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<PAGE> PAGE 18
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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015 B000901 C
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015 B000902 S
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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015 A001101 UMB BANK, N.A.
<PAGE> PAGE 53
015 B001101 C
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015 E011101 X
015 A001102 UNITED MISSOURI TRUST COMPANY OF NEW YORK
015 B001102 S
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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SIGNATURE THEODORE W. HOWARD
TITLE V.P. & TREASURER
EX-99.B-77B
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Shareholders of Target/United Funds, Inc.:
In planning and performing our audit of the financial statements of
Target/United Funds, Inc. (the "Company")(including the Asset Strategy,
Balanced, Bond, Growth, High Income, Income, International, Limited-Term Bond,
Money Market, Science and Technology, and Small Cap Portfolios) for the year
ended December 31, 1999 (on which we have issued our report dated February 4,
2000), we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, and not to provide assurance on the Company's
internal control.
The management of the Company is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, misstatements due to
error or fraud may occur and not be detected. Also, projections of any
evaluation of internal control to future periods are subject to the risk that
the internal control may become inadequate because of changes in conditions or
that the degree of compliance with policies or procedures may deteriorate.
Our consideration of the Company's internal control would not necessarily
disclose all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements due to error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving the
Company's internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1999.
This report is intended solely for the information and use of management, the
Board of Directors of Target/United Funds, Inc., and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other than
these specified parties.
Deloitte & Touche LLP
February 4, 2000
EX-99.B-77C
TARGET/UNITED FUNDS, INC.
SUB-ITEM 77C: Submission of matters to a vote of security
holders:
(a) A Special Meeting of Shareholders was held June 22, 1999.
(b) Auditors were approved.
(c) Matters voted upon at the Special Meeting:
Item 1. To elect the Board of Directors:
For Against
J. Concannon 321,048,148 8,108,699
J. Dillingham 320,864,775 8,292,072
D. Gardner 320,081,666 9,075,181
L. Graves 320,977,973 8,178,874
J. Harroz Jr. 319,827,683 9,329,164
J. Hayes 320,477,648 8,679,199
R. Hechler 320,213,903 8,942,944
H. Herrmann 320,175,652 8,981,195
G. Johnson 320,296,358 8,860,489
W. Morgan 320,662,571 8,494,276
R. Reimer 320,005,837 9,151,010
F. Ross 321,059,625 8,097,222
E. Schwartz 320,883,083 8,273,764
K. Tucker 321,027,737 8,129,110
F. Vogel 320,990,051 8,166,796
Item 2. To ratify the selection of Deloitte & Touche LLP as the Fund's
independent accountants for its current fiscal year:
For Against Abstain
315,789,330 2,663,020 10,704,497
Item 3. To approve or disapprove the amendment to the Fund's investment
management agreement with Waddell & Reed Investment Management Company:
For Against Abstain
Asset Strategy Portfolio 2,492,800 173,274 113,086
Balanced Portfolio 12,254,949 838,672 403,862
Bond Portfolio 19,521,370 947,993 894,851
Growth Portfolio 82,041,246 4,402,774 2,833,334
High Income Portfolio 26,081,202 908,722 1,312,377
Income Portfolio 60,915,366 3,304,866 2,357,112
International Portfolio 20,383,542 1,136,563 569,696
Limited-Term Bond Portfolio 971,307 24,340 35,801
Money Market Portfolio 49,749,559 1,868,356 3,867,971
Science and Technology Portfolio4,837,845325,048 218,438
Small Cap Portfolio 21,369,200 1,232,139 769,186
Item 4. To approve or disapprove amendment of the Fund's policy regarding
securities lending:
For Against Abstain
Asset Strategy Portfolio 2,557,194 104,885 117,081
Balanced Portfolio 12,392,131 636,259 469,093
Bond Portfolio 19,675,367 597,681 1,091,166
Growth Portfolio 82,347,732 3,195,972 3,733,650
High Income Portfolio 26,039,201 696,173 1,566,927
Income Portfolio 61,193,339 2,421,579 2,962,426
International Portfolio 20,658,058 703,102 728,641
Limited-Term Bond Portfolio 978,956 15,760 36,732
Money Market Portfolio 50,456,866 1,030,538 3,998,482
Science and Technology Portfolio4,918,571210,548 252,212
Small Cap Portfolio 21,650,369 849,713 870,443
Item 5. To approve or disapprove the Fund's Articles of Incorporation to
change the par value of Fund shares to $0.001:
For Against Abstain
302,425,873 8,042,499 18,688,475
(d) Not applicable
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE ANNUAL REPORT TO
SHAREHOLDERS DATED DECEMBER 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810016
<NAME> TARGET/UNITED FUNDS, INC.
<SERIES>
<NUMBER> 1
<NAME> MONEY MARKET PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 65,197
<INVESTMENTS-AT-VALUE> 65,197
<RECEIVABLES> 693
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 3
<TOTAL-ASSETS> 65,894
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (1,492)
<TOTAL-LIABILITIES> (1,492)
<SENIOR-EQUITY> 64
<PAID-IN-CAPITAL-COMMON> 64,338
<SHARES-COMMON-STOCK> 64,402
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 64,402
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,043
<OTHER-INCOME> 0
<EXPENSES-NET> (442)
<NET-INVESTMENT-INCOME> 2,601
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,601
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,601)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 322,588
<NUMBER-OF-SHARES-REDEEMED> (314,810)
<SHARES-REINVESTED> 2,601
<NET-CHANGE-IN-ASSETS> 10,379
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 254
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 442
<AVERAGE-NET-ASSETS> 57,728
<PER-SHARE-NAV-BEGIN> 1
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1
<EXPENSE-RATIO> .77
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE ANNUAL REPORT TO
SHAREHOLDERS DATED DECEMBER 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810016
<NAME> TARGET/UNITED FUNDS, INC.
<SERIES>
<NUMBER> 2
<NAME> BOND PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 112,493
<INVESTMENTS-AT-VALUE> 109,066
<RECEIVABLES> 1,543
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 110,610
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (74)
<TOTAL-LIABILITIES> (74)
<SENIOR-EQUITY> 22
<PAID-IN-CAPITAL-COMMON> 115,799
<SHARES-COMMON-STOCK> 21,890
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,858)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,427)
<NET-ASSETS> 110,536
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,464
<OTHER-INCOME> 0
<EXPENSES-NET> (929)
<NET-INVESTMENT-INCOME> 3,535
<REALIZED-GAINS-CURRENT> (452)
<APPREC-INCREASE-CURRENT> (7,745)
<NET-CHANGE-FROM-OPS> (1,662)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,535)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,554
<NUMBER-OF-SHARES-REDEEMED> (3,949)
<SHARES-REINVESTED> 1,294
<NET-CHANGE-IN-ASSETS> (3,760)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 893
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 929
<AVERAGE-NET-ASSETS> 113,998
<PER-SHARE-NAV-BEGIN> 5.45
<PER-SHARE-NII> .32
<PER-SHARE-GAIN-APPREC> (.40)
<PER-SHARE-DIVIDEND> (.32)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 5.05
<EXPENSE-RATIO> .81
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE ANNUAL REPORT TO
SHAREHOLDERS DATED DECEMBER 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810016
<NAME> TARGET/UNITED FUNDS, INC.
<SERIES>
<NUMBER> 3
<NAME> HIGH INCOME PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 119,672
<INVESTMENTS-AT-VALUE> 118,910
<RECEIVABLES> 1,893
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 1
<TOTAL-ASSETS> 120,805
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (106)
<TOTAL-LIABILITIES> (106)
<SENIOR-EQUITY> 29
<PAID-IN-CAPITAL-COMMON> 129,746
<SHARES-COMMON-STOCK> 28,951
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8,314)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (762)
<NET-ASSETS> 120,699
<DIVIDEND-INCOME> 145
<INTEREST-INCOME> 12,313
<OTHER-INCOME> 0
<EXPENSES-NET> (1,137)
<NET-INVESTMENT-INCOME> 11,321
<REALIZED-GAINS-CURRENT> (7,976)
<APPREC-INCREASE-CURRENT> 1,657
<NET-CHANGE-FROM-OPS> 5,002
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,321)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,202
<NUMBER-OF-SHARES-REDEEMED> (5,590)
<SHARES-REINVESTED> 2,715
<NET-CHANGE-IN-ASSETS> (5,654)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 778
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,137
<AVERAGE-NET-ASSETS> 123,465
<PER-SHARE-NAV-BEGIN> 4.41
<PER-SHARE-NII> .43
<PER-SHARE-GAIN-APPREC> (.24)
<PER-SHARE-DIVIDEND> (.43)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 4.17
<EXPENSE-RATIO> .92
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE ANNUAL REPORT TO
SHAREHOLDERS DATED DECEMBER 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810016
<NAME> TARGET/UNITED FUNDS, INC.
<SERIES>
<NUMBER> 4
<NAME> GROWTH PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 791,819
<INVESTMENTS-AT-VALUE> 1,168,768
<RECEIVABLES> 8,032
<ASSETS-OTHER> 5
<OTHER-ITEMS-ASSETS> 12
<TOTAL-ASSETS> 1,176,817
<PAYABLE-FOR-SECURITIES> (13,666)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (403)
<TOTAL-LIABILITIES> (14,069)
<SENIOR-EQUITY> 107
<PAID-IN-CAPITAL-COMMON> 785,693
<SHARES-COMMON-STOCK> 106,918
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 376,948
<NET-ASSETS> 1,162,748
<DIVIDEND-INCOME> 5,913
<INTEREST-INCOME> 3,531
<OTHER-INCOME> 0
<EXPENSES-NET> (8,922)
<NET-INVESTMENT-INCOME> 522
<REALIZED-GAINS-CURRENT> 150,006
<APPREC-INCREASE-CURRENT> 142,019
<NET-CHANGE-FROM-OPS> 292,547
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (522)
<DISTRIBUTIONS-OF-GAINS> (150,006)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,932
<NUMBER-OF-SHARES-REDEEMED> (8,588)
<SHARES-REINVESTED> 13,841
<NET-CHANGE-IN-ASSETS> 195,614
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,469
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,922
<AVERAGE-NET-ASSETS> 934,101
<PER-SHARE-NAV-BEGIN> 9.30
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 3.19
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> (1.61)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.88
<EXPENSE-RATIO> .96
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE ANNUAL REPORT TO
SHAREHOLDERS DATED DECEMBER 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810016
<NAME> TARGET/UNITED FUNDS, INC.
<SERIES>
<NUMBER> 5
<NAME> INCOME PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 654,697
<INVESTMENTS-AT-VALUE> 938,344
<RECEIVABLES> 2,695
<ASSETS-OTHER> 4
<OTHER-ITEMS-ASSETS> 3
<TOTAL-ASSETS> 941,046
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (511)
<TOTAL-LIABILITIES> (511)
<SENIOR-EQUITY> 73
<PAID-IN-CAPITAL-COMMON> 656,818
<SHARES-COMMON-STOCK> 72,567
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 283,644
<NET-ASSETS> 940,535
<DIVIDEND-INCOME> 6,701
<INTEREST-INCOME> 12,199
<OTHER-INCOME> 0
<EXPENSES-NET> (8,261)
<NET-INVESTMENT-INCOME> 10,639
<REALIZED-GAINS-CURRENT> 51,639
<APPREC-INCREASE-CURRENT> 42,185
<NET-CHANGE-FROM-OPS> 104,463
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,799)
<DISTRIBUTIONS-OF-GAINS> (110,723)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,126
<NUMBER-OF-SHARES-REDEEMED> (6,369)
<SHARES-REINVESTED> 9,771
<NET-CHANGE-IN-ASSETS> 174,430
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,984
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,261
<AVERAGE-NET-ASSETS> 863,446
<PER-SHARE-NAV-BEGIN> 12.33
<PER-SHARE-NII> .16
<PER-SHARE-GAIN-APPREC> 1.39
<PER-SHARE-DIVIDEND> (.16)
<PER-SHARE-DISTRIBUTIONS> (.76)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.96
<EXPENSE-RATIO> .96
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE ANNUAL REPORT TO
SHAREHOLDERS DATED DECEMBER 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810016
<NAME> TARGET/UNITED FUNDS, INC.
<SERIES>
<NUMBER> 6
<NAME> INTERNATIONAL PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 166,673
<INVESTMENTS-AT-VALUE> 299,694
<RECEIVABLES> 476
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 1
<TOTAL-ASSETS> 300,173
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (144)
<TOTAL-LIABILITIES> (144)
<SENIOR-EQUITY> 25
<PAID-IN-CAPITAL-COMMON> 167,194
<SHARES-COMMON-STOCK> 25,138
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (212)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 133,022
<NET-ASSETS> 300,029
<DIVIDEND-INCOME> 1,765
<INTEREST-INCOME> 687
<OTHER-INCOME> 0
<EXPENSES-NET> (2,372)
<NET-INVESTMENT-INCOME> 80
<REALIZED-GAINS-CURRENT> 23,079
<APPREC-INCREASE-CURRENT> 94,082
<NET-CHANGE-FROM-OPS> 117,241
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (698)
<DISTRIBUTIONS-OF-GAINS> (13,728)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,799
<NUMBER-OF-SHARES-REDEEMED> (1,987)
<SHARES-REINVESTED> 1,846
<NET-CHANGE-IN-ASSETS> 54,330
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,607
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,372
<AVERAGE-NET-ASSETS> 195,656
<PER-SHARE-NAV-BEGIN> 7.82
<PER-SHARE-NII> .00
<PER-SHARE-GAIN-APPREC> 5.12
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.00)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.94
<EXPENSE-RATIO> 1.21
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMAY INFORMATION EXTRACTED FROM THE ANNUAL REPORT TO
SHAREHOLDERS DATED DECEMBER 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810016
<NAME> TARGET/UNITED FUNDS, INC.
<SERIES>
<NUMBER> 7
<NAME> SMALL CAP PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 222,910
<INVESTMENTS-AT-VALUE> 319,959
<RECEIVABLES> 422
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 2
<TOTAL-ASSETS> 320,384
<PAYABLE-FOR-SECURITIES> (2,394)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (90)
<TOTAL-LIABILITIES> (2,484)
<SENIOR-EQUITY> 27
<PAID-IN-CAPITAL-COMMON> 220,824
<SHARES-COMMON-STOCK> 27,374
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 97,049
<NET-ASSETS> 317,900
<DIVIDEND-INCOME> 158
<INTEREST-INCOME> 3,323
<OTHER-INCOME> 0
<EXPENSES-NET> (2,363)
<NET-INVESTMENT-INCOME> 1,118
<REALIZED-GAINS-CURRENT> 11,150
<APPREC-INCREASE-CURRENT> 93,399
<NET-CHANGE-FROM-OPS> 105,667
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,111)
<DISTRIBUTIONS-OF-GAINS> (9,869)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,127
<NUMBER-OF-SHARES-REDEEMED> (2,549)
<SHARES-REINVESTED> 945
<NET-CHANGE-IN-ASSETS> 137,331
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,771
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,363
<AVERAGE-NET-ASSETS> 210,050
<PER-SHARE-NAV-BEGIN> 7.90
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 4.08
<PER-SHARE-DIVIDEND> (.04)
<PER-SHARE-DISTRIBUTIONS> (.37)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.61
<EXPENSE-RATIO> 1.12
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE ANNUAL REPORT TO
SHAREHOLDERS DATED DECEMBER 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810016
<NAME> TARGET/UNITED FUNDS, INC.
<SERIES>
<NUMBER> 8
<NAME> BALANCED PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 103,679
<INVESTMENTS-AT-VALUE> 117,161
<RECEIVABLES> 929
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 2
<TOTAL-ASSETS> 118,093
<PAYABLE-FOR-SECURITIES> (805)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (55)
<TOTAL-LIABILITIES> (860)
<SENIOR-EQUITY> 16
<PAID-IN-CAPITAL-COMMON> 103,735
<SHARES-COMMON-STOCK> 16,033
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,482
<NET-ASSETS> 117,233
<DIVIDEND-INCOME> 711
<INTEREST-INCOME> 2,897
<OTHER-INCOME> 0
<EXPENSES-NET> (974)
<NET-INVESTMENT-INCOME> 2,634
<REALIZED-GAINS-CURRENT> 5,101
<APPREC-INCREASE-CURRENT> 2,691
<NET-CHANGE-FROM-OPS> 10,426
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,633)
<DISTRIBUTIONS-OF-GAINS> (5,102)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,789
<NUMBER-OF-SHARES-REDEEMED> (1,788)
<SHARES-REINVESTED> 1,058
<NET-CHANGE-IN-ASSETS> 25,013
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 664
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 974
<AVERAGE-NET-ASSETS> 102,777
<PER-SHARE-NAV-BEGIN> 7.11
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> .54
<PER-SHARE-DIVIDEND> (.18)
<PER-SHARE-DISTRIBUTIONS> (.34)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.31
<EXPENSE-RATIO> .95
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE ANNUAL REPROT TO
SHAREHOLDERS DATED DECEMBER 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810016
<NAME> TARGET/UNITED FUNDS, INC.
<SERIES>
<NUMBER> 9
<NAME> LIMITED-TERM BOND PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
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THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE ANNUAL REPORT TO
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THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE ANNUAL REPORT TO
SHAREHOLDERS DATED DECEMBER 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY
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