Small Company Growth Portfolio |
Schedule of Investments |
as of March 31, 2024 (Unaudited) |
COMMON STOCKS - 97.9% | Shares | Value | ||||
Communication Services - 0.7% | ||||||
Cargurus, Inc.(a) | 1,019 | $ | 23,519 | |||
Cars.com, Inc.(a) | 355 | 6,099 | ||||
IMAX Corp.(a) | 855 | 13,825 | ||||
Lions Gate Entertainment Corp. - Class A(a) | 1,019 | 10,139 | ||||
Lions Gate Entertainment Corp. - Class B(a) | 1,063 | 9,897 | ||||
MediaAlpha, Inc. - Class A(a) | 196 | 3,993 | ||||
PubMatic, Inc. - Class A(a) | 106 | 2,514 | ||||
Shutterstock, Inc. | 515 | 23,592 | ||||
The EW Scripps Co. - Class A(a) | 240 | 943 | ||||
Vimeo, Inc.(a) | 2,139 | 8,749 | ||||
Vivid Seats, Inc. - Class A(a) | 11,965 | 71,670 | ||||
Yelp, Inc.(a) | 583 | 22,970 | ||||
197,910 | ||||||
Consumer Discretionary - 11.4% | ||||||
Abercrombie & Fitch Co. - Class A(a) | 303 | 37,975 | ||||
Academy Sports & Outdoors, Inc. | 610 | 41,199 | ||||
American Eagle Outfitters, Inc. | 2,192 | 56,532 | ||||
America's Car-Mart, Inc.(a) | 1,412 | 90,184 | ||||
Boot Barn Holdings, Inc.(a) | 3,169 | 301,530 | ||||
Brinker International, Inc.(a) | 100 | 4,968 | ||||
Carvana Co.(a) | 515 | 45,274 | ||||
Cavco Industries, Inc.(a) | 11 | 4,390 | ||||
Coursera, Inc.(a) | 1,157 | 16,221 | ||||
Dillard's, Inc. - Class A | 7 | 3,301 | ||||
Dine Brands Global, Inc. | 64 | 2,975 | ||||
Figs, Inc. - Class A(a) | 1,722 | 8,576 | ||||
Frontdoor, Inc.(a) | 1,207 | 39,324 | ||||
Green Brick Partners, Inc.(a) | 684 | 41,197 | ||||
Hibbett, Inc. | 345 | 26,499 | ||||
Hilton Grand Vacations, Inc.(a) | 746 | 35,219 | ||||
Inspired Entertainment, Inc.(a) | 207 | 2,041 | ||||
Installed Building Products, Inc. | 324 | 83,829 | ||||
KB Home | 29 | 2,056 | ||||
Laureate Education, Inc. | 1,748 | 25,468 | ||||
Light & Wonder, Inc. - Class A(a) | 175 | 17,866 | ||||
M/I Homes, Inc.(a) | 33 | 4,498 | ||||
Marine Products Corp. | 205 | 2,409 | ||||
Murphy USA, Inc. | 12 | 5,030 | ||||
National Vision Holdings, Inc.(a) | 100 | 2,216 | ||||
OneSpaWorld Holdings Ltd.(a) | 20,436 | 270,368 | ||||
Perdoceo Education Corp. | 376 | 6,603 | ||||
Portillo's, Inc. - Class A(a) | 9,675 | 137,192 | ||||
Potbelly Corp.(a) | 1,773 | 21,471 | ||||
Revolve Group, Inc.(a) | 214 | 4,530 | ||||
Shake Shack, Inc. - Class A(a) | 263 | 27,360 | ||||
Skyline Champion Corp.(a) | 3,367 | 286,229 | ||||
Steven Madden Ltd. | 4,873 | 206,030 | ||||
Stitch Fix, Inc. - Class A(a) | 2,514 | 6,637 | ||||
Stride, Inc.(a) | 1,053 | 66,392 | ||||
Texas Roadhouse, Inc. | 3,023 | 466,962 | ||||
The Buckle, Inc. | 1,114 | 44,861 | ||||
The Cheesecake Factory, Inc. | 863 | 31,197 | ||||
The Lovesac Co.(a) | 5,337 | 120,616 | ||||
TopBuild Corp.(a) | 709 | 312,477 | ||||
Tri Pointe Homes, Inc.(a) | 149 | 5,760 | ||||
Upbound Group, Inc. | 62 | 2,183 | ||||
Urban Outfitters, Inc.(a) | 850 | 36,907 | ||||
Visteon Corp.(a) | 223 | 26,227 | ||||
Wolverine World Wide, Inc. | 252 | 2,825 | ||||
XPEL, Inc.(a) | 39 | 2,107 | ||||
Xponential Fitness, Inc. - Class A(a) | 1,783 | 29,491 | ||||
3,015,202 | ||||||
Consumer Staples - 5.9% | ||||||
BellRing Brands, Inc.(a) | 131 | 7,733 | ||||
Cal-Maine Foods, Inc. | 365 | 21,480 | ||||
Celsius Holdings, Inc.(a) | 102 | 8,458 | ||||
Coca-Cola Consolidated, Inc. | 11 | 9,311 | ||||
Coty, Inc. - Class A(a) | 13,138 | 157,130 | ||||
elf Beauty, Inc.(a) | 1,801 | 353,050 | ||||
Grocery Outlet Holding Corp.(a) | 9,020 | 259,596 | ||||
Inter Parfums, Inc. | 255 | 35,830 | ||||
J & J Snack Foods Corp. | 890 | 128,658 | ||||
Lancaster Colony Corp. | 43 | 8,928 | ||||
PriceSmart, Inc. | 379 | 31,836 | ||||
Sprouts Farmers Market, Inc.(a) | 1,724 | 111,164 | ||||
SunOpta, Inc.(a) | 21,046 | 144,586 | ||||
The Chefs' Warehouse, Inc.(a) | 3,914 | 147,401 | ||||
The Honest Co., Inc.(a) | 2,726 | 11,040 | ||||
The Vita Coco Co., Inc.(a) | 4,368 | 106,710 | ||||
Vital Farms, Inc.(a) | 1,735 | 40,339 | ||||
1,583,250 | ||||||
Energy - 5.7% | ||||||
Archrock, Inc. | 1,494 | 29,387 | ||||
ChampionX Corp. | 781 | 28,030 | ||||
Dorian LPG Ltd. | 1,229 | 47,267 | ||||
Dril-Quip, Inc.(a) | 7,005 | 157,823 | ||||
Equitrans Midstream Corp. | 4,512 | 56,355 | ||||
Excelerate Energy, Inc. - Class A | 13,030 | 208,741 | ||||
Golar LNG Ltd. | 369 | 8,878 | ||||
Liberty Energy, Inc. | 1,653 | 34,250 | ||||
Magnolia Oil & Gas Corp. - Class A | 9,540 | 247,563 | ||||
Noble Corp. PLC | 596 | 28,900 | ||||
Oceaneering International, Inc.(a) | 1,237 | 28,946 | ||||
Patterson-UTI Energy, Inc. | 802 | 9,576 | ||||
Permian Resources Corp. | 30,980 | 547,106 | ||||
REX American Resources Corp.(a) | 239 | 14,032 | ||||
US Silica Holdings, Inc.(a) | 549 | 6,813 | ||||
Weatherford International PLC(a) | 450 | 51,940 | ||||
1,505,607 | ||||||
Financials - 7.4% | ||||||
Artisan Partners Asset Management, Inc. - Class A | 1,823 | 83,439 | ||||
AvidXchange Holdings, Inc.(a) | 214 | 2,814 | ||||
Axos Financial, Inc.(a) | 35 | 1,891 | ||||
BayCom Corp. | 47 | 969 | ||||
Cadence Bank | 8,488 | 246,152 | ||||
Coastal Financial Corp.(a) | 57 | 2,216 | ||||
Diamond Hill Investment Group, Inc. | 20 | 3,083 | ||||
eHealth, Inc.(a) | 1,177 | 7,097 | ||||
First BanCorp/Puerto Rico | 210 | 3,683 | ||||
First Financial Bankshares, Inc. | 871 | 28,578 | ||||
FirstCash Holdings, Inc. | 163 | 20,789 | ||||
Flywire Corp.(a) | 246 | 6,103 | ||||
Hamilton Lane, Inc. - Class A | 729 | 82,202 | ||||
HCI Group, Inc. | 343 | 39,815 | ||||
Home BancShares, Inc. | 11,107 | 272,899 | ||||
HomeTrust Bancshares, Inc. | 209 | 5,714 | ||||
I3 Verticals, Inc. - Class A(a) | 6,138 | 140,499 | ||||
LendingTree, Inc.(a) | 278 | 11,771 | ||||
Marqeta, Inc. - Class A(a) | 4,476 | 26,677 | ||||
NMI Holdings, Inc. - Class A(a) | 884 | 28,589 | ||||
Pagseguro Digital Ltd. - Class A(a) | 2,394 | 34,186 | ||||
Palomar Holdings, Inc.(a) | 410 | 34,370 | ||||
Patria Investments Ltd. - Class A | 4,833 | 71,722 | ||||
Repay Holdings Corp.(a) | 19,180 | 210,980 | ||||
Selective Insurance Group, Inc. | 545 | 59,498 | ||||
StepStone Group, Inc. - Class A | 935 | 33,417 | ||||
StoneCo Ltd. - Class A(a) | 5,365 | 89,113 | ||||
Texas Capital Bancshares, Inc.(a) | 1,829 | 112,575 | ||||
The Bancorp, Inc.(a) | 392 | 13,116 | ||||
Triumph Financial, Inc.(a) | 2,693 | 213,609 | ||||
Trupanion, Inc.(a)(b) | 476 | 13,142 | ||||
Universal Insurance Holdings, Inc. | 744 | 15,118 | ||||
Virtus Investment Partners, Inc. | 84 | 20,830 | ||||
World Acceptance Corp.(a) | 35 | 5,074 | ||||
1,941,730 | ||||||
Health Care - 26.1%(c) | ||||||
4D Molecular Therapeutics, Inc.(a) | 82 | 2,613 | ||||
ACADIA Pharmaceuticals, Inc.(a) | 1,658 | 30,656 | ||||
Accolade, Inc.(a) | 1,051 | 11,014 | ||||
AdaptHealth Corp.(a) | 419 | 4,823 | ||||
Adaptive Biotechnologies Corp.(a) | 597 | 1,916 | ||||
Addus HomeCare Corp.(a) | 212 | 21,908 | ||||
Agenus, Inc.(a) | 4,822 | 2,797 | ||||
Akero Therapeutics, Inc.(a) | 255 | 6,441 | ||||
Aldeyra Therapeutics, Inc.(a) | 926 | 3,028 | ||||
Alignment Healthcare, Inc.(a) | 381 | 1,890 | ||||
Alkermes PLC(a) | 2,925 | 79,180 | ||||
Amicus Therapeutics, Inc.(a) | 3,633 | 42,797 | ||||
Amphastar Pharmaceuticals, Inc.(a) | 194 | 8,519 | ||||
Anavex Life Sciences Corp.(a)(b) | 646 | 3,288 | ||||
ANI Pharmaceuticals, Inc.(a) | 2,349 | 162,386 | ||||
Apollo Medical Holdings, Inc.(a) | 74 | 3,107 | ||||
Arcus Biosciences, Inc.(a) | 114 | 2,152 | ||||
Arcutis Biotherapeutics, Inc.(a) | 996 | 9,870 | ||||
Arvinas, Inc.(a) | 837 | 34,551 | ||||
AtriCure, Inc.(a)(b) | 969 | 29,477 | ||||
Axonics, Inc.(a) | 73 | 5,035 | ||||
Beam Therapeutics, Inc.(a) | 506 | 16,718 | ||||
BioCryst Pharmaceuticals, Inc.(a) | 2,408 | 12,233 | ||||
BioLife Solutions, Inc.(a) | 11,034 | 204,681 | ||||
Bluebird Bio, Inc.(a) | 30,942 | 39,606 | ||||
Blueprint Medicines Corp.(a) | 573 | 54,355 | ||||
Bridgebio Pharma, Inc.(a) | 260 | 8,039 | ||||
Caribou Biosciences, Inc.(a) | 12,769 | 65,633 | ||||
Castle Biosciences, Inc.(a) | 6,364 | 140,963 | ||||
Catalyst Pharmaceuticals, Inc.(a) | 2,879 | 45,891 | ||||
Celldex Therapeutics, Inc.(a) | 220 | 9,233 | ||||
Cerus Corp.(a) | 3,444 | 6,509 | ||||
Chemed Corp. | 493 | 316,472 | ||||
Codexis, Inc.(a) | 591 | 2,063 | ||||
Coherus Biosciences, Inc.(a) | 1,851 | 4,424 | ||||
Collegium Pharmaceutical, Inc.(a) | 752 | 29,193 | ||||
CONMED Corp. | 2,231 | 178,658 | ||||
Corcept Therapeutics, Inc.(a) | 713 | 17,960 | ||||
CryoPort, Inc.(a) | 9,249 | 163,707 | ||||
Cytokinetics, Inc.(a) | 601 | 42,136 | ||||
CytoSorbents Corp.(a) | 12,848 | 12,206 | ||||
Deciphera Pharmaceuticals, Inc.(a) | 507 | 7,975 | ||||
Denali Therapeutics, Inc.(a) | 1,668 | 34,227 | ||||
Edgewise Therapeutics, Inc.(a)(b) | 6,932 | 126,440 | ||||
Embecta Corp. | 236 | 3,132 | ||||
Evolus, Inc.(a) | 577 | 8,078 | ||||
Guardant Health, Inc.(a) | 360 | 7,427 | ||||
Haemonetics Corp.(a) | 712 | 60,769 | ||||
Halozyme Therapeutics, Inc.(a) | 2,520 | 102,514 | ||||
Harmony Biosciences Holdings, Inc.(a) | 497 | 16,689 | ||||
Harvard Bioscience, Inc.(a) | 45,571 | 193,221 | ||||
Health Catalyst, Inc.(a) | 18,406 | 138,597 | ||||
HealthEquity, Inc.(a) | 230 | 18,775 | ||||
Heron Therapeutics, Inc.(a) | 2,116 | 5,861 | ||||
Hims & Hers Health, Inc.(a) | 1,019 | 15,764 | ||||
Immunovant, Inc.(a) | 406 | 13,118 | ||||
Innoviva, Inc.(a) | 1,081 | 16,474 | ||||
Intellia Therapeutics, Inc.(a) | 566 | 15,571 | ||||
Intra-Cellular Therapies, Inc.(a) | 510 | 35,292 | ||||
iRadimed Corp. | 237 | 10,426 | ||||
iRhythm Technologies, Inc.(a) | 99 | 11,484 | ||||
Ironwood Pharmaceuticals, Inc.(a) | 1,338 | 11,654 | ||||
Kiniksa Pharmaceuticals Ltd. - Class A(a) | 7,677 | 151,467 | ||||
Krystal Biotech, Inc.(a) | 388 | 69,037 | ||||
Kymera Therapeutics, Inc.(a) | 81 | 3,256 | ||||
Lantheus Holdings, Inc.(a) | 679 | 42,261 | ||||
LeMaitre Vascular, Inc. | 6,506 | 431,739 | ||||
Medpace Holdings, Inc.(a) | 1,214 | 490,639 | ||||
MeiraGTx Holdings PLC(a) | 513 | 3,114 | ||||
Mesa Laboratories, Inc. | 1,625 | 178,311 | ||||
Mirum Pharmaceuticals, Inc.(a) | 179 | 4,496 | ||||
MoonLake Immunotherapeutics(a) | 2,206 | 110,807 | ||||
Morphic Holding, Inc.(a) | 123 | 4,330 | ||||
Neogen Corp.(a) | 4,091 | 64,556 | ||||
NeoGenomics, Inc.(a) | 835 | 13,126 | ||||
Nurix Therapeutics, Inc.(a) | 365 | 5,366 | ||||
Option Care Health, Inc.(a) | 8,980 | 301,189 | ||||
OrthoPediatrics Corp.(a) | 6,087 | 177,497 | ||||
Outset Medical, Inc.(a) | 695 | 1,543 | ||||
Pacific Biosciences of California, Inc.(a) | 611 | 2,291 | ||||
Pacira BioSciences, Inc.(a) | 518 | 15,136 | ||||
PetIQ, Inc.(a) | 228 | 4,168 | ||||
Phibro Animal Health Corp. - Class A | 154 | 1,991 | ||||
Phreesia, Inc.(a) | 322 | 7,705 | ||||
Pliant Therapeutics, Inc.(a) | 4,894 | 72,921 | ||||
Privia Health Group, Inc.(a) | 784 | 15,359 | ||||
Progyny, Inc.(a) | 1,113 | 42,461 | ||||
Protagonist Therapeutics, Inc.(a) | 879 | 25,429 | ||||
Prothena Corp. PLC(a) | 2,048 | 50,729 | ||||
PTC Therapeutics, Inc.(a) | 295 | 8,582 | ||||
Quanterix Corp.(a) | 7,293 | 171,823 | ||||
RadNet, Inc.(a) | 236 | 11,484 | ||||
RAPT Therapeutics, Inc.(a) | 355 | 3,188 | ||||
Relay Therapeutics, Inc.(a) | 194 | 1,610 | ||||
Repligen Corp.(a) | 1,585 | 291,513 | ||||
Revance Therapeutics, Inc.(a) | 505 | 2,485 | ||||
REVOLUTION Medicines, Inc.(a) | 374 | 12,054 | ||||
Rhythm Pharmaceuticals, Inc.(a) | 21 | 910 | ||||
Rigel Pharmaceuticals, Inc.(a) | 6,016 | 8,904 | ||||
Rocket Pharmaceuticals, Inc.(a) | 545 | 14,682 | ||||
Sage Therapeutics, Inc.(a) | 456 | 8,545 | ||||
Schrodinger, Inc.(a) | 450 | 12,150 | ||||
Select Medical Holdings Corp. | 54 | 1,628 | ||||
SI-BONE, Inc.(a) | 10,703 | 175,208 | ||||
Simulations Plus, Inc. | 6,135 | 252,455 | ||||
SpringWorks Therapeutics, Inc.(a) | 457 | 22,494 | ||||
STAAR Surgical Co.(a) | 65 | 2,488 | ||||
Stoke Therapeutics, Inc.(a)(b) | 10,247 | 138,335 | ||||
Surgery Partners, Inc.(a) | 635 | 18,942 | ||||
Syndax Pharmaceuticals, Inc.(a) | 3,608 | 85,870 | ||||
TG Therapeutics, Inc.(a) | 1,881 | 28,610 | ||||
The Ensign Group, Inc. | 402 | 50,017 | ||||
The Joint Corp.(a) | 333 | 4,349 | ||||
TransMedics Group, Inc.(a) | 309 | 22,847 | ||||
Utah Medical Products, Inc. | 75 | 5,333 | ||||
Veracyte, Inc.(a) | 3,958 | 87,709 | ||||
Vericel Corp.(a) | 4,178 | 217,340 | ||||
Viking Therapeutics, Inc.(a) | 478 | 39,196 | ||||
Vir Biotechnology, Inc.(a) | 198 | 2,006 | ||||
Xencor, Inc.(a) | 638 | 14,119 | ||||
Xenon Pharmaceuticals, Inc.(a) | 2,786 | 119,937 | ||||
Zentalis Pharmaceuticals, Inc.(a) | 579 | 9,125 | ||||
Zymeworks, Inc.(a) | 6,297 | 66,244 | ||||
6,894,722 | ||||||
Industrials - 18.5% | ||||||
AAON, Inc. | 484 | 42,640 | ||||
ACV Auctions, Inc. - Class A(a) | 1,604 | 30,107 | ||||
AeroVironment, Inc.(a) | 87 | 13,335 | ||||
AerSale Corp.(a) | 14,760 | 105,977 | ||||
Alamo Group, Inc. | 179 | 40,871 | ||||
Allegiant Travel Co. | 14 | 1,053 | ||||
Alta Equipment Group, Inc. | 14,079 | 182,323 | ||||
American Woodmark Corp.(a) | 119 | 12,098 | ||||
Apogee Enterprises, Inc. | 498 | 29,482 | ||||
Applied Industrial Technologies, Inc. | 607 | 119,913 | ||||
Aris Water Solutions, Inc. - Class A | 12,673 | 179,323 | ||||
Array Technologies, Inc.(a) | 1,341 | 19,994 | ||||
Atkore, Inc. | 544 | 103,556 | ||||
Barrett Business Services, Inc. | 252 | 31,933 | ||||
Beacon Roofing Supply, Inc.(a) | 701 | 68,712 | ||||
Bloom Energy Corp. - Class A(a)(b) | 196 | 2,203 | ||||
Casella Waste Systems, Inc. - Class A(a) | 3,550 | 350,989 | ||||
Chart Industries, Inc.(a) | 123 | 20,261 | ||||
Cimpress PLC(a) | 87 | 7,700 | ||||
Columbus McKinnon Corp. | 5,226 | 233,236 | ||||
Comfort Systems USA, Inc. | 473 | 150,277 | ||||
Construction Partners, Inc. - Class A(a) | 448 | 25,155 | ||||
CSW Industrials, Inc. | 31 | 7,273 | ||||
Dycom Industries, Inc.(a) | 202 | 28,993 | ||||
EMCOR Group, Inc. | 117 | 40,973 | ||||
Enerpac Tool Group Corp. | 521 | 18,579 | ||||
ESCO Technologies, Inc. | 65 | 6,958 | ||||
ExlService Holdings, Inc.(a) | 2,495 | 79,341 | ||||
Federal Signal Corp. | 2,613 | 221,765 | ||||
Fluor Corp.(a) | 922 | 38,982 | ||||
FuelCell Energy, Inc.(a)(b) | 1,752 | 2,085 | ||||
GMS, Inc.(a) | 522 | 50,811 | ||||
Granite Construction, Inc. | 273 | 15,596 | ||||
Healthcare Services Group, Inc.(a) | 967 | 12,068 | ||||
Huron Consulting Group, Inc.(a) | 408 | 39,421 | ||||
Janus International Group, Inc.(a) | 2,881 | 43,590 | ||||
John Bean Technologies Corp. | 31 | 3,252 | ||||
Kadant, Inc. | 6 | 1,969 | ||||
Karat Packaging, Inc. | 515 | 14,734 | ||||
Limbach Holdings, Inc.(a) | 170 | 7,041 | ||||
Masonite International Corp.(a) | 114 | 14,985 | ||||
Maximus, Inc. | 61 | 5,118 | ||||
Mayville Engineering Co., Inc.(a) | 10,817 | 155,008 | ||||
McGrath RentCorp | 264 | 32,570 | ||||
Montrose Environmental Group, Inc.(a) | 103 | 4,035 | ||||
MSA Safety, Inc. | 477 | 92,342 | ||||
Mueller Industries, Inc. | 374 | 20,170 | ||||
Mueller Water Products, Inc. - Class A | 4,715 | 75,864 | ||||
MYR Group, Inc.(a) | 169 | 29,871 | ||||
Parsons Corp.(a) | 202 | 16,756 | ||||
Primoris Services Corp. | 71 | 3,022 | ||||
Saia, Inc.(a) | 570 | 333,450 | ||||
Shoals Technologies Group, Inc. - Class A(a) | 256 | 2,862 | ||||
Simpson Manufacturing Co., Inc. | 549 | 112,644 | ||||
SiteOne Landscape Supply, Inc.(a) | 1,735 | 302,844 | ||||
Sterling Infrastructure, Inc.(a) | 400 | 44,124 | ||||
Sun Country Airlines Holdings, Inc.(a) | 1,027 | 15,497 | ||||
Tennant Co. | 121 | 14,715 | ||||
Terex Corp. | 912 | 58,733 | ||||
Tetra Tech, Inc. | 74 | 13,669 | ||||
The AZEK Co., Inc.(a) | 7,122 | 357,666 | ||||
The Brink's Co. | 135 | 12,471 | ||||
TPI Composites, Inc.(a) | 1,739 | 5,060 | ||||
TriNet Group, Inc. | 482 | 63,860 | ||||
Trinity Industries, Inc. | 962 | 26,792 | ||||
UFP Industries, Inc. | 354 | 43,546 | ||||
Upwork, Inc.(a) | 3,175 | 38,926 | ||||
Viad Corp.(a) | 1,807 | 71,358 | ||||
Vicor Corp.(a) | 89 | 3,403 | ||||
Wabash National Corp. | 567 | 16,976 | ||||
Watts Water Technologies, Inc. - Class A | 111 | 23,593 | ||||
WillScot Mobile Mini Holdings Corp.(a) | 3,919 | 182,234 | ||||
WNS Holdings Ltd.(a) | 5,521 | 278,977 | ||||
Zurn Elkay Water Solutions Corp. | 589 | 19,714 | ||||
4,897,424 | ||||||
Information Technology - 19.5% | ||||||
8x8, Inc.(a) | 1,000 | 2,700 | ||||
908 Devices, Inc.(a) | 10,284 | 77,644 | ||||
ACI Worldwide, Inc.(a) | 910 | 30,221 | ||||
ACM Research, Inc. - Class A(a) | 853 | 24,856 | ||||
Advanced Energy Industries, Inc. | 54 | 5,507 | ||||
Agilysys, Inc.(a) | 364 | 30,671 | ||||
Alarm.com Holdings, Inc.(a) | 452 | 32,756 | ||||
Altair Engineering, Inc. - Class A(a) | 107 | 9,218 | ||||
Amplitude, Inc. - Class A(a) | 771 | 8,388 | ||||
Appfolio, Inc. - Class A(a) | 1,263 | 311,633 | ||||
Appian Corp. - Class A(a) | 967 | 38,632 | ||||
Arlo Technologies, Inc.(a) | 661 | 8,362 | ||||
Arteris, Inc.(a) | 17,885 | 130,918 | ||||
Asana, Inc. - Class A(a)(b) | 480 | 7,435 | ||||
Axcelis Technologies, Inc.(a) | 564 | 62,897 | ||||
Badger Meter, Inc. | 414 | 66,989 | ||||
Bel Fuse, Inc. - Class B | 2,648 | 159,701 | ||||
BlackLine, Inc.(a) | 774 | 49,985 | ||||
C3.ai, Inc. - Class A(a)(b) | 606 | 16,404 | ||||
CEVA, Inc.(a) | 6,848 | 155,518 | ||||
CommVault Systems, Inc.(a) | 413 | 41,891 | ||||
DigitalOcean Holdings, Inc.(a) | 1,382 | 52,765 | ||||
DoubleVerify Holdings, Inc.(a) | 7,325 | 257,547 | ||||
Endava PLC - ADR(a) | 2,128 | 80,949 | ||||
ePlus, Inc.(a) | 74 | 5,812 | ||||
Everbridge, Inc.(a) | 149 | 5,190 | ||||
Fabrinet(a) | 346 | 65,401 | ||||
FARO Technologies, Inc.(a) | 2,771 | 59,604 | ||||
Fastly, Inc. - Class A(a) | 675 | 8,755 | ||||
Guidewire Software, Inc.(a) | 2,425 | 283,022 | ||||
indie Semiconductor, Inc. - Class A(a) | 12,156 | 86,064 | ||||
Infinera Corp.(a) | 895 | 5,397 | ||||
Insight Enterprises, Inc.(a) | 91 | 16,882 | ||||
InterDigital, Inc. | 628 | 66,857 | ||||
Itron, Inc.(a) | 383 | 35,435 | ||||
Lattice Semiconductor Corp.(a) | 39 | 3,051 | ||||
LivePerson, Inc.(a)(b) | 1,912 | 1,907 | ||||
Model N, Inc.(a) | 4,916 | 139,959 | ||||
N-able, Inc.(a) | 1,076 | 14,063 | ||||
Napco Security Technologies, Inc. | 908 | 36,465 | ||||
OneSpan, Inc.(a) | 1,551 | 18,038 | ||||
Onto Innovation, Inc.(a) | 72 | 13,038 | ||||
OSI Systems, Inc.(a) | 63 | 8,998 | ||||
PagerDuty, Inc.(a) | 415 | 9,412 | ||||
PDF Solutions, Inc.(a) | 7,644 | 257,373 | ||||
Pegasystems, Inc. | 5,040 | 325,786 | ||||
Photronics, Inc.(a) | 623 | 17,643 | ||||
PROS Holdings, Inc.(a) | 5,083 | 184,665 | ||||
Q2 Holdings, Inc.(a) | 413 | 21,707 | ||||
Qualys, Inc.(a) | 2,385 | 397,986 | ||||
Radware Ltd.(a) | 3,829 | 71,679 | ||||
Rambus, Inc.(a) | 541 | 33,439 | ||||
Rapid7, Inc.(a) | 984 | 48,255 | ||||
Sapiens International Corp. NV | 1,229 | 39,525 | ||||
Silicon Laboratories, Inc.(a) | 890 | 127,911 | ||||
SMART Global Holdings, Inc.(a) | 1,107 | 29,136 | ||||
SoundThinking, Inc.(a) | 3,097 | 49,180 | ||||
Sprout Social, Inc. - Class A(a) | 545 | 32,542 | ||||
SPS Commerce, Inc.(a) | 322 | 59,538 | ||||
Super Micro Computer, Inc.(a) | 306 | 309,069 | ||||
Tenable Holdings, Inc.(a) | 1,406 | 69,499 | ||||
The Hackett Group, Inc. | 1,132 | 27,508 | ||||
Varonis Systems, Inc.(a) | 218 | 10,283 | ||||
Veeco Instruments, Inc.(a) | 5,605 | 197,128 | ||||
Verint Systems, Inc.(a) | 435 | 14,420 | ||||
Workiva, Inc.(a) | 3,031 | 257,029 | ||||
Yext, Inc.(a) | 2,425 | 14,623 | ||||
Zuora, Inc. - Class A(a) | 2,242 | 20,447 | ||||
5,163,308 | ||||||
Materials - 2.1% | ||||||
Arcadium Lithium PLC(a) | 4,417 | 19,038 | ||||
Century Aluminum Co.(a) | 904 | 13,913 | ||||
Commercial Metals Co. | 359 | 21,098 | ||||
Constellium SE(a) | 448 | 9,905 | ||||
Ferroglobe Representation & Warranty Insurance Trust(a)(d) | 840 | 0 | ||||
Hawkins, Inc. | 447 | 34,330 | ||||
Ingevity Corp.(a) | 77 | 3,673 | ||||
Innospec, Inc. | 39 | 5,029 | ||||
Materion Corp. | 1,722 | 226,873 | ||||
Myers Industries, Inc. | 582 | 13,485 | ||||
Quaker Chemical Corp. | 859 | 176,309 | ||||
Ryerson Holding Corp. | 244 | 8,174 | ||||
Sylvamo Corp. | 362 | 22,350 | ||||
554,177 | ||||||
Real Estate - 0.3% | ||||||
DigitalBridge Group, Inc. | 3,259 | 62,801 | ||||
Redfin Corp.(a) | 2,215 | 14,730 | ||||
RMR Group, Inc. - Class A | 448 | 10,752 | ||||
88,283 | ||||||
Utilities - 0.3% | ||||||
Brookfield Infrastructure Corp. - Class A | 561 | 20,218 | ||||
Otter Tail Corp. | 513 | 44,323 | ||||
64,541 | ||||||
TOTAL COMMON STOCKS (Cost $19,488,402) | 25,906,154 | |||||
REAL ESTATE INVESTMENT TRUSTS - 0.3% | Shares | Value | ||||
Alexander's, Inc. | 68 | 14,766 | ||||
Essential Properties Realty Trust, Inc. | 709 | 18,901 | ||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 454 | 12,894 | ||||
Outfront Media, Inc. | 1,658 | 27,837 | ||||
Ryman Hospitality Properties, Inc. | 54 | 6,243 | ||||
UMH Properties, Inc. | 169 | 2,745 | ||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $72,454) | 83,386 | |||||
TOTAL INVESTMENTS - 98.2% (Cost $19,560,856) | $ | 25,989,540 | ||||
Money Market Deposit Account - 1.8%(e)(f) | 473,110 | |||||
Other Assets in Excess of Liabilities - 0.0%(f) | 12,384 | |||||
TOTAL NET ASSETS - 100.0% | $ | 26,475,034 |
Percentages are stated as a percent of net assets. | |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
ADR - American Depositary Receipt |
NV - Naamloze Vennootschap |
PLC - Public Limited Company REIT – Real Estate Investment Trust |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $250,006 which represented 0.9% of net assets. |
(c) | To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. |
(d) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of March 31, 2024. |
(e) | The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2024 was 5.28%. |
(f) | Represents less than 0.05% of net assets. |
SMALL COMPANY GROWTH PORTFOLIO | |||||||||
NOTES TO SCHEDULE OF INVESTMENTS | |||||||||
March 31, 2024 (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 March 31, 2024, there have been no significant changes to the Portfolio's fair value methodologies. | |||||||||
The following is a summary of the inputs used to value the Portfolio's investments as of March 31, 2024: |
Small Company Growth Portfolio | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks | 25,906,154 | – | 0 | (a) | 25,906,154 | |||||||||||
Real Estate Investment Trusts | 83,386 | – | – | 83,386 | ||||||||||||
Total Assets | 25,989,540 | – | 0 | (a) | 25,989,540 | |||||||||||
Refer to the Schedule of Investments for industry classifications. |
(a) | Amount is less than $0.50. |
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 March 31, 2024. 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. |