<PAGE>
[WILSHIRE TARGET FUNDS LOGO]
SEMI-ANNUAL REPORT
LARGE COMPANY GROWTH PORTFOLIO
LARGE COMPANY VALUE PORTFOLIO
SMALL COMPANY GROWTH PORTFOLIO
SMALL COMPANY VALUE PORTFOLIO
WILSHIRE 5000 INDEX PORTFOLIO
FEBRUARY 29, 2000
-------------
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......................................... 5
Small Company Growth Portfolio:
Fund Commentary......................................... 7
Small Company Value Portfolio:
Fund Commentary......................................... 9
Wilshire 5000 Index Portfolio:
Fund Commentary......................................... 11
Statements of Investments:
Large Company Growth Portfolio.......................... 14
Large Company Value Portfolio........................... 18
Small Company Growth Portfolio.......................... 22
Small Company Value Portfolio........................... 27
Wilshire 5000 Index Portfolio........................... 31
Statements of Assets and Liabilities........................ 70
Statements of Operations.................................... 72
Statements of Changes in Net Assets......................... 73
Financial Highlights:
Large Company Growth Portfolio.......................... 77
Large Company Value Portfolio........................... 79
Small Company Growth Portfolio.......................... 81
Small Company Value Portfolio........................... 83
Wilshire 5000 Index Portfolio........................... 85
Notes to Financial Statements............................... 88
</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 Provident Distributors, Inc.
<PAGE>
Dear Shareholder,
We are pleased to present this semi-annual report to all shareholders of the
Wilshire Target Funds, Inc. (the "Fund"). This report covers the six months
ended February 29, 2000 for both classes of shares of the Fund's Portfolios
(Investment Class and Institutional Class). The Portfolios include Large Company
Growth, Large Company Value, Small Company Growth, Small Company Value, and the
newest of the Fund's Portfolios, the Wilshire 5000 Index Portfolio (which also
offers Qualified Class Shares and Horace Mann Class Shares).
ONE YEAR ANNIVERSARY OF WILSHIRE 5000 INDEX PORTFOLIO
February marks the anniversary of the launch of the Wilshire 5000 Index
Portfolio. During the past year we have seen substantial growth in the Portfolio
which we believe reflects a change in the perceptions of investors in favor of
broader, more comprehensive market vehicles. With the resurgence of the
performance of small companies during the past five months, the Wilshire 5000
Index has moved to the forefront in performance rankings over measures like the
S&P 500 Index. With this vehicle investors can participate in what the market,
as a whole, has to offer, not simply one segment of it.
Since it was produced in 1974, the broad-based Wilshire 5000 Index, which now
includes approximately 7,200 stocks, is considered the best representation of
the entire market. The Index measures the performance of all U.S. domiciled
stocks traded on the New York Stock Exchange ("NYSE"), the American Stock
Exchange ("AMEX") and NASDAQ with readily available price information.
The Wilshire 5000 Index Portfolio has been created using sampling procedures to
track the Index, and will ultimately hold between 2,000 to 3,000 securities, in
comparison to the almost 7,200 securities included in the Index. Recent market
conditions highlight the benefits of investing in a broad market index over the
S&P 500 Index. Small cap stocks have outperformed relative to large cap stocks
recently, unlike the five-year period prior. 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
In addition to the new Wilshire 5000 Index Portfolio, the Fund offers focused
exposure to four distinct segments of the equity market represented by the Large
Company Growth, Large Company Value, Small Company Growth, and Small Company
Value Portfolios. Investors target different fundamental characteristics when
choosing to pursue a style approach. Consequently, each Portfolio owns only
securities which correspond with the characteristics most commonly associated
with that style. Generally, the growth portfolios focus on companies whose
financial characteristics include above average earnings growth, sales growth,
and return on equity. Conversely, the value portfolios seek companies with above
average earnings yield, dividend yield, and book-to-price ratios. Stocks are
purchased only if they meet the specific growth or value criteria defined for
the Portfolio.
In order to maintain proper style exposure in each Portfolio, changes are made
over time as companies' characteristics change. Stocks are sold if they no
longer meet the criteria of that particular Portfolio. For example, value stocks
can lose their attractiveness, from a value perspective, after a strong relative
price advance. Consequently, the Portfolios require constant vigilance and
monitoring to make sure that each Portfolio has the most appropriate stocks
given its style orientation.
1
<PAGE>
MARKET ENVIRONMENT
During the semi-annual period ended February 29, 2000, we have begun to see a
change in some of the fundamentals that have been driving the market's advance
in the past five years. First of all, small companies have begun to advance
relative to large companies, which is a very distinct new trend when compared to
past years. Indeed for the six months ended February 29, 2000, small companies
as measured by the Wilshire Next 1750 Index were up 35.7%, while large companies
as measured by the Standard & Poors 500 Composite Total Return Index were up
only 4.2%. The Wilshire 5000 Index as a result was up 12.9%, which demonstrates
the value of having the small company exposure as part of the Index.
6 MONTHS RETURN
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
RETURN (%)
<S> <C> <C> <C>
Wilshire 5000 Wilshire Next
Index S&P 500 Index 1750 Index
12.9% 4.2% 35.7%
</TABLE>
For these six months, the equity markets as measured by the Wilshire 5000 Index
have continued to generate positive returns for investors, and since our
management approach entails maintaining a fully invested posture at all times,
investors have received full benefit of the market advance. We believe that for
individuals, as well as for large corporate pension plans, the decision as to
what percentage of investment assets should be allocated to equities is a
strategic decision, based on a long-term view of the capital markets as well as
the individual's/corporation's risk tolerance. By offering Funds that 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 funds, 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 February 29, 2000)
AVERAGE 5-YEAR SALES GROWTH ........................................ 25.9%
AVERAGE 5-YEAR EARNINGS GROWTH ..................................... 17.3%
AVERAGE 5-YEAR RETURN ON EQUITY .................................... 22.7%
AVERAGE MARKET CAPITALIZATION ................................... $177.7 BILLION
1 ALL AVERAGES ARE DOLLAR-WEIGHTED AVERAGES. THE 5-YEAR NUMBERS ARE CALCULATED
BASED ON THE RESULTS FOR THE 5-YEAR PERIOD ENDED FEBRUARY 29, 2000 FOR THOSE
SECURITIES IN THE PORTFOLIO'S HOLDINGS AS OF FEBRUARY 29, 2000 WHOSE ISSUERS
HAVE BEEN IN EXISTENCE FOR AT LEAST 5 YEARS.
(END SIDEBAR)
The Large Company Growth Portfolio continued to perform
well during the six month period ended February 29, 2000.
The Large Company Growth Portfolio Investment
Class Shares returned 16.81% and the Institutional
Class Shares returned 17.01%. Performance was driven
primarily by strength in the Technology sector, which
included many of the top holdings in the portfolio in
terms of market value. By contrast, the Consumer
Durables, Consumer Non-Durables and Transportation
sectors all generated negative returns and their combined
size roughly equaled the Technology weighting at the
beginning of the period.
Some of the best performers were scattered among the
largest names in the Portfolio. Companies like Intel
Corporation (up 37%), Cisco Systems, Inc. (up 95%), Sun
Microsystems, Inc. (up 139%), and Oracle Systems
Corporation (up 306%) all contributed greatly to the
performance of the Fund in aggregate. While these names
have resided among the best performers for some time,
noticeably absent this time are companies in the Consumer
Non-Durables sector. Among the companies that have helped
to propel Large Company Growth to the forefront over the
past several years are names like Coca-Cola (down 18%),
Pfizer, Inc. (down 14%), Bristol-Myers Squibb Company
(down 18%), Johnson & Johnson (down 29%), and
Schering-Plough Corporation (down 33%). The Large Company
Growth momentum, while still strong, has during this
period rested squarely on the shoulders of the Technology
sector.
The Large Company Growth Portfolio is comprised of
companies that have above average earnings and sales
growth histories and fit a classic high quality growth
profile. It is typical to find companies in this
Portfolio that have enjoyed long and successful growth
trends. In addition, these companies typically have
higher than average returns on equity reflecting higher
levels of profitability.
THE STRONG PERFORMANCE OF THE FUND WAS IN LARGE PART ATTRIBUTABLE TO THE FUND'S
TECHNOLOGY HOLDINGS. INVESTORS IN THE FUND SHOULD REALIZE THAT FAVORABLE
CONDITIONS FOR TECHNOLOGY STOCKS MAY NOT CONTINUE AND MAY NOT BE REPEATED IN THE
FUTURE.
3
<PAGE>
LARGE COMPANY GROWTH PORTFOLIO
FUND COMMENTARY - (Continued)
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
SIX MONTHS ENDED 2/29/00.......................... 16.81%(**)
ONE YEAR ENDED 2/29/00............................ 26.14%
FIVE YEARS ENDED 2/29/00.......................... 31.17%+
INCEPTION (9/30/92) THROUGH 2/29/00............... 22.42%+
</TABLE>
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
SIX MONTHS ENDED 2/29/00.......................... 17.01%(**)
ONE YEAR ENDED 2/29/00............................ 26.55%
INCEPTION (7/15/96) THROUGH 2/29/00............... 34.24%+
</TABLE>
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS.
** NOT ANNUALIZED.
+ DURING THE PERIODS, CERTAIN FEES AND EXPENSES WERE WAIVED OR
REIMBURSED. WITHOUT SUCH WAIVERS AND REIMBURSEMENTS, TOTAL RETURNS
WOULD HAVE BEEN LOWER.
PORTFOLIO SECTOR WEIGHTING***
(As of February 29, 2000)
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED
GRAPHIC
<TABLE>
<CAPTION>
TECHNOLOGY 53.0%
<S> <C>
CONSUMER NON-DURABLES 25.9%
CAPITAL GOODS 7.0%
FINANCE 5.3%
MATERIALS & SERVICES 4.2%
UTILITIES 3.4%
CONSUMER DURABLES 0.3%
ENERGY 0.9%
</TABLE>
4
<PAGE>
LARGE COMPANY GROWTH PORTFOLIO
FUND COMMENTARY - (Continued)
*** Based on percent of Portfolio's total market value.
5
<PAGE>
LARGE COMPANY VALUE PORTFOLIO
FUND COMMENTARY
(Sidebar) PORTFOLIO INFORMATION(1)
(As of February 29, 2000)
DIVIDEND YIELD(2) ................................................. 2.6%
AVERAGE PRICE/BOOK RATIO ......................................... 3.9
AVERAGE PRICE/EARNINGS RATIO ..................................... 13.9
AVERAGE MARKET CAPITALIZATION .................................... $56.4 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)
The Large Company Value Portfolio had a disappointing
result during the six months ended February 29, 2000. The
Portfolio's Investment Class Shares returned -14.28% and
the Institutional Class Shares returned -14.12%. Only two
sectors, Energy and Technology recorded positive returns
(1.5% and 0.9%, respectively) and their combined weight
was a mere 18% of the Portfolio at the beginning of the
reporting period. Every other sector recorded
double-digit negative returns reflecting a difficult
environment for fundamentally based value products.
The biggest negative contributors to performance included
Bank of America Corporation (down 23%), Raytheon (down
62%), Bank One Corporation (down 34%), and Ford Motor
Company (down 19%). While Raytheon's decline was
principally due to problems associated with one of their
operating units, the other securities mentioned all
suffered due to investor's preoccupation with the
Technology sector and also rising interest rates. Besides
a below market weighting in Technology, the sectors which
adversely impacted performance most were Finance and
Utilities. Finance companies collectively were down over
20% during the period and coupled with the fact that at
the beginning of the period they comprised over 36% of
the Portfolio's weight, they were a significant negative
contributor. Utilities comprised 12% of the market value,
at the beginning of the period, and as a group were down
over 27%. On the opposite side of the spectrum, Enron
Corporation (up 65%), General Motors Corporation (up
16%), and Scientific-Atlanta, Inc. (up 51%) all
contributed positively to the Portfolio.
Fundamentals that are used for selection of companies in
this Portfolio are price to earnings ratio, price to book
ratio, and dividend yield. A high quality profile is
required, which eliminates companies that are undergoing
adverse financial pressures. Companies are monitored
using a variety of relative value
5
<PAGE>
LARGE COMPANY VALUE PORTFOLIO
FUND COMMENTARY - (Continued)
criteria, the goal being to capture the most attractive
value opportunities available. Buy and sell decisions are
based on the relative evaluation of fundamentals. As a
security's valuation improves or deteriorates relative to
other large cap securities, it will be bought or sold.
6
<PAGE>
LARGE COMPANY VALUE PORTFOLIO
FUND COMMENTARY - (Continued)
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
SIX MONTHS ENDED 2/29/00.......................... (14.28)%**
ONE YEAR ENDED 2/29/00............................ (12.91)%
FIVE YEARS ENDED 2/29/00.......................... 13.42%+
INCEPTION (9/30/92) THROUGH 2/29/00............... 11.86%+
</TABLE>
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
SIX MONTHS ENDED 2/29/00.......................... (14.12)%**
ONE YEAR ENDED 2/29/00............................ (12.63)%
INCEPTION (7/15/96) THROUGH 2/29/00............... 10.63%+
</TABLE>
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS.
** NOT ANNUALIZED.
+ DURING THE PERIODS, CERTAIN FEES AND EXPENSES WERE WAIVED OR
REIMBURSED. WITHOUT SUCH WAIVERS AND REIMBURSEMENTS, TOTAL RETURNS
WOULD HAVE BEEN LOWER.
PORTFOLIO SECTOR WEIGHTING***
(As of February 29, 2000)
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED
GRAPHIC
<TABLE>
<CAPTION>
ENERGY 24.0%
<S> <C>
FINANCE 20.3%
TECHNOLOGY 13.2%
MATERIALS & SERVICES 12.3%
UTILITIES 10.8%
CONSUMER NON-DURABLES 7.7%
CONSUMER DURABLES 7.2%
CAPITAL GOODS 3.3%
TRANSPORTATION 1.2%
</TABLE>
7
<PAGE>
LARGE COMPANY VALUE PORTFOLIO
FUND COMMENTARY - (Continued)
*** Based on percent of Portfolio's total market value.
8
<PAGE>
SMALL COMPANY GROWTH PORTFOLIO
FUND COMMENTARY
(Sidebar) PORTFOLIO INFORMATION(1)
(As of February 29, 2000)
AVERAGE 5-YEAR SALES GROWTH ....................................... 36.2%
AVERAGE 5-YEAR EARNINGS GROWTH .................................... 13.7%
AVERAGE 5-YEAR RETURN ON EQUITY ................................... 18.3%
AVERAGE MARKET CAPITALIZATION ................................... $2.4 BILLION
1 ALL AVERAGES ARE DOLLAR-WEIGHTED AVERAGES. THE 5-YEAR NUMBERS ARE CALCULATED
BASED ON THE RESULTS FOR THE 5-YEAR PERIOD ENDED FEBRUARY 29, 2000 FOR THOSE
SECURITIES IN THE PORFOLIO'S HOLDINGS AS OF FEBRUARY 29, 2000 WHOSE ISSUERS
HAVE BEEN IN EXISTENCE FOR AT LEAST 5 YEARS.
(END SIDEBAR)
The Small Company Growth Portfolio enjoyed a dramatic
turnaround during the six months ended February 29, 2000.
Small Company Growth has been a disappointing style
category for some time and it was refreshing to see such
a strong move during this period. The Portfolio's
Investment Class Shares were up 31.11% and the
Institutional Class Shares were up 31.32% for the period.
Capital Goods (up 66%) and Technology (up 87%) recorded
the strongest performance. These two sectors comprised
29% of the total Portfolio's weight at the beginning of
the period. Materials & Services was the next most
important sector in absolute terms recording a 27%
return, which combined with its 27% Portfolio weighting
at the beginning of the period also had a meaningful
impact on the total Portfolio.
Over 25 companies
recorded returns in
excess of 100% in
spite of the fact
that many of them
were added as late as
December to the
Portfolio. Some of
the best performing
companies included
Safeguard
Scientifics, Inc. (up
160%), Network
Solutions (up 316%
and no longer held by
the Portfolio), TSI
International
Software Ltd. (up
346%), and Powerwave
Technologies, Inc.
(up 226%). Other
securities which
generated stellar
results included:
Advanced Fibre
Communications, Inc.
(up 206%), Micrel,
Inc. (up 201%),
TranSwitch
Corporation (up
219%), Macrovision
Corporation
7
<PAGE>
SMALL COMPANY GROWTH PORTFOLIO
FUND COMMENTARY - (Continued)
(up 33.4%), and SIPEX
Corporation (up
153%). It was
encouraging to see
Small Company Growth
rebound. It provides
support for the
fundamentally based
stock selection
methodology used by
the Advisor.
The methodology used in selecting stocks for the Small
Company Growth Portfolio more closely adheres to an
emerging growth definition. Unlike the Large Company
Growth Portfolio, the focus is to identify companies
demonstrating evidence of a growth profile as opposed to
an established growth pattern. Specifically, the
Portfolio's adviser seeks to identify companies that have
either earnings or sales growth, but not necessarily a
long record of growth. Companies in the small growth
arena tend to be younger in their life cycle and as a
result are less likely to be generating a high level of
profitability. Companies with high quality attributes in
terms of positive cash flow and positive earnings are
targeted.
THE STRONG PERFORMANCE OF THE FUND WAS IN LARGE PART ATTRIBUTABLE TO THE FUND'S
TECHNOLOGY HOLDINGS. INVESTORS IN THE FUND SHOULD REALIZE THAT FAVORABLE
CONDITIONS FOR TECHNOLOGY STOCKS MAY NOT CONTINUE AND MAY NOT BE REPEATED IN THE
FUTURE.
8
<PAGE>
SMALL COMPANY GROWTH PORTFOLIO
FUND COMMENTARY - (Continued)
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
SIX MONTHS ENDED 2/29/00.......................... 31.11%**
ONE YEAR ENDED 2/29/00............................ 39.03%
FIVE YEARS ENDED 2/29/00.......................... 13.30%
INCEPTION (10/1/92) THROUGH 2/29/00............... 13.98%
</TABLE>
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
SIX MONTHS ENDED 2/29/00.......................... 31.32%**
ONE YEAR ENDED 2/29/00............................ 39.44%
INCEPTION (7/15/96) THROUGH 2/29/00............... 12.03%
</TABLE>
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS. DURING THE
PERIODS, CERTAIN FEES AND EXPENSES WERE WAIVED OR REIMBURSED. FOR
THE SIX MONTHS ENDED FEBRUARY 29, 2000, FEES AND EXPENSES TOTALING
0.15% PER SHARE WERE WAIVED OR REIMBURSED. WITHOUT SUCH WAIVERS
AND REIMBURSEMENTS, TOTAL RETURNS WOULD HAVE BEEN LOWER.
** NOT ANNUALIZED.
PORTFOLIO SECTOR WEIGHTING***
(As of February 29, 2000)
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED
GRAPHIC
<TABLE>
<CAPTION>
TECHNOLOGY 38.8%
<S> <C>
MATERIALS & SERVICES 26.9%
CONSUMER NON-DURABLES 12.8%
CAPITAL GOODS 11.2%
FINANCE 4.3%
CONSUMER DURABLES 2.5%
TRANSPORTATION 2.1%
ENERGY 0.7%
UTILITIES 0.7%
</TABLE>
9
<PAGE>
SMALL COMPANY GROWTH PORTFOLIO
FUND COMMENTARY - (Continued)
*** Based on percent of Portfolio's total market value.
10
<PAGE>
SMALL COMPANY VALUE PORTFOLIO
FUND COMMENTARY
(Sidebar) PORTFOLIO INFORMATION(1)
(As of February 29, 2000)
DIVIDEND YIELD(2) ................................................. 2.7%
AVERAGE PRICE/BOOK RATIO ......................................... 1.9
AVERAGE PRICE/EARNINGS RATIO ..................................... 11.6
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 six months ended February 29, 2000, the Small
Company Value Portfolio generated negative returns, which
were reflective of how value criteria have fared during
this period. The performance of the Portfolio's
Investment Class Shares were -15.41% and the
Institutional Class Shares were -15.35% for the six
months ended February 29, 2000. It was a difficult period
for strategies which concentrate on traditional value
disciplines, like low price to earnings and low price to
book ratios. High quality investment orientations also
suffered, as investors seemed to be enamored with higher
risk of yet unproven new technology and internet business
ventures.
Nearly all sector groupings generated double digit losses
with the exception of Technology, which at the beginning
of the period had a very small 1% weighting in the
Portfolio. This points out that it was not the sector
emphasis, which explained performance, but rather the
individual stock selection criteria that is the cause of
the return profile. Value criteria were out of favor for
this period, and investment approaches which key off the
traditional measures for this, such as the Small Company
Value Portfolio, were impacted as a result. Finance and
Materials & Services were the two most heavily weighted
sectors at the beginning of the period (18% and 21%,
respectively). These sectors generated returns of -15.7%
and -21.2%, respectively. The positions were established
due to their attractively low valuation levels, and
management is comfortable that in time their price appeal
will be generally recognized by investors. As we have
seen many times in the past, the market goes through
periodic phases when fundamentals are discounted.
However, they are often followed by subsequent periods
when those valuations come back into alignment.
The Small Company Value Portfolio maintains a focus on
investing in stocks which are consistent with a value
orientation. As a result, companies are
9
<PAGE>
SMALL COMPANY VALUE PORTFOLIO
FUND COMMENTARY - (Continued)
identified whose prices are low relative to measures like
earnings and book value. Companies are ranked on these
factors and the most attractive valuation names are
selected. Dividend yield is also a criteria used in the
Portfolio construction process; however, 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 seeking higher current income
coming from the dividend and those who feel the stock is
undervalued relative to its earnings and should
appreciate in price. The Portfolio buys stocks that
exhibit these characteristics. When demand is low for
these types of approaches, stocks which fit this
description are slow to rise and may actually decline in
price.
10
<PAGE>
SMALL COMPANY VALUE PORTFOLIO
FUND COMMENTARY - (Continued)
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
SIX MONTHS ENDED 2/29/00.......................... (15.41)%(**)
ONE YEAR ENDED 2/29/00............................ (11.02)%
FIVE YEARS ENDED 2/29/00.......................... 5.97%
INCEPTION (9/30/92) THROUGH 2/29/00............... 6.66%
</TABLE>
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
SIX MONTHS ENDED 2/29/00.......................... (15.35)%(**)
ONE YEAR ENDED 2/29/00............................ (10.76)%
INCEPTION (7/15/96) THROUGH 2/29/00............... 3.52%
</TABLE>
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS. DURING THE
PERIODS, CERTAIN FEES AND EXPENSES WERE WAIVED OR REIMBURSED. FOR
THE SIX MONTHS ENDED FEBRUARY 29, 2000, FEES AND EXPENSES TOTALING
0.15% PER SHARE WERE WAIVED OR REIMBURSED. WITHOUT SUCH WAIVERS
AND REIMBURSEMENTS, TOTAL RETURNS WOULD HAVE BEEN LOWER.
** NOT ANNUALIZED.
PORTFOLIO SECTOR WEIGHTING***
(As of February 29, 2000)
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED
GRAPHIC
<TABLE>
<CAPTION>
MATERIALS & SERVICES 25.4%
<S> <C>
TECHNOLOGY 12.7%
CONSUMER NON-DURABLES 12.3%
FINANCE 11.6%
UTILITIES 11.6%
CAPITAL GOODS 9.7%
ENERGY 6.4%
CONSUMER DURABLES 6.0%
TRANSPORTATION 4.3%
</TABLE>
11
<PAGE>
SMALL COMPANY VALUE PORTFOLIO
FUND COMMENTARY - (Continued)
*** Based on percent of Portfolio's total market value.
12
<PAGE>
WILSHIRE 5000 INDEX PORTFOLIO
FUND COMMENTARY
(Sidebar) PORTFOLIO INFORMATION(1)
(As of February 29, 2000)
DIVIDEND YIELD(2) .................................................. 1.1%
AVERAGE PRICE/EARNINGS RATIO ..................................... 33.3
AVERAGE 5-YEAR EARNINGS GROWTH ...................................... 12%
AVERAGE MARKET CAPITALIZATION ...................................... $99 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 FEBRUARY 29, 2000 FOR THOSE SECURITIES IN
THE PORTFOLIO'S HOLDINGS AS OF FEBRUARY 29, 2000 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)
In the six months ended February 29, 2000, the Wilshire
5000 Index Portfolio enjoyed strong performance owing in
part to the fact that small company stocks performed
well. The Portfolio's Investment Class Shares generated a
12.13% return and the Institutional Class Shares were up
12.24%. A third class, the Horace Mann Class Shares, was
initiated during the year, and for the period it
generated a 15.63% return.
During this period in the market there was a sharp
division in performance between what are typically
classified as growth stocks versus value stocks.
Companies that fit these classifications tend to be on
the opposite ends of the spectrum ranging from high to
low on measures like price to earnings ("P/E") and price
to book ("P/B"). Growth stocks tend to have higher
valuations, and as a result, are more apt to be priced
high, relative to earnings and book value. Value stocks
are, by definition, at the other extreme and are called
value because of their appreciation potential. The
difference in performance for these two categories was
surprising. To demonstrate this we have divided the
entire Wilshire 5000 Portfolio into high and low
groupings on each of these measures and looked at the
performance of each group. As the numbers below indicate
there was a dramatic difference in return simply dividing
the Portfolio into halves, based on these measures.
Wilshire 5000 Index
Portfolio
Sorted by PE &
PB
<TABLE>
<CAPTION>
PERFORMANCE
FACTOR HIGH LOW
<S> <C> <C> <C>
PRICE/EARNINGS..................... 25.0% (9.8%)
PRICE/BOOK......................... 14.0% (14.8%)
</TABLE>
11
<PAGE>
WILSHIRE 5000 INDEX PORTFOLIO
FUND COMMENTARY - (Continued)
The differences are even greater when we combine the
companies in both categories. The difference in
performance of companies that are both high P/E and high
P/B when compared to the companies that reside in both
the low categories is even greater as is shown below.
<TABLE>
<CAPTION>
HIGH LOW
<S> <C> <C> <C>
COMPANIES IN BOTH CATEGORIES....... 23.4% (17.2%)
</TABLE>
12
<PAGE>
WILSHIRE 5000 INDEX PORTFOLIO
FUND COMMENTARY - (Continued)
The performance of the sectors of the Wilshire 5000 Index
Portfolio also reflects this growth and value split.
Growth stocks tend to have a high concentration in
Technology. Technology was the strongest performing
sector (up 50.3%). Value stocks tend to be underweighted
in Technology and are more heavily weighted in Finance
(down 11.0%) and Utilities (up 4.9%).
Unlike prior periods where the best performing companies
resided among the large growth segment of the Wilshire
5000 Index Portfolio, during this period the best
performance was recorded by small technology and internet
related companies' initial public offerings ("IPO").
There has probably never been a time when the IPO
phenomenon has had such an influence on an index as broad
as the Wilshire 5000 Index. Given the aggregate market
capitalization of the IPO offerings during this period
and the tremendous performance subsequent to the launch
of those IPO's, there was a meaningful impact on the
return of the Index during this six month period.
Management is vigilant to such issues and is constantly
seeking ways of effectively managing such issues.
The Wilshire 5000 Index is comprised of about 7,200
securities, and measures the performance of all U.S.
domiciled stocks traded on the NYSE, the AMEX and NASDAQ
with readily available price information. The Wilshire
5000 Index Portfolio currently holds around 2,500
securities and expects to ultimately hold around 3,000
securities representing approximately 90% of the total
market value of the Index. Using statistical procedures,
securities are selected based on market capitalization
and industry weightings, giving the Portfolio the
appropriate configuration in line with the Wilshire 5000
Index.
THE STRONG PERFORMANCE OF THE FUND WAS IN LARGE PART ATTRIBUTABLE TO THE FUND'S
TECHNOLOGY HOLDINGS. INVESTORS IN THE FUND SHOULD REALIZE THAT FAVORABLE
CONDITIONS FOR TECHNOLOGY STOCKS MAY NOT CONTINUE AND MAY NOT BE REPEATED IN THE
FUTURE.
13
<PAGE>
WILSHIRE 5000 INDEX PORTFOLIO
FUND COMMENTARY - (Continued)
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
SIX MONTHS ENDED 2/29/00.......................... 12.13%**
INCEPTION (2/1/99) THROUGH 2/29/00................ 14.44%
</TABLE>
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
<TABLE>
<S> <C>
SIX MONTHS ENDED 2/29/00.......................... 12.24%**
INCEPTION (2/1/99) THROUGH 2/29/00................ 14.64%
</TABLE>
HORACE MANN CLASS SHARES
TOTAL RETURN*
<TABLE>
<S> <C>
INCEPTION (12/10/99) THROUGH 2/29/00.............. 15.63%**
</TABLE>
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS. DURING THE
PERIODS, CERTAIN FEES AND EXPENSES WERE WAIVED OR REIMBURSED. FOR
THE PERIOD ENDED FEBRUARY 29, 2000, FEES AND EXPENSES TOTALING
0.34% PER SHARE WERE WAIVED OR REIMBURSED. WITHOUT SUCH WAIVERS
AND REIMBURSEMENTS, TOTAL RETURNS WOULD HAVE BEEN LOWER.
** NOT ANNUALIZED.
PORTFOLIO SECTOR WEIGHTING***
(As of February 29, 2000)
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED
GRAPHIC
<TABLE>
<CAPTION>
TECHNOLOGY 33.3%
<S> <C>
CONSUMER NON-DURABLES 22.8%
FINANCE 12.5%
MATERIALS & SERVICES 11.5%
UTILITIES 9.0%
ENERGY 4.5%
CAPITAL GOODS 4.2%
CONSUMER DURABLES 1.5%
TRANSPORTATION 0.7%
</TABLE>
14
<PAGE>
WILSHIRE 5000 INDEX PORTFOLIO
FUND COMMENTARY - (Continued)
*** Based on percent of Portfolio's total market value.
15
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
COMMON STOCKS - 100.6%
Aerospace - 0.5%
16,300 Textron, Inc...................................... $ 994,300
52,300 United Technologies Corporation................... 2,664,031
------------
3,658,331
------------
Apparel - 0.2%
11,200 Abercrombie & Fitch Co., Class A*................. 164,500
13,204 Jones Apparel Group*.............................. 298,741
30,500 Nike, Inc., Class B............................... 867,344
------------
1,330,585
------------
Banks - 1.1%
79,846 Bank of New York Company, Inc..................... 2,659,870
32,725 Fifth Third Bancorp............................... 1,703,745
24,200 Northern Trust Corporation........................ 1,367,300
17,600 State Street Corporation.......................... 1,282,600
9,133 Zions Bancorporation.............................. 484,620
------------
7,498,135
------------
Business Machines - 27.4%
11,200 Adaptec, Inc.*.................................... 459,200
13,300 Adobe Systems, Inc................................ 1,356,600
25,930 BMC Software, Inc.*............................... 1,192,780
353,344 Cisco Systems, Inc.*.............................. 46,707,660
38,800 Compuware Corporation*............................ 858,450
7,681 Comverse Technology, Inc.*........................ 1,512,197
276,000 Dell Computer Corporation*........................ 11,264,250
110,128 EMC Corporation*.................................. 13,105,232
34,000 Gateway 2000, Inc.*............................... 2,337,500
110,114 Hewlett-Packard Company........................... 14,810,333
14,000 Lexmark International Group, Inc., Class A*....... 1,669,500
8,250 Microchip Technology, Inc.*....................... 515,109
554,674 Microsoft Corporation*............................ 49,573,989
12,600 Novellus Systems, Inc*............................ 747,338
312,750 Oracle Systems Corporation*....................... 23,221,687
9,500 Sterling Commerce, Inc.*.......................... 416,219
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Business Machines (continued)
168,256 Sun Microsystems, Inc.*........................... $ 16,026,384
------------
185,774,428
------------
Business Services - 7.5%
5,300 Affiliated Computer Services, Inc., Class A*...... 166,950
8,314 Apollo Group, Inc., Class A*...................... 189,663
37,100 At Home Corporation, Series A*.................... 1,272,994
67,228 Automatic Data Processing, Inc.................... 2,928,620
6,500 Cambridge Technology Partners, Inc.*.............. 97,500
12,029 Cintas Corporation................................ 480,408
19,100 Citrix Systems, Inc.*............................. 2,013,856
58,500 Computer Associates International, Inc............ 3,762,281
17,400 Computer Sciences Corporation..................... 1,371,337
22,200 Concord EFS, Inc.*................................ 434,288
16,500 Convergys Corporation*............................ 635,250
9,800 DoubleClick, Inc.*................................ 870,363
6,837 DST Systems, Inc.*................................ 383,727
6,900 EarthLink, Inc.*.................................. 171,638
14,000 eBay, Inc.*....................................... 2,007,250
15,600 Equifax, Inc...................................... 330,525
13,400 Fiserv, Inc.*..................................... 365,150
16,600 i2 Technologies, Inc.*............................ 2,714,100
11,300 Inktomi Corporation*.............................. 1,549,512
30,600 Interpublic Group of Companies, Inc............... 1,229,737
8,800 Legato Systems, Inc.*............................. 313,500
10,400 Lycos, Inc.*...................................... 620,100
8,300 Manpower, Inc..................................... 271,306
19,343 Omnicom Group, Inc................................ 1,821,869
29,172 Parametric Technology Corporation*................ 884,276
26,683 Paychex, Inc...................................... 1,335,818
9,900 Perot Systems Corporation, Class A*............... 251,831
7,900 QLogic Corporation*............................... 1,232,400
15,900 RealNetworks, Inc.*............................... 1,117,969
9,864 Robert Half International, Inc.*.................. 416,754
20,200 Siebel Systems, Inc.*............................. 2,801,487
</TABLE>
See Notes to Financial Statements.
14
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Business Services (continued)
13,000 SunGard Data Systems, Inc.*....................... $ 390,000
7,621 Synopsys, Inc.*................................... 304,364
27,850 VERITAS Software Corporation*..................... 5,510,819
16,600 Vitesse Semiconductor Corporation*................ 1,723,287
57,300 Yahoo!, Inc.*..................................... 9,150,094
------------
51,121,023
------------
Construction - 0.2%
15,671 Clayton Homes, Inc................................ 127,327
48,113 Masco Corporation................................. 860,020
------------
987,347
------------
Consumer Durables - 0.1%
9,388 Maytag Corporation................................ 248,195
30,536 Newell Rubbermaid, Inc............................ 706,145
------------
954,340
------------
Cosmetics - 2.1%
25,560 Clorox Company.................................... 1,033,583
13,334 Estee Lauder Companies, Inc., Class A............. 578,362
144,400 Proctor & Gamble Company.......................... 12,707,200
------------
14,319,145
------------
Drugs & Medicine - 14.3%
165,286 Abbott Laboratories............................... 5,413,116
110,800 Amgen, Inc.*...................................... 7,555,175
16,400 Biogen, Inc.*..................................... 1,770,175
215,776 Bristol-Myers Squibb Company...................... 12,258,774
29,549 Cardinal Health, Inc.............................. 1,218,896
19,600 Chiron Corporation*............................... 980,000
32,800 Guidant Corporation............................... 2,209,900
17,900 Immunex Corporation*.............................. 3,534,131
146,114 Johnson & Johnson................................. 10,483,680
6,600 MedImmune, Inc.*.................................. 1,310,100
127,434 Medtronic, Inc.................................... 6,172,584
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Drugs & Medicine (continued)
254,800 Merck & Company, Inc.............................. $ 15,686,125
420,958 Pfizer, Inc....................................... 13,523,276
159,458 Schering-Plough Corporation....................... 5,561,098
10,500 Stryker Corporation............................... 614,250
92,914 Warner-Lambert Company............................ 7,949,954
10,410 Watson Pharmaceuticals, Inc.*..................... 416,400
------------
96,657,634
------------
Electronics - 17.8%
32,428 ADC Telecommunications, Inc.*..................... 1,455,206
21,614 Altera Corporation*............................... 1,723,716
20,828 American Power Conversion Corporation*............ 706,850
18,800 Analog Devices, Inc.*............................. 2,951,600
40,814 Applied Materials, Inc.*.......................... 7,466,411
6,000 Electronics For Imaging, Inc.*.................... 356,250
7,900 Gentex Corporation*............................... 230,828
359,516 Intel Corporation................................. 40,625,308
24,600 JDS Uniphase Corporation*......................... 6,485,175
19,178 KLA-Tencor Corporation*........................... 1,494,685
16,700 Linear Technology Corporation..................... 1,752,456
332,900 Lucent Technologies, Inc.......................... 19,807,550
29,220 Maxim Integrated Products, Inc.*.................. 1,952,261
16,780 Molex, Inc........................................ 937,583
66,000 Motorola, Inc..................................... 11,253,000
69,800 QUALCOMM, Inc.*................................... 9,942,137
6,400 Sanmina Corporation*.............................. 749,200
31,830 Solectron Corporation*............................ 2,084,865
9,621 Symbol Technologies, Inc.......................... 915,198
42,502 Tellabs, Inc.*.................................... 2,040,096
18,656 Teradyne, Inc.*................................... 1,623,072
11,100 Univision Communications, Inc., Class A*.......... 1,130,812
6,900 VISX, Inc.*....................................... 116,869
34,276 Xilinx, Inc.*..................................... 2,733,511
------------
120,534,639
------------
</TABLE>
See Notes to Financial Statements.
15
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Energy & Utilities - 0.3%
22,400 AES Corporation*.................................. $ 1,877,400
------------
Energy - Raw Materials - 0.9%
14,900 ENSCO International, Inc.......................... 450,725
18,900 Global Marine, Inc.*.............................. 424,069
14,700 Nabors Industries, Inc.*.......................... 527,363
59,500 Schlumberger, Ltd................................. 4,395,562
5,300 Smith International, Inc.*........................ 332,244
------------
6,129,963
------------
Food & Agriculture - 0.1%
400 Group 1 Software, Inc.*........................... 12,150
12,700 Wrigley (Wm.) Jr. Company......................... 858,838
------------
870,988
------------
Insurance - 0.5%
28,815 AFLAC, Inc........................................ 1,053,548
7,589 Ambac Financial Group, Inc........................ 333,442
48,906 AXA Financial, Inc................................ 1,464,123
11,800 MGIC Investment Corporation....................... 441,025
6,921 Protective Life Corporation....................... 152,262
------------
3,444,400
------------
Media - 1.4%
7,900 CNET, Inc.*....................................... 528,313
62,000 Cox Communications, Inc., Class A*................ 2,817,125
4,100 Express Scripts, Inc., Class A*................... 188,856
30,314 Gannet Company, Inc............................... 1,976,094
6,875 Gartner Group, Inc., Class A*..................... 98,398
21,300 McGraw-Hill Companies, Inc........................ 1,083,637
18,900 New York Times Company, Class A................... 798,525
25,700 Tribune Company................................... 1,000,694
16,700 TV Guide, Inc.*................................... 786,988
------------
9,278,630
------------
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Miscellaneous Finance - 3.7%
48,900 American Express Company.......................... $ 6,561,769
17,100 Ameritrade Holding Corporation, Class A*.......... 319,556
79,100 Associates First Capital Corporation, Class A..... 1,572,112
21,400 Capital One Financial Corporation................. 787,788
6,612 FINOVA Group, Inc................................. 189,269
27,314 Franklin Resources, Inc........................... 742,599
87,067 MBNA Corporation.................................. 1,980,774
123,900 Morgan Stanley Dean Witter & Company.............. 8,727,206
13,129 Price (T. Rowe) Associates, Inc................... 432,436
88,792 Schwab (Charles) Corporation...................... 3,712,615
------------
25,026,124
------------
Motor Vehicles - 0.2%
16,514 Harley-Davidson, Inc.............................. 1,125,016
7,214 Lear Corporation*................................. 152,396
7,100 Navistar International Corporation................ 232,525
------------
1,509,937
------------
Non-Durable & Entertainment - 0.9%
6,800 Electronic Arts, Inc.*............................ 680,000
147,200 McDonald's Corporation............................ 4,646,000
8,100 Outback Steakhouse, Inc.*......................... 211,613
19,758 Starbucks Corporation*............................ 694,000
------------
6,231,613
------------
Non-Ferrous Metals - 0.4%
39,900 Alcoa, Inc........................................ 2,733,150
17,700 Freeport-McMoRan Copper & Gold, Inc.,
Class B*........................................ 243,375
------------
2,976,525
------------
</TABLE>
See Notes to Financial Statements.
16
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Optical & Photo - 0.8%
26,600 Corning, Inc...................................... $ 5,000,800
------------
Producer Goods - 8.5%
12,272 Avery Dennison Corporation........................ 744,757
22,629 Dover Corporation................................. 872,631
47,125 Emerson Electric Company.......................... 2,147,133
356,500 General Electric Company.......................... 47,124,844
85,700 Honeywell International, Inc...................... 4,124,312
32,600 Illinois Tool Works, Inc.......................... 1,685,012
9,500 Jabil Circuit, Inc.*.............................. 659,656
8,600 Miller (Herman), Inc.............................. 176,300
------------
57,534,645
------------
Retail - 8.2%
16,114 AutoZone, Inc.*................................... 395,800
15,100 Bed Bath & Beyond, Inc.*.......................... 428,463
78,200 Cendant Corporation............................... 1,392,938
24,400 Dollar General Corporation........................ 510,875
6,700 Dollar Tree Stores, Inc.*......................... 260,044
12,400 eToys, Inc.*...................................... 174,375
93,087 Gap, Inc.......................................... 4,497,266
241,682 Home Depot, Inc................................... 13,972,241
26,970 Intimate Brands, Inc.............................. 881,582
17,714 Kohl's Corporation*............................... 1,342,943
41,414 Lowe's Companies, Inc............................. 1,972,342
9,900 Ross Stores, Inc.................................. 143,550
55,440 Safeway, Inc.*.................................... 2,137,905
48,000 Target Corporation................................ 2,832,000
7,600 Tiffany & Company................................. 487,825
34,500 TJX Companies, Inc................................ 549,844
483,500 Wal-Mart Stores, Inc.............................. 23,540,406
------------
55,520,399
------------
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Telephone - 3.1%
33,100 ALLTEL Corporation................................ $ 1,919,800
23,418 Broadwing, Inc.*.................................. 695,222
15,096 Century Telephone Enterprises..................... 507,603
18,600 Exodus Communications, Inc.*...................... 2,648,175
19,500 Global TeleSystems Group, Inc.*................... 487,500
106,497 GTE Corporation................................... 6,283,323
81,000 Qwest Communications International, Inc.*......... 3,756,375
54,900 US West, Inc...................................... 3,987,112
9,500 United States Cellular Corporation*............... 635,906
------------
20,921,016
------------
Tire & Rubber - 0.1%
15,400 Danaher Corporation............................... 628,513
------------
Travel & Recreation - 0.3%
66,618 Carnival Corporation.............................. 1,919,431
12,200 MGM Grand, Inc.*.................................. 242,475
------------
2,161,906
------------
TOTAL COMMON STOCKS
(Cost $474,274,786)............................. 681,948,466
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $474,274,786**)........................... 100.6% 681,948,466
OTHER ASSETS AND LIABILITIES
(Net)........................................... (0.6%) (4,100,624)
------ -----------
NET ASSETS........................................ 100.0% $677,847,842
====== ===========
</TABLE>
- --------------------------
* Non-income producing security.
** Aggregate cost for Federal tax purposes is $474,274,786.
See Notes to Financial Statements.
17
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
COMMON STOCKS - 99.6%
Aerospace - 2.5%
19,700 Boeing Company..................................... $ 726,438
3,200 Crane Company...................................... 63,600
9,885 General Dynamics Corporation....................... 427,526
5,296 Goodrich (B.F.) Company............................ 126,773
2,000 Litton Industries, Inc.*........................... 59,875
4,200 Lockheed Martin Corporation........................ 73,237
500 Northrop Grumman Corporation....................... 22,719
4,600 TRW, Inc........................................... 220,800
-----------
1,720,968
-----------
Air Transportation - 0.7%
1,380 Continental Airlines, Inc., Class B*............... 43,642
7,071 Delta Air Lines, Inc............................... 322,614
2,600 UAL Corporation*................................... 126,750
-----------
493,006
-----------
Apparel - 0.4%
2,900 Liz Claiborne, Inc................................. 108,569
5,800 V.F. Corporation................................... 143,188
-----------
251,757
-----------
Banks - 13.0%
15,951 AmSouth Bancorporation............................. 231,290
5,500 Associated Banc-Corp............................... 139,219
50,954 Bank of America Corporation........................ 2,347,069
17,291 Bank One Corporation............................... 446,324
37,384 Chase Manhattan Corporation........................ 2,976,701
4,000 Compass Bancshares, Inc............................ 64,750
9,612 First Securities Corporation....................... 222,878
48,693 Firstar Corporation................................ 867,344
28,200 FleetBoston Financial Corporation.................. 768,450
5,300 GreenPoint Financial Corporation................... 84,469
3,400 Mercantile Bankshares Corporation.................. 85,425
10,340 National City Corporation.......................... 199,045
6,700 North Fork Bancorporation, Inc..................... 109,713
11,000 Regions Financial Corporation...................... 222,750
4,250 SouthTrust Corporation............................. 97,484
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Banks (continued)
7,487 Summit Bankcorp.................................... $ 179,220
-----------
9,042,131
-----------
Business Machines - 7.2%
17,808 3Com Corporation*.................................. 1,745,184
67,513 Compaq Computer Corporation........................ 1,679,386
2,301 NCR Corporation*................................... 87,294
18,424 Seagate Technology, Inc.*.......................... 918,897
9,028 Silicon Graphics, Inc.*............................ 88,587
4,100 Sterling Software, Inc.*........................... 147,088
15,100 Xerox Corporation.................................. 327,481
-----------
4,993,917
-----------
Business Services - 2.6%
2,350 Affiliated Computer Services, Inc., Class A*....... 74,025
21,800 AutoNation, Inc.*.................................. 164,863
4,901 Block H & R, Inc................................... 215,031
6,312 Computer Sciences Corporation...................... 497,465
1,400 Deluxe Corporation................................. 32,812
6,023 Fiserv, Inc.*...................................... 164,127
3,766 Manpower, Inc...................................... 123,101
4,420 Robert Half International, Inc.*................... 186,745
8,836 SunGard Data Systems, Inc.*........................ 265,080
3,807 Viad Corporation................................... 89,227
-----------
1,812,476
-----------
Chemicals - 7.3%
11,200 Air Products & Chemicals, Inc...................... 288,400
11,000 Dow Chemical Company............................... 1,193,500
36,500 du Pont (E.I.) de Nemours & Company................ 1,843,250
200 Eastman Chemical Company........................... 7,187
3,500 Millennium Chemicals, Inc.......................... 49,000
12,800 Minnesota Mining & Manufacturing Company........... 1,128,000
7,700 Sigma-Aldrich Corporation.......................... 182,875
6,700 Union Carbide Corporation.......................... 359,706
-----------
5,051,918
-----------
</TABLE>
See Notes to Financial Statements.
18
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Construction - 0.5%
2,800 Centex Corportaion................................. $ 55,125
5,200 Johns Manville Corporation......................... 42,250
3,300 Lafarge Corporation................................ 64,969
800 Martin Marietta Materials, Inc..................... 28,400
4,200 Sherwin-Williams Company........................... 80,325
2,000 Southdown, Inc..................................... 99,250
-----------
370,319
-----------
Consumer Durables - 0.2%
4,100 Maytag Corporation................................. 108,394
1,000 Whirlpool Corporation.............................. 54,312
-----------
162,706
-----------
Containers - 0.2%
2,500 Bemis Company, Inc................................. 74,375
3,400 Sonoco Products Company............................ 62,687
-----------
137,062
-----------
Domestic Oil - 0.7%
3,300 Ashland, Inc....................................... 102,712
2,300 Diamond Offshore Drilling, Inc..................... 73,025
8,400 Transocean Offshore, Inc........................... 331,275
-----------
507,012
-----------
Electronics - 1.7%
4,925 Molex, Inc......................................... 275,184
6,958 SCI Systems, Inc.*................................. 280,060
3,900 Scientific-Atlanta, Inc............................ 400,481
3,279 Snyder Communications, Inc......................... 79,516
5,300 Thermo Electron Corporation*....................... 82,812
2,500 Thomas & Betts Corporation......................... 56,094
-----------
1,174,147
-----------
Energy & Utilities - 10.6%
5,600 Ameren Corporation................................. 168,000
2,100 Cinergy Corporation................................ 44,887
3,500 Coastal Corporation................................ 147,219
6,500 Consolidated Edison Company New York, Inc.......... 179,156
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Energy & Utilities (continued)
7,150 DPL, Inc........................................... $ 153,725
193 DQE, Inc........................................... 8,974
7,100 DTE Energy Company................................. 214,331
7,508 Duke Energy Corporation............................ 364,138
500 El Paso Energy Corporation......................... 18,531
2,900 Energy East Corporation............................ 60,900
56,400 Enron Corporation.................................. 3,891,600
12,100 Entergy Corporation................................ 245,025
4,900 Florida Progress Corporation....................... 208,863
8,800 FPL Group, Inc..................................... 339,900
6,200 GPU, Inc........................................... 154,225
6,872 KeySpan Energy..................................... 140,017
800 Pinnacle West Capital Corporation.................. 22,100
900 Potomac Electric Power Company..................... 18,281
24,419 PPL Corporation.................................... 491,432
10,800 Public Service Enterprise Group, Inc............... 313,200
3,800 Texas Utilities Company............................ 123,975
2,100 Unicom Corporation................................. 79,406
100 UtiliCorp United, Inc.............................. 1,637
-----------
7,389,522
-----------
Energy - Raw Materials - 1.9%
200 Cooper Cameron Corporation*........................ 11,050
6,000 ENSCO International, Inc........................... 181,500
45,400 EOG Resources, Inc................................. 692,350
5,600 Global Marine, Inc.*............................... 125,650
1,780 Nabors Industries, Inc.*........................... 63,857
5,600 Noble Drilling Corporation*........................ 201,600
-----------
1,276,007
-----------
Food & Agriculture - 0.7%
1,100 McCormick & Company, Inc., Non Voting Shares....... 30,112
40,900 Nabisco Holdings Corporation, Class A.............. 352,763
6,741 Supervalu, Inc..................................... 115,861
-----------
498,736
-----------
</TABLE>
See Notes to Financial Statements.
19
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Insurance - 3.9%
10,800 American General Corporation....................... $ 563,625
10,000 CIGNA Corporation.................................. 738,125
15,990 Conseco, Inc....................................... 233,854
11,200 Hartford Financial Services Group, Inc............. 350,000
9,250 Jefferson-Pilot Corporation........................ 481,578
3,100 Protective Life Corporation........................ 68,200
4,300 ReliaStar Financial Corporation.................... 120,131
6,500 Torchmark Corporation.............................. 128,781
-----------
2,684,294
-----------
International Oil - 15.5%
26,700 Chevron Corporation................................ 1,994,156
106,941 Exxon Mobil Corporation............................ 8,053,994
12,200 Santa Fe International Corporation................. 349,988
8,500 Texaco, Inc........................................ 403,219
-----------
10,801,357
-----------
Media - 1.7%
19,512 Comcast Corporation, Special Class A............... 829,260
5,700 Donnelley (R.R.) & Sons Company.................... 109,013
800 Knight-Ridder, Inc................................. 37,500
5,200 Reader's Digest Association, Inc., Class A......... 178,750
-----------
1,154,523
-----------
Miscellaneous Finance - 3.4%
11,890 Charter One Financial, Inc......................... 187,268
25,800 Edwards (A.G.), Inc................................ 817,538
10,400 Lehman Brothers Holdings, Inc...................... 754,000
5,700 Merrill Lynch & Company, Inc....................... 584,250
-----------
2,343,056
-----------
Motor Vehicles - 7.2%
8,100 Dana Corporation................................... 172,631
800 Eaton Corporation.................................. 59,950
48,100 Ford Motor Company................................. 2,002,163
36,600 General Motors Corporation......................... 2,783,888
-----------
5,018,632
-----------
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Non-Durable & Entertainment - 0.2%
6,300 Darden Restaurants, Inc............................ $ 83,081
13,200 Service Corporation International.................. 48,675
-----------
131,756
-----------
Non-Ferrous Metals - 0.8%
7,200 Alcoa, Inc......................................... 493,200
6,000 Engelhard Corporation.............................. 81,750
-----------
574,950
-----------
Optical & Photo - 0.8%
9,700 Eastman Kodak Company.............................. 555,931
-----------
Paper & Forest Products - 3.6%
124 Boise Cascade Corporation.......................... 3,697
4,400 Consolidated Papers, Inc........................... 166,925
30,200 Georgia-Pacific Corporation (Timber Group)......... 666,288
3,100 Georgia-Pacific Group.............................. 107,531
21,100 Kimberly-Clark Corporation......................... 1,090,606
600 Mead Corporation................................... 17,962
8,800 Weyerhaeuser Company............................... 451,550
-----------
2,504,559
-----------
Producer Goods - 3.0%
4,600 Cooper Industries, Inc............................. 139,150
10,363 Dover Corporation.................................. 399,623
9,700 FMC Corporation.................................... 468,631
3,314 Grainger (W.W.), Inc............................... 141,881
4,224 Illinois Tool Works, Inc........................... 218,328
5,900 Ingersoll-Rand Company............................. 226,044
4,300 Johnson Controls, Inc.............................. 229,513
6,000 Pall Corporation................................... 118,500
4,050 Parker-Hannifin Corporation........................ 146,813
-----------
2,088,483
-----------
Railroads & Shipping - 0.5%
18,200 Burlington Northern Santa Fe Corporation........... 358,313
-----------
</TABLE>
See Notes to Financial Statements.
20
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Retail - 1.2%
23,300 Kmart Corporation*................................. $ 205,331
8,900 Limited, Inc....................................... 302,600
8,100 May Department Stores Company...................... 212,119
900 Penney (J.C.) Company.............................. 14,175
12,600 Rite Aid Corporation............................... 86,625
-----------
820,850
-----------
Steel - 0.1%
4,600 Allegheny Technologies, Inc........................ 77,912
-----------
Telephone - 5.9%
44,800 Bell Atlantic Corporation.......................... 2,192,400
27,400 GTE Corporation.................................... 1,616,600
4,433 United States Cellular Corporation*................ 296,734
-----------
4,105,734
-----------
Tobacco - 1.0%
36,500 UST, Inc........................................... 704,906
-----------
Travel & Recreation - 0.1%
2,100 Brunswick Corporation.............................. 37,144
2,200 MGM Grand, Inc.*................................... 43,725
-----------
80,869
-----------
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Trucking & Freight - 0.5%
8,400 PACCAR, Inc........................................ $ 361,725
-----------
TOTAL COMMON STOCKS
(Cost $65,740,573)............................... 69,249,534
-----------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $65,740,573**)............................ 99.6% 69,249,534
OTHER ASSETS AND LIABILITIES
(Net)........................................... 0.4% 286,027
------- ----------
NET ASSETS........................................ 100.0% $69,535,561
======= ==========
</TABLE>
- --------------------------
* Non-income producing security.
** Aggregate cost for Federal tax purposes is $65,740,573.
See Notes to Financial Statements.
21
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
COMMON STOCKS - 100.3%
Aerospace - 0.3%
572 Veeco Instruments, Inc.*.......................... $ 46,976
-----------
Air Transportation - 0.0%***
75 SkyWest, Inc...................................... 2,227
-----------
Apparel - 1.4%
1,750 bebe stores, inc.*................................ 18,484
1,080 Buckle, Inc.*..................................... 15,795
1,840 Children's Place Retail Stores, Inc.*............. 21,735
970 Kenneth Cole Productions, Inc.*................... 49,470
1,713 Pacific Sunwear of California, Inc.*.............. 43,574
760 Tarrant Apparel Group*............................ 5,605
3,130 The Men's Wearhouse, Inc.*........................ 72,675
-----------
227,338
-----------
Banks - 0.2%
3,025 Doral Financial Corporation....................... 29,683
-----------
Business Machines - 5.0%
2,815 Artesyn Technologies, Inc.*....................... 55,772
1,487 Black Box Corporation*............................ 111,246
2,220 Computer Horizons Corporation*.................... 49,395
1,650 Cybex Computer Products Corporation*.............. 76,725
1,160 Fair Issac & Company, Inc......................... 56,623
90 Integrated Device Technology, Inc.*............... 3,319
1,234 Mercury Computer Systems, Inc.*................... 59,463
1,375 MICROS Systems, Inc.*............................. 76,141
3,786 National Instruments Corporation*................. 170,015
3,790 Tech Data Corporation*............................ 82,196
1,955 Xircom, Inc.*..................................... 81,194
-----------
822,089
-----------
Business Services - 24.7%
4,190 ACNielsen Corporation*............................ 70,968
2,500 Advantage Learning Systems, Inc.*................. 38,438
954 Advent Software, Inc.*............................ 86,516
3,214 American Management Systems, Inc.*................ 102,245
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Business Services (continued)
186 BARRA, Inc.*...................................... $ 6,516
3,052 BindView Development Corporation*................. 103,005
45 Burns International Services Corporation*......... 492
4,545 Cambridge Technology Partners, Inc.*.............. 68,175
1,410 CDI Corporation*.................................. 25,732
3,375 CDW Computer Centers, Inc.*....................... 185,203
2,510 Cerner Corporation*............................... 88,948
190 Checkfree Holdings Corporation*................... 16,708
4,140 CIBER, Inc.*...................................... 96,255
190 Clarify, Inc.*.................................... 27,419
1,903 Complete Business Solutions, Inc.*................ 37,822
1,570 Computer Task Group, Inc.......................... 20,116
2,950 Dendrite International, Inc.*..................... 72,644
5,125 DeVRY, Inc.*...................................... 92,570
2,570 FactSet Research Systems, Inc..................... 77,421
954 Forrester Research, Inc.*......................... 38,160
3,550 HA-LO Industries*................................. 37,719
1,426 Hyperion Solutions Corporation*................... 70,409
1,500 J.D. Edwards & Company*........................... 60,938
1,822 Jacobs Engineering Group, Inc.*................... 51,130
5,130 Keane, Inc.*...................................... 123,120
3,210 Labor Ready, Inc.*................................ 26,683
4,350 LHS Group, Inc.*.................................. 196,838
1,420 Macrovision Corporation*.......................... 141,645
2,381 Mastech Corporation*.............................. 78,871
854 Mentor Corporation................................ 23,698
572 Mercury Interactive Corporation*.................. 55,127
3,080 Navigant Consulting, Inc.*........................ 29,645
1,925 NCO Group, Inc.*.................................. 44,997
1,550 Pegasus Systems, Inc.*............................ 31,000
1,850 Personnel Group of America, Inc.*................. 14,106
1,599 Pre Paid Legal Services, Inc.*.................... 44,972
2,667 Profit Recovery Group International, Inc.*........ 49,340
954 Project Software & Development, Inc.*............. 73,875
667 Proxim, Inc.*..................................... 95,715
1,160 QRS Corporation................................... 109,475
</TABLE>
See Notes to Financial Statements.
22
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Business Services (continued)
858 RadiSys Corporation*.............................. $ 42,042
95 Remedy Corporation*............................... 5,385
2,985 RSA Security, Inc.*............................... 199,808
1,810 Sanchez Computer Associates, Inc.*................ 87,785
190 SanDisk Corporation*.............................. 16,910
3,800 Sapient Corporation*.............................. 271,700
472 StarTek, Inc.*.................................... 19,529
1,110 Strayer Education, Inc............................ 29,346
2,285 Sykes Enterprises, Inc.*.......................... 37,274
1,713 Syntel, Inc.*..................................... 28,050
2,094 Technology Solutions Company*..................... 15,181
3,335 TeleTech Holdings, Inc.*.......................... 126,313
2,875 Tetra Tech, Inc.*................................. 72,055
2,000 TSI International Software Ltd.*.................. 169,625
1,604 Wackenhut Corporation, Class A.................... 15,739
3,869 Whittman-Hart, Inc.*.............................. 175,556
2,190 Wind River Systems, Inc.*......................... 127,157
-----------
4,054,111
-----------
Chemicals - 1.2%
1,555 MacDermid, Inc.................................... 53,162
1,709 Techne Corporation*............................... 146,600
-----------
199,762
-----------
Construction - 1.5%
4,555 D.R. Horton, Inc.................................. 51,244
1,338 Dycom Industries, Inc.*........................... 66,900
1,447 Elcor Corporation................................. 48,475
1,315 Lennar Corporation................................ 21,697
1,040 Simpson Manufacturing Company, Inc.*.............. 44,070
857 Standard Pacific Corporation...................... 9,106
-----------
241,492
-----------
Consumer Durables - 1.4%
2,770 Ethan Allen Interiors, Inc........................ 64,576
3,210 Furniture Brands International, Inc.*............. 51,561
1,505 Helen of Troy, Ltd.*.............................. 10,535
3,835 Mohawk Industries, Inc.*.......................... 85,089
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Consumer Durables (continued)
1,440 SLI, Inc.*........................................ $ 17,550
-----------
229,311
-----------
Drugs & Medicine - 4.9%
1,545 Barr Laboratories, Inc.*.......................... 73,581
2,018 Bindley Western Indusries, Inc.................... 34,684
3,327 Jones Pharma, Inc................................. 238,712
1,431 MiniMed, Inc.*.................................... 142,921
4,440 Oakley, Inc.*..................................... 38,295
3,005 Orthodontic Centers Of America, Inc.*............. 52,024
2,219 Patterson Dental Company*......................... 79,953
3,075 Renal Care Group, Inc.*........................... 54,005
1,224 ResMed, Inc.*..................................... 91,341
900 Sierra Health Services, Inc.*..................... 5,512
-----------
811,028
-----------
Electronics - 21.4%
5,800 Advanced Fibre Communications, Inc.*.............. 395,125
286 Alpha Industries, Inc............................. 41,524
186 Amkor Technology, Inc.*........................... 9,660
800 Aspect Communications Corporation*................ 51,550
1,808 ATMI, Inc.*....................................... 85,315
2,200 AVT Corporation*.................................. 58,163
90 Aware, Inc.*...................................... 5,670
1,165 Benchmark Electronics, Inc.*...................... 36,843
185 Burr-Brown Corporation*........................... 10,857
926 C & D Technologies, Inc........................... 43,290
1,908 Cree, Inc.*....................................... 358,466
2,170 CTS Corporation................................... 139,965
95 Cypress Semiconductor Corporation*................ 4,334
4,600 Dallas Semiconductor Corporation.................. 185,725
1,140 Dionex Corporation*............................... 35,981
190 DSP Group, Inc.*.................................. 16,684
95 DuPont Photomasks, Inc.*.......................... 5,557
190 Electro Scientific Industries, Inc.*.............. 10,771
281 ESS Technology, Inc.*............................. 4,373
</TABLE>
See Notes to Financial Statements.
23
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Electronics (continued)
667 Harmonic, Inc.*................................... $ 91,337
2,285 IMRglobal Corporation*............................ 27,848
95 Kent Electronics Corporation*..................... 3,218
3,300 Macromedia, Inc.*................................. 285,244
95 Pinnacle Systems, Inc.*........................... 4,762
1,400 Plantronics, Inc.*................................ 111,213
1,460 Plexus Corp.*..................................... 82,444
2,110 Power Integrations, Inc.*......................... 109,588
1,526 Powerwave Technologies, Inc.*..................... 243,969
2,385 Semtech Corporation*.............................. 149,063
1,340 SIPEX Corporation*................................ 60,049
1,545 Superior TeleCom, Inc............................. 19,312
1,140 THQ, Inc.*........................................ 23,014
1,255 Technitrol, Inc................................... 58,828
90 Tekelec*.......................................... 4,635
2,954 TranSwitch Corporation*........................... 347,095
2,670 TriQuint Semiconductor, Inc.*..................... 317,063
2,858 Vicor Corporation*................................ 65,020
90 Vishay Intertechnology, Inc.*..................... 3,870
-----------
3,507,425
-----------
Energy - Raw Materials - 0.7%
1,025 Atwood Oceanics, Inc.*............................ 54,452
4,830 Varco International, Inc.*........................ 53,432
-----------
107,884
-----------
Food & Agriculture - 0.9%
240 Osteotech, Inc.*.................................. 3,854
4,635 Rexall Sundown, Inc.*............................. 69,525
1,145 Scotts Company (The), Class A*.................... 37,213
2,255 Smithfield Foods, Inc.*........................... 34,952
-----------
145,544
-----------
Insurance - 0.3%
3,390 First American Financial Corporation.............. 39,409
105 Markel Corporation*............................... 13,729
-----------
53,138
-----------
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Media - 0.7%
885 Consolidated Graphics, Inc.*...................... $ 12,113
3,755 Meredith Corporation.............................. 107,487
-----------
119,600
-----------
Miscellaneous Finance - 4.6%
5,430 AmeriCredit Corporation*.......................... 75,341
1,700 Henry (Jack) & Associates......................... 118,788
2,370 Investment Technology Group, Inc.................. 91,838
1,134 Investors Financial Services Corporation.......... 45,927
4,347 Legg Mason, Inc................................... 170,620
2,812 Radian Group, Inc................................. 97,541
1,390 SEI Investments Company........................... 124,144
760 Southwest Securities Group, Inc................... 34,865
-----------
759,064
-----------
Miscellaneous - 6.0%
1,622 Aspect Development, Inc.*......................... 241,475
2,094 eLoyalty Corporation*............................. 63,998
289 eMerge Interactive, Inc., Class A*................ 15,353
1,431 HNC Software, Inc.*............................... 140,775
1,525 Priority Healthcare Corporation, Class B*......... 73,200
5,700 Reynolds & Reynolds Company, Class A.............. 157,463
4,100 Symantec Corporation*............................. 292,894
-----------
985,158
-----------
Motor Vehicles - 0.8%
515 Dura Automotive Systems, Inc.*.................... 6,727
1,382 Monaco Coach Corporation*......................... 24,876
4,040 O'Reilly Automotive, Inc.*........................ 56,560
3,005 Tower Automotive, Inc.*........................... 35,684
-----------
123,847
-----------
Non-Durable & Entertainment - 4.6%
1,015 Action Performance Companies, Inc.*............... 9,198
2,110 Applebee's International, Inc..................... 59,410
4,670 Brinker International, Inc.*...................... 101,573
</TABLE>
See Notes to Financial Statements.
24
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Non-Durable & Entertainment (continued)
1,455 Catalina Marketing Corporation*................... $ 123,857
1,502 Cheesecake Factory (The), Inc.*................... 44,685
82 Consolidated Products, Inc........................ 824
1,908 Cytyc Corporation*................................ 87,768
2,605 Fastenal Company.................................. 115,108
480 IHOP Corporation*................................. 7,410
2,596 International Speedway Corporation, Class A....... 114,873
1,195 NPC International, Inc............................ 9,859
2,003 Papa John's International, Inc.*.................. 48,072
1,400 Sonic Corporation*................................ 33,950
315 Trans World Entertaiment Corporation*............. 3,347
-----------
759,934
-----------
Non-Ferrous Metals - 0.2%
1,732 Reliance Steel & Aluminum Company................. 33,557
-----------
Optical & Photo - 1.8%
3,100 C-Cube Microsystems, Inc.*........................ 289,075
-----------
Producer Goods - 11.7%
1,813 Advanced Energy Industries, Inc.*................. 131,896
1,404 Astec Industries, Inc.*........................... 37,381
3,555 Blyth Industries, Inc.*........................... 79,765
1,522 Graco, Inc........................................ 45,945
2,070 Hanover Compressor Company*....................... 97,161
1,049 Helix Technology Corporation...................... 74,610
495 HON INDUSTRIES, Inc............................... 9,127
3,255 JLG Industries, Inc............................... 29,295
3,700 Lattice Semiconductor Corporation*................ 259,925
1,830 Manitowoc Company, Inc. (The)..................... 49,296
1,145 MasTec, Inc.*..................................... 65,981
3,322 Micrel, Inc.*..................................... 382,861
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Producer Goods (continued)
830 Oceaneering International, Inc.*.................. $ 15,770
2,585 Safeguard Scientifics, Inc.*...................... 452,213
836 SPS Technologies, Inc.*........................... 27,327
2,487 Zebra Technologies Corporation, Class A*.......... 165,541
-----------
1,924,094
-----------
Retail - 2.4%
4,855 Barnes & Noble, Inc.*............................. 83,749
2,625 Casey's General Stores, Inc....................... 21,984
3,155 Claire's Stores, Inc.............................. 55,015
1,795 Insight Entreprises, Inc.*........................ 56,318
5,045 Pier 1 Imports, Inc............................... 44,144
3,905 Williams-Sonoma, Inc.*............................ 120,811
365 Zale Corporation*................................. 13,733
-----------
395,754
-----------
Telephone - 0.7%
1,431 Carrier Access Corporation*....................... 81,209
1,431 Pacific Gateway Exchange, Inc.*................... 28,978
-----------
110,187
-----------
Travel & Recreation - 0.8%
1,065 Anchor Gaming Company*............................ 44,331
2,942 Speedway Motorsports, Inc.*....................... 90,099
-----------
134,430
-----------
Trucking & Freight - 2.1%
2,350 American Freightways Corporation*................. 25,556
2,615 CNF Transportation, Inc........................... 83,843
3,785 Expeditors International of Washington, Inc....... 142,884
92 Hunt (J.B.) Transport Services, Inc............... 1,058
900 M.S. Carriers, Inc.*.............................. 19,912
</TABLE>
See Notes to Financial Statements.
25
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Trucking & Freight (continued)
4,660 Swift Transportation Company, Inc.*............... $ 69,026
-----------
342,279
-----------
TOTAL COMMON STOCKS
(Cost $11,357,262).............................. 16,454,987
-----------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $11,357,262**)............................ 100.3% 16,454,987
OTHER ASSETS AND LIABILITIES
(Net)........................................... (0.3%) (49,945)
------ ----------
NET ASSETS........................................ 100.0% $16,405,042
====== ==========
</TABLE>
- --------------------------
* Non-income producing security.
** Aggregate cost for Federal tax purposes is $11,357,262.
*** Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
26
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
COMMON STOCKS - 100.1%
Aerospace & Defense - 0.7%
5,600 AAR Corporation.................................... $ 133,000
7,600 GenCorp, Inc....................................... 59,375
-----------
192,375
-----------
Air Transportation - 0.9%
5,000 Alaska Air Group, Inc.*............................ 132,500
7,600 America West Holdings Corporation, Class B*........ 101,650
-----------
234,150
-----------
Apparel - 1.9%
3,700 Brown Shoe Company, Inc............................ 38,850
2,100 Kellwood Company................................... 35,438
7,200 Nautica Enterprises, Inc.*......................... 76,050
4,200 Springs Industries, Inc., Class A.................. 148,838
10,700 Stride Rite Corporation............................ 58,850
1,200 Talbots, Inc....................................... 43,425
8,400 Wolverine World Wide, Inc.......................... 96,600
-----------
498,051
-----------
Banks - 5.9%
14,900 BancWest Corporation............................... 226,294
6,675 Chittenden Corporation............................. 169,795
3,108 Dime Community Bancshares.......................... 46,037
183 F & M National Corporation......................... 4,140
19,746 Fulton Financial Corporation....................... 325,809
7,356 One Valley Bancorp, Inc............................ 220,220
13,793 Republic Bancorp, Inc.............................. 110,344
12,029 United Bankshares, Inc............................. 220,281
6,972 Whitney Holding Corporation........................ 227,462
-----------
1,550,382
-----------
Business Machines - 1.8%
8,022 Computer Horizons Corporation*..................... 178,490
6,601 Hanger Orthopedic Group, Inc.*..................... 31,767
12,550 Tech Data Corporation*............................. 272,178
-----------
482,435
-----------
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Business Services - 7.4%
12,337 Alliance Semiconductor Corporation*................ $ 308,039
18,100 Century Business Services, Inc.*................... 61,653
2,685 Chemed Corporation................................. 79,040
11,000 HA-LO Industries*.................................. 116,875
7,300 Kelly Services, Inc., Class A...................... 175,656
18,900 Modis Professional Services, Inc.*................. 297,675
8,569 National Services Industries, Inc.................. 175,665
17,100 Olsten Corporation................................. 204,131
10,500 Romac International, Inc.*......................... 141,750
17,676 Safety-Kleen Corporation*.......................... 86,171
3,271 SEACOR SMIT, Inc.*................................. 158,644
6,100 StaffMark, Inc.*................................... 68,625
8,400 Wallace Computer Services, Inc..................... 87,675
-----------
1,961,599
-----------
Chemicals - 7.3%
12,565 Albemarle Corporation.............................. 189,260
8,315 AMCOL International Corporation.................... 130,961
5,771 Dexter Corporation................................. 266,187
5,803 Geon Company....................................... 121,138
8,649 Hanna (M.A.) Company............................... 98,923
4,300 Lilly Industries, Inc., Class A.................... 61,006
13,444 Lubrizol Corporation............................... 333,579
12,336 Olin Corporation................................... 191,208
4,702 OM Group, Inc...................................... 175,150
7,200 Schulman (A.), Inc................................. 95,399
7,002 WD-40 Company...................................... 129,537
7,300 Wellman, Inc....................................... 135,962
-----------
1,928,310
-----------
Construction - 3.7%
3,300 Florida Rock Industries, Inc....................... 109,931
11,600 Interface, Inc..................................... 52,200
5,900 Justin Industries, Inc............................. 106,569
9,300 Kaufman & Broad Home Corporation................... 177,863
15,159 Morrison Knudson Corporation*...................... 104,218
5,500 Pulte Corporation.................................. 92,469
6,900 Standard Pacific Corporation....................... 73,313
</TABLE>
See Notes to Financial Statements.
27
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Construction (continued)
3,500 Texas Industries, Inc.............................. $ 105,000
8,700 United Dominion Industries, Ltd.................... 160,406
-----------
981,969
-----------
Consumer Durables - 2.0%
2,500 Bassett Furniture Industries, Inc.................. 33,749
9,299 Furniture Brands International, Inc.*.............. 149,364
6,500 Kimball International, Inc., Class B............... 98,719
10,200 La-Z Boy, Inc...................................... 169,575
7,122 Sturm Ruger & Company, Inc......................... 69,439
-----------
520,846
-----------
Domestic Oil - 1.3%
24,215 Global Industries, Ltd.*........................... 248,204
4,283 Ultramar Diamond Shamrock Corporation.............. 92,888
-----------
341,092
-----------
Drugs & Medicine - 0.1%
1,400 Diagnostic Products Corporation.................... 32,200
-----------
Electronics - 9.2%
8,834 Anixter International, Inc.*....................... 165,085
9,314 Avnet, Inc......................................... 622,874
9,487 Checkpoint Systems, Inc............................ 80,640
6,822 Coherent, Inc.*.................................... 723,132
3,414 Park Electrochemical Corporation................... 77,669
6,100 Pioneer-Standard Electronics, Inc.................. 112,088
18,522 Sensormatic Electronics Corporation*............... 351,918
7,300 Varian Medical Systems, Inc........................ 291,544
-----------
2,424,950
-----------
Energy & Utilities - 12.3%
7,500 Avista Corporation................................. 225,469
5,100 Black Hills Corporation............................ 112,200
4,293 California Water Services Company.................. 115,373
900 CH Energy Group, Inc............................... 25,706
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Energy & Utilities (continued)
5,400 Cleco Corporation.................................. $ 172,800
6,279 Eastern Utilities Associates....................... 195,041
3,900 Empire District Electric Company................... 81,169
7,000 Energen Corporation................................ 113,749
7,634 Equitable Resources, Inc........................... 288,183
4,700 Hawaiian Electric Industries, Inc.................. 135,419
8,900 IDACORP, Inc....................................... 283,688
17,100 Minnesota Power, Inc............................... 261,844
4,300 New Jersey Resources Corporation................... 159,638
5,892 Northwest Natural Gas Company...................... 114,894
7,500 ONEOK, Inc......................................... 170,156
10,708 Peoples Energy Corporation......................... 309,863
3,500 Public Service Company of New Mexico............... 53,813
2,600 RGS Energy Group, Inc.............................. 51,188
3,300 SIGCORP, Inc....................................... 71,363
2,600 Southwest Gas Corporation.......................... 48,100
3,400 United Illuminating Company........................ 138,125
4,600 WPS Resources Corporation.......................... 108,388
-----------
3,236,169
-----------
Energy - Raw Materials - 3.9%
12,057 Helmerich & Payne, Inc............................. 321,018
7,079 Seitel, Inc.*...................................... 57,959
14,393 Tidewater, Inc..................................... 407,502
21,461 Varco International, Inc.*......................... 237,412
-----------
1,023,891
-----------
Food & Agriculture - 3.2%
2,500 Bob Evans Farms, Inc............................... 33,906
9,391 Corn Products International, Inc................... 221,275
8,655 Dean Foods Company................................. 234,767
4,850 International Multifoods Corporation............... 53,047
5,100 Lance, Inc......................................... 52,275
3,400 Mississippi Chemical Corporation................... 25,500
12,164 Universal Foods Corporation........................ 219,712
-----------
840,482
-----------
</TABLE>
See Notes to Financial Statements.
28
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Insurance - 2.9%
1,300 Chicago Title Corporation.......................... $ 60,450
8,300 Commerce Group, Inc. (The)......................... 247,963
8,400 Enhance Financial Services Group, Inc.............. 98,700
9,400 First American Financial Corporation............... 109,275
2,200 Foremost Corporation of America.................... 63,938
9,300 Ohio Casualty Company.............................. 115,088
2,100 Trenwick Group, Inc................................ 27,694
2,400 Zenith National Insurance Corporation.............. 50,700
-----------
773,808
-----------
Liquor - 2.2%
2,673 Canandaigua Brands, Inc., Class A*................. 130,977
8,500 Coors, (Adolph) Company, Class B................... 372,938
2,271 Robert Mondavi Corporation, Class A*............... 83,175
-----------
587,090
-----------
Media - 1.1%
5,100 Banta Corporation.................................. 93,075
16,100 Hollingher International, Inc...................... 194,206
-----------
287,281
-----------
Miscellaneous Finance - 2.8%
3,773 AMCORE Financial, Inc.............................. 78,996
3,595 Dain Rauscher Corporation.......................... 202,668
5,300 Downey Financial Corporation....................... 104,344
6,600 Fidelity National Financial, Inc................... 82,913
1,900 JSB Financial, Inc................................. 91,794
12,760 Washington Federal, Inc............................ 195,388
-----------
756,103
-----------
Motor Vehicles - 3.0%
6,000 Arvin Industries, Inc.............................. 110,250
5,163 Borg-Warner Automotive, Inc........................ 165,216
7,640 Meritor Automotive, Inc............................ 106,960
4,900 Smith (A.O.) Corporation........................... 84,525
6,400 Superior Industries International, Inc............. 152,800
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Motor Vehicles (continued)
8,900 Tower Automotive, Inc.*............................ $ 105,688
4,200 Wynns International, Inc........................... 55,913
-----------
781,352
-----------
Non-Durables & Entertainment - 1.2%
8,569 Lancaster Colony Corporation....................... 254,928
3,300 Riviana Foods, Inc................................. 54,862
-----------
309,790
-----------
Non-Ferrous Metals - 0.4%
3,500 Commercial Metals Company.......................... 96,688
-----------
Optical & Photo - 1.2%
10,685 Imation Corporation*............................... 330,567
-----------
Paper & Forest Products - 2.7%
5,500 Caraustar Industries, Inc.......................... 91,438
9,800 Glatefelter (P.H.) Company......................... 120,049
10,100 Pentair, Inc....................................... 347,188
12,200 Wausau-Mosinee Paper Corporation................... 159,363
-----------
718,038
-----------
Producer Goods - 11.4%
8,834 AptarGroup, Inc.................................... 211,464
8,300 Baldor Electric Company............................ 134,356
5,067 Briggs & Stratton Corporation...................... 169,427
5,550 CLARCOR, Inc....................................... 107,878
400 Fairchild Corporation, Class A (The)*.............. 2,450
10,500 Federal Signal Corporation......................... 156,844
8,500 Flowserve Corporation.............................. 97,750
5,636 Graco, Inc......................................... 170,137
7,926 Harsco Corporation................................. 196,664
4,350 Hughes Supply, Inc................................. 77,755
6,600 IDEX Corporation................................... 163,350
6,800 Kennametal, Inc.................................... 158,100
9,100 Mark IV Industries, Inc............................ 182,000
7,000 MascoTech, Inc..................................... 98,000
7,500 Milacron, Inc...................................... 104,063
4,500 Regal-Beloit Corporation........................... 80,155
</TABLE>
See Notes to Financial Statements.
29
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Producer Goods (continued)
3,300 Tecumseh Products Company, Class A................. $ 142,313
15,229 Timken Company..................................... 217,965
8,800 Trinity Industries, Inc............................ 194,700
18,698 U.S. Industries, Inc............................... 213,858
7,700 YORK International Corporation..................... 139,563
-----------
3,018,792
-----------
Railroad & Shipping - 0.8%
10,100 Alexander & Baldwin, Inc........................... 206,734
-----------
Retail - 2.2%
5,600 Cato Corporation, Class A.......................... 56,000
8,700 Longs Drug Stores, Inc............................. 161,494
6,268 Payless ShoeSource, Inc.*.......................... 247,586
4,600 ShopKo Stores, Inc.*............................... 76,475
1,400 Zale Corporation*.................................. 52,675
-----------
594,230
-----------
Steel - 2.1%
17,402 AK Steel Holding Corporation....................... 144,654
3,900 Carpenter Technology Corporation................... 86,775
500 Cleveland-Cliffs, Inc.............................. 12,469
5,600 Oregon Steel Mills, Inc............................ 23,100
21,500 Worthington Industries, Inc........................ 284,875
-----------
551,873
-----------
Tires & Rubber - 1.5%
3,500 Bandag, Inc........................................ 82,250
5,000 Carlisle Companies, Inc............................ 165,625
14,100 Cooper Tire & Rubber Company....................... 152,456
-----------
400,331
-----------
<CAPTION>
Value
Shares (Note 1)
- ------ --------
<C> <S> <C>
Tobacco - 0.1%
2,900 Schweitzer-Maudit International, Inc............... $ 39,513
-----------
Travel & Recreation - 0.3%
8,300 Prime Hospitality Corporation*..................... 70,550
-----------
Trucking & Freight - 2.6%
3,700 Arnold Industries, Inc............................. 43,706
3,800 Circle International Group, Inc.................... 92,863
5,800 Hunt (J.B.) Transport Services, Inc................ 66,699
3,588 M.S. Carriers, Inc.*............................... 79,384
4,400 Roadway Express, Inc............................... 90,750
6,300 USFreightways Corporation.......................... 209,475
7,400 Werner Enterprises, Inc............................ 98,975
-----------
681,852
-----------
TOTAL COMMON STOCKS
(Cost $28,290,184)............................... 26,453,493
-----------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $28,290,184**)............................ 100.1% 26,453,493
OTHER ASSETS AND LIABILITIES
(Net)........................................... (0.1%) (21,254)
------ ----------
NET ASSETS........................................ 100.0% $26,432,239
====== ==========
</TABLE>
- --------------------------
* Non-income producing security.
** Aggregate cost for Federal tax purposes is $28,290,184.
See Notes to Financial Statements.
30
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
COMMON STOCKS - 100.3%
Aerospace - 0.8%
6,000 Boeing Company..................................... $ 221,250
400 Cordant Technologies, Inc.......................... 12,950
500 Crane Company...................................... 9,937
1,300 General Dynamics Corporation....................... 56,225
548 Goodrich (B.F.) Company............................ 13,118
700 Kaman Corporation.................................. 6,956
200 Litton Industries, Inc.*........................... 5,987
2,500 Lockheed Martin Corporation........................ 43,594
400 Northrop Grumman Corporation....................... 18,175
2,400 Raytheon Company, Class B.......................... 44,400
1,400 Rockwell International Corporation................. 63,350
1,100 Textron, Inc....................................... 67,100
800 TRW, Inc........................................... 38,400
3,067 United Technologies Corporation.................... 156,225
------------
757,667
------------
Air Transportation - 0.3%
400 Airborne Freight Corporation....................... 7,400
700 America West Holdings Corporation, Class B*........ 9,362
900 AMR Corporation.................................... 47,587
100 Amtran, Inc.*...................................... 1,687
500 Atlantic Coast Airlines Holdings*.................. 8,937
400 Atlas Air, Inc.*................................... 9,675
400 Continental Airlines, Inc., Class B*............... 12,650
800 Delta Air Lines, Inc............................... 36,500
300 EGL, Inc.*......................................... 8,437
1,800 FedEx Corporation*................................. 62,887
600 Frontier Airlines, Inc.*........................... 6,675
400 Galileo International, Inc......................... 6,800
200 Mesaba Holdings, Inc.*............................. 2,287
100 Midway Airlines Corporation*....................... 525
1,000 Midwest Express Holdings, Inc.*.................... 25,812
500 Northwest Airlines Corporation*.................... 8,625
100 PS Group Holdings, Inc............................. 1,156
2,900 Southwest Airlines Company......................... 53,469
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Air Transportation (continued)
300 UAL Corporation*................................... $ 14,625
------------
325,096
------------
Apparel - 0.2%
500 Abercrombie & Fitch Co., Class A*.................. 7,344
200 Barry (R.G.) Corporation........................... 600
100 Bluefly, Inc.*..................................... 1,087
100 Buckle, Inc.*...................................... 1,462
300 Children's Place Retail Stores, Inc.*.............. 3,544
600 Columbia Sportswear Company*....................... 12,487
150 Cutter & Buck, Inc.*............................... 1,444
300 Dress Barn, Inc.*.................................. 4,350
200 Escalade, Inc...................................... 3,500
300 Footstar, Inc.*.................................... 7,406
900 Goody's Family Clothing, Inc....................... 6,300
650 Jones Apparel Group*............................... 14,706
300 Just For Feet, Inc.*............................... 27
400 Kellwood Company................................... 6,750
300 Kenneth Cole Productions, Inc.*.................... 15,300
100 MediaBay, Inc.*.................................... 1,075
100 Nautica Enterprises, Inc.*......................... 1,056
1,700 Nike, Inc., Class B................................ 48,344
400 OshKosh B'Gosh, Inc., Class A...................... 7,600
450 Pacific Sunwear of California, Inc.*............... 11,447
100 Perry Ellis International, Inc.*................... 1,000
400 Polo Ralph Lauren Corporation*..................... 6,700
800 Polymer Group, Inc.*............................... 11,950
250 Quicksilver, Inc.*................................. 3,219
600 Reebok Internatioal Ltd.*.......................... 4,800
400 Russell Corporation................................ 5,525
200 Shoe Carnival, Inc.*............................... 1,725
300 Springs Industries, Inc., Class A.................. 10,631
100 Superior Uniform Group, Inc........................ 975
300 Talbots, Inc....................................... 10,856
100 Tarrant Apparel Group*............................. 737
186 The Men's Wearhouse, Inc.*......................... 4,319
100 Timberland Company, Class A*....................... 4,287
600 V.F. Corporation................................... 14,812
</TABLE>
See Notes to Financial Statements.
31
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Apparel (continued)
100 Vulcan International Corporation................... $ 3,187
600 Warnaco Group, Inc., Class A....................... 6,525
600 WestPoint Stevens, Inc.*........................... 9,975
------------
257,052
------------
Banks - 4.2%
480 ABC Bancorp........................................ 4,740
2,233 AmSouth Bancorporation............................. 32,378
300 ANB Corporation.................................... 9,712
250 Arrow Financial Corporation........................ 4,625
400 Associated Banc-Corp............................... 10,125
200 BancFirst Corporation.............................. 5,550
664 BancWest Corporation............................... 10,084
11,100 Bank of America Corporation........................ 511,294
100 Bank of Granite Corporation........................ 1,900
4,600 Bank of New York Company, Inc...................... 153,237
7,200 Bank One Corporation............................... 185,850
400 Bank United Corporation, Class A................... 10,475
300 Banknorth Group, Inc............................... 5,681
2,233 BB&T Corporation................................... 52,475
100 BNCCORP, Inc.*..................................... 637
400 Brookline Bancorp, Inc............................. 3,775
194 BSB Bancorp, Inc................................... 3,480
105 California Independent Bancorp..................... 1,713
1,100 Carolina Fincorp, Inc.............................. 11,000
440 Cascade Bancorp.................................... 4,400
200 CCB Financial Corporation.......................... 7,425
248 Central Coast Bancorp*............................. 3,960
200 Centura Banks, Inc................................. 6,750
5,300 Chase Manhattan Corporation........................ 422,012
100 Citizens Financial Corporation, Class A*........... 1,144
200 City National Corporation.......................... 5,512
405 Civic BanCorp*..................................... 5,417
400 CNBT Bancshares, Inc............................... 3,900
800 Colonial BancGroup, Inc............................ 7,100
405 Columbia Banking System, Inc.*..................... 4,683
900 Comerica, Inc...................................... 33,244
100 Comm Bancorp, Inc.................................. 3,512
315 Commerce Bancorp, Inc.............................. 10,592
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Banks (continued)
315 Commerce Bancshares, Inc........................... $ 9,056
105 Community Bancorp, Inc.*........................... 597
400 Community Bank System, Inc......................... 8,625
105 Community Banks, Inc............................... 2,087
700 Community Financial Group, Inc..................... 9,712
100 Community First Banking Company.................... 1,750
500 Community First Bankshares, Inc.................... 7,000
900 Compass Bancshares, Inc............................ 14,569
400 Cullen/Frost Bankers, Inc.......................... 8,600
600 Doral Financial Corporation........................ 5,887
300 FFLC Bancorp, Inc.................................. 4,162
100 Fidelity Bancorp, Inc.............................. 1,262
2,076 Fifth Third Bancorp................................ 108,082
400 First BanCorp...................................... 6,800
200 First Busey Corporation............................ 3,787
200 First Charter Corporation.......................... 2,725
800 First Commonwealth Financial Corporation........... 8,000
300 First Financial Bankshares, Inc.................... 7,800
100 First Mariner Bancorp, Inc......................... 681
450 First Midwest Bancorp, Inc......................... 11,222
1,100 First Midwest Financia, Inc........................ 12,478
310 First Mutual Bancshares, Inc....................... 2,984
1,100 First Securities Corporation....................... 25,506
900 First Tennessee National Corporation............... 15,525
6,448 First Union Corporation............................ 190,216
200 First Virginia Banks, Inc.......................... 6,300
6,709 Firstar Corporation................................ 119,504
400 Firstfed America Bancorp, Inc...................... 4,350
400 FirstFed Financial Corporation..................... 5,100
300 FirstMerit Corporation............................. 4,256
5,705 FleetBoston Financial Corporation.................. 155,461
500 Franchise Finance Corporation of America........... 11,250
300 Franklin Bank N.A.................................. 2,925
400 Frontier Financial Corporation..................... 7,950
</TABLE>
See Notes to Financial Statements.
32
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Banks (continued)
520 Fulton Financial Corporation....................... $ 8,580
600 GA Financial, Inc.................................. 7,350
210 German American Bancorp............................ 3,754
400 Great Southern Bancorp, Inc........................ 8,500
1,000 GreenPoint Financial Corporation................... 15,937
100 Hallmark Capital Corp.*............................ 900
900 Harbor Florida Bancshares, Inc..................... 9,450
133 Harleysville Savings Financial Corporation......... 1,862
165 Heritage Commerce Corporation*..................... 2,062
100 Hibernia Corporation, Class A...................... 906
200 Horizon Financial Corp............................. 1,994
300 Hudson City Bancorp, Inc........................... 4,312
412 Hudson United Bancorp.............................. 8,317
1,250 Huntington Bancshares, Inc......................... 26,094
241 Imperial Bancorp*.................................. 6,206
1,000 Independence Community Bank Corp................... 11,062
100 Indiana United Bancorp............................. 1,775
100 Interchange Financial Services Corporation/NJ...... 1,550
1,100 J.P. Morgan & Company.............................. 122,100
100 Kentucky First Bancorp, Inc........................ 1,012
2,700 KeyCorp............................................ 45,731
500 Keystone Financial, Inc............................ 7,812
120 Lakeland Bancorp, Inc.............................. 1,230
100 Laurel Capital Group, Inc.......................... 1,400
200 LSB Bancshares, Inc................................ 3,000
100 M&T Bank Corporation............................... 36,900
300 Main Street Bancorp, Inc........................... 2,775
600 Marshall & Ilsley Corporation...................... 27,562
100 Mayflower Cooperative Bank......................... 950
3,100 Mellon Financial Corporation....................... 93,387
400 Mercantile Bankshares Corporation.................. 10,050
500 Merchants Bancshares, Inc.......................... 9,937
300 Merchants New York Bancorp, Inc.................... 4,912
3,700 National City Corporation.......................... 71,225
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Banks (continued)
700 National Commerce Bancorporation................... $ 11,900
200 Net.B@nk, Inc.*.................................... 3,025
100 North Bancshares, Inc.............................. 856
1,100 North Fork Bancorporation, Inc..................... 18,012
1,300 Northern States Financial Corporation.............. 27,706
1,400 Northern Trust Corporation......................... 79,100
100 Norwood Financial Corporation...................... 1,950
200 NSD Bancorp, Inc................................... 3,487
790 Old Kent Financial Corporation..................... 20,688
315 Old National Bancorp............................... 7,875
300 One Valley Bancorp, Inc............................ 8,981
300 Pacific Bank, N.A.................................. 7,800
500 Pacific Century Financial Corporation.............. 7,594
100 Pacific Crest Capital, Inc......................... 1,050
500 People's Bank Bridgeport........................... 9,977
600 Peoples Heritage Financial Group, Inc.............. 6,375
1,800 PNC Bank........................................... 69,637
900 Popular, Inc....................................... 20,081
300 Professional Bancorp, Inc.......................... 1,462
310 Provident Bankshares Corporation................... 4,999
209 Provident Financial Group, Inc..................... 5,878
300 Queens County Bancorp, Inc......................... 5,700
1,200 Regions Financial Corporation...................... 24,300
440 Republic Bancorp, Inc.............................. 3,520
600 Republic Bancorp, Inc., Class A.................... 5,175
400 S&T Bancorp, Inc................................... 7,375
200 S.Y. Bancorp, Inc.................................. 4,175
300 S1 Corporation*.................................... 30,187
100 Savannah Bancorp, Inc.............................. 1,837
200 Six Rivers National Bank*.......................... 2,412
704 Sky Financial Group, Inc........................... 10,780
1,200 Southern Missouri Bancorp, Inc..................... 14,100
900 SouthTrust Corporation............................. 20,644
100 Southwest Bancorp of Texas, Inc.*.................. 1,825
618 State Bancorp, Inc................................. 8,034
</TABLE>
See Notes to Financial Statements.
33
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Banks (continued)
1,000 State Street Corporation........................... $ 72,875
105 Sterling Bancorp/NY................................ 1,549
100 Suffolk Bancorp.................................... 2,675
1,200 Summit Bankcorp.................................... 28,725
2,000 SunTrust Banks, Inc................................ 101,625
600 Susquehanna Bancshares, Inc........................ 8,775
1,575 Synovus Financial Corporation...................... 25,791
100 Texarkana First Financial Corporation.............. 1,675
100 Tompkins Trustco, Inc.............................. 2,625
800 TrustCo Bank Corporation/NY........................ 8,875
500 Trustmark Corporation.............................. 8,469
4,487 U.S. Bancorp....................................... 82,168
98 Union Financial Bancshares, Inc.................... 857
800 Union Planters Corporation......................... 21,900
900 UnionBanCal Corporation............................ 28,912
400 United Bankshares, Inc............................. 7,325
300 United Financial Corporation....................... 4,875
424 United National Bancorp............................ 6,996
100 United Tennessee Bankshares, Inc................... 1,087
399 Valley National Bancorp............................ 9,252
1,200 Wachovia Corporation............................... 68,625
10,500 Wells Fargo Company................................ 347,156
200 WesBanco, Inc...................................... 4,200
300 Westamerica Bancorporation......................... 6,806
300 Wilmington Trust Corporation....................... 14,081
500 Zions Bancorporation............................... 26,531
------------
4,238,112
------------
Business Machines - 14.5%
2,200 3Com Corporation*.................................. 215,600
600 Adaptec, Inc.*..................................... 24,600
800 Adobe Systems, Inc................................. 81,600
200 Advanced Digital Information Corporation*.......... 18,125
100 Aironet Wireless Communication, Inc.*.............. 8,281
100 Amplicon, Inc...................................... 1,200
1,000 Apple Computer, Inc................................ 114,625
600 Artesyn Technologies, Inc.*........................ 11,887
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Business Machines (continued)
600 Autodesk, Inc...................................... $ 26,812
200 Black Box Corporation*............................. 14,962
1,567 BMC Software, Inc.*................................ 72,082
500 C3, Inc./NC*....................................... 3,500
1,200 Cabletron Systems, Inc.*........................... 58,800
300 CACI International, Inc., Class A*................. 8,531
900 Ceridian Corporation*.............................. 17,831
21,308 Cisco Systems, Inc.*............................... 2,816,651
1,000 Comdisco, Inc...................................... 38,437
10,900 Compaq Computer Corporation........................ 271,137
1,100 Computer Horizons Corporation*..................... 24,475
2,300 Compuware Corporation*............................. 50,887
550 Comverse Technology, Inc.*......................... 108,281
200 Crossroads Systems, Inc.*.......................... 28,550
16,600 Dell Computer Corporation*......................... 677,487
500 Diebold, Inc....................................... 12,250
200 Digital Lightwave, Inc.*........................... 16,650
6,600 EMC Corporation*................................... 785,400
200 European Micro Holdings, Inc.*..................... 1,950
300 Evans & Sutherland Computer Corporation*........... 3,319
400 Fair Issac & Company, Inc.......................... 19,525
800 Foundry Networks, Inc.*............................ 111,750
2,000 Gateway 2000, Inc.*................................ 137,500
6,600 Hewlett-Packard Company............................ 887,700
500 Hypercom Corporation*.............................. 8,656
900 IKON Office Solutions, Inc......................... 6,300
600 InaCom Corp.*...................................... 2,025
1,800 Informix Corporation*.............................. 28,800
500 Integrated Device Technology, Inc.*................ 18,437
11,700 International Business Machines Corporation........ 1,193,400
1,000 Juniper Networks, Inc.*............................ 274,312
200 Komag, Inc.*....................................... 444
800 Lexmark International Group, Inc., Class A*........ 95,400
100 Litronic, Inc.*.................................... 2,375
500 LTX Corporation*................................... 21,094
100 MicroAge, Inc.*.................................... 344
</TABLE>
See Notes to Financial Statements.
34
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Business Machines (continued)
450 Microchip Technology, Inc.*........................ $ 28,097
200 Micromuse, Inc.*................................... 28,362
33,635 Microsoft Corporation*............................. 3,006,128
300 MIPS Technologies, Inc.*........................... 17,550
300 National Computer Systems, Inc..................... 11,925
900 NCR Corporation*................................... 34,144
100 Netegrity, Inc.*................................... 8,550
1,000 Network Appliance, Inc.*........................... 188,750
2,100 Novell, Inc.*...................................... 69,431
800 Novellus Systems, Inc.*............................ 47,450
430 Obie Media Corporation*............................ 3,225
100 Optio Software, Inc.*.............................. 1,812
18,300 Oracle Systems Corporation*........................ 1,358,775
1,700 Pitney Bowes, Inc.................................. 84,150
1,300 Quantum Corporation - DLT & Storage Systems*....... 13,487
600 Quantum Corporation - Hard Disk Drive*............. 4,687
200 Rimage Corporation*................................ 4,200
200 SCM Microsystems, Inc.*............................ 23,800
1,300 Seagate Technology, Inc.*.......................... 64,837
1,600 Silicon Graphics, Inc.*............................ 15,700
600 Sterling Commerce, Inc.*........................... 26,287
500 Sterling Software, Inc.*........................... 17,937
1,100 Storage Technology Corporation*.................... 14,025
10,200 Sun Microsystems, Inc.*............................ 971,550
800 SVI Holdings, Inc.*................................ 8,550
500 Sybase, Inc.*...................................... 12,531
600 Tech Data Corporation*............................. 13,012
900 Telxon Corporation................................. 19,350
754 Titan Corporation*................................. 28,272
1,000 Total System Services, Inc......................... 15,875
300 TransAct Technologies, Inc......................... 2,475
100 UniComp, Inc.*..................................... 591
2,300 Unisys Corporation*................................ 68,856
200 Visual Networks, Inc.*............................. 13,150
4,100 Xerox Corporation.................................. 88,919
300 Xircom, Inc.*...................................... 12,459
------------
14,650,871
------------
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Business Services - 10.5%
100 24/7 Media, Inc.*.................................. $ 4,650
300 ABM Industries, Inc................................ 7,556
100 About.com, Inc.*................................... 7,025
200 Accrue Software, Inc.*............................. 9,387
500 ACNielson Corporation*............................. 8,469
100 ACT Networks, Inc.*................................ 1,400
100 Active Software, Inc.*............................. 10,500
700 adam.com, Inc.*.................................... 10,587
800 Advantage Learning Systems, Inc.*.................. 12,300
200 Aether Systems, Inc.*.............................. 51,675
300 Affiliated Computer Services, Inc., Class A*....... 9,450
200 Affymetrix, Inc.*.................................. 57,925
200 AGENCY.COM, Inc.*.................................. 7,000
100 Agile Software Corporation*........................ 14,306
100 Akamai Technologies, Inc.*......................... 26,125
1,500 Alcide Corporation*................................ 31,312
100 Allaire Corporation*............................... 12,937
1,100 Allied Waste Industries, Inc.*..................... 6,187
14,560 America Online, Inc.*.............................. 859,040
200 American Locker Group, Inc......................... 1,312
400 American Management Systems, Inc.*................. 12,725
500 American Superconductor Corporation*............... 34,531
100 Andover.Net, Inc.*................................. 3,987
400 Angelica Corporation............................... 3,600
400 AnswerThink Consulting Group, Inc.*................ 8,150
800 Apollo Group, Inc., Class A*....................... 18,250
100 AppliedTheory Corporation*......................... 2,831
300 AppNet, Inc.*...................................... 13,462
600 Ariba, Inc.*....................................... 158,700
200 Art Technology Group, Inc.*........................ 28,900
100 Artificial Life, Inc.*............................. 3,675
100 ASD Systems, Inc.*................................. 737
700 Ashton Technology Group, Inc.*..................... 7,131
200 Ask Jeeves, Inc.*.................................. 16,087
200 Aspect Development, Inc.*.......................... 29,775
500 Aspen Technology, Inc.*............................ 22,375
</TABLE>
See Notes to Financial Statements.
35
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Business Services (continued)
2,292 At Home Corporation, Series A*..................... $ 78,644
200 Audible, Inc.*..................................... 2,550
4,000 Automatic Data Processing, Inc..................... 174,250
3,600 AutoNation, Inc.*.................................. 27,225
1,200 Avant! Corporation*................................ 17,775
200 AXENT Technologies, Inc.*.......................... 5,425
200 Banyan Systems, Inc.*.............................. 6,650
400 BARRA, Inc.*....................................... 14,012
800 BEA Systems, Inc.*................................. 101,250
600 BindView Development Corporation*.................. 20,250
500 Block H & R, Inc................................... 21,937
500 Bowne & Company, Inc............................... 5,969
100 Broadbase Software, Inc.*.......................... 15,144
500 BroadVision, Inc.*................................. 126,281
300 Brocade Communications Systems, Inc.*.............. 86,737
700 Brookrout, Inc.*................................... 33,600
200 BSQUARE Corporation*............................... 7,975
200 CacheFlow, Inc.*................................... 24,350
100 CAIS Internet, Inc.*............................... 3,825
200 Calico Commerce, Inc.*............................. 8,612
800 Cambridge Technology Partners, Inc.*............... 12,000
500 Carelnsite, Inc.*.................................. 34,000
600 Casella Waste Systems, Inc., Class A*.............. 4,106
200 Cash Technologies, Inc.*........................... 3,950
600 Catalyst International, Inc.*...................... 7,575
900 Catalytica, Inc.*.................................. 11,587
600 Catapult Communications Corporation*............... 7,800
200 CDW Computer Centers, Inc.*........................ 10,975
200 Cell Genesys, Inc.*................................ 7,775
500 CenterSpan Communications Corporation*............. 12,937
500 CFI ProServices, Inc.*............................. 4,000
500 Charles River Associates, Inc.*.................... 13,687
400 Cheap Tickets, Inc.*............................... 6,325
400 Checkfree Holdings Corporation*.................... 35,175
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Business Services (continued)
100 ChoicePoint, Inc.*................................. $ 3,769
500 CIBER, Inc.*....................................... 11,625
655 Cintas Corporation................................. 26,159
150 Circle.com*........................................ 1,416
1,200 Citrix Systems, Inc.*.............................. 126,525
200 Clarent Corporation*............................... 21,850
200 Clarify, Inc.*..................................... 28,862
700 Coinstar, Inc.*.................................... 9,800
100 Collateral Therapeutics, Inc.*..................... 4,025
700 Com21, Inc.*....................................... 49,000
200 COMARCO, Inc....................................... 8,100
600 Complete Business Solutions, Inc.*................. 11,925
3,600 Computer Associates International, Inc............. 231,525
1,000 Computer Sciences Corporation...................... 78,812
600 Computer Task Group, Inc........................... 7,687
1,500 Concord EFS, Inc.*................................. 29,344
400 Concur Technologies, Inc.*......................... 9,650
800 Convergys Corporation*............................. 30,800
400 Cornell Corrections, Inc.*......................... 3,250
300 Corporate Executive Board Company*................. 14,962
300 CoStar Group, Inc.*................................ 10,912
200 Cotelligent, Inc.*................................. 1,200
200 Creative BioMolecules, Inc.*....................... 3,850
200 Credence Systems Corporation*...................... 26,650
300 Creditrust Corporation*............................ 2,353
347 Critical Path, Inc.*............................... 29,885
700 Crosswalk.com, Inc.*............................... 4,025
400 CSG Systems International, Inc.*................... 20,550
100 CuraGen Corporation*............................... 22,850
100 Cybergold, Inc.*................................... 2,000
200 CyberSource Corporation*........................... 5,550
200 Cylink Corporation*................................ 3,725
600 Cytec Industries, Inc.*............................ 14,550
300 Datalink Corporation*.............................. 6,225
400 DBT Online, Inc.*.................................. 7,650
600 Deluxe Corporation................................. 14,062
100 Deltathree.com, Inc.*.............................. 4,187
600 Dendrite International, Inc.*...................... 14,775
</TABLE>
See Notes to Financial Statements.
36
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Business Services (continued)
900 DeVRY, Inc.*....................................... $ 16,256
100 Digex, Inc.*....................................... 16,200
200 Digital Impact, Inc.*.............................. 5,700
157 Digital Insight Corporation*....................... 9,891
200 Digital River, Inc.*............................... 7,200
610 DoubleClick, Inc.*................................. 54,176
200 DSET Corporation*.................................. 5,000
300 DST Systems, Inc.*................................. 16,837
900 Dun & Bradstreet Corporation....................... 23,569
1,023 EarthLink, Inc.*................................... 25,447
100 EarthWeb, Inc.*.................................... 2,675
800 eBay, Inc.*........................................ 114,700
100 eBenX, Inc.*....................................... 5,612
400 Eclipsys Corporation*.............................. 9,600
700 Ecolab, Inc........................................ 19,775
200 eCollege.com, Inc.*................................ 1,787
200 eGain Communications Corporation*.................. 11,275
200 Egreetings Network, Inc.*.......................... 1,131
3,000 Electronic Data Systems Corporation................ 194,250
750 Encompass Services Corporation*.................... 5,391
300 Engage Technologies, Inc.*......................... 43,500
300 Entrust Technologies, Inc.*........................ 26,475
700 Equifax, Inc....................................... 14,831
100 eSoft, Inc.*....................................... 2,023
100 F5 Networks, Inc.*................................. 9,000
400 FactSet Research Systems, Inc...................... 12,050
300 Factual Data Corp.*................................ 2,175
2,700 First Data Corporation............................. 121,500
700 Fiserv, Inc.*...................................... 19,075
600 Forrester Research, Inc.*.......................... 24,000
200 FreeMarkets, Inc.*................................. 34,837
100 FreeShop.com, Inc.*................................ 3,181
600 Frontline Communications Corporation*.............. 2,325
1,298 Gartner Group, Inc., Class B*...................... 15,333
200 GetThere.com, Inc.*................................ 5,012
300 Getty Images, Inc.*................................ 15,431
200 Go2Net, Inc.*...................................... 17,400
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Business Services (continued)
300 GoTo.com, Inc.*.................................... $ 19,087
300 GP Strategies Corporation*......................... 1,537
200 Great Plains Software, Inc.*....................... 13,912
500 GTECH Holding Corporation*......................... 10,000
550 HA-LO Industries*.................................. 5,844
300 Harbinger Corporation*............................. 9,619
200 Harris Interactive, Inc.*.......................... 1,950
100 HeadHunter.NET, Inc.*.............................. 1,575
400 Healtheon/WebMD Corporation*....................... 22,125
100 Healthworld Corporation*........................... 2,219
200 HearMe, Inc.*...................................... 4,162
400 High Speed Access Corp.*........................... 7,475
100 HNC Software, Inc.*................................ 9,837
100 Homeseekers.com, Inc.*............................. 1,700
200 HotJobs.com, Ltd.*................................. 5,025
300 Hunt Corporation................................... 2,906
1,000 i2 Technologies, Inc.*............................. 163,500
200 iBasis, Inc.*...................................... 16,100
200 IBS Interactive, Inc.*............................. 2,550
400 ICOS Corporation*.................................. 20,950
200 IDT Corporation*................................... 7,403
100 iManage, Inc.*..................................... 1,869
200 Immune Response Corporation/ Del*.................. 3,100
1,800 IMS Health, Inc.................................... 36,225
100 Infonautics, Inc., Class A*........................ 975
1,700 Infonet Services Corporation, Class B*............. 46,962
200 Information Architects Corp.*...................... 4,300
600 Information Resource Engineering, Inc.*............ 18,375
700 Inktomi Corporation*............................... 95,987
300 Innodata Corporation*.............................. 3,412
900 INSpire Insurance Solutions, Inc.*................. 3,487
200 InsWeb Corporation*................................ 2,975
200 Interim Services, Inc.*............................ 4,987
300 Interliant, Inc.*.................................. 12,862
900 Internap Network Services Corporation*............. 87,300
</TABLE>
See Notes to Financial Statements.
37
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Business Services (continued)
300 Internet Commerce Corporation, Class A*............ $ 16,725
236 Internet Pictures Corporation*..................... 7,788
200 iternet.com Corporation*........................... 8,900
1,700 Interpublic Group of Companies, Inc................ 68,319
600 Intertrust Technologies Corporation*............... 50,962
100 InterVU, Inc.*..................................... 14,794
100 Interwoven, Inc.*.................................. 14,950
1,300 Intuit, Inc.*...................................... 68,250
100 Invitrogen Corporation*............................ 8,450
200 Iron Mountain, Inc.*............................... 6,100
300 ISS Group, Inc.*................................... 31,500
900 IT Group, Inc.*.................................... 6,862
200 iVillage, Inc.*.................................... 3,750
700 J.D. Edwards & Company*............................ 28,437
300 Juno Online Services, Inc.*........................ 6,937
400 Kana Communications, Inc.*......................... 57,000
400 Keane, Inc......................................... 9,600
400 Kelly Services, Inc., Class A...................... 9,625
100 Korn/Ferry International*.......................... 3,750
900 Kroll-O'Gara Company*.............................. 14,962
600 Labor Ready, Inc.*................................. 4,987
400 Lamar Advertising Company*......................... 17,425
500 Legato Systems, Inc.*.............................. 17,812
200 Level 8 Systems, Inc.*............................. 6,275
600 LHS Group, Inc.*................................... 27,150
600 Liberate Technologies, Inc.*....................... 61,125
100 Lifeminders.com, Inc.*............................. 5,312
100 Lionbridge Technologies, Inc.*..................... 1,806
100 Loislaw.com, Inc.*................................. 2,237
400 LookSmart, Ltd.*................................... 17,700
200 Luminant Worldwide Corporation*.................... 4,900
600 Lycos, Inc.*....................................... 35,775
200 Macrovision Corporation*........................... 19,950
400 Manpower, Inc...................................... 13,075
200 MapQuest.com, Inc.*................................ 3,625
200 Marimba, Inc.*..................................... 12,187
100 MarketWatch.com, Inc.*............................. 4,287
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Business Services (continued)
600 Mastech Corporation*............................... $ 19,875
300 MAXIMUS, Inc.*..................................... 10,256
200 Maxygen, Inc.*..................................... 29,325
100 Mechanical Technology, Inc.*....................... 6,850
300 Mediaplex, Inc.*................................... 25,050
250 Medical Manager Corporation*....................... 21,047
200 MedicaLogic, Inc.*................................. 7,425
500 MemberWorks, Inc.*................................. 40,437
600 Mentor Corporation................................. 16,650
400 Mentor Graphics Corporation*....................... 6,850
500 Mercury Interactive Corporation*................... 48,187
200 Metasolv Software, Inc.*........................... 17,625
100 Metricom, Inc.*.................................... 7,787
300 Metris Companies, Inc.............................. 7,762
200 MicroStrategy, Inc.*............................... 27,812
600 MicroTouch Systems, Inc.*.......................... 8,100
200 Microvision, Inc.*................................. 12,812
200 Mission Critical Software, Inc.*................... 12,250
800 Modis Professional Services, Inc.*................. 12,600
200 Momentum Business Applications, Inc.*.............. 1,475
200 Multex.com, Inc.*.................................. 6,100
200 MyPoints.com, Inc.*................................ 9,375
450 National Instruments Corporation*.................. 20,208
500 National Services Industries, Inc.................. 10,250
100 Navidec, Inc.*..................................... 1,944
400 Navigant Consulting, Inc.*......................... 3,850
500 NCO Group, Inc.*................................... 11,687
400 Neoforma.com, Inc.*................................ 23,800
100 Net Perceptions, Inc.*............................. 4,887
200 Netcentives, Inc.*................................. 9,100
200 NetObjects, Inc.*.................................. 7,450
200 NetRatings, Inc.*.................................. 7,162
900 Network Associates, Inc.*.......................... 27,394
100 Netzee, Inc.*...................................... 2,562
100 Neurocrine Biosciences, Inc.*...................... 3,700
200 New Era of Networks, Inc.*......................... 18,325
500 NOVA Corporation/Georgia*.......................... 11,531
</TABLE>
See Notes to Financial Statements.
38
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Business Services (continued)
400 Ogden Corporation.................................. $ 4,550
1,100 Omnicom Group, Inc................................. 103,606
100 OnDisplay, Inc.*................................... 9,000
200 OneMain.com, Inc.*................................. 2,562
100 OneSource Information Services, Inc.*.............. 862
100 Online Resources & Communications Corporation*..... 1,750
500 ONYX Software Corporation*......................... 39,875
300 Open Market, Inc.*................................. 15,037
800 Orbital Sciences Corporation*...................... 14,000
200 Packeteer, Inc.*................................... 10,325
1,500 Parametric Technology Corporation*................. 45,469
1,600 Paychex, Inc....................................... 80,100
100 PC-Tel, Inc.*...................................... 6,800
100 Peapod, Inc.*...................................... 831
300 Pegasus Systems, Inc.*............................. 6,000
1,912 PeopleSoft, Inc.*.................................. 39,554
600 Peregrine Systems, Inc.*........................... 32,775
400 Perfomance Food Group Company*..................... 9,500
600 Perot Systems Corporation, Class A*................ 15,262
100 Persistance Software, Inc.*........................ 1,681
500 Pittston Brink's Group............................. 8,937
100 Pivotal Corporation*............................... 5,100
400 Pixar, Inc.*....................................... 14,000
500 Policy Management Systems Corporation*............. 4,437
200 Polycom, Inc.*..................................... 23,262
1,000 Portal Software, Inc.*............................. 75,125
300 Pre-Paid Legal Services, Inc.*..................... 8,437
100 Predictive Systems, Inc.*.......................... 6,075
100 Preview Systems, Inc.*............................. 5,300
100 Preview Travel, Inc.*.............................. 4,606
1,000 Priceline.com, Inc.*............................... 55,937
100 Primix Solutions, Inc.*............................ 1,275
100 Primus Knowledge Solutions, Inc.*.................. 12,000
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Business Services (continued)
400 Priority Healthcare Corporation, Class B*.......... $ 19,200
400 Prodigy Communications Corporation*................ 8,025
500 Profit Recovery Group International, Inc.*......... 9,250
400 Programmer's Paradise, Inc.*....................... 2,650
200 Protein Design Labs, Inc.*......................... 50,037
1,200 PROVANT, Inc.*..................................... 8,250
400 Proxicom, Inc.*.................................... 16,750
200 Proxim, Inc.*...................................... 28,700
800 PSINet, Inc.*...................................... 37,100
100 Puma Technology, Inc.*............................. 17,656
200 PurchasePro.com, Inc.*............................. 24,387
400 QLogic Corporation*................................ 62,400
100 QRS Corporation*................................... 9,437
100 quepasa.com, inc.*................................. 750
300 Quest Software, Inc.*.............................. 34,987
200 Quintus Corporation*............................... 7,862
600 Quixote Corporation................................ 8,100
100 Quotesmith.com, Inc.*.............................. 712
500 R.H. Donnelley Corporation*........................ 8,437
400 Radiant Systems, Inc.*............................. 20,450
100 Ramp Networks, Inc.*............................... 1,837
500 Razorfish, Inc.*................................... 16,750
1,000 RealNetworks, Inc.*................................ 70,312
900 Red Hat, Inc.*..................................... 54,619
300 Redback Networks, Inc.*............................ 89,550
300 Remedy Corporation*................................ 17,006
1,000 RemedyTemp, Inc., Class A*......................... 22,250
300 Retek, Inc.*....................................... 18,187
800 Reynolds & Reynolds Company, Class A............... 22,100
400 Right Management Consultants, Inc.*................ 4,400
600 Robert Half International, Inc.*................... 25,350
300 RSA Security, Inc.*................................ 20,081
200 Safety-Kleen Corporation*.......................... 975
100 SalesLogix Corporation*............................ 2,787
100 Sanchez Computer Associates, Inc.*................. 4,850
</TABLE>
See Notes to Financial Statements.
39
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Business Services (continued)
400 SanDisk Corporation*............................... $ 35,600
400 Sapient Corporation*............................... 28,600
500 Scient Corporation*................................ 35,375
200 SciQuest.com, Inc.*................................ 14,975
200 SDL, Inc.*......................................... 82,000
200 SEACOR SMIT, Inc.*................................. 9,700
100 Secure Computing Corporation*...................... 1,750
100 SEI Investments Company............................ 8,931
1,700 ServiceMaster Company.............................. 18,700
300 Shared Medical Systems Corporation................. 11,681
200 ShopNow.com, Inc.*................................. 2,800
1,300 Siebel Systems, Inc.*.............................. 180,294
100 Silknet Software, Inc.*............................ 22,406
100 SilverStream Software, Inc.*....................... 8,575
300 Sirius Satellite Radio, Inc.*...................... 18,300
300 Software.com, Inc.*................................ 28,875
200 Sonic Foundry, Inc.*............................... 14,400
200 SonicWALL, Inc.*................................... 18,100
300 Spartech Corporation............................... 7,650
200 Splitrock Services, Inc.*.......................... 9,350
200 SportsLine USA, Inc.*.............................. 9,225
300 SPSS, Inc.*........................................ 9,337
100 Spyglass, Inc.*.................................... 5,850
100 SS&C Technologies, Inc.*........................... 562
400 Standard Register Company.......................... 5,450
400 StarMedia Network, Inc.*........................... 18,800
300 StarTek, Inc.*..................................... 12,412
600 Stericycle, Inc.*.................................. 11,081
800 Structural Dynamics Research Corporation*.......... 11,400
682 SunGard Data Systems, Inc.*........................ 20,460
400 Sybron Chemicals, Inc.*............................ 6,050
1,500 Sycamore Networks, Inc.*........................... 222,000
400 Sykes Enterprises, Inc.*........................... 6,525
500 Sylvan Learning Systems, Inc.*..................... 7,437
300 Symantec Corporation*.............................. 21,431
400 Synopsys, Inc.*.................................... 15,975
200 Talk City, Inc.*................................... 2,137
200 Technisource, Inc.*................................ 1,025
400 Technology Solutions Company*...................... 2,900
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Business Services (continued)
157 Teledyne Technologies, Inc.*....................... $ 1,364
100 Telemate.Net Software, Inc.*....................... 1,019
100 Telescan, Inc.*.................................... 2,037
400 TeleTech Holdings, Inc.*........................... 15,150
200 TenFold Corporation*............................... 10,037
875 Tetra Tech, Inc.*.................................. 21,930
200 Texas Biotechnology Corporation*................... 4,475
400 The viaLink Company*............................... 22,200
800 theglobe.com, Inc.*................................ 6,200
200 Thermo BioAnalysis Corporation*.................... 5,375
200 TheStreet.com, Inc.*............................... 2,312
1,200 TIBCO Software, Inc.*.............................. 157,200
200 Ticketmaster Online-CitySearch, Inc., Class B*..... 6,978
100 Tier Technologies, Inc., Class B*.................. 656
200 TMP Worldwide, Inc.*............................... 27,187
500 Transaction Systems Architects, Inc., Class A*..... 22,562
300 True North Communications, Inc..................... 11,100
300 TSI International Software, Ltd.*.................. 25,444
300 Tularik, Inc.*..................................... 23,662
100 uBid, Inc.*........................................ 3,306
800 Universal Electronics, Inc.*....................... 15,800
700 UNOVA, Inc.*....................................... 8,094
500 URS Corporation.................................... 6,812
350 USinterenetworking, Inc.*.......................... 23,362
600 USWeb Corporation*................................. 23,325
200 VA Linux Systems, Inc.*............................ 21,125
200 Ventiv Health, Inc.*............................... 1,600
500 Verio, Inc.*....................................... 37,531
700 VeriSign, Inc.*.................................... 177,100
1,650 VERITAS Software Corporation*...................... 326,494
200 Verity, Inc.*...................................... 10,675
200 VerticalNet, Inc.*................................. 44,000
500 Viad Corporation................................... 11,719
300 Viant Corporation*................................. 11,381
400 Vignette Corporation*.............................. 92,200
</TABLE>
See Notes to Financial Statements.
40
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Business Services (continued)
1,000 Vitesse Semiconductor Corporation*................. $ 103,812
200 Voyager.net, Inc.*................................. 2,150
400 Wackenhut Corporation, Class A..................... 5,250
3,600 Waste Management, Inc.............................. 54,000
100 WatchGuard Technologies, Inc.*..................... 5,900
1,000 Wave Systems Corp., Class A*....................... 45,625
100 WebTrends Corporation*............................. 9,500
100 White Pine Software, Inc.*......................... 3,262
300 Whittman-Hart, Inc.*............................... 13,612
768 Wind River Systems, Inc.*.......................... 44,592
300 Wireless Facilities, Inc.*......................... 37,200
100 WorldGate Communications, Inc.*.................... 3,450
400 XETA Corporation*.................................. 24,700
300 Xpedior, Inc.*..................................... 5,400
3,432 Yahoo!, Inc.*...................................... 548,047
100 Yesmail.com, Inc.*................................. 3,231
400 Young & Rubicam, Inc.*............................. 20,200
100 ZipLink, Inc.*..................................... 1,869
------------
10,623,753
------------
Chemicals - 1.5%
1,300 Air Products & Chemicals, Inc...................... 33,475
1,000 Airgas, Inc.*...................................... 6,937
600 Albemarle Corporation.............................. 9,037
700 AMCOL International Corporation.................... 11,025
150 Arch Chemicals, Inc.*.............................. 2,859
400 Bio-Rad Laboratories, Inc., Class A*............... 13,150
300 Brady Corporation, Class A......................... 8,137
600 Cabot Corporation.................................. 13,275
100 Celgene Corporation*............................... 16,550
100 ChemFirst, Inc..................................... 1,950
600 Chromatics Color Sciences International, Inc.*..... 3,937
662 CK Witco Corporation............................... 7,034
300 Dexter Corporation................................. 13,837
1,400 Dow Chemical Company............................... 151,900
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Chemicals (continued)
6,700 du Pont (E.I.) de Nemours & Company................ $ 338,350
400 Eastman Chemical Company........................... 14,375
300 Enzon, Inc.*....................................... 17,400
400 Ferro Corporation.................................. 7,550
200 Fuller (H. B.) Company............................. 12,275
200 General Chemical Group, Inc........................ 450
400 Geon Company....................................... 8,350
400 Great Lakes Chemical Corporation................... 11,625
700 Hanna (M.A.) Company............................... 8,006
200 Hauser, Inc.*...................................... 800
700 Hercules, Inc...................................... 11,550
400 International Specialty Products, Inc.............. 2,650
400 Lubrizol Corporation............................... 9,925
900 Lyondell Chemical Company.......................... 7,706
300 MacDermid, Inc..................................... 10,256
600 Millennium Chemicals, Inc.......................... 8,400
2,600 Minnesota Mining & Manufacturing Company........... 229,125
4,100 Monsanto Company................................... 159,131
200 NCH Corporation.................................... 7,925
300 Oil-Dri Corporation of America..................... 2,587
300 OM Group, Inc...................................... 11,175
200 OXiGENE, Inc.*..................................... 4,662
200 Plymouth Rubber Company, Inc., Class A*............ 1,437
1,100 PPG Industries, Inc................................ 54,312
900 Praxair, Inc....................................... 30,375
200 PubliCARD, Inc.*................................... 2,462
1,258 Rohm & Haas Company................................ 50,792
900 RPM, Inc./Ohio..................................... 9,000
500 Sigma-Aldrich Corporation.......................... 11,875
800 Solutia, Inc....................................... 11,050
200 SurModics, Inc.*................................... 6,200
100 Techne Corporation*................................ 8,578
500 Tredegar Corporation............................... 14,125
400 Twinlab Corporation*............................... 2,475
800 Union Carbide Corporation.......................... 42,950
300 Valspar Corporation................................ 9,844
</TABLE>
See Notes to Financial Statements.
41
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Chemicals (continued)
200 Ventro Corporation*................................ $ 44,975
------------
1,477,826
------------
Construction - 0.4%
100 ACMAT Corporation, Class A*........................ 762
300 Armstrong World Industries, Inc.................... 5,700
300 CARBO Ceramics, Inc................................ 6,525
300 Centex Construction Products, Inc.................. 6,975
700 Centex Corporation................................. 13,781
1,800 Clayton Homes, Inc................................. 14,625
200 Continental Materials Corporation*................. 4,437
150 CoorsTek, Inc.*.................................... 2,925
300 Craftmade International, Inc....................... 2,175
1,000 D.R. Horton, Inc................................... 11,250
200 Dal-Tile International, Inc.*...................... 1,400
400 Dayton Superior Corporation*....................... 9,925
400 EMCOR Group, Inc.*................................. 9,000
100 Fiberstars, Inc.*.................................. 750
200 Florida Rock Industries, Inc....................... 6,662
400 Fluor Corporation.................................. 11,375
300 Granite Construction, Inc.......................... 7,481
111 Huttig Building Products, Inc.*.................... 472
800 Johns Manville Corporation......................... 6,500
600 Justin Industries, Inc............................. 10,837
600 Kaufman & Broad Home Corporation................... 11,475
200 Koala Corporation*................................. 2,512
400 Lafarge Corporation................................ 7,875
700 Lennar Corporation................................. 11,550
200 LSI Industries, Inc................................ 3,237
300 M/I Schottenstein Homes, Inc....................... 4,331
300 Martin Marietta Materials, Inc..................... 10,650
2,600 Masco Corporation.................................. 46,475
200 Nobility Homes, Inc................................ 1,062
800 Oakwood Homes Corporation.......................... 2,050
300 Owens Corning...................................... 4,350
600 Palm Harbor Homes, Inc.*........................... 9,750
600 Performance Technologies, Inc.*.................... 12,187
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Construction (continued)
300 Puerto Rican Cement Company, Inc................... $ 9,225
400 Pulte Corporation.................................. 6,725
400 Quanta Services, Inc.*............................. 16,200
200 Sawtek, Inc.*...................................... 9,600
800 Sherwin-Williams Company........................... 15,300
300 Southdown, Inc..................................... 14,887
400 Stanley Works...................................... 9,200
300 Texas Industries, Inc.............................. 9,000
300 Toll Brothers, Inc.*............................... 4,987
400 United Dominion
Industries, Ltd.................................. 7,375
600 Vulcan Materials Company........................... 24,000
700 Walter Industries, Inc.*........................... 5,950
600 West TeleServices Corporation*..................... 11,850
100 White Cap Industries, Inc.*........................ 1,575
------------
406,935
------------
Consumer Durables - 0.3%
500 Black & Decker Corporation......................... 16,469
400 Champion Enterprises, Inc.*........................ 2,525
400 Coachmen Industries, Inc........................... 4,800
500 CompX International, Inc.*......................... 9,312
750 Ethan Allen Interiors, Inc......................... 17,484
200 Furniture Brands International, Inc.*.............. 3,212
200 Griffon Corporation*............................... 1,675
400 Hillenbrand Industries, Inc........................ 12,150
500 Kimball International, Inc., Class B............... 7,594
200 Koss Corporation................................... 2,950
600 La-Z-Boy, Inc...................................... 9,975
1,500 Leggett & Platt, Inc............................... 25,219
300 Linens 'n Things, Inc.*............................ 5,906
400 Maytag Corporation................................. 10,575
550 Mity-Lite, Inc.*................................... 8,594
400 Mohawk Industries, Inc.*........................... 8,875
1,736 Newell Rubbermaid, Inc............................. 40,145
200 Pulaski Furniture Corporation...................... 3,000
300 Recoton Corporation*............................... 4,181
700 Restoration Hardware, Inc.*........................ 4,025
</TABLE>
See Notes to Financial Statements.
42
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Consumer Durables (continued)
150 Salton, Inc.*...................................... $ 7,069
800 Shaw Industries, Inc............................... 10,150
600 SLI, Inc.*......................................... 7,312
300 Thomas Industries, Inc............................. 5,625
330 Virco Mfg. Corporation............................. 4,166
55 Water Pik Technologies, Inc.*...................... 371
400 Whirlpool Corporation.............................. 21,725
------------
255,084
------------
Containers - 0.1%
600 ACX Technologies, Inc.*............................ 1,912
100 Ball Corporation................................... 2,694
300 Bemis Company, Inc................................. 8,925
600 Crown Cork & Seal Company, Inc..................... 8,400
300 Greif Brothers Corporation, Class A................ 9,450
600 Ivex Packaging Corporation*........................ 4,537
500 Mobile Mini, Inc.*................................. 8,437
800 Owens-Illinois, Inc.*.............................. 11,050
500 Sealed Air Corporation*............................ 24,844
200 Shorewood Packaging Corporation.................... 4,150
500 Sonoco Products Company............................ 9,219
------------
93,618
------------
Cosmetics - 1.4%
400 Alberto-Culver Company............................. 8,550
300 Allou Health & Beauty Care, Inc., Class A*......... 2,325
1,400 Avon Products, Inc................................. 37,887
200 Balchem Corporation, Class B....................... 1,700
100 Bush Boake Allen, Inc.*............................ 2,800
100 Church & Dwight Co., Inc........................... 1,706
1,400 Clorox Company..................................... 56,612
3,700 Colgate-Palmolive Company.......................... 193,094
204 Del Laboratories, Inc.............................. 1,632
600 Dial Corporation................................... 8,625
700 Estee Lauder Companies, Inc., Class A.............. 30,362
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Cosmetics (continued)
6,900 Gillette Company................................... $ 243,225
100 Guest Supply, Inc.*................................ 1,837
700 International Flavors & Fragrances, Inc............ 21,000
1,200 Nu Skin Enterprises, Inc.*......................... 10,725
8,500 Proctor & Gamble Company........................... 748,000
500 Revlon, Inc., Class A*............................. 3,906
500 Styling Technology Corporation*.................... 1,000
200 SunStar Healthcare, Inc.*.......................... 687
100 Tristar Corporation*............................... 600
------------
1,376,273
------------
Domestic Oil - 0.8%
500 Amerada Hess Corporation........................... 25,281
400 Ashland, Inc....................................... 12,450
2,400 Atlantic Richfield Company......................... 170,400
100 Cal Dive International, Inc.*...................... 3,600
300 Callon Petroleum Company*.......................... 4,200
3,700 Conoco, Inc., Class B.............................. 72,844
100 CONSOL Energy, Inc................................. 1,162
802 Devon Energy Corporation*.......................... 29,874
700 Diamond Offshore Drilling, Inc..................... 22,225
300 El Paso Energy Partners, L.P....................... 5,287
600 Getty Realty Corporation........................... 7,237
2,000 Global Industries, Ltd.*........................... 20,500
300 Gulf Island Fabrication, Inc.*..................... 3,075
100 GulfMark Offshore, Inc.*........................... 1,331
159 Hallwood Energy Corporation*....................... 715
100 Holly Corporation.................................. 1,325
200 Houston Exploration Company*....................... 3,037
100 HS Resources, Inc.*................................ 1,650
473 Kerr-McGee Corporation............................. 21,167
225 Midcoast Energy Resources, Inc..................... 3,544
200 Murphy Oil Corporation............................. 10,125
500 National-Oilwell, Inc.*............................ 12,125
100 Newfield Exploration Company*...................... 3,100
200 Nuevo Energy Company*.............................. 3,550
1,300 Ocean Energy, Inc.*................................ 13,894
800 Pennzoil Company................................... 7,000
1,500 Phillips Petroleum Company......................... 57,375
</TABLE>
See Notes to Financial Statements.
43
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Domestic Oil (continued)
1,500 Pioneer Natural Resources Company.................. $ 12,469
500 Pogo Producing Company............................. 11,562
1,200 R&B Falcon Corporation*............................ 18,525
700 Santa Fe Snyder Corporation*....................... 5,250
300 St. Mary Land & Exploration Company................ 8,344
500 Sunoco, Inc........................................ 12,344
300 TEPPCO Partners, L.P............................... 6,412
500 Tersoro Petroleum Corporation*..................... 4,625
1,000 Tosco Corporation.................................. 26,750
700 TransMontaigne, Inc.*.............................. 4,550
1,213 Transocean Sedco Forex, Inc........................ 47,838
500 Ultramar Diamond Shamrock Corporation.............. 10,844
100 UniCapital Corporation*............................ 250
500 UNIFAB International, Inc.*........................ 3,312
1,700 Union Pacific Resources Group, Inc................. 15,194
1,800 Unocal Corporation................................. 48,150
1,800 USX-Marathon Group................................. 38,925
200 Vintage Petroleum, Inc............................. 2,900
------------
796,317
------------
Drugs & Medicine - 9.2%
9,900 Abbott Laboratories................................ 324,225
100 Abgenix, Inc.*..................................... 32,212
300 Accredo Health, Inc.*.............................. 8,850
400 Advance Paradigm, Inc.*............................ 9,462
900 Aetna, Inc......................................... 37,012
300 Albany Molecular Research, Inc.*................... 14,475
100 Alexion Pharmaceuticals, Inc.*..................... 8,525
200 Alkermes, Inc.*.................................... 38,375
1,000 Allergan, Inc...................................... 50,312
100 Allergan Specialty Therapeutics, Inc., Class A*.... 1,500
300 Alliance Pharmaceutical Corporation*............... 5,400
200 Allscripts Pharmaceutical, Inc.*................... 13,800
100 Alpharma, Inc., Class A............................ 3,462
840 ALZA Corporation*.................................. 30,817
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Drugs & Medicine (continued)
300 American Healthcorp, Inc.*......................... $ 1,378
8,400 American Home Products Corporation................. 365,400
500 AmeriSource Health Corporation*.................... 7,281
6,700 Amgen, Inc.*....................................... 456,856
200 Andrx Corporation*................................. 19,212
400 Anesta Corporation*................................ 8,900
100 Aphton Corporation*................................ 3,919
200 Apria Healthcare Group, Inc.*...................... 2,850
100 Ariad Pharmaceuticals, Inc.*....................... 2,625
400 Arrow International................................ 15,800
100 Aurora Biosciences Corporation*.................... 10,700
100 AVI BioPharma, Inc.*............................... 2,600
100 Avigen, Inc.*...................................... 7,400
400 Aviron*............................................ 16,225
500 Bard (C.R.), Inc................................... 19,750
300 Barr Laboratories, Inc.*........................... 14,287
400 Bausch & Lomb, Inc................................. 21,100
1,800 Baxter International, Inc.......................... 98,100
100 Beckman Coulter, Inc............................... 4,812
2,000 Becton, Dickinson & Company........................ 62,125
1,000 Bergen Brunswig Corporation, Class A............... 4,937
500 Bindley Western Industries, Inc.................... 8,594
300 Bio-Technology General Corporation*................ 5,766
1,000 Biogen, Inc.*...................................... 107,937
600 Biomatrix, Inc.*................................... 17,625
800 Biomet, Inc.*...................................... 26,400
100 Biopure Corporation*............................... 3,950
300 BioTime, Inc.*..................................... 4,819
2,400 Boston Scientific Corporation*..................... 43,800
13,100 Bristol-Myers Squibb Company....................... 744,244
1,962 Cardinal Health, Inc............................... 80,932
1,100 CareMatrix Corporation*............................ 1,994
600 Carter-Wallace, Inc................................ 10,837
400 Cell Pathways, Inc.*............................... 18,800
400 Centennial HealthCare Corporation*................. 2,050
300 Cephalon, Inc.*.................................... 19,941
</TABLE>
See Notes to Financial Statements.
44
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Drugs & Medicine (continued)
400 Cerus Corporation*................................. $ 19,300
500 Chattem, Inc....................................... 9,000
200 ChiRex, Inc.*...................................... 4,975
1,200 Chiron Corporation*................................ 60,000
200 Columbia Laboratories, Inc.*....................... 2,525
3,500 Columbia/HCA Healthcare Corporation................ 67,594
200 COR Therapeutics, Inc.*............................ 17,925
100 Corixa Corporation*................................ 6,944
100 Corvas International, Inc.*........................ 1,256
100 Coulter Pharmaceutical, Inc.*...................... 3,875
800 Covance, Inc.*..................................... 11,400
800 Coventry Health Care, Inc.*........................ 6,550
100 Cubist Pharmaceuticals, Inc.*...................... 5,869
500 CYTOGEN Corporation*............................... 8,750
200 D & K Healthcare Resources, Inc.*.................. 2,800
100 DataTRAK International, Inc.*...................... 687
500 Daxor Corporation.................................. 9,375
500 DENTSPLY International, Inc........................ 12,812
100 Diacrin, Inc.*..................................... 1,694
200 drkoop.com, Inc.*.................................. 1,537
600 Dura Pharmaceuticals, Inc.*........................ 8,325
400 EntreMed, Inc.*.................................... 39,400
200 Enzo Biochem, Inc.*................................ 15,850
100 Epitope, Inc.*..................................... 1,187
200 First Health Group Corporation*.................... 4,825
700 Forest Laboratories, Inc.*......................... 47,819
900 Foundation Health Systems, Inc., Class A*.......... 7,481
400 GelTex Pharmaceuticals, Inc.*...................... 8,775
100 Gene Logic, Inc.*.................................. 11,937
300 Genelabs Technologies, Inc.*....................... 3,225
500 Genentech, Inc., Special Common Stock*............. 96,437
100 Genome Therapeutics Corporation*................... 4,950
600 Genzyme Corporation (General Division)*............ 34,462
100 Genzyme Molecular Oncology*........................ 2,669
89 Genzyme Surgical Products*......................... 1,124
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Drugs & Medicine (continued)
100 Geron Corporation*................................. $ 5,481
300 Gilead Sciences, Inc.*............................. 22,950
2,100 Guidant Corporation................................ 141,487
1,800 Health Management Associates, Inc., Class A*....... 19,350
100 Healthcare Recoveries, Inc.*....................... 450
2,900 HEALTHSOUTH Corporation*........................... 14,137
530 Henry Schein, Inc.*................................ 9,937
500 Herbalife International, Inc., Class A............. 7,500
300 HORIZON Pharmacies, Inc.*.......................... 1,650
400 Human Genome Sciences, Inc.*....................... 87,300
1,300 Humana, Inc.*...................................... 8,856
100 Hyseq, Inc.*....................................... 10,125
500 ICN Pharmaceuticals, Inc........................... 9,937
300 IDEC Pharmaceuticals Corporation*.................. 42,262
200 IDEXX Laboratories, Inc.*.......................... 5,912
100 IGEN International, Inc.*.......................... 2,775
100 ILEX Oncology, Inc.*............................... 4,837
200 ImClone Systems, Inc.*............................. 26,212
1,100 Immunex Corporation*............................... 217,181
200 ImmunoGen, Inc.*................................... 2,975
300 Immunomedics, Inc.*................................ 8,737
100 IMPATH, Inc.*...................................... 3,275
200 Incyte Pharmaceuticals, Inc.*...................... 55,112
100 Inhale Therapeutic Systems, Inc.*.................. 10,125
100 Integra LifeSciences Holdings*..................... 1,506
500 Invacare Corporation............................... 12,187
300 Isis Pharmaceuticals, Inc.*........................ 4,237
900 i-STAT Corporation*................................ 15,244
900 IVAX Corporation................................... 20,475
9,047 Johnson & Johnson.................................. 649,122
300 Jones Pharma, Inc.................................. 21,525
600 K-V Pharmaceutical Company, Class A*............... 17,250
100 Kendle International, Inc.*........................ 1,350
400 King Pharmaceuticals, Inc.*........................ 19,075
600 Laser Vision Centers, Inc.*........................ 6,225
105 LifePoint Hospitals, Inc.*......................... 1,582
</TABLE>
See Notes to Financial Statements.
45
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Drugs & Medicine (continued)
400 Ligand Pharmaceuticals, Inc., Class B*............. $ 8,700
7,000 Lilly (Eli) & Company.............................. 416,062
400 Lincare Holdings, Inc.*............................ 9,375
300 Liposome Company, Inc.*............................ 4,031
100 Lynx Therapeutics, Inc.*........................... 9,600
400 Mallinckrodt, Inc.................................. 9,850
1,000 Manor Care, Inc.*.................................. 8,687
1,800 McKesson HBOC, Inc................................. 34,875
200 Medarex, Inc.*..................................... 32,500
200 Medical Advisory System, Inc.*..................... 2,875
100 MedicalControl, Inc.*.............................. 762
350 Medicis Pharmaceutical Corporation, Class A*....... 17,653
475 MedImmune, Inc.*................................... 94,287
100 Medstone International, Inc.*...................... 687
7,668 Medtronic, Inc..................................... 371,419
15,200 Merck & Company, Inc............................... 935,750
100 Mesa Laboratories, Inc.*........................... 475
300 Millenium Pharmaceuticals, Inc.*................... 78,037
200 Mine Safety Appliances Company..................... 12,700
200 MiniMed, Inc.*..................................... 19,975
900 Mylan Laboratories, Inc............................ 20,700
100 Myriad Genetics, Inc.*............................. 15,450
400 National Health Realty, Inc........................ 3,175
200 NCS HealthCare, Inc., Class A*..................... 456
100 Neose Technologies, Inc.*.......................... 3,500
800 Northfield Laboratories, Inc.*..................... 17,800
100 NPS Pharmaceuticals, Inc.*......................... 2,719
300 Ocular Sciences, Inc.*............................. 4,500
600 Organogenesis, Inc.*............................... 9,000
100 OrthAlliance, Inc., Class A*....................... 612
800 Orthodontic Centers of America, Inc.*.............. 13,850
100 OSI Pharmaceuticals, Inc.*......................... 2,806
800 Owens & Minor, Inc................................. 8,800
300 PacifiCare Health Systems, Inc., Class B*.......... 13,631
700 PAREXEL International Corporation*................. 9,537
100 PathoGenesis Corporation*.......................... 3,087
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Drugs & Medicine (continued)
300 Patterson Dental Company*.......................... $ 10,809
300 Pediatrix Medical Group, Inc.*..................... 2,362
25,200 Pfizer, Inc........................................ 809,550
400 Pharmaceutical Marketing Services, Inc.*........... 9,700
300 Precept Business Services, Inc., Class A*.......... 881
100 Progenics Pharmaceuticals, Inc.*................... 9,300
500 Province Healthcare Company*....................... 10,062
900 PSS World Medical, Inc.*........................... 5,794
400 Quest Diagnostics, Inc.*........................... 13,725
779 Quintiles Transnational Corporation*............... 23,127
200 Regeneron Pharmaceuticals, Inc.*................... 11,300
300 ResMed, Inc.*...................................... 22,387
600 Rochester Medical Corporation*..................... 6,825
500 SafeScience, Inc.*................................. 8,062
200 SangStat Medical Corporation*...................... 8,650
9,800 Schering-Plough Corporation........................ 341,775
200 SciClone Pharmaceuticals, Inc.*.................... 2,937
400 Sepracor, Inc.*.................................... 40,550
100 SeraCare, Inc.*.................................... 425
400 Serologicals Corporation*.......................... 4,500
500 Sola International, Inc.*.......................... 2,500
300 SonoSite, Inc.*.................................... 9,937
600 St. Jude Medical, Inc.............................. 15,675
700 STERIS Corporation*................................ 6,781
100 Stockwalk.com Group, Inc.*......................... 1,112
700 Stryker Corporation................................ 40,950
700 Sunrise Assited Living, Inc.*...................... 8,837
1,200 Sunrise Technologies International, Inc.*.......... 9,900
600 Sybron International Corporation*.................. 16,800
100 Synaptic Pharmaceutical Corporation*............... 1,300
300 Syncor International Corporation - Del*............ 7,350
200 Targeted Genetics Corporation*..................... 4,275
2,300 Tenet Healthcare Corporation*...................... 40,250
</TABLE>
See Notes to Financial Statements.
46
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Drugs & Medicine (continued)
800 Total Renal Care Holdings, Inc.*................... $ 2,400
300 Transkaryotic Therapies, Inc.*..................... 15,037
505 Triad Hospitals, Inc.*............................. 8,080
500 Triangle Pharmaceuticals, Inc.*.................... 11,437
100 Trimeris, Inc.*.................................... 6,200
1,000 United Healthcare Corporation...................... 51,125
100 Universal Display Corporation*..................... 1,956
200 Universal Health Services, Inc., Class B*.......... 7,775
688 US Oncology, Inc.*................................. 2,838
200 Valentis, Inc.*.................................... 3,475
400 Ventana Medical Systems, Inc.*..................... 22,550
200 Vertex Pharmaceuticals, Inc.*...................... 14,525
500 Vical, Inc.*....................................... 29,531
100 ViroPharma, Inc.*.................................. 9,362
100 Vysis, Inc.*....................................... 1,800
5,589 Warner-Lambert Company............................. 478,209
800 Watson Pharmaceuticals, Inc.*...................... 32,000
500 Wellpoint Health Networks, Inc.*................... 33,750
100 Zonagen, Inc.*..................................... 850
------------
9,293,259
------------
Electronics - 12.7%
500 Acxiom Corporation*................................ 14,437
100 Adaptive Broadband Corporation*.................... 11,503
1,800 ADC Telecommunications, Inc.*...................... 80,775
200 ADE Corporation*................................... 4,812
300 Adelphia Business Solutions, Inc.*................. 15,412
700 Adelphia Communications Corporation, Class A*...... 38,456
400 Advanced Fibre Communication, Inc.*................ 27,250
1,000 Advanced Micro Devices, Inc.*...................... 39,125
900 Advanced Radio Telecom Corp.*...................... 34,425
200 Aetrium, Inc.*..................................... 1,625
500 Alamosa PCS Holdings, Inc.*........................ 18,125
600 Align-Rite International, Inc.*.................... 19,425
100 Alpha Industries, Inc.............................. 14,519
1,300 Altera Corporation*................................ 103,675
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Electronics (continued)
500 American Access Technologies, Inc.*................ $ 8,062
1,200 American Power Conversion Corporation*............. 40,725
100 American Technical Ceramics Corp.*................. 3,700
600 American Xtal Technology, Inc...................... 26,175
800 Amkor Technology, Inc.*............................ 41,550
300 Amphenol Corporation, Class A*..................... 23,981
100 ANADIGICS, Inc.*................................... 13,500
1,100 Analog Devices, Inc.*.............................. 172,700
300 Anaren Microwave, Inc.*............................ 22,762
200 Ancor Communications, Inc.*........................ 11,975
900 Andrew Corporation*................................ 22,275
500 Anixter International, Inc.*....................... 9,344
300 ANTEC Corporation*................................. 15,881
2,500 Applied Materials, Inc.*........................... 457,344
700 Arrow Electronics, Inc............................. 21,175
300 Aspect Communications Corporation*................. 19,331
600 AstroPower, Inc.*.................................. 16,800
1,400 Atmel Corporation*................................. 69,300
700 Avid Technology, Inc.*............................. 12,294
300 Avnet, Inc......................................... 20,062
600 AVT Corporation*................................... 15,862
500 AVX Corporation.................................... 31,750
400 Aware, Inc.*....................................... 25,200
100 Barnett, Inc.*..................................... 1,094
300 BEI Technologies, Inc.............................. 5,775
700 Broadcom Corporation, Class A*..................... 138,162
400 Burr-Brown Corporation*............................ 23,475
300 C & D Technologies, Inc............................ 14,025
400 Cable Design Technologies Corporation*............. 9,250
1,400 Cadence Design Systems, Inc.*...................... 27,912
100 Caliper Technologies Corporation*.................. 17,781
750 Candela Corporation*............................... 11,250
400 CapRock Communications Corp.*...................... 17,625
900 CIENA Corporation*................................. 143,831
</TABLE>
See Notes to Financial Statements.
47
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Electronics (continued)
1,646 CMGI, Inc.*........................................ $ 213,260
200 Cobalt Networks, Inc.*............................. 19,150
400 Coherent, Inc.*.................................... 42,400
300 CommScope, Inc.*................................... 11,681
300 Communications Systems, Inc........................ 5,400
200 Concentric Network Corporation*.................... 10,725
400 Concord Communications, Inc.*...................... 17,900
1,300 Conexant Systems, Inc.*............................ 127,725
200 Cree, Inc.*........................................ 37,575
200 CTS Corporation.................................... 12,900
300 Cubic Corporation.................................. 7,612
100 Cyberian Outpost, Inc.*............................ 881
600 Cypress Semiconductor Corporation*................. 27,375
600 Dallas Semiconductor Corporation................... 24,225
400 Digital Microwave Corporation*..................... 13,350
200 DSP Group, Inc.*................................... 17,562
200 Ducommun, Inc...................................... 1,862
200 DuPont Photomasks, Inc.*........................... 11,700
1,200 e.spire Communications, Inc.*...................... 15,000
500 E-Tek Dynamics, Inc.*.............................. 136,625
200 Electro Rent Corporation*.......................... 2,175
500 Electronics Boutique Holdings Corp.*............... 7,312
300 Electronics For Imaging, Inc.*..................... 17,812
300 Emulex Corporation*................................ 48,000
400 Enviromental Tectonics Corporation*................ 5,150
200 Espey Mfg. & Electronics Corp...................... 2,650
300 Etec Systems, Inc.*................................ 35,334
300 Exar Corporation*.................................. 20,831
100 General Cable Corporation.......................... 1,000
700 Gentex Corporation*................................ 20,453
100 Genzyme Transgenics Corporation*................... 4,450
300 GlobeSpan, Inc.*................................... 22,650
300 Hadco Corporation*................................. 16,613
200 Harman International Industries, Inc............... 12,388
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Electronics (continued)
300 Harmonic, Inc.*.................................... $ 41,081
300 Harris Corporation................................. 9,563
563 Hearst-Argyle Television, Inc.*.................... 11,717
900 Hollywood Entertainment Corporation*............... 9,169
100 Hungarian Telephone and Cable Corp.*............... 988
500 IMRglobal Corporation*............................. 6,094
21,758 Intel Corporation.................................. 2,458,654
400 International Rectifier Corporation*............... 16,750
400 ITT Industries, Inc................................ 9,700
2,185 JDS Uniphase Corporation*.......................... 576,021
300 KEMET Corporation*................................. 18,431
700 Kent Electronics Corporation*...................... 23,713
1,200 KLA-Tencor Corporation*............................ 93,525
200 Kopin Corporation*................................. 14,825
400 Kulicke & Soffa Industries, Inc.................... 31,800
300 L-3 Communications Holdings, Inc.*................. 12,769
300 Lam Research Corporation*.......................... 46,838
1,000 Linear Technology Corporation...................... 104,938
200 Loronix Information Systems, Inc.*................. 6,125
2,200 LSI Logic Corporation*............................. 140,938
20,273 Lucent Technologies, Inc........................... 1,206,244
300 Macromedia, Inc.*.................................. 25,931
1,700 Maxim Integrated Products, Inc.*................... 113,581
700 Measurement Specialties, Inc.*..................... 17,325
400 Mestek, Inc.*...................................... 6,675
1,205 Metromedia Fiber Network, Inc., Class A*........... 86,628
1,700 Micron Technology, Inc............................. 166,706
100 MOCON, Inc......................................... 619
900 Molex, Inc......................................... 50,288
4,647 Motorola, Inc...................................... 792,314
300 MRV Communications, Inc.*.......................... 47,044
1,200 National Semiconductor Corporation*................ 90,150
400 NeoMagic Corporation*.............................. 2,163
100 Netopia, Inc.*..................................... 8,625
</TABLE>
See Notes to Financial Statements.
48
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Electronics (continued)
100 NetOptix Corporation*.............................. $ 16,356
300 Netro Corporation*................................. 12,788
200 Network Solutions, Inc., Class A*.................. 64,488
2,400 Nextel Communications, Inc., Class A*.............. 328,200
500 Novoste Corporation*............................... 18,250
300 NVIDIA Corporation*................................ 19,200
100 Ortel Corporation*................................. 18,100
200 ParkerVision, Inc.*................................ 6,500
400 PE Corp-Celera Genomics Group*..................... 97,600
1,400 PE Corp-PE Biosystems Group........................ 147,700
700 Pericom Semiconductor Corporation*................. 28,875
300 PerkinElmer, Inc................................... 19,388
200 Plantronics, Inc.*................................. 15,888
160 Plexus Corp.*...................................... 9,035
300 Power-One, Inc.*................................... 14,738
200 Powerwave Technologies, Inc.*...................... 31,975
100 PRI Automation, Inc.*.............................. 7,988
4,300 QUALCOMM, Inc.*.................................... 612,481
200 Rambus, Inc.*...................................... 60,325
500 Rational Software Corporation*..................... 35,563
500 Rayovac Corporation................................ 10,375
100 Reliability, Inc.*................................. 500
500 RF Micro Devices, Inc.*............................ 69,156
200 RF Monolithics, Inc.*.............................. 5,475
800 SCI Systems, Inc.*................................. 32,200
500 Scientific-Atlanta, Inc............................ 51,344
200 Semtech Corporation*............................... 12,500
300 Siliconix, Inc.*................................... 24,300
100 SMTEK International, Inc.*......................... 400
1,859 Solectron Corporation*............................. 121,765
129 Superior TeleCom, Inc.............................. 1,609
550 Symbol Technologies, Inc........................... 52,319
500 Tekelec*........................................... 25,750
400 Tektronix, Inc..................................... 23,200
400 TeleCorp PCS, Inc.*................................ 18,375
2,500 Tellabs, Inc.*..................................... 120,000
1,100 Teradyne, Inc.*.................................... 95,700
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Electronics (continued)
100 Terayon Communication Systems, Inc.*............... $ 25,713
5,251 Texas Instruments, Inc............................. 874,292
800 Thermo Electron Corporation*....................... 12,500
300 ThermoQuest Corporation*........................... 4,950
400 Thomas & Betts Corporation......................... 8,975
375 TranSwitch Corporation*............................ 44,063
200 TriQuint Semiconductor, Inc.*...................... 23,750
400 Unitil Corporation................................. 12,400
600 Univision Communications, Inc., Class A*........... 61,125
400 Varian Medical Systems, Inc........................ 15,975
675 Vishay Intertechnology, Inc.*...................... 29,025
600 VISX, Inc.*........................................ 10,163
500 Waters Corporation*................................ 49,031
200 Western Digital Corporation*....................... 900
400 Western Wireless Corporation*...................... 19,400
200 Wink Communications, Inc.*......................... 11,600
2,000 Xilinx, Inc.*...................................... 159,500
------------
12,748,918
------------
Energy & Utilities - 2.6%
1,300 AES Corporation*................................... 108,956
400 AGL Resources, Inc................................. 6,825
800 Allegheny Energy, Inc.............................. 20,750
500 Alliant Energy Corporation......................... 14,063
900 Ameren Corporation................................. 27,000
1,100 American Electric Power Company, Inc............... 30,938
500 American Water Works Company, Inc.................. 10,000
200 Artesian Resources Corporation, Class A............ 4,900
400 Atmos Energy Corporation........................... 6,850
100 Avista Corporation................................. 3,006
700 Azurix Corp.*...................................... 5,250
200 Bangor Hydro-Electric Company*..................... 3,050
400 California Water Service Group..................... 10,750
400 Calpine Corporation*............................... 36,600
</TABLE>
See Notes to Financial Statements.
49
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Energy & Utilities (continued)
1,041 Carolina Power & Light Company..................... $ 30,970
500 Cascade Natural Gas Corporation.................... 7,219
1,200 Central & South West Corporation................... 20,175
200 CH Energy Group, Inc............................... 5,713
1,200 Cinergy Corporation................................ 25,650
1,300 Citizens Utilities Company......................... 19,825
200 CMP Group, Inc..................................... 5,650
800 CMS Energy Corporation............................. 13,400
1,300 Coastal Corporation................................ 54,681
500 Columbia Energy Group.............................. 29,500
1,000 Conectiv, Inc...................................... 14,250
200 Connecticut Water Service, Inc..................... 5,900
1,300 Consolidated Edison Company New York, Inc.......... 35,831
1,000 Constellation Energy Group, Inc.................... 29,750
2,370 Dominion Resources, Inc./VA........................ 86,949
800 DPL, Inc........................................... 17,200
400 DQE, Inc........................................... 18,600
1,000 DTE Energy Company................................. 30,188
2,400 Duke Energy Corporation............................ 116,400
1,216 Dynegy, Inc., Class A.............................. 57,000
2,100 Edison International............................... 55,256
1,300 El Paso Energy Corporation......................... 48,181
300 Empire District Electric Company................... 6,244
700 Energy East Corporation............................ 14,700
200 EnergySouth, Inc................................... 3,550
4,600 Enron Corporation.................................. 317,400
1,700 Entergy Corporation................................ 34,425
100 E'Town Corporation................................. 6,444
1,300 FirstEnergy Corporation............................ 24,294
700 Florida Progress Corporation....................... 29,838
1,000 FPL Group, Inc..................................... 38,625
800 GPU, Inc........................................... 19,900
100 Hawaiian Electric Industries, Inc.................. 2,881
300 IDACORP, Inc....................................... 9,563
500 Indiana Energy, Inc................................ 8,156
400 IPALCO Enterprises, Inc............................ 6,775
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Energy & Utilities (continued)
1,000 KeySpan Corporation................................ $ 20,375
700 Kinder Morgan, Inc................................. 19,513
800 LG&E Energy Corporation............................ 17,750
400 Madison Gas & Electric Company..................... 6,950
600 MCN Energy Group, Inc.............................. 14,438
100 MDU Resources Group, Inc........................... 1,906
200 MidAmerican Energy Holdings Company................ 6,925
200 Middlesex Water Company............................ 5,275
500 Minnesota Power, Inc............................... 7,656
800 Montana Power Company.............................. 31,500
200 National Fuel Gas Company.......................... 8,188
300 National Wireless Holdings, Inc.*.................. 9,150
800 New Century Energies, Inc.......................... 21,650
400 New England ElectricSystem......................... 21,600
200 New Jersey Resources Corporation................... 7,425
1,200 Niagara Mohawk Power Corporation................... 14,100
100 NICOR, Inc......................................... 3,038
800 NiSource, Inc...................................... 10,350
1,000 Northeast Utilities................................ 18,813
1,000 Northern States Power.............................. 17,563
400 Northwest Natural Gas Company...................... 7,800
100 NorthWestern Corporation........................... 2,263
695 NSTAR.............................................. 28,452
200 NUI Corporation.................................... 4,750
500 OGE Energy Corporation............................. 8,594
1,300 PECO Energy Company................................ 48,506
200 Peoples Energy Corporation......................... 5,788
2,300 PG & E Corporation................................. 47,438
443 Philadelphia Suburban Corporation.................. 8,196
300 Piedmont Natural Gas Company....................... 7,425
600 Pinnacle West Capital Corporation.................. 16,575
600 Potomac Electric Power Company..................... 12,188
1,000 PPL Corporation.................................... 20,125
200 Providence Energy Corporation...................... 7,363
</TABLE>
See Notes to Financial Statements.
50
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Energy & Utilities (continued)
500 Public Service Company of New Mexico............... $ 7,688
1,300 Public Service Entreprise Group, Inc............... 37,700
400 Puget Sound Energy, Inc............................ 8,125
1,700 Reliant Energy, Inc................................ 34,956
1,500 Republic Services, Inc., Class A*.................. 16,313
379 SCANA Corporation.................................. 9,025
1,500 Sempra Energy...................................... 27,000
400 SIGCORP, Inc....................................... 8,650
100 SJW Corp........................................... 11,263
4,100 Southern Company................................... 90,969
420 Southern Union Company*............................ 6,458
400 St. Joseph Light & Power Company................... 8,100
300 Streicher Mobile Fueling, Inc.*.................... 1,950
800 TECO Energy, Inc................................... 14,400
1,700 Texas Utilities Company............................ 55,463
400 UGI Corporation.................................... 7,500
1,300 Unicom Corporation................................. 49,156
700 UniSource Energy Corporation*...................... 9,450
200 United Illuminating Company........................ 8,125
450 UtiliCorp United, Inc.............................. 7,369
400 Valley Resources, Inc.............................. 8,950
400 Veritas DGC, Inc.*................................. 8,000
300 Washington Gas Light Company....................... 7,163
200 Waste Connections, Inc.*........................... 2,125
500 Western Resources, Inc............................. 7,719
200 WICOR, Inc......................................... 6,013
2,800 Williams Companies, Inc............................ 117,075
800 Wisconsin Energy Corporation....................... 14,150
------------
2,620,504
------------
Energy - Raw Materials - 1.0%
100 Alpine Group, Inc.*................................ 988
900 Anadarko Petroleum Corporation..................... 27,675
800 Apache Corporation................................. 29,200
100 APCO Argentina, Inc................................ 2,750
300 Atwood Oceanics, Inc.*............................. 15,938
2,400 Baker Hughes, Inc.................................. 62,100
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Energy - Raw Materials (continued)
100 Barnwell Industries, Inc........................... $ 1,381
400 Barrett Resources Corporation*..................... 11,650
700 Basin Exploration, Inc.*........................... 7,394
500 BJ Services Company*............................... 28,531
400 Buckeye Partners, L.P.............................. 10,650
1,300 Burlington Resources, Inc.......................... 35,913
200 Cabot Oil & Gas Corporation, Class A............... 3,163
300 Cooper Cameron Corporation*........................ 16,575
400 Dawson Geophysical Company*........................ 3,700
800 ENSCO International, Inc........................... 24,200
800 EOG Resources, Inc................................. 12,200
200 Fall River Gas Company............................. 4,000
700 Friede Goldman International, Inc.*................ 3,675
1,100 Global Marine, Inc.*............................... 24,681
100 Greka Energy Corporation*.......................... 906
2,800 Halliburton Company................................ 106,925
500 Helmerich & Payne, Inc............................. 13,313
500 Kirby Corporation.................................. 9,688
500 Louis Dreyfus Natural Gas Corp.*................... 10,313
400 McDermott International, Inc....................... 3,750
500 Mitchell Energy & Development Corporation,
Class A.......................................... 10,813
912 Nabors Industries, Inc.*........................... 32,718
500 NL Industries, Inc................................. 7,219
700 Noble Drilling Corporation*........................ 25,200
2,700 Occidental Petroleum Corporation................... 43,369
200 Penn Virginia Corporation.......................... 3,275
500 Plains All American Pipeline, L.P.................. 7,406
600 Rowan Companies, Inc.*............................. 15,075
3,500 Schlumberger, Ltd.................................. 258,563
300 Smith International, Inc.*......................... 18,806
1,000 USEC, Inc.......................................... 3,563
600 Valero Energy Corporation.......................... 15,300
1,500 Varco International, Inc........................... 16,594
700 Vastar Resources, Inc.............................. 37,144
600 Weatherford International, Inc.*................... 27,000
</TABLE>
See Notes to Financial Statements.
51
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Energy - Raw Materials (continued)
500 Western Gas Resources, Inc......................... $ 6,875
------------
1,000,179
------------
Food & Agriculture - 2.3%
300 Agribrands International, Inc.*.................... 10,969
600 Andersons, Inc..................................... 4,575
4,305 Archer Daniels..................................... 43,319
500 Aurora Foods, Inc.*................................ 1,406
1,700 Bestfoods.......................................... 71,294
700 Bob Evans Farms, Inc............................... 9,494
2,600 Campbell Soup Company.............................. 73,775
400 Chiquita Brands International, Inc................. 1,775
16,000 Coca-Cola Company.................................. 775,000
3,000 Coca-Cola Enterprises, Inc......................... 70,125
3,000 ConAgra, Inc....................................... 49,125
800 Del Monte Foods Company*........................... 10,000
700 Delta & Pine Land Company.......................... 12,556
600 Dole Food Company, Inc............................. 9,225
100 Fresh America Corporation*......................... 406
300 Fresh Del Monte Produce, Inc.*..................... 2,269
300 Gehl Company....................................... 5,438
2,200 General Mills, Inc................................. 72,463
100 Griffin Land & Nurseries, Inc.*.................... 1,063
300 Group 1 Software, Inc.*............................ 9,113
2,200 Heinz (H.J.) Company............................... 70,263
800 Hershey Foods Corporation.......................... 35,150
1,000 Hormel Foods Corporation........................... 16,688
1,000 IBP, Inc........................................... 12,500
1,000 IMC Global, Inc.................................... 13,500
500 International Home Foods, Inc.*.................... 8,469
600 Interstate Bakeries Corporation.................... 6,863
600 Keebler Foods Company*............................. 15,225
2,400 Kellogg Company.................................... 60,750
500 Marsh Supermarkets, Inc., Class B.................. 5,313
100 Maui Land & Pineapple Company, Inc................. 1,575
400 McCormick & Company, Inc., Non Voting Shares....... 10,950
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Food & Agriculture (continued)
200 Mississippi Chemical Corporation................... $ 1,500
300 Nabisco Holdings Corporation, Class A.............. 8,775
100 Neogen Corporation*................................ 625
100 Odwalla, Inc.*..................................... 838
1,100 Pepsi Bottling Group, Inc.......................... 18,425
9,400 PepsiCo, Inc....................................... 303,150
150 Pilgrim's Pride Corporation, Class A............... 788
500 Pilgrim's Pride Corporation, Class B............... 4,000
800 Quaker Oats Company................................ 43,150
500 Ralcorp Holdings, Inc.*............................ 7,469
1,900 Ralston-Ralston Purina Group....................... 53,794
900 Rexall Sundown, Inc.*.............................. 13,500
500 Sanderson Farms, Inc............................... 3,469
5,600 Sara Lee Corporation............................... 84,000
400 Schultz Sav-O Stores, Inc.......................... 4,700
400 Scotts Company (The), Class A*..................... 13,000
100 Seneca Foods Corporation, Class A*................. 1,150
500 Smithfield Foods, Inc.*............................ 7,750
400 Smucker (J.M.) Company, Class A.................... 6,850
300 Suiza Foods Corporation*........................... 11,738
909 SUPERVALU, INC..................................... 15,623
2,000 Sysco Corporation.................................. 65,625
400 Tasty Baking Company............................... 4,150
303 Tootsie Roll Industries, Inc....................... 8,995
1,500 Tyson Foods, Inc., Class A......................... 15,469
500 Universal Foods Corporation........................ 9,031
200 Veterinary Centers of America, Inc.*............... 2,213
400 Village Super Market, Inc., Class A*............... 5,175
1,200 Whitman Corporation................................ 15,000
200 Whole Foods Market, Inc.*.......................... 7,594
450 Wild Oats Markets, Inc.*........................... 8,438
</TABLE>
See Notes to Financial Statements.
52
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Food & Agriculture (continued)
700 Wrigley (Wm.) Jr. Company.......................... $ 47,338
------------
2,283,958
------------
Gold - 0.0%
1,800 Homestake Mining Company........................... 11,700
1,100 Newmont Mining Corporation......................... 24,338
------------
36,038
------------
Insurance - 2.3%
500 21st Century Insurance Group....................... 8,813
1,600 AFLAC, Inc......................................... 58,500
600 Alfa Corporation................................... 9,825
100 Alleghany Corporation.............................. 18,594
300 Allmerica Financial Corporation.................... 12,525
5,000 Allstate Corporation............................... 97,500
500 Ambac Financial Group, Inc......................... 21,969
300 American Financial Group, Inc...................... 6,300
1,600 American General Corporation....................... 83,500
10,050 American International Group, Inc.................. 888,797
200 American National Insurance Company................ 11,700
400 AmerUs Life Holdings, Inc.*........................ 8,125
1,500 Aon Corporation.................................... 31,406
400 Argonaut Group, Inc................................ 7,600
3,100 AXA Financial, Inc................................. 92,806
400 Berkley (W.R.) Corporation......................... 6,425
100 Capitol Transamerica Corporation................... 1,200
1,100 Chubb Corporation.................................. 54,106
1,200 CIGNA Corporation.................................. 88,575
1,200 Cincinnati Financial Corporation................... 35,850
1,300 CNA Financial Corporation*......................... 35,100
400 Commerce Group, Inc................................ 11,950
2,400 Conseco, Inc....................................... 35,100
700 Crawford & Company, Class B........................ 9,275
310 Delphi Financial Group, Inc., Class A*............. 8,176
100 E. W. Blanch Holdings, Inc......................... 4,700
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Insurance (continued)
500 Enhance Financial Services Group, Inc.............. $ 5,875
400 Erie Indemnity Company, Class A.................... 12,400
400 Everest Re Group, Ltd.............................. 9,825
500 FBL Financial Group, Inc., Class A................. 8,063
667 First American Financial Corporation............... 7,754
200 First United Corporation........................... 2,400
800 Fremont General Corporation........................ 5,800
1,300 Hartford Financial Services Group, Inc............. 40,625
600 HCC Insurance Holdings, Inc........................ 7,650
200 HealthAxis, Inc.*.................................. 5,825
500 Horace Mann Educators Corporation.................. 7,750
300 HSB Group, Inc..................................... 7,425
600 I.C.H. Corporation*................................ 5,100
100 Insurance Management Solutions Group, Inc.*........ 238
600 Jefferson-Pilot Corporation........................ 31,238
1,100 Lincoln National Corporation....................... 30,594
600 Loews Corporation.................................. 26,700
1,700 Marsh & McLennan Companies, Inc.................... 131,538
800 MBIA, Inc.......................................... 30,700
315 Medical Assurance, Inc.*........................... 6,182
200 Merchants Group, Inc............................... 3,713
800 MGIC Investment Corporation........................ 29,900
300 MMI Companies, Inc................................. 2,831
300 MONY Group, Inc.*.................................. 8,588
200 Nationwide Financial Services, Inc., Class A....... 4,613
600 Ohio Casualty Company.............................. 7,425
700 Old Republic International Corporation............. 8,181
400 Penn Treaty American Corporation*.................. 5,300
200 Penn-America Group, Inc............................ 1,606
500 Progressive Corporation of Ohio.................... 29,750
300 Protective Life Corporation........................ 6,600
</TABLE>
See Notes to Financial Statements.
53
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Insurance (continued)
400 PXRE Group, Ltd.................................... $ 5,625
100 Reinsurance Group of America, Inc.................. 1,706
1,200 Reliance Group Holdings, Inc....................... 5,325
600 ReliaStar Financial Corporation.................... 16,763
200 Risk Capital Holdings, Inc.*....................... 3,050
300 RLI Corporation.................................... 8,944
1,000 SAFECO Corporation................................. 21,000
300 SCPIE Holdings, Inc................................ 9,469
1,300 St. Paul Companies, Inc............................ 29,088
300 Superior National Insurance Group, Inc.*........... 1,069
300 The PMI Group, Inc................................. 10,894
900 Torchmark Corporation.............................. 17,831
200 Transatlantic Holdings, Inc........................ 14,088
400 Travelers Property Casualty Corporation,
Class A.......................................... 12,650
300 Trenwick Group, Inc................................ 3,956
400 UICI*.............................................. 3,500
100 United Fire & Casualty Company..................... 2,000
500 Unitrin, Inc....................................... 16,969
1,357 UnumProvident Corporation.......................... 18,150
------------
2,342,683
------------
International Oil - 2.2%
4,200 Chevron Corporation................................ 313,688
22,520 Exxon Mobil Corporation............................ 1,696,038
700 Santa Fe International Corporation................. 20,081
3,600 Texaco, Inc........................................ 170,775
------------
2,200,582
------------
Liquor - 0.2%
3,000 Anheuser-Busch Companies, Inc...................... 192,375
400 Beringer Wine Estates Holdings, Inc.*.............. 14,425
400 Brown-Forman Corporation, Class B.................. 19,050
200 Coors (Adolph) Company, Class B.................... 8,775
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Liquor (continued)
100 Genesee Corporation, Class B....................... $ 2,050
100 Robert Mondavi Corporation, Class A*............... 3,663
------------
240,338
------------
Media - 4.1%
600 Ackerley Group, Inc................................ 7,688
600 AMC Entertainment, Inc............................. 4,425
900 American Tower Corporation, Class A................ 44,325
1,298 AMFM, Inc.*........................................ 79,665
400 Banta Corporation.................................. 7,300
600 Belo (A.H.) Corporation, Series A.................. 7,725
200 BHC Communications, Inc., Class A*................. 31,900
800 Cablevision Systems Corporation, Class A*.......... 51,350
800 Carmike Cinemas, Inc., Class A*.................... 6,250
4,867 CBS Corporation*................................... 289,891
300 Central Newspapers, Inc., Class A.................. 8,569
900 Charter Communications, Inc., Class A*............. 15,806
203 Chris-Craft Industries, Inc.*...................... 13,360
200 Citadel Communications Corporation*................ 6,775
2,131 Clear Channel Communications, Inc.*................ 141,978
400 CNET, Inc.*........................................ 26,750
5,600 Comcast Corporation, Special Class A............... 238,000
3,838 Cox Communications, Inc., Class A*................. 174,389
800 Crown Castle International Corporation*............ 25,800
800 Cunningham Graphics International, Inc.*........... 17,600
300 Cymer, Inc.*....................................... 16,463
13,400 Disney (Walt) Company.............................. 448,900
</TABLE>
See Notes to Financial Statements.
54
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Media (continued)
900 Donnelley (R.R.) & Sons Company.................... $ 17,213
600 Dow Jones & Company, Inc........................... 37,425
700 EchoStar Communications Corporation, Class A*...... 79,800
200 Efficient Networks, Inc.*.......................... 32,250
200 Emmis Communications Corporation, Class A*......... 7,300
200 Entercom Communications Corporation*............... 8,413
300 Express Scripts, Inc., Class A*.................... 13,819
1,000 Fox Entertainment Group, Inc., Class A*............ 26,313
1,900 Gannet Company, Inc................................ 123,856
1,100 Gray Communications System, Inc., Class B.......... 14,506
500 Harte-Hanks, Inc................................... 10,906
300 Hispanic Broadcasting Corporation*................. 28,031
900 Hollingher International, Inc...................... 10,856
300 Houghton Mifflin Company........................... 11,944
400 IDG Books Worldwide, Inc., Class A*................ 5,500
100 ImageX.com, Inc.*.................................. 2,413
2,350 Infinity Broadcasting Corporation, Class A*........ 75,053
200 Intraware, Inc.*................................... 15,288
300 Jones Intercable, Inc., Class A*................... 17,569
500 Journal Register Company*.......................... 6,875
700 Knight-Ridder, Inc................................. 32,813
100 Launch Media, Inc.*................................ 1,950
400 Lee Enterprises, Inc............................... 8,325
800 Loews Cineplex Entertainment Corporation*.......... 3,300
500 Maxwell Technologies, Inc.......................... 8,375
300 McClatchy Company, Class A......................... 10,369
1,200 McGraw-Hill Companies, Inc......................... 61,050
200 Media General, Inc., Class A....................... 10,338
1,000 Mediacom Communications Corporation, Class A*...... 17,063
200 Medialink Worldwide*............................... 2,550
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Media (continued)
3,900 MediaOne Group, Inc.*.............................. $ 306,150
300 Meredith Corporation............................... 8,588
1,300 Metro-Goldwyn-Mayer, Inc.*......................... 31,038
100 N2H2, Inc.*........................................ 1,938
1,000 New York Times Company, Class A.................... 42,250
100 NewsEdge Corporation*.............................. 656
900 OnHealth Network Company*.......................... 8,438
400 Playboy Enterprises, Inc., Class B*................ 8,825
462 Price Communications Corporation*.................. 11,030
900 PRIMEDIA, Inc.*.................................... 16,706
300 Quipp, Inc......................................... 4,556
700 Reader's Digest Association, Inc., Class A......... 24,063
500 Scripps Company (E.W.), Class A.................... 21,563
100 Sinclair Broadcast Group, Inc., Class A*........... 950
800 Source Information Management Company*............. 16,550
100 Tag-It Pacific, Inc.*.............................. 475
8,300 Time Warner, Inc................................... 709,650
500 Times Mirror Company, Class A...................... 25,500
200 TiVo, Inc.*........................................ 6,713
1,400 Tribune Company.................................... 54,513
1,200 TV Guide, Inc.*.................................... 56,550
2,000 USA Networks, Inc.*................................ 44,875
400 Valassis Communications, Inc.*..................... 11,075
4,500 Viacom, Inc., Class B Non-Voting Shares*........... 250,875
100 Washington Post Company, Class B................... 48,775
300 Westwood One, Inc.................................. 20,044
800 Wiley (John) & Sons, Inc., Class A................. 11,400
300 Xiox Corporation*.................................. 8,025
400 Ziff-Davis, Inc.*.................................. 7,600
------------
4,125,743
------------
</TABLE>
See Notes to Financial Statements.
55
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Miscellaneous Finance - 5.7%
110 1st Source Corporation............................. $ 2,255
100 A.B. Watley Group, Inc............................. 1,650
100 Acadiana Bancshares, Inc........................... 1,375
300 Affilliated Managers Group, Inc.*.................. 11,794
300 Airlease, Ltd...................................... 3,488
200 Alexandria Real Estate Equities, Inc............... 6,113
1,000 Alliance Capital Management Holding L.P............ 37,438
600 AMB Property Corporation........................... 12,113
400 AMCORE Financial, Inc.............................. 8,375
200 American Bank of Connecticut....................... 4,000
2,900 American Express Company........................... 389,144
100 American Industrial Properties REIT................ 1,075
600 AmeriCredit Corporation*........................... 8,325
1,000 Ameritrade Holding Corporation, Class A*........... 18,688
500 Amli Residential Properties Trust.................. 10,219
100 AMRESCO Capital Trust, Inc......................... 925
372 Apartment Investment & Management Company,
Class A.......................................... 13,764
700 Archstone Communities Trust........................ 13,694
400 Arden Realty, Inc.................................. 8,325
300 ARM Financial Group, Inc., Class A................. 14
100 ASB Financial Corporation.......................... 894
5,100 Associates First Capital Corporation, Class A...... 101,363
200 Astoria Financial Corporation...................... 4,763
400 Avalonbay Communities, Inc......................... 13,500
550 Banco Santander Puerto Rico........................ 7,150
500 Bay View Capital Corporation....................... 4,375
655 Bear Stearns Companies, Inc........................ 25,709
500 Bedford Property Investors, Inc.................... 8,375
298 Berkshire Hathaway, Inc., Class B*................. 429,120
200 Bisys Group, Inc.*................................. 10,313
700 Brandywine Realty Trust............................ 11,200
500 BRE Properties, Inc................................ 11,813
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Miscellaneous Finance (continued)
420 BT Financial Corporation........................... $ 7,350
1,300 C.I.T. Group, Inc., Class A........................ 18,200
400 Cadiz, Inc.*....................................... 4,875
400 Camden Property Trust.............................. 10,725
1,200 Capital One Financial Corporation.................. 44,175
600 CarrAmerica Realty Corporation..................... 12,750
900 Cash America International, Inc.................... 10,125
300 Cathay Bancorp, Inc................................ 12,900
400 CBL & Associates Properties, Inc................... 8,950
100 CCF Holding Company................................ 1,275
300 CenterPoint Properties Corporation................. 10,894
1,153 Charter One Financial, Inc......................... 18,160
21,950 Citigroup, Inc..................................... 1,134,541
300 Citizens First Financial Corp...................... 4,725
200 Classic Bancshares, Inc............................ 2,075
700 Cohoes Bancorp, Inc................................ 6,781
500 Colonial Properties Trust.......................... 12,469
200 Columbia Financial of Kentucky, Inc................ 2,850
700 Commercial Federal Corporation..................... 9,056
100 CompuCredit Corporation*........................... 3,300
600 Countrywide Credit Industries, Inc................. 14,963
300 Cousins Properties, Inc............................ 10,650
600 Crescent Real Estate Equities Company.............. 10,238
125 CVB Financial Corporation.......................... 1,766
845 Dime Bancorp, Inc.................................. 10,298
700 Donaldson, Lufkin & Jenrette, Inc.................. 30,406
300 Downey Financial Corporation....................... 5,906
1,800 E*TRADE Group, Inc.*............................... 44,325
300 Eaton Vance Corporation............................ 12,431
500 Edwards (A.G.), Inc................................ 15,844
1,500 Equity Office Properties Trust..................... 35,906
777 Equity Residential Properties Trust................ 31,031
300 Farm Family Holdings, Inc.*........................ 10,575
</TABLE>
See Notes to Financial Statements.
56
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Miscellaneous Finance (continued)
4,400 Federal Home Loan Mortgage Corporation............. $ 183,700
6,600 Fannie Mae......................................... 349,800
500 Federated Investors, Inc., Class B................. 11,656
200 FFD Financial Corporation.......................... 2,075
400 Financial Federal Corporation*..................... 6,850
200 Financial Security Assurance Holdings, Ltd......... 9,000
300 FINOVA Group, Inc.................................. 8,588
264 First Federal Bankshares, Inc...................... 2,244
100 First Financial Corporation/ Indiana............... 3,425
300 First Northern Capital Corporation................. 3,731
500 First Washington Realty Trust, Inc................. 9,844
100 FirstCity Financial Corporation*................... 213
300 Flagstar Bancorp, Inc.............................. 3,863
100 Flushing Financial Corporation..................... 1,400
200 Fort Thomas Financial Corporation.................. 2,850
1,500 Franklin Resources, Inc............................ 40,781
500 Freedom Securities Corporation..................... 6,938
200 G&L Realty Corporation............................. 1,775
500 Gables Residential Trust........................... 11,000
420 Glacier Bancorp, Inc............................... 5,565
400 Glenborough Realty Trust........................... 5,975
700 Golden State Bancorp, Inc.*........................ 9,013
900 Golden West Financial Corporation.................. 25,650
400 Goldman Sachs Group, Inc........................... 37,000
400 Golf Trust of America, Inc......................... 7,350
100 GraphOn Corporation*............................... 1,813
200 Grove Property Trust............................... 2,550
400 GS Financial Corporation........................... 4,250
100 Guaranty Financial Corporation..................... 850
400 Health Care REIT, Inc.............................. 6,225
418 Heller Financial, Inc.............................. 7,864
300 HF Financial Corporation........................... 2,813
500 Highwoods Properties, Inc.......................... 10,469
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Miscellaneous Finance (continued)
100 HMN Financial, Inc................................. $ 1,119
100 Home Bancorp....................................... 1,813
600 Hospitality Properties Trust....................... 11,625
2,900 Household International, Inc....................... 92,619
700 HRPT Properties Trust.............................. 5,600
600 Innkeepers USA Trust............................... 4,725
250 International Bancshares Corporation............... 9,672
400 InterWest Bancorp, Inc............................. 7,000
259 Investment Technology Group, Inc.*................. 10,036
200 Investors Title Company............................ 2,350
300 ITLA Capital Corporation*.......................... 3,431
100 Jacksonville Bancorp, Inc.......................... 1,325
100 James River Bankshares, Inc........................ 1,150
400 Jefferies Group, Inc............................... 9,350
300 John Nuveen Company, Class A....................... 10,350
400 JP Realty, Inc..................................... 7,225
300 Keystone Property Trust............................ 3,769
300 Kimco Realty Corporation........................... 10,331
800 Klamath First Bancorp, Inc......................... 8,750
600 Knight/Trimark Group, Inc., Class A*............... 28,125
300 LabOne, Inc........................................ 2,138
400 Legg Mason, Inc.................................... 15,700
700 Lehman Brothers Holdings, Inc...................... 50,750
400 Leucadia National Corporation...................... 8,550
500 Liberty Financial Companies, Inc................... 9,656
500 Liberty Property Trust............................. 11,344
600 LTC Properties, Inc................................ 3,525
400 M.D.C. Holdings, Inc............................... 6,075
100 Mack-Cali Realty Corporation....................... 2,375
300 Mahaska Investment Company......................... 2,775
800 Mail-Well, Inc.*................................... 6,950
400 Manufactured Home Communities, Inc................. 9,150
200 Matrix Bancorp, Inc.*.............................. 2,125
5,600 MBNA Corporation................................... 127,400
300 MECH Financial, Inc................................ 9,300
900 Meditrust Corporation - Paired Stock............... 2,531
</TABLE>
See Notes to Financial Statements.
57
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Miscellaneous Finance (continued)
600 Meristar Hospitality Corporation................... $ 9,563
2,400 Merrill Lynch & Company, Inc....................... 246,000
300 MessageMedia, Inc.*................................ 4,200
200 Midas, Inc......................................... 4,800
200 Mississippi Valley Bancshares, Inc................. 4,713
100 Morgan Keegan, Inc................................. 1,425
7,200 Morgan Stanley Dean Witter & Company............... 507,150
100 MSB Financial, Inc................................. 800
200 National Golf Properties, Inc...................... 4,313
300 National Health Investors, Inc..................... 3,994
300 New Century Financial Corporation*................. 2,700
600 New Plan Excel Realty Trust........................ 8,363
300 NextCard, Inc.*.................................... 6,788
420 Northrim Bank...................................... 2,993
400 NVEST, L.P......................................... 6,625
100 Oregon Trail Financial Corp........................ 913
300 Pacific Capital Bancorp............................ 8,588
800 Paine Webber Group, Inc............................ 30,600
300 Parkway Properties, Inc............................ 8,888
200 Penford Corporation................................ 3,375
300 Peoples Holding Company............................ 7,875
200 Philips International Realty Corp.................. 3,238
200 PHS Bancorp, Inc................................... 1,638
300 PIMCO Advisors Holdings, L.P....................... 11,419
200 PMC Commercial Trust, SBI.......................... 2,150
600 Point West Capital Corporation*.................... 6,900
700 Price (T. Rowe) Associates, Inc.................... 23,056
1,600 Prison Realty Corporation.......................... 8,200
810 ProLogis Trust..................................... 14,631
900 Providian Financial Corporation.................... 58,331
200 PS Financial, Inc.................................. 2,313
686 Public Storage, Inc................................ 15,135
210 PVF Capital Corp................................... 2,074
400 Raymond James Financial, Inc....................... 7,900
400 Realty Income Corporation.......................... 8,325
600 Reckson Associates Realty Corporation.............. 11,100
600 Redwood Trust, Inc.*............................... 7,238
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Miscellaneous Finance (continued)
700 Regency Realty Corporation......................... $ 13,256
300 Resource Bancshares Mortgage Group, Inc............ 1,106
600 RFS Hotel Investors, Inc........................... 6,375
605 Roslyn Bancorp, Inc................................ 9,302
5,500 Schwab (Charles) Corporation....................... 229,969
500 Security Capital Group, Inc., Class B*............. 6,469
70 Senior Housing Properties Trust.................... 604
300 Siebert Financial Corp............................. 4,613
700 SierraCities.com, Inc.*............................ 14,788
900 SLM Holding Corporation............................ 28,181
300 Smith Charles E. Residential Realty, Inc........... 10,481
100 SNB Bancshares, Inc................................ 1,513
100 Southern Banc Company, Inc......................... 813
100 Southern Financial Bancorp, Inc.................... 1,588
330 Southwest Securities Group, Inc.................... 15,139
1,700 Sovereign Bancorp, Inc............................. 12,325
500 Spieker Properties, Inc............................ 20,063
1,264 Starwood Financial, Inc............................ 21,330
300 Stewart Information Services Corporation........... 4,106
300 Tarragon Realty Investors, Inc..................... 3,150
600 Taubman Centers, Inc............................... 6,225
500 TCF Financial Corporation.......................... 9,906
236 Transcontinental Realty Investors, Inc............. 2,832
100 U.S. Trust Corporation............................. 13,850
700 United Asset Management Corporation................ 10,456
1,000 United Dominion Realty Trust, Inc.................. 10,000
500 UnitedGlobalCom, Inc., Class A*.................... 52,250
500 Universal Health Realty Income Trust............... 7,594
200 W Holding Company, Inc............................. 1,700
300 Waddell & Reed Financial, Inc., Class A............ 8,681
200 Walden Residential Properties, Inc................. 4,613
</TABLE>
See Notes to Financial Statements.
58
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Miscellaneous Finance (continued)
110 Washington Federal, Inc............................ $ 1,684
4,200 Washington Mutual, Inc............................. 92,925
400 Washington Real Estate Investment Trust............ 6,150
300 Weingarten Realty Investors........................ 11,250
100 Wesley Jessen VisionCare, Inc.*.................... 2,875
800 Westfield America, Inc............................. 11,300
300 Winfield Capital Corp.*............................ 9,150
------------
5,766,619
------------
Miscellaneous - 1.3%
100 @plan., Inc.*...................................... 1,000
100 1-800-FLOWERS.COM, Inc.*........................... 919
200 3Dshopping.com*.................................... 2,575
400 Agilent Technologies, Inc.*........................ 41,475
300 Alteon Websystems, Inc.*........................... 26,925
100 American National Can Group, Inc................... 1,000
250 Avenue A, Inc.*.................................... 18,000
200 Be Free, Inc.*..................................... 18,075
500 Be, Inc.*.......................................... 7,375
100 Bluestone Software, Inc.*.......................... 7,788
100 Braun Consulting, Inc.*............................ 5,800
100 Breakaway Solutions, Inc.*......................... 12,500
400 Capitol Federal Financial.......................... 3,825
100 C-bridge Internet Solutions, Inc.*................. 5,263
250 Choice One Communications, Inc.*................... 15,000
100 Cobalt Group, Inc.*................................ 1,200
500 Commerce One, Inc.*................................ 104,438
800 Continuus Software Corporation*.................... 7,850
600 Corinthian Colleges, Inc.*......................... 10,725
200 CVC, Inc.*......................................... 6,750
100 CyBear, Inc.*...................................... 888
200 Data Return Corporation*........................... 12,825
200 Digital Island, Inc.*.............................. 23,225
200 Ditech Communications Corporation*................. 21,850
400 DSL.net, Inc.*..................................... 11,200
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Miscellaneous (continued)
200 E.piphany, Inc.*................................... $ 43,975
100 Educational Video Conferencing, Inc.*.............. 3,100
300 E-LOAN, Inc.*...................................... 2,681
400 eLoyalty Corporation*.............................. 12,225
300 E-Stamp Corporation*............................... 2,869
300 Extreme Networks, Inc.*............................ 33,375
300 Fairchild Semiconductor International, Inc.,
Class A*......................................... 11,325
300 Finisar Corporation*............................... 42,375
200 Gabelli Asset Management, Inc., Class A*........... 3,238
100 garden.com, Inc.*.................................. 750
100 GlobalNet Financial.com, Inc....................... 4,338
200 Informatica Corporation*........................... 34,300
600 InfoSpace.com, Inc.*............................... 131,263
100 InterCept Group, Inc.*............................. 2,425
100 Internet America, Inc.*............................ 938
200 Internet Capital Group, Inc.*...................... 21,150
100 Interspeed, Inc.*.................................. 3,613
200 InterWorld Corporation*............................ 10,850
400 iXL Enterprises, Inc.*............................. 14,500
2,100 John Hancock Financial Services, Inc.*............. 33,338
200 Keynote Systems, Inc.*............................. 32,750
100 Liquid Audio, Inc.*................................ 2,550
200 Mail.com, Inc.*.................................... 3,000
100 Media Metrix, Inc.*................................ 3,513
300 MicroFinancial, Inc................................ 2,738
300 National Information Consortium, Inc.*............. 15,713
200 NaviSite, Inc.*.................................... 37,700
100 NetCreations, Inc.*................................ 4,675
100 Netgateway, Inc.*.................................. 831
300 Network Access Solutions Corporation*.............. 9,150
700 NetZero, Inc.*..................................... 16,450
1,000 Neuberger Berman, Inc.............................. 25,750
100 Nucentrix Broadband Networks, Inc.*................ 2,900
200 On2.com, Inc.*..................................... 4,600
</TABLE>
See Notes to Financial Statements.
59
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Miscellaneous (continued)
100 onlinetradinginc.com Corporation*.................. $ 850
600 Pactiv Corporation*................................ 4,988
200 Paradyne Networks, Inc.*........................... 8,950
400 Phone.com, Inc.*................................... 55,850
100 Promotions.com, Inc.*.............................. 1,481
100 Radio One, Inc.*................................... 6,575
500 Sagent Technology, Inc.*........................... 8,719
100 Security of Pennsylvania Financial Corp............ 925
300 Silicon Image, Inc.*............................... 29,400
700 Smith-Gardner & Associates, Inc.*.................. 12,556
200 South Jersey Financial Corporation, Inc............ 3,150
800 TD Waterhouse Group, Inc.*......................... 14,650
100 Tenneco Automotive, Inc............................ 738
442 Too, Inc.*......................................... 10,608
100 TriZetto Group, Inc.*.............................. 8,150
126 Tumbleweed Communications Corporation*............. 9,576
100 U.S. Interactive, Inc.*............................ 4,550
600 United Parcel Service, Inc., Class B............... 32,775
100 US SEARCH.com, Inc.*............................... 456
700 Valley Media, Inc.*................................ 4,200
100 Viador, Inc.*...................................... 2,675
500 Vicinity Corporation*.............................. 20,250
400 Vitria Technology, Inc.*........................... 75,450
100 Web Street, Inc.*.................................. 656
200 Webvan Group, Inc.*................................ 2,275
400 Williams Communications Group, Inc.*............... 17,800
100 Wit Capital Group, Inc.*........................... 1,619
300 Women.com Networks, Inc.*.......................... 2,981
------------
1,286,272
------------
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Motor Vehicles - 1.1%
400 A.S.V., Inc.*...................................... $ 5,225
200 Autoweb.com, Inc.*................................. 1,200
300 Borg-Warner Automotive, Inc........................ 9,600
400 CSK Auto Corporation*.............................. 4,600
300 Cummins Engine Company, Inc........................ 9,994
1,100 Dana Corporation................................... 23,444
3,276 Delphi Automotive Systems Corporation.............. 54,668
500 Donaldson Company, Inc............................. 11,375
500 Eaton Corporation.................................. 37,469
400 Federal-Mogul Corporation.......................... 5,450
400 Fleetwood Enterprises, Inc......................... 6,175
7,700 Ford Motor Company................................. 320,513
4,100 General Motors Corporation......................... 311,856
900 General Motors Corporation, Class H................ 108,450
200 Gentek, Inc........................................ 2,700
1,100 Genuine Parts Company.............................. 24,819
900 Harley-Davidson, Inc............................... 61,313
2,600 Hertz Technology Group, Inc.*...................... 17,875
100 Keystone Automotive Industries, Inc.*.............. 531
400 Lear Corporation*.................................. 8,450
500 Meritor Automotive, Inc............................ 7,000
400 Navistar International Corporation................. 13,100
200 Noble International, Ltd.*......................... 2,800
600 O'Reilly Automotive, Inc.*......................... 8,400
300 Oshkosh Truck Corporation.......................... 7,950
600 Rush Enterprises, Inc.*............................ 4,800
700 Sonic Automotive, Inc.*............................ 5,994
200 SPX Corporation.................................... 17,413
300 Stoneridge, Inc.*.................................. 3,188
400 Superior Industries International, Inc............. 9,550
200 Thor Industries, Inc............................... 5,113
500 United Rentals (North America), Inc.*.............. 7,813
400 Winnebago Industries, Inc.......................... 8,550
</TABLE>
See Notes to Financial Statements.
60
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Motor Vehicles (continued)
400 Wynns International, Inc........................... $ 5,325
------------
1,132,703
------------
Non-Durable & Entertainment - 0.8%
300 Action Performance Companies, Inc.*................ 2,719
500 American Greetings Corporation, Class A............ 8,625
300 Applebee's International, Inc...................... 8,447
300 Ark Restaurants Corp.*............................. 2,231
500 Ascent Entertainment Group, Inc.*.................. 7,594
200 barnesandnoble.com, inc.*.......................... 1,600
200 Boston Celtics, LP*................................ 1,988
200 Bowl America, Inc., Class A........................ 1,475
200 Brass Eagle, Inc.*................................. 1,225
700 Brinker International, Inc.*....................... 15,225
100 Canterbury Park Holding Corporation*............... 738
100 Catalina Marketing Corporation*.................... 8,513
800 CBRL Group, Inc.................................... 7,400
200 CDNOW, Inc.*....................................... 1,600
450 CEC Entertainment, Inc.*........................... 10,238
400 Cedar Fair, L.P.................................... 7,375
300 Churchill Downs, Inc............................... 6,656
600 CKE Restaurants, Inc............................... 3,825
200 Cooker Restaurant Corporation...................... 550
700 Darden Restaurants, Inc............................ 9,231
600 Dave & Buster's, Inc.*............................. 3,863
400 Diedrich Coffee, Inc.*............................. 1,500
100 Dixon Ticonderoga Company*......................... 500
500 Dover Downs Entertainment, Inc..................... 7,094
400 Electronic Arts, Inc.*............................. 40,000
100 Factory 2-U Stores, Inc.*.......................... 2,425
300 Fastenal Company................................... 13,256
1,200 Fortune Brands, Inc................................ 26,250
450 Fossil, Inc.*...................................... 10,209
500 Frisch's Restaurants, Inc.......................... 4,875
500 Funco, Inc.*....................................... 5,375
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Non-Durable & Entertainment (continued)
400 Harcourt General, Inc.............................. $ 13,775
1,550 Hasbro, Inc........................................ 24,413
500 Hollywood.com, Inc.*............................... 7,750
300 Huffy Corporation.................................. 1,763
200 Il Fornaio (America) Corporation*.................. 1,950
600 International Game Technology...................... 10,688
212 International Speedway Corporation, Class A........ 9,381
500 Jack in the Box, Inc.*............................. 10,031
200 Jostens, Inc....................................... 4,813
300 Kreisler Manufacturing Corporation*................ 1,228
400 Lancaster Colony Corporation....................... 11,900
184 Learn2.com, Inc.*.................................. 1,121
600 Luby's, Inc........................................ 6,263
3,180 Mattel, Inc........................................ 30,608
8,700 McDonald's Corporation............................. 274,594
500 Moore Medical Corp.*............................... 5,375
200 Movado Group, Inc.................................. 3,600
400 MP3.com, Inc.*..................................... 6,900
500 Outback Steakhouse, Inc.*.......................... 13,063
400 Piccadilly Cafeterias, Inc......................... 1,200
100 RARE Hospitality International, Inc.*.............. 1,888
400 Richton International Corporation*................. 6,250
100 Riviana Foods, Inc................................. 1,663
600 Ruby Tuesday, Inc.................................. 10,163
200 SCP Pool Corporation*.............................. 4,963
2,200 Service Corporation International.................. 8,113
500 Sotheby's Holdings, Inc., Class A.................. 9,844
100 Star Buffet, Inc.*................................. 331
1,600 Starbucks Corporation*............................. 56,200
900 Stewart Enterprises, Inc., Class A................. 3,825
100 The First Years, Inc............................... 813
100 The North Face, Inc.*.............................. 500
1,200 Tricon Global Restaurants, Inc.*................... 31,950
600 Tupperware Corporation............................. 10,313
</TABLE>
See Notes to Financial Statements.
61
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Non-Durable & Entertainment (continued)
700 Wendy's International, Inc......................... $ 11,025
------------
820,859
------------
Non-Ferrous Metals - 0.3%
2,300 Alcoa, Inc......................................... 157,550
100 Brush Wellman, Inc................................. 1,675
100 Chase Industries, Inc.*............................ 894
200 Commercial Metals Company.......................... 5,525
300 Commonwealth Industries, Inc....................... 2,869
700 Engelhard Corporation.............................. 9,538
900 Freeport-McMoRan Copper & Gold, Inc., Class B*..... 12,375
700 Howmet International, Inc.*........................ 12,819
300 Mueller Industries, Inc.*.......................... 8,588
420 Phelps Dodge Corporation........................... 19,793
450 Reliance Steel & Aluminum Co....................... 8,719
400 Reynolds Metals Company............................ 25,400
500 Southern Peru Copper Corp.......................... 7,625
400 Stillwater Mining Company*......................... 14,850
100 United Park City Mines Company*.................... 2,475
300 Wolverine Tube, Inc................................ 3,881
------------
294,576
------------
Optical & Photo - 0.5%
300 C-Cube Microsystems, Inc.*......................... 27,975
1,783 Corning, Inc....................................... 335,204
200 CPI Corporation.................................... 4,925
2,100 Eastman Kodak Company.............................. 120,356
400 Imation Corporation*............................... 12,375
400 Ingram Micro, Inc., Class A*....................... 4,325
400 Meade Instruments Corporation*..................... 9,450
200 Photronics, Inc.*.................................. 8,513
------------
523,123
------------
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Paper & Forest Products - 0.7%
400 Boise Cascade Corporation.......................... $ 11,925
300 Bowater, Inc....................................... 14,756
300 Caraustar Industries, Inc.......................... 4,988
600 Champion International Corporation................. 31,050
300 Chesapeake Corporation............................. 6,656
700 Consolidated Papers, Inc........................... 26,556
200 CSS Industries, Inc.*.............................. 3,813
800 EarthShell Corporation*............................ 4,850
600 FiberMark, Inc.*................................... 6,563
1,200 Fort James Corporation............................. 22,575
500 Georgia-Pacific Corporation (Timber Group)......... 11,031
1,200 Georgia-Pacific Group.............................. 41,625
2,597 International Paper Company........................ 95,602
3,574 Kimberly-Clark Corporation......................... 184,731
600 Longview Fibre Company............................. 8,175
800 Lydall, Inc.*...................................... 5,650
800 Mead Corporation................................... 23,950
400 Pentair, Inc....................................... 13,750
200 Potlatch Corporation............................... 7,600
100 Rayonier, Inc...................................... 3,975
1,200 Smurfit-Stone Container Corporation*............... 16,350
300 Temple-Inland, Inc................................. 15,338
400 The St. Joe Company................................ 9,675
800 Westvaco Corporation............................... 22,050
1,500 Weyerhaeuser Company............................... 76,969
800 Willamette Industries, Inc......................... 27,150
------------
697,353
------------
Producer Goods - 4.6%
600 Actrade International, Ltd.*....................... 9,525
408 Albany International Corporation, Class A.......... 5,916
400 American Standard Companies, Inc.*................. 13,950
400 AMETEK, Inc........................................ 6,775
500 Applied Industrial Technologies, Inc............... 9,063
</TABLE>
See Notes to Financial Statements.
62
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Producer Goods (continued)
400 Applied Micro Circuits Corporation*................ $ 110,025
300 Applied Power, Inc., Class A....................... 7,256
400 Astec Industries, Inc.............................. 10,650
100 Ault, Inc.*........................................ 1,000
700 Avery Dennison Corporation......................... 42,481
500 Baldor Electric Company............................ 8,094
400 Blyth Industries, Inc.*............................ 8,975
200 Briggs & Stratton Corporation...................... 6,688
300 Butler Manufacturing Company....................... 7,594
2,200 Caterpillar, Inc................................... 77,138
300 Chicago Rivet & Machine Co......................... 6,450
500 Comfort Systems USA, Inc.*......................... 3,938
200 Commercial Intertech Corp.......................... 3,600
600 Cooper Industries, Inc............................. 18,150
300 Curtiss-Wright Corporation......................... 11,100
100 Daisytek International Corporation*................ 2,294
1,400 Deere & Company.................................... 50,050
150 Diamond Technology Partners, Inc.*................. 10,256
300 DII Group, Inc.*................................... 29,006
1,200 Dover Corporation.................................. 46,275
600 DT Industries, Inc................................. 7,725
450 Eastern Company (The).............................. 6,778
2,700 Emerson Electric Company........................... 123,019
500 Federal Signal Corporation......................... 7,469
500 Fisher Scientific International, Inc.*............. 21,750
500 Flowserve Corporation.............................. 5,750
200 FMC Corporation.................................... 9,663
200 Franklin Electric Company, Inc..................... 13,325
21,400 General Electric Company........................... 2,828,813
500 Grainger (W.W.), Inc............................... 21,406
300 Hanover Compressor Company*........................ 14,081
400 Harsco Corporation................................. 9,925
500 HON INDUSTRIES, Inc................................ 9,219
5,175 Honeywell International, Inc....................... 249,047
500 Hubbell, Inc., Class B............................. 12,156
300 IDEX Corporation................................... 7,425
2,123 Illinois Tool Works, Inc........................... 109,733
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Producer Goods (continued)
1,000 Ingersoll-Rand Company............................. $ 38,313
300 Invivo Corporation................................. 3,488
500 Jabil Circuit, Inc.*............................... 34,719
700 JLG Industries, Inc................................ 6,300
500 Johnson Controls, Inc.............................. 26,688
400 Kaydon Corporation................................. 9,200
400 Kennametal, Inc.................................... 9,300
200 Lancer Corporation - Texas*........................ 950
400 Lanier Worldwide, Inc.*............................ 1,125
300 Lattice Semiconductor Corporation*................. 21,075
100 Libbey, Inc........................................ 2,688
400 Lone Star Technologies, Inc.*...................... 15,000
400 MagneTek, Inc.*.................................... 3,450
250 Manitowoc Company, Inc............................. 6,734
800 Masco Tech, Inc.................................... 11,200
300 MasTec, Inc.*...................................... 17,288
200 Material Sciences Corporation*..................... 2,888
400 Micrel, Inc.*...................................... 46,100
500 Milacron, Inc...................................... 6,938
500 Miller (Herman), Inc............................... 10,250
300 Millipore Corporation.............................. 16,031
100 Misonix, Inc.*..................................... 763
100 NACCO Industries, Inc.............................. 4,344
200 Nordson Corporation................................ 7,750
200 Norstan, Inc.*..................................... 1,413
300 Nortek, Inc.*...................................... 6,563
600 Oceaneering International, Inc.*................... 11,400
700 Pall Corporation................................... 13,825
200 Pameco Corporation*................................ 725
700 Parker-Hannifin Corporation........................ 25,375
500 Park-Ohio Holdings Corporation*.................... 4,188
400 Penn Engineering & Manufacturing Corporation....... 9,550
300 Plug Power, Inc.*.................................. 35,231
500 Primex Technologies, Inc........................... 10,500
300 Rare Medium Group, Inc.*........................... 18,000
300 Roper Industries, Inc.............................. 8,175
200 Safeguard Scientifics, Inc.*....................... 34,988
400 Sanmina Corporation*............................... 46,825
</TABLE>
See Notes to Financial Statements.
63
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Producer Goods (continued)
400 Scott Technologies, Inc.*.......................... $ 7,700
200 Sensar Corporation*................................ 7,788
400 Standex International Corporation.................. 6,325
100 Steelcase, Inc..................................... 1,225
300 Strattec Security Corporation*..................... 9,975
300 Tech/Ops Sevcon, Inc............................... 3,413
200 Tecumseh Products Company, Class A................. 8,625
200 Teleflex, Inc...................................... 5,650
100 Tennant Company.................................... 3,200
900 Thermo Instrument Systems, Inc.*................... 14,456
300 Thermo Sentron, Inc.*.............................. 4,500
300 Timken Company..................................... 4,294
300 Trinity Industries, Inc............................ 6,638
100 Twin Disc, Inc..................................... 1,725
800 U.S. Industries, Inc............................... 9,150
100 U.S.A. Floral Products, Inc.*...................... 169
400 UCAR International, Inc.*.......................... 6,100
800 Valhi, Inc......................................... 8,900
400 Valmont Industries, Inc............................ 6,050
200 Watsco, Inc., Class A*............................. 1,675
300 YORK International Corporation..................... 5,438
200 Zebra Technologies Corporation, Class A*........... 13,313
------------
4,629,182
------------
Railroad & Shipping - 0.3%
200 Alexander & Baldwin, Inc........................... 4,094
2,700 Burlington Northern Santa Fe Corporation........... 53,156
1,200 CSX Corporation.................................... 26,625
300 Florida East Coast Industries, Inc................. 12,225
500 GATX Corporation................................... 15,563
100 Genesee & Wyoming, Inc., Class A*.................. 1,269
200 Greenbrier Companies, Inc.......................... 1,650
100 International Shipholding Corporation.............. 956
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Railroad & Shipping (continued)
700 Kansas City Southern Industries, Inc............... $ 55,125
100 Newport News Shipbuilding, Inc..................... 2,831
2,200 Norfolk Southern Corporation....................... 29,838
600 Transport Corporation of America, Inc.*............ 4,200
300 Transportation Technologies Industries, Inc.*...... 6,375
1,500 Union Pacific Corporation.......................... 57,000
400 Westinghouse Air Brake Company..................... 3,800
500 Wisconsin Central Transportation Corporation*...... 6,188
------------
280,895
------------
Real Property - 0.2%
100 American Retirement Corporation*................... 825
100 Avatar Holdings, Inc.*............................. 1,688
300 Boston Properties, Inc............................. 9,094
900 Burnham Pacific Properties, Inc.................... 8,944
900 Catellus Development Corporation*.................. 11,081
500 CB Richard Ellis Services, Inc.*................... 5,188
100 Center Trust, Inc.................................. 763
700 Cornerstone Properties, Inc........................ 11,813
776 Duke-Weeks Realty Investments, Inc................. 14,259
600 Fairfield Communities, Inc.*....................... 5,288
800 FelCor Lodging Trust, Inc.......................... 13,700
300 Forest City Enterprises, Inc., Class A............. 8,175
400 General Growth Properties, Inc..................... 11,575
100 HomeServices.Com, Inc.*............................ 1,363
500 HomeStore.com, Inc.*............................... 34,156
400 JDN Realty Corporation............................. 4,300
400 Kilroy Realty Corporation.......................... 8,550
500 Mid-Atlantic Realty Trust.......................... 4,750
300 Newhall Land & Farming Company..................... 8,456
300 Post Properties, Inc............................... 11,288
</TABLE>
See Notes to Financial Statements.
64
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Real Property (continued)
500 Rouse Company...................................... $ 10,938
500 Saul Centers, Inc.................................. 7,156
900 Simon Property Group, Inc.......................... 21,150
973 Starwood Hotels & Resorts Worldwide, Inc........... 21,832
400 Trammell Crow Company*............................. 4,800
400 Vornado Realty Trust............................... 12,225
------------
253,357
------------
Retail - 5.0%
133 99 Cents Only Stores*.............................. 3,333
100 A.C. Moore Arts & Crafts, Inc.*.................... 550
2,608 Albertsons, Inc.................................... 63,896
100 Alloy Online, Inc.*................................ 1,950
2,200 Amazon.com, Inc.*.................................. 151,525
400 American Eagle Outfitters, Inc.*................... 10,200
300 Ames Department Stores, Inc.*...................... 4,238
200 Ashford.com, Inc.*................................. 1,525
1,200 AutoZone, Inc.*.................................... 29,475
400 Barnes & Noble, Inc.*.............................. 6,900
1,200 Bed Bath & Beyond, Inc.*........................... 34,050
1,300 Best Buy Company, Inc.*............................ 70,688
500 BJ's Wholesale Club, Inc.*......................... 15,500
500 Blair Corporation.................................. 8,688
200 Blue Rhino Corporation*............................ 2,625
600 Burlington Coat Factory Warehouse Corporation...... 6,863
700 Casey's General Stores, Inc........................ 5,863
4,400 Cendant Corporation................................ 78,375
700 Central Garden & Pet Company*...................... 6,738
300 CHS Electronics, Inc.*............................. 263
1,200 Circuit City Stores, Inc........................... 48,450
200 CompUSA, Inc.*..................................... 2,000
800 Consolidated Stores Corporation*................... 9,000
2,800 Costco Companies, Inc.*............................ 138,950
100 Cost-U-Less, Inc.*................................. 344
2,400 CVS Corporation.................................... 84,000
1,100 Delhaize America, Inc.............................. 18,425
700 Dillard's, Inc., Class A........................... 12,163
1,525 Dollar General Corporation......................... 31,930
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Retail (continued)
500 Dollar Tree Stores, Inc.*.......................... $ 19,406
300 Drugstore.com, Inc.*............................... 5,700
200 Egghead.com, Inc.*................................. 1,838
400 Enesco Group, Inc.................................. 2,900
700 eToys, Inc.*....................................... 9,844
1,100 Family Dollar Stores, Inc.......................... 19,113
1,500 Federated Department Stores, Inc.*................. 55,031
200 Fogdog, Inc.*...................................... 1,838
5,550 Gap, Inc........................................... 268,134
400 Gardenburger, Inc.*................................ 2,250
400 Great Atlantic & Pacific Tea Company, Inc.......... 9,375
500 Guitar Center, Inc.*............................... 4,625
300 Hannaford Brothers Company......................... 21,375
15,050 Home Depot, Inc.................................... 870,078
200 Hot Topic, Inc.*................................... 3,400
150 InterTAN, Inc.*.................................... 1,341
1,775 Intimate Brands, Inc............................... 58,020
100 iTurf, Inc., Class A*.............................. 1,100
3,600 Kmart Corporation*................................. 31,725
1,000 Kohl's Corporation*................................ 75,813
5,100 Kroger Company..................................... 75,863
1,500 Limited, Inc....................................... 51,000
500 Longs Drug Stores, Inc............................. 9,281
2,364 Lowe's Companies, Inc.............................. 112,586
2,050 May Department Stores Company...................... 53,684
400 Michaels Stores, Inc.*............................. 10,850
400 Neiman Marcus Group, Inc., Class A................. 8,525
1,100 Nordstrom, Inc..................................... 23,444
2,600 Office Depot, Inc.*................................ 31,688
1,100 OfficeMax, Inc.*................................... 7,769
200 Payless ShoeSource, Inc.*.......................... 7,900
1,967 Penney (J.C.) Company.............................. 30,980
300 PriceSmart, Inc.*.................................. 12,450
2,200 Rite Aid Corporation............................... 15,125
700 Ross Stores, Inc................................... 10,150
100 RoweCom, Inc.*..................................... 2,513
3,300 Safeway, Inc.*..................................... 127,256
</TABLE>
See Notes to Financial Statements.
65
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Retail (continued)
1,000 Saks, Inc.*........................................ $ 11,500
400 School Specialty, Inc.*............................ 6,900
2,300 Sears, Roebuck & Company........................... 63,394
300 Shop At Home, Inc.*................................ 3,300
300 Stamps.com, Inc.*.................................. 8,494
2,900 Staples, Inc.*..................................... 78,300
700 Sunglass Hut International, Inc.*.................. 5,994
700 Systemax, Inc.*.................................... 6,913
1,200 Tandy Corporation.................................. 45,675
2,800 Target Corporation................................. 165,200
600 Tiffany & Company.................................. 38,513
1,800 TJX Companies, Inc................................. 28,688
1,600 Toys R US, Inc.*................................... 19,800
500 UniFirst Corporation............................... 5,031
700 Value America, Inc.*............................... 2,888
800 Venator Group, Inc.*............................... 4,550
6,500 Walgreen Company................................... 167,781
29,000 Wal-Mart Stores, Inc............................... 1,411,938
300 Weis Markets, Inc.................................. 12,694
200 West Marine, Inc.*................................. 1,725
450 Whitehall Jewellers, Inc.*......................... 8,803
300 Williams-Sonoma, Inc.*............................. 9,281
1,000 Winn-Dixie Stores, Inc............................. 16,125
400 Zale Corporation*.................................. 15,050
100 Zany Brainy, Inc.*................................. 581
------------
5,041,595
------------
Steel - 0.1%
700 AK Steel Holding Corporation....................... 5,819
1,150 Allegheny Technologies, Inc........................ 19,478
200 Ampco-Pittsburgh Corporation....................... 2,425
300 Carpenter Technology Corporation................... 6,675
300 Gibraltar Steel Corporation*....................... 5,063
600 Intermet Corporation............................... 6,750
300 Northwest Pipe Company*............................ 3,975
500 Nucor Corporation.................................. 24,844
500 Oregon Steel Mills, Inc............................ 2,063
500 Ryerson Tull, Inc.................................. 6,625
100 Steel Dynamics, Inc.*.............................. 1,538
400 USX-U.S. Steel Group............................... 8,750
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Steel (continued)
200 WHX Corporation*................................... $ 1,625
900 Worthington Industries, Inc........................ 11,925
------------
107,555
------------
Telephone - 7.0%
400 ADTRAN, Inc.*...................................... 29,425
200 Aerial Communications, Inc.*....................... 11,988
600 Allegiance Telecom, Inc.*.......................... 59,325
2,001 ALLTEL Corporation................................. 116,058
20,792 AT&T Corporation................................... 1,027,905
241 AT&T Corporation - Liberty Media Group,
Class A*......................................... 12,592
100 autobytel.com, inc.*............................... 1,069
10,000 Bell Atlantic Corporation.......................... 489,375
12,300 BellSouth Corporation.............................. 501,225
1,239 Broadwing, Inc.*................................... 36,783
900 CellStar Corporation*.............................. 8,634
900 Centennial Cellular Corporation, Class A*.......... 21,853
800 CenturyTel, Inc.................................... 26,900
300 Commonwealth Telephone Enterprises, Inc............ 13,088
600 COMSAT Corporation................................. 10,088
200 Convergent Communications, Inc.*................... 1,888
300 Copper Mountain Networks, Inc.*.................... 26,081
600 Covad Communications Group, Inc.*.................. 54,150
200 Davel Communications, Inc.*........................ 1,050
700 Electric Lightwave, Inc., Class A*................. 15,925
100 Exactis.com, Inc.*................................. 2,650
1,000 Exodus Communications, Inc.*....................... 142,375
600 Focal Communications Corporation*.................. 31,688
1,100 Global TeleSystems Group, Inc.*.................... 27,500
200 Globix Corporation*................................ 10,488
6,300 GTE Corporation.................................... 371,700
100 Hector Communications Corporation*................. 1,500
300 Illuminet Holdings, Inc.*.......................... 22,200
</TABLE>
See Notes to Financial Statements.
66
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Telephone (continued)
300 Inet Technologies, Inc.*........................... $ 13,013
600 Inter-Tel, Inc..................................... 23,550
400 InterDigital Communications Corporation*........... 12,775
500 Intermedia Communications, Inc.*................... 31,656
400 ITC DeltaCom, Inc.*................................ 15,175
200 ITXC Corporation*.................................. 16,400
300 IXnet, Inc.*....................................... 15,975
200 Leap Wireless International, Inc.*................. 17,538
2,200 Level 3 Communications, Inc.*...................... 250,525
18,384 MCI Worldcom, Inc.*................................ 820,386
1,100 McLeodUSA, Inc., Class A*.......................... 96,800
100 Net2Phone, Inc.*................................... 5,788
600 Next Level Communications, Inc.*................... 80,700
600 NEXTLINK Communications, Inc., Class A*............ 66,113
100 NorthEast Optic Network, Inc.*..................... 11,225
800 NorthPoint Communications Group, Inc.*............. 18,150
781 NTL, Inc.*......................................... 71,462
700 Pacific Gateway Exchange, Inc.*.................... 14,175
500 PairGain Technologies, Inc.*....................... 8,938
100 Pegasus Communications Corporation*................ 12,400
300 Pinnacle Holdings, Inc.*........................... 17,550
200 Powertel, Inc.*.................................... 18,725
4,900 Qwest Communications International, Inc.*.......... 227,238
500 RCN Corporation*................................... 29,938
500 Rhythms NetConnections, Inc.*...................... 17,844
22,191 SBC Communications, Inc............................ 843,258
5,600 Sprint Corporation................................. 341,600
5,600 Sprint Corporation (PCS Group)*.................... 289,800
900 Talk.com, Inc.*.................................... 15,188
400 Telephone & Data Systems, Inc...................... 42,200
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Telephone (continued)
200 Time Warner Telecom, Inc., Class A*................ $ 15,400
600 Tritel, Inc.*...................................... 19,050
400 Triton PCS Holdings, Inc., Class A*................ 24,000
500 United States Cellular Corporation*................ 33,469
3,300 US West, Inc....................................... 239,663
400 Vari-L Company, Inc.*.............................. 10,775
300 Viatel, Inc.*...................................... 16,894
1,005 VoiceStream Wireless Corporation*.................. 141,144
400 WinStar Communications, Inc.*...................... 30,950
900 World Access, Inc.*................................ 17,100
------------
7,070,033
------------
Tires & Rubber - 0.1%
200 American Biltrite, Inc............................. 2,850
300 Bandag, Inc........................................ 7,050
100 Carlisle Companies, Inc............................ 3,313
900 Cooper Tire & Rubber Company....................... 9,731
759 Danaher Corporation................................ 30,977
800 Goodyear Tire & Rubber Company..................... 18,150
300 Sterile Recoveries, Inc.*.......................... 1,538
------------
73,609
------------
Tobacco - 0.4%
100 800-JR Cigar, Inc.*................................ 938
105 Brooke Group, Ltd.................................. 1,391
2,500 Nabisco Group Holdings Corp........................ 21,563
15,100 Philip Morris Companies, Inc....................... 302,944
1,132 RJ Reynolds Tobacco Holdings, Inc.................. 20,376
300 Schweitzer-Maudit International, Inc............... 4,088
400 Universal Corporation.............................. 6,550
900 UST, Inc........................................... 17,381
------------
375,231
------------
</TABLE>
See Notes to Financial Statements.
67
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Travel & Recreation - 0.5%
100 American Classic Voyages Company................... $ 2,375
200 Anchor Gaming Company*............................. 8,325
500 Avis Rent A Car, Inc.*............................. 7,281
700 Brunswick Corporation.............................. 12,381
3,900 Carnival Corporation............................... 112,369
400 Central Parking Corporation........................ 5,925
1,100 Choice Hotels International, Inc.*................. 18,288
300 Dollar Thrifty Automotive Group, Inc.*............. 3,938
100 Ellett Brothers, Inc............................... 719
200 Expedia, Inc., Class A*............................ 4,000
800 Extended Stay America, Inc.*....................... 5,200
600 Harrah's Entertainment, Inc.*...................... 11,475
100 Hertz Corporation, Class A......................... 3,581
3,365 Hilton Hotels Corporation.......................... 23,555
1,600 Host Marriott Corporation.......................... 14,200
100 K2, Inc.*.......................................... 706
300 Lodgian, Inc....................................... 1,200
700 Mandalay Resort Group*............................. 9,844
1,400 Marriott International, Inc., Class A.............. 38,588
600 MGM Grand, Inc.*................................... 11,925
1,000 Mirage Resorts, Inc.*.............................. 15,875
1,600 Park Place Entertainment Corporation*.............. 18,100
700 Pinnacle Entertainment, Inc........................ 12,075
600 Prime Hospitality Corporation*..................... 5,100
300 Quokka Sports, Inc.*............................... 3,788
200 Rawlings Sporting Goods Company, Inc.*............. 1,200
100 Rent-Way, Inc.*.................................... 1,700
200 ResortQuest International, Inc.*................... 1,000
1,000 Royal Caribbean Cruises, Ltd....................... 35,375
450 SFX Entertainment, Inc., Class A*.................. 17,325
800 Sodexho Marriott Services, Inc..................... 8,900
1,100 Speedway Motorsports, Inc.*........................ 33,688
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
Travel & Recreation (continued)
500 Station Casinos, Inc.*............................. $ 9,813
500 Travel Services International, Inc.*............... 12,844
400 Trendwest Resorts, Inc.*........................... 9,750
------------
482,408
------------
Trucking & Freight - 0.1%
400 Boyd Bros. Transportation, Inc.*................... 2,225
300 C.H. Robinson Worldwide, Inc....................... 15,300
400 Circle International Group, Inc.................... 9,775
400 CNF Transportation, Inc............................ 12,825
400 Consolidated Freightways Corporation*.............. 2,650
500 Covenant Transport, Inc., Class A*................. 5,750
100 Expeditors International of Washington, Inc........ 3,775
150 Forward Air Corporation*........................... 3,450
200 Knight Transportation, Inc.*....................... 3,275
200 Marten Transport, Ltd.*............................ 2,894
100 Old Dominion Freight Line, Inc.*................... 1,225
400 PACCAR, Inc........................................ 17,225
100 RailWorks Corporation*............................. 975
600 Roadway Express, Inc............................... 12,375
700 Rollins Truck Leasing Corporation.................. 5,863
900 Ryder System, Inc.................................. 16,763
400 Shurgard Storage Centers, Inc., Class A............ 9,450
450 Swift Transportation Company, Inc.*................ 6,666
300 USFreightways Corporation.......................... 9,975
200 Wabash National Corporation........................ 2,800
------------
145,236
------------
TOTAL COMMON STOCKS
(Cost $90,597,040)............................... 101,131,412
------------
</TABLE>
See Notes to Financial Statements.
68
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO FEBRUARY 29, 2000
STATEMENT OF INVESTMENTS - (Continued) (UNAUDITED)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
------ --------
<C> <S> <C>
PREFERRED STOCK - 0.0%***
1,700 Loral Space & Communications, Ltd., Convertible,
6.000%, 11/01/06................................. $ 25,606
------------
2,220,648 TOTAL PREFERRED STOCK
(Cost $32,945)................................... 25,606
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $90,629,993**)............................ 100.3% 101,157,018
OTHER ASSETS AND LIABILITIES
(Net)........................................... (0.3%) (283,901)
------ -----------
NET ASSETS........................................ 100.0% $100,873,117
====== ===========
</TABLE>
- --------------------------
* Non-income producing security.
** Aggregate cost for Federal tax purposes is $90,629,993.
*** Amount represents less than 0.1%.
See Notes to Financial Statements.
69
<PAGE>
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES
FEBRUARY 29, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
LARGE LARGE SMALL SMALL WILSHIRE
COMPANY COMPANY COMPANY COMPANY 5000
GROWTH VALUE GROWTH VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value (Note 1),
See accompanying schedules............ $681,948,466 $69,249,534 $16,454,987 $26,453,493 $101,157,018
Cash.................................... -- 276,930 -- 23,291 463,006
Dividends receivable.................... 293,042 215,627 1,559 69,214 95,869
Receivable for Portfolio shares sold.... 798,500 32,645 -- 2,835 159,508
Receivable from Advisor................. -- -- -- -- 8,898
Prepaid expenses and other assets....... 14,763 4,878 7,321 7,562 8,634
------------ ----------- ----------- ----------- ------------
Total Assets.......................... 683,054,771 69,779,614 16,463,867 26,556,395 101,892,933
------------ ----------- ----------- ----------- ------------
LIABILITIES:
Payable for investment securities
purchased............................. -- -- -- -- 657,205
Payable for Portfolio shares redeemed... 2,217,709 163,501 -- 74,710 277,309
Due to Custodian........................ 2,440,348 -- 19,570 -- --
Investment advisory fee payable (Note
2).................................... 130,715 14,470 1,204 2,175 --
Administration fee payable (Note 2)..... 80,897 10,936 5,643 5,374 --
Distribution and service fees payable
(Note 3).............................. 165,336 6,584 2,404 5,920 20,678
Directors' fees payable (Note 2)........ 12,701 3,490 1,115 1,830 6,173
Transfer agent fees payable............. 17,801 8,006 5,002 3,906 --
Custodian fees payable (Note 2)......... 7,842 10,739 17,155 17,247 27,956
Printing fees payable................... 57,443 10,214 1,762 5,130 --
Registration fees payable............... 23,308 -- -- -- 6,603
Legal and Audit fees payable............ 52,829 13,723 2,250 6,320 19,255
Accrued expenses and other payables..... -- 2,390 2,720 1,544 4,637
------------ ----------- ----------- ----------- ------------
Total Liabilities..................... 5,206,929 244,053 58,825 124,156 1,019,816
------------ ----------- ----------- ----------- ------------
NET ASSETS.............................. $677,847,842 $69,535,561 $16,405,042 $26,432,239 $100,873,117
------------ ----------- ----------- ----------- ------------
Investments, at cost (Note 1)........... $474,274,786 $65,740,573 $11,357,262 $28,290,184 $ 90,629,993
============ =========== =========== =========== ============
NET ASSETS consist of:
Undistributed net investment
income/(loss)......................... $ (467,453) $ 188,895 $ (101,283) $ 73,785 $ 72,210
Accumulated net realized gain/(loss) on
investments sold...................... (12,198,536) (6,000,650) (1,071,061) (3,594,435) 103,665
Net unrealized
appreciation/(depreciation) of
investments........................... 207,673,680 3,508,961 5,097,725 (1,836,691) 10,527,025
Par value............................... 16,115 4,145 936 2,392 8,764
Paid-in capital......................... 482,824,036 71,834,210 12,478,725 31,787,188 90,161,453
------------ ----------- ----------- ----------- ------------
$677,847,842 $69,535,561 $16,405,042 $26,432,239 $100,873,117
============ =========== =========== =========== ============
</TABLE>
See Notes to Financial Statements.
70
<PAGE>
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES - (Continued)
FEBRUARY 29, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
LARGE LARGE SMALL SMALL WILSHIRE
COMPANY COMPANY COMPANY COMPANY 5000
GROWTH VALUE GROWTH VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C>
NET ASSETS:
Investment Class shares................. $568,582,629 $17,529,573 $9,780,870 $16,321,993 $98,392,161
============ =========== ========== =========== ===========
(100,000,000 shares authorized, per
Portfolio, par value $.001 per
share)
Institutional Class shares.............. $109,265,213 $52,005,988 $6,624,172 $10,110,246 $ 1,929,887
============ =========== ========== =========== ===========
(100,000,000 shares authorized, per
Portfolio, par value $.001 per
share)
Horace Mann Class shares................ $ -- $ -- $ -- $ -- $ 551,069
============ =========== ========== =========== ===========
(100,000,000 shares authorized, per
Portfolio, par value $.001 per
share)
SHARES OUTSTANDING:
Investment Class shares................. 13,526,466 1,044,484 559,184 1,476,542 8,548,239
============ =========== ========== =========== ===========
Institutional Class shares.............. 2,588,062 3,100,853 377,043 915,615 167,637
============ =========== ========== =========== ===========
Horace Mann Class shares................ -- -- -- -- 47,898
============ =========== ========== =========== ===========
INVESTMENT CLASS SHARES:
Net asset value, offering and redemption
price per share....................... $ 42.03 $ 16.78 $ 17.49 $ 11.05 $ 11.51
============ =========== ========== =========== ===========
INSTITUTIONAL CLASS SHARES:
Net asset value, offering and redemption
price per share....................... $ 42.22 $ 16.77 $ 17.57 $ 11.04 $ 11.51
============ =========== ========== =========== ===========
HORACE MANN CLASS SHARES:
Net asset value, offering and redemption
price per share....................... $ -- $ -- $ -- $ -- $ 11.50
============ =========== ========== =========== ===========
</TABLE>
See Notes to Financial Statements.
71
<PAGE>
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 29, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
LARGE LARGE SMALL SMALL WILSHIRE
COMPANY COMPANY COMPANY COMPANY 5000
GROWTH VALUE GROWTH VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO*
------------ ------------ ---------- ----------- -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends............................... $ 2,005,978 $ 939,047 $ 13,315 $ 441,199 $ 614,761
Other Income............................ 78 283 -- -- --
------------ ------------ ---------- ----------- -----------
Total Income.......................... 2,006,056 939,330 13,315 441,199 614,761
------------ ------------ ---------- ----------- -----------
EXPENSES:
Investment advisory fee (Note 2)........ 774,995 90,870 18,226 40,886 52,177
Administration fee (Note 2)............. 478,465 67,990 24,411 38,067 90,697
Transfer agent fees..................... 128,882 49,010 22,875 27,951 34,991
Custodian fees (Note 2)................. 58,952 31,035 32,076 31,068 50,728
Registration and filing fees............ 51,868 12,580 8,086 7,890 37,523
Legal and Audit fees.................... 50,249 7,617 2,175 3,886 16,857
Printing fees........................... 65,969 5,955 786 2,590 15,533
Directors' fees and expenses
(Note 2).............................. 30,066 4,565 1,210 2,310 9,701
Distribution and service fees
(Note 3).............................. 865,562 25,822 12,740 29,237 176,988
Other................................... 20,473 10,459 5,600 7,258 16,973
------------ ------------ ---------- ----------- -----------
Subtotal.............................. 2,525,481 305,903 128,185 191,143 502,168
Fees waived and reimbursed by investment
adviser (Note 2)...................... -- -- (10,931) (24,487) (69,490)
Fees waived by Funds' administrator
(Note 2).............................. -- -- -- -- (111,582)
Custody earnings credits (Note 2)....... (51,972) (14,327) (2,656) (3,134) (7,751)
------------ ------------ ---------- ----------- -----------
Total net expenses.................... 2,473,509 291,576 114,598 163,522 313,345
------------ ------------ ---------- ----------- -----------
NET INVESTMENT INCOME/(LOSS)............ (467,453) 647,754 (101,283) 277,677 301,416
------------ ------------ ---------- ----------- -----------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS
(Notes 1 and 4)
Net realized gain/(loss) on investments
during the period..................... (10,073,354) (5,470,874) (402,597) (2,793,972) 237,998
Net change in unrealized appreciation/
(depreciation) of investments during
the period............................ 105,180,900 (6,350,157) 4,411,576 (3,090,262) 11,506,907
------------ ------------ ---------- ----------- -----------
NET REALIZED AND UNREALIZED GAIN/ (LOSS)
ON INVESTMENTS........................ 95,107,546 (11,821,031) 4,008,979 (5,884,234) 11,745,007
------------ ------------ ---------- ----------- -----------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS............. $94,640,093 $(11,173,277) $3,907,696 $(5,606,557) $12,046,423
============ ============ ========== =========== ===========
</TABLE>
- ------------------------
* Wilshire 5000 Index Portfolio Horace Mann Class Shares commenced operations
on December 10, 1999.
See Notes to Financial Statements.
72
<PAGE>
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED FEBRUARY 29, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
LARGE LARGE SMALL SMALL WILSHIRE
COMPANY COMPANY COMPANY COMPANY 5000
GROWTH VALUE GROWTH VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO*
------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Operations:
Net investment income/(loss)............ $ (467,453) $ 647,754 $ (101,283) $ 277,677 $ 301,416
Net realized gain/(loss) on investments
sold during the period................ (10,073,354) (5,470,874) (402,597) (2,793,972) 237,998
Net change in unrealized appreciation/
(depreciation) of investments during
the period............................ 105,180,900 (6,350,157) 4,411,576 (3,090,262) 11,506,907
------------- ------------ ------------ ------------ ------------
Net increase/(decrease) in net assets
resulting from operations............. 94,640,093 (11,173,277) 3,907,696 (5,606,557) 12,046,321
Distributions to shareholders from:
Net investment income:
Investment Class shares............... -- (290,710) -- (465,434) (433,883)
Institutional Class shares............ -- (1,143,646) -- (237,337) (1,583)
Horace Mann Class shares.............. -- -- -- -- (643)
Net realized gain on investments:
Investment Class shares............... (5,828,884) (940,507) -- (501,864) (202,200)
Institutional Class shares............ (1,041,216) (2,920,286) -- (208,302) (484)
Horace Mann Class shares.............. -- -- -- -- --
------------- ------------ ------------ ------------ ------------
Total distributions to shareholders..... (6,870,100) (5,295,149) -- (1,412,937) (638,793)
Capital Stock Transactions: (Dollars)
Investment Class shares:
Shares sold......................... 182,515,901 11,516,817 10,788,400 7,764,765 27,268,910
Shares issued as reinvestment of
dividends......................... 5,450,826 1,184,449 -- 942,183 614,597
Shares redeemed..................... (148,459,835) (10,959,850) (12,247,835) (13,987,329) (40,879,162)
------------- ------------ ------------ ------------ ------------
Total Investment Class shares........... 39,506,892 1,741,416 (1,459,435) (5,280,381) (12,995,655)
------------- ------------ ------------ ------------ ------------
Institutional Class shares:
Shares sold......................... 33,283,803 11,152,846 39,611 656,705 1,775,045
Shares issued as reinvestment of
dividends......................... 982,475 3,894,347 -- 445,640 1,801
Shares redeemed..................... (11,320,601) (7,317,656) (953) (391,335) (33,878)
------------- ------------ ------------ ------------ ------------
Total Institutional Class shares........ 22,945,677 7,729,537 38,658 711,010 1,742,968
------------- ------------ ------------ ------------ ------------
</TABLE>
- ------------------------
* Wilshire 5000 Index Portfolio Horace Mann Class Shares commenced operations
on December 10, 1999.
See Notes to Financial Statements.
73
<PAGE>
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS - (Continued)
FOR THE SIX MONTHS ENDED FEBRUARY 29, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
LARGE LARGE SMALL SMALL WILSHIRE
COMPANY COMPANY COMPANY COMPANY 5000
GROWTH VALUE GROWTH VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO*
------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Capital Stock Transactons: (Dollars -
continued)
Horace Mann Class shares:
Shares sold......................... -- -- -- -- 551,202
Shares issued as reinvestment of
dividends......................... -- -- -- -- 643
Shares redeemed..................... -- -- -- -- (2,599)
------------- ------------ ------------ ------------ ------------
Total Horace Mann Class shares.......... -- -- -- -- 549,246
------------- ------------ ------------ ------------ ------------
Net increase/(decrease) in net assets
from Capital Stock transactions....... 62,452,569 9,470,953 (1,420,777) (4,569,371) (10,703,441)
------------- ------------ ------------ ------------ ------------
Net increase/(decrease) in net assets... 150,222,562 (6,997,473) 2,486,919 (11,588,865) 704,087
------------- ------------ ------------ ------------ ------------
NET ASSETS:
Beginning of period..................... 527,625,280 76,533,034 13,918,123 38,021,104 100,169,030
------------- ------------ ------------ ------------ ------------
End of period........................... $677,847,842 $69,535,561 $16,405,042 $26,432,239 $100,873,117
============= ============ ============ ============ ============
Undistributed net investment
income/(loss)......................... $ (467,453) $ 188,895 $ (101,283) $ 73,785 $ 72,210
============= ============ ============ ============ ============
Capital Share Transactions:
Investment Class shares:
Shares sold........................... 4,553,089 613,329 695,553 624,293 2,458,959
Shares issued as reinvestment of
dividends........................... 134,323 62,946 -- 77,962 53,093
Shares redeemed....................... (3,667,807) (574,575) (804,039) (1,167,206) (3,649,662)
------------- ------------ ------------ ------------ ------------
Net increase/(decrease) in Investment
Class shares outstanding.............. 1,019,605 101,700 (108,486) (464,951) (1,137,610)
============= ============ ============ ============ ============
Institutional Class shares:
Shares sold........................... 849,782 593,900 2,547 56,843 153,031
Shares issued as reinvestment of
dividends........................... 24,114 207,211 -- 36,956 155
Shares redeemed....................... (281,373) (395,558) (61) (32,695) (3,273)
------------- ------------ ------------ ------------ ------------
Net increase in Institutional
Class shares outstanding.............. 592,523 405,553 2,486 61,104 149,913
============= ============ ============ ============ ============
Horace Mann Class shares:
Shares sold........................... -- -- -- -- 48,066
Shares issued as reinvestment of
dividends........................... -- -- -- -- 55
Shares redeemed....................... -- -- -- -- (223)
------------- ------------ ------------ ------------ ------------
Net increase in Horace Mann Class shares
outstanding........................... -- -- -- -- 47,898
============= ============ ============ ============ ============
</TABLE>
- ------------------------
* Wilshire 5000 Index Portfolio Horace Mann Class Shares commenced operations
on December 10, 1999.
See Notes to Financial Statements.
74
<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
------------- ------------ ------------ ------------ ------------
</TABLE>
- ------------------------
* Wilshire 5000 Index Portfolio Investment and Institutional Class Shares
commenced operations on February 1, 1999.
See Notes to Financial Statements.
75
<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>
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
============ =========== =========== =========== ============
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>
- ------------------------
* Wilshire 5000 Index Portfolio Investment and Institutional Class Shares
commenced operations on February 1, 1999.
See Notes to Financial Statements.
76
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
Investment Class Shares
-----------------------------------------------------------------------
Six Months Year Ended August 31,
Ended --------------------------------------------------------
2/29/00+ 1999 1998 1997 1996 1995
-------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.... $ 36.37 $ 26.09 $ 23.92 $ 19.35 $ 16.34 $ 13.31
-------- -------- ------- ------- ------- -------
Income from investment operations:
Net investment income/(loss)............ (0.03) (0.05) 0.04 0.04*** 0.07 0.10
Net realized and unrealized gain on
investments.......................... 6.13 12.30 2.71 7.29 3.45 3.03
-------- -------- ------- ------- ------- -------
Total from investment operations........ 6.10 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........ (0.44) (1.95) (0.52) (2.73) (0.39) --
-------- -------- ------- ------- ------- -------
Total distributions..................... (0.44) (1.97) (0.58) (2.76) (0.51) (0.10)
-------- -------- ------- ------- ------- -------
Net asset value, end of period.......... $ 42.03 $ 36.37 $ 26.09 $ 23.92 $ 19.35 $ 16.34
======== ======== ======= ======= ======= =======
Total return (a)........................ 16.81%** 48.46% 11.61% 40.91% 21.90% 23.67%
======== ======== ======= ======= ======= =======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's).... $568,583 $454,853 $81,569 $73,480 $19,035 $21,348
Operating expenses including
reimbursement/waiver/ custody
earnings credit...................... 0.85%* 0.90% 0.71% 0.81% 0.93% 0.84%
Operating expenses excluding custody
earnings credit...................... 0.87%* 0.95% 0.73% 0.91% -- --
Operating expenses excluding
reimbursement/waiver/ custody
earnings credit...................... 0.87%* 0.95% 0.77% 1.09% 0.96% 1.05%
Net investment income including
reimbursement/ waiver/custody
earnings credit...................... (0.20)%* (0.11)% 0.16% 0.20% 0.39% 0.94%
Portfolio turnover rate................. 22%** 35% 57% 43% 44% 30%
</TABLE>
- -------------------------------------------------
+ Unaudited.
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the weighted average
shares outstanding method for the year.
(a) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
77
<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
-------------------------------------------------------------
Six Months Year Ended August 31, Period
Ended ------------------------------- Ended
2/29/00+ 1999 1998 1997 8/31/96(1)
-------- ---- ---- ---- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.... $ 36.47 $ 26.12 $ 23.91 $ 19.35 $18.27
-------- ------- ------- ------- ------
Income from investment operations:
Net investment income................... 0.02 0.03 0.08 0.05*** 0.01
Net realized and unrealized gain on
investments.......................... 6.17 12.31 2.72 7.29 1.07
-------- ------- ------- ------- ------
Total from investment operations........ 6.19 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........ (0.44) (1.95) (0.52) (2.73) --
-------- ------- ------- ------- ------
Total distributions..................... (0.44) (1.99) (0.59) (2.78) --
-------- ------- ------- ------- ------
Net asset value, end of period.......... $ 42.22 $ 36.47 $ 26.12 $ 23.91 $19.35
======== ======= ======= ======= ======
Total return (a)........................ 17.01%** 48.81% 11.78% 40.99% 5.91%**
======== ======= ======= ======= ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's).... $109,265 $72,773 $34,993 $41,881 $7,763
Operating expenses including
reimbursement/waiver/custody
earnings credit...................... 0.53%* 0.62% 0.60% 0.78% 0.91%*
Operating expenses excluding custody
earnings credit...................... 0.55%* 0.67% 0.62% 0.87% --
Operating expenses excluding
reimbursement/waiver/custody
earnings credit...................... 0.55%* 0.67% 0.66% 1.06% 0.94%*
Net investment income including
reimbursement/waiver/custody earnings
credit............................... 0.12%* 0.18% 0.27% 0.23% 0.41%*
Portfolio turnover rate................. 22%** 35% 57% 43% 44%**
</TABLE>
- -------------------------------------------------
+ Unaudited.
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the weighted average
shares outstanding method for the year.
(1) Large Company Growth Portfolio Institutional Class Shares commenced
operations of July 15, 1996.
(a) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
78
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
Investment Class Shares
----------------------------------------------------------------------
Six Months Year Ended August 31,
Ended -------------------------------------------------------
2/29/2000+ 1999 1998 1997 1996 1995
---------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.... $ 21.02 $ 19.29 $ 20.49 $ 17.80 $ 16.02 $ 13.99
------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment income................... 0.15 0.28 0.38 0.47*** 0.85 0.34
Net realized and unrealized gain/(loss)
on investments....................... (3.02) 3.32 0.01 5.13 1.91 2.19
------- ------- ------- ------- ------- -------
Total from investment operations........ (2.87) 3.60 0.39 5.60 2.76 2.53
------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income.... (0.31) (0.33) (0.38) (0.60) (0.47) (0.40)
Distributions from capital gains........ (1.06) (1.54) (1.21) (2.31) (0.51) (0.10)
------- ------- ------- ------- ------- -------
Total distributions..................... (1.37) (1.87) (1.59) (2.91) (0.98) (0.50)
------- ------- ------- ------- ------- -------
Net asset value, end of period.......... $ 16.78 $ 21.02 $ 19.29 $ 20.49 $ 17.80 $ 16.02
======= ======= ======= ======= ======= =======
Total return (a)........................ (14.28)%** 18.78% 1.34% 34.27% 17.52% 18.97%
======= ======= ======= ======= ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's).... $17,530 $19,814 $13,055 $13,989 $17,960 $22,926
Operating expenses including
reimbursement/waiver/custody earnings
credit............................... 1.01%* 1.04% 0.83% 0.91% 0.89% 0.81%
Operating expenses excluding custody
earnings credit...................... 1.05%* 1.06% 0.86% 0.96% -- --
Operating expenses excluding
reimbursement/waiver/custody earnings
credit............................... 1.05%* 1.06% 0.91% 1.18% 0.92% 1.02%
Net investment income including
reimbursement/waiver/custody earnings
credit............................... 1.58%* 1.58% 1.88% 2.51% 3.12% 3.77%
Portfolio turnover rate................. 54%** 57% 56% 65% 56% 58%
</TABLE>
- -------------------------------------------------
+ Unaudited.
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the weighted average
shares outstanding method for the year.
See Notes to Financial Statements.
79
<PAGE>
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS - (Continued)
(a) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
80
<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
-------------------------------------------------------------
Six Months Year Ended August 31, Period
Ended ------------------------------- Ended
2/29/00+ 1999 1998 1997 8/31/96(1)
-------- ---- ---- ---- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.... $ 21.04 $ 19.29 $ 20.47 $ 17.80 $ 17.19
------- ------- ------- ------- -------
Income from investment operations:
Net investment income................... 0.17 0.37 0.41 0.47*** 0.07
Net realized and unrealized gain/(loss)
on investments....................... (3.01) 3.28 0.01 5.13 0.54
------- ------- ------- ------- -------
Total from investment operations........ (2.84) 3.65 0.42 5.60 0.61
------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income.... (0.37) (0.36) (0.39) (0.62) --
Distributions from capital gains........ (1.06) (1.54) (1.21) (2.31) --
------- ------- ------- ------- -------
Total distributions..................... (1.43) (1.90) (1.60) (2.93) --
------- ------- ------- ------- -------
Net asset value, end of period.......... $ 16.77 $ 21.04 $ 19.29 $ 20.47 $ 17.80
======= ======= ======= ======= =======
Total return (a)........................ (14.12)%** 19.05% 1.47% 34.26% 3.55%**
======= ======= ======= ======= =======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's).... $52,006 $56,719 $46,017 $49,334 $17,425
Operating expenses including
reimbursement/ waiver/custody
earnings credit...................... 0.73%* 0.77% 0.73% 0.91% 0.87%*
Operating expenses excluding custody
earnings credit...................... 0.77%* 0.79% 0.76% 0.96% --
Operating expenses excluding
reimbursement/ waiver/custody
earnings credit...................... 0.77%* 0.79% 0.81% 1.18% 0.90%*
Net investment income including
reimbursement/ waiver/custody
earnings credit...................... 1.86%* 1.86% 1.98% 2.51% 3.14%*
Portfolio turnover rate................. 54%** 57% 56% 65% 56%**
</TABLE>
- -------------------------------------------------
+ Unaudited.
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the weighted average
shares outstanding method for the year.
(1) Large Company Value Portfolio Institutional Class Shares commenced
operations on July 15, 1996.
(a) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
81
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
Investment Class Shares
----------------------------------------------------------------------
Six Months Year Ended August 31,
Ended -------------------------------------------------------
2/29/00+ 1999 1998 1997 1996 1995
-------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.... $13.34 $11.78 $16.61 $ 18.56 $ 18.55 $ 15.39
------ ------ ------ ------- ------- -------
Income from investment operations:
Net investment loss..................... (0.11) (0.57) (0.18) (0.17)*** (0.19) (0.07)
Net realized and unrealized gain/(loss)
on investments....................... 4.26 3.01 (3.98) 2.38 3.06 3.54
------ ------ ------ ------- ------- -------
Total from investment operations........ 4.15 2.44 (4.16) 2.21 2.87 3.47
------ ------ ------ ------- ------- -------
Less distributions:
Dividends from net investment income.... -- -- -- -- -- --
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 period.......... $17.49 $13.34 $11.78 $ 16.61 $ 18.56 $ 18.55
====== ====== ====== ======= ======= =======
Total return (a)........................ 31.11%** 20.79% (26.02)% 15.16% 17.50% 23.04%
====== ====== ====== ======= ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's).... $9,781 $8,907 $9,659 $14,471 $18,049 $21,882
Operating expenses including
reimbursement/ waiver/custody
earnings credit...................... 1.67%* 1.46% 1.26% 1.22% 1.01% 0.95%
Operating expenses excluding custody
earnings credit...................... 1.71%* 1.50% 1.28% 1.24% -- --
Operating expenses excluding
reimbursement/waiver/custody earnings
credit............................... 1.86%* 1.65% 1.43% 1.45% 1.05% 1.16%
Net investment income including
reimbursement/waiver/custody earnings
credit............................... (1.49)%* (1.20)% (1.05)% (1.05)% (0.78)% (0.54)%
Portfolio turnover rate................. 56%** 153% 74% 105% 87% 111%
</TABLE>
- -------------------------------------------------
+ Unaudited.
* Annualized.
** Non-annualized.
See Notes to Financial Statements.
81
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS - (Continued)
*** The selected per share data was calculated using the weighted average
shares outstanding method for the year.
(a) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
82
<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
-------------------------------------------------------------
Six Months Year Ended August 31, Period
Ended ------------------------------- Ended
2/29/00+ 1999 1998 1997 8/31/96(1)
-------- ---- ---- ---- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.... $13.38 $11.79 $16.61 $18.56 $16.66
------ ------ ------ ------ ------
Income from investment operations:
Net investment loss..................... (0.09) (0.54) (0.17) (0.17)*** (0.02)
Net realized and unrealized gain/(loss)
on investments....................... 4.28 3.01 (3.98) 2.38 1.92
------ ------ ------ ------ ------
Total from investment operations........ 4.19 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.......... $17.57 $13.38 $11.79 $16.61 $18.56
====== ====== ====== ====== ======
Total return (a)........................ 31.32%** 21.04% (25.95)% 15.14% 11.40%**
====== ====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's).... $6,624 $5,011 $4,054 $4,599 $3,577
Operating expenses including
reimbursement/waiver/ custody
earnings credit...................... 1.40%* 1.27% 1.17% 1.22% 0.98%*
Operating expenses excluding custody
earnings credit...................... 1.44%* 1.31% 1.19% 1.24% --
Operating expenses excluding
reimbursement/waiver/ custody
earnings credit...................... 1.59%* 1.46% 1.34% 1.45% 1.02%*
Net investment income including
reimbursement/ waiver/custody
earnings credit...................... (1.22)%* (1.01)% (0.96)% (1.05)% (0.75)%*
Portfolio turnover rate................. 56%** 153% 74% 105% 87%**
</TABLE>
- -------------------------------------------------
+ Unaudited.
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the weighted average
shares outstanding method for the year.
(1) Small Company Growth Portfolio Institutional Class Shares commenced
operations of July 15, 1996.
(a) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
83
<PAGE>
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
Investment Class Shares
----------------------------------------------------------------------
Six Months Year Ended August 31,
Ended -------------------------------------------------------
2/29/00+ 1999 1998 1997 1996 1995
-------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.... $ 13.60 $ 13.77 $ 17.25 $ 15.92 $ 15.41 $ 14.32
------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment income................... 0.10 0.09 0.36 0.40*** 0.56 0.55
Net realized and unrealized gain/(loss)
on investments....................... (2.16) 0.79 (1.50) 4.27 0.95 1.06
------- ------- ------- ------- ------- -------
Total from investment operations........ (2.06) 0.88 (1.14) 4.67 1.51 1.61
------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income.... (0.24) (0.19) (0.37) (0.75) (0.56) (0.45)
Distributions from capital gains........ (0.25) (0.86) (1.97) (2.59) (0.44) (0.07)
------- ------- ------- ------- ------- -------
Total distributions..................... (0.49) (1.05) (2.34) (3.34) (1.00) (0.52)
------- ------- ------- ------- ------- -------
Net asset value, end of period.......... $ 11.05 $ 13.60 $ 13.77 $ 17.25 $ 15.92 $ 15.41
======= ======= ======= ======= ======= =======
Total return (a)........................ (15.41)%** 6.20% (8.79)% 33.73% 10.01% 11.84%
======= ======= ======= ======= ======= =======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's).... $16,322 $26,395 $17,602 $20,299 $27,329 $25,978
Operating expenses including
reimbursement/waiver/ custody
earnings credit...................... 1.44%* 1.02% 0.83% 0.86% 0.88% 0.69%
Operating expenses excluding custody
earnings credit...................... 1.46%* 1.08% 0.85% 0.90% -- --
Operating expenses excluding
reimbursement/waiver/ custody
earnings credit...................... 1.61%* 1.23% 1.00% 1.15% 0.92% 0.91%
Net investment income including
reimbursement/ waiver/custody
earnings credit...................... 1.62%* 1.71% 1.61% 2.58% 3.13% 4.12%
Portfolio turnover rate................. 52%** 113% 74% 105% 81% 86%
</TABLE>
- -------------------------------------------------
+ Unaudited.
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the weighted average
shares outstanding method for the year.
(a) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
83
<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
-------------------------------------------------------------
Six Months Year Ended August 31, Period
Ended ------------------------------- Ended
2/29/00+ 1999 1998 1997 8/31/96(1)
-------- ---- ---- ---- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.... $ 13.61 $ 13.76 $ 17.23 $ 15.92 $15.45
------- ------- ------- ------- ------
Income from investment operations:
Net investment income................... 0.11 0.14 0.38 0.40*** 0.06
Net realized and unrealized gain/(loss)
on investments....................... (2.16) 0.77 (1.50) 4.27 0.41
------- ------- ------- ------- ------
Total from investment operations........ (2.05) 0.91 (1.12) 4.67 0.47
------- ------- ------- ------- ------
Less distributions:
Dividends from net investment income.... (0.27) (0.20) (0.38) (0.77) --
Distributions from capital gains........ (0.25) (0.86) (1.97) (2.59) --
------- ------- ------- ------- ------
Total distributions..................... (0.52) (1.06) (2.35) (3.36) --
------- ------- ------- ------- ------
Net asset value, end of period.......... $ 11.04 $ 13.61 $ 13.76 $ 17.23 $15.92
======= ======= ======= ======= ======
Total return (a)........................ 15.35%** 6.43% (8.72)% 33.74% 3.04%**
======= ======= ======= ======= ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's).... $10,110 $11,627 $10,454 $26,412 $7,335
Operating expenses including
reimbursement/waiver/custody
earnings credit...................... 1.20%* 0.79% 0.74% 0.86% 0.85%*
Operating expenses excluding custody
earnings credit...................... 1.22%* 0.85% 0.76% 0.90% --
Operating expenses excluding
reimbursement/waiver/custody earnings
credit............................... 1.37%* 1.00% 0.91% 1.15% 0.89%*
Net investment income including
reimbursement/waiver/ custody
earnings credit...................... 1.86%* 1.94% 1.70% 2.58% 3.16%*
Portfolio turnover rate................. 52%** 113% 74% 105% 81%**
</TABLE>
- -------------------------------------------------
+ Unaudited.
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the weighted average
shares outstanding method for the year.
(1) Small Company Value Portfolio Institutional Class Shares commenced
operations on July 15, 1996.
(a) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
84
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
Investment Class Shares
------------------------
Six Months Period
Ended Ended
2/29/00+ 8/31/99(1)
-------- ----------
<S> <C> <C>
Net asset value, beginning of period.... $ 10.32 $ 10.00
------- -------
Income from investment operations:
Net investment income................... 0.03 0.02
Net realized and unrealized gain on
investments.......................... 1.22 0.30
------- -------
Total from investment operations........ 1.25 0.32
------- -------
Less distributions:
Dividends from net investment income.... (0.04) --
Distributions from capital gains........ (0.02) --
------- -------
Total distributions..................... (0.06) --
------- -------
Net asset value, end of period.......... $ 11.51 $ 10.32
======= =======
Total return (a)........................ 12.13%** 3.20%**
======= =======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's).... $98,392 $99,986
Operating expenses including
reimbursement/waiver/custody earnings
credit............................... 0.60%* 0.60%*
Operating expenses excluding custody
earnings credit...................... 0.62%* 0.69%*
Operating expenses excluding
reimbursement/waiver/custody earnings
credit............................... 0.96%* 1.33%*
Net investment income including
reimbursement/waiver/custody earnings
credit............................... 0.57%* 0.60%*
Portfolio turnover rate................. 20%** 4%**
</TABLE>
- -------------------------------------------------
+ Unaudited.
* 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.
See Notes to Financial Statements.
85
<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
----------------------------
Six Months Period
Ended Ended
2/29/00+ 8/31/99(1)
-------- ----------
<S> <C> <C>
Net asset value, beginning of period.... $10.33 $10.00
------ ------
Income from investment operations:
Net investment income................... 0.05 0.03
Net realized and unrealized gain on
investments.......................... 1.22 0.30
------ ------
Total from investment operations........ 1.27 0.33
------ ------
Less distributions:
Dividends from net investment income.... (0.07) --
Distributions from capital gains........ (0.02) --
------ ------
Total distributions..................... (0.09) --
------ ------
Net asset value, end of period.......... $11.51 $10.33
====== ======
Total return (a)........................ 12.24%** 3.30%**
====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's).... $1,930 $ 183
Operating expenses including
reimbursement/waiver/custody earnings
credit............................... 0.35%* 0.35%*
Operating expenses excluding custody
earnings credit...................... 0.37%* 0.48%*
Operating expenses excluding
reimbursement/waiver/custody earnings
credit............................... 0.71%* 1.32%*
Net investment income including
reimbursement/waiver/custody earnings
credit............................... 0.82%* 1.20%*
Portfolio turnover rate................. 20%** 4%**
</TABLE>
- -------------------------------------------------
+ Unaudited.
* 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.
See Notes to Financial Statements.
86
<PAGE>
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS - (Continued)
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT THE PERIOD.
<TABLE>
<CAPTION>
Horace Mann Class Shares
-------------------------
Period
Ended
2/29/00+
--------
<S> <C>
Net asset value, beginning of period.............. $10.00
------
Income from investment operations:
Net investment income............................. 0.04
Net realized and unrealized gain on investments... 1.52
------
Total from investment operations.................. 1.56
------
Less distributions:
Dividends from net investment income.............. (0.06)
------
Total distributions............................... (0.06)
------
Net asset value, end of period.................... $11.50
======
Total return (a).................................. 15.63%**
======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's).............. $ 551
Operating expenses including
reimbursement/waiver/custody earnings credit... 0.70%*
Operating expenses excluding custody earnings
credit......................................... 0.72%*
Operating expenses excluding
reimbursement/waiver/custody earnings credit... 1.06%*
Net investment income including
reimbursement/waiver/custody earnings credit... 0.47%*
Portfolio turnover rate........................... 20%**
</TABLE>
- -------------------------------------------------
+ Unaudited. The Wilshire 5000 Horace Mann Class Shares commenced operations
on December 10, 1999.
* Annualized.
** Non-annualized.
(a) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
87
<PAGE>
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. Significant Accounting Policies.
Wilshire Target Funds, Inc. (the "Fund") is registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end
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.
88
<PAGE>
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (Continued) - (Unaudited)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Distributions from net investment
income, if any, are declared and paid annually. The Portfolio's net realized
capital gains, unless offset by any available capital loss carryforward, are
distributed to shareholders annually. Additional distributions of net investment
income and capital gains may be made at the discretion of the Board of Directors
in order to avoid the application of a 4% non-deductible Federal excise tax.
Income distributions and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments of
income and gains on various investment securities held by the Portfolios, timing
differences and differing characterization of distributions made by each
Portfolio as a whole.
FEDERAL INCOME TAXES: The Fund intends to qualify each year as a regulated
investment company by complying with the requirements of the Internal Revenue
Code of 1986, as amended, 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 and reimburse other
expenses with respect to the extent necessary to maintain the Portfolio's
expense ratio (other than 12b-1 fees) at 0.35% of the Portfolio's daily net
assets until at least September 30, 2000.
For the six months ended February 29, 2000, Wilshire voluntarily waived fees and
reimbursed other expenses as follows:
<TABLE>
<CAPTION>
FUND
- ----
<S> <C>
Small Company Growth Portfolio.................... $10,931
Small Company Value Portfolio..................... 24,487
Wilshire 5000 Index Portfolio..................... 69,490
</TABLE>
89
<PAGE>
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (Continued) - (Unaudited)
PFPC, Inc. ("PFPC") (formerly, First Data Investor Services Group, Inc.) 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 PFPC 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
PFPC an annual fee of $25,000 per each Portfolio and $2,000 for each additional
class.
With respect to the Wilshire 5000 Index Portfolio, PFPC 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 six months ended February 29, 2000, PFPC voluntarily waived fees as
follows:
<TABLE>
<S> <C>
Administration and Accounting..................... $90,697
Transfer Agency................................... 20,885
</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 six
months ended February 29, 2000, the charges were as follows: Large Company
Growth, $11,559; Large Company Value, $4,679; Small Company Growth, $4,998;
Small Company Value, $6,229; Wilshire 5000 Index, $1,377.
No officer, director or employee of Wilshire, PFPC, 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 Provident Distributors,
Inc.("PDI"), 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 six months
ended February 29, 2000, the distribution and service fees expenses incurred for
Large Company Growth Portfolio, Large Company Value Portfolio, Small Company
Growth Portfolio, Small Company Value Portfolio and Wilshire 5000 Index
Portfolio were .25%, .25%, .25%, .25% and .25% of average net assets,
respectively.
90
<PAGE>
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (Continued) - (Unaudited)
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 six months ended
February 29, 2000, 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
.09%, .05%, .04%, .03% and .10% of attributable average net assets,
respectively.
The Directors of the Fund, and 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 PDI 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. During the period ended February 29, 2000, the distribution fees
expenses incurred for the Horace Mann Class were .35% of attributable average
net assets.
4. Securities Transactions.
For the six months ended February 29, 2000 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.......... $193,494,665 $132,770,820
Large Company Value Portfolio........... 44,381,623 39,392,433
Small Company Growth Portfolio.......... 8,371,407 10,021,140
Small Company Value Portfolio........... 16,940,919 22,565,177
Wilshire 5000 Index Portfolio........... 21,049,159 31,696,237
</TABLE>
The aggregate gross unrealized appreciation and depreciation, as computed on a
federal income tax basis, at February 29, 2000 for each Portfolio is as follows:
<TABLE>
<CAPTION>
UNREALIZED UNREALIZED
FUND APPRECIATION DEPRECIATION
- ---- ------------ ------------
<S> <C> <C>
Large Company Growth Portfolio.......... $236,213,966 $28,540,286
Large Company Value Portfolio........... 10,977,000 7,468,039
Small Company Growth Portfolio.......... 6,246,452 1,148,727
Small Company Value Portfolio........... 2,913,092 4,749,783
Wilshire 5000 Index Portfolio........... 22,656,848 12,129,823
</TABLE>
91
<PAGE>
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (Continued) - (Unaudited)
5. Significant Shareholder Activity.
At February 29, 2000, 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.................... 36%
Large Company Value Portfolio..................... 30%
Small Company Growth Portfolio.................... 97%
Small Company Value Portfolio..................... 93%
Wilshire 5000 Index Portfolio..................... 45%
</TABLE>
92
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[LOGO]
W I L S H I R E
- ------------------
TARGET FUNDS, INC.
- ------------------
P.O. Box 60488
King of Prussia, Pennsylvania 19406-0488
