WILSHIRE MUTUAL FUNDS, INC. | ||||||||
SMALL COMPANY GROWTH PORTFOLIO | March 31, 2021 (Unaudited) | |||||||
SCHEDULE OF INVESTMENTS | ||||||||
Shares | Value | |||||||
COMMON STOCKS - 98.3% (a) | ||||||||
Communication Services - 0.6% | ||||||||
Bandwidth, Inc. - Class A (b) | 315 | $ | 39,923 | |||||
Cardlytics, Inc. (b) | 180 | 19,746 | ||||||
Cargurus, Inc. (b) | 145 | 3,455 | ||||||
Cogent Communications Holdings, Inc. | 395 | 27,160 | ||||||
Consolidated Communications Holdings, Inc. (b) | 1,409 | 10,145 | ||||||
Eventbrite, Inc. - Class A (b) | 395 | 8,753 | ||||||
EverQuote, Inc. - Class A (b) | 170 | 6,169 | ||||||
Glu Mobile, Inc. (b) | 1,455 | 18,158 | ||||||
Gray Television, Inc. | 395 | 7,268 | ||||||
Meredith Corp. | 655 | 19,506 | ||||||
National CineMedia, Inc. | 1,590 | 7,346 | ||||||
Ooma, Inc. (b) | 1,510 | 23,934 | ||||||
TechTarget, Inc. (b) | 510 | 35,420 | ||||||
Vonage Holdings Corp. (b) | 1,510 | 17,848 | ||||||
244,831 | ||||||||
Consumer Discretionary - 15.8% | ||||||||
1-800-Flowers.com, Inc. - Class A (b) | 475 | 13,115 | ||||||
Asbury Automotive Group, Inc. (b) | 305 | 59,933 | ||||||
Big Lots, Inc. | 152 | 10,382 | ||||||
BJ's Restaurants, Inc. (b) | 205 | 11,907 | ||||||
Bloomin' Brands, Inc. | 660 | 17,853 | ||||||
Boot Barn Holdings, Inc. (b) | 5,050 | 314,666 | ||||||
Brinker International, Inc. | 7,120 | 505,947 | ||||||
Caesars Entertainment, Inc. (b) | 1,225 | 107,126 | ||||||
Camping World Holdings, Inc. - Class A | 1,055 | 38,381 | ||||||
CarParts.com, Inc. (b) | 315 | 4,498 | ||||||
Cavco Industries, Inc. (b) | 222 | 50,086 | ||||||
Dave & Buster's Entertainment, Inc. (b) | 270 | 12,933 | ||||||
Deckers Outdoor Corp. (b) | 516 | 170,497 | ||||||
Fox Factory Holding Corp. (b) | 380 | 48,283 | ||||||
Gentherm, Inc. (b) | 580 | 42,984 | ||||||
Green Brick Partners, Inc. (b) | 11,966 | 271,389 | ||||||
Hamilton Beach Brands Holding Co. - Class A | 540 | 9,790 | ||||||
Helen of Troy Ltd. (b) | 620 | 130,609 | ||||||
Hibbett Sports, Inc. (b) | 300 | 20,667 | ||||||
Installed Building Products, Inc. | 180 | 19,958 | ||||||
iRobot Corp. (b) | 540 | 65,977 | ||||||
Legacy Housing Corp. (b) | �� | 460 | 8,156 | |||||
LGI Homes, Inc. (b) | 822 | 122,733 | ||||||
Lithia Motors, Inc. - Class A | 280 | 109,225 | ||||||
The Lovesac Co. (b) | 545 | 30,847 | ||||||
Magnite, Inc. (b) | 7,956 | 331,049 | ||||||
Malibu Boats, Inc. - Class A (b) | 705 | 56,174 | ||||||
Murphy USA, Inc. | 290 | 41,922 | ||||||
National Vision Holdings, Inc. (b) | 1,291 | 56,585 | ||||||
Overstock.com, Inc. (b) | 400 | 26,504 | ||||||
Papa John's International, Inc. | 260 | 23,046 | ||||||
Penn National Gaming, Inc. (b) | 910 | 95,404 | ||||||
Perdoceo Education Corp. (b) | 2,220 | 26,551 | ||||||
PlayAGS, Inc. (b) | 1,550 | 12,524 | ||||||
Purple Innovation, Inc. (b) | 205 | 6,488 | ||||||
Rent-A-Center, Inc. | 2,357 | 135,905 | ||||||
RH (b) | 207 | 123,496 | ||||||
Scientific Games Corp. (b) | 320 | 12,326 | ||||||
Shake Shack, Inc. - Class A (b) | 390 | 43,980 | ||||||
Shutterstock, Inc. | 1,435 | 127,772 | ||||||
Skyline Champion Corp. (b) | 15,601 | 706,101 | ||||||
Sleep Number Corp. (b) | 379 | 54,383 | ||||||
Sonos, Inc. (b) | 2,162 | 81,010 | ||||||
Stamps.com, Inc. (b) | 458 | 91,376 | ||||||
Standard Motor Products, Inc. | 893 | 37,131 | ||||||
Steven Madden Ltd. | 1,078 | 40,166 | ||||||
Stitch Fix, Inc. - Class A (b) | 655 | 32,449 | ||||||
Sturm Ruger & Co., Inc. | 720 | 47,570 | ||||||
Superior Group of Cos., Inc. | 465 | 11,820 | ||||||
Taylor Morrison Home Corp. (b) | 1,024 | 31,550 | ||||||
Texas Roadhouse, Inc. | 5,344 | 512,703 | ||||||
The Children's Place Inc. (b) | 390 | 27,183 | ||||||
TopBuild Corp. (b) | 3,342 | 699,915 | ||||||
Universal Electronics, Inc. (b) | 316 | 17,371 | ||||||
Waitr Holdings, Inc. (b)(c) | 6,820 | 19,983 | ||||||
Wingstop, Inc. | 420 | 53,411 | ||||||
Winmark Corp. | 409 | 76,250 | ||||||
Winnebago Industries, Inc. | 685 | 52,546 | ||||||
WW International, Inc. (b) | 195 | 6,100 | ||||||
XPEL, Inc. (b) | 225 | 11,684 | ||||||
YETI Holdings, Inc. (b) | 5,070 | 366,105 | ||||||
6,294,475 | ||||||||
Consumer Staples - 4.5% | ||||||||
BJ's Wholesale Club Holdings, Inc. (b) | 2,385 | 106,991 | ||||||
Celsius Holdings, Inc. (b) | 475 | 22,824 | ||||||
Coca-Cola Consolidated, Inc. | 10 | 2,888 | ||||||
elf Beauty, Inc. (b) | 24,929 | 668,845 | ||||||
Freshpet, Inc. (b) | 130 | 20,645 | ||||||
Grocery Outlet Holding Corp. (b) | 13,770 | 507,975 | ||||||
Inter Parfums, Inc. | 170 | 12,058 | ||||||
J & J Snack Foods Corp. | 45 | 7,066 | ||||||
John B Sanfilippo & Son, Inc. | 350 | 31,630 | ||||||
Lifevantage Corp. (b) | 3,250 | 30,387 | ||||||
Medifast, Inc. | 216 | 45,753 | ||||||
MGP Ingredients, Inc. | 66 | 3,904 | ||||||
Performance Food Group Co. (b) | 450 | 25,925 | ||||||
Sanderson Farms, Inc. | 150 | 23,367 | ||||||
Turning Point Brands, Inc. | 905 | 47,214 | ||||||
USANA Health Sciences, Inc. (b) | 1,230 | 120,048 | ||||||
Vector Group Ltd. | 1,750 | 24,413 | ||||||
WD-40 Co. | 282 | 86,343 | ||||||
1,788,276 | ||||||||
Energy - 0.6% | ||||||||
Brigham Minerals, Inc. - Class A | 15,956 | 233,596 | ||||||
Magnolia Oil & Gas Corp. - Class A (b) | 1,490 | 17,105 | ||||||
250,701 | ||||||||
Financials - 6.1% | ||||||||
Artisan Partners Asset Management, Inc. - Class A | 2,355 | 122,860 | ||||||
Banc of California, Inc. | 23,000 | 415,840 | ||||||
Cadence BanCorp | 24,484 | 507,553 | ||||||
Cohen & Steers, Inc. | 2,300 | 150,259 | ||||||
Curo Group Holdings Corp. | 343 | 5,004 | ||||||
Customers Bancorp, Inc. (b) | 490 | 15,592 | ||||||
Eastern Bankshares, Inc. | 1,220 | 23,534 | ||||||
eHealth, Inc. (b) | 270 | 19,637 | ||||||
Federated Hermes, Inc. | 1,135 | 35,525 | ||||||
First Financial Bankshares, Inc. | 325 | 15,187 | ||||||
Focus Financial Partners, Inc. - Class A (b) | 125 | 5,202 | ||||||
Glacier Bancorp, Inc. | 810 | 46,235 | ||||||
Hanmi Financial Corp. | 590 | 11,641 | ||||||
Home BancShares, Inc. | 19,510 | 527,746 | ||||||
Kinsale Capital Group, Inc. | 40 | 6,592 | ||||||
LendingTree, Inc. (b) | 1,152 | 245,376 | ||||||
Moelis & Co. - Class A | 700 | 38,416 | ||||||
NMI Holdings, Inc. - Class A (b) | 585 | 13,829 | ||||||
Piper Sandler Cos. | 140 | 15,351 | ||||||
PJT Partners, Inc. - Class A | 1,160 | 78,474 | ||||||
Selectquote, Inc. (b) | 1,240 | 36,592 | ||||||
Silvercrest Asset Management Group, Inc. - Class A | 1,170 | 16,825 | ||||||
StepStone Group, Inc. - Class A | 1,950 | 68,777 | ||||||
2,422,047 | ||||||||
Health Care - 30.0% | ||||||||
1Life Healthcare, Inc. (b) | 1,815 | 70,930 | ||||||
Abeona Therapeutics, Inc. (b) | 5,660 | 10,641 | ||||||
Acceleron Pharma, Inc. (b) | 28 | 3,797 | ||||||
AdaptHealth Corp. (b) | 1,190 | 43,744 | ||||||
Addus HomeCare Corp. (b) | 280 | 29,285 | ||||||
ADMA Biologics, Inc. (b) | 3,270 | 5,755 | ||||||
Adverum Biotechnologies, Inc. (b) | 795 | 7,839 | ||||||
Aerie Pharmaceuticals, Inc. (b) | 505 | 9,024 | ||||||
Affimed NV (b) | 3,165 | 25,035 | ||||||
Agenus, Inc. (b) | 6,850 | 18,632 | ||||||
Albireo Pharma, Inc. (b) | 935 | 32,959 | ||||||
Allakos, Inc. (b) | 200 | 22,956 | ||||||
Allogene Therapeutics, Inc. (b) | 1,855 | 65,481 | ||||||
Alphatec Holdings, Inc. (b) | 775 | 12,237 | ||||||
Amedisys, Inc. (b) | 212 | 56,135 | ||||||
Amicus Therapeutics, Inc. (b) | 3,703 | 36,586 | ||||||
AMN Healthcare Services, Inc. (b) | 470 | 34,639 | ||||||
Amneal Pharmaceuticals, Inc. (b) | 3,320 | 22,344 | ||||||
Apellis Pharmaceuticals, Inc. (b) | 825 | 35,401 | ||||||
Arcturus Therapeutics Holdings, Inc. (b) | 190 | 7,847 | ||||||
Arcus Biosciences, Inc. (b) | 405 | 11,372 | ||||||
Arrowhead Pharmaceuticals, Inc. (b) | 1,019 | 67,570 | ||||||
Arvinas, Inc. (b) | 665 | 43,956 | ||||||
Assembly Biosciences, Inc. (b) | 751 | 3,455 | ||||||
Atara Biotherapeutics, Inc. (b) | 3,045 | 43,726 | ||||||
Athenex, Inc. (b) | 1,003 | 4,313 | ||||||
Avid Bioservices, Inc. (b) | 21,605 | 393,859 | ||||||
Axsome Therapeutics, Inc. (b) | 455 | 25,762 | ||||||
Beam Therapeutics, Inc. (b)(c) | 595 | 47,624 | ||||||
BioCryst Pharmaceuticals, Inc. (b)(c) | 1,310 | 13,323 | ||||||
BioDelivery Sciences International, Inc. (b) | 13,630 | 53,293 | ||||||
Biohaven Pharmaceutical Holding Co. Ltd. (b) | 495 | 33,833 | ||||||
BioLife Solutions, Inc. (b) | 8,565 | 308,340 | ||||||
Blueprint Medicines Corp. (b) | 978 | 95,091 | ||||||
Bridgebio Pharma, Inc. (b) | 755 | 46,508 | ||||||
Cantel Medical Corp. (b) | 410 | 32,734 | ||||||
CareDx, Inc. (b) | 320 | 21,789 | ||||||
Castle Biosciences, Inc. (b) | 397 | 27,179 | ||||||
Chemed Corp. | 144 | 66,214 | ||||||
ChemoCentryx, Inc. (b) | 475 | 24,339 | ||||||
Coherus Biosciences, Inc. (b) | 3,395 | 49,601 | ||||||
Collegium Pharmaceutical, Inc. (b) | 1,690 | 40,053 | ||||||
CONMED Corp. | 4,030 | 526,278 | ||||||
Constellation Pharmaceuticals, Inc. (b) | 1,230 | 28,770 | ||||||
Corcept Therapeutics, Inc. (b) | 295 | 7,018 | ||||||
CorVel Corp. (b) | 194 | 19,902 | ||||||
Crinetics Pharmaceuticals, Inc. (b) | 465 | 7,105 | ||||||
Cross Country Healthcare, Inc. (b) | 910 | 11,366 | ||||||
CryoLife, Inc. (b) | 305 | 6,887 | ||||||
CryoPort, Inc. (b) | 855 | 44,469 | ||||||
Cutera, Inc. (b) | 275 | 8,264 | ||||||
CytomX Therapeutics, Inc. (b) | 539 | 4,167 | ||||||
Deciphera Pharmaceuticals, Inc. (b) | 435 | 19,505 | ||||||
Denali Therapeutics, Inc. (b) | 1,015 | 57,956 | ||||||
DermTech, Inc. (b) | 205 | 10,412 | ||||||
Dicerna Pharmaceuticals, Inc. (b) | 374 | 9,563 | ||||||
Eagle Pharmaceuticals, Inc. (b) | 305 | 12,731 | ||||||
Editas Medicine, Inc. (b) | 936 | 39,312 | ||||||
Emergent BioSolutions, Inc. (b) | 555 | 51,565 | ||||||
Enanta Pharmaceuticals, Inc. (b) | 220 | 10,850 | ||||||
Esperion Therapeutics, Inc. (b)(c) | 1,075 | 30,154 | ||||||
Fate Therapeutics, Inc. (b) | 775 | 63,899 | ||||||
FibroGen, Inc. (b) | 208 | 7,220 | ||||||
Fulgent Genetics, Inc. (b)(c) | 1,771 | 171,114 | ||||||
G1 Therapeutics, Inc. (b) | 1,279 | 30,773 | ||||||
Generation Bio Co. (b) | 240 | 6,830 | ||||||
GenMark Diagnostics, Inc. (b) | 800 | 19,120 | ||||||
Globus Medical, Inc. - Class A (b) | 265 | 16,343 | ||||||
Halozyme Therapeutics, Inc. (b) | 3,469 | 144,623 | ||||||
Hanger, Inc. (b) | 687 | 15,677 | ||||||
HealthEquity, Inc. (b) | 1,340 | 91,120 | ||||||
HealthStream, Inc. (b) | 125 | 2,792 | ||||||
Heron Therapeutics, Inc. (b) | 865 | 14,022 | ||||||
Heska Corp. (b) | 2,587 | 435,806 | ||||||
HMS Holdings Corp. (b) | 1,559 | 57,644 | ||||||
Horizon Therapeutics PLC (b) | 168 | 15,463 | ||||||
ImmunoGen, Inc. (b) | 5,252 | 42,541 | ||||||
Inari Medical, Inc. (b) | 370 | 39,590 | ||||||
InfuSystem Holdings, Inc. (b) | 845 | 17,204 | ||||||
Innoviva, Inc. (b) | 1,085 | 12,966 | ||||||
Inovalon Holdings, Inc. - Class A (b) | 1,735 | 49,933 | ||||||
Insmed, Inc. (b) | 495 | 16,860 | ||||||
Inspire Medical Systems, Inc. (b) | 432 | 89,420 | ||||||
Integer Holdings Corp. (b) | 260 | 23,946 | ||||||
Intellia Therapeutics, Inc. (b) | 565 | 45,344 | ||||||
Intercept Pharmaceuticals, Inc. (b) | 1,029 | 23,749 | ||||||
Intersect ENT, Inc. (b) | 109 | 2,276 | ||||||
Invitae Corp. (b)(c) | 990 | 37,828 | ||||||
iRhythm Technologies, Inc. (b) | 368 | 51,100 | ||||||
Ironwood Pharmaceuticals, Inc. (b) | 3,786 | 42,327 | ||||||
Karuna Therapeutics, Inc. (b) | 120 | 14,428 | ||||||
Kiniksa Pharmaceuticals Ltd. - Class A (b) | 235 | 4,350 | ||||||
Kodiak Sciences, Inc. (b) | 490 | 55,561 | ||||||
Kura Oncology, Inc. (b) | 135 | 3,816 | ||||||
LeMaitre Vascular, Inc. | 5,797 | 282,778 | ||||||
LHC Group, Inc. (b) | 2,396 | 458,139 | ||||||
Ligand Pharmaceuticals, Inc. (b) | 70 | 10,671 | ||||||
MacroGenics, Inc. (b) | 1,325 | 42,201 | ||||||
Madrigal Pharmaceuticals, Inc. (b) | 340 | 39,770 | ||||||
MannKind Corp. (b) | 2,860 | 11,211 | ||||||
Marinus Pharmaceuticals, Inc. (b) | 1,615 | 25,000 | ||||||
Medpace Holdings, Inc. (b) | 5,121 | 840,100 | ||||||
MEI Pharma, Inc. (b) | 2,850 | 9,775 | ||||||
Meridian Bioscience, Inc. (b) | 875 | 22,969 | ||||||
Merit Medical Systems, Inc. (b) | 170 | 10,180 | ||||||
Mesa Laboratories, Inc. | 1,840 | 448,040 | ||||||
Minerva Neurosciences, Inc. (b) | 5,360 | 15,651 | ||||||
Mirati Therapeutics, Inc. (b) | 476 | 81,539 | ||||||
ModivCare, Inc. (b) | 170 | 25,180 | ||||||
Morphic Holding, Inc. (b) | 235 | 14,871 | ||||||
NanoString Technologies, Inc. (b) | 215 | 14,128 | ||||||
Natera, Inc. (b) | 906 | 91,995 | ||||||
Neogen Corp. (b) | 7,610 | 676,453 | ||||||
NeoGenomics, Inc. (b) | 13,055 | 629,643 | ||||||
Nevro Corp. (b) | 691 | 96,394 | ||||||
Novavax, Inc. (b) | 225 | 40,795 | ||||||
Novocure Ltd. (b) | 132 | 17,448 | ||||||
NuVasive, Inc. (b) | 35 | 2,295 | ||||||
Ocular Therapeutix, Inc. (b) | 795 | 13,046 | ||||||
Omnicell, Inc. (b) | 3,523 | 457,532 | ||||||
Optinose, Inc. (b) | 2,150 | 7,933 | ||||||
Ovid therapeutics, Inc. (b) | 2,500 | 10,050 | ||||||
Pacific Biosciences of California, Inc. (b) | 1,650 | 54,961 | ||||||
Pacira BioSciences, Inc. (b) | 260 | 18,223 | ||||||
Paratek Pharmaceuticals, Inc. (b) | 2,745 | 19,380 | ||||||
Phreesia, Inc. (b) | 280 | 14,588 | ||||||
PRA Health Sciences, Inc. (b) | 2,150 | 329,659 | ||||||
Precision BioSciences, Inc. (b) | 1,150 | 11,903 | ||||||
Progyny, Inc. (b) | 885 | 39,391 | ||||||
Puma Biotechnology, Inc. (b) | 750 | 7,290 | ||||||
Quanterix Corp. (b) | 130 | 7,601 | ||||||
Quotient Ltd. (b) | 1,785 | 6,569 | ||||||
Radius Health, Inc. (b) | 1,420 | 29,621 | ||||||
Repligen Corp. (b) | 4,787 | 930,641 | ||||||
Rhythm Pharmaceuticals, Inc. (b) | 645 | 13,719 | ||||||
Rocket Pharmaceuticals, Inc. (b) | 455 | 20,188 | ||||||
Sangamo Therapeutics, Inc. (b) | 3,228 | 40,447 | ||||||
Scholar Rock Holding Corp. (b) | 150 | 7,599 | ||||||
Schrodinger, Inc. (b) | 400 | 30,516 | ||||||
Select Medical Holdings Corp. (b) | 1,635 | 55,754 | ||||||
Sharps Compliance Corp. (b) | 1,421 | 20,420 | ||||||
Shockwave Medical, Inc. (b) | 450 | 58,617 | ||||||
Sientra, Inc. (b) | 1,950 | 14,216 | ||||||
Simulations Plus, Inc. | 7,702 | 487,074 | ||||||
SpringWorks Therapeutics, Inc. (b) | 130 | 9,564 | ||||||
Stereotaxis, Inc. (b) | 3,890 | 26,141 | ||||||
Surmodics, Inc. (b) | 98 | 5,495 | ||||||
Syros Pharmaceuticals, Inc. (b) | 1,260 | 9,425 | ||||||
Teladoc Health, Inc. (b) | 34 | 6,180 | ||||||
Tenet Healthcare Corp. (b) | 161 | 8,372 | ||||||
TG Therapeutics, Inc. (b) | 735 | 35,427 | ||||||
The Ensign Group, Inc. | 385 | 36,128 | ||||||
The Pennant Group, Inc. (b) | 392 | 17,954 | ||||||
Tivity Health, Inc. (b) | 1,202 | 26,829 | ||||||
Translate Bio, Inc. (b) | 1,825 | 30,094 | ||||||
Turning Point Therapeutics, Inc. (b) | 740 | 69,997 | ||||||
Twist Bioscience Corp. (b) | 260 | 32,204 | ||||||
Ultragenyx Pharmaceutical, Inc. (b) | 553 | 62,965 | ||||||
US Physical Therapy, Inc. | 595 | 61,940 | ||||||
Veracyte, Inc. (b) | 320 | 17,200 | ||||||
Verastem, Inc. (b) | 4,190 | 10,349 | ||||||
Vericel Corp. (b) | 677 | 37,607 | ||||||
Viemed Healthcare, Inc. (b) | 3,015 | 30,512 | ||||||
ViewRay, Inc. (b) | 2,420 | 10,527 | ||||||
Vir Biotechnology, Inc. (b) | 645 | 33,069 | ||||||
Vocera Communications, Inc. (b) | 1,365 | 52,498 | ||||||
WaVe Life Sciences Ltd. (b) | 860 | 4,825 | ||||||
Xencor, Inc. (b) | 1,999 | 86,077 | ||||||
Y-mAbs Therapeutics, Inc. (b) | 475 | 14,364 | ||||||
11,927,067 | ||||||||
Industrials - 12.2% | ||||||||
Advanced Drainage Systems, Inc. | 400 | 41,356 | ||||||
Aerojet Rocketdyne Holdings, Inc. | 1,255 | 58,935 | ||||||
AeroVironment, Inc. (b) | 622 | 72,189 | ||||||
Allegiant Travel Co. | 90 | 21,965 | ||||||
Allied Motion Technologies, Inc. | 60 | 3,080 | ||||||
Atkore International Group, Inc. (b) | 2,339 | 168,174 | ||||||
Barrett Business Services, Inc. | 115 | 7,919 | ||||||
Bloom Energy Corp. - Class A (b) | 810 | 21,910 | ||||||
Boise Cascade Co. | 225 | 13,462 | ||||||
Brady Corp. - Class A | 905 | 48,372 | ||||||
Builders FirstSource, Inc. (b) | 1,600 | 74,192 | ||||||
CAI International, Inc. | 715 | 32,547 | ||||||
Chart Industries, Inc. (b) | 1,400 | 199,290 | ||||||
Cimpress PLC (b) | 430 | 43,056 | ||||||
Comfort Systems USA, Inc. | 369 | 27,590 | ||||||
Cornerstone Building Brands, Inc. (b) | 1,750 | 24,553 | ||||||
CSW Industrials, Inc. | 715 | 96,525 | ||||||
EMCOR Group, Inc. | 1,090 | 122,254 | ||||||
Energy Recovery, Inc. (b) | 275 | 5,043 | ||||||
Evoqua Water Technologies Corp. (b) | 1,570 | 41,291 | ||||||
Exponent, Inc. | 201 | 19,587 | ||||||
Franklin Electric Co., Inc. | 1,525 | 120,383 | ||||||
FuelCell Energy, Inc. (b) | 930 | 13,401 | ||||||
HC2 Holdings, Inc. (b) | 3,854 | 15,185 | ||||||
John Bean Technologies Corp. | 740 | 98,672 | ||||||
Kratos Defense & Security Solutions, Inc. (b) | 13,283 | 362,360 | ||||||
Marten Transport Ltd. | 3,220 | 54,643 | ||||||
Masonite International Corp. (b) | 110 | 12,676 | ||||||
MasTec, Inc. (b) | 1,125 | 105,412 | ||||||
Mastech Digital, Inc. (b) | 195 | 3,434 | ||||||
Mercury Systems, Inc. (b) | 5,524 | 390,271 | ||||||
Meritor, Inc. (b) | 880 | 25,890 | ||||||
MRC Global, Inc. (b) | 305 | 2,754 | ||||||
MSA Safety, Inc. | 20 | 3,000 | ||||||
Mueller Industries, Inc. | 1,433 | 59,255 | ||||||
PAE, Inc. (b) | 3,330 | 30,037 | ||||||
Plug Power, Inc. (b) | 4,790 | 171,674 | ||||||
Proto Labs, Inc. (b) | 288 | 35,064 | ||||||
RBC Bearings, Inc. (b) | 341 | 67,099 | ||||||
Rexnord Corp. | 1,020 | 48,032 | ||||||
Saia, Inc. (b) | 3,325 | 766,679 | ||||||
Science Applications International Corp. | 23 | 1,923 | ||||||
Simpson Manufacturing Co., Inc. | 1,095 | 113,584 | ||||||
SiteOne Landscape Supply, Inc. (b) | 2,673 | 456,388 | ||||||
Sunrun, Inc. (b) | 1,201 | 72,636 | ||||||
Tetra Tech, Inc. | 125 | 16,965 | ||||||
The Brink's Co. | 55 | 4,358 | ||||||
The ExOne Co. (b) | 390 | 12,230 | ||||||
TPI Composites, Inc. (b) | 4,735 | 267,196 | ||||||
TriNet Group, Inc. (b) | 1,037 | 80,845 | ||||||
UFP Industries, Inc. | 2,175 | 164,952 | ||||||
Upwork, Inc. (b) | 1,078 | 48,262 | ||||||
Vectrus, Inc. (b) | 100 | 5,344 | ||||||
Watts Water Technologies, Inc. - Class A | 60 | 7,129 | ||||||
Welbilt, Inc. (b) | 2,385 | 38,756 | ||||||
WillScot Mobile Mini Holdings Corp. (b) | 930 | 25,808 | ||||||
4,845,587 | ||||||||
Information Technology - 25.8% | ||||||||
8x8, Inc. (b) | 9,814 | 318,366 | ||||||
A10 Networks, Inc. (b) | 6,595 | 63,378 | ||||||
ACI Worldwide, Inc. (b) | 1,980 | 75,339 | ||||||
Advanced Energy Industries, Inc. | 735 | 80,240 | ||||||
Alarm.com Holdings, Inc. (b) | 340 | 29,369 | ||||||
Ambarella, Inc. (b) | 835 | 83,826 | ||||||
Appfolio, Inc. - Class A (b) | 2,165 | 306,153 | ||||||
Appian Corp. (b)(c) | 430 | 57,168 | ||||||
Avaya Holdings Corp. (b) | 2,480 | 69,514 | ||||||
Axcelis Technologies, Inc. (b) | 1,415 | 58,142 | ||||||
Badger Meter, Inc. | 830 | 77,248 | ||||||
Blackbaud, Inc. | 460 | 32,697 | ||||||
Blackline, Inc. (b) | 257 | 27,859 | ||||||
Box, Inc. - Class A (b) | 4,950 | 113,652 | ||||||
Brightcove, Inc. (b) | 895 | 18,007 | ||||||
Brooks Automation, Inc. | 811 | 66,218 | ||||||
Cardtronics PLC - Class A (b) | 920 | 35,696 | ||||||
Cass Information Systems, Inc. | 608 | 28,132 | ||||||
Cerence, Inc. (b) | 3,525 | 315,769 | ||||||
CMC Materials, Inc. | 1,300 | 229,827 | ||||||
Cohu, Inc. | 445 | 18,619 | ||||||
CommVault Systems, Inc. (b) | 1,597 | 103,006 | ||||||
Cornerstone OnDemand, Inc. (b) | 1,380 | 60,140 | ||||||
CyberOptics Corp. (b) | 604 | 15,686 | ||||||
Diebold Nixdorf, Inc. (b) | 1,130 | 15,967 | ||||||
Digital Turbine, Inc. (b) | 1,366 | 109,772 | ||||||
Domo, Inc. - Class B (b) | 350 | 19,702 | ||||||
Endava PLC - ADR (b) | 5,051 | 427,769 | ||||||
Enphase Energy, Inc. (b) | 20 | 3,243 | ||||||
Envestnet, Inc. (b) | 330 | 23,836 | ||||||
Everbridge, Inc. (b) | 170 | 20,601 | ||||||
EVERTEC, Inc. | 1,080 | 40,198 | ||||||
Evo Payments, Inc. - Class A (b) | 27,818 | 765,551 | ||||||
ExlService Holdings, Inc. (b) | 523 | 47,154 | ||||||
Extreme Networks, Inc. (b) | 2,290 | 20,038 | ||||||
FormFactor, Inc. (b) | 3,110 | 140,292 | ||||||
II-VI, Inc. (b) | 1,469 | 100,435 | ||||||
Impinj, Inc. (b) | 140 | 7,962 | ||||||
J2 Global, Inc. (b) | 1,565 | 187,581 | ||||||
Lattice Semiconductor Corp. (b) | 2,665 | 119,978 | ||||||
LivePerson, Inc. (b) | 575 | 30,325 | ||||||
LiveRamp Holdings, Inc. (b) | 310 | 16,083 | ||||||
Luna Innovations, Inc. (b) | 1,065 | 11,214 | ||||||
MACOM Technology Solutions Holdings, Inc. (b) | 1,929 | 111,921 | ||||||
MAXIMUS, Inc. | 5,660 | 503,966 | ||||||
MaxLinear, Inc. (b) | 505 | 17,210 | ||||||
MicroStrategy, Inc. - Class A (b) | 20 | 13,576 | ||||||
Mimecast Ltd. (b) | 12,850 | 516,699 | ||||||
NeoPhotonics Corp. (b) | 271 | 3,238 | ||||||
nLight, Inc. (b) | 265 | 8,586 | ||||||
Onto Innovation, Inc. (b) | 190 | 12,485 | ||||||
OSI Systems, Inc. (b) | 960 | 92,256 | ||||||
Pegasystems, Inc. | 6,329 | 723,658 | ||||||
Perficient, Inc. (b) | 615 | 36,113 | ||||||
PFSweb, Inc. (b) | 1,680 | 11,340 | ||||||
Plantronics, Inc. | 210 | 8,171 | ||||||
Power Integrations, Inc. | 935 | 76,184 | ||||||
Q2 Holdings, Inc. (b) | 180 | 18,036 | ||||||
Qualys, Inc. (b) | 2,361 | 247,386 | ||||||
Rackspace Technology, Inc. (b) | 1,090 | 25,920 | ||||||
Repay Holdings Corp. (b) | 15,252 | 358,117 | ||||||
Rimini Street, Inc. (b) | 3,795 | 34,041 | ||||||
Rogers Corp. (b) | 85 | 15,998 | ||||||
Sailpoint Technologies Holdings, Inc. (b) | 1,425 | 72,162 | ||||||
Semtech Corp. (b) | 2,715 | 187,335 | ||||||
Silicon Laboratories, Inc. (b) | 2,572 | 362,832 | ||||||
SMART Global Holdings, Inc. (b) | 865 | 39,807 | ||||||
SPS Commerce, Inc. (b) | 897 | 89,081 | ||||||
Super Micro Computer, Inc. (b) | 555 | 21,678 | ||||||
SVMK, Inc. (b) | 950 | 17,404 | ||||||
Synaptics, Inc. (b) | 1,226 | 166,025 | ||||||
Tenable Holdings, Inc. (b) | 725 | 26,234 | ||||||
TTEC Holdings, Inc. | 568 | 57,056 | ||||||
Ultra Clean Holdings, Inc. (b) | 1,720 | 99,829 | ||||||
Varonis Systems, Inc. (b) | 915 | 46,976 | ||||||
Verra Mobility Corp. (b) | 3,730 | 50,486 | ||||||
Viavi Solutions, Inc. (b) | 1,240 | 19,468 | ||||||
WNS Holdings Ltd. - ADR (b) | 11,400 | 825,816 | ||||||
Workiva, Inc. (b) | 10,710 | 945,265 | ||||||
Xperi Holding Corp. | 310 | 6,749 | ||||||
10,260,856 | ||||||||
Materials - 2.1% | ||||||||
Avient Corp. | 832 | 39,329 | ||||||
Balchem Corp. | 173 | 21,696 | ||||||
Ferroglobe Representation & Warranty Insurance Trust (b)(d)(e) | 840 | – | ||||||
Forterra, Inc. (b) | 2,379 | 55,312 | ||||||
Innospec, Inc. | 760 | 78,044 | ||||||
Koppers Holdings, Inc. (b) | 535 | 18,597 | ||||||
Louisiana-Pacific Corp. | 1,305 | 72,375 | ||||||
Materion Corp. | 479 | 31,729 | ||||||
Neenah, Inc. | 79 | 4,059 | ||||||
Novagold Resources, Inc. (b) | 6,540 | 57,290 | ||||||
Quaker Chemical Corp. | 1,870 | 455,850 | ||||||
Tronox Holdings PLC - Class A | 1,270 | 23,241 | ||||||
857,522 | ||||||||
Real Estate - 0.4% | ||||||||
Cushman & Wakefield PLC (b) | 950 | 15,504 | ||||||
EastGroup Properties, Inc. | 522 | 74,792 | ||||||
Redfin Corp. (b) | 895 | 59,598 | ||||||
149,894 | ||||||||
Utilities - 0.2% | ||||||||
Genie Energy Ltd. - Class B | 1,170 | 7,418 | ||||||
Ormat Technologies, Inc. (b) | 170 | 13,350 | ||||||
Pure Cycle Corp. (b) | 1,355 | 18,184 | ||||||
Spark Energy, Inc. - Class A | 2,870 | 30,652 | ||||||
69,604 | ||||||||
Total Common Stocks (Cost $23,925,475) | 39,110,860 | |||||||
Total Investments at Value (Cost $23,925,475) - 98.3% | 39,110,860 | |||||||
Other Assets in Excess of Liabilities - 1.7% | 685,980 | |||||||
Net Assets - 100.0% | $ | 39,796,840 |
Percentages are stated as a percent of net assets. | ||||
ADR | American Depository Receipt | |||
(a) | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. | |||
(b) | Non-income producing security. | |||
(c) | This security or a partial position of this security is on loan at March 31, 2021. The total market value of securities on loan at March 31, 2021 was $373,177. | |||
(d) | Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $0 as of March 31, 2021, representing 0.0% of net assets. | |||
(e) | Illiquid security. The total value of such securities is $0 as of March 31, 2021, representing 0.0% of net assets. | |||
The Accompanying Footnotes are an Integral Part of this Schedule of Investments. |
SMALL COMPANY GROWTH PORTFOLIO | |||||||||
NOTES TO SCHEDULE OF INVESTMENTS | |||||||||
March 31, 2021 (Unaudited) | |||||||||
1. Securities Valuation | |||||||||
Securities listed or traded on U.S. exchanges, including options, futures, swaptions and swap contracts, are valued at the last sales price on the exchange where they are principally traded. In the absence of a current quotation, a security is valued at the mean between the last bid and asked prices on that exchange. Securities quoted on the National Association of Securities Dealers Automatic Quotation (NASDAQ) System, for which there have been sales, are valued at the NASDAQ official closing price. If there are no such sales, a security is valued at the mean between the last bid and ask prices. Securities traded over-the-counter (other than on NASDAQ) are valued at the last current sale price; and if there are no such sales, a security is valued at the mean between the last bid and ask prices. Debt securities are typically valued at an evaluated bid price by a third-party pricing agent employing methodologies that utilize actual market transactions, broker-supplied valuations, or other inputs designed to identify the market value for such securities. Third-party pricing agents often utilize proprietary models that are subjective and require the use of judgment and the application of various assumptions including, but not limited to, interest rates, prepayment speeds, and default rate assumptions. Debt securities that have a remaining maturity of 60 days or less are valued at prices supplied by the Portfolios’ pricing agent for such securities, if available. Otherwise such securities are valued at amortized cost if the Adviser’s Pricing Committee concludes it approximates fair value. Equity securities primarily traded on a foreign exchange are typically valued daily at a price as provided by an independent pricing service, which is an estimate of the fair value price. | |||||||||
Foreign currency contracts, including forward contracts, are valued at the applicable translation rates as supplied by the third-party pricing vendor. In the event market quotations are not readily available, such securities are valued at fair value according to procedures adopted by the Board of Directors (the “Board”) or as determined in good faith by the Adviser’s Pricing Committee, whose members include at least two representatives of Wilshire Advisors LLC, formerly known as Wilshire Associates Incorporated (the “Adviser”), one of whom is an officer of the Company, or by the Company’s Valuation Committee which is composed of Trustees of the Company. Fair value is defined as the amount the owner of a security might reasonably expect to receive upon a current sale. Securities whose value does not reflect fair value because a significant valuation event has occurred may be valued at fair value by the Pricing Committee or the Valuation Committee in accordance with the Company’s valuation procedures. Significant events may include, but are not limited to, the following: significant fluctuations in domestic markets, foreign markets or foreign currencies; occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant governmental actions; and major announcements affecting a single issuer or an entire market or market sector. The value of fair valued securities may be different from the last sale price (or the mean between the last bid and asked prices), and there is no guarantee that a fair valued security will be sold at the price at which a Portfolio is carrying the security. | |||||||||
In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Portfolios disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The guidance establishes three levels of the fair value hierarchy as follows: ● Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Portfolios have the ability to access at the measurement date; ● Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, etc.); and ● Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity). | |||||||||
The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. During the period ended March 31, 2021, there have been no significant changes to the Portfolio’s fair value methodologies. | |||||||||
The following is a summary of the inputs used to value the Portfolio’s investments as of March 31, 2021: |
Small Company Growth Portfolio | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 39,110,860 | $ | - | $ | - | * | $ | 39,110,860 | |||||||
Total | $ | 39,110,860 | $ | - | $ | - | $ | 39,110,860 |
* Includes securities that have been fair valued at $0. | |||||||||
Refer to the Portfolio’s Schedule of Investments for a listing of the securities by industry or sector type. Small Company Growth Portfolio held common stocks that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0 as of March 31, 2021. A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments, is only presented when a Portfolio has over 1% of Level 3 investments. |