Wilshire Funds Management Lowers Expense Ratios

SANTA MONICA, CA – Wilshire Associates, a leading global investment management, investment consulting and investment technology firm, today announced that it has lowered the expense ratios on two of the small cap mutual funds it offers to investors through Wilshire Funds Management.

"While other mutual fund companies are closing their small cap funds because of capacity issues, Wilshire Mutual Funds are lowering expense ratios to 1.50 percent on both our Wilshire Small Company Growth and Wilshire Small Company Value funds,' said Michael J. Napoli, Jr., Senior Managing Director of the Funds Management Division and President of the Wilshire Mutual Funds. "In an investment environment where choices are already limited for investors wishing to invest in small cap funds, this reduction in fees makes available superior investment products at reasonable fees.'

According to Napoli, Wilshire Mutual Funds are built for individual and instituional investors based on Wilshire Associates' pioneering investment work in style analysis for large institutional investors. "That's what the Wilshire Mutual Fund family is about: giving smaller investors the chance to get the same expertise as the largest pension funds, endowments, and foundations,' Napoli stated. Wilshire Mutual Funds are available through brokers, investment advisors, or directly through the Funds' distributor. Performance data current to the most recent month-end may be obtained at http://www.wilshirefunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

Both of the Wilshire small cap funds focus on the small company segment of the U.S. equity market. The funds invest substantially all assets in companies with smaller market capitalizations including those between $165 million and $1.9 billion and are generally considered to be riskier than large company stocks due to greater volatility and less liquidity.

Wilshire Small Company Growth Mutual Fund invests in companies that have strong potential for growth, often in emerging industries with new technology. The goal of the investment team is to identify companies poised for outstanding growth before the market has fully valued this potential and allow the fund to participate in the upswing in stock price. These companies generally have above average earnings or sales growth histories and retention of earnings; often such companies have higher price to earnings ratios.

Wilshire Small Company Value Mutual Fund seeks companies with stable earnings and a solid business model that will allow it to continue to post profits for shareholders. These companies may not have the high growth potential as growth stocks but, ideally they are steady performers that will perform well over the long-term. The fund therefore invests in companies that have relatively low price to book value ratios and higher than average dividend yield.

Investors interested in more information on the Wilshire Mutual Funds, including fees and expenses, may call 888-200-6796 for a prospectus. It should be read carefully before investing and investors should consider the investment objectives, risks, charges and expenses of the Wilshire Mutual Funds carefully before investing. Information also is available at http://www.wilshirefunds.com. Wilshire Mutual Funds are distributed by PFPC Distributors, Inc., 760 Moore Road, King of Prussia, PA 19406

About Wilshire Associates

Wilshire Associates is a leading global investment management, investment consulting and investment technology firm with four business units including Wilshire Funds Management, Wilshire Consulting, Wilshire Analytics and Wilshire Private Markets.

The firm was founded in 1972 revolutionizing the industry by pioneering the application of investment analytics and research to investment managers for the institutional marketplace. Wilshire also is credited with helping to develop the field of quantitative investment analysis that uses mathematical tools to analyze market risks. All other business units evolved from Wilshire's strong analytics foundation.

Wilshire developed the index now known as the Dow Jones Wilshire 5000 Total Market Index, the first asset/liability models for pension funds, the first U.S. equity style metrics work and many other "firsts' as the firm grew to more than 300 employees serving the investment needs of institutional and high net worth clients around the world.

Based in Santa Monica, CA, Wilshire provides services to clients in more than 20 countries representing in excess of 600 organizations with assets totaling more than $12 trillion. With eight offices on four continents, Wilshire Associates is dedicated to providing clients with the highest quality counsel, products and services. For more information go to http://www.wilshirefunds.com.

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