NPORT-EX 2 scg.htm SMALL COMPANY GROWTH PART F 3-31-21
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.