WILSHIRE MUTUAL FUNDS, INC. | |||
SMALL COMPANY VALUE PORTFOLIO | September 30, 2023 (Unaudited) | ||
SCHEDULE OF INVESTMENTS |
Shares | Value | |||||
COMMON STOCKS - 98.5% (a) | ||||||
Communication Services - 1.3% | ||||||
Bumble, Inc. - Class A (b) | 1,020 | $ | 15,219 | |||
Cardlytics, Inc. (b) | 260 | 4,290 | ||||
Cinemark Holdings, Inc. (b) | 1,360 | 24,956 | ||||
Cogent Communications Holdings, Inc. | 90 | 5,571 | ||||
DHI Group, Inc. (b) | 1,360 | 4,162 | ||||
Emerald Holding, Inc. (b) | 2,900 | 13,108 | ||||
Eventbrite, Inc. - Class A (b) | 2,490 | 24,551 | ||||
iHeartMedia, Inc. - Class A (b) | 1,420 | 4,487 | ||||
IMAX Corp. (b) | 452 | 8,733 | ||||
Liberty Latin America Ltd. - Class A (b) | 439 | 3,582 | ||||
Liberty Latin America Ltd. - Class C (b) | 2,839 | 23,166 | ||||
Lions Gate Entertainment Corp. - Class A (b) | 5,310 | 45,029 | ||||
Lions Gate Entertainment Corp. - Class B (b) | 5,399 | 42,490 | ||||
Stagwell, Inc. (b) | 7,180 | 33,674 | ||||
TEGNA, Inc. | 2,170 | 31,617 | ||||
Telephone and Data Systems, Inc. | 890 | 16,296 | ||||
Thryv Holdings, Inc. (b) | 326 | 6,119 | ||||
307,050 | ||||||
Consumer Discretionary - 11.2% | ||||||
2U, Inc. (b) | 4,001 | 9,882 | ||||
Adient PLC (b) | 2,003 | 73,510 | ||||
Adtalem Global Education, Inc. (b) | 1,476 | 63,247 | ||||
Advance Auto Parts, Inc. | 260 | 14,542 | ||||
Asbury Automotive Group, Inc. (b) | 165 | 37,962 | ||||
Atmus Filtration Technologies, Inc. (b)(c) | 1,550 | 32,317 | ||||
Bally's Corp. (b) | 626 | 8,207 | ||||
Beazer Homes USA, Inc. (b) | 170 | 4,235 | ||||
BJ's Restaurants, Inc. (b) | 1,330 | 31,202 | ||||
Bloomin' Brands, Inc. | 1,000 | 24,590 | ||||
Brinker International, Inc. (b) | 590 | 18,638 | ||||
Carter's, Inc. | 240 | 16,596 | ||||
Carvana Co. (b)(c) | 720 | 30,226 | ||||
Century Communities, Inc. | 1,310 | 87,482 | ||||
Chuy's Holdings, Inc. (b) | 175 | 6,226 | ||||
Dave & Buster's Entertainment, Inc. (b) | 460 | 17,052 | ||||
Denny's Corp. (b) | 1,950 | 16,516 | ||||
Designer Brands, Inc. - Class A | 1,370 | 17,344 | ||||
Dine Brands Global, Inc. | 460 | 22,747 | ||||
El Pollo Loco Holdings, Inc. | 1,790 | 16,020 | ||||
Everi Holdings, Inc. (b) | 191 | 2,525 | ||||
Frontdoor, Inc. (b) | 1,346 | 41,174 | ||||
Funko, Inc. - Class A (b) | 2,510 | 19,202 | ||||
Genesco, Inc. (b) | 560 | 17,259 | ||||
G-III Apparel Group Ltd. (b) | 2,080 | 51,834 | ||||
Graham Holdings Co. - Class B | 30 | 17,490 | ||||
Green Brick Partners, Inc. (b) | 1,409 | 58,488 | ||||
Group 1 Automotive, Inc. | 274 | 73,627 | ||||
Hanesbrands, Inc. | 4,150 | 16,434 | ||||
Haverty Furniture Cos., Inc. | 900 | 25,902 | ||||
Hibbett, Inc. | 690 | 32,782 | ||||
Inspired Entertainment, Inc. (b) | 759 | 9,078 | ||||
International Game Technology PLC | 805 | 24,408 | ||||
JAKKS Pacific, Inc. (b) | 928 | 17,252 | ||||
Johnson Outdoors, Inc. - Class A | 1,912 | 104,567 | ||||
KB Home | 2,489 | 115,191 | ||||
Kohl's Corp. | 730 | 15,301 | ||||
Kontoor Brands, Inc. | 450 | 19,759 | ||||
Lakeland Industries, Inc. | 110 | 1,658 | ||||
Laureate Education, Inc. | 8,519 | 120,118 | ||||
La-Z-Boy, Inc. | 890 | 27,483 | ||||
Leslie's, Inc. (b) | 3,040 | 17,206 | ||||
Lindblad Expeditions Holdings, Inc. (b) | 622 | 4,478 | ||||
LL Flooring Holdings, Inc. (b) | 5,510 | 17,467 | ||||
M/I Homes, Inc. (b) | 904 | 75,972 | ||||
Macy's, Inc. | 1,480 | 17,183 | ||||
MarineMax, Inc. (b) | 760 | 24,943 | ||||
MDC Holdings, Inc. | 820 | 33,809 | ||||
Meritage Homes Corp. | 615 | 75,270 | ||||
Modine Manufacturing Co. (b) | 200 | 9,150 | ||||
Movado Group, Inc. | 940 | 25,709 | ||||
OneWater Marine, Inc. - Class A (b) | 1,248 | 31,974 | ||||
Oxford Industries, Inc. | 90 | 8,652 | ||||
Perdoceo Education Corp. | 2,115 | 36,166 | ||||
PetMed Express, Inc. | 1,520 | 15,580 | ||||
Phinia, Inc. | 1,270 | 34,023 | ||||
Red Rock Resorts, Inc. - Class A | 8,376 | 343,416 | ||||
Revolve Group, Inc. (b) | 640 | 8,710 | ||||
Rocky Brands, Inc. | 3,576 | 52,567 | ||||
Sabre Corp. (b) | 3,733 | 16,761 | ||||
SeaWorld Entertainment, Inc. (b) | 170 | 7,862 | ||||
Signet Jewelers Ltd. | 370 | 26,570 | ||||
Six Flags Entertainment Corp. (b) | 400 | 9,404 | ||||
Skyline Champion Corp. (b) | 70 | 4,460 | ||||
Sleep Number Corp. (b) | 360 | 8,852 | ||||
Sonic Automotive, Inc. - Class A | 700 | 33,432 | ||||
Steven Madden Ltd. | 700 | 22,239 | ||||
Taylor Morrison Home Corp. (b) | 1,576 | 67,153 | ||||
The Aaron's Co., Inc. | 3,538 | 37,043 | ||||
The Cato Corp. - Class A | 1,600 | 12,256 | ||||
The Cheesecake Factory, Inc. | 335 | 10,150 | ||||
The Goodyear Tire & Rubber Co. (b) | 2,620 | 32,567 | ||||
Topgolf Callaway Brands Corp. (b) | 1,955 | 27,057 | ||||
Travel + Leisure Co. | 680 | 24,976 | ||||
Tri Pointe Homes, Inc. (b) | 2,330 | 63,726 | ||||
Urban Outfitters, Inc. (b) | 320 | 10,461 | ||||
Vail Resorts, Inc. | 168 | 37,278 | ||||
Vera Bradley, Inc. (b) | 1,060 | 7,007 | ||||
Vista Outdoor, Inc. (b) | 1,200 | 39,744 | ||||
Wolverine World Wide, Inc. | 3,772 | 30,402 | ||||
WW International, Inc. (b) | 756 | 8,369 | ||||
Zumiez, Inc. (b) | 400 | 7,120 | ||||
2,737,237 | ||||||
Consumer Staples - 4.8% | ||||||
B&G Foods, Inc. | 1,540 | 15,231 | ||||
Cal-Maine Foods, Inc. | 6,426 | 311,147 | ||||
Central Garden & Pet Co. (b) | 350 | 15,449 | ||||
Edgewell Personal Care Co. | 710 | 26,242 | ||||
Energizer Holdings, Inc. | 810 | 25,952 | ||||
Herbalife Ltd. (b) | 3,390 | 47,426 | ||||
Ingles Markets, Inc. - Class A | 138 | 10,395 | ||||
Inter Parfums, Inc. | 69 | 9,269 | ||||
Lancaster Colony Corp. | 1,305 | 215,364 | ||||
Medifast, Inc. | 420 | 31,437 | ||||
Natural Grocers by Vitamin Cottage, Inc. | 2,219 | 28,647 | ||||
Nu Skin Enterprises, Inc. - Class A | 665 | 14,105 | ||||
Oil-Dri Corp of America | 2,294 | 141,655 | ||||
Post Holdings, Inc. (b) | 1,597 | 136,927 | ||||
PriceSmart, Inc. | 440 | 32,749 | ||||
Seaboard Corp. | 12 | 45,036 | ||||
The Andersons, Inc. | 480 | 24,725 | ||||
USANA Health Sciences, Inc. (b) | 350 | 20,513 | ||||
Village Super Market, Inc. - Class A | 624 | 14,127 | ||||
1,166,396 | ||||||
Energy - 9.9% | ||||||
Archrock, Inc. | 1,990 | 25,074 | ||||
Baytex Energy Corp. | 7,813 | 34,455 | ||||
Berry Corp. | 3,890 | 31,898 | ||||
Bristow Group, Inc. (b) | 58 | 1,634 | ||||
California Resources Corp. | 1,659 | 92,921 | ||||
Callon Petroleum Co. (b) | 900 | 35,208 | ||||
Centrus Energy Corp. - Class A (b) | 2,016 | 114,428 | ||||
Chord Energy Corp. | 261 | 42,300 | ||||
Civitas Resources, Inc. | 2,759 | 223,120 | ||||
CNX Resources Corp. (b) | 4,236 | 95,649 | ||||
CONSOL Energy, Inc. | 370 | 38,817 | ||||
Crescent Energy Co. - Class A | 2,640 | 33,370 | ||||
CVR Energy, Inc. | 220 | 7,487 | ||||
DHT Holdings, Inc. | 6,460 | 66,538 | ||||
DMC Global, Inc. (b) | 850 | 20,799 | ||||
Dorian LPG Ltd. | 1,394 | 40,050 | ||||
Dril-Quip, Inc. (b) | 1,410 | 39,720 | ||||
Equitrans Midstream Corp. | 10,500 | 98,385 | ||||
Excelerate Energy, Inc. - Class A | 250 | 4,260 | ||||
Expro Group Holdings NV (b) | 1,570 | 36,471 | ||||
Forum Energy Technologies, Inc. (b) | 1,010 | 24,260 | ||||
Golar LNG Ltd. | 3,737 | 90,660 | ||||
Helix Energy Solutions Group, Inc. (b) | 6,208 | 69,343 | ||||
Helmerich & Payne, Inc. | 1,313 | 55,356 | ||||
International Seaways, Inc. | 1,742 | 78,390 | ||||
Kinetik Holdings, Inc. | 510 | 17,212 | ||||
Kosmos Energy Ltd. (b) | 4,400 | 35,992 | ||||
Liberty Energy, Inc. | 1,960 | 36,299 | ||||
Magnolia Oil & Gas Corp. - Class A | 708 | 16,220 | ||||
Matador Resources Co. | 240 | 14,275 | ||||
Murphy Oil Corp. | 616 | 27,935 | ||||
Nabors Industries Ltd. (b) | 150 | 18,471 | ||||
National Energy Services Reunited Corp. (b) | 4,040 | 23,190 | ||||
Newpark Resources, Inc. (b) | 3,630 | 25,083 | ||||
Northern Oil and Gas, Inc. | 820 | 32,989 | ||||
Oceaneering International, Inc. (b) | 805 | 20,705 | ||||
Oil States International, Inc. (b) | 1,314 | 10,998 | ||||
Par Pacific Holdings, Inc. (b) | 1,250 | 44,925 | ||||
Patterson-UTI Energy, Inc. | 1,684 | 23,306 | ||||
PBF Energy, Inc. - Class A | 1,054 | 56,420 | ||||
Peabody Energy Corp. | 230 | 5,978 | ||||
Permian Resources Corp. | 2,965 | 41,391 | ||||
Precision Drilling Corp. (b) | 480 | 32,218 | ||||
ProPetro Holding Corp. (b) | 3,040 | 32,315 | ||||
Ranger Energy Services, Inc. | 1,080 | 15,314 | ||||
REX American Resources Corp. (b) | 255 | 10,384 | ||||
Scorpio Tankers, Inc. | 781 | 42,268 | ||||
Select Water Solutions, Inc. | 2,820 | 22,419 | ||||
SFL Corp. Ltd. | 7,091 | 79,065 | ||||
SM Energy Co. | 180 | 7,137 | ||||
Solaris Oilfield Infrastructure, Inc. - Class A | 7,090 | 75,579 | ||||
Talos Energy, Inc. (b) | 1,970 | 32,387 | ||||
Teekay Corp. (b) | 1,090 | 6,725 | ||||
Teekay Tankers Ltd. - Class A | 1,292 | 53,786 | ||||
Tidewater, Inc. (b) | 195 | 13,859 | ||||
US Silica Holdings, Inc. (b) | 1,293 | 18,154 | ||||
Vertex Energy, Inc. (b) | 5,420 | 24,119 | ||||
Vital Energy, Inc. (b) | 1,080 | 59,854 | ||||
World Kinect Corp. | 1,190 | 26,692 | ||||
2,404,257 | ||||||
Financials - 27.6% | ||||||
1st Source Corp. | 200 | 8,418 | ||||
A-Mark Precious Metals, Inc. | 1,480 | 43,408 | ||||
Ambac Financial Group, Inc. (b) | 3,411 | 41,137 | ||||
Amerant Bancorp, Inc. | 1,639 | 28,584 | ||||
American Equity Investment Life Holding Co. (b) | 1,701 | 91,242 | ||||
Ameris Bancorp | 500 | 19,195 | ||||
Apollo Commercial Real Estate Finance, Inc. | 1,580 | 16,005 | ||||
AssetMark Financial Holdings, Inc. (b) | 1,345 | 33,733 | ||||
Associated Banc-Corp | 1,420 | 24,296 | ||||
Assured Guaranty Ltd. | 455 | 27,537 | ||||
Axis Capital Holdings Ltd. | 460 | 25,930 | ||||
Axos Financial, Inc. (b) | 782 | 29,607 | ||||
BancFirst Corp. | 561 | 48,656 | ||||
Bank of Marin Bancorp | 1,330 | 24,312 | ||||
Bank OZK | 6,037 | 223,792 | ||||
BankUnited, Inc. | 3,490 | 79,223 | ||||
BayCom Corp. | 500 | 9,605 | ||||
BCB Bancorp, Inc. | 700 | 7,798 | ||||
Berkshire Hills Bancorp, Inc. | 822 | 16,481 | ||||
BGC Group, Inc. - Class A | 15,262 | 80,583 | ||||
Blackstone Mortgage Trust, Inc. - Class A (c) | 469 | 10,201 | ||||
BOK Financial Corp. | 1,665 | 133,167 | ||||
Bread Financial Holdings, Inc. | 2,328 | 79,618 | ||||
Bridgewater Bancshares, Inc. (b) | 900 | 8,532 | ||||
Brighthouse Financial, Inc. (b) | 400 | 19,576 | ||||
BrightSpire Capital, Inc. | 1,300 | 8,138 | ||||
Brookline Bancorp, Inc. | 2,730 | 24,870 | ||||
Cadence Bank | 880 | 18,674 | ||||
Cambridge Bancorp | 300 | 18,687 | ||||
Camden National Corp. | 530 | 14,957 | ||||
Capitol Federal Financial, Inc. | 1,670 | 7,966 | ||||
Cathay General Bancorp | 2,082 | 72,370 | ||||
Central Pacific Financial Corp. | 1,800 | 30,024 | ||||
Central Valley Community Bancorp | 550 | 7,760 | ||||
City Holding Co. | 497 | 44,904 | ||||
Civista Bancshares, Inc. | 510 | 7,905 | ||||
Claros Mortgage Trust, Inc. | 740 | 8,199 | ||||
CNB Financial Corp. | 400 | 7,244 | ||||
CNO Financial Group, Inc. | 1,722 | 40,863 | ||||
Columbia Banking System, Inc. | 1,250 | 25,375 | ||||
Community Bank System, Inc. | 624 | 26,339 | ||||
Community Trust Bancorp, Inc. | 475 | 16,273 | ||||
ConnectOne Bancorp, Inc. | 1,980 | 35,303 | ||||
CrossFirst Bankshares, Inc. (b) | 800 | 8,072 | ||||
CVB Financial Corp. | 4,756 | 78,807 | ||||
Diamond Hill Investment Group, Inc. | 120 | 20,228 | ||||
Dime Community Bancshares, Inc. | 1,200 | 23,952 | ||||
Eagle Bancorp, Inc. | 1,770 | 37,966 | ||||
Employers Holdings, Inc. | 1,530 | 61,123 | ||||
Enact Holdings, Inc. | 1,380 | 37,577 | ||||
Enova International, Inc. (b) | 223 | 11,344 | ||||
Enstar Group Ltd. (b) | 827 | 200,134 | ||||
Enterprise Financial Services Corp. | 544 | 20,400 | ||||
Esquire Financial Holdings, Inc. | 917 | 41,898 | ||||
Essent Group Ltd. | 2,982 | 141,019 | ||||
Euronet Worldwide, Inc. (b) | 90 | 7,144 | ||||
Evercore, Inc. - Class A | 240 | 33,091 | ||||
FB Financial Corp. | 742 | 21,043 | ||||
Federated Hermes, Inc. | 995 | 33,701 | ||||
Financial Institutions, Inc. | 550 | 9,256 | ||||
First Busey Corp. | 830 | 15,953 | ||||
First Business Financial Services, Inc. | 300 | 9,003 | ||||
First Community Bankshares, Inc. | 34 | 1,001 | ||||
First Financial Bancorp | 1,196 | 23,442 | ||||
First Financial Corp. | 1,268 | 42,871 | ||||
First Foundation, Inc. | 1,220 | 7,418 | ||||
First Hawaiian, Inc. | 1,350 | 24,368 | ||||
First Internet Bancorp | 1,200 | 19,452 | ||||
First Interstate BancSystem, Inc. - Class A | 670 | 16,710 | ||||
First Merchants Corp. | 1,067 | 29,684 | ||||
First Mid Bancshares, Inc. | 610 | 16,202 | ||||
First Western Financial, Inc. (b) | 3,028 | 54,958 | ||||
Flushing Financial Corp. | 2,040 | 26,785 | ||||
Franklin BSP Realty Trust, Inc. | 2,760 | 36,542 | ||||
FS Bancorp, Inc. | 260 | 7,670 | ||||
Genworth Financial, Inc. - Class A (b) | 12,421 | 72,787 | ||||
Granite Point Mortgage Trust, Inc. | 3,270 | 15,958 | ||||
Great Ajax Corp. | 1,313 | 8,456 | ||||
Great Southern Bancorp, Inc. | 220 | 10,542 | ||||
Hamilton Lane, Inc. - Class A | 1,000 | 90,440 | ||||
Hancock Whitney Corp. | 305 | 11,282 | ||||
Hanmi Financial Corp. | 1,950 | 31,649 | ||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 128 | 2,714 | ||||
Heartland Financial USA, Inc. | 331 | 9,741 | ||||
Heritage Financial Corp. | 520 | 8,481 | ||||
Hilltop Holdings, Inc. | 870 | 24,673 | ||||
Home Bancorp, Inc. | 260 | 8,286 | ||||
HomeStreet, Inc. | 2,110 | 16,437 | ||||
Hope Bancorp, Inc. | 3,600 | 31,860 | ||||
Horace Mann Educators Corp. | 1,130 | 33,199 | ||||
Horizon Bancorp, Inc. | 2,370 | 25,312 | ||||
Independent Bank Corp. | 779 | 38,241 | ||||
Independent Bank Corp. | 1,270 | 23,292 | ||||
Independent Bank Group, Inc. | 450 | 17,798 | ||||
International Bancshares Corp. | 1,909 | 82,736 | ||||
Investar Holding Corp. | 700 | 7,413 | ||||
Jackson Financial, Inc. - Class A | 2,259 | 86,339 | ||||
James River Group Holdings Ltd. | 1,438 | 22,073 | ||||
Janus Henderson Group PLC | 1,200 | 30,984 | ||||
Kearny Financial Corp. | 2,400 | 16,632 | ||||
Kemper Corp. | 760 | 31,943 | ||||
Lakeland Bancorp, Inc. | 1,210 | 15,270 | ||||
Lincoln National Corp. | 670 | 16,542 | ||||
Live Oak Bancshares, Inc. | 9,968 | 288,574 | ||||
Luther Burbank Corp. | 980 | 8,232 | ||||
Mercantile Bank Corp. | 1,457 | 45,036 | ||||
Merchants Bancorp | 1,620 | 44,906 | ||||
Mercury General Corp. | 580 | 16,257 | ||||
MFA Financial, Inc. | 263 | 2,527 | ||||
MGIC Investment Corp. | 1,600 | 26,704 | ||||
Midland States Bancorp, Inc. | 800 | 16,432 | ||||
MidWestOne Financial Group, Inc. | 370 | 7,522 | ||||
Mr Cooper Group, Inc. (b) | 5,930 | 317,611 | ||||
National Bank Holdings Corp. - Class A | 281 | 8,363 | ||||
National Western Life Group, Inc. - Class A | 55 | 24,062 | ||||
Navient Corp. | 2,150 | 37,023 | ||||
NMI Holdings, Inc. - Class A (b) | 3,285 | 88,991 | ||||
Northeast Bank | 200 | 8,820 | ||||
Northeast Community Bancorp, Inc. | 700 | 10,332 | ||||
Northfield Bancorp, Inc. | 1,780 | 16,821 | ||||
Northrim BanCorp, Inc. | 417 | 16,522 | ||||
OceanFirst Financial Corp. | 1,690 | 24,454 | ||||
OFG Bancorp | 1,245 | 37,176 | ||||
Old Second Bancorp, Inc. | 736 | 10,017 | ||||
Open Lending Corp. (b) | 1,250 | 9,150 | ||||
Pacific Premier Bancorp, Inc. | 700 | 15,232 | ||||
PacWest Bancorp | 4,190 | 33,143 | ||||
Pagseguro Digital Ltd. - Class A (b) | 570 | 4,908 | ||||
Parke Bancorp, Inc. | 500 | 8,145 | ||||
Pathward Financial, Inc. | 138 | 6,360 | ||||
Paysafe Ltd. (b) | 1,258 | 15,083 | ||||
PCB Bancorp | 700 | 10,815 | ||||
Peoples Financial Services Corp. | 355 | 14,235 | ||||
Perella Weinberg Partners | 2,770 | 28,199 | ||||
Popular, Inc. | 530 | 33,395 | ||||
Preferred Bank | 2,205 | 137,261 | ||||
Premier Financial Corp. | 1,770 | 30,196 | ||||
Primis Financial Corp. | 996 | 8,117 | ||||
ProAssurance Corp. | 1,130 | 21,346 | ||||
PROG Holdings, Inc. (b) | 2,135 | 70,903 | ||||
Provident Financial Services, Inc. | 3,991 | 61,022 | ||||
Radian Group, Inc. | 4,445 | 111,614 | ||||
RBB Bancorp | 690 | 8,818 | ||||
Repay Holdings Corp. (b) | 2,492 | 18,914 | ||||
S&T Bancorp, Inc. | 725 | 19,633 | ||||
Safety Insurance Group, Inc. | 270 | 18,411 | ||||
Sandy Spring Bancorp, Inc. | 1,170 | 25,073 | ||||
Selective Insurance Group, Inc. | 448 | 46,220 | ||||
ServisFirst Bancshares, Inc. | 1,830 | 95,471 | ||||
Shore Bancshares, Inc. | 782 | 8,227 | ||||
Sierra Bancorp | 500 | 9,480 | ||||
Silvercrest Asset Management Group, Inc. - Class A | 2,295 | 36,422 | ||||
Simmons First National Corp. - Class A | 1,480 | 25,101 | ||||
SiriusPoint Ltd. (b) | 2,450 | 24,917 | ||||
SLM Corp. | 2,390 | 32,552 | ||||
Southern First Bancshares, Inc. (b) | 290 | 7,813 | ||||
Southside Bancshares, Inc. | 410 | 11,767 | ||||
Stellar Bancorp, Inc. | 596 | 12,707 | ||||
StepStone Group, Inc. - Class A | 656 | 20,716 | ||||
Stewart Information Services Corp. | 800 | 35,040 | ||||
StoneCo Ltd. - Class A (b) | 6,189 | 66,037 | ||||
Synovus Financial Corp. | 280 | 7,784 | ||||
Territorial Bancorp, Inc. | 700 | 6,363 | ||||
Texas Capital Bancshares, Inc. (b) | 1,380 | 81,282 | ||||
The Bancorp, Inc. (b) | 1,243 | 42,883 | ||||
The Bank of NT Butterfield & Son Ltd. | 258 | 6,987 | ||||
The First of Long Island Corp. | 1,420 | 16,344 | ||||
The Hanover Insurance Group, Inc. | 170 | 18,867 | ||||
Towne Bank | �� 700 | 16,051 | ||||
TPG RE Finance Trust, Inc. | 2,490 | 16,758 | ||||
Triumph Financial, Inc. (b) | 3,112 | 201,626 | ||||
TrustCo Bank Corp. | 770 | 21,013 | ||||
Two Harbors Investment Corp. | 392 | 5,190 | ||||
UMB Financial Corp. | 229 | 14,209 | ||||
United Bankshares, Inc. | 498 | 13,740 | ||||
Universal Insurance Holdings, Inc. | 1,939 | 27,185 | ||||
Univest Financial Corp. | 940 | 16,337 | ||||
Valley National Bancorp | 4,062 | 34,771 | ||||
Veritex Holdings, Inc. | 830 | 14,898 | ||||
Virtu Financial, Inc. - Class A | 2,000 | 34,540 | ||||
Virtus Investment Partners, Inc. | 170 | 34,338 | ||||
WaFd, Inc. | 4,390 | 112,472 | ||||
Washington Trust Bancorp, Inc. | 920 | 24,224 | ||||
Webster Financial Corp. | 3,754 | 151,324 | ||||
Westamerica BanCorp | 1,486 | 64,270 | ||||
White Mountains Insurance Group Ltd. | 23 | 34,401 | ||||
Wintrust Financial Corp. | 215 | 16,233 | ||||
World Acceptance Corp. (b) | 250 | 31,765 | ||||
6,721,061 | ||||||
Health Care - 4.9% | ||||||
Accolade, Inc. (b) | 1,030 | 10,897 | ||||
Adaptive Biotechnologies Corp. (b) | 3,468 | 18,901 | ||||
Agios Pharmaceuticals, Inc. (b) | 496 | 12,276 | ||||
ALX Oncology Holdings, Inc. (b) | 2,437 | 11,698 | ||||
Atara Biotherapeutics, Inc. (b) | 1,735 | 2,568 | ||||
AtriCure, Inc. (b) | 130 | 5,694 | ||||
Beam Therapeutics, Inc. (b) | 140 | 3,367 | ||||
BioCryst Pharmaceuticals, Inc. (b) | 1,310 | 9,275 | ||||
Bridgebio Pharma, Inc. (b) | 77 | 2,030 | ||||
Brookdale Senior Living, Inc. (b) | 7,096 | 29,377 | ||||
Catalyst Pharmaceuticals, Inc. (b) | 409 | 4,781 | ||||
Celldex Therapeutics, Inc. (b) | 640 | 17,613 | ||||
Computer Programs and Systems, Inc. (b) | 1,030 | 16,418 | ||||
Editas Medicine, Inc. (b) | 642 | 5,008 | ||||
Embecta Corp. | 1,640 | 24,682 | ||||
Emergent BioSolutions, Inc. (b) | 9,486 | 32,252 | ||||
Enovis Corp. (b) | 3,986 | 210,182 | ||||
Hims & Hers Health, Inc. (b) | 630 | 3,963 | ||||
ImmunoGen, Inc. (b) | 1,445 | 22,932 | ||||
Inari Medical, Inc. (b) | 500 | 32,700 | ||||
Innoviva, Inc. (b) | 1,972 | 25,616 | ||||
Intellia Therapeutics, Inc. (b) | 835 | 26,403 | ||||
Invitae Corp. (b)(c) | 10,337 | 6,256 | ||||
Iovance Biotherapeutics, Inc. (b) | 190 | 864 | ||||
Ironwood Pharmaceuticals, Inc. (b) | 4,350 | 41,891 | ||||
Kezar Life Sciences, Inc. (b) | 1,650 | 1,964 | ||||
Kiniksa Pharmaceuticals Ltd. - Class A (b) | 765 | 13,288 | ||||
Kodiak Sciences, Inc. (b) | 2,719 | 4,894 | ||||
Multiplan Corp. (b) | 5,570 | 9,358 | ||||
Myriad Genetics, Inc. (b) | 515 | 8,261 | ||||
NanoString Technologies, Inc. (b) | 1,850 | 3,182 | ||||
National HealthCare Corp. | 250 | 15,995 | ||||
Neogen Corp. (b) | 2,063 | 38,248 | ||||
NeoGenomics, Inc. (b) | 2,242 | 27,577 | ||||
Nurix Therapeutics, Inc. (b) | 1,409 | 11,075 | ||||
OraSure Technologies, Inc. (b) | 5,306 | 31,465 | ||||
Owens & Minor, Inc. (b) | 840 | 13,574 | ||||
Pacific Biosciences of California, Inc. (b) | 872 | 7,281 | ||||
Pediatrix Medical Group, Inc. (b) | 1,446 | 18,379 | ||||
PetIQ, Inc. (b) | 706 | 13,908 | ||||
Phibro Animal Health Corp. - Class A | 1,300 | 16,601 | ||||
PMV Pharmaceuticals, Inc. (b) | 292 | 1,793 | ||||
Premier, Inc. - Class A | 1,250 | 26,875 | ||||
Prestige Consumer Healthcare, Inc. (b) | 207 | 11,838 | ||||
PTC Therapeutics, Inc. (b) | 80 | 1,793 | ||||
RAPT Therapeutics, Inc. (b) | 392 | 6,515 | ||||
Relay Therapeutics, Inc. (b) | 1,649 | 13,868 | ||||
Sangamo Therapeutics, Inc. (b) | 1,506 | 903 | ||||
Select Medical Holdings Corp. | 958 | 24,209 | ||||
SIGA Technologies, Inc. | 1,380 | 7,245 | ||||
Surgery Partners, Inc. (b) | 612 | 17,901 | ||||
Twist Bioscience Corp. (b) | 522 | 10,576 | ||||
UFP Technologies, Inc. (b) | 1,069 | 172,590 | ||||
Utah Medical Products, Inc. | 218 | 18,748 | ||||
Vanda Pharmaceuticals, Inc. (b) | 4,348 | 18,783 | ||||
Varex Imaging Corp. (b) | 175 | 3,288 | ||||
Veracyte, Inc. (b) | 1,346 | 30,056 | ||||
Y-mAbs Therapeutics, Inc. (b) | 910 | 4,959 | ||||
Zimvie, Inc. (b) | 532 | 5,006 | ||||
1,189,640 | ||||||
Industrials - 19.5% | ||||||
ABM Industries, Inc. | 830 | 33,208 | ||||
ACCO Brands Corp. | 4,500 | 25,830 | ||||
ACV Auctions, Inc. - Class A (b) | 780 | 11,840 | ||||
AerSale Corp. (b) | 1,830 | 27,340 | ||||
Alamo Group, Inc. | 100 | 17,286 | ||||
Allegiant Travel Co. | 2,961 | 227,582 | ||||
Allient, Inc. | 3,718 | 114,961 | ||||
American Woodmark Corp. (b) | 513 | 38,788 | ||||
Apogee Enterprises, Inc. | 180 | 8,474 | ||||
Arcosa, Inc. | 595 | 42,780 | ||||
Argan, Inc. | 177 | 8,057 | ||||
Armstrong World Industries, Inc. | 360 | 25,920 | ||||
Astronics Corp. (b) | 1,231 | 19,524 | ||||
AZZ, Inc. | 1,423 | 64,860 | ||||
Barnes Group, Inc. | 710 | 24,119 | ||||
Beacon Roofing Supply, Inc. (b) | 810 | 62,508 | ||||
BGSF, Inc. | 310 | 2,979 | ||||
Boise Cascade Co. | 50 | 5,152 | ||||
Brady Corp. - Class A | 440 | 24,165 | ||||
CIRCOR International, Inc. (b) | 132 | 7,359 | ||||
Columbus McKinnon Corp. | 670 | 23,390 | ||||
Commercial Vehicle Group, Inc. (b) | 1,190 | 9,234 | ||||
Concentrix Corp. | 450 | 36,049 | ||||
Concrete Pumping Holdings, Inc. (b) | 18,871 | 161,913 | ||||
Costamare, Inc. | 4,320 | 41,558 | ||||
Douglas Dynamics, Inc. | 3,576 | 107,924 | ||||
Ducommun, Inc. (b) | 1,173 | 51,037 | ||||
DXP Enterprises, Inc. (b) | 1,200 | 41,928 | ||||
EMCOR Group, Inc. | 203 | 42,709 | ||||
Encore Wire Corp. | 164 | 29,923 | ||||
Energy Recovery, Inc. (b) | 3,753 | 79,601 | ||||
Enerpac Tool Group Corp. | 620 | 16,387 | ||||
EnerSys | 912 | 86,339 | ||||
Ennis, Inc. | 3,631 | 77,050 | ||||
Esab Corp. | 2,688 | 188,751 | ||||
ESCO Technologies, Inc. | 456 | 47,625 | ||||
First Advantage Corp. | 16,623 | 229,231 | ||||
Flowserve Corp. | 910 | 36,191 | ||||
Fluor Corp. (b) | 2,100 | 77,070 | ||||
Forward Air Corp. | 490 | 33,683 | ||||
FTAI Aviation Ltd. | 4,547 | 161,646 | ||||
Gates Industrial Corp. PLC (b) | 9,643 | 111,955 | ||||
Gibraltar Industries, Inc. (b) | 70 | 4,726 | ||||
Global Industrial Co. | 289 | 9,682 | ||||
Golden Ocean Group Ltd. | 1,688 | 13,301 | ||||
GrafTech International Ltd. | 6,570 | 25,163 | ||||
Graham Corp. (b) | 3,799 | 63,063 | ||||
Granite Construction, Inc. | 283 | 10,760 | ||||
Griffon Corp. | 245 | 9,719 | ||||
Healthcare Services Group, Inc. | 2,300 | 23,989 | ||||
Heartland Express, Inc. | 1,620 | 23,798 | ||||
Heidrick & Struggles International, Inc. | 1,330 | 33,277 | ||||
Hillenbrand, Inc. | 780 | 33,002 | ||||
Hyster-Yale Materials Handling, Inc. | 920 | 41,014 | ||||
Insteel Industries, Inc. | 780 | 25,319 | ||||
Interface, Inc. | 2,500 | 24,525 | ||||
JELD-WEN Holding, Inc. (b) | 1,210 | 16,166 | ||||
JetBlue Airways Corp. (b) | 3,010 | 13,846 | ||||
Kelly Services, Inc. - Class A | 2,730 | 49,659 | ||||
Kforce, Inc. | 400 | 23,864 | ||||
Kirby Corp. (b) | 490 | 40,572 | ||||
Korn Ferry | 720 | 34,157 | ||||
ManpowerGroup, Inc. | 470 | 34,460 | ||||
Marten Transport Ltd. | 820 | 16,162 | ||||
Matson, Inc. | 1,190 | 105,577 | ||||
Miller Industries, Inc. | 604 | 23,683 | ||||
MillerKnoll, Inc. | 1,660 | 40,587 | ||||
Moog, Inc. - Class A | 255 | 28,805 | ||||
MRC Global, Inc. (b) | 800 | 8,200 | ||||
Mueller Industries, Inc. | 708 | 53,213 | ||||
Mueller Water Products, Inc. - Class A | 1,960 | 24,853 | ||||
National Presto Industries, Inc. | 375 | 27,173 | ||||
NOW, Inc. (b) | 830 | 9,852 | ||||
PAM Transportation Services, Inc. (b) | 320 | 6,896 | ||||
Powell Industries, Inc. | 750 | 62,175 | ||||
Preformed Line Products Co. | 50 | 8,129 | ||||
Primoris Services Corp. | 400 | 13,092 | ||||
Quad/Graphics, Inc. (b) | 1,500 | 7,545 | ||||
RCM Technologies, Inc. (b) | 480 | 9,379 | ||||
Resideo Technologies, Inc. (b) | 1,300 | 20,540 | ||||
Resources Connection, Inc. | 2,290 | 34,144 | ||||
Rush Enterprises, Inc. - Class A | 3,071 | 125,389 | ||||
Safe Bulkers, Inc. | 3,173 | 10,281 | ||||
SkyWest, Inc. (b) | 120 | 5,033 | ||||
SP Plus Corp. (b) | 292 | 10,541 | ||||
Spirit Airlines, Inc. | 287 | 4,736 | ||||
SPX Technologies, Inc. (b) | 460 | 37,444 | ||||
Steelcase, Inc. - Class A | 3,465 | 38,704 | ||||
Sterling Infrastructure, Inc. (b) | 315 | 23,146 | ||||
Tennant Co. | 60 | 4,449 | ||||
Terex Corp. | 1,062 | 61,192 | ||||
The Brink's Co. | 450 | 32,688 | ||||
The Greenbrier Cos., Inc. | 1,150 | 46,000 | ||||
Thermon Group Holdings, Inc. (b) | 2,133 | 58,594 | ||||
Titan Machinery, Inc. (b) | 600 | 15,948 | ||||
Trinity Industries, Inc. | 805 | 19,602 | ||||
Triton International Ltd. | 24 | 2,040 | ||||
TrueBlue, Inc. (b) | 2,200 | 32,274 | ||||
TTEC Holdings, Inc. | 870 | 22,811 | ||||
Tutor Perini Corp. (b) | 4,530 | 35,470 | ||||
UFP Industries, Inc. | 693 | 70,963 | ||||
V2X, Inc. (b) | 490 | 25,313 | ||||
Veritiv Corp. | 298 | 50,332 | ||||
Verra Mobility Corp. (b) | 1,100 | 20,570 | ||||
Wabash National Corp. | 2,969 | 62,705 | ||||
WESCO International, Inc. | 1,085 | 156,045 | ||||
WNS Holdings Ltd. - ADR (b) | 3,372 | 230,847 | ||||
4,741,110 | ||||||
Information Technology - 5.4% | ||||||
A10 Networks, Inc. | 244 | 3,667 | ||||
ACI Worldwide, Inc. (b) | 1,500 | 33,840 | ||||
Amkor Technology, Inc. | 164 | 3,707 | ||||
Arlo Technologies, Inc. (b) | 510 | 5,253 | ||||
Avnet, Inc. | 680 | 32,769 | ||||
Axcelis Technologies, Inc. (b) | 240 | 39,132 | ||||
Belden, Inc. | 380 | 36,689 | ||||
Benchmark Electronics, Inc. | 400 | 9,704 | ||||
C3.ai, Inc. - Class A (b)(c) | 415 | 10,591 | ||||
Calix, Inc. (b) | 389 | 17,832 | ||||
Cambium Networks Corp. (b) | 2,054 | 15,056 | ||||
Cerence, Inc. (b) | 338 | 6,885 | ||||
Cirrus Logic, Inc. (b) | 340 | 25,146 | ||||
Coherent Corp. (b) | 730 | 23,827 | ||||
Cohu, Inc. (b) | 260 | 8,954 | ||||
CPI Card Group, Inc. (b) | 838 | 15,520 | ||||
Diodes, Inc. (b) | 320 | 25,229 | ||||
Ebix, Inc. | 2,740 | 27,071 | ||||
eGain Corp. (b) | 2,481 | 15,209 | ||||
ePlus, Inc. (b) | 845 | 53,674 | ||||
Fastly, Inc. - Class A (b) | 1,433 | 27,471 | ||||
InterDigital, Inc. | 60 | 4,814 | ||||
Itron, Inc. (b) | 1,040 | 63,003 | ||||
Kimball Electronics, Inc. (b) | 900 | 24,642 | ||||
LiveRamp Holdings, Inc. (b) | 725 | 20,909 | ||||
MaxLinear, Inc. (b) | 800 | 17,800 | ||||
N-able, Inc. (b) | 945 | 12,191 | ||||
NCR Corp. (b) | 1,370 | 36,949 | ||||
NetScout Systems, Inc. (b) | 950 | 26,619 | ||||
Olo, Inc. - Class A (b) | 1,670 | 10,120 | ||||
OSI Systems, Inc. (b) | 333 | 39,307 | ||||
PC Connection, Inc. | 345 | 18,416 | ||||
Photronics, Inc. (b) | 1,847 | 37,328 | ||||
Plexus Corp. (b) | 561 | 52,162 | ||||
Progress Software Corp. | 681 | 35,807 | ||||
Rimini Street, Inc. (b) | 33,584 | 73,885 | ||||
Sanmina Corp. (b) | 3,660 | 198,665 | ||||
ScanSource, Inc. (b) | 560 | 16,974 | ||||
Semtech Corp. (b) | 1,380 | 35,535 | ||||
Telos Corp. (b) | 7,460 | 17,829 | ||||
TTM Technologies, Inc. (b) | 2,640 | 34,003 | ||||
Vishay Intertechnology, Inc. | 2,962 | 73,221 | ||||
Vontier Corp. | 1,100 | 34,012 | ||||
1,321,417 | ||||||
Materials - 5.2% | ||||||
AdvanSix, Inc. | 780 | 24,243 | ||||
Alto Ingredients, Inc. (b) | 5,480 | 24,222 | ||||
Ashland, Inc. (c) | 3,106 | 253,698 | ||||
Cabot Corp. | 305 | 21,127 | ||||
Carpenter Technology Corp. | 1,047 | 70,369 | ||||
Chase Corp. | 70 | 8,906 | ||||
Clearwater Paper Corp. (b) | 212 | 7,685 | ||||
Commercial Metals Co. | 1,344 | 66,407 | ||||
Compass Minerals International, Inc. | 920 | 25,714 | ||||
Constellium SE (b) | 300 | 5,460 | ||||
Ecovyst, Inc. (b) | 3,305 | 32,521 | ||||
Greif, Inc. - Class A | 635 | 42,424 | ||||
Hawkins, Inc. | 200 | 11,770 | ||||
Haynes International, Inc. | 692 | 32,192 | ||||
Ingevity Corp. (b) | 690 | 32,851 | ||||
Innospec, Inc. | 947 | 96,784 | ||||
Kaiser Aluminum Corp. | 410 | 30,857 | ||||
Lifezone Metals Ltd. (b) | 690 | 8,466 | ||||
Mercer International, Inc. | 4,390 | 37,666 | ||||
Minerals Technologies, Inc. | 650 | 35,594 | ||||
Myers Industries, Inc. | 1,330 | 23,847 | ||||
NewMarket Corp. | 30 | 13,651 | ||||
O-I Glass, Inc. (b) | 1,836 | 30,716 | ||||
SunCoke Energy, Inc. | 136 | 1,380 | ||||
Sylvamo Corp. | 380 | 16,697 | ||||
Taseko Mines Ltd. (b) | 78,168 | 99,274 | ||||
Tredegar Corp. | 3,788 | 20,493 | ||||
TriMas Corp. | 1,000 | 24,760 | ||||
Trinseo PLC | 3,630 | 29,657 | ||||
United States Lime & Minerals, Inc. | 503 | 101,103 | ||||
Warrior Met Coal, Inc. | 540 | 27,583 | ||||
Worthington Industries, Inc. | 210 | 12,982 | ||||
1,271,099 | ||||||
Real Estate - 6.1% | ||||||
Agree Realty Corp. | 418 | 23,090 | ||||
Alexander's, Inc. | 130 | 23,690 | ||||
Apple Hospitality REIT, Inc. (c) | 2,857 | 43,826 | ||||
Armada Hoffler Properties, Inc. | 679 | 6,953 | ||||
Braemar Hotels & Resorts, Inc. | 5,310 | 14,709 | ||||
City Office REIT, Inc. | 1,620 | 6,885 | ||||
COPT Defense Properties | 475 | 11,319 | ||||
CubeSmart | 847 | 32,296 | ||||
Cushman & Wakefield PLC (b) | 4,100 | 31,242 | ||||
DiamondRock Hospitality Co. | 2,791 | 22,412 | ||||
DigitalBridge Group, Inc. | 4,070 | 71,551 | ||||
Douglas Elliman, Inc. | 2,835 | 6,407 | ||||
Douglas Emmett, Inc. (c) | 6,477 | 82,647 | ||||
Empire State Realty Trust, Inc. - Class A | 18,952 | 152,374 | ||||
Equity Commonwealth | 1,587 | 29,153 | ||||
Essential Properties Realty Trust, Inc. | 2,575 | 55,697 | ||||
Forestar Group, Inc. (b) | 1,200 | 32,328 | ||||
Four Corners Property Trust, Inc. | 212 | 4,704 | ||||
Hudson Pacific Properties, Inc. | 8,090 | 53,799 | ||||
Jones Lang LaSalle, Inc. (b) | 252 | 35,577 | ||||
Marcus & Millichap, Inc. | 1,240 | 36,382 | ||||
National Health Investors, Inc. | 425 | 21,828 | ||||
NexPoint Residential Trust, Inc. | 172 | 5,535 | ||||
Orion Office REIT, Inc. | 3,230 | 16,828 | ||||
Park Hotels & Resorts, Inc. | 2,750 | 33,880 | ||||
Pebblebrook Hotel Trust | 2,700 | 36,693 | ||||
Rayonier, Inc. | 1,382 | 39,332 | ||||
RE/MAX Holdings, Inc. - Class A | 2,290 | 29,633 | ||||
Retail Opportunity Investments Corp. | 372 | 4,605 | ||||
Ryman Hospitality Properties, Inc. | 2,490 | 207,367 | ||||
Sabra Health Care REIT, Inc. | 5,818 | 81,103 | ||||
Safehold, Inc. (b) | 1,419 | 25,258 | ||||
Seritage Growth Properties - Class A (b) | 4,530 | 35,062 | ||||
SL Green Realty Corp. (c) | 1,020 | 38,046 | ||||
STAG Industrial, Inc. | 782 | 26,987 | ||||
Star Holdings (b) | 651 | 8,150 | ||||
The Macerich Co. | 2,359 | 25,737 | ||||
The RMR Group, Inc. - Class A | 442 | 10,838 | ||||
Uniti Group, Inc. | 10,801 | 50,981 | ||||
Urban Edge Properties | 1,417 | 21,623 | ||||
1,496,527 | ||||||
Utilities - 2.6% | ||||||
ALLETE, Inc. | 570 | 30,096 | ||||
American States Water Co. | 180 | 14,162 | ||||
Avista Corp. | 980 | 31,723 | ||||
Black Hills Corp. | 920 | 46,543 | ||||
Brookfield Infrastructure Corp. - Class A | 935 | 33,043 | ||||
Northwest Natural Holding Co. | 939 | 35,832 | ||||
NorthWestern Corp. | 640 | 30,758 | ||||
ONE Gas, Inc. | 1,360 | 92,861 | ||||
Otter Tail Corp. | 1,536 | 116,613 | ||||
PNM Resources, Inc. | 765 | 34,127 | ||||
Portland General Electric Co. | 890 | 36,027 | ||||
Southwest Gas Holdings, Inc. | 630 | 38,058 | ||||
Spire, Inc. | 560 | 31,685 | ||||
Sunnova Energy International, Inc. (b)(c) | 364 | 3,811 | ||||
UGI Corp. | 2,205 | 50,715 | ||||
626,054 | ||||||
Total Common Stocks (Cost $22,252,460) | 23,981,848 | |||||
Total Investments at Value - 98.5% (Cost $22,252,460) | 23,981,848 | |||||
Other Assets in Excess of Liabilities - 1.5% | 361,570 | |||||
Net Assets - 100.0% | $ | 24,343,418 | ||||
Percentages are stated as a percent of net assets. | ||||||
ADR - American Depository Receipt | ||||||
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 September 30, 2023. The total fair value of securities on loan at September 30, 2023 was $504,246. |
The Accompanying Footnotes are an Integral Part of this Schedule of Investments. |
SMALL COMPANY VALUE PORTFOLIO | |||||||||
NOTES TO SCHEDULE OF INVESTMENTS | |||||||||
September 30, 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 Pricing Committee of Wilshire Advisors LLC (the “Adviser”) 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 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 September 30, 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 September 30, 2023: |
Small Company Value Portfolio | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks . . . . . . . . . . . . . . . . . . . . . . . | $ | 23,979,808 | $ | 2,040 | $ | - | $ | 23,981,848 | ||||||||
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 23,979,808 | $ | 2,040 | $ | - | $ | 23,981,848 |
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 September 30, 2023. |