WILSHIRE MUTUAL FUNDS, INC. | |||
SMALL COMPANY GROWTH PORTFOLIO | September 30, 2021 (Unaudited) | ||
SCHEDULE OF INVESTMENTS |
Shares | Value | |||||
COMMON STOCKS - 98.7% (a) | ||||||
Communication Services - 1.6% | ||||||
AMC Networks, Inc. - Class A (b) | 1,273 | $ | 59,309 | |||
Bandwidth, Inc. - Class A (b) | 315 | 28,438 | ||||
Cardlytics, Inc. (b) | 2,350 | 197,259 | ||||
Cargurus, Inc. (b) | 145 | 4,555 | ||||
Cinemark Holdings, Inc. (b) | 2,285 | 43,895 | ||||
Cogent Communications Holdings, Inc. | 395 | 27,982 | ||||
Eventbrite, Inc. - Class A (b) | 395 | 7,469 | ||||
EverQuote, Inc. - Class A (b) | 1,290 | 24,033 | ||||
Gogo, Inc. (b)(c) | 640 | 11,072 | ||||
Gray Television, Inc. | 395 | 9,014 | ||||
Magnite, Inc. (b) | 1,730 | 48,440 | ||||
Meredith Corp. (b) | 655 | 36,484 | ||||
National CineMedia, Inc. | 1,590 | 5,660 | ||||
Ooma, Inc. (b) | 1,510 | 28,101 | ||||
Sinclair Broadcast Group, Inc. - Class A | 1,480 | 46,886 | ||||
TechTarget, Inc. (b) | 510 | 42,034 | ||||
620,631 | ||||||
Consumer Discretionary - 16.2% | ||||||
1-800-Flowers.com, Inc. - Class A (b) | 995 | 30,357 | ||||
2U, Inc. (b) | 780 | 26,185 | ||||
Abercrombie & Fitch Co. - Class A (b) | 1,110 | 41,769 | ||||
Academy Sports & Outdoors, Inc. (b) | 792 | 31,696 | ||||
American Axle & Manufacturing Holdings, Inc. (b) | 2,070 | 18,237 | ||||
American Eagle Outfitters, Inc. | 230 | 5,934 | ||||
Arko Corp. (b) | 2,670 | 26,967 | ||||
Asbury Automotive Group, Inc. (b) | 195 | 38,364 | ||||
Bed Bath & Beyond, Inc. (b) | 1,000 | 17,275 | ||||
BJ's Restaurants, Inc. (b) | 205 | 8,561 | ||||
Bloomin' Brands, Inc. (b) | 3,170 | 79,250 | ||||
Boot Barn Holdings, Inc. (b) | 4,890 | 434,574 | ||||
Brinker International, Inc. (b) | 5,719 | 280,517 | ||||
Caesars Entertainment, Inc. (b) | 495 | 55,579 | ||||
Caleres, Inc. | 340 | 7,555 | ||||
Camping World Holdings, Inc. - Class A | 1,685 | 65,496 | ||||
Cavco Industries, Inc. (b) | 222 | 52,556 | ||||
Century Casinos, Inc. (b) | 4,620 | 62,231 | ||||
Century Communities, Inc. | 170 | 10,446 | ||||
Citi Trends, Inc. (b) | 290 | 21,158 | ||||
Crocs, Inc. (b) | 610 | 87,523 | ||||
Dave & Buster's Entertainment, Inc. (b) | 1,120 | 42,930 | ||||
Deckers Outdoor Corp. (b) | 66 | 23,773 | ||||
Dorman Products, Inc. (b) | 263 | 24,898 | ||||
Drive Shack, Inc. (b) | 6,460 | 18,153 | ||||
Everi Holdings, Inc. (b) | 1,980 | 47,876 | ||||
Fox Factory Holding Corp. (b) | 170 | 24,572 | ||||
Funko, Inc. - Class A (b) | 390 | 7,102 | ||||
GAN Ltd. (b) | 490 | 7,286 | ||||
Golden Nugget Online Gaming, Inc. (b) | 740 | 12,854 | ||||
Green Brick Partners, Inc. (b) | 11,566 | 237,334 | ||||
Guess?, Inc. | 1,130 | 23,741 | ||||
Hamilton Beach Brands Holding Co. - Class A | 540 | 8,462 | ||||
Haverty Furniture Cos., Inc. | 991 | 33,407 | ||||
Hibbett, Inc. | 680 | 48,103 | ||||
International Game Technology PLC (b) | 2,678 | 70,485 | ||||
iRobot Corp. (b)(c) | 87 | 6,829 | ||||
KB Home | 170 | 6,616 | ||||
Legacy Housing Corp. (b) | 460 | 8,266 | ||||
LGI Homes, Inc. (b) | 112 | 15,894 | ||||
Liquidity Services, Inc. (b) | 1,120 | 24,203 | ||||
Malibu Boats, Inc. - Class A (b) | 275 | 19,244 | ||||
MasterCraft Boat Holdings, Inc. (b) | 770 | 19,312 | ||||
Meritage Homes Corp. (b) | 180 | 17,460 | ||||
Modine Manufacturing Co. (b) | 1,180 | 13,369 | ||||
Monarch Casino & Resort, Inc. (b) | 530 | 35,505 | ||||
Murphy USA, Inc. | 550 | 91,993 | ||||
National Vision Holdings, Inc. (b) | 1,291 | 73,290 | ||||
Nautilus, Inc. (b) | 780 | 7,262 | ||||
Noodles & Co. (b) | 206 | 2,431 | ||||
OneWater Marine, Inc. - Class A | 66 | 2,654 | ||||
Overstock.com, Inc. (b) | 490 | 38,181 | ||||
Papa John's International, Inc. | 260 | 33,017 | ||||
Party City Holdco, Inc. (b) | 2,770 | 19,667 | ||||
Penn National Gaming, Inc. (b) | 910 | 65,939 | ||||
Perdoceo Education Corp. (b) | 2,910 | 30,730 | ||||
PetMed Express, Inc. (c) | 186 | 4,998 | ||||
PlayAGS, Inc. (b) | 4,901 | 38,620 | ||||
Porch Group, Inc. (b) | 500 | 8,840 | ||||
PowerSchool Holdings, Inc. - Class A (b) | 1,680 | 41,345 | ||||
RCI Hospitality Holdings, Inc. | 130 | 8,906 | ||||
Red Rock Resorts, Inc. - Class A (b) | 371 | 19,003 | ||||
Rent-A-Center, Inc. | 2,357 | 132,487 | ||||
Revolve Group, Inc. (b) | 130 | 8,030 | ||||
RH (b) | 47 | 31,345 | ||||
Sally Beauty Holdings, Inc. (b) | 3,860 | 65,041 | ||||
Scientific Games Corp. (b) | 944 | 78,418 | ||||
Shake Shack, Inc. - Class A (b) | 390 | 30,599 | ||||
Shutterstock, Inc. | 1,435 | 162,614 | ||||
Signet Jewelers Ltd. | 790 | 62,378 | ||||
Skyline Champion Corp. (b) | 13,925 | 836,336 | ||||
Sleep Number Corp. (b) | 379 | 35,429 | ||||
Sonos, Inc. (b) | 4,072 | 131,770 | ||||
Standard Motor Products, Inc. | 893 | 39,033 | ||||
Stitch Fix, Inc. - Class A (b) | 675 | 26,966 | ||||
Sturm Ruger & Co., Inc. | 1,694 | 124,983 | ||||
Superior Group of Cos., Inc. | 465 | 10,830 | ||||
Taylor Morrison Home Corp. (b) | 1,024 | 26,399 | ||||
Tenneco, Inc. - Class A (b) | 2,070 | 29,539 | ||||
Texas Roadhouse, Inc. | 6,397 | 584,238 | ||||
The Cheesecake Factory, Inc. (b) | 540 | �� 25,380 | ||||
The Children's Place, Inc. (b) | 900 | 67,734 | ||||
The Lovesac Co. (b) | 865 | 57,168 | ||||
TopBuild Corp. (b) | 2,283 | 467,581 | ||||
Universal Electronics, Inc. (b) | 316 | 15,563 | ||||
Urban Outfitters, Inc. (b) | 430 | 12,767 | ||||
Vivint Smart Home, Inc. (b) | 2,280 | 21,546 | ||||
Wingstop, Inc. | 420 | 68,851 | ||||
Winmark Corp. | 409 | 87,947 | ||||
Winnebago Industries, Inc. | 995 | 72,088 | ||||
WW International, Inc. (b) | 2,411 | 44,001 | ||||
XPEL, Inc. (b) | 325 | 24,655 | ||||
YETI Holdings, Inc. (b) | 4,945 | 423,737 | ||||
6,492,233 | ||||||
Consumer Staples - 3.5% | ||||||
Celsius Holdings, Inc. (b) | 195 | 17,567 | ||||
Coca-Cola Consolidated, Inc. | 10 | 3,942 | ||||
elf Beauty, Inc. (b) | 24,139 | 701,238 | ||||
Grocery Outlet Holding Corp. (b) | 13,315 | 287,205 | ||||
Inter Parfums, Inc. | 170 | 12,711 | ||||
J & J Snack Foods Corp. | 45 | 6,877 | ||||
Medifast, Inc. | 216 | 41,610 | ||||
Performance Food Group Co. (b) | 450 | 20,907 | ||||
Sanderson Farms, Inc. | 150 | 28,230 | ||||
Turning Point Brands, Inc. | 905 | 43,214 | ||||
USANA Health Sciences, Inc. (b) | 1,140 | 105,108 | ||||
Vector Group Ltd. | 3,540 | 45,135 | ||||
Veru, Inc. (b) | 2,900 | 24,737 | ||||
WD-40 Co. | 282 | 65,277 | ||||
1,403,758 | ||||||
Energy - 1.5% | ||||||
Brigham Minerals, Inc. - Class A | 15,431 | 295,658 | ||||
Centennial Resource Development, Inc. - Class A (b) | 2,860 | 19,162 | ||||
Contango Oil & Gas Co. (b) | 3,330 | 15,218 | ||||
Dorian LPG Ltd. | 1,110 | 13,775 | ||||
Kosmos Energy Ltd. (b) | 16,680 | 49,373 | ||||
Magnolia Oil & Gas Corp. - Class A | 2,160 | 38,426 | ||||
Matador Resources Co. | 630 | 23,965 | ||||
Ovintiv, Inc. | 370 | 12,165 | ||||
Southwestern Energy Co. (b) | 14,994 | 83,067 | ||||
TETRA Technologies, Inc. (b) | 9,440 | 29,453 | ||||
580,262 | ||||||
Financials - 6.6% | ||||||
Artisan Partners Asset Management, Inc. - Class A | 2,095 | 102,487 | ||||
Atlanticus Holdings Corp. (b) | 696 | 36,930 | ||||
Banc of California, Inc. | 22,320 | 412,697 | ||||
Cadence BanCorp | 23,674 | 519,881 | ||||
Cohen & Steers, Inc. | 2,080 | 174,242 | ||||
Cowen, Inc. - Class A | 1,290 | 44,260 | ||||
Curo Group Holdings Corp. | 343 | 5,944 | ||||
Customers Bancorp, Inc. (b) | 490 | 21,080 | ||||
Eastern Bankshares, Inc. | 1,220 | 24,766 | ||||
First Financial Bankshares, Inc. | 325 | 14,934 | ||||
FirstCash, Inc. | 90 | 7,875 | ||||
Focus Financial Partners, Inc. - Class A (b) | 125 | 6,546 | ||||
GAMCO Investors, Inc. - Class A | 740 | 19,521 | ||||
Glacier Bancorp, Inc. | 810 | 44,833 | ||||
Hanmi Financial Corp. | 210 | 4,213 | ||||
Home BancShares, Inc. | 18,890 | 444,482 | ||||
Kinsale Capital Group, Inc. | 40 | 6,468 | ||||
LendingTree, Inc. (b) | 1,360 | 190,169 | ||||
Moelis & Co. - Class A | 1,390 | 85,999 | ||||
NMI Holdings, Inc. - Class A (b) | 585 | 13,227 | ||||
Open Lending Corp. - Class A (b) | 740 | 26,692 | ||||
Piper Sandler Cos. | 140 | 19,385 | ||||
PJT Partners, Inc. - Class A | 1,500 | 118,665 | ||||
PROG Holdings, Inc. | 1,840 | 77,298 | ||||
Pzena Investment Management, Inc. - Class A | 760 | 7,478 | ||||
Regional Management Corp. | 140 | 8,145 | ||||
Silvergate Capital Corp. - Class A (b) | 260 | 30,030 | ||||
StepStone Group, Inc. - Class A | 3,780 | 161,179 | ||||
2,629,426 | ||||||
Health Care - 28.3% | ||||||
1Life Healthcare, Inc. (b) | 2,445 | 49,511 | ||||
Accuray, Inc. (b) | 2,220 | 8,769 | ||||
AdaptHealth Corp. (b) | 1,190 | 27,715 | ||||
Addus HomeCare Corp. (b) | 180 | 14,355 | ||||
Aerie Pharmaceuticals, Inc. (b) | 379 | 4,321 | ||||
Affimed NV (b) | 3,165 | 19,560 | ||||
Agenus, Inc. (b) | 3,850 | 20,212 | ||||
Albireo Pharma, Inc. (b) | 935 | 29,172 | ||||
Alector, Inc. (b) | 340 | 7,759 | ||||
Allakos, Inc. (b) | 200 | 21,174 | ||||
Allogene Therapeutics, Inc. (b) | 1,365 | 35,080 | ||||
Alphatec Holdings, Inc. (b) | 775 | 9,447 | ||||
ALX Oncology Holdings, Inc. (b) | 220 | 16,249 | ||||
Amedisys, Inc. (b) | 132 | 19,681 | ||||
AMN Healthcare Services, Inc. (b) | 470 | 53,932 | ||||
Amneal Pharmaceuticals, Inc. (b) | 6,740 | 35,992 | ||||
Apellis Pharmaceuticals, Inc. (b) | 155 | 5,109 | ||||
Apollo Medical Holdings, Inc. (b)(c) | 90 | 8,194 | ||||
Arcus Biosciences, Inc. (b) | 165 | 5,754 | ||||
Arcutis Biotherapeutics, Inc. (b) | 630 | 15,051 | ||||
Arrowhead Pharmaceuticals, Inc. (b) | 562 | 35,086 | ||||
Arvinas, Inc. (b) | 479 | 39,364 | ||||
Atara Biotherapeutics, Inc. (b) | 135 | 2,416 | ||||
Atea Pharmaceuticals, Inc. (b) | 330 | 11,570 | ||||
Avid Bioservices, Inc. (b) | 23,973 | 517,098 | ||||
Beam Therapeutics, Inc. (b) | 595 | 51,771 | ||||
BioDelivery Sciences International, Inc. (b) | 13,630 | 49,204 | ||||
Biohaven Pharmaceutical Holding Co. Ltd. (b) | 75 | 10,418 | ||||
BioLife Solutions, Inc. (b) | 8,285 | 350,621 | ||||
Blueprint Medicines Corp. (b) | 978 | 100,548 | ||||
Bridgebio Pharma, Inc. (b) | 755 | 35,387 | ||||
CareDx, Inc. (b) | 320 | 20,278 | ||||
Castle Biosciences, Inc. (b) | 277 | 18,420 | ||||
Cerus Corp. (b) | 3,900 | 23,751 | ||||
Chemed Corp. | 144 | 66,977 | ||||
ClearPoint Neuro, Inc. (b) | 640 | 11,360 | ||||
Collegium Pharmaceutical, Inc. (b) | 270 | 5,330 | ||||
Community Health Systems, Inc. (b) | 1,072 | 12,542 | ||||
CONMED Corp. | 3,745 | 489,958 | ||||
Corcept Therapeutics, Inc. (b) | 295 | 5,806 | ||||
CorVel Corp. (b) | 114 | 21,229 | ||||
Cross Country Healthcare, Inc. (b) | 910 | 19,328 | ||||
CryoLife, Inc. (b) | 815 | 18,166 | ||||
CryoPort, Inc. (b) | 1,015 | 67,508 | ||||
Curis, Inc. (b) | 1,060 | 8,300 | ||||
Cutera, Inc. (b) | 275 | 12,815 | ||||
CytomX Therapeutics, Inc. (b) | 539 | 2,744 | ||||
Denali Therapeutics, Inc. (b) | 2,412 | 121,685 | ||||
DermTech, Inc. (b) | 205 | 6,583 | ||||
Dynavax Technologies Corp. (b) | 1,020 | 19,594 | ||||
Eagle Pharmaceuticals, Inc. (b) | 115 | 6,415 | ||||
Eargo, Inc. (b) | 1,650 | 11,104 | ||||
Editas Medicine, Inc. (b) | 936 | 38,451 | ||||
Emergent BioSolutions, Inc. (b) | 555 | 27,789 | ||||
Fate Therapeutics, Inc. (b) | �� 775 | 45,934 | ||||
Fulgent Genetics, Inc. (b)(c) | 465 | 41,827 | ||||
G1 Therapeutics, Inc. (b)(c) | 719 | 9,649 | ||||
Generation Bio Co. (b) | 240 | 6,017 | ||||
Global Blood Therapeutics, Inc. (b) | 410 | 10,447 | ||||
Globus Medical, Inc. - Class A (b) | 265 | 20,304 | ||||
Halozyme Therapeutics, Inc. (b) | 3,089 | 125,661 | ||||
Hanger, Inc. (b) | 687 | 15,087 | ||||
HealthEquity, Inc. (b) | 190 | 12,304 | ||||
HealthStream, Inc. (b) | 125 | 3,572 | ||||
Heska Corp. (b) | 2,184 | 564,651 | ||||
IGM Biosciences, Inc. (b) | 380 | 24,989 | ||||
ImmunoGen, Inc. (b) | 5,252 | 29,779 | ||||
Inari Medical, Inc. (b) | 1,309 | 106,160 | ||||
Innoviva, Inc. (b) | 4,385 | 73,273 | ||||
Inovalon Holdings, Inc. - Class A (b) | 1,075 | 43,312 | ||||
Inspire Medical Systems, Inc. (b) | 432 | 100,604 | ||||
Integer Holdings Corp. (b) | 260 | 23,228 | ||||
Intellia Therapeutics, Inc. (b) | 565 | 75,795 | ||||
Intercept Pharmaceuticals, Inc. (b) | 1,029 | 15,281 | ||||
Intersect ENT, Inc. (b) | 109 | 2,965 | ||||
Invitae Corp. (b)(c) | 990 | 28,146 | ||||
iRhythm Technologies, Inc. (b) | 458 | 26,820 | ||||
Ironwood Pharmaceuticals, Inc. (b) | 3,786 | 49,445 | ||||
Karuna Therapeutics, Inc. (b) | 120 | 14,680 | ||||
Kodiak Sciences, Inc. (b) | 320 | 30,714 | ||||
LeMaitre Vascular, Inc. | 7,472 | 396,688 | ||||
Lexicon Pharmaceuticals, Inc. (b) | 2,200 | 10,582 | ||||
LHC Group, Inc. (b) | 2,376 | 372,818 | ||||
Ligand Pharmaceuticals, Inc. (b) | 70 | 9,752 | ||||
MacroGenics, Inc. (b) | 155 | 3,246 | ||||
Marinus Pharmaceuticals, Inc. (b) | 765 | 8,706 | ||||
Medpace Holdings, Inc. (b) | 4,828 | 913,844 | ||||
MEI Pharma, Inc. (b) | 2,850 | 7,866 | ||||
Meridian Bioscience, Inc. (b) | 1,811 | 34,844 | ||||
Merit Medical Systems, Inc. (b) | 170 | 12,206 | ||||
Mesa Laboratories, Inc. | 2,147 | 649,167 | ||||
ModivCare, Inc. (b) | 170 | 30,875 | ||||
Morphic Holding, Inc. (b) | 395 | 22,373 | ||||
Neogen Corp. (b) | 14,710 | 638,855 | ||||
NeoGenomics, Inc. (b) | 12,240 | 590,458 | ||||
Nevro Corp. (b) | 21 | 2,444 | ||||
Nkarta, Inc. (b) | 790 | 21,970 | ||||
Novavax, Inc. (b) | 55 | 11,402 | ||||
Novocure Ltd. (b) | 52 | 6,041 | ||||
NuVasive, Inc. (b) | 35 | 2,095 | ||||
Omnicell, Inc. (b) | 3,133 | 465,031 | ||||
Ortho Clinical Diagnostics Holdings PLC (b) | 1,520 | 28,090 | ||||
Pacific Biosciences of California, Inc. (b) | 1,650 | 42,157 | ||||
Pacira BioSciences, Inc. (b) | 260 | 14,560 | ||||
Phreesia, Inc. (b) | 7,221 | 445,536 | ||||
Precigen, Inc. (b) | 6,210 | 30,988 | ||||
Precision BioSciences, Inc. (b) | 1,150 | 13,271 | ||||
Progyny, Inc. (b) | 885 | 49,560 | ||||
Puma Biotechnology, Inc. (b) | 4,750 | 33,297 | ||||
Quanterix Corp. (b) | 130 | 6,473 | ||||
Quotient Ltd. (b) | 1,785 | 4,177 | ||||
R1 RCM, Inc. (b) | 1,860 | 40,939 | ||||
Radius Health, Inc. (b) | 1,420 | 17,622 | ||||
Reata Pharmaceuticals, Inc. - Class A (b) | 70 | 7,043 | ||||
Repligen Corp. (b) | 2,968 | 857,722 | ||||
Rocket Pharmaceuticals, Inc. (b) | 455 | 13,600 | ||||
Sangamo Therapeutics, Inc. (b) | 3,228 | 29,084 | ||||
Scholar Rock Holding Corp. (b) | 150 | 4,953 | ||||
Seer, Inc. (b) | 1,350 | 46,615 | ||||
Select Medical Holdings Corp. | 2,763 | 99,938 | ||||
Selecta Biosciences, Inc. (b) | 1,940 | 8,070 | ||||
Seres Therapeutics, Inc. (b) | 1,210 | 8,422 | ||||
Sesen Bio, Inc. (b) | 4,370 | 3,466 | ||||
Sharps Compliance Corp. (b) | 3,111 | 25,728 | ||||
Shockwave Medical, Inc. (b) | 450 | 92,646 | ||||
Sientra, Inc. (b) | 1,950 | 11,174 | ||||
Simulations Plus, Inc. | 9,501 | 375,289 | ||||
SpringWorks Therapeutics, Inc. (b) | 130 | 8,247 | ||||
STAAR Surgical Co. (b) | 922 | 118,505 | ||||
Stereotaxis, Inc. (b) | 6,070 | 32,657 | ||||
STERIS PLC | 138 | 28,191 | ||||
Stoke Therapeutics, Inc. (b) | 470 | 11,957 | ||||
Syros Pharmaceuticals, Inc. (b) | 7,010 | 31,335 | ||||
Teladoc Health, Inc. (b) | 34 | 4,312 | ||||
The Ensign Group, Inc. | 385 | 28,833 | ||||
The Pennant Group, Inc. (b) | 392 | 11,011 | ||||
Tivity Health, Inc. (b) | 502 | 11,576 | ||||
Triple-S Management Corp. (b) | 210 | 7,428 | ||||
Turning Point Therapeutics, Inc. (b) | 461 | 30,624 | ||||
Twist Bioscience Corp. (b) | 260 | 27,812 | ||||
Ultragenyx Pharmaceutical, Inc. (b) | 424 | 38,241 | ||||
US Physical Therapy, Inc. | 515 | 56,959 | ||||
Veracyte, Inc. (b) | 320 | 14,864 | ||||
Verastem, Inc. (b) | 4,190 | 12,905 | ||||
Vericel Corp. (b) | 177 | 8,638 | ||||
Viemed Healthcare, Inc. (b) | 2,205 | 12,238 | ||||
Vir Biotechnology, Inc. (b) | 645 | 28,070 | ||||
Vocera Communications, Inc. (b) | 1,365 | 62,462 | ||||
Xencor, Inc. (b) | 1,999 | 65,287 | ||||
11,321,132 | ||||||
Industrials - 10.3% | ||||||
Aerojet Rocketdyne Holdings, Inc. | 1,255 | 54,655 | ||||
Allied Motion Technologies, Inc. | 90 | 2,815 | ||||
Atkore, Inc. (b) | 1,809 | 157,238 | ||||
Atlas Air Worldwide Holdings, Inc. (b) | 290 | 23,687 | ||||
Barrett Business Services, Inc. | 115 | 8,770 | ||||
Bloom Energy Corp. - Class A (b) | 1,120 | 20,967 | ||||
Boise Cascade Co. | 225 | 12,146 | ||||
Brady Corp. - Class A | 905 | 45,884 | ||||
Builders FirstSource, Inc. (b) | 95 | 4,915 | ||||
Chart Industries, Inc. (b) | 1,611 | 307,878 | ||||
Comfort Systems USA, Inc. | 369 | 26,317 | ||||
Cornerstone Building Brands, Inc. (b) | 791 | 11,557 | ||||
EMCOR Group, Inc. | 1,090 | 125,764 | ||||
Exponent, Inc. | 201 | 22,743 | ||||
Franklin Covey Co. (b) | 1,970 | 80,356 | ||||
Franklin Electric Co., Inc. | 1,525 | 121,771 | ||||
FuelCell Energy, Inc. (b)(c) | 6,530 | 43,686 | ||||
Graftech International Ltd. | 3,320 | 34,262 | ||||
Healthcare Services Group, Inc. | 360 | 8,996 | ||||
Hydrofarm Holdings Group, Inc. (b) | 1,040 | 39,364 | ||||
Infrastructure and Energy Alternatives, Inc. (b) | 1,830 | 20,917 | ||||
INNOVATE Corp. (b) | 3,854 | 15,801 | ||||
John Bean Technologies Corp. | 740 | 104,007 | ||||
Kratos Defense & Security Solutions, Inc. (b) | 12,848 | 286,639 | ||||
Masonite International Corp. (b) | 110 | 11,674 | ||||
MasTec, Inc. (b) | 25 | 2,157 | ||||
Mercury Systems, Inc. (b) | 5,349 | 253,650 | ||||
Meritor, Inc. (b) | 880 | 18,753 | ||||
MRC Global, Inc. (b) | 305 | 2,239 | ||||
Mueller Industries, Inc. | 1,433 | 58,896 | ||||
PAE, Inc. (b) | 3,330 | 19,913 | ||||
Plug Power, Inc. (b) | 1,230 | 31,414 | ||||
Proto Labs, Inc. (b) | 288 | 19,181 | ||||
RBC Bearings, Inc. (b) | 111 | 23,554 | ||||
Rexnord Corp. | 520 | 33,431 | ||||
Saia, Inc. (b) | 3,280 | 780,738 | ||||
Science Applications International Corp. | 23 | 1,968 | ||||
Simpson Manufacturing Co., Inc. | 1,095 | 117,132 | ||||
SiteOne Landscape Supply, Inc. (b) | 2,238 | 446,414 | ||||
Sterling Construction Co., Inc. (b) | 380 | 8,615 | ||||
Sunrun, Inc. (b) | 81 | 3,564 | ||||
Tetra Tech, Inc. | 125 | 18,668 | ||||
The AZEK Co., Inc. (b) | 5,788 | 211,436 | ||||
The Brink's Co. | 55 | 3,482 | ||||
The ExOne Co. (b) | 390 | 9,118 | ||||
Titan International, Inc. (b) | 1,540 | 11,026 | ||||
TPI Composites, Inc. (b) | 4,595 | 155,081 | ||||
TriNet Group, Inc. (b) | 1,037 | 98,080 | ||||
UFP Industries, Inc. | 1,325 | 90,074 | ||||
Upwork, Inc. (b) | 748 | 33,682 | ||||
Vectrus, Inc. (b) | 100 | 5,028 | ||||
Vicor Corp. (b) | 190 | 25,490 | ||||
Watts Water Technologies, Inc. - Class A | 60 | 10,085 | ||||
Welbilt, Inc. (b) | 175 | 4,067 | ||||
Werner Enterprises, Inc. | 400 | 17,708 | ||||
WillScot Mobile Mini Holdings Corp. (b) | 930 | 29,500 | ||||
4,136,953 | ||||||
Information Technology - 28.6% | ||||||
3D Systems Corp. (b) | 2,940 | 81,056 | ||||
8x8, Inc. (b) | 9,524 | 222,766 | ||||
A10 Networks, Inc. (b) | 5,835 | 78,656 | ||||
ACI Worldwide, Inc. (b) | 1,980 | 60,845 | ||||
Alarm.com Holdings, Inc. (b) | 340 | 26,585 | ||||
Alkami Technology, Inc. (b) | 650 | 16,042 | ||||
Alpha & Omega Semiconductor Ltd. (b) | 500 | 15,685 | ||||
Ambarella, Inc. (b) | 535 | 83,321 | ||||
Appfolio, Inc. - Class A (b) | 1,984 | 238,874 | ||||
Appian Corp. (b)(c) | 580 | 53,656 | ||||
Asana, Inc. - Class A (b) | 370 | 38,421 | ||||
Avaya Holdings Corp. (b) | 420 | 8,312 | ||||
Axcelis Technologies, Inc. (b) | 1,975 | 92,884 | ||||
Badger Meter, Inc. | 670 | 67,764 | ||||
BigCommerce Holdings, Inc. (b) | 620 | 31,397 | ||||
Blackbaud, Inc. (b) | 460 | 32,361 | ||||
Blackline, Inc. (b) | 257 | 30,342 | ||||
Box, Inc. - Class A (b) | 4,050 | 95,864 | ||||
Brooks Automation, Inc. | 771 | 78,912 | ||||
Cass Information Systems, Inc. | 608 | 25,445 | ||||
Cerence, Inc. (b) | 3,576 | 343,689 | ||||
Cohu, Inc. (b) | 445 | 14,213 | ||||
CommVault Systems, Inc. (b) | 1,597 | 120,270 | ||||
Cornerstone OnDemand, Inc. (b) | 2,010 | 115,093 | ||||
CTS Corp. | 930 | 28,746 | ||||
Diebold Nixdorf, Inc. (b) | 1,730 | 17,490 | ||||
Digital Turbine, Inc. (b) | 2,156 | 148,225 | ||||
Domo, Inc. - Class B (b) | 350 | 29,554 | ||||
DoubleVerify Holdings, Inc. (b) | 6,960 | 237,754 | ||||
Endava PLC - ADR (b) | 3,744 | 508,622 | ||||
Enphase Energy, Inc. (b) | 20 | 2,999 | ||||
Everbridge, Inc. (b) | 170 | 25,677 | ||||
Evo Payments, Inc. - Class A (b) | 26,898 | 636,945 | ||||
ExlService Holdings, Inc. (b) | 523 | 64,392 | ||||
Extreme Networks, Inc. (b) | 5,390 | 53,091 | ||||
FormFactor, Inc. (b) | 1,710 | 63,834 | ||||
II-VI, Inc. (b) | 1,469 | 87,200 | ||||
International Money Express, Inc. (b) | 6,750 | 112,725 | ||||
J2 Global, Inc. (b) | 795 | 108,613 | ||||
JFrog Ltd. (b) | 460 | 15,410 | ||||
Kopin Corp. (b) | 2,740 | 14,056 | ||||
Kulicke & Soffa Industries, Inc. | 2,688 | 156,657 | ||||
Lattice Semiconductor Corp. (b) | 1,725 | 111,521 | ||||
LivePerson, Inc. (b) | 575 | 33,896 | ||||
MACOM Technology Solutions Holdings, Inc. (b) | 1,929 | 125,134 | ||||
Maximus, Inc. | 5,505 | 458,016 | ||||
MaxLinear, Inc. (b) | 300 | 14,775 | ||||
MicroStrategy, Inc. - Class A (b)(c) | 90 | 52,056 | ||||
Mimecast Ltd. (b) | 10,405 | 661,758 | ||||
Model N, Inc. (b) | 420 | 14,070 | ||||
nLight, Inc. (b) | 10,645 | 300,083 | ||||
Novanta, Inc. (b) | 360 | 55,620 | ||||
NVE Corp. | 320 | 20,470 | ||||
ON24, Inc. (b) | 1,460 | 29,112 | ||||
Onto Innovation, Inc. (b) | 780 | 56,355 | ||||
OSI Systems, Inc. (b) | 960 | 91,008 | ||||
PagerDuty, Inc. (b) | 390 | 16,154 | ||||
Pegasystems, Inc. | 6,119 | 777,725 | ||||
Power Integrations, Inc. | 935 | 92,556 | ||||
Q2 Holdings, Inc. (b) | 180 | 14,425 | ||||
Qualys, Inc. (b) | 3,383 | 376,494 | ||||
Rackspace Technology, Inc. (b) | 130 | 1,849 | ||||
Repay Holdings Corp. (b) | 22,066 | 508,180 | ||||
Rimini Street, Inc. (b) | 6,555 | 63,256 | ||||
Rogers Corp. (b) | 85 | 15,851 | ||||
Sailpoint Technologies Holdings, Inc. (b) | 665 | 28,515 | ||||
Sapiens International Corp. NV | 1,560 | 44,897 | ||||
Semtech Corp. (b) | 2,634 | 205,373 | ||||
Silicon Laboratories, Inc. (b) | 1,557 | 218,229 | ||||
SMART Global Holdings, Inc. (b) | 1,855 | 82,547 | ||||
Sprout Social, Inc. - Class A (b) | 100 | 12,195 | ||||
SPS Commerce, Inc. (b) | 787 | 126,951 | ||||
Sumo Logic, Inc. (b) | 370 | 5,964 | ||||
Synaptics, Inc. (b) | 478 | 85,911 | ||||
The Hackett Group, Inc. | 1,080 | 21,190 | ||||
TTEC Holdings, Inc. | 308 | 28,807 | ||||
Ultra Clean Holdings, Inc. (b) | 1,720 | 73,272 | ||||
Varonis Systems, Inc. (b) | 915 | 55,678 | ||||
Verra Mobility Corp. (b) | 3,730 | 56,211 | ||||
Viavi Solutions, Inc. (b) | 1,240 | 19,518 | ||||
Vonage Holdings Corp. (b) | 1,510 | 24,341 | ||||
WNS Holdings Ltd. - ADR (b) | 12,258 | 1,002,704 | ||||
Workiva, Inc. (b) | 8,340 | 1,175,606 | ||||
Xperi Holding Corp. | 310 | 5,840 | ||||
11,448,556 | ||||||
Materials - 1.7% | ||||||
Amyris, Inc. (b) | 560 | 7,689 | ||||
Avient Corp. | 332 | 15,388 | ||||
Balchem Corp. | 173 | 25,097 | ||||
Ferroglobe Representation & Warranty Insurance Trust (b)(d)(e) | 840 | – | ||||
Forterra, Inc. (b) | 2,379 | 56,049 | ||||
Greif, Inc. - Class A | 660 | 42,636 | ||||
Innospec, Inc. | 760 | 64,007 | ||||
Koppers Holdings, Inc. (b) | 285 | 8,909 | ||||
Materion Corp. | 229 | 15,719 | ||||
Neenah, Inc. | 79 | 3,682 | ||||
Quaker Chemical Corp. | 1,805 | 429,085 | ||||
668,261 | ||||||
Real Estate - 0.3% | ||||||
EastGroup Properties, Inc. | 272 | 45,323 | ||||
eXp World Holdings, Inc. | 620 | 24,658 | ||||
Newmark Group, Inc. - Class A | 730 | 10,446 | ||||
Redfin Corp. (b)(c) | 895 | 44,840 | ||||
125,267 | ||||||
Utilities - 0.1% | ||||||
Ormat Technologies, Inc. | 170 | 11,324 | ||||
South Jersey Industries, Inc. | 890 | 18,921 | ||||
Via Renewables, Inc. | 2,870 | 29,245 | ||||
59,490 | ||||||
Total Common Stocks (Cost $26,555,000) | 39,485,969 | |||||
Par Value | ||||||
CORPORATE BONDS - 0.0% (f) | ||||||
Financials - 0.0% (f) | ||||||
GAMCO Investors, Inc. | ||||||
4.000%, due 06/15/23 (g) | $ | 1,480 | 1,473 | |||
Total Corporate Bonds (Cost $1,480) | 1,473 | |||||
Total Investments at Value - 98.7% (Cost $26,556,480) | 39,487,442 | |||||
Other Assets in Excess of Liabilities - 1.3% | 502,937 | |||||
Net Assets - 100.0% | $ | 39,990,379 |
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 September 30, 2021. The total market value of securities on loan at September 30, 2021 was $301,741. | |||
(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 September 30, 2021, representing 0.0% of net assets. | |||
(e) | Illiquid security. The total value of such securities is $0 as of September 30, 2021, representing 0.0% of net assets. | |||
(f) | Represents less than 0.1%. | |||
(g) | Level 2 security. | |||
The Accompanying Footnotes are an Integral Part of these Schedules of Investments. |
SMALL COMPANY GROWTH PORTFOLIO | |||||||||
NOTES TO SCHEDULE OF INVESTMENTS | |||||||||
September 30, 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 Directors 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 September 30, 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 September 30, 2021: |
Small Company Growth Portfolio | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 39,485,969 | $ | - | $ | - | * | $ | 39,485,969 | |||||||
Common Bonds | - | 1,473 | - | 1,473 | ||||||||||||
Total | $ | 39,485,969 | $ | 1,473 | $ | - | $ | 39,487,442 |
* 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 September 30, 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. |