WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO	March 31, 2023 (Unaudited)
SCHEDULE OF INVESTMENTS

		Shares		Value
COMMON STOCKS - 98.6% (a)
Communication Services - 1.0%
AMC Networks, Inc. - Class A (b)		481	$	8,456
Bandwidth, Inc. - Class A (b)		871		13,239
Bumble, Inc. - Class A (b)		600		11,730
Cinemark Holdings, Inc. (b)		1,535		22,702
Clear Channel Outdoor Holdings, Inc. (b)		5,496		6,595
Emerald Holding, Inc. (b)		2,900		10,788
Eventbrite, Inc. - Class A (b)		1,480		12,699
IMAX Corp. (b)		527		10,108
Iridium Communications, Inc.		687		42,546
Liberty Latin America Ltd. - Class A (b)		2,514		20,891
Liberty Latin America Ltd. - Class C (b)		3,189		26,341
Lions Gate Entertainment Corp. - Class B (b)		584		6,062
Magnite, Inc. (b)		526		4,871
Stagwell, Inc. (b)		4,000		29,680
TEGNA, Inc.		715		12,091
Thryv Holdings, Inc. (b)		401		9,247
United States Cellular Corp. (b)		1,386		28,732
				276,778
Consumer Discretionary - 12.3%
2U, Inc. (b)		2,651		18,159
Academy Sports & Outdoors, Inc.		2,327		151,837
Adient PLC (b)		1,773		72,622
Adtalem Global Education, Inc. (b)		916		35,376
American Public Education, Inc. (b)		974		5,279
Asbury Automotive Group, Inc. (b)		175		36,750
Bally's Corp. (b)		1,056		20,613
Big 5 Sporting Goods Corp. (c)		60		461
Bloomin' Brands, Inc.		2,057		52,762
Boot Barn Holdings, Inc. (b)		420		32,189
Brinker International, Inc. (b)		720		27,360
Carter's, Inc.		100		7,192
Century Casinos, Inc. (b)		710		5,204
Century Communities, Inc.		1,327		84,822
Chuy's Holdings, Inc. (b)		250		8,962
Dave & Buster's Entertainment, Inc. (b)		172		6,328
Destination XL Group, Inc. (b)		2,657		14,640
Dine Brands Global, Inc.		310		20,968
El Pollo Loco Holdings, Inc.		1,006		9,648
Everi Holdings, Inc. (b)		596		10,221
Foot Locker, Inc.		149		5,914
Frontdoor, Inc. (b)		1,386		38,642
Funko, Inc. - Class A (b)		2,500		23,575
Genesco, Inc. (b)		450		16,596
G-III Apparel Group Ltd. (b)		1,900		29,545
Graham Holdings Co. - Class B		20		11,917
Green Brick Partners, Inc. (b)		4,335		151,985
Group 1 Automotive, Inc.		284		64,303
Hanesbrands, Inc.		9,680		50,917
Haverty Furniture Cos., Inc.		1,089		34,750
Hibbett, Inc.		330		19,463
Hooker Furnishings Corp.		1,100		20,009
Inspired Entertainment, Inc. (b)		859		10,987
International Game Technology PLC		905		24,254
Jack in the Box, Inc.		120		10,511
JAKKS Pacific, Inc. (b)		928		16,054
Johnson Outdoors, Inc. - Class A		1,404		88,466
KB Home		3,039		122,107
Kontoor Brands, Inc.		210		10,162
Lakeland Industries, Inc.		700		10,220
Latham Group, Inc. (b)		8,710		24,911
Laureate Education, Inc.		9,544		112,237
La-Z-Boy, Inc.		3,970		115,448
Legacy Housing Corp. (b)		2,840		64,638
Lindblad Expeditions Holdings, Inc. (b)		1,752		16,749
LL Flooring Holdings, Inc. (b)		4,500		17,100
M/I Homes, Inc. (b)		1,129		71,229
Macy's, Inc.		264		4,617
MarineMax, Inc. (b)		1,010		29,038
Meritage Homes Corp.		605		70,640
Modine Manufacturing Co. (b)		275		6,339
Movado Group, Inc.		1,065		30,640
OneWater Marine, Inc. Class A (b)(c)		1,100		30,767
Oxford Industries, Inc.		607		64,093
Perdoceo Education Corp. (b)		2,840		38,141
Qurate Retail, Inc. - Class A (b)		1,614		1,594
Red Rock Resorts, Inc. - Class A		10,547		470,080
Rocky Brands, Inc.		3,925		90,550
Ruth's Hospitality Group, Inc.		1,500		24,630
Sabre Corp. (b)		4,208		18,052
SeaWorld Entertainment, Inc. (b)		1,702		104,350
Signet Jewelers Ltd.		534		41,535
Sleep Number Corp. (b)		360		10,948
Sonic Automotive, Inc. - Class A		700		38,038
Steven Madden Ltd.		700		25,200
Taylor Morrison Home Corp. (b)		1,551		59,341
The Aaron's Co., Inc.		3,488		33,694
The Cato Corp. - Class A		1,600		14,144
The Cheesecake Factory, Inc.		410		14,370
The Goodyear Tire & Rubber Co. (b)		1,500		16,530
The RealReal, Inc. (b)		1,843		2,322
Thor Industries, Inc.		340		27,078
Topgolf Callaway Brands Corp. (b)		2,520		54,482
Travel + Leisure Co.		770		30,184
TravelCenters of America, Inc. (b)		300		25,950
Tri Pointe Homes, Inc. (b)		945		23,927
Upbound Group, Inc.		1,550		37,991
Urban Outfitters, Inc. (b)		320		8,870
Vail Resorts, Inc.		208		48,605
Vista Outdoor, Inc. (b)		1,400		38,794
Winnebago Industries, Inc.		161		9,290
Wolverine World Wide, Inc.		5,570		94,969
WW International, Inc. (b)		3,146		12,962
Zumiez, Inc. (b)		400		7,376
				3,464,213
Consumer Staples - 4.4%
B&G Foods, Inc. (c)		1,540		23,916
Cal-Maine Foods, Inc.		5,568		339,035
Central Garden & Pet Co. (b)		540		22,173
Herbalife Nutrition Ltd. (b)		2,460		39,606
Ingles Markets, Inc. - Class A		138		12,241
Inter Parfums, Inc.		69		9,815
Lancaster Colony Corp.		1,160		235,341
Medifast, Inc.		240		24,881
Natural Grocers by Vitamin Cottage, Inc.		2,419		28,423
Nu Skin Enterprises, Inc. - Class A		665		26,141
Oil-Dri Corp of America		1,526		63,497
Post Holdings, Inc. (b)		1,586		142,534
Seaboard Corp.		37		139,490
The Andersons, Inc.		730		30,163
The Chefs' Warehouse, Inc. (b)		1,249		42,529
The Honest Co., Inc. (b)		2,004		3,607
USANA Health Sciences, Inc. (b)		410		25,789
Vector Group Ltd.		603		7,242
Village Super Market, Inc. - Class A		699		15,993
Whole Earth Brands, Inc. (b)		1,990		5,094
				1,237,510
Energy - 7.1%
Alto Ingredients, Inc. (b)		3,600		5,400
Archrock, Inc.		2,240		21,885
Berry Corp.		5,089		39,949
Bristow Group, Inc. (b)		493		11,043
California Resources Corp.		1,844		70,994
Centrus Energy Corp. - Class A (b)		1,744		56,157
ChampionX Corp.		760		20,619
Chord Energy Corp.		361		48,591
Civitas Resources, Inc.		4,499		307,462
CNX Resources Corp. (b)		876		14,033
Crescent Energy Co. - Class A		3,580		40,490
Denbury, Inc. (b)		330		28,918
DHT Holdings, Inc.		7,260		78,481
Dorian LPG Ltd.		1,569		31,286
Dril-Quip, Inc. (b)		1,300		37,297
Equitrans Midstream Corp.		7,615		44,015
Expro Group Holdings NV (b)		1,370		25,153
Forum Energy Technologies, Inc. (b)		700		17,801
Golar LNG Ltd. (b)		5,507		118,951
Helix Energy Solutions Group, Inc. (b)		4,423		34,234
Helmerich & Payne, Inc.		813		29,065
International Seaways, Inc.		372		15,505
Kinetik Holdings, Inc.		900		28,170
Kosmos Energy Ltd. (b)		5,600		41,664
Liberty Energy, Inc.		1,600		20,496
Magnolia Oil & Gas Corp. - Class A		808		17,679
Murphy Oil Corp.		1,456		53,843
National Energy Services Reunited Corp. (b)		4,040		21,250
Newpark Resources, Inc. (b)		5,540		21,329
NexTier Oilfield Solutions, Inc. (b)		3,000		23,850
Noble Corp. PLC (b)		300		11,841
Northern Oil and Gas, Inc.		900		27,315
Oceaneering International, Inc. (b)		905		15,955
Oil States International, Inc. (b)		1,489		12,403
Par Pacific Holdings, Inc. (b)		1,100		32,120
PBF Energy, Inc. - Class A		539		23,371
Permian Resources Corp.		6,045		63,472
Precision Drilling Corp. (b)		570		29,309
ProPetro Holding Corp. (b)		3,100		22,289
Ranger Oil Corp. - Class A		660		26,954
REX American Resources Corp. (b)		1,506		43,057
Scorpio Tankers, Inc.		161		9,066
SFL Corp. Ltd.		8,771		83,324
Solaris Oilfield Infrastructure, Inc. - Class A		2,500		21,350
Talos Energy, Inc. (b)		1,400		20,776
TechnipFMC PLC (b)		1,500		20,475
Teekay Tankers Ltd. - Class A (b)		962		41,299
Tidewater, Inc. (b)		815		35,925
US Silica Holdings, Inc. (b)		893		10,662
Vertex Energy, Inc. (b)(c)		3,600		35,568
Vital Energy, Inc. (b)		410		18,671
World Fuel Services Corp.		2,301		58,791
				1,989,603
Financials - 27.5%
1st Source Corp.		420		18,123
ACNB Corp.		300		9,765
Ambac Financial Group, Inc. (b)		2,726		42,199
Amerant Bancorp, Inc.		1,814		39,473
American Equity Investment Life Holding Co.		2,921		106,587
Ameris Bancorp		500		18,290
Apollo Commercial Real Estate Finance, Inc.		6,597		61,418
Artisan Partners Asset Management, Inc. - Class A		970		31,021
AssetMark Financial Holdings, Inc. (b)		1,520		47,804
Associated Banc-Corp		1,780		32,004
Assured Guaranty Ltd.		665		33,430
Axis Capital Holdings Ltd.		460		25,079
Axos Financial, Inc. (b)		882		32,563
BancFirst Corp.		636		52,852
Bank of Marin Bancorp		360		7,880
Bank OZK		8,158		279,004
BankUnited, Inc.		3,093		69,840
Banner Corp.		413		22,455
BayCom Corp.		1,176		20,086
BCB Bancorp, Inc.		500		6,565
Berkshire Hills Bancorp, Inc.		2,142		53,679
BGC Partners, Inc. - Class A		20,657		108,036
Blackstone Mortgage Trust, Inc. - Class A		544		9,710
BOK Financial Corp.		1,701		143,581
Bread Financial Holdings, Inc.		2,698		81,803
Bridgewater Bancshares, Inc. (b)		500		5,420
Brighthouse Financial, Inc. (b)		400		17,644
BrightSpire Capital, Inc.		1,300		7,670
Brookline Bancorp, Inc.		1,700		17,850
Cadence Bank		680		14,117
Camden National Corp.		530		19,181
Capitol Federal Financial, Inc.		2,100		14,133
Cass Information Systems, Inc.		1,454		62,973
Cathay General Bancorp		3,212		110,878
Central Pacific Financial Corp.		1,400		25,060
Central Valley Community Bancorp		400		8,232
City Holding Co.		572		51,983
Civista Bancshares, Inc.		400		6,752
CNB Financial Corp.		400		7,680
CNO Financial Group, Inc.		2,047		45,423
Columbia Banking System, Inc.		3,226		69,101
Community Bank System, Inc.		699		36,691
Community Trust Bancorp, Inc.		425		16,129
ConnectOne Bancorp, Inc.		1,780		31,470
CrossFirst Bankshares, Inc. (b)		1,459		15,290
Customers Bancorp, Inc. (b)		1,900		35,188
CVB Financial Corp.		3,166		52,809
Diamond Hill Investment Group, Inc.		120		19,750
Eagle Bancorp, Inc.		970		32,466
Employers Holdings, Inc.		1,710		71,290
Enact Holdings, Inc.		900		20,574
Enova International, Inc. (b)		298		13,240
Enstar Group Ltd. (b)		997		231,095
Enterprise Financial Services Corp.		1,019		45,437
Esquire Financial Holdings, Inc.		1,042		40,742
Essent Group Ltd.		3,417		136,851
Euronet Worldwide, Inc. (b)		350		39,165
Evercore, Inc. - Class A		300		34,614
FB Financial Corp.		817		25,392
Federated Hermes, Inc.		1,005		40,341
Financial Institutions, Inc.		350		6,748
First Bancorp		768		27,279
First BanCorp		2,700		30,834
First Busey Corp.		1,100		22,374
First Business Financial Services, Inc.		300		9,153
First Community Bankshares, Inc.		2,639		66,107
First Financial Bancorp		1,346		29,302
First Financial Corp.		1,133		42,465
First Hawaiian, Inc.		1,600		33,008
First Internet Bancorp		900		14,985
First Interstate BancSystem, Inc. - Class A		4,853		144,911
First Merchants Corp.		1,327		43,725
First Mid Bancshares, Inc.		400		10,888
First Western Financial, Inc. (b)		2,077		41,125
Flushing Financial Corp.		1,740		25,909
FNB Corp.		2,010		23,316
FS Bancorp, Inc.		260		7,803
Fulton Financial Corp.		2,549		35,227
Genworth Financial, Inc. - Class A (b)		15,241		76,510
Granite Point Mortgage Trust, Inc.		1,900		9,424
Great Ajax Corp.		813		5,350
Great Southern Bancorp, Inc.		793		40,189
Greenhill & Co., Inc.		1,690		14,990
Greenlight Capital Re Ltd. - Class A (b)		1,000		9,390
Hancock Whitney Corp.		560		20,384
Hanmi Financial Corp.		1,750		32,497
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,403		40,126
Heartland Financial USA, Inc.		126		4,833
Heritage Commerce Corp.		3,745		31,196
Hilltop Holdings, Inc.		1,260		37,384
Home Bancorp, Inc.		200		6,606
HomeStreet, Inc.		1,750		31,482
Hope Bancorp, Inc.		3,300		32,406
Horace Mann Educators Corp.		1,030		34,484
Horizon Bancorp, Inc.		1,420		15,705
Independent Bank Corp.		1,672		29,711
International Bancshares Corp.		2,394		102,511
International Money Express, Inc. (b)		1,500		38,670
Investar Holding Corp.		500		6,980
Jackson Financial, Inc. - Class A		3,229		120,797
James River Group Holdings Ltd.		1,638		33,825
Janus Henderson Group PLC		1,400		37,296
Kearny Financial Corp.		1,900		15,428
Kemper Corp.		600		32,796
Lakeland Bancorp, Inc.		1,400		21,896
Live Oak Bancshares, Inc.		10,412		253,740
Luther Burbank Corp.		700		6,636
Macatawa Bank Corp.		2,580		26,368
Mercantile Bank Corp.		1,557		47,613
Merchants Bancorp		400		10,416
Mercury General Corp.		500		15,870
MFA Financial, Inc.		1,388		13,769
MGIC Investment Corp.		2,000		26,840
Midland States Bancorp, Inc.		800		17,136
MidWestOne Financial Group, Inc.		370		9,035
Mr Cooper Group, Inc. (b)		7,601		311,413
National Bank Holdings Corp. - Class A		281		9,402
National Bankshares, Inc.		200		6,292
National Western Life Group, Inc. - Class A		195		47,311
Navient Corp.		2,150		34,379
New York Community Bancorp, Inc.		4,200		37,968
New York Mortgage Trust, Inc.		2,080		20,717
NMI Holdings, Inc. - Class A (b)		2,130		47,563
Northeast Bank		200		6,732
Northeast Community Bancorp, Inc.		700		9,184
Northfield Bancorp, Inc.		1,200		14,136
Northrim BanCorp, Inc.		200		9,436
OceanFirst Financial Corp.		1,950		36,036
OFG Bancorp		1,395		34,791
Old Second Bancorp, Inc.		836		11,754
Oppenheimer Holdings, Inc. - Class A		796		31,163
Orrstown Financial Services, Inc.		1,088		21,608
Pacific Premier Bancorp, Inc.		700		16,814
PacWest Bancorp (c)		1,500		14,595
Parke Bancorp, Inc.		913		16,233
Pathward Financial, Inc.		138		5,726
Paysafe Ltd. (b)		1,433		24,748
PCB Bancorp		700		10,143
PennyMac Mortgage Investment Trust		3,218		39,678
Peoples Financial Services Corp.		1,415		61,340
Perella Weinberg Partners		1,900		17,290
Popular, Inc.		730		41,909
Preferred Bank		795		43,574
Premier Financial Corp.		1,240		25,705
Primerica, Inc.		70		12,057
Primis Financial Corp.		700		6,741
PROG Holdings, Inc. (b)		2,493		59,309
Provident Bancorp, Inc.		1,351		9,241
Provident Financial Services, Inc.		4,166		79,904
Radian Group, Inc.		2,760		60,996
RBB Bancorp		390		6,045
Redwood Trust, Inc.		2,227		15,010
Regional Management Corp.		1,259		32,847
Repay Holdings Corp. (b)		607		3,988
Republic Bancorp, Inc. - Class A		250		10,608
S&T Bancorp, Inc.		825		25,946
Safety Insurance Group, Inc.		270		20,120
Sandy Spring Bancorp, Inc.		1,300		33,774
Seacoast Banking Corp. of Florida		298		7,063
Selective Insurance Group, Inc.		1,563		149,001
Selectquote, Inc. (b)		10,500		22,785
Sierra Bancorp		500		8,610
Silvercrest Asset Management Group, Inc.  - Class A		1,054		19,162
Simmons First National Corp. - Class A		1,970		34,455
SiriusPoint Ltd. (b)		5,200		42,276
SLM Corp.		2,700		33,453
South Plains Financial, Inc.		298		6,380
Southern First Bancshares, Inc. (b)		290		8,903
Southern Missouri Bancorp, Inc.		200		7,482
Stellar Bancorp, Inc.		951		23,404
StepStone Group, Inc. - Class A		756		18,348
Stewart Information Services Corp.		750		30,263
Stifel Financial Corp.		449		26,531
StoneCo Ltd. - Class A (b)		6,939		66,198
StoneX Group, Inc. (b)		321		33,233
Summit Financial Group, Inc.		207		4,295
Territorial Bancorp, Inc.		500		9,655
Texas Capital Bancshares, Inc. (b)		720		35,251
The Bancorp, Inc. (b)		1,558		43,390
The Bank of NT Butterfield & Son Ltd.		333		8,991
The Community Financial Corp.		100		3,313
The First of Long Island Corp.		520		7,020
Towne Bank		600		15,990
TPG RE Finance Trust, Inc.		1,000		7,260
Triumph Financial, Inc. (b)		3,426		198,914
TrustCo Bank Corp.		1,494		47,718
Two Harbors Investment Corp.		392		5,766
UMB Financial Corp.		229		13,218
United Bankshares, Inc.		573		20,170
United Fire Group, Inc.		283		7,514
Universal Insurance Holdings, Inc.		2,564		46,716
Univest Financial Corp.		3,482		82,663
Valley National Bancorp		1,277		11,799
Veritex Holdings, Inc.		447		8,162
Victory Capital Holdings, Inc. - Class A		1,035		30,294
Virtu Financial, Inc. - Class A		2,000		37,800
Virtus Investment Partners, Inc.		130		24,751
Washington Federal, Inc.		4,910		147,889
Washington Trust Bancorp, Inc.		490		16,983
Waterstone Financial, Inc.		1,360		20,577
Webster Financial Corp.		3,909		154,093
Westamerica BanCorp		1,661		73,582
White Mountains Insurance Group Ltd.		20		27,550
William Penn Bancorp		400		4,532
Wintrust Financial Corp.		425		31,004
				7,769,959
Health Care - 5.8%
Accolade, Inc. (b)		1,180		16,968
Adaptive Biotechnologies Corp. (b)		3,893		34,375
Agios Pharmaceuticals, Inc. (b)		1,306		29,999
Allogene Therapeutics, Inc. (b)		1,489		7,356
ALX Oncology Holdings, Inc. (b)		2,737		12,371
AngioDynamics, Inc. (b)		951		9,833
Atara Biotherapeutics, Inc. (b)		1,960		5,684
Avanos Medical, Inc. (b)		447		13,294
BioLife Solutions, Inc. (b)		252		5,481
Bridgebio Pharma, Inc. (b)		1,592		26,395
Brookdale Senior Living, Inc. (b)		9,286		27,394
Catalyst Pharmaceuticals, Inc. (b)		1,134		18,802
Community Health Systems, Inc. (b)		2,382		11,672
CryoPort, Inc. (b)		490		11,760
Deciphera Pharmaceuticals, Inc. (b)		928		14,338
Editas Medicine, Inc. (b)		742		5,379
Emergent BioSolutions, Inc. (b)		4,151		43,004
Enovis Corp. (b)		4,522		241,882
Health Catalyst, Inc. (b)		523		6,103
HealthStream, Inc. (b)		690		18,699
Innoviva, Inc. (b)		2,222		24,997
Intellia Therapeutics, Inc. (b)		195		7,268
Invitae Corp. (b)		11,587		15,642
Ironwood Pharmaceuticals, Inc. - Class A (b)		3,230		33,980
Kezar Life Sciences, Inc. (b)		1,850		5,790
Kodiak Sciences, Inc. (b)		3,069		19,028
Kronos Bio, Inc. (b)		1,511		2,206
Merit Medical Systems, Inc. (b)		172		12,719
Mersana Therapeutics, Inc. (b)		275		1,130
ModivCare, Inc. (b)		46		3,868
National HealthCare Corp.		1,014		58,883
Neogen Corp. (b)		2,313		42,837
NeoGenomics, Inc. (b)		1,947		33,897
Nurix Therapeutics, Inc. (b)		1,054		9,360
OraSure Technologies, Inc. (b)		3,806		23,026
Organogenesis Holdings, Inc. (b)		5,100		10,863
Orthofix Medical, Inc. (b)		710		11,893
Pacific Biosciences of California, Inc. (b)		997		11,545
Pediatrix Medical Group, Inc. (b)		1,621		24,169
PetIQ, Inc. (b)		806		9,221
Phibro Animal Health Corp. - Class A		1,300		19,916
Phreesia, Inc. (b)		1,168		37,715
PMV Pharmaceuticals, Inc. (b)		367		1,751
Praxis Precision Medicines, Inc. (b)		2,279		1,844
Premier, Inc. - Class A		1,250		40,462
Prestige Consumer Healthcare, Inc. (b)		642		40,208
Protagonist Therapeutics, Inc. (b)		107		2,461
RAPT Therapeutics, Inc. (b)		687		12,606
REGENXBIO, Inc. (b)		2,508		47,426
Relay Therapeutics, Inc. (b)		1,409		23,206
Relmada Therapeutics, Inc. (b)		905		2,045
Rocket Pharmaceuticals, Inc. (b)		229		3,923
Sage Therapeutics, Inc. (b)		287		12,043
Sangamo Therapeutics, Inc. (b)		1,706		3,003
Select Medical Holdings Corp.		1,233		31,873
Stoke Therapeutics, Inc. (b)		390		3,249
Surgery Partners, Inc. (b)		687		23,681
Tactile Systems Technology, Inc. (b)		2,211		36,305
Taro Pharmaceutical Industries Ltd. (b)		960		23,347
Twist Bioscience Corp. (b)		597		9,003
UFP Technologies, Inc. (b)		1,484		192,683
Utah Medical Products, Inc.		218		20,660
Vanda Pharmaceuticals, Inc. (b)		6,473		43,952
Veracyte, Inc. (b)		1,581		35,256
Vir Biotechnology, Inc. (b)		2,142		49,844
Zimvie, Inc. (b)		607		4,389
				1,645,962
Industrials - 18.9%
ABM Industries, Inc.		500		22,470
ACCO Brands Corp.		6,000		31,920
ACV Auctions, Inc. - Class A (b)		1,420		18,332
Aerojet Rocketdyne Holdings, Inc. (b)		478		26,849
AerSale Corp. (b)		1,300		22,386
Alamo Group, Inc.		100		18,416
Allegiant Travel Co. (b)		2,626		241,539
Allied Motion Technologies, Inc.		4,045		156,339
Allison Transmission Holdings, Inc.		810		36,644
American Woodmark Corp. (b)		378		19,682
Arcosa, Inc.		670		42,284
Argan, Inc.		252		10,198
Astronics Corp. (b)		1,756		23,460
AZZ, Inc.		1,763		72,706
Barnes Group, Inc.		600		24,168
Barrett Business Services, Inc.		310		27,478
Beacon Roofing Supply, Inc. (b)		90		5,296
BGSF, Inc.		310		3,302
Blue Bird Corp. (b)		1,000		20,430
BlueLinx Holdings, Inc. (b)		370		25,145
Boise Cascade Co.		450		28,462
Brady Corp. - Class A		380		20,417
CIRCOR International, Inc. (b)		207		6,442
Columbus McKinnon Corp.		700		26,012
Concrete Pumping Holdings, Inc. (b)		23,244		158,059
Douglas Dynamics, Inc.		2,730		87,060
EMCOR Group, Inc.		323		52,517
Encore Wire Corp.		684		126,766
Energy Recovery, Inc. (b)		4,617		106,422
Enerpac Tool Group Corp.		900		22,950
EnerSys		1,337		116,159
Ennis, Inc.		3,161		66,665
Esab Corp.		3,909		230,905
ESCO Technologies, Inc.		350		33,408
First Advantage Corp. (b)		10,321		144,081
Flowserve Corp.		1,210		41,140
Fluor Corp. (b)		1,100		34,001
Forward Air Corp.		300		32,328
FTAI Aviation Ltd.		3,986		111,449
Gates Industrial Corp. PLC (b)		10,199		141,664
Global Industrial Co.		289		7,757
Golden Ocean Group Ltd.		1,913		18,212
GrafTech International Ltd.		5,700		27,702
Graham Corp. (b)		3,558		46,539
Granite Construction, Inc.		813		33,398
Healthcare Services Group, Inc.		1,680		23,302
Heartland Express, Inc.		5,577		88,786
Heidrick & Struggles International, Inc.		1,248		37,889
Heritage-Crystal Clean, Inc. (b)		1,420		50,566
Hillenbrand, Inc.		640		30,419
Hyster-Yale Materials Handling, Inc.		835		41,658
Insteel Industries, Inc.		1,030		28,655
Interface, Inc.		3,100		25,172
JELD-WEN Holding, Inc. (b)		2,900		36,714
Kelly Services, Inc. - Class A		1,930		32,019
Kforce, Inc.		400		25,296
Kimball International, Inc. - Class B		1,500		18,600
Kirby Corp. (b)		1,159		80,782
Korn Ferry		720		37,253
ManpowerGroup, Inc.		320		26,410
MasTec, Inc. (b)		14		1,322
Matson, Inc.		1,310		78,168
Maxar Technologies, Inc.		390		19,913
Maximus, Inc.		300		23,610
Miller Industries, Inc.		450		15,908
MillerKnoll, Inc.		1,800		36,810
Moog, Inc. - Class A		325		32,744
Mueller Industries, Inc.		2,288		168,122
Mueller Water Products, Inc. - Class A		2,300		32,062
National Presto Industries, Inc.		375		27,034
NOW, Inc. (b)		756		8,429
PAM Transportation Services, Inc. (b)		300		8,589
PGT Innovations, Inc. (b)		410		10,295
Powell Industries, Inc.		865		36,840
Preformed Line Products Co.		100		12,804
Primoris Services Corp.		400		9,864
Proto Labs, Inc. (b)		2,354		78,035
Radiant Logistics, Inc. (b)		4,741		31,101
Resideo Technologies, Inc. (b)		1,370		25,044
Resources Connection, Inc.		1,500		25,590
Rush Enterprises, Inc. - Class A		2,023		110,456
Safe Bulkers, Inc.		3,573		13,184
SP Plus Corp. (b)		367		12,584
Spirit Airlines, Inc.		287		4,928
Sterling Infrastructure, Inc. (b)		660		25,001
Terex Corp.		1,187		57,427
The Brink's Co.		500		33,400
The Greenbrier Cos., Inc.		1,260		40,534
The Timken Co.		500		40,860
Thermon Group Holdings, Inc. (b)		3,783		94,272
Titan Machinery, Inc. (b)		447		13,611
Trinity Industries, Inc.		905		22,046
Triton International Ltd.		694		43,875
TrueBlue, Inc. (b)		2,200		39,160
TTEC Holdings, Inc.		500		18,615
Tutor Perini Corp. (b)		3,600		22,212
UFP Industries, Inc.		868		68,980
V2X, Inc. (b)		880		34,954
Veritiv Corp. (c)		358		48,380
Verra Mobility Corp. (b)		1,500		25,380
Wabash National Corp.		3,234		79,524
WESCO International, Inc.		2,192		338,752
Wheels Up Experience, Inc. (b)		15,870		10,043
WNS Holdings Ltd. - ADR (b)		3,151		293,579
				5,327,121
Information Technology - 7.1%
A10 Networks, Inc.		1,374		21,283
ACI Worldwide, Inc. (b)		1,500		40,470
ACM Research, Inc. - Class A (b)		4,489		52,521
American Software, Inc. - Class A		1,448		18,259
Amkor Technology, Inc.		739		19,229
Aviat Networks, Inc. (b)		161		5,548
Avid Technology, Inc. (b)		190		6,076
Avnet, Inc.		830		37,516
Axcelis Technologies, Inc. (b)		270		35,978
Belden, Inc.		1,076		93,364
Benchmark Electronics, Inc.		653		15,469
Calix, Inc. (b)		464		24,866
Cerence, Inc. (b)		413		11,601
Cirrus Logic, Inc. (b)		280		30,626
Coherent Corp. (b)		980		37,319
CoreCard Corp. (b)		400		12,052
Diebold Nixdorf, Inc. (b)		4,821		5,785
Diodes, Inc. (b)		260		24,118
Ebix, Inc.		1,450		19,125
eGain Corp. (b)		3,951		29,988
ePlus, Inc. (b)		575		28,198
FARO Technologies, Inc. (b)		195		4,799
Fastly, Inc. - Class A (b)		3,038		53,955
Insight Enterprises, Inc. (b)		205		29,307
InterDigital, Inc.		500		36,450
IPG Photonics Corp. (b)		320		39,459
Itron, Inc. (b)		770		42,696
Kimball Electronics, Inc. (b)		900		21,690
LiveRamp Holdings, Inc. (b)		825		18,092
MACOM Technology Solutions Holdings, Inc. (b)		539		38,183
MaxLinear, Inc. (b)		800		28,168
N-able, Inc. (b)		1,070		14,124
NCR Corp. (b)		1,200		28,308
Olo, Inc. - Class A (b)		720		5,875
OSI Systems, Inc. (b)		373		38,180
PC Connection, Inc.		782		35,159
Photronics, Inc. (b)		2,192		36,344
Plexus Corp. (b)		631		61,567
Rambus, Inc. (b)		1,541		78,992
Rimini Street, Inc. (b)		43,108		177,605
Sanmina Corp. (b)		3,905		238,166
ScanSource, Inc. (b)		1,052		32,023
Semtech Corp. (b)		1,380		33,313
Sumo Logic, Inc. (b)		436		5,223
Super Micro Computer, Inc. (b)		482		51,357
Telos Corp. (b)		6,800		17,204
The Hackett Group, Inc.		1,558		28,792
TTM Technologies, Inc. (b)		2,240		30,218
Vishay Intertechnology, Inc.		3,772		85,323
Vishay Precision Group, Inc. (b)		2,068		86,360
Vontier Corp.		1,400		38,276
Xperi, Inc. (b)		170		1,858
				2,006,457
Materials - 5.6%
AdvanSix, Inc.		780		29,851
Arconic Corp. (b)		1,000		26,230
Ashland, Inc.		2,028		208,296
Cabot Corp.		305		23,375
Carpenter Technology Corp.		795		35,584
Chase Corp.		2,395		250,828
Clearwater Paper Corp. (b)		287		9,591
Commercial Metals Co.		779		38,093
Constellium SE (b)		1,600		24,448
Ecovyst, Inc. (b)		7,596		83,936
Greif, Inc.  - Class A		710		44,993
Hawkins, Inc.		300		13,134
Hecla Mining Co.		2,634		16,673
Ingevity Corp. (b)		140		10,013
Innospec, Inc.		762		78,235
Kaiser Aluminum Corp.		410		30,598
Louisiana-Pacific Corp.		730		39,573
Mercer International, Inc.		2,700		26,393
Minerals Technologies, Inc.		440		26,585
Myers Industries, Inc.		900		19,287
NewMarket Corp.		30		10,949
Novagold Resources, Inc. (b)		2,240		13,933
O-I Glass, Inc. (b)		2,061		46,805
Olympic Steel, Inc.		300		15,663
Rayonier Advanced Materials, Inc. (b)		1,453		9,110
Ryerson Holding Corp.		700		25,466
SunCoke Energy, Inc.		756		6,789
Taseko Mines Ltd. (b)		126,833		210,543
Tredegar Corp.		2,200		20,086
TriMas Corp.		930		25,910
Trinseo PLC		1,750		36,488
United States Lime & Minerals, Inc.		625		95,431
Worthington Industries, Inc.		200		12,930
				1,565,819
Real Estate - 5.8%
Agree Realty Corp.		493		33,825
Alexander's, Inc.		170		32,938
Apple Hospitality REIT, Inc.		3,207		49,773
Armada Hoffler Properties, Inc.		779		9,200
Braemar Hotels & Resorts, Inc.		4,440		17,138
Corporate Office Properties Trust		550		13,040
CubeSmart		1,050		48,531
Cushman & Wakefield PLC (b)		3,300		34,782
DiamondRock Hospitality Co.		3,141		25,536
DigitalBridge Group, Inc.		4,570		54,794
Douglas Elliman, Inc.		2,700		8,397
Douglas Emmett, Inc.		5,378		66,311
Empire State Realty Trust, Inc. - Class A		12,752		82,760
Equity Commonwealth		1,787		37,009
Essential Properties Realty Trust, Inc.		2,900		72,065
Four Corners Property Trust, Inc.		287		7,709
Healthcare Realty Trust, Inc.		584		11,289
Industrial Logistics Properties Trust		8,496		26,083
iStar, Inc. (b)(d)		1,420		41,698
Jones Lang LaSalle, Inc. (b)		198		28,807
Kennedy-Wilson Holdings, Inc.		4,306		71,437
Marcus & Millichap, Inc.		1,916		61,523
National Health Investors, Inc.		500		25,790
NexPoint Residential Trust, Inc.		172		7,511
Outfront Media, Inc.		223		3,619
Paramount Group, Inc.		2,485		11,332
Park Hotels & Resorts, Inc.		3,050		37,698
Pebblebrook Hotel Trust		2,900		40,716
Piedmont Office Realty Trust, Inc. - Class A		2,909		21,236
Rayonier. Inc.		3,491		116,111
RE/MAX Holdings, Inc. - Class A		2,250		42,210
Retail Opportunity Investments Corp.		447		6,240
Ryman Hospitality Properties, Inc.		3,032		272,061
Sabra Health Care REIT, Inc.		573		6,589
Seritage Growth Properties - Class A (b)		3,350		26,365
SITE Centers Corp.		3,206		39,370
STAG Industrial, Inc.		882		29,829
Star Holdings (b)		652		11,337
The Macerich Co.		2,659		28,185
The RMR Group, Inc. - Class A		1,652		43,348
Uniti Group, Inc.		5,141		18,251
Urban Edge Properties		1,592		23,975
				1,646,418
Utilities - 3.1%
ALLETE, Inc.		600		38,622
Avista Corp.		830		35,233
Black Hills Corp.		950		59,945
Brookfield Infrastructure Corp. - Class A		1,060		48,823
Clearway Energy, Inc. - Class A		1,123		33,724
Hawaiian Electric Industries, Inc.		1,040		39,936
New Jersey Resources Corp.		493		26,228
Northwest Natural Holding Co.		989		47,037
NorthWestern Corp.		720		41,659
ONE Gas, Inc.		1,460		115,676
Otter Tail Corp.		1,661		120,040
PNM Resources, Inc.		765		37,240
Portland General Electric Co.		1,525		74,557
Southwest Gas Holdings, Inc.		630		39,344
Spire, Inc.		490		34,369
Sunnova Energy International, Inc. (b)		2,484		38,800
UGI Corp.		1,649		57,319
				888,552
Total Common Stocks (Cost $25,680,902)				27,818,392
Total Investments at Value - 98.6% (Cost $25,680,902)				27,818,392
Other Assets in Excess of Liabilities - 1.4%				388,413
Net Assets - 100.0%			$	28,206,805
Percentages are stated as a percent of net assets.
ADR  -  American Depository Recepit
REIT  -  Real Estate Investment Trust
(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, 2023. The total fair value of securities on loan at March 31, 2023 was $152,082.
(d)	Illiquid security. The total value of such securities is $41,698 as of March 31, 2023, representing 0.1% of net assets.
The Accompanying Footnotes are an Integral Part of this Schedule of Investments.

SMALL COMPANY VALUE PORTFOLIO

NOTES TO SCHEDULE OF INVESTMENTS

March 31, 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 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 (the “Adviser”), one of whom is an officer of the Company. The Adviser has been named the valuation designee to implement the daily pricing and fair valuation procedures of the Portfolios. Fair value is defined as the amount the owner of a security might reasonably expect to receive upon a current sale. Securities whose value does not reflect fair value because a significant valuation event has occurred may be valued at fair value by the Pricing Committee in accordance with the Company’s valuation procedures. Significant events may include, but are not limited to, the following: significant fluctuations in domestic markets, foreign markets or foreign currencies; occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant governmental actions; and major announcements affecting a single issuer or an entire market or market sector. The value of fair valued securities may be different from the last sale price (or the mean between the last bid and asked prices), and there is no guarantee that a fair valued security will be sold at the price at which a Portfolio is carrying the security.

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Portfolios disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The guidance establishes three levels of the fair value hierarchy as follows:

● Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Portfolios have the ability to access at the measurement date;

● Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, etc.); and

● Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. During the period ended March 31, 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 March 31, 2023:

Small Company Value Portfolio	Level 1		Level 2		Level 3		Total
Common Stocks . . . . . . . . . . . . . . . . . . . . . . .	$	27,818,392	$	-	$	-	$	27,818,392
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	27,818,392	$	-	$	-	$	27,818,392
Refer to the Portfolio's Schedule of Investments for a listing of the securities by industry or sector type. Small Company Value Portfolio did not hold any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of March 31, 2023.