0001398344-11-000936 Sample Contracts

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • April 29th, 2011 • Wilshire Mutual Funds Inc • California

This Investment Sub-Advisory Agreement (“Agreement”) is made as of the 23rd day of March, 2010 by and between Wilshire Associates Incorporated, a California corporation (“Adviser”), and Cornerstone Capital Management, Inc., a registered investment adviser (“Sub-Adviser”).

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INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • April 29th, 2011 • Wilshire Mutual Funds Inc • California

This Investment Sub-Advisory Agreement ("Agreement") is made as of the 13th day of November, 2007 by and between Wilshire Associates Incorporated, a California corporation ("Adviser") and NWQ Investment Management Company, LLC, a limited liability corporation ("Sub-Adviser"). This Agreement supercedes in its entirety, the Investment Sub-Advisory Agreement dated August 4, 2005 and the amendment dated March 29, 2007 thereto.

EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • April 29th, 2011 • Wilshire Mutual Funds Inc

EXPENSE LIMITATION AGREEMENT (the “Agreement”), effective as of May 1, 2011 by and between Wilshire Associates Incorporated, a California corporation (the “Adviser”) and Wilshire Mutual Funds, Inc. (the “Company”), on behalf of the Wilshire Large Cap Core 130/30 Fund (the “Fund”).

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