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[LOGO]
WILSHIRE
TARGET FUNDS, INC.
SEMI - ANNUAL REPORT
LARGE COMPANY GROWTH PORTFOLIO
LARGE COMPANY VALUE PORTFOLIO
SMALL COMPANY GROWTH PORTFOLIO
SMALL COMPANY VALUE PORTFOLIO
WILSHIRE 5000 INDEX PORTFOLIO
FEBRUARY 28, 1999
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www.wilfunds.com
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WILSHIRE TARGET FUNDS, INC.
<TABLE>
<S> <C>
Shareholder Letter ................................................. 1
Large Company Growth Portfolio:
Fund Commentary ................................................ 3
Large Company Value Portfolio
Fund Commentary ................................................ 5
Small Company Growth Portfolio
Fund Commentary ................................................ 7
Small Company Value Portfolio
Fund Commentary ................................................ 9
Wilshire 5000 Index Portfolio
Fund Commentary ................................................ 11
Statements of Investments:
Large Company Growth Portfolio ................................. 12
Large Company Value Portfolio .................................. 16
Small Company Growth Portfolio ................................. 19
Small Company Value Portfolio .................................. 22
Wilshire 5000 Index Portfolio .................................. 28
Statements of Assets and Liabilities ............................... 49
Statements of Operations ........................................... 51
Statements of Changes in Net Assets ................................ 52
Financial Highlights:
Large Company Growth Portfolio ................................. 56
Large Company Value Portfolio .................................. 58
Small Company Growth Portfolio ................................. 60
Small Company Value Portfolio .................................. 62
Wilshire 5000 Index Portfolio .................................. 64
Notes to Financial Statements ...................................... 65
</TABLE>
THIS REPORT IS FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF LARGE
COMPANY GROWTH PORTFOLIO, LARGE COMPANY VALUE PORTFOLIO, SMALL COMPANY
GROWTH PORTFOLIO, SMALL COMPANY VALUE PORTFOLIO AND WILSHIRE 5000 INDEX
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.
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DEAR SHAREHOLDER,
We are pleased to present this semi-annual report to all shareholders of the
WilshireTarget Funds, Inc. (the "Fund"). This report covers the six months ended
February 28,1999 for both classes of shares of the Fund's Portfolios (Investment
Class and Institutional Class). The Portfolios include Large Company Growth,
Large Company Value, Small Company Growth, Small Company Value, and the newest
of the Fund's portfolios, the Wilshire 5000 Index Portfolio.
BROAD MARKET EXPOSURE THROUGH THE NEW WILSHIRE 5000 INDEX PORTFOLIO
Investors can now enjoy the benefits of an index fund with exposure to the broad
U.S. stock market with the recent launch of the first official Wilshire 5000
Index mutual fund. Since it was produced in 1974, the broad-based Wilshire 5000
Index (the "Index"), which now includes approximately 7,400 stocks, is widely
considered the best representation of the entire U.S. market. The Index measures
the performance of all U.S. domiciled stocks traded on the New York Stock
Exchange, the American Stock Exchange and the NASDAQ with readily available
price information. The Wilshire 5000 Index Portfolio has been created using
sampling procedures to track the Index, and will ultimately hold between 2,000
to 3,000 securities, in comparison to the almost 7,400 securities included in
the Index. Recent market conditions highlight the benefits of investing in a
broad market index over the S&P 500 Index. Small cap stocks have underperformed
relative to large cap stocks (as measured by the S&P 500 Index) for the past
five years. Unlike the S&P 500 Index, the Index includes small and mid-cap
stocks as well as large cap stocks, which provides a more comprehensive profile
for the market as a whole.
THE STYLE APPROACH
In addition to the new Wilshire 5000 Index Portfolio, the Fund offers focused
exposure to four distinct segments of the equity market represented by the Large
Company Growth, Large Company Value, Small Company Growth, and Small Company
Value Portfolios. Investors target different fundamental characteristics when
choosing to pursue a style approach. Consequently, each Portfolio owns only
securities which correspond with the characteristics most commonly associated
with that style. Generally, the Growth portfolios focus on companies whose
financial characteristics include above average earnings growth, sales growth,
and return on equity. Conversely, the Value portfolios seek companies with above
average earnings yield, dividend yield, and book-to-price ratios. Stocks are
purchased only if they meet the specific growth or value criteria defined for
the Portfolio.
In order to maintain proper style exposure in each Portfolio, changes are made
over time as companies characteristics change. Stocks are sold if they no longer
meet the criteria of that particular Portfolio. For example, value stocks can
lose their attractiveness, from a value perspective, after a strong relative
price advance. Consequently, the Portfolios require constant vigilance and
monitoring to make sure that each Portfolio has the most appropriate stocks
given its style orientation.
MARKET ENVIRONMENT
During the six month period ended February 28, 1999, we saw a continuation of
the trend where large company stocks outperformed small company stocks. The
Wilshire 5000 Index, comprised of all U.S. equity securities, advanced 29.34%
for the six months ended February 28, 1999. Large companies, as measured by the
Standard & Poors 500 Composite Stock Price Index, rose 30.32%, and small
companies, as measured by the Wilshire Next 1750 Index, climbed 17.58% during
this time period.
1
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For these six months, the equity markets have continued to generate positive
returns for investors, and since our management approach entails maintaining a
fully invested posture at all times, investors have received full benefit of the
market advance. We believe that for individuals as well as for large corporate
pension plans, the decision as to what percentage of investment assets should be
allocated to equities is a strategic decision, based on a long-term view of the
capital markets as well as the individual's/corporation's risk tolerance. By
providing funds which are virtually fully invested, we allow our shareholders to
efficiently implement these decisions.
We would also like to encourage all shareholders to visit us on the web at
www.wilfunds.com. In addition to finding daily NAVs and quarterly fact sheets on
all our portfolios, you can download a prospectus and application right off the
web.
Sincerely,
/s/ Thomas D. Stevens
Thomas D. Stevens
President and Chairman of the Board
2
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LARGE COMPANY GROWTH PORTFOLIO
FUND COMMENTARY
The Large Company Growth Portfolio's Investment Class Shares returned 37.48% and
Institutional Class Shares returned 37.59% during the six months ended February
28, 1999 (the "period"). Interest rate cuts by the Federal Reserve in the last
quarter of 1998 helped push large cap growth stocks to new highs. During the
period, the Technology and Consumer Non-Durables sectors, which totaled over 72%
of the Portfolio, drove performance. The two most heavily weighted stocks in the
Portfolio, Microsoft Corporation and Intel Corporation, returned 57% and 69%,
respectively, over the period. Other technology stocks had remarkable returns:
Oracle Systems was up 180%, Sun Microsystems was up 146%, and EMC Corp was up
130%, during the period. The Consumer Non-Durables sector also experienced major
gains with pharmaceutical companies such as Merck & Company, Pfizer
Incorporated, and Johnson & Johnson making significant contributions to the
Portfolio. While performance across all sectors was positive, there were some
notable exceptions among the Consumer Non-Durables including Coca Cola Company,
which was down 1.5%, Campbell Soup, which was down nearly 20%, and Mattel
Incorporated, which was down 27%, during the period.
The Portfolio is comprised of companies which have above average earnings, sales
growth histories and fit a classic high quality growth profile. It is typical to
find securities in this Portfolio that have enjoyed long and successful growth
trends. In addition, these companies typically have higher than average returns
on equity or levels of profitability.
PORTFOLIO INFORMATION(1)
(As of February 28, 1999)
<TABLE>
<S> <C>
AVERAGE 5-YEAR SALES GROWTH ............. 18.0%
AVERAGE 5-YEAR EARNINGS GROWTH .......... 17.1%
AVERAGE 5-YEAR RETURN ON EQUITY ......... 26.4%
AVERAGE MARKET CAPITALIZATION ........... $132.7 BILLION
</TABLE>
(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,
1999 FOR THOSE SECURITIES IN THE PORTFOLIO'S HOLDINGS AS OF FEBRUARY 28,
1999 WHOSE ISSUERS HAVE BEEN IN EXISTENCE FOR AT LEAST 5 YEARS.
3
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LARGE COMPANY GROWTH PORTFOLIO
FUND COMMENTARY -- (Continued)
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
SIX MONTHS ENDED 2/28/99 ....................................... 37.48%
ONE YEAR ENDED 2/28/99 ......................................... 28.66%+
FIVE YEARS ENDED 2/28/99 ....................................... 27.16%+
INCEPTION (9/30/92) THROUGH 2/28/99 ............................ 21.85%+
</TABLE>
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<CAPTION>
<S> <C>
SIX MONTHS ENDED 2/28/99 ....................................... 37.59%
ONE YEAR ENDED 2/28/99 ......................................... 28.81%+
INCEPTION (7/15/96) THROUGH 2/28/99 ............................ 37.29%+
</TABLE>
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS.
+ DURING THE PERIODS, CERTAIN FEES AND EXPENSES WERE WAIVED OR REIMBURSED.
WITHOUT SUCH WAIVERS AND REIMBURSEMENTS, TOTAL RETURNS WOULD HAVE BEEN
LOWER.
PORTFOLIO SECTOR WEIGHTING**
(As of February 28, 1999)
[CHART]
<TABLE>
<S> <C>
UTILITIES 2.9%
TRANSPORTATION 0.7%
TECHNOLOGY 29.3%
MATERIALS & SERVICES 3.5%
FINANCE 9.2%
ENERGY 0.9%
CAPITAL GOODS 8.3%
CONSUMER DURABLES 0.7%
CONSUMER NON-DURABLES 44.5%
</TABLE>
** Based on percent of Portfolio's total market value.
4
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LARGE COMPANY VALUE PORTFOLIO
FUND COMMENTARY
The Large Company Value Portfolio's Investment Class Shares returned 16.91% and
Institutional Class Shares returned 17.01% during the six months ended February
28, 1999 (the "period"). Large company stocks have continued to outperform
small, benefiting the large value category. However, value stocks continued to
trail growth stocks within the large cap universe. Finance, Technology, and
Consumer Durables were the strongest performing sectors during the period, and
comprised over half of the Portfolio's weighting. Top performers in these
sectors include Chase Manhattan Corporation, IBM, and Ford Motor Company which
were up 54%, 48% and 35%, respectively, during the period. All other sectors had
positive returns with the exception of Utilities, where the majority of holdings
in the Portfolio finished negatively during the period. Some of the larger
utility stocks in the Portfolio, including Duke Power (down 7% during the
period), Southern Company (down 9% during the period), and PG&E (down 1% during
the period), were also among the more heavily weighted stocks in the Portfolio,
thus negatively impacting performance. Two of the Portfolio's former holdings,
Bell Atlantic and Amoco, were dropped as of the September rebalance. Both had
become less attractive from a relative value perspective as a result of price
performance due in part to the mergers and acquisitions in which the companies
had been involved.
Fundamentals that are used for selection of stocks in this Portfolio are price
to earnings ratio, price to book ratio and dividend yield. A high quality
profile is required which eliminates companies that are undergoing adverse
financial pressures. Companies are monitored using a variety of relative value
criteria, the goal being to capture the most attractive value opportunities
available. Buy and sell decisions are based on the relative evaluation of
fundamentals. As a security's fundamentals deteriorate or improve relative to
other large cap securities, it will be bought or sold.
PORTFOLIO INFORMATION(1)
(As of February 28, 1999)
<TABLE>
<S> <C>
DIVIDEND YIELD(2) .......................................... 2.9%
AVERAGE PRICE/BOOK RATIO ................................... 2.8
AVERAGE PRICE/EARNINGS RATIO ............................... 15.5
AVERAGE MARKET CAPITALIZATION .............................. $33.3 BILLION
</TABLE>
(1) ALL AVERAGES ARE DOLLAR-WEIGHTED AVERAGES. THE AVERAGE BOOK/PRICE RATIO IS
CALCULATED BASED ON THE BOOK VALUE OF EACH PORTFOLIO SECURITY AS OF THE END
OF ITS ISSUER'S MOST RECENT FISCAL YEAR. THE AVERAGE PRICE/EARNINGS RATIO
IS CALCULATED BASED ON THE PRICE OF EACH PORTFOLIO SECURITY AS OF THE END
OF ITS ISSUER'S MOST RECENT FISCAL YEAR.
(2) THE ONE-YEAR DIVIDEND YIELD CORRESPONDS TO THE STATED DIVIDENDS OF ALL
UNDERLYING SECURITIES HELD BY THE PORTFOLIO AND IS NOT AN INDICATION OF THE
CURRENT SEC YIELD OF THE PORTFOLIO ITSELF.
5
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LARGE COMPANY VALUE PORTFOLIO
FUND COMMENTARY -- (CONTINUED)
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
SIX MONTHS ENDED 2/28/99 .......................................... 16.91%
ONE YEAR ENDED 2/28/99 ............................................ 3.55%+
FIVE YEARS ENDED 2/28/99 .......................................... 17.69%+
INCEPTION (9/30/92) THROUGH 2/28/99 ............................... 16.31%+
</TABLE>
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<CAPTION>
<S> <C>
SIX MONTHS ENDED 2/28/99 .......................................... 17.01%
ONE YEAR ENDED 2/28/99 ............................................ 3.68%+
INCEPTION (7/15/96) THROUGH 2/28/99 ............................... 21.04%+
</TABLE>
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS.
+ DURING THE PERIODS, CERTAIN FEES AND EXPENSES WERE WAIVED OR REIMBURSED.
WITHOUT SUCH WAIVERS AND REIMBURSEMENTS, TOTAL RETURNS WOULD HAVE BEEN
LOWER.
PORTFOLIO SECTOR WEIGHTING**
(As of February 28, 1999)
[CHART]
<TABLE>
<CAPTION>
<S> <C>
UTILITIES 15.3%
TRANSPORTATION 2.3%
TECHNOLOGY 3.1%
MATERIALS & SERVICES 8.4%
CAPITAL GOODS 1.8%
CONSUMER DURABLES 9.2%
CONSUMER NON-DURABLES 5.5%
ENERGY 12.1%
FINANCE 42.3%
</TABLE>
** Based on percent of Portfolio's total market value.
6
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SMALL COMPANY GROWTH PORTFOLIO
FUND COMMENTARY
The Small Company Growth Portfolio's Investment Class Shares returned 13.91%
and Institutional Class Shares returned 13.98% during the period ended
February 28, 1999 (the "period"). Performance in the last few months of 1998
was relatively strong, whereas the first months of 1999 brought performance
down for the period. The traditional growth sectors, Consumer Non-Durables,
Materials and Services, and Technology, which comprised 70% of the total
Portfolio over the period, bolstered performance. Although the Finance sector
is not typically thought of as a growth category, the current economic
environment has created and sustained some high powered growth companies in
this sector. Over the period Finance companies had an average weight of
almost 11% of the Portfolio, with some of the relatively heavily weighted
holdings, such as Reinsurance Group (up 29% during the period), Executive
Risk Incorporated (up 95% during the period), and UICI (up 51% during the
period), contributing to the strong returns of the Portfolio. There was
weakness in the small growth Utilities and Energy stocks; however, minimal
weightings in both sectors worked to the advantage of the Portfolio.
For investment decisions, the Portfolio uses the same fundamental criteria as
its large cap partner, although with less emphasis on a long history of
established growth. Specifically, the Portfolio's investment adviser seeks to
identify high quality growth companies by focusing on earnings and sales growth
as well as dividend payout and return on equity. By focusing on earnings and
return on equity in the small cap arena, the Portfolio seeks to invest in growth
companies with a proven track record.
PORTFOLIO INFORMATION(1)
(As of February 28, 1999)
<TABLE>
<S> <C>
AVERAGE 5-YEAR SALES GROWTH ................................. 28.0%
AVERAGE 5-YEAR EARNINGS GROWTH .............................. 15.0%
AVERAGE 5-YEAR RETURN ON EQUITY ............................. 17.9%
AVERAGE MARKET CAPITALIZATION ............................... $1.0 BILLION
</TABLE>
(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,
1999 FOR THOSE SECURITIES IN THE PORTFOLIO'S HOLDINGS AS OF FEBRUARY 28,
1999 WHOSE ISSUERS HAVE BEEN IN EXISTENCE FOR AT LEAST 5 YEARS.
7
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SMALL COMPANY GROWTH PORTFOLIO
FUND COMMENTARY -- (CONTINUED)
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
SIX MONTHS ENDED 2/28/99 .......................................... 13.91%
ONE YEAR ENDED 2/28/99 ............................................ (22.03)%
FIVE YEARS ENDED 2/28/99 .......................................... 5.85%
INCEPTION (10/1/92) THROUGH 2/28/99 ............................... 10.50%
</TABLE>
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<CAPTION>
<S> <C>
SIX MONTHS ENDED 2/28/99........................................... 13.98%
ONE YEAR ENDED 2/28/99 ............................................ (21.91)%
INCEPTION (7/15/96) THROUGH 2/28/99 ............................... 3.07%
</TABLE>
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS. DURING THE
PERIODS, CERTAIN FEES AND EXPENSES WERE WAIVED OR REIMBURSED. FOR THE SIX
MONTHS ENDED FEBRUARY 28, 1999, FEES AND EXPENSES TOTALING 0.15% PER SHARE
WERE WAIVED OR REIMBURSED. WITHOUT SUCH WAIVERS AND REIMBURSEMENTS, TOTAL
RETURNS WOULD HAVE BEEN LOWER.
PORTFOLIO SECTOR WEIGHTING**
(As of February 28, 1999)
[CHART]
<TABLE>
<S> <C>
UTILITIES 0.6%
TRANSPORTATION 5.3%
TECHNOLOGY 24.1%
MATERIALS & SERVICES 27.5%
CAPITAL GOODS 6.7%
CONSUMER DURABLES 4.6%
CONSUMER NON-DURABLES 22.2%
ENERGY 0.2%
FINANCE 8.8%
</TABLE>
** Based on percent of Portfolio's total market value.
8
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SMALL COMPANY VALUE PORTFOLIO
FUND COMMENTARY
The Small Company Value Portfolio's Investment Class Shares returned 0.89% and
Institutional Class Shares returned 0.96% during the six-month period ended
February 28, 1999 (the "period"). All sectors contributed to the flat
performance over the period. Although the most heavily weighted sectors, Finance
(25% of the Portfolio) and Consumer Non-Durables (17% of the Portfolio),
returned 4% and 8%, respectively, during the period these positive gains were
counterbalanced by negative and flat returns in other relatively heavily
weighted sectors such as Materials & Services and Utilities. The biggest
individual contributors to the Portfolio were First Brand Corporation (up 96%
during the period) and Coors Adolph Company (up 45% during the period). The
worst performing sectors were Energy and Technology, which were down 15% and
12%, respectively, during the period. However, these sectors also had the lowest
relative weightings over the period in the Portfolio of 1.9% and 2.5%,
respectively, thus only having a slight impact on performance. Recent additions
to the Portfolio include Kelly Services and Washington Federal.
The Portfolio continues to invest in stocks clearly associated with a value
orientation. These sectors typically include companies which are undervalued
relative to their earnings and book value. They also have a relatively high
dividend yield, which means simply that their price is lower relative to the
size of the dividend. Dividend yields for small companies are on average less
than those for large companies. Demand for value stocks is driven by two types
of investors - those investors seeking higher current income coming from the
dividend and those who feel the stock is undervalued relative to its earnings
potential. The Portfolio buys those stocks which exhibit both of these
characteristics. When demand is low for these types of securities prices are
slow to rise. Low demand is typically a function of investor sentiment, meaning
that when investors feel like their current holdings become overvalued
they sell them and look for better investments.
PORTFOLIO INFORMATION(1)
(As of February 28, 1999)
<TABLE>
<S> <C>
DIVIDEND YIELD(2) ............................................ 3.0%
AVERAGE PRICE/BOOK RATIO ................................... 2.0
AVERAGE PRICE/EARNINGS RATIO ............................... 13.7
AVERAGE MARKET CAPITALIZATION .............................. $0.86 BILLION
</TABLE>
(1) ALL AVERAGES ARE DOLLAR-WEIGHTED AVERAGES. THE AVERAGE BOOK/PRICE RATIO IS
CALCULATED BASED ON THE BOOK VALUE OF EACH PORTFOLIO SECURITY AS OF THE END
OF ITS ISSUER'S MOST RECENT FISCAL YEAR. THE AVERAGE PRICE/EARNINGS RATIO
IS CALCULATED BASED ON THE PRICE OF EACH PORTFOLIO SECURITY AS OF THE END
OF ITS ISSUER'S MOST RECENT FISCAL YEAR.
(2) THE ONE-YEAR DIVIDEND YIELD CORRESPONDS TO THE STATED DIVIDENDS OF ALL
UNDERLYING SECURITIES HELD BY THE PORTFOLIO AND IS NOT AN INDICATION OF THE
CURRENT SEC YIELD OF THE PORTFOLIO ITSELF.
9
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SMALL COMPANY VALUE PORTFOLIO
FUND COMMENTARY -- (CONTINUED)
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
SIX MONTHS ENDED 2/28/99 ......................................... 0.89%
ONE YEAR ENDED 2/28/99 ........................................... (18.57)%
FIVE YEARS ENDED 2/28/99 ......................................... 8.80%
INCEPTION (9/30/92) THROUGH 2/28/99 .............................. 9.72%
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<CAPTION>
<S> <C>
SIX MONTHS ENDED 2/28/99 ......................................... 0.96%
ONE YEAR ENDED 2/28/99 ........................................... (18.47)%
INCEPTION (7/15/96) THROUGH 2/28/99 .............................. 9.54%
</TABLE>
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS. DURING THE
PERIODS, CERTAIN FEES AND EXPENSES WERE WAIVED OR REIMBURSED. FOR THE SIX
MONTHS ENDED FEBRUARY 28, 1999, FEES AND EXPENSES TOTALING 0.15% PER SHARE
WERE WAIVED OR REIMBURSED. WITHOUT SUCH WAIVERS AND REIMBURSEMENTS, TOTAL
RETURNS WOULD HAVE BEEN LOWER.
PORTFOLIO SECTOR WEIGHTING**
(As of February 28, 1999)
[CHART]
<TABLE>
<S> <C>
UTILITIES 16.5%
TRANSPORTATION 3.2%
TECHNOLOGY 3.3%
MATERIALS & SERVICES 17.6%
FINANCE 24.5%
CAPITAL GOODS 7.9%
CONSUMER DURABLES 8.6%
CONSUMER NON-DURABLES 17.0%
ENERGY 1.4%
</TABLE>
** Based on percent of Portfolio's total market value.
10
<PAGE>
WILSHIRE 5000 INDEX PORTFOLIO
FUND COMMENTARY
On January 29, 1999, Wilshire introduced the Wilshire 5000 Index Portfolio.
Performance for the Portfolio from inception through February 28, 1999 was
- -3.40%, while performance for the Wilshire 5000 Index during the same period was
- -3.33%.
The Index is comprised of about 7,400 securities, and measures the performance
of all U.S. domiciled stocks traded on the NYSE, the AMEX and the NASDAQ with
readily available price information. The Portfolio currently holds around 1,600
securities and expects to ultimately hold between 2,000 to 3,000 securities
representing approximately 90% of the total market value of the Index. Using
statistical procedures, securities will be selected based on market
capitalization and industry weightings, giving the Portfolio the approximate
balance of the Index.
There is currently a large discrepancy in valuations between large cap and small
cap stocks, and many analysts predict that small caps will make a comeback in
1999. The Wilshire 5000 Index Portfolio gives the investor exposure to both
large cap stocks and potentially lucrative small cap stocks through broad
diversification.
PORTFOLIO SECTOR WEIGHTING*
(As of February 28, 1999)
[CHART]
<TABLE>
<S> <C>
CAPITAL GOODS 4.3%
CONSUMER DURABLES 2.1%
CONSUMER NON-DURABLES 30.3%
ENERGY 4.3%
FINANCE 18.4%
UTILITIES 10.9%
TRANSPORTATION 1.2%
TECHNOLOGY 21.0%
MATERIALS & SERVICES 7.5%
</TABLE>
* Based on percent of Portfolio's total market value.
11
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WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
COMMON STOCKS - 99.5%
AEROSPACE - 0.9%
10,600 Textron, Inc. .................................. $ 826,800
14,800 United Technologies Corporation ................ 1,833,350
-------------
2,660,150
-------------
AIR TRANSPORTATION - 0.7%
4,244 COMAIR Holdings, Inc. .......................... 159,681
9,500 FDX Corporation* ............................... 907,250
21,679 Southwest Airlines Company ..................... 653,080
3,800 UAL Corporation* ............................... 227,050
-------------
1,947,061
-------------
APPAREL - 0.1%
6,500 Jones Apparel Group* ........................... 181,594
-------------
BANKS - 2.4%
17,362 Fifth Third Bancorp ............................ 1,146,977
6,417 National Commerce Bancorporation ............... 133,153
9,246 North Fork Bancorporation, Inc. ................ 203,412
7,200 Northern Trust Corporation ..................... 643,500
10,400 State Street Corporation ....................... 797,550
104,472 Wells Fargo Company ............................ 3,839,346
4,829 Zions Bancorporation ........................... 309,056
-------------
7,072,994
-------------
BUSINESS MACHINES - 19.5%
13,314 BMC Software, Inc.* ............................ 544,210
100,522 Cisco Systems, Inc.* ........................... 9,832,308
9,814 Comdisco, Inc. ................................. 117,768
81,800 Dell Computer Corporation* ..................... 6,554,225
32,314 EMC Corporation* ............................... 3,308,146
67,214 Hewlett-Packard Company ........................ 4,465,530
4,300 Lexmark International Group, Inc.,
Class A* .................................... 443,706
159,287 Microsoft Corporation* ......................... 23,912,961
62,850 Oracle Systems Corporation* .................... 3,511,744
24,514 Sun Microsystems, Inc.* ........................ 2,385,519
42,500 Xerox Corporation .............................. 2,345,469
-------------
57,421,586
-------------
BUSINESS SERVICES - 2.1%
4,914 Apollo Group, Inc., Class A* ................... $ 147,727
38,428 Automatic Data Processing, Inc. ................ 1,527,513
3,587 Cambridge Technology Partners, Inc.* ........... 90,123
6,314 Cintas Corporation ............................. 446,716
10,200 Computer Sciences Corporation .................. 679,575
3,200 DST Systems, Inc.* ............................. 173,600
9,500 Equifax, Inc. .................................. 358,625
8,800 Interpublic Group of Companies, Inc. ........... 658,350
5,200 Manpower, Inc. ................................. 124,475
10,943 Omnicom Group, Inc. ............................ 724,974
17,572 Parametric Technology Corporation* ............. 270,170
10,489 Paychex, Inc. .................................. 444,471
2,900 Pixar, Inc.* ................................... 119,263
5,964 Robert Half International, Inc.* ............... 214,704
4,314 Synopsys, Inc.* ................................ 199,523
-------------
6,179,809
-------------
CHEMICALS - 0.2%
14,900 Air Products & Chemicals, Inc. ................. 478,663
5,100 Eastman Chemical Company ....................... 240,656
-------------
719,319
-------------
CONSTRUCTION - 0.3%
3,816 Centex Corporation ............................. 140,476
9,571 Clayton Homes, Inc. ............................ 118,441
4,400 Crane Company .................................. 120,725
3,000 Martin Marietta Materials, Inc. ................ 153,938
11,100 Sherwin-Williams Company ....................... 267,094
-------------
800,674
-------------
CONSUMER DURABLES - 0.3%
5,888 Maytag Corporation ............................. 330,096
10,529 Newell Company, Inc. ........................... 447,483
-------------
777,579
-------------
COSMETICS - 4.2%
6,700 Clorox Company ................................. 792,694
72,581 Gillette Company ............................... 3,892,156
86,700 Proctor & Gamble Company ....................... 7,759,650
-------------
12,444,500
-------------
See Notes to Financial Statements
12
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
DOMESTIC OIL - 0.1%
10,018 Tosco Corporation .............................. $ 207,247
6,414 Transocean Offshore, Inc. ...................... 132,289
-------------
339,536
-------------
DRUGS & MEDICINE - 22.5%
99,486 Abbott Laboratories ............................ 4,619,881
85,000 American Home Products
Corporation .................................... 5,057,500
16,400 Amgen, Inc.* ................................... 2,047,950
15,929 Becton Dickinson & Company ..................... 533,621
6,500 Bergen Brunswig Corporation,
Class A ........................................ 158,844
64,338 Bristol-Myers Squibb Company ................... 8,102,567
12,968 Cardinal Health, Inc. .......................... 936,127
19,500 Guidant Corporation ............................ 1,111,500
16,143 Health Management Associates, Inc.,
Class A* ....................................... 208,850
86,914 Johnson & Johnson .............................. 7,420,283
3,701 Lincare Holdings, Inc.* ........................ 131,848
33,215 Medtronic, Inc. ................................ 2,345,824
153,900 Merck & Company, Inc. .......................... 12,581,325
5,659 Omnicare, Inc. ................................. 135,462
84,486 Pfizer, Inc. ................................... 11,146,872
94,858 Schering-Plough Corporation .................... 5,306,119
6,200 Stryker Corporation ............................ 292,950
6,429 Sybron International Corporation* .............. 157,912
53,014 Warner-Lambert Company ......................... 3,661,279
5,700 Watson Pharmaceuticals, Inc.* .................. 275,381
-------------
66,232,095
-------------
ELECTRONICS - 7.0%
6,257 Altera Corporation* ............................ 304,247
6,114 American Power Conversion
Corporation* ................................... 219,340
10,500 Analog Devices, Inc.* .......................... 263,156
23,714 Applied Materials, Inc.* ....................... 1,319,091
108,558 Intel Corporation .............................. 13,020,175
9,900 Linear Technology Corporation .................. 433,744
38,700 Motorola, Inc. ................................. 2,718,675
15,100 Solectron Corporation* ......................... 674,781
3,814 Symbol Technologies, Inc. ...................... 202,142
12,572 Tellabs, Inc.* ................................. 1,006,546
10,729 Thermo Electron Corporation .................... 148,194
4,694 Xilinx, Inc.* .................................. 327,407
-------------
20,637,498
-------------
ENERGY & UTILITIES - 0.9%
11,314 AES Corporation* ............................... 420,739
6,531 CMS Energy Corporation ......................... 270,220
13,719 Coastal Corporation ............................ 439,008
4,345 K N Energy, Inc. ............................... 90,973
3,987 UtiliCorp United, Inc. ......................... 137,053
4,244 Western Resources, Inc. ........................ 119,628
27,439 Williams Companies, Inc. ....................... 1,015,243
-------------
2,492,864
-------------
ENERGY - RAW MATERIALS - 0.2%
20,434 Baker Hughes, Inc. ............................. 367,812
9,100 ENSCO International, Inc. ...................... 80,763
11,100 Global Marine, Inc.* ........................... 86,025
6,285 Weatherford International, Inc.* ............... 106,845
-------------
641,445
-------------
FOOD & AGRICULTURE - 4.4%
29,000 Campbell Soup Company .......................... 1,165,437
159,300 Coca-Cola Company .............................. 10,185,244
3,816 Dole Food Company, Inc. ........................ 120,204
4,700 Interstate Bakeries Corporation ................ 112,800
21,800 Sysco Corporation .............................. 615,850
7,500 Wrigley (Wm.) Jr. Company ...................... 697,500
-------------
12,897,035
-------------
INSURANCE - 1.1%
11,450 American International Group, Inc. ............. 1,304,584
16,549 Marsh & McLennan Companies, Inc. ............... 1,171,876
4,700 Progressive Corporation of Ohio ................ 603,950
3,916 Protective Life Corporation .................... 135,102
-------------
3,215,512
-------------
MEDIA - 1.3%
8,000 Belo (A.H.) Corporation, Series A .............. 145,000
16,014 Clear Channel Communications, Inc.* ............ 960,840
18,414 Gannet Company, Inc. ........................... 1,169,289
See Notes to Financial Statements
13
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
MEDIA (CONTINUED)
5,100 Knight-Ridder, Inc. ............................ $ 255,956
6,400 McGraw-Hill Companies, Inc. .................... 700,400
3,373 Meredith Corporation ........................... 113,839
12,200 New York Times Company, Class A ................ 378,200
-------------
3,723,524
-------------
MISCELLANEOUS FINANCE - 5.7%
29,500 American Express Company ....................... 3,200,750
4,300 Capital One Financial Corporation .............. 548,787
147,684 Citigroup, Inc. ................................ 8,676,435
6,150 Edwards (A.G.), Inc. ........................... 200,259
3,600 FINOVA Group, Inc. ............................. 182,925
16,314 Franklin Resources, Inc. ....................... 518,989
48,487 MBNA Corporation ............................... 1,175,810
7,729 Price (T. Rowe) Associates, Inc. ............... 238,150
25,896 Schwab (Charles) Corporation ................... 1,930,871
-------------
16,672,976
-------------
MOTOR VEHICLES - 0.4%
10,616 Dana Corporation ............................... 400,754
9,914 Harley-Davidson, Inc. .......................... 573,153
4,314 Lear Corporation* .............................. 152,338
-------------
1,126,245
-------------
NON-DURABLE & ENTERTAINMENT - 1.5%
44,300 McDonald's Corporation ......................... 3,765,500
16,600 Service Corporation International .............. 255,225
5,729 Starbucks Corporation* ......................... 302,921
-------------
4,323,646
-------------
PAPER & FOREST PRODUCTS - 0.1%
14,200 Fort James Corporation ......................... 424,225
-------------
PRODUCER GOODS - 9.3%
36,300 AlliedSignal, Inc. ............................. 1,501,912
7,572 Avery Dennison Corporation ..................... 406,522
4,800 Case Corporation ............................... 93,600
14,429 Dover Corporation .............................. 490,586
28,425 Emerson Electric Company ....................... 1,632,661
210,300 General Electric Company ....................... 21,095,719
16,200 Illinois Tool Works, Inc. ...................... 1,113,750
10,700 Ingersoll-Rand Company ......................... 508,250
5,514 Johnson Controls, Inc. ......................... 339,111
5,600 Miller (Herman), Inc. .......................... 95,200
-------------
27,277,311
-------------
RETAIL - 9.1%
9,814 AutoZone, Inc.* ................................ 343,490
8,900 Bed Bath & Beyond, Inc.* ....................... 261,994
11,886 Dollar General Corporation ..................... 355,837
3,801 Dollar Tree Stores, Inc.* ...................... 152,040
38,125 Gap, Inc. ...................................... 2,466,211
94,955 Home Depot, Inc. ............................... 5,667,627
16,100 Intimate Brands, Inc. .......................... 632,931
10,214 Kohl's Corporation* ............................ 704,766
22,714 Lowe's Companies, Inc. ......................... 1,347,224
15,804 Office Depot, Inc.* ............................ 564,005
31,440 Safeway, Inc.* ................................. 1,815,660
144,500 Wal-Mart Stores, Inc. .......................... 12,481,188
-------------
26,792,973
-------------
STEEL - 0.2%
12,700 Allegheny Teledyne, Inc. ....................... 261,937
5,700 Nucor Corporation .............................. 254,006
5,614 USX-U.S. Steel Group ........................... 142,104
-------------
658,047
-------------
TELEPHONE - 2.6%
17,700 ALLTEL Corporation ............................. 1,059,787
127,100 BellSouth Corporation .......................... 5,878,375
5,964 Century Telephone Enterprises .................. 368,277
8,718 Cincinnati Bell, Inc. .......................... 172,180
-------------
7,478,619
-------------
TIRE & RUBBER - 0.1%
8,600 Danaher Corporation ............................ 414,950
-------------
TRAVEL & RECREATION - 2.2%
6,400 Brunswick Corporation .......................... 136,400
38,514 Carnival Corporation ........................... 1,713,873
132,344 Disney (Walt) Company .......................... 4,656,855
-------------
6,507,128
-------------
See Notes to Financial Statements
14
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUIED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
TRUCKING & FREIGHT - 0.1%
5,014 PACCAR, Inc. ................................... $ 209,961
-------------
TOTAL COMMON STOCKS
(Cost $214,362,402) ............................ 292,270,856
-------------
TOTAL INVESTMENTS
(Cost $214,362,402**) ........ 99.5% 292,270,856
OTHER ASSETS AND LIABILITIES
(Net) ............. 0.5% 1,520,876
------ --------------
NET ASSETS ................... 100.0% $ 293,791,732
------ --------------
------ --------------
</TABLE>
- --------------------------
* Non-income producing security.
** Aggregate cost for Federal tax purposes is $214,362,402.
See Notes to Financial Statements.
15
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
COMMON STOCKS - 99.8%
AEROSPACE - 3.0%
6,200 General Dynamics Corporation ................... $ 374,712
3,500 Goodrich (B.F.) Company ........................ 119,437
18,900 Lockheed Martin Corporation .................... 712,294
3,400 Northrop Grumman Corporation ................... 211,863
16,500 Raytheon Company, Class B ...................... 881,719
-------------
2,300,025
-------------
BANKS - 24.8%
56,791 Bank One Corporaton ............................ 3,052,516
84,254 BankAmerica Corporation ........................ 5,502,839
14,214 BankBoston Corporation ......................... 574,779
7,550 Comerica, Inc. ................................. 500,188
9,012 First Securities Corporation ................... 167,285
46,950 First Union Corporation ........................ 2,503,022
27,500 Fleet Financial Group, Inc. .................... 1,180,781
4,600 GreenPoint Financial Corporation ............... 141,162
21,256 KeyCorp ........................................ 685,506
7,300 Mercantile Bancorporation, Inc. ................ 333,062
16,020 National City Corporation ...................... 1,119,398
14,700 PNC Bank ....................................... 765,319
10,300 Regions Financial Corporation .................. 391,400
7,950 Southtrust Corporation ......................... 318,497
8,400 Summit Bankcorp ................................ 324,450
10,200 SunTrust Banks, Inc. ........................... 692,963
10,100 Wachovia Corporation ........................... 859,131
-------------
19,112,298
-------------
BUSINESS SERVICES - 2.0%
8,400 Browning-Ferris Industries, Inc. ............... 264,600
3,900 Deluxe Corporation ............................. 132,113
23,800 Electronic Data Systems Corporation ............ 1,106,700
2,000 National Services Industries, Inc. ............. 64,250
-------------
1,567,663
-------------
CHEMICALS - 2.9%
11,200 Air Products & Chemicals, Inc. ................. 359,800
10,900 Dow Chemical Company ........................... 1,072,287
3,800 Eastman Chemical Company ....................... 179,313
3,700 Millennium Chemicals, Inc. ..................... 66,831
6,300 Morton International, Inc. ..................... 227,588
2,300 Olin Corporation ............................... 29,181
6,500 Union Carbide Corporation ...................... 286,000
-------------
2,221,000
-------------
CONSTRUCTION - 0.4%
3,800 Fluor Corporation .............................. 133,712
8,300 Sherwin-Williams Company ....................... 199,719
-------------
333,431
-------------
CONSUMER DURABLES - 0.3%
4,500 Maytag Corporation ............................. 252,281
-------------
DOMESTIC OIL - 2.1%
3,700 Ashland, Inc. .................................. 164,650
15,600 Atlantic Richfield Company ..................... 852,150
2,300 Kerr-McGee Corporation ......................... 65,694
2,100 Murphy Oil Corporation ......................... 71,794
12,500 Phillips Petroleum Company ..................... 483,593
-------------
1,637,881
-------------
DRUGS & MEDICINE - 0.2%
2,700 Bard (C.R.), Inc. .............................. 152,213
-------------
ELECTRONICS - 0.3%
3,800 Harris Corporation ............................. 118,275
2,700 Thomas & Betts Corporation ..................... 112,556
-------------
230,831
-------------
ENERGY & UTILITIES - 16.2%
5,900 Allegheny Energy, Inc. ......................... 175,156
6,600 Ameren Corporation ............................. 246,263
7,200 Baltimore Gas & Electric Company ............... 184,500
7,600 Cinergy Corporation ............................ 221,825
4,100 Columbia Energy Group .......................... 207,050
11,300 Consolidated Edison Company
New York, Inc. ................................. 528,275
4,700 Consolidated Natural Gas Company ............... 258,206
9,500 Dominion Resources, Inc. ....................... 366,937
7,750 DPL, Inc. ...................................... 138,047
3,700 DQE, Inc. ...................................... 141,294
7,000 DTE Energy Company ............................. 276,500
17,508 Duke Energy Corporation ........................ 995,767
See Notes to Financial Statements.
16
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
ENERGY & UTILITIES (CONTINUED)
17,100 Edison International ........................... $ 436,050
5,800 El Paso Energy Corporation ..................... 211,338
3,100 Energy East Corporation ........................ 166,238
16,000 Enron Corp. .................................... 1,040,000
11,900 Entergy Corp. .................................. 336,175
4,700 Florida Progress Corporation ................... 188,588
8,800 FPL Group, Inc. ................................ 452,650
6,100 GPU, Inc. ...................................... 243,238
3,200 K N Energy, Inc. ............................... 67,000
7,672 KeySpan Energy ................................. 203,308
6,200 LG&E Energy Corporation ........................ 141,438
4,500 MidAmerican Energy Holdings
Company ..................................... 121,500
3,100 New England ElectricSystem ..................... 150,931
5,800 NIPSCO Industries, Inc. ........................ 150,437
7,300 Northern States Power .......................... 188,431
3,900 OGE Energy Corporation ......................... 93,113
10,700 PECO Energy Company ............................ 379,181
18,500 PG & E Corporation ............................. 582,750
4,100 Pinnacle West Capital Corporation .............. 148,112
5,700 Potomac Electric Power Company ................. 138,938
7,300 PP & L Resources, Inc. ......................... 186,150
11,200 Public Service Enterprise Group, Inc. .......... 425,600
4,000 Puget Sound Energy, Inc. ....................... 96,500
14,300 Reliant Energy, Inc. ........................... 383,419
5,100 SCANA Corporation .............................. 119,850
5,300 Sonat, Inc. .................................... 134,156
33,800 Southern Company ............................... 847,112
6,300 TECO Energy, Inc. .............................. 136,237
2,600 UtiliCorp United, Inc. ......................... 89,375
3,100 Western Resources, Inc. ........................ 87,381
20,500 Williams Companies, Inc. ....................... 758,500
-------------
12,443,516
-------------
ENERGY - RAW MATERIALS - 0.1%
2,800 Tidewater, Inc. ................................ 52,675
-------------
FOOD & AGRICULTURE - 0.5%
3,600 Hormel Foods Corporation ....................... 129,600
3,500 McCormick & Company - Non
Voting Shares ............................... 100,187
5,800 Supervalu, Inc. ................................ 139,563
-------------
369,350
-------------
INSURANCE - 8.3%
40,100 Allstate Corporation ........................... 1,503,750
12,300 American General Corporation ................... 900,975
8,100 Chubb Corporation .............................. 483,975
10,300 CIGNA Corporation .............................. 808,550
15,090 Conseco, Inc. .................................. 451,757
11,400 Hartford Financial Services
Group, Inc................................... 616,312
5,150 Jefferson-Pilot Corporation .................... 349,234
6,550 Old Republic International
Corporation ................................. 123,222
2,900 Protective Life Corporation .................... 100,050
5,600 Reliance Group Holdings, Inc. .................. 57,750
4,400 ReliaStar Financial Corporation ................ 199,650
6,700 Torchmark Corporation .......................... 222,775
6,100 Transamerica Corporation ....................... 442,631
1,900 Unitrin, Inc. .................................. 124,213
-------------
6,384,844
-------------
INTERNATIONAL OIL - 7.3%
31,800 Chevron Corporation ............................ 2,444,625
37,900 Mobil Corporation .............................. 3,152,806
-------------
5,597,431
-------------
MEDIA - 0.4%
9,100 New York Times Company, Class A ................ 282,100
-------------
MISCELLANEOUS - 0.1%
12,600 Park Place Entertainment Corporation* .......... 94,500
-------------
MISCELLANEOUS FINANCE - 5.0%
41,584 Chase Manhattan Corporation .................... 3,311,126
4,600 Edwards (A.G.), Inc. ........................... 149,788
2,800 FINOVA Group, Inc. ............................. 142,275
8,600 J.P. Morgan & Company .......................... 958,362
16,900 Merrill Lynch & Company, Inc. .................. 1,297,075
28,628 Washington Mutual, Inc. ........................ 1,145,120
-------------
7,003,746
-------------
MOTOR VEHICLES - 8.6%
7,900 Dana Corporation ............................... 298,225
58,700 Ford Motor Company ............................. 3,481,644
See Notes to Financial Statements.
17
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
MOTOR VEHICLES (CONTINUED)
31,700 General Motors Corporation ..................... $ 2,617,231
8,600 Genuine Parts Company .......................... 257,463
-------------
6,654,563
-------------
NON-DURABLE & ENTERTAINMENT - 0.3%
3,400 American Greetings Corporation,
Class A ..................................... 80,538
6,700 Darden Restaurants, Inc. ....................... 147,400
-------------
227,938
-------------
NON-FERROUS METALS - 1.1%
18,200 Alcoa, Inc. .................................... 737,100
2,800 Phelps Dodge Corporation ....................... 135,800
-------------
872,900
-------------
PAPER & FOREST PRODUCTS - 1.0%
5,000 Mead Corporation ............................... 152,187
4,900 Westvaco Corporation ........................... 109,638
9,700 Weyerhaeuser Company ........................... 540,775
-------------
802,600
-------------
PRODUCER GOODS - 1.7%
5,000 Cooper Industries, Inc. ........................ 218,750
8,000 Ingersoll-Rand Company ......................... 380,000
4,100 Johnson Controls, Inc. ......................... 252,150
5,350 Parker-Hannifin Corporation .................... 198,619
8,200 Tenneco, Inc. .................................. 245,487
-------------
1,295,006
-------------
RAILROADS & SHIPPING - 2.2%
22,900 Burlington Northern Santa Fe
Corporation .................................. 758,562
10,500 CSX Corporation ................................ 412,125
18,300 Norfolk Southern Corporation ................... 513,544
-------------
1,684,231
-------------
RETAIL - 3.9%
12,000 Albertson's, Inc. .............................. 684,000
7,200 Nordstrom, Inc. ................................ 289,800
12,200 Penney (J.C.) Company .......................... 440,725
12,500 Rite Aid Corporation ........................... 517,188
19,000 Sears, Roebuck & Company ....................... 771,875
4,900 Tandy Corporation .............................. 272,562
-------------
2,976,150
-------------
STEEL - 0.4%
9,500 Allegheny Teledyne, Inc. ....................... 195,937
4,200 USX-U.S. Steel Group ........................... 106,312
-------------
302,249
-------------
TELEPHONE - 1.7%
24,300 US West, Inc. .................................. 1,295,494
-------------
TIRE & RUBBER - 0.5%
7,600 Goodyear Tire & Rubber Company ................. 351,500
-------------
TRAVEL & RECREATION - 0.4%
4,700 Brunswick Corporation .......................... 100,169
12,600 Hilton Hotels Corporation ...................... 199,238
-------------
299,407
-------------
TRUCKING & FREIGHT - 0.1%
3,500 Ryder System, Inc. ............................. 94,500
-------------
TOTAL COMMON STOCKS
(Cost $66,154,865) ........................................ 76,892,323
-------------
TOTAL INVESTMENTS
(Cost $66,154,865**) .......... 99.8% 76,892,323
OTHER ASSETS AND LIABILITIES
(Net) .............. 0.2% 177,164
----- --------------
NET ASSETS .................... 100.0% $ 77,069,487
----- --------------
----- --------------
</TABLE>
- --------------------------
* Non-income producing security.
** Aggregate cost for Federal tax purposes is $66,154,865.
See Notes to Financial Statements.
18
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
AEROSPACE - 0.4%
3,450 AAR Corporation................................. $ 52,181
-------------
AIR TRANSPORTATION - 1.3%
2,000 Air Express International Corporation........... 35,125
2,800 Alaska Air Group, Inc.*......................... 141,925
500 Midwest Express Holdings, Inc.*................. 13,437
-------------
190,487
-------------
APPAREL - 2.9%
1,800 Buckle, Inc.*................................... 43,987
1,500 Burlington Industries, Inc...................... 9,281
1,800 Dress Barn, Inc.*............................... 23,400
100 Goody's Family Clothing, Inc.*.................. 1,009
1,300 Gymboree Corporation*........................... 13,650
3,300 Just For Feet, Inc.*............................ 33,722
3,800 The Men's Wearhouse, Inc.*...................... 111,625
4,800 Nautica Enterprises, Inc.*...................... 72,000
800 St. John Knits, Inc............................. 21,350
600 Timberland Company, Class A..................... 36,225
5,750 Wolverine World Wide, Inc. ..................... 57,141
-------------
423,390
-------------
BANKS - 0.2%
700 Doral Financial Corporation .................... 13,256
500 Riggs National Corporation ..................... 9,250
-------------
22,506
-------------
BUSINESS MACHINES - 2.5%
3,300 Artesyn Technologies, Inc.* .................... 48,881
1,300 Black Box Corporation* ......................... 41,925
1,700 Fair Issac & Company, Inc. ..................... 78,200
1,600 InaCom Corporation ............................. 24,800
5,100 Input/Output, Inc.* ............................ 28,687
1,600 MICROS Systems, Inc.* .......................... 44,600
6,000 Tech Data Corporation* ......................... 102,000
-------------
369,093
-------------
BUSINESS SERVICES - 24.2%
900 Abacus Direct Corporation* ..................... 60,975
1,600 ADVO, Inc. ..................................... 32,000
2,900 Alternative Resources Corporation* ............. 31,175
3,700 American Management Systems, Inc.* ............. 123,487
2,300 Analysts International Corporation ............. 32,775
1,200 Borg-Warner Security Corporation* .............. 21,825
3,400 Bowne & Company, Inc. .......................... 47,387
900 CDI Corporation* ............................... 20,362
2,800 CDW Computer Centers, Inc.* .................... 194,950
4,800 CIBER, Inc.* ................................... 120,600
2,500 Computer Task Group, Inc. ...................... 50,625
2,500 Credence Systems Corporation* .................. 52,812
10,300 DeVRY, Inc.* ................................... 258,787
2,600 Dialogic Corporation* .......................... 71,987
5,500 GTECH Holding Corporation* ..................... 124,438
3,150 HA-LO Industries* .............................. 33,666
2,900 Jacobs Engineering Group, Inc.* ................ 114,731
4,000 Mentor Corporation ............................. 61,500
3,600 Metzler Group, Inc.* ........................... 153,000
3,600 National Data Corporation ...................... 173,925
2,600 National Instruments Corporation* .............. 75,725
600 On Assignment, Inc.* ........................... 21,300
3,300 Policy Management Systems
Corporation* ................................... 120,656
1,600 Pre Paid Legal Services, Inc.* ................. 46,000
600 Primark Corporation ............................ 12,263
1,000 QRS Corporation ................................ 49,813
900 SanDisk Corporation* ........................... 25,200
3,000 Sapient Corporation* ........................... 200,625
1,400 Scientific Games Holdings
Corporation* ................................... 24,413
1,400 Strayer Education, Inc. ........................ 47,775
1,762 Tetra Tech, Inc.* .............................. 33,588
1,000 TETRA Technologies, Inc.* ...................... 6,625
2,300 Transaction Systems Architects, Inc.,
Class A* ....................................... 90,419
2,800 Vantive Corporation* ........................... 32,200
4,300 VERITAS Software Corporation* .................. 305,300
2,900 Visio Corporation* ............................. 83,375
6,300 Vitesse Semiconductor Corporation* ............. 289,406
See Notes to Financial Statements.
19
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
BUSINESS SERVICES (CONTINUED)
700 Wackenhut Corporation, Class A ................. $ 15,838
1,300 Wackenhut Corrections Corporation*.............. 27,788
4,500 Whittman-Hart, Inc.* ........................... 140,906
5,100 Wind River Systems, Inc.* ...................... 116,344
-------------
3,546,566
-------------
CHEMICALS - 0.2%
50 Bio-Rad Laboratories, Inc., Class A* ........... 1,000
100 Rogers Corporation ............................. 2,588
900 Techne Corporation* ............................ 22,500
-------------
26,088
-------------
CONSTRUCTION - 3.4%
5,600 D.R. Horton, Inc. .............................. 89,250
650 Dycom Industries, Inc.* ........................ 25,797
1,000 Florida Rock Industries, Inc. .................. 28,000
300 Lennar Corporation ............................. 6,956
300 Lone Star Industries ........................... 9,900
2,500 NCI Building Systems, Inc.* .................... 57,500
5,100 Oakwood Homes Corporation ...................... 82,237
700 Sawtek, Inc.* .................................. 15,575
1,100 Simpson Manufacturing Company, Inc.*............ 38,981
100 Southdown, Inc. ................................ 4,719
300 Standard Pacific Corporation ................... 3,713
2,600 TJ International, Inc. ......................... 56,225
4,200 Toll Brothers, Inc.* ........................... 82,425
-------------
501,278
-------------
CONSUMER DURABLES - 2.1%
5,600 Champion Enterprises, Inc.* .................... 110,250
1,100 Coachmen Industries, Inc. ...................... 22,275
3,300 Ethan Allen Interiors, Inc. .................... 148,500
200 Harman International Industries, Inc. .......... 7,650
600 Helen of Troy, Ltd.* ........................... 8,363
600 Recoton Corporation* ........................... 8,400
-------------
305,438
-------------
CONTAINERS - 0.3%
2,050 Shorewood Packaging Corporation* ............... 37,284
-------------
DOMESTIC OIL - 0.1%
800 Tersoro Petroleum Corporation* ................. $ 6,400
100 Vintage Petroleum, Inc. ........................ 444
-------------
6,844
-------------
DRUGS & MEDICINE - 9.9%
3,500 Arrow International ............................ 85,969
1,800 Barr Laboratories, Inc.* ....................... 66,600
3,000 Bindley Western Indusries, Inc. ................ 78,938
900 Curative Health Services, Inc.* ................ 10,125
1,500 Datascope Corporation* ......................... 39,188
4,500 HCR Manor Care, Inc.* .......................... 100,688
2,500 Hologic, Inc* .................................. 25,156
4,500 Invacare Corporation ........................... 106,875
3,200 Jones Pharma, Inc. ............................. 90,000
3,958 Nature's Sunshine Products, Inc. ............... 48,486
7,600 NovaCare, Inc.* ................................ 16,150
4,500 Oakley, Inc.* .................................. 37,406
3,800 Orthodontic Centers Of America, Inc.*........... 57,000
2,500 Patterson Dental Company* ...................... 101,250
2,100 Pediatrix Medical Group, Inc.* ................. 64,838
1,378 Priority Healthcare Corporation,
Class A* ..................................... 53,656
5,600 PSS World Medical, Inc.* ....................... 63,700
3,500 Renal Care Group, Inc.* ........................ 69,344
1,000 Res-Care, Inc.* ................................ 23,750
800 ResMed, Inc.* .................................. 24,800
2,200 Respironics, Inc.* ............................. 28,188
1,600 Serologicals Corporation* ...................... 28,600
1,600 Sierra Health Services, Inc.* .................. 23,000
2,600 Thermedics, Inc.* .............................. 18,200
2,500 Thermo Cardiosystems, Inc.* .................... 23,594
3,900 Universal Health Services, Inc.,
Class B* ..................................... 158,438
-------------
1,443,939
-------------
ELECTRONICS - 13.1%
7,100 Acxiom Corporation* ............................ 169,956
1,900 ADAC Laboratories, Inc.* ....................... 33,963
3,300 Anixter International, Inc.* ................... 41,456
1,600 Aspect Telecommunications, Inc.* ............... 12,300
200 Belden, Inc. ................................... 3,613
See Notes to Financial Statements.
20
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
ELECTRONICS (CONTINUED)
3,100 Burr-Brown Corporation* ........................ $ 62,775
2,200 Cable Design Technologies* ..................... 28,463
1,100 CTS Corporation ................................ 53,831
3,800 Dallas Semiconductor Corporation ............... 134,425
2,000 Dionex Corporation* ............................ 73,750
4,100 Esterline Technologies Corporation ............. 70,213
2,700 Etec Systems, Inc.* ............................ 119,644
9,300 Gentex Corporation* ............................ 201,694
100 Hollywood Entertainment
Corporation* ................................. 2,744
3,600 International Network Services* ................ 184,050
2,200 Kent Electronics Corporation* .................. 25,025
1,500 Kulicke & Soffa Industries, Inc. ............... 38,063
1,850 Level One Communications, Inc.* ................ 61,975
900 Littelfuse, Inc.* .............................. 15,356
400 Marshall Industries* ........................... 5,700
600 Methode Electronics, Inc., Class A ............. 6,300
2,200 Premisys Communications, Inc.* ................. 18,150
2,600 QLogic Corporation* ............................ 151,125
7,200 Scientific-Atlanta, Inc. ....................... 233,550
400 Silicon Valley Group, Inc.* .................... 5,325
2,200 SIPEX Corporation* ............................. 25,162
1,300 Superior TeleCom, Inc. ......................... 36,806
1,200 Technitrol, Inc. ............................... 27,900
2,400 Varian Associates, Inc. ........................ 76,800
-------------
1,920,114
-------------
ENERGY - RAW MATERIALS - 0.1%
60 Swift Energy Company* .......................... 360
2,200 Varco International, Inc.* ..................... 17,050
-------------
17,410
-------------
FOOD & AGRICULTURE - 3.0%
100 Delta & Pine Land Company ...................... 3,238
950 Lindsay Manufacturing Company .................. 15,081
6,600 Richfood Holdings, Inc. ........................ 156,750
2,900 Scotts Company (The), Class A* ................. 93,887
4,100 Smart & Final, Inc. ............................ 36,131
5,300 Smithfield Foods, Inc.* ........................ 139,291
-------------
444,378
-------------
INSURANCE - 2.9%
800 Acceptance Insurance Companies, Inc.*. ......... 13,700
1,300 Executive Risk, Inc. ........................... 91,325
500 Markel Corporation* ............................ 90,000
1,800 NAC Re Corporation ............................. 97,312
200 Reinsurance Group of America, Inc. ............. 12,887
5,300 UICI* .......................................... 121,900
-------------
427,124
-------------
LIQUOR - 0.1%
500 Robert Mondavi Corporation, Class A*............ 17,188
MEDIA - 0.3%
1,000 Metro Networks, Inc.* .......................... 45,000
-------------
MISCELLANEOUS FINANCE - 7.7%
800 Aames Financial Corporation .................... 1,650
5,900 AmeriCredit Corporation* ....................... 65,638
400 Bisys Group, Inc.* ............................. 21,350
2,600 CMAC Investment Corporation .................... 107,412
3,400 Henry (Jack) & Associates ...................... 122,400
700 Investors Financial Services Corporation........ 40,600
2,800 ITT Educational Services, Inc.* ................ 102,025
2,600 Jefferies Group, Inc. .......................... 102,537
5,832 Legg Mason, Inc. ............................... 165,119
1,200 Mississippi Valley Bancshares, Inc. ............ 37,650
5,000 Raymond James Financial, Inc. .................. 91,250
2,460 Roslyn Bancorp, Inc. ........................... 40,129
2,100 SEI Investments Company ........................ 207,900
1,400 TIG Holdings, Inc. ............................. 22,400
-------------
1,128,060
-------------
MOTOR VEHICLES - 0.6%
3,200 Superior Industries International, Inc. ........ 79,200
1,100 Titan International, Inc. ...................... 8,181
-------------
87,381
-------------
NON-DURABLE & ENTERTAINMENT - 4.1%
3,600 Applebee's International, Inc. ................. 93,375
2,500 Catalina Marketing Corporation* ................ 160,937
300 Cheesecake Factory (The), Inc.* ................ 6,150
See Notes to Financial Statements.
21
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
NON-DURABLE & ENTERTAINMENT (CONTINUED)
2,500 CKE Restaurants, Inc. .......................... $ 66,406
650 Consolidated Products, Inc. .................... 11,009
1,700 Department 56, Inc.* ........................... 56,419
1,300 IHOP Corporation* .............................. 53,138
1,300 Outback Steakhouse, Inc.* ...................... 57,038
400 Papa John's International, Inc.* ............... 17,300
400 Regis Corporation .............................. 14,950
100 Sonic Corporation* ............................. 2,400
3,900 Trans World Entertaiment
Corporation* ................................. 53,869
-------------
592,991
-------------
NON-FERROUS METALS - 0.6%
2,000 Reliance Steel & Aluminum Company .............. 51,125
2,200 Wolverine Tube, Inc. ........................... 43,725
-------------
94,850
-------------
PRODUCER GOODS - 7.1%
3,000 Applied Power, Inc., Class A ................... 72,375
1,200 Barnes Group, Inc. ............................. 22,875
5,300 Blyth Industries, Inc.* ........................ 143,100
4,500 Boise Cascade Office Products
Corporation* ................................. 54,000
3,960 CUNO, Inc.* .................................... 59,648
1,550 Graco, Inc. .................................... 33,712
4,800 HON INDUSTRIES, Inc. ........................... 114,000
700 IDEX Corporation ............................... 16,625
5,400 JLG Industries, Inc. ........................... 75,938
1,700 Kuhlman Corporation ............................ 65,238
900 Lattice Semiconductor Corporation* ............. 35,887
1,800 Mascotech, Inc. ................................ 27,225
900 Micrel, Inc.* .................................. 40,500
2,700 Oceaneering International, Inc.* ............... 27,000
2,800 Precision Castparts Corporation ................ 103,950
800 Roper Industries, Inc. ......................... 17,700
200 SPS Technologies, Inc.* ........................ 8,250
1,750 Watsco, Inc. ................................... 20,453
4,200 Wyman-Gordon Company* .......................... 33,862
2,800 Zebra Technologies Corporation
Class A* ..................................... 72,275
-------------
1,044,613
-------------
RETAIL - 6.1%
2,400 American Eagle Outfitters, Inc.* ............... 165,150
6,300 Casey's General Stores, Inc. ................... 81,113
400 Central Garden & Pet Company* .................. 6,800
5,850 Claire's Stores, Inc. .......................... 129,066
3,300 Eagle Hardware & Garden, Inc.* ................. 123,956
1,300 Fingerhut Companies, Inc. ...................... 31,931
700 Friedman's, Inc., Class A* ..................... 7,350
5,700 Neiman Marcus Group, Inc. ...................... 147,487
10,950 Pier 1 Imports, Inc. ........................... 94,444
900 ShopKo Stores, Inc.* ........................... 28,350
5,900 Stein Mart, Inc.* .............................. 53,837
900 United Stationers, Inc.* ....................... 16,481
1,400 West Marine, Inc.* ............................. 13,212
-------------
899,177
-------------
STEEL - 0.1%
900 Citation Corporation ........................... 9,169
300 Lone Star Technologies, Inc.* .................. 3,881
-------------
13,050
-------------
TELEPHONE - 0.6%
3,900 Brightpoint, Inc.* ............................. 58,013
1,400 Pacific Gateway Exchange, Inc.* ................ 35,000
-------------
93,013
-------------
TRAVEL & RECREATION - 1.7%
1,800 Anchor Gaming Company* ......................... 72,112
3,300 Central Parking Corporation .................... 112,613
2,200 Harrah's Entertainment, Inc.* .................. 36,713
1,100 Rent-Way, Inc.* ................................ 24,887
200 Speedway Motorsports, Inc.* .................... 7,137
-------------
253,462
-------------
TRUCKING & FREIGHT - 4.0%
3,300 Expeditors International of
Washington, Inc. ............................. 153,656
3,123 Heartland Express, Inc.* ....................... 50,358
1,800 Hunt (J.B.) Transport Services, Inc. ........... 42,300
2,200 Landstar System, Inc.* ......................... 82,981
4,350 Swift Transportation Company, Inc.* ............ 130,228
7,025 Werner Enterprises, Inc. ....................... 125,571
-------------
585,094
-------------
See Notes to Financial Statements.
22
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
TOTAL COMMON STOCKS
(Cost $13,793,435) ............................. $ 14,587,999
-------------
TOTAL INVESTMENTS
(Cost $13,793,435**) ........... 99.6% 14,587,999
OTHER ASSETS AND LIABILITIES
(Net) .............. 0.4% 59,955
----- --------------
NET ASSETS .....................100.0% $ 14,647,954
----- --------------
----- --------------
</TABLE>
- --------------------------
* Non-income producing security.
** Aggregate cost for Federal tax purposes is $13,793,435.
See Notes to Financial Statements.
23
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
COMMON STOCKS - 99.3%
AEROSPACE & DEFENSE - 0.6%
8,200 AAR Corporation ................................ $ 124,025
7,000 Kaman Corporation, Class A ..................... 94,500
-------------
218,525
-------------
AIR TRANSPORTATION - 0.8%
8,900 ASA Holdings, Inc. ............................. 298,706
-------------
APPAREL - 3.0%
7,600 Guilford Mills, Inc. ........................... 94,050
6,400 Kellwood Company ............................... 163,600
2,600 Oxford Industries, Inc. ........................ 60,450
8,000 Phillips-Van Heusen Corporation ................ 48,500
10,700 Russell Corporation ............................ 208,650
5,500 Springs Industries, Inc., Class A .............. 182,875
14,000 Stride Rite Corporation ........................ 144,375
9,400 Talbots, Inc. .................................. 227,363
-------------
1,129,863
-------------
BANKS - 15.2%
13,200 BanCorp South, Inc. ............................ 221,925
9,300 BancWest Corporation ........................... 364,444
8,400 Bank United Corporation, Class A ............... 331,800
7,900 Centura Banks, Inc. ............................ 505,600
4,175 Chittenden Corporation ......................... 114,812
8,400 Citizens Banking Corporation
of Michigan .................................. 277,200
10,675 CNB Bancshares, Inc. ........................... 429,002
7,090 Commerce Bancorp, Inc. ......................... 315,505
3,400 Dime Community Bancshares ...................... 75,012
10,300 EVEREN Capital Corporation ..................... 221,450
6,502 F & M National Corporation ..................... 180,837
6,500 First Commonwealth Financial
Corporation .................................. 140,156
4,950 FNB Corporation ................................ 113,541
18,617 Fulton Financial Corporation ................... 411,901
9,756 One Valley Bancorp, Inc. ....................... 317,070
7,226 Provident Bankshares Corporation ............... 186,070
8,200 S&T Bancorp, Inc. .............................. 215,763
9,950 Susquehanna Bancshares, Inc. ................... 179,722
6,100 UMB Financial Corporation ...................... 267,638
12,600 United Bankshares, Inc. ........................ 303,975
12,500 UST Corporation ................................ 261,719
6,800 Whitney Holding Corporation .................... 222,700
-------------
5,657,842
-------------
BUSINESS SERVICES - 4.5%
6,200 ABM Industries, Inc. ........................... 177,862
4,550 American Business Products, Inc. ............... 82,184
10,900 Bowne & Company, Inc. .......................... 151,919
3,000 Chemed Corporation ............................. 88,687
11,300 Kelly Services, Inc., Class A .................. 288,150
14,800 Ogden Corporation .............................. 361,675
24,000 Olsten Corpration .............................. 148,500
3,046 Priority Healthcare Corporation,
Class A* ..................................... 118,604
8,500 Standard Register Company ...................... 245,969
-------------
1,663,550
-------------
CHEMICALS - 3.0%
8,200 AMCOL International Corporation ................ 77,900
6,600 Brady Corporation, Class A ..................... 157,575
11,700 Calgon Carbon Corporation ...................... 69,469
6,900 Dexter Corporation ............................. 191,475
6,900 Geon Company ................................... 157,406
6,800 Lilly Industries, Inc., Class A ................ 116,025
1,700 NCH Corporation ................................ 85,850
10,200 Schulman (A.), Inc. ............................ 168,300
9,200 Wellman, Inc. .................................. 85,675
-------------
1,109,675
-------------
CONSTRUCTION - 3.7%
15,500 Interface, Inc. ................................ 147,734
7,800 Justin Industries, Inc. ........................ 83,362
11,800 Kaufman & Broad Home
Corporation .................................. 265,500
3,300 Lawson Products, Inc. .......................... 69,506
12,700 Pulte Corporation .............................. 305,594
3,400 Republic Group, Inc. ........................... 51,638
8,800 Standard Pacific Corporation ................... 108,900
3,800 Stone & Webster, Inc. .......................... 101,650
12,000 United Dominion Industries, Ltd. ............... 231,750
-------------
1,365,634
-------------
See Notes to Financial Statements.
24
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
Value
Shares (Note 1)
------ -------
<S> <C> <C>
CONSUMER DURABLES - 2.7%
3,300 Haverty Furniture Companies, Inc. .............. $ 74,250
12,400 Kimball International, Inc., Class B ........... 201,500
15,700 La-Z Boy, Inc. ................................. 292,412
2,200 National Presto Industries, Inc. ............... 81,400
2,800 Skyline Corporation ............................ 81,900
7,900 Sturm Ruger & Company, Inc. .................... 74,063
4,700 Thomas Industries, Inc. ........................ 80,194
3,900 Toro Company ................................... 116,513
-------------
1,002,232
-------------
CONTAINERS - 1.0%
9,100 Ball Corporation ............................... 381,062
-------------
COSMETICS - 0.7%
5,800 Church & Dwight Co., Inc. ...................... 242,150
-------------
DRUGS & MEDICINE - 1.3%
4,900 American Medical Security Group, Inc. .......... 71,050
6,500 Bindley Western Industries, Inc. ............... 171,031
4,100 Diagnostic Products Corporation ................ 108,650
9,600 Owens & Minor, Inc. ............................ 122,400
-------------
473,131
-------------
ELECTRONICS - 2.7%
25,600 AVX Corporation ................................ 350,400
13,700 EG&G, Inc. ..................................... 363,050
6,700 Gerber Scientific, Inc. ........................ 124,787
10,500 Methode Electronics, Inc., Class A ............. 110,250
5,400 MTS Systems Corporation ........................ 67,837
-------------
1,016,324
-------------
ENERGY & UTILITIES - 17.0%
8,900 Atmos Energy Corporation ....................... 213,600
16,500 Avista Corporation ............................. 270,187
6,400 Black Hills Corporation ........................ 144,000
3,700 California Water Services Company .............. 90,650
5,100 Central Hudson Gas & Electric
Corporation .................................. 184,875
6,700 Cleco Corporation .............................. 196,812
6,500 Commonwealth Energy System ..................... 234,812
6,100 Eastern Utilities Associates ................... 173,469
5,000 Empire District Electric Company ............... 115,937
8,600 Energen Corporation ............................ 120,400
10,900 Equitable Resources, Inc. ...................... 282,037
9,500 Hawaiian Electric Industries, Inc. ............. 331,312
11,200 IDACORP, Inc. .................................. 347,900
5,200 Laclede Gas Company ............................ 119,600
4,700 Madison Gas & Electric Company ................. 94,587
10,700 Minnesota Power, Inc. .......................... 430,006
15,100 Nevada Power Company ........................... 361,456
5,300 New Jersey Resources Corporation ............... 185,169
7,300 Northwest Natural Gas Company .................. 178,622
6,800 Northwestern Corporation ....................... 163,625
9,300 ONEOK, Inc. .................................... 250,519
9,100 Piedmont Natural Gas, Inc. ..................... 310,538
12,300 Public Service Company
of New Mexico ................................ 189,113
6,000 Public Service Company of
North Carolina, Inc. ......................... 177,000
11,200 Rochester Gas & Electric Company ............... 292,600
7,100 SIGCORP, Inc. .................................. 204,125
8,900 Southwest Gas Corporation ...................... 255,875
4,300 United Illuminating Company .................... 190,813
7,900 WPS Resources Corporation ...................... 235,025
-------------
6,344,664
-------------
ENERGY - RAW MATERIALS - 0.7%
6,700 Eastern Enterprises ............................ 257,531
-------------
FOOD & AGRICULTURE - 2.8%
12,300 Bob Evans Farms, Inc. .......................... 265,219
8,800 Lance, Inc. .................................... 145,200
8,000 Mississippi Chemical Corporation ............... 82,000
8,600 Smucker (J.M.) Company, Class A ................ 204,250
15,100 Universal Foods Corporation .................... 342,581
-------------
1,039,250
-------------
INSURANCE - 6.5%
12,100 Alfa Corporation ............................... 202,675
7,100 Argonaut Group, Inc. ........................... 176,169
16,900 First American Financial Corporation............ 396,094
8,000 Foremost Corporation of America ................ 154,000
5,200 Gallagher (Arthur J.) & Company ................ 248,300
See Notes to Financial Statements.
25
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
INSURANCE (CONTINUED)
8,600 Harleysville Group, Inc. ....................... $ 176,300
8,700 HSB Group, Inc. ................................ 321,900
9,600 Ohio Casualty Company .......................... 387,600
8,600 Selective Insurance Group ...................... 156,681
3,600 Trenwick Group, Inc. ........................... 104,400
5,000 Zenith National Insurance
Corporation .................................. 114,688
-------------
2,438,807
-------------
LIQUOR - 1.7%
10,800 Coors, (Adolph) Company,
Class B ...................................... 643,275
-------------
MEDIA - 2.6%
8,700 Banta Corporation .............................. 185,419
31,000 Hollingher International, Inc. ................. 383,625
8,000 Media General, Inc., Class A ................... 400,000
-------------
969,044
-------------
MISCELLANEOUS FINANCE - 2.6%
6,000 Bay View Capital Corporation ................... 119,625
3,700 Dain Rauscher Corporation ...................... 117,012
3,000 JSB Financial, Inc. ............................ 167,625
13,100 Phoenix Investment Partners, Ltd. .............. 97,431
7,000 Resource Bancshares Mortgage
Group, Inc. .................................. 98,000
17,060 Washington Federal, Inc. ....................... 383,850
-------------
983,543
-------------
MOTOR VEHICLES - 6.4%
8,200 Arctic Cat, Inc. ............................... 63,550
7,300 Arvin Industries, Inc. ......................... 264,625
7,000 Borg-Warner Automotive, Inc. ................... 304,937
14,400 Donaldson Company, Inc. ........................ 260,100
10,200 Fleetwood Enterprises, Inc. .................... 330,862
8,766 Modine Manufacturing Company ................... 245,448
5,370 Myers Industries, Inc. ......................... 104,715
7,700 Polaris Industries, Inc. ....................... 217,525
5,400 Simpson Industries, Inc. ....................... 50,288
6,900 Smith (A.O.) Corporation ....................... 147,056
8,100 Superior Industries International, Inc. ........ 200,475
6,800 Winnebago Industries, Inc. ..................... 93,500
5,600 Wynns International, Inc. ...................... 103,600
-------------
2,386,681
-------------
NON-DURABLES & ENTERTAINMENT - 0.9%
6,800 Luby's Cafeterias, Inc. ........................ 96,475
4,900 Oneida, Ltd. ................................... 68,600
6,600 Russ Berrie & Company, Inc. .................... 163,350
-------------
328,425
-------------
NON-FERROUS METALS - 0.3%
4,400 Commercial Metals Company ...................... 100,375
-------------
PAPER & FOREST PRODUCTS - 2.6%
7,500 Caraustar Industries, Inc. ..................... 192,187
6,400 Chesapeake Corporation ......................... 201,600
12,400 Glatefelter (P.H.) Company ..................... 132,525
11,500 Pentair, Inc. .................................. 435,563
-------------
961,875
-------------
PRODUCER GOODS - 8.2%
8,400 Aeroquip-Vickers, Inc. ......................... 475,650
9,118 Albany International Corporation,
Class A ...................................... 178,941
11,000 Baldor Electric Company ........................ 210,375
5,900 Barnes Group, Inc. ............................. 112,469
7,150 CLARCOR, Inc. .................................. 130,488
4,000 Columbus McKinnon Corporation .................. 82,000
3,100 Curtiss-Wright Corporation ..................... 116,444
5,100 Daniel Industries, Inc. ........................ 54,187
5,900 Graco, Inc. .................................... 128,325
6,750 Hughes Supply, Inc. ............................ 136,266
5,500 Juno Lighting, Inc. ............................ 113,094
5,000 Kuhlman Corporation ............................ 191,875
11,600 Milacron, Inc. ................................. 206,625
2,500 NACCO Industries, Inc. ......................... 220,000
6,100 Regal-Beloit Corporation ....................... 118,950
4,900 Standard Products Company ...................... 73,500
3,800 Standex International Corporation .............. 90,013
See Notes to Financial Statements.
26
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
PRODUCER GOODS (CONTINUED)
6,400 Tecumseh Products Company
Class A ...................................... $ 315,200
8,000 Watts Industries, Inc., Class A ................ 111,500
-------------
3,065,902
-------------
RAILROAD & SHIPPING - 0.7%
13,200 Alexander & Baldwin, Inc. ...................... 260,700
-------------
RETAIL - 3.2%
8,100 Cato Corporation, Class A ...................... 76,950
4,700 Enesco Group, Inc. ............................. 77,844
11,400 Great Atlantic & Pacific Tea
Company, Inc. ................................ 359,812
11,600 Longs Drug Stores, Inc. ........................ 419,775
29,100 Pier 1 Imports, Inc. ........................... 250,988
-------------
1,185,369
-------------
STEEL - 1.3%
6,700 Carpenter Technology Corporation ............... 173,781
3,400 Cleveland-Cliffs, Inc. ......................... 126,012
4,100 Quanex Corporation ............................. 71,750
6,600 Ryerson Tull, Inc. ............................. 120,450
-------------
491,993
-------------
TOBACCO - 0.9%
4,700 Schweitzer-Maudit International, Inc. .......... 55,225
10,500 Universal Corporation .......................... 285,469
-------------
340,694
-------------
TRUCKING & FREIGHT - 1.7%
7,700 Arnold Industries, Inc. ........................ 117,425
5,000 Circle International Group, Inc. ............... 85,625
17,550 Rollins Truck Leasing Corporation .............. 186,469
7,800 USFreightways Corporation ...................... 248,625
-------------
638,144
-------------
TOTAL COMMON STOCKS
(Cost $35,859,655) ............................. $ 36,994,966
-------------
TOTAL INVESTMENTS
(Cost $35,859,655**) ........... 99.3% 36,994,966
OTHER ASSETS AND LIABILITIES
(NET) ............... 0.7% 254,531
----- ---------------
NET ASSETS .....................100.0% $ 37,249,497
----- ---------------
---------------
</TABLE>
- --------------------------
* Non-income producing security.
** Aggregate cost for Federal tax purposes is $35,859,655.
See Notes to Financial Statements.
27
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
COMMON STOCKS - 99.0%
AEROSPACE - 1.3%
100 Aviation Sales Company* ........................ $ 4,531
1,600 Boeing Company ................................. 56,900
200 Coltec Industries, Inc.* ....................... 3,600
100 Cordant Technologies, Inc. ..................... 3,894
200 General Dynamics Corporation ................... 12,088
100 Goodrich (B.F.) Company ........................ 3,413
100 Gulfstream Aerospace Corporation* .............. 4,475
100 Litton Industries, Inc.* ....................... 5,613
600 Lockheed Martin Corporation .................... 22,613
100 Northrop Grumman Corporation ................... 6,231
600 Raytheon Company, Class B ...................... 32,063
300 Rockwell International Corporation ............. 13,331
300 Stanford Telecommunications, Inc.* ............. 3,609
100 Sundstrand Corporation ......................... 6,769
200 Textron, Inc. .................................. 15,600
200 TRW, Inc. ...................................... 9,450
400 United Technologies Corporation ................ 49,550
-------------
253,730
-------------
AIR TRANSPORTATION - 0.6%
300 Air Express International Corporation .......... 5,269
100 Airborne Freight Corporation ................... 3,900
100 Alaska Air Group, Inc.* ........................ 5,069
300 AMR Corporation ................................ 16,631
100 Atlantic Coast Airlines Holdings* .............. 3,200
100 COMAIR Holdings, Inc. .......................... 3,763
100 Continental Airlines, Inc., Class B* ........... 3,463
200 Delta Air Lines, Inc. .......................... 12,163
200 FDX Corporation* ............................... 19,100
200 Galileo International, Inc. .................... 10,100
100 Northwest Airlines Corporation* ................ 2,500
500 Southwest Airlines Company ..................... 15,063
100 UAL Corporation* ............................... 5,975
200 US Airways Group, Inc.* ........................ 9,475
-------------
115,671
-------------
APPAREL - 0.5%
100 Abercrombie & Fitch Co., Class A* .............. 7,600
200 Barry (R.G.) Corporation ....................... 1,775
100 Buckle, Inc.* .................................. 2,444
100 Children's Place Retail Stores, Inc.* .......... 2,875
100 Cutter & Buck, Inc.* ........................... 2,963
100 Escalade, Inc. ................................. 1,800
100 Footstar, Inc.* ................................ 2,550
200 Jones Apparel Group* ........................... 5,588
100 Kellwood Company ............................... 2,556
100 Liz Claiborne, Inc. ............................ 3,369
100 Nautica Enterprises, Inc.* ..................... 1,500
500 Nike, Inc., Class B ............................ 26,813
200 OshKosh B'Gosh, Inc., Class A .................. 3,800
100 Polo Ralph Lauren Corporation* ................. 1,994
200 Polymer Group, Inc.* ........................... 2,013
100 Russell Corporation ............................ 1,950
100 Springs Industries, Inc., Class A .............. 3,325
100 Supreme International Corporation* ............. 1,375
100 Unitog Company ................................. 3,850
200 V.F. Corporation ............................... 9,625
100 Vulcan International Corporation ............... 3,400
100 Warnaco Group, Inc., Class A ................... 2,250
100 WestPoint Stevens, Inc.* ....................... 2,550
-------------
97,965
-------------
BANKS - 7.1%
200 AmSouth Bancorporation ......................... 9,400
100 ANB Corporation ................................ 2,188
100 Associated Banc-Corp ........................... 3,106
100 Astoria Financial Corporation .................. 4,531
100 BancWest Corporation ........................... 3,919
1,200 Bank of New York Company, Inc. ................. 41,925
1,900 Bank One Corporation ........................... 102,125
2,800 BankAmerica Corporation ........................ 182,875
500 BankBoston Corporation ......................... 20,219
200 Bankers Trust Corporation ...................... 17,400
100 Banknorth Group, Inc. .......................... 2,675
500 BB&T Corporation ............................... 18,938
200 Brookline Bancorp, Inc. ........................ 2,325
100 California Independent Bancorp ................. 2,350
100 Cascade Bancorp ................................ 1,663
100 CCB Financial Corporation ...................... 5,194
100 Central Coast Bancorp* ......................... 1,888
100 Centura Banks, Inc. ............................ 6,400
100 CFSB Bancorp, Inc. ............................. 2,644
1,400 Chase Manhattan Corporation .................... 111,475
100 City National Corporation ...................... 3,225
See Notes to Financial Statements.
28
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
BANKS (CONTINUED)
100 CNB Bancshares, Inc. ........................... $ 4,019
200 Colonial BancGroup, Inc. ....................... 2,475
200 Comerica, Inc. ................................. 13,250
100 Commerce Bancshares, Inc. ...................... 4,075
100 Compass Bancshares, Inc. ....................... 3,663
100 Cullen/Frost Bankers, Inc. ..................... 4,731
100 FFLC Bancorp, Inc. ............................. 1,750
400 Fifth Third Bancorp ............................ 26,425
200 First American Corporation ..................... 8,113
100 First Charter Corporation ...................... 1,869
100 First Financial Bankshares, Inc. ............... 3,225
100 First Midwest Financia, Inc. ................... 1,550
200 First Securities Corporation ................... 3,713
200 First Tennessee National Corporation ........... 7,613
1,600 First Union Corporation ........................ 85,300
100 First Virginia Banks, Inc. ..................... 4,769
100 First Western Bancorp, Inc. .................... 3,100
400 Firstar Corporation ............................ 33,500
400 FirstFed Financial Corporation ................. 6,775
100 FirstMerit Corporation ......................... 2,444
900 Fleet Financial Group, Inc. .................... 38,644
100 Fulton Financial Corporation ................... 2,213
100 Great Southern Bancorp, Inc. ................... 2,413
100 GreenPoint Financial Corporation ............... 3,069
200 Harbor Florida Bancshares, Inc. ................ 2,300
133 Harleysville Savings Bank ...................... 2,375
150 Heritage Commerce Corporation* ................. 2,925
100 HF Bancorp, Inc.* .............................. 1,725
200 Hibernia Corporation, Class A .................. 3,238
100 High Point Financial Corporation ............... 1,750
100 HUBCO, Inc. .................................... 3,281
300 Huntington Bancshares, Inc. .................... 9,525
324 Imperial Bancorp* .............................. 5,913
100 Indiana United Bancorp ......................... 2,295
100 Interchange Financial
Services Corporation/NJ ...................... 1,638
300 J.P. Morgan & Company .......................... 33,431
700 KeyCorp ........................................ 22,575
100 Keystone Financial, Inc. ....................... 3,613
100 Mahoning National Bancorp, Inc. ................ 2,725
200 Marshall & Ilsley Corporation .................. 11,200
400 Mellon Bank Corporation ........................ 27,050
200 Mercantile Bancorporation, Inc. ................ 9,125
100 Mercantile Bankshares Corporation .............. 3,644
100 Merchants Bancshares, Inc. ..................... 2,381
100 Merchants New York Bancorp, Inc. ............... 3,325
500 National City Corporation ...................... 34,938
100 National Commerce Bancorporation ............... 2,075
100 Net.B@nk, Inc.* ................................ 4,350
200 North Fork Bancorporation, Inc. ................ 4,400
100 Northern States Financial Corporation .......... 2,231
200 Northern Trust Corporation ..................... 17,875
100 Norwood Financial Corporation .................. 2,225
100 NSD Bancorp, Inc. .............................. 2,250
200 Old Kent Financial Corporation ................. 8,775
100 Old National Bancorp ........................... 4,638
100 Pacific Bank, N.A .............................. 1,963
100 Pacific Century Financial Corporation .......... 2,194
100 People's Bank Bridgeport ....................... 2,800
300 Peoples Heritage Financial Group, Inc. ......... 5,100
500 PNC Bank ....................................... 26,031
200 Popular, Inc. .................................. 6,638
100 Provident Bankshares Corporation ............... 2,575
100 Provident Financial Group, Inc. ................ 3,900
100 Queens County Bancorp, Inc. .................... 2,906
400 Regions Financial Corporation .................. 15,200
200 Republic New York Corporation .................. 9,063
100 Savannah Bancorp, Inc. ......................... 2,288
100 South Carolina Community
Bancshares, Inc. ............................. 1,363
100 Southern Missouri Bancorp, Inc. ................ 1,450
300 SouthTrust Corporation ......................... 12,019
300 State Street Corporation ....................... 23,006
100 Sterling Bancorp/NY ............................ 2,075
300 Summit Bankcorp ................................ 11,588
500 SunTrust Banks, Inc. ........................... 33,969
300 Susquehanna Bancshares, Inc. ................... 5,419
400 Synovus Financial Corporation .................. 9,525
100 Texarkana First Financial Corporation .......... 2,275
100 TrustCo Bank Corporation/NY .................... 2,700
100 Trustmark Corporation .......................... 2,119
1,100 U.S. Bancorp ................................... 35,544
200 Union Planters Corporation ..................... 9,038
300 UnionBanCal Corporation ........................ 9,431
100 United Financial Corporation ................... 2,275
100 Valley National Bancorp ........................ 2,563
See Notes to Financial Statements.
29
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
BANKS (CONTINUED)
300 Wachovia Corporation ........................... $ 25,519
2,600 Wells Fargo Company ............................ 95,550
100 Westamerica Bancorporation ..................... 3,350
100 Western Bancorp ................................ 3,081
100 Wilmington Trust Corporation ................... 5,669
100 Zions Bancorporation ........................... 6,400
-------------
1,441,540
-------------
BUSINESS MACHINES - 10.3%
600 3Com Corporation* .............................. 18,863
300 Adaptec, Inc.* ................................. 5,981
100 Adobe Systems, Inc. ............................ 4,025
100 Advanced Digital Information
Corporation* ................................. 1,700
100 Amplicon, Inc. ................................. 1,250
200 Apple Computer, Inc. ........................... 6,963
300 Artesyn Technologies, Inc.* .................... 4,444
300 Ascend Communications, Inc.* ................... 23,081
100 Autodesk, Inc. ................................. 4,013
100 Black Box Corporation* ......................... 3,225
300 BMC Software, Inc.* ............................ 12,263
200 C3, Inc./NC* ................................... 2,138
200 Cabletron Systems, Inc.* ....................... 1,625
100 Ceridian Corporation* .......................... 7,163
200 Cirrus Logic, Inc.* ............................ 1,625
2,500 Cisco Systems, Inc.* ........................... 244,531
200 Comdisco, Inc. ................................. 2,400
2,700 Compaq Computer Corporation .................... 95,175
100 Computer Horizons Corporation* ................. 1,494
300 Compuware Corporation* ......................... 16,781
100 Comverse Technology, Inc.* ..................... 7,175
200 Concord EFS, Inc.* ............................. 6,388
2,000 Dell Computer Corporation* ..................... 160,250
100 Diebold, Inc. .................................. 2,919
800 EMC Corporation* ............................... 81,900
100 European Micro Holdings, Inc.* ................. 994
100 Evans & Sutherland
Computer Corporation* ........................ 1,600
100 Fair Issac & Company, Inc. ..................... 4,600
200 FDP Corporation ................................ 3,238
200 Gateway 2000, Inc.* ............................ 14,538
1,700 Hewlett-Packard Company ........................ 112,944
200 Honeywell, Inc. ................................ 13,988
200 Hypercom Corporation* .......................... 2,075
200 IKON Office Solutions, Inc. .................... 2,825
200 Informix Corporation* .......................... 1,750
1,500 International Business
Machines Corporation ......................... 255,000
200 InterVoice, Inc.* .............................. 2,175
200 Komag, Inc.* ................................... 1,400
200 Learning Company, Inc.* ........................ 5,812
100 Lexmark International Group, Inc.,
Class A* ..................................... 10,319
100 MicroAge, Inc.* ................................ 847
100 Microchip Technology, Inc.* .................... 2,725
100 Micromuse, Inc.* ............................... 3,225
400 Micron Electronics, Inc.* ...................... 5,750
4,000 Microsoft Corporation* ......................... 600,500
100 MIPS Technologies, Inc.* ....................... 3,725
100 National Computer Systems, Inc. ................ 3,203
200 NCR Corporation* ............................... 8,187
100 Network Appliance, Inc.* ....................... 4,200
500 Novell, Inc.* .................................. 9,687
100 Novellus Systems, Inc.* ........................ 5,906
1,600 Oracle Systems Corporation* .................... 89,400
400 Pitney Bowes, Inc. ............................. 25,275
200 PLATINUM technology
International, Inc.* ......................... 2,650
200 Quantum Corporation* ........................... 3,287
100 SCM Microsystems, Inc.* ........................ 8,300
400 Seagate Technology, Inc.* ...................... 11,575
300 Silicon Graphics, Inc.* ........................ 4,781
100 Sterling Commerce, Inc.* ....................... 2,600
100 Sterling Software, Inc.* ....................... 2,550
200 Storage Technology Corporation* ................ 6,963
600 Sun Microsystems, Inc.* ........................ 58,387
100 Tech Data Corporation* ......................... 1,700
200 Telxon Corporation ............................. 1,275
300 Total System Services, Inc. .................... 6,825
400 Unisys Corporation* ............................ 11,925
100 Wang Laboratories, Inc.* ....................... 2,388
1,000 Xerox Corporation .............................. 55,187
-------------
2,093,653
-------------
See Notes to Financial Statements.
30
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
BUSINESS SERVICES - 5.2%
100 ABM Industries, Inc. ........................... $ 2,869
100 AboveNet Communications, Inc.* ................. 3,125
100 ABR Information Services, Inc.* ................ 1,763
100 ACNielson Corporation* ......................... 2,600
100 Affiliated Computer Services, Inc.,
Class A* ..................................... 4,625
300 Allied Waste Industries, Inc.* ................. 5,850
200 Alydaar Software Corporation* .................. 1,825
1,500 America Online, Inc.* .......................... 133,406
100 American Business Products, Inc. ............... 1,806
100 American Management Systems, Inc.* ............. 3,337
200 American Superconductor
Corporation* ................................. 2,063
100 Apollo Group, Inc., Class A* ................... 3,006
200 At Home Corporation, Series A* ................. 21,225
1,000 Automatic Data Processing, Inc. ................ 39,750
100 Avant! Corporation* ............................ 1,725
200 Block H & R, Inc. .............................. 9,075
300 Browning-Ferris Industries, Inc. ............... 9,450
100 Cambridge Technology Partners, Inc.* ........... 2,513
100 Casella Waste Systems, Inc., Class A* .......... 2,100
200 Catalyst International, Inc.* .................. 3,100
100 CDW Computer Centers, Inc.* .................... 6,963
100 Checkfree Holdings Corporation* ................ 3,425
100 CIBER, Inc.* ................................... 2,513
200 Cintas Corporation ............................. 14,150
100 Citrix Systems, Inc.* .......................... 7,712
100 COMARCO, Inc. .................................. 2,450
900 Computer Associates International, Inc. ........ 37,800
300 Computer Sciences Corporation .................. 19,987
200 Convergys Corporation* ......................... 3,463
100 Cornell Corrections, Inc.* ..................... 1,650
100 Credence Systems Corporation* .................. 2,113
100 CSG Systems International, Inc.* ............... 7,125
100 Deluxe Corporation ............................. 3,388
100 Dendrite International, Inc.* .................. 2,813
100 DeVRY, Inc.* ................................... 2,513
100 DoubleClick, Inc.* ............................. 8,987
100 DSET Corporation* .............................. 1,200
100 DST Systems, Inc.* ............................. 5,425
300 Dun & Bradstreet Corporation ................... 10,275
100 eBay, Inc.* .................................... 33,400
200 Ecolab, Inc. ................................... 7,975
800 Electronic Data Systems Corporation ............ 37,200
200 Equifax, Inc. .................................. 7,550
100 Excite, Inc.* .................................. 10,250
700 First Data Corporation ......................... 26,775
100 Fiserv, Inc.* .................................. 4,700
100 FORE Systems, Inc.* ............................ 1,450
100 Forrester Research, Inc.* ...................... 3,450
200 Go2Net, Inc.* .................................. 11,700
100 GP Strategies Corporation* ..................... 1,644
100 Great Plains Software, Inc.* ................... 4,200
150 HA-LO Industries* .............................. 1,603
100 Hambrecht & Quist Group* ....................... 2,663
100 Hudson General Corporation ..................... 7,600
100 i2 Technologies, Inc.* ......................... 2,494
100 IDT Corporation* ............................... 1,244
100 iMall, Inc.* ................................... 1,638
500 IMS Health, Inc. ............................... 17,750
100 Infoseek Corporation* .......................... 7,156
100 Inktomi Corporation* ........................... 6,212
300 Integrated Systems, Inc.* ...................... 4,763
200 Interpublic Group of Companies, Inc. ........... 14,962
100 Intuit, Inc.* .................................. 9,894
100 J.D. Edwards & Company* ........................ 1,581
400 Keane, Inc. .................................... 12,375
100 Kroll-O'Gara Company* .......................... 3,087
100 Labor Ready, Inc.* ............................. 2,819
100 Lamar Advertising Company* ..................... 3,863
100 LHS Group, Inc.* ............................... 4,300
100 Lycos, Inc.* ................................... 8,762
100 Manpower, Inc. ................................. 2,394
100 MAXIMUS, Inc.* ................................. 2,794
200 Mentor Graphics Corporation* ................... 2,800
100 Metzler Group, Inc.* ........................... 4,250
100 Micro Warehouse, Inc.* ......................... 1,975
100 MindSpring Enterprises, Inc.* .................. 8,550
200 Modis Professional Services, Inc.* ............. 2,737
100 National Data Corporation ...................... 4,831
100 National Services Industries, Inc. ............. 3,213
200 Navidec, Inc.* ................................. 1,763
100 NCO Group, Inc.* ............................... 3,125
200 Network Associates, Inc.* ...................... 9,400
100 New Era of Networks, Inc.* ..................... 6,237
100 NOVA Corporation/Georgia* ...................... 2,500
See Notes to Financial Statements.
31
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
BUSINESS SERVICES (CONTINUED)
100 Ogden Corporation .............................. $ 2,444
300 Omnicom Group, Inc. ............................ 19,875
100 Orbital Sciences Corporation* .................. 2,763
400 Parametric Technology Corporation* ............. 6,150
300 Paychex, Inc. .................................. 12,712
100 Pegasus Systems, Inc.* ......................... 3,750
300 PeopleSoft, Inc.* .............................. 5,662
200 Peregrine Systems, Inc.* ....................... 5,125
100 Pixar, Inc.* ................................... 4,113
100 Policy Management Systems
Corporation* ................................. 3,656
100 PSINet, Inc.* .................................. 3,581
200 QLogic Corporation* ............................ 11,625
100 RealNetworks, Inc.* ............................ 7,012
100 Remedy Corporation* ............................ 2,056
700 Republic Industries, Inc.* ..................... 8,575
100 Reynolds & Reynolds Company,
Class A ...................................... 1,888
100 Robert Half International, Inc.* ............... 3,600
200 Rural Cellular Corporation, Class A* ........... 2,800
100 Safety-Kleen Corporation* ...................... 1,394
100 SanDisk Corporation* ........................... 2,800
100 Sapient Corporation* ........................... 6,687
100 SDL, Inc.* ..................................... 5,450
400 ServiceMaster Company .......................... 7,475
100 Shared Medical Systems Corporation ............. 5,100
100 Siebel Systems, Inc.* .......................... 4,400
100 Spartech Corporation ........................... 2,362
100 SportsLine USA, Inc.* .......................... 4,500
100 SPSS, Inc.* .................................... 1,963
200 Spyglass, Inc.* ................................ 2,463
100 StarTek, Inc.* ................................. 1,194
100 Stericycle, Inc.* .............................. 1,269
100 Structural Dynamics Research
Corporation* ................................. 1,950
200 SunGard Data Systems, Inc.* .................... 7,925
100 Sykes Enterprises, Inc.* ....................... 2,850
100 Sylvan Learning Systems, Inc.* ................. 3,325
100 Synopsys, Inc.* ................................ 4,625
200 Technisource, Inc.* ............................ 1,725
100 Telescan, Inc.* ................................ 1,294
200 TeleTech Holdings, Inc.* ....................... 1,400
100 Tetra Tech, Inc.* .............................. 1,906
100 theglobe.com, Inc.* ............................ 4,637
100 ThrustMaster, Inc.* ............................ 1,300
100 Tier Technologies, Inc., Class B* .............. 1,306
100 TMP Worldwide, Inc.* ........................... 5,625
100 Transaction Systems Architects, Inc.,
Class A* ..................................... 3,931
100 True North Communications, Inc. ................ 2,331
100 URS Corporation ................................ 1,962
100 USWeb Corporation* ............................. 3,369
200 Vantive Corporation* ........................... 2,300
100 VeriSign, Inc.* ................................ 9,800
100 VERITAS Software Corporation* .................. 7,100
200 Viad Corporation ............................... 5,287
200 The viaLink Company* ........................... 3,550
100 Vitesse Semiconductor Corporation* ............. 4,594
100 Wall Data, Inc.* ............................... 2,075
900 Waste Management, Inc. ......................... 43,987
100 Whittman-Hart, Inc.* ........................... 3,131
300 Yahoo!, Inc.* .................................. 46,050
100 Young & Rubicam, Inc.* ......................... 3,775
-------------
1,058,348
-------------
CHEMICALS - 1.8%
300 Air Products & Chemicals, Inc. ................. 9,637
200 Airgas, Inc.* .................................. 1,800
100 Bio-Rad Laboratories, Inc., Class A* ........... 2,000
100 Brady Corporation, Class A ..................... 2,387
100 Cabot Corporation .............................. 2,519
100 ChemFirst, Inc. ................................ 1,900
100 Crompton & Knowles Corporation ................. 1,850
100 Dexter Corporation ............................. 2,775
400 Dow Chemical Company ........................... 39,350
1,800 du Pont (E.I.) de Nemours
& Company .................................... 92,362
100 Eastman Chemical Company ....................... 4,719
100 General Chemical Group, Inc. ................... 1,538
100 Great Lakes Chemical Corporation ............... 3,894
100 Hach Company ................................... 1,088
200 Hercules, Inc. ................................. 5,537
200 International Specialty Products, Inc. ......... 1,763
200 Lawter International, Inc. ..................... 1,425
100 Lubrizol Corporation ........................... 1,906
300 Millennium Chemicals, Inc. ..................... 5,419
See Notes to Financial Statements.
32
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
CHEMICALS (CONTINUED)
600 Minnesota Mining & Manufacturing
Company ........................................ $ 44,437
1,000 Monsanto Company ............................... 45,562
200 Morton International, Inc. ..................... 7,225
300 Nalco Chemical Company ......................... 8,437
100 NCH Corporation ................................ 5,050
100 Oil-Dri Corporation of America ................. 1,525
100 Olin Corporation ............................... 1,269
300 PPG Industries, Inc. ........................... 15,619
200 Praxair, Inc. .................................. 6,987
200 Rohm & Haas Company ............................ 6,250
200 RPM, Inc./Ohio ................................. 2,762
200 Sigma-Aldrich Corporation ...................... 5,275
300 Solutia, Inc. .................................. 5,344
400 Twinlab Corporation* ........................... 3,413
200 Union Carbide Corporation ...................... 8,800
100 Valspar Corporation ............................ 3,250
200 VWR Scientific Products Corporation* ........... 4,637
-------------
359,711
-------------
CONSTRUCTION - 0.5%
100 ACMAT Corporation, Class A* .................... 1,544
100 Armstrong World Industries, Inc. ............... 4,919
100 Centex Corporation ............................. 3,681
200 Clayton Homes, Inc. ............................ 2,475
100 Continental Materials Corporation* ............. 3,375
100 Crane Company .................................. 2,744
100 D.R. Horton, Inc. .............................. 1,594
200 Dal-Tile International, Inc.* .................. 1,838
100 Dayton Superior Corporation* ................... 2,100
100 Fluor Corporation .............................. 3,519
200 Granite Construction, Inc. ..................... 4,912
300 Johns Manville Corporation ..................... 5,269
100 Kaufman & Broad Home Corporation ............... 2,250
100 Lafarge Corporation ............................ 3,187
100 Lennar Corporation ............................. 2,319
100 Lone Star Industries ........................... 3,300
100 M/I Schottenstein Homes, Inc. .................. 1,731
100 Martin Marietta Materials, Inc. ................ 5,131
500 Masco Corporation .............................. 13,125
100 Nobility Homes, Inc. ........................... 1,200
100 Owens Corning .................................. 3,181
100 Palm Harbor Homes, Inc.* ....................... 2,500
200 Performance Technologies, Inc.* ................ 2,237
100 Puerto Rican Cement Company, Inc. .............. 3,425
100 Pulte Corporation .............................. 2,406
300 Sherwin-Williams Company ....................... 7,219
100 Southdown, Inc. ................................ 4,719
200 Stanley Works .................................. 4,862
100 USG Corporation ................................ 5,012
100 White Cap Industries, Inc.* .................... 1,475
-------------
107,249
-------------
CONSUMER DURABLES - 0.4%
100 Black & Decker Corporation ..................... 4,875
100 CompX International, Inc.* ..................... 1,738
100 Ethan Allen Interiors, Inc. .................... 4,500
100 Furniture Brands International, Inc.* .......... 2,137
200 Griffon Corporation* ........................... 1,800
100 Harman International Industries, Inc. .......... 3,825
100 Hillenbrand Industries, Inc. ................... 4,187
100 Kimball International, Inc., Class B ........... 1,625
100 Koala Corporation* ............................. 2,000
300 Leggett & Platt, Inc. .......................... 6,281
100 Linens `n Things, Inc.* ........................ 3,600
200 Maytag Corporation ............................. 11,212
100 Mohawk Industries, Inc.* ....................... 3,250
300 Newell Company, Inc. ........................... 12,750
100 Pulaski Furniture Corporation .................. 2,100
100 Rent-A-Center, Inc.* ........................... 2,538
100 Restoration Hardware, Inc.* .................... 2,063
200 RF Monolithics, Inc.* .......................... 2,300
200 Shaw Industries, Inc. .......................... 4,387
100 Whirlpool Corporation .......................... 4,350
-------------
81,518
-------------
CONTAINERS - 0.1%
100 Ball Corporation ............................... 4,187
100 Bemis Company, Inc. ............................ 3,406
200 Crown Cork & Seal Company, Inc. ................ 5,550
100 Greif Brothers Corporation, Class A ............ 2,813
200 Owens-Illinois, Inc.* .......................... 4,787
100 Sealed Air Corporation* ........................ 5,075
200 Sonoco Products Company ........................ 4,900
-------------
30,718
-------------
See Notes to Financial Statements.
33
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
COSMETICS - 2.0%
100 Alberto-Culver Company ......................... $ 2,400
200 Allou Health & Beauty Care, Inc.,
Class A* ..................................... 1,800
400 Avon Products, Inc. ............................ 16,650
100 Bush Boake Allen, Inc.* ........................ 3,194
200 Clorox Company ................................. 23,662
500 Colgate-Palmolive Company ...................... 42,437
100 Del Laboratories, Inc. ......................... 2,106
100 Dial Corporation ............................... 2,919
100 Estee Lauder Companies, Inc.,
Class A ...................................... 8,681
1,800 Gillette Company ............................... 96,525
200 International Flavors &
Fragrances, Inc. ............................. 8,237
2,100 Proctor & Gamble Company ....................... 187,950
100 Revlon, Inc., Class A* ......................... 1,413
-------------
397,974
-------------
DOMESTIC OIL - 0.7%
200 Amerada Hess Corporation ....................... 9,075
100 Ashland, Inc. .................................. 4,450
500 Atlantic Richfield Company ..................... 27,312
300 Conoco, Inc., Class A .......................... 6,094
100 Crystal Oil Company ............................ 3,687
200 Diamond Offshore Drilling, Inc. ................ 4,137
100 Hallwood Consolidated Resources
Corporation .................................. 1,013
200 Houston Exploration Company* ................... 3,087
100 Kerr-McGee Corporation ......................... 2,856
100 Leviathan Gas Pipeline Partners, L.P. .......... 1,888
100 Midcoast Energy Resources, Inc. ................ 2,225
100 Murphy Oil Corporation ......................... 3,419
200 Newfield Exploration Company* .................. 3,250
200 Oryx Energy Company ............................ 2,075
100 Pennzoil Company ............................... 1,244
400 Phillips Petroleum Company ..................... 15,475
100 Stone Energy Corporation* ...................... 2,419
100 Sunoco, Inc. ................................... 3,044
200 Tersoro Petroleum Corporation* ................. 1,600
200 Tosco Corporation .............................. 4,137
200 Transocean Offshore, Inc. ...................... 4,125
300 Ultramar Diamond Shamrock
Corporation .................................. 5,925
400 Union Pacific Resources Group, Inc. ............ 3,575
400 Unocal Corporation ............................. 11,275
500 USX-Marathon Group ............................. 10,344
-------------
137,731
-------------
DRUGS & MEDICINE - 11.3%
2,400 Abbott Laboratories ............................ 111,450
100 Advance Paradigm, Inc.* ........................ 3,606
200 Aetna, Inc. .................................... 14,812
100 Agouron Pharmaceuticals, Inc.* ................. 5,706
100 Alkermes, Inc.* ................................ 2,806
100 Allergan, Inc. ................................. 8,150
100 ALZA Corporation* .............................. 5,244
100 American Healthcorp, Inc.* ..................... 1,125
2,100 American Home Products
Corporation .................................. 124,950
100 AmeriSource Health Corporation* ................ 7,462
400 Amgen, Inc.* ................................... 49,950
100 Anesta Corporation* ............................ 1,981
100 Arrow International ............................ 2,456
200 AVECOR Cardiovascular, Inc.* ................... 2,375
200 Aviron* ........................................ 4,288
100 Bard (C.R.), Inc. .............................. 5,637
100 Bausch & Lomb, Inc. ............................ 6,031
500 Baxter International, Inc. ..................... 35,187
100 Beckman Coulter, Inc. .......................... 4,831
400 Becton, Dickinson & Company .................... 13,400
200 Bergen Brunswig Corporation,
Class A ...................................... 4,888
100 Biogen, Inc.* .................................. 9,613
100 Biomatrix, Inc.* ............................... 6,950
200 Biomet, Inc.* .................................. 7,337
600 Boston Scientific Corporation* ................. 15,900
1,600 Bristol-Myers Squibb Company ................... 201,500
462 Cardinal Health, Inc. .......................... 33,351
100 Cell Pathways, Inc.* ........................... 659
300 Centennial HealthCare Corporation* ............. 4,331
100 Centocor, Inc.* ................................ 4,156
100 Cerus Corporation* ............................. 2,663
100 Chattem, Inc. .................................. 3,013
300 Chiron Corporation* ............................ 6,319
100 Collagen Aesthetics, Inc. ...................... 1,119
See Notes to Financial Statements.
34
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
DRUGS & MEDICINE (CONTINUED)
1,000 Columbia /HCA Healthcare
Corporation .................................. $ 17,875
100 Covance, Inc.* ................................. 2,756
200 Coventry Health Care, Inc.* .................... 2,144
100 DENTSPLY International, Inc. ................... 2,550
200 Dura Pharmaceuticals, Inc.* .................... 2,813
100 EntreMed, Inc.* ................................ 1,869
100 Forest Laboratories, Inc.* ..................... 4,944
200 GelTex Pharmaceuticals, Inc.* .................. 3,437
200 Genentech, Inc., Special
Common Stock* ................................ 15,962
100 Genzyme Corporation
(General Division)* .......................... 4,500
100 Gilead Sciences, Inc.* ......................... 4,125
500 Guidant Corporation ............................ 28,500
200 HCR Manor Care, Inc.* .......................... 4,475
300 Health Management Associates, Inc.,
Class A* ..................................... 3,881
100 Healthcare Recoveries, Inc.* ................... 831
700 HEALTHSOUTH Corporation* ....................... 8,137
100 Henry Schein, Inc.* ............................ 2,563
200 HORIZON Pharmacies, Inc.* ...................... 1,725
100 Human Genome Sciences, Inc.* ................... 2,987
200 Humana, Inc.* .................................. 3,500
100 ICN Pharmaceuticals, Inc. ...................... 2,188
100 Immunex Corporation* ........................... 14,150
100 Invacare Corporation ........................... 2,375
300 Isis Pharmaceuticals, Inc.* .................... 3,619
200 IVAX Corporation ............................... 2,950
2,200 Johnson & Johnson .............................. 187,825
200 Ligand Pharmaceuticals, Inc., Class B* ......... 1,963
1,800 Lilly (Eli) & Company .......................... 170,437
100 Lincare Holdings, Inc.* ........................ 3,562
100 Mallinckrodt, Inc. ............................. 3,094
400 McKesson HBOC, Inc. ............................ 27,200
150 Medicis Pharmaceutical Corporation,
Class A* ..................................... 5,663
100 MedImmune, Inc.* ............................... 5,500
900 Medtronic, Inc. ................................ 63,562
3,800 Merck & Company, Inc. .......................... 310,650
100 Millenium Pharmaceuticals, Inc.* ............... 3,106
100 Mine Safety Appliances Company ................. 6,475
100 MiniMed, Inc.* ................................. 8,525
200 Mylan Laboratories, Inc. ....................... 5,462
200 Northfield Laboratories, Inc.* ................. 2,475
100 Omnicare, Inc. ................................. 2,394
300 Oxford Health Plans, Inc.* ..................... 5,681
100 PacifiCare Health Systems, Inc.,
Class B* ..................................... 7,225
100 PAREXEL International Corporation* ............. 2,081
100 Patterson Dental Company* ...................... 4,050
2,100 Pfizer, Inc. ................................... 277,069
200 Pharmaceutical Marketing Services, Inc.*........ 2,900
200 Physician Reliance Network, Inc.* .............. 1,813
100 Province Healthcare Company* ................... 1,519
100 Quest Diagnostics, Inc.* ....................... 2,138
100 Quintiles Transnational Corporation* ........... 4,312
100 Renal Care Group, Inc.* ........................ 1,981
100 ResMed, Inc.* .................................. 3,100
100 Roberts Pharmaceutical Corporation* ............ 2,262
2,400 Schering-Plough Corporation .................... 134,250
100 SEQUUS Pharmaceuticals, Inc. .* ................ 2,044
100 Serologicals Corporation* ...................... 1,788
100 St. Jude Medical, Inc. ......................... 2,513
100 STERIS Corporation* ............................ 3,287
200 Stryker Corporation ............................ 9,450
200 Sunrise Technologies International, Inc.*....... 2,150
100 Sybron International Corporation* .............. 2,456
100 Synaptic Pharmaceutical Corporation* ........... 1,563
100 Syncor International Corporation - Del* ........ 2,762
500 Tenet Healthcare Corporation* .................. 9,844
100 Total Renal Care Holdings, Inc.* ............... 888
200 Triangle Pharmaceuticals, Inc.* ................ 2,600
100 Trigon Healthcare, Inc.* ....................... 3,506
300 United Healthcare Corporation .................. 14,794
100 Universal Health Services, Inc.,
Class B* ..................................... 4,062
100 Vertex Pharmaceuticals, Inc.* .................. 2,350
1,300 Warner-Lambert Company ......................... 89,781
200 Watson Pharmaceuticals, Inc.* .................. 9,662
100 Wellpoint Health Networks, Inc.* ............... 7,887
-------------
2,289,763
-------------
See Notes to Financial Statements.
35
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
ELECTRONICS - 5.8%
100 Acxiom Corporation* ............................ $ 2,394
200 ADC Telecommunications, Inc.* .................. 8,100
200 ADE Corporation* ............................... 2,725
100 Adelphia Communications Corporation,
Class A* ..................................... 5,637
200 Advanced Micro Devices, Inc.* .................. 3,575
200 Aetrium, Inc.* ................................. 1,450
200 Altera Corporation* ............................ 9,725
200 American Power Conversion
Corporation* ................................. 7,175
100 American Tower Corporation,
Class A ...................................... 2,681
200 Amkor Technology, Inc.* ........................ 2,100
300 AMP, Inc. ...................................... 15,956
300 Analog Devices, Inc.* .......................... 7,519
100 Andrew Corporation* ............................ 1,513
100 Anixter International, Inc.* ................... 1,256
600 Applied Materials, Inc.* ....................... 33,375
100 Arrow Electronics, Inc. ........................ 1,419
100 Associated Group, Inc., Class A* ............... 4,981
200 AstroPower, Inc.* .............................. 2,000
100 Atmel Corporation* ............................. 1,719
100 Avid Technology, Inc.* ......................... 2,931
100 Avnet, Inc. .................................... 3,969
100 AVT Corporation* ............................... 2,588
100 AVX Corporation ................................ 1,369
100 BEI Technologies, Inc. ......................... 1,288
200 Broadcom Corporation, Class A* ................. 12,037
300 Cadence Design Systems, Inc.* .................. 7,219
100 CIENA Corporation* ............................. 2,788
100 CMGI, Inc.* .................................... 12,262
100 Concentric Network Corporation* ................ 4,388
100 Concord Communications, Inc.* .................. 5,662
200 Conexant Systems, Inc.* ........................ 3,400
100 Cubic Corporation .............................. 1,838
100 DSP Communications, Inc.* ...................... 1,500
100 DuPont Photomasks, Inc.* ....................... 3,925
100 EG&G, Inc. ..................................... 2,650
100 Electronics for Imaging, Inc.* ................. 3,494
100 General Cable Corporation ...................... 1,881
300 General Instrument Corporation* ................ 8,775
100 Gentex Corporation* ............................ 2,169
100 Harris Corporation ............................. 3,112
100 Hollywood Entertainment
Corporation* ................................. 2,744
100 IMRglobal Corporation* ......................... 1,813
2,700 Intel Corporation .............................. 323,831
100 International Network Services* ................ 5,112
200 ITT Industries, Inc. ........................... 7,812
200 Kent Electronics Corporation* .................. 2,275
200 KLA-Tencor Corporation* ........................ 10,362
100 Kulicke & Soffa Industries, Inc. ............... 2,538
100 Lam Research Corporation* ...................... 2,956
100 Level One Communications, Inc.* ................ 3,350
200 Linear Technology Corporation .................. 8,762
200 LSI Logic Corporation* ......................... 5,187
2,100 Lucent Technologies, Inc. ...................... 213,281
100 Macromedia, Inc.* .............................. 3,056
200 Maxim Integrated Products, Inc.* ............... 8,337
100 Mestek, Inc.* .................................. 1,956
100 Metromedia Fiber Network, Inc.,
Class A* ..................................... 4,350
400 Micron Technology, Inc. ........................ 23,050
200 Molex, Inc. .................................... 5,350
1,000 Motorola, Inc. ................................. 70,250
200 National Semiconductor Corporation* ............ 2,100
200 NeoMagic Corporation* .......................... 2,175
200 Netscape Communications Corporation*............ 15,487
100 Network Solutions, Inc., Class A* .............. 18,150
500 Nextel Communications, Inc., Class A* .......... 15,031
100 Oak Industries, Inc. ........................... 3,169
100 OEC Medical Systems, Inc.* ..................... 2,494
200 Pericom Semiconductor Corporation* ............. 1,975
100 Perkin-Elmer Corporation ....................... 9,475
100 Plantronics, Inc.* ............................. 6,050
100 PRI Automation, Inc.* .......................... 3,000
100 QUALCOMM, Inc.* ................................ 7,300
100 Rambus, Inc.* .................................. 7,269
100 Rational Software Corporation* ................. 2,969
100 Rayovac Corporation ............................ 2,769
100 SCI Systems, Inc.* ............................. 3,094
100 Scientific-Atlanta, Inc. ....................... 3,244
100 Snyder Communications, Inc. .................... 3,425
400 Solectron Corporation* ......................... 17,875
125 Superior TeleCom, Inc. ......................... 3,539
See Notes to Financial Statements.
36
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
ELECTRONICS (CONTINUED)
100 Symbol Technologies, Inc. ...................... $ 5,300
300 Tellabs, Inc.* ................................. 24,019
100 Teradyne, Inc.* ................................ 4,762
100 Terayon Communication Systems, Inc.* ........... 3,106
600 Texas Instruments, Inc. ........................ 53,512
200 Thermo Electron Corporation* ................... 2,762
100 Thomas & Betts Corporation ..................... 4,169
100 Uniphase Corporation* .......................... 8,812
100 United States Satellite Broadcasting
Company, Inc.* ............................... 1,613
100 Univision Communications, Inc.,
Class A* ..................................... 4,075
100 VISX, Inc.* .................................... 6,175
100 Waters Corporation* ............................ 9,306
200 Western Digital Corporation* ................... 1,925
100 Xilinx, Inc.* .................................. 6,975
-------------
1,178,018
-------------
ENERGY & UTILITIES - 3.3%
300 AES Corporation* ............................... 11,156
200 Allegheny Energy, Inc. ......................... 5,937
200 Ameren Corporation ............................. 7,462
300 American Electric Power Company, Inc. .......... 12,487
100 American Water Works Company, Inc. ............. 3,025
200 Baltimore Gas & Electric Company ............... 5,125
100 Bangor Hydro-Electric Company* ................. 1,294
100 BEC Energy ..................................... 3,644
100 CalEnergy Company, Inc.* ....................... 2,806
100 California Water Service Group ................. 2,450
100 Calpine Corporation* ........................... 3,275
200 Carolina Power & Light Company ................. 7,975
300 Central & South West Corporation ............... 7,444
100 Central Hudson Gas & Electric
Corporation .................................. 3,625
300 Cinergy Corporation ............................ 8,756
100 Cleco Corporation .............................. 2,938
200 CMS Energy Corporation ......................... 8,275
300 Coastal Corporation ............................ 9,600
100 Colonial Gas Company ........................... 3,431
100 Columbia Energy Group .......................... 5,050
100 Conectiv, Inc. ................................. 2,119
400 Consolidated Edison Company
New York, Inc. ............................... 18,700
200 Consolidated Natural Gas Company ............... 10,987
300 Dominion Resources, Inc./VA .................... 11,587
200 DPL, Inc. ...................................... 3,562
100 DQE, Inc. ...................................... 3,819
200 DTE Energy Company ............................. 7,900
600 Duke Energy Corporation ........................ 34,125
200 Dynegy, Inc. ................................... 2,400
600 Edison International ........................... 15,300
200 El Paso Energy Corporation ..................... 7,287
100 Energy East Corporation ........................ 5,362
100 EnergySouth, Inc. .............................. 2,062
500 Enron Corporation .............................. 32,500
400 Entergy Corporation ............................ 11,300
100 E'Town Corporation ............................. 4,294
400 FirstEnergy Corporation ........................ 11,700
100 Florida Progress Corporation ................... 4,012
300 FPL Group, Inc. ................................ 15,431
200 GPU, Inc. ...................................... 7,975
100 IDACORP, Inc. .................................. 3,106
100 Illinova Corporation ........................... 2,375
100 Indiana Energy, Inc. ........................... 2,000
100 Interstate Energy Corporation .................. 2,756
100 IPALCO Enterprises, Inc. ....................... 4,794
100 K N Energy, Inc. ............................... 2,094
100 Kansas City Power & Light Company .............. 2,550
200 KeySpan Energy ................................. 5,300
200 LG&E Energy Corporation ........................ 4,562
100 Madison Gas & Electric Company ................. 2,013
300 MCN Energy Group, Inc. ......................... 5,344
100 MDU Resources Group, Inc. ...................... 2,350
100 MidAmerican Energy Holdings
Company ...................................... 2,700
100 Middlesex Water Company ........................ 2,175
100 Minnesota Power, Inc. .......................... 4,019
100 Montana Power Company .......................... 6,087
100 National Fuel Gas Company ...................... 4,031
100 National Wireless Holdings, Inc.* .............. 1,838
100 Nevada Power Company ........................... 2,394
200 New Century Energies, Inc. ..................... 8,112
100 New England ElectricSystem ..................... 4,869
100 New Jersey Resources Corporation ............... 3,494
200 Niagara Mohawk Power Corporation ............... 2,925
100 NICOR, Inc. .................................... 3,819
See Notes to Financial Statements.
37
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
ENERGY & UTILITIES (CONTINUED)
200 NIPSCO Industries, Inc. ........................ $ 5,187
100 North Carolina Natural Gas
Corporation .................................. 3,200
400 Northeast Utilities ............................ 5,975
200 Northern States Power .......................... 5,162
100 OGE Energy Corporation ......................... 2,387
400 PacifiCorp ..................................... 7,175
400 PECO Energy Company ............................ 14,175
100 Peoples Energy Corporation ..................... 3,394
600 PG & E Corporation ............................. 18,900
100 Philadelphia Suburban Corporation .............. 2,156
100 Pinnacle West Capital Corporation .............. 3,612
200 Potomac Electric Power Company ................. 4,875
200 PP & L Resources, Inc. ......................... 5,100
200 Public Service Company of
New Mexico ................................... 3,075
100 Public Service Company of
North Carolina, Inc. ......................... 2,950
400 Public Service Enterprise Group, Inc. .......... 15,200
100 Puget Sound Energy, Inc. ....................... 2,413
300 Questar Corporation ............................ 5,362
400 Reliant Energy, Inc. ........................... 10,725
300 Republic Services, Inc., Class A* .............. 5,231
100 SCANA Corporation .............................. 2,350
400 Sempra Energy .................................. 8,400
100 Sonat, Inc. .................................... 2,531
1,100 Southern Company ............................... 27,569
100 Southern Union Company* ........................ 1,900
200 TECO Energy, Inc. .............................. 4,325
500 Texas Utilities Company ........................ 21,219
300 UGI Corporation ................................ 6,094
300 Unicom Corporation ............................. 10,669
100 United Illuminating Company .................... 4,437
100 UtiliCorp United, Inc. ......................... 3,437
100 Western Resources, Inc. ........................ 2,819
700 Williams Companies, Inc. ....................... 25,900
200 Wisconsin Energy Corporation ................... 5,112
-------------
666,900
-------------
ENERGY - RAW MATERIALS - 0.9%
200 Anadarko Petroleum Corporation ................. 5,500
300 Apache Corporation ............................. 5,981
900 Archer-Daniels-Midland Company ................. 13,612
200 Atwood Oceanics, Inc.* ......................... 3,362
500 Baker Hughes, Inc. ............................. 9,000
200 Basin Exploration, Inc.* ....................... 1,750
100 BJ Services Company* ........................... 1,406
300 Burlington Resources, Inc. ..................... 9,712
200 Cabot Oil & Gas Corporation,
Class A ...................................... 2,187
100 Cooper Cameron Corporation* .................... 2,312
200 Enron Oil & Gas Company ........................ 3,300
100 Fall River Gas Company ......................... 1,750
700 Halliburton Company ............................ 19,775
100 Kirby Corporation .............................. 1,700
100 McDermott International, Inc. .................. 1,994
200 Mitchell Energy & Development
Corporation, Class A ......................... 2,225
200 Nabors Industries, Inc.* ....................... 2,300
200 NL Industries, Inc. ............................ 1,937
100 Noble Affiliates, Inc. ......................... 2,262
200 Noble Drilling Corporation* .................... 2,475
500 Occidental Petroleum Corporation ............... 7,531
100 Penn Virginia Corporation ...................... 1,844
300 Plains All American Pipeline, L.P. ............. 5,137
900 Schlumberger, Ltd. ............................. 43,706
100 Smith International, Inc.* ..................... 2,431
100 Tidewater, Inc. ................................ 1,881
200 USEC, Inc. ..................................... 2,837
100 Valero Energy Corporation ...................... 1,756
200 Vastar Resources, Inc. ......................... 7,700
300 Weatherford International, Inc.* ............... 5,100
-------------
174,463
-------------
FOOD & AGRICULTURE - 3.6%
100 Agribrands International, Inc.* ................ 3,100
200 Andersons, Inc. ................................ 2,462
200 Aurora Foods, Inc.* ............................ 3,237
500 Bestfoods ...................................... 23,469
100 Broughton Foods Company ........................ 1,637
700 Campbell Soup Company .......................... 28,131
3,900 Coca-Cola Company .............................. 249,356
600 Coca-Cola Enterprises, Inc. .................... 18,600
800 ConAgra, Inc. .................................. 24,100
100 Dean Foods Company ............................. 3,644
100 Delta & Pine Land Company ...................... 3,237
See Notes to Financial Statements.
38
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
FOOD & AGRICULTURE (CONTINUED)
100 Dole Food Company, Inc. ........................ $ 3,150
200 Dreyer's Grand Ice Cream, Inc. ................. 2,487
100 Flowers Industries, Inc. ....................... 2,437
100 Fresh America Corporation* ..................... 2,237
200 Gehl Company ................................... 3,475
200 General Mills, Inc. ............................ 16,137
600 Heinz (H.J.) Company ........................... 32,662
200 Hershey Foods Corporation ...................... 12,450
100 Hormel Foods Corporation ....................... 3,600
100 IBP, Inc. ...................................... 2,250
200 IMC Global, Inc. ............................... 3,987
300 International Home Foods, Inc.* ................ 4,687
100 Interstate Bakeries Corporation ................ 2,400
100 Keebler Foods Company* ......................... 3,900
600 Kellogg Company ................................ 22,200
100 Marsh Supermarkets, Inc., Class B .............. 1,225
100 McCormick & Company, Inc.,
Non Voting Shares ............................ 2,862
200 Mississippi Chemical Corporation ............... 2,050
100 Nabisco Holdings Corporation,
Class A ...................................... 4,437
2,300 PepsiCo, Inc. .................................. 86,537
100 Pilgrim's Pride Corporation, Class B ........... 1,906
400 Pioneer Hi-Bred International, Inc. ............ 9,375
200 Quaker Oats Company ............................ 10,925
200 Ralcorp Holdings, Inc.* ........................ 3,562
500 Ralston-Ralston Purina Group ................... 13,469
1,500 Sara Lee Corporation ........................... 40,781
100 Schultz Sav-O Stores, Inc. ..................... 1,738
100 Scotts Company (The), Class A* ................. 3,237
100 Smucker (J.M.) Company, Class A ................ 2,375
100 Suiza Foods Corporation* ....................... 3,700
200 Supervalu, Inc. ................................ 4,812
500 Sysco Corporation .............................. 14,125
200 Tasty Baking Company ........................... 2,600
100 Tootsie Roll Industries, Inc. .................. 4,600
300 Tyson Foods, Inc., Class A ..................... 6,150
100 Universal Foods Corporation .................... 2,269
200 Veterinary Centers of America, Inc.* ........... 3,000
300 Whitman Corporation ............................ 5,700
100 Wild Oats Markets, Inc.* ....................... 2,675
200 Wrigley (Wm.) Jr. Company ...................... 18,600
-------------
731,742
-------------
GOLD - 0.1%
100 Getchell Gold Corporation* ..................... 2,594
100 Homestake Mining Company ....................... 919
500 Newmont Mining Corporation ..................... 8,625
-------------
12,138
-------------
INSURANCE - 3.6%
300 20th Century Industries ........................ 5,737
400 AFLAC, Inc. .................................... 17,650
100 Allmerica Financial Corporation ................ 5,337
1,300 Allstate Corporation ........................... 48,750
100 Ambac Financial Group, Inc. .................... 5,600
100 American Bankers Insurance
Group, Inc. .................................. 4,800
100 American Financial Group, Inc. ................. 3,694
400 American General Corporation ................... 29,300
100 American Heritage Life Investment
Corporation .................................. 2,200
100 American Indemnity Financial
Corporation .................................. 1,050
2,000 American International Group, Inc. ............. 227,875
100 American National Insurance
Company ...................................... 7,525
300 Aon Corporation ................................ 17,681
100 Berkley (W.R.) Corporation ..................... 2,862
100 Capitol Transamerica Corporation ............... 1,550
300 Chubb Corporation .............................. 17,925
300 CIGNA Corporation .............................. 23,550
200 Cincinnati Financial Corporation ............... 7,013
300 CNA Financial Corporation* ..................... 10,181
500 Conseco, Inc. .................................. 14,968
100 Crawford & Company, Class B .................... 1,138
100 E. W. Blanch Holdings, Inc. .................... 5,550
400 Equitable Companies, Inc. ...................... 27,025
200 Erie Indemnity Company, Class A ................ 5,425
100 FBL Financial Group, Inc., Class A ............. 2,006
100 First American Financial Corporation ........... 2,343
100 First United Corporation ....................... 1,700
100 Fremont General Corporation .................... 1,975
400 Hartford Financial Services Group, Inc. ........ 21,625
100 Hartford Life, Inc., Class A ................... 5,800
200 Jefferson-Pilot Corporation .................... 13,562
200 Lincoln National Corporation ................... 18,937
400 Marsh & McLennan Companies, Inc. ............... 28,325
See Notes to Financial Statements.
39
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
INSURANCE (CONTINUED)
100 MBIA, Inc. ..................................... $ 6,156
100 Medical Assurance, Inc.* ....................... 2,962
100 Merchants Group, Inc. .......................... 2,162
100 Mercury General Corporation .................... 3,487
200 MGIC Investment Corporation .................... 6,813
100 MONY Group, Inc.* .............................. 2,531
200 Old Republic International
Corporation .................................. 3,763
100 Penn-America Group, Inc. ....................... 1,113
100 Penn Treaty American Corporation* .............. 2,419
100 Progressive Corporation of Ohio ................ 12,850
100 Protective Life Corporation .................... 3,450
200 Provident American Corporation* ................ 1,600
200 Provident Companies, Inc. ...................... 6,550
100 Reinsurance Group of America, Inc. ............. 6,444
200 Reliance Group Holdings, Inc. .................. 2,063
100 ReliaStar Financial Corporation ................ 4,537
200 Risk Capital Holdings, Inc.* ................... 3,800
100 RLI Corporation ................................ 2,944
200 SAFECO Corporation ............................. 8,037
400 St. Paul Companies, Inc. ....................... 12,950
100 The PMI Group, Inc. ............................ 4,312
200 Torchmark Corporation .......................... 6,650
200 Transamerica Corporation ....................... 14,512
100 Transatlantic Holdings, Inc. ................... 7,469
100 Travelers Property Casualty
Corporation, Class A ......................... 3,794
100 United Fire & Casualty Company ................. 2,887
100 Unitrin, Inc. .................................. 6,537
200 UNUM Corporation ............................... 8,950
-------------
742,401
-------------
INTERNATIONAL OIL - 2.4%
1,000 Chevron Corporation ............................ 76,875
3,900 Exxon Corporation .............................. 259,593
1,200 Mobil Corporation .............................. 99,825
400 Santa Fe International Corporation ............. 5,350
900 Texaco, Inc. ................................... 41,906
-------------
483,549
-------------
LIQUOR - 0.3%
700 Anheuser-Busch Companies, Inc. ................. 53,681
100 Brown-Forman Corporation, Class B .............. 6,593
100 Coors (Adolph) Company, Class B ................ 5,956
100 Genesee Corporation, Class B ................... 2,200
100 Robert Mondavi Corporation,
Class A* ..................................... 3,437
-------------
71,867
-------------
MEDIA - 3.6%
100 Ackerley Group, Inc. ........................... 1,800
100 Banta Corporation .............................. 2,131
100 Belo (A.H.) Corporation, Series A .............. 1,813
100 BHC Communications, Inc.,
Class A* ..................................... 11,450
100 Broadcast.com, Inc.* ........................... 8,381
200 Cablevision Systems Corporation,
Class A* ..................................... 13,000
100 Carmike Cinemas, Inc., Class A* ................ 1,575
1,100 CBS Corporation* ............................... 40,562
100 Central Newspapers, Inc., Class A .............. 3,500
100 Century Communications
Corporation, Class A* ........................ 3,469
200 Chancellor Media Corporation* .................. 8,750
100 Chris-Craft Industries, Inc.* .................. 4,237
400 Clear Channel Communications, Inc.* ............ 24,000
100 CNET, Inc.* .................................... 11,462
600 Comcast Corporation, Special Class A ........... 42,562
400 Cox Communications, Inc., Class A* ............. 28,300
100 Crown Castle International
Corporation* ................................. 1,700
100 Cumulus Media, Inc., Class A* .................. 1,175
200 Donnelley (R.R.) & Sons Company ................ 6,850
100 Dow Jones & Company, Inc. ...................... 4,700
100 Emmis Communications Corporation,
Class A* ..................................... 4,631
100 Fox Entertainment Group, Inc.,
Class A* ..................................... 2,600
400 Gannet Company, Inc. ........................... 25,400
100 Gartner Group, Inc., Class A* .................. 2,244
100 Harte-Hanks, Inc. .............................. 2,588
100 Heftel Broadcasting Corporation,
Class A* ..................................... 4,125
200 Hollingher International, Inc. ................. 2,475
200 IDG Books Worldwide, Inc.,
Class A* ..................................... 3,037
See Notes to Financial Statements.
40
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
MEDIA (CONTINUED)
200 Infinity Broadcasting Corporation,
Class A* ..................................... $ 4,750
100 IXC Communications, Inc.* ...................... 5,200
100 Jones Intercable, Inc., Class A* ............... 4,050
200 Journal Register Company* ...................... 2,625
100 King World Productions, Inc.* .................. 2,644
100 Knight-Ridder, Inc. ............................ 5,019
100 Lee Enterprises, Inc. .......................... 2,763
100 McClatchy Company, Class A ..................... 3,200
200 McGraw-Hill Companies, Inc. .................... 21,887
100 Media General, Inc., Class A ................... 5,000
1,000 MediaOne Group, Inc.* .......................... 54,500
100 Meredith Corporation ........................... 3,375
200 Metro-Goldwyn-Mayer, Inc.* ..................... 2,087
300 New York Times Company, Class A ................ 9,300
200 NewsEdge Corporation* .......................... 2,037
300 Outdoor Systems, Inc.* ......................... 8,381
200 PRIMEDIA, Inc.* ................................ 2,662
100 Pulitzer Publishing Company .................... 7,987
100 Reader's Digest Association, Inc.,
Class A ...................................... 3,400
100 Scripps Company (E.W.), Class A ................ 4,100
300 Source Information Management
Company* ..................................... 3,187
100 TCA Cable TV, Inc. ............................. 4,412
900 Tele-Communications, Inc., Class A* ............ 56,531
600 Tele-Communications TCI
Ventures Group, Class A* ..................... 16,612
2,000 Time Warner, Inc. .............................. 129,000
100 Times Mirror Company, Class A .................. 5,581
200 Tribune Company ................................ 13,262
100 United Video Satellite Group, Inc.,
Class A* ..................................... 2,881
200 USA Networks, Inc.* ............................ 7,950
100 Valassis Communications, Inc.* ................. 4,800
600 Viacom, Inc., Class B
Non-Voting Shares* ........................... 53,025
100 Wiley (John) & Sons, Inc., Class A ............. 4,456
100 Ziff-Davis, Inc.* .............................. 1,681
-------------
726,862
-------------
MISCELLANEOUS FINANCE - 7.2%
110 1st Source Corporation ......................... 3,396
100 Acadiana Bancshares, Inc. ...................... 1,800
300 Alliance Capital Management, L.P. .............. 7,443
100 AMB Property Corporation ....................... 2,100
100 AMCORE Financial, Inc. ......................... 2,334
700 American Express Company ....................... 75,950
200 AmeriCredit Corporation* ....................... 2,225
200 Ameritrade Holding Corporation,
Class A* ..................................... 9,750
100 Amli Residential Properties Trust .............. 1,993
100 Apartment Investment &
Management Company, Class A .................. 3,912
200 Archstone Communities Trust .................... 3,912
100 Arden Realty, Inc. ............................. 2,337
100 ASB Financial Corporation ...................... 1,250
1,100 Associates First Capital Corporation,
Class A ...................................... 44,687
100 Avalonbay Communities, Inc. .................... 3,156
100 Bay View Capital Corporation ................... 1,994
205 Bear Stearns Companies, Inc. ................... 8,776
100 Bedford Property Investors, Inc. ............... 1,587
65 Berkshire Hathaway, Inc., Class B* ............. 154,635
100 Bisys Group, Inc.* ............................. 5,337
100 Brandywine Realty Trust ........................ 1,644
200 C.I.T. Group, Inc., Class A .................... 5,900
100 Camden Property Trust .......................... 2,450
100 Capital One Financial Corporation .............. 12,762
100 CarrAmerica Realty Corporation ................. 2,150
100 Cathay Bancorp, Inc. ........................... 3,900
100 CBL & Associates Properties, Inc. .............. 2,494
100 CenterPoint Properties Corporation ............. 3,206
300 Charter One Financial, Inc. .................... 8,644
3,600 Citigroup, Inc. ................................ 211,500
100 Classic Bancshares, Inc. ....................... 1,453
100 Colonial Properties Trust ...................... 2,456
100 Columbia Financial of Kentucky, Inc. ........... 1,381
100 Commercial Federal Corporation ................. 2,181
100 Continental Mortgage & Equity Trust ............ 1,525
200 Countrywide Credit Industries, Inc. ............ 7,575
200 Crescent Real Estate Equities
Company ...................................... 4,175
See Notes to Financial Statements.
41
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
MISCELLANEOUS FINANCE (CONTINUED)
100 CVB Financial Corporation ...................... $ 1,975
200 Dime Bancorp, Inc. ............................. 4,950
200 Donaldson, Lufkin & Jenrette, Inc. ............. 11,400
100 Downey Financial Corporation ................... 2,031
200 E*TRADE Group, Inc.* ........................... 9,200
100 Eaton Vance Corporation ........................ 1,968
100 Edwards (A.G.), Inc. ........................... 3,256
400 Equity Office Properties Trust ................. 10,300
200 Equity Residential Properties Trust ............ 8,200
100 Everest Reinsurance Holdings, Inc. ............. 3,318
1,600 Fannie Mae ..................................... 112,000
100 Farm Family Holdings, Inc.* .................... 3,287
100 Federated Investors, Inc., Class B ............. 1,919
100 FFD Financial Corporation ...................... 1,400
100 Financial Federal Corporation* ................. 1,969
100 Financial Security Assurance
Holdings, Ltd. ............................... 5,281
100 FINOVA Group, Inc. ............................. 5,081
100 First Citizens Corporation ..................... 3,850
100 First Federal Savings Bank
of Siouxland ................................. 2,031
100 First Financial Corporation/Indiana ............ 4,787
100 First Northern Capital Corporation ............. 1,150
100 FirstCity Financial Corporation* ............... 1,206
100 Flushing Financial Corporation ................. 1,525
100 Fort Thomas Financial Corporation .............. 1,275
400 Franklin Resources, Inc. ....................... 12,725
1,100 Freddie Mac .................................... 64,762
100 G&L Realty Corporation ......................... 1,256
100 Gables Residential Trust ....................... 2,312
100 Glacier Bancorp, Inc. .......................... 2,025
200 Golden State Bancorp, Inc.* .................... 3,562
100 Golden West Financial Corporation .............. 9,393
100 GS Financial Corporation ....................... 1,112
100 Guaranty Financial Corporation ................. 1,212
100 Health Care REIT, Inc. ......................... 2,318
100 Henry (Jack) & Associates ...................... 3,600
100 Highwoods Properties, Inc. ..................... 2,394
100 HMN Financial, Inc. ............................ 1,287
100 Home Bancorp ................................... 2,800
100 Hospitality Properties Trust ................... 2,575
800 Household International, Inc. .................. 32,500
200 HRPT Properties Trust .......................... 2,737
200 Insignia Properties Trust ...................... 2,775
100 International Bancshares Corporation ........... 4,650
100 Investment Technology Group, Inc.* ............. 4,093
100 Investors Title Company ........................ 2,275
200 ITLA Capital Corporation* ...................... 3,100
100 Jacksonville Bancorp, Inc. ..................... 1,537
100 John Nuveen Company, Class A ................... 3,950
100 Kimco Realty Corporation ....................... 3,793
100 Klamath First Bancorp, Inc. .................... 1,550
100 Knight/Trimark Group, Inc., Class A* ........... 3,475
200 Lab Holdings, Inc. ............................. 3,175
100 Lakeview Financial Corporation ................. 2,162
100 Legg Mason, Inc. ............................... 2,831
200 Lehman Brothers Holdings, Inc. ................. 10,600
100 Leucadia National Corporation .................. 2,981
100 Lexford Residential Trust ...................... 1,787
100 Liberty Financial Companies, Inc. .............. 2,243
100 Liberty Property Trust ......................... 2,187
100 Mack-Cali Realty Corporation ................... 2,893
100 Mahaska Investment Company ..................... 1,637
200 Mail-Well, Inc.* ............................... 2,825
100 Manufactured Home Communities, Inc. ............ 2,325
200 Matrix Bancorp, Inc.* .......................... 2,862
1,300 MBNA Corporation ............................... 31,525
100 MECH Financial, Inc. ........................... 3,037
200 Meditrust Corporation - Paired Stock ........... 2,450
100 Meridian Industrial Trust, Inc. ................ 2,400
600 Merrill Lynch & Company, Inc. .................. 46,050
100 Mississippi Valley Bancshares, Inc. ............ 3,137
100 Morgan Keegan, Inc. ............................ 1,650
900 Morgan Stanley Dean Witter
& Company .................................... 81,450
100 MSB Financial, Inc. ............................ 1,387
100 National Discount Brokers Group, Inc.* ......... 2,650
100 National Golf Properties, Inc. ................. 2,512
100 National Health Investors, Inc. ................ 2,550
100 New Plan Excel Realty Trust .................... 2,075
100 NVEST, L.P. .................................... 2,393
200 Paine Webber Group, Inc. ....................... 7,475
100 Parkway Properties, Inc. ....................... 2,637
100 Paymentech, Inc.* .............................. 1,912
200 Penford Corporation ............................ 2,850
100 Peoples Holding Company ........................ 3,338
See Notes to Financial Statements.
42
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
MISCELLANEOUS FINANCE (CONTINUED)
100 PHS Bancorp, Inc. .............................. $ 1,263
100 PIMCO Advisors Holdings, L.P. .................. 2,875
200 PMC Commercial Trust, SBI ...................... 2,925
300 Price (T. Rowe) Associates, Inc. ............... 9,244
100 Prison Realty Corporation ...................... 1,994
200 ProLogis Trust ................................. 4,150
200 Providian Financial Corporation ................ 20,425
100 PS Financial, Inc. ............................. 988
200 Public Storage, Inc. ........................... 5,100
100 Realty Inc.ome Corporation ..................... 2,181
300 Resource Bancshares Mortgage
Group, Inc. .................................. 4,200
205 Roslyn Bancorp, Inc. ........................... 3,344
600 Schwab (Charles) Corporation ................... 44,738
300 SLM Holding Corporation ........................ 12,863
100 SNB Bancshares, Inc. ........................... 1,725
200 Sovereign Bancorp, Inc. ........................ 2,450
100 Spieker Properties, Inc. ....................... 3,575
100 Starwood Financial Trust ....................... 5,000
100 Stewart Information Services
Corporation .................................. 3,331
100 Storage Trust Realty ........................... 2,150
200 Taubman Centers, Inc. .......................... 2,488
400 TCF Financial Corporation ...................... 9,625
100 Tower Realty Trust, Inc. ....................... 1,950
100 TriNet Corporate Realty Trust, Inc. ............ 2,518
100 U.S. Trust Corporation ......................... 7,488
100 United Asset Management Corporation ............ 2,269
100 United International Holdings, Inc.,
Class A* ..................................... 4,600
100 Universal Health Realty Income Trust ........... 1,975
100 Waddell & Reed Financial, Inc.,
Class A ...................................... 1,887
110 Washington Federal, Inc. ....................... 2,475
900 Washington Mutual, Inc. ........................ 36,000
100 Washington Real Estate
Investment Trust ............................. 1,643
100 Webster Financial Corporation .................. 3,056
100 Weingarten Realty Investors .................... 4,194
100 Wesley Jessen VisionCare, Inc.* ................ 2,600
100 Westernbank Puerto Rico ........................ 1,538
100 Westfield America, Inc. ........................ 1,763
-------------
1,463,673
-------------
MISCELLANEOUS - 0.1%
50 Arch Chemicals, Inc.* .......................... 950
100 E-Tek Dynamics, Inc.* .......................... 3,400
100 InfoSpace.com, Inc.* ........................... 5,450
300 Park Place Entertainment Corporation* .......... 2,250
-------------
12,050
-------------
MOTOR VEHICLES - 1.5%
100 Borg-Warner Automotive, Inc. ................... 4,356
200 Carey International, Inc.* ..................... 3,513
100 Cummins Engine Company, Inc. ................... 4,100
300 Dana Corporation ............................... 11,325
100 Eaton Corporation .............................. 6,938
100 Federal-Mogul Corporation ...................... 4,919
100 Fleetwood Enterprises, Inc. .................... 3,244
1,900 Ford Motor Company ............................. 112,694
1,000 General Motors Corporation ..................... 82,563
200 General Motors Corporation,
Class H ...................................... 9,438
300 Genuine Parts Company .......................... 8,981
200 Harley-Davidson, Inc. .......................... 11,563
100 Keystone Automotive Industries, Inc.* .......... 1,775
100 Lear Corporation* .............................. 3,531
300 Meritor Automotive, Inc. ....................... 4,762
100 Navistar International Corporation ............. 4,300
100 O'Reilly Automotive, Inc.* ..................... 4,394
100 Oshkosh Truck Corporation ...................... 3,375
100 Penske Motorsports, Inc.* ...................... 3,212
100 SPX Corporation ................................ 5,713
100 Thor Industries, Inc. .......................... 2,475
100 Tower Automotive, Inc.* ........................ 1,862
100 United Rentals (North America), Inc.* .......... 3,218
300 Winnebago Industries, Inc. ..................... 4,125
100 Wynns International, Inc. ...................... 1,850
-------------
308,226
-------------
NON-DURABLE & ENTERTAINMENT - 1.3%
100 Action Performance Companies, Inc.* ............ 3,588
100 American Greetings Corporation,
Class A ...................................... 2,369
100 Applebee's International, Inc. ................. 2,594
500 Big Entertainment, Inc.* ....................... 5,781
100 Brinker International, Inc.* ................... 2,894
100 Catalina Marketing Corporation* ................ 6,438
See Notes to Financial Statements.
43
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
NON-DURABLE & ENTERTAINMENT (CONTINUED)
100 CBRL Group, Inc. ............................... $ 1,875
100 Cedar Fair, L.P. ............................... 2,494
100 Churchill Downs, Inc. .......................... 3,425
100 CKE Restaurants, Inc. .......................... 2,656
100 Cytyc Corporation* ............................. 1,813
200 Darden Restaurants, Inc. ....................... 4,400
200 Dave & Buster's, Inc.* ......................... 3,938
100 Electronic Arts, Inc.* ......................... 3,988
100 Fastenal Company ............................... 3,800
100 The First Years, Inc. .......................... 1,525
300 Fortune Brands, Inc. ........................... 9,038
100 Fossil, Inc.* .................................. 3,150
100 Harcourt General, Inc. ......................... 4,581
200 Hasbro, Inc. ................................... 7,400
300 International Game Technology .................. 5,700
500 Mattel, Inc. ................................... 13,188
1,100 McDonald's Corporation ......................... 93,500
100 Movado Group, Inc. ............................. 2,138
100 Outback Steakhouse, Inc.* ...................... 4,388
200 Piccadilly Cafeterias, Inc. .................... 2,200
100 Premark International, Inc. .................... 3,194
100 RARE Hospitality International, Inc.* .......... 1,388
100 Riviana Foods, Inc. ............................ 2,150
200 Rubbermaid, Inc. ............................... 6,613
300 Ruby Tuesday, Inc. ............................. 5,588
100 SCP Pool Corporation* .......................... 1,438
400 Service Corporation International .............. 6,150
100 Sotheby's Holdings, Inc., Class A .............. 2,800
200 Starbucks Corporation* ......................... 10,575
100 Steinway Musical Instruments, Inc.* ............ 2,269
300 Stewart Enterprises, Inc., Class A ............. 4,500
200 Tricon Global Restaurants, Inc.* ............... 12,400
100 U.S. Foodservice* .............................. 4,644
200 Wendy's International, Inc. .................... 4,788
-------------
267,358
-------------
NON-FERROUS METALS - 0.3%
600 Alcoa, Inc. .................................... 24,300
200 ASARCO, Inc. ................................... 2,825
100 Chase Industries, Inc.* ........................ 806
200 Commonwealth Industries, Inc. .................. 2,163
300 Engelhard Corporation .......................... 5,344
100 Howmet International, Inc.* .................... 1,613
100 Phelps Dodge Corporation ....................... 4,850
200 Reynolds Metals Company ........................ 8,550
100 United Park City Mines Company* ................ 3,050
100 Wolverine Tube, Inc. ........................... 1,988
-------------
55,489
-------------
OPTICAL & PHOTO - 0.3%
300 Corning, Inc. .................................. 16,050
100 CPI Corporation ................................ 2,188
500 Eastman Kodak Company .......................... 33,094
200 Imation Corporation* ........................... 3,100
100 Ingram Micro, Inc., Class A* ................... 2,200
100 Meade Instruments Corporation* ................. 1,263
100 Optical Coating Laboratory, Inc. ............... 3,200
100 Photronics, Inc.* .............................. 2,056
-------------
63,151
-------------
PAPER & FOREST PRODUCTS - 0.9%
100 Boise Cascade Corporation ...................... 3,106
100 Bowater, Inc. .................................. 4,213
200 Caraustar Industries, Inc. ..................... 5,125
100 Champion International Corporation ............. 3,700
100 Chesapeake Corporation ......................... 3,150
100 Consolidated Papers, Inc. ...................... 2,225
100 CSS Industries, Inc.* .......................... 2,550
100 FiberMark, Inc.* ............................... 1,200
300 Fort James Corporation ......................... 8,963
100 Georgia-Pacific Corporation
(Timber Group) ............................... 2,038
100 Georgia-Pacific Group .......................... 7,325
500 International Paper Company .................... 21,000
100 James River Bankshares, Inc. ................... 1,731
900 Kimberly-Clark Corporation ..................... 42,525
300 Longview Fibre Company ......................... 3,394
300 Louisiana-Pacific Corporation .................. 5,513
200 Lydall, Inc.* .................................. 1,900
100 Mead Corporation ............................... 3,044
100 Pentair, Inc. .................................. 3,788
100 Rayonier, Inc. ................................. 4,094
300 Smurfit-Stone Container Corporation* ........... 5,419
100 The St. Joe Company ............................ 2,156
100 Temple-Inland, Inc. ............................ 5,994
100 Union Camp Corporation ......................... 6,688
See Notes to Financial Statements.
44
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
PAPER & FOREST PRODUCTS (CONTINUED)
100 Westvaco Corporation ........................... $ 2,238
300 Weyerhaeuser Company ........................... 16,725
200 Willamette Industries, Inc. .................... 7,288
-------------
177,092
-------------
PRODUCER GOODS - 4.5%
100 Aeroquip-Vickers, Inc. ......................... 5,663
100 Albany International Corporation,
Class A ...................................... 1,963
900 AlliedSignal, Inc. ............................. 37,238
100 American Standard Companies, Inc.* ............. 3,356
100 AMETEK, Inc. ................................... 1,694
100 Applied Power, Inc., Class A ................... 2,413
200 Avery Dennison Corporation ..................... 10,738
100 Baldor Electric Company ........................ 1,913
100 Blyth Industries, Inc.* ........................ 2,700
100 Briggs & Stratton Corporation .................. 4,881
100 Case Corporation ............................... 1,950
600 Caterpillar, Inc. .............................. 27,338
100 Comfort Systems USA, Inc.* ..................... 1,350
200 Cooper Industries, Inc. ........................ 8,750
100 Daisytek International Corporation* ............ 1,906
200 Daniel Industries, Inc. ........................ 2,125
400 Deere & Company ................................ 13,075
100 DII Group, Inc.* ............................... 2,338
400 Dover Corporation .............................. 13,600
100 Eastern Company (The) .......................... 2,375
700 Emerson Electric Company ....................... 40,206
100 Flowserve Corporation .......................... 1,656
100 FMC Corporation ................................ 5,119
100 Franklin Electric Company, Inc. ................ 6,200
5,200 General Electric Company ....................... 521,625
100 Gleason Corporation ............................ 1,644
200 Grainger (W.W.), Inc. .......................... 8,900
100 Hanover Compressor Company* .................... 2,188
100 HON INDUSTRIES, Inc. ........................... 2,375
100 Hubbell, Inc., Class B ......................... 3,725
100 IDEX Corporation ............................... 2,375
400 Illinois Tool Works, Inc. ...................... 27,500
300 Ingersoll-Rand Company ......................... 14,250
200 Jabil Circuit, Inc.* ........................... 6,525
100 JLG Industries, Inc. ........................... 1,406
100 Johnson Controls, Inc. ......................... 6,150
100 Kennametal, Inc. ............................... 2,081
100 Kuhlman Corporation ............................ 3,838
200 Lancer Corporation - Texas* .................... 1,975
100 Lattice Semiconductor Corporation* ............. 3,988
100 Manitowoc Company, Inc. ........................ 3,688
100 Mascotech, Inc. ................................ 1,513
100 Miller (Herman), Inc. .......................... 1,700
100 Millipore Corporation .......................... 2,788
100 NACCO Industries, Inc. ......................... 8,800
200 Pall Corporation ............................... 4,238
200 Parker-Hannifin Corporation .................... 7,425
100 Park-Ohio Holdings Corporation* ................ 1,545
100 Penn Engineering & Manufacturing
Corporation .................................. 1,981
100 Raychem Corporation ............................ 2,281
100 Roper Industries, Inc. ......................... 2,213
100 Safeguard Scientifics, Inc.* ................... 3,738
100 Sanmina Corporation* ........................... 5,225
100 Snap-On, Inc. .................................. 2,825
100 Standex International Corporation .............. 2,369
100 Teleflex, Inc. ................................. 3,556
100 Tennant Company ................................ 3,506
300 Tenneco, Inc. .................................. 8,981
300 Thermo Instrument Systems, Inc.* ............... 4,444
200 Thermo Sentron, Inc.* .......................... 2,225
100 Timken Company ................................. 1,769
100 Trinity Industries, Inc. ....................... 3,294
200 U.S. Industries, Inc. .......................... 3,250
300 United States Filter Corporation* .............. 7,369
100 Valhi, Inc. .................................... 1,150
200 Valmont Industries, Inc. ....................... 2,356
100 YORK International Corporation ................. 3,625
-------------
908,946
-------------
RAILROAD & SHIPPING - 0.5%
700 Burlington Northern Santa Fe
Corporation .................................. 23,188
300 CSX Corporation ................................ 11,775
100 Florida East Coast Industries, Inc. ............ 2,713
100 GATX Corporation ............................... 3,456
100 Greenbrier Companies, Inc. ..................... 1,000
100 International Shipholding
Corporation .................................. 1,575
See Notes to Financial Statements.
45
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
RAILROAD & SHIPPING (CONTINUED)
200 Kansas City Southern Industries, Inc. .......... $ 9,350
100 Newport News Shipbuilding, Inc. ................ 2,894
600 Norfolk Southern Corporation ................... 16,838
200 Transport Corporation of
America, Inc.* ............................... 2,275
400 Union Pacific Corporation ...................... 18,750
100 Westinghouse Air Brake Company ................. 1,981
-------------
95,795
-------------
REAL PROPERTY - 0.3%
100 Boston Properties, Inc. ........................ 3,231
300 Catellus Development Corporation* .............. 4,331
300 Cornerstone Properties, Inc. ................... 4,538
100 Duke Realty Investments, Inc. .................. 2,181
100 FelCor Lodging Trust, Inc. ..................... 2,363
100 Forest City Enterprises, Inc., Class A ......... 2,150
100 General Growth Properties, Inc. ................ 3,375
100 Irvine Apartment Communities, Inc. ............. 3,288
100 JDN Realty Corporation ......................... 2,100
100 Post Properties, Inc. .......................... 3,569
100 Rouse Company .................................. 2,338
200 Saul Centers, Inc. ............................. 2,925
300 Simon Property Group, Inc. ..................... 7,631
300 Starwood Hotels & Resorts
Worldwide, Inc. .............................. 9,300
100 Trammell Crow Company* ......................... 1,550
100 Vornado Realty Trust ........................... 3,438
-------------
58,308
-------------
RETAIL - 6.4%
400 Albertsons, Inc. ............................... 22,800
300 Amazon.com, Inc.* .............................. 38,438
100 American Eagle Outfitters, Inc.* ............... 6,881
400 American Stores Company ........................ 13,500
100 Ames Department Stores, Inc.* .................. 3,000
200 AutoZone, Inc.* ................................ 7,000
100 Barnes & Noble, Inc.* .......................... 2,956
200 Bed Bath & Beyond, Inc.* ....................... 5,888
200 Best Buy Company, Inc.* ........................ 18,550
100 BJ's Wholesale Club, Inc.* ..................... 4,356
100 Blair Corporation .............................. 1,919
200 Blue Rhino Corporation* ........................ 3,413
100 Borders Group, Inc.* ........................... 1,381
200 Burlington Coat Factory
Warehouse Corporation ........................ 2,575
200 Casey's General Stores, Inc. ................... 2,575
1,300 Cendant Corporation ............................ 21,531
300 CHS Electronics, Inc.* ......................... 2,100
100 Circuit City Stores, Inc. ...................... 5,425
200 CompUSA, Inc.* ................................. 2,100
300 Consolidated Stores Corporation* ............... 7,556
400 Costco Companies, Inc.* ........................ 32,125
600 CVS Corporation ................................ 31,800
700 Dayton Hudson Corporation ...................... 43,794
200 Dillard's, Inc., Class A ....................... 4,975
300 Dollar General Corporation ..................... 8,981
100 Dollar Tree Stores, Inc.* ...................... 4,000
100 Enesco Group, Inc. ............................. 1,656
200 Family Dollar Stores, Inc. ..................... 4,000
300 Federated Department Stores, Inc.* ............. 11,419
100 Fingerhut Companies, Inc. ...................... 2,456
600 Food Lion, Inc., Class A ....................... 5,719
200 Fred Meyer, Inc.* .............................. 12,850
900 Gap, Inc. ...................................... 58,219
200 Gardenburger, Inc.* ............................ 2,200
100 Genovese Drug Stores, Inc., Class A ............ 2,413
100 Global DirectMail Corporation* ................. 1,644
100 Great Atlantic & Pacific Tea
Company, Inc. ................................ 3,156
100 Hannaford Brothers Company ..................... 4,700
2,400 Home Depot, Inc. ............................... 143,250
150 Insight Enterprises, Inc.* ..................... 3,488
400 Intimate Brands, Inc. .......................... 15,725
700 Kmart Corporation* ............................. 12,250
300 Kohl's Corporation* ............................ 20,700
400 Kroger Company ................................. 25,875
300 Limited, Inc. .................................. 10,650
100 Longs Drug Stores, Inc. ........................ 3,619
600 Lowe's Companies, Inc. ......................... 35,588
400 May Department Stores Company .................. 23,700
100 Neiman Marcus Group, Inc. ...................... 2,588
200 Nordstrom, Inc. ................................ 8,050
400 Office Depot, Inc.* ............................ 14,275
200 ONSALE, Inc.* .................................. 7,300
100 Payless ShoeSource, Inc.* ...................... 5,488
400 Penney (J.C.) Company .......................... 14,450
400 Rite Aid Corporation ........................... 16,550
See Notes to Financial Statements.
46
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
RETAIL (CONTINUED)
100 Ross Stores, Inc. .............................. $ 4,575
800 Safeway, Inc.* ................................. 46,200
200 Saks, Inc.* .................................... 7,188
100 School Specialty, Inc.* ........................ 2,206
600 Sears, Roebuck & Company ....................... 24,375
700 Staples, Inc.* ................................. 20,584
200 Tandy Corporation .............................. 11,125
100 Tiffany & Company .............................. 5,719
500 TJX Companies, Inc. ............................ 14,281
300 Toys "R" Us, Inc.* ............................. 4,238
1,600 Walgreen Company ............................... 51,200
3,600 Wal-Mart Stores, Inc. .......................... 310,950
100 Weis Markets, Inc. ............................. 3,638
200 West Marine, Inc.* ............................. 1,888
100 Williams-Sonoma, Inc.* ......................... 3,419
200 Winn-Dixie Stores, Inc. ........................ 8,763
-------------
1,293,946
-------------
STEEL - 0.2%
100 AK Steel Holding Corporation ................... 2,181
300 Allegheny Teledyne, Inc. ....................... 6,188
100 Carpenter Technology Corporation ............... 2,594
100 Gibraltar Steel Corporation* ................... 2,000
200 Intermet Corporation ........................... 2,500
200 Northwest Pipe Company* ........................ 2,950
100 Nucor Corporation .............................. 4,456
300 Ryerson Tull, Inc. ............................. 5,475
100 USX-U.S. Steel Group ........................... 2,531
200 WHX Corporation* ............................... 1,738
200 Worthington Industries, Inc. ................... 2,538
-------------
35,151
-------------
TELEPHONE - 7.6%
2,900 AT&T Corporation ............................... 238,163
900 AirTouch Communications, Inc.* ................. 81,956
100 Aliant Communications, Inc. .................... 3,988
400 ALLTEL Corporation ............................. 23,950
1,800 Ameritech Corporation .......................... 117,675
2,500 Bell Atlantic Corporation ...................... 143,594
3,100 BellSouth Corporation .......................... 143,375
200 CellStar Corporation* .......................... 2,275
100 Cellular Communications
International, Inc.* ......................... 7,856
100 Centennial Cellular Corporation,
Class A* ..................................... 3,450
100 Century Telephone Enterprises .................. 6,175
200 Cincinnati Bell, Inc. .......................... 3,950
100 COMSAT Corporation ............................. 2,925
100 Davel Communications, Inc.* .................... 1,013
100 Exodus Communications, Inc.* ................... 7,338
300 Frontier Corporation ........................... 10,781
100 Global TeleSystems Group, Inc.* ................ 5,550
1,500 GTE Corporation ................................ 97,313
200 Intermedia Communications, Inc.* ............... 3,625
100 Inter-Tel, Inc. ................................ 1,763
100 Jacor Communications, Inc.* .................... 6,975
500 Level 3 Communications, Inc.* .................. 28,000
2,900 MCI Worldcom, Inc.* ............................ 239,250
100 McLeodUSA, Inc., Class A* ...................... 3,850
200 Melita International Corporation* .............. 3,763
100 NTL, Inc.* ..................................... 7,769
100 Pacific Gateway Exchange, Inc.* ................ 2,500
500 Qwest Communications
International, Inc.* ......................... 30,719
100 RCN Corporation* ............................... 2,400
3,100 SBC Communications, Inc. ....................... 163,913
100 SkyTel Communications, Inc.* ................... 1,800
700 Sprint Corporation ............................. 60,069
700 Sprint Corporation (PCS Group)* ................ 22,400
100 Telephone & Data Systems, Inc. ................. 5,025
100 Teligent, Inc., Class A* ....................... 3,931
300 Tel-Save.com, Inc.* ............................ 2,981
200 United States Cellular Corporation* ............ 8,425
800 US West, Inc. .................................. 42,650
200 West TeleServices Corporation* ................. 1,975
100 WinStar Communications, Inc.* .................. 3,150
-------------
1,548,260
-------------
TIRES & RUBBER - 0.1%
100 American Biltrite, Inc. ........................ 2,575
100 Carlisle Companies, Inc. ....................... 4,138
100 Cooper Tire & Rubber Company ................... 1,975
200 Danaher Corporation ............................ 9,650
200 Goodyear Tire & Rubber Company ................. 9,250
100 Safeskin Corporation* .......................... 2,325
-------------
29,913
-------------
See Notes to Financial Statements.
47
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 28, 1999
STATEMENT OF INVESTMENTS - (CONTINUED) (UNAUDITED)
<CAPTION>
Value
Shares (Note 1)
------ -------
<S> <C> <C>
TOBACCO - 0.9%
100 800-JR Cigar, Inc.* ............................ $ 1,863
200 Loews Corporation .............................. 15,638
3,900 Philip Morris Companies, Inc. .................. 152,588
400 RJR Nabisco Holdings Corporation ............... 10,925
100 Universal Corporation .......................... 2,719
300 UST, Inc. ...................................... 8,869
-------------
192,602
-------------
TRAVEL & RECREATION - 1.3%
100 American Classic Voyages Company ............... 2,325
100 Anchor Gaming Company* ......................... 4,006
200 Brunswick Corporation .......................... 4,263
900 Carnival Corporation ........................... 40,050
100 Central Parking Corporation .................... 3,413
200 Circus Circus Enterprises, Inc.* ............... 3,425
3,300 Disney (Walt) Company .......................... 116,119
300 Harrah's Entertainment, Inc.* .................. 5,006
100 Hertz Corporation, Class A ..................... 3,981
400 Hilton Hotels Corporation ...................... 6,325
400 Host Marriott Corporation ...................... 4,325
100 INTRAV, Inc. ................................... 1,825
400 Marriott International, Inc., Class A .......... 14,400
100 MGM Grand, Inc.* ............................... 3,775
300 Mirage Resorts, Inc.* .......................... 5,850
100 Premier Parks, Inc. ............................ 2,913
100 Promus Hotel Corporation* ...................... 3,519
200 Rawlings Sporting Goods
Company, Inc.* ............................... 2,450
100 Rental Service Corporation* .................... 2,225
200 ResortQuest International, Inc.* ............... 3,513
300 Royal Caribbean Cruises, Ltd. .................. 9,900
100 SFX Entertainment, Inc., Class A* .............. 6,113
100 Sodexho Marriott Services, Inc. ................ 2,338
100 Speedway Motorsports, Inc.* .................... 3,569
-------------
255,628
-------------
TRUCKING & FREIGHT - 0.2%
100 CNF Transportation, Inc. ....................... $ 4,225
300 Consolidated Freightways Corporation* .......... 4,350
100 Expeditors International of
Washington, Inc. ............................. 4,656
200 Knight Transportation, Inc.* ................... 4,250
100 Marten Transport, Ltd.* ........................ 1,413
100 PACCAR, Inc. ................................... 4,188
200 Rollins Truck Leasing Corporation .............. 2,125
100 Ryder System, Inc. ............................. 2,700
100 Shurgard Storage Centers, Inc., Class A ........ 2,475
100 Swift Transportation Company, Inc.* ............ 2,994
200 Wabash National Corporation .................... 2,463
100 XTRA Corporation ............................... 3,988
-------------
39,827
-------------
TOTAL COMMON STOCKS
(Cost $20,632,837) ............................. 20,058,926
-------------
PREFERRED STOCK - 0.0%***
400 Loral Space & Communications, Ltd.,
Convertible, 6.000%, 11/01/06 .................. 7,200
-------------
TOTAL PREFERRED STOCK
(Cost $8,343) .................................. 7,200
-------------
TOTAL INVESTMENTS
(Cost $20,641,180**) .......... 99.00% $ 20,066,126
-------------
OTHER ASSETS AND LIABILITIES
(Net) .............. 1.00% 208,678
------ ---------------
NET ASSETS ....................100.00% $ 20,274,804
------ ---------------
------ ---------------
</TABLE>
- --------------------------
* Non-income producing security.
** Aggregate cost for Federal tax purposes is $20,641,180.
*** Amount represents less than 0.1%.
See Notes to Financial Statements.
48
<PAGE>
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
FEBRUARY 28, 1999 (UNAUDITED)
LARGE LARGE SMALL SMALL WILSHIRE
COMPANY COMPANY COMPANY COMPANY 5000
GROWTH VALUE GROWTH VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value (Note 1),
See accompanying schedules ....................... $292,270,856 $ 76,892,323 $ 14,587,999 $ 36,994,966 $ 20,066,126
Cash ............................................... 4,103,595 -- 88,827 146,810 805,125
Dividends receivable ............................... 148,547 257,488 2,476 99,879 18,327
Receivable for Portfolio shares sold ............... 2,046,244 105,745 22,739 51,218 165,978
Receivable from Investment Advisor ................. -- -- -- -- 9,788
Prepaid expenses and other assets .................. 4,909 2,095 1,423 20,544 --
------------ ------------ ------------ ------------ ------------
Total Assets ..................................... 298,574,151 77,257,651 14,703,464 37,313,417 21,065,344
------------ ------------ ------------ ------------ ------------
LIABILITIES:
Payable for investment securities purchased ........ 4,441,434 -- -- -- 720,997
Payable for Portfolio shares redeemed .............. 237,628 74,826 -- -- 56,278
Due to Custodian ................................... -- 46,608 -- -- --
Investment advisory fee payable (Note 2) ........... 52,282 14,498 1,156 2,842 --
Administration fee payable (Note 2) ................ 33,513 10,843 3,878 6,407 --
Transfer agent fees payable ........................ 5,701 -- 4,283 1,400 1,719
Custodian fees payable (Note 2) .................... 11,422 4,481 7,483 25,336 5,764
Accrued expenses and other payables - .............. 439 36,908 38,710 27,935 5,782
------------ ------------ ------------ ------------ ------------
Total Liabilities ................................ 4,782,419 188,164 55,510 63,920 790,540
------------ ------------ ------------ ------------ ------------
NET ASSETS ......................................... $293,791,732 $ 77,069,487 $ 14,647,954 $ 37,249,497 $ 20,274,804
------------ ------------ ------------ ------------ ------------
Investments, at cost (Note 1) ...................... $214,362,402 $ 66,154,865 $ 13,793,435 $ 35,859,655 $ 20,641,180
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
</TABLE>
See Notes to Financial Statements.
49
<PAGE>
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES - (CONTINUED)
<TABLE>
<CAPTION>
FEBRUARY 28, 1999 (UNAUDITED)
LARGE LARGE SMALL SMALL WILSHIRE
COMPANY COMPANY COMPANY COMPANY 5000
GROWTH VALUE GROWTH VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C> <C>
NET ASSETS consist of:
Undistributed net investment
income/(loss) ................................. $ 49,015 $ 268,505 $ (89,668) $ 153,940 $ 13,364
Accumulated net realized gain/(loss)
on investments sold ........................... 730,992 1,707,686 (1,718,564) (1,580,010) 3
Net unrealized appreciation/(depreciation)
of investments ................................ 77,908,454 10,737,458 794,564 1,135,311 (575,054)
Par value ....................................... 8,720 3,727 1,164 2,883 2,098
Paid-in capital ................................. 215,094,551 64,352,111 15,660,458 37,537,373 20,834,393
------------ ------------ ------------ ------------ ------------
$293,791,732 $ 77,069,487 $ 14,647,954 $ 37,249,497 $ 20,274,804
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
NET ASSETS:
Investment Class shares ......................... $235,324,590 $ 19,725,678 $ 10,029,234 $ 26,559,559 $ 20,274,804
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
Institutional Class shares ...................... $ 58,467,142 $ 57,343,809 $ 4,618,720 $ 10,689,938 $ --
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
SHARES OUTSTANDING:
Investment Class shares ......................... 6,986,585 953,482 797,528 2,055,092 2,098,317
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
Institutional Class shares ...................... 1,733,856 2,773,064 366,619 827,827 --
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
INVESTMENT CLASS SHARES:
Net asset value, offering and redemption
price per share ............................... $ 33.68 $ 20.69 $ 12.58 $ 12.92 $ 9.66
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
INSTITUTIONAL CLASS SHARES:
Net asset value, offering and redemption
price per share ............................... $ 33.72 $ 20.68 $ 12.60 $ 12.91 $ --
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
</TABLE>
See Notes to Financial Statements.
50
<PAGE>
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 28, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
LARGE LARGE SMALL SMALL WILSHIRE
COMPANY COMPANY COMPANY COMPANY 5000
GROWTH VALUE GROWTH VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO*
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends ....................................... $ 766,115 $ 913,890 $ 24,773 $ 546,530 $ 20,333
Other income .................................... -- -- 361 -- --
------------ ------------ ------------ ------------ ------------
Total income .................................. 766,115 913,890 25,134 546,530 20,333
------------ ------------ ------------ ------------ ------------
EXPENSES:
Investment advisory fee (Note 2) ................ 231,652 85,701 20,436 50,172 1,372
Administration fee (Note 2) ..................... 152,385 64,814 25,650 43,465 3,839
Transfer agent fees ............................. 68,039 37,548 24,960 25,915 4,712
Custodian fees (Note 2) ......................... 75,787 20,067 20,455 48,580 8,693
Registration and filing fees .................... 22,366 18,622 16,369 13,049 1,059
Legal fees ...................................... 10,768 3,823 1,385 2,715 351
Audit fees ...................................... 24,979 8,368 2,608 8,200 1,081
Printing fees ................................... 12,190 8,616 1,557 5,095 284
Directors' fees and expenses (Note 2) ........... 16,396 6,662 1,907 3,212 457
Distribution and service fees (Note 3) .......... 104,222 12,323 9,493 18,592 3,461
Other ........................................... 25,123 8,250 5,502 9,771 2,580
------------ ------------ ------------ ------------ ------------
Subtotal ...................................... 743,907 274,794 130,322 228,766 27,889
Fees waived and expenses
reimbursed (Note 2) ........................... -- -- (12,266) (30,125) (17,991)
Custody earnings credit (Note 2) ................ (64,365) (9,539) (3,254) (17,412) (2,929)
------------ ------------ ------------ ------------ ------------
Total net expenses ............................ 679,542 265,255 114,802 181,229 6,969
------------ ------------ ------------ ------------ ------------
NET INVESTMENT INCOME/(LOSS) .................... 86,573 648,635 (89,668) 365,301 13,364
------------ ------------ ------------ ------------ ------------
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS
(Notes 1 and 5)
Net realized gain/(loss) on investments
during the period ............................. 2,284,165 3,259,400 (1,571,410) (1,325,023) 3
Net change in unrealized appreciation/
(depreciation) of investments during
the period .................................... 48,492,816 6,015,386 3,650,747 1,130,784 (575,054)
------------ ------------ ------------ ------------ ------------
NET REALIZED AND
UNREALIZED GAIN/(LOSS)
ON INVESTMENTS ................................ 50,776,981 9,274,786 2,079,337 (194,239) (575,051)
------------ ------------ ------------ ------------ ------------
NET INCREASE/(DECREASE) IN
NET ASSETS RESULTING
FROM OPERATIONS ............................... $ 50,863,554 $ 9,923,421 $ 1,989,669 $ 171,062 $ (561,687)
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
</TABLE>
* Wilshire 5000 Index Portfolio Investment Class Shares commenced operations on
January 29, 1999.
See Notes to Financial Statements.
51
<PAGE>
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED FEBRUARY 28, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
LARGE LARGE SMALL SMALL WILSHIRE
COMPANY COMPANY COMPANY COMPANY 5000
GROWTH VALUE GROWTH VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO*
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income/(loss) .................... $ 86,573 $ 648,635 $ (89,668) $ 365,301 $ 13,364
Net realized gain/(loss) on investments sold
during the period ............................. 2,284,165 3,259,400 (1,571,410) (1,325,023) 3
Net change in unrealized appreciation/
(depreciation) of investments during
the period .................................... 48,492,816 6,015,386 3,650,747 1,130,784 (575,054)
------------ ------------ ------------ ------------ ------------
Net increase/(decrease) in net assets resulting
from operations ............................... 50,863,554 9,923,421 1,989,669 171,062 (561,687)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Investment Class shares ....................... (78,296) (240,718) -- (563,601) --
Institutional Class shares .................... (68,602) (953,997) -- (168,589) --
Net realized gain on investments:
Investment Class shares ....................... (8,196,144) (1,075,969) (967,423) (2,403,358) --
Institutional Class shares .................... (2,892,762) (3,805,832) (319,908) (681,270) --
------------ ------------ ------------ ------------ ------------
Total distributions to shareholders ............. (11,235,804) (6,076,516) (1,287,331) (3,816,818) --
CAPITAL STOCK TRANSACTIONS:
Investment Class shares:
Shares sold ................................ 164,371,788 10,126,678 6,266,025 29,624,445 20,820,059
Shares issued as reinvestment
of dividends .......................... 7,627,949 1,240,844 902,315 2,916,667 --
Shares redeemed ............................ (46,620,306) (5,419,227) (7,236,527) (20,696,722) (83,568)
------------ ------------ ------------ ------------ ------------
Total Investment Class shares ................... 125,379,431 5,948,295 (68,187) 11,844,390 20,736,491
------------ ------------ ------------ ------------ ------------
Institutional Class shares:
Shares sold ................................ 17,239,335 9,526,140 396,000 508,005 --
Shares issued as reinvestment
of dividends .......................... 2,819,985 4,544,296 319,908 849,860 --
Shares redeemed ............................ (7,837,362) (5,868,650) (415,847) (362,158) --
------------ ------------ ------------ ------------ ------------
Total Institutional Class shares ................ 12,221,958 8,201,786 300,061 995,707 --
------------ ------------ ------------ ------------ ------------
Net increase in net assets from Capital
Stock transactions ............................ 137,601,389 14,150,081 231,874 12,840,097 20,736,491
------------ ------------ ------------ ------------ ------------
Net increase in net assets ...................... 177,229,139 17,996,986 934,212 9,194,341 20,174,804
------------ ------------ ------------ ------------ ------------
NET ASSETS:
Beginning of period ............................. 116,562,593 59,072,501 13,713,742 28,055,156 100,000
------------ ------------ ------------ ------------ ------------
End of period ................................... $293,791,732 $ 77,069,487 $ 14,647,954 $ 37,249,497 $ 20,274,804
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
Undistributed net investment income (loss) ...... $ 49,015 $ 268,505 $ (89,668) $ 153,940 $ 13,364
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
</TABLE>
* Wilshire 5000 Index Portfolio Investment Class Shares commenced operations on
January 29, 1999.
See Notes to Financial Statements.
52
<PAGE>
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS - (CONTINUED)
FOR THE SIX MONTHS ENDED FEBRUARY 28, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
LARGE LARGE SMALL SMALL WILSHIRE
COMPANY COMPANY COMPANY COMPANY 5000
GROWTH VALUE GROWTH VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO*
<S> <C> <C> <C> <C> <C>
CAPITAL SHARE TRANSACTIONS:
Investment Class shares:
Shares sold ................................... 5,136,747 481,382 458,028 2,024,693 2,096,909
Shares issued as reinvestment
of dividends ............................... 251,821 58,904 68,409 206,753 --
Shares redeemed ............................... (1,529,038) (263,521) (548,623) (1,454,409) (8,592)
---------- -------- -------- ---------- ---------
Net increase/(decrease) in Investment
Class shares outstanding ...................... 3,859,530 276,765 (22,186) 777,037 2,088,317
---------- -------- -------- ---------- ---------
---------- -------- -------- ---------- ---------
Institutional Class shares:
Shares sold ................................... 546,968 447,911 29,424 34,649 --
Shares issued as reinvestment
of dividends .............................. 92,856 215,655 24,217 60,257 --
Shares redeemed ............................... (245,931) (275,742) (30,758) (26,624) --
---------- -------- -------- ---------- ---------
Net increase in Institutional
Class shares outstanding ...................... 393,893 387,824 22,883 68,282 --
---------- -------- -------- ---------- ---------
---------- -------- -------- ---------- ---------
</TABLE>
- ------------------------------------------------------
* Wilshire 5000 Index Portfolio Investment Class Shares commenced operations on
January 29, 1999.
See Notes to Financial Statements.
53
<PAGE>
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEAR ENDED AUGUST 31, 1998
<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) ................... $ 277,177 $ 1,300,245 $ (207,605) $ 813,564
Net realized gain on investments sold
during the year .............................. 10,383,182 4,945,729 2,011,078 5,339,727
Net change in unrealized
appreciation/(depreciation) of
investments during the year .................. 6,306,998 (5,647,482) (6,409,125) (7,862,127)
------------- ------------- ------------- -------------
Net increase/(decrease) in net assets
resulting from operations .................... 16,967,357 598,492 (4,605,652) (1,708,836)
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income:
Investment Class shares ...................... (163,981) (244,804) -- (419,255)
Institutional Class shares ................... (120,133) (1,003,982) -- (579,686)
Net realized gain on investments:
Investment Class shares ...................... (1,534,396) (771,044) (587,865) (2,215,054)
Institutional Class shares ................... (966,968) (3,115,078) (185,135) (3,027,827)
------------- ------------- ------------- -------------
Total distributions to shareholders ............ (2,785,478) (5,134,908) (773,000) (6,241,822)
CAPITAL STOCK TRANSACTIONS:
Investment Class shares:
Shares sold ............................... 44,046,821 1,688,056 6,148,503 12,116,142
Shares issued as reinvestment
of dividends ............................ 1,615,105 959,302 560,583 2,577,679
Shares redeemed ........................... (44,780,789) (2,823,410) (7,711,871) (13,000,213)
------------- ------------- ------------- -------------
Total Investment Class shares .................. 881,137 (176,052) (1,002,785) 1,693,608
------------- ------------- ------------- -------------
Institutional Class shares:
Shares sold ............................... 18,495,880 15,553,067 845,000 --
Shares issued as reinvestment
of dividends ............................ 1,059,360 3,921,647 185,135 3,607,512
Shares redeemed ........................... (33,416,882) (19,012,941) (4,836) (16,005,782)
------------- ------------- ------------- -------------
Total Institutional Class shares ............... (13,861,642) 461,773 1,025,299 (12,398,270)
------------- ------------- ------------- -------------
Net increase/(decrease) in net assets
from Capital Stock transactions .............. (12,980,505) 285,721 22,514 (10,704,662)
------------- ------------- ------------- -------------
Net increase/(decrease) in net assets .......... 1,201,374 (4,250,695) (5,356,138) (18,655,320)
------------- ------------- ------------- -------------
NET ASSETS:
Beginning of year .............................. 115,361,219 63,323,196 19,069,880 46,710,476
------------- ------------- ------------- -------------
End of year .................................... $ 116,562,593 $ 59,072,501 $ 13,713,742 $ 28,055,156
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
Undistributed net investment
income/(loss) ................................ $ 109,340 $ 814,585 $ -- $ 520,829
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
</TABLE>
See Notes to Financial Statements.
54
<PAGE>
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS - (CONTINUED)
YEAR ENDED AUGUST 31, 1998
<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 ....................................... 1,552,347 73,722 379,304 712,914
Shares issued as reinvestment
of dividends .................................... 64,812 46,098 36,213 156,508
Shares redeemed ................................... (1,562,097) (125,810) (467,078) (768,208)
---------- -------- -------- --------
Net increase/(decrease) in Investment
Class shares outstanding ............................. 55,062 (5,990) (51,561) 101,214
---------- -------- -------- --------
---------- -------- -------- --------
Institutional Class shares:
Shares sold ....................................... 647,522 696,218 55,136 --
Shares issued as reinvestment
of dividends .................................... 42,477 188,541 11,960 219,301
Shares redeemed ................................... (1,101,326) (909,636) (342) (992,911)
---------- -------- -------- --------
Net increase/(decrease) in Institutional
Class shares outstanding ............................. (411,327) (24,877) 66,754 (773,610)
---------- -------- -------- --------
---------- -------- -------- --------
</TABLE>
See Notes to Financial Statements.
55
<PAGE>
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 ENDED AUGUST 31,
--------------------
2/28/99 + 1998 1997 1996 1995 1994
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period ........... $ 26.09 $ 23.92 $ 19.35 $ 16.34 $ 13.31 $ 12.74
--------- -------- ------- -------- -------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income .......................... (0.02) 0.04 0.04*** 0.07 0.10 0.15
Net realized and unrealized gain on
investments ................................. 9.58 2.71 7.29 3.45 3.03 0.65
--------- -------- ------- -------- -------- --------
Total from investment operations ............... 9.56 2.75 7.33 3.52 3.13 0.80
--------- -------- ------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ........... (0.02) (0.06) (0.03) (0.12) (0.10) (0.23)
Distributions from capital gains ............... (1.95) (0.52) (2.73) (0.39) -- --
--------- -------- ------- -------- -------- --------
Total distributions ............................ (1.97) (0.58) (2.76) (0.51) (0.10) (0.23)
--------- -------- ------- -------- -------- --------
Net asset value, end of period ................. $ 33.68 $ 26.09 $ 23.92 $ 19.35 $ 16.34 $ 13.31
--------- -------- ------- -------- -------- --------
--------- -------- ------- -------- -------- --------
Total return (a) ............................... 37.48%** 11.61% 40.91% 21.90% 23.67% 6.34%
--------- -------- ------- -------- -------- --------
--------- -------- ------- -------- -------- --------
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) ........... $ 235,325 $ 81,569 $ 73,480 $ 19,035 $ 21,348 $ 8,424
Operating expenses including
reimbursement/waiver/custody
earnings credit ............................. 0.77%* 0.71% 0.81% 0.93% 0.84% 0.68%
Operating expenses excluding custody
earnings credit ............................. 0.84%* 0.73% 0.91% -- -- --
Operating expenses excluding
reimbursement/waiver/custody
earnings credit ............................. 0.84%* 0.77% 1.09% 0.96% 1.05% 1.39%
Net investment income including
reimbursement/waiver/custody
earnings credit ............................. 0.06%* 0.16% 0.20% 0.39% 0.94% 1.18%
Portfolio turnover rate ........................ 21%** 57% 43% 44% 30% 22%
</TABLE>
- ---------------------------------------------------------
+ Unaudited
* Annualized
** Non-Annualized
*** The selected per share data was calculated using the weighted average
shares outstanding method for the year.
(a) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
56
<PAGE>
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 PERIOD
ENDED YEAR ENDED AUGUST 31, ENDED
------------------------------
2/28/99 + 1998 1997 8/31/96(1)
----------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ......................... $ 26.12 $ 23.91 $ 19.35 $ 18.27
------------- ------------- ------------- ------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................ 0.02 0.08 0.05*** 0.01
Net realized and unrealized gain on investments .............. 9.58 2.72 7.29 1.07
------------- ------------- ------------- ------------
Total from investment operations ............................. 9.60 2.80 7.34 1.08
------------- ------------- ------------- ------------
LESS DISTRIBUTIONS:
Dividends from net investment income ......................... (0.05) (0.07) (0.05) --
Distributions from capital gains ............................. (1.95) (0.52) (2.73) --
------------- ------------- ------------- ------------
Total distributions .......................................... (2.00) (0.59) (2.78) --
------------- ------------- ------------- ------------
Net asset value, end of period ............................... $ 33.72 $ 26.12 $ 23.91 $ 19.35
------------- ------------- ------------- ------------
------------- ------------- ------------- ------------
Total return (a) ............................................. 37.59%** 11.78% 40.99% 5.91%**
------------- ------------- ------------- ------------
------------- ------------- ------------- ------------
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) ......................... $ 58,467 $ 34,993 $ 41,881 $ 7,763
Operating expenses including reimbursement/waiver/custody
earnings credit ........................................... 0.62%* 0.60% 0.78% 0.91%*
Operating expenses excluding custody earnings credit ......... 0.69%* 0.62% 0.87%
Operating expenses excluding reimbursement/waiver/custody
earnings credit ........................................... 0.69%* 0.66% 1.06% 0.94%*
Net investment income including
reimbursement/waiver/custody earnings credit .............. 0.20%* 0.27% 0.23% 0.41%*
Portfolio turnover rate ...................................... 21%** 57% 43% 44%**
</TABLE>
- ---------------------------------------------------------
+ Unaudited
* Annualized
** Non-Annualized
*** The selected per share data was calculated using the weighted average
shares outstanding method for the year.
(1) Large Company Growth Portfolio Institutional Class Shares commenced
operations on July 15, 1996.
(a) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
57
<PAGE>
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 ENDED AUGUST 31,
----------------------------------------------------------------
2/28/99 + 1998 1997 1996 1995 1994
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period ........... $ 19.29 $ 20.49 $ 17.80 $ 16.02 $ 13.99 $ 15.18
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income .......................... 0.12 0.38 0.47*** 0.85 0.34 0.36
Net realized and unrealized gain/(loss)
on investments .............................. 3.15 0.01 5.13 1.91 2.19 (0.90)
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations ............... 3.27 0.39 5.60 2.76 2.53 (0.54)
---------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Dividends from net investment income ........... (0.33) (0.38) (0.60) (0.47) (0.40) (0.36)
Distributions from capital gains ............... (1.54) (1.21) (2.31) (0.51) (0.10) (0.29)
---------- ---------- ---------- ---------- ---------- ----------
Total distributions ............................ (1.87) (1.59) (2.91) (0.98) (0.50) (0.65)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period ................. $ 20.69 $ 19.29 $ 20.49 $ 17.80 $ 16.02 $ 13.99
---------- ---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ---------- ----------
Total return (a) ............................... 16.91%** 1.34% 34.27% 17.52% 18.97% (3.61)%
---------- ---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ---------- ----------
RATIOS TO AVERAGE NET ASSETS/ SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) ........... $ 19,726 $ 13,055 $ 13,989 $ 17,960 $ 22,926 $ 12,158
Operating expenses including
reimbursement/waiver/custody
earnings credit ............................. 0.74%* 0.83% 0.91% 0.89% 0.81% 0.58%
Operating expenses excluding custody
earnings credit ............................. 0.76%* 0.86% 0.96% -- -- --
Operating expenses excluding
reimbursement/waiver/custody
earnings credit ............................. 0.76%* 0.91% 1.18% 0.92% 1.02% 1.18%
Net investment income including
reimbursement/waiver/custody
earnings credit ............................. 1.76%* 1.88% 2.51% 3.12% 3.77% 4.02%
Portfolio turnover rate ........................ 32%** 56% 65% 56% 58% 47%
</TABLE>
- ---------------------------------------------------------
+ Unaudited
* Annualized
** Non-Annualized
*** The selected per share data was calculated using the weighted average
shares outstanding method for the year.
(a) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
58
<PAGE>
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 PERIOD
ENDED YEAR ENDED AUGUST 31, ENDED
---------------------------
2/28/99 + 1998 1997 8/31/96(1)
--------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .................... $ 19.29 $ 20.47 $ 17.80 $ 17.19
------------- ------------- ------------- -------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................... 0.16 0.41 0.47*** 0.07
Net realized and unrealized gain on investments ......... 3.13 0.01 5.13 0.54
------------- ------------- ------------- -------------
Total from investment operations ........................ 3.29 0.42 5.60 0.61
------------- ------------- ------------- -------------
LESS DISTRIBUTIONS:
Dividends from net investment income .................... (0.36) (0.39) (0.62) --
Distributions from capital gains ........................ (1.54) (1.21) (2.31) --
------------- ------------- ------------- -------------
Total distributions ..................................... (1.90) (1.60) (2.93) --
------------- ------------- ------------- -------------
Net asset value, end of period .......................... $ 20.68 $ 19.29 $ 20.47 $ 17.80
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
Total return (a) ........................................ 17.01%** 1.47% 34.26% 3.55%**
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) .................... $ 57,344 $ 46,017 $ 49,334 $ 17,425
Operating expenses including
reimbursement/waiver/custody earnings credit ......... 0.74%* 0.73% 0.91% 0.87%*
Operating expenses excluding custody earnings credit .... 0.76%* 0.76% 0.96% --
Operating expenses excluding reimbursement/waiver/custody
earnings credit ...................................... 0.76%* 0.81% 1.18% 0.90%*
Net investment income including
reimbursement/waiver/custody earnings credit ......... 1.92%* 1.98% 2.51% 3.14%*
Portfolio turnover rate ................................. 32%** 56% 65% 56%**
</TABLE>
- ---------------------------------------------------------
+ Unaudited
* Annualized
** Non-Annualized
*** The selected per share data was calculated using the weighted average
shares outstanding method for the year.
(1) Large Company Value Portfolio Institutional Class shares commenced
operations on July 15, 1996.
(a) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
59
<PAGE>
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 ENDED AUGUST 31,
---------------------------------------------------------------
2/28/99 + 1998 1997 1996 1995 1994
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period ........... $ 11.78 $ 16.61 $ 18.56 $ 18.55 $ 15.39 $ 16.03
----------- --------- ---------- ---------- ---------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income/(loss) ................... (0.08) (0.18) (0.17)*** (0.19) (0.07) (0.04)
Net realized and unrealized gain/(loss)
on investments .............................. 1.76 (3.98) 2.38 3.06 3.54 0.90
----------- --------- ---------- ---------- ---------- --------
Total from investment operations ............... 1.68 (4.16) 2.21 2.87 3.47 0.86
----------- --------- ---------- ---------- ---------- --------
LESS DISTRIBUTIONS:
Distributions in excess of net investment
income ...................................... -- -- -- -- -- (0.07)
Distributions from capital gains ............... (0.88) (0.67) (4.16) (2.86) (0.31) (1.43)
----------- --------- ---------- ---------- ---------- --------
Total distributions ............................ (0.88) (0.67) (4.16) (2.86) (0.31) (1.50)
----------- --------- ---------- ---------- ---------- --------
Net asset value, end of period ................. $ 12.58 $ 11.78 $ 16.61 $ 18.56 $ 18.55 $ 15.39
----------- --------- ---------- ---------- ---------- --------
----------- --------- ---------- ---------- ---------- --------
Total return (a) ............................... 13.91%** (26.02)% 15.16% 17.50% 23.04% 5.20%
----------- --------- ---------- ---------- ---------- --------
----------- --------- ---------- ---------- ---------- --------
RATIOS TO AVERAGE NET ASSETS/ SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) ........... $ 10,029 $ 9,659 $ 14,471 $ 18,049 $ 21,882 $ 11,188
Operating expenses including
reimbursement/waiver/custody
earnings credit ............................. 1.45%* 1.26% 1.22% 1.01% 0.95% 0.74%
Operating expenses excluding custody
earnings credit ............................. 1.49%* 1.28% 1.24% -- -- --
Operating expenses excluding
reimbursement/waiver/custody
earnings credit ............................. 1.64%* 1.43% 1.45% 1.05% 1.16% 1.47%
Net investment income/(loss) including
reimbursement/waiver/custody
earnings credit ............................. (1.15)%* (1.05)% (1.05)% (0.78)% (0.54)% (0.40)%
Portfolio turnover rate ........................ 67%** 74% 105% 87% 111% 46%
</TABLE>
- --------------------------------------------------------
+ Unaudited
* Annualized
** Non-Annualized
*** The selected per share data was calculated using the weighted average
shares outstanding method for the year.
(a) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
60
<PAGE>
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 PERIOD
ENDED YEAR ENDED AUGUST 31, ENDED
--------------------------
2/28/99 + 1998 1997 8/31/96(1)
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ....................... $ 11.79 $ 16.61 $ 18.56 $ 16.66
------------ ------------ ------------ -------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment/(loss) ...................................... (0.07) (0.17) (0.17)*** (0.02)
Net realized and unrealized gain/(loss) on investments ..... 1.76 (3.98) 2.38 1.92
------------ ------------ ------------ -------------
Total from investment operations ........................... 1.69 (4.15) 2.21 1.90
------------ ------------ ------------ -------------
LESS DISTRIBUTIONS:
Distributions from capital gains ........................... (0.88) (0.67) (4.16) --
------------ ------------ ------------ -------------
Total distributions ........................................ (0.88) (0.67) (4.16) --
------------ ------------ ------------ -------------
Net asset value, end of period ............................. $ 12.60 $ 11.79 $ 16.61 $ 18.56
------------ ------------ ------------ -------------
------------ ------------ ------------ -------------
Total return (a) ........................................... 13.98%** (25.95)% 15.14% 11.40%**
------------ ------------ ------------ -------------
------------ ------------ ------------ -------------
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) ....................... $ 4,619 $ 4,054 $ 4,599 $ 3,577
Operating expenses including reimbursement/waiver/custody
earnings credit ......................................... 1.29%* 1.17% 1.22% 0.98%*
Operating expenses excluding custody earnings credit ....... 1.33%* 1.19% 1.24% --
Operating expenses excluding reimbursement/waiver/custody
earnings credit ......................................... 1.48%* 1.34% 1.45% 1.02%*
Net investment/(loss) including reimbursement/waiver/custody
earnings credit ......................................... (0.98)%* (0.96)% (1.05)% (0.75)%*
Portfolio turnover rate .................................... 67%** 74% 105% 87%**
</TABLE>
- ------------------------------------------------------------
+ Unaudited
* Annualized
** Non-Annualized
*** The selected per share data was calculated using the weighted average
shares outstanding method for the year.
(1) Small Company Growth Portfolio Institutional Class shares commenced
operations on July 15, 1996.
(a) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
61
<PAGE>
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 ENDED AUGUST 31,
----------------------------------------------------------------------
2/28/99 + 1998 1997 1996 1995 1994
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period ..... $ 13.77 $ 17.25 $ 15.92 $ 15.41 $ 14.32 $ 14.81
------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income .................... (0.02) 0.36 0.40*** 0.56 0.55 0.45
Net realized and unrealized gain/(loss)
on investments ......................... 0.22 (1.50) 4.27 0.95 1.06 (0.45)
------- ------- ------- ------- ------- -------
Total from investment operations ......... 0.20 (1.14) 4.67 1.51 1.61 0.00
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ..... (0.19) (0.37) (0.75) (0.56) (0.45) (0.33)
Distributions from capital gains ......... (0.86) (1.97) (2.59) (0.44) (0.07) (0.16)
------- ------- ------- ------- ------- -------
Total distributions ...................... (1.05) (2.34) (3.34) (1.00) (0.52) (0.49)
------- ------- ------- ------- ------- -------
Net asset value, end of period ........... $ 12.92 $ 13.77 $ 17.25 $ 15.92 $ 15.41 $ 14.32
------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- -------
Total return (a) ......................... 0.89%** (8.79)% 33.73% 10.01% 11.84% (0.01)%
------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- -------
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) .....$ 26,560 $ 17,602 $ 20,299 $ 27,329 $ 25,978 $ 23,438
Operating expenses including
reimbursement/waiver/custody
earnings credit ........................ 0.94%* 0.83% 0.86% 0.88% 0.69% 0.50%
Operating expenses excluding custody
earnings credit ........................ 1.03%* 0.85% 0.90% -- -- --
Operating expenses excluding
reimbursement/waiver/custody
earnings credit ........................ 1.18%* 1.00% 1.15% 0.92% 0.91% 1.06%
Net investment income including
reimbursement/waiver/custody
earnings credit ........................ 1.78%* 1.61% 2.58% 3.13% 4.12% 3.64%
Portfolio turnover rate .................. 61%** 74% 105% 81% 86% 49%
</TABLE>
- --------------------------------------------------------
+ Unaudited
* Annualized
** Non-Annualized
*** The selected per share data was calculated using the weighted average
shares outstanding method for the year.
(a) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
62
<PAGE>
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 PERIOD
ENDED YEAR ENDED AUGUST 31, ENDED
------------------------
2/28/99 + 1998 1997 8/31/96(1)
----------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 13.76 $ 17.23 $ 15.92 $ 15.45
------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. (0.01) 0.38 0.40*** 0.06
Net realized and unrealized
gain/(loss) on investments .......... 0.22 (1.50) 4.27 0.41
------- ------- ------- -------
Total from investment operations ...... 0.21 (1.12) 4.67 0.47
------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .. (0.20) (0.38) (0.77) --
Distributions from capital gains ...... (0.86) (1.97) (2.59) --
------- ------- ------- -------
Total distributions ................... (1.06) (2.35) (3.36) --
------- ------- ------- -------
Net asset value, end of period ........ $ 12.91 $ 13.76 $ 17.23 $ 15.92
------- ------- ------- -------
------- ------- ------- -------
Total return (a) ...................... 0.96%** (8.72)% 33.74% 3.04%**
------- ------- ------- -------
------- ------- ------- -------
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) .. $ 10,690 $ 10,454 $ 26,412 $ 7,335
Operating expenses including
reimbursement/waiver/custody
earnings credit ..................... 0.81%* 0.74% 0.86% 0.85%*
Operating expenses excluding
custody earnings credit ............. 0.90%* 0.76% 0.90% --
Operating expenses excluding
reimbursement/waiver/custody
earnings credit ..................... 1.05%* 0.91% 1.15% 0.89%*
Net investment income including
reimbursement/waiver/custody
earnings credit ..................... 1.91%* 1.70% 2.58% 3.16%*
Portfolio turnover rate ............... 61%** 74% 105% 81%**
</TABLE>
- --------------------------------------------------------
+ Unaudited
* Annualized
** Non-Annualized
*** The selected per share data was calculated using the weighted average
shares outstanding method for the year.
(1) Small Company Value Portfolio Institutional Class Shares commenced
operations on July 15, 1996.
(a) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
63
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT THE PERIOD.
<TABLE>
<CAPTION>
INVESTMENT CLASS SHARES
-----------------------
PERIOD
ENDED
2/28/99 +
---------
<S> <C>
Net asset value, beginning of period ........................ $ 10.00
--------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................................... 0.01
Net realized and unrealized gain/(loss) on investments ...... (0.35)
--------
Total from investment operations ............................ (0.34)
--------
Net asset value, end of period .............................. $ 9.66
--------
--------
Total return (a) ............................................ (3.40%)**
--------
--------
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000is) ........................ $ 20,275
Operating expenses including reimbursement/waiver/custody
earnings credit .......................................... 0.53%*
Operating expenses excluding custody earnings credit ........ 0.75%*
Operating expenses excluding reimbursement/waiver/custody
earnings credit .......................................... 2.11%*
Net investment income including reimbursement/waiver/custody
earnings credit .......................................... 1.01%*
Portfolio turnover rate ..................................... --
</TABLE>
- --------------------------------------------------------
+ Unaudited. The Wilshire 5000 Index Portfolio commenced operations on
January 29, 1999.
* Annualized
** Non-annualized.
(a) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
64
<PAGE>
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, and was incorporated under Maryland law on July 30, 1992.
The Fund operates as a series company and presently offers five series: Large
Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth
Portfolio, Small Company Value Portfolio and Wilshire 5000 Index Portfolio (the
"Portfolios"). The Wilshire 5000 Index Portfolio commenced operations on January
29, 1999. The Fund accounts separately for the assets, liabilities and
operations of each Portfolio.
Each of the Portfolios offers Investment and Institutional Class shares (the
"shares"), each of which has equal rights as to Class and voting privileges. The
Investment Class has exclusive voting rights with respect to its Service and
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 the 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 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 the accrual
basis.
EXPENSES: Operating expenses directly attributable to a class of shares are
charged to that class' operations. Expenses of the Portfolios not directly
attributable to the operations of any class of shares are prorated 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 Portfolios' 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.
65
<PAGE>
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (CONTINUED) (UNAUDITED)
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, applicable to regulated investment companies 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.
Wilshire voluntarily has undertaken to waive .15 of 1% of the average daily net
asset otherwise payable under the Advisory Agreement with respect to the Small
Company Growth and Small Company Value Portfolios. The voluntary waiver may be
terminated at any time by Wilshire by notice to the Directors of the Fund.
With respect to the Wilshire 5000 Index Portfolio, the Fund has entered into an
investment advisory agreement with Wilshire Associates Incorporated. Under the
terms of such Agreement, the Fund has agreed to pay Wilshire a fee computed
daily and paid monthly at an annual rate of .10% of the value of the Portfolio's
average daily net assets. However, Wilshire has agreed to waive advisory fees
and reimburse other expenses with respect to the extent necessary to maintain
the Portfolio's expense ratio (other than 12b-1 fees) at 0.35% of the
Portfolio's daily net assets until at least December 31, 1999.
For the six months ended February 28, 1999, Wilshire voluntarily waived fees as
follows:
<TABLE>
<CAPTION>
FUND
----
<S> <C>
Small Company Growth Portfolio ................... $ 12,266
Small Company Value Portfolio .................... 30,125
Wilshire 5000 Index Portfolio .................... 13,218
</TABLE>
First Data Investor Services Group, Inc. ("Investor Services Group"), 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 Investor Services Group 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 Investor Services Group an annual fee of $25,000 for each
Portfolio and $2,000 for each additional class.
In regards to the Wilshire 5000 Index Portfolio, Investor Services Group has
agreed to waive certain administration, accounting and transfer agent fees for a
period of three years. For the six months ended February 28, 1999, Investor
Services Group voluntarily waived fees as follows:
<TABLE>
<S> <C>
Administration and Accounting ................... $ 3,839
Transfer Agency ................................. 2,992
</TABLE>
66
<PAGE>
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (CONTINUED) (UNAUDITED)
The Northern Trust Company serves as the Fund's custodian. Each Portfolio
maintains a cash balance with its custodian and receives a reduction of its
custody fees and expenses for the amount of interest earned on such uninvested
cash balances. The amounts are presented as Custody earnings credits in the
Statements of Operations. Each Portfolio, with the exception of the Wilshire
5000 Index Portfolio, incurred overdraft charges. For the six months ended
February 28, 1999, the charges were as follows: Large Company Growth, $9,622;
Large Company Value, $424; Small Company Growth, $6,788; Small Company Value,
$8,120.
No officer, director or employee of Wilshire, Investor Services Group, 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.
3. Service and Distribution Plan.
The Directors and shareholders of the Fund have adopted a service and
distribution 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., 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 ("service fees") and for
certain distribution expenses for the purpose of financing any activity intended
to result in the sale of Investment Class shares. For the six months ended
February 28, 1999, the distribution and service fees expenses incurred for Large
Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth
Portfolio, Small Company Value Portfolio and Wilshire 5000 Index Portfolio were
.15%, .17%, .16%, .13% and .18% of average net assets, respectively.
4. Securities Transactions.
For the six months ended February 28, 1999 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 ............ $ 165,102,288 $ 40,473,250
Large Company Value Portfolio ............. 31,263,709 22,188,121
Small Company Growth Portfolio ............ 10,563,821 11,930,425
Small Company Value Portfolio ............. 33,113,913 23,823,685
Wilshire 5000 Index Portfolio ............. 20,642,846 10,033,063
</TABLE>
67
<PAGE>
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (CONTINUED) (UNAUDITED)
The aggregate gross unrealized appreciation and depreciation, as computed on a
federal income tax basis, at February 28, 1999 for each Portfolio is as follows:
<TABLE>
<CAPTION>
UNREALIZED UNREALIZED
FUND APPRECIATION DEPRECIATION
---- ------------ ------------
<S> <C> <C>
Large Company Growth Portfolio ........... $ 79,948,921 $ 2,040,467
Large Company Value Portfolio ............ 13,752,559 3,015,101
Small Company Growth Portfolio ........... 2,724,164 1,929,600
Small Company Value Portfolio ............ 3,863,501 2,728,190
Wilshire 5000 Index Portfolio ............ 357,115 932,169
</TABLE>
5. Significant Shareholder Activity.
At February 28, 1999, a significant shareholder owned approximately the
following percentage of total outstanding Institutional Class shares of each of
the Portfolios:
<TABLE>
<CAPTION>
FUND
----
<S> <C>
Large Company Growth Portfolio ...................... 23%
Large Company Value Portfolio ....................... 31%
Small Company Growth Portfolio ...................... 100%
Small Company Value Portfolio ....................... 99%
</TABLE>
68
<PAGE>
[LOGO]
W I L S H I R E
TARGET FUNDS, INC.
P.O. Box 60488
King of Prussia, Pennsylvania 19406-0488
