NPORT-EX 2 scv.htm N-PORT PART F

Small Company Value Portfolio
Schedule of Investments
as of March 31, 2024 (Unaudited)

COMMON STOCKS - 92.4%
  
Shares
    
Value
  
Communication Services - 0.7%
      
Bandwidth, Inc. - Class A(a)
  
430
   $
 7,852
  
Bumble, Inc. - Class A(a)
  
3,340
    
   37,908
  
Cardlytics, Inc.(a)
  
1,150
    
   16,664
  
DHI Group, Inc.(a)
  
1,360
    
   3,468
  
Emerald Holding, Inc.(a)
  
1,150
    
   7,832
  
iHeartMedia, Inc. - Class A(a)
  
1,420
    
   2,968
  
IMAX Corp.(a)
  
452
    
   7,309
  
Lions Gate Entertainment Corp. - Class A(a)
  
2,820
    
   28,059
  
Lions Gate Entertainment Corp. - Class B(a)
  
2,119
    
   19,728
  
Stagwell, Inc.(a)
  
5,070
    
   31,535
  
TEGNA, Inc.
  
2,170
    
   32,420
  
         
   195,743
  
               
Consumer Discretionary - 12.1%
      
2U, Inc.(a)
  
4,001
    
   1,559
  
Abercrombie & Fitch Co. - Class A(a)
  
50
    
   6,267
  
Accel Entertainment, Inc.(a)
  
2,450
    
   28,886
  
Adient PLC(a)
  
2,003
    
   65,939
  
Adtalem Global Education, Inc.(a)
  
1,336
    
   68,670
  
Advance Auto Parts, Inc.
  
260
    
   22,123
  
American Eagle Outfitters, Inc.
  
1,990
    
   51,322
  
Asbury Automotive Group, Inc.(a)
  
165
    
   38,904
  
Atmus Filtration Technologies, Inc.(a)
  
1,550
    
   49,988
  
Big Lots, Inc.
  
430
    
   1,862
  
Bloomin' Brands, Inc.
  
1,000
    
   28,680
  
Brinker International, Inc.(a)
  
550
    
   27,324
  
Carter's, Inc.
  
240
    
   20,323
  
Carvana Co.(a)
  
810
    
   71,207
  
Century Communities, Inc.
  
1,031
    
   99,491
  
Cooper-Standard Holdings, Inc.(a)
  
201
    
   3,329
  
Dave & Buster's Entertainment, Inc.(a)
  
400
    
   25,040
  
Denny's Corp.(a)
  
1,950
    
   17,472
  
Designer Brands, Inc. - Class A
  
1,370
    
   14,974
  
Dine Brands Global, Inc.
  
540
    
   25,099
  
El Pollo Loco Holdings, Inc.(a)
  
1,790
    
   17,435
  
Everi Holdings, Inc.(a)
  
2,360
    
   23,718
  
Figs, Inc. - Class A(a)
  
3,610
    
   17,978
  
Fox Factory Holding Corp.(a)
  
130
    
   6,769
  
Frontdoor, Inc.(a)
  
1,216
    
   39,617
  
Genesco, Inc.(a)
  
560
    
   15,758
  
G-III Apparel Group Ltd.(a)
  
1,770
    
   51,348
  
Graham Holdings Co. - Class B
  
25
    
   19,192
  
Green Brick Partners, Inc.(a)
  
1,565
    
   94,259
  
Group 1 Automotive, Inc.
  
244
    
   71,304
  
Hanesbrands, Inc.(a)
  
4,150
    
   24,070
  
Haverty Furniture Cos., Inc.
  
680
    
   23,202
  
Hibbett, Inc.
  
410
    
   31,492
  
Hilton Grand Vacations, Inc.(a)
  
610
    
   28,798
  
Hooker Furnishings Corp.
  
1,403
    
   33,686
  
JAKKS Pacific, Inc.(a)
  
578
    
   14,277
  
Johnson Outdoors, Inc. - Class A
  
1,219
    
   56,208
  
KB Home
  
2,459
    
   174,293
  
Kontoor Brands, Inc.
  
320
    
   19,280
  
Laureate Education, Inc.
  
2,469
    
   35,973
  
La-Z-Boy, Inc.
  
720
    
   27,086
  
Leggett & Platt, Inc.
  
1,090
    
   20,874
  
Leslie's, Inc.(a)
  
3,040
    
   19,760
  
Lindblad Expeditions Holdings, Inc.(a)
  
1,362
    
   12,707
  
LL Flooring Holdings, Inc.(a)
  
3,425
    
   6,268
  
M/I Homes, Inc.(a)
  
764
    
   104,125
  
MarineMax, Inc.(a)
  
760
    
   25,278
  
Marriott Vacations Worldwide Corp.
  
350
    
   37,706
  
MDC Holdings, Inc.
  
820
    
   51,586
  
Meritage Homes Corp.
  
460
    
   80,712
  
Monarch Casino & Resort, Inc.
  
370
    
   27,746
  
OneWater Marine, Inc. - Class A(a)
  
1,090
    
   30,684
  
Oxford Industries, Inc.
  
90
    
   10,116
  
Perdoceo Education Corp.
  
2,405
    
   42,232
  
PetMed Express, Inc.
  
3,220
    
   15,424
  
Phinia, Inc.
  
950
    
   36,509
  
Red Rock Resorts, Inc. - Class A
  
7,681
    
   459,476
  
Revolve Group, Inc.(a)(b)
  
640
    
   13,549
  
Rocky Brands, Inc.
  
2,952
    
   80,088
  
Sabre Corp.(a)
  
3,733
    
   9,034
  
SeaWorld Entertainment, Inc.(a)
  
670
    
   37,661
  
Signet Jewelers Ltd.
  
680
    
   68,047
  
Six Flags Entertainment Corp.(a)
  
400
    
   10,528
  
Skyline Champion Corp.(a)
  
70
    
   5,951
  
Sleep Number Corp.(a)
  
300
    
   4,809
  
Sonic Automotive, Inc. - Class A
  
600
    
   34,164
  
Steven Madden Ltd.
  
600
    
   25,368
  
Stitch Fix, Inc. - Class A(a)
  
4,160
    
   10,982
  
Taylor Morrison Home Corp.(a)
  
1,196
    
   74,355
  
The Aaron's Co., Inc.
  
2,568
    
   19,260
  
The Cheesecake Factory, Inc.
  
335
    
   12,110
  
The Goodyear Tire & Rubber Co.(a)
  
2,620
    
   35,973
  
Travel + Leisure Co.
  
680
    
   33,293
  
Tri Pointe Homes, Inc.(a)
  
2,160
    
   83,506
  
Upbound Group, Inc.
  
500
    
   17,605
  
Urban Outfitters, Inc.(a)
  
500
    
   21,710
  
Vail Resorts, Inc.
  
160
    
   35,653
  
Vera Bradley, Inc.(a)
  
340
    
   2,312
  
Vista Outdoor, Inc.(a)
  
1,250
    
   40,975
  
Worthington Enterprises, Inc.
  
120
    
   7,468
  
Xponential Fitness, Inc. - Class A(a)
  
2,198
    
   36,355
  
Zumiez, Inc.(a)
  
400
    
   6,076
  
         
   3,202,237
  
               
Consumer Staples - 4.4%
      
B&G Foods, Inc.
  
2,550
    
   29,172
  
Cal-Maine Foods, Inc.
  
2,550
    
   150,068
  
Central Garden & Pet Co.(a)
  
350
    
   14,991
  
Edgewell Personal Care Co.
  
710
    
   27,434
  
Energizer Holdings, Inc.
  
810
    
   23,846
  
Herbalife Ltd.(a)
  
3,910
    
   39,296
  
Ingles Markets, Inc. - Class A
  
138
    
   10,582
  
Inter Parfums, Inc.
  
69
    
   9,695
  
Lancaster Colony Corp.
  
1,122
    
   232,960
  
Mama's Creations, Inc.(a)
  
8,248
    
   41,240
  
Medifast, Inc.
  
830
    
   31,806
  
Natural Grocers by Vitamin Cottage, Inc.
  
1,449
    
   26,154
  
Nu Skin Enterprises, Inc. - Class A
  
1,355
    
   18,740
  
Oil-Dri Corp. of America
  
2,305
    
   171,861
  
Post Holdings, Inc.(a)
  
1,476
    
   156,869
  
PriceSmart, Inc.
  
440
    
   36,960
  
Seaboard Corp.
  
11
    
   35,463
  
The Andersons, Inc.
  
480
    
   27,538
  
The Duckhorn Portfolio, Inc.(a)
  
3,940
    
   36,681
  
The Hain Celestial Group, Inc.(a)
  
1,390
    
   10,925
  
Universal Corp.
  
90
    
   4,655
  
Village Super Market, Inc. - Class A
  
424
    
   12,131
  
WK Kellogg Co.
  
1,270
    
   23,876
  
         
   1,172,943
  
               
Energy - 8.8%
      
Archrock, Inc.
  
1,660
    
   32,652
  
Baytex Energy Corp.
  
10,863
    
   39,433
  
Berry Corp.
  
4,570
    
   36,789
  
Cactus, Inc. - Class A
  
790
    
   39,571
  
California Resources Corp.
  
1,249
    
   68,820
  
Callon Petroleum Co.(a)
  
1,060
    
   37,906
  
Centrus Energy Corp. - Class A(a)
  
2,561
    
   106,358
  
Chord Energy Corp.
  
303
    
   54,007
  
Civitas Resources, Inc.
  
3,165
    
   240,254
  
CONSOL Energy, Inc.
  
310
    
   25,966
  
Core Laboratories, Inc.
  
1,040
    
   17,763
  
Crescent Energy Co. - Class A
  
2,640
    
   31,416
  
DHT Holdings, Inc.
  
6,460
    
   74,290
  
Dorian LPG Ltd.
  
1,394
    
   53,613
  
Dril-Quip, Inc.(a)
  
1,150
    
   25,910
  
Equitrans Midstream Corp.
  
8,630
    
   107,788
  
Excelerate Energy, Inc. - Class A
  
250
    
   4,005
  
Expro Group Holdings NV(a)
  
1,750
    
   34,948
  
Forum Energy Technologies, Inc.(a)
  
430
    
   8,591
  
Helix Energy Solutions Group, Inc.(a)
  
5,048
    
   54,720
  
Helmerich & Payne, Inc.
  
1,313
    
   55,225
  
International Seaways, Inc.
  
1,742
    
   92,674
  
Kinetik Holdings, Inc.
  
510
    
   20,334
  
Kosmos Energy Ltd.(a)
  
5,600
    
   33,376
  
Liberty Energy, Inc.
  
1,590
    
   32,945
  
Matador Resources Co.
  
50
    
   3,339
  
Murphy Oil Corp.
  
1,696
    
   77,507
  
National Energy Services Reunited Corp.(a)
  
4,040
    
   32,320
  
Newpark Resources, Inc.(a)
  
2,620
    
   18,916
  
Northern Oil and Gas, Inc.
  
960
    
   38,093
  
Oceaneering International, Inc.(a)
  
462
    
   10,811
  
Par Pacific Holdings, Inc.(a)
  
720
    
   26,683
  
Patterson-UTI Energy, Inc.
  
1,684
    
   20,107
  
PBF Energy, Inc. - Class A
  
954
    
   54,922
  
Peabody Energy Corp.(b)
  
720
    
   17,467
  
Permian Resources Corp.
  
2,965
    
   52,362
  
Precision Drilling Corp.(a)
  
540
    
   36,337
  
ProFrac Holding Corp. - Class A(a)
  
1,120
    
   9,363
  
ProPetro Holding Corp.(a)
  
3,360
    
   27,149
  
Ranger Energy Services, Inc.
  
1,080
    
   12,193
  
REX American Resources Corp.(a)
  
255
    
   14,971
  
Scorpio Tankers, Inc.
  
871
    
   62,320
  
Select Water Solutions, Inc.
  
1,140
    
   10,522
  
SFL Corp. Ltd.
  
7,091
    
   93,459
  
SilverBow Resources, Inc.(a)
  
960
    
   32,774
  
SM Energy Co.
  
1,560
    
   77,766
  
Solaris Oilfield Infrastructure, Inc. - Class A
  
3,230
    
   28,004
  
Talos Energy, Inc.(a)
  
2,520
    
   35,104
  
Teekay Corp.(a)
  
1,090
    
   7,935
  
Teekay Tankers Ltd. - Class A
  
1,192
    
   69,625
  
US Silica Holdings, Inc.(a)
  
1,293
    
   16,046
  
VAALCO Energy, Inc.
  
5,300
    
   36,941
  
Vertex Energy, Inc.(a)
  
6,460
    
   9,044
  
Vital Energy, Inc.(a)
  
690
    
   36,253
  
World Kinect Corp.
  
1,530
    
   40,469
  
         
   2,338,156
  
               
Financials - 27.2%(c)
      
1st Source Corp.
  
900
    
   47,178
  
Alerus Financial Corp.
  
2,147
    
   46,869
  
A-Mark Precious Metals, Inc.
  
170
    
   5,217
  
Ambac Financial Group, Inc.(a)
  
3,411
    
   53,314
  
American Equity Investment Life Holding Co.(a)
  
1,701
    
   95,630
  
Arrow Financial Corp.
  
320
    
   8,006
  
Artisan Partners Asset Management, Inc. - Class A
  
1,640
    
   75,063
  
AssetMark Financial Holdings, Inc.(a)
  
1,345
    
   47,626
  
Associated Banc-Corp.
  
1,420
    
   30,544
  
Assured Guaranty Ltd.
  
365
    
   31,846
  
Axis Capital Holdings Ltd.
  
540
    
   35,111
  
Axos Financial, Inc.(a)
  
782
    
   42,259
  
Banc of California, Inc.
  
4,942
    
   75,168
  
BancFirst Corp.
  
561
    
   49,385
  
Banco Latinoamericano de Comercio Exterior SA
  
1,115
    
   33,026
  
Bank of Marin Bancorp
  
820
    
   13,751
  
Bank of NT Butterfield & Son Ltd.
  
258
    
   8,253
  
Bank OZK
  
5,341
    
   242,802
  
BankUnited, Inc.
  
2,860
    
   80,080
  
BayCom Corp.
  
500
    
   10,305
  
BCB Bancorp, Inc.
  
700
    
   7,315
  
Berkshire Hills Bancorp, Inc.
  
1,512
    
   34,655
  
BGC Group, Inc. - Class A
  
15,262
    
   118,586
  
BOK Financial Corp.
  
1,735
    
   159,620
  
Bread Financial Holdings, Inc.
  
2,168
    
   80,736
  
Bridgewater Bancshares, Inc.(a)
  
900
    
   10,476
  
Brighthouse Financial, Inc.(a)
  
520
    
   26,801
  
Brookline Bancorp, Inc.
  
3,410
    
   33,964
  
Cambridge Bancorp
  
390
    
   26,582
  
Camden National Corp.
  
530
    
   17,766
  
Capitol Federal Financial, Inc.
  
2,610
    
   15,556
  
Cathay General Bancorp
  
380
    
   14,375
  
Central Pacific Financial Corp.
  
1,380
    
   27,255
  
City Holding Co.
  
497
    
   51,797
  
Civista Bancshares, Inc.
  
510
    
   7,844
  
CNB Financial Corp.
  
400
    
   8,156
  
CNO Financial Group, Inc.
  
1,722
    
   47,321
  
Columbia Banking System, Inc.
  
960
    
   18,576
  
Community Bank System, Inc.
  
624
    
   29,971
  
Community Trust Bancorp, Inc.
  
685
    
   29,215
  
ConnectOne Bancorp, Inc.
  
1,660
    
   32,370
  
CrossFirst Bankshares, Inc.(a)
  
1,280
    
   17,715
  
CVB Financial Corp.
  
2,366
    
   42,209
  
Diamond Hill Investment Group, Inc.
  
120
    
   18,500
  
Dime Community Bancshares, Inc.
  
1,310
    
   25,231
  
Eagle Bancorp, Inc.
  
2,430
    
   57,081
  
eHealth, Inc.(a)
  
1,800
    
   10,854
  
Employers Holdings, Inc.
  
2,010
    
   91,234
  
Enact Holdings, Inc.
  
1,240
    
   38,663
  
Enstar Group Ltd.(a)
  
734
    
   228,097
  
Enterprise Financial Services Corp.
  
400
    
   16,224
  
Esquire Financial Holdings, Inc.
  
917
    
   43,530
  
Essent Group Ltd.
  
2,882
    
   171,508
  
Euronet Worldwide, Inc.(a)
  
170
    
   18,688
  
Evercore, Inc. - Class A
  
100
    
   19,259
  
FB Financial Corp.
  
1,392
    
   52,423
  
Federated Hermes, Inc. - Class B
  
995
    
   35,939
  
Financial Institutions, Inc.
  
550
    
   10,351
  
First BanCorp/Puerto Rico
  
600
    
   10,524
  
First Busey Corp.
  
350
    
   8,418
  
First Business Financial Services, Inc.
  
300
    
   11,250
  
First Financial Bancorp
  
1,196
    
   26,814
  
First Financial Corp.
  
1,268
    
   48,602
  
First Foundation, Inc.
  
2,110
    
   15,931
  
First Hawaiian, Inc.
  
1,570
    
   34,477
  
First Internet Bancorp
  
620
    
   21,539
  
First Interstate BancSystem, Inc. - Class A
  
290
    
   7,891
  
First Merchants Corp.
  
717
    
   25,023
  
First Mid Bancshares, Inc.
  
250
    
   8,170
  
First of Long Island Corp.
  
1,420
    
   15,748
  
First Western Financial, Inc.(a)
  
2,868
    
   41,815
  
Flushing Financial Corp.
  
1,580
    
   19,924
  
FS Bancorp, Inc.
  
260
    
   9,025
  
Genworth Financial, Inc. - Class A(a)
  
7,331
    
   47,138
  
Great Southern Bancorp, Inc.
  
220
    
   12,060
  
Hamilton Lane, Inc. - Class A
  
770
    
   86,825
  
Hancock Whitney Corp.
  
305
    
   14,042
  
Hanmi Financial Corp.(b)
  
1,950
    
   31,044
  
Heartland Financial USA, Inc.
  
551
    
   19,368
  
Heritage Commerce Corp.
  
1,750
    
   15,015
  
Heritage Financial Corp.
  
910
    
   17,645
  
Hilltop Holdings, Inc.
  
870
    
   27,248
  
Home Bancorp, Inc.
  
260
    
   9,961
  
Hope Bancorp, Inc.
  
2,910
    
   33,494
  
Horace Mann Educators Corp.
  
960
    
   35,510
  
Horizon Bancorp, Inc.
  
1,890
    
   24,249
  
Independent Bank Corp.
  
779
    
   40,524
  
Independent Bank Corp.
  
690
    
   17,492
  
Independent Bank Group, Inc.
  
170
    
   7,761
  
International Bancshares Corp.
  
1,909
    
   107,171
  
Investar Holding Corp.
  
260
    
   4,254
  
Janus Henderson Group PLC
  
1,200
    
   39,468
  
Kearny Financial Corp.
  
2,400
    
   15,456
  
Kemper Corp.
  
580
    
   35,914
  
Lakeland Bancorp, Inc.
  
1,770
    
   21,417
  
LendingTree, Inc.(a)
  
814
    
   34,465
  
Lincoln National Corp.
  
670
    
   21,393
  
Live Oak Bancshares, Inc.
  
7,667
    
   318,257
  
Mercantile Bank Corp.
  
1,157
    
   44,533
  
Merchants Bancorp
  
2,530
    
   109,245
  
Mercury General Corp.
  
1,201
    
   61,972
  
MGIC Investment Corp.
  
1,600
    
   35,776
  
MidWestOne Financial Group, Inc.
  
370
    
   8,673
  
Mr Cooper Group, Inc.(a)
  
4,811
    
   375,017
  
National Bank Holdings Corp. - Class A
  
281
    
   10,136
  
Navient Corp.
  
2,150
    
   37,410
  
NCR Atleos Corp.(a)
  
685
    
   13,529
  
NMI Holdings, Inc. - Class A(a)
  
3,315
    
   107,207
  
Northeast Bank
  
200
    
   11,068
  
Northeast Community Bancorp, Inc.
  
700
    
   11,011
  
Northfield Bancorp, Inc.
  
2,490
    
   24,203
  
Northrim BanCorp, Inc.
  
300
    
   15,153
  
OceanFirst Financial Corp.
  
2,200
    
   36,102
  
OFG Bancorp
  
1,245
    
   45,828
  
Pacific Premier Bancorp, Inc.
  
700
    
   16,800
  
Pagseguro Digital Ltd. - Class A(a)
  
570
    
   8,140
  
Parke Bancorp, Inc.
  
220
    
   3,790
  
Pathward Financial, Inc.
  
138
    
   6,966
  
Paysafe Ltd.(a)
  
368
    
   5,811
  
PCB Bancorp
  
700
    
   11,431
  
Peapack-Gladstone Financial Corp.
  
590
    
   14,355
  
Perella Weinberg Partners
  
1,490
    
   21,054
  
Popular, Inc.
  
450
    
   39,641
  
PRA Group, Inc.(a)
  
1,190
    
   31,035
  
Preferred Bank
  
1,965
    
   150,853
  
Premier Financial Corp.
  
1,260
    
   25,578
  
Primis Financial Corp.
  
1,040
    
   12,657
  
ProAssurance Corp.
  
1,130
    
   14,532
  
PROG Holdings, Inc.
  
1,195
    
   41,156
  
Provident Financial Services, Inc.
  
4,281
    
   62,374
  
Radian Group, Inc.
  
4,585
    
   153,460
  
RBB Bancorp
  
690
    
   12,427
  
Repay Holdings Corp.(a)
  
1,152
    
   12,672
  
S&T Bancorp, Inc.
  
725
    
   23,258
  
Safety Insurance Group, Inc.
  
210
    
   17,260
  
Sandy Spring Bancorp, Inc.
  
1,520
    
   35,234
  
Selective Insurance Group, Inc.
  
318
    
   34,716
  
ServisFirst Bancshares, Inc.
  
1,830
    
   121,439
  
Shore Bancshares, Inc.
  
782
    
   8,993
  
Sierra Bancorp
  
500
    
   10,100
  
Silvercrest Asset Management Group, Inc. - Class A
  
2,451
    
   38,750
  
Simmons First National Corp. - Class A
  
1,770
    
   34,444
  
SiriusPoint Ltd.(a)
  
1,370
    
   17,413
  
SLM Corp.
  
1,690
    
   36,825
  
Southern First Bancshares, Inc.(a)
  
290
    
   9,210
  
Southside Bancshares, Inc.
  
410
    
   11,984
  
Stellar Bancorp, Inc.
  
596
    
   14,519
  
Stewart Information Services Corp.
  
620
    
   40,337
  
StoneCo Ltd. - Class A(a)
  
6,189
    
   102,799
  
Synovus Financial Corp.
  
870
    
   34,852
  
Territorial Bancorp, Inc.
  
700
    
   5,642
  
Texas Capital Bancshares, Inc.(a)
  
1,080
    
   66,474
  
The Bancorp, Inc.(a)
  
1,123
    
   37,576
  
The Hanover Insurance Group, Inc.
  
170
    
   23,149
  
Tompkins Financial Corp.
  
300
    
   15,087
  
Towne Bank
  
290
    
   8,137
  
Triumph Financial, Inc.(a)
  
3,240
    
   256,997
  
TrustCo Bank Corp. NY
  
770
    
   21,683
  
UMB Financial Corp.
  
229
    
   19,921
  
United Bankshares, Inc.
  
648
    
   23,192
  
Universal Insurance Holdings, Inc.
  
1,939
    
   39,400
  
Univest Financial Corp.
  
1,270
    
   26,441
  
Valley National Bancorp
  
4,092
    
   32,572
  
Veritex Holdings, Inc.
  
1,240
    
   25,408
  
Virtu Financial, Inc. - Class A
  
1,970
    
   40,424
  
Virtus Investment Partners, Inc.
  
200
    
   49,596
  
WaFd, Inc.
  
1,533
    
   44,503
  
Washington Trust Bancorp, Inc.
  
920
    
   24,730
  
Webster Financial Corp.
  
1,074
    
   54,527
  
Westamerica BanCorp
  
646
    
   31,576
  
White Mountains Insurance Group Ltd.
  
18
    
   32,297
  
World Acceptance Corp.(a)
  
290
    
   42,044
  
WSFS Financial Corp.
  
420
    
   18,959
  
Zions Bancorp NA
  
770
    
   33,418
  
         
   7,227,679
  
               
Health Care - 5.8%
      
Accolade, Inc.(a)
  
1,030
    
   10,794
  
Adaptive Biotechnologies Corp.(a)
  
3,468
    
   11,132
  
Agenus, Inc.(a)
  
6,820
    
   3,956
  
Agios Pharmaceuticals, Inc.(a)
  
146
    
   4,269
  
Allogene Therapeutics, Inc.(a)
  
3,130
    
   13,991
  
ALX Oncology Holdings, Inc.(a)
  
330
    
   3,680
  
Arcus Biosciences, Inc.(a)
  
280
    
   5,286
  
Arvinas, Inc.(a)
  
1,070
    
   44,170
  
AtriCure, Inc.(a)(b)
  
990
    
   30,116
  
Avidity Biosciences, Inc.(a)
  
1,030
    
   26,286
  
Beam Therapeutics, Inc.(a)
  
140
    
   4,626
  
BioCryst Pharmaceuticals, Inc.(a)
  
2,230
    
   11,328
  
Brookdale Senior Living, Inc.(a)
  
5,446
    
   35,998
  
CareDx, Inc.(a)
  
2,500
    
   26,475
  
Catalyst Pharmaceuticals, Inc.(a)
  
409
    
   6,519
  
Celldex Therapeutics, Inc.(a)
  
130
    
   5,456
  
Codexis, Inc.(a)
  
1,860
    
   6,491
  
Coherus Biosciences, Inc.(a)
  
2,930
    
   7,003
  
Deciphera Pharmaceuticals, Inc.(a)
  
610
    
   9,595
  
Eagle Pharmaceuticals, Inc.(a)
  
2,380
    
   12,471
  
Editas Medicine, Inc.(a)
  
4,352
    
   32,292
  
Embecta Corp.
  
760
    
   10,085
  
Emergent BioSolutions, Inc.(a)
  
1,706
    
   4,316
  
Enanta Pharmaceuticals, Inc.(a)
  
570
    
   9,952
  
Enovis Corp.(a)
  
3,990
    
   249,175
  
Generation Bio Co.(a)
  
4,700
    
   19,129
  
Health Catalyst, Inc.(a)
  
1,390
    
   10,467
  
Heron Therapeutics, Inc.(a)
  
1,700
    
   4,709
  
Inmode Ltd.(a)
  
1,490
    
   32,200
  
Innoviva, Inc.(a)
  
1,972
    
   30,053
  
Intellia Therapeutics, Inc.(a)
  
1,285
    
   35,350
  
Iovance Biotherapeutics, Inc.(a)
  
2,370
    
   35,123
  
Ironwood Pharmaceuticals, Inc.(a)
  
890
    
   7,752
  
Kezar Life Sciences, Inc.(a)
  
1,650
    
   1,488
  
Kiniksa Pharmaceuticals Ltd. - Class A(a)
  
765
    
   15,093
  
Kodiak Sciences, Inc.(a)
  
1,759
    
   9,252
  
MeiraGTx Holdings PLC(a)
  
990
    
   6,009
  
Myriad Genetics, Inc.(a)
  
515
    
   10,980
  
Neogen Corp.(a)
  
1,044
    
   16,474
  
NeoGenomics, Inc.(a)
  
1,762
    
   27,699
  
Nurix Therapeutics, Inc.(a)
  
1,206
    
   17,728
  
OraSure Technologies, Inc.(a)
  
4,506
    
   27,712
  
Organogenesis Holdings, Inc.(a)
  
1,360
    
   3,862
  
Pacific Biosciences of California, Inc.(a)
  
872
    
   3,270
  
PetIQ, Inc.(a)
  
706
    
   12,906
  
Phibro Animal Health Corp. - Class A
  
1,300
    
   16,809
  
Prestige Consumer Healthcare, Inc.(a)
  
17
    
   1,234
  
Protagonist Therapeutics, Inc.(a)
  
540
    
   15,622
  
PTC Therapeutics, Inc.(a)
  
80
    
   2,327
  
Quanterix Corp.(a)
  
930
    
   21,911
  
RAPT Therapeutics, Inc.(a)
  
392
    
   3,520
  
Relay Therapeutics, Inc.(a)
  
4,419
    
   36,678
  
Replimune Group, Inc.(a)
  
2,280
    
   18,628
  
Rigel Pharmaceuticals, Inc.(a)
  
4,140
    
   6,127
  
Rocket Pharmaceuticals, Inc.(a)
  
290
    
   7,813
  
Select Medical Holdings Corp.
  
958
    
   28,884
  
SIGA Technologies, Inc.
  
3,000
    
   25,680
  
Surgery Partners, Inc.(a)
  
612
    
   18,256
  
TruBridge, Inc.(a)
  
1,430
    
   13,185
  
Twist Bioscience Corp.(a)
  
982
    
   33,692
  
UFP Technologies, Inc.(a)
  
873
    
   220,171
  
Utah Medical Products, Inc.
  
318
    
   22,613
  
Vanda Pharmaceuticals, Inc.(a)
  
5,448
    
   22,391
  
Veracyte, Inc.(a)
  
3,506
    
   77,693
  
Xencor, Inc.(a)
  
470
    
   10,401
  
Zynex, Inc.(a)
  
1,250
    
   15,463
  
         
   1,531,816
  
               
Industrials - 18.3%
      
ABM Industries, Inc.
  
830
    
   37,035
  
ACV Auctions, Inc. - Class A(a)
  
190
    
   3,566
  
AerSale Corp.(a)
  
2,320
    
   16,658
  
Alamo Group, Inc.
  
100
    
   22,833
  
Alaska Air Group, Inc.(a)
  
710
    
   30,523
  
Albany International Corp. - Class A
  
160
    
   14,962
  
Allegiant Travel Co.
  
3,907
    
   293,844
  
Allient, Inc.
  
3,925
    
   140,043
  
American Woodmark Corp.(a)
  
513
    
   52,152
  
Apogee Enterprises, Inc.
  
180
    
   10,656
  
Aris Water Solutions, Inc. - Class A
  
860
    
   12,169
  
Armstrong World Industries, Inc.
  
210
    
   26,086
  
AZZ, Inc.
  
1,173
    
   90,685
  
Babcock & Wilcox Enterprises, Inc.(a)
  
5,710
    
   6,452
  
Barnes Group, Inc.
  
960
    
   35,664
  
Beacon Roofing Supply, Inc.(a)
  
1,150
    
   112,722
  
Blue Bird Corp.(a)
  
110
    
   4,217
  
Boise Cascade Co.
  
50
    
   7,669
  
Brady Corp. - Class A
  
440
    
   26,083
  
Columbus McKinnon Corp.
  
670
    
   29,902
  
Concentrix Corp.
  
370
    
   24,501
  
Concrete Pumping Holdings, Inc.(a)
  
15,482
    
   122,307
  
Costamare, Inc.
  
4,800
    
   54,480
  
Douglas Dynamics, Inc.
  
3,746
    
   90,354
  
Ducommun, Inc.(a)
  
1,430
    
   73,359
  
DXP Enterprises, Inc.(a)
  
1,040
    
   55,879
  
EMCOR Group, Inc.
  
133
    
   46,577
  
Energy Recovery, Inc.(a)
  
7,453
    
   117,682
  
Enerpac Tool Group Corp.
  
620
    
   22,109
  
Ennis, Inc.
  
820
    
   16,818
  
Esab Corp.
  
642
    
   70,986
  
ESCO Technologies, Inc.
  
86
    
   9,206
  
First Advantage Corp.
  
17,086
    
   277,134
  
Flowserve Corp.
  
790
    
   36,087
  
Fluor Corp.(a)
  
140
    
   5,919
  
FTAI Aviation Ltd.
  
3,990
    
   268,527
  
Gates Industrial Corp. PLC(a)
  
10,131
    
   179,420
  
Genco Shipping & Trading Ltd.
  
320
    
   6,506
  
Gibraltar Industries, Inc.(a)
  
70
    
   5,637
  
Global Industrial Co.
  
289
    
   12,941
  
Graham Corp.(a)
  
3,604
    
   98,317
  
Granite Construction, Inc.
  
110
    
   6,284
  
Hawaiian Holdings, Inc.(a)
  
530
    
   7,065
  
Healthcare Services Group, Inc.(a)
  
2,300
    
   28,704
  
Heartland Express, Inc.
  
1,890
    
   22,567
  
Heidrick & Struggles International, Inc.
  
870
    
   29,284
  
Hillenbrand, Inc.
  
780
    
   39,226
  
Hillman Solutions Corp.(a)
  
2,440
    
   25,962
  
Hyster-Yale Materials Handling, Inc.
  
660
    
   42,352
  
Insteel Industries, Inc.
  
780
    
   29,812
  
Interface, Inc.
  
3,130
    
   52,647
  
Janus International Group, Inc.(a)
  
620
    
   9,381
  
JELD-WEN Holding, Inc.(a)
  
1,310
    
   27,811
  
JetBlue Airways Corp.(a)
  
1,670
    
   12,391
  
Kelly Services, Inc. - Class A
  
1,160
    
   29,046
  
Kennametal, Inc.
  
280
    
   6,983
  
Kforce, Inc.
  
400
    
   28,208
  
Kirby Corp.(a)
  
436
    
   41,560
  
Korn Ferry
  
610
    
   40,114
  
Lindsay Corp.
  
130
    
   15,296
  
LSI Industries, Inc.
  
580
    
   8,770
  
ManpowerGroup, Inc.
  
470
    
   36,491
  
Marten Transport Ltd.
  
820
    
   15,154
  
Matson, Inc.
  
905
    
   101,721
  
Maximus, Inc.
  
410
    
   34,399
  
Miller Industries, Inc.
  
1,982
    
   99,298
  
MillerKnoll, Inc.
  
338
    
   8,369
  
Moog, Inc. - Class A
  
115
    
   18,360
  
MRC Global, Inc.(a)
  
800
    
   10,056
  
Mueller Industries, Inc.
  
1,416
    
   76,365
  
Mueller Water Products, Inc. - Class A
  
1,580
    
   25,422
  
National Presto Industries, Inc.
  
225
    
   18,855
  
NOW, Inc.(a)
  
3,390
    
   51,528
  
PAM Transportation Services, Inc.(a)
  
338
    
   5,479
  
Powell Industries, Inc.
  
390
    
   55,497
  
Preformed Line Products Co.
  
50
    
   6,434
  
Primoris Services Corp.
  
210
    
   8,940
  
Quad/Graphics, Inc.
  
1,500
    
   7,965
  
Resideo Technologies, Inc.(a)
  
2,380
    
   53,360
  
Resources Connection, Inc.
  
1,860
    
   24,478
  
REV Group, Inc.
  
1,460
    
   32,251
  
Rush Enterprises, Inc. - Class A
  
1,571
    
   84,080
  
Safe Bulkers, Inc.(b)
  
3,173
    
   15,738
  
SkyWest, Inc.(a)
  
120
    
   8,290
  
Steelcase, Inc. - Class A
  
7,295
    
   95,419
  
Stem, Inc.(a)(b)
  
2,330
    
   5,103
  
Sterling Infrastructure, Inc.(a)
  
100
    
   11,031
  
Sun Country Airlines Holdings, Inc.(a)
  
2,120
    
   31,991
  
Tennant Co.
  
150
    
   18,242
  
Terex Corp.
  
1,062
    
   68,393
  
The Brink's Co.
  
310
    
   28,638
  
The Greenbrier Cos., Inc.
  
670
    
   34,907
  
Thermon Group Holdings, Inc.(a)
  
1,210
    
   39,591
  
Titan Machinery, Inc.(a)
  
970
    
   24,066
  
Trinity Industries, Inc.
  
995
    
   27,711
  
TrueBlue, Inc.(a)
  
2,630
    
   32,928
  
TTEC Holdings, Inc.
  
1,270
    
   13,170
  
Tutor Perini Corp.(a)
  
3,630
    
   52,490
  
UFP Industries, Inc.
  
653
    
   80,326
  
UniFirst Corp.
  
50
    
   8,672
  
V2X, Inc.(a)
  
660
    
   30,829
  
Verra Mobility Corp.(a)
  
800
    
   19,976
  
Wabash National Corp.
  
2,279
    
   68,233
  
WESCO International, Inc.
  
421
    
   72,109
  
WNS Holdings Ltd.(a)
  
4,066
    
   205,455
  
Zurn Elkay Water Solutions Corp.
  
700
    
   23,429
  
         
   4,863,369
  
               
Information Technology - 5.3%
      
ACI Worldwide, Inc.(a)
  
1,220
    
   40,516
  
ACM Research, Inc. - Class A(a)
  
610
    
   17,775
  
Amkor Technology, Inc.
  
164
    
   5,287
  
Arlo Technologies, Inc.(a)
  
510
    
   6,452
  
Aviat Networks, Inc.(a)
  
280
    
   10,735
  
Avnet, Inc.
  
680
    
   33,714
  
Axcelis Technologies, Inc.(a)
  
240
    
   26,765
  
Belden, Inc.
  
400
    
   37,044
  
Benchmark Electronics, Inc.
  
400
    
   12,004
  
C3.ai, Inc. - Class A(a)(b)
  
215
    
   5,820
  
Cirrus Logic, Inc.(a)
  
270
    
   24,991
  
Coherent Corp.(a)
  
350
    
   21,217
  
CommVault Systems, Inc.(a)
  
100
    
   10,143
  
CPI Card Group, Inc.(a)
  
460
    
   8,216
  
Crane NXT Co.
  
590
    
   36,521
  
Diodes, Inc.(a)
  
480
    
   33,840
  
DXC Technology Co.(a)
  
1,110
    
   23,543
  
ePlus, Inc.(a)
  
845
    
   66,366
  
FARO Technologies, Inc.(a)
  
330
    
   7,098
  
InterDigital, Inc.
  
60
    
   6,388
  
IPG Photonics Corp.(a)
  
340
    
   30,835
  
Itron, Inc.(a)
  
1,200
    
   111,024
  
Kimball Electronics, Inc.(a)
  
1,130
    
   24,465
  
LiveRamp Holdings, Inc.(a)
  
885
    
   30,533
  
Methode Electronics, Inc.
  
1,610
    
   19,610
  
N-able, Inc.(a)
  
945
    
   12,351
  
NVE Corp.
  
210
    
   18,938
  
Olo, Inc. - Class A(a)
  
1,670
    
   9,168
  
ON24, Inc.
  
1,850
    
   13,209
  
OneSpan, Inc.(a)
  
2,208
    
   25,679
  
OSI Systems, Inc.(a)
  
463
    
   66,126
  
Photronics, Inc.(a)
  
2,660
    
   75,331
  
Plexus Corp.(a)
  
346
    
   32,808
  
Progress Software Corp.
  
688
    
   36,677
  
Rimini Street, Inc.(a)
  
31,071
    
   101,291
  
Sanmina Corp.(a)
  
1,068
    
   66,408
  
ScanSource, Inc.(a)
  
560
    
   24,662
  
Semtech Corp.(a)
  
1,200
    
   32,988
  
SMART Global Holdings, Inc.(a)
  
1,050
    
   27,636
  
SolarWinds Corp.(a)
  
480
    
   6,058
  
TTM Technologies, Inc.(a)
  
3,420
    
   53,523
  
Vishay Intertechnology, Inc.
  
1,540
    
   34,927
  
Vontier Corp.
  
780
    
   35,381
  
Xerox Holdings Corp.
  
5,150
    
   92,185
  
         
   1,416,248
  
               
Materials - 6.3%
      
AdvanSix, Inc.
  
940
    
   26,884
  
Alpha Metallurgical Resources, Inc.
  
20
    
   6,623
  
Alto Ingredients, Inc.(a)
  
7,510
    
   16,372
  
Ashland, Inc.
  
2,996
    
   291,721
  
Avient Corp.
  
120
    
   5,208
  
Cabot Corp.
  
205
    
   18,901
  
Carpenter Technology Corp.
  
857
    
   61,207
  
Clearwater Paper Corp.(a)
  
212
    
   9,271
  
Commercial Metals Co.
  
824
    
   48,426
  
Compass Minerals International, Inc.
  
1,000
    
   15,740
  
Core Molding Technologies, Inc.(a)
  
2,881
    
   54,537
  
Ecovyst, Inc.(a)
  
3,305
    
   36,851
  
Greif, Inc. - Class A
  
395
    
   27,275
  
Haynes International, Inc.
  
2,616
    
   157,274
  
Ingevity Corp.(a)
  
700
    
   33,390
  
Innospec, Inc.
  
577
    
   74,398
  
Kaiser Aluminum Corp.
  
510
    
   45,574
  
Kronos Worldwide, Inc.
  
3,100
    
   36,580
  
Mativ Holdings, Inc.
  
1,150
    
   21,563
  
Mercer International, Inc.
  
1,960
    
   19,502
  
Minerals Technologies, Inc.
  
520
    
   39,146
  
Myers Industries, Inc.
  
900
    
   20,853
  
Orion Engineered Carbons SA
  
1,664
    
   39,137
  
Pactiv Evergreen, Inc.
  
1,667
    
   23,871
  
Ryerson Holding Corp.
  
320
    
   10,720
  
Silgan Holdings, Inc.
  
390
    
   18,938
  
Summit Materials, Inc. - Class A(a)
  
410
    
   18,274
  
SunCoke Energy, Inc.
  
7,056
    
   79,521
  
Sylvamo Corp.
  
380
    
   23,461
  
Taseko Mines Ltd.(a)
  
51,038
    
   110,752
  
Tredegar Corp.
  
4,618
    
   30,109
  
TriMas Corp.
  
1,000
    
   26,730
  
Trinseo PLC
  
5,760
    
   21,773
  
Tronox Holdings PLC
  
1,010
    
   17,524
  
United States Lime & Minerals, Inc.
  
593
    
   176,797
  
Warrior Met Coal, Inc.
  
160
    
   9,712
  
         
   1,674,615
  
               
Real Estate - 1.0%
      
Cushman & Wakefield PLC(a)
  
3,370
    
   35,250
  
DigitalBridge Group, Inc.
  
4,070
    
   78,429
  
Forestar Group, Inc.(a)
  
1,200
    
   48,228
  
Jones Lang LaSalle, Inc.(a)
  
153
    
   29,849
  
Kennedy-Wilson Holdings, Inc.
  
3,740
    
   32,089
  
Newmark Group, Inc. - Class A
  
930
    
   10,314
  
Safehold, Inc.
  
1,419
    
   29,231
  
Star Holdings(a)
  
271
    
   3,501
  
The RMR Group, Inc. - Class A
  
442
    
   10,608
  
         
   277,499
  
               
Utilities - 2.5%
      
ALLETE, Inc.
  
570
    
   33,995
  
Avista Corp.
  
980
    
   34,320
  
Black Hills Corp.
  
920
    
   50,232
  
Brookfield Infrastructure Corp. - Class A
  
435
    
   15,677
  
Northwest Natural Holding Co.
  
1,019
    
   37,927
  
Northwestern Energy Group, Inc.
  
640
    
   32,595
  
ONE Gas, Inc.
  
1,460
    
   94,214
  
Otter Tail Corp.
  
1,476
    
   127,527
  
PNM Resources, Inc.
  
885
    
   33,311
  
Portland General Electric Co.
  
760
    
   31,920
  
Southwest Gas Holdings, Inc.
  
530
    
   40,349
  
Spire, Inc.
  
560
    
   34,367
  
UGI Corp.
  
3,117
    
   76,491
  
         
   642,925
  
TOTAL COMMON STOCKS (Cost $19,376,400)
    
   24,543,230
  
               
REAL ESTATE INVESTMENT TRUSTS - 6.2%
  
Shares
    
Value
  
Agree Realty Corp.
  
148
    
   8,454
  
Alexander & Baldwin, Inc.
  
1,010
    
   16,635
  
Alexander's, Inc.
  
130
    
   28,228
  
Apollo Commercial Real Estate Finance, Inc.
  
1,580
    
   17,601
  
Apple Hospitality REIT, Inc.
  
2,857
    
   46,798
  
Ares Commercial Real Estate Corp.
  
2,170
    
   16,167
  
Blackstone Mortgage Trust, Inc. - Class A(b)
  
469
    
   9,338
  
BrightSpire Capital, Inc.
  
2,460
    
   16,949
  
City Office REIT, Inc.
  
1,240
    
   6,460
  
COPT Defense Properties
  
475
    
   11,481
  
CubeSmart
  
588
    
   26,589
  
DiamondRock Hospitality Co.
  
2,791
    
   26,822
  
Douglas Emmett, Inc.
  
4,980
    
   69,073
  
Empire State Realty Trust, Inc. - Class A
  
6,922
    
   70,119
  
Essential Properties Realty Trust, Inc.
  
2,575
    
   68,650
  
Franklin BSP Realty Trust, Inc.
  
3,390
    
   45,290
  
Granite Point Mortgage Trust, Inc.
  
3,270
    
   15,598
  
Great Ajax Corp.
  
1,313
    
   4,989
  
Hannon Armstrong Sustainable Infrastructure Capital, Inc.
  
338
    
   9,599
  
Hudson Pacific Properties, Inc.
  
3,190
    
   20,576
  
Innovative Industrial Properties, Inc.
  
1,510
    
   156,344
  
Kite Realty Group Trust
  
2,370
    
   51,382
  
National Health Investors, Inc.
  
425
    
   26,703
  
NexPoint Residential Trust, Inc.
  
172
    
   5,537
  
Office Properties Income Trust
  
2,760
    
   5,630
  
Orion Office REIT, Inc.
  
11,360
    
   39,874
  
Outfront Media, Inc.
  
1,220
    
   20,484
  
Park Hotels & Resorts, Inc.
  
2,040
    
   35,680
  
Pebblebrook Hotel Trust
  
2,230
    
   34,364
  
PennyMac Mortgage Investment Trust
  
1,720
    
   25,250
  
Retail Opportunity Investments Corp.
  
372
    
   4,769
  
RLJ Lodging Trust
  
9,080
    
   107,325
  
Ryman Hospitality Properties, Inc.
  
1,824
    
   210,872
  
Sabra Health Care REIT, Inc.
  
5,818
    
   85,931
  
Seritage Growth Properties - Class A(a)
  
3,580
    
   34,547
  
SL Green Realty Corp.
  
270
    
   14,885
  
STAG Industrial, Inc.
  
782
    
   30,060
  
The Macerich Co.
  
2,359
    
   40,646
  
TPG RE Finance Trust, Inc.
  
6,900
    
   53,268
  
Two Harbors Investment Corp.
  
392
    
   5,190
  
Uniti Group, Inc.
  
5,731
    
   33,813
  
Urban Edge Properties
  
1,417
    
   24,472
  
Xenia Hotels & Resorts, Inc.
  
4,366
    
   65,534
  
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,451,039)
    
   1,647,976
  
               
TOTAL INVESTMENTS - 98.6% (Cost $20,827,439)
   $
 26,191,206
  
Money Market Deposit Account - 1.4%(d)
    
360,204
  
Other Assets in Excess of Liabilities - 0.0%(e)
    
8,776
  
TOTAL NET ASSETS - 100.0%
    
 
   $
 26,560,186
  
       

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.

AMBAC American Municipal Bond Assurance Corporation
NV - Naamloze Vennootschap
PLC - Public Limited Company
REIT – Real Estate Investment Trust
SA - Sociedad Anónima

(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 $126,818 which represented 0.5% 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)
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%.
(e)
Represents less than 0.05% of net assets.
SMALL COMPANY VALUE 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 Value Portfolio
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
  Common Stocks
    
24,543,230
      
–
      
–
      
24,543,230
  
  Real Estate Investment Trusts
    
1,647,976
      
–
      
–
      
1,647,976
  
Total Assets
    
26,191,206
      
–
      
–
      
26,191,206
  
                                 
   
Refer to the Schedule of Investments for industry classifications.
  

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, 2024.