UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07076

Wilshire Mutual Funds, Inc.
(Exact name of registrant as specified in charter)

Wilshire Mutual Funds, Inc.

1299 Ocean Avenue, Suite 700

Santa Monica, CA 90401-1085
(Address of principal executive offices) (Zip code)

Jason A. Schwarz

Wilshire Associates Incorporated

1299 Ocean Avenue, Suite 700

Santa Monica, CA 90401-1085
(Name and address of agent for service)

(310)451-3051

Registrant's telephone number, including area code

Date of fiscal year end: December 31, 2020

Date of reporting period: June 30, 2020

Item 1. Reports to Stockholders.

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Portfolios’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Portfolios or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Portfolios electronically by contacting the Portfolios at (866) 591-1568 or, if you own these shares through a financial intermediary, by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge. You can inform the Portfolios that you wish to continue receiving paper copies of your shareholder reports by contacting the Portfolios at (866) 591-1568. If you own shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this document to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex or at your financial intermediary.

This report is for the general information of the shareholders of Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index^SM Fund, Wilshire International Equity Fund and Wilshire Income Opportunities Fund. Its use in connection with any offering of a Portfolio’s shares is authorized only if accompanied or preceded by the Portfolio’s current prospectus.

Wilshire Mutual Funds, Inc. are distributed by Compass Distributors, LLC.

Dear Wilshire Mutual Fund Shareholder:

We are pleased to present this semiannual report to all shareholders of the Wilshire Mutual Funds (the “Funds”). This report covers the period from January 1, 2020 to June 30, 2020, for all share classes of the Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index^SM Fund, Wilshire International Equity Fund and Wilshire Income Opportunities Fund.

Market Environment

U.S. Equity Market

The U.S. stock market, represented by the Wilshire 5000 Total Market Index^SM, was up 21.94% for the second quarter of 2020 and down 3.30% for the first half of the year. Although parts of the country have begun to loosen Coronavirus-related restrictions, considerable uncertainty about 2020 economic growth prospects remain. At the time of this writing, more than a dozen states have paused or reversed their reopening plans. According to a report by the Federal Reserve Bank of Philadelphia, expectations for real Gross Domestic Product growth this year are approximately -5%, with an unemployment rate remaining above 10%.

Four of the eleven major sectors were in positive territory for the first half of the year. The best performing sector was Information Technology (+15.17%), followed by Consumer Discretionary (+8.73%), Health Care (+2.33%), and Communication Services (+0.10%). For the first six months of the year, large capitalization stocks outperformed small caps with the Wilshire U.S. Large-Cap Index^SM returning -2.29% versus -13.82% for the Wilshire U.S. Small-Cap Index^SM. Over the same period, growth again outperformed value, with the Wilshire U.S. Large-Cap Growth Index^SM returning 5.49% versus -9.98% for the Wilshire U.S. Large-Cap Value Index^SM.

International Equity Market

Equity markets outside of the U.S. also enjoyed a strong rebound during the quarter, although they did trail the U.S. market. Economic releases showed that the United Kingdom suffered its worst contraction in more than 40 years, as real Gross Domestic Product shrank -2.2% in the first quarter. Employment data shows that nearly a third of the U.K.’s workforce is on furlough, with the government supporting a majority of those employees’ wages. Although the 19-nation euro region is expected to shrink more than 8% this year, there are some early signs of a recovery. Survey data shows that economic sentiment, although still lower than earlier this year, is improving. Inflation statistics in Germany indicate that service providers have been successful in raising prices to counter Coronavirus-related restrictions. China’s economic recovery continued during the second quarter due, in part, to government support policies and the reopening of some overseas markets. The Purchasing Managers Index, monthly economic surveys of companies in which senior managers overseeing operations answer questions on business activity and its recent trends, indicates that manufacturing in China expanded for the fourth straight month after a dramatic slowdown. For the first half of the year, the MSCI ACWl ex USA Index and MSCI Emerging Markets Index returned -11.00% and -9.78%, respectively.

1

Bond Market

After a dramatic drop in the first quarter, the U.S. Treasury yield curve was little changed in the second quarter. Although the entire curve is below 1.50%, it is steeper than it has been in two years. The 10-year Treasury yield ended June at 0.66%, down just 0.04% from March. The Federal Open Market Committee met twice during the second quarter, as scheduled, with no change to their overnight rate, which they expect will be near zero until at least 2022. Chair Jerome Powell attempted to temper expectations by stating that, “The path forward for the economy is extraordinarily uncertain.” Alongside the rally in equities, the credit spread, a metric used to assess the credit quality of a debt security, tightened significantly during the quarter, as evidenced by the double-digit return within the high yield market. For the first half of the year, the Bloomberg Barclays U.S Aggregate Bond Index, Bloomberg Barclays U.S. Credit Index and Bloomberg Barclays U.S. Corporate High Yield Index returned 6.14%, 4.82% and -3.80%, respectively.

Fund Performance Review

The Large Company Growth Portfolio - Institutional Class returned 12.28%, outperforming the Russell 1000 Growth Index by 2.47%. The Large Company Value Portfolio - Institutional Class returned -20.49%, underperforming the Russell 1000 Value Index by 4.23%. The Small Company Growth Portfolio - Institutional Class returned -3.37%, underperforming the Russell 2000 Growth Index by 0.31%. The Small Company Value Portfolio - Institutional Class returned -25.57%, underperforming the Russell 2000 Value Index by 2.07%. The Wilshire 5000 Index Fund - Institutional Class returned -3.18%, underperforming the Wilshire 5000 Total Market Index by 0.12%. The Wilshire International Equity Fund - Institutional Class returned -7.86%, outperforming the MSCI ACWI ex US Investable Market Index by 3.37%. The Wilshire Income Opportunities Fund - Institutional Class returned -2.05%, underperforming the Bloomberg Barclays U.S. Universal Index by 7.22%.

Despite mixed performance for the first half of 2020, we are confident that each Fund is well positioned for future growth.

As always, we sincerely appreciate your continued support and confidence in Wilshire Associates.

Sincerely,

Jason Schwarz
President, Wilshire Mutual Funds

2

Past performance does not guarantee future results. The performance data quoted represent past performance and current returns may be lower or higher. Share prices and investment returns fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. For periods less than one year, performance is cumulative. For performance data current to the most recent month-end please call 1-866-591-1568.

Index returns are for illustrative purposes only and do not represent actual Fund performance. Index performance returns do not reflect any management fees, transactions costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise.

In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. Investments in smaller companies typically exhibit higher volatility.

Investing involves risk including loss of principal. This report identifies each Portfolio’s investments on June 30, 2020. These holdings are subject to change. Not all investments in each Portfolio performed the same, nor is there any guarantee that these investments will perform as well in the future. Market forecasts provided in this report may not occur.

The MSCI ACWI ex USA Index is an equity index which captures large and mid cap representation across 22 of 23 Developed Markets countries (excluding the U.S) and 26 Emerging Markets countries. With 2,370 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.

The MSCI ACWI ex USA Investable Market Index is an equity index which captures large, mid and small cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 26 Emerging Markets countries. With 6,434 constituents, the index covers approximately 99% of the global equity opportunity set outside the US.

MSCI Emerging Markets Index is an equity index which captures large and mid-cap representation across 26 Emerging Markets countries. With 1,385 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

The Wilshire 5000 Total Market Index is widely accepted as the definitive benchmark for the U.S. equity market, and measures performance of all U.S. equity securities with readily available price data.

The Wilshire US Large-Cap Index is a benchmark of the large-sized (based on capitalization) companies in the U.S. equity market. The Wilshire US Large-Cap Index is a float-adjusted, market capitalization- weighted index of the issues ranked above 750 market capitalization of the Wilshire 5000 Total Market Index.

3

The Wilshire US Small-Cap Index is a benchmark of the small-sized (based on capitalization) companies in the U.S. equity market. The Wilshire US Small-Cap is a float-adjusted, market capitalization-weighted index of the issues ranked between 750 and 2,500 by market capitalization of the Wilshire 5000 Total Market Index.

The Wilshire US Large-Cap Growth Index is a benchmark of the large-sized growth (based on capitalization) companies in the U.S. equity market. The Wilshire US Large-Cap Growth is a float-adjusted, market capitalization-weighted derivative index of the Wilshire US Large-Cap Index and by extension the Wilshire 5000 Total Market Index.

The Wilshire US Large-Cap Value Index is a benchmark of the large-sized value (based on capitalization) companies in the U.S. equity market. The Wilshire US Large-Cap Value is a float-adjusted, market capitalization-weighted derivative index of the Wilshire US Large-Cap Index and by extension the Wilshire 5000 Total Market Index.

Bloomberg Barclays U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

Bloomberg Barclays U.S. Credit Index measures the investment grade, US dollar-denominated, fixed-rate, taxable corporate and government related bond markets.

The Bloomberg Barclays U.S. Corporate High Yield Index measures the US dollar-denominated, high yield, fixed-rate, corporate bond market.

Bloomberg Barclay U.S. Universal Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index.

Russell 1000^® Growth Index: Measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000 Value Index: Measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2000^® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-value ratios and higher forecasted growth values.

Russell 2000^® Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

4

INVESTMENT CLASS SHARES

Average Annual Total Returns

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

RUSSELL 1000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2020, supplemented on 7/21/2020 was 1.32% and 1.00% for Investment Class Shares and Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2020, supplemented on 7/21/2020 was 1.30% and 1.00% for Investment Class Shares and Institutional Class Shares.

The Advisor has agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.30% and 1.00% of average daily net assets for Investment Class Shares and Institutional Class Shares until April 30, 2021, respectively.

5

The Wilshire 5000 Total Market Index^SM returned -3.30% for the first half of the year. Global financial markets rallied during the second quarter, as investor sentiment rose on the coattails of swift and substantial government stimulus and intervention. Real Gross Domestic Product (GDP) was down -5.0% during the first quarter of the year as restricted activity due to the Coronavirus (COVID) weighed heavily on economic growth. The main detractor was personal consumption, the largest component of GDP, which was down -6.8% for the first quarter. Business spending was down -6.4% on lower fixed investment and the largest inventory drawdown since 2009. Economists were forecasting a much larger, double-digit fall in real GDP for the second quarter of the year.

Sector returns for the Wilshire 5000 Total Market Index were mixed for the first half of the year. Information Technology (+15.17%), Consumer Discretionary (+8.73%), and Health Care (+2.33%) were the best performing sectors while Energy (-35.89%) and Financials (-24.40%) were the laggards. For the first six months of the year, large capitalization stocks outperformed small capitalization stocks with the Wilshire U.S. Large-Cap Index^SM returning -2.29% versus -13.82% for the Wilshire U.S. Small-Cap Index^SM. Growth stocks again led value equities during the six-month period, with the Wilshire U.S. Large-Cap Growth Index^SM returning 5.49% versus -9.98% for the Wilshire U.S. Large-Cap Value Index^SM.

Real estate securities were up during the second quarter in both the U.S. and abroad but still down for the first half of the year, with the Wilshire US Real Estate Securities and Wilshire Global Real Estate Securities Index returning -17.89% and -20.30%, respectively. The second quarter rebound was broad-based, including sectors that have struggled such as regional shopping malls and shopping centers. Commodity results were positive for the second quarter as crude oil jumped 91.7% to $39.27 per barrel. Natural gas prices were up 6.8%, ending the first half of the year at $1.75 per million British Thermal Units. Midstream Energy was among the best performing market segments, up 32.6% for the second quarter. Finally, gold prices were up 13.7%, the seventh straight positive quarter, and finished at approximately $1,801 per troy ounce.

The Wilshire Large Company Growth Portfolio - Institutional Class returned 12.28% in first half of the year, outperforming the Russell 1000 Growth Index return of 9.81% by 2.47%. Sector allocations to Energy and Financials were detractive to performance. Stock selection within Consumer Discretionary was the top detractor of relative performance. Conversely, stock selection within Health Care was the top contributor of relative performance. An underweight to Industrials also aided performance.

We are pleased with the Portfolio’s recent relative outperformance for the first half of the year and believe that the Portfolio is well positioned going into the second half of the year as the market deals with ongoing pandemic, macroeconomic and geopolitical issues.

6

PORTFOLIO SECTOR WEIGHTING^†

(As of June 30, 2020)

7

INVESTMENT CLASS SHARES

Average Annual Total Returns

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

RUSSELL 1000^® VALUE INDEX⁽¹⁾

Average Annual Total Returns

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The Portfolio’s total expense ratio per the prospectus dated 4/30/2020, supplemented on 7/21/2020 was 1.26% and 0.98% for Investment Class Shares and Institutional Class Shares.

8

The Wilshire 5000 Total Market Index^SM returned -3.30% for the first half of the year. Global financial markets rallied during the second quarter, as investor sentiment rose on the coattails of swift and substantial government stimulus and intervention. Real Gross Domestic Product (GDP) was down -5.0% during the first quarter of the year as restricted activity due to the Coronavirus (COVID) weighed heavily on economic growth. The main detractor was personal consumption, the largest component of GDP, which was down -6.8% for the first quarter. Business spending was down -6.4% on lower fixed investment and the largest inventory drawdown since 2009. Economists were forecasting a much larger, double-digit fall in real GDP for the second quarter of the year.

Sector returns for the Wilshire 5000 Total Market Index were mixed for the first half of the year. Information Technology (+15.17%), Consumer Discretionary (+8.73%), and Health Care (+2.33%) were the best performing sectors while Energy (-35.89%) and Financials (-24.40%) were the laggards. For the first six months of the year, large capitalization stocks outperformed small capitalization stocks with the Wilshire U.S. Large-Cap Index^SM returning -2.29% versus -13.82% for the Wilshire U.S. Small-Cap Index^SM. Growth stocks again led value equities during the six-month period, with the Wilshire U.S. Large-Cap Growth Index^SM returning 5.49% versus -9.98% for the Wilshire U.S. Large-Cap Value Index^SM.

Real estate securities were up during the second quarter in both the U.S. and abroad but still down for the first half of the year, with the Wilshire US Real Estate Securities and Wilshire Global Real Estate Securities Index returning -17.89% and -20.30%, respectively. The second quarter rebound was broad-based, including sectors that have struggled such as regional shopping malls and shopping centers. Commodity results were positive for the second quarter as crude oil jumped 91.7% to $39.27 per barrel. Natural gas prices were up 6.8%, ending the first half of the year at $1.75 per million British Thermal Units. Midstream Energy was among the best performing market segments, up 32.6% for the second quarter. Finally, gold prices were up 13.7%, the seventh straight positive quarter, and finished at approximately $1,801 per troy ounce.

The Wilshire Large Company Value Portfolio - Institutional Class returned -20.49% in first half of the year, underperforming the Russell 1000 Value Index return of -16.26% by -4.23%. Stock selection within Industrials meaningfully detracted from performance. Overweight exposure to Energy, along with underweight exposure to Consumer Staples, weighted on relative performance. Conversely, overweight exposure to Health Care contributed to performance.

Despite recent relative underperformance, we believe the Portfolio is well positioned going into second half of the year as the market deals with ongoing pandemic, macroeconomic and geopolitical issues.

9

PORTFOLIO SECTOR WEIGHTING^†

(As of June 30, 2020)

10

INVESTMENT CLASS SHARES

Average Annual Total Returns

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

RUSSELL 2000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2020, supplemented on 7/21/2020 was 1.54% and 1.27% for Investment Class Shares and Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2020, supplemented on 7/21/2020 was 1.35% and 1.10% for Investment Class Shares and Institutional Class Shares.

The Advisor has agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.35% and 1.10% of average daily net assets for Investment Class Shares and Institutional Class Shares until April 30, 2021, respectively.

11

The Wilshire 5000 Total Market Index^SM returned -3.30% for the first half of the year. Global financial markets rallied during the second quarter, as investor sentiment rose on the coattails of swift and substantial government stimulus and intervention. Real Gross Domestic Product (GDP) was down -5.0% during the first quarter of the year as restricted activity due to the Coronavirus (COVID) weighed heavily on economic growth. The main detractor was personal consumption, the largest component of GDP, which was down -6.8% for the first quarter. Business spending was down -6.4% on lower fixed investment and the largest inventory drawdown since 2009. Economists were forecasting a much larger, double-digit fall in real GDP for the second quarter of the year.

Sector returns for the Wilshire 5000 Total Market Index were mixed for the first half of the year. Information Technology (+15.17%), Consumer Discretionary (+8.73%), and Health Care (+2.33%) were the best performing sectors while Energy (-35.89%) and Financials (-24.40%) were the laggards. For the first six months of the year, large capitalization stocks outperformed small capitalization stocks with the Wilshire U.S. Large-Cap Index^SM returning -2.29% versus -13.82% for the Wilshire U.S. Small-Cap Index^SM. Growth stocks again led value equities during the six-month period, with the Wilshire U.S. Large-Cap Growth Index^SM returning 5.49% versus -9.98% for the Wilshire U.S. Large-Cap Value Index^SM.

Real estate securities were up during the second quarter in both the U.S. and abroad but still down for the first half of the year, with the Wilshire US Real Estate Securities and Wilshire Global Real Estate Securities Index returning -17.89% and -20.30%, respectively. The second quarter rebound was broad-based, including sectors that have struggled such as regional shopping malls and shopping centers. Commodity results were positive for the second quarter as crude oil jumped 91.7% to $39.27 per barrel. Natural gas prices were up 6.8%, ending the first half of the year at $1.75 per million British Thermal Units. Midstream Energy was among the best performing market segments, up 32.6% for the second quarter. Finally, gold prices were up 13.7%, the seventh straight positive quarter, and finished at approximately $1,801 per troy ounce.

The Wilshire Small Company Growth Portfolio - Institutional Class returned -3.37% in first half of the year, underperforming the Russell 2000 Growth Index return of -3.06% by -0.31%. Underweight exposure to Health Care, along with slight overweight exposure to Energy, detracted from performance. Stock selection within Health Care meaningfully detracted from relative performance. Conversely, the Portfolio benefited from overweighting Information Technology and underweighting Real Estate. Stock selection within Consumer Discretionary and Industrials contributed to relative performance.

Despite recent relative underperformance, we believe the Portfolio is well positioned going into second half of the year as the market deals with ongoing pandemic, macroeconomic and geopolitical issues.

12

PORTFOLIO SECTOR WEIGHTING^†

(As of June 30, 2020)

13

INVESTMENT CLASS SHARES

Average Annual Total Returns

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

RUSSELL 2000^® VALUE INDEX⁽¹⁾

Average Annual Total Returns

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2020, supplemented on 7/21/2020 was 1.56% and 1.28% for Investment Class Shares and Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2020, supplemented on 7/21/2020 was 1.35% and 1.10% for Investment Class Shares and Institutional Class Shares.

The Advisor has agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.35% and 1.10% of average daily net assets for Investment Class Shares and Institutional Class Shares until April 30, 2021, respectively.

14

The Wilshire 5000 Total Market Index^SM returned -3.30% for the first half of the year. Global financial markets rallied during the second quarter, as investor sentiment rose on the coattails of swift and substantial government stimulus and intervention. Real Gross Domestic Product (GDP) was down -5.0% during the first quarter of the year as restricted activity due to the Coronavirus (COVID) weighed heavily on economic growth. The main detractor was personal consumption, the largest component of GDP, which was down -6.8% for the first quarter. Business spending was down -6.4% on lower fixed investment and the largest inventory drawdown since 2009. Economists were forecasting a much larger, double-digit fall in real GDP for the second quarter of the year.

Sector returns for the Wilshire 5000 Total Market Index were mixed for the first half of the year. Information Technology (+15.17%), Consumer Discretionary (+8.73%), and Health Care (+2.33%) were the best performing sectors while Energy (-35.89%) and Financials (-24.40%) were the laggards. For the first six months of the year, large capitalization stocks outperformed small capitalization stocks with the Wilshire U.S. Large-Cap Index^SM returning -2.29% versus -13.82% for the Wilshire U.S. Small-Cap Index^SM. Growth stocks again led value equities during the six-month period, with the Wilshire U.S. Large-Cap Growth Index^SM returning 5.49% versus -9.98% for the Wilshire U.S. Large-Cap Value Index^SM.

Real estate securities were up during the second quarter in both the U.S. and abroad but still down for the first half of the year, with the Wilshire US Real Estate Securities and Wilshire Global Real Estate Securities Index returning -17.89% and -20.30%, respectively. The second quarter rebound was broad-based, including sectors that have struggled such as regional shopping malls and shopping centers. Commodity results were positive for the second quarter as crude oil jumped 91.7% to $39.27 per barrel. Natural gas prices were up 6.8%, ending the first half of the year at $1.75 per million British Thermal Units. Midstream Energy was among the best performing market segments, up 32.6% for the second quarter. Finally, gold prices were up 13.7%, the seventh straight positive quarter, and finished at approximately $1,801 per troy ounce.

The Wilshire Small Company Value Portfolio - Institutional Class returned -25.57% in first half of the year, underperforming the Russell 2000 Value Index return of -23.5% by -2.07%. Underweight to Health Care, along with weak stock selection within Consumer Discretionary, weighed on relative performance. Conversely, stock selection within Financials contributed to performance. Overweight exposure to Consumer Discretionary and Consumer Staples were the top two contributors from a sector allocation perspective.

Despite recent relative underperformance, we believe the Portfolio is well positioned going into second half of the year as the market deals with ongoing pandemic, macroeconomic and geopolitical issues.

15

PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2020)

16

INVESTMENT CLASS SHARES

Average Annual Total Returns

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

WILSHIRE 5000 INDEX^SM(1)

Average Annual Total Returns

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Portfolio shares.

The Index Fund’s total expense ratio per the prospectus dated 4/30/2020, supplemented on 7/21/2020 was 0.63% and 0.34% for Investment Class Shares and Institutional Class Shares.

17

The Wilshire 5000 Total Market Index^SM returned -3.30% for the first half of the year. Global financial markets rallied during the second quarter, as investor sentiment rose on the coattails of swift and substantial government stimulus and intervention. Real Gross Domestic Product (GDP) was down -5.0% during the first quarter of the year as restricted activity due to the Coronavirus (COVID) weighed heavily on economic growth. The main detractor was personal consumption, the largest component of GDP, which was down -6.8% for the first quarter. Business spending was down -6.4% on lower fixed investment and the largest inventory drawdown since 2009. Economists were forecasting a much larger, double-digit fall in real GDP for the second quarter of the year.

Sector returns for the Wilshire 5000 Total Market Index were mixed for the first half of the year. Information Technology (+15.17%), Consumer Discretionary (+8.73%), and Health Care (+2.33%) were the best performing sectors while Energy (-35.89%) and Financials (-24.40%) were the laggards. For the first six months of the year, large capitalization stocks outperformed small capitalization stocks with the Wilshire U.S. Large-Cap Index^SM returning -2.29% versus -13.82% for the Wilshire U.S. Small-Cap Index^SM. Growth stocks again led value equities during the six-month period, with the Wilshire U.S. Large-Cap Growth Index^SM returning 5.49% versus -9.98% for the Wilshire U.S. Large-Cap Value Index^SM.

Real estate securities were up during the second quarter in both the U.S. and abroad but still down for the first half of the year, with the Wilshire US Real Estate Securities and Wilshire Global Real Estate Securities Index returning -17.89% and -20.30%, respectively. The second quarter rebound was broad-based, including sectors that have struggled such as regional shopping malls and shopping centers. Commodity results were positive for the second quarter as crude oil jumped 91.7% to $39.27 per barrel. Natural gas prices were up 6.8%, ending the first half of the year at $1.75 per million British Thermal Units. Midstream Energy was among the best performing market segments, up 32.6% for the second quarter. Finally, gold prices were up 13.7%, the seventh straight positive quarter, and finished at approximately $1,801 per troy ounce.

The Wilshire 5000 Index Fund - Institutional Class returned -3.18% in first half of the year, outperforming the Wilshire 5000 Index return of -3.30% by 0.12%. Relative underperformance is attributable to Fund expenses and is well within the historical range.

18

PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2020)

19

INVESTMENT CLASS SHARES

Average Annual Total Returns

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

MSCI ALL COUNTRY WORLD EX-U.S. INVESTABLE
MARKET INDEX⁽¹⁾

Average Annual Total Returns

On April 2, 2013, the Wilshire International Equity Fund’s investment strategy was changed. Consequently, prior period performance may have been different if the new investment strategy had been in effect during these periods.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2020, supplemented on 7/21/2020 was 1.63% and 1.29% for Investment Class Shares and Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2020, supplemented on 7/21/2020 was 1.50% and 1.25% for Investment Class Shares and Institutional Class Shares.

The Advisor has agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.50% and 1.25% of average daily net assets for Investment Class Shares and Institutional Class Shares until April 30, 2021, respectively.

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Outside of the United States, equities lagged their U.S. counterparts, with the MSCI All Country World ex USA Index returning -11.00% for the first half of the year. The global economic outlook remained very gloomy and uncertain, particularly given the overwhelmingly negative narrative of higher COVID rates. The International Monetary Fund estimates a real annual global GDP growth rate of approximately -5.0% in 2020, with U.S. GDP growth expected to be -8.0%.

The Wilshire International Equity Fund - Institutional Class returned -7.86% in first half of the year, outperforming the MSCI All Country World ex USA Investable Market Index return of -11.24% by 3.38%. Strong stock selection within Information Technology, Industrials and Consumer Discretionary contributed to positive performance. Overweight exposure to the United States contributed meaningfully to relative performance. Conversely, stock selection in Energy and Health Care detracted from performance. An underweight to China and overweight to the United Kingdom detracted on relative performance.

Despite recent relative underperformance, we believe the Fund is well positioned going into the second half of the year as the market deals with ongoing pandemic, macroeconomic and geopolitical issues.

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PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2020)

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INVESTMENT CLASS SHARES

Average Annual Total Returns

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

Bloomberg Barclays U.S. Universal Index⁽¹⁾

Average Annual Total Returns

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Advisor has a fee waiver arrangement in place to limit the Portfolio annual operating expenses.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2020, supplemented on 7/21/2020 was 1.26% and 0.92% for Investment Class Shares and Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2020, supplemented on 7/21/2020 was 1.18% and 0.92% for Investment Class Shares and Institutional Class Shares.

The Advisor has agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.15% and 0.90% of average daily net assets for Investment Class Shares and Institutional Class Shares until April 30, 2021, respectively.

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The Bloomberg Barclays US Aggregate Bond Index returned 6.14% for the first half of the year. Fixed income markets responded positively to the recent targeted stimulus provided by both the Federal Reserve Board (Fed) and the Federal Government. The Fed’s swift actions to cut the Fed Funds Target Rate and provide support to fixed income markets through outright purchases of assets, and by supporting short-term funding markets through the Commercial Paper Funding Facility, successfully led to a decline in risk and recovery in asset prices across fixed income markets. However, the Fed’s actions in combination with pessimistic economic market expectations has caused longer-term nominal interest rates to remain very low, despite the rise in inflation expectations. This has resulted in extremely low real yields, as the US Real 10 year yield sits at nearly -0.90%. Credit spreads have narrowed in both investment grade and high yield markets during the second quarter, but still are at an elevated level compared to that at the end of last year. The Bloomberg Barclays Long Term Treasury Index and the Bloomberg Barclays US Corporate High Yield Index returned 21.20% and 4.82%, respectively, for the first six month of the year.

The Wilshire Income Opportunities Fund - Institutional Class returned -2.05% in the first half of the year, underperforming the Bloomberg Barclay US Universal Index return of 3.37% by 5.42%. Exposures to emerging market debt, securitized products, investment grade corporate, and high yield issues detracted from performance. Underweight duration also weighed on relative performance. Conversely, allocations to Residential Mortgage-backed Securitiy and US Treasury aided performance on a relative basis.

Despite recent relative underperformance, we believe the Fund is well positioned going into the second half of the year as the market deals with ongoing pandemic, macroeconomic and geopolitical issues.

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PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2020)

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All mutual funds have operating expenses. As a shareholder of a Portfolio, you incur ongoing costs, which include costs for investment advisory, administrative services, distribution and/or shareholder services and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the Portfolio. A Portfolio’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing fees (in dollars) of investing in the Portfolios and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire period from January 1, 2020 to June 30, 2020.

The table on the next page illustrates the Portfolios’ costs in two ways:

Actual Fund Return: This section helps you to estimate the actual expenses, after any applicable fee reductions, that you paid over the period. The “Ending Account Value” shown is derived from each Portfolio’s actual return for the period. The “Expense Ratio” column shows the period’s annualized expense ratio and the “Expenses Paid During Period” column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Portfolios at the beginning of the period.

You may use the information here, together with your account value, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Portfolio in the first line under the heading entitled “Expenses Paid During Period.”

Hypothetical 5% Return: This section is intended to help you compare the Portfolios’ costs with those of other mutual funds. The “Ending Account Value” shown is derived from hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and assumed rate of return. It assumes that each Portfolio had an annual return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not each Portfolio’s actual return, the results do not apply to your investment. This example is useful in making comparisons to other mutual funds because the U.S. Securities and Exchange Commission (“SEC”) requires all mutual funds to calculate expenses based on an assumed 5% annual return. You can assess the Portfolios’ ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees. Wilshire Mutual Funds, Inc. has no such charges, but these may be present in other funds to which you compare this data. Therefore, the hypothetical portions of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

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See Notes to Financial Statements.
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Percentages are stated as a percent of net assets.

The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings, each investment of any issue that exceeds 1% of the Portfolio’s net assets, and any investments classified as Level 3. The complete schedule of portfolio holdings is available (i) on the SEC’s website at http://www.sec.gov; and (ii) on our website at http://advisor.wilshire.com.

ADR — American Depository Receipt

See Notes to Financial Statements.
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See Notes to Financial Statements.
32

Percentages are stated as a percent of net assets.

The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings, each investment of any issue that exceeds 1% of the Portfolio’s net assets, and any investments classified as Level 3. The complete schedule of portfolio holdings is available (i) on the SEC’s website at http://www.sec.gov; and (ii) on our website at http://advisor.wilshire.com.

ADR — American Depository Receipt

See Notes to Financial Statements.
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See Notes to Financial Statements.
34

Percentages are stated as a percent of net assets.

The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings, each investment of any issue that exceeds 1% of the Portfolio’s net assets, and any investments classified as Level 3. The complete schedule of portfolio holdings is available (i) on the SEC’s website at http://www.sec.gov; and (ii) on our website at http://advisor.wilshire.com.

ADR — American Depository Receipt

individually or in the aggregate, respectively, or any issuers not classified as Level 3 investments, as of June 30, 2020.

See Notes to Financial Statements.
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See Notes to Financial Statements.
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Percentages are stated as a percent of net assets.

The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings, each investment of any issue that exceeds 1% of the Portfolio’s net assets, and any investments classified as Level 3. The complete schedule of portfolio holdings is available (i) on the SEC’s website at http://www.sec.gov; and (ii) on our website at http://advisor.wilshire.com.

ADR — American Depository Receipt

See Notes to Financial Statements.
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