-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Nz73J14mSEjP9ZOT//5L98p2J+wx06xJc/zyyaC9jg85/YjO5rF8d3QZhmk3v83Z WIMZxsTJ1AQ91iQm8i5zKw== 0001135428-09-000572.txt : 20091124 0001135428-09-000572.hdr.sgml : 20091124 20091124151136 ACCESSION NUMBER: 0001135428-09-000572 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090930 FILED AS OF DATE: 20091124 DATE AS OF CHANGE: 20091124 EFFECTIVENESS DATE: 20091124 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WILSHIRE MUTUAL FUNDS INC CENTRAL INDEX KEY: 0000890453 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07076 FILM NUMBER: 091204665 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 0000890453 S000001045 WILSHIRE LARGE COMPANY GROWTH PORTFOLIO C000002805 INVESTMENT CLASS DTLGX C000002806 INSTITUTIONAL CLASS WLCGX 0000890453 S000001046 WILSHIRE LARGE COMPANY VALUE PORTFOLIO C000002807 INVESTMENT CLASS DTLVX C000002808 INSTITUTIONAL CLASS WLCVX 0000890453 S000001047 WILSHIRE SMALL COMPANY GROWTH PORTFOLIO C000002809 INVESTMENT CLASS DTSGX C000002810 INSTITUTIONAL CLASS WSMGX 0000890453 S000001048 WILSHIRE SMALL COMPANY VALUE PORTFOLIO C000002811 INVESTMENT CLASS DTSVX C000002812 INSTITUTIONAL CLASS WSMVX 0000890453 S000001049 WILSHIRE 5000 INDEX FUND C000002813 QUALIFIED CLASS C000002814 HORACE MANN CLASS C000002815 INVESTMENT CLASS WFIVX C000002816 INSTITUTIONAL CLASS WINDX 0000890453 S000019534 WILSHIRE LARGE CAP CORE 130/30 FUND C000065456 INVESTMENT CLASS C000065457 INSTITUTIONAL CLASS N-Q 1 nq.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 -------- FORM N-Q -------- QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY 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: 310-451-3051 DATE OF FISCAL YEAR END: DECEMBER 31, 2009 DATE OF REPORTING PERIOD: SEPTEMBER 30, 2009 ITEM 1. SCHEDULE OF INVESTMENTS Wilshire Mutual Funds, Inc. Large Company Growth Portfolio September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ------ COMMON STOCK -- 98.6% CONSUMER DISCRETIONARY -- 12.1% 5,100 Abercrombie & Fitch Co., Class A ....... $ 167,688 17,000 Amazon.com, Inc. + ..................... 1,587,120 14,830 American Eagle Outfitters, Inc ......... 250,034 27,700 Apollo Group, Inc., Class A + .......... 2,040,659 1,200 AutoNation, Inc. + ..................... 21,696 11,200 Barnes & Noble, Inc .................... 248,864 7,300 Bed Bath & Beyond, Inc. + .............. 274,042 6,489 Best Buy Co., Inc ...................... 243,467 6,600 Big Lots, Inc. + ....................... 165,132 2,900 BorgWarner, Inc ........................ 87,754 2,000 Brinker International, Inc ............. 31,460 1,600 Career Education Corp. + ............... 39,008 10,100 Carmax, Inc. + ......................... 211,090 10,100 Clear Channel Outdoor Holdings, Inc., Class A + .............................. 70,700 5,500 Coach, Inc ............................. 181,060 29,775 Dick's Sporting Goods, Inc. + .......... 666,960 62,240 DIRECTV Group, Inc. (The) + ............ 1,716,579 13,800 Dollar Tree, Inc. + .................... 671,784 17,950 Family Dollar Stores, Inc .............. 473,880 6,100 Federal Mogul Corp. + .................. 73,627 24,400 Foot Locker, Inc ....................... 291,580 8,600 Ford Motor Co. + ....................... 62,006 1,500 GameStop Corp., Class A + .............. 39,705 35,500 Gannett Co., Inc ....................... 444,105 17,100 Gap, Inc. (The) ........................ 365,940 800 Garmin, Ltd ............................ 30,192 6,400 Goodyear Tire & Rubber Co. (The) + ..... 108,992 11,525 International Game Technology .......... 247,557 3,300 KB Home ................................ 54,813 14,410 Kohl's Corp. + ......................... 822,090 20,800 Leggett & Platt, Inc ................... 403,520 14,800 Lennar Corp., Class A .................. 210,900 10,100 Liberty Global, Inc., Class A + ........ 227,957 5,000 Liberty Media Corp. - Entertainment, Ser A + ................................ 155,550 68,220 Lowe's Cos., Inc ....................... 1,428,527 4,700 Ltd. Brands, Inc ....................... 79,853 7,405 Marriott International, Inc., Class A .. 204,304 31,318 McDonald's Corp ........................ 1,787,318 1,800 MDC Holdings, Inc ...................... 62,532 3,400 Morningstar, Inc. + .................... 165,104 1,700 News Corp., Class A .................... 20,383 4,440 NIKE, Inc., Class B .................... 287,268 3,300 Nordstrom, Inc ......................... 100,782 16,000 Office Depot, Inc. + ................... 105,920 11,500 Omnicom Group, Inc ..................... 424,810 2,100 O'Reilly Automotive, Inc. + ............ 75,894 17,300 Penske Auto Group, Inc ................. 331,814 3,300 PetSmart, Inc .......................... 71,775 2,800 priceline.com, Inc. + .................. 464,296 10,822 Pulte Homes, Inc ....................... 118,934 8,400 RadioShack Corp ........................ 139,188 13,500 Ross Stores, Inc ....................... 644,895 8,200 Signet Jewelers, Ltd. + ................ 215,906 217 Strayer Education, Inc ................. 47,236 40,270 Target Corp ............................ 1,879,804 800 Thor Industries, Inc ................... 24,760 32,881 TJX Cos., Inc .......................... 1,221,529 8,400 TRW Automotive Holdings Corp. + ........ 140,700 14,366 Urban Outfitters, Inc. + ............... 433,422 8,695 Walt Disney Co. (The) .................. 238,765 38,500 Wendy's/Arby's Group, Inc., Class A .... 182,105 SHARES VALUE ------ ------ CONSUMER DISCRETIONARY -- 12.1% (CONTINUED) 31,200 Williams-Sonoma, Inc ................... $ 631,176 2,700 Wyndham Worldwide Corp ................. 44,064 3,600 Wynn Resorts, Ltd. + ................... 255,204 16,315 Yum! Brands, Inc ....................... 550,795 -------------- 25,066,574 -------------- CONSUMER STAPLES -- 11.9% 53,972 Altria Group, Inc ...................... 961,242 20,450 Archer-Daniels-Midland Co .............. 597,549 28,458 Avon Products, Inc ..................... 966,433 13,700 BJ's Wholesale Club, Inc. + ............ 496,214 600 Bunge, Ltd ............................. 37,566 15,705 Campbell Soup Co ....................... 512,297 40,913 Coca-Cola Co. (The) .................... 2,197,028 8,000 Coca-Cola Enterprises, Inc ............. 171,280 5,450 Colgate-Palmolive Co ................... 415,726 17,350 Costco Wholesale Corp .................. 979,581 89,165 CVS/Caremark Corp ...................... 3,186,757 8,100 Dean Foods Co. + ....................... 144,099 19,378 General Mills, Inc ..................... 1,247,556 3,700 Hansen Natural Corp. + ................. 135,938 5,500 Herbalife, Ltd ......................... 180,070 1,000 Kroger Co. (The) ....................... 20,640 4,074 Lorillard, Inc ......................... 302,698 11,600 Mead Johnson Nutrition Co., Class A .... 523,276 45,226 PepsiCo, Inc ........................... 2,652,957 55,922 Philip Morris International, Inc ....... 2,725,638 14,200 Procter & Gamble Co .................... 822,464 121,800 Rite Aid Corp. + ....................... 199,752 3,100 Smithfield Foods, Inc. + ............... 42,780 8,700 SYSCO Corp ............................. 216,195 20,200 Tyson Foods, Inc., Class A ............. 255,126 19,331 Walgreen Co ............................ 724,333 80,847 Wal-Mart Stores, Inc ................... 3,968,779 -------------- 24,683,974 -------------- ENERGY -- 4.3% 6,900 Anadarko Petroleum Corp ................ 432,837 7,663 Cameron International Corp. + .......... 289,815 1,200 ConocoPhillips ......................... 54,192 3,717 Denbury Resources, Inc. + .............. 56,238 3,570 Devon Energy Corp ...................... 240,368 3,600 Exterran Holdings, Inc. + .............. 85,464 34,418 Exxon Mobil Corp ....................... 2,361,419 2,617 Hess Corp .............................. 139,905 6,400 Marathon Oil Corp ...................... 204,160 1,000 Murphy Oil Corp ........................ 57,570 6,430 National Oilwell Varco, Inc. + ......... 277,326 1,374 Noble Energy, Inc ...................... 90,629 12,575 Occidental Petroleum Corp .............. 985,880 11,320 Petroleo Brasileiro SA ADR ............. 519,588 45,084 Schlumberger, Ltd ...................... 2,687,006 2,805 Transocean, Ltd. + ..................... 239,912 2,400 Valero Energy Corp ..................... 46,536 -------------- 8,768,845 -------------- FINANCIALS -- 5.3% 8,150 Aflac, Inc 348,331 1,500 American Financial Group, Inc .......... 38,250 10,405 Barclays PLC ADR ....................... 245,974 2,725 BlackRock, Inc., Class A ............... 590,835 2,200 Brown & Brown, Inc ..................... 42,152 101,035 Charles Schwab Corp. (The) ............. 1,934,820 14,400 CIT Group, Inc ......................... 17,424 3,000 CME Group, Inc., Class A ............... 924,570 3,100 Comerica, Inc .......................... 91,977 5,380 Credit Suisse Group AG ADR ............. 299,397 Wilshire Mutual Funds, Inc. Large Company Growth Portfolio September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- FINANCIALS -- 5.3% (CONTINUED) 8,100 Equity Residential ..................... $ 248,670 15,295 Goldman Sachs Group, Inc. (The) ........ 2,819,633 5,220 HSBC Holdings PLC ADR .................. 299,367 3,500 IntercontinentalExchange, Inc. + ....... 340,165 16,305 Janus Capital Group, Inc ............... 231,205 4,900 Jefferies Group, Inc ................... 133,427 10,300 JPMorgan Chase & Co .................... 451,346 5,300 Lincoln National Corp .................. 137,323 14,000 MSCI, Inc., Class A + .................. 414,680 10,250 NASDAQ OMX Group, Inc. + ............... 215,763 9,500 New York Community Bancorp, Inc ........ 108,490 4,210 Prudential Financial, Inc .............. 210,121 5,100 SLM Corp. + ............................ 44,472 34,841 TD Ameritrade Holding Corp. + .......... 683,580 5,600 Waddell & Reed Financial, Inc., Class A . .............................. 159,320 -------------- 11,031,292 -------------- HEALTH CARE -- 18.0% 39,197 Abbott Laboratories .................... 1,939,076 6,780 Alcon, Inc ............................. 940,183 29,500 Allergan, Inc .......................... 1,674,420 48,400 AmerisourceBergen Corp., Class A ....... 1,083,192 17,052 Amgen, Inc. + .......................... 1,027,042 27,500 athenahealth, Inc. + ................... 1,055,175 17,439 Baxter International, Inc .............. 994,197 5,318 Becton Dickinson and Co ................ 370,930 7,591 Biogen Idec, Inc. + .................... 383,497 26,600 Bristol-Myers Squibb Co ................ 599,032 3,785 C.R. Bard, Inc ......................... 297,539 55,169 Celgene Corp. + ........................ 3,083,947 12,650 Cephalon, Inc. + ....................... 736,736 4,200 Charles River Laboratories International, Inc. + .................. 155,316 16,000 Cigna Corp ............................. 449,440 5,985 Covidien PLC ........................... 258,911 700 Dendreon Corp. + ....................... 19,593 9,898 DENTSPLY International, Inc ............ 341,877 10,500 Eli Lilly & Co ......................... 346,815 8,300 Express Scripts, Inc., Class A + ....... 643,914 9,453 Forest Laboratories, Inc. + ............ 278,296 7,191 Genzyme Corp. + ........................ 407,946 85,326 Gilead Sciences, Inc. + ................ 3,974,485 2,600 Hill-Rom Holdings, Inc ................. 56,628 300 Humana, Inc. + ......................... 11,190 7,914 Idexx Laboratories, Inc. + ............. 395,700 7,300 Illumina, Inc. + ....................... 310,250 7,108 Intuitive Surgical, Inc. + ............. 1,864,073 24,678 Johnson & Johnson ...................... 1,502,643 8,057 Laboratory Corp. of America Holdings +. 529,345 5,930 McKesson Corp .......................... 353,132 5,415 Medco Health Solutions, Inc. + ......... 299,504 16,701 Mednax, Inc. + ......................... 917,219 33,374 Medtronic, Inc ......................... 1,228,163 14,557 Merck & Co., Inc ....................... 460,438 26,600 Mylan, Inc. + .......................... 425,866 12,300 Myriad Genetics, Inc. + ................ 337,020 7,800 Novo Nordisk ADR ....................... 491,010 3,813 Patterson Cos., Inc. + ................. 103,904 43,304 Pfizer, Inc ............................ 716,681 7,750 Quest Diagnostics, Inc ................. 404,472 5,533 Resmed, Inc. + ......................... 250,092 4,500 Schering-Plough Corp ................... 127,125 2,536 St. Jude Medical, Inc. + ............... 98,929 4,025 Stryker Corp ........................... 182,856 3,100 Techne Corp ............................ 193,905 51,275 Teva Pharmaceutical Industries, Ltd. ADR 2,592,464 SHARES VALUE ------ ----- HEALTH CARE -- 18.0% (CONTINUED) 24,410 Thermo Fisher Scientific, Inc. + ....... $ 1,065,985 9,800 Valeant Pharmaceuticals International + 274,988 6,030 Varian Medical Systems, Inc. + ......... 254,044 1,400 Vertex Pharmaceuticals, Inc. + ......... 53,060 3,500 Warner Chilcott PLC, Class A + ......... 75,670 8,800 Watson Pharmaceuticals, Inc. + ......... 322,432 1,300 WellPoint, Inc. + ...................... 61,568 5,642 Zimmer Holdings, Inc. + ................ 301,565 -------------- 37,323,480 -------------- INDUSTRIALS -- 7.0% 9,001 3M Co .................................. 664,274 800 Alexander & Baldwin, Inc ............... 25,672 27,900 BE Aerospace, Inc. + ................... 561,906 8,449 Boeing Co .............................. 457,513 2,308 Brink's Co. (The) ...................... 62,108 15,300 Caterpillar, Inc ....................... 785,349 7,510 Chicago Bridge & Iron Co. NV ........... 140,287 39,100 Continental Airlines, Inc., Class B + .. 642,804 4,700 Crane Co ............................... 121,307 8,755 CSX Corp ............................... 366,484 16,895 Cummins, Inc ........................... 757,065 9,650 Danaher Corp ........................... 649,638 37,760 Delta Air Lines, Inc. + ................ 338,330 22,000 Expeditors International of Washington, Inc .................................... 773,300 11,100 Fastenal Co ............................ 429,570 6,400 FedEx Corp ............................. 481,408 600 First Solar, Inc. + .................... 91,716 2,100 Flowserve Corp ......................... 206,934 10,050 Fluor Corp ............................. 511,043 8,250 General Dynamics Corp .................. 532,950 58,915 General Electric Co .................... 967,384 3,139 Hubbell, Inc., Class B ................. 131,838 3,864 Illinois Tool Works, Inc ............... 165,031 3,181 ITT Corp ............................... 165,889 11,894 Jacobs Engineering Group, Inc. + ....... 546,529 2,870 Joy Global, Inc ........................ 140,458 6,358 L-3 Communications Holdings, Inc., Class 3 ................................ 510,675 1,372 Manitowoc Co., Inc. (The) .............. 12,993 5,575 McDermott International, Inc. + ........ 140,880 7,065 Monster Worldwide, Inc. + .............. 123,496 2,575 Parker Hannifin Corp ................... 133,488 6,300 Robert Half International, Inc ......... 157,626 4,535 Rockwell Automation, Inc ............... 193,191 2,200 Ryder System, Inc ...................... 85,932 800 Shaw Group, Inc. (The) + ............... 25,672 6,365 Terex Corp. + .......................... 131,947 6,610 Textron, Inc ........................... 125,458 22,000 Union Pacific Corp ..................... 1,283,700 9,129 United Technologies Corp ............... 556,230 5,400 UTi Worldwide, Inc ..................... 78,192 7,000 WESCO International, Inc. + ............ 201,600 -------------- 14,477,867 -------------- INFORMATION TECHNOLOGY -- 33.1% 129,200 Activision Blizzard, Inc. + ............ 1,600,788 16,363 Adobe Systems, Inc. + .................. 540,634 7,100 Advanced Micro Devices, Inc. + ......... 40,186 3,799 Altera Corp ............................ 77,917 15,980 Amphenol Corp., Class A ................ 602,127 6,385 Analog Devices, Inc .................... 176,098 5,610 ANSYS, Inc. + .......................... 210,207 43,317 Apple, Inc. + .......................... 8,029,672 4,465 ASML Holding NV, Class G ............... 132,030 Wilshire Mutual Funds, Inc. Large Company Growth Portfolio September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- INFORMATION TECHNOLOGY -- 33.1% (CONTINUED) 9,700 Autodesk, Inc. + ....................... $ 230,860 3,679 BMC Software, Inc. + ................... 138,073 13,417 Broadcom Corp., Class A + .............. 411,768 9,800 Broadridge Financial Solutions, Inc .... 196,980 52,000 Cadence Design Systems, Inc. + ......... 381,680 120,141 Cisco Systems, Inc. + .................. 2,828,119 98,800 Cognizant Technology Solutions Corp., Class A + .............................. 3,819,608 8,300 Compuware Corp. + ...................... 60,839 11,200 Convergys Corp. + ...................... 111,328 39,020 Corning, Inc ........................... 597,396 3,395 Cree, Inc. + ........................... 124,766 8,600 Cypress Semiconductor Corp. + .......... 88,838 75,125 Dell, Inc. + ........................... 1,146,408 1,877 Dolby Laboratories, Inc., Class A + .... 71,683 7,900 DST Systems, Inc. + .................... 353,920 17,800 eBay, Inc. + ........................... 420,258 12,204 Electronic Arts, Inc. + ................ 232,486 50,530 EMC Corp. + ............................ 861,031 3,535 Equinix, Inc. + ........................ 325,220 10,661 FLIR Systems, Inc. + ................... 298,188 1,373 Genpact, Ltd. + ........................ 16,888 10,922 Google, Inc., Class A + ................ 5,415,674 54,062 Hewlett-Packard Co ..................... 2,552,267 6,600 IAC/InterActive Corp. + ................ 133,254 5,600 Ingram Micro, Inc., Class A + .......... 94,360 178,665 Intel Corp ............................. 3,496,474 45,868 International Business Machines Corp .... 5,486,271 7,600 Intersil Corp., Class A ................ 116,356 5,100 Jabil Circuit, Inc ..................... 68,391 69,000 Juniper Networks, Inc. + ............... 1,864,380 5,800 Lam Research Corp. + ................... 198,128 3,794 Lexmark International, Inc., Class A + . 81,723 11,400 Marvell Technology Group, Ltd. + ....... 184,566 10,000 Mastercard, Inc., Class A .............. 2,021,500 4,766 MEMC Electronic Materials, Inc. + ...... 79,259 343,809 Microsoft Corp ......................... 8,901,215 31,575 NetApp, Inc. + ......................... 842,421 152,488 Novell, Inc. + ......................... 687,721 9,435 Nvidia Corp. + ......................... 141,808 110,992 Oracle Corp ............................ 2,313,073 2,600 Paychex, Inc ........................... 75,530 119,689 QUALCOMM, Inc .......................... 5,383,612 14,200 SAIC, Inc. + ........................... 249,068 4,645 Salesforce.com, Inc. + ................. 264,440 21,000 Seagate Technology ..................... 319,410 9,900 Symantec Corp. + ....................... 163,053 5,796 Synopsys, Inc. + ....................... 129,946 8,400 Tech Data Corp. + ...................... 349,524 18,301 Texas Instruments, Inc ................. 433,551 7,119 Trimble Navigation, Ltd. + ............. 170,215 7,665 Tyco Electronics, Ltd .................. 170,776 3,865 Varian Semiconductor Equipment Associates, Inc. + ..................... 126,927 11,900 VeriSign, Inc. + ....................... 281,911 13,515 Visa, Inc., Class A .................... 934,021 22,400 Vishay Intertechnology, Inc. + ......... 176,960 6,525 VMware, Inc., Class A + ................ 262,109 4,109 Yahoo!, Inc. + ......................... 73,181 1,561 Zebra Technologies Corp., Class A + .... 40,477 -------------- 68,409,548 -------------- MATERIALS -- 4.4% 2,300 Air Products & Chemicals, Inc .......... 178,434 1,500 Airgas, Inc ............................ 72,555 4,500 AK Steel Holding Corp .................. 88,785 SHARES VALUE ------ ----- MATERIALS -- 4.4% (CONTINUED) 4,235 Albemarle Corp ......................... $ 146,531 11,500 Alcoa, Inc ............................. 150,880 4,645 Ashland, Inc ........................... 200,757 4,700 Barrick Gold Corp ...................... 178,130 3,500 Cabot Corp ............................. 80,885 7,514 Celanese Corp., Ser A, Class A ......... 187,850 28,296 Commercial Metals Co ................... 506,498 4,300 Compass Minerals International, Inc .... 264,966 6,900 Cytec Industries, Inc .................. 224,043 13,785 Freeport-McMoRan Copper & Gold, Inc. ... 945,789 5,000 Huntsman Corp .......................... 45,550 23,531 Monsanto Co ............................ 1,821,299 400 Mosaic Co. (The) ....................... 19,228 10,500 Nalco Holding Co ....................... 215,145 1,709 Newmont Mining Corp .................... 75,230 8,500 Owens-Illinois, Inc. + ................. 313,650 3,600 Packaging Corp of America .............. 73,440 12,400 Potash Corp of Saskatchewan, Inc ....... 1,120,216 11,960 Praxair, Inc ........................... 977,013 900 Reliance Steel & Aluminum Co ........... 38,304 2,300 Royal Gold, Inc ........................ 104,880 8,500 RPM International, Inc ................. 157,165 1,184 Sigma-Aldrich Corp ..................... 63,912 7,100 Southern Copper Corp ................... 217,899 3,700 Temple-Inland, Inc ..................... 60,754 10,310 United States Steel Corp ............... 457,455 2,145 Walter Energy, Inc ..................... 128,829 600 Weyerhaeuser Co ........................ 21,990 -------------- 9,138,062 -------------- TELECOMMUNICATION SERVICES -- 1.4% 8,000 American Tower Corp., Class A + ........ 291,200 33,000 AT&T, Inc .............................. 891,330 7,000 Crown Castle International Corp. + ..... 219,520 34,100 Frontier Communications Corp ........... 257,114 24,600 MetroPCS Communications, Inc. + ........ 230,256 3,255 Millicom International Cellular SA + ... 236,769 14,370 NII Holdings, Inc. + ................... 430,812 7,700 SBA Communications Corp., Class A + .... 208,131 6,100 Telephone & Data Systems, Inc .......... 189,161 -------------- 2,954,293 -------------- UTILITIES -- 1.1% 45,100 AES Corp. (The) + ...................... 668,382 7,200 American Water Works Co., Inc .......... 143,568 1,200 CMS Energy Corp ........................ 16,080 7,045 Edison International ................... 236,571 3,135 Equities CORP .......................... 133,551 5,400 Hawaiian Electric Industries, Inc ...... 97,848 16,300 NiSource, Inc .......................... 226,407 13,100 NRG Energy, Inc. + ..................... 369,289 8,700 Public Service Enterprise Group, Inc ... 273,528 18,128 RRI Energy, Inc. + ..................... 129,434 -------------- 2,294,658 -------------- Total Common Stock (Cost $174,946,322) ............ 204,148,593 -------------- INVESTMENT COMPANIES -- 0.6% FINANCIALS -- 0.6% 15,000 iShares Dow Jones US Real Estate ....... 639,900 10,700 iShares Russell 1000 + ................. 495,517 -------------- Total Investment Companies (Cost $1,075,881) ...... 1,135,417 -------------- Wilshire Mutual Funds, Inc. Large Company Growth Portfolio September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- CASH EQUIVALENT -- 1.2% 2,541,788 PNC Institutional Money Market Trust, 0.05% (A) $ 2,541,788 -------------- Total Cash Equivalent (Cost $2,541,788) 2,541,788 -------------- Total Investments -- 100.4% (Cost $178,563,991)++ 207,825,798 Other Assets & Liabilities, Net -- (0.4)% (879,947) -------------- NET ASSETS -- 100.0% $ 206,945,851 ============== ADR -- American Depositary Receipt PLC -- Public Limited Company SER -- Series + Non-income producing security. (A) Rate shown is the 7-day effective yield as of September 30, 2009. ++ At September 30, 2009, the tax basis cost of the Portfolio's investments was $178,563,991, and the unrealized appreciation and depreciation were $37,544,761 and $(8,282,954), respectively. For information on the Portfolio's policy regarding valuation of investments and other significant accounting policies, please refer to the Portfolio's most recent semi-annual or annual financial statements. See end of Form N-Q Filing for inputs used in valuing the Portfolio's investments at September 30, 2009. Wilshire Mutual Funds, Inc. Large Company Value Portfolio September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- COMMON STOCK -- 99.0% CONSUMER DISCRETIONARY -- 10.0% 3,000 Barnes & Noble, Inc .................... $ 66,660 2,900 Comcast Corp. Special, Class A ......... 48,981 2,755 Dillard's, Inc., Class A ............... 38,845 8,400 EW Scripps Co., Class A ................ 63,000 2,400 Fortune Brands, Inc .................... 103,152 36,400 Gannett Co., Inc ....................... 455,364 1,600 Garmin, Ltd ............................ 60,384 1,900 Guess?, Inc ............................ 70,376 8,575 Home Depot, Inc. (The) ................. 228,438 11,202 HSN, Inc. + ............................ 182,369 14,850 J.C. Penney Co., Inc ................... 501,188 2,500 Johnson Controls, Inc .................. 63,900 2,400 Kohl's Corp. + ......................... 136,920 6,675 Magna International, Inc., Class A ..... 283,821 5,579 Mattel, Inc ............................ 102,988 17,000 McClatchy Co., Class A ................. 43,520 4,400 McGraw-Hill Cos., Inc. (The) ........... 110,616 2,100 Mohawk Industries, Inc. + .............. 100,149 4,000 Newell Rubbermaid, Inc ................. 62,760 8,500 Omnicom Group, Inc ..................... 313,990 172 Quiksilver, Inc. + ..................... 473 240 Rent-A-Center, Inc., Class A + ......... 4,531 3,700 Shaw Communications, Inc., Class B ..... 66,637 76 Sport Supply Group, Inc ................ 775 700 Steak N Shake Co. (The) + .............. 8,239 2,975 Whirlpool Corp ......................... 208,131 -------------- 3,326,207 -------------- CONSUMER STAPLES -- 5.7% 6,900 Avon Products, Inc ..................... 234,324 3,800 Dean Foods Co. + ....................... 67,602 9,438 Del Monte Foods Co ..................... 109,292 5,600 Dr. Pepper Snapple Group, Inc. + ....... 161,000 1,000 JM Smucker Co. (The) ................... 53,010 6,650 Kraft Foods, Inc., Class A ............. 174,696 1,700 Lorillard, Inc ......................... 126,310 2,400 Molson Coors Brewing Co., Class B ...... 116,832 272 Pantry, Inc. (The) + ................... 4,265 6,600 Procter & Gamble Co .................... 382,272 17,600 Sara Lee Corp .......................... 196,064 5,300 Wal-Mart Stores, Inc ................... 260,177 -------------- 1,885,844 -------------- ENERGY -- 14.0% 5,700 Anadarko Petroleum Corp ................ 357,561 2,425 Apache Corp ............................ 222,688 13,625 BJ Services Co ......................... 264,734 3,825 BP PLC ADR ............................. 203,605 2,400 BreitBurn Energy Partners, LP .......... 27,288 10,400 Chevron Corp ........................... 732,472 11,600 ConocoPhillips ......................... 523,856 2,200 Devon Energy Corp ...................... 148,126 12,200 El Paso Corp ........................... 125,904 7,950 Exxon Mobil Corp ....................... 545,449 1,000 National Oilwell Varco, Inc. + ......... 43,130 5,100 Newfield Exploration Co. + ............. 217,056 7,400 Noble Corp ............................. 280,904 2,500 Occidental Petroleum Corp .............. 196,000 2,900 SEACOR Holdings, Inc. + ................ 236,727 1,400 Tesoro Corp ............................ 20,972 7,550 Valero Energy Corp ..................... 146,394 5,400 Whiting Petroleum Corp. + .............. 310,932 1,300 XTO Energy, Inc ........................ 53,716 -------------- 4,657,514 -------------- SHARES VALUE ------ ----- FINANCIALS -- 25.8% 13,125 Allstate Corp. (The) ................... $ 401,887 3,100 American Equity Investment Life Holding Co ..................................... 21,762 1,900 American Express Co .................... 64,410 1,200 Arch Capital Group, Ltd. + ............. 81,048 27,175 Bank of America Corp ................... 459,801 1,650 Boston Properties, Inc ................. 108,158 13,250 Capital One Financial Corp ............. 473,423 2,800 CapitalSource, Inc ..................... 12,152 84,225 Citigroup, Inc ......................... 407,649 10,425 Comerica, Inc .......................... 309,310 28,100 Discover Financial Services ............ 456,063 5,239 Fidelity National Financial, Inc., Class A ................................ 79,004 2,250 Goldman Sachs Group, Inc. (The) ........ 414,788 9,100 Invesco, Ltd ........................... 207,116 24,025 JPMorgan Chase & Co .................... 1,052,775 6,725 MetLife, Inc ........................... 256,021 7,450 Morgan Stanley ......................... 230,056 2,553 PartnerRe, Ltd ......................... 196,428 7,404 PNC Financial Services Group, Inc ...... 359,760 8,700 ProLogis ............................... 103,704 2,900 Prosperity Bancshares, Inc ............. 100,891 4,000 Prudential Financial, Inc .............. 199,640 4,309 PS Business Parks, Inc ................. 221,138 3,000 Rayonier, Inc .......................... 122,730 22,600 Regions Financial Corp ................. 140,346 2,387 Simon Property Group, Inc .............. 165,729 9,794 State Street Corp ...................... 515,164 7,725 Torchmark Corp ......................... 335,497 22,275 UBS AG ................................. 407,855 6,400 Unum Group ............................. 137,216 14,600 Wells Fargo & Co ....................... 411,428 7,900 XL Capital, Ltd., Class A .............. 137,934 -------------- 8,590,883 -------------- HEALTH CARE -- 12.1% 11,025 Aetna, Inc ............................. 306,826 400 American Dental Partners, Inc. + ....... 5,600 7,450 AmerisourceBergen Corp., Class A ....... 166,731 4,000 Amgen, Inc. + .......................... 240,920 13,400 Bristol-Myers Squibb Co ................ 301,768 10,325 Cardinal Health, Inc ................... 276,710 5,162 CareFusion Corp. + ..................... 112,532 100 Cigna Corp ............................. 2,809 100 Community Health Systems, Inc. + ....... 3,193 1,600 Eli Lilly & Co ......................... 52,848 9,475 Johnson & Johnson ...................... 576,933 6,376 KV Pharmaceutical Co., Class A + ....... 19,574 2,600 Life Technologies Corp. + .............. 121,030 1,100 Maxygen, Inc. + ........................ 7,359 4,700 McKesson Corp .......................... 279,885 2,200 Merck & Co., Inc ....................... 69,586 47,500 Pfizer, Inc ............................ 786,125 16,700 UnitedHealth Group, Inc ................ 418,168 900 Universal Health Services, Inc., Class B 55,737 4,425 Zimmer Holdings, Inc. + ................ 236,516 -------------- 4,040,850 -------------- INDUSTRIALS -- 10.0% 700 3M Co .................................. 51,660 1,700 Avery Dennison Corp .................... 61,217 8,125 Boeing Co .............................. 439,969 24 Chart Industries, Inc. + ............... 518 4,500 Cooper Industries PLC, Class A ......... 169,065 2,100 Cummins, Inc ........................... 94,101 7,900 Dollar Thrifty Automotive Group, Inc. + 194,261 Wilshire Mutual Funds, Inc. Large Company Value Portfolio September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- INDUSTRIALS -- 10.0% (CONTINUED) 3,100 Fluor Corp ............................. $ 157,635 1,800 General Dynamics Corp .................. 116,280 43,400 General Electric Co .................... 712,628 5,300 Hawaiian Holdings, Inc. + .............. 43,778 6,900 Hertz Global Holdings, Inc. + .......... 74,727 2,700 Ingersoll-Rand PLC ..................... 82,809 1,600 ITT Corp ............................... 83,440 3,625 L-3 Communications Holdings, Inc., Class 3 ................................ 291,160 22 Layne Christensen Co. + ................ 705 8,350 Northrop Grumman Corp .................. 432,112 90 PRG-Schultz International, Inc. + ...... 504 3,300 Skywest, Inc ........................... 54,714 1,800 SPX Corp ............................... 110,286 3,144 Standard Register Co. (The) ............ 18,487 4,300 Textron, Inc ........................... 81,614 100 Tredegar Corp .......................... 1,450 1,325 Tyco International, Ltd ................ 45,686 -------------- 3,318,806 -------------- INFORMATION TECHNOLOGY -- 11.3% 1,175 Accenture PLC, Class A ................. 43,792 900 Adaptec, Inc. + ........................ 3,006 79,400 Alcatel-Lucent ADR ..................... 356,506 15,800 CA, Inc ................................ 347,442 3,100 Computer Sciences Corp. + .............. 163,401 13,100 Dell, Inc. + ........................... 199,906 7,300 EMC Corp. + ............................ 124,392 4,700 Fidelity National Information Services, Inc .................................... 119,897 14 Hutchinson Technology, Inc. + .......... 99 2,200 IAC/InterActive Corp. + ................ 44,418 2,724 International Business Machines Corp ... 325,818 37,500 Kemet Corp. + .......................... 57,375 6,600 Lam Research Corp. + ................... 225,456 121 Lexmark International, Inc., Class A + . 2,606 12,400 Marvell Technology Group, Ltd. + ....... 200,756 9,673 Microsoft Corp ......................... 250,434 5,100 Molex, Inc ............................. 106,488 26,500 Motorola, Inc .......................... 227,635 3,900 Net 1 UEPS Technologies, Inc. + ........ 81,744 7,118 OpenTV Corp., Class A + ................ 9,823 4,800 SAIC, Inc. + ........................... 84,192 6,100 Seagate Technology ..................... 92,781 1,600 Sybase, Inc. + ......................... 62,240 200 TeleTech Holdings, Inc. + .............. 3,412 8,100 Tellabs, Inc. + ........................ 56,052 13,975 Tyco Electronics, Ltd .................. 311,363 600 Vishay Intertechnology, Inc. + ......... 4,740 7,600 Western Digital Corp. + ................ 277,628 -------------- 3,783,402 -------------- MATERIALS -- 3.7% 800 Clearwater Paper Corp. + ............... 33,064 2,600 Cliffs Natural Resources, Inc .......... 84,136 4,700 Dow Chemical Co. (The) ................. 122,529 4,000 Eastman Chemical Co .................... 214,160 2,700 Freeport-McMoRan Copper & Gold, Inc. ... 185,247 7,592 Glatfelter ............................. 87,156 6,000 Huntsman Corp .......................... 54,660 4,100 Omnova Solutions, Inc. + ............... 26,568 600 PPG Industries, Inc .................... 34,926 1,500 Schulman A, Inc ........................ 29,895 1,700 Schweitzer-Mauduit International, Inc .. 92,412 3,900 Temple-Inland, Inc ..................... 64,038 SHARES VALUE ------ ----- MATERIALS -- 3.7% (CONTINUED) 3,650 Walter Energy, Inc ..................... $ 219,219 -------------- 1,248,010 -------------- TELECOMMUNICATION SERVICES -- 3.3% 32,300 AT&T, Inc .............................. 872,423 23,900 Qwest Communications International, Inc .................................... 91,059 4,000 Verizon Communications, Inc ............ 121,080 -------------- 1,084,562 -------------- UTILITIES -- 3.1% 10,400 AES Corp. (The) + ...................... 154,128 2,400 American Electric Power Co., Inc ....... 74,376 12,500 Mirant Corp. + ......................... 205,375 4,500 Northeast Utilities .................... 106,830 7,900 NRG Energy, Inc. + ..................... 222,701 4,550 Sempra Energy .......................... 226,636 1,000 Wisconsin Energy Corp .................. 45,170 -------------- 1,035,216 -------------- Total Common Stock (Cost $28,279,763) ............. 32,971,294 -------------- CASH EQUIVALENT -- 0.8% 271,065 PNC Institutional Money Market Trust, 0.05% (A) ............................... 271,065 -------------- Total Cash Equivalent (Cost $271,065) ................................... 271,065 -------------- Total Investments -- 99.8% (Cost $28,550,828)++ .............................. 33,242,359 Other Assets & Liabilities, Net -- 0.2% ........... 76,712 -------------- NET ASSETS -- 100.0% $ 33,319,071 ============== ADR -- American Depositary Receipt LP -- Limited Partnership Investment PLC -- Public Limited Company + Non-income producing security. (A) Rate shown is the 7-day effective yield as of September 30, 2009. ++ At September 30, 2009, the tax basis cost of the Portfolio's investments was $28,550,828, and the unrealized appreciation and depreciation were $6,018,235 and $(1,326,704), respectively. For information on the Portfolio's policy regarding valuation of investments and other significant accounting policies, please refer to the Portfolio's most recent semi-annual or annual financial statements. See end of Form N-Q Filing for inputs used in valuing the Portfolio's investments at September 30, 2009. Wilshire Mutual Funds, Inc. Small Company Growth Portfolio September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- COMMON STOCK -- 98.5% CONSUMER DISCRETIONARY -- 18.8% 2,380 99 Cents Only Stores + ................. $ 32,011 175 Aaron's, Inc ........................... 4,620 250 Aeropostale, Inc. + .................... 10,867 1,000 American Axle & Manufacturing Holdings, Inc .......................... 7,080 500 American Greetings Corp., Class A ...... 11,150 2,010 America's Car-Mart, Inc. + ............. 48,140 1,000 Ameristar Casinos, Inc ................. 15,780 700 Arbitron, Inc .......................... 14,532 200 ArvinMeritor, Inc ...................... 1,564 150 Bally Technologies, Inc. + ............. 5,755 75 Blue Nile, Inc. + ...................... 4,659 300 Brown Shoe Co., Inc .................... 2,406 100 Brunswick Corp ......................... 1,198 800 Buckle, Inc. (The) ..................... 27,312 500 Cabela's, Inc. + ....................... 6,670 600 California Pizza Kitchen, Inc. + ....... 9,372 400 Carmike Cinemas, Inc. + ................ 4,044 1,500 Cato Corp. (The), Class A .............. 30,435 100 CEC Entertainment, Inc. + .............. 2,586 1,700 Charlotte Russe Holding, Inc. + ........ 29,750 1,500 Charming Shoppes, Inc. + ............... 7,365 300 Cheesecake Factory (The) + ............. 5,556 2,757 Chico's FAS, Inc. + .................... 35,841 2,400 Christopher & Banks Corp ............... 16,248 300 Coldwater Creek, Inc. + ................ 2,460 300 Collective Brands, Inc. + .............. 5,199 1,800 Cooper Tire & Rubber Co ................ 31,644 875 Corinthian Colleges, Inc. + ............ 16,240 800 Cracker Barrel Old Country Store, Inc .. 27,520 480 Deckers Outdoor Corp. + ................ 40,728 2,100 Denny's Corp. + ........................ 5,586 200 Dillard's, Inc., Class A ............... 2,820 700 DineEquity, Inc ........................ 17,325 400 Dress Barn, Inc. + ..................... 7,172 3,600 Eastman Kodak Co ....................... 17,208 400 EW Scripps Co., Class A ................ 3,000 200 Exide Technologies + ................... 1,594 200 Fred's, Inc., Class A .................. 2,546 100 Genesco, Inc. + ........................ 2,407 430 Global Sources, Ltd. + ................. 2,954 1,243 Group 1 Automotive, Inc ................ 33,375 1,445 Gymboree Corp. + ....................... 69,909 500 hhgregg, Inc. + ........................ 8,470 100 HOT Topic, Inc. + ...................... 749 900 Hovnanian Enterprises, Inc., Class A + . 3,456 1,200 J. Crew Group, Inc. + .................. 42,984 500 Jo-Ann Stores, Inc. + .................. 13,415 1,100 Journal Communications, Inc., Class A .. 4,048 300 La-Z-Boy, Inc., Class Z ................ 2,595 3,000 Leapfrog Enterprises, Inc., Class A + .. 12,330 300 Lithia Motors, Inc., Class A ........... 4,677 1,200 Live Nation, Inc. + .................... 9,828 2,200 LodgeNet Interactive Corp. + ........... 16,610 125 Matthews International Corp., Class A .. 4,423 1,700 Mediacom Communications Corp., Class A + .............................. 9,792 300 Men's Wearhouse, Inc. (The) ............ 7,410 100 Morgans Hotel Group Co. + .............. 542 1,200 NutriSystem, Inc ....................... 18,312 900 OfficeMax, Inc ......................... 11,322 163 Overstock.com, Inc. + .................. 2,391 SHARES VALUE ------ ----- CONSUMER DISCRETIONARY -- 18.8% (CONTINUED) 200 Oxford Industries, Inc ................. $ 3,940 2,702 Pacific Sunwear of California + ........ 13,915 450 Panera Bread Co., Class A + ............ 24,750 411 Peet's Coffee & Tea, Inc. + ............ 11,603 200 PetMed Express, Inc .................... 3,770 910 PF Chang's China Bistro, Inc. + ........ 30,913 300 Pinnacle Entertainment, Inc. + ......... 3,057 325 Pre-Paid Legal Services, Inc. + ........ 16,510 2,400 RCN Corp. + ............................ 22,320 300 Red Robin Gourmet Burgers, Inc. + ...... 6,126 2,200 Ruth's Hospitality Group, Inc. + ....... 9,284 600 Sinclair Broadcast Group, Inc., Class A 2,148 4,700 Smith & Wesson Holding Corp. + ......... 24,581 1,000 Sonic Automotive, Inc., Class A ........ 10,500 825 Sotheby's .............................. 14,215 2,650 Spartan Motors, Inc .................... 13,621 600 Stage Stores, Inc ...................... 7,776 3,200 Standard Pacific Corp. + ............... 11,808 100 Steak N Shake Co. (The) + .............. 1,177 1,031 Stein Mart, Inc. + ..................... 13,104 1,183 Steven Madden, Ltd. + .................. 43,546 61 Strayer Education, Inc ................. 13,278 400 Systemax, Inc. + ....................... 4,852 800 Tenneco, Inc. + ........................ 10,432 50 Texas Roadhouse, Inc., Class A + ....... 531 400 Tupperware Brands Corp ................. 15,968 1,369 Tween Brands, Inc. + ................... 11,486 175 Universal Electronics, Inc. + .......... 3,574 600 Valassis Communications, Inc. + ........ 10,728 127 Warnaco Group, Inc. (The) + ............ 5,570 900 Wendy's/Arby's Group, Inc., Class A .... 4,257 200 Winnebago Industries ................... 2,942 2,100 Youbet.com, Inc. + ..................... 4,410 -------------- 1,174,674 -------------- CONSUMER STAPLES -- 4.0% 2,300 Alliance One International, Inc. + ..... 10,304 900 American Oriental Bioengineering, Inc. + ................................. 4,374 200 Casey's General Stores, Inc ............ 6,276 75 Chattem, Inc. + ........................ 4,981 1,200 Chiquita Brands International, Inc. + .. 19,392 500 Darling International, Inc. + .......... 3,675 800 Flowers Foods, Inc ..................... 21,032 700 Great Atlantic & Pacific Tea Co. + ..... 6,237 112 Green Mountain Coffee Roasters, Inc. + . 8,270 100 Imperial Sugar Co ...................... 1,268 734 Lance, Inc ............................. 18,952 1,300 Pantry, Inc. (The) + ................... 20,384 300 Pricesmart, Inc ........................ 5,625 200 Revlon, Inc., Class A + ................ 972 1,100 Sanderson Farms, Inc ................... 41,404 7,000 Star Scientific, Inc. + ................ 6,510 1,105 TreeHouse Foods, Inc. + ................ 39,416 300 United Natural Foods, Inc. + ........... 7,176 550 USANA Health Sciences, Inc. + .......... 18,760 500 Winn-Dixie Stores, Inc. + .............. 6,560 -------------- 251,568 -------------- ENERGY -- 4.8% 100 Atlas Energy, Inc ...................... 2,707 200 BPZ Resources, Inc. + .................. 1,504 2,448 Brigham Exploration Co. + .............. 22,228 1,187 EXCO Resources, Inc .................... 22,185 800 General Maritime Corp .................. 6,192 926 Goodrich Petroleum Corp. + ............. 23,900 Wilshire Mutual Funds, Inc. Small Company Growth Portfolio September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- ENERGY -- 4.8% (CONTINUED) 500 Gulfport Energy Corp. + ................ $ 4,370 175 Matrix Service Co. + ................... 1,902 400 McMoRan Exploration Co. + .............. 3,020 609 Oceaneering International, Inc. + ...... 34,561 252 PetroHawk Energy Corp. + ............... 6,101 5,206 Petroquest Energy, Inc. + .............. 33,787 3,358 Rosetta Resources, Inc. + .............. 49,329 2,015 Superior Energy Services, Inc. + ....... 45,378 200 Willbros Group, Inc. + ................. 3,046 800 World Fuel Services Corp ............... 38,456 -------------- 298,666 -------------- FINANCIALS -- 5.0% 495 BOK Financial Corp ..................... 22,928 300 Equity One, Inc ........................ 4,701 250 Financial Federal Corp ................. 6,170 800 First Bancorp .......................... 2,440 965 Iberiabank Corp ........................ 43,965 1,028 Lazard, Ltd., Class A, LP .............. 42,467 500 LTC Properties, Inc .................... 12,020 100 Mid-America Apartment Communities, Inc .................................... 4,513 125 optionsXpress Holdings, Inc ............ 2,160 75 Penson Worldwide, Inc. + ............... 730 200 PHH Corp. + ............................ 3,968 2,750 Pinnacle Financial Partners, Inc. + .... 34,953 350 Prospect Capital Corp .................. 3,748 300 Redwood Trust, Inc ..................... 4,650 1,450 Signature Bank + ....................... 42,050 75 SWS Group, Inc ......................... 1,080 3,053 Texas Capital Bancshares, Inc. + ....... 51,413 300 Tower Group, Inc ....................... 7,317 2,419 Trustco Bank Corp ...................... 15,119 150 Westamerica Bancorporation ............. 7,800 -------------- 314,192 -------------- HEALTH CARE -- 20.9% 1,125 Abaxis, Inc. + ......................... 30,094 100 Acorda Therapeutics, Inc. + ............ 2,328 1,550 Affymetrix, Inc. + ...................... 13,609 200 Air Methods Corp. + .................... 6,514 475 Albany Molecular Research, Inc. + ...... 4,113 1,050 Alexion Pharmaceuticals, Inc. + ........ 46,767 125 Align Technology, Inc. + ............... 1,778 1,575 Allos Therapeutics, Inc. + ............. 11,419 300 Alnylam Pharmaceuticals, Inc. + ........ 6,804 125 AMAG Pharmaceuticals, Inc. + ........... 5,460 1,524 Amedisys, Inc. + ....................... 66,492 700 American Medical Systems Holdings, Inc. + ................................. 11,844 1,500 AMERIGROUP Corp. + ..................... 33,255 200 Angiodynamics, Inc. + .................. 2,756 2,200 Arqule, Inc. + ......................... 9,988 200 Array Biopharma, Inc. + ................ 476 870 athenahealth, Inc. + ................... 33,382 700 Bio-Reference Labs, Inc. + ............. 24,080 3,200 BioScrip, Inc. + ....................... 21,632 280 Bruker Corp. + ......................... 2,988 125 Centene Corp. + ........................ 2,368 625 Chemed Corp ............................ 27,431 835 Computer Programs & Systems, Inc ....... 34,577 375 Corvel Corp. + ......................... 10,650 1,475 Cubist Pharmaceuticals, Inc. + ......... 29,795 1,576 Cyberonics, Inc. + ..................... 25,121 825 Cypress Bioscience, Inc. + ............. 6,740 SHARES VALUE ------ ----- HEALTH CARE -- 20.9% (CONTINUED) 300 Cytokinetics, Inc. + ................... $ 1,587 200 Dendreon Corp. + ....................... 5,598 150 Dionex Corp. + ......................... 9,745 1,150 Enzo Biochem, Inc. + ................... 8,142 376 eResearchTechnology, Inc. + ............ 2,632 650 Genoptix, Inc. + ....................... 22,607 325 Geron Corp. + .......................... 2,132 250 Haemonetics Corp. + .................... 14,030 200 Halozyme Therapeutics, Inc. + .......... 1,422 4,734 Health Management Associates, Inc., Class A + .............................. 35,458 400 Healthways, Inc. + ..................... 6,128 1,827 HMS Holdings Corp. + ................... 69,846 500 Human Genome Sciences, Inc. + .......... 9,410 1,265 ICON PLC ADR + ......................... 30,980 250 ICU Medical, Inc. + .................... 9,215 1,950 Immucor, Inc. + ........................ 34,515 125 Immunomedics, Inc. + ................... 690 500 inVentiv Health, Inc. + ................ 8,365 129 Isis Pharmaceuticals, Inc. + ........... 1,880 775 Kendle International, Inc. + ........... 12,958 125 Landauer, Inc .......................... 6,873 550 LHC Group, Inc. + ...................... 16,461 2,100 Ligand Pharmaceuticals, Inc., Class B + . 4,851 1,425 Martek Biosciences Corp. + ............. 32,191 100 Matrixx Initiatives, Inc. + ............ 568 800 Maxygen, Inc. + ........................ 5,352 1,460 MedAssets, Inc. + ...................... 32,952 600 Medicines Co. (The) + .................. 6,606 1,300 Medicis Pharmaceutical Corp., Class A .. 27,755 1,650 Meridian Bioscience, Inc ............... 41,266 875 Merit Medical Systems, Inc. + .......... 15,164 215 Molina Healthcare, Inc. + .............. 4,448 600 Myriad Genetics, Inc. + ................ 16,440 1,200 Nighthawk Radiology Holdings, Inc. + . . 8,676 1,000 Obagi Medical Products, Inc. + ......... 11,600 50 Odyssey HealthCare, Inc. + ............. 625 551 Omnicell, Inc. + ....................... 6,138 550 Onyx Pharmaceuticals, Inc. + ........... 16,483 64 Palomar Medical Technologies, Inc. + ... 1,037 450 Par Pharmaceutical Cos., Inc. + ........ 9,680 2,330 Parexel International Corp. + .......... 31,665 4,300 PDL BioPharma, Inc ..................... 33,884 501 Perrigo Co ............................. 17,029 400 Providence Service Corp. (The) + ....... 4,664 430 Quality Systems, Inc ................... 26,475 1,125 Questcor Pharmaceuticals, Inc. + ....... 6,210 650 Quidel Corp. + ......................... 10,550 825 Regeneron Pharmaceuticals, Inc. + ...... 15,922 400 Rigel Pharmaceuticals, Inc. + .......... 3,280 250 Savient Pharmaceuticals, Inc. + ........ 3,800 150 SonoSite, Inc. + ....................... 3,969 525 STERIS Corp ............................ 15,986 1,559 SXC Health Solutions Corp. + ........... 72,946 75 Symmetry Medical, Inc. + ............... 778 400 Varian, Inc. + ......................... 20,424 75 West Pharmaceutical Services, Inc ...... 3,046 475 Zoll Medical Corp. + ................... 10,222 -------------- 1,305,817 -------------- INDUSTRIALS -- 8.9% 700 ACCO Brands Corp. + .................... 5,054 675 Administaff, Inc ....................... 17,732 300 Advisory Board Co. (The) + ............. 7,542 Wilshire Mutual Funds, Inc. Small Company Growth Portfolio September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- INDUSTRIALS -- 8.9% (CONTINUED) 2,400 Air Transport Services Group, Inc. + ... $ 8,304 2,700 Airtran Holdings, Inc. + ............... 16,875 700 Alaska Air Group, Inc. + ............... 18,753 262 American Commercial Lines, Inc. + ...... 7,629 300 American Ecology Corp .................. 5,610 100 American Science & Engineering, Inc .... 6,804 500 Apogee Enterprises, Inc ................ 7,510 1,300 Avis Budget Group, Inc. + .............. 17,368 175 Badger Meter, Inc ...................... 6,771 2,302 BE Aerospace, Inc. + ................... 46,362 525 Brady Corp., Class A ................... 15,078 1,214 Briggs & Stratton Corp ................. 23,564 1,350 Bucyrus International, Inc., Class A ... 48,087 100 CDI Corp ............................... 1,405 2,500 Cenveo, Inc. + ......................... 17,300 175 Columbus McKinnon Corp. + .............. 2,651 50 Comfort Systems USA, Inc ............... 580 595 Copart, Inc. + ......................... 19,760 50 Cubic Corp ............................. 1,974 2,095 EnerSys + .............................. 46,341 157 Equifax, Inc ........................... 4,575 125 Genco Shipping & Trading, Ltd .......... 2,598 1,018 GenCorp, Inc. + ........................ 5,456 489 Kaman Corp ............................. 10,748 175 Knight Transportation, Inc ............. 2,936 501 Lydall, Inc. + ......................... 2,635 233 Marten Transport, Ltd. + ............... 3,975 1,050 Mine Safety Appliances Co .............. 28,885 1,100 NCI Building Systems, Inc. + ........... 3,520 175 Nordson Corp ........................... 9,816 3,900 Pacer International, Inc ............... 15,054 510 Ritchie Bros. Auctioneers, Inc ......... 12,515 1,341 Rollins, Inc ........................... 25,278 900 Standard Register Co. (The) ............ 5,292 250 Teledyne Technologies, Inc. + .......... 8,998 43 Tetra Tech, Inc. + ..................... 1,141 326 Titan International, Inc ............... 2,901 700 Titan Machinery, Inc. + ................ 8,764 875 Tredegar Corp .......................... 12,688 580 TrueBlue, Inc. + ....................... 8,161 2,100 UAL Corp. + ............................ 19,362 600 Werner Enterprises, Inc ................ 11,178 -------------- 555,530 -------------- INFORMATION TECHNOLOGY -- 29.1% 2,000 3Com Corp. + ........................... 10,460 50 ACI Worldwide, Inc. + .................. 757 725 Actuate Corp. + ........................ 4,191 100 ADC Telecommunications, Inc. + ......... 834 904 Advanced Analogic Technologies, Inc. + . 3,589 500 Amkor Technology, Inc. + ............... 3,440 200 Anixter International, Inc. + .......... 8,022 175 ANSYS, Inc. + .......................... 6,557 4,823 Ariba, Inc. + .......................... 55,947 2,294 Art Technology Group, Inc. + ........... 8,855 900 AsiaInfo Holdings, Inc. + .............. 17,973 1,580 Atheros Communications, Inc. + ......... 41,917 600 ATMI, Inc. + ........................... 10,890 50 Avocent Corp. + ........................ 1,013 650 Blue Coat Systems, Inc. + .............. 14,683 4,200 Brightpoint, Inc. + .................... 36,750 320 Cabot Microelectronics Corp. + ......... 11,155 675 CACI International, Inc., Class A + .... 31,907 1,259 Ceva, Inc. + ........................... 13,534 SHARES VALUE ------ ----- INFORMATION TECHNOLOGY -- 29.1% (CONTINUED) 3,500 Ciber, Inc. + .......................... $ 14,000 350 Cirrus Logic, Inc. + ................... 1,946 350 Cognex Corp ............................ 5,733 850 Cogo Group, Inc. + ..................... 5,202 200 CommVault Systems, Inc. + .............. 4,150 579 Concur Technologies, Inc. + ............ 23,021 300 Cray, Inc. + ........................... 2,499 556 CSG Systems International, Inc. + ...... 8,902 453 CTS Corp ............................... 4,213 1,482 Cybersource Corp. + .................... 24,705 625 Cymer, Inc. + .......................... 24,288 1,175 Daktronics, Inc ........................ 10,070 815 Digital River, Inc. + .................. 32,861 100 Double-Take Software, Inc. + ........... 1,019 425 Earthlink, Inc ......................... 3,574 375 Emulex Corp. + ......................... 3,859 300 Euronet Worldwide, Inc. + .............. 7,209 63 Factset Research Systems, Inc .......... 4,173 50 FARO Technologies, Inc. + .............. 859 300 FEI Co. + .............................. 7,395 1,901 FLIR Systems, Inc. + ................... 53,171 50 GSI Commerce, Inc. + ................... 965 100 Harmonic, Inc. + ....................... 668 4,979 Heartland Payment Systems, Inc ......... 72,245 175 Hittite Microwave Corp. + .............. 6,437 300 Hutchinson Technology, Inc. + .......... 2,130 1,700 Hypercom Corp. + ....................... 5,270 400 i2 Technologies, Inc. + ................ 6,416 2,400 Imation Corp ........................... 22,248 600 Immersion Corp. + ...................... 2,568 1,200 Infinera Corp. + ....................... 9,540 1,695 Informatica Corp. + .................... 38,273 700 Insight Enterprises, Inc. + ............ 8,547 272 InterDigital, Inc. + ................... 6,300 1,200 Intermec, Inc. + ....................... 16,920 2,880 Intersil Corp., Class A ................ 44,093 125 IPG Photonics Corp. + .................. 1,900 675 j2 Global Communications, Inc. + ....... 15,532 100 Jack Henry & Associates, Inc ........... 2,347 50 Knot, Inc. (The) + ..................... 546 1,500 Kopin Corp. + .......................... 7,200 700 L-1 Identity Solutions, Inc., Class 1 + 4,893 400 Lionbridge Technologies, Inc. + ........ 1,040 100 Littelfuse, Inc. + ..................... 2,624 2,800 LivePerson, Inc. + ..................... 14,112 550 LoopNet, Inc. + ........................ 4,972 650 Manhattan Associates, Inc. + ........... 13,130 300 Mantech International Corp., Class A + . 14,148 1,600 Methode Electronics, Inc ............... 13,872 900 Micrel, Inc ............................ 7,335 1,900 Microsemi Corp. + ...................... 30,001 475 MicroStrategy, Inc., Class A + ......... 33,982 4,200 MIPS Technologies, Inc., Class A + ..... 15,834 800 ModusLink Global Solutions, Inc. + ..... 6,472 5,600 MoneyGram International, Inc. + ........ 17,584 2,057 Monolithic Power Systems, Inc. + ....... 48,237 238 Multi-Fineline Electronix, Inc. + ...... 6,833 428 Netgear, Inc. + ........................ 7,854 1,315 Netlogic Microsystems, Inc. + .......... 59,175 50 Netscout Systems, Inc. + ............... 675 1,300 Novatel Wireless, Inc. + ............... 14,768 288 Omniture, Inc. + ....................... 6,174 500 Palm, Inc. + ........................... 8,715 1,020 Phoenix Technologies, Ltd. + ........... 3,723 Wilshire Mutual Funds, Inc. Small Company Growth Portfolio September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- INFORMATION TECHNOLOGY -- 29.1% (CONTINUED) 1,600 Photronics, Inc. + ..................... $ 7,584 175 Plexus Corp. + ......................... 4,610 385 Progress Software Corp. + .............. 8,720 1,876 QLogic Corp. + ......................... 32,267 3,800 Quantum Corp. + ........................ 4,788 2,183 Rackspace Hosting, Inc. + .............. 37,242 300 Radisys Corp. + ........................ 2,607 1,700 RF Micro Devices, Inc. + ............... 9,231 805 RightNow Technologies, Inc. + .......... 11,624 1,060 Riverbed Technology, Inc. + ............ 23,278 100 Rofin-Sinar Technologies, Inc. + ....... 2,296 350 Rogers Corp. + ......................... 10,489 1,665 Rovi Corp. + ........................... 55,944 400 Scansource, Inc. + ..................... 11,328 300 Sigma Designs, Inc. + .................. 4,359 7,193 Skyworks Solutions, Inc. + ............. 95,235 350 SPSS, Inc. + ........................... 17,483 225 Standard Microsystems Corp. + .......... 5,222 175 Starent Networks Corp. + ............... 4,448 925 Sybase, Inc. + ......................... 35,983 300 Symyx Technologies, Inc. + ............. 1,986 1,896 Synaptics, Inc. + ...................... 47,779 200 Synchronoss Technologies, Inc. + ....... 2,494 225 Syntel, Inc ............................ 10,739 700 Take-Two Interactive Software, Inc. + .. 7,847 2,464 Taleo Corp., Class A + ................. 55,785 1,625 TeleTech Holdings, Inc. + .............. 27,723 650 Tessera Technologies, Inc. + ........... 18,128 500 THQ, Inc. + ............................ 3,420 650 Tyler Technologies, Inc. + ............. 11,108 50 Ultratech, Inc. + ...................... 662 500 Unisys Corp. + ......................... 1,335 250 United Online, Inc ..................... 2,010 3,100 Utstarcom, Inc. + ...................... 6,479 300 Valueclick, Inc. + ..................... 3,957 310 VASCO Data Security International, Inc. + ................................. 2,300 300 VeriFone Holdings, Inc. + .............. 4,767 605 VistaPrint NV + ........................ 30,704 1,600 Vocus, Inc. + .......................... 33,424 747 Volterra Semiconductor Corp. + ......... 13,722 400 Web.com Group, Inc. + .................. 2,836 1,200 Zoran Corp. + .......................... 13,824 -------------- 1,819,388 -------------- MATERIALS -- 4.5% 200 AM Castle & Co ......................... 1,988 325 Arch Chemicals, Inc .................... 9,747 100 Balchem Corp ........................... 2,630 300 Calgon Carbon Corp. + .................. 4,449 100 Clearwater Paper Corp. + ............... 4,133 2,290 Commercial Metals Co ................... 40,991 250 Compass Minerals International, Inc .... 15,405 200 Domtar Corp. + ......................... 7,044 200 Ferro Corp ............................. 1,780 100 General Steel Holdings, Inc. + ......... 389 650 HB Fuller Co ........................... 13,585 800 Headwaters, Inc. + ..................... 3,096 1,100 Myers Industries, Inc .................. 11,847 100 NewMarket Corp ......................... 9,304 2,000 Omnova Solutions, Inc. + ............... 12,960 2,700 Polyone Corp. + ........................ 18,009 596 Schnitzer Steel Industries, Inc., Class A ................................ 31,737 300 Schulman A, Inc ........................ 5,979 SHARES VALUE ------ ----- MATERIALS -- 4.5% (CONTINUED) 400 Sensient Technologies Corp ............. $ 11,108 1,400 Spartech Corp .......................... 15,078 2,600 WR Grace & Co. + ....................... 56,524 -------------- 277,783 -------------- TELECOMMUNICATION SERVICES -- 2.1% 425 Cbeyond, Inc. + ........................ 6,855 3,851 Cincinnati Bell, Inc. + ................ 13,478 100 General Communication, Inc., Class A + . 686 2,100 Global Crossing, Ltd. + ................ 30,030 100 Neutral Tandem, Inc. + ................. 2,276 7,800 PAETEC Holding Corp. + ................. 30,186 2,286 tw telecom, Inc., Class A + ............ 30,747 300 USA Mobility, Inc ...................... 3,864 2,200 Virgin Mobile USA, Inc. , Class A + .... 11,000 -------------- 129,122 -------------- UTILITIES -- 0.4% 550 Allete, Inc ............................ 18,463 163 Black Hills Corp ....................... 4,103 18 ITC Holdings Corp ...................... 818 100 South Jersey Industries, Inc ........... 3,530 -------------- 26,914 -------------- Total Common Stock (Cost $5,189,892) .............. 6,153,654 -------------- PREFERRED STOCK -- 0.1% HEALTH CARE -- 0.1% 28 Inverness Medical Innovations, Inc ..... 7,252 -------------- Total Preferred Stock (Cost $3,871) 7,252 -------------- CASH EQUIVALENT -- 1.8% 111,775 PNC Institutional Money Market Trust, 0.05% (A) 111,775 -------------- Total Cash Equivalent (Cost $111,775) 111,775 -------------- Total Investments -- 100.4% (Cost $5,305,538)++ 6,272,681 Other Assets & Liabilities, Net -- (0.4)% (23,261) -------------- NET ASSETS -- 100.0% $ 6,249,420 ============== ADR -- American Depositary Receipt LP -- Limited Partnership Investment + Non-income producing security. (A) Rate shown is the 7-day effective yield as of September 30, 2009. ++ At September 30, 2009, the tax basis cost of the Portfolio's investments was $5,305,538, and the unrealized appreciation and depreciation were $1,376,211 and $(409,068), respectively. For information on the Portfolio's policy regarding valuation of investments and other significant accounting policies, please refer to the Portfolio's most recent semi-annual or annual financial statements. See end of Form N-Q Filing for inputs used in valuing the Portfolio's investments at September 30, 2009. Wilshire Mutual Funds, Inc. Small Company Value Portfolio September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- COMMON STOCK -- 99.0% CONSUMER DISCRETIONARY -- 13.6% 1,400 American Axle & Manufacturing Holdings, Inc .......................... $ 9,912 900 American Greetings Corp., Class A ...... 20,070 1,000 ArvinMeritor, Inc ...................... 7,820 1,500 Beazer Homes USA, Inc. + ............... 8,385 2,500 Belo Corp., Class A .................... 13,525 100 Blyth, Inc ............................. 3,873 2,100 Bob Evans Farms, Inc ................... 61,026 600 Brunswick Corp ......................... 7,188 200 Buckle, Inc. (The) ..................... 6,828 1,600 Build-A-Bear Workshop, Inc., Class A + . 7,792 700 Cabela's, Inc. + ....................... 9,338 400 California Pizza Kitchen, Inc. + ....... 6,248 5,000 Cato Corp. (The), Class A .............. 101,450 2,000 Charlotte Russe Holding, Inc. + ........ 35,000 500 Charming Shoppes, Inc. + ............... 2,455 300 Childrens Place Retail Stores, Inc. (The) + ................................ 8,988 700 Christopher & Banks Corp ............... 4,739 300 Collective Brands, Inc. + .............. 5,199 800 Cooper Tire & Rubber Co ................ 14,064 100 Cracker Barrel Old Country Store, Inc .. 3,440 800 Dana Holding Corp. + ................... 5,448 5,300 Dillard's, Inc., Class A ............... 74,730 700 DineEquity, Inc ........................ 17,325 500 Domino's Pizza, Inc. + ................. 4,420 1,600 Dress Barn, Inc. + ..................... 28,688 6,500 Eastman Kodak Co ....................... 31,070 2,400 EW Scripps Co., Class A ................ 18,000 500 Finish Line, Inc., Class A ............. 5,080 800 Fred's, Inc., Class A .................. 10,184 800 Furniture Brands International, Inc .... 4,424 700 Genesco, Inc. + ........................ 16,849 8,000 Golfsmith International Holdings, Inc. + 19,600 700 Great Wolf Resorts, Inc. + ............. 2,499 300 Group 1 Automotive, Inc ................ 8,055 3,400 Hooker Furniture Corp .................. 45,900 2,400 HOT Topic, Inc. + ...................... 17,976 250 Interactive Data Corp .................. 6,553 1,900 Jackson Hewitt Tax Service, Inc ........ 9,690 200 Jakks Pacific, Inc. + .................. 2,864 1,600 Jo-Ann Stores, Inc. + .................. 42,928 1,200 Jones Apparel Group, Inc ............... 21,516 4,700 Leapfrog Enterprises, Inc., Class A + .. 19,317 4,200 LIN TV Corp., Class A + ................ 19,866 4,932 Live Nation, Inc. + .................... 40,393 400 Maidenform Brands, Inc. + .............. 6,424 1,500 Mediacom Communications Corp., ......... Class A + .............................. 8,640 1,200 Men's Wearhouse, Inc. (The) ............ 29,640 200 Morningstar, Inc. + .................... 9,712 1,500 New York & Co., Inc. + ................. 7,680 500 NutriSystem, Inc ....................... 7,630 5,600 Orbitz Worldwide, Inc. + ............... 34,608 1,000 Oxford Industries, Inc ................. 19,700 405 Peet's Coffee & Tea, Inc. + ............ 11,433 700 PetMed Express, Inc .................... 13,195 800 Pinnacle Entertainment, Inc. + ......... 8,152 600 Regis Corp ............................. 9,300 900 Rent-A-Center, Inc., Class A + ......... 16,992 1,500 Sealy Corp. + .......................... 4,800 10,900 Sinclair Broadcast Group, Inc., Class A ................................ 39,022 300 Sotheby's .............................. 5,169 2,400 Spartan Motors, Inc .................... 12,336 SHARES VALUE ------ ----- CONSUMER DISCRETIONARY -- 13.6% (CONTINUED) 2,200 Stage Stores, Inc ...................... $ 28,512 21,000 Standard Pacific Corp. + ............... 77,490 400 Stewart Enterprises, Inc., Class A ..... 2,092 1,000 Superior Industries International, Inc . 14,200 1,600 Systemax, Inc. + ....................... 19,408 1,400 Tuesday Morning Corp. + ................ 5,824 2,500 Tween Brands, Inc. + ................... 20,975 1,600 Unifi, Inc. + .......................... 5,120 700 Unifirst Corp .......................... 31,115 2,450 WABCO Holdings, Inc .................... 51,450 1,800 Wendy's/Arby's Group, Inc., Class A .... 8,514 100 Wolverine World Wide, Inc .............. 2,484 -------------- 1,322,332 -------------- CONSUMER STAPLES -- 4.0% 1,400 Alliance One International, Inc. + ..... 6,272 200 Andersons, Inc. (The) .................. 7,040 3,750 Casey's General Stores, Inc ............ 117,675 1,200 Central Garden and Pet Co., Class A + .. 13,116 100 Chattem, Inc. + ........................ 6,641 2,200 Chiquita Brands International, Inc. + .. 35,552 7,250 Elizabeth Arden, Inc. + ................ 85,332 1,100 Flowers Foods, Inc ..................... 28,919 500 Imperial Sugar Co ...................... 6,340 300 Pantry, Inc. (The) + ................... 4,704 5,300 Prestige Brands Holdings, Inc. + ....... 37,312 200 Ruddick Corp ........................... 5,324 400 Sanderson Farms, Inc ................... 15,056 400 Universal Corp ......................... 16,728 -------------- 386,011 -------------- ENERGY -- 6.4% 6,100 Acergy SA ADR .......................... 77,043 11,400 Allis-Chalmers Energy, Inc. + .......... 49,704 7,825 Approach Resources, Inc. + ............. 71,051 500 Basic Energy Services, Inc. + .......... 4,245 2,050 Bill Barrett Corp. + ................... 67,219 500 Complete Production Services, Inc. + ... 5,650 1,800 Delek US Holdings, Inc ................. 15,426 4,600 Delta Petroleum Corp. + ................ 8,050 500 ENGlobal Corp. + ....................... 2,060 600 Gran Tierra Energy, Inc. + ............. 2,496 600 Hercules Offshore, Inc. + .............. 2,946 1,900 ION Geophysical Corp. + ................ 6,688 4,090 McMoRan Exploration Co. + .............. 30,880 6,200 Parallel Petroleum Corp. + ............. 19,654 4,500 Petroquest Energy, Inc. + .............. 29,205 700 Rosetta Resources, Inc. + .............. 10,283 3,000 St. Mary Land & Exploration Co ......... 97,380 1,500 Stone Energy Corp. + ................... 24,465 1,500 Teekay Tankers, Ltd., Class A .......... 12,525 500 USEC, Inc. + ........................... 2,345 400 Western Refining, Inc. + ............... 2,580 1,600 World Fuel Services Corp ............... 76,912 -------------- 618,807 -------------- FINANCIALS -- 26.7% 1,400 American Capital Agency Corp ........... 39,830 800 American Equity Investment Life Holding Co ..................................... 5,616 1,300 Anthracite Capital, Inc ................ 1,365 2,381 Anworth Mortgage Asset Corp ............ 18,762 3,400 Apollo Investments + ................... 32,470 400 Ares Capital Corp ...................... 4,408 1,700 Ashford Hospitality Trust, Inc ......... 5,882 3,200 Aspen Insurance Holdings, Ltd .......... 84,704 200 Assured Guaranty, Ltd .................. 3,884 Wilshire Mutual Funds, Inc. Small Company Value Portfolio September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- FINANCIALS -- 26.7% (CONTINUED) 2,900 Bank Mutual Corp ....................... $ 25,636 200 Bank of the Ozarks, Inc ................ 5,306 4,200 Banner Corp ............................ 11,466 4,500 BGC Partners, Inc., Class A ............ 19,260 1,600 BioMed Realty Trust, Inc ............... 22,080 500 Boston Private Financial Holdings, Inc . 3,255 800 Brookline Bancorp, Inc ................. 7,776 400 Calamos Asset Management, Inc., Class A 5,224 600 CapLease, Inc .......................... 2,418 500 Cathay General Bancorp ................. 4,045 8,700 Central Pacific Financial Corp ......... 21,924 1,400 Chemical Financial Corp ................ 30,506 2,600 Cogdell Spencer, Inc ................... 12,480 300 Colonial Properties Trust .............. 2,919 1,000 Community Bank System, Inc ............. 18,270 1,800 Compass Diversified Holdings ........... 18,846 900 Conseco, Inc. + ........................ 4,734 1,400 Delphi Financial Group, Inc., Class A .. 31,682 400 Developers Diversified Realty Corp ..... 3,696 15,300 E*Trade Financial Corp. + .............. 26,775 1,400 Education Realty Trust, Inc ............ 8,302 225 Enterprise Financial Services Corp ..... 2,081 900 Entertainment Properties Trust ......... 30,726 4,857 Equity One, Inc ........................ 76,109 700 Extra Space Storage, Inc ............... 7,385 800 FCStone Group, Inc. + .................. 3,856 1,410 Financial Federal Corp ................. 34,799 13,300 First Bancorp .......................... 40,565 180 First Citizens BancShares, Inc., Class A 28,638 4,500 First Commonwealth Financial Corp ...... 25,560 660 First Community Bancshares, Inc ........ 8,329 3,200 First Financial Bancorp ................ 38,560 637 First Financial Bankshares, Inc ........ 31,506 700 First Financial Northwest, Inc ......... 4,074 4,800 First Mercury Financial Corp ........... 63,936 600 First Midwest Bancorp, Inc ............. 6,762 1,800 First Niagara Financial Group, Inc ..... 22,194 3,500 FNB Corp ............................... 24,885 5,200 Forestar Group, Inc. + ................. 89,336 1,100 Glacier Bancorp, Inc ................... 16,434 1,290 Hancock Holding Co ..................... 48,465 1,250 Hanover Insurance Group, Inc. (The) .... 51,662 174 Harleysville Group, Inc ................ 5,507 1,351 Hercules Technology Growth Capital, Inc. 13,267 1,214 Highwoods Properties, Inc .............. 38,180 700 Home Properties, Inc ................... 30,163 1,300 Horace Mann Educators Corp ............. 18,161 261 Independent Bank Corp .................. 5,776 700 Infinity Property & Casualty ........... 29,736 6,600 Inland Real Estate Corp ................ 57,816 3,300 iStar Financial, Inc ................... 10,032 6,000 Kite Realty Group Trust ................ 25,020 2,400 Knight Capital Group, Inc., Class A + .. 52,200 1,000 LaBranche & Co., Inc. + ................ 3,400 100 LaSalle Hotel Properties ............... 1,966 311 Lexington Realty Trust ................. 1,586 2,865 LTC Properties, Inc .................... 68,875 188 M&T Bank Corp .......................... 11,716 400 Max Capital Group, Ltd ................. 8,548 4,300 Meadowbrook Insurance Group, Inc ....... 31,820 600 Medical Properties Trust, Inc .......... 4,686 300 MFA Mortgage Investments, Inc .......... 2,388 400 National Retail Properties, Inc ........ 8,588 90 Navigators Group, Inc. + ............... 4,950 716 NBT Bancorp, Inc ....................... 16,139 SHARES VALUE ------ ----- FINANCIALS -- 26.7% (CONTINUED) 900 NewAlliance Bancshares, Inc ............ $ 9,630 4,455 Old National Bancorp ................... 49,896 9,500 Pacific Capital Bancorp NA ............. 13,680 2,700 PacWest Bancorp ........................ 51,435 400 Parkway Properties, Inc ................ 7,880 2,270 Pennsylvania Real Estate Investment Trust .................................. 17,275 1,600 PHH Corp. + ............................ 31,744 3,600 Phoenix Cos., Inc. (The) ............... 11,700 300 Platinum Underwriters Holdings, Ltd .... 10,752 7,000 PMA Capital Corp., Class A + ........... 39,830 800 Prospect Capital Corp .................. 8,568 1,722 Prosperity Bancshares, Inc ............. 59,909 1,300 Provident Financial Services, Inc ...... 13,377 4,700 RAIT Financial Trust ................... 13,818 250 Ramco-Gershenson Properties Trust ...... 2,230 2,300 Redwood Trust, Inc ..................... 35,650 600 RLI Corp ............................... 31,668 1,000 S&T Bancorp, Inc ....................... 12,960 923 Safety Insurance Group, Inc ............ 30,385 2,050 Selective Insurance Group .............. 32,247 1,900 South Financial Group, Inc. (The) ...... 2,793 900 Sovran Self Storage, Inc ............... 27,387 2,100 StanCorp Financial Group, Inc .......... 84,777 3,300 Sterling Bancshares, Inc ............... 24,123 2,200 Sterling Financial Corp ................ 4,400 100 Stewart Information Services Corp ...... 1,237 4,300 Strategic Hotels & Resorts, Inc ........ 11,137 1,100 Susquehanna Bancshares, Inc ............ 6,479 1,100 SWS Group, Inc ......................... 15,840 2,850 Texas Capital Bancshares, Inc. + ....... 47,994 3,200 Tower Group, Inc ....................... 78,048 7,600 Trustco Bank Corp ...................... 47,500 6,500 UCBH Holdings, Inc ..................... 5,200 2,277 Umpqua Holdings Corp ................... 24,136 700 United Bankshares, Inc ................. 13,713 1,054 United Community Banks, Inc. + ......... 5,270 800 Webster Financial Corp ................. 9,976 600 Westamerica Bancorporation ............. 31,200 4,550 Western Alliance Bancorp + ............. 28,711 1,905 Wilshire Bancorp, Inc .................. 13,983 250 Wintrust Financial Corp ................ 6,990 250 WSFS Financial Corp .................... 6,660 550 Zenith National Insurance Corp ......... 16,995 -------------- 2,589,086 -------------- HEALTH CARE -- 4.6% 2,000 Affymetrix, Inc. + ..................... 17,560 1,900 AMERIGROUP Corp. + ..................... 42,123 800 AMN Healthcare Services, Inc. + ........ 7,608 200 Angiodynamics, Inc. + .................. 2,756 289 Bio-Rad Laboratories, Inc., Class A + .. 26,553 257 Chemed Corp ............................ 11,280 881 Conmed Corp. + ......................... 16,889 1,800 Cross Country Healthcare, Inc. + ....... 16,758 200 Cynosure, Inc., Class A + .............. 2,330 300 Healthspring, Inc. + ................... 3,675 100 inVentiv Health, Inc. + ................ 1,673 200 Kendle International, Inc. + ........... 3,344 600 Kindred Healthcare, Inc. + ............. 9,738 1,400 Magellan Health Services, Inc. + ....... 43,484 800 Martek Biosciences Corp. + ............. 18,072 1,100 Medcath Corp. + ........................ 9,647 300 Medical Action Industries, Inc. + ...... 3,621 700 Medicis Pharmaceutical Corp., Class A .. 14,945 400 Meridian Bioscience, Inc ............... 10,004 Wilshire Mutual Funds, Inc. Small Company Value Portfolio September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- HEALTH CARE -- 4.6% (CONTINUED) 1,500 Nighthawk Radiology Holdings, Inc. + ... $ 10,845 6,300 PDL BioPharma, Inc ..................... 49,644 900 Providence Service Corp. (The) + ....... 10,494 600 Res-Care, Inc. + ....................... 8,526 5,150 Skilled Healthcare Group, Inc., Class A + .............................. 41,354 1,200 Universal American Corp. + ............. 11,304 2,700 Viropharma, Inc. + ..................... 25,974 900 WellCare Health Plans, Inc. + .......... 22,185 100 Zoll Medical Corp. + ................... 2,152 -------------- 444,538 -------------- INDUSTRIALS -- 14.4% 2,400 ACCO Brands Corp. + .................... 17,328 400 Acuity Brands, Inc ..................... 12,884 1,400 Aircastle, Ltd ......................... 13,538 1,000 Alaska Air Group, Inc. + ............... 26,790 3,800 Albany International Corp., Class A .... 73,720 500 American Railcar Industries, Inc ....... 5,305 600 Apogee Enterprises, Inc ................ 9,012 900 Arkansas Best Corp ..................... 26,946 3,900 Avis Budget Group, Inc. + .............. 52,104 3,100 Belden, Inc ............................ 71,610 300 Brady Corp., Class A ................... 8,616 2,114 Briggs & Stratton Corp ................. 41,033 1,169 CBIZ, Inc. + ........................... 8,721 1,400 CDI Corp ............................... 19,670 7,200 Cenveo, Inc. + ......................... 49,824 300 Ceradyne, Inc. + ....................... 5,499 3,200 CIRCOR International, Inc .............. 90,432 500 Columbus McKinnon Corp. + .............. 7,575 100 Dycom Industries, Inc. + ............... 1,230 500 Encore Wire Corp ....................... 11,170 300 Ennis, Inc ............................. 4,839 500 EnPro Industries, Inc. + ............... 11,430 200 Forward Air Corp ....................... 4,630 250 Gardner Denver, Inc. + ................. 8,720 100 Genco Shipping & Trading, Ltd .......... 2,078 900 GenCorp, Inc. + ........................ 4,824 1,000 General Cable Corp. + .................. 39,150 3,650 Gibraltar Industries, Inc .............. 48,435 8,800 Griffon Corp. + ........................ 88,616 800 Heartland Express, Inc ................. 11,520 300 Horizon Lines, Inc., Class A ........... 1,905 372 Kaman Corp ............................. 8,177 750 Lincoln Electric Holdings, Inc ......... 35,587 1,000 Lydall, Inc. + ......................... 5,260 2,600 Marten Transport, Ltd. + ............... 44,356 750 Middleby Corp. + ....................... 41,258 1,000 Mine Safety Appliances Co .............. 27,510 1,400 Mueller Water Products, Inc., Class A .. 7,672 6,700 NCI Building Systems, Inc. + ........... 21,440 750 Otter Tail Corp ........................ 17,947 5,900 Pacer International, Inc ............... 22,774 3,000 Power-One, Inc. + ...................... 5,850 1,950 Quanex Building Products Corp .......... 28,002 2,100 RBC Bearings, Inc. + ................... 48,993 1,000 Regal-Beloit Corp ...................... 45,710 300 Republic Airways Holdings, Inc. + ...... 2,799 500 Rush Enterprises, Inc., Class A + ...... 6,460 600 School Specialty, Inc. + ............... 14,232 2,300 Skywest, Inc ........................... 38,134 300 Spherion Corp. + ....................... 1,863 1,700 Standard Register Co. (The) ............ 9,996 700 Titan Machinery, Inc. + ................ 8,764 1,600 Tredegar Corp .......................... 23,200 1,400 Tutor Perini Corp. + ................... 29,820 SHARES VALUE ------ ----- INDUSTRIALS -- 14.4% (CONTINUED) 5,200 UAL Corp. + ............................ $ 47,944 800 United Rentals, Inc. + ................. 8,240 700 US Airways Group, Inc. + ............... 3,290 400 Viad Corp .............................. 7,964 300 Waste Connections, Inc. + .............. 8,658 1,700 Werner Enterprises, Inc ................ 31,671 2,900 YRC Worldwide, Inc. + .................. 12,905 -------------- 1,395,630 -------------- INFORMATION TECHNOLOGY -- 14.1% 8,169 Actel Corp. + .......................... 99,417 2,300 Acxiom Corp ............................ 21,758 200 ADC Telecommunications, Inc. + ......... 1,668 1,000 Advanced Energy Industries, Inc. + ..... 14,240 3,100 Amkor Technology, Inc. + ............... 21,328 550 Anixter International, Inc. + .......... 22,061 333 Arris Group, Inc. + .................... 4,332 6,600 Avocent Corp. + ........................ 133,782 1,500 Brightpoint, Inc. + .................... 13,125 6,000 Brocade Communications Systems, Inc. + . 47,160 12,700 Ciber, Inc. + .......................... 50,800 3,600 Cirrus Logic, Inc. + ................... 20,016 1,000 Cogent, Inc. + ......................... 10,100 400 Cognex Corp ............................ 6,552 2,000 Cogo Group, Inc. + ..................... 12,240 1,050 Coherent, Inc. + ....................... 24,486 3,330 CTS Corp ............................... 30,969 600 Daktronics, Inc ........................ 5,142 1,200 Digi International, Inc. + ............. 10,224 900 DSP Group, Inc. + ...................... 7,326 200 EMS Technologies, Inc. + ............... 4,164 1,500 ExlService Holdings, Inc. + ............ 22,290 500 FLIR Systems, Inc. + ................... 13,985 2,300 Heartland Payment Systems, Inc ......... 33,373 4,500 Hutchinson Technology, Inc. + .......... 31,950 7,800 Hypercom Corp. + ....................... 24,180 5,260 Imation Corp ........................... 48,760 5,600 Insight Enterprises, Inc. + ............ 68,376 5,900 Ipass, Inc ............................. 8,142 8,700 Keithley Instruments, Inc .............. 48,198 3,200 LoopNet, Inc. + ........................ 28,928 5,100 Methode Electronics, Inc ............... 44,217 1,900 Micrel, Inc ............................ 15,485 5,700 ModusLink Global Solutions, Inc. + ..... 46,113 1,700 MoneyGram International, Inc. + ........ 5,338 200 MTS Systems Corp ....................... 5,842 400 Netgear, Inc. + ........................ 7,340 900 Novatel Wireless, Inc. + ............... 10,224 1,200 Omnivision Technologies, Inc. + ........ 19,536 700 Perficient, Inc. + ..................... 5,789 1,910 Phoenix Technologies, Ltd. + ........... 6,971 4,600 Photronics, Inc. + ..................... 21,804 400 Rogers Corp. + ......................... 11,988 424 Rudolph Technologies, Inc. + ........... 3,138 1,700 Scansource, Inc. + ..................... 48,144 1,200 Skyworks Solutions, Inc. + ............. 15,888 3,136 Standard Microsystems Corp. + .......... 72,786 424 Symyx Technologies, Inc. + ............. 2,807 500 Take-Two Interactive Software, Inc. + .. 5,605 5,400 THQ, Inc. + ............................ 36,936 5,400 TIBCO Software, Inc. + ................. 51,246 300 TriQuint Semiconductor, Inc. + ......... 2,316 2,700 Unisys Corp. + ......................... 7,209 1,840 United Online, Inc ..................... 14,794 7,700 Utstarcom, Inc. + ...................... 16,093 -------------- 1,366,681 -------------- Wilshire Mutual Funds, Inc. Small Company Value Portfolio September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- MATERIALS -- 9.2% 1,600 AM Castle & Co ......................... $ 15,904 918 Arch Chemicals, Inc .................... 27,531 200 Brush Engineered Materials, Inc. + ..... 4,892 6,400 Buckeye Technologies, Inc. + ........... 68,672 600 Century Aluminum Co. + ................. 5,610 870 Coeur d'Alene Mines Corp. + ............ 17,835 200 Domtar Corp. + ......................... 7,044 1,400 Ferro Corp ............................. 12,460 400 Glatfelter ............................. 4,592 100 Haynes International, Inc. + ........... 3,182 1,790 HB Fuller Co ........................... 37,411 6,100 Headwaters, Inc. + ..................... 23,607 5,300 Hecla Mining Co. + ..................... 23,267 600 Innophos Holdings, Inc ................. 11,100 200 Innospec, Inc .......................... 2,950 800 Kaiser Aluminum Corp ................... 29,088 1,400 Koppers Holdings, Inc .................. 41,510 2,100 Louisiana-Pacific Corp. + .............. 14,007 200 Minerals Technologies, Inc ............. 9,512 1,600 Myers Industries, Inc .................. 17,232 1,300 Olin Corp .............................. 22,672 100 Olympic Steel, Inc ..................... 2,869 2,200 Packaging Corp of America .............. 44,880 6,300 Polyone Corp. + ........................ 42,021 900 Rockwood Holdings, Inc. + .............. 18,513 1,750 Royal Gold, Inc ........................ 79,800 500 RTI International Metals, Inc. + ....... 12,455 1,200 Schulman A, Inc ........................ 23,916 1,400 Sensient Technologies Corp ............. 38,878 100 Solutia, Inc. + ........................ 1,158 1,200 Spartech Corp .......................... 12,924 1,350 Temple-Inland, Inc ..................... 22,167 4,550 Thompson Creek Metals Co., Inc. + ...... 54,918 8,650 Wausau Paper Corp ...................... 86,500 300 Worthington Industries, Inc ............ 4,170 2,200 WR Grace & Co. + ....................... 47,828 -------------- 893,075 -------------- TELECOMMUNICATION SERVICES -- 1.0% 2,570 Cincinnati Bell, Inc. + ................ 8,995 900 General Communication, Inc., Class A + . 6,174 1,600 Global Crossing, Ltd. + ................ 22,880 2,300 Iowa Telecommunications Services, Inc .. 28,980 500 Neutral Tandem, Inc. + ................. 11,380 2,100 PAETEC Holding Corp. + ................. 8,127 450 tw telecom, Inc., Class A + ............ 6,053 300 Virgin Mobile USA, Inc., Class A + ..... 1,500 -------------- 94,089 -------------- UTILITIES -- 5.0% 1,350 Allete, Inc ............................ 45,320 400 Avista Corp ............................ 8,088 1,417 Black Hills Corp ....................... 35,666 1,400 El Paso Electric Co. + ................. 24,738 500 IDACORP, Inc ........................... 14,395 100 New Jersey Resources Corp .............. 3,631 800 Nicor, Inc ............................. 29,272 1,474 Northwest Natural Gas Co ............... 61,407 3,150 NorthWestern Corp ...................... 76,954 2,600 Piedmont Natural Gas Co., Inc .......... 62,244 3,500 PNM Resources, Inc ..................... 40,880 400 Portland General Electric Co ........... 7,888 200 South Jersey Industries, Inc ........... 7,060 1,550 Unisource Energy Corp .................. 47,662 SHARES VALUE ------ ----- UTILITIES -- 5.0% (CONTINUED) 700 WGL Holdings, Inc ....................... $ 23,198 -------------- 488,403 -------------- Total Common Stock (Cost $9,033,778) 9,598,652 -------------- PRIVATE COMPANY -- 0.0% 6 Teton Advisors, Inc., Cl B (B) ........... 2 -------------- Total Private Company (Cost $252) ................. 2 -------------- CASH EQUIVALENT -- 0.7% 69,334 PNC Institutional Money Market Trust, 0.05% (A) 69,334 -------------- Total Cash Equivalent (Cost $69,334) 69,334 -------------- Total Investments -- 99.7% (Cost $9,103,364)++ 9,667,988 Other Assets & Liabilities, Net -- 0.3% 25,910 -------------- NET ASSETS -- 100.0% $ 9,693,898 ============== ADR -- American Depositary Receipt + Non-income producing security. (A) Rate shown is the 7-day effective yield as of September 30, 2009. (B) Security fair valued using methods determined in good faith by the Pricing Committee. As of September 30, 2009 the total market value of this security was $2 representing 0.0% of net assets. ++ At September 30, 2009, the tax basis cost of the Portfolio's investments was $9,103,364, and the unrealized appreciation and depreciation were $1,698,544 and $(1,133,920), respectively. For information on the Portfolio's policy regarding valuation of investments and other significant accounting policies, please refer to the Portfolio's most recent semi-annual or annual financial statements. See end of Form N-Q Filing for inputs used in valuing the Portfolio's investments at September 30, 2009. Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- COMMON STOCK -- 99.3% CONSUMER DISCRETIONARY -- 9.7% 300 1-800-Flowers.com, Inc., Class A + ..... $ 1,035 200 4Kids Entertainment, Inc. + ............ 336 1,000 99 Cents Only Stores + ................. 13,450 750 Aaron's, Inc ........................... 19,800 2,400 Abercrombie & Fitch Co., Class A ....... 78,912 300 Acme United Corp ....................... 2,703 1,400 Advance Auto Parts, Inc ................ 54,992 1,500 Aeropostale, Inc. + .................... 65,205 100 AFC Enterprises, Inc. + ................ 842 90 AH Belo Corp., Class A ................. 291 200 Aldila, Inc. + ......................... 788 6,150 Amazon.com, Inc. + ..................... 574,164 400 Ambassadors Group, Inc ................. 6,260 500 Ambassadors International, Inc. + ...... 515 3,500 American Apparel, Inc. + ............... 12,285 2,400 American Axle & Manufacturing Holdings, Inc .......................... 16,992 2,625 American Eagle Outfitters, Inc ......... 44,257 450 American Greetings Corp., Class A ...... 10,035 700 America's Car-Mart, Inc. + ............. 16,765 964 AnnTaylor Stores Corp. + ............... 15,318 2,150 Apollo Group, Inc., Class A + .......... 158,390 1,500 Arbitron, Inc .......................... 31,140 550 ArvinMeritor, Inc ...................... 4,301 200 Ascent Media Corp., Class A + .......... 5,120 2,250 AutoNation, Inc. + ..................... 40,680 500 Autozone, Inc. + ....................... 73,110 1,000 Beazer Homes USA, Inc. + ............... 5,590 1,400 Bebe Stores, Inc ....................... 10,304 2,925 Bed Bath & Beyond, Inc. + .............. 109,805 950 Belo Corp., Class A .................... 5,140 4,400 Best Buy Co., Inc ...................... 165,088 200 Big 5 Sporting Goods Corp .............. 3,020 1,500 Big Lots, Inc. + ....................... 37,530 600 Black & Decker Corp .................... 27,774 600 Blockbuster, Inc., Class A + ........... 642 150 Blue Nile, Inc. + ...................... 9,318 300 Bluegreen Corp. + ...................... 915 112 Blyth, Inc ............................. 4,338 400 Bon-Ton Stores, Inc. (The) ............. 2,912 100 Books-A-Million, Inc., Class A ......... 1,204 400 Borders Group, Inc. + .................. 1,244 1,580 BorgWarner, Inc ........................ 47,811 500 Boyd Gaming Corp. + .................... 5,465 500 Bridgepoint Education, Inc. + .......... 7,630 875 Brinker International, Inc ............. 13,764 650 Brink's Home Security Holdings, Inc. + . 20,013 1,000 Brookfield Homes Corp .................. 6,680 500 Brunswick Corp ......................... 5,990 1,500 Burger King Holdings, Inc .............. 26,385 3,525 Cablevision Systems Corp., Class A ..... 83,719 200 Cache, Inc. + .......................... 992 400 California Coastal Communities, Inc. + . 620 375 California Pizza Kitchen, Inc. + ....... 5,858 500 Callaway Golf Co ....................... 3,805 1,500 Career Education Corp. + ............... 36,570 1,900 Caribou Coffee Co., Inc. + ............. 13,718 3,455 Carmax, Inc. + ......................... 72,209 5,300 Carnival Corp .......................... 176,384 2,350 Carter's, Inc. + ....................... 62,745 1,500 Cato Corp. (The), Class A .............. 30,435 8,837 CBS Corp., Class B ..................... 106,486 300 Champion Enterprises, Inc. + ........... 138 362 Charles & Colvard, Ltd. + .............. 206 2,550 Charming Shoppes, Inc. + ............... 12,520 800 Cheesecake Factory (The) + ............. 14,816 4,150 Chico's FAS, Inc. + .................... 53,950 SHARES VALUE ------ ----- CONSUMER DISCRETIONARY -- 9.7% (CONTINUED) 600 Chipotle Mexican Grill, Inc., Class A + $ 58,230 800 Cinemark Holdings, Inc ................. 8,288 3,975 Circuit City Stores, Inc. + ............ 64 299 Citadel Broadcasting Corp. + ........... 19 50 Citi Trends, Inc. + .................... 1,423 200 CKE Restaurants, Inc ................... 2,098 700 CKX, Inc. + ............................ 4,697 1,000 Clear Channel Outdoor Holdings, Inc., Class A + .............................. 7,000 6,500 Coach, Inc ............................. 213,980 600 Coachmen Industries, Inc. + ............ 810 100 Cobra Electronics Corp ................. 153 1,450 Coldwater Creek, Inc. + ................ 11,890 550 Collective Brands, Inc. + .............. 9,531 110 Collectors Universe + .................. 618 1,500 Columbia Sportswear Co ................. 61,740 39,983 Comcast Corp. Special, Class A ......... 675,313 200 Comstock Homebuilding, Inc., Class A + . 210 500 Conn's, Inc. + ......................... 5,645 950 Corinthian Colleges, Inc. + ............ 17,632 200 CROCS, Inc. + .......................... 1,330 200 Crown Media Holdings, Inc., Class A + .. 312 50 CSS Industries, Inc .................... 989 300 Cumulus Media, Inc., Class A + ......... 519 1,000 Dana Holding Corp. + ................... 6,810 2,200 Darden Restaurants, Inc ................ 75,086 50 Deckers Outdoor Corp. + ................ 4,242 200 DEI Holdings, Inc. + ................... 84 100 Design Within Reach, Inc. + ............ 25 175 DeVry, Inc ............................. 9,681 1,202 Dick's Sporting Goods, Inc. + .......... 26,925 1,600 Dillard's, Inc., Class A ............... 22,560 6,877 DIRECTV Group, Inc. (The) + ............ 189,668 3,900 Discovery Communications, Inc., Class A + .............................. 112,671 3,025 DISH Network Corp., Class A + .......... 58,261 100 Dixie Group, Inc. + .................... 308 1,500 Dolan Media Co. + ...................... 17,985 1,250 Dollar Tree, Inc. + .................... 60,850 850 Domino's Pizza, Inc. + ................. 7,514 650 Dover Downs Gaming & Entertainment, Inc .................................... 3,705 3,623 DR Horton, Inc ......................... 41,338 800 DreamWorks Animation SKG, Inc., Class A + .............................. 28,456 600 DSW, Inc., Class A + ................... 9,582 1,825 Eastman Kodak Co ....................... 8,723 219 Emmis Communications Corp., Class A + .. 184 300 Empire Resorts, Inc. + ................. 903 250 Entercom Communications Corp., Class A ................................ 1,275 100 Entravision Communications Corp., Class A + .............................. 173 4,966 EW Scripps Co., Class A ................ 37,245 2,600 Exide Technologies + ................... 20,722 3,115 Expedia, Inc. + ........................ 74,604 1,600 Family Dollar Stores, Inc .............. 42,240 200 Famous Dave's of America, Inc. + ....... 1,170 1,500 Federal Mogul Corp. + .................. 18,105 100 Finish Line, Inc., Class A ............. 1,016 400 Fleetwood Enterprises, Inc. + .......... 3 3,400 Foot Locker, Inc ....................... 40,630 42,485 Ford Motor Co. + ....................... 306,317 1,500 Fortune Brands, Inc .................... 64,470 300 Forward Industries, Inc. + ............. 513 1,700 Fred's, Inc., Class A .................. 21,641 200 Furniture Brands International, Inc .... 1,106 600 Gaiam, Inc., Class A + ................. 4,188 2,625 GameStop Corp., Class A + .............. 69,484 Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- CONSUMER DISCRETIONARY -- 9.7% (CONTINUED) 600 Gaming Partners International Corp. + .. $ 3,480 2,800 Gannett Co., Inc ....................... 35,028 7,650 Gap, Inc. (The) ........................ 163,710 1,125 Garmin, Ltd ............................ 42,457 300 Gaylord Entertainment Co. + ............ 6,030 2,010 Gentex Corp ............................ 28,442 1,900 Genuine Parts Co ....................... 72,314 701 G-III Apparel Group, Ltd. + ............ 9,919 2,875 Goodyear Tire & Rubber Co. (The) + ..... 48,961 500 Grand Canyon Education, Inc. + ......... 8,915 1,000 Gray Television, Inc ................... 2,320 300 Great Wolf Resorts, Inc. + ............. 1,071 1,500 Group 1 Automotive, Inc ................ 40,275 400 Guess?, Inc ............................ 14,816 3,760 H&R Block, Inc ......................... 69,109 100 Handleman Co. + ........................ 1 1,696 Hanesbrands, Inc. + .................... 36,294 2,475 Harley-Davidson, Inc ................... 56,925 1,500 Harman International Industries, Inc ... 50,820 1,000 Harte-Hanks, Inc ....................... 13,830 2,200 Hasbro, Inc ............................ 61,050 500 hhgregg, Inc. + ........................ 8,470 200 Hibbett Sports, Inc. + ................. 3,646 300 Hillenbrand, Inc ....................... 6,111 26,050 Home Depot, Inc. (The) ................. 693,972 200 Hooker Furniture Corp .................. 2,700 100 HOT Topic, Inc. + ...................... 749 1,000 Hovnanian Enterprises, Inc., Class A + . 3,840 743 HSN, Inc. + ............................ 12,096 450 Iconix Brand Group, Inc. + ............. 5,612 1,399 Idearc, Inc. + ......................... 35 100 Infosonics Corp. + ..................... 143 4,450 International Game Technology .......... 95,586 237 International Speedway Corp., Class A .. 6,534 5,872 Interpublic Group of Cos., Inc. + ...... 44,157 743 Interval Leisure Group, Inc. + ......... 9,273 3,692 J.C. Penney Co., Inc ................... 124,605 775 Jackson Hewitt Tax Service, Inc ........ 3,953 1,500 Jarden Corp ............................ 42,105 500 John Wiley & Sons, Inc., Class A ....... 17,390 5,950 Johnson Controls, Inc .................. 152,082 378 Jones Apparel Group, Inc ............... 6,778 600 Journal Communications, Inc., Class A .. 2,208 900 Journal Register Co. + ................. -- 300 K12, Inc. + ............................ 4,944 2,200 KB Home ................................ 36,542 4,700 Kenneth Cole Productions, Inc., Class A. 47,141 200 Kid Brands, Inc. + ..................... 1,240 50 Knology, Inc. + ........................ 487 4,600 Kohl's Corp. + ......................... 262,430 300 Krispy Kreme Doughnuts, Inc. + ......... 1,071 550 K-Swiss, Inc., Class A ................. 4,835 200 Lakes Entertainment, Inc. + ............ 666 500 Lamar Advertising Co., Class A + ....... 13,720 600 Landry's Restaurants, Inc. + ........... 6,300 4,700 Las Vegas Sands Corp. + ................ 79,148 200 La-Z-Boy, Inc., Class Z ................ 1,730 100 Leapfrog Enterprises, Inc., Class A + .. 411 450 Lear Corp. + ........................... 162 500 Learning Tree International, Inc. + .... 5,695 750 Lee Enterprises, Inc ................... 2,062 1,410 Leggett & Platt, Inc ................... 27,354 1,600 Lennar Corp., Class A .................. 22,800 500 Lenox Group, Inc. + .................... 5 1,000 Libbey, Inc ............................ 3,850 5,651 Liberty Global, Inc., Class A + ........ 127,543 2,535 Liberty Media Corp. - Capital, Ser A + . 53,032 7,290 Liberty Media Corp. - Entertainment, Ser A + ................................ 226,792 SHARES VALUE ------ ----- CONSUMER DISCRETIONARY -- 9.7% (CONTINUED) 8,075 Liberty Media Corp. - Interactive, Class A + .............................. $ 88,583 700 Lifetime Brands, Inc ................... 4,011 200 LIN TV Corp., Class A + ................ 946 200 Lincoln Educational Services Corp. + ... 4,576 800 Liz Claiborne, Inc ..................... 3,944 1,800 LKQ Corp. + ............................ 33,372 900 Lodgian, Inc. + ........................ 1,494 17,981 Lowe's Cos., Inc ....................... 376,522 5,440 Ltd. Brands, Inc ....................... 92,426 1,500 Lumber Liquidators, Inc. + ............. 32,535 5,998 Macy's, Inc ............................ 109,703 100 Marcus Corp ............................ 1,279 700 Marine Products Corp ................... 3,871 4,961 Marriott International, Inc., Class A .. 136,874 3,100 Martha Stewart Living Omnimedia, Class A + .............................. 19,406 400 Marvel Entertainment, Inc. + ........... 19,848 5,230 Mattel, Inc ............................ 96,546 100 Matthews International Corp., Class A . 3,538 496 McClatchy Co., Class A ................. 1,270 1,500 McCormick & Schmick's Seafood Restaurants, Inc. + .................... 11,160 16,000 McDonald's Corp ........................ 913,120 5,400 McGraw-Hill Cos., Inc. (The) ........... 135,756 1,871 MDC Holdings, Inc ...................... 64,999 500 Media General, Inc., Class A ........... 4,275 1,467 Mediacom Communications Corp., Class A + .............................. 8,450 529 Men's Wearhouse, Inc. (The) ............ 13,066 500 Meritage Homes Corp. + ................. 10,150 2,400 MGM Mirage + ........................... 28,896 577 Mohawk Industries, Inc. + .............. 27,517 1,600 Monarch Casino & Resort, Inc. + ........ 17,216 150 Morgans Hotel Group Co. + .............. 813 300 Morton's Restaurant Group, Inc. + ...... 1,278 8,120 Motors Liquidation Co. + ............... 5,725 700 MTR Gaming Group, Inc. + ............... 2,142 591 Multimedia Games, Inc. + ............... 3,026 500 National CineMedia, Inc ................ 8,485 50 Nautilus, Inc. + ....................... 85 100 Navarre Corp. + ........................ 220 1,300 New York & Co., Inc. + ................. 6,656 3,800 New York Times Co., Class A ............ 30,856 2,926 Newell Rubbermaid, Inc ................. 45,909 30,638 News Corp., Class A .................... 367,350 200 NexCen Brands, Inc. + .................. 58 200 Nexstar Broadcasting Group, Inc., Class A + .............................. 686 5,950 NIKE, Inc., Class B .................... 384,965 400 Nitches, Inc. + ........................ 28 700 Noble International, Ltd. + ............ 95 2,800 Nordstrom, Inc ......................... 85,512 4,025 Office Depot, Inc. + ................... 26,645 1,100 OfficeMax, Inc ......................... 13,838 3,500 Omnicom Group, Inc ..................... 129,290 2,900 Orbitz Worldwide, Inc. + ............... 17,922 1,260 O'Reilly Automotive, Inc. + ............ 45,536 1,500 Orient-Express Hotels, Ltd., Class A ... 17,265 650 Orleans Homebuilders, Inc .............. 1,982 500 Outdoor Channel Holdings, Inc. + ....... 3,270 300 Overstock.com, Inc. + .................. 4,401 50 Oxford Industries, Inc ................. 985 200 Pacific Sunwear of California + ........ 1,030 600 Palm Harbor Homes, Inc. + .............. 1,734 300 Panera Bread Co., Class A + ............ 16,500 1,500 Penn National Gaming, Inc. + ........... 41,490 400 Penske Auto Group, Inc ................. 7,672 1,500 PEP Boys-Manny Moe & Jack .............. 14,655 Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- CONSUMER DISCRETIONARY -- 9.7% (CONTINUED) 1,300 Perry Ellis International, Inc. + ...... $ 20,852 2,050 PetSmart, Inc .......................... 44,588 100 Pier 1 Imports, Inc. + ................. 387 800 Pinnacle Entertainment, Inc. + ......... 8,152 565 Playboy Enterprises, Inc., Class B + ... 1,706 275 Premier Exhibitions, Inc. + ............ 286 200 Pre-Paid Legal Services, Inc. + ........ 10,160 1,000 priceline.com, Inc. + .................. 165,820 1,000 Primedia, Inc .......................... 2,520 100 Princeton Review, Inc. + ............... 420 94 Proliance International, Inc. + ........ -- 6,440 Pulte Homes, Inc ....................... 70,776 50 Quiksilver, Inc. + ..................... 137 2,350 RadioShack Corp ........................ 38,940 100 RCN Corp. + ............................ 930 1,100 Regal Entertainment Group, Class A ..... 13,552 200 Regis Corp ............................. 3,100 250 Rent-A-Center, Inc., Class A + ......... 4,720 100 Retail Ventures, Inc. + ................ 527 1,500 Rick's Cabaret International, Inc. + ... 12,900 500 Riviera Holdings Corp. + ............... 360 100 Rocky Brands, Inc. + ................... 617 1,950 Ross Stores, Inc ....................... 93,152 1,625 Royal Caribbean Cruises, Ltd ........... 39,130 500 Ruby Tuesday, Inc. + ................... 4,210 2,200 Ruth's Hospitality Group, Inc. + ....... 9,284 1,800 Saks, Inc. + ........................... 12,276 100 Salem Communications Corp., Class A + . 226 1,000 Sally Beauty Holdings, Inc. + .......... 7,110 2,500 Scientific Games Corp., Class A + ...... 39,575 1,300 Scripps Networks Interactive, Inc., Class A ................................ 48,035 200 Sealy Corp. + .......................... 640 825 Sears Holdings Corp. + ................. 53,881 188 Select Comfort Corp. + ................. 893 4,375 Service Corp. International ............ 30,669 900 Sherwin-Williams Co. (The) ............. 54,144 400 Shoe Carnival, Inc. + .................. 6,168 100 Shuffle Master, Inc. + ................. 942 876 Signet Jewelers, Ltd. + ................ 23,065 900 Sinclair Broadcast Group, Inc., Class A 3,222 35,175 Sirius XM Radio, Inc. + ................ 22,336 600 Six Flags, Inc. + ...................... 91 1,000 Skechers U.S.A., Inc., Class A + ....... 17,140 1,000 Sonic Automotive, Inc., Class A ........ 10,500 800 Sonic Corp. + .......................... 8,848 2,103 Sotheby's .............................. 36,235 200 Spanish Broadcasting System, Inc., Class A + .............................. 94 75 Spartan Motors, Inc .................... 385 400 Speedway Motorsports, Inc .............. 5,756 1,600 Stage Stores, Inc ...................... 20,736 200 Stanley Furniture Co., Inc ............. 2,074 1,000 Stanley Works (The) .................... 42,690 8,075 Staples, Inc ........................... 187,502 11,200 Starbucks Corp. + ...................... 231,280 1,473 Starwood Hotels & Resorts Worldwide, Inc .................................... 48,653 50 Steak N Shake Co. (The) + .............. 588 100 Steinway Musical Instruments + ......... 1,187 1,500 Steven Madden, Ltd. + .................. 55,215 900 Stewart Enterprises, Inc., Class A ..... 4,707 150 Superior Industries International, Inc . 2,130 1,300 Syms Corp. + ........................... 10,517 600 Systemax, Inc. + ....................... 7,278 1,500 Talbots, Inc ........................... 13,845 9,500 Target Corp ............................ 443,460 729 Tarragon Corp. + ....................... 15 450 Tenneco, Inc. + ........................ 5,868 SHARES VALUE ------ ----- CONSUMER DISCRETIONARY -- 9.7% (CONTINUED) 1,500 Texas Roadhouse, Inc., Class A + ....... $ 15,930 1,500 Thor Industries, Inc ................... 46,425 1,043 Ticketmaster Entertainment, Inc. + ..... 12,193 3,300 Tiffany & Co ........................... 127,149 400 Timberland Co., Class A + .............. 5,568 4,099 Time Warner Cable, Inc., Class A ....... 176,626 15,858 Time Warner, Inc ....................... 456,393 6,200 TJX Cos., Inc .......................... 230,330 1,600 Toll Brothers, Inc. + .................. 31,264 637 TOUSA, Inc. + .......................... 10 200 Trans World Entertainment + ............ 182 100 TravelCenters of America LLC + ......... 559 300 True Religion Apparel, Inc. + .......... 7,779 1,000 TRW Automotive Holdings Corp. + ........ 16,750 200 Tuesday Morning Corp. + ................ 832 750 Tupperware Brands Corp ................. 29,940 1,200 Tween Brands, Inc. + ................... 10,068 900 Ulta Salon Cosmetics & Fragrance, Inc. + 14,859 200 Unifirst Corp .......................... 8,890 200 Universal Electronics, Inc. + .......... 4,084 500 Universal Technical Institute, Inc. + .. 9,850 2,500 Urban Outfitters, Inc. + ............... 75,425 200 Value Line, Inc ........................ 6,174 300 Valuevision Media, Inc., Class A + ..... 993 1,250 VF Corp ................................ 90,538 8,537 Viacom, Inc., Class B + ................ 239,377 5,125 Virgin Media Inc ....................... 71,340 50 Visteon Corp. + ........................ 9 800 Volcom, Inc. + ......................... 13,184 591 WABCO Holdings, Inc .................... 12,411 600 Walking Co. Holdings, Inc. (The) + ..... 606 26,420 Walt Disney Co. (The) .................. 725,493 100 Warnaco Group, Inc. (The) + ............ 4,386 1,150 Warner Music Group Corp. + ............. 6,360 296 Weight Watchers International, Inc ..... 8,122 6,000 Wendy's/Arby's Group, Inc., Class A .... 28,380 5 Westwood One, Inc. + ................... 34 1,172 Whirlpool Corp ......................... 81,993 2,600 Williams-Sonoma, Inc ................... 52,598 500 Winnebago Industries ................... 7,355 400 Wolverine World Wide, Inc .............. 9,936 600 World Wrestling Entertainment, Inc., Class A ................................ 8,406 100 WorldSpace, Inc., Class A + ............ 1 795 WPT Enterprises, Inc. + ................ 779 2,085 Wyndham Worldwide Corp ................. 34,027 1,300 Wynn Resorts, Ltd. + ................... 92,157 100 Young Broadcasting, Inc., Class A + 1 6,550 Yum! Brands, Inc ....................... 221,128 1,900 Zale Corp. + ........................... 13,585 -------------- 16,423,279 -------------- CONSUMER STAPLES -- 10.1% 1,000 Alberto-Culver Co., Class B ............ 27,680 200 Alico, Inc ............................. 5,878 2,200 Alliance One International, Inc. + ..... 9,856 31,675 Altria Group, Inc ...................... 564,132 50 Andersons, Inc. (The) .................. 1,760 10,586 Archer-Daniels-Midland Co .............. 309,323 4,950 Avon Products, Inc ..................... 168,102 312 Boston Beer Co., Inc., Class A + ....... 11,569 2,200 Brown-Forman Corp., Class B ............ 106,084 1,900 Bunge, Ltd ............................. 118,959 3,175 Campbell Soup Co ....................... 103,568 500 Chattem, Inc. + ........................ 33,205 1,500 Chiquita Brands International, Inc. + .. 24,240 1,100 Church & Dwight Co., Inc ............... 62,414 2,300 Clorox Co .............................. 135,286 32,220 Coca-Cola Co. (The) .................... 1,730,214 Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- CONSUMER STAPLES -- 10.1% (CONTINUED) 3,920 Coca-Cola Enterprises, Inc ............. $ 83,927 8,180 Colgate-Palmolive Co ................... 623,970 7,073 ConAgra Foods, Inc ..................... 153,343 2,550 Constellation Brands, Inc., Class A + .. 38,633 800 Corn Products International, Inc ....... 22,816 5,850 Costco Wholesale Corp .................. 330,291 22,242 CVS/Caremark Corp ...................... 794,929 650 Darling International, Inc. + .......... 4,778 2,634 Dean Foods Co. + ....................... 46,859 2,705 Del Monte Foods Co ..................... 31,324 100 Diedrich Coffee, Inc. + ................ 2,405 5,400 Dr. Pepper Snapple Group, Inc. + ....... 155,250 1,300 Energizer Holdings, Inc. + ............. 86,242 1,100 Estee Lauder Cos., Inc. (The), Class A . 40,788 1,125 Flowers Foods, Inc ..................... 29,576 5,100 General Mills, Inc ..................... 328,338 2,800 Great Atlantic & Pacific Tea Co. + ..... 24,948 1,100 Hansen Natural Corp. + ................. 40,414 800 Herbalife, Ltd ......................... 26,192 2,600 Hershey Co. (The) ...................... 101,036 4,850 HJ Heinz Co ............................ 192,787 2,550 Hormel Foods Corp ...................... 90,576 1,550 Ingles Markets, Inc., Class A .......... 24,537 2,500 Inter Parfums, Inc ..................... 30,525 1,400 JM Smucker Co. (The) ................... 74,214 3,150 Kellogg Co ............................. 155,075 6,474 Kimberly-Clark Corp .................... 381,837 20,471 Kraft Foods, Inc., Class A ............. 537,773 9,325 Kroger Co. (The) ....................... 192,468 2,525 Lorillard, Inc ......................... 187,607 700 Mannatech, Inc ......................... 2,681 1,750 McCormick & Co., Inc ................... 59,395 200 MGP Ingredients, Inc. + ................ 872 2,200 Molson Coors Brewing Co., Class B ...... 107,096 100 Natural Health Trends Corp. + .......... 50 850 NBTY, Inc. + ........................... 33,643 1,970 Pepsi Bottling Group, Inc .............. 71,787 1,500 PepsiAmericas, Inc ..................... 42,840 23,840 PepsiCo, Inc ........................... 1,398,454 28,225 Philip Morris International, Inc ....... 1,375,687 1,200 Prestige Brands Holdings, Inc. + ....... 8,448 585 Pricesmart, Inc ........................ 10,969 44,352 Procter & Gamble Co .................... 2,568,868 700 Ralcorp Holdings, Inc. + ............... 40,929 100 Reliv International, Inc ............... 334 2,714 Reynolds American, Inc ................. 120,827 15,950 Rite Aid Corp. + ....................... 26,158 70 Rocky Mountain Chocolate Factory, Inc .. 633 4,900 Safeway, Inc ........................... 96,628 50 Sanderson Farms, Inc ................... 1,882 9,520 Sara Lee Corp .......................... 106,053 700 SIRVA, Inc. + .......................... -- 900 Smithfield Foods, Inc. + ............... 12,420 200 Spectrum Brands, Inc. + ................ -- 2,500 Star Scientific, Inc. + ................ 2,325 3,036 SUPERVALU, Inc ......................... 45,722 8,500 SYSCO Corp ............................. 211,225 7,205 Tyson Foods, Inc., Class A ............. 90,999 198 USANA Health Sciences, Inc. + .......... 6,754 15,150 Walgreen Co ............................ 567,670 33,395 Wal-Mart Stores, Inc ................... 1,639,361 1,500 WD-40 Co ............................... 42,600 2,425 Whole Foods Market, Inc. + ............. 73,938 -------------- 17,012,976 -------------- ENERGY -- 11.4% 3,550 Allis-Chalmers Energy, Inc. + .......... 15,478 1,500 Alon USA Energy, Inc ................... 14,895 750 Alpha Natural Resources, Inc. + ........ 26,325 SHARES VALUE ------ ----- ENERGY -- 11.4% (CONTINUED) 100 American Oil & Gas, Inc. + ............. $ 197 8,756 Anadarko Petroleum Corp ................ 549,264 5,106 Apache Corp ............................ 468,884 1,000 Approach Resources, Inc. + ............. 9,080 3,500 Arch Coal, Inc ......................... 77,455 580 Atlas Energy, Inc ...................... 15,701 2,300 Atlas Pipeline Holdings, LP ............ 8,740 3,250 Baker Hughes, Inc ...................... 138,645 600 Barnwell Industries, Inc. + ............ 2,610 900 Basic Energy Services, Inc. + .......... 7,641 1,900 Berry Petroleum Co., Class A ........... 50,882 900 BioFuel Energy Corp. + ................. 612 3,672 BJ Services Co ......................... 71,347 900 Bolt Technology Corp. + ................ 11,313 10,400 Boots & Coots, Inc. + .................. 16,744 1,600 BPZ Resources, Inc. + .................. 12,032 4,300 Brigham Exploration Co. + .............. 39,044 200 Bristow Group, Inc. + .................. 5,938 375 Bronco Drilling Co., Inc. + ............ 2,456 900 Cabot Oil & Gas Corp ................... 32,175 1,218 Cal Dive International, Inc. + ......... 12,046 4,500 Callon Petroleum Co. + ................. 8,235 2,000 Calumet Specialty Products Partners, LP 31,680 5,300 Cameron International Corp. + .......... 200,446 50 CARBO Ceramics, Inc .................... 2,577 200 Cheniere Energy, Inc. + ................ 586 8,500 Chesapeake Energy Corp ................. 241,400 30,699 Chevron Corp ........................... 2,162,131 1,047 Cimarex Energy Co ...................... 45,356 1,500 Clayton Williams Energy, Inc. + ........ 45,180 1,600 Clean Energy Fuels Corp. + ............. 23,056 800 Complete Production Services, Inc. + ... 9,040 2,200 Comstock Resources, Inc. + ............. 88,176 1,500 Concho Resources, Inc. + ............... 54,480 22,701 ConocoPhillips ......................... 1,025,177 1,700 Consol Energy, Inc ..................... 76,687 200 Cross Timbers Royalty Trust ............ 6,098 2,500 Crosstex Energy, Inc ................... 13,200 1,000 CVR Energy, Inc. + ..................... 12,440 2,000 Dawson Geophysical Co. + ............... 54,760 1,000 Delek US Holdings, Inc ................. 8,570 2,500 Delta Petroleum Corp. + ................ 4,375 4,550 Denbury Resources, Inc. + .............. 68,842 5,636 Devon Energy Corp ...................... 379,472 500 DHT Maritime, Inc ..................... 1,880 1,650 Diamond Offshore Drilling, Inc ......... 157,608 1,500 Dresser-Rand Group, Inc. + ............. 46,605 11,064 El Paso Corp ........................... 114,180 950 Encore Acquisition Co. + ............... 35,530 15 Energy Partners, Ltd. + ................ 112 1,650 Energy Transfer Equity, LP ............. 46,200 2,200 ENSCO International, Inc ............... 93,588 2,875 EOG Resources, Inc ..................... 240,091 400 Evergreen Energy, Inc. + ............... 248 4,400 EXCO Resources, Inc .................... 82,236 1,612 Exterran Holdings, Inc. + .............. 38,269 74,800 Exxon Mobil Corp ....................... 5,132,028 1,878 FMC Technologies, Inc. + ............... 98,107 950 Forest Oil Corp. + ..................... 18,591 1,100 Frontier Oil Corp ...................... 15,312 1,500 General Maritime Corp .................. 11,610 2,100 Geokinetics, Inc. + .................... 44,520 100 GeoMet, Inc. + ......................... 169 500 Georesources, Inc. + ................... 5,525 1,450 Global Industries, Ltd. + .............. 13,775 1,500 GMX Resources, Inc. + .................. 23,565 381 Gulf Island Fabrication, Inc ........... 7,140 2,000 Gulfmark Offshore, Inc. + .............. 65,480 1,250 Gulfport Energy Corp. + ................ 10,925 Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- ENERGY -- 11.4% (CONTINUED) 13,050 Halliburton Co ......................... $ 353,916 1,000 Helix Energy Solutions Group, Inc. + ... 14,980 1,750 Helmerich & Payne, Inc ................. 69,177 1,900 Hercules Offshore, Inc. + .............. 9,329 3,752 Hess Corp .............................. 200,582 500 Hornbeck Offshore Services, Inc. + ..... 13,780 6,725 International Coal Group, Inc. + ....... 27,102 250 ION Geophysical Corp. + ................ 880 2,050 James River Coal Co. + ................. 39,175 1,200 Key Energy Services, Inc. + ............ 10,440 716 Kinder Morgan Management LLC + ......... 33,903 7,300 Kodiak Oil & Gas Corp. + ............... 17,520 3,200 Linn Energy, LLC ....................... 73,312 1,486 Magellan Midstream Partners, LP ........ 55,888 9,622 Marathon Oil Corp ...................... 306,942 1,000 Mariner Energy, Inc. + ................. 14,180 200 Martin Midstream Partners, LP .......... 5,332 900 Massey Energy Co ....................... 25,101 450 Matrix Service Co. + ................... 4,891 1,500 McMoRan Exploration Co. + .............. 11,325 3,000 Murphy Oil Corp ........................ 172,710 3,500 Nabors Industries, Ltd. + .............. 73,150 400 National Coal Corp. + .................. 492 5,845 National Oilwell Varco, Inc. + ......... 252,095 1,500 Natural Gas Services Group, Inc. + ..... 26,430 2,225 Newfield Exploration Co. + ............. 94,696 3,175 Newpark Resources, Inc. + .............. 10,192 100 NGAS Resources, Inc. + ................. 239 1,300 Noble Energy, Inc ...................... 85,748 12,310 Occidental Petroleum Corp .............. 965,104 600 Oceaneering International, Inc. + ...... 34,050 100 Omni Energy Services Corp. + ........... 155 1,500 OYO Geospace Corp. + ................... 38,745 100 Pacific Ethanol, Inc. + ................ 51 6,350 Parallel Petroleum Corp. + ............. 20,129 3,600 Parker Drilling Co. + .................. 19,656 730 Patriot Coal Corp. + ................... 8,585 1,950 Patterson-UTI Energy, Inc .............. 29,445 4,250 Peabody Energy Corp .................... 158,185 3,147 PetroHawk Energy Corp. + ............... 76,189 1,996 Petroleum Development Corp. + .......... 37,245 2,300 Petroquest Energy, Inc. + .............. 14,927 2,950 Pioneer Drilling Co. + ................. 21,653 1,325 Pioneer Natural Resources Co ........... 48,084 953 Plains Exploration & Production Co. + .. 26,360 1,450 Pride International, Inc. + ............ 44,138 1,700 Pyramid Oil Co. + ...................... 8,313 3,200 Quicksilver Resources, Inc. + .......... 45,408 3,700 Range Resources Corp ................... 182,632 2,100 Rex Energy Corp. + ..................... 17,535 500 Rosetta Resources, Inc. + .............. 7,345 3,100 Rowan, Inc ............................. 71,517 1,250 RPC, Inc ............................... 13,100 1,600 Sandridge Energy + ..................... 20,736 18,300 Schlumberger, Ltd ...................... 1,090,680 500 SEACOR Holdings, Inc. + ................ 40,815 96 Seahawk Drilling, Inc. + ............... 2,985 4,800 Smith International, Inc ............... 137,760 1,172 Southern Union Co ...................... 24,366 4,500 Southwestern Energy Co. + .............. 192,060 9,741 Spectra Energy Corp .................... 184,495 1,550 St. Mary Land & Exploration Co ......... 50,313 1,090 Stone Energy Corp. + ................... 17,778 1,065 Sunoco, Inc ............................ 30,299 2,650 Superior Energy Services, Inc. + ....... 59,678 1,650 Superior Well Services, Inc. + ......... 15,972 1,500 Swift Energy Co. + ..................... 35,520 3,500 Syntroleum Corp. + ..................... 9,450 500 T-3 Energy Services, Inc. + ............ 9,850 SHARES VALUE ------ ----- ENERGY -- 11.4% (CONTINUED) 1,500 Teekay Corp ............................ $ 32,805 3,300 Tesoro Corp ............................ 49,434 1,500 Tetra Technologies, Inc. + ............. 14,535 202 TGC Industries, Inc. + ................. 980 750 Tidewater, Inc ......................... 35,317 500 Toreador Resources Corp ................ 4,995 4,500 Trico Marine Services, Inc. + .......... 34,740 750 TXCO Resources, Inc. + ................. 323 2,465 Ultra Petroleum Corp. + ................ 120,686 200 Union Drilling, Inc. + ................. 1,528 850 Uranium Resources, Inc. + .............. 977 1,150 USEC, Inc. + ........................... 5,394 1,100 Vaalco Energy, Inc ..................... 5,060 9,514 Valero Energy Corp ..................... 184,476 1,550 Venoco, Inc. + ......................... 17,841 462 VeraSun Energy Corp. + ................. 4 8 Verenium Corp. + ....................... 55 800 W&T Offshore, Inc ...................... 9,368 300 Warren Resources, Inc. + ............... 888 1,500 Western Refining, Inc. + ............... 9,675 500 Westmoreland Coal Co. + ................ 4,065 8,250 Williams, Inc .......................... 147,427 8,310 XTO Energy, Inc ........................ 343,369 -------------- 19,293,519 -------------- FINANCIALS -- 16.3% 200 21st Century Holding Co ................ 792 900 Abington Bancorp, Inc .................. 6,966 1 AcadiaRealtyTrust ...................... 15 600 Advance America Cash Advance Centers, Inc .................................... 3,360 300 Advanta Corp., Class B ................. 168 200 Affirmative Insurance Holdings, Inc .... 984 7,150 Aflac, Inc ............................. 305,591 8,075 Allstate Corp. (The) ................... 247,257 100 Altisource Portfolio Solutions SA + .... 1,444 1,725 AMB Property Corp ...................... 39,589 519 Ambac Financial Group, Inc ............. 872 411 Amcore Financial, Inc .................. 658 807 American Campus Communities, Inc ....... 21,668 1,100 American Equity Investment Life Holding Co ..................................... 7,722 15,250 American Express Co .................... 516,975 1,100 American Financial Group, Inc .......... 28,050 550 AmeriCredit Corp. + .................... 8,684 3,080 Ameriprise Financial, Inc .............. 111,896 310 Anchor Bancorp Wisconsin, Inc .......... 403 8,225 Annaly Capital Management, Inc ......... 149,202 1,500 Anworth Mortgage Asset Corp ............ 11,820 3,950 AON Corp ............................... 160,725 1,256 Apartment Investment & Management Co., Class A ........................... 18,526 200 Arbor Realty Trust, Inc ................ 568 800 Arch Capital Group, Ltd. + ............. 54,032 85 Arlington Asset Investment Corp., Class A + .............................. 42 1,500 Arthur J. Gallagher & Co ............... 36,555 544 Ashford Hospitality Trust, Inc ......... 1,882 1,200 Aspen Insurance Holdings, Ltd .......... 31,764 400 Asset Acceptance Capital Corp. + ....... 2,900 2,854 Associated Banc-Corp ................... 32,593 300 Associated Estates Realty Corp ......... 2,886 1,600 Assurant, Inc .......................... 51,296 600 Assured Guaranty, Ltd .................. 11,652 700 Astoria Financial Corp ................. 7,728 1,347 AvalonBay Communities, Inc ............. 97,967 600 Avatar Holdings, Inc. + ................ 11,400 2,100 Axis Capital Holdings, Ltd ............. 63,378 50 Bancorp, Inc. + ........................ 286 Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- FINANCIALS -- 16.3% (CONTINUED) 2,650 Bancorpsouth, Inc ...................... $ 64,687 120,348 Bank of America Corp ................... 2,036,288 2,250 Bank of Hawaii Corp .................... 93,465 18,363 Bank of New York Mellon Corp. (The) .... 532,343 80 BankAtlantic Bancorp, Inc., Class A .... 232 700 BankFinancial Corp ..................... 6,706 9,325 BB&T Corp .............................. 254,013 500 Beneficial Mutual Bancorp, Inc. + ...... 4,565 624 Berkshire Hathaway, Inc., Class B + .... 2,073,552 1,000 BGC Partners, Inc., Class A ............ 4,280 1,000 BioMed Realty Trust, Inc ............... 13,800 1,500 BlackRock, Inc., Class A ............... 325,230 1,000 Boston Private Financial Holdings, Inc . 6,510 2,125 Boston Properties, Inc ................. 139,294 2,988 Brandywine Realty Trust ................ 32,988 1,325 BRE Properties, Inc .................... 41,473 1,000 Broadpoint Gleacher Securities, Inc. + . 8,340 4,775 Brookfield Properties Corp ............. 53,766 1,400 Brown & Brown, Inc ..................... 26,824 100 Camden National Corp ................... 3,304 1,425 Camden Property Trust .................. 57,428 350 Capital City Bank Group, Inc ........... 4,970 200 Capital Corp of the West + ............. 3 6,250 Capital One Financial Corp ............. 223,313 3,839 CapitalSource, Inc ..................... 16,661 700 CapLease, Inc .......................... 2,821 1,700 Capstead Mortgage Corp ................. 23,647 100 Cardinal Financial Corp ................ 823 1,000 Cascade Bancorp ........................ 1,210 288 Cathay General Bancorp ................. 2,330 4,425 CB Richard Ellis Group, Inc., Class A + . 51,950 2,580 CBL & Associates Properties, Inc ....... 25,026 650 Cedar Shopping Centers, Inc ............ 4,192 700 Centerline Holding Co., LP ............. 189 14,714 Charles Schwab Corp. (The) ............. 281,773 400 Charter Financial Corp ................. 4,824 1,500 Chemical Financial Corp ................ 32,685 13,200 Chimera Investment Corp ................ 50,424 5,300 Chubb Corp ............................. 267,173 2,394 Cincinnati Financial Corp .............. 62,220 12,571 CIT Group, Inc ......................... 15,211 95,750 Citigroup, Inc ......................... 463,430 657 Citizens Republic Bancorp, Inc. + ...... 499 2,500 City Bank .............................. 6,475 1,500 City Holding Co ........................ 44,715 700 City National Corp ..................... 27,251 975 CME Group, Inc., Class A ............... 300,485 1,500 CNA Financial Corp ..................... 36,210 500 CNA Surety Corp. + ..................... 8,100 750 CoBiz Financial, Inc ................... 3,735 1,000 Cogdell Spencer, Inc ................... 4,800 350 Cohen & Steers, Inc .................... 8,400 950 Colonial BancGroup, Inc. (The) ......... 63 429 Colonial Properties Trust .............. 4,174 276 Columbia Banking System, Inc ........... 4,568 3,773 Comerica, Inc .......................... 111,945 2,500 Commerce Bancshares, Inc. .............. 93,100 563 Community Bancorp + .................... 34 500 Community Bank System, Inc ............. 9,135 100 Community Trust Bancorp, Inc ........... 2,617 200 CompuCredit Holdings Corp. + ........... 942 6,200 Conseco, Inc. + ........................ 32,612 850 Corporate Office Properties Trust ...... 31,348 800 Corus Bankshares, Inc. + ............... 72 5,500 Crawford & Co., Class B + .............. 24,255 1,300 Credit Acceptance Corp. + .............. 41,028 450 Cullen/Frost Bankers, Inc .............. 23,238 1,000 CVB Financial Corp ..................... 7,590 4,650 DCT Industrial Trust, Inc .............. 23,762 SHARES VALUE ------ ----- FINANCIALS -- 16.3% (CONTINUED) 23 Deerfield Capital Corp ................. $ 161 322 Delphi Financial Group, Inc., Class A .. 7,287 2,495 Developers Diversified Realty Corp ..... 23,054 1,900 DiamondRock Hospitality Co ............. 15,390 500 Digital Realty Trust, Inc .............. 22,855 7,425 Discover Financial Services ............ 120,508 1,100 Donegal Group, Inc., Class A ........... 16,984 1,100 Douglas Emmett, Inc .................... 13,508 400 Duff & Phelps Corp., Class A ........... 7,664 4,601 Duke Realty Corp ....................... 55,258 17,487 E*Trade Financial Corp. + .............. 30,602 2,000 East West Bancorp, Inc ................. 16,600 1,325 Eaton Vance Corp ....................... 37,087 1,000 Education Realty Trust, Inc ............ 5,930 1,500 eHealth, Inc. + ........................ 21,780 200 Encore Capital Group, Inc. + ........... 2,690 1,500 Endurance Specialty Holdings, Ltd ...... 54,705 50 Enterprise Financial Services Corp ..... 462 4,779 Equity Residential ..................... 146,715 700 Everest Re Group, Ltd .................. 61,390 2,000 Extra Space Storage, Inc ............... 21,100 9,725 Fannie Mae + ........................... 14,782 974 FBL Financial Group, Inc., Class A ..... 18,925 400 Federal Realty Investment Trust ........ 24,548 1,200 Federated Investors, Inc., Class B ..... 31,644 1,000 FelCor Lodging Trust, Inc .............. 4,530 2,100 FFD Financial Corp ..................... 26,250 3,291 Fidelity National Financial, Inc., Class A ................................ 49,628 9,901 Fifth Third Bancorp .................... 100,297 1,200 Financial Institutions, Inc ............ 11,964 100 First Acceptance Corp. + ............... 270 1,392 First American Corp .................... 45,059 2,500 First Bancorp .......................... 7,625 300 First Bancorp .......................... 5,415 500 First Cash Financial Services, Inc. + .. 8,565 800 First Commonwealth Financial Corp ...... 4,544 425 First Community Bancshares, Inc ........ 5,363 100 First Financial Corp ................... 3,064 2,257 First Horizon National Corp. + ......... 29,864 650 First Industrial Realty Trust, Inc ..... 3,412 50 First Marblehead Corp. (The) + ......... 110 2,008 First Niagara Financial Group, Inc ..... 24,759 800 First Potomac Realty Trust ............. 9,248 200 First State Bancorporation + ........... 238 1,107 FirstMerit Corp ........................ 21,066 200 Flagstar Bancorp, Inc. + ............... 206 950 Flagstone Reinsurance Holdings, Ltd .... 10,716 1,500 FNB Corp ............................... 10,665 4,000 Forest City Enterprises, Inc., Class A . 53,480 1,000 Forestar Group, Inc. + ................. 17,180 9,800 Fortress Investment Group LLC, Class A + .............................. 50,960 350 Franklin Bank Corp. + .................. 5 2,450 Franklin Resources, Inc ................ 246,470 950 Franklin Street Properties Corp ........ 12,445 5,725 Freddie Mac + .......................... 10,305 150 Fremont General Corp. + ................ 46 4,900 Frontier Financial Corp ................ 5,341 2,734 Fulton Financial Corp .................. 20,122 440 FX Real Estate and Entertainment, Inc. + 40 450 General Growth Properties, Inc ......... 2,165 5,850 Genworth Financial, Inc., Class A ...... 69,908 400 Getty Realty Corp ...................... 9,816 900 Glacier Bancorp, Inc ................... 13,446 3,100 GLG Partners, Inc ...................... 12,493 800 Glimcher Realty Trust .................. 2,936 6,620 Goldman Sachs Group, Inc. (The) ........ 1,220,397 435 Gramercy Capital Corp .................. 1,057 338 Green Bankshares, Inc .................. 1,690 Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- FINANCIALS -- 16.3% (CONTINUED) 300 Grubb & Ellis Co. + .................... $ 507 1,000 Guaranty Bancorp + ..................... 1,480 708 Guaranty Financial Group, Inc. + ....... 89 100 Hallmark Financial Services + .......... 805 550 Hanmi Financial Corp. + ................ 902 1,400 Hanover Insurance Group, Inc. (The) .... 57,862 1,500 Harleysville Group, Inc ................ 47,475 4,750 Hartford Financial Services Group, Inc . 125,875 1,175 HCC Insurance Holdings, Inc ............ 32,136 3,625 HCP, Inc ............................... 104,182 1,200 Health Care REIT, Inc .................. 49,944 50 Heritage Commerce Corp ................. 236 700 Hersha Hospitality Trust ............... 2,170 650 Highwoods Properties, Inc .............. 20,442 1,500 Hilltop Holdings, Inc. + ............... 18,390 600 Home Bancshares, Inc ................... 13,152 1,000 Horace Mann Educators Corp ............. 13,970 1,000 Hospitality Properties Trust ........... 20,370 10,600 Host Hotels & Resorts, Inc ............. 124,762 5,175 HRPT Properties Trust .................. 38,916 6,626 Hudson City Bancorp, Inc ............... 87,132 11,351 Huntington Bancshares, Inc ............. 53,463 85 IMPAC Mortgage Holdings, Inc. + ........ 179 1,200 Imperial Capital Bancorp, Inc. + ....... 468 150 Independent Bank Corp .................. 285 2,225 IndyMac Bancorp, Inc. + ................ 210 1,500 Infinity Property & Casualty ........... 63,720 1,100 Inland Real Estate Corp ................ 9,636 875 IntercontinentalExchange, Inc. + ....... 85,041 500 International Assets Holding Corp. + ... 8,255 700 International Bancshares Corp .......... 11,417 550 Intervest Bancshares Corp., Class A .... 1,980 5,700 Invesco, Ltd ........................... 129,732 500 Investment Technology Group, Inc. + .... 13,960 800 Investors Bancorp, Inc. + .............. 8,488 1,800 Investors Real Estate Trust ............ 16,272 100 Irwin Financial Corp. + ................ 5 1,564 iStar Financial, Inc ................... 4,755 2,475 Janus Capital Group, Inc ............... 35,096 1,700 Jefferies Group, Inc ................... 46,291 59,859 JPMorgan Chase & Co .................... 2,623,021 600 Kearny Financial Corp .................. 6,252 8,973 Keycorp ................................ 58,325 7,025 Kimco Realty Corp ...................... 91,606 800 Kite Realty Group Trust ................ 3,336 800 KKR Financial Holdings LLC ............. 3,696 1,900 Knight Capital Group, Inc., Class A + .. 41,325 200 LaBranche & Co., Inc. + ................ 680 1,500 LaSalle Hotel Properties ............... 29,490 1,200 Lazard, Ltd., Class A, LP .............. 49,572 2,700 Legg Mason, Inc ........................ 83,781 2,505 Leucadia National Corp ................. 61,924 1,577 Lexington Realty Trust ................. 8,043 950 Liberty Property Trust ................. 30,904 3,700 Lincoln National Corp .................. 95,867 4,200 Loews Corp ............................. 143,850 1,500 LTC Properties, Inc .................... 36,060 1,337 M&T Bank Corp .......................... 83,322 1,248 Macerich Co. (The) ..................... 37,852 1,500 Mack-Cali Realty Corp .................. 48,495 7,800 Maguire Properties, Inc. + ............. 16,380 1,000 Maiden Holdings, Ltd ................... 7,270 700 Market Leader, Inc. + .................. 1,512 6,470 Marsh & McLennan, Inc .................. 160,003 8,232 Marshall & Ilsley Corp ................. 66,432 900 Max Capital Group, Ltd ................. 19,233 244 MB Financial, Inc ...................... 5,117 1,900 MBIA, Inc. + ........................... 14,744 967 Meadowbrook Insurance Group, Inc ....... 7,156 SHARES VALUE ------ ----- FINANCIALS -- 16.3% (CONTINUED) 600 Medallion Financial Corp ............... $ 5,016 500 Medical Properties Trust, Inc .......... 3,905 8,821 MetLife, Inc ........................... 335,815 2,600 MF Global, Ltd. + ...................... 18,902 4,500 MFA Mortgage Investments, Inc .......... 35,820 1,500 MGIC Investment Corp ................... 11,115 100 Mid-America Apartment Communities, Inc .................................... 4,513 250 Midwest Banc Holdings, Inc. + .......... 178 700 Montpelier Re Holdings, Ltd ............ 11,424 2,575 Moody's Corp ........................... 52,685 18,625 Morgan Stanley ......................... 575,140 1,000 MSCI, Inc., Class A + .................. 29,620 600 Nara Bancorp, Inc ...................... 4,170 2,450 NASDAQ OMX Group, Inc. + ............... 51,573 400 National Interstate Corp ............... 7,000 2,500 National Penn Bancshares, Inc .......... 15,275 1,500 National Retail Properties, Inc ........ 32,205 850 Nationwide Health Properties, Inc ...... 26,341 500 NBT Bancorp, Inc ....................... 11,270 4,312 New York Community Bancorp, Inc ........ 49,243 2,600 NewAlliance Bancshares, Inc ............ 27,820 350 Newcastle Investment Corp .............. 1,040 50 North Valley Bancorp ................... 149 3,450 Northern Trust Corp .................... 200,652 156 NorthStar Realty Finance Corp .......... 548 4,550 NYSE Euronext .......................... 131,449 300 Ocwen Financial Corp. + ................ 3,396 1,500 oday ................................... 31,695 1,500 Old National Bancorp ................... 16,800 2,612 Old Republic International Corp ........ 31,814 400 Old Second Bancorp, Inc ................ 2,292 800 Omega Healthcare Investors, Inc ........ 12,816 600 OneBeacon Insurance Group, Ltd., Class A ................................ 8,244 432 Oriental Financial Group, Inc .......... 5,486 3,000 Oritani Financial Corp ................. 40,920 283 Pacific Capital Bancorp NA ............. 408 200 Parkway Properties, Inc ................ 3,940 900 PartnerRe, Ltd ......................... 69,246 1,000 Penn Treaty American Corp .............. 230 4,347 People's United Financial, Inc ......... 67,639 123 PHH Corp. + ............................ 2,440 8,750 Phoenix Cos., Inc. (The) ............... 28,438 1,500 Pico Holdings, Inc. + .................. 50,025 2,684 Plum Creek Timber Co., Inc ............. 82,238 7,325 PMI Group, Inc ......................... 31,131 4,475 Popular, Inc ........................... 12,664 500 Post Properties, Inc ................... 9,000 1,000 Preferred Bank ......................... 3,260 100 Primus Guaranty, Ltd. + ................ 427 4,400 Principal Financial Group, Inc ......... 120,516 1,222 PrivateBancorp, Inc .................... 29,890 265 ProAssurance Corp. + ................... 13,830 9,225 Progressive Corp. (The) ................ 152,951 6,744 ProLogis ............................... 80,388 1,000 Protective Life Corp ................... 21,420 1,500 Provident Financial Services, Inc ...... 15,435 1,050 Provident New York Bancorp ............. 10,027 7,250 Prudential Financial, Inc .............. 361,848 2,139 Public Storage ......................... 160,938 2,077 Pzena Investment Management, Inc., Class A ................................ 16,969 5,370 Radian Group, Inc ...................... 56,815 200 RAIT Financial Trust ................... 588 1,000 Ramco-Gershenson Properties Trust ...... 8,920 1,200 Raymond James Financial, Inc ........... 27,936 1,001 Rayonier, Inc .......................... 40,951 2,900 Realty Income Corp ..................... 74,385 Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- FINANCIALS -- 16.3% (CONTINUED) 700 Redwood Trust, Inc ..................... $ 10,850 1,825 Regency Centers Corp ................... 67,616 16,806 Regions Financial Corp ................. 104,365 350 Reinsurance Group of America, Inc., Class A ................................ 15,610 800 RenaissanceRe Holdings, Ltd ............ 43,808 50 Renasant Corp .......................... 743 315 Republic Bancorp, Inc., Class A ........ 6,287 250 Resource America, Inc., Class A ........ 1,203 200 Resource Capital Corp .................. 1,088 400 Riskmetrics Group, Inc. + .............. 5,848 1,700 Roma Financial Corp .................... 21,131 1,500 Safety Insurance Group, Inc ............ 49,380 600 Santander BanCorp + .................... 5,850 200 Saul Centers, Inc ...................... 6,420 700 SeaBright Insurance Holdings, Inc. + ... 7,994 750 Seacoast Banking Corp of Florida ....... 1,890 600 Selective Insurance Group .............. 9,438 1,850 Senior Housing Properties Trust ........ 35,354 400 Signature Bank + ....................... 11,600 4,568 Simon Property Group, Inc .............. 317,156 1,500 SL Green Realty Corp ................... 65,775 5,500 SLM Corp. + ............................ 47,960 150 South Financial Group, Inc. (The) ...... 221 994 Southern Missouri Bancorp, Inc ......... 10,536 50 Southwest Bancorp, Inc ................. 702 300 Sovran Self Storage, Inc ............... 9,129 1,500 St. Joe Co. (The) + .................... 43,680 490 StanCorp Financial Group, Inc .......... 19,781 400 State Auto Financial Corp .............. 7,172 7,815 State Street Corp ...................... 411,069 50 Sterling Bancorp, Class N .............. 361 1,100 Sterling Bancshares, Inc ............... 8,041 394 Sterling Financial Corp ................ 788 300 Stewart Information Services Corp ...... 3,711 100 Strategic Hotels & Resorts, Inc ........ 259 50 Suffolk Bancorp ........................ 1,481 822 Sun Bancorp, Inc. + .................... 4,340 500 Sun Communities, Inc ................... 10,760 1,095 Sunstone Hotel Investors, Inc .......... 7,774 6,580 SunTrust Banks, Inc .................... 148,379 150 Superior Bancorp + ..................... 366 690 Susquehanna Bancshares, Inc ............ 4,064 650 SVB Financial Group + .................. 28,126 4,731 Synovus Financial Corp ................. 17,741 4,525 T Rowe Price Group, Inc ................ 206,793 500 Taubman Centers, Inc ................... 18,040 500 Taylor Capital Group, Inc. + .......... 3,300 1,500 TCF Financial Corp ..................... 19,560 4,103 TD Ameritrade Holding Corp. + .......... 80,501 1,550 Tejon Ranch Co. + ...................... 39,804 2,950 TFS Financial Corp ..................... 35,105 200 Thomas Weisel Partners Group, Inc. + ... 1,068 225 Thornburg Mortgage, Inc. + ............. 8 1,200 Torchmark Corp ......................... 52,116 100 TowneBank .............................. 1,275 100 TradeStation Group, Inc. + ............. 815 9,359 Travelers Cos., Inc. (The) ............. 460,744 90 Tree.com, Inc. + ....................... 679 950 Triad Guaranty, Inc. + ................. 1,207 400 Trico Bancshares ....................... 6,560 1,208 Trustco Bank Corp ...................... 7,550 29,109 U.S. Bancorp ........................... 636,323 2,425 UCBH Holdings, Inc ..................... 1,940 2,328 UDR, Inc ............................... 36,643 760 UMB Financial Corp ..................... 30,734 800 Umpqua Holdings Corp ................... 8,480 650 United America Indemnity, Ltd., Class A + .............................. 4,803 2,374 United Community Banks, Inc. + ......... 11,871 SHARES VALUE ------ ----- FINANCIALS -- 16.3% (CONTINUED) 317 United Community Financial Corp. + ..... $ 552 403 United Financial Bankcorp, Inc ......... 4,667 300 United Fire & Casualty Co .............. 5,370 400 United PanAm Financial Corp. + ......... 1,380 312 United Security Bancshares + ........... 1,404 350 Unitrin, Inc ........................... 6,821 200 Universal Health Realty Income Trust ... 6,510 3,407 Unum Group ............................. 73,046 500 Urstadt Biddle Properties, Inc., Class A . 7,295 937 U-Store-It Trust ....................... 5,856 1,582 Valley National Bancorp ................ 19,443 1,775 Ventas, Inc ............................ 68,337 25 Vineyard National Bancorp + ............ 1 565 Virginia Commerce Bancorp + ............ 2,254 157 Virtus Investment Partners, Inc. + ..... 2,451 2,867 Vornado Realty Trust ................... 184,663 15 W Holding Co., Inc ..................... 201 3,687 W.R. Berkley Corp ...................... 93,207 1,400 Waddell & Reed Financial, Inc., Class A. 39,830 219 Walter Investment Management Corp ...... 3,508 1,333 Washington Federal, Inc ................ 22,474 250 Washington Real Estate Investment Trust 7,200 400 Washington Trust Bancorp, Inc .......... 7,008 550 Waterstone Financial, Inc. + ........... 2,783 3,400 Weingarten Realty Investors ............ 67,728 67,823 Wells Fargo & Co ....................... 1,911,252 400 Westamerica Bancorporation ............. 20,800 1,150 Western Alliance Bancorp + ............. 7,256 200 Westfield Financial, Inc ............... 1,694 1,500 Whitney Holding Corp ................... 14,310 2,200 Wilmington Trust Corp .................. 31,240 700 Wilshire Bancorp, Inc .................. 5,138 10 WP Stewart & Co., Ltd. + ............... 67 4,225 XL Capital, Ltd., Class A .............. 73,769 1,630 Zions Bancorporation ................... 29,291 400 ZipRealty, Inc. + ...................... 1,680 -------------- 27,528,975 -------------- HEALTH CARE -- 12.4% 23,700 Abbott Laboratories .................... 1,172,439 100 Abraxis Bioscience, Inc. + ............. 3,638 100 Acadia Pharmaceuticals, Inc. + ......... 171 100 ADAM, Inc. + ........................... 348 100 Adolor Corp. + ......................... 159 5,200 Aetna, Inc ............................. 144,716 1,500 Affymax, Inc. + ........................ 35,835 200 Affymetrix, Inc. + ..................... 1,756 300 Air Methods Corp. + .................... 9,771 400 Akorn, Inc. + .......................... 548 700 Albany Molecular Research, Inc. + ...... 6,062 1,500 Alexion Pharmaceuticals, Inc. + ........ 66,810 650 Align Technology, Inc. + ............... 9,243 3,980 Allergan, Inc .......................... 225,905 700 Alliance HealthCare Services, Inc. + ... 3,962 100 Allos Therapeutics, Inc. + ............. 725 1,500 Allscripts-Misys Healthcare Solutions, Inc. ................................... 30,405 100 Altus Pharmaceuticals, Inc. + .......... 20 201 Amedisys, Inc. + ....................... 8,770 1,800 American Caresource Holdings, Inc. + ... 7,866 1,500 American Medical Systems Holdings, Inc.+ .................................. 25,380 600 AMERIGROUP Corp. + ..................... 13,302 2,380 AmerisourceBergen Corp., Class A ....... 53,264 15,502 Amgen, Inc. + .......................... 933,685 300 Amicus Therapeutics, Inc. + ............ 2,625 250 AMN Healthcare Services, Inc. + ........ 2,377 400 Amsurg Corp., Class A + ................ 8,492 2,750 Amylin Pharmaceuticals, Inc. + ......... 37,648 600 Angeion Corp. + 2,334 Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- HEALTH CARE -- 12.4% (CONTINUED) 500 Anika Therapeutics, Inc. + ............. $ 3,250 300 Arena Pharmaceuticals, Inc. + .......... 1,341 400 Artes Medical, Inc. + .................. 4 2,400 ARYx Therapeutics, Inc. + .............. 7,512 900 Aspect Medical Systems, Inc. + ......... 10,782 500 AspenBio Pharma, Inc. + ................ 1,020 200 Atherogenics, Inc. + ................... -- 8,988 Baxter International, Inc .............. 512,406 800 Beckman Coulter, Inc ................... 55,152 3,975 Becton Dickinson and Co ................ 277,256 800 Biodel, Inc. + ......................... 4,296 200 BioForm Medical, Inc. + ................ 716 2,555 Biogen Idec, Inc. + .................... 129,079 1,000 BioMarin Pharmaceutical, Inc. + ........ 18,080 500 Bio-Rad Laboratories, Inc., Class A + .. 45,940 19,939 Boston Scientific Corp. + .............. 211,154 30,250 Bristol-Myers Squibb Co ................ 681,230 1,000 Brookdale Senior Living, Inc ........... 18,130 1,000 Bruker Corp. + ......................... 10,670 200 BSD Medical Corp. + .................... 544 1,725 C.R. Bard, Inc ......................... 135,602 700 Cadence Pharmaceuticals, Inc. + ........ 7,742 3,100 Cambrex Corp. + ........................ 19,530 100 Candela Corp. + ........................ 330 100 Capital Senior Living Corp. + .......... 610 1,150 Caraco Pharmaceutical Laboratories, Ltd. + ................................. 5,854 4,586 Cardinal Health, Inc ................... 122,905 2,293 CareFusion Corp. + ..................... 49,987 1,500 Celera Corp. + ......................... 9,345 5,550 Celgene Corp. + ........................ 310,245 6,800 Cell Therapeutics, Inc. + .............. 8,364 600 Centene Corp. + ........................ 11,364 325 Cephalon, Inc. + ....................... 18,928 1,500 Cepheid, Inc. + ........................ 19,830 1,500 Cerner Corp. + ......................... 112,200 1,000 Charles River Laboratories International, Inc. + .................. 36,980 3,400 Cigna Corp ............................. 95,506 200 Cleveland Biolabs, Inc. + .............. 834 2,600 Community Health Systems, Inc. + ....... 83,018 1,500 Conceptus, Inc. + ...................... 27,810 300 Conmed Corp. + ......................... 5,751 1,500 Cornerstone Therapeutics, Inc. + ....... 9,825 1,450 Covance, Inc. + ........................ 78,517 616 Coventry Health Care, Inc. + ........... 12,295 500 Cubist Pharmaceuticals, Inc. + ......... 10,100 100 CuraGen Corp. + ........................ 147 1,477 Cynosure, Inc., Class A + .............. 17,207 2,300 Cytori Therapeutics, Inc. + ............ 9,085 975 DaVita, Inc. + ......................... 55,224 1,700 Dendreon Corp. + ....................... 47,583 2,075 DENTSPLY International, Inc ............ 71,671 100 Dialysis Corp. of America + ............ 602 500 Dionex Corp. + ......................... 32,485 100 Dyax Corp. + ........................... 359 1,050 Edwards Lifesciences Corp. + ........... 73,405 12,295 Eli Lilly & Co ......................... 406,104 200 Emergency Medical Services Corp., Class A + .............................. 9,300 793 Emergent Biosolutions, Inc. + .......... 14,004 3,500 Emergent Group, Inc .................... 24,010 1,650 Endo Pharmaceuticals Holdings, Inc. + .. 37,339 1,100 eResearchTechnology, Inc. + ............ 7,700 2,200 ev3, Inc. + ............................ 27,082 800 Exelixis, Inc. + ....................... 5,104 3,500 Express Scripts, Inc., Class A + ....... 271,530 60 Facet Biotech Corp. + .................. 1,037 100 Five Star Quality Care, Inc. + ......... 366 SHARES VALUE ------ ----- HEALTH CARE -- 12.4% (CONTINUED) 2,600 Forest Laboratories, Inc. + ............ $ 76,544 300 Genoptix, Inc. + ....................... 10,434 1,375 Gen-Probe, Inc. + ...................... 56,980 1,550 Gentiva Health Services, Inc. + ........ 38,766 4,105 Genzyme Corp. + ........................ 232,877 1,100 Geron Corp. + .......................... 7,216 13,200 Gilead Sciences, Inc. + ................ 614,856 1,500 Greatbatch, Inc. + ..................... 33,705 450 GTx, Inc. + ............................ 5,760 1,700 Halozyme Therapeutics, Inc. + .......... 12,087 4,850 Health Management Associates, Inc., Class A + .............................. 36,326 1,700 Health Net, Inc. + ..................... 26,180 1,000 Healthsouth Corp. + .................... 15,640 1,800 Henry Schein, Inc. + ................... 98,838 300 Hill-Rom Holdings, Inc ................. 6,534 1,595 HLTH Corp. + ........................... 23,303 3,952 Hologic, Inc. + ........................ 64,576 2,340 Hospira, Inc. + ........................ 104,364 650 Human Genome Sciences, Inc. + .......... 12,233 1,500 Humana, Inc. + ......................... 55,950 200 Hythiam, Inc. + ........................ 134 200 ICU Medical, Inc. + .................... 7,372 1,300 Idenix Pharmaceuticals, Inc. + ......... 4,017 1,888 Illumina, Inc. + ....................... 80,240 100 Immtech Pharmaceuticals, Inc., Class A + 15 980 Immucor, Inc. + ........................ 17,346 1,000 IMS Health, Inc ........................ 15,350 200 Incyte Corp., Ltd. + ................... 1,350 600 Infinity Pharmaceuticals, Inc. + ....... 3,738 300 Integra LifeSciences Holdings Corp. + .. 10,245 450 InterMune, Inc. + ...................... 7,169 600 Intuitive Surgical, Inc. + ............. 157,350 1,500 Invacare Corp .......................... 33,420 1,500 Inverness Medical Innovations, Inc. + .. 58,095 1,500 IPC The Hospitalist Co., Inc. + ........ 47,175 200 IRIS International, Inc. + ............. 2,260 700 Isis Pharmaceuticals, Inc. + ........... 10,199 2,300 Jazz Pharmaceuticals, Inc. + ........... 18,446 42,185 Johnson & Johnson ...................... 2,568,645 300 Kendle International, Inc. + ........... 5,016 300 Keryx Biopharmaceuticals, Inc. + ....... 702 1,500 Kindred Healthcare, Inc. + ............. 24,345 650 Kinetic Concepts, Inc. + ............... 24,037 3,624 King Pharmaceuticals, Inc. + ........... 39,030 4,500 KV Pharmaceutical Co., Class A + ....... 13,815 1,375 Laboratory Corp. of America Holdings + . 90,338 200 LCA-Vision, Inc. + ..................... 1,402 600 LHC Group, Inc. + ...................... 17,958 2,833 Life Technologies Corp. + .............. 131,876 2,165 LifePoint Hospitals, Inc. + ............ 58,585 100 Ligand Pharmaceuticals, Inc., Class B + 231 2,200 Lincare Holdings, Inc. + ............... 68,750 500 MAKO Surgical Corp. + .................. 4,380 1,600 MannKind Corp. + ....................... 15,760 200 Maxygen, Inc. + ........................ 1,338 4,300 McKesson Corp .......................... 256,065 200 MDRNA, Inc. + .......................... 280 400 MedAssets, Inc. + ...................... 9,028 6,648 Medco Health Solutions, Inc. + ......... 367,701 300 Medicis Pharmaceutical Corp., Class A . 6,405 500 Medivation, Inc. + ..................... 13,570 16,268 Medtronic, Inc ......................... 598,662 29,058 Merck & Co., Inc ....................... 919,105 100 Merge Healthcare, Inc. + ............... 411 1,500 Merit Medical Systems, Inc. + .......... 25,995 800 Micrus Endovascular Corp. + ............ 10,360 400 Molina Healthcare, Inc. + .............. 8,276 1,200 Momenta Pharmaceuticals, Inc. + ........ 12,732 Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- HEALTH CARE -- 12.4% (CONTINUED) 4,150 Mylan, Inc. + .......................... $ 66,441 1,500 Myriad Genetics, Inc. + ................ 41,100 375 Myriad Pharmaceuticals, Inc. + ......... 2,197 300 National Healthcare Corp ............... 11,187 950 Nektar Therapeutics + .................. 9,253 200 Neurocrine Biosciences, Inc. + ......... 610 300 Nighthawk Radiology Holdings, Inc. + ... 2,169 100 Northstar Neuroscience, Inc ............ 8 900 Oculus Innovative Sciences, Inc. + ..... 2,187 200 Odyssey HealthCare, Inc. + ............. 2,500 1,000 Omnicare, Inc .......................... 22,520 1,325 Onyx Pharmaceuticals, Inc. + ........... 39,710 1,500 Optimer Pharmaceuticals, Inc. + ........ 20,295 750 Orexigen Therapeutics, Inc. + .......... 7,388 50 Palomar Medical Technologies, Inc. + ... 810 1,950 Patterson Cos., Inc. + ................. 53,137 800 PDI, Inc. + ............................ 3,664 3,200 PDL BioPharma, Inc ..................... 25,216 1,517 PerkinElmer, Inc ....................... 29,187 1,100 Perrigo Co ............................. 37,389 103,361 Pfizer, Inc ............................ 1,710,625 1,500 Pharmaceutical Product Development, Inc .................................... 32,910 1,500 PharMerica Corp. + ..................... 27,855 400 Pozen, Inc. + .......................... 2,944 800 Progenics Pharmaceuticals, Inc. + ...... 4,192 1,700 Providence Service Corp. (The) + ....... 19,822 500 PSS World Medical, Inc. + .............. 10,915 200 Pure Bioscience + ...................... 324 2,225 Quest Diagnostics, Inc ................. 116,123 1,000 Questcor Pharmaceuticals, Inc. + ....... 5,520 600 Regeneron Pharmaceuticals, Inc. + ...... 11,580 400 Repros Therapeutics, Inc. + ............ 360 600 Res-Care, Inc. + ....................... 8,526 1,000 Resmed, Inc. + ......................... 45,200 1,600 Rigel Pharmaceuticals, Inc. + .......... 13,120 418 RTI Biologics, Inc. + .................. 1,818 500 RXi Pharmaceuticals Corp. + ............ 1,225 1,500 Salix Pharmaceuticals, Ltd. + .......... 31,890 300 Sangamo Biosciences, Inc. + ............ 2,463 800 Savient Pharmaceuticals, Inc. + ........ 12,160 22,125 Schering-Plough Corp ................... 625,031 1,500 Seattle Genetics, Inc. + ............... 21,045 1,700 Sepracor, Inc. + ....................... 38,930 1,500 Sequenom, Inc. + ....................... 4,845 450 Sirona Dental Systems, Inc. + .......... 13,388 700 Skilled Healthcare Group, Inc., Class A + .............................. 5,621 600 Solta Medical, Inc. + .................. 1,362 100 Somaxon Pharmaceuticals, Inc. + ........ 238 5,350 St. Jude Medical, Inc. + ............... 208,704 2,150 STERIS Corp ............................ 65,468 4,070 Stryker Corp ........................... 184,900 700 Sun Healthcare Group, Inc. + ........... 6,048 200 Symmetry Medical, Inc. + ............... 2,074 400 Synta Pharmaceuticals Corp. + .......... 1,240 1,000 Techne Corp ............................ 62,550 1,000 Teleflex, Inc .......................... 48,310 400 Telik, Inc. + .......................... 318 8,226 Tenet Healthcare Corp. + ............... 48,369 7,059 Thermo Fisher Scientific, Inc. + ....... 308,267 700 Thoratec Corp. + ....................... 21,189 1,000 TranS1, Inc. + ......................... 4,810 50 Transcend Services, Inc. + ............. 874 80 Transcept Pharmaceuticals, Inc. + ...... 1,106 600 Triple-S Management Corp., Class B + ... 10,062 600 United American Healthcare Corp. + ..... 624 600 United Therapeutics Corp. + ............ 29,394 16,712 UnitedHealth Group, Inc ................ 418,468 500 Universal American Corp. + ............. 4,710 SHARES VALUE ------ ----- HEALTH CARE -- 12.4% (CONTINUED) 750 Valeant Pharmaceuticals International + $ 21,045 1,100 Varian Medical Systems, Inc. + ......... 46,343 1,500 VCA Antech, Inc. + ..................... 40,335 2,100 Vertex Pharmaceuticals, Inc. + ......... 79,590 800 Viropharma, Inc. + ..................... 7,696 500 Virtual Radiologic Corp. + ............. 6,515 500 Volcano Corp. + ........................ 8,410 1,000 Warner Chilcott PLC, Class A + ......... 21,620 600 Waters Corp. + ......................... 33,516 2,850 Watson Pharmaceuticals, Inc. + ......... 104,424 6,691 WellPoint, Inc. + ...................... 316,886 1,500 Wright Medical Group, Inc. + ........... 26,790 20,450 Wyeth .................................. 993,461 1,500 XenoPort, Inc. + ....................... 31,845 3,500 Zimmer Holdings, Inc. + ................ 187,075 2,800 Zymogenetics, Inc. + ................... 16,912 -------------- 20,920,470 -------------- INDUSTRIALS -- 10.4% 10,300 3M Co .................................. 760,140 300 Acacia Research-Acacia Technologies + .. 2,613 2,525 Access to Money, Inc. + ................ 1,136 200 Accuride Corp. + ....................... 55 240 Actuant Corp., Class A ................. 3,854 500 Acuity Brands, Inc ..................... 16,105 1,536 Administaff, Inc ....................... 40,351 1,100 Aecom Technology Corp. + ............... 29,854 1,200 AeroCentury Corp. + .................... 23,868 1,500 Aerovironment, Inc. + .................. 42,135 850 AGCO Corp. + ........................... 23,485 1,700 Aircastle, Ltd ......................... 16,439 1,500 Airtran Holdings, Inc. + ............... 9,375 1,000 Albany International Corp., Class A .... 19,400 350 Alexander & Baldwin, Inc ............... 11,231 650 Alliant Techsystems, Inc. + ............ 50,602 1,500 Amerco, Inc. + ......................... 68,790 75 American Commercial Lines, Inc. + ...... 2,184 500 American Ecology Corp .................. 9,350 50 Ameron International Corp .............. 3,499 1,050 AMETEK, Inc ............................ 36,656 3,275 AMR Corp. + ............................ 26,036 1,500 Amrep Corp. + .......................... 19,800 500 Apogee Enterprises, Inc ................ 7,510 100 Applied Energetics, Inc. + ............. 46 200 Applied Signal Technology, Inc ......... 4,654 1,500 Argon ST, Inc. + ....................... 28,575 300 Armstrong World Industries, Inc. + ..... 10,338 250 Ascent Solar Technologies, Inc. + ...... 1,885 100 ATC Technology Corp. + ................. 1,976 1,100 Avery Dennison Corp .................... 39,611 992 Avis Budget Group, Inc. + .............. 13,253 300 AZZ, Inc. + ............................ 12,051 200 Baker (Michael) Corp. + ................ 7,268 600 Barnes Group, Inc ...................... 10,254 400 Basin Water, Inc. + .................... 14 1,075 BE Aerospace, Inc. + ................... 21,650 500 Blount International, Inc. + ........... 4,735 900 BlueLinx Holdings, Inc. + .............. 3,609 9,100 Boeing Co .............................. 492,765 550 Brady Corp., Class A ................... 15,796 500 Briggs & Stratton Corp ................. 9,705 450 Brink's Co. (The) ...................... 12,109 100 BTU International, Inc. + .............. 616 2,600 Bucyrus International, Inc., Class A ... 92,612 450 Builders FirstSource, Inc. + ........... 1,962 150 Building Materials Holding Corp. + ..... 8 3,140 Burlington Northern Santa Fe Corp ...... 250,666 100 C&D Technologies, Inc. + ............... 215 500 Carlisle Cos., Inc ..................... 16,955 Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- INDUSTRIALS -- 10.4% (CONTINUED) 100 Casella Waste Systems, Inc., Class A + . $ 294 8,600 Caterpillar, Inc ....................... 441,438 1,300 CBIZ, Inc. + ........................... 9,698 400 CDI Corp ............................... 5,620 400 Ceco Environmental Corp. + ............. 1,500 300 Celadon Group, Inc. + .................. 3,393 800 Cenveo, Inc. + ......................... 5,536 2,050 CH Robinson Worldwide, Inc ............. 118,387 3,532 Cintas Corp ............................ 107,055 400 CLARCOR, Inc ........................... 12,544 300 Coleman Cable, Inc. + .................. 1,314 1,000 Colfax Corp. + ......................... 10,630 400 Columbus McKinnon Corp. + .............. 6,060 900 Comfort Systems USA, Inc ............... 10,431 300 Commercial Vehicle Group, Inc. + ....... 1,953 100 Competitive Technologies, Inc. + ....... 240 750 COMSYS IT Partners, Inc. + ............. 4,800 1,600 Continental Airlines, Inc., Class B + .. 26,304 450 Con-way, Inc ........................... 17,244 1,225 Cooper Industries PLC, Class A ......... 46,023 700 Copart, Inc. + ......................... 23,247 200 Cornell, Inc. + ........................ 4,488 1,500 Corporate Executive Board Co ........... 37,350 1,800 Corrections Corp of America + .......... 40,770 1,750 Covanta Holding Corp. + ................ 29,750 100 Covenant Transportation Group, Inc., Class A + .............................. 491 300 Crane Co ............................... 7,743 5,250 CSX Corp ............................... 219,765 2,500 Cummins, Inc ........................... 112,025 300 Curtiss-Wright Corp .................... 10,239 4,018 Danaher Corp ........................... 270,492 5,550 Deere & Co ............................. 238,206 10,150 Delta Air Lines, Inc. + ................ 90,944 200 Diamond Management & Technology Consultants, Inc., Class A ............. 1,370 200 Document Security Systems, Inc. + ...... 468 500 Dollar Thrifty Automotive Group, Inc. +. 12,295 900 Donaldson Co., Inc ..................... 31,167 2,550 Dover Corp ............................. 98,838 100 DXP Enterprises, Inc. + ................ 1,115 1,000 Dycom Industries, Inc. + ............... 12,300 400 Dynamic Materials Corp ................. 7,984 400 DynCorp International, Inc., Class A + . 7,200 200 Eagle Bulk Shipping, Inc ............... 1,026 1,800 Eaton Corp ............................. 101,862 1,500 EMCOR Group, Inc. + .................... 37,980 12,100 Emerson Electric Co .................... 484,968 700 Empire Resources, Inc .................. 889 550 Encore Wire Corp ....................... 12,287 1,300 Ener1, Inc. + .......................... 8,996 500 Energy Recovery, Inc. + ................ 2,910 2,500 EnergySolutions, Inc ................... 23,050 300 EnerNOC, Inc. + ........................ 9,948 50 Ennis, Inc ............................. 807 1,575 Equifax, Inc ........................... 45,895 225 Evergreen Solar, Inc. + ................ 432 1,500 Excel Maritime Carriers, Ltd., Class A . 9,975 3,925 Expeditors International of Washington, Inc .................................... 137,964 10 ExpressJet Holdings, Inc., Class A + ... 25 1,950 Fastenal Co ............................ 75,465 1,000 Federal Signal Corp .................... 7,190 3,982 FedEx Corp ............................. 299,526 750 First Advantage Corp., Class A + ....... 13,913 700 First Solar, Inc. + .................... 107,002 200 Flanders Corp. + ....................... 1,032 100 Flowserve Corp ......................... 9,854 2,700 Fluor Corp ............................. 137,295 SHARES VALUE ------ ----- INDUSTRIALS -- 10.4% (CONTINUED) 1,500 Forward Air Corp ....................... $ 34,725 300 Franklin Electric Co., Inc ............. 8,601 600 Frontier Airlines Holdings, Inc. + ..... 15 100 Frozen Food Express Industries ......... 293 700 Fuel Tech, Inc. + ...................... 7,840 500 FuelCell Energy, Inc. + ................ 2,135 300 Furmanite Corp. + ...................... 1,293 750 Gardner Denver, Inc. + ................. 26,160 200 GATX Corp .............................. 5,590 1,425 General Cable Corp. + .................. 55,789 5,040 General Dynamics Corp .................. 325,584 162,246 General Electric Co .................... 2,664,079 3,325 Goodrich Corp .......................... 180,680 325 Gorman-Rupp Co. (The) .................. 8,096 487 Graco, Inc ............................. 13,573 1,350 GrafTech International, Ltd. + ......... 19,845 500 Granite Construction, Inc .............. 15,470 1,500 Great Lakes Dredge & Dock Corp ......... 10,470 550 Greenbrier, Inc ........................ 6,440 350 Griffon Corp. + ........................ 3,525 4,000 GT Solar International, Inc. + ......... 23,240 850 Hardinge, Inc .......................... 5,270 1,200 Harsco Corp ............................ 42,492 1,500 Hawaiian Holdings, Inc. + .............. 12,390 200 Herley Industries, Inc. + .............. 2,610 1,150 Hertz Global Holdings, Inc. + .......... 12,454 550 Hexcel Corp. + ......................... 6,292 1,400 HI Shear Technology Corp ............... 26,698 300 Hill International, Inc. + ............. 2,130 600 Hoku Scientific, Inc. + ................ 1,776 10,025 Honeywell International, Inc ........... 372,429 1,050 Horizon Lines, Inc., Class A ........... 6,668 2,100 Hubbell, Inc., Class B ................. 88,200 400 Hurco Cos., Inc. + ..................... 6,832 100 Huron Consulting Group, Inc. + ......... 2,583 300 ICT Group, Inc. + ...................... 3,150 975 IDEX Corp .............................. 27,251 250 IHS, Inc., Class A + ................... 12,783 5,966 Illinois Tool Works, Inc ............... 254,808 50 Imperial Industries, Inc. + ............ 62 950 Industrial Services of America, Inc. + . 8,217 2,500 Innerworkings, Inc. + .................. 12,350 100 Innovative Solutions & Support, Inc. + . 501 500 Integrated Electrical Services, Inc. + . 4,025 300 Interface, Inc., Class A ............... 2,490 500 Interline Brands, Inc. + ............... 8,425 400 Intersections, Inc. + .................. 2,308 2,650 Iron Mountain, Inc. + .................. 70,649 2,700 ITT Corp ............................... 140,805 2,000 Jacobs Engineering Group, Inc. + ....... 91,900 1,875 JB Hunt Transport Services, Inc ........ 60,244 5,025 JetBlue Airways Corp. + ................ 30,050 251 John Bean Technologies Corp ............ 4,561 1,475 Joy Global, Inc ........................ 72,187 200 Kadant, Inc. + ......................... 2,426 2,823 Kansas City Southern + ................. 74,781 1,550 KBR, Inc ............................... 36,100 400 Kelly Services, Inc., Class A .......... 4,920 500 Kennametal, Inc ........................ 12,305 150 Kforce, Inc. + ......................... 1,803 700 Kimball International, Inc., Class B ... 5,341 600 Kirby Corp. + .......................... 22,092 387 Knight Transportation, Inc ............. 6,494 500 Knoll, Inc ............................. 5,215 1,500 Korn/Ferry International + ............. 21,885 10 Kratos Defense & Security Solutions, Inc. + ................................. 88 7,000 Kreisler Manufacturing Corp. + ......... 30,100 Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- INDUSTRIALS -- 10.4% (CONTINUED) 1,275 L-3 Communications Holdings, Inc., Class 3 ................................ $ 102,408 100 LaBarge, Inc. + ........................ 1,125 600 Layne Christensen Co. + ................ 19,230 100 LECG Corp. + ........................... 351 657 Lennox International, Inc .............. 23,731 600 Lincoln Electric Holdings, Inc ......... 28,470 200 Lindsay Corp ........................... 7,876 1,500 LMI Aerospace, Inc. + .................. 15,045 5,450 Lockheed Martin Corp ................... 425,536 700 LSI Industries, Inc .................... 4,655 400 M&F Worldwide Corp. + .................. 8,096 2,000 Macquarie Infrastructure Co. LLC ....... 18,020 1,500 Manitowoc Co., Inc. (The) .............. 14,205 1,500 Manpower, Inc .......................... 85,065 1,600 Marten Transport, Ltd. + ............... 27,296 4,250 Masco Corp ............................. 54,910 2,875 McDermott International, Inc. + ........ 72,651 800 Medis Technologies, Ltd. + ............. 268 300 Mesa Air Group, Inc. + ................. 77 3,150 Metalico, Inc. + ....................... 13,135 300 Mfri, Inc. + ........................... 2,220 1,748 Middleby Corp. + ....................... 96,157 500 Mobile Mini, Inc. + .................... 8,680 1,550 Monster Worldwide, Inc. + .............. 27,094 950 MPS Group, Inc. + ...................... 9,994 300 MSC Industrial Direct Co., Class A ..... 13,074 1,900 Mueller Water Products, Inc., Class A .. 10,412 100 NACCO Industries, Inc., Class A ........ 6,007 1,500 Navistar International Corp. + ......... 56,130 2,500 NCI Building Systems, Inc. + ........... 8,000 5,900 Norfolk Southern Corp .................. 254,349 200 North American Galvanizing & Coating, Inc. + ................................. 1,214 3,750 Northrop Grumman Corp .................. 194,063 7,000 OceanFreight, Inc ...................... 9,380 100 On Assignment, Inc. + .................. 585 1,500 Orbital Sciences Corp. + ............... 22,455 500 Orion Energy Systems, Inc. + ........... 1,565 1,500 Orion Marine Group, Inc. + ............. 30,810 1,800 Oshkosh Corp ........................... 55,674 1,250 Owens Corning, Inc. + .................. 28,062 5,855 PACCAR, Inc ............................ 220,792 3,000 Pacer International, Inc ............... 11,580 2,050 Pall Corp .............................. 66,174 2,493 Parker Hannifin Corp ................... 129,237 2,800 Pentair, Inc ........................... 82,656 600 Pike Electric Corp. + .................. 7,188 2,325 Pitney Bowes, Inc ...................... 57,776 1,500 Polypore International, Inc. + ......... 19,365 200 Portec Rail Products, Inc .............. 1,898 200 Power-One, Inc. + ...................... 390 250 PowerSecure International, Inc. + ...... 1,695 2,600 Precision Castparts Corp ............... 264,862 220 PRG-Schultz International, Inc. + ...... 1,232 1,000 Quanex Building Products Corp .......... 14,360 2,450 Quanta Services, Inc. + ................ 54,219 300 Raven Industries, Inc .................. 8,019 5,800 Raytheon Co ............................ 278,226 1,500 Republic Airways Holdings, Inc. + ...... 13,995 4,818 Republic Services, Inc., Class A ....... 128,014 1,700 Resources Connection, Inc. + ........... 29,002 1,500 Robbins & Myers, Inc ................... 35,220 1,700 Robert Half International, Inc ......... 42,534 2,500 Rockwell Automation, Inc ............... 106,500 1,725 Rockwell Collins, Inc .................. 87,630 2,000 Rollins, Inc ........................... 37,700 1,250 Roper Industries, Inc .................. 63,725 4,750 RR Donnelley & Sons Co ................. 100,985 SHARES VALUE ------ ----- INDUSTRIALS -- 10.4% (CONTINUED) 1,200 RSC Holdings, Inc. + ................... $ 8,724 75 Rush Enterprises, Inc., Class A + ...... 969 400 Ryder System, Inc ...................... 15,624 1,650 Saia, Inc. + ........................... 26,532 1,400 Sauer-Danfoss, Inc ..................... 10,738 400 School Specialty, Inc. + ............... 9,488 1,300 Shaw Group, Inc. (The) + ............... 41,717 300 SIFCO Industries, Inc. + ............... 4,410 1,600 Simclar, Inc. + ........................ 384 50 Simpson Manufacturing Co., Inc ......... 1,263 600 Skywest, Inc ........................... 9,948 10,218 Southwest Airlines Co .................. 98,093 500 Spherion Corp. + ....................... 3,105 900 Spire Corp. + .......................... 5,049 1,600 Spirit Aerosystems Holdings, Inc., Class A + .............................. 28,896 584 SPX Corp ............................... 35,782 1,350 Standard Register Co. (The) ............ 7,938 50 Standex International Corp ............. 992 1,000 Steelcase, Inc., Class A ............... 6,210 1,975 Stericycle, Inc. + ..................... 95,689 500 Sun Hydraulics Corp .................... 10,530 1,000 SunPower Corp., Class A + .............. 29,890 100 Sypris Solutions, Inc .................. 255 500 TAL International Group, Inc ........... 7,110 200 Taser International, Inc. + ............ 944 500 Team, Inc. + ........................... 8,475 500 Tecumseh Products Co., Class A + ....... 5,665 250 Tennant Co ............................. 7,265 900 Terex Corp. + .......................... 18,657 2,243 Tetra Tech, Inc. + ..................... 59,507 700 Textainer Group Holdings, Ltd .......... 11,207 2,800 Textron, Inc ........................... 53,144 600 Thomas & Betts Corp. + ................. 18,048 600 Thomas Group, Inc. + ................... 780 800 Timken Co .............................. 18,744 312 Titan International, Inc ............... 2,777 300 Toro Co ................................ 11,931 100 TRC, Inc. + ............................ 345 1,500 Tredegar Corp .......................... 21,750 300 Trex Co., Inc. + ....................... 5,460 100 Trimas Corp. + ......................... 510 1,100 Trinity Industries, Inc ................ 18,909 800 TrueBlue, Inc. + ....................... 11,256 500 Tutor Perini Corp. + ................... 10,650 400 Twin Disc, Inc ......................... 4,988 1,125 UAL Corp. + ............................ 10,372 200 Ultralife Corp. + ...................... 1,212 6,850 Union Pacific Corp ..................... 399,698 8,900 United Parcel Service, Inc., Class B ... 502,583 100 United Rentals, Inc. + ................. 1,030 12,144 United Technologies Corp ............... 739,934 850 URS Corp. + ............................ 37,102 3,700 US Airways Group, Inc. + ............... 17,390 200 US Home Systems, Inc. + ................ 502 3,000 USG Corp. + ............................ 51,540 500 UTEK Corp. + ........................... 2,375 900 UTi Worldwide, Inc ..................... 13,032 3,400 Valence Technology, Inc. + ............. 6,120 500 Valmont Industries, Inc ................ 42,590 400 Viad Corp .............................. 7,964 300 Vicor Corp ............................. 2,316 750 Volt Information Sciences, Inc. + ...... 9,165 50 Wabash National Corp ................... 136 300 Wabtec Corp ............................ 11,259 975 Waste Connections, Inc. + .............. 28,139 6,250 Waste Management, Inc .................. 186,375 400 Watson Wyatt Worldwide, Inc., Class A . 17,424 300 Watts Water Technologies, Inc., Class A 9,075 Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- INDUSTRIALS -- 10.4% (CONTINUED) 250 Werner Enterprises, Inc ................ $ 4,658 1,500 Woodward Governor Co ................... 36,390 100 WW Grainger, Inc ....................... 8,936 500 Xerium Technologies, Inc. + ............ 650 3,150 YRC Worldwide, Inc. + .................. 14,017 -------------- 17,464,762 -------------- INFORMATION TECHNOLOGY -- 18.8% 7,400 3Com Corp. + ........................... 38,702 900 3PAR, Inc. + ........................... 9,927 7,050 Accenture PLC, Class A ................. 262,753 200 Access Integrated Technologies, Inc., Class A + .............................. 256 1,500 Acme Packet, Inc. + .................... 15,015 100 Actel Corp. + .......................... 1,217 8,938 Activision Blizzard, Inc. + ............ 110,742 1,500 Acxiom Corp ............................ 14,190 2,700 Adaptec, Inc. + ........................ 9,018 781 ADC Telecommunications, Inc. + ......... 6,514 600 ADDvantage Technologies Group, Inc. + .. 1,380 7,384 Adobe Systems, Inc. + .................. 243,967 700 Adtran, Inc ............................ 17,185 500 Advanced Analogic Technologies, Inc. + . 1,985 700 Advanced Energy Industries, Inc. + ..... 9,968 9,750 Advanced Micro Devices, Inc. + ......... 55,185 500 Aehr Test Systems + .................... 665 1,000 Affiliated Computer Services, Inc., Class A + .............................. 54,170 4,746 Agilent Technologies, Inc. + ........... 132,081 500 Agilysys, Inc .......................... 3,295 500 Airvana, Inc. + ........................ 3,385 2,559 Akamai Technologies, Inc. + ............ 50,361 2,350 Alliance Data Systems Corp. + .......... 143,538 3,650 Altera Corp ............................ 74,862 100 American Technology Corp. + ............ 177 1,050 Amkor Technology, Inc. + ............... 7,224 1,325 Amphenol Corp., Class A ................ 49,926 300 Anadigics, Inc. + ...................... 1,413 4,050 Analog Devices, Inc .................... 111,699 200 Anaren, Inc. + ......................... 3,400 700 Answers Corp. + ........................ 6,475 922 ANSYS, Inc. + .......................... 34,547 13,700 Apple, Inc. + .......................... 2,539,569 15,183 Applied Materials, Inc ................. 203,452 1,500 Applied Micro Circuits Corp. + ......... 14,985 1,500 ArcSight, Inc. + ....................... 36,105 1,000 Ariba, Inc. + .......................... 11,600 2,854 Arris Group, Inc. + .................... 37,131 1,350 Arrow Electronics, Inc. + .............. 38,003 1,000 Art Technology Group, Inc. + ........... 3,860 700 Aspen Technology, Inc. + ............... 7,140 100 Astea International, Inc. + ............ 296 2,200 Atheros Communications, Inc. + ......... 58,366 4,250 Atmel Corp. + .......................... 17,807 1,500 ATMI, Inc. + ........................... 27,225 4,700 Autodesk, Inc. + ....................... 111,860 6,725 Automatic Data Processing, Inc ......... 264,293 1,825 Avnet, Inc. + .......................... 47,395 289 Axcelis Technologies, Inc. + ........... 347 22 BearingPoint, Inc. + ................... 4 300 Bel Fuse, Inc., Class B ................ 5,709 150 Benchmark Electronics, Inc. + .......... 2,700 150 BigBand Networks, Inc. + ............... 602 600 Bitstream, Inc., Class A + ............. 3,222 2,398 Black Box Corp ......................... 60,166 300 Blackbaud, Inc ......................... 6,960 1,942 BMC Software, Inc. + ................... 72,883 2,600 Brightpoint, Inc. + .................... 22,750 7,265 Broadcom Corp., Class A + .............. 222,963 SHARES VALUE ------ ----- INFORMATION TECHNOLOGY -- 18.8% (CONTINUED) 2,750 Broadridge Financial Solutions, Inc .... $ 55,275 7,250 Brocade Communications Systems, Inc. + . 56,985 106 Brooks Automation, Inc. + .............. 819 5,322 CA, Inc ................................ 117,031 1,600 Cabot Microelectronics Corp. + ......... 55,776 4,402 Cadence Design Systems, Inc. + ......... 32,311 200 Callidus Software, Inc. + .............. 602 200 Cascade Microtech, Inc. + .............. 1,018 900 Ciber, Inc. + .......................... 3,600 2,797 Ciena Corp. + .......................... 45,535 400 Cirrus Logic, Inc. + ................... 2,224 88,323 Cisco Systems, Inc. + .................. 2,079,123 2,625 Citrix Systems, Inc. + ................. 102,979 500 Cognex Corp ............................ 8,190 3,625 Cognizant Technology Solutions Corp., Class A + .............................. 140,143 400 Coherent, Inc. + ....................... 9,328 1,500 CommScope, Inc. + ...................... 44,895 1,280 Computer Sciences Corp. + .............. 67,469 2,525 Compuware Corp. + ...................... 18,508 400 comScore, Inc. + ....................... 7,204 100 Comtech Telecommunications Corp. + ..... 3,322 400 Constant Contact, Inc. + ............... 7,700 1,300 Convergys Corp. + ...................... 12,922 19,069 Corning, Inc ........................... 291,946 500 CPI International, Inc. + .............. 5,595 100 Cray, Inc. + ........................... 833 1,500 Cree, Inc. + ........................... 55,125 5 CTM Media Holdings, Inc., Class B + .... 3 100 CTS Corp ............................... 930 1,500 Cybersource Corp. + .................... 25,005 3,425 Cypress Semiconductor Corp. + .......... 35,380 800 Daktronics, Inc ........................ 6,856 600 Datalink Corp. + ....................... 2,160 500 DealerTrack Holdings, Inc. + ........... 9,455 26,200 Dell, Inc. + ........................... 399,812 403 Deltek, Inc. + ......................... 3,099 388 Dice Holdings, Inc. + .................. 2,545 2,350 Diebold, Inc ........................... 77,386 400 Digital Ally, Inc. + ................... 996 500 Digital River, Inc. + .................. 20,160 300 Ditech Networks, Inc. + ................ 627 1,000 DivX, Inc. + ........................... 5,460 500 Dolby Laboratories, Inc., Class A + .... 19,095 2,200 DST Systems, Inc. + .................... 98,560 1,421 Earthlink, Inc ......................... 11,951 19,650 eBay, Inc. + ........................... 463,936 150 Echelon Corp. + ........................ 1,931 1,500 EchoStar Corp., Class A + .............. 27,690 100 EF Johnson Technologies, Inc. + ........ 134 100 Electro Scientific Industries, Inc. + .. 1,339 5,100 Electronic Arts, Inc. + ................ 97,155 28,279 EMC Corp. + ............................ 481,874 500 Emcore Corp. + ......................... 650 300 EMS Technologies, Inc. + ............... 6,246 1,000 Emulex Corp. + ......................... 10,290 100 EndWave Corp. + ........................ 318 836 Entegris, Inc. + ....................... 4,138 200 Entorian Technologies, Inc. + .......... 94 400 Epicor Software Corp. + ................ 2,548 1,500 EPIQ Systems, Inc. + ................... 21,750 500 Exar Corp. + ........................... 3,675 200 Extreme Networks + ..................... 560 900 F5 Networks, Inc. + .................... 35,667 450 Factset Research Systems, Inc .......... 29,808 2,450 Fairchild Semiconductor International, Inc., Class A + ........................ 25,063 900 FalconStor Software, Inc. + ............ 4,473 200 FARO Technologies, Inc. + .............. 3,436 Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- INFORMATION TECHNOLOGY -- 18.8% (CONTINUED) 2,118 Fidelity National Information Services, Inc .................................... $ 54,030 2,128 Fiserv, Inc. + ......................... 102,570 1,500 FLIR Systems, Inc. + ................... 41,955 350 Formfactor, Inc. + ..................... 8,372 1,755 Forrester Research, Inc. + ............. 46,753 1,100 Gartner, Inc. + ........................ 20,097 1,000 Genpact, Ltd. + ........................ 12,300 12 GigOptix, Inc. + ....................... 42 1,850 Global Cash Access Holdings, Inc. + .... 13,523 950 Global Payments, Inc ................... 44,365 200 Globecomm Systems, Inc. + .............. 1,454 400 Glu Mobile, Inc. + ..................... 468 3,750 Google, Inc., Class A + ................ 1,859,438 450 GSI Commerce, Inc. + ................... 8,689 200 Guidance Software, Inc. + .............. 884 800 Harmonic, Inc. + ....................... 5,344 1,725 Harris Corp ............................ 64,860 1,778 Harris Stratex Networks, Inc., Class A + 12,446 2,800 Hewitt Associates, Inc., Class A + ..... 102,004 36,577 Hewlett-Packard Co ..................... 1,726,800 200 Hittite Microwave Corp. + .............. 7,356 4,800 Hutchinson Technology, Inc. + .......... 34,080 500 Hypercom Corp. + ....................... 1,550 1,000 IAC/InterActive Corp. + ................ 20,190 100 ID Systems, Inc. + ..................... 397 100 iGO, Inc. + ............................ 109 50 Ikanos Communications, Inc. + .......... 117 900 Imation Corp ........................... 8,343 200 Imergent, Inc .......................... 1,576 600 Infinera Corp. + ....................... 4,770 400 infoGROUP, Inc ......................... 2,804 2,775 Informatica Corp. + .................... 62,659 250 Infospace, Inc. + ...................... 1,935 2,100 Ingram Micro, Inc., Class A + .......... 35,385 1,500 Insight Enterprises, Inc. + ............ 18,315 2,060 Integrated Device Technology, Inc. + ... 13,926 400 Integrated Silicon Solution, Inc. + .... 1,504 85,566 Intel Corp ............................. 1,674,527 350 Interactive Intelligence, Inc. + ....... 6,688 2,100 InterDigital, Inc. + ................... 48,636 200 Intermec, Inc. + ....................... 2,820 371 Internap Network Services Corp. + ...... 1,191 19,170 International Business Machines Corp ... 2,292,924 350 International Rectifier Corp. + ........ 6,822 100 Internet Capital Group, Inc. + ......... 836 600 Interphase Corp. + ..................... 2,850 1,350 Intersil Corp., Class A ................ 20,668 3,225 Intuit, Inc. + ......................... 91,913 300 INX, Inc. + ............................ 2,094 1,000 IPG Photonics Corp. + .................. 15,200 200 Isilon Systems, Inc. + ................. 1,220 500 Itron, Inc. + .......................... 32,070 1,200 Ixia + ................................. 8,232 800 IXYS Corp .............................. 6,808 2,150 j2 Global Communications, Inc. + ....... 49,471 2,400 Jabil Circuit, Inc ..................... 32,184 1,000 Jack Henry & Associates, Inc ........... 23,470 550 JDA Software Group, Inc. + ............. 12,067 3,203 JDS Uniphase Corp. + ................... 22,773 6,165 Juniper Networks, Inc. + ............... 166,578 100 Keithley Instruments, Inc .............. 554 700 Kemet Corp. + .......................... 1,071 600 KEY Tronic Corp. + ..................... 1,410 100 Keynote Systems, Inc. + ................ 943 2,525 Kla-Tencor Corp ........................ 90,546 800 Knot, Inc. (The) + ..................... 8,736 400 Kulicke & Soffa Industries, Inc. + ..... 2,412 73 L-1 Identity Solutions, Inc., Class 1 + 510 SHARES VALUE ------ ----- INFORMATION TECHNOLOGY -- 18.8% (CONTINUED) 2,125 Lam Research Corp. + ................... $ 72,590 600 LaserCard Corp. + ...................... 5,064 200 Lattice Semiconductor Corp. + .......... 450 1,250 Lawson Software, Inc. + ................ 7,800 200 Leadis Technology, Inc. + .............. 200 100 LeCroy Corp. + ......................... 405 1,500 Lender Processing Services, Inc ........ 57,255 375 Lexmark International, Inc., Class A + . 8,077 2,100 Limelight Networks, Inc. + ............. 8,526 2,925 Linear Technology Corp ................. 80,818 1,500 Littelfuse, Inc. + ..................... 39,360 100 LiveWire Mobile, Inc. + ................ 39 193 Local.com Corp. + ...................... 963 200 LoJack Corp. + ......................... 1,018 700 LoopNet, Inc. + ........................ 6,328 300 Loral Space & Communications, Inc. + ... 8,244 8,410 LSI Corp. + ............................ 46,171 50 Magma Design Automation, Inc. + ........ 104 100 Majesco Entertainment Co. + ............ 137 600 MakeMusic, Inc. + ...................... 2,010 200 Marchex, Inc., Class B ................. 982 6,750 Marvell Technology Group, Ltd. + ....... 109,282 1,325 Mastercard, Inc., Class A .............. 267,849 400 Mattson Technology, Inc. + ............. 1,128 2,900 Maxim Integrated Products, Inc ......... 52,606 2,450 McAfee, Inc. + ......................... 107,286 200 Measurement Specialties, Inc. + ........ 2,042 3,575 MEMC Electronic Materials, Inc. + ...... 59,452 1,500 Mentor Graphics Corp. + ................ 13,965 100 Mercury Computer Systems, Inc. + ....... 986 500 Merix Corp. + .......................... 1,505 1,402 Metavante Technologies, Inc. + ......... 48,341 400 Methode Electronics, Inc ............... 3,468 600 Micrel, Inc ............................ 4,890 2,637 Microchip Technology, Inc .............. 69,880 10,552 Micron Technology, Inc. + .............. 86,526 1,400 Micronetics, Inc. + .................... 4,816 1,500 Micros Systems, Inc. + ................. 45,285 650 Microsemi Corp. + ...................... 10,264 136,340 Microsoft Corp ......................... 3,529,843 100 MicroStrategy, Inc., Class A + ......... 7,154 900 Midway Games, Inc. + ................... 24 200 MIPS Technologies, Inc., Class A + ..... 754 1,175 Molex, Inc ............................. 24,534 300 MoneyGram International, Inc. + ........ 942 500 Monolithic Power Systems, Inc. + ....... 11,725 100 MoSys, Inc. + .......................... 250 30,266 Motorola, Inc .......................... 259,985 4 Move,Inc.+ ............................. 11 328 Multi-Fineline Electronix, Inc. + ...... 9,417 200 Nanometrics, Inc. + .................... 1,314 900 NAPCO Security Technologies, Inc. + .... 1,197 1,475 National Instruments Corp .............. 40,754 2,425 National Semiconductor Corp ............ 34,605 200 NaviSite, Inc. + ....................... 438 3,425 NCR Corp. + ............................ 47,334 4,350 NetApp, Inc. + ......................... 116,058 1,500 Netgear, Inc. + ........................ 27,525 500 NetList, Inc. + ........................ 345 400 Netscout Systems, Inc. + ............... 5,404 600 NetSuite, Inc. + ....................... 9,180 100 Network Equipment Technologies, Inc. + . 723 2,250 NeuStar, Inc., Class A + ............... 50,850 200 Newport Corp. + ........................ 1,752 1,000 NIC, Inc ............................... 8,890 50 Novatel Wireless, Inc. + ............... 568 4,859 Novell, Inc. + ......................... 21,914 1,500 Novellus Systems, Inc. + ............... 31,470 2,050 Nuance Communications, Inc. + .......... 30,668 Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- INFORMATION TECHNOLOGY -- 18.8% (CONTINUED) 100 NVE Corp. + ............................ $ 5,316 6,825 Nvidia Corp. + ......................... 102,580 600 Occam Networks, Inc. + ................. 2,220 1,647 Omniture, Inc. + ....................... 35,312 500 Omnivision Technologies, Inc. + ........ 8,140 5,105 ON Semiconductor Corp. + ............... 42,116 100 Online Resources Corp. + ............... 617 7 Open Text Corp. + ...................... 261 311 Openwave Systems, Inc. + ............... 809 100 Opnet Technologies, Inc ................ 1,093 50 Opnext, Inc. + ......................... 146 700 Optelecom-NKF, Inc. + .................. 2,891 75,730 Oracle Corp ............................ 1,578,213 200 OSI Systems, Inc. + .................... 3,658 100 Overland Storage, Inc. + ............... 103 1,980 Palm, Inc. + ........................... 34,511 100 PAR Technology Corp. + ................. 638 1,240 Parametric Technology Corp. + .......... 17,137 600 Park Electrochemical Corp .............. 14,790 200 Parkervision, Inc. + ................... 818 3,650 Paychex, Inc ........................... 106,032 400 PC Mall, Inc. + ........................ 2,744 300 Pegasystems, Inc ....................... 10,359 100 Pericom Semiconductor Corp. + .......... 981 850 Perot Systems Corp., Class A + ......... 25,245 8 Pfsweb, Inc. + ......................... 14 100 Phoenix Technologies, Ltd. + ........... 365 100 Photronics, Inc. + ..................... 474 33 Pixelworks, Inc. + ..................... 112 100 Planar Systems, Inc. + ................. 268 350 Plantronics, Inc ....................... 9,384 100 PLATO Learning, Inc. + ................. 432 1,950 Plexus Corp. + ......................... 51,363 100 PLX Technology, Inc. + ................. 337 2,725 PMC - Sierra, Inc. + ................... 26,051 950 Polycom, Inc. + ........................ 25,413 300 Power Integrations, Inc ................ 9,999 380 Powerwave Technologies, Inc. + ......... 608 400 QAD, Inc ............................... 1,820 1,650 QLogic Corp. + ......................... 28,380 24,025 QUALCOMM, Inc .......................... 1,080,644 1,500 Quest Software, Inc. + ................. 25,275 1,100 Rackspace Hosting, Inc. + .............. 18,766 100 Radiant Systems, Inc. + ................ 1,074 2,500 Rambus, Inc. + ......................... 43,500 2,726 RealNetworks, Inc. + ................... 10,141 1,490 Red Hat, Inc. + ........................ 41,184 600 Relm Wireless Corp. + .................. 1,788 600 Renaissance Learning, Inc .............. 5,964 3,927 RF Micro Devices, Inc. + ............... 21,324 200 RightNow Technologies, Inc. + .......... 2,888 1,500Riverbed Technology, Inc. + ............. 32,940 300 Rosetta Stone, Inc. + .................. 6,888 1,020 Rovi Corp. + ........................... 34,272 340 Rudolph Technologies, Inc. + ........... 2,516 900 S1 Corp. + ............................. 5,562 3,025 SAIC, Inc. + ........................... 53,058 500 Salesforce.com, Inc. + ................. 28,465 3,525 SanDisk Corp. + ........................ 76,493 333 Sanmina-SCI Corp. + .................... 2,864 1,650 Sapient Corp. + ........................ 13,266 1,000 SAVVIS, Inc. + ......................... 15,820 300 Scansource, Inc. + ..................... 8,496 5,419 Seagate Technology ..................... 82,423 100 Semitool, Inc. + ....................... 845 500 Semtech Corp. + ........................ 8,505 1,400 Sento Corp. + .......................... 140 300 ShoreTel, Inc. + ....................... 2,343 100 Silicon Image, Inc. + .................. 243 SHARES VALUE ------ ----- INFORMATION TECHNOLOGY -- 18.8% (CONTINUED) 100 Silicon Storage Technology, Inc. + ..... $ 242 600 Simulations Plus, Inc. + ............... 960 1,707 Skyworks Solutions, Inc. + ............. 22,601 200 SMART Modular Technologies WWH, Inc. + ................................. 952 300 Smith Micro Software, Inc. + ........... 3,708 200 Soapstone Networks, Inc ................ 111 1,500 SolarWinds, Inc. + ..................... 33,045 1,500 Solera Holdings, Inc ................... 46,665 2,500 Sonic Solutions, Inc. + ................ 14,825 400 SonicWALL, Inc. + ...................... 3,360 4,725 Sonus Networks, Inc. + ................. 10,017 500 Spansion, Inc., Class A + .............. 225 200 SPSS, Inc. + ........................... 9,990 400 Starent Networks Corp. + ............... 10,168 200 STEC, Inc. + ........................... 5,878 1,000 SuccessFactors, Inc. + ................. 14,070 12,950 Sun Microsystems, Inc. + ............... 117,715 1,500 Switch & Data Facilities Co., Inc. + ... 20,415 1,050 Sybase, Inc. + ......................... 40,845 1,400 Sycamore Networks, Inc. + .............. 4,228 11,483 Symantec Corp. + ....................... 189,125 100 Symmetricom, Inc. + .................... 518 700 Symyx Technologies, Inc. + ............. 4,634 1,500 Synchronoss Technologies, Inc. + ....... 18,705 300 SYNNEX Corp. + ......................... 9,144 1,417 Synopsys, Inc. + ....................... 31,769 1,800 Syntel, Inc ............................ 85,914 550 Take-Two Interactive Software, Inc. + .. 6,166 900 Tech Data Corp. + ...................... 37,449 800 TechTarget, Inc. + ..................... 4,560 1,500 Tekelec + .............................. 24,645 5,404 Tellabs, Inc. + ........................ 37,396 3,900 Teradata Corp. + ....................... 107,328 2,925 Teradyne, Inc. + ....................... 27,056 200 Terremark Worldwide, Inc. + ............ 1,244 1,600 Tessco Technologies, Inc ............... 27,840 400 Tessera Technologies, Inc. + ........... 11,156 19,472 Texas Instruments, Inc ................. 461,292 1,000 THQ, Inc. + ............................ 6,840 2,425 TIBCO Software, Inc. + ................. 23,013 800 TiVo, Inc. + ........................... 8,288 200 TNS, Inc. + ............................ 5,480 1,937 Total System Services, Inc ............. 31,205 700 Travelzoo, Inc. + ...................... 9,891 150 Trident Microsystems, Inc. + ........... 388 2,067 Trimble Navigation, Ltd. + ............. 49,422 500 Trio Tech International + .............. 1,335 1,800 TriQuint Semiconductor, Inc. + ......... 13,896 100 Trx, Inc. + ............................ 91 200 TTM Technologies, Inc. + ............... 2,294 500 Tyler Technologies, Inc. + ............. 8,545 400 Ultimate Software Group, Inc. + ........ 11,488 700 Unica Corp. + .......................... 5,334 4,270 Unisys Corp. + ......................... 11,401 800 United Online, Inc ..................... 6,432 700 Universal Display Corp. + .............. 8,358 200 Utstarcom, Inc. + ...................... 418 1,005 Valueclick, Inc. + ..................... 13,256 850 Varian Semiconductor Equipment Associates, Inc. + ..................... 27,914 450 VASCO Data Security International, Inc. + ................................. 3,339 900 VeriFone Holdings, Inc. + .............. 14,301 2,916 VeriSign, Inc. + ....................... 69,080 425 Vicon Industries, Inc. + ............... 2,486 200 Virage Logic Corp. + ................... 1,042 1,000 Virtusa Corp. + ........................ 9,490 5,850 Visa, Inc., Class A .................... 404,293 4,006 Vishay Intertechnology, Inc. + ......... 31,647 Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- INFORMATION TECHNOLOGY -- 18.8% (CONTINUED) 300 Volterra Semiconductor Corp. + ......... $ 5,511 200 Web.com Group, Inc. + .................. 1,418 250 WebMD Health Corp., Class A + .......... 8,280 300 WebMediaBrands, Inc. + ................. 216 3,025 Western Digital Corp. + ................ 110,503 8,254 Western Union Co. (The) ................ 156,166 200 Wireless Ronin Technologies, Inc. + .... 718 200 Wireless Xcessories Group .............. 210 100 WPCS International, Inc. + ............. 380 12,950 Xerox Corp ............................. 100,233 3,175 Xilinx, Inc ............................ 74,358 900 X-Rite, Inc. + ......................... 1,809 15,500 Yahoo!, Inc. + ......................... 276,055 2,325 Zebra Technologies Corp., Class A + .... 60,287 1,000 Zygo Corp. + ........................... 6,780 -------------- 31,751,991 -------------- MATERIALS -- 3.7% 126 AbitibiBowater, Inc. + ................. 17 3,100 Air Products & Chemicals, Inc .......... 240,498 1,020 Airgas, Inc ............................ 49,337 875 AK Steel Holding Corp .................. 17,264 1,000 Albemarle Corp ......................... 34,600 13,398 Alcoa, Inc ............................. 175,782 1,650 Allegheny Technologies, Inc ............ 57,733 900 Allied Nevada Gold Corp. + ............. 8,811 500 AM Castle & Co ......................... 4,970 1,500 AMCOL International Corp ............... 34,335 400 American Vanguard Corp ................. 3,324 950 Aptargroup, Inc ........................ 35,492 1,550 Arch Chemicals, Inc .................... 46,485 517 Ashland, Inc ........................... 22,345 1,500 Ball Corp .............................. 73,800 1,350 Bemis Co., Inc ......................... 34,979 300 Buckeye Technologies, Inc. + ........... 3,219 500 Bway Holding Co. + ..................... 9,255 900 Cabot Corp ............................. 20,799 1,000 Celanese Corp., Ser A, Class A ......... 25,000 2,100 Century Aluminum Co. + ................. 19,635 1,400 CF Industries Holdings, Inc ............ 120,722 270 Chemtura Corp .......................... 251 1,700 Cliffs Natural Resources, Inc .......... 55,012 2,710 Coeur d'Alene Mines Corp. + ............ 55,555 1,300 Commercial Metals Co ................... 23,270 1,800 Core Molding Technologies, Inc. + ...... 5,922 2,000 Crown Holdings, Inc. + ................. 54,400 600 Cytec Industries, Inc .................. 19,482 550 Domtar Corp. + ......................... 19,371 16,961 Dow Chemical Co. (The) ................. 442,173 1,100 Eastman Chemical Co .................... 58,894 3,600 Ecolab, Inc ............................ 166,428 12,950 EI Du Pont de Nemours & Co ............. 416,213 1,000 Ferro Corp ............................. 8,900 3,300 Flotek Industries, Inc. + .............. 6,798 1,200 FMC Corp ............................... 67,500 5,401 Freeport-McMoRan Copper & Gold, Inc. ... 370,562 1,000 Friedman Industries .................... 6,000 800 Glatfelter ............................. 9,184 9,000 Graphic Packaging Holding Co. + ........ 20,790 500 HB Fuller Co ........................... 10,450 2,000 Headwaters, Inc. + ..................... 7,740 6,300 Hecla Mining Co. + ..................... 27,657 300 Horsehead Holding Corp. + .............. 3,516 4,250 Huntsman Corp .......................... 38,718 450 ICO, Inc. + ............................ 2,101 1,000 International Flavors & Fragrances, Inc 37,930 5,542 International Paper Co ................. 123,199 400 Intrepid Potash, Inc. + ................ 9,436 500 Kronos Worldwide, Inc .................. 5,155 SHARES VALUE ------ ----- MATERIALS -- 3.7% (CONTINUED) 2,476 MeadWestvaco Corp ...................... $ 55,240 7,730 Monsanto Co ............................ 598,302 3,100 Mosaic Co. (The) ....................... 149,017 200 Myers Industries, Inc .................. 2,154 2,200 Nalco Holding Co ....................... 45,078 400 Nanophase Technologies Corp. + ......... 460 6,350 Newmont Mining Corp .................... 279,527 2,200 NL Industries, Inc ..................... 14,740 4,370 Nucor Corp ............................. 205,434 970 Olin Corp .............................. 16,917 2,475 Owens-Illinois, Inc. + ................. 91,327 2,050 Packaging Corp of America .............. 41,820 3,450 Pactiv Corp. + ......................... 89,873 1,000 Polyone Corp. + ........................ 6,670 2,000 PPG Industries, Inc .................... 116,420 5,100 Praxair, Inc ........................... 416,619 1,000 Reliance Steel & Aluminum Co ........... 42,560 1,300 RPM International, Inc ................. 24,037 500 Schnitzer Steel Industries, Inc., Class A ................................ 26,625 700 Scotts Miracle-Gro Co. (The), Class A .. 30,065 1,500 Sealed Air Corp ........................ 29,445 100 Senomyx, Inc. + ........................ 403 1,200 Sigma-Aldrich Corp ..................... 64,776 1,625 Smurfit-Stone Container Corp. + ........ 748 800 Solutia, Inc. + ........................ 9,264 775 Sonoco Products Co ..................... 21,343 2,800 Southern Copper Corp ................... 85,932 500 Spartech Corp .......................... 5,385 3,200 Steel Dynamics, Inc .................... 49,088 1,925 Temple-Inland, Inc ..................... 31,608 1,050 Terra Industries, Inc .................. 36,403 2,973 Titanium Metals Corp ................... 28,511 100 Tronox, Inc., Class A + ................ 25 500 UFP Technologies, Inc. + ............... 3,055 50 United States Lime & Minerals, Inc. + .. 1,796 2,500 United States Steel Corp ............... 110,925 1,000 US Energy Corp. Wyoming + .............. 3,900 2,700 US Gold Corp. + ........................ 7,803 500 Valhi, Inc ............................. 6,060 1,300 Valspar Corp ........................... 35,763 1,000 Verso Paper Corp. + .................... 2,990 644 Vulcan Materials Co .................... 34,821 1,100 Walter Energy, Inc ..................... 66,066 1,300 Wausau Paper Corp ...................... 13,000 400 Westlake Chemical Corp ................. 10,280 2,950 Weyerhaeuser Co ........................ 108,117 1,500 Worthington Industries, Inc ............ 20,850 400 WR Grace & Co. + ....................... 8,696 50 Zep, Inc ............................... 813 -------------- 6,161,760 -------------- TELECOMMUNICATION SERVICES -- 2.9% 600 Alaska Communications Systems Group, Inc .................................... 5,550 5,475 American Tower Corp., Class A + ........ 199,290 90,424 AT&T, Inc .............................. 2,442,352 200 Atlantic Telegraph-Network, Inc ........ 10,684 1,300 Centennial Communications Corp. + ...... 10,374 3,381 CenturyTel, Inc ........................ 113,602 1,425 Cincinnati Bell, Inc. + ................ 4,987 1,600 Clearwire Corp., Class A + ............. 13,008 200 Cogent Communications Group, Inc. + .... 2,260 3,500 Crown Castle International Corp. + ..... 109,760 100 D&E Communications, Inc ................ 1,149 159 Fairpoint Communications, Inc .......... 65 100 FiberTower Corp. + ..................... 108 5,751 Frontier Communications Corp ........... 43,362 600 General Communication, Inc., Class A + . 4,116 1,050 Global Crossing, Ltd. + ................ 15,015 Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- TELECOMMUNICATION SERVICES -- 2.9% (CONTINUED) 7,400 Globalstar, Inc. + ..................... $ 5,624 300 Ibasis, Inc. + ......................... 636 16 IDT Corp., Class B + ................... 48 500 Iowa Telecommunications Services, Inc .. 6,300 1,500 Leap Wireless International, Inc. + .... 29,325 29,036 Level 3 Communications, Inc. + ......... 40,360 2,700 MetroPCS Communications, Inc. + ........ 25,272 2,825 NII Holdings, Inc. + ................... 84,694 400 PAETEC Holding Corp. + ................. 1,548 12,720 Qwest Communications International, Inc. 48,463 2,000 SBA Communications Corp., Class A + .... 54,060 30,854 Sprint Nextel Corp. + .................. 121,873 200 SureWest Communications + .............. 2,484 1,500 Syniverse Holdings, Inc. + ............. 26,250 1,000 Telephone & Data Systems, Inc .......... 31,010 400 TerreStar Corp. + ...................... 916 975 tw telecom, Inc., Class A + ............ 13,114 400 USA Mobility, Inc ...................... 5,152 41,359 Verizon Communications, Inc ............ 1,251,937 2,500 Virgin Mobile USA, Inc., Class A + ..... 12,500 600 Vonage Holdings Corp. + ................ 834 6,428 Windstream Corp ........................ 65,116 -------------- 4,803,198 -------------- UTILITIES -- 3.6% 9,760 AES Corp. (The) + ...................... 144,643 2,600 AGL Resources, Inc ..................... 91,702 2,200 Allegheny Energy, Inc .................. 58,344 1,500 Alliant Energy Corp .................... 41,775 4,600 Ameren Corp ............................ 116,288 7,680 American Electric Power Co., Inc ....... 238,003 1,500 American Water Works Co., Inc .......... 29,910 2,721 Aqua America, Inc ...................... 47,998 1,100 Atmos Energy Corp ...................... 30,998 1,500 Avista Corp ............................ 30,330 6,000 Calpine Corp. + ........................ 69,120 4,600 Centerpoint Energy, Inc ................ 57,178 400 Cleco Corp ............................. 10,032 3,350 CMS Energy Corp ........................ 44,890 4,550 Consolidated Edison, Inc ............... 186,277 1,900 Constellation Energy Group, Inc ........ 61,503 8,440 Dominion Resources, Inc ................ 291,180 1,500 DPL, Inc ............................... 39,150 2,000 DTE Energy Co .......................... 70,280 19,782 Duke Energy Corp ....................... 311,369 7,244 Dynegy, Inc., Class A + ................ 18,472 4,550 Edison International ................... 152,789 990 Energen Corp ........................... 42,669 1,950 Entergy Corp ........................... 155,727 1,800 Equities CORP .......................... 76,680 9,024 Exelon Corp ............................ 447,771 3,246 FirstEnergy Corp ....................... 148,407 5,910 FPL Group, Inc ......................... 326,409 1,305 Great Plains Energy, Inc ............... 23,425 750 Hawaiian Electric Industries, Inc ...... 13,590 700 Integrys Energy Group, Inc ............. 25,123 2,125 MDU Resources Group, Inc ............... 44,306 1,325 Mirant Corp. + ......................... 21,770 950 National Fuel Gas Co ................... 43,519 4,215 NiSource, Inc .......................... 58,546 3,100 Northeast Utilities .................... 73,594 5,025 NRG Energy, Inc. + ..................... 141,655 2,190 NSTAR .................................. 69,686 3,150 NV Energy, Inc ......................... 36,509 2,900 OGE Energy Corp ........................ 95,932 1,425 Oneok, Inc ............................. 52,184 2,650 Pepco Holdings, Inc .................... 39,432 5,550 PG&E Corp .............................. 224,720 200 Piedmont Natural Gas Co., Inc .......... 4,788 SHARES VALUE ------ ----- UTILITIES -- 3.6% (CONTINUED) 1,300 Pinnacle West Capital Corp ............. $ 42,666 700 PNM Resources, Inc ..................... 8,176 1,000 Portland General Electric Co ........... 19,720 4,850 PPL Corp ............................... 147,149 3,291 Progress Energy, Inc ................... 128,546 7,250 Public Service Enterprise Group, Inc ... 227,940 2,200 Questar Corp ........................... 82,632 6,479 RRI Energy, Inc. + ..................... 46,260 1,379 SCANA Corp ............................. 48,127 3,550 Sempra Energy .......................... 176,825 1,500 SJW Corp ............................... 34,275 12,000 Southern Co ............................ 380,040 530 Southwest Water Co ..................... 2,608 2,700 TECO Energy, Inc ....................... 38,016 2,800 UGI Corp ............................... 70,168 933 Vectren Corp ........................... 21,496 950 Westar Energy, Inc ..................... 18,535 350 WGL Holdings, Inc ...................... 11,599 3,150 Wisconsin Energy Corp .................. 142,286 7,425 Xcel Energy, Inc ....................... 142,857 -------------- 6,098,594 -------------- Total Common Stock (Cost $132,526,664) 167,459,524 -------------- PREFERRED STOCK -- 0.0% HEALTH CARE -- 0.0% 4 Inverness Medical Innovations, Inc .... 1,036 -------------- Total Preferred Stock (Cost $1,118) 1,036 -------------- RIGHTS -- 0.0% Fresenius Kabi Pharmaceuticals Holding, 900 Inc., expires 06/30/2011 ............. 522 -------------- Total Rights (Cost $2,590) 522 -------------- WARRANTS -- 0.0% 6 Krispy Kreme Doughnuts, Inc.+, expires 03/02/2012 ............................. 1 367 Raytheon Co. +, expires 06/16/2011 ..... 4,202 -------------- Total Warrants (Cost $0) 4,203 -------------- CASH EQUIVALENT -- 0.5% 825,095 PNC Institutional Money Market Trust, 0.05% (A) 825,095 -------------- Total Cash Equivalent (Cost $825,095) 825,095 -------------- Total Investments -- 99.8% (Cost $133,355,467)+ 168,290,380 Other Assets & Liabilities, Net -- 0.2% 345,959 -------------- NET ASSETS -- 100.0% $ 168,636,339 ============== LP -- Limited Partnership Investment REIT -- Real Estate Investment Trust + Non-income producing security. (A) Rate shown is the 7-day effective yield as of September 30, 2009. Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund September 30, 2009 Schedule of Investments (UNAUDITED) Amounts designated as "--" are either $0 or have been rounded to $0. + At September 30, 2009, the tax basis cost of the Portfolio's investments was $136,784,486, and the unrealized appreciation and depreciation were $47,492,411 and $(15,986,197), respectively. For information on the Portfolio's policy regarding valuation of investments and other significant accounting policies, please refer to the Portfolio's most recent semi-annual or annual financial statements. See end of Form N-Q Filing for inputs used in valuing the Portfolio's investments at September 30, 2009. Wilshire Mutual Funds, Inc. Wilshire Large Cap Core 130/30 Fund September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- COMMON STOCK -- 124.4% CONSUMER DISCRETIONARY -- 16.0% 6,200 Advance Auto Parts, Inc ................ $ 243,536 4,300 Aeropostale, Inc. + .................... 186,921 4,850 Amazon.com, Inc. + ..................... 452,796 1,200 Apollo Group, Inc., Class A + .......... 88,404 900 AutoNation, Inc. + ..................... 16,272 1,500 Autozone, Inc. + ....................... 219,330 2,850 Barnes & Noble, Inc .................... 63,327 1,850 Best Buy Co., Inc ...................... 69,412 2,500 Big Lots, Inc. + ....................... 62,550 1,850 Bob Evans Farms, Inc ................... 53,761 1,500 BorgWarner, Inc ........................ 45,390 4,300 Brinker International, Inc ............. 67,639 3,700 Career Education Corp. + ............... 90,206 3,550 CBS Corp., Class B ..................... 42,777 6,200 Coach, Inc ............................. 204,104 19,850 Comcast Corp. Special, Class A ......... 335,267 950 Darden Restaurants, Inc ................ 32,424 400 DeVry, Inc ............................. 22,128 10,600 Discovery Communications, Inc., Class A + .............................. 306,234 6,600 DISH Network Corp., Class A + .......... 127,116 1,300 Dollar Tree, Inc. + .................... 63,284 1,600 DreamWorks Animation SKG, Inc., Class A + .............................. 56,912 1,820 Expedia, Inc. + ........................ 43,589 5,700 Family Dollar Stores, Inc .............. 150,480 3,200 Foot Locker, Inc ....................... 38,240 7,900 Ford Motor Co. + ....................... 56,959 2,150 GameStop Corp., Class A + .............. 56,910 3,950 Gannett Co., Inc ....................... 49,414 13,950 Gap, Inc. (The) ........................ 298,530 3,200 Goodyear Tire & Rubber Co. (The) + ..... 54,496 1,000 H&R Block, Inc ......................... 18,380 3,680 Hasbro, Inc ............................ 102,120 1,400 Hillenbrand, Inc ....................... 28,518 7,100 Home Depot, Inc. (The) ................. 189,144 950 Kohl's Corp. + ......................... 54,197 5,700 Lennar Corp., Class A .................. 81,225 13,600 Lowe's Cos., Inc ....................... 284,784 6,900 Ltd. Brands, Inc ....................... 117,231 11,750 Macy's, Inc ............................ 214,908 400 Mattel, Inc ............................ 7,384 2,350 McDonald's Corp ........................ 134,114 400 Meredith Corp .......................... 11,976 8,600 Newell Rubbermaid, Inc ................. 134,934 7,500 News Corp., Class A .................... 89,925 2,700 NIKE, Inc., Class B .................... 174,690 5,500 Office Depot, Inc. + ................... 36,410 1,100 Omnicom Group, Inc ..................... 40,634 2,400 Penske Auto Group, Inc ................. 46,032 2,100 priceline.com, Inc. + .................. 348,222 6,500 RadioShack Corp ........................ 107,705 2,100 Rent-A-Center, Inc., Class A + ......... 39,648 750 Ross Stores, Inc ....................... 35,828 2,950 Sherwin-Williams Co. (The) ............. 177,472 1,900 Starbucks Corp. + ...................... 39,235 5,800 Target Corp ............................ 270,744 1,050 Tiffany & Co ........................... 40,457 1,250 Time Warner Cable, Inc., Class A ....... 53,863 3,500 Time Warner, Inc ....................... 100,730 7,820 TJX Cos., Inc .......................... 290,513 3,100 Viacom, Inc., Class B + ................ 86,924 3,100 Virgin Media Inc ....................... 43,152 SHARES VALUE ------ ----- CONSUMER DISCRETIONARY -- 16.0% (CONTINUED) 32,550 Walt Disney Co. (The) .................. $ 893,823 210 Washington Post Co., Class B ........... 98,297 1,100 Whirlpool Corp ......................... 76,956 3,100 Wyndham Worldwide Corp ................. 50,592 16,750 Yum! Brands, Inc ....................... 565,480 -------------- 8,684,654 -------------- CONSUMER STAPLES -- 12.1% 1,850 Alberto-Culver Co ...................... 51,208 8,600 Altria Group, Inc ...................... 153,166 2,100 Archer-Daniels-Midland Co .............. 61,362 3,200 Avon Products, Inc ..................... 108,672 1,550 Campbell Soup Co ....................... 50,561 5,200 Coca-Cola Co. (The) .................... 279,240 3,100 Coca-Cola Enterprises, Inc ............. 66,371 2,060 Colgate-Palmolive Co ................... 157,137 4,950 ConAgra Foods, Inc ..................... 107,316 2,700 Constellation Brands, Inc .............. 40,905 800 Costco Wholesale Corp .................. 45,168 16,250 CVS/Caremark Corp ...................... 580,775 4,100 Del Monte Foods Co ..................... 47,478 3,200 Dr. Pepper Snapple Group, Inc. + ....... 92,000 1,500 Energizer Holdings, Inc. + ............. 99,510 3,400 Estee Lauder Cos., Inc. (The), Class A . 126,072 1,400 General Mills, Inc ..................... 90,132 900 Hershey Co. (The) ...................... 34,974 6,200 HJ Heinz Co ............................ 246,450 1,600 Hormel Foods Corp ...................... 56,832 500 JM Smucker Co. (The) ................... 26,505 910 Kellogg Co ............................. 44,799 4,100 Kimberly-Clark Corp .................... 241,818 7,650 Kraft Foods, Inc., Class A ............. 200,966 2,250 Kroger Co. (The) ....................... 46,440 1,000 Lancaster Colony Corp .................. 51,270 2,050 Lorillard, Inc ......................... 152,315 6,750 Molson Coors Brewing Co., Class B ...... 328,590 6,000 Pepsi Bottling Group, Inc .............. 218,640 4,150 PepsiCo, Inc ........................... 243,439 11,200 Philip Morris International, Inc ....... 545,888 9,850 Procter & Gamble Co .................... 570,512 1,600 Ralcorp Holdings, Inc. + ............... 93,552 950 Reynolds American, Inc ................. 42,294 17,800 Safeway, Inc ........................... 351,016 3,600 Sara Lee Corp .......................... 40,104 1,300 SUPERVALU, Inc ......................... 19,578 2,150 Sysco Corp ............................. 53,428 12,550 Tyson Foods, Inc., Class A ............. 158,506 1,200 Universal Corp ......................... 50,184 2,150 Walgreen Co ............................ 80,561 8,350 Wal-Mart Stores, Inc ................... 409,901 2,500 Whole Foods Market, Inc. + ............. 76,225 -------------- 6,541,860 -------------- ENERGY -- 12.8% 13,900 Anadarko Petroleum Corp ................ 871,947 900 Apache Corp ............................ 82,647 2,550 Atwood Oceanics, Inc. + ................ 89,939 1,750 Cameron International Corp. + .......... 66,185 1,600 Chesapeake Energy Corp ................. 45,440 11,900 Chevron Corp ........................... 838,117 1,150 Cimarex Energy Co ...................... 49,818 4,250 ConocoPhillips ......................... 191,930 800 Consol Energy, Inc ..................... 36,088 4,095 Devon Energy Corp ...................... 275,716 1,400 Diamond Offshore Drilling, Inc ......... 133,728 1,400 ENSCO International, Inc ............... 59,556 19,500 Exxon Mobil Corp ....................... 1,337,895 Wilshire Mutual Funds, Inc. Wilshire Large Cap Core 130/30 Fund September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- ENERGY -- 12.8% (CONTINUED) 2,850 Halliburton Co ......................... $ 77,292 1,200 Hess Corp .............................. 64,152 8,400 Marathon Oil Corp ...................... 267,960 1,050 Murphy Oil Corp ........................ 60,449 1,350 National Oilwell Varco, Inc. + ......... 58,226 9,630 Occidental Petroleum Corp .............. 754,992 2,500 Oil States International, Inc. + ....... 87,825 1,200 Overseas Shipholding ................... 44,844 700 Peabody Energy Corp .................... 26,054 4,900 Petroleo Brasileiro SA ADR ............. 224,910 2,950 Pioneer Natural Resources Co ........... 107,056 1,400 Plains Exploration & Production Co. + .. 38,724 1,550 Pride International, Inc. + ............ 47,182 2,050 Rowan, Inc ............................. 47,293 2,000 Sandridge Energy + ..................... 25,920 2,700 Schlumberger, Ltd ...................... 160,920 800 SEACOR Holdings, Inc. + ................ 65,304 3,350 Southern Union Co ...................... 69,646 5,800 Southwestern Energy Co. + .............. 247,544 1,200 St. Mary Land & Exploration Co ......... 38,952 2,400 Transocean, Ltd. + ..................... 205,272 2,650 Valero Energy Corp ..................... 51,383 700 Whiting Petroleum Corp. + .............. 40,306 -------------- 6,891,212 -------------- FINANCIALS -- 16.9% 2,250 Aflac, Inc ............................. 96,165 1,600 Allstate Corp. (The) ................... 48,992 3,100 American Express Co .................... 105,090 1,050 AmeriCredit Corp. + .................... 16,579 7,100 Ameriprise Financial, Inc .............. 257,943 4,800 Annaly Capital Management, Inc ......... 87,072 1,700 AON Corp ............................... 69,173 1,700 Aspen Insurance Holdings, Ltd .......... 44,999 3,600 Astoria Financial Corp ................. 39,744 36,100 Bank of America Corp ................... 610,812 2,900 Bank of New York Mellon Corp. (The) .... 84,071 2,050 BB&T Corp .............................. 55,842 500 BlackRock, Inc., Class A ............... 108,410 1,300 Capital One Financial Corp ............. 46,449 3,100 Charles Schwab Corp. (The) ............. 59,365 4,100 Chubb Corp ............................. 206,681 29,400 Citigroup, Inc ......................... 142,296 2,024 Cousins Properties, Inc ................ 16,758 2,100 Discover Financial Services ............ 34,083 1,100 Endurance Specialty Holdings, Ltd ...... 40,117 900 Everest Re Group, Ltd .................. 78,930 2,450 Fifth Third Bancorp .................... 24,819 2,000 First American Corp .................... 64,740 800 Franklin Resources, Inc ................ 80,480 3,150 Goldman Sachs Group, Inc. (The) ........ 580,703 400 IntercontinentalExchange, Inc. + ....... 38,876 1,450 International Bancshares Corp .......... 23,650 1,550 Invesco, Ltd ........................... 35,278 1,450 Jefferies Group, Inc ................... 39,484 24,100 JPMorgan Chase & Co .................... 1,056,062 3,050 Key Corp ............................... 19,825 1,550 Legg Mason, Inc ........................ 48,096 2,900 Lincoln National Corp .................. 75,139 2,000 Loews Corp ............................. 68,500 1,900 MetLife, Inc ........................... 72,333 9,900 Morgan Stanley ......................... 305,712 1,850 MSCI, Inc., Class A + .................. 54,797 14,000 New York Community Bancorp, Inc ........ 159,880 1,400 NYSE Euronext .......................... 40,446 SHARES VALUE ------ ----- FINANCIALS -- 16.9% (CONTINUED) 3,350 OneBeacon Insurance Group, Ltd., Class A ................................ $ 46,029 2,550 PartnerRe, Ltd ......................... 196,197 1,250 People's United Financial, Inc ......... 19,450 800 PNC Financial Services Group, Inc ...... 38,872 1,550 Progressive Corp. (The) ................ 25,699 4,500 Prudential Financial, Inc .............. 224,595 1,200 Public Storage ......................... 90,288 2,850 Regions Financial Corp ................. 17,698 850 Reinsurance Group of America, Inc., Class A ................................ 37,910 750 RenaissanceRe Holdings, Ltd ............ 41,070 4 Simon Property Group, Inc .............. 278 1,500 SL Green Realty Corp ................... 65,775 1,500 State Street Corp ...................... 78,900 4,900 SunTrust Banks, Inc .................... 110,495 750 T Rowe Price Group, Inc ................ 34,275 27,050 TD Ameritrade Holding Corp. + .......... 530,721 10,950 Travelers Cos., Inc. (The) ............. 539,068 8,750 U.S. Bancorp ........................... 191,275 10,450 Unum Group ............................. 224,048 33,450 Wells Fargo & Co ....................... 942,621 150 Wesco Financial Corp ................... 48,825 1,300 Westamerica Bancorporation ............. 67,600 300 White Mountains Insurance Group, Ltd ... 92,103 12,800 Willis Group Holdings, Ltd ............. 361,216 1,250 Wilmington Trust Corp .................. 17,750 1,050 XL Capital, Ltd., Class A .............. 18,333 -------------- 9,099,482 -------------- HEALTH CARE -- 15.4% 8,550 Abbott Laboratories .................... 422,969 650 Abraxis Bioscience, Inc. + ............. 23,647 1,850 Aetna, Inc ............................. 51,485 13,400 Amgen, Inc. + .......................... 807,082 6,350 Baxter International, Inc .............. 362,014 2,700 Beckman Coulter, Inc ................... 186,138 17,600 Boston Scientific Corp. + .............. 186,384 15,600 Bristol-Myers Squibb Co ................ 351,312 3,450 Brookdale Senior Living, Inc ........... 62,549 1,050 C.R. Bard, Inc ......................... 82,540 3,700 Cardinal Health, Inc ................... 99,160 1,575 CareFusion Corp. + ..................... 34,335 1,050 Celgene Corp ........................... 58,695 950 Cephalon, Inc. + ....................... 55,328 900 Cerner Corp. + ......................... 67,320 7,000 Cigna Corp ............................. 196,630 1,000 Cooper Cos., Inc. (The) ................ 29,730 3,000 Coventry Health Care, Inc. + ........... 59,880 3,150 Eli Lilly & Co ......................... 104,045 11,450 Forest Laboratories, Inc. + ............ 337,088 550 Genzyme Corp ........................... 31,202 1,950 Gilead Sciences, Inc. + ................ 90,831 5,250 Health Net, Inc. + ..................... 80,850 2,100 Hill-Rom Holdings, Inc ................. 45,738 4,450 Hospira, Inc. + ........................ 198,470 1,200 Humana, Inc. + ......................... 44,760 19,650 Johnson & Johnson ...................... 1,196,488 2,800 Kindred Healthcare, Inc. + ............. 45,444 8,300 King Pharmaceuticals, Inc. + ........... 89,391 2,600 Laboratory Corp. of America Holdings + . 170,820 950 McKesson Corp .......................... 56,572 2,450 Medtronic, Inc ......................... 90,160 4,900 Merck & Co., Inc ....................... 154,987 14,900 Mylan, Inc. + .......................... 238,549 Wilshire Mutual Funds, Inc. Wilshire Large Cap Core 130/30 Fund September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- HEALTH CARE -- 15.4% (CONTINUED) 1,350 Myriad Genetics, Inc. + ................ $ 36,990 2,300 Omnicare, Inc .......................... 51,796 60,050 Pfizer, Inc ............................ 993,827 6,600 Quest Diagnostics, Inc ................. 344,454 2,950 Schering-Plough Corp ................... 83,337 1,200 St. Jude Medical, Inc. + ............... 46,812 850 Stryker Corp ........................... 38,616 1,050 Teleflex, Inc .......................... 50,726 1,100 Thermo Fisher Scientific, Inc. + ....... 48,037 3,750 UnitedHealth Group, Inc ................ 93,900 800 Varian Medical Systems, Inc. + ......... 33,704 1,850 Watson Pharmaceuticals, Inc. + ......... 67,784 2,550 WellCare Health Plans, Inc. + .......... 62,858 1,600 WellPoint, Inc. + ...................... 75,776 2,750 Wyeth .................................. 133,595 1,100 Zimmer Holdings, Inc. + ................ 58,795 -------------- 8,333,600 -------------- INDUSTRIALS -- 15.8% 1,800 3M Co .................................. 132,840 2,300 Avery Dennison Corp .................... 82,823 1,100 Brink's Co. (The) ...................... 29,601 4,300 Burlington Northern Santa Fe Corp ...... 343,269 2,000 CH Robinson Worldwide, Inc ............. 115,500 1,950 Caterpillar, Inc ....................... 100,094 100 Cintas Corp ............................ 3,031 1,050 CSX Corp ............................... 43,953 7,500 Cummins, Inc ........................... 336,075 750 Danaher Corp ........................... 50,490 8,200 Deere & Co ............................. 351,944 3,600 Delta Air Lines, Inc ................... 32,256 1,500 Deluxe Corp ............................ 25,650 7,600 Dover Corp ............................. 294,576 2,150 Emerson Electric Co .................... 86,172 1,800 Expeditors International of Washington, Inc .................................... 63,270 1,000 FedEx Corp ............................. 75,220 400 First Solar, Inc. + .................... 61,144 1,250 Flowserve Corp ......................... 123,175 2,000 Fluor Corp ............................. 101,700 11,000 Foster Wheeler AG + .................... 351,010 700 FTI Consulting, Inc. + ................. 29,827 2,050 Gardner Denver, Inc. + ................. 71,504 7,450 General Dynamics Corp .................. 481,270 40,400 General Electric Co .................... 663,368 5,100 Goodrich Corp .......................... 277,134 3,250 Herman Miller, Inc ..................... 54,958 2,650 Hertz Global Holdings, Inc. + .......... 28,699 1,450 Honeywell International, Inc ........... 53,867 1,750 Illinois Tool Works, Inc ............... 74,742 1,200 ITT Corp ............................... 62,580 2,000 Jacobs Engineering Group, Inc. + ....... 91,900 3,700 Kelly Services, Inc., Class A .......... 45,510 8,850 L-3 Communications Holdings, Inc., Class 3 ................................ 710,832 1,950 Lockheed Martin Corp ................... 152,256 600 Manpower, Inc .......................... 34,026 800 Masco Corp ............................. 10,336 1,400 Navistar International Corp. + ......... 52,388 6,600 Norfolk Southern Corp .................. 284,526 1,200 Northrop Grumman Corp .................. 62,100 2,000 Oshkosh Corp ........................... 61,860 600 Parker Hannifin Corp ................... 31,104 700 Precision Castparts Corp ............... 71,309 4,250 Raytheon Co ............................ 203,873 SHARES VALUE ------ ----- INDUSTRIALS -- 15.8% (CONTINUED) 8,300 Republic Services, Inc., Class A ....... $ 220,531 2,200 Rockwell Collins, Inc .................. 111,760 1,700 Siemens AG ADR ......................... 158,032 1,450 Snap-On, Inc ........................... 50,402 3,000 Southwest Airlines Co .................. 28,800 1,250 Spirit Aerosystems Holdings, Inc., Class A + .............................. 22,575 1,150 SPX Corp. .............................. 70,460 1,650 Trinity Industries, Inc ................ 28,364 8,300 Union Pacific Corp ..................... 484,305 2,500 United Parcel Service, Inc ............. 141,175 4,550 United Technologies Corp ............... 277,232 3,700 URS Corp. + ............................ 161,505 1,300 Wabtec Corp ............................ 48,789 1,800 Waste Management, Inc .................. 53,676 1,100 Watson Wyatt Worldwide, Inc., Class A .. 47,916 3,350 Werner Enterprises, Inc ................ 62,411 1,500 WW Grainger, Inc ....................... 134,040 -------------- 8,515,735 -------------- INFORMATION TECHNOLOGY -- 24.4% 400 3Com Corp. + ........................... 2,092 1,700 Adobe Systems, Inc. + .................. 56,168 7,900 Advanced Micro Devices, Inc. + ......... 44,714 2,000 Agilent Technologies, Inc. + ........... 55,660 2,500 Altera Corp ............................ 51,275 7,000 Amdocs, Ltd. + ......................... 188,160 1,000 Analog Devices, Inc .................... 27,580 4,450 Apple, Inc. + .......................... 824,897 3,100 Arris Group, Inc. + .................... 40,331 2,400 Arrow Electronics, Inc. + .............. 67,560 550 Autodesk, Inc. + ....................... 13,090 1,400 Automatic Data Processing, Inc ......... 55,020 3,100 Avnet, Inc. + .......................... 80,507 4,650 Avocent Corp. + ........................ 94,255 11,950 BMC Software, Inc. + ................... 448,484 2,150 Broadcom Corp., Class A + .............. 65,983 2,150 Broadridge Financial Solutions, Inc .... 43,215 16,300 CA, Inc ................................ 358,437 29,350 Cisco Systems, Inc. + .................. 690,899 1,000 Cognizant Technology Solutions Corp., Class A + .............................. 38,660 6,650 Computer Sciences Corp. + .............. 350,522 2,100 Compuware Corp. + ...................... 15,393 5,100 Convergys Corp. + ...................... 50,694 28,550 Corning, Inc ........................... 437,101 3,000 Cypress Semiconductor Corp. + .......... 30,990 6,050 Dell, Inc. + ........................... 92,323 1,400 Dolby Laboratories, Inc., Class A + .... 53,466 3,050 eBay, Inc. + ........................... 72,010 24,550 EMC Corp. + ............................ 418,332 500 Factset Research Systems, Inc .......... 33,120 4,150 Fidelity National Information Services, Inc .................................... 105,866 960 Google, Inc., Class A + ................ 476,016 6,300 Harris Corp ............................ 236,880 1,591 Harris Stratex Networks, Inc., Class A + .............................. 11,137 20,300 Hewlett-Packard Co ..................... 958,363 5,580 Integrated Device Technology, Inc. + ... 37,721 24,350 Intel Corp ............................. 476,529 11,000 International Business Machines Corp ... 1,315,710 4,500 Intersil Corp., Class A ................ 68,895 3,400 Jabil Circuit, Inc ..................... 45,594 1,850 Juniper Networks, Inc. + ............... 49,987 Wilshire Mutual Funds, Inc. Wilshire Large Cap Core 130/30 Fund September 30, 2009 Schedule of Investments (UNAUDITED) SHARES VALUE ------ ----- INFORMATION TECHNOLOGY -- 24.4% (CONTINUED) 2,100 Kla-Tencor Corp ........................ $ 75,306 3,200 Lexmark International, Inc., Class A + . 68,928 15,750 LSI Corp. + ............................ 86,468 16,600 Marvell Technology Group, Ltd. + ....... 268,754 1,300 Mastercard, Inc., Class A .............. 262,795 3,800 Maxim Integrated Products, Inc ......... 68,932 550 McAfee, Inc ............................ 24,085 9,650 Micron Technology, Inc. + .............. 79,130 30,600 Microsoft Corp. ........................ 792,234 2,800 Molex, Inc ............................. 58,464 9,100 Motorola, Inc .......................... 78,169 2,500 National Semiconductor Corp ............ 35,675 1,350 NetApp, Inc. + ......................... 36,018 3,600 Netease.com ADR + ...................... 164,448 16,950 Novell, Inc. + ......................... 76,444 800 Novellus Systems, Inc. + ............... 16,784 1,750 Nvidia Corp ............................ 26,303 8,600 ON Semiconductor Corp. + ............... 70,950 38,500 Oracle Corp ............................ 802,340 4,150 QUALCOMM, Inc .......................... 186,667 2,550 Red Hat, Inc. + ........................ 70,482 3,300 Research In Motion, Ltd. + ............. 222,915 2,200 SAIC, Inc. + ........................... 38,588 3,800 Seagate Technology ..................... 57,798 1,450 Salesforce.com, Inc .................... 82,549 15,700 Symantec Corp. + ....................... 258,579 3,950 Tellabs, Inc. + ........................ 27,334 1,050 Teradata Corp. + ....................... 28,896 5,250 Teradyne, Inc. + ....................... 48,563 3,900 Texas Instruments, Inc ................. 92,391 4,000 VeriSign, Inc. + ....................... 94,760 1,900 Western Union Co. (The) ................ 35,948 3,150 Yahoo! Inc. ............................ 56,102 3,900 Vishay Intertechnology, Inc. + ......... 30,810 4,300 Western Digital Corp. + ................ 157,079 -------------- 13,165,324 -------------- MATERIALS -- 4.7% 650 Air Products & Chemicals, Inc .......... 50,427 850 AK Steel Holding Corp .................. 16,771 2,600 Alcoa, Inc ............................. 34,112 750 Ball Corp .............................. 36,900 3,000 Dow Chemical Co. (The) ................. 78,210 1,500 Eastman Chemical Co .................... 80,310 1,700 EI Du Pont de Nemours & Co ............. 54,638 1,300 FMC Corp ............................... 73,125 5,300 Freeport-McMoRan Copper & Gold, Inc. ... 363,633 1,100 Greif, Inc., Class A ................... 60,555 1,250 International Flavors & Fragrances, Inc. 47,413 3,650 International Paper Co ................. 81,139 1,400 Lubrizol Corp .......................... 100,044 4,600 Monsanto Co ............................ 356,040 2,900 Nalco Holding Co ....................... 59,421 1,100 Newmont Mining Corp .................... 48,422 650 Nucor Corp ............................. 30,557 2,300 Pactiv Corp. + ......................... 59,915 3,100 PPG Industries, Inc .................... 180,451 3,640 Praxair, Inc ........................... 297,352 1,500 Reliance Steel & Aluminum Co ........... 63,840 800 Rock-Tenn Co., Class A ................. 37,688 1,450 RPM International, Inc ................. 26,810 3,300 Sealed Air Corp ........................ 64,779 1,300 Sigma-Aldrich Corp ..................... 70,174 2,400 Temple-Inland, Inc ..................... 39,408 3,150 United States Steel Corp ............... 139,765 -------------- 2,551,901 -------------- SHARES VALUE ------ ----- TELECOMMUNICATION SERVICES -- 2.1% 20,202 AT&T, Inc .............................. $ 545,656 5,250 CenturyTel, Inc ........................ 176,400 19,700 Qwest Communications International, Inc .................................... 75,057 9,550 Sprint Nextel Corp. + .................. 37,723 9,500 Verizon Communications, Inc ............ 287,565 -------------- 1,122,401 -------------- UTILITIES -- 4.2% 1,400 American Electric Power Co., Inc ....... 43,386 17,900 Centerpoint Energy, Inc ................ 222,497 4,000 CMS Energy Corp ........................ 53,600 950 Consolidated Edison, Inc ............... 38,893 1,750 Constellation Energy Group, Inc ........ 56,647 1,000 Dominion Resources, Inc ................ 34,500 3,300 DTE Energy Co .......................... 115,962 7,750 Duke Energy Corp ....................... 121,985 800 Edison International ................... 26,864 1,450 Exelon Corp ............................ 71,949 1,050 FirstEnergy Corp ....................... 48,006 750 FPL Group, Inc ......................... 41,423 2,050 IDACORP, Inc ........................... 59,019 1,100 Integrys Energy Group, Inc ............. 39,479 3,800 MDU Resources Group, Inc ............... 79,230 1,600 National Fuel Gas Co ................... 73,296 1,550 Nicor, Inc ............................. 56,715 5,700 NiSource, Inc .......................... 79,173 2,200 Oneok, Inc ............................. 80,564 13,700 PG&E Corp .............................. 554,713 1,500 Pinnacle West Capital Corp ............. 49,230 1,450 Progress Energy, Inc ................... 56,637 2,000 Public Service Enterprise Group, Inc ... 62,880 1,450 Questar Corp ........................... 54,462 1,750 Sempra Energy .......................... 87,167 1,800 Southern Co ............................ 57,006 -------------- 2,265,283 -------------- Total Common Stock (Cost $56,142,559) 67,171,452 -------------- Maturity Date Par REPURCHASE AGREEMENT -- 0.1% Agreement with JP Morgan, 0.010% dated 09/30/09 to be repurchased on 10/01/09 at $64,931, collaterized by $60,000 U.S. Treasury Inflation Bonds, 4.500%, due 08/15/39 (market value $65,268) (Cost $64,931) 10/01/09 $64,931 $ 64,931 -------------- Total Investments -- 124.5% (Cost $56,207,490)+ 67,236,383 Other Assets & Liabilities, Net -- (24.5)% (13,247,699) -------------- NET ASSETS -- 100.0% $ 53,988,684 ============== Wilshire Mutual Funds, Inc. Large Cap Core 130/30 Fund September 30, 2009 Schedule of Securities Sold Short (UNAUDITED) SHARES VALUE ------ ----- SECURITIES SOLD SHORT -- (24.8)% CONSUMER DISCRETIONARY -- (2.9)% 1,450 Abercrombie & Fitch Co., Class A ....... $ 47,676 2,850 American Eagle Outfitters, Inc. ........ 48,051 1,500 BorgWarner, Inc. ....................... 45,390 1,300 Burger King Holdings, Inc. ............. 22,867 2,050 Cablevision Systems Corp., Class A ..... 48,687 900 Choice Hotels International, Inc. ...... 27,954 300 CTC Media, Inc. + ...................... 4,716 2,600 Darden Restaurants, Inc. ............... 88,738 800 DeVry, Inc. ............................ 44,256 2,550 Foot Locker, Inc. ...................... 30,472 1,500 Fortune Brands, Inc. ................... 64,470 3,500 Garmin, Ltd. ........................... 132,090 2,300 Genuine Parts Co. ...................... 87,538 2,800 H&R Block, Inc. ........................ 51,464 1,450 Interactive Data Corp. ................. 38,005 3,600 International Game Technology .......... 77,328 500 ITT Educational Services, Inc. + ....... 55,205 2,000 Lamar Advertising Co., Class A + ....... 54,880 1,550 Leggett & Platt, Inc. .................. 30,070 2,409 Marriott International, Inc., Class A .. 66,464 1,550 MDC Holdings, Inc. ..................... 53,847 2,100 Nordstrom, Inc. ........................ 64,134 Scripps Networks Interactive, Inc., 800 Class A ................................ 29,560 1,300 Staples, Inc. .......................... 30,186 Starwood Hotels & Resorts Worldwide, 800 Inc. ................................... 26,424 1,000 Tiffany & Co. .......................... 38,530 1,400 Tim Hortons, Inc. ...................... 39,620 1,550 Toll Brothers, Inc. + .................. 30,287 1,100 Urban Outfitters, Inc. + ............... 33,187 2,600 Virgin Media, Inc. ..................... 36,192 2,300 Weight Watchers International, Inc. .... 63,112 400 WMS Industries, Inc. + ................. 17,824 600 Wynn Resorts, Ltd. + ................... 42,534 -------------- 1,571,758 -------------- CONSUMER STAPLES -- (2.3)% 3,900 Alberto-Culver Co., Class B ............ 107,952 2,350 Avon Products, Inc. .................... 79,806 2,700 Brown-Forman Corp., Class B ............ 130,194 1,100 Central European Distribution Corp. + .. 36,036 1,050 Clorox Co. ............................. 61,761 6,600 Constellation Brands, Inc., Class A + .. 99,990 2,550 Corn Products International, Inc. ...... 72,726 3,780 Costco Wholesale Corp. ................. 213,419 2,050 Estee Lauder Cos., Inc. (The), Class A . 76,014 1,400 Flowers Foods, Inc. .................... 36,806 500 Green Mountain Coffee Roasters, Inc. + . 36,920 1,550 McCormick & Co., Inc. .................. 52,607 750 Mead Johnson Nutrition Co., Class A .... 33,833 1,150 Ruddick Corp. .......................... 30,613 4,400 Smithfield Foods, Inc. + ............... 60,720 4,100 SYSCO Corp. ............................ 101,885 1,000 Whole Foods Market, Inc. ............... 30,490 -------------- 1,261,772 -------------- ENERGY -- (2.7)% 1,300 Apache Corp. ........................... 119,379 3,350 Baker Hughes, Inc. ..................... 142,911 2,000 Cabot Oil & Gas Corp. .................. 71,500 2,050 CNX Gas Corp. + ........................ 62,935 1,400 Comstock Resources, Inc. + ............. 56,112 2,150 Continental Resources, Inc. + .......... 84,215 SHARES VALUE ------ ----- 400 Devon Energy Corp. ..................... $ 26,932 1,000 FMC Technologies, Inc. + ............... 52,240 2,600 Halliburton Co. ........................ 70,512 3,600 Hess Corp. ............................. 192,456 2,600 Murphy Oil Corp. ....................... 149,682 750 Oceaneering International, Inc. + ...... 42,562 2,150 Quicksilver Resources, Inc. + .......... 30,509 1,450 Range Resources Corp. .................. 71,572 850 Smith International, Inc. .............. 24,395 9,300 Spectra Energy Corp. ................... 176,142 700 Superior Energy Services, Inc. + ....... 15,764 1,300 Tesoro Corp. ........................... 19,474 700 Ultra Petroleum Corp. + ................ 34,272 400 XTO Energy, Inc. ....................... 16,528 -------------- 1,460,092 -------------- FINANCIALS -- (3.2)% 1,150 Affiliated Managers Group, Inc. + ...... 74,762 3,200 Arthur J. Gallagher & Co. .............. 77,984 4,550 Associated Banc-Corp ................... 51,961 1,700 BOK Financial Corp. .................... 78,744 1,450 Capitol Federal Financial .............. 47,734 2,600 CB Richard Ellis Group, Inc., Class A + 30,524 5,400 Charles Schwab Corp. (The) ............. 103,410 1,700 City National Corp. .................... 66,181 1,300 Cullen/Frost Bankers, Inc. ............. 67,132 2,650 Eaton Vance Corp. ...................... 74,173 700 Health Care REIT, Inc. ................. 29,134 3,200 Host Hotels & Resorts, Inc. ............ 37,664 6,500 Keycorp ................................ 42,250 3,200 Leucadia National Corp. ................ 79,104 1,600 Mercury General Corp. .................. 57,888 3,400 MetLife, Inc. .......................... 129,438 2,350 Moody's Corp. .......................... 48,081 300 Northern Trust Corp. ................... 17,448 1,900 Omega Healthcare Investors, Inc . ..... 30,438 1,200 Regency Centers Corp. .................. 44,460 2,350 St. Joe Co. (The) + .................... 68,432 700 Student Loan Corp. (The) ............... 32,480 4,250 SunTrust Banks, Inc. ................... 95,838 2,600 T Rowe Price Group, Inc. ............... 118,820 2,050 Taubman Centers, Inc. .................. 73,964 800 Torchmark Corp. ........................ 34,744 1,056 Vornado Realty Trust ................... 68,017 1,250 Waddell & Reed Financial, Inc., Class A 35,562 -------------- 1,716,367 -------------- HEALTH CARE -- (3.0)% 1,350 Allergan, Inc. ......................... 76,626 Allscripts-Misys Healthcare Solutions, 1,550 Inc. ................................... 31,418 800 Beckman Coulter, Inc. .................. 55,152 2,600 Celgene Corp. + ........................ 145,340 1,100 Cigna Corp. ............................ 30,899 1,000 Community Health Systems, Inc. + ....... 31,930 600 Covance, Inc. + ........................ 32,490 600 DaVita, Inc. + ......................... 33,984 3,600 DENTSPLY International, Inc. ........... 124,344 500 Edwards Lifesciences Corp. + ........... 34,955 2,000 Genzyme Corp. + ........................ 113,460 700 Healthsouth Corp. + .................... 10,948 1,300 Henry Schein, Inc. + ................... 71,383 4,600 Hologic, Inc. + ........................ 75,164 1,150 Idexx Laboratories, Inc. + ............. 57,500 2,950 Illumina, Inc. + ....................... 125,375 750 Intuitive Surgical, Inc. + ............. 196,688 850 Laboratory Corp. of America Holdings + . 55,845 400 Masimo Corp. + ......................... 10,480 Wilshire Mutual Funds, Inc. Large Cap Core 130/30 Fund September 30, 2009 Schedule of Securities Sold Short (UNAUDITED) SHARES VALUE ------ ----- 800 Medtronic, Inc. ........................ $ 29,440 400 Mettler-Toledo International, Inc. + ... 36,236 850 Millipore Corp. + ...................... 59,780 900 Myriad Genetics, Inc. .................. 24,660 1,100 OSI Pharmaceuticals, Inc. + ............ 38,830 Pharmaceutical Product Development, 1,000 Inc. ................................... 21,940 1,100 Stryker Corp. .......................... 49,973 1,500 Vertex Pharmaceuticals, Inc. + ......... 56,850 -------------- 1,631,690 -------------- INDUSTRIALS -- (4.6)% 1,850 Alexander & Baldwin, Inc. .............. 59,367 400 AMR Corp. + ............................ 3,180 1,050 Armstrong World Industries, Inc. + ..... 36,183 1,200 Carlisle Cos., Inc. .................... 40,692 5,944 Caterpillar, Inc. ...................... 305,106 2,250 Cintas Corp. ........................... 68,197 2,450 Continental Airlines, Inc., Class B + .. 40,278 1,750 Covanta Holding Corp. + ................ 29,750 1,050 Cummins, Inc. .......................... 47,051 9,100 Delta Air Lines, Inc. + ................ 81,536 500 Dun & Bradstreet Corp. ................. 37,660 2,000 Eaton Corp. ............................ 147,134 Expeditors International of Washington, 2,500 Inc. ................................... 87,875 400 Fluor Corp. ............................ 20,340 1,700 Graco, Inc. ............................ 47,379 1,100 GrafTech International, Ltd. + ......... 16,170 900 Harsco Corp. ........................... 31,869 2,850 Iron Mountain, Inc. + .................. 75,981 1,350 JB Hunt Transport Services, Inc. ....... 43,376 2,850 Kansas City Southern + ................. 75,496 700 Kirby Corp. + .......................... 25,774 2,050 Landstar System, Inc. .................. 78,023 1,100 Lennox International, Inc. ............. 39,732 1,050 Lincoln Electric Holdings, Inc. ........ 49,822 1,900 Navigant Consulting, Inc. + ............ 25,650 700 PACCAR, Inc. ........................... 26,397 1,850 Pall Corp. ............................. 59,718 1,100 Pentair, Inc. .......................... 32,472 3,100 Pitney Bowes, Inc. ..................... 77,035 600 Quanta Services, Inc. + ................ 13,278 2,200 Republic Services, Inc., Class A ....... 58,454 3,850 Robert Half International, Inc. ........ 96,327 1,500 Roper Industries, Inc. ................. 76,470 600 Ryder System, Inc. ..................... 23,436 1,000 Spirit Aerosystems Holdings, Inc. ...... 18,060 3,450 Stericycle, Inc. + ..................... 167,153 1,700 SunPower Corp., Class A + .............. 50,813 2,500 Textron, Inc. .......................... 47,450 4,060 United Parcel Service, Inc., Class B ... 229,268 -------------- 2,489,952 -------------- INFORMATION TECHNOLOGY -- (2.9)% 1,950 Akamai Technologies, Inc. + ............ 38,376 850 ANSYS, Inc. + .......................... 31,849 850 Citrix Systems, Inc. + ................. 33,346 18,200 Corning, Inc. + ........................ 278,642 3,200 Dell, Inc. ............................. 48,832 400 Equinix, Inc. + ........................ 36,800 1,500 Fiserv, Inc. + ......................... 72,300 5,400 Flextronics International + ............ 40,284 2,000 FLIR Systems, Inc. + ................... 55,940 1,050 Itron, Inc. + .......................... 67,347 2,850 Linear Technology Corp. ................ 78,745 2,200 McAfee, Inc. + ......................... 96,338 SHARES VALUE ------ ----- 9,700 Nvidia Corp. + ......................... $ 145,791 1,000 Paychex, Inc. .......................... 29,050 1,900 Salesforce.com, Inc. + ................. 108,167 3,400 VeriSign, Inc. + ....................... 80,546 2,200 Visa, Inc., Class A .................... 152,042 1,750 VMware, Inc., Class A + ................ 70,297 2,400 Western Union Co. (The) ................ 45,408 3,500 Yahoo!, Inc. + ......................... 62,335 -------------- 1,572,435 -------------- MATERIALS -- (1.9)% 5,400 Alcoa, Inc. ............................ 70,848 1,050 Allegheny Technologies, Inc. ........... 36,740 1,550 Carpenter Technology Corp. ............. 36,254 650 Ecolab, Inc. ........................... 30,049 400 Intrepid Potash, Inc. + ................ 9,436 650 Martin Marietta Materials, Inc. ........ 59,845 1,500 Monsanto Co. ........................... 116,100 7,200 Nalco Holding Co. ...................... 147,528 3,500 Nucor Corp. ............................ 164,535 900 Praxair, Inc. .......................... 73,521 1,250 Sensient Technologies Corp. ............ 34,713 3,600 Titanium Metals Corp. .................. 34,524 1,600 Vulcan Materials Co. ................... 86,512 3,200 Weyerhaeuser Co. ....................... 117,280 -------------- 1,017,885 -------------- TELECOMMUNICATION SERVICES -- (0.5)% 2,700 American Tower Corp., Class A + ........ 98,280 600 Crown Castle International Corp. + ..... 18,816 1,100 Leap Wireless International, Inc. + .... 21,505 3,950 SBA Communications Corp., Class A + .... 106,769 -------------- 245,370 -------------- UTILITIES -- (0.8)% 1,350 AES Corp. (The) + ...................... 20,007 2,800 Allegheny Energy, Inc. ................. 74,256 2,250 Aqua America, Inc. ..................... 39,690 2,600 Calpine Corp. + ........................ 29,952 2,300 Equities CORP .......................... 97,980 1,000 NSTAR .................................. 31,820 1,000 Ormat Technologies, Inc. ............... 40,820 2,000 PPL Corp. .............................. 60,680 2,350 Vectren Corp. .......................... 54,144 -------------- 449,349 -------------- Securities Sold Short (Proceeds $11,526,472) 13,416,670 -------------- ADR -- American Depositary Receipt REIT -- Real Estate Investment Trust + Non-income producing security. ++ At September 30, 2009, the tax basis cost of the Fund's long investments was $56,207,490, and the unrealized appreciation and depreciation were $11,539,897 and $(511,004), respectively. For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual and annual financial statements. See end of Form N-Q Filing for inputs used in valuing the Portfolio's investments at September 30, 2009. Wilshire Mutual Funds, Inc. September 30, 2009 (UNAUDITED) THE SUMMARY OF INPUTS USED TO VALUE THE PORTFOLIOS' INVESTMENTS AT SEPTEMBER 30, 2009 IS AS FOLLOWS: Large Company Growth Portfolio
Investments in Securities Level 1 Level 2 Level 3 Total - --------------------------------------------------------------------------------------------- Common Stock $ 204,148,593 $ -- $ -- $ 204,148,593 Investment Companies 1,135,417 -- -- 1,135,417 Cash Equivalent 2,541,788 -- -- 2,541,788 ------------- ---------- ----------- ------------- Total Investments in Securities $ 207,825,798 $ -- $ -- $ 207,825,798 ============= ========== =========== ============= Large Company Value Portfolio Investments in Securities Level 1 Level 2 Level 3 Total - --------------------------------------------------------------------------------------------- Common Stock $ 32,971,294 $ -- $ -- $ 32,971,294 Cash Equivalent 271,065 -- -- 271,065 ------------- ---------- ----------- ------------- Total Investments in Securities $ 33,242,359 $ -- $ -- $ 33,242,359 ============= ========== =========== ============= Small Company Growth Portfolio Investments in Securities Level 1 Level 2 Level 3 Total - --------------------------------------------------------------------------------------------- Common Stock $ 6,153,654 $ -- $ -- $ 6,153,654 Preferred Stock 7,252 -- -- 7,252 Cash Equivalent 111,775 -- -- 111,775 ------------- ---------- ----------- ------------- Total Investments in Securities $ 6,272,681 $ -- $ -- $ 6,272,681 ============= ========== =========== ============= Small Company Value Portfolio Investments in Securities Level 1 Level 2 Level 3 Total - --------------------------------------------------------------------------------------------- Common Stock $ 9,598,652 $ -- $ -- $ 9,598,652 Private Company -- -- 2 2 Cash Equivalent 69,334 -- -- 69,334 ------------- ---------- ----------- ------------- Total Investments in Securities $ 9,667,986 $ -- $ 2 $ 9,667,988 ============= ========== =========== =============
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 June 30, 2009 $ 2 Accrued discounts/premiums -- Realized gain/(loss) -- Change in unrealized appreciation/(depreciation) -- Net purchases/sales -- Net transfer in and/or out of Level 3 -- -------------- Ending balance as of September 30, 2009 $ 2 ============== Wilshire Mutual Funds, Inc. September 30, 2009 (UNAUDITED)
Wilshire 5000 Index Fund Investments in Securities Level 1 Level 2 Level 3 Total - --------------------------------------------------------------------------------------------- Common Stock $ 167,459,524 $ -- $ -- $ 167,459,524 Preferred Stock 1,036 -- -- 1,036 Rights 842 -- -- 842 Warrants 4,203 -- -- 4,203 Cash Equivalent 825,095 -- -- 825,095 ------------- ---------- ----------- ------------- Total Investments in Securities $ 168,290,700 $ -- $ -- $ 168,290,700 ============= ========== =========== ============= Wilshire Large Cap Core 130/30 Fund Investments in Securities Level 1 Level 2 Level 3 Total - --------------------------------------------------------------------------------------------- Common Stock $ 67,171,452 $ -- $ -- $ 67,171,452 Repurchase Agreement -- 64,931 -- 64,931 ------------- ---------- ----------- ------------- Total Investments in Securities $ 67,171,452 $ 64,931 $ -- $ 67,236,383 ============= ========== =========== ============= Investments in Securities Sold Short Level 1 Level 2 Level 3 Total - --------------------------------------------------------------------------------------------- Common Stock $ (13,416,670) $ -- $ -- $ (13,416,670) Total Investments in Securities Sold ------------- ---------- ----------- ------------- Short $ (13,416,670) $ -- $ -- $ (13,416,670) ============= ========== =========== =============
ITEM 2. CONTROLS AND PROCEDURES (a) The registrant's principal executive and principal financial officers, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 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: November 23, 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: November 23, 2009 By (Signature and Title) /s/: Helen Thompson -------------------- Helen Thompson, Treasurer (principal financial officer) Date: November 23, 2009 EX-99.CERT 2 cert.txt CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, LAWRENCE E. DAVANZO certify that: 1. I have reviewed this report on Form N-Q of Wilshire Mutual Funds, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 23, 2009 /s/: Lawrence E. Davanzo ------------------------------- Lawrence E. Davanzo, President (principal executive officer) CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, HELEN THOMPSON certify that: 1. I have reviewed this report on Form N-Q of Wilshire Mutual Funds, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 23, 2009 /s/: Helen Thompson ---------------------------------- Helen Thompson, Treasurer (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----