◈ Homepage — http://www.wilshire.com/Login Contact us Menu Investing for a better future A trusted partner to institutional investors, financial advisors and intermediaries Our solutions INSTITUTIONAL INVESTORS FINANCIAL ADVISORS & INTERMEDIARIES ALTERNATIVE ASSETS Alternative investments can be an effective way to diversify portfolios and enhance long-term returns. Bolstered by Wilshire’s extensive global research, database of managers and time-tested quantitative tools, our advisory and discretionary services cover a range of underlying asset classes and can be tailored to your specific needs and objectives. More We deliver innovative investment solutions, advanced financial analytics and market-leading indexes backed by time-tested quantitative and qualitative insights. We build enduring relationships with clients through trust and a shared purpose to improve investment outcomes for a better future. US$1.6tn Assets under advisement (AUA) (includes AUM) US $176bn Assets under management (AUM) Company highlights PRESS RELEASE U.S. State Pension Plans Funding Status – First Quarter 2026 Wilshire estimates a 1.9 percentage point decrease in the aggregate funded ratio for U.S. state pension plans in the first quarter of 2026. Read more PRESS RELEASE U.S. Corporate Pension Plans Funding Status – April 2026 Wilshire estimates 4.0 percentage point increase in aggregate funded ratio for U.S. corporate pension plans in April. Read more PRESS RELEASE U.S. Corporate Pension Plans Funding Status – March 2026 Wilshire estimates 1.5 percentage point decrease in aggregate funded ratio for U.S. corporate pension plans in March and 0.3 percentage point decrease in the First Quarter. Read more By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. 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Preferences Deny Accept Access the latest insights from Wilshire Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Research and insights ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers Contact Legal Online Privacy Policy GDPR CCPA Privacy Policy EUSFDR IOSCO [email protected] +1 310 451 3051 ADV FORMS   |   COPYRIGHT 2026 BY WILSHIRE ADVISORS, LLC ◈ Interior Pages — 39 pages crawledNewsroom | Wilshire Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu Newsroom Keep on top of developments at Wilshire Wilshire is a global provider of market-leading indexes, advanced analytics and alternative and multi-asset investment solutions that combine innovative technologies with time-tested quantitative and qualitative insights. Press releases Tuesday, May 12, 2026 U.S. State Pension Plans Funding Status – First Quarter 2026 Wilshire estimates a 1.9 percentage point decrease in the aggregate funded ratio for U.S. state pension plans in the first quarter of 2026. Wednesday, May 6, 2026 U.S. Corporate Pension Plans Funding Status – April 2026 Wilshire estimates 4.0 percentage point increase in aggregate funded ratio for U.S. corporate pension plans in April. Monday, April 6, 2026 U.S. Corporate Pension Plans Funding Status – March 2026 Wilshire estimates 1.5 percentage point decrease in aggregate funded ratio for U.S. corporate pension plans in March and 0.3 percentage point decrease in the First Quarter. Monday, March 16, 2026 Wilshire Advisors and Oak Hill Asset Management Launch a Canadian Feeder Fund Offering Access to Bridgewater ‘s Pure Alpha Strategy through a Wilshire-Managed Account Through this new structure, Canadian investors can access Pure Alpha, Bridgewater’s optimal active strategy. Tuesday, March 3, 2026 U.S. Corporate Pension Plans Funding Status – February 2026 Wilshire estimates 0.5 percentage point increase in aggregate funded ratio for U.S. corporate pension plans in February. See all press releases We’re here to help Wilshire has been applying highly tested theories and approaches to our client solutions since 1981. Our clients rely on us to improve investment outcomes for a better future. Contact us Access the latest insights from Wilshire Thank you! Your submission has been received! Oops! Something went wrong while submitting the form. Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Research and insights ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers Contact Legal Online Privacy Policy GDPR CCPA Privacy Policy EUSFDR IOSCO [email protected] +1 310 451 3051 ADV Forms | COPYRIGHT 2026 BY WILSHIRE ADVISORS, LLC By clicking “Accept All Cookies” , you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy for more information. Preferences Deny Accept Privacy Preference Center When you visit websites, they may store or retrieve data in your browser. This storage is often necessary for the basic functionality of the website. The storage may be used for marketing, analytics, and personalization of the site, such as storing your preferences. Privacy is important to us, so you have the option of disabling certain types of storage that may not be necessary for the basic functioning of the website. Blocking categories may impact your experience on the website. Reject all cookies Allow all cookies Manage Consent Preferences by Category Essential Always Active These items are required to enable basic website functionality. Marketing Essential These items are used to deliver advertising that is more relevant to you and your interests. They may also be used to limit the number of times you see an advertisement and measure the effectiveness of advertising campaigns. Advertising networks usually place them with the website operator’s permission. Personalization Essential These items allow the website to remember choices you make (such as your user name, language, or the region you are in) and provide enhanced, more personal features. For example, a website may provide you with local weather reports or traffic news by storing data about your current location. Analytics Essential These items help the website operator understand how its website performs, how visitors interact with the site, and whether there may be technical issues. This storage type usually doesn’t collect information that identifies a visitor. Confirm my preferences and close Wilshire SFDR Disclosures Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu Wilshire SFDR Disclosures Website Policy Statements EU Sustainable Finance Disclosure Regulation The Sustainable Finance Disclosure Regulation (”SFDR” or “the Regulation”) applied from 10 March 2021. The Regulation requires financial market participants and/or financial advisers such as Wilshire (the “firm”) to provide information to investors with regards to the integration of sustainability risks, the consideration of adverse sustainability impacts, the promotion of environmental or social characteristics, and sustainable investment. Set out below are the following website disclosure requirements contained in the Regulation: Sustainability Risk Policy (Article 3 of SFDR) – please see here . Principal Adverse Sustainability Impacts Statement (Article 4 of SFDR) – please see here . Remuneration Policy – Sustainability Risks (Article 5 of SFDR) – please see here . Sustainability Risk Policy (Article 3 SFDR) The Sustainable Finance Disclosure Regulation (”SFDR” or “the Regulation”) applies from 10 March 2021. This Sustainability Risk Policy specifically addresses the obligation in Article 3 of the Regulation which requires either financial market participants and/or financial advisers (as applicable) to: “…publish on their websites information about their policies on the integration of sustainability risks in their [in the case of financial market participants] investment decision‐making process or [in the case of financial advisers] investment advice or insurance advice [(as applicable)].” Sustainability Risks “Sustainability Risks” as defined in Article 2(22) of the Regulation: “an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of an investment” . Sustainability Risks include (but are not limited to) the following: environmental risks such as the impact of environmental events such as increased flooding risks on operations of portfolio companies; social risks such as impact of non-compliance with anti-slavery or working conditions laws and regulations by portfolio companies; and governance risks such as inadequate management oversight of portfolio companies. Integration of sustainability risks in investment processes Wilshire is a signatory to the Principles for Responsible Investing (PRI) and includes environmental, social and governance issues (ESG) in decision-making, investing, and monitoring processes where appropriate. ESG related factors are one of many factors that Wilshire may consider when evaluating an investment decision. In addition, Wilshire incorporates ESG-related questions in its due diligence on managers. Specifically, Wilshire includes in its private markets funds operational due diligence questionnaire inquiries regarding: (i) the manager’s ESG-related policies and investment beliefs; (ii) how the manager identifies and manages material ESG-related risks and opportunities; and (iii) how the manager contributes to the portfolio companies’ ESG-related risks and opportunities. Wilshire continues to invest in its ESG resources and capabilities. Led by our Senior Vice President for Responsible Investment, a firm-wide ESG and Diversity Committee, designed to provide coordination of ESG initiatives, monitor emerging trends and share best practices across the firm, meets regularly. This Sustainability Risk Policy will be reviewed regularly and amended as appropriate by the ESG and Diversity Committee. Principal Adverse Sustainability Impacts Statement (Article 4 SFDR) No consideration of adverse impacts of investment decisions on sustainability factors The Sustainable Finance Disclosure Regulation (”SFDR” or “the Regulation”) applies from 10 March 2021. This Principal Adverse Sustainability Impacts Statement specifically addresses the obligation in Articles 4(1)(b) and 4(5)(b) of the Regulation which requires financial market participants and financial advisers respectively to publish and maintain on their websites: “[in the case of financial market participants] where they do not consider adverse impacts of investment decisions on sustainability factors, clear reasons for why they do not, including, where relevant, information as to whether and when they intend to consider such adverse impacts…[and, in the case of financial advisers]…information as to why they do not to consider adverse impacts of investment decisions on sustainability factors in their investment advice or insurance advice, and, where relevant, including information as to whether and when they intend to consider such adverse impacts”. Sustainability Factors “Sustainability Factors” are defined in Article 2(24) of the Regulation as: “environmental, social and employee matters, respect for human rights, anti‐corruption and anti‐bribery matters”. No consideration of adverse impacts of investment decisions on sustainability factors Wilshire does not currently consider the adverse impacts of its investment decisions on sustainability factors. Given the nature of Wilshire’s business generally, Wilshire does not currently consider adverse impacts on Sustainability Factors with respect to any of its products that fall within the Regulation. Given the obligations contained in the Regulations (including the technical methodologies and data capture requirements this would reasonably entail) compliance with the Regulations is not assured among the different portfolio managers that many of the Wilshire products will invest with. As such, there is no assurance that Wilshire will have access to clear, comparable and consistent data with which to report on principal adverse impacts of investment decisions on Sustainability Factors. This decision will, however, be kept under regular review. as of December 12, 2022 ‍ Remuneration Policy – Sustainability Risks The Sustainable Finance Disclosure Regulation (”SFDR” or “the Regulation”) applied from 10 March 2021. This Remuneration Policy (Sustainability Risks) specifically addresses the obligation in Article 5 of the Regulation: “Financial market participants and financial advisers shall include in their remuneration policies information on how those policies are consistent with the integration of sustainability risks, and shall publish that information on their websites.” Sustainability Risks “Sustainability Risks” as defined in Article 2(22) of the Regulation: “an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of an investment” . Sustainability Risks include (but are not limited to) the following: environmental risks such as the impact of environmental events such as increased flooding risks on operations of portfolio companies; social risks such as impact of non-compliance with anti-slavery or working conditions laws and regulations by portfolio companies; and governance risks such as inadequate management oversight of portfolio companies. Remuneration and sustainability risks disclosure (Article 5 SFDR) Among other forms of remuneration that are provided on a fixed basis, the firm may award employees variable discretionary bonuses on an annual basis. Remuneration levels are attributable to, among other factors, performance of the relevant individual and of Wilshire and the total amount of variable remuneration may reflect a combination of the assessment of the performance of the employee and the overall results of Wilshire, as well as the Outsourced CIO Services | Wilshire Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu OCIO services Achieve your investment goals efficiently Investors today face an overwhelming choice of opportunities in an increasingly complex regulatory landscape fraught with cost and resourcing issues. Our outsourced CIO team takes on these challenges on your behalf. Using a combination of strategies designed to enhance returns and mitigate risk – and supported by Wilshire’s extensive quantitative and research capabilities, database of best-in-class managers and deep understanding of investors' needs – our team of experts develops, implements and maintains end-to-end solutions to help you achieve a range of investment objectives over the long term. Thanks to our size and position in the market, we can also negotiate preferential fees that are typically lower than what you would be able to obtain on your own. Wilshire OCIO Proprietary risk models Wilshire research Fiduciary processes Manager access Service platform Operational support Fee negotiation Dynamic management Client Investment objectives Asset allocation Risk management tools Budget constraints Fiduciary obligations Decision making Organizational objectives Internal resources Oversight Implementation We’re here to help Wilshire has been applying highly tested theories and approaches to our client solutions since 1981. Our clients rely on us to improve investment outcomes for a better future. Contact us Access the latest insights from Wilshire Thank you! Your submission has been received! Oops! Something went wrong while submitting the form. Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Research and insights ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers Contact Legal Online Privacy Policy GDPR CCPA Privacy Policy EUSFDR IOSCO [email protected] +1 310 451 3051 ADV Forms | COPYRIGHT 2026 BY WILSHIRE ADVISORS, LLC By clicking “Accept All Cookies” , you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy for more information. Preferences Deny Accept Privacy Preference Center When you visit websites, they may store or retrieve data in your browser. This storage is often necessary for the basic functionality of the website. The storage may be used for marketing, analytics, and personalization of the site, such as storing your preferences. Privacy is important to us, so you have the option of disabling certain types of storage that may not be necessary for the basic functioning of the website. Blocking categories may impact your experience on the website. Reject all cookies Allow all cookies Manage Consent Preferences by Category Essential Always Active These items are required to enable basic website functionality. Marketing Essential These items are used to deliver advertising that is more relevant to you and your interests. They may also be used to limit the number of times you see an advertisement and measure the effectiveness of advertising campaigns. Advertising networks usually place them with the website operator’s permission. Personalization Essential These items allow the website to remember choices you make (such as your user name, language, or the region you are in) and provide enhanced, more personal features. For example, a website may provide you with local weather reports or traffic news by storing data about your current location. Analytics Essential These items help the website operator understand how its website performs, how visitors interact with the site, and whether there may be technical issues. This storage type usually doesn’t collect information that identifies a visitor. Confirm my preferences and close Online Privacy Policy Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu Online Privacy Policy Online Privacy Policy Wilshire Advisors, LLC (‘we’ or ‘Wilshire’) values your trust and wants you to be familiar with how we collect, use, and disclose information. This Online Privacy Policy describes our practices in connection with information that we may collect, maintain, and use in the course of providing our products and services though our website(s). Wilshire is committed to ensuring that your privacy is protected. Should we ask you to provide certain information by which you can be identified when using this website, you can be assured that it will only be used in accordance with this Privacy Policy. Natural persons located in the European Economic Area (“EEA”) should review the General Data Protection Regulation 2016/679 (“GDPR”) privacy notice HERE. Residents of California should review the privacy notice for the California Consumer Privacy Act of 2018 (CCPA) HERE . This Online Privacy Policy is for website users. Wilshire clients and others doing business with Wilshire should review the appropriate privacy notices HERE . Personal Information We May Collect The term Personal Information as used in this policy means any information that identifies you as an individual or relates to an identifiable person. The kinds of Personal Information we may collect depends on the nature of the relationship you have with us. This information may include your name, job title, and contact details such as your address, email address and telephone number. Occasionally additional information, such as demographic information, preferences, interests, and other information relevant to customer surveys may also be collected. In addition to the information stated above we may collect certain information about your use of our online services, for example we may capture your IP address, operating system, or browser, as explained in greater detail below in our “How We Use Cookies” section of this policy. How We May Collect Personal Information In most cases, we collect information directly from the person or entity with whom we have the relationship (e.g. through account applications, customer surveys, or general website usage). How We May Use Personal Information We require and use this information to understand your needs and provide you with a better service. More particularly, we use information we gather to do the following: Maintain internal records; Improve our products and services; Send promotional emails with information which we think you may find interesting using the email address which you have provided; and Contact you by email, phone, fax or mail for market research purposes. Security We are committed to ensuring that your information is secure. In order to prevent unauthorized access or disclosure, we have put in place suitable physical, electronic, and managerial procedures to safeguard and secure the information we collect online. How We Use Cookies A cookie is a small file which asks permission to be placed on your computer's hard drive. Once you agree, the file is added and the cookie helps analyze web traffic or lets you know when you visit a particular site. Cookies allow web applications to respond to you as an individual. The web application can tailor its operations to your needs, likes and dislikes by gathering and remembering information about your preferences. We use traffic log cookies to identify which pages are being used. This helps us analyze data about web page traffic and improve our website in order to tailor it to customer needs. We only use this information for statistical analysis purposes and then the data is removed from the system. Overall, cookies help us provide you with a better website, by enabling us to monitor which pages you find useful and which you do not. Our cookies do not give us access to your computer or any information about you, other than the information you choose to share with us. You can choose to accept or decline cookies. Most web browsers automatically accept cookies, but you can usually modify your browser setting to decline cookies if you prefer. This may prevent you from taking full advantage of the website. Links to Other Websites Our website may contain links to other websites of interest. However, once you have used these links to leave our site, you should note that we do not have any control over that other website. Therefore, we cannot be responsible for the protection and privacy of any information which you provide whilst visiting such sites and such sites are not governed by this Privacy Policy. You should exercise caution and look at the Privacy Policy applicable to the website in question. Controlling Your Personal Information We do not share your Personal Information with third parties for use in marketing their products and services. However, we may share your Personal Information in the following circumstances: Where we have your permission to do so; With unaffiliated service providers (for example, printing and mailing companies); and With government agencies, other regulatory bodies or law enforcement officials. Our service providers are obligated to keep the Personal Information we share with them confidential and use it only to provide services specified by Wilshire. Important Notice to all Non-US Residents Our servers are located in the U.S. If you are located outside of the U.S., please be aware that any information provided to us, including Personal Information, will be transferred from your country of origin. Your decision to provide such data to us, or allow us to collect such data through our services constitutes your consent to this data transfer. Retention Period We will retain your Personal Information for the period necessary to fulfill the purposes outlined in this Online Privacy Policy unless a longer retention period is required or permitted by law. Updates to This Privacy Policy We may change this Online Privacy Policy. The “Effective Date” at the top of this page indicates when this Online Privacy Policy was last revised. Any changes will become effective when we post the revised Online Privacy Policy on our website. Your use of our website following these changes means that you accept the revised Online Privacy Policy. Contact Us If you have any questions about this Online Privacy Policy, please contact us via email at: [email protected] We’re here to help Wilshire has been applying highly tested theories and approaches to our client solutions since 1981. Our clients rely on us to improve investment outcomes for a better future. Contact us Access the latest insights from Wilshire Thank you! Your submission has been received! Oops! Something went wrong while submitting the form. Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Research and insights ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers Contact Legal Online Privacy Policy GDPR CCPA Privacy Policy EUSFDR IOSCO [email protected] +1 310 451 3051 ADV Forms | COPYRIGHT 2026 BY WILSHIRE ADVISORS, LLC By clicking “Accept All Cookies” , you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy for more information. Preferences Deny Accept Privacy Preference Center When you visit w California Consumer Privacy Act (CCPA) Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu CCPA California Consumer Privacy Act (“ CCPA ”) privacy notice CCPA Online Privacy Notice This California Consumer Privacy Act (“ CCPA ”) privacy notice (this “CCPA Notice” ) is included in our Online Privacy Policy and applies to Wilshire Advisors, LLC’s ("Wilshire") processing of ‘personal information,’ as defined in the CCPA, of California residents who visit our website (collectively, “ Consumers ,” “ you ,” or “ your ”). Any capitalized terms or other terms not defined herein shall have the meaning ascribed to them in the Online Privacy Policy or, if not defined herein or in the Online Privacy Policy, the CCPA. To the extent of any conflict between this CCPA Notice and the rest of our Online Privacy Policy, this CCPA Notice shall control only with respect to Consumers and their personal information. If you are located elsewhere, please see our Online Privacy Policy HERE . You may find a copy of this CCPA Notice in PDF format HERE . For individuals with disabilities, alternative methods of viewing or receiving this CCPA Notice can be found HERE . General This CCPA Notice provides further detail regarding (a) how we have processed Consumers’ personal information within the past twelve (12) months and (b) your rights under the CCPA. Personal Information We May Collect We collect and disclose the following personal information for our business purposes, including: To perform the contract we have entered into with you (contract) – this includes, but is not limited to, where we have entered into an agreement with you and the Personal Data is needed to ensure that the terms of the contract can be fulfilled; To comply with a legal obligation (legal obligation) – these obligations include, for example, where we have a regulatory obligation to conduct customer due diligence or are required to provide information to tax authorities; or Our legitimate business purposes (business purposes) – this includes the provision of services by us and our direct marketing activities. To this end, we will use your Personal Data to deliver services to you and/or to work or act for you. Furthermore, we will also use your Personal Data to inform you about us and our services and to build our relationship with you. Categories of Personal Information Examples Source of Personal Information Identifiers Name Postal address Online identifier Internet Protocol address E-mail address Account name Unique personal identifier (i.e. – persistent identifier such as device identifier, cookies, beacons, pixel tags, mobile ad identi­fiers or similar technology; customer number, unique pseudonym or user alias; telephone numbers, or other forms of persistent or probabilistic identifiers) Websites or Services (information collected directly from user) Other Sources (public databases, brokers, consultants, and other third parties) Internet or Network Activity Interaction with an internet website, application, or advertisement Websites or Services (information collected directly from user) Other Sources (public databases, brokers, consultants, and other third parties) Your CCPA Rights Access You may request that Wilshire disclose certain information regarding our use of your personal information over the past twelve (12) months. You may only make such requests twice per twelve (12) months. Upon verifying your request (see below), we will disclose to you: 1. The categories of personal information we collected about you. 2. The categories of sources for the personal information we collected about you. 3. The specific pieces of personal information we collected about you. 4. Our business purpose for collecting that personal information. 5. The categories of third parties with whom we share personal information. Deletion You have the right to request that Wilshire delete any of the personal information collected from you and retained by us, subject to certain exceptions. Once your request is verified (see below) and we have determined that we are required to delete that information in accordance with applicable law, we will delete and direct our service providers to delete your personal information from our records. Your request to delete your personal information may be denied if it is necessary for us to retain your information under one or more of the exceptions listed in the CCPA. Please note that a record of your deletion request may be kept pursuant to our legal obligations. Exercising Your Rights To exercise any of the rights described above, please submit a request to us by either: Emailing us at [email protected] Calling us at (855) 272-8151 Visiting www.Wilshire.com Please note that Consumers have a right to not receive discriminatory treatment for the exercise of their rights under the CCPA. Only you, or a person registered with the California Secretary of State that you authorize to act on your behalf, may make a verifiable consumer request related to your personal information. You may also make a verifiable consumer request on behalf of your minor child. You may only make a verifiable consumer request for access twice within a 12-month period. Your verifiable consumer request must: Provide sufficient information to allow us to reasonably verify that you are the person about whom we collected personal information, or a person authorized to act on your behalf; and Describe your request with sufficient detail to properly understand and respond to it. We will only use the personal information that you have provided in a verifiable consumer request in order to verify your request. We cannot respond to your request or provide you with personal information if we cannot verify your identity or authority. Making a verifiable consumer request does not require you to create an account with us. We consider a request made through your password-protected account sufficiently verified when the request relates to personal information associated with that specific account. Verifying Your Request Only you, or a person that you authorize to act on your behalf, may make a request related to your personal information. You may also make a request on behalf of your minor child. In all cases, your request must be verified before we take action (and shall take such action pursuant to the timing permitted under the CCPA). Verifying your request may require you to: Provide sufficient information to allow us to reasonably verify that you are the person about whom we collected personal information, or a person authorized to act on your behalf; and Describe your request with sufficient detail to properly understand and respond to it. We will only use the personal information that you have provided in a verifiable request in order to verify your request. As stated above, we cannot respond to your request or provide you with personal information if we cannot verify your identity or authority. Making a verifiable request does not require you to create an account with us. We consider a request made through your password-protected account sufficiently “verified” when the request relates to personal information associated with that specific account and you have complied with any of our existing authentication practices. Response Timing and Format We aim to respond to customer requests within forty-five (45) days of receipt. If we are unable to deliver a response to verifiable consumer requests within this timeframe, we will inform you of the reason and estimated extension period in writing. We wi Mutual Funds | Wilshire Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu Wilshire Mutual Funds Multi-manager funds constructed by trusted experts Mutual funds provide a simple way for smaller or individual investors to access professionally managed portfolios and institutional investment strategies. Our mutual funds draw on decades of expertise in institutional investing to identify and combine multiple asset managers into diversified funds focused on specific asset classes. You can invest directly into our mutual funds with no additional transaction or trading fees. Request these documents as printed copies Wilshire Mutual Funds Wilshire Variable Insurance Trust Wilshire 5000 Index Fund View documents Wilshire Income Opportunities Fund View documents Wilshire International Equity Fund View documents Wilshire Large Company Growth Portfolio View documents Wilshire Large Company Value Portfolio View documents Wilshire Small Company Growth Portfolio View documents Wilshire Small Company Value Portfolio View documents Variable Insurance Trust View documents Wilshire Global Allocation Fund View documents Wilshire Mutual Funds 2024 Tax Insert can be found here . There are risks involved with investing, including the possible loss of principal. In addition to the risks associated with investing, investments in smaller companies typically exhibit higher volatility, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. ‍ You should consider the fund’s investment objectives, risks, charges and expenses carefully before you invest. Download the fund’s prospectus here or call + 1 866 591 1568 to get more information about the fund. Read the prospectus carefully before you invest or send money. ‍ Distributed by Foreside Fund Services, LLC. Please send questions or comments to [email protected] or WILSHIRE MUTUAL FUNDS, INC., P.O. Box 219512 Kansas City, MO 64121-9512. Check the background of Foreside Fund Services, LLC on FINRA’s BrokerCheck . ‍ © 2026 by Wilshire Mutual Funds, Inc., 1299 Ocean Avenue, Suite 600, Santa Monica, California, 90401-1085, USA. All rights reserved. We’re here to help Wilshire has been applying highly tested theories and approaches to our client solutions since 1981. Our clients rely on us to improve investment outcomes for a better future. Contact us Access the latest insights from Wilshire Thank you! Your submission has been received! Oops! Something went wrong while submitting the form. Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Research and insights ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers Contact Legal Online Privacy Policy GDPR CCPA Privacy Policy EUSFDR IOSCO [email protected] +1 310 451 3051 ADV Forms | COPYRIGHT 2026 BY WILSHIRE ADVISORS, LLC By clicking “Accept All Cookies” , you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy for more information. Preferences Deny Accept Privacy Preference Center When you visit websites, they may store or retrieve data in your browser. This storage is often necessary for the basic functionality of the website. The storage may be used for marketing, analytics, and personalization of the site, such as storing your preferences. Privacy is important to us, so you have the option of disabling certain types of storage that may not be necessary for the basic functioning of the website. Blocking categories may impact your experience on the website. Reject all cookies Allow all cookies Manage Consent Preferences by Category Essential Always Active These items are required to enable basic website functionality. Marketing Essential These items are used to deliver advertising that is more relevant to you and your interests. They may also be used to limit the number of times you see an advertisement and measure the effectiveness of advertising campaigns. Advertising networks usually place them with the website operator’s permission. Personalization Essential These items allow the website to remember choices you make (such as your user name, language, or the region you are in) and provide enhanced, more personal features. For example, a website may provide you with local weather reports or traffic news by storing data about your current location. Analytics Essential These items help the website operator understand how its website performs, how visitors interact with the site, and whether there may be technical issues. This storage type usually doesn’t collect information that identifies a visitor. Confirm my preferences and close Investment Solutions | Wilshire Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu Investment solutions Advisory solutions and discretionary products tailored to your specific needs As a global provider of market-leading indexes, advanced analytics and multi-asset investment solutions, we have the extensive quantitative and qualitative expertise to help you invest for a better future. Our investment solutions include asset allocation, traditional and alternative manager research, portfolio construction and more. We address your specific needs through a comprehensive, structured process honed through our work with some of the world’s largest and most sophisticated investors. Investment consulting services Our comprehensive and structured investment process is informed by 50 years of providing consulting services to pension funds, foundations, endowments and financial intermediaries such as insurance companies, wealth managers, family offices and other investors. Read more Discretionary management We provide a range of discretionary solutions to help meet your investment objectives across the public and private markets, including outsourced chief investment officer (OCIO) services, discretionary managed accounts, funds-of-one, and a variety of managed portfolios designed for financial advisors. Read more Alternative assets Our advisory and discretionary services and solutions cover private markets, risk premia and marketable alternatives. Harnessing our extensive global research, database of managers and time-tested quantitative tools, we can tailor investment solutions to your specific needs and objectives. Read more We’re here to help Wilshire has been applying highly tested theories and approaches to our client solutions since 1981. Our clients rely on us to improve investment outcomes for a better future. Contact us Access the latest insights from Wilshire Thank you! Your submission has been received! Oops! Something went wrong while submitting the form. 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Confirm my preferences and close Investment Advisory | Wilshire Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu Investing for a better future A trusted partner to institutional investors, financial advisors and intermediaries Our solutions Clarity from complexity Innovative investment solutions backed by time-tested qualitative and quantitative insights More Improving investment outcomes Protect the future you plan for More institutional investors FINANCIAL ADVISORS & INTERMEDIARIES ALTERNATIVE ASSETS Optimize investment portfolios, better understand risks and maximize value with superior market knowledge. We offer solutions for central banks, pension funds, insurance companies, foundations, endowments and family offices. Our bespoke advisory and outsourced CIO solutions and financial products are tailored to your goals. More Uncover new strategies and opportunities, access quality portfolio models and harness tools and resources that enable more meaningful conversations with your clients and deliver improved investment outcomes. Grow portfolios through new strategies such as alternatives and ESG. More Alternative investments can be an effective way to diversify portfolios and enhance long-term returns. Bolstered by Wilshire’s extensive global research, database of managers and time-tested quantitative tools, our advisory and discretionary services cover a range of underlying asset classes and can be tailored to your specific needs and objectives. More tab link We deliver innovative investment solutions, advanced financial analytics and market-leading indexes backed by time-tested quantitative and qualitative insights. We build enduring relationships with clients through trust and a shared purpose to improve investment outcomes for a better future. US$ 1.6 tn Assets under advisement (AUA) (includes AUM) US $ 176 bn Assets under management (AUM) Company highlights PRESS RELEASE U.S. State Pension Plans Funding Status – First Quarter 2026 Wilshire estimates a 1.9 percentage point decrease in the aggregate funded ratio for U.S. state pension plans in the first quarter of 2026. Read more PRESS RELEASE U.S. State Pension Plans Funding Status – First Quarter 2026 Wilshire estimates a 1.9 percentage point decrease in the aggregate funded ratio for U.S. state pension plans in the first quarter of 2026. Read more PRESS RELEASE U.S. Corporate Pension Plans Funding Status – April 2026 Wilshire estimates 4.0 percentage point increase in aggregate funded ratio for U.S. corporate pension plans in April. Read more PRESS RELEASE U.S. Corporate Pension Plans Funding Status – March 2026 Wilshire estimates 1.5 percentage point decrease in aggregate funded ratio for U.S. corporate pension plans in March and 0.3 percentage point decrease in the First Quarter. Read more Research & insights Keep on top of market, industry and economic trends with research and trending views from our experts. No items found. By clicking “Accept All Cookies” , you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy for more information. Preferences Deny Accept Privacy Preference Center When you visit websites, they may store or retrieve data in your browser. 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Alternative Assets | Wilshire Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu Alternative assets Expert advisory and discretionary solutions for a diversified portfolio Alternative investments can be an effective way to diversify portfolios and enhance long-term returns. To determine whether alternative assets can support your investment goals, we first work closely with you to understand your needs and current portfolio structure. Bolstered by Wilshire’s extensive global research, database of managers and time-tested quantitative tools, our advisory and discretionary services cover a range of underlying asset classes and can be tailored to your specific needs and objectives. Private markets Our advisory and discretionary solutions covering private equity, private debt and real assets aim to improve your risk/return profile. Read more Hedge funds We provide institutional investors with comprehensive hedge fund consulting from manager research to portfolio implementation. Read more We’re here to help Wilshire has been applying highly tested theories and approaches to our client solutions since 1981. Our clients rely on us to improve investment outcomes for a better future. Contact us Access the latest insights from Wilshire Thank you! Your submission has been received! Oops! Something went wrong while submitting the form. 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Confirm my preferences and close U.S. State Pension Plans Funding Status – First Quarter 2026 | Wilshire Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu 5/12/2026 U.S. State Pension Plans Funding Status – First Quarter 2026 Wilshire estimates a 1.9 percentage point decrease in the aggregate funded ratio for U.S. state pension plans in the first quarter of 2026. ‍ Santa Monica, Calif., May 12, 2026 — The aggregate funded ratio for U.S. state pension plans decreased by an estimated 1.9 percentage points during the first quarter of 2026 to end the quarter at 83.5%, according to Wilshire, a diversified global financial services firm. Wilshire assists in providing a suite of OCIO and advisory services to some of the nation’s largest retirement plans which help fund the retirement of millions of Americans. The quarterly change in funding resulted from a 1.5% decrease in asset value and a 0.7% increase in liability value. Although the aggregate funded ratio is estimated to have decreased this quarter, it is estimated to have increased by 4.9% over the trailing twelve months. "In the first quarter of 2026, assets experienced their most significant decline since the third quarter of 2023, with many asset classes recording negative returns. This downturn was primarily attributed to the military action in Iran, which resulted in rising oil prices," stated Ned McGuire, Managing Director at Wilshire. "The Wilshire 5000 IndexSM recorded its poorest quarterly showing since last year, leading to U.S. State Pension Plans seeing a decrease this quarter after having risen for two consecutive quarters," Mr. McGuire added. A 12-month review of the funded ratio follows: * Wilshire collects updated pension data from state pension plans as of June 30 each year. The Funded Ratio, changes in funded ratios over various periods, and the monthly changes in assets and liabilities will reflect the updated data as of 06/30/2025, when it will be published. The aggregate figures represent an estimate of the combined assets and liabilities of state pension plans included in Wilshire’s 2026 state funding study. The funded ratio is based on liabilities, service cost, benefit payments and contributions in line with Wilshire’s 2026 state funding study. ‍ The Data Wilshire’s practice is to collect data on public pension plans from Annual Comprehensive Financial Reports (ACFR) filings as of their fiscal year-end (FYE). All data for fiscal year 2025 is based on the 241 constituents in Wilshire State and City & County pension plans that maintain defined benefit pension plans as of year-end 2025. The estimated monthly funded ratios are based on liabilities, service cost, benefit payments and contributions in line with Wilshire’s 2026 State and City & County funding studies. The assumed asset allocation is below: ‍ About Wilshire Wilshire is a leading global financial services firm and trusted partner to a diverse range of approximately 300 leading institutional investors and financial intermediaries. Our clients rely on us to improve investment outcomes for a better future. Wilshire advises on over $1.6 trillion in assets and manages $176 billion in assets as of December 31, 2025. Wilshire is headquartered in the United States with offices worldwide. More information on Wilshire can be found at www.wilshire.com . 1 Includes institutional investors, financial intermediaries, and Wilshire-sponsored vehicles. Does not include individual retirement plans and retail investors via financial intermediary platforms. 2 Assets under advisement refers to the total amount of assets (inclusive of assets under management) attributable to all of Wilshire’s advisory relationships, including various consulting and advisory relationships for which Wilshire provides investment advisory services without engaging, on either a discretionary or non-discretionary basis, in the direct management of a client’s portfolio. Assets under management refers to the amount of assets attributable to securities portfolios for which Wilshire provides discretionary and non-discretionary asset management services and is calculated differently than “regulatory assets under management. ‍ Index Definitions Wilshire 5000 Index SM The Wilshire 5000 Index SM is a broad-based market capitalization-weighted index that aims to capture 100% of the U.S. investible market capitalization. MSCI ACWI ex USA ($) Index The MSCI ACWI ex USA Index captures large- and mid-cap representation across developed markets countries (excluding the United States) and emerging markets countries. The index covers approximately 85% of the global equity opportunity set outside the United States. Bloomberg U.S. Aggregate Index The Bloomberg U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. NCREIF ODCE Fund Index The NFI-ODCE (NCREIF Fund Index - Open-End Diversified Core Equity) is a fund-level capitalization weighted, time-weighted return index and includes property investments at ownership share, cash balances and leverage (i.e., returns reflect the fund's actual asset ownership positions and financing strategy). Bloomberg U.S. Treasury Bills The Bloomberg US Treasury Bill Index tracks the market for treasury bills issued by the US government. US Treasury bills are issued in fixed maturity terms of 4, 8, 13, 17, 26 and 52 weeks. ‍ Important Information Wilshire is a global financial services firm providing diverse services to various types of investors and intermediaries. Wilshire’s products, services, investment approach and advice may differ between clients and all of Wilshire’s products and services may not be available to all clients. For more information regarding Wilshire’s services, please see Wilshire’s ADV Part 2 available at www.wilshire.com/ADV. The information from third parties contained herein has been obtained from sources believed to be reliable. Wilshire gives no representations or warranties as to the accuracy of such information, and accepts no responsibility or liability (including for indirect, consequential or incidental damages) for any error, omission or inaccuracy in such information and for results obtained from its use. This material is intended for informational purposes only and should not be construed as legal, accounting, tax, investment, or other professional advice. This material contains proprietary information of Wilshire. It may not be disclosed, reproduced, or otherwise distributed, in whole or in part, to any other person or entity without prior written permission from Wilshire. This material represents the current opinion of Wilshire and is subject to change without notice. Wilshire assumes no duty to update any such opinions. Wilshire Advisors LLC (Wilshire) is an investment advisor registered with the SEC. Wilshire® is a registered service mark. All other trade names, trademarks, and/or service marks are the property of their respective holders. More information on Wilshire can be found at www.wilshire.com . Copyright © 2026 Wilshire. All rights reserved. M934236 E0826 Download PDF Other press releases U.S. State Pension Plans Funding Status – First Quarter 2026 May 12, 2026 Wilshire estimates a 1.9 percentage point decrease in the aggregate funded ratio for U.S. state pension plans in the first quarter of 2026. U.S. Corporate Pension Plans Funding Status – A Institutional Investors | Wilshire Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu Institutional investors Supporting you through every stage of the investment life cycle Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu We serve a diverse range of institutional clients bound by a common need: strategies that help them deliver on their mandates and achieve their desired investment outcomes. Wilshire's services and tools for institutional investors can guide you through every stage of the investment process. Our rigorous approach has been honed over decades of experience in manager and investment research across all asset classes. Tap into our deep expertise, powerful analytics and extensive data to identify new opportunities, including in ESG and alternatives. Investment solutions Read more Research & insights Read more Indexes Read more Analytics Read more We’re here to help Wilshire has been applying highly tested theories and approaches to our client solutions since 1981. Our clients rely on us to improve investment outcomes for a better future. Contact us Access the latest insights from Wilshire Thank you! Your submission has been received! Oops! Something went wrong while submitting the form. Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Research and insights ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers Contact Legal Online Privacy Policy GDPR CCPA Privacy Policy EUSFDR IOSCO [email protected] +1 310 451 3051 ADV Forms | COPYRIGHT 2026 BY WILSHIRE ADVISORS, LLC By clicking “Accept All Cookies” , you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy for more information. Preferences Deny Accept Privacy Preference Center When you visit websites, they may store or retrieve data in your browser. This storage is often necessary for the basic functionality of the website. The storage may be used for marketing, analytics, and personalization of the site, such as storing your preferences. Privacy is important to us, so you have the option of disabling certain types of storage that may not be necessary for the basic functioning of the website. Blocking categories may impact your experience on the website. Reject all cookies Allow all cookies Manage Consent Preferences by Category Essential Always Active These items are required to enable basic website functionality. Marketing Essential These items are used to deliver advertising that is more relevant to you and your interests. They may also be used to limit the number of times you see an advertisement and measure the effectiveness of advertising campaigns. Advertising networks usually place them with the website operator’s permission. 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Confirm my preferences and close About Us | Wilshire Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu About us A trusted investment partner for 50 years Wilshire is a leading global financial services firm and trusted partner to a diverse range of approximately 300 leading institutional investors and financial intermediaries.Our clients rely on us to improve investment outcomes for a better future. Wilshire advises on over $1.6 trillion in assets and manages $176 billion in assets as of December 31, 2025. Wilshire is headquartered in the United States with offices worldwide. Our approach We believe in building enduring relationships with clients through trust and a shared purpose to improve investment outcomes for a better future. We work as your partner to navigate the complex world of financial markets, anticipate trends and identify opportunities. We do this by taking the time to truly understand your needs and remaining responsive and flexible as they change so we can continually provide robust solutions aligned to your objectives, risk tolerance, values and preferences. Our expertise Wilshire was founded on ground-breaking products and services that solved tough industry challenges and that same ethos underpins our purpose today. As a firm at the crossroads of finance and technology, we innovate across the breadth of our capabilities and capitalize on global digitization trends to offer first-class investment, analytics and benchmark services. We have been advising some of the world’s most sophisticated institutional investors and financial advisors and intermediaries for 50 years. That depth of experience gives us the insight to see opportunities others may miss – and the expertise to turn them into outcomes that deliver. Our values We have built a culture of trust and integrity by doing right by our clients and our people. We reward teamwork and individual initiative, encourage creative solutions for tough client and industry problems, seek out different perspectives and promote diversity and inclusion at every level. We believe we can only deliver on our promise to clients by staying connected and working with our colleagues right across the firm. We always look for new ways to do better, we never stop learning and we use our knowledge to help you and our colleagues grow and meet professional and personal goals. We’re here to help Wilshire has been applying highly tested theories and approaches to our client solutions since 1981. Our clients rely on us to improve investment outcomes for a better future. Contact us Access the latest insights from Wilshire Thank you! Your submission has been received! Oops! Something went wrong while submitting the form. Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Research and insights ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers Contact Legal Online Privacy Policy GDPR CCPA Privacy Policy EUSFDR IOSCO [email protected] +1 310 451 3051 ADV Forms | COPYRIGHT 2026 BY WILSHIRE ADVISORS, LLC By clicking “Accept All Cookies” , you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy for more information. Preferences Deny Accept Privacy Preference Center When you visit websites, they may store or retrieve data in your browser. This storage is often necessary for the basic functionality of the website. The storage may be used for marketing, analytics, and personalization of the site, such as storing your preferences. Privacy is important to us, so you have the option of disabling certain types of storage that may not be necessary for the basic functioning of the website. Blocking categories may impact your experience on the website. Reject all cookies Allow all cookies Manage Consent Preferences by Category Essential Always Active These items are required to enable basic website functionality. Marketing Essential These items are used to deliver advertising that is more relevant to you and your interests. They may also be used to limit the number of times you see an advertisement and measure the effectiveness of advertising campaigns. Advertising networks usually place them with the website operator’s permission. 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Confirm my preferences and close Our People | Wilshire Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu Our people Meet the colleagues who make everything happen We are here for you We are trusted partners. We are problem solvers. We are forward thinkers. Together we help you invest for a better future. ‍ meet our leadership team Meet some of our experts Todd Cassler Chief Revenue Officer Todd Cassler Chief Revenue Officer Todd Cassler is Wilshire’s Chief Revenue Officer and a member of the Executive Committee. As CRO, he leads the firm’s global growth, distribution, and strategy. He has more than 20 years of experience in financial services, building and leading businesses across wealth management, asset management, and institutional advisory. Before joining Wilshire, Mr. Cassler served as Chief Growth Officer and Partner at Cerity Partners, where he was a member of the firm’s Leadership Team responsible for driving enterprise growth strategy, sales, and execution. Prior to that, he was Chief Strategy & Growth Officer at Mariner, overseeing firmwide expansion initiatives across all business units. Earlier in his career, Mr. Cassler held senior leadership roles at John Hancock Investments and Manulife Investment Management, including President of Financial Institutions and Advisory Solutions and Head of Institutional Distribution for the U.S. and EMEA regions. He earned a bachelor’s degree from Western Connecticut State University, an M.B.A. from Sacred Heart University, and completed Harvard Business School’s Executive Education program in Authentic Leadership Development. He is currently pursuing a master’s degree in wealth management from Columbia University. He is a member of the Young Presidents’ Organization (YPO), The Outthinker Network, and serves on the boards of Babson College’s Bertarelli Institute, the Sacred Heart University Welch College of Business & Technology, Montrose School and Junior Achievement Americas. He is also an advisor to Anasova and an Honorary Trustee of the Boston Children’s Museum. Read more Josh Emanuel, CFA Chief Investment Officer Josh Emanuel, CFA Chief Investment Officer Josh Emanuel is Wilshire’s Chief Investment Officer. In this role, Mr. Emanuel leads the firm’s investment activities, including asset allocation, investment strategy, manager research, portfolio management and quantitative alpha research. He chairs the Wilshire Investment Committee. Mr. Emanuel re-joined Wilshire in 2015 and has 20 years of industry experience. From 2010 to 2015, he served as Chief Investment Officer of The Elements Financial Group, LLC (TEG), where he developed and managed a variety of outcome-oriented investment strategies and exchange-traded funds. Prior to his tenure at TEG, Mr. Emanuel served in several roles at Wilshire from 2004-2010, including head of manager research, head of strategy for Wilshire funds management, and co-chairman of the Wilshire Funds Management Investment Committee. Before 2004, he was responsible for international manager research for Jeffrey Slocum & Associates, Inc. He earned a bachelor’s degree in finance from the University of Pittsburgh and holds the Chartered Financial Analyst designation. Read more Leah Emkin Chief Client Officer Leah Emkin Chief Client Officer Leah Emkin is Wilshire’s Chief Client Officer with responsibility for overseeing the firm’s client solutions and marketing functions. She is a member of the Wilshire Executive Committee and is co-founder of the Wilshire Gender Diversity Awareness Committee. Ms. Emkin joined the firm in 2008. She earned a bachelor’s degree from Lewis & Clark College and holds a master’s degree and an MBA from Claremont Graduate University. She is a board member of the Women in Institutional Investments Network (WIIIN). Read more Jeff Foley Global Head, ParkLexington – A Wilshire Company Jeff Foley Global Head, ParkLexington – A Wilshire Company Jeff Foley is Global Head of ParkLexington overseeing business activities across Wilshire’s analytics business. Mr. Foley brings three decades of institutional investment, financial technology and analytics leadership. He joined Wilshire in 2010 and has held a variety of senior roles across the firm's technology and distribution platforms. He has been in the financial services industry since 1996, serving in sales management and executive leadership roles at globally recognized firms such as Interactive Data Corp, Capital Management Sciences and Wall Street Analytics. He also played a central role in the growth of several start-ups, including Dallas-based Solovis, a leading provider of performance and analytical solutions in the alternatives market. Mr. Foley earned his bachelor’s degree in business economics from the University of California, Santa Barbara. ‍ Read more Philipp Henrich Founder and CEO, XTP Philipp Henrich Founder and CEO, XTP Philipp Henrich is founder and CEO of XTP. Striving for transparency and efficiency, over the last 25 years, he has successfully built several companies, from FinTechs to frozen food. He supports them as board member and advisor and is a well-known expert in the areas of capital markets, corporate management and strategy. Mr. Henrich studied business economics at the Ludwig-Maximilians-University in Munich and the European Business School in Oestrich-Winkel. Read more Jason Hubschman Co-Chief Operating Officer & Co-Head of Alternative Managed Accounts Jason Hubschman Co-Chief Operating Officer & Co-Head of Alternative Managed Accounts Jason Hubschman serves as Co-Chief Operating Officer, working closely with leadership to support growth, as well as enhanced scale and efficiency across Wilshire and Co-Head of Alternative Managed Accounts. He is a member of the firm’s global leadership team and sits on both the Operating and the Alternatives Oversight Committees. Prior to joining the firm in December 2023 as part of the Lyxor U.S. acquisition, Mr. Hubschman served as Chief Operating Officer and Head of Products and Solutions at Lyxor U.S. Before joining Lyxor in 2018, he held various roles within Deutsche Bank Group including leading the global investment solutions team within global markets with responsibility for structuring alternative investment and risk premia solutions for institutional clients. Prior to that role, he served as head of product in the quantitative risk solutions group within Deutsche Asset Management where he helped co-found the firm’s alternative risk premia investment platform. He also served as the head of platform management for the retail structured products group within ABN AMRO, Inc. He began his career as an associate within the structured finance and derivatives practice of Weil, Gotshal & Manges, LLP. Mr. Hubschman earned a bachelor’s degree in political science from the State University of New York at Albany, an MBA from the Zicklin School of Business at Baruch College, and a J.D. from New York Law School. Read more Jason Schwarz Chief Executive Officer Jason Schwarz Chief Executive Officer Jason Schwarz is the Chief Executive Officer of Wilshire Advisors, where he provides strategic leadership and operational oversight for the firm’s global investment solutions and analytics businesses. Since joining Wilshire in 2005, Mr. Schwarz has held numerous senior executive roles, playing a critical role in building and expanding the firm’s business with a particular focus on wealth management, retirement solutions, and retail alternatives. Throughout his tenure, he has been dedicated to ensuring consistency with Wilshire’s core mi Wilshire Private Assets Fund Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu Wilshire Private Assets Fund Key Features A diversified private markets portfolio managed by Wilshire, an experienced fiduciary and allocator Comprehensive private markets exposure in a format specifically designed to improve the investor and advisor investment experience: 1099s; no capital calls; low, fixed management fee A continuously offered closed-end fund that seeks to offer shareholders the ability to buy shares daily without sub docs, and offers quarterly liquidity* *An investor’s participation in the Fund is a long-term commitment, with no certainty of return. Shares should only be acquired by investors able to commit their funds for an indefinite period. One-click investing through intermediary MF platforms is not guaranteed to be available for all custodians. Some intermediary platforms, and investments directly into the Fund may still require a subscription document. An investment in the Fund is speculative and involves substantial risks, including the risk of loss of a shareholder's entire investment. Daily Pricing May 15, 2026 NAV $14.63 Daily Change +0.06 Overview Ticker WPAFX Fund Objective The Fund's investment objective is to provide efficient access to the private markets with the goals of offering long-term capital appreciation and current income. Inception Date November 18, 2020 1 Investment Minimums $5,000 initial; $1,000 subsequent investments Subscription Window Daily, based on the Fund’s most recent net asset value (NAV) Exit Opportunities Quarterly redemptions 2 Distributions (if any) Quarterly 3 Capital Gains (if any) Annually Tax Status Tax RIC (Regulated Investment Company under subchapter M of Internal Revenue Code) Tax Reporting 1099 Registration 1933 and 1940 Act closed-end investment company Management Fee 1.25% Expense Cap Operating expenses capped at 1.25%, not including the management fee, distribution and servicing fee, taxes, interest and related costs of borrowing, portfolio transaction and other investment-related costs (including acquired fund fees and expenses, brokerage commissions, dealer and underwriter spreads, commitment fees on leverage facilities, prime broker fees and expenses and dividend expenses related to short sales) and any extraordinary costs. The Fund will bear its own expenses up to the Expense Cap. Expenses stated as of the Fund’s most recent prospectus: Total annual expenses, 4.19%; Shareholders directly bear the expenses of the Fund and indirectly bear fees and expenses of the Master Fund, including operating expenses and acquired fund fees (operating expenses of the private markets investments funds in which the Master Fund invests). Other expenses also include the Fund’s offering fees and expenses, and a shareholder servicing fee. 1 Date of first investment and beginning of performance track record. 2 The Fund will, subject to applicable law, conduct quarterly repurchase offers for between 5% and 25% of the Fund’s outstanding shares of beneficial interest (“Shares”) at net asset value (“NAV”). In connection with any given repurchase offer, it is expected that the Fund will offer to repurchase only the minimum amount of 5% of its outstanding Shares. Shares should only be acquired by investors able to commit their funds for an indefinite period. 3 The Fund seeks to authorize and declare as frequent as quarterly. Portfolio Structure Strategy Allocation Investment Type Allocation Geography Allocation Source: Wilshire Advisors LLC, based on the non-cash and cash equivalent portion of the portfolio, which represents approximately 75.40% of the portfolio net asset value as of 3/31/2026. Total may not equal 100% due to rounding. For illustrative purposes only. Top 10 Portfolio Holdings Portfolio Holdings Investment Sector Sub-strategy Industry Focus Geography Focus Strategy Type Closing Date Net Asset Value % of Fund NAV Linden Structured Capital Fund Private Equity Structured Equity Healthcare North America Primary 12/17/2020 $9.4m 8.96% Buhuo Fund I Private Equity Venture Capital Generalist Asia-Pacific Primary 3/8/2021 $8.7m 8.29% Star Mountain Strategic Credit Income Fund IV Private Credit Direct Lending Generalist North America Secondary 10/16/2024 $7.0m 6.69% Menlo Inflection IV Private Equity Venture Capital Artificial Intelligence North America Primary 3/31/2026 $6.8m 6.50% Valor CI Blocker Feeder L.P. Private Real Assets Infrastructure Internet Technology North America Primary 3/26/2026 $6.8m 6.50% Valor M33 IV, L.P. Private Equity Growth Equity Aerospace North America Secondary 10/1/2024 $6.2m 5.97% MidOcean Absolute Return Credit Fund Public Credit Long/Short Generalist North America Semi-liquid 11/1/2024 $6.1m 5.80% Overbay 2024 Private Equity Secondaries Generalist Global Co-Investment 7/31/2025 $4.8m 4.61% Overbay 2025 Private Equity Secondaries Generalist North America Primary 8/29/2025 $4.4m 4.20% KLC Fund I-A LP Private Equity Buyout Consumer/Business Services North America Secondary 9/30/2025 $4.0m 3.84% Project Hubble Private Equity Buyout Internet technology North America Secondary 2/13/2025 $3.1m 4.79% Basalt Infrastructure Partners II Real Assets Infrastructure Power, transportation, utilities, communications North America, Europe Secondary 11/18/2020 $4.5m 5.60% Vector V Private Equity Buyout Internet technology North America Secondary 2/26/2025 $2.7m 4.15% Graphite VII / Graphite VIII Private Equity Mid buyout Generalist Europe Secondary 7/19/2021 $2.6m 4.36% Ministry Brands Private Equity Buyout Financials North America Co-Investment 12/24/2021 $1.1m 1.77% Brevet Direct Lending – Short Duration Fund Private Credit Direct Lending Government Finance Global Primary 4/25/2023 $2.4m 3.93% Merlin International, Inc. Private Credit Direct Lending Internet technology North America Co-Investment 11/19/2024 $2.0m 3.32% Ascend SMG Co-Invest 3, L.P Private Equity Buyout Health care North America Co-investment 8/5/2025 $3.8m 4.71% Grant Avenue Capital Brave Co-Invest Fund A, LP Private Equity Buyout Health care North America Co-investment 12/9/2025 $3.7m 4.59% Vector VI Private Equity Buyout Internet technology North America Primary 2/26/2025 $0.3m 0.44% --> Source: Wilshire Advisors LLC, based on the Fund’s total net asset value as of 3/31/2026. The Fund also periodically makes investments for short-term cash management purposes. Holdings are as of the date indicated and subject to change. Holdings are as of the date indicated and subject to change. Performance The performance quoted represents past performance and does not guarantee future results. 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. Current performance may be lower or higher than the performance quoted. Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor for some or all of the periods shown. Performance would have been lower without such waivers and reimbursements. Total Return   NAV 1 Month 3 Months YTD 1 Year 3 Years 5 Years Since Inception (annualized)* Institutional Share Class $14.43 1.55% 3.15% 3.07% 12.69% 9.10% 9.21% 10.91% Past performance does not guarantee future results. Source: SEI. Net asset value (NAV) shown is net of fees as of April 30, 2026. * Fund inception date is November 18, 2020. Distribution History — Annual distributions (institutional class) 1 Year Record Date Ex-Date Payable Date Distribution per share ($) 2021 December 2, 2021 Decemb Privacy Policy Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu Wilshire Privacy Policy Wilshire Privacy Policy Wilshire Advisors LLC (“Wilshire,”) and its affiliates have adopted the following policy describing how third party and consumer information is gathered by Wilshire and may be treated (Wilshire’s “Privacy Policy”). Wilshire is a global company and conducts business around the world, including within regions with unique rules that apply to the collection, processing, and retention of personal information (as defined below) from individuals within those areas. Appendices A, B and C include information regarding additional rights, policies and procedures applicable to global data privacy laws, including General Data Protection Regulation (“GDPR”, together with other EEA data privacy laws “EEA Laws”), the California Consumer Privacy Act of 2018 and the Cayman Islands Data Protection Act (as revised), respectively. Wilshire also complies with applicable federal regulations, including SEC Regulation S-P, which imposes certain safeguards and notification requirements with respect to customer information. Regulation S-P imposes requirements for the safeguarding and proper handling of nonpublic personal information (“customer information”) collected or processed by Wilshire in connection with its U.S.-regulated financial services activities, regardless of the client’s residence or citizenship. This includes, but is not limited to, Wilshire’s activities as an SEC-registered investment adviser. Key elements include: • Safeguards: Wilshire maintains administrative, technical, and physical safeguards to protect customer information from unauthorized access or use. • Incident Response and Notification: If Wilshire becomes aware of unauthorized access to or use of customer information, Wilshire will notify affected individuals as required by Regulation S-P, as soon as practicable and no later than 30 days after discovery, unless delayed by written request of the U.S. Attorney General based on national security or public safety grounds. • Service Provider Oversight: Third-party service providers with access to customer information are required to maintain appropriate security measures and promptly report incidents to Wilshire. Privacy Policy Wilshire considers privacy to be a fundamental aspect of our relationships. We are committed to maintaining the confidentiality, integrity, and security of private, personal and confidential information in our possession. In the course of providing our products and services, we may collect, retain, and use private, personal and confidential information for the purpose of administering our operations, and complying with legal and regulatory requirements. The kinds of information we may collect will depend on the nature of the relationship in which we are engaged and may include Personal Information (as defined below) for all applicable global privacy laws. This information may include contact details such as address, email address and telephone number and, where required for contractual, legal or regulatory obligations, additional information (including, but not limited to, date of birth, bank account details and tax identification documents or numbers). The term “Personal information” as used in this Privacy Policy, and for purposes of all global privacy laws, means any information that identifies, relates to, describes, is reasonably capable of being associated, or could reasonably be linked, directly or indirectly to an identified or identifiable natural person (“Data Subject” or “ Consumer”); an identifiable natural person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as a name, an identification number, location data, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person. In most cases, we collect information directly from the person or entity with whom we have the relationship (e.g. through account applications, investment policy statements, website usage, customer surveys, and electronic or verbal correspondence); but may also obtain information from other sources (e.g. transactions; brokers, consultants or financial advisory firms; or public registers for background searches). Wilshire, generally, does not disclose private, personal and confidential information with outside organizations except for third party processors and service providers that are essential in administering our operations, or as otherwise required or permitted by law. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports and account statements. These companies may be provided access to private, personal and confidential information solely to provide the specific service or as otherwise required or permitted by law. We may also provide confidential information to brokerage, financial advisory, or other third party financial intermediaries. Wilshire reserves the right to disclose private, personal and confidential information where we believe in good faith that disclosure is required either under law or to cooperate with regulators or law enforcement authorities. In addition, we may disclose Personal Information to a non-affiliated third party upon the owner’s written request. Wilshire takes seriously the obligation to safeguard private, personal and confidential information (including Personal Information). We maintain appropriate safeguards which includes the use of security procedures to prevent revealing such information. Any questions regarding Wilshire’s Privacy Policy should be referred to the Chief Compliance Officer. As required by regulations, Wilshire will provide to its clients annually a statement regarding their rights to privacy. About Wilshire Wilshire Advisors LLC (“Wilshire”), a leading global independent investment consulting and services firm, provides consulting services, analytics solutions and customized investment products to plan sponsors, investment managers and financial intermediaries. Based in Santa Monica, California, Wilshire provides services to clients in more than 20 countries representing more than 500 organizations. With ten offices worldwide, Wilshire and its affiliates are dedicated to providing clients with the highest quality advice, products and services. For more information please visit www.wilshire.com. The information contained in this document is confidential or proprietary and is intended for the exclusive use of the person(s) to whom it is provided. It may not be modified or otherwise provided, in whole or in part, to any other person or entity without prior written permission from Wilshire. Wilshire reserves the right to update its Privacy Policy and the attached Privacy Statements and Notices at any time and, in such cases, will make an updated copy available to all relevant parties as required by relevant laws. Amended: December 2025 Appendix A Privacy Policy Supplement for Data Subjects Whose Personal Information May Be Collected in or from the European Economic Area In accordance with applicable EEA Laws, Wilshire has adopted the following additional policies and procedures for gathering and treating Personal Data, further information can be found in the Privacy Notice for Data Subjects Whose Personal Information May Be Collected in or from the European Economic Area. 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Systematic Cross Premia Index Victory US Large Cap 500 Index Nuveen Wilshire Ultra Long (20+) STRIPS Index Nuveen Wilshire Long (20-30) Corporate Bond Index Nuveen Wilshire Long (10-20) Corporate Bond Index Nuveen Wilshire Intermediate (5-10) Corporate Bond Index Veterans Select Index VETS Employers Index Adelante NEXTGen Property Securities Index Adelante CORE Property Securities Index Hypatia Women’s CEO Index Hypatia Women Hedge Fund Index ABR Dynamic Weight ABR Enhanced Short Volatility ABR Multi-Asset Portfolio (ABR MAP) ABR Crisis Alpha ABR Dynamic Blend Treasury and Equity ABR Dynamic Blend Equity and Volatility FT Wilshire Smart Contract Platforms Circulating Value Weighted Index FT Wilshire Decentralised Finance Circulating Value Weighted Index FT Wilshire Environmentally Focused Circulating Value Weighted Index FT Wilshire Near Protocol Settlement Price Index FT Wilshire Elrond Settlement Price Index FT Wilshire Tron Blended Average Price Index FT Wilshire Internet Computer Protocol Settlement Price Index FT Wilshire Kyber Network Settlement Price Index FT Wilshire Ren Blended Average Price Index FT Wilshire Fetch.AI Settlement Price Index FT Wilshire Mirror Protocol Settlement Price Index FT Wilshire Bancor Network Token Settlement Price Index FT Wilshire SKALE Network Blended Average Price Index FT Wilshire OMG Network Settlement Price Index FT Wilshire Livepeer Blended Average Price Index FT Wilshire Sushi Blended Average Price Index FT Wilshire Synthetix Blended Average Price Index FT Wilshire Chiliz Settlement Price Index FT Wilshire Decentralised Settlement Price Index FT Wilshire Gala Settlement Price Index FT Wilshire The Sandbox Blended Average Price Index FT Wilshire Axie Infinity Shards Blended Price Index FT Wilshire XRP Coin Blended Average Price Index FT Wilshire Hedera Hashgraph Settlement Price Index FT Wilshire Ethereum Name Services Settlement Price Index FT Wilshire UMA Blended Average Price Index FT Wilshire Ankr Network Settlement Price Index FT Wilshire Dash Settlement Price Index FT Wilshire FileCoin Blended Price Index FT Wilshire PAX Gold Blended Price Index FT Wilshire Balancer Blended Price Index FT Wilshire Perpetual Protocol Settlement Price Index FT Wilshire Compound Governance Token Settlement Price Index FT Wilshire Loopring Settlement Price Index FT Wilshire Maker Settlement Price Index FT Wilshire EOS Settlement Price Index FT Wilshire Aave Blended Average Price Index FT Wilshire 1Inch Settlement Price Index FT Wilshire Spell Token Blended Average Price Index FT Wilshire Amp Settlement Price Index FT Wilshire Curve DAO Settlement Price Index FT Wilshire Fantom Settlement Price Index FT Wilshire Algorand Settlement Price Index FT Wilshire Cosmos Settlement Price Index FT Wilshire St Our History | Wilshire Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu Our history The key milestones in our growth journey 1972 American aerospace engineer and entrepreneur Dennis Tito founds the firm in Santa Monica, California with three employees. On April 28, 2001, Dennis became the world’s first space tourist as part of a visiting mission to the International Space Station. 1974 Launch of Wilshire 5000 Total Market Index (now the FT Wilshire 5000 Index), named for the number of issues included at the time (approximately 4,700). By the height of the dot-com boom in the late 1990s, the index included more than 7,500 stocks. 1976 Launch of Wilshire Trust Universe Comparison Service, the world’s largest peer-universe service for U.S. institutional invested plan asset performance, representing more than $4 trillion in assets under management today. 1981 Institutional advisory practice established to help the fund sponsor community address challenges at every stage of the investment decision-making process. Today, Wilshire advises on more than $1.3 trillion in assets. 1996 Private equity fund-of-funds and specialty advisory practice established to meet growing demand for exposure to alternative investments. 2005 Intermediary advisory practice established to help intermediaries create customized investment solutions they can offer to retail investors. Today, Wilshire advises on over $370 billion in assets for more than 60 leading financial intermediaries. 2014 Launch of the Wilshire Liquid Alternative Index, a broad market measure for the performance of diversified liquid alternative investment strategies in mutual fund structures. 2021 Wilshire acquired by private equity firms CC Capital Partners and Motive Partners. Mark Makepeace, founder and former CEO of FTSE Russell, replaces Dennis Tito as Wilshire CEO. 2021 Launch of FT Wilshire 5000 Index Series in association with The Financial Times. The indexes provide U.S. and global investors with complete, dynamic representation of the U.S. investible market. 1970s Wilshire focuses on intersection in technology and finance, helping investors better measure and manage risk 1972 Firm founded in Santa Monica, California; an early innovator of equity risk models 1974 Wilshire 5000 Total Stock Market Index SM created 1978 Wilshire Trust Universe Comparison Service® (Wilshire TUCS ® ) created 1980s Established leading investment consulting practice to help the fund sponsor community address challenges at every stage of the investment decision-making process 1980 Began asset allocation modeling for pension plans 1981 Pension consulting practice started 1990s Established asset management and private markets practices to meet clients' growing need and demand for alternative investments 1996 Private equity fund of funds platform launched 1997 Wilshire Mutual Funds, Inc. established 2000s Wilshire continues to expand alternatives offering and extends into advisor-sold space, translating institutional expertise into solutions designed for individual investors 2005 Hedge fund managed account platform launched 2008 Launched model portfolios for broker-dealers and recordkeepers 2010s Continued growth of Wilshire products and assets under management, notably, expansion in alternatives solutions 2014 Liquid alternatives index suite launched 2019 Suite of multi-asset risk parity indexes launched 2020s New ownership and focus on global investment solutions positions Wilshire for the next stage of innovation and growth 2021 Wilshire acquired by private equity firms CC Capital Partners and Motive Partners 2021 Financial Times and Wilshire announced collaboration to create indices 2023 Launched Wilshire Indexes, a new operating entity holding the global index platform 2023 Wilshire acquisition of Lyxor U.S. 2023 Wilshire surpassed $100 billion in assets under management 2024 Clearwater Analytics acquires risk and performance analytics solutions from Wilshire, creating the Clearwater Wilshire Analytics platform 2024 Wilshire joins forces with XTP to enhance cost transparency for global asset owners 2025 Wilshire ​acquires ParkLexington ​Advisors​ Today Wilshire offers a broad and deep array of multi-asset solutions built on competitive analytics and innovation We’re here to help Wilshire has been applying highly tested theories and approaches to our client solutions since 1981. 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Confirm my preferences and close Commentary | Market Commentary | Wilshire IMPORTANT NOTICE: FOR INSTITUTIONAL INVESTORS ONLY The materials and information contained on this section of our website are intended solely for Institutional Investors, Qualified Purchasers and Accredited Investors (as defined under applicable U.S. securities laws) and Professional Clients and Eligible Counterparties (as defined under MiFID II and the UK FCA rules). The content is not directed to, and may not be used or relied upon by, retail investors in any jurisdiction. 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Digital asset Currency Commodities Fixed Income Equities Multi-asset Reset all Featured Commentary May 13, 2026 Wilshire Quarterly Alternatives Commentary First Quarter 2026 May 11, 2026 Wilshire Weekly Market Report May 7, 2026 Total Portfolio Approach and Strategic Asset Allocation Governance, trade-offs and considerations May 7, 2026 Wilshire Investment Strategy Update For a comprehensive overview of our 2026 outlook and investment strategy, including insights on the current economic environment, interest rate implications, and our asset class strategy views, please read our Second Quarter Investment Strategy Update. Latest Commentary May 13, 2026 Wilshire Quarterly Alternatives Commentary First Quarter 2026 Quarterly Commentary May 11, 2026 Wilshire Weekly Market Report Weekly Commentary May 7, 2026 Total Portfolio Approach and Strategic Asset Allocation Governance, trade-offs and considerations Investment Research May 7, 2026 Wilshire Investment Strategy Update For a comprehensive overview of our 2026 outlook and investment strategy, including insights on the current economic environment, interest rate implications, and our asset class strategy views, please read our Second Quarter Investment Strategy Update. Quarterly Commentary April 15, 2026 2025 Active Management Review Investment Research April 2, 2026 Wilshire Market Commentary — First Quarter 2026 Quarterly Commentary March 30, 2026 How Nonprofits Are Rebuilding Portfolios for Volatility, Liquidity, and Reality Nonprofits are repositioning portfolios to balance real‑return goals with growing liquidity and spending demands. Investment Research March 18, 2026 Wilshire’s Economic Cycle Indicator — Summary Measure of a Multitude of Economic Data No one economic indicator can, by itself, offer even a partial view of the broad economy. Investment Research February 10, 2026 Wilshire Quarterly Alternatives Commentary - Fourth Quarter 2025 Quarterly Commentary January 29, 2026 Asset Allocation Return & Risk Assumptions Investment Research January 22, 2026 The New Era of Private Credit Yield, Risk and What Investors Need to Know in Today’s Market Investment Research January 9, 2026 Wilshire Alternatives 2026 Outlook Navigating 2026: The Megatrends Shaping Tomorrow Investment Research January 8, 2026 Risk Budgeting, Part III: A Guide to Active Risk Budgeting We outline five actionable steps and best practices to make risk budgeting a cornerstone of resilient portfolio management. Investment Research January 6, 2026 Wilshire Alternatives 2026 Outlook Navigating 2026: The Megatrends Shaping Tomorrow Investment Research January 5, 2026 Wilshire Quarterly Market Commentary — Fourth Quarter 2025 Quarterly Commentary December 1, 2025 Monthly Market Commentary November 2025 Monthly Commentary November 25, 2025 Managed Accounts: The Strategic Evolution of Alternative Investing for Institutional Allocators Institutional investors are increasingly turning to managed accounts for greater control and tactical agility of their hedge fund exposure. Investment Research November 25, 2025 Wilshire Quarterly Alternatives Commentary - Third Quarter 2025 Investment Research October 22, 2025 Managing Risk, in Uncertain Times: The Energy Transition For investors, the transition to a low carbon economy represents a structural change that will affect portfolios. While the path and speed of the transition remain unknown, Wilshire seeks to provide clients with insight into how their portfolios may be impacted. Investment Research October 9, 2025 Identifying Your Star Striker Why private equity? Why now? How to do it? Investment Research Load more Sorry, no results found. We were not able to find a match. Please try again with different keywords. Thank you! Your submission has been received! Oops! Something went wrong while submitting the form. Alternative Digital Asset Inflation Crypto-asset Currency Commodities Fixed Income Equities Multi-asset We’re here to help Wilshire has been applying highly tested theories and approaches to our client solutions since 1981. Our clients rely on us to improve investment outcomes for a better future. Contact us Access the latest insights from Wilshire Thank you! Your submission has been received! Oops! Something went wrong while submitting the form. Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Research and insights ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers Contact Legal Online Privacy Policy GDPR CCPA Privacy Policy EUSFDR IOSCO [email protected] +1 310 451 3051 ADV Forms | COPYRIGHT 2026 BY WILSHIRE ADVISORS, LLC By clicking “Accept All Cookies” , you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy for more information. Preferences Deny Accept Privacy Preference Center When you visit websites, they may store or retrieve data in your browser. This storage is often necessary for the basic functionality of the website. 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Privacy is important to us, so you have the option of disabling certain types of storage that may not be necessary U.S. Corporate Pension Plans Funding Status – April 2026 | Wilshire Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu 5/6/2026 U.S. Corporate Pension Plans Funding Status – April 2026 Wilshire estimates 4.0 percentage point increase in aggregate funded ratio for U.S. corporate pension plans in April. ‍ Santa Monica, Calif., May 6, 2026 — The aggregate funded ratio for U.S. corporate pension plans is estimated to have increased by 4.0% points in April, ending the month at 108.0%, according to Wilshire, a diversified global financial services firm. Wilshire assists in providing a suite of OCIO and advisory services to some of the nation’s largest retirement plans which help fund the retirement of millions of Americans. This month's improvement in the funded ratio is primarily attributed to a 3.6 percentage point increase in asset value, further supported by a modest 0.3 percentage point reduction in liability value. The aggregate funded ratio is estimated to have increased by 3.7% and 10.4% year-to-date and over the trailing twelve months, respectively. "April’s funded status surged during the month, driven by the Wilshire 5000 Index posting its best monthly return since November 2020. Most asset classes delivered positive returns, supported by a strong reacceleration in corporate earnings and continued momentum in the AI sector and related areas," commented Ned McGuire, Managing Director at Wilshire." Corporate bond yields, which are used to value pension liabilities, remained largely unchanged, as the increase in Treasury yields was mostly offset by a decline in corporate spreads. This month’s increase in the funded ratio more than offset last month’s decline and restored the upward trend in funded status seen over the past year. U.S. corporate pension plans are now at their highest funding levels in decades." A 12-month review of the funded ratio follows: * Wilshire collects updated pension data from corporations' 10-K filings as of December 31 each year. The Funded Ratio, changes in funded ratios over various periods, and the monthly changes in assets and liabilities will reflect the updated data as of 12/31/2025, when it will be published. The aggregate figures represent an estimate of the combined assets and liabilities of corporate pension plans sponsored by S&P 500 companies with a duration in line with the FTSE Pension Liability Index – Short. The funded ratio is based on the FTSE – Short Liability, with service cost, benefit payments and contributions in line with Wilshire’s 2025 corporate funding study. The most current month-end liability growth is estimated using a FTSE Pension Liability Index – Short duration matched weighting of the Barclays Long and Intermediate Aa+ U.S. Corporate Indices. The Data Wilshire’s practice is to collect data on U.S. pensions from 10-K filings for companies in the S&P 500 Index at fiscal year-end (FYE). All data for fiscal year 2024 is based on the 249 S&P 500 Index constituents that maintain defined benefit pension plans as of year-end 2024. The estimated monthly funded ratios are based on liabilities, service cost, benefit payments and contributions in line with Wilshire’s 2025 corporate funding study. The Assumed Asset Allocation About Wilshire Wilshire is a leading global financial services firm and trusted partner to a diverse range of approximately 300 leading institutional investors and financial intermediaries. Our clients rely on us to improve investment outcomes for a better future. Wilshire advises on over $1.6 trillion in assets and manages $176 billion in assets as of December 31, 2025. Wilshire is headquartered in the United States with offices worldwide. More information on Wilshire can be found at www.wilshire.com . 1 Includes institutional investors, financial intermediaries, and Wilshire-sponsored vehicles. Does not include individual retirement plans and retail investors via financial intermediary platforms. 2 Assets under advisement refers to the total amount of assets (inclusive of assets under management) attributable to all of Wilshire’s advisory relationships, including various consulting and advisory relationships for which Wilshire provides investment advisory services without engaging, on either a discretionary or non-discretionary basis, in the direct management of a client’s portfolio. Assets under management refers to the amount of assets attributable to securities portfolios for which Wilshire provides discretionary and non-discretionary asset management services and is calculated differently than “regulatory assets under management.” ‍ Important Information Wilshire is a global financial services firm providing diverse services to various types of investors and intermediaries. Wilshire’s products, services, investment approach and advice may differ between clients and all of Wilshire’s products and services may not be available to all clients. For more information regarding Wilshire’s services, please see Wilshire’s ADV Part 2 available at www.wilshire.com/ADV . This material is intended for informational purposes only and should not be construed as legal, accounting, tax, investment, or other professional advice. This material contains proprietary information of Wilshire. It may not be disclosed, reproduced, or otherwise distributed, in whole or in part, to any other person or entity without prior written permission from Wilshire. This material represents the current opinion of Wilshire and is subject to change without notice. Wilshire assumes no duty to update any such opinions. Wilshire believes that the information obtained from third party sources contained herein is reliable, but has not undertaken to verify such information. Wilshire gives no representations or warranties as to the accuracy of such information, and accepts no responsibility or liability (including for indirect, consequential or incidental damages) for any error,omission or inaccuracy in such information and for results obtained from its use. Unless otherwise noted, data and figures related to historical and current macroeconomic trends as well as company-specific developments are sourced from Bloomberg and Barclays. Wilshire Advisors LLC (Wilshire) is an investment advisor registered with the SEC. Wilshire® is a registered service mark. All other trade names, trademarks, and/or service marks are the property of their respective holders. M930810 E0626 Download PDF Other press releases U.S. State Pension Plans Funding Status – First Quarter 2026 May 12, 2026 Wilshire estimates a 1.9 percentage point decrease in the aggregate funded ratio for U.S. state pension plans in the first quarter of 2026. U.S. Corporate Pension Plans Funding Status – April 2026 May 6, 2026 Wilshire estimates 4.0 percentage point increase in aggregate funded ratio for U.S. corporate pension plans in April. U.S. Corporate Pension Plans Funding Status – March 2026 April 6, 2026 Wilshire estimates 1.5 percentage point decrease in aggregate funded ratio for U.S. corporate pension plans in March and 0.3 percentage point decrease in the First Quarter. We’re here to help Wilshire has been applying highly tested theories and approaches to our client solutions since 1981. Our clients rely on us to improve investment outcomes for a better future. Contact us Access the latest insights from Wilshire Thank you! Your submission has been received! Oops! Something went wrong while submitting the form. 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Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu Videos Access our thought leadership at a time most convenient to you Thank you! Your submission has been received! Oops! Something went wrong while submitting the form. Monday Market Flash Market Update Thematic Reset all Featured May 11, 2026 Monday Market Flash - May 11, 2026 The Wilshire Monday Market Flash is a series of weekly market updates brought to you by Wilshire's investment team. 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Confirm my preferences and close Indexes | Wilshire Indexes | Wilshire Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu Temporarily Down for Maintenance Sorry, we are down for maintenance but will be back in no time. If you have any questions, feel free to contact us. Close Indexes Comprehensive. Representative. Investible. We have been providing investors with the most comprehensive view of the U.S. markets since we introduced the Wilshire 5000 Index in 1974 — the oldest broad-based index covering the entire U.S. investible market. Since then, we have developed a wide range of indexes to help investment professionals accurately measure and better understand the US market across asset classes and strategy styles. Indexes Untitled Document For information relating to index methodology updates, please click here . Wilshire 5000 Index Series The methodology aims to provide an adaptive cumulative market capitalization approach based on a percentage allocation to allow for accurate targeting of intended investment exposure. Wilshire 5000 Index Wilshire 4500 Completion Index Wilshire Large Cap Index Wilshire Mid Cap Index Wilshire Small Cap Index Wilshire Micro Cap Index Methodology Factsheet Methodology Factsheet Methodology Factsheet Methodology Factsheet Methodology Factsheet Methodology Factsheet --> Wilshire Style Index Series Our style indexes are constructed to help you identify the Value and Growth characteristics of the large- and small-cap segments of the market. A proportion of a stock’s market capitalization is assigned to each of the Value and Growth indexes so that their sum reconciles to the whole market. Wilshire Large Cap Growth Index Wilshire Large Cap Value Index Wilshire Mid Cap Growth Index Wilshire Mid Cap Value Index Wilshire Small Cap Growth Index Wilshire Small Cap Value Index Methodology Factsheet Methodology Factsheet Methodology Factsheet Methodology Factsheet Methodology Factsheet Methodology Factsheet --> Wilshire Minimum Variance Index Series Our next generation minimum variance index reduces both factor risk and implementation costs by limiting low volatility and size exposures while maintaining sufficient levels of diversification. The outcome of the construction allows for better index level risk reduction. Wilshire Developed Large Minimum Variance Wilshire Global Large Minimum Variance Methodology Factsheet Methodology Factsheet --> Wilshire Real Estate Index Series Our real estate indexes help investors measure and better understand the performance of the real estate market. Introduced in 1991, they comprise publicly traded real estate equity securities and help provide a more accurate reflection of the performance of real estate held by pension funds. Wilshire US Real Estate Securities (RESI) Index Wilshire US Real Estate Investment Trust (REIT) Index Wilshire Ex US Real Estate Securities Index (RESI) Wilshire Ex US Real Estate Investment Trust Index (REIT) Wilshire Global Real Estate Securities Index (RESI) Wilshire Global Real Estate Investment Trust Index (REIT) Methodology Factsheet Methodology Factsheet Methodology Factsheet Methodology Factsheet Methodology Factsheet Methodology Factsheet --> Wilshire Liquid Alternatives Index Series The Wilshire Liquid Alternative indexes help investors more accurately benchmark liquid alternatives. Launched in 2014, they provide a more relevant, broad market measure for the performance of diversified liquid alternative investment strategies implemented in mutual fund structures. Wilshire Liquid Alternative Index Wilshire Liquid Alternative Equity Hedge Index Wilshire Liquid Alternative Event Driven Index Wilshire Liquid Alternative Global Macro Index Wilshire Liquid Alternative Multi-Strategy Index Wilshire Liquid Alternative Relative Value Index Methodology Factsheet Methodology Factsheet Methodology Factsheet Methodology Factsheet Methodology Factsheet Methodology Factsheet --> We’re here to help Wilshire has been applying highly tested theories and approaches to our client solutions since 1981. Our clients rely on us to improve investment outcomes for a better future. Contact us Access the latest insights from Wilshire Thank you! Your submission has been received! Oops! Something went wrong while submitting the form. Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Research and insights ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers Contact Legal Online Privacy Policy GDPR CCPA Privacy Policy EUSFDR IOSCO [email protected] +1 310 451 3051 ADV Forms | COPYRIGHT 2026 BY WILSHIRE ADVISORS, LLC By clicking “Accept All Cookies” , you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy for more information. Preferences Deny Accept Privacy Preference Center When you visit websites, they may store or retrieve data in your browser. This storage is often necessary for the basic functionality of the website. 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Confirm my preferences and close ESG | Wilshire Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu IMPORTANT NOTICE: FOR INSTITUTIONAL INVESTORS ONLY The materials and information contained on this section of our website are intended solely for Institutional Investors, Qualified Purchasers and Accredited Investors (as defined under applicable U.S. securities laws) and Professional Clients and Eligible Counterparties (as defined under MiFID II and the UK FCA rules). The content is not directed to, and may not be used or relied upon by, retail investors in any jurisdiction. By clicking, “I Agree” below, you confirm that: You are an "Institutional Investor" within the meaning of U.S. securities laws (including, but not limited to: a bank, savings and loan association, insurance company, registered investment company, business development company, employee benefit plan, state or municipal government entity, or investment adviser) or a “Professional Client” or “Eligible Counterparty” within the meaning of MiFID II and the UK FCA rules; You will not distribute or make the contents available to any person that does not meet the above eligibility requirements; You understand that some of the materials may include hypothetical, targeted or forecasted performance information which are subject to significant risks, assumptions and limitations. Such information is provided for illustrative purposes only and should not be relied upon as a guarantee of future results; and You acknowledge that you are responsible for independently assessing the information and that it does not constitute investment advice or an offer to sell, or a solicitation of an offer to buy, any securities. If you are not an eligible investor or do not agree to the above, please select “I Do Not Agree” and you will automatically exit this page. I agree. I do not agree. ESG Investing for a better future Since our inception, we have focused on managing risks and opportunities to help our clients achieve their desired investment outcomes. We know that every relationship and portfolio is unique, and incorporating the right environmental, social and governance (ESG) strategy into your investment practice is no different. Wilshire's ESG Policy Read about Wilshire's ESG views, core beliefs and commitments. Learn more From Climate Taker to Climate Maker Our educational-video series provides insights from well-respected Climate Makers from the US, EU and China who speak to the institutional investors' perspective. Aligning faith-based values to investment portfolios In this video, another in our educational ESG series, find out how Wilshire helped one global faith-based investor align its investment portfolio to its mission. Watch video Aligning faith-based values to investment portfolios In this video, another in our educational ESG series, find out how Wilshire helped one global faith-based investor align its investment portfolio to its mission. Watch video Proposed Dept. of Labor Rule Change on ESG Investing: What Does It Mean for Fiduciaries? In this video, another in our educational ESG series, learn more from an ERISA/employee benefits expert about the U.S. Department of Labor's proposed rule change that eases the way for fiduciaries to consider ESG factors when investing for defined contribution plans. Watch video Creating long-term value by environmental stewardship CalPERS shares how to collaborate through Climate Action 100+ Watch video Financing the green industrial revolution Hiro Mizuno discusses the power of index selection and portfolio sustainability Watch video Aligning investment strategy to national climate goals Pacific Island Nations design climate-informed investment policies and invest in climate transition Watch video Climate-aware investing in China Learn how the CICC evaluates climate risks, overcoming insufficient corporate disclosures Watch video Do Markets Fully Appreciate Climate Risks? Watch this first video to learn about the risks of being the last of the “Climate Takers”. Watch video From Climate Taker to Climate Maker We explain how to take just four steps towards becoming a “Climate Maker”. Watch video Learn more As a signatory to the UN-supported Principles for Responsible Investment (PRI) and co-founder of the Investment Consultants Sustainability Working Group–US (ICSWG-US), we are dedicated to helping you navigate a quickly evolving landscape to achieve your ESG objectives – by providing a range of solutions and tools including discretionary and advisory services, turnkey and tailored investment options and our research and analytics. Whether through our Diverse-Owned Manager Initiative designed to improve access to capital and assets invested, or environmental research that aims to align passive investing with Paris climate goals, we help investors worldwide make better informed decisions when considering an ESG approach that aligns to their investment objectives and values. Advisory Educational seminars Peer benchmarking Policy design Stewardship best practices Manager selection Carbon analytics and scenarios Impact themes and UN Sustainable Development Goals (SDG) Screening and exclusions Research Thought leadership Manager due diligence ESG/impact strategy: recommended ‘buy’ list ESG attribution analysis Investment Customizable structuring solutions with range of approaches: Exclusions Tilts Optimization Integration Impact Our ESG commitment 2021 Co-founded 14-member US investment consultant consortium , representing $33tn in assets under advisement, to advance sustainable investing. 2021 Supported women-owned Hypatia Capital’s creation of the Hypatia Women Hedge Fund Index to measure performance of women-managed hedge funds 2021 Launched ESG model portfolio 2020 Launched portfolio analytics to help clients see ESG contributions to risk and performance 2020 Received William and Flora Hewlett Foundation 2021 Climate Initiative grant to align passive asset management with Paris climate goals 2019 Established Wilshire ESG policy and firm-wide ESG & Diversity Committee 2018 Launched Diverse-Owned Manager Initiative baseline study and industry poll 2016 Became a signatory to the UN-supported Principles for Responsible Investment (PRI) See our policies related to the EU’s Sustainable Finance Disclosure Regulation (SFDR) We’re here to help Wilshire has been applying highly tested theories and approaches to our client solutions since 1981. 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Confirm my preferences and close Investment Advisory | Wilshire Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu Investing for a better future A trusted partner to institutional investors, financial advisors and intermediaries Our solutions Clarity from complexity Innovative investment solutions backed by time-tested qualitative and quantitative insights More Improving investment outcomes Protect the future you plan for More institutional investors FINANCIAL ADVISORS & INTERMEDIARIES ALTERNATIVE ASSETS Optimize investment portfolios, better understand risks and maximize value with superior market knowledge. We offer solutions for central banks, pension funds, insurance companies, foundations, endowments and family offices. Our bespoke advisory and outsourced CIO solutions and financial products are tailored to your goals. More Uncover new strategies and opportunities, access quality portfolio models and harness tools and resources that enable more meaningful conversations with your clients and deliver improved investment outcomes. Grow portfolios through new strategies such as alternatives and ESG. More Alternative investments can be an effective way to diversify portfolios and enhance long-term returns. Bolstered by Wilshire’s extensive global research, database of managers and time-tested quantitative tools, our advisory and discretionary services cover a range of underlying asset classes and can be tailored to your specific needs and objectives. More tab link We deliver innovative investment solutions, advanced financial analytics and market-leading indexes backed by time-tested quantitative and qualitative insights. We build enduring relationships with clients through trust and a shared purpose to improve investment outcomes for a better future. US$ 1.6 tn Assets under advisement (AUA) (includes AUM) US $ 176 bn Assets under management (AUM) Company highlights PRESS RELEASE U.S. State Pension Plans Funding Status – First Quarter 2026 Wilshire estimates a 1.9 percentage point decrease in the aggregate funded ratio for U.S. state pension plans in the first quarter of 2026. Read more PRESS RELEASE U.S. State Pension Plans Funding Status – First Quarter 2026 Wilshire estimates a 1.9 percentage point decrease in the aggregate funded ratio for U.S. state pension plans in the first quarter of 2026. Read more PRESS RELEASE U.S. Corporate Pension Plans Funding Status – April 2026 Wilshire estimates 4.0 percentage point increase in aggregate funded ratio for U.S. corporate pension plans in April. Read more PRESS RELEASE U.S. Corporate Pension Plans Funding Status – March 2026 Wilshire estimates 1.5 percentage point decrease in aggregate funded ratio for U.S. corporate pension plans in March and 0.3 percentage point decrease in the First Quarter. Read more Research & insights Keep on top of market, industry and economic trends with research and trending views from our experts. No items found. By clicking “Accept All Cookies” , you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy for more information. Preferences Deny Accept Privacy Preference Center When you visit websites, they may store or retrieve data in your browser. 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Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Research and insights ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers Contact Legal Online Privacy Policy GDPR CCPA Privacy Policy EUSFDR IOSCO [email protected] +1 310 451 3051 ADV Forms | COPYRIGHT 2026 BY WILSHIRE ADVISORS, LLC IMPORTANT NOTICE: FOR INSTITUTIONAL INVESTORS ONLY The materials and information contained on this section of our website are intended solely for Institutional Investors, Qualified Purchasers and Accredited Investors (as defined under applicable U.S. securities laws) and Professional Clients and Eligible Counterparties (as defined under MiFID II and the UK FCA rules). The content is not directed to, and may not be used or relied upon by, retail investors in any jurisdiction. 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Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Research and insights ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers Contact Legal Online Privacy Policy GDPR CCPA Privacy Policy EUSFDR IOSCO [email protected] +1 310 451 3051 ADV Forms | COPYRIGHT 2026 BY WILSHIRE ADVISORS, LLC By clicking “Accept All Cookies” , you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy for more information. Preferences Deny Accept Privacy Preference Center When you visit websites, they may store or retrieve data in your browser. This storage is often necessary for the basic functionality of the website. 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Personalization Essential These items allow the website to remember choices you make (such as your user name, language, or the region you are in) and provide enhanced, more personal features. For example, a website may provide you with local weather reports or traffic news by storing data about your current location. Analytics Essential These items help the website operator understand how its website performs, how visitors interact with the site, and whether there may be technical issues. This storage type usually doesn’t collect information that identifies a visitor. Confirm my preferences and close Investment Advisory | Wilshire Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu Investing for a better future A trusted partner to institutional investors, financial advisors and intermediaries Our solutions Clarity from complexity Innovative investment solutions backed by time-tested qualitative and quantitative insights More Improving investment outcomes Protect the future you plan for More institutional investors FINANCIAL ADVISORS & INTERMEDIARIES ALTERNATIVE ASSETS Optimize investment portfolios, better understand risks and maximize value with superior market knowledge. We offer solutions for central banks, pension funds, insurance companies, foundations, endowments and family offices. Our bespoke advisory and outsourced CIO solutions and financial products are tailored to your goals. More Uncover new strategies and opportunities, access quality portfolio models and harness tools and resources that enable more meaningful conversations with your clients and deliver improved investment outcomes. Grow portfolios through new strategies such as alternatives and ESG. More Alternative investments can be an effective way to diversify portfolios and enhance long-term returns. Bolstered by Wilshire’s extensive global research, database of managers and time-tested quantitative tools, our advisory and discretionary services cover a range of underlying asset classes and can be tailored to your specific needs and objectives. More tab link We deliver innovative investment solutions, advanced financial analytics and market-leading indexes backed by time-tested quantitative and qualitative insights. We build enduring relationships with clients through trust and a shared purpose to improve investment outcomes for a better future. US$ 1.6 tn Assets under advisement (AUA) (includes AUM) US $ 176 bn Assets under management (AUM) Company highlights PRESS RELEASE U.S. State Pension Plans Funding Status – First Quarter 2026 Wilshire estimates a 1.9 percentage point decrease in the aggregate funded ratio for U.S. state pension plans in the first quarter of 2026. Read more PRESS RELEASE U.S. State Pension Plans Funding Status – First Quarter 2026 Wilshire estimates a 1.9 percentage point decrease in the aggregate funded ratio for U.S. state pension plans in the first quarter of 2026. Read more PRESS RELEASE U.S. Corporate Pension Plans Funding Status – April 2026 Wilshire estimates 4.0 percentage point increase in aggregate funded ratio for U.S. corporate pension plans in April. Read more PRESS RELEASE U.S. Corporate Pension Plans Funding Status – March 2026 Wilshire estimates 1.5 percentage point decrease in aggregate funded ratio for U.S. corporate pension plans in March and 0.3 percentage point decrease in the First Quarter. Read more Research & insights Keep on top of market, industry and economic trends with research and trending views from our experts. No items found. By clicking “Accept All Cookies” , you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy for more information. Preferences Deny Accept Privacy Preference Center When you visit websites, they may store or retrieve data in your browser. This storage is often necessary for the basic functionality of the website. The storage may be used for marketing, analytics, and personalization of the site, such as storing your preferences. Privacy is important to us, so you have the option of disabling certain types of storage that may not be necessary for the basic functioning of the website. Blocking categories may impact your experience on the website. Reject all cookies Allow all cookies Manage Consent Preferences by Category Essential Always Active These items are required to enable basic website functionality. Marketing Essential These items are used to deliver advertising that is more relevant to you and your interests. They may also be used to limit the number of times you see an advertisement and measure the effectiveness of advertising campaigns. Advertising networks usually place them with the website operator’s permission. Personalization Essential These items allow the website to remember choices you make (such as your user name, language, or the region you are in) and provide enhanced, more personal features. For example, a website may provide you with local weather reports or traffic news by storing data about your current location. Analytics Essential These items help the website operator understand how its website performs, how visitors interact with the site, and whether there may be technical issues. This storage type usually doesn’t collect information that identifies a visitor. Confirm my preferences and close Access the latest insights from Wilshire Thank you! Your submission has been received! Oops! Something went wrong while submitting the form. Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Research and insights ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers Contact Legal Online Privacy Policy GDPR CCPA Privacy Policy EUSFDR IOSCO [email protected] +1 310 451 3051 ADV Forms | COPYRIGHT 2026 BY WILSHIRE ADVISORS, LLC IMPORTANT NOTICE: FOR INSTITUTIONAL INVESTORS ONLY The materials and information contained on this section of our website are intended solely for Institutional Investors, Qualified Purchasers and Accredited Investors (as defined under applicable U.S. securities laws) and Professional Clients and Eligible Counterparties (as defined under MiFID II and the UK FCA rules). The content is not directed to, and may not be used or relied upon by, retail investors in any jurisdiction. By clicking, “I Agree” below, you confirm that: You are an "Institutional Investor" within the meaning of U.S. securities laws (including, but not limited to: a bank, savings and loan association, insurance company, registered investment company, business development company, employee benefit plan, state or municipal government entity, or investment adviser) or a “Professional Client” or “Eligible Counterparty” within the meaning of MiFID II and the UK FCA rules; You will not distribute or make the contents available to any person that does not meet the above eligibility requirements; You understand that some of the materials may include hypothetical, targeted or forecasted performance information which are subject to significant risks, assumptions and limitations. Such information is provided for illustrative purposes only and should not be relied upon as a guarantee of future results; and You acknowledge that you are responsible for independently assessing the information and that it does not constitute investment advice or an offer to sell, or a solicitation of an offer to buy, any securities. If you are not an eligible investor or do not agree to the above, please select “I Do Not Agree” and you will automatically exit this page. I agree. I do not agree. U.S. Corporate Pension Plans Funding Status – March 2026 | Wilshire Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu 4/6/2026 U.S. Corporate Pension Plans Funding Status – March 2026 Wilshire estimates 1.5 percentage point decrease in aggregate funded ratio for U.S. corporate pension plans in March and 0.3 percentage point decrease in the First Quarter. ‍ Santa Monica, Calif., April 6, 2026 — The aggregate funded ratio for U.S. corporate pension plans is estimated to have decreased by 1.5% point in March, ending the month at 104.0%, according to Wilshire, a diversified global financial services firm. Wilshire assists in providing a suite of OCIO and advisory services to some of the nation’s largest retirement plans which help fund the retirement of millions of Americans. The change in funded ratio observed this month is primarily due to a 4.6 percentage point decrease in asset value partially offset by a 3.2 percentage point decrease in liability value. Although the aggregate funded ratio is estimated to have decreased by 0.3% in the first quarter, the aggregate funded ratio has increased by 6.7% over the trailing twelve months. "The Wilshire 5000 Index posted a second consecutive monthly decline in 2026, marking its worst month since March 2025. March’s pullback reflected investor risk aversion following military action in Iran, which drove oil prices up by more than 50%. Outside of commodities, most asset classes posted negative returns for the month, with international equities recording their largest monthly decline since March 2020, during the initial COVID shutdowns," commented Ned McGuire, Managing Director at Wilshire. "Funded status declined in March, although the drop was partially offset by lower liability values resulting from a bear flattening of the Treasury yield curve, with interest rates rising by the most since December 2024. Corporate bond yields, which are used to value pension liabilities, increased by more than 30 basis points during the month. Because asset values fell by more than liability values, the estimated funded ratio declined for the first time since March 2025," stated Mr. McGuire. A 12-month review of the funded ratio follows: * Wilshire collects updated pension data from corporations' 10-K filings as of December 31 each year. The Funded Ratio, changes in funded ratios over various periods, and the monthly changes in assets and liabilities will reflect the updated data as of 12/31/2025, when it will be published. The aggregate figures represent an estimate of the combined assets and liabilities of corporate pension plans sponsored by S&P 500 companies with a duration in line with the FTSE Pension Liability Index – Short. The funded ratio is based on the FTSE – Short Liability, with service cost, benefit payments and contributions in line with Wilshire’s 2025 corporate funding study. The most current month-end liability growth is estimated using a FTSE Pension Liability Index – Short duration matched weighting of the Barclays Long and Intermediate Aa+ U.S. Corporate Indices. The Data Wilshire’s practice is to collect data on U.S. pensions from 10-K filings for companies in the S&P 500 Index at fiscal year-end (FYE). All data for fiscal year 2024 is based on the 249 S&P 500 Index constituents that maintain defined benefit pension plans as of year-end 2024. The estimated monthly funded ratios are based on liabilities, service cost, benefit payments and contributions in line with Wilshire’s 2025 corporate funding study. The Assumed Asset Allocation About Wilshire Wilshire is a leading global financial services firm and trusted partner to a diverse range of approximately 300 leading institutional investors and financial intermediaries. 1 Our clients rely on us to improve investment outcomes for a better future. Wilshire advises on over $1.6 trillion in assets and manages $176 billion in assets as of December 31, 2025. 2 Wilshire is headquartered in the United States with offices worldwide. More information on Wilshire can be found at www.wilshire.com . 1 Includes institutional investors, financial intermediaries, and Wilshire-sponsored vehicles. Does not include individual retirement plans and retail investors via financial intermediary platforms. 2 Assets under advisement refers to the total amount of assets (inclusive of assets under management) attributable to all of Wilshire’s advisory relationships, including various consulting and advisory relationships for which Wilshire provides investment advisory services without engaging, on either a discretionary or non-discretionary basis, in the direct management of a client’s portfolio. Assets under management refers to the amount of assets attributable to securities portfolios for which Wilshire provides discretionary and non-discretionary asset management services and is calculated differently than “regulatory assets under management.” ‍ Important Information Wilshire is a global financial services firm providing diverse services to various types of investors and intermediaries. Wilshire’s products, services, investment approach and advice may differ between clients and all of Wilshire’s products and services may not be available to all clients. For more information regarding Wilshire’s services, please see Wilshire’s ADV Part 2 available at www.wilshire.com/ADV . This material is intended for informational purposes only and should not be construed as legal, accounting, tax, investment, or other professional advice. This material contains proprietary information of Wilshire. It may not be disclosed, reproduced, or otherwise distributed, in whole or in part, to any other person or entity without prior written permission from Wilshire. This material represents the current opinion of Wilshire and is subject to change without notice. Wilshire assumes no duty to update any such opinions. Wilshire believes that the information obtained from third party sources contained herein is reliable, but has not undertaken to verify such information. Wilshire gives no representations or warranties as to the accuracy of such information, and accepts no responsibility or liability (including for indirect, consequential or incidental damages) for any error,omission or inaccuracy in such information and for results obtained from its use. Unless otherwise noted, data and figures related to historical and current macroeconomic trends as well as company-specific developments are sourced from Bloomberg and Barclays. Wilshire Advisors LLC (Wilshire) is an investment advisor registered with the SEC. Wilshire® is a registered service mark. All other trade names, trademarks, and/or service marks are the property of their respective holders. Copyright © 2026 Wilshire. All rights reserved. M910554 E0526 ‍ Download PDF Other press releases U.S. State Pension Plans Funding Status – First Quarter 2026 May 12, 2026 Wilshire estimates a 1.9 percentage point decrease in the aggregate funded ratio for U.S. state pension plans in the first quarter of 2026. U.S. Corporate Pension Plans Funding Status – April 2026 May 6, 2026 Wilshire estimates 4.0 percentage point increase in aggregate funded ratio for U.S. corporate pension plans in April. U.S. Corporate Pension Plans Funding Status – March 2026 April 6, 2026 Wilshire estimates 1.5 percentage point decrease in aggregate funded ratio for U.S. corporate pension plans in March and 0.3 percentage point decrease in the First Quarter. We’re here to help Wilshire has been applying highly tested theories and Erisa Services | Wilshire Wilshire logo Login Compass Portal Wilshire TUCS Private Markets Contact us Our solutions Alternative assets Indexes Investment consulting Investment database Managed portfolios Mutual funds OCIO services Optimization solutions Retirement solutions Wilshire Private Assets Fund Insight ESG Videos Research & Commentary Product literature About us Our history Our people Newsroom Careers ParkLexington Login Compass Portal Wilshire TUCS Private Markets Search Contact us Menu IMPORTANT NOTICE: FOR INSTITUTIONAL INVESTORS ONLY The materials and information contained on this section of our website are intended solely for Institutional Investors, Qualified Purchasers and Accredited Investors (as defined under applicable U.S. securities laws) and Profession