Small Company Growth Portfolio

Schedule of Investments

as of March 31, 2024 (Unaudited)

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

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

NV - Naamloze Vennootschap

PLC - Public Limited Company

REIT – Real Estate Investment Trust

(a)	Non-income producing security.
(b)	All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $250,006 which represented 0.9% of net assets.
(c)	To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(d)	Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of March 31, 2024.
(e)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2024 was 5.28%.
(f)	Represents less than 0.05% of net assets.

SMALL COMPANY GROWTH PORTFOLIO

NOTES TO SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

1. Securities Valuation

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

Foreign currency contracts, including forward contracts, are valued at the applicable translation rates as supplied by the third-party pricing vendor. In the event market quotations are not readily available, such securities are valued at fair value according to procedures adopted by the Board of Directors (the “Board”) or as determined in good faith by the Adviser’s Pricing Committee, whose members include at least two representatives of the Adviser, one of whom is an officer of the Company. The Adviser has been named the valuation designee to implement the daily pricing and fair valuation procedures of the Portfolios. Fair value is defined as the amount the owner of a security might reasonably expect to receive upon a current sale. Securities whose value does not reflect fair value because a significant valuation event has occurred may be valued at fair value by the Pricing Committee in accordance with the Company’s valuation procedures. Significant events may include, but are not limited to, the following: significant fluctuations in domestic markets, foreign markets or foreign currencies; occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant governmental actions; and major announcements affecting a single issuer or an entire market or market sector. The value of fair valued securities may be different from the last sale price (or the mean between the last bid and asked prices), and there is no guarantee that a fair valued security will be sold at the price at which a Portfolio is carrying the security.

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

● Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Portfolios have the ability to access at the measurement date;
● Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, etc.); and
● Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. During the period ended March 31, 2024, there have been no significant changes to the Portfolio's fair value methodologies.

The following is a summary of the inputs used to value the Portfolio's investments as of March 31, 2024:

Small Company Growth Portfolio
	Level 1		Level 2		Level 3			Total
Assets:
Common Stocks		25,906,154		–		0	(a)		25,906,154
Real Estate Investment Trusts		83,386		–		–			83,386
Total Assets		25,989,540		–		0	(a)		25,989,540
Refer to the Schedule of Investments for industry classifications.

(a) Amount is less than $0.50.

Refer to the Portfolio’s Schedule of Investments for a listing of the securities by industry or sector type. Small Company Growth Portfolio held a common stock that was measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0 as of March 31, 2024. A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments, is only presented when a Portfolio has over 1% of Level 3 investments.