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Previous: LASERMEDICS INC, DEF 14A, 1997-05-06 |
Next: TRANSWORLD HOME HEALTHCARE INC, 8-K, 1997-05-06 |
[LOGO]
WILSHIRE TARGET FUNDS, INC.
SEMI-ANNUAL REPORT
LARGE COMPANY GROWTH PORTFOLIO
LARGE COMPANY VALUE PORTFOLIO
SMALL COMPANY GROWTH PORTFOLIO
SMALL COMPANY VALUE PORTFOLIO
FEBRUARY 28, 1997
WILSHIRE TARGET FUNDS, INC.
Shareholder Letter 1
Large Company Growth Portfolio:
Fund Commentary 4
Large Company Value Portfolio:
Fund Commentary 6
Small Company Growth Portfolio:
Fund Commentary 8
Small Company Value Portfolio:
Fund Commentary 10
Statement of Investments:
Large Company Growth Portfolio 12
Large Company Value Portfolio 21
Small Company Growth Portfolio 29
Small Company Value Portfolio 36
Statements of Assets and Liabilities 45
Statements of Operations 47
Statements of Changes in Net Assets 48
Financial Highlights:
Large Company Growth Portfolio 52
Large Company Value Portfolio 54
Small Company Growth Portfolio 56
Small Company Value Portfolio 58
Notes to Financial Statements 60
-------------------------
THIS REPORT IS FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF LARGE
COMPANY GROWTH PORTFOLIO, LARGE COMPANY VALUE PORTFOLIO, SMALL COMPANY GROWTH
PORTFOLIO AND SMALL COMPANY VALUE PORTFOLIO. ITS USE IN CONNECTION WITH ANY
OFFERING OF A PORTFOLIO'S SHARES IS AUTHORIZED ONLY IF ACCOMPANIED OR PRECEDED
BY THE PORTFOLIO'S CURRENT PROSPECTUS.
Wilshire Target Funds, Inc. are distributed by First Data Distributors, Inc.
DEAR SHAREHOLDER,
Enclosed is our update on the status of the Wilshire Target Funds, Inc. (the
"Fund") for the six month period ended February 28, 1997. Our goal during this
period remained unchanged -- to provide focused exposures to the four principal
components of the U.S. equity market: Large Company Value, Large Company Growth,
Small Company Value and Small Company Growth. Wilshire believes investors will
benefit from our disciplined investment approach to capturing the returns of the
four U.S. equity styles.
THE STYLE APPROACH AND INVESTMENT STRATEGY
Investors target different fundamental characteristics when choosing to
pursue a style approach. Consequently, each Wilshire Target Fund Portfolio (the
"Portfolio") owns only securities which correspond to the characteristics most
commonly associated with that style. Generally, growth portfolios focus on
companies whose financial characteristics include above average earnings growth,
sales growth and return on equity. Conversely, value portfolios seek companies
with above average earnings yield, dividend yield, and book-to-price ratios.
Stocks are purchased for inclusion into Wilshire Target Funds Portfolios only if
they meet the specific growth or value criteria defined for the Portfolio.
Changes are made over time which ensure that each portfolio maintains a
proper focus toward its individual investment style. Stocks are sold if their
size conflicts with the Portfolio's criteria or if their financial condition
changes to the point where we no longer believe they can provide growth or value
opportunities. As most investors know, value stocks do not stay value stocks
forever. Once a security makes a strong relative advance, it can no longer be as
attractive as it was before the move. As a result, each Portfolio requires
constant vigilance and monitoring. Whether the focus is growth, value, large or
small, we see it as a top priority to be sure each Portfolio always pursues the
most attractive stocks for that respective investment style.
Of course, no single investment strategy is in favor all of the time.
Sometimes stocks with high earnings growth perform well while other times they
lag behind the market. Similarly, while studies have shown that in the long run
small stocks do better than large stocks, there are many time periods where
large company stocks outperform small company stocks. The Fund allows an
investor to select the investment style and size segment which best fits his or
her investment objectives with the assurance that the portfolio selected will
remain focused on its stated investment strategy.
During the six months ended February 28, 1997, the market was driven
primarily by the performance of high quality large cap stocks, especially those
in the growth category. As shown in Figure 1, large cap stocks, as measured by
the Standard and Poors 500 Composite Total Return Index (the "S&P 500 Index"),
significantly outperformed U.S. equity securities as a whole as well as small
cap stocks, as measured by the Wilshire 5000 Index and the Wilshire Next 1750
Index, respectively. The Wilshire 5000 Index, comprising all U.S. equity
securities, advanced 18.6% for the six months ended February 28, 1997. Large
company stocks as measured by the S&P 500 Index rose 22.6%, while small company
stocks as measured by the Wilshire Next 1750 Index advanced 8.1% on a total
return basis.
1
FIGURE 1
30% -- U.S. EQUITY LARGE SMALL
20% -- SECURITIES COMPANIES COMPANIES
10% -- 18.6% 22.6% 8.1%
0% -- ------------------------------------------------------------
WILSHIRE S&P WILSHIRE
5000 500 NEXT 1750
INDEX INDEX INDEX
Our analysis of each style's performance highlights dramatic differences
between the two size segments of the four style categories (see figure 2). In
the large cap arena, both the large company value portfolio and the large
company growth portfolio racked up double digit returns.
FIGURE 2
30% -- 21.9% 19.7% 14.5%
20% -- LARGE CO. LARGE CO. SMALL CO.
10% -- GROWTH VALUE VALUE
0% -- --------------------------------------------------------------
-10% -- -4.0%
SMALL CO.
GROWTH
On the small company side, it was a very different picture. The value style
generated the greater return with the Small Company Value Portfolio producing a
14.5% return compared with --4.0% for the Small Company Growth Portfolio. This
is a reversal of what transpired in the twelve month period ended August 31,
1996, when the Small Company Growth Portfolio outperformed the Small Company
Value Portfolio. All performance figures are for the Portfolio's Investment
Class shares only.
Such differences in performance may be explained somewhat by the erratic
behavior of technology stocks. Large cap technology issues performed well during
the six months ended February 28, 1997 which helped to propel the performance of
the Large Company Growth Portfolio to higher levels. Small cap technology stocks
fared poorly as investors seemed to prefer the more comfortable posture of
owning the larger cap, higher quality names in that sector. With the small value
style, strength was recorded in the finance and basic materials sectors. Banks,
subject to a lot of merger and acquisition activity, had a very attractive run
during the period.
2
For managers who are not wedded to a particular style or discipline, periods
like this present definite challenges and opportunities. Shifts in the wrong
direction can be costly. For that reason, we think it is best to put the
investor in control of the style decision. With the Wilshire Target Funds, Inc.,
investors can make their style decisions with the confidence that the Portfolios
will pursue investment results consistent with the underlying style criteria. We
believe this approach will lead investors to more effective style allocation
and, ultimately, the realization of their investment goals.
Sincerely,
/s/ Thomas D. Stevens
THOMAS D. STEVENS
President and Chairman of the Board
April 1, 1997
3
LARGE COMPANY GROWTH PORTFOLIO
FUND COMMENTARY
The Large Company Growth Portfolio (Investment Class) continued to be the
strongest performing style category in the U.S. equity market for the six months
and the twelve months ended February 28, 1997, up 21.88% and 28.18%,
respectively. Over the last six months, the Large Company Growth Portfolio's
return was driven by strength in the technology sector, specifically holdings in
Intel and Microsoft, up 78% and 59%, respectively. The Portfolio had a 24%
weighting in this sector in August, 1996, which remained largely unchanged
throughout the following six month period. Another heavily-weighted sector was
consumer non-durables comprising 47% of the Portfolio. Although many of the
stocks held in this sector did quite well, such as Merck, Coca Cola, Proctor and
Gamble and Nike, others kept the overall performance low, such as Wal Mart
stores (up 0.2%), McDonald's (down 6.4%), And Home Depot (up 3.0%). Large growth
Stocks in the finance sector actually performed the best, but due to a low
finance sector weighting in the Portfolio their superior returns did not have a
significant impact on the overall performance of the Portfolio. Among the star
performers in this group were AIG and Travelers.
PORTFOLIO INFORMATION1
(AS OF FEBRUARY 28, 1997)
DIVIDEND YIELD2 1.2%
AVERAGE 5-YEAR EARNINGS
GROWTH 16.4%
AVERAGE 5-YEAR RETURN ON
EQUITY 26.2%
AVERAGE BOOK/PRICE RATIO 20.7%
1 All averages are dollar weighted averages. The
5-year numbers are calculated based on the
results for the 5-year period ended February
28, 1997 for those securities in the
portfolio's holdings as of February 28, 1997
whose issuers have been in existence for at
least 5 years. The average book/price ratio is
calculated based on the book value of each
portfolio security as of the end of its most
recent fiscal year.
2 Dividend Yield corresponds to the stated
dividends of all underlying securities held by
the Portfolio and is not an indication of the
current yield on the Portfolio itself.
4
LARGE COMPANY GROWTH PORTFOLIO -- (CONTINUED)
<TABLE>
<CAPTION>
INVESTMENT CLASS SHARES
-----------------------
AVERAGE ANNUAL WITHOUT
TOTAL RETURN* ACTUAL WAIVERS
------------- ------ -------
<S> <C> <C>
Inception (9/30/92) through
2/28/97 17.02% 16.42%
Year Ended 2/28/97 28.18% 27.95%
AGGREGATE
TOTAL RETURN*
-------------
Six Months Ended 2/28/97 21.88% 21.71%
* Assumes the reinvestment of all dividends and distributions.
</TABLE>
<TABLE>
<CAPTION>
INSTITUTIONAL CLASS SHARES
--------------------------
AGGREGATE WITHOUT
TOTAL RETURN* ACTUAL WAIVERS
------------- ------ -------
<S> <C> <C>
Inception (7/15/96) through
2/28/97 29.16% 28.97%
Six Months Ended 2/28/97 21.95% 21.78%
* Assumes the reinvestment of all dividends and distributions.
</TABLE>
PORTFOLIO SECTOR WEIGHTING
(as of February 28, 1997)
Technology 25.1%
Materials & Services 4.8%
Finance 10.3%
Energy 0.7%
Consumer Non-Durables 44.5%
Transportation 0.2%
Utilities 3.6%
Capital Goods 9.7%
Consumer Durables 1.1%
5
LARGE COMPANY VALUE PORTFOLIO
FUND COMMENTARY
The Large Company Value Portfolio (Investment Class) returned 20.60% over the
one year ended February 28, 1997, with a full 19.72% of that gain attributable
to the last six months alone, a healthy run to say the least. Once again the
Portfolio benefited from its large cap exposure more than its value orientation.
Traditional value sectors like utilities and consumer durables did rather poorly
relative to the market. Utilities were bolstered by companies like BellSouth,
Pac Tel, and U.S. West but were dragged down by underperformers such as PG&E,
American Electric Power, Southern Companies, and Duke Power. While two of the
Big Three auto makers, GM and Chrysler, mustered near market returns of 18.5%
and 19.0%, respectively, Ford lagged significantly at 0.5%. The bright spot in
the Portfolio for the period was in the finance sector. Bankamerica, Chase
Manhattan, and NationsBank all had heavy weightings and were up 48%, 36%, and
42%, respectively. Nearly every finance stock did well with Great Western and
Ahmanson H.F. leading the way, due largely to the merger talks between them.
PORTFOLIO INFORMATION1
(AS OF FEBRUARY 28, 1997)
DIVIDEND YIELD2 3.5%
AVERAGE 5-YEAR EARNINGS
GROWTH 14.1%
AVERAGE 5-YEAR RETURN ON
EQUITY 15.2%
AVERAGE BOOK/PRICE RATIO 50.1%
1 All averages are dollar weighted averages. The
5-year numbers are calculated based on the
results for the 5-year period ended February
28, 1997 for those securities in the
portfolio's holdings as of February 28, 1997
whose issuers have been in existence for at
least 5 years. The average book/price ratio is
calculated based on the book value of each
portfolio security as of the end of its most
recent fiscal year.
2 Dividend Yield corresponds to the stated
dividends of all underlying securities held by
the Portfolio and is not an indication of the
current yield on the Portfolio itself.
6
LARGE COMPANY VALUE PORTFOLIO -- (CONTINUED)
<TABLE>
<CAPTION>
INVESTMENT CLASS SHARES
-----------------------
AVERAGE ANNUAL WITHOUT
TOTAL RETURN* ACTUAL WAIVERS
------------- ------ -------
<S> <C> <C>
Inception (9/30/92) through
2/28/97 16.77% 16.17%
Year Ended 2/28/97 20.60% 20.16%
AGGREGATE
TOTAL RETURN*
Six Months Ended 2/28/97 19.72% 19.34%
* Assumes the reinvestment of all dividends and distributions.
</TABLE>
<TABLE>
<CAPTION>
INSTITUTIONAL CLASS SHARES
--------------------------
AGGREGATE WITHOUT
TOTAL RETURN* ACTUAL WAIVERS
------------- ------ -------
<S> <C> <C>
Inception (7/15/96) through
2/28/97 24.09% 23.70%
Six Months Ended 2/28/97 19.83% 19.46%
* Assumes the reinvestment of all dividends and distributions.
</TABLE>
PORTFOLIO SECTOR WEIGHTING
(AS OF FEBRUARY 28, 1997)
Capital Goods 3.2%
Consumer Durables 9.6%
Energy 9.5%
Consumer Non-Durables 6.9%
Utilities 21.4%
Finance 37.5%
Materials & Services 7.9%
Technology 1.7%
Transportation 2.3%
7
SMALL COMPANY GROWTH PORTFOLIO
FUND COMMENTARY
The Small Company Growth Portfolio (Investment Class) continued to be out of
favor during the six months ended February 28, 1997 as did small stocks in
general. Interestingly, large cap growth stocks in the finance sector did very
well during this period but the finance sector was a hindrance on the
performance of this Portfolio. Despite strong showings by Genesis Health and
uici, up 35.8% And 27.6%, Respectively, the portfolio was negatively impacted by
Olympic Financial and United Companies, down 55.1% And 31.2%, respectively. The
largest sector weighting in the Portfolio was technology. Small cap growth tech
stocks did not fare well this period. Although we had some high fliers in the
Portfolio such as Novellus, Target Therapeutics, and Kulicke & Soffa, we also
had some submarines such as Picturetel, Verifone, And Octel Communications, down
52%, 27%, and 36%, respectively. Another traditional growth sector, consumer
non-durables, turned in a poor performance for the period. The sector that kept
the Portfolio in positive territory was materials and services. Robert Half, the
single largest holding in the Portfolio in August, 1996, along with Southdown
and Healthsource, made big contributions to the performance of the Small Company
Growth Portfolio, up 26%, 55%, and 39%, respectively.
PORTFOLIO INFORMATION1
(AS OF FEBRUARY 28, 1997)
DIVIDEND YIELD2 0.2%
AVERAGE 5-YEAR EARNINGS
GROWTH 14.6%
AVERAGE 5-YEAR RETURN ON
EQUITY 16.0%
AVERAGE BOOK/PRICE RATIO 35.2%
1 All averages are dollar weighted averages. The
5-year numbers are calculated based on the
results for the 5-year period ended February
28, 1997 for those securities in the
portfolio's holdings as of February 28, 1997
whose issuers have been in existence for at
least 5 years. The average book/price ratio is
calculated based on the book value of each
portfolio security as of the end of its most
recent fiscal year.
2 Dividend Yield corresponds to the stated
dividends of all underlying securities held by
the Portfolio and is not an indication of the
current yield on the Portfolio itself.
8
SMALL COMPANY GROWTH PORTFOLIO -- (CONTINUED)
<TABLE>
<CAPTION>
INVESTMENT CLASS SHARES
-----------------------
AVERAGE ANNUAL WITHOUT
TOTAL RETURN* ACTUAL WAIVERS
------------- ------ -------
<S> <C> <C>
Inception (10/1/92) through
2/28/97 15.33% 14.67%
Year Ended 2/28/97 3.25% 2.73%
AGGREGATE
TOTAL RETURN*
-------------
Six Months Ended 2/28/97 -3.98% -4.43%
* Assumes the reinvestment of all dividends and distributions.
</TABLE>
<TABLE>
<CAPTION>
INSTITUTIONAL CLASS SHARES
--------------------------
AGGREGATE WITHOUT
TOTAL RETURN* ACTUAL WAIVERS
------------- ------ -------
<S> <C> <C>
Inception (7/15/96) through
2/28/97 7.03% 6.53%
Six Months Ended 2/28/97 -3.92% -4.37%
* Assumes the reinvestment of all dividends and distributions.
</TABLE>
PORTFOLIO SECTOR WEIGHTING
(as of February 28, 1997)
Consumer Durables 3.6%
Capital Goods 5.4%
Utilities 2.9%
Transportation 5.9%
Technology 28.2%
Consumer Non-Durables 15.8%
Energy 6.6%
Finance 11.2%
Materials & Services 20.4%
9
SMALL COMPANY VALUE PORTFOLIO
FUND COMMENTARY
The Small Company Value Portfolio (Investment Class) outperformed small cap
stocks in general over the six months and twelve months ended February 28, 1997,
up 14.51% And 16.26%, respectively. Helping performance for the last six months
was a large weighting in the finance sector, a traditional value sector. Leading
the charge in finance was U.S. Life, Mercantile Bank, United Carolina Bank, and
Citizens Bank, up 65%, 41%, 91%, and 107%, respectively. Also helping out was a
strong performance by value stocks in the consumer non-durables sector. The
small stocks in this sector as a whole did not fare that well but value stocks
such as Family Dollar Stores, Premark, Dean Foods, Universal Corp., and Longs
Drugs were exceptional. The biggest drag on the Portfolio's performance during
the semi-annual period came from the utility sector in the form of WPS
Resources, United Illum, and IES Industries, down 11%, 12%, and 5%,
respectively.
PORTFOLIO INFORMATION1
(AS OF FEBRUARY 28, 1997)
DIVIDEND YIELD2 3.4%
AVERAGE 5-YEAR EARNINGS
GROWTH 7.1%
AVERAGE 5-YEAR RETURN ON
EQUITY 12.1%
AVERAGE BOOK/PRICE RATIO 57.3%
1 All averages are dollar weighted averages. The
5-year numbers are calculated based on the
results for the 5-year period ended February
28, 1997 for those securities in the
portfolio's holdings as of February 28, 1997
whose issuers have been in existence for at
least 5 years. The average book/price ratio is
calculated based on the book value of each
portfolio security as of the end of its most
recent fiscal year.
2 Dividend Yield corresponds to the stated
dividends of all underlying securities held by
the Portfolio and is not an indication of the
current yield on the Portfolio itself.
10
SMALL COMPANY VALUE PORTFOLIO -- (CONTINUED)
<TABLE>
<CAPTION>
INVESTMENT CLASS SHARES
-----------------------
AVERAGE ANNUAL WITHOUT
TOTAL RETURN* ACTUAL WAIVERS
------------- ------ -------
<S> <C> <C>
Inception (9/30/92) through
2/28/97 12.56% 12.10%
Year Ended 2/28/97 16.26% 15.86%
AGGREGATE
TOTAL RETURN*
-------------
Six Months Ended 2/28/97 14.51% 14.15%
* Assumes the reinvestment of all dividends and distributions.
</TABLE>
<TABLE>
<CAPTION>
INSTITUTIONAL CLASS SHARES
--------------------------
AGGREGATE WITHOUT
TOTAL RETURN* ACTUAL WAIVERS
------------- ------ -------
<S> <C> <C>
Inception (7/15/96) through
2/28/97 18.13% 17.77%
Six Months Ended 2/28/97 14.65% 14.29%
* Assumes the reinvestment of all dividends and distributions.
</TABLE>
PORTFOLIO SECTOR WEIGHTING
(as of February 28, 1997)
Utilities 20.9%
Transportation 1.3%
Technology 1.7%
Materials & Services 13.8%
Finance 35.8%
Capital Goods 4.4%
Consumer Durables 5.8%
Consumer Non-Durables 14.2%
Energy 2.1%
11
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- 97.7%
AEROSPACE & DEFENSE -- 1.0%
4,600 Raytheon Company $ 216,775
4,200 Rockwell International Corporation 271,950
----------
488,725
----------
APPAREL -- 1.2%
5,700 Nike, Inc., Class B 409,687
1,100 Reebok International Limited 51,425
1,200 Unifi, Inc 38,250
1,300 V.F. Corporation 90,350
----------
589,712
----------
BANKS -- 3.6%
8,300 Banc One Corporation 366,237
7,600 Bank of New York Company, Inc 294,500
2,100 Fifth Third Bancorp 175,087
2,700 First Bank System, Inc 211,950
3,000 Firstar Corporation 91,875
2,200 Northern Trust Corporation 93,500
7,100 Norwest Corporation 353,225
1,600 State Street Boston Corporation 128,600
2,200 Synovus Financial Corporation 76,725
----------
1,791,699
----------
BUSINESS MACHINES -- 10.6%
2,100 Adaptec, Inc.+ 79,931
3,700 Bay Networks, Inc.+ 70,300
2,000 BMC Software, Inc.+ 85,625
3,000 Cabletron Systems, Inc.+ 90,000
12,800 Cisco Systems, Inc.+ 712,000
5,300 Compaq Computer Corporation+ 420,025
3,600 Dell Computer Corporation+ 256,050
1,350 Diebold, Inc. 56,700
1,500 Gateway 2000, Inc.+ 88,125
2,900 Informix Corporation+ 50,569
</TABLE>
See Notes to Financial Statements.
12
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS -- (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
BUSINESS MACHINES -- (CONTINUED)
23,200 Microsoft Corporation+ $ 2,262,000
12,800 Oracle Systems Corporation+ 502,400
2,900 Pitney Bowes, Inc 180,163
4,200 Seagate Technology, Inc.+ 198,450
7,100 Sun Microsystems, Inc.+ 219,213
-----------
5,271,551
-----------
BUSINESS SERVICES -- 1.8%
5,700 Automatic Data Processing, Inc. 242,962
1,000 Cintas Corporation 54,000
1,200 Ecolab, Inc. 45,450
2,900 Equifax, Inc. 86,275
1,600 Interpublic Group of Companies, Inc. 80,200
1,600 Omnicom Group, Inc. 79,400
2,500 Parametric Technology Corporation+ 140,938
1,400 Paychex, Inc. 60,900
1,500 Reynolds & Reynolds Company, Class A 42,000
800 SunGard Data Systems, Inc.+ 40,600
800 Synopsys, Inc.+ 28,550
-----------
901,275
-----------
CHEMICALS -- 1.1%
2,200 Air Products & Chemicals, Inc 163,075
1,500 Eastman Chemical Company 82,687
2,800 Morton International, Inc 115,500
1,300 Rohm & Haas Company 119,600
1,900 Sigma-Aldrich Corporation 58,188
-----------
539,050
-----------
CONSTRUCTION -- 0.8%
2,306 Clayton Homes, Inc. 32,860
1,600 Fluor Corporation 97,000
</TABLE>
See Notes to Financial Statements.
13
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS -- (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
CONSTRUCTION -- (CONTINUED)
3,100 Masco Corporation $ 108,888
1,700 Sherwin-Williams Company 95,413
700 Vulcan Materials Company 45,325
----------
379,486
----------
CONSUMER DURABLES -- 0.5%
1,300 Hillenbrand Industries, Inc. 48,912
1,700 Leggett & Platt, Inc. 60,987
3,100 Newell Company, Inc. 115,088
1,600 Viking Office Products, Inc.+ 37,800
----------
262,787
----------
CONTAINERS -- 0.2%
1,000 Bemis Company 41,375
1,700 Sonoco Products Company 44,625
----------
86,000
----------
COSMETICS -- 5.0%
10,926 Gillette Company 864,520
13,300 Procter & Gamble Company 1,597,663
----------
2,462,183
----------
DRUGS & MEDICINE -- 14.4%
15,200 Abbott Laboratories 855,000
1,200 Allergan, Inc. 40,800
5,200 Amgen, Inc.+ 317,850
1,100 Bard (C.R.), Inc. 30,112
2,400 Becton, Dickinson & Company 118,200
2,200 Biomet, Inc. 33,550
2,050 Cardinal Health, Inc. 126,075
13,100 Columbia/HCA Healthcare Corporation 550,200
1,100 Foundation Health Corporation+ 41,525
2,000 Health Management Associates, Inc., Class A+ 53,000
600 HealthCare COMPARE Corporation+ 25,613
26,000 Johnson & Johnson 1,498,250
</TABLE>
See Notes to Financial Statements.
14
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS -- (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
DRUGS & MEDICINE -- (CONTINUED)
1,200 Manor Care, Inc. $ 31,950
4,700 Medtronic, Inc. 304,325
23,600 Merck & Company, Inc. 2,171,200
2,300 Mylan Laboratories, Inc. 38,525
2,700 Rhone-Poulenc Rorer, Inc. 191,700
7,300 Schering-Plough Corporation 559,362
1,500 St. Jude Medical, Inc.+ 59,250
1,800 Stryker Corporation 52,200
1,300 Vencor, Inc.+ 45,013
---------
7,143,700
---------
ELECTRONICS -- 11.0%
2,500 ADC Telecommunications, Inc.+ 67,500
1,700 Altera Corporation+ 77,137
1,250 Andrew Corporation+ 68,750
3,500 Applied Materials, Inc.+ 177,187
1,900 Atmel Corporation+ 71,012
1,600 Cadence Design Systems, Inc.+ 59,000
4,500 EMC Corporation+ 162,000
900 General Signal Corporation 39,262
1,100 Glenayre Technologies, Inc.+ 14,575
19,700 Hewlett-Packard Company 1,103,200
16,100 Intel Corporation 2,284,188
1,400 Linear Technology Corporation 63,700
1,200 Maxim Integrated Products, Inc.+ 59,550
4,100 Micron Technology, Inc. 153,750
11,600 Motorola, Inc. 648,150
900 Perkin-Elmer Corporation 63,900
3,500 Tellabs, Inc.+ 139,562
1,796 U.S. Robotics Corporation 100,239
700 Varian Associates, Inc. 40,425
1,394 Xilinx, Inc.+ 62,904
---------
5,455,991
---------
</TABLE>
See Notes to Financial Statements.
15
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS -- (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
ENERGY -- RAW MATERIALS -- 0.3%
3,400 Dresser Industries, Inc. $ 103,275
3,100 Enron Oil & Gas Company 62,775
----------
166,050
----------
FINANCE -- 3.0%
850 Advanta Corporation, Class A 35,169
6,300 Dean Witter, Discover & Company 241,763
2,400 First USA, Inc. 116,700
2,400 Franklin Resources, Inc. 140,400
2,600 Green Tree Acceptance Corporation 97,500
1,900 Household International, Inc. 184,062
6,350 MBNA Corporation 203,200
3,200 Merrill Lynch & Company, Inc. 307,200
1,100 Price (T. Rowe) Associates, Inc. 48,538
3,400 Schwab (Charles) Corporation 127,500
----------
1,502,032
----------
FOOD & AGRICULTURE -- 11.4%
4,600 Campbell Soup Company 414,575
48,700 Coca-Cola Company 2,970,700
4,700 ConAgra, Inc. 249,100
3,000 Hershey Foods Corporation 136,875
1,400 Hormel Foods Corporation 36,750
1,800 IBP, Inc. 41,850
4,200 Kellogg Company 287,700
30,400 PepsiCo, Inc. 999,400
1,650 Pioneer Hi-Bred International, Inc. 112,406
2,600 Quaker Oats Company 93,275
3,400 Sysco Corporation 118,150
2,000 Whitman Corporation 47,000
2,300 Wrigley (WM.) Jr. Company 137,713
----------
5,645,494
----------
</TABLE>
See Notes to Financial Statements.
16
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS -- (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
INSURANCE -- 3.4%
2,637 AFLAC, Inc. $ 106,469
9,175 American International Group, Inc. 1,110,175
2,600 Conseco, Inc. 102,050
1,200 MGIC Investment Corporation 94,350
1,500 Oxford Health Plans, Inc.+ 83,625
1,400 Progressive Corporation of Ohio 92,575
2,300 SunAmerica, Inc. 105,513
---------
1,694,757
---------
MEDIA -- 1.1%
700 Belo (A.H.) Corporation, Series A 26,425
2,800 Gannet Company, Inc. 223,300
1,800 Gaylord Entertainment Company, Class A 36,450
1,800 Knight-Ridder, Inc. 71,550
2,400 Tribune Company 94,200
200 Washington Post Company 69,300
---------
521,225
---------
MOTOR VEHICLES -- 0.3%
1,500 Eaton Corporation 107,625
1,400 Harley-Davidson, Inc. 52,325
---------
159,950
---------
NON-DURABLE & ENTERTAINMENT -- 1.8%
1,100 Cracker Barrel Old Country Store, Inc. 29,975
700 Fastenal Company 25,375
2,400 International Game Technology 42,000
5,225 Mattel, Inc. 129,972
13,600 McDonald's Corporation 588,200
1,500 Starbucks Corporation+ 50,438
2,400 Wendy's International, Inc. 49,800
---------
915,760
---------
NON-FERROUS METALS -- 0.1%
2,700 Engelhard Corporation 59,737
---------
</TABLE>
See Notes to Financial Statements.
17
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS -- (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
PRODUCER GOODS -- 10.7%
5,600 AlliedSignal, Inc. $ 404,600
3,800 Caterpillar, Inc. 297,825
2,200 Dover Corporation 109,175
4,400 Emerson Electric Company 435,600
800 Foster Wheeler Corporation 31,200
32,200 General Electric Company 3,312,575
1,100 Grainger (W.W.), Inc. 87,175
2,400 Illinois Tool Works, Inc. 202,500
2,100 Ingersoll-Rand Company 99,750
800 Johnson Controls, Inc. 67,400
800 Millipore Corporation 34,500
2,200 Pall Corporation 47,850
1,200 Snap-On, Inc. 46,650
1,100 Solectron Corporation+ 58,163
1,818 Thermo Instrument Systems, Inc.+ 61,812
---------
5,296,775
---------
RETAIL -- 6.9%
4,900 Albertson's, Inc. 172,725
2,800 American Stores Company 125,300
2,900 AutoZone, Inc.+ 71,775
1,300 Bed Bath & Beyond, Inc.+ 33,800
1,900 Circuit City Stores, Inc. 59,375
1,275 Consolidated Stores Corporation+ 44,784
7,625 CUC International, Inc.+ 182,047
1,763 Dollar General Corporation 50,025
5,500 Gap, Inc. 181,500
9,366 Home Depot, Inc. 510,447
1,400 Kohl's Corporation+ 64,400
4,900 May Department Stores Company 228,463
1,600 Nordstrom, Inc. 58,800
</TABLE>
See Notes to Financial Statements.
18
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS -- (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
RETAIL -- (CONTINUED)
1,200 Pep Boys -- Manny, Moe, & Jack $ 39,150
5,300 Toys 'R' Us, Inc.+ 137,800
44,800 Wal-Mart Stores, Inc. 1,181,600
4,800 Walgreen Company 205,200
2,900 Winn-Dixie Stores, Inc. 92,437
----------
3,439,628
----------
SHIPPING -- 0.1%
1,150 Illinois Central Corporation 39,531
1,000 Wisconsin Central Transportation Corporation+ 35,875
----------
75,406
----------
STEEL -- 0.2%
1,700 Nucor Corporation 81,813
1,700 Worthington Industries, Inc. 35,488
----------
117,301
----------
TELEPHONE -- 3.3%
31,700 AT&T Corporation 1,264,037
8,300 Sprint Corporation 377,650
----------
1,641,687
----------
TIRE & RUBBER -- 0.5%
1,500 Cooper Tire & Rubber Company 29,812
1,100 Danaher Corporation 47,575
3,000 Goodyear Tire & Rubber Company 158,250
----------
235,637
----------
TRAVEL & RECREATION -- 2.8%
1,400 Callaway Golf Company 44,625
5,600 Carnival Corporation 197,400
2,000 Circus Circus Enterprises, Inc.+ 62,500
13,300 Disney (Walt) Company 987,525
3,500 Mirage Resorts, Inc.+ 87,063
----------
1,379,113
----------
</TABLE>
See Notes to Financial Statements.
19
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS -- (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
UTILITIES -- 0.6%
1,600 AES Corporation+ $ 104,600
4,900 Enron Corporation 195,387
-----------
299,987
-----------
TOTAL COMMON STOCKS (Cost $38,799,502) 48,522,698
===========
TOTAL INVESTMENTS (Cost $38,799,502*) 97.7% 48,522,698
OTHER ASSETS AND LIABILITIES (Net) 2.3 1,117,964
----- -----------
NET ASSETS 100.0% $49,640,662
===== ==========
</TABLE>
- -----------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements.
20
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- 99.4%
AEROSPACE & DEFENSE -- 1.5%
1,600 B.F. Goodrich Company $ 65,000
1,900 General Dynamics Corporation 127,775
1,700 Northrop Corporation 123,463
2,500 Textron Inc. 246,563
-----------
562,801
-----------
APPAREL -- 0.3%
1,900 V.F. Corporation 132,050
-----------
BANKS -- 24.4%
1,700 AmSouth Bancorporation 87,125
12,590 Banc One Corporation 555,534
1,150 Bancorp Hawaii Inc. 50,600
4,607 Bank of Boston Corporation 347,253
11,600 Bank of New York Inc. 449,500
10,500 BankAmerica Corporation 1,194,375
2,400 Bankers Trust New York Corporation 217,800
5,800 Barnett Banks Inc. 268,250
12,892 Chase Manhattan Corporation 1,290,812
3,200 Comerica Inc. 192,400
2,500 Crestar Financial Corporation 91,875
9,487 First Chicago NBD 554,990
1,800 First of America Bank Corporation 112,725
2,000 First Tennessee National Corporation 93,500
4,300 Huntington Bancshares, Inc. 122,550
6,728 KeyCorp 359,948
3,900 Mellon Bank Corporation 313,462
1,800 Mercantile Bancorp 104,175
5,500 Morgan (J.P.) & Company 578,187
6,500 National City Corporation 328,250
16,800 NationsBank Corporation 1,005,900
1,700 Republic New York Corporation 157,888
1,700 Signet Banking Corporation 53,975
2,800 SouthTrust Corporation 110,950
</TABLE>
See Notes to Financial Statements.
21
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS -- (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
BANKS -- (CONTINUED)
2,700 Summit Bancorp $ 128,925
4,500 US Bancorp 222,188
5,000 Wachovia Corporation 304,375
----------
9,297,512
----------
BEVERAGES -- 0.2%
2,000 Brown-Forman Corporation, Class B 89,500
----------
BUSINESS SERVICES -- 0.2%
1,400 National Service Industries Inc. 53,200
2,300 Olsten Corporation 41,112
----------
94,312
----------
CHEMICALS -- 2.5%
2,900 ARCO Chemical Company 137,025
7,200 Dow Chemical Company 583,200
2,400 Eastman Chemical Company 132,300
1,700 Lubrizol Corporation 58,862
1,400 Olin Corporation 56,000
----------
967,387
----------
CONSTRUCTION -- 0.2%
1,100 Vulcan Materials Company 71,225
----------
DOMESTIC OIL -- 0.7%
1,900 Ashland Inc. 79,562
1,500 Kerr-McGee Corporation 93,938
1,600 MAPCO, Inc. 50,800
1,300 Murphy Oil Corporation 60,288
----------
284,588
----------
DRUGS & MEDICINE -- 0.5%
1,700 Bard (C.R.), Inc. 46,538
1,600 Bausch & Lomb, Inc. 59,800
2,200 Mallinckrodt, Inc. 93,500
----------
199,838
----------
</TABLE>
See Notes to Financial Statements.
22
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
ELECTRONICS -- 0.4%
1,200 Harris Corporation $ 88,500
1,600 Thomas & Betts Corporation 71,400
------
159,900
-------
ENERGY -- 2.4%
2,700 CMS Energy Corporation 88,425
5,300 Dominion Resources Inc. 213,325
3,100 DPL Inc. 76,338
2,300 DQE 68,137
4,300 DTE Energy Company 130,075
4,500 PanEnergy Corporation 191,812
6,500 PECO Energy Company 146,250
-------
914,362
-------
ENERGY -- RAW MATERIALS -- 0.6%
9,600 Occidental Petroleum Corporation 244,800
-------
FINANCE -- 6.4%
3,529 Bear Stearns Company Inc. 105,864
1,600 Beneficial Corporation 110,600
6,600 Corestates Financial Corporation 347,325
1,800 Edwards (A.G.), Inc. 63,900
2,150 First Security Corporation 74,981
8,275 First Union Corporation 726,131
4,600 Firstar Corporation 140,875
4,000 Great Western Financial Corporation 175,500
1,452 Old Kent Financial Corporation 72,782
2,700 Paine Webber Group 88,088
1,900 Regions Financial Corporation 111,863
3,300 Salomon, Inc. 183,563
3,200 Southern National Corporation 124,400
2,100 Washington Mutual, Inc. 111,038
-------
2,436,910
---------
FOOD & AGRICULTURE -- 0.2%
2,000 Supervalu Inc. 62,000
------
</TABLE>
See Notes to Financial Statements.
23
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
INSURANCE -- 6.6%
1,800 American Financial Group, Inc. $ 67,500
6,000 American General Corporation 260,250
5,200 Chubb Corporation 304,850
2,200 CIGNA Corporation 336,325
1,700 Cincinnati Financial Corporation 117,512
2,200 Jefferson-Pilot Corporation 129,800
3,200 Lincoln National Corporation 186,000
1,300 MBIA, Inc. 126,913
2,500 Old Republic International Corporation 67,812
2,800 Providian Corporation 156,450
1,100 ReliaStar Financial Corporation 68,200
3,700 SAFECO Corporation 154,475
2,500 St. Paul Companies Inc. 168,750
2,100 Torchmark Corporation 123,637
2,000 Transamerica Corporation 175,250
1,100 Unitrin, Inc. 59,400
------
2,503,124
---------
INTERNATIONAL OIL -- 7.0%
14,700 Amoco Corporation 1,242,150
11,700 Mobil Corporation 1,436,175
---------
2,678,325
---------
MEDIA -- 0.3%
2,900 Dow Jones & Company Inc. 116,363
-------
MOTOR VEHICLES -- 9.4%
21,500 Chrysler Corporation 728,312
1,200 Cummins Engine Inc. 60,750
3,000 Dana Corporation 93,000
2,300 Eaton Corporation 165,025
1,800 Echlin Inc. 62,325
35,300 Ford Motor Company 1,160,488
22,500 General Motors Corporation 1,302,187
---------
3,572,087
---------
</TABLE>
See Notes to Financial Statements.
24
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
NON-DURABLE & ENTERTAINMENT -- 0.2%
2,200 American Greetings Corporation, Class A $ 68,200
----------
NON-FERROUS METALS -- 0.8%
2,700 Cyprus Amax Minerals Company 63,112
1,900 Phelps Dodge Corporation 135,850
1,900 Reynolds Metals Company 119,225
-------
318,187
-------
PAPER & FOREST PRODUCTS -- 3.7%
1,400 Consolidated Papers 70,875
2,700 Georgia-Pacific Corporation 210,600
8,800 International Paper Company 367,400
1,600 Mead Corporation 93,200
1,700 Temple-Inland Inc. 93,713
2,100 Union Camp Corporation 101,325
3,000 Westvaco Corporation 88,500
5,900 Weyerhaeuser Company 272,875
1,700 Willamette Industries Inc. 108,800
-------
1,407,288
---------
PRODUCER GOODS -- 2.4%
3,200 Cooper Industries Inc. 141,600
1,600 Harsco Corporation 57,600
1,900 Hubbel, Inc., Class B 80,512
3,200 Ingersoll-Rand Company 152,000
1,200 Johnson Controls, Inc. 101,100
2,200 Parker Hannifin Corporation 96,250
1,800 Snap-On Inc. 69,975
5,100 Tenneco, Inc. 200,812
-------
899,849
-------
RAILROADS -- 1.2%
7,300 Union Pacific Corporation 439,825
-------
</TABLE>
See Notes to Financial Statements.
25
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
RETAIL -- 3.6%
4,300 American Stores Company $ 192,425
1,800 Giant Food, Inc., Class A 58,725
7,900 Limited Inc. 150,100
7,400 May Department Stores Company 345,025
1,100 Mercantile Stores Company, Inc. 52,800
6,800 Penney (J.C.) Company Inc. 334,900
3,600 Rite Aid Corporation 151,650
1,700 Tandy Corporation 85,637
------
1,371,262
---------
SHIPPING -- 0.9%
3,700 Norfolk Southern Corporation 337,162
-------
TELEPHONE -- 3.6%
5,600 ALLTEL Corporation 198,100
13,000 NYNEX Corporation 669,500
14,100 US West Communications Group 507,600
-------
1,375,200
---------
TIRE & RUBBER -- 0.8%
2,400 Cooper Tire & Rubber Company 47,700
4,700 Goodyear Tire & Rubber Company 247,925
-------
295,625
-------
TOBACCO -- 1.5%
5,100 American Brands 268,387
8,000 RJR Nabisco Holdings Corporation 293,000
-------
561,387
-------
TRAVEL & RECREATION -- 0.2%
2,900 Brunswick Corporation 83,012
------
TRUCKING & FREIGHT -- 0.4%
1,200 PACCAR Inc. 78,750
2,400 Ryder System Inc. 75,600
------
154,350
-------
</TABLE>
See Notes to Financial Statements.
26
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
UTILITIES -- 16.3%
3,600 Allegheny Power System Inc. $110,250
5,500 American Electric Power Inc. 229,625
4,300 Baltimore Gas & Electric Company 118,250
4,500 Carolina Power & Light Company 167,062
6,200 Central & South West Corporation 151,125
4,600 CINergy Corporation 158,700
6,900 Consolidated Edison Company New York Inc. 213,038
2,700 Consolidated Natural Gas Company 137,700
5,900 Duke Power Company 261,075
12,800 Edison International 275,200
3,400 Enova Corporation 76,075
6,800 Entergy Corporation 179,350
2,800 Florida Progress Corporation 88,200
5,400 FPL Group Inc. 245,700
3,500 General Public Utilities Corporation 122,500
6,900 Houston Industries 160,425
2,200 Illinova Corporation 55,000
1,650 IPALCO Enterprises Inc. 52,181
1,800 Kansas City Power & Light Company 51,300
1,900 LG&E Energy Corporation 47,025
3,500 Long Island Lighting Company 80,500
2,000 MCN Corporation 60,500
2,900 MidAmerican Energy Holdings Company 47,850
1,900 New England Electric System 66,262
2,000 New York State Electric & Gas 46,500
1,800 NIPSCO Industries Inc. 71,775
3,700 Northeast Utilities 38,387
2,000 Northern States Power 95,250
1,200 OGE Energy Corporation 50,550
4,500 Ohio Edison Company 101,250
2,500 Pacific Enterprises 76,250
8,600 PacifiCorp 177,375
12,300 PG&E Corporation 282,900
</TABLE>
See Notes to Financial Statements.
27
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
2,500 Pinnacle West Capital Corporation $ 78,125
1,500 Portland General Corporation 58,687
3,500 Potomac Electric Power Company 88,813
4,800 PP&L Resources Inc. 109,800
1,900 Public Service Company of Colorado 74,100
7,000 Public Service Enterprise 196,875
1,800 Puget Sound Power & Light 45,675
3,100 SCANA Corporation 80,988
19,800 Southern Company 430,650
3,400 Teco Energy, Inc. 82,875
6,600 Texas Utilities Company 266,475
4,600 The Williams Companies, Inc. 201,250
6,400 Unicom Corporation 142,400
3,000 Union Electric Company 115,125
1,900 Western Resources Inc. 57,475
3,200 Wisconsin Energy Corporation 82,000
------
6,206,443
---------
TOTAL COMMON STOCKS (Cost $32,157,667) 37,904,874
==========
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS (COST $32,157,667*) 99.4% 37,904,874
OTHER ASSETS AND LIABILITIES (Net) 0.6 211,888
--- -------
NET ASSETS 100.0% $38,116,762
===== ===========
</TABLE>
- -------------
* Aggregate cost for Federal tax purposes.
See Notes to Financial Statements.
28
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- 99.6%
AEROSPACE & DEFENSE -- 0.1%
1,000 Trimble Navigation Limited+ $ 13,000
---------
AIR TRANSPORTATION -- 3.3%
3,400 Alaska Air Group, Inc.+ 80,750
13,200 America West Airlines, Inc., Class B+ 183,150
12,900 Comair Holdings, Inc. 266,062
3,200 Offshore Logistics, Inc.+ 58,400
------
588,362
-------
APPAREL -- 3.1%
700 Fabri-Centers of America, Class A+ 11,462
10,800 Nautica Enterprises, Inc.+ 270,000
4,100 St. John Knits, Inc 168,100
2,500 Wolverine World Wide, Inc. 88,750
------
538,312
-------
BUSINESS MACHINES -- 5.8%
1,900 Auspex Systems, Inc.+ 22,087
3,400 Broderbund Software Corporation+ 99,875
4,000 Computer Products, Inc.+ 68,500
3,440 Comverse Technology, Inc.+ 150,070
12,875 Concord EFS, Inc.+ 304,977
1,500 Digi International, Inc.+ 12,375
1,300 Fair Isaac & Company, Inc. 47,125
1,600 InterVoice, Inc.+ 17,600
6,900 Picturetel Corporation+ 108,675
1,700 Read-Rite Corporation+ 52,169
500 System Software Associates, Inc. 5,188
4,000 VeriFone, Inc.+ 139,000
-------
1,027,641
---------
BUSINESS SERVICES -- 10.5%
3,000 ABR Information Services, Inc.+ 70,125
11,200 American Management Systems, Inc.+ 196,000
600 Brooktrout Technology, Inc.+ 11,175
</TABLE>
See Notes to Financial Statements.
29
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
BUSINESS SERVICES -- (CONTINUED)
2,400 CDI Corporation+ $ 78,600
300 Cerner Corporation+ 4,575
5,700 DeVRY, Inc.+ 113,287
4,100 Dialogic Corporation+ 146,575
4,000 In Focus Systems, Inc.+ 82,500
700 Integrated Systems, Inc.+ 15,925
1,800 Jacobs Engineering Group, Inc.+ 46,350
4,600 Keane, Inc.+ 162,150
4,400 Mentor Corporation 109,450
6,700 National Data Corporation 235,338
1,100 Optical Data Systems, Inc.+ 19,113
5,712 Paxar Corporation+ 108,528
2,700 Prepaid Legal Services, Inc.+ 43,200
3,300 Prime Medical Services, Inc.+ 36,713
1,800 Seacor Holdings, Inc.+ 83,475
3,500 TCSI Corporation+ 19,250
4,100 ThermoTrex Corporation+ 109,675
4,400 United Waste Systems, Inc.+ 158,400
700 Wackenhut Corrections Corporation+ 12,075
------
1,862,479
---------
CHEMICALS -- 2.3%
14,200 Airgas, Inc.+ 273,350
5,350 Bio-Rad Laboratories, Inc.+ 141,105
-------
414,455
-------
CONSTRUCTION -- 4.0%
7,000 Lennar Corporation 176,750
2,800 Medusa Corporation 111,650
14,700 Oakwood Homes Corporation 290,325
6,500 Toll Brothers, Inc.+ 125,938
-------
704,663
-------
</TABLE>
See Notes to Financial Statements.
30
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
CONSUMER DURABLES -- 1.4%
6,300 Champion Enterprises, Inc.+ $ 122,062
2,700 Coachmen Industries, Inc. 54,675
4,200 Shorewood Packaging Corporation+ 73,500
------
250,237
-------
DOMESTIC OIL -- 0.2%
3,200 Tesoro Petroleum Corporation+ 37,600
------
DRUGS & MEDICINE -- 7.8%
6,100 Arrow International, Inc. 215,025
3,100 ClinTrials Research, Inc.+ 30,225
1,900 Datascope Corporation+ 39,900
1,300 Greenfield Industries, Inc. 28,437
7,700 Healthsource, Inc.+ 160,737
2,000 Hologic, Inc.+ 52,000
3,000 Invacare Corporation 72,750
3,000 Jones Medical Industries, Inc. 90,750
4,358 Nature's Sunshine Products, Inc. 67,004
4,100 Renal Treatment Centers, Inc.+ 106,600
3,100 Respironics, Inc.+ 61,031
6,000 Rotech Medical Corporation+ 111,000
3,600 Sierra Health Services, Inc.+ 94,950
1,000 Tecnol Medical Products, Inc.+ 14,750
9,000 Thermedics, Inc.+ 186,750
1,400 Universal Health Services, Inc., Class B+ 47,775
------
1,379,684
---------
ELECTRONICS -- 19.7%
8,400 Acxiom Corporation+ 128,100
3,100 Altron, Inc.+ 57,350
22,200 American Power Conversion Corporation+ 463,425
11,000 Aspect Telecommunications Corporation+ 273,625
2,700 Belden, Inc. 96,187
200 Burr-Brown Corporation+ 6,550
800 Cable Design Technologies Company+ 21,200
</TABLE>
See Notes to Financial Statements.
31
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
ELECTRONICS -- (CONTINUED)
5,700 Checkpoint Systems, Inc.+ $ 116,137
1,600 Coherent, Inc.+ 75,400
7,400 Dallas Semiconductor Corporation 192,400
600 FSI International, Inc.+ 8,925
5,700 Gentex Corporation+ 105,450
400 Hadco Corporation+ 16,200
7,600 International Rectifier Corporation+ 102,600
4,000 Kent Electronics Corporation+ 110,000
300 Logicon, Inc. 11,325
3,200 Marshall Industries+ 106,000
4,400 Mylex Corporation+ 48,950
1,200 Pioneer-Standard Electronics, Inc 16,800
8,700 SCI Systems, Inc.+ 465,450
5,900 Silicon Valley Group, Inc.+ 126,113
7,400 Symbol Technologies, Inc.+ 371,850
2,000 Technitrol, Inc. 89,500
300 Unitrode Corporation+ 10,950
8,000 Vicor Corporation+ 131,000
12,800 VLSI Technology, Inc.+ 239,200
4,073 Zilog, Inc.+ 96,225
------
3,486,912
---------
ENERGY -- RAW MATERIALS -- 5.9%
19,900 Nabors Industries, Inc.+ 305,963
9,400 Smith International, Inc.+ 381,875
2,900 Swift Energy Company+ 62,350
5,000 Tejas Gas Corporation+ 218,750
2,900 Varco International, Inc.+ 65,250
------
1,034,188
---------
FINANCE -- 2.7%
2,700 Aames Financial Corporation 81,337
2,300 BET Holdings, Inc., Class A+ 67,563
5,400 CMAC Investment Corporation 189,000
</TABLE>
See Notes to Financial Statements.
32
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
FINANCE -- (CONTINUED)
2,000 Henry (Jack) & Associates $ 66,000
4,500 Olympic Financial Limited+ 49,500
1,000 Pioneer Group, Inc. 23,375
------
476,775
-------
FOOD & AGRICULTURE -- 2.2%
3,900 Richfood Holdings, Inc. 82,388
4,600 Scotts Company (The), Class A+ 97,750
3,600 Smart & Final, Inc. 77,850
3,200 Smithfield Foods, Inc.+ 124,000
-------
381,988
-------
INSURANCE -- 8.7%
7,650 Genesis Health Ventures, Inc.+ 264,881
10,300 Health Systems International, Inc., Class A+ 302,563
1,000 Markel Corporation+ 109,000
13,000 UICI+ 383,500
11,300 United Companies Financial Corporation 293,800
4,700 Vesta Insurance Group, Inc 183,888
-------
1,537,632
---------
MEDIA -- 1.2%
1,300 AMC Entertainment, Inc.+ 21,613
3,200 California Amplifier, Inc.+ 17,200
1,604 Chris-Craft Industries, Inc.+ 65,964
1,700 Movie Gallery, Inc.+ 18,275
3,200 Regal Cinemas, Inc.+ 85,200
------
208,252
-------
MOTOR VEHICLES -- 0.3%
4,300 Titan Wheel International, Inc. 60,738
------
NON-DURABLE & ENTERTAINMENT -- 3.4%
3,700 Applebee's International, Inc. 93,425
6,000 Buffets, Inc.+ 43,125
</TABLE>
See Notes to Financial Statements.
33
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
NON-DURABLE & ENTERTAINMENT -- (CONTINUED)
4,500 Catalina Marketing Corporation+ $ 226,125
400 Cheesecake Factory+ 8,500
3,900 Department 56, Inc.+ 70,200
1,600 Jenny Craig, Inc.+ 14,200
3,000 Quality Dining, Inc.+ 34,875
2,300 Regis Corporation 37,663
5,200 Sodak Gaming, Inc.+ 74,750
------
602,863
-------
NON-FERROUS METALS -- 0.7%
3,400 Wolverine Tube, Inc 124,950
-------
OPTICAL & PHOTO -- 0.5%
2,500 Photronics, Inc.+ 86,250
------
PAPER & FOREST PRODUCTS -- 0.3%
2,400 Lydall, Inc.+ 54,000
------
PRODUCER GOODS -- 5.4%
500 Allied Products Corporation 14,625
7,700 AMETEK, Inc 165,550
600 Butler Manufacturing Company 21,825
3,700 Cognex Corporation+ 67,062
8,000 Compucom Systems, Inc.+ 60,000
3,800 Ionics, Inc.+ 187,625
7,200 JLG Industries, Inc 133,200
2,450 Material Sciences Corporation+ 40,119
6,500 Safeguard Scientifics, Inc.+ 157,625
4,900 WMS Industries, Inc.+ 97,388
------
945,019
-------
RETAIL -- 1.5%
9,050 Claire's Stores, Inc 127,831
1,100 Friedman's, Inc., Class A+ 16,637
4,200 West Marine, Inc.+ 121,800
-------
266,268
-------
STEEL -- 0.2%
4,600 WHX Corporation+ 37,375
------
</TABLE>
See Notes to Financial Statements.
34
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
TELEPHONE -- 1.3%
900 Cidco, Inc.+ $ 11,700
2,400 Inter-Tel, Inc.+ 36,000
10,100 Octel Communications Corporation+ 184,325
-------
232,025
-------
TIRE & RUBBER -- 0.1%
600 Safeskin Corporation+ 11,100
------
TRAVEL & RECREATION -- 1.7%
3,200 Anchor Gaming Company+ 99,200
9,050 Grand Casinos, Inc.+ 99,550
6,450 National Auto Credit, Inc.+ 64,500
2,900 Rio Hotel & Casino, Inc.+ 45,313
------
308,563
-------
TRUCKING & FREIGHT -- 2.6%
4,400 Expeditors International of Washington, Inc 110,000
2,600 Fritz Companies, Inc.+ 26,162
3,423 Heartland Express, Inc.+ 71,883
2,200 Landstar System, Inc.+ 49,225
2,700 Swift Transportation Company, Inc.+ 71,888
7,100 Werner Enterprises, Inc 124,250
-------
453,408
-------
UTILITIES -- 2.7%
13,400 California Energy, Inc.+ 447,225
1,200 Primark Corporation+ 29,850
------
477,075
-------
TOTAL COMMON STOCKS (Cost $17,936,361) 17,601,814
==========
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS (COST $17,936,361*) 99.6% 17,601,814
OTHER ASSETS AND LIABILITIES (Net) 0.4 77,236
--- ------
NET ASSETS 100.0% $17,679,050
===== ===========
</TABLE>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements.
35
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- 99.7%
AEROSPACE & DEFENSE -- 0.4%
5,300 AAR Corporation $ 135,150
---------
APPAREL -- 2.2%
6,000 Brown Group Inc. 97,500
4,800 Guilford Mills Inc. 137,400
7,100 Kellwood Company 167,737
4,100 Oshkosh B'Gosh, Inc., Class A 63,550
9,000 Phillips-Van Heusen 114,750
6,700 Springs Industries Inc., Class A 295,638
-------
876,575
-------
BANKS -- 24.5%
5,875 Associated Banc Corp 281,266
6,950 Bancorp South Inc. 199,812
5,100 CCB Financial Corporation 349,988
19,550 Central Fidelity Banks Inc. 569,394
8,000 Centura Banks Inc. 350,000
4,000 Citizens Banking Corporation of Michigan 130,000
6,394 CNB Bancshares Inc. 242,972
13,200 Compass Bancshares Inc. 589,050
10,100 Dauphin Deposit Corporation 427,987
6,302 F & M National Corporation 129,191
12,500 First Commerce Corporation 518,750
7,200 First Commonwealth Financial 133,200
10,200 First Hawaiian Inc. 339,150
8,741 First Michigan Bank Corporation 264,415
3,400 FirstBank of Illinois Corporation 126,650
3,900 Fort Wayne National Corporation 167,700
10,895 Fulton Financial Corporation 272,375
4,581 HUBCO Inc. 120,251
5,000 Jefferson Bankshares 146,250
12,500 Keystone Financial Inc. 340,625
3,100 Liberty Bancorp Inc. 161,588
5,500 Mark Twain Bancshares 300,437
</TABLE>
See Notes to Financial Statements.
36
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
BANKS -- (CONTINUED)
15,600 Mercantile Bankshares $ 579,150
6,797 Mid-Am Inc. 114,699
5,600 New York Bancorp Inc. 180,600
4,000 ONBANCorp, Inc. 178,500
7,425 One Valley Bancorp Inc. 296,072
7,500 Peoples Heritage Financial Group 235,312
13,050 Provident Bancorp Inc. 486,112
2,800 Provident Bankshares 116,900
2,533 Queens County Bancorp 143,748
3,600 S & T Bancorp Inc. 127,800
4,300 Susquehanna Bancshares, Inc. 153,188
3,000 T.R. Financial Corporation 105,937
5,000 United Bancshares Inc. 170,000
8,050 United Carolina Bancshares Inc. 351,181
5,700 Whitney Holding Corporation 218,025
-------
9,618,275
---------
BUSINESS SERVICES -- 3.0%
6,500 ABM Industries Inc. 121,875
5,150 American Business Products 120,381
5,900 Bowne & Company, Inc. 159,300
4,400 New England Business Service 99,000
19,200 Safety-Kleen Corporation 345,600
9,500 Standard Register Company 309,938
-------
1,156,094
---------
CHEMICALS -- 2.0%
13,100 Calgon Carbon Corporation 147,375
7,900 Dexter Corporation 233,050
8,600 Ferro Corporation 270,900
2,500 NCH Corporation 148,750
-------
800,075
-------
</TABLE>
See Notes to Financial Statements.
37
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
CONSTRUCTION -- 1.1%
7,100 Centex Construction Products, Inc. $ 120,700
7,100 Interface Inc. 164,188
3,800 Lawson Products Inc. 83,600
5,100 Ryland Group, Inc. 64,388
------
432,876
-------
CONSUMER DURABLES -- 2.7%
4,300 Bassett Furniture Inc. 106,425
6,900 Kimball International Inc., Class B 272,550
6,100 La-Z Boy Chair Company 211,213
2,500 National Presto Industries 94,062
3,400 Skyline Corporation 82,025
8,900 Sturm, Ruger & Company, Inc. 154,638
4,000 Toro Company 138,500
-------
1,059,413
---------
COSMETICS -- 0.3%
3,300 Chemed Corporation 121,688
-------
DRUGS & MEDICINE -- 1.7%
7,300 Alpharma, Inc. 97,637
6,396 Block Drug Inc., Class A 297,414
4,500 Diagnostic Products Corporation 139,500
5,400 West Company, Inc. 150,525
-------
685,076
-------
ELECTRONICS -- 1.4%
5,800 ADAC Laboratories 123,250
2,900 Fluke Corporation 130,862
7,600 Gerber Scientific Inc. 121,600
3,800 Park Electrochemical Corporation 92,625
2,800 Watkins-Johnson Company 70,700
------
539,037
-------
</TABLE>
See Notes to Financial Statements.
38
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
ENERGY -- 2.6%
17,620 Atlantic Energy Inc. $ 301,743
5,300 Atmos Energy Corporation 129,850
7,500 Indiana Energy Inc. 195,000
11,600 People's Energy Corporation 392,950
-------
1,019,543
---------
ENERGY -- RAW MATERIALS -- 1.2%
6,300 AMCOL International Corporation 118,912
4,500 Ashland Coal Inc. 115,312
6,800 Eastern Enterprises 228,650
-------
462,874
-------
FINANCE -- 2.9%
2,300 Bay View Capital Corporation 128,800
9,900 First Financial Corporation Wisconsin 264,825
4,000 Interra Financial, Inc. 163,500
3,200 JSB Financial Inc. 127,400
6,800 Morgan Keegan Inc. 126,650
14,600 Phoenix Duff & Phelps 116,800
6,100 Piper Jaffray Companies, Inc. 103,700
5,400 Standard Financial Inc. 110,700
-------
1,142,375
---------
FOOD & AGRICULTURE -- 3.2%
14,000 Bob Evans Farms Inc. 190,750
13,200 Dean Foods Company 430,650
6,000 International Multifoods 126,750
6,400 Michael Foods, Inc. 71,200
9,600 Smucker, J.M. Company, Class A 159,600
8,400 Universal Foods Corporation 289,800
-------
1,268,750
---------
INSURANCE -- 8.1%
11,100 Alfa Corporation 139,444
6,750 ALLIED Group Inc. 226,125
</TABLE>
See Notes to Financial Statements.
39
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
INSURANCE -- (CONTINUED)
4,400 E.W. Blanch Holdings, Inc. $ 100,100
3,900 First American Financial Corporation 159,900
3,200 Foremost Corporation of America 190,400
9,172 Fremont General Corporation 264,842
4,600 Guaranty National Corporation 82,225
4,600 Harleysville Group Inc. 138,000
5,700 Home Beneficial Corporation, Class B 216,600
5,300 Integon Corporation 68,238
8,500 John Alden Financial Corporation 161,500
11,600 Ohio Casualty Corporation 459,650
4,600 Orion Capital Corporation 294,400
4,800 Selective Insurance Group 201,600
2,300 Trenwick Group Inc. 113,275
4,200 United Wisconsin Services Inc. 111,825
4,100 Washington National Corporation 116,850
5,500 Zenith National Insurance Corporation 145,750
-------
3,190,724
---------
LIQUOR -- 0.7%
12,500 Coors, Adolph Company, Class B 267,188
-------
MEDIA -- 0.7%
10,200 Banta Corporation 257,550
-------
MOTOR VEHICLES -- 2.4%
4,200 Applied Industrial Technology, Inc. 129,675
9,600 Arctic Cat Inc. 92,400
5,600 Myers Industries, Inc. 91,700
6,900 Smith (A.O.) Corporation 232,012
4,600 SPX Corporation 211,025
4,300 Standard Motor Products, Inc. 59,663
5,600 Standard Products Company 131,600
-------
948,075
-------
</TABLE>
See Notes to Financial Statements.
40
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
NON-DURABLE & ENTERTAINMENT -- 0.6%
5,500 Cross (A.T.) Company, Class A $ 66,000
7,200 Russ Berrie & Company 155,700
-------
221,700
-------
NON-FERROUS METALS -- 0.5%
5,400 Brush Wellman Inc. 95,175
4,500 Castle (A.M.) & Company 93,937
189,112
PAPER & FOREST PRODUCTS -- 4.6%
12,300 Bowater, Inc. 521,213
7,700 Chesapeake Corporation 228,112
17,100 Longview Fibre Company 262,913
9,600 Potlatch Corporation 415,200
9,800 Rayonier Inc. 372,400
-------
1,799,838
---------
PHOTOGRAPHY -- 0.2%
3,900 CPI Corporation 71,662
------
PRODUCER GOODS -- 5.4%
10,200 Albany International Corporation, Class A 221,850
2,300 Barnes Group 153,238
2,500 Butler Manufacturing Company 90,937
8,100 BW/IP Holding, Inc. 129,600
5,000 CLARCOR, Inc. 115,000
4,500 Commercial Intertech 57,375
1,700 Curtiss-Wright Corporation 89,250
13,600 Fedders Corporation 86,700
4,000 Handy & Harman 66,000
3,200 Helix Technology Corporation 111,200
9 Hexcel Corporation 173
3,200 Hughes Supply, Inc. 112,400
6,100 Juno Lighting 91,500
</TABLE>
See Notes to Financial Statements.
41
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
PRODUCER GOODS -- (CONTINUED)
2,900 LeaRonal Inc. $ 69,963
3,900 Manitowoc Inc. 131,138
5,300 Measurex Corporation 184,838
2,700 NACCO Industries, Inc. 146,475
4,800 NN Ball & Roller, Inc. 54,000
4,500 Quanex Corporation 120,375
4,100 Zurn Industries Inc. 105,062
-------
2,137,074
---------
RETAIL -- 3.4%
3,100 Blair Corporation 56,187
19,000 Family Dollar Stores Inc. 448,875
7,100 Hancock Fabrics, Inc. 89,637
12,900 Longs Drug Stores Inc. 327,338
10,800 Shopko Stores Inc. 168,750
6,000 Stanhome Inc. 152,250
4,500 Wynn's International, Inc. 92,812
------
1,335,849
---------
SHIPPING -- 0.8%
6,700 GATX Corporation 328,300
-------
STEEL -- 2.3%
5,500 Carpenter Technology 200,750
7,800 Chaparral Steel Company 95,550
3,800 Cleveland-Cliffs Inc. 163,400
8,300 Intermet Corporation 125,537
12,800 J & L Specialty Steel Inc. 177,600
8,500 Oregon Steel Mills Inc. 144,500
-------
907,337
-------
TOBACCO -- 0.9%
11,600 Universal Corporation 365,400
-------
TRANSPORTATION -- AIRLINES -- 0.5%
7,000 Airborne Freight Corporation 191,625
-------
</TABLE>
See Notes to Financial Statements.
42
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
TRAVEL & RECREATION -- 0.4%
5,518 K2 Inc. $ 152,435
---------
UTILITIES -- 19.0%
25,900 American Water Works Inc. 605,413
4,500 Bay State Gas Company 119,812
4,800 Black Hills Power & Light Corporation 133,200
2,100 California Water Service Company 88,200
5,800 Central Hudson Gas & Electric Company 191,400
10,800 Central Maine Power Company 120,150
4,500 CILCORP, Inc. 169,312
11,300 CIPSCO Inc. 411,037
3,600 Connecticut Natural Gas 82,350
6,800 Eastern Utilities Association 124,950
5,400 Empire District Electric Company 99,900
3,700 Energen Corporation 111,000
12,600 Idaho Power Company 389,025
10,000 IES Industries Inc. 303,750
3,200 Interstate Power Company 93,200
5,900 Laclede Gas Company 136,437
5,300 Madison Gas & Electric Company 113,950
9,050 MDU Resources Group 192,313
10,900 Minnesota Power & Light Company 305,200
16,200 Nevada Power Company 330,075
6,000 New Jersey Resources 172,500
7,400 Northwest Natural Gas Company 179,450
9,100 ONEOK Inc. 259,350
4,500 Orange & Rockland Utilities 161,437
6,400 Philadelphia Suburban Company 128,800
9,800 Piedmont Natural Gas Inc. 231,525
6,400 Public Service Company of North Carolina 116,800
6,966 Pugent Sound Energy, Inc. 176,762
13,000 Rochester Gas & Electric Company 258,375
5,300 SIGCORP, Inc. 185,500
3,600 South Jersey Industries, Inc. 79,200
</TABLE>
See Notes to Financial Statements.
43
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO FEBRUARY 28, 1997
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 1)
------ --------
<S> <C> <C>
COMMON STOCKS -- (CONTINUED)
8,200 Southwestern Energy Company $ 110,700
4,300 TNP Enterprise Inc. 112,338
4,700 United Illuminating Company 136,888
18,500 Washington Water Power 339,938
6,100 WICOR, Inc. 214,263
10,200 WPL Holdings Inc. 283,050
8,000 WPS Resources Corporation 215,000
-------
7,482,550
---------
TOTAL COMMON STOCKS (Cost $36,249,444) 39,164,220
==========
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS (COST $36,249,444*) 99.7% 39,164,220
OTHER ASSETS AND LIABILITIES (Net) 0.3 122,408
--- -------
NET ASSETS 100.0% $ 39,286,628
===== ============
</TABLE>
- ---------------
* Aggregate cost for Federal tax purposes.
See Notes to Financial Statements.
44
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES
FEBRUARY 28, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
LARGE LARGE SMALL SMALL
COMPANY COMPANY COMPANY COMPANY
GROWTH VALUE GROWTH VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value (Note 1),
See accompanying schedules $ 48,522,698 $ 37,904,874 $ 17,601,814 $ 39,164,220
Cash 415,391 71,794 -- --
Dividends receivable 35,330 142,059 1,213 104,075
Receivable for Portfolio shares sold 987,759 4,100 100 6,770
Receivable for investment securities
sold -- -- 330,640 54,004
Unamortized organization costs
(Note 5) 2,013 2,101 1,954 1,446
Receivable from administrator
(Note 2) 18,904 23,436 10,027 32,962
Prepaid expenses and other assets 26,678 27,351 19,993 27,674
---------- ---------- ---------- ----------
Total Assets 50,008,773 38,175,715 17,965,741 39,391,151
---------- ---------- ---------- ----------
LIABILITIES:
Due to custodian -- -- 180,303 14,920
Payable for investment securities
purchased 295,933 -- -- --
Payable for Portfolio shares
redeemed 5,935 -- 72,089 26,992
Investment advisory fee payable
(Note 2) 3,744 2,939 1,442 3,008
Shareholder servicing fees payable
(Note 3) 2,772 3,571 3,432 7,506
Transfer agent fees payable (Note 2) 12,499 13,078 10,338 11,135
Custodian fees payable (Note 2) 9,183 11,132 6,092 12,255
Accrued legal and audit fees 28,636 22,867 10,193 22,626
Accrued expenses and other payables 9,409 5,366 2,802 6,081
---------- ---------- ---------- ----------
Total Liabilities 368,111 58,953 286,691 104,523
---------- ---------- ---------- ----------
NET ASSETS $ 49,640,662 $ 38,116,762 $ 17,679,050 $ 39,286,628
============ ============ ============ ============
Investments, at cost (Note 1) $ 38,799,502 $ 32,157,667 $ 17,936,361 $ 36,249,444
============ ============ ============ ============
</TABLE>
See Notes to Financial Statements
45
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES -- (CONTINUED)
FEBRUARY 28, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
LARGE LARGE SMALL SMALL
COMPANY COMPANY COMPANY COMPANY
GROWTH VALUE GROWTH VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
NET ASSETS consist of:
Undistributed net investment income/
(accumulated net investment loss) $ 23,324 $ 179,660 $ (84,242) $ 142,981
Accumulated net realized gain on
investments sold 956,379 1,824,161 663,811 335,986
Net unrealized
appreciation/(depreciation) of
investments 9,723,196 5,747,207 (334,547) 2,914,776
Par value 2,400 2,086 1,277 2,659
Paid-in capital 38,935,363 30,363,648 17,432,751 35,890,226
---------- ---------- ---------- ----------
$49,640,662 $38,116,762 $17,679,050 $ 39,286,628
=========== =========== =========== ============
NET ASSETS:
Investment Class shares $21,725,653 $15,048,498 $13,840,476 $ 16,637,226
=========== =========== =========== ============
Institutional Class shares $27,915,009 $23,068,264 $ 3,838,574 $ 22,649,402
=========== =========== =========== ============
SHARES OUTSTANDING:
Investment Class shares 1,050,231 823,654 999,569 1,126,039
=========== =========== =========== ============
Institutional Class shares 1,349,624 1,262,750 276,982 1,533,155
=========== =========== =========== ============
INVESTMENT CLASS SHARES:
Net asset value, offering and
redemption price per share $ 20.69 $ 18.27 $ 13.85 $ 14.77
=========== =========== =========== ============
INSTITUTIONAL CLASS SHARES:
Net asset value, offering and
redemption price per share $ 20.68 $ 18.27 $ 13.86 $ 14.77
=========== =========== =========== ============
</TABLE>
See Notes to Financial Statements
46
Wilshire Target Funds, Inc.
Statements of Operations
For the Six Months Ended February 28, 1997 (Unaudited)
<TABLE>
<CAPTION>
LARGE LARGE SMALL SMALL
COMPANY COMPANY COMPANY COMPANY
GROWTH VALUE GROWTH VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends $ 189,267 $ 612,038 $ 16,136 $ 530,442
----------- ---------- ------------ -----------
EXPENSES:
Investment advisory fee (Note 2) 41,271 43,783 24,579 34,588
Administration fee (Note 2) 38,263 39,770 28,247 34,163
Transfer agent fees (Note 2) 50,819 63,437 44,996 57,166
Custodian fees (Note 2) 13,664 14,912 11,065 18,253
Registration and filing fees 13,534 12,688 7,942 12,157
Legal and audit fees 24,059 22,610 1,086 14,372
Amortization of organization costs
(Note 5) 1,726 1,801 1,675 1,240
Directors' fees and expenses
(Note 2) 5,932 7,340 2,396 5,405
Other 5,516 5,064 5,297 1,831
----------- ---------- ------------ -----------
Subtotal 194,784 211,405 127,283 179,175
Fees waived by investment adviser
(Note 2) (24,747) (26,249) (14,736) (20,732)
Expenses reimbursed by administrator
(Note 2) (24,498) (27,823) (12,169) (37,363)
----------- ---------- ------------ -----------
Total net expenses 145,539 157,333 100,378 121,080
----------- ---------- ------------ -----------
NET INVESTMENT INCOME/(LOSS) 43,728 454,705 (84,242) 409,362
----------- ---------- ------------ -----------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS
(Notes 1 and 4):
Net realized gain on investments
during the period 2,301,470 2,932,423 1,487,463 1,882,249
Net change in unrealized
appreciation/(depreciation)
of investments during
the period 4,142,895 2,957,279 (2,098,317) 1,588,445
----------- ---------- ------------ -----------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS 6,444,365 5,889,702 (610,854) 3,470,694
----------- ---------- ------------ -----------
NET INCREASE/(DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS $ 6,488,093 $ 6,344,407 $ (695,096) $3,880,056
=========== =========== ============ ==========
</TABLE>
See Notes to Financial Statements
47
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED FEBRUARY 28, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
LARGE LARGE SMALL SMALL
COMPANY COMPANY COMPANY COMPANY
GROWTH VALUE GROWTH VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income/(loss) $ 43,728 $ 454,705 $ (84,242) $ 409,362
Net realized gain on investments
sold during the period 2,301,470 2,932,423 1,487,463 1,882,249
Net change in unrealized
appreciation/(depreciation)
of investments during
the period 4,142,895 2,957,279 (2,098,317) 1,588,445
--------- --------- ---------- ---------
Net increase/(decrease) in net
assets resulting from operations 6,488,093 6,344,407 (695,096) 3,880,056
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Investment Class shares (22,088) (450,971) -- (662,863)
Institutional Class shares (29,526) (603,729) -- (355,380)
Net realized gain on investments:
Investment Class shares (2,335,170) (1,745,588) (3,506,355) (2,277,643)
Institutional Class shares (1,724,527) (2,263,715) (802,363) (1,191,034)
---------- ---------- -------- ----------
Total distributions to shareholders (4,111,311) (5,064,003) (4,308,718) (4,486,920)
CAPITAL STOCK TRANSACTIONS:
Investment Class shares:
Shares sold 4,867,055 1,175,437 2,059,978 4,393,070
Shares issued as reinvestment of
dividends 2,087,327 2,047,357 3,289,679 2,785,299
Shares redeemed (5,671,886) (6,691,115) (5,515,909) (17,345,148)
---------- ---------- ---------- -----------
Total Investment Class shares 1,282,496 (3,468,321) (166,252) (10,166,779)
--------- ---------- -------- -----------
Institutional Class shares:
Shares sold 17,430,000 2,053,250 421,000 13,850,203
Shares issued as reinvestment of
dividends 1,754,053 2,867,445 802,362 1,546,414
Shares redeemed -- (706) (965) --
--------- ---------- -------- -----------
Total Institutional Class shares 19,184,053 4,919,989 1,222,397 15,396,617
---------- --------- --------- ----------
Net increase in net assets from
Capital Stock transactions 20,466,549 1,451,668 1,056,145 5,229,838
---------- --------- --------- ---------
Net increase/(decrease) in net
assets 22,843,331 2,732,072 (3,947,669) 4,622,974
---------- --------- ---------- ---------
NET ASSETS:
Beginning of period 26,797,331 35,384,690 21,626,719 34,663,654
---------- ---------- ---------- ----------
End of period $49,640,662 $ 38,116,762 $ 17,679,050 $ 39,286,628
=========== ============ ============ ============
Undistributed net investment income/
(accumulated net investment loss) $ 23,324 $ 179,660 $ (84,242) $ 142,981
=========== =========== ============ ============
</TABLE>
See Notes to Financial Statements
48
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
SIX MONTHS ENDED FEBRUARY 28, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
LARGE LARGE SMALL SMALL
COMPANY COMPANY COMPANY COMPANY
GROWTH VALUE GROWTH VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
CAPITAL SHARE TRANSACTIONS:
Investment Class shares:
Shares sold 236,657 63,151 119,712 283,893
Shares issued as reinvestment of
dividends 106,063 117,125 226,561 195,460
Shares redeemed (276,267) (365,783) (319,037) (1,070,049)
-------- -------- -------- ----------
Net increase/(decrease) in
Investment Class shares
outstanding 66,453 (185,507) 27,236 (590,696)
======== ======== ======= =========
Institutional Class shares:
Shares sold 859,360 119,643 29,135 963,863
Shares issued as reinvestment of
dividends 89,174 164,042 55,221 108,597
Shares redeemed -- (41) (69) --
-------- -------- -------- ----------
Net increase in Institutional Class
shares outstanding 948,534 283,644 84,287 1,072,460
======== ======== ======= =========
</TABLE>
See Notes to Financial Statements
49
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEAR ENDED AUGUST 31, 1996
<TABLE>
<CAPTION>
LARGE LARGE SMALL SMALL
COMPANY COMPANY COMPANY COMPANY
GROWTH VALUE GROWTH VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income/(loss) $ 104,973 $ 1,081,833 $ (174,731) $ 1,106,895
Net realized gain on investments
sold during the year 3,041,621 3,153,054 3,995,373 2,101,923
Net change in unrealized
appreciation/(depreciation)
of investments during the year 1,835,722 583,669 (279,274) (194,305)
--------- ------- -------- --------
Net increase in net assets resulting
from operations 4,982,316 4,818,556 3,541,368 3,014,513
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Investment Class shares (171,127) (772,273) -- (1,093,961)
Institutional Class shares -- -- -- --
Net realized gain on investments:
Investment Class shares (586,295) (831,426) (3,245,229) (860,790)
Institutional Class shares -- -- -- --
--------- ------- -------- --------
Total distributions to shareholders (757,422) (1,603,699) (3,245,229) (1,954,751)
CAPITAL STOCK TRANSACTIONS:
Investment Class shares:
Shares sold 14,574,069 21,626,014 9,937,125 24,066,420
Shares issued as reinvestment of
dividends 689,109 1,564,499 3,050,507 1,906,029
Shares redeemed (21,367,106) (30,777,774) (16,749,530) (25,464,503)
----------- ----------- ----------- -----------
Total Investment Class shares (6,103,928) (7,587,261) (3,761,898) 507,946
----------- ----------- ----------- -----------
Institutional Class shares:
Shares sold 7,327,918 16,830,839 3,210,300 7,117,734
----------- ----------- ----------- -----------
Total Institutional Class shares 7,327,918 16,830,839 3,210,300 7,117,734
----------- ----------- ----------- -----------
Net increase/(decrease) in net
assets from Capital Stock
transactions 1,223,990 9,243,578 (551,598) 7,625,680
----------- ----------- ----------- -----------
Net increase/(decrease) in net
assets 5,448,884 12,458,435 (255,459) 8,685,442
----------- ----------- ----------- -----------
NET ASSETS:
Beginning of year 21,348,447 22,926,255 21,882,178 25,978,212
----------- ----------- ----------- -----------
End of year $ 26,797,331 $ 35,384,690 $ 21,626,719 $ 34,663,654
============= ============= ============= =============
Undistributed net investment income $ 31,210 $ 779,655 -- $ 751,862
============= ============= ============= =============
</TABLE>
See Notes to Financial Statements
50
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
YEAR ENDED AUGUST 31, 1996
<TABLE>
<CAPTION>
LARGE LARGE SMALL SMALL
COMPANY COMPANY COMPANY COMPANY
GROWTH VALUE GROWTH VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
CAPITAL SHARE TRANSACTIONS:
Investment Class shares:
Shares sold 811,376 1,253,565 562,163 1,527,858
Shares issued as reinvestment of
dividends 39,718 92,464 186,234 122,970
Shares redeemed (1,173,450) (1,767,796) (955,596) (1,619,393)
---------- ---------- -------- ----------
Net increase/(decrease) in
Investment
Class shares outstanding (322,356) (421,767) (207,199) 31,435
======== ======== ======== ======
Institutional Class shares:
Shares sold 401,090 979,106 192,695 460,695
------- ------- ------- -------
Net increase in Institutional Class
Shares outstanding 401,090 979,106 192,695 460,695
======= ======= ======= =======
</TABLE>
See Notes to Financial Statements
51
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
INVESTMENT CLASS SHARES
-----------------------
SIX
MONTHS
ENDED YEAR YEAR YEAR PERIOD
02/28/97 ENDED ENDED ENDED ENDED
(UNAUDITED) 8/31/96 8/31/95 8/31/94 8/31/93*
----------- ------- ------- ------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $ 19.35 $ 16.34 $ 13.31 $ 12.74 $ 12.50
------- --------- -------- ------- -------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income 0.03 0.07 0.10 0.15 0.21
Net realized and unrealized
gain on investments 4.07 3.45 3.03 0.65 0.10
------- --------- -------- ------- -------
Total from investment
operations 4.10 3.52 3.13 0.80 0.31
------- --------- -------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment
income (0.03) (0.12) (0.10) (0.23) (0.07)
Distributions from capital
gains (2.73) (0.39) -- -- --
------- --------- -------- ------- -------
Total distributions (2.76) (0.51) (0.10) (0.23) (0.07)
------- --------- -------- ------- -------
Net asset value, end of period $ 20.69 $ 19.35 $ 16.34 $ 13.31 $ 12.74
======= ======== ======== ======= =======
Total return+ 21.88%++ 21.90% 23.67% 6.34% 2.46%++
======= ======== ======== ======= =======
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net assets, end of period (in
000's) $21,726 $19,035 $21,348 $8,424 $8,061
Ratio of operating expenses to
average net assets 0.88%** 0.93% 0.84% 0.68% --
Decrease reflected in above
expense ratio due to expense
waivers/reimbursements 0.30%** 0.03% 0.21% 0.71% 1.14%++
Ratio of net investment income
to average net assets 0.26%** 0.39% 0.94% 1.18% 1.66%++
Portfolio turnover rate 24% 44% 30% 22% 12%
Average commission rate paid (a) $0.0281 $0.0312 -- -- --
</TABLE>
- ---------
* Large Company Growth Portfolio Investment Class shares commenced operations
on September 30, 1992.
**Annualized.
+ Total return represents aggregate total return for the period indicated.
++ Non-annualized.
(a)Average commission rate paid per share of portfolio securities purchased and
sold by the Portfolio.
See Notes to Financial Statements
52
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO -- (CONTINUED)
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
INSTITUTIONAL CLASS SHARES
--------------------------
SIX
MONTHS
ENDED PERIOD
02/28/97 ENDED
(UNAUDITED) 8/31/96*
----------- --------
<S> <C> <C>
Net asset value, beginning of period $ 19.35 $ 18.27
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.03 0.01
Net realized and unrealized gain on investments 4.08 1.07
-------- --------
Total from investment operations 4.11 1.08
-------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income (0.05) --
Distributions from capital gains (2.73) --
-------- --------
Total distributions (2.78) --
-------- --------
Net asset value, end of period $ 20.68 $ 19.35
======== ========
Total return+ 21.95%++ 5.91%++
======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $27,915 $ 7,763
Ratio of operating expenses to average net assets 0.88%** 0.91%**
Decrease reflected in above expense ratio due to expense
waivers/reimbursements 0.30%** 0.03%**
Ratio of net investment income to average net assets 0.26%** 0.41%**
Portfolio turnover rate 24% 44%
Average commission rate paid (a) $0.0281 $0.0312
</TABLE>
- --------
* Large Company Growth Portfolio Institutional Class shares commenced
operations on July 15, 1996.
**Annualized.
+ Total return represents aggregate total return for the period indicated.
++ Non-annualized.
(a)Average commission rate paid per share of portfolio securities purchased and
sold by the Portfolio.
See Notes to Financial Statements
53
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
INVESTMENT CLASS SHARES
-----------------------
SIX
MONTHS
ENDED YEAR YEAR YEAR PERIOD
02/28/97*** ENDED ENDED ENDED ENDED
(UNAUDITED) 8/31/96 8/31/95 8/31/94 8/31/93*
----------- ------- ------- ------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $ 17.80 $ 16.02 $ 13.99 $ 15.18 $ 12.50
------- -------- -------- -------- -------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income 0.23 0.85 0.34 0.36 0.54
Net realized and unrealized
gain/(loss) on investments 3.15 1.91 2.19 (0.90) 2.30
------- -------- -------- -------- -------
Total from investment
operations 3.38 2.76 2.53 (0.54) 2.84
------- -------- -------- -------- -------
LESS DISTRIBUTIONS:
Dividends from net investment
income (0.60) (0.47) (0.40) (0.36) (0.16)
Distributions from capital
gains (2.31) (0.51) (0.10) (0.29) --
------- -------- -------- -------- -------
Total distributions (2.91) (0.98) (0.50) (0.65) (0.16)
------- -------- -------- -------- -------
Net asset value, end of period $ 18.27 $ 17.80 $ 16.02 $ 13.99 $ 15.18
======= ======== ======== ======== =======
Total return+ 19.72%++ 17.52% 18.97% (3.61)% 22.93%++
===== ===== ===== ===== =====
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net assets, end of period (in
000's) $15,048 $17,960 $22,926 $12,158 $8,116
Ratio of operating expenses to
average net assets 0.90%** 0.89% 0.81% 0.58% --
Decrease reflected in above
expense ratio due to expense
waivers/reimbursements 0.31%** 0.03% 0.21% 0.60% 1.32%++
Ratio of net investment income
to average net assets 2.60%** 3.12% 3.77% 4.02% 4.27%++
Portfolio turnover rate 33% 56% 58% 47% 22%
Average commission rate paid
(a) $0.0186 $0.0269 -- -- --
</TABLE>
- --------
* Large Company Value Portfolio Investment Class shares commenced operations
on September 30, 1992.
** Annualized.
*** Per share numbers have been calculated using the monthly average share
method, which more appropriately represents the per share data for the
period since use of the undistributed income method did not accord with the
results of operations.
+ Total return represents aggregate total return for the period indicated.
++ Non-annualized.
(a) Average commission rate paid per share of portfolio securities purchased
and sold by the Portfolio.
See Notes to Financial Statements
54
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO -- (CONTINUED)
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
INSTITUTIONAL CLASS SHARES
--------------------------
SIX
MONTHS
ENDED PERIOD
02/28/97*** ENDED
(UNAUDITED) 8/31/96*
----------- --------
<S> <C>
Net asset value, beginning of period $ 17.80 $ 17.19
------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.24 0.07
Net realized and unrealized gain on investments 3.16 0.54
------- --------
Total from investment operations 3.40 0.61
------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income (0.62) --
Distributions from capital gains (2.31) --
------- --------
Total distributions (2.93) --
------- --------
Net asset value, end of period $ 18.27 $ 17.80
======== ========
Total return+ 19.83%++ 3.55%++
======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $23,068 $ 17,425
Ratio of operating expenses to average net assets 0.90%** 0.87%**
Decrease reflected in above expense ratio due to expense
waivers/reimbursements 0.31%** 0.03%**
Ratio of net investment income to average net assets 2.60%** 3.14%**
Portfolio turnover rate 33% 56%
Average commission rate paid (a) $0.0186 $ 0.0269
</TABLE>
- --------
* Large Company Value Portfolio Institutional Class shares commenced
operations on July 15, 1996.
** Annualized.
*** Per share numbers have been calculated using the monthly average share
method, which more appropriately represents the per share data for the
period since use of the undistributed income method did not accord with the
results of operations.
+ Total return represents aggregate total return for the period indicated.
++ Non-annualized.
(a)Average commission rate paid per share of portfolio securities purchased and
sold by the Portfolio.
See Notes to Financial Statements
55
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
INVESTMENT CLASS SHARES
-----------------------
SIX
MONTHS
ENDED YEAR YEAR YEAR PERIOD
02/28/97 ENDED ENDED ENDED ENDED
(UNAUDITED) 8/31/96 8/31/95 8/31/94 8/31/93*
----------- ------- ------- ------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $ 18.56 $ 18.55 $ 15.39 $ 16.03 $12.50
------- ------- ------- ------- ------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income/(loss) (0.07) (0.19) (0.07) (0.04) 0.08
Net realized and unrealized
gain/(loss) on investments (0.48) 3.06 3.54 0.90 3.48
------- ------- ------- ------- ------
Total from investment
operations (0.55) 2.87 3.47 0.86 3.56
------- ------- ------- ------- ------
LESS DISTRIBUTIONS:
Dividends from net investment
income -- -- -- -- (0.03)
Distributions in excess of net
investment income -- -- -- (0.07) --
Distributions from capital
gains (4.16) (2.86) (0.31) (1.43) --
------- ------- ------- ------- ------
Total distributions (4.16) (2.86) (0.31) (1.50) (0.03)
------- ------- ------- ------- ------
Net asset value, end of period $ 13.85 $ 18.56 $ 18.55 $ 15.39 $ 16.03
======= ======== ======== ======== =======
Total return+ (3.98)%++ 17.50% 23.04% 5.20% 28.50%++
======= ======== ======== ======== =======
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net assets, end of period (in
000's) $13,840 $18,049 $21,882 $11,188 $7,527
Ratio of operating expenses to
average net assets 1.02%** 1.01% 0.95% 0.74% --
Decrease reflected in above
expense ratio due to expense
waivers/reimbursements 0.27%** 0.04% 0.21% 0.73% 1.40%++
Ratio of net investment
income/(loss) to average
net assets (0.86)%** (0.78)% (0.54)% (0.40)% 0.53%++
Portfolio turnover rate 54% 87% 111% 46% 55%
Average commission rate paid
(a) $0.0217 $0.0200 -- -- --
</TABLE>
- --------
* Small Company Growth Portfolio Investment Class shares commenced operations
on October 1, 1992.
** Annualized.
+ Total return represents aggregate total return for the period indicated.
++ Non-annualized.
(a) Average commission rate paid per share of portfolio securities purchased and
sold by the Portfolio.
See Notes to Financial Statements
56
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO -- (CONTINUED)
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
INSTITUTIONAL CLASS SHARES
--------------------------
SIX
MONTHS
ENDED PERIOD
02/28/97 ENDED
(UNAUDITED) 8/31/96*
----------- --------
<S> <C> <C>
Net asset value, beginning of period $ 18.56 $ 16.66
------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (0.06) (0.02)
Net realized and unrealized gain/(loss) on investments (0.48) 1.92
------- --------
Total from investment operations (0.54) 1.90
------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income -- --
Distributions from capital gains (4.16) --
Total distributions (4.16) --
------- --------
Net asset value, end of period $ 13.86 $ 18.56
======= =========
Total return+ (3.92)%++ 11.40%++
======= =========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 3,839 $ 3,577
Ratio of operating expenses to average net assets 1.02%** 0.98%**
Decrease reflected in above expense ratio due to expense
waivers/reimbursements 0.27%** 0.04%**
Ratio of net investment loss to average net assets (0.86)%** (0.75)%**
Portfolio turnover rate 54% 87%
Average commission rate paid (a) $0.0217 $ 0.0200
</TABLE>
- --------
* Small Company Growth Portfolio Institutional Class shares commenced
operations on July 15, 1996.
** Annualized.
+ Total return represents aggregate total return for the period indicated.
++ Non-annualized.
(a) Average commission rate paid per share of portfolio securities purchased and
sold by the Portfolio.
See Notes to Financial Statements
57
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
INVESTMENT CLASS SHARES
-----------------------
SIX
MONTHS
ENDED YEAR YEAR YEAR PERIOD
02/28/97*** ENDED ENDED ENDED ENDED
(UNAUDITED) 8/31/96 8/31/95 8/31/94 8/31/93*
----------- ------- ------- ------- --------
<S> <C> <C> <C> <C>
Net asset value, beginning of
period $ 15.92 $ 15.41 $ 14.32 $ 14.81 $ 12.50
------- ------- ------- ------- -------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income 0.23 0.56 0.55 0.45 0.35
Net realized and unrealized
gain/(loss) on investments 1.96 0.95 1.06 (0.45) 2.10
------- ------- ------- ------- -------
Total from investment
operations 2.19 1.51 1.61 0.00 2.45
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment
income (0.75) (0.56) (0.45) (0.33) (0.14)
Distributions from capital
gains (2.59) (0.44) (0.07) (0.16) --
------- ------- ------- ------- -------
Total distributions (3.34) (1.00) (0.52) (0.49) (0.14)
------- ------- ------- ------- -------
Net asset value, end of period $ 14.77 $ 15.92 $ 15.41 $ 14.32 $ 14.81
======= ======= ======= ======= =======
Total return+ 14.51%++ 10.01% 11.84% (0.01)% 19.72%++
======= ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net assets, end of period (in
000's) $16,637 $27,329 $25,978 $23,438 $15,155
Ratio of operating expenses to
average net assets 0.88%** 0.88% 0.69% 0.50% --
Decrease reflected in above
expense ratio due to expense
waivers/reimbursements 0.42%** 0.04% 0.22% 0.56% 1.32%++
Ratio of net investment income
to average net assets 2.96%** 3.13% 4.12% 3.64% 3.65%++
Portfolio turnover rate 63% 81% 86% 49% 27%
Average commission rate paid
(a) $0.0242 $0.0238 -- -- --
</TABLE>
- --------
* Small Company Value Portfolio Investment Class shares commenced operations
on September 30, 1992.
** Annualized.
*** Per share numbers have been calculated using the monthly average share
method, which more appropriately represents the per share data for the
period since use of the undistributed income method did not accord with the
results of operations.
+ Total return represents aggregate total return for the period indicated.
++ Non-annualized.
(a) Average commission rate paid per share of portfolio securities purchased and
sold by the Portfolio.
See Notes to Financial Statements
58
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO -- (CONTINUED)
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
INSTITUTIONAL CLASS SHARES
--------------------------
SIX
MONTHS
ENDED PERIOD
02/28/97*** ENDED
(UNAUDITED) 8/31/96*
----------- --------
<S> <C>
Net asset value, beginning of period $ 15.92 $ 15.45
------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.24 0.06
Net realized and unrealized gain on investments 1.97 0.41
------- --------
Total from investment operations 2.21 0.47
------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income (0.77) --
Distributions from capital gains (2.59) --
------- --------
Total distributions (3.36) --
------- --------
Net asset value, end of period $ 14.77 $ 15.92
===== ====
Total return+ 14.65%++ 3.04%++
===== ====
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $22,649 $ 7,335
Ratio of operating expenses to average net assets 0.88%** 0.85%**
Decrease reflected in above expense ratio due to expense
waivers/reimbursements 0.42%** 0.04%**
Ratio of net investment income to average net assets 2.96%** 3.16%**
Portfolio turnover rate 63% 81%
Average commission rate paid (a) $0.0242 $ 0.0238
</TABLE>
- --------
* Small Company Value Portfolio Institutional Class shares commenced
operations on July 15, 1996.
** Annualized.
*** Per share numbers have been calculated using the monthly average share
method, which more appropriately represents the per share data for the
period since use of the undistributed income method did not accord with the
results of operations.
+ Total return represents aggregate total return for the period indicated.
++ Non-annualized.
(a) Average commission rate paid per share of portfolio securities purchased and
sold by the Portfolio.
See Notes to Financial Statements
59
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES.
Wilshire Target Funds, Inc. (the "Fund" ) is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end investment
company, which was incorporated under Maryland law on July 30, 1992. The Fund
operates as a series company having four series: Large Company Growth Portfolio,
Large Company Value Portfolio, Small Company Growth Portfolio and Small Company
Value Portfolio (the "Portfolios"). The Fund accounts separately for the assets,
liabilities and operations of each series.
Each of the Portfolios offers Investment and Institutional Class shares (the
"shares"), each of which has equal rights as to assets and voting privileges.
The Investment Class has exclusive voting rights with respect to its
distribution plan. Investment income, realized and unrealized capital gains and
losses and the common expenses of each Portfolio are allocated on a pro-rata
basis to each class based on the relative net assets of each class to the total
net assets of each Portfolio. Each class of shares differs in its respective
service and distribution expenses.
The preparation of financial statements in accordance with generally-accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies consistently followed by the Portfolios in the
preparation of their financial statements.
PORTFOLIO VALUATION: Each Portfolio's investment securities are valued at the
last sale price on the securities exchange or national securities market on
which such securities primarily are traded. Securities not listed on an exchange
or national securities market, or securities in which there were no
transactions, are valued at the average of the most recent bid and asked prices.
Bid price is used when no asked price is available. Short-term investments are
carried at amortized cost, which approximates value. Any securities or other
assets for which recent market quotations are not readily available are valued
at fair value as determined in good faith pursuant to procedures adopted by the
Board of Directors.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on a trade date basis. Realized gains and losses from securities
transactions are recorded on the identified cost basis. Dividend income is
recognized on the ex-dividend date and interest income, including, where
applicable, amortization of discount on investments, is recognized on an accrual
basis.
60
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)(UNAUDITED)
EXPENSES: Operating expenses directly attributable to a class of shares are
charged to that class' operations. Expenses of the Portfolios not attributable
directly to the operations of any class of shares are pro-rated among the
classes to which the expense relates based on the relative net assets of each
class of shares. Expenses and fees, including the advisory and administration
fees, are accrued daily and taken into account for the purpose of determining
the net asset value of each Portfolio's shares.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Distributions from net investment
income, if any, are declared and paid annually. The Portfolio's net realized
capital gains, unless offset by any available capital loss carryforward, are
distributed to shareholders annually. Additional distributions of net investment
income and capital gains may be made at the discretion of the Board of Directors
in order to avoid the application of a 4% non-deductible Federal excise tax.
Income distributions and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally-accepted accounting
principles. These differences are primarily due to differing treatments of
income and gains on various investment securities held by the Portfolios, timing
differences and differing characterization of distributions made by each
Portfolio as a whole.
FEDERAL INCOME TAXES: The Fund intends to qualify each year as a regulated
investment company by complying with the requirements of the Internal Revenue
Code of 1986, as amended, and by, among other things, distributing substantially
all of its earnings to shareholders. Therefore, no Federal income tax provision
is required.
2. INVESTMENT ADVISORY FEE, ADMINISTRATION FEE AND
OTHER TRANSACTIONS.
The Fund has entered into an investment advisory agreement (the "Advisory
Agreement") with Wilshire Associates Incorporated ("Wilshire"). Under the terms
of the Advisory Agreement dated July 11, 1996, the Fund has agreed to pay
Wilshire a fee, computed daily and paid monthly, at the annual rate of .25 of 1%
of the value of each Portfolio's average daily net assets. However, the Advisory
Agreement also includes a fifteen-month expense limitation provision. For the
fifteen-month period commencing July 11, 1996, Wilshire has agreed that if the
aggregate operating expenses of any Portfolio (exclusive of interest, taxes,
brokerage, 12b-1 plan fees and extraordinary expenses) for such period exceed
the
61
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)(UNAUDITED)
annual rate specified in the following table for such Portfolio, the investment
advisory fee otherwise payable for that period by the Portfolio under the
Advisory Agreement will be reduced by the amount of the excess, but not below an
annual fee rate of .10 of 1% of such Portfolio's average daily net assets.
<TABLE>
<CAPTION>
FUND ANNUAL RATE (%)
---- ---------------
<S> <C>
Large Company Growth Portfolio .80
Large Company Value Portfolio .77
Small Company Growth Portfolio .91
Small Company Value Portfolio .66
</TABLE>
In addition, Wilshire voluntarily has undertaken to waive such additional
portion of its fee otherwise payable under the Advisory Agreement as is in
excess of the rate payable under its prior agreement with the Fund (.10% of 1%
of each Portfolio's average daily net assets). The voluntary waiver will remain
in effect until at least August 31, 1997, but may be terminated at any time
thereafter by Wilshire by notice to the Directors of the Fund.
First Data Investor Services Group, Inc. ("FDISG"), a wholly-owned subsidiary of
First Data Corporation, serves as the Fund's administrator pursuant to an
administration agreement (the "Administration Agreement"). Under the terms of
the Administration Agreement, the Fund has agreed to pay FDISG a fee, computed
daily and paid monthly, at the annual rate of .15 of 1% of the Fund's monthly
average net assets up to aggregate assets of $1 billion, .10 of 1% of the Fund's
monthly average net assets on the next $4 billion in aggregate assets, and .08
of 1% of the Fund's monthly average net assets on the excess net assets. In
addition, the Fund has agreed to pay FDISG an annual fee of $25,000 per
Portfolio and $2,000 for each additional class. FDISG also serves as the Fund's
transfer and dividend disbursing agent. For the six months ended February 28,
1997, FDISG has reimbursed expenses of $101,853.
The Northern Trust Company serves as the Fund's custodian.
No officer, director or employee of Wilshire, FDISG, or any affiliate thereof,
receives any compensation from the Fund for serving as Director or officer of
the Fund. The Fund pays each unaffiliated Director an annual fee of $3,000 plus
an additional $2,500 for each board meeting attended. The Fund also reimburses
expenses incurred by the unaffiliated Directors in attending such meetings.
62
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)(UNAUDITED)
3. SHAREHOLDER SERVICES PLAN.
The Directors and shareholders of the Fund have adopted a shareholder
services plan (the "Plan" ) pursuant to Rule 12b-1 adopted by the Securities and
Exchange Commission under the 1940 Act, with respect to the Investment Class
shares of each Portfolio. Under the Plan, the Fund reimburses First Data
Distributors, Inc. (formerly known as 440 Financial Distributors, Inc.), the
Fund's distributor, at an annual rate of up to .25 of 1% of the value of the
average daily net assets attributable to the Investment Class shares of each
Portfolio for certain shareholder services provided by securities dealers or
other financial intermediaries. The shareholder services provided may include
personal services to holders of the Investment Class shares and/or for the
maintenance of the accounts of the holders of the Investment Class shares.
4. SECURITIES TRANSACTIONS.
For the six months ended February 28, 1997, aggregate cost of purchases and
proceeds from sales of securities, other than short-term investments, were as
follows:
<TABLE>
<CAPTION>
FUND PURCHASES SALES
---- --------- -----
<S> <C> <C>
Large Company Growth Portfolio $23,272,107 $ 8,090,824
Large Company Value Portfolio 11,577,066 14,963,143
Small Company Growth Portfolio 10,574,375 13,873,888
Small Company Value Portfolio 19,638,279 18,183,120
</TABLE>
At February 28, 1997, aggregate gross unrealized appreciation for all securities
for which there was an excess of value over tax cost and aggregate gross
unrealized depreciation for all securities for which there was an excess of tax
cost over value for Federal income tax purposes was as follows:
<TABLE>
<CAPTION>
TAX BASIS TAX BASIS
UNREALIZED UNREALIZED
FUND APPRECIATION DEPRECIATION
---- ------------ ------------
<S> <C> <C>
Large Company Growth Portfolio $10,006,100 $ 282,904
Large Company Value Portfolio 6,209,012 461,805
Small Company Growth Portfolio 2,176,691 2,511,238
Small Company Value Portfolio 3,653,291 738,515
</TABLE>
63
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)(UNAUDITED)
5. ORGANIZATION COSTS
The Portfolios bear all costs in connection with their organization,
including the fees and expenses of registering and qualifying their shares for
distribution under Federal and state securities regulations. All such costs are
being amortized on the straight-line method over a period of five years from
commencement of operations.
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