0001398344-13-001770 Sample Contracts

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • April 2nd, 2013 • Wilshire Mutual Funds Inc • California

This Investment Sub-Advisory Agreement (“Agreement”) effective as of April 1, 2013 (the “Effective Date”) is by and between Wilshire Associates Incorporated, a California corporation (“Adviser”), and Thomas White International, Ltd., a registered investment adviser (“Sub-Adviser”).

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FORM OF EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • April 2nd, 2013 • Wilshire Mutual Funds Inc

EXPENSE LIMITATION AGREEMENT (the “Agreement”), effective as of May 1, 2013 by and between Wilshire Associates Incorporated, a California corporation (the “Adviser”) and Wilshire Mutual Funds, Inc. (the “Company”), on behalf of the Wilshire International Equity Fund (the “Fund”).

EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • April 2nd, 2013 • Wilshire Mutual Funds Inc

EXPENSE LIMITATION AGREEMENT (the “Agreement”), effective as of April 1, 2013 by and between Wilshire Associates Incorporated, a California corporation (the “Adviser”) and Wilshire Mutual Funds, Inc. (the “Company”) on behalf of the Small Company Growth Portfolio and the Small Company Value Portfolio (each a “Fund” and collectively, the “Funds”).

AMENDMENT #1 TO INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • April 2nd, 2013 • Wilshire Mutual Funds Inc

This Amendment is made as of the 28th day of February 2013 by and between Wilshire Associates Incorporated, a corporation organized under the laws of the State of California (“Adviser”), and Pzena Investment Management, LLC, a registered investment adviser (“Sub-Adviser”).

AMENDMENT #1 TO INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • April 2nd, 2013 • Wilshire Mutual Funds Inc

This Amendment is made as of the 26th day of February 2013 by and between Wilshire Associates Incorporated, a corporation organized under the laws of the State of California (“Adviser”), and NWQ Investment Management Company, LLC, a registered investment adviser (“Sub-Adviser”).

AMENDMENT NO. FOUR TO INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • April 2nd, 2013 • Wilshire Mutual Funds Inc

THIS AMENDMENT NO. FOUR dated as of February 21, 2013 and effective as of April 1, 2013 (the “Effective Date”), amends the Investment Sub-Advisory Agreement dated April 1, 2002 and amended April 25, 2003, March 29, 2007 and September 1, 2011 (the “Agreement”) by and between Wilshire Associates Incorporated (the “Adviser”) and Los Angeles Capital Management and Equity Research, Inc. (the “Sub-Adviser”) with respect to the Wilshire Mutual Funds, Inc. (the “Fund”).

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