0001398344-09-000462 Sample Contracts

EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • April 30th, 2009 • Wilshire Mutual Funds Inc

EXPENSE LIMITATION AGREEMENT (the “Agreement”), effective as of May 1, 2009 by and between Wilshire Associates Incorporated, a California corporation (the “Advisor”) and Wilshire Mutual Funds, Inc. (the “Company”), on behalf of the Wilshire Large Cap Core 130/30 Fund (the “Fund”).

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AMENDMENT TO INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • April 30th, 2009 • Wilshire Mutual Funds Inc

THIS AMENDMENT, dated as of February 20, 2009, amends the Investment Sub-Advisory Agreement dated November 5, 2007 (the “Agreement”) by and between Wilshire Associates Incorporated (the “Adviser”) and AXA Rosenberg Investment Management LLC (the “Sub-Adviser”).

AMENDMENT TO INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • April 30th, 2009 • Wilshire Mutual Funds Inc

THIS AMENDMENT, dated as of February 20, 2009, amends the Investment Sub-Advisory Agreement dated November 7, 2007 (the “Agreement”) by and between Wilshire Associates Incorporated (the “Adviser”) and Thompson, Siegel & Walmsley LLC (the “Sub-Adviser”).

AMENDMENT TO INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • April 30th, 2009 • Wilshire Mutual Funds Inc

THIS AMENDMENT, dated as of February 20, 2009, amends the Investment Sub-Advisory Agreement dated November 5, 2007 (the “Agreement”) by and between Wilshire Associates Incorporated (the “Adviser”) and TWIN Capital Management, Inc. (the “Sub-Adviser”).

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