Wilshire Advisors LLC

Item 5: Fees and Compensation
Fees Generally
Wilshire’s advisory fees differ depending on the size of the client, services provided, complexity of the solution and the
relationship established. Fee structures include i) a fixed fee; ii) a percentage of assets under management or
advisement; iii) a performance fee; and iv) a fee based on number of plan participants, and (v) a fee based on individual
work-product produced.
All fees are negotiable. Wilshire, in its sole discretion, reserves the right to waive any minimum fee requirements and/or
charge a lesser investment advisory fee based upon certain criteria (e.g., historical relationship, type of assets,
anticipated future earning capacity, anticipated future additional assets, dollar amounts of assets to be managed, related
accounts, account composition, negotiations with clients, etc.). Wilshire is also permitted to exempt certain investors in
its private funds from payment of all or a portion of management fees or performance-based fees charged by Wilshire,
including persons designated by Wilshire as “friends and family,” Wilshire’s personnel, or other investors meeting certain
qualification requirements based on commitment size or other strategic or relationship factors. Wilshire reserves the
right to make any such exemption from management fees and/or performance-based fees by a direct exemption, a
rebate by Wilshire and/or its affiliates, or through a co-investment or other similar vehicle.

Fee Billing
Depending on the services provided, Wilshire may deduct fees from client assets or bill clients for fees incurred. Where
the client is one of Wilshire’s proprietary funds, fees are typically paid out of the client’s investment account by the
client’s custodian on a monthly or quarterly basis. For all other clients, Wilshire issues an invoice with payment in full
expected within a certain period of receipt.
Clients that pay fees out of their investment account must consent in advance to direct debiting of its investment
account. When we collect fees in this manner, at the same time we bill the custodian, we will send the client an invoice
showing the amount of the fees, the value of the assets on which they are based, and the fee computation. Upon
termination, fees are either billed or refunded, as appropriate, pro rata based on the number of days for which Wilshire
provided advisory services during the relevant billing period prior to termination.

Clients may, but are not required to, prepay their fees to Wilshire on a periodic basis. Where a client has prepaid fees, if
the advisory contract is terminated before the end of a billing period, Wilshire will calculate a credit and return the
unused portion of the prepaid fees to the client. The amount of the refund will be pro rata based on the number of days
remaining in the billing period.

Other Fees and Expenses
Clients typically are expected to incur other fees not associated with Wilshire (e.g., administrative, custodian and/or
transaction fees). Clients also incur brokerage commissions, which are discussed in the “Brokerage Practices” section of
this Brochure. Expenses other than advisory and performance fees and brokerage commissions, such as custody fees, are
generally paid directly by a client to the service provider.
Funds are subject to operating expenses, including, without limitation, advisory fees paid to the investment managers,
sub-advisers, and Trading Advisors of the funds, as well as transaction, administration, custody, transfer agency, auditing,
legal, line of credit fees, and fees payable to other external service providers. If Wilshire invests a client’s assets into a
fund (proprietary or non-proprietary), the client will bear a proportionate share of the fees and expenses of the fund in
addition to the fees and expenses it pays Wilshire. If Wilshire invests a discretionary client’s assets in a fund managed by
Wilshire, Wilshire generally will waive a portion of, or all, fees at either the client account or fund level to ensure that the
discretionary client is being appropriately charged with respect to the management of those assets.

Item 7: Types of Clients
Wilshire provides investment advisory and management services to a wide range of institutional investors and financial
intermediaries. We provide advisory services primarily to institutional investors such as pension and profit-sharing plans,
trusts, endowments, charitable organizations and corporations. We also provide services to retirement plans, individual
retirement investors and retail investors through financial intermediaries such as recordkeepers, broker-dealers,
investment advisers and insurance companies. Wilshire provides investment services to U.S. or foreign government
entities and agencies, state or municipal government entities and agencies, public international organizations,
investment limited partnerships, and other types of investment vehicles. Wilshire also provides non-advisory services to
institutional investors and asset managers.
Client relationships vary in scope and length of service. Minimum account size varies across solution, product and client
type.

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