WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO	March 31, 2021 (Unaudited)
SCHEDULE OF INVESTMENTS
	Shares		Value
COMMON STOCKS - 98.3% (a)
Communication Services - 0.6%
Bandwidth, Inc. - Class A (b)		315	$	39,923
Cardlytics, Inc. (b)		180		19,746
Cargurus, Inc. (b)		145		3,455
Cogent Communications Holdings, Inc.		395		27,160
Consolidated Communications Holdings, Inc. (b)		1,409		10,145
Eventbrite, Inc. - Class A (b)		395		8,753
EverQuote, Inc. - Class A (b)		170		6,169
Glu Mobile, Inc. (b)		1,455		18,158
Gray Television, Inc.		395		7,268
Meredith Corp.		655		19,506
National CineMedia, Inc.		1,590		7,346
Ooma, Inc. (b)		1,510		23,934
TechTarget, Inc. (b)		510		35,420
Vonage Holdings Corp. (b)		1,510		17,848
				244,831
Consumer Discretionary - 15.8%
1-800-Flowers.com, Inc. - Class A (b)		475		13,115
Asbury Automotive Group, Inc. (b)		305		59,933
Big Lots, Inc.		152		10,382
BJ's Restaurants, Inc. (b)		205		11,907
Bloomin' Brands, Inc.		660		17,853
Boot Barn Holdings, Inc. (b)		5,050		314,666
Brinker International, Inc.		7,120		505,947
Caesars Entertainment, Inc. (b)		1,225		107,126
Camping World Holdings, Inc. - Class A		1,055		38,381
CarParts.com, Inc. (b)		315		4,498
Cavco Industries, Inc. (b)		222		50,086
Dave & Buster's Entertainment, Inc. (b)		270		12,933
Deckers Outdoor Corp. (b)		516		170,497
Fox Factory Holding Corp. (b)		380		48,283
Gentherm, Inc. (b)		580		42,984
Green Brick Partners, Inc. (b)		11,966		271,389
Hamilton Beach Brands Holding Co. - Class A		540		9,790
Helen of Troy Ltd. (b)		620		130,609
Hibbett Sports, Inc. (b)		300		20,667
Installed Building Products, Inc.		180		19,958
iRobot Corp. (b)		540		65,977
Legacy Housing Corp. (b)		460		8,156
LGI Homes, Inc. (b)		822		122,733
Lithia Motors, Inc. - Class A		280		109,225
The Lovesac Co. (b)		545		30,847
Magnite, Inc. (b)		7,956		331,049
Malibu Boats, Inc. - Class A (b)		705		56,174
Murphy USA, Inc.		290		41,922
National Vision Holdings, Inc. (b)		1,291		56,585
Overstock.com, Inc. (b)		400		26,504
Papa John's International, Inc.		260		23,046
Penn National Gaming, Inc. (b)		910		95,404
Perdoceo Education Corp. (b)		2,220		26,551
PlayAGS, Inc. (b)		1,550		12,524
Purple Innovation, Inc. (b)		205		6,488
Rent-A-Center, Inc.		2,357		135,905
RH (b)		207		123,496
Scientific Games Corp. (b)		320		12,326
Shake Shack, Inc. - Class A (b)		390		43,980
Shutterstock, Inc.		1,435		127,772
Skyline Champion Corp. (b)		15,601		706,101
Sleep Number Corp. (b)		379		54,383
Sonos, Inc. (b)		2,162		81,010
Stamps.com, Inc. (b)		458		91,376
Standard Motor Products, Inc.		893		37,131
Steven Madden Ltd.		1,078		40,166
Stitch Fix, Inc. - Class A (b)		655		32,449
Sturm Ruger & Co., Inc.		720		47,570
Superior Group of Cos., Inc.		465		11,820
Taylor Morrison Home Corp. (b)		1,024		31,550
Texas Roadhouse, Inc.		5,344		512,703
The Children's Place Inc. (b)		390		27,183
TopBuild Corp. (b)		3,342		699,915
Universal Electronics, Inc. (b)		316		17,371
Waitr Holdings, Inc. (b)(c)		6,820		19,983
Wingstop, Inc.		420		53,411
Winmark Corp.		409		76,250
Winnebago Industries, Inc.		685		52,546
WW International, Inc. (b)		195		6,100
XPEL, Inc. (b)		225		11,684
YETI Holdings, Inc. (b)		5,070		366,105
				6,294,475
Consumer Staples - 4.5%
BJ's Wholesale Club Holdings, Inc. (b)		2,385		106,991
Celsius Holdings, Inc. (b)		475		22,824
Coca-Cola Consolidated, Inc.		10		2,888
elf Beauty, Inc. (b)		24,929		668,845
Freshpet, Inc. (b)		130		20,645
Grocery Outlet Holding Corp. (b)		13,770		507,975
Inter Parfums, Inc.		170		12,058
J & J Snack Foods Corp.		45		7,066
John B Sanfilippo & Son, Inc.		350		31,630
Lifevantage Corp. (b)		3,250		30,387
Medifast, Inc.		216		45,753
MGP Ingredients, Inc.		66		3,904
Performance Food Group Co. (b)		450		25,925
Sanderson Farms, Inc.		150		23,367
Turning Point Brands, Inc.		905		47,214
USANA Health Sciences, Inc. (b)		1,230		120,048
Vector Group Ltd.		1,750		24,413
WD-40 Co.		282		86,343
				1,788,276
Energy - 0.6%
Brigham Minerals, Inc. - Class A		15,956		233,596
Magnolia Oil & Gas Corp. - Class A (b)		1,490		17,105
				250,701
Financials - 6.1%
Artisan Partners Asset Management, Inc. - Class A		2,355		122,860
Banc of California, Inc.		23,000		415,840
Cadence BanCorp		24,484		507,553
Cohen & Steers, Inc.		2,300		150,259
Curo Group Holdings Corp.		343		5,004
Customers Bancorp, Inc. (b)		490		15,592
Eastern Bankshares, Inc.		1,220		23,534
eHealth, Inc. (b)		270		19,637
Federated Hermes, Inc.		1,135		35,525
First Financial Bankshares, Inc.		325		15,187
Focus Financial Partners, Inc. - Class A (b)		125		5,202
Glacier Bancorp, Inc.		810		46,235
Hanmi Financial Corp.		590		11,641
Home BancShares, Inc.		19,510		527,746
Kinsale Capital Group, Inc.		40		6,592
LendingTree, Inc. (b)		1,152		245,376
Moelis & Co. - Class A		700		38,416
NMI Holdings, Inc. - Class A (b)		585		13,829
Piper Sandler Cos.		140		15,351
PJT Partners, Inc. - Class A		1,160		78,474
Selectquote, Inc. (b)		1,240		36,592
Silvercrest Asset Management Group, Inc. - Class A		1,170		16,825
StepStone Group, Inc. - Class A		1,950		68,777
				2,422,047
Health Care - 30.0%
1Life Healthcare, Inc. (b)		1,815		70,930
Abeona Therapeutics, Inc. (b)		5,660		10,641
Acceleron Pharma, Inc. (b)		28		3,797
AdaptHealth Corp. (b)		1,190		43,744
Addus HomeCare Corp. (b)		280		29,285
ADMA Biologics, Inc. (b)		3,270		5,755
Adverum Biotechnologies, Inc. (b)		795		7,839
Aerie Pharmaceuticals, Inc. (b)		505		9,024
Affimed NV (b)		3,165		25,035
Agenus, Inc. (b)		6,850		18,632
Albireo Pharma, Inc. (b)		935		32,959
Allakos, Inc. (b)		200		22,956
Allogene Therapeutics, Inc. (b)		1,855		65,481
Alphatec Holdings, Inc. (b)		775		12,237
Amedisys, Inc. (b)		212		56,135
Amicus Therapeutics, Inc. (b)		3,703		36,586
AMN Healthcare Services, Inc. (b)		470		34,639
Amneal Pharmaceuticals, Inc. (b)		3,320		22,344
Apellis Pharmaceuticals, Inc. (b)		825		35,401
Arcturus Therapeutics Holdings, Inc. (b)		190		7,847
Arcus Biosciences, Inc. (b)		405		11,372
Arrowhead Pharmaceuticals, Inc. (b)		1,019		67,570
Arvinas, Inc. (b)		665		43,956
Assembly Biosciences, Inc. (b)		751		3,455
Atara Biotherapeutics, Inc. (b)		3,045		43,726
Athenex, Inc. (b)		1,003		4,313
Avid Bioservices, Inc. (b)		21,605		393,859
Axsome Therapeutics, Inc. (b)		455		25,762
Beam Therapeutics, Inc. (b)(c)		595		47,624
BioCryst Pharmaceuticals, Inc. (b)(c)		1,310		13,323
BioDelivery Sciences International, Inc. (b)		13,630		53,293
Biohaven Pharmaceutical Holding Co. Ltd. (b)		495		33,833
BioLife Solutions, Inc. (b)		8,565		308,340
Blueprint Medicines Corp. (b)		978		95,091
Bridgebio Pharma, Inc. (b)		755		46,508
Cantel Medical Corp. (b)		410		32,734
CareDx, Inc. (b)		320		21,789
Castle Biosciences, Inc. (b)		397		27,179
Chemed Corp.		144		66,214
ChemoCentryx, Inc. (b)		475		24,339
Coherus Biosciences, Inc. (b)		3,395		49,601
Collegium Pharmaceutical, Inc. (b)		1,690		40,053
CONMED Corp.		4,030		526,278
Constellation Pharmaceuticals, Inc. (b)		1,230		28,770
Corcept Therapeutics, Inc. (b)		295		7,018
CorVel Corp. (b)		194		19,902
Crinetics Pharmaceuticals, Inc. (b)		465		7,105
Cross Country Healthcare, Inc. (b)		910		11,366
CryoLife, Inc. (b)		305		6,887
CryoPort, Inc. (b)		855		44,469
Cutera, Inc. (b)		275		8,264
CytomX Therapeutics, Inc. (b)		539		4,167
Deciphera Pharmaceuticals, Inc. (b)		435		19,505
Denali Therapeutics, Inc. (b)		1,015		57,956
DermTech, Inc. (b)		205		10,412
Dicerna Pharmaceuticals, Inc. (b)		374		9,563
Eagle Pharmaceuticals, Inc. (b)		305		12,731
Editas Medicine, Inc. (b)		936		39,312
Emergent BioSolutions, Inc. (b)		555		51,565
Enanta Pharmaceuticals, Inc. (b)		220		10,850
Esperion Therapeutics, Inc. (b)(c)		1,075		30,154
Fate Therapeutics, Inc. (b)		775		63,899
FibroGen, Inc. (b)		208		7,220
Fulgent Genetics, Inc. (b)(c)		1,771		171,114
G1 Therapeutics, Inc. (b)		1,279		30,773
Generation Bio Co. (b)		240		6,830
GenMark Diagnostics, Inc. (b)		800		19,120
Globus Medical, Inc. - Class A (b)		265		16,343
Halozyme Therapeutics, Inc. (b)		3,469		144,623
Hanger, Inc. (b)		687		15,677
HealthEquity, Inc. (b)		1,340		91,120
HealthStream, Inc. (b)		125		2,792
Heron Therapeutics, Inc. (b)		865		14,022
Heska Corp. (b)		2,587		435,806
HMS Holdings Corp. (b)		1,559		57,644
Horizon Therapeutics PLC (b)		168		15,463
ImmunoGen, Inc. (b)		5,252		42,541
Inari Medical, Inc. (b)		370		39,590
InfuSystem Holdings, Inc. (b)		845		17,204
Innoviva, Inc. (b)		1,085		12,966
Inovalon Holdings, Inc. - Class A (b)		1,735		49,933
Insmed, Inc. (b)		495		16,860
Inspire Medical Systems, Inc. (b)		432		89,420
Integer Holdings Corp. (b)		260		23,946
Intellia Therapeutics, Inc. (b)		565		45,344
Intercept Pharmaceuticals, Inc. (b)		1,029		23,749
Intersect ENT, Inc. (b)		109		2,276
Invitae Corp. (b)(c)		990		37,828
iRhythm Technologies, Inc. (b)		368		51,100
Ironwood Pharmaceuticals, Inc. (b)		3,786		42,327
Karuna Therapeutics, Inc. (b)		120		14,428
Kiniksa Pharmaceuticals Ltd. - Class A (b)		235		4,350
Kodiak Sciences, Inc. (b)		490		55,561
Kura Oncology, Inc. (b)		135		3,816
LeMaitre Vascular, Inc.		5,797		282,778
LHC Group, Inc. (b)		2,396		458,139
Ligand Pharmaceuticals, Inc. (b)		70		10,671
MacroGenics, Inc. (b)		1,325		42,201
Madrigal Pharmaceuticals, Inc. (b)		340		39,770
MannKind Corp. (b)		2,860		11,211
Marinus Pharmaceuticals, Inc. (b)		1,615		25,000
Medpace Holdings, Inc. (b)		5,121		840,100
MEI Pharma, Inc. (b)		2,850		9,775
Meridian Bioscience, Inc. (b)		875		22,969
Merit Medical Systems, Inc. (b)		170		10,180
Mesa Laboratories, Inc.		1,840		448,040
Minerva Neurosciences, Inc. (b)		5,360		15,651
Mirati Therapeutics, Inc. (b)		476		81,539
ModivCare, Inc. (b)		170		25,180
Morphic Holding, Inc. (b)		235		14,871
NanoString Technologies, Inc. (b)		215		14,128
Natera, Inc. (b)		906		91,995
Neogen Corp. (b)		7,610		676,453
NeoGenomics, Inc. (b)		13,055		629,643
Nevro Corp. (b)		691		96,394
Novavax, Inc. (b)		225		40,795
Novocure Ltd. (b)		132		17,448
NuVasive, Inc. (b)		35		2,295
Ocular Therapeutix, Inc. (b)		795		13,046
Omnicell, Inc. (b)		3,523		457,532
Optinose, Inc. (b)		2,150		7,933
Ovid therapeutics, Inc. (b)		2,500		10,050
Pacific Biosciences of California, Inc. (b)		1,650		54,961
Pacira BioSciences, Inc. (b)		260		18,223
Paratek Pharmaceuticals, Inc. (b)		2,745		19,380
Phreesia, Inc. (b)		280		14,588
PRA Health Sciences, Inc. (b)		2,150		329,659
Precision BioSciences, Inc. (b)		1,150		11,903
Progyny, Inc. (b)		885		39,391
Puma Biotechnology, Inc. (b)		750		7,290
Quanterix Corp. (b)		130		7,601
Quotient Ltd. (b)		1,785		6,569
Radius Health, Inc. (b)		1,420		29,621
Repligen Corp. (b)		4,787		930,641
Rhythm Pharmaceuticals, Inc. (b)		645		13,719
Rocket Pharmaceuticals, Inc. (b)		455		20,188
Sangamo Therapeutics, Inc. (b)		3,228		40,447
Scholar Rock Holding Corp. (b)		150		7,599
Schrodinger, Inc. (b)		400		30,516
Select Medical Holdings Corp. (b)		1,635		55,754
Sharps Compliance Corp. (b)		1,421		20,420
Shockwave Medical, Inc. (b)		450		58,617
Sientra, Inc. (b)		1,950		14,216
Simulations Plus, Inc.		7,702		487,074
SpringWorks Therapeutics, Inc. (b)		130		9,564
Stereotaxis, Inc. (b)		3,890		26,141
Surmodics, Inc. (b)		98		5,495
Syros Pharmaceuticals, Inc. (b)		1,260		9,425
Teladoc Health, Inc. (b)		34		6,180
Tenet Healthcare Corp. (b)		161		8,372
TG Therapeutics, Inc. (b)		735		35,427
The Ensign Group, Inc.		385		36,128
The Pennant Group, Inc. (b)		392		17,954
Tivity Health, Inc. (b)		1,202		26,829
Translate Bio, Inc. (b)		1,825		30,094
Turning Point Therapeutics, Inc. (b)		740		69,997
Twist Bioscience Corp. (b)		260		32,204
Ultragenyx Pharmaceutical, Inc. (b)		553		62,965
US Physical Therapy, Inc.		595		61,940
Veracyte, Inc. (b)		320		17,200
Verastem, Inc. (b)		4,190		10,349
Vericel Corp. (b)		677		37,607
Viemed Healthcare, Inc. (b)		3,015		30,512
ViewRay, Inc. (b)		2,420		10,527
Vir Biotechnology, Inc. (b)		645		33,069
Vocera Communications, Inc. (b)		1,365		52,498
WaVe Life Sciences Ltd. (b)		860		4,825
Xencor, Inc. (b)		1,999		86,077
Y-mAbs Therapeutics, Inc. (b)		475		14,364
				11,927,067
Industrials - 12.2%
Advanced Drainage Systems, Inc.		400		41,356
Aerojet Rocketdyne Holdings, Inc.		1,255		58,935
AeroVironment, Inc. (b)		622		72,189
Allegiant Travel Co.		90		21,965
Allied Motion Technologies, Inc.		60		3,080
Atkore International Group, Inc. (b)		2,339		168,174
Barrett Business Services, Inc.		115		7,919
Bloom Energy Corp. - Class A (b)		810		21,910
Boise Cascade Co.		225		13,462
Brady Corp. - Class A		905		48,372
Builders FirstSource, Inc. (b)		1,600		74,192
CAI International, Inc.		715		32,547
Chart Industries, Inc. (b)		1,400		199,290
Cimpress PLC (b)		430		43,056
Comfort Systems USA, Inc.		369		27,590
Cornerstone Building Brands, Inc. (b)		1,750		24,553
CSW Industrials, Inc.		715		96,525
EMCOR Group, Inc.		1,090		122,254
Energy Recovery, Inc. (b)		275		5,043
Evoqua Water Technologies Corp. (b)		1,570		41,291
Exponent, Inc.		201		19,587
Franklin Electric Co., Inc.		1,525		120,383
FuelCell Energy, Inc. (b)		930		13,401
HC2 Holdings, Inc. (b)		3,854		15,185
John Bean Technologies Corp.		740		98,672
Kratos Defense & Security Solutions, Inc. (b)		13,283		362,360
Marten Transport Ltd.		3,220		54,643
Masonite International Corp. (b)		110		12,676
MasTec, Inc. (b)		1,125		105,412
Mastech Digital, Inc. (b)		195		3,434
Mercury Systems, Inc. (b)		5,524		390,271
Meritor, Inc. (b)		880		25,890
MRC Global, Inc. (b)		305		2,754
MSA Safety, Inc.		20		3,000
Mueller Industries, Inc.		1,433		59,255
PAE, Inc. (b)		3,330		30,037
Plug Power, Inc. (b)		4,790		171,674
Proto Labs, Inc. (b)		288		35,064
RBC Bearings, Inc. (b)		341		67,099
Rexnord Corp.		1,020		48,032
Saia, Inc. (b)		3,325		766,679
Science Applications International Corp.		23		1,923
Simpson Manufacturing Co., Inc.		1,095		113,584
SiteOne Landscape Supply, Inc. (b)		2,673		456,388
Sunrun, Inc. (b)		1,201		72,636
Tetra Tech, Inc.		125		16,965
The Brink's Co.		55		4,358
The ExOne Co. (b)		390		12,230
TPI Composites, Inc. (b)		4,735		267,196
TriNet Group, Inc. (b)		1,037		80,845
UFP Industries, Inc.		2,175		164,952
Upwork, Inc. (b)		1,078		48,262
Vectrus, Inc. (b)		100		5,344
Watts Water Technologies, Inc. - Class A		60		7,129
Welbilt, Inc. (b)		2,385		38,756
WillScot Mobile Mini Holdings Corp. (b)		930		25,808
				4,845,587
Information Technology - 25.8%
8x8, Inc. (b)		9,814		318,366
A10 Networks, Inc. (b)		6,595		63,378
ACI Worldwide, Inc. (b)		1,980		75,339
Advanced Energy Industries, Inc.		735		80,240
Alarm.com Holdings, Inc. (b)		340		29,369
Ambarella, Inc. (b)		835		83,826
Appfolio, Inc. - Class A (b)		2,165		306,153
Appian Corp. (b)(c)		430		57,168
Avaya Holdings Corp. (b)		2,480		69,514
Axcelis Technologies, Inc. (b)		1,415		58,142
Badger Meter, Inc.		830		77,248
Blackbaud, Inc.		460		32,697
Blackline, Inc. (b)		257		27,859
Box, Inc. - Class A (b)		4,950		113,652
Brightcove, Inc. (b)		895		18,007
Brooks Automation, Inc.		811		66,218
Cardtronics PLC - Class A (b)		920		35,696
Cass Information Systems, Inc.		608		28,132
Cerence, Inc. (b)		3,525		315,769
CMC Materials, Inc.		1,300		229,827
Cohu, Inc.		445		18,619
CommVault Systems, Inc. (b)		1,597		103,006
Cornerstone OnDemand, Inc. (b)		1,380		60,140
CyberOptics Corp. (b)		604		15,686
Diebold Nixdorf, Inc. (b)		1,130		15,967
Digital Turbine, Inc. (b)		1,366		109,772
Domo, Inc. - Class B (b)		350		19,702
Endava PLC - ADR (b)		5,051		427,769
Enphase Energy, Inc. (b)		20		3,243
Envestnet, Inc. (b)		330		23,836
Everbridge, Inc. (b)		170		20,601
EVERTEC, Inc.		1,080		40,198
Evo Payments, Inc. - Class A (b)		27,818		765,551
ExlService Holdings, Inc. (b)		523		47,154
Extreme Networks, Inc. (b)		2,290		20,038
FormFactor, Inc. (b)		3,110		140,292
II-VI, Inc. (b)		1,469		100,435
Impinj, Inc. (b)		140		7,962
J2 Global, Inc. (b)		1,565		187,581
Lattice Semiconductor Corp. (b)		2,665		119,978
LivePerson, Inc. (b)		575		30,325
LiveRamp Holdings, Inc. (b)		310		16,083
Luna Innovations, Inc. (b)		1,065		11,214
MACOM Technology Solutions Holdings, Inc. (b)		1,929		111,921
MAXIMUS, Inc.		5,660		503,966
MaxLinear, Inc. (b)		505		17,210
MicroStrategy, Inc. - Class A (b)		20		13,576
Mimecast Ltd. (b)		12,850		516,699
NeoPhotonics Corp. (b)		271		3,238
nLight, Inc. (b)		265		8,586
Onto Innovation, Inc. (b)		190		12,485
OSI Systems, Inc. (b)		960		92,256
Pegasystems, Inc.		6,329		723,658
Perficient, Inc. (b)		615		36,113
PFSweb, Inc. (b)		1,680		11,340
Plantronics, Inc.		210		8,171
Power Integrations, Inc.		935		76,184
Q2 Holdings, Inc. (b)		180		18,036
Qualys, Inc. (b)		2,361		247,386
Rackspace Technology, Inc. (b)		1,090		25,920
Repay Holdings Corp. (b)		15,252		358,117
Rimini Street, Inc. (b)		3,795		34,041
Rogers Corp. (b)		85		15,998
Sailpoint Technologies Holdings, Inc. (b)		1,425		72,162
Semtech Corp. (b)		2,715		187,335
Silicon Laboratories, Inc. (b)		2,572		362,832
SMART Global Holdings, Inc. (b)		865		39,807
SPS Commerce, Inc. (b)		897		89,081
Super Micro Computer, Inc. (b)		555		21,678
SVMK, Inc. (b)		950		17,404
Synaptics, Inc. (b)		1,226		166,025
Tenable Holdings, Inc. (b)		725		26,234
TTEC Holdings, Inc.		568		57,056
Ultra Clean Holdings, Inc. (b)		1,720		99,829
Varonis Systems, Inc. (b)		915		46,976
Verra Mobility Corp. (b)		3,730		50,486
Viavi Solutions, Inc. (b)		1,240		19,468
WNS Holdings Ltd. - ADR (b)		11,400		825,816
Workiva, Inc. (b)		10,710		945,265
Xperi Holding Corp.		310		6,749
				10,260,856
Materials - 2.1%
Avient Corp.		832		39,329
Balchem Corp.		173		21,696
Ferroglobe Representation & Warranty Insurance Trust (b)(d)(e)		840		–
Forterra, Inc. (b)		2,379		55,312
Innospec, Inc.		760		78,044
Koppers Holdings, Inc. (b)		535		18,597
Louisiana-Pacific Corp.		1,305		72,375
Materion Corp.		479		31,729
Neenah, Inc.		79		4,059
Novagold Resources, Inc. (b)		6,540		57,290
Quaker Chemical Corp.		1,870		455,850
Tronox Holdings PLC - Class A		1,270		23,241
				857,522
Real Estate - 0.4%
Cushman & Wakefield PLC (b)		950		15,504
EastGroup Properties, Inc.		522		74,792
Redfin Corp. (b)		895		59,598
				149,894
Utilities - 0.2%
Genie Energy Ltd. - Class B		1,170		7,418
Ormat Technologies, Inc. (b)		170		13,350
Pure Cycle Corp. (b)		1,355		18,184
Spark Energy, Inc. - Class A		2,870		30,652
				69,604
Total Common Stocks (Cost $23,925,475)				39,110,860
Total Investments at Value (Cost $23,925,475) - 98.3%				39,110,860
Other Assets in Excess of Liabilities - 1.7%				685,980
Net Assets - 100.0%			$	39,796,840

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 March 31, 2021. The total market value of securities on loan at March 31, 2021 was $373,177.
(d)	Level 3 security.  Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors.  The total value of such securities is $0 as of March 31, 2021, representing 0.0% of net assets.
(e)	Illiquid security.  The total value of such securities is $0 as of March 31, 2021, 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

March 31, 2021 (Unaudited)

1. Securities Valuation

Securities listed or traded on U.S. exchanges, including options, futures, swaptions and swap contracts, are valued at the last sales price on the exchange where they are principally traded. In the absence of a current quotation, a security is valued at the mean between the last bid and asked prices on that exchange. Securities quoted on the National Association of Securities Dealers Automatic Quotation (NASDAQ) System, for which there have been sales, are valued at the NASDAQ official closing price. If there are no such sales, a security is valued at the mean between the last bid and ask prices. Securities traded over-the-counter (other than on NASDAQ) are valued at the last current sale price; and if there are no such sales, a security is valued at the mean between the last bid and ask prices. Debt securities are typically valued at an evaluated bid price by a third-party pricing agent employing methodologies that utilize actual market transactions, broker-supplied valuations, or other inputs designed to identify the market value for such securities. Third-party pricing agents often utilize proprietary models that are subjective and require the use of judgment and the application of various assumptions including, but not limited to, interest rates, prepayment speeds, and default rate assumptions. Debt securities that have a remaining maturity of 60 days or less are valued at prices supplied by the Portfolios’ pricing agent for such securities, if available. Otherwise such securities are valued at amortized cost if the Adviser’s Pricing Committee concludes it approximates fair value. Equity securities primarily traded on a foreign exchange are typically valued daily at a price as provided by an independent pricing service, which is an estimate of the fair value price.

Foreign currency contracts, including forward contracts, are valued at the applicable translation rates as supplied by the third-party pricing vendor. In the event market quotations are not readily available, such securities are valued at fair value according to procedures adopted by the Board of Directors (the “Board”) or as determined in good faith by the Adviser’s Pricing Committee, whose members include at least two representatives of Wilshire Advisors LLC, formerly known as Wilshire Associates Incorporated (the “Adviser”), one of whom is an officer of the Company, or by the Company’s Valuation Committee which is composed of Trustees of the Company. 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 or the Valuation 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, 2021, 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, 2021:

Small Company Growth Portfolio	Level 1		Level 2		Level 3			Total
Common Stocks	$	39,110,860	$	-	$	-	*	$	39,110,860
Total	$	39,110,860	$	-	$	-		$	39,110,860

* 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 common stocks that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0 as of March 31, 2021. 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.