%
51,215 PNC Institutional Money
Market Trust, 0.05% (A) .................... 51,215
----------
Total Cash Equivalent (Cost $51,215) .................. 51,215
----------
PREFERRED STOCK -- 0.1%
HEALTH CARE -- 0.1%
28 Inverness Medical Innovations, Inc. ........ 6,241
----------
Total Preferred Stock (Cost $3,870) ................... 6,241
----------
Total Investments -- 99.8%
(Cost $5,319,561) ..................................... 5,497,520
Other Assets & Liabilities, Net -- 0.2% ............... 13,368
----------
NET ASSETS -- 100.0% .................................. $5,510,888
==========
(A) Rate shown is the 7-day effective yield as of June 30, 2009.
+ Non-income producing security.
ADR - American Depositary Receipt
Wilshire Mutual Funds, Inc.
Small Company Value Portfolio June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ -----
COMMON STOCK -- 98.1%*
CONSUMER DISCRETIONARY -- 12.4%
1,600 1-800-Flowers.com, Inc., Class A + ........ $ 3,072
500 American Greetings Corp., Class A ......... 5,840
2,500 Belo Corp., Class A ....................... 4,475
1,400 Blockbuster, Inc., Class A + .............. 924
300 Blue Nile, Inc. + ......................... 12,897
100 Blyth, Inc. ............................... 3,279
1,350 Bob Evans Farms, Inc. ..................... 38,799
600 Brunswick Corp. ........................... 2,592
200 Buckle, Inc. (The) ........................ 6,354
1,600 Build-A-Bear Workshop, Inc., Class A + .... 7,152
700 Cabela's, Inc. + .......................... 8,610
2,300 Cache, Inc. + ............................. 8,924
400 California Pizza Kitchen, Inc. + .......... 5,316
300 Casual Male Retail Group, Inc. + .......... 657
5,400 Cato Corp. (The), Class A ................. 94,176
3,200 Charlotte Russe Holding, Inc. + ........... 41,216
300 Childrens Place Retail Stores, Inc.
(The) + ................................... 7,929
4,600 Christopher & Banks Corp. ................. 30,866
300 Collective Brands, Inc. + ................. 4,371
100 Cooper Tire & Rubber Co. .................. 992
100 DeVry, Inc. ............................... 5,004
8,500 Dillard's, Inc., Class A .................. 78,200
1,600 Dress Barn, Inc. + ........................ 22,880
2,400 EW Scripps Co., Class A ................... 5,016
500 Finish Line, Inc., Class A ................ 3,710
800 Fred's, Inc., Class A ..................... 10,080
700 Genesco, Inc. + ........................... 13,139
8,000 Golfsmith International Holdings, Inc. + .. 12,000
700 Great Wolf Resorts, Inc. + ................ 1,428
4,050 Hooker Furniture Corp. .................... 46,494
2,400 HOT Topic, Inc. + ......................... 17,544
250 Interactive Data Corp. .................... 5,785
1,300 J. Crew Group, Inc. + ..................... 35,126
1,900 Jackson Hewitt Tax Service, Inc. .......... 11,894
200 Jakks Pacific, Inc. + ..................... 2,566
1,600 Jo-Ann Stores, Inc. + ..................... 33,072
4,700 Leapfrog Enterprises, Inc., Class A + ..... 10,763
4,200 LIN TV Corp., Class A + ................... 7,056
4,932 Live Nation, Inc. + ....................... 23,969
400 Maidenform Brands, Inc. + ................. 4,588
200 Marvel Entertainment, Inc. + .............. 7,118
1,200 Men's Wearhouse, Inc. (The) ............... 23,016
200 Morningstar, Inc. + ....................... 8,246
1,500 New York & Co., Inc. + .................... 4,635
500 NutriSystem, Inc. ......................... 7,250
7,300 Orbitz Worldwide, Inc. + .................. 13,870
500 Oxford Industries, Inc. ................... 5,825
405 Peet's Coffee & Tea, Inc. + ............... 10,206
100 Perry Ellis International, Inc. + ......... 728
700 PetMed Express, Inc. ...................... 10,521
400 Regis Corp. ............................... 6,964
900 Rent-A-Center, Inc., Class A + ............ 16,047
1,500 Sealy Corp. + ............................. 2,940
10,900 Sinclair Broadcast Group, Inc., Class A ... 21,146
600 Sotheby's ................................. 8,466
100 Spartan Motors, Inc. ...................... 1,133
2,200 Stage Stores, Inc. ........................ 24,420
1,541 Stamps.com, Inc. + ........................ 13,068
22,100 Standard Pacific Corp. + .................. 44,863
1,600 Systemax, Inc. + .......................... 19,056
2,200 Tuesday Morning Corp. + ................... 7,414
4,000 Tween Brands, Inc. + ...................... 26,720
1,600 Unifi, Inc. + ............................. 2,272
SHARES VALUE
------ -----
CONSUMER DISCRETIONARY -- 12.4% (CONTINUED)
700 Unifirst Corp. ............................ $ 26,019
650 WABCO Holdings, Inc. ...................... 11,505
2,000 Wendy's/Arby's Group, Inc., Class A ....... 8,000
100 Wolverine World Wide, Inc. ................ 2,206
----------
972,409
----------
CONSUMER STAPLES -- 2.8%
200 Andersons, Inc. (The) ..................... 5,988
3,250 Casey's General Stores, Inc ............... 83,493
100 Chattem, Inc. + ........................... 6,810
1,200 Chiquita Brands International, Inc. + ..... 12,312
6,600 Elizabeth Arden, Inc. + ................... 57,618
1,500 Flowers Foods, Inc ........................ 32,760
300 Pantry, Inc. (The) + ...................... 4,980
1,500 Prestige Brands Holdings, Inc. + .......... 9,225
200 Ruddick Corp .............................. 4,686
100 USANA Health Sciences, Inc. + ............. 2,973
----------
220,845
----------
ENERGY -- 5.8%
7,300 Acergy SA ADR ............................. 71,832
11,300 Allis-Chalmers Energy, Inc. + ............. 26,103
6,975 Approach Resources, Inc. + ................ 48,128
400 Basic Energy Services, Inc. + ............. 2,732
2,200 Bill Barrett Corp. + ...................... 60,412
200 BPZ Resources, Inc. + ..................... 978
500 Complete Production Services, Inc. + ...... 3,180
1,800 Delek US Holdings, Inc. ................... 15,264
6,000 Delta Petroleum Corp. + ................... 11,580
800 EXCO Resources, Inc. + .................... 10,336
100 General Maritime Corp. .................... 989
1,600 ION Geophysical Corp. + ................... 4,112
3,390 McMoRan Exploration Co. + ................. 20,204
6,200 Parallel Petroleum Corp. + ................ 12,028
4,600 Petroquest Energy, Inc. + ................. 16,974
600 Rosetta Resources, Inc. + ................. 5,250
3,000 St. Mary Land & Exploration Co. ........... 62,610
2,100 Stone Energy Corp. + ...................... 15,582
200 Western Refining, Inc. .................... 1,412
1,500 World Fuel Services Corp. ................. 61,845
----------
451,551
----------
FINANCIALS -- 30.2%
800 American Equity Investment Life Holding
Co ........................................ 4,464
2,381 Anworth Mortgage Asset Corp ............... 17,167
3,200 Aspen Insurance Holdings, Ltd ............. 71,488
2,500 Assurant, Inc ............................. 60,225
400 Assured Guaranty, Ltd ..................... 4,952
2,900 Bank Mutual Corp .......................... 25,288
200 Bank of the Ozarks, Inc ................... 4,326
4,600 BGC Partners, Inc., Class A ............... 17,434
2,900 BioMed Realty Trust, Inc .................. 29,667
800 Brookline Bancorp, Inc .................... 7,456
1,300 Calamos Asset Management, Inc., Class A ... 18,343
600 CapLease, Inc ............................. 1,656
500 Cathay General Bancorp .................... 4,755
1,600 Cedar Shopping Centers, Inc ............... 7,232
1,600 Chemical Financial Corp ................... 31,856
200 Citizens, Inc. + .......................... 1,216
2,600 Cogdell Spencer, Inc ...................... 11,154
400 Cohen & Steers, Inc ....................... 5,980
300 Colonial Properties Trust ................. 2,220
2,100 Columbia Banking System, Inc .............. 21,483
1,000 Community Bank System, Inc ................ 14,560
300 CompuCredit Corp. + ....................... 690
2,100 Delphi Financial Group, Inc., Class A ..... 40,803
Wilshire Mutual Funds, Inc.
Small Company Value Portfolio June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ -----
FINANCIALS -- 30.2% (CONTINUED)
4,800 E*Trade Financial Corp. + ................. $ 6,144
100 East West Bancorp, Inc. ................... 649
1,400 Education Realty Trust, Inc. .............. 6,006
2,200 eHealth, Inc. + ........................... 38,852
225 Enterprise Financial Services Corp. ....... 2,045
900 Entertainment Properties Trust ............ 18,540
4,757 Equity One, Inc. .......................... 63,078
5,700 Extra Space Storage, Inc. ................. 47,595
1,500 FCStone Group, Inc. + ..................... 5,925
1,410 Financial Federal Corp. ................... 28,976
1,100 First Bancorp ............................. 4,345
300 First Cash Financial Services, Inc. + ..... 5,256
180 First Citizens BancShares, Inc., Class A .. 24,057
4,500 First Commonwealth Financial Corp. ........ 28,530
760 First Community Bancshares, Inc. .......... 9,758
4,600 First Financial Bancorp ................... 34,592
637 First Financial Bankshares, Inc. .......... 32,079
1,200 First Mercury Financial Corp. ............. 16,524
600 First Midwest Bancorp, Inc. ............... 4,386
2,800 First Niagara Financial Group, Inc. ....... 31,976
100 Flushing Financial Corp. .................. 935
3,500 FNB Corp. ................................. 21,665
5,100 Forestar Group, Inc. + .................... 60,588
200 Frontier Financial Corp. .................. 242
335 GAMCO Investors, Inc., Class A ............ 16,248
1,200 GFI Group, Inc. ........................... 8,088
1,100 Glacier Bancorp, Inc. ..................... 16,247
1,190 Hancock Holding Co. ....................... 38,663
1,250 Hanover Insurance Group, Inc. (The) ....... 47,638
174 Harleysville Group, Inc. .................. 4,910
1,351 Hercules Technology Growth Capital, Inc. .. 11,294
1,214 Highwoods Properties, Inc. ................ 27,157
700 Home Properties, Inc. ..................... 23,870
1,300 Horace Mann Educators Corp. ............... 12,961
261 Independent Bank Corp. .................... 5,142
1,000 Infinity Property & Casualty .............. 36,460
8,500 Inland Real Estate Corp. .................. 59,500
600 Investors Bancorp, Inc. + ................. 5,496
518 Jones Lang LaSalle, Inc. .................. 16,954
6,000 Kite Realty Group Trust ................... 17,520
2,600 Knight Capital Group, Inc., Class A + ..... 44,330
1,000 LaBranche & Co., Inc. + ................... 4,300
1,700 LaSalle Hotel Properties .................. 20,978
300 Lexington Realty Trust .................... 1,020
2,865 LTC Properties, Inc. ...................... 58,589
188 M&T Bank Corp. ............................ 9,575
400 Max Capital Group, Ltd. ................... 7,384
4,600 Meadowbrook Insurance Group, Inc. ......... 30,038
600 Medical Properties Trust, Inc. ............ 3,642
400 National Retail Properties, Inc. .......... 6,940
590 Navigators Group, Inc. + .................. 26,214
716 NBT Bancorp, Inc. ......................... 15,544
900 NewAlliance Bancshares, Inc. .............. 10,350
100 NGP Capital Resources Co. ................. 587
100 NorthStar Realty Finance Corp. ............ 283
4,355 Old National Bancorp ...................... 42,766
3,200 PacWest Bancorp ........................... 42,112
400 Parkway Properties, Inc. .................. 5,200
2,270 Pennsylvania Real Estate Investment
Trust ..................................... 11,350
900 PHH Corp. + ............................... 16,362
400 Pico Holdings, Inc. + ..................... 11,480
300 Platinum Underwriters Holdings, Ltd. ...... 8,577
7,200 PMA Capital Corp., Class A + .............. 32,760
300 ProAssurance Corp. + ...................... 13,863
SHARES VALUE
------ -----
FINANCIALS -- 30.2% (CONTINUED)
800 Prospect Capital Corp. .................... $ 7,360
1,622 Prosperity Bancshares, Inc. ............... 48,384
1,300 Provident Financial Services, Inc. ........ 11,830
250 Ramco-Gershenson Properties Trust ......... 2,503
1,150 Reinsurance Group of America, Inc.,
Class A ................................... 40,146
600 RLI Corp. ................................. 26,880
1,000 S&T Bancorp, Inc. ......................... 12,160
1,223 Safety Insurance Group, Inc. .............. 37,375
400 SeaBright Insurance Holdings, Inc. + ...... 4,052
2,050 Selective Insurance Group ................. 26,178
500 South Financial Group, (Inc.) (The) ....... 595
900 Sovran Self Storage, Inc. ................. 22,140
2,100 StanCorp Financial Group, Inc. ............ 60,228
3,300 Sterling Bancshares, Inc. ................. 20,889
1,100 Susquehanna Bancshares, Inc. .............. 5,379
1,700 SWS Group, Inc. ........................... 23,749
2,850 Texas Capital Bancshares, Inc. + .......... 44,090
3,200 Tower Group, Inc. ......................... 79,296
7,500 Trustco Bank Corp. ........................ 44,325
3,400 UCBH Holdings, Inc. ....................... 4,284
2,277 Umpqua Holdings Corp. ..................... 17,670
700 United Bankshares, Inc. ................... 13,678
1,047 United Community Banks, Inc. .............. 6,271
200 United Fire & Casualty Co. ................ 3,430
34 W Holding Co., Inc. ....................... 483
600 Westamerica Bancorporation ................ 29,766
3,200 Western Alliance Bancorp + ................ 21,888
3,605 Wilshire Bancorp, Inc. .................... 20,729
250 Wintrust Financial Corp. .................. 4,020
200 World Acceptance Corp. + .................. 3,982
250 WSFS Financial Corp. ...................... 6,828
1,750 Zenith National Insurance Corp. ........... 38,045
----------
2,358,183
----------
HEALTH CARE -- 5.1%
400 Abaxis, Inc. + ............................ 8,216
2,000 Affymetrix, Inc. + ........................ 11,860
1,400 Angiodynamics, Inc. + ..................... 18,578
289 Bio-Rad Laboratories, Inc., Class A + ..... 21,814
257 Chemed Corp. .............................. 10,146
881 Conmed Corp. + ............................ 13,673
200 Cynosure, Inc., Class A + ................. 1,530
700 Enzo Biochem, Inc. + ...................... 3,101
300 Healthspring, Inc. + ...................... 3,258
100 Immucor, Inc. + ........................... 1,376
600 Kindred Healthcare, Inc. + ................ 7,422
600 LHC Group, Inc. + ......................... 13,326
1,300 Magellan Health Services, Inc. + .......... 42,666
800 Martek Biosciences Corp. .................. 16,920
1,100 Medcath Corp. + ........................... 12,936
300 Medical Action Industries, Inc. + ......... 3,435
700 Medicis Pharmaceutical Corp., Class A ..... 11,424
400 Meridian Bioscience, Inc. ................. 9,032
1,500 Merit Medical Systems, Inc. + ............. 24,450
1,500 Nighthawk Radiology Holdings, Inc. + ...... 5,550
1,700 Obagi Medical Products, Inc. + ............ 12,393
100 Parexel International Corp. + ............. 1,438
600 Res-Care, Inc. + .......................... 8,580
3,450 Sepracor, Inc. + .......................... 59,754
2,150 Skilled Healthcare Group, Inc., Class A + . 16,125
100 Symmetry Medical, Inc. + .................. 932
1,200 Universal American Corp. + ................ 10,464
4,300 Viropharma, Inc. + ........................ 25,499
1,000 Zoll Medical Corp. + ...................... 19,340
----------
395,238
----------
Wilshire Mutual Funds, Inc.
Small Company Value Portfolio June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ -----
INDUSTRIALS -- 13.7%
400 Acuity Brands, Inc. ....................... $ 11,220
1,900 Advanced Battery Technologies, Inc. + ..... 7,638
1,400 Aircastle, Ltd. ........................... 10,290
3,800 Albany International Corp., Class A ....... 43,244
25 American Commercial Lines, Inc. + ......... 387
500 American Railcar Industries, Inc. ......... 4,130
600 Apogee Enterprises, Inc. .................. 7,380
1,100 Arkansas Best Corp. ....................... 28,985
3,350 Belden, Inc. .............................. 55,945
102 Bowne & Co., Inc. ......................... 664
300 Brady Corp., Class A ...................... 7,536
2,114 Briggs & Stratton Corp. ................... 28,201
316 Cascade Corp. ............................. 4,971
1,169 CBIZ, Inc. + .............................. 8,323
1,400 CDI Corp. ................................. 15,610
500 Ceradyne, Inc. + .......................... 8,830
1,750 CIRCOR International, Inc. ................ 41,317
500 Columbus McKinnon Corp. + ................. 6,325
1,698 Corrections Corp of America + ............. 28,849
1,900 Dycom Industries, Inc. + .................. 21,033
500 Encore Wire Corp. ......................... 10,675
300 Ennis, Inc. ............................... 3,738
500 EnPro Industries, Inc. + .................. 9,005
200 Forward Air Corp. ......................... 4,264
350 Gardner Denver, Inc. + .................... 8,810
850 General Cable Corp. + ..................... 31,943
5,450 Gibraltar Industries, Inc. ................ 37,442
8,800 Griffon Corp. + ........................... 73,216
800 Heartland Express, Inc. ................... 11,776
800 Kadant, Inc. + ............................ 9,032
372 Kaman Corp. ............................... 6,212
250 Ladish Co., Inc. + ........................ 3,243
750 Lincoln Electric Holdings, Inc. ........... 27,030
1,100 Lydall, Inc. + ............................ 3,740
2,700 Marten Transport, Ltd. + .................. 56,052
425 Middleby Corp. + .......................... 18,666
3,100 Mine Safety Appliances Co. ................ 74,710
6,700 NCI Building Systems, Inc. + .............. 17,688
600 Old Dominion Freight Line, Inc. + ......... 20,142
750 Otter Tail Corp. .......................... 16,380
5,900 Pacer International, Inc. ................. 13,157
1,950 Quanex Building Products Corp. ............ 21,879
2,600 RBC Bearings, Inc. + ...................... 53,170
900 Regal-Beloit Corp. ........................ 35,748
900 Republic Airways Holdings, Inc. + ......... 5,877
100 Robbins & Myers, Inc. ..................... 1,925
500 Rush Enterprises, Inc., Class A + ......... 5,825
600 School Specialty, Inc. + .................. 12,126
2,300 Skywest, Inc. ............................. 23,460
1,700 Standard Register Co. (The) ............... 5,542
700 Titan Machinery, Inc. + ................... 8,883
1,600 Tredegar Corp. ............................ 21,312
900 UAL Corp. + ............................... 2,871
400 Viad Corp. ................................ 6,888
750 Wabtec Corp. .............................. 24,127
400 Waste Connections, Inc. + ................. 10,364
1,700 Werner Enterprises, Inc. .................. 30,804
2,900 YRC Worldwide, Inc. + ..................... 5,017
----------
1,073,617
----------
INFORMATION TECHNOLOGY -- 15.3%
100 Acme Packet, Inc. + ....................... 1,012
7,569 Actel Corp. + ............................. 81,215
2,300 Acxiom Corp. .............................. 20,309
1,000 Advanced Energy Industries, Inc. + ........ 8,990
3,100 Amkor Technology, Inc. + .................. 14,663
SHARES VALUE
------ -----
INFORMATION TECHNOLOGY -- 15.3% (CONTINUED)
550 Anixter International, Inc. + ............. $ 20,674
333 Arris Group, Inc. + ....................... 4,049
6,300 Avocent Corp. + ........................... 87,948
100 BigBand Networks, Inc. + .................. 517
100 Blue Coat Systems, Inc. + ................. 1,654
8,000 Brocade Communications Systems, Inc. + .... 62,560
12,600 Ciber, Inc. + ............................. 39,060
3,600 Cirrus Logic, Inc. + ...................... 16,200
1,000 Cogent, Inc. + ............................ 10,730
400 Cognex Corp. .............................. 5,652
2,100 Cogo Group, Inc. + ........................ 12,537
3,330 CTS Corp. ................................. 21,812
600 Daktronics, Inc. .......................... 4,620
1,200 Digi International, Inc. + ................ 11,700
900 DSP Group, Inc. + ......................... 6,084
200 EMS Technologies, Inc. + .................. 4,180
1,500 ExlService Holdings, Inc. + ............... 16,815
6,500 Extreme Networks + ........................ 13,000
600 FLIR Systems, Inc. + ...................... 13,536
2,300 Heartland Payment Systems, Inc. ........... 22,011
9,400 Hutchinson Technology, Inc. + ............. 18,330
8,900 Hypercom Corp. + .......................... 13,350
260 Imation Corp. ............................. 1,979
10,700 Insight Enterprises, Inc. + ............... 103,362
600 Integral Systems, Inc. + .................. 4,992
200 Internet Capital Group, Inc. + ............ 1,346
300 IXYS Corp. ................................ 3,036
8,700 Keithley Instruments, Inc. ................ 34,800
3,200 LoopNet, Inc. + ........................... 24,800
5,000 Methode Electronics, Inc. ................. 35,100
1,900 Micrel, Inc. .............................. 13,908
5,600 ModusLink Global Solutions, Inc. + ........ 38,416
200 MTS Systems Corp. ......................... 4,130
1,000 Netgear, Inc. + ........................... 14,410
2,100 Novatel Wireless, Inc. + .................. 18,942
1,200 Omnivision Technologies, Inc. + ........... 12,468
700 Perficient, Inc. + ........................ 4,893
1,910 Phoenix Technologies, Ltd. + .............. 5,176
2,100 Photronics, Inc. + ........................ 8,505
100 RightNow Technologies, Inc. + ............. 1,180
1,900 Rogers Corp. + ............................ 38,437
424 Rudolph Technologies, Inc. + .............. 2,341
1,600 Scansource, Inc. + ........................ 39,232
473 Silicon Storage Technology, Inc. + ........ 885
1,200 Skyworks Solutions, Inc. + ................ 11,736
3,736 Standard Microsystems Corp. + ............. 76,401
424 Symyx Technologies + ...................... 2,480
700 Synchronoss Technologies, Inc. + .......... 8,589
1,800 Take-Two Interactive Software, Inc. ....... 17,046
8,000 THQ, Inc. + ............................... 57,280
6,700 TIBCO Software, Inc. + .................... 48,039
300 TriQuint Semiconductor, Inc. + ............ 1,593
1,840 United Online, Inc. ....................... 11,978
7,700 Utstarcom, Inc. + ......................... 12,551
300 VASCO Data Security International,
Inc. + .................................... 2,193
----------
1,195,432
----------
MATERIALS -- 6.6%
1,200 AM Castle & Co. ........................... 14,496
918 Arch Chemicals, Inc. ...................... 22,574
200 Brush Engineered Materials, Inc. + ........ 3,350
6,400 Buckeye Technologies, Inc. + .............. 28,736
870 Coeur d'Alene Mines Corp. + ............... 10,701
1,400 Ferro Corp. ............................... 3,850
7,600 General Moly, Inc. + ...................... 16,872
Wilshire Mutual Funds, Inc.
Small Company Value Portfolio June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ -----
MATERIALS -- 6.6% (CONTINUED)
100 Haynes International, Inc. + .............. $ 2,370
1,790 HB Fuller Co. ............................. 33,598
6,000 Headwaters, Inc. + ........................ 20,160
5,300 Hecla Mining Co. + ........................ 14,204
600 Innophos Holdings, Inc. ................... 10,134
200 Innospec, Inc. ............................ 2,150
1,400 Koppers Holdings, Inc. .................... 36,918
2,000 Louisiana-Pacific Corp. ................... 6,840
200 Minerals Technologies, Inc. ............... 7,204
1,600 Myers Industries, Inc. .................... 13,312
700 Olin Corp. ................................ 8,323
2,200 Packaging Corp of America ................. 35,640
1,800 Polyone Corp. + ........................... 4,878
500 RTI International Metals, Inc. + .......... 8,835
1,200 Schulman A, Inc. .......................... 18,132
1,400 Sensient Technologies Corp. ............... 31,598
700 Spartech Corp. ............................ 6,433
1,850 Temple-Inland, Inc. ....................... 24,272
3,700 Thompson Creek Metals Co., Inc. + ......... 37,814
8,650 Wausau Paper Corp. ........................ 58,128
300 Worthington Industries, Inc. .............. 3,837
2,200 WR Grace & Co. + .......................... 27,214
----------
512,573
----------
TELECOMMUNICATION SERVICES -- 0.8%
2,570 Cincinnati Bell, Inc. + ................... 7,299
900 General Communication, Inc., Class A + .... 6,237
2,300 Iowa Telecommunications Services, Inc. .... 28,773
500 Neutral Tandem, Inc. + .................... 14,760
550 tw telecom, Inc., Class A + ............... 5,648
----------
62,717
----------
UTILITIES -- 5.4%
1,250 Allete, Inc. .............................. 35,937
400 Avista Corp. .............................. 7,124
1,417 Black Hills Corp. ......................... 32,577
1,400 El Paso Electric Co. + .................... 19,544
500 IDACORP, Inc. ............................. 13,070
100 New Jersey Resources Corp. ................ 3,704
800 Nicor, Inc. ............................... 27,696
1,374 Northwest Natural Gas Co. ................. 60,896
3,050 NorthWestern Corp. ........................ 69,418
3,000 Piedmont Natural Gas Co., Inc. ............ 72,330
400 PNM Resources, Inc. ....................... 4,284
400 Portland General Electric Co. ............. 7,792
200 South Jersey Industries, Inc. ............. 6,978
1,450 Unisource Energy Corp. .................... 38,483
700 WGL Holdings, Inc. ........................ 22,414
----------
422,247
----------
Total Common Stock (Cost $9,059,648) ................. 7,664,812
----------
CASH EQUIVALENT -- 1.2%
91,869 PNC Institutional Money
Market Trust, 0.05% (A) ................... 91,869
----------
Total Cash Equivalent (Cost $91,869) ................. 91,869
----------
RIGHTS -- 0.0%
1,500 Sealy Corp. ............................... 3,180
----------
Total Rights (Cost $0) ............................... 3,180
----------
SHARES VALUE
------ -----
PRIVATE COMPANY -- 0.0%
6 Teton Advisors, Inc. (B) .................. $ 2
----------
Total Private Company (Cost $251) 2
----------
Total Investments -- 99.3%
(Cost $9,151,768) 7,759,863
Other Assets & Liabilities, Net -- 0.7% 53,736
----------
NET ASSETS -- 100.0% $7,813,599
==========
* More narrow industries are utilized for compliance purposes, whereas broad
sectors are utilized for reporting purposes.
(A) Rate shown is the 7-day effective yield as of June 30, 2009.
(B) Security fair valued using methods determined in good faith by the Pricing
Committee. As of June 30, 2009 the total market value of this security was
$2 representing 0.0% of net assets.
+ Non-income producing security.
ADR - American Depositary Receipt
Wilshire Mutual Funds, Inc.
Wilshire 5000 Index(SM) Fund June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
COMMON STOCK -- 99.4%
CONSUMER DISCRETIONARY -- 9.9%
300 1-800-Flowers.com, Inc., Class A + ......... $ 576
200 4Kids Entertainment, Inc. + ................ 418
2,500 99 Cents Only Stores + ..................... 33,950
750 Aaron's, Inc. .............................. 22,365
900 Abercrombie & Fitch Co., Class A ........... 22,851
300 Acme United Corp. .......................... 2,400
4,000 Advance Auto Parts, Inc. ................... 165,960
1,100 Aeropostale, Inc. + ........................ 37,697
100 AFC Enterprises, Inc. + .................... 675
90 AH Belo Corp., Class A ..................... 88
200 Aldila, Inc. ............................... 560
5,150 Amazon.com, Inc. + ......................... 430,849
400 Ambassadors Group, Inc. .................... 5,508
500 Ambassadors International, Inc. + .......... 150
1,000 American Apparel, Inc. + ................... 3,640
7,700 American Axle & Manufacturing
Holdings, Inc. ............................. 26,488
1,625 American Eagle Outfitters, Inc. ............ 23,026
450 American Greetings Corp., Class A .......... 5,256
700 America's Car-Mart, Inc. + ................. 14,350
450 Ameristar Casinos, Inc. .................... 8,563
964 AnnTaylor Stores Corp. + ................... 7,693
2,150 Apollo Group, Inc., Class A + .............. 152,908
550 ArvinMeritor, Inc. ......................... 2,414
200 Ascent Media Corp., Class A + .............. 5,316
1,250 AutoNation, Inc. + ......................... 21,687
500 Autozone, Inc. + ........................... 75,555
900 Bally Technologies, Inc. + ................. 26,928
1,000 Beazer Homes USA, Inc. + ................... 1,830
1,400 Bebe Stores, Inc. .......................... 9,632
4,425 Bed Bath & Beyond, Inc. + .................. 136,069
950 Belo Corp., Class A ........................ 1,700
5,900 Best Buy Co., Inc. ......................... 197,591
200 Big 5 Sporting Goods Corp. ................. 2,212
2,500 Big Lots, Inc. + ........................... 52,575
600 Black & Decker Corp. ....................... 17,196
600 Blockbuster, Inc., Class A + ............... 396
50 Blue Nile, Inc. + .......................... 2,149
300 Bluegreen Corp. + .......................... 756
2,512 Blyth, Inc. ................................ 82,369
400 Bon-Ton Stores, Inc. (The) ................. 1,356
100 Books-A-Million, Inc., Class A ............. 711
400 Borders Group, Inc. + ...................... 1,472
1,580 BorgWarner, Inc. ........................... 53,957
500 Boyd Gaming Corp. .......................... 4,250
2,375 Brinker International, Inc. ................ 40,446
3,250 Brink's Home Security Holdings, Inc. + ..... 92,008
1,000 Brookfield Homes Corp. ..................... 4,000
500 Brunswick Corp. ............................ 2,160
1,400 Burger King Holdings, Inc. ................. 24,178
3,525 Cablevision Systems Corp., Class A ......... 68,420
200 Cache, Inc. + .............................. 776
400 California Coastal Communities, Inc. + ..... 552
375 California Pizza Kitchen, Inc. + ........... 4,984
500 Callaway Golf Co. .......................... 2,535
2,500 Career Education Corp. + ................... 62,225
400 Caribou Coffee Co., Inc. + ................. 2,568
1,955 Carmax, Inc. + ............................. 28,739
7,900 Carnival Corp. ............................. 203,583
3,350 Carter's, Inc. + ........................... 82,444
10,337 CBS Corp., Class B ......................... 71,532
500 CEC Entertainment, Inc. + .................. 14,740
1,800 Centex Corp. ............................... 15,228
300 Champion Enterprises, Inc. + ............... 96
362 Charles & Colvard, Ltd. + .................. 181
SHARES VALUE
------ ---------
CONSUMER DISCRETIONARY -- 9.9% (CONTINUED)
2,550 Charming Shoppes, Inc. + ................... $ 9,486
800 Cheesecake Factory (The) + ................. 13,840
5,650 Chico's FAS, Inc. + ........................ 54,974
500 Childrens Place Retail Stores, Inc. (The) + 13,215
3,000 Chipotle Mexican Grill, Inc., Class A + .... 240,000
800 Cinemark Holdings, Inc. .................... 9,056
3,975 Circuit City Stores, Inc. + ................ 60
299 Citadel Broadcasting Corp. + ............... 12
50 Citi Trends, Inc. + ........................ 1,294
200 CKE Restaurants, Inc. ...................... 1,696
700 CKX, Inc. + ................................ 4,963
3,500 Clear Channel Outdoor Holdings, Inc.,
Class A + .................................. 18,550
5,000 Coach, Inc. ................................ 134,400
600 Coachmen Industries, Inc. + ................ 786
100 Cobra Electronics Corp. .................... 118
650 Coldwater Creek, Inc. + .................... 3,939
550 Collective Brands, Inc. + .................. 8,013
110 Collectors Universe ........................ 537
2,500 Columbia Sportswear Co. .................... 77,300
49,183 Comcast Corp. Special, Class A ............. 712,662
200 Comstock Homebuilding, Inc., Class A + ..... 42
500 Conn's, Inc. + ............................. 6,250
2,500 Cooper Tire & Rubber Co. ................... 24,800
850 Corinthian Colleges, Inc. + ................ 14,390
200 CROCS, Inc. + .............................. 680
200 Crown Media Holdings, Inc., Class A + . .... 334
50 CSS Industries, Inc. ....................... 1,019
300 Cumulus Media, Inc., Class A + ............. 279
1,000 Dana Holding Corp. + ....................... 1,280
2,200 Darden Restaurants, Inc. ................... 72,556
50 Deckers Outdoor Corp. + .................... 3,514
200 DEI Holdings, Inc. + ....................... 22
100 Design Within Reach, Inc. + ................ 74
1,675 DeVry, Inc. ................................ 83,817
3,700 Dick's Sporting Goods, Inc. + .............. 63,640
2,600 Dillard's, Inc., Class A ................... 23,920
2,500 DineEquity, Inc. ........................... 77,975
9,377 DIRECTV Group, Inc. (The) + ................ 231,706
5,400 Discovery Communications, Inc.,
Class A + ................................ 121,770
4,525 DISH Network Corp., Class A + .............. 73,350
100 Dixie Group, Inc. + ........................ 291
1,250 Dollar Tree, Inc. + ........................ 52,625
850 Domino's Pizza, Inc. + ..................... 6,367
650 Dover Downs Gaming & Entertainment,
Inc. ....................................... 3,022
3,923 DR Horton, Inc. ............................ 36,719
1,500 DreamWorks Animation SKG, Inc.,
Class A + .................................. 41,385
3,000 Dress Barn, Inc. + ......................... 42,900
4,325 Eastman Kodak Co. .......................... 12,802
219 Emmis Communications Corp., Class A + ...... 66
300 Empire Resorts, Inc. + ..................... 543
250 Entercom Communications Corp.,
Class A .................................... 383
100 Entravision Communications Corp.,
Class A + .................................. 48
4,966 EW Scripps Co., Class A .................... 10,379
600 Exide Technologies + ....................... 2,238
3,515 Expedia, Inc. + ............................ 53,112
1,600 Family Dollar Stores, Inc. ................. 45,280
200 Famous Dave's of America, Inc. + ........... 1,228
2,500 Federal Mogul Corp. + ...................... 23,625
2,600 Finish Line, Inc., Class A ................. 19,292
400 Fleetwood Enterprises, Inc. + .............. 3
1,900 Foot Locker, Inc. .......................... 19,893
Wilshire Mutual Funds, Inc.
Wilshire 5000 Index(SM) Fund June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
CONSUMER DISCRETIONARY -- 9.9% (CONTINUED)
49,785 Ford Motor Co. + ........................... $ 302,195
3,000 Fortune Brands, Inc. ....................... 104,220
300 Forward Industries, Inc. + ................. 495
200 Fred's, Inc., Class A ...................... 2,520
200 Furniture Brands International, Inc. ....... 606
600 Gaiam, Inc., Class A + ..................... 3,282
2,625 GameStop Corp., Class A + .................. 57,776
600 Gaming Partners International Corp. + ...... 3,060
3,700 Gannett Co., Inc. .......................... 13,209
9,150 Gap, Inc. (The) ............................ 150,060
2,625 Garmin, Ltd. ............................... 62,528
300 Gaylord Entertainment Co. + ................ 3,813
8,120 General Motors Corp. ....................... 8,851
2,500 Genesco, Inc. + ............................ 46,925
2,010 Gentex Corp. ............................... 23,316
3,400 Genuine Parts Co. .......................... 114,104
701 G-III Apparel Group, Ltd. + ................ 8,054
4,375 Goodyear Tire & Rubber Co. (The) + ......... 49,262
500 Grand Canyon Education, Inc. + ............. 8,390
1,000 Gray Television, Inc. ...................... 490
300 Great Wolf Resorts, Inc. + ................. 612
2,500 Group 1 Automotive, Inc. ................... 65,050
400 Guess?, Inc. ............................... 10,312
5,260 H&R Block, Inc. ............................ 90,630
100 Handleman Co. + ............................ 3
196 Hanesbrands, Inc. + ........................ 2,942
3,975 Harley-Davidson, Inc. ...................... 64,435
1,600 Harman International Industries, Inc. ...... 30,080
1,000 Harte-Hanks, Inc. .......................... 9,250
2,200 Hasbro, Inc. ............................... 53,328
2,500 Helen of Troy, Ltd. + ...................... 41,975
500 hhgregg, Inc. + ............................ 7,580
200 Hibbett Sports, Inc. + ..................... 3,600
300 Hillenbrand, Inc. .......................... 4,992
28,950 Home Depot, Inc. (The) ..................... 684,089
200 Hooker Furniture Corp. ..................... 2,296
100 HOT Topic, Inc. + .......................... 731
1,000 Hovnanian Enterprises, Inc., Class A + ..... 2,360
43 HSN, Inc. + ................................ 454
450 Iconix Brand Group, Inc. + ................. 6,921
1,399 Idearc, Inc. + ............................. 52
100 Infosonics Corp. + ......................... 177
5,950 International Game Technology .............. 94,605
237 International Speedway Corp., Class A ...... 6,070
6,792 Interpublic Group of Cos., Inc. + .......... 34,300
43 Interval Leisure Group, Inc. + ............. 401
600 ITT Educational Services, Inc. + ........... 60,396
3,692 J.C. Penney Co., Inc. ...................... 105,997
775 Jackson Hewitt Tax Service, Inc. ........... 4,851
2,500 Jarden Corp. + ............................. 46,875
500 John Wiley & Sons, Inc., Class A ........... 16,625
10,050 Johnson Controls, Inc. ..................... 218,286
378 Jones Apparel Group, Inc. .................. 4,056
2,800 JOS A Bank Clothiers, Inc. + ............... 96,488
600 Journal Communications, Inc., Class A ...... 630
900 Journal Register Co. ....................... 5
300 K12, Inc. + ................................ 6,465
700 KB Home .................................... 9,576
4,700 Kenneth Cole Productions, Inc., Class A. ... 33,041
2,500 Kirkland's, Inc. + ......................... 30,025
50 Knology, Inc. + ............................ 431
4,600 Kohl's Corp. + ............................. 196,650
300 Krispy Kreme Doughnuts, Inc. + ............. 900
550 K-Swiss, Inc., Class A ..................... 4,675
200 Lakes Entertainment, Inc. + ................ 582
500 Lamar Advertising Co., Class A + ........... 7,635
600 Landry's Restaurants, Inc. + ............... 5,160
SHARES VALUE
------ ---------
CONSUMER DISCRETIONARY -- 9.9% (CONTINUED)
5,700 Las Vegas Sands Corp. + .................... $ 44,802
200 La-Z-Boy, Inc., Class Z .................... 944
100 Leapfrog Enterprises, Inc., Class A + ...... 229
450 Lear Corp. + ............................... 225
500 Learning Tree International, Inc. + ........ 5,150
750 Lee Enterprises, Inc. ...................... 398
1,410 Leggett & Platt, Inc. ...................... 21,474
2,000 Lennar Corp., Class A ...................... 19,380
500 Lenox Group, Inc. + ........................ 10
1,000 Libbey, Inc. ............................... 1,410
4,151 Liberty Global, Inc., Class A + ............ 65,959
1,035 Liberty Media Corp. - Capital, Ser A + ..... 14,035
8,790 Liberty Media Corp. - Entertainment,
Ser A + .................................... 235,133
8,675 Liberty Media Corp. - Interactive,
Class A + .................................. 43,462
700 Lifetime Brands, Inc. ...................... 2,856
200 LIN TV Corp., Class A + .................... 336
2,700 Lincoln Educational Services Corp. + ....... 56,511
800 Liz Claiborne, Inc. ........................ 2,304
1,800 LKQ Corp. + ................................ 29,610
900 Lodgian, Inc. + ............................ 1,170
24,981 Lowe's Cos., Inc. .......................... 484,881
6,740 Ltd. Brands, Inc. .......................... 80,678
5,998 Macy's, Inc. ............................... 70,537
100 Marcus Corp. ............................... 1,052
700 Marine Products Corp. ...................... 2,625
4,943 Marriott International, Inc., Class A ...... 109,096
3,100 Martha Stewart Living Omnimedia, ...........
Class A + .................................. 9,486
400 Marvel Entertainment, Inc. + ............... 14,236
5,230 Mattel, Inc. ............................... 83,942
100 Matthews International Corp., Class A ...... 3,112
496 McClatchy Co., Class A ..................... 248
19,000 McDonald's Corp. ........................... 1,092,310
5,400 McGraw-Hill Cos., Inc. (The) ............... 162,594
3,071 MDC Holdings, Inc. ......................... 92,468
500 Media General, Inc., Class A ............... 1,055
1,467 Mediacom Communications Corp.,
Class A + .................................. 7,496
429 Men's Wearhouse, Inc. (The) ................ 8,228
500 Meritage Homes Corp. + ..................... 9,430
2,500 MGM Mirage + ............................... 15,975
677 Mohawk Industries, Inc. + .................. 24,155
100 Monarch Casino & Resort, Inc. + ............ 730
500 Monro Muffler, Inc. ........................ 12,855
150 Morgans Hotel Group Co. + .................. 574
300 Morton's Restaurant Group, Inc. + .......... 900
700 MTR Gaming Group, Inc. + ................... 1,750
591 Multimedia Games, Inc. + ................... 2,931
50 Nautilus, Inc. + ........................... 56
100 Navarre Corp. + ............................ 166
700 NetFlix, Inc. + ............................ 28,938
1,300 New York & Co., Inc. + ..................... 4,017
5,100 New York Times Co., Class A ................ 28,101
5,426 Newell Rubbermaid, Inc. .................... 56,485
36,838 News Corp., Class A ........................ 335,594
200 NexCen Brands, Inc. + ...................... 35
200 Nexstar Broadcasting Group, Inc.,
Class A + .................................. 154
4,550 NIKE, Inc., Class B ........................ 235,599
400 Nitches, Inc. + ............................ 24
700 Noble International, Ltd. .................. 133
3,800 Nordstrom, Inc. ............................ 75,582
4,325 Office Depot, Inc. + ....................... 19,722
100 OfficeMax, Inc. ............................ 628
5,000 Omnicom Group, Inc. ........................ 157,900
Wilshire Mutual Funds, Inc.
Wilshire 5000 Index(SM) Fund June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
CONSUMER DISCRETIONARY -- 9.9% (CONTINUED)
2,900 Orbitz Worldwide, Inc. + ................... $ 5,510
2,760 O'Reilly Automotive, Inc. + ................ 105,101
650 Orleans Homebuilders, Inc. ................. 1,099
500 Outdoor Channel Holdings, Inc. + ........... 2,950
300 Overstock.com, Inc. + ...................... 3,588
50 Oxford Industries, Inc. .................... 583
200 Pacific Sunwear of California + ............ 674
600 Palm Harbor Homes, Inc. + .................. 1,290
500 Panera Bread Co., Class A + ................ 24,930
2,800 Papa John's International, Inc. + .......... 69,412
1,100 Penn National Gaming, Inc. + ............... 32,021
2,500 PEP Boys-Manny Moe & Jack .................. 25,350
1,300 Perry Ellis International, Inc. + .......... 9,464
2,050 PetSmart, Inc. ............................. 43,993
100 Pier 1 Imports, Inc. + ..................... 199
565 Playboy Enterprises, Inc., Class B + ....... 1,418
1,400 Polo Ralph Lauren Corp., Class A ........... 74,956
275 Premier Exhibitions, Inc. + ................ 200
200 Pre-Paid Legal Services, Inc. + ............ 8,718
1,000 priceline.com, Inc. + ...................... 111,550
1,000 Primedia, Inc. ............................. 2,010
100 Princeton Review, Inc. + ................... 541
94 Proliance International, Inc. + (B) ........ 13
3,575 Pulte Homes, Inc. .......................... 31,567
50 Quiksilver, Inc. + ......................... 92
850 RadioShack Corp. ........................... 11,866
100 RCN Corp. + ................................ 597
1,300 Regal Entertainment Group, Class A ......... 17,277
200 Regis Corp. ................................ 3,482
250 Rent-A-Center, Inc., Class A + ............. 4,458
100 Retail Ventures, Inc. + .................... 218
1,500 Rick's Cabaret International, Inc. + ....... 9,150
500 Riviera Holdings Corp. + ................... 255
100 Rocky Brands, Inc. + ....................... 391
1,950 Ross Stores, Inc. .......................... 75,270
3,125 Royal Caribbean Cruises, Ltd. .............. 42,313
500 Ruby Tuesday, Inc. + ....................... 3,330
200 Russ Berrie & Co., Inc. + .................. 782
2,600 Saks, Inc. + ............................... 11,518
100 Salem Communications Corp., Class A +. ..... 96
3,500 Scientific Games Corp., Class A + .......... 55,195
1,300 Scripps Networks Interactive, Inc.,
Class A .................................... 36,179
200 Sealy Corp. + .............................. 392
825 Sears Holdings Corp. + ..................... 54,879
188 Select Comfort Corp. + ..................... 158
6,275 Service Corp. International ................ 34,387
2,400 Sherwin-Williams Co. (The) ................. 129,000
400 Shoe Carnival, Inc. + ...................... 4,772
100 Shuffle Master, Inc. + ..................... 661
1,276 Signet Jewelers, Ltd. . .... 26,566
900 Sinclair Broadcast Group, Inc., Class A .... 1,746
35,175 Sirius XM Radio, Inc. + .................... 15,125
600 Six Flags, Inc. + .......................... 102
1,000 Skechers U.S.A., Inc., Class A + ........... 9,770
1,425 Snap-On, Inc. .............................. 40,955
1,000 Sonic Automotive, Inc., Class A ............ 10,160
800 Sonic Corp. + .............................. 8,024
603 Sotheby's .................................. 8,508
200 Source Interlink, Inc. + (B) ............... 1
200 Spanish Broadcasting System, Inc.,
Class A + .................................. 36
75 Spartan Motors, Inc. ....................... 850
400 Speedway Motorsports, Inc. ................. 5,504
100 Stage Stores, Inc. ......................... 1,110
200 Stanley Furniture Co., Inc. ................ 2,158
900 Stanley Works (The) ........................ 30,456
SHARES VALUE
------ ---------
CONSUMER DISCRETIONARY -- 9.9% (CONTINUED)
10,675 Staples, Inc. .............................. $ 215,315
12,700 Starbucks Corp. + .......................... 176,403
2,973 Starwood Hotels & Resorts Worldwide,
Inc. ....................................... 66,001
50 Steak N Shake Co. (The) + .................. 437
100 Steinway Musical Instruments + ............. 1,070
900 Stewart Enterprises, Inc., Class A ......... 4,338
150 Superior Industries International, Inc. .... 2,115
1,300 Syms Corp. + ............................... 9,763
6,000 Talbots, Inc. .............................. 32,400
11,700 Target Corp. ............................... 461,799
729 Tarragon Corp. + ........................... 20
1,000 Tempur-Pedic International, Inc. ........... 13,070
450 Tenneco, Inc. + ............................ 4,770
2,543 Ticketmaster Entertainment, Inc. + ......... 16,326
1,800 Tiffany & Co. .............................. 45,648
400 Timberland Co., Class A + .................. 5,308
5,599 Time Warner Cable, Inc., Class A ........... 177,320
20,358 Time Warner, Inc. .......................... 512,818
6,200 TJX Cos., Inc. ............................. 195,052
1,600 Toll Brothers, Inc. + ...................... 27,152
637 TOUSA, Inc. ................................ 8
200 Trans World Entertainment + ................ 234
100 TravelCenters of America LLC + ............. 220
1,000 TRW Automotive Holdings Corp. + ............ 11,300
200 Tuesday Morning Corp. + .................... 674
750 Tupperware Brands Corp. .................... 19,515
5,100 Tween Brands, Inc. + ....................... 34,068
900 Ulta Salon Cosmetics & Fragrance, Inc. + ... 10,008
200 Universal Electronics, Inc. + .............. 4,034
500 Universal Technical Institute, Inc. + ...... 7,465
1,000 Urban Outfitters, Inc. + ................... 20,870
200 Value Line, Inc. ........................... 6,574
300 Valuevision Media, Inc., Class A + ......... 588
1,450 VF Corp. ................................... 80,257
9,637 Viacom, Inc., Class B + .................... 218,760
3,625 Virgin Media Inc. .......................... 33,894
50 Visteon Corp. + ............................ 8
800 Volcom, Inc. + ............................. 10,000
591 WABCO Holdings, Inc. . ..................... 10,461
600 Walking Co. Holdings, Inc. (The) + ......... 1,044
29,620 Walt Disney Co. (The) ...................... 691,035
100 Warnaco Group, Inc. (The) + ................ 3,240
2,650 Warner Music Group Corp. + ................. 15,502
650 WCI Communities, Inc. + .................... 24
296 Weight Watchers International, Inc. ........ 7,628
6,000 Wendy's/Arby's Group, Inc., Class A ........ 24,000
900 Westwood One, Inc. + ....................... 45
1,172 Whirlpool Corp. ............................ 49,880
3,900 Williams-Sonoma, Inc. ...................... 46,293
500 Winnebago (Industries) ..................... 3,715
800 WMS Industries, Inc. + ..................... 25,208
400 Wolverine World Wide, Inc. ................. 8,824
600 World Wrestling Entertainment, Inc.,
Class A .................................... 7,536
100 WorldSpace, Inc., Class A + ................ 1
795 WPT Enterprises, Inc. + .................... 954
3,085 Wyndham Worldwide Corp. .................... 37,390
1,300 Wynn Resorts, Ltd. + ....................... 45,890
100 Young Broadcasting, Inc., Class A + ........ 3
8,050 Yum! Brands, Inc. .......................... 268,387
1,900 Zale Corp. + ............................... 6,536
2,500 Zumiez, Inc. + ............................. 20,025
----------
16,589,782
----------
CONSUMER STAPLES -- 10.4%
2,500 Alberto-Culver Co., Class B ................ 63,575
Wilshire Mutual Funds, Inc.
Wilshire 5000 Index(SM) Fund June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
CONSUMER STAPLES -- 10.4% (CONTINUED)
200 Alico, Inc. ................................ $ 6,004
5,000 Alliance One International, Inc. + ......... 19,000
33,675 Altria Group, Inc. ......................... 551,933
300 American Italian Pasta Co., Class A + ...... 8,742
50 Andersons, Inc. (The) ...................... 1,497
9,086 Archer-Daniels-Midland Co. ................. 243,232
6,950 Avon Products, Inc. ........................ 179,171
2,800 Bare Escentuals, Inc. + .................... 24,836
700 BJ's Wholesale Club, Inc. + ................ 22,561
2,500 Boston Beer Co., Inc., Class A + ........... 73,975
1,200 Brown-Forman Corp., Class B ................ 51,576
1,900 Bunge, Ltd. ................................ 114,475
3,175 Campbell Soup Co. .......................... 93,409
500 Chattem, Inc. + ............................ 34,050
1,100 Church & Dwight Co., Inc. .................. 59,741
2,300 Clorox Co. ................................. 128,409
36,320 Coca-Cola Co. (The) ........................ 1,742,997
3,920 Coca-Cola Enterprises, Inc. ................ 65,268
8,180 Colgate-Palmolive Co. ...................... 578,653
9,573 ConAgra Foods, Inc. ........................ 182,461
2,550 Constellation Brands, Inc., Class A + ...... 32,334
800 Corn Products International, Inc. .......... 21,432
7,350 Costco Wholesale Corp. ..................... 335,895
24,442 CVS/Caremark Corp. ......................... 778,967
650 Darling International, Inc. + .............. 4,290
2,934 Dean Foods Co. + ........................... 56,303
4,205 Del Monte Foods Co. ........................ 39,443
3,900 Dr. Pepper Snapple Group, Inc. + ........... 82,641
1,300 Energizer Holdings, Inc. + ................. 67,912
1,100 Estee Lauder Cos., Inc. (The), Class A ..... 35,937
1,125 Flowers Foods, Inc. ........................ 24,570
5,100 General Mills, Inc. ........................ 285,702
2,800 Great Atlantic & Pacific Tea Co. + ......... 11,900
750 Green Mountain Coffee Roasters, Inc. + ..... 44,340
1,200 Hansen Natural Corp. + ..................... 36,984
1,000 Herbalife, Ltd. ............................ 31,540
2,600 Hershey Co. (The) .......................... 93,600
4,850 HJ Heinz Co. ............................... 173,145
1,050 Hormel Foods Corp. ......................... 36,267
50 Ingles Markets, Inc., Class A .............. 762
2,500 Inter Parfums, Inc. ........................ 18,350
50 J&J Snack Foods Corp. ...................... 1,795
1,400 JM Smucker Co. (The) ....................... 68,124
4,650 Kellogg Co. ................................ 216,551
6,474 Kimberly-Clark Corp. ....................... 339,432
22,571 Kraft Foods, Inc., Class A ................. 571,949
9,125 Kroger Co. (The) ........................... 201,206
2,525 Lorillard, Inc. ............................ 171,119
700 Mannatech, Inc. ............................ 2,310
2,150 McCormick & Co., Inc. ...................... 69,940
200 MGP Ingredients, Inc. ...................... 572
2,200 Molson Coors Brewing Co., Class B .......... 93,126
600 National Beverage Corp. + .................. 6,390
100 Natural Health Trends Corp. + .............. 56
3,350 NBTY, Inc. + ............................... 94,202
1,970 Pepsi Bottling Group, Inc. ................. 66,665
26,740 PepsiCo, Inc. .............................. 1,469,630
34,525 Philip Morris International, Inc. .......... 1,505,981
1,200 Prestige Brands Holdings, Inc. + ........... 7,380
585 Pricesmart, Inc. ........................... 9,799
50,052 Procter & Gamble Co. ....................... 2,557,657
900 Ralcorp Holdings, Inc. + ................... 54,828
100 Reliv International, Inc. .................. 342
5,000 Revlon, Inc., Class A + .................... 27,200
2,714 Reynolds American, Inc. .................... 104,815
6,950 RITE AID CORP + ............................ 10,494
70 Rocky Mountain Chocolate Factory, Inc. ..... 539
SHARES VALUE
------ ---------
CONSUMER STAPLES -- 10.4% (CONTINUED)
6,400 Safeway, Inc. .............................. $ 130,368
50 Sanderson Farms, Inc. ...................... 2,250
11,020 Sara Lee Corp. ............................. 107,555
700 SIRVA, Inc. + (B) .......................... --
900 Smithfield Foods, Inc. + ................... 12,573
200 Spectrum Brands, Inc. + .................... 12
2,500 Star Scientific, Inc. + .................... 2,225
3,636 SUPERVALU, Inc. ............................ 47,086
10,000 SYSCO Corp. ................................ 224,800
500 TreeHouse Foods, Inc. + .................... 14,385
4,805 Tyson Foods, Inc., Class A ................. 60,591
2,500 USANA Health Sciences, Inc. + .............. 74,325
15,850 Walgreen Co. ............................... 465,990
41,595 Wal-Mart Stores, Inc. ...................... 2,014,862
3,425 Whole Foods Market, Inc. ................... 65,006
----------
17,332,009
----------
ENERGY -- 11.6%
7,750 Allis-Chalmers Energy, Inc. + .............. 17,902
1,350 Alpha Natural Resources, Inc. + ............ 35,464
100 American Oil & Gas, Inc. + ................. 100
7,256 Anadarko Petroleum Corp. ................... 329,350
5,806 Apache Corp. ............................... 418,903
1,000 Approach Resources, Inc. + ................. 6,900
2,000 Arch Coal, Inc. ............................ 30,740
600 Atlas America, Inc. ........................ 10,722
600 Atlas Energy Resources LLC ................. 12,258
2,500 ATP Oil & Gas Corp. + ...................... 17,400
1,500 Atwood Oceanics, Inc. + .................... 37,365
4,750 Baker Hughes, Inc. ......................... 173,090
600 Barnwell Industries, Inc. .................. 2,370
900 Basic Energy Services, Inc. + .............. 6,147
3,400 Berry Petroleum Co., Class A ............... 63,206
900 BioFuel Energy Corp. + ..................... 594
4,072 BJ Services Co. ............................ 55,501
900 Bolt Technology Corp. + .................... 10,116
4,400 Boots & Coots, Inc. + ...................... 6,116
1,600 BPZ Resources, Inc. + ...................... 7,824
8,900 Brigham Exploration Co. + .................. 31,061
375 Bronco Drilling Co., Inc. + ................ 1,605
2,400 Cabot Oil & Gas Corp. ...................... 73,536
1,218 Cal Dive International, Inc. + ............. 10,511
9,500 Callon Petroleum Co. + ..................... 18,810
500 Calumet Specialty Products Partners, LP .... 7,750
3,800 Cameron International Corp. + .............. 107,540
50 CARBO Ceramics, Inc. ....................... 1,710
500 Carrizo Oil & Gas, Inc. + .................. 8,575
200 Cheniere Energy, Inc. + .................... 588
10,700 Chesapeake Energy Corp. .................... 212,181
34,199 Chevron Corp. .............................. 2,265,684
1,047 Cimarex Energy Co. ......................... 29,672
2,600 Clean Energy Fuels Corp. + ................. 22,386
600 Complete Production Services, Inc. + ....... 3,816
700 Comstock Resources, Inc. + ................. 23,135
1,500 Concho Resources, Inc. + ................... 43,035
23,501 ConocoPhillips ............................. 988,452
3,200 Consol Energy, Inc. ........................ 108,672
200 Cross Timbers Royalty Trust ................ 4,980
300 Crosstex Energy, Inc. ...................... 1,248
1,000 CVR Energy, Inc. + ......................... 7,330
500 Dawson Geophysical Co. + ................... 14,925
1,000 Delek US Holdings, Inc. .................... 8,480
2,500 Delta Petroleum Corp. + .................... 4,825
3,050 Denbury Resources, Inc. + .................. 44,927
7,136 Devon Energy Corp. ......................... 388,912
500 DHT Maritime, Inc. ......................... 2,605
1,650 Diamond Offshore Drilling, Inc. ............ 137,033
Wilshire Mutual Funds, Inc.
Wilshire 5000 Index(SM) Fund June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
ENERGY -- 11.6% (CONTINUED)
2,300 Dresser-Rand Group, Inc. + ................. $ 60,030
12,064 El Paso Corp. .............................. 111,351
850 Encore Acquisition Co. + ................... 26,222
250 Energy Partners, Ltd. + .................... 78
3,150 Energy Transfer Equity, LP ................. 79,916
2,200 ENSCO International, Inc. .................. 76,714
4,375 EOG Resources, Inc. ........................ 297,150
400 Evergreen Energy, Inc. + ................... 392
2,900 EXCO Resources, Inc. + ..................... 37,468
1,608 Exterran Holdings, Inc. + .................. 25,792
84,300 Exxon Mobil Corp. .......................... 5,893,413
1,878 FMC Technologies, Inc. + ................... 70,575
950 Forest Oil Corp. + ......................... 14,174
800 Foundation Coal Holdings, Inc. ............. 22,488
2,600 Frontier Oil Corp. ......................... 34,086
2,500 General Maritime Corp. ..................... 24,725
600 Geokinetics, Inc. + ........................ 8,190
100 GeoMet, Inc. + ............................. 110
500 Georesources, Inc. + ....................... 5,100
5,250 Global Industries, Ltd. + .................. 29,715
800 GMX Resources, Inc. + ...................... 8,512
2,500 Gulf Island Fabrication, Inc. .............. 39,575
500 Gulfmark Offshore, Inc. + .................. 13,800
4,150 Gulfport Energy Corp. + .................... 28,427
14,550 Halliburton Co. ............................ 301,185
2,900 Harvest Natural Resources, Inc. + .......... 12,789
2,500 Helix Energy Solutions Group, Inc. + ....... 27,175
2,750 Helmerich & Payne, Inc. .................... 84,892
2,600 Hercules Offshore, Inc. + .................. 10,322
5,252 Hess Corp. ................................. 282,295
500 Hornbeck Offshore Services, Inc. + ......... 10,695
4,225 International Coal Group, Inc. + ........... 12,084
250 ION Geophysical Corp. + .................... 642
550 James River Coal Co. + ..................... 8,321
1,200 Key Energy Services, Inc. + ................ 6,912
701 Kinder Morgan Management LLC + ............. 31,651
4,200 Linn Energy, LLC ........................... 82,194
3,350 Magellan Midstream Holdings, LP ............ 70,283
11,122 Marathon Oil Corp. ......................... 335,106
2,500 Mariner Energy, Inc. + ..................... 29,375
200 Martin Midstream Partners, LP .............. 4,128
1,300 Massey Energy Co. .......................... 25,402
450 Matrix Service Co. + ....................... 5,166
1,500 McMoRan Exploration Co. + .................. 8,940
3,000 Murphy Oil Corp. ........................... 162,960
5,200 Nabors Industries, Ltd. + .................. 81,016
400 National Coal Corp. + ...................... 476
7,345 National Oilwell Varco, Inc. + ............. 239,888
2,225 Newfield Exploration Co. + ................. 72,691
575 Newpark Resources + ........................ 1,639
100 NGAS Resources, Inc. + ..................... 209
2,800 Noble Energy, Inc. ......................... 165,116
13,810 Occidental Petroleum Corp. ................. 908,836
600 Oceaneering International, Inc. + .......... 27,120
100 Omni Energy Services Corp. + ............... 210
500 Overseas Shipholding ....................... 17,020
100 Pacific Ethanol, Inc. + .................... 39
6,350 Parallel Petroleum Corp. + ................. 12,319
1,900 Parker Drilling Co. + ...................... 8,246
730 Patriot Coal Corp. + ....................... 4,657
3,450 Patterson-UTI Energy, Inc. ................. 44,367
4,150 Peabody Energy Corp. ....................... 125,164
4,647 PetroHawk Energy Corp. + ................... 103,628
496 Petroleum Development Corp. + .............. 7,782
3,000 Petroquest Energy, Inc. + .................. 11,070
1,350 Pioneer Drilling Co. + ..................... 6,467
1,325 Pioneer Natural Resources Co. .............. 33,787
SHARES VALUE
------ ---------
ENERGY -- 11.6% (CONTINUED)
2,453 Plains Exploration & Production Co. + ...... $ 67,114
2,950 Pride International, Inc. + ................ 73,927
200 Pyramid Oil Co. + .......................... 1,168
4,200 Quicksilver Resources, Inc. + .............. 39,018
2,200 Range Resources Corp. ...................... 91,102
2,100 Rex Energy Corp. + ......................... 11,970
3,000 Rosetta Resources, Inc. + .................. 26,250
4,100 Rowan, Inc. ................................ 79,212
1,250 RPC, Inc. .................................. 10,437
600 Sandridge Energy + ......................... 5,112
20,300 Schlumberger, Ltd. ......................... 1,098,433
500 SEACOR Holdings, Inc. + .................... 37,620
1,000 Ship Finance International, Ltd. ........... 11,030
3,300 Smith International, Inc. .................. 84,975
1,172 Southern Union Co. ......................... 21,553
6,000 Southwestern Energy Co. + .................. 233,100
9,741 Spectra Energy Corp. ....................... 164,818
1,550 St. Mary Land & Exploration Co. ............ 32,349
3,590 Stone Energy Corp. + ....................... 26,638
2,565 Sunoco, Inc. ............................... 59,508
3,650 Superior Energy Services, Inc. + ........... 63,036
150 Superior Well Services, Inc. + ............. 893
500 T-3 Energy Services, Inc. + ................ 5,955
1,800 Tesoro Corp. ............................... 22,914
1,150 Tetra Technologies, Inc. + ................. 9,154
202 TGC Industries, Inc. + ..................... 984
850 Tidewater, Inc. ............................ 36,440
500 Toreador Resources Corp. ................... 3,350
5,600 Trico Marine Services, Inc. + .............. 19,208
750 TXCO Resources, Inc. + ..................... 270
2,465 Ultra Petroleum Corp. + .................... 96,135
200 Union Drilling, Inc. + ..................... 1,324
1,300 Unit Corp. + ............................... 35,841
850 Uranium Resources, Inc. + .................. 1,088
2,950 USEC, Inc. + ............................... 15,694
1,100 Vaalco Energy, Inc. + ...................... 4,653
8,014 Valero Energy Corp. ........................ 135,356
2,550 Venoco, Inc. + ............................. 19,559
462 VeraSun Energy Corp. + ..................... 7
100 Verenium Corp. + ........................... 76
800 W&T Offshore, Inc. ......................... 7,792
300 Warren Resources, Inc. + ................... 735
2,500 Western Refining, Inc. ..................... 17,650
500 Westmoreland Coal Co. + .................... 4,050
1,300 Whiting Petroleum Corp. + .................. 45,708
9,750 Williams, Inc. ............................. 152,198
9,810 XTO Energy, Inc. ........................... 374,153
----------
19,357,876
----------
FINANCIALS -- 14.3%
200 21st Century Holding Co. ................... 644
900 Abington Bancorp, Inc. ..................... 7,164
600 ACA Capital Holdings, Inc. + ............... 135
1 AcadiaRealtyTrust .......................... 13
600 Advance America Cash Advance Centers,
Inc. ....................................... 2,658
300 Advanta Corp., Class B ..................... 126
700 Affiliated Managers Group, Inc. + .......... 40,733
200 Affirmative Insurance Holdings, Inc. ....... 710
7,050 Aflac, Inc. ................................ 219,184
1,000 Allied World Assurance Co. Holdings,
Ltd. ....................................... 40,830
8,075 Allstate Corp. (The) ....................... 197,030
4,725 AMB Property Corp. ......................... 88,877
519 Ambac Financial Group, Inc. ................ 477
411 Amcore Financial, Inc. ..................... 337
907 American Campus Communities, Inc. .......... 20,117
Wilshire Mutual Funds, Inc.
Wilshire 5000 Index(SM) Fund June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
FINANCIALS -- 14.3% (CONTINUED)
1,100 American Equity Investment Life Holding
Co. ........................................ $ 6,138
17,750 American Express Co. ....................... 412,510
100 American Financial Group, Inc. ............. 2,158
500 American National Insurance Co. ............ 37,790
550 AmeriCredit Corp. + ........................ 7,452
3,080 Ameriprise Financial, Inc. ................. 74,752
1,400 Amtrust Financial Services, Inc. ........... 15,960
310 Anchor Bancorp Wisconsin, Inc. ............. 403
7,425 Annaly Capital Management, Inc. ............ 112,414
2,700 Anworth Mortgage Asset Corp. ............... 19,467
3,950 AON Corp. .................................. 149,586
5,256 Apartment Investment & Management
Co., Class A ............................... 46,516
200 Arbor Realty Trust, Inc. ................... 350
800 Arch Capital Group, Ltd. + ................. 46,864
85 Arlington Asset Investment Corp.,
Class A + .................................. 32
4,000 Arthur J. Gallagher & Co. .................. 85,360
544 Ashford Hospitality Trust, Inc. ............ 1,529
1,700 Aspen Insurance Holdings, Ltd. ............. 37,978
400 Asset Acceptance Capital Corp. + ........... 3,076
1,354 Associated Banc-Corp ....................... 16,925
300 Associated Estates Realty Corp. ............ 1,788
900 Assurant, Inc. ............................. 21,681
1,000 Assured Guaranty, Ltd. ..................... 12,380
700 Astoria Financial Corp. .................... 6,006
1,347 AvalonBay Communities, Inc. ................ 75,351
600 Avatar Holdings, Inc. + .................... 10,902
2,100 Axis Capital Holdings, Ltd. ................ 54,978
2,500 Bancfirst Corp. ............................ 86,450
50 Bancorp, Inc. + ............................ 300
3,650 Bancorpsouth, Inc. ......................... 74,934
109,248 Bank of America Corp. ...................... 1,442,074
3,250 Bank of Hawaii Corp. ....................... 116,447
19,463 Bank of New York Mellon Corp. (The) ........ 570,461
2,500 Bank of the Ozarks, Inc. ................... 54,075
80 BankAtlantic Bancorp, Inc., Class A ........ 309
700 BankFinancial Corp. ........................ 6,202
2,800 Banner Corp. ............................... 10,696
10,825 BB&T Corp. ................................. 237,934
500 Beneficial Mutual Bancorp, Inc. + .......... 4,800
624 Berkshire Hathaway, Inc., Class B + ........ 1,806,936
1,000 BGC Partners, Inc., Class A ................ 3,790
2,500 BioMed Realty Trust, Inc. .................. 25,575
500 BlackRock, Inc., Class A ................... 87,710
1,000 Boston Private Financial Holdings, Inc. . .. 4,480
2,025 Boston Properties, Inc. .................... 96,592
1,488 Brandywine Realty Trust .................... 11,086
1,325 BRE Properties, Inc. ....................... 31,482
6,675 Brookfield Properties Corp. ................ 53,200
1,400 Brown & Brown, Inc. ........................ 27,902
100 Camden National Corp. ...................... 3,403
1,425 Camden Property Trust ...................... 39,330
350 Capital City Bank Group, Inc. .............. 5,898
200 Capital Corp of the West + ................. 3
7,750 Capital One Financial Corp. ................ 169,570
4,139 CapitalSource, Inc. ........................ 20,198
700 CapLease, Inc. ............................. 1,932
200 Capstead Mortgage Corp. .................... 2,542
100 Cardinal Financial Corp. ................... 783
1,000 Cascade Bancorp ............................ 1,410
288 Cathay General Bancorp ..................... 2,739
7,125 CB Richard Ellis Group, Inc., Class A + .... 66,690
1,080 CBL & Associates Properties, Inc. .......... 5,821
650 Cedar Shopping Centers, Inc. ............... 2,938
700 Centerline Holding Co., LP ................. 161
SHARES VALUE
------ ---------
FINANCIALS -- 14.3% (CONTINUED)
14,114 Charles Schwab Corp. (The) ................. $ 247,560
400 Charter Financial Corp. .................... 4,700
6,500 Chimera Investment Corp. ................... 22,685
5,300 Chubb Corp. ................................ 211,364
1,594 Cincinnati Financial Corp. ................. 35,626
8,671 CIT Group, Inc. ............................ 18,643
92,950 Citigroup, Inc. ............................ 276,062
657 Citizens Republic Bancorp, Inc. + .......... 466
2,500 City Bank .................................. 5,900
700 City National Corp. ........................ 25,781
1,275 CME Group, Inc., Class A ................... 396,665
500 CNA Surety Corp. + ......................... 6,745
750 CoBiz Financial, Inc. ...................... 4,808
1,000 Cogdell Spencer, Inc. ...................... 4,290
350 Cohen & Steers, Inc. ....................... 5,232
950 Colonial BancGroup, Inc. (The) ............. 589
429 Colonial Properties Trust .................. 3,175
276 Columbia Banking System, Inc. .............. 2,823
4,773 Comerica, Inc. ............................. 100,949
3,500 Commerce Bancshares, Inc. .................. 111,405
563 Community Bancorp + ........................ 524
500 Community Bank System, Inc. ................ 7,280
100 Community Trust Bancorp, Inc. .............. 2,675
200 CompuCredit Corp. + ........................ 460
400 Conseco, Inc. + ............................ 948
650 Corporate Office Properties Trust .......... 19,065
800 Corus Bankshares, Inc. + ................... 220
2,500 Cousins Properties, Inc. ................... 21,250
3,000 Crawford & Co., Class B + .................. 14,400
1,300 Credit Acceptance Corp. + .................. 28,405
450 Cullen/Frost Bankers, Inc. ................. 20,754
2,500 CVB Financial Corp. ........................ 14,925
6,750 DCT Industrial Trust, Inc. ................. 27,540
23 Deerfield Capital Corp. .................... 103
322 Delphi Financial Group, Inc., Class (A) .... 6,256
2,979 Developers Diversified Realty Corp. ........ 14,538
2,900 DiamondRock Hospitality Co. ................ 18,154
500 Digital Realty Trust, Inc. ................. 17,925
1,000 Dime Community Bancshares .................. 9,110
8,425 Discover Financial Services ................ 86,525
1,100 Donegal Group, Inc., Class A ............... 16,731
2,600 Douglas Emmett, Inc. ....................... 23,374
5,601 Duke Realty Corp. .......................... 49,121
7,087 E*Trade Financial Corp. + .................. 9,071
500 East West Bancorp, Inc. .................... 3,245
2,825 Eaton Vance Corp. .......................... 75,569
1,000 Education Realty Trust, Inc. ............... 4,290
2,500 eHealth, Inc. + ............................ 44,150
2,500 Employers Holdings, Inc. ................... 33,875
200 Encore Capital Group, Inc. + ............... 2,650
50 Enterprise Financial Services Corp. ........ 455
4,779 Equity Residential ......................... 106,237
500 Essex Property Trust, Inc. ................. 31,115
900 Everest Re Group, Ltd. ..................... 64,413
500 Extra Space Storage, Inc. .................. 4,175
9,725 Fannie Mae ................................. 5,641
500 FBL Financial Group, Inc., Class A ......... 4,130
400 Federal Realty Investment Trust ............ 20,608
1,200 Federated Investors, Inc., Class B ......... 28,908
1,000 FelCor Lodging Trust, Inc. ................. 2,460
2,100 FFD Financial Corp. ........................ 30,240
2,791 Fidelity National Financial, Inc., Class A . 37,762
8,401 Fifth Third Bancorp ........................ 59,647
1,200 Financial Institutions, Inc. . ............. 16,392
100 First Acceptance Corp. + ................... 213
1,392 First American Corp. ....................... 36,067
300 First Bancorp .............................. 4,704
Wilshire Mutual Funds, Inc.
Wilshire 5000 Index(SM) Fund June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
FINANCIALS -- 14.3% (CONTINUED)
2,500 First Bancorp .............................. $ 9,875
2,500 First Commonwealth Financial Corp. ......... 15,850
425 First Community Bancshares, Inc. ........... 5,457
2,500 First Financial Bancorp .................... 18,800
100 First Financial Corp. ...................... 3,158
2,223 First Horizon National Corp. ............... 26,672
650 First Industrial Realty Trust, Inc. ........ 2,827
50 First Marblehead Corp. (The) + ............. 101
2,208 First Niagara Financial Group, Inc. ........ 25,215
800 First Potomac Realty Trust ................. 7,800
200 First State Bancorporation ................. 386
1,300 FirstMerit Corp. ........................... 22,074
200 Flagstar Bancorp, Inc. + ................... 136
1,150 Flagstone Reinsurance Holdings, Ltd. ....... 11,845
2,500 FNB Corp. .................................. 15,475
1,000 Forestar Group, Inc. + ..................... 11,880
2,600 Fortress Investment Group LLC, Class A ..... 8,892
350 Franklin Bank Corp. + ...................... 5
2,450 Franklin Resources, Inc. ................... 176,424
3,550 Franklin Street Properties Corp. ........... 47,038
5,725 Freddie Mac ................................ 3,550
150 Fremont General Corp. + .................... 29
4,900 Frontier Financial Corp. ................... 5,929
2,534 Fulton Financial Corp. ..................... 13,202
440 FX Real Estate and Entertainment, Inc. + ... 22
2,500 GAMCO Investors, Inc., Class A ............. 121,250
450 General Growth Properties, Inc. ............ 823
7,450 Genworth Financial, Inc., Class A .......... 52,076
400 Getty Realty Corp. ......................... 7,548
3,500 GFI Group, Inc. ............................ 23,590
1,000 Glacier Bancorp, Inc. ...................... 14,770
3,500 GLG Partners, Inc. ......................... 14,315
800 Glimcher Realty Trust ...................... 2,320
7,320 Goldman Sachs Group, Inc. (The) ............ 1,079,261
435 Gramercy Capital Corp. ..................... 700
338 Green Bankshares, Inc. ..................... 1,514
300 Grubb & Ellis Co. .......................... 240
1,000 Guaranty Bancorp + ......................... 1,910
708 Guaranty Financial Group, Inc. + ........... 135
100 Hallmark Financial Services + .............. 715
550 Hanmi Financial Corp. ...................... 963
1,400 Hanover Insurance Group, Inc. (The) ........ 53,354
4,750 Hartford Financial Services Group, Inc. .... 56,383
1,175 HCC Insurance Holdings, Inc. ............... 28,212
3,625 HCP, Inc. .................................. 76,814
2,700 Health Care REIT, Inc. ..................... 92,070
50 Heritage Commerce Corp. .................... 186
700 Hersha Hospitality Trust ................... 1,736
650 Highwoods Properties, Inc. ................. 14,541
2,500 Home Bancshares, Inc. ...................... 47,600
800 Horace Mann Educators Corp. ................ 7,976
1,000 Hospitality Properties Trust ............... 11,890
11,800 Host Hotels & Resorts, Inc. ................ 99,002
6,175 HRPT Properties Trust ...................... 25,071
8,226 Hudson City Bancorp, Inc. .................. 109,324
5,851 Huntington Bancshares, Inc. ................ 24,457
85 IMPAC Mortgage Holdings, Inc. + ............ 85
1,200 Imperial Capital Bancorp, Inc. + ........... 432
150 Independent Bank Corp. ..................... 198
2,225 IndyMac Bancorp, Inc. + .................... 71
300 Inland Real Estate Corp. ................... 2,100
1,575 IntercontinentalExchange, Inc. + ........... 179,928
500 International Assets Holding Corp. + ....... 7,435
700 International Bancshares Corp. ............. 7,217
550 Intervest Bancshares Corp., Class A + ...... 1,870
7,200 Invesco, Ltd. .............................. 128,304
500 Investment Technology Group, Inc. + ........ 10,195
SHARES VALUE
------ ---------
FINANCIALS -- 14.3% (CONTINUED)
300 Investors Real Estate Trust ................ $ 2,667
100 Irwin Financial Corp. + .................... 72
1,564 iStar Financial, Inc. ...................... 4,442
3,475 Janus Capital Group, Inc. .................. 39,615
1,800 Jefferies Group, Inc. ...................... 38,394
63,659 JPMorgan Chase & Co. ....................... 2,171,408
600 Kearny Financial Corp. ..................... 6,864
9,973 Keycorp .................................... 52,259
5,525 Kimco Realty Corp. ......................... 55,526
800 Kite Realty Group Trust .................... 2,336
800 KKR Financial Holdings LLC ................. 744
400 Knight Capital Group, Inc., Class A + ...... 6,820
200 LaBranche & Co., Inc. + .................... 860
1,200 Lazard, Ltd., Class A ...................... 32,304
1,200 Legg Mason, Inc. ........................... 29,256
1,505 Leucadia National Corp. .................... 31,740
1,520 Lexington Realty Trust ..................... 5,168
950 Liberty Property Trust ..................... 21,888
2,500 Life Partners Holdings, Inc. ............... 35,450
3,700 Lincoln National Corp. ..................... 63,677
8,200 Loews Corp. ................................ 224,680
2,500 LTC Properties, Inc. ....................... 51,125
1,337 M&T Bank Corp. ............................. 68,093
1,326 Macerich Co. (The) ......................... 23,345
1,200 Mack-Cali Realty Corp. ..................... 27,360
7,800 Maguire Properties, Inc. + ................. 6,630
700 Market Leader, Inc. + ...................... 1,295
7,670 Marsh & McLennan, Inc. ..................... 154,397
4,132 Marshall & Ilsley Corp. .................... 19,834
244 MB Financial, Inc. ......................... 2,486
5,900 MBIA, Inc. + ............................... 25,547
1,000 Meadowbrook Insurance Group, Inc. .......... 6,530
600 Medallion Financial Corp. .................. 4,590
500 Medical Properties Trust, Inc. ............. 3,035
8,621 MetLife, Inc. .............................. 258,716
2,600 MF Global, Ltd. + .......................... 15,418
6,700 MFA Mortgage Investments, Inc. ............. 46,364
600 MGIC Investment Corp. ...................... 2,640
100 Mid-America Apartment Communities,
Inc. ....................................... 3,671
250 Midwest Banc Holdings, Inc. ................ 185
2,500 Montpelier Re Holdings, Ltd. ............... 33,225
2,575 Moody's Corp. . ............................ 67,851
16,725 Morgan Stanley ............................. 476,830
600 Nara Bancorp, Inc. ......................... 3,108
2,450 NASDAQ OMX Group, Inc. + ................... 52,209
400 National Interstate Corp. .................. 6,072
2,500 National Penn Bancshares, Inc. ............. 11,525
2,500 National Retail Properties, Inc. ........... 43,375
850 Nationwide Health Properties, Inc. ......... 21,879
600 NBT Bancorp, Inc. .......................... 13,026
2,500 Nelnet, Inc., Class A + .................... 33,975
5,812 New York Community Bancorp, Inc. ........... 62,130
1,100 NewAlliance Bancshares, Inc. ............... 12,650
350 Newcastle Investment Corp. ................. 231
50 North Valley Bancorp ....................... 249
3,950 Northern Trust Corp. ....................... 212,036
156 NorthStar Realty Finance Corp. ............. 441
4,550 NYSE Euronext .............................. 123,988
2,800 Ocwen Financial Corp. + .................... 36,316
1,100 Old National Bancorp ....................... 10,802
3,412 Old Republic International Corp. ........... 33,608
400 Old Second Bancorp, Inc. ................... 2,360
800 Omega Healthcare Investors, Inc. ........... 12,416
432 Oriental Financial Group, Inc. ............. 4,190
3,000 Oritani Financial Corp. .................... 41,130
283 Pacific Capital Bancorp NA ................. 606
Wilshire Mutual Funds, Inc.
Wilshire 5000 Index(SM) Fund June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
FINANCIALS -- 14.3% (CONTINUED)
200 Parkway Properties, Inc. .................... $ 2,600
3,400 PartnerRe, Ltd. ............................ 220,830
1,000 Penn Treaty American Corp. + ............... 210
3,347 People's United Financial, Inc. ............ 50,339
123 PHH Corp. + ................................ 2,236
2,150 Phoenix Cos., Inc. (The) ................... 3,591
2,500 Pinnacle Financial Partners, Inc. + ........ 33,300
2,684 Plum Creek Timber Co., Inc. ................ 79,930
25 PMI Group, Inc. ............................ 49
7,075 Popular, Inc. .............................. 15,565
1,000 Preferred Bank ............................. 3,800
100 Primus Guaranty, Ltd. + .................... 236
3,500 Principal Financial Group, Inc. ............ 65,940
2,900 PrivateBancorp, Inc. ....................... 64,496
265 ProAssurance Corp. + ....................... 12,246
9,725 Progressive Corp. (The) .................... 146,945
6,744 ProLogis ................................... 54,357
1,050 Provident New York Bancorp ................. 8,526
7,250 Prudential Financial, Inc. ................. 269,845
2,139 Public Storage ............................. 140,062
500 Pzena Investment Management, Inc.,
Class A .................................... 3,790
70 Radian Group, Inc. ......................... 190
200 RAIT Financial Trust ....................... 274
1,000 Ramco-Gershenson Properties Trust .......... 10,010
2,700 Raymond James Financial, Inc. .............. 46,467
1,001 Rayonier, Inc. ............................. 36,386
4,100 Realty Income Corp. ........................ 89,872
3,200 Redwood Trust, Inc. ........................ 47,232
1,825 Regency Centers Corp. ...................... 63,711
17,606 Regions Financial Corp. .................... 71,128
1,500 Reinsurance Group of America, Inc.,
Class A .................................... 52,365
1,000 RenaissanceRe Holdings, Ltd. ............... 46,540
50 Renasant Corp. ............................. 751
315 Republic Bancorp, Inc., Class A ............ 7,116
250 Resource America, Inc., Class A ............ 1,345
200 Resource Capital Corp. ..................... 640
200 Roma Financial Corp. ....................... 2,548
600 Santander BanCorp .......................... 4,176
200 Saul Centers, Inc. ......................... 5,914
700 SeaBright Insurance Holdings, Inc. + ....... 7,091
750 Seacoast Banking Corp of Florida ........... 1,822
1,450 Senior Housing Properties Trust ............ 23,664
600 Signature Bank + ........................... 16,272
4,538 Simon Property Group, Inc. ................. 233,367
997 SL Green Realty Corp. ...................... 22,871
8,000 SLM Corp. + ................................ 82,160
150 South Financial Group, Inc. (The) .......... 179
1,000 Southern Missouri Bancorp, Inc. ............ 9,950
50 Southwest Bancorp, Inc. .................... 488
2,200 St. Joe Co. (The) + ........................ 58,278
490 StanCorp Financial Group, Inc. ............. 14,053
500 State Auto Financial Corp. ................. 8,750
7,815 State Street Corp. ......................... 368,868
50 Sterling Bancorp, Class N .................. 417
1,100 Sterling Bancshares, Inc. .................. 6,963
394 Sterling Financial Corp. ................... 1,147
300 Stewart Information Services Corp. ......... 4,275
100 Strategic Hotels & Resorts, Inc. ........... 111
2,500 Student Loan Corp. (The) ................... 93,000
50 Suffolk Bancorp ............................ 1,282
822 Sun Bancorp, Inc. + ........................ 4,258
500 Sun Communities, Inc. ...................... 6,890
1,095 Sunstone Hotel Investors, Inc. ............. 5,858
4,580 SunTrust Banks, Inc. ....................... 75,341
150 Superior Bancorp + ......................... 391
SHARES VALUE
------ ---------
FINANCIALS -- 14.3% (CONTINUED)
690 Susquehanna Bancshares, Inc. ............... $ 3,374
3,150 SVB Financial Group + ...................... 85,743
6,831 Synovus Financial Corp. .................... 20,425
4,525 T Rowe Price Group, Inc. ................... 188,557
500 Taubman Centers, Inc. ...................... 13,430
500 Taylor Capital Group, Inc. + ............... 3,425
2,100 TCF Financial Corp. ........................ 28,077
3,103 TD Ameritrade Holding Corp. + .............. 54,427
50 Tejon Ranch Co. + .......................... 1,324
400 Texas Capital Bancshares, Inc. + ........... 6,188
4,050 TFS Financial Corp. ........................ 43,011
200 Thomas Weisel Partners Group, Inc. + . ..... 1,204
225 Thornburg Mortgage, Inc. + ................. 2
1,200 Torchmark Corp. ............................ 44,448
100 TowneBank .................................. 1,400
100 TradeStation Group, Inc. + ................. 846
9,359 Travelers Cos., Inc. (The) ................. 384,093
90 Tree.com, Inc. + ........................... 864
950 Triad Guaranty, Inc. + ..................... 646
400 Trico Bancshares ........................... 6,200
2,708 Trustco Bank Corp. ......................... 16,004
29,509 U.S. Bancorp ............................... 528,801
2,425 UCBH Holdings, Inc. ........................ 3,056
1,728 UDR, Inc. .................................. 17,850
760 UMB Financial Corp. ........................ 28,888
800 Umpqua Holdings Corp. ...................... 6,208
650 United America Indemnity, Ltd.,
Class A + .................................. 3,114
2,357 United Community Banks, Inc. ............... 14,118
317 United Community Financial Corp. ........... 346
403 United Financial Bankcorp, Inc. ............ 5,569
300 United Fire & Casualty Co. ................. 5,145
400 United PanAm Financial Corp. + ............. 1,420
309 United Security Bancshares ................. 1,557
350 Unitrin, Inc. .............................. 4,207
200 Universal Health Realty Income Trust ....... 6,304
4,907 Unum Group ................................. 77,825
500 Urstadt Biddle Properties, Inc., Class A ... 7,040
937 U-Store-It Trust ........................... 4,591
1,582 Valley National Bancorp .................... 18,509
3,275 Ventas, Inc. ............................... 97,791
25 Vineyard National Bancorp + ................ 3
565 Virginia Commerce Bancorp + ................ 1,300
157 Virtus Investment Partners, Inc. + ......... 2,306
2,855 Vornado Realty Trust ....................... 128,561
15 W Holding Co., Inc. ........................ 213
4,687 W.R. Berkley Corp. ......................... 100,630
1,400 Waddell & Reed Financial, Inc., Class A .... 36,918
219 Walter Investment Management Corp. + ....... 2,908
3,833 Washington Federal, Inc. ................... 49,829
250 Washington Real Estate Investment Trust .... 5,593
400 Washington Trust Bancorp, Inc. ............. 7,132
550 Waterstone Financial, Inc. + ............... 1,633
4,400 Weingarten Realty Investors ................ 63,844
76,223 Wells Fargo & Co. .......................... 1,849,170
500 Westamerica Bancorporation ................. 24,805
550 Western Alliance Bancorp + ................. 3,762
200 Westfield Financial, Inc. .................. 1,812
1,675 Whitney Holding Corp. ...................... 15,343
700 Wilmington Trust Corp. ..................... 9,562
700 Wilshire Bancorp, Inc. ..................... 4,025
10 WP Stewart & Co., Ltd. + ................... 52
6,425 XL Capital, Ltd., Class A .................. 73,630
4,130 Zions Bancorporation ....................... 47,743
400 ZipRealty, Inc. + .......................... 1,072
----------
23,954,061
----------
Wilshire Mutual Funds, Inc.
Wilshire 5000 Index(SM) Fund June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
HEALTH CARE -- 13.8%
26,300 Abbott Laboratories ........................ $1,237,152
100 Abraxis Bioscience, Inc. + ................. 3,686
100 Acadia Pharmaceuticals, Inc. + ............. 219
100 ADAM, Inc. + ............................... 288
100 Adolor Corp. + ............................. 176
6,700 Aetna, Inc. ................................ 167,835
200 Affymetrix, Inc. + ......................... 1,186
300 Air Methods Corp. + ........................ 8,208
400 Akorn, Inc. + .............................. 480
700 Albany Molecular Research, Inc. + .......... 5,873
1,500 Alexion Pharmaceuticals, Inc. + ............ 61,680
3,150 Align Technology, Inc. + ................... 33,390
2,500 Alkermes, Inc. + ........................... 27,050
5,480 Allergan, Inc. ............................. 260,738
700 Alliance HealthCare Services, Inc. + ...... 5,131
100 Allos Therapeutics, Inc. + ................. 829
100 Altus Pharmaceuticals, Inc. + .............. 41
500 AMAG Pharmaceuticals, Inc. + ............... 27,335
201 Amedisys, Inc. + ........................... 6,637
600 AMERIGROUP Corp. + ......................... 16,110
5,080 AmerisourceBergen Corp., Class A ........... 90,119
18,102 Amgen, Inc. + .............................. 958,320
300 Amicus Therapeutics, Inc. + ................ 3,435
250 AMN Healthcare Services, Inc. + ............ 1,595
1,250 Amylin Pharmaceuticals, Inc. + ............. 16,875
600 Angeion Corp. + ............................ 1,830
500 Anika Therapeutics, Inc. + ................. 2,375
300 Arena Pharmaceuticals, Inc. + .............. 1,497
400 Artes Medical, Inc. + ...................... 2
900 Aspect Medical Systems, Inc. + ............. 5,319
500 AspenBio Pharma, Inc. + .................... 1,335
200 Atherogenics, Inc. + (B) ................... --
10,488 Baxter International, Inc. ................. 555,444
1,100 Beckman Coulter, Inc. ...................... 62,854
3,975 Becton Dickinson and Co. ................... 283,457
800 Biodel, Inc. + ............................. 4,128
200 BioForm Medical, Inc. + .................... 432
5,055 Biogen Idec, Inc. + ........................ 228,233
1,000 BioMarin Pharmaceutical, Inc. + ............ 15,610
500 Bio-Rad Laboratories, Inc., Class A + ...... 37,740
23,939 Boston Scientific Corp. + .................. 242,741
33,550 Bristol-Myers Squibb Co. ................... 681,401
1,000 Brookdale Senior Living, Inc. .............. 9,740
200 BSD Medical Corp. + ........................ 416
1,725 C.R. Bard, Inc. ............................ 128,426
3,100 Cambrex Corp. + ............................ 12,772
100 Candela Corp. + ............................ 103
100 Capital Senior Living Corp. + .............. 455
1,150 Caraco Pharmaceutical Laboratories,
Ltd. + ..................................... 3,530
6,086 Cardinal Health, Inc. ...................... 185,927
2,500 Celera Corp. + ............................. 19,075
7,050 Celgene Corp. + ............................ 337,272
5,900 Cell Therapeutics, Inc. + .................. 10,148
700 Centene Corp. + ............................ 13,986
1,825 Cephalon, Inc. + ........................... 103,386
1,150 Cerner Corp. + ............................. 71,633
3,600 Charles River Laboratories International,
Inc. + ..................................... 121,500
3,400 Cigna Corp. ................................ 81,906
200 Cleveland Biolabs, Inc. + .................. 862
1,100 Community Health Systems, Inc. + ........... 27,775
2,500 Conceptus, Inc. + .......................... 42,250
300 Conmed Corp. + ............................. 4,656
400 Cougar Biotechnology, Inc. + ............... 17,184
1,450 Covance, Inc. + ............................ 71,340
2,116 Coventry Health Care, Inc. + ............... 39,591
SHARES VALUE
------ ---------
HEALTH CARE -- 13.8% (CONTINUED)
7,837 Covidien PLC ............................... $ 293,417
500 Cubist Pharmaceuticals, Inc. + ............. 9,165
100 CuraGen Corp. + ............................ 144
2,900 Cynosure, Inc., Class A + .................. 22,185
6,600 Cytori Therapeutics, Inc. + ................ 23,826
2,475 DaVita, Inc. + ............................. 122,414
1,700 Dendreon Corp. + ........................... 42,245
2,075 DENTSPLY International, Inc. ............... 63,329
100 Dialysis Corp. of America + ................ 501
500 Dionex Corp. + ............................. 30,515
100 Dyax Corp. + ............................... 214
1,050 Edwards Lifesciences Corp. + ............... 71,432
16,495 Eli Lilly & Co. ............................ 571,387
200 Emergency Medical Services Corp.,
Class A + .................................. 7,364
2,850 Emergent Biosolutions, Inc. + .............. 40,840
3,500 Emergent Group, Inc. ....................... 28,070
1,650 Endo Pharmaceuticals Holdings, Inc. + ...... 29,568
1,100 eResearchTechnology, Inc. + ................ 6,831
700 ev3, Inc. + ................................ 7,504
800 Exelixis, Inc. + ........................... 3,896
3,500 Express Scripts, Inc., Class A + ........... 240,625
60 Facet Biotech Corp. + ...................... 557
100 Five Star Quality Care, Inc. + ............. 191
5,100 Forest Laboratories, Inc. + ................ 128,061
2,500 Genomic Health, Inc. + ..................... 43,325
1,375 Gen-Probe, Inc. + .......................... 59,097
50 Gentiva Health Services, Inc. + ............ 823
4,105 Genzyme Corp. + ............................ 228,525
2,500 Geron Corp. + .............................. 19,175
15,500 Gilead Sciences, Inc. + .................... 726,020
2,500 Greatbatch, Inc. + ......................... 56,525
450 GTx, Inc. + ................................ 4,153
500 Haemonetics Corp. + ........................ 28,500
1,700 Halozyme Therapeutics, Inc. + .............. 11,849
2,500 Hanger Orthopedic Group, Inc. + ............ 33,975
6,150 Health Management Associates, Inc.,
Class A + .................................. 30,381
2,700 Health Net, Inc. + ......................... 41,985
2,500 Healthsouth Corp. + ........................ 36,100
1,800 Henry Schein, Inc. + ....................... 86,310
300 Hill-Rom Holdings, Inc. .................... 4,866
2,595 HLTH Corp. + ............................... 33,994
4,952 Hologic, Inc. + ............................ 70,467
2,340 Hospira, Inc. + ............................ 90,137
650 Human Genome Sciences, Inc. + .............. 1,859
3,000 Humana, Inc. + ............................. 96,780
200 Hythiam, Inc. + ............................ 57
1,300 Idenix Pharmaceuticals, Inc. + ............. 4,784
1,700 Idexx Laboratories, Inc. + ................. 78,540
1,888 Illumina, Inc. + ........................... 73,519
100 Immtech Pharmaceuticals, Inc., Class A + ... 19
1,680 Immucor, Inc. + ............................ 23,117
2,500 IMS Health, Inc. ........................... 31,750
200 Incyte Corp., Ltd. + ....................... 658
600 Infinity Pharmaceuticals, Inc. + ........... 3,504
450 InterMune, Inc. + .......................... 6,840
600 Intuitive Surgical, Inc. + ................. 98,196
1,281 Inverness Medical Innovations, Inc. + ...... 45,578
200 IRIS International, Inc. + ................. 2,360
700 Isis Pharmaceuticals, Inc. + ............... 11,550
400 Jazz Pharmaceuticals, Inc. + ............... 1,492
47,185 Johnson & Johnson .......................... 2,680,108
300 Kendle International, Inc. + ............... 3,672
300 Keryx Biopharmaceuticals, Inc. + ........... 271
2,500 Kindred Healthcare, Inc. + ................. 30,925
650 Kinetic Concepts, Inc. + ................... 17,713
Wilshire Mutual Funds, Inc.
Wilshire 5000 Index(SM) Fund June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
HEALTH CARE -- 13.8% (CONTINUED)
3,924 King Pharmaceuticals, Inc. + ............... $ 37,788
4,500 KV Pharmaceutical Co., Class A + ........... 14,445
2,875 Laboratory Corp. of America Holdings +. .... 194,896
2,500 Landauer, Inc. ............................. 153,350
200 LCA-Vision, Inc. ........................... 844
600 LHC Group, Inc. + .......................... 13,326
2,833 Life Technologies Corp. + .................. 118,193
3,365 LifePoint Hospitals, Inc. + ................ 88,331
100 Ligand Pharmaceuticals, Inc., Class B + .... 286
700 Lincare Holdings, Inc. + ................... 16,464
700 Luminex Corp. + ............................ 12,978
500 MAKO Surgical Corp. + ...................... 4,510
2,600 MannKind Corp. + ........................... 21,606
200 Maxygen, Inc. + ............................ 1,344
4,300 McKesson Corp. ............................. 189,200
200 MDRNA, Inc. + .............................. 276
4,325 Medarex, Inc. + ............................ 36,114
400 MedAssets, Inc. + .......................... 7,780
8,648 Medco Health Solutions, Inc. + ............. 394,435
300 Medicis Pharmaceutical Corp., Class A ...... 4,896
500 Medivation, Inc. + ......................... 11,205
2,116 Mednax, Inc. + ............................. 89,147
19,168 Medtronic, Inc. ............................ 668,772
36,058 Merck & Co., Inc. .......................... 1,008,182
100 Merge Healthcare, Inc. + ................... 430
500 Mettler-Toledo International, Inc. + ....... 38,575
800 Micrus Endovascular Corp. + ................ 7,232
900 Millipore Corp. + .......................... 63,189
400 Molina Healthcare, Inc. + .................. 9,568
1,200 Momenta Pharmaceuticals, Inc. + ............ 14,436
3,650 Mylan, Inc. + .............................. 47,632
1,500 Myriad Genetics, Inc. + .................... 53,475
375 Myriad Pharmaceuticals, Inc. + ............. 1,744
950 Nektar Therapeutics + ...................... 6,156
200 Neurocrine Biosciences, Inc. + ............. 646
300 Nighthawk Radiology Holdings, Inc. + ....... 1,110
100 Northstar Neuroscience, Inc. + ............. 201
900 Oculus Innovative Sciences, Inc. + ......... 3,060
200 Odyssey HealthCare, Inc. + ................. 2,056
2,500 Omnicare, Inc. ............................. 64,400
1,325 Onyx Pharmaceuticals, Inc. + ............... 37,445
2,500 Optimer Pharmaceuticals, Inc. + ............ 37,425
750 Orexigen Therapeutics, Inc. + .............. 3,848
1,350 OSI Pharmaceuticals, Inc. + ................ 38,110
300 Osiris Therapeutics, Inc. + ................ 4,029
50 Palomar Medical Technologies, Inc. + ....... 733
450 Patterson Cos., Inc. + ..................... 9,765
800 PDI, Inc. + ................................ 3,280
4,200 PDL BioPharma, Inc. ........................ 33,180
1,517 PerkinElmer, Inc. .......................... 26,396
3,800 Perrigo Co. ................................ 105,564
115,061 Pfizer, Inc. ............................... 1,725,915
1,700 Pharmaceutical Product Development,
Inc. ....................................... 39,474
400 Pozen, Inc. + .............................. 3,072
800 Progenics Pharmaceuticals, Inc. + .......... 4,120
200 Providence Service Corp. (The) + ........... 2,190
500 PSS World Medical, Inc. + .................. 9,255
200 Pure Bioscience + .......................... 364
500 Quality Systems, Inc. ...................... 28,480
2,225 Quest Diagnostics, Inc. .................... 125,557
1,000 Questcor Pharmaceuticals, Inc. + ........... 5,000
700 Regeneron Pharmaceuticals, Inc. + .......... 12,544
400 Repros Therapeutics, Inc. + ................ 2,876
600 Res-Care, Inc. + ........................... 8,580
1,000 Resmed, Inc. + ............................. 40,730
100 Rigel Pharmaceuticals, Inc. + .............. 1,212
SHARES VALUE
------ ---------
HEALTH CARE -- 13.8% (CONTINUED)
418 RTI Biologics, Inc. + ...................... $ 1,793
500 RXi Pharmaceuticals Corp. + ................ 2,270
300 Sangamo Biosciences, Inc. + ................ 1,482
800 Savient Pharmaceuticals, Inc. + ............ 11,088
27,625 Schering-Plough Corp. ...................... 693,940
2,700 Sepracor, Inc. + ........................... 46,764
1,500 Sequenom, Inc. + ........................... 5,865
450 Sirona Dental Systems, Inc. + .............. 8,996
700 Skilled Healthcare Group, Inc., Class A + .. 5,250
600 Solta Medical, Inc. + ...................... 936
100 Somaxon Pharmaceuticals, Inc. + ............ 110
5,350 St. Jude Medical, Inc. + ................... 219,885
650 STERIS Corp. ............................... 16,952
5,570 Stryker Corp. .............................. 221,352
700 Sun Healthcare Group, Inc. + ............... 5,908
200 Symmetry Medical, Inc. + ................... 1,864
400 Synta Pharmaceuticals Corp. + .............. 924
1,000 Techne Corp. ............................... 63,810
1,000 Teleflex, Inc. ............................. 44,830
400 Telik, Inc. + .............................. 340
10,126 Tenet Healthcare Corp. + ................... 28,555
500 Theravance, Inc. + ......................... 7,320
7,059 Thermo Fisher Scientific, Inc. + ........... 287,795
900 Thoratec Corp. + ........................... 24,102
1,000 TranS1, Inc. + ............................. 6,230
50 Transcend Services, Inc. + ................. 793
80 Transcept Pharmaceuticals, Inc. + .......... 414
600 Triple-S Management Corp., Class B + . ..... 9,354
600 United American Healthcare Corp. + ......... 990
300 United Therapeutics Corp. + ................ 24,999
21,012 UnitedHealth Group, Inc. ................... 524,880
500 Universal American Corp. + ................. 4,360
1,500 Universal Health Services, Inc., Class B . . 73,275
750 Valeant Pharmaceuticals International + . .. 19,290
2,600 Varian Medical Systems, Inc. + ............. 91,364
1,100 VCA Antech, Inc. + ......................... 29,370
2,100 Vertex Pharmaceuticals, Inc. + ............. 74,844
800 Viropharma, Inc. + ......................... 4,744
500 Virtual Radiologic Corp. + ................. 4,515
500 Volcano Corp. + ............................ 6,990
2,500 Warner Chilcott, Ltd., Class A + ........... 32,875
2,100 Waters Corp. + ............................. 108,087
1,350 Watson Pharmaceuticals, Inc. + ............. 45,482
8,491 WellPoint, Inc. + .......................... 432,107
22,750 Wyeth ...................................... 1,032,623
3,500 Zimmer Holdings, Inc. + .................... 149,100
2,800 Zymogenetics, Inc. + ....................... 12,880
----------
23,029,618
----------
INDUSTRIALS -- 10.2%
10,300 3M Co. ..................................... 619,030
300 Acacia Research-Acacia Technologies + ...... 2,361
2,525 Access to Money, Inc. + .................... 757
200 Accuride Corp. + ........................... 66
240 Actuant Corp., Class A ..................... 2,928
400 Acuity Brands, Inc. ........................ 11,220
1,100 Aecom Technology Corp. + ................... 35,200
1,200 AeroCentury Corp. + ........................ 10,512
2,500 Aerovironment, Inc. + ...................... 77,150
850 AGCO Corp. + ............................... 24,709
2,700 Aircastle, Ltd. ............................ 19,845
2,500 Airtran Holdings, Inc. + ................... 15,475
1,000 Albany International Corp., Class A ........ 11,380
350 Alexander & Baldwin, Inc. .................. 8,204
650 Alliant Techsystems, Inc. + ................ 53,534
450 Amerco, Inc. + ............................. 16,717
75 American Commercial Lines, Inc. + .......... 1,161
Wilshire Mutual Funds, Inc.
Wilshire 5000 Index(SM) Fund June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
INDUSTRIALS -- 10.2% (CONTINUED)
500 American Ecology Corp. ..................... $ 8,960
50 Ameron International Corp. ................. 3,352
1,050 AMETEK, Inc. ............................... 36,309
4,075 AMR Corp. + ................................ 16,381
1,500 Amrep Corp. + .............................. 16,545
500 Apogee Enterprises, Inc. ................... 6,150
100 Applied Energetics, Inc. + ................. 48
200 Applied Signal Technology, Inc. ............ 5,102
300 Armstrong World Industries, Inc. + ......... 4,947
250 Ascent Solar Technologies, Inc. + .......... 1,955
100 ATC Technology Corp. + ..................... 1,450
1,100 Avery Dennison Corp. ....................... 28,248
592 Avis Budget Group, Inc. + .................. 3,345
300 Axsys Technologies, Inc. + ................. 16,092
300 AZZ, Inc. + ................................ 10,323
200 Baker (Michael) Corp. + .................... 8,472
400 Basin Water, Inc. + ........................ 160
2,575 BE Aerospace, Inc. + ....................... 36,977
500 Blount International, Inc. + ............... 4,305
900 BlueLinx Holdings, Inc. + .................. 2,700
11,200 Boeing Co. ................................. 476,000
550 Brady Corp., Class A ....................... 13,816
450 Brink's Co. (The) .......................... 13,063
100 BTU International, Inc. + .................. 524
3,600 Bucyrus International, Inc., Class A ....... 102,816
450 Builders FirstSource, Inc. + ............... 1,872
150 Building Materials Holding Corp. + ......... 7
4,640 Burlington Northern Santa Fe Corp. ......... 341,226
100 C&D Technologies, Inc. + ................... 200
500 Carlisle Cos., Inc. ........................ 12,020
100 Casella Waste Systems, Inc., Class A + ..... 199
10,100 Caterpillar, Inc. .......................... 333,704
1,300 CBIZ, Inc. + ............................... 9,256
400 CDI Corp. .................................. 4,460
400 Ceco Environmental Corp. + ................. 1,592
2,800 Celadon Group, Inc. + ...................... 23,492
800 Cenveo, Inc. + ............................. 3,384
3,550 CH Robinson Worldwide, Inc. ................ 185,133
1,000 Chart Industries, Inc. + ................... 18,180
2,032 Cintas Corp. ............................... 46,411
400 CLARCOR, Inc. .............................. 11,676
300 Coleman Cable, Inc. + ...................... 843
1,000 Colfax Corp. + ............................. 7,720
400 Columbus McKinnon Corp. + .................. 5,060
900 Comfort Systems USA, Inc. .................. 9,225
300 Commercial Vehicle Group, Inc. + ........... 432
100 Competitive Technologies, Inc. + ........... 166
750 COMSYS IT Partners, Inc. + ................. 4,388
1,600 Continental Airlines, Inc., Class B + ...... 14,176
450 Con-way, Inc. .............................. 15,889
2,725 Cooper Industries, Ltd., Class A ........... 84,611
700 Copart, Inc. + ............................. 24,269
200 Cornell, Inc. + ............................ 3,242
1,800 Corrections Corp of America + .............. 30,582
1,750 Covanta Holding Corp. + .................... 29,680
100 Covenant Transportation Group, Inc.,
Class A + .................................. 550
300 Crane Co. .................................. 6,693
6,950 CSX Corp. .................................. 240,678
2,500 Cummins, Inc. .............................. 88,025
300 Curtiss-Wright Corp. ....................... 8,919
4,018 Danaher Corp. .............................. 248,071
7,150 Deere & Co. ................................ 285,643
12,050 Delta Air Lines, Inc. + .................... 69,769
200 Diamond Management & Technology
Consultants, Inc., Class A ................. 840
200 Document Security Systems, Inc. + .......... 380
SHARES VALUE
------ ---------
INDUSTRIALS -- 10.2% (CONTINUED)
500 Dollar Thrifty Automotive Group, Inc. + .... $ 6,975
900 Donaldson Co., Inc. ........................ 31,176
4,050 Dover Corp. ................................ 134,015
825 Dun & Bradstreet Corp. ..................... 66,998
100 DXP Enterprises, Inc. + .................... 1,147
1,000 Dycom Industries, Inc. + ................... 11,070
400 Dynamic Materials Corp. .................... 7,712
200 Eagle Bulk Shipping, Inc. .................. 938
3,300 Eaton Corp. ................................ 147,213
12,100 Emerson Electric Co. ....................... 392,040
700 Empire Resources, Inc. ..................... 994
550 Encore Wire Corp. .......................... 11,743
500 Ener1, Inc. + .............................. 2,730
500 Energy Recovery, Inc. + .................... 3,540
3,500 EnergySolutions, Inc. ...................... 32,200
50 Ennis, Inc. ................................ 623
1,975 Equifax, Inc. .............................. 51,547
225 Evergreen Solar, Inc. + .................... 488
3,925 Expeditors International of Washington,
Inc. ....................................... 130,859
10 ExpressJet Holdings, Inc., Class A + ....... 14
1,950 Fastenal Co. ............................... 64,681
1,000 Federal Signal Corp. ....................... 7,650
5,482 FedEx Corp. ................................ 304,909
750 First Advantage Corp., Class A + ........... 11,407
700 First Solar, Inc. + ........................ 113,484
200 Flanders Corp. + ........................... 1,222
1,000 Flowserve Corp. ............................ 69,810
2,700 Fluor Corp. ................................ 138,483
600 Frontier Airlines Holdings, Inc. + ......... 57
100 Frozen Food Express Industries ............. 318
1,425 FTI Consulting, Inc. + ..................... 72,276
700 Fuel Tech, Inc. + .......................... 6,790
500 FuelCell Energy, Inc. + .................... 2,090
300 Furmanite Corp. + .......................... 1,338
1,050 Gardner Denver, Inc. + ..................... 26,428
200 GATX Corp. ................................. 5,144
1,425 General Cable Corp. + ...................... 53,551
5,040 General Dynamics Corp. ..................... 279,166
180,246 General Electric Co. ....................... 2,112,483
2,500 GeoEye, Inc. + ............................. 58,900
1,825 Goodrich Corp. ............................. 91,195
325 Gorman-Rupp Co. (The) ...................... 6,555
487 Graco, Inc. ................................ 10,724
2,850 GrafTech International, Ltd. + ............. 32,234
500 Granite Construction, Inc. ................. 16,640
550 Greenbrier, Inc. ........................... 3,955
2,850 Griffon Corp. + ............................ 23,712
850 Hardinge, Inc. ............................. 3,612
1,200 Harsco Corp. ............................... 33,960
200 Herley Industries, Inc. + .................. 2,194
2,650 Hertz Global Holdings, Inc. + .............. 21,173
550 Hexcel Corp. + ............................. 5,241
1,400 HI Shear Technology Corp. .................. 11,480
300 Hill International, Inc. + ................. 1,290
600 Hoku Scientific, Inc. + .................... 1,524
11,525 Honeywell International, Inc. .............. 361,885
1,050 Horizon Lines, Inc., Class A ............... 4,053
600 Hubbell, Inc., Class B ..................... 19,236
400 Hurco Cos., Inc. + ......................... 6,252
100 Huron Consulting Group, Inc. + ............. 4,623
2,500 ICF International, Inc. + .................. 68,975
300 ICT Group, Inc. + .......................... 2,619
975 IDEX Corp. ................................. 23,956
250 IHS, Inc., Class A + ....................... 12,467
7,466 Illinois Tool Works, Inc. .................. 278,780
50 Imperial Industries, Inc. + ................ 32
Wilshire Mutual Funds, Inc.
Wilshire 5000 Index(SM) Fund June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
INDUSTRIALS -- 10.2% (CONTINUED)
950 Industrial Services of America, Inc. ....... $ 6,365
5,984 Ingersoll-Rand PLC, Class A ................ 125,066
100 Innovative Solutions & Support, Inc. ....... 447
500 Integrated Electrical Services, Inc. + ..... 3,905
300 Interface, Inc., Class A ................... 1,860
500 Interline Brands, Inc. + ................... 6,840
400 Intersections, Inc. + ...................... 1,856
2,650 Iron Mountain, Inc. + ...................... 76,187
2,700 ITT Corp. .................................. 120,150
2,000 Jacobs Engineering Group, Inc. + ........... 84,180
1,875 JB Hunt Transport Services, Inc. ........... 57,244
6,025 JetBlue Airways Corp. + .................... 25,727
251 John Bean Technologies Corp. ............... 3,143
1,675 Joy Global, Inc. ........................... 59,831
3,823 Kansas City Southern + ..................... 61,589
1,550 KBR, Inc. .................................. 28,582
400 Kelly Services, Inc., Class A .............. 4,380
2,000 Kennametal, Inc. ........................... 38,360
2,650 Kforce, Inc. + ............................. 21,916
700 Kimball International, Inc., Class B ....... 4,368
900 Kirby Corp. + .............................. 28,611
387 Knight Transportation, Inc. ................ 6,405
500 Knoll, Inc. ................................ 3,790
100 Kratos Defense & Security Solutions,
Inc. + ..................................... 89
7,000 Kreisler Manufacturing Corp. + ............. 29,330
2,775 L-3 Communications Holdings, Inc.,
Class 3 .................................... 192,530
100 LaBarge, Inc. + ............................ 927
800 Landstar System, Inc. ...................... 28,728
600 Layne Christensen Co. + .................... 12,270
100 LECG Corp. + ............................... 326
3,350 Lennox International, Inc. ................. 107,569
700 Lincoln Electric Holdings, Inc. ............ 25,228
200 Lindsay Corp. .............................. 6,620
2,500 LMI Aerospace, Inc. + ...................... 25,300
5,450 Lockheed Martin Corp. ...................... 439,543
700 LSI Industries, Inc. ....................... 3,815
5,300 Macquarie Infrastructure Co. LLC ........... 21,783
2,900 Manitowoc Co., Inc. (The) .................. 15,254
1,128 Manpower, Inc. ............................. 47,760
100 Marten Transport, Ltd. + ................... 2,076
5,250 Masco Corp. ................................ 50,295
900 MasTec, Inc. + ............................. 10,548
2,875 McDermott International, Inc. + ............ 58,391
2,500 Mcgrath Rentcorp ........................... 47,650
800 Medis Technologies, Ltd. + ................. 400
300 Mesa Air Group, Inc. + ..................... 30
3,150 Metalico, Inc. + ........................... 14,679
300 Mfri, Inc. + ............................... 1,854
2,748 Middleby Corp. + ........................... 120,692
1,650 Monster Worldwide, Inc. + .................. 19,487
3,550 MPS Group, Inc. + .......................... 27,122
300 MSC Industrial Direct Co., Class A ......... 10,644
1,900 Mueller Water Products, Inc., Class A ...... 7,106
100 NACCO Industries, Inc., Class A ............ 2,872
400 Navigant Consulting, Inc. + ................ 5,168
1,500 Navistar International Corp. + ............. 65,400
2,500 NCI Building Systems, Inc. + ............... 6,600
5,900 Norfolk Southern Corp. ..................... 222,253
200 North American Galvanizing & Coating,
Inc. + ..................................... 1,212
5,250 Northrop Grumman Corp. ..................... 239,820
7,000 OceanFreight, Inc. ......................... 10,570
100 On Assignment, Inc. + ...................... 391
500 Orion Energy Systems, Inc. + ............... 1,875
300 Oshkosh Corp. .............................. 4,362
SHARES VALUE
------ ---------
INDUSTRIALS -- 10.2% (CONTINUED)
1,250 Owens Corning, Inc. + ...................... $ 15,975
5,855 PACCAR, Inc. ............................... 190,346
3,000 Pacer International, Inc. .................. 6,690
3,050 Pall Corp. ................................. 81,008
4,993 Parker Hannifin Corp. ...................... 214,499
1,300 Pentair, Inc. .............................. 33,306
600 Pike Electric Corp. + ...................... 7,230
3,825 Pitney Bowes, Inc. ......................... 83,882
2,500 Polypore International, Inc. + ............. 27,800
200 Portec Rail Products, Inc. ................. 1,970
2,500 Powell Industries, Inc. + .................. 92,675
200 Power-One, Inc. + .......................... 298
250 PowerSecure International, Inc. + .......... 1,065
2,600 Precision Castparts Corp. .................. 189,878
220 PRG-Schultz International, Inc. + .......... 594
1,000 Quanex Building Products Corp. ............. 11,220
2,450 Quanta Services, Inc. + .................... 56,669
300 Raven Industries, Inc. ..................... 7,680
7,300 Raytheon Co. ............................... 324,339
400 RBC Bearings, Inc. + ....................... 8,180
5,518 Republic Services, Inc., Class A ........... 134,694
200 Resources Connection, Inc. + ............... 3,434
2,500 Robbins & Myers, Inc. ...................... 48,125
3,200 Robert Half International, Inc. ............ 75,584
2,500 Rockwell Automation, Inc. .................. 80,300
3,225 Rockwell Collins, Inc. ..................... 134,579
1,250 Roper Industries, Inc. ..................... 56,638
6,450 RR Donnelley & Sons Co. .................... 74,949
1,200 RSC Holdings, Inc. + ....................... 8,064
75 Rush Enterprises, Inc., Class A + .......... 874
400 Ryder System, Inc. ......................... 11,168
150 Saia, Inc. + ............................... 2,702
5,500 Sauer-Danfoss, Inc. ........................ 33,715
1,300 Shaw Group, Inc. (The) + ................... 35,633
300 SIFCO Industries, Inc. + ................... 3,177
1,600 Simclar, Inc. + ............................ 232
50 Simpson Manufacturing Co., Inc. ............ 1,081
3,500 Skywest, Inc. .............................. 35,700
11,218 Southwest Airlines Co. ..................... 75,497
500 Spherion Corp. + ........................... 2,060
900 Spire Corp. + .............................. 4,950
2,600 Spirit Aerosystems Holdings, Inc.,
Class A + .................................. 35,724
584 SPX Corp. .................................. 28,598
1,350 Standard Register Co. (The) ................ 4,401
50 Standex International Corp. ................ 580
1,000 Steelcase, Inc., Class A ................... 5,820
1,975 Stericycle, Inc. + ......................... 101,772
500 Sun Hydraulics Corp. ....................... 8,085
1,000 SunPower Corp., Class A + .................. 26,640
100 Sypris Solutions, Inc. ..................... 121
3,000 TAL International Group, Inc. .............. 32,700
200 Taser International, Inc. + ................ 912
500 Team, Inc. + ............................... 7,835
500 Tecumseh Products Co., Class A + ........... 4,855
250 Tennant Co. ................................ 4,598
900 Terex Corp. + .............................. 10,863
743 Tetra Tech, Inc. + ......................... 21,287
3,500 Textainer Group Holdings, Ltd. ............. 40,215
2,800 Textron, Inc. .............................. 27,048
900 Thomas & Betts Corp. + ..................... 25,974
600 Thomas Group, Inc. + ....................... 462
800 Timken Co. ................................. 13,664
312 Titan International, Inc. .................. 2,331
3,000 Toro Co. ................................... 89,700
100 TRC, Inc. + ................................ 400
2,500 Tredegar Corp. ............................. 33,300
Wilshire Mutual Funds, Inc.
Wilshire 5000 Index(SM) Fund June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
INDUSTRIALS -- 10.2% (CONTINUED)
300 Trex Co., Inc. + ........................... $ 4,011
100 Trimas Corp. + ............................. 337
1,300 Trinity Industries, Inc. ................... 17,706
800 TrueBlue, Inc. + ........................... 6,720
400 Twin Disc, Inc. ............................ 2,724
1,125 UAL Corp. + ................................ 3,589
200 Ultralife Corp. + .......................... 1,434
8,350 Union Pacific Corp. ........................ 434,701
10,400 United Parcel Service, Inc., Class B ....... 519,896
100 United Rentals, Inc. + ..................... 649
150 United Stationers, Inc. + .................. 5,232
14,944 United Technologies Corp. .................. 776,490
2,300 Universal Forest Products, Inc. ............ 76,107
850 URS Corp. + ................................ 42,092
200 US Home Systems, Inc. + .................... 518
3,500 USG Corp. + ................................ 35,245
500 UTEK Corp. + ............................... 1,895
900 UTi Worldwide, Inc. + ...................... 10,260
3,400 Valence Technology, Inc. + ................. 6,086
500 Valmont Industries, Inc. ................... 36,040
400 Viad Corp. ................................. 6,888
300 Vicor Corp. ................................ 2,166
3,250 Volt Information Sciences, Inc. + .......... 20,378
50 Wabash National Corp. ...................... 35
300 Wabtec Corp. ............................... 9,651
1,275 Waste Connections, Inc. + .................. 33,035
7,750 Waste Management, Inc. ..................... 218,240
400 Watson Wyatt Worldwide, Inc., Class A ...... 15,012
250 Werner Enterprises, Inc. ................... 4,530
1,500 Woodward Governor Co. ...................... 29,700
1,000 WW Grainger, Inc. .......................... 81,880
500 Xerium Technologies, Inc. + ................ 550
3,150 YRC Worldwide, Inc. + ...................... 5,450
----------
17,088,491
----------
INFORMATION TECHNOLOGY -- 18.3%
8,300 3Com Corp. + ............................... 39,093
900 3PAR, Inc. + ............................... 11,160
9,150 Accenture, Ltd., Class A ................... 306,159
200 Access Integrated Technologies, Inc.,
Class A + .................................. 204
2,500 Acme Packet, Inc. + ........................ 25,300
100 Actel Corp. + .............................. 1,073
8,938 Activision Blizzard, Inc. + ................ 112,887
2,700 Adaptec, Inc. + ............................ 7,155
781 ADC Telecommunications, Inc. + ............. 6,217
600 ADDvantage Technologies Group, Inc. + ...... 990
9,384 Adobe Systems, Inc. + ...................... 265,567
700 Adtran, Inc. ............................... 15,029
500 Advanced Analogic Technologies, Inc. + ..... 2,295
700 Advanced Energy Industries, Inc. + ......... 6,293
10,550 Advanced Micro Devices, Inc. + ............. 40,828
500 Aehr Test Systems + ........................ 425
1,000 Affiliated Computer Services, Inc.,
Class A + .................................. 44,420
4,746 Agilent Technologies, Inc. + ............... 96,391
500 Agilysys, Inc. ............................. 2,340
500 Airvana, Inc. + ............................ 3,185
2,859 Akamai Technologies, Inc. + ................ 54,836
850 Alliance Data Systems Corp. + .............. 35,011
5,150 Altera Corp. ............................... 83,842
100 American Technology Corp. + ................ 190
3,550 Amkor Technology, Inc. + ................... 16,792
3,825 Amphenol Corp., Class A .................... 121,023
300 Anadigics, Inc. + .......................... 1,257
4,750 Analog Devices, Inc. ....................... 117,705
200 Anaren, Inc. + ............................. 3,536
SHARES VALUE
------ ---------
INFORMATION TECHNOLOGY -- 18.3% (CONTINUED)
700 Answers Corp. + ............................ $ 5,642
922 ANSYS, Inc. + .............................. 28,730
15,200 Apple, Inc. + .............................. 2,164,936
22,183 Applied Materials, Inc. .................... 243,348
2,500 ArcSight, Inc. + ........................... 44,425
2,500 Ariba, Inc. + .............................. 24,600
1,354 Arris Group, Inc. + ........................ 16,465
4,250 Arrow Electronics, Inc. + .................. 90,270
2,500 Art Technology Group, Inc. + ............... 9,500
700 Aspen Technology, Inc. + ................... 5,971
100 Astea International, Inc. + ................ 202
3,300 Atheros Communications, Inc. + ............. 63,492
9,050 Atmel Corp. + .............................. 33,757
6,000 Autodesk, Inc. + ........................... 113,880
8,225 Automatic Data Processing, Inc. ............ 291,494
1,825 Avnet, Inc. + .............................. 38,380
350 Avocent Corp. + ............................ 4,886
289 Axcelis Technologies, Inc. + ............... 133
22 BearingPoint, Inc. + ....................... 4
300 Bel Fuse, Inc., Class B .................... 4,812
150 Benchmark Electronics, Inc. + .............. 2,160
150 BigBand Networks, Inc. + ................... 775
600 Bitstream, Inc., Class A + ................. 3,120
300 Blackbaud, Inc. ............................ 4,665
3,442 BMC Software, Inc. + ....................... 116,305
2,600 Brightpoint, Inc. + ........................ 16,302
7,265 Broadcom Corp., Class A + .................. 180,099
1,250 Broadridge Financial Solutions, Inc. ....... 20,725
8,450 Brocade Communications Systems, Inc. + ..... 66,079
106 Brooks Automation, Inc. + .................. 475
6,022 CA, Inc. ................................... 104,963
2,902 Cadence Design Systems, Inc. + ............. 17,122
200 Callidus Software, Inc. + .................. 570
200 Cascade Microtech, Inc. + .................. 730
1,000 Checkpoint Systems, Inc. + ................. 15,690
900 Ciber, Inc. + .............................. 2,790
3,797 Ciena Corp. + .............................. 39,299
400 Cirrus Logic, Inc. + ....................... 1,800
100,523 Cisco Systems, Inc. + ...................... 1,873,749
2,625 Citrix Systems, Inc. + ..................... 83,711
2,500 Cogent, Inc. + 26,825
3,625 Cognizant Technology Solutions Corp.,
Class A + .................................. 96,787
400 Coherent, Inc. + ........................... 8,272
1,391 CommScope, Inc. + .......................... 36,528
2,780 Computer Sciences Corp. + .................. 123,154
3,625 Compuware Corp. + .......................... 24,868
400 comScore, Inc. + ........................... 5,328
100 Comtech Telecommunications Corp. + ......... 3,188
1,300 Concur Technologies, Inc. + ................ 40,404
400 Constant Contact, Inc. + ................... 7,936
1,300 Convergys Corp. + .......................... 12,064
26,669 Corning, Inc. .............................. 428,304
500 CPI International, Inc. + .................. 4,345
100 Cray, Inc. + ............................... 788
1,000 Cree, Inc. + ............................... 29,390
259 CSR PLC ADR + .............................. 1,492
100 CTS Corp. .................................. 655
5,025 Cypress Semiconductor Corp. + .............. 46,230
800 Daktronics, Inc. ........................... 6,160
600 Datalink Corp. + ........................... 2,550
28,600 Dell, Inc. + ............................... 392,678
403 Deltek, Inc. + ............................. 1,749
388 Dice Holdings, Inc. + ...................... 1,804
850 Diebold, Inc. .............................. 22,406
400 Digital Ally, Inc. + ....................... 886
600 Digital River, Inc. + ...................... 21,792
Wilshire Mutual Funds, Inc.
Wilshire 5000 Index(SM) Fund June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
INFORMATION TECHNOLOGY -- 18.3% (CONTINUED)
1,000 Diodes, Inc. + ............................. $ 15,640
300 Ditech Networks, Inc. + .................... 372
1,000 DivX, Inc. + ............................... 5,490
500 Dolby Laboratories, Inc., Class A + ........ 18,640
700 DST Systems, Inc. + ........................ 25,865
2,500 DTS, Inc. + ................................ 67,675
1,221 Earthlink, Inc. ............................ 9,048
18,150 eBay, Inc. + ............................... 310,909
150 Echelon Corp. + ............................ 1,272
100 EF Johnson Technologies, Inc. + ............ 64
100 Electro Scientific Industries, Inc. + ...... 1,118
5,100 Electronic Arts, Inc. + .................... 110,772
31,779 EMC Corp. + ................................ 416,305
500 Emcore Corp. + ............................. 630
300 EMS Technologies, Inc. + ................... 6,270
2,500 Emulex Corp. + ............................. 24,450
200 En Pointe Technologies, Inc. + ............. 450
100 EndWave Corp. + ............................ 256
836 Entegris, Inc. + ........................... 2,274
200 Entorian Technologies, Inc. + .............. 67
400 Epicor Software Corp. + .................... 2,120
2,500 EPIQ Systems, Inc. + ....................... 38,375
500 Equinix, Inc. + ............................ 36,370
500 Exar Corp. + ............................... 3,595
200 Extreme Networks + ......................... 400
900 F5 Networks, Inc. + ........................ 31,131
450 Factset Research Systems, Inc. ............. 22,441
950 Fairchild Semiconductor International,
Inc., Class A + ............................ 6,640
900 FalconStor Software, Inc. + ................ 4,275
200 FARO Technologies, Inc. + .................. 3,106
2,118 Fidelity National Information Services,
Inc. ....................................... 42,275
2,128 Fiserv, Inc. + ............................. 97,250
1,500 FLIR Systems, Inc. + ....................... 33,840
350 Formfactor, Inc. + ......................... 6,034
100 Forrester Research, Inc. + ................. 2,455
1,700 Gartner, Inc. + ............................ 25,942
12 GigOptix, Inc. + ........................... 23
2,850 Global Cash Access Holdings, Inc. + ........ 22,686
1,050 Global Payments, Inc. ...................... 39,333
200 Globecomm Systems, Inc. + .................. 1,438
400 Glu Mobile, Inc. + ......................... 500
3,750 Google, Inc., Class A + .................... 1,580,962
450 GSI Commerce, Inc. + ....................... 6,412
200 Guidance Software, Inc. + .................. 750
800 Harmonic, Inc. + ........................... 4,712
1,925 Harris Corp. ............................... 54,593
1,778 Harris Stratex Networks, Inc., Class A + ... 11,521
3,800 Hewitt Associates, Inc., Class A + ......... 113,164
41,077 Hewlett-Packard Co. ........................ 1,587,626
200 Hittite Microwave Corp. + .................. 6,950
400 Hughes Communications, Inc. + .............. 9,132
4,800 Hutchinson Technology, Inc. + .............. 9,360
500 Hypercom Corp. + ........................... 750
2,500 IAC/InterActive Corp. + .................... 40,125
100 ID Systems, Inc. + ......................... 362
100 iGO, Inc. + ................................ 70
50 Ikanos Communications, Inc. + .............. 80
200 Imergent, Inc. ............................. 1,400
600 Infinera Corp. + ........................... 5,478
400 infoGROUP, Inc. ............................ 2,284
3,775 Informatica Corp. + ........................ 64,892
250 Infospace, Inc. + .......................... 1,657
2,100 Ingram Micro, Inc., Class A + .............. 36,750
1,760 Integrated Device Technology, Inc. + ....... 10,630
400 Integrated Silicon Solution, Inc. + ........ 1,060
SHARES VALUE
------ ---------
INFORMATION TECHNOLOGY -- 18.3% (CONTINUED)
94,966 Intel Corp. ................................ $1,571,687
350 Interactive Intelligence, Inc. + ........... 4,291
3,100 InterDigital, Inc. + ....................... 75,764
200 Intermec, Inc. + ........................... 2,580
371 Internap Network Services Corp. + .......... 1,295
23,170 International Business Machines Corp. ...... 2,419,411
350 International Rectifier Corp. + ............ 5,184
100 Internet Capital Group, Inc. + ............. 673
600 Interphase Corp. + ......................... 3,360
2,850 Intersil Corp., Class A .................... 35,825
4,725 Intuit, Inc. + ............................. 133,056
300 INX, Inc. + ................................ 1,620
1,000 IPG Photonics Corp. + ...................... 10,970
200 Isilon Systems, Inc. + ..................... 848
500 Itron, Inc. + .............................. 27,535
1,200 Ixia + ..................................... 8,088
800 IXYS Corp. ................................. 8,096
3,250 j2 Global Communications, Inc. + ........... 73,320
2,900 Jabil Circuit, Inc. ........................ 21,518
2,500 Jack Henry & Associates, Inc. .............. 51,875
550 JDA Software Group, Inc. + ................. 8,228
2,403 JDS Uniphase Corp. + ....................... 13,745
11,065 Juniper Networks, Inc. + ................... 261,134
100 Keithley Instruments, Inc. ................. 400
700 Kemet Corp. + .............................. 336
600 KEY Tronic Corp. + ......................... 960
100 Keynote Systems, Inc. + .................... 764
3,525 Kla-Tencor Corp. ........................... 89,006
800 Knot, Inc. (The) + ......................... 6,304
400 Kulicke & Soffa Industries, Inc. + ......... 1,372
73 L-1 Identity Solutions, Inc., Class 1 + .... 565
2,125 Lam Research Corp. + ....................... 55,250
600 LaserCard Corp. + .......................... 1,986
200 Lattice Semiconductor Corp. + .............. 376
1,250 Lawson Software, Inc. + .................... 6,975
200 Leadis Technology, Inc. + .................. 124
100 LeCroy Corp. + ............................. 375
1,559 Lender Processing Services, Inc. ........... 43,293
1,875 Lexmark International, Inc., Class A + ..... 29,719
400 Limelight Networks, Inc. + ................. 1,760
3,925 Linear Technology Corp. .................... 91,649
1,450 Liquidity Services, Inc. + ................. 14,297
100 LiveWire Mobile, Inc. + .................... 17
193 Local.com Corp. + .......................... 656
200 LoJack Corp. + ............................. 838
700 LoopNet, Inc. + ............................ 5,425
300 Loral Space & Communications, Inc. + ....... 7,725
10,910 LSI Corp. + ................................ 49,750
2,500 Macrovision Solutions Corp. + .............. 54,525
50 Magma Design Automation, Inc. + ............ 73
100 Majesco Entertainment Co. + ................ 195
600 MakeMusic, Inc. + .......................... 1,944
200 Marchex, Inc., Class B ..................... 674
8,250 Marvell Technology Group, Ltd. + ........... 96,030
1,325 Mastercard, Inc., Class A .................. 221,686
400 Mattson Technology, Inc. + ................. 472
5,400 Maxim Integrated Products, Inc. ............ 84,726
500 MAXIMUS, Inc. .............................. 20,625
2,450 McAfee, Inc. + ............................. 103,366
200 Measurement Specialties, Inc. + ............ 1,410
4,575 MEMC Electronic Materials, Inc. + .......... 81,481
2,500 Mentor Graphics Corp. + .................... 13,675
100 Mercury Computer Systems, Inc. + ........... 925
500 Merix Corp. + .............................. 375
1,502 Metavante Technologies, Inc. + ............. 38,842
400 Methode Electronics, Inc. .................. 2,808
600 Micrel, Inc. ............................... 4,392
Wilshire Mutual Funds, Inc.
Wilshire 5000 Index(SM) Fund June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
INFORMATION TECHNOLOGY -- 18.3% (CONTINUED)
3,637 Microchip Technology, Inc. ................. $ 82,014
13,052 Micron Technology, Inc. + .................. 66,043
1,400 Micronetics, Inc. + ........................ 4,186
1,300 Micros Systems, Inc. + ..................... 32,916
650 Microsemi Corp. + .......................... 8,970
135,040 Microsoft Corp. ............................ 3,209,901
900 Midway Games, Inc. + ....................... 27
200 MIPS Technologies, Inc., Class A + ......... 600
2,675 Molex, Inc. ................................ 41,596
300 MoneyGram International, Inc. + ............ 534
500 Monolithic Power Systems, Inc. + ........... 11,205
100 MoSys, Inc. + .............................. 165
33,366 Motorola, Inc. ............................. 221,217
4 Move, Inc. + ............................... 9
200 Nanometrics, Inc. + ........................ 542
900 NAPCO Security Technologies, Inc. + ........ 1,062
1,475 National Instruments Corp. ................. 33,276
3,925 National Semiconductor Corp. ............... 49,259
200 NaviSite, Inc. + ........................... 274
1,925 NCR Corp. + ................................ 22,773
5,850 NetApp, Inc. + ............................. 115,362
500 NetList, Inc. + ............................ 190
400 Netscout Systems, Inc. + ................... 3,752
100 Network Equipment Technologies, Inc. + ..... 426
750 NeuStar, Inc., Class A + ................... 16,620
200 Newport Corp. + ............................ 1,158
1,000 NIC, Inc. .................................. 6,770
50 Novatel Wireless, Inc. + ................... 451
6,359 Novell, Inc. + ............................. 28,806
1,723 Novellus Systems, Inc. + ................... 28,774
4,550 Nuance Communications, Inc. + .............. 55,009
100 NVE Corp. + ................................ 4,860
9,325 Nvidia Corp. + ............................. 105,279
600 Occam Networks, Inc. + ..................... 2,148
147 Omniture, Inc. + ........................... 1,846
500 Omnivision Technologies, Inc. + ............ 5,195
6,105 ON Semiconductor Corp. + ................... 41,880
100 Online Resources Corp. + ................... 624
311 Openwave Systems, Inc. + ................... 697
100 Opnet Technologies, Inc. ................... 916
50 Opnext, Inc. + ............................. 107
700 Optelecom-NKF, Inc. + ...................... 2,555
66,130 Oracle Corp. ............................... 1,416,505
200 OSI Systems, Inc. + ........................ 4,170
100 Overland Storage, Inc. + ................... 47
2,980 Palm, Inc. + ............................... 49,379
100 PAR Technology Corp. + ..................... 639
2,740 Parametric Technology Corp. + .............. 32,031
2,500 Park Electrochemical Corp. ................. 53,825
200 Parkervision, Inc. + ....................... 612
5,150 Paychex, Inc. .............................. 129,780
400 PC Mall, Inc. + ............................ 2,704
100 Pericom Semiconductor Corp. + .............. 842
850 Perot Systems Corp., Class A + ............. 12,180
8 Pfsweb, Inc. + ............................. 11
100 Phoenix Technologies, Ltd. + ............... 271
100 Photronics, Inc. + ......................... 405
33 Pixelworks, Inc. + ......................... 54
100 Planar Systems, Inc. + ..................... 121
350 Plantronics, Inc. .......................... 6,618
100 PLATO Learning, Inc. + ..................... 400
3,050 Plexus Corp. + ............................. 62,403
100 PLX Technology, Inc. + ..................... 377
5,825 PMC - Sierra, Inc. + ....................... 46,367
950 Polycom, Inc. + ............................ 19,256
380 Powerwave Technologies, Inc. + ............. 612
400 QAD, Inc. .................................. 1,300
SHARES VALUE
------ ---------
INFORMATION TECHNOLOGY -- 18.3% (CONTINUED)
4,250 QLogic Corp. + ............................. $ 53,890
28,025 QUALCOMM, Inc. ............................. 1,266,730
1,200 Rackspace Hosting, Inc. + .................. 16,632
100 Radiant Systems, Inc. + .................... 830
1,000 Rambus, Inc. + ............................. 15,490
2,726 RealNetworks, Inc. + ....................... 8,151
2,990 Red Hat, Inc. + ............................ 60,189
600 Relm Wireless Corp. + ...................... 786
89 Remec, Inc. ................................ 72
600 Renaissance Learning, Inc. ................. 5,526
3,827 RF Micro Devices, Inc. + ................... 14,390
200 RightNow Technologies, Inc. + .............. 2,360
340 Rudolph Technologies, Inc. + ............... 1,877
2,400 S1 Corp. + ................................. 16,560
2,025 SAIC, Inc. + ............................... 37,564
2,000 Salesforce.com, Inc. + ..................... 76,340
4,525 SanDisk Corp. + ............................ 66,472
2,001 Sanmina-SCI Corp. + ........................ 880
2,650 Sapient Corp. + ............................ 16,669
1,000 SAVVIS, Inc. + ............................. 11,460
7,919 Seagate Technology ......................... 82,833
100 Semitool, Inc. + ........................... 462
500 Semtech Corp. + ............................ 7,955
1,400 Sento Corp. + .............................. 10
300 ShoreTel, Inc. + ........................... 2,400
100 Silicon Image, Inc. + ...................... 230
800 Silicon Laboratories, Inc. + ............... 30,352
100 Silicon Storage Technology, Inc. + ......... 187
600 Simulations Plus, Inc. + ................... 912
2,407 Skyworks Solutions, Inc. + ................. 23,540
200 Smart Modular Technologies WWH,
Inc. + ..................................... 454
300 Smith Micro Software, Inc. + ............... 2,946
200 Soapstone Networks, Inc. + ................. 836
200 Sonic Solutions, Inc. + .................... 590
400 SonicWALL, Inc. + .......................... 2,192
4,725 Sonus Networks, Inc. + ..................... 7,607
500 Spansion, Inc., Class A + .................. 40
3,200 SRA International, Inc., Class A + ......... 56,192
2,900 Starent Networks Corp. + ................... 70,789
2,700 STEC, Inc. + ............................... 62,613
1,000 SuccessFactors, Inc. + ..................... 9,180
13,950 Sun Microsystems, Inc. + ................... 128,619
1,150 Sybase, Inc. + ............................. 36,041
2,900 Sycamore Networks, Inc. + .................. 9,077
12,983 Symantec Corp. + ........................... 202,015
100 Symmetricom, Inc. + ........................ 577
700 Symyx Technologies + ....................... 4,095
2,500 Synchronoss Technologies, Inc. + ........... 30,675
2,917 Synopsys, Inc. + ........................... 56,911
2,800 Syntel, Inc. ............................... 88,032
550 Take-Two Interactive Software, Inc. ........ 5,209
2,500 Taleo Corp., Class A + ..................... 45,675
900 Tech Data Corp. + .......................... 29,439
800 TechTarget, Inc. + ......................... 3,200
6,404 Tellabs, Inc. + ............................ 36,695
2,400 Teradata Corp. + ........................... 56,232
3,925 Teradyne, Inc. + ........................... 26,926
200 Terremark Worldwide, Inc. + ................ 1,156
1,600 Tessco Technologies, Inc. + ................ 17,280
400 Tessera Technologies, Inc. + ............... 10,116
22,172 Texas Instruments, Inc. .................... 472,264
1,000 THQ, Inc. + ................................ 7,160
3,925 TIBCO Software, Inc. + ..................... 28,142
800 TiVo, Inc. + ............................... 8,384
2,700 TNS, Inc. + ................................ 50,625
1,937 Total System Services, Inc. ................ 25,936
Wilshire Mutual Funds, Inc.
Wilshire 5000 Index(SM) Fund June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
INFORMATION TECHNOLOGY -- 18.3% (CONTINUED)
700 Travelzoo, Inc. + .......................... $ 7,665
150 Trident Microsystems, Inc. + ............... 261
2,067 Trimble Navigation, Ltd. + ................. 40,575
500 Trio Tech International + .................. 1,285
2,500 TriQuint Semiconductor, Inc. + ............. 13,275
100 Trx, Inc. + ................................ 50
200 TTM Technologies, Inc. + ................... 1,592
7,837 Tyco Electronics, Ltd. ..................... 145,690
400 Ultimate Software Group, Inc. + ............ 9,696
700 Unica Corp. + .............................. 3,836
8,270 Unisys Corp. + ............................. 12,488
2,500 United Online, Inc. ........................ 16,275
700 Universal Display Corp. + .................. 6,846
200 Utstarcom, Inc. + .......................... 326
2,505 Valueclick, Inc. + ......................... 26,353
850 Varian Semiconductor Equipment
Associates, Inc. + ......................... 20,391
450 VASCO Data Security International,
Inc. + ..................................... 3,289
900 VeriFone Holdings, Inc. + .................. 6,759
3,916 VeriSign, Inc. + ........................... 72,368
425 Vicon Industries, Inc. + ................... 2,465
50 Vignette Corp. + ........................... 657
200 Virage Logic Corp. + ....................... 900
7,350 Visa, Inc., Class A ........................ 457,611
5,106 Vishay Intertechnology, Inc. + ............. 34,670
300 Volterra Semiconductor Corp. + ............. 3,942
200 Web.com Group, Inc. + ...................... 1,126
250 WebMD Health Corp., Class A + .............. 7,480
300 WebMediaBrands, Inc. + ..................... 165
4,525 Western Digital Corp. + .................... 119,912
12,254 Western Union Co. (The) .................... 200,966
900 Wind River Systems, Inc. + ................. 10,314
200 Wireless Ronin Technologies, Inc. + ........ 490
200 Wireless Xcessories Group .................. 200
100 WPCS International, Inc. + ................. 325
13,950 Xerox Corp. ................................ 90,396
4,675 Xilinx, Inc. ............................... 95,650
900 X-Rite, Inc. + ............................. 1,350
21,500 Yahoo!, Inc. + ............................. 336,690
3,525 Zebra Technologies Corp., Class A + ........ 83,402
1,000 Zygo Corp. + ............................... 4,660
----------
30,679,570
----------
MATERIALS -- 3.7%
126 AbitibiBowater, Inc. + ..................... 16
3,100 Air Products & Chemicals, Inc. ............. 200,229
1,020 Airgas, Inc. ............................... 41,341
875 AK Steel Holding Corp. ..................... 16,791
1,000 Albemarle Corp. ............................ 25,570
15,598 Alcoa, Inc. ............................... 161,127
1,650 Allegheny Technologies, Inc. .............. 57,634
3,000 AM Castle & Co. ........................... 36,240
400 American Vanguard Corp. ................... 4,520
3,450 Aptargroup, Inc. .......................... 116,507
50 Arch Chemicals, Inc. ...................... 1,229
517 Ashland, Inc. ............................. 14,502
1,500 Ball Corp. ................................ 67,740
1,350 Bemis Co., Inc. ........................... 34,020
300 Buckeye Technologies, Inc. + .............. 1,347
1,400 Cabot Corp. ............................... 17,612
1,000 Celanese Corp., Ser A, Class A ............ 23,750
2,100 Century Aluminum Co. + .................... 13,083
1,400 CF Industries Holdings, Inc. .............. 103,796
270 Chemtura Corp. ............................ 65
4,200 Cliffs Natural Resources, Inc. ............ 102,774
10,810 Coeur d'Alene Mines Corp. + ............... 132,963
SHARES VALUE
------ ---------
MATERIALS -- 3.7% (CONTINUED)
2,800 Commercial Metals Co. ..................... $ 44,884
1,000 Compass Minerals International, Inc. ...... 54,910
1,800 Core Molding Technologies, Inc. + ......... 4,032
3,500 Crown Holdings, Inc. + .................... 84,490
800 Cytec Industries, Inc. .................... 14,896
650 Domtar Corp. + ............................ 10,777
16,961 Dow Chemical Co. (The) .................... 273,751
1,100 Eastman Chemical Co. ...................... 41,690
3,600 Ecolab, Inc. .............................. 140,364
14,450 EI Du Pont de Nemours & Co. ............... 370,209
1,000 Ferro Corp. ............................... 2,750
3,300 Flotek Industries, Inc. + ................. 6,699
1,200 FMC Corp. ................................. 56,760
6,901 Freeport-McMoRan Copper & Gold, Inc. ...... 345,809
1,000 Friedman Industries ....................... 5,430
800 Glatfelter ................................ 7,120
400 Graphic Packaging Holding Co. + ........... 732
400 HB Fuller Co. ............................. 7,508
4,300 Headwaters, Inc. + ........................ 14,448
7,900 Hecla Mining Co. + ........................ 21,172
300 Horsehead Holding Corp. + ................. 2,235
5,250 Huntsman Corp. ............................ 26,407
450 ICO, Inc. + ............................... 1,224
1,000 International Flavors & Fragrances, Inc. .. 32,720
7,442 International Paper Co. ................... 112,597
400 Intrepid Potash, Inc. + ................... 11,232
2,500 Kaiser Aluminum Corp. ..................... 89,775
500 Kronos Worldwide, Inc. .................... 3,325
794 Louisiana-Pacific Corp. ................... 2,716
850 Lubrizol Corp. ............................ 40,214
1,000 Martin Marietta Materials, Inc. ........... 78,880
3,476 MeadWestvaco Corp. ........................ 57,041
9,230 Monsanto Co. .............................. 686,158
3,100 Mosaic Co. (The) .......................... 137,330
200 Myers Industries, Inc. .................... 1,664
3,200 Nalco Holding Co. ......................... 53,888
400 Nanophase Technologies Corp. + ............ 440
2,500 Neenah Paper, Inc. ........................ 22,025
8,150 Newmont Mining Corp. ...................... 333,091
2,200 NL Industries, Inc. ....................... 16,236
4,370 Nucor Corp. ............................... 194,159
1,670 Olin Corp. ................................ 19,856
3,475 Owens-Illinois, Inc. + .................... 97,335
550 Packaging Corp of America ................. 8,910
1,950 Pactiv Corp. + ............................ 42,315
1,000 Polyone Corp. + ........................... 2,710
3,500 PPG Industries, Inc. ...................... 153,650
5,100 Praxair, Inc. ............................. 362,457
1,000 Reliance Steel & Aluminum Co. ............. 38,390
3,500 Rockwood Holdings, Inc. + ................. 51,240
600 Royal Gold, Inc. .......................... 25,020
2,800 RPM International, Inc. ................... 39,312
1,100 RTI International Metals, Inc. + .......... 19,437
500 Schnitzer Steel Industries, Inc., Class A . 26,430
700 Scotts Miracle-Gro Co. (The), Class A ..... 24,535
2,100 Sealed Air Corp. .......................... 38,745
100 Senomyx, Inc. + ........................... 211
1,200 Sigma-Aldrich Corp. ....................... 59,472
1,625 Smurfit-Stone Container Corp. + ........... 276
800 Solutia, Inc. + ........................... 4,608
2,275 Sonoco Products Co. ....................... 54,486
2,800 Southern Copper Corp. ..................... 57,232
500 Spartech Corp. ............................ 4,595
3,700 Steel Dynamics, Inc. ...................... 54,501
2,850 Stillwater Mining Co. + ................... 16,274
425 Temple-Inland, Inc. ....................... 5,576
1,050 Terra Industries, Inc. .................... 25,431
Wilshire Mutual Funds, Inc.
Wilshire 5000 Index(SM) Fund June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
MATERIALS -- 3.7% (CONTINUED)
3,973 Titanium Metals Corp. ...................... $ 36,512
100 Tronox, Inc., Class A + .................... 14
500 UFP Technologies, Inc. + ................... 2,085
50 United States Lime & Minerals, Inc. + ...... 2,121
2,500 United States Steel Corp. .................. 89,350
1,000 US Energy Corp. Wyoming + .................. 2,000
500 Valhi, Inc. ................................ 3,715
1,300 Valspar Corp. .............................. 29,289
1,000 Verso Paper Corp. + ........................ 1,230
586 Vista Gold Corp. + ......................... 1,008
2,144 Vulcan Materials Co. ....................... 92,406
1,100 Walter Energy, Inc. ........................ 39,864
100 Wausau Paper Corp. ......................... 672
400 Westlake Chemical Corp. .................... 8,156
2,950 Weyerhaeuser Co. ........................... 89,769
2,900 WR Grace & Co. + ........................... 35,873
50 Zep, Inc. .................................. 603
----------
6,252,315
----------
TELECOMMUNICATION SERVICES -- 3.2%
600 Alaska Communications Systems Group,
Inc. ....................................... 4,392
6,975 American Tower Corp., Class A + ............ 219,922
101,424 AT&T, Inc. ................................. 2,519,372
300 Centennial Communications Corp. + .......... 2,508
2,200 CenturyTel, Inc. ........................... 67,540
2,925 Cincinnati Bell, Inc. + .................... 8,307
2,600 Clearwire Corp., Class A + ................. 14,378
200 Cogent Communications Group, Inc. + ........ 1,630
5,000 Crown Castle International Corp. + ......... 120,100
100 D&E Communications, Inc. ................... 1,023
1,957 Embarq Corp. ............................... 82,312
159 Fairpoint Communications, Inc. ............. 96
200 Fibernet Telecom Group, Inc. + ............. 2,484
100 FiberTower Corp. + ......................... 50
4,251 Frontier Communications Corp. .............. 30,352
600 General Communication, Inc., Class A + ..... 4,158
1,050 Global Crossing, Ltd. + .................... 9,639
600 Globalstar, Inc. + ......................... 630
300 Ibasis, Inc. + ............................. 393
16 IDT Corp., Class B + ....................... 26
500 Iowa Telecommunications Services, Inc. ..... 6,255
1,300 Leap Wireless International, Inc. + ........ 42,809
19,036 Level 3 Communications, Inc. + ............. 28,744
4,200 MetroPCS Communications, Inc. + ............ 55,902
2,825 NII Holdings, Inc. + ....................... 53,873
400 PAETEC Holding Corp. + ..................... 1,080
1,800 Purple Communications, Inc. + .............. 4,086
22,920 Qwest Communications International,
Inc. ....................................... 95,118
2,000 SBA Communications Corp., Class A + ........ 49,080
48,554 Sprint Nextel Corp. + ...................... 233,544
200 SureWest Communications + .................. 2,094
2,500 Telephone & Data Systems, Inc. ............. 70,750
400 TerreStar Corp. + .......................... 612
975 tw telecom, Inc., Class A + ................ 10,013
400 USA Mobility, Inc. ......................... 5,104
48,859 Verizon Communications, Inc. ............... 1,501,437
600 Vonage Holdings Corp. + .................... 228
8,028 Windstream Corp. ........................... 67,114
----------
5,317,155
----------
UTILITIES -- 4.0%
10,760 AES Corp. (The) + .......................... 124,924
3,700 AGL Resources, Inc. ........................ 117,660
2,600 Allegheny Energy, Inc. ..................... 66,690
1,500 Alliant Energy Corp. ....................... 39,195
3,100 Ameren Corp. ............................... 77,159
SHARES VALUE
------ ---------
UTILITIES -- 4.0% (CONTINUED)
7,680 American Electric Power Co., Inc. .......... $ 221,875
1,500 American Water Works Co., Inc. ............. 28,665
1,221 Aqua America, Inc. ......................... 21,856
1,100 Atmos Energy Corp. ......................... 27,544
5,000 Calpine Corp. + ............................ 55,750
3,700 Centerpoint Energy, Inc. ................... 40,996
400 Cleco Corp. ................................ 8,968
3,350 CMS Energy Corp. ........................... 40,468
4,550 Consolidated Edison, Inc. .................. 170,261
3,400 Constellation Energy Group, Inc. ........... 90,372
9,940 Dominion Resources, Inc. ................... 332,195
1,500 DPL, Inc. .................................. 34,755
3,500 DTE Energy Co. ............................. 112,000
20,282 Duke Energy Corp. .......................... 295,914
11,700 Dynegy, Inc., Class A + .................... 26,559
4,550 Edison International ....................... 143,143
1,190 Energen Corp. .............................. 47,481
3,450 Entergy Corp. .............................. 267,444
2,000 Equities CORP .............................. 69,820
11,224 Exelon Corp. ............................... 574,781
4,746 FirstEnergy Corp. .......................... 183,907
6,010 FPL Group, Inc. ............................ 341,729
2,805 Great Plains Energy, Inc. .................. 43,618
750 Hawaiian Electric Industries, Inc. ......... 14,295
2,200 Integrys Energy Group, Inc. ................ 65,978
800 ITC Holdings Corp. ......................... 36,288
2,125 MDU Resources Group, Inc ................... 40,311
1,325 Mirant Corp. + ............................. 20,855
950 National Fuel Gas Co. ...................... 34,276
1,300 Nicor, Inc. ................................ 45,006
3,215 NiSource, Inc. ............................. 37,487
3,100 Northeast Utilities ........................ 69,161
6,025 NRG Energy, Inc. + ......................... 156,409
2,190 NSTAR ...................................... 70,321
4,650 NV Energy, Inc. ............................ 50,174
3,900 OGE Energy Corp. ........................... 110,448
1,525 Oneok, Inc. ................................ 44,972
2,650 Pepco Holdings, Inc. ....................... 35,616
8,250 PG&E Corp. ................................. 317,130
1,700 Piedmont Natural Gas Co., Inc. ............. 40,987
1,400 Pinnacle West Capital Corp. ................ 42,210
700 PNM Resources, Inc. ........................ 7,497
6,350 PPL Corp. .................................. 209,296
4,791 Progress Energy, Inc. ...................... 181,244
9,250 Public Service Enterprise Group, Inc. ...... 301,828
3,700 Questar Corp. .............................. 114,922
7,479 RRI Energy, Inc. + ......................... 37,470
1,379 SCANA Corp. ................................ 44,776
3,550 Sempra Energy .............................. 176,187
12,100 Southern Co. ............................... 377,036
530 Southwest Water Co. ........................ 2,926
2,700 TECO Energy, Inc. .......................... 32,211
1,300 UGI Corp. .................................. 33,137
933 Vectren Corp. .............................. 21,860
2,450 Westar Energy, Inc. ........................ 45,986
350 WGL Holdings, Inc. ......................... 11,207
1,650 Wisconsin Energy Corp. ..................... 67,171
7,425 Xcel Energy, Inc. .......................... 136,694
-----------
6,639,101
-----------
Total Common Stock (Cost $158,553,725) 166,239,978
-----------
CASH EQUIVALENT -- 0.6%
1,033,345 PNC Institutional Money
Market Trust, 0.05% (A) ....................... 1,033,345
-----------
Total Cash Equivalent (Cost $1,033,345) 1,033,345
-----------
Wilshire Mutual Funds, Inc.
Wilshire 5000 Index(SM) Fund June 30, 2009
Schedule of Investments (UNAUDITED)
SHARES VALUE
------ ---------
PREFERRED STOCK -- 0.0%
HEALTH CARE -- 0.0%
4 Inverness Medical Innovations, Inc. ....... $ 892
------------
Total Preferred Stock (Cost $1,118) 892
------------
RIGHTS -- 0.0%
900 Fresenius Kabi Pharmaceuticals Holding
Inc. ...................................... 243
200 Sealy Corp. ............................... 424
------------
Total Rights (Cost $900) 667
------------
Total Investments -- 100.0%
(Cost $159,589,088) 167,274,882
Other Assets & Liabilities, Net -- 0.0% 1,460
------------
NET ASSETS -- 100.0% $167,276,342
============
(A) Rate shown is the 7-day effective yield as of June 30, 2009.
(B) Security fair valued using methods determined in good faith by the Pricing
Committee. As of June 30, 2009 the total market value of these securities
was $14 representing 0.0% of net assets.
+ Non-income producing security.
ADR - American Depositary Receipt
LLC - Limited Liability Company
REIT - Real Estate Investment Trust
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no changes to the procedures by which shareholders may recommend
nominees to the Registrant's Board of Directors since the registrant last
disclosed such procedures in the definitive proxy statement filed with the SEC
on January 10, 2006.
Item 11. Controls and Procedures.
(a) The registrant's principal executive and principal financial
officers, or persons performing similar functions, have concluded
that the registrant's disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act of 1940, as
amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as
of a date within 90 days of the filing date of the report that
includes the disclosure required by this paragraph, based on
their evaluation of these controls and procedures required
by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules
13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as
amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's second
fiscal quarter of the period covered by this report that has
materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
Section 302 of the Sarbanes-Oxley Act ( of 2002 are attached hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
================================================================================
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Wilshire Mutual Funds, Inc.
By (Signature and Title)* /s/: Lawrence E. Davanzo
------------------------
Lawrence E. Davanzo, President
(principal executive officer)
Date: September 9, 2009
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: September 9, 2009
By (Signature and Title)* /s/: Helen Thompson
-------------------
Helen Thompson, Treasurer
(principal financial officer)
Date: September 9, 2009
* Print the name and title of each signing officer under his or her signature.