# EDGAR Filing Document

**Accession Number:** 0000890453
**File Stem:** 0000894189-26-003571
**Filing Date:** 2026-2
**Character Count:** 87046
**Document Hash:** fee1b916ef47d724ed3484b6872384fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-003571.hdr.sgml**: 20260211

**ACCESSION NUMBER**: 0000894189-26-003571

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20260211

**DATE AS OF CHANGE**: 20260211

**EFFECTIVENESS DATE**: 20260211

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WILSHIRE MUTUAL FUNDS INC
- **CENTRAL INDEX KEY:** 0000890453

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-50390
- **FILM NUMBER:** 26619493

**BUSINESS ADDRESS:**
- **STREET 1:** 1299 OCEAN AVENUE
- **STREET 2:** SUITE 700
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90401
- **BUSINESS PHONE:** 610-676-3419

**MAIL ADDRESS:**
- **STREET 1:** 1299 OCEAN AVENUE
- **STREET 2:** SUITE 700
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WILSHIRE TARGET FUNDS INC
- **DATE OF NAME CHANGE:** 19960603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS WILSHIRE TARGET FUNDS INC
- **DATE OF NAME CHANGE:** 19921014

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS WILSHIRE SERIES FUND INC/
- **DATE OF NAME CHANGE:** 19921014

As filed with the Securities and Exchange Commission on February 11, 2026

1933 Act Registration File No. 033-50390

1940 Act File No. 811-07076

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-1A**

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| | | |
|:---|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | [X] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective Amendment No. | | [ ] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. | 79 | [X] |

---

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X] <br> Amendment No. <u>80</u> [X]

**<u>WILSHIRE MUTUAL FUNDS, INC.</u>**

(Exact Name of Registrant as Specified in Charter)

**1299 Ocean Avenue, Suite 600**

**Santa Monica, California 90401**

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: (866) 591-1568

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| | |
|:---|:---|
| (Name and Address of Agent for Service)<br>**Jason Schwarz**<br>**c/o Wilshire Advisors LLC**<br>**1299 Ocean Avenue, Suite 600**<br>**Santa Monica, California 90401** | *Copy to:*<br>**Renee M. Hardt**<br>**Vedder Price P.C.**<br>**222 North LaSalle Street**<br>**Chicago, Illinois 60601** |

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It is proposed that this filing will become effective (check appropriate box):

[X] immediately upon filing pursuant to Rule 485(b).

[ ] on ______________ pursuant to Rule 485(b).

[ ] on (date) pursuant to Rule 485(a)(1).

[ ] 60 days after filing pursuant to Rule 485(a)(1).

[ ] 75 days after filing pursuant to Rule 485(a)(2).

[ ] on (date) pursuant to Rule 485(a)(2).

If appropriate, check the following box:

[ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

**Explanatory Note:** This Post-Effective Amendment No. 79 to the Registration Statement of Wilshire Mutual Funds, Inc. (the "Company") is being filed to add exhibits for the Company's series: Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund.

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**WILSHIRE MUTUAL FUNDS, INC.**

**PART C—OTHER INFORMATION**

**Item 28. Exhibits:**

Portions of various exhibits have been omitted because the information redacted is both not material and the type that Wilshire Mutual Funds, Inc. treats as private or confidential.

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| | | |
|:---|:---|:---|
| (a) | (1) | Articles of Incorporation dated July 30, 1992 are incorporated by reference to Post-Effective Amendment No. 3 to the Registration Statement on Form N-1A which was filed on November 12, 1993 ("Post-Effective Amendment No. 3"). |
|  | (2) | Articles of Amendment dated August 20, 1992 to the Articles of Incorporation are incorporated by reference to Post-Effective Amendment No. 3. |
|  | (3) | <u>[Articles Supplementary dated June 24, 1997 to the Articles of Incorporation establishing and classifying shares of the Intermediate Portfolio Corporate Bond and Long-Term Corporate Bond Portfolio of the Fund are incorporated by reference to Post-Effective Amendment No. 11 to the Registration Statement on Form N-1A which was filed on July 10, 1997 ("Post-Effective Amendment No. 11").](https://www.sec.gov/Archives/edgar/data/890453/0000927405-97-000245.txt)</u> |
|  | (4) | <u>[Articles Supplementary dated June 8, 1998 to the Articles of Incorporation establishing and classifying shares of the Dow Jones FT Wilshire 5000 IndexSM Portfolio are incorporated by reference to Post-Effective Amendment No. 13 to the Registration Statement on Form N-1A which was filed on November 2, 1998.](https://www.sec.gov/Archives/edgar/data/890453/0000927405-98-000318.txt)</u> |
|  | (5) | <u>[Articles Supplementary dated June 7, 1999 to the Articles of Incorporation reclassifying shares of the Dow Jones FT Wilshire 5000 IndexSM Portfolio are incorporated by reference to Post-Effective Amendment No. 16 to the Registration Statement on Form N-1A which was filed on July 2, 1999 ("Post-Effective Amendment No. 16").](https://www.sec.gov/Archives/edgar/data/890453/000092740599000227/0000927405-99-000227.txt)</u> |
|  | (6) | <u>[Articles of Amendment dated July 21, 2003 to the Articles of Incorporation amending the name of the Fund are incorporated by reference to Post-Effective Amendment No. 24 to the Registration Statement on Form N-1A which was filed on April 29, 2004.](https://www.sec.gov/Archives/edgar/data/890453/000093506904000654/exha8.txt)</u> |
|  | (7) | <u>[Articles Supplementary dated August 24, 2007 to the Articles of Incorporation establishing and classifying shares of the Wilshire Large Cap Core 130/30 Fund are incorporated by reference to Post-Effective Amendment No. 29 to the Registration Statement on Form N-1A which was filed on August 28, 2007.](https://www.sec.gov/Archives/edgar/data/890453/000093506904000654/exha8.txt)</u> |
|  | (8) | <u>[Articles of Amendment dated October 25, 2007 to the Articles of Incorporation amending the 130/30 Fund are incorporated by reference to Post-Effective Amendment No. 32 to the Registration Statement on Form N-1A which was filed on November 16, 2007 ("Post-Effective Amendment No. 32").](https://www.sec.gov/Archives/edgar/data/890453/000119312507249549/dex99a10.htm)</u> |
|  | (9) | <u>[Articles Supplementary dated February 13, 2008 establishing and classifying shares of the Wilshire/MAXAM Diversity Fund are incorporated by reference to Post-Effective Amendment No. 33 to the Registration Statement on Form N-14 which was filed on February 19, 2008 ("Post-Effective Amendment No. 33").](https://www.sec.gov/Archives/edgar/data/890453/000119312508033242/dex99a11.htm)</u> |
|  | (10) | <u>[Articles Supplementary dated March 5, 2009 liquidating the Wilshire/MAXAM Diversity Fund are incorporated by reference to Post-Effective Amendment No. 44 to the Registration Statement on Form N-1A which was filed on April 30, 2009 ("Post-Effective Amendment No. 44").](https://www.sec.gov/Archives/edgar/data/890453/000139834409000462/fp0000605_ex9923a12.htm)</u> |
|  | (11) | <u>[Articles of Amendment dated April 28, 2009 amending the name of the Index Fund are incorporated by reference to Post-Effective Amendment No. 44.](https://www.sec.gov/Archives/edgar/data/890453/000139834409000462/fp0000605_ex9923a13.htm)</u> |
|  | (12) | <u>[Articles of Amendment changing the name of the Wilshire Large Cap Core 130/30 Fund to the Wilshire Large Cap Core Plus Fund dated April 15, 2011 are incorporated by reference to Post-Effective Amendment No. 47.](https://www.sec.gov/Archives/edgar/data/890453/000139834411000936/fp0002569_ex9928a14.htm)</u> |
|  | (13) | <u>[Articles of Amendment changing the name of the Wilshire Large Cap Core Plus Fund to the Wilshire International Equity Fund dated April 2, 2013 are incorporated by reference to Post-Effective Amendment No. 54.](https://www.sec.gov/Archives/edgar/data/890453/000139834413001770/fp0006487_ex9928a15.htm)</u> |
|  | (14) | <u>[Articles Supplementary to the Articles of Incorporation dated March 22, 2016 establishing and classifying shares of the Wilshire Income Opportunities Fund 2013 are incorporated by reference to Post-Effective Amendment No. 61](https://www.sec.gov/Archives/edgar/data/890453/000139834416011439/fp0008775_e9928a16.htm)[.](https://www.sec.gov/Archives/edgar/data/890453/000139834416011439/fp0008775_e9928a16.htm)</u> |
|  | (15) | <u>[Articles Supplementary to the Articles of Incorporation dated March 28, 2016 establishing and classifying shares of the Wilshire Income Opportunities Fund 2013 are incorporated by reference to Post-Effective Amendment No. 61.](https://www.sec.gov/Archives/edgar/data/890453/000139834416011439/fp0008775_ex9928a17.htm)</u> |

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(16) <u>[Articles of Amendment dated May 23, 1996 to the Articles of Incorporation changing the name of the Fund and the name of a class of shares of each Series of the Fund are incorporated by reference to Post-Effective Amendment No. 65.](https://www.sec.gov/Archives/edgar/data/890453/000139834417005480/fp0025357_ex9928a16.htm)</u>

(17) <u>[Articles Supplementary dated May 23, 1996 to the Articles of Incorporation classifying shares of each Series of the Fund are incorporated by reference to Post-Effective Amendment No. 65.](https://www.sec.gov/Archives/edgar/data/890453/000139834417005480/fp0025357_ex9928a17.htm)</u>

(18) <u>[Articles Supplementary dated December 7, 1998 to the Articles of Incorporation renaming the FT Wilshire 5000 Plus Fund are incorporated by reference to Post-Effective Amendment No. 65.](https://www.sec.gov/Archives/edgar/data/890453/000139834417005480/fp0025357_ex9928a18.htm)</u>

(19) <u>[Articles of Amendment dated June 1, 2007 to the Articles of Incorporation renaming the FT Wilshire 5000 IndexSM Portfolio are incorporated by reference to Post-Effective Amendment No. 65.](https://www.sec.gov/Archives/edgar/data/890453/000139834417005480/fp0025357_ex9928a19.htm)</u>

(20) <u>[Articles Supplementary dated August 16, 2016 to the Articles of Incorporation reclassifying shares of the FT Wilshire 5000 Index SM Fund are incorporated by reference to Post-Effective Amendment No. 65.](https://www.sec.gov/Archives/edgar/data/890453/000139834417005480/fp0025357_ex9928a20.htm)</u>

(21) <u>[Articles Supplementary dated February 28, 2017 to the Articles of Incorporation reclassifying shares of the FT Wilshire 5000 Index SM Fund are incorporated by reference to Post-Effective Amendment No. 65.](https://www.sec.gov/Archives/edgar/data/890453/000139834417005480/fp0025357_ex9928a21.htm)</u>

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| | | | |
|:---|:---|:---|:---|
| (b) | (1) |  | By-Laws dated July 30, 1992, as revised September 17, 1992, are incorporated by reference to Post-Effective Amendment No. 3. |
|  | (2) |  | <u>[Amended By-Laws dated September 9, 1996, as subsequently amended October 1, 1996, are incorporated by reference to Post-Effective Amendment No. 10 to the Registration Statement on Form N-1A which was filed on October 30, 1996.](https://www.sec.gov/Archives/edgar/data/890453/0000927405-96-000424.txt)</u> |
|  | (3) |  | <u>[Amended By-Laws dated February 24, 2005 are incorporated by reference to Post-Effective Amendment No. 27 to the Registration Statement on Form N-1A which was filed on May 1, 2006 ("Post-Effective Amendment No. 27").](https://www.sec.gov/Archives/edgar/data/890453/000119312506095165/dex99b3.txt)</u> |
|  | (4) |  | <u>[Amended By-Laws dated June 20, 2005 are incorporated by reference to Post-Effective Amendment No. 27.](https://www.sec.gov/Archives/edgar/data/890453/000119312506095165/dex99b4.txt)</u> |
|  | (5) |  | <u>[Amended By-Laws dated March 4, 2011 are incorporated by reference to Post-Effective Amendment No. 47.](https://www.sec.gov/Archives/edgar/data/890453/000139834411000936/fp0002569_ex9928b5.htm)</u> |
|  | (6) |  | <u>[Amended By-Laws dated February 23, 2016 are incorporated by reference to Post-Effective Amendment No. 61.](https://www.sec.gov/Archives/edgar/data/890453/000139834416011439/fp0018775_ex9928b6.htm)</u> |
|  | (7) |  | <u>[Amended By-Laws dated May 16, 2017 are incorporated by reference to Post-Effective Amendment No. 67 which was filed on April 30, 2018 ("Post-Effective Amendment No. 67").](https://www.sec.gov/Archives/edgar/data/890453/000139834418006343/fp0032794_ex9928b7.htm)</u> |
|  | (8) |  | <u>[Amended By-Laws dated October 7, 2020 are incorporated by reference to Post-Effective Amendment No. 74 which was filed on April 29, 2021 (Post-Effective Amendment No. 74").](https://www.sec.gov/Archives/edgar/data/890453/000089418921002633/wilshiremfiamendedby-laws.htm)</u> |
| (c) |  |  | Not Applicable |
| (d) | (1) |  | <u>[Investment Advisory Agreement between Wilshire Mutual Funds, Inc. and Wilshire Advisors LLC, dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 74.](https://www.sec.gov/Archives/edgar/data/890453/000089418921002633/investmentadvisoryagreemen.htm)</u> |
|  | (2) |  | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Los Angeles Capital Management LLC](https://www.sec.gov/Archives/edgar/data/890453/000089418924002642/wmflosangelescapital-subxa.htm)[dated](https://www.sec.gov/Archives/edgar/data/890453/000089418924002642/wmflosangelescapital-subxa.htm)[Januar](https://www.sec.gov/Archives/edgar/data/890453/000089418924002642/wmflosangelescapital-subxa.htm)[y 1, 2024](https://www.sec.gov/Archives/edgar/data/890453/000089418924002642/wmflosangelescapital-subxa.htm)[is incorporated by reference to Post](https://www.sec.gov/Archives/edgar/data/890453/000089418924002642/wmflosangelescapital-subxa.htm)[-Effective Amendment No. 77](https://www.sec.gov/Archives/edgar/data/890453/000089418924002642/wmflosangelescapital-subxa.htm)[.](https://www.sec.gov/Archives/edgar/data/890453/000089418924002642/wmflosangelescapital-subxa.htm)</u> |
|  | (3) |  | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Pzena Investment Management, LLC, dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/pzenainvestmentsub-advisor.htm)</u> |
|  | (4) |  | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Ranger Investment Management, L.P., dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/investmentsub-advisoryagref.htm)</u> |
|  | (5) |  | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and WCM Investment Management, dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/investmentsub-advisoryagreg.htm)</u> |
|  | (6) |  | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Diamond Hill Capital Management, Inc., dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/investmentsub-advisoryagrea.htm)</u> |
|  | (7) | (i) | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Fred Alger Management, LLC, dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/investmentsub-advisoryagrec.htm)</u> |

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|:---|:---|:---|:---|
| | | (ii) | <u>[Amendment to Investment Sub-Advisory Agreement between Wilshire Advisors LLC and](https://www.sec.gov/Archives/edgar/data/890453/000089418922003759/wilshirealgersub-advisorya.htm)[Fred Alger](https://www.sec.gov/Archives/edgar/data/890453/000089418922003759/wilshirealgersub-advisorya.htm)[Management, LLC](https://www.sec.gov/Archives/edgar/data/890453/000089418922003759/wilshirealgersub-advisorya.htm)[is incorporated by reference to Post](https://www.sec.gov/Archives/edgar/data/890453/000089418922003759/wilshirealgersub-advisorya.htm)[-Effective Amendment No.](https://www.sec.gov/Archives/edgar/data/890453/000089418922003759/wilshirealgersub-advisorya.htm)[75.](https://www.sec.gov/Archives/edgar/data/890453/000089418922003759/wilshirealgersub-advisorya.htm)</u> |
| | (8) | | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Lazard Asset Management LLC, dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/investmentsub-advisoryagrei.htm)</u> |
| | (9) | | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and DoubleLine Capital LP, dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/investmentsub-advisoryagreb.htm)</u> |
| | (10) | | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Manulife Investment Management (US) LLC, dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/investmentsub-advisoryagre.htm)</u> |
| | (11) | | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Voya Investment Management Co. LLC, dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/voyainvestmentsub-advisory.htm)</u> |
| | (12) | (i) | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Hotchkis & Wiley Capital Management, LLC, dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/hwinvestmentsub-advisoryag.htm)</u> |
| | | (ii) | <u>[Amendment to Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Hotchkis & Wiley Capital Management, LLC is incorporated by reference to Post-Effective Amendment No. 75.](https://www.sec.gov/Archives/edgar/data/890453/000089418922003759/wilshirehwamendedsub-advis.htm)</u> |
| | (13) | | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Massachusetts Financial Services Company (d/b/a MFS Investment Management), dated January 20, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/investmentsub-advisoryagree.htm)</u> |
| | (14) | | <u>[Investment Sub](https://www.sec.gov/Archives/edgar/data/890453/000089418922003759/wilshireab_sub-advisoryxag.htm)[-Advisory Agreement between Wilshire Advisors LLC and AllianceBernstein, L.P.](https://www.sec.gov/Archives/edgar/data/890453/000089418922003759/wilshireab_sub-advisoryxag.htm)[is incorporated by reference to Post-Effective Amendment No. 75.](https://www.sec.gov/Archives/edgar/data/890453/000089418922003759/wilshireab_sub-advisoryxag.htm)</u> |
| | (15) | | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Lord, Abbett & Co. LLC is incorporated by reference to Post-Effective Amendment No. 78.](https://www.sec.gov/Archives/edgar/data/890453/000089418925002928/wilshiremfi-subxadvisoryag.htm)</u>  |
| (e) | (1) |  | <u>[Distribution Agreement with Compass Distributors LLC, dated November 5, 2019 is incorporated by reference to Post-Effective Amendment No. 71 to the Registration Statement on Form N-1A which was filed on April 28, 2020 ("Post-Effective Amendment No. 71").](https://www.sec.gov/Archives/edgar/data/890453/000089418920003040/wmfcompassdistributionagre.htm)</u> |
|  | (2) |  | <u>[N](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)[ovation Agreemen](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)[t](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)[is incorporated by reference to Post](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)[-Effective Amendment No. 76 to t](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)[he Registration Statement on](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)[Form N-1A which was filed on April](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)[27](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)[, 2023.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)</u> |
| (f) |  |  | Not Applicable. |
| (g) | (1) |  | <u>[Custody Agreement between Wilshire Mutual Funds, Inc. and U.S. Bank National Association dated November 25, 2019 is incorporated by reference to Post-Effective Amendment No. 71.](https://www.sec.gov/Archives/edgar/data/890453/000089418920003040/usbcustodyagreement-wilshi.htm)</u> |
|  | (2) |  | <u>[Addendum to Custody Agreement between Wilshire Mutual Funds, Inc. and U.S. Bank National Association dated November 21, 2019 is incorporated by reference to Post-Effective Amendment No. 71.](https://www.sec.gov/Archives/edgar/data/890453/000089418920003040/usbcustodyaddendum-wilshire.htm)</u> |
| (h) | (1) |  | <u>[Fund Administration Servicing Agreement between Wilshire Mutual Funds, Inc. and U.S. Bancorp Fund Services, LLC dated November 25, 2019 is incorporated by reference to Post-Effective Amendment No. 71.](https://www.sec.gov/Archives/edgar/data/890453/000089418920003040/usbadminagreement-wilshire.htm)</u> |
|  | (2) |  | <u>[Securities Lending Agreement with U.S. Bank National Association is incorporated by reference to Post-Effective Amendment No. 71.](https://www.sec.gov/Archives/edgar/data/890453/000089418920003040/usbseclendingagreementforw.htm)</u> |
|  | (3) |  | <u>[First Amendment to Securities Lending Agreement is incorporated by reference to Post-Effective Amendment No. 74.](https://www.sec.gov/Archives/edgar/data/890453/000089418921002633/wmf1stamendmentsecuritiesl.htm)</u> |
|  | (4) |  | <u>[Expense Limitation Agreement between Wilshire Advisors LLC and Wilshire Mutual Funds, Inc., on behalf of the Small Company Growth Portfolio and Small Company Value Portfolio](wilshirescvandscgela.htm)</u> **is filed herewith.** |
|  | (5) |  | <u>[Expense Limitation Agreement between Wilshire Advisors LLC and Wilshire Mutual Funds, Inc. on behalf of the Wilshire International Equity Fund](wilshireinternationaleqela.htm)</u> **is filed herewith.** |
|  | (6) |  | <u>[Expense Limitation Agreement between Wilshire Advisors LLC and Wilshire Mutual Funds, Inc., on behalf of the Wilshire Income Opportunities Fund](wilshireincomeoppela.htm)</u> **is filed herewith.** |
|  | (7) |  | <u>[Expense Limitation Agreement between Wilshire Advisors LLC and Wilshire Mutual Funds, Inc. on behalf of the Large Company Growth Portfolio](wilshirelcgexpenselimitati.htm)</u> **is filed herewith.** |
|  | (8) |  | <u>[Expense Limitation Agreement between Wilshire Advisors LLC and Wilshire Mutual Funds, Inc. on behalf of the Large Company](wmf_lcvela.htm)[Value](wmf_lcvela.htm)[Portfolio](wmf_lcvela.htm)</u> **is filed herewith.** |

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|:---|:---|:---|
| | (9) | <u>[Fund Accounting Servicing Agreement between Wilshire Mutual Funds, Inc. and U.S. Bancorp Fund Services, LLC dated November 25, 2019 is incorporated by reference to Post-Effective Amendment No. 71.](https://www.sec.gov/Archives/edgar/data/890453/000089418920003040/usbaccountingagreement-wil.htm)</u> |
| | (10) | <u>[Form of Commission Recapture Agreement with Cowen and Company, LLC is incorporated by reference to Post-Effective Amendment No. 69.](https://www.sec.gov/Archives/edgar/data/890453/000139834419007380/fp0041718_ex9928h14.htm)</u> |
| | (11) | <u>[Form of Loan Agreement between Wilshire Mutual Funds, Inc., Wilshire Variable Insurance Trust, and U.S. Bank National Association, dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/wilshireloanagreementusban.htm)</u> |
| | (12) | <u>[Transfer Agent Servicing Agreement between Wilshire Mutual Funds, Inc. and U.S. Bancorp Fund Services, LLC dated June 1, 2020 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/usbtaagreement-wilshire.htm)</u> |
| | (13) | <u>[Form of Loan Agreement between Wilshire Mutual Funds, Inc., Wilshire Variable Insurance Trust, and U.S. Bank National Association, dated January 8, 2021](https://www.sec.gov/Archives/edgar/data/890453/000089418921002633/wilshireloanagreementusban.htm)[is incorporated by reference to Post-Effective Amendment No. 74.](https://www.sec.gov/Archives/edgar/data/890453/000089418921002633/wilshireloanagreementusban.htm)</u> |
| (i) |  | <u>[Opinion and Consent of Counsel is incorporated by reference to Post-Effective Amendment No. 67.](https://www.sec.gov/Archives/edgar/data/890453/000139834418006343/fp0032794_ex9928i.htm)</u> |
| (j) |  | <u>[Consent of independent registered public accountant is incorporated by reference to Post-Effective Amendment No. 78.](https://www.sec.gov/Archives/edgar/data/890453/000089418925002928/wilshiremfiauditorconsent2.htm)</u> |
| (k) |  | Not Applicable. |
| (l) |  | <u>[Purchase Agreement between Wilshire Mutual Funds, Inc. and Wilshire Advisors LLC (f/k/a Wilshire Associates Incorporated) dated November 6, 1998 relating to the Dow Jones FT Wilshire 5000 Index Portfolio is incorporated by reference to Post-Effective Amendment No. 14 to the Registration Statement on Form N-1A which was filed on November 25, 1998.](https://www.sec.gov/Archives/edgar/data/890453/0000927405-98-000338.txt)</u> |
| (m) |  | <u>[Shareholder Services Plan under Rule 12b-1, for Investment Class shares is incorporated by reference to Post-Effective Amendment No. 78.](https://www.sec.gov/Archives/edgar/data/890453/000089418925002928/wilshire12b-1august_23x202.htm)</u>  |
| (n) |  | <u>[Amended and Restated Rule 18f-3(d) Plan, adopted as of June 7, 1999 is incorporated by reference to Post-Effective Amendment No. 16.](https://www.sec.gov/Archives/edgar/data/890453/000092740599000227/0000927405-99-000227.txt)</u> |
| (o) |  | Reserved. |
| (p) | (1) | <u>[Amended Code of Ethics of Wilshire Advisors LLC](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)[is](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)[incorporated by reference to Post](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)[-Effective Amendmen](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)[t No. 76.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)</u> |
|  | (2) | <u>[Amended Code of Ethics of Wilshire Mutual Funds, Inc. is incorporated by reference to Post-Effective Amendment No. 77.](https://www.sec.gov/Archives/edgar/data/890453/000089418924002642/wilshiremfandvit-codeofeth.htm)</u> |
|  | (3) | <u>[Amended Code of Ethics of Los Angeles Capital Management LLC is incorporated by reference to Post-Effective Amendment No. 78.](https://www.sec.gov/Archives/edgar/data/890453/000089418925002928/lacmcodeofethics202407.htm)</u>  |
|  | (4) | <u>[Amended Code of Business Conduct and Ethics of Pzena Investment Management, LLC is incorporated by reference to Post-Effective Amendment No. 78.](https://www.sec.gov/Archives/edgar/data/890453/000089418925002928/codeofbusinessconductethic.htm)</u>  |
|  | (5) | <u>[Amended Code of Conduct and Code of Ethics of Ranger Investment Management, L.P. is incorporated by reference to Post-Effective Amendment No. 77.](https://www.sec.gov/Archives/edgar/data/890453/000089418924002642/rangercoe-02122024.htm)</u> |
|  | (6) | <u>[Amended Code of Ethics of WCM Investment Management is incorporated by reference to Post-Effective Amendment No. 77.](https://www.sec.gov/Archives/edgar/data/890453/000089418924002642/wcmcodeofethics20231001fin.htm)</u> |
|  | (7) | <u>[Amended Code of Ethics of MFS Investment Management is incorporated by reference to Post-Effective Amendment No. 78.](https://www.sec.gov/Archives/edgar/data/890453/000089418925002928/mfscodeofethics-personalin.htm)</u>  |
|  | (8) | <u>[Amended Code of Ethics of DoubleLine Capital LP is incorporated by reference to Post-Effective Amendment No. 76.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)</u> |
|  | (9) | <u>[Amended Code of Ethics of Manulife Asset Management (US) LLC is incorporated by reference to Post-Effective Amendment No. 78.](https://www.sec.gov/Archives/edgar/data/890453/000089418925002928/manulifecode-ofxethicsxxxe.htm)</u> |
|  | (10) | <u>[Amended Code of Ethics of Voya Investment Management Co. LLC is incorporated by reference to Post-Effective Amendment No. 78.](https://www.sec.gov/Archives/edgar/data/890453/000089418925002928/voyaimcodeofethics20250106.htm)</u> |
|  | (11) | <u>[Amended Code of Ethics of Diamond Hill Capital Management, Inc. is incorporated by reference to Post-Effective Amendment No. 78.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/wilshireloanagreementusban.htm)</u>  |
|  | (12) | <u>[Code of Ethics of Hotchkis & Wiley Capital Management, LLC is incorporated by reference to Post-Effective Amendment No. 75.](https://www.sec.gov/Archives/edgar/data/890453/000089418922003759/hotchkiswileycodeofethics.htm)</u> |
|  | (13) | <u>[Amended Code of Ethics of Fred Alger Management is incorporated by reference to Post-Effective Amendment No. 77.](https://www.sec.gov/Archives/edgar/data/890453/000089418924002642/fredalgercodeofethics.htm)</u> |

---

------

---

| | | |
|:---|:---|:---|
| | (14) | <u>[Code of Ethics of Lazard Asset Management, LLC is incorporated by reference to Post-Effective Amendment No. 71.](https://www.sec.gov/Archives/edgar/data/890453/000089418920003040/lazardcodeofethicsseptembe.htm)</u> |
| | (15) | <u>[Amended Code of Ethics of AllianceBernstein L.P. is incorporated by reference to Post-Effective Amendment No. 78.](https://www.sec.gov/Archives/edgar/data/890453/000089418925002928/alliancebernstein-codeofet.htm)</u>  |
| | (16) | <u>[Code of Ethics of Lord, Abbett & Co. LLC is incorporated by reference to Post-Effective Amendment No. 78.](https://www.sec.gov/Archives/edgar/data/890453/000089418925002928/lordabbettcodeofethics.htm)</u> |
| (q) | (1) | <u>[Powers of Attorney for Edward Gubman and George Zock are incorporated by reference to Post-Effective Amendment No. 51.](https://www.sec.gov/Archives/edgar/data/890453/000139834413000245/fp0006148_ex9928q2.htm)</u> |
|  | (2) | <u>[Power of Attorney for Elizabeth A. Levy-Navarro is incorporated by reference to Post-Effective Amendment No. 71.](https://www.sec.gov/Archives/edgar/data/890453/000089418920003040/wmflimitedpoalizlevy-navar.htm)</u> |
|  | (3) | <u>[Power of Attorney for Matt Forstenhausler](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)</u> <u>[is incorporated by reference to Post-Effective Amendment No. 76.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)</u> |
|  | (4) | <u>[Power of Attorney for Julian F. Sluyters is incorporated by reference to Post-Effective Amendment No. 78.](https://www.sec.gov/Archives/edgar/data/890453/000089418925002928/wilshirefunds-limitedpower.htm)</u> |

---

**Item 29. Persons Controlled By or Under Common Control with Registrant**

Not Applicable.

**Item 30. Indemnification**

The statement as to the general effect of any contract, arrangements, or statute under which a Director, officer, underwriter, or affiliated person of the Registrant is insured or indemnified in any manner against any liability which may be incurred in such capacity, other than insurance provided by any director, officer, affiliated person, or underwriter for his/her own protection, is incorporated by reference to Item 27 of Part C of Pre-Effective Amendment No. 1 to the Registration Statement on Form N-1A which was filed on September 23, 1992.

Reference is also made to the Distribution Agreement incorporated by reference as Exhibit (e).

**Item 31. Business and Other Connections of Investment Adviser**

This Item incorporated by reference each investment adviser's Uniform Application for Investment Adviser Registration ("Form ADV") on file with the SEC, as listed below. Each Form ADV may be obtained, free of charge, at the SEC's website at www.adviserinfo.sec.gov.

Additional information as to any other business, profession, vocation or employment of a substantial nature engaged in by each officer and director of the below-listed investment advisers is included in the Registrant's Statement of Additional Information.

------

---

| | |
|:---|:---|
| <u>Investment Adviser</u> | <u>SEC File No.</u> |
| Wilshire Advisors LLC | 801-36233 |
| AllianceBernstein L.P. | 801-56720 |
| Diamond Hill Capital Management, Inc. | 801-32176 |
| DoubleLine Capital LP | 801-70942 |
| Fred Alger Management, LLC | 801-6709 |
| Hotchkis & Wiley Capital Management, LLC | 801-60512 |
| Lazard Asset Management, LLC | 801-61701 |
| Lord, Abbett & Co. LLC | 801-6997 |
| Los Angeles Capital Capital Management LLC | 801-60934 |
| Massachusetts Financial Services Company (d/b/a MFS Investment Management) | 801-17352 |
| Manulife Asset Management (US) LLC | 801-42023 |
| Pzena Investment Management, LLC | 801-50838 |
| Ranger Investment Management, L.P. | 801-62397 |
| Voya Investment Management Co. LLC | 801-9046 |
| WCM Investment Management | 801-11916 |

---

**Item 32. Principal Underwriters:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Foreside Fund Services, LLC (the "Distributor") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

1. AB Active ETFs, Inc.

2. ABS Long/Short Strategies Fund

3. ActivePassive Core Bond ETF, Series of Trust for Professional Managers

4. ActivePassive Intermediate Municipal Bond ETF, Series of Trust for Professional Managers

5. ActivePassive International Equity ETF, Series of Trust for Professional Managers

6. ActivePassive U.S. Equity ETF, Series of Trust for Professional Managers

7. AdvisorShares Trust

8. AFA Private Credit Fund

9. AGF Investments Trust

10. AIM ETF Products Trust

11. Alexis Practical Tactical ETF, Series of Listed Funds Trust

12. AlphaCentric Prime Meridian Income Fund

13. American Century ETF Trust

14. AMG ETF Trust

15. Amplify ETF Trust

16. Applied Finance Dividend Fund, Series of World Funds Trust

17. Applied Finance Explorer Fund, Series of World Funds Trust

18. Applied Finance Select Fund, Series of World Funds Trust

19. Ardian Access LLC

20. ARK ETF Trust

21. ARK Venture Fund

22. Bitwise Funds Trust

23. BondBloxx ETF Trust

24. Bramshill Multi-Strategy Income Fund, Series of Investment Managers Series Trust

25. Bridgeway Funds, Inc.

26. Brinker Capital Destinations Trust

27. Brookfield Real Assets Income Fund Inc.

28. Build Funds Trust

29. Calamos Convertible and High Income Fund

30. Calamos Convertible Opportunities and Income Fund

31. Calamos Dynamic Convertible and Income Fund

------

32. Calamos Global Dynamic Income Fund

33. Calamos Global Total Return Fund

34. Calamos Strategic Total Return Fund

35. Carlyle Tactical Private Credit Fund

36. Cascade Private Capital Fund

37. Catalyst Strategic Income Opportunities Fund

38. CBRE Global Real Estate Income Fund

39. Center Coast Brookfield MLP & Energy Infrastructure Fund

40. Clifford Capital Partners Fund, Series of World Funds Trust

41. Cliffwater Corporate Lending Fund

42. Cliffwater Enhanced Lending Fund

43. Coatue Innovative Strategies Fund

44. Cohen & Steers ETF Trust

45. Convergence Long/Short Equity ETF, Series of Trust for Professional Managers

46. CornerCap Small-Cap Value Fund, Series of Managed Portfolio Series

47. CrossingBridge Ultra-Short Duration ETF, Series of Trust for Professional Managers

48. Curasset Capital Management Core Bond Fund, Series of World Funds Trust

49. Curasset Capital Management Limited Term Income Fund, Series of World Funds Trust

50. CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF, Series of ONEFUND Trust

51. Davis Fundamental ETF Trust

52. Defiance Connective Technologies ETF, Series of ETF Series Solutions

53. Defiance Drone and Modern Warfare ETF, Series of ETF Series Solutions

54. Defiance Quantum ETF, Series of ETF Series Solutions

55. Denali Structured Return Strategy Fund

56. Dodge & Cox Funds

57. DoubleLine ETF Trust

58. DoubleLine Income Solutions Fund

59. DoubleLine Opportunistic Credit Fund

60. DoubleLine Yield Opportunities Fund

61. DriveWealth ETF Trust

62. EIP Investment Trust

63. Ellington Income Opportunities Fund

64. ETF Opportunities Trust

65. Exchange Listed Funds Trust

66. Exchange Place Advisors Trust

67. FlexShares Trust

68. Fortuna Hedged Bitcoin Fund, Series of Listed Funds Trust

69. Forum Funds

70. Forum Funds II

71. Forum Real Estate Income Fund

72. Fundrise Growth Tech Fund, LLC

73. GoldenTree Opportunistic Credit Fund

74. Gramercy Emerging Markets Debt Fund, Series of Investment Managers Series Trust

75. Grayscale Funds Trust

76. Guinness Atkinson Funds

77. Harbor ETF Trust

78. Harris Oakmark ETF Trust

79. Hawaiian Tax-Free Trust

80. Horizon Kinetics Blockchain Development ETF, Series of Listed Funds Trust

81. Horizon Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

82. Horizon Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

83. Horizon Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust

84. Horizon Kinetics Medical ETF, Series of Listed Funds Trust

85. Horizon Kinetics SPAC Active ETF, Series of Listed Funds Trust

86. Innovator ETFs Trust

87. Ironwood Institutional Multi-Strategy Fund LLC

88. Ironwood Multi-Strategy Fund LLC

------

89. Jensen Quality Growth ETF, Series of Trust for Professional Managers

90. John Hancock Exchange-Traded Fund Trust

91. Kurv ETF Trust

92. Lazard Active ETF Trust

93. LDR Real Estate Value-Opportunity Fund, Series of World Funds Trust

94. Mairs & Power Balanced Fund, Series of Trust for Professional Managers

95. Mairs & Power Growth Fund, Series of Trust for Professional Managers

96. Mairs & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

97. Mairs & Power Small Cap Fund, Series of Trust for Professional Managers

98. Manor Investment Funds

99. MoA Funds Corporation

100. Moerus Worldwide Value Fund, Series of Northern Lights Fund Trust IV

101. Morgan Stanley ETF Trust

102. Morgan Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

103. Morgan Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds

104. Morningstar Funds Trust

105. NEOS ETF Trust

106. Niagara Income Opportunities Fund

107. North Square Evanston Multi-Alpha Fund

108. NXG Cushing® Midstream Energy Fund

109. NXG NextGen Infrastructure Income Fund

110. OTG Latin American Fund, Series of World Funds Trust

111. Overlay Shares Core Bond ETF, Series of Listed Funds Trust

112. Overlay Shares Foreign Equity ETF, Series of Listed Funds Trust

113. Overlay Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

114. Overlay Shares Large Cap Equity ETF, Series of Listed Funds Trust

115. Overlay Shares Municipal Bond ETF, Series of Listed Funds Trust

116. Overlay Shares Short Term Bond ETF, Series of Listed Funds Trust

117. Overlay Shares Small Cap Equity ETF, Series of Listed Funds Trust

118. Palmer Square Funds Trust

119. Palmer Square Opportunistic Income Fund

120. Partners Group Private Income Opportunities, LLC

121. Perkins Discovery Fund, Series of World Funds Trust

122. Philotimo Focused Growth and Income Fund, Series of World Funds Trust

123. Plan Investment Fund, Inc.

124. Point Bridge America First ETF, Series of ETF Series Solutions

125. Precidian ETFs Trust

126. Rareview 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment Series Trust

127. Rareview Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

128. Rareview Systematic Equity ETF, Series of Collaborative Investment Series Trust

129. Rareview Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

130. Rareview Total Return Bond ETF, Series of Collaborative Investment Series Trust

131. Renaissance Capital Greenwich Funds

132. REX ETF Trust

133. Reynolds Funds, Inc.

134. RMB Investors Trust

135. Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust

136. Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust

137. Roundhill Ball Metaverse ETF, Series of Listed Funds Trust

138. Roundhill Cannabis ETF, Series of Listed Funds Trust

139. Roundhill ETF Trust

140. Roundhill Magnificent Seven ETF, Series of Listed Funds Trust

141. Roundhill Sports Betting & iGaming ETF, Series of Listed Funds Trust

142. Roundhill Video Games ETF, Series of Listed Funds Trust

143. Rule One Fund, Series of World Funds Trust

144. Russell Investments Exchange Traded Funds

145. Securian AM Real Asset Income Fund, Series of Investment Managers Series Trust

------

146. Six Circles Trust

147. Sound Shore Fund, Inc.

148. SP Funds Trust

149. Sparrow Funds

150. Spear Alpha ETF, Series of Listed Funds Trust

151. STF Tactical Growth & Income ETF, Series of Listed Funds Trust

152. STF Tactical Growth ETF, Series of Listed Funds Trust

153. Strategic Trust

154. Strategy Shares

155. Swan Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

156. Tekla World Healthcare Fund

157. Tema ETF Trust

158. The 2023 ETF Series Trust

159. The 2023 ETF Series Trust II

160. The Community Development Fund

161. The Cook & Bynum Fund, Series of World Funds Trust

162. The Finite Solar Finance Fund

163. The Private Shares Fund

164. The SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

165. Third Avenue Trust

166. Third Avenue Variable Series Trust

167. Tidal Trust I

168. Tidal Trust II

169. Tidal Trust III

170. TIFF Investment Program

171. Timothy Plan High Dividend Stock Enhanced ETF, Series of The Timothy Plan

172. Timothy Plan High Dividend Stock ETF, Series of The Timothy Plan

173. Timothy Plan International ETF, Series of The Timothy Plan

174. Timothy Plan Market Neutral ETF, Series of The Timothy Plan

175. Timothy Plan US Small Cap Core ETF, Series of The Timothy Plan

176. Total Fund Solution

177. Touchstone ETF Trust

178. Trailmark Series Trust

179. T-Rex 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

180. T-Rex 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

181. T-Rex 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

182. T-Rex 2x Long Ether Daily Target ETF

183. U.S. Global Investors Funds

184. Union Street Partners Value Fund, Series of World Funds Trust

185. Vest Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

186. Vest S&P 500® Dividend Aristocrats Target Income Fund, Series of World Funds Trust

187. Vest US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

188. Vest US Large Cap 10% Buffer Strategies VI Fund, Series of World Funds Trust

189. Vest US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

190. Vest US Large Cap 20% Buffer Strategies VI Fund, Series of World Funds Trust

191. Virtus Stone Harbor Emerging Markets Income Fund

192. Volatility Shares Trust

193. WEBs ETF Trust

194. Wedbush Series Trust

195. Wellington Global Multi-Strategy Fund

196. Wilshire Mutual Funds, Inc.

197. Wilshire Variable Insurance Trust

198. WisdomTree Digital Trust

199. WisdomTree Trust

200. XAI Octagon Floating Rate & Alternative Income Term Trust

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is Three Canal Plaza, Suite 100, Portland, Maine 04101.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Address** | **Position with Underwriter** | **Position with Registrant** |
| Teresa Cowan | 190 Middle Street, Suite 301, Portland, Maine 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301, Portland, Maine 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301, Portland, Maine 04101 | Vice President |  |
| Alicia Strout | 190 Middle Street, Suite 301, Portland, Maine 04101 | Vice President and Chief Compliance Officer |  |
| Gabriel E. Edelman | 190 Middle Street, Suite 301, Portland, Maine 04101 | Secretary |  |
| Susan L. LaFond | 190 Middle Street, Suite 301, Portland, Maine 04101 | Treasurer |  |
| Weston Sommers | 190 Middle Street, Suite 301, Portland, Maine 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable

**Item 33. Location of Accounts and Records**

1. U.S. Bancorp Fund Services, LLC<br>615 East Wisconsin Avenue, <br>Milwaukee, Wisconsin 53202<br>(records relating to its function as fund accountant and administrator)

2. Foreside Fund Services, LLC<br>Three Canal Plaza, Suite 100, <br>Portland, Maine 04101<br>(records relating to its functions as Distributor)

3. U.S. Bank National Association<br>1555 North River Center Drive, Suite 302, <br>Milwaukee, Wisconsin 53212<br>(records relating to its function as custodian)

4. Wilshire Advisors LLC<br>1299 Ocean Avenue<br>Suite 600<br>Santa Monica, CA 90401<br>(records relating to its function as investment adviser)

5. AllianceBernstein, L.P. <br>501 Commerce Street<br>Nashville, Tennessee 37203<br>(records relating to its function as investment sub-adviser)

6. Diamond Hill Capital Management, Inc.<br>325 John H. McConnel Boulevard, Suite 200<br>Columbus, Ohio, 43215<br>(records relating to its function as investment sub-adviser)

7. DoubleLine Capital LP<br>333 South Grand Avenue, Suite 1800<br>Los Angeles, CA 90071<br>(records relating to its function as investment sub-adviser)

------

8. Hotchkis & Wiley Capital Management, LLC<br>601 South Figueroa Street, 39th Floor<br>Los Angeles, California 90017<br>(records relating to its function as investment sub-adviser)

9. Fred Alger Management, LLC 100 Park Street, 27th Floor New York, New York 10004 (records relating to its function as investment sub-adviser)

10. Lazard Asset Management, LLC<br>30 Rockefeller Plaza, <br>New York, NY 10112<br>(records relating to its function as investment sub-adviser)

11. Lord, Abbett & Co. LLC 30 Hudson Street Jersey City, NJ 07302 (records relating to its function as investment sub-adviser)

12. Los Angeles Capital Management LLC<br>11150 Santa Monica Blvd.<br>Suite 200<br>Los Angeles, CA 90025<br>(records relating to its function as investment sub-adviser)

13. Manulife Asset Management (US) LLC<br>197 Clarendon Street<br>Boston, MA 02116<br>(records relating to its function as investment sub-adviser)

14. Massachusetts Financial Services Company (d/b/a MFS Investment Management)<br>111 Huntington Avenue<br>Boston, MA 02199.<br>(records relating to its function as investment sub-adviser)

15. Pzena Investment Management, LLC<br>320 Park Avenue<br>8th Floor<br>New York, New York 10022<br>(records relating to its function as investment sub-adviser)

16. Ranger Investment Management, L.P.<br>2828 N. Harwood Street, Suite 1900<br>Dallas, TX 75201<br>(records relating to its function as investment sub-adviser)

17. Voya Investment Management Co LLC<br>230 Park Avenue,<br>New York NY 10169<br>(records relating to its function as investment sub-adviser)

18. WCM Investment Management<br>281 Brooks Street<br>Laguna Beach, CA 92651<br>(records relating to its function as investment sub-adviser)

**Item 34. Management Services**

Not Applicable.

**Item 35. Undertakings**

Not Applicable.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 (the "Securities Act") and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and has caused this Post-Effective Amendment No. 79 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Santa Monica, and the State of California, on February 11, 2026.

---

| | |
|:---|:---|
| WILSHIRE MUTUAL FUNDS, INC. | WILSHIRE MUTUAL FUNDS, INC. |
| By: | /s/ Jason A. Schwarz |
|  | Jason A. Schwarz, President |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated as of February 11, 2026.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| Edward Gubman\* | Director |
| Edward Gubman |  |
| Elizabeth A. Levy-Navarro\* | Director |
| Elizabeth A. Levy-Navarro |  |
| Matt Forstenhausler\* | Director |
| Matt Forstenhausler |  |
| George J. Zock\* | Director |
| George J. Zock |  |
| Julian F. Sluyters\* | Director |
| Julian F. Sluyters |  |
| /s/Michael Wauters | Treasurer<br>Principal Financial and Accounting Officer |
| Michael Wauters |  |
| /s/ Jason A. Schwarz | Director and President<br>Principal Executive Officer |
| Jason A. Schwarz |  |
| \*By: /s/ Michael Wauters |  |
| Michael Wauters |  |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;As Attorney-in-Fact and Agent pursuant to the powers of attorney previously filed or filed herewith.

------

## Ex-99.(H)(4)

**EXPENSE LIMITATION AGREEMENT**

EXPENSE LIMITATION AGREEMENT (the "**Agreement**"), effective as of May 1, 2025, by and between Wilshire Advisors, LLC, a California limited liability company (the "**Adviser**") and Wilshire Mutual Funds, Inc. (the "**Company**") on behalf of the Small Company Growth Portfolio and the Small Company Value Portfolio (each a "**Fund**" and collectively, the "**Funds**").

WHEREAS, the Company is a Maryland Corporation, and is registered under the Investment Company Act of 1940, as amended (the "**1940 Act**"), as an open-end management company of the series type, and each Fund is a series of the Company;

WHEREAS, the Company and the Adviser have entered into an Investment Advisory Agreement dated January 8, 2021 (the "**Advisory Agreement**"), pursuant to which the Adviser provides investment management services to the Funds for compensation based on the value of the average daily net assets of each Fund; and

WHEREAS, the Company and the Adviser have determined that it is appropriate and in the best interests of each Fund and its shareholders to maintain the expenses of the Fund at a level below the level to which the Fund may otherwise be subject;

NOW THEREFORE, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>EXPENSE LIMITATION.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1<u>Applicable Expense Limit.</u> To the extent that the ordinary operating expenses incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser, but excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses ("**Fund Operating Expenses**"), exceed the Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the "**Excess Amount**") shall be the liability of the Adviser to the extent set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2<u>Operating Expense Limit</u>. The Operating Expense Limit with respect to each Fund shall be 1.35% and 1.10% (annualized) of the average daily net assets of their Investment Class and Institutional Class Shares, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3<u>Duration of Operating Expense Limit.</u> The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4<u>Method of Computation.</u> To determine the Adviser's obligation with respect to the Excess Amount, each day the Fund Operating Expenses for a Fund shall be annualized. If the annualized Fund Operating Expenses for any day of the Fund exceed the Operating Expense Limit of the Fund, the Adviser shall waive or reduce its investment advisory fee or absorb the other Fund expenses in an amount sufficient to pay that day's Excess Amount. The Company may offset amounts owed to the Fund pursuant to this Agreement against the advisory fee payable to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>REIMBURSEMENT OF FEE WAIVERS AND EXPENSE REIMBURSEMENTS.</u>

If on any day during which the Advisory Agreement is in effect, the estimated annualized Fund Operating Expenses of the Fund for that day are less than the Operating Expense Limit, the Adviser shall be entitled to reimbursement by a Fund of the investment advisory fees waived or reduced, and any other expense reimbursements or similar payments remitted by the Adviser to the Fund pursuant to Section 1 hereof (the "**Reimbursement Amount**") within three years from

1

------

the date in which the Adviser waived or reduced investment advisory fees or reimbursed expenses, to the extent that the Fund's annualized Operating Expenses plus the amount so reimbursed equals, for such day, the Operating Expense Limit, provided that such amount paid to the Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>TERM AND TERMINATION OF AGREEMENT.</u>

This initial Agreement shall terminate upon the earlier of termination of the Advisory Agreement or on April 30, 2026. Notwithstanding the foregoing, this Agreement shall automatically renew for additional one-year periods if not terminated, in writing, by either party before April 1<sup>st</sup> of each year. The obligation of the Adviser under Section 1 of this Agreement and of the Company under Section 2 of this Agreement shall survive the termination of the Agreement solely as to expenses and obligations incurred prior to the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>MISCELLANEOUS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Captions.</u> The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Interpretation.</u> Nothing herein contained shall be deemed to require the Company or the Fund to take any action contrary to the Company's Articles of Incorporation or By-

Laws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Company's Board of Directors of its responsibility for and control of the conduct of the affairs of the Company or the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>Definitions.</u> Any question of interpretation of any term or provision of this Agreement, including but not limited to the investment advisory fee, the computations of net asset values, and the allocation of expenses, having a counterpart in or otherwise derived from the terms and provisions of the Advisory Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to such Advisory Agreement or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4<u>Amendments.</u> This Agreement may be amended only by a written agreement signed by each of the parties hereto.

2

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IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized and their respective corporate seals to be hereunto affixed, as of the day and year first above written.

WILSHIRE ADVISORS, LLC

By: <u>/s/ Jason Schwarz&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Jason Schwarz

Title: President

WILSHIRE MUTUAL FUNDS, INC.

By: <u>/s/ Jason Schwarz&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Jason Schwarz

Title: President

3

## Ex-99.(H)(5)

**EXPENSE LIMITATION AGREEMENT**

EXPENSE LIMITATION AGREEMENT (the "Agreement"), effective as of May 1, 2025, by and between Wilshire Advisors, LLC, a California limited liability company (the "Adviser") and Wilshire Mutual Funds, Inc. (the "Company"), on behalf of the Wilshire International Equity Fund (the "Fund").

WHEREAS, the Company is a Maryland Corporation, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company of the series type, and the Fund is a series of the Company;

WHEREAS, the Company and the Adviser have entered into an Investment Advisory Agreement dated January 8, 2021 ("Advisory Agreement"), pursuant to which the Adviser provides investment management services to the Fund for compensation based on the value of the average daily net assets of the Fund; and

WHEREAS, the Company and the Adviser have determined that it is appropriate and in the best interests of the Fund and its shareholders to maintain the expenses of the Fund at a level below the level to which the Fund may otherwise be subject;

NOW THEREFORE, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>EXPENSE LIMITATION.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1<u>Applicable Expense Limit</u>. To the extent that the ordinary operating expenses incurred by the Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser, but excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses ("Fund Operating Expenses"), exceed the Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the "Excess Amount") shall be the liability of the Adviser to the extent set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2<u>Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall be 1.50% and 1.25% (annualized) of the average daily net assets of the Fund for its Investment Class and Institutional Class shares, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3<u>Duration of Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4<u>Method of Computation</u>. To determine the Adviser's obligation with respect to the Excess Amount, each day the Fund Operating Expenses for the Fund shall be annualized. If the annualized Fund Operating Expenses for any day of the Fund exceed the Operating Expense Limit of the Fund, the Advisor shall waive or reduce its investment advisory fee or absorb the other Fund expenses in an amount sufficient to pay that day's Excess Amount. The Company may offset amounts owed to the Fund pursuant to this Agreement against the advisory fee payable to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>REIMBURSEMENT OF FEE WAIVERS AND EXPENSE REIMBURSEMENTS.</u>

If on any day during which the Advisory Agreement is in effect, the estimated annualized Fund Operating Expenses of the Fund for that day are less than the Operating Expense Limit, the Adviser shall be entitled to reimbursement by the Fund of the investment advisory fees waived or reduced, and any other expense reimbursements or similar payments remitted by the Adviser to the Fund pursuant to Section 1 hereof (the "Reimbursement Amount") within three years from the date in which the Adviser waived or reduced investment advisory fees or reimbursed expenses, to the extent that the Fund's annualized Operating Expenses plus the amount so

1

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reimbursed equals, for such day, the Operating Expense Limit, provided that such amount paid to the Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>TERM AND TERMINATION OF AGREEMENT.</u>

This initial Agreement shall terminate upon the earlier of termination of the Advisory Agreement or on April 30, 2026. Notwithstanding the foregoing, this Agreement shall automatically renew for additional one-year periods if not terminated, in writing, by either party before April 1<sup>st</sup> of each year. The obligation of the Adviser under Section 1 of this Agreement and of the Company under Section 2 of this Agreement shall survive the termination of the Agreement solely as to expenses and obligations incurred prior to the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>MISCELLANEOUS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Captions</u>. The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Interpretation</u>. Nothing herein contained shall be deemed to require the Company or the Fund to take any action contrary to the Company's Articles of Incorporation or By-Laws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Company's Board of Directors of its responsibility for and control of the conduct of the affairs of the Company or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>Definitions</u>. Any question of interpretation of any term or provision of this Agreement, including but not limited to the investment advisory fee, the computations of net asset values, and the allocation of expenses, having a counterpart in or otherwise derived from the terms and provisions of the Advisory Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to such Advisory Agreement or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4<u>Amendments</u>. This Agreement may be amended only by a written agreement signed by each of the parties hereto.

2

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IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized and their respective corporate seals to be hereunto affixed, as of the day and year first above written.

WILSHIRE ADVISORS, LLC

By: <u>/s/ Jason Schwarz&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Jason Schwarz

Title: President

WILSHIRE MUTUAL FUNDS, INC.

By: <u>/s/ Jason Schwarz&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Jason Schwarz

Title: President

3

## Ex-99.(H)(6)

**EXPENSE LIMITATION AGREEMENT**

EXPENSE LIMITATION AGREEMENT (the "Agreement"), effective as of May 1, 2025, by and between Wilshire Advisors, LLC, a California limited liability company (the "Adviser") and Wilshire Mutual Funds, Inc. (the "Company"), on behalf of the Wilshire Income Opportunities Fund (the "Fund").

WHEREAS, the Company is a Maryland corporation, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company of the series type, and the Fund is a series of the Trust;

WHEREAS, the Company and the Adviser have entered into an Investment Advisory Agreement dated January 8, 2021 ("Advisory Agreement"), pursuant to which the Adviser provides investment management services to the Fund for compensation based on the value of the average daily net assets of the Fund; and

WHEREAS, the Company and the Adviser have determined that it is appropriate and in the best interests of the Fund and its shareholders to maintain the expenses of the Fund at a level below the level to which the Fund may otherwise be subject;

NOW THEREFORE, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>EXPENSE LIMITATION.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1<u>Applicable Expense Limit</u>. To the extent that the ordinary operating expenses incurred by the Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser, but excluding taxes, brokerage expenses, dividend expenses on short securities, acquired fund fees and expenses and extraordinary expenses ("Fund Operating Expenses"), exceed the Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the "Excess Amount") shall be the liability of the Adviser to the extent set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2<u>Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall be 1.15% and 0.90% (annualized) of the average daily net assets of the Fund for its Investment Class and Institutional Class shares, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3<u>Duration of Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4<u>Method of Computation</u>. To determine the Adviser's obligation with respect to the Excess Amount, each day the Fund Operating Expenses for the Fund shall be annualized. If the annualized Fund Operating Expenses for any day of the Fund exceed the Operating Expense Limit of the Fund, the Adviser shall waive or reduce its investment advisory fee or absorb the other Fund expenses in an amount sufficient to pay that day's Excess Amount. The Company may offset amounts owed to the Fund pursuant to this Agreement against the advisory fee payable to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>REIMBURSEMENT OF FEE WAIVERS AND EXPENSE REIMBURSEMENTS.</u>

If on any day during which the Advisory Agreement is in effect, the estimated annualized Fund Operating Expenses of the Fund for that day are less than the Operating Expense Limit, the Adviser shall be entitled to reimbursement by the Fund of the investment advisory fees waived or reduced, and any other expense reimbursements or similar payments remitted by the Adviser to the Fund pursuant to Section 1 hereof (the "Reimbursement Amount") within three years from the date in which the Adviser waived or reduced investment advisory fees or reimbursed expenses, to the extent that the Fund's annualized Operating Expenses plus the amount so

1

------

reimbursed equals, for such day, the Operating Expense Limit, provided that such amount paid to the Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>TERM AND TERMINATION OF AGREEMENT.</u>

This initial Agreement shall terminate upon the earlier of termination of the Advisory Agreement or on April 30, 2026. Notwithstanding the foregoing, this Agreement shall automatically renew for additional one-year periods if not terminated, in writing, by either party before April 1<sup>st</sup> of each year. The obligation of the Adviser under Section 1 of this Agreement and of the Company under Section 2 of this Agreement shall survive the termination of the Agreement solely as to expenses and obligations incurred prior to the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>MISCELLANEOUS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Captions</u>. The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Interpretation</u>. Nothing herein contained shall be deemed to require the Company or the Fund to take any action contrary to the Company's Articles of Incorporation or By-Laws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Company's Board of Directors of its responsibility for and control of the conduct of the affairs of the Company or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>Definitions</u>. Any question of interpretation of any term or provision of this Agreement, including but not limited to the investment advisory fee, the computations of net asset values, and the allocation of expenses, having a counterpart in or otherwise derived from the terms and provisions of the Advisory Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to such Advisory Agreement or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4<u>Amendments</u>. This Agreement may be amended only by a written agreement signed by each of the parties hereto.

2

------

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized and their respective corporate seals to be hereunto affixed, as of the day and year first above written.

WILSHIRE ADVISORS, LLC

By: <u>/s/ Jason Schwarz&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Jason Schwarz

Title: President

WILSHIRE MUTUAL FUNDS, INC.

By: <u>/s/ Jason Schwarz&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Jason Schwarz

Title: President

3

## Ex-99.(H)(7)

**EXPENSE LIMITATION AGREEMENT**

EXPENSE LIMITATION AGREEMENT (the "Agreement"), effective as of May 1, 2025, by and between Wilshire Advisors, LLC, a California limited liability company (the "Adviser") and Wilshire Mutual Funds, Inc. (the "Company"), on behalf of the Large Company Growth Portfolio (the "Fund").

WHEREAS, the Company is a Maryland Corporation, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company of the series type, and the Fund is a series of the Company;

WHEREAS, the Company and the Adviser have entered into an Investment Advisory Agreement dated January 8, 2021 ("Advisory Agreement"), pursuant to which the Adviser provides investment management services to the Fund for compensation based on the value of the average daily net assets of the Fund; and

WHEREAS, the Company and the Adviser have determined that it is appropriate and in the best interests of the Fund and its shareholders to maintain the expenses of the Fund at a level below the level to which the Fund may otherwise be subject;

NOW THEREFORE, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>EXPENSE LIMITATION.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1<u>Applicable Expense Limit</u>. To the extent that the ordinary operating expenses incurred by the Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser, but excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses ("Fund Operating Expenses"), exceed the Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the "Excess Amount") shall be the liability of the Adviser to the extent set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2<u>Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall be 1.30% and 1.00% (annualized) of the average daily net assets of the Fund for its Investment Class and Institutional Class shares, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3<u>Duration of Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4<u>Method of Computation</u>. To determine the Adviser's obligation with respect to the Excess Amount, each day the Fund Operating Expenses for the Fund shall be annualized. If the annualized Fund Operating Expenses for any day of the Fund exceed the Operating Expense Limit of the Fund, the Advisor shall waive or reduce its investment advisory fee or absorb the other Fund expenses in an amount sufficient to pay that day's Excess Amount. The Company may offset amounts owed to the Fund pursuant to this Agreement against the advisory fee payable to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>REIMBURSEMENT OF FEE WAIVERS AND EXPENSE REIMBURSEMENTS.</u>

If on any day during which the Advisory Agreement is in effect, the estimated annualized Fund Operating Expenses of the Fund for that day are less than the Operating Expense Limit, the Adviser shall be entitled to reimbursement by the Fund of the investment advisory fees waived or reduced, and any other expense reimbursements or similar payments remitted by the Adviser to the Fund pursuant to Section 1 hereof (the "Reimbursement Amount") within three years from the date in which the Adviser waived or reduced investment advisory fees or reimbursed expenses, to the extent that the Fund's annualized Operating Expenses plus the amount so

1

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reimbursed equals, for such day, the Operating Expense Limit, provided that such amount paid to the Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>TERM AND TERMINATION OF AGREEMENT.</u>

This initial Agreement shall terminate upon the earlier of termination of the Advisory Agreement or on April 30, 2026. Notwithstanding the foregoing, this Agreement shall automatically renew for additional one-year periods if not terminated, in writing, by either party before April 1<sup>st</sup> of each year. The obligation of the Adviser under Section 1 of this Agreement and of the Company under Section 2 of this Agreement shall survive the termination of the Agreement solely as to expenses and obligations incurred prior to the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>MISCELLANEOUS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Captions</u>. The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Interpretation</u>. Nothing herein contained shall be deemed to require the Company or the Fund to take any action contrary to the Company's Articles of Incorporation or By-Laws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Company's Board of Directors of its responsibility for and control of the conduct of the affairs of the Company or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>Definitions</u>. Any question of interpretation of any term or provision of this Agreement, including but not limited to the investment advisory fee, the computations of net asset values, and the allocation of expenses, having a counterpart in or otherwise derived from the terms and provisions of the Advisory Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to such Advisory Agreement or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4<u>Amendments</u>. This Agreement may be amended only by a written agreement signed by each of the parties hereto.

2

------

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized and their respective corporate seals to be hereunto affixed, as of the day and year first above written.

WILSHIRE ADVISORS, LLC

By: <u>/s/ Jason Schwarz&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Jason Schwarz

Title: President

WILSHIRE MUTUAL FUNDS, INC.

By: <u>/s/ Jason Schwarz&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Jason Schwarz

Title: President

3

## Ex-99.(H)(8)

**EXPENSE LIMITATION AGREEMENT** 

**LARGE COMPANY VALUE PORTFOLIO**

EXPENSE LIMITATION AGREEMENT (the "Agreement"), effective as of May 1, 2025, by and between Wilshire Advisors LLC, a California limited liability company (the "Adviser") and Wilshire Mutual Funds, Inc. (the "Company"), on behalf of the Large Company Value Portfolio (the "Fund").

WHEREAS, the Company is a Maryland Corporation, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company of the series type, and the Fund is a series of the Company;

WHEREAS, the Company and the Adviser have entered into an Investment Advisory Agreement dated January 8, 2021 ("Advisory Agreement"), pursuant to which the Adviser provides investment management services to the Fund for compensation based on the value of the average daily net assets of the Fund; and

WHEREAS, the Company and the Adviser have determined that it is appropriate and in the best interests of the Fund and its shareholders to maintain the expenses of the Fund at a level below the level to which the Fund may otherwise be subject;

NOW THEREFORE, the parties hereto agree as follows: 1.<u>EXPENSE LIMITATION.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.1</u><u>Applicable Expense Limit</u>. To the extent that the ordinary operating expenses incurred by the Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser, but excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses ("Fund Operating Expenses"), exceed the Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the "Excess Amount") shall be the liability of the Adviser to the extent set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.2</u><u>Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall be 1.30% and 1.00% (annualized) of the average daily net assets of the Fund for its Investment Class and Institutional Class shares, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.3</u><u>Duration of Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.4</u><u>Method of Computation</u>. To determine the Adviser's obligation with respect to the Excess Amount, each day the Fund Operating Expenses for the Fund shall be annualized. If the annualized Fund Operating Expenses for any day of the Fund exceed the Operating Expense Limit of the Fund, the Advisor shall waive or reduce its investment advisory fee or absorb the other Fund expenses in an amount sufficient to pay that day's Excess Amount. The Company may offset amounts owed to the Fund pursuant to this Agreement against the advisory fee payable to the Adviser.

2.<u>REIMBURSEMENT OF FEE WAIVERS AND EXPENSE REIMBURSEMENTS.</u>

If on any day during which the Advisory Agreement is in effect, the estimated annualized Fund Operating Expenses of the Fund for that day are less than the Operating Expense Limit, the Adviser shall be entitled to reimbursement by the Fund of the investment advisory fees waived or reduced, and any other expense reimbursements or similar payments remitted by the Adviser to the Fund pursuant to Section 1 hereof (the "Reimbursement Amount") within three years from the date on which the Adviser waived or reduced investment advisory fees or reimbursed expenses, to the extent that the Fund's annualized Operating Expenses plus the amount so

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reimbursed equals, for such day, the Operating Expense Limit, provided that such amount paid to the Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed.

3.<u>TERM AND TERMINATION OF AGREEMENT.</u>

This Agreement shall terminate upon the earlier of termination of the Advisory Agreement or on April 30, 2026. The obligation of the Adviser under Section 1 of this Agreement and of the Company under Section 2 of this Agreement shall survive the termination of the Agreement solely as to expenses and obligations incurred prior to the date of such termination.

4.<u>MISCELLANEOUS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>4.1</u><u>Captions</u>. The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>4.2</u><u>Interpretation</u>. Nothing herein contained shall be deemed to require the Company or the Fund to take any action contrary to the Company's Articles of Incorporation or By-Laws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Company's Board of Directors of its responsibility for and control of the conduct of the affairs of the Company or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>4.3</u><u>Definitions</u>. Any question of interpretation of any term or provision of this Agreement, including but not limited to the investment advisory fee, the computations of net asset values, and the allocation of expenses, having a counterpart in or otherwise derived from the terms and provisions of the Advisory Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to such Advisory Agreement or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>4.4</u><u>Amendments</u>. This Agreement may be amended only by a written agreement signed by each of the parties hereto.

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IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized and their respective corporate seals to be hereunto affixed, as of the day and year first above written.

WILSHIRE ADVISORS, LLC

By: <u>/s/ Jason Schwarz&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Jason Schwarz

Title: President

WILSHIRE MUTUAL FUNDS, INC.

By: <u>/s/ Jason Schwarz&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Jason Schwarz

Title: President

<br>