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)

Jason Schwarz, 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

Date of reporting period: March 31, 2015

Item 1.   Schedule of Investments

Wilshire Mutual Funds, Inc.
Large Company Growth Portfolio	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
COMMON STOCK — 98.6%††
Consumer Discretionary — 22.7%
	18,825	Advance Auto Parts, Inc.(a)	$	2,817,914
	17,689	Amazon.com, Inc.†		6,582,077
	200	AutoNation, Inc.†		12,866
	150	AutoZone, Inc.†(a)		102,324
	1,720	Brinker International, Inc.(a)		105,883
	17,840	Cablevision Systems Corp., ClassA(a)		326,472
	20,872	CBS Corp., ClassB		1,265,469
	460	Chipotle Mexican Grill, Inc., ClassA†		299,248
	300	Choice Hotels International, Inc.		19,221
	50,461	Comcast Corp., ClassA		2,849,533
	841	Darden Restaurants, Inc.(a)		58,315
	5,331	DIRECTV†		453,668
	7,415	Discovery Communications, Inc., ClassC†		218,557
	41,705	Dollar General Corp.		3,143,723
	1,707	Domino's Pizza, Inc.		171,639
	2,670	Dunkin' Brands Group, Inc.		126,985
	1,197	Expedia, Inc.(a)		112,674
	3,680	Gap, Inc. (The)(a)		159,454
	7,920	Gentex Corp.(a)		144,936
	3,734	Genuine Parts Co.		347,972
	680	GNC Holdings, Inc., ClassA		33,368
	640	Hanesbrands, Inc.(a)		21,447
	870	Harley-Davidson, Inc.(a)		52,844
	32,987	Home Depot, Inc. (The)		3,747,653
	4,753	Jarden Corp.†(a)		251,434
	158	John Wiley & Sons, Inc., ClassA		9,660
	2,110	Kohl's Corp.(a)		165,108
	1,280	L Brands, Inc.		120,691
	11,975	Liberty Interactive Corp., ClassA†		349,550
	1,702	Liberty Ventures, SerA†		71,501
	100	LKQ Corp.†(a)		2,556
	9,725	Lowe's Cos., Inc.		723,443
	1,910	Macy's, Inc.(a)		123,978
	34,875	Michael Kors Holdings, Ltd.†		2,293,031
	490	Netflix, Inc.†		204,178
	18,001	NIKE, Inc., ClassB		1,806,040
	254	NVR, Inc.†		337,479
	3,896	Omnicom Group, Inc.(a)		303,810
	160	O'Reilly Automotive, Inc.†		34,598
	2,775	Priceline Group, Inc.†		3,230,516
	96,169	PulteGroup, Inc.(a)		2,137,837
	23,858	Royal Caribbean Cruises†		1,952,777
	1,540	Scripps Networks Interactive, Inc., ClassA		105,582
	3,633	Service Corp. International(a)		94,640
	370	Six Flags Entertainment Corp.		17,912
	6,772	Staples, Inc.		110,282
	69,835	Starbucks Corp.		6,613,374
	5,750	Starz†		197,858
	1,030	Target Corp.		84,532
	13,739	Time Warner Cable, Inc., ClassA		2,059,201
	4,195	TJX Cos., Inc.		293,860
	34,750	Tractor Supply Co.(a)		2,955,835
	1,440	Ulta Salon Cosmetics & Fragrance, Inc.†		217,224
	2,435	Under Armour, Inc., ClassA†		196,626
	60	Urban Outfitters, Inc.†(a)		2,739
	3,013	Viacom, Inc., ClassB		205,788
	34,467	Walt Disney Co. (The)		3,615,244
	812	Whirlpool Corp.		164,073
	660	Williams-Sonoma, Inc.(a)		52,609
	3,110	Wyndham Worldwide Corp.(a)		281,362

Shares			Value
Consumer Discretionary — (continued)
	2,494	Yum! Brands, Inc.	$	196,328
				54,757,498
Consumer Staples — 6.6%
	12,737	Altria Group, Inc.		637,105
	1,085	Archer-Daniels-Midland Co.		51,429
	2,053	Campbell Soup Co.(a)		95,567
	1,790	Church & Dwight Co., Inc.		152,902
	550	Clorox Co. (The)(a)		60,714
	12,041	Coca-Cola Co. (The)		488,263
	3,675	Coca-Cola Enterprises, Inc.		162,435
	20	Colgate-Palmolive Co.		1,387
	299	ConAgra Foods, Inc.		10,922
	2,540	Constellation Brands, Inc., ClassA†		295,173
	23,320	Costco Wholesale Corp.(a)		3,532,864
	3,991	CVS Health Corp.		411,911
	9,872	Diageo PLC ADR(a)		1,091,547
	700	Dr. Pepper Snapple Group, Inc.(a)		54,936
	33,073	Estee Lauder Cos., Inc. (The), ClassA		2,750,351
	1,230	General Mills, Inc.		69,618
	710	Hershey Co. (The)		71,646
	375	JM Smucker Co. (The)(a)		43,399
	100	Kimberly-Clark Corp.		10,711
	735	Kraft Foods Group, Inc.		64,030
	9,730	Kroger Co. (The)		745,902
	25,425	Monster Beverage Corp.†		3,518,693
	6,473	PepsiCo, Inc.		618,948
	830	Procter & Gamble Co. (The)		68,010
	3,840	Reynolds American, Inc.		264,614
	3,610	Rite Aid Corp.†		31,371
	6,259	Sysco Corp.		236,152
	550	Tyson Foods, Inc., ClassA(a)		21,065
	3,380	Walgreens Boots Alliance, Inc.		286,218
	641	Wal-Mart Stores, Inc.		52,722
				15,900,605
Energy — 2.7%
	21,870	Anadarko Petroleum Corp.		1,811,055
	6,200	Cheniere Energy, Inc.†		479,880
	46,508	EOG Resources, Inc.		4,264,318
	180	Targa Resources Corp.(a)		17,242
	600	Tesoro Corp.(a)		54,774
				6,627,269
Financials — 6.8%
	20,525	Affiliated Managers Group, Inc.†		4,408,360
	5,830	Allied World Assurance Co. Holdings AG		235,532
	2,179	American Express Co.		170,224
	13,867	Ameriprise Financial, Inc.		1,814,358
	4,153	Aon PLC		399,186
	2,410	Brown & Brown, Inc.		79,795
	135,525	Charles Schwab Corp. (The)		4,125,381
	1,765	Equity Lifestyle Properties, Inc.(b)		96,987
	8,785	Erie Indemnity Co., ClassA(a)		766,579
	1,924	Extra Space Storage, Inc.(b)		130,005
	37,283	First Republic Bank(a)		2,128,486
	30	Gaming and Leisure Properties, Inc.(b)		1,106
	681	Hanover Insurance Group, Inc. (The)		49,427
	130	Howard Hughes Corp. (The)†		20,153
	4,290	Iron Mountain, Inc.(a) (b)		156,499
	865	Jones Lang LaSalle, Inc.		147,396
	7,735	Lamar Advertising Co., ClassA(a)		458,453
	3,076	Legg Mason, Inc.		169,795
	1,130	Marsh & McLennan Cos., Inc.		63,382
	819	Plum Creek Timber Co., Inc.(a)		35,585
	1,136	Public Storage(b)		223,951
	1,976	Simon Property Group, Inc.(b)		386,585
	61	StanCorp Financial Group, Inc.(a)		4,185

 

Wilshire Mutual Funds, Inc.
Large Company Growth Portfolio	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Financials — (continued)
	3,005	Validus Holdings, Ltd.	$	126,510
	642	Ventas, Inc.(b)		46,879
	7,720	Weyerhaeuser Co., (b)		255,918
				16,500,717
Health Care — 17.1%
	6,301	Abbott Laboratories		291,925
	8,200	AbbVie, Inc.		480,028
	10	Aetna, Inc.		1,065
	2,998	Agilent Technologies, Inc.		124,567
	26,310	Alexion Pharmaceuticals, Inc.†		4,559,523
	2,340	Alnylam Pharmaceuticals, Inc.†(a)		244,343
	2,606	AmerisourceBergen Corp., ClassA		296,224
	5,196	Amgen, Inc.		830,581
	2,027	Baxter International, Inc.		138,849
	949	Becton Dickinson and Co.		136,267
	7,805	Biogen Idec, Inc.†		3,295,583
	550	BioMarin Pharmaceutical, Inc.†		68,541
	2,937	Boston Scientific Corp.†		52,132
	9,254	Bristol-Myers Squibb Co.		596,883
	3,293	Cardinal Health, Inc.		297,259
	55,402	Catamaran Corp.†(a)		3,298,635
	42,788	Celgene Corp.†		4,932,601
	306	Centene Corp.†(a)		21,631
	45,145	Cerner Corp.†(a)		3,307,323
	2,950	Cigna Corp.		381,848
	1,324	DaVita HealthCare Partners, Inc.†		107,615
	2,865	Endo International PLC†		256,991
	28,190	Envision Healthcare Holdings, Inc.†(a)		1,081,087
	8,284	Express Scripts Holding Co.†		718,803
	66,811	Gilead Sciences, Inc.†		6,556,163
	2,869	HCA Holdings, Inc.†		215,835
	20,238	Hologic, Inc.†(a)		668,360
	1,940	Hospira, Inc.†		170,410
	12,175	IDEXX Laboratories, Inc.†(a)		1,880,794
	1,153	Illumina, Inc.†		214,043
	2,154	Incyte Corp., Ltd.†(a)		197,436
	90	Intercept Pharmaceuticals, Inc.†(a)		25,382
	300	Intuitive Surgical, Inc.†		151,509
	2,766	Johnson & Johnson		278,260
	2,794	Laboratory Corp. of America Holdings†(a)		352,295
	1,884	McKesson Corp.		426,161
	350	Medivation, Inc.†(a)		45,174
	2,705	Merck & Co., Inc.		155,483
	382	Mettler-Toledo International, Inc.†		125,544
	6,767	Mylan NV†(a)		401,621
	1,644	PerkinElmer, Inc.(a)		84,074
	16,185	Perrigo Co. PLC(a)		2,679,427
	1,190	Pharmacyclics, Inc.†		304,581
	1,835	Premier, Inc., ClassA†		68,959
	2,400	Quest Diagnostics, Inc.(a)		184,440
	480	Regeneron Pharmaceuticals, Inc.†(a)		216,710
	2,424	Seattle Genetics, Inc.†(a)		85,688
	1,990	Tenet Healthcare Corp.†(a)		98,525
	100	Universal Health Services, Inc., ClassB		11,771
	1,130	Veeva Systems, Inc., ClassA†(a)		28,849
	1,620	Vertex Pharmaceuticals, Inc.†		191,111
				41,338,909
Industrials — 8.6%
	3,147	3M Co.		519,098
	900	Alaska Air Group, Inc.(a)		59,562
	1	Allegion PLC		61
	2,415	AO Smith Corp.		158,569
	1,080	Avis Budget Group, Inc.†		63,736

Shares			Value
Industrials — (continued)
	1,608	Babcock & Wilcox Co. (The)(a)	$	51,601
	3,286	Boeing Co. (The)		493,163
	15,925	Canadian Pacific Railway, Ltd.(a)		2,909,498
	1,561	CH Robinson Worldwide, Inc.(a)		114,296
	100	Cintas Corp.(a)		8,163
	2,050	Delta Air Lines, Inc.		92,168
	55	Exelis, Inc.		1,340
	36,519	Fastenal Co.(a)		1,513,165
	800	FedEx Corp.		132,360
	28,441	HD Supply Holdings, Inc.†		886,079
	3,967	Honeywell International, Inc.		413,798
	1,213	Huntington Ingalls Industries, Inc.		170,002
	9	Ingersoll-Rand PLC		613
	3,115	Landstar System, Inc.(a)		206,525
	4,072	Lockheed Martin Corp.		826,453
	50	Middleby Corp.†		5,132
	310	Norfolk Southern Corp.		31,905
	80	Old Dominion Freight Line, Inc.†(a)		6,184
	8,642	Pitney Bowes, Inc.(a)		201,531
	11,156	Precision Castparts Corp.(a)		2,342,760
	2,831	Robert Half International, Inc.		171,332
	10,183	Rollins, Inc.(a)		251,826
	59,880	Southwest Airlines Co.		2,652,684
	1,125	Spirit AeroSystems Holdings, Inc., ClassA†		58,736
	1,300	Spirit Airlines, Inc.†		100,568
	2,040	Stericycle, Inc.†		286,477
	49,689	Textron, Inc.		2,202,713
	480	TransDigm Group, Inc.(a)		104,986
	2,590	Trinity Industries, Inc.(a)		91,971
	3,484	Union Pacific Corp.		377,352
	4,270	United Parcel Service, Inc., ClassB		413,934
	22,800	United Rentals, Inc.†		2,078,448
	5,088	United Technologies Corp.(a)		596,314
	3	Vectrus, Inc.†		76
	100	Verisk Analytics, Inc., ClassA†		7,140
	595	Waste Management, Inc.		32,267
				20,634,586
Information Technology — 30.7%
	2,574	Accenture PLC, ClassA(a)		241,158
	45,725	Adobe Systems, Inc.†		3,380,906
	37,810	Alibaba Group Holding, Ltd. ADR†(a)		3,147,305
	10,900	Alliance Data Systems Corp.†		3,229,125
	84,485	Apple, Inc.		10,512,469
	2,565	ARRIS Group, Inc.†(a)		74,116
	2,282	Atmel Corp.(a)		18,781
	2,137	Automatic Data Processing, Inc.		183,013
	7,540	Booz Allen Hamilton Holding Corp., ClassA		218,207
	712	CDK Global, Inc.		33,293
	1,744	Citrix Systems, Inc.†		111,389
	1,521	CommScope Holding Co., Inc.†		43,409
	3,370	Computer Sciences Corp.(a)		219,994
	10,523	CoStar Group, Inc.†(a)		2,081,765
	375	Diebold, Inc.(a)		13,297
	910	DST Systems, Inc.		100,746
	91,583	Facebook, Inc., ClassA†		7,529,496
	1,187	Fidelity National Information Services, Inc.		80,787
	22,697	FireEye, Inc.†(a)		890,857
	630	FleetCor Technologies, Inc.†		95,080
	5,391	Global Payments, Inc.		494,247
	6,090	Google, Inc., ClassC†		3,337,320
	8,129	Google, Inc., ClassA†		4,509,156
	469	Hewlett-Packard Co.		14,614

 

Wilshire Mutual Funds, Inc.
Large Company Growth Portfolio	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Information Technology — (continued)
	93	International Business Machines Corp.	$	14,926
	756	Intuit, Inc.		73,302
	680	Jack Henry & Associates, Inc.		47,525
	1,499	Keysight Technologies, Inc.†		55,688
	630	Lam Research Corp.		44,248
	290	LinkedIn Corp., ClassA†		72,459
	4,635	MasterCard, Inc., ClassA		400,418
	11,773	MercadoLibre, Inc.(a)		1,442,428
	60,589	Micron Technology, Inc.†		1,643,779
	13,460	Microsoft Corp.(a)		547,216
	267	Motorola Solutions, Inc.		17,801
	2,110	NetApp, Inc.(a)		74,821
	480	NetSuite, Inc.†(a)		44,525
	30,975	NXP Semiconductor NV†		3,108,651
	7,611	Oracle Corp.(a)		328,415
	540	Palo Alto Networks, Inc.†(a)		78,883
	38,699	Pandora Media, Inc.†(a)		627,311
	3,040	Paychex, Inc.(a)		150,830
	51,761	Rackspace Hosting, Inc.†(a)		2,670,350
	56,354	Salesforce.com, Inc.†		3,765,011
	35,410	Skyworks Solutions, Inc.		3,480,449
	2,904	Solera Holdings, Inc.(a)		150,021
	1,490	Splunk, Inc.†(a)		88,208
	41,754	Stratasys, Ltd.†(a)		2,203,776
	8,780	SunEdison, Inc.†(a)		210,720
	2,915	Symantec Corp.		68,109
	2,980	Texas Instruments, Inc.		170,411
	90	Twitter, Inc.†		4,507
	4,735	Vantiv, Inc., ClassA†		178,509
	104,432	Visa, Inc., ClassA(a)		6,830,897
	28,450	VMware, Inc., ClassA†		2,333,185
	285	Western Digital Corp.		25,938
	18,083	Western Union Co. (The)(a)		376,307
	200	Workday, Inc., ClassA†(a)		16,882
	13,653	Xerox Corp.		175,441
	39,567	Yelp, Inc., ClassA†(a)		1,873,498
	70	Zebra Technologies Corp., ClassA†		6,350
				73,962,325
Materials — 2.9%
	100	Avery Dennison Corp.		5,291
	3,392	Ball Corp.(a)		239,611
	1,347	Compass Minerals International, Inc.(a)		125,554
	13,923	Ecolab, Inc.		1,592,513
	3,097	EI du Pont de Nemours & Co.		221,342
	1,454	Monsanto Co.		163,633
	1,550	Packaging Corp. of America(a)		121,195
	15,190	Sherwin-Williams Co. (The)		4,321,555
	417	TimkenSteel Corp.		11,038
	220	Valspar Corp.		18,487
	984	Vulcan Materials Co.		82,951
				6,903,170
Telecommunication Services — 0.5%
	8,743	CenturyLink, Inc.(a)		302,070
	271	SBA Communications Corp., ClassA†		31,734
	18,563	Verizon Communications, Inc.		902,719
				1,236,523
Total Common Stock				–
(Cost $169,515,145)				237,861,602
SHORT-TERM INVESTMENTS — 18.8%
	2,912,176	Northern Trust Institutional Government Select Portfolio, Institutional Class, 0.010%(c)		2,912,176

Shares			Value
SHORT-TERM INVESTMENTS — (continued)
	42,340,829	Northern Trust Institutional Liquid Asset Portfolio, Institutional Class, 0.010%(c) (d)	$	42,340,829
Total Short-Term Investments
(Cost $45,253,005)				45,253,005
Total Investments — 117.4%
(Cost $214,768,150)‡				283,114,607
Other Assets & Liabilities, Net — (17.4)%				(41,962,642	)
NET ASSETS — 100.0%			$	241,151,966

†	Non-income producing security.
††	More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
(a)	This security or a partial position of this security is on loan at March 31, 2015. The total market value of securities on loan at March 31, 2015 was $43,206,574.
(b)	Real Estate Investment Trust.
(c)	Rate shown is the 7-day effective yield as of March 31, 2015.
(d)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of March 31, 2015was $42,340,829.Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $1,479,007.
‡	At March 31, 2015, the tax basis cost of the Fund's investments was $214,768,150, and the unrealized appreciation and depreciation were $70,940,689and $(2,594,232),respectively.

ADR — American Depositary Receipt

Ltd. — Limited

PLC— Public Limited Company

As of March 31, 2015, all of the Fund’s investments in securities were considered Level 1. For the period ended March 31, 2015, there have been no transfers between Level 1 and Level 2 assets and liabilities.

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 and annual financial statements.

Wilshire Mutual Funds, Inc.
Large Company Value Portfolio	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
COMMON STOCK — 98.6%††
Consumer Discretionary — 11.1%
	1,423	Apollo Education Group, Inc., ClassA†	$	26,923
	3,240	Bed Bath & Beyond, Inc.†(a)		248,751
	4,150	Burlington Stores, Inc.†		246,593
	8,693	Cablevision Systems Corp., ClassA(a)		159,082
	100	CarMax, Inc.†(a)		6,901
	6,640	Choice Hotels International, Inc.		425,425
	1,360	Comcast Corp., ClassA		76,799
	750	Darden Restaurants, Inc.		52,005
	530	DeVry Education Group, Inc.(a)		17,681
	99	Discovery Communications, Inc., ClassC†		2,918
	2,440	Dollar General Corp.		183,927
	2,225	Dollar Tree, Inc.†		180,548
	10,500	Fiat Chrysler Automobiles NV†(a)		171,255
	5,975	Foot Locker, Inc.(a)		376,425
	70,876	Ford Motor Co.(a)		1,143,939
	8,675	Gannett Co., Inc.		321,669
	18,142	General Motors Co.(a)		680,325
	4,218	Gentex Corp.(a)		77,189
	328	Genuine Parts Co.		30,566
	23,534	Interpublic Group of Cos., Inc. (The)(a)		520,572
	2,220	Jarden Corp.†(a)		117,438
	90	John Wiley & Sons, Inc., ClassA		5,503
	6,474	Johnson Controls, Inc.		326,549
	6,294	Kohl's Corp.(a)		492,505
	3,900	L Brands, Inc.		367,731
	2,975	Lear Corp.		329,690
	3,160	Leggett & Platt, Inc.(a)		145,644
	10	Liberty Media Corp.†		382
	9,340	Macy's, Inc.		606,259
	6,920	Magna International, Inc., ClassA		371,327
	2,099	MGM Resorts International†(a)		44,142
	350	Murphy USA, Inc.†(a)		25,330
	250	Newell Rubbermaid, Inc.(a)		9,768
	5,085	News Corp., ClassB†(a)		80,699
	53,975	News Corp., ClassA†(a)		864,140
	9,088	Omnicom Group, Inc.(a)		708,682
	570	Signet Jewelers, Ltd.		79,110
	7,250	Sony Corp. ADR(a)		194,155
	10,539	Stanley Black & Decker, Inc.		1,004,999
	44,263	Staples, Inc.		720,823
	1,510	Starz†		51,959
	4,055	Target Corp.		332,794
	3,222	Thomson Reuters Corp.(a)		130,684
	1,127	Time Warner Cable, Inc., ClassA		168,915
	4,054	Time Warner, Inc.		342,320
	515	Time, Inc.(a)		11,556
	8,325	TRW Automotive Holdings Corp.†		872,876
	20	Visteon Corp.†		1,928
	1,793	Walt Disney Co. (The)		188,068
	953	Whirlpool Corp.		192,563
	872	Wyndham Worldwide Corp.(a)		78,890
				13,816,922
Consumer Staples — 6.0%
	1,510	Altria Group, Inc.		75,530
	1,039	Archer-Daniels-Midland Co.		49,249
	1,537	Bunge, Ltd.		126,587
	800	Campbell Soup Co.		37,240
	690	Clorox Co. (The)		76,169
	3,368	Coca-Cola Enterprises, Inc.		148,866
	2,938	Constellation Brands, Inc., ClassA†		341,425

Shares			Value
Consumer Staples — (continued)
	15,788	CVS Health Corp.	$	1,629,479
	238	JM Smucker Co. (The)(a)		27,544
	9,700	Kellogg Co.(a)		639,715
	7,200	Kroger Co. (The)		551,952
	8,021	Mondelez International, Inc., ClassA		289,478
	8,479	Procter & Gamble Co. (The)		694,769
	590	Reynolds American, Inc.		40,657
	83,908	Rite Aid Corp.†(a)		729,161
	5,037	Sysco Corp.		190,046
	12,872	Tyson Foods, Inc., ClassA(a)		492,997
	1,550	Walgreens Boots Alliance, Inc.		131,254
	14,492	Wal-Mart Stores, Inc.		1,191,967
				7,464,085
Energy — 10.2%
	676	Anadarko Petroleum Corp.		55,980
	4,375	Apache Corp.		263,944
	12,150	Baker Hughes, Inc.		772,497
	41,078	BP PLC ADR(a)		1,606,561
	927	California Resources Corp.(a)		7,054
	29,350	Chesapeake Energy Corp.(a)		415,596
	5,544	Chevron Corp.		582,009
	3,659	ConocoPhillips		227,809
	12,630	Devon Energy Corp.(a)		761,715
	31,453	Exxon Mobil Corp.		2,673,505
	8,780	Hess Corp.		595,899
	3,351	Kinder Morgan, Inc.(a)		140,943
	608	Marathon Petroleum Corp.		62,253
	7,425	Murphy Oil Corp.(a)		346,005
	18,425	Nabors Industries, Ltd.		251,501
	5,900	Newfield Exploration Co.†		207,031
	2,169	Occidental Petroleum Corp.		158,337
	2,460	ONEOK, Inc.(a)		118,671
	2,670	PBF Energy, Inc., ClassA		90,566
	969	Phillips 66		76,163
	26,619	Royal Dutch Shell PLC ADR, ClassA		1,587,823
	2,775	Schlumberger, Ltd.		231,546
	3,490	Tesoro Corp.		318,602
	13,530	Valero Energy Corp.		860,779
	7,115	Whiting Petroleum Corp.†		219,854
				12,632,643
Financials — 31.5%
	4,028	Allied World Assurance Co. Holdings AG		162,731
	2,420	Allstate Corp. (The)		172,231
	9,590	American Capital Agency Corp.(b)		204,555
	26,965	American International Group, Inc.		1,477,412
	1,853	Ameriprise Financial, Inc.		242,446
	2,347	Aon PLC		225,594
	9,485	Aspen Insurance Holdings, Ltd.(a)		447,977
	5,508	Assurant, Inc.(a)		338,246
	8,005	Assured Guaranty, Ltd.		211,252
	13,675	Axis Capital Holdings, Ltd.		705,357
	174,928	Bank of America Corp.		2,692,142
	530	Bank of Hawaii Corp.(a)		32,441
	21,675	Barclays PLC ADR(a)		315,805
	6,097	Berkshire Hathaway, Inc., ClassB†		879,919
	280	BlackRock, Inc., ClassA		102,435
	1,060	Brixmor Property Group, Inc.(b)		28,143
	220	Brown & Brown, Inc.		7,284
	3,610	Capital One Financial Corp.		284,540
	100,224	Chimera Investment Corp.(b)		314,703
	1,166	Chubb Corp. (The)		117,883
	8,215	CIT Group, Inc.		370,661
	50,042	Citigroup, Inc.		2,578,164
	9,650	Citizens Financial Group, Inc.		232,854

Wilshire Mutual Funds, Inc.
Large Company Value Portfolio	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Financials — (continued)
	9,875	Comerica, Inc.(a)	$	445,659
	100	DDR Corp.(a) (b)		1,862
	8,733	Discover Financial Services		492,105
	5,930	Duke Realty Corp.(b)		129,096
	650	East West Bancorp, Inc.(a)		26,299
	400	Endurance Specialty Holdings, Ltd.(a)		24,456
	1,618	Equity Lifestyle Properties, Inc.(b)		88,909
	370	Erie Indemnity Co., ClassA(a)		32,286
	21,525	Fifth Third Bancorp		405,746
	850	FNF Group		31,246
	12,525	Franklin Resources, Inc.(a)		642,783
	7,436	Fulton Financial Corp.		91,760
	8,211	General Growth Properties, Inc.(b)		242,635
	30,750	Genworth Financial, Inc., ClassA†(a)		224,782
	5,442	Goldman Sachs Group, Inc. (The)		1,022,933
	1,189	Hanover Insurance Group, Inc. (The)		86,298
	17,759	Hartford Financial Services Group, Inc.		742,681
	3,035	Health Care REIT, Inc.(b)		234,788
	5	HealthCare Trust of America, ClassA(b)		139
	32,796	Host Hotels & Resorts, Inc., (a) (b)		661,823
	120	Howard Hughes Corp. (The)†		18,602
	40,750	Huntington Bancshares, Inc.(a)		450,288
	5,900	Invesco, Ltd.		234,171
	1,950	Iron Mountain, Inc.(a) (b)		71,136
	1,559	Jones Lang LaSalle, Inc.		265,654
	46,957	JPMorgan Chase & Co.		2,844,655
	4,687	Kemper Corp.(a)		182,606
	64,025	KeyCorp		906,594
	560	Kilroy Realty Corp.(b)		42,655
	1,316	Legg Mason, Inc.		72,643
	6,085	Lincoln National Corp.(a)		349,644
	6,384	MBIA, Inc.†(a)		59,371
	546	Mercury General Corp.(a)		31,532
	34,425	MetLife, Inc.		1,740,184
	12,812	MFA Financial, Inc., (b)		100,702
	24,225	Morgan Stanley		864,590
	1,740	New York Community Bancorp, Inc.(a)		29,110
	4,055	Northern Trust Corp.		282,431
	20,838	Old Republic International Corp.(a)		311,320
	24	PartnerRe, Ltd.		2,744
	8,897	People's United Financial, Inc.(a)		135,235
	515	Plum Creek Timber Co., Inc.(a)		22,377
	18,849	PNC Financial Services Group, Inc.		1,757,481
	50	Principal Financial Group, Inc.		2,569
	22,475	Progressive Corp. (The)(a)		611,320
	2,210	Prologis, Inc.(b)		96,268
	4,120	Prudential Financial, Inc.		330,877
	180	Public Storage(b)		35,485
	120	Raymond James Financial, Inc.		6,814
	1,850	Regency Centers Corp.(a) (b)		125,874
	45,325	Regions Financial Corp.		428,321
	3,769	RenaissanceRe Holdings, Ltd.(a)		375,882
	2,928	Retail Properties of America, Inc., ClassA(b)		46,936
	520	Simon Property Group, Inc.(b)		101,733
	11,985	State Street Corp.		881,257
	13,600	SunTrust Banks, Inc.		558,824
	9,575	Synchrony Financial†(a)		290,601
	9,580	TCF Financial Corp.		150,598
	634	Travelers Cos., Inc. (The)		68,554
	2,893	U.S. Bancorp		126,337
	51,775	UBS Group AG†(a)		971,817
	2,040	UDR, Inc, (b)		69,421
	317	Urban Edge Properties(b)		7,513

Shares			Value
Financials — (continued)
	670	Validus Holdings, Ltd.	$	28,207
	3,955	Ventas, Inc.(b)		288,794
	634	Vornado Realty Trust(b)		71,008
	27,210	Voya Financial, Inc.(a)		1,173,023
	2,609	Weingarten Realty Investors(b)		93,872
	35,913	Wells Fargo & Co.		1,953,667
	13,954	Weyerhaeuser Co. (a) (b)		462,575
	10,050	Willis Group Holdings PLC(a)		484,209
	20,025	XL Group PLC, ClassA		736,920
				39,128,062
Health Care — 15.7%
	24,618	Abbott Laboratories		1,140,552
	7,330	AbbVie, Inc.		429,098
	12,280	Aetna, Inc.(a)		1,308,189
	450	Agilent Technologies, Inc.(a)		18,698
	580	Alnylam Pharmaceuticals, Inc.†		60,564
	2,158	AmerisourceBergen Corp., ClassA		245,300
	3,060	Amgen, Inc.		489,141
	4,299	Anthem, Inc.(a)		663,809
	9,850	Baxter International, Inc.(a)		674,725
	3,075	Becton Dickinson and Co.		441,539
	9,609	Boston Scientific Corp.†		170,560
	7,020	Bristol-Myers Squibb Co.		452,790
	2,838	Cardinal Health, Inc.		256,186
	13,769	Cigna Corp.		1,782,259
	680	Community Health Systems, Inc.†		35,550
	900	DaVita HealthCare Partners, Inc.†(a)		73,152
	2,660	Edwards Lifesciences Corp.†		378,943
	8,615	Eli Lilly & Co.		625,880
	4,907	Express Scripts Holding Co.†		425,780
	8,400	HCA Holdings, Inc.†(a)		631,932
	861	Health Net, Inc.†		52,082
	8,035	Hologic, Inc.†(a)		265,356
	470	Intuitive Surgical, Inc.†		237,364
	17,304	Johnson & Johnson		1,740,782
	8,124	Laboratory Corp. of America Holdings†(a)		1,024,355
	917	McKesson Corp.		207,426
	630	MEDNAX, Inc.†		45,681
	3,635	Medtronic PLC		283,494
	21,537	Merck & Co., Inc.(a)		1,237,947
	2,920	Mylan NV†(a)		173,302
	5,179	Omnicare, Inc.(a)		399,094
	159	PerkinElmer, Inc.(a)		8,131
	60,637	Pfizer, Inc.		2,109,561
	244	Quest Diagnostics, Inc.(a)		18,751
	190	Teleflex, Inc.(a)		22,958
	11,790	Teva Pharmaceutical Industries, Ltd. ADR		734,517
	453	Thermo Fisher Scientific, Inc.(a)		60,856
	4,987	UnitedHealth Group, Inc.		589,912
	190	Universal Health Services, Inc., ClassB		22,365
				19,538,581
Industrials — 6.8%
	610	ADT Corp.(a)		25,327
	2,110	Alaska Air Group, Inc.(a)		139,640
	8,525	Allison Transmission Holdings, Inc.		272,288
	10,595	American Airlines Group, Inc.(a)		559,204
	140	AO Smith Corp.		9,192
	865	Babcock & Wilcox Co. (The)(a)		27,758
	238	CH Robinson Worldwide, Inc.(a)		17,426
	630	Cintas Corp.(a)		51,427
	6,175	CSX Corp.		204,516
	13,080	Delta Air Lines, Inc.		588,077

Wilshire Mutual Funds, Inc.
Large Company Value Portfolio	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Industrials — (continued)
	388	Dun & Bradstreet Corp.	$	49,804
	460	Equifax, Inc.		42,780
	182	Exelis, Inc.		4,435
	1,219	FedEx Corp.		201,684
	1,559	General Dynamics Corp.(a)		211,603
	35,171	General Electric Co.		872,593
	813	Harsco Corp.(a)		14,032
	1,661	Huntington Ingalls Industries, Inc.		232,789
	79	Ingersoll-Rand PLC		5,378
	3,360	KAR Auction Services, Inc.		127,445
	2,759	L-3 Communications Holdings, Inc., Class3		347,055
	16,825	Masco Corp.		449,227
	2,659	Northrop Grumman Corp.		427,993
	1,430	Oshkosh Corp.(a)		69,770
	4,520	PACCAR, Inc.(a)		285,393
	8,750	Parker Hannifin Corp.(a)		1,039,325
	6,504	Pitney Bowes, Inc.(a)		151,673
	720	Raytheon Co.		78,660
	84	RR Donnelley & Sons Co.(a)		1,612
	13,821	Southwest Airlines Co.		612,270
	280	Spirit AeroSystems Holdings, Inc., ClassA†		14,619
	15,950	Trinity Industries, Inc.(a)		566,385
	5,620	United Continental Holdings, Inc.†		377,945
	1,925	United Rentals, Inc.†(a)		175,483
	10	Vectrus, Inc.†		255
	2,958	Waste Management, Inc.		160,412
				8,415,475
Information Technology — 11.0%
	3,325	Apple, Inc.		413,730
	12,025	Applied Materials, Inc.		271,284
	1,029	AVX Corp.		14,684
	5,997	Booz Allen Hamilton Holding Corp., ClassA(a)		173,553
	110	Broadcom Corp., ClassA		4,762
	9,446	Brocade Communications Systems, Inc.		112,077
	1,829	CA, Inc.(a)		59,644
	60,736	Cisco Systems, Inc.		1,671,759
	1,779	Computer Sciences Corp.(a)		116,133
	20,744	Corning, Inc.		470,474
	1,279	Diebold, Inc.(a)		45,353
	1,709	DST Systems, Inc.		189,203
	4,975	Electronic Arts, Inc.†(a)		292,605
	1,480	Fidelity National Information Services, Inc.(a)		100,729
	1,381	Global Payments, Inc.		126,610
	75,021	Hewlett-Packard Co.		2,337,655
	520	Informatica Corp.†		22,804
	1,214	Ingram Micro, Inc., ClassA†(a)		30,496
	41,247	Intel Corp.		1,289,794
	2,140	Jabil Circuit, Inc.		50,033
	1,854	Juniper Networks, Inc.		41,863
	225	Keysight Technologies, Inc.†		8,359
	1,340	Leidos Holdings, Inc.		56,227
	920	Lexmark International, Inc., ClassA(a)		38,953
	22,565	Micron Technology, Inc.†(a)		612,188
	20,898	Microsoft Corp.		849,608
	6,620	NXP Semiconductor NV†		664,383
	7,338	ON Semiconductor Corp.†		88,863
	24,850	Oracle Corp.(a)		1,072,277
	1,120	Paychex, Inc.(a)		55,569
	4,085	Qorvo, Inc.†(a)		325,575
	870	SunEdison, Inc.†(a)		20,880

Shares			Value
Information Technology — (continued)
	150	Symantec Corp.	$	3,505
	6,850	TE Connectivity, Ltd.		490,597
	1,022	Tech Data Corp.†(a)		59,041
	1,080	Total System Services, Inc.		41,202
	1,159	Vishay Intertechnology, Inc.(a)		16,017
	7,434	Western Digital Corp.		676,568
	3,868	Western Union Co. (The)(a)		80,493
	46,291	Xerox Corp.		594,839
				13,590,389
Materials — 2.4%
	15,875	Alcoa, Inc.		205,105
	2,180	Ashland, Inc.(a)		277,536
	130	Avery Dennison Corp.(a)		6,878
	1,901	Ball Corp.(a)		134,287
	636	Bemis Co., Inc.(a)		29,453
	308	Cabot Corp.		13,860
	476	Cytec Industries, Inc.		25,723
	13,950	Dow Chemical Co. (The)		669,321
	5,455	LyondellBasell Industries NV, ClassA		478,949
	7,013	Mosaic Co. (The)		323,019
	16,475	Newmont Mining Corp.		357,672
	986	Nucor Corp.(a)		46,865
	570	Rock-Tenn Co., ClassA		36,765
	700	RPM International, Inc.		33,593
	760	Sonoco Products Co.		34,549
	330	Steel Dynamics, Inc.(a)		6,633
	13,725	United States Steel Corp.(a)		334,890
	10	Westlake Chemical Corp.(a)		719
				3,015,817
Telecommunication Services — 0.8%
	17,173	AT&T, Inc.(a)		560,699
	9,728	CenturyLink, Inc.(a)		336,102
	7,436	Windstream Holdings, Inc.(a)		55,026
				951,827
Utilities — 3.1%
	367	AGL Resources, Inc.		18,222
	6,886	Ameren Corp.(a)		290,589
	1,822	American Electric Power Co., Inc.		102,487
	2,898	Atmos Energy Corp.(a)		160,259
	2,238	CenterPoint Energy, Inc.		45,678
	2,060	Dominion Resources, Inc.(a)		145,992
	3,770	DTE Energy Co.(a)		304,201
	6,352	Duke Energy Corp.(a)		487,706
	80	Edison International		4,998
	9,925	Entergy Corp.(a)		769,088
	730	Eversource Energy(a)		36,880
	15,500	Exelon Corp.(a)		520,955
	220	MDU Resources Group, Inc.		4,695
	714	NextEra Energy, Inc.(a)		74,292
	9,650	NRG Energy, Inc.(a)		243,084
	629	PG&E Corp.		33,381
	7,934	Public Service Enterprise Group, Inc.		332,593
	5,927	Questar Corp.(a)		141,418
	380	TECO Energy, Inc.		7,372
	720	Vectren Corp.(a)		31,781
	485	Wisconsin Energy Corp.(a)		24,008
				3,779,679
Total Common Stock
(Cost $100,152,030)				122,333,480

Wilshire Mutual Funds, Inc.
Large Company Value Portfolio	March 31, 2015
Schedule of Investments	(Unaudited)

Shares/ Number of Rights			Value
SHORT-TERM INVESTMENTS — 24.4%
	1,665,874	Northern Trust Institutional Government Select Portfolio, Institutional Class, 0.010%(c)	$	1,665,874
	28,678,807	Northern Trust Institutional Liquid Asset Portfolio, Institutional Class, 0.010%(c) (d)		28,678,807
Total Short-Term Investments
(Cost $30,344,681)				30,344,681
RIGHTS ‡‡— 0.0%
United States — 0.0%
	1,118	Safeway CVR – PDC†		54
	1,118	Safeway CVR - Casa Ley†		1,135
Total Rights (Cost $–)				1,189
Total Investments — 123.0%
(Cost $130,496,711)‡				152,679,350
Other Assets & Liabilities, Net — (23.0)%				(28,583,566	)
NET ASSETS — 100.0%			$	124,095,785

†	Non-income producing security.
††	More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
‡‡	Expiration date unavailable.
(a)	This security or a partial position of this security is on loan at March 31, 2015. The total market value of securities on loan at March 31, 2015 was $27,853,698.
(b)	Real Estate Investment Trust.
(c)	Rate shown is the 7-day effective yield as of March 31, 2015.
(d)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of March 31, 2015was $28,678,807.Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $9,047.
‡	At March 31, 2015, the tax basis cost of the Fund's investments was $130,496,711, and the unrealized appreciation and depreciation were $24,396,822and $(2,214,183),respectively.

ADR — American Depositary Receipt

CVR. — Contingent Value Rights

Ltd. — Limited

PLC— Public Limited Company

REIT — Real Estate Investment Trust

The following is a list of the inputs used as of March 31, 2015 in valuing the Fund’s investments carried at market value:
Investments in Securities	Level 1		Level 2		Level 3‡		Total
Common Stock	$	122,333,480	$	—	$	—	$	122,333,480
Rights		—		—		1,189		1,189
Short-Term Investments		30,344,681		—		—		30,344,681
Total Investments in Securities	$	152,678,161	$	—	$	1,189	$	152,679,350

‡ A reconciliation of Level 3 investments is only presented when the Portfolio has over 1% of Level 3 investments at the beginning and/or end of the period in relation to net assets.

For the period ended March 31, 2015, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the period ended March 31, 2015, there have been no transfers between Level 2 and Level 3 assets and liabilities.

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 and annual financial statements.

Wilshire Mutual Funds, Inc.
Small Company Growth Portfolio	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
COMMON STOCK — 97.4%††
Consumer Discretionary — 18.0%
	4,114	Asbury Automotive Group, Inc.†(a)	$	341,873
	210	Ascent Capital Group, Inc., ClassA†		8,360
	70	Big 5 Sporting Goods Corp.		929
	685	Bloomin' Brands, Inc.		16,666
	220	Blue Nile, Inc.†(a)		7,005
	480	Boyd Gaming Corp.†(a)		6,816
	540	Bright Horizons Family Solutions, Inc.†(a)		27,686
	445	Brown Shoe Co., Inc.		14,596
	1,102	Brunswick Corp.(a)		56,698
	370	Buffalo Wild Wings, Inc.† (a)		67,059
	490	Build-A-Bear Workshop, Inc., ClassA†		9,629
	480	Burlington Stores, Inc.†		28,522
	3,830	Capella Education Co.		248,490
	1,000	Cato Corp. (The), ClassA (a)		39,600
	306	Cheesecake Factory, Inc. (The)(a)		15,095
	140	Children's Place Retail Stores, Inc. (The)(a)		8,987
	1,290	Christopher & Banks Corp.† (a)		7,172
	1,440	Columbia Sportswear Co.		87,696
	919	Cooper Tire & Rubber Co.		39,370
	284	Cracker Barrel Old Country Store, Inc.(a)		43,208
	5,780	Cumulus Media, Inc., ClassA†(a)		14,277
	582	Dana Holding Corp.(a)		12,315
	5,805	Denny's Corp.†		66,177
	1,040	DineEquity, Inc.		111,290
	142	Domino's Pizza, Inc.		14,278
	4,080	Dorman Products, Inc.†(a)		202,980
	1,015	Entravision Communications Corp., ClassA(a)		6,425
	100	Fiesta Restaurant Group, Inc.†(a)		6,100
	1,225	Finish Line, Inc. (The), ClassA		30,037
	990	Five Below, Inc.†		35,214
	164	Genesco, Inc.†(a)		11,682
	1,310	Gentherm, Inc.†(a)		66,168
	4,570	G-III Apparel Group, Ltd.†(a)		514,811
	2,314	Grand Canyon Education, Inc.†		100,196
	2,340	Gray Television, Inc.†(a)		32,339
	50	Group 1 Automotive, Inc.(a)		4,317
	1,000	HSN, Inc.(a)		68,230
	1,935	Iconix Brand Group, Inc.†(a)		65,151
	1,445	Jack in the Box, Inc.		138,604
	859	Kirkland's, Inc.†(a)		20,401
	18,185	Krispy Kreme Doughnuts, Inc.†(a)		363,518
	1,875	La-Z-Boy, Inc., ClassZ(a)		52,706
	167	Lithia Motors, Inc., ClassA(a)		16,601
	270	Malibu Boats, Inc., ClassA†(a)		6,305
	5	Monarch Casino & Resort, Inc.†		96
	5,640	Monro Muffler Brake, Inc.(a)		366,882
	200	Motorcar Parts of America, Inc.†		5,558
	1,330	Nautilus, Inc.†(a)		20,309
	1,205	New York & Co., Inc.†(a)		3,013
	770	Nexstar Broadcasting Group, Inc., ClassA(a)		44,059
	3,195	Nutrisystem, Inc.(a)		63,836
	105	Office Depot, Inc.†		966
	2,725	Orbitz Worldwide, Inc.†(a)		31,773
	676	Papa John's International, Inc.(a)		41,784
	470	Penske Automotive Group, Inc.(a)		24,200
	514	Pier 1 Imports, Inc.(a)		7,186
	360	Pinnacle Entertainment, Inc.†(a)		12,992
	350	Pool Corp.		24,416

Shares			Value
Consumer Discretionary — (continued)
	494	Red Robin Gourmet Burgers, Inc.†(a)	$	42,978
	2,203	Ruth’s Hospitality Group, Inc.		34,984
	540	Select Comfort Corp.†(a)		18,614
	900	Skechers U.S.A., Inc., ClassA†		64,719
	15,005	Sonic Corp.(a)		475,658
	10,311	Steven Madden, Ltd.†(a)		391,818
	1,135	Tenneco, Inc.†		65,172
	530	Texas Roadhouse, Inc., ClassA(a)		19,308
	787	Tower International, Inc.†		20,934
	560	TRI Pointe Homes, Inc.†(a)		8,641
	23,200	Tuesday Morning Corp.†(a)		373,520
	220	Vince Holding Corp.†(a)		4,081
	380	Vitamin Shoppe, Inc.†(a)		15,652
	100	Weyco Group, Inc.(a)		2,990
	185	Zumiez, Inc.†		7,446
				5,229,164
Consumer Staples — 4.7%
	619	B&G Foods, Inc., ClassA(a)		18,217
	648	Cal-Maine Foods, Inc.		25,311
	99	Coca-Cola Bottling Co. Consolidated(a)		11,193
	159	Craft Brew Alliance, Inc.†(a)		2,169
	1,245	Farmer Bros Co.†		30,814
	748	Hain Celestial Group, Inc. (The)†(a)		47,909
	1,040	HRG Group, Inc.†(a)		12,979
	3,390	J&J Snack Foods Corp.		361,713
	247	Lancaster Colony Corp.		23,507
	10	Lifeway Foods, Inc.†		214
	435	Omega Protein Corp.†(a)		5,955
	70	PriceSmart, Inc.(a)		5,949
	855	Revlon, Inc., ClassA†(a)		35,226
	834	Sanderson Farms, Inc.(a)		66,428
	454	Spectrum Brands Holdings, Inc.		40,660
	7,584	TreeHouse Foods, Inc.†(a)		644,792
	354	United Natural Foods, Inc.†		27,272
	120	WD-40 Co.(a)		10,625
				1,370,933
Energy — 1.3%
	40	Adams Resources & Energy, Inc.		2,688
	500	Alon USA Energy, Inc.		8,285
	300	Delek US Holdings, Inc.		11,925
	6,580	Matador Resources Co.†(a)		144,234
	220	Matrix Service Co.†		3,863
	2,717	PDC Energy, Inc.†(a)		146,827
	1,180	Western Refining, Inc.(a)		58,280
				376,102
Financials — 10.7%
	240	Aviv, Inc.(a) (b)		8,760
	21,180	BancorpSouth, Inc.(a)		491,799
	9,530	Bank of the Ozarks, Inc.(a)		351,943
	770	BofI Holding, Inc.†(a)		71,641
	485	Crawford & Co., ClassB (a)		4,191
	413	Credit Acceptance Corp.†(a)		80,535
	840	Employers Holdings, Inc.		22,672
	345	Enterprise Financial Services Corp.		7,128
	490	Evercore Partners, Inc., ClassA		25,313
	632	Federated National Holding Co.(a)		19,339
	3,646	FelCor Lodging Trust, Inc.(a) (b)		41,892
	80	GAMCO Investors, Inc., ClassA(a)		6,281
	340	Geo Group, Inc. (The)(b)		14,872
	85	Hallmark Financial Services, Inc.†		901
	720	HCI Group, Inc.(a)		33,026
	190	LendingTree, Inc.†(a)		10,642
	5,097	MarketAxess Holdings, Inc.(a)		422,541

Wilshire Mutual Funds, Inc.
Small Company Growth Portfolio	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Financials — (continued)
	923	MGIC Investment Corp.†(a)	$	8,888
	230	Moelis & Co., ClassA		6,928
	4,450	Pinnacle Financial Partners, Inc.(a)		197,847
	1,180	Potlatch Corp.(b)		47,247
	462	PRA Group, Inc.†(a)		25,096
	15,070	PrivateBancorp, Inc., ClassA		530,012
	555	Pzena Investment Management, Inc., ClassA(a)		5,089
	3,480	Radian Group, Inc.		58,429
	5,340	South State Corp.(a)		365,203
	500	Sovran Self Storage, Inc.(b)		46,970
	3,660	St. Joe Co. (The)†		67,930
	435	State Auto Financial Corp.		10,566
	1,802	Strategic Hotels & Resorts, Inc.† (b)		22,399
	70	United Fire Group, Inc.(a)		2,224
	1,454	Universal Insurance Holdings, Inc.(a)		37,208
	70	Virtus Investment Partners, Inc.(a)		9,154
	1,460	Western Alliance Bancorp†(a)		43,274
	970	WisdomTree Investments, Inc.		20,816
				3,118,756
Health Care — 25.8%
	10	Abaxis, Inc.(a)		641
	110	ABIOMED, Inc.†		7,874
	180	Acadia Healthcare Co., Inc.†(a)		12,888
	1,510	ACADIA Pharmaceuticals, Inc.†(a)		49,211
	210	Acceleron Pharma, Inc.†		7,993
	14,970	Aceto Corp.(a)		329,340
	490	Achillion Pharmaceuticals, Inc.†(a)		4,831
	1,640	Acorda Therapeutics, Inc.†(a)		54,579
	170	Addus HomeCare Corp.†		3,913
	8,060	Air Methods Corp.†(a)		375,515
	10,989	Akorn, Inc.†(a)		522,087
	249	Align Technology, Inc.†		13,392
	475	Alliance HealthCare Services, Inc.†		10,536
	704	Amsurg Corp., ClassA†(a)		43,310
	80	Anacor Pharmaceuticals, Inc.†		4,628
	4,800	Anika Therapeutics, Inc.†(a)		197,616
	530	BioCryst Pharmaceuticals, Inc.†(a)		4,786
	660	BioDelivery Sciences International, Inc.†		6,930
	320	Biospecifics Technologies Corp.†		12,528
	3,480	BioTelemetry, Inc.†		30,798
	270	Bluebird Bio, Inc.†		32,608
	9,829	Cambrex Corp.†		389,523
	5,815	Cantel Medical Corp.(a)		276,213
	400	Cardiovascular Systems, Inc.†(a)		15,616
	190	Catalent, Inc.†		5,918
	270	Celldex Therapeutics, Inc.†(a)		7,525
	820	Centene Corp.†(a)		57,966
	1,118	Cepheid, Inc.†(a)		63,614
	1,160	Chimerix, Inc.†		43,720
	304	CorVel Corp.†(a)		10,461
	189	CryoLife, Inc.(a)		1,960
	170	Depomed, Inc.†(a)		3,810
	1,755	DexCom, Inc.†		109,407
	4,020	Dyax Corp.†(a)		67,355
	1,567	Emergent Biosolutions, Inc.†(a)		45,067
	650	Enzo Biochem, Inc.†		1,918
	140	Fluidigm Corp.†(a)		5,894
	1,360	GenMark Diagnostics, Inc.†(a)		17,653
	1,920	Globus Medical, Inc., ClassA†(a)		48,461
	240	Hanger, Inc.†(a)		5,446
	2,829	HealthSouth Corp.		125,494
	375	HealthStream, Inc.†(a)		9,450
	285	Healthways, Inc.†(a)		5,615

Shares			Value
Health Care — (continued)
	500	Horizon Pharma PLC†(a)	$	12,985
	10,687	ICON PLC†		753,754
	27,290	IGI Laboratories, Inc.†(a)		222,686
	956	Infinity Pharmaceuticals, Inc.†(a)		13,365
	355	Insmed, Inc.†(a)		7,384
	130	Insulet Corp.†(a)		4,335
	130	Insys Therapeutics, Inc.†(a)		7,557
	260	Integra LifeSciences Holdings Corp.†(a)		16,029
	260	IPC The Hospitalist Co., Inc.†(a)		12,126
	1,986	Ironwood Pharmaceuticals, Inc., ClassA†		31,776
	1,565	Isis Pharmaceuticals, Inc.†(a)		99,643
	231	Kindred Healthcare, Inc.		5,496
	720	Landauer, Inc.(a)		25,301
	4,244	Lannett Co., Inc.†(a)		287,361
	190	LDR Holding Corp.†		6,962
	18,089	Lexicon Pharmaceuticals, Inc.†(a)		17,081
	880	Ligand Pharmaceuticals, Inc., ClassB†(a)		67,857
	710	MacroGenics, Inc.†(a)		22,273
	120	Magellan Health, Inc.†		8,498
	2,380	Masimo Corp.†(a)		78,492
	1,904	MedAssets, Inc.†(a)		35,833
	8,000	Medidata Solutions, Inc.†(a)		392,320
	3,215	Merge Healthcare, Inc.†(a)		14,371
	380	Molina Healthcare, Inc.†(a)		25,570
	2,134	Natus Medical, Inc.†(a)		84,229
	250	Nektar Therapeutics†(a)		2,750
	3,700	Neogen Corp.†(a)		172,901
	970	Neurocrine Biosciences, Inc.†(a)		38,519
	2,380	Novavax, Inc.†		19,683
	520	NuVasive, Inc.†		23,915
	1,875	NxStage Medical, Inc.†(a)		32,438
	361	Omnicell, Inc.†		12,671
	190	Ophthotech Corp.†(a)		8,841
	410	Pacira Pharmaceuticals, Inc.†(a)		36,428
	1,514	PAREXEL International Corp.†(a)		104,451
	410	Portola Pharmaceuticals, Inc., ClassA†		15,564
	1,840	Pozen, Inc.†(a)		14,205
	10,629	Prestige Brands Holdings, Inc.†(a)		455,878
	5,037	Providence Service Corp. (The)†(a)		267,565
	180	PTC Therapeutics, Inc.†(a)		10,953
	520	Puma Biotechnology, Inc.†		122,777
	2,660	RadNet, Inc.†		22,344
	350	Receptos, Inc.†		57,711
	2,255	Repligen Corp.†(a)		68,462
	9,120	Sagent Pharmaceuticals, Inc.†(a)		212,040
	1,850	Sangamo BioSciences, Inc.†		29,008
	2,013	SciClone Pharmaceuticals, Inc.†(a)		17,835
	5,090	Select Medical Holdings Corp.(a)		75,485
	580	Spectranetics Corp.†(a)		20,161
	1,024	STERIS Corp.(a)		71,956
	204	Synageva BioPharma Corp.†(a)		19,896
	1,195	Team Health Holdings, Inc.†		69,920
	370	Tetraphase Pharmaceuticals, Inc.†		13,557
	1,615	Thoratec Corp.†(a)		67,652
	250	U.S. Physical Therapy, Inc.		11,875
	615	Vascular Solutions, Inc.†(a)		18,647
	366	WellCare Health Plans, Inc.†(a)		33,474
	783	West Pharmaceutical Services, Inc.(a)		47,144
	140	Xencor, Inc.†		2,145
	430	XenoPort, Inc.†		3,062
				7,499,287
Industrials — 12.8%
	4,650	Accuride Corp.†(a)		21,669

Wilshire Mutual Funds, Inc.
Small Company Growth Portfolio	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Industrials — (continued)
	4,798	Advanced Drainage Systems, Inc.(a)	$	143,652
	146	Alaska Air Group, Inc.(a)		9,662
	10	Allegiant Travel Co., ClassA(a)		1,923
	260	Altra Industrial Motion Corp.(a)		7,186
	3,175	ARC Document Solutions, Inc.†(a)		29,305
	40	ArcBest Corp.(a)		1,516
	365	Argan, Inc.(a)		13,202
	2,529	Blount International, Inc.†(a)		32,574
	165	Casella Waste Systems, Inc., ClassA†(a)		907
	10,170	Celadon Group, Inc.(a)		276,827
	160	CLARCOR, Inc. (a)		10,570
	130	Cubic Corp.		6,730
	520	Deluxe Corp.		36,026
	1,095	Douglas Dynamics, Inc.(a)		25,010
	6,180	EnerSys, Inc.(a)		397,003
	6,320	Engility Holdings, Inc.(a)		189,853
	224	Exponent, Inc.(a)		19,914
	475	Franklin Covey Co.†(a)		9,149
	100	GenCorp, Inc.†		2,319
	1,250	Generac Holdings, Inc.†(a)		60,863
	567	Gorman-Rupp Co. (The)(a)		16,982
	439	H&E Equipment Services, Inc.(a)		10,971
	1,698	HC2 Holdings, Inc.†(a)		18,593
	1,296	HEICO Corp.(a)		79,147
	205	Herman Miller, Inc.		5,691
	985	Hillenbrand, Inc.		30,407
	160	HNI Corp.(a)		8,827
	260	Hyster-Yale Materials Handling, Inc.(a)		19,055
	1,315	Interface, Inc., ClassA		27,326
	659	John Bean Technologies Corp.(a)		23,539
	1,039	Knight Transportation, Inc.(a)		33,508
	1,675	Knoll, Inc.		39,245
	1,945	Matson, Inc.		82,001
	210	Matthews International Corp., ClassA(a)		10,817
	3,035	Meritor, Inc.†(a)		38,271
	395	Middleby Corp.†		40,547
	180	Moog, Inc., ClassA†(a)		13,509
	128	Mueller Industries, Inc.		4,625
	260	Multi-Color Corp.		18,026
	200	Nortek, Inc.†(a)		17,650
	210	On Assignment, Inc.†		8,058
	820	Park-Ohio Holdings Corp.(a)		43,189
	1,090	Patrick Industries, Inc.†		67,874
	740	PGT, Inc.†		8,269
	7,340	Proto Labs, Inc.†(a)		513,800
	3,820	Saia, Inc.†(a)		169,226
	255	SP Plus Corp.†(a)		5,572
	240	Spirit Airlines, Inc.†		18,567
	180	Standex International Corp.(a)		14,783
	2,445	Steelcase, Inc., ClassA		46,308
	3,404	Swift Transportation Co., ClassA†(a)		88,572
	510	Teledyne Technologies, Inc.†(a)		54,432
	1,107	Tennant Co.(a)		72,365
	350	Trex Co., Inc.†(a)		19,086
	190	TrueBlue, Inc.†(a)		4,626
	21,395	Wabash National Corp.†(a)		301,670
	7,000	WageWorks, Inc.†(a)		373,310
	170	Watsco, Inc.		21,369
	180	Watts Water Technologies, Inc., ClassA		9,905
	255	Werner Enterprises, Inc.(a)		8,009
	334	Woodward, Inc.(a)		17,037
	505	Xerium Technologies, Inc.†(a)		8,191
				3,708,815

Shares			Value
Information Technology — 22.1%
	2,512	ACI Worldwide, Inc.†	$	54,410
	1,544	Advent Software, Inc.		68,106
	170	Amber Road, Inc.†(a)		1,573
	2,220	Amkor Technology, Inc.†(a)		19,614
	543	Anixter International, Inc.†		41,339
	7,920	Aruba Networks, Inc.†		193,961
	3,390	Aspen Technology, Inc.†		130,481
	1,320	AVG Technologies NV†(a)		28,578
	500	Badger Meter, Inc.		29,970
	704	Belden, Inc.(a)		65,866
	655	Blackbaud, Inc.(a)		31,034
	385	BroadSoft, Inc.†		12,882
	60	Cabot Microelectronics Corp.†(a)		2,998
	120	CACI International, Inc., ClassA†(a)		10,790
	5,800	CalAmp Corp.†(a)		93,902
	1,516	Callidus Software, Inc.†(a)		19,223
	1,941	Cardtronics, Inc.†		72,982
	543	Cass Information Systems, Inc.(a)		30,484
	1,809	Cavium, Inc.†(a)		128,113
	9,096	CEVA, Inc.†(a)		193,927
	2,150	Cirrus Logic, Inc.†(a)		71,509
	553	CommVault Systems, Inc.†		24,166
	16	CoStar Group, Inc.†(a)		3,165
	370	Cray, Inc.†		10,390
	1,022	CSG Systems International, Inc.(a)		31,059
	290	Demandware, Inc.†(a)		17,661
	2,030	Diodes, Inc.†(a)		57,977
	1,065	DTS, Inc.†(a)		36,284
	12,213	Ellie Mae, Inc.†(a)		675,501
	550	EnerNOC, Inc.†(a)		6,270
	9,674	Envestnet, Inc.†(a)		542,518
	870	EPAM Systems, Inc.†		53,322
	980	Euronet Worldwide, Inc.†		57,575
	360	Fair Isaac Corp.		31,939
	1,449	Global Cash Access Holdings, Inc.†		11,041
	990	Guidewire Software, Inc.†		52,084
	554	Hackett Group, Inc. (The)		4,953
	1,335	iGATE Corp.†(a)		56,951
	1,289	Immersion Corp.†(a)		11,833
	200	Infoblox, Inc.†		4,774
	1,062	Inphi Corp.†		18,935
	2,440	Integrated Device Technology, Inc.†		48,849
	1,019	InterDigital, Inc.		51,704
	19,690	InvenSense, Inc., ClassA†		299,485
	3,040	Ixia†(a)		36,875
	253	j2 Global, Inc.(a)		16,617
	2,075	Lionbridge Technologies, Inc.†(a)		11,869
	490	Littelfuse, Inc.(a)		48,701
	830	LogMeIn, Inc.†(a)		46,472
	2,650	Manhattan Associates, Inc.†		134,117
	8,653	MAXIMUS, Inc.		577,674
	529	MaxLinear, Inc., ClassA†(a)		4,301
	1,014	Mentor Graphics Corp.(a)		24,366
	1,350	Methode Electronics, Inc.(a)		63,504
	698	Microsemi Corp.†(a)		24,709
	850	Model N, Inc.†(a)		10,166
	600	MTS Systems Corp.(a)		45,390
	162	NETGEAR, Inc.†(a)		5,327
	605	NetScout Systems, Inc.†(a)		26,529
	620	OmniVision Technologies, Inc.†		16,349
	70	PDF Solutions, Inc.†(a)		1,254
	530	Pegasystems, Inc.(a)		11,528
	995	Perficient, Inc.†(a)		20,587
	240	Plantronics, Inc.		12,708

Wilshire Mutual Funds, Inc.
Small Company Growth Portfolio	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Information Technology — (continued)
	819	Plexus Corp.†(a)	$	33,391
	3,080	PMC - Sierra, Inc.†		28,582
	3,680	Polycom, Inc.†		49,312
	540	Power Integrations, Inc.(a)		28,123
	500	Proofpoint, Inc.†		29,610
	1,310	PTC, Inc.†(a)		47,383
	310	Qlik Technologies, Inc.†(a)		9,650
	1,581	Qorvo, Inc.†(a)		126,006
	240	Qualys, Inc.†(a)		11,155
	3,144	Rambus, Inc.†(a)		39,536
	365	Rofin-Sinar Technologies, Inc.†(a)		8,844
	22,040	Ruckus Wireless, Inc.†(a)		283,655
	650	ScanSource, Inc.†		26,422
	225	Semtech Corp.†(a)		5,995
	2,234	ShoreTel, Inc.†		15,236
	90	Shutterstock, Inc.†(a)		6,180
	10,610	Silicon Laboratories, Inc.†		538,670
	721	Sonus Networks, Inc.†		5,681
	3,270	SPS Commerce, Inc.†(a)		219,417
	480	SS&C Technologies Holdings, Inc.		29,904
	145	Super Micro Computer, Inc.†(a)		4,816
	834	Synaptics, Inc.†(a)		67,808
	120	Synchronoss Technologies, Inc.†(a)		5,695
	278	Syntel, Inc.†(a)		14,381
	1,148	TeleTech Holdings, Inc.		29,217
	380	Tyler Technologies, Inc.†		45,801
	1,910	Ultra Clean Holdings, Inc.†(a)		13,657
	775	Unisys Corp.†		17,988
	344	Verint Systems, Inc.†		21,304
	110	ViaSat, Inc.†(a)		6,557
	360	Virtusa Corp.†		14,897
	569	WEX, Inc.†		61,088
	2,108	Zix Corp.†(a)		8,284
				6,403,466
Materials — 1.5%
	1,955	Berry Plastics Group, Inc.†		70,751
	115	Calgon Carbon Corp.		2,423
	994	Clearwater Paper Corp.†		64,908
	940	Ferro Corp.†		11,797
	905	Globe Specialty Metals, Inc.		17,123
	2,320	Graphic Packaging Holding Co.		33,733
	2,270	Headwaters, Inc.†		41,632
	995	KapStone Paper and Packaging Corp.(a)		32,676
	60	Minerals Technologies, Inc.(a)		4,386
	694	Neenah Paper, Inc.(a)		43,402
	870	PolyOne Corp.(a)		32,495
	3,590	Rentech, Inc.†(a)		4,021
	90	Schweitzer-Mauduit International, Inc.(a)		4,151
	630	Stillwater Mining Co.†		8,140
	1,080	US Concrete, Inc.†(a)		36,590
	140	Worthington Industries, Inc.(a)		3,725
	1,205	Zep, Inc.(a)		20,521
				432,474
Telecommunication Services — 0.4%
	320	Atlantic Tele-Network, Inc.(a)		22,151
	8,478	Cincinnati Bell, Inc.†(a)		29,927
	992	General Communication, Inc., ClassA†(a)		15,634
	2,815	Inteliquent, Inc.(a)		44,308
	380	Shenandoah Telecommunications Co.(a)		11,841
				123,861

Shares			Value
Utilities — 0.1%
	460	American States Water Co.(a)	$	18,349
Total Common Stock
(Cost $21,319,510)				28,281,207
SHORT-TERM INVESTMENTS — 53.9%
	751,959	Northern Trust Institutional Government Select Portfolio, Institutional Class, 0.010%(c)		751,959
	14,877,352	Northern Trust Institutional Liquid Asset Portfolio, Institutional Class,  0.010%(c) (d)		14,887,352
Total Short-Term Investments
(Cost $15,639,311)				15,639,311

	Number of Rights
RIGHT ‡‡— 0.0%
United States — 0.0%
	180	Trius Contingent Value †(e)		360
Total Right (Cost $–)				360
Total Investments — 151.3%
(Cost $36,958,821)‡				43,920,878
Other Assets & Liabilities, Net — (51.3)%				(14,897,351	)
NET ASSETS — 100.0%			$	29,023,526

†	Non-income producing security.
††	More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
‡‡	Expiration date unavailable.
(a)	This security or a partial position of this security is on loan at March 31, 2015. The total market value of securities on loan at March 31, 2015 was $15,089,251.
(b)	Real Estate Investment Trust.
(c)	Rate shown is the 7-day effective yield as of March 31, 2015.
(d)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of March 31, 2015was $14,887,352.Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $60,024.
(e)	Securities fair valued using methods determined in good faith by the Pricing Committee.  The total market value of such securities as of March 31, 2015 was $360 and represents 0.0% of Net Assets.
‡	At March 31, 2015, the tax basis cost of the Fund's investments was $36,958,821, and the unrealized appreciation and depreciation were $7,366,805and $(404,748),respectively.

LLC— Limited Liability Company

Ltd. — Limited

PLC— Public Limited Company

As of March 31, 2015, all of the Portfolio’s investments in securities were considered Level 1 except for Trius Contingent Value Rights was considered Level 3.  At March 31, 2015, this investment was valued at $360.  A reconciliation of Level 3 investments is only presented when the Portfolio has over 1% of Level 3 investments at the beginning and/or end of the period in relation to net assets.  For the period ended March 31, 2015, there have been no transfers between Level 1 and Level 2 assets and liabilities.  For the period ended March 31, 2015, there have been no transfers between Level 2 and Level 3 assets and liabilities. 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 and annual financial statements.

Wilshire Mutual Funds, Inc.
Small Company Value Portfolio	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
COMMON STOCK — 95.9%††
Consumer Discretionary — 10.8%
	2,740	AH Belo Corp., ClassA(a)	$	22,550
	590	AMC Entertainment Holdings, Inc., ClassA		20,939
	1,158	American Axle & Manufacturing Holdings, Inc.†		29,911
	6,430	American Eagle Outfitters, Inc.		109,824
	510	Ascent Capital Group, Inc., ClassA†		20,303
	1,910	Barnes & Noble, Inc.†		45,362
	230	BJ's Restaurants, Inc.†(a)		11,603
	1,570	Boyd Gaming Corp.†(a)		22,294
	620	Brown Shoe Co., Inc.(a)		20,336
	280	Brunswick Corp.(a)		14,406
	505	Build-A-Bear Workshop, Inc., ClassA†		9,923
	650	Burlington Stores, Inc.†		38,623
	2,680	Cato Corp. (The), ClassA(a)		106,128
	450	Children's Place Retail Stores, Inc. (The)(a)		28,886
	680	Citi Trends, Inc.†(a)		18,360
	2,390	Cooper Tire & Rubber Co.		102,388
	340	Cracker Barrel Old Country Store, Inc.(a)		51,728
	3,168	Dana Holding Corp.(a)		67,035
	7,220	Denny's Corp.†(a)		82,308
	1,050	DineEquity, Inc.		112,360
	11,035	Express, Inc.†		182,409
	720	Federal-Mogul Holdings Corp.†(a)		9,583
	289	Flexsteel Industries, Inc.(a)		9,043
	714	Group 1 Automotive, Inc.(a)		61,640
	4,733	Harte-Hanks, Inc.(a)		36,918
	20,026	Hooker Furniture Corp.		381,495
	2,074	Iconix Brand Group, Inc.†(a)		69,831
	340	Jack in the Box, Inc.		32,613
	160	La Quinta Holdings, Inc.†		3,789
	1,730	La-Z-Boy, Inc., ClassZ(a)		48,630
	1,314	Libbey, Inc.		52,442
	14	Lifetime Brands, Inc.(a)		214
	2,083	Live Nation Entertainment, Inc.†		52,554
	764	Marriott Vacations Worldwide Corp.(a)		61,922
	10	MDC Partners, Inc., ClassA(a)		284
	690	Meredith Corp.(a)		38,481
	310	Movado Group, Inc.(a)		8,841
	4,800	National CineMedia, Inc.(a)		72,480
	1,880	Nautilus, Inc.†		28,708
	2,490	New York Times Co. (The), ClassA		34,262
	2,410	Office Depot, Inc.†		22,172
	3,350	Orbitz Worldwide, Inc.†(a)		39,061
	1,049	Penske Automotive Group, Inc.(a)		54,013
	2,916	Reading International, Inc., ClassA†(a)		39,220
	769	Red Robin Gourmet Burgers, Inc.†(a)		66,903
	983	Regis Corp.†(a)		16,082
	664	Rent-A-Center, Inc., ClassA(a)		18,220
	2,660	Ruth's Hospitality Group, Inc.		42,241
	540	Ryland Group, Inc. (The)(a)		26,320
	485	Scholastic Corp.(a)		19,856
	1,259	Shiloh Industries, Inc.†(a)		17,676
	1,180	Skechers U.S.A., Inc., ClassA†(a)		84,854
	2,780	Sonic Corp.(a)		88,126
	2,385	Spartan Motors, Inc.		11,567
	90	Speedway Motorsports, Inc.(a)		2,048
	1,100	Stein Mart, Inc.(a)		13,695
	33,430	Stoneridge, Inc.†(a)		377,425
	191	Tenneco, Inc.†		10,967

Shares			Value
Consumer Discretionary — (continued)
	1,750	Time, Inc.(a)	$	39,270
	21,745	TRI Pointe Homes, Inc.†(a)		335,525
	450	Tuesday Morning Corp.†(a)		7,245
				3,453,892
Consumer Staples — 6.5%
	176	Andersons, Inc. (The)		7,281
	7,075	Britvic PLC ADR		154,286
	22,935	Elizabeth Arden, Inc.†(a)		357,786
	460	Fresh Del Monte Produce, Inc.		17,899
	2,455	HRG Group, Inc.†(a)		30,639
	109	Ingles Markets, Inc., ClassA(a)		5,393
	9,018	Inter Parfums, Inc.(a)		294,167
	130	Lancaster Colony Corp.		12,372
	17,155	Landec Corp.†(a)		239,312
	2,851	Omega Protein Corp.†		39,030
	130	Post Holdings, Inc.†(a)		6,089
	1,470	Revlon, Inc., ClassA†		60,564
	1,070	Sanderson Farms, Inc.(a)		85,226
	111	Seneca Foods Corp., ClassA†(a)		3,309
	1,070	SpartanNash Co.		33,769
	470	Spectrum Brands Holdings, Inc.		42,093
	3,730	SUPERVALU, Inc.†(a)		43,380
	6,768	TreeHouse Foods, Inc.†(a)		575,415
	3,380	Vector Group, Ltd.(a)		74,259
				2,082,269
Energy — 0.5%
	1,850	Alon USA Energy, Inc.(a)		30,655
	1,410	Delek US Holdings, Inc.		56,047
	1,080	Exterran Holdings, Inc.		36,256
	11,250	ION Geophysical Corp.†(a)		24,412
	180	REX American Resources Corp.†(a)		10,946
	120	Westmoreland Coal Co.†		3,211
				161,527
Financials — 28.5%
	1,350	AG Mortgage Investment Trust, Inc.(a) (b)		25,434
	490	Agree Realty Corp.(a) (b)		16,155
	1,480	Alexander & Baldwin, Inc.(a)		63,906
	540	Ambac Financial Group, Inc.†(a)		13,068
	644	Amerisafe, Inc.(a)		29,785
	80	Anworth Mortgage Asset Corp.(b)		407
	590	Apollo Commercial Real Estate Finance, Inc.(b)		10,136
	2,560	Apollo Residential Mortgage, Inc.(a) (b)		40,832
	460	Argo Group International Holdings, Ltd.(a)		23,069
	3,870	Armada Hoffler Properties, Inc.(a) (b)		41,254
	2,790	Ashford Hospitality Prime, Inc.(a) (b)		46,788
	380	Associated Estates Realty Corp.(a) (b)		9,379
	6,230	Astoria Financial Corp.		80,678
	3,230	BancorpSouth, Inc.(a)		75,001
	2,297	Bank Mutual Corp.(a)		16,814
	1,290	Bank of the Ozarks, Inc.(a)		47,640
	8,689	Boston Private Financial Holdings, Inc.		105,571
	28,695	Brandywine Realty Trust(a) (b)		458,546
	1,320	Calamos Asset Management, Inc., ClassA(a)		17,754
	15,910	Capital Bank Financial Corp., ClassA†(a)		439,275
	4,300	Capitol Federal Financial, Inc.(a)		53,750
	5,130	CatchMark Timber Trust, Inc., ClassA(b)		60,124
	8,878	Cedar Realty Trust, Inc.(a) (b)		66,496
	1,895	Centerstate Banks, Inc.		22,569
	900	Central Pacific Financial Corp.(a)		20,673

Wilshire Mutual Funds, Inc.
Small Company Value Portfolio	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Financials — (continued)
	3,060	Chambers Street Properties(b)	$	24,113
	850	Chatham Lodging Trust(b),(c)		24,999
	294	Chemical Financial Corp.(a)		9,220
	750	Chesapeake Lodging Trust(a) (b)		25,373
	110	Citizens & Northern Corp.(a)		2,220
	244	City Holding Co.(a)		11,475
	2,480	CNO Financial Group, Inc.(a)		42,706
	1,735	Community Bank System, Inc.(a)		61,402
	11,450	Cowen Group, Inc., ClassA†		59,540
	860	CubeSmart (b)		20,769
	720	CyrusOne, Inc.(a) (b)		22,406
	2,970	CYS Investments, Inc.(b)		26,463
	332	DCT Industrial Trust, Inc.(b)		11,507
	720	DiamondRock Hospitality Co.(b)		10,174
	1,050	Dime Community Bancshares, Inc.(a)		16,905
	2,166	DuPont Fabros Technology, Inc.(a) (b)		70,785
	1,243	Eagle Bancorp, Inc.†		47,731
	240	EastGroup Properties, Inc.(a) (b)		14,434
	394	Employers Holdings, Inc.(a)		10,634
	594	Enova International, Inc.†(a)		11,696
	1,094	Enterprise Financial Services Corp.(a)		22,602
	1,058	EPR Properties(a) (b)		63,512
	796	Equity One, Inc.(b)		21,245
	1,869	EverBank Financial Corp.		33,698
	1,907	FBL Financial Group, Inc., ClassA(a)		118,253
	900	Federated National Holding Co.(a)		27,540
	10,290	FelCor Lodging Trust, Inc.(a) (b)		118,232
	4,224	First American Financial Corp.(a)		150,712
	1,230	First Bancorp		21,599
	13,480	First Busey Corp.(a)		90,181
	57	First Citizens BancShares, Inc., ClassA		14,802
	5,533	First Commonwealth Financial Corp.(a)		49,797
	2,005	First Financial Bancorp(a)		35,709
	1,633	First Industrial Realty Trust, Inc.(a) (b)		34,995
	1,550	First Midwest Bancorp, Inc.(a)		26,924
	790	Flushing Financial Corp.(a)		15,855
	4,953	FNB Corp.		65,082
	30,625	Forestar Group, Inc.†(a)		482,956
	1,024	Fox Chase Bancorp, Inc.		17,234
	1,530	Geo Group, Inc. (The)(b)		66,922
	5,460	Getty Realty Corp.(a) (b)		99,372
	1,839	Glacier Bancorp, Inc.(a)		46,251
	1,250	Gladstone Commercial Corp.(b)		23,263
	1,158	Global Indemnity PLC, ClassA†(a)		32,135
	850	Government Properties Income Trust(a) (b)		19,423
	1,534	Greenlight Capital Re, Ltd., ClassA†(a)		48,781
	1,998	Hanmi Financial Corp.		42,258
	320	Hatteras Financial Corp.(b)		5,811
	820	HCI Group, Inc.(a)		37,613
	470	Healthcare Realty Trust, Inc.(b)		13,057
	1,800	Highwoods Properties, Inc.(b)		82,404
	4,252	Hilltop Holdings, Inc.†(a)		82,659
	1,840	Home BancShares, Inc.(a)		62,358
	3,515	HomeStreet, Inc.†		64,395
	800	Horace Mann Educators Corp.		27,360
	1,750	Independent Bank Corp.(a)		22,453
	503	Infinity Property & Casualty Corp.(a)		41,271
	2,230	Inland Real Estate Corp.(a) (b)		23,839
	1,986	Investment Technology Group, Inc.†(a)		60,196
	2,990	LaSalle Hotel Properties(b)		116,191
	600	LendingTree, Inc.†(a)		33,606
	1,146	LTC Properties, Inc.(a) (b)		52,716
	2,568	Maiden Holdings, Ltd.(a)		38,083
	1,900	Manning & Napier, Inc., ClassA(a)		24,719

Shares			Value
Financials — (continued)
	4,895	MB Financial, Inc.(a)	$	153,262
	924	Mercantile Bank Corp.(a)		18,064
	2,538	MGIC Investment Corp.†(a)		24,441
	1,400	Moelis & Co., ClassA		42,168
	989	Montpelier Re Holdings, Ltd.(a)		38,017
	12,064	National Penn Bancshares, Inc.		129,929
	124	National Western Life Insurance Co., ClassA(a)		31,533
	464	Navigators Group, Inc. (The)†(a)		36,118
	1,291	NBT Bancorp, Inc.		32,352
	5,640	New Residential Investment Corp.(a) (b)		84,769
	2,132	Old National Bancorp(a)		30,253
	1,001	Oppenheimer Holdings, Inc., ClassA(a)		23,483
	871	Oritani Financial Corp.(a)		12,673
	1,342	Pacific Continental Corp.		17,741
	10,420	PacWest Bancorp(a)		488,594
	60	Pebblebrook Hotel Trust(a) (b)		2,794
	4,140	PennyMac Mortgage Investment Trust(b)		88,141
	2,310	Physicians Realty Trust(b)		40,679
	1,149	Pinnacle Financial Partners, Inc.(a)		51,085
	834	Piper Jaffray Cos.†		43,752
	1,560	Potlatch Corp.(b)		62,462
	800	Primerica, Inc.		40,720
	9,740	PrivateBancorp, Inc., ClassA(a)		342,556
	2,384	Provident Financial Services, Inc.		44,462
	5,510	Radian Group, Inc.(a)		92,513
	17,220	Ramco-Gershenson Properties Trust(b)		320,292
	360	Renasant Corp.(a)		10,818
	1,337	Republic Bancorp, Inc., ClassA(a)		33,064
	5,060	Resource Capital Corp.(a) (b)		22,972
	1,012	RLI Corp.(a)		53,039
	2,014	RLJ Lodging Trust(b)		63,058
	948	S&T Bancorp, Inc.(a)		26,904
	2,990	Select Income(a) (b)		74,720
	1,170	Selective Insurance Group, Inc.(a)		33,989
	5,840	Silver Bay Realty Trust Corp.(a) (b)		94,374
	849	Simmons First National Corp., ClassA(a)		38,604
	992	Southwest Bancorp, Inc.		17,648
	110	Springleaf Holdings, Inc., ClassA†(a)		5,694
	150	Square 1 Financial, Inc., ClassA†(a)		4,016
	6,160	St. Joe Co. (The)†		114,330
	990	State Auto Financial Corp.(a)		24,047
	1,740	Stifel Financial Corp.†(a)		97,005
	3,788	Strategic Hotels & Resorts, Inc.†(a) (b)		47,085
	2,663	Sunstone Hotel Investors, Inc.(b)		44,392
	4,240	Symetra Financial Corp.		99,470
	830	Territorial Bancorp, Inc.(a)		19,721
	761	United Fire Group, Inc.(a)		24,177
	1,050	Universal Insurance Holdings, Inc.		26,870
	480	Urstadt Biddle Properties, Inc., ClassA(a) (b)		11,069
	2,550	Washington Federal, Inc.(a)		55,603
	5,839	Webster Financial Corp.(a)		216,335
	18,163	Western Alliance Bancorp†(a)		538,351
	3,700	Wilshire Bancorp, Inc.(a)		36,889
	2,090	Wintrust Financial Corp.(a)		99,651
				9,114,468
Health Care — 7.2%
	570	ACADIA Pharmaceuticals, Inc.†(a)		18,576
	610	Achillion Pharmaceuticals, Inc.†(a)		6,015
	2,530	Addus HomeCare Corp.†		58,241
	930	Alliance HealthCare Services, Inc.†		20,627
	140	Almost Family, Inc.†		6,259
	320	Amedisys, Inc.†		8,570

Wilshire Mutual Funds, Inc.
Small Company Value Portfolio	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Health Care — (continued)
	3,083	AMN Healthcare Services, Inc.†(a)	$	71,125
	911	Amsurg Corp., ClassA†(a)		56,045
	270	Anacor Pharmaceuticals, Inc.†		15,620
	5,925	Analogic Corp.(a)		538,582
	910	BioCryst Pharmaceuticals, Inc.†(a)		8,217
	2,740	BioTelemetry, Inc.†		24,249
	240	Catalent, Inc.†		7,476
	482	Centene Corp.†		34,073
	1,004	CONMED Corp.(a)		50,692
	180	Greatbatch, Inc.†(a)		10,413
	1,290	HealthEquity, Inc.†		32,237
	2,091	HealthSouth Corp.(a)		92,757
	1,740	Healthways, Inc.†(a)		34,278
	8,090	Impax Laboratories, Inc.†(a)		379,178
	3,194	Kindred Healthcare, Inc.		75,985
	2,181	Magellan Health, Inc.†		154,458
	1,188	Molina Healthcare, Inc.†(a)		79,940
	474	National Healthcare Corp.		30,199
	1,320	NuVasive, Inc.†		60,707
	1,030	Orthofix International NV†(a)		36,967
	2,468	PharMerica Corp.†(a)		69,573
	720	RadNet, Inc.†		6,048
	1,135	Sagent Pharmaceuticals, Inc.†(a)		26,389
	6,099	Select Medical Holdings Corp.(a)		90,448
	1,424	Triple-S Management Corp., ClassB†(a)		28,309
	1,904	WellCare Health Plans, Inc.†(a)		174,140
	1,547	XenoPort, Inc.†		11,014
				2,317,407
Industrials — 13.0%
	1,064	AAR Corp.(a)		32,665
	10,320	ACCO Brands Corp.†		85,759
	3,270	Accuride Corp.†(a)		15,238
	2,000	Actuant Corp., ClassA(a)		47,480
	1,020	Aerovironment, Inc.†		27,040
	1,210	Air Transport Services Group, Inc.†(a)		11,156
	12,125	Albany International Corp., ClassA(a)		481,969
	3,900	ARC Document Solutions, Inc.†(a)		35,997
	1,264	Argan, Inc.		45,719
	4,442	Astronics Corp.†(a)		327,375
	3,702	Blount International, Inc.†		47,682
	1,305	Brady Corp., ClassA(a)		36,919
	1,920	Brink's Co. (The)(a)		53,050
	5,849	Casella Waste Systems, Inc., ClassA†(a)		32,169
	1,908	Comfort Systems USA, Inc.(a)		40,144
	1,480	CRA International, Inc.†		46,058
	830	Cubic Corp.		42,969
	2,320	Curtiss-Wright Corp.		171,541
	1,530	Deluxe Corp.		105,998
	1,050	DigitalGlobe, Inc.†		35,774
	1,370	Douglas Dynamics, Inc.(a)		31,291
	790	Ducommun, Inc.†(a)		20,461
	472	EMCOR Group, Inc.		21,934
	6,180	EnerSys, Inc.(a)		397,003
	1,640	Federal Signal Corp.(a)		25,895
	169	FTI Consulting, Inc.†(a)		6,331
	8,950	GP Strategies Corp.†		331,150
	1,732	Great Lakes Dredge & Dock Corp.†(a)		10,409
	5,767	Griffon Corp.(a)		100,519
	337	HEICO Corp.(a)		20,581
	300	HNI Corp.(a)		16,551
	654	Hyster-Yale Materials Handling, Inc.(a)		47,931
	4,293	JetBlue Airways Corp.†(a)		82,640
	1,140	Kimball International, Inc., ClassB(a)		11,947

Shares			Value
Industrials — (continued)
	2,000	Knoll, Inc.	$	46,860
	1,160	Kratos Defense & Security Solutions, Inc.†(a)		6,415
	19,095	Marten Transport, Ltd.(a)		443,004
	560	Matson, Inc.(a)		23,609
	570	Matthews International Corp., ClassA(a)		29,361
	5,890	Meritor, Inc.†(a)		74,273
	754	Miller Industries, Inc.		18,473
	1,220	Mobile Mini, Inc.(a)		52,021
	4,369	Orbital ATK, Inc.(a)		334,796
	7,720	Performant Financial Corp.†(a)		26,248
	690	Quad		15,856
	1,860	Quality Distribution, Inc.†(a)		19,214
	2,382	Republic Airways Holdings, Inc.†		32,753
	1,540	Steelcase, Inc., ClassA		29,168
	540	Teledyne Technologies, Inc.†(a)		57,634
	797	Tennant Co.(a)		52,100
	510	United Stationers, Inc.(a)		20,905
	630	Werner Enterprises, Inc.(a)		19,788
				4,149,823
Information Technology — 16.8%
	3,294	Acxiom Corp.†		60,906
	210	Advanced Energy Industries, Inc.†		5,389
	3,320	Amkor Technology, Inc.†(a)		29,332
	190	Anixter International, Inc.†		14,465
	1,300	Benchmark Electronics, Inc.†(a)		31,239
	1,630	Black Box Corp.(a)		34,116
	438	CACI International, Inc., ClassA†(a)		39,385
	550	Cardtronics, Inc.†(a)		20,680
	1,350	Cascade Microtech, Inc.†		18,333
	80	Checkpoint Systems, Inc.(a)		866
	2,240	Cirrus Logic, Inc.†(a)		74,502
	9,505	Coherent, Inc.†(a)		617,445
	2,460	Computer Task Group, Inc.(a)		17,983
	1,134	Comtech Telecommunications Corp.(a)		32,829
	4,780	Convergys Corp.(a)		109,319
	1,193	CTS Corp.(a)		21,462
	700	Diodes, Inc.†(a)		19,992
	3,290	EarthLink Holdings Corp.		14,608
	970	EnerNOC, Inc.†(a)		11,058
	25,865	Entegris, Inc.†(a)		354,092
	2,600	Euronet Worldwide, Inc.†		152,750
	2,410	Global Cash Access Holdings, Inc.†(a)		18,364
	31,100	GSI Group, Inc.†(a)		414,252
	290	iGATE Corp.†(a)		12,371
	2,172	Insight Enterprises, Inc.†		61,945
	19,635	Integrated Device Technology, Inc.†(a)		393,093
	2,980	Intersil Corp., ClassA(a)		42,673
	1,490	IXYS Corp.(a)		18,357
	6,393	Journal Communications, Inc., ClassA†		94,744
	3,300	Kimball Electronics, Inc.†(a)		46,662
	70,460	Lattice Semiconductor Corp.†(a)		446,716
	1,270	ManTech International Corp., ClassA(a)		43,104
	20,345	Microsemi Corp.†(a)		720,213
	47,535	Mitel Networks Corp.†(a)		483,431
	2,885	MKS Instruments, Inc.		97,542
	2,100	Model N, Inc.†(a)		25,116
	580	Monster Worldwide, Inc.†(a)		3,677
	574	NETGEAR, Inc.†(a)		18,873
	1,340	Newport Corp.†(a)		25,540
	2,146	OmniVision Technologies, Inc.†		56,590
	3,274	Photronics, Inc.†(a)		27,829
	670	Plexus Corp.†(a)		27,316

Wilshire Mutual Funds, Inc.
Small Company Value Portfolio	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Information Technology — (continued)
	2,270	PMC - Sierra, Inc.†	$	21,066
	6,610	Polycom, Inc.†		88,574
	2,510	Progress Software Corp.†		68,197
	310	Reis, Inc.(a)		7,948
	140	Rogers Corp.†(a)		11,509
	1,404	Sanmina Corp.†(a)		33,963
	2,236	ScanSource, Inc.†(a)		90,893
	130	Silicon Laboratories, Inc.†		6,600
	1,354	SYNNEX Corp.(a)		104,597
	3,600	Take-Two Interactive Software, Inc.†(a)		91,638
	400	Tessera Technologies, Inc.		16,112
	3,020	Ultra Clean Holdings, Inc.†(a)		21,593
	2,110	Unisys Corp.†		48,973
				5,370,822
Materials — 8.1%
	1,090	A Schulman, Inc.		52,538
	204	Ampco-Pittsburgh Corp.(a)		3,562
	330	Axiall Corp.		15,490
	950	Berry Plastics Group, Inc.†		34,380
	5,475	Boise Cascade Co.†(a)		205,093
	494	Clearwater Paper Corp.†		32,258
	2,620	Commercial Metals Co.(a)		42,418
	3,190	Deltic Timber Corp.(a)		211,338
	3,190	Globe Specialty Metals, Inc.		60,355
	60	Kaiser Aluminum Corp.		4,613
	310	KMG Chemicals, Inc.(a)		8,286
	17,980	Louisiana-Pacific Corp.†(a)		296,850
	9,790	Materion Corp.(a)		376,230
	874	Minerals Technologies, Inc.(a)		63,890
	6,134	Neenah Paper, Inc.(a)		383,620
	2,660	Olin Corp.(a)		85,226
	234	OM Group, Inc.(a)		7,027
	21,850	PH Glatfelter Co.(a)		601,531
	704	Sensient Technologies Corp.(a)		48,492
	1,500	SunCoke Energy, Inc.		22,410
	1,610	Zep, Inc.(a)		27,418
				2,583,025
Telecommunication Services — 0.2%
	16,970	Cincinnati Bell, Inc.†(a)		59,904
	1,060	General Communication, Inc., ClassA†(a)		16,706
	560	Intelsat SA†(a)		6,720
				83,330
Utilities — 4.3%
	640	ALLETE, Inc.		33,766
	1,639	American States Water Co.(a)		65,380
	840	Avista Corp.(a)		28,712
	990	California Water Service Group		24,265
	2,694	Cleco Corp.		146,877
	10	Connecticut Water Service, Inc.(a)		363
	3,930	Dynegy, Inc., ClassA†		123,520
	694	El Paso Electric Co.(a)		26,816
	1,134	IDACORP, Inc.(a)		71,295
	8,095	Laclede Group, Inc.(a)		414,626
	358	MGE Energy, Inc.(a)		15,867
	173	Middlesex Water Co.(a)		3,937
	2,100	New Jersey Resources Corp.(a)		65,226
	280	NorthWestern Corp.(a)		15,061
	50	ONE Gas, Inc.		2,161
	974	PNM Resources, Inc.		28,441
	1,449	Portland General Electric Co.(a)		53,744
	150	South Jersey Industries, Inc.(a)		8,142
	684	Southwest Gas Corp.		39,788
	2,484	UIL Holdings Corp.(a)		127,727

Shares			Value
Utilities — (continued)
	220	Unitil Corp.(a)	$	7,649
	1,274	WGL Holdings, Inc.		71,854
				1,375,217
Total Common Stock
(Cost $24,583,377)				30,691,780
SHORT-TERM INVESTMENTS — 54.2%
	1,228,286	Northern Trust Institutional Government Select Portfolio, Institutional Class, 0.010%(c)		1,228,286
	16,104,903	Northern Trust Institutional Liquid Asset Portfolio, Institutional Class, 0.010%(c) (d)		16,104,903
Total Short-Term Investments
(Cost $17,333,189)				17,333,189
Total Investments — 150.1%
(Cost $41,916,566)‡				48,024,969
Other Assets & Liabilities, Net — (50.1)%				(16,025,517	)
NET ASSETS — 100.0%			$	31,999,452

†	Non-income producing security.
††	More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
(a)	This security or a partial position of this security is on loan at March 31, 2015. The total market value of securities on loan at March 31, 2015 was $15,650,365.
(b)	Real Estate Investment Trust.
(c)	Rate shown is the 7-day effective yield as of March 31, 2015.
(d)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of March 31, 2015was $16,104,903.
‡	At March 31, 2015, the tax basis cost of the Fund's investments was $41,916,566, and the unrealized appreciation and depreciation were $6,861,021and $(752,618),respectively.

ADR — American Depositary Receipt

Ltd. — Limited

PLC— Public Limited Company

As of March 31, 2015, all of the Fund’s investments in securities were considered Level 1. For the period ended March 31, 2015, there have been no transfers between Level 1 and Level 2 assets and liabilities.

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 and annual financial statements.

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
COMMON STOCK — 99.1%
Consumer Discretionary — 12.9%
	300	1-800-Flowers.com, Inc., ClassA†	$	3,549
	975	Aaron's, Inc.		27,602
	900	Abercrombie & Fitch Co., ClassA(a)		19,836
	700	Advance Auto Parts, Inc.		104,783
	850	Aeropostale, Inc.†(a)		2,949
	90	AH Belo Corp., ClassA		741
	3,960	Amazon.com, Inc.†		1,473,516
	400	Ambassadors Group, Inc.†		1,012
	656	AMC Networks, Inc., ClassA†(a)		50,276
	550	American Axle & Manufacturing Holdings, Inc.†		14,206
	2,625	American Eagle Outfitters, Inc.(a)		44,835
	300	American Public Education, Inc.†(a)		8,994
	389	ANN, Inc.†		15,961
	1,350	Apollo Education Group, Inc., ClassA†		25,542
	450	Aramark(a)		14,233
	200	Ascent Capital Group, Inc., ClassA†		7,962
	917	Autoliv, Inc.(a)		107,995
	850	AutoNation, Inc.†		54,680
	306	AutoZone, Inc.†		208,741
	550	Barnes & Noble, Inc.†(a)		13,062
	200	Beazer Homes USA, Inc.†		3,544
	1,400	bebe stores, Inc.(a)		5,082
	1,900	Bed Bath & Beyond, Inc.†		145,872
	2,450	Best Buy Co., Inc.		92,585
	200	Big 5 Sporting Goods Corp.		2,654
	500	Big Lots, Inc.(a)		24,015
	40	Biglari Holdings, Inc.†(a)		16,564
	300	BJ's Restaurants, Inc.†(a)		15,135
	250	Blue Nile, Inc.†(a)		7,960
	224	Blyth, Inc.†		1,700
	300	Bob Evans Farms, Inc.(a)		13,878
	400	Bon-Ton Stores, Inc. (The)(a)		2,784
	100	Books-A-Million, Inc., ClassA†(a)		274
	2,360	BorgWarner, Inc.(a)		142,733
	725	Boyd Gaming Corp.†(a)		10,295
	1,000	Bravo Brio Restaurant Group, Inc.†(a)		14,690
	500	Bridgepoint Education, Inc.†(a)		4,825
	300	Bright Horizons Family Solutions, Inc.†		15,381
	475	Brinker International, Inc.(a)		29,241
	425	Brown Shoe Co., Inc.		13,940
	450	Brunswick Corp.(a)		23,152
	350	Buckle, Inc. (The)(a)		17,882
	166	Buffalo Wild Wings, Inc.†(a)		30,086
	300	Burlington Stores, Inc.†		17,826
	500	Cabela's, Inc.†(a)		27,990
	1,525	Cablevision Systems Corp., ClassA(a)		27,907
	500	Callaway Golf Co.(a)		4,765
	500	Career Education Corp.†		2,515
	2,080	CarMax, Inc.†(a)		143,541
	300	Carmike Cinemas, Inc.†		10,080
	4,475	Carnival Corp.		214,084
	550	Carter's, Inc.		50,858
	300	Cato Corp. (The), ClassA		11,880
	5,083	CBS Corp., ClassB		308,182
	362	Charles & Colvard, Ltd.†		424
	936	Charter Communications, Inc., ClassA†		180,751
	600	Cheesecake Factory, Inc. (The)		29,598
	2,450	Chico's FAS, Inc.		43,341
	237	Chipotle Mexican Grill, Inc., ClassA†		154,178
	450	Choice Hotels International, Inc.		28,831
	200	Cinedigm Corp., ClassA†(a)		324
	1,125	Cinemark Holdings, Inc.		50,704

Shares			Value
Consumer Discretionary — (continued)
	50	Citi Trends, Inc.†	$	1,350
	1,000	Clear Channel Outdoor Holdings, Inc., ClassA		10,120
	2,850	Coach, Inc.(a)		118,076
	110	Collectors Universe, Inc.		2,482
	400	Columbia Sportswear Co.		24,360
	21,246	Comcast Corp., ClassA		1,199,762
	500	Conn's, Inc.†(a)		15,140
	425	Cooper Tire & Rubber Co.		18,207
	291	Cracker Barrel Old Country Store, Inc.(a)		44,273
	1,200	Crocs, Inc.†(a)		14,172
	6,200	Crown Media Holdings, Inc., ClassA†		24,800
	50	CSS Industries, Inc.		1,507
	679	CST Brands, Inc.		29,761
	2,025	Dana Holding Corp.(a)		42,849
	975	Darden Restaurants, Inc.(a)		67,607
	325	Deckers Outdoor Corp.†		23,683
	200	Demand Media, Inc.†(a)		1,144
	775	DeVry Education Group, Inc.(a)		25,854
	902	Dick's Sporting Goods, Inc.		51,405
	347	Dillard's, Inc., ClassA		47,369
	5,511	DIRECTV†		468,986
	2,648	Discovery Communications, Inc., ClassA†(a)		81,452
	1,298	Discovery Communications, Inc., ClassC†		38,259
	2,400	DISH Network Corp., ClassA†		168,144
	100	Dixie Group, Inc. (The)†(a)		905
	600	Dollar General Corp.		45,228
	2,700	Dollar Tree, Inc.†		219,092
	528	Domino's Pizza, Inc.		53,090
	300	Dorman Products, Inc.†(a)		14,925
	2,948	DR Horton, Inc.		83,959
	300	Drew Industries, Inc.		18,462
	1,150	DSW, Inc., ClassA		42,412
	528	Eldorado Resorts, Inc.†(a)		2,656
	219	Emmis Communications Corp., ClassA†(a)		436
	100	Empire Resorts, Inc.†		460
	250	Entercom Communications Corp., ClassA†(a)		3,037
	100	Entravision Communications Corp., ClassA		633
	300	EVINE Live, Inc.†(a)		2,013
	1,366	EW Scripps Co. (The), ClassA†(a)		38,849
	757	Expedia, Inc.(a)		71,256
	1,000	Express, Inc.†		16,530
	1,200	Family Dollar Stores, Inc.		95,088
	200	Famous Dave's of America, Inc.†(a)		5,700
	1,500	Federal-Mogul Holdings Corp.†(a)		19,965
	1,400	Foot Locker, Inc.(a)		88,200
	40,460	Ford Motor Co.		653,024
	400	Fossil Group, Inc.†(a)		32,980
	700	Fred's, Inc., ClassA		11,963
	600	Gaiam, Inc., ClassA†(a)		4,374
	1,025	GameStop Corp., ClassA(a)		38,909
	600	Gaming Partners International Corp.†(a)		6,456
	2,100	Gannett Co., Inc.		77,868
	3,175	Gap, Inc. (The) (a)		137,573
	15,225	General Motors Co.		570,938
	4,020	Gentex Corp.(a)		73,566
	375	Gentherm, Inc.†(a)		18,941
	1,461	Genuine Parts Co.		136,150
	300	G-III Apparel Group, Ltd.†(a)		33,795
	2,425	Goodyear Tire & Rubber Co. (The)		65,669
	300	GoPro, Inc., ClassA†(a)		13,023

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Consumer Discretionary — (continued)
	500	Grand Canyon Education, Inc.†	$	21,650
	1,000	Gray Television, Inc.†		13,820
	45	Green Brick Partners, Inc.†		372
	400	Guess, Inc.(a)		7,436
	3,035	H&R Block, Inc.		97,332
	3,820	Hanesbrands, Inc.(a)		128,008
	2,075	Harley-Davidson, Inc.		126,036
	700	Harman International Industries, Inc.		93,541
	1,000	Harte-Hanks, Inc.		7,800
	900	Hasbro, Inc.(a)		56,916
	500	hhgregg, Inc.†		3,065
	200	Hibbett Sports, Inc.†		9,812
	1,425	Hilton Worldwide Holdings, Inc.†		42,208
	12,755	Home Depot, Inc. (The)		1,449,096
	200	Hooker Furniture Corp.		3,810
	1,000	Hovnanian Enterprises, Inc., ClassA†		3,560
	418	HSN, Inc.		28,520
	300	Hyatt Hotels Corp., ClassA†(a)		17,766
	450	Iconix Brand Group, Inc.†(a)		15,151
	237	International Speedway Corp., ClassA		7,729
	4,272	Interpublic Group of Cos., Inc. (The)		94,497
	743	Interval Leisure Group, Inc.(a)		19,474
	300	iRobot Corp.†(a)		9,789
	340	ITT Educational Services, Inc.†(a)		2,309
	3,442	J.C. Penney Co., Inc.†		28,947
	350	Jack in the Box, Inc.		33,572
	2,250	Jarden Corp.†(a)		119,025
	500	John Wiley & Sons, Inc., ClassA		30,570
	6,950	Johnson Controls, Inc.		350,558
	300	K12, Inc.†		4,716
	1,275	Kate Spade & Co.†(a)		42,572
	800	KB Home(a)		12,496
	2,100	Kohl's Corp.		164,325
	2,440	L Brands, Inc.		230,068
	100	Lakes Entertainment, Inc.†		857
	278	Lands' End, Inc.†		9,975
	4,427	Las Vegas Sands Corp.(a)		243,662
	100	LeapFrog Enterprises, Inc., ClassA†(a)		218
	818	Lear Corp.		90,651
	500	Learning Tree International, Inc.†(a)		772
	750	Lee Enterprises, Inc.†(a)		2,377
	1,210	Leggett & Platt, Inc.		55,769
	1,850	Lennar Corp., ClassA(a)		95,848
	250	Libbey, Inc.		9,978
	900	Liberty Broadband Corp., ClassA†		50,832
	638	Liberty Broadband Corp., ClassC†		36,111
	4,725	Liberty Interactive Corp., ClassA†		137,923
	3,602	Liberty Media Corp.†		138,857
	2,554	Liberty Media Corp.†		97,563
	790	Liberty TripAdvisor Holdings, Inc., ClassA†		25,114
	1,603	Liberty Ventures, SerA†		67,342
	500	Life Time Fitness, Inc.†(a)		35,480
	700	Lifetime Brands, Inc.		10,696
	200	Lincoln Educational Services Corp.		456
	875	Lions Gate Entertainment Corp.(a)		29,680
	234	Lithia Motors, Inc., ClassA		23,262
	1,512	Live Nation Entertainment, Inc.†		38,148
	2,800	LKQ Corp.†(a)		71,568
	300	Loral Space & Communications, Inc.†		20,532
	10,356	Lowe's Cos., Inc.		770,383
	241	Lumber Liquidators Holdings, Inc.†(a)		7,418
	3,673	Macy's, Inc.		238,414
	581	Madison Square Garden Co. (The), ClassA†(a)		49,182
	100	Marcus Corp.		2,129

Shares			Value
Consumer Discretionary — (continued)
	700	Marine Products Corp.(a)	$	5,999
	2,277	Marriott International, Inc., ClassA		182,889
	3,100	Martha Stewart Living Omnimedia, Inc., ClassA†(a)		20,150
	3,355	Mattel, Inc.(a)		76,662
	300	Mattress Firm Holding Corp.†(a)		20,892
	496	McClatchy Co. (The), ClassA†(a)		913
	10,444	McDonald's Corp.		1,017,663
	571	MDC Holdings, Inc.(a)		16,274
	794	Media General, Inc.†(a)		13,093
	475	Men's Wearhouse, Inc. (The)(a)		24,795
	500	Meritage Homes Corp.†(a)		24,320
	3,525	MGM Resorts International†(a)		74,131
	732	Mohawk Industries, Inc.†(a)		135,969
	1,600	Monarch Casino & Resort, Inc.†(a)		30,624
	325	Monro Muffler Brake, Inc.(a)		21,141
	150	Morgans Hotel Group Co.†		1,162
	207	Morningstar, Inc.		15,506
	300	Movado Group, Inc.(a)		8,556
	518	Murphy USA, Inc.†(a)		37,488
	500	National CineMedia, Inc.		7,550
	50	Nautilus, Inc.†		764
	627	Netflix, Inc.†		261,265
	301	New Media Investment		7,203
	1,300	New York & Co., Inc.†		3,250
	2,751	Newell Rubbermaid, Inc.(a)		107,482
	2,853	News Corp., ClassA†		45,676
	6,877	NIKE, Inc., ClassB		689,969
	1,600	Nordstrom, Inc.		128,512
	40	NVR, Inc.†		53,146
	5,384	Office Depot, Inc.†		49,533
	2,625	Omnicom Group, Inc.(a)		204,697
	1,175	Orbitz Worldwide, Inc.†(a)		13,700
	1,042	O'Reilly Automotive, Inc.†		225,322
	650	Orleans Homebuilders, Inc.†(f)		—
	200	Outerwall, Inc.(a)		13,224
	300	Overstock.com, Inc.†(a)		7,266
	50	Oxford Industries, Inc.(a)		3,773
	200	Pacific Sunwear of California, Inc.†(a)		552
	300	Panera Bread Co., ClassA†(a)		47,998
	300	Papa John's International, Inc.(a)		18,543
	700	Penske Automotive Group, Inc.		36,043
	1,500	Pep Boys-Manny Moe & Jack (The)†(a)		14,430
	100	Perry Ellis International, Inc.†(a)		2,316
	800	Pinnacle Entertainment, Inc.†(a)		28,872
	540	Polaris Industries, Inc.(a)		76,194
	450	Pool Corp.		31,392
	100	Popeyes Louisiana Kitchen, Inc.†(a)		5,982
	525	Priceline Group, Inc.†		611,179
	2,865	PulteGroup, Inc.		63,689
	943	PVH Corp.		100,486
	1,600	Quiksilver, Inc.†(a)		2,960
	580	Ralph Lauren Corp., ClassA		76,270
	1,500	RCI Hospitality Holdings, Inc.†(a)		15,615
	1,000	ReachLocal, Inc.†(a)		2,910
	300	Red Robin Gourmet Burgers, Inc.†		26,100
	925	Regal Entertainment Group, ClassA		21,127
	200	Regis Corp.†		3,272
	205	Remy International†		4,553
	46	Restaurant Brands		1,709
	4,603	Restaurant Brands International, Inc.(a)		176,801
	116	Restoration Hardware Holdings, Inc.†(a)		11,506
	100	Rocky Brands, Inc.		2,160
	2,075	Ross Stores, Inc.		218,622
	1,325	Royal Caribbean Cruises, Ltd.		108,451
	500	Ruby Tuesday, Inc.†(a)		3,005

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Consumer Discretionary — (continued)
	500	Ryland Group, Inc. (The)(a)	$	24,370
	100	Salem Communications Corp., ClassA		616
	700	Sally Beauty Holdings, Inc.†		24,059
	325	Scholastic Corp.		13,305
	1,500	Scientific Games Corp., ClassA†(a)		15,705
	926	Scripps Networks Interactive, Inc., ClassA		63,487
	625	Sears Holdings Corp.†		25,862
	325	SeaWorld Entertainment, Inc.		6,266
	188	Select Comfort Corp.†(a)		6,480
	2,000	Service Corp. International		52,100
	475	ServiceMaster Global Holdings, Inc.†		16,031
	600	Shoe Carnival, Inc.		17,664
	400	Shutterfly, Inc.†(a)		18,096
	793	Signet Jewelers, Ltd.		110,060
	900	Sinclair Broadcast Group, Inc., ClassA(a)		28,269
	25,975	Sirius XM Holdings, Inc.†(a)		99,224
	900	Six Flags Entertainment Corp.(a)		43,569
	350	Skechers U.S.A., Inc., ClassA†		25,169
	300	Sonic Automotive, Inc., ClassA		7,470
	800	Sonic Corp.(a)		25,360
	903	Sotheby's(a)		38,161
	75	Spartan Motors, Inc.		364
	400	Speedway Motorsports, Inc.(a)		9,100
	552	Stage Stores, Inc.		12,652
	300	Standard Motor Products, Inc.		12,678
	1,625	Standard Pacific Corp.†(a)		14,625
	1,619	Stanley Black & Decker, Inc.		154,388
	200	Stanley Furniture Co., Inc.†		630
	5,675	Staples, Inc.		92,417
	7,849	Starbucks Corp.		743,300
	1,903	Starwood Hotels & Resorts Worldwide, Inc.		158,901
	1,177	Starz†		40,501
	600	Steven Madden, Ltd.†		22,800
	300	Sturm Ruger & Co., Inc.		14,889
	150	Superior Industries International, Inc.(a)		2,840
	100	Sypris Solutions, Inc.		225
	600	Systemax, Inc.†(a)		7,332
	6,752	Target Corp.		554,137
	700	Tempur Sealy International, Inc.†		40,418
	750	Tenneco, Inc.†		43,065
	625	Tesla Motors, Inc.†(a)		117,981
	1,000	Texas Roadhouse, Inc., ClassA(a)		36,430
	3,600	Thomson Reuters Corp.(a)		146,016
	500	Thor Industries, Inc.(a)		31,605
	1,035	Tiffany & Co.(a)		91,090
	3,016	Time Warner Cable, Inc., ClassA		452,038
	9,522	Time Warner, Inc.		804,038
	1,304	Time, Inc.(a)		29,262
	6,650	TJX Cos., Inc.		465,833
	1,200	Toll Brothers, Inc.†		47,208
	1,300	Tractor Supply Co.		110,578
	200	Trans World Entertainment Corp.†		740
	1,900	TRI Pointe Homes, Inc.†(a)		29,317
	1,171	TripAdvisor, Inc.†		97,392
	1,331	TRW Automotive Holdings Corp.†		139,555
	200	Tuesday Morning Corp.†(a)		3,220
	300	Tupperware Brands Corp.(a)		20,706
	10	Turtle Beach Corp.†		19
	13,438	Twenty-First Century Fox, Inc., ClassA		454,742
	563	Ulta Salon Cosmetics & Fragrance, Inc.†		84,929
	1,600	Under Armour, Inc., ClassA†		129,200
	200	Universal Electronics, Inc.†		11,288
	500	Universal Technical Institute, Inc.(a)		4,800
	800	Urban Outfitters, Inc.†(a)		36,520

Shares			Value
Consumer Discretionary — (continued)
	138	Vail Resorts, Inc.	$	14,272
	200	Value Line, Inc.		2,922
	2,675	VF Corp.		201,454
	3,857	Viacom, Inc., ClassB		263,433
	700	Vista Outdoor, Inc.†(a)		29,974
	400	Visteon Corp.†		38,560
	300	Vitamin Shoppe, Inc.†(a)		12,357
	17,455	Walt Disney Co. (The)		1,830,855
	296	Weight Watchers International, Inc.†		2,069
	2,500	Wendy's Co. (The)(a)		27,250
	829	Whirlpool Corp.		167,508
	800	Williams-Sonoma, Inc.(a)		63,768
	500	Winnebago Industries, Inc.(a)		10,630
	1,175	Wolverine World Wide, Inc.(a)		39,304
	600	World Wrestling Entertainment, Inc., ClassA(a)		8,406
	1,176	Wyndham Worldwide Corp.		106,393
	904	Wynn Resorts, Ltd.(a)		113,796
	4,741	Yum! Brands, Inc.		373,212
	300	Zumiez, Inc.†		12,075
				29,511,782
Consumer Staples — 8.9%
	200	Alico, Inc.(a)		10,252
	19,475	Altria Group, Inc.		974,139
	375	Andersons, Inc. (The)		15,514
	6,161	Archer-Daniels-Midland Co.		292,031
	4,725	Avon Products, Inc.(a)		37,753
	550	B&G Foods, Inc., ClassA(a)		16,186
	100	Boston Beer Co., Inc. (The), ClassA†(a)		26,740
	600	Boulder Brands, Inc.†(a)		5,718
	1,409	Brown-Forman Corp., ClassB		127,303
	1,350	Bunge, Ltd.		111,186
	300	Calavo Growers, Inc.(a)		15,426
	318	Cal-Maine Foods, Inc.		12,421
	1,975	Campbell Soup Co.		91,936
	400	Casey's General Stores, Inc.		36,040
	1,300	Church & Dwight Co., Inc.		111,046
	1,274	Clorox Co. (The)(a)		140,637
	42,515	Coca-Cola Co. (The)		1,723,983
	2,395	Coca-Cola Enterprises, Inc.		105,859
	9,636	Colgate-Palmolive Co.		668,160
	4,473	ConAgra Foods, Inc.		163,399
	1,772	Constellation Brands, Inc., ClassA†		205,924
	4,675	Costco Wholesale Corp.		708,239
	725	Coty, Inc., ClassA		17,596
	12,192	CVS Health Corp.		1,258,336
	1,067	Dean Foods Co.(a)		17,638
	400	Diamond Foods, Inc.†		13,028
	1,900	Dr. Pepper Snapple Group, Inc.(a)		149,112
	592	Energizer Holdings, Inc.(a)		81,726
	2,200	Estee Lauder Cos., Inc. (The), ClassA		182,952
	1,430	Flowers Foods, Inc.(a)		32,518
	400	Fresh Del Monte Produce, Inc.(a)		15,564
	6,525	General Mills, Inc.		369,315
	1,200	Hain Celestial Group, Inc. (The)†(a)		76,860
	1,200	Herbalife, Ltd.(a)		51,312
	1,842	Hershey Co. (The)		185,876
	1,400	Hormel Foods Corp.		79,590
	2,500	HRG Group, Inc.†(a)		31,200
	550	Ingles Markets, Inc., ClassA(a)		27,214
	800	Ingredion, Inc.		62,256
	300	Inter Parfums, Inc.		9,786
	70	J&J Snack Foods Corp.		7,469
	1,019	JM Smucker Co. (The)(a)		117,929
	2,875	Kellogg Co.		189,606
	1,013	Keurig Green Mountain, Inc.		113,182

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Consumer Staples — (continued)
	3,977	Kimberly-Clark Corp.	$	425,976
	6,407	Kraft Foods Group, Inc.		558,146
	4,700	Kroger Co. (The)		360,302
	212	Lancaster Colony Corp.		20,176
	3,430	Lorillard, Inc.		224,151
	70	Mannatech, Inc.†		1,298
	1,225	McCormick & Co., Inc.(a)		94,460
	1,976	Mead Johnson Nutrition Co., ClassA		198,647
	200	MGP Ingredients, Inc.		2,692
	1,500	Molson Coors Brewing Co., ClassB		111,675
	18,971	Mondelez International, Inc., ClassA		684,663
	1,300	Monster Beverage Corp.†		179,914
	700	Nu Skin Enterprises, Inc., ClassA(a)		42,147
	15,858	PepsiCo, Inc.		1,516,342
	15,607	Philip Morris International, Inc.		1,175,675
	1,150	Pilgrim's Pride Corp.(a)		25,979
	375	Pinnacle Foods, Inc.		15,304
	350	Post Holdings, Inc.†(a)		16,394
	28,722	Procter & Gamble Co. (The)		2,353,481
	100	Reliv International, Inc.†(a)		112
	3,403	Reynolds American, Inc.		234,501
	9,075	Rite Aid Corp.†		78,862
	70	Rocky Mountain Chocolate Factory, Inc.		972
	243	Sanderson Farms, Inc.(a)		19,355
	1,000	Snyder's-Lance, Inc.(a)		31,960
	400	SpartanNash Co.		12,624
	300	Sprouts Farmers Market, Inc.†(a)		10,569
	2,050	SUPERVALU, Inc.†		23,841
	6,600	Sysco Corp.		249,018
	318	Tootsie Roll Industries, Inc.(a)		10,796
	501	TreeHouse Foods, Inc.†(a)		42,595
	3,230	Tyson Foods, Inc., ClassA		123,709
	450	United Natural Foods, Inc.†(a)		34,668
	300	Universal Corp.(a)		14,148
	198	USANA Health Sciences, Inc.†		22,002
	1,214	Vector Group, Ltd.(a)		26,672
	11,200	Walgreens Boots Alliance, Inc.		948,416
	17,804	Wal-Mart Stores, Inc.		1,464,379
	145	WD-40 Co.		12,838
	1,121	WhiteWave Foods Co., ClassA†		49,705
	3,650	Whole Foods Market, Inc.		190,092
				20,299,213
Energy — 7.5%
	250	Alon USA Energy, Inc.(a)		4,142
	1,000	Amyris, Inc.†(a)		2,400
	5,464	Anadarko Petroleum Corp.		452,474
	800	Antero Resources Corp.†(a)		28,256
	4,038	Apache Corp.		243,613
	300	Approach Resources, Inc.†(a)		1,977
	600	Atwood Oceanics, Inc.		16,866
	4,245	Baker Hughes, Inc.		269,897
	600	Barnwell Industries, Inc.†(a)		1,428
	400	Bill Barrett Corp.†(a)		3,320
	300	BP Prudhoe Bay Royalty Trust		17,460
	200	Bristow Group, Inc.(a)		10,890
	3,700	Cabot Oil & Gas Corp.		109,261
	3,964	California Resources Corp.(a)		30,166
	1,500	Callon Petroleum Co.†(a)		11,205
	2,150	Cameron International Corp.†		97,008
	150	CARBO Ceramics, Inc.(a)		4,577
	400	Carrizo Oil & Gas, Inc.†(a)		19,860
	2,400	Cheniere Energy, Inc.†		185,760
	6,875	Chesapeake Energy Corp.(a)		97,350
	20,094	Chevron Corp.		2,109,468
	786	Cimarex Energy Co.		90,461
	113	Clayton Williams Energy, Inc.†		5,721

Shares			Value
Energy — (continued)
	600	Clean Energy Fuels Corp.†(a)	$	3,201
	1,000	Cloud Peak Energy, Inc.†(a)		5,820
	400	Comstock Resources, Inc.(a)		1,428
	1,022	Concho Resources, Inc.†(a)		118,470
	13,217	ConocoPhillips		822,890
	2,600	Consol Energy, Inc.(a)		72,514
	830	Continental Resources, Inc.†(a)		36,246
	200	Cross Timbers Royalty Trust		3,834
	78	Dawson Geophysical Co.†(a)		333
	175	Delek US Holdings, Inc.		6,956
	3,779	Denbury Resources, Inc.(a)		27,549
	4,416	Devon Energy Corp.		266,329
	850	Diamond Offshore Drilling, Inc.(a)		22,772
	300	Diamondback Energy, Inc.†(a)		23,052
	800	Dresser-Rand Group, Inc.†(a)		64,280
	445	Dril-Quip, Inc.†(a)		30,434
	732	Enbridge Energy Management LLC		26,630
	490	Energen Corp.		32,340
	1,271	Energy XXI Bermuda, Ltd.(a)		4,626
	1,550	EnLink Midstream LLC		50,437
	5,063	EOG Resources, Inc.		464,226
	1,560	EQT Corp.		129,277
	300	Era Group, Inc.†		6,252
	2,700	EXCO Resources, Inc.(a)		4,941
	812	Exterran Holdings, Inc.		27,259
	44,864	Exxon Mobil Corp.		3,813,440
	1,606	FMC Technologies, Inc.†		59,438
	300	Forum Energy Technologies, Inc.†		5,880
	226	Geospace Technologies Corp.†(a)		3,731
	500	Goodrich Petroleum Corp.†(a)		1,775
	300	Green Plains, Inc.		8,565
	381	Gulf Island Fabrication, Inc.(a)		5,662
	300	Gulfmark Offshore, Inc., ClassA(a)		3,912
	900	Gulfport Energy Corp.†		41,319
	3,775	Halcon Resources Corp.†(a)		5,813
	9,131	Halliburton Co.(a)		400,668
	1,000	Helix Energy Solutions Group, Inc.†		14,960
	1,150	Helmerich & Payne, Inc.(a)		78,280
	2,949	Hess Corp.		200,149
	1,408	HollyFrontier Corp.		56,700
	500	Hornbeck Offshore Services, Inc.,†(a)		9,405
	1,750	ION Geophysical Corp.†(a)		3,798
	2,200	Key Energy Services, Inc.†(a)		4,004
	13,460	Kinder Morgan, Inc.(a)		566,128
	1,859	Magnum Hunter Resources Corp.†(a)		4,964
	7,272	Marathon Oil Corp.		189,872
	3,203	Marathon Petroleum Corp.		327,955
	375	Matador Resources Co.†(a)		8,220
	450	Matrix Service Co.†		7,902
	2,875	McDermott International, Inc.†(a)		11,040
	550	Memorial Resource Development Corp.†		9,757
	1,575	Murphy Oil Corp.		73,395
	3,100	Nabors Industries, Ltd.		42,315
	4,661	National Oilwell Varco, Inc.(a)		233,003
	1,525	Newfield Exploration Co.†		53,512
	875	Newpark Resources, Inc.†(a)		7,971
	2,812	Noble Energy, Inc.		137,507
	1,000	Northern Oil and Gas, Inc.†(a)		7,710
	400	Northern Tier Energy		10,136
	8,212	Occidental Petroleum Corp.		599,476
	800	Oceaneering International, Inc.		43,144
	500	Oil States International, Inc.†		19,885
	2,050	ONEOK, Inc.(a)		98,892
	1	Pacific Ethanol, Inc.†(a)		11
	1,325	Parker Drilling Co.†(a)		4,624
	650	Parsley Energy, Inc., ClassA†(a)		10,387

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Energy — (continued)
	1,950	Patterson-UTI Energy, Inc.	$	36,611
	675	PBF Energy, Inc., ClassA		22,896
	700	Penn Virginia Corp.†(a)		4,536
	2,300	PetroQuest Energy, Inc.†(a)		5,290
	5,981	Phillips 66		470,107
	675	Pioneer Energy Services Corp.†(a)		3,659
	1,484	Pioneer Natural Resources Co.(a)		242,649
	2,200	QEP Resources, Inc.		45,870
	1,708	Range Resources Corp.(a)		88,884
	109	Renewable Energy Group, Inc.†(a)		1,005
	600	Rex Energy Corp.†(a)		2,232
	675	Rice Energy, Inc.†(a)		14,688
	600	Rosetta Resources, Inc.†		10,212
	1,600	Rowan PLC, ClassA(a)		28,336
	1,012	RPC, Inc.		12,964
	325	Sanchez Energy Corp.†(a)		4,228
	13,762	Schlumberger, Ltd.		1,148,301
	300	SEACOR Holdings, Inc.†(a)		20,901
	450	SemGroup Corp., ClassA		36,603
	576	Seventy Seven Energy, Inc.†(a)		2,390
	1,000	Ship Finance International, Ltd.(a)		14,800
	750	SM Energy Co.		38,760
	1,000	Solazyme, Inc.†(a)		2,860
	3,325	Southwestern Energy Co.†(a)		77,107
	7,241	Spectra Energy Corp.(a)		261,907
	475	Stone Energy Corp.†(a)		6,973
	1,706	Superior Energy Services, Inc.(a)		38,112
	230	Targa Resources Corp.(a)		22,032
	775	Teekay Corp.(a)		36,092
	1,500	Tesoro Corp.		136,935
	850	TETRA Technologies, Inc.†		5,253
	1,600	Trico Marine Services, Inc.†(f)		—
	1,475	Ultra Petroleum Corp.†(a)		23,054
	500	Unit Corp.†		13,990
	1,000	US Energy Corp. Wyoming†		1,130
	1,100	VAALCO Energy, Inc.†		2,695
	5,564	Valero Energy Corp.		353,982
	800	W&T Offshore, Inc.(a)		4,088
	300	Warren Resources, Inc.†(a)		267
	1,150	Western Refining, Inc.		56,798
	300	Westmoreland Coal Co.†(a)		8,028
	1,922	Whiting Petroleum Corp.†		59,390
	8,050	Williams Cos., Inc. (The)(a)		407,250
	800	World Fuel Services Corp.(a)		45,984
	1,700	Yuma Energy, Inc.†(a)		1,734
				17,072,544
Financials — 18.1%
	676	Acadia Realty Trust(a) (c)		23,579
	578	Affiliated Managers Group, Inc.†		124,143
	4,525	Aflac, Inc.		289,645
	450	Alexander & Baldwin, Inc.		19,431
	859	Alexandria Real Estate Equities, Inc.(c)		84,216
	127	Alleghany Corp.†(a)		61,849
	4,525	Allstate Corp. (The)		322,044
	33	Altisource Residential Corp., ClassB(c)		688
	1,282	American Campus Communities, Inc.(c)		54,959
	3,525	American Capital Agency Corp.(c)		75,188
	575	American Capital Mortgage Investment Corp.(a) (c)		10,327
	2,600	American Capital, Ltd.†		38,454
	1,100	American Equity Investment Life Holding Co.		32,043
	9,283	American Express Co.		725,188
	700	American Financial Group, Inc.		44,905
	1,700	American Homes 4 Rent, ClassA(c)		28,135

Shares			Value
Financials — (continued)
	5,550	American International Group, Inc.	$	304,084
	300	American National Insurance Co.		29,517
	8,775	American Realty Capital Properties, Inc.(a) (c)		86,434
	4,214	American Tower Corp., ClassA(c)		396,748
	1,852	Ameriprise Financial, Inc.		242,316
	332	AmTrust Financial Services, Inc.(a)		18,919
	11,050	Annaly Capital Management, Inc.(c)		114,920
	1,500	Anworth Mortgage Asset Corp.(c)		7,635
	1,481	Apartment Investment & Management Co., ClassA(c)		58,292
	600	Apollo Commercial Real Estate Finance, Inc.(c)		10,308
	200	Arbor Realty Trust, Inc.(c)		1,396
	1,100	Arch Capital Group, Ltd.†		67,760
	3,675	Ares Capital Corp.(a)		63,100
	330	Argo Group International Holdings, Ltd.		16,550
	4	Arlington Asset Investment Corp., ClassA(a)		96
	1,550	Arthur J. Gallagher & Co.		72,463
	300	Artisan Partners Asset Management, Inc., ClassA(a)		13,638
	108	Ashford Hospitality Prime, Inc.(c)		1,811
	544	Ashford Hospitality Trust, Inc.(c)		5,233
	6	Ashford, Inc.†		713
	650	Aspen Insurance Holdings, Ltd.		30,700
	1,200	Associated Banc-Corp(a)		22,320
	300	Associated Estates Realty Corp.(c)		7,404
	600	Assurant, Inc.		36,846
	1,175	Assured Guaranty, Ltd.		31,008
	700	Astoria Financial Corp.		9,065
	200	Atlanticus Holdings Corp.†(a)		456
	600	AV Homes, Inc.†		9,576
	1,508	AvalonBay Communities, Inc.(c)		262,769
	775	Axis Capital Holdings, Ltd.		39,975
	50	Bancorp, Inc.†(a)		451
	1,150	BancorpSouth, Inc.		26,703
	117,673	Bank of America Corp.		1,810,987
	450	Bank of Hawaii Corp.(a)		27,544
	12,713	Bank of New York Mellon Corp. (The)		511,571
	1,115	Bank of the Ozarks, Inc.(a)		41,177
	700	BankFinancial Corp.		9,198
	375	BankUnited, Inc.		12,277
	300	Banner Corp.		13,770
	8,175	BB&T Corp.		318,743
	600	BBCN Bancorp, Inc.		8,682
	16	BBX Capital Corp., ClassA†(a)		298
	549	Beneficial Bancorp, Inc.†		6,198
	20,831	Berkshire Hathaway, Inc., ClassB†		3,006,330
	2,300	BGC Partners, Inc., ClassA		21,735
	2,525	BioMed Realty Trust, Inc.(c)		57,216
	1,383	BlackRock, Inc., ClassA		505,957
	168	BofI Holding, Inc.†		15,631
	300	BOK Financial Corp.(a)		18,366
	1,000	Boston Private Financial Holdings, Inc.		12,150
	1,757	Boston Properties, Inc.(c)		246,823
	1,988	Brandywine Realty Trust(a) (c)		31,768
	525	Brixmor Property Group, Inc.(c)		13,939
	3,075	Brookfield Property Partners(A)		74,569
	1,500	Brookline Bancorp, Inc.		15,075
	700	Brown & Brown, Inc.		23,177
	100	Camden National Corp.(a)		3,984
	1,125	Camden Property Trust(a) (c)		87,896
	30	Capital Bank Financial Corp., ClassA†		828
	350	Capital City Bank Group, Inc.		5,687
	5,931	Capital One Financial Corp.		467,481
	1,000	Capitol Federal Financial, Inc.		12,500

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Financials — (continued)
	1,700	Capstead Mortgage Corp.(a) (c)	$	20,009
	100	Cardinal Financial Corp.		1,998
	403	CareTrust, Inc.(c)		5,465
	325	Cash America International, Inc.(a)		7,572
	763	Cathay General Bancorp		21,707
	1,205	CBL & Associates Properties, Inc.(a) (c)		23,859
	600	CBOE Holdings, Inc.		34,443
	3,125	CBRE Group, Inc., ClassA†		120,969
	650	Cedar Realty Trust, Inc.(c)		4,868
	12,839	Charles Schwab Corp. (The)		390,819
	498	Charter Financial Corp.		5,727
	425	Chatham Lodging Trust (c)		12,499
	500	Chemical Financial Corp.(a)		15,680
	11,900	Chimera Investment Corp.(c)		37,366
	2,471	Chubb Corp. (The)		249,818
	23	CIFC Corp.(a)		176
	1,294	Cincinnati Financial Corp.		68,944
	1,650	CIT Group, Inc.		74,448
	33,890	Citigroup, Inc.		1,746,013
	1,875	Citizens Financial Group, Inc.		45,244
	300	City Holding Co.(a)		14,109
	600	City National Corp.		53,448
	3,172	CME Group, Inc., ClassA		300,420
	300	CNA Financial Corp.		12,429
	1,625	CNO Financial Group, Inc.		27,983
	750	CoBiz Financial, Inc.		9,240
	350	Cohen & Steers, Inc.		14,333
	1,250	Colony Financial, Inc., ClassA(a) (c)		32,400
	276	Columbia Banking System, Inc.		7,996
	1,625	Columbia Property Trust, Inc.(c)		43,908
	2,083	Comerica, Inc.		94,006
	1,435	Commerce Bancshares, Inc.(a)		60,729
	500	Community Bank System, Inc.(a)		17,695
	110	Community Trust Bancorp, Inc.(a)		3,648
	300	CoreSite Realty Corp (c)		14,604
	850	Corporate Office Properties Trust(c)		24,973
	1,199	Corrections Corp. of America		48,272
	2,613	Cousins Properties, Inc.(c)		27,698
	199	Cowen Group, Inc., ClassA†		1,035
	200	Crawford & Co., ClassB		1,728
	112	Credit Acceptance Corp.†(a)		21,840
	4,050	Crown Castle International Corp.(c)		334,287
	1,737	CubeSmart,(c)		41,949
	432	Cullen/Frost Bankers, Inc.(a)		29,843
	1,000	CVB Financial Corp.		15,940
	1,187	DCT Industrial Trust, Inc.(c)		41,141
	3,845	DDR Corp.(c)		71,594
	2,502	DiamondRock Hospitality Co.(c)		35,353
	1,450	Digital Realty Trust, Inc.(c)		95,642
	4,850	Discover Financial Services		273,298
	1,100	Donegal Group, Inc., ClassA(a)		17,292
	1,725	Douglas Emmett, Inc.(c)		51,422
	3,626	Duke Realty Corp.(c)		78,938
	700	DuPont Fabros Technology, Inc.(c)		22,876
	2,728	E*Trade Financial Corp.†		77,898
	300	Eagle Bancorp, Inc.†		11,520
	1,425	East West Bancorp, Inc.(a)		57,656
	375	EastGroup Properties, Inc.(c)		22,553
	1,325	Eaton Vance Corp.		55,173
	633	Education Realty Trust, Inc.(c)		22,396
	175	eHealth, Inc.†(a)		1,642
	425	Ellington Financial LLC		8,462
	1,100	Empire State Realty Trust, Inc., ClassA(c)		20,691
	375	Employers Holdings, Inc.		10,121
	200	Encore Capital Group, Inc.†(a)		8,318
	400	Endurance Specialty Holdings, Ltd.		24,456
	297	Enova International, Inc.†		5,848

Shares			Value
Financials — (continued)
	120	Enstar Group, Ltd.†	$	17,023
	50	Enterprise Financial Services Corp.		1,033
	600	EPR Properties(a) (c)		36,018
	1,293	Equity Commonwealth† (c)		34,329
	1,000	Equity Lifestyle Properties, Inc.(c)		54,950
	4,054	Equity Residential(c)		315,644
	300	Erie Indemnity Co., ClassA(a)		26,178
	719	Essex Property Trust, Inc.(c)		165,298
	350	Evercore Partners, Inc., ClassA		18,081
	336	Everest Re Group, Ltd.(a)		58,464
	725	Excel Trust, Inc.(c)		10,165
	1,200	Extra Space Storage, Inc.(c)		81,084
	1,000	Ezcorp, Inc., ClassA†(a)		9,130
	14,375	Fannie Mae†		33,781
	690	Federal Realty Investment Trust(c)		101,575
	1,200	Federated Investors, Inc., ClassB		40,668
	200	Federated National Holding Co.		6,120
	8,801	Fifth Third Bancorp		165,899
	525	Financial Engines, Inc.(a)		21,961
	1,200	Financial Institutions, Inc.		27,516
	100	First Acceptance Corp.†		242
	827	First American Financial Corp.		29,507
	300	First Bancorp		5,268
	2,516	First BanCorp†		15,599
	500	First Cash Financial Services, Inc.†		23,260
	50	First Citizens BancShares, Inc., ClassA		12,985
	800	First Commonwealth Financial Corp.(a)		7,200
	425	First Community Bancshares, Inc.		7,450
	575	First Financial Bancorp		10,241
	600	First Financial Bankshares, Inc.(a)		16,584
	100	First Financial Corp.		3,589
	2,433	First Horizon National Corp.(a)		34,768
	1,375	First Industrial Realty Trust, Inc.(c)		29,466
	425	First Merchants Corp.		10,005
	800	First Midwest Bancorp, Inc.		13,896
	3,424	First Niagara Financial Group, Inc.		30,268
	800	First Potomac Realty Trust(c)		9,512
	150	First Republic Bank		8,564
	1,582	FirstMerit Corp.(a)		30,153
	1,650	FNB Corp.		21,681
	3,184	FNF Group		117,044
	2,100	Forest City Enterprises, Inc., ClassA†		53,592
	4,546	Franklin Resources, Inc.		233,301
	950	Franklin Street Properties Corp.(a) (c)		12,179
	8,075	Freddie Mac†		18,411
	2,700	FS Investment Corp.		27,378
	1,850	Fulton Financial Corp.		22,829
	550	FXCM, Inc., ClassA (a)		1,172
	1,137	Gaming and Leisure Properties, Inc.(c)		41,921
	4,415	General Growth Properties, Inc.(c)		130,463
	5,850	Genworth Financial, Inc., ClassA†(a)		42,763
	400	Getty Realty Corp.(a)(c)		7,280
	900	Glacier Bancorp, Inc.		22,635
	50	Gleacher & Co., Inc.		297
	4,638	Goldman Sachs Group, Inc. (The)		871,805
	475	Golub Capital BDC, Inc.		8,336
	550	Government Properties Income Trust(a) (c)		12,567
	550	Green Dot Corp., ClassA†		8,756
	300	Greenhill & Co., Inc.		11,895
	200	Guaranty Bancorp		3,392
	100	Hallmark Financial Services, Inc.†		1,060
	800	Hancock Holding Co.(a)		23,888
	69	Hanmi Financial Corp.		1,459
	400	Hanover Insurance Group, Inc. (The)		29,032
	4,525	Hartford Financial Services Group, Inc.		189,235
	1,000	Hatteras Financial Corp.(c)		18,160

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Financials — (continued)
	775	HCC Insurance Holdings, Inc.	$	43,919
	5,150	HCP, Inc.(c)		222,531
	3,662	Health Care, Inc.(c)		283,292
	1,175	Healthcare Realty Trust, Inc.(c)		32,641
	1,025	HealthCare Trust of America, ClassA(c)		28,556
	775	Hercules Technology Growth Capital, Inc.(a)		10,447
	50	Heritage Commerce Corp.(a)		456
	375	HFF, Inc., ClassA		14,077
	1,100	Highwoods Properties, Inc.(c)		50,358
	1,500	Hilltop Holdings, Inc.†		29,160
	625	Home BancShares, Inc.(a)		21,181
	500	Home Properties, Inc.(c)		34,645
	375	Horace Mann Educators Corp.		12,825
	1,850	Hospitality Properties Trust		61,031
	8,574	Host Hotels & Resorts, Inc., (c)		173,023
	421	Howard Hughes Corp. (The)†		65,263
	5,676	Hudson City Bancorp, Inc.(a)		59,484
	700	Hudson Pacific Properties, Inc.(c)		23,233
	9,351	Huntington Bancshares, Inc.		103,329
	375	Iberiabank Corp.		23,636
	85	Impac Mortgage Holdings, Inc.† (c)		1,058
	300	Independent Bank Corp.		13,161
	1,100	Inland Real Estate Corp.(c)		11,759
	500	Interactive Brokers Group, Inc., ClassA(a)		17,010
	1,217	Intercontinental Exchange, Inc.		283,890
	700	International Bancshares Corp.		18,221
	500	INTL FCStone, Inc.†		14,865
	1,000	Invesco Mortgage Capital, Inc.(a) (c)		15,530
	4,625	Invesco, Ltd.		183,566
	1,000	Investment Technology Group, Inc.†		30,310
	1,800	Investors Real Estate Trust(c)		13,500
	2,247	Iron Mountain, Inc.(a) (c)		81,971
	2,475	Janus Capital Group, Inc.(a)		42,545
	500	Jones Lang LaSalle, Inc.		85,200
	39,734	JPMorgan Chase & Co.		2,407,086
	600	Kearny Financial Corp.†(a)		8,148
	650	Kemper Corp.(a)		25,324
	925	Kennedy-Wilson Holdings, Inc.		24,179
	9,023	KeyCorp		127,766
	1,000	Kilroy Realty Corp.(c)		76,170
	4,650	Kimco Realty Corp.(c)		124,852
	1,125	Kite Realty Group Trust(a) (c)		31,691
	1,000	Lamar Advertising Co., ClassA(a)		59,270
	1,000	LaSalle Hotel Properties(c)		38,860
	375	LegacyTexas Financial Group, Inc.		8,524
	1,200	Legg Mason, Inc.		66,240
	90	LendingTree, Inc.†(a)		5,041
	4,282	Leucadia National Corp.		95,446
	1,525	Liberty Property Trust(c)		54,443
	2,775	Lincoln National Corp.		159,452
	3,925	Loews Corp.		160,258
	200	LPL Financial Holdings, Inc.(a)		8,772
	350	LTC Properties, Inc.(c)		16,100
	1,172	M&T Bank Corp.		148,844
	1,751	Macerich Co. (The)(c)		147,662
	475	Main Street Capital Corp.(a)		14,677
	138	Markel Corp.†(a)		106,116
	350	MarketAxess Holdings, Inc.		29,015
	5,820	Marsh & McLennan Cos., Inc.		326,444
	865	MB Financial, Inc.		27,083
	1,900	MBIA, Inc.†(a)		17,670
	2,531	McGraw Hill Financial, Inc.		261,705
	967	Meadowbrook Insurance Group, Inc.(a)		8,220
	600	Medallion Financial Corp.(a)		5,556

Shares			Value
Financials — (continued)
	1,500	Medical Properties Trust, Inc.(c)	$	22,110
	300	Mercury General Corp.(a)		17,325
	10,796	MetLife, Inc.		545,738
	4,000	MFA Financial, Inc.(c)		31,440
	1,500	MGIC Investment Corp.†		14,445
	914	Mid-America Apartment Communities, Inc.(c)		70,625
	2,300	Monogram Residential Trust, Inc.(a) (c)		21,436
	400	Montpelier Re Holdings, Ltd.(a)		15,376
	1,784	Moody's Corp.		185,179
	17,225	Morgan Stanley		614,760
	997	MSCI, Inc., ClassA		61,126
	1,325	NASDAQ OMX Group, Inc. (The)(a)		67,496
	325	National Health Investors, Inc.(a) (c)		23,078
	400	National Interstate Corp.		11,232
	2,500	National Penn Bancshares, Inc.		26,925
	1,200	National Retail Properties, Inc.(c)		49,164
	3,100	Navient Corp.		63,023
	500	NBT Bancorp, Inc.		12,530
	325	Nelnet, Inc., ClassA		15,379
	650	New Mountain Finance Corp.(a)		9,490
	1,400	New Residential Investment Corp.(c)		21,042
	695	New Senior Investment Group, Inc.(a)(c)		11,558
	5,087	New York Community Bancorp, Inc.(a)		85,106
	695	Newcastle Investment Corp.(a) (c)		3,371
	2,650	Northern Trust Corp.		184,572
	2,153	NorthStar Asset Management Group, Inc.		50,251
	3,253	NorthStar Realty Finance Corp.(c)		58,944
	875	Northwest Bancshares, Inc.		10,369
	1,400	Oaktree Capital Group LLC, ClassA		72,324
	432	OFG Bancorp(a)		7,050
	1,500	Old National Bancorp(a)		21,285
	3,236	Old Republic International Corp.		48,346
	400	Old Second Bancorp, Inc.†		2,288
	1,275	Omega Healthcare Investors, Inc.(a)(c)		51,727
	600	OneBeacon Insurance Group, Ltd., ClassA		9,126
	400	Oritani Financial Corp.		5,820
	336	Outfront Media, Inc.		10,053
	1,267	PacWest Bancorp(a)		59,410
	1,800	Paramount Group, Inc.(c)		34,740
	187	Park National Corp.		16,000
	1,100	Parkway Properties, Inc.(c)		19,085
	425	PartnerRe, Ltd.		48,590
	1,000	Pebblebrook Hotel Trust(c)		46,570
	775	PennyMac Mortgage Investment Trust(c)		16,500
	2,997	People's United Financial, Inc.(a)		45,554
	573	PHH Corp.†(a)		13,849
	62	Phoenix, Inc.†		3,099
	2,100	Piedmont Office Realty Trust, Inc., ClassA(c)		39,081
	350	Pinnacle Financial Partners, Inc.		15,561
	300	Piper Jaffray Cos.†(a)		15,738
	2,184	Plum Creek Timber Co., Inc.		94,895
	5,606	PNC Financial Services Group, Inc.		522,703
	1,157	Popular, Inc.†		39,789
	600	Post Properties, Inc.(c)		34,158
	400	Potlatch Corp.(c)		16,016
	600	PRA Group, Inc.†(a)		32,592
	200	Preferred Bank		5,494
	600	Primerica, Inc.		30,540
	2,550	Principal Financial Group, Inc.		130,994
	697	PrivateBancorp, Inc., ClassA		24,513
	830	ProAssurance Corp.		38,105
	5,875	Progressive Corp. (The)		159,800
	5,660	Prologis, Inc.(c)		246,550
	3,375	Prospect Capital Corp.(a)		28,519

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Financials — (continued)
	800	Prosperity Bancshares, Inc.(a)	$	41,984
	1,500	Provident Financial Services, Inc.		27,975
	4,956	Prudential Financial, Inc.		398,016
	1,655	Public Storage(c)		326,267
	2,077	Pzena Investment Management, Inc., ClassA(a)		19,046
	2,145	Radian Group, Inc.(a)		36,015
	66	RAIT Financial Trust(a)(c)		453
	1,000	Ramco-Gershenson Properties Trust(c)		18,600
	1,525	Raymond James Financial, Inc.		86,590
	1,501	Rayonier, Inc.(a)(c)		40,467
	2,000	Realty Income Corp.(a)(c)		103,200
	1,200	Redwood Trust, Inc.(a)		21,444
	1,025	Regency Centers Corp.(a)(c)		69,741
	14,006	Regions Financial Corp.		132,357
	550	Reinsurance Group of America, Inc., ClassA		51,255
	400	RenaissanceRe Holdings, Ltd.(a)		39,892
	400	Renasant Corp.(a)		12,020
	315	Republic Bancorp, Inc., ClassA(a)		7,790
	250	Resource America, Inc., ClassA(a)		2,275
	200	Resource Capital Corp.(a) (c)		908
	725	Retail Opportunity Investments Corp.(c)		13,268
	725	Retail Properties of America, Inc., ClassA(c)		11,622
	425	RLI Corp.(a)		22,274
	1,500	RLJ Lodging Trust(c)		46,965
	174	Rouse Properties, Inc.(a)(c)		3,299
	825	Ryman Hospitality Properties, Inc.		50,251
	200	Saul Centers, Inc.(c)		11,440
	150	Seacoast Banking Corp of Florida† (a)		2,141
	1,300	SEI Investments Co.		57,317
	350	Select Income (a) (c)		8,747
	600	Selective Insurance Group, Inc.		17,430
	2,750	Senior Housing Properties Trust(c)		61,023
	606	Signature Bank†		78,525
	152	Silver Bay Realty Trust Corp.(c)		2,456
	200	Simmons First National Corp., ClassA(a)		9,094
	3,493	Simon Property Group, Inc.(c)		683,371
	1,057	SL Green Realty Corp.(a) (c)		135,698
	4,300	SLM Corp.(a)		39,904
	500	Solar Capital, Ltd.		10,120
	300	South State Corp.		20,517
	300	Southside Bancshares, Inc.		8,607
	50	Southwest Bancorp, Inc.		890
	450	Sovran Self Storage, Inc.(c)		42,273
	4,000	Spirit Realty Capital, Inc.(c)		48,320
	300	Springleaf Holdings, Inc., ClassA†(a)		15,531
	500	St. Joe Co. (The)†		9,280
	450	STAG Industrial, Inc.(c)		10,584
	490	StanCorp Financial Group, Inc.		33,614
	2,550	Starwood Property Trust, Inc.(a) (c)		61,965
	415	Starwood Waypoint Residential Trust(c)		10,728
	400	State Auto Financial Corp.(a)		9,716
	4,765	State Street Corp.		350,370
	1,113	Sterling Bancorp(a)		14,925
	300	Stewart Information Services Corp.		12,192
	640	Stifel Financial Corp.†		35,680
	1,425	Strategic Hotels & Resorts, Inc.† (c)		17,713
	50	Suffolk Bancorp		1,188
	164	Sun Bancorp, Inc.†		3,101
	500	Sun Communities, Inc.(a)(c)		33,360
	1,318	Sunstone Hotel Investors, Inc.(c)		21,971
	5,905	SunTrust Banks, Inc.		242,636
	1,728	Susquehanna Bancshares, Inc.		23,691
	501	SVB Financial Group†		63,647
	1,000	Symetra Financial Corp.		23,460

Shares			Value
Financials — (continued)
	1,650	Synchrony Financial†(a)	$	50,078
	1,547	Synovus Financial Corp.		43,331
	2,754	T Rowe Price Group, Inc.		223,019
	1,300	Tanger Factory Outlet Centers, Inc.(c)		45,721
	800	Taubman Centers, Inc.(c)		61,704
	1,500	TCF Financial Corp.		23,580
	3,153	TD Ameritrade Holding Corp.		117,481
	50	Tejon Ranch Co.†(a)		1,323
	575	Terreno Realty Corp.(c)		13,110
	384	Texas Capital Bancshares, Inc.†(a)		18,682
	1,250	TFS Financial Corp.(a)		18,350
	300	Tompkins Financial Corp.		16,155
	1,250	Torchmark Corp.(a)		68,650
	103	TowneBank		1,656
	3,522	Travelers Cos., Inc. (The)		380,834
	350	Triangle Capital Corp.(a)		7,983
	409	Trico Bancshares		9,869
	1,300	Trinity Place Holdings, Inc.†(a)		9,165
	1,208	TrustCo Bank Corp.		8,311
	1,000	Trustmark Corp.(a)		24,280
	4,125	Two Harbors Investment Corp.(c)		43,808
	19,209	U.S. Bancorp		838,857
	2,853	UDR, Inc.(c)		97,088
	400	UMB Financial Corp.(a)		21,156
	2,275	Umpqua Holdings Corp.		39,085
	575	Union Bankshares Corp.		12,771
	832	United Bankshares, Inc.(a)		31,267
	474	United Community Banks, Inc.		8,949
	317	United Community Financial Corp.(a)		1,731
	542	United Financial Bancorp, Inc.(a)		6,737
	300	United Fire Group, Inc.		9,531
	378	United Security Bancshares†		2,022
	200	Universal Health Realty Income Trust(a)(c)		11,250
	2,132	Unum Group		71,912
	1,286	Urban Edge Properties(c)		30,478
	500	Urstadt Biddle Properties, Inc., ClassA(c)		11,530
	1,083	Validus Holdings, Ltd.		45,594
	2,225	Valley National Bancorp		21,004
	3,915	Ventas, Inc.(c)		285,873
	48	Virtus Investment Partners, Inc.(a)		6,277
	2,072	Vornado Realty Trust(c)		232,064
	1,650	Voya Financial, Inc.		71,132
	687	W.R. Berkley Corp.(a)		34,700
	1,125	Waddell & Reed Financial, Inc., ClassA(a)		55,732
	220	Walter Investment Management Corp.†(a)		3,553
	1,333	Washington Federal, Inc.		29,066
	1,250	Washington Real Estate Investment Trust(a)(c)		34,538
	400	Washington Trust Bancorp, Inc.(a)		15,276
	1,100	Webster Financial Corp.		40,755
	1,700	Weingarten Realty Investors(c)		61,166
	53,217	Wells Fargo & Co.		2,895,005
	350	WesBanco, Inc.		11,403
	383	Westamerica Bancorporation(a)		16,549
	1,150	Western Alliance Bancorp†(a)		34,086
	200	Westfield Financial, Inc.		1,546
	5,083	Weyerhaeuser Co.(c)		168,501
	80	White Mountains Insurance Group, Ltd.		54,762
	700	Wilshire Bancorp, Inc.(a)		6,979
	750	WisdomTree Investments, Inc.		16,095
	100	World Acceptance Corp.†(a)		7,292
	2,292	WP GLIMCHER, Inc.(c)		38,116
	2,280	Zions Bancorporation		61,560
				41,371,107

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Health Care — 13.5%
	16,000	Abbott Laboratories	$	741,280
	14,225	AbbVie, Inc.		832,731
	350	ABIOMED, Inc.†		25,053
	475	Acadia Healthcare Co., Inc.†(a)		34,010
	625	ACADIA Pharmaceuticals, Inc.†		20,369
	300	Accretive Health, Inc.†		1,734
	375	Acorda Therapeutics, Inc.†(a)		12,480
	4,075	Actavis PLC†		1,212,941
	300	Aegerion Pharmaceuticals, Inc.†(a)		7,851
	3,768	Aetna, Inc.		401,405
	200	Affymetrix, Inc.†(a)		2,512
	3,346	Agilent Technologies, Inc.		139,026
	300	Agios Pharmaceuticals, Inc.†(a)		28,290
	300	Air Methods Corp.†(a)		13,977
	900	Akorn, Inc.†(a)		42,759
	700	Albany Molecular Research, Inc.†(a)		12,320
	850	Alere, Inc.†		41,565
	1,629	Alexion Pharmaceuticals, Inc.†		282,306
	750	Align Technology, Inc.†		40,339
	1,300	Alkermes PLC†(a)		79,261
	140	Alliance HealthCare Services, Inc.†		3,105
	596	Alnylam Pharmaceuticals, Inc.†		62,234
	100	AMAG Pharmaceuticals, Inc.†(a)		5,466
	201	Amedisys, Inc.†		5,383
	600	American CareSource Holdings, Inc.†(a)		1,800
	2,040	AmerisourceBergen Corp., ClassA		231,887
	7,096	Amgen, Inc.		1,134,296
	250	AMN Healthcare Services, Inc.†		5,767
	375	Amsurg Corp., ClassA†		23,070
	475	Anacor Pharmaceuticals, Inc.†		27,479
	130	Analogic Corp.		11,817
	500	Anika Therapeutics, Inc.†(a)		20,585
	2,885	Anthem, Inc.		445,473
	600	Arrowhead Research Corp.†(a)		4,059
	45	Asterias Biotherapeutics, Inc.†		303
	443	athenahealth, Inc.†(a)		52,890
	300	Auspex Pharmaceuticals, Inc.†		30,081
	5,838	Baxter International, Inc.(a)		399,903
	2,156	Becton Dickinson and Co.		309,527
	200	Biodel, Inc.†(a)		238
	2,081	Biogen Idec, Inc.†		878,681
	1,075	BioMarin Pharmaceutical, Inc.†		133,966
	300	Bio-Rad Laboratories, Inc., ClassA†		40,554
	500	Bio-Techne Corp.		50,145
	286	Bluebird Bio, Inc.†		34,540
	12,139	Boston Scientific Corp.†		215,467
	17,525	Bristol-Myers Squibb Co.		1,130,363
	2,194	Brookdale Senior Living, Inc., ClassA†		82,845
	1,500	Bruker Corp.†		27,705
	725	C.R. Bard, Inc.		121,329
	350	Cambrex Corp.†		13,870
	100	Capital Senior Living Corp.†(a)		2,594
	3,513	Cardinal Health, Inc.		317,119
	325	Cardiovascular Systems, Inc.†(a)		12,688
	550	Catalent, Inc.†		17,133
	2,385	Catamaran Corp.†(a)		142,003
	8,614	Celgene Corp.†		993,022
	927	Celldex Therapeutics, Inc.†(a)		25,835
	1,260	Centene Corp.†		89,069
	500	Cepheid, Inc.†		28,450
	2,850	Cerner Corp.†		208,791
	500	Charles River Laboratories International, Inc.†		39,645
	136	Chemed Corp.(a)		16,238
	2,763	Cigna Corp.		357,643

Shares			Value
Health Care — (continued)
	300	Clovis Oncology, Inc.†(a)	$	22,269
	832	Community Health Systems, Inc.†		43,497
	100	Computer Programs & Systems, Inc.(a)		5,426
	300	CONMED Corp.		15,147
	400	Cooper Cos., Inc. (The)		74,968
	226	CTI BioPharma Corp.†(a)		409
	300	Cyberonics, Inc.†		19,476
	91	Cynosure, Inc., ClassA†		2,791
	1,808	DaVita HealthCare Partners, Inc.†		146,954
	1,500	DENTSPLY International, Inc.(a)		76,335
	675	Depomed, Inc.†(a)		15,127
	650	DexCom, Inc.†		40,521
	900	Edwards Lifesciences Corp.†		128,214
	10,445	Eli Lilly & Co.		758,829
	793	Emergent Biosolutions, Inc.†(a)		22,807
	1,222	Endo International PLC†		109,613
	700	Endologix, Inc.†(a)		11,949
	300	Ensign Group, Inc. (The)(a)		14,058
	600	Envision Healthcare Holdings, Inc.†		23,010
	775	Exact Sciences Corp.†(a)		17,065
	800	Exelixis, Inc.†(a)		2,056
	7,915	Express Scripts Holding Co.†		686,785
	100	Five Star Quality Care, Inc.†		444
	500	Galena Biopharma, Inc.†		695
	700	Genesis Healthcare, Inc., ClassA†(a)		4,984
	500	Genomic Health, Inc.†(a)		15,275
	1,100	Geron Corp.†(a)		4,147
	13,464	Gilead Sciences, Inc.†		1,321,222
	300	Greatbatch, Inc.†		17,355
	550	Haemonetics Corp.†		24,706
	1,700	Halozyme Therapeutics, Inc.†(a)		24,276
	597	Halyard Health, Inc.†(a)		29,372
	350	Hanger, Inc.†(a)		7,941
	500	HCA Holdings, Inc.†		37,615
	600	Health Net, Inc.†		36,294
	1,100	HealthSouth Corp.		48,796
	170	HeartWare International, Inc.†(a)		14,921
	672	Henry Schein, Inc.†(a)		93,825
	600	Hill-Rom Holdings, Inc.		29,400
	925	HMS Holdings Corp.†		14,291
	2,452	Hologic, Inc.†(a)		80,977
	1,125	Horizon Pharma PLC†		29,216
	1,740	Hospira, Inc.†		152,842
	1,476	Humana, Inc.		262,758
	200	ICU Medical, Inc.†		18,628
	409	IDEXX Laboratories, Inc.†(a)		63,182
	1,262	Illumina, Inc.†		234,278
	1,000	ImmunoGen, Inc.†(a)		8,950
	1,000	Impax Laboratories, Inc.†		46,870
	825	IMS Health Holdings, Inc.†(a)		22,333
	1,700	Incyte Corp., Ltd.†		155,822
	600	Infinity Pharmaceuticals, Inc.†		8,388
	475	Insulet Corp.†(a)		15,841
	300	Integra LifeSciences Holdings Corp.†(a)		18,495
	137	Intercept Pharmaceuticals, Inc.†(a)		38,637
	400	Intrexon Corp.†(a)		18,148
	365	Intuitive Surgical, Inc.†		184,336
	300	IPC The Hospitalist Co., Inc.†(a)		13,992
	1,000	Ironwood Pharmaceuticals, Inc., ClassA†		16,000
	700	Isis Pharmaceuticals, Inc.†(a)		44,569
	29,656	Johnson & Johnson		2,983,394
	975	Keryx Biopharmaceuticals, Inc.†(a)		12,412
	587	Kindred Healthcare, Inc.		13,965
	1,049	Laboratory Corp. of America Holdings†		132,268
	300	Lannett Co., Inc.†		20,313

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Health Care — (continued)
	600	LHC Group, Inc.†	$	19,818
	565	LifePoint Hospitals, Inc.†		41,499
	316	Ligand Pharmaceuticals, Inc., ClassB†(a)		24,367
	400	Magellan Health, Inc.†		28,328
	600	Masimo Corp.†(a)		19,788
	2,486	McKesson Corp.		562,333
	400	MedAssets, Inc.†		7,528
	650	Medicines Co. (The)†(a)		18,213
	847	Medivation, Inc.†		109,322
	900	MEDNAX, Inc.†		65,259
	28,680	Merck & Co., Inc.		1,648,526
	100	Merge Healthcare, Inc.†		447
	375	Meridian Bioscience, Inc.		7,155
	200	Mettler-Toledo International, Inc.†		65,730
	600	MGC Diagnostics Corp.†(a)		4,416
	300	Molina Healthcare, Inc.†(a)		20,187
	200	Momenta Pharmaceuticals, Inc.†		3,040
	3,675	Mylan NV†(a)		218,111
	800	Myriad Genetics, Inc.†(a)		28,320
	375	Natus Medical, Inc.†(a)		14,801
	950	Nektar Therapeutics†(a)		10,450
	350	Neogen Corp.†		16,356
	800	Neurocrine Biosciences, Inc.†		31,768
	300	NewLink Genetics Corp.†(a)		16,413
	2,150	Novavax, Inc.†(a)		17,780
	400	NuVasive, Inc.†		18,396
	1,000	NxStage Medical, Inc.†		17,300
	1,000	Omnicare, Inc.		77,060
	375	Omnicell, Inc.†		13,162
	300	Ophthotech Corp.†		13,959
	3,000	OPKO Health, Inc.†(a)		42,510
	750	Orexigen Therapeutics, Inc.†		5,872
	300	Orthofix International NV†(a)		10,767
	375	Pacira Pharmaceuticals, Inc.†		33,319
	6	Paratek Pharmaceuticals, Inc.		188
	600	PAREXEL International Corp.†(a)		41,394
	950	Patterson Cos., Inc.(a)		46,351
	800	PDI, Inc.†		1,080
	1,092	PerkinElmer, Inc.(a)		55,845
	5	Pernix Therapeutics Holdings, Inc.†(a)		53
	66,962	Pfizer, Inc.		2,329,608
	725	Pharmacyclics, Inc.†		185,564
	381	PharMerica Corp.†(a)		10,740
	400	Pozen, Inc.†		3,088
	350	Premier, Inc., ClassA†		13,153
	650	Prestige Brands Holdings, Inc.†		27,878
	800	Progenics Pharmaceuticals, Inc.†(a)		4,784
	200	Providence Service Corp. (The)†		10,624
	254	Puma Biotechnology, Inc.†		59,972
	575	Quality Systems, Inc.		9,189
	1,475	Quest Diagnostics, Inc.(a)		113,354
	300	Quidel Corp.†		8,094
	750	Quintiles Transnational Holdings, Inc.†(a)		50,228
	675	Raptor Pharmaceutical Corp.†(a)		7,337
	100	Receptos, Inc.†		16,489
	697	Regeneron Pharmaceuticals, Inc.†(a)		314,682
	1,400	ResMed, Inc.(a)		100,492
	1,600	Rigel Pharmaceuticals, Inc.†		5,712
	418	RTI Surgical, Inc.†(a)		2,065
	600	Sagent Pharmaceuticals, Inc.†(a)		13,950
	500	Salix Pharmaceuticals, Ltd.†(a)		86,405
	300	Sangamo BioSciences, Inc.†(a)		4,704
	400	Sarepta Therapeutics, Inc.†(a)		5,312
	925	Seattle Genetics, Inc.†(a)		32,699
	1,500	Sequenom, Inc.†(a)		5,925

Shares			Value
Health Care — (continued)
	600	Simulations Plus, Inc.	$	3,684
	650	Sirona Dental Systems, Inc.†(a)		58,494
	475	Spectranetics Corp.†(a)		16,511
	2,950	St. Jude Medical, Inc.		192,930
	350	STERIS Corp.(a)		24,595
	3,791	Stryker Corp.		349,720
	50	Symmetry Surgical, Inc.†		366
	303	Synageva BioPharma Corp.†(a)		29,552
	400	Synta Pharmaceuticals Corp.†(a)		776
	675	Team Health Holdings, Inc.†		39,494
	300	Teleflex, Inc.(a)		36,249
	1,231	Tenet Healthcare Corp.†(a)		60,947
	300	Tetraphase Pharmaceuticals, Inc.†(a)		10,992
	1,000	Theravance, Inc.(a)		15,720
	4,256	Thermo Fisher Scientific, Inc.		571,751
	525	Thoratec Corp.†(a)		21,992
	400	United Therapeutics Corp.†(a)		68,974
	10,182	UnitedHealth Group, Inc.		1,204,429
	500	Universal American Corp.†(a)		5,340
	1,100	Universal Health Services, Inc., ClassB		129,481
	1,200	Varian Medical Systems, Inc.†(a)		112,908
	825	VCA, Inc.†		45,227
	425	Veeva Systems, Inc., ClassA†		10,850
	2,114	Vertex Pharmaceuticals, Inc.†		249,389
	900	Waters Corp.†		111,888
	450	WellCare Health Plans, Inc.†(a)		41,157
	650	West Pharmaceutical Services, Inc.		39,136
	750	Wright Medical Group, Inc.†(a)		19,350
	1,871	Zimmer Holdings, Inc.		219,880
	1,250	Zoetis, Inc., ClassA		57,863
				30,835,650
Industrials — 11.0%
	1,423	3D Systems Corp.†(a)		39,019
	6,803	3M Co.		1,122,155
	525	AAON, Inc.(a)		12,878
	500	ABM Industries, Inc.		15,930
	300	Acacia Research Corp.(a)		3,210
	300	Acme United Corp.		5,478
	590	Actuant Corp., ClassA(a)		14,007
	500	Acuity Brands, Inc.		84,080
	1,675	ADT Corp.(a)		69,546
	400	Advisory Board Co. (The)†		21,312
	1,427	AECOM Technology Corp.†(a)		43,980
	700	AGCO Corp.(a)		33,348
	1,000	Air Lease Corp., ClassA(a)		37,740
	1,200	Aircastle, Ltd.		26,952
	1,134	Alaska Air Group, Inc.		75,048
	400	Albany International Corp., ClassA		15,900
	153	Allegiant Travel Co., ClassA		29,420
	300	Altra Industrial Motion Corp.(a)		8,292
	100	AMERCO		33,040
	7,711	American Airlines Group, Inc.(a)		406,987
	300	American Railcar Industries, Inc.(a)		14,919
	2,512	AMETEK, Inc.		131,980
	3,275	AMR Corp., Escrow†		—
	1,500	AMREP Corp.†(a)		7,725
	550	AO Smith Corp.		36,113
	500	Apogee Enterprises, Inc.		21,600
	300	ArcBest Corp.(a)		11,367
	200	Armstrong World Industries, Inc.†		11,494
	200	Astec Industries, Inc.		8,576
	300	Astronics Corp.†		22,110
	892	Avis Budget Group, Inc.†		52,641
	600	AZZ, Inc.(a)		27,954
	834	B/E Aerospace, Inc.(a)		53,059

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Industrials — (continued)
	1,437	Babcock & Wilcox Co. (The)	$	46,113
	600	Barnes Group, Inc.		24,294
	500	Beacon Roofing Supply, Inc.†		15,650
	900	BlueLinx Holdings, Inc.†		972
	7,343	Boeing Co. (The)		1,102,038
	445	Brady Corp., ClassA		12,589
	450	Briggs & Stratton Corp.(a)		9,243
	450	Brink's Co. (The)(a)		12,433
	450	Builders FirstSource, Inc.†		3,002
	423	Carlisle Cos., Inc.		39,182
	100	Casella Waste Systems, Inc., ClassA†(a)		550
	6,436	Caterpillar, Inc.		515,073
	1,300	CBIZ, Inc.†(a)		12,129
	400	CDI Corp.		5,620
	400	Ceco Environmental Corp.(a)		4,244
	300	Celadon Group, Inc.		8,166
	800	Cenveo, Inc.†(a)		1,712
	1,500	CH Robinson Worldwide, Inc.(a)		109,830
	1,032	Cintas Corp.(a)		84,242
	184	CIRCOR International, Inc.(a)		10,065
	1,000	Civeo Corp.		2,540
	400	CLARCOR, Inc.		26,424
	400	Clean Harbors, Inc.†(a)		22,712
	925	Colfax Corp.†(a)		44,150
	400	Columbus McKinnon Corp.		10,776
	900	Comfort Systems USA, Inc.		18,936
	300	Commercial Vehicle Group, Inc.†(a)		1,932
	500	Con-way, Inc.		22,065
	1,400	Copart, Inc.†		52,598
	300	Corporate Executive Board Co. (The)		23,958
	1,750	Covanta Holding Corp.(a)		39,253
	100	Covenant Transportation Group, Inc., ClassA†		3,316
	625	Crane Co.		39,006
	10,250	CSX Corp.		339,480
	300	Cubic Corp.		15,531
	1,762	Cummins, Inc.		244,284
	300	Curtiss-Wright Corp.		22,182
	6,338	Danaher Corp.		538,096
	3,455	Deere & Co.(a)		302,969
	9,425	Delta Air Lines, Inc.		423,748
	500	Deluxe Corp.		34,640
	750	DigitalGlobe, Inc.†		25,553
	925	Donaldson Co., Inc.(a)		34,882
	1,718	Dover Corp.(a)		118,748
	313	Dun & Bradstreet Corp.		40,177
	100	DXP Enterprises, Inc.†		4,409
	350	Dycom Industries, Inc.†		17,094
	400	Dynamic Materials Corp.(a)		5,108
	5	Eagle Bulk Shipping, Inc.†		37
	5,371	Eaton Corp. PLC		364,906
	800	EMCOR Group, Inc.		37,176
	7,403	Emerson Electric Co.		419,158
	700	Empire Resources, Inc.(a)		2,968
	550	Encore Wire Corp.		20,834
	500	Energy Recovery, Inc.†(a)		1,295
	375	EnerSys, Inc.		24,090
	179	Engility Holdings, Inc.		5,377
	50	Ennis, Inc.		706
	178	EnPro Industries, Inc.		11,739
	1,193	Equifax, Inc.		110,949
	200	ESCO Technologies, Inc.		7,796
	290	Esterline Technologies Corp.†(a)		33,182
	2,200	Exelis, Inc.		53,614
	1,850	Expeditors International of Washington, Inc.		89,133
	135	Exponent, Inc.		12,002

Shares			Value
Industrials — (continued)
	2,900	Fastenal Co.(a)	$	120,161
	1,000	Federal Signal Corp.		15,790
	2,632	FedEx Corp.		435,464
	1,115	Flowserve Corp.		62,986
	1,686	Fluor Corp.		96,372
	1,300	Fortune Brands Home & Security, Inc.		61,724
	300	Forward Air Corp.		16,290
	600	Franklin Electric Co., Inc.(a)		22,884
	500	FreightCar America, Inc.(a)		15,715
	600	FTI Consulting, Inc.†		22,476
	700	Fuel Tech, Inc.†		2,191
	500	FuelCell Energy, Inc.†		625
	300	Furmanite Corp.†		2,367
	300	G&K Services, Inc., ClassA		21,759
	500	GenCorp, Inc.†		11,595
	625	General Cable Corp.(a)		10,769
	2,688	General Dynamics Corp.		364,842
	106,746	General Electric Co.		2,648,368
	585	Genessee & Wyoming, Inc., ClassA†(a)		56,417
	507	Gorman-Rupp Co. (The)(a)		15,185
	662	Graco, Inc.		47,770
	1,350	GrafTech International, Ltd.†		5,252
	400	Granite Construction, Inc.		14,056
	1,500	Great Lakes Dredge & Dock Corp.†(a)		9,015
	550	Greenbrier Cos., Inc.(a)		31,900
	350	Griffon Corp.(a)		6,100
	325	H&E Equipment Services, Inc.(a)		8,122
	850	Hardinge, Inc.		9,860
	1,500	Hawaiian Holdings, Inc.†(a)		33,037
	675	Healthcare Services Group, Inc.(a)		21,688
	625	Heartland Express, Inc.		14,850
	200	Heidrick & Struggles International, Inc.		4,916
	600	Herman Miller, Inc.		16,656
	2,150	Hertz Global Holdings, Inc.†(a)		46,612
	1,050	Hexcel Corp.		53,991
	300	Hill International, Inc.†		1,077
	625	Hillenbrand, Inc.		19,294
	400	HNI Corp.		22,068
	8,859	Honeywell International, Inc.		924,082
	350	Hub Group, Inc., ClassA†(a)		13,752
	338	Hubbell, Inc., ClassB		37,052
	525	Huntington Ingalls Industries, Inc.		73,579
	400	Hurco Cos., Inc.		13,172
	200	Huron Consulting Group, Inc.†		13,230
	118	Hyster-Yale Materials Handling, Inc.		8,648
	675	IDEX Corp.		51,185
	594	IHS, Inc., ClassA†		67,573
	3,620	Illinois Tool Works, Inc.(a)		351,647
	875	Industrial Services of America, Inc.†		3,692
	500	InnerWorkings, Inc.†		3,360
	100	Innovative Solutions & Support, Inc.†		380
	336	Insperity, Inc.		17,569
	500	Integrated Electrical Services, Inc.†(a)		4,400
	1,300	Interface, Inc., ClassA		27,014
	400	International Shipholding Corp.(a)		4,844
	400	Intersections, Inc.(a)		1,364
	1,100	ITT Corp.		43,901
	1,725	Jacobs Engineering Group, Inc.†(a)		77,901
	852	JB Hunt Transport Services, Inc.(a)		72,757
	2,525	JetBlue Airways Corp.†(a)		48,606
	251	John Bean Technologies Corp.		8,966
	875	Joy Global, Inc.(a)		34,282
	200	Kadant, Inc.		10,522
	300	Kaman Corp.(a)		12,729
	1,152	Kansas City Southern		117,596
	400	KAR Auction Services, Inc.		15,172

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Industrials — (continued)
	1,550	KBR, Inc.	$	22,444
	400	Kelly Services, Inc., ClassA(a)		6,976
	800	Kennametal, Inc.		26,952
	150	Kforce, Inc.		3,346
	700	Kimball International, Inc., ClassB(a)		7,336
	600	Kirby Corp.†(a)		45,030
	617	KLX, Inc.†		23,779
	650	Knight Transportation, Inc.(a)		20,962
	500	Knoll, Inc.		11,715
	525	Korn/Ferry International		17,257
	10	Kratos Defense & Security Solutions, Inc.†		55
	875	L-3 Communications Holdings, Inc., Class3		110,066
	300	Landstar System, Inc.(a)		19,890
	600	Layne Christensen Co.†(a)		3,006
	457	Lennox International, Inc.(a)		51,042
	600	Lincoln Electric Holdings, Inc.(a)		39,234
	200	Lindsay Corp.(a)		15,250
	100	LMI Aerospace, Inc.†(a)		1,221
	3,144	Lockheed Martin Corp.		638,106
	700	LSI Industries, Inc.(a)		5,705
	1,075	Manitowoc Co., Inc. (The)(a)		23,177
	702	Manpowergroup, Inc.		60,477
	150	Marten Transport, Ltd.		3,480
	2,925	Masco Corp.		78,098
	1,000	MasTec, Inc.†(a)		19,300
	400	Matthews International Corp., ClassA		20,604
	300	McGrath RentCorp		9,873
	1,550	Meritor, Inc.†		19,546
	300	MFRI, Inc.†		1,875
	528	Middleby Corp.†		54,199
	406	Mobile Mini, Inc.		17,312
	300	Moog, Inc., ClassA†		22,515
	350	MSA Safety, Inc.		17,458
	508	MSC Industrial Direct Co., Inc., ClassA(a)		36,678
	600	Mueller Industries, Inc.		21,678
	200	NACCO Industries, Inc., ClassA		10,598
	1,500	Navigant Consulting, Inc.†		19,440
	1,000	Navistar International Corp.†(a)		29,500
	500	NCI Building Systems, Inc.†		8,640
	600	Nordson Corp.		47,004
	3,335	Norfolk Southern Corp.(a)		343,238
	2,128	Northrop Grumman Corp.		342,523
	1,299	NOW, Inc.†(a)		28,110
	900	Old Dominion Freight Line, Inc.†		69,570
	550	On Assignment, Inc.†		21,103
	608	Orbital ATK, Inc.(a)		46,591
	500	Orion Energy Systems, Inc.†		1,570
	1,000	Oshkosh Corp.(a)		48,790
	1,550	Owens Corning(a)		67,270
	3,480	PACCAR, Inc.(a)		219,727
	1,080	Pall Corp.		108,421
	1,507	Parker Hannifin Corp.(a)		179,001
	1,825	Pentair PLC(a)		114,774
	2,125	Pitney Bowes, Inc.(a)		49,555
	2,075	Plug Power, Inc.†(a)		5,374
	250	PowerSecure International, Inc.†		3,290
	1,464	Precision Castparts Corp.		307,440
	475	Primoris Services Corp.		8,165
	1,000	Quanex Building Products Corp.		19,740
	1,950	Quanta Services, Inc.†(a)		55,634
	600	Raven Industries, Inc.(a)		12,276
	3,316	Raytheon Co.		362,273
	400	Regal-Beloit Corp.		31,968

Shares			Value
Industrials — (continued)
	1,500	Republic Airways Holdings, Inc.†	$	20,625
	2,818	Republic Services, Inc., ClassA		114,298
	200	Resources Connection, Inc.		3,500
	325	Rexnord Corp.†		8,674
	350	Roadrunner Transportation Systems, Inc.†		8,845
	1,300	Robert Half International, Inc.		78,676
	1,384	Rockwell Automation, Inc.(a)		160,530
	1,125	Rockwell Collins, Inc.(a)		108,619
	1,575	Rollins, Inc.(a)		38,950
	1,022	Roper Industries, Inc.		175,784
	1,000	RPX Corp. †		14,390
	1,850	RR Donnelley & Sons Co.(a)		35,502
	375	Rush Enterprises, Inc., ClassA†		10,260
	534	Ryder System, Inc.		50,671
	225	Saia, Inc.†(a)		9,968
	300	SIFCO Industries, Inc.(a)		6,537
	400	Simpson Manufacturing Co., Inc.		14,948
	500	Snap-on, Inc.		73,530
	300	SolarCity Corp.†(a)		15,384
	6,174	Southwest Airlines Co.		273,508
	1,475	Spirit AeroSystems Holdings, Inc., ClassA†		77,010
	312	SPX Corp.		26,489
	50	Standex International Corp.		4,107
	916	Stericycle, Inc.†		128,634
	300	Sun Hydraulics Corp.(a)		12,408
	1,000	Swift Transportation Co., ClassA†(a)		26,020
	500	TAL International Group, Inc.(a)		20,365
	650	Taser International, Inc.†(a)		15,672
	500	Team, Inc.†		19,490
	500	Tecumseh Products Co.†(a)		1,415
	333	Teledyne Technologies, Inc.†(a)		35,541
	1,300	Terex Corp.(a)		34,567
	743	Tetra Tech, Inc.		17,847
	700	Textainer Group Holdings, Ltd.(a)		20,993
	2,675	Textron, Inc.		118,583
	1,100	Timken Co.		46,354
	312	Titan International, Inc.(a)		2,920
	600	Toro Co. (The)		42,072
	500	Towers Watson & Co., ClassA		66,092
	500	TransDigm Group, Inc.(a)		109,360
	100	TRC Cos., Inc.†		832
	600	Trex Co., Inc.†(a)		32,718
	1,000	Trinity Industries, Inc.		35,510
	556	Triumph Group, Inc.(a)		33,204
	800	TrueBlue, Inc.†		19,480
	500	Tutor Perini Corp.†(a)		11,675
	400	Twin Disc, Inc.(a)		7,068
	200	Ultralife Corp.†		798
	200	UniFirst Corp.		23,538
	9,061	Union Pacific Corp.		981,397
	3,330	United Continental Holdings, Inc.†		223,943
	7,567	United Parcel Service, Inc., ClassB		733,545
	1,077	United Rentals, Inc.†(a)		98,179
	9,787	United Technologies Corp.(a)		1,147,036
	300	Universal Forest Products, Inc.		16,644
	500	US Ecology, Inc.(a)		24,985
	1,075	USG Corp.†(a)		28,703
	900	UTi Worldwide, Inc.†(a)		11,070
	259	Valmont Industries, Inc.(a)		31,826
	122	Vectrus, Inc.†		3,110
	1,400	Verisk Analytics, Inc., ClassA†		99,960
	97	Veritiv Corp.†		4,281
	400	Viad Corp.		11,128
	300	Vicor Corp.†(a)		4,560
	750	Volt Information Sciences, Inc.†		8,820

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Industrials — (continued)
	50	Wabash National Corp.†	$	705
	691	WABCO Holdings, Inc.†		84,910
	859	Wabtec Corp.		81,614
	1,462	Waste Connections, Inc.		70,381
	4,350	Waste Management, Inc.		235,900
	328	Watsco, Inc.		41,230
	250	Werner Enterprises, Inc.		7,853
	300	WESCO International, Inc.†(a)		20,967
	425	West Corp.		14,335
	800	Woodward, Inc.		40,808
	685	WW Grainger, Inc.(a)		161,530
	655	XPO Logistics, Inc.†(a)		29,783
	1,600	Xylem, Inc.		56,032
				25,140,178
Information Technology — 18.7%
	1,185	ACI Worldwide, Inc.†		25,667
	4,988	Activision Blizzard, Inc.		113,352
	100	Actua Corporation†		1,549
	800	Acxiom Corp.†		14,792
	600	ADDvantage Technologies Group, Inc.†(a)		1,416
	5,162	Adobe Systems, Inc.†		381,678
	700	Advanced Energy Industries, Inc.†		17,962
	6,750	Advanced Micro Devices, Inc.†(a)		18,090
	400	Advent Software, Inc.		17,644
	500	Aehr Test Systems†		1,170
	500	Agilysys, Inc.†(a)		4,920
	1,759	Akamai Technologies, Inc.†		124,968
	608	Alliance Data Systems Corp.†		180,120
	3,200	Altera Corp.		137,312
	1,050	Amkor Technology, Inc.†		9,277
	2,550	Amphenol Corp., ClassA		150,271
	32	Amtech Systems, Inc.†		358
	3,050	Analog Devices, Inc.		192,150
	278	Anixter International, Inc.†		21,164
	922	ANSYS, Inc.†		81,311
	1,016	AOL, Inc.†		40,244
	62,137	Apple, Inc.		7,731,707
	11,608	Applied Materials, Inc.		261,876
	1,500	Applied Micro Circuits Corp.†(a)		7,650
	1,529	ARRIS Group, Inc.†(a)		44,180
	800	Arrow Electronics, Inc.†		48,920
	1,500	Aruba Networks, Inc.†		36,735
	1,000	Aspen Technology, Inc.†		38,490
	100	Astea International, Inc.†		124
	5,250	Atmel Corp.(a)		43,207
	2,350	Autodesk, Inc.†		137,804
	5,114	Automatic Data Processing, Inc.		437,963
	1,778	Aviat Networks, Inc.†(a)		2,116
	1,575	Avnet, Inc.		70,088
	1,000	AVX Corp.		14,270
	289	Axcelis Technologies, Inc.†		688
	200	Badger Meter, Inc.		11,988
	300	Bel Fuse, Inc., ClassB		5,709
	400	Belden, Inc.		37,424
	1,150	Benchmark Electronics, Inc.†		27,635
	298	Black Box Corp.		6,237
	300	Blackbaud, Inc.		14,214
	250	Blucora, Inc.†(a)		3,415
	1,000	Booz Allen Hamilton Holding Corp., ClassA		28,940
	375	Bottomline Technologies, Inc.†		10,264
	5,665	Broadcom Corp., ClassA		245,266
	1,175	Broadridge Financial Solutions, Inc.		64,637
	3,075	Brocade Communications Systems, Inc.		36,485

Shares			Value
Information Technology — (continued)
	106	Brooks Automation, Inc.	$	1,233
	3,622	CA, Inc.(a)		118,113
	100	Cabot Microelectronics Corp.†		4,997
	199	CACI International, Inc., ClassA†		17,894
	3,177	Cadence Design Systems, Inc.†(a)		58,584
	400	CalAmp Corp.†(a)		6,476
	175	Calix, Inc.†		1,468
	200	Callidus Software, Inc.†		2,536
	475	Cardtronics, Inc.†(a)		17,860
	200	Cascade Microtech, Inc.†		2,716
	500	Cavium, Inc.†(a)		35,410
	300	CDW Corp.		11,172
	900	CIBER, Inc.†		3,708
	997	Ciena Corp.†		19,252
	400	Cirrus Logic, Inc.†(a)		13,304
	54,848	Cisco Systems, Inc.		1,509,691
	1,575	Citrix Systems, Inc.†		100,595
	1,000	Cognex Corp.†		49,590
	6,548	Cognizant Technology Solutions Corp., ClassA†		408,530
	100	Coherent, Inc.†		6,496
	1,150	CommScope Holding Co., Inc.†		32,821
	375	CommVault Systems, Inc.†(a)		16,388
	1,255	Computer Sciences Corp.(a)		81,926
	400	comScore, Inc.†		20,480
	100	Comtech Telecommunications Corp.(a)		2,895
	300	Comverse, Inc.†		5,910
	400	Constant Contact, Inc.†		15,284
	1,300	Convergys Corp.		29,731
	1,152	CoreLogic, Inc.†		40,631
	500	Cornerstone OnDemand, Inc.†		14,445
	13,744	Corning, Inc.		311,714
	325	CoStar Group, Inc.†(a)		64,295
	284	Covisint Corp.†(a)		577
	425	Cray, Inc.†		11,934
	1,200	Cree, Inc.†(a)		42,588
	200	Crexendo, Inc.†(a)		450
	378	CSG Systems International, Inc.(a)		11,487
	100	CTS Corp.(a)		1,799
	1,625	Cypress Semiconductor Corp.		22,929
	800	Daktronics, Inc.(a)		8,648
	600	Datalink Corp.†		7,224
	300	Demandware, Inc.†(a)		18,270
	388	Dice Holdings, Inc.†(a)		3,461
	650	Diebold, Inc.		23,049
	51	Digital Ally, Inc.†		650
	300	Diodes, Inc.†		8,568
	600	Dolby Laboratories, Inc., ClassA		22,896
	400	DST Systems, Inc.		44,284
	1,421	EarthLink Holdings Corp.		6,309
	12,875	eBay, Inc.†		742,630
	331	Ebix, Inc.(a)		10,056
	150	Echelon Corp.†(a)		143
	700	EchoStar Corp., ClassA†		36,204
	100	Electro Scientific Industries, Inc.		618
	2,975	Electronic Arts, Inc.†		174,975
	729	Electronics For Imaging, Inc.†(a)		30,436
	350	Ellie Mae, Inc.†(a)		19,359
	21,879	EMC Corp.		559,227
	125	Emcore Corp.†		680
	1,000	Emulex Corp.†		7,970
	300	EnerNOC, Inc.†(a)		3,420
	1,836	Entegris, Inc.†		25,135
	300	EPAM Systems, Inc.†		18,387
	1,500	Epiq Systems, Inc.		26,895

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Information Technology — (continued)
	516	Equinix, Inc.(a) (c)	$	120,151
	450	Euronet Worldwide, Inc.†		26,437
	500	Exar Corp.†		5,025
	200	Extreme Networks, Inc.†(a)		632
	768	F5 Networks, Inc.†(a)		88,274
	23,394	Facebook, Inc., ClassA†		1,923,338
	350	FactSet Research Systems, Inc.		55,720
	246	Fair Isaac Corp.		21,825
	1,250	Fairchild Semiconductor International, Inc., ClassA†		22,725
	900	FalconStor Software, Inc.†		1,395
	200	FARO Technologies, Inc.†(a)		12,426
	406	FEI Co.(a)		30,994
	2,735	Fidelity National Information Services, Inc.		186,144
	600	FireEye, Inc.†(a)		23,550
	700	First Solar, Inc.†		41,853
	2,546	Fiserv, Inc.†		202,152
	450	FleetCor Technologies, Inc.†		67,914
	1,500	FLIR Systems, Inc.		46,920
	350	FormFactor, Inc.†		3,105
	255	Forrester Research, Inc.		9,379
	1,675	Fortinet, Inc.†		58,541
	850	Freescale Semiconductor, Ltd.†		34,646
	800	Gartner, Inc.†		67,080
	2,100	Genpact, Ltd.†		48,825
	102	GigOptix, Inc.†(a)		123
	1,850	Global Cash Access Holdings, Inc.†		14,097
	725	Global Payments, Inc.		66,468
	400	Glu Mobile, Inc.†(a)		2,004
	5,912	Google, Inc., ClassC†		3,239,776
	200	Guidance Software, Inc.†		1,082
	300	Guidewire Software, Inc.†		15,783
	800	Harmonic, Inc.†		5,928
	1,225	Harris Corp.		96,481
	300	Heartland Payment Systems, Inc.(a)		14,055
	20,052	Hewlett-Packard Co.		624,820
	1,100	Hutchinson Technology, Inc.†		2,937
	600	IAC/InterActiveCorp.		40,482
	100	ID Systems, Inc.†(a)		637
	625	iGATE Corp.†		26,662
	1,000	II-VI, Inc.†(a)		18,460
	600	Infinera Corp.†(a)		11,802
	1,075	Informatica Corp.†		47,144
	1,600	Ingram Micro, Inc., ClassA†(a)		40,192
	500	Insight Enterprises, Inc.†		14,260
	1,560	Integrated Device Technology, Inc.†(a)		31,231
	400	Integrated Silicon Solution, Inc.		7,156
	51,393	Intel Corp.		1,607,059
	350	Interactive Intelligence Group, Inc.†(a)		14,413
	371	Internap Network Services Corp.†		3,795
	9,736	International Business Machines Corp.		1,562,628
	600	Interphase Corp.†(a)		900
	850	Intersil Corp., ClassA(a)		12,172
	2,917	Intuit, Inc.		282,832
	381	IPG Photonics Corp.†(a)		35,319
	500	Itron, Inc.†		18,255
	1,200	Ixia†(a)		14,556
	800	IXYS Corp.(a)		9,856
	2,400	Jabil Circuit, Inc.		56,112
	600	Jack Henry & Associates, Inc.		41,934
	3,203	JDS Uniphase Corp.†(a)		42,023
	600	Journal Communications, Inc., ClassA†		8,892
	4,540	Juniper Networks, Inc.		102,513
	233	Kemet Corp.†(a)		965

Shares			Value
Information Technology — (continued)
	600	Key Tronic Corp.†	$	6,456
	2,023	Keysight Technologies, Inc.†		75,154
	525	Kimball Electronics, Inc.†(a)		7,423
	1,100	KLA-Tencor Corp.		64,119
	983	Knowles Corp.†(a)		18,942
	400	Kulicke & Soffa Industries, Inc.†		6,252
	1,487	Lam Research Corp.		104,439
	200	Lattice Semiconductor Corp.†		1,268
	981	Leidos Holdings, Inc.		41,163
	550	Lexmark International, Inc., ClassA		23,287
	2,100	Limelight Networks, Inc.†(a)		7,623
	2,150	Linear Technology Corp.		100,620
	1,080	LinkedIn Corp., ClassA†		269,849
	218	Littelfuse, Inc.		21,667
	300	LogMeIn, Inc.†(a)		16,797
	200	LoJack Corp.†(a)		572
	100	LRAD Corp.†(a)		235
	650	Manhattan Associates, Inc.†		32,897
	300	ManTech International Corp., ClassA		10,182
	200	Marchex, Inc., ClassB		816
	4,125	Marvell Technology Group, Ltd.		60,638
	11,194	MasterCard, Inc., ClassA		967,050
	400	Mattson Technology, Inc.†		1,576
	2,575	Maxim Integrated Products, Inc.		89,636
	725	MAXIMUS, Inc.		48,401
	1,200	Mentor Graphics Corp.		28,836
	100	Mercury Systems, Inc.†		1,555
	400	Methode Electronics, Inc.		18,816
	600	Micrel, Inc.		9,048
	2,037	Microchip Technology, Inc.(a)		99,609
	11,552	Micron Technology, Inc.†(a)		313,406
	650	Microsemi Corp.†		23,010
	92,912	Microsoft Corp.		3,777,337
	600	MKS Instruments, Inc.		20,286
	662	MoneyGram International, Inc.†		5,720
	500	Monolithic Power Systems, Inc.		26,325
	350	Monotype Imaging Holdings, Inc.		11,424
	1,550	Monster Worldwide, Inc.†(a)		9,827
	100	MoSys, Inc.†		210
	2,435	Motorola Solutions, Inc.		162,341
	328	Multi-Fineline Electronix, Inc.†(a)		5,993
	200	Nanometrics, Inc.†(a)		3,364
	900	NAPCO Security Technologies, Inc.†		5,211
	1,312	National Instruments Corp.		42,036
	1,925	NCR Corp.†		56,807
	3,300	NetApp, Inc.		117,018
	350	NETGEAR, Inc.†		11,508
	400	NetScout Systems, Inc.†(a)		17,540
	600	NetSuite, Inc.†(a)		55,656
	750	NeuStar, Inc., ClassA†(a)		18,465
	200	Newport Corp.†		3,812
	1,000	NIC, Inc.		17,670
	50	Novatel Wireless, Inc.†		241
	2,725	Nuance Communications, Inc.†(a)		39,104
	100	NVE Corp.		6,892
	4,525	NVIDIA Corp.		94,686
	21	Oclaro, Inc.†(a)		42
	600	OmniVision Technologies, Inc.†		15,822
	4,630	ON Semiconductor Corp.†		56,069
	37,530	Oracle Corp.		1,619,420
	200	OSI Systems, Inc.†		14,852
	100	Palo Alto Networks, Inc.†(a)		14,608
	425	Pandora Media, Inc.†(a)		6,889
	100	PAR Technology Corp.†		419
	600	Park Electrochemical Corp.		12,936

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Information Technology — (continued)
	3,525	Paychex, Inc.	$	174,893
	400	PCM, Inc.†		3,736
	600	Pegasystems, Inc.		13,050
	100	Pericom Semiconductor Corp.(a)		1,547
	8	PFSweb, Inc.†		88
	33	Pixelworks, Inc.†		166
	100	Planar Systems, Inc.†		629
	300	Plexus Corp.†		12,231
	300	Power Integrations, Inc.(a)		15,624
	220	PRGX Global, Inc.†		885
	500	Progress Software Corp.†		13,585
	300	PROS Holdings, Inc.†(a)		7,413
	1,240	PTC, Inc.†		44,851
	40	QAD, Inc., ClassB		800
	1,000	Qlik Technologies, Inc.†		31,130
	1,650	QLogic Corp.†		24,321
	17,355	QUALCOMM, Inc.		1,203,396
	300	Qualys, Inc.†(a)		13,944
	1,275	Rackspace Hosting, Inc.†(a)		65,777
	1,000	Rambus, Inc.†(a)		12,575
	1,000	RealD, Inc.†(a)		12,790
	681	RealNetworks, Inc.†		4,583
	625	RealPage, Inc.†		12,588
	1,840	Red Hat, Inc.†		139,380
	600	RELM Wireless Corp.†		3,660
	200	Rightside Group, Ltd.†(a)		2,030
	1,427	Riverbed Technology, Inc.†		29,839
	300	Rogers Corp.†		24,663
	300	Rosetta Stone, Inc.†		2,283
	1,020	Rovi Corp.†		18,574
	340	Rudolph Technologies, Inc.†		3,747
	5,600	Salesforce.com, Inc.†		374,136
	2,372	SanDisk Corp.(a)		150,907
	633	Sanmina Corp.†		15,312
	300	ScanSource, Inc.†		12,195
	560	Science Applications International Corp.		28,756
	600	Semtech Corp.†(a)		15,987
	300	ServiceNow, Inc.†		23,634
	300	ShoreTel, Inc.†		2,046
	122	Shutterstock, Inc.†(a)		8,378
	500	Silicon Laboratories, Inc.†		25,385
	1,907	Skyworks Solutions, Inc.(a)		187,439
	800	SolarWinds, Inc.†		40,992
	800	Solera Holdings, Inc.		41,328
	193	Splunk, Inc.†(a)		11,426
	100	SS&C Technologies Holdings, Inc.		6,230
	2,475	SunEdison, Inc.†(a)		59,400
	1,300	SunPower Corp., ClassA†(a)		40,703
	375	Super Micro Computer, Inc.†		12,454
	102	SYKES Enterprises, Inc.†		2,535
	7,383	Symantec Corp.		172,504
	333	Synaptics, Inc.†(a)		27,074
	325	Synchronoss Technologies, Inc.†(a)		15,424
	300	SYNNEX Corp.(a)		23,175
	1,717	Synopsys, Inc.†		79,531
	600	Syntel, Inc.†(a)		31,038
	1,025	Take-Two Interactive Software, Inc.†(a)		26,091
	800	TechTarget, Inc.†		9,224
	1,800	Teradata Corp.†(a)		79,452
	2,425	Teradyne, Inc.		45,711
	100	Tessco Technologies, Inc.(a)		2,466
	400	Tessera Technologies, Inc.		16,112
	8,310	Texas Instruments, Inc.		475,207
	800	TiVo, Inc.†		8,488
	1,637	Total System Services, Inc.		62,452

Shares			Value
Information Technology — (continued)
	100	Travelzoo, Inc.†(a)	$	964
	1,959	Trimble Navigation, Ltd.†(a)		49,367
	1,200	TTM Technologies, Inc.†(a)		10,812
	1,100	Twitter, Inc.†		55,088
	292	Tyler Technologies, Inc.†		35,195
	265	Ultimate Software Group, Inc.†(a)		45,038
	427	Unisys Corp.†		9,911
	114	United Online, Inc.†		1,816
	700	Universal Display Corp.†		32,725
	66	UTStarcom Holdings Corp.†		175
	825	Vantiv, Inc., ClassA†		31,102
	450	VASCO Data Security International, Inc.†(a)		9,693
	400	Veeco Instruments, Inc.†(a)		12,220
	1,665	VeriFone Systems, Inc.†(a)		58,092
	375	Verint Systems, Inc.†		23,224
	916	VeriSign, Inc.†(a)		61,345
	350	ViaSat, Inc.†(a)		20,864
	55	Viasystems Group, Inc.†(a)		962
	475	VirnetX Holding Corp.†(a)		2,893
	400	Virtusa Corp.†		16,552
	19,604	Visa, Inc., ClassA		1,282,298
	1,806	Vishay Intertechnology, Inc.(a)		24,959
	129	Vishay Precision Group, Inc.†		2,055
	845	VMware, Inc., ClassA†		69,298
	500	Web.com Group, Inc.†(a)		9,475
	458	WebMD Health Corp., ClassA†		20,076
	2,326	Western Digital Corp.		211,689
	3,679	Western Union Co. (The)(a)		76,560
	459	WEX, Inc.†(a)		49,278
	195	Workday, Inc., ClassA†(a)		16,460
	11,395	Xerox Corp.		146,426
	2,750	Xilinx, Inc.		116,325
	800	XO Group, Inc.†		14,136
	9,325	Yahoo!, Inc.†		414,356
	241	Yelp, Inc., ClassA†(a)		11,411
	525	Zebra Technologies Corp., ClassA†		47,625
	524	Zillow Group, Inc., ClassA†(a)		52,557
	8,150	Zynga, Inc., ClassA†(a)		23,227
				42,871,796
Materials — 3.3%
	381	A Schulman, Inc.		18,364
	2,135	Air Products & Chemicals, Inc.(a)		322,983
	535	Airgas, Inc.		56,769
	1,875	AK Steel Holding Corp.†(a)		8,381
	1,032	Albemarle Corp.		54,531
	12,423	Alcoa, Inc.		160,505
	1,350	Allegheny Technologies, Inc.		40,514
	500	AM Castle & Co.†		1,825
	400	American Vanguard Corp.(a)		4,248
	550	AptarGroup, Inc.		34,936
	714	Ashland, Inc.		90,899
	700	Avery Dennison Corp.		37,037
	675	Axalta Coating Systems, Ltd.†		18,643
	575	Axiall Corp.(a)		26,990
	348	Balchem Corp.(a)		19,272
	1,200	Ball Corp.(a)		84,768
	1,150	Bemis Co., Inc.		53,256
	700	Cabot Corp.		31,500
	500	Calgon Carbon Corp.(a)		10,535
	500	Carpenter Technology Corp.(a)		19,440
	1,400	Celanese Corp., ClassA		78,204
	600	Century Aluminum Co.†(a)		8,280
	519	CF Industries Holdings, Inc.		147,230
	850	Chemtura Corp.†(a)		23,196

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Materials — (continued)
	300	Clearwater Paper Corp.†	$	19,590
	1,400	Cliffs Natural Resources, Inc.		6,734
	37	Codexis, Inc.†		169
	1,110	Coeur Mining, Inc.†(a)		5,228
	1,300	Commercial Metals Co.		21,047
	400	Compass Minerals International, Inc.		37,284
	1,800	Core Molding Technologies, Inc.†		30,870
	1,500	Crown Holdings, Inc.†		81,030
	716	Cytec Industries, Inc.		38,693
	100	Deltic Timber Corp.(a)		6,625
	11,861	Dow Chemical Co. (The)		569,091
	534	Eagle Materials, Inc.		44,621
	1,415	Eastman Chemical Co.		98,003
	2,862	Ecolab, Inc.		327,356
	9,696	EI du Pont de Nemours & Co.		692,973
	1,000	Ferro Corp.†		12,550
	550	Flotek Industries, Inc.†(a)		8,107
	875	FMC Corp.(a)		50,094
	11,144	Freeport-McMoRan Copper & Gold, Inc.(a)		211,179
	1,000	Friedman Industries, Inc.(a)		6,200
	500	Globe Specialty Metals, Inc.		9,460
	300	Greif, Inc., ClassA(a)		11,781
	450	HB Fuller Co.		19,292
	750	Headwaters, Inc.†		13,755
	300	Horsehead Holding Corp.†(a)		3,798
	1,575	Huntsman Corp.		34,918
	300	Innophos Holdings, Inc.		16,908
	300	Innospec, Inc.		13,917
	910	International Flavors & Fragrances, Inc.		106,834
	4,517	International Paper Co.		250,649
	400	Intrepid Potash, Inc.†		4,620
	138	Kaiser Aluminum Corp.(a)		10,611
	950	KapStone Paper and Packaging Corp.(a)		31,198
	300	Koppers Holdings, Inc.(a)		5,904
	1,275	Louisiana-Pacific Corp.†(a)		21,050
	300	LSB Industries, Inc.†(a)		12,399
	645	Martin Marietta Materials, Inc.		90,171
	300	Materion Corp.		11,529
	1,276	MeadWestvaco Corp.		63,634
	350	Minerals Technologies, Inc.		25,585
	4,800	Monsanto Co.		540,192
	3,275	Mosaic Co. (The)		150,847
	200	Myers Industries, Inc.(a)		3,506
	300	Neenah Paper, Inc.(a)		18,762
	100	NewMarket Corp.(a)		47,780
	5,100	Newmont Mining Corp.		110,721
	100	NL Industries, Inc.		775
	1,000	Noranda Aluminum Holding Corp.(a)		2,970
	2,695	Nucor Corp.(a)		128,093
	770	Olin Corp.(a)		24,671
	300	OM Group, Inc.(a)		9,009
	1,875	Owens-Illinois, Inc.†		43,725
	975	Packaging Corp. of America		76,235
	1,000	PH Glatfelter Co.		27,530
	1,158	PolyOne Corp.(a)		43,251
	1,421	PPG Industries, Inc.		320,492
	2,861	Praxair, Inc.		345,437
	300	Quaker Chemical Corp.		25,692
	500	Rayonier Advanced Materials, Inc.(a)		7,450
	1,000	Reliance Steel & Aluminum Co.		61,080
	1,064	Rock-Tenn Co., ClassA		68,628
	600	Royal Gold, Inc.(a)		37,866
	1,100	RPM International, Inc.		52,789
	300	RTI International Metals, Inc.†(a)		10,773
	300	Schweitzer-Mauduit International, Inc.		13,836
	400	Scotts Miracle-Gro Co. (The), ClassA		26,868

Shares			Value
Materials — (continued)
	1,975	Sealed Air Corp.	$	89,981
	100	Senomyx, Inc.†(a)		441
	500	Sensient Technologies Corp.		34,440
	872	Sherwin-Williams Co. (The)		248,084
	1,100	Sigma-Aldrich Corp.		152,075
	375	Silgan Holdings, Inc.		21,799
	1,075	Sonoco Products Co.		48,870
	1,322	Southern Copper Corp.(a)		38,576
	2,800	Steel Dynamics, Inc.		56,280
	300	Stepan Co.		12,498
	1,600	Stillwater Mining Co.†(a)		20,672
	564	SunCoke Energy, Inc.		8,426
	400	TimkenSteel Corp.		10,588
	671	Tredegar Corp.(a)		13,494
	500	UFP Technologies, Inc.†		11,390
	50	United States Lime & Minerals, Inc.(a)		3,225
	1,050	United States Steel Corp.(a)		25,620
	600	Valspar Corp.		50,418
	1,244	Vulcan Materials Co.		104,869
	1,300	Wausau Paper Corp.(a)		12,389
	502	Westlake Chemical Corp.(a)		36,114
	1,000	Worthington Industries, Inc.(a)		26,610
	587	WR Grace & Co.†(a)		58,037
	50	Zep, Inc.		851
				7,662,488
Telecommunication Services — 2.1%
	1,000	8x8, Inc.†		8,400
	600	Alaska Communications Systems Group, Inc.†(a)		1,008
	55,124	AT&T, Inc.(a)		1,799,799
	5,010	CenturyLink, Inc.		173,096
	500	Cogent Communications Holdings, Inc.		17,665
	1	Consolidated Communications Holdings, Inc.		20
	8,586	Frontier Communications Corp.		60,531
	600	General Communication, Inc., ClassA†		9,456
	16	IDT Corp., ClassB		284
	500	Inteliquent, Inc.		7,870
	2,511	Level 3 Communications, Inc.†		135,192
	1,411	SBA Communications Corp., ClassA†		165,228
	400	Spok Holdings, Inc.(a)		7,668
	5,422	Sprint Corp.†(a)		25,700
	8	Straight Path Communications, Inc.†		159
	1,050	Telephone & Data Systems, Inc.		26,145
	7,900	T-Mobile US, Inc.†		250,351
	300	United States Cellular Corp.†(a)		10,716
	44,113	Verizon Communications, Inc.		2,145,215
	4,391	Windstream Holdings, Inc.(a)		32,494
				4,876,997
Utilities — 3.1%
	6,335	AES Corp. (The)		81,405
	1,119	AGL Resources, Inc.		55,558
	425	ALLETE, Inc.		22,423
	1,100	Alliant Energy Corp.		69,300
	2,500	Ameren Corp.		105,500
	5,205	American Electric Power Co., Inc.		292,781
	400	American States Water Co.(a)		15,956
	1,900	American Water Works Co., Inc.		102,999
	1,351	Aqua America, Inc.		35,599
	1,100	Atmos Energy Corp.		60,830
	1,000	Avista Corp.		34,180
	600	Black Hills Corp.(a)		30,264
	525	California Water Service Group		12,868
	4,000	Calpine Corp.†		91,480
	3,600	CenterPoint Energy, Inc.(a)		73,476
	300	Chesapeake Utilities Corp.		15,183

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Utilities — (continued)
	700	Cleco Corp.	$	38,164
	2,850	CMS Energy Corp.		99,493
	3,150	Consolidated Edison, Inc.(a)		192,150
	6,290	Dominion Resources, Inc.(a)		445,772
	1,675	DTE Energy Co.		135,156
	7,635	Duke Energy Corp.(a)		586,215
	11	Dynegy, Inc., ClassA†		346
	3,450	Edison International		215,522
	400	El Paso Electric Co.		15,456
	475	Empire District Electric Co.		11,790
	1,650	Entergy Corp.		127,859
	3,167	Eversource Energy(a)		159,997
	8,341	Exelon Corp.(a)		280,341
	3,680	FirstEnergy Corp.(a)		129,021
	16	Genie Energy, Ltd., ClassB		127
	905	Great Plains Energy, Inc.		24,145
	1,100	Hawaiian Electric Industries, Inc.(a)		35,332
	500	IDACORP, Inc.		31,435
	700	Integrys Energy Group, Inc.		50,414
	1,800	ITC Holdings Corp.(a)		67,374
	650	Laclede Group, Inc.		33,293
	1,125	MDU Resources Group, Inc.		24,008
	450	MGE Energy, Inc.(a)		19,944
	950	National Fuel Gas Co.(a)		57,314
	800	New Jersey Resources Corp.(a)		24,848
	4,707	NextEra Energy, Inc.(a)		489,763
	3,315	NiSource, Inc.		146,390
	300	Northwest Natural Gas Co.(a)		14,385
	400	NorthWestern Corp.		21,516
	2,977	NRG Energy, Inc.(a)		74,990
	300	NRG Yield, Inc., ClassA(a)		15,219
	1,800	OGE Energy Corp.		56,898
	587	ONE Gas, Inc.		25,376
	1,000	Ormat Technologies, Inc.(a)		38,020
	350	Otter Tail Corp.(a)		11,260
	1,850	Pepco Holdings, Inc.		49,635
	4,600	PG&E Corp.		244,122
	1,000	Piedmont Natural Gas Co., Inc.(a)		36,910
	1,000	Pinnacle West Capital Corp.		63,750
	700	PNM Resources, Inc.		20,440
	1,100	Portland General Electric Co.(a)		40,799
	7,525	PPL Corp.(a)		253,291
	5,325	Public Service Enterprise Group, Inc.		223,224
	1,300	Questar Corp.(a)		31,018
	1,379	SCANA Corp.(a)		75,831
	2,640	Sempra Energy		287,813
	325	South Jersey Industries, Inc.		17,641
	9,700	Southern Co. (The)(a)		429,516
	475	Southwest Gas Corp.		27,631
	1,700	TECO Energy, Inc.(a)		32,980
	1,950	UGI Corp.		63,550
	550	UIL Holdings Corp.(a)		28,281
	433	Vectren Corp.		19,113
	1,175	Westar Energy, Inc., ClassA(a)		45,543
	650	WGL Holdings, Inc.		36,660
	2,200	Wisconsin Energy Corp.		108,900
	5,150	Xcel Energy, Inc.		179,272
				7,115,055
Total Common Stock
(Cost $96,337,437)				226,756,810
SHORT-TERM INVESTMENTS — 15.4%
	1,742,036	Northern Trust Institutional Government Select Portfolio, Institutional Class,  0.010%(d)		1,742,036

Shares			Value
SHORT-TERM INVESTMENTS — (continued)
	33,494,360	Northern Trust Institutional Liquid Asset Portfolio, Institutional Class, 0.010%(d) (e)	$	33,494,360
Total Short-Term Investments
(Cost $35,236,396)				35,236,396
	Number of Rights
RIGHTS* — 0.0%
United States — 0.0%
	116	Furiex Pharmaceuticals†(b)		1,133
	1,500	Leap Wireless†(b)		3,780
	2,075	Safeway CVR - PDC†(a)		101
	2,075	Safeway CVR - Casa Ley†(a)		2,106
	80	Transcept Pharmaceuticals Inc†(b)		—
Total Rights (Cost $–)				7,120
	Number of Warrants
WARRANTS — 0.0%
	55	Biotime, Expires10/01/18†		110
	183	Dynegy, Inc., Expires10/04/17†		772
	79	Eagle Bulk Shipping, Inc. †*		73
	1	Magnum Hunter, Expires04/20/16†		—
Total Warrants (Cost $5,185)				955
Total Investments — 114.5%
(Cost $131,579,018)‡				262,001,281
Other Assets & Liabilities, Net — (14.5)%				(33,129,433	)
NET ASSETS — 100.0%			$	228,871,848

†	Non-income producing security.
*	Expiration date may be unavailable.
(a)	This security or a partial position of this security is on loan at March 31, 2015. The total market value of securities on loan at March 31, 2015 was $32,737,602.
(b)	Securities fair valued using methods determined in good faith by the Pricing Committee.  The total market value of such securities as of March 31, 2015 was $4,913 and represents 0.0% of Net Assets.
(c)	Real Estate Investment Trust.
(d)	Rate shown is the 7-day effective yield as of March 31, 2015.
(e)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of March 31, 2015 was $33,494,360.  Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $200,555.
‡	At March 31, 2015, the tax basis cost of the Fund's investments was $131,579,018, and the unrealized appreciation and depreciation were $133,177,461 and $(2,755,198), respectively.

BDC — Business Development Company

CVR — Contingent Value Rights

LLC— Limited Liability Company

Ltd. — Limited

PLC— Public Limited Company

Amounts designated as “—” are either $0, or have been rounded to $0.

Wilshire Mutual Funds, Inc.
Wilshire 5000 IndexSM Fund	March 31, 2015
Schedule of Investments	(Unaudited)

The following is a list of the inputs used as of March 31, 2015, in valuing the Fund’s investments carried at market value
Investments in Securities	Level 1		Level 2		Level 3‡		Total
Common Stock	$	226,756,810	$	—	$	—	$	226,756,810
Short-Term Investments		35,236,396		—		—		35,236,396
Rights		—		—		7,120		7,120
Warrants		955		—		—		955
Total Investments in Securities	$	261,994,161	$	—	$	7,120	$	262,001,281

‡ A reconciliation of Level 3 investments is only presented when the Portfolio has over 1% of Level 3 investments at the beginning and/or end of the period in relation to net assets.

For the period ended March 31, 2015, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the period ended March 31, 2015, there have been no transfers between Level 2 and Level 3 assets and liabilities.

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 and annual financial statements.

Wilshire Mutual Funds, Inc.
Wilshire International Equity Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
COMMON STOCK — 96.2%
Australia — 4.0%
	41,821	Alumina, Ltd.	$	50,893
	4,138	Amcor, Ltd.		44,090
	42,890	APA Group		295,001
	801	ASX, Ltd.		25,200
	23,157	Aurizon Holdings, Ltd.		85,234
	29,242	Australia & New Zealand Banking Group, Ltd.		813,517
	13,058	Bank of Queensland, Ltd.		136,832
	3,297	Boral, Ltd.		15,982
	418	Caltex Australia, Ltd.		11,093
	3,663	Cochlear, Ltd.		251,819
	6,373	Commonwealth Bank of Australia		452,041
	26,512	Computershare, Ltd.		256,261
	27,055	CSL, Ltd.		1,892,831
	104,484	GPT Group(a)		362,910
	9,116	Iluka Resources, Ltd.		58,761
	8,874	Lend Lease Group		112,084
	2,527	Macquarie Group, Ltd.		146,885
	11,640	Newcrest Mining, Ltd.†		117,395
	973	Ramsay Health Care, Ltd.		49,677
	14,786	Sonic Healthcare, Ltd.		229,714
	22,246	Stockland(a)		76,005
	36,544	Sydney Airport		143,807
	9,699	Tabcorp Holdings, Ltd.		34,946
	49,466	Tatts Group, Ltd.		149,653
	80,859	Transurban Group		585,490
	21,216	Westfield Corp.(a)		153,755
	19,353	Westpac Banking Corp.		578,481
				7,130,357
Austria — 0.5%
	29,972	OMV AG		822,174
Belgium — 1.0%
	3,962	Ageas		142,285
	2,095	Anheuser-Busch InBev NV		255,935
	728	Colruyt SA		31,685
	4,497	Delhaize Group SA		404,009
	1,981	KBC Groep NV		122,430
	1,510	Telenet Group Holding NV†		83,088
	10,462	UCB SA		755,783
				1,795,215
Bermuda — 1.5%
	48,300	Lazard, Ltd., ClassA		2,540,097
	6,123	Seadrill, Ltd.		57,333
	150,000	Sihuan Pharmaceutical Holdings Group, Ltd.(e)		85,326
				2,682,756
Brazil — 0.6%
	58,116	Banco Bradesco SA ADR(b)		539,316
	700	Banco Santander Brasil SA		3,071
	1,300	Cia de Saneamento Basico do Estado de Sao Paulo		7,157
	5,700	Cia Energetica de Sao Paulo, ClassPreference		42,506
	1,900	Cielo SA		27,200
	43,400	Embraer SA		333,841
	2,200	JBS SA		9,781
	18,700	Kroton Educacional SA		60,526
	22,900	Petroleo Brasileiro SA		68,882

Shares			Value
Brazil — (continued)
	500	Porto Seguro SA	$	5,565
	3,100	Transmissora Alianca de Energia Eletrica SA		20,582
				1,118,427
Canada — 6.8%
	600	Agrium, Inc.		62,532
	2,300	Alimentation Couche Tard, Inc., ClassB		91,652
	500	Barrick Gold Corp.		5,467
	7,900	CAE, Inc.		92,189
	2,400	Canadian Imperial Bank of Commerce		173,991
	16,900	Canadian National Railway Co.*		1,131,782
	32,255	Canadian National Railway Co.		2,156,892
	3,600	Canadian Oil Sands, Ltd.		27,997
	13,395	Canadian Pacific Railway, Ltd.(b)		2,447,267
	600	Canadian Pacific Railway, Ltd.*		109,857
	800	Cenovus Energy, Inc.		13,485
	5,100	CGI Group, Inc., ClassA†		216,314
	1,400	CI Financial Corp.		39,141
	4,100	Constellation Software, Inc.		1,417,091
	6,200	Dollarama, Inc.		346,579
	300	Enbridge, Inc.		14,461
	100	Fairfax Financial Holdings, Ltd.		56,058
	2,200	First Capital Realty, Inc.		34,271
	1,600	Franco-Nevada Corp.		77,540
	1,700	Husky Energy, Inc.		34,697
	700	Industrial Alliance Insurance & Financial Services, Inc.		23,417
	1,100	Intact Financial Corp., ClassCommon Subscription Receipt		82,872
	4,600	Kinross Gold Corp.†		10,206
	16,400	Magna International, Inc.		876,747
	700	Methanex Corp.		37,477
	5,700	Metro, Inc., ClassA		154,454
	10,200	New Gold, Inc.†		34,227
	2,500	Onex Corp.		145,178
	300	Paramount Resources, Ltd., ClassA†		7,390
	16,600	Royal Bank of Canada		999,237
	12,000	Suncor Energy, Inc.		350,653
	7,100	TransAlta Corp.		65,868
	4,500	Valeant Pharmaceuticals International, Inc.†		888,986
	1,400	Yamana Gold, Inc.		5,018
				12,230,993
Cayman Islands — 0.2%
	1,500	Baidu, Inc. ADR†		312,600
China — 4.5%
	694,000	Agricultural Bank of China, Ltd., ClassH		343,594
	72,000	ANTA Sports Products, Ltd.		131,475
	1,916,000	Bank of China, Ltd., ClassH		1,107,593
	104,000	Beijing Capital International Airport Co., Ltd., ClassH		101,560
	32,000	China CITIC Bank Corp., Ltd., ClassH		24,125
	867,000	China Construction Bank Corp., ClassH		719,599
	75,000	China Everbright Bank Co., Ltd., ClassH		41,314
	28,500	China Merchants Bank Co., Ltd., ClassH		69,587
	143,000	China Railway Group, Ltd., ClassH		146,259
	115,000	Fosun International		222,505
	305,000	Industrial & Commercial Bank of China, Ltd., ClassH		225,603
	10,000	Jiangsu Expressway Co., Ltd., ClassH		13,428
	4,500	NetEase, Inc. ADR(b)		473,850

Wilshire Mutual Funds, Inc.
Wilshire International Equity Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
China — (continued)
	26,000	PICC Property & Casualty Co., Ltd., ClassH	$	51,333
	45,000	Ping An Insurance Group Co. of China, Ltd., ClassH		539,848
	162,200	Tencent Holdings, Ltd.		3,080,165
	17,500	WuXi PharmaTech Cayman, Inc. ADR†		678,650
	104,000	Zhejiang Expressway Co., Ltd., ClassH		137,665
				8,108,153
Denmark — 6.1%
	59,198	Chr Hansen Holding A		2,718,010
	1,177	DSV A/S		36,580
	49,445	Novo Nordisk ADR		2,639,868
	5,013	Novo Nordisk A, ClassB		267,613
	42,578	Novozymes A, ClassB		1,943,643
	15,096	Pandora A		1,374,417
	155,472	TDC A		1,113,951
	6,800	Tryg A		799,738
	993	Vestas Wind Systems A/S		40,942
				10,934,762
Finland — 0.8%
	345	Neste Oil OYJ		9,053
	2,440	Sampo, ClassA		123,069
	12,741	Stora Enso OYJ, ClassR		131,003
	22,596	UPM-Kymmene OYJ		438,969
	15,500	Wartsila OYJ Abp		685,569
				1,387,663
France — 2.9%
	55,897	Alcatel-Lucent†		210,142
	5,948	AXA SA		149,706
	2,352	BNP Paribas		143,109
	3,747	Christian Dior SA		705,249
	5,763	Cie Generale des Etablissements Michelin, ClassB		573,099
	37,200	Electricite de France SA		891,988
	4,293	Eutelsat Communications SA		142,403
	12	Hermes International		4,237
	1,062	Lagardere SCA		31,919
	6,574	LVMH Moet Hennessy Louis Vuitton SA		1,156,908
	27,900	Natixis SA		208,987
	645	Renault SA		58,585
	9,883	Safran SA		690,538
	3,377	Societe Generale		163,048
	1,037	Sodexo		101,142
	100	Valeo SA		14,915
	515	Vinci SA		29,424
				5,275,399
Germany — 4.7%
	3,334	Allianz SE		578,835
	1,798	Axel Springer SE		106,121
	9,220	BASF SE		912,736
	8,952	Bayer AG		1,339,356
	4,584	Bayerische Motoren Werke AG		570,867
	2,369	Brenntag AG		141,534
	3,209	Continental AG		755,705
	2,878	Daimler AG		276,387
	14,197	Deutsche Lufthansa AG		198,795
	32,424	Deutsche Telekom AG		593,046
	12,209	Fresenius SE & Co. KGaA		727,855
	3,905	Hannover Rueck SE		403,520
	3,106	Muenchener Rueckversicherungs AG		667,422
	2,489	ProSiebenSat.1 Media AG		121,744
	6,221	RWE AG		158,386
	1,054	SAP AG		76,180

Shares			Value
Germany — (continued)
	530	Siemens AG	$	57,321
	9,664	ThyssenKrupp AG		253,004
	1,980	United Internet AG		89,870
	8,720	Wincor Nixdorf AG		408,646
				8,437,330
Guernsey — 0.0%
	7,424	Friends Life Group, Ltd.		45,450
Hong Kong — 2.7%
	43,600	Beijing Enterprises Holdings, Ltd.		342,539
	106,000	China Everbright International, Ltd.		177,783
	9,000	China Mobile, Ltd.		117,291
	298,000	China Unicom Hong Kong, Ltd.		453,643
	6,000	CNOOC, Ltd.		8,468
	806,000	GOME Electrical Appliances Holding, Ltd.		116,105
	182,000	Guangdong Investment, Ltd.		238,669
	150,000	Haier Electronics Group Co., Ltd.		392,640
	17,100	Hang Seng Bank, Ltd.		309,491
	99,000	Hutchison Whampoa, Ltd.		1,372,224
	348,000	Lenovo Group, Ltd.		507,109
	6,000	Shangri-La Asia, Ltd.		8,240
	212,500	Techtronic Industries Co.		716,422
				4,760,624
India — 0.5%
	23,500	Infosys, Ltd. ADR		824,380
Indonesia — 0.8%
	463,900	Bank Mandiri		442,407
	623,300	Bank Rakyat Indonesia		632,223
	688,800	Indofood Sukses Makmur		392,246
				1,466,876
Ireland — 2.8%
	157,761	Experian PLC		2,611,409
	14,015	Perrigo Co. PLC(b)		2,320,183
				4,931,592
Israel — 0.0%
	14	Delek Group, Ltd.		3,603
Italy — 1.2%
	3,630	Assicurazioni Generali SpA		71,373
	901	Atlantia SpA		23,661
	5,679	Enel SPA		25,654
	1,147	Eni SpA		19,852
	6,043	Exor SpA		274,110
	14,479	Fiat Chrysler Automobiles NV†		235,052
	4,081	Finmeccanica SPA		48,475
	205,734	Intesa Sanpaolo SpA		698,259
	58,948	Snam SpA		286,141
	151,320	Telecom Italia SpA		142,288
	240,301	Telecom Italia SpA		281,368
	26,586	Terna Rete Elettrica Nazionale SpA		117,070
				2,223,303
Japan — 13.0%
	1,600	ABC-Mart, Inc.		93,577
	6,000	Aozora Bank, Ltd.		21,267
	35,300	Astellas Pharma, Inc.		578,387
	9,000	Bank of Kyoto, Ltd.		94,328
	7,500	Bridgestone Corp.		300,299
	11,800	Brother Industries, Ltd.		187,477
	5,900	Calbee, Inc.		256,132

Wilshire Mutual Funds, Inc.
Wilshire International Equity Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Japan — (continued)
	7,000	Chiba Bank, Ltd. (The)	$	51,304
	9,600	Chugoku Bank, Ltd.		143,348
	13,400	Citizen Holdings Co., Ltd.		102,704
	1,000	Dai Nippon Printing Co., Ltd.		9,713
	24,300	Dai-ichi Life Insurance Co., Ltd.		352,474
	500	Daikin Industries, Ltd.		33,427
	3,400	Daito Trust Construction Co., Ltd.		379,664
	1,800	Electric Power Development Co., Ltd.		60,637
	10,300	FANUC Corp.		2,248,632
	4,900	Fuji Heavy Industries, Ltd.		162,662
	12,000	GungHo Online Entertainment, Inc.(b)		46,878
	6,000	Gunma Bank, Ltd.		40,533
	2,730	Hirose Electric Co., Ltd.		351,489
	8,000	Hiroshima Bank, Ltd.		43,115
	6,000	Hitachi Metals, Ltd.		91,959
	78,000	Hitachi, Ltd.		532,729
	75,000	Hokuhoku Financial Group, Inc.		167,181
	14,400	Honda Motor Co., Ltd.		470,058
	5,600	Idemitsu Kosan Co., Ltd.		97,530
	44,600	INPEX Corp.		491,438
	74,800	ITOCHU Corp.		809,477
	4,000	Iyo Bank, Ltd.		47,437
	3,000	Japan Airlines Co., Ltd.		93,322
	26,000	Japan Tobacco, Inc.		821,986
	28,200	JFE Holdings, Inc.		622,462
	13,000	JGC Corp.		258,148
	3,500	JSR Corp.		60,610
	3,000	Kamigumi Co., Ltd.		28,320
	32,000	Kansai Paint Co., Ltd.		582,392
	12,000	Keikyu Corp.		95,918
	11,000	Keisei Electric Railway Co., Ltd.		136,526
	200	Keyence Corp.		109,139
	8,000	Kikkoman Corp.		253,674
	77,000	Kobe Steel, Ltd.		142,020
	3,600	Koito Manufacturing Co., Ltd.		108,248
	3,900	Kurita Water Industries, Ltd.		94,221
	2,400	Lawson, Inc.		166,368
	1,600	M3, Inc.		33,944
	2,200	Makita Corp.		114,005
	4,300	Maruichi Steel Tube, Ltd.		101,781
	3,900	McDonald's Holdings Co. Japan, Ltd.		86,430
	4,000	Minebea Co., Ltd.		62,914
	3,200	Miraca Holdings, Inc.		147,114
	1,500	Mitsubishi Motors Corp.		13,525
	4,900	Mitsubishi Tanabe Pharma Corp.		84,062
	92,700	Mitsubishi UFJ Financial Group, Inc.		574,129
	1,800	Mixi, Inc.		72,763
	2,100	MS&AD Insurance Group Holdings, Inc.		58,792
	3,300	Nabtesco Corp.		95,334
	6,000	NH Foods, Ltd.		138,262
	9,300	NHK Spring Co., Ltd.		96,749
	1,400	Nidec Corp.		92,934
	1,000	Nippon Paint Holdings Co., Ltd.		36,557
	25	Nippon Prologis REIT, Inc.(a)		55,034
	14,000	Nippon Yusen KK		40,274
	62,000	Nissan Motor Co., Ltd.		630,574
	3,500	Nissin Foods Holdings Co., Ltd.		172,011
	7,200	Nitto Denko Corp.		480,773
	129,100	Nomura Holdings, Inc.		758,286
	2,200	Nomura Research Institute, Ltd.		82,654
	1,000	Obayashi Corp.		6,482
	2,400	Oriental Land Co., Ltd.		181,723
	2,200	Otsuka Holdings Co., Ltd.		68,824
	87,900	Resona Holdings, Inc.		436,227

Shares			Value
Japan — (continued)
	46,300	Ricoh Co., Ltd.	$	503,440
	9,500	Santen Pharmaceutical Co., Ltd.		138,565
	200	Seiko Epson Corp.		3,542
	31,400	Sekisui House, Ltd.		455,929
	1,100	Seven & I Holdings Co., Ltd.		46,226
	7,000	Sharp Corp.		13,711
	1,400	Shimano, Inc.		208,043
	500	SMC Corp.		148,882
	12,600	Softbank Corp.		733,817
	12,900	Sundrug Co., Ltd.		669,602
	4,800	Suntory Beverage & Food, Ltd.		205,532
	42,900	Sysmex Corp.		2,378,671
	10,300	T&D Holdings, Inc.		141,482
	13,000	Taiheiyo Cement Corp.		39,693
	20,000	Taisei Corp.		112,886
	1,900	THK Co., Ltd.		48,280
	4,400	Toho Co., Ltd.		107,583
	100	Toyota Motor Corp.		6,981
	142	United Urban Investment Corp., ClassREIT(a)		221,366
	13,300	USS Co., Ltd.		229,818
	13,000	Yamaguchi Financial Group, Inc.		149,413
	14,000	Yokohama Rubber Co., Ltd.		144,313
				23,269,142
Mexico — 1.3%
	72,200	Alfa SAB de CV, ClassA†		146,024
	28,900	Controladora Comercial Mexicana SAB de CV		93,084
	10,800	Gruma SAB de CV, ClassB		137,422
	19,600	Grupo Aeroportuario del Pacifico SAB de CV, ClassB		128,790
	4,700	Grupo Carso SAB de CV		19,609
	84,600	Grupo Financiero Banorte SAB de CV, ClassO		490,512
	17,700	Grupo Televisa SAB†		116,840
	46,000	OHL Mexico SAB de CV†		86,943
	474,000	Wal-Mart de Mexico SAB de CV(b)		1,181,154
				2,400,378
Netherlands — 6.1%
	5,175	Airbus Group NV		336,430
	4,950	ASML Holding NV		501,827
	24,405	ASML Holding NV, ClassG(b)		2,465,637
	13,430	Core Laboratories NV(b)		1,403,301
	15,599	Delta Lloyd NV		293,526
	2,192	Heineken Holding NV		150,841
	721	Heineken NV		55,031
	65,916	ING Groep NV, CVA†		965,532
	23,600	Koninklijke Ahold NV		465,057
	12,949	Randstad Holding NV		784,964
	27,880	Reed Elsevier NV		694,700
	3,916	Royal Dutch Shell PLC, ClassA		116,450
	3,971	Royal Dutch Shell PLC, ClassB		123,697
	43,530	Sensata Technologies Holding NV†(b)		2,500,799
	184	Wolters Kluwer NV		6,008
				10,863,800
New Zealand — 0.0%
	5,808	Fletcher Building, Ltd.		36,479
	12,575	Meridian Energy, Ltd.		19,010
	1,936	Ryman Healthcare, Ltd.		11,330
				66,819
Norway — 1.1%
	10,762	DnB NOR ASA		172,727
	88,606	Norsk Hydro ASA		465,743

Wilshire Mutual Funds, Inc.
Wilshire International Equity Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Norway — (continued)
	1,323	Orkla ASA	$	9,985
	63,847	Statoil ASA		1,128,905
	6,693	Telenor ASA		135,067
	131	Yara International ASA		6,651
				1,919,078
Panama — 0.4%
	19,100	Banco Latinoamericano de Comercio Exterior SA, ClassE		626,289
Russia — 0.8%
	5,038	Lukoil OAO GDR		231,395
	7,575	Lukoil OAO ADR		350,104
	4,440	Moscow Exchange OAO		5,253
	2,140	Severstal PAO†		24,231
	179,900	Surgutneftegas†		108,372
	6,030	Tatneft†		29,675
	48,470	Yandex NV, ClassA†		735,047
				1,484,077
Singapore — 0.8%
	114,000	Ascendas Real Estate Investment Trust(a)		215,030
	44,000	Keppel Land, Ltd.		142,487
	99,200	Singapore Press Holdings, Ltd.		302,813
	31,000	StarHub, Ltd.		98,278
	40,400	United Overseas Bank, Ltd.		677,192
	6,000	Wilmar International, Ltd.		14,244
				1,450,044
South Africa — 2.2%
	566	AngloGold Ashanti, Ltd.		5,336
	10,600	Aspen Pharmacare Holdings, Ltd.		334,923
	150,806	FirstRand, Ltd.		693,262
	7,736	Liberty Holdings, Ltd.		106,950
	921	Mr Price Group, Ltd.		19,698
	62,633	Netcare, Ltd.		214,786
	54,485	Remgro, Ltd.		1,192,323
	22,223	Sanlam, Ltd.		143,223
	5,211	Sasol, Ltd.		175,942
	70,825	Shoprite Holdings, Ltd.		957,565
	5,551	Vodacom Group, Ltd.		60,633
				3,904,641
South Korea — 2.1%
	2,599	Daewoo Securities Co., Ltd.		30,219
	100	Dongbu Insurance Co., Ltd.		4,453
	1,500	Hanwha Corp.		49,002
	1,790	Hyundai Motor Co.		271,080
	3,001	Industrial Bank of Korea		36,023
	1,000	Kangwon Land, Inc.		31,186
	1,480	KB Financial Group, Inc.		52,242
	16,779	Korea Electric Power Corp.		691,458
	800	KT&G Corp.		63,965
	21,270	LG Display Co., Ltd.		601,940
	106	Mirae Asset Securities Co., Ltd.		4,991
	699	NAVER Corp.		421,709
	460	Samsung Electronics Co., Ltd.		596,506
	1,504	Samsung Securities Co., Ltd.		70,337
	548	Shinhan Financial Group Co., Ltd.		20,588
	8,705	SK Hynix, Inc.		355,570
	2,889	SK Networks Co., Ltd.		21,203
	1,610	SK Telecom Co., Ltd.		396,167
	219	S-Oil Corp.		12,667
				3,731,306
Spain — 2.9%
	3,601	Abertis Infraestructuras SA		65,086

Shares			Value
Spain — (continued)
	1,509	ACS Actividades de Construccion y Servicios SA	$	53,410
	3,114	Amadeus IT Holding SA, ClassA		133,457
	8,222	Banco Bilbao Vizcaya Argentaria SA		83,038
	197,989	Banco Santander SA		1,484,193
	76,500	Bankinter SA		583,261
	12,509	CaixaBank SA		59,323
	31,536	Ferrovial SA		670,518
	14,585	Grifols SA		624,946
	45,852	Inditex SA		1,472,104
				5,229,336
Sweden — 2.5%
	7,022	Boliden AB		139,103
	8,920	Electrolux AB, ClassB		254,830
	9,501	Elekta AB, ClassB		85,406
	11,068	Hennes & Mauritz AB, ClassB		448,450
	22,941	Husqvarna AB, ClassB		166,175
	2,827	ICA Gruppen AB		94,759
	2,360	Nordea Bank AB		28,746
	3,181	Sandvik AB		35,621
	26,151	Skandinaviska Enskilda Banken AB, ClassA		305,227
	65,959	Svenska Cellulosa AB, ClassB		1,515,663
	1,181	Svenska Handelsbanken AB, ClassA		53,188
	47,646	Swedbank AB, ClassA		1,137,488
	2,313	Telefonaktiebolaget LM Ericsson, ClassB		29,040
	17,435	TeliaSonera AB		110,794
				4,404,490
Switzerland — 5.3%
	1,750	Actelion, Ltd.		201,834
	9,918	Aryzta AG†		608,001
	13,810	Credit Suisse Group AG		371,543
	3,101	Lonza Group AG		386,068
	32,917	Nestle SA		2,478,730
	10,624	Novartis AG		1,048,594
	5,037	Roche Holding AG		1,384,128
	902	SGS SA		1,719,769
	9	Sika AG		32,224
	17,091	STMicroelectronics NV		159,271
	2,370	Swatch Group AG (The)		1,002,289
	454	Zurich Insurance Group AG		153,453
				9,545,904
Taiwan — 3.9%
	167,000	Acer, Inc.		107,586
	14,000	Advanced Semiconductor Engineering, Inc.		18,958
	5,000	Asustek Computer, Inc.		50,265
	222,000	AU Optronics Corp.		111,392
	32,000	Chicony Electronics Co., Ltd.		89,536
	36,000	China Motor Corp.		31,153
	18,000	China Steel Corp.		14,943
	204,000	Chunghwa Telecom Co., Ltd.		651,964
	36,000	Far Eastern New Century Corp.		37,108
	13,000	Foxconn Technology Co., Ltd.		34,856
	36,000	Innolux Corp.		17,936
	2,000	Novatek Microelectronics Corp.		10,322
	61,000	Pegatron Corp.		164,581
	1,000	Phison Electronics Corp.		8,287
	30,000	Realtek Semiconductor Corp.		95,552
	17,000	Ruentex Industries, Ltd.		37,199
	483,000	Shin Kong Financial Holding Co., Ltd.		137,194
	132,000	SinoPac Financial Holdings Co., Ltd.		55,022
	21,000	Standard Foods Corp.		54,061

Wilshire Mutual Funds, Inc.
Wilshire International Equity Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
Taiwan — (continued)
	260,000	Taiwan Business Bank†	$	78,860
	56,000	Taiwan Cooperative Financial Holding Co., Ltd.		28,339
	203,230	Taiwan Semiconductor Manufacturing Co., Ltd.		4,771,840
	13,000	Transcend Information, Inc.		46,027
	21,000	Uni-President Enterprises Corp.		35,095
	54,000	Vanguard International Semiconductor Corp.		91,663
	92,000	WPG Holdings, Ltd.		118,377
				6,898,116
Thailand — 0.4%
	48,000	Kasikornbank PCL		339,233
	525,500	Krung Thai Bank PCL		368,140
				707,373
Turkey — 0.2%
	117,400	Haci Omer Sabanci Holding AS		414,035
United Kingdom — 9.8%
	5,916	Aberdeen Asset Management PLC		40,248
	1,241	Admiral Group PLC		28,100
	2,362	AMEC PLC		31,595
	6,698	ARM Holdings PLC		108,784
	42,565	ARM Holdings PLC ADR (b)		2,098,454
	6,073	AstraZeneca PLC		416,718
	25,411	BAE Systems PLC		196,924
	203,328	BP PLC		1,317,999
	30,561	British American Tobacco PLC		1,582,565
	17,245	British Sky Broadcasting Group PLC		253,707
	191,714	BT Group PLC, ClassA		1,245,723
	1,006	Burberry Group PLC		25,835
	1,865	Capita Group PLC (The)		30,830
	46,348	Centrica PLC		173,355
	10,611	Diageo PLC		293,227
	11,400	easyJet PLC		317,277
	105,800	G4S PLC		463,764
	23,919	GlaxoSmithKline PLC		550,612
	18,311	Glencore PLC		77,304
	54,521	HSBC Holdings PLC		464,595
	19,356	ICAP PLC		150,967
	52,200	International Consolidated Airlines Group SA†		465,268
	9,448	ITV PLC		35,374
	6,577	Legal & General Group PLC		27,086
	292,790	Lloyds Banking Group PLC†		339,382
	4,849	London Stock Exchange Group PLC		176,357
	126,500	Man Group PLC		381,567
	1,027	Next PLC		106,806
	3,862	Persimmon PLC		95,173
	10,350	Provident Financial PLC		412,873
	36,756	Prudential PLC		912,112
	27,486	Reckitt Benckiser Group PLC		2,361,191
	4,481	Reed Elsevier PLC		77,063
	1,291	Rio Tinto PLC		53,236
	37,879	Rolls-Royce Holdings PLC		534,241
	35,496	Smith & Nephew PLC		605,260
	2,588	Travis Perkins PLC		74,723
	36,384	Tullow Oil PLC		152,529
	20,089	Vodafone Group PLC		65,737
	1,826	Weir Group PLC		46,076
	41,242	WH Smith PLC		792,435
				17,583,072

Shares			Value
United States — 1.8%
	23,275	ACE, Ltd.	$	2,594,930
	12,900	Tata Motors, Ltd. ADR		581,274
				3,176,204
Total Common Stock				–
(Cost $166,943,884)				172,165,761
SHORT-TERM INVESTMENTS — 13.5%
	3,033,475	Northern Trust Institutional Government Select Portfolio, Institutional Class, 0.010%(c)		3,033,474
	21,032,826	Northern Trust Institutional Liquid Asset Portfolio, Institutional Class, 0.010%(c) (d)		21,032,826
Total Short-Term Investments
(Cost $24,066,300)				24,066,300
PREFERRED STOCK — 1.0%
Brazil — 0.3%
	3,200	AES Tiete SA		17,226
	1,320	Banco Bradesco SA, ClassPreference		12,255
	9,200	Cia Brasileira de Distribuicao, ClassPreference		275,145
	600	Cia Energetica de Minas Gerais		2,436
	5,600	Itau Unibanco Holding SA		62,149
	2,000	Metalurgica Gerdau SA, ClassA		6,843
	28,300	Petroleo Brasileiro SA		86,898
	3,600	Suzano Papel e Celulose SA, ClassA		16,694
				479,646
Germany — 0.5%
	7,513	Henkel AG & Co. KGAA		882,484
Russia — 0.1%
	39	AK Transneft OAO†		83,337
	96,700	Surgutneftegas†		73,794
				157,131
South Korea — 0.1%
	200	Hyundai Motor Co.		19,952
	302	Hyundai Motor Co.		30,954
	162	Samsung Electronics Co., Ltd., ClassPreference		160,859
				211,765
Total Preferred Stock
(Cost $1,808,855)				1,731,026
EXCHANGE TRADED FUNDS — 0.8%
	27,401	iShares MSCI India ETF		879,298
	11,591	Vanguard FTSE All-World ex-US ETF		564,830
TotalExchange Traded Fund
(Cost $1,373,063)				1,444,128

Number of Rights
RIGHTS ‡‡ — 0.0%
Spain — 0.0%
	8,222	Banco Bilbao Vizcaya Argentaria SA†	1,185
Total Rights (Cost $–)			1,185

Wilshire Mutual Funds, Inc.
Wilshire International Equity Fund	March 31, 2015
Schedule of Investments	(Unaudited)

Shares			Value
PRIVATE COMPANY — 0.0%
Malta — 0.0%
	4,007	BGP Holdings PLC†	$	—
Total Private Company
(Cost $–)				—
Total Investments — 111.5%
(Cost $194,192,102)‡				199,408,400
Other Assets & Liabilities, Net — (11.5)%				(20,511,728	)
NET ASSETS — 100.0%			$	178,896,672

†	Non-income producing security.
‡‡	Expiration date may be unavailable.
*	Security traded on the Toronto Stock Exchange.
(a)	Real Estate Investment Trust.
(b)	This security or a partial position of this security is on loan at March 31, 2015. The total market value of securities on loan at March 31, 2015 was $20,558,587.
(c)	Rate shown is the 7-day effective yield as of March 31, 2015.
(d)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of March 31, 2015was $21,032,826.Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $70,395.
(e)	Securities fair valued using methods determined in good faith by the Pricing Committee.  The total market value of such securities as of March 31, 2015 was $85,326 and represents 0.0% of Net Assets.
‡	At March 31, 2015, the tax basis cost of the Fund's investments was $194,192,102, and the unrealized appreciation and depreciation were $13,431,640and $(8,215,342),respectively.

ADR — American Depositary Receipt

ETF— Exchange Traded Fund

FTSE — Financial Times Stock Exchange

GDR — Global Depositary Receipt

Ltd. — Limited

MSCI — Morgan Stanley Capital International

PLC— Public Limited Company

REIT — Real Estate Investment Trust

Amounts designated as “—“ are either $0 or have been rounded to $0.

The following is a list of the inputs used as of March 31, 2015 in valuing the Fund’s investments carried at market value:

Investments in Securities	Level 1		Level 2*		Level 3‡			Total
Common Stock	$	—	$	—	$	—		$	—
Australia		—		7,130,357		—			7,130,357
Austria		—		822,174		—			822,174
Belgium		—		1,795,215		—			1,795,215
Bermuda		2,540,097		57,333		85,326			2,682,756
Brazil		1,118,427		—		—			1,118,427
Canada		12,230,993		—		—			12,230,993
Cayman Islands		312,600		—		—			312,600
China		1,152,500		6,955,653		—			8,108,153
Denmark		2,639,868		8,294,894		—			10,934,762
Finland		—		1,387,663		—			1,387,663
France		—		5,275,399		—			5,275,399
Germany		—		8,437,330		—			8,437,330
Guernsey		—		45,450		—			45,450
Hong Kong		—		4,760,624		—			4,760,624
India		824,380		—		—			824,380
Indonesia		—		1,466,876		—			1,466,876
Ireland		2,320,183		2,611,409		—			4,931,592
Israel		—		3,603		—			3,603
Italy		—		2,223,303		—			2,223,303
Japan		—		23,269,142		—			23,269,142
Mexico		2,400,378		—		—			2,400,378
Netherlands		6,369,737		4,494,063		—			10,863,800
New Zealand		—		66,819		—			66,819
Norway		—		1,919,078		—			1,919,078
Panama		626,289		—		—			626,289
Russia		1,128,720		355,357		—			1,484,077
Singapore		—		1,450,044		—			1,450,044
South Africa		—		3,904,641		—			3,904,641
South Korea		—		3,731,306		—			3,731,306
Spain		—		5,229,336		—			5,229,336
Sweden		—		4,404,490		—			4,404,490
Switzerland		—		9,545,904		—			9,545,904
Taiwan		4,771,840		2,126,276		—			6,898,116
Thailand		—		707,373		—			707,373
Turkey		—		414,035		—			414,035
United Kingdom		2,098,454		15,484,618		—			17,583,072
United States		3,176,204		—		—			3,176,204
Total Common Stock		43,710,670		128,369,765		85,326			172,165,761
Private Company		—		—		—			—
Malta		—		—	—		^		—
Total Private Company		—		—		—			—
Short-Term Investments		24,066,300		—		—			24,066,300
Preferred Stock		479,646		1,251,380		—			1,731,026
Exchange Traded Funds		1,444,128		—		—			1,444,128
Rights		1,185		—		—			1,185
Total Investments in Securities	$	69,701,929	$	129,621,145	$	85,326		$	199,408,400

* Represents securities trading primarily outside the United States, the value of which were adjusted as a result of local trading through the application of a third-party vendor.

‡ A reconciliation of Level 3 investments is only presented when the Portfolio has over 1% of Level 3 investments at the beginning and/or end of the period in relation to net assets.

^ This security was categorized as Level 3 and had a market value of $0 as of March 31, 2015 and the value has remained $0 throughout the period ended March 31, 2015. There were no accrued discounts/premiums, realized gain/(loss), change in unrealized appreciation/(depreciation), purchases, sales or transfers in or out of Level 3 during the period ended March 31, 2015.

For the period ended March 31, 2015, the transfers out of Level 1 and into Level 2 were $6,636,965 and the transfers out of Level 2 into Level 1 were $1,185.  The transfers were related to the fair value of certain foreign securities.

Item 2.   Controls and Procedures

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934

(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) 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/ Jason Schwarz
	Jason Schwarz, President
Date: May 29, 2015

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/ Jason Schwarz
	Jason Schwarz, President
Date:  May 29, 2015
By (Signature and Title)	/s/ Michael Wauters
	Michael Wauters, Treasurer
Date: May 29, 2015