Lawrence E. Davanzo, President of Wilshire Associates and Vice Chairman of the Board of Directors, currently oversees Wilshire Funds Management. He is also a member of Wilshire’s Executive Committee. Mr. Davanzo, who first joined Wilshire Associates in 1977 and founded Wilshire Consulting in 1980, rejoined the firm in October 2004 to further develop the Firm’s asset management activities.

Mr. Davanzo left Wilshire Associates in 1991 to form Asset Strategy Consulting, a leading independent investment consulting firm. In 2000, Asset Strategy merged to form InvestorForce, an internet technology platform serving institutional investors. Mr. Davanzo began his career at Endowment Management & Research, the investment arm of Yale University.

Mr. Davanzo earned both his B.B.A. and M.S. in Finance at the University of Wisconsin-Madison.

Jason Schwarz, managing director, is the head of the client service group for Wilshire Funds Management. He has twelve years of experience working with investment management, management consulting and financial services organizations. In addition to leading the client service group, Jason serves as the lead relationship manager for several of Wilshire's financial intermediary clients, assisting them with product development, marketing, investment and field sales support activities. Mr. Schwarz also is a member of Wilshire Funds Management's Investment Committee.

Mr. Schwarz joined the firm in 2005. He earned his AB in Government from Hamilton College and an MBA from the Marshall School of Business at the University of Southern California.

Helen E. Webb-Thompson is a managing director at Wilshire Funds Management and is involved in serving a number of the client service group's key client relationships. Ms. Thompson is a member of the Wilshire Funds Management Investment Committee. Ms. Thompson has played a key role in the operations, compliance and administration aspects of Wilshire's registered and unregistered product offerings including hedge funds and '40 Act funds.

Ms. Thompson has over 19 years total experience in the financial services industry. Ms. Thompson holds a B.A. from the University of Kent at Canterbury, UK and is an Associate of the Institute of Chartered Accountants in England and Wales. She has been at Wilshire since 2003.

JJ Wilczewski, Managing Director, Wilshire Associates, is responsible for Wilshire's Managed Alternative Platform bringing custom hedge fund solutions to institutional investors worldwide. He is also a member of the Wilshire Funds Management Investment Committee. In addition, Mr. Wilczewski oversees the Wilshire Funds Management business development efforts and is a speaker at industry events on topics ranging from asset allocation to best practices in hedge fund investing.

Prior to joining Wilshire in 2007, Mr. Wilczewski spent over a decade at Van Kampen Investments. With over 14 years of investment industry experience, he began his career at the Chicago Board of Trade.

Mr. Wilczewski received a BA in Risk Management from Illinois Wesleyan University.

Victor Zhang, a managing director with Wilshire Associates, joined the firm in January 2006 and has 14 years of industry experience in asset allocation, manager research, portfolio management, and wealth management. As Head of Investments for Wilshire Funds Management, Mr. Zhang leads the overall investment activities of the group, including manager search and portfolio management. Mr. Zhang also chairs the Wilshire Funds Management Investment Committee. Prior to joining Wilshire Associates, he served as Director of Investments and other senior investment positions with the leading multi-family office firm Harris myCFO Investment Advisory Services, a subsidiary of Bank of Montreal. Mr. Zhang advised on all investment issues, including asset allocation, manager research, portfolio construction, and risk management for large family offices in the country.

Previous to Harris myCFO, Mr. Zhang was a Senior Investment Consultant with the global services firm Ernst & Young, LLP. He earned his BA in Business Economics from the University of California, Los Angeles.

Bowen Campbell, a vice president with Wilshire Associates, is a member of Wilshire Funds Management’s relationship management team. Mr. Campbell brings more than 19 years of experience in the financial services industry with previous responsibilities in client servicing and financial product management.

Prior to joining the firm in 2006, Mr. Campbell worked in the investment product management group at AIG SunAmerica and in client services at Kemper Mutual Funds. He earned an MBA in Accounting from Loyola University in Chicago and a BBA degree in Finance from the University of Iowa.

Cleo Chang, a vice president with Wilshire Associates, is the head of the Investment Research Group of Wilshire Funds Management. Ms. Chang joined Wilshire Associates in 2005 and has more than nine years of experience in the asset management industry, in the areas of asset allocation, portfolio management, and risk management. Ms. Chang is responsible for making strategic asset allocation and tactical asset allocation recommendations, creating customized investment solutions and portfolio risk modeling. In addition, Ms. Chang is a member of the portfolio management team responsible for the ongoing active management of customized multi-disciplinary and multi-asset class portfolios. She is also a member of Wilshire Funds Management's Investment Committee. Her previous responsibilities included manager research, portfolio strategy, and product development.

Ms. Chang holds a MBA with a concentration in Finance from the Marshall School of Business and a MS in Mathematical Finance from the University of Southern California. She earned her BA in Economics from the University of California, Berkeley.

Gaurav Chopra is a member of the Operations Group of Wilshire Funds Management and is responsible for managing operations for Wilshire Mutual Funds Inc., Wilshire Variable Insurance Trust ("the Funds"), and other institutional clients. In addition to managing day to day operations, Gaurav is responsible for generating monthly and quarterly performance reports and overseeing the trading of Wilshire Funds Management's discretionary accounts. Gaurav is also actively involved in manager transitions and has recently been instrumental in helping the Chief Compliance Officer and the Treasurer with treasury and compliance related activities for the Funds.

Gaurav joined Wilshire Associates in 2008. He holds an MBA with a concentration in Finance from the University of Southern California - Marshall School of Business, a Bachelors degree in Business from California State University, Northridge, and is currently a Level II candidate for the Chartered Financial Analyst designation. He has more than eight years of experience in the financial services industry, working in roles involving research, analytics, asset management, project management and product development.

A Vice President with Wilshire Associates, Erik Einertson is a senior member of Wilshire Funds Management's client relationship management team. Erik brings more than 12 years of professional experience and over five years of investment management experience.

Prior to joining Wilshire in 2010, Mr. Einertson worked for First Quadrant, a firm specializing in tactical asset allocation and currency management. Before joining the industry, Erik worked in Washington, D.C. as a Legislative Director and Senior Policy Advisor for a Member of Congress focusing on Budget and Tax issues. Mr. Einertson earned an MBA from the University of Notre Dame.

Mr. Einertson is a Chartered Financial Analyst, a Chartered Alternative Investment Analyst, a member of the CFA Society of Los Angeles, the CFA Institute, and a member of the CAIA Association. In addition, he is the head of the CFA Society of Los Angeles's Alternative Investments Community of Interest.

Aysun Gelisen is a member of the Manager Research Group of Wilshire Funds Management since 2005. Prior to joining Wilshire Associates, she was a Portfolio Analyst at an independent financial advisor's office responsible for research, trading, financial planning and client proposals. She has seven years of investment experience and serves as a generalist equity analyst with a focus on U.S. Value Equities and Real Estate Investment Trusts.

Ms. Gelisen received a MS in Financial Engineering from Claremont Graduate University and is a Chartered Financial Analyst (CFA) and a member of the CFALA.

Jim Gentleman, a vice president of Wilshire Associates, is a member of Wilshire Funds Management’s Multi-Manager Products Group. With more than nine years experience in the financial industry, including management and sales, Mr. Gentleman is responsible for marketing and selling the Wilshire branded funds, manager research, and asset allocation services to the financial intermediary market.

Mr. Gentleman joined Wilshire in 2006 and earned his BS in Political Science from the University of Eastern Illinois, Charleston.

A vice president with Wilshire Associates, Trevor Jackson, Jr. is a senior member of Wilshire Funds Management’s client relationship management team. Mr. Jackson has more than 14 years of professional experience, ten of which have been in investment management and financial services. He has worked as an investment advisor to both high net worth and institutional clients as well as an equity analyst at a financial news start-up. He also spent a few years working in television as a senior research analyst and sales executive.

Mr. Jackson earned his BA from the University of California at Berkeley.

A vice president with Wilshire Associates, Alex Kaye is a Senior Portfolio Manager in Wilshire Funds Management's investment team, overseeing multi-disciplinary target risk, target date and multi-manager single asset class portfolios. Mr. Kaye has been with Wilshire Associates since January 2007 and has more than 16 years experience in the asset management industry, including involvement with portfolio management, manager research, client services, and institutional investment consulting. Mr. Kaye also has two years experience working abroad in London, England.
Prior to joining Wilshire, Mr. Kaye served in a similar capacity as a Senior Portfolio Manager of multi-disciplinary target risk and target date portfolios at Ibbotson Associates. Prior to joining Ibbotson Associates, Mr. Kaye was an Account Manager servicing large institutional clients at UBS Global Asset Management.

Mr. Kaye earned a BBA in Finance and minor in Economics from the University of Iowa and also has earned the Chartered Financial Analyst (CFA) designation.

Jeff Kriegisch joined Wilshire Associates in 2008 and is responsible for overseeing the Operations team within Wilshire Funds Management.
Mr. Kriegisch adds 11 years of financial services industry experience to Wilshire Funds Management's group. Prior to joining the firm, he was AVP of Advisory Services at National Planning Holdings, a leading independent broker-dealer. There, he focused on addressing the challenges and goals of investment advisors, broker-dealers, vendors and other financial services professionals, enhancing and expanding the Managed Account Platform.

He holds an MBA in Finance from Pepperdine University and earned a B.A. degree in Economics from University of California, Los Angeles.

Jonathan Miles is a member of Wilshire's Manager Research Group. Jonathan leads the group's single strategy hedge fund research and portfolio construction efforts. He has over twelve years of investment experience. Prior to joining Wilshire, Jonathan worked at Mercer conducting single strategy hedge fund manager due diligence and portfolio construction. Prior to Mercer, Jonathan worked at Ritchie Capital Management in two different roles: first helping build and manage the firm's convertible bond arbitrage capabilities, and then as a research analyst on the distressed debt desk.

Jonathan earned a B.S. from the University of Illinois Chicago, concentrated in Finance with graduate studies in time series analysis, and a M.B.A. in Finance from W.P. Carey School of Business at Arizona State University. He is a Chartered Financial Analyst, a Chartered Alternative Investment Analyst, and a member of the CFA Society of Los Angeles, the CFA Institute, and a member of the CAIA Association.

Mike Possley, a vice president with Wilshire Associates, is a member of Wilshire Funds Management business development team. In this role he is responsible for marketing the Funds Management asset allocation investment services, including manager research outsourcing and retirement advice services, to financial institutions.
Mr. Possley has over a decade of experience in the financial services industry, specifically with investment research and investment consulting firms. Prior to Wilshire, he spent his career at Ibbotson Associates and Morningstar, focusing on business development activities for asset allocation consulting services and investment analysis software for both the institutional and retail marketplace.

Mr. Possley has a BA from Indiana University, Bloomington, and has completed the Financial Decision Making program at the University of Chicago.

Matthew Radgowski, a Vice President with Wilshire Associates, is a member of Wilshire Funds Management’s team. He is responsible for the marketing of Wilshire Funds Management’s multi-disciplined investment services, mutual funds and alternative investment management platform and is a member of the Wilshire Funds Management Investment Committee.

Mr. Radgowski brings more than 13 years of experience in the financial services industry with previous responsibilities for financial product management, development, and sales. Mr. Radgowski joined the firm in 2006. He earned his BS in Accountancy from the University of Illinois.

James St. Aubin is a Senior Portfolio Manager in Wilshire Funds Management's portfolio management team overseeing multi-disciplinary target risk and target date portfolios. In addition to managing portfolios, Mr. St. Aubin is also involved with product development and investment research.
Mr. St. Aubin has 10 years of experience in the asset management industry, including involvement with asset allocation, manager research and client service. Prior to joining Wilshire Associates in 2008, Mr. St. Aubin was a Senior Consultant at Ibbotson Associates where he worked in a similar capacity, focusing on the development and management of asset allocation solutions for financial intermediary clients. Prior to Ibbotson Associates, Mr. St. Aubin served as an Investment Management Analyst at Smith Barney.

Mr. St. Aubin earned a BA in Finance from DePaul University and also has earned the Chartered Financial Analyst designation.

Raymond Tsang is a Software Architect in Wilshire Fund Management. He has over 10 years of software design and implementation experience. He is one of the main contributors of the new version of Wilshire TUCS. Prior to joining Wilshire Associates, Mr. Tsang was a Software Engineer at SeeBeyond Technology Corp., mainly doing software design and implementation and POCs. He is also specialized in high scale and enterprise computing and performance tuning.

Mr. Tsang received a BS in Computer Science and Engineering from UC, San Diego.

Mannik Dhillon is a member of the Manager Research Group of Wilshire Funds Management. While serving as a generalist, his areas of focus are international and global equity strategies. Prior to joining Wilshire Associates, Mr. Dhillon spent over eight years with Hewitt Associates. With Hewitt, he consulted defined contribution clients on issues such as plan administration and design, fund changes, and performance monitoring, and also served on the Investment Manager Evaluation Committee of Hewitt Investment Group. As a Manager Research Consultant for Hewitt, his responsibilities included the due diligence of investment managers and their strategies across asset classes, playing a critical role in the assignment of ratings and recommendations, as well as contributing to the development and enhancement of the overall research process. Mr. Dhillon received a BBA in Finance from the University of Georgia. He is a CFA charterholder and a Level II candidate in the CAIA Program.

Tom is a member of the Manager Research Group in Wilshire Funds Management. He has seven years of financial services experience working in institutional investment consulting covering both Fixed Income and Global Equity and as a sell-side equity analyst in the Healthcare Services and the Business Services sectors at Piper Jaffray & Co in Minneapolis, MN. Mr. McGahan joined Wilshire in 2008. He received a B.S.B.A in Finance from Youngstown State University. He is a Level II candidate in the CFA Program.

Sukaya Maung Nawpar, a Database Administrator, is a member of Wilshire Funds Management's team. He has 10 years of teaching and research experience in Mathematics, and 18 years of software developing, Database administrator, and supporting complex software systems. Before Wilshire Associates Inc, Sukaya served as a Database developer and a Sr. Database administrator at Answer Financial Inc. He earned B.Sc, B.Sc. (Hons), and M.Sc in Mathematics from the Rangoon University, Burma.

Rebecca Yu is a member of Wilshire's Manager Research Group with over ten years of experience in investment management, risk analysis and trading. Rebecca was a fixed-income strategist at Payden & Rygel Investment Management for seven years and a portfolio manager at Oakwood Capital Management for three years. She has managed low-duration and enhanced-cash fixed income strategies, as well as portfolios including intermediate term, core and municipal products. Rebecca also worked for Swiss Bank where she gained floor-trading experience in equity derivatives and futures at the CBOT and CME exchanges.

Rebecca has a BA in Business Economics from the University of California, Los Angeles (UCLA), with an emphasis in finance. She has also earned the Chartered Financial Analyst (CFA) designation.