Chubb Group of Insurance Companies
 
DECLARATIONS
     
             
FINANCIAL INSTITUTION INVESTMENT
     
15 Mountain View Road, Warren, New Jersey 07059
COMPANY ASSET PROTECTION BOND
 
NAME OF ASSURED (including its Subsidiaries ):
 
Bond Number: 82126544
     
 
WILSHIRE MUTUAL FUNDS, INC. & WILSHIRE
         
VARIABLE INSURANCE TRUST
FEDERAL INSURANCE COMPANY
 
1299 OCEAN AVENUE SUITE 700
   
Incorporated under the laws of Indiana
 
SANTA MONICA, CA 90401
     
a stock insurance company herein called the COMPANY
             
Capital Center, 251 North Illinois, Suite 1100
             
Indianapolis, IN 46204-1927
   
 
 
ITEM 1.
BOND PERIOD:
from
12:01 a.m. on
December 31, 2012
     
       
to
12:01 a.m. on
December 31, 2013
     
 
ITEM 2.
LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:
         
 
 
If “Not Covered” is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE
 
and any other reference shall be deemed to be deleted. There shall be no deductible applicable to any
 
loss under INSURING CLAUSE 1. sustained by any Investment Company.
     
 
                   
DEDUCTIBLE
 
INSURING CLAUSE
   
LIMIT OF LIABILITY
 
AMOUNT
 
1
.
Employee
     
$
1,800,000
 
$
25,000
 
2
.
On Premises
   
$
1,800,000
 
$
25,000
 
3
.
In Transit
     
$
1,800,000
 
$
25,000
 
4
.
Forgery or Alteration
   
$
1,800,000
 
$
25,000
 
5
.
Extended Forgery
   
$
1,800,000
 
$
25,000
 
6
.
Counterfeit Money
   
$
1,800,000
 
$
25,000
 
7
.
Threats to Person
   
$
Not Covered
 
$
N/A
 
8
.
Computer System
   
$
1,800,000
 
$
25,000
 
9
.
Voice Initiated Funds Transfer Instruction
$
1,800,000
 
$
25,000
 
10
.
Uncollectible Items of Deposit
 
$
1,800,000
 
$
25,000
 
11
.
Audit Expense
   
$
25,000
 
$
0
 
12
.
Extended Computer Systems
 
$
1,800,000
 
$
25,000
 
ITEM 3.
THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING
 
ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:
     
 
Endorsements 1 - 8
             
 
IN WITNESS WHEREOF, THE COMPANY has caused this Bond to be signed by its authorized officers, but it shall not be
valid unless also signed by an authorized representative of the Company.
       
 
 
ICAP Bond (5-98) - Federal
 
Form 17-02-1421 (Ed. 5-98)
Page 1 of 1
 
 
 
 
 
The COMPANY, in consideration of payment of the required premium, and in reliance
 
on the APPLICATION and all other statements made and information furnished to the
 
COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this
 
Bond and to all other terms and conditions of this Bond, agrees to pay the ASSURED
 
for:
       
 
 
Insuring Clauses
           
 
Employee
1
.
Loss resulting directly from Larceny or Embezzlement committed by any
     
Employee , alone or in collusion with others.
 
 
On Premises
2
.
Loss of Property resulting directly from robbery, burglary, false pretenses,
     
common law or statutory larceny, misplacement, mysterious unexplainable
     
disappearance, damage, destruction or removal, from the possession, custody or
     
control of the ASSURED, while such Property is lodged or deposited at premises
     
located anywhere.
 
 
In Transit
3
.
Loss of Property resulting directly from common law or statutory larceny,
     
misplacement, mysterious unexplainable disappearance, damage or destruction,
     
while the Property is in transit anywhere:
 
     
a.
in an armored motor vehicle, including loading and unloading thereof,
 
     
b.
in the custody of a natural person acting as a messenger of the ASSURED,
       
or
   
 
     
c.
in the custody of a Transportation Company and being transported in a
       
conveyance other than an armored motor vehicle provided, however, that
       
covered Property transported in such manner is limited to the following:
 
       
(1
)
written records,
 
       
(2
)
securities issued in registered form, which are not endorsed or are
           
restrictively endorsed, or
 
       
(3
)
negotiable instruments not payable to bearer, which are not endorsed
           
or are restrictively endorsed.
 
     
Coverage under this INSURING CLAUSE begins immediately on the receipt of
     
such Property by the natural person or Transportation Company and ends
     
immediately on delivery to the premises of the addressee or to any representative
     
of the addressee located anywhere.
 
ICAP Bond (5-98)
 
Form 17-02-1421 (Ed. 5-98)
Page 1 of 19
 
 
 
 
Insuring Clauses
         
(continued)
         
 
Forgery Or Alteration
4
.
Loss resulting directly from:
       
     
a.
Forgery on, or fraudulent material alteration of, any bills of exchange,
       
checks, drafts, acceptances, certificates of deposits, promissory notes, due
       
bills, money orders, orders upon public treasuries, letters of credit, other
       
written promises, orders or directions to pay sums certain in money, or
       
receipts for the withdrawal of Property , or
 
     
b.
transferring, paying or delivering any funds or other Property , or establishing
       
any credit or giving any value in reliance on any written instructions, advices
       
or applications directed to the ASSURED authorizing or acknowledging the
       
transfer, payment, delivery or receipt of funds or other Property , which
       
instructions, advices or applications fraudulently purport to bear the
       
handwritten signature of any customer of the ASSURED, or shareholder or
       
subscriber to shares of an Investment Company , or of any financial
       
institution or Employee but which instructions, advices or applications either
       
bear a Forgery or have been fraudulently materially altered without the
       
knowledge and consent of such customer, shareholder, subscriber, financial
       
institution or Employee ;
 
     
excluding, however, under this INSURING CLAUSE any loss covered under
     
INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING
     
CLAUSE 5. is provided for in the DECLARATIONS of this Bond.
 
     
For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
     
signature is treated the same as a handwritten signature.
 
 
Extended Forgery
5
.
Loss resulting directly from the ASSURED having, in good faith, and in the
     
ordinary course of business, for its own account or the account of others in any
     
capacity:
 
     
a.
acquired, accepted or received, accepted or received, sold or delivered, or
       
given value, extended credit or assumed liability, in reliance on any original
       
Securities, documents or other written instruments which prove to:
 
       
(1)
bear a Forgery or a fraudulently material alteration,
 
       
(2)
have been lost or stolen, or
 
       
(3)
be Counterfeit , or
 
     
b.
guaranteed in writing or witnessed any signatures on any transfer,
       
assignment, bill of sale, power of attorney, guarantee, endorsement or other
       
obligation upon or in connection with any Securities, documents or other
       
written instruments .
 
     
Actual physical possession, and continued actual physical possession if taken as
     
collateral, of such Securities, documents or other written instruments by an
     
Employee, Custodian , or a Federal or State chartered deposit institution of the
     
ASSURED is a condition precedent to the ASSURED having relied on such items.
     
Release or return of such collateral is an acknowledgment by the ASSURED that it
     
no longer relies on such collateral.
 
ICAP Bond (5-98)
 
Form 17-02-1421 (Ed. 5-98)
Page 2 of 19
 
 
 
 
Insuring Clauses
           
 
Extended Forgery
   
For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
(continued)
   
signature is treated the same as a handwritten signature.
 
 
Counterfeit Money
6
.
Loss resulting directly from the receipt by the ASSURED in good faith of any
     
Counterfeit money.
 
 
Threats To Person
7
.
Loss resulting directly from surrender of Property away from an office of the
     
ASSURED as a result of a threat communicated to the ASSURED to do bodily
     
harm to an Employee as defined in Section 1.e. (1), (2) and (5), a Relative or
     
invitee of such Employee , or a resident of the household of such Employee , who
     
is, or allegedly is, being held captive provided, however, that prior to the surrender
     
of such Property :
 
     
a.
the Employee who receives the threat has made a reasonable effort to
       
notify an officer of the ASSURED who is not involved in such threat, and
 
     
b.
the ASSURED has made a reasonable effort to notify the Federal Bureau of
       
Investigation and local law enforcement authorities concerning such threat.
 
     
It is agreed that for purposes of this INSURING CLAUSE, any Employee of the
     
ASSURED, as set forth in the preceding paragraph, shall be deemed to be an
     
ASSURED hereunder, but only with respect to the surrender of money, securities
     
and other tangible personal property in which such Employee has a legal or
     
equitable interest.
 
 
Computer System
8
.
Loss resulting directly from fraudulent:
     
a.
entries of data into, or
 
     
b.
changes of data elements or programs within,
 
     
a Computer System , provided the fraudulent entry or change causes:
 
       
(1
)
funds or other property to be transferred, paid or delivered,
 
       
(2
)
an account of the ASSURED or of its customer to be added, deleted,
           
debited or credited, or
 
       
(3
)
an unauthorized account or a fictitious account to be debited or
           
credited.
 
ICAP Bond (5-98)
 
Form 17-02-1421 (Ed. 5-98)
Page 3 of 19
 
 
 
 
Insuring Clauses
       
(continued)
       
 
Voice Initiated Funds
9
.
Loss resulting directly from Voice Initiated Funds Transfer Instruction directed
Transfer Instruction
   
to the ASSURED authorizing the transfer of dividends or redemption proceeds of
     
Investment Company shares from a Customer's account, provided such Voice
     
Initiated Funds Transfer Instruction was:
 
     
a.
received at the ASSURED'S offices by those Employees of the ASSURED
       
specifically authorized to receive the Voice Initiated Funds Transfer
       
Instruction ,
 
     
b.
made by a person purporting to be a Customer , and
 
     
c.
made by said person for the purpose of causing the ASSURED or Customer
       
to sustain a loss or making an improper personal financial gain for such
       
person or any other person.
 
     
In order for coverage to apply under this INSURING CLAUSE, all Voice Initiated
     
Funds Transfer Instructions must be received and processed in accordance with
     
the Designated Procedures outlined in the APPLICATION furnished to the
     
COMPANY.
 
 
Uncollectible Items of
10
.
Loss resulting directly from the ASSURED having credited an account of a
Deposit
   
customer, shareholder or subscriber on the faith of any Items of Deposit which
     
prove to be uncollectible, provided that the crediting of such account causes:
 
     
a.
redemptions or withdrawals to be permitted,
 
     
b.
shares to be issued, or
 
     
c.
dividends to be paid,
 
     
from an account of an Investment Company .
       
     
In order for coverage to apply under this INSURING CLAUSE, the ASSURED
     
must hold Items of Deposit for the minimum number of days stated in the
     
APPLICATION before permitting any redemptions or withdrawals, issuing any
     
shares or paying any dividends with respect to such Items of Deposit .
 
     
Items of Deposit shall not be deemed uncollectible until the ASSURED'S
     
standard collection procedures have failed.
 
 
Audit Expense
11
.
Expense incurred by the ASSURED for that part of the cost of audits or
     
examinations required by any governmental regulatory authority or self-regulatory
     
organization to be conducted by such authority, organization or their appointee by
     
reason of the discovery of loss sustained by the ASSURED and covered by this
     
Bond.
 
ICAP Bond (5-98)
 
Form 17-02-1421 (Ed. 5-98)
Page 4 of 19
 
 
 
 
General Agreements
       
 
Additional Companies
A.
If more than one corporation, or Investment Company , or any combination of
Included As Assured
 
them is included as the ASSURED herein:
     
   
(1
)
The total liability of the COMPANY under this Bond for loss or losses
       
sustained by any one or more or all of them shall not exceed the limit for
       
which the COMPANY would be liable under this Bond if all such loss were
       
sustained by any one of them.
 
   
(2
)
Only the first named ASSURED shall be deemed to be the sole agent of the
       
others for all purposes under this Bond, including but not limited to the giving
       
or receiving of any notice or proof required to be given and for the purpose of
       
effecting or accepting any amendments to or termination of this Bond. The
       
COMPANY shall furnish each Investment Company with a copy of the
       
Bond and with any amendment thereto, together with a copy of each formal
       
filing of claim by any other named ASSURED and notification of the terms of
       
the settlement of each such claim prior to the execution of such settlement.
 
   
(3
)
The COMPANY shall not be responsible for the proper application of any
       
payment made hereunder to the first named ASSURED.
 
   
(4
)
Knowledge possessed or discovery made by any partner, director, trustee,
       
officer or supervisory employee of any ASSURED shall constitute knowledge
       
or discovery by all the ASSUREDS for the purposes of this Bond.
 
   
(5
)
If the first named ASSURED ceases for any reason to be covered under this
       
Bond, then the ASSURED next named on the APPLICATION shall thereafter
       
be considered as the first named ASSURED for the purposes of this Bond.
 
 
Representation Made By
B.
The ASSURED represents that all information it has furnished in the
Assured
 
APPLICATION for this Bond or otherwise is complete, true and correct. Such
   
APPLICATION and other information constitute part of this Bond.
 
   
The ASSURED must promptly notify the COMPANY of any change in any fact or
   
circumstance which materially affects the risk assumed by the COMPANY under
   
this Bond.
 
   
Any intentional misrepresentation, omission, concealment or incorrect statement of
   
a material fact, in the APPLICATION or otherwise, shall be grounds for recision of
   
this Bond.
 
ICAP Bond (5-98)
 
Form 17-02-1421 (Ed. 5-98)
Page 5 of 19
 
 
 
 
General Agreements
       
(continued)
       
 
Additional Offices Or
C.
If the ASSURED, other than an Investment Company , while this Bond is in force,
Employees - Consolidation,
 
merges or consolidates with, or purchases or acquires assets or liabilities of
Merger Or Purchase Or
 
another institution, the ASSURED shall not have the coverage afforded under this
Acquisition Of Assets Or
 
Bond for loss which has:
Liabilities - Notice To
   
Company
 
(1
)
occurred or will occur on premises, or
         
   
(2
)
been caused or will be caused by an employee, or
         
   
(3
)
arisen or will arise out of the assets or liabilities,
         
   
of such institution, unless the ASSURED:
     
   
a.
 
gives the COMPANY written notice of the proposed consolidation, merger or
       
purchase or acquisition of assets or liabilities prior to the proposed effective
       
date of such action, and
         
   
b.
 
obtains the written consent of the COMPANY to extend some or all of the
       
coverage provided by this Bond to such additional exposure, and
         
   
c.
 
on obtaining such consent, pays to the COMPANY an additional premium.
 
 
Change Of Control -
D.
When the ASSURED learns of a change in control (other than in an Investment
Notice To Company
 
Company ), as set forth in Section 2(a) (9) of the Investment Company Act of
    1940, the ASSURED shall within sixty (60) days give written notice to the
   
COMPANY setting forth:
     
   
(1
)
the names of the transferors and transferees (or the names of the beneficial
       
owners if the voting securities are registered in another name),
         
   
(2
)
the total number of voting securities owned by the transferors and the
       
transferees (or the beneficial owners), both immediately before and after the
       
transfer, and
         
   
(3
)
the total number of outstanding voting securities.
         
   
Failure to give the required notice shall result in termination of coverage for any
   
loss involving a transferee, to be effective on the date of such change in control.
 
 
Court Costs And
E.
The COMPANY will indemnify the ASSURED for court costs and reasonable
Attorneys’ Fees
 
attorneys' fees incurred and paid by the ASSURED in defense, whether or not
   
successful, whether or not fully litigated on the merits and whether or not settled,
   
of any claim, suit or legal proceeding with respect to which the ASSURED would
   
be entitled to recovery under this Bond. However, with respect to INSURING
   
CLAUSE 1., this Section shall only apply in the event that:
     
   
(1
)
an Employee admits to being guilty of Larceny or Embezzlement ,
         
   
(2
)
an Employee is adjudicated to be guilty of Larceny or Embezzlement , or
 
ICAP Bond (5-98)
 
Form 17-02-1421 (Ed. 5-98)
Page 6 of 19
 
 
 
 
General Agreements
   
 
Court Costs And
(3)
in the absence of 1 or 2 above, an arbitration panel agrees, after a review of
Attorneys’ Fees
 
an agreed statement of facts between the COMPANY and the ASSURED,
(continued)
 
that an Employee would be found guilty of Larceny or Embezzlement if
   
such Employee were prosecuted.
 
 
The ASSURED shall promptly give notice to the COMPANY of any such suit or
 
legal proceeding and at the request of the COMPANY shall furnish copies of all
 
pleadings and pertinent papers to the COMPANY. The COMPANY may, at its
 
sole option, elect to conduct the defense of all or part of such legal proceeding.
 
The defense by the COMPANY shall be in the name of the ASSURED through
 
attorneys selected by the COMPANY. The ASSURED shall provide all reasonable
 
information and assistance as required by the COMPANY for such defense.
 
 
If the COMPANY declines to defend the ASSURED, no settlement without the
 
prior written consent of the COMPANY nor judgment against the ASSURED shall
 
determine the existence, extent or amount of coverage under this Bond.
 
 
If the amount demanded in any such suit or legal proceeding is within the
 
DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court
 
costs and attorney's fees incurred in defending all or part of such suit or legal
 
proceeding.
 
 
If the amount demanded in any such suit or legal proceeding is in excess of the
 
LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable
 
INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees
 
incurred in defending all or part of such suit or legal proceedings is limited to the
 
proportion of such court costs and attorney's fees incurred that the LIMIT OF
 
LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING
 
CLAUSE bears to the total of the amount demanded in such suit or legal
 
proceeding.
 
 
If the amount demanded is any such suit or legal proceeding is in excess of the
 
DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM
  2. of the DECLARATIONS for the applicable INSURING CLAUSE, the
 
COMPANY'S liability for court costs and attorney's fees incurred in defending all or
 
part of such suit or legal proceedings shall be limited to the proportion of such
 
court costs or attorney's fees that the amount demanded that would be payable
 
under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total
 
amount demanded.
 
 
Amounts paid by the COMPANY for court costs and attorneys' fees shall be in
 
addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.
 
ICAP Bond (5-98)
 
Form 17-02-1421 (Ed. 5-98)
Page 7 of 19
 
 
 
 
Conditions And
           
Limitations
           
 
Definitions
1
.
As used in this Bond:
       
     
a.
Computer System means a computer and all input, output, processing,
       
storage, off-line media libraries, and communication facilities which are
       
connected to the computer and which are under the control and supervision
       
of the operating system(s) or application(s) software used by the ASSURED.
 
     
b.
Counterfeit means an imitation of an actual valid original which is intended
       
to deceive and be taken as the original.
 
     
c.
Custodian means the institution designated by an Investment Company to
       
maintain possession and control of its assets.
 
     
d.
Customer means an individual, corporate, partnership, trust customer,
       
shareholder or subscriber of an Investment Company which has a written
       
agreement with the ASSURED for Voice Initiated Funds Transfer
       
Instruction .
 
     
e.
Employee means:
 
       
(1
)
an officer of the ASSURED,
 
       
(2
)
a natural person while in the regular service of the ASSURED at any of
           
the ASSURED'S premises and compensated directly by the ASSURED
           
through its payroll system and subject to the United States Internal
           
Revenue Service Form W-2 or equivalent income reporting plans of
           
other countries, and whom the ASSURED has the right to control and
           
direct both as to the result to be accomplished and details and means
           
by which such result is accomplished in the performance of such
           
service,
 
       
(3
)
a guest student pursuing studies or performing duties in any of the
           
ASSURED'S premises,
 
       
(4
)
an attorney retained by the ASSURED and an employee of such
           
attorney while either is performing legal services for the ASSURED,
 
       
(5
)
a natural person provided by an employment contractor to perform
           
employee duties for the ASSURED under the ASSURED'S supervision
           
at any of the ASSURED'S premises,
 
       
(6
)
an employee of an institution merged or consolidated with the
           
ASSURED prior to the effective date of this Bond,
 
       
(7
)
a director or trustee of the ASSURED, but only while performing acts
           
within the scope of the customary and usual duties of any officer or
           
other employee of the ASSURED or while acting as a member of any
           
committee duly elected or appointed to examine or audit or have
           
custody of or access to Property of the ASSURED, or
 
ICAP Bond (5-98)
 
Form 17-02-1421 (Ed. 5-98)
Page 8 of 19
 
 
 
 
Conditions And
       
Limitations
       
 
Definitions
(8
)
each natural person, partnership or corporation authorized by written
(continued)
   
agreement with the ASSURED to perform services as electronic data
     
processor of checks or other accounting records related to such checks but
     
only while such person, partnership or corporation is actually performing
     
such services and not:
 
     
a.
creating, preparing, modifying or maintaining the ASSURED'S
       
computer software or programs, or
 
     
b.
acting as transfer agent or in any other agency capacity in issuing
       
checks, drafts or securities for the ASSURED,
 
 
(9
)
any partner, officer or employee of an investment advisor, an underwriter
     
(distributor), a transfer agent or shareholder accounting recordkeeper, or an
     
administrator, for an Investment Company while performing acts coming
     
within the scope of the customary and usual duties of an officer or employee
     
of an Investment Company or acting as a member of any committee duly
     
elected or appointed to examine, audit or have custody of or access to
     
Property of an Investment Company .
 
     
The term Employee shall not include any partner, officer or employee of a
     
transfer agent, shareholder accounting recordkeeper or administrator:
 
     
a.
which is not an "affiliated person" (as defined in Section 2(a) of the
       
Investment Company Act of 1940) of an Investment Company or of
       
the investment advisor or underwriter (distributor) of such Investment
       
Company , or
 
     
b.
which is a "bank" (as defined in Section 2(a) of the Investment
       
Company Act of 1940).
 
       
This Bond does not afford coverage in favor of the employers of
       
persons as set forth in e. (4), (5) and (8) above, and upon payment to
       
the ASSURED by the COMPANY resulting directly from Larceny or
       
Embezzlement committed by any of the partners, officers or
       
employees of such employers, whether acting alone or in collusion with
       
others, an assignment of such of the ASSURED'S rights and causes of
       
action as it may have against such employers by reason of such acts
       
so committed shall, to the extent of such payment, be given by the
       
ASSURED to the COMPANY, and the ASSURED shall execute all
       
papers necessary to secure to the COMPANY the rights provided for
       
herein.
 
     
Each employer of persons as set forth in e.(4), (5) and (8) above and the
     
partners, officers and other employees of such employers shall collectively
     
be deemed to be one person for all the purposes of this Bond; excepting,
     
however, the fifth paragraph of Section 13.
 
     
Independent contractors not specified in e.(4), (5) or (8) above,
     
intermediaries, agents, brokers or other representatives of the same general
     
character shall not be considered Employees .
 
ICAP Bond (5-98)
 
Form 17-02-1421 (Ed. 5-98)
Page 9 of 19
 
 
 
 
Conditions And
   
Limitations
   
 
Definitions
f.
Forgery means the signing of the name of another natural person with the
(continued)
 
intent to deceive but does not mean a signature which consists in whole or in
   
part of one's own name, with or without authority, in any capacity for any
   
purpose.
 
 
g.
Investment Company means any investment company registered under the
   
Investment Company Act of 1940 and listed under the NAME OF ASSURED
   
on the DECLARATIONS.
 
 
h.
Items of Deposit means one or more checks or drafts drawn upon a
   
financial institution in the United States of America.
 
 
i.
Larceny or Embezzlement means larceny or embezzlement as defined in
   
Section 37 of the Investment Company Act of 1940.
 
 
j.
Property means money, revenue and other stamps; securities; including any
   
note, stock, treasury stock, bond, debenture, evidence of indebtedness,
   
certificate of deposit, certificate of interest or participation in any profit-
   
sharing agreement, collateral trust certificate, preorganization certificate or
   
subscription, transferable share, investment contract, voting trust certificate,
   
certificate of deposit for a security, fractional undivided interest in oil, gas, or
   
other mineral rights, any interest or instruments commonly known as a
   
security under the Investment Company Act of 1940, any other certificate of
   
interest or participation in, temporary or interim certificate for, receipt for,
   
guarantee of, or warrant or right to subscribe to or purchase any of the
   
foregoing; bills of exchange; acceptances; checks; withdrawal orders; money
   
orders; travelers' letters of credit; bills of lading; abstracts of title; insurance
   
policies, deeds, mortgages on real estate and/or upon chattels and interests
   
therein; assignments of such policies, deeds or mortgages; other valuable
   
papers, including books of accounts and other records used by the
   
ASSURED in the conduct of its business (but excluding all electronic data
   
processing records); and, all other instruments similar to or in the nature of
   
the foregoing in which the ASSURED acquired an interest at the time of the
   
ASSURED'S consolidation or merger with, or purchase of the principal
   
assets of, a predecessor or which are held by the ASSURED for any
   
purpose or in any capacity and whether so held gratuitously or not and
   
whether or not the ASSURED is liable therefor.
 
 
k.
Relative means the spouse of an Employee or partner of the ASSURED
   
and any unmarried child supported wholly by, or living in the home of, such
   
Employee or partner and being related to them by blood, marriage or legal
   
guardianship.
 
 
l.
Securities, documents or other written instruments means original
   
(including original counterparts) negotiable or non-negotiable instruments, or
   
assignments thereof, which in and of themselves represent an equitable
   
interest, ownership, or debt and which are in the ordinary course of business
   
transferable by delivery of such instruments with any necessary
   
endorsements or assignments.
 
ICAP Bond (5-98)
 
Form 17-02-1421 (Ed. 5-98)
Page 10 of 19
 
 
 
 
Conditions And
       
Limitations
       
 
Definitions
   
m.
Subsidiary means any organization that, at the inception date of this Bond,
(continued)
     
is named in the APPLICATION or is created during the BOND PERIOD and
       
of which more than fifty percent (50%) of the outstanding securities or voting
       
rights representing the present right to vote for election of directors is owned
       
or controlled by the ASSURED either directly or through one or more of its
       
subsidiaries.
 
     
n.
Transportation Company means any organization which provides its own
       
or its leased vehicles for transportation or which provides freight forwarding
       
or air express services.
 
     
o.
Voice Initiated Election means any election concerning dividend options
       
available to Investment Company shareholders or subscribers which is
       
requested by voice over the telephone.
 
     
p.
Voice Initiated Redemption means any redemption of shares issued by an
       
Investment Company which is requested by voice over the telephone.
 
     
q.
Voice Initiated Funds Transfer Instruction means any Voice Initiated
       
Redemption or Voice Initiated Election .
 
     
For the purposes of these definitions, the singular includes the plural and the
     
plural includes the singular, unless otherwise indicated.
 
 
General Exclusions -
2
.
This bond does not directly or indirectly cover:
Applicable to All Insuring
     
Clauses
   
a.
loss not reported to the COMPANY in writing within sixty (60) days after
       
termination of this Bond as an entirety;
 
     
b.
loss due to riot or civil commotion outside the United States of America and
       
Canada, or any loss due to military, naval or usurped power, war or
       
insurrection. This Section 2.b., however, shall not apply to loss which occurs
       
in transit in the circumstances recited in INSURING CLAUSE 3., provided
       
that when such transit was initiated there was no knowledge on the part of
       
any person acting for the ASSURED of such riot, civil commotion, military,
       
naval or usurped power, war or insurrection;
 
     
c.
loss resulting from the effects of nuclear fission or fusion or radioactivity;
 
     
d.
loss of potential income including, but not limited to, interest and dividends
       
not realized by the ASSURED or by any customer of the ASSURED;
 
     
e.
damages of any type for which the ASSURED is legally liable, except
       
compensatory damages, but not multiples thereof, arising from a loss
       
covered under this Bond;
 
     
f.
costs, fees and expenses incurred by the ASSURED in establishing the
       
existence of or amount of loss under this Bond, except to the extent covered
       
under INSURING CLAUSE 11.;
 
     
g.
loss resulting from indirect or consequential loss of any nature;
 
ICAP Bond (5-98)
 
Form 17-02-1421 (Ed. 5-98)
Page 11 of 19
 
 
 
 
Conditions And
             
Limitations
             
 
General Exclusions -
   
h.
loss resulting from dishonest acts by any member of the Board of Directors
Applicable to All Insuring
     
or Board of Trustees of the ASSURED who is not an Employee , acting
Clauses
     
alone or in collusion with others;
(continued)
       
     
i.
loss, or that part of any loss, resulting solely from any violation by the
       
ASSURED or by any Employee :
 
       
(1
)
of any law regulating:
             
           
a.
the issuance, purchase or sale of securities,
               
           
b.
securities transactions on security or commodity exchanges or
             
the over the counter market,
               
           
c.
investment companies,
               
           
d.
investment advisors, or
               
       
(2
)
of any rule or regulation made pursuant to any such law; or
             
     
j.
loss of confidential information, material or data;
         
     
k.
loss resulting from voice requests or instructions received over the
       
telephone, provided however, this Section 2.k. shall not apply to INSURING
       
CLAUSE 7. or 9.
 
 
Specific Exclusions -
3
.
This Bond does not directly or indirectly cover:
Applicable To All Insuring
     
Clauses Except Insuring
   
a.
loss caused by an Employee , provided, however, this Section 3.a. shall not
Clause 1.
     
apply to loss covered under INSURING CLAUSE 2. or 3. which results
       
directly from misplacement, mysterious unexplainable disappearance, or
       
damage or destruction of Property ;
 
     
b.
loss through the surrender of property away from premises of the ASSURED
       
as a result of a threat:
         
       
(1
)
to do bodily harm to any natural person, except loss of Property in
           
transit in the custody of any person acting as messenger of the
           
ASSURED, provided that when such transit was initiated there was no
           
knowledge by the ASSURED of any such threat, and provided further
           
that this Section 3.b. shall not apply to INSURING CLAUSE 7., or
             
       
(2
)
to do damage to the premises or Property of the ASSURED;
             
     
c.
loss resulting from payments made or withdrawals from any account
       
involving erroneous credits to such account;
         
     
d.
loss involving Items of Deposit which are not finally paid for any reason
       
provided however, that this Section 3.d. shall not apply to INSURING
       
CLAUSE 10.;
         
     
e.
loss of property while in the mail;
 
ICAP Bond (5-98)
 
Form 17-02-1421 (Ed. 5-98)
Page 12 of 19
 
 
 
 
Conditions And
       
Limitations
       
 
Specific Exclusions -
   
f.
loss resulting from the failure for any reason of a financial or depository
Applicable To All Insuring
     
institution, its receiver or other liquidator to pay or deliver funds or other
Clauses Except Insuring
     
Property to the ASSURED provided further that this Section 3.f. shall not
Clause 1.
     
apply to loss of Property resulting directly from robbery, burglary,
(continued)
     
misplacement, mysterious unexplainable disappearance, damage,
       
destruction or removal from the possession, custody or control of the
       
ASSURED.
 
     
g.
loss of Property while in the custody of a Transportation Company ,
       
provided however, that this Section 3.g. shall not apply to INSURING
       
CLAUSE 3.;
 
     
h.
loss resulting from entries or changes made by a natural person with
       
authorized access to a Computer System who acts in good faith on
       
instructions, unless such instructions are given to that person by a software
       
contractor or its partner, officer, or employee authorized by the ASSURED to
       
design, develop, prepare, supply, service, write or implement programs for
       
the ASSURED's Computer System ; or
 
     
i.
loss resulting directly or indirectly from the input of data into a Computer
       
System terminal, either on the premises of the customer of the ASSURED
       
or under the control of such a customer, by a customer or other person who
       
had authorized access to the customer's authentication mechanism.
 
 
Specific Exclusions -
4
.
This bond does not directly or indirectly cover:
Applicable To All Insuring
     
Clauses Except Insuring
   
a.
loss resulting from the complete or partial non-payment of or default on any
Clauses 1., 4., And 5.
     
loan whether such loan was procured in good faith or through trick, artifice,
       
fraud or false pretenses; provided, however, this Section 4.a. shall not apply
       
to INSURING CLAUSE 8.;
 
     
b.
loss resulting from forgery or any alteration;
 
     
c.
loss involving a counterfeit provided, however, this Section 4.c. shall not
       
apply to INSURING CLAUSE 5. or 6.
 
 
Limit Of Liability/Non-
5
.
At all times prior to termination of this Bond, this Bond shall continue in force for
Reduction And Non-
   
the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,
Accumulation Of Liability
   
notwithstanding any previous loss for which the COMPANY may have paid or be
     
liable to pay under this Bond provided, however, that the liability of the COMPANY
     
under this Bond with respect to all loss resulting from:
 
     
a.
any one act of burglary, robbery or hold-up, or attempt thereat, in which no
       
Employee is concerned or implicated, or
 
     
b.
any one unintentional or negligent act on the part of any one person
       
resulting in damage to or destruction or misplacement of Property , or
 
     
c.
all acts, other than those specified in a. above, of any one person, or
 
ICAP Bond (5-98)
 
Form 17-02-1421 (Ed. 5-98)
Page 13 of 19
 
 
 
 
Conditions And
       
Limitations
       
 
Limit Of Liability/Non-
   
d.
any one casualty or event other than those specified in a., b., or c. above,
Reduction And Non-
   
shall be deemed to be one loss and shall be limited to the applicable LIMIT OF
Accumulation Of Liability
   
LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of
(continued)
   
the total amount of such loss or losses and shall not be cumulative in amounts
     
from year to year or from period to period.
 
     
All acts, as specified in c. above, of any one person which
 
     
i.
directly or indirectly aid in any way wrongful acts of any other person or
       
persons, or
 
     
ii.
permit the continuation of wrongful acts of any other person or persons
 
     
whether such acts are committed with or without the knowledge of the wrongful
     
acts of the person so aided, and whether such acts are committed with or without
     
the intent to aid such other person, shall be deemed to be one loss with the
     
wrongful acts of all persons so aided.
 
 
Discovery
6
.
This Bond applies only to loss first discovered by an officer of the ASSURED
     
during the BOND PERIOD. Discovery occurs at the earlier of an officer of the
     
ASSURED being aware of:
 
     
a.
facts which may subsequently result in a loss of a type covered by this Bond,
       
or
 
     
b.
an actual or potential claim in which it is alleged that the ASSURED is liable
       
to a third party,
 
     
regardless of when the act or acts causing or contributing to such loss occurred,
     
even though the amount of loss does not exceed the applicable DEDUCTIBLE
     
AMOUNT, or the exact amount or details of loss may not then be known.
 
 
Notice To Company -
7
.
a.
The ASSURED shall give the COMPANY notice thereof at the earliest
Proof - Legal Proceedings
     
practicable moment, not to exceed sixty (60) days after discovery of loss, in
Against Company
     
an amount that is in excess of 50% of the applicable DEDUCTIBLE
       
AMOUNT, as stated in ITEM 2. of the DECLARATIONS.
 
     
b.
The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to,
       
with full particulars within six (6) months after such discovery.
 
     
c.
Securities listed in a proof of loss shall be identified by certificate or bond
       
numbers, if issued with them.
 
     
d.
Legal proceedings for the recovery of any loss under this Bond shall not be
       
brought prior to the expiration of sixty (60) days after the proof of loss is filed
       
with the COMPANY or after the expiration of twenty-four (24) months from
       
the discovery of such loss.
 
     
e.
This Bond affords coverage only in favor of the ASSURED. No claim, suit,
       
action or legal proceedings shall be brought under this Bond by anyone
       
other than the ASSURED.
 
ICAP Bond (5-98)
 
Form 17-02-1421 (Ed. 5-98)
Page 14 of 19
 
 
 
 
Conditions And
       
Limitations
       
 
Notice To Company -
   
f.
Proof of loss involving Voice Initiated Funds Transfer Instruction shall
Proof - Legal Proceedings
     
include electronic recordings of such instructions.
Against Company
       
(continued)
       
 
 
Deductible Amount
8
.
The COMPANY shall not be liable under any INSURING CLAUSES of this Bond
     
on account of loss unless the amount of such loss, after deducting the net amount
     
of all reimbursement and/or recovery obtained or made by the ASSURED, other
     
than from any Bond or policy of insurance issued by an insurance company and
     
covering such loss, or by the COMPANY on account thereof prior to payment by
     
the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in
     
ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event
     
for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the
     
DECLARATIONS.
 
     
There shall be no deductible applicable to any loss under INSURING CLAUSE 1.
     
sustained by any Investment Company .
 
 
Valuation
9
.
BOOKS OF ACCOUNT OR OTHER RECORDS
       
     
The value of any loss of Property consisting of books of account or other records
     
used by the ASSURED in the conduct of its business shall be the amount paid by
     
the ASSURED for blank books, blank pages, or other materials which replace the
     
lost books of account or other records, plus the cost of labor paid by the
     
ASSURED for the actual transcription or copying of data to reproduce such books
     
of account or other records.
 
     
The value of any loss of Property other than books of account or other records
     
used by the ASSURED in the conduct of its business, for which a claim is made
     
shall be determined by the average market value of such Property on the
     
business day immediately preceding discovery of such loss provided, however,
     
that the value of any Property replaced by the ASSURED with the consent of the
     
COMPANY and prior to the settlement of any claim for such Property shall be the
     
actual market value at the time of replacement.
 
     
In the case of a loss of interim certificates, warrants, rights or other securities, the
     
production of which is necessary to the exercise of subscription, conversion,
     
redemption or deposit privileges, the value of them shall be the market value of
     
such privileges immediately preceding their expiration if said loss is not discovered
     
until after their expiration. If no market price is quoted for such Property or for
     
such privileges, the value shall be fixed by agreement between the parties.
 
     
OTHER PROPERTY
 
     
The value of any loss of Property , other than as stated above, shall be the actual
     
cash value or the cost of repairing or replacing such Property with Property of
     
like quality and value, whichever is less.
 
ICAP Bond (5-98)
 
Form 17-02-1421 (Ed. 5-98)
Page 15 of 19
 
 
 
 
Conditions And
       
Limitations
       
(continued)
       
 
Securities Settlement
10
.
In the event of a loss of securities covered under this Bond, the COMPANY may,
     
at its sole discretion, purchase replacement securities, tender the value of the
     
securities in money, or issue its indemnity to effect replacement securities.
 
     
The indemnity required from the ASSURED under the terms of this Section
     
against all loss, cost or expense arising from the replacement of securities by the
     
COMPANY'S indemnity shall be:
 
     
a.
for securities having a value less than or equal to the applicable
       
DEDUCTIBLE AMOUNT - one hundred (100%) percent;
 
     
b.
for securities having a value in excess of the DEDUCTIBLE AMOUNT but
       
within the applicable LIMIT OF LIABILITY - the percentage that the
       
DEDUCTIBLE AMOUNT bears to the value of the securities;
 
     
c.
for securities having a value greater than the applicable LIMIT OF LIABILITY
       
- the percentage that the DEDUCTIBLE AMOUNT and portion in excess of
       
the applicable LIMIT OF LIABILITY bears to the value of the securities.
 
     
The value referred to in Section 10.a., b., and c. is the value in accordance with
     
Section 9, VALUATION, regardless of the value of such securities at the time the
     
loss under the COMPANY'S indemnity is sustained.
 
     
The COMPANY is not required to issue its indemnity for any portion of a loss of
     
securities which is not covered by this Bond; however, the COMPANY may do so
     
as a courtesy to the ASSURED and at its sole discretion.
 
     
The ASSURED shall pay the proportion of the Company's premium charge for the
     
Company's indemnity as set forth in Section 10.a., b., and c. No portion of the
     
LIMIT OF LIABILITY shall be used as payment of premium for any indemnity
     
purchased by the ASSURED to obtain replacement securities.
 
 
Subrogation - Assignment - 11.
 
In the event of a payment under this Bond, the COMPANY shall be subrogated to
Recovery
   
all of the ASSURED'S rights of recovery against any person or entity to the extent
     
of such payment. On request, the ASSURED shall deliver to the COMPANY an
     
assignment of the ASSURED'S rights, title and interest and causes of action
     
against any person or entity to the extent of such payment.
 
     
Recoveries, whether effected by the COMPANY or by the ASSURED, shall be
     
applied net of the expense of such recovery in the following order:
 
     
a.
first, to the satisfaction of the ASSURED'S loss which would otherwise have
       
been paid but for the fact that it is in excess of the applicable LIMIT OF
       
LIABILITY,
 
     
b.
second, to the COMPANY in satisfaction of amounts paid in settlement of
       
the ASSURED'S claim,
 
     
c.
third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE
       
AMOUNT, and
 
ICAP Bond (5-98)
 
Form 17-02-1421 (Ed. 5-98)
Page 16 of 19
 
 
 
 
Conditions And
       
Limitations
       
 
Subrogation - Assignment -
   
d.
fourth, to the ASSURED in satisfaction of any loss suffered by the
Recovery
     
ASSURED which was not covered under this Bond.
(continued)
       
     
Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a
     
recovery under this section.
 
 
Cooperation Of Assured
12
.
At the COMPANY'S request and at reasonable times and places designated by
     
the COMPANY, the ASSURED shall:
 
     
a.
submit to examination by the COMPANY and subscribe to the same under
       
oath,
 
     
b.
produce for the COMPANY'S examination all pertinent records, and
 
     
c.
cooperate with the COMPANY in all matters pertaining to the loss.
 
     
The ASSURED shall execute all papers and render assistance to secure to the
     
COMPANY the rights and causes of action provided for under this Bond. The
     
ASSURED shall do nothing after loss to prejudice such rights or causes of action.
 
 
Termination
13
.
If the Bond is for a sole ASSURED, it shall not be terminated unless written notice
     
shall have been given by the acting party to the affected party and to the
     
Securities and Exchange Commission, Washington, D.C., not less than sixty (60)
     
days prior to the effective date of such termination.
 
     
If the Bond is for a joint ASSURED, it shall not be terminated unless written notice
     
shall have been given by the acting party to the affected party, and by the
     
COMPANY to all ASSURED Investment Companies and to the Securities and
     
Exchange Commission, Washington, D.C., not less than sixty (60) days prior to
     
the effective date of such termination.
 
     
This Bond will terminate as to any one ASSURED, other than an Investment
     
Company :
 
     
a.
immediately on the taking over of such ASSURED by a receiver or other
       
liquidator or by State or Federal officials, or
 
     
b.
immediately on the filing of a petition under any State or Federal statute
       
relative to bankruptcy or reorganization of the ASSURED, or assignment for
       
the benefit of creditors of the ASSURED, or
 
     
c.
immediately upon such ASSURED ceasing to exist, whether through merger
       
into another entity, disposition of all of its assets or otherwise.
 
     
The COMPANY shall refund the unearned premium computed at short rates in
     
accordance with the standard short rate cancellation tables if terminated by the
     
ASSURED or pro rata if terminated for any other reason.
 
ICAP Bond (5-98)
 
Form 17-02-1421 (Ed. 5-98)
Page 17 of 19
 
 
 
 
Conditions And
       
Limitations
       
 
Termination
   
If any partner, director, trustee, or officer or supervisory employee of an
(continued)
   
ASSURED not acting in collusion with an Employee learns of any dishonest act
     
committed by such Employee at any time, whether in the employment of the
     
ASSURED or otherwise, whether or not such act is of the type covered under this
     
Bond, and whether against the ASSURED or any other person or entity, the
     
ASSURED:
 
     
a.
shall immediately remove such Employee from a position that would enable
       
such Employee to cause the ASSURED to suffer a loss covered by this
       
Bond; and
 
     
b.
within forty-eight (48) hours of learning that an Employee has committed
       
any dishonest act, shall notify the COMPANY, of such action and provide full
       
particulars of such dishonest act.
 
     
The COMPANY may terminate coverage as respects any Employee sixty (60)
     
days after written notice is received by each ASSURED Investment Company
     
and the Securities and Exchange Commission, Washington, D.C. of its desire to
     
terminate this Bond as to such Employee .
 
 
Other Insurance
14
.
Coverage under this Bond shall apply only as excess over any valid and collectible
     
insurance, indemnity or suretyship obtained by or on behalf of:
 
     
a.
the ASSURED,
 
     
b.
a Transportation Company , or
 
     
c.
another entity on whose premises the loss occurred or which employed the
       
person causing the loss or engaged the messenger conveying the Property
       
involved.
 
 
Conformity
15
.
If any limitation within this Bond is prohibited by any law controlling this Bond's
     
construction, such limitation shall be deemed to be amended so as to equal the
     
minimum period of limitation provided by such law.
 
 
Change or Modification
16
.
This Bond or any instrument amending or affecting this Bond may not be changed
     
or modified orally. No change in or modification of this Bond shall be effective
     
except when made by written endorsement to this Bond signed by an authorized
     
representative of the COMPANY.
 
     
If this Bond is for a sole ASSURED, no change or modification which would
     
adversely affect the rights of the ASSURED shall be effective prior to sixty (60)
     
days after written notice has been furnished to the Securities and Exchange
     
Commission, Washington, D.C., by the acting party.
 
ICAP Bond (5-98)
 
Form 17-02-1421 (Ed. 5-98)
Page 18 of 19
 
 
 
 
Conditions And
 
Limitations
 
 
Change or Modification
If this Bond is for a joint ASSURED, no charge or modification which would
(continued)
adversely affect the rights of the ASSURED shall be effective prior to sixty (60)
 
days after written notice has been furnished to all insured Investment Companies
 
and to the Securities and Exchange Commission, Washington, D.C., by the
 
COMPANY.
 
ICAP Bond (5-98)
 
Form 17-02-1421 (Ed. 5-98)
Page 19 of 19
 
 
 
 
     
FEDERAL INSURANCE COMPANY
      Endorsement No: 1
      Bond Number: 82126544
       
NAME OF ASSURED: WILSHIRE MUTUAL FUNDS, INC. & WILSHIRE VARIABLE INSURANCE TRUST
   
 
                                                                  PREMIUM ENDORSEMENT
 
It is agreed that:
 
   
1
.
The premium for this Bond for the period December 31, 2012 to December 31, 2013 is:
   
Premium: Five Thousand Nine Hundred and Fifty-Five Dollars ($5,955.00)
 
       
2
.
It is further agreed that this premium is subject to change during this period if amendments are made to
   
this Bond at the request of the ASSURED.
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2012.
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
 
Date: December 6, 2012
ICAP Bond
Form 17-02-0735 (Rev. 1-97)
 
 
 
 
 
FEDERAL INSURANCE COMPANY
  Endorsement No: 2
  Bond Number: 82126544
   
NAME OF ASSURED: WILSHIRE MUTUAL FUNDS, INC. & WILSHIRE VARIABLE INSURANCE TRUST
   
 
                                                  NAME OF ASSURED ENDORSEMENT
 
   
It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as follows:
 
Wilshire Mutual Funds, Inc.
 
Wilshire Variable Insurance Trust
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2012.
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
 
Date: December 6, 2012
ICAP Bond
 
Form 17-02-0949 (Rev. 1-97)
Page 1
 
 
 
 
   
ENDORSEMENT/RIDER
Effective date of
   
this endorsement/rider: December 31, 2012
FEDERAL INSURANCE COMPANY
  Endorsement/Rider No. 3
 
To be attached to and
 
  form a part of Bond No. 82126544
 
Issued to: WILSHIRE MUTUAL FUNDS, INC. & WILSHIRE VARIABLE INSURANCE TRUST
     
 
                          COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS
 
It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other
similar laws or regulations prohibit the coverage provided by this insurance.
 
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the
terms and conditions of coverage.
   
     
All other terms, conditions and limitations of this Bond shall remain unchanged.
 
14-02-9228 (02/2010)
Page 1
 
 
 
 
       
ENDORSEMENT/RIDER
Effective date of
   
this endorsement/rider: December 31, 2012
FEDERAL INSURANCE COMPANY
      Endorsement/Rider No. 4
     
To be attached to and
 
      form a part of Bond No. 82126544
 
Issued to: WILSHIRE MUTUAL FUNDS, INC. & WILSHIRE VARIABLE INSURANCE TRUST
     
 
  DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION
                                                                  ENDORSEMENT
 
In consideration of the premium charged, it is agreed that this Bond is amended as follows:
 
1
.
The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.
     
2
.
The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced
   
with the following:
   
         
   
If this Bond is for a joint ASSURED, no change or modification which would adversely affect the
   
rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been
   
furnished to all insured Investment Companies and the Securities and Exchange Commission,
   
Washington, D.C., by the COMPANY.
   
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the
terms and conditions of coverage.
   
     
All other terms, conditions and limitations of this Bond shall remain unchanged.
 
17-02-2437 (12/2006) rev.
Page 1
 
 
 
 
       
FEDERAL INSURANCE COMPANY
        Endorsement No.: 5
        Bond Number: 82126544
       
NAME OF ASSURED: WILSHIRE MUTUAL FUNDS, INC. & WILSHIRE VARIABLE INSURANCE TRUST
 
 
                                              AMEND DISCOVERY ENDORSEMENT
 
It is agreed that this Bond is amended by deleting Section 6., Discovery, in its entirety and substituting the
following:
   
     
6
.
Discovery
 
       
   
This Bond applies only to loss first discovered by the Risk Management Department of the
   
ASSURED during the BOND PERIOD. Discovery occurs at the earlier of the Risk Management
   
Department of the ASSURED being aware of:
 
       
   
a.
facts which may subsequently result in a loss of a type covered by this Bond, or
       
   
b.
an actual or potential claim in which it is alleged that the ASSURED is liable to a third party,
       
   
regardless of when the act or acts causing or contributing to such loss occurred, even though the
   
amount of loss does not exceed the applicable DEDUCTIBLE AMOUNT, or the exact amount or
   
details of loss may not then be known.
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2012.
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
 
Date: December 6, 2012
ICAP Bond
Form 17-02-6260 (Ed. 6-04)
 
 
 
 
     
FEDERAL INSURANCE COMPANY
      Endorsement No.: 6
      Bond Number: 82126544
 
NAME OF ASSURED: WILSHIRE MUTUAL FUNDS, INC. & WILSHIRE VARIABLE INSURANCE TRUST
   
 
             AUTOMATIC ACQUISITION PERCENTAGE THRESHOLD ENDORSEMENT
 
It is agreed that this Bond is amended by deleting in its entirety General Agreement C., Additional Offices
or Employees-Consolidation, Merger or Purchase or Acquisition of Assets or Liabilities-Notice To
Company, and substituting the following:
 
   
C. Additional Offices or Employees-Consolidation, Merger or Purchase or Acquisition Of Assets or
Liabilities-Notice to Company
 
   
If the ASSURED, other than an Investment Company , while this Bond is in force, merges or
consolidates with, or purchases or acquires assets or liabilities of another institution, the ASSURED
shall not have the coverage afforded under this Bond for loss which has:
 
   
(1
)
occurred or will occur on premises,
 
       
(2
)
been caused or will be caused by an employee, or
 
       
(3
)
arisen or will arise out of the assets or liabilities,
 
       
of such institution, unless the ASSURED:
 
   
a.
 
gives the COMPANY written notice of the proposed consolidation, merger or purchase or
   
acquisition of assets or liabilities prior to the proposed effective date of such action, and
     
b.
 
obtains the written consent of the COMPANY to extend some or all of the coverage provided
   
by this Bond to such additional exposure, and
 
       
c.
 
on obtaining such consent, pays to the COMPANY an additional premium.
     
Notwithstanding anything stated above to the contrary, the COMPANY hereby agrees to provide
coverage which shall be effective on the date of acquisition under this Bond for those acquired
institutions in which the ASSURED owns greater than fifty percent (50%) of the voting stock or
voting rights either directly or through one or more of its subsidiaries for the remainder of the BOND
PERIOD, with no additional premium, provided the acquired institution meets all of the following
conditions:
 
   
i.
 
the assets shall not exceed fifteen percent (15%) of the ASSURED’S assets,
     
ii.
 
there shall be neither any paid nor pending Bond claim for the three (3) year period prior to
   
the date of acquisition, and
 
       
iii.
 
the ASSURED is not aware of any disciplinary action or proceeding by State or Federal
   
officials involving the acquired institution as of the date of acquisition.
 
ICAP Bond
 
Form 17-02-6247 (Ed. 3-04)
Page 1
 
 
 
 
The COMPANY further agrees that as respects any acquisition that involves a State or Federal
regulatory assisted acquisition or assumption of assets and/or liabilities, coverage shall be provided
under this Bond for the remainder of the BOND PERIOD as long as conditions i. and ii. above are
met. As respects such acquisition or assumption of assets and/or liabilities, coverage applies only
to a Single Loss fully sustained by the ASSURED on or after the date of such acquisition or
assumption. All of the circumstances, conditions or acts causing or contributing to a Single Loss
must occur on or after the date of such acquisition or assumption for coverage to apply regardless
of the time such loss is discovered by the ASSURED.
 
This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2012.
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
 
Date: December 6, 2012
ICAP Bond
 
Form 17-02-6247 (Ed. 3-04)
Page 2
 
 
 
 
   
FEDERAL INSURANCE COMPANY
   
Endorsement No.: 7
    Bond Number: 82126544
 
NAME OF ASSURED: WILSHIRE MUTUAL FUNDS, INC. & WILSHIRE VARIABLE INSURANCE TRUST
   
 
                                   DEBIT/PLASTIC CARD EXCLUSION ENDORSEMENT
 
It is agreed that this Bond is amended by adding to Section 3., Specific Exclusions – Applicable to All Insuring
Clauses Except Insuring Clause 1, the following:
 
   
j.
loss resulting from the use of credit, debit, charge, access, convenience, identification, cash
 
management or other cards whether such cards were issued, or purport to have been issued by the
 
ASSURED or by anyone other than the ASSURED.
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2012.
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
 
Date: December 6, 2012
ICAP Bond
Form 17-02-4753 (Ed. 9-03)
 
 
 
 
         
FEDERAL INSURANCE COMPANY
         
Endorsement No.: 8
          Bond Number: 82126544
 
NAME OF ASSURED: WILSHIRE MUTUAL FUNDS, INC. & WILSHIRE VARIABLE INSURANCE TRUST
   
 
                              EXTENDED COMPUTER SYSTEMS ENDORSEMENT
 
It is agreed that this Bond is amended as follows:
 
 
1
.
By adding the following INSURING CLAUSE:
 
 
   
12. Extended Computer Systems
 
       
   
A. Electronic Data, Electronic Media, Electronic Instruction
 
       
   
Loss resulting directly from:
 
 
   
(1
)
the fraudulent modification of Electronic Data, Electronic Media or Electronic
       
Instruction being stored within or being run within any system covered under this
       
INSURING CLAUSE,
 
 
   
(2
)
robbery, burglary, larceny or theft of Electronic Data, Electronic Media or
       
Electronic Instructions ,
 
 
   
(3
)
the acts of a hacker causing damage or destruction of Electronic Data,
       
Electronic Media or Electronic Instruction owned by the ASSURED or for which
       
the ASSURED is legally liable, while stored within a Computer System covered
       
under this INSURING CLAUSE, or
 
 
   
(4
)
the damage or destruction of Electronic Data, Electronic Media or Electronic
       
Instruction owned by the ASSURED or for which the ASSURED is legally liable
       
while stored within a Computer System covered under INSURING CLAUSE 12,
       
provided such damage or destruction was caused by a computer program or
       
similar instruction which was written or altered to intentionally incorporate a hidden
       
instruction designed to damage or destroy Electronic Data, Electronic Media , or
       
Electronic Instruction in the Computer System in which the computer program
       
or instruction so written or so altered is used.
 
 
ICAP2 Bond
 
Form 17-02-2976 (Ed. 1-02)
Page 1
 
 
 
 
B.
Electronic Communication
   
 
Loss resulting directly from the ASSURED having transferred, paid or delivered any
 
funds or property, established any credit, debited any account or given any value on the
 
faith of any electronic communications directed to the ASSURED, which were
 
transmitted or appear to have been transmitted through:
 
 
(1)
an Electronic Communication System ,
 
(2)
an automated clearing house or custodian, or
 
(3)
a Telex, TWX, or similar means of communication,
 
 
directly into the ASSURED'S Computer System or Communication Terminal , and
 
fraudulently purport to have been sent by a customer, automated clearing house,
 
custodian, or financial institution, but which communications were either not sent by said
 
customer, automated clearing house, custodian, or financial institution, or were
 
fraudulently modified during physical transit of Electronic Media to the ASSURED or
 
during electronic transmission to the ASSURED'S Computer System or
 
Communication Terminal .
   
C.
Electronic Transmission
   
 
Loss resulting directly from a customer of the ASSURED, any automated clearing house,
 
custodian, or financial institution having transferred, paid or delivered any funds or property,
 
established any credit, debited any account or given any value on the faith of any electronic
 
communications, purporting to have been directed by the ASSURED to such customer,
 
automated clearing house, custodian, or financial institution initiating, authorizing, or
 
acknowledging, the transfer, payment, delivery or receipt of funds or property, which
 
communications were transmitted through:
 
 
(1)
an Electronic Communication System ,
 
(2)
an automated clearing house or custodian, or
 
(3)
a Telex, TWX, or similar means of communication,
 
 
directly into a Computer System or Communication Terminal of said customer,
 
automated clearing house, custodian, or financial institution, and fraudulently purport to
 
have been directed by the ASSURED, but which communications were either not sent
 
by the ASSURED, or were fraudulently modified during physical transit of Electronic
 
Media from the ASSURED or during electronic transmission from the ASSURED'S
 
Computer System or Communication Terminal , and for which loss the ASSURED is
 
held to be legally liable.
 
ICAP2 Bond
 
Form 17-02-2976 (Ed. 1-02)
Page 2
 
 
 
 
2
.
By adding to Section 1., Definitions, the following:
     
   
r.
Communication Terminal means a teletype, teleprinter or video display terminal, or similar
     
device capable of sending or receiving information electronically. Communication Terminal
     
does not mean a telephone.
       
   
s.
Electronic Communication System means electronic communication operations by
     
Fedwire, Clearing House Interbank Payment System (CHIPS), Society of Worldwide
     
International Financial Telecommunication (SWIFT), similar automated interbank
     
communication systems, and Internet access facilities.
       
   
t.
Electronic Data means facts or information converted to a form usable in Computer
       
Systems and which is stored on Electronic Media for use by computer programs.
 
   
u.
Electronic Instruction means computer programs converted to a form usable in a Computer
     
System to act upon Electronic Data .
       
   
v.
Electronic Media means the magnetic tape, magnetic disk, optical disk, or any other bulk
     
media on which data is recorded.
       
3
.
By adding the following Section after Section 4., Specific Exclusions-Applicable to All INSURING
   
CLAUSES except 1., 4., and 5.:
     
   
Section 4.A. Specific Exclusions-Applicable to INSURING CLAUSE 12
     
   
This Bond does not directly or indirectly cover:
     
   
a.
loss resulting directly or indirectly from Forged , altered or fraudulent negotiable instruments,
     
securities, documents or written instruments used as source documentation in the preparation
     
of Electronic Data ;
       
   
b.
loss of negotiable instruments, securities, documents or written instruments except as
     
converted to Electronic Data and then only in that converted form;
       
   
c.
loss resulting from mechanical failure, faulty construction, error in design, latent defect, wear
     
or tear, gradual deterioration, electrical disturbance, Electronic Media failure or breakdown or
     
any malfunction or error in programming or error or omission in processing;
       
   
d.
loss resulting directly or indirectly from the input of Electronic Data at an authorized
     
electronic terminal of an Electronic Funds Transfer System or a Customer
     
Communication System by a person who had authorized access from a customer to that
     
customer's authentication mechanism; or
       
   
e.
liability assumed by the ASSURED by agreement under any contract, unless such liability would
     
have attached to the ASSURED even in the absence of such agreement; or
       
   
f.
loss resulting directly or indirectly from:
       
     
(1)
written instruction unless covered under this INSURING CLAUSE; or
         
     
(2)
instruction by voice over the telephone, unless covered under this INSURING CLAUSE.
 
ICAP2 Bond
 
Form 17-02-2976 (Ed. 1-02)
Page 3
 
 
 
 
4
.
By adding to Section 9., Valuation, the following:
 
   
Electronic Data, Electronic Media, Or Electronic Instruction
 
   
In case of loss of, or damage to, Electronic Data, Electronic Media or Electronic Instruction used by
   
the ASSURED in its business, the COMPANY shall be liable under this Bond only if such items are
   
actually reproduced form other Electronic Data, Electronic Media or Electronic Instruction of the
   
same kind or quality and then for not more than the cost of the blank media and/or the cost of labor for
   
the actual transcription or copying of data which shall have been furnished by the ASSURED in order to
   
reproduce such Electronic Data, Electronic Media or Electronic Instruction subject to the applicable
   
SINGLE LOSS LIMIT OF LIABILITY.
 
   
However, if such Electronic Data can not be reproduced and said Electronic Data represents
   
Securities or financial instruments having a value, then the loss will be valued as indicated in the
   
SECURITIES and OTHER PROPERTY paragraphs of this Section.
 
This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2012.
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
 
Date: December 6, 2012
ICAP2 Bond
 
Form 17-02-2976 (Ed. 1-02)
Page 4
 
 
 
 
                                                                  Important Notice:
 
The SEC Requires Proof of Your Fidelity Insurance Policy
 
Your company is now required to file an electronic copy of your fidelity insurance coverage
(Chubb’s ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to
rules adopted by the SEC on June 12, 2006.
 
Chubb is in the process of providing your agent/broker with an electronic copy of your insurance
policy as well as instructions on how to submit this proof of fidelity insurance coverage to the
SEC. You can expect to receive this information from your agent/broker shortly.
 
The electronic copy of your policy is provided by Chubb solely as a convenience and does not
affect the terms and conditions of coverage as set forth in the paper policy you receive by mail.
The terms and conditions of the policy mailed to you, which are the same as those set forth in
the electronic copy, constitute the entire agreement between your company and Chubb.
 
If you have any questions, please contact your agent or broker.
 
Form 14-02-12160 (ed. 7/2006)
 
 
 
 
                         IMPORTANT NOTICE TO POLICYHOLDERS
 
         All of the members of the Chubb Group of Insurance companies doing business in the United
States (hereinafter “Chubb”) distribute their products through licensed insurance brokers and agents
(“producers”). Detailed information regarding the types of compensation paid by Chubb to producers on
US insurance transactions is available under the Producer Compensation link located at the bottom of the
page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from
your producer.
 
         Thank you for choosing Chubb.
 
10-02-1295 (ed. 6/2007)
 
 
 
 
                             POLICYHOLDER
                     DISCLOSURE NOTICE OF
           TERRORISM INSURANCE COVERAGE
                           (for policies with no terrorism exclusion or sublimit)
 
You are hereby notified that, under the Terrorism Risk Insurance Act (the “Act”), effective
December 26, 2007, this policy makes available to you insurance for losses arising out of
certain acts of terrorism. Terrorism is defined as any act certified by the Secretary of the
Treasury, in concurrence with the Secretary of State and the Attorney General of the
United States, to be an act of terrorism; to be a violent act or an act that is dangerous to
human life, property or infrastructure; to have resulted in damage within the United
States, or outside the United States in the case of an air carrier or vessel or the premises
of a United States Mission; and to have been committed by an individual or individuals as
part of an effort to coerce the civilian population of the United States or to influence the
policy or affect the conduct of the United States Government by coercion.
 
You should know that the insurance provided by your policy for losses caused by acts of
terrorism is partially reimbursed by the United States under the formula set forth in the
Act. Under this formula, the United States pays 85% of covered terrorism losses that
exceed the statutorily established deductible to be paid by the insurance company
providing the coverage.
 
However, if aggregate insured losses attributable to terrorist acts certified under the Act
exceed $100 billion in a Program Year (January 1 through December 31), the Treasury
shall not make any payment for any portion of the amount of such losses that exceeds
$100 billion.
 
10-02-1281 (Ed. 1/2003)
 
 
 
 
If aggregate insured losses attributable to terrorist acts certified under the Act exceed
$100 billion in a Program Year (January 1 through December 31) and we have met our
insurer deductible under the Act, we shall not be liable for the payment of any portion of
the amount of such losses that exceeds $100 billion, and in such case insured losses up
to that amount are subject to pro rata allocation in accordance with procedures
established by the Secretary of the Treasury.
 
The portion of your policy’s annual premium that is attributable to insurance for such acts
of terrorism is: $ -0-.
 
If you have any questions about this notice, please contact your agent or broker.
 
10-02-1281 (Ed. 1/2003)
 
 
 
 
 
RENEWAL OF FIDELITY BOND AND JOINT INSURED BOND AGREEMENT
 
RESOLVED :
that it is the finding of the Board including a majority of the Trustees of Wilshire Variable Insurance Trust (the “Trust”) and a majority of the Directors of Wilshire Mutual Funds, Inc. (the “Company”), who are not “interested persons” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”) of the Trust and the Company, that the placement of a Joint Fidelity Bond (the “Joint Bond”) covering the Trust and the Company, underwritten by Chubb Group of Insurance Companies with a coverage limit of $1,800,000 per occurrence and a per annum premium of $5,955 for the period December 31, 2012 to December 31, 2013 is in accordance with the requirements of Rule 17g-1 promulgated by the Securities and Exchange Commission (the “SEC”) under Section 17(g) of the 1940 Act, as amended; and it is further
 
RESOLVED :
that the Board members, including a majority of the Independent Board members have determined that the Joint Bond is in an amount at least equal to the sum of the total amount of coverage which each named insured would have been required to provide and maintain under a single insured bond; and it is further
 
RESOLVED :
that the portion of the aggregate annual premium for the Joint Bond which has been allocated to the   Trust in the amount of $3113.55 based on the Trust’s gross assets be, and it hereby is, approved; and it is further
 
RESOLVED :
that the portion of the aggregate annual premium for the Joint Bond which has been allocated to the   Company in the amount of $2841.45 based on the Company’s gross assets be, and it hereby is, approved; and it is further
 
RESOLVED :
that the Board members, including a majority of the Independent Board Members, have determined that the portion of the premium allocated to the Trust and the Company for such Joint Bond is fair and reasonable based upon the number of parties named as insureds on such bond, the nature of the business activities of each of the insureds, the amount of the bond, the aggregate premium for the bond, the ratable allocation of the premium among all parties named as insureds, and the extent to which the share of the premium allocated to each insured is less than the premium each insured would have to pay if it provided and maintained a single insured bond; and it is further
 
RESOLVED :
that said Joint Bond be, and it hereby is, approved; and it is further
 
 
 
 
 
RESOLVED :
that the proposed form of Joint Insured Bond Agreement between the Trust and the Company in substantially the form presented to this meeting, be, and it hereby is, approved; and
 
RESOLVED :
that the actions taken by management in securing said Joint Bond, including (1) the allocation of the portion of the premium for payment by the Trust and the Company and (2) the appropriate filing of the Joint Bond with the SEC be, and they hereby are, approved; and it is further
 
RESOLVED :
that the appropriate officer(s) of the Trust and the Company be, and each of them hereby is, authorized to make any and all payments and to do any and all other acts, in the name of the Trust and the Company and on their behalf, as they, or any of them, may determine to be necessary or desirable and proper in connection with or in furtherance of the foregoing resolutions; and
 
RESOLVED :
that Michael Wauters, Treasurer of the Trust and the Company, is designated as the officer responsible for making the necessary filings and giving the notices required by paragraph (b) of Rule 17g-1, promulgated under the Act.
 
 
 
 
 
 Joint Insured Bond Agreement

Agreement , dated this 30 th day of November, 2012, between   Wilshire Variable Insurance Trust (the “Trust”) and Wilshire Mutual Funds, Inc. (the “Company”).

Recitals

A.
The parties hereto are registered managed investment companies under the Investment Company Act of 1940, as amended (the “Act”).

B.
By the terms of Rule 17g-1 (the “Rule”) promulgated by the Securities and Exchange Commission under the Act, each of the parties hereto is required to provide and to maintain in effect a bond against larceny and embezzlement by officers and employees having direct or indirect access to its funds and securities.

C.
The parties desire to use a joint insured bond because the premium for such a bond is less than the total premiums which would be applicable if each party obtained an individual bond, and intend to establish their relative rights and obligations with respect to the premiums, claims and other matters set forth herein.

D.
A majority of those members of the board of each of the parties hereto who are not "interested persons" of such party as defined by section 2(a)(19) of the Act, have approved the portion of the premium payable by each party, after giving due consideration to all relevant factors, as required by the Rule.

E.
The parties have determined that the allocation of the proceeds payable under the joint insured bond as set forth herein (which takes into account the minimum amount of bond required for each party by the Rule if it maintained a single insured bond) is equitable.

Now Therefore, the parties hereto, in consideration of the mutual covenants and promises contained herein, agree as follows:

1.
Intention to Procure Bond .  The parties will have procured from a reputable fidelity insurance company, authorized to do business in the place where the bond is issued, a joint insured bond insuring each against larceny and embezzlement of its securities and funds by persons who may, singly or jointly with others, have access, directly or indirectly, to such securities or funds.  The bond shall name each party as an insured, and shall comply with the requirements for such bonds established by the Rule.

2.
Amount .  The Bond shall be in the amount of $1,800,000, which represents, as of the date of this agreement, adequate coverage required by the Rule based on the gross assets of the Trust and the Company as of September 30, 2012 as set forth below.
 
 
 
 
 
Name
Gross Assets
as of 9/30/11
Required
Coverage
Asset
Range
Wilshire Variable Insurance Trust
$701,997,435.42
$900,000
$500,000,000 to $750,000,000
Wilshire Mutual Funds, Inc.
$640,649,060.82
$900,000
$500,000,000 to $750,000,000
Total
     

3.
Ratable Allocation of Premiums.   The premium for the Bond shall be allocated to each of the Trust and the Company based on the proportion of the coverage provided for the Trust and the Company, set forth in paragraph 2.

4.
Ratable Allocation of Proceeds.
 
(a)
If only one party is damaged in a single loss for which recovery is received under the joint insured bond, the proceeds of the bond shall be paid to such party.

 
(b)
If more than one party is damaged in a single loss for which recovery is received under the joint insured bond, each party shall receive that portion of the recovery which represents the loss sustained by that party, unless the recovery is inadequate fully to indemnify both parties, in which case:

 
(i)
Each party sustaining a loss shall first be allocated an amount equal to the lesser of its actual loss or the coverage of such party set forth in paragraph 2;

 
(ii)
Any remaining proceeds shall then be allocated to the party sustaining a loss not fully covered by the allocation under subparagraph (i).

5.
Claims and Settlements.   Each party shall, within five days after the making of any claim under the bond, provide the other party with written notice of the amount and nature of such claim.  Each party effecting a settlement of any claim shall, within five days after the settlement, provide the other party with written notice of the terms of settlement of any claim made under the bond by such party.  If both parties shall agree to a settlement of a claim made under the bond with respect to a single loss affecting both of them, notice of the settlement shall also include calculation of the amounts to be received under paragraph 4 hereof.  The officers of each party designated as responsible for filing notices required by paragraph (g) of the Rule shall give and receive any notice required hereby.

6.
Modifications and Amendments.   If a party shall determine that the coverage required by the Rule for such party has changed from that set forth in paragraph 2 or that the amount of the total coverage allocated to such party in paragraph 2 should otherwise by modified, it shall so notify the other party hereto setting forth the modification of paragraphs 2 and 3 which it believes to be appropriate, and the proposed treatment of any increased or returned premium. Within 60 days after such notice, the parties shall seek the corporate approvals required by the Rule, and if approvals are obtained, shall effect an amendment to this agreement and the bond.  Either party may terminate this agreement (except with respect to losses occurring prior to such withdrawal) by giving at least ten days written notice to the other party.  The party terminating the agreement shall be removed as a named insured and shall be entitled to receive any return premium received from the insurance company.
 
 
 
 
 
7.
No Assignment.   This agreement is not assignable.

In Witness Whereof , each of the parties hereto has duly executed this agreement as of the day and year first above written.

Attest:
Wilshire Variable Insurance Trust
   
/s/ Michael Wauters              
/s/Jason Schwarz                   
Michael Wauters
Jason Schwarz
Treasurer
President
 
 
Attest:
Wilshire Mutual Funds, Inc.
   
/s/ Michael Wauters              
/s/Jason Schwarz                  
Michael Wauters
Jason Schwarz
Treasurer
President
 
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