Wilshire Mutual Funds NPORT-P Small Company Growth Portfolio (Sep 2023 report)

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.