NPORT-EX 2 scg.htm SMALL COMPANY GROWTH PORTFOLIO PART F 9-30-23
WILSHIRE MUTUAL FUNDS, INC.
       
SMALL COMPANY GROWTH PORTFOLIO
 
September 30, 2023 (Unaudited)
SCHEDULE OF INVESTMENTS
       

             
   
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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.