UNDERLYING MANAGER AGREEMENTUnderlying Manager Agreement • July 1st, 2008 • Wilshire Mutual Funds Inc • California
Contract Type FiledJuly 1st, 2008 Company JurisdictionThis Underlying Manager Agreement (“Agreement”) is made as of the________ day of _________, 2008 by and between Wilshire Associates Incorporated, a California corporation (“Adviser”), MAXAM Capital Management LLC, a Delaware limited liability company (“Sub-Adviser”) and NCM Capital Management Group, Inc., a registered investment adviser (“Underlying Manager”).