WILSHIRE MUTUAL FUNDS, INC. | ||||
SMALL COMPANY GROWTH PORTFOLIO | September 30, 2023 (Unaudited) | |||
SCHEDULE OF INVESTMENTS |
Shares | Value | |||||
COMMON STOCKS - 98.7% (a) | ||||||
Communication Services - 1.3% | ||||||
Cargurus, Inc. (b) | 1,019 | $ | 17,853 | |||
Cinemark Holdings, Inc. (b) | 1,976 | 36,260 | ||||
Cogent Communications Holdings, Inc. | 714 | 44,197 | ||||
Eventbrite, Inc. - Class A (b) | 1,039 | 10,244 | ||||
IMAX Corp. (b) | 855 | 16,519 | ||||
Integral Ad Science Holding Corp. (b) | 1,049 | 12,473 | ||||
Iridium Communications, Inc. | 391 | 17,786 | ||||
Lions Gate Entertainment Corp. - Class A (b) | 2,125 | 18,020 | ||||
Lions Gate Entertainment Corp. - Class B (b) | 2,358 | 18,557 | ||||
MediaAlpha, Inc. - Class A (b) | 196 | 1,619 | ||||
Shutterstock, Inc. | 515 | 19,596 | ||||
Thryv Holdings, Inc. (b) | 469 | 8,803 | ||||
Vimeo, Inc. (b) | 2,615 | 9,257 | ||||
Yelp, Inc. (b) | 2,226 | 92,579 | ||||
323,763 | ||||||
Consumer Discretionary - 11.0% | ||||||
Abercrombie & Fitch Co. - Class A (b) | 203 | 11,443 | ||||
America's Car-Mart, Inc. (b) | 1,510 | 137,395 | ||||
Asbury Automotive Group, Inc. (b) | 42 | 9,663 | ||||
BJ's Restaurants, Inc. (b) | 61 | 1,431 | ||||
Boot Barn Holdings, Inc. (b) | 3,350 | 271,986 | ||||
Brinker International, Inc. (b) | 100 | 3,159 | ||||
Carvana Co. (b)(c) | 499 | 20,948 | ||||
Cavco Industries, Inc. (b) | 234 | 62,164 | ||||
Coursera, Inc. (b) | 1,704 | 31,848 | ||||
Crocs, Inc. (b) | 15 | 1,323 | ||||
Dave & Buster's Entertainment, Inc. (b) | 397 | 14,717 | ||||
Denny's Corp. (b) | 211 | 1,787 | ||||
Dillard's, Inc. - Class A | 7 | 2,316 | ||||
Everi Holdings, Inc. (b) | 724 | 9,571 | ||||
First Watch Restaurant Group, Inc. (b) | 262 | 4,530 | ||||
Fox Factory Holding Corp. (b) | 236 | 23,383 | ||||
Frontdoor, Inc. (b) | 1,150 | 35,179 | ||||
Green Brick Partners, Inc. (b) | 296 | 12,287 | ||||
Hilton Grand Vacations, Inc. (b) | 746 | 30,362 | ||||
Inspired Entertainment, Inc. (b) | 682 | 8,157 | ||||
Installed Building Products, Inc. | 62 | 7,743 | ||||
International Game Technology PLC | 1,354 | 41,053 | ||||
KB Home | 29 | 1,342 | ||||
Laureate Education, Inc. | 2,619 | 36,928 | ||||
M/I Homes, Inc. (b) | 33 | 2,773 | ||||
Malibu Boats, Inc. - Class A (b) | 111 | 5,441 | ||||
MasterCraft Boat Holdings, Inc. (b) | 205 | 4,555 | ||||
Modine Manufacturing Co. (b) | 589 | 26,947 | ||||
Monarch Casino & Resort, Inc. | 119 | 7,390 | ||||
Murphy USA, Inc. | 12 | 4,101 | ||||
OneSpaWorld Holdings Ltd. (b) | 22,131 | 248,310 | ||||
Oxford Industries, Inc. | 1,110 | 106,704 | ||||
Perdoceo Education Corp. | 376 | 6,430 | ||||
PlayAGS, Inc. (b) | 1,789 | 11,664 | ||||
Portillo's, Inc. - Class A (b) | 8,918 | 137,248 | ||||
Potbelly Corp. (b) | 425 | 3,315 | ||||
Shake Shack, Inc. - Class A (b) | 338 | 19,628 | ||||
Skyline Champion Corp. (b) | 2,792 | 177,906 | ||||
Steven Madden Ltd. | 3,925 | 124,697 | ||||
Stoneridge, Inc. (b) | 3,811 | 76,487 | ||||
Stride, Inc. (b) | 1,053 | 47,417 | ||||
Target Hospitality Corp. (b) | 822 | 13,053 | ||||
Texas Roadhouse, Inc. | 4,879 | 468,872 | ||||
The Cheesecake Factory, Inc. | 863 | 26,149 | ||||
The Lovesac Co. (b) | 5,357 | 106,711 | ||||
TopBuild Corp. (b) | 764 | 192,222 | ||||
Tri Pointe Homes, Inc. (b) | 149 | 4,075 | ||||
Upbound Group, Inc. | 62 | 1,826 | ||||
Urban Outfitters, Inc. (b) | 79 | 2,583 | ||||
Visteon Corp. (b) | 223 | 30,790 | ||||
Wingstop, Inc. | 190 | 34,170 | ||||
XPEL, Inc. (b) | 39 | 3,007 | ||||
Xponential Fitness, Inc. - Class A (b) | 491 | 7,611 | ||||
2,682,797 | ||||||
Consumer Staples - 5.7% | ||||||
BellRing Brands, Inc. (b) | 131 | 5,401 | ||||
Cal-Maine Foods, Inc. | 1,190 | 57,620 | ||||
Celsius Holdings, Inc. (b) | 34 | 5,834 | ||||
Coca-Cola Consolidated, Inc. | 11 | 7,000 | ||||
Coty, Inc. - Class A (b) | 14,103 | 154,710 | ||||
elf Beauty, Inc. (b) | 2,582 | 283,581 | ||||
Grocery Outlet Holding Corp. (b) | 12,327 | 355,634 | ||||
Herbalife Ltd. (b) | 1,093 | 15,291 | ||||
Inter Parfums, Inc. | 433 | 58,169 | ||||
Lancaster Colony Corp. | 43 | 7,096 | ||||
PriceSmart, Inc. | 109 | 8,113 | ||||
Sovos Brands, Inc. (b) | 7,144 | 161,097 | ||||
Sprouts Farmers Market, Inc. (b) | 645 | 27,606 | ||||
The Beauty Health Co. (b) | 15,763 | 94,893 | ||||
The Chefs' Warehouse, Inc. (b) | 2,083 | 44,118 | ||||
The Duckhorn Portfolio, Inc. (b) | 258 | 2,647 | ||||
The Vita Coco Co., Inc. (b) | 3,168 | 82,495 | ||||
USANA Health Sciences, Inc. (b) | 32 | 1,875 | ||||
Vital Farms, Inc. (b) | 1,853 | 21,458 | ||||
1,394,638 | ||||||
Energy - 7.3% | ||||||
Archrock, Inc. | 3,015 | 37,989 | ||||
Cactus, Inc. - Class A | 677 | 33,992 | ||||
ChampionX Corp. | 1,011 | 36,012 | ||||
Chord Energy Corp. | 75 | 12,155 | ||||
CVR Energy, Inc. | 705 | 23,991 | ||||
DMC Global, Inc. (b) | 820 | 20,065 | ||||
Dorian LPG Ltd. | 1,034 | 29,707 | ||||
Dril-Quip, Inc. (b) | 4,110 | 115,779 | ||||
Earthstone Energy, Inc. - Class A (b) | 17,567 | 355,556 | ||||
Equitrans Midstream Corp. | 6,438 | 60,324 | ||||
Excelerate Energy, Inc. - Class A | 13,990 | 238,390 | ||||
Golar LNG Ltd. | 176 | 4,270 | ||||
Kosmos Energy Ltd. (b) | 896 | 7,329 | ||||
Liberty Energy, Inc. | 1,653 | 30,614 | ||||
Magnolia Oil & Gas Corp. - Class A | 44 | 1,008 | ||||
Nabors Industries Ltd. (b) | 96 | 11,821 | ||||
Oceaneering International, Inc. (b) | 1,237 | 31,816 | ||||
Par Pacific Holdings, Inc. (b) | 1,049 | 37,701 | ||||
Patterson-UTI Energy, Inc. | 802 | 11,099 | ||||
Permian Resources Corp. | 34,084 | 475,813 | ||||
REX American Resources Corp. (b) | 285 | 11,605 | ||||
RPC, Inc. | 4,266 | 38,138 | ||||
Solaris Oilfield Infrastructure, Inc. - Class A | 325 | 3,464 | ||||
TETRA Technologies, Inc. (b) | 1,322 | 8,434 | ||||
Tidewater, Inc. (b) | 797 | 56,643 | ||||
Uranium Energy Corp. (b) | 2,327 | 11,984 | ||||
US Silica Holdings, Inc. (b) | 1,193 | 16,750 | ||||
Weatherford International PLC (b) | 545 | 49,230 | ||||
1,771,679 | ||||||
Financials - 6.6% | ||||||
AvidXchange Holdings, Inc. (b) | 214 | 2,029 | ||||
Axos Financial, Inc. (b) | 35 | 1,325 | ||||
Cadence Bank | 5,785 | 122,758 | ||||
Coastal Financial Corp. (b) | 57 | 2,446 | ||||
Crawford & Co. - Class A | 204 | 1,905 | ||||
EVERTEC, Inc. | 1,355 | 50,379 | ||||
Flywire Corp. (b) | 246 | 7,845 | ||||
Goosehead Insurance, Inc. - Class A (b) | 125 | 9,316 | ||||
Hamilton Lane, Inc. - Class A | 967 | 87,455 | ||||
Home BancShares, Inc. | 11,927 | 249,751 | ||||
HomeTrust Bancshares, Inc. | 209 | 4,529 | ||||
I3 Verticals, Inc. - Class A (b) | 5,233 | 110,626 | ||||
Kinsale Capital Group, Inc. | 66 | 27,333 | ||||
Marqeta, Inc. - Class A (b) | 5,998 | 35,868 | ||||
NMI Holdings, Inc. - Class A (b) | 890 | 24,110 | ||||
Open Lending Corp. (b) | 3,012 | 22,048 | ||||
Pagseguro Digital Ltd. - Class A (b) | 2,394 | 20,612 | ||||
Palomar Holdings, Inc. (b) | 410 | 20,807 | ||||
Patria Investments Ltd. - Class A | 4,062 | 59,224 | ||||
PROG Holdings, Inc. (b) | 1,194 | 39,653 | ||||
Remitly Global, Inc. (b) | 863 | 21,765 | ||||
Repay Holdings Corp. (b) | 20,595 | 156,316 | ||||
RLI Corp. | 100 | 13,589 | ||||
ServisFirst Bancshares, Inc. | 724 | 37,771 | ||||
StoneCo Ltd. - Class A (b) | 5,312 | 56,679 | ||||
Texas Capital Bancshares, Inc. (b) | 3,231 | 190,306 | ||||
The Bancorp, Inc. (b) | 392 | 13,524 | ||||
Triumph Financial, Inc. (b) | 2,888 | 187,113 | ||||
Universal Insurance Holdings, Inc. | 440 | 6,169 | ||||
Westamerica BanCorp | 286 | 12,370 | ||||
World Acceptance Corp. (b) | 35 | 4,447 | ||||
1,600,068 | ||||||
Health Care - 27.8% | ||||||
ACADIA Pharmaceuticals, Inc. (b)(c) | 1,729 | 36,032 | ||||
Accolade, Inc. (b) | 611 | 6,464 | ||||
Adaptive Biotechnologies Corp. (b) | 597 | 3,254 | ||||
Addus HomeCare Corp. (b) | 212 | 18,060 | ||||
Agenus, Inc. (b) | 4,822 | 5,449 | ||||
Alector, Inc. (b) | 617 | 3,998 | ||||
Alignment Healthcare, Inc. (b) | 381 | 2,644 | ||||
Alkermes PLC (b) | 776 | 21,736 | ||||
Amedisys, Inc. (b) | 1,720 | 160,648 | ||||
Amicus Therapeutics, Inc. (b) | 467 | 5,679 | ||||
Amphastar Pharmaceuticals, Inc. (b) | 416 | 19,132 | ||||
Anavex Life Sciences Corp. (b) | 646 | 4,231 | ||||
ANI Pharmaceuticals, Inc. (b) | 2,471 | 143,466 | ||||
Apollo Medical Holdings, Inc. (b) | 74 | 2,283 | ||||
Arcturus Therapeutics Holdings, Inc. (b)(c) | 1,531 | 39,117 | ||||
Arrowhead Pharmaceuticals, Inc. (b) | 340 | 9,136 | ||||
Arvinas, Inc. (b) | 364 | 7,149 | ||||
Avid Bioservices, Inc. (b) | 14,981 | 141,421 | ||||
Axonics, Inc. (b) | 73 | 4,097 | ||||
Beam Therapeutics, Inc. (b) | 852 | 20,491 | ||||
BioCryst Pharmaceuticals, Inc. (b) | 764 | 5,409 | ||||
BioLife Solutions, Inc. (b) | 11,695 | 161,508 | ||||
Bluebird Bio, Inc. (b) | 25,107 | 76,325 | ||||
Blueprint Medicines Corp. (b) | 573 | 28,776 | ||||
Bridgebio Pharma, Inc. (b) | 511 | 13,475 | ||||
Caribou Biosciences, Inc. (b) | 9,099 | 43,493 | ||||
Castle Biosciences, Inc. (b) | 8,218 | 138,802 | ||||
Catalyst Pharmaceuticals, Inc. (b) | 1,784 | 20,855 | ||||
Celldex Therapeutics, Inc. (b) | 393 | 10,815 | ||||
Certara, Inc. (b) | 5,320 | 77,353 | ||||
Cerus Corp. (b) | 3,444 | 5,579 | ||||
Chemed Corp. | 422 | 219,313 | ||||
Coherus Biosciences, Inc. (b) | 380 | 1,421 | ||||
Collegium Pharmaceutical, Inc. (b) | 1,185 | 26,485 | ||||
CONMED Corp. | 3,466 | 349,546 | ||||
Corcept Therapeutics, Inc. (b) | 713 | 19,426 | ||||
CryoPort, Inc. (b) | 5,543 | 75,995 | ||||
CytoSorbents Corp. (b) | 6,786 | 12,758 | ||||
Denali Therapeutics, Inc. (b) | 1,476 | 30,450 | ||||
Dynavax Technologies Corp. (b) | 3,884 | 57,367 | ||||
Edgewise Therapeutics, Inc. (b) | 8,029 | 46,006 | ||||
Embecta Corp. | 1,115 | 16,781 | ||||
Glaukos Corp. (b) | 101 | 7,600 | ||||
Globus Medical, Inc. - Class A (b) | 530 | 26,314 | ||||
Guardant Health, Inc. (b) | 360 | 10,670 | ||||
Haemonetics Corp. (b) | 971 | 86,982 | ||||
Halozyme Therapeutics, Inc. (b) | 1,328 | 50,730 | ||||
Harmony Biosciences Holdings, Inc. (b) | 228 | 7,472 | ||||
Harvard Bioscience, Inc. (b) | 48,865 | 210,120 | ||||
Health Catalyst, Inc. (b) | 15,451 | 156,364 | ||||
HealthEquity, Inc. (b) | 669 | 48,870 | ||||
Heron Therapeutics, Inc. (b) | 5,176 | 5,331 | ||||
Hims & Hers Health, Inc. (b) | 701 | 4,409 | ||||
Ideaya Biosciences, Inc. (b) | 712 | 19,210 | ||||
ImmunoGen, Inc. (b) | 8,832 | 140,164 | ||||
Inari Medical, Inc. (b) | 610 | 39,894 | ||||
Inmode Ltd. (b) | 903 | 27,505 | ||||
Innoviva, Inc. (b) | 1,924 | 24,993 | ||||
Inspire Medical Systems, Inc. (b) | 30 | 5,953 | ||||
Intellia Therapeutics, Inc. (b) | 1,997 | 63,145 | ||||
Intra-Cellular Therapies, Inc. (b) | 510 | 26,566 | ||||
Invitae Corp. (b)(c) | 1,165 | 705 | ||||
iRadimed Corp. | 478 | 21,209 | ||||
iRhythm Technologies, Inc. (b) | �� 99 | 9,332 | ||||
Ironwood Pharmaceuticals, Inc. - Class A (b) | 1,822 | 17,546 | ||||
Kiniksa Pharmaceuticals Ltd. - Class A (b) | 7,427 | 129,007 | ||||
Krystal Biotech, Inc. (b) | 388 | 45,008 | ||||
Kymera Therapeutics, Inc. (b) | 81 | 1,126 | ||||
Lantheus Holdings, Inc. (b) | 847 | 58,850 | ||||
LeMaitre Vascular, Inc. | 6,851 | 373,242 | ||||
LifeMD, Inc. (b) | 3,078 | 19,237 | ||||
MacroGenics, Inc. (b) | 240 | 1,118 | ||||
MaxCyte, Inc. (b) | 15,126 | 47,193 | ||||
Medpace Holdings, Inc. (b) | 1,787 | 432,686 | ||||
Mesa Laboratories, Inc. | 2,652 | 278,646 | ||||
MoonLake Immunotherapeutics (b)(c) | 1,180 | 67,260 | ||||
NanoString Technologies, Inc. (b) | 1,909 | 3,283 | ||||
Neogen Corp. (b) | 4,391 | 81,409 | ||||
NeoGenomics, Inc. (b) | 835 | 10,271 | ||||
Nurix Therapeutics, Inc. (b) | 365 | 2,869 | ||||
Olink Holding AB - ADR (b)(c) | 7,222 | 106,524 | ||||
Option Care Health, Inc. (b) | 3,710 | 120,019 | ||||
OrthoPediatrics Corp. (b) | 5,492 | 175,744 | ||||
Pacific Biosciences of California, Inc. (b) | 611 | 5,102 | ||||
Pacira BioSciences, Inc. (b) | 151 | 4,633 | ||||
PetIQ, Inc. (b) | 112 | 2,206 | ||||
Pliant Therapeutics, Inc. (b) | 4,417 | 76,591 | ||||
Privia Health Group, Inc. (b) | 784 | 18,032 | ||||
Progyny, Inc. (b) | 1,192 | 40,552 | ||||
Prothena Corp. PLC (b) | 1,921 | 92,688 | ||||
PTC Therapeutics, Inc. (b) | 295 | 6,611 | ||||
Quanterix Corp. (b) | 6,567 | 178,228 | ||||
RAPT Therapeutics, Inc. (b) | 355 | 5,900 | ||||
Relay Therapeutics, Inc. (b) | 194 | 1,632 | ||||
Repligen Corp. (b) | 1,510 | 240,105 | ||||
Revance Therapeutics, Inc. (b) | 619 | 7,100 | ||||
REVOLUTION Medicines, Inc. (b) | 374 | 10,352 | ||||
Rhythm Pharmaceuticals, Inc. (b) | 582 | 13,342 | ||||
Rigel Pharmaceuticals, Inc. (b) | 1,457 | 1,574 | ||||
Rocket Pharmaceuticals, Inc. (b) | 545 | 11,167 | ||||
Select Medical Holdings Corp. | 54 | 1,365 | ||||
SI-BONE, Inc. (b) | 8,540 | 181,390 | ||||
SIGA Technologies, Inc. | 1,540 | 8,085 | ||||
Simulations Plus, Inc. | 6,580 | 274,386 | ||||
STAAR Surgical Co. (b) | 49 | 1,969 | ||||
Stoke Therapeutics, Inc. (b) | 10,729 | 42,272 | ||||
Surgery Partners, Inc. (b) | 348 | 10,179 | ||||
TG Therapeutics, Inc. (b) | 1,755 | 14,672 | ||||
The Ensign Group, Inc. | 882 | 81,964 | ||||
TransMedics Group, Inc. (b) | 317 | 17,356 | ||||
Twist Bioscience Corp. (b) | 41 | 831 | ||||
UFP Technologies, Inc. (b) | 10 | 1,615 | ||||
Utah Medical Products, Inc. | 75 | 6,450 | ||||
Vaxcyte, Inc. (b) | 15 | 765 | ||||
Veracyte, Inc. (b) | 219 | 4,890 | ||||
Vericel Corp. (b) | 5,457 | 182,919 | ||||
Xenon Pharmaceuticals, Inc. (b) | 2,538 | 86,698 | ||||
Y-mAbs Therapeutics, Inc. (b) | 2,169 | 11,821 | ||||
Zentalis Pharmaceuticals, Inc. (b) | 83 | 1,665 | ||||
Zymeworks, Inc. (b) | 5,682 | 36,024 | ||||
6,740,132 | ||||||
Industrials - 17.8% | ||||||
AAON, Inc. | 484 | 27,525 | ||||
ACV Auctions, Inc. - Class A (b) | 742 | 11,263 | ||||
AeroVironment, Inc. (b) | 69 | 7,696 | ||||
AerSale Corp. (b) | 10,260 | 153,284 | ||||
Alamo Group, Inc. | 122 | 21,089 | ||||
Allegiant Travel Co. | 201 | 15,449 | ||||
Alta Equipment Group, Inc. | 13,114 | 158,155 | ||||
American Woodmark Corp. (b) | 97 | 7,334 | ||||
Apogee Enterprises, Inc. | 498 | 23,446 | ||||
Applied Industrial Technologies, Inc. | 607 | 93,848 | ||||
Aris Water Solutions, Inc. - Class A | 13,475 | 134,480 | ||||
Array Technologies, Inc. (b) | 1,873 | 41,562 | ||||
Atkore, Inc. (b) | 646 | 96,377 | ||||
Barrett Business Services, Inc. | 49 | 4,422 | ||||
Beacon Roofing Supply, Inc. (b) | 408 | 31,485 | ||||
Bloom Energy Corp. - Class A (b) | 196 | 2,599 | ||||
Casella Waste Systems, Inc. - Class A (b) | 3,810 | 290,703 | ||||
Chart Industries, Inc. (b) | 20 | 3,382 | ||||
Columbus McKinnon Corp. | 5,549 | 193,716 | ||||
Comfort Systems USA, Inc. | 568 | 96,793 | ||||
Commercial Vehicle Group, Inc. (b) | 478 | 3,709 | ||||
Construction Partners, Inc. - Class A (b) | 1,589 | 58,094 | ||||
CSW Industrials, Inc. | 302 | 52,922 | ||||
Desktop Metal, Inc. - Class A (b) | 639 | 933 | ||||
Douglas Dynamics, Inc. | 4,875 | 147,127 | ||||
EMCOR Group, Inc. | 169 | 35,556 | ||||
Energy Recovery, Inc. (b) | 2,783 | 59,027 | ||||
Enerpac Tool Group Corp. | 521 | 13,770 | ||||
EnerSys | 517 | 48,944 | ||||
ESCO Technologies, Inc. | 65 | 6,789 | ||||
ExlService Holdings, Inc. (b) | 2,495 | 69,960 | ||||
Exponent, Inc. | 342 | 29,275 | ||||
Federal Signal Corp. | 1,973 | 117,847 | ||||
Fluor Corp. (b) | 1,511 | 55,454 | ||||
Franklin Covey Co. (b) | 223 | 9,571 | ||||
Franklin Electric Co., Inc. | 128 | 11,421 | ||||
FuelCell Energy, Inc. (b)(c) | 1,752 | 2,243 | ||||
GMS, Inc. (b) | 522 | 33,392 | ||||
Griffon Corp. | 121 | 4,800 | ||||
Heritage-Crystal Clean, Inc. (b) | 141 | 6,394 | ||||
Hudson Technologies, Inc. (b) | 3,299 | 43,877 | ||||
Huron Consulting Group, Inc. (b) | 303 | 31,561 | ||||
Insperity, Inc. | 220 | 21,472 | ||||
Janus International Group, Inc. (b) | 2,881 | 30,827 | ||||
Kornit Digital Ltd. (b) | 1,095 | 20,706 | ||||
Masonite International Corp. (b) | 114 | 10,627 | ||||
Maximus, Inc. | 61 | 4,556 | ||||
Mayville Engineering Co., Inc. (b) | 1,071 | 11,749 | ||||
McGrath RentCorp | 345 | 34,583 | ||||
Mercury Systems, Inc. (b) | 5,705 | 211,599 | ||||
Mueller Industries, Inc. | 187 | 14,055 | ||||
MYR Group, Inc. (b) | 284 | 38,272 | ||||
PGT Innovations, Inc. (b) | 581 | 16,123 | ||||
Rush Enterprises, Inc. - Class A | 1,903 | 77,700 | ||||
Saia, Inc. (b) | 605 | 241,183 | ||||
Shoals Technologies Group, Inc. - Class A (b) | 444 | 8,103 | ||||
Simpson Manufacturing Co., Inc. | 780 | 116,852 | ||||
SiteOne Landscape Supply, Inc. (b) | 1,645 | 268,875 | ||||
SP Plus Corp. (b) | 558 | 20,144 | ||||
SPX Technologies, Inc. (b) | 182 | 14,815 | ||||
Sterling Infrastructure, Inc. (b) | 397 | 29,172 | ||||
Tennant Co. | 121 | 8,972 | ||||
Terex Corp. | 1,262 | 72,716 | ||||
Tetra Tech, Inc. | 74 | 11,250 | ||||
The AZEK Co., Inc. (b) | 4,697 | 139,689 | ||||
The Brink's Co. | 135 | 9,806 | ||||
TriNet Group, Inc. (b) | 504 | 58,706 | ||||
UFP Industries, Inc. | 730 | 74,752 | ||||
Upwork, Inc. (b) | 1,743 | 19,801 | ||||
Veritiv Corp. | 66 | 11,147 | ||||
Verra Mobility Corp. (b) | 277 | 5,180 | ||||
Vicor Corp. (b) | 338 | 19,905 | ||||
Wabash National Corp. | 1,263 | 26,675 | ||||
Watts Water Technologies, Inc. - Class A | 111 | 19,183 | ||||
WNS Holdings Ltd. - ADR (b) | 5,926 | 405,694 | ||||
4,332,163 | ||||||
Information Technology - 18.8% | ||||||
8x8, Inc. (b) | 5,871 | 14,795 | ||||
908 Devices, Inc. (b) | 10,030 | 66,800 | ||||
A10 Networks, Inc. | 1,623 | 24,394 | ||||
ACI Worldwide, Inc. (b) | 910 | 20,530 | ||||
Advanced Energy Industries, Inc. | 75 | 7,734 | ||||
Alarm.com Holdings, Inc. (b) | 452 | 27,635 | ||||
Altair Engineering, Inc. - Class A (b) | 278 | 17,392 | ||||
Amplitude, Inc. - Class A (b) | 2,141 | 24,771 | ||||
Appfolio, Inc. - Class A (b) | 1,617 | 295,313 | ||||
Appian Corp. - Class A (b) | 967 | 44,105 | ||||
Arlo Technologies, Inc. (b) | 661 | 6,808 | ||||
Arteris, Inc. (b) | 15,752 | 102,546 | ||||
Asana, Inc. - Class A (b) | 480 | 8,789 | ||||
Axcelis Technologies, Inc. (b) | 549 | 89,514 | ||||
Badger Meter, Inc. | 414 | 59,562 | ||||
Bel Fuse, Inc. - Class B | 2,124 | 101,357 | ||||
Belden, Inc. | 403 | 38,910 | ||||
BlackLine, Inc. (b) | 1,001 | 55,525 | ||||
Box, Inc. - Class A (b) | 470 | 11,379 | ||||
C3.ai, Inc. - Class A (b)(c) | 222 | 5,665 | ||||
Calix, Inc. (b) | 356 | 16,319 | ||||
CEVA, Inc. (b) | 5,752 | 111,531 | ||||
Coherent Corp. (b) | 378 | 12,338 | ||||
DigitalOcean Holdings, Inc. (b) | 827 | 19,873 | ||||
Diodes, Inc. (b) | 55 | 4,336 | ||||
DoubleVerify Holdings, Inc. (b) | 6,259 | 174,939 | ||||
Edgio, Inc. (b) | 46,737 | 39,825 | ||||
Endava PLC - ADR (b) | 2,273 | 130,357 | ||||
EngageSmart, Inc. (b) | 182 | 3,274 | ||||
ePlus, Inc. (b) | 202 | 12,831 | ||||
Everbridge, Inc. (b) | 339 | 7,600 | ||||
Extreme Networks, Inc. (b) | 1,268 | 30,698 | ||||
Fabrinet (b) | 390 | 64,982 | ||||
Fastly, Inc. - Class A (b) | 545 | 10,448 | ||||
Grid Dynamics Holdings, Inc. (b) | 6,706 | 81,679 | ||||
Guidewire Software, Inc. (b) | 1,408 | 126,720 | ||||
indie Semiconductor, Inc. - Class A (b) | 12,014 | 75,688 | ||||
Insight Enterprises, Inc. (b) | 147 | 21,388 | ||||
InterDigital, Inc. | 608 | 48,786 | ||||
Lattice Semiconductor Corp. (b) | 232 | 19,936 | ||||
LivePerson, Inc. (b) | 1,912 | 7,438 | ||||
Model N, Inc. (b) | 5,763 | 140,675 | ||||
N-able, Inc. (b) | 1,076 | 13,880 | ||||
Napco Security Technologies, Inc. | 3,885 | 86,441 | ||||
Novanta, Inc. (b) | 34 | 4,877 | ||||
Olo, Inc. - Class A (b) | 1,282 | 7,769 | ||||
Onto Innovation, Inc. (b) | 238 | 30,350 | ||||
OSI Systems, Inc. (b) | 63 | 7,437 | ||||
PagerDuty, Inc. (b) | 1,035 | 23,277 | ||||
PDF Solutions, Inc. (b) | 2,827 | 91,595 | ||||
Pegasystems, Inc. | 4,205 | 182,539 | ||||
Photronics, Inc. (b) | 623 | 12,591 | ||||
Plexus Corp. (b) | 101 | 9,391 | ||||
PROS Holdings, Inc. (b)(c) | 5,105 | 176,735 | ||||
Q2 Holdings, Inc. (b) | 178 | 5,744 | ||||
Qualys, Inc. (b) | 3,076 | 469,244 | ||||
Radware Ltd. (b) | 4,819 | 81,537 | ||||
Rambus, Inc. (b) | 1,257 | 70,128 | ||||
Rapid7, Inc. (b) | 804 | 36,807 | ||||
Riskified Ltd. - Class A (b) | 8,217 | 36,812 | ||||
Sanmina Corp. (b) | 547 | 29,691 | ||||
Sapiens International Corp. NV | 1,229 | 34,940 | ||||
Silicon Laboratories, Inc. (b) | 975 | 112,993 | ||||
SoundThinking, Inc. (b) | 3,008 | 53,843 | ||||
Sprout Social, Inc. - Class A (b) | 399 | 19,902 | ||||
SPS Commerce, Inc. (b) | 284 | 48,453 | ||||
Super Micro Computer, Inc. (b) | 258 | 70,749 | ||||
Tenable Holdings, Inc. (b) | 1,157 | 51,834 | ||||
Varonis Systems, Inc. (b) | 218 | 6,658 | ||||
Veeco Instruments, Inc. (b) | 6,069 | 170,600 | ||||
Workiva, Inc. (b) | 3,956 | 400,901 | ||||
Yext, Inc. (b) | 2,425 | 15,350 | ||||
Zuora, Inc. - Class A (b) | 1,734 | 14,288 | ||||
4,562,541 | ||||||
Materials - 1.8% | ||||||
Alpha Metallurgical Resources, Inc. | 15 | 3,896 | ||||
ATI, Inc. (b) | 312 | 12,839 | ||||
Balchem Corp. | 192 | 23,816 | ||||
Commercial Metals Co. | 359 | 17,738 | ||||
Ferroglobe Representation & Warranty Insurance Trust (b)(d)(e) | 840 | – | ||||
Hawkins, Inc. | 6 | 353 | ||||
Innospec, Inc. | 18 | 1,839 | ||||
Livent Corp. (b) | 1,836 | 33,801 | ||||
Materion Corp. | 1,991 | 202,903 | ||||
O-I Glass, Inc. (b) | 1,654 | 27,671 | ||||
Quaker Chemical Corp. | 614 | 98,240 | ||||
Warrior Met Coal, Inc. | 58 | 2,963 | ||||
426,059 | ||||||
Real Estate - 0.3% | ||||||
DigitalBridge Group, Inc. | 2,181 | 38,342 | ||||
Essential Properties Realty Trust, Inc. | 709 | 15,336 | ||||
Redfin Corp. (b) | 2,301 | 16,199 | ||||
69,877 | ||||||
Utilities - 0.3% | ||||||
Brookfield Infrastructure Corp. - Class A | 696 | 24,597 | ||||
Otter Tail Corp. | 513 | 38,947 | ||||
Sunnova Energy International, Inc. (b)(c) | 82 | 858 | ||||
64,402 | ||||||
Total Common Stocks (Cost $21,346,327) | 23,968,119 | |||||
Total Investments at Value - 98.7% (Cost $21,346,327) | 23,968,119 | |||||
Other Assets in Excess of Liabilities - 1.3% | 319,712 | |||||
Net Assets - 100.0% | $ | 24,287,831 |
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, 2023. The total fair value of securities on loan at September 30, 2023 was $440,445. | ||||
(d) Level 3 security. Security has been valued at fair value by the valuation designee. The total value of such securities is $0 as of September 30, 2023, representing 0.0% of net assets. | ||||
(e) Illiquid security. The total value of such securities is $0 as of September 30, 2023, representing 0.0% of net assets. | ||||
The Accompanying Footnotes are an Integral Part of this Schedule of Investments. |
SMALL COMPANY GROWTH PORTFOLIO | |||||||||
NOTES TO SCHEDULE OF INVESTMENTS | |||||||||
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 Growth Portfolio | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Common Stocks . . . . . . . . . . . . . . . . . . . . . . . | $ | 23,968,119 | $ | - | $ | - | * | $ | 23,968,119 | ||||||
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 23,968,119 | $ | - | $ | - | $ | 23,968,119 | |||||||
* 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 a common stock that was measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0 as of September 30, 2023. 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. |