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 600

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

Jason A. Schwarz

Wilshire Advisors LLC

1299 Ocean Avenue, Suite 600

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, 2023

Date of reporting period: June 30, 2023

Item 1. Reports to Stockholders.

(a)       Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

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 Foreside Fund Services, 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, 2023 to June 30, 2023, 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

While the U.S. equity market generated positive returns for the first half of the year, the performance was primarily driven by a handful of mega-cap technology companies, overshadowing the returns generated by remaining constituents of the S&P 500 Index. The recent rally of mega-cap names brought concerns about narrow market breadth. While the recent rally draws comparison to the Internet stock bubble of the late 1990s, the key difference is that the mega-cap names today are either highly profitable or growing rapidly. With resilient economic growth and corporate earnings, the remaining index constituents may have an opportunity to rally.

Inflation within the U.S. moderated to 4.1% at the end of May, continuing to dip from a June 2022 peak of 9.1%. The Fed held the Fed Funds Rate unchanged at its June meeting as it continues to assess the implication of monetary policy. Although perhaps unnecessary, the Fed has indicated a desire to raise the Fed Funds Rate by as much as 0.50% in the coming months. There are concerns that the Fed will over-tighten and create unintended consequences that lead to unexpected economic issues.

U.S. economic growth remains resilient, but tighter economic conditions are expected to weigh on growth and the job market in the coming months. On a positive note, given the unusually high number of existing job postings, coupled with the exceptionally low unemployment rate, any recession is likely to be either mild or distant. There are some signs of economic slowdown, but the economy continues to add jobs at a relatively robust pace.

On the European front, the European Central Bank (“ECB”) raised rates by another 25 basis points to 3.5%, the highest level in over 20 years. The ECB noted that while the inflation is moderating, it remains too high. It is projected that the ECB will keep rates elevated for longer than the Fed, which could lead to weakening of the U.S. dollar.

The Chinese economy has slowed unexpectedly since its COVID re-opening. As the consumer-led recovery began to flatten, the Chinese government began considering a broad package of stimulus, including support to real estate and domestic demands. The People’s Bank of China unexpectedly cut short-term interest rates in June to pave the way for rounds of stimulus and monetary policies. However, concerns of financial stability and debt levels are likely to weigh on the efficacy of the stimulus package.

1

Fund Performance Review

The Wilshire Large Company Growth Portfolio - Institutional Class returned 27.34%, underperforming the Russell 1000 Growth Index by -1.68%. The Wilshire Large Company Value Portfolio - Institutional Class returned 7.93%, outperforming the Russell 1000 Value Index by 2.81%. The Wilshire Small Company Growth Portfolio - Institutional Class returned 13.69%, outperforming the Russell 2000 Growth Index by 0.14%. The Wilshire Small Company Value Portfolio - Institutional Class returned 5.66%, outperforming the Russell 2000 Value Index by 3.16%. The Wilshire International Equity Fund - Institutional Class returned 11.24%, outperforming the MSCI All Country World ex USA Investable Market Index by 2.14%. The Wilshire Income Opportunities Fund - Institutional Class returned 2.05%, underperforming the Bloomberg US Universal Index return of 2.32% by -0.27%. The Wilshire 5000 Index Fund - Institutional Class returned 15.69%, underperforming the FT Wilshire 5000 Total Market Index by -0.65%.

We are pleased with the outperformance generated by four out of the six actively managed Portfolios. We believe that all of the Portfolios are well-positioned going into the second half of 2023 as the market deals with the on-going inflation concerns, macroeconomic and geopolitical issues.

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

Sincerely,

Jason Schwarz
President, Wilshire Mutual Funds

2

DISCLOSURES:

This report must be preceded or accompanied by a prospectus.

Opinions expressed are those of the Funds 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 represents 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 Fund 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 Fund’s investments on June 30. 2023. These holdings are subject to change and risk. Not all investments in each Fund 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.

3

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 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.

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.

4

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 Foreside Fund Services, LLC.

5

The U.S. stock market, represented by the FT Wilshire 5000 Total Market Index^SM, was up 8.43% for the second quarter and is up 19.06% for the past 12 months. A majority of sectors were up for the quarter. The best performing were information technology (+17.2%), consumer discretionary (+14.6%) and communication services (+13.1%). The worst performing sector was utilities (-2.5%). From a size perspective, large-cap outperformed small-cap by 331 basis points. Growth stocks vastly outperformed value for the second straight quarter and now lead meaningfully for the one-year period.

Real estate securities were up during the second quarter in the United States but produced a negative return abroad. Commodity results were negative for the quarter, with crude oil falling by -6.6% to $70.64 per barrel. Aggressive monetary tightening worldwide has had a detrimental effect on oil prices, which are down 33.0% during the past year. Natural gas prices moved higher after two quarters of significant declines. Gas prices were up 26.3% for the second quarter after falling 50.5% through March, closing at $2.80 per million BTUs. Gold prices were down 2.0% during the second quarter, finishing at approximately $1,929 per troy ounce, as the Fed slowed rate increases at least momentarily.

Performance results within international equity markets were positive for the second quarter, with developed outperforming emerging markets. The MSCI EAFE Index was up 2.95% for the quarter, while the MSCI Emerging Markets Index was up 0.90%. The eurozone fell into a mild recession around the start of the new year as real GDP fell during the fourth and first quarters. Consumer spending has been hampered by high inflation and rising interest rates while government spending fell sharply. Economic growth within the United Kingdom has been positive enough this year to barely escape a technical recession, for now. Inflation has been trending downward within Britain but at a much slower pace versus other regions, with annual changes being twice as high in the United Kingdom as in the United States, as of the end of May. In China, several economic indicators have fallen short of expectations, including measurements of industrial production, retail sales and trade. Recent policy statements indicate that officials are increasingly concerned about the economy.

The U.S. Treasury yield curve was up across the maturity spectrum during the quarter, and to a greater degree from the short end to 3-years. The 10-year Treasury yield ended the quarter at 3.84%, up 37 basis points from March. Credit spreads were noticeably down during the quarter with investment grade down 15 basis points and high yield bonds down 69 basis points. The Federal Open Market Committee (“FOMC”) met twice during the quarter, as scheduled, and increased the overnight rate by 0.25% in May, targeting a range of 5.00% to 5.25%, before pausing increases in June. The Fed’s “dot plot” is messaging that the current expectation is for another 50 basis point in increases before the end of 2023 while markets are pricing a slightly lower year-end rate, equal to approximately 25 basis points higher than the current rate. In late June, Fed Chair Jerome Powell said that central bank policy “may not be restrictive enough and it has not been restrictive for long enough.”

6

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 4/30/2023 was 1.31% for Investment Class Shares.The Portfolio’s net expense ratio per the prospectus dated 4/30/2023 was 1.30% for Investment Class Shares.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2023 was 1.00% for Institutional Class Shares.The Portfolio’s net expense ratio per the prospectus dated 4/30/2023 was 1.00% 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, 2024. The net expense ratio is applicable to shareholders.

7

The U.S. stock market, represented by the FT Wilshire 5000 Total Market Index^SM, was up 8.43% for the second quarter and is up 19.06% for the past 12 months. A majority of sectors were up for the quarter. The best performing were information technology (+17.2%), consumer discretionary (+14.6%) and communication services (+13.1%). The worst performing sector was utilities (-2.5%). From a size perspective, large-cap outperformed small-cap by 331 basis points. Growth stocks vastly outperformed value for the second straight quarter and now lead meaningfully for the one-year period.

Real estate securities were up during the second quarter in the United States but produced a negative return abroad. Commodity results were negative for the quarter, with crude oil falling by -6.6% to $70.64 per barrel. Aggressive monetary tightening worldwide has had a detrimental effect on oil prices, which are down 33% during the past year. Natural gas prices moved higher after two quarters of significant declines. Gas prices were up 26.3% for the second quarter after falling 50.5% through March, closing at $2.80 per million BTUs. Gold prices were down 2.0% during the second quarter, finishing at approximately $1,929 per troy ounce, as the Fed slowed rate increases at least momentarily.

The Wilshire Large Company Growth Portfolio - Institutional Class returned 27.34% during the first half of the year, underperforming the Russell 1000 Growth Index return of 29.02% by -1.68%. Underweight exposure to Healthcare and poor stock selection within Consumer Discretionary were the top two detractors. Conversely, stock selection within Healthcare and Industrials mitigated results.

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 the first half of 2023, returns on these fixed-income investments underperformed the cost of the swap and detracted from the Fund’s relative performance.

Despite recent relative underperformance, we believe the Fund is well-positioned going into the second half of 2023 as the market deals with the ongoing inflation concern, macroeconomic and geopolitical issues.

8

PORTFOLIO SECTOR WEIGHTING^†

(As of June 30, 2023)

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.

9

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 4/30/2023 was 1.29% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2023 was 1.29% for Investment Class Shares.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2023 was 1.02% for Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2023 was 1.00% for Institutional Class Shares.

10

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, 2024. The net expense ratio is applicable to shareholders.

11

The U.S. stock market, represented by the FT Wilshire 5000 Total Market Index^SM, was up 8.43% for the second quarter and is up 19.06% for the past 12 months. A majority of sectors were up for the quarter. The best performing were information technology (+17.2%), consumer discretionary (+14.6%) and communication services (+13.1%). The worst performing sector was utilities (-2.5%). From a size perspective, large-cap outperformed small-cap by 331 basis points. Growth stocks vastly outperformed value for the second straight quarter and now lead meaningfully for the one-year period.

Real estate securities were up during the second quarter in the United States but produced a negative return abroad. Commodity results were negative for the quarter, with crude oil falling by -6.6% to $70.64 per barrel. Aggressive monetary tightening worldwide has had a detrimental effect on oil prices, which are down 33% during the past year. Natural gas prices moved higher after two quarters of significant declines. Gas prices were up 26.3% for the second quarter after falling 50.5% through March, closing at $2.80 per million BTUs. Gold prices were down 2.0% during the second quarter, finishing at approximately $1,929 per troy ounce, as the Fed slowed rate increases at least momentarily.

The Wilshire Large Company Value Portfolio - Institutional Class returned 7.93% during the first half of the year, outperforming the Russell 1000 Value Index return of 5.12% by 2.81%. Overweight exposure to Information Technology and stock selection within Industrials and Information Technology were the top three contributors. Conversely, underweight exposure to Communication Services hurt relative results.

The Wilshire Large Company Value Portfolio also uses derivatives for benchmark exposure. Collateral is invested in short-term fixed income instruments to cover the costs of the swap. In 2023, returns on these fixed-income investments underperformed the cost of the swap and detracted from the Fund’s relative performance.

We are pleased with the performance of the Fund and believe the Fund is well-positioned going into the second half of 2023 as the market deals with the ongoing inflation concern, macroeconomic and geopolitical issues.

12

PORTFOLIO SECTOR WEIGHTING^†

(As of June 30, 2023)

Common Stocks are composed of:

13

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 4/30/2023 was 1.87% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2023 was 1.34% for Investment Class Shares.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2023 was 1.67% for Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2023 was 1.09% 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, 2024. The net expense ratio is applicable to shareholders.

14

The U.S. stock market, represented by the FT Wilshire 5000 Total Market Index^SM, was up 8.43% for the second quarter and is up 19.06% for the past 12 months. A majority of sectors were up for the quarter. The best performing were information technology (+17.2%), consumer discretionary (+14.6%) and communication services (+13.1%). The worst performing sector was utilities (-2.5%). From a size perspective, large-cap outperformed small-cap by 331 basis points. Growth stocks vastly outperformed value for the second straight quarter and now lead meaningfully for the one-year period.

Real estate securities were up during the second quarter in the United States but produced a negative return abroad. Commodity results were negative for the quarter, with crude oil falling by -6.6% to $70.64 per barrel. Aggressive monetary tightening worldwide has had a detrimental effect on oil prices, which are down 33% during the past year. Natural gas prices moved higher after two quarters of significant declines. Gas prices were up 26.3% for the second quarter after falling 50.5% through March, closing at $2.80 per million BTUs. Gold prices were down 2.0% during the second quarter, finishing at approximately $1,929 per troy ounce, as the Fed slowed rate increases at least momentarily.

The Wilshire Small Company Growth Portfolio - Institutional Class returned 13.69% during the first half of the year, outperforming the Russell 2000 Growth Index return of 13.55% by 0.14%. Stock selection in Consumer Discretionary and overweight exposure to Information Technology contributed to results. Conversely, stock selection within Information Technology was by far the significant detractor for the quarter.

We are pleased with the performance of the Fund and believe the Fund is well-positioned going into the second half of 2023 as the market deals with the ongoing inflation concern, macroeconomic and geopolitical issues.

15

PORTFOLIO SECTOR WEIGHTING^†

(As of June 30, 2023)

16

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 4/30/2023 was 1.89% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2023 was 1.35% for Investment Class Shares.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2023 was 1.60% for Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2023 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, 2024. The net expense ratio is applicable to shareholders.

17

The U.S. stock market, represented by the FT Wilshire 5000 Total Market Index^SM, was up 8.43% for the second quarter and is up 19.06% for the past 12 months. A majority of sectors were up for the quarter. The best performing were information technology (+17.2%), consumer discretionary (+14.6%) and communication services (+13.1%). The worst performing sector was utilities (-2.5%). From a size perspective, large-cap outperformed small-cap by 331 basis points. Growth stocks vastly outperformed value for the second straight quarter and now lead meaningfully for the one-year period.

Real estate securities were up during the second quarter in the United States but produced a negative return abroad. Commodity results were negative for the quarter, with crude oil falling by -6.6% to $70.64 per barrel. Aggressive monetary tightening worldwide has had a detrimental effect on oil prices, which are down -33% during the past year. Natural gas prices moved higher after two quarters of significant declines. Gas prices were up 26.3% for the second quarter after falling -50.5% through March, closing at $2.80 per million BTUs. Gold prices were down -2.0% during the second quarter, finishing at approximately $1,929 per troy ounce, as the Fed slowed rate increases at least momentarily.

The Wilshire Small Company Value Portfolio - Institutional Class returned 5.66% during the first half of the year, outperforming the Russell 2000 Value Index return of 2.50% by 3.16%. Stock selection within Financial and Industrials was the top contributor of performance. Overweight exposure to Industrial and Information Technology also aided results. Conversely, overweight exposure to Financials detracted from results. Stock selection within Consumer Staples and Information Technology contributed to relative performance. Underweight exposure to Health Care also aided performance. Conversely, stock selection within Energy and overweight exposure to Consumer Discretionary detracted from performance.

We are pleased with the Fund’s relative outperformance for first half of the year and believe that the Fund is well-positioned going into the second half of 2023 as the market deals with the ongoing inflation concern, macroeconomic and geopolitical issues.

18

PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2023)

19

INVESTMENT CLASS SHARES

Average Annual Total Returns

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

FT WILSHIRE 5000 TOTAL MARKET RETURN 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 4/30/2023 was 0.58% for Investment Class Shares.

The Index Fund’s total expense ratio per the prospectus dated 4/30/2023 was 0.36% for Institutional Class Shares.

20

The U.S. stock market, represented by the FT Wilshire 5000 Total Market Index^SM, was up 8.43% for the second quarter and is up 19.06% for the past 12 months. A majority of sectors were up for the quarter. The best performing were information technology (+17.2%), consumer discretionary (+14.6%) and communication services (+13.1%). The worst performing sector was utilities (-2.5%). From a size perspective, large-cap outperformed small-cap by 331 basis points. Growth stocks vastly outperformed value for the second straight quarter and now lead meaningfully for the one-year period.

Real estate securities were up during the second quarter in the United States but produced a negative return abroad. Commodity results were negative for the quarter, with crude oil falling by -6.6% to $70.64 per barrel. Aggressive monetary tightening worldwide has had a detrimental effect on oil prices, which are down 33% during the past year. Natural gas prices moved higher after two quarters of significant declines. Gas prices were up 26.3% for the second quarter after falling 50.5% through March, closing at $2.80 per million BTUs. Gold prices were down 2.0% during the second quarter, finishing at approximately $1,929 per troy ounce, as the Fed slowed rate increases at least momentarily.

The Wilshire 5000 Index Fund - Institutional Class returned 15.69% during the first half of the year, underperforming the FT Wilshire 5000 Total Market Index return of 16.34% by -0.65%. Relative performance can vary as the Fund is managed using an enhanced stratified sampling technique in an attempt to hold stocks representing at least 90% of the total market value of the FT Wilshire 5000 Total Market Index. Underperformance can be attributed to Fund expenses and volatility of the stock market. However, the underperformance is in-line with historical trend.

21

PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2023)

22

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 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 4/30/2023 was 1.75% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2023 was 1.50% for Investment Class Shares.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2023 was 1.40% for Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2023 was 1.25% for Institutional Class Shares.

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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, 2024. The net expense ratio is applicable to shareholders.

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Performance results within international equity markets were positive for the second quarter, with developed outperforming emerging markets. The MSCI EAFE Index was up 2.95% for the quarter, while the MSCI Emerging Markets Index was up 0.90%. The eurozone fell into a mild recession around the start of the new year as real GDP fell during the fourth and first quarters. Consumer spending has been hampered by high inflation and rising interest rates while government spending fell sharply. Economic growth within the United Kingdom has been positive enough this year to barely escape a technical recession, for now. Inflation has been trending downward within Britain but at a much slower pace versus other regions, with annual changes being twice as high in the United Kingdom as in the United States, as of the end of May. In China, several economic indicators have fallen short of expectations, including measurements of industrial production, retail sales and trade. Recent policy statements indicate that officials are increasingly concerned about the economy.

The Wilshire International Equity Fund - Institutional Class returned 11.24% during the first half of the year, outperforming the MSCI All Country World ex USA Investable Market Index return of 9.10% by 2.14%. Stock selection within Materials and Health Care contributed to relative performance. Stock selection within the US also aided performance. Conversely, stock selection within Information Technology and overweight exposure to Health Care were the top two detractors from 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 2023, returns on these fixed-income investments underperformed the cost of the swap and detracted from the Fund’s relative performance.

We are pleased with the performance of the Fund and believe the Fund is well-positioned going into the second half of 2023 as the market deals with the ongoing inflation concern, macroeconomic and geopolitical issues.

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PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2023)

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 4/30/2023 was 1.33% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2023 was 1.16% for Investment Class Shares.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2023 was 0.97% for Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2023 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, 2024. The net expense ratio is applicable to shareholders.

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The U.S. Treasury yield curve was up across the maturity spectrum during the quarter, and to a greater degree from the short end to 3-years. The 10-year Treasury yield ended the quarter at 3.84%, up 37 basis points from March. Credit spreads were noticeably down during the quarter with investment grade down 15 basis points and high yield bonds down 69 basis points. The FOMC met twice during the quarter, as scheduled, and increased the overnight rate by 0.25% in May, targeting a range of 5.00% to 5.25%, before pausing increases in June. The Fed’s “dot plot” is messaging that the current expectation is for another 50 basis point in increases before the end of 2023 while markets are pricing a slightly lower year-end rate, equal to approximately 25 basis points higher than the current rate. In late June, Fed Chair Jerome Powell said that central bank policy “may not be restrictive enough and it has not been restrictive for long enough.”

The Wilshire Income Opportunities Fund – Institutional Class returned 2.05% during the first half of the year, underperforming the Bloomberg US Universal Index return of 2.32% by -0.27%. Exposure to US Treasuries and short duration credit or U.S. treasury were the top detracting sectors. Exposure to credit such as high yield, bank loans, and to long duration treasury outperformed the Bloomberg US Universal Index.

Despite recent relative underperformance, we believe the Fund is well-positioned going into the second half of 2023 as the market deals with the ongoing inflation concern, macroeconomic and geopolitical issues.

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PORTFOLIO SECTOR WEIGHTING†

(As of June 30, 2023)

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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, 2023 to June 30, 2023.

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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See Notes to Financial Statements.
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