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[Palm tree graphic omitted]
WILSHIRE
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TARGET FUNDS, INC.
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ANNUAL REPORT
LARGE COMPANY GROWTH PORTFOLIO
LARGE COMPANY VALUE PORTFOLIO
SMALL COMPANY GROWTH PORTFOLIO
SMALL COMPANY VALUE PORTFOLIO
WILSHIRE 5000 INDEX PORTFOLIO
AUGUST 31, 2000
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www.wilfunds.com
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<PAGE>
WILSHIRE TARGET FUNDS, INC.
Shareholder Letter ................................................ 1
Large Company Growth Portfolio:
Fund Commentary .............................................. 3
Large Company Value Portfolio:
Fund Commentary .............................................. 6
Small Company Growth Portfolio:
Fund Commentary .............................................. 9
Small Company Value Portfolio:
Fund Commentary .............................................. 12
Wilshire 5000 Index Portfolio:
Fund Commentary .............................................. 15
Statements of Investments:
Large Company Growth Portfolio ............................... 18
Large Company Value Portfolio ................................ 21
Small Company Growth Portfolio ............................... 25
Small Company Value Portfolio ................................ 30
Wilshire 5000 Index Portfolio ................................ 34
Statements of Assets and Liabilities .............................. 66
Statements of Operations .......................................... 68
Statements of Changes in Net Assets 69
Financial Highlights:
Large Company Growth Portfolio ............................... 73
Large Company Value Portfolio ................................ 75
Small Company Growth Portfolio ............................... 77
Small Company Value Portfolio ................................ 79
Wilshire 5000 Index Portfolio ................................ 81
Notes to Financial Statements ..................................... 85
----------------------------------------
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 our annual report to all shareholders of the Wilshire
Target Funds, Inc. (the "Fund"). This report covers the twelve month period
ended August 31, 2000 for Large Company Growth Portfolio, Large Company Value
Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio and the
Wilshire 5000 Index Portfolio. Each Portfolio offers two classes of shares -
Investment Class shares and Institutional Class shares. The Wilshire 5000 Index
Portfolio also offers Qualified Class Shares and Horace Mann Class Shares.
Performance information for all classes of shares of each Portfolio are
contained in the following pages.
BROAD MARKET EXPOSURE THROUGH THE WILSHIRE 5000 INDEX PORTFOLIO
The Wilshire 5000 Index Portfolio experienced rapid growth in assets early on
after its launch on February 1, 1999. Since that time growth has moderated. We
established the Wilshire 5000 Index Portfolio specifically in response to
investors seeking broad U.S. market exposure in their investment portfolios. The
Wilshire 5000 Index is considered the best representation of the entire market,
measuring the performance of all U.S. domiciled stocks traded on the NYSE, the
AMEX, and the NASDAQ with readily available price information. The Wilshire 5000
Index currently includes approximately 7,000 stocks. Thus unlike the S&P 500
Index, the Wilshire 5000 Index includes small and mid-cap stocks in addition to
large-cap stocks which provides a more comprehensive profile for the market as a
whole.
THE STYLE APPROACH
The Fund also offers focused exposure to the four principal components of the
equity market represented by the Large Company Growth, Large Company Value,
Small Company Growth and Small Company Value Portfolios.
Investors target different fundamental characteristics when choosing to pursue a
style approach. Consequently, each Portfolio owns only securities that
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 price-to-book ratios. Stocks are purchased
only if they meet the specific growth or value criteria defined for each
Portfolio.
Changes are made over time to insure that the Portfolios keep their proper focus
toward that style. Stocks are sold if their size clashes with the Portfolio's
objective or if their financial condition changes to the point where they can no
longer be considered either growth or value. As all investors know, value stocks
do not stay value stocks forever. Once a security makes a strong relative
advance, it can no longer be as attractive as it was before the move. As a
result, the Portfolios require constant vigilance and monitoring. Whether the
focus is growth, value, large or small, we see it as a top priority to be sure
each Portfolio always includes the most attractive list of names for that style
given that valuations are constantly changing.
The Fund allows the investor to select the style and size segment which best
fits his or her investment objective with the assurance that the Portfolio
selected will remain focused on the stated style.
1
<PAGE>
MARKET ENVIRONMENT
Over the twelve months ended August 31, 2000 the equity markets were decidedly
tilted in favor of growth strategies. The Wilshire Target Funds reflected this
as both the Growth Portfolios significantly outperformed the Wilshire 5000
Index. The Large Company Growth Portfolio generated a 28.84% return and the
Small Company Growth Portfolio exceeded that at 33.43% while the Wilshire 5000
Index advanced 20.00%. Opposite to the strength demonstrated by the growth
category were the more disappointing results of value approaches. The Large
Company Value Portfolio advanced a paltry 1.71% during this period, while the
Small Company Value Portfolio actually declined 5.83%.
This period, more than any other in recent history points out the importance
that style and size play in explaining investment results. It also points out
that investors need to be mindful of the risk that they are taking in picking
from too narrow a range of investment alternatives in building their aggregate
portfolio. Given the difficulty in predicting how styles will perform in the
future one needs to be sure that the bases are covered to avoid the wide swings
that result from a non-diversified portfolio posture. Our goal is to provide
vehicles to investors that adhere to well defined style criteria. In this way
investors are given more control in managing the exposures they are targeting.
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 reports on
all our Portfolios, you can download a prospectus and application right off the
web.
Sincerely,
/S/ THOMAS STEVENS
Thomas D. Stevens
President and Chairman of the Board
2
<PAGE>
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[graphic omitted]
LARGE COMPANY GROWTH PORTFOLIO
FUND COMMENTARY
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For the twelve month period ended August 31, 2000, the Portfolio's Investment
Class Shares returned 28.84% and Institutional Class Shares returned 29.23%.
The Technology sector (54.1% weight) made up a third of the Portfolio with a
52.9% return over the twelve months ended August 31, 2000. The strongest
performers among the Technology holdings included Cisco Systems, Hewlett-Packard
Company, EMC Corporation and Sun Microsystems, Inc. Consumer Non-Durables was
the second most heavily weighted sector in the Portfolio at 22.4%, and was the
only sector with a fiscal year ending negative performance (down 3.3%). Capital
Goods (5.8% weight) was the second best performing sector with the largest
twelve month return posted by General Electric Company.
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 securities in this Portfolio that have
enjoyed long and successful growth trends. In addition, these companies
typically have higher than average returns on equity or levels of profitability.
PORTFOLIO INFORMATION(1)
(As of August 31, 2000)
--------------------------------------------------------
AVERAGE 5-YEAR SALES GROWTH ........... 23.9%
AVERAGE 5-YEAR EARNINGS GROWTH ........ 11.7%
AVERAGE 5-YEAR RETURN ON EQUITY ....... 20.6%
AVERAGE MARKET CAPITALIZATION ......... $180.8 BILLION
--------------------------------------------------------
(1) ALL AVERAGES ARE DOLLAR-WEIGHTED AVERAGES. THE 5-YEAR NUMBERS ARE CALCULATED
BASED ON THE RESULTS FOR THE 5-YEAR PERIOD ENDED AUGUST 31, 2000 FOR THOSE
SECURITIES IN THE PORTFOLIO'S HOLDINGS AS OF AUGUST 31, 2000 WHOSE ISSUERS
HAVE BEEN IN EXISTENCE FOR AT LEAST 5 YEARS.
THE STRONG PERFORMANCE OF THE PORTFOLIO WAS IN LARGE PART ATTRIBUTABLE TO THE
PORTFOLIO'S TECHNOLOGY HOLDINGS. INVESTORS IN THE PORTFOLIO SHOULD REALIZE THAT
FAVORABLE CONDITIONS FOR TECHNOLOGY STOCKS MAY NOT CONTINUE AND MAY NOT BE
REPEATED IN THE FUTURE.
3
<PAGE>
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[graphic omitted]
LARGE COMPANY GROWTH PORTFOLIO
FUND COMMENTARY -- (CONTINUED)
--------------------------------------------------------------------------------
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 8/31/00 ................................. 28.84%
FIVE YEARS ENDED 8/31/00 ............................... 29.68%+
INCEPTION (9/30/92) THROUGH 8/31/00 .................... 22.36%+
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 8/31/00 ................................. 29.23%
INCEPTION (7/15/96) THROUGH 8/31/00 .................... 32.65%+
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS.
+ DURING THE PERIODS, CERTAIN FEES AND EXPENSES WERE WAIVED OR REIMBURSED.
WITHOUT SUCH WAIVERS AND REIMBURSEMENTS, TOTAL RETURNS WOULD HAVE BEEN
LOWER.
PORTFOLIO SECTOR WEIGHTING**
(As of August 31, 2000)
[Pie Chart Omitted, plot points as follows:]
TECHNOLOGY 54.1%
CONSUMER NON-DURABLES 22.4%
FINANCE 8.0%
CAPITAL GOODS 5.8%
MATERIALS & SERVICES 3.9%
ENERGY 2.3%
UTILITIES 1.8%
CONSUMER DURABLES 1.0%
TRANSPORTATION 0.7%
** Based upon percent of Portfolio's market value.
4
<PAGE>
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[graphic omitted]
LARGE COMPANY GROWTH PORTFOLIO
FUND COMMENTARY -- (CONTINUED)
--------------------------------------------------------------------------------
COMPARATIVE PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN SHARES OF
LARGE COMPANY GROWTH PORTFOLIO AND THE WILSHIRE 5000 INDEX
[Line Chart Omitted, plot points as follows:]
LARGE COMPANY GROWTH PORTFOLIO
INVESTMENT CLASS SHARES WILSHIRE 5000 INDEX
9/30/92 10,000 10,000
8/31/93 10,245 11,704
8/31/94 10,893 12,264
8/31/95 14,491 14,958
8/31/96 17,665 17,532
8/31/97 24,889 24,066
8/31/98 27,777 24,712
8/31/99 41,241 34,317
8/31/00 53,135 41,181
[Line Chart Omitted, plot points as follows:]
LARGE COMPANY GROWTH PORTFOLIO
INSTITUTIONAL CLASS SHARES WILSHIRE 5000 INDEX
7/15/96 10,000 10,000
8/31/96 10,591 10,468
8/31/97 14,942 14,369
8/31/98 16,701 14,755
8/31/99 24,850 20,490
8/31/00 32,112 24,588
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. THESE CHARTS COMPARE A
$10,000 INVESTMENT MADE IN INVESTMENT CLASS SHARES AND INSTITUTIONAL CLASS
SHARES OF THE PORTFOLIO ON THEIR RESPECTIVE INCEPTION DATES TO A $10,000
INVESTMENT MADE IN THE WILSHIRE 5000 INDEX ON THOSE DATES. ALL DIVIDENDS AND
CAPITAL GAINS ARE REINVESTED. FURTHER INFORMATION RELATING TO THE PORTFOLIO'S
PERFORMANCE, INCLUDING EXPENSE REIMBURSEMENTS, IS CONTAINED IN THE FINANCIAL
HIGHLIGHTS SECTION OF THE RESPECTIVE PROSPECTUS AND ELSEWHERE IN THIS REPORT.
THE WILSHIRE 5000 INDEX IS AN UNMANAGED INDEX WHICH MEASURES THE PERFORMANCE OF
ALL U.S. HEADQUARTERED EQUITY SECURITIES WITH READILY AVAILABLE PRICE DATA. AN
INDIVIDUAL CANNOT INVEST DIRECTLY IN ANY INDEX.
5
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
LARGE COMPANY VALUE PORTFOLIO
FUND COMMENTARY
--------------------------------------------------------------------------------
For the twelve month period ended August 31, 2000, the Portfolio's Investment
Class Shares returned 1.71% and the Institutional Class Shares returned 2.06%.
Only the Finance, Energy and Technology sectors posted positive performances for
the Portfolio at year end, with Finance the most heavily weighted at 27.4% and
posting solid performances in the insurance and miscellaneous finance holdings.
The Energy sector made up the second largest Portfolio weighting at 19.1% and
posted mixed returns among the domestic and international oil industries at the
end of the reporting period. Enron Corporation, Coastal Corporation, Exxon Mobil
Corporation, and Chevron Corporation returned 104.1%, 92.7%, -1.1% and -5.7%,
respectively. The biggest holding in Technology was Boeing (up 41.4%).
Fundamentals that are used for selection of stocks in this Portfolio are price
to earnings ratio, price to book ratio and dividend yield. A high quality
profile is required which eliminates companies that are undergoing adverse
financial pressures. Companies are monitored using a variety of relative value
criteria, the goal being to capture the most attractive value opportunities
available. Buy and sell decisions are based on the relative evaluation of
fundamentals. As a security's valuation improves or deteriorates relative to
other large cap securities, it will be bought or sold.
PORTFOLIO INFORMATION(1)
(As of August 31, 2000)
------------------------------------------------
DIVIDEND YIELD(2)............... 2.3%
AVERAGE PRICE/BOOK RATIO........ 3.2
AVERAGE PRICE/EARNINGS RATIO.... 14.6
AVERAGE MARKET CAPITALIZATION.. $43.1 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 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 OR THE PORTFOLIO ITSELF.
6
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
LARGE COMPANY VALUE PORTFOLIO
FUND COMMENTARY -- (CONTINUED)
--------------------------------------------------------------------------------
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 8/31/00 ................................... 1.71%
FIVE YEARS ENDED 8/31/00 ................................. 14.08%+
INCEPTION (9/30/92) THROUGH 8/31/00 ...................... 13.49%+
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 8/31/00 ................................... 2.06%
INCEPTION (7/15/96) THROUGH 8/31/00 ...................... 13.94%+
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS.
+ DURING THE PERIODS, CERTAIN FEES AND EXPENSES WERE WAIVED OR REIMBURSED.
WITHOUT SUCH WAIVERS AND REIMBURSEMENTS, TOTAL RETURNS WOULD HAVE BEEN
LOWER.
PORTFOLIO SECTOR WEIGHTING**
(As of August 31, 2000)
[Pie Chart Omitted, plot points as follows:]
FINANCE 27.4%
ENERGY 19.1%
UTILITIES 13.1%
TECHNOLOGY 12.8%
CONSUMER NON-DURABLES 10.8%
MATERIALS & SERVICES 6.6%
CONSUMER DURABLES 4.3%
CAPITAL GOODS 3.8%
TRANSPORTATION 2.1%
** Based upon percent of Portfolio's market value.
7
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
LARGE COMPANY VALUE PORTFOLIO
FUND COMMENTARY -- (CONTINUED)
--------------------------------------------------------------------------------
COMPARATIVE PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN SHARES OF
LARGE COMPANY VALUE PORTFOLIO AND THE WILSHIRE 5000 INDEX
[Line Chart Omitted, plot points as follows:]
LARGE COMPANY VALUE PORTFOLIO
INVESTMENT CLASS SHARES WILSHIRE 5000 INDEX
9/30/92 10,000 10,000
8/31/93 12,292 11,704
8/31/94 11,850 12,264
8/31/95 14,097 14,958
8/31/96 16,568 17,532
8/31/97 22,246 24,066
8/31/98 22,544 24,712
8/31/99 26,776 34,317
8/31/00 26,837 41,181
[Line Chart Omitted, plot points as follows:]
LARGE COMPANY VALUE PORTFOLIO
INSTITUTIONAL CLASS SHARES WILSHIRE 5000 INDEX
7/15/96 10,000 10,000
8/31/96 10,355 10,468
8/31/97 13,905 14,369
8/31/98 14,111 14,755
8/31/99 16,796 20,490
8/31/00 17,141 24,588
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. THESE CHARTS COMPARE A
$10,000 INVESTMENT MADE IN INVESTMENT CLASS SHARES AND INSTITUTIONAL CLASS
SHARES OF THE PORTFOLIO ON THEIR RESPECTIVE INCEPTION DATES TO A $10,000
INVESTMENT MADE IN THE INDEX WILSHIRE 5000 ON THOSE DATES. ALL DIVIDENDS AND
CAPITAL GAINS ARE REINVESTED. FURTHER INFORMATION RELATING TO THE PORTFOLIO'S
PERFORMANCE, INCLUDING EXPENSE REIMBURSEMENTS, IS CONTAINED IN THE FINANCIAL
HIGHLIGHTS SECTION OF THE RESPECTIVE PROSPECTUS AND ELSEWHERE IN THIS REPORT.
THE WILSHIRE 5000 INDEX IS AN UNMANAGED INDEX WHICH MEASURES THE PERFORMANCE OF
ALL U.S. HEADQUARTERED EQUITY SECURITIES WITH READILY AVAILABLE PRICE DATA. AN
INDIVIDUAL CANNOT INVEST DIRECTLY IN ANY INDEX.
8
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
SMALL COMPANY GROWTH PORTFOLIO
FUND COMMENTARY
--------------------------------------------------------------------------------
For the twelve month period ended August 31, 2000, the Portfolio's Investment
Class Shares returned 33.43% and Institutional Class Shares returned 33.86%.
The traditional growth sectors - Consumer Non-Durables, Materials & Services
(23.2% weight), and Technology - comprised almost three quarters of the
Portfolio as of August 31, 2000. The only negative performing sectors were
Consumer Durables (down 18.6%) and Utilities (down 45.4%) combined for a 6.2%
weighting in the Portfolio.
Technology, the largest sector in the Portfolio by weighting at 29.7% and
returns of 70.9%, was primarily driven by the business machines industry and a
solid performance by Tech Data Corporation with a twelve month return of 39.3%.
The Materials & Services sector, driven by strong performances in business
services holdings, featured returns over 100% from both CDW ComputerCenters and
Sapient Corporation.
The Consumer Non-Durables sector posted gains of 15.8% with a 19.4% Portfolio
weighting. Strong overall performers in this sector were Catalina Marketing,
Fastenal Company and Brinker International, Inc., with returns of 41.1%, 27.7%
and 31.2%, respectively.
For investment decisions, the Small Company Growth Portfolio uses the same
fundamental criteria as its large-cap partner, although with less emphasis on a
long history of established growth. Specifically, the Portfolio's investment
adviser seeks to identify high quality growth companies by focusing on earnings
and sales growth as well as dividend payout and return on equity. By focusing on
earnings and return on equity in the small-cap arena, the Portfolio seeks to
invest in growth companies with a proven track record.
PORTFOLIO INFORMATION(1)
(As of August 31, 2000)
-------------------------------------------------
AVERAGE 5-YEAR SALES GROWTH ....... 27.6%
AVERAGE 5-YEAR EARNINGS GROWTH .... 12.7%
AVERAGE 5-YEAR RETURN ON EQUITY ... 16.2%
AVERAGE MARKET CAPITALIZATION ..... $1.6 BILLION
-------------------------------------------------
(1) ALL AVERAGES ARE DOLLAR-WEIGHTED AVERAGES. THE 5-YEAR NUMBERS ARE CALCULATED
BASED ON THE RESULTS FOR THE 5-YEAR PERIOD ENDED AUGUST 31, 2000 FOR THOSE
SECURITIES IN THE PORTFOLIO'S HOLDINGS AS OF AUGUST 31, 2000 WHOSE ISSUERS
HAVE BEEN IN EXISTENCE FOR AT LEAST 5 YEARS.
THE STRONG PERFORMANCE OF THE PORTFOLIO WAS IN LARGE PART ATTRIBUTABLE TO THE
PORTFOLIO'S TECHNOLOGY HOLDINGS. INVESTORS IN THE PORTFOLIO SHOULD REALIZE THAT
FAVORABLE CONDITIONS FOR TECHNOLOGY STOCKS MAY NOT CONTINUE AND MAY NOT BE
REPEATED IN THE FUTURE.
SMALL COMPANY STOCKS MAY BE SUBJECT TO A HIGHER DEGREE OF MARKET RISK THAN THE
SECURITIES OF MORE ESTABLISHED COMPANIES BECAUSE THEY TEND TO BE MORE VOLATILE
AND LESS LIQUID.
9
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
SMALL COMPANY GROWTH PORTFOLIO
FUND COMMENTARY -- (CONTINUED)
--------------------------------------------------------------------------------
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 8/31/00 ...................................... 33.43%
FIVE YEARS ENDED 8/31/00 .................................... 10.04%
INCEPTION (10/1/92) THROUGH 8/31/00 ......................... 13.28%
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 8/31/00 ...................................... 33.86%
INCEPTION (7/15/96) THROUGH 8/31/00 ......................... 11.00%
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS. DURING THE
PERIODS, CERTAIN FEES AND EXPENSES WERE WAIVED OR REIMBURSED. FOR THE YEAR
ENDED AUGUST 31, 2000, FEES AND EXPENSES TOTALING 0.15% PER SHARE WERE
WAIVED OR REIMBURSED. WITHOUT SUCH WAIVERS AND REIMBURSEMENTS, TOTAL
RETURNS WOULD HAVE BEEN LOWER.
PORTFOLIO SECTOR WEIGHTING**
(As of August 31, 2000)
[Pie Chart Omitted, plot points as follows:]
TECHNOLOGY 29.7%
MATERIALS & SERVICES 23.2%
CONSUMER NON-DURABLES 19.4%
FINANCE 8.1%
CAPITAL GOODS 6.8%
TRANSPORTATION 5.6%
CONSUMER DURABLES 4.9%
UTILITIES 1.3%
ENERGY 1.0%
** Based upon percent of Portfolio's market value.
10
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
SMALL COMPANY GROWTH PORTFOLIO
FUND COMMENTARY -- (CONTINUED)
--------------------------------------------------------------------------------
COMPARATIVE PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN SHARES OF
SMALL COMPANY GROWTH PORTFOLIO AND THE WILSHIRE 5000 INDEX
[Line Chart Omitted, plot points as follows:]
SMALL COMPANY GROWTH PORTFOLIO
INVESTMENT CLASS SHARES WILSHSIRE 5000 INDEX
9/30/92 10,000 10,000
8/31/93 12,850 11,704
8/31/94 13,516 12,264
8/31/95 16,632 14,958
8/31/96 19,543 17,532
8/31/97 22,506 24,066
8/31/98 16,651 24,712
8/31/99 20,114 34,317
8/31/00 26,837 41,181
[Line Chart Omitted, plot points as follows:]
SMALL COMPANY GROWTH PORTFOLIO
INSTITUTIONAL CLASS SHARES WILSHSIRE 5000 INDEX
7/15/96 10,000 10,000
8/31/96 11,141 10,468
8/31/97 12,828 14,369
8/31/98 9,499 14,755
8/31/99 11,497 20,490
8/31/00 15,389 24,588
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. THESE CHARTS COMPARE A
$10,000 INVESTMENT MADE IN INVESTMENT CLASS SHARES AND INSTITUTIONAL CLASS
SHARES OF THE PORTFOLIO ON THEIR RESPECTIVE INCEPTION DATES TO A $10,000
INVESTMENT MADE IN THE WILSHIRE 5000 INDEX ON THOSE DATES. ALL DIVIDENDS AND
CAPITAL GAINS ARE REINVESTED. FURTHER INFORMATION RELATING TO THE PORTFOLIO'S
PERFORMANCE, INCLUDING EXPENSE REIMBURSEMENTS, IS CONTAINED IN THE FINANCIAL
HIGHLIGHTS SECTION OF THE RESPECTIVE PROSPECTUS AND ELSEWHERE IN THIS REPORT.
THE WILSHIRE 5000 INDEX IS AN UNMANAGED INDEX WHICH MEASURES THE PERFORMANCE OF
ALL U.S. HEADQUARTERED EQUITY SECURITIES WITH READILY AVAILABLE PRICE DATA. AN
INDIVIDUAL CANNOT INVEST DIRECTLY IN ANY INDEX.
11
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
SMALL COMPANY VALUE PORTFOLIO
FUND COMMENTARY
--------------------------------------------------------------------------------
For the twelve month period ended August 31, 2000, the Portfolio's Investment
Class Shares returned -5.83% and Institutional Class Shares returned -5.61%.
More than half the sectors - Consumer Non-Durables, Capital Goods,
Transportation, Materials & Services and Consumer Durables - posted negative
performances and together comprised more than half of the Portfolio's weighting
(65.9%).
Although the Technology sector made up the smallest portion of the Portfolio at
3.4%, its overall return of 37.9% was higher than any other sector. The Energy
sector made up 7.5% of the Portfolio and posted an overall return of 15.1% for
the year, which included strong performances from the raw materials industry
holdings, such as Tidewater, Inc. and Helmerich & Payne at 26.5% and 35.4%,
respectively.
The Utilities sector made up 10.5% of the Portfolio with notable performances in
the energy and utilities industry. Solid returns came from Allete (up 31.8%) and
Idacorp Inc. (up 32.9%).
The Small Company Value Portfolio continues to invest in stocks clearly
associated with a value orientation. These sectors typically include companies
that are undervalued relative to their earnings and book value. They also have a
relatively high dividend yield, which means simply that their price is lower
relative to the size of the dividend. Dividend yields among small companies are
on average less than those for large companies. Demand for value stocks is
driven by two types of investors - those seeking higher current income coming
from the dividend and those who feel the stock is undervalued relative to its
earnings potential. The Portfolio buys those stocks that exhibit both of these
characteristics. When demand is low for these types of securities prices are
slow to rise. Low demand is typically a function of investor sentiment, meaning
that when investors feel like their current holdings become overvalued they sell
them and look for better deals.
PORTFOLIO INFORMATION(1)
(As of August 31, 2000)
-------------------------------------------------
DIVIDEND YIELD(2) ................ 2.7%
AVERAGE PRICE/BOOK RATIO ......... 1.8
AVERAGE PRICE/EARNINGS RATIO ..... 11.5
AVERAGE MARKET CAPITALIZATION .... $1.1 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 OR THE PORTFOLIO ITSELF.
12
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
SMALL COMPANY VALUE PORTFOLIO
FUND COMMENTARY -- (CONTINUED)
--------------------------------------------------------------------------------
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 8/31/00 ....................................... (5.83)%
FIVE YEARS ENDED 8/31/00 ..................................... 6.06%
INCEPTION (9/30/92) THROUGH 8/31/00 .......................... 7.68%
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 8/31/00 ....................................... (5.61)%
INCEPTION (7/15/96) THROUGH 8/31/00 .......................... 5.83%
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS. DURING THE
PERIODS, CERTAIN FEES AND EXPENSES WERE WAIVED OR REIMBURSED. FOR THE YEAR
ENDED AUGUST 31, 2000, FEES AND EXPENSES TOTALING 0.15% PER SHARE WERE
WAIVED OR REIMBURSED. WITHOUT SUCH WAIVERS AND REIMBURSEMENTS, TOTAL
RETURNS WOULD HAVE BEEN LOWER.
PORTFOLIO SECTOR WEIGHTING**
(As of August 31, 2000)
[Pie Chart Omitted, plot points as follows:]
MATERIALS & SERVICES 21.6%
CONSUMER NON-DURABLES 16.5%
CAPITAL GOODS 14.6%
FINANCE 12.7%
UTILITIES 10.5%
ENERGY 7.5%
CONSUMER DURABLES 7.3%
TRANSPORTATION 5.9%
TECHNOLOGY 3.4%
** Based upon percent of Portfolio's market value.
13
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
SMALL COMPANY VALUE PORTFOLIO
FUND COMMENTARY -- (CONTINUED)
--------------------------------------------------------------------------------
COMPARATIVE PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN SHARES OF
SMALL COMPANY VALUE PORTFOLIO AND THE WILSHIRE 5000 INDEX
[Line Chart Omitted, plot points as follows:]
SMALL COMPANY VALUE PORTFOLIO
INVESTMENT CLASS SHARES WILSHIRE 5000 INDEX
9/30/92 10,000 10,000
8/31/93 11,974 11,704
8/31/94 11,972 12,264
8/31/95 13,391 14,958
8/31/96 14,735 17,532
8/31/97 19,706 24,066
8/31/98 17,975 24,712
8/31/99 19,841 34,317
8/31/00 18,684 41,181
[Line Chart Omitted, plot points as follows:]
SMALL COMPANY VALUE PORTFOLIO
INSTITUTIONAL CLASS SHARES WILSHIRE 5000 INDEX
7/15/96 10,000 10,000
8/31/96 10,304 10,468
8/31/97 13,781 14,369
8/31/98 12,578 14,755
8/31/99 13,389 20,490
8/31/00 12,638 24,588
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. THESE CHARTS COMPARE A
$10,000 INVESTMENT MADE IN INVESTMENT CLASS SHARES AND INSTITUTIONAL CLASS
SHARES OF THE PORTFOLIO ON THEIR RESPECTIVE INCEPTION DATES TO A $10,000
INVESTMENT MADE IN THE WILSHIRE 5000 INDEX ON THOSE DATES. ALL DIVIDENDS AND
CAPITAL GAINS ARE REINVESTED. FURTHER INFORMATION RELATING TO THE PORTFOLIO'S
PERFORMANCE, INCLUDING EXPENSE REIMBURSEMENTS, IS CONTAINED IN THE FINANCIAL
HIGHLIGHTS SECTION OF THE RESPECTIVE PROSPECTUS AND ELSEWHERE IN THIS REPORT.
THE WILSHIRE 5000 INDEX IS AN UNMANAGED INDEX WHICH MEASURES THE PERFORMANCE OF
ALL U.S. HEADQUARTERED EQUITY SECURITIES WITH READILY AVAILABLE PRICE DATA. AN
INDIVIDUAL CANNOT INVEST DIRECTLY IN ANY INDEX.
14
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE 5000 INDEX PORTFOLIO
FUND COMMENTARY
--------------------------------------------------------------------------------
Since its inception on February 1, 1999, the Wilshire 5000 Index Portfolio has
experienced strong growth in assets due to both an influx of new shareholders as
well as market movement. Performance for the Portfolio's Investment Class Shares
and Institutional Class Shares since inception to the period ended August 31,
2000 were 22.95% and 23.39%, respectively.
Holdings in the Technology sector (32.2% weight) made up a third of the
Portfolio and helped boost its performance with an overall return of 52.0%.
Intel Corporation, Cisco Systems, Inc. and Oracle Systems Corporation posted
returns of 82.4%, 102.4%, and 398.3%, respectively. The Portfolio's second
largest sector weighting of 22.5% for Consumer Non-Durables posted strong
returns in the drug industry particularly for Pfizer, Inc. and Merck & Company.
Wal Mart Stores, Inc. led the retail industry.
Poorly performing sectors for the year ended August 31, 2000 - Utilities (down
2.1%), Transportation (down 5.2%) and Consumer Durables (down 8.1%) -
collectively comprised 10.3% of the Portfolio's sector weightings and posted
negative returns for SBC Communications (down 11.22%), Delta Air Lines (down
2.4%) and Ford Motor Company (down 15.8%).
The Wilshire 5000 Index is comprised of about 7,000 securities, and measures the
performance of all U.S. domiciled stocks traded on the New York Stock Exchange,
the American Stocks Exchange 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 approximate balance of the Wilshire 5000
Index.
PORTFOLIO INFORMATION(1)
(As of August 31, 2000)
---------------------------------------------------
DIVIDEND YIELD(2) ................. 1.0%
AVERAGE PRICE/EARNINGS RATIO ...... 32.0
AVERAGE 5-YEAR EARNINGS GROWTH .... 7.5%
AVERAGE MARKET CAPITALIZATION ..... $119.7 BILLION
---------------------------------------------------
(1) ALL AVERAGES ARE DOLLAR-WEIGHTED AVERAGES. THE AVERAGE PRICE/EARNINGS RATIO
IS CALCULATED BASED ON THE PRICE OF EACH PORTFOLIO SECURITY AS OF THE END OF
ITS ISSUER'S MOST RECENT FISCAL YEAR. THE 5-YEAR NUMBER IS CALCULATED BASED
ON THE RESULTS FOR THE 5-YEAR PERIOD ENDED AUGUST 31, 2000 FOR THOSE
SECURITIES IN THE PORTFOLIO'S HOLDINGS AS OF AUGUST 31, 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.
THE STRONG PERFORMANCE OF THE PORTFOLIO WAS IN LARGE PART ATTRIBUTABLE TO THE
PORTFOLIO'S TECHNOLOGY HOLDINGS. INVESTORS IN THE PORTFOLIO SHOULD REALIZE THAT
FAVORABLE CONDITIONS FOR TECHNOLOGY STOCKS MAY NOT CONTINUE AND MAY NOT BE
REPEATED IN THE FUTURE.
15
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE 5000 INDEX PORTFOLIO
FUND COMMENTARY -- (CONTINUED)
--------------------------------------------------------------------------------
INVESTMENT CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 8/31/00 .................................. 19.14%
INCEPTION (2/1/99) THROUGH 8/31/00 ...................... 13.91%
INSTITUTIONAL CLASS SHARES
AVERAGE ANNUAL TOTAL RETURN*
ONE YEAR ENDED 8/31/00 .................................. 19.45%
INCEPTION (2/1/99) THROUGH 8/31/00 ...................... 14.17%
HORACE MANN CLASS SHARES
TOTAL RETURN*
INCEPTION (12/10/99) THROUGH 8/31/00 .................... 22.87%**
QUALIFIED CLASS SHARES
TOTAL RETURN*
INCEPTION (5/10/00) THROUGH 8/31/00 ..................... 11.79%**
* ASSUMES REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS. DURING THE
PERIODS, CERTAIN FEES AND EXPENSES WERE WAIVED OR REIMBURSED. FOR THE
PERIOD ENDED AUGUST 31, 2000, FEES AND EXPENSES TOTALING 0.35% PER SHARE
WERE WAIVED OR REIMBURSED. WITHOUT SUCH WAIVERS AND REIMBURSEMENTS, TOTAL
RETURNS WOULD HAVE BEEN LOWER.
** NOT ANNUALIZED.
PORTFOLIO SECTOR WEIGHTING***
(As of August 31, 2000)
[Pie Chart Omitted, plot points as follows:]
TECHNOLOGY 32.2%
CONSUMER NON-DURABLES 22.5%
FINANCE 15.3%
MATERIALS & SERVICES 9.7%
UTILITIES 8.1%
CAPITAL GOODS 5.0%
ENERGY 5.0%
CONSUMER DURABLES 1.4%
TRANSPORTATION 0.8%
*** Based upon percent of Portfolio's market value.
16
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE 5000 INDEX PORTFOLIO
FUND COMMENTARY -- (CONTINUED)
--------------------------------------------------------------------------------
COMPARATIVE PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN SHARES OF
WILSHIRE CLASS SHARES AND THE WILSHIRE 5000 INDEX
[Line Chart Omitted, plot points as follows:]
WILSHIRE 5000 INDEX PORTFOLIO
INVESTMENT CLASS SHARES WILSHIRE 5000 INDEX
2/1/99 10,000 10,000
8/31/99 10,320 10,347
8/31/00 12,295 12,416
[Line Chart Omitted, plot points as follows:]
WILSHIRE 5000 INDEX PORTFOLIO
INSTITUTIONAL CLASS SHARES WILSHIRE 5000 INDEX
2/1/99 10,000 10,000
8/31/99 10,330 10,347
8/31/00 12,339 12,416
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. THESE CHARTS COMPARE A
$10,000 INVESTMENT MADE IN INVESTMENT CLASS SHARES AND INSTITUTIONAL CLASS
SHARES OF THE PORTFOLIO ON THEIR RESPECTIVE INCEPTION DATES TO A $10,000
INVESTMENT MADE IN THE WILSHIRE 5000 INDEX ON THOSE DATES. ALL DIVIDENDS AND
CAPITAL GAINS ARE REINVESTED. FURTHER INFORMATION RELATING TO THE PORTFOLIO'S
PERFORMANCE, INCLUDING EXPENSE REIMBURSEMENTS, IS CONTAINED IN THE FINANCIAL
HIGHLIGHTS SECTION OF THE RESPECTIVE PROSPECTUS AND ELSEWHERE IN THIS REPORT.
THE WILSHIRE 5000 INDEX IS AN UNMANAGED INDEX WHICH MEASURES THE PERFORMANCE OF
ALL U.S. HEADQUARTERED EQUITY SECURITIES WITH READILY AVAILABLE PRICE DATA. AN
INDIVIDUAL CANNOT INVEST DIRECTLY IN ANY INDEX.
17
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
COMMON STOCKS - 99.6%
AEROSPACE - 0.5%
13,500 Textron, Inc. ........................................ $ 756,844
55,200 United Technologies Corporation ...................... 3,446,550
-----------
4,203,394
-----------
AIR TRANSPORTATION - 0.7%
9,600 AMR Corporation* ..................................... 315,000
123,600 FedEx Corporation* ................................... 4,987,260
-----------
5,302,260
-----------
APPAREL - 0.2%
13,804 Jones Apparel Group* ................................. 338,198
32,000 NIKE, Inc., Class B .................................. 1,266,000
-----------
1,604,198
-----------
BANKS - 1.4%
84,046 Bank of New York Company, Inc. ....................... 4,407,162
51,487 Fifth Third Bancorp .................................. 2,378,056
25,600 Northern Trust Corporation ........................... 2,158,400
19,300 State Street Corporation ............................. 2,272,575
7,533 Zions Bancorporation ................................. 337,102
-----------
11,553,295
-----------
BUSINESS MACHINES - 28.2%
22,700 Adobe Systems, Inc. .................................. 2,951,000
6,430 BMC Software, Inc.* .................................. 173,610
583,388 Cisco Systems, Inc.* ................................. 39,962,078
22,962 Comverse Technology, Inc.* ........................... 2,111,069
309,100 Dell Computer Corporation* ........................... 13,484,487
304,656 EMC Corporation* ..................................... 29,856,288
38,500 Gateway, Inc.* ....................................... 2,621,850
125,014 Hewlett-Packard Company .............................. 15,095,440
146,800 International Business
Machines Corporation ............................... 19,377,600
2,800 Lexmark International
Group, Inc., Class A* .............................. 189,875
17,150 Microchip Technology, Inc.* .......................... 1,167,272
470,274 Microsoft Corporation* ............................... 32,831,004
53,900 Network Appliance, Inc.* ............................. 6,306,300
27,800 Novellus Systems, Inc.* .............................. 1,711,437
348,150 Oracle Systems Corporation* .......................... 31,659,891
215,356 Sun Microsystems, Inc.* .............................. 27,336,752
-----------
226,835,953
-----------
Value
Shares (Note 1)
------ ------
BUSINESS SERVICES - 8.7%
187,700 America Online, Inc.* ................................ $ 11,003,912
70,728 Automatic Data Processing, Inc. ...................... 4,217,157
7,743 Cintas Corporation ................................... 321,818
67,000 Citrix Systems, Inc.* ................................ 1,474,000
61,500 Computer Associates
International, Inc. ................................ 1,952,625
18,700 Computer Sciences Corporation* ....................... 1,478,469
13,400 Concord EFS, Inc.* ................................... 430,475
17,100 Convergys Corporation* ............................... 669,037
7,237 DST Systems, Inc.* ................................... 680,278
26,200 eBay, Inc.* .......................................... 1,624,400
13,800 Fiserv, Inc.* ........................................ 747,787
32,500 i2 Technologies, Inc.* ............................... 5,498,594
9,100 Inktomi Corporation* ................................. 1,186,412
25,600 Interpublic Group of
Companies, Inc. .................................... 979,200
31,800 Lycos, Inc.* ......................................... 2,257,800
14,000 Mercury Interactive Corporation* ..................... 1,710,625
20,543 Omnicom Group, Inc. .................................. 1,714,057
6,372 Parametric Technology Corporation* ................... 85,225
42,124 Paychex, Inc. ........................................ 1,879,783
15,200 QLogic Corporation* .................................. 1,725,200
13,200 RealNetworks, Inc.* .................................. 642,675
20,328 Robert Half International, Inc.* ..................... 646,684
2,100 SDL, Inc.* ........................................... 834,356
45,600 Siebel Systems, Inc.* ................................ 8,983,200
28,100 SunGard Data Systems, Inc. * ......................... 1,011,600
7,921 Synopsys, Inc.* ...................................... 293,572
35,875 VERITAS Software Corporation* ........................ 4,325,180
52,600 Vitesse Semiconductor Corporation* ................... 4,671,537
61,400 Yahoo!, Inc.* ........................................ 7,460,100
-----------
70,505,758
-----------
CONSTRUCTION - 0.0%***
17,313 Masco Corporation .................................... 337,603
-----------
CONSUMER DURABLES - 0.7%
55,016 Gemstar-TV Guide
International, Inc.* ............................... 4,965,194
9,688 Maytag Corporation ................................... 369,355
-----------
5,334,549
-----------
COSMETICS - 0.4%
18,860 Clorox Company ....................................... 682,496
28,000 Colgate-Palmolive Company ............................ 1,426,250
See Notes to Financial Statements.
18
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
COSMETICS (CONTINUED)
13,734 Estee Lauder Companies, Inc.,
Class A ............................................ $ 562,236
13,300 Procter & Gamble Company ............................. 822,106
------------
3,493,088
-----------
DOMESTIC OIL - 0.2%
57,500 Tosco Corporation .................................... 1,753,750
-----------
DRUGS & MEDICINE - 15.1%
126,286 Abbott Laboratories .................................. 5,525,013
132,100 Amgen, Inc.* ......................................... 10,014,831
29,100 Baxter International, Inc. ........................... 2,422,575
7,300 Biogen, Inc.* ........................................ 504,613
228,076 Bristol-Myers Squibb Company ......................... 12,088,028
41,349 Cardinal Health, Inc. ................................ 3,382,865
20,300 Chiron Corporation* .................................. 1,097,469
34,500 Guidant Corporation* ................................. 2,322,281
114,900 Immunex Corporation* ................................. 5,773,725
165,014 Johnson & Johnson .................................... 15,170,975
22,800 MedImmune, Inc.* ..................................... 1,918,050
134,334 Medtronic, Inc. ...................................... 6,884,618
269,500 Merck & Company, Inc. ................................ 18,831,313
625,971 Pfizer, Inc. ......................................... 27,073,246
168,158 Schering-Plough Corporation .......................... 6,747,340
17,500 UnitedHealth Group, Inc. ............................. 1,653,750
10,710 Watson Pharmaceutical, Inc.* ......................... 660,673
-----------
122,071,365
-----------
ELECTRONICS - 15.7%
111,856 ADC Telecommunications, Inc.* ........................ 4,579,105
47,722 Agilent Technologies, Inc.* .......................... 2,878,233
46,228 Altera Corporation* .................................. 2,996,152
21,828 American Power
Conversion Corporation* ............................ 519,779
56,400 Analog Devices, Inc.* ................................ 5,668,200
97,328 Applied Materials, Inc.* ............................. 8,400,623
543,832 Intel Corporation .................................... 40,719,421
28,700 JDS Uniphase Corporation* ............................ 3,576,737
32,778 KLA-Tencor Corporation* .............................. 2,151,056
54,300 Linear Technology Corporation ........................ 3,906,206
59,100 LSI Logic Corporation* ............................... 2,123,906
360,000 Lucent Technologies, Inc. ............................ 15,052,500
49,620 Maxim Integrated Products, Inc.* ..................... 4,351,054
5,800 Molex, Inc. .......................................... 306,312
139,800 Motorola, Inc. ....................................... 5,041,537
Value
Shares (Note 1)
------ ------
ELECTRONICS (CONTINUED)
104,200 QUALCOMM, Inc.* ...................................... $ 6,238,975
23,100 Sanmina Corporation* ................................. 2,725,800
14,900 SCI Systems, Inc.* ................................... 920,075
61,060 Solectron Corporation* ............................... 2,766,781
15,231 Symbol Technologies, Inc. ............................ 630,183
29,802 Tellabs, Inc.* ....................................... 1,674,500
32,656 Teradyne, Inc.* ...................................... 2,116,517
7,000 TranSwitch Corporation* .............................. 421,312
24,800 Univision Communications, Inc.,
Class A* ........................................... 1,094,300
63,076 Xilinx, Inc.* ........................................ 5,605,879
-----------
126,465,143
-----------
ENERGY & UTILITIES - 0.3%
33,100 AES Corporation* ..................................... 2,110,125
-----------
ENERGY - RAW MATERIALs - 2.1%
239,300 ENSCO International, Inc. ............................ 9,542,087
19,600 Global Marine, Inc.* ................................. 633,325
12,100 Nabors Industries, Inc.* ............................. 575,506
62,900 Schlumberger, Ltd. ................................... 5,366,156
5,700 Smith International, Inc.* ........................... 453,150
-----------
16,570,224
-----------
FOOD & AGRICULTURE - 0.2%
11,000 Bestfoods ............................................ 776,875
9,800 Wrigley (Wm.) Jr. Company ............................ 725,812
-----------
1,502,687
-----------
INSURANCE - 2.6%
24,115 AFLAC, Inc. .......................................... 1,302,210
6,189 Ambac Financial Group, Inc. .......................... 399,964
174,350 American International Group, Inc. ................... 15,538,944
51,306 AXA Financial, Inc. .................................. 2,655,086
6,000 Marsh & McLennan Companies, Inc. ..................... 712,500
5,400 MGIC Investment Corporation .......................... 317,588
-----------
20,926,292
-----------
MEDIA - 0.9%
95,800 Cox Communications, Inc.,
Class A* ........................................... 3,406,888
25,214 Gannett Company, Inc. ................................ 1,427,743
16,200 McGraw-Hill Companies, Inc. .......................... 1,003,388
19,500 New York Times Company, Class A ...................... 764,156
26,800 Tribune Company ...................................... 956,425
-----------
7,558,600
-----------
See Notes to Financial Statements.
19
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
MISCELLANEOUS FINANCE - 3.9%
156,700 American Express Company ............................. $ 9,264,888
66,600 Associates First Capital
Corporation, Class A ............................... 1,873,125
22,400 Capital One Financial Corporation .................... 1,351,000
8,314 Franklin Resources, Inc. ............................. 315,932
91,667 MBNA Corporation ..................................... 3,236,991
103,400 Morgan Stanley Dean
Witter & Company ................................... 11,121,963
13,729 Price (T. Rowe) Associates, Inc. ..................... 621,237
99,838 Schwab (Charles) Corporation ......................... 3,812,564
-----------
31,597,700
-----------
MOTOR VEHICLES - 0.2%
34,828 Harley-Davidson, Inc. ................................ 1,734,870
-----------
NON-DURABLE & ENTERTAINMENT - 0.9%
31,600 Electronic Arts, Inc.* ............................... 3,410,825
99,000 McDonald's Corporation ............................... 2,957,625
3,936 Newell Rubbermaid, Inc. .............................. 102,090
20,658 Starbucks Corporation* ............................... 756,599
-----------
7,227,139
-----------
NON-FERROUS METALS - 0.3%
63,700 Alcoa, Inc. .......................................... 2,118,025
-----------
OPTICAL & PHOTO - 1.7%
40,900 Corning, Inc. ........................................ 13,412,644
-----------
PRODUCER GOODS - 6.4%
12,872 Avery Dennison Corporation ........................... 695,893
23,729 Dover Corporation .................................... 1,159,755
16,725 Emerson Electric Company ............................. 1,106,986
727,800 General Electric Company ............................. 42,712,763
90,200 Honeywell International, Inc. ........................ 3,478,338
14,000 Illinois Tool Works, Inc. ............................ 784,875
19,700 Jabil Circuit, Inc.* ................................. 1,257,106
8,700 Miller (Herman), Inc. ................................ 277,856
-----------
51,473,572
-----------
RETAIL - 6.5%
11,714 AutoZone, Inc.* ...................................... 263,565
31,000 Bed Bath & Beyond Inc.* .............................. 544,438
17,900 Cendant Corporation* ................................. 236,056
24,975 Dollar General Corporation ........................... 513,548
Value
Shares (Note 1)
------ ------
RETAIL (CONTINUED)
8,100 Dollar Tree Stores, Inc.* ............................ $ 328,556
98,087 Gap, Inc. ............................................ 2,200,827
255,482 Home Depot, Inc. ..................................... 12,279,104
17,240 Intimate Brands, Inc. ................................ 277,995
37,628 Kohl's Corporation* .................................. 2,107,168
43,514 Lowe's Companies, Inc. ............................... 1,949,971
51,340 Safeway, Inc.* ....................................... 2,531,704
81,200 Target Corporation ................................... 1,887,900
16,400 Tiffany & Company .................................... 682,650
15,000 TJX Companies, Inc. .................................. 282,188
511,300 Wal-Mart Stores, Inc. ................................ 24,254,794
56,500 Walgreen Company ..................................... 1,857,438
------------
52,197,902
------------
TELEPHONE - 1.5%
30,000 ALLTEL Corporation ................................... 1,516,875
13,918 Broadwing Inc.* ...................................... 388,834
27,000 Exodus Communications, Inc.* ......................... 1,847,813
168,427 Qwest Communications
International, Inc.* ............................... 8,695,044
------------
12,448,566
------------
TIRES & RUBBER - 0.1%
16,000 Danaher Corporation .................................. 899,000
------------
TRAVEL & RECREATION - 0.2%
50,218 Carnival Corporation ................................. 1,001,221
10,100 MGM Mirage, Inc.* .................................... 347,188
------------
1,348,409
------------
TOTAL COMMON STOCKS
(Cost $530,922,281) ................................ 802,586,111
------------
TOTAL INVESTMENTS
(Cost $530,922,281**) ............................ 99.6% 802,586,111
OTHER ASSETS AND LIABILITIES
(Net) ............................................ 0.4% 3,167,878
------ ------------
NET ASSETS .......................................... 100.0% $805,753,989
====== ============
---------------------
* Non-income producing security.
** Aggregate cost for Federal tax purposes is $537,016,581.
*** Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
20
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
COMMON STOCKS - 99.8%
AEROSPACE - 5.1%
23,300 Boeing Company ....................................... $ 1,249,462
8,685 General Dynamics Corporation ......................... 546,612
3,496 Goodrich (B.F.) Company .............................. 142,680
13,800 Lockheed Martin Corporation .......................... 391,575
3,100 Northrop Grumman Corporation ......................... 241,219
8,500 Raytheon Company, Class B ............................ 236,406
1,200 Rockwell International Corporation ................... 48,525
6,400 TRW, Inc. ............................................ 292,400
14,700 United Technologies Corporation ...................... 917,831
-----------
4,066,710
-----------
AIR TRANSPORTATION - 0.8%
480 Continental Airlines, Inc., Class B* ................. 23,100
12,171 Delta Air Lines, Inc. ................................ 602,464
-----------
625,564
-----------
APPAREL - 0.8%
2,500 Liz Claiborne, Inc. ................................. 109,844
9,900 Nike, Inc., Class B .................................. 391,669
4,700 V.F. Corporation ..................................... 107,512
-----------
609,025
-----------
BANKS - 15.0%
8,451 AmSouth Bancorporation ............................... 154,231
44,154 Bank of America Corporation .......................... 2,364,999
14,691 Bank One Corporation ................................. 517,858
48,826 Chase Manhattan Corporation .......................... 2,728,153
8,012 First Securities Corporation ......................... 122,183
16,993 Firstar Corporation .................................. 405,708
24,300 FleetBoston Financial Corporation .................... 1,037,306
10,100 J.P. Morgan & Company ................................ 1,688,594
60,040 National City Corporation ............................ 1,257,087
5,600 North Fork Bancorporation, Inc. ...................... 100,100
9,200 Regions Financial Corporation ........................ 200,100
3,450 SouthTrust Corporation ............................... 97,247
6,187 Summit Bancorp ....................................... 171,303
27,400 Wells Fargo & Company ................................ 1,183,337
-----------
12,028,206
-----------
BUSINESS MACHINES - 3.6%
908 3Com Corporation* .................................... 15,095
5,500 Cabletron Systems, Inc.* ............................. 205,906
57,313 Compaq Computer Corporation .......................... 1,952,224
3,501 NCR Corporation* ..................................... 141,353
Value
Shares (Note 1)
------ ------
BUSINESS MACHINES (CONTINUED)
7,624 Seagate Technology, Inc.* ............................ $ 452,675
7,000 Xerox Corporation .................................... 112,437
-----------
2,879,690
-----------
BUSINESS SERVICES - 2.1%
37,000 AutoNation, Inc.* ................................... 240,500
2,401 Block H & R, Inc. .................................... 86,136
281 Computer Associates
International, Inc. ................................ 8,922
1,212 Computer Sciences Corporation* ....................... 95,824
14,600 Electronic Data Systems Corporation .................. 727,262
5,223 Fiserv, Inc.* ........................................ 283,021
1,066 Manpower, Inc. ....................................... 38,576
6,036 SunGard Data Systems, Inc.* .......................... 217,296
207 Viad Corporation ..................................... 6,068
-----------
1,703,605
-----------
CHEMICALS - 3.6%
9,500 Air Products and Chemicals, Inc. ..................... 344,969
17,200 Dow Chemical Company ................................. 450,425
8,000 du Pont (E.I.) de Nemours
& Company .......................................... 359,000
100 Eastman Chemical Company ............................. 4,312
16,000 Minnesota Mining &
Manufacturing Company .............................. 1,488,000
6,100 Union Carbide Corporation ............................ 244,381
-----------
2,891,087
-----------
CONSTRUCTION - 0.1%
2,000 Fluor Corporation .................................... 59,875
1,000 Sherwin-Williams Company ............................. 23,000
-----------
82,875
-----------
CONSUMER DURABLES - 0.2%
2,800 Maytag Corporation ................................... 106,750
1,000 Whirlpool Corporation ................................ 38,000
-----------
144,750
-----------
CONTAINERS - 0.1%
2,700 Sonoco Products Company .............................. 52,144
-----------
DOMESTIC OIL - 2.7%
13,400 Ashland, Inc. ........................................ 472,350
1,300 Diamond Offshore Drilling, Inc. ...................... 58,256
2,200 Kerr-McGee Corporation ............................... 139,012
7,100 Tosco Corporation .................................... 216,550
13,200 Transocean Sedco Forex, Inc. ......................... 788,700
See Notes to Financial Statements.
21
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
DOMESTIC OIL (CONTINUED)
9,600 Unocal Corporation ............................... $ 320,400
4,500 USX-Marathon Group ............................... 123,469
-----------
2,118,737
-----------
DRUGS & MEDICINE - 2.6%
5,300 Aetna, Inc. ...................................... 296,469
2,400 Bard (C.R.), Inc. ................................ 117,150
2,200 Bausch & Lomb, Inc. .............................. 78,650
12,300 Cardinal Health, Inc. ............................ 1,006,294
17,800 HCA-The Healthcare Company ....................... 614,100
-----------
2,112,663
-----------
ELECTRONICS - 1.0%
4,700 Arrow Electronics, Inc.* ......................... 170,962
2,500 Avnet, Inc. ...................................... 149,687
1,056 Molex, Inc. ...................................... 55,770
4,158 SCI Systems, Inc.* ............................... 256,756
2,200 Scientific-Atlanta, Inc. ......................... 171,462
-----------
804,637
-----------
ENERGY & UTILITIES - 14.7%
3,800 Ameren Corporation ............................... 153,662
100 Cinergy Corporation .............................. 2,938
12,000 Coastal Corporation .............................. 826,500
5,700 Columbia Energy Group ............................ 400,069
5,200 Consolidated Edison, Inc. ........................ 162,825
26,900 Dominion Resources, Inc. ......................... 1,425,700
5,850 DPL, Inc. ........................................ 159,778
93 DQE, Inc. ........................................ 3,737
5,900 DTE Energy Company ............................... 205,025
13,408 Duke Energy Corporation .......................... 1,003,086
6,100 El Paso Energy Corporation ....................... 355,325
2,200 Energy East Corporation .......................... 49,913
38,000 Enron Corporation ................................ 3,225,250
17,600 Entergy Corporation .............................. 535,700
1,800 Florida Progress Corporation ..................... 93,375
7,600 FPL Group, Inc. .................................. 405,650
5,100 GPU, Inc. ........................................ 156,188
10,072 Keyspan Corporation .............................. 346,855
9,200 Kinder Morgan, Inc. .............................. 338,675
6,300 PG & E Corporation ............................... 182,306
500 Pinnacle West Capital Corporation ................ 20,594
100 Potomac Electric Power Company ................... 2,519
30,619 PPL Corporation .................................. 1,025,737
9,200 Public Service Enterprise
Group, Inc. .................................... 333,500
Value
Shares (Note 1)
------ ------
ENERGY & UTILITIES (CONTINUED)
7,000 TXU Corporation .................................. $ 244,563
1,700 Unicom Corporation ............................... 77,669
-----------
11,737,139
-----------
ENERGY - RAW MATERIALS - 1.6%
5,600 Apache Corporation ............................... 352,800
300 Cooper Cameron Corporation* ...................... 23,344
13,500 EOG Resources, Inc. .............................. 516,375
1,500 Global Marine, Inc.* ............................. 48,469
1,380 Nabors Industries, Inc.* ......................... 65,636
2,000 Noble Drilling Corporation* ...................... 97,000
10,000 Occidental Petroleum Corporation ................. 216,250
-----------
1,319,874
-----------
FOOD & AGRICULTURE - 1.8%
8,300 Bestfoods ........................................ 586,188
4,300 ConAgra, Inc. .................................... 78,744
800 McCormick & Company, Inc. ........................ 23,350
24,000 Nabisco Group Holdings
Corporation .................................... 673,500
5,641 SUPERVALU, Inc. .................................. 84,262
-----------
1,446,044
-----------
INSURANCE - 5.2%
30,400 Allstate Corporation ............................. 883,500
3,700 American General Corporation ..................... 269,406
8,300 CIGNA Corporation ................................ 807,175
9,800 Hartford Financial Services ......................
Group, Inc. .................................... 652,925
6,450 Jefferson-Pilot Corporation ...................... 426,909
3,600 Loews Corporation ................................ 291,375
1,500 MBIA, Inc. ....................................... 98,625
3,700 ReliaStar Financial Corporation .................. 199,106
8,000 St. Paul Companies, Inc. ......................... 381,000
5,400 Torchmark Corporation ............................ 151,538
-----------
4,161,559
-----------
INTERNATIONAL OIL - 9.3%
25,500 Chevron Corporation .............................. 2,154,750
45,741 Exxon Mobil Corporation .......................... 3,733,609
9,800 Santa Fe International Corporation ............... 385,263
22,800 Texaco, Inc. ..................................... 1,174,200
-----------
7,447,822
-----------
LIQUOR - 0.1%
1,300 Coors (Aldolph) Company, Class B ................. 77,431
-----------
See Notes to Financial Statements.
22
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
MEDIA - 1.3%
4,700 Clear Channel
Communications, Inc.* .............................. $ 340,163
16,712 Comcast Corporation,
Special Class A* ................................... 622,522
1,700 Reader's Digest Association, Inc.,
Class A ............................................ 65,450
-----------
1,028,135
-----------
MISCELLANEOUS FINANCE - 7.1%
8,190 Charter One Financial, Inc. .......................... 194,513
14,200 Edwards (A.G.), Inc. ................................. 738,400
19,000 Freddie Mac .......................................... 800,375
12,200 Household International, Inc. ........................ 585,600
8,800 Lehman Brothers Holdings, Inc. ....................... 1,276,000
8,400 Merrill Lynch & Company, Inc. ........................ 1,218,000
25,700 Washington Mutual, Inc. .............................. 899,500
-----------
5,712,388
-----------
MISCELLANEOUS - 0.0%***
1,346 Palm, Inc.* .......................................... 59,224
-----------
MOTOR VEHICLES - 4.8%
6,900 Dana Corporation ..................................... 170,344
6,700 Delphi Automotive
Systems Corporation ................................ 110,131
6,500 Eaton Corporation .................................... 431,438
69,745 Ford Motor Company ................................... 1,686,962
20,300 General Motors Corporation ........................... 1,465,406
-----------
3,864,281
-----------
NON-DURABLE & ENTERTAINMENT - 0.0%***
600 Harcourt General, Inc. ............................... 35,587
-----------
NON-FERROUS METALS - 0.6%
14,100 Alcoa, Inc. .......................................... 468,825
-----------
OPTICAL & PHOTO - 0.1%
1,400 Eastman Kodak Company ................................ 87,150
-----------
PAPER & FOREST PRODUCTS - 2.0%
3,700 Consolidated Papers, Inc. ............................ 145,456
12,200 Georgia-Pacific Group ................................ 326,350
5,400 International Paper Company .......................... 172,125
13,500 Kimberly-Clark Corporation ........................... 789,750
200 Mead Corporation ..................................... 5,363
2,900 Weyerhaeuser Company ................................. 134,306
-----------
1,573,350
-----------
Value
Shares (Note 1)
------ ------
PRODUCER GOODS - 4.3%
3,800 Cooper Industries, Inc. .............................. $ 134,188
8,500 Deere & Company ...................................... 279,969
7,163 Dover Corporation .................................... 350,092
10,300 Emerson Electric Company ............................. 681,731
1,214 Grainger (W.W.), Inc. ................................ 35,054
23,700 Honeywell International, Inc. ........................ 913,931
7,524 Illinois Tool Works, Inc. ............................ 421,814
5,100 Ingersoll-Rand Company ............................... 232,369
3,900 Johnson Controls, Inc. ............................... 208,406
1,800 Pall Corporation ..................................... 38,475
3,450 Parker-Hannifin Corporation .......................... 120,103
-----------
3,416,132
-----------
RAILROADS & SHIPPING - 1.3%
28,300 Burlington Northern
Santa Fe Corporation ............................... 633,213
19,400 Norfolk Southern Corporation ......................... 311,613
3,200 Union Pacific Corporation ............................ 127,200
-----------
1,072,026
-----------
RETAIL - 2.8%
8,300 Delhaize America, Inc. ............................... 124,500
9,600 Federated Department Stores, Inc.* ................... 265,200
32,500 Kmart Corporation* ................................... 227,500
11,300 Limited, Inc. ........................................ 226,000
10,500 Lowe's Companies, Inc. ............................... 470,531
2,800 May Department Stores Company ........................ 64,225
5,600 RadioShack Corporation ............................... 330,400
11,600 Sears, Roebuck & Company ............................. 361,775
9,100 Toys "R" US, Inc.* ................................... 165,506
-----------
2,235,637
-----------
TELEPHONE - 3.9%
2,333 United States Cellular Corporation* .................. 171,621
67,692 Verizon Communications ............................... 2,953,064
-----------
3,124,685
-----------
TOBACCO - 0.3%
9,800 UST, Inc. ............................................ 211,925
-----------
TRAVEL & RECREATION - 0.3%
11,100 Carnival Corporation ................................. 221,306
2,100 Hilton Hotels Corporation ............................ 21,000
500 MGM Mirage, Inc. ..................................... 17,188
-----------
259,494
-----------
See Notes to Financial Statements.
23
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
TRUCKING & FREIGHT - 0.6%
10,800 PACCAR, Inc. ......................................... $ 458,325
-----------
TOTAL COMMON STOCKS
(Cost $64,394,548) ................................. 79,916,726
-----------
TOTAL INVESTMENTS
(Cost $64,394,548**) .............................. 99.8% 79,916,726
OTHER ASSETS AND LIABILITIES
(Net) ............................................. 0.2% 138,897
------ -----------
NET ASSETS ........................................... 100.0% $80,055,623
====== ===========
-------------------
* Non-income producing security.
** Aggregate cost for Federal tax purposes is
$65,318,956.
*** Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
24
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
COMMON STOCKS - 99.8%
AEROSPACE - 1.0%
1,400 Trimble Navigation, Ltd.* ............................ $ 58,188
1,172 Veeco Instruments, Inc.* ............................. 105,040
-----------
163,228
-----------
AIR TRANSPORTATION - 1.0%
500 Atlantic Coast Airlines
Holdings, Inc.* .................................... 15,875
1,700 EGL, Inc.* ........................................... 61,094
1,600 SkyWest, Inc. ........................................ 79,500
-----------
156,469
-----------
APPAREL - 2.6%
1,740 Children's Place Retail Stores, Inc.* ................ 51,330
1,300 Columbia Sportswear Company* ......................... 53,137
900 Dress Barn, Inc.* .................................... 19,181
1,455 Kenneth Cole Productions, Inc.* ...................... 64,111
1,513 Pacific Sunwear of California, Inc.* ................. 20,142
700 Quiksilver, Inc.* .................................... 10,412
2,730 The Men's Wearhouse, Inc.* ........................... 83,265
2,600 Timberland Company, Class A* ......................... 105,950
-----------
407,528
-----------
BANKS - 2.0%
7,600 Banknorth Group, Inc. ................................ 124,450
2,625 Doral Financial Corporation .......................... 39,047
2,400 Imperial Bancorp* .................................... 52,200
1,800 Silicon Valley Bancshares* ........................... 103,725
-----------
319,422
-----------
BUSINESS MACHINES - 5.2%
2,715 Artesyn Technologies, Inc.* .......................... 112,842
2,476 Avocent Corporation* ................................. 120,395
1,387 Black Box Corporation * .............................. 82,526
1,920 Computer Horizons Corporation * ...................... 18,360
1,060 Fair, Isaac & Company, Inc. .......................... 48,694
4,700 Micron Electronics, Inc.* ............................ 64,919
875 MICROS Systems, Inc.* ................................ 15,367
100 MTI Technology Corporation* ......................... 631
1,900 National Computer Systems, Inc. ...................... 137,987
700 SCM Microsystems, Inc.* .............................. 38,106
1,800 Systems & Computer
Technology Corporation* ............................ 32,287
590 Tech Data Corporation* ............................... 30,459
Value
Shares (Note 1)
------ ------
BUSINESS MACHINES (CONTINUED)
2,500 Titan Corporation* ................................... $ 61,562
1,755 Xircom, Inc.* ........................................ 54,186
-----------
818,321
-----------
BUSINESS SERVICES - 16.1%
4,090 ACNielsen Corporation* ............................... 98,416
3,200 Actuate Corporation* ................................. 83,000
1,900 Advantage Learning Systems, Inc.* .................... 55,812
1,908 Advent Software, Inc.* ............................... 117,580
900 ADVO, Inc.* .......................................... 36,844
2,914 American Management
Systems, Inc.* ..................................... 54,455
4,000 Apollo Group, Inc., Class A* ......................... 163,250
386 BARRA, Inc.* ......................................... 22,243
4,145 Cambridge Technology
Partners, Inc.* .................................... 25,518
1,310 CDI Corporation* ..................................... 24,235
110 Cerner Corporation* .................................. 4,187
2,000 ChoicePoint, Inc.* ................................... 93,750
340 Ciber, Inc.* ......................................... 3,506
1,903 Complete Business Solutions, Inc.* ................... 25,690
250 Dendrite International, Inc.* ........................ 6,641
4,525 DeVRY, Inc.* ......................................... 169,122
700 Education Management
Corporation* ....................................... 17,675
300 F.Y.I., Inc.* ........................................ 11,700
2,070 FactSet Research Systems, Inc. ....................... 70,768
954 Forrester Research, Inc.* ............................ 58,313
231 HNC Software, Inc.* .................................. 12,568
126 Hyperion Solutions Corporation* ...................... 3,985
2,281 iGATE Capital Corporation* ........................... 16,609
1,000 J. D. Edwards & Company* ............................. 24,812
222 Jacobs Engineering Group, Inc.* ...................... 8,436
4,730 Keane, Inc.* ......................................... 81,888
600 Kronos, Inc.* ........................................ 22,425
2,410 Labor Ready, Inc.* ................................... 9,339
300 MAXIMUS, Inc.* ....................................... 6,637
800 MemberWorks, Inc.* ................................... 22,500
654 Mentor Corporation ................................... 13,857
1,134 Mercury Computer Systems, Inc.* ...................... 32,142
2,850 Metris Companies, Inc. ............................... 102,422
3,286 National Instruments Corporation* .................... 141,914
1,625 NCO Group, Inc.* ..................................... 28,234
500 On Assignment, Inc.* ................................. 14,937
See Notes to Financial Statements.
25
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
BUSINESS SERVICES (CONTINUED)
300 Performance Food Group Company* ...................... $ 11,137
1,599 Pre-Paid Legal Services, Inc.* ....................... 52,467
1,525 Priority Healthcare
Corporation, Class B* .............................. 88,069
2,467 Profit Recovery Group
International, Inc.* ............................... 22,280
1,100 Progress Software Corporation* ....................... 15,056
854 Project Software &
Development, Inc.* ................................. 15,372
1,334 Proxim, Inc.* ........................................ 80,123
960 QRS Corporation* ..................................... 17,580
858 RadiSys Corporation* ................................. 47,994
1,700 Remedy Corporation* .................................. 39,737
100 Reynolds & Reynolds Company,
Class A ............................................ 1,813
200 SAGA SYSTEMS, Inc.* .................................. 2,525
1,310 Sanchez Computer Associates, Inc.* ................... 28,001
800 Spartech Corporation ................................. 19,800
472 StarTek, Inc.* ....................................... 18,496
810 Strayer Education, Inc. .............................. 18,592
1,885 Sykes Enterprises, Inc.* ............................. 26,508
1,413 Syntel, Inc.* ........................................ 13,247
3,335 TeleTech Holdings, Inc.* ............................. 108,804
2,675 Tetra Tech, Inc.* .................................... 72,559
700 Thermo Cardiosystems, Inc.* .......................... 6,519
1,000 Transaction Systems
Architects, Inc., Class A* ......................... 18,375
1,800 Verity, Inc.* ........................................ 82,350
1,000 Volt Information Sciences, Inc.* ..................... 33,812
-----------
2,526,626
-----------
CHEMICALS - 1.0%
1,309 Techne Corporation* .................................. 125,009
1,200 Valspar Corporation .................................. 35,400
-----------
160,409
-----------
CONSTRUCTION - 4.8%
4,155 D.R. Horton, Inc. .................................... 81,542
2,538 Dycom Industries, Inc.* .............................. 134,514
1,347 Elcor Corporation .................................... 22,141
700 Florida Rock Industries, Inc. ........................ 26,906
1,700 Kaufman & Broad
Home Corporation ................................... 42,181
3,415 Lennar Corporation ................................... 94,339
700 NVR, Inc.* ........................................... 51,450
2,800 Pulte Corporation .................................... 92,225
Value
Shares (Note 1)
------ ------
CONSTRUCTION (CONTINUED)
1,040 Simpson Manufacturing
Company, Inc.* ..................................... $ 48,880
2,000 Toll Brothers, Inc.* ................................. 65,250
3,600 West TeleServices Corporation* ....................... 85,500
-----------
744,928
-----------
CONSUMER DURABLES - 2.1%
2,400 APW Ltd.* ............................................ 105,600
2,670 Ethan Allen Interiors, Inc. .......................... 71,923
2,310 Furniture Brands International, Inc.* ................ 37,249
3,000 Linens 'n Things, Inc.* .............................. 81,000
435 Mohawk Industries, Inc.* ............................. 10,331
600 Rent-A-Center, Inc.* ................................. 19,763
-----------
325,866
-----------
DOMESTIC OIL - 0.4%
1,000 CAL Dive International, Inc.* ........................ 57,500
-----------
DRUGS & MEDICINE - 10.0%
1,400 Advance Paradigm, Inc.* .............................. 37,275
2,200 Alpharma, Inc., Class A .............................. 124,575
3,500 AmeriSource Health
Corporation, Class A* .............................. 121,625
1,000 Apria Healthcare Group, Inc.* ........................ 14,875
1,400 Arrow International, Inc. ............................ 49,875
1,000 Aurora Biosciences Corporation* ...................... 68,375
2,317 Barr Laboratories, Inc.* ............................. 164,507
1,400 Beckman Coulter, Inc. ................................ 106,575
318 Bindley Western Industries, Inc. ..................... 9,162
2,200 Bio-Technology
General Corporation* ............................... 30,663
100 Biomatrix, Inc.* ..................................... 2,125
14,100 Caremark Rx, Inc.* ................................... 138,356
1,600 Enzo Biochem, Inc.* .................................. 96,000
2,700 First Health Group Corporation* ...................... 83,869
2,200 MedQuist, Inc.* ...................................... 42,625
500 Molecular Devices Corporation* ....................... 41,406
2,805 Orthodontic Centers
of America, Inc.* .................................. 91,864
4,738 Patterson Dental Company* ............................ 112,528
3,700 PSS World Medical, Inc.* ............................. 23,125
3,075 Renal Care Group, Inc.* .............................. 62,269
2,348 ResMed, Inc.* ........................................ 86,436
1,600 Syncor International
Corporation-Del.* .................................. 64,000
-----------
1,572,110
-----------
See Notes to Financial Statements.
26
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
ELECTRONICS - 17.7%
172 Alpha Industries, Inc.* .............................. $ 8,675
600 Anaren Microwave, Inc.* .............................. 70,838
2,300 Anixter International, Inc.* ......................... 80,500
200 Aspect Communications
Corporation* ....................................... 4,513
1,400 Asyst Technologies, Inc.* ............................ 36,663
1,808 ATMI, Inc.* .......................................... 48,449
90 Aware, Inc.* ......................................... 4,033
600 Axt, Inc.* ........................................... 23,175
1,165 Benchmark Electronics, Inc.* ......................... 60,653
1,800 C-COR.net Corporation* ............................... 35,100
1,652 C & D Technologies, Inc. ............................. 91,273
2,400 Cable Design
Technologies Corporation* .......................... 64,800
1,500 Coherent, Inc.* ...................................... 120,750
800 Cohu, Inc. ........................................... 16,400
3,100 CommScope, Inc.* ..................................... 77,306
600 Concord Communications, Inc.* ........................ 14,400
2,070 CTS Corporation ...................................... 106,217
1,140 Dionex Corporation* .................................. 33,630
1,180 DSP Group, Inc.* ..................................... 54,575
995 DuPont Photomasks, Inc.* ............................. 75,496
1,490 Electro Scientific Industries, Inc.* ................. 61,369
500 Electronics Boutique
Holdings Corporation* .............................. 11,250
2,400 Emulex Corporation* .................................. 251,250
2,100 General Semiconductor, Inc.* ......................... 30,581
1,800 L-3 Communications
Holdings, Inc.* .................................... 106,425
1,100 Littelfuse, Inc.* .................................... 39,944
2,500 Pinnacle Systems, Inc.* .............................. 31,563
3,300 Plantronics, Inc.* ................................... 164,794
1,160 Plexus Corporation* .................................. 179,510
900 PLX Technology, Inc.* ................................ 28,181
1,710 Power Integrations, Inc.* ............................ 29,070
1,300 PRI Automation, Inc.* ................................ 67,112
1,200 Rayovac Corporation* ................................. 21,300
1,985 Semtech Corporation* ................................. 235,098
1,240 SIPEX Corporation* ................................... 53,398
1,055 Technitrol, Inc. ..................................... 134,513
1,000 Three-Five Systems, Inc.* ............................ 33,250
600 Tollgrade Communcations, Inc.* ....................... 66,713
2,658 Vicor Corporation* ................................... 115,955
3,100 VISX, Inc.* .......................................... 85,444
-----------
2,774,166
-----------
Value
Shares (Note 1)
------ ------
ENERGY & UTILITIES - 0.1%
800 Veritas DGC, Inc.* ................................... $ 21,350
-----------
ENERGY - RAW MATERIALS - 0.5%
1,625 Atwood Oceanics, Inc.* ............................... 73,734
-----------
FOOD & AGRICULTURE - 1.0%
1,969 ConAgra, Inc. ........................................ 36,056
1,400 Delta & Pine Land Company ............................ 34,213
300 Dreyer's Grand Ice Cream, Inc. ....................... 6,230
1,000 Hain Celestial Group, Inc.* .......................... 31,250
1,145 Scotts Company (The), Class A* ....................... 35,495
455 Smithfield Foods, Inc.* .............................. 12,086
-----------
155,330
-----------
INSURANCE - 0.4%
1,400 Copart, Inc.* ........................................ 23,712
590 First American Financial Corporation ................. 9,735
400 Hooper Holmes, Inc. .................................. 4,675
205 Markel Corporation* .................................. 29,904
-----------
68,026
-----------
LIQUOR - 0.3%
800 Beringer Wine Estates
Holdings, Inc., Class B* ........................... 44,250
-----------
MEDIA - 1.3%
1,300 Cymer, Inc.* ......................................... 59,719
955 Meredith Corporation ................................. 26,083
1,300 Penton Media, Inc. ................................... 40,706
1,200 Scholastic Corporation* .............................. 77,025
-----------
203,533
-----------
MISCELLANEOUS FINANCE - 5.7%
5,030 AmeriCredit Corporation* ............................. 138,954
1,900 BISYS Group, Inc.* ................................... 143,094
400 Brown & Brown, Inc. .................................. 10,675
1,500 Downey Financial Corporation ......................... 50,250
1,800 Eaton Vance Corporation .............................. 87,188
700 Greater Bay Bancorp .................................. 43,400
800 Henry (Jack) & Associates ............................ 35,500
470 Investment Technology
Group, Inc.* ....................................... 22,560
568 Investors Financial Services Corp. ................... 34,968
800 National Discount
Brokers Group, Inc.* ............................... 28,950
2,812 Radian Group, Inc. ................................... 174,696
2,500 Raymond James Financial, Inc. ........................ 71,250
836 Southwest Securities Group, Inc. ..................... 27,745
See Notes to Financial Statements.
27
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
MISCELLANEOUS FINANCE (CONTINUED)
500 Wesley Jessen VisionCare, Inc.* ...................... $ 18,813
-----------
888,043
-----------
MISCELLANEOUS - 1.2%
2,094 eLoyalty Corporation* ................................ 28,531
4,305 SEMA Group plc-ADR* .................................. 158,747
-----------
187,278
-----------
MOTOR VEHICLES - 2.2%
3,400 Gentex Corporation* .................................. 87,975
2,000 Navistar International Corporation* .................. 75,000
3,340 O'Reilly Automotive, Inc.* ........................... 50,935
600 Oshkosh Truck Corporation ............................ 21,300
1,200 Sonic Automotive, Inc.* .............................. 12,675
1,400 Superior Industries International, Inc. .............. 45,413
4,005 Tower Automotive, Inc.* .............................. 45,557
100 Winnebago Industries, Inc. ........................... 1,281
-----------
340,136
-----------
NON-DURABLES & ENTERTAINMENT - 5.0%
1,810 Applebee's International, Inc. ....................... 41,064
4,870 Brinker International, Inc.* ......................... 154,622
3,765 Catalina Marketing Corporation* ...................... 160,718
1,400 CEC Entertainment, Inc.* ............................. 40,425
2,253 Cheesecake Factory (The), Inc.* ...................... 81,249
2,505 Fastenal Company ..................................... 160,007
1,500 Fossil, Inc.* ........................................ 26,156
280 IHOP Corp.* .......................................... 5,495
600 P.F. Chang's China Bistro, Inc.* ..................... 17,962
203 Papa John's International, Inc.* ..................... 4,593
600 SCP Pool Corporation* ................................ 17,588
1,400 Sonic Corp.* ......................................... 45,675
2,100 Trans World
Entertainment Corporation* ......................... 20,344
-----------
775,898
-----------
NON-FERROUS METALS - 0.2%
1,632 Reliance Steel & Aluminum Co. ........................ 33,660
-----------
PRODUCER GOODS - 6.0%
1,813 Advanced Energy Industries Inc.* ..................... 103,568
1,375 Aeroflex, Inc.* ...................................... 50,531
2,400 Applied Power, Inc., Class A ......................... 11,850
1,304 Astec Industries, Inc.* .............................. 25,591
3,555 Blyth Industries, Inc.* .............................. 83,320
1,100 Diamond Technology Partners, Inc.* ................... 70,194
700 Elantec Semiconductor, Inc.* ......................... 61,950
Value
Shares (Note 1)
------ ------
PRODUCER GOODS (CONTINUED)
222 Graco, Inc. .......................................... $ 7,867
4,140 Hanover Compressor Company* .......................... 131,445
1,049 Helix Technology Corporation ......................... 39,731
455 JLG Industries, Inc. ................................. 5,261
1,730 Manitowoc Company, Inc. .............................. 39,682
200 Matthews International
Corporation, Class A ............................... 5,800
2,200 MSC Industrial Direct Co., Inc.* ..................... 35,750
1,000 Roper Industries, Inc. ............................... 32,375
136 SPS Technologies, Inc.* .............................. 6,401
2,700 Teleflex, Inc. ....................................... 96,188
100 Valmont Industries, Inc. ............................. 1,894
2,487 Zebra Technologies Corporation,
Class A* ........................................... 134,298
-----------
943,696
-----------
REAL PROPERTY - 0.1%
1,700 Fairfield Communities, Inc.* ......................... 13,600
-----------
RETAIL - 4.0%
2,000 99 Cents Only Stores* ................................ 89,875
4,055 Barnes & Noble, Inc.* ................................ 70,202
325 Casey's General Stores, Inc. ......................... 3,697
2,955 Claire's Stores, Inc. ................................ 58,177
1,100 Cost Plus, Inc.* ..................................... 36,988
1,795 Insight Enterprises, Inc.* ........................... 90,199
2,000 Michaels Stores, Inc.* ............................... 70,000
745 Pier 1 Imports, Inc. ................................. 8,754
2,100 United Stationers, Inc.* ............................. 68,119
3,705 Williams-Sonoma, Inc.* ............................... 133,148
-----------
629,159
-----------
TELEPHONE - 1.3%
1,431 Carrier Access Corporation* .......................... 68,509
3,200 Intermedia Communications, Inc.* ..................... 66,400
1,800 Optical Cable Corporation* ........................... 70,875
-----------
205,784
-----------
TIRES & RUBBER - 0.6%
2,100 Carlisle Companies, Inc. ............................. 96,206
-----------
TRAVEL & RECREATION - 1.4%
965 Anchor Gaming Company* ............................... 70,686
4,800 Mandalay Resort Group* ............................... 133,500
442 Speedway Motorsports, Inc.* .......................... 11,409
-----------
215,595
-----------
See Notes to Financial Statements.
28
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
TRUCKING & FREIGHT - 4.6%
2,150 American Freightways Corporation* .................... $ 35,341
3,200 C.H. Robinson Worldwide, Inc. ........................ 189,400
4,615 CNF Transportation, Inc. ............................. 113,068
3,385 Expeditors International of
Washington, Inc. ................................... 165,865
1,400 Forward Air Corporation* ............................. 64,225
100 Landstar System, Inc.* ............................... 5,100
4,560 Swift Transportation Company, Inc.* .................. 77,805
2,300 USFreightways Corporation ............................ 71,731
-----------
722,535
-----------
TOTAL COMMON STOCKS
(Cost $13,147,201) ................................. 15,644,386
-----------
TOTAL INVESTMENTS
(Cost $13,147,201**) .............................. 99.8% 15,644,386
OTHER ASSETS AND LIABILITIES
(Net) ............................................. 0.2% 28,317
----- -----------
NET ASSETS ........................................... 100.0% $15,672,703
====== ===========
-------------------
* Non-income producing security.
** Aggregate cost for Federal tax purposes is
$13,531,377.
See Notes to Financial Statements.
29
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
COMMON STOCKS - 99.6%
AEROSPACE - 0.2%
4,600 GenCorp, Inc. ........................................ $ 33,637
-----------
AIR TRANSPORTATION - 0.5%
3,700 AAR Corporation ...................................... 41,625
2,300 Alaska Air Group, Inc.* .............................. 59,800
-----------
101,425
-----------
APPAREL - 1.5%
1,900 Kellwood Company ..................................... 30,400
1,100 Nautica Enterprises, Inc.* ........................... 12,994
3,900 Russell Corporation .................................. 74,344
3,000 Springs Industries, Inc., Class A .................... 89,625
6,800 The Stride Rite Corporation .......................... 40,800
300 Talbots, Inc. ........................................ 20,081
1,300 Wolverine World Wide, Inc. ........................... 14,219
-----------
282,463
-----------
BANKS - 5.6%
10,000 BancWest Corporation ................................. 176,875
2,300 Bank United Corporation, Class A ..................... 103,500
2,575 Chittenden Corporation ............................... 70,491
83 F&M National Corporation ............................. 2,023
11,318 Fulton Financial Corporation ......................... 237,678
6,900 Independence Community
Bank Corporation ................................... 93,581
4,100 Pacific Century
Financial Corporation .............................. 57,400
2,193 Republic Bancorp, Inc. ............................... 19,463
200 TrustCo Bank Corp .................................... 2,575
7,129 United Bankshares, Inc. .............................. 141,689
4,772 Whitney Holding Corporation .......................... 169,704
-----------
1,074,979
-----------
BUSINESS MACHINES - 0.4%
2,722 Computer Horizons Corporation* ....................... 26,029
5,700 IKON Office Solutions, Inc. .......................... 28,500
550 Tech Data Corporation* ............................... 28,394
-----------
82,923
-----------
BUSINESS SERVICES - 3.5%
1,200 ABM Industries, Inc. ................................. 32,400
2,137 Alliance Semiconductor
Corporation* ....................................... 56,230
1,485 Chemed Corporation ................................... 45,478
6,400 Deluxe Corporation 140,800
Value
Shares (Note 1)
------ ------
BUSINESS SERVICES (CONTINUED)
4,700 Kelly Services, Inc., Class A ........................ $ 108,687
12,000 Modis Professional Services, Inc.* ................... 82,500
4,969 National Service Industries Inc. ..................... 99,069
1,806 SEACOR SMIT, Inc.* ................................... 82,286
2,800 Wallace Computer Services, Inc. ...................... 32,550
-----------
680,000
-----------
CHEMICALS - 6.7%
7,165 Albemarle Corporation ................................ 177,782
5,715 AMCOL International Corporation ...................... 18,931
4,600 Arch Chemicals, Inc. ................................. 83,662
600 Brady Corporation, Class A ........................... 17,362
3,171 Dexter Corporation ................................... 187,485
800 Ferro Corporation .................................... 16,500
3,903 Geon Company ......................................... 68,059
1,600 Lilly Industries, Inc., Cl. A ........................ 49,000
7,444 Lubrizol Corporation ................................. 161,442
8,600 Lyondell Chemical Company ............................ 112,337
6,836 Olin Corporation ..................................... 112,794
3,402 OM Group, Inc. ....................................... 161,170
5,949 PolyOne Corporation .................................. 49,451
4,000 Schulman (A.), Inc. .................................. 48,250
102 WD-40 Company ........................................ 1,976
900 Wellman, Inc. ........................................ 10,856
----------
1,277,057
----------
CONSTRUCTION - 4.0%
900 Florida Rock Industries, Inc. ........................ 34,594
2,900 Granite Construction, Inc. ........................... 65,975
6,300 Kaufman & Broad Home
Corporation ........................................ 156,319
6,359 Morrison Knudsen Corporation* ........................ 76,308
4,100 Pulte Corporation .................................... 135,044
100 Ryland Group, Inc. ................................... 2,456
4,100 Standard Pacific Corporation ......................... 67,394
800 Texas Industries, Inc. ............................... 27,300
3,900 Toll Brothers, Inc.* ................................. 127,237
4,100 United Dominion Industries, Ltd. ..................... 65,856
-----------
758,483
-----------
CONSUMER DURABLES - 2.3%
6,199 Furniture Brands International, Inc.* ................ 99,959
1,400 Kimball International, Inc., Class B ................. 23,800
7,000 La-Z-Boy, Inc. ....................................... 112,437
12,800 Shaw Industries, Inc. ................................ 159,200
See Notes to Financial Statements.
30
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
CONSUMER DURABLES (CONTINUED)
2,800 SLI, Inc.* ..................................... $ 26,950
700 Toro Company ................................... 21,175
-----------
443,521
-----------
CONTAINERS - 1.4%
2,500 Ball Corporation ............................... 86,562
5,500 Bemis Company, Inc. ............................ 184,250
-----------
270,812
-----------
COSMETICS - 0.3%
2,900 Church & Dwight Co., Inc. ...................... 52,019
-----------
DOMESTIC OIL - 3.0%
1,700 CONSOL Energy, Inc. ............................ 35,381
8,615 Global Industries, Ltd.* ....................... 107,149
6,100 Pioneer Natural
Resources Company* ........................... 84,637
14,383 Ultramar Diamond
Shamrock Corporation ......................... 337,102
-----------
564,269
-----------
DRUGS & MEDICINE - 3.0%
3,500 Carter-Wallace, Inc. ........................... 93,188
1,000 Diagnostic Products Corporation ................ 42,375
8,000 Mallinckrodt, Inc. ............................. 360,500
3,300 Owens & Minor, Inc. ............................ 50,531
1,000 West Pharmaceutical Services, Inc. ............. 20,813
-----------
567,407
-----------
ELECTRONICS - 2.5%
3,334 Anixter International, Inc.* ................... 116,690
422 Coherent, Inc.* ................................ 33,971
1,314 Park Electrochemical Corporation ............... 52,806
4,100 Pioneer-Standard Electronics, Inc. ............. 56,119
10,922 Sensormatic Electronics
Corporation* ................................. 181,578
800 Varian Medical Systems, Inc.* .................. 36,750
-----------
477,914
-----------
ENERGY & UTILITIES - 11.4%
11,400 Allete ......................................... 252,937
3,400 Avista Corporation ............................. 62,687
3,500 Black Hills Corporation ........................ 89,250
393 California Water Service Group ................. 10,316
300 CH Energy Group, Inc. .......................... 11,325
3,800 Cleco Corporation .............................. 158,650
1,600 Empire District Electric Company ............... 41,500
Value
Shares (Note 1)
------ ------
ENERGY & UTILITIES (CONTINUED)
4,800 Energen Corporation ............................ $ 124,500
2,934 Equitable Resources, Inc. ...................... 165,221
3,400 Hawaiian Electric Industries, Inc. ............. 111,350
5,800 IDACORP, Inc. .................................. 228,737
2,700 New Jersey Resources Corporation ............... 108,000
400 NICOR, Inc. .................................... 14,750
3,992 Northwest Natural Gas Company .................. 91,816
5,200 ONEOK, Inc. .................................... 166,075
7,508 Peoples Energy Corporation ..................... 244,010
2,300 Public Service Company
of New Mexico ................................ 49,162
100 Southwest Gas Corporation ...................... 1,887
2,200 UIL Holdings Corporation ....................... 110,687
899 Vectren Corporation ............................ 17,081
1,500 Washington Gas Light Company ................... 37,969
2,300 WPS Resources Corporation ...................... 69,144
-----------
2,167,054
-----------
ENERGY - RAW MATERIALS - 3.2%
2,400 Eastern Enterprises ............................ 151,800
2,657 Helmerich & Payne, Inc. ........................ 98,143
1,100 McDermott International, Inc. .................. 8,456
8,893 Tidewater, Inc. ................................ 359,055
-----------
617,454
-----------
FOOD & AGRICULTURE - 3.6%
400 Bob Evans Farms, Inc. .......................... 6,800
6,091 Corn Products International, Inc. .............. 153,036
5,055 Dean Foods Company ............................. 157,969
2,300 Fleming Companies, Inc. ........................ 35,506
3,050 International Multifoods
Corporation .................................. 49,753
300 Lance, Inc. .................................... 2,794
2,900 Suiza Foods Corporation* ....................... 145,000
6,364 Universal Foods Corporation .................... 130,462
-----------
681,320
-----------
INSURANCE - 2.8%
1,400 AmerUS Life Holdings, Inc., Class A ............ 34,562
5,500 Commerce Group, Inc. ........................... 143,000
3,900 Enhance Financial Services
Group, Inc. .................................. 61,425
6,300 First American Financial
Corporation .................................. 103,950
3,300 Nationwide Financial
Services, Inc., Class A ...................... 131,587
See Notes to Financial Statements.
31
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
INSURANCE (CONTINUED)
4,000 Ohio Casualty Corporation ...................... $ 29,500
900 Trenwick Group, Inc. ........................... 17,044
700 Zenith National
Insurance Corporation ........................ 16,231
--------
537,299
--------
LIQUOR - 0.6%
1,973 Canandaigua Brands, Inc.,
Class A* ..................................... 106,295
--------
MEDIA - 2.9%
3,500 Banta Corporation .............................. 77,219
12,500 Belo (A.H.) Corporation, Class A ............... 239,062
9,900 Hollinger International, Inc. .................. 162,112
2,600 Lee Enterprises, Inc. .......................... 72,800
--------
551,193
--------
MISCELLANEOUS FINANCE - 4.1%
2,573 AMCORE Financial, Inc. ......................... 46,475
2,195 Dain Rauscher Corporation ...................... 176,560
2,300 Downey Financial Corporation ................... 77,050
4,400 Fidelity National Financial, Inc. .............. 87,725
2,800 FINOVA Group, Inc. ............................. 19,425
3,900 Heller Financial, Inc. ......................... 97,012
800 Morgan Keegan, Inc. ............................ 16,050
2,600 Raymond James Financial, Inc. .................. 74,100
900 Staten Island Bancorp, Inc. .................... 16,594
8,560 Washington Federal, Inc. ....................... 177,620
--------
788,611
--------
MISCELLANEOUS - 0.1%
1,200 Capitol Federal Financial ...................... 17,400
--------
MOTOR VEHICLES - 3.8%
6,530 ArvinMeritor, Inc. ............................. 107,745
3,763 BorgWarner, Inc. ............................... 129,353
5,700 Cummins Engine Company, Inc. ................... 202,350
300 Detroit Diesel Corporation ..................... 6,844
3,200 Federal-Mogul Corporation ...................... 33,000
3,300 Smith (A.O.) Corporation ....................... 51,975
3,700 Superior Industries
International, Inc. .......................... 120,019
6,100 Tower Automotive, Inc.* ........................ 69,388
--------
720,674
--------
Value
Shares (Note 1)
------ ------
NON-DURABLE & ENTERTAINMENT - 1.5%
5,569 Lancaster Colony Corporation ................... $128,435
15,600 Stewart Enterprises, Inc., Class A ............. 49,725
4,900 Tupperware Corporation ......................... 98,919
--------
277,079
--------
NON-FERROUS METALS - 1.0%
2,400 Commercial Metals Company ...................... 67,050
6,300 Engelhard Corporation .......................... 118,125
--------
185,175
--------
OPTICAL & PHOTO - 0.5%
3,985 Imation Corporation* ........................... 88,666
--------
PAPER FOREST PRODUCTS - 1.7%
5,600 Boise Cascade Corporation ...................... 167,300
2,700 Caraustar Industries, Inc. ..................... 41,681
4,900 Glatfelter (P.H.) Company ...................... 51,450
200 Potlatch Corporation ........................... 6,725
7,600 Wausau-Mosinee Paper Corporation ............... 67,450
--------
334,606
--------
PRODUCER GOODS - 14.8%
1,500 Applied Industrial
Technologies, Inc. ........................... 25,406
5,834 AptarGroup, Inc. ............................... 136,005
5,600 Baldor Electric Company ........................ 109,900
3,667 Briggs & Stratton Corporation .................. 158,598
3,750 CLARCOR, Inc. .................................. 77,344
7,000 Federal Signal Corporation ..................... 150,938
1,000 Flowserve Corporation* ......................... 18,500
2,936 Graco, Inc. .................................... 104,045
5,326 Harsco Corporation ............................. 148,129
4,800 HON Industries, Inc. ........................... 129,300
2,950 Hughes Supply, Inc. ............................ 62,835
3,900 IDEX Corporation ............................... 118,463
1 Juno Lighting, Inc.* ........................... 5
1,500 Kaydon Corporation ............................. 33,094
4,700 Kennametal, Inc. ............................... 120,438
1,900 Lincoln Electric Holdings, Inc. ................ 27,788
6,100 Mark IV Industries, Inc. ....................... 136,488
4,700 MascoTech, Inc. ................................ 77,844
5,100 Milacron, Inc. ................................. 78,731
700 Nordson Corporation ............................ 45,325
7,000 Pentair, Inc. .................................. 227,500
3,100 Regal-Beloit Corporation ....................... 53,475
900 Steelcase, Inc. ................................ 14,906
See Notes to Financial Statements.
32
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
PRODUCER GOODS (CONTINUED)
3,300 Tecumseh Products Company,
Class A ...................................... $ 131,175
4,000 Teleflex, Inc. ................................. 142,500
9,729 Timken Company ................................. 158,704
5,900 Trinity Industries, Inc. ....................... 114,313
7,198 U.S. Industries, Inc. .......................... 91,775
200 Watts Industries Inc., Class A ................. 2,250
5,300 YORK International Corporation ................. 131,838
----------
2,827,612
----------
RAILROAD & SHIPPING - 1.8%
8,100 Alexander & Baldwin, Inc. ...................... 213,131
3,100 GATX Corporation ............................... 126,131
100 Wabtec Corporation ............................. 1,037
----------
340,299
----------
RETAIL - 2.4%
3,600 Burlington Coat Factory
Warehouse Corporation ........................ 43,875
3,200 Cato Corporation, Class A ...................... 39,600
5,500 Longs Drug Stores, Inc. ........................ 103,813
4,468 Payless Shoesource, Inc.* ...................... 238,480
2,000 ShopKo Stores, Inc.* ........................... 22,875
300 Zale Corporation* .............................. 11,081
----------
459,724
----------
STEEL - 1.7%
7,202 AK Steel Holding Corporation ................... 78,322
1,600 Carpenter Technology Corporation ............... 52,000
100 Cleveland-Cliffs, Inc. ......................... 2,513
1,100 USX-U.S. Steel Group ........................... 19,113
16,000 Worthington Industries, Inc. ................... 167,000
----------
318,948
----------
TIRES & RUBBER - 1.6%
800 Bandag, Inc. ................................... 26,050
3,600 Carlisle Companies, Inc. ....................... 164,925
9,400 Cooper Tire & Rubber Company ................... 113,388
----------
304,363
----------
Value
Shares (Note 1)
------ ------
TOBACCO - 0.2%
1,900 Universal Corporation .......................... $ 49,163
-----------
TRAVEL & RECREATION - 1.4%
6,600 Brunswick Corporation .......................... 123,750
8,200 Callaway Golf Company .......................... 118,388
3,200 Prime Hospitality Corporation* ................. 33,200
-----------
275,338
-----------
TRUCKING & FREIGHT - 3.6%
5,000 Arnold Industries, Inc. ........................ 77,813
800 Circle International Group, Inc. ............... 28,650
9,500 CNF Transportation, Inc. ....................... 232,750
1,200 Hunt (J.B.) Transport Services, Inc. ........... 16,200
3,400 Roadway Express, Inc. .......................... 78,200
500 Rollins Truck Leasing Corporation .............. 3,375
2,200 Ryder System, Inc. ............................. 42,213
4,400 USFreightways Corporation ...................... 137,225
5,000 Werner Enterprises, Inc. ....................... 67,500
-----------
683,926
-----------
TOTAL COMMON STOCKS
(Cost $18,162,487) 18,999,108
-----------
TOTAL INVESTMENTS
(Cost $18,162,487**) ............................. 99.6% 18,999,108
OTHER ASSETS AND LIABILITIES
(Net) ............................................ 0.4% 71,895
------ -----------
NET ASSETS .......................................... 100.0% $19,071,003
====== ===========
-------------------
* Non-income producing security.
** Aggregate cost for Federal tax purposes is
$19,284,194.
See Notes to Financial Statements.
33
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
COMMON STOCKS - 100.0%
AEROSPACE - 0.9%
5,800 Boeing Company ................................. $311,025
300 Crane Company .................................. 7,537
1,200 General Dynamics Corporation ................... 75,525
848 Goodrich (B.F.) Company ........................ 34,609
100 HEICO Corporation, Class A ..................... 1,269
700 Kaman Corporation, Class A ..................... 9,187
300 Litton Industries, Inc.* ....................... 16,594
3,200 Lockheed Martin Corporation .................... 90,800
400 Northrop Grumman Corporation ................... 31,125
2,000 Raytheon Company, Class B ...................... 55,625
1,100 Rockwell International Corporation ............. 44,481
900 Textron, Inc. .................................. 50,456
900 TRW, Inc. ...................................... 41,119
3,067 United Technologies Corporation ................ 191,496
100 Veeco Instruments, Inc.* ....................... 8,963
--------
969,811
--------
AIR TRANSPORTATION - 0.4%
400 Airborne Freight Corporation ................... 5,975
600 America West Holdings Corp.* ................... 8,775
800 AMR Corporation* ............................... 26,250
300 Atlantic Coast Airlines
Holdings, Inc.* .............................. 9,525
400 Atlas Air, Inc.* ............................... 17,300
300 Continental Airlines, Inc., Class B* ........... 14,437
700 Delta Air Lines, Inc. .......................... 34,650
300 EGL, Inc.* ..................................... 10,781
1,900 FedEx Corporation* ............................. 76,665
300 Frontier Airlines, Inc.* ....................... 5,137
900 Galileo International, Inc. .................... 16,762
200 Mesaba Holdings, Inc.* ......................... 2,175
100 Midway Airlines Corporation* ................... 562
800 Midwest Express Holdings, Inc.* ................ 18,100
400 Northwest Airlines Corporation* ................ 12,525
650 Sabre Holdings Corporation* .................... 18,119
3,000 Southwest Airlines Company ..................... 67,875
400 US Airways Group, Inc.* ........................ 13,600
300 UAL Corporation* ............................... 14,325
--------
373,538
--------
APPAREL - 0.3%
600 Abercrombie & Fitch Co., Class A* .............. 13,913
200 Barry (R.G.) Corporation ....................... 637
100 Bluefly, Inc.* ................................. 319
Value
Shares (Note 1)
------ ------
APPAREL (CONTINUED)
400 Children's Place Retail Stores, Inc.* .......... $ 11,800
500 Columbia Sportswear Company* ................... 20,437
400 Dress Barn, Inc.* .............................. 8,525
100 Escalade, Inc. ................................. 1,900
100 Garan, Inc. .................................... 2,125
900 Goody's Family Clothing, Inc. .................. 4,134
650 Jones Apparel Group* ........................... 15,925
300 Just for Feet, Inc.* ........................... 10
300 Liz Claiborne, Inc. ............................ 13,181
100 McNaughton Apparel Group, Inc.* ................ 1,600
1,700 Nike, Inc., Class B ............................ 67,256
300 OshKosh B'Gosh, Inc., Class A .................. 4,275
50 Pacific Sunwear of California, Inc.* ........... 666
100 Perry Ellis International, Inc.* ............... 884
800 Polo Ralph Lauren Corporation* ................. 15,500
800 Polymer Group, Inc.* ........................... 5,600
700 Reebok International Ltd.* ..................... 13,431
400 Russell Corporation ............................ 7,625
200 Shoe Carnival, Inc.* ........................... 1,387
200 Springs Industries, Inc.* ...................... 5,975
100 Superior Uniform Group, Inc. ................... 762
200 Talbots, Inc. .................................. 13,387
100 Tarrant Apparel Group* ......................... 769
386 The Men's Wearhouse, Inc.* ..................... 11,773
300 Timberland Company, Class A* ................... 12,225
1,200 V.F. Corporation ............................... 27,450
100 Vulcan International Corporation ............... 3,425
600 Warnaco Group, Inc. ............................ 3,000
1,300 WestPoint Stevens, Inc.* ....................... 18,281
100 Weyco Group, Inc. .............................. 2,525
--------
310,702
--------
BANKS - 4.8%
480 ABC Bancorp .................................... 4,800
2,533 AmSouth Bancorporation ......................... 46,227
50 Arrow Financial Corporation .................... 791
440 Associated Banc-Corp ........................... 11,048
100 BancFirst Corporation .......................... 3,181
464 BancWest Corporation ........................... 8,207
10,500 Bank of America Corporation .................... 562,406
100 Bank of Granite Corporation .................... 2,287
112 Bank of Kentucky
Financial Corporation ........................ 2,436
4,600 Bank of New York Company, Inc. ................. 241,212
7,200 Bank One Corporation ........................... 253,800
See Notes to Financial Statements.
34
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
BANKS (CONTINUED)
400 Bank United Corp., Class A ..................... $ 18,000
647 Banknorth Group, Inc. .......................... 10,595
2,417 BB&T Corporation ............................... 65,410
100 BNCCORP, Inc. .................................. 575
300 Brookline Bancorp, Inc. ........................ 3,544
394 BSB Bancorp, Inc. .............................. 8,668
5 California Independent Bancorp ................. 110
340 Cascade Bancorp ................................ 3,655
147 Central Coast Bancorp* ......................... 2,389
300 Centura Banks, Inc. ............................ 10,594
8,150 Chase Manhattan Corporation .................... 455,381
100 Citizens Financial Corporation,
Class A* ..................................... 1,350
314 City National Corporation ...................... 12,266
325 Civic BanCorp* ................................. 4,875
300 CNBT Bancshares, Inc. .......................... 5,212
800 Colonial BancGroup, Inc. ....................... 7,800
445 Columbia Banking System, Inc.* ................. 6,230
900 Comerica, Inc. ................................. 50,681
100 Comm Bancorp, Inc. ............................. 2,625
200 Commerce Bancorp, Inc. ......................... 10,337
315 Commerce Bancshares, Inc. ...................... 11,340
105 Community Bancorp, Inc.* ....................... 709
400 Community Bank System, Inc. .................... 8,825
110 Community Banks, Inc. .......................... 2,365
600 Community Financial Group, Inc. ................ 7,650
500 Community First Bankshares, Inc. ............... 9,000
500 Compass Bancshares, Inc. ....................... 9,125
400 Cullen/Frost Bankers, Inc. ..................... 12,400
800 Doral Financial Corporation .................... 11,900
100 Eagle Bancshares, Inc. ......................... 1,094
869 FNB Corp. ...................................... 8,690
200 FFLC Bancorp, Inc. ............................. 2,725
100 Fidelity Bancorp, Inc. ......................... 1,369
2,914 Fifth Third Bancorp ............................ 134,590
400 First BanCorp .................................. 7,800
100 First Busey Corporation ........................ 1,850
200 First Charter Corporation ...................... 3,212
800 First Commonwealth
Financial Corporation ........................ 7,650
300 First Financial Bankshares, Inc. ............... 9,600
100 First Mariner Bancorp Inc.* .................... 506
350 First Midwest Bancorp, Inc. .................... 9,034
1,100 First Midwest Financial, Inc. .................. 11,000
310 First Mutual Bancshares, Inc. .................. 3,022
Value
Shares (Note 1)
------ ------
BANKS (CONTINUED)
1,100 First Security Corporation ..................... $ 16,775
800 First Tennessee
National Corporation ......................... 17,600
6,148 First Union Corporation ........................ 177,908
300 First Virginia Banks, Inc. ..................... 12,825
6,109 Firstar Corporation ............................ 145,852
300 Firstfed America Bancorp, Inc. ................. 4,481
600 FirstFed Financial Corporation ................. 10,800
500 FirstMerit Corporation ......................... 11,656
5,605 FleetBoston Financial Corporation .............. 239,263
200 Franchise Finance Corporation
of America ................................... 4,500
300 Franklin Bank N.A .............................. 2,419
500 Frontier Financial Corporation ................. 9,625
546 Fulton Finanacial Corporation .................. 11,466
600 GA Financial, Inc. ............................. 8,437
110 German American Bancorp ........................ 1,437
400 Great Southern Bancorp, Inc. ................... 6,375
900 GreenPoint Financial Corporation ............... 23,512
100 Hallmark Capital Corporation* .................. 1,012
600 Harbor Florida Bancshares, Inc. ................ 7,162
133 Harleysville Savings
Financial Corporation ........................ 1,995
165 Heritage Commerce Corporation* ................. 1,702
700 Hibernia Corporation, Class A .................. 8,794
100 Horizon Financial Corporation .................. 975
700 Hudson City Bancorp, Inc. ...................... 12,119
512 Hudson United Bancorp .......................... 12,896
1,385 Huntington Bancshares, Inc. .................... 23,372
241 Imperial Bancorp* .............................. 5,242
500 Independence Community
Bank Corporation ............................. 6,781
1,000 J.P. Morgan & Company .......................... 167,187
100 Kentucky First Bancorp, Inc. ................... 1,037
2,600 KeyCorp ........................................ 52,487
100 Laurel Capital Group, Inc. ..................... 1,387
100 LSB Bancshares, Inc. ........................... 1,294
300 Main Street Bancorp, Inc. ...................... 2,419
600 Marshall & Ilsley Corporation .................. 29,250
100 Mayflower Cooperative Bank ..................... 1,075
3,000 Mellon Financial Corporation ................... 135,750
400 Mercantile Bankshares Corporation .............. 13,794
500 Merchants Bancshares, Inc. ..................... 11,812
200 Merchants New York Bancorp, Inc. ............... 3,587
3,700 National City Corporation ...................... 77,469
See Notes to Financial Statements.
35
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
BANKS (CONTINUED)
1,235 National Commerce
Bancorporation ............................... $ 23,851
200 Net.B@nk, Inc.* ................................ 2,275
100 North Bancshares, Inc. ......................... 875
1,000 North Fork Bancorporation, Inc. ................ 17,875
1,300 Northern States
Financial Corporation ........................ 26,325
1,400 Northern Trust Corporation ..................... 118,037
100 Norwood Financial Corporation .................. 2,062
110 NSD Bancorp, Inc. .............................. 1,705
829 Old Kent Financial Corporation ................. 24,300
408 Old National Bancorp ........................... 11,449
500 Pacific Century
Financial Corporation ........................ 7,000
100 Pacific Crest Capital, Inc. .................... 1,262
500 People's Bank-Bridgeport ....................... 10,562
1,800 PNC Financial Services Group ................... 106,087
900 Popular, Inc. .................................. 18,562
300 Professional Bancorp, Inc. ..................... 2,194
625 Provident Bankshares Corporation ............... 8,906
300 Provident Financial Group, Inc. ................ 7,894
900 Providian Financial Corporation ................ 103,444
300 Queens County Bancorp, Inc. .................... 7,912
1,500 Regions Financial Corporation .................. 32,625
440 Republic Bancorp, Inc. ......................... 3,905
600 Republic Bancorp, Inc., Class A ................ 4,106
500 S&T Bancorp, Inc. .............................. 9,867
100 S.Y. Bancorp, Inc. ............................. 2,112
400 S1 Corporation* ................................ 6,975
300 Silicon Valley Bancshares ...................... 17,288
200 Six Rivers National Bank* ...................... 3,100
404 Sky Financial Group, Inc. ...................... 7,070
1,200 Southern Missouri Bancorp, Inc. ................ 15,300
1,000 SouthTrust Corporation ......................... 28,187
100 Southwest Bancorporation
of Texas, Inc.* .............................. 2,906
667 State Bancorp, Inc. ............................ 8,921
1,000 State Street Corporation ....................... 117,750
105 Sterling Bancorp ............................... 1,903
1,000 Summit Bancorp ................................. 27,687
1,900 SunTrust Banks, Inc. ........................... 93,812
600 Susquehanna Bancshares, Inc. ................... 8,587
1,875 Synovus Financial Corporation .................. 36,914
100 Texarkana First
Financial Corporation ........................ 2,250
Value
Shares (Note 1)
------ ------
BANKS (CONTINUED)
800 TrustCo Bank Corp NY ........................... $ 10,300
600 Trustmark Corporation .......................... 11,100
4,787 U.S. Bancorp ................................... 104,117
98 Union Financial Bancshares, Inc. ............... 735
800 Union Planters Corporation ..................... 24,250
900 UnionBanCal Corporation ........................ 22,331
400 United Bankshares, Inc. ........................ 7,950
300 United Financial Corporation ................... 4,575
424 United National Bancorp ........................ 7,420
100 United Tennessee Bankshares, Inc. .............. 1,012
418 Valley National Bancorp ........................ 10,972
1,200 Wachovia Corporation ........................... 68,775
10,200 Wells Fargo & Company .......................... 440,512
500 WesBanco, Inc. ................................. 11,687
300 Westamerica Bancorporation ..................... 9,094
200 Wilmington Trust Corporation ................... 10,075
500 Zions Bancorporation ........................... 22,375
---------
5,078,799
---------
BUSINESS MACHINES - 14.3%
2,400 3Com Corporation* .............................. 39,900
600 Adaptec, Inc.* ................................. 14,700
800 Adobe Systems, Inc. ............................ 104,000
100 Amplicon, Inc. ................................. 912
2,200 Apple Computer, Inc. ........................... 134,062
400 Avocent Corporation* ........................... 19,450
1,767 BMC Software, Inc.* ............................ 47,709
1,200 Cabletron Systems, Inc.* ....................... 44,925
600 CACI International, Inc., Class A* ............. 13,500
900 Ceridian Corporation* .......................... 21,769
500 Charles & Covard Ltd.* ......................... 2,313
43,978 Cisco Systems, Inc.* ........................... 3,012,493
200 Cognitronics Corporation* ...................... 2,363
1,000 Comdisco, Inc. ................................. 24,000
10,700 Compaq Computer Corporation .................... 364,469
900 Computer Horizons Corporation* ................. 8,606
2,300 Compuware Corporation* ......................... 24,294
931 Comverse Technology, Inc.* ..................... 85,594
200 Crossroads Systems, Inc.* ...................... 2,250
16,300 Dell Computer Corporation* ..................... 711,087
500 Diebold, Inc. .................................. 14,125
200 Digital Lightwave, Inc.* ....................... 17,550
13,700 EMC Corporation* ............................... 1,342,600
200 Evans & Sutherland
Computer Corporation* ........................ 1,350
See Notes to Financial Statements.
36
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
BUSINESS MACHINES (CONTINUED)
300 Fair Isaac & Company, Inc. ..................... $ 13,781
800 Foundry Networks, Inc.* ........................ 74,450
2,100 Gateway, Inc.* ................................. 143,010
6,300 Hewlett-Packard Company ........................ 760,725
900 Hypercom Corporation* .......................... 10,181
900 IKON Office Solutions, Inc. .................... 4,500
600 InaCom Corp.* .................................. 27
1,800 Informix Corporation* .......................... 11,025
700 Integrated Device Technology, Inc.* ............ 61,425
400 Interface Systems, Inc. ........................ 6,500
11,200 International Business
Machines Corporation ......................... 1,478,400
2,000 Juniper Networks, Inc.* ........................ 427,500
100 Latitude Communications, Inc.* ................. 897
900 Lexmark International
Group, Inc., Class A* ........................ 61,031
100 Litronic, Inc* ................................. 531
500 LTX Corporation* ............................... 12,781
100 MicroAge, Inc.* ................................ 14
450 Microchip Technology, Inc.* .................... 30,628
200 Micromuse, Inc.* ............................... 30,375
900 Micron Electronics, Inc.* ...................... 12,431
33,235 Microsoft Corporation* ......................... 2,320,218
200 National Computer Systems, Inc. ................ 14,525
600 NCR Corporation* ............................... 24,225
100 Netegrity, Inc.* ............................... 8,800
1,900 Network Appliance, Inc.* ....................... 222,300
2,100 Novell, Inc.* .................................. 25,725
800 Novellus Systems, Inc.* ........................ 49,250
430 Obie Media Corporation* ........................ 3,709
100 Optio Software, Inc.* .......................... 312
18,000 Oracle Systems Corporation* .................... 1,636,875
1,700 Pitney Bowes, Inc. ............................. 62,156
1,300 Quantum Corporation -
DLT & Storage Systems* ....................... 17,631
1,500 Quantum Corporation -
Hard Disk Drive* ............................. 14,625
300 Rimage Corporation* ............................ 7,031
200 SCM Microsystems, Inc.* ........................ 10,887
1,400 Seagate Technology, Inc.* ...................... 83,125
1,600 Silicon Graphics, Inc.* ........................ 7,500
10,100 Sun Microsystems, Inc.* ........................ 1,282,069
600 SVI Holdings, Inc.* ............................ 3,075
500 Sybase, Inc.* .................................. 13,719
300 Tech Data Corporation* ......................... 15,487
Value
Shares (Note 1)
------ ------
BUSINESS MACHINES (CONTINUED)
600 Telxon Corporation ............................. $ 11,850
300 Titan Corporation* ............................. 7,387
1,000 Total System Services, Inc. .................... 16,500
400 TransAct Technologies, Inc. .................... 3,025
100 UniComp, Inc.* ................................. 137
2,300 Unisys Corporation* ............................ 29,900
200 Visual Networks, Inc.* ......................... 1,612
4,100 Xerox Corporation .............................. 65,856
300 Xircom, Inc.* .................................. 9,262
-----------
15,163,006
-----------
BUSINESS SERVICES - 8.5%
260 24/7 Media, Inc.* .............................. 3,754
300 ABM Industries, Inc. ........................... 8,100
100 About.com, Inc.* ............................... 4,363
200 Accrue Software, Inc.* ......................... 4,262
500 ACNielson Corporation* ......................... 12,031
700 adam.com, Inc.* ................................ 3,019
300 Advent Software, Inc. * ........................ 18,487
200 Aether Systems, Inc.* .......................... 27,700
400 Affiliated Computer
Services, Inc., Class A* ..................... 18,625
400 Affymetrix, Inc.* .............................. 31,600
200 AGENCY.COM, Inc.* .............................. 4,787
300 Agile Software Corporation* .................... 20,831
59 Akamai Technologies, Inc.* ..................... 4,458
1,500 Alcide Corporation* ............................ 24,844
200 Allaire Corporation* ........................... 6,787
1,200 Allied Waste Industries, Inc.* ................. 11,025
14,554 America Online, Inc.* .......................... 853,228
200 American Locker Group, Inc. .................... 1,275
400 American Management
Systems, Inc.* ............................... 7,475
400 Angelica Corporation ........................... 3,275
400 AnswerThink Consulting
Group, Inc.* ................................. 6,850
500 Apollo Group, Inc., Class A* ................... 20,406
200 AppliedTheory Corporation* ..................... 1,612
100 Apropos Technology, Inc.* ...................... 1,275
100 Argonaut Technologies, Inc.* ................... 1,738
1,500 Ariba, Inc.* ................................... 236,062
500 Art Technology Group, Inc.* .................... 50,969
100 Artificial Life, Inc.* ......................... 1,487
100 ASD Systems, Inc.* ............................. 150
700 Ashton Technology Group, Inc.* ................. 2,516
See Notes to Financial Statements.
37
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
BUSINESS SERVICES (CONTINUED)
200 Ask Jeeves, Inc.* .............................. $ 6,100
200 Aspen Technology, Inc.* ........................ 9,187
2,492 At Home Corporation, Series A* ................. 36,290
200 Audible, Inc.* ................................. 350
3,900 Automatic Data Processing, Inc. ................ 232,537
3,600 AutoNation, Inc.* .............................. 23,400
800 Avant! Corporation* ............................ 11,650
200 AXENT Technologies, Inc.* ...................... 4,750
300 BARRA, Inc.* ................................... 17,287
1,500 BEA Systems, Inc.* ............................. 102,094
600 BindView Development
Corporation* ................................. 5,887
700 Bowne & Company, Inc. .......................... 7,262
1,700 BroadVision, Inc.* ............................. 58,650
700 Brocade Communications
Systems, Inc.* ............................... 158,069
300 Brooktrout, Inc.* .............................. 10,200
200 BSQUARE Corporation* ........................... 3,400
200 CacheFlow, Inc.* ............................... 21,875
200 CAIS Internet, Inc.* ........................... 1,612
100 Calico Commerce, Inc.* ......................... 1,009
800 Cambridge Technology
Partners, Inc.* .............................. 4,925
500 CareInsite, Inc.* .............................. 11,187
500 Casella Waste Systems, Inc.,
Class A* ..................................... 4,906
200 Cash Technologies, Inc.* ....................... 1,387
500 Catalyst International, Inc.* .................. 2,969
900 Catalytica, Inc.* .............................. 11,981
400 Catapult Communications
Corporation* ................................. 7,200
600 CDW Computer Centers, Inc.* .................... 44,100
200 Cell Genesys, Inc.* ............................ 6,162
400 CenterSpan Communications
Corporation* ................................. 6,375
100 Centra Software, Inc.* ......................... 919
400 Charles River Associates, Inc.* ................ 4,500
300 Cheap Tickets, Inc.* ........................... 3,187
400 Checkfree Holdings Corporation* ................ 20,725
210 ChoicePoint, Inc.* ............................. 9,844
300 Chordiant Software, Inc.* ...................... 3,619
1,300 Ciber, Inc.* ................................... 13,406
1,082 Cintas Corporation ............................. 44,971
150 Circle.com* .................................... 506
1,300 Citrix Systems, Inc.* .......................... 28,600
Value
Shares (Note 1)
------ ------
BUSINESS SERVICES (CONTINUED)
700 Coinstar, Inc.* ................................ $ 8,050
500 Com21, Inc.* ................................... 8,312
100 Comarco, Inc.* ................................. 3,150
600 Complete Business Solutions, Inc.* ............. 8,100
3,681 Computer Associates
International, Inc. .......................... 116,872
1,000 Computer Sciences Corporation* ................. 79,062
600 Computer Task Group, Inc. ...................... 2,100
1,200 Concord EFS, Inc.* ............................. 38,550
400 Concur Technologies, Inc.* ..................... 1,225
1,000 Convergys Corporation* ......................... 39,125
200 Corillian Corporation* ......................... 1,563
300 Cornell Corrections, Inc.* ..................... 2,494
100 Corporate Executive
Board Company* ............................... 7,100
500 CoStar Group, Inc.* ............................ 13,812
200 Cotelligent, Inc.* ............................. 800
400 Credence Systems Corporation* .................. 23,425
300 Creditrust Corporation* ........................ 394
447 Critical Path, Inc.* ........................... 34,531
700 Crosswalk.com, Inc.* ........................... 1,444
400 CSG Systems International, Inc.* ............... 18,075
300 CuraGen Corporation* ........................... 13,312
100 CUseeMe Networks, Inc.* ........................ 731
200 CyberCash, Inc.* ............................... 1,087
200 CyberSource Corporation* ....................... 2,475
200 Cylink Corporation* ............................ 2,850
300 Datalink Corporation* .......................... 4,669
100 Deltathree.com, Inc.* .......................... 637
600 Deluxe Corporation ............................. 13,200
400 DeVRY, Inc.* ................................... 14,950
200 Digex, Inc.* ................................... 16,937
200 Digital Impact, Inc.* .......................... 1,906
157 Digital Insight Corporation* ................... 4,160
200 Digital River, Inc.* ........................... 1,375
200 DigitalThink, Inc.* ............................ 6,813
400 Digitas, Inc.* ................................. 5,500
810 DoubleClick, Inc.* ............................. 32,957
200 DSET Corporation* .............................. 5,412
400 DST Systems, Inc.* ............................. 37,600
1,100 Dun & Bradstreet Corporation ................... 36,300
100 EarthWeb, Inc.* ................................ 1,362
1,800 eBay, Inc.* .................................... 111,600
100 eBenX, Inc.* ................................... 2,100
400 Eclipsys Corporation* .......................... 5,750
See Notes to Financial Statements.
38
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
BUSINESS SERVICES (CONTINUED)
900 Ecolab, Inc. ................................... $ 35,044
200 eCollege.com, Inc.* ............................ 1,325
200 eGain Communications ........................... 2,612
200 Egreetings Network, Inc.* ...................... 237
2,900 Electronic Data Systems Corporation ............ 144,456
100 Embarcadero Technologies, Inc.* ................ 4,200
200 eMerge Interactive, Inc., Class A* ............. 4,413
1,100 Engage Technologies, Inc.* ..................... 15,606
200 ePresence, Inc.* ............................... 1,500
200 Eprise Corporation* ............................ 3,113
800 Equifax, Inc. .................................. 20,350
100 eSoft, Inc.* ................................... 750
400 Exelixis, Inc.* ................................ 18,000
200 Extensity, Inc.* ............................... 4,500
100 F5 Networks, Inc.* ............................. 5,850
400 FactSet Research Systems, Inc. ................. 13,675
300 Factual Data Corporation* ...................... 2,662
200 FirePond, Inc.* ................................ 4,175
2,600 First Data Corporation ......................... 123,987
700 Fiserv, Inc.* .................................. 37,931
300 FreeMarkets, Inc.* ............................. 24,412
100 FreeShop.com, Inc.* ............................ 403
600 Frontline Communications
Corporation* ................................. 750
1,198 Gartner Group, Inc., Class B * ................. 13,477
200 GenesisIntermedia.com, Inc.* ................... 3,175
200 GetThere.com, Inc.* ............................ 3,475
300 Go2Net, Inc.* .................................. 20,700
300 GoTo.com, Inc.* ................................ 5,587
300 GP Strategies Corporation* ..................... 1,294
500 Great Plains Software, Inc.* ................... 13,594
100 GRIC Communications, Inc.* ..................... 1,053
500 GTECH Holdings Corporation* .................... 8,937
500 H&R Block, Inc. ................................ 17,937
550 HA-LO Industries, Inc.* ........................ 2,750
200 Harris Interactive, Inc.* ...................... 825
100 HeadHunter.NET, Inc.* .......................... 600
1,200 Healtheon/WebMD Corporation* ................... 21,150
200 HearMe, Inc.* .................................. 1,737
400 High Speed Access Corporation* ................. 2,300
100 Homeseekers.com, Inc.* ......................... 269
100 Hotel Reservations
Network, Inc., Class A* ...................... 3,519
200 HotJobs.com, Ltd.* ............................. 3,812
Value
Shares (Note 1)
------ ------
BUSINESS SERVICES (CONTINUED)
300 Hunt Corporation ............................... $ 2,700
1,220 i2 Technologies, Inc.* ......................... 206,409
200 iBasis, Inc.* .................................. 4,150
200 IBS Interactive, Inc.* ......................... 788
300 ICOS Corporation* .............................. 17,606
600 iGATE Capital Corporation* ..................... 4,369
200 iManage, Inc.* ................................. 2,200
300 Immune Response Corporation* ................... 2,700
1,700 IMS Health, Inc. ............................... 32,087
100 Infonautics, Inc., Class A* .................... 325
1,700 Infonet Services Corporation,
Class B* ..................................... 22,206
200 Information Architects Corporation* ............ 1,275
600 Information Resource
Engineering, Inc.* ........................... 21,600
100 Inforte Corp.* ................................. 3,594
700 Inktomi Corporation* ........................... 91,262
200 Innodata Corporation* .......................... 2,037
900 INSpire Insurance Solutions, Inc.* ............. 2,250
100 Interact Commerce Corporation* ................. 1,038
100 Interleukin Genetics, Inc.* .................... 456
300 Interliant, Inc.* .............................. 3,975
900 Internap Network Services
Corporation* ................................. 32,400
436 Internet Pictures Corporation* ................. 3,406
200 internet.com Corporation* ...................... 6,300
300 Internet Security Systems, Inc.* ............... 24,300
1,900 Interpublic Group of
Companies, Inc. .............................. 72,675
600 Intertrust Technologies
Corporation* ................................. 9,637
300 Interwoven, Inc.* .............................. 28,800
1,400 Intuit, Inc.* .................................. 83,825
400 Iron Mountain, Inc.* ........................... 13,650
900 IT Group, Inc.* ................................ 3,937
300 iVillage, Inc.* ................................ 2,006
700 J.D. Edwards & Company* ........................ 17,369
300 Juno Online Services, Inc.* .................... 1,875
566 Kana Communications, Inc.* ..................... 22,711
700 Keane, Inc. .................................... 12,119
400 Kelly Services, Inc., Class A .................. 9,250
500 Korn/Ferry International* ...................... 15,219
900 Kroll-O'Gara Company* .......................... 4,612
200 L90, Inc.* ..................................... 1,537
600 Labor Ready, Inc.* ............................. 2,325
See Notes to Financial Statements.
39
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
BUSINESS SERVICES (CONTINUED)
400 Lamar Advertising Company* ..................... $ 18,575
300 Lante Corporation* ............................. 2,812
184 Learn2.com Inc.* ............................... 460
1,400 Legato Systems, Inc.* .......................... 16,975
600 Liberate Technologies, Inc.* ................... 18,450
200 Lifeminders.com, Inc.* ......................... 6,000
100 Lionbridge Technologies, Inc.* ................. 944
100 Loislaw.com, Inc.* ............................. 775
600 LookSmart, Ltd.* ............................... 10,050
300 Loudeye Technologies, Inc.* .................... 3,300
200 Luminant Worldwide Corporation* ................ 1,675
800 Lycos, Inc.* ................................... 56,800
300 Macrovision Corporation* ....................... 31,987
400 Manpower, Inc. ................................. 14,475
300 Manugistics Group, Inc.* ....................... 26,325
819 MarchFirst, Inc.* .............................. 15,868
200 Marimba, Inc.* ................................. 3,375
100 MarketWatch.com, Inc.* ......................... 1,175
100 Matritech, Inc.* ............................... 800
300 MatrixOne, Inc.* ............................... 10,350
700 MAXIMUS, Inc.* ................................. 15,487
200 Maxygen, Inc.* ................................. 10,750
200 Mechanical Technology, Inc.* ................... 2,262
200 Mediaplex, Inc.* ............................... 2,537
450 Medical Manager Corporation* ................... 19,687
200 MedicaLogic/Medscape, Inc.* .................... 1,337
500 MemberWorks, Inc.* ............................. 14,062
600 Mentor Corporation ............................. 12,712
200 Mercator Software, Inc.* ....................... 3,125
300 Mercury Computer Systems, Inc.* ................ 8,503
500 Mercury Interactive Corporation* ............... 61,094
200 Metricom, Inc.* ................................ 8,137
450 Metris Companies, Inc. ......................... 16,172
300 MicroStrategy, Inc.* ........................... 8,362
500 MicroTouch Systems, Inc.* ...................... 3,484
200 Microvision, Inc.* ............................. 8,175
200 Modem Media, Inc.* ............................. 2,112
800 Modis Professional Services, Inc.* ............. 5,500
200 Momentum Business
Applications, Inc.* .......................... 2,087
200 Multex.com, Inc.* .............................. 4,350
248 MyPoints.com, Inc.* ............................ 3,379
450 National Instruments Corporation* .............. 19,434
500 National Service Industries, Inc. .............. 9,969
200 Natural MicroSystems Corporation* .............. 14,913
Value
Shares (Note 1)
------ ------
BUSINESS SERVICES (CONTINUED)
100 Navidec, Inc.* ................................. $ 831
400 Navigant Consulting, Inc.* ..................... 1,600
500 NCO Group, Inc.* ............................... 8,687
500 Neoforma.com, Inc.* ............................ 1,469
100 NEON Systems, Inc.* ............................ 1,681
200 NeoRx Corporation* ............................. 3,800
100 net.Genesis Corp.* ............................. 838
200 Net Perceptions, Inc.* ......................... 2,837
300 Netcentives, Inc.* ............................. 2,887
188 NetIQ Corporation* ............................. 10,622
200 NetObjects, Inc.* .............................. 725
200 NetRatings, Inc.* .............................. 3,462
900 Network Associates, Inc.* ...................... 23,287
400 Network Commerce Inc.* ......................... 2,200
100 Netzee, Inc.* .................................. 550
100 Neurocrine Biosciences, Inc.* .................. 4,137
600 NOVA Corporation* .............................. 8,625
200 Nuance Communications, Inc.* ................... 26,325
400 Ogden Corporation .............................. 6,950
1,100 Omnicom Group, Inc. ............................ 91,781
200 OneMain.com Inc.* .............................. 1,972
100 OneSource Information
Services, Inc.* .............................. 1,187
100 Online Resources &
Communications Corporation* .................. 600
400 Open Market, Inc.* ............................. 3,375
72 OpenTV Corp.* .................................. 3,996
1,000 Orbital Sciences Corporation* .................. 8,937
200 Orchid Biosciences, Inc.* ...................... 8,988
600 Organic, Inc.* ................................. 4,313
500 Pac-West Telecomm, Inc.* ....................... 7,063
200 Paradigm Genetics, Inc.* ....................... 3,300
1,900 Parametric Technology Corporation* ............. 25,412
2,400 Paychex, Inc. .................................. 107,100
100 PC-Tel, Inc.* .................................. 2,800
100 pcOrder.com, Inc.* ............................. 528
100 Peapod, Inc.* .................................. 187
300 Pegasus Solutions, Inc.* ....................... 5,962
1,912 PeopleSoft, Inc.* .............................. 61,662
925 Peregrine Systems, Inc.* ....................... 29,542
400 Performance Food Group Company* ................ 14,850
600 Perot Systems Corporation, Class A* ............ 6,225
100 Persistence Software, Inc.* .................... 1,700
81 Pfsweb Inc.* ................................... 223
500 Pittston Brink's Group ......................... 7,781
See Notes to Financial Statements.
40
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
BUSINESS SERVICES (CONTINUED)
400 Pixar, Inc.* ................................... $ 13,200
500 Policy Management
Systems Corporation* ......................... 6,750
200 Polycom, Inc.* ................................. 22,475
1,100 Portal Software, Inc.* ......................... 60,775
300 Pre-Paid Legal Services, Inc.* ................. 9,844
300 Predictive Systems, Inc.* ...................... 5,962
100 Preview Systems, Inc.* ......................... 869
1,200 Priceline.com, Inc.* ........................... 32,625
100 Primix Solutions, Inc.* ........................ 275
100 Primus Knowledge Solutions, Inc.* .............. 2,356
500 Prodigy Communications
Corporation, Class A* ........................ 3,766
500 Profit Recovery Group
International, Inc.* ......................... 4,516
400 Programmer's Paradise, Inc.* ................... 1,450
200 Protein Design Labs, Inc.* ..................... 15,200
1,200 PROVANT, Inc.* ................................. 8,175
400 Proxicom, Inc.* ................................ 9,675
1,300 PSINet, Inc.* .................................. 22,831
700 Puma Technology, Inc.* ......................... 17,019
600 QLogic Corporation* ............................ 68,100
300 QRS Corporation* ............................... 5,494
100 quepasa.com, inc.* ............................. 119
600 Quest Software, Inc.* .......................... 30,975
300 Quintus Corporation* ........................... 3,919
500 Quixote Corporation ............................ 8,000
500 R.H. Donnelley Corporation* .................... 10,500
600 Radiant Systems, Inc.* ......................... 10,275
200 Ramp Networks, Inc.* ........................... 1,025
1,100 RealNetworks, Inc.* ............................ 53,556
900 Red Hat, Inc.* ................................. 22,612
900 Redback Networks, Inc.* ........................ 134,437
100 Register.com, Inc.* ............................ 1,400
300 Remedy Corporation* ............................ 7,012
1,000 RemedyTemp, Inc., Class A* ..................... 12,062
500 Retek, Inc.* ................................... 17,219
800 Reynolds & Reynolds
Company, Class A ............................. 14,500
400 Right Management Consultants, Inc.* ............ 3,825
1,200 Robert Half International, Inc.* ............... 38,175
300 RSA Security, Inc.* ............................ 17,719
200 Safety-Kleen Corporation ....................... 36
500 Sanchez Computer Associates, Inc.* ............. 10,687
400 SanDisk Corporation* ........................... 33,400
Value
Shares (Note 1)
------ ------
BUSINESS SERVICES (CONTINUED)
800 Sapient Corporation* ........................... $ 42,000
600 SAVVIS Communications
Corporation* ................................. 5,288
500 Scient Corporation* ............................ 13,531
100 SciQuest.com, Inc.* ............................ 962
500 SDL, Inc.* ..................................... 198,656
300 SEACOR SMIT, Inc.* ............................. 13,669
200 Secure Computing Corporation* .................. 4,987
300 SEI Investments Company ........................ 19,050
200 Sequenom Inc.* ................................. 6,025
1,700 ServiceMaster Company .......................... 16,469
1,300 Siebel Systems, Inc.* .......................... 256,100
100 SilverStream Software, Inc.* ................... 3,475
68 Simione Central Holdings, Inc.* ................ 187
300 Sirius Satellite Radio, Inc.* .................. 15,450
100 SkillSoft Corporation* ......................... 1,775
300 Software.com, Inc.* ............................ 43,669
500 Software Technologies
Corporation* ................................. 9,750
800 Sonic Foundry, Inc.* ........................... 7,450
200 SonicWALL, Inc.* ............................... 15,225
300 Spartech Corporation ........................... 7,425
1,000 Spherion Corporation* .......................... 12,312
200 SportsLine USA, Inc.* .......................... 3,537
300 SPSS, Inc.* .................................... 8,362
100 SS&C Technologies, Inc.* ....................... 637
400 Standard Register Company ...................... 5,125
400 StarMedia Network, Inc.* ....................... 3,400
300 StarTek, Inc.* ................................. 11,756
600 Stericycle, Inc.* .............................. 13,500
200 StorageNetworks, Inc.* ......................... 20,300
800 Structural Dynamics
Research Corporation* ........................ 12,900
782 SunGard Data Systems, Inc.* .................... 28,152
100 Sunhawk.com Corporation* ....................... 1,575
300 Switchboard, Inc.* ............................. 2,719
400 Sybron Chemicals, Inc.* ........................ 13,775
1,600 Sycamore Networks, Inc.* ....................... 219,200
700 Sykes Enterprises, Inc.* ....................... 9,844
500 Sylvan Learning Systems, Inc.* ................. 7,219
400 Symantec Corporation* .......................... 19,525
300 Symyx Technologies Inc.* ....................... 11,137
400 Synopsys, Inc.* ................................ 14,825
200 Talk City, Inc.* ............................... 312
100 Technisource, Inc.* ............................ 331
See Notes to Financial Statements.
41
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
BUSINESS SERVICES (CONTINUED)
400 Technology Solutions Company* .................. $ 1,237
100 Telescan, Inc.* ................................ 481
400 TeleTech Holdings, Inc.* ....................... 13,050
200 TenFold Corporation* ........................... 1,350
375 Tetra Tech, Inc.* .............................. 10,172
300 Texas Biotechnology Corporation* ............... 5,287
800 theglobe.com, Inc.* ............................ 1,112
200 TheStreet.com, Inc.* ........................... 1,775
400 The viaLink Cmpany* ............................ 3,800
1,200 TIBCO Software, Inc.* .......................... 122,325
200 Ticketmaster Online-
CitySearch, Inc., Class B* ................... 4,812
600 TMP Worldwide, Inc.* ........................... 41,512
500 Transaction Systems
Architects, Inc., Class A* ................... 9,187
300 True North Communications, Inc. ................ 13,912
300 Tularik, Inc.* ................................. 10,012
100 U.S.-China Industrial
Exchange, Inc.* .............................. 1,156
700 Universal Electronics, Inc.* ................... 16,592
700 UNOVA, Inc.* ................................... 5,250
600 URS Corporation ................................ 7,912
342 VA Linux Systems, Inc.* ........................ 18,810
100 ValueClick, Inc.* .............................. 1,150
100 Variagenics, Inc.* ............................. 2,825
80 VelocityHSI, Inc.* ............................. 280
1 Ventiv Health, Inc.* ........................... 13
500 Verio, Inc.* ................................... 29,969
1,237 VeriSign, Inc.* ................................ 246,008
2,475 VERITAS Software Corporation* .................. 298,392
600 VerticalNet, Inc.* ............................. 31,950
400 VIA NET.WORKS, Inc.* ........................... 5,175
500 Viad Corporation ............................... 14,656
1,416 Vignette Corporation* .......................... 53,985
1,200 Vitesse Semiconductor Corporation* ............. 106,575
200 Voyager.net, Inc.* ............................. 1,387
400 Wackenhut Corporation, Class A ................. 5,675
300 Wallace Computer Services, Inc. ................ 3,487
3,900 Waste Management, Inc. ......................... 73,856
300 Wave Systems Corp., Class A* ................... 6,187
200 webMethods, Inc.* .............................. 21,487
100 Websense, Inc.* ................................ 1,875
200 WebTrends Corporation* ......................... 7,534
468 Wind River Systems, Inc.* ...................... 19,071
300 Wireless Facilities, Inc.* ..................... 22,500
100 WorldGate Communications, Inc.* ................ 1,975
Value
Shares (Note 1)
------ ------
BUSINESS SERVICES (CONTINUED)
800 Xeta Technologies, Inc. ........................ $ 13,450
300 Xpedior, Inc.* ................................. 3,225
3,432 Yahoo!, Inc.* .................................. 416,988
400 Young & Rubicam, Inc.* ......................... 23,400
100 Ziplink, Inc.* ................................. 556
----------
9,012,627
----------
CHEMICALS - 1.1%
1,500 Air Products & Chemicals, Inc. ................. 54,469
1,000 Airgas, Inc.* .................................. 6,625
400 Albemarle Corporation .......................... 9,925
800 AMCOL International Corporation ................ 2,650
150 Arch Chemicals, Inc.* .......................... 2,728
400 Bio-Rad Laboratories, Inc., Class A* ........... 9,850
400 Brady Corporation, Class A ..................... 11,575
400 Cabot Corporation .............................. 14,800
400 Celgene Corporation* ........................... 29,600
100 ChemFirst, Inc. ................................ 2,306
600 Chromatics Color Sciences
International, Inc.* ......................... 1,087
1,262 Crompton Corporation ........................... 11,358
500 Cytec Industries, Inc.* ........................ 16,687
4,100 Dow Chemical Company ........................... 107,369
6,600 du Pont (E.I) de Nemours
& Company .................................... 296,175
400 Eastman Chemical Company ....................... 17,250
300 Enzon, Inc.* ................................... 18,262
400 Ferro Corporation .............................. 8,250
200 Fuller (H. B.) Company ......................... 6,862
200 General Chemical Group, Inc. ................... 212
100 Geon Company ................................... 1,744
400 Great Lakes Chemical Corporation ............... 13,500
200 Hauser, Inc.* .................................. 131
600 Hercules, Inc. ................................. 7,950
400 International Specialty Products, Inc. ......... 2,300
100 Lilly Industries, Inc., Class A ................ 3,062
400 Lubrizol Corporation ........................... 8,675
700 Lyondell Chemical Company ...................... 9,144
500 MacDermid, Inc. ................................ 12,500
600 Millennium Chemicals, Inc. ..................... 9,900
2,500 Minnesota Mining &
Manufacturing Company ........................ 232,500
100 NCH Corporation ................................ 3,731
300 Oil-Dri Corporation of America ................. 2,831
400 Olin Corporation ............................... 6,600
See Notes to Financial Statements.
42
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
CHEMICALS (CONTINUED)
200 OM Group, Inc. ................................. $ 9,475
200 OXiGENE, Inc.* ................................. 2,225
200 Plymouth Rubber
Company, Inc., Class A* ...................... 1,087
1,000 PPG Industries, Inc. ........................... 40,500
900 Praxair, Inc. .................................. 39,825
200 PubliCARD, Inc.* ............................... 525
300 Rogers Corporation* ............................ 10,462
1,258 Rohm & Haas Company ............................ 36,403
900 RPM, Inc. ...................................... 8,606
100 Sequa Corporation, Class A ..................... 4,625
600 Sigma-Aldrich Corporation ...................... 17,437
700 Solutia, Inc. .................................. 10,544
200 SurModics, Inc.* ............................... 9,100
100 Techne Corporation* ............................ 9,550
300 Tredegar Corporation ........................... 5,850
100 Trex Company, Inc.* ............................ 3,100
400 Twinlab Corporation* ........................... 1,975
800 Union Carbide Corporation ...................... 32,050
300 Valspar Corporation ............................ 8,850
300 Ventro Corporation* ............................ 4,275
500 W.R. Grace & Company* .......................... 3,969
800 Xceed Inc.* .................................... 6,100
---------
1,209,141
---------
CONSTRUCTION - 0.4%
100 ACMAT Corporation, Class A* .................... 731
400 CARBO Ceramics, Inc. ........................... 14,525
600 Centex Construction Products, Inc. ............. 15,487
700 Centex Corporation ............................. 20,212
1,800 Clayton Homes, Inc. ............................ 17,550
100 Continental Materials Corporation* ............. 1,487
300 Craftmade International, Inc. .................. 2,381
600 D.R. Horton, Inc. .............................. 11,775
200 Dycom Industries, Inc.* ........................ 10,600
300 EMCOR Group, Inc.* ............................. 7,261
100 Fiberstars, Inc.* .............................. 1,087
100 Florida Rock Industries, Inc. .................. 3,844
400 Fluor Corporation .............................. 11,975
500 Granite Construction, Inc. ..................... 11,375
111 Huttig Building Products, Inc.* ................ 506
800 Johns Manville Corporation ..................... 10,000
600 Kaufman & Broad
Home Corporation ............................. 14,887
800 Lafarge Corporation ............................ 19,500
Value
Shares (Note 1)
------ ------
CONSTRUCTION (CONTINUED)
700 Lennar Corporation ............................. $ 19,337
100 LSI Industries, Inc. ........................... 1,987
200 M/I Schottenstein Homes, Inc. .................. 3,937
300 Martin Marietta Materials, Inc. ................ 12,000
2,600 Masco Corporation .............................. 50,700
200 Nobility Homes, Inc. ........................... 1,175
800 Oakwood Homes Corporation ...................... 1,300
300 Owens Corning, Inc. ............................ 1,556
600 Palm Harbor Homes, Inc.* ....................... 8,775
600 Performance Technologies, Inc.* ................ 8,325
300 Puerto Rican Cement Company, Inc. .............. 9,075
400 Pulte Corporation .............................. 13,175
300 Quanta Services, Inc.* ......................... 14,025
900 Sherwin-Williams Company ....................... 20,700
200 Southdown, Inc. ................................ 12,550
800 Stanley Works .................................. 21,400
200 Texas Industries, Inc. ......................... 6,825
300 Toll Brothers, Inc.* ........................... 9,787
400 United Dominion Industries, Ltd. ............... 6,425
600 Vulcan Materials Company ....................... 26,587
700 Walter Industries, Inc.* ....................... 5,775
500 West TeleServices Corporation* ................. 11,875
--------
442,474
--------
CONSUMER DURABLES - 0.2%
300 APW Ltd.* ...................................... 13,200
500 Black & Decker Corporation ..................... 20,031
400 Champion Enterprises, Inc.* .................... 2,650
400 CompX International, Inc. ...................... 9,075
800 Furniture Brands International, Inc.* .......... 12,900
200 Griffon Corporation ............................ 1,550
300 Hillenbrand Industries, Inc. ................... 10,444
600 Kimball International, Inc., Class B ........... 10,200
200 Koss Corporation ............................... 3,950
600 La-Z-Boy, Inc. ................................. 9,638
1,100 Leggett & Platt, Inc. .......................... 19,456
300 Linens 'n Things, Inc.* ........................ 8,100
400 Maytag Corporation ............................. 15,250
550 Mity-Lite, Inc.* ............................... 5,534
400 Mohawk Industries, Inc.* ....................... 9,500
300 Recoton Corporation* ........................... 4,256
350 Salton, Inc.* .................................. 13,169
600 Shaw Industries, Inc. .......................... 7,462
600 SLI, Inc.* ..................................... 5,775
300 Thomas Industries, Inc. ........................ 6,056
See Notes to Financial Statements.
43
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
CONSUMER DURABLES (CONTINUED)
330 Virco Mfg. Corporation ......................... $ 4,249
55 Water Pik Technologies, Inc.* .................. 481
400 Whirlpool Corporation .......................... 15,200
-----------
208,126
-----------
CONTAINERS - 0.1%
100 Ball Corporation ............................... 3,462
300 Bemis Company, Inc. ............................ 10,050
1,100 Crown Cork & Seal Company, Inc. ................ 14,231
600 Graphic Packaging
International Corp.* ......................... 1,200
300 Greif Brothers Corporation, Class A ............ 8,662
500 Ivex Packaging Corporation* .................... 5,500
400 Mobile Mini, Inc.* ............................. 7,475
800 Owens-Illinois, Inc.* .......................... 10,450
600 Pactiv Corporation* ............................ 6,600
500 Sealed Air Corporation* ........................ 25,656
500 Sonoco Products Company ........................ 9,656
-----------
102,942
-----------
COSMETICS - 1.0%
400 Alberto-Culver Company, Class B ................ 11,325
300 Allou Health & Beauty
Care, Inc., Class A* ........................... 1,650
1,600 Avon Products, Inc. ............................ 62,700
100 Balchem Corporation, Class B ................... 1,128
100 Bush Boake Allen, Inc.* ........................ 4,387
100 Church & Dwight Co., Inc. ...................... 1,794
1,500 Clorox Company ................................. 54,281
3,600 Colgate-Palmolive Company ...................... 183,375
104 Del Laboratories, Inc. ......................... 1,248
700 Estee Lauder
Companies, Inc., Class A ..................... 28,656
6,500 Gillette Company ............................... 195,000
800 International Flavors
& Fragrances, Inc. ........................... 20,600
1,200 Nu Skin Enterprises, Inc., Class A* ............ 7,875
8,300 Procter & Gamble Company ....................... 513,044
500 Revlon, Inc. Class A* .......................... 3,562
500 Styling Technology Corporation* ................ 250
200 SunStar Healthcare, Inc.* ...................... 21
100 Tristar Corporation* ........................... 575
-----------
1,091,471
-----------
Value
Shares (Note 1)
------ ------
DOMESTIC OIL - 0.8%
600 Amerada Hess Corporation ....................... $ 41,062
400 Ashland, Inc. .................................. 14,100
100 Cal Dive International, Inc.* .................. 5,750
300 Callon Petroleum Company* ...................... 4,594
3,900 Conoco, Inc., Class B .......................... 101,887
500 CONSOL Energy, Inc. ............................ 10,406
900 Diamond Offshore Drilling, Inc. ................ 40,331
300 El Paso Energy Partners, L.P. .................. 6,844
600 Getty Realty Corporation ....................... 7,050
900 Global Industries, Ltd.* ....................... 11,194
400 Gulf Island Fabrication, Inc.* ................. 7,400
100 GulfMark Offshore, Inc.* ....................... 2,400
159 Hallwood Energy Corporation* ................... 1,391
100 Holly Corporation .............................. 1,287
200 Houston Exploration Company* ................... 5,175
100 HS Resources, Inc.* ............................ 3,169
573 Kerr-McGee Corporation ......................... 36,206
425 Midcoast Energy Resources, Inc. ................ 7,916
300 Murphy Oil Corporation ......................... 20,025
500 National-Oilwell, Inc.* ........................ 17,344
300 Newfield Exploration Company* .................. 12,975
600 Nuevo Energy Company* .......................... 11,512
900 Ocean Energy, Inc.* ............................ 13,669
1,100 Pennzoil-Quaker State Company .................. 13,681
1,600 Phillips Petroleum Company ..................... 99,000
700 Pioneer Natural Resources Company .............. 9,712
500 Pogo Producing Company ......................... 13,437
600 Pride International, Inc.* ..................... 14,775
300 St. Mary Land &
Exploration Company .......................... 12,412
500 Sunoco, Inc. ................................... 13,594
300 TEPPCO Partners, L.P. .......................... 7,125
1,100 Tesoro Petroleum Corporation* .................. 10,587
900 Tosco Corporation .............................. 27,450
700 TransMontaigne, Inc.* .......................... 3,106
1,313 Transocean Sedco Forex, Inc. ................... 78,452
500 Ultramar Diamond
Shamrock Corporation ......................... 11,719
100 UniCapital Corporation* ........................ 12
500 UNIFAB International, Inc.* .................... 5,562
1,700 Unocal Corporation ............................. 56,737
2,000 USX-Marathon Group ............................. 54,875
900 Varco International, Inc.* ..................... 18,169
-----------
834,092
-----------
See Notes to Financial Statements.
44
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
DRUGS & MEDICINE - 10.4%
9,800 Abbott Laboratories ............................ $428,750
600 Abgenix, Inc.* ................................. 45,103
500 Accredo Health, Inc.* .......................... 21,656
1,000 Aetna, Inc. .................................... 55,938
500 Albany Molecular Research, Inc.* ............... 17,875
100 Alexion Pharmaceuticals, Inc.* ................. 10,500
400 Alkermes, Inc.* ................................ 18,500
800 Allergan, Inc. ................................. 58,500
300 Alliance Pharmaceutical
Corporation* ................................. 4,575
200 Allscripts, Inc.* .............................. 5,838
200 Alpharma, Inc., Class A ........................ 11,325
740 ALZA Corporation* .............................. 55,963
300 American Healthways, Inc.* ..................... 1,800
8,200 American Home
Products Corporation ......................... 444,338
500 AmeriSource Health
Corporation, Class A* ........................ 17,375
6,500 Amgen, Inc.* ................................... 492,781
400 Andrx Corporation* ............................. 34,800
200 Antigenics Inc.* ............................... 3,375
100 Aphton Corporation* ............................ 2,888
100 Applied Analytical Industries, Inc.* ........... 900
500 Apria Healthcare Group, Inc.* .................. 7,438
200 Ariad Pharmaceuticals, Inc.* ................... 2,525
400 Arrow International, Inc. ...................... 14,250
200 ArthroCare Corporation* ........................ 8,900
100 Aurora Biosciences Corporation* ................ 6,838
100 AVAX Technologies, Inc.* ....................... 981
100 AVI BioPharma, Inc.* ........................... 919
100 Avigen, Inc.* .................................. 3,644
100 Aviron* ........................................ 4,500
300 Bard (C.R.), Inc. .............................. 14,644
200 Barr Laboratories, Inc.* ....................... 14,200
400 Bausch & Lomb, Inc. ............................ 14,300
1,800 Baxter International, Inc. ..................... 149,850
300 Beckman Coulter, Inc. .......................... 22,838
1,600 Becton, Dickinson & Company .................... 48,200
1,000 Bergen Brunswig
Corporation, Class A ......................... 9,375
500 Bindley Western Industries, Inc. ............... 14,406
400 Bio-Technology
General Corporation* ......................... 5,575
900 Biogen, Inc.* .................................. 62,213
200 Biomatrix, Inc.* ............................... 4,250
Value
Shares (Note 1)
------ ------
DRUGS & MEDICINE (CONTINUED)
1,200 Biomet, Inc.* .................................. $ 40,575
200 Biopure Corporation* ........................... 3,200
100 BioTime, Inc.* ................................. 756
100 BioTransplant Inc.* ............................ 1,281
2,800 Boston Scientific Corporation* ................. 53,025
12,500 Bristol-Myers Squibb Company ................... 662,500
1,762 Cardinal Health, Inc. .......................... 144,154
1,100 CareMatrix Corporation* ........................ 413
600 Carter-Wallace, Inc. ........................... 15,975
400 Cell Pathways,Inc.* ............................ 13,375
200 Cephalon, Inc.* ................................ 10,063
100 Cerus Corporation* ............................. 5,306
1,000 Chattem, Inc. .................................. 12,188
1,200 Chiron Corporation* ............................ 64,875
200 Columbia Laboratories, Inc.* ................... 1,100
200 Cooper Companies, Inc. ......................... 6,575
400 COR Therapeutics, Inc.* ........................ 22,500
100 Corixa Corporation* ............................ 5,119
100 Corvas International, Inc.* .................... 1,594
100 Coulter Pharmaceutical, Inc.* .................. 3,131
800 Covance, Inc.* ................................. 8,300
800 Coventry Health Care, Inc.* .................... 12,800
200 Cubist Pharmaceuticals, Inc.* .................. 12,225
90 Curis, Inc.* ................................... 1,828
600 CYTOGEN Corporation* ........................... 5,325
300 Cytyc Corporation* ............................. 13,988
100 DataTRAK International, Inc.* .................. 431
400 Daxor Corporation .............................. 5,975
500 DENTSPLY International, Inc. ................... 16,688
100 Diacrin, Inc.* ................................. 906
200 drkoop.com, Inc.* .............................. 300
600 Dura Pharmaceuticals, Inc.* .................... 16,538
100 EntreMed, Inc.* ................................ 2,975
200 Enzo Biochem, Inc.* ............................ 12,000
100 Epitope, Inc.* ................................. 1,263
100 EPIX Medical, Inc.* ............................ 1,500
600 Forest Laboratories, Inc.* ..................... 58,725
900 Foundation Health
Systems, Inc., Class A* ...................... 15,806
100 GelTex Pharmaceuticals, Inc.* .................. 4,052
200 Gene Logic, Inc.* .............................. 4,913
300 Genelabs Technologies, Inc.* ................... 1,219
500 Genentech, Inc.* ............................... 95,250
100 Genome Therapeutics Corporation* ............... 2,513
600 Genzyme Corporation* ........................... 45,038
See Notes to Financial Statements.
45
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
DRUGS & MEDICINE (CONTINUED)
100 Genzyme Molecular Oncology* .................... $ 1,400
89 Genzyme Surgical Products* ..................... 912
100 Geron Corporation* ............................. 3,231
300 Gilead Sciences, Inc.* ......................... 32,400
2,000 Guidant Corporation ............................ 134,625
400 Guilford Pharmaceuticals, Inc.* ................ 10,700
3,700 HCA-The Healthcare Company ..................... 127,650
1,800 Health Management
Associates, Inc., Class A* ................... 29,363
100 Healthcare Recoveries, Inc.* ................... 419
2,900 HEALTHSOUTH Corporation* ....................... 17,763
100 HEICO Corporation .............................. 1,550
530 Henry Schein, Inc.* ............................ 9,739
400 Herbalife International, Inc., Class A ......... 3,875
400 Human Genome Sciences, Inc.* ................... 66,775
1,300 Humana, Inc.* .................................. 11,131
100 Hyseq, Inc.* ................................... 4,194
800 i-STAT Corporation* ............................ 14,850
500 ICN Pharmaceuticals, Inc. ...................... 14,156
300 IDEC Pharmaceuticals Corporation* .............. 41,888
600 IDEXX Laboratories, Inc.* ...................... 15,675
100 IGEN International, Inc.* ...................... 1,900
200 ILEX Oncology, Inc.* ........................... 6,600
200 ImClone Systems, Inc.* ......................... 19,275
3,100 Immunex Corporation* ........................... 155,775
300 ImmunoGen, Inc.* ............................... 5,063
300 Immunomedics, Inc.* ............................ 7,500
200 IMPATH, Inc.* .................................. 7,188
200 Incyte Genomics, Inc.* ......................... 16,587
200 Inhale Therapeutic Systems, Inc.* .............. 10,100
100 Integra LifeSciences Holdings* ................. 1,463
500 Invacare Corporation ........................... 13,469
1,100 Isis Pharmaceuticals, Inc.* .................... 14,369
900 IVAX Corporation ............................... 31,163
8,847 Johnson & Johnson .............................. 813,371
450 Jones Pharma, Inc. ............................. 16,088
400 K-V Pharmaceutical
Company, Class A* ............................ 15,900
100 Kendle International, Inc.* .................... 853
600 King Pharmaceuticals, Inc.* .................... 19,275
505 LifePoint Hospitals, Inc.* ..................... 15,213
1,000 Ligand Pharmaceuticals, Inc.,
Class B* ..................................... 13,000
7,100 Lilly (Eli) & Company .......................... 518,300
400 Lincare Holdings, Inc.* ........................ 10,200
Value
Shares (Note 1)
------ ------
DRUGS & MEDICINE (CONTINUED)
400 Mallinckrodt, Inc. ............................. $ 18,025
1,000 Manor Care, Inc.* .............................. 13,375
100 Martek Biosciences Corporation+ ................ 2,250
2,000 McKesson HBOC, Inc. ............................ 49,875
200 Medarex, Inc.* ................................. 22,100
200 Medical Advisory System, Inc.* ................. 2,025
100 MedicalControl, Inc.* .......................... 600
200 Medicis Pharmaceutical
Corporation, Class A* ........................ 12,888
1,325 MedImmune, Inc.* ............................... 111,466
100 Medstone International, Inc.* .................. 550
100 MEDTOX Scientific, Inc.* ....................... 1,163
7,568 Medtronic, Inc. ................................ 387,860
14,600 Merck & Company, Inc. .......................... 1,020,175
100 Meridian Medical Technologies, Inc.* ........... 1,175
100 Mesa Laboratories, Inc.* ....................... 531
600 Millennium Pharmaceuticals, Inc.* .............. 85,875
600 Mine Safety Appliances Company ................. 12,300
400 MiniMed, Inc.* ................................. 28,719
900 Mylan Laboratories, Inc. ....................... 23,906
400 National Health Realty, Inc. ................... 3,000
200 NCS HealthCare, Inc., Class A* ................. 63
100 NeoPharm, Inc.* ................................ 2,412
100 Neose Technologies, Inc.* ...................... 4,100
200 NeoTherapeutics, Inc.* ......................... 1,563
125 Nexell Therapeutics Inc.* ...................... 1,594
600 Northfield Laboratories, Inc.* ................. 9,375
100 Novavax, Inc.* ................................. 919
200 NPS Pharmaceuticals, Inc.* ..................... 8,850
300 Ocular Sciences, Inc.* ......................... 3,225
200 Organogenesis, Inc.* ........................... 3,250
100 OrthAlliance, Inc., Class A* ................... 719
300 Orthodontic Centers of
America, Inc.* ............................... 9,825
200 OSI Pharmaceuticals, Inc.* ..................... 9,997
400 Owens & Minor, Inc. ............................ 6,125
700 Oxford Health Plans, Inc.* ..................... 21,350
200 PacifiCare Health Systems, Inc.* ............... 10,788
700 PAREXEL International Corporation* ............. 6,978
500 PathoGenesis Corporation* ...................... 19,125
600 Patterson Dental Company* ...................... 14,250
300 Pediatrix Medical Group, Inc.* ................. 3,994
39,844 Pfizer, Inc. ................................... 1,723,253
700 Pharmaceutical Product
Development, Inc.* ........................... 15,356
See Notes to Financial Statements.
46
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
DRUGS & MEDICINE (CONTINUED)
8,000 Pharmacia Corporation .......................... $ 468,500
300 Pharmos Corporation* ........................... 1,247
300 PRAECIS Pharmaceuticals Inc.* .................. 13,144
300 Precept Business
Services, Inc., Class A* ..................... 122
100 Progenics Pharmaceuticals, Inc.* ............... 2,950
900 PSS World Medical, Inc.* ....................... 5,625
300 Quest Diagnostic, Inc.* ........................ 37,125
200 Quidel Corporation* ............................ 1,300
779 Quintiles Transnational
Corporation* ................................. 10,857
200 Regeneron Pharmaceuticals, Inc.* ............... 7,088
300 ResMed, Inc.* .................................. 11,044
600 Rochester Medical Corporation* ................. 3,563
500 SafeScience, Inc.* ............................. 1,375
100 SangStat Medical Corporation* .................. 2,025
9,200 Schering-Plough Corporation .................... 369,150
300 SciClone Pharmaceuticals, Inc.* ................ 3,544
500 Sepracor, Inc.* ................................ 55,000
100 SeraCare, Inc.* ................................ 313
400 Serologicals Corporation* ...................... 3,175
300 SonoSite, Inc.* ................................ 10,031
600 St. Jude Medical, Inc. ......................... 23,775
100 StemCells, Inc.* ............................... 900
700 STERIS Corporation* ............................ 7,175
100 Stockwalk.com Group, Inc.* ..................... 550
1,200 Stryker Corporation ............................ 53,775
700 Sunrise Assisted Living, Inc.* ................. 13,913
1,200 Sunrise Technologies
International, Inc.* ......................... 7,875
900 Sybron International Corporation* .............. 20,475
300 Tanox, Inc.* ................................... 13,950
200 Targeted Genetics Corporation* ................. 2,700
1,900 Tenet Healthcare Corporation* .................. 58,900
800 Total Renal Care Holdings, Inc.* ............... 5,600
300 Transkaryotic Therapies, Inc.* ................. 13,013
505 Triad Hospitals, Inc.* ......................... 14,582
900 Triangle Pharmaceuticals, Inc.* ................ 8,100
300 Trigon Healthcare, Inc.* ....................... 15,488
200 Trimeris, Inc.* ................................ 13,800
1,000 UnitedHealth Group, Inc. ....................... 94,500
100 Universal Display Corporation* ................. 2,488
200 Universal Health
Services, Inc., Class B* ..................... 14,150
88 US Oncology, Inc.* ............................. 492
Value
Shares (Note 1)
------ ------
DRUGS & MEDICINE (CONTINUED)
300 Valentis, Inc.* ................................ $ 3,094
800 Ventana Medical Systems, Inc.* ................. 22,350
400 Vertex Pharmaceuticals, Inc.* .................. 34,000
100 Vical, Inc.* ................................... 2,450
100 ViroPharma, Inc.* .............................. 2,800
100 Vysis, Inc.* ................................... 938
600 Watson Pharmaceuticals, Inc.* .................. 37,013
400 WellPoint Health Networks, Inc.* ............... 34,525
100 Zonagen, Inc.* ................................. 425
-----------
11,011,780
-----------
ELECTRONICS - 12.2%
500 Acxiom Corporation* ............................ 12,750
800 ADAC Laboratories .............................. 17,900
4,230 ADC Telecommunications, Inc.* .................. 173,166
100 ADE Corporation* ............................... 2,250
300 Adelphia Business Solutions, Inc.* ............. 4,481
700 Adelphia Communications
Corporation, Class A* ........................ 23,450
500 Advanced Fibre
Communication, Inc.* ......................... 26,430
2,200 Advanced Micro Devices, Inc.* .................. 82,775
900 Advanced Radio Telecom Corp.* .................. 9,225
2,846 Agilent Technologies, Inc.* .................... 171,649
500 Alamosa PCS Holdings, Inc.* .................... 12,437
300 Alpha Industries, Inc. ......................... 15,131
2,500 Altera Corporation* ............................ 162,031
500 American Access Technologies, Inc.* ............ 2,984
1,400 American Power
Conversion Corporation* ...................... 33,337
1,200 Amkor Technology, Inc.* ........................ 40,950
300 Amphenol Corporation, Class A* ................. 19,200
250 ANADIGICS, Inc.* ............................... 9,000
2,200 Analog Devices, Inc.* .......................... 221,100
400 Andrew Corporation* ............................ 11,850
300 ANTEC Corporation* ............................. 10,819
5,129 Applied Materials, Inc.* ....................... 442,697
600 Arrow Electronics, Inc. ........................ 21,825
600 AstroPower, Inc.* .............................. 20,625
300 Asyst Technologies, Inc.* ...................... 7,856
3,000 Atmel Corporation* ............................. 60,000
900 Audiovox Corporation, Class A* ................. 16,312
300 Avnet, Inc. .................................... 17,962
600 AVT Corporation* ............................... 3,562
1,300 AVX Corporation ................................ 38,919
See Notes to Financial Statements.
47
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
ELECTRONICS (CONTINUED)
300 AXT, Inc.* ..................................... $ 11,587
100 Barnett, Inc.* ................................. 1,244
200 BEI Technologies, Inc. ......................... 11,437
1,300 Broadcom Corporation, Class A* ................. 325,000
100 C & D Technologies, Inc. ....................... 5,525
600 Cable Design
Technologies Corporation* .................... 16,200
1,500 Cadence Design Systems, Inc.* .................. 31,875
200 Caliper Technologies Corporation* .............. 12,425
750 Candela Corporation* ........................... 9,844
400 CapRock Communications Corp.* .................. 2,375
300 Celeritek, Inc.* ............................... 13,462
900 CIENA Corporation* ............................. 199,519
400 Cirrus Logic, Inc.* ............................ 12,100
1,997 CMGI, Inc.* .................................... 89,366
200 Coherent, Inc.* ................................ 16,100
300 CommScope, Inc.* ............................... 7,481
300 Communications Systems, Inc. ................... 5,137
1,600 Conexant Systems, Inc.* ........................ 59,500
200 Cree, Inc.* .................................... 27,550
600 Cubic Corporation .............................. 12,900
100 Cyberian Outpost, Inc.* ........................ 375
900 Cypress Semiconductor Corporation* ............. 44,494
600 Dallas Semiconductor Corporation ............... 24,825
400 DMC Stratex Networks, Inc.* .................... 10,225
400 DSP Group, Inc.* ............................... 18,500
200 Ducommun, Inc. ................................. 2,900
200 DuPont Photomasks, Inc.* ....................... 15,175
300 e.spire Communications, Inc.* .................. 1,219
300 Electro Scientific Industries, Inc.* ........... 12,356
300 Electronics Boutique
Holdings Corp.* .............................. 6,750
200 EMCORE Corporation* ............................ 22,300
300 Emulex Corporation* ............................ 31,406
400 Environmental Tectonics
Corporation* ................................. 3,625
200 Espey Mfg. & Electronics Corp. ................. 3,250
100 Exar Corporation* .............................. 12,062
100 Fusion Medical Technologies, Inc.* ............. 1,125
100 General Cable Corporation ...................... 837
200 Genzyme Transgenics Corporation* ............... 7,437
300 Getty Images, Inc.* ............................ 12,600
500 GlobeSpan, Inc.* ............................... 60,219
200 Harman International Industries, Inc. .......... 15,350
400 Harmonic, Inc.* ................................ 13,400
Value
Shares (Note 1)
------ ------
ELECTRONICS (CONTINUED)
500 Harris Corporation ............................. $ 15,031
563 Hearst-Argyle Television, Inc.* ................ 12,175
900 Hollywood Entertainment
Corporation* ................................. 6,300
100 Hungarian Telephone and
Cable Corp.* ................................. 691
500 IMRglobal Corporation* ......................... 5,937
42,216 Intel Corporation .............................. 3,160,923
400 International Rectifier Corporation* ........... 25,175
300 Intersil Holding Corporation* .................. 16,200
500 ITT Industries, Inc. ........................... 16,812
600 Jaco Electronics, Inc. ......................... 10,959
5,870 JDS Uniphase Corporation* ...................... 731,549
600 KEMET Corporation* ............................. 18,000
1,100 KLA-Tencor Corporation* ........................ 72,187
400 Kopin Corporation* ............................. 13,375
400 Kulicke & Soffa Industries, Inc.* .............. 7,275
300 L-3 Communications Holdings, Inc.* ............. 17,737
800 Lam Research Corporation* ...................... 24,100
2,100 Linear Technology Corporation .................. 151,069
1,900 LSI Logic Corporation* ......................... 68,281
20,586 Lucent Technologies, Inc. ...................... 860,752
300 Macromedia, Inc.* .............................. 20,733
1,800 Maxim Integrated Products, Inc.* ............... 157,837
500 Maxwell Technologies, Inc. ..................... 8,188
500 Measurement Specialties, Inc.* ................. 19,469
800 MEMC Electronic Materials, Inc.* ............... 14,400
300 Mestek, Inc.* .................................. 5,081
300 Methode Electronics, Inc., Class A ............. 18,037
2,910 Metromedia Fiber
Network, Inc., Class A* ...................... 116,218
3,500 Micron Technology, Inc. ........................ 286,125
300 MKS Instruments, Inc.* ......................... 10,537
200 MMC Networks, Inc.* ............................ 24,363
100 MOCON, Inc. .................................... 562
1,325 Molex, Inc. .................................... 69,977
13,541 Motorola, Inc. ................................. 488,322
300 Mpower Communications Corp.* ................... 5,531
400 MRV Communications, Inc.* ...................... 30,825
1,100 National Semiconductor
Corporation* ................................. 48,950
400 NeoMagic Corporation* .......................... 1,437
100 Netopia, Inc.* ................................. 3,662
300 Netro Corporation* ............................. 24,787
200 Newport Corporation ............................ 31,800
See Notes to Financial Statements.
48
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
ELECTRONICS (CONTINUED)
4,700 Nextel Communications, Inc.,
Class A* ..................................... $ 260,556
400 NVIDIA Corporation* ............................ 31,750
700 Packard BioScience Company* .................... 13,913
400 PE Corp-Celera Genomics Group* ................. 43,375
1,300 PE Corp-PE Biosystems Group .................... 127,887
200 Pericom Semiconductor Corporation* ............. 14,800
300 PerkinElmer, Inc. .............................. 26,981
300 Plantronics, Inc.* ............................. 14,981
160 Plexus Corp.* .................................. 24,760
77 PMC-Sierra, Inc.* .............................. 18,172
250 Power-One, Inc.* ............................... 39,609
400 Powerwave Technologies, Inc.* .................. 19,250
300 PRI Automation, Inc.* .......................... 15,487
4,700 QUALCOMM, Inc.* ................................ 281,412
600 Rambus, Inc.* .................................. 49,012
600 Rational Software Corporation* ................. 77,212
500 Rayovac Corporation ............................ 8,875
100 Reliability, Inc.* ............................. 344
450 REMEC, Inc.* ................................... 12,825
1,000 RF Micro Devices, Inc.* ........................ 44,625
920 Sanmina Corporation* ........................... 108,560
300 Sawtek Inc.* ................................... 15,131
1,000 SCI Systems, Inc.* ............................. 61,750
1,000 Scientific-Atlanta, Inc. ....................... 77,937
200 Semtech Corporation* ........................... 23,687
500 Sensormatic Electronics Corporation* ........... 8,313
600 Silicon Storage Technology, Inc.* .............. 19,688
400 Silicon Valley Group, Inc.* .................... 11,150
300 Siliconix, Inc.* ............................... 16,762
100 SMTEK International, Inc.* ..................... 450
700 Snyder Communications, Inc. .................... 19,162
3,718 Solectron Corporation* ......................... 168,472
900 SpeedFam-IPEC, Inc.* ........................... 16,763
400 Stratos Lightwave, Inc.* ....................... 18,800
428 Superior TeleCom, Inc. ......................... 3,611
1,025 Symbol Technologies, Inc. ...................... 42,409
100 Technitrol, Inc. ............................... 12,750
500 Tekelec, Inc.* ................................. 19,750
400 Tektronix, Inc. ................................ 30,475
500 TeleCorp PCS, Inc.* ............................ 17,625
2,600 Tellabs, Inc.* ................................. 146,087
1,100 Teradyne, Inc.* ................................ 71,294
400 Terayon Communication
Systems, Inc.* ............................... 22,200
Value
Shares (Note 1)
------ ------
ELECTRONICS (CONTINUED)
11,422 Texas Instruments, Inc. ........................ $ 764,560
100 Therma-Wave, Inc.* ............................. 2,713
1,065 Thermo Electron Corporation* ................... 24,761
500 Thomas & Betts Corporation ..................... 9,375
450 TranSwitch Corporation* ........................ 27,084
600 TriQuint Semiconductor, Inc.* .................. 33,187
400 Unitil Corporation ............................. 11,600
1,400 Univision Communications, Inc.,
Class A* ..................................... 61,775
300 Varian, Inc.* .................................. 14,625
300 Varian Medical Systems, Inc. ................... 13,781
300 Varian Semiconductor
Equipment Associates, Inc.* .................. 17,138
400 Vicor Corporation* ............................. 17,450
300 Virata Corporation* ............................ 20,625
862 Vishay Intertechnology, Inc.* .................. 34,749
600 VISX, Inc.* .................................... 16,537
200 Vyyo, Inc.* .................................... 6,900
800 Waters Corporation* ............................ 63,650
200 Western Digital Corporation* ................... 1,175
400 Western Wireless
Corporation, Class A* ........................ 20,450
700 Wink Communications, Inc.* ..................... 11,637
2,000 Xilinx, Inc.* .................................. 177,750
-----------
12,915,273
-----------
ENERGY & UTILITIES - 3.1%
2,700 AES Corporation* ............................... 172,125
500 AGL Resources, Inc. ............................ 9,469
600 Allegheny Energy, Inc. ......................... 21,525
400 Alliant Energy Corporation ..................... 11,700
900 Ameren Corporation ............................. 36,394
1,980 American Electric Power
Company, Inc. ................................ 69,795
600 American Water Works
Company, Inc. ................................ 14,700
200 Artesian Resources
Corporation, Class A ......................... 4,650
500 Atmos Energy Corporation ....................... 10,375
700 Azurix Corp.* .................................. 3,325
100 Bangor Hydro-Electric Company* ................. 2,412
200 Black Hills Corporation ........................ 5,100
941 CP&L, Energy, Inc. ............................. 34,817
500 California Water Service Group ................. 13,125
900 Calpine Corporation* ........................... 89,100
See Notes to Financial Statements.
49
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
ENERGY & UTILITIES (CONTINUED)
500 Cascade Natural Gas Corporation ................ $ 8,500
200 CH Energy Group, Inc. .......................... 7,550
900 Cinergy Corporation ............................ 26,437
1,500 Citizens Communications Company ................ 24,469
300 CMP Group, Inc. ................................ 8,812
600 CMS Energy Corporation ......................... 15,675
1,300 Coastal Corporation ............................ 89,537
500 Columbia Energy Group .......................... 35,094
500 Conectiv, Inc. ................................. 8,875
200 Connecticut Water Service, Inc. ................ 5,700
1,200 Consolidated Edison, Inc. ...................... 37,575
900 Constellation Energy Group, Inc. ............... 34,425
1,470 Dominion Resources, Inc. ....................... 77,910
800 DPL, Inc. ...................................... 21,850
400 DQE, Inc. ...................................... 16,075
800 DTE Energy Company ............................. 27,800
2,300 Duke Energy Corporation ........................ 172,069
1,832 Dynegy, Inc., Class A .......................... 82,440
2,100 Edison International ........................... 43,444
1,400 El Paso Energy Corporation ..................... 81,550
500 Empire District Electric Company ............... 12,969
800 Energy East Corporation ........................ 18,150
100 EnergySouth, Inc. .............................. 1,850
4,600 Enron Corporation .............................. 390,425
1,300 Entergy Corporation ............................ 39,569
200 Equitable Resources, Inc. ...................... 11,263
100 E'Town Corporation ............................. 6,719
1,300 FirstEnergy Corporation ........................ 32,175
600 Florida Progress Corporation ................... 31,125
1,100 FPL Group, Inc. ................................ 58,712
800 GPU, Inc. ...................................... 24,500
500 Hawaiian Electric Industries, Inc. ............. 16,375
200 IDACORP, Inc. .................................. 7,887
400 IPALCO Enterprises, Inc. ....................... 9,325
400 Kansas City Power &
Light Company ................................ 10,750
700 KeySpan Corporation ............................ 24,106
700 Kinder Morgan, Inc. ............................ 25,769
800 LG&E Energy Corporation ........................ 19,600
400 Madison Gas & Electric Company ................. 7,950
500 MCN Energy Group, Inc. ......................... 12,000
300 MDU Resources Group, Inc. ...................... 7,500
100 Middlesex Water Company ........................ 2,912
500 Minnesota Power, Inc. .......................... 11,094
600 Montana Power Company .......................... 21,637
Value
Shares (Note 1)
------ ------
ENERGY & UTILITIES (CONTINUED)
300 National Fuel Gas Company ...................... $ 15,731
200 New Jersey Resources Corporation ............... 8,000
1,200 Niagara Mohawk Holdings, Inc. .................. 15,450
500 NICOR, Inc. .................................... 18,437
900 NiSource, Inc. ................................. 21,544
900 Northeast Utilities ............................ 20,475
300 Northwest Natural Gas Company .................. 6,900
100 NorthWestern Corporation ....................... 2,175
495 NSTAR .......................................... 20,821
100 NUI Corporation ................................ 3,006
400 OGE Energy Corporation ......................... 8,550
1,000 PECO Energy Company ............................ 48,187
200 Peoples Energy Corporation ..................... 6,500
2,300 PG&E Corporation ............................... 66,556
643 Philadelphia Suburban Corporation .............. 15,070
400 Piedmont Natural Gas
Company, Inc. ................................ 11,075
500 Pinnacle West Capital Corporation .............. 20,594
600 Potomac Electric Power Company ................. 15,112
800 PPL Corporation ................................ 26,800
100 Providence Energy Corporation .................. 4,237
300 Public Service Company
of New Mexico ................................ 6,412
1,300 Public Service Enterprise
Group, Inc. .................................. 47,125
700 Puget Sound Energy, Inc. ....................... 16,362
500 Questar Corporation ............................ 10,844
1,800 Reliant Energy, Inc. ........................... 66,825
900 Republic Services, Inc.* ....................... 13,162
679 SCANA Corporation .............................. 18,588
1,100 Sempra Energy .................................. 21,450
600 Sierra Pacific Resources ....................... 10,613
4,100 Southern Company ............................... 122,744
441 Southern Union Company* ........................ 7,910
400 St. Joseph Light & Power Company ............... 8,775
300 Streicher Mobile Fueling, Inc.* ................ 1,144
800 TECO Energy, Inc. .............................. 19,650
1,700 TXU Corp. ...................................... 59,394
400 UGI Corporation ................................ 9,125
200 UIL Holdings Corporation ....................... 10,063
1,100 Unicom Corporation ............................. 50,256
600 UniSource Energy Corporation* .................. 9,337
600 UtiliCorp United, Inc. ......................... 14,288
300 Valley Resources, Inc. ......................... 7,425
933 Vectren Corporation ............................ 17,727
See Notes to Financial Statements.
50
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
ENERGY & UTILITIES (CONTINUED)
200 Veritas DGC, Inc.* ............................. $ 5,337
400 Washington Gas Light Company ................... 10,125
2,700 Williams Companies, Inc. ....................... 124,369
700 Wisconsin Energy Corporation ................... 14,875
2,485 Xcel Energy, Inc. .............................. 62,280
-----------
3,250,186
-----------
ENERGY - RAW MATERIALS - 1.4%
100 Alpine Group, Inc.* ............................ 581
1,528 Anadarko Petroleum Corporation ................. 100,497
700 Apache Corporation ............................. 44,100
98 Arch Coal, Inc. ................................ 735
300 Atwood Oceanics, Inc.* ......................... 13,613
2,000 Baker Hughes, Inc. ............................. 73,125
200 Barnwell Industries, Inc. ...................... 3,400
400 Barrett Resources Corporation* ................. 13,850
700 Basin Exploration, Inc.* ....................... 14,000
500 BJ Services Company* ........................... 33,500
400 Buckeye Partners, L.P. ......................... 11,250
1,300 Burlington Resources, Inc. ..................... 51,106
300 Cooper Cameron Corporation* .................... 23,344
400 Dawson Geophysical Company* .................... 4,050
822 Devon Energy Corporation ....................... 48,138
200 Eastern Enterprises ............................ 12,650
1,000 ENSCO International, Inc. ...................... 39,875
300 Enterprise Products Partners L.P. .............. 7,669
700 EOG Resources, Inc. ............................ 26,775
400 Evergreen Resources, Inc.* ..................... 11,675
300 Fall River Gas Company ......................... 6,862
700 Friede Goldman International, Inc.* ............ 3,937
1,100 Global Marine, Inc.* ........................... 35,544
700 Grant Prideco, Inc.* ........................... 16,450
100 Greka Energy Corporation* ...................... 1,187
2,800 Halliburton Company ............................ 148,400
300 Helmerich & Payne, Inc. ........................ 11,081
500 Kirby Corporation .............................. 11,781
400 Louis Dreyfus Natural
Gas Corporation* ............................. 13,900
100 Lynx Therapeutics, Inc.* ....................... 3,475
400 McDermott International, Inc. .................. 3,075
300 Mitchell Energy & Development
Corporation, Class A ......................... 12,000
812 Nabors Industries, Inc.* ....................... 38,621
300 NL Industries, Inc. ............................ 6,994
400 Noble Affiliates, Inc. ......................... 15,500
Value
Shares (Note 1)
------ ------
ENERGY - RAW MATERIALS (CONTINUED)
800 Noble Drilling Corporation* .................... $ 38,800
2,100 Occidental Petroleum Corporation ............... 45,412
400 Penn Virginia Corporation ...................... 10,925
600 Plains All America Pipeline, L.P. .............. 11,325
1,200 R&B Falcon Corporation* ........................ 34,200
500 Rowan Companies, Inc.* ......................... 15,500
3,600 Schlumberger, Ltd. ............................. 307,125
300 Smith International, Inc.* ..................... 23,850
500 Tidewater, Inc. ................................ 20,188
1,000 USEC, Inc. ..................................... 4,375
400 Valero Energy Corporation ...................... 12,050
600 Vastar Resources, Inc. ......................... 49,650
700 Weatherford International, Inc.* ............... 32,856
500 Western Gas Resources, Inc. .................... 10,969
-----------
1,479,965
-----------
FOOD & AGRICULTURE - 2.4%
100 7-Eleven, Inc.* ................................ 1,338
300 Agribrands International, Inc.* ................ 11,925
600 Andersons, Inc. ................................ 5,269
4,520 Archer-Daniels-Midland Company ................. 39,835
500 Aurora Foods, Inc.* ............................ 1,937
1,700 Bestfoods ...................................... 120,062
700 Bob Evans Farms, Inc. .......................... 11,900
2,500 Campbell Soup Company .......................... 63,437
15,700 Coca-Cola Company .............................. 826,212
3,000 Coca-Cola Enterprises, Inc. .................... 55,875
3,173 ConAgra, Inc. .................................. 58,114
800 Del Monte Foods Company* ....................... 5,250
600 Delta & Pine Land Company ...................... 14,662
600 Dole Food Company, Inc. ........................ 8,475
100 Embrex, Inc.* .................................. 1,269
600 Flowers Industries, Inc. ....................... 13,050
100 Fresh America Corporation* ..................... 237
300 Fresh Del Monte Produce, Inc.* ................. 1,762
200 Gehl Co. ....................................... 2,863
1,700 General Mills, Inc. ............................ 54,612
100 Griffin Land & Nurseries, Inc.* ................ 1,300
350 Group 1 Software, Inc.* ........................ 6,037
2,200 Heinz (H.J.) Company ........................... 83,875
1,000 Hershey Foods Corporation ...................... 42,688
700 Hormel Foods Corporation ....................... 10,806
1,100 IBP, Inc. ...................................... 17,669
700 IMC Global, Inc. ............................... 10,281
600 Interstate Bakeries Corporation ................ 10,763
See Notes to Financial Statements.
51
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
FOOD & AGRICULTURE (CONTINUED)
600 Keebler Foods Company* ......................... $ 27,487
2,700 Kellogg Company ................................ 62,606
400 Marsh Supermarkets, Inc., Class B .............. 4,400
100 Maui Land & Pineapple
Company, Inc. ................................ 2,375
400 McCormick & Company, Inc. ...................... 11,675
200 Mississippi Chemical Corporation ............... 825
1,900 Nabisco Group Holdings Corp. ................... 53,319
300 Nabisco Holdings Corporation,
Class A ...................................... 16,031
100 Neogen Corporation* ............................ 631
100 Odwalla, Inc.* ................................. 675
1,100 Pepsi Bottling Group, Inc. ..................... 34,925
9,000 PepsiCo, Inc. .................................. 383,625
150 Pilgrim's Pride Corp., Class A ................. 769
500 Pilgrim's Pride Corp., Class B* ................ 3,406
800 Quaker Oats Company ............................ 54,350
700 Ralcorp Holdings, Inc.* ........................ 9,450
1,800 Ralston Purina Group ........................... 40,725
500 Sanderson Farms, Inc. .......................... 3,187
5,500 Sara Lee Corporation ........................... 102,438
400 Schultz Sav-O Stores, Inc. ..................... 4,200
300 Scotts Company (The), Class A* ................. 9,300
100 Seneca Foods Corporation, Class A* ............. 1,300
200 Smithfield Foods, Inc.* ........................ 5,312
400 Smucker (J.M.) Company, Class A ................ 7,675
300 Suiza Foods Corporation* ....................... 15,000
900 SUPERVALU, Inc. ................................ 13,444
2,200 Sysco Corporation .............................. 93,087
300 Tasty Baking Company ........................... 3,394
312 Tootsie Roll Industries, Inc. .................. 12,558
1,500 Tyson Foods, Inc., Class A ..................... 13,781
100 Veterinary Centers of America, Inc.* ........... 1,450
400 Village Super Market Inc., Class A* ............ 4,975
1,000 Whitman Corporation ............................ 13,188
200 Whole Foods Market, Inc.* ...................... 10,100
450 Wild Oats Markets, Inc.* ....................... 4,838
700 Wrigley (Wm.) Jr. Company ...................... 51,844
-----------
2,559,848
-----------
GOLD - 0.0%***
1,800 Homestake Mining Company ....................... 10,012
1,000 Newmont Mining Corporation ..................... 18,563
-----------
28,575
-----------
Value
Shares (Note 1)
------ ------
INSURANCE - 3.1%
600 21st Century Insurance Group ................... $ 9,488
1,700 AFLAC, Inc. .................................... 91,800
600 Alfa Corporation ............................... 11,363
100 Alleghany Corporation .......................... 17,444
300 Allmerica Financial Corporation ................ 18,263
4,900 Allstate Corporation ........................... 142,406
400 Ambac Financial Group, Inc. .................... 25,850
500 American Financial Group, Inc. ................. 12,406
1,500 American General Corporation ................... 109,219
14,575 American International Group, Inc. ............. 1,298,997
200 American National
Insurance Company ............................ 12,300
200 AmerUS Life Holdings, Inc., Class A ............ 4,938
1,500 Aon Corporation ................................ 55,969
200 Arch Capital Group Ltd.* ....................... 3,038
500 Argonaut Group, Inc. ........................... 8,250
2,800 AXA Financial, Inc. ............................ 144,900
100 Berkley (W.R.) Corporation ..................... 2,650
1,100 Chubb Corporation .............................. 84,219
1,000 CIGNA Corporation .............................. 97,250
900 Cincinnati Financial Corporation ............... 34,988
1,100 CNA Financial Corporation* ..................... 43,656
400 Commerce Group, Inc. ........................... 10,400
2,400 Conseco, Inc. .................................. 20,250
700 Crawford & Company, Class B .................... 8,706
310 Delphi Financial Group, Inc.,
Class A* ..................................... 12,826
500 Enhance Financial Services
Group, Inc. .................................. 7,875
400 Erie Indemnity Company, Class A ................ 12,375
300 FBL Financial Group, Inc., Class A ............. 4,425
667 First American
Financial Corporation ........................ 11,006
200 First United Corporation ....................... 2,250
800 Fremont General Corporation .................... 2,550
200 Gallagher (Arthur J.) & Co. .................... 9,800
1,300 Hartford Financial Services
Group, Inc. .................................. 86,613
600 HCC Insurance Holdings, Inc. ................... 12,675
200 HealthAxis, Inc.* .............................. 569
500 Horace Mann
Educators Corporation ........................ 7,625
200 HSB Group, Inc. ................................ 7,988
600 I.C.H. Corporation* ............................ 3,338
See Notes to Financial Statements.
52
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
INSURANCE (CONTINUED)
100 Insurance Management
Solutions Group, Inc.* ....................... $ 163
600 Jefferson-Pilot Corporation .................... 39,713
1,200 Lincoln National Corporation ................... 64,800
600 Loews Corporation .............................. 48,563
1,700 Marsh & McLennan Companies, Inc. ............... 201,875
600 MBIA, Inc. ..................................... 39,450
115 Medical Assurance, Inc.* ....................... 1,337
200 Merchants Group, Inc. .......................... 3,475
100 Mercury General Corporation .................... 2,744
600 MGIC Investment Corporation .................... 35,288
200 MONY Group, Inc.* .............................. 7,563
200 Nationwide Financial
Services, Inc., Class A ...................... 7,975
600 Ohio Casualty Corporation ...................... 4,425
800 Old Republic
International Corporation .................... 19,150
300 Penn Treaty American Corporation* .............. 5,363
200 Penn-America Group, Inc. ....................... 1,500
500 Progressive Corporation ........................ 37,906
300 Protective Life Corporation .................... 8,625
400 Reinsurance Group of
America, Inc. ................................ 11,400
1,200 Reliance Group Holdings, Inc. .................. 263
600 ReliaStar Financial Corporation ................ 32,288
200 RLI Corporation ................................ 7,700
700 SAFECO Corporation ............................. 18,419
200 SCPIE Holdings, Inc. ........................... 4,350
200 Selective Insurance Group, Inc. ................ 3,588
1,400 St. Paul Companies, Inc. ....................... 66,675
300 Superior National
Insurance Group, Inc.* ....................... 86
300 The PMI Group, Inc. ............................ 18,600
900 Torchmark Corporation .......................... 25,256
200 Transatlantic Holdings, Inc. ................... 17,437
200 Trenwick Group, Inc. ........................... 3,788
400 UICI* .......................................... 2,650
100 United Fire & Casualty Company ................. 1,863
300 Unitrin, Inc. .................................. 9,131
1,557 UnumProvident Corporation ...................... 33,767
300 Zenith National Insurance Corp. ................ 6,956
-----------
3,244,797
-----------
Value
Shares (Note 1)
------ ------
INTERNATIONAL OIL - 2.2%
4,100 Chevron Corporation ............................ $ 346,450
22,020 Exxon Mobil Corporation ........................ 1,797,383
600 Santa Fe International Corporation ............. 23,588
3,600 Texaco, Inc. ................................... 185,400
-----------
2,352,821
-----------
LIQUOR - 0.3%
2,900 Anheuser-Busch Companies, Inc. ................. 228,556
200 Beringer Wine Estates
Holdings, Inc., Class B* ..................... 11,063
400 Brown-Forman Corporation, Class B .............. 21,200
200 Canandaigua Brands, Inc.,
Class A* ..................................... 10,775
200 Coors (Adolph) Company, Class B ................ 11,913
100 Genesee Corporation, Class B ................... 3,063
-----------
286,570
-----------
MEDIA - 3.6%
600 Ackerley Group, Inc. ........................... 6,788
600 AMC Entertainment, Inc. ........................ 1,125
1,000 American Tower Corporation,
Class A ...................................... 36,313
1,398 AMFM, Inc.* .................................... 95,109
300 At Comm Corporation* ........................... 8,100
600 Banta Corporation .............................. 13,238
600 Belo (A.H.) Corporation, Class A ............... 11,475
100 BHC Communications, Inc.,
Class A* ..................................... 15,300
800 Cablevision Systems
Corporation, Class A* .......................... 53,800
800 Carmike Cinemas, Inc., Class A* ................ 550
900 Charter Communications, Inc.,
Class A* ..................................... 13,781
209 Chris-Craft Industries, Inc.* .................. 16,354
400 Citadel Communications
Corporation* ................................. 8,200
2,641 Clear Channel
Communications, Inc.* ........................ 191,142
600 CNET Networks, Inc.* ........................... 20,100
5,620 Comcast Corporation,
Special Class A .............................. 209,345
3,538 Cox Communications, Inc., Class A* ............. 125,820
1,300 Crown Castle
International Corporation* ................... 45,094
13,100 Disney (Walt) Company .......................... 510,081
900 Donnelley (R.R.) & Sons Company ................ 23,175
See Notes to Financial Statements.
53
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
MEDIA (CONTINUED)
600 Dow Jones & Company, Inc. ...................... $ 37,538
1,600 EchoStar Communications
Corporation, Class A* ........................ 78,000
400 Efficient Networks, Inc.* ...................... 21,494
100 Emmis Communications
Corporation, Class A* ........................ 3,281
100 Entercom Communications
Corporation* ................................. 4,131
300 Express Scripts, Inc., Class A* ................ 21,356
1,100 Fox Entertainment
Group, Inc., Class A* ........................ 31,831
1,600 Gannett Company, Inc. .......................... 90,600
1,100 Gray Communications
System, Inc., Class B ........................ 11,206
500 Harte-Hanks, Inc. .............................. 12,563
600 Hispanic Broadcasting Corporation* ............. 15,413
900 Hollinger International Inc. ................... 14,738
400 IDG Books Worldwide, Inc.,
Class A* ..................................... 3,613
200 ImageX.com, Inc.* .............................. 894
2,350 Infinity Broadcasting
Corporation, Class A* ........................ 89,006
200 Intraware, Inc.* ............................... 2,100
500 Journal Register Company* ...................... 8,250
350 Key3Media Group, Inc.* ......................... 2,647
400 Knight-Ridder, Inc. ............................ 21,850
200 Launch Media, Inc.* ............................ 1,513
400 Lee Enterprises, Inc. .......................... 11,200
400 Liberty Digital, Inc., Class A* ................ 9,900
800 Loews Cineplex
Entertainment Corporation* ................... 1,450
500 McClatchy Company, Class A ..................... 17,906
1,200 McGraw-Hill Companies, Inc. .................... 74,325
200 Media General, Inc., Class A ................... 10,300
700 Mediacom Communications
Corporation* ................................. 9,964
200 Medialink Worldwide, Inc.* ..................... 1,350
300 Meredith Corporation ........................... 8,194
1,300 Metro-Goldwyn-Mayer, Inc.* ..................... 33,313
100 N2H2, Inc.* .................................... 306
1,200 New York Times Company, Class A ................ 47,025
100 NewsEdge Corporation* .......................... 213
900 OnHealth Network Company* ...................... 2,841
500 Playboy Enterprises, Inc., Class B* ............ 7,344
462 Price Communications Corporation* .............. 9,471
900 PRIMEDIA, Inc.* ................................ 16,088
Value
Shares (Note 1)
------ ------
MEDIA (CONTINUED)
200 Quipp, Inc. .................................... $ 4,700
700 Reader's Digest
Association, Inc., Class A ................... 26,950
500 Scripps (E.W.) Company, Class A ................ 25,344
100 Sinclair Broadcast
Group, Inc., Class A* ........................ 1,206
100 Tag-It Pacific, Inc.* .......................... 469
8,300 Time Warner, Inc. .............................. 709,650
1,901 Tribune Company ................................ 67,842
2,000 USA Networks, Inc.* ............................ 48,125
300 Valassis Communications, Inc.* ................. 8,662
600 ValueVision International, Inc.,
Class A* ..................................... 17,587
9,606 Viacom, Inc., Class B* ......................... 646,604
100 Washington Post Company, Class B ............... 50,900
800 Westwood One, Inc. ............................. 22,250
600 Wiley (John) & Sons, Inc., Class A ............. 11,925
700 Ziff-Davis, Inc.-ZD* ........................... 7,700
-----------
3,788,018
-----------
MISCELLANEOUS - 1.0%
100 @plan.com, Inc.* ............................... 606
100 1-800-FLOWERS.COM, Inc.* ....................... 525
100 3Dshopping.com* ................................ 813
200 Aclara Biosciences Inc.* ....................... 7,800
600 Acme Communications, Inc.* ..................... 8,475
100 Alaska Communications
Systems Holdings, Inc.* ...................... 809
300 Alteon Websystems, Inc.* ....................... 44,400
450 ANC Rental Corporation* ........................ 3,150
50 Avenue A, Inc.* ................................ 406
400 Be Free, Inc.* ................................. 2,425
500 Be, Inc.* ...................................... 2,328
100 billserv.com, Inc.* ............................ 825
200 BlackRock, Inc.* ............................... 8,200
100 Bluestone Software, Inc.* ...................... 2,338
100 Braun Consulting, Inc.* ........................ 1,625
200 Breakaway Solutions, Inc.* ..................... 2,975
100 C-bridge Internet Solutions, Inc.* ............. 1,688
300 Caldera Systems, Inc.* ......................... 2,325
1,000 Capitol Federal Financial ...................... 14,500
450 Choice One Communications, Inc.* ............... 7,200
100 Cobalt Group, Inc.* ............................ 519
1,100 Commerce One, Inc.* ............................ 68,784
800 Continuus Software Corporation* ................ 1,800
See Notes to Financial Statements.
54
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
MISCELLANEOUS (CONTINUED)
600 Corinthian Colleges, Inc.* ..................... $ 32,400
100 CyBear, Inc.* .................................. 275
200 Data Return Corporation* ....................... 3,984
300 Dendreon Corporation* .......................... 6,150
500 Digital Island, Inc.* .......................... 14,844
200 Ditech Communications
Corporation* ................................. 11,800
500 DSL.net, Inc.* ................................. 3,063
300 E-LOAN, Inc.* .................................. 1,041
200 E.piphany, Inc.* ............................... 20,800
100 Educational Video
Conferencing, Inc.* .......................... 1,438
300 eMagin Corporation* ............................ 2,907
700 Extreme Networks, Inc.* ........................ 65,144
400 Fairchild Semiconductor
International Corp., Class A* ................ 15,900
100 FiberNet Telecom Group, Inc.* .................. 1,700
900 Finisar Corporation* ........................... 41,738
700 Frontline Capital Group* ....................... 12,294
100 Gabelli Asset Management, Inc.,
Class A* ..................................... 3,013
100 garden.com, Inc.* .............................. 169
100 GlobalNet Financial.com, Inc. .................. 988
300 GoAmerica, Inc.* ............................... 3,281
700 i3 Mobile, Inc.* ............................... 6,344
400 iBeam Broadcasting Corporation* ................ 4,250
200 Informatica Corporation* ....................... 20,000
1,600 InfoSpace.com, Inc.* ........................... 62,400
300 Interactive Intelligence, Inc.* ................ 13,294
100 InterCept Group, Inc.* ......................... 2,325
100 Internet America, Inc.* ........................ 375
200 Internet Capital Group, Inc.* .................. 6,975
100 Interspeed, Inc.* .............................. 1,144
200 InterWorld Corporation* ........................ 4,025
500 ixL Enterprises, Inc.* ......................... 4,781
1,800 John Hancock Financial
Services, Inc.* .............................. 45,450
300 Lexicom Genetics, Inc. ......................... 9,975
200 Liquid Audio, Inc.* ............................ 1,394
300 Mail.com, Inc.* ................................ 1,894
100 Management Network Group, Inc.* ................ 2,006
100 Media Metrix, Inc.* ............................ 2,475
300 MicroFinancial, Inc. ........................... 2,944
400 National Information
Consortium, Inc.* ............................ 3,800
Value
Shares (Note 1)
------ ------
MISCELLANEOUS (CONTINUED)
400 NaviSite, Inc.* ................................ $ 19,250
100 NetCreations, Inc.* ............................ 2,113
100 Netgateway, Inc.* .............................. 116
100 Netsol International, Inc.* .................... 2,600
300 Network Access Solutions
Corporation* ................................. 2,381
700 NetZero, Inc.* ................................. 2,953
300 Neuberger Berman, Inc. ......................... 17,756
100 Niku Corporation* .............................. 2,706
200 On2.com, Inc.* ................................. 696
100 onlinetradinginc.com Corporation* .............. 525
100 OraPharma, Inc.* ............................... 1,138
200 OTG Software, Inc.* ............................ 4,475
3,511 Palm, Inc.* .................................... 154,484
200 Paradyne Networks, Inc.* ....................... 4,288
300 Pennaco Energy, Inc.* .......................... 4,725
500 Phone.com, Inc.* ............................... 46,219
100 ProcureNet Inc.* ............................... 15
100 Promotions.com, Inc.* .......................... 388
500 Radio One, Inc.* ............................... 10,531
100 Rudolph Technologies, Inc.* .................... 4,000
200 Sage, Inc.* .................................... 1,800
800 Sagent Technology, Inc.* ....................... 8,500
100 Sangamo BioSciences, Inc.* ..................... 4,925
100 Security of Pennsylvania
Finance Corp. ................................ 1,703
780 SEMA Group plc - ADR* .......................... 28,762
200 Sequoia Software Corporation* .................. 2,250
300 Silicon Image, Inc.* ........................... 11,025
700 Smith-Gardner & Associates, Inc.* .............. 2,800
442 Too, Inc.* ..................................... 10,884
100 Travelocity.com, Inc.* ......................... 1,375
100 TriZetto Group, Inc.* .......................... 1,025
200 U.S. Interactive, Inc.* ........................ 1,563
100 United Therapeutics Corporation* ............... 8,636
100 Universal Access, Inc.* ........................ 1,581
200 Uproar, Inc.* .................................. 1,300
100 US SEARCH.com, Inc.* ........................... 172
700 Valley Media, Inc.* ............................ 1,925
100 Viador, Inc.* .................................. 925
200 Vicinity Corporation* .......................... 2,225
800 Virologic, Inc.* ............................... 16,300
800 Visteon Corporation ............................ 12,550
900 Vitria Technology, Inc.* ....................... 42,300
200 Web Street, Inc.* .............................. 500
See Notes to Financial Statements.
55
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
MISCELLANEOUS (CONTINUED)
200 Webvan Group, Inc.* ............................ $ 800
300 Williams Communications
Group, Inc.* ................................. 8,813
600 Wit Soundview Group, Inc.* ..................... 5,550
300 Women.com Networks, Inc.* ...................... 994
-----------
1,085,838
-----------
MISCELLANEOUS FINANCE - 7.2%
115 1st Source Corporation ......................... 2,142
100 Acadiana Bancshares, Inc. ...................... 1,538
300 Airlease Ltd. - LP ............................. 3,600
200 Alexandria Real Estate Equities, Inc. .......... 7,000
1,200 Alliance Capital Management
Holding L.P. ................................. 62,100
600 AMB Property Corporation ....................... 14,513
500 AMCORE Financial, Inc. ......................... 9,031
100 American Bank of Connecticut ................... 1,850
8,500 American Express Company ....................... 502,563
100 American Industrial Properties REIT ............ 1,356
600 AmeriCredit Corporation* ....................... 16,575
1,200 Ameritrade Holding
Corporation, Class A* ........................ 22,575
500 Amli Residential Properties Trust .............. 12,375
372 Apartment Investment &
Management Company, Class A .................. 16,694
700 Archstone Communities Trust .................... 17,238
400 Arden Realty, Inc. ............................. 10,200
300 ARM Financial Group, Inc., Class A ............. 1
100 ASB Financial Corporation ...................... 981
4,400 Associates First Capital
Corporation, Class A ......................... 123,750
300 Astoria Financial Corporation .................. 10,538
400 Avalonbay Communities, Inc. .................... 17,875
500 Bay View Capital Corporation ................... 4,875
655 Bear Stearns Companies, Inc. ................... 43,926
306 Berkshire Hathaway, Inc., Class B* ............. 585,378
200 BISYS Group, Inc.* ............................. 15,062
500 Brandywine Realty Trust ........................ 10,250
400 BRE Properties, Inc., Class A .................. 11,675
120 BT Financial Corporation ....................... 2,160
400 Cadiz, Inc.* ................................... 3,875
400 Camden Property Trust .......................... 11,975
1,200 Capital One Financial Corporation .............. 72,375
400 CarrAmerica Realty Corporation ................. 11,625
900 Cash America International, Inc. ............... 6,750
Value
Shares (Note 1)
------ ------
MISCELLANEOUS FINANCE (CONTINUED)
300 Cathay Bancorp, Inc. ........................... $ 14,963
100 CBL & Associates Properties, Inc. .............. 2,388
100 CCF Holding Cmpany ............................. 1,088
300 CenterPoint Properties Corporation ............. 13,144
1,553 Charter One Financial, Inc. .................... 36,884
1,800 CIT Group, Inc., Class A ....................... 31,500
28,467 Citigroup, Inc. ................................ 1,661,742
300 Citizens First Financial Corp. ................. 3,975
200 Classic Bancshares, Inc. ....................... 2,050
600 Cohoes Bancorp, Inc. ........................... 9,600
300 Colonial Properties Trust ...................... 8,025
200 Columbia Financial of
Kentucky, Inc. ............................... 1,750
700 Commercial Federal Corporation ................. 12,644
300 CompuCredit Corporation* ....................... 11,888
700 Countrywide Credit Industries, Inc. ............ 26,513
300 Cousins Properties, Inc. ....................... 12,338
600 Crescent Real Estate
Equities Company ............................. 13,275
225 CVB Financial Corporation ...................... 3,600
700 Dime Bancorp, Inc. ............................. 12,862
800 Donaldson, Lufkin, & Jenrette, Inc. ............ 70,800
400 Downey Financial Corporation ................... 13,400
2,000 E*TRADE Group, Inc.* ........................... 35,500
300 Eaton Vance Corporation ........................ 14,531
500 Edwards (A.G.), Inc. ........................... 26,000
1,998 Equity Office Properties Trust ................. 57,692
777 Equity Residential Properties Trust ............ 37,296
6,400 Fannie Mae ..................................... 344,000
400 Farm Family Holdings, Inc.* .................... 12,050
750 Federated Investors, Inc., Class B ............. 17,578
200 FFD Financial Corporation ...................... 2,013
200 Fidelity Holdings, Inc.* ....................... 269
300 Financial Federal Corporation* ................. 6,375
1,400 FINOVA Group, Inc. ............................. 9,713
264 First Federal Bankshares, Inc. ................. 2,475
300 First Financial Corporation .................... 9,300
300 First Northern Capital Corporation ............. 4,163
500 First Washington Realty Trust, Inc. ............ 10,063
100 FirstCity Financial Corporation* ............... 200
300 Flagstar Bancorp, Inc. ......................... 3,525
100 Flushing Financial Corporation ................. 1,506
1,500 Franklin Resources, Inc. ....................... 57,000
4,300 Freddie Mac .................................... 181,138
200 G&L Realty Corporation ......................... 1,513
See Notes to Financial Statements.
56
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
MISCELLANEOUS FINANCE (CONTINUED)
100 Gables Residential Trust ....................... $ 2,775
462 Glacier Bancorp, Inc. .......................... 5,862
100 Glenborough Realty Trust, Inc. ................. 1,863
600 Golden State Bancorp, Inc.* .................... 12,075
1,000 Golden West Financial Corporation .............. 47,625
500 Goldman Sachs Group, Inc. ...................... 64,031
400 Golf Trust of America, Inc. .................... 5,675
100 GraphOn Corporation* ........................... 625
100 Grove Property Trust ........................... 1,631
400 GS Financial Corporation ....................... 5,200
100 Guaranty Financial Corporation ................. 713
400 Health Care Property Investors, Inc. ........... 10,525
400 Health Care REIT, Inc. ......................... 7,225
300 Henry (Jack) & Associates ...................... 13,313
300 HF Financial Corporation ....................... 2,775
500 Highwoods Properties, Inc. ..................... 12,031
100 Home Bancorp ................................... 1,925
2,900 Household International, Inc. .................. 139,200
700 HRPT Properties Trust .......................... 4,769
300 Innkeepers USA Trust ........................... 3,113
212 International Bancshares
Corporation .................................. 6,506
1,800 InterWest Bancorp, Inc. ........................ 23,850
259 Investment Technology
Group, Inc.* ................................. 12,432
200 Investors Title Cmpany ......................... 2,250
664 iStar Financial, Inc. .......................... 13,903
200 ITLA Capital Corporation* ...................... 2,800
100 Jacksonville Bancorp, Inc. ..................... 1,363
400 Jefferies Group, Inc. .......................... 12,175
200 John Nuveen Company, Class A ................... 9,075
200 JP Realty, Inc. ................................ 3,550
300 Keystone Property Trust ........................ 3,750
300 Kimco Realty Corporation ....................... 12,188
700 Klamath First Bancorp, Inc. .................... 8,400
700 Knight Trading Group, Inc.* .................... 21,962
500 Koger Equity, Inc. ............................. 8,563
300 LabOne, Inc. ................................... 2,419
300 Legg Mason, Inc. ............................... 15,825
800 Lehman Brothers Holdings, Inc. ................. 116,000
400 Leucadia National Corporation .................. 10,450
400 Liberty Financial Companies, Inc. .............. 9,450
500 Liberty Property Trust ......................... 13,063
600 LTC Properties, Inc. ........................... 2,438
500 MDC Holdings, Inc. ............................. 12,531
Value
Shares (Note 1)
------ ------
MISCELLANEOUS FINANCE (CONTINUED)
500 Mack-Cali Realty Corporation ................... $ 13,094
300 Mahaska Investment Company ..................... 2,269
800 Mail-Well, Inc.* ............................... 5,800
300 Manufactured Home
Communities, Inc. ............................ 7,088
100 Matrix Bancorp, Inc.* .......................... 669
5,400 MBNA Corporation ............................... 190,688
2,400 Merrill Lynch & Company, Inc. .................. 348,000
300 MessageMedia, Inc.* ............................ 1,078
1,500 MetLife, Inc.* ................................. 36,469
200 Midas, Inc. .................................... 3,400
300 Mississippi Valley Bancshares, Inc. ............ 7,650
300 Morgan Keegan, Inc. ............................ 6,019
7,200 Morgan Stanley Dean
Witter & Company ............................. 774,450
100 MSB Financial, Inc. ............................ 906
200 National Golf Properties, Inc. ................. 4,100
300 New Century Financial Corporation* ............. 3,431
800 New Plan Excel Realty Trust, Inc. .............. 11,050
400 NextCard, Inc.* ................................ 3,288
420 Northrim Bank .................................. 3,649
400 Nvest, L.P. .................................... 15,625
100 Oregon Trail Financial Corp. ................... 1,113
200 Pacific Capital Bancorp ........................ 5,363
900 Paine Webber Group, Inc. ....................... 64,350
400 Parkway Properties, Inc. ....................... 12,700
200 Penford Corporation ............................ 3,638
300 Peoples Holding Company ........................ 6,094
200 Philips International Realty Corp. ............. 3,400
200 PHS Bancorp, Inc. .............................. 2,013
200 PMC Commercial Trust, SBI ...................... 2,075
600 Point West Capital Corporation* ................ 1,613
700 Price (T. Rowe) Associates, Inc. ............... 31,675
1,600 Prison Realty Trust, Inc.* ..................... 3,800
1,010 ProLogis Trust ................................. 23,104
200 PS Financial, Inc. ............................. 2,213
686 Public Storage, Inc. ........................... 16,721
231 PVF Capital Corp. .............................. 2,296
300 Radian Group, Inc. ............................. 18,638
400 Raymond James Financial, Inc. .................. 11,400
400 Realty Income Corporation ...................... 9,100
300 Reckson Associates
Realty Corporation ........................... 7,294
600 Redwood Trust, Inc.* ........................... 9,488
700 Regency Realty Corporation ..................... 15,838
See Notes to Financial Statements.
57
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
MISCELLANEOUS FINANCE (CONTINUED)
300 Resource Bancshares
Mortgage Group, Inc. ........................... $ 1,556
300 RFS Hotel Investors, Inc. ...................... 3,750
450 Santander BanCorp .............................. 5,287
8,564 Schwab (Charles) Corporation ................... 327,038
400 Security Capital Group, Inc.,
Class B* ..................................... 6,800
70 Senior Housing Properties Trust ................ 639
300 Siebert Financial Corp. ........................ 2,719
700 SierraCities.com, Inc.* ........................ 2,100
300 Smith Charles E. Residential
Realty, Inc. ................................. 12,338
100 SNB Bancshares, Inc. ........................... 1,300
100 Southern Banc Company, Inc. .................... 1,106
363 Southwest Securities Group, Inc. ............... 12,047
1,700 Sovereign Bancorp, Inc. ........................ 14,450
500 Spieker Properties, Inc. ....................... 27,313
100 Stan Lee Media, Inc.* .......................... 1,000
300 Stewart Information
Services Corporation ......................... 4,031
1,400 Stilwell Financial, Inc.* ...................... 67,725
200 Tarragon Realty Investors, Inc. ................ 2,150
400 Taubman Centers, Inc. .......................... 4,375
400 TCF Financial Corporation ...................... 13,125
236 Transcontinental Realty
Investors, Inc. ............................... 2,980
600 Tucker Anthony Sutro Corporation ............... 14,138
700 United Asset
Management Corporation ....................... 17,150
1,000 United Dominion Realty Trust, Inc. ............. 10,813
400 UnitedGlobalCom Inc., Class A* ................. 15,325
400 Universal Health Realty
Income Trust ................................. 7,025
900 USA Education, Inc. ............................ 35,269
200 W Holding Company, Inc. ........................ 1,888
450 Waddell & Reed Financial,
Inc., Class A ................................ 15,694
310 Washington Federal, Inc. ....................... 6,433
3,300 Washington Mutual, Inc. ........................ 115,500
100 Washington Real Estate
Investment Trust ............................. 1,919
404 Webster Financial Corporation .................. 9,961
300 Weingarten Realty Investors .................... 12,150
100 Wesley Jessen VisionCare, Inc.* ................ 3,763
800 Westfield America, Inc. ........................ 11,950
Value
Shares (Note 1)
------ ------
MISCELLANEOUS FINANCE (CONTINUED)
100 Winfield Capital Corp.* ........................ $ 1,238
-----------
7,587,338
-----------
MOTOR VEHICLES - 1.1%
400 A.S.V., Inc.* .................................. 5,350
450 ArvinMeritor, Inc.* ............................ 7,425
200 Autoweb.com, Inc.* ............................. 344
300 BorgWarner, Inc. ............................... 10,313
900 Coachmen Industries, Inc. ...................... 10,012
400 CSK Auto Corporation* .......................... 2,175
300 Cummins Engine Company, Inc. ................... 10,650
800 Dana Corporation ............................... 19,750
3,276 Delphi Automotive
Systems Corporation .......................... 53,849
500 Donaldson Company, Inc. ........................ 10,563
500 Eaton Corporation .............................. 33,188
400 Federal-Mogul Corporation ...................... 4,125
500 Fleetwood Enterprises, Inc. .................... 6,844
11,834 Ford Motor Company ............................. 286,225
3,400 General Motors Corporation ..................... 245,438
4,400 General Motors Corporation,
Class H ...................................... 145,750
700 Gentex Corporation* ............................ 18,112
1,100 Genuine Parts Company .......................... 22,619
1,900 Harley-Davidson, Inc. .......................... 94,644
2,600 Hertz Technology Group, Inc.* .................. 6,988
100 Keystone Automotive
Industries, Inc.* ............................ 563
300 Lear Corporation* .............................. 6,469
400 Navistar International Corporation ............. 15,000
200 Noble International, Ltd.* ..................... 1,763
600 O'Reilly Automotive, Inc.* ..................... 9,150
300 Oshkosh Truck Corporation ...................... 10,650
600 Rush Enterprises, Inc.* ........................ 3,975
400 Sonic Automotive, Inc.* ........................ 4,225
200 SPX Corporation ................................ 32,800
300 Stoneridge, Inc.* .............................. 3,112
300 Superior Industries
International, Inc. .......................... 9,731
100 Thor Industries, Inc. .......................... 2,331
600 United Rentals, Inc.* .......................... 12,450
300 Winnebago Industries, Inc. ..................... 3,844
-----------
1,110,427
-----------
See Notes to Financial Statements.
58
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
NON-DURABLE & ENTERTAINMENT - 0.8%
300 Action Performance
Companies, Inc.* ............................. $ 1,200
700 American Greetings
Corporation, Class A ......................... 13,037
400 Applebee's International, Inc. ................. 9,075
300 Ark Restaurants Corporation* ................... 2,400
200 barnesandnoble.com, inc.* ...................... 800
100 Blaze Software, Inc.* .......................... 1,887
200 Boston Celtics, L.P.* .......................... 1,812
210 Bowl America, Inc., Class A .................... 1,706
400 Brinker International, Inc.* ................... 12,700
100 Canterbury Park
Holding Corporation* ......................... 800
300 Catalina Marketing Corporation* ................ 12,806
800 CBRL Group, Inc.* .............................. 9,650
450 CEC Entertainment, Inc.* ....................... 12,994
400 Cedar Fair, L.P. ............................... 7,200
200 Centillium Commuications, Inc.* ................ 14,900
300 Churchill Downs, Inc. .......................... 7,087
600 CKE Restaurants, Inc. .......................... 2,400
200 Cooker Restaurant Corporation .................. 225
700 Darden Restaurants, Inc. ....................... 12,381
600 Dave & Buster's, Inc.* ......................... 4,800
400 Diedrich Coffee, Inc.* ......................... 725
100 Dixon Ticonderoga Company* ..................... 450
800 Dover Downs Entertainment, Inc. ................ 8,050
400 Electronic Arts, Inc.* ......................... 43,175
633 Energizer Holdings, Inc.* ...................... 12,502
200 Factory 2-U Stores, Inc.* ...................... 6,912
300 Fastenal Company ............................... 19,162
1,200 Fortune Brands, Inc. ........................... 30,600
450 Fossil, Inc.* .................................. 7,847
500 Frisch's Restaurants, Inc. ..................... 5,750
400 Harcourt General, Inc. ......................... 23,725
950 Hasbro, Inc. ................................... 11,697
500 Hollywood.com, Inc.* ........................... 4,187
300 Huffy Corporation .............................. 3,319
200 Il Fornaio Corporation* ........................ 1,625
600 International Game Technology* ................. 17,400
512 International Speedway
Corporation, Class A ......................... 17,344
500 Jack in the Box, Inc.* ......................... 11,031
300 Kreisler Manufacturing Corporation* ............ 1,219
600 Luby's, Inc. ................................... 3,300
2,480 Mattel, Inc. ................................... 24,490
Value
Shares (Note 1)
------ ------
NON-DURABLE & ENTERTAINMENT (CONTINUED)
8,400 McDonald's Corporation ......................... $ 250,950
500 Moore Medical Corp.* ........................... 3,469
200 Movado Group, Inc. ............................. 2,800
500 MP3.com, Inc.* ................................. 4,125
1,736 Newell Rubbermaid, Inc. ........................ 45,027
500 Outback Steakhouse, Inc.* ...................... 11,469
400 Piccadilly Cafeterias, Inc. .................... 950
400 Richton International Corporation* ............. 7,450
100 Riviana Foods, Inc. ............................ 1,712
900 Ruby Tuesday, Inc. ............................. 11,250
2,200 Service Corporation International* ............. 5,087
500 Sotheby's Holdings, Inc., Class A .............. 10,344
100 Star Buffet, Inc.* ............................. 306
1,100 Starbucks Corporation* ......................... 40,287
900 Stewart Enterprises, Inc., Class A ............. 2,869
1,100 Tricon Global Restaurants, Inc.* ............... 32,037
600 Tupperware Corporation ......................... 12,112
200 Ulticom, Inc.* ................................. 11,850
700 Wendy's International, Inc. .................... 13,212
-----------
851,676
-----------
NON-FERROUS METALS - 0.3%
5,348 Alcoa, Inc. .................................... 177,821
100 Chase Industries, Inc.* ........................ 875
400 Commercial Metals Company ...................... 11,175
300 Commonwealth Industries, Inc. .................. 1,519
700 Engelhard Corporation .......................... 13,125
300 FirstWorld Communications, Inc.,
Class B* ..................................... 956
900 Freeport-McMoRan Copper
& Gold, Inc., Class B* ......................... 8,831
500 Mueller Industries, Inc.* ...................... 15,781
420 Phelps Dodge Corporation ....................... 18,690
450 Reliance Steel & Aluminum Co. .................. 9,281
500 Southern Peru Copper Corp. ..................... 6,969
100 United Park City Mines Company* ................ 1,900
300 Wolverine Tube, Inc.* .......................... 4,988
-----------
271,911
-----------
OPTICAL & PHOTO - 0.7%
1,773 Corning, Inc. .................................. 581,433
200 CPI Corporation ................................ 4,875
2,000 Eastman Kodak Company .......................... 124,500
400 Imation Corporation* ........................... 8,900
700 Ingram Micro, Inc., Class A* ................... 10,500
125 Photronics, Inc.* .............................. 3,664
See Notes to Financial Statements.
59
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
OPTICAL & PHOTO (CONTINUED)
200 Zygo Corporation* .............................. $ 15,875
-----------
749,747
-----------
PAPER & FOREST PRODUCTS - 0.6
400 Boise Cascade Corporation ...................... 11,950
300 Bowater, Inc. .................................. 15,413
600 Caraustar Industries, Inc. ..................... 9,263
100 Chesapeake Corporation ......................... 2,388
500 Consolidated Papers, Inc. ...................... 19,656
100 CSS Industries, Inc.* .......................... 2,050
800 EarthShell Corporation* ........................ 1,600
500 FiberMark, Inc.* ............................... 5,438
1,200 Fort James Corporation ......................... 37,950
400 Georgia Pacific Corporation
(Timber Group) ............................... 11,725
1,000 Georgia-Pacific Group .......................... 26,750
3,192 International Paper Company .................... 101,745
3,474 Kimberly-Clark Corporation ..................... 203,229
600 Longview Fibre Company ......................... 6,825
700 Lydall, Inc.* .................................. 8,444
500 Mead Corporation ............................... 13,406
800 Packaging Corp of America* ..................... 9,350
400 Potlatch Corporation ........................... 13,450
400 Rayonier, Inc. ................................. 16,625
2,000 Smurfit-Stone
Container Corporation* ....................... 26,250
400 Temple-Inland, Inc. ............................ 16,975
400 The St. Joe Company ............................ 11,725
500 Westvaco Corporation ........................... 13,688
1,400 Weyerhaeuser Company ........................... 64,838
600 Willamette Industries, Inc. .................... 18,300
-----------
669,033
-----------
PRODUCER GOODS - 5.2%
808 Albany International
Corporation, Class A ......................... 11,262
400 American Standard Companies, Inc.* ............. 18,525
400 AMETEK, Inc. ................................... 8,550
600 Applied Industrial Technologies, Inc. .......... 10,163
800 Applied Micro Circuits Corporation* ............ 162,350
300 Applied Power, Inc., Class A ................... 1,481
700 Astec Industries, Inc.* ........................ 13,738
100 Ault, Inc.* .................................... 800
700 Avery Dennison Corporation ..................... 37,844
600 Axcelis Technologies, Inc.* .................... 10,838
500 Baldor Electric Company ........................ 9,813
Value
Shares (Note 1)
------ ------
PRODUCER GOODS (CONTINUED)
400 Blyth Industries, Inc.* ........................ $ 9,375
500 Capstone Turbine Corporation* .................. 46,156
2,100 Caterpillar, Inc. .............................. 77,175
200 Chicago Rivet & Machine Co. .................... 4,125
300 Cognex Corporation* ............................ 12,000
500 Comfort Systems USA, Inc.* ..................... 2,750
600 Cooper Industries, Inc. ........................ 21,188
300 Curtiss-Wright Corporation ..................... 13,631
100 Daisytek International Corporation* ............ 688
1,400 Deere & Company ................................ 46,113
150 Diamond Technology Partners, Inc.* ............. 9,572
1,200 Dover Corporation .............................. 58,650
1,500 DT Industries, Inc. ............................ 14,813
450 Eastern Company (The) .......................... 6,413
100 Edelbrock Corporation .......................... 1,075
2,700 Emerson Electric Company ....................... 178,706
750 Encompass Services Corporation* ................ 4,125
500 Federal Signal Corporation ..................... 10,781
500 Fisher Scientific International, Inc.* ......... 10,969
500 Flowserve Corporation .......................... 9,250
200 FMC Corporation ................................ 13,563
200 Franklin Electric Company, Inc. ................ 13,050
62,400 General Electric Company ....................... 3,662,100
500 Grainger (W.W.), Inc. .......................... 14,438
400 Hanover Compressor Company* .................... 12,700
400 Harsco Corporation ............................. 11,125
500 HON INDUSTRIES, Inc. ........................... 13,469
5,075 Honeywell International, Inc. .................. 195,705
500 Hubbell, Inc., Class B ......................... 12,938
300 IDEX Corporation ............................... 9,113
1,823 Illinois Tool Works, Inc. ...................... 102,202
1,000 Ingersoll-Rand Company ......................... 45,563
200 Invivo Corporation ............................. 2,375
1,200 Jabil Circuit, Inc.* ........................... 76,575
700 JLG Industries, Inc. ........................... 8,094
500 Johnson Controls, Inc. ......................... 26,719
400 Kaydon Corporation ............................. 8,825
400 Kennametal, Inc. ............................... 10,250
200 Lancer Corporation* ............................ 800
400 Lanier Worldwide, Inc.* ........................ 400
300 Lattice Semiconductor Corporation* ............. 23,363
100 Libbey, Inc. ................................... 3,281
400 MagneTek, Inc.* ................................ 4,250
350 Manitowoc Company, Inc. ........................ 8,028
400 Marine Drilling Companies, Inc.* ............... 10,875
See Notes to Financial Statements.
60
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
PRODUCER GOODS (CONTINUED)
500 MascoTech, Inc. ................................ $ 8,281
300 MasTec, Inc.* .................................. 10,800
200 Material Sciences Corporation* ................. 2,100
500 Micrel, Inc.* .................................. 38,219
500 Milacron, Inc. ................................. 7,719
500 Miller (Herman), Inc. .......................... 15,969
300 Millipore Corporation .......................... 18,263
100 Misonix, Inc.* ................................. 788
200 Nordson Corporation ............................ 12,950
200 Norstan, Inc.* ................................. 638
400 Nortek, Inc.* .................................. 8,175
400 Oceaneering International, Inc.* ............... 6,975
700 Pall Corporation ............................... 14,963
729 Parker-Hannifin Corporation .................... 25,378
500 Park-Ohio Holdings Corporation* ................ 5,156
400 Penn Engineering &
Manufacturing Corporation .................... 13,325
400 Pentair, Inc. .................................. 13,000
300 Plug Power, Inc.* .............................. 13,425
200 Precision Castparts Corp. ...................... 15,200
500 Primex Technologies, Inc. ...................... 12,125
700 Roper Industries, Inc. ......................... 22,663
800 Safeguard Scientifics, Inc.* ................... 22,850
300 Scott Technologies, Inc.* ...................... 5,681
300 Snap-on, Inc. .................................. 9,244
300 Standex International Corporation .............. 5,569
100 Steelcase, Inc. ................................ 1,656
300 Strattec Security Corporation* ................. 10,388
300 Tech/Ops Sevcon, Inc. .......................... 3,281
200 Tecumseh Products Company,
Class A ...................................... 7,950
100 Tenneco Automotive, Inc. ....................... 713
700 Timken Company ................................. 11,419
600 Trinity Industries, Inc. ....................... 11,625
100 Twin Disc, Inc. ................................ 1,663
800 U.S. Industries, Inc. .......................... 10,200
100 U.S.A. Floral Products, Inc.* .................. 44
400 UCAR International, Inc.* ...................... 5,450
800 Valhi, Inc. .................................... 10,250
600 Valmont Industries, Inc. ....................... 11,363
200 Watsco, Inc. ................................... 2,550
200 Zebra Technologies Corporation,
Class A* ....................................... 10,800
-----------
5,521,528
-----------
Value
Shares (Note 1)
------ ------
RAILROAD & SHIPPING - 0.2%
200 Alexander & Baldwin, Inc. ...................... $ 5,263
2,800 Burlington Northern
Santa Fe Corporation ......................... 62,650
1,300 CSX Corporation ................................ 31,038
300 Florida East Coast Industries, Inc. ............ 13,088
300 GATX Corporation ............................... 12,206
200 Greenbrier Companies, Inc. ..................... 1,650
100 International Shipholding
Corporation .................................. 719
400 Kansas City Southern
Industries, Inc. ............................. 3,700
300 Newport News Shipbuilding, Inc. ................ 12,750
2,200 Norfolk Southern Corporation ................... 35,338
600 Transport Corporation
of America, Inc.* ............................ 4,500
1,500 Union Pacific Corporation ...................... 59,625
400 Wabtec Corporation ............................. 4,150
500 Wisconsin Central
Transportation Corporation* .................. 6,688
-----------
253,365
-----------
REAL PROPERTY - 0.2%
100 American Retirement Corporation* ............... 525
400 Boston Properties, Inc. ........................ 16,175
900 Burnham Pacific Properties, Inc. ............... 5,400
900 Catellus Development Corporation* .............. 16,088
400 CB Richard Ellis Services, Inc.* ............... 4,200
100 Center Trust, Inc. ............................. 575
676 Duke-Weeks Realty Corporation .................. 16,055
600 Fairfield Communities, Inc.* ................... 4,800
400 Forest City Enterprises, Inc., Class A ......... 14,000
400 General Growth Properties, Inc. ................ 12,850
200 HomeServices.Com, Inc.* ........................ 2,300
600 HomeStore.com, Inc.* ........................... 32,513
300 JDN Realty Corporation ......................... 3,094
100 Jones Lang LaSalle, Inc.* ...................... 1,456
400 Kilroy Realty Corporation ...................... 9,950
400 Mid-Atlantic Reatly Trust ...................... 4,525
400 Newhall Land & Farming Co. ..................... 9,850
300 Post Properties, Inc. .......................... 12,694
500 Rouse Company .................................. 12,063
400 Saul Centers, Inc. ............................. 6,325
900 Simon Property Group, Inc. ..................... 20,531
1,073 Starwood Hotels & Resorts
Worldwide, Inc. .............................. 34,336
See Notes to Financial Statements.
61
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
REAL PROPERTY (CONTINUED)
100 Urban Shopping Centers, Inc. ................... $ 3,494
500 Vornado Realty Trust ........................... 18,500
-----------
262,299
-----------
RETAIL - 4.3%
200 99 Cents Only Stores* .......................... 8,988
100 A.C. Moore Arts & Crafts, Inc.* ................ 894
2,608 Albertson's, Inc. .............................. 56,072
100 Alloy Online, Inc.* ............................ 881
2,400 Amazon.com, Inc.* .............................. 99,600
300 Ames Department Stores, Inc.* .................. 1,519
200 Ashford.com, Inc.* ............................. 563
1,200 AutoZone, Inc.* ................................ 27,000
300 Barnes & Noble, Inc.* .......................... 5,194
1,800 Bed Bath & Beyond, Inc.* ....................... 31,613
1,300 Best Buy Company, Inc.* ........................ 80,275
500 BJ's Wholesale Club, Inc.* ..................... 16,938
400 Blair Corporation .............................. 8,850
100 Blue Rhino Corporation* ........................ 381
500 Burlington Coat Factory
Warehouse Corp. .............................. 6,094
700 Casey's General Stores, Inc. ................... 7,963
4,400 Cendant Corporation* ........................... 58,025
700 Central Garden & Pet Company* .................. 5,250
300 CHS Electronics, Inc.* ......................... 2
1,200 Circuit City Stores, Inc. ...................... 31,125
800 Consolidated Stores Corporation* ............... 10,900
100 Cost-U-Less, Inc.* ............................. 163
2,800 Costco Wholesale Corporation ................... 96,425
2,600 CVS Corporation ................................ 96,525
1,205 Delhaize America, Inc. ......................... 18,075
700 Dillard's, Inc., Class A ....................... 8,969
2,031 Dollar General Corporation ..................... 41,762
750 Dollar Tree Stores, Inc.* ...................... 30,422
400 Drugstore.com, Inc.* ........................... 2,450
200 Egghead.com, Inc.* ............................. 563
400 Enesco Group, Inc. ............................. 2,600
100 Envision Development Corporation* .............. 1,325
700 eToys, Inc.* ................................... 3,150
1,100 Family Dollar Stores, Inc. ..................... 19,800
1,500 Federated Department Stores, Inc.* ............. 41,438
200 Fogdog, Inc.* .................................. 188
5,250 Gap, Inc. ...................................... 117,797
400 Gardenburger, Inc.* ............................ 2,000
Value
Shares (Note 1)
------ ------
RETAIL (CONTINUED)
400 Great Atlantic & Pacific
Tea Company, Inc. ............................ $ 5,600
500 Guitar Center, Inc.* ........................... 7,500
14,650 Home Depot, Inc. ............................... 704,116
3,550 Intimate Brands, Inc. .......................... 57,244
100 iTurf, Inc., Class A* .......................... 163
3,600 Kmart Corporation* ............................. 25,200
2,200 Kohl's Corporation* ............................ 123,200
5,200 Kroger Company* ................................ 117,975
300 Lands' End, Inc.* .............................. 7,331
2,700 Limited, Inc. .................................. 54,000
500 Longs Drug Stores, Inc. ........................ 9,438
2,464 Lowe's Companies, Inc. ......................... 110,418
2,450 May Department Stores Company .................. 56,197
200 Michaels Stores, Inc.* ......................... 7,000
400 Neiman Marcus Group, Inc., Class A ............. 13,425
1,100 Nordstrom, Inc. ................................ 18,975
2,600 Office Depot, Inc.* ............................ 19,013
1,100 OfficeMax, Inc.* ............................... 5,706
200 Payless ShoeSource, Inc.* ...................... 10,675
1,967 Penney (J.C.) Company, Inc. .................... 27,538
300 PriceSmart, Inc.* .............................. 11,250
1,200 RadioShack Corporation ......................... 70,800
1,300 Rite Aid Corporation ........................... 5,200
700 Ross Stores, Inc. .............................. 10,588
100 RoweCom, Inc.* ................................. 600
3,100 Safeway, Inc.* ................................. 152,869
1,000 Saks, Inc.* .................................... 10,000
100 School Specialty, Inc.* ........................ 1,806
2,200 Sears, Roebuck & Company ....................... 68,613
300 Shop At Home, Inc.* ............................ 1,106
300 Stamps.com, Inc.* .............................. 1,969
3,000 Staples, Inc.* ................................. 46,125
700 Sunglass Hut International, Inc.* .............. 5,075
700 Systemax Inc.* ................................. 3,019
6,000 Target Corporation ............................. 139,500
900 Tiffany & Company .............................. 37,463
1,800 TJX Companies, Inc. ............................ 33,863
1,600 Toys "R" Us, Inc.* ............................. 29,100
400 UniFirst Corporation ........................... 4,050
700 Value America, Inc.* ........................... 503
800 Venator Group, Inc.* ........................... 11,200
28,300 Wal-Mart Stores, Inc. .......................... 1,342,481
6,300 Walgreen Company ............................... 207,113
300 Weis Markets, Inc. ............................. 10,200
See Notes to Financial Statements.
62
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
RETAIL (CONTINUED)
200 West Marine, Inc.* ............................. $ 1,800
350 Whitehall Jewellers, Inc.* ..................... 3,150
400 Williams-Sonoma, Inc.* ......................... 14,375
1,000 Winn-Dixie Stores, Inc. ........................ 13,938
100 Zany Brainy, Inc.* ............................. 225
-----------
4,560,474
-----------
STEEL - 0.1%
700 AK Steel Holding Corporation ................... 7,613
950 Allegheny Technologies, Inc. ................... 20,663
100 Ampco-Pittsburgh Corporation ................... 1,150
400 Carpenter Technology Corporation ............... 13,000
200 Gibraltar Steel Corporation* ................... 3,500
600 Intermet Corporation ........................... 4,650
100 Northwest Pipe Company* ........................ 1,263
500 Nucor Corporation .............................. 18,375
500 Oregon Steel Mills, Inc. ....................... 1,281
500 Ryerson Tull, Inc. ............................. 4,719
100 Steel Dynamics, Inc.* .......................... 1,213
400 USX-U.S. Steel Group ........................... 6,950
200 WHX Corporation* ............................... 763
900 Worthington Industries, Inc. ................... 9,394
-----------
94,534
-----------
TELEPHONE - 5.6%
200 ADTRAN, Inc.* .................................. 10,713
800 Allegence Telcom, Inc.* ........................ 39,850
1,200 Allied Riser Communications
Corporation* ................................. 9,750
2,001 ALLTEL Corporation ............................. 101,176
23,732 AT&T Corp. ..................................... 747,558
600 AT&T Latin America Corp., Class A* ............. 8,400
11,900 BellSouth Corporation .......................... 444,019
1,239 Broadwing Inc.* ................................ 34,615
900 Centennial Cellular Corporation,
Class A* ..................................... 14,569
1,100 CenturyTel, Inc. ............................... 31,694
300 Commonwealth Telephone
Enterprises, Inc.* ........................... 11,588
200 Convergent Communications, Inc.* ............... 794
300 Copper Mountain Networks, Inc.* ................ 17,981
1,100 Covad Communications Group, Inc.* .............. 17,944
200 Davel Communications, Inc.* .................... 86
600 Dobson Communications
Corporation, Class A* ........................ 12,938
700 Electric Lightwave Inc., Class A* .............. 9,100
Value
Shares (Note 1)
------ ------
TELEPHONE (CONTINUED)
2,600 Exodus Communications, Inc.* ................... $ 177,938
600 Focal Communications Corporation* .............. 18,563
1,100 Global TeleSystems Group, Inc.* ................ 9,488
500 ICG Communications, Inc.* ...................... 2,984
300 Illuminet Holdings, Inc.* ...................... 11,925
300 Inet Technologies, Inc.* ....................... 12,113
300 Inter-Tel, Inc. ................................ 4,594
500 Intermedia Communications, Inc.* ............... 10,375
300 ITXC Corporation* .............................. 6,000
200 Leap Wireless International, Inc.* ............. 15,875
2,300 Level 3 Communications, Inc.* .................. 200,639
3,439 McLeodUSA, Inc., Class A* ...................... 54,379
300 National Wireless Holdings, Inc.* .............. 6,900
100 Net2Phone, Inc.* ............................... 2,956
400 Network Plus Corp.* ............................ 4,575
600 Next Level Communications, Inc.* ............... 26,475
1,614 NEXTLINK Communications, Inc.,
Class A* ..................................... 56,591
300 NorthEast Optic Network, Inc.* ................. 13,331
981 NTL, Inc.* ..................................... 42,980
700 Pacific Gateway Exchange, Inc.* ................ 1,575
300 Pegasus Communications
Corporation* ................................. 14,925
300 Pinnacle Holdings, Inc.* ....................... 12,075
200 Powertel, Inc.* ................................ 15,600
800 Primus Telecommunications
Group, Inc.* ................................. 12,750
10,270 Qwest Communications
International, Inc.* ......................... 530,189
500 RCN Corporation* ............................... 12,125
500 Rhythms NetConnections, Inc.* .................. 4,500
21,491 SBC Communications, Inc. ....................... 897,249
700 Spectrasite Holdings, Inc.* .................... 16,406
5,500 Sprint Corporation ............................. 184,250
5,700 Sprint Corporation (PCS Group)* ................ 286,069
300 Sunrise Telecom, Inc.* ......................... 13,481
900 Talk.com, Inc.* ................................ 6,469
400 Telephone & Data Systems, Inc. ................. 46,400
200 Time Warner Telecom, Inc.,
Class A* ..................................... 12,988
500 Tritel, Inc.* .................................. 13,063
400 Triton PCS Holdings, Inc., Class A* ............ 22,150
100 Tut Systems, Inc.* ............................. 10,063
600 United States Cellular Corporation* ............ 44,138
100 UTStarcom, Inc.* ............................... 2,388
See Notes to Financial Statements.
63
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
TELEPHONE (CONTINUED)
400 Vari-L Company, Inc.* .......................... $ 4,800
17,106 Verizon Communications ......................... 746,249
996 VoiceStream Wireless Corporation* .............. 112,112
600 WinStar Communications, Inc.* .................. 16,125
900 World Access, Inc.* ............................ 8,156
18,184 WorldCom, Inc.* ................................ 663,716
1,500 Z-Tel Technologies, Inc.* ...................... 12,188
-----------
5,913,655
-----------
TIRE & RUBBER - 0.1%
100 American Biltrite, Inc. ........................ 1,288
300 Bandag, Inc. ................................... 9,769
100 Carlisle Companies, Inc. ....................... 4,581
900 Cooper Tire & Rubber Company ................... 10,856
859 Danaher Corporation ............................ 48,265
800 Goodyear Tire & Rubber Company ................. 18,700
300 Sterile Recoveries, Inc.* ...................... 2,705
-----------
96,164
-----------
TOBACCO - 0.5%
100 800-JR Cigar, Inc.* ............................ 1,281
14,400 Philip Morris Companies, Inc. .................. 426,600
532 R.J. Reynolds Tobacco
Holdings, Inc. ............................... 19,086
500 Schweitzer-Mauduit
International, Inc. .......................... 7,250
300 Universal Corporation .......................... 7,763
900 UST, Inc. ...................................... 19,463
105 Vector Group Ltd. .............................. 2,107
-----------
483,550
-----------
TRAVEL & RECREATION - 0.4%
600 Brunswick Corporation .......................... 11,250
700 Callaway Golf Company .......................... 10,106
4,100 Carnival Corporation ........................... 81,744
1,100 Choice Hotels International, Inc.* ............. 9,831
300 Coastcast Corporation .......................... 4,669
900 Dollar Thrifty Automotive
Group, Inc.* ................................. 20,363
100 Ellett Brothers, Inc. .......................... 325
300 Expedia, Inc., Class A* ........................ 4,819
1,200 Extended Stay America, Inc.* ................... 17,775
700 Harrah's Entertainment, Inc.* .................. 19,863
400 Hertz Corporation, Class A ..................... 12,250
2,065 Hilton Hotels Corporation ...................... 20,650
Value
Shares (Note 1)
------ ------
TRAVEL & RECREATION (CONTINUED)
1,500 Host Marriott Corporation ...................... $ 16,031
300 Lodgian, Inc. .................................. 806
500 Mandalay Resort Group* ......................... 13,906
1,400 Marriott International, Inc., Class A .......... 55,300
800 MeriStar Hospitality Corporation ............... 17,700
900 MGM Mirage, Inc. ............................... 30,938
1,700 Park Place Entertainment
Corporation* ................................. 24,969
600 Pinnacle Entertainment, Inc.* .................. 12,375
500 Prime Hospitality Corporation* ................. 5,188
300 Quokka Sports, Inc.* ........................... 2,063
200 Rawlings Sporting Goods
Company, Inc.* ............................... 1,213
200 ResourtQuest International, Inc.* .............. 1,175
1,000 Royal Carribean Cruises, Ltd. .................. 22,875
200 Shuffle Master, Inc.* .......................... 3,450
800 Sodexho Marriott Services, Inc. ................ 13,000
600 Speedway Motorsports, Inc.* .................... 15,488
300 Trendwest Resorts, Inc.* ....................... 5,738
-----------
455,860
-----------
TRUCKING & FREIGHT - 0.2%
400 Boyd Bros. Transportation Inc.* ................ 1,638
300 C.H. Robinson Worldwide, Inc. .................. 17,756
400 Circle International Group, Inc. ............... 14,325
400 CNF Transportation, Inc. ....................... 9,800
400 Consolidated Freightways
Corporation* ................................. 1,831
500 Covenant Transport, Inc., Class A* ............. 5,250
300 Expeditors International of
Washington, Inc. ............................. 14,700
150 Forward Air Corporation* ....................... 6,881
200 Knight Transportation, Inc.* ................... 3,400
200 Marten Transport, Ltd.* ........................ 2,850
100 Old Dominion Freight Line, Inc.* ............... 925
600 PACCAR, Inc. ................................... 25,463
100 RailWorks Corporation* ......................... 875
300 Roadway Express, Inc. .......................... 6,900
700 Rollins Truck Leasing Corporation .............. 4,725
500 Ryder System, Inc. ............................. 9,594
400 Shurgard Storage Centers Inc.,
Class A ...................................... 9,525
950 Swift Transportation Company, Inc.* ............ 16,209
600 United Parcel Service, Inc., Class B ........... 33,263
See Notes to Financial Statements.
64
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO AUGUST 31, 2000
STATEMENT OF INVESTMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
Value
Shares (Note 1)
------ ------
TRUCKING & FREIGHT (CONTINUED)
300 USFreightways Corporation ...................... $ 9,356
200 Wabash National Corporation .................... 2,225
------------
197,491
------------
TOTAL COMMON STOCKS
(Cost $86,632,843) ........................... 105,879,452
------------
PREFERRED STOCK - 0.0%***
1,700 Loral Space &
Communications Corp., Ltd.* ......................... 13,069
------------
TOTAL PREFERRED STOCKS
(Cost $32,945) ...................................... 13,069
------------
Principal
Amount
------
RIGHTS - 0.0%***
$ 300 Elan Corporation plc
Contingent Value Rights
expire 12/18/2000* .................................. 281
------------
TOTAL RIGHTS
(Cost $0) ........................................... 281
------------
TOTAL INVESTMENTS
(Cost $86,665,788**) ............................. 100.0% 105,892,802
OTHER ASSETS AND LIABILITIES
(Net) ............................................ 0.0%*** 52,197
------ ------------
NET ASSETS .......................................... 100.0% $105,944,999
====== ============
----------------------
* Non-income producing security.
** Aggregate cost for Federal tax purposes is
$90,069,036.
*** Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
65
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES
AUGUST 31, 2000
--------------------------------------------------------------------------------
<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 .................. $802,586,111 $ 79,916,726 $ 15,644,386 $ 18,999,108 $105,892,802
Cash .......................................... 3,626,940 27,207 52,421 55,739 429,961
Dividends receivable .......................... 340,004 246,100 2,305 58,006 113,667
Receivable for Portfolio shares sold .......... 1,854,393 27,642 -- -- 669,501
Receivable from Advisor ....................... -- -- -- -- 12,077
Prepaid expenses and other assets ............. 26,742 2,692 1,209 1,089 3,903
------------ ------------ ------------ ------------ ------------
Total Assets ................................ 808,434,190 80,220,367 15,700,321 19,113,942 107,121,911
------------ ------------ ------------ ------------ ------------
LIABILITIES:
Payable for investment securities
purchased ................................... -- -- -- -- 360,345
Payable for Portfolio shares redeemed ......... 2,120,042 75,646 1,267 9,603 669,294
Investment advisory fee payable
(Note 2) .................................... 160,218 17,078 1,270 1,758 --
Administration fee payable (Note 2) ........... 94,300 12,246 6,912 4,848 --
Distribution and service fees payable
(Note 3) .................................... 166,246 6,146 1,977 2,992 33,097
Transfer agent fees payable ................... 39,312 9,377 3,981 4,053 4,262
Custodian fees payable (Note 2) ............... -- 18,388 8,922 9,979 34,298
Printing fees payable ......................... 46,726 5,278 1,089 2,048 7,608
Registration fees payable ..................... 27,119 1,875 178 -- --
Legal and Audit fees payable .................. 25,015 3,150 644 1,197 4,400
Accrued expenses and other payables ........... 1,223 15,560 1,378 6,461 63,608
------------ ------------ ------------ ------------ ------------
Total Liabilities ........................... 2,680,201 164,744 27,618 42,939 1,176,912
------------ ------------ ------------ ------------ ------------
NET ASSETS .................................... $805,753,989 $ 80,055,623 $ 15,672,703 $ 19,071,003 $105,944,999
------------ ------------ ------------ ------------ ------------
Investments, at cost (Note 1) ................. $530,922,281 $ 64,394,548 $ 13,147,201 $ 18,162,487 $ 86,665,788
============ ============= ============ ============ ============
</TABLE>
See Notes to Financial Statements.
66
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES -- (CONTINUED)
AUGUST 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LARGE LARGE SMALL SMALL WILSHIRE
COMPANY COMPANY COMPANY COMPANY 5000
GROWTH VALUE GROWTH VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
NET ASSETS consist of:
Undistributed net investment
income....................................... -- $ 818,452 $ -- $ 233,948 $ 353,073
Accumulated net realized gain/(loss)
on investments sold .......................... (2,046,580) (6,476,062) 1,786,959 (4,008,333) (2,511,292)
Net unrealized appreciation
of investments ............................... 271,663,830 15,522,178 2,497,185 836,621 19,227,014
Par value ...................................... 17,362 4,019 878 1,549 8,661
Paid-in capital ................................ 536,119,377 70,187,036 11,387,681 22,007,218 88,867,543
------------- ------------- ------------- ------------- -------------
$ 805,753,989 $ 80,055,623 $ 15,672,703 $ 19,071,003 $ 105,944,999
============= ============= ============ ============= =============
NET ASSETS:
Investment Class shares......................... $ 656,710,852 $ 21,489,577 $ 8,870,689 $ 7,332,212 $ 85,703,809
============= ============= ============ ============= =============
(100,000,000 shares authorized,
per Portfolio, par value $.001 per share)
Institutional Class shares...................... $ 149,043,137 $ 58,566,046 $ 6,802,014 $ 11,738,791 $ 17,651,181
============= ============= ============ ============= =============
(100,000,000 shares authorized,
per Portfolio, par value $.001 per share)
Qualified Class shares.......................... $ -- $ -- $ -- $ -- $ 1,157,886
============= ============= ============ ============= =============
(100,000,000 shares authorized,
per Portfolio, par value $.001 per share)
Horace Mann Class shares ....................... $ -- $ -- $ -- $ -- $ 1,432,123
============= ============= ============ ============= =============
(100,000,000 shares authorized,
per Portfolio, par value $.001 per share)
SHARES OUTSTANDING:
Investment Class shares ........................ 14,165,467 1,079,338 498,294 595,599 7,007,754
============= ============= ============ ============= =============
Institutional Class shares ..................... 3,196,074 2,939,323 379,842 953,620 1,440,926
============= ============= ============ ============= =============
Qualified Class shares ......................... -- -- -- -- 94,694
============= ============= ============ ============= =============
Horace Mann Class shares ....................... -- -- -- -- 117,158
============= ============= ============ ============= =============
INVESTMENT CLASS SHARES:
Net asset value, offering and redemption
price per share .............................. $ 46.36 $ 19.91 $ 17.80 $ 12.31 $ 12.23
============= ============= ============ ============= =============
INSTITUTIONAL CLASS SHARES:
Net asset value, offering and redemption
price per share............................... $ 46.63 $ 19.93 $ 17.91 $ 12.31 $ 12.25
============= ============= ============ ============= =============
QUALIFIED CLASS SHARES:
Net asset value, offering and redemption
price per share............................... $ -- $ -- $ -- $ -- $ 12.23
============= ============= ============ ============= =============
HORACE MANN CLASS SHARES:
Net asset value, offering and redemption
price per share............................... $ -- $ -- $ -- $ -- $ 12.22
============= ============= ============ ============= =============
</TABLE>
See Notes to Financial Statements.
67
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED AUGUST 31, 2000
--------------------------------------------------------------------------------
<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 ..................................... $ 3,707,256 $ 1,855,806 $ 24,792 $ 729,420 $ 1,222,744
Other Income .................................. 78 238 -- -- --
------------- ------------- ------------- ------------- -------------
Total Income ................................ 3,707,334 1,856,044 24,792 729,420 1,222,744
------------- ------------- ------------- ------------- -------------
EXPENSES:
Investment advisory fee (Note 2) ............. 1,689,994 186,906 37,976 68,383 107,392
Administration fee (Note 2) ................... 1,041,056 139,203 50,911 68,132 185,999
Transfer agent fees (Note 2) .................. 309,137 97,923 44,393 51,395 82,098
Custodian fees (Note 2) ....................... 96,177 63,726 47,181 67,109 128,415
Registration and filing fees .................. 78,368 26,740 23,317 22,281 51,329
Legal and Audit fees .......................... 101,915 5,678 2,339 1,514 17,399
Printing fees ................................. 135,613 9,704 1,961 2,860 37,883
Directors' fees and expenses (Note 2) ......... 42,983 3,715 646 1,275 7,410
Distribution and service fees (Note 3) ........ 1,797,955 54,906 25,780 43,185 356,733
Other ......................................... 36,464 13,485 8,534 11,697 54,377
------------- ------------- ------------- ------------- -------------
Subtotal .................................... 5,329,662 601,986 243,038 337,831 1,029,035
Fees waived and reimbursed by
investment adviser (Note 2) ................. -- -- (22,791) (41,000) (144,592)
Fees waived by PFPC (Note 2) .................. -- -- -- -- (227,999)
Custody earnings credits (Note 2) ............. (84,159) (23,610) (6,061) (5,165) (27,921)
------------- ------------- ------------- ------------- -------------
Total net expenses .......................... 5,245,503 578,376 214,186 291,666 628,523
------------- ------------- ------------- ------------- -------------
NET INVESTMENT INCOME/(LOSS) .................. (1,538,169) 1,277,668 (189,394) 437,754 594,221
------------- ------------- ------------- ------------- -------------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS
(Notes 1 and 4)
Net realized gain/(loss) on investments
during the year ............................ 78,602 (5,946,643) 2,644,817 (3,207,574) (2,388,902)
Net change in unrealized appreciation/
(depreciation) of investments
during the year ............................. 169,171,050 5,663,060 1,811,036 (416,950) 20,206,896
------------- ------------- ------------- ------------- -------------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS .................. 169,249,652 (283,583) 4,455,853 (3,624,524) 17,817,994
------------- ------------- ------------- ------------- -------------
NET INCREASE/(DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS .................................. $ 167,711,483 $ 994,085 $ 4,266,459 $ (3,186,770) $ 18,412,215
============= ============= ============= ============= ==============
-------------------
<FN>
* Wilshire 5000 Index Portfolio Horace Mann and Qualified Class Shares commenced
operations on December 10, 1999 and May 12, 2000, respectively.
</FN>
</TABLE>
See Notes to Financial Statements.
68
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEAR ENDED AUGUST 31, 2000
--------------------------------------------------------------------------------
<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)........................ $ (1,538,169) $ 1,277,668 $ (189,394) $ 437,754 $ 594,221
Net realized gain/(loss)
on investments sold during the period ............ 78,602 (5,946,643) 2,644,817 (3,207,574) (2,388,902)
Net change in unrealized appreciation/
(depreciation) of investments
during the year .................................. 169,171,050 5,663,060 1,811,036 (416,950) 20,206,896
------------ ----------- ------------ ------------ ------------
Net increase/(decrease) in net assets
resulting from operations ........................ 167,711,483 994,085 4,266,459 (3,186,770) 18,412,215
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Investment Class shares .......................... -- (290,710) -- (465,434) (433,884)
Institutional Class shares ....................... -- (1,143,646) -- (237,337) (1,583)
Qualified Class shares ........................... -- -- -- -- --
Horace Mann Class shares ......................... -- -- -- -- (643)
Net realized gain on investments:
Investment Class shares .......................... (5,828,884) (940,507) -- (501,864) (202,301)
Institutional Class shares ....................... (1,041,216) (2,920,286) -- (208,302) (484)
Qualified Class shares ........................... -- -- -- -- --
Horace Mann Class shares ......................... -- -- -- -- --
------------ ----------- ------------ ------------ ------------
Total distributions to shareholders ................ (6,870,100) (5,295,149) -- (1,412,937) (638,895)
CAPITAL STOCK TRANSACTIONS: (DOLLARS)
Investment Class shares:
Shares sold ...................................... 337,687,044 29,568,055 18,837,145 11,261,907 58,388,533
Shares issued as reinvestment of dividends ....... 5,450,826 1,184,449 -- 942,183 614,597
Shares redeemed .................................. (275,518,972) (27,579,905) (21,434,968) (27,713,472) (90,079,080)
------------ ----------- ------------ ------------ ------------
Total Investment Class shares ...................... 67,618,898 3,172,599 (2,597,823) (15,509,382) (31,075,950)
------------ ----------- ------------ ------------ ------------
Institutional Class shares:
Shares sold ...................................... 69,532,368 18,132,195 129,000 1,155,826 17,361,855
Shares issued as reinvestment of dividends ....... 982,475 3,894,347 -- 445,640 1,801
Shares redeemed .................................. (20,846,415) (17,375,488) (43,056) (442,478) (720,373)
------------ ----------- ------------ ------------ ------------
Total Institutional Class shares ................... 49,668,428 4,651,054 85,944 1,158,988 16,643,283
------------ ----------- ------------ ------------ ------------
Qualified Class shares:
Shares sold ...................................... -- -- -- -- 1,154,230
Shares issued as reinvestment of dividends ....... -- -- -- -- --
Shares redeemed .................................. -- -- -- -- (68,858)
------------ ----------- ------------ ------------ ------------
Total Qualified Class shares ....................... -- -- -- -- 1,085,372
------------ ----------- ------------ ------------ ------------
Horace Mann Class shares:
Shares sold ...................................... -- -- -- -- 1,454,602
Shares issued as reinvestment of dividends ....... -- -- -- -- 643
Shares redeemed .................................. -- -- -- -- (105,301)
------------ ----------- ------------ ------------ ------------
Total Horace Mann Class shares ..................... -- -- -- -- 1,349,944
------------ ----------- ------------ ------------ ------------
Net increase/(decrease) in net assets from
Capital Stock transactions ....................... 117,287,326 7,823,653 (2,511,879) (14,350,394) (11,997,351)
------------ ----------- ------------ ------------ ------------
Net increase/(decrease) in net assets .............. 278,128,709 3,522,589 1,754,580 (18,950,101) 5,775,969
------------ ----------- ------------ ------------ ------------
-------------------
<FN>
* Wilshire 5000 Index Portfolio Horace Mann and Qualified Class Shares commenced
operations on December 10, 1999 and May 12, 2000 respectively.
</FN>
</TABLE>
See Notes to Financial Statements.
69
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEAR ENDED AUGUST 31, 2000
--------------------------------------------------------------------------------
<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:
Beginning of year ........................... 527,625,280 76,533,034 13,918,123 38,021,104 100,169,030
------------- ------------- ------------- ------------- -------------
End of year ................................. $ 805,753,989 $ 80,055,623 $ 15,672,703 $ 19,071,003 $ 105,944,999
============= ============= ============= ============= ==============
Undistributed net investment income ......... $ -- $ 818,452 $ -- $ 233,948 $ 353,073
============= ============= ============= ============= ==============
Capital Share Transactions:
Investment Class shares:
Shares sold ................................. 8,095,111 1,574,588 1,190,465 920,872 5,112,554
Shares issued as reinvestment
of dividends .............................. 134,329 62,946 -- 77,962 53,093
Shares redeemed ............................. (6,570,834) (1,500,980) (1,359,841) (2,344,728) (7,843,742)
------------- ------------- ------------- ------------- -------------
Net increase/(decrease) in Investment
Class shares outstanding .................... 1,658,606 136,554 (169,376) (1,345,894) (2,678,095)
============= ============= ============= ============= ==============
Institutional Class shares:
Shares sold ................................. 1,676,425 977,806 7,736 99,044 1,484,044
Shares issued as reinvestment
of dividends ............................... 24,114 207,211 -- 36,956 155
Shares redeemed ............................. (500,004) (940,994) (2,451) (36,891) (60,997)
------------- ------------- ------------- ------------- -------------
Net increase in Institutional Class
shares outstanding .......................... 1,200,535 244,023 5,285 99,109 1,423,202
============= ============= ============= ============= ==============
Qualified Class shares:
Shares sold ................................. -- -- -- -- 100,614
Shares issued as reinvestment
of dividends ............................... -- -- -- -- --
Shares redeemed ............................. -- -- -- -- (5,920)
------------- ------------- ------------- ------------- -------------
Net increase in Qualified Class
shares outstanding .......................... -- -- -- -- 94,694
============= ============= ============= ============= ==============
Horace Mann Class shares:
Shares sold ................................. -- -- -- -- 125,961
Shares issued as reinvestment
of dividends ............................... -- -- -- -- 55
Shares redeemed ............................. -- -- -- -- (8,858)
------------- ------------- ------------- ------------- -------------
Net increase in Horace Mann Class
shares outstanding .......................... -- -- -- -- 117,158
============= ============= ============= ============= ==============
-------------------
<FN>
* Wilshire 5000 Index Portfolio Horace Mann and Qualified Class Shares
commenced operations on December 10, 1999 and May 12, 2000 respectively.
</FN>
</TABLE>
See Notes to Financial Statements.
70
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
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>
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:.......... 444,634,765 19,005,127 13,663,309 37,447,760 105,115,189
Investment Class shares:
Shares sold ........................ 444,634,765 19,005,127 13,663,309 37,447,760 105,115,189
Shares issued as reinvestment
of dividends ..................... 7,628,136 1,240,843 902,350 2,917,547 --
Shares redeemed .................... (130,898,404) (14,498,859) (16,327,947) (30,068,616) (4,426,805)
------------- ----------- ----------- ----------- ------------
Total Investment Class shares ......... 321,364,497 5,747,111 (1,762,288) 10,296,691 100,688,384
------------- ----------- ----------- ----------- ------------
Institutional Class shares:
Shares sold ........................ 33,146,577 16,962,455 1,337,195 897,489 185,274
Shares issued as reinvestment of
dividends ........................ 2,819,985 4,544,296 319,908 849,860 --
Shares redeemed .................... (14,445,359) (15,092,217) (1,247,540) (385,248) --
------------- ----------- ----------- ----------- ------------
Total Institutional Class shares ...... 21,521,203 6,414,534 409,563 1,362,101 185,274
------------- ----------- ----------- ----------- ------------
Net increase/(decrease) in net assets
from Capital Stock transactions ..... 342,885,700 12,161,645 (1,352,725) 11,658,792 100,873,658
------------- ----------- ----------- ----------- ------------
Net increase in net assets ............ 411,062,687 17,460,533 204,381 9,965,948 100,169,030
------------- ----------- ----------- ----------- ------------
-------------------
<FN>
* Wilshire 5000 Index Portfolio Investment and Institutional Class Shares
commenced operations on February 1, 1999.
</FN>
</TABLE>
See Notes to Financial Statements.
71
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
YEAR ENDED AUGUST 31, 2000
--------------------------------------------------------------------------------
<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:
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 .............................. $ -- $ 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 Investment Class shares
outstanding: ....................... 655,577 310,060 30,821 94,966 17,724
============= ============= ============= ============= =============
-------------------
<FN>
* Wilshire 5000 Index Portfolio Investment and Institutional Class Shares
commenced operations on February 1, 1999.
</FN>
</TABLE>
See Notes to Financial Statements.
72
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH YEAR.
INVESTMENT CLASS SHARES
--------------------------------------------------------------
YEAR ENDED AUGUST 31,
--------------------------------------------------------------
2000 1999 1998 1997 1996
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year ......................... $ 36.37 $ 26.09 $ 23.92 $ 19.35 $ 16.34
-------- -------- ------- -------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss) ............................... (0.12)*** (0.05) 0.04 0.04*** 0.07
Net realized and unrealized gain on investments ............ 10.55 12.30 2.71 7.29 3.45
-------- -------- ------- -------- -------
Total from investment operations ........................... 10.43 12.25 2.75 7.33 3.52
-------- -------- ------- -------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ....................... -- (0.02) (0.06) (0.03) (0.12)
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)
-------- -------- ------- -------- -------
Net asset value, end of year ............................... $ 46.36 $ 36.37 $ 26.09 $ 23.92 $ 19.35
======== ======== ======= ======== =======
Total return (a) ........................................... 28.84% 48.46% 11.61% 40.91% 21.90%
======== ======== ======= ======== =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000's) ......................... $656,711 $454,853 $81,569 $ 73,480 $19,035
Operating expenses including reimbursement/waiver/custody
earnings credit ......................................... 0.83% 0.90% 0.71% 0.81% 0.93%
Operating expenses excluding custody earnings credit ....... 0.84% 0.95% 0.73% 0.91% --
Operating expenses excluding reimbursement/waiver/custody
earnings credit ......................................... 0.84% 0.95% 0.77% 1.09% 0.96%
Net investment income/(loss) including reimbursement/waiver/
custody earnings credit ................................. (0.28)% (0.11)% 0.16% 0.20% 0.39%
Portfolio turnover rate .................................... 50% 35% 57% 43% 44%
-------------------
<FN>
*** 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.
</FN>
</TABLE>
See Notes to Financial Statements.
73
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS -- (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INSTITUTIONAL CLASS SHARES
------------------------------------------------ PERIOD
YEAR ENDED AUGUST 31, ENDED
------------------------------------------------
2000 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 ...................................... 0.01*** 0.03 0.08 0.05*** 0.01
Net realized and unrealized gain on investments ............ 10.59 12.31 2.72 7.29 1.07
-------- -------- -------- ---------- ----------
Total from investment operations ........................... 10.60 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 ............................. $ 46.63 $ 36.47 $ 26.12 $ 23.91 $ 19.35
======== ======== ======== ========== ==========
Total return (a) ........................................... 29.23% 48.81% 11.78% 40.99% 5.91%**
======== ======== ======== ========== ==========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) ....................... $149,043 $ 72,773 $ 34,993 $ 41,881 $ 7,763
Operating expenses including reimbursement/waiver/custody
earnings credit ......................................... 0.52% 0.62% 0.60% 0.78% 0.91%*
Operating expenses excluding custody earnings credit ....... 0.53% 0.67% 0.62% 0.87% --
Operating expenses excluding reimbursement/waiver/custody
earnings credit ......................................... 0.53% 0.67% 0.66% 1.06% 0.94%*
Net investment income including reimbursement/waiver/custody
earnings credit ......................................... 0.03% 0.18% 0.27% 0.23% 0.41%*
Portfolio turnover rate .................................... 50% 35% 57% 43% 44%**
-------------------
<FN>
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the weighted average shares
outstanding method for the year.
(1) Large Company Growth Portfolio Institutional Class Shares commenced
operations on July 15, 1996. (a) Total return represents aggregate total
return for the period indicated.
</FN>
</TABLE>
See Notes to Financial Statements.
74
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH YEAR.
INVESTMENT CLASS SHARES
-------------------------------------------------------------------
YEAR ENDED AUGUST 31,
-------------------------------------------------------------------
2000 1999 1998 1997 1996
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year ......................... $ 21.02 $ 19.29 $ 20.49 $ 17.80 $ 16.02
-------- ---------- -------- ---------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................................... 0.28*** 0.28 0.38 0.47*** 0.85
Net realized and unrealized gain/(loss) on investments ..... (0.02) 3.32 0.01 5.13 1.91
-------- ---------- -------- ---------- --------
Total from investment operations ........................... 0.26 3.60 0.39 5.60 2.76
-------- ---------- -------- ---------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ....................... (0.31) (0.33) (0.38) (0.60) (0.47)
Distributions from capital gains ........................... (1.06) (1.54) (1.21) (2.31) (0.51)
-------- ---------- -------- ---------- --------
Total distributions ........................................ (1.37) (1.87) (1.59) (2.91) (0.98)
-------- ---------- -------- ---------- --------
Net asset value, end of year ............................... $ 19.91 $ 21.02 $ 19.29 $ 20.49 $ 17.80
======== ========== ======== ========== ========
Total return (a) ........................................... 1.71% 18.78% 1.34% 34.27% 17.52%
======== ========== ======== ========== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000's) ......................... $ 21,490 $ 19,814 $ 13,055 $ 13,989 $ 17,960
Operating expenses including reimbursement/waiver/custody
earnings credit ......................................... 0.98% 1.04% 0.83% 0.91% 0.89%
Operating expenses excluding custody earnings credit ....... 1.01% 1.06% 0.86% 0.96% --
Operating expenses excluding reimbursement/waiver/custody
earnings credit ......................................... 1.01% 1.06% 0.91% 1.18% 0.92%
Net investment income including reimbursement/waiver/custody
earnings credit ......................................... 1.51% 1.58% 1.88% 2.51% 3.12%
Portfolio turnover rate .................................... 110% 57% 56% 65% 56%
-------------------
<FN>
*** 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.
</FN>
</TABLE>
See Notes to Financial Statements.
75
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS -- (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INSTITUTIONAL CLASS SHARES
---------------------------------------------- PERIOD
YEAR ENDED AUGUST 31, ENDED
----------------------------------------------
2000 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............................... 0.33*** 0.37 0.41 0.47*** 0.07
Net realized and unrealized gain/(loss)on investments (0.01) 3.28 0.01 5.13 0.54
-------- --------- -------- -------- --------
Total from investment operations.................... 0.32 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...................... $ 19.93 $ 21.04 $ 19.29 $ 20.47 $ 17.80
======== ========= ======== ======== ========
Total return (a).................................... 2.06% 19.05% 1.47% 34.26% 3.55%**
======== ========= ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)................ $ 58,566 $ 56,719 $ 46,017 $ 49,334 $ 17,425
Operating expenses including reimbursement/waiver/custody
earnings credit.................................. 0.71% 0.77% 0.73% 0.91% 0.87%*
Operating expenses excluding custody earnings credit 0.74% 0.79% 0.76% 0.96% --
Operating expenses excluding reimbursement/waiver/custody
earnings credit.................................. 0.74% 0.79% 0.81% 1.18% 0.90%*
Net investment income including reimbursement/waiver/custody
earnings credit.................................. 1.78% 1.86% 1.98% 2.51% 3.14%*
Portfolio turnover rate............................. 110% 57% 56% 65% 56%**
-------------------
<FN>
* 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.
</FN>
</TABLE>
See Notes to Financial Statements.
76
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH YEAR.
INVESTMENT CLASS SHARES
---------------------------------------------------------
YEAR ENDED AUGUST 31,
---------------------------------------------------------
2000 1999 1998 1997 1996
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year ..................... $ 13.34 $ 11.78 $ 16.61 $ 18.56 $ 18.55
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss .................................... (0.21)*** (0.57) (0.18) (0.17)*** (0.19)
Net realized and unrealized gain/(loss) on investments . 4.67 3.01 (3.98) 2.38 3.06
------- ------- ------- ------- -------
Total from investment operations ....................... 4.46 2.44 (4.16) 2.21 2.87
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ................... -- -- -- -- --
Dividends from capital gains ........................... -- (0.88) (0.67) (4.16) (2.86)
------- ------- ------- ------- -------
Total distributions .................................... -- (0.88) (0.67) (4.16) (2.86)
------- ------- ------- ------- -------
Net asset value, end of year ........................... $ 17.80 $ 13.34 $ 11.78 $ 16.61 $ 18.56
======== ======= ======= ======= =======
Total return (a) ....................................... 33.43% 20.79% (26.02)% 15.16% 17.50%
======== ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000's) ..................... $ 8,871 $ 8,907 $ 9,659 $14,471 $18,049
Operating expenses including reimbursement/waiver/
custody earnings credit ............................. 1.52% 1.46% 1.26% 1.22% 1.01%
Operating expenses excluding custody earnings credit ... 1.56% 1.50% 1.28% 1.24% --
Operating expenses excluding reimbursement/waiver/
custody earnings credit ............................. 1.71% 1.65% 1.43% 1.45% 1.05%
Net investment income including reimbursement/waiver/
custody earnings credit ............................. (1.36)% (1.20)% (1.05)% (1.05)% (0.78)%
Portfolio turnover rate ................................ 127% 153% 74% 105% 87%
-------------------
<FN>
*** 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.
</FN>
</TABLE>
See Notes to Financial Statements.
77
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS -- (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INSTITUTIONAL CLASS SHARES
-------------------------------------------- PERIOD
YEAR ENDED AUGUST 31, ENDED
--------------------------------------------
2000 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 .................................... (0.17)*** (0.54) (0.17) (0.17)*** (0.02)
Net realized and unrealized gain/(loss) on investments . 4.70 3.01 (3.98) 2.38 1.92
------- ------- ------- ------- -------
Total from investment operations ....................... 4.53 2.47 (4.15) 2.21 1.90
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from capital gains ........................... -- (0.88) (0.67) (4.16) --
------- ------- ------- ------- -------
Total distributions .................................... -- (0.88) (0.67) (4.16) --
------- ------- ------- ------- -------
Net asset value, end of period ......................... $ 17.91 $ 13.38 $ 11.79 $ 16.61 $ 18.56
======= ======= ======= ======= =======
Total return (a) ....................................... 33.86% 21.04% (25.95)% 15.14% 11.40%**
======= ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) ................... $ 6,802 $ 5,011 $ 4,054 $ 4,599 $ 3,577
Operating expenses including reimbursement/waiver/
custody earnings credit ............................. 1.24% 1.27% 1.17% 1.22% 0.98%*
Operating expenses excluding custody earnings credit ... 1.28% 1.31% 1.19% 1.24% --
Operating expenses excluding reimbursement/waiver/
custody earnings credit ............................. 1.43% 1.46% 1.34% 1.45% 1.02%*
Net investment income including reimbursement/waiver/
custody earnings credit ............................. (1.08)% (1.01)% (0.96)% (1.05)% (0.75)%*
Portfolio turnover rate ................................ 127% 153% 74% 105% 87%**
-------------------
<FN>
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the weighted average shares
outstanding method for the year.
(1) Small Company Growth Portfolio Institutional Class Shares commenced
operations on July 15, 1996.
(a) Total return represents aggregate total return for the period indicated.
</FN>
</TABLE>
See Notes to Financial Statements.
78
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH YEAR.
INVESTMENT CLASS SHARES
---------------------------------------------------------
YEAR ENDED AUGUST 31,
---------------------------------------------------------
2000 1999 1998 1997 1996
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year ..................... $ 13.60 $ 13.77 $ 17.25 $ 15.92 $ 15.41
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................. 0.18*** 0.09 0.36 0.40*** 0.56
Net realized and unrealized gain/(loss) on investments . (0.98) 0.79 (1.50) 4.27 0.95
------- ------- ------- ------- -------
Total from investment operations ....................... (0.80) 0.88 (1.14) 4.67 1.51
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ................... (0.24) (0.19) (0.37) (0.75) (0.56)
Distributions from capital gains ....................... (0.25) (0.86) (1.97) (2.59) (0.44)
------- ------- ------- ------- -------
Total distributions .................................... (0.49) (1.05) (2.34) (3.34) (1.00)
------- ------- ------- ------- -------
Net asset value, end of year ........................... $ 12.31 $ 13.60 $ 13.77 $ 17.25 $ 15.92
======== ======= ======= ======= =======
Total return (a) ....................................... (5.83)% 6.20% (8.79)% 33.73% 10.01%
======== ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000's) ..................... $ 7,332 $26,395 $17,602 $20,299 $27,329
Operating expenses including reimbursement/waiver/
custody earnings credit ............................. 1.15% 1.02% 0.83% 0.86% 0.88%
Operating expenses excluding custody earnings credit ... 1.17% 1.08% 0.85% 0.90% --
Operating expenses excluding reimbursement/waiver/
custody earnings credit ............................. 1.32% 1.23% 1.00% 1.15% 0.92%
Net investment income including reimbursement/waiver/
custody earnings credit ............................. 1.51% 1.71% 1.61% 2.58% 3.13%
Portfolio turnover rate ................................ 94% 113% 74% 105% 81%
-------------------
<FN>
*** 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.
</FN>
</TABLE>
See Notes to Financial Statements.
79
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS -- (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INSTITUTIONAL CLASS SHARES
-------------------------------------------- PERIOD
YEAR ENDED AUGUST 31, ENDED
--------------------------------------------
2000 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 .................................. 0.21*** 0.14 0.38 0.40*** 0.06
Net realized and unrealized gain/(loss) on
investments ......................................... (0.99) 0.77 (1.50) 4.27 0.41
------- ------- ------- ------- -------
Total from investment operations ....................... (0.78) 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 ......................... $ 12.31 $ 13.61 $ 13.76 $ 17.23 $ 15.92
======= ======= ======= ======= =======
Total return (a) ....................................... (5.61)% 6.43% (8.72)% 33.74% 3.04%**
======= ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) ................... $11,739 $11,627 $10,454 $26,412 $ 7,335
Operating expenses including reimbursement/waiver/
custody earnings credit ............................. 0.93% 0.79% 0.74% 0.86% 0.85%*
Operating expenses excluding custody earnings credit ... 0.95% 0.85% 0.76% 0.90% --
Operating expenses excluding reimbursement/waiver/
custody earnings credit ............................. 1.10% 1.00% 0.91% 1.15% 0.89%*
Net investment income including reimbursement/waiver/
custody earnings credit ............................. 1.73% 1.94% 1.70% 2.58% 3.16%*
Portfolio turnover rate ................................ 94% 113% 74% 105% 81%**
-------------------
<FN>
* 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.
</FN>
</TABLE>
See Notes to Financial Statements.
80
<PAGE>
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[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INVESTMENT CLASS SHARES
-------------------------------------
PERIOD
YEAR ENDED ENDED
----------
8/31/00 8/31/99(1)
---------- ----------
<S> <C> <C>
Net asset value, beginning of period .................. $ 10.32 $ 10.00
---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................. 0.06*** 0.02
Net realized and unrealized gain on investments ....... 1.91 0.30
---------- ----------
Total from investment operations ...................... 1.97 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 ........................ $ 12.23 $ 10.32
========== ==========
Total return (a) ...................................... 19.14% 3.20%**
========== ==========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) .................. $ 85,704 $ 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 ............................ 0.97% 1.33%*
Net investment income including reimbursement/waiver/
custody earnings credit ............................ 0.54% 0.60%*
Portfolio turnover rate ............................... 61% 4%**
-------------------
<FN>
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the weighted average shares
method for the year.
(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.
</FN>
</TABLE>
See Notes to Financial Statements.
81
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS -- (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
INSTITUTIONAL CLASS SHARES
-----------------------------------
PERIOD
YEAR ENDED ENDED
-----------
8/31/00 8/31/991
----------- --------
<S> <C> <C>
Net asset value, beginning of period .................. $ 10.33 $ 10.00
---------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................. 0.10*** 0.03
Net realized and unrealized gain on investments ....... 1.91 0.30
---------- -------
Total from investment operations ...................... 2.01 0.33
---------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................. (0.07) --
Dividends from capital gains .......................... (0.02) --
---------- -------
Total distributions ................................... (0.09) --
---------- -------
Net asset value, end of period ........................ $ 12.25 $ 10.33
========== =======
Total return (a) ...................................... 19.45% 3.30%**
========== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) .................. $ 17,651 $ 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 .................................... 0.72% 1.32%*
Net investment income including reimbursement/waiver/custody
earnings credit .................................... 0.79% 1.20%*
Portfolio turnover rate ............................... 61% 4%**
-------------------
<FN>
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the weighted average shares
method for the year.
(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.
</FN>
</TABLE>
See Notes to Financial Statements.
82
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS -- (CONTINUED)
--------------------------------------------------------------------------------
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
HORACE MANN CLASS SHARES
------------------------
PERIOD
ENDED
8/31/00+
------------
Net asset value, beginning of period .......................... $ 10.00
---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ......................................... 0.07***
Net realized and unrealized gain on investments ............... 2.21
---------
Total from investment operations .............................. 2.28
---------
LESS DISTRIBUTIONS:
Dividends from net investment income .......................... (0.06)
---------
Total distributions ........................................... (0.06)
---------
Net asset value, end of period ................................ $ 12.22
=========
Total return (a) .............................................. 22.87%**
=========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) .......................... $ 1,432
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 ............................................ 1.07%*
Net investment income including reimbursement/waiver/custody
earnings credit ............................................ 0.44%*
Portfolio turnover rate ....................................... 61%**
-------------------
+ The Wilshire 5000 Horace Mann Class Shares commenced operations on December
10, 1999.
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the weighted average shares
method for the year.
(a) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
83
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
WILSHIRE 5000 INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS -- (CONTINUED)
--------------------------------------------------------------------------------
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
QUALIFIED CLASS SHARES
----------------------
PERIOD
ENDED
8/31/00+
----------------
Net asset value, beginning of period ........................... $ 10.94
---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................................... 0.09***
Net realized and unrealized gain on investments ................ 1.20
---------
Total from investment operations ............................... 1.29
---------
Net asset value, end of period ................................. $ 12.23
=========
Total return (a) ............................................... 11.79%**
=========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) ........................... $ 1,158
Operating expenses including reimbursement/waiver/custody
earnings credit ............................................. 0.60%*
Operating expenses excluding custody earnings credit ........... 0.62%*
Operating expenses excluding reimbursement/waiver/custody
earnings credit ............................................. 0.97%*
Net investment income including reimbursement/waiver/custody
earnings credit ............................................. 0.54%*
Portfolio turnover rate ........................................ 61%**
-------------------
+ The Wilshire 5000 Qualified Class Shares commenced operations on May 12,
2000.
* Annualized.
** Non-annualized.
*** The selected per share data was calculated using the weighted average shares
method for the year.
(a) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
84
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES.
Wilshire Target Funds, Inc. (the "Fund") is registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end
diversified investment company, which was incorporated under Maryland law on
July 30, 1992. The Fund operates as a series company and presently offers five
series: Large Company Growth Portfolio, Large Company Value Portfolio, Small
Company Growth Portfolio, Small Company Value Portfolio and Wilshire 5000 Index
Portfolio (the "Portfolios"). The 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.
85
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
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.
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 each Portfolio's average daily net assets of the Large
Company Growth, Large Company Value, Small Company Growth and Small Company
Value Portfolios.
Wilshire voluntarily has undertaken to waive .15 of 1% of the average daily net
asset otherwise payable under the Advisory Agreement on 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 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
86
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
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
September 30, 2000.
For the year ended August 31, 2000, Wilshire voluntarily waived fees and
reimbursed other expenses as follows:
FUND
--------
Small Company Growth Portfolio......................... $ 22,791
Small Company Value Portfolio.......................... 41,000
Wilshire 5000 Index Portfolio.......................... 144,592
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 from inception.
For the year ended August 31, 2000, PFPC voluntarily waived fees as follows:
Administration and Accounting.......................... $ 185,999
Transfer Agency........................................ 42,000
The Northern Trust Company serves as the Fund's custodian. Each Portfolio
maintains a cash balance with its custodian and receives a reduction of its
custody fees and expenses for the amount of interest earned on such uninvested
cash balances. The amounts are presented as Custody earnings credits in the
Statements of Operations. Each Portfolio incurred overdraft charges. For the
year ended August 31, 2000, the charges were as follows: Large Company Growth,
$25,259; Large Company Value, $19,958; Small Company Growth, $6,672; Small
Company Value, $15,063; Wilshire 5000 Index, $2,976.
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.
87
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
3. SERVICE AND DISTRIBUTION PLAN.
The Directors of the Fund, the Investment Class shareholders of each
Portfolio, the Horace Mann Class and the Qualified Class shareholders of the
Wilshire 5000 Index 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 Horace Mann Class and the Qualified Class Shares of the Wilshire 5000 Index
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 year ended
August 31, 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.
In addition, Investment Class and Institutional Class shares will pay the
expenses associated with their different shareholder servicing arrangements,
provided that payment of such fees to any shareholder service provider shall not
exceed in any year .10% of the Portfolio's average net assets attributable to
the shares whose holders are serviced by such provider. For the year ended
August 31, 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
.08%, .06%, .03%, .05% and .10% of attributable average net assets,
respectively.
The Directors of the Fund, and the Horace Mann Class shareholders of the
Wilshire 5000 Index Portfolio have adopted a service and distribution plan
pursuant to Rule 12b-1, with respect to the Horace Mann Class shares of the
Wilshire 5000 Index 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 Wilshire 5000
Index Portfolio attributable to the Horace Mann Class shares. During the year
ended August 31, 2000, the distribution fees expenses incurred for the Horace
Mann Class were .35% of attributable average net assets.
88
<PAGE>
--------------------------------------------------------------------------------
[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
4. SECURITIES TRANSACTIONS.
For the year ended August 31, 2000 aggregate cost of purchases and
proceeds from sales of securities, other than short-term investments, were as
follows:
FUND PURCHASES SALES
-------- ------------ ------------
Large Company Growth Portfolio........ $441,779,800 $334,560,417
Large Company Value Portfolio......... 86,212,328 82,093,394
Small Company Growth Portfolio........ 19,219,825 21,960,027
Small Company Value Portfolio ........ 25,815,739 41,071,332
Wilshire 5000 Index Portfolio......... 65,428,623 77,412,919
The aggregate gross unrealized appreciation and depreciation, as computed on a
federal income tax basis, at August 31, 2000 for each Portfolio is as follows:
UNREALIZED UNREALIZED
FUND APPRECIATION DEPRECIATION
-------- ------------- ------------
Large Company Growth Portfolio ......... $309,813,889 $38,150,059
Large Company Value Portfolio .......... 18,865,681 3,343,503
Small Company Growth Portfolio.......... 3,934,570 1,437,385
Small Company Value Portfolio .......... 2,597,892 1,761,271
Wilshire 5000 Index Portfolio........... 28,667,233 9,440,219
5. SIGNIFICANT SHAREHOLDER ACTIVITY.
At August 31, 2000, a significant shareholder owned approximately the
following percentage of total outstanding Institutional Class shares of each of
the Portfolios:
FUND
--------
Large Company Growth Portfolio....................... 13%
Large Company Value Portfolio........................ 32%
Small Company Growth Portfolio....................... 97%
Small Company Value Portfolio........................ 89%
Wilshire 5000 Index Portfolio........................ 76%
89
<PAGE>
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[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
--------------------------------------------------------------------------------
6. POST OCTOBER LOSS.
Under the current tax law, capital and currency losses realized after
October 31 may be deferred and treated as occurring on the first day of the
following fiscal year. For the fiscal year ended August 31, 2000, the Funds
elected to defer capital losses occurring between November 1, 1999 and August
31, 2000 as follows:
FUND CAPITAL LOSSES
------ --------------
Large Company Value Portfolio........................ $4,326,136
Small Company Value Portfolio ....................... 2,048,122
Wilshire 5000 Index Portfolio........................ 464,850
7. CAPITAL LOSS CARRYFORWARDS.
At August 31, 2000 the following Funds had available for Federal income
tax purposes unused capital losses as follows:
FUND EXPIRING IN 2008
------ ----------------
Large Company Value Portfolio........................ $1,225,521
Small Company Value Portfolio ....................... 838,301
90
<PAGE>
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[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
REPORT OF INDEPENDENT ACCOUNTANTS
--------------------------------------------------------------------------------
To the Shareholders and Board of Directors
of Wilshire Target Funds, Inc.:
In our opinion, the accompanying statements of assets and liabilities,
including the statements of investments, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of Wilshire Target
Funds, Inc. (comprised of Large Company Growth Portfolio, Large Company Value
Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, and
Wilshire 5000 Index Portfolio) (the "Funds") at August 31, 2000, the results of
each of their operations for the year then ended, and the changes in each of its
net assets and financial highlights for each of the periods presented, in
conformity with accounting principles generally accepted in the United States of
America. These financial statements and financial highlights (hereafter referred
to as "financial statements") are the responsibility of the Fund's management;
our responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these financial statements in
accordance with auditing standards generally accepted in the United States of
America, which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at August 31, 2000 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion expressed above.
PricewaterhouseCoopers LLP
Philadelphia, PA
October 16, 2000
91
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[graphic omitted]
WILSHIRE TARGET FUNDS, INC.
TAX INFORMATION
(UNAUDITED)
--------------------------------------------------------------------------------
LONG-TERM CAPITAL GAINS
The amounts of long-term capital gains paid for the fiscal year ended August 31,
2000 were as follows:
FUND TOTAL
---------- -----------
Large Company Growth Portfolio $3,968,080
Large Company Value Portfolio 3,610,695
Small Company Value Portfolio 710,080
Wilshire 5000 Index Portfolio 802
Of the distributions made by the following Portfolios, the corresponding
percentage represents the amount of each distribution which will qualify for the
dividends received deduction available to corporate shareholders:
FUND PERCENTAGE
---------- ------------
Large Company Growth Portfolio 99.49%
Large Company Value Portfolio 98.55%
Small Company Growth Portfolio 0.00%
Small Company Value Portfolio 99.17%
Wilshire 5000 Index Portfolio 88.45%
92
<PAGE>
(Logo omitted)
WILSHIRE
------------------
TARGET FUNDS, INC.
------------------
P.O. Box 60488
King of Prussia, Pennsylvania 19406-0488
