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<PAGE> PAGE 12
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<PAGE> PAGE 26
SIGNATURE MICHELLE A. WHALEN
TITLE SR. ADMINISTRATOR
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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October 8, 1999
To the Shareholders and Board of Directors of
Wilshire Target Funds, Inc.:
In planning and performing our audit of the financial statements of Wilshire
Target Funds, Inc. for the year ended August 31, 1999, we considered its
internal control, including control activities for safeguarding securities,
in order to determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the requirements
of Form N-SAR, not to provide assurance on internal control.
The management of Wilshire Target Funds, Inc. is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's objective
of preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not
reduce to a relatively low level the risk that misstatements caused by
error or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal control
and its operation, including controls for safeguarding securities that
we consider to be material weaknesses as defined above as of
August 31, 1999.
This report is intended solely for the information and use of management and
Board of Directors of Wilshire Target Funds, Inc. and the Securities and
Exchange Commission.
PricewaterhouseCoopers LLP
EXHIBIT 77Q(1)
WILSHIRE TARGET FUNDS, INC.
ARTICLES SUPPLEMENTARY
WILSHIRE TARGET FUNDS, INC., a Maryland corporation registered as an
open-end investment company under the Investment Company Act of 1940,
as amended (the "1940 Act"), and having its principal office in the
State of Maryland in Baltimore City, Maryland (hereinafter called the
"Corporation"), hereby certifies to the State Department of Assessments
and Taxation of Maryland that:
FIRST: In accordance with procedures established in the Corporation's
Charter and pursuant to Section 2-208 of Maryland General Corporate Law,
the Board of Directors of the Corporation, by resolution dated
June 7, 1999, duly reclassifies twenty million (20,000,000) shares of
the authorized common stock of the Corporation as follows:
Authorized
Shares
Former Classification New Classification Allocated
Unclassified Wilshire 5000 Index Portfolio- 10,000,000
Qualified Class
Unclassified Wilshire 5000 Index Portfolio- 10,000,000
Horace Mann Class Shares
SECOND: The shares of the Corporation reclassified pursuant to Article
First of these Articles Supplementary have been classified by the Board
of Directors under the authority contained in the Charter of
the Corporation.
THIRD: Immediately prior to the effectiveness of these Articles
Supplementary of the Corporation, the Corporation had authority to
issue six hundred million (600,000,000) shares of Common Stock of the
par value of $0.001 per share and of the aggregate par value of six
hundred thousand dollars ($600,000), classified as follows:
Previous Classification of Shares
Name of Portfolio
Class Designation
Number of
Shares Classified
Large Company Growth Portfolio
Investment Class Shares
50,000,000
Institutional Class Shares
50,000,000
Large Company Value Portfolio
Investment Class Shares
50,000,000
Institutional Class Shares
50,000,000
Small Company Growth Portfolio
Investment Class Shares
50,000,000
Institutional Class Shares
50,000,000
Small Company Value Portfolio
Investment Class Shares
50,000,000
Institutional Class Shares
50,000,000
Wilshire 5000 Index Portfolio
Investment Class Shares
50,000,000
Institutional Class Shares
50,000,000
Unclassified
100,000,000
600,000,000
As supplemented hereby, the Corporation's Articles of Incorporation
authorize the issuance of six hundred million (600,000,000) shares of
Common Stock of the par value of $0.001 per share and of the aggregate par
value of six hundred thousand dollars ($600,000), classified as follows:
Current Classification of Shares
Name of Portfolio
Class Designation
Number of
Shares Classified
Large Company Growth Portfolio
Investment Class Shares
50,000,000
Institutional Class Shares
50,000,000
Large Company Value Portfolio
Investment Class Shares
50,000,000
Institutional Class Shares
50,000,000
Small Company Growth Portfolio
Investment Class Shares
50,000,000
Institutional Class Shares
50,000,000
Small Company Value Portfolio
Investment Class Shares
50,000,000
Institutional Class Shares
50,000,000
Wilshire 5000 Index Portfolio
Investment Class Shares
50,000,000
Institutional Class Shares
50,000,000
Wilshire 5000 Index Portfolio
Qualified Class Shares
10,000,000
Horace Mann Class Shares
10,000,000
Unclassified
80,000,000
600,000,000
FOURTH: The preferences, rights, voting powers, restrictions,
limitations as to dividends, qualifications and terms and conditions of
redemption of each share of each class of the Wilshire 5000 Index
Portfolio (the "Portfolio") shall be as set forth in Article Fifth (5)
of the Corporation's Articles of Incorporation, and shall be subject to
all provisions of the Articles of Incorporation, relating generally to
the Corporation's Common Stock and to the following:
(1) Assets of the Portfolio attributable to the Institutional Class
shares (the "Institutional Class") of the Portfolio, assets of the
Portfolio attributable to the Investment Class shares
(the "Investment Class") of the Portfolio, assets of the Portfolio
attributable to the Horace Mann Class shares (the "Horace Mann Class")
of the Portfolio and assets of the Portfolio attributable to the
Qualified Class shares (the "Qualified Class") of the Portfolio shall be
invested in the same investment portfolio, together with any other class
of shares of the Portfolio.
(2) As more fully set forth hereinafter, the assets and liabilities and the
income and expenses of the Institutional Class, the Investment Class, the
Horace Mann Class and the Qualified Class of the Portfolio, respectively,
shall be determined separately from each other and from those
attributable to any other class of shares of the Portfolio or of the
Corporation and, accordingly, the net asset values, the dividends and
distributions payable to holders, and the amounts distributable in the
event of liquidation of the Portfolio or the Corporation to holders of
shares of the various classes may vary between and among the classes.
Except for these differences, and certain other differences set forth
hereinafter or elsewhere in the Charter of the Corporation, the
Institutional Class, the Investment Class, the Horace Mann Class and
the Qualified Class shares of the Portfolio shall have the same
preferences, conversion and other rights, voting powers, restrictions,
limitations as to dividends, qualifications and terms and conditions
of redemption.
(3) The dividends and distributions of investment income and capital
gains with respect to the Institutional Class, the Investment Class,
the Horace Mann Class and the Qualified Class shares of the Portfolio .
shall be in such amounts as may be declared from time to time by the
Board of Directors, and such dividends and distributions may vary between
and among the classes of shares of the Portfolio to reflect differing
allocations of the expenses and liabilities of the Corporation among the
classes of shares of the Portfolio and any resultant differences between
the net asset values per share of the respective classes, to such extent
and for such purposes as the Board of Directors may deem appropriate.
The allocation of investment income and losses, capital gains and losses,
and expenses and liabilities of the Portfolio and the Corporation between
and among the classes of shares of the Portfolio and any other class of
the Corporation's shares shall be determined by the Board of Directors
in a manner that is consistent with applicable law.
(4) Except as may otherwise be required by law, the holders of the
Institutional Class, the Investment Class, the Horace Mann Class and
the Qualified Class shares, respectively, of the Portfolio shall each
have (i) except as set forth below, the same voting rights as the holders
of other classes of shares of the Portfolio, (ii) exclusive voting rights
with respect to any matter submitted to a vote of stockholders that affects
only holders of the Institutional Class, Investment Class, Horace Mann
Class or Qualified Class shares, respectively, of the Portfolio, including,
without limitation, the provisions of any distribution plan adopted by the
Corporation pursuant to Rule 12b-1 under the Investment Company Act of 1940,
as amended (the "Plan"), applicable to the Institutional Class,
the Investment Class, the Horace Mann Class or the Qualified Class shares,
respectively, of the Portfolio, (iii) no voting rights with respect to
the provisions of any Plan applicable solely to one or more other
classes of shares of the Portfolio or of the Corporation, or with
respect to any other matter submitted to a vote of stockholders that does
not affect holders of the Institutional Class, the Investment Class,
the Horace Mann Class or the Qualified Class shares, as the case may be,
of the Portfolio, and (iv) to the extent required by law, separate voting
rights with respect to any matters submitted to a vote of stockholders.
(5) Without limiting the power of the Corporation pursuant to Article
Eighth subsection (g) of the Corporation's Articles of Incorporation with
respect to the redemption, at the option of the Corporation, of
Investment Class or Institutional Class or other class shares of the
Portfolio or of the Corporation, the Corporation, pursuant to action of
the Board of Directors, may cause the redemption, upon the terms set forth
in such action and in subsections (a) through (e) and subsections
(h) and (i) of Article EIGHTH of the Articles of Incorporation of the
Corporation, of the Horace Mann Class and Qualified Class shares of the
Portfolio owned by stockholders whose shares have an aggregate net asset
value of two million dollars ($2,000,000) or less, or such other greater or
lesser amount as may be fixed from time to time by the Board of Directors,
which amount may differ from the amount established for comparable purposes
with respect to the Investment Class or Institutional Class or other classes
of shares of the Portfolio and may also differ from the amount
established for comparable purposes with respect to the Horace Mann
Class or Qualified Class shares of any other portfolio of the Corporation.
Notwithstanding any other provision of the Charter of the Corporation, if
certificates representing such Horace Mann or Qualified Class shares have
been issued, the redemption price need not be paid by the Corporation until
such certificates are presented in proper form for transfer to the
Corporation or the agent of the Corporation appointed for such purpose;
however, the redemption shall be effective, in accordance with the action of
the Board of Directors, regardless of whether or not such presentation has
been made.
IN WITNESS WHEREOF, Wilshire Target Funds, Inc. has caused these
Articles Supplementary to be signed, and witnessed, in its name and
on its behalf by its undersigned officers who acknowledge that these
Articles Supplementary are the act of the Corporation; that to the best
of their knowledge, information, and belief, all matters and facts set
forth herein relating to the authorization and approval of these Articles
Supplementary are true in all material respects; and that this statement
is made under the penalties of perjury.
Date: June 7, 1999
WILSHIRE TARGET FUNDS, INC.
By:/s/ Thomas D. Stevens
Name: Thomas D. Stevens
Title: President
WITNESS:
By: /s/ Julie Tedesco
Name: Julie Tedesco
Title: Assistant Secretary
c:\my documents\articles supplementary.doc
7
c:\my documents\articles supplementary.doc
ITEM 77I: TERMS OF NEW OR AMENDED SECURITIES
The Wilshire 5000 Index Portfolio also offers Qualified Class Shares.
Qualified Class Shares are available only through a variable annuity
contract an employer bought from an insurance company with which the
Wilshire 5000 Index Portfolio has entered into an agreement.
