<PAGE>
[WILSHIRE TARGET FUNDS LOGO]
ANNUAL REPORT
LARGE COMPANY GROWTH PORTFOLIO
LARGE COMPANY VALUE PORTFOLIO
SMALL COMPANY GROWTH PORTFOLIO
SMALL COMPANY VALUE PORTFOLIO
WILSHIRE 5000 INDEX PORTFOLIO
AUGUST 31, 1999
-------------
www.wilfunds.com
<PAGE>
WILSHIRE TARGET FUNDS, INC.
<TABLE>
<S> <C>
Shareholder Letter.......................................... 1
Large Company Growth Portfolio:
Fund Commentary......................................... 3
Large Company Value Portfolio:
Fund Commentary......................................... 6
Small Company Growth Portfolio:
Fund Commentary......................................... 9
Small Company Value Portfolio:
Fund Commentary......................................... 12
Wilshire 5000 Index Portfolio:
Fund Commentary......................................... 15
Statements of Investments:
Large Company Growth Portfolio.......................... 17
Large Company Value Portfolio........................... 21
Small Company Growth Portfolio.......................... 25
Small Company Value Portfolio........................... 29
Wilshire 5000 Index Portfolio........................... 33
Statements of Assets and Liabilities........................ 67
Statements of Operations.................................... 69
Statements of Changes in Net Assets......................... 70
Financial Highlights:
Large Company Growth Portfolio.......................... 74
Large Company Value Portfolio........................... 76
Small Company Growth Portfolio.......................... 78
Small Company Value Portfolio........................... 80
Wilshire 5000 Index Portfolio........................... 82
Notes to Financial Statements............................... 84
</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.
<PAGE>
Dear Shareholder,
We are pleased to present our annual report to all shareholders of the Wilshire
Target Funds, Inc. (the "Fund"). This report covers the seven month period ended
August 31, 1999 for the Wilshire 5000 Index Portfolio, and the twelve month
period ended August 31, 1999 for Large Company Growth Portfolio, Large Company
Value Portfolio, Small Company Growth Portfolio, and Small Company Value
Portfolio. Each Portfolio offers two classes of shares - Investment Class shares
and Institutional Class shares. Performance figures for such classes of each
Portfolio are contained in the following pages.
BROAD MARKET EXPOSURE THROUGH THE WILSHIRE 5000 INDEX PORTFOLIO
This past fiscal year saw the launch of the new Wilshire 5000 Index Portfolio
which experienced a rapid growth in assets since its launch on February 1, 1999.
As of August 31, 1999, the Wilshire 5000 Index Portfolio had surpassed the $100
million mark demonstrating a strong trend with investors seeking broad U.S.
market exposure in their investment portfolios. The Wilshire 5000 Index is
considered the best representation of the entire market, measuring the
performance of all U.S. domiciled stocks traded on the NYSE, the AMEX, and
NASDAQ with readily available price information. The Index currently includes
approximately 7,000 stocks. Thus unlike the S&P 500 Index, the Wilshire 5000
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
The Fund also offers focused exposure to the four principal components 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 each
Portfolio.
Changes are made over time which insure that the Portfolios keep their proper
focus toward that style. Stocks are sold if their size clashes with the
Portfolio's objective or if their financial condition changes to the point where
they can no longer be considered either growth or value. As all investors know,
value stocks do not stay value stocks forever. Once a security makes a strong
relative advance, it can no longer be as attractive as it was before the move.
As a result, the Portfolios require constant vigilance and monitoring. Whether
the focus is growth, value, large or small, we see it as a top priority to be
sure each Portfolio always includes the most attractive list of names for that
style given that valuations are constantly changing.
The Fund allows the investor to select the style and size segment which best
fits his or her investment objective with the assurance that the Portfolio
selected will remain focused on the stated style.
1
<PAGE>
MARKET ENVIRONMENT
The equity markets have continued to generate positive returns for investors
over the period, and since our management approach entails maintaining a fully
invested posture at all times, investors have received full benefit of the
market advance. While both large and small capitalization stocks enjoyed
positive returns over the twelve month period ending August 31, 1999, we saw a
continuation of the trend where large company growth stocks showed the strongest
gains, and growth dominated value in both size categories. The Wilshire 5000
Index rose 38.87% for the twelve months ended August 31, 1999. Large companies,
as measured by the Standard & Poors 500 Composite Stock Price Index, rose
39.91%, while small companies, as measured by the Wilshire Next 1750 Index, rose
30.59% during this time period.
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 always 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 NAV's and quarterly fact sheets
on all our Portfolios, you can download a prospectus and application right off
the web.
Sincerely,
[THOMAS D. STEVENS SIGNATURE]
Thomas D. Stevens
President and Chairman of the Board
2
<PAGE>
LARGE COMPANY GROWTH PORTFOLIO
FUND COMMENTARY
(Sidebar) PORTFOLIO INFORMATION(1)
(As of August 31, 1999)
AVERAGE 5-YEAR SALES GROWTH ........................................ 20.3%
AVERAGE 5-YEAR EARNINGS GROWTH ..................................... 16.5%
AVERAGE 5-YEAR RETURN ON EQUITY .................................... 27.5%
AVERAGE MARKET CAPITALIZATION ................................... $152.0 BILLION
1 ALL AVERAGES ARE DOLLAR-WEIGHTED AVERAGES. THE 5-YEAR NUMBERS ARE CALCULATED
BASED ON THE RESULTS FOR THE 5-YEAR PERIOD ENDED AUGUST 31, 1999 FOR THOSE
SECURITIES IN THE PORTFOLIO'S HOLDINGS AS OF AUGUST 31, 1999 WHOSE ISSUERS
HAVE BEEN IN EXISTENCE FOR AT LEAST 5 YEARS.
(END SIDEBAR)
For the twelve month period ended August 31, 1999, the
Portfolio's Investment Class Shares returned 48.46% and
Institutional Class Shares returned 48.81%. During the
twelve month period, Large Growth outperformed all other
segments of the market by a large margin with all sectors
bringing in positive returns. The largest ten holdings in
the Portfolio had strong returns for the period with the
exception of the Coca-Cola Company which has been mired
with the recent European product withdrawal and the
retail pricing environment in North America.
The Technology sector, which made up over 36% of the
Portfolio as of August 31st, did extremely well with a
total return over the period of 114%. The top five
Technology positions in the Portfolio, Microsoft
Corporation, Intel Corporation, Cisco Systems, Inc., Dell
Computer Corporation, and Hewlett-Packard Company, all
returned near or above the 100% mark. Other notable high
performers that boosted returns for the Portfolio were
Sun Microsystems, Inc., up 301% and EMC Corporation, up
169%. Pharmaceutical companies in the Consumer
Non-Durables sector, the second most heavily weighted
sector in this Portfolio, including Merck & Company,
Inc., Pfizer, Inc., Bristol-Myers Squibb Company and
Johnson & Johnson, also posted strong gains in the
Portfolio returning 18%, 23%, 37%, and 50%, respectively,
during the twelve months ended August 31, 1999.
The Large Company Growth Portfolio is comprised of
companies which have above average earnings and 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.
3
<PAGE>
LARGE COMPANY GROWTH PORTFOLIO
FUND COMMENTARY - (Continued)
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
ONE YEAR ENDED 8/31/99...................................... 48.46%
FIVE YEARS ENDED 8/31/99.................................... 28.62%+
INCEPTION (9/30/92) THROUGH 8/31/99......................... 21.45%+
</TABLE>
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
ONE YEAR ENDED 8/31/99...................................... 48.81%
INCEPTION (7/15/96) THROUGH 8/31/99......................... 33.77%+
</TABLE>
<TABLE>
<C> <S>
* 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.
</TABLE>
PORTFOLIO SECTOR WEIGHTING**
(As of August 31, 1999)
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED
GRAPHIC
<TABLE>
<CAPTION>
CONSUMER NON-DURABLES 37.2%
<S> <C>
TECHNOLOGY 36.3%
CAPITAL GOODS 9.4%
FINANCE 6.8%
UTILITIES 4.3%
MATERIALS & SERVICES 3.1%
ENERGY 1.6%
CONSUMER DURABLES 0.8%
TRANSPORTATION 0.5%
</TABLE>
** Based on percent of Portfolio's total market value.
4
<PAGE>
LARGE COMPANY GROWTH PORTFOLIO
FUND COMMENTARY - (Continued)
COMPARATIVE PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
SHARES OF
LARGE COMPANY GROWTH PORTFOLIO AND THE WILSHIRE 5000
INDEX
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED
GRAPHIC
<TABLE>
<CAPTION>
LARGE COMPANY GROWTH PORTFOLIO INVESTMENT CLASS SHARES WILSHIRE 5000 INDEX
<S> <C> <C>
9/30/92 10,000 10,000
8/31/93 10,245 11,704
8/31/94 10,893 12,264
8/31/95 14,491 14,958
8/31/96 17,665 17,532
8/31/97 24,889 24,066
8/31/98 27,777 24,712
8/31/99 41,241 34,317
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED
GRAPHIC
<TABLE>
<CAPTION>
LARGE COMPANY GROWTH INSTITUTIONAL CLASS SHARES WILSHIRE 5000 INDEX
<S> <C> <C>
7/15/96 10,000 10,000
8/31/96 10,591 10,468
8/31/97 14,942 14,369
8/31/98 16,701 14,755
8/31/99 24,850 20,490
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
THESE CHARTS COMPARE A $10,000 INVESTMENT MADE IN
INVESTMENT CLASS SHARES AND INSTITUTIONAL CLASS SHARES OF
THE PORTFOLIO ON THEIR RESPECTIVE INCEPTION DATES TO A
$10,000 INVESTMENT MADE IN THE INDEX ON THOSE DATES. ALL
DIVIDENDS AND CAPITAL GAINS ARE REINVESTED. FURTHER
INFORMATION RELATING TO THE PORTFOLIO'S PERFORMANCE,
INCLUDING EXPENSE REIMBURSEMENTS, IS CONTAINED IN THE
FINANCIAL HIGHLIGHTS SECTION OF THE RESPECTIVE PROSPECTUS
AND ELSEWHERE IN THIS REPORT. THE WILSHIRE 5000 INDEX IS
AN UNMANAGED INDEX WHICH MEASURES THE PERFORMANCE OF ALL
U.S. HEADQUARTERED EQUITY SECURITIES WITH READILY
AVAILABLE PRICE DATA. AN INDIVIDUAL CANNOT INVEST
DIRECTLY IN ANY INDEX.
5
<PAGE>
LARGE COMPANY VALUE PORTFOLIO
FUND COMMENTARY
(Sidebar) PORTFOLIO INFORMATION(1)
(As of August 31, 1999)
DIVIDEND YIELD(2) ................................................. 2.7%
AVERAGE PRICE/BOOK RATIO ......................................... 2.8
AVERAGE PRICE/EARNINGS RATIO ..................................... 16.4
AVERAGE MARKET CAPITALIZATION .................................... $30.0 BILLION
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.
(END SIDEBAR)
For the twelve month period ended August 31, 1999, the
Portfolio's Investment Class Shares returned 18.78% and
Institutional Class Shares returned 19.05%. The Large
Company Value Portfolio continued to underperform its
Large Growth counterpart even though most sectors brought
in positive returns. The one exception was the Consumer
Non-Durables sector with retail stocks being the hardest
hit. Albertson's, Inc. was down 3.98%, Sears, Roebuck &
Company was down 13.36%, Penney (J.C.) Company was down
23.23%, and Rite Aid Corporation also finished down at
47.09%.
Finance was the most heavily weighted sector in this
Portfolio over the period with a 36% weighting as of
August 31, 1999. Although ending up 12.43% for the
twelve-month period as a whole, stocks within Finance
were mixed: Bank of America Corporation (weight 6.5% as
of August 31, 1999) gained 8.11%, Chase Manhattan
Corporation (weight 4.4%) gained 63.13%, and Merrill
Lynch & Company, Inc. (weight 1.7%) gained 60.71% whereas
First Union Corporation (weight 2.5%) fell 10.53% and
Allstate Corporation (weight 1.62%) fell 11.15% over the
year. The Energy sector, a poor performer in the past,
had many bright spots making significant contributions to
the Portfolio. Mobil Corporation, Chevron Corporation,
and Enron Corporation, which combined made up over 10.5%
of the Portfolio as of August 31, 1999 returned 51.93%,
28.23%, and 58.90%, respectively, during the twelve
months ended August 31, 1999.
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 which 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
6
<PAGE>
LARGE COMPANY VALUE PORTFOLIO
FUND COMMENTARY - (Continued)
security's valuation improves or deteriorates relative to
other large cap securities, it will be bought or sold.
7
<PAGE>
LARGE COMPANY VALUE PORTFOLIO
FUND COMMENTARY - (Continued)
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
ONE YEAR ENDED 8/31/99...................................... 18.78%
FIVE YEARS ENDED 8/31/99.................................... 17.71%+
INCEPTION (9/30/92) THROUGH 8/31/99......................... 15.30%+
</TABLE>
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
ONE YEAR ENDED 8/31/99...................................... 19.05%
INCEPTION (7/15/96) THROUGH 8/31/99......................... 18.02%+
</TABLE>
<TABLE>
<C> <S>
* 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.
</TABLE>
PORTFOLIO SECTOR WEIGHTING**
(As of August 31, 1999)
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED
GRAPHIC
<TABLE>
<CAPTION>
FINANCE 36.3%
<S> <C>
ENERGY 13.2%
UTILITIES 12.8%
MATERIALS & SERVICES 10.0%
CONSUMER NON-DURABLES 9.3%
CONSUMER DURABLES 8.5%
TECHNOLOGY 4.6%
CAPITAL GOODS 3.5%
TRANSPORTATION 1.8%
</TABLE>
** Based on percent of Portfolio's total market value.
8
<PAGE>
LARGE COMPANY VALUE PORTFOLIO
FUND COMMENTARY - (Continued)
COMPARATIVE PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
SHARES OF
LARGE COMPANY VALUE PORTFOLIO AND THE WILSHIRE 5000 INDEX
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED
GRAPHIC
<TABLE>
<CAPTION>
LARGE COMPANY VALUE PORTFOLIO INVESTMENT CLASS SHARES WILSHIRE 5000 INDEX
<S> <C> <C>
9/30/1992 10,000 10,000
8/31/1993 12,292 11,704
8/31/1994 11,850 12,264
8/31/1995 14,097 14,958
8/31/1996 16,568 17,532
8/31/1997 22,246 24,066
8/31/1998 22,544 24,712
8/31/1999 26,776 34,317
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED
GRAPHIC
<TABLE>
<CAPTION>
LARGE COMPANY VALUE INSTITUTIONAL CLASS SHARES WILSHIRE 5000 INDEX
<S> <C> <C>
7/15/1996 10,000 10,000
8/31/1996 10,355 10,468
8/31/1997 13,905 14,369
8/31/1998 14,111 14,755
8/31/1999 16,796 20,490
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
THESE CHARTS COMPARE A $10,000 INVESTMENT MADE IN
INVESTMENT CLASS SHARES AND INSTITUTIONAL CLASS SHARES OF
THE PORTFOLIO ON THEIR RESPECTIVE INCEPTION DATES TO A
$10,000 INVESTMENT MADE IN THE INDEX ON THOSE DATES. ALL
DIVIDENDS AND CAPITAL GAINS ARE REINVESTED. FURTHER
INFORMATION RELATING TO THE PORTFOLIO'S PERFORMANCE,
INCLUDING EXPENSE REIMBURSEMENTS, IS CONTAINED IN THE
FINANCIAL HIGHLIGHTS SECTION OF THE RESPECTIVE PROSPECTUS
AND ELSEWHERE IN THIS REPORT. THE WILSHIRE 5000 INDEX IS
AN UNMANAGED INDEX WHICH MEASURES THE PERFORMANCE OF ALL
U.S. HEADQUARTERED EQUITY SECURITIES WITH READILY
AVAILABLE PRICE DATA. AN INDIVIDUAL CANNOT INVEST
DIRECTLY IN ANY INDEX.
9
<PAGE>
SMALL COMPANY GROWTH PORTFOLIO
FUND COMMENTARY
(Sidebar) PORTFOLIO INFORMATION(1)
(As of August 31, 1999)
AVERAGE 5-YEAR SALES GROWTH ....................................... 31.4%
AVERAGE 5-YEAR EARNINGS GROWTH .................................... 16.7%
AVERAGE 5-YEAR RETURN ON EQUITY ................................... 19.5%
AVERAGE MARKET CAPITALIZATION ................................... $1.1 BILLION
1 ALL AVERAGES ARE DOLLAR-WEIGHTED AVERAGES. THE 5-YEAR NUMBERS ARE CALCULATED
BASED ON THE RESULTS FOR THE 5-YEAR PERIOD ENDED AUGUST 31, 1999 FOR THOSE
SECURITIES IN THE PORTFOLIO'S HOLDINGS AS OF AUGUST 31, 1999 WHOSE ISSUERS
HAVE BEEN IN EXISTENCE FOR AT LEAST 5 YEARS.
(END SIDEBAR)
For the twelve month period ended August 31, 1999, the
Portfolio's Investment Class Shares returned 20.79% and
Institutional Class Shares returned 21.04%. Small growth
stocks generally fared much better this year compared to
the same period one year ago when the Portfolio was down
26.01%. The traditional growth sectors, Consumer
Non-Durables, Materials & Services, and Technology,
together comprised over 68% of the Portfolio as of
August 31, 1999. All three sectors performed well with
particular highlights among the business services
holdings in the Materials & Services sector, CDW Computer
Centers, Inc. was up 130.52%, Sapient Corporation was up
113.92%, and QRS Corporation was up 166.13% during the
period.
The Technology sector also had some strong performers
that bolstered the overall performance for the Portfolio.
Veritas Software, held by the Portfolio for the first
half of 1999, returned 58.39% during the period, while
Gentex Corporation and Scientific Atlanta in the
Electronics category returned 142.16% and 103.89%,
respectively.
For investment decisions, the Small Company Growth
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.
9
<PAGE>
SMALL COMPANY GROWTH PORTFOLIO
FUND COMMENTARY - (Continued)
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
ONE YEAR ENDED 8/31/99...................................... 20.79%
FIVE YEARS ENDED 8/31/99.................................... 8.27%
INCEPTION (10/1/92) THROUGH 8/31/99......................... 10.63%
</TABLE>
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
ONE YEAR ENDED 8/31/99...................................... 21.04%
INCEPTION (7/15/96) THROUGH 8/31/99......................... 4.56%
</TABLE>
<TABLE>
<C> <S>
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS.
DURING THE PERIODS, CERTAIN FEES AND EXPENSES WERE WAIVED OR
REIMBURSED. FOR THE YEAR ENDED AUGUST 31, 1999, FEES AND
EXPENSES TOTALING 0.15% PER SHARE WERE WAIVED OR REIMBURSED.
WITHOUT SUCH WAIVERS AND REIMBURSEMENTS, TOTAL RETURNS WOULD
HAVE BEEN LOWER.
</TABLE>
PORTFOLIO SECTOR WEIGHTING**
(As of August 31, 1999)
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED
GRAPHIC
<TABLE>
<CAPTION>
MATERIALS & SERVICES 27.3%
<S> <C>
CONSUMER NON-DURABLES 22.9%
TECHNOLOGY 18.0%
CAPITAL GOODS 10.9%
FINANCE 8.1%
CONSUMER DURABLES 6.2%
TRANSPORTATION 5.1%
ENERGY 1.3%
UTILITIES 0.2%
</TABLE>
** Based on percent of Portfolio's total market value.
10
<PAGE>
SMALL COMPANY GROWTH PORTFOLIO
FUND COMMENTARY - (Continued)
COMPARATIVE PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
SHARES OF
SMALL COMPANY GROWTH PORTFOLIO AND THE WILSHIRE 5000
INDEX
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED
GRAPHIC
<TABLE>
<CAPTION>
WILSHIRE 5000 INDEX SMALL COMPANY GROWTH PORTFOLIO INVESTMENT CLASS SHARES
<S> <C> <C>
9/30/92 10,000 10,000
8/31/93 11,704 12,850
8/31/94 12,264 13,516
8/31/95 14,958 16,632
8/31/96 17,532 19,543
8/31/97 24,066 22,506
8/31/98 24,712 16,651
8/31/99 34,317 20,114
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED
GRAPHIC
<TABLE>
<CAPTION>
SMALL COMPANY GROWTH PORTFOLIO
<S> <C> <C>
Wilshire 5000 Index Institutional Class Shares
7/15/96 10,000 10,000
8/31/96 10,468 11,141
8/31/97 14,369 12,828
8/31/98 14,755 9,499
8/31/99 20,490 11,497
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
THESE CHARTS COMPARE A $10,000 INVESTMENT MADE IN
INVESTMENT CLASS SHARES AND INSTITUTIONAL CLASS SHARES OF
THE PORTFOLIO ON THEIR RESPECTIVE INCEPTION DATES TO A
$10,000 INVESTMENT MADE IN THE INDEX ON THOSE DATES. ALL
DIVIDENDS AND CAPITAL GAINS ARE REINVESTED. FURTHER
INFORMATION RELATING TO THE PORTFOLIO'S PERFORMANCE,
INCLUDING EXPENSE REIMBURSEMENTS, IS CONTAINED IN THE
FINANCIAL HIGHLIGHTS SECTION OF THE RESPECTIVE PROSPECTUS
AND ELSEWHERE IN THIS REPORT. THE WILSHIRE 5000 INDEX IS
AN UNMANAGED INDEX WHICH MEASURES THE PERFORMANCE OF ALL
U.S. HEADQUARTERED EQUITY SECURITIES WITH READILY
AVAILABLE PRICE DATA. AN INDIVIDUAL CANNOT INVEST
DIRECTLY IN ANY INDEX.
11
<PAGE>
SMALL COMPANY VALUE PORTFOLIO
FUND COMMENTARY
(Sidebar) PORTFOLIO INFORMATION(1)
(As of August 31, 1999)
DIVIDEND YIELD(2) ................................................. 2.8%
AVERAGE PRICE/BOOK RATIO ......................................... 2.0
AVERAGE PRICE/EARNINGS RATIO ..................................... 12.7
AVERAGE MARKET CAPITALIZATION ................................... $0.9 BILLION
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.
(END SIDEBAR)
For the twelve month period ended August 31, 1999, the
Portfolio's Investment Class Shares returned 6.20% and
Institutional Class Shares returned 6.43%. As was the
case with the large cap portfolios, the Small Company
Value Portfolio underperformed its Small Growth
counterpart with performance in the first quarter of 1999
and the last two months of the review period bringing
performance down for the period.
There are few highlights for the Small Company Value
Portfolio during the twelve months ended August 31, 1999.
The Transportation sector did climb 32.62% during the
period, but a relatively light weighting of 5.4% kept the
impact on performance minimal. One Transportation stock
in particular did very well. USFreightways Corp., which
made up almost 1% of the Portfolio, returned 118.93%
during the period. Materials & Services, the Portfolio's
most heavily weighted sector at 21.7% on August 31, 1999,
also had a strong performer with Pentair, Inc., a paper
and forest products company, which returned 65.72% during
the period. Its heavy weighting of 1.4%, relative to all
other securities in the Portfolio, helped contribute to
the Portfolio's positive return. The Materials & Services
sector was negative overall, falling 0.94% over the
period.
The Small Company Value 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 among 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 deals.
12
<PAGE>
SMALL COMPANY VALUE PORTFOLIO
FUND COMMENTARY - (Continued)
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
ONE YEAR ENDED 8/31/99...................................... 6.20%
FIVE YEARS ENDED 8/31/99.................................... 9.77%
INCEPTION (9/30/92) THROUGH 8/31/99......................... 9.79%
</TABLE>
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
ONE YEAR ENDED 8/31/99...................................... 6.43%
INCEPTION (7/15/96) THROUGH 8/31/99......................... 9.78%
</TABLE>
<TABLE>
<C> <S>
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS.
DURING THE PERIODS, CERTAIN FEES AND EXPENSES WERE WAIVED OR
REIMBURSED. FOR THE YEAR ENDED AUGUST 31, 1999, FEES AND
EXPENSES TOTALING 0.15% PER SHARE WERE WAIVED OR REIMBURSED.
WITHOUT SUCH WAIVERS AND REIMBURSEMENTS, TOTAL RETURNS WOULD
HAVE BEEN LOWER.
</TABLE>
PORTFOLIO SECTOR WEIGHTING**
(As of August 31, 1999)
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED
GRAPHIC
<TABLE>
<CAPTION>
MATERIALS & SERVICES 21.7%
<S> <C>
Finance 18.4%
Consumer Non-Durables 15.3%
Utilities 13.6%
Capital Goods 10.9%
Consumer Durables 8.5%
Transportation 5.4%
Energy 5.1%
Technology 11.2%
</TABLE>
** Based on percent of Portfolio's total market value.
13
<PAGE>
SMALL COMPANY VALUE PORTFOLIO
FUND COMMENTARY - (Continued)
COMPARATIVE PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
SHARES OF
SMALL COMPANY VALUE PORTFOLIO AND THE WILSHIRE 5000 INDEX
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED
GRAPHIC
<TABLE>
<CAPTION>
WILSHIRE 5000 INDEX SMALL COMPANY VALUE PORTFOLIO INVESTMENT CLASS SHARES
<S> <C> <C>
9/30/92 10,000 10,000
8/31/93 11,704 11,974
8/31/94 12,264 11,972
8/31/95 14,958 13,391
8/31/96 17,532 14,735
8/31/97 24,066 19,706
8/31/98 24,712 17,975
8/31/99 34,317 19,841
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED
GRAPHIC
<TABLE>
<CAPTION>
WILSHIRE 5000 INDEX SMALL COMPANY VALUE INSTITUTIONAL CLASS SHARES
<S> <C> <C>
7/15/96 10,000 10,000
8/31/96 10,468 10,304
8/31/97 14,369 13,781
8/31/98 14,755 12,578
8/31/99 20,490 13,389
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
THESE CHARTS COMPARE A $10,000 INVESTMENT MADE IN
INVESTMENT CLASS SHARES AND INSTITUTIONAL CLASS SHARES OF
THE PORTFOLIO ON THEIR RESPECTIVE INCEPTION DATES TO A
$10,000 INVESTMENT MADE IN THE INDEX ON THOSE DATES. ALL
DIVIDENDS AND CAPITAL GAINS ARE REINVESTED. FURTHER
INFORMATION RELATING TO THE PORTFOLIO'S PERFORMANCE,
INCLUDING EXPENSE REIMBURSEMENTS, IS CONTAINED IN THE
FINANCIAL HIGHLIGHTS SECTION OF THE RESPECTIVE PROSPECTUS
AND ELSEWHERE IN THIS REPORT. THE WILSHIRE 5000 INDEX IS
AN UNMANAGED INDEX WHICH MEASURES THE PERFORMANCE OF ALL
U.S. HEADQUARTERED EQUITY SECURITIES WITH READILY
AVAILABLE PRICE DATA. AN INDIVIDUAL CANNOT INVEST
DIRECTLY IN ANY INDEX.
14
<PAGE>
WILSHIRE 5000 INDEX PORTFOLIO
FUND COMMENTARY
(Sidebar) PORTFOLIO INFORMATION(1)
(As of August 31, 1999)
DIVIDEND YIELD(2) .................................................. 1.2%
AVERAGE PRICE/EARNINGS RATIO ..................................... 30.6
AVERAGE 5-YEAR EARNINGS GROWTH .................................... 12.6%
AVERAGE MARKET CAPITALIZATION .................................... $84.8 BILLION
1 ALL AVERAGES ARE DOLLAR-WEIGHTED AVERAGES. 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. THE 5-YEAR NUMBER IS CALCULATED BASED ON THE
RESULTS FOR THE 5-YEAR PERIOD ENDED AUGUST 31, 1999 FOR THOSE SECURITIES IN
THE PORTFOLIO'S HOLDINGS AS OF AUGUST 31, 1999 WHOSE ISSUERS HAVE BEEN IN
EXISTENCE FOR AT LEAST 5 YEARS.
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.
(END SIDEBAR)
Since its inception on February 1, 1999, the Wilshire
5000 Index Portfolio has experienced strong growth in
assets due to both an influx of new shareholders as well
as market movement. Performance for the Portfolio's
Investment Class Shares and Institutional Class Shares
since inception to the period ended August 31, 1999 were
3.20% and 3.30%, respectively.
Rather than having one segment of the market dominate
this performance period as large cap growth has done in
recent years, we had ups and downs for all of the market
segments. The continued growth of the U.S. economy, as
well as what is widely seen as the end of the Asian
economic crisis, helped buoy performance in the markets
while also being responsible for increases in interest
rates during the first half of 1999. This helps explain
why monthly performance for the Portfolio has been mixed
since it was launched on February 1, 1999. Growth in the
total stock market in the months of March, April, and
June helped keep the overall return for the period in
positive territory.
Holdings in the Technology sector helped boost
performance for the Portfolio. IBM Corp., which made up
1.7% of the Portfolio as of August 31, 1999, was up
39.07% and Intel Corporation, which made up 2.0% of the
Portfolio on such date, was up 19.36%. Other strong
Technology performers during the period were Cisco
Systems, up 17.94%, and Texas Instruments, Inc., up
73.00%.
The Wilshire 5000 Index is comprised of about 7,000
securities, and measures the performance of all U.S.
domiciled stocks traded on the New York Stock Exchange,
the American Stock Exchange and NASDAQ with readily
available price information. The Wilshire 5000 Index
Portfolio currently holds around 2,300 securities and
expects to ultimately hold around 3,000 securities
representing approximately 90% of the total market value
of the Index. Using
15
<PAGE>
WILSHIRE 5000 INDEX PORTFOLIO
FUND COMMENTARY - (Continued)
statistical procedures, securities are selected based on
market capitalization and industry weightings, giving the
Portfolio the approximate balance of the Wilshire 5000
Index.
16
<PAGE>
WILSHIRE 5000 INDEX PORTFOLIO
FUND COMMENTARY - (Continued)
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
INCEPTION (2/1/99) THROUGH 8/31/99.......................... 3.20%
</TABLE>
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
INCEPTION (2/1/99) THROUGH 8/31/99.......................... 3.30%
</TABLE>
<TABLE>
<C> <S>
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS.
DURING THE PERIODS, CERTAIN FEES AND EXPENSES WERE WAIVED OR
REIMBURSED. FOR THE YEAR ENDED AUGUST 31, 1999, FEES AND
EXPENSES TOTALING 0.64% PER SHARE WERE WAIVED OR REIMBURSED.
WITHOUT SUCH WAIVERS AND REIMBURSEMENTS, TOTAL RETURNS WOULD
HAVE BEEN LOWER.
</TABLE>
PORTFOLIO SECTOR WEIGHTING**
(As of August 31, 1999)
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED
GRAPHIC
<TABLE>
<CAPTION>
CONSUMER NON-DURABLES 27.2%
<S> <C>
Technology 24.9%
Finance 16.6%
Utilities 10.0%
Materials & Services 8.5%
Energy 5.4%
Capital Goods 4.4%
Consumer Durables 1.9%
Transportation 1.1%
</TABLE>
** Based on percent of Portfolio's total market value.
17
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
COMMON STOCKS - 99.7%
Aerospace - 1.0%
7,100 Crane Company.................. $ 170,844
7,800 Goodrich (B.F.) Company........ 288,112
16,000 Textron, Inc................... 1,292,000
50,900 United Technologies
Corporation.................. 3,365,763
------------
5,116,719
------------
Air Transportation - 0.5%
10,166 COMAIR Holdings, Inc........... 214,757
31,300 FDX Corporation*............... 1,328,294
53,018 Southwest Airlines Company..... 884,738
5,500 UAL Corporation*............... 356,469
------------
2,784,258
------------
Apparel - 0.1%
12,804 Jones Apparel Group*........... 332,104
------------
Banks - 1.5%
80,346 Bank of New York
Company, Inc................. 2,872,370
28,325 Fifth Third Bancorp............ 1,876,531
12,900 First American Corporation..... 517,612
14,746 North Fork
Bancorporation, Inc.......... 267,271
11,800 Northern Trust Corporation..... 1,000,787
17,000 State Street Corporation....... 1,017,875
8,333 Zions Bancorporation........... 414,567
------------
7,967,013
------------
Business Machines - 23.1%
24,830 BMC Software, Inc.*............ 1,336,164
337,244 Cisco Systems, Inc.*........... 22,869,359
7,281 Comverse Technology, Inc.*..... 567,918
267,200 Dell Computer Corporation*..... 13,042,700
106,828 EMC Corporation*............... 6,409,680
107,214 Hewlett-Packard Company........ 11,297,675
13,600 Lexmark International
Group, Inc., Class A*........ 1,071,000
5,300 Microchip Technology, Inc.*.... 290,175
537,974 Microsoft Corporation*......... 49,796,218
151,625 Oracle Systems Corporation*.... 5,534,313
81,728 Sun Microsystems, Inc.*........ 6,497,376
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Business Machines (continued)
69,704 Xerox Corporation.............. $ 3,328,366
------------
122,040,944
------------
Business Services - 2.9%
5,100 Affiliated Computer
Services, Inc., Class A*..... 218,025
8,214 Apollo Group, Inc.,
Class A*..................... 180,195
65,228 Automatic Data
Processing, Inc.............. 2,564,276
11,629 Cintas Corporation............. 597,440
56,600 Computer Associates
International, Inc........... 3,197,900
16,800 Computer Sciences
Corporation.................. 1,162,350
6,737 DST Systems, Inc.*............. 448,010
15,200 Equifax, Inc................... 463,600
29,600 Interpublic Group of
Companies, Inc............... 1,172,900
8,500 Legato Systems, Inc.*.......... 366,031
8,300 Manpower, Inc.................. 224,100
18,943 Omnicom Group, Inc............. 1,427,829
28,472 Parametric Technology
Corporation*................. 398,608
25,883 Paychex, Inc................... 761,931
4,800 Pixar, Inc.*................... 163,500
9,564 Robert Half
International, Inc.*......... 251,055
12,100 SunGard Data Systems, Inc.*.... 302,500
7,521 Synopsys, Inc.*................ 420,706
17,500 VERITAS Software
Corporation*................. 1,036,875
------------
15,357,831
------------
Chemicals - 0.3%
24,100 Air Products &
Chemicals, Inc............... 819,400
14,100 Union Carbide Corporation...... 801,937
------------
1,621,337
------------
Construction - 0.4%
6,216 Centex Corporation............. 174,825
15,171 Clayton Homes, Inc............. 144,124
4,900 Martin Marietta
Materials, Inc............... 223,562
35,513 Masco Corporation.............. 1,005,462
17,900 Sherwin-Williams Company....... 436,312
------------
1,984,285
------------
</TABLE>
See Notes to Financial Statements.
17
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Consumer Durables - 0.3%
9,388 Maytag Corporation............. $ 587,923
29,736 Newell Rubbermaid, Inc......... 1,219,176
------------
1,807,099
------------
Cosmetics - 3.0%
24,860 Clorox Company................. 1,124,915
12,934 Estee Lauder Companies, Inc.,
Class A...................... 594,156
140,300 Proctor & Gamble Company....... 13,924,775
------------
15,643,846
------------
Domestic Oil - 0.1%
16,018 Tosco Corporation.............. 408,459
10,514 Transocean Offshore, Inc....... 357,476
------------
765,935
------------
Drugs & Medicine - 18.9%
160,386 Abbott Laboratories............ 6,956,743
138,200 American Home Products
Corporation.................. 5,735,300
54,100 Amgen, Inc.*................... 4,500,444
209,676 Bristol-Myers Squibb Company... 14,755,949
28,749 Cardinal Health, Inc........... 1,832,749
142,014 Johnson & Johnson.............. 14,520,932
61,567 Medtronic, Inc................. 4,817,618
249,200 Merck & Company, Inc........... 16,743,125
409,758 Pfizer, Inc.................... 15,468,365
155,258 Schering-Plough Corporation.... 8,160,749
89,814 Warner-Lambert Company......... 5,950,178
10,010 Watson
Pharmaceuticals, Inc.*....... 359,109
------------
99,801,261
------------
Electronics - 9.3%
14,164 ADC
Telecommunications, Inc.*.... 524,953
20,914 Altera Corporation*............ 881,002
20,128 American Power Conversion
Corporation*................. 353,498
39,414 Applied Materials, Inc.*....... 2,800,857
5,700 Electronics For
Imaging, Inc.*............... 334,162
350,216 Intel Corporation.............. 28,783,378
9,339 KLA-Tencor Corporation*........ 586,606
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Electronics (continued)
16,200 Linear Technology
Corporation.................. $ 1,019,588
14,260 Maxim Integrated
Products, Inc.*.............. 959,876
16,318 Molex, Inc..................... 523,196
63,700 Motorola, Inc.................. 5,876,325
26,630 Solectron Corporation*......... 2,083,798
9,221 Symbol Technologies, Inc....... 321,006
41,302 Tellabs, Inc.*................. 2,460,050
9,028 Teradyne, Inc.*................ 614,468
15,288 Xilinx, Inc.*.................. 1,069,205
------------
49,191,968
------------
Energy & Utilities - 0.7%
12,331 CMS Energy Corporation......... 487,845
22,419 Coastal Corporation............ 971,023
9,730 UtiliCorp United, Inc.......... 225,614
45,539 Williams Companies, Inc........ 1,878,484
------------
3,562,966
------------
Energy - Raw Materials - 0.9%
14,400 ENSCO International, Inc....... 306,900
11,200 Nabors Industries, Inc.*....... 302,400
57,700 Schlumberger, Ltd.............. 3,851,475
5,100 Smith International, Inc.*..... 238,106
------------
4,698,881
------------
Food & Agriculture - 4.0%
46,000 Campbell Soup Company.......... 2,032,625
260,500 Coca-Cola Company.............. 15,581,156
12,000 IMC Global, Inc................ 191,250
95,354 Sara Lee Corporation........... 2,115,667
12,300 Wrigley (Wm.) Jr. Company...... 963,244
------------
20,883,942
------------
Insurance - 0.9%
28,115 AFLAC, Inc..................... 1,263,418
7,289 Ambac Financial Group, Inc..... 384,950
23,703 Equitable Companies, Inc....... 1,463,660
11,500 MGIC Investment Corporation.... 499,531
7,700 Progressive Corporation of
Ohio......................... 785,400
6,721 Protective Life Corporation.... 199,950
</TABLE>
See Notes to Financial Statements.
18
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Insurance (continued)
9,300 ReliaStar Financial
Corporation.................. $ 419,081
------------
5,015,990
------------
Liquor - 0.7%
50,287 Anheuser-Busch
Companies, Inc............... 3,872,099
------------
Media - 0.9%
4,100 Express Scripts, Inc.*......... 276,237
29,514 Gannet Company, Inc............ 2,005,107
10,675 Gartner Group, Inc.,
Class A*..................... 223,508
8,300 Knight-Ridder, Inc............. 447,681
20,800 McGraw-Hill Companies, Inc..... 1,075,100
18,600 New York Times Company,
Class A...................... 726,562
8,100 TV Guide, Inc.*................ 224,775
------------
4,978,970
------------
Miscellaneous Finance - 4.4%
47,600 American Express Company....... 6,545,000
76,700 Associates First Capital
Corporation, Class A......... 2,631,769
20,800 Capital One Financial
Corporation.................. 785,200
13,231 Donaldson, Lufkin &
Jenrette, Inc................ 632,607
9,950 Edwards (A.G.), Inc............ 249,994
6,412 FINOVA Group, Inc.............. 243,656
26,514 Franklin Resources, Inc........ 952,847
84,567 MBNA Corporation............... 2,087,748
60,300 Morgan Stanley Dean Witter &
Company...................... 5,174,494
12,729 Price (T. Rowe)
Associates, Inc.............. 393,803
86,092 Schwab (Charles) Corporation... 3,400,634
------------
23,097,752
------------
Miscellaneous - 0.1%
3,171 Too, Inc.*..................... 55,698
------------
Motor Vehicles - 0.4%
17,416 Dana Corporation............... 758,684
16,114 Harley-Davidson, Inc........... 878,213
7,014 Lear Corporation*.............. 281,875
------------
1,918,772
------------
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Non-Durable & Entertainment - 1.3%
143,300 McDonald's Corporation......... $ 5,929,038
7,800 Outback Steakhouse, Inc.*...... 231,075
28,625 Service Corporation
International................ 395,383
19,158 Starbucks Corporation*......... 438,239
------------
6,993,735
------------
Non-Ferrous Metals - 0.1%
6,100 Phelps Dodge Corporation....... 341,219
------------
Paper & Forest Products - 0.1%
23,300 Fort James Corporation......... 751,425
------------
Producer Goods - 10.5%
58,400 AlliedSignal, Inc.............. 3,577,000
11,972 Avery Dennison Corporation..... 656,963
37,500 Caterpillar, Inc............... 2,123,438
24,400 Deere & Company................ 948,550
22,429 Dover Corporation.............. 867,722
45,925 Emerson Electric Company....... 2,876,053
345,400 General Electric Company....... 38,792,738
26,500 Illinois Tool Works, Inc....... 2,065,344
17,600 Ingersoll-Rand Company......... 1,119,800
8,600 Jabil Circuit, Inc.*........... 385,387
9,014 Johnson Controls, Inc.......... 616,332
8,300 Miller (Herman), Inc........... 195,569
11,400 Parker-Hannifin Corporation.... 498,750
6,100 Sanmina Corporation*........... 457,500
------------
55,181,146
------------
Retail - 8.2%
15,714 AutoZone, Inc.*................ 374,190
14,700 Bed Bath & Beyond, Inc.*....... 404,250
23,282 Dollar General Corporation..... 605,332
6,401 Dollar Tree Stores, Inc.*...... 211,233
90,687 Gap, Inc....................... 3,548,129
156,455 Home Depot, Inc................ 9,563,312
27,470 Intimate Brands, Inc........... 1,059,312
17,214 Kohl's Corporation*............ 1,226,498
22,400 Limited, Inc................... 848,400
39,114 Lowe's Companies, Inc.......... 1,769,909
39,356 Office Depot, Inc.*............ 410,778
4,800 Ross Stores, Inc............... 199,800
</TABLE>
See Notes to Financial Statements.
19
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Retail (continued)
52,340 Safeway, Inc.*................. $ 2,437,081
469,600 Wal-Mart Stores, Inc........... 20,809,150
------------
43,467,374
------------
Steel - 0.1%
9,100 Nucor Corporation.............. 423,719
------------
Telephone - 4.1%
29,700 ALLTEL Corporation............. 2,008,463
199,900 BellSouth Corporation.......... 9,045,475
14,696 Century Telephone
Enterprises.................. 577,736
14,518 Cincinnati Bell, Inc........... 268,582
102,597 GTE Corporation................ 7,040,719
53,100 US West, Inc................... 2,774,475
------------
21,715,450
------------
Tire & Rubber - 0.2%
14,300 Danaher Corporation............ 840,125
------------
Travel & Recreation - 0.6%
9,700 Brunswick Corporation.......... 247,956
64,518 Carnival Corporation........... 2,883,148
6,500 MGM Grand, Inc.*............... 319,312
------------
3,450,416
------------
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Trucking & Freight - 0.1%
8,214 PACCAR, Inc.................... $ 452,797
------------
TOTAL COMMON STOCKS
(Cost $423,624,296).......... 526,117,076
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $423,624,296**)....... 99.7% 526,117,076
OTHER ASSETS AND LIABILITIES
(Net)....................... 0.3% 1,508,204
------ ------------
NET ASSETS.................... 100.0% $527,625,280
====== ============
</TABLE>
- --------------------------
<TABLE>
<S> <C>
* Non-income producing security.
** Aggregate cost for Federal tax purposes is
$425,747,035.
</TABLE>
See Notes to Financial Statements.
20
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
COMMON STOCKS - 99.4%
Aerospace - 3.9%
3,100 Crane Company................... $ 74,594
6,000 General Dynamics Corporation.... 378,000
3,400 Goodrich (B.F.) Company......... 125,587
2,200 Litton Industries, Inc.*........ 140,800
18,400 Lockheed Martin Corporation..... 680,800
3,300 Northrop Grumman Corporation.... 239,250
15,800 Raytheon Company, Class B....... 1,076,375
5,700 TRW, Inc........................ 310,650
-----------
3,026,056
-----------
Air Transportation - 0.4%
3,000 Continental Airlines, Inc.,
Class B*...................... 122,437
2,500 UAL Corporation*................ 162,031
-----------
284,468
-----------
Apparel - 0.4%
2,900 Liz Claiborne, Inc.............. 106,575
5,600 V.F. Corporation................ 201,600
-----------
308,175
-----------
Banks - 24.2%
8,200 AmSouth Bancorporation.......... 179,375
2,900 Associated Banc-Corp............ 102,225
81,854 Bank of America Corporation..... 4,952,167
55,391 Bank One Corporation............ 2,222,564
39,684 Chase Manhattan Corporation..... 3,321,055
7,350 Comerica, Inc................... 382,659
5,300 Compass Bancshares, Inc......... 140,781
5,700 First American Corporation...... 228,713
9,012 First Securities Corporation.... 195,448
45,350 First Union Corporation......... 1,882,025
26,700 Fleet Financial Group, Inc...... 1,062,994
5,100 GreenPoint Financial
Corporation................... 131,962
20,956 KeyCorp......................... 607,724
7,500 Mercantile
Bancorporation, Inc........... 413,906
3,200 Mercantile Bankshares
Corporation................... 104,800
29,440 National City Corporation....... 813,280
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Banks (continued)
6,500 North Fork
Bancorporation, Inc........... $ 117,812
14,300 PNC Bank........................ 748,069
10,500 Regions Financial Corporation... 370,781
7,750 SouthTrust Corporation.......... 273,672
8,000 Summit Bankcorp................. 267,000
-----------
18,519,012
-----------
Business Machines - 0.1%
3,900 Sterling Software, Inc.*........ 78,487
-----------
Business Services - 0.2%
3,600 Deluxe Corporation.............. 122,625
-----------
Chemicals - 3.1%
10,700 Air Products &
Chemicals, Inc................ 363,800
10,400 Dow Chemical Company............ 1,181,700
3,700 Eastman Chemical Company........ 171,819
5,200 Lyondell Chemical Company....... 75,725
3,600 Millennium Chemicals, Inc....... 82,800
4,700 Sigma-Aldrich Corporation....... 151,575
6,300 Union Carbide Corporation....... 358,313
-----------
2,385,732
-----------
Construction - 0.9%
2,700 Centex Corportaion.............. 75,937
3,500 Fluor Corporation............... 144,812
3,300 Lafarge Corporation............. 90,750
2,200 Martin Marietta
Materials, Inc................ 100,375
7,900 Sherwin-Williams Company........ 192,563
1,800 Southdown, Inc.................. 90,900
-----------
695,337
-----------
Consumer Durables - 0.8%
3,100 Hillenbrand Industries, Inc..... 88,350
4,200 Maytag Corporation.............. 263,025
3,600 Whirlpool Corporation........... 254,475
-----------
605,850
-----------
</TABLE>
See Notes to Financial Statements.
21
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Containers - 0.3%
2,400 Bemis Company, Inc.............. $ 91,050
4,700 Sonoco Products Company......... 111,625
-----------
202,675
-----------
Cosmetics - 0.3%
5,000 International Flavors &
Fragrances, Inc............... 203,750
-----------
Domestic Oil - 1.7%
3,400 Ashland, Inc.................... 131,112
6,300 Diamond Offshore
Drilling, Inc................. 240,975
11,900 Phillips Petroleum Company...... 606,900
4,200 Sunoco, Inc..................... 136,762
4,700 Transocean Offshore, Inc........ 159,800
-----------
1,275,549
-----------
Drugs & Medicine - 1.1%
6,700 Aetna, Inc...................... 520,925
2,400 Bard (C.R.), Inc................ 111,900
2,700 Bausch & Lomb, Inc.............. 178,369
7,800 Humana, Inc.*................... 70,687
-----------
881,881
-----------
Electronics - 0.7%
3,700 Harris Corporation.............. 97,125
3,500 Scientific-Atlanta, Inc......... 179,375
7,400 Thermo Electron Corporation*.... 117,475
2,700 Thomas & Betts Corporation...... 121,500
-----------
515,475
-----------
Energy & Utilities - 14.5%
5,400 Allegheny Energy, Inc........... 182,250
6,400 Ameren Corporation.............. 256,400
7,400 Cinergy Corporation............. 224,775
3,900 Columbia Energy Group........... 230,344
4,300 Conectiv, Inc................... 92,181
10,700 Consolidated Edison Company New
York, Inc..................... 470,800
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Energy & Utilities (continued)
4,500 Consolidated Natural Gas
Company....................... $ 286,594
7,000 Constellation Energy
Group, Inc.................... 207,375
9,000 Dominion Resources, Inc./VA..... 416,250
7,450 DPL, Inc........................ 141,084
3,500 DQE, Inc........................ 135,406
6,800 DTE Energy Company.............. 268,175
17,108 Duke Energy Corporation......... 983,710
5,600 El Paso Energy Corporation...... 204,750
5,400 Energy East Corporation......... 135,000
33,200 Enron Corporation............... 1,390,250
11,500 Entergy Corporation............. 342,844
4,500 Florida Progress Corporation.... 210,938
8,500 FPL Group, Inc.................. 459,000
5,800 GPU, Inc........................ 197,925
6,672 KeySpan Energy.................. 196,824
5,300 New Century Energies, Inc....... 191,463
7,200 Northern States Power........... 169,650
13,900 PacifiCorp...................... 284,081
17,900 PG & E Corporation.............. 542,594
3,900 Pinnacle West Capital
Corporation................... 148,200
5,500 Potomac Electric Power Company.. 145,750
10,300 Public Service Enterprise Group,
Inc........................... 422,300
4,800 SCANA Corporation............... 120,000
32,600 Southern Company................ 882,238
6,100 TECO Energy, Inc................ 128,100
13,200 Texas Utilities Company......... 533,775
10,100 Unicom Corporation.............. 390,113
4,300 UtiliCorp United, Inc........... 99,706
-----------
11,090,845
-----------
Energy - Raw Materials - 0.9%
2,400 Cooper Cameron Corporation*..... 99,900
6,400 ENSCO International, Inc........ 136,400
8,100 Global Marine, Inc.*............ 143,775
5,000 Nabors Industries, Inc.*........ 135,000
6,100 Noble Drilling Corporation*..... 150,212
-----------
665,287
-----------
</TABLE>
See Notes to Financial Statements.
22
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Food & Agriculture - 0.6%
3,400 Hormel Foods Corporation........ $ 136,850
5,300 IMC Global, Inc................. 84,469
3,300 McCormick & Company, Inc., Non
Voting Shares................. 105,600
5,500 Supervalu, Inc.................. 123,750
-----------
450,669
-----------
Insurance - 6.8%
37,800 Allstate Corporation............ 1,240,313
11,800 American General Corporation.... 837,800
9,600 CIGNA Corporation............... 862,200
15,090 Conseco, Inc.................... 362,160
10,700 Hartford Financial Services
Group, Inc.................... 486,181
5,050 Jefferson-Pilot Corporation..... 337,088
5,200 Loews Corporation............... 408,200
6,150 Old Republic International
Corporation................... 95,325
3,000 Protective Life Corporation..... 89,250
4,200 ReliaStar Financial
Corporation................... 189,262
6,200 Torchmark Corporation........... 176,700
2,900 Travelers Property Casualty
Corporation, Class A.......... 102,950
-----------
5,187,429
-----------
International Oil - 8.8%
30,800 Chevron Corporation............. 2,841,300
36,800 Mobil Corporation............... 3,767,400
5,300 Santa Fe International
Corporation................... 139,787
-----------
6,748,487
-----------
Media - 0.8%
6,100 Donnelley (R.R.) & Sons
Company....................... 191,387
4,700 Gartner Group, Inc.,
Class A*...................... 98,406
3,700 Knight-Ridder, Inc.............. 199,569
5,000 Reader's Digest
Association, Inc.,
Class A....................... 156,250
-----------
645,612
-----------
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Miscellaneous Finance - 5.0%
5,400 Bear Stearns Companies, Inc..... $ 224,775
7,800 Charter One Financial, Inc...... 182,569
4,400 Edwards (A.G.), Inc............. 110,550
2,900 FINOVA Group, Inc............... 110,200
8,400 J.P. Morgan & Company........... 1,085,175
17,300 Merrill Lynch &
Company, Inc.................. 1,291,013
27,828 Washington Mutual, Inc.......... 883,539
-----------
3,887,821
-----------
Miscellaneous - 0.7%
26,425 Delphi Automotive Systems
Corporation................... 495,469
1,429 Too, Inc.*...................... 25,089
-----------
520,558
-----------
Motor Vehicles - 8.1%
7,800 Dana Corporation................ 339,788
3,400 Eaton Corporation............... 333,200
3,300 Federal-Mogul Corporation....... 150,562
56,800 Ford Motor Company.............. 2,960,700
30,500 General Motors Corporation...... 2,016,813
8,300 Genuine Parts Company........... 239,663
3,100 Navistar International
Corporation................... 150,737
-----------
6,191,463
-----------
Non-Durable & Entertainment - 0.9%
6,200 Darden Restaurants, Inc......... 96,875
7,800 Fortune Brands, Inc............. 292,500
2,800 Premark International, Inc...... 93,100
12,700 Service Corporation
International................. 175,419
-----------
657,894
-----------
Non-Ferrous Metals - 1.8%
17,400 Alcoa, Inc...................... 1,123,388
5,800 Engelhard Corporation........... 115,637
2,800 Phelps Dodge Corporation........ 156,625
-----------
1,395,650
-----------
</TABLE>
See Notes to Financial Statements.
23
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Paper & Forest Products - 1.4%
4,200 Consolidated Papers, Inc........ $ 111,825
3,900 Georgia-Pacific Corporation
(Timber Group)................ 93,844
4,800 Mead Corporation................ 179,100
4,600 Westvaco Corporation............ 120,462
9,500 Weyerhaeuser Company............ 534,375
-----------
1,039,606
-----------
Producer Goods - 2.6%
4,500 Cooper Industries, Inc.......... 233,438
10,800 Deere & Company................. 419,850
1,500 FMC Corporation................. 87,375
3,000 Hubbell, Inc., Class B.......... 116,437
7,800 Ingersoll-Rand Company.......... 496,275
4,000 Johnson Controls, Inc........... 273,500
5,800 Pall Corporation................ 115,275
5,150 Parker-Hannifin Corporation..... 225,313
-----------
1,967,463
-----------
Railroads & Shipping - 1.4%
22,000 Burlington Northern Santa Fe
Corporation................... 638,000
10,200 CSX Corporation................. 445,613
-----------
1,083,613
-----------
Retail - 4.7%
19,800 Albertson's, Inc................ 949,163
22,400 Food Lion, Inc., Class A........ 177,100
10,000 Limited, Inc.................... 378,750
15,600 May Department Stores Company... 609,375
6,600 Nordstrom, Inc.................. 186,862
12,400 Penney (J.C.) Company........... 449,500
12,100 Rite Aid Corporation............ 223,850
17,800 Sears, Roebuck & Company........ 667,500
-----------
3,642,100
-----------
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Steel - 0.4%
9,000 Allegheny Teledyne, Inc......... $ 168,187
4,100 USX-U.S. Steel Group............ 110,700
-----------
278,887
-----------
Tire & Rubber - 0.5%
7,400 Goodyear Tire & Rubber Company.. 415,325
-----------
Tobacco - 0.3%
8,200 UST, Inc........................ 259,838
-----------
Travel & Recreation - 0.8%
4,300 Brunswick Corporation........... 109,919
5,900 Harrah's
Entertainment, Inc.*.......... 132,750
12,100 Hilton Hotels Corporation....... 148,225
2,900 MGM Grand, Inc.*................ 142,462
3,800 Promus Hotel Corporation*....... 110,437
-----------
643,793
-----------
Trucking & Freight - 0.3%
3,700 PACCAR, Inc..................... 203,963
-----------
TOTAL COMMON STOCKS
(Cost $66,222,257) 76,081,375
-----------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $66,222,257**).......... 99.4% 76,081,375
OTHER ASSETS AND LIABILITIES
(Net)................ 0.6% 451,659
------- -----------
NET ASSETS.................... 100.00% $76,533,034
======= ===========
</TABLE>
- --------------------------
<TABLE>
<S> <C>
* Non-income producing security.
** Aggregate cost for Federal tax purposes is
$66,751,678.
</TABLE>
See Notes to Financial Statements.
24
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
COMMON STOCKS - 100.1%
Air Transportation - 0.5%
1,645 Atlantic Coast Airlines
Holdings, Inc.*............... $ 32,694
2,075 SkyWest, Inc.................... 41,759
-----------
74,453
-----------
Apparel - 2.2%
2,050 bebe stores, inc.*.............. 49,200
1,880 Buckle, Inc.*................... 31,725
2,240 Children's Place Retail
Stores, Inc.*................. 70,840
1,070 Kenneth Cole
Productions, Inc.*............ 36,581
3,330 The Men's Wearhouse, Inc.*...... 68,681
1,872 Quiksilver, Inc.*............... 32,292
1,360 Tarrant Apparel Group*.......... 19,890
-----------
309,209
-----------
Banks - 1.0%
3,425 Doral Financial Corporation..... 47,522
3,557 Imperial Bancorp................ 60,469
2,241 Premier Bancshares, Inc......... 37,397
-----------
145,388
-----------
Business Machines - 3.8%
3,115 Artesyn Technologies, Inc.*..... 68,335
1,587 Black Box Corporation*.......... 72,804
2,620 Computer Horizons Corporation*.. 34,060
1,260 Fair Isaac & Company, Inc....... 35,595
4,330 Input/Output, Inc.*............. 31,934
1,375 MICROS Systems, Inc.*........... 46,406
4,290 Tech Data Corporation*.......... 158,998
2,055 Xircom, Inc.*................... 81,815
-----------
529,947
-----------
Business Services - 23.9%
890 Abacus Direct Corporation*...... 90,724
4,990 ACNielsen Corporation*.......... 124,750
1,830 ADVO, Inc....................... 35,914
3,614 American Management
Systems, Inc.*................ 103,451
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Business Services (continued)
1,920 Analysts International
Corporation................... $ 25,680
3,105 Bowne & Company, Inc............ 43,082
1,945 Burns International Services
Corporation*.................. 30,512
5,045 Cambridge Technology
Partners, Inc.*............... 69,053
1,610 CDI Corporation*................ 48,501
3,775 CDW Computer Centers, Inc.*..... 167,516
2,910 Cerner Corporation*............. 48,379
4,940 CIBER, Inc.*.................... 90,464
1,770 Computer Task Group, Inc........ 29,647
5,925 DeVRY, Inc.*.................... 123,684
1,385 FactSet Research
Systems, Inc.................. 64,143
4,150 HA-LO Industries*............... 25,159
8,955 J.D. Edwards & Company*......... 164,548
2,222 Jacobs Engineering
Group, Inc.*.................. 73,326
6,130 Keane, Inc.*.................... 132,561
3,610 Labor Ready, Inc.*.............. 57,986
1,275 LandAmerica Financial
Group, Inc.................... 29,484
4,550 LHS Group, Inc.*................ 151,003
1,720 Macrovision Corporation*........ 57,512
4,386 National Instruments
Corporation*.................. 131,306
3,680 Navigant Consulting, Inc.*...... 161,460
1,625 NCO Group, Inc.*................ 73,938
2,850 Personnel Group of
America, Inc.*................ 23,869
1,999 Pre Paid Legal
Services, Inc.*............... 64,093
1,825 Priority Healthcare Corporation,
Class B*...................... 51,328
1,160 QRS Corporation................. 55,825
2,010 Sanchez Computer
Associates, Inc.*............. 89,948
2,400 Sapient Corporation*............ 175,200
3,285 Security Dynamics
Technologies, Inc.*........... 77,608
1,590 SEI Investments Company......... 146,181
2,315 Spartech Corporation............ 64,386
1,310 Strayer Education, Inc.......... 30,703
3,175 Tetra Tech, Inc.*............... 50,998
2,704 Transaction Systems
Architects, Inc.,
Class A*...................... 79,599
2,100 TSI International Software,
Ltd.*......................... 39,900
2,510 Visio Corporation*.............. 70,908
</TABLE>
See Notes to Financial Statements.
25
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Business Services (continued)
1,904 Wackenhut Corporation,
Class A....................... $ 36,057
4,469 Whittman-Hart, Inc.*............ 117,591
-----------
3,327,977
-----------
Chemicals - 0.9%
2,155 MacDermid, Inc.................. 71,384
1,709 Techne Corporation*............. 52,979
-----------
124,363
-----------
Construction - 6.2%
5,555 D.R. Horton, Inc................ 80,895
2,292 Dycom Industries, Inc.*......... 70,766
1,747 Elcor Corporation............... 33,630
4,095 Kaufman & Broad Home
Corporation................... 83,692
5,015 Lennar Corporation.............. 95,285
1,545 NCI Building Systems, Inc.*..... 28,293
970 NVR, Inc.*...................... 56,018
4,015 Oakwood Homes Corporation....... 24,341
2,030 Palm Harbor Homes, Inc.*........ 31,084
2,205 Quanta Services, Inc.*.......... 49,475
3,758 Sawtek, Inc.*................... 124,249
1,040 Simpson Manufacturing
Company, Inc.*................ 53,560
2,557 Standard Pacific Corporation.... 28,606
1,320 TJ International, Inc........... 38,445
3,105 Toll Brothers, Inc.*............ 62,876
-----------
861,215
-----------
Consumer Durables - 3.4%
1,026 C & D Technologies, Inc......... 32,319
4,145 Champion Enterprises, Inc.*..... 35,232
3,470 Ethan Allen Interiors, Inc...... 101,281
4,310 Furniture Brands
International, Inc.*.......... 86,469
2,505 Helen of Troy, Ltd.*............ 35,696
5,235 Mohawk Industries, Inc.*........ 118,442
2,540 SLI, Inc.*...................... 62,230
-----------
471,669
-----------
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Domestic Oil - 0.6%
5,370 Vintage Petroleum, Inc.......... $ 76,858
-----------
Drugs & Medicine - 6.9%
2,045 Barr Laboratories, Inc.*........ 70,553
2,618 Bindley Western
Industries, Inc............... 43,852
3,727 Jones Pharma, Inc............... 100,862
17,165 MedPartners, Inc.*.............. 120,155
6,040 Oakley, Inc.*................... 36,995
4,105 Orthodontic Centers of
America, Inc.*................ 66,706
2,919 Patterson Dental Company*....... 119,679
1,290 Pediatrix Medical
Group, Inc.*.................. 19,269
3,775 Renal Care Group, Inc.*......... 72,197
1,620 Res-Care, Inc.*................. 30,577
1,224 ResMed, Inc.*................... 33,966
2,300 Sierra Health
Services, Inc.*............... 27,312
5,810 STERIS Corporation*............. 72,988
6,980 Total Renal Care
Holdings, Inc.*............... 56,276
2,745 Universal Health
Services, Inc., Class B*...... 91,614
-----------
963,001
-----------
Electronics - 5.6%
1,365 Benchmark Electronics, Inc.*.... 50,249
2,325 Cable Design Technologies*...... 48,970
2,370 CTS Corporation................. 112,871
1,815 Etec Systems, Inc.*............. 79,860
1,270 Harmonic, Inc.*................. 160,020
2,405 Kent Electronics Corporation*... 40,735
820 Network Solutions, Inc.*........ 47,253
1,260 Plexus Corp.*................... 37,485
1,155 Power Integrations, Inc.*....... 78,468
1,540 SIPEX Corporation*.............. 27,239
1,700 Superior TeleCom, Inc........... 44,731
1,355 Technitrol, Inc................. 47,425
-----------
775,306
-----------
</TABLE>
See Notes to Financial Statements.
26
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Energy - Raw Materials - 0.7%
1,125 Atwood Oceanics, Inc.*.......... $ 35,437
5,630 Varco International, Inc.*...... 69,671
-----------
105,108
-----------
Food & Agriculture - 1.9%
1,140 Osteotech, Inc.*................ 23,512
5,635 Rexall Sundown, Inc.*........... 70,438
1,645 Scotts Company (The),
Class A*...................... 65,286
3,555 Smithfield Foods, Inc.*......... 104,428
-----------
263,664
-----------
Insurance - 2.0%
5,590 First American Financial
Corporation................... 83,151
505 Markel Corporation*............. 88,691
3,945 UICI*........................... 103,803
-----------
275,645
-----------
Media - 2.1%
1,285 Consolidated Graphics, Inc.*.... 54,291
4,455 Meredith Corporation............ 154,533
1,501 Metro Networks, Inc.*........... 85,557
-----------
294,381
-----------
Miscellaneous Finance - 5.4%
5,530 AmeriCredit Corporation*........ 70,853
1,800 Henry (Jack) & Associates....... 58,500
2,670 Investment Technology
Group, Inc.................... 72,758
1,334 Investors Financial Services
Corporation................... 48,858
2,050 Jefferies Group, Inc............ 50,738
4,847 Legg Mason, Inc................. 185,095
3,212 Radian Group, Inc............... 148,756
4,070 Raymond James
Financial, Inc................ 79,619
1,060 Southwest Securities
Group, Inc.................... 35,775
-----------
750,952
-----------
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Motor Vehicles - 2.1%
715 Dura Automotive
Systems, Inc.*................ $ 18,501
1,582 Monaco Coach Corporation*....... 45,878
1,705 Myers Industries, Inc........... 34,952
2,120 O'Reilly Automotive, Inc.*...... 81,090
990 Thor Industries, Inc............ 26,606
4,005 Tower Automotive, Inc.*......... 80,100
-----------
287,127
-----------
Non-Durable & Entertainment - 7.4%
1,415 Action Performance
Companies, Inc.*.............. 34,933
2,510 Applebee's
International, Inc............ 77,967
5,670 Brinker International, Inc.*.... 136,080
1,655 Catalina Marketing
Corporation*.................. 150,191
1,702 Cheesecake Factory
(The), Inc.*.................. 51,486
4,450 CKE Restaurants, Inc............ 35,878
2,275 Consolidated Products, Inc...... 32,987
3,305 Fastenal Company................ 165,663
1,680 IHOP Corporation*............... 37,800
1,070 International Speedway
Corporation, Class A.......... 54,503
2,295 Landry's Seafood
Restaurants, Inc.*............ 19,507
2,095 NPC International, Inc.......... 23,700
2,703 Papa John's
International, Inc.*.......... 107,444
1,600 Sonic Corporation*.............. 49,000
4,815 Trans World Entertaiment
Corporation*.................. 57,780
-----------
1,034,919
-----------
Non-Ferrous Metals - 0.4%
1,555 Reliance Steel & Aluminum
Company....................... 51,509
-----------
Paper & Forest Products - 0.3%
5,285 Thermo Fibertek, Inc.*.......... 35,674
-----------
</TABLE>
See Notes to Financial Statements.
27
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Producer Goods - 10.3%
1,604 Astec Industries, Inc.*......... $ 54,336
4,155 Blyth Industries, Inc.*......... 117,638
1,722 Graco, Inc...................... 58,010
2,470 Hanover Compressor Company*..... 88,766
5,195 HON INDUSTRIES, Inc............. 122,407
3,755 JLG Industries, Inc............. 66,651
2,100 Lattice Semiconductor
Corporation*.................. 129,413
2,230 Manitowoc Company, Inc. (The)... 82,649
1,811 Micrel, Inc.*................... 138,768
1,930 Oceaneering
International, Inc.*.......... 38,721
2,095 Precision Castparts
Corporation................... 74,373
2,615 Roper Industries, Inc........... 93,650
2,885 Safeguard Scientifics, Inc.*.... 194,016
1,136 SPS Technologies, Inc.*......... 44,517
2,687 Zebra Technologies Corporation,
Class A*...................... 126,289
-----------
1,430,204
-----------
Real Property - 0.4%
3,770 Fairfield Communities, Inc.*.... 49,010
-----------
Retail - 5.6%
5,855 Barnes & Noble, Inc.*........... 138,690
4,525 Casey's General Stores, Inc..... 60,522
4,255 Claire's Stores, Inc............ 80,047
2,095 Insight Enterprises, Inc.*...... 63,374
8,345 Pier 1 Imports, Inc............. 45,376
4,065 Stein Mart, Inc.*............... 28,201
2,850 United Stationers, Inc.*........ 64,481
4,805 Williams-Sonoma, Inc.*.......... 187,395
3,165 Zale Corporation*............... 109,786
-----------
777,872
-----------
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Steel - 0.2%
2,170 Intermet Corporation............ $ 25,023
-----------
Telephone - 0.2%
1,631 Pacific Gateway
Exchange, Inc.*............... 33,232
-----------
Travel & Recreation - 1.6%
1,065 Anchor Gaming Company*.......... 51,752
1,805 Rent-Way, Inc.*................. 37,228
3,642 Speedway Motorsports, Inc.*..... 135,892
-----------
224,872
-----------
Trucking & Freight - 4.5%
2,650 American Freightways
Corporation*.................. 55,650
4,215 CNF Transportation, Inc......... 164,122
4,285 Expeditors International of
Washington, Inc............... 138,459
2,992 Hunt (J.B.) Transport
Services, Inc................. 44,319
1,000 M.S. Carriers, Inc.*............ 28,500
5,460 Swift Transportation
Company, Inc.*................ 113,636
4,040 Werner Enterprises, Inc......... 85,471
-----------
630,157
-----------
TOTAL COMMON STOCKS
(Cost $13,242,586)............ $13,928,735
-----------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $13,242,586**)......... 100.1% 13,928,735
OTHER ASSETS AND LIABILITIES
(Net)........................ (0.1%) (10,612)
------ -----------
NET ASSETS..................... 100.0% $13,918,123
====== ===========
</TABLE>
- --------------------------
<TABLE>
<S> <C>
* Non-income producing security.
** Aggregate cost for Federal tax purposes is
$13,903,302.
</TABLE>
See Notes to Financial Statements.
28
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
COMMON STOCKS - 99.8%
Aerospace & Defense - 1.3%
7,500 AAR Corporation................. $ 160,312
11,100 GenCorp, Inc.................... 238,650
6,400 Kaman Corporation, Class A...... 83,600
-----------
482,562
-----------
Air Transportation - 1.3%
7,000 Alaska Air Group, Inc.*......... 302,750
10,100 America West Holdings
Corporation, Class B*......... 196,950
-----------
499,700
-----------
Apparel - 2.8%
4,800 Brown Shoe Company, Inc......... 83,400
7,600 Kellwood Company................ 181,450
9,100 Nautica Enterprises, Inc.*...... 122,281
4,900 Springs Industries, Inc.,
Class A....................... 184,056
12,600 Stride Rite Corporation......... 109,462
8,500 Talbots, Inc.................... 262,969
10,900 Wolverine World Wide, Inc....... 123,306
-----------
1,066,924
-----------
Banks - 10.0%
8,600 BancWest Corporation............ 359,588
7,800 Bank United Corporation,
Class A....................... 267,638
3,875 Chittenden Corporation.......... 105,109
7,500 Citizens Banking Corporation of
Michigan...................... 198,750
9,575 CNB Bancshares, Inc............. 546,972
3,600 Dime Community Bancshares....... 78,300
6,102 F & M National Corporation...... 192,213
5,207 FNB Corporation................. 140,589
18,858 Fulton Financial Corporation.... 361,838
9,356 One Valley Bancorp, Inc......... 357,867
6,697 Provident Bankshares
Corporation................... 161,565
11,100 Republic Bancorp, Inc........... 149,850
11,800 United Bankshares, Inc.......... 303,113
11,600 UST Corporation................. 352,350
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Banks (continued)
6,300 Whitney Holding Corporation..... $ 237,825
-----------
3,813,567
-----------
Business Services - 5.1%
6,000 ABM Industries, Inc............. 138,000
20,900 Century Business
Services, Inc.*............... 270,394
2,900 Chemed Corporation.............. 88,087
9,800 Kelly Services, Inc.,
Class A....................... 275,625
25,500 Modis Professional
Services, Inc.*............... 403,219
13,400 Ogden Corporation............... 304,850
7,700 Standard Register Company....... 208,381
11,400 Wallace Computer
Services, Inc................. 243,675
-----------
1,932,231
-----------
Chemicals - 4.4%
12,700 Albemarle Corporation........... 219,869
7,200 AMCOL International
Corporation................... 104,400
6,300 Dexter Corporation.............. 229,556
22,700 Ethyl Corporation............... 120,594
9,600 Ferro Corporation............... 230,400
6,300 Lilly Industries, Inc.,
Class A....................... 100,012
8,600 Schulman (A.), Inc.............. 154,262
4,300 WD-40 Company................... 105,350
8,600 Wellman, Inc.................... 144,587
15,200 Witco Corporation............... 246,050
-----------
1,655,080
-----------
Construction - 5.1%
5,200 Florida Rock
Industries, Inc............... 207,675
14,300 Interface, Inc.................. 124,231
6,900 Justin Industries, Inc.......... 98,541
13,100 Kaufman & Broad Home
Corporation................... 267,731
14,000 Morrison Knudson Corporation*... 150,500
11,800 Pulte Corporation............... 272,875
4,100 Ryland Group, Inc. (The)........ 98,656
8,000 Standard Pacific Corporation.... 89,500
5,700 Texas Industries, Inc........... 182,400
10,100 Toll Brothers, Inc.*............ 204,525
</TABLE>
See Notes to Financial Statements.
29
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Construction (continued)
10,800 United Dominion Industries,
Ltd........................... $ 252,450
-----------
1,949,084
-----------
Consumer Durables - 2.0%
3,500 Bassett Furniture
Industries, Inc............... 71,312
11,100 Kimball International, Inc.,
Class B....................... 214,369
14,300 La-Z Boy, Inc................... 313,706
7,300 Sturm Ruger & Company, Inc...... 70,262
4,300 Thomas Industries, Inc.......... 83,581
-----------
753,230
-----------
Drugs & Medicine - 0.5%
3,800 Diagnostic Products
Corporation................... 98,800
8,800 Owens & Minor, Inc.............. 97,350
-----------
196,150
-----------
Electronics - 0.5%
8,300 Varian Medical Systems, Inc. 179,488
-----------
Energy & Utilities - 14.9%
8,400 Atmos Energy Corporation........ 210,525
11,100 Avista Corporation.............. 191,475
5,900 Black Hills Corporation......... 146,025
3,500 California Water Services
Company....................... 104,562
4,600 Central Hudson Gas & Electric
Corporation................... 194,350
6,200 Cleco Corporation............... 206,150
5,900 Commonwealth Energy System...... 258,125
5,600 Eastern Utilities Associates.... 167,650
4,700 Empire District Electric
Company....................... 119,850
8,000 Energen Corporation............. 150,999
8,800 Hawaiian Electric
Industries, Inc............... 312,950
10,300 IDACORP, Inc.................... 322,519
4,800 Laclede Gas Company............. 104,100
4,400 Madison Gas & Electric Company.. 86,900
19,800 Minnesota Power, Inc............ 352,688
4,900 New Jersey Resources
Corporation................... 189,875
6,800 Northwest Natural Gas Company... 170,000
6,300 Northwestern Corporation........ 155,925
8,600 ONEOK, Inc...................... 267,138
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Energy & Utilities (continued)
9,400 Peoples Energy Corporation...... $ 342,513
8,500 Piedmont Natural Gas, Inc....... 285,281
11,100 Public Service Company of New
Mexico........................ 208,819
10,100 RGS Energy Group, Inc........... 261,338
1,638 Sierra Pacific Resources........ 39,926
6,500 SIGCORP, Inc.................... 174,281
8,400 Southwest Gas Corporation....... 234,150
3,900 United Illuminating Company..... 195,000
7,300 WPS Resources Corporation....... 212,613
-----------
5,665,727
-----------
Energy - Raw Materials - 4.3%
6,200 Eastern Enterprises............. 278,613
13,500 Helmerich & Payne, Inc.......... 372,094
15,100 Tidewater, Inc.................. 490,750
27,100 USEC, Inc....................... 293,019
17,600 Varco International, Inc.*...... 217,800
-----------
1,652,276
-----------
Food & Agriculture - 1.8%
11,200 Bob Evans Farms, Inc............ 228,200
8,100 Lance, Inc...................... 105,300
7,000 Mississippi Chemical
Corporation................... 52,938
13,700 Universal Foods Corporation..... 289,413
-----------
675,851
-----------
Insurance - 5.6%
6,000 Chicago Title Corporation....... 271,875
9,500 Commerce Group, Inc. (The)...... 211,375
10,000 Enhance Financial Services
Group, Inc.................... 205,000
17,500 First American Financial
Corporation................... 260,313
7,300 Foremost Corporation of
America....................... 173,375
8,000 Harleysville Group, Inc......... 155,500
7,900 HSB Group, Inc.................. 293,781
16,900 Ohio Casualty Company........... 259,838
7,700 Selective Insurance Group....... 137,156
2,900 Trenwick Group, Inc............. 63,619
</TABLE>
See Notes to Financial Statements.
30
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Insurance (continued)
4,700 Zenith National Insurance
Corporation................... $ 101,344
-----------
2,133,176
-----------
Liquor - 1.5%
10,100 Coors, (Adolph) Company,
Class B 576,331
-----------
Media - 2.2%
7,500 Banta Corporation............... 176,250
29,200 Hollingher
International, Inc............ 313,900
12,100 Lee Enterprises, Inc............ 347,119
-----------
837,269
-----------
Miscellaneous Finance - 2.6%
7,000 Advanta Corp., Class A.......... 137,812
5,300 Bay View Capital Corporation.... 86,456
7,400 Downey Financial Corporation.... 157,250
8,200 Fidelity National
Financial, Inc................ 126,075
2,600 JSB Financial, Inc.............. 138,125
14,860 Washington Federal, Inc......... 354,783
-----------
1,000,501
-----------
Motor Vehicles - 4.6%
7,100 Arvin Industries, Inc........... 253,825
7,363 Borg-Warner Automotive, Inc..... 348,822
9,500 Fleetwood Enterprises, Inc...... 193,563
8,066 Modine Manufacturing Company.... 239,964
6,300 Smith (A.O.) Corporation........ 170,888
7,400 Superior Industries
International, Inc............ 207,200
12,800 Tower Automotive, Inc.*......... 256,000
5,000 Wynns International, Inc........ 90,000
-----------
1,760,262
-----------
Non-Durables & Entertainment - 2.0%
9,400 Jostens, Inc.................... 189,175
4,100 Riviana Foods, Inc.............. 78,412
5,800 Russ Berrie & Company, Inc...... 135,937
15,700 Tupperware Corporation.......... 354,231
-----------
757,755
-----------
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Non-Ferrous Metals - 0.3%
4,000 Commercial Metals Company $ 122,500
-----------
Paper & Forest Products - 3.2%
6,800 Caraustar Industries, Inc....... 154,275
5,900 Chesapeake Corporation.......... 199,494
11,400 Glatefelter (P.H.) Company...... 150,337
11,600 Pentair, Inc.................... 527,800
14,200 Wausau-Mosinee Paper
Corporation................... 195,250
-----------
1,227,156
-----------
Producer Goods - 10.5%
9,800 Baldor Electric Company......... 173,950
5,400 Barnes Group, Inc............... 106,987
6,550 CLARCOR, Inc.................... 117,491
12,400 Federal Signal Corporation...... 259,625
10,000 Flowserve Corporation........... 158,125
6,650 Hughes Supply, Inc.............. 154,612
7,800 IDEX Corporation................ 230,588
228 Juno Lighting, Inc.............. 2,779
7,900 Kennametal, Inc................. 209,350
13,100 Mark IV Industries, Inc......... 259,544
11,600 MascoTech, Inc.................. 200,100
10,000 Milacron, Inc................... 180,000
5,700 Regal-Beloit Corporation........ 127,180
4,400 Standard Products Company....... 152,350
3,500 Standex International
Corporation................... 80,062
5,600 Tecumseh Products Company,
Class A....................... 319,200
16,300 Timken Company.................. 286,269
11,800 Trinity Industries, Inc......... 370,225
7,200 Watts Industries, Inc.,
Class A....................... 158,400
10,700 YORK International
Corporation................... 440,038
-----------
3,986,875
-----------
Railroad & Shipping - 0.8%
11,800 Alexander & Baldwin, Inc........ 285,413
-----------
</TABLE>
See Notes to Financial Statements.
31
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Retail - 3.2%
7,100 Cato Corporation, Class A....... $ 95,406
10,700 Longs Drug Stores, Inc.......... 336,381
12,700 Ruddick Corporation............. 235,744
7,200 ShopKo Stores, Inc.*............ 206,100
10,000 Zale Corporation*............... 346,875
-----------
1,220,506
-----------
Steel - 2.5%
15,800 AK Steel Holding Corporation.... 331,800
6,000 Carpenter Technology
Corporation................... 137,250
3,100 Cleveland-Cliffs, Inc........... 99,394
24,900 Worthington Industries, Inc..... 373,500
-----------
941,944
-----------
Tires & Rubber - 2.4%
5,800 Bandag, Inc..................... 192,850
8,300 Carlisle Companies, Inc......... 332,000
20,600 Cooper Tire & Rubber Company.... 391,400
-----------
916,250
-----------
Tobacco - 0.8%
4,300 Schweitzer-Maudit
International, Inc............ 58,319
8,900 Universal Corporation........... 252,538
-----------
310,857
-----------
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Travel & Recreation - 0.3%
13,500 Prime Hospitality Corporation* $ 125,719
-----------
Trucking & Freight - 3.3%
6,700 Arnold Industries, Inc.......... 95,475
4,700 Circle International
Group, Inc.................... 116,325
9,400 Hunt (J.B.) Transport
Services, Inc................. 139,237
5,300 Roadway Express, Inc............ 111,631
15,550 Rollins Truck Leasing
Corporation................... 161,331
7,200 USFreightways Corporation....... 349,200
12,500 Werner Enterprises, Inc......... 264,453
-----------
1,237,652
-----------
TOTAL COMMON STOCKS
(Cost $36,708,465) 37,962,036
-----------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $36,708,465**).......... 99.8% 37,962,036
OTHER ASSETS AND LIABILITIES
(Net)................ 0.2% 59,068
------- -----------
NET ASSETS.................... 100.0% $38,021,104
======= ===========
</TABLE>
- --------------------------
<TABLE>
<S> <C>
* Non-income producing security.
** Aggregate cost for Federal tax purposes is
$36,506,591.
</TABLE>
See Notes to Financial Statements.
32
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
COMMON STOCKS - 99.9%
Aerospace - 1.3%
100 Aviation Sales Company*........ $ 3,100
7,200 Boeing Company................. 326,250
300 Cordant Technologies, Inc...... 12,413
500 Crane Company.................. 12,031
2,000 General Dynamics Corporation... 126,000
1,248 Goodrich (B.F.) Company........ 46,098
600 Kaman Corporation.............. 7,837
300 Litton Industries, Inc.*....... 19,200
2,800 Lockheed Martin Corporation.... 103,600
500 Northrop Grumman Corporation... 36,250
2,600 Raytheon Company, Class B...... 177,125
1,400 Rockwell International
Corporation.................. 82,775
300 Stanford
Telecommunications, Inc.*.... 8,625
1,100 Textron, Inc................... 88,825
900 TRW, Inc....................... 49,050
3,567 United Technologies
Corporation.................. 235,868
------------
1,335,047
------------
Air Transportation - 0.5%
300 Air Express International
Corporation.................. 7,331
400 Airborne Freight Corporation... 10,075
300 Alaska Air Group, Inc.*........ 12,975
700 America West Holdings
Corporation, Class B*........ 13,650
1,100 AMR Corporation................ 64,488
500 Atlantic Coast Airlines
Holdings, Inc.*.............. 9,937
300 Atlas Air, Inc.*............... 8,175
600 COMAIR Holdings, Inc........... 12,675
400 Continental Airlines, Inc.,
Class B*..................... 16,325
1,000 Delta Air Lines, Inc........... 50,813
600 Eagle USA Airfreight, Inc.*.... 16,800
2,300 FDX Corporation*............... 97,606
600 Frontier Airlines, Inc.*....... 7,537
700 Galileo International, Inc..... 33,950
100 Midway Airlines Corporation*... 700
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Air Transportation (continued)
500 Northwest Airlines
Corporation*................. $ 14,750
400 SkyWest, Inc................... 8,050
3,500 Southwest Airlines Company..... 58,406
400 UAL Corporation*............... 25,925
500 US Airways Group, Inc.*........ 15,406
------------
485,574
------------
Apparel - 0.4%
700 Abercrombie & Fitch Co.,
Class A*..................... 24,413
466 Alba-Waldensian, Inc........... 5,475
200 Barry (R.G.) Corporation....... 1,275
500 Bluefly, Inc.*................. 4,562
100 Buckle, Inc.*.................. 1,687
300 Children's Place Retail
Stores, Inc.*................ 9,487
600 Columbia Sportswear Company*... 10,763
150 Cutter & Buck, Inc.*........... 1,950
300 Dress Barn, Inc.*.............. 4,519
200 Escalade, Inc.................. 3,550
300 Footstar, Inc.*................ 9,750
900 Goody's Family
Clothing, Inc................ 8,297
850 Jones Apparel Group*........... 22,047
300 Just For Feet, Inc.*........... 1,219
400 Kellwood Company............... 9,550
300 Kenneth Cole
Productions, Inc.*........... 10,256
400 Liz Claiborne, Inc............. 14,700
100 Nautica Enterprises, Inc.*..... 1,344
2,100 Nike, Inc., Class B............ 97,125
400 OshKosh B'Gosh, Inc.,
Class A...................... 6,450
450 Pacific Sunwear of
California, Inc.*............ 10,463
100 Perry Ellis
International, Inc.*......... 1,225
400 Polo Ralph Lauren
Corporation*................. 7,750
800 Polymer Group, Inc.*........... 11,200
250 Quiksilver, Inc.*.............. 4,312
600 Reebok International Ltd.*..... 7,087
400 Russell Corporation............ 6,700
200 Shoe Carnival, Inc.*........... 2,325
300 Springs Industries, Inc.,
Class A...................... 11,269
100 Superior Uniform
Group, Inc................... 1,112
300 Talbots, Inc................... 9,281
100 Tarrant Apparel Group*......... 1,462
</TABLE>
See Notes to Financial Statements.
33
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Apparel (continued)
586 The Men's Wearhouse, Inc.*..... $ 12,086
800 V.F. Corporation............... 28,800
100 Vulcan International
Corporation.................. 3,475
600 Warnaco Group, Inc.,
Class A...................... 13,200
600 WestPoint Stevens, Inc.*....... 14,400
------------
394,566
------------
Banks - 6.3%
400 ABC Bancorp.................... 5,350
1,650 AmSouth Bancorporation......... 36,094
200 ANB Corporation................ 7,200
200 Arrow Financial Corporation.... 5,200
400 Associated Banc-Corp........... 14,100
200 BancFirst Corporation.......... 6,913
382 BancWest Corporation........... 15,972
13,000 Bank of America Corporation.... 786,500
100 Bank of Granite Corporation.... 2,162
5,800 Bank of New York
Company, Inc................. 207,350
8,700 Bank One Corporation........... 349,631
400 Bank United Corporation,
Class A...................... 13,725
2,200 BankBoston Corporation......... 102,163
300 Banknorth Group, Inc........... 8,700
2,633 BB&T Corporation............... 88,206
100 BNCCORP, Inc.*................. 787
400 Brookline Bancorp, Inc......... 4,350
194 BSB Bancorp, Inc............... 4,838
105 California Independent
Bancorp...................... 1,903
100 Carolina Fincorp, Inc.......... 900
440 Cascade Bancorp................ 6,490
200 CCB Financial Corporation...... 9,450
125 Central Coast Bancorp*......... 2,094
200 Centura Banks, Inc............. 9,262
6,300 Chase Manhattan Corporation.... 527,231
100 Citizens Financial Corporation,
Class A*..................... 1,247
300 City National Corporation...... 9,956
405 Civic BanCorp*................. 5,797
200 CNB Bancshares, Inc............ 11,425
300 CNBT Bancshares, Inc........... 3,469
800 Colonial BancGroup, Inc........ 9,900
405 Columbia Banking
System, Inc.*................ 5,847
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Banks (continued)
1,200 Comerica, Inc.................. $ 62,475
100 Comm Bancorp, Inc.............. 3,544
200 Commerce Bancorp, Inc.......... 8,600
300 Commerce Bancshares, Inc....... 11,081
100 Community Bancorp, Inc.*....... 800
400 Community Bank System, Inc..... 9,850
105 Community Banks, Inc........... 2,251
600 Community Financial
Group, Inc................... 8,700
100 Community First Banking
Company...................... 1,862
400 Community First
Bankshares, Inc.............. 8,212
900 Compass Bancshares, Inc........ 23,906
400 Cullen/Frost Bankers, Inc...... 10,450
600 Doral Financial Corporation.... 8,325
300 EVEREN Capital Corporation..... 9,112
200 FFLC Bancorp, Inc.............. 3,600
100 Fidelity Bancorp, Inc.......... 1,681
2,100 Fifth Third Bancorp............ 139,125
800 First American Corporation..... 32,100
400 First BanCorp.................. 8,250
100 First Busey Corporation........ 2,119
100 First Charter Corporation...... 2,175
400 First Commonwealth Financial
Corporation.................. 9,625
200 First Financial
Bankshares, Inc.............. 6,100
100 First Mariner Bancorp, Inc..... 1,100
300 First Midwest Bancorp, Inc..... 11,963
100 First Midwest Financia, Inc.... 1,456
210 First Mutual Savings Bank...... 2,487
1,900 First Securities Corporation... 41,206
900 First Tennessee National
Corporation.................. 28,800
7,300 First Union Corporation........ 302,950
300 First Virginia Banks, Inc...... 13,275
5,200 Firstar Corporation............ 139,425
300 FIRSTFED AMERICA BANCORP,
INC.......................... 4,087
400 FirstFed Financial
Corporation.................. 6,100
600 FirstMerit Corporation......... 15,769
4,300 Fleet Financial Group, Inc..... 171,194
</TABLE>
See Notes to Financial Statements.
34
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Banks (continued)
400 Franchise Finance Corporation
of America................... $ 8,675
300 Franklin Bank N.A.............. 2,728
200 Frontier Financial
Corporation.................. 4,400
520 Fulton Financial Corporation... 9,977
600 GA Financial, Inc.............. 8,812
200 German American Bancorp........ 4,250
400 Great Southern
Bancorp, Inc................. 9,150
1,000 GreenPoint Financial
Corporation.................. 25,875
100 Hallmark Capital Corp.*........ 1,187
700 Harbor Florida
Bancshares, Inc.............. 8,619
133 Harleysville Savings Bank...... 2,145
150 Heritage Commerce
Corporation*................. 2,250
1,300 Hibernia Corporation,
Class A...................... 16,819
100 Horizon Financial Corp......... 1,175
400 Hudson United Bancorp.......... 12,725
1,650 Huntington Bancshares, Inc..... 49,397
524 Imperial Bancorp*.............. 8,908
800 Independence Community Bank
Corp......................... 9,900
100 Indiana United Bancorp......... 2,044
100 Interchange Financial Services
Corporation/NJ............... 1,725
1,300 J.P. Morgan & Company.......... 167,944
100 Kentucky First
Bancorp, Inc................. 1,175
3,500 KeyCorp........................ 101,500
400 Keystone Financial, Inc........ 10,625
120 Lakeland Bancorp, Inc.......... 1,470
100 Laurel Capital Group, Inc...... 1,525
200 LSB Bancshares, Inc............ 3,662
100 M&T Bank Corporation........... 46,400
200 Mahoning National
Bancorp, Inc................. 7,900
200 Main Street Bancorp, Inc....... 2,375
800 Marshall & Ilsley
Corporation.................. 46,850
100 Mayflower Cooperative Bank..... 1,762
3,900 Mellon Bank Corporation........ 130,163
1,200 Mercantile
Bancorporation, Inc.......... 66,225
400 Mercantile Bankshares
Corporation.................. 13,100
300 Merchants Bancshares, Inc...... 7,237
100 Merchants New York Bancorp,
Inc.......................... 3,606
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Banks (continued)
4,800 National City Corporation...... $ 132,600
700 National Commerce
Bancorporation............... 14,831
300 Net.B@nk, Inc.*................ 6,975
100 North Bancshares, Inc.......... 1,275
1,500 North Fork
Bancorporation, Inc.......... 27,188
300 Northern States Financial
Corporation.................. 7,069
800 Northern Trust Corporation..... 67,850
100 Norwood Financial
Corporation.................. 2,362
100 NSD Bancorp, Inc............... 2,025
100 OHSL Financial Corporation..... 2,037
790 Old Kent Financial
Corporation.................. 31,205
300 Old National Bancorp........... 9,000
300 One Valley Bancorp, Inc........ 11,475
200 Pacific Bank, N.A.............. 3,725
500 Pacific Century Financial
Corporation.................. 9,281
100 Pacific Crest Capital, Inc..... 1,537
500 People's Bank Bridgeport....... 13,125
600 Peoples Heritage Financial
Group, Inc................... 10,088
2,300 PNC Bank....................... 120,319
900 Popular, Inc................... 24,806
300 Professional Bancorp, Inc...... 6,187
310 Provident Bankshares
Corporation.................. 7,479
300 Provident Financial
Group, Inc................... 12,563
300 Queens County Bancorp, Inc..... 8,250
1,600 Regions Financial
Corporation.................. 56,500
400 Republic Bancorp, Inc.......... 5,400
600 Republic Bancorp, Inc.,
Class A...................... 5,794
800 Republic New York
Corporation.................. 55,500
300 S&T Bancorp, Inc............... 6,956
200 S.Y. Bancorp, Inc.............. 4,587
100 Savannah Bancorp, Inc.......... 2,037
600 Security First Technologies
Corporation*................. 22,200
200 Six Rivers National Bank*...... 2,800
763 Sky Financial Group, Inc....... 18,558
100 South Carolina Community
Bancshares, Inc.............. 1,475
</TABLE>
See Notes to Financial Statements.
35
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Banks (continued)
200 Southern Missouri
Bancorp, Inc................. $ 2,800
1,200 SouthTrust Corporation......... 42,375
100 Southwest Bancorp of
Texas, Inc.*................. 1,725
418 State Bancorp, Inc............. 6,688
1,300 State Street Corporation....... 77,838
100 Sterling Bancorp/NY............ 1,781
100 Suffolk Bancorp................ 2,675
1,200 Summit Bankcorp................ 40,050
2,400 SunTrust Banks, Inc............ 154,350
500 Susquehanna
Bancshares, Inc.............. 8,312
1,700 Synovus Financial
Corporation.................. 32,088
600 Telebanc Financial
Corporation*................. 14,175
100 Texarkana First Financial
Corporation.................. 2,391
100 Tompkins Trustco, Inc.......... 3,087
400 TrustCo Bank Corporation/NY.... 11,900
400 Trustmark Corporation.......... 9,225
5,600 U.S. Bancorp................... 172,900
1,000 Union Planters Corporation..... 42,188
1,200 UnionBanCal Corporation........ 46,050
400 United Bankshares, Inc......... 10,275
300 United Financial Corporation... 6,206
400 United National Bancorp........ 8,750
100 United Tennessee
Bankshares, Inc.............. 1,250
399 Valley National Bancorp........ 10,374
1,500 Wachovia Corporation........... 117,563
12,400 Wells Fargo Company............ 493,675
200 WesBanco, Inc.................. 5,700
300 Westamerica Bancorporation..... 9,581
300 Western Bancorp................ 11,925
200 Wilmington Trust Corporation... 10,000
600 Zions Bancorporation........... 29,850
------------
6,285,053
------------
Business Machines - 12.1%
2,700 3Com Corporation*.............. 66,994
700 Adaptec, Inc.*................. 27,300
400 Adobe Systems, Inc............. 39,850
600 Advanced Digital Information
Corporation*................. 19,350
100 Amplicon, Inc.................. 1,200
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Business Machines (continued)
1,200 Apple Computer, Inc............ $ 78,300
400 Artesyn Technologies, Inc.*.... 8,775
600 Autodesk, Inc.................. 13,800
200 Black Box Corporation*......... 9,175
1,767 BMC Software, Inc.*............ 95,087
500 C3, Inc./NC*................... 6,156
1,500 Cabletron Systems, Inc.*....... 25,219
300 CACI International, Inc.,
Class A*..................... 6,750
900 Ceridian Corporation*.......... 25,200
23,708 Cisco Systems, Inc.*........... 1,607,699
1,000 Comdisco, Inc.................. 21,063
12,600 Compaq Computer Corporation.... 292,163
1,100 Computer Horizons
Corporation*................. 14,300
2,700 Compuware Corporation*......... 81,506
550 Comverse Technology, Inc.*..... 42,900
1,000 Concord EFS, Inc.*............. 37,125
18,900 Dell Computer Corporation*..... 922,556
500 Diebold, Inc................... 13,313
7,700 EMC Corporation*............... 462,000
200 European Micro
Holdings, Inc.*.............. 1,800
200 Evans & Sutherland Computer
Corporation*................. 2,662
400 Fair Issac & Company, Inc...... 11,300
1,200 Gateway 2000, Inc.*............ 116,325
7,500 Hewlett-Packard Company........ 790,313
900 Honeywell, Inc................. 102,150
200 Hypercom Corporation*.......... 1,550
900 IKON Office Solutions, Inc..... 10,013
600 InaCom Corp.*.................. 5,850
1,800 Informix Corporation*.......... 13,106
13,500 International Business Machines
Corporation.................. 1,681,594
800 InterVoice, Inc.*.............. 11,000
400 Juniper Networks, Inc.*........ 82,000
200 Komag, Inc.*................... 637
1,000 Lexmark International
Group, Inc., Class A*........ 78,750
100 MicroAge, Inc.*................ 316
600 Microchip Technology, Inc.*.... 32,850
200 Micromuse, Inc.*............... 11,425
900 Micron Electronics, Inc.*...... 8,719
</TABLE>
See Notes to Financial Statements.
36
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Business Machines (continued)
38,100 Microsoft Corporation*......... $ 3,526,631
300 MIPS Technologies, Inc.*....... 10,275
300 National Computer
Systems, Inc................. 11,700
900 NCR Corporation*............... 39,375
300 Netegrity, Inc.*............... 6,675
500 Network Appliance, Inc.*....... 32,844
2,700 Novell, Inc.*.................. 63,956
400 Novellus Systems, Inc.*........ 21,575
300 Obie Media Corporation*........ 3,122
10,800 Oracle Systems Corporation*.... 394,200
1,900 Pitney Bowes, Inc.............. 112,100
2,400 Quantum Corporation - DLT &
Storage Systems*............. 43,950
600 Quantum Corporation - Hard Disk
Drive*....................... 4,275
100 Rimage Corporation*............ 1,481
200 SCM Microsystems, Inc.*........ 8,400
1,800 Seagate Technology, Inc.*...... 59,738
1,600 Silicon Graphics, Inc.*........ 18,300
600 Sterling Commerce, Inc.*....... 11,475
1,100 Sterling Software, Inc.*....... 22,138
600 Storage Technology
Corporation*................. 12,600
5,700 Sun Microsystems, Inc.*........ 453,150
800 SVI Holdings, Inc.*............ 7,350
300 Tech Data Corporation*......... 11,119
200 Telxon Corporation............. 1,675
1,000 Total System Services, Inc..... 15,500
300 TransAct Technologies, Inc..... 1,950
100 UniComp, Inc.*................. 425
2,000 Unisys Corporation*............ 86,000
300 Visual Networks, Inc.*......... 12,450
4,900 Xerox Corporation.............. 233,975
300 Xircom, Inc.*.................. 11,944
------------
12,120,489
------------
Business Services - 5.8%
300 24/7 Media, Inc.*.............. 10,275
700 A.D.A.M. Software, Inc.*....... 8,137
100 Abacus Direct Corporation*..... 10,194
300 ABM Industries, Inc............ 6,900
200 About.com, Inc.*............... 6,162
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Business Services (continued)
200 AboveNet
Communications, Inc.*........ $ 6,787
300 ACNielson Corporation*......... 7,500
400 Advantage Learning
Systems, Inc.*............... 8,975
300 Affiliated Computer
Services, Inc., Class A*..... 12,825
500 Alcide Corporation*............ 6,562
200 Allaire Corporation*........... 10,000
1,100 Allied Waste
Industries, Inc.*............ 14,025
8,180 America Online, Inc.*.......... 746,936
100 American Business
Products, Inc................ 1,500
200 American Locker Group, Inc..... 1,550
400 American Management
Systems, Inc.*............... 11,450
400 American Superconductor
Corporation*................. 4,850
700 AnswerThink Consulting
Group, Inc.*................. 12,950
800 Apollo Group, Inc.,
Class A*..................... 17,550
400 Ariba, Inc.*................... 55,600
700 Ashton Technology
Group, Inc.*................. 6,453
200 Aspen Technology, Inc.*........ 1,712
2,424 At Home Corporation,
Series A*.................... 97,263
4,500 Automatic Data
Processing, Inc.............. 176,906
3,600 AutoNation, Inc.*.............. 46,575
1,200 Avant! Corporation*............ 16,950
300 BARRA, Inc.*................... 6,150
500 BEA Systems, Inc.*............. 12,063
600 Block H & R, Inc............... 33,375
500 Bowne & Company, Inc........... 6,937
300 BroadVision, Inc.*............. 29,869
200 Brocade Communications
Systems, Inc.*............... 37,625
700 Brookrout, Inc.*............... 11,025
800 Cambridge Technology
Partners, Inc.*.............. 10,950
500 Carelnsite, Inc.*.............. 23,875
400 Casella Waste Systems, Inc.,
Class A*..................... 6,800
200 Cash Technologies, Inc.*....... 2,250
300 Catalyst
International, Inc.*......... 4,575
900 Catalytica, Inc.*.............. 14,119
</TABLE>
See Notes to Financial Statements.
37
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Business Services (continued)
500 Catapult Communications
Corporation*................. $ 7,687
200 CDW Computer Centers, Inc.*.... 8,875
500 CFI ProServices, Inc.*......... 5,625
500 Charles River
Associates, Inc.*............ 12,125
400 Cheap Tickets, Inc.*........... 14,800
400 Checkfree Holdings
Corporation*................. 11,700
500 CIBER, Inc.*................... 9,156
755 Cintas Corporation............. 38,788
700 Citrix Systems, Inc.*.......... 39,900
400 Clarify, Inc.*................. 17,600
700 Coinstar, Inc.*................ 16,188
700 Com21, Inc.*................... 12,600
200 COMARCO, Inc................... 3,925
600 Complete Business
Solutions, Inc.*............. 9,262
4,100 Computer Associates
International, Inc........... 231,650
1,200 Computer Sciences
Corporation.................. 83,025
600 Computer Task Group, Inc....... 10,050
400 Concur Technologies, Inc.*..... 10,000
1,100 Convergys Corporation*......... 22,688
300 Cornell Corrections, Inc.*..... 4,762
300 Corporate Executive Board
Company*..................... 10,538
200 CoStar Group, Inc.*............ 5,737
200 Cotelligent, Inc.*............. 962
400 Credence Systems
Corporation*................. 17,200
200 Creditrust Corporation*........ 5,200
300 Critical Path, Inc.*........... 10,050
700 Crosswalk.Com, Inc.*........... 5,425
600 CSG Systems
International, Inc.*......... 13,538
400 Cytec Industries, Inc.*........ 9,325
200 DBT Online, Inc.*.............. 6,012
600 Deluxe Corporation............. 20,438
400 Dendrite
International, Inc.*......... 16,650
900 DeVRY, Inc.*................... 18,788
200 Digital River, Inc.*........... 4,812
200 DoubleClick, Inc.*............. 19,975
100 DSET Corporation*.............. 1,200
400 DST Systems, Inc.*............. 26,600
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Business Services (continued)
1,100 Dun & Bradstreet Corporation... $ 28,806
300 EarthLink Network, Inc.*....... 14,700
500 EarthWeb, Inc.*................ 18,250
900 eBay, Inc.*.................... 113,006
400 Eclipsys Corporation*.......... 5,775
900 Ecolab, Inc.................... 33,806
3,600 Electronic Data Systems
Corporation.................. 202,050
1,300 Equifax, Inc................... 39,650
200 FactSet Research
Systems, Inc................. 9,262
300 Factual Data Corp.*............ 2,569
3,200 First Data Corporation......... 140,800
800 Fiserv, Inc.*.................. 24,650
200 Forrester Research, Inc.*...... 6,700
600 Frontline Communications
Corporation*................. 4,200
598 Gartner Group, Inc.,
Class B*..................... 12,259
500 Getty Images, Inc.*............ 10,313
200 Go2Net, Inc.*.................. 13,000
300 GoTo.com, Inc.*................ 10,875
100 GP Strategies Corporation*..... 781
200 Great Plains
Software, Inc.*.............. 9,312
500 GTECH Holdings Corporation*.... 12,625
550 HA-LO Industries*.............. 3,334
300 Hambrecht & Quist Group*....... 11,456
600 Healtheon Corporation*......... 20,288
400 High Speed Access Corp.*....... 10,500
300 HNC Software, Inc.*............ 10,913
300 Hunt Corporation............... 2,456
800 i2 Technologies, Inc.*......... 25,400
300 ICOS Corporation*.............. 9,544
400 IDT Corporation*............... 11,850
500 iMall, Inc.*................... 8,656
2,300 IMS Health, Inc................ 63,538
200 Information Architects
Corp.*....................... 431
300 Information Resource
Engineering, Inc.*........... 7,162
400 Infoseek Corporation*.......... 12,175
400 Inktomi Corporation*........... 45,350
100 Innodata Corporation*.......... 3,337
900 INSpire Insurance
Solutions, Inc.*............. 8,831
</TABLE>
See Notes to Financial Statements.
38
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Business Services (continued)
300 Integrated Systems, Inc.*...... $ 2,981
400 International
Integration, Inc.*........... 9,200
200 Internet Commerce Corporation,
Class A*..................... 2,225
2,000 Interpublic Group of
Companies, Inc............... 79,250
400 Intuit, Inc.*.................. 35,825
600 ISS Group, Inc.*............... 14,813
700 IT Group, Inc.*................ 8,356
600 Ivex Packaging Corporation*.... 9,300
200 iVillage, Inc.*................ 7,262
1,000 J.D. Edwards & Company*........ 18,375
400 Keane, Inc..................... 8,650
300 Kelly Services, Inc.,
Class A...................... 8,437
900 Kroll-O'Gara Company*.......... 17,269
600 Labor Ready, Inc.*............. 9,637
300 Lamar Advertising Company*..... 12,525
600 Legato Systems, Inc.*.......... 25,838
300 LHS Group, Inc.*............... 9,956
600 Lycos, Inc.*................... 24,375
400 Manpower, Inc.................. 10,800
300 MAXIMUS, Inc.*................. 10,388
450 Medical Manager Corporation*... 26,775
200 MemberWorks, Inc.*............. 6,862
600 Mentor Corporation............. 14,025
400 Mentor Graphics Corporation*... 3,587
400 Mercury Interactive
Corporation*................. 19,100
300 Metris Companies, Inc.......... 8,269
300 Micro Warehouse, Inc.*......... 3,675
600 MicroTouch Systems, Inc.*...... 10,275
100 Microvision, Inc.*............. 1,637
400 MindSpring
Enterprises, Inc.*........... 11,675
800 Modis Professional
Services, Inc.*.............. 12,650
200 Momentum Business
Applications, Inc.*.......... 1,537
400 Multex.com, Inc.*.............. 6,650
300 National Data Corporation...... 11,475
450 National Instruments
Corporation*................. 13,472
300 National Services
Industries, Inc.............. 9,600
300 Navidec, Inc.*................. 3,187
400 Navigant Consulting, Inc.*..... 17,550
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Business Services (continued)
500 NCO Group, Inc.*............... $ 22,750
200 NEON Systems, Inc.*............ 6,575
900 Network Associates, Inc.*...... 15,188
300 New Era of Networks, Inc.*..... 5,025
300 Nielsen Media
Research, Inc................ 11,006
500 NOVA Corporation/Georgia*...... 13,000
400 Ogden Corporation.............. 9,100
1,400 Omnicom Group, Inc............. 105,525
400 ONYX Software Corporation*..... 6,450
400 Orbital Sciences
Corporation*................. 8,875
2,400 Parametric Technology
Corporation*................. 33,600
2,000 Paychex, Inc................... 58,875
100 Pegasus Systems, Inc.*......... 3,612
1,700 PeopleSoft, Inc.*.............. 24,013
500 Peregrine Systems, Inc.*....... 16,500
400 Performance Food Group
Company*..................... 10,413
600 Perot Systems Corporation,
Class A*..................... 12,450
500 Pittston Brink's Group......... 11,906
400 Pixar, Inc.*................... 13,625
300 Policy Management Systems
Corporation*................. 9,169
600 Portal Software, Inc.*......... 28,238
300 Pre-Paid Legal
Services, Inc.*.............. 9,619
1,000 Priceline.com, Inc.*........... 68,125
400 Priority Healthcare
Corporation, Class B*........ 11,250
600 Prodigy Communications
Corporation*................. 11,138
300 Profit Recovery Group
International, Inc.*......... 11,419
400 Programmer's
Paradise, Inc.*.............. 3,800
400 Progress Software
Corporation*................. 12,250
100 PROVANT, Inc.*................. 1,375
200 Proxim, Inc.*.................. 9,750
400 PSINet, Inc.*.................. 19,150
300 QLogic Corporation*............ 26,119
600 Quixote Corporation............ 8,925
500 R.H. Donnelley Corporation*.... 8,656
</TABLE>
See Notes to Financial Statements.
39
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Business Services (continued)
700 Radiant Systems, Inc.*......... $ 13,781
600 RealNetworks, Inc.*............ 49,050
500 Redback Networks, Inc.*........ 53,750
500 Remedy Corporation*............ 12,250
400 Reynolds & Reynolds Company,
Class A...................... 8,750
300 Right Management
Consultants, Inc.*........... 4,200
1,000 Robert Half
International, Inc.*......... 26,250
200 Rural Cellular Corporation,
Class A*..................... 6,125
800 Safety-Kleen Corporation*...... 10,200
700 Sanchez Computer
Associates, Inc.*............ 31,325
300 SanDisk Corporation*........... 25,313
300 Sapient Corporation*........... 21,900
200 SDL, Inc.*..................... 16,375
200 SEACOR SMIT, Inc.*............. 10,388
800 Security Dynamics
Technologies, Inc.*.......... 18,900
100 SEI Investments Company........ 9,194
2,600 ServiceMaster Company.......... 42,900
200 Shared Medical Systems
Corporation.................. 11,238
600 Siebel Systems, Inc.*.......... 41,213
900 SMART Modular
Technologies, Inc.*.......... 18,731
600 SOFTWORKS, Inc.*............... 3,900
700 Sonic Foundry, Inc.*........... 6,300
300 Spartech Corporation........... 8,344
400 SportsLine USA, Inc.*.......... 9,650
200 SPSS, Inc.*.................... 4,737
800 Spyglass, Inc.*................ 9,500
100 SS&C Technologies, Inc.*....... 587
300 Standard Register Company...... 8,119
400 StarMedia Network, Inc.*....... 15,475
300 StarTek, Inc.*................. 11,025
600 Stericycle, Inc.*.............. 9,562
600 Structural Dynamics Research
Corporation*................. 9,675
882 SunGard Data Systems, Inc.*.... 22,050
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Business Services (continued)
400 Sybron Chemicals, Inc.*........ $ 6,450
400 Sykes Enterprises, Inc.*....... 9,600
500 Sylvan Learning
Systems, Inc.*............... 9,937
400 Symantec Corporation*.......... 12,000
500 Synopsys, Inc.*................ 27,969
200 Technisource, Inc.*............ 975
100 Telescan, Inc.*................ 1,462
700 TeleTech Holdings, Inc.*....... 7,787
875 Tetra Tech, Inc.*.............. 14,055
500 The viaLink Company*........... 7,250
800 theglobe.com, Inc.*............ 8,800
200 Thermo BioAnalysis
Corporation*................. 3,650
400 ThrustMaster, Inc.*............ 6,450
100 Tier Technologies, Inc.,
Class B*..................... 750
300 TMP Worldwide, Inc.*........... 16,613
500 Transaction Systems
Architects, Inc.,
Class A*..................... 14,719
300 True North
Communications, Inc.......... 9,881
200 TSI International Software,
Ltd.*........................ 3,800
400 Universal
Electronics, Inc.*........... 9,600
700 UNOVA, Inc.*................... 10,544
400 URS Corporation................ 9,900
500 USinterenetworking, Inc.*...... 7,500
600 USWeb Corporation*............. 11,700
200 Vantive Corporation*........... 1,662
600 Verio, Inc.*................... 22,313
400 VeriSign, Inc.*................ 43,325
1,300 VERITAS Software
Corporation*................. 77,025
600 VerticalNet, Inc.*............. 20,700
600 Viad Corporation............... 17,963
200 Vignette Corporation*.......... 13,563
500 Visio Corporation*............. 14,125
500 Vitesse Semiconductor
Corporation*................. 34,000
300 Wackenhut Corporation,
Class A...................... 7,256
500 Wall Data, Inc.*............... 3,625
4,900 Waste Management, Inc.......... 106,881
1,000 Wave Systems Corp.,
Class A*..................... 9,687
700 Whittman-Hart, Inc.*........... 18,419
600 XETA Corporation*.............. 8,400
300 Xoom.com, Inc.*................ 11,663
</TABLE>
See Notes to Financial Statements.
40
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Business Services (continued)
1,866 Yahoo!, Inc.*.................. $ 275,235
600 Young & Rubicam, Inc.*......... 26,775
------------
5,847,366
------------
Chemicals - 1.9%
400 ACX Technologies, Inc.*........ 4,950
1,600 Air Products &
Chemicals, Inc............... 54,400
1,000 Airgas, Inc.*.................. 13,125
600 Albemarle Corporation.......... 10,388
600 AMCOL International
Corporation.................. 8,700
50 Arch Chemicals, Inc.*.......... 984
300 Bio-Rad Laboratories, Inc.,
Class A*..................... 7,987
300 Brady Corporation, Class A..... 9,000
400 Cabot Corporation.............. 9,225
100 ChemFirst, Inc................. 2,550
600 Chromatics Color Sciences
International, Inc.*......... 4,762
800 Crompton & Knowles
Corporation.................. 14,000
200 Dexter Corporation............. 7,287
1,600 Dow Chemical Company........... 181,800
8,200 du Pont (E.I.) de Nemours &
Company...................... 519,675
700 Eastman Chemical Company....... 32,506
400 Ferro Corporation.............. 9,600
200 Fuller (H. B.) Company......... 12,050
300 Furon Company.................. 4,800
200 General Chemical
Group, Inc................... 687
400 Geon Company................... 11,950
400 Great Lakes Chemical
Corporation.................. 16,475
700 Hanna (M.A.) Company........... 9,581
200 Hauser, Inc.*.................. 1,106
700 Hercules, Inc.................. 22,794
400 International Specialty
Products, Inc................ 3,775
500 Lubrizol Corporation........... 12,688
900 Lyondell Chemical Company...... 13,106
400 MacDermid, Inc................. 13,250
400 Millennium Chemicals, Inc...... 9,200
3,000 Minnesota Mining &
Manufacturing Company........ 283,500
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Chemicals (continued)
4,800 Monsanto Company............... $ 197,100
400 Nalco Chemical Company......... 20,550
100 NCH Corporation................ 4,450
100 Oil-Dri Corporation of
America...................... 1,500
600 Olin Corporation............... 8,512
100 OM Group, Inc.................. 3,937
100 OXiGENE, Inc.*................. 869
200 Plymouth Rubber Company, Inc.,
Class A*..................... 1,712
1,200 PPG Industries, Inc............ 72,075
1,200 Praxair, Inc................... 56,400
200 PubliCARD, Inc.*............... 1,300
1,758 Rohm & Haas Company............ 65,705
900 RPM, Inc./Ohio................. 11,981
700 Sigma-Aldrich Corporation...... 22,575
600 Solutia, Inc................... 12,000
100 SurModics, Inc.*............... 1,525
300 Tredegar Corporation........... 6,525
400 Twinlab Corporation*........... 3,537
900 Union Carbide Corporation...... 51,188
300 Valspar Corporation............ 10,894
500 W.R. Grace & Company*.......... 9,562
500 Witco Corporation.............. 8,094
------------
1,877,892
------------
Construction - 0.5%
100 ACMAT Corporation, Class A*.... 1,025
300 Armstrong World
Industries, Inc.............. 14,569
300 CARBO Ceramics, Inc............ 8,025
300 Centex Construction
Products, Inc................ 11,531
300 Centex Corporation............. 8,437
800 Clayton Homes, Inc............. 7,600
200 Continental Materials
Corporation*................. 4,100
300 Craftmade
International, Inc........... 2,737
600 D.R. Horton, Inc............... 8,737
200 Dal-Tile
International, Inc.*......... 1,775
500 Dayton Superior Corporation*... 9,031
400 Dycom Industries, Inc.*........ 12,350
400 EMCOR Group, Inc.*............. 8,525
</TABLE>
See Notes to Financial Statements.
41
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Construction (continued)
100 Fiberstars, Inc.*.............. $ 428
200 Florida Rock
Industries, Inc.............. 7,987
600 Fluor Corporation.............. 24,825
400 Giant Cement Holding, Inc.*.... 8,850
300 Granite Construction, Inc...... 7,500
700 Johns Manville Corporation..... 10,063
600 Justin Industries, Inc......... 8,569
400 Kaufman & Broad Home
Corporation.................. 8,175
400 Lafarge Corporation............ 11,000
700 Lennar Corporation............. 13,300
300 Lone Star Industries........... 10,313
100 LSI Industries, Inc............ 2,369
300 M/I Schottenstein
Homes, Inc................... 5,737
300 Martin Marietta
Materials, Inc............... 13,688
3,000 Masco Corporation.............. 84,938
200 Nobility Homes, Inc............ 1,375
800 Oakwood Homes Corporation...... 4,850
400 Owens Corning.................. 11,250
500 Palm Harbor Homes, Inc.*....... 7,656
400 Performance
Technologies, Inc.*.......... 12,925
300 Puerto Rican Cement
Company, Inc................. 10,931
400 Pulte Corporation.............. 9,250
400 Quanta Services, Inc.*......... 8,975
1,300 Sherwin-Williams Company....... 31,688
300 Southdown, Inc................. 15,150
400 Stanley Works.................. 10,550
300 Texas Industries, Inc.......... 9,600
500 Toll Brothers, Inc.*........... 10,125
300 United Dominion Industries,
Ltd.......................... 7,012
400 USG Corporation................ 19,600
900 Vulcan Materials Company....... 38,363
600 Walter Industries, Inc.*....... 7,425
200 West TeleServices
Corporation*................. 2,125
100 White Cap Industries, Inc*..... 1,487
------------
536,521
------------
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Consumer Durables - 0.4%
600 Black & Decker Corporation..... $ 31,575
300 C & D Technologies, Inc........ 9,450
400 Champion Enterprises, Inc.*.... 3,400
400 Coachmen Industries, Inc....... 6,325
400 CompX International, Inc.*..... 6,800
600 Electric Lightwave, Inc.,
Class A*..................... 7,725
450 Ethan Allen Interiors, Inc..... 13,134
700 Furniture Brands
International, Inc.*......... 14,044
200 Griffon Corporation*........... 1,425
500 Hillenbrand
Industries, Inc.............. 14,250
500 Kimball International, Inc.,
Class B...................... 9,656
500 Knoll, Inc.*................... 13,375
100 Koala Corporation*............. 2,812
100 Koss Corporation............... 1,437
400 La-Z-Boy, Inc.................. 8,775
1,300 Leggett & Platt, Inc........... 28,763
300 Linens 'n Things, Inc.*........ 10,275
700 Maytag Corporation............. 43,838
300 Mity-Lite, Inc.*............... 7,237
400 Mohawk Industries, Inc.*....... 9,050
2,036 Newell Rubbermaid, Inc......... 83,476
100 Pulaski Furniture
Corporation.................. 1,850
300 Recoton Corporation*........... 2,362
200 Rent-A-Center, Inc.*........... 4,437
700 Restoration Hardware, Inc.*.... 5,512
200 RF Monolithics, Inc.*.......... 1,975
800 Shaw Industries, Inc........... 16,000
300 SLI, Inc.*..................... 7,350
300 Thomas Industries, Inc......... 5,831
300 Virco Mfg. Corporation......... 4,650
600 Whirlpool Corporation.......... 42,413
------------
419,202
------------
Containers - 0.2%
300 Ball Corporation............... 13,481
300 Bemis Company, Inc............. 11,381
1,100 Crown Cork & Seal
Company, Inc................. 29,219
300 Greif Brothers Corporation,
Class A...................... 7,275
100 Libbey, Inc.................... 3,062
</TABLE>
See Notes to Financial Statements.
42
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Containers (continued)
500 Mobile Mini, Inc.*............. $ 9,125
1,000 Owens-Illinois, Inc.*.......... 24,750
600 Sealed Air Corporation*........ 35,250
200 Shorewood Packaging
Corporation.................. 2,950
700 Sonoco Products Company........ 16,625
------------
153,118
------------
Cosmetics - 1.9%
400 Alberto-Culver Company......... 10,175
300 Allou Health & Beauty
Care, Inc., Class A*......... 1,912
1,900 Avon Products, Inc............. 83,363
200 Balchem Corporation,
Class B...................... 1,425
100 Bush Boake Allen, Inc.*........ 2,606
1,800 Clorox Company................. 81,450
4,300 Colgate-Palmolive Company...... 230,050
200 Del Laboratories, Inc.......... 2,600
600 Dial Corporation............... 16,650
1,000 Estee Lauder Companies, Inc.,
Class A...................... 45,938
8,200 Gillette Company............... 382,325
700 International Flavors &
Fragrances, Inc.............. 28,525
1,100 Nu Skin Enterprises, Inc.*..... 11,756
700 Playtex Products, Inc.*........ 10,194
9,900 Proctor & Gamble Company....... 982,575
300 Revlon, Inc., Class A*......... 6,094
500 Styling Technology
Corporation*................. 5,500
100 SunStar Healthcare, Inc.*...... 500
100 Tristar Corporation*........... 569
------------
1,904,207
------------
Domestic Oil - 1.0%
800 Amerada Hess Corporation....... 49,650
400 Ashland, Inc................... 15,425
2,400 Atlantic Richfield Company..... 211,050
100 Cal Dive
International, Inc.*......... 3,762
300 Callon Petroleum Company*...... 3,562
200 Conoco, Inc., Class B.......... 5,375
100 CONSOL Energy, Inc............. 1,344
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Domestic Oil (continued)
100 Crystal Gas Storage, Inc....... $ 4,300
802 Devon Energy Corporation*...... 30,977
1,200 Diamond Offshore
Drilling, Inc................ 45,900
600 Getty Realty Corporation....... 8,437
2,000 Global Industries, Ltd.*....... 22,375
300 Gulf Island
Fabrication, Inc.*........... 3,862
100 GulfMark Offshore, Inc.*....... 1,875
159 Hallwood Energy Corporation*... 995
100 Holly Corporation.............. 1,412
200 Houston Exploration Company*... 4,250
100 HS Resources, Inc.*............ 1,712
773 Kerr-McGee Corporation......... 43,288
300 Leviathan Gas Pipeline
Partners, L.P................ 7,162
225 Midcoast Energy
Resources, Inc............... 3,966
200 Murphy Oil Corporation......... 10,150
900 National-Oilwell, Inc.*........ 15,300
600 Newfield Exploration
Company*..................... 18,225
200 Nuevo Energy Company*.......... 3,500
1,300 Pennzoil Company............... 18,038
1,900 Phillips Petroleum Company..... 96,900
1,500 Pioneer Natural Resources
Company...................... 17,063
700 Pogo Producing Company......... 14,613
500 Pool Energy Services Co.*...... 13,188
2,200 R&B Falcon Corporation*........ 28,325
700 Santa Fe Snyder Corporation*... 6,825
300 St. Mary Land & Exploration
Company...................... 7,950
300 Stone Energy Corporation*...... 15,975
700 Sunoco, Inc.................... 22,794
400 TEPPCO Partners, L.P........... 10,250
500 Tersoro Petroleum
Corporation*................. 9,031
1,000 Tosco Corporation.............. 25,500
700 TransMontaigne, Inc.*.......... 8,312
700 Transocean Offshore, Inc....... 23,800
600 Ultramar Diamond Shamrock
Corporation.................. 15,675
100 UniCapital Corporation*........ 369
500 UNIFAB International, Inc.*.... 4,312
</TABLE>
See Notes to Financial Statements.
43
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Domestic Oil (continued)
1,700 Union Pacific Resources
Group, Inc................... $ 30,494
1,800 Unocal Corporation............. 75,375
2,400 USX-Marathon Group............. 74,700
200 Vintage Petroleum, Inc......... 2,862
------------
1,040,205
------------
Drugs & Medicine - 10.2%
11,200 Abbott Laboratories............ 485,800
200 Accredo Health, Inc.*.......... 6,937
200 Advance Paradigm, Inc.*........ 10,600
1,000 Aetna, Inc..................... 77,750
300 Albany Molecular
Research, Inc.*.............. 9,375
400 Alkermes, Inc.*................ 14,850
100 Allergan Specialty
Therapeutics, Inc.,
Class A*..................... 1,225
500 Allergan, Inc.................. 49,938
300 Alpharma, Inc., Class A........ 10,163
840 ALZA Corporation*.............. 42,315
300 American Healthcorp, Inc.*..... 2,006
9,900 American Home Products
Corporation.................. 410,850
400 AmeriSource Health
Corporation*................. 10,325
3,800 Amgen, Inc.*................... 316,113
200 Andrx Corporation*............. 14,375
800 Anesta Corporation*............ 9,200
800 Apria Healthcare
Group, Inc.*................. 13,500
200 Arrow International............ 5,800
400 Aviron*........................ 11,225
800 Ballard Medical Products....... 19,600
500 Bard (C.R.), Inc............... 23,313
300 Barr Laboratories, Inc.*....... 10,350
400 Bausch & Lomb, Inc............. 26,425
2,100 Baxter International, Inc...... 140,831
300 Beckman Coulter, Inc........... 14,213
2,000 Becton, Dickinson & Company.... 56,250
700 Bergen Brunswig Corporation,
Class A...................... 10,806
400 Bindley Western
Industries, Inc.............. 6,700
1,200 Biogen, Inc.*.................. 92,100
600 Biomatrix, Inc.*............... 11,775
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Drugs & Medicine (continued)
800 Biomet, Inc.*.................. $ 28,600
200 BioTime, Inc.*................. 2,537
2,800 Boston Scientific
Corporation*................. 95,025
14,800 Bristol-Myers Squibb Company... 1,041,550
2,062 Cardinal Health, Inc........... 131,453
1,100 CareMatrix Corporation*........ 8,937
500 Carter-Wallace, Inc............ 8,937
400 Cell Pathways, Inc.*........... 4,000
400 Centennial HealthCare
Corporation*................. 1,600
700 Centocor, Inc.*................ 41,913
400 Cerus Corporation*............. 10,550
400 Chattem, Inc................... 9,650
200 ChiRex, Inc.*.................. 6,050
1,200 Chiron Corporation*............ 38,550
200 Collagen Aesthetics, Inc....... 3,250
4,100 Columbia /HCA Healthcare
Corporation.................. 100,963
800 Covance, Inc.*................. 12,850
800 Coventry Health Care, Inc.*.... 8,050
200 D & K Healthcare
Resources, Inc.*............. 4,550
100 DataTRAK
International, Inc.*......... 406
500 Daxor Corporation.............. 6,437
500 DENTSPLY
International, Inc........... 12,406
200 Dura Pharmaceuticals, Inc.*.... 2,662
400 EntreMed, Inc.*................ 8,350
700 Enzo Biochem, Inc.*............ 16,144
700 Forest Laboratories, Inc.*..... 33,950
900 Foundation Health
Systems, Inc., Class A*...... 11,475
300 GelTex
Pharmaceuticals, Inc.*....... 4,050
200 Genentech, Inc., Special Common
Stock*....................... 32,850
500 Genzyme Corporation (General
Division)*................... 28,219
89 Genzyme Surgical Products*..... 578
300 Gilead Sciences, Inc.*......... 23,381
2,200 Guidant Corporation............ 129,113
600 HCR Manor Care, Inc.*.......... 11,738
1,800 Health Management
Associates, Inc.,
Class A*..................... 14,400
</TABLE>
See Notes to Financial Statements.
44
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Drugs & Medicine (continued)
100 Healthcare
Recoveries, Inc.*............ $ 381
2,900 HEALTHSOUTH Corporation*....... 23,744
400 Henry Schein, Inc.*............ 6,825
400 Herbalife International, Inc.,
Class A...................... 4,800
300 HORIZON Pharmacies, Inc.*...... 1,275
200 Human Genome
Sciences, Inc.*.............. 13,613
800 Humana, Inc.*.................. 7,250
500 ICN Pharmaceuticals, Inc....... 10,375
200 IDEC Pharmaceuticals
Corporation*................. 25,413
1,200 Immunex Corporation*........... 80,775
500 Incyte
Pharmaceuticals, Inc.*....... 14,188
400 Invacare Corporation........... 7,475
300 Isis Pharmaceuticals, Inc.*.... 3,037
300 i-STAT Corporation*............ 3,187
600 IVAX Corporation............... 9,900
10,000 Johnson & Johnson.............. 1,022,500
600 K-V Pharmaceutical Company,
Class A*..................... 10,238
600 Laser Vision Centers, Inc.*.... 14,363
400 Ligand Pharmaceuticals, Inc.,
Class B*..................... 2,700
8,100 Lilly (Eli) & Company.......... 604,463
400 Mallinckrodt, Inc.............. 12,825
400 Maxxim Medical, Inc.*.......... 9,850
2,300 McKesson HBOC, Inc............. 71,588
100 MedicalControl, Inc.*.......... 800
350 Medicis Pharmaceutical
Corporation, Class A*........ 9,537
400 MedImmune, Inc.*............... 41,275
300 MedQuist, Inc.*................ 10,444
100 Medstone
International, Inc.*......... 662
4,434 Medtronic, Inc................. 346,961
17,500 Merck & Company, Inc........... 1,175,781
100 Mesa Laboratories, Inc.*....... 494
300 Millenium
Pharmaceuticals, Inc.*....... 17,681
200 Mine Safety Appliances
Company...................... 12,800
200 MiniMed, Inc.*................. 18,188
900 Mylan Laboratories, Inc........ 17,831
700 Myriad Genetics, Inc.*......... 8,225
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Drugs & Medicine (continued)
400 National Health
Realty, Inc.................. $ 3,825
200 NCS HealthCare, Inc.,
Class A*..................... 725
700 Northfield
Laboratories, Inc.*.......... 8,575
1,000 Ocular Sciences, Inc.*......... 16,438
1,300 Omnicare, Inc.................. 12,513
600 Organogenesis, Inc.*........... 4,800
100 OrthAlliance, Inc.,
Class A*..................... 631
800 Orthodontic Centers of
America, Inc.*............... 13,000
800 Owens & Minor, Inc............. 8,850
800 Oxford Health Plans, Inc.*..... 12,400
300 PacifiCare Health
Systems, Inc., Class B*...... 18,000
700 PAREXEL International
Corporation*................. 6,912
100 PathoGenesis Corporation*...... 1,750
300 Patterson Dental Company*...... 12,300
300 Pediatrix Medical
Group, Inc.*................. 4,481
28,800 Pfizer, Inc.................... 1,087,200
400 Pharmaceutical Marketing
Services, Inc.*.............. 8,100
300 Precept Business
Services, Inc., Class A*..... 1,125
500 Province Healthcare Company*... 7,875
900 PSS World Medical, Inc.*....... 8,044
400 Quest Diagnostics, Inc.*....... 10,575
779 Quintiles Transnational
Corporation*................. 27,898
600 Renal Care Group, Inc.*........ 11,475
400 Renex Corp.*................... 2,125
100 ResMed, Inc.*.................. 2,775
400 Roberts Pharmaceutical
Corporation*................. 10,725
600 Rochester Medical
Corporation*................. 6,000
500 SafeScience, Inc.*............. 10,563
200 SangStat Medical
Corporation*................. 4,125
11,100 Schering-Plough Corporation.... 583,444
200 Sepracor, Inc.*................ 14,975
100 SeraCare, Inc.*................ 500
400 Serologicals Corporation*...... 2,550
500 Sola International, Inc.*...... 7,937
</TABLE>
See Notes to Financial Statements.
45
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Drugs & Medicine (continued)
300 SonoSite, Inc.*................ $ 8,325
600 St. Jude Medical, Inc.......... 21,750
700 STERIS Corporation*............ 8,794
100 Stockwalk.com Group, Inc.*..... 1,100
600 Stryker Corporation............ 34,575
400 SUGEN, Inc.*................... 12,500
300 Sunrise Assited
Living, Inc.*................ 7,481
1,200 Sunrise Technologies
International, Inc.*......... 5,100
600 Sybron International
Corporation*................. 15,450
100 Synaptic Pharmaceutical
Corporation*................. 731
300 Syncor International
Corporation - Del*........... 10,800
2,300 Tenet Healthcare
Corporation*................. 40,106
800 Total Renal Care
Holdings, Inc.*.............. 6,450
300 Transkaryotic
Therapies, Inc.*............. 11,813
300 Triangle
Pharmaceuticals, Inc.*....... 5,512
500 Trigon Healthcare, Inc.*....... 18,156
300 U.S. Bioscience, Inc.*......... 3,469
1,400 United Healthcare
Corporation.................. 85,138
500 Universal Health
Services, Inc., Class B*..... 16,688
688 US Oncology, Inc.*............. 7,052
600 Ventana Medical
Systems, Inc.*............... 9,600
500 Vertex
Pharmaceuticals, Inc.*....... 13,875
500 Vical, Inc.*................... 6,687
6,289 Warner-Lambert Company......... 416,646
800 Watson
Pharmaceuticals, Inc.*....... 28,700
600 Wellpoint Health
Networks, Inc.*.............. 43,725
100 Zonagen, Inc.*................. 400
------------
10,205,162
------------
Electronics - 8.0%
400 Acxiom Corporation*............ 7,025
1,000 ADC
Telecommunications, Inc.*.... 37,063
200 ADE Corporation*............... 2,700
300 Adelphia Communications
Corporation, Class A*........ 18,600
600 Advanced Communication
Systems, Inc.*............... 7,687
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Electronics (continued)
1,300 Advanced Micro
Devices, Inc.*............... $ 26,894
700 Advanced Radio Telecom Corp.*.. 7,656
200 Aetrium, Inc.*................. 1,400
600 Align-Rite
International, Inc.*......... 8,325
100 Alpine Group, Inc.*............ 1,638
1,500 Altera Corporation*............ 63,188
500 American Access
Technologies, Inc.*.......... 3,562
1,800 American Power Conversion
Corporation*................. 31,613
100 American Technical Ceramics
Corp.*....................... 850
900 American Tower Corporation,
Class A...................... 20,475
600 American Xtal
Technology, Inc.*............ 14,925
1,400 Amkor Technology, Inc.*........ 24,675
300 Amphenol Corporation,
Class A*..................... 14,044
1,200 Analog Devices, Inc.*.......... 61,800
100 Anaren Microwave, Inc.*........ 2,687
900 Andrew Corporation*............ 15,750
400 Anixter
International, Inc.*......... 8,425
300 ANTEC Corporation*............. 13,669
2,800 Applied Materials, Inc.*....... 198,975
700 Arrow Electronics, Inc......... 13,913
200 Associated Group, Inc.,
Class A*..................... 11,225
200 AstroPower, Inc.*.............. 2,900
700 Atmel Corporation*............. 27,519
700 Avid Technology, Inc.*......... 8,837
300 Avnet, Inc..................... 13,275
300 AVT Corporation*............... 8,475
500 AVX Corporation................ 14,969
400 Aware, Inc.*................... 13,400
100 Barnett, Inc.*................. 825
200 BEI Technologies, Inc.......... 2,225
300 Broadcom Corporation,
Class A*..................... 38,625
100 Cable Design Technologies
Corporation*................. 2,106
1,300 Cadence Design
Systems, Inc.*............... 17,713
400 Candela Corporation*........... 5,600
300 CapRock Communications Corp.*.. 7,387
1,100 CIENA Corporation*............. 38,638
</TABLE>
See Notes to Financial Statements.
46
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Electronics (continued)
200 Cirrus Logic, Inc.*............ $ 2,237
600 CMGI, Inc.*.................... 50,363
400 Coherent, Inc.*................ 7,575
300 CommScope, Inc.*............... 10,331
300 Communications
Systems, Inc................. 3,656
1,200 Computer Network Technology
Corporation*................. 18,975
200 Concentric Network
Corporation*................. 4,387
400 Concord
Communications, Inc.*........ 14,763
700 Conexant Systems, Inc.*........ 50,313
400 CTS Corporation................ 19,050
200 Cubic Corporation.............. 4,800
1,000 Cypress Semiconductor
Corporation*................. 23,125
300 Dallas Semiconductor
Corporation.................. 15,150
1,700 Digital Microwave
Corporation*................. 23,269
300 DSP Communications, Inc.*...... 7,050
200 DSP Group, Inc.*............... 7,700
100 Ducommun, Inc.................. 1,200
200 DuPont Photomasks, Inc.*....... 10,725
1,200 e.spire
Communications, Inc.*........ 9,600
200 EchoStar Communications
Corporation, Class A*........ 16,725
300 EG&G, Inc...................... 9,544
200 Electro Rent Corporation*...... 2,425
500 Electronics Boutique Holdings
Corp.*....................... 11,250
400 Electronics For
Imaging, Inc.*............... 23,450
400 Enviromental Tectonics
Corporation*................. 4,275
200 Espey Mfg. & Electronics
Corp......................... 2,775
700 Etec Systems, Inc.*............ 30,800
500 Exar Corporation*.............. 18,250
300 Excel Switching Corporation*... 10,463
200 Gadzoox Networks, Inc.*........ 18,075
100 General Cable Corporation...... 1,450
1,300 General Instrument
Corporation*................. 63,944
700 Gentex Corporation*............ 13,388
300 Hadco Corporation*............. 12,469
200 Harman International
Industries, Inc.............. 8,500
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Electronics (continued)
300 Harmonic, Inc.*................ $ 37,800
400 Harris Corporation............. 10,500
363 Hearst-Argyle
Television, Inc.*............ 9,188
400 Hollywood Entertainment
Corporation*................. 5,425
100 Hungarian Telephone and Cable
Corp.*....................... 631
500 IMRglobal Corporation*......... 8,531
24,958 Intel Corporation.............. 2,051,236
350 International Network
Services*.................... 18,616
300 Invivo Corporation............. 4,200
500 ITT Industries, Inc............ 16,906
600 JDS Uniphase Corporation*...... 63,638
900 Kent Electronics
Corporation*................. 15,244
100 Kentek Information
Systems, Inc................. 800
600 KLA-Tencor Corporation*........ 37,688
100 Kulicke & Soffa
Industries, Inc.............. 2,056
300 L-3 Communications
Holdings, Inc.*.............. 11,906
400 Lam Research Corporation*...... 22,575
1,100 Linear Technology
Corporation.................. 69,231
200 Loronix Information
Systems, Inc.*............... 1,875
1,100 LSI Logic Corporation*......... 62,425
22,610 Lucent Technologies, Inc....... 1,448,453
300 Macromedia, Inc.*.............. 11,888
1,000 Maxim Integrated
Products, Inc.*.............. 67,313
700 Measurement
Specialties, Inc.*........... 11,638
400 Mestek, Inc.*.................. 8,400
1,100 Metromedia Fiber
Network, Inc., Class A*...... 32,381
500 MGC Communications, Inc.*...... 11,500
1,900 Micron Technology, Inc......... 141,669
100 MOCON, Inc..................... 644
1,000 Molex, Inc..................... 32,063
100 Moore Products Company......... 2,187
4,500 Motorola, Inc.................. 415,125
900 MRV Communications, Inc.*...... 16,594
1,400 National Semiconductor
Corporation*................. 39,463
400 NeoMagic Corporation*.......... 3,250
</TABLE>
See Notes to Financial Statements.
47
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Electronics (continued)
200 Network Solutions, Inc.,
Class A*..................... $ 11,525
2,300 Nextel Communications, Inc.,
Class A*..................... 132,969
500 Novoste Corporation*........... 10,969
300 Oak Industries, Inc............ 9,412
300 OEC Medical Systems, Inc.*..... 10,350
400 Omnipoint Corporation*......... 16,200
200 ParkerVision, Inc.*............ 5,537
650 PE Corp-Celera Genomics
Group*....................... 18,688
700 PE Corp-PE Biosystems Group.... 48,169
800 Pericom Semiconductor
Corporation*................. 12,800
200 Plantronics, Inc.*............. 10,125
160 Plexus Corp.*.................. 4,760
300 Power Integrations, Inc.*...... 20,381
300 Power-One, Inc.*............... 7,931
100 Powerwave
Technologies, Inc.*.......... 4,244
400 PRI Automation, Inc.*.......... 11,450
1,100 QUALCOMM, Inc.*................ 211,406
200 Rambus, Inc.*.................. 19,400
800 Rational Software
Corporation*................. 21,650
500 Rayovac Corporation............ 11,750
100 Reliability, Inc.*............. 375
600 RF Micro Devices, Inc.*........ 26,363
500 SCI Systems, Inc.*............. 24,906
500 Scientific-Atlanta, Inc........ 25,625
100 SMTEK International, Inc.*..... 550
600 Snyder Communications, Inc..... 12,225
2,000 Solectron Corporation*......... 156,500
125 Superior TeleCom, Inc.......... 3,289
850 Symbol Technologies, Inc....... 29,591
600 Tektronix, Inc................. 19,950
2,900 Tellabs, Inc.*................. 172,731
600 Teradyne, Inc.*................ 40,838
400 Terayon Communication
Systems, Inc.*............... 14,400
5,800 Texas Instruments, Inc......... 475,963
800 Thermo Electron Corporation*... 12,700
300 ThermoQuest Corporation*....... 3,112
400 Thomas & Betts Corporation..... 18,000
250 TranSwitch Corporation*........ 12,422
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Electronics (continued)
300 TriQuint
Semiconductor, Inc.*......... $ 15,863
300 Unitil Corporation............. 7,800
500 Unitrode Corporation*.......... 20,438
700 Univision
Communications, Inc.,
Class A*..................... 51,625
800 Varian Medical
Systems, Inc................. 17,300
675 Vishay
Intertechnology, Inc.*....... 14,470
600 VISX, Inc.*.................... 54,300
400 Waters Corporation*............ 26,375
300 Watkins-Johnson Company........ 9,937
200 Western Digital Corporation*... 1,225
500 Western Wireless
Corporation*................. 19,344
1,100 Xilinx, Inc.*.................. 76,931
500 Zoran Corporation*............. 16,625
------------
8,027,838
------------
Energy & Utilities - 3.3%
1,400 AES Corporation*............... 84,963
600 AGL Resources, Inc............. 10,838
800 Allegheny Energy, Inc.......... 27,000
400 Alliant Energy Corporation..... 11,575
900 Ameren Corporation............. 36,056
1,600 American Electric Power
Company, Inc................. 58,100
500 American Water Works
Company, Inc................. 14,563
300 Aquarion Company............... 10,800
200 Artesian Resources Corporation,
Class A...................... 5,025
400 Atmos Energy Corporation....... 10,025
600 Avista Corporation............. 10,350
700 Azurix Corp.*.................. 12,994
300 Bangor Hydro-Electric
Company*..................... 4,931
400 BEC Energy..................... 16,950
300 California Water Services
Company...................... 8,962
200 Calpine Corporation*........... 18,125
1,441 Carolina Power & Light
Company...................... 52,416
500 Cascade Natural Gas
Corporation.................. 9,156
1,700 Central & South West
Corporation.................. 38,463
200 Central Hudson Gas & Electric
Corporation.................. 8,450
</TABLE>
See Notes to Financial Statements.
48
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Energy & Utilities (continued)
1,200 Cinergy Corporation............ $ 36,450
2,000 Citizens Utilities Company..... 22,000
300 Cleco Corporation.............. 9,975
400 CMP Group, Inc................. 10,625
800 CMS Energy Corporation......... 31,650
1,700 Coastal Corporation............ 73,631
300 Colonial Gas Company........... 11,288
600 Columbia Energy Group.......... 35,438
700 Conectiv, Inc.................. 15,006
200 Connecticut Water
Service, Inc................. 5,900
1,700 Consolidated Edison Company New
York, Inc.................... 74,800
800 Consolidated Natural Gas
Company...................... 50,950
1,000 Constellation Energy
Group, Inc................... 29,625
1,500 Dominion Resources, Inc./VA.... 69,375
1,500 DPL, Inc....................... 28,406
400 DQE, Inc....................... 15,475
1,000 DTE Energy Company............. 39,438
2,700 Duke Energy Corporation........ 155,250
1,100 Dynegy, Inc.................... 25,850
2,600 Edison International........... 65,975
800 El Paso Energy Corporation..... 29,250
200 Empire District Electric
Company...................... 5,100
700 Energy East Corporation........ 17,500
200 EnergySouth, Inc............... 4,025
5,200 Enron Corporation.............. 217,750
1,600 Entergy Corporation............ 47,700
300 Equitable Resources, Inc....... 11,025
200 E'Town Corporation............. 10,150
1,800 FirstEnergy Corporation........ 51,413
700 Florida Progress Corporation... 32,813
1,300 FPL Group, Inc................. 70,200
800 GPU, Inc....................... 27,300
300 Hawaiian Electric
Industries, Inc.............. 10,669
300 IDACORP, Inc................... 9,394
300 Illinova Corporation........... 9,562
400 Indiana Energy, Inc............ 8,475
500 IPALCO Enterprises, Inc........ 10,469
600 K N Energy, Inc................ 12,225
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Energy & Utilities (continued)
400 Kansas City Power & Light
Company...................... $ 9,625
1,000 KeySpan Corporation............ 29,500
1,300 LG&E Energy Corporation........ 29,900
400 Madison Gas & Electric
Company...................... 7,900
500 MCN Energy Group, Inc.......... 8,937
400 MDU Resources Group, Inc....... 9,400
500 MidAmerican Energy Holdings
Company...................... 14,313
200 Middlesex Water Company........ 6,000
800 Minnesota Power, Inc........... 14,250
800 Montana Power Company.......... 24,750
200 National Fuel Gas Company...... 9,412
200 National Wireless
Holdings, Inc.*.............. 3,100
800 New Century Energies, Inc...... 28,900
400 New England ElectricSystem..... 20,875
300 New Jersey Resources
Corporation.................. 11,625
1,200 Niagara Mohawk Power
Corporation.................. 18,150
300 NICOR, Inc..................... 11,606
900 NiSource, Inc.................. 21,375
1,000 Northeast Utilities............ 17,563
1,000 Northern States Power.......... 23,563
400 Northwest Natural Gas Company.. 10,000
100 NorthWestern Corporation....... 2,475
200 NUI Corporation................ 5,125
1,300 Ocean Energy, Inc.*............ 13,163
400 OGE Energy Corporation......... 9,400
2,600 PacifiCorp..................... 53,138
1,300 PECO Energy Company............ 52,813
300 Peoples Energy Corporation..... 10,931
2,700 PG & E Corporation............. 81,844
443 Philadelphia Suburban
Corporation.................. 10,272
300 Piedmont Natural Gas Company... 10,069
600 Pinnacle West Capital
Corporation.................. 22,800
1,100 Potomac Electric Power
Company...................... 29,150
1,000 PP & L Resources, Inc.......... 28,000
200 Providence Energy
Corporation.................. 5,450
1,100 Public Service Company of New
Mexico....................... 20,694
</TABLE>
See Notes to Financial Statements.
49
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Energy & Utilities (continued)
200 Public Service Company of North
Carolina, Inc................ $ 6,100
1,700 Public Service Entreprise
Group, Inc................... 69,700
400 Puget Sound Energy, Inc........ 9,475
600 Questar Corporation............ 11,325
2,000 Reliant Energy, Inc............ 55,375
1,500 Republic Services, Inc.,
Class A*..................... 16,313
600 SCANA Corporation.............. 15,000
1,500 Sempra Energy.................. 33,469
300 SIGCORP, Inc................... 8,044
100 SJW Corp....................... 8,587
700 Sonat, Inc..................... 25,288
5,400 Southern Company............... 146,138
420 Southern Union Company*........ 8,794
400 St. Joseph Light & Power
Company...................... 8,325
300 Streicher Mobile
Fueling, Inc.*............... 2,362
800 TECO Energy, Inc............... 16,800
2,200 Texas Utilities Company........ 88,963
400 UGI Corporation................ 9,175
1,700 Unicom Corporation............. 65,663
800 UniSource Energy
Corporation*................. 9,550
200 United Illuminating Company.... 10,000
450 UtiliCorp United, Inc.......... 10,434
400 Valley Resources, Inc.......... 5,350
400 Veritas DGC, Inc.*............. 7,150
400 Washington Gas Light Company... 10,675
100 Waste Connections, Inc.*....... 2,156
500 Western Resources, Inc......... 11,938
100 WICOR, Inc..................... 2,925
3,100 Williams Companies, Inc........ 127,875
800 Wisconsin Energy Corporation... 19,550
------------
3,350,436
------------
Energy - Raw Materials - 1.2%
900 Anadarko Petroleum
Corporation.................. 30,600
800 Apache Corporation............. 36,400
100 APCO Argentina, Inc............ 1,900
300 Atwood Oceanics, Inc.*......... 9,450
2,400 Baker Hughes, Inc.............. 81,600
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Energy - Raw Materials (continued)
100 Barnwell Industries, Inc....... $ 1,187
400 Barrett Resources
Corporation*................. 14,425
300 Basin Exploration, Inc.*....... 6,825
500 BJ Services Company*........... 17,125
400 Buckeye Partners, L.P.......... 11,000
1,300 Burlington Resources, Inc...... 54,356
200 Cabot Oil & Gas Corporation,
Class A...................... 3,812
300 Cooper Cameron Corporation*.... 12,488
400 Dawson Geophysical Company*.... 3,900
300 Eastern Enterprises............ 13,481
1,000 Enron Oil & Gas Company........ 23,875
800 ENSCO International, Inc....... 17,050
200 Fall River Gas Company......... 4,050
700 Friede Goldman
International, Inc.*......... 8,575
1,100 Global Marine, Inc.*........... 19,525
100 Greka Energy Corporation*...... 1,250
3,200 Halliburton Company............ 148,400
500 Helmerich & Payne, Inc......... 13,781
400 Kirby Corporation.............. 8,000
500 Louis Dreyfus Natural Gas
Corp.*....................... 10,938
400 McDermott
International, Inc........... 9,025
400 Mitchell Energy & Development
Corporation, Class A......... 8,150
900 Nabors Industries, Inc.*....... 24,300
500 NL Industries, Inc............. 6,031
700 Noble Affiliates, Inc.......... 21,700
1,100 Noble Drilling Corporation*.... 27,088
2,700 Occidental Petroleum
Corporation.................. 58,556
200 Penn Virginia Corporation...... 4,362
500 Plains All American Pipeline,
L.P.......................... 9,562
900 Rowan Companies, Inc.*......... 16,763
4,000 Schlumberger, Ltd.............. 267,000
300 Smith International, Inc.*..... 14,006
300 Tidewater, Inc................. 9,750
1,000 USEC, Inc...................... 10,813
1,200 Valero Energy Corporation...... 25,500
1,500 Varco International, Inc....... 18,563
700 Vastar Resources, Inc.......... 46,638
600 Weatherford
International, Inc.*......... 21,375
</TABLE>
See Notes to Financial Statements.
50
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Energy - Raw Materials (continued)
400 Western Gas Resources, Inc..... $ 6,825
------------
1,160,000
------------
Food & Agriculture - 3.3%
300 Agribrands
International, Inc.*......... 14,588
600 Andersons, Inc................. 6,262
4,305 Archer Daniels................. 55,965
500 Aurora Foods, Inc.*............ 8,437
2,100 Bestfoods...................... 103,163
700 Bob Evans Farms, Inc........... 14,263
400 Brio Technology, Inc.*......... 5,650
3,200 Campbell Soup Company.......... 141,400
400 Chiquita Brands
International, Inc........... 2,650
18,400 Coca-Cola Company.............. 1,100,550
3,300 Coca-Cola Enterprises, Inc..... 93,844
3,700 ConAgra, Inc................... 90,650
300 Dean Foods Company............. 12,075
600 Del Monte Foods Company*....... 9,075
700 Delta & Pine Land Company...... 19,819
200 Dole Food Company, Inc......... 5,037
200 Dreyer's Grand Ice
Cream, Inc................... 3,400
1,200 Flowers Industries, Inc........ 18,975
100 Fresh America Corporation*..... 1,006
300 Gehl Company................... 6,056
1,100 General Mills, Inc............. 92,125
100 Griffin Land &
Nurseries, Inc.*............. 1,125
200 Group 1 Software, Inc.*........ 1,800
2,600 Heinz (H.J.) Company........... 121,388
1,100 Hershey Foods Corporation...... 58,919
500 Hormel Foods Corporation....... 20,125
400 IBP, Inc....................... 9,175
900 IMC Global, Inc................ 14,344
500 International Home
Foods, Inc.*................. 10,000
600 Interstate Bakeries
Corporation.................. 14,363
600 Keebler Foods Company*......... 17,888
2,900 Kellogg Company................ 103,131
500 Marsh Supermarkets, Inc.,
Class B...................... 6,500
100 Maui Land & Pineapple
Company, Inc................. 2,000
400 McCormick & Company, Inc., Non
Voting Shares................ 12,800
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Food & Agriculture (continued)
200 Mississippi Chemical
Corporation.................. $ 1,512
300 Nabisco Holdings Corporation,
Class A...................... 11,794
100 Neogen Corporation*............ 669
100 Odwalla, Inc.*................. 719
1,100 Pepsi Bottling Group, Inc...... 20,831
11,100 PepsiCo, Inc................... 378,788
150 Pilgrim's Pride Corporation,
Class A...................... 1,219
500 Pilgrim's Pride Corporation,
Class B...................... 5,312
1,700 Pioneer Hi-Bred
International, Inc........... 66,513
1,000 Quaker Oats Company............ 66,813
400 Ralcorp Holdings, Inc.*........ 6,550
2,300 Ralston-Ralston Purina Group... 63,250
1,600 Rexall Sundown, Inc.*.......... 20,000
1,000 Richfood Holdings, Inc......... 18,313
500 Sanderson Farms, Inc........... 5,312
6,600 Sara Lee Corporation........... 146,438
400 Schultz Sav-O Stores, Inc...... 6,500
500 Scotts Company (The),
Class A*..................... 19,844
100 Seneca Foods Corporation,
Class A*..................... 1,284
300 Smithfield Foods, Inc.*........ 8,813
400 Smucker (J.M.) Company,
Class A...................... 9,200
300 Suiza Foods Corporation*....... 9,562
900 SUPERVALU, INC................. 20,250
2,500 Sysco Corporation.............. 81,563
300 Tasty Baking Company........... 3,562
303 Tootsie Roll
Industries, Inc.............. 10,359
1,500 Tyson Foods, Inc., Class A..... 24,094
400 Universal Foods Corporation.... 8,450
200 Veterinary Centers of
America, Inc.*............... 2,225
400 Village Super Market, Inc.,
Class A*..................... 5,100
700 Whitman Corporation............ 11,681
200 Whole Foods Market, Inc.*...... 7,187
300 Wild Oats Markets, Inc.*....... 10,913
</TABLE>
See Notes to Financial Statements.
51
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Food & Agriculture (continued)
900 Wrigley (Wm.) Jr. Company...... $ 70,481
------------
3,323,649
------------
Gold - 0.1%
1,800 Homestake Mining Company....... 15,300
1,400 Newmont Mining Corporation..... 28,613
------------
43,913
------------
Insurance - 3.3%
500 20th Century Industries........ 9,375
2,000 AFLAC, Inc..................... 89,875
500 Alfa Corporation............... 8,469
100 Alleghany Corporation.......... 18,075
500 Allmerica Financial
Corporation.................. 28,250
6,100 Allstate Corporation........... 200,156
500 Ambac Financial Group, Inc..... 26,406
300 American Financial
Group, Inc................... 8,850
1,900 American General Corporation... 134,900
300 American Heritage Life
Investment Corporation....... 9,412
11,550 American International
Group, Inc................... 1,070,541
200 American National Insurance
Company...................... 14,000
400 AmerUs Life Holdings, Inc.*.... 9,650
1,800 Aon Corporation................ 60,075
300 Argonaut Group, Inc............ 7,575
300 ARM Financial Group, Inc.,
Class A...................... 75
400 Berkley (W.R.) Corporation..... 9,100
100 Capitol Transamerica
Corporation.................. 1,400
1,300 Chubb Corporation.............. 74,344
1,600 CIGNA Corporation.............. 143,700
1,200 Cincinnati Financial
Corporation.................. 47,550
1,200 CNA Financial Corporation*..... 43,650
200 Commerce Group, Inc............ 4,450
2,300 Conseco, Inc................... 55,200
600 Crawford & Company, Class B.... 7,462
304 Delphi Financial Group, Inc.,
Class A*..................... 10,792
200 E. W. Blanch Holdings, Inc..... 13,250
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Insurance (continued)
500 Enhance Financial Services
Group, Inc................... $ 10,250
1,600 Equitable Companies, Inc....... 98,800
400 Erie Indemnity Company,
Class A...................... 10,800
400 Everest Reinsurance
Holdings, Inc................ 11,100
400 FBL Financial Group, Inc.,
Class A...................... 7,925
667 First American Financial
Corporation.................. 9,922
200 First United Corporation....... 3,075
800 Fremont General Corporation.... 7,950
400 Guarantee Life
Companies, Inc............... 10,050
1,600 Hartford Financial Services
Group, Inc................... 72,700
300 Hartford Life, Inc.,
Class A...................... 13,031
500 HCC Insurance
Holdings, Inc................ 7,312
300 Horace Mann Educators
Corporation.................. 9,037
300 HSB Group, Inc................. 11,156
600 I.C.H. Corporation*............ 8,062
100 Insurance Management Solutions
Group, Inc.*................. 612
700 Jefferson-Pilot Corporation.... 46,725
105 LifePoint Hospitals, Inc.*..... 722
1,500 Lincoln National Corporation... 70,313
800 Loews Corporation.............. 62,800
1,900 Marsh & McLennan
Companies, Inc............... 138,344
800 MBIA, Inc...................... 41,500
300 Medical Assurance, Inc.*....... 7,537
200 Merchants Group, Inc........... 4,650
300 Mercury General Corporation.... 9,075
800 MGIC Investment Corporation.... 34,750
300 MMI Companies, Inc............. 3,994
300 MONY Group, Inc.*.............. 8,400
200 Nationwide Financial
Services, Inc., Class A...... 7,300
800 Ohio Casualty Company.......... 12,300
600 Old Republic International
Corporation.................. 9,300
300 Orion Capital Corporation...... 14,475
</TABLE>
See Notes to Financial Statements.
52
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Insurance (continued)
400 Penn Treaty American
Corporation*................. $ 9,450
200 Penn-America Group, Inc........ 1,875
500 Progressive Corporation of
Ohio......................... 51,000
400 Protective Life Corporation.... 11,900
600 Provident American
Corporation*................. 10,500
400 PXRE Corporation............... 6,775
300 Reinsurance Group of
America, Inc................. 9,600
1,200 Reliance Group
Holdings, Inc................ 5,700
600 ReliaStar Financial
Corporation.................. 27,038
200 Risk Capital
Holdings, Inc.*.............. 3,000
300 RLI Corporation................ 10,069
1,000 SAFECO Corporation............. 35,625
300 SCPIE Holdings, Inc............ 9,094
1,900 St. Paul Companies, Inc........ 60,919
300 Superior National Insurance
Group, Inc.*................. 4,444
300 The PMI Group, Inc............. 12,750
900 Torchmark Corporation.......... 25,650
200 Transatlantic
Holdings, Inc................ 14,425
400 Travelers Property Casualty
Corporation, Class A......... 14,200
300 Trenwick Group, Inc............ 6,581
1,005 Triad Hospitals, Inc.*......... 11,243
400 UICI*.......................... 10,525
100 United Fire & Casualty
Company...................... 2,306
500 Unitrin, Inc................... 17,969
1,757 UnumProvident Corporation...... 63,362
------------
3,306,549
------------
International Oil - 2.7%
4,900 Chevron Corporation............ 452,025
18,100 Exxon Corporation.............. 1,427,638
5,800 Mobil Corporation.............. 593,775
700 Santa Fe International
Corporation.................. 18,463
4,000 Texaco, Inc.................... 254,000
------------
2,745,901
------------
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Liquor - 0.3%
3,600 Anheuser-Busch
Companies, Inc............... $ 277,200
400 Beringer Wine Estates
Holdings, Inc.*.............. 16,650
400 Brown-Forman Corporation,
Class B...................... 23,500
200 Coors (Adolph) Company,
Class B...................... 11,413
100 Genesee Corporation,
Class B...................... 2,500
100 Robert Mondavi Corporation,
Class A*..................... 3,456
------------
334,719
------------
Media - 3.6%
600 Ackerley Group, Inc............ 9,150
300 AMC Entertainment, Inc......... 4,200
1,898 AMFM, Inc.*.................... 93,477
400 Banta Corporation.............. 9,400
600 Belo (A.H.) Corporation,
Series A..................... 11,363
200 BHC Communications, Inc.,
Class A*..................... 26,300
800 Cablevision Systems
Corporation, Class A*........ 56,000
700 Carmike Cinemas, Inc.,
Class A*..................... 9,450
5,400 CBS Corporation*............... 253,800
400 Central Newspapers, Inc.,
Class A...................... 16,925
500 Century Communications
Corporation, Class A*........ 23,313
303 Chris-Craft
Industries, Inc.*............ 15,339
300 Citadel Communications
Corporation*................. 11,138
2,431 Clear Channel
Communications, Inc.*........ 170,322
400 CNET, Inc.*.................... 15,025
5,400 Comcast Corporation, Special
Class A...................... 176,175
3,938 Cox Communications, Inc.,
Class A*..................... 146,444
800 Crown Castle International
Corporation*................. 12,100
200 Cumulus Media, Inc.,
Class A*..................... 5,575
100 Cunningham Graphics
International, Inc.*......... 1,475
</TABLE>
See Notes to Financial Statements.
53
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Media (continued)
500 Cymer, Inc.*................... $ 17,469
15,400 Disney (Walt) Company.......... 427,350
900 Donnelley (R.R.) & Sons
Company...................... 28,238
600 Dow Jones & Company, Inc....... 30,150
300 Emmis Communications
Corporation, Class A*........ 16,950
200 Express Scripts, Inc.,
Class A*..................... 13,475
900 Fox Entertainment Group, Inc.,
Class A*..................... 20,756
2,100 Gannet Company, Inc............ 142,669
500 Harte-Hanks, Inc............... 11,219
300 Hispanic Broadcasting
Corporation*................. 22,425
900 Hollingher
International, Inc........... 9,675
300 Houghton Mifflin Company....... 14,325
400 IDG Books Worldwide, Inc.,
Class A*..................... 6,875
1,400 Infinity Broadcasting
Corporation, Class A*........ 37,888
400 IXC Communications, Inc.*...... 14,050
200 Jones Intercable, Inc.,
Class A*..................... 8,775
500 Journal Register Company*...... 7,687
700 King World
Productions, Inc.*........... 26,688
700 Knight-Ridder, Inc............. 37,756
300 Lee Enterprises, Inc........... 8,606
800 Loews Cineplex Entertainment
Corporation*................. 6,350
400 Market Guide, Inc.*............ 6,600
200 Maxwell Technologies, Inc...... 4,425
300 McClatchy Company, Class A..... 10,369
1,500 McGraw-Hill Companies, Inc..... 77,531
200 Media General, Inc.,
Class A...................... 9,800
200 Medialink Worldwide*........... 2,925
4,500 MediaOne Group, Inc.*.......... 295,875
300 Meredith Corporation........... 10,406
900 Metro-Goldwyn-Mayer, Inc.*..... 18,000
1,300 New York Times Company,
Class A...................... 50,781
200 NewsEdge Corporation*.......... 1,525
700 OnHealth Network Company*...... 4,725
1,200 Outdoor Systems, Inc.*......... 38,775
300 PanAmSat Corporation*.......... 11,081
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Media (continued)
500 Playboy Enterprises, Inc.,
Class B*..................... $ 10,531
262 Price Communications
Corporation*................. 5,387
600 PRIMEDIA, Inc.*................ 8,287
300 Quipp, Inc..................... 4,462
700 Reader's Digest
Association, Inc.,
Class A...................... 21,875
500 Scripps Company (E.W.),
Class A...................... 24,000
900 Sinclair Broadcast
Group, Inc., Class A*........ 14,625
800 Source Information Management
Company*..................... 11,100
100 Tag-It Pacific, Inc.*.......... 512
8,800 Time Warner, Inc............... 521,950
500 Times Mirror Company,
Class A...................... 28,875
900 Tribune Company................ 83,981
400 TV Guide, Inc.*................ 11,100
900 USA Networks, Inc.*............ 40,388
450 Valassis
Communications, Inc.*........ 19,688
900 ValueVision
International, Inc.,
Class A*..................... 21,488
5,200 Viacom, Inc., Class B
Non-Voting Shares*........... 218,725
100 Washington Post Company,
Class B...................... 53,900
300 Westwood One, Inc.............. 11,513
500 Wiley (John) & Sons, Inc.,
Class A...................... 8,125
200 Xiox Corporation*.............. 4,475
600 Ziff-Davis, Inc.*.............. 9,262
------------
3,653,414
------------
Miscellaneous Finance - 6.7%
110 1st Source Corporation......... 3,245
100 Acadiana Bancshares, Inc....... 1,862
300 Affilliated Managers
Group, Inc.*................. 8,006
300 Airlease, Ltd.................. 3,487
100 Alexandria Real Estate
Equities, Inc................ 2,931
1,100 Alliance Capital Management,
L.P.......................... 28,669
500 Allied Capital Corporation..... 11,297
600 AMB Property Corporation....... 12,900
400 AMCORE Financial, Inc.......... 8,750
</TABLE>
See Notes to Financial Statements.
54
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Miscellaneous Finance (continued)
200 American Bank of Connecticut... $ 4,625
3,400 American Express Company....... 467,500
100 American Industrial Properties
REIT......................... 1,119
300 American Real Estate Investment
Corporation.................. 4,350
600 AmeriCredit Corporation*....... 7,687
1,000 Ameritrade Holding Corporation,
Class A*..................... 20,375
400 Amli Residential Properties
Trust........................ 8,300
100 AMRESCO Capital Trust, Inc..... 937
572 Apartment Investment &
Management Company,
Class A...................... 23,452
1,200 Archstone Communities Trust.... 25,650
400 Arden Realty, Inc.............. 9,325
100 ASB Financial Corporation...... 1,144
5,500 Associates First Capital
Corporation, Class A......... 188,719
500 Astoria Financial
Corporation.................. 16,438
300 Avalonbay Communities, Inc..... 10,575
500 Banco Santander Puerto Rico.... 8,531
500 Bay View Capital Corporation... 8,156
1,005 Bear Stearns
Companies, Inc............... 41,833
500 Bedford Property
Investors, Inc............... 8,875
348 Berkshire Hathaway, Inc.,
Class B*..................... 697,044
200 Bisys Group, Inc.*............. 9,500
500 Brandywine Realty Trust........ 8,969
400 BRE Properties, Inc............ 10,100
400 BT Financial Corporation....... 9,400
600 Building One Services
Corporation*................. 7,800
300 Cadiz, Inc.*................... 3,000
1,100 C.I.T. Group, Inc., Class A.... 26,194
300 Camden Property Trust.......... 8,325
1,400 Capital One Financial
Corporation.................. 52,850
500 CarrAmerica Realty
Corporation.................. 11,500
900 Cash America
International, Inc........... 6,469
300 Cathay Bancorp, Inc............ 11,963
300 CBL & Associates
Properties, Inc.............. 7,462
100 CCF Holding Company............ 1,744
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Miscellaneous Finance (continued)
300 CenterPoint Properties
Corporation.................. $ 10,069
1,200 Charter One Financial, Inc..... 28,088
25,150 Citigroup, Inc................. 1,117,603
300 Citizens First Financial
Corp......................... 4,369
200 Classic Bancshares, Inc........ 2,881
700 Cohoes Bancorp, Inc............ 8,706
600 Colonial Properties Trust...... 16,313
200 Columbia Financial of
Kentucky, Inc................ 2,700
500 Commercial Federal
Corporation.................. 11,625
200 Continental Mortgage & Equity
Trust........................ 2,962
1,100 Countrywide Credit
Industries, Inc.............. 35,338
300 Cousins Properties, Inc........ 10,763
900 Crescent Real Estate Equities
Company...................... 18,675
100 CVB Financial Corporation...... 2,600
845 Dime Bancorp, Inc.............. 15,527
1,100 Donaldson, Lufkin &
Jenrette, Inc................ 52,594
300 Downey Financial Corporation... 6,375
1,800 E*TRADE Group, Inc.*........... 45,000
300 Eaton Vance Corporation........ 9,150
500 Edwards (A.G.), Inc............ 12,563
1,700 Equity Office Properties
Trust........................ 43,456
800 Equity Residential Properties
Trust........................ 35,200
7,600 Fannie Mae..................... 472,150
300 Farm Family Holdings, Inc.*.... 11,963
5,300 Federal Home Loan Mortgage
Corporation.................. 272,950
500 Federated Investors, Inc.,
Class B...................... 9,187
200 FFD Financial Corporation...... 2,650
400 Financial Federal
Corporation*................. 7,525
200 Financial Security Assurance
Holdings, Ltd................ 10,013
600 FINOVA Group, Inc.............. 22,800
264 First Federal
Bankshares, Inc.............. 2,656
100 First Financial
Corporation/Indiana.......... 3,700
300 First Northern Capital
Corporation.................. 3,600
600 First Sierra
Financial, Inc.*............. 6,600
400 First Washington Realty
Trust, Inc................... 8,825
</TABLE>
See Notes to Financial Statements.
55
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Miscellaneous Finance (continued)
100 FirstCity Financial
Corporation*................. $ 150
300 Flagstar Bancorp, Inc.......... 5,925
100 Flushing Financial
Corporation.................. 1,662
200 Fort Thomas Financial
Corporation.................. 2,500
1,900 Franklin Resources, Inc........ 68,281
500 Freedom Securities
Corporation.................. 7,031
200 G&L Realty Corporation......... 2,075
500 Gables Residential Trust....... 11,969
420 Glacier Bancorp, Inc........... 8,610
100 Glenborough Realty
Trust, Inc................... 1,731
1,000 Golden State Bancorp, Inc.*.... 20,063
400 Golden West Financial
Corporation.................. 36,325
400 Golf Trust of America, Inc..... 7,725
200 Grove Property Trust........... 2,700
400 GS Financial Corporation....... 4,400
100 Guaranty Financial
Corporation.................. 1,087
400 Health Care REIT, Inc.......... 8,050
318 Heller Financial, Inc.......... 7,274
300 Henry (Jack) & Associates...... 9,750
200 HF Financial Corporation....... 2,625
500 Highwoods Properties, Inc...... 12,406
100 HMN Financial, Inc............. 1,331
100 Home Bancorp................... 2,750
600 Hospitality Properties Trust... 16,125
3,500 Household
International, Inc........... 132,125
700 HRPT Properties Trust.......... 9,713
700 IndyMac Mortgage
Holdings, Inc................ 9,406
600 Innkeepers USA Trust........... 5,437
250 International Bancshares
Corporation.................. 11,031
400 InterWest Bancorp, Inc......... 8,800
259 Investment Technology
Group, Inc.*................. 7,058
200 Investors Title Company........ 3,400
300 ITLA Capital Corporation*...... 4,725
100 Jacksonville Bancorp, Inc...... 1,619
100 James River
Bankshares, Inc.............. 1,512
400 Jefferies Group, Inc........... 9,900
300 John Nuveen Company,
Class A...................... 11,719
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Miscellaneous Finance (continued)
400 JP Realty, Inc................. $ 7,750
300 Kimco Realty Corporation....... 11,175
100 Klamath First Bancorp, Inc..... 1,394
800 Knight/Trimark Group, Inc.,
Class A*..................... 26,200
300 LabOne, Inc.................... 2,962
400 Legg Mason, Inc................ 15,275
900 Lehman Brothers
Holdings, Inc................ 48,375
400 Leucadia National
Corporation.................. 8,475
600 Lexford Residential Trust...... 12,038
300 Liberty Financial
Companies, Inc............... 7,725
500 Liberty Property Trust......... 12,250
200 Life USA Holding, Inc.......... 4,112
600 LTC Properties, Inc............ 6,675
300 M.D.C. Holdings, Inc........... 5,644
600 Mack-Cali Realty Corporation... 17,025
300 Mahaska Investment Company..... 4,481
800 Mail-Well, Inc.*............... 11,400
400 Manufactured Home
Communities, Inc............. 9,750
200 Matrix Bancorp, Inc.*.......... 2,500
6,200 MBNA Corporation............... 153,063
300 MECH Financial, Inc............ 11,025
900 Meditrust Corporation - Paired
Stock........................ 8,044
400 MeriStar Hospitality
Corporation.................. 6,750
300 Merit Holding Corporation...... 6,919
2,700 Merrill Lynch &
Company, Inc................. 201,488
100 Midas, Inc..................... 2,362
200 Mississippi Valley
Bancshares, Inc.............. 6,200
100 Morgan Keegan, Inc............. 1,694
4,400 Morgan Stanley Dean Witter &
Company...................... 377,575
100 MSB Financial, Inc............. 1,100
300 National Discount Brokers
Group, Inc.*................. 7,500
200 National Golf
Properties, Inc.............. 4,475
100 National Health
Investors, Inc............... 1,775
300 New Century Financial
Corporation*................. 5,062
600 New Plan Excel Realty Trust.... 11,363
</TABLE>
See Notes to Financial Statements.
56
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Miscellaneous Finance (continued)
400 Northrim Bank.................. $ 4,175
400 NVEST, L.P..................... 8,975
100 Oregon Trail Financial Corp.... 1,187
300 Pacific Capital Bancorp........ 9,225
1,100 Paine Webber Group, Inc........ 43,175
300 Parkway Properties, Inc........ 9,900
200 Penford Corporation............ 2,950
300 Peoples Holding Company........ 8,100
200 Philips International Realty
Corp......................... 3,100
200 PHS Bancorp, Inc............... 2,050
300 PIMCO Advisors Holdings,
L.P.......................... 10,575
200 PMC Commercial Trust, SBI...... 2,687
600 Point West Capital
Corporation*................. 3,075
1,000 Price (T. Rowe)
Associates, Inc.............. 30,938
1,600 Prison Realty Corporation...... 20,900
910 ProLogis Trust................. 17,859
1,100 Providian Financial
Corporation.................. 85,388
200 PS Financial, Inc.............. 2,225
686 Public Storage, Inc............ 17,836
110 PVF Capital Corp............... 1,526
313 Radian Group, Inc.............. 14,496
400 Raymond James
Financial, Inc............... 7,825
400 Realty Income Corporation...... 9,500
400 Reckson Associates Realty
Corporation.................. 8,300
600 Redwood Trust, Inc.*........... 8,437
400 Regency Realty Corporation..... 8,400
300 Resource Bancshares Mortgage
Group, Inc................... 1,800
600 RFS Hotel Investors, Inc....... 6,862
605 Roslyn Bancorp, Inc............ 10,285
300 Sabre Holdings Corporation*.... 16,800
6,200 Schwab (Charles) Corporation... 244,900
700 Security Capital Group, Inc.,
Class B*..................... 9,844
200 Siebert Financial Corp......... 3,525
1,300 SLM Holding Corporation........ 57,444
300 Smith Charles E. Residential
Realty, Inc.................. 10,294
100 SNB Bancshares, Inc............ 1,800
100 Southern Banc Company, Inc..... 1,075
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Miscellaneous Finance (continued)
100 Southern Financial
Bancorp, Inc................. $ 2,012
330 Southwest Securities
Group, Inc................... 11,138
1,700 Sovereign Bancorp, Inc......... 17,053
500 Spieker Properties, Inc........ 19,125
800 St. Paul Bancorp, Inc.......... 17,400
300 Starwood Financial Trust....... 8,400
200 Stewart Information Services
Corporation.................. 4,162
300 Tarragon Realty
Investors, Inc............... 3,094
700 Taubman Centers, Inc........... 8,925
400 TCF Financial Corporation...... 11,300
400 TriNet Corporate Realty
Trust, Inc................... 9,775
100 U.S. Trust Corporation......... 8,312
400 United Asset Management
Corporation.................. 7,825
1,000 United Dominion Realty
Trust, Inc................... 11,500
400 UnitedGlobalCom, Inc.,
Class A*..................... 29,300
500 Universal Health Realty Income
Trust........................ 9,437
400 Waddell & Reed
Financial, Inc., Class A..... 9,075
200 Walden Residential
Properties, Inc.............. 3,762
710 Washington Federal, Inc........ 16,951
4,500 Washington Mutual, Inc......... 142,875
400 Washington Real Estate
Investment Trust............. 6,450
300 Webster Financial
Corporation.................. 8,081
200 Weingarten Realty Investors.... 7,937
100 Wesley Jessen
VisionCare, Inc.*............ 3,069
200 Westernbank Puerto Rico........ 2,400
600 Westfield America, Inc......... 8,700
400 Winfield Capital Corp.*........ 6,400
------------
6,720,716
------------
Miscellaneous - 0.4%
200 Capitol Federal Financial...... 2,025
300 Commerce One, Inc.*............ 13,463
500 Corinthian Colleges, Inc.*..... 10,281
4,876 Delphi Automotive Systems
Corporation.................. 91,425
600 E-Tek Dynamics, Inc.*.......... 34,013
</TABLE>
See Notes to Financial Statements.
57
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Miscellaneous (continued)
400 Extreme Networks, Inc.*........ $ 25,575
500 Goldman Sachs Group, Inc....... 29,906
400 InfoSpace.com, Inc.*........... 18,425
400 Internet America, Inc.*........ 4,950
400 iXL Enterprises, Inc.*......... 9,850
185 Learn2.com, Inc.*.............. 577
300 MicroFinancial, Inc............ 3,206
300 Paradyne Networks, Inc.*....... 13,219
2,300 Park Place Entertainment
Corporation*................. 26,019
300 Phone.com, Inc.*............... 35,438
933 R.J. Reynolds Tobacco
Holdings, Inc................ 25,599
100 Security of Pennsylvania
Financial Corp............... 1,075
300 Smith-Gardner &
Associates, Inc.*............ 2,400
243 Too, Inc.*..................... 4,265
400 Valley Media, Inc.*............ 4,900
------------
356,611
------------
Motor Vehicles - 1.3%
400 A.S.V., Inc.*.................. 7,300
700 Autoweb.com, Inc.*............. 6,453
300 Borg-Warner
Automotive, Inc.............. 14,213
200 Carey International, Inc.*..... 4,350
400 CSK Auto Corporation*.......... 9,500
300 Cummins Engine
Company, Inc................. 17,775
1,100 Dana Corporation............... 47,919
500 Donaldson Company, Inc......... 9,812
500 Eaton Corporation.............. 49,000
500 Federal-Mogul Corporation...... 22,813
800 Fleetwood Enterprises, Inc..... 16,300
8,900 Ford Motor Company............. 463,913
4,800 General Motors Corporation..... 317,400
900 General Motors Corporation,
Class H...................... 46,350
200 Gentek, Inc.................... 2,387
1,100 Genuine Parts Company.......... 31,763
1,200 Harley-Davidson, Inc........... 65,400
2,600 Hertz Technology
Group, Inc.*................. 8,125
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Motor Vehicles (continued)
100 Keystone Automotive
Industries, Inc.*............ $ 1,450
600 Lear Corporation*.............. 24,113
500 Meritor Automotive, Inc........ 10,906
400 Navistar International
Corporation.................. 19,450
100 Noble International, Ltd.*..... 1,250
200 O'Reilly Automotive, Inc.*..... 7,650
300 Oshkosh Truck Corporation...... 10,088
500 Rush Enterprises, Inc.*........ 7,531
200 Simpson Industries, Inc........ 2,500
700 Sonic Automotive, Inc.*........ 8,444
300 SPX Corporation................ 25,425
300 Stoneridge, Inc.*.............. 5,400
400 Superior Industries
International, Inc........... 11,200
200 Thor Industries, Inc........... 5,375
400 Tower Automotive, Inc.*........ 8,000
500 United Rentals (North
America), Inc.*.............. 12,219
400 Winnebago Industries, Inc...... 9,575
400 Wynns International, Inc....... 7,200
------------
1,318,549
------------
Non-Durable & Entertainment - 1.2%
300 Action Performance
Companies, Inc.*............. 7,406
300 American Greetings Corporation,
Class A...................... 8,306
300 Applebee's
International, Inc........... 9,319
300 Ark Restaurants Corp.*......... 3,225
500 Ascent Entertainment
Group, Inc.*................. 6,812
500 Big Entertainment, Inc.*....... 8,687
200 Boston Celtics, LP*............ 2,325
200 Bowl America, Inc., Class A.... 1,412
200 Brass Eagle, Inc.*............. 2,425
600 Brinker
International, Inc.*......... 14,400
100 Canterbury Park Holding
Corporation*................. 512
100 Catalina Marketing
Corporation*................. 9,075
800 CBRL Group, Inc................ 10,500
</TABLE>
See Notes to Financial Statements.
58
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Non-Durable & Entertainment (continued)
200 CDnow, Inc.*................... $ 2,825
450 CEC Entertainment, Inc.*....... 12,544
400 Cedar Fair, L.P................ 8,725
300 Churchill Downs, Inc........... 7,800
600 CKE Restaurants, Inc........... 4,837
200 Cooker Restaurant
Corporation.................. 1,112
400 Cytyc Corporation*............. 13,500
700 Darden Restaurants, Inc........ 10,938
600 Dave & Buster's, Inc.*......... 7,050
400 Diedrich Coffee, Inc.*......... 1,975
100 Dixon Ticonderoga Company*..... 1,062
500 Dover Downs
Entertainment, Inc........... 7,312
600 Electronic Arts, Inc.*......... 41,175
100 Factory 2-U Stores, Inc.*...... 2,856
300 Fastenal Company............... 15,038
400 Foodmaker, Inc.*............... 9,225
1,200 Fortune Brands, Inc............ 45,000
450 Fossil, Inc.*.................. 14,034
500 Frisch's Restaurants, Inc...... 5,125
500 Funco, Inc.*................... 8,656
100 General Housewares Corp........ 2,750
400 Harcourt General, Inc.......... 17,525
1,550 Hasbro, Inc.................... 37,878
100 Huffy Corporation.............. 1,100
200 Il Fornaio (America)
Corporation*................. 2,000
600 International Game
Technology................... 10,500
612 International Speedway
Corporation, Class A......... 31,174
700 Jostens, Inc................... 14,088
300 Kreisler Manufacturing
Corporation*................. 3,037
400 Lancaster Colony Corporation... 13,150
600 Luby's, Inc.................... 8,025
3,180 Mattel, Inc.................... 67,774
10,100 McDonald's Corporation......... 417,888
500 Moore Medical Corp.*........... 4,687
200 Movado Group, Inc.............. 5,325
500 MP3.com, Inc.*................. 17,063
500 O'Charley's, Inc.*............. 7,687
750 Outback Steakhouse, Inc.*...... 22,219
300 Papa John's
International, Inc.*......... 11,925
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Non-Durable & Entertainment (continued)
400 Piccadilly Cafeterias, Inc..... $ 2,900
400 Premark International, Inc..... 13,300
100 RARE Hospitality
International, Inc.*......... 1,969
400 Richton International
Corporation*................. 5,750
100 Riviana Foods, Inc............. 1,912
600 Ruby Tuesday, Inc.............. 10,875
100 Russ Berrie and
Company, Inc................. 2,344
200 SCP Pool Corporation*.......... 4,600
2,200 Service Corporation
International................ 30,388
300 Sotheby's Holdings, Inc.,
Class A...................... 8,737
100 Star Buffet, Inc.*............. 487
1,600 Starbucks Corporation*......... 36,600
100 Steinway Musical
Instruments, Inc.*........... 2,087
900 Stewart Enterprises, Inc.,
Class A...................... 4,866
100 The First Years, Inc........... 1,081
100 The North Face, Inc.*.......... 875
1,200 Tricon Global
Restaurants, Inc.*........... 48,750
600 Tupperware Corporation......... 13,538
600 U.S. Foodservice*.............. 12,488
800 Wendy's International, Inc..... 22,400
------------
1,226,935
------------
Non-Ferrous Metals - 0.4%
2,700 Alcoa, Inc..................... 174,319
500 ASARCO, Inc.................... 10,438
100 Brush Wellman, Inc............. 1,700
100 Chase Industries, Inc.*........ 819
200 Commercial Metals Company...... 6,125
300 Commonwealth
Industries, Inc.............. 4,312
1,000 Cyprus Amax Minerals Company... 16,938
700 Engelhard Corporation.......... 13,956
1,200 Freeport-McMoRan Copper &
Gold, Inc., Class B*......... 19,275
500 Howmet International, Inc.*.... 8,937
200 Minerals Technologies, Inc..... 9,900
300 Mueller Industries, Inc.*...... 9,300
500 Phelps Dodge Corporation....... 27,969
300 Reliance Steel & Aluminum
Co........................... 9,937
</TABLE>
See Notes to Financial Statements.
59
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Non-Ferrous Metals (continued)
500 Reynolds Metals Company........ $ 31,656
150 Salton, Inc.*.................. 4,181
500 Southern Peru Copper Corp...... 7,687
400 Stillwater Mining Company*..... 8,825
100 United Park City Mines
Company*..................... 2,963
200 Wolverine Tube, Inc............ 3,075
------------
372,312
------------
Optical & Photo - 0.4%
1,800 Corning, Inc................... 119,700
200 CPI Corporation................ 6,500
2,400 Eastman Kodak Company.......... 176,250
400 Imation Corporation*........... 11,275
400 Ingram Micro, Inc.,
Class A*..................... 10,100
300 Meade Instruments
Corporation*................. 6,112
100 Optical Coating Laboratory,
Inc.......................... 7,675
200 Photronics, Inc.*.............. 4,775
800 Zomax, Inc.*................... 18,250
------------
360,637
------------
Paper & Forest Products - 0.9%
400 Boise Cascade Corporation...... 14,550
400 Bowater, Inc................... 21,450
300 Caraustar Industries, Inc...... 6,806
700 Champion International
Corporation.................. 38,500
300 Chesapeake Corporation......... 10,144
700 Consolidated Papers, Inc....... 18,638
100 CSS Industries, Inc.*.......... 2,075
800 EarthShell Corporation*........ 3,875
500 FiberMark, Inc.*............... 6,500
1,700 Fort James Corporation......... 54,825
400 Georgia-Pacific Corporation
(Timber Group)............... 9,625
1,300 Georgia-Pacific Group.......... 53,788
3,097 International Paper Company.... 145,753
4,000 Kimberly-Clark Corporation..... 227,750
600 Longview Fibre Company......... 7,762
1,100 Louisiana-Pacific
Corporation.................. 20,350
800 Lydall, Inc.*.................. 8,650
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Paper & Forest Products (continued)
800 Mead Corporation............... $ 29,850
200 Pentair, Inc................... 9,100
300 Potlatch Corporation........... 11,588
200 Rayonier, Inc.................. 8,300
1,700 Smurfit-Stone Container
Corporation*................. 36,019
500 Temple-Inland, Inc............. 31,000
400 The St. Joe Company............ 9,350
500 Westvaco Corporation........... 13,094
1,500 Weyerhaeuser Company........... 84,375
800 Willamette Industries, Inc..... 31,700
------------
915,417
------------
Producer Goods - 4.7%
600 Actrade International, Ltd.*... 7,950
300 Advanced Energy
Industries, Inc.*............ 10,313
800 AGCO Corporation............... 8,250
400 Albany International
Corporation, Class A......... 6,625
4,200 AlliedSignal, Inc.............. 257,250
400 American Standard
Companies, Inc.*............. 16,400
400 AMETEK, Inc.................... 8,325
500 Applied Industrial
Technologies, Inc............ 7,531
300 Applied Micro Circuits
Corporation*................. 27,675
300 Applied Power, Inc.,
Class A...................... 9,187
400 Astec Industries, Inc. *....... 13,550
100 Ault, Inc.*.................... 562
800 Avery Dennison Corporation..... 43,900
500 Baldor Electric Company........ 8,875
400 Blyth Industries, Inc.*........ 11,325
400 Briggs & Stratton
Corporation.................. 24,350
300 Butler Manufacturing Company... 8,344
500 Case Corporation............... 24,688
2,600 Caterpillar, Inc............... 147,225
300 Chicago Rivet & Machine Co..... 7,425
500 Cognex Corporation*............ 15,094
500 Comfort Systems USA, Inc.*..... 7,062
200 Commercial Intertech Corp...... 2,500
</TABLE>
See Notes to Financial Statements.
60
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Producer Goods (continued)
600 Cooper Industries, Inc......... $ 31,125
300 Curtiss-Wright Corporation..... 9,919
100 Daisytek International
Corporation*................. 1,162
1,800 Deere & Company................ 69,975
100 Diamond Technology
Partners, Inc.*.............. 3,312
300 DII Group, Inc.*............... 10,631
1,700 Dover Corporation.............. 65,769
600 DT Industries, Inc............. 4,275
450 Eastern Company (The).......... 7,397
3,200 Emerson Electric Company....... 200,400
500 Federal Signal Corporation..... 10,469
300 Fisher Scientific
International, Inc.*......... 5,400
500 Flowserve Corporation.......... 7,906
200 FMC Corporation................ 11,650
200 Franklin Electric
Company, Inc................. 14,100
24,400 General Electric Company....... 2,740,425
500 Gleason Corporation............ 9,375
800 Grainger (W.W.), Inc........... 34,850
500 Hanover Compressor Company*.... 17,969
300 Harsco Corporation............. 8,306
400 HON INDUSTRIES, Inc............ 9,425
300 Hubbell, Inc., Class B......... 11,644
300 IDEX Corporation............... 8,869
1,900 Illinois Tool Works, Inc....... 148,081
1,200 Ingersoll-Rand Company......... 76,350
500 Jabil Circuit, Inc.*........... 22,406
500 JLG Industries, Inc............ 8,875
700 Johnson Controls, Inc.......... 47,863
300 Kaydon Corporation............. 9,206
400 Kennametal, Inc................ 10,600
200 Lancer Corporation - Texas*.... 1,262
200 Lattice Semiconductor
Corporation*................. 12,325
400 MagneTek, Inc.*................ 3,700
250 Manitowoc Company, Inc......... 9,266
800 Masco Tech, Inc................ 13,800
300 MasTec, Inc.*.................. 8,381
100 Material Sciences
Corporation*................. 1,337
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Producer Goods (continued)
200 Micrel, Inc.*.................. $ 15,325
200 Milacron, Inc.................. 3,600
500 Miller (Herman), Inc........... 11,781
400 Millipore Corporation.......... 15,100
100 Misonix, Inc.*................. 519
800 MSC Industrial Direct
Co., Inc., Class A........... 7,650
100 NACCO Industries, Inc.......... 7,787
200 Nordson Corporation............ 9,831
200 Norstan, Inc.*................. 1,800
300 Nortek, Inc.*.................. 10,688
600 Oceaneering
International, Inc.*......... 12,038
800 Pall Corporation............... 15,900
200 Pameco Corporation*............ 1,325
700 Parker-Hannifin Corporation.... 30,625
500 Park-Ohio Holdings
Corporation*................. 7,750
400 Penn Engineering &
Manufacturing Corporation.... 9,400
400 Primex Technologies, Inc....... 8,350
300 Roper Industries, Inc.......... 10,744
200 Safeguard
Scientifics, Inc.*........... 13,450
500 Sanmina Corporation*........... 37,500
400 Scott Technologies, Inc.*...... 7,587
100 Sensar Corporation*............ 331
300 Snap-On, Inc................... 10,144
400 Standex International
Corporation.................. 9,150
100 Steelcase, Inc................. 1,456
300 Strattec Security
Corporation*................. 10,481
300 Tech/Ops Sevcon, Inc........... 3,431
200 Tecumseh Products Company,
Class A...................... 11,400
200 Teleflex, Inc.................. 9,300
100 Tennant Company................ 3,381
1,000 Tenneco, Inc................... 20,125
300 Terex Corporation.............. 8,062
600 Thermo Instrument
Systems, Inc.*............... 6,675
300 Thermo Sentron, Inc.*.......... 4,650
700 Timken Company................. 12,294
300 Trinity Industries, Inc........ 9,412
100 TriStar Aerospace Co.*......... 719
100 Twin Disc, Inc................. 1,875
</TABLE>
See Notes to Financial Statements.
61
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Producer Goods (continued)
600 U.S. Industries, Inc........... $ 9,675
100 U.S.A. Floral
Products, Inc.*.............. 419
400 UCAR International, Inc.*...... 9,750
700 Valhi, Inc..................... 7,919
400 Valmont Industries, Inc........ 6,350
200 Watsco, Inc., Class A.......... 2,800
300 YORK International
Corporation.................. 12,338
------------
4,753,098
------------
Railroad & Shipping - 0.4%
3,500 Burlington Northern Santa Fe
Corporation.................. 101,500
1,600 CSX Corporation................ 69,900
300 Florida East Coast
Industries, Inc.............. 10,800
300 GATX Corporation............... 10,012
200 Greenbrier Companies, Inc...... 2,125
100 International Shipholding
Corporation.................. 1,169
800 Kansas City Southern
Industries, Inc.............. 37,050
400 Newport News
Shipbuilding, Inc............ 12,575
2,800 Norfolk Southern Corporation... 73,325
400 Transport Corporation of
America, Inc.*............... 5,800
400 Transportation Technologies
Industries, Inc.*............ 6,200
1,900 Union Pacific Corporation...... 92,506
400 Westinghouse Air Brake
Company...................... 8,075
500 Wisconsin Central
Transportation
Corporation*................. 7,969
------------
439,006
------------
Real Property - 0.3%
300 Boston Properties, Inc......... 9,994
800 Burnham Pacific
Properties, Inc.............. 9,150
700 Catellus Development
Corporation*................. 9,581
400 CB Richard Ellis
Services, Inc.*.............. 5,000
600 Cornerstone
Properties, Inc.............. 9,562
776 Duke-Weeks Realty
Corporation.................. 17,412
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Real Property (continued)
600 Fairfield
Communities, Inc.*........... $ 7,800
900 FelCor Lodging Trust, Inc...... 16,144
300 Forest City Enterprises, Inc.,
Class A...................... 7,312
300 General Growth
Properties, Inc.............. 9,975
400 JDN Realty Corporation......... 8,400
400 Kilroy Realty Corporation...... 9,175
500 Mid-Atlantic Realty Trust...... 5,187
300 Newhall Land & Farming
Company...................... 6,806
200 Pinnacle Holdings, Inc.*....... 5,037
300 Post Properties, Inc........... 12,263
400 Rouse Company.................. 9,100
400 Saul Centers, Inc.............. 6,175
1,100 Simon Property Group, Inc...... 28,050
1,500 Starwood Hotels & Resorts
Worldwide, Inc............... 35,719
400 Trammell Crow Company*......... 5,700
1,000 Vornado Realty Trust........... 34,125
------------
267,667
------------
Retail - 5.7%
400 99 Cents Only Stores*.......... 14,400
100 A.C. Moore Arts &
Crafts, Inc.*................ 503
3,108 Albertsons, Inc................ 148,990
1,200 Amazon.com, Inc.*.............. 149,250
300 American Eagle
Outfitters, Inc.*............ 11,775
300 Ames Department
Stores, Inc.*................ 8,812
300 AnnTaylor Stores
Corporation*................. 9,937
1,200 AutoZone, Inc.*................ 28,575
900 Bed Bath & Beyond, Inc.*....... 24,750
1,500 Best Buy Company, Inc.*........ 105,375
500 BJ's Wholesale Club, Inc.*..... 14,125
500 Blair Corporation.............. 10,250
200 Blue Rhino Corporation*........ 1,575
1,300 Borders Group, Inc.*........... 17,306
600 Burlington Coat Factory
Warehouse Corporation........ 9,900
600 Casey's General
Stores, Inc.................. 8,025
5,200 Cendant Corporation............ 93,275
700 Central Garden & Pet Company*.. 5,425
</TABLE>
See Notes to Financial Statements.
62
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Retail (continued)
300 CHS Electronics, Inc.*......... $ 712
1,400 Circuit City Stores, Inc....... 60,200
600 Claires Stores, Inc............ 11,288
200 CompUSA, Inc.*................. 1,212
1,000 Consolidated Stores
Corporation*................. 16,125
1,600 Costco Companies, Inc.*........ 119,600
100 Cost-U-Less, Inc.*............. 525
2,900 CVS Corporation................ 120,894
3,400 Dayton Hudson Corporation...... 197,200
700 Dillard's, Inc., Class A....... 16,450
1,725 Dollar General Corporation..... 44,850
500 Dollar Tree Stores, Inc.*...... 16,500
400 Enesco Group, Inc.............. 6,900
500 eToys, Inc.*................... 21,750
1,100 Family Dollar Stores, Inc...... 21,656
700 Fatbrain.com, Inc.*............ 16,844
1,500 Federated Department
Stores, Inc.*................ 69,000
3,300 Food Lion, Inc., Class A....... 26,091
6,550 Gap, Inc....................... 256,269
400 Gardenburger, Inc.*............ 2,800
300 Great Atlantic & Pacific Tea
Company, Inc................. 10,538
500 Guitar Center, Inc.*........... 3,875
300 Hannaford Brothers Company..... 21,525
11,100 Home Depot, Inc................ 678,488
400 Hot Topic, Inc.*............... 10,925
450 Insight Enterprises, Inc.*..... 13,613
700 InterTAN, Inc.*................ 12,950
1,775 Intimate Brands, Inc........... 68,448
3,600 Kmart Corporation*............. 45,225
1,300 Kohl's Corporation*............ 92,625
6,200 Kroger Company................. 143,375
200 Lands' End, Inc.*.............. 10,075
1,700 Limited, Inc................... 64,388
300 Longs Drug Stores, Inc......... 9,431
2,864 Lowe's Companies, Inc.......... 129,596
2,650 May Department Stores Company.. 103,516
300 Michaels Stores, Inc.*......... 9,206
400 Neiman Marcus Group, Inc....... 8,900
1,100 Nordstrom, Inc................. 31,144
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Retail (continued)
2,600 Office Depot, Inc.*............ $ 27,138
1,100 OfficeMax, Inc.*............... 8,319
700 ONSALE, Inc.*.................. 10,675
1,967 Penney (J.C.) Company.......... 71,304
300 PriceSmart, Inc.*.............. 10,500
2,200 Rite Aid Corporation........... 40,700
200 Ross Stores, Inc............... 8,325
3,600 Safeway, Inc.*................. 167,625
900 Saks, Inc.*.................... 15,131
400 School Specialty, Inc.*........ 4,950
2,700 Sears, Roebuck & Company....... 101,250
300 Shop At Home, Inc.*............ 2,606
3,400 Staples, Inc.*................. 73,950
700 Sunglass Hut
International, Inc.*......... 8,837
700 Systemax, Inc.*................ 6,519
1,600 Tandy Corporation.............. 75,600
600 Tiffany & Company.............. 31,725
2,700 TJX Companies, Inc............. 77,963
1,600 Toys R Us, Inc.*............... 22,100
500 UniFirst Corporation........... 7,562
600 United Stationers, Inc......... 13,575
700 Value America, Inc.*........... 7,394
800 Venator Group, Inc.*........... 5,700
7,300 Walgreen Company............... 169,269
33,100 Wal-Mart Stores, Inc........... 1,466,744
300 Weis Markets, Inc.............. 10,631
200 West Marine, Inc.*............. 1,787
300 Whitehall Jewellers, Inc.*..... 8,437
300 Williams-Sonoma, Inc.*......... 11,700
1,000 Winn-Dixie Stores, Inc......... 34,000
300 Zale Corporation*.............. 10,406
------------
5,669,379
------------
Steel - 0.2%
700 AK Steel Holding Corporation... 14,700
1,100 Allegheny Teledyne, Inc........ 20,556
200 Ampco-Pittsburgh Corporation... 2,550
300 Carpenter Technology
Corporation.................. 6,862
300 Gibraltar Steel Corporation*... 7,387
600 Intermet Corporation........... 6,919
500 Lone Star
Technologies, Inc.*.......... 10,000
</TABLE>
See Notes to Financial Statements.
63
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Steel (continued)
300 Northwest Pipe Company*........ $ 5,100
800 Nucor Corporation.............. 37,250
500 Oregon Steel Mills, Inc........ 5,469
500 Ryerson Tull, Inc.............. 9,469
100 Steel Dynamics, Inc.*.......... 1,800
800 USX-U.S. Steel Group........... 21,600
200 WHX Corporation*............... 1,762
900 Worthington
Industries, Inc.............. 13,500
------------
164,924
------------
Telephone - 7.1%
400 ADTRAN, Inc.*.................. 15,250
600 Allegiance Telecom, Inc.*...... 36,075
2,301 ALLTEL Corporation............. 155,605
8,200 Ameritech Corporation.......... 517,625
23,593 AT&T Corporation............... 1,061,685
11,500 Bell Atlantic Corporation...... 704,375
14,000 BellSouth Corporation.......... 633,500
600 CellStar Corporation*.......... 3,187
300 Centennial Cellular
Corporation, Class A*........ 11,738
1,300 CenturyTel, Inc................ 51,106
1,000 Cincinnati Bell, Inc........... 18,500
300 Commonwealth Telephone
Enterprises, Inc............. 12,788
400 COMSAT Corporation............. 13,900
200 Copper Mountain
Networks, Inc.*.............. 23,400
700 Covad Communications
Group, Inc.*................. 32,288
100 Davel Communications, Inc.*.... 537
600 Exodus
Communications, Inc.*........ 48,225
1,300 Frontier Corporation........... 54,519
1,200 Global TeleSystems
Group, Inc.*................. 38,775
7,200 GTE Corporation................ 494,100
600 Inter-Tel, Inc................. 12,825
400 ITC DeltaCom, Inc.*............ 10,550
2,600 Level 3
Communications, Inc.*........ 155,350
13,800 MCI Worldcom, Inc.*............ 1,045,350
1,400 McLeodUSA, Inc., Class A*...... 46,725
700 Melita International
Corporation*................. 6,300
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Telephone (continued)
800 NEXTLINK Communications, Inc.,
Class A*..................... $ 40,300
1,200 NorthPoint Communications
Group, Inc.*................. 31,725
500 NTL, Inc.*..................... 49,094
700 Pacific Gateway
Exchange, Inc.*.............. 14,263
300 Pegasus Communications
Corporation*................. 12,600
600 Powertel, Inc.*................ 22,200
5,300 Qwest Communications
International, Inc.*......... 152,375
800 RCN Corporation*............... 33,600
600 Rhythms
NetConnections, Inc.*........ 22,950
14,600 SBC Communications, Inc........ 700,800
500 SkyTel
Communications, Inc.*........ 9,906
6,500 Sprint Corporation............. 288,438
3,300 Sprint Corporation (PCS
Group)*...................... 197,175
900 Talk.com, Inc.*................ 9,281
400 Telephone & Data
Systems, Inc................. 27,850
100 Teligent, Inc., Class A*....... 6,306
600 United States Cellular
Corporation*................. 33,788
3,800 US West, Inc................... 198,550
900 VoiceStream Wireless
Corporation*................. 37,125
300 WinStar
Communications, Inc.*........ 15,244
900 World Access, Inc.*............ 11,194
------------
7,119,042
------------
Tires & Rubber - 0.2%
100 American Biltrite, Inc......... 1,937
300 Bandag, Inc.................... 9,975
200 Carlisle Companies, Inc........ 8,000
500 Cooper Tire & Rubber Company... 9,500
1,059 Danaher Corporation............ 62,216
1,100 Goodyear Tire & Rubber
Company...................... 61,738
100 Safeskin Corporation*.......... 794
300 Sterile Recoveries, Inc.*...... 3,187
------------
157,347
------------
</TABLE>
See Notes to Financial Statements.
64
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Tobacco - 0.8%
100 800-JR Cigar, Inc.*............ $ 1,050
100 Brooke Group, Ltd.............. 1,944
2,500 Nabisco Group Holdings Corp.... 44,375
17,900 Philip Morris
Companies, Inc............... 670,131
100 Schweitzer-Maudit
International, Inc........... 1,356
400 Universal Corporation.......... 11,350
1,200 UST, Inc....................... 38,025
------------
768,231
------------
Travel & Recreation - 0.7%
100 American Classic Voyages
Company...................... 2,037
200 Anchor Gaming Company*......... 9,719
300 Avis Rent A Car, Inc.*......... 6,600
300 Bally Total Fitness Holding
Corporation*................. 9,619
700 Brunswick Corporation.......... 17,894
1,300 Callaway Golf Company.......... 12,919
4,600 Carnival Corporation........... 205,563
400 Central Parking Corporation.... 12,850
100 Choice Hotels
International, Inc.*......... 1,625
300 Dollar Thrifty Automotive
Group, Inc.*................. 5,644
100 Ellett Brothers, Inc........... 697
800 Extended Stay
America, Inc.*............... 7,200
800 Harrah's
Entertainment, Inc.*......... 18,000
200 Hertz Corporation, Class A..... 8,062
1,800 Hilton Hotels Corporation...... 22,050
800 Hollywood Park, Inc.*.......... 13,550
1,600 Host Marriott Corporation...... 14,800
100 INTRAV, Inc.................... 2,062
100 K2, Inc.*...................... 912
300 Lodgian, Inc................... 1,312
700 Mandalay Resort Group*......... 14,350
1,800 Marriott International, Inc.,
Class A...................... 61,650
500 MGM Grand, Inc.*............... 24,563
1,600 Mirage Resorts, Inc.*.......... 20,900
700 Premier Parks, Inc............. 22,925
600 Prime Hospitality
Corporation*................. 5,587
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Travel & Recreation (continued)
500 Promus Hotel Corporation*...... $ 14,531
200 Rawlings Sporting Goods
Company, Inc.*............... 1,862
100 Rent-Way, Inc.*................ 2,062
200 ResortQuest
International, Inc.*......... 1,825
1,200 Royal Caribbean Cruises,
Ltd.......................... 56,175
450 SFX Entertainment, Inc.,
Class A*..................... 18,534
800 Sodexho Marriott
Services, Inc................ 11,300
300 Speedway Motorsports, Inc.*.... 11,194
500 Station Casinos, Inc.*......... 10,125
500 Travel Services
International, Inc.*......... 6,469
400 Trendwest Resorts, Inc.*....... 9,900
800 Vistana, Inc.*................. 12,500
------------
679,567
------------
Trucking & Freight - 0.2%
400 Boyd Bros.
Transportation, Inc.*........ 4,050
300 C.H. Robinson
Worldwide, Inc............... 9,450
400 Circle International
Group, Inc................... 9,900
400 CNF Transportation, Inc........ 15,575
400 Consolidated Freightways
Corporation*................. 4,325
500 Covenant Transport, Inc.,
Class A*..................... 8,437
600 Expeditors International of
Washington, Inc.............. 19,388
300 Forward Air Corporation*....... 6,750
400 Hunt (J.B.) Transport
Services, Inc................ 5,925
200 Knight
Transportation, Inc.*........ 3,000
300 M.S. Carriers, Inc.*........... 8,550
200 Marten Transport, Ltd.*........ 2,350
100 Old Dominion Freight
Line, Inc.*.................. 1,400
500 PACCAR, Inc.................... 27,563
100 RailWorks Corporation*......... 925
600 Roadway Express, Inc........... 12,638
700 Rollins Truck Leasing
Corporation.................. 7,262
400 Ryder System, Inc.............. 8,825
400 Shurgard Storage
Centers, Inc., Class A....... 10,100
200 Sunquest Information
Systems, Inc.*............... 3,200
</TABLE>
See Notes to Financial Statements.
65
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 1999
STATEMENT OF INVESTMENTS - (Continued)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Trucking & Freight (continued)
450 Swift Transportation
Company, Inc.*............... $ 9,366
200 Wabash National Corporation.... 4,200
100 XTRA Corporation............... 4,531
------------
187,710
------------
TOTAL COMMON STOCKS
(Cost $101,006,144).......... 100,027,969
------------
PREFERRED STOCK - 0.0%***
1,700 Loral Space & Communications,
Ltd., Convertible, 6.000%,
11/01/06 31,238
------------
TOTAL PREFERRED STOCK
(Cost $32,945)............... 31,238
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $101,039,089**)....... 99.9% 100,059,207
OTHER ASSETS AND LIABILITIES
(Net)....................... 0.1% 109,823
------ ------------
NET ASSETS.................... 100.0% $100,169,030
====== ============
</TABLE>
- --------------------------
<TABLE>
<S> <C>
* Non-income producing security.
** Aggregate cost for Federal tax purposes is
$101,128,305.
*** Amount represents less than 0.1% of net assets.
</TABLE>
See Notes to Financial Statements.
66
<PAGE>
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES
AUGUST 31, 1999
<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>
ASSETS:
Investments, at value (Note 1),
See accompanying schedules............. $526,117,076 $76,081,375 $13,928,735 $37,962,036 $100,059,207
Cash..................................... 2,439,309 323,199 12,457 -- 277,190
Dividends receivable..................... 321,142 232,701 2,235 95,981 109,333
Receivable for investment securities
sold................................... -- -- -- 60,656 --
Receivable for Portfolio shares sold..... 1,440,280 62,054 19,271 46,019 130,173
Receivable from Advisor.................. -- -- -- -- 53,329
Prepaid expenses and other assets........ 28,168 10,173 6,911 9,042 30,055
------------ ----------- ----------- ----------- ------------
Total Assets........................... 530,345,975 76,709,502 13,969,609 38,173,734 100,659,287
------------ ----------- ----------- ----------- ------------
LIABILITIES:
Payable for investment securities
purchased.............................. 1,673,369 -- -- -- 264,731
Payable for Portfolio shares redeemed.... 520,583 75,270 18,387 47,413 134,388
Due to Custodian......................... -- -- -- 39,777 --
Investment advisory fee payable (Note
2)..................................... 105,322 16,556 1,191 3,245 --
Administration fee payable (Note 2)...... 65,453 12,194 5,649 7,128 --
Distribution and service fees payable
(Note 3)............................... 125,494 18,002 2,976 12,589 37,470
Directors' fees payable (Note 2)......... 11,877 2,856 652 1,379 1,833
Transfer agent fees payable.............. 23,727 10,094 4,706 5,485 1,912
Custodian fees payable (Note 2).......... 862 9,535 12,123 8,470 14,260
Printing fees payable.................... 61,760 14,882 3,013 7,716 4,625
Registration fees payable................ 87,719 3,600 -- 4,872 27,302
Legal and Audit fees payable............. 30,267 10,444 856 4,584 3,736
Accrued expenses and other payables...... 14,262 3,035 1,933 9,972 --
------------ ----------- ----------- ----------- ------------
Total Liabilities...................... 2,720,695 176,468 51,486 152,630 490,257
------------ ----------- ----------- ----------- ------------
NET ASSETS............................... $527,625,280 $76,533,034 $13,918,123 $38,021,104 $100,169,030
------------ ----------- ----------- ----------- ------------
Investments, at cost (Note 1)............ $423,624,296 $66,222,257 $13,242,586 $36,708,465 $101,039,089
============ =========== =========== =========== ============
</TABLE>
See Notes to Financial Statements.
67
<PAGE>
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES - (Continued)
AUGUST 31, 1999
<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>
NET ASSETS consist of:
Undistributed net investment income...... $ 0 $ 975,497 $ 0 $ 498,879 $ 206,903
Accumulated net realized gain/(loss) on
investments sold....................... 4,744,918 3,331,017 (668,464) (90,297) 68,351
Net unrealized
appreciation/(depreciation) of
investments............................ 102,492,780 9,859,118 686,149 1,253,571 (979,882)
Par value................................ 14,502 3,638 1,042 2,796 9,704
Paid-in capital.......................... 420,373,080 62,363,764 13,899,396 36,356,155 100,863,954
------------ ----------- ----------- ----------- ------------
$527,625,280 $76,533,034 $13,918,123 $38,021,104 $100,169,030
============ =========== =========== =========== ============
NET ASSETS:
Investment Class shares.................. $454,852,747 $19,813,855 $ 8,906,872 $26,394,539 $ 99,985,943
============ =========== =========== =========== ============
(100,000,000 shares authorized, per
Portfolio, par value $.001 per share)
Institutional Class shares............... $ 72,772,533 $56,719,179 $ 5,011,251 $11,626,565 $ 183,087
============ =========== =========== =========== ============
(100,000,000 shares authorized, per
Portfolio, par value $.001 per share)
SHARES OUTSTANDING:
Investment Class shares.................. 12,506,861 942,784 667,670 1,941,493 9,685,849
============ =========== =========== =========== ============
Institutional Class shares............... 1,995,539 2,695,300 374,557 854,511 17,724
============ =========== =========== =========== ============
INVESTMENT CLASS SHARES:
Net asset value, offering and redemption
price per share........................ $ 36.37 $ 21.02 $ 13.34 $ 13.59 $ 10.32
============ =========== =========== =========== ============
INSTITUTIONAL CLASS SHARES:
Net asset value, offering and redemption
price per share........................ $ 36.47 $ 21.04 $ 13.38 $ 13.61 $ 10.33
============ =========== =========== =========== ============
</TABLE>
See Notes to Financial Statements.
68
<PAGE>
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED AUGUST 31, 1999
<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............................... $ 2,504,210 $ 1,990,993 $ 41,534 $1,089,826 $ 413,874
----------- ----------- ---------- ---------- ---------
Total Income.......................... 2,504,210 1,990,993 41,534 1,089,826 413,874
----------- ----------- ---------- ---------- ---------
EXPENSES:
Investment advisory fee (Note 2)........ 790,268 189,219 38,857 99,467 34,528
Administration fee (Note 2)............. 501,171 140,541 50,318 86,652 66,175
Transfer agent fees..................... 196,024 105,416 48,152 61,956 36,173
Custodian fees (Note 2)................. 165,062 48,021 65,207 70,987 92,022
Registration and filing fees............ 135,139 24,670 10,262 21,751 50,844
Legal and Audit fees.................... 109,328 20,369 622 7,637 16,102
Printing fees........................... 123,533 37,000 6,554 17,715 18,919
Directors' fees and expenses (Note 2)... 45,845 12,896 2,767 6,550 3,866
Distribution and service fees (Note
3).................................... 749,939 53,749 20,320 75,642 110,978
Other................................... 36,259 18,672 4,838 12,048 31,638
----------- ----------- ---------- ---------- ---------
Subtotal.............................. 2,852,568 650,553 247,897 460,405 461,245
Fees waived and expenses reimbursed by
investment adviser (Note 2)........... -- -- (23,318) (59,706) (121,910)
Fees waived by investment services group
(Note 2).............................. -- -- -- -- (99,912)
Custody earnings credits (Note 2)....... (151,062) (15,187) (6,581) (21,113) (32,452)
----------- ----------- ---------- ---------- ---------
Total net expenses.................... 2,701,506 635,366 217,998 379,586 206,971
----------- ----------- ---------- ---------- ---------
NET INVESTMENT INCOME/(LOSS)............ (197,296) 1,355,627 (176,464) 710,240 206,903
----------- ----------- ---------- ---------- ---------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS
(Notes 1 and 4)
Net realized gain/(loss) on investments
during the year....................... 6,532,873 4,882,731 (521,431) 164,690 68,351
Net change in unrealized appreciation/
(depreciation) of investments during
the year.............................. 73,077,142 5,137,046 3,542,332 1,249,044 (979,882)
----------- ----------- ---------- ---------- ---------
NET REALIZED AND
UNREALIZED GAIN/(LOSS)
ON INVESTMENTS........................ 79,610,015 10,019,777 3,020,901 1,413,734 (911,531)
----------- ----------- ---------- ---------- ---------
NET INCREASE/(DECREASE) IN
NET ASSETS RESULTING
FROM OPERATIONS....................... $79,412,719 $11,375,404 $2,844,437 $2,123,974 $(704,628)
=========== =========== ========== ========== =========
</TABLE>
- ------------------------
<TABLE>
<C> <S>
* Wilshire 5000 Index Portfolio Investment and Institutional
Class Shares commenced operations on February 1, 1999.
</TABLE>
See Notes to Financial Statements.
69
<PAGE>
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEAR ENDED AUGUST 31, 1999
<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)............ $ (197,296) $ 1,355,627 $ (176,464) $ 710,240 $ 206,903
Net realized gain/(loss) on investments
sold during the period................ 6,532,873 4,882,731 (521,431) 164,690 68,351
Net change in unrealized appreciation/
(depreciation) of investments during
the year.............................. 73,077,142 5,137,046 3,542,332 1,249,044 (979,882)
------------ ----------- ----------- ----------- ------------
Net increase/(decrease) in net assets
resulting from operations............. 79,412,719 11,375,404 2,844,437 2,123,974 (704,628)
Distributions to shareholders from:
Net investment income:
Investment Class shares............... (78,224) (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..... (11,235,732) (6,076,516) (1,287,331) (3,816,818) --
Capital Stock Transactions:
Investment Class shares:
Shares sold......................... 444,634,765 19,005,127 13,663,309 37,447,760 105,115,189
Shares issued as reinvestment of
dividends......................... 7,628,136 1,240,843 902,350 2,917,547 --
Shares redeemed..................... (130,898,404) (14,498,859) (16,327,947) (30,068,616) (4,426,805)
------------ ----------- ----------- ----------- ------------
Total Investment Class shares........... 321,364,497 5,747,111 (1,762,288) 10,296,691 100,688,384
------------ ----------- ----------- ----------- ------------
Institutional Class shares:
Shares sold......................... 33,146,577 16,962,455 1,337,195 897,489 185,274
Shares issued as reinvestment of
dividends......................... 2,819,985 4,544,296 319,908 849,860 --
Shares redeemed..................... (14,445,359) (15,092,217) (1,247,540) (385,248) --
------------ ----------- ----------- ----------- ------------
Total Institutional Class shares........ 21,521,203 6,414,534 409,563 1,362,101 185,274
------------ ----------- ----------- ----------- ------------
Net increase/(decrease) in net assets
from Capital Stock transactions....... 342,885,700 12,161,645 (1,352,725) 11,658,792 100,873,658
------------ ----------- ----------- ----------- ------------
Net increase in net assets.............. 411,062,687 17,460,533 204,381 9,965,948 100,169,030
------------ ----------- ----------- ----------- ------------
NET ASSETS:
Beginning of year....................... 116,562,593 59,072,501 13,713,742 28,055,156 --
------------ ----------- ----------- ----------- ------------
End of year............................. $527,625,280 $76,533,034 $13,918,123 $38,021,104 $100,169,030
============ =========== =========== =========== ============
Undistributed net investment
income/(loss)......................... $ -- $ 975,497 $ -- $ 498,879 $ 206,903
============ =========== =========== =========== ============
</TABLE>
- ------------------------
<TABLE>
<C> <S>
* Wilshire 5000 Index Portfolio Investment and Institutional
Class Shares commenced operations on February 1, 1999.
</TABLE>
See Notes to Financial Statements.
70
<PAGE>
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS - (Continued)
YEAR ENDED AUGUST 31, 1999
<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........................... 13,030,320 875,186 997,612 2,598,582 10,115,363
Shares issued as reinvestment of
dividends........................... 251,825 58,904 68,409 206,753 --
Shares redeemed....................... (3,902,339) (668,024) (1,218,066) (2,141,897) (429,514)
------------ ----------- ----------- ----------- ------------
Net increase/(decrease) in Investment
Class shares outstanding.............. 9,379,806 266,066 (152,045) 663,438 9,685,849
============ =========== =========== =========== ============
Institutional Class shares:
Shares sold........................... 993,094 784,003 37,362 62,991 17,724
Shares issued as reinvestment of
dividends........................... 92,856 215,656 24,217 60,257 --
Shares redeemed....................... (430,373) (689,599) (30,758) (28,282) --
------------ ----------- ----------- ----------- ------------
Net increase in Institutional
Class shares outstanding.............. 655,577 310,060 30,821 94,966 17,724
============ =========== =========== =========== ============
</TABLE>
- ------------------------
<TABLE>
<C> <S>
* Wilshire 5000 Index Portfolio Investment and Institutional
Class Shares commenced operations on February 1, 1999.
</TABLE>
See Notes to Financial Statements.
71
<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.
72
<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.
73
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH YEAR.
<TABLE>
<CAPTION>
Investment Class Shares
----------------------------------------------------------------
Year Ended August 31,
----------------------------------------------------------------
1999 1998 1997 1996 1995
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year................... $ 26.09 $ 23.92 $ 19.35 $ 16.34 $ 13.31
-------- ------- ------- ------- -------
Income from investment operations:
Net investment gain/(loss)........................... (0.05) 0.04 0.04*** 0.07 0.10
Net realized and unrealized gain on investments...... 12.30 2.71 7.29 3.45 3.03
-------- ------- ------- ------- -------
Total from investment operations..................... 12.25 2.75 7.33 3.52 3.13
-------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income................. (0.02) (0.06) (0.03) (0.12) (0.10)
Distributions from capital gains..................... (1.95) (0.52) (2.73) (0.39) --
-------- ------- ------- ------- -------
Total distributions.................................. (1.97) (0.58) (2.76) (0.51) (0.10)
-------- ------- ------- ------- -------
Net asset value, end of year......................... $ 36.37 $ 26.09 $ 23.92 $ 19.35 $ 16.34
======== ======= ======= ======= =======
Total return (a)..................................... 48.46% 11.61% 40.91% 21.90% 23.67%
======== ======= ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of year (in 000's)................... $454,853 $81,569 $73,480 $19,035 $21,348
Operating expenses including
reimbursement/waiver/custody earnings credit...... 0.90% 0.71% 0.81% 0.93% 0.84%
Operating expenses excluding custody earnings
credit............................................ 0.95% 0.73% 0.91% -- --
Operating expenses excluding reimbursement/waiver/
custody earnings credit........................... 0.95% 0.77% 1.09% 0.96% 1.05%
Net investment income including reimbursement/waiver/
custody earnings credit........................... (0.11)% 0.16% 0.20% 0.39% 0.94%
Portfolio turnover rate.............................. 35% 57% 43% 44% 30%
</TABLE>
- -------------------------------------------------
<TABLE>
<S> <C>
*** 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.
</TABLE>
See Notes to Financial Statements.
74
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS - (Continued)
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
Institutional Class Shares
-----------------------------------------------
Year Ended August 31, Period
-------------------------------- Ended
1999 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....................................... 0.03 0.08 0.05*** 0.01
Net realized and unrealized gain on investments............. 12.31 2.72 7.29 1.07
------- ------- ------- ------
Total from investment operations............................ 12.34 2.80 7.34 1.08
------- ------- ------- ------
Less distributions:
Dividends from net investment income........................ (0.04) (0.07) (0.05) --
Distributions from capital gains............................ (1.95) (0.52) (2.73) --
------- ------- ------- ------
Total distributions......................................... (1.99) (0.59) (2.78) --
------- ------- ------- ------
Net asset value, end of period.............................. $ 36.47 $ 26.12 $ 23.91 $19.35
======= ======= ======= ======
Total return (a)............................................ 48.81% 11.78% 40.99% 5.91%**
======= ======= ======= ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)........................ $72,773 $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........ 0.67% 0.62% 0.87% --%
Operating expenses excluding reimbursement/waiver/custody
earnings credit.......................................... 0.67% 0.66% 1.06% 0.94%*
Net investment income including reimbursement/waiver/custody
earnings credit.......................................... 0.18% 0.27% 0.23% 0.41%*
Portfolio turnover rate..................................... 35% 57% 43% 44%**
</TABLE>
- -------------------------------------------------
<TABLE>
<S> <C>
* 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 commenced
operations on July 15, 1996.
(a) Total return represents aggregate total return for the
period indicated.
</TABLE>
See Notes to Financial Statements.
75
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH YEAR.
<TABLE>
<CAPTION>
Investment Class Shares
----------------------------------------------------------------
Year Ended August 31,
----------------------------------------------------------------
1999 1998 1997 1996 1995
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year................... $ 19.29 $ 20.49 $ 17.80 $ 16.02 $ 13.99
-------- ------- ------- ------- -------
Income from investment operations:
Net investment income................................ 0.28 0.38 0.47*** 0.85 0.34
Net realized and unrealized gain on investments...... 3.32 0.01 5.13 1.91 2.19
-------- ------- ------- ------- -------
Total from investment operations..................... 3.60 0.39 5.60 2.76 2.53
-------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income................. (0.33) (0.38) (0.60) (0.47) (0.40)
Distributions from capital gains..................... (1.54) (1.21) (2.31) (0.51) (0.10)
-------- ------- ------- ------- -------
Total distributions.................................. (1.87) (1.59) (2.91) (0.98) (0.50)
-------- ------- ------- ------- -------
Net asset value, end of year......................... $ 21.02 $ 19.29 $ 20.49 $ 17.80 $ 16.02
-------- ------- ------- ------- -------
Total return (a)..................................... 18.78% 1.34% 34.27% 17.52% 18.97%
======== ======= ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of year (in 000's)................... $ 19,814 $13,055 $13,989 $17,960 $22,926
Operating expenses including
reimbursement/waiver/custody earnings credit...... 1.04% 0.83% 0.91% 0.89% 0.81%
Operating expenses excluding custody earnings
credit............................................ 1.06% 0.86% 0.96% -- --
Operating expenses excluding reimbursement/waiver/
custody earnings credit........................... 1.06% 0.91% 1.18% 0.92% 1.02%
Net investment income including reimbursement/waiver/
custody earnings credit........................... 1.58% 1.88% 2.51% 3.12% 3.77%
Portfolio turnover rate.............................. 57% 56% 65% 56% 58%
</TABLE>
- -------------------------------------------------
<TABLE>
<S> <C>
*** 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.
</TABLE>
See Notes to Financial Statements.
76
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS - (Continued)
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
Institutional Class Shares
-----------------------------------------------------
Year Ended August 31, Period
------------------------------------ Ended
1999 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....................................... 0.37 0.41 0.47*** 0.07
Net realized and unrealized gain on investments............. 3.28 0.01 5.13 0.54
-------- ------- ------- -------
Total from investment operations............................ 3.65 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.............................. $ 21.04 $ 19.29 $ 20.47 $ 17.80
======== ======= ======= =======
Total return (a)............................................ 19.05% 1.47% 34.26% 3.55%**
======== ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)........................ $ 56,719 $46,017 $49,334 $17,425
Operating expenses including reimbursement/waiver/custody
earnings credit.......................................... 0.77% 0.73% 0.91% 0.87%*
Operating expenses excluding custody earnings credit........ 0.79% 0.76% 0.96% --
Operating expenses excluding reimbursement/waiver/custody
earnings credit.......................................... 0.79% 0.81% 1.18% 0.90%*
Net investment income including reimbursement/waiver/custody
earnings credit.......................................... 1.86% 1.98% 2.51% 3.14%*
Portfolio turnover rate..................................... 57% 56% 65% 56%**
</TABLE>
- -------------------------------------------------
<TABLE>
<S> <C>
* 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.
</TABLE>
See Notes to Financial Statements.
77
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH YEAR.
<TABLE>
<CAPTION>
Investment Class Shares
----------------------------------------------------------------
Year Ended August 31,
----------------------------------------------------------------
1999 1998 1997 1996 1995
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year.................... $ 11.78 $ 16.61 $ 18.56 $ 18.55 $ 15.39
------- ------- ------- ------- -------
Income from investment operations:
Net investment loss................................... (0.57) (0.18) (0.17)*** (0.19) (0.07)
Net realized and unrealized gain/(loss) on
investments........................................ 3.01 (3.98) 2.38 3.06 3.54
------- ------- ------- ------- -------
Total from investment operations...................... 2.44 (4.16) 2.21 2.87 3.47
------- ------- ------- ------- -------
Less distributions:
Distributions from capital gains...................... (0.88) (0.67) (4.16) (2.86) (0.31)
------- ------- ------- ------- -------
Total distributions................................... (0.88) (0.67) (4.16) (2.86) (0.31)
------- ------- ------- ------- -------
Net asset value, end of year.......................... $ 13.34 $ 11.78 $ 16.61 $ 18.56 $ 18.55
======= ======= ======= ======= =======
Total return (a)...................................... 20.79% (26.02)% 15.16% 17.50% 23.04%
======= ======= ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of year (in 000's).................... $ 8,907 $ 9,659 $14,471 $18,049 $21,882
Operating expenses including
reimbursement/waiver/custody earnings credit....... 1.46% 1.26% 1.22% 1.01% 0.95%
Operating expenses excluding custody earnings
credit............................................. 1.50% 1.28% 1.24% -- --
Operating expenses excluding
reimbursement/waiver/custody earnings credit....... 1.65% 1.43% 1.45% 1.05% 1.16%
Net investment income including reimbursement/waiver/
custody earnings credit............................ (1.20)% (1.05)% (1.05)% (0.78)% (0.54)%
Portfolio turnover rate............................... 153% 74% 105% 87% 111%
</TABLE>
- -------------------------------------------------
<TABLE>
<S> <C>
*** 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.
</TABLE>
See Notes to Financial Statements.
78
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS - (Continued)
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
Institutional Class Shares
-----------------------------------------------------
Year Ended August 31, Period
------------------------------------ Ended
1999 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......................................... (0.54) (0.17) (0.17)*** (0.02)
Net realized and unrealized gain/(loss) on investments...... 3.01 (3.98) 2.38 1.92
-------- ------- ------- -------
Total from investment operations............................ 2.47 (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.............................. $ 13.38 $ 11.79 $ 16.61 $ 18.56
======== ======= ======= =======
Total return (a)............................................ 21.04% (25.95)% 15.14% 11.40%**
======== ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)........................ $ 5,011 $ 4,054 $ 4,599 $ 3,577
Operating expenses including reimbursement/waiver/custody
earnings credit.......................................... 1.27% 1.17% 1.22% 0.98%*
Operating expenses excluding custody earnings credit........ 1.31% 1.19% 1.24% --
Operating expenses excluding reimbursement/waiver/custody
earnings credit.......................................... 1.46% 1.34% 1.45% 1.02%*
Net investment loss including reimbursement/waiver/custody
earnings credit.......................................... (1.01)% (0.96)% (1.05)% (0.75)%*
Portfolio turnover rate..................................... 153% 74% 105% 87%**
</TABLE>
- -------------------------------------------------
<TABLE>
<S> <C>
* 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.
</TABLE>
See Notes to Financial Statements.
79
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH YEAR.
<TABLE>
<CAPTION>
Investment Class Shares
----------------------------------------------------
Year Ended August 31,
----------------------------------------------------
1999 1998 1997 1996 1995
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year.......................... $ 13.77 $ 17.25 $ 15.92 $ 15.41 $ 14.32
------- ------- ------- ------- -------
Income from investment operations:
Net investment income....................................... 0.09 0.36 0.40*** 0.56 0.55
Net realized and unrealized gain/(loss) on investments...... 0.79 (1.50) 4.27 0.95 1.06
------- ------- ------- ------- -------
Total from investment operations............................ 0.88 (1.14) 4.67 1.51 1.61
------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income........................ (0.19) (0.37) (0.75) (0.56) (0.45)
Distributions from capital gains............................ (0.86) (1.97) (2.59) (0.44) (0.07)
------- ------- ------- ------- -------
Total distributions......................................... (1.05) (2.34) (3.34) (1.00) (0.52)
------- ------- ------- ------- -------
Net asset value, end of year................................ $ 13.60 $ 13.77 $ 17.25 $ 15.92 $ 15.41
======= ======= ======= ======= =======
Total return (a)............................................ 6.20% (8.79)% 33.73% 10.01% 11.84%
======= ======= ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of year (in 000's).......................... $26,395 $17,602 $20,299 $27,329 $25,978
Operating expenses including reimbursement/waiver/custody
earnings credit.......................................... 1.02% 0.83% 0.86% 0.88% 0.69%
Operating expenses excluding custody earnings credit........ 1.08% 0.85% 0.90% -- --
Operating expenses excluding reimbursement/waiver/custody
earnings credit.......................................... 1.23% 1.00% 1.15% 0.92% 0.91%
Net investment income including reimbursement/waiver/custody
earnings credit.......................................... 1.71% 1.61% 2.58% 3.13% 4.12%
Portfolio turnover rate..................................... 113% 74% 105% 81% 86%
</TABLE>
- -------------------------------------------------
<TABLE>
<S> <C>
*** 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.
</TABLE>
See Notes to Financial Statements.
80
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS - (Continued)
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
Institutional Class Shares
--------------------------------------------
Year Ended August 31, Period
------------------------------ Ended
1999 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....................................... 0.14 0.38 0.40*** 0.06
Net realized and unrealized gain/(loss) on investments...... 0.77 (1.50) 4.27 0.41
------- ------- ------- ------
Total from investment operations............................ 0.91 (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.............................. $ 13.61 $ 13.76 $ 17.23 $15.92
======= ======= ======= ======
Total return (a)............................................ 6.43% (8.72)% 33.74% 3.04%**
======= ======= ======= ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)........................ $11,627 $10,454 $26,412 $7,335
Operating expenses including reimbursement/waiver/custody
earnings credit.......................................... 0.79% 0.74% 0.86% 0.85%*
Operating expenses excluding custody earnings credit........ 0.85% 0.76% 0.90% --
Operating expenses excluding reimbursement/waiver/custody
earnings credit.......................................... 1.00% 0.91% 1.15% 0.89%*
Net investment income including reimbursement/waiver/custody
earnings credit.......................................... 1.94% 1.70% 2.58% 3.16%*
Portfolio turnover rate..................................... 113% 74% 105% 81%**
</TABLE>
- -------------------------------------------------
<TABLE>
<S> <C>
* 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.
</TABLE>
See Notes to Financial Statements.
81
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
Investment Class Shares
-----------------------
Period
Ended
8/31/99(1)
----------
<S> <C>
Net asset value, beginning of period................ $ 10.00
-------
Income from investment operations:
Net investment income............................... 0.02
Net realized and unrealized gain on investments..... 0.30
-------
Total from investment operations.................... 0.32
-------
Net asset value, end of period...................... $ 10.32
=======
Total return (a).................................... 3.20%**
=======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)................ $99,986
Operating expenses including
reimbursement/waiver/custody
earnings credit.................................. 0.60%*
Operating expenses excluding custody
earnings credit.................................. 0.69%*
Operating expenses excluding
reimbursement/waiver/custody
earnings credit.................................. 1.33%*
Net investment income including
reimbursement/waiver/custody earnings credit..... 0.60%*
Portfolio turnover rate............................. 4%**
</TABLE>
- -------------------------------------------------
<TABLE>
<S> <C>
* Annualized
** Non-annualized.
(1) The Wilshire 5000 Index Portfolio Investment Class Shares
commenced operations on February 1, 1999.
(a) Total return represents aggregate total return for the
period indicated.
</TABLE>
See Notes to Financial Statements.
82
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS - (Continued)
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
Institutional Class Shares
--------------------------
Period
Ended
8/31/99(1)
----------
<S> <C>
Net asset value, beginning of period................ $ 10.00
-------
Income from investment operations:
Net investment income............................... 0.03
Net realized and unrealized gain on investments..... 0.30
-------
Total from investment operations.................... 0.33
-------
Net asset value, end of period...................... $ 10.33
=======
Total return (a).................................... 3.30%**
=======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)................ $ 183
Operating expenses including
reimbursement/waiver/custody
earnings credit.................................. 0.35%*
Operating expenses excluding custody
earnings credit.................................. 0.48%*
Operating expenses excluding
reimbursement/waiver/custody
earnings credit.................................. 1.32%*
Net investment income including
reimbursement/waiver/custody earnings credit..... 1.20%*
Portfolio turnover rate............................. 4%**
</TABLE>
- -------------------------------------------------
<TABLE>
<S> <C>
* Annualized
** Non-annualized.
(1) The Wilshire 5000 Index Portfolio Institutional
Class Shares commenced operations on February 1, 1999.
(a) Total return represents aggregate total return for the
period indicated.
</TABLE>
See Notes to Financial Statements.
83
<PAGE>
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS
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
diversified investment company, which 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 (the "5000
Portfolio") commenced operations on February 1, 1999. The Fund accounts
separately for the assets, liabilities and operations of each series.
Each of the Portfolios offers Investment and Institutional Class shares (the
"shares"), each of which has equal rights as to Class and voting privileges. The
Wilshire 5000 Index Portfolio also offers Qualified Class Shares and Horace Mann
Class Shares. Each of the Investment Class, Qualified Class and Horace Mann
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
each Portfolio. Each class of shares differs in its respective service and
distribution expenses.
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies consistently followed by the Portfolios in the
preparation of their financial statements.
PORTFOLIO VALUATION: Each Portfolio's investment securities are valued at the
last sale price on the securities exchange or national securities market on
which such securities primarily are traded. Securities not listed on an exchange
or national securities market, or securities in which there were no
transactions, are valued at the average of the most recent bid and asked prices.
Bid price is used when no asked price is available. Short-term investments are
carried at amortized cost, which approximates value. Any securities or other
assets for which recent market quotations are not readily available are valued
at fair value as determined in good faith pursuant to procedures adopted by the
Board of Directors.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on a trade date basis. Realized gains and losses from securities
transactions are recorded on the identified cost basis. Dividend income is
recognized on the ex-dividend date and interest income, including, where
applicable, amortization of discount on investments is recognized on the accrual
basis.
EXPENSES: Distribution and Service fees directly attributable to a class of
shares are charged to that class' operations. Expenses of the Portfolios other
than Distribution and Service fees 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.
84
<PAGE>
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (Continued)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Distributions from net investment
income, if any, are declared and paid annually. The Portfolio's net realized
capital gains, unless offset by any available capital loss carryforward, are
distributed to shareholders annually. Additional distributions of net investment
income and capital gains may be made at the discretion of the Board of Directors
in order to avoid the application of a 4% non-deductible Federal excise tax.
Income distributions and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments of
income and gains on various investment securities held by the Portfolios, timing
differences and differing characterization of distributions made by each
Portfolio as a whole.
FEDERAL INCOME TAXES: The Fund intends to qualify each Portfolio 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 the average daily net assets of the Large Company Growth,
Large Company Value, Small Company Value and Small Company Growth Portfolios.
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. Prior to December 31, 1997,
Wilshire voluntarily waived .15 of 1% of the average daily net assets for the
Large Company Growth and Large 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 "5000 Portfolio"), the
Portfolio has entered into an investment advisory agreement (the "5000 Advisory
Agreement") with Wilshire. Under the terms of the 5000 Advisory Agreement, the
Portfolio has agreed to pay Wilshire a fee computed daily and paid monthly at
the annual rate of .10% of the value of the Portfolio's average daily net
assets. However, Wilshire has agreed to waive advisory fees until at least
December 31, 1999, and reimburse other expenses with respect to the extent
necessary to maintain the Portfolio's expense ratio (other than Rule 12b-1 fees)
at 0.35% of the Portfolio's daily net assets until at least September 30, 2000.
For the year ended August 31, 1999, Wilshire voluntarily waived fees and
reimbursed other expenses as follows:
<TABLE>
<CAPTION>
FUND
- ----
<S> <C>
Small Company Growth Portfolio............... $ 23,318
Small Company Value Portfolio................ 59,706
Wilshire 5000 Index Portfolio................ 121,910
</TABLE>
85
<PAGE>
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (Continued)
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 a services agreement (the "Services Agreement"). Under
the terms of the Services Agreement, the Fund has agreed to pay Investor
Services Group an administration 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 per each
Portfolio and $2,000 for each additional class.
With respect to the Wilshire 5000 Index Portfolio, Investor Services Group has
agreed to waive certain administration and accounting asset fees, transfer agent
and fund accounting flat fees for a period of three years.
For the year ended August 31, 1999, Investor Services Group voluntarily waived
fees as follows:
<TABLE>
<S> <C>
Administration and Accounting................. $66,175
Transfer Agency............................... 24,165
Pricing....................................... 9,572
</TABLE>
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 incurred overdraft charges. For the
year ended August 31, 1999, the charges were as follows: Large Company Growth,
$11,512; Large Company Value, $3,701; Small Company Growth, $8,859; Small
Company Value, $9,525; Wilshire 5000 Index, $275.
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 of the Fund, the Investment Class shareholders of each
Portfolio and the Qualified Class shareholders of the 5000 Portfolio have
adopted service and distribution plans 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 and the Qualified Class Shares of the
5000 Portfolio. Under the Plans, the Fund reimburses First Data Distributors,
Inc. ("FDDI"), 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 service fees 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 or Qualified Class shares. For the year ended
August 31, 1999, the distribution and service fees expenses incurred for Large
Company Growth Portfolio, Large Company Value
86
<PAGE>
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (Continued)
Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio and
Wilshire 5000 Index Portfolio were .25%, .25%, .16%, .25% and .25% of average
net assets, respectively.
In addition, Investment Class and Institutional Class shares will pay the
expenses associated with their different shareholder servicing arrangements,
provided that payment of such fees to any shareholder service provider shall not
exceed in any year .10% of the Portfolio's average net assets attributable to
the shares whose holders are serviced by such provider. For the year ended
August 3, 1999, the shareholder service provider fees incurred for Large Company
Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio,
Small Company Value Portfolio and Wilshire 5000 Index Portfolio were .05%, .06%,
.03%, .06% and .07% of attributable average net assets, respectively.
The Directors of the Fund, the Horace Mann Class shareholders of the 5000
Portfolio have adopted a service and distribution plan pursuant to Rule 12b-1,
with respect to the Horace Mann Class shares of the 5000 Portfolio. Under such
Plan, the Fund pays FDDI a fee equal to .35 of 1% of the value of the average
daily net assets of the 5000 Portfolio attributable to the Horace Mann Class
shares. No payments were made during the fiscal year ended August 31, 1999
pursuant to such plan, as the Class has not commenced operations as of such
date.
4. Securities Transactions.
For the year ended August 31, 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....... $438,343,812 $108,701,589
Large Company Value Portfolio........ 50,126,363 42,606,713
Small Company Growth Portfolio....... 23,255,185 26,222,655
Small Company Value Portfolio........ 52,827,350 44,178,025
Wilshire 5000 Index Portfolio........ 103,775,490 2,803,368
</TABLE>
The aggregate gross unrealized appreciation and depreciation, as computed on a
federal income tax basis, at August 31, 1999 for each Portfolio is as follows:
<TABLE>
<CAPTION>
UNREALIZED UNREALIZED
FUND APPRECIATION DEPRECIATION
- ---- ------------ ------------
<S> <C> <C>
Large Company Growth Portfolio....... $111,734,471 $9,241,691
Large Company Value Portfolio........ 13,228,178 3,369,060
Small Company Growth Portfolio....... 2,108,317 1,422,168
Small Company Value Portfolio........ 3,744,052 2,490,481
Wilshire 5000 Index Portfolio........ 5,973,077 6,953,061
</TABLE>
87
<PAGE>
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (Continued)
5. Significant Shareholder Activity.
At August 31, 1999, a significant shareholder owned of record
approximately the following percentage of total outstanding Institutional Class
shares of each of the Portfolios:
<TABLE>
<CAPTION>
FUND
- ----
<S> <C>
Large Company Growth Portfolio.................. 21%
Large Company Value Portfolio................... 32%
Small Company Growth Portfolio.................. 98%
Small Company Value Portfolio................... 96%
</TABLE>
6. Capital Loss Carryforward.
As of August 31, 1999, the Fund had available for federal tax purposes
unused capital loss carryforwards as follows:
<TABLE>
<CAPTION>
EXPIRING IN 2007
-----------------
<S> <C>
Wilshire Small Company Growth Portfolio.............. $7,758
</TABLE>
88
<PAGE>
WILSHIRE TARGET FUNDS, INC.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors
of Wilshire Target Funds, Inc.:
In our opinion, the accompanying statements of assets and liabilities,
including the statements of investments, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of Wilshire Target
Funds, Inc. (comprised of Large Company Growth Portfolio, Large Company Value
Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, and
Wilshire 5000 Index Portfolio) (the "Funds") at August 31, 1999, the results of
each of their operations for the year or period then ended, the changes in each
of its net assets and the financial highlights for each of the periods
presented, in conformity with generally accepted accounting principles. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Funds' management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at
August 31, 1999 by correspondence with the custodian and brokers, provide a
reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
Philadelphia, PA
October 8, 1999
89
<PAGE>
WILSHIRE TARGET FUNDS, INC.
TAX INFORMATION
(UNAUDITED)
Long-Term Capital Gains
The amounts of long-term capital gains paid for the fiscal year ended
August 31, 1999 were as follows:
<TABLE>
<CAPTION>
FUND TOTAL
- ---- ----------
<S> <C>
Large Company Growth Portfolio..................... $7,462,224
Large Company Value Portfolio...................... 3,724,088
Small Company Growth Portfolio..................... 1,135,088
Small Company Value Portfolio...................... 3,084,629
</TABLE>
Of the distributions made by the following Portfolios, the corresponding
percentage represents the amount of each distribution which will qualify for the
dividends received deduction available to corporate shareholders:
<TABLE>
<CAPTION>
FUND PERCENTAGE
- ---- -----------
<S> <C>
Large Company Growth Portfolio.................... 66.32%
Large Company Value Portfolio..................... 84.60%
Small Company Growth Portfolio.................... 27.25%
Small Company Value Portfolio..................... 99.30%
Wilshire 5000 Index Portfolio..................... 0.00%
</TABLE>
90
<PAGE>
[LOGO]
W I L S H I R E
- ------------------
TARGET FUNDS, INC.
- ------------------
P.O. Box 60488
King of Prussia, Pennsylvania 19406-0488
<PAGE>
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