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 Advisors LLC

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

Item 1. Reports to Stockholders.

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, 2022 to June 30, 2022, 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 FT Wilshire 5000 Index^SM, was down -20.89% for the six-month period ended June 30, 2022. Rising inflation, which began in late 2020-early 2021, continues to accelerate this year, reaching levels not seen in four decades. While energy is far and away the leading expenditure category in terms of price increases (up 35% for the 12-months ended May), surging prices can be found in nearly every segment of the overall Consumer Price Index (CPI). The largest component of the index, shelter, is up 5.5% with the next largest segment, food, up 10% during the past year. Finally, transportation costs have accelerated with new and used vehicles up in the double-digits and transportation services up 8%. With such widespread inflationary pressures, the ability for the Federal Reserve to achieve a “soft landing” is quickly dissipating.

Sector returns for the FT Wilshire 5000 Index were negative for the six-month period, with the exception of Energy. Energy (30.83%) and Utilities (-1.17%) were the best performing sectors while Consumer Discretionary (-33.43%) and Communication Services (-30.22%) were the largest detractors. For the period, large capitalization stocks outperformed small capitalization stocks with the Wilshire US Large-Cap Index^SM returning -20.78% versus -21.85% for the Wilshire US Small-Cap Index^SM. Growth lagged Value equities during the period, with the Wilshire US Large-Cap Growth Index^SM returning -27.70% versus -11.77% for the Wilshire US Large-Cap Value Index^SM.

International Equity Market

Performance results within international equity markets were mixed for the period, with slight differences in returns between developed and emerging markets. The MSCI EAFE Index was down -19.57% for the period, while the MSCI Emerging Markets Index was down -17.63%.

As European countries continue to find alternatives to their Russian energy dependency, eurozone inflation increased to 8.6% in June, the highest level ever recorded. Nearly half the 19 countries in the eurozone have now reached double-digit annual inflation. Energy increased the most, rising almost 42% versus a year ago. Emerging countries, in general, have done a relatively better job in combating inflation. China, on both local and state levels, has announced additional economic support to help revitalize an economy impacted by Covid lockdowns. Additionally, China re-opened its cities as Covid-19 cases dwindled. Shanghai, the largest city in China, is moving to loosen Covid test requirements and to allow

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in-person dining. There remains the risk of the Chinese government re-imposing Covid-19 restrictions should cases rise again, but the current loosening is a positive economic indicator.

Bond Market

The U.S. fixed income market, represented by the Bloomberg US Aggregate Bond Index, was down -10.35% for the six-month period. High Yield, represented by the Bloomberg U.S. Corporate High Yield Index, and Treasury Inflation-Protected Securities, represented by the Bloomberg U.S. TIPS Index, were also down -14.19% and -8.92%, respectively.

Inflation and growth concerns continue to be the focus in the U.S. and abroad. With inflation hitting a 40-year high of 8.6% in the U.S., households have begun to dip into their savings to cover the higher cost of food and gas. To combat inflation, the Fed raised the Fed Funds rate by 0.75% at its meeting held on June 14, 2022, the biggest individual increase since 1994. The Fed also signaled that it could raise rates by a similar magnitude in July. Additionally, the Fed restarted its quantitative tightening program in June, aiming to reduce its $9 trillion balance sheet. Both the equity and fixed income markets sold off in June amid the brewing concerns of slower economic growth and rising risk of recession.

Fund Performance Review

The Wilshire Large Company Growth Portfolio - Institutional Class returned -30.01%, underperforming the Russell 1000 Growth Index by -1.94%. The Wilshire Large Company Value Portfolio - Institutional Class returned -17.09%, underperforming the Russell 1000 Value Index by -4.23%. The Wilshire Small Company Growth Portfolio - Institutional Class returned -31.70% , underperforming the Russell 2000 Growth Index by -2.25%. The Wilshire Small Company Value Portfolio – Institutional Class returned -16.02%, outperforming the Russell 2000 Value Index by 1.29%. The Wilshire International Equity Fund – Institutional Class returned -21.88%, underperforming the MSCI All Country World ex USA Investable Market Index by -2.80%. The Wilshire Income Opportunities Fund – Institutional Class returned -10.00%, outperforming the Bloomberg U.S. Universal Index by 0.93%. The Wilshire 5000 Index Fund - Institutional Class returned -20.67%, outperforming the FT Wilshire 5000 Index return of -20.89% by 0.22%.

Despite underperformance for the majority of the Portfolios, we believe that the Portfolios are well-positioned going into the second half of 2022 as the market deals with the ongoing pandemic and, macroeconomic and geopolitical issues.

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

Sincerely,

Jason Schwarz
President, Wilshire Mutual Funds

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DISCLOSURES:

This report must be preceded or accompanied by a prospectus.

Opinions expressed are those of the Portfolios and are subject to change, are not guaranteed, and should not be considered a recommendation to buy or sell any security.

Sector allocations are subject to change.

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 fluctuation 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. Investments in derivatives, such as swaps, futures contracts and options contracts and currency transactions expose a Portfolio to risks in addition to and greater than those associated with investing directly in the securities underlying those derivatives and could also result in a loss, which in some cases may be unlimited.

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 All Country World 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 All Country World 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.

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The MSCI EAFE Index is an equity index which captures large and mid cap representation across 21 Developed Markets countries* around the world, excluding the US and Canada. With 825 constituents, the index covers approximately 85% of the free float adjusted market capitalization in each country.

The 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 FT Wilshire 5000 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.

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.

The Bloomberg 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.

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

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

The Bloomberg 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.

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The Bloomberg U.S. TIPS Index measures the performance of the U.S. Treasury Inflation-Protected Securities known as TIPS.

The Bloomberg Long Term Treasury Index measures the U.S. investment grade fixed rate bond market issued by the U.S. government with 10+ years of maturity.

The 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.

The 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.

The 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.

The 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.

Mortgaged-Backed Securities are bonds secured by residential and other real estate loans.

Agency Residential Mortgaged-Backed Securities is residential mortgaged-backed securities for which a U.S. government entity guarantees payment of principal and interest to holders of securities.

Commercial Mortgage-Backed Securities are bonds secreted by commercial and multifamily mortgages.

Asset-Backed Securities are financial securities back by income-generating assets such as loans, leases, credit card balances, or receivables.

A basis point is one hundredth of a percent or equivalently one percent of one percent.

The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available.

Credit Spread is the difference in yield between a U.S. Treasury bond and another debt security of the same maturity but different credit quality.

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

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The U.S. stock market, represented by the FT Wilshire 5000 Index^SM , was down -16.78% for the second quarter, the largest quarterly drop since the global COVID shutdown in early 2020. Every sector was in negative territory, with Consumer Discretionary (-26.3%), Information Technology (-21.1%) and Communication Services (-21.0%) representing the worst performing sectors. From a size perspective, both large and small-cap performed similarly during the quarter. Growth stocks underperformed value within both large and small-cap.

Performance results within international equity markets were negative for the second quarter, with developed underperforming emerging markets. The MSCI EAFE Index was down -14.51% for the quarter, while the MSCI Emerging Markets Index was down -11.50%. High inflation has become a global issue with rates in Europe approaching U.S. levels. In Germany, Europe’s largest economy, economic growth is slowing on both inflation and falling exports. While economic indicators in the U.K. are still in the expansion range, measures of new orders have fallen while business confidence levels have slumped. In China, new controls were imposed in some areas, including a lock down of Shanghai, in an attempt to contain a fresh COVID outbreak in April and May. Although most lockdowns have since been lifted, early economic indicators are not yet registering a strong return of growth.

The U.S. Treasury yield curve was up across all maturities during the quarter, most noticeably in the short end, leading to a flatter curve. The 10-year Treasury yield ended the quarter at 3.02%, up 68 basis points from March. Credit spreads widened during the quarter including an outsized jump of 163 basis points in June in the high yield market, which had a spread of 5.69% at quarter-end. The Federal Open Market Committee met twice during the quarter, as scheduled, and increased the overnight rate by 0.50% in May and 0.75% in June; targeting a range of 1.50% to 1.75%. Through the Fed’s “dot plot,” it is messaging that the current intent is for another 175 basis points in increases before the end of 2022. Such an increase would push the rate above 3% for the first time since before the 2008 credit crisis. Public statements from the Federal Reserve grew more pessimistic during the quarter as Fed Chair Jerome Powell stated after the June meeting that controlling inflation at the 2% target, in exchange for a higher unemployment rate, would be a “successful outcome.”

Real estate securities were down during the second quarter in both the U.S. and abroad. Commodity results were negative for the quarter, although crude oil was up 5.5% to $105.76 per barrel. Weakness in other areas led to the drop in the broad commodity index, particularly in precious metals. Natural gas prices were spiking dramatically during the quarter (up 44% by the end of May) before falling back down in June. By quarter-end, natural gas was down -5.2%, closing at $5.42 per million BTUs. Gold prices were down -6.8% during the quarter, finishing at approximately $1,807 per troy ounce, as the Federal Reserve turned more hawkish toward inflation.

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INVESTMENT CLASS SHARES

Average Annual Total Returns

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

RUSSELL 1000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

On July 21, 2020, the Large Company Growth Portfolio’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 Portfolio distributions or the redemption of Portfolio shares.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2022 was 1.30% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022 was 1.30% for Investment Class Shares.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2022 was 0.97% for Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022 was 0.97% for Institutional Class Shares.

The Advisor has contractually 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% of average daily net assets for Investment Class Shares and 1.00% for Institutional Class Shares, respectively, through at least April 30, 2023. The net expense ratio is applicable to shareholders.

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The U.S. stock market, represented by the FT Wilshire 5000 Index^SM , was down -16.78% for the second quarter, the largest quarterly drop since the global COVID shutdown in early 2020. Every sector was in negative territory, with Consumer Discretionary (-26.3%), Information Technology (-21.1%) and Communication Services (-21.0%) representing the worst performing sectors. From a size perspective, both large and small-cap performed similarly during the quarter. Growth stocks underperformed value within both large and small-cap.

Real estate securities were down during the second quarter in both the U.S. and abroad. Commodity results were negative for the quarter, although crude oil was up 5.5% to $105.76 per barrel. Weakness in other areas led to the drop in the broad commodity index, particularly in precious metals. Natural gas prices were spiking dramatically during the quarter (up 44% by the end of May) before falling back down in June. By quarter-end, natural gas was down -5.2%, closing at $5.42 per million BTUs. Gold prices were down -6.8% during the quarter, finishing at approximately $1,807 per troy ounce, as the Federal Reserve turned more hawkish toward inflation.

The Wilshire Large Company Growth Portfolio - Institutional Class returned -30.01% in the first half of the year, underperforming the Russell 1000 Growth Index return of -28.07% by -1.94%. Stock selection within Information Technology, Industrials, and Consumer Discretionary were the top three detractors of performance. An underweight exposure to Consumer Staples also detracted from relative performance. Conversely, stock selection within Communication Services marginally contributed to relative performance. An overweight exposure to Healthcare also contributed positively to performance.

The Wilshire Large Company Growth Portfolio also uses derivatives for benchmark exposure. Collateral is invested in short term fixed income instruments to cover the costs of the swap. In 2022, returns on these fixed-income investments underperformed the cost of the swap and detracted from the Portfolio’s relative performance.

Despite recent relative underperformance, we believe the Portfolio is well-positioned going into the second half of 2022 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues.

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PORTFOLIO SECTOR WEIGHTING^†

(As of June 30, 2022)

Common Stocks are composed of:

The industry classifications represented in the Portfolio Sector Weightings and Schedules of Investments are in accordance with Global Industry Classification Standards (GICS^®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s LLC.

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INVESTMENT CLASS SHARES

Average Annual Total Returns

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

RUSSELL 1000^® VALUE INDEX⁽¹⁾

Average Annual Total Returns

On July 21, 2020, the Large Company Value Portfolio’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 Portfolio distributions or the redemption of Portfolio shares.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2022 was 1.32% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022 was 1.30% for Investment Class Shares.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2022 was 0.99% for Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022 was 0.99% for Institutional Class Shares.

The Advisor has contractually 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% of average daily net assets for Investment Class Shares and 1.00% for Institutional Class Shares, respectively, through at least April 30, 2023. The net expense ratio is applicable to shareholders.

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The U.S. stock market, represented by the FT Wilshire 5000 Index^SM , was down -16.78% for the second quarter, the largest quarterly drop since the global COVID shutdown in early 2020. Every sector was in negative territory, with Consumer Discretionary (-26.3%), Information Technology (-21.1%) and Communication Services (-21.0%) representing the worst performing sectors. From a size perspective, both large and small-cap performed similarly during the quarter. Growth stocks underperformed value within both large and small-cap.

Real estate securities were down during the second quarter in both the U.S. and abroad. Commodity results were negative for the quarter, although crude oil was up 5.5% to $105.76 per barrel. Weakness in other areas led to the drop in the broad commodity index, particularly in precious metals. Natural gas prices were spiking dramatically during the quarter (up 44% by the end of May) before falling back down in June. By quarter-end, natural gas was down -5.2%, closing at $5.42 per million BTUs. Gold prices were down -6.8% during the quarter, finishing at approximately $1,807 per troy ounce, as the Federal Reserve turned more hawkish toward inflation.

The Wilshire Large Company Value Portfolio - Institutional Class returned -17.09% in the first half of the year, underperforming the Russell 1000 Value Index return of -12.86% by -4.23%. Stock selection within the Industrials sector meaningfully detracted from relative performance. A large overweight exposure to Information Technology also detracted relative performance. Conversely, stock selection within Financials contributed to performance. An overweight exposure to Energy and underweight exposure to Real Estate contributed positively to relative performance.

The Wilshire Large Company Growth Portfolio also uses derivatives for benchmark exposure. Collateral is invested in short-term fixed income instruments to cover the costs of the swap. In 2022, returns on these fixed-income investments underperformed the cost of the swap and detracted from the Portfolio’s relative performance.

Despite recent relative underperformance, we believe the Portfolio is well-positioned going into the second half of 2022 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues.

11

PORTFOLIO SECTOR WEIGHTING^†

(As of June 30, 2022)

Common Stocks are composed of:

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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 4/30/2022 was 1.63% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022 was 1.35% for Investment Class Shares.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2022 was 1.38% for Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022 was 1.10% for Institutional Class Shares.

The Advisor has contractually 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% of average daily net assets for Investment Class Shares and 1.10% for Institutional Class Shares, respectively, through at least April 30, 2023. The net expense ratio is applicable to shareholders.

13

The U.S. stock market, represented by the FT Wilshire 5000 Index^SM , was down -16.78% for the second quarter, the largest quarterly drop since the global COVID shutdown in early 2020. Every sector was in negative territory, with Consumer Discretionary (-26.3%), Information Technology (-21.1%) and Communication Services (-21.0%) representing the worst performing sectors. From a size perspective, both large and small-cap performed similarly during the quarter. Growth stocks underperformed value within both large and small-cap.

Real estate securities were down during the second quarter in both the U.S. and abroad. Commodity results were negative for the quarter, although crude oil was up 5.5% to $105.76 per barrel. Weakness in other areas led to the drop in the broad commodity index, particularly in precious metals. Natural gas prices were spiking dramatically during the quarter (up 44% by the end of May) before falling back down in June. By quarter-end, natural gas was down -5.2%, closing at $5.42 per million BTUs. Gold prices were down -6.8% during the quarter, finishing at approximately $1,807 per troy ounce, as the Federal Reserve turned more hawkish toward inflation.

The Wilshire Small Company Growth Portfolio - Institutional Class returned -31.70% in the first half of the year, underperforming the Russell 2000 Growth Index return of -29.45% by -2.25%. Stock selection within Health Care was the top detractor of performance. Additionally, an underweight exposure to Energy and stock selection within Materials, Real Estates, and Industrials sectors weighed on performance. Conversely, stock selection within Information Technology and Consumer Staples were the top two contributors to performance. A slight underweight exposure to Consumer Discretionary aided relative performance as well

Despite recent relative underperformance, we believe the Portfolio is well-positioned going into the second half of 2022 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues

14

PORTFOLIO SECTOR WEIGHTING^†

(As of June 30,2022)

15

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 4/30/2022 was 1.75% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022 was 1.35% for Investment Class Shares.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2022 was 1.46% for Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022 was 1.10% for Institutional Class Shares.

The Advisor has contractually 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% of average daily net assets for Investment Class Shares and 1.10% for Institutional Class Shares, respectively, through at least April 30, 2023. The net expense ratio is applicable to shareholders.

16

The U.S. stock market, represented by the FT Wilshire 5000 Index^SM , was down -16.78% for the second quarter, the largest quarterly drop since the global COVID shutdown in early 2020. Every sector was in negative territory, with Consumer Discretionary (-26.3%), Information Technology (-21.1%) and Communication Services (-21.0%) representing the worst performing sectors. From a size perspective, both large and small-cap performed similarly during the quarter. Growth stocks underperformed value within both large and small-cap.

Real estate securities were down during the second quarter in both the U.S. and abroad. Commodity results were negative for the quarter, although crude oil was up 5.5% to $105.76 per barrel. Weakness in other areas led to the drop in the broad commodity index, particularly in precious metals. Natural gas prices were spiking dramatically during the quarter (up 44% by the end of May) before falling back down in June. By quarter-end, natural gas was down -5.2%, closing at $5.42 per million BTUs. Gold prices were down -6.8% during the quarter, finishing at approximately $1,807 per troy ounce, as the Federal Reserve turned more hawkish toward inflation.

The Wilshire Small Company Value Portfolio - Institutional Class returned -16.02% in the first half of the year, outperforming the Russell 2000 Value Index return of -17.31% by 1.29%. Stock selection within the Energy and Financials sectors detracted from relative performance. An overweight exposure to Consumer Discretionary and an underweight exposure to Utilities also detracted from relative performance. Conversely, stock selection within Consumer Staples and Industrials sectors were positive contributors to performance. Underweight to Health Care 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 2022 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues.

17

PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2022)

18

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 4/30/2022 was 0.54% for Investment Class Shares.

The Index Fund’s total expense ratio per the prospectus dated 4/30/2022 was 0.33% for Institutional Class Shares.

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The U.S. stock market, represented by the FT Wilshire 5000 Index^SM , was down -16.78% for the second quarter, the largest quarterly drop since the global COVID shutdown in early 2020. Every sector was in negative territory, with Consumer Discretionary (-26.3%), Information Technology (-21.1%) and Communication Services (-21.0%) representing the worst performing sectors. From a size perspective, both large and small-cap performed similarly during the quarter. Growth stocks underperformed value within both large and small-cap.

Performance results within international equity markets were negative for the second quarter, with developed underperforming emerging markets. The MSCI EAFE Index was down -14.51% for the quarter, while the MSCI Emerging Markets Index was down -11.50%. High inflation has become a global issue with rates in Europe approaching U.S. levels. In Germany, Europe’s largest economy, economic growth is slowing on both inflation and falling exports. While economic indicators in the U.K. are still in the expansion range, measures of new orders have fallen while business confidence levels have slumped. In China, new controls were imposed in some areas, including a lock down of Shanghai, in an attempt to contain a fresh COVID outbreak in April and May. Although most lockdowns have since been lifted, early economic indicators are not yet registering a strong return of growth.

Real estate securities were down during the second quarter in both the U.S. and abroad. Commodity results were negative for the quarter, although crude oil was up 5.5% to $105.76 per barrel. Weakness in other areas led to the drop in the broad commodity index, particularly in precious metals. Natural gas prices were spiking dramatically during the quarter (up 44% by the end of May) before falling back down in June. By quarter-end, natural gas was down -5.2%, closing at $5.42 per million BTUs. Gold prices were down -6.8% during the quarter, finishing at approximately $1,807 per troy ounce, as the Federal Reserve turned more hawkish toward inflation.

The Wilshire 5000 Index Fund - Institutional Class returned -20.67% in first half of the year, outperforming the FT Wilshire 5000 Index return of -20.89% by 0.23%. Relative performance is within the historical range.

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PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2022)

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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 and July 21, 2020, 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 4/30/2022 was 1.76% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022 was 1.50% for Investment Class Shares.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2022 was 1.38% for Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022 was 1.25% for Institutional Class Shares.

The Advisor has contractually 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% of average daily net assets for Investment Class Shares and 1.25% for Institutional Class Shares, respectively, through at least April 30, 2023. The net expense ratio is applicable to shareholders.

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Performance results within international equity markets were negative for the second quarter, with developed underperforming emerging markets. The MSCI EAFE Index was down -14.51% for the quarter, while the MSCI Emerging Markets Index was down -11.50%. High inflation has become a global issue with rates in Europe approaching U.S. levels. In Germany, Europe’s largest economy, economic growth is slowing on both inflation and falling exports. While economic indicators in the U.K. are still in the expansion range, measures of new orders have fallen while business confidence levels have slumped. In China, new controls were imposed in some areas, including a lock down of Shanghai, in an attempt to contain a fresh COVID outbreak in April and May. Although most lockdowns have since been lifted, early economic indicators are not yet registering a strong return of growth.

The Wilshire International Equity Fund - Institutional Class returned -21.88% in the first half of the year, underperforming the MSCI All Country World ex USA Investable Market Index return of -19.08% by -2.80%. Stock selection within the Energy, Information Technology, and Materials sectors detracted from results. An overweight to the Information Technology sector also weighed on performance. Selection within the United States meaningfully detracted from performance. Conversely, stock selection within Financials and an overweight to the Health Care sector marginally contributed to relative performance.

The Wilshire International Equity Fund also uses derivatives for benchmark exposure. Collateral is invested in short-term fixed income instruments to cover the costs of the swap. In 2022, returns on these fixed-income investments underperformed the cost of the swap and detracted from the Portfolio’s relative performance.

Despite recent relative underperformance, we believe the Fund is well-positioned going into the second half of 2022 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues.

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PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2022)

Common Stocks are composed of:

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INVESTMENT CLASS SHARES

Average Annual Total Returns

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

BLOOMBERG U.S. UNIVERSAL INDEX⁽¹⁾

Average Annual Total Returns

CUSTOM BLENDED INDEX⁽²⁾

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.

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The Portfolio’s gross expense ratio per the prospectus dated 4/30/2022 was 1.32% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022 was 1.16% for Investment Class Shares.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2022 was 0.93% for Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022 was 0.91% for Institutional Class Shares.

The Advisor has contractually 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% of average daily net assets for Investment Class Shares and 0.90% for Institutional Class Shares, respectively, through at least April 30, 2023. The net expense ratio is applicable to shareholders.

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The U.S. Treasury yield curve was up across all maturities during the quarter, most noticeably in the short end, leading to a flatter curve. The 10-year Treasury yield ended the quarter at 3.02%, up 68 basis points from March. Credit spreads widened during the quarter including an outsized jump of 163 basis points in June in the high yield market, which had a spread of 5.69% at quarter-end. The Federal Open Market Committee met twice during the quarter, as scheduled, and increased the overnight rate by 0.50% in May and 0.75% in June; targeting a range of 1.50% to 1.75%. Through the Fed’s “dot plot,” it is messaging that the current intent is for another 175 basis points in increases before the end of 2022. Such an increase would push the rate above 3% for the first time since before the 2008 credit crisis. Public statements from the Federal Reserve grew more pessimistic during the quarter as Fed Chair Jerome Powell stated after the June meeting that controlling inflation at the 2% target, in exchange for a higher unemployment rate, would be a “successful outcome.”

The Wilshire Income Opportunities Fund - Institutional Class returned -10.00% in the first half of the year, outperforming the Bloomberg U.S. Universal Index return of -10.93% by 0.93%.

Exposures to most fixed income sectors generally detracted from performance. Exposures to Credit sectors, such as Investment Grade Corporate and High Yield Corporate, underperformed the Bloomberg US Universal Index materially. Exposure to Emerging Market Debt was the biggest detracting sector. Conversely, allocations to Bank Loans and U.S. Treasuries mitigated performance. Underweight exposure to duration across the three subadvisers also aided relative performance.

We are pleased with the Fund’s recent relative outperformance for the first half of the year and believe that the Fund is well-positioned going into the second half 2022 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues.

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PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2022)

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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, 2022 to June 30, 2022.

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