0001398344-10-000315 Sample Contracts

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • February 26th, 2010 • Wilshire Mutual Funds Inc • California

This Investment Sub-Advisory Agreement (“Agreement”) is made as of the 24th day of November, 2009 with an effective date of December 4, 2009 by and between Wilshire Associates Incorporated, a California corporation (“Adviser”), and UBS Global Asset Management (Americas) Inc., a registered investment adviser (“Sub-Adviser”).

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AMENDMENT #1 TO INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • February 26th, 2010 • Wilshire Mutual Funds Inc

This Amendment is made as of the 21st day of August, 2009 by and between Wilshire Associates Incorporated, a corporation organized under the laws of the State of California (“Adviser”), and Acadian Asset Management LLC (formerly Acadian Asset Management, Inc.), a registered investment adviser (“Sub-Adviser”).

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • February 26th, 2010 • Wilshire Mutual Funds Inc • California

This Investment Sub-Advisory Agreement (“Agreement”) is made as of the 27th day of January 2010 by and between Wilshire Associates Incorporated, a California corporation (“Adviser”), and Pyramis Global Advisors, LLC, a Delaware limited liability company (“Sub-Adviser”).

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