WILSHIRE MUTUAL FUNDS, INC. | ||||
SMALL COMPANY VALUE PORTFOLIO | March 31, 2023 (Unaudited) | |||
SCHEDULE OF INVESTMENTS | ||||
Shares | Value | |||||
COMMON STOCKS - 98.6% (a) | ||||||
Communication Services - 1.0% | ||||||
AMC Networks, Inc. - Class A (b) | 481 | $ | 8,456 | |||
Bandwidth, Inc. - Class A (b) | 871 | 13,239 | ||||
Bumble, Inc. - Class A (b) | 600 | 11,730 | ||||
Cinemark Holdings, Inc. (b) | 1,535 | 22,702 | ||||
Clear Channel Outdoor Holdings, Inc. (b) | 5,496 | 6,595 | ||||
Emerald Holding, Inc. (b) | 2,900 | 10,788 | ||||
Eventbrite, Inc. - Class A (b) | 1,480 | 12,699 | ||||
IMAX Corp. (b) | 527 | 10,108 | ||||
Iridium Communications, Inc. | 687 | 42,546 | ||||
Liberty Latin America Ltd. - Class A (b) | 2,514 | 20,891 | ||||
Liberty Latin America Ltd. - Class C (b) | 3,189 | 26,341 | ||||
Lions Gate Entertainment Corp. - Class B (b) | 584 | 6,062 | ||||
Magnite, Inc. (b) | 526 | 4,871 | ||||
Stagwell, Inc. (b) | 4,000 | 29,680 | ||||
TEGNA, Inc. | 715 | 12,091 | ||||
Thryv Holdings, Inc. (b) | 401 | 9,247 | ||||
United States Cellular Corp. (b) | 1,386 | 28,732 | ||||
276,778 | ||||||
Consumer Discretionary - 12.3% | ||||||
2U, Inc. (b) | 2,651 | 18,159 | ||||
Academy Sports & Outdoors, Inc. | 2,327 | 151,837 | ||||
Adient PLC (b) | 1,773 | 72,622 | ||||
Adtalem Global Education, Inc. (b) | 916 | 35,376 | ||||
American Public Education, Inc. (b) | 974 | 5,279 | ||||
Asbury Automotive Group, Inc. (b) | 175 | 36,750 | ||||
Bally's Corp. (b) | 1,056 | 20,613 | ||||
Big 5 Sporting Goods Corp. (c) | 60 | 461 | ||||
Bloomin' Brands, Inc. | 2,057 | 52,762 | ||||
Boot Barn Holdings, Inc. (b) | 420 | 32,189 | ||||
Brinker International, Inc. (b) | 720 | 27,360 | ||||
Carter's, Inc. | 100 | 7,192 | ||||
Century Casinos, Inc. (b) | 710 | 5,204 | ||||
Century Communities, Inc. | 1,327 | 84,822 | ||||
Chuy's Holdings, Inc. (b) | 250 | 8,962 | ||||
Dave & Buster's Entertainment, Inc. (b) | 172 | 6,328 | ||||
Destination XL Group, Inc. (b) | 2,657 | 14,640 | ||||
Dine Brands Global, Inc. | 310 | 20,968 | ||||
El Pollo Loco Holdings, Inc. | 1,006 | 9,648 | ||||
Everi Holdings, Inc. (b) | 596 | 10,221 | ||||
Foot Locker, Inc. | 149 | 5,914 | ||||
Frontdoor, Inc. (b) | 1,386 | 38,642 | ||||
Funko, Inc. - Class A (b) | 2,500 | 23,575 | ||||
Genesco, Inc. (b) | 450 | 16,596 | ||||
G-III Apparel Group Ltd. (b) | 1,900 | 29,545 | ||||
Graham Holdings Co. - Class B | 20 | 11,917 | ||||
Green Brick Partners, Inc. (b) | 4,335 | 151,985 | ||||
Group 1 Automotive, Inc. | 284 | 64,303 | ||||
Hanesbrands, Inc. | 9,680 | 50,917 | ||||
Haverty Furniture Cos., Inc. | 1,089 | 34,750 | ||||
Hibbett, Inc. | 330 | 19,463 | ||||
Hooker Furnishings Corp. | 1,100 | 20,009 | ||||
Inspired Entertainment, Inc. (b) | 859 | 10,987 | ||||
International Game Technology PLC | 905 | 24,254 | ||||
Jack in the Box, Inc. | 120 | 10,511 | ||||
JAKKS Pacific, Inc. (b) | 928 | 16,054 | ||||
Johnson Outdoors, Inc. - Class A | 1,404 | 88,466 | ||||
KB Home | 3,039 | 122,107 | ||||
Kontoor Brands, Inc. | 210 | 10,162 | ||||
Lakeland Industries, Inc. | 700 | 10,220 | ||||
Latham Group, Inc. (b) | 8,710 | 24,911 | ||||
Laureate Education, Inc. | 9,544 | 112,237 | ||||
La-Z-Boy, Inc. | 3,970 | 115,448 | ||||
Legacy Housing Corp. (b) | 2,840 | 64,638 | ||||
Lindblad Expeditions Holdings, Inc. (b) | 1,752 | 16,749 | ||||
LL Flooring Holdings, Inc. (b) | 4,500 | 17,100 | ||||
M/I Homes, Inc. (b) | 1,129 | 71,229 | ||||
Macy's, Inc. | 264 | 4,617 | ||||
MarineMax, Inc. (b) | 1,010 | 29,038 | ||||
Meritage Homes Corp. | 605 | 70,640 | ||||
Modine Manufacturing Co. (b) | 275 | 6,339 | ||||
Movado Group, Inc. | 1,065 | 30,640 | ||||
OneWater Marine, Inc. Class A (b)(c) | 1,100 | 30,767 | ||||
Oxford Industries, Inc. | 607 | 64,093 | ||||
Perdoceo Education Corp. (b) | 2,840 | 38,141 | ||||
Qurate Retail, Inc. - Class A (b) | 1,614 | 1,594 | ||||
Red Rock Resorts, Inc. - Class A | 10,547 | 470,080 | ||||
Rocky Brands, Inc. | 3,925 | 90,550 | ||||
Ruth's Hospitality Group, Inc. | 1,500 | 24,630 | ||||
Sabre Corp. (b) | 4,208 | 18,052 | ||||
SeaWorld Entertainment, Inc. (b) | 1,702 | 104,350 | ||||
Signet Jewelers Ltd. | 534 | 41,535 | ||||
Sleep Number Corp. (b) | 360 | 10,948 | ||||
Sonic Automotive, Inc. - Class A | 700 | 38,038 | ||||
Steven Madden Ltd. | 700 | 25,200 | ||||
Taylor Morrison Home Corp. (b) | 1,551 | 59,341 | ||||
The Aaron's Co., Inc. | 3,488 | 33,694 | ||||
The Cato Corp. - Class A | 1,600 | 14,144 | ||||
The Cheesecake Factory, Inc. | 410 | 14,370 | ||||
The Goodyear Tire & Rubber Co. (b) | 1,500 | 16,530 | ||||
The RealReal, Inc. (b) | 1,843 | 2,322 | ||||
Thor Industries, Inc. | 340 | 27,078 | ||||
Topgolf Callaway Brands Corp. (b) | 2,520 | 54,482 | ||||
Travel + Leisure Co. | 770 | 30,184 | ||||
TravelCenters of America, Inc. (b) | 300 | 25,950 | ||||
Tri Pointe Homes, Inc. (b) | 945 | 23,927 | ||||
Upbound Group, Inc. | 1,550 | 37,991 | ||||
Urban Outfitters, Inc. (b) | 320 | 8,870 | ||||
Vail Resorts, Inc. | 208 | 48,605 | ||||
Vista Outdoor, Inc. (b) | 1,400 | 38,794 | ||||
Winnebago Industries, Inc. | 161 | 9,290 | ||||
Wolverine World Wide, Inc. | 5,570 | 94,969 | ||||
WW International, Inc. (b) | 3,146 | 12,962 | ||||
Zumiez, Inc. (b) | 400 | 7,376 | ||||
3,464,213 | ||||||
Consumer Staples - 4.4% | ||||||
B&G Foods, Inc. (c) | 1,540 | 23,916 | ||||
Cal-Maine Foods, Inc. | 5,568 | 339,035 | ||||
Central Garden & Pet Co. (b) | 540 | 22,173 | ||||
Herbalife Nutrition Ltd. (b) | 2,460 | 39,606 | ||||
Ingles Markets, Inc. - Class A | 138 | 12,241 | ||||
Inter Parfums, Inc. | 69 | 9,815 | ||||
Lancaster Colony Corp. | 1,160 | 235,341 | ||||
Medifast, Inc. | 240 | 24,881 | ||||
Natural Grocers by Vitamin Cottage, Inc. | 2,419 | 28,423 | ||||
Nu Skin Enterprises, Inc. - Class A | 665 | 26,141 | ||||
Oil-Dri Corp of America | 1,526 | 63,497 | ||||
Post Holdings, Inc. (b) | 1,586 | 142,534 | ||||
Seaboard Corp. | 37 | 139,490 | ||||
The Andersons, Inc. | 730 | 30,163 | ||||
The Chefs' Warehouse, Inc. (b) | 1,249 | 42,529 | ||||
The Honest Co., Inc. (b) | 2,004 | 3,607 | ||||
USANA Health Sciences, Inc. (b) | 410 | 25,789 | ||||
Vector Group Ltd. | 603 | 7,242 | ||||
Village Super Market, Inc. - Class A | 699 | 15,993 | ||||
Whole Earth Brands, Inc. (b) | 1,990 | 5,094 | ||||
1,237,510 | ||||||
Energy - 7.1% | ||||||
Alto Ingredients, Inc. (b) | 3,600 | 5,400 | ||||
Archrock, Inc. | 2,240 | 21,885 | ||||
Berry Corp. | 5,089 | 39,949 | ||||
Bristow Group, Inc. (b) | 493 | 11,043 | ||||
California Resources Corp. | 1,844 | 70,994 | ||||
Centrus Energy Corp. - Class A (b) | 1,744 | 56,157 | ||||
ChampionX Corp. | 760 | 20,619 | ||||
Chord Energy Corp. | 361 | 48,591 | ||||
Civitas Resources, Inc. | 4,499 | 307,462 | ||||
CNX Resources Corp. (b) | 876 | 14,033 | ||||
Crescent Energy Co. - Class A | 3,580 | 40,490 | ||||
Denbury, Inc. (b) | 330 | 28,918 | ||||
DHT Holdings, Inc. | 7,260 | 78,481 | ||||
Dorian LPG Ltd. | 1,569 | 31,286 | ||||
Dril-Quip, Inc. (b) | 1,300 | 37,297 | ||||
Equitrans Midstream Corp. | 7,615 | 44,015 | ||||
Expro Group Holdings NV (b) | 1,370 | 25,153 | ||||
Forum Energy Technologies, Inc. (b) | 700 | 17,801 | ||||
Golar LNG Ltd. (b) | 5,507 | 118,951 | ||||
Helix Energy Solutions Group, Inc. (b) | 4,423 | 34,234 | ||||
Helmerich & Payne, Inc. | 813 | 29,065 | ||||
International Seaways, Inc. | 372 | 15,505 | ||||
Kinetik Holdings, Inc. | 900 | 28,170 | ||||
Kosmos Energy Ltd. (b) | 5,600 | 41,664 | ||||
Liberty Energy, Inc. | 1,600 | 20,496 | ||||
Magnolia Oil & Gas Corp. - Class A | 808 | 17,679 | ||||
Murphy Oil Corp. | 1,456 | 53,843 | ||||
National Energy Services Reunited Corp. (b) | 4,040 | 21,250 | ||||
Newpark Resources, Inc. (b) | 5,540 | 21,329 | ||||
NexTier Oilfield Solutions, Inc. (b) | 3,000 | 23,850 | ||||
Noble Corp. PLC (b) | 300 | 11,841 | ||||
Northern Oil and Gas, Inc. | 900 | 27,315 | ||||
Oceaneering International, Inc. (b) | 905 | 15,955 | ||||
Oil States International, Inc. (b) | 1,489 | 12,403 | ||||
Par Pacific Holdings, Inc. (b) | 1,100 | 32,120 | ||||
PBF Energy, Inc. - Class A | 539 | 23,371 | ||||
Permian Resources Corp. | 6,045 | 63,472 | ||||
Precision Drilling Corp. (b) | 570 | 29,309 | ||||
ProPetro Holding Corp. (b) | 3,100 | 22,289 | ||||
Ranger Oil Corp. - Class A | 660 | 26,954 | ||||
REX American Resources Corp. (b) | 1,506 | 43,057 | ||||
Scorpio Tankers, Inc. | 161 | 9,066 | ||||
SFL Corp. Ltd. | 8,771 | 83,324 | ||||
Solaris Oilfield Infrastructure, Inc. - Class A | 2,500 | 21,350 | ||||
Talos Energy, Inc. (b) | 1,400 | 20,776 | ||||
TechnipFMC PLC (b) | 1,500 | 20,475 | ||||
Teekay Tankers Ltd. - Class A (b) | 962 | 41,299 | ||||
Tidewater, Inc. (b) | 815 | 35,925 | ||||
US Silica Holdings, Inc. (b) | 893 | 10,662 | ||||
Vertex Energy, Inc. (b)(c) | 3,600 | 35,568 | ||||
Vital Energy, Inc. (b) | 410 | 18,671 | ||||
World Fuel Services Corp. | 2,301 | 58,791 | ||||
1,989,603 | ||||||
Financials - 27.5% | ||||||
1st Source Corp. | 420 | 18,123 | ||||
ACNB Corp. | 300 | 9,765 | ||||
Ambac Financial Group, Inc. (b) | 2,726 | 42,199 | ||||
Amerant Bancorp, Inc. | 1,814 | 39,473 | ||||
American Equity Investment Life Holding Co. | 2,921 | 106,587 | ||||
Ameris Bancorp | 500 | 18,290 | ||||
Apollo Commercial Real Estate Finance, Inc. | 6,597 | 61,418 | ||||
Artisan Partners Asset Management, Inc. - Class A | 970 | 31,021 | ||||
AssetMark Financial Holdings, Inc. (b) | 1,520 | 47,804 | ||||
Associated Banc-Corp | 1,780 | 32,004 | ||||
Assured Guaranty Ltd. | 665 | 33,430 | ||||
Axis Capital Holdings Ltd. | 460 | 25,079 | ||||
Axos Financial, Inc. (b) | 882 | 32,563 | ||||
BancFirst Corp. | 636 | 52,852 | ||||
Bank of Marin Bancorp | 360 | 7,880 | ||||
Bank OZK | 8,158 | 279,004 | ||||
BankUnited, Inc. | 3,093 | 69,840 | ||||
Banner Corp. | 413 | 22,455 | ||||
BayCom Corp. | 1,176 | 20,086 | ||||
BCB Bancorp, Inc. | 500 | 6,565 | ||||
Berkshire Hills Bancorp, Inc. | 2,142 | 53,679 | ||||
BGC Partners, Inc. - Class A | 20,657 | 108,036 | ||||
Blackstone Mortgage Trust, Inc. - Class A | 544 | 9,710 | ||||
BOK Financial Corp. | 1,701 | 143,581 | ||||
Bread Financial Holdings, Inc. | 2,698 | 81,803 | ||||
Bridgewater Bancshares, Inc. (b) | 500 | 5,420 | ||||
Brighthouse Financial, Inc. (b) | 400 | 17,644 | ||||
BrightSpire Capital, Inc. | 1,300 | 7,670 | ||||
Brookline Bancorp, Inc. | 1,700 | 17,850 | ||||
Cadence Bank | 680 | 14,117 | ||||
Camden National Corp. | 530 | 19,181 | ||||
Capitol Federal Financial, Inc. | 2,100 | 14,133 | ||||
Cass Information Systems, Inc. | 1,454 | 62,973 | ||||
Cathay General Bancorp | 3,212 | 110,878 | ||||
Central Pacific Financial Corp. | 1,400 | 25,060 | ||||
Central Valley Community Bancorp | 400 | 8,232 | ||||
City Holding Co. | 572 | 51,983 | ||||
Civista Bancshares, Inc. | 400 | 6,752 | ||||
CNB Financial Corp. | 400 | 7,680 | ||||
CNO Financial Group, Inc. | 2,047 | 45,423 | ||||
Columbia Banking System, Inc. | 3,226 | 69,101 | ||||
Community Bank System, Inc. | 699 | 36,691 | ||||
Community Trust Bancorp, Inc. | 425 | 16,129 | ||||
ConnectOne Bancorp, Inc. | 1,780 | 31,470 | ||||
CrossFirst Bankshares, Inc. (b) | 1,459 | 15,290 | ||||
Customers Bancorp, Inc. (b) | 1,900 | 35,188 | ||||
CVB Financial Corp. | 3,166 | 52,809 | ||||
Diamond Hill Investment Group, Inc. | 120 | 19,750 | ||||
Eagle Bancorp, Inc. | 970 | 32,466 | ||||
Employers Holdings, Inc. | 1,710 | 71,290 | ||||
Enact Holdings, Inc. | 900 | 20,574 | ||||
Enova International, Inc. (b) | 298 | 13,240 | ||||
Enstar Group Ltd. (b) | 997 | 231,095 | ||||
Enterprise Financial Services Corp. | 1,019 | 45,437 | ||||
Esquire Financial Holdings, Inc. | 1,042 | 40,742 | ||||
Essent Group Ltd. | 3,417 | 136,851 | ||||
Euronet Worldwide, Inc. (b) | 350 | 39,165 | ||||
Evercore, Inc. - Class A | 300 | 34,614 | ||||
FB Financial Corp. | 817 | 25,392 | ||||
Federated Hermes, Inc. | 1,005 | 40,341 | ||||
Financial Institutions, Inc. | 350 | 6,748 | ||||
First Bancorp | 768 | 27,279 | ||||
First BanCorp | 2,700 | 30,834 | ||||
First Busey Corp. | 1,100 | 22,374 | ||||
First Business Financial Services, Inc. | 300 | 9,153 | ||||
First Community Bankshares, Inc. | 2,639 | 66,107 | ||||
First Financial Bancorp | 1,346 | 29,302 | ||||
First Financial Corp. | 1,133 | 42,465 | ||||
First Hawaiian, Inc. | 1,600 | 33,008 | ||||
First Internet Bancorp | 900 | 14,985 | ||||
First Interstate BancSystem, Inc. - Class A | 4,853 | 144,911 | ||||
First Merchants Corp. | 1,327 | 43,725 | ||||
First Mid Bancshares, Inc. | 400 | 10,888 | ||||
First Western Financial, Inc. (b) | 2,077 | 41,125 | ||||
Flushing Financial Corp. | 1,740 | 25,909 | ||||
FNB Corp. | 2,010 | 23,316 | ||||
FS Bancorp, Inc. | 260 | 7,803 | ||||
Fulton Financial Corp. | 2,549 | 35,227 | ||||
Genworth Financial, Inc. - Class A (b) | 15,241 | 76,510 | ||||
Granite Point Mortgage Trust, Inc. | 1,900 | 9,424 | ||||
Great Ajax Corp. | 813 | 5,350 | ||||
Great Southern Bancorp, Inc. | 793 | 40,189 | ||||
Greenhill & Co., Inc. | 1,690 | 14,990 | ||||
Greenlight Capital Re Ltd. - Class A (b) | 1,000 | 9,390 | ||||
Hancock Whitney Corp. | 560 | 20,384 | ||||
Hanmi Financial Corp. | 1,750 | 32,497 | ||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 1,403 | 40,126 | ||||
Heartland Financial USA, Inc. | 126 | 4,833 | ||||
Heritage Commerce Corp. | 3,745 | 31,196 | ||||
Hilltop Holdings, Inc. | 1,260 | 37,384 | ||||
Home Bancorp, Inc. | 200 | 6,606 | ||||
HomeStreet, Inc. | 1,750 | 31,482 | ||||
Hope Bancorp, Inc. | 3,300 | 32,406 | ||||
Horace Mann Educators Corp. | 1,030 | 34,484 | ||||
Horizon Bancorp, Inc. | 1,420 | 15,705 | ||||
Independent Bank Corp. | 1,672 | 29,711 | ||||
International Bancshares Corp. | 2,394 | 102,511 | ||||
International Money Express, Inc. (b) | 1,500 | 38,670 | ||||
Investar Holding Corp. | 500 | 6,980 | ||||
Jackson Financial, Inc. - Class A | 3,229 | 120,797 | ||||
James River Group Holdings Ltd. | 1,638 | 33,825 | ||||
Janus Henderson Group PLC | 1,400 | 37,296 | ||||
Kearny Financial Corp. | 1,900 | 15,428 | ||||
Kemper Corp. | 600 | 32,796 | ||||
Lakeland Bancorp, Inc. | 1,400 | 21,896 | ||||
Live Oak Bancshares, Inc. | 10,412 | 253,740 | ||||
Luther Burbank Corp. | 700 | 6,636 | ||||
Macatawa Bank Corp. | �� 2,580 | 26,368 | ||||
Mercantile Bank Corp. | 1,557 | 47,613 | ||||
Merchants Bancorp | 400 | 10,416 | ||||
Mercury General Corp. | 500 | 15,870 | ||||
MFA Financial, Inc. | 1,388 | 13,769 | ||||
MGIC Investment Corp. | 2,000 | 26,840 | ||||
Midland States Bancorp, Inc. | 800 | 17,136 | ||||
MidWestOne Financial Group, Inc. | 370 | 9,035 | ||||
Mr Cooper Group, Inc. (b) | 7,601 | 311,413 | ||||
National Bank Holdings Corp. - Class A | 281 | 9,402 | ||||
National Bankshares, Inc. | 200 | 6,292 | ||||
National Western Life Group, Inc. - Class A | 195 | 47,311 | ||||
Navient Corp. | 2,150 | 34,379 | ||||
New York Community Bancorp, Inc. | 4,200 | 37,968 | ||||
New York Mortgage Trust, Inc. | 2,080 | 20,717 | ||||
NMI Holdings, Inc. - Class A (b) | 2,130 | 47,563 | ||||
Northeast Bank | 200 | 6,732 | ||||
Northeast Community Bancorp, Inc. | 700 | 9,184 | ||||
Northfield Bancorp, Inc. | 1,200 | 14,136 | ||||
Northrim BanCorp, Inc. | 200 | 9,436 | ||||
OceanFirst Financial Corp. | 1,950 | 36,036 | ||||
OFG Bancorp | 1,395 | 34,791 | ||||
Old Second Bancorp, Inc. | 836 | 11,754 | ||||
Oppenheimer Holdings, Inc. - Class A | 796 | 31,163 | ||||
Orrstown Financial Services, Inc. | 1,088 | 21,608 | ||||
Pacific Premier Bancorp, Inc. | 700 | 16,814 | ||||
PacWest Bancorp (c) | 1,500 | 14,595 | ||||
Parke Bancorp, Inc. | 913 | 16,233 | ||||
Pathward Financial, Inc. | 138 | 5,726 | ||||
Paysafe Ltd. (b) | 1,433 | 24,748 | ||||
PCB Bancorp | 700 | 10,143 | ||||
PennyMac Mortgage Investment Trust | 3,218 | 39,678 | ||||
Peoples Financial Services Corp. | 1,415 | 61,340 | ||||
Perella Weinberg Partners | 1,900 | 17,290 | ||||
Popular, Inc. | 730 | 41,909 | ||||
Preferred Bank | 795 | 43,574 | ||||
Premier Financial Corp. | 1,240 | 25,705 | ||||
Primerica, Inc. | 70 | 12,057 | ||||
Primis Financial Corp. | 700 | 6,741 | ||||
PROG Holdings, Inc. (b) | 2,493 | 59,309 | ||||
Provident Bancorp, Inc. | 1,351 | 9,241 | ||||
Provident Financial Services, Inc. | 4,166 | 79,904 | ||||
Radian Group, Inc. | 2,760 | 60,996 | ||||
RBB Bancorp | 390 | 6,045 | ||||
Redwood Trust, Inc. | 2,227 | 15,010 | ||||
Regional Management Corp. | 1,259 | 32,847 | ||||
Repay Holdings Corp. (b) | 607 | 3,988 | ||||
Republic Bancorp, Inc. - Class A | 250 | 10,608 | ||||
S&T Bancorp, Inc. | 825 | 25,946 | ||||
Safety Insurance Group, Inc. | 270 | 20,120 | ||||
Sandy Spring Bancorp, Inc. | 1,300 | 33,774 | ||||
Seacoast Banking Corp. of Florida | 298 | 7,063 | ||||
Selective Insurance Group, Inc. | 1,563 | 149,001 | ||||
Selectquote, Inc. (b) | 10,500 | 22,785 | ||||
Sierra Bancorp | 500 | 8,610 | ||||
Silvercrest Asset Management Group, Inc. - Class A | 1,054 | 19,162 | ||||
Simmons First National Corp. - Class A | 1,970 | 34,455 | ||||
SiriusPoint Ltd. (b) | 5,200 | 42,276 | ||||
SLM Corp. | 2,700 | 33,453 | ||||
South Plains Financial, Inc. | 298 | 6,380 | ||||
Southern First Bancshares, Inc. (b) | 290 | 8,903 | ||||
Southern Missouri Bancorp, Inc. | 200 | 7,482 | ||||
Stellar Bancorp, Inc. | 951 | 23,404 | ||||
StepStone Group, Inc. - Class A | 756 | 18,348 | ||||
Stewart Information Services Corp. | 750 | 30,263 | ||||
Stifel Financial Corp. | 449 | 26,531 | ||||
StoneCo Ltd. - Class A (b) | 6,939 | 66,198 | ||||
StoneX Group, Inc. (b) | 321 | 33,233 | ||||
Summit Financial Group, Inc. | 207 | 4,295 | ||||
Territorial Bancorp, Inc. | 500 | 9,655 | ||||
Texas Capital Bancshares, Inc. (b) | 720 | 35,251 | ||||
The Bancorp, Inc. (b) | 1,558 | 43,390 | ||||
The Bank of NT Butterfield & Son Ltd. | 333 | 8,991 | ||||
The Community Financial Corp. | 100 | 3,313 | ||||
The First of Long Island Corp. | 520 | 7,020 | ||||
Towne Bank | 600 | 15,990 | ||||
TPG RE Finance Trust, Inc. | 1,000 | 7,260 | ||||
Triumph Financial, Inc. (b) | 3,426 | 198,914 | ||||
TrustCo Bank Corp. | 1,494 | 47,718 | ||||
Two Harbors Investment Corp. | 392 | 5,766 | ||||
UMB Financial Corp. | 229 | 13,218 | ||||
United Bankshares, Inc. | 573 | 20,170 | ||||
United Fire Group, Inc. | 283 | 7,514 | ||||
Universal Insurance Holdings, Inc. | 2,564 | 46,716 | ||||
Univest Financial Corp. | 3,482 | 82,663 | ||||
Valley National Bancorp | 1,277 | 11,799 | ||||
Veritex Holdings, Inc. | 447 | 8,162 | ||||
Victory Capital Holdings, Inc. - Class A | 1,035 | 30,294 | ||||
Virtu Financial, Inc. - Class A | 2,000 | 37,800 | ||||
Virtus Investment Partners, Inc. | 130 | 24,751 | ||||
Washington Federal, Inc. | 4,910 | 147,889 | ||||
Washington Trust Bancorp, Inc. | 490 | 16,983 | ||||
Waterstone Financial, Inc. | 1,360 | 20,577 | ||||
Webster Financial Corp. | 3,909 | 154,093 | ||||
Westamerica BanCorp | 1,661 | 73,582 | ||||
White Mountains Insurance Group Ltd. | 20 | 27,550 | ||||
William Penn Bancorp | 400 | 4,532 | ||||
Wintrust Financial Corp. | 425 | 31,004 | ||||
7,769,959 | ||||||
Health Care - 5.8% | ||||||
Accolade, Inc. (b) | 1,180 | 16,968 | ||||
Adaptive Biotechnologies Corp. (b) | 3,893 | 34,375 | ||||
Agios Pharmaceuticals, Inc. (b) | 1,306 | 29,999 | ||||
Allogene Therapeutics, Inc. (b) | 1,489 | 7,356 | ||||
ALX Oncology Holdings, Inc. (b) | 2,737 | 12,371 | ||||
AngioDynamics, Inc. (b) | 951 | 9,833 | ||||
Atara Biotherapeutics, Inc. (b) | 1,960 | 5,684 | ||||
Avanos Medical, Inc. (b) | 447 | 13,294 | ||||
BioLife Solutions, Inc. (b) | 252 | 5,481 | ||||
Bridgebio Pharma, Inc. (b) | 1,592 | 26,395 | ||||
Brookdale Senior Living, Inc. (b) | 9,286 | 27,394 | ||||
Catalyst Pharmaceuticals, Inc. (b) | 1,134 | 18,802 | ||||
Community Health Systems, Inc. (b) | 2,382 | 11,672 | ||||
CryoPort, Inc. (b) | 490 | 11,760 | ||||
Deciphera Pharmaceuticals, Inc. (b) | 928 | 14,338 | ||||
Editas Medicine, Inc. (b) | 742 | 5,379 | ||||
Emergent BioSolutions, Inc. (b) | 4,151 | 43,004 | ||||
Enovis Corp. (b) | 4,522 | 241,882 | ||||
Health Catalyst, Inc. (b) | 523 | 6,103 | ||||
HealthStream, Inc. (b) | 690 | 18,699 | ||||
Innoviva, Inc. (b) | 2,222 | 24,997 | ||||
Intellia Therapeutics, Inc. (b) | 195 | 7,268 | ||||
Invitae Corp. (b) | 11,587 | 15,642 | ||||
Ironwood Pharmaceuticals, Inc. - Class A (b) | 3,230 | 33,980 | ||||
Kezar Life Sciences, Inc. (b) | 1,850 | 5,790 | ||||
Kodiak Sciences, Inc. (b) | 3,069 | 19,028 | ||||
Kronos Bio, Inc. (b) | 1,511 | 2,206 | ||||
Merit Medical Systems, Inc. (b) | 172 | 12,719 | ||||
Mersana Therapeutics, Inc. (b) | 275 | 1,130 | ||||
ModivCare, Inc. (b) | 46 | 3,868 | ||||
National HealthCare Corp. | 1,014 | 58,883 | ||||
Neogen Corp. (b) | 2,313 | 42,837 | ||||
NeoGenomics, Inc. (b) | 1,947 | 33,897 | ||||
Nurix Therapeutics, Inc. (b) | 1,054 | 9,360 | ||||
OraSure Technologies, Inc. (b) | 3,806 | 23,026 | ||||
Organogenesis Holdings, Inc. (b) | 5,100 | 10,863 | ||||
Orthofix Medical, Inc. (b) | 710 | 11,893 | ||||
Pacific Biosciences of California, Inc. (b) | 997 | 11,545 | ||||
Pediatrix Medical Group, Inc. (b) | 1,621 | 24,169 | ||||
PetIQ, Inc. (b) | 806 | 9,221 | ||||
Phibro Animal Health Corp. - Class A | 1,300 | 19,916 | ||||
Phreesia, Inc. (b) | 1,168 | 37,715 | ||||
PMV Pharmaceuticals, Inc. (b) | 367 | 1,751 | ||||
Praxis Precision Medicines, Inc. (b) | 2,279 | 1,844 | ||||
Premier, Inc. - Class A | 1,250 | 40,462 | ||||
Prestige Consumer Healthcare, Inc. (b) | 642 | 40,208 | ||||
Protagonist Therapeutics, Inc. (b) | 107 | 2,461 | ||||
RAPT Therapeutics, Inc. (b) | 687 | 12,606 | ||||
REGENXBIO, Inc. (b) | 2,508 | 47,426 | ||||
Relay Therapeutics, Inc. (b) | 1,409 | 23,206 | ||||
Relmada Therapeutics, Inc. (b) | 905 | 2,045 | ||||
Rocket Pharmaceuticals, Inc. (b) | 229 | 3,923 | ||||
Sage Therapeutics, Inc. (b) | 287 | 12,043 | ||||
Sangamo Therapeutics, Inc. (b) | 1,706 | 3,003 | ||||
Select Medical Holdings Corp. | 1,233 | 31,873 | ||||
Stoke Therapeutics, Inc. (b) | 390 | 3,249 | ||||
Surgery Partners, Inc. (b) | 687 | 23,681 | ||||
Tactile Systems Technology, Inc. (b) | 2,211 | 36,305 | ||||
Taro Pharmaceutical Industries Ltd. (b) | 960 | 23,347 | ||||
Twist Bioscience Corp. (b) | 597 | 9,003 | ||||
UFP Technologies, Inc. (b) | 1,484 | 192,683 | ||||
Utah Medical Products, Inc. | 218 | 20,660 | ||||
Vanda Pharmaceuticals, Inc. (b) | 6,473 | 43,952 | ||||
Veracyte, Inc. (b) | 1,581 | 35,256 | ||||
Vir Biotechnology, Inc. (b) | 2,142 | 49,844 | ||||
Zimvie, Inc. (b) | 607 | 4,389 | ||||
1,645,962 | ||||||
Industrials - 18.9% | ||||||
ABM Industries, Inc. | 500 | 22,470 | ||||
ACCO Brands Corp. | 6,000 | 31,920 | ||||
ACV Auctions, Inc. - Class A (b) | 1,420 | 18,332 | ||||
Aerojet Rocketdyne Holdings, Inc. (b) | 478 | 26,849 | ||||
AerSale Corp. (b) | 1,300 | 22,386 | ||||
Alamo Group, Inc. | 100 | 18,416 | ||||
Allegiant Travel Co. (b) | 2,626 | 241,539 | ||||
Allied Motion Technologies, Inc. | 4,045 | 156,339 | ||||
Allison Transmission Holdings, Inc. | 810 | 36,644 | ||||
American Woodmark Corp. (b) | 378 | 19,682 | ||||
Arcosa, Inc. | 670 | 42,284 | ||||
Argan, Inc. | 252 | 10,198 | ||||
Astronics Corp. (b) | 1,756 | 23,460 | ||||
AZZ, Inc. | 1,763 | 72,706 | ||||
Barnes Group, Inc. | 600 | 24,168 | ||||
Barrett Business Services, Inc. | 310 | 27,478 | ||||
Beacon Roofing Supply, Inc. (b) | 90 | 5,296 | ||||
BGSF, Inc. | 310 | 3,302 | ||||
Blue Bird Corp. (b) | 1,000 | 20,430 | ||||
BlueLinx Holdings, Inc. (b) | 370 | 25,145 | ||||
Boise Cascade Co. | 450 | 28,462 | ||||
Brady Corp. - Class A | 380 | 20,417 | ||||
CIRCOR International, Inc. (b) | 207 | 6,442 | ||||
Columbus McKinnon Corp. | 700 | 26,012 | ||||
Concrete Pumping Holdings, Inc. (b) | 23,244 | 158,059 | ||||
Douglas Dynamics, Inc. | 2,730 | 87,060 | ||||
EMCOR Group, Inc. | 323 | 52,517 | ||||
Encore Wire Corp. | 684 | 126,766 | ||||
Energy Recovery, Inc. (b) | 4,617 | 106,422 | ||||
Enerpac Tool Group Corp. | 900 | 22,950 | ||||
EnerSys | 1,337 | 116,159 | ||||
Ennis, Inc. | 3,161 | 66,665 | ||||
Esab Corp. | 3,909 | 230,905 | ||||
ESCO Technologies, Inc. | 350 | 33,408 | ||||
First Advantage Corp. (b) | 10,321 | 144,081 | ||||
Flowserve Corp. | 1,210 | 41,140 | ||||
Fluor Corp. (b) | 1,100 | 34,001 | ||||
Forward Air Corp. | 300 | 32,328 | ||||
FTAI Aviation Ltd. | 3,986 | 111,449 | ||||
Gates Industrial Corp. PLC (b) | 10,199 | 141,664 | ||||
Global Industrial Co. | 289 | 7,757 | ||||
Golden Ocean Group Ltd. | 1,913 | 18,212 | ||||
GrafTech International Ltd. | 5,700 | 27,702 | ||||
Graham Corp. (b) | 3,558 | 46,539 | ||||
Granite Construction, Inc. | 813 | 33,398 | ||||
Healthcare Services Group, Inc. | 1,680 | 23,302 | ||||
Heartland Express, Inc. | 5,577 | 88,786 | ||||
Heidrick & Struggles International, Inc. | 1,248 | 37,889 | ||||
Heritage-Crystal Clean, Inc. (b) | 1,420 | 50,566 | ||||
Hillenbrand, Inc. | 640 | 30,419 | ||||
Hyster-Yale Materials Handling, Inc. | 835 | 41,658 | ||||
Insteel Industries, Inc. | 1,030 | 28,655 | ||||
Interface, Inc. | 3,100 | 25,172 | ||||
JELD-WEN Holding, Inc. (b) | 2,900 | 36,714 | ||||
Kelly Services, Inc. - Class A | 1,930 | 32,019 | ||||
Kforce, Inc. | 400 | 25,296 | ||||
Kimball International, Inc. - Class B | 1,500 | 18,600 | ||||
Kirby Corp. (b) | 1,159 | 80,782 | ||||
Korn Ferry | 720 | 37,253 | ||||
ManpowerGroup, Inc. | 320 | 26,410 | ||||
MasTec, Inc. (b) | 14 | 1,322 | ||||
Matson, Inc. | 1,310 | 78,168 | ||||
Maxar Technologies, Inc. | 390 | 19,913 | ||||
Maximus, Inc. | 300 | 23,610 | ||||
Miller Industries, Inc. | 450 | 15,908 | ||||
MillerKnoll, Inc. | 1,800 | 36,810 | ||||
Moog, Inc. - Class A | 325 | 32,744 | ||||
Mueller Industries, Inc. | 2,288 | 168,122 | ||||
Mueller Water Products, Inc. - Class A | 2,300 | 32,062 | ||||
National Presto Industries, Inc. | 375 | 27,034 | ||||
NOW, Inc. (b) | 756 | 8,429 | ||||
PAM Transportation Services, Inc. (b) | 300 | 8,589 | ||||
PGT Innovations, Inc. (b) | 410 | 10,295 | ||||
Powell Industries, Inc. | 865 | 36,840 | ||||
Preformed Line Products Co. | 100 | 12,804 | ||||
Primoris Services Corp. | 400 | 9,864 | ||||
Proto Labs, Inc. (b) | 2,354 | 78,035 | ||||
Radiant Logistics, Inc. (b) | 4,741 | 31,101 | ||||
Resideo Technologies, Inc. (b) | 1,370 | 25,044 | ||||
Resources Connection, Inc. | 1,500 | 25,590 | ||||
Rush Enterprises, Inc. - Class A | 2,023 | 110,456 | ||||
Safe Bulkers, Inc. | 3,573 | 13,184 | ||||
SP Plus Corp. (b) | �� 367 | 12,584 | ||||
Spirit Airlines, Inc. | 287 | 4,928 | ||||
Sterling Infrastructure, Inc. (b) | 660 | 25,001 | ||||
Terex Corp. | 1,187 | 57,427 | ||||
The Brink's Co. | 500 | 33,400 | ||||
The Greenbrier Cos., Inc. | 1,260 | 40,534 | ||||
The Timken Co. | 500 | 40,860 | ||||
Thermon Group Holdings, Inc. (b) | 3,783 | 94,272 | ||||
Titan Machinery, Inc. (b) | 447 | 13,611 | ||||
Trinity Industries, Inc. | 905 | 22,046 | ||||
Triton International Ltd. | 694 | 43,875 | ||||
TrueBlue, Inc. (b) | 2,200 | 39,160 | ||||
TTEC Holdings, Inc. | 500 | 18,615 | ||||
Tutor Perini Corp. (b) | 3,600 | 22,212 | ||||
UFP Industries, Inc. | 868 | 68,980 | ||||
V2X, Inc. (b) | 880 | 34,954 | ||||
Veritiv Corp. (c) | 358 | 48,380 | ||||
Verra Mobility Corp. (b) | 1,500 | 25,380 | ||||
Wabash National Corp. | 3,234 | 79,524 | ||||
WESCO International, Inc. | 2,192 | 338,752 | ||||
Wheels Up Experience, Inc. (b) | 15,870 | 10,043 | ||||
WNS Holdings Ltd. - ADR (b) | 3,151 | 293,579 | ||||
5,327,121 | ||||||
Information Technology - 7.1% | ||||||
A10 Networks, Inc. | 1,374 | 21,283 | ||||
ACI Worldwide, Inc. (b) | 1,500 | 40,470 | ||||
ACM Research, Inc. - Class A (b) | 4,489 | 52,521 | ||||
American Software, Inc. - Class A | 1,448 | 18,259 | ||||
Amkor Technology, Inc. | 739 | 19,229 | ||||
Aviat Networks, Inc. (b) | 161 | 5,548 | ||||
Avid Technology, Inc. (b) | 190 | 6,076 | ||||
Avnet, Inc. | 830 | 37,516 | ||||
Axcelis Technologies, Inc. (b) | 270 | 35,978 | ||||
Belden, Inc. | 1,076 | 93,364 | ||||
Benchmark Electronics, Inc. | 653 | 15,469 | ||||
Calix, Inc. (b) | 464 | 24,866 | ||||
Cerence, Inc. (b) | 413 | 11,601 | ||||
Cirrus Logic, Inc. (b) | 280 | 30,626 | ||||
Coherent Corp. (b) | 980 | 37,319 | ||||
CoreCard Corp. (b) | 400 | 12,052 | ||||
Diebold Nixdorf, Inc. (b) | 4,821 | 5,785 | ||||
Diodes, Inc. (b) | 260 | 24,118 | ||||
Ebix, Inc. | 1,450 | 19,125 | ||||
eGain Corp. (b) | 3,951 | 29,988 | ||||
ePlus, Inc. (b) | 575 | 28,198 | ||||
FARO Technologies, Inc. (b) | 195 | 4,799 | ||||
Fastly, Inc. - Class A (b) | 3,038 | 53,955 | ||||
Insight Enterprises, Inc. (b) | 205 | 29,307 | ||||
InterDigital, Inc. | 500 | 36,450 | ||||
IPG Photonics Corp. (b) | 320 | 39,459 | ||||
Itron, Inc. (b) | 770 | 42,696 | ||||
Kimball Electronics, Inc. (b) | 900 | 21,690 | ||||
LiveRamp Holdings, Inc. (b) | 825 | 18,092 | ||||
MACOM Technology Solutions Holdings, Inc. (b) | 539 | 38,183 | ||||
MaxLinear, Inc. (b) | 800 | 28,168 | ||||
N-able, Inc. (b) | 1,070 | 14,124 | ||||
NCR Corp. (b) | 1,200 | 28,308 | ||||
Olo, Inc. - Class A (b) | 720 | 5,875 | ||||
OSI Systems, Inc. (b) | 373 | 38,180 | ||||
PC Connection, Inc. | 782 | 35,159 | ||||
Photronics, Inc. (b) | 2,192 | 36,344 | ||||
Plexus Corp. (b) | 631 | 61,567 | ||||
Rambus, Inc. (b) | 1,541 | 78,992 | ||||
Rimini Street, Inc. (b) | 43,108 | 177,605 | ||||
Sanmina Corp. (b) | 3,905 | 238,166 | ||||
ScanSource, Inc. (b) | 1,052 | 32,023 | ||||
Semtech Corp. (b) | 1,380 | 33,313 | ||||
Sumo Logic, Inc. (b) | 436 | 5,223 | ||||
Super Micro Computer, Inc. (b) | 482 | 51,357 | ||||
Telos Corp. (b) | 6,800 | 17,204 | ||||
The Hackett Group, Inc. | 1,558 | 28,792 | ||||
TTM Technologies, Inc. (b) | 2,240 | 30,218 | ||||
Vishay Intertechnology, Inc. | 3,772 | 85,323 | ||||
Vishay Precision Group, Inc. (b) | 2,068 | 86,360 | ||||
Vontier Corp. | 1,400 | 38,276 | ||||
Xperi, Inc. (b) | 170 | 1,858 | ||||
2,006,457 | ||||||
Materials - 5.6% | ||||||
AdvanSix, Inc. | 780 | 29,851 | ||||
Arconic Corp. (b) | 1,000 | 26,230 | ||||
Ashland, Inc. | 2,028 | 208,296 | ||||
Cabot Corp. | 305 | 23,375 | ||||
Carpenter Technology Corp. | 795 | 35,584 | ||||
Chase Corp. | 2,395 | 250,828 | ||||
Clearwater Paper Corp. (b) | 287 | 9,591 | ||||
Commercial Metals Co. | 779 | 38,093 | ||||
Constellium SE (b) | 1,600 | 24,448 | ||||
Ecovyst, Inc. (b) | 7,596 | 83,936 | ||||
Greif, Inc. - Class A | 710 | 44,993 | ||||
Hawkins, Inc. | 300 | 13,134 | ||||
Hecla Mining Co. | 2,634 | 16,673 | ||||
Ingevity Corp. (b) | 140 | 10,013 | ||||
Innospec, Inc. | 762 | 78,235 | ||||
Kaiser Aluminum Corp. | 410 | 30,598 | ||||
Louisiana-Pacific Corp. | 730 | 39,573 | ||||
Mercer International, Inc. | 2,700 | 26,393 | ||||
Minerals Technologies, Inc. | 440 | 26,585 | ||||
Myers Industries, Inc. | 900 | 19,287 | ||||
NewMarket Corp. | 30 | 10,949 | ||||
Novagold Resources, Inc. (b) | 2,240 | 13,933 | ||||
O-I Glass, Inc. (b) | 2,061 | 46,805 | ||||
Olympic Steel, Inc. | 300 | 15,663 | ||||
Rayonier Advanced Materials, Inc. (b) | 1,453 | 9,110 | ||||
Ryerson Holding Corp. | 700 | 25,466 | ||||
SunCoke Energy, Inc. | 756 | 6,789 | ||||
Taseko Mines Ltd. (b) | 126,833 | 210,543 | ||||
Tredegar Corp. | 2,200 | 20,086 | ||||
TriMas Corp. | 930 | 25,910 | ||||
Trinseo PLC | 1,750 | 36,488 | ||||
United States Lime & Minerals, Inc. | 625 | 95,431 | ||||
Worthington Industries, Inc. | 200 | 12,930 | ||||
1,565,819 | ||||||
Real Estate - 5.8% | ||||||
Agree Realty Corp. | 493 | 33,825 | ||||
Alexander's, Inc. | 170 | 32,938 | ||||
Apple Hospitality REIT, Inc. | 3,207 | 49,773 | ||||
Armada Hoffler Properties, Inc. | 779 | 9,200 | ||||
Braemar Hotels & Resorts, Inc. | 4,440 | 17,138 | ||||
Corporate Office Properties Trust | 550 | 13,040 | ||||
CubeSmart | 1,050 | 48,531 | ||||
Cushman & Wakefield PLC (b) | 3,300 | 34,782 | ||||
DiamondRock Hospitality Co. | 3,141 | 25,536 | ||||
DigitalBridge Group, Inc. | 4,570 | 54,794 | ||||
Douglas Elliman, Inc. | 2,700 | 8,397 | ||||
Douglas Emmett, Inc. | 5,378 | 66,311 | ||||
Empire State Realty Trust, Inc. - Class A | 12,752 | 82,760 | ||||
Equity Commonwealth | 1,787 | 37,009 | ||||
Essential Properties Realty Trust, Inc. | 2,900 | 72,065 | ||||
Four Corners Property Trust, Inc. | 287 | 7,709 | ||||
Healthcare Realty Trust, Inc. | 584 | 11,289 | ||||
Industrial Logistics Properties Trust | 8,496 | 26,083 | ||||
iStar, Inc. (b)(d) | 1,420 | 41,698 | ||||
Jones Lang LaSalle, Inc. (b) | 198 | 28,807 | ||||
Kennedy-Wilson Holdings, Inc. | 4,306 | 71,437 | ||||
Marcus & Millichap, Inc. | 1,916 | 61,523 | ||||
National Health Investors, Inc. | 500 | 25,790 | ||||
NexPoint Residential Trust, Inc. | 172 | 7,511 | ||||
Outfront Media, Inc. | 223 | 3,619 | ||||
Paramount Group, Inc. | 2,485 | 11,332 | ||||
Park Hotels & Resorts, Inc. | 3,050 | 37,698 | ||||
Pebblebrook Hotel Trust | 2,900 | 40,716 | ||||
Piedmont Office Realty Trust, Inc. - Class A | 2,909 | 21,236 | ||||
Rayonier. Inc. | 3,491 | 116,111 | ||||
RE/MAX Holdings, Inc. - Class A | 2,250 | 42,210 | ||||
Retail Opportunity Investments Corp. | 447 | 6,240 | ||||
Ryman Hospitality Properties, Inc. | 3,032 | 272,061 | ||||
Sabra Health Care REIT, Inc. | 573 | 6,589 | ||||
Seritage Growth Properties - Class A (b) | 3,350 | 26,365 | ||||
SITE Centers Corp. | 3,206 | 39,370 | ||||
STAG Industrial, Inc. | 882 | 29,829 | ||||
Star Holdings (b) | 652 | 11,337 | ||||
The Macerich Co. | 2,659 | 28,185 | ||||
The RMR Group, Inc. - Class A | 1,652 | 43,348 | ||||
Uniti Group, Inc. | 5,141 | 18,251 | ||||
Urban Edge Properties | 1,592 | 23,975 | ||||
1,646,418 | ||||||
Utilities - 3.1% | ||||||
ALLETE, Inc. | 600 | 38,622 | ||||
Avista Corp. | 830 | 35,233 | ||||
Black Hills Corp. | 950 | 59,945 | ||||
Brookfield Infrastructure Corp. - Class A | 1,060 | 48,823 | ||||
Clearway Energy, Inc. - Class A | 1,123 | 33,724 | ||||
Hawaiian Electric Industries, Inc. | 1,040 | 39,936 | ||||
New Jersey Resources Corp. | 493 | 26,228 | ||||
Northwest Natural Holding Co. | 989 | 47,037 | ||||
NorthWestern Corp. | 720 | 41,659 | ||||
ONE Gas, Inc. | 1,460 | 115,676 | ||||
Otter Tail Corp. | 1,661 | 120,040 | ||||
PNM Resources, Inc. | 765 | 37,240 | ||||
Portland General Electric Co. | 1,525 | 74,557 | ||||
Southwest Gas Holdings, Inc. | 630 | 39,344 | ||||
Spire, Inc. | 490 | 34,369 | ||||
Sunnova Energy International, Inc. (b) | 2,484 | 38,800 | ||||
UGI Corp. | 1,649 | 57,319 | ||||
888,552 | ||||||
Total Common Stocks (Cost $25,680,902) | 27,818,392 | |||||
Total Investments at Value - 98.6% (Cost $25,680,902) | 27,818,392 | |||||
Other Assets in Excess of Liabilities - 1.4% | 388,413 | |||||
Net Assets - 100.0% | $ | 28,206,805 | ||||
Percentages are stated as a percent of net assets. | ||||||
ADR - American Depository Recepit | ||||||
REIT - Real Estate Investment Trust | ||||||
(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, 2023. The total fair value of securities on loan at March 31, 2023 was $152,082. | |||||
(d) | Illiquid security. The total value of such securities is $41,698 as of March 31, 2023, representing 0.1% of net assets. | |||||
The Accompanying Footnotes are an Integral Part of this Schedule of Investments. |
SMALL COMPANY VALUE PORTFOLIO | ||||||||
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
March 31, 2023 (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 (the “Adviser”), one of whom is an officer of the Company. The Adviser has been named the valuation designee to implement the daily pricing and fair valuation procedures of the Portfolios. 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 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, 2023, 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, 2023: |
Small Company Value Portfolio | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks . . . . . . . . . . . . . . . . . . . . . . . | $ | 27,818,392 | $ | - | $ | - | $ | 27,818,392 | ||||||||
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 27,818,392 | $ | - | $ | - | $ | 27,818,392 | ||||||||
Refer to the Portfolio's Schedule of Investments for a listing of the securities by industry or sector type. Small Company Value Portfolio did not hold any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of March 31, 2023. |