LETTER TO SHAREHOLDERS
Dear Shareholder:
It is a pleasure to send you this annual report for the Dreyfus-Wilshire
Target Funds, Inc. The report covers the 12-month period ended August 31,
1994, the closing date of each Portfolio's fiscal year.
In tracking the performance of the Portfolios, please bear in mind that
for the twelve months ended August 31, 1994, The Wilshire 5000 Index had a
total return of 4.77%.* The Dow Jones Industrial Average had a total return
of 10.14% and the Standard & Poors 500 Composite Stock Price Index 5.46%.**
Inflation concerns and higher interest rates have had a negative impact
on the Large Company Value Portfolio for most of the past 12 months. For the
12-month period ended August 31, 1994, the Portfolio had a negative total
return of -3.61%.*** The Portfolio, which emphasizes stocks with low
price-to-earnings ratios, low price-to-book ratios and higher than average
dividend payments, was heavily weighted in utility stocks. This particular
segment of the Portfolio is particularly interest-sensitive and was down over
17% for the year. Bank and finance companies also represent a large component
of the Portfolio. While these stocks are also generally interest-sensitive,
the group managed modest gains thanks to strong performance by Continental
Bank Corp., Fleet Financial Group and First Interstate Bancorp.
Technology stocks were strong performers in the Large Company Growth
Portfolio, gaining over 17 1/2%. The information superhighway was the road to
profits in the group, with COMPAQ Computer more than doubling and Microsoft
and Adobe Systems up over 50%. Consumer stocks make up a large portion of the
Large Company Growth Portfolio, including drug, retail and food companies.
Retail and food companies, which comprised over 22% of the Portfolio,
performed at approximately a 2% rate for the year, which tended to reduce the
Portfolio's overall performance. Drugs, which were about 12% of the
Portfolio, were up nearly 20% for the year, helping to offset this. One food
company, Gerber Products, doubled on being acquired by Sandoz. For the year
ended August 31, 1994, the Portfolio achieved a total return of 6.34%.***
Stocks in the Small Company Value Portfolio were virtually unchanged over
the last 12 months due to generally strong performance across all sectors
save one - utilities. The utility sectors, which make up a quarter of the
Portfolio, were negatively affected by interest rate fears and as a result,
were down collectively 12%. Finance, insurance and banking securities, on the
other hand, generated reasonable gains, rising 7 3/4% during the period.
Pioneer Group was the top performer among small finance stocks, providing
shareholders with almost a 100% return in 12 months. Another big winner was
United Counties Bancorporation, which has recently been targeted for
acquisition by Meridian Bancorp. United is up 80% for the fiscal year. For
the 12 months ended August 31, 1994, the Portfolio had a negative total
return of -0.01%.***
The Small Company Growth Portfolio focuses on small, often young,
companies which nevertheless have shown some ability to generate a growing
stream of positive earnings. The Portfolio contains stocks with above-average
earnings or sales growth and higher price-to-earnings ratios. Generally these
companies pay little or no dividend. Like the Large Company Growth Portfolio,
this Portfolio turned in a modest performance for the most recently completed
fiscal year, about in line with that of the Standard & Poors 500 Composite
Stock Price Index. The only significant weakness in this group was in the
energy and utility sectors, down 29% and 20%, respectively. Both of these
have minimal weights in the Portfolio, together representing less than 5%.
Technology stocks, including computer and electronic companies, gained about
9% for the year. Computer software and hospital management companies
collectively showed similar signs of strength with the top 5 stocks doubling
there as well. For the 12 months ended August 31, 1994, the Portfolio
achieved a total return of 5.20%.***
You may be assured that we will continue using our best efforts to fulfill
the aims and objectives of the four Portfolios and
look forward to serving your investment needs in the future.
Sincerely,
(logo Signature)
Thomas D. Stevens, CFA
Senior Vice President
Wilshire Associates, Inc.
Investment Adviser
September 21, 1994
New York, N.Y.
* SOURCE: WILSHIRE ASSOCIATES, INC. - Reflects the reinvestment of
income dividends and, where applicable, capital gain distributions. The
Wilshire 5000 Index consists of almost all publicly traded stocks in the
United States, and is a widely accepted unmanaged index of overall stock
market performance.
** SOURCE: LIPPER ANALYTICAL SERVICES, INC. - Reflects the
reinvestment of income dividends and, where applicable, capital gain
distributions. Both the Dow Jones Industrial Average and the Standard &
Poor's 500 Composite Stock Price Index are widely accepted unmanaged
indexes of stock market performance.
*** Total return represents the change during the period in a
hypothetical account with dividends reinvested.
PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN EACH PORTFOLIO OF
THE DREYFUS - WILSHIRE TARGET FUNDS, INC. AND THE WILSHIRE 5000 INDEX*
Exhibit A
*Source: Wilshire Associates, Incoporated
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN
ONE YEAR ENDED FROM INCEPTION (9/30/92)
AUGUST 31, 1994 TO AUGUST 31, 1994
------------------- ------------------------
<S> <C> <C>
Large Company Growth Portfolio......................... 6.34% 4.56%
Large Company Value Portfolio.......................... (3.61)% 9.24%
Small Company Growth Portfolio......................... 5.20% 17.02%(1)
Small Company Value Portfolio.......................... (0.01)% 9.82%
</TABLE>
(1)From Inception (10/1/92) to August 31, 1994.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in each one of the
Portfolios of the Dreyfus-Wilshire Target Funds on September 30, 1992
(inception for all Portfolios except Small Company Growth) to a $10,000
investment made in The Wilshire 5000 Index on that date. For comparative
purposes, the value of the Index on 9/30/92 is used as the beginning value
for the Small Company Growth Portfolio, which commenced operations on
10/1/92. All dividends and capital gain distributions are reinvested. Further
information relating to each Portfolio's performance, including expense
reimbursements, is contained in the Condensed Financial Information section
of the Prospectus and elsewhere in this Report.
Each of the four Portfolios represents a specific segment of the stock
market. The Wilshire 5000 Index consists of almost all publicly-traded stocks
in the United States, and is a widely-accepted, unmanaged index of overall
stock market performance which does not take into account charges, fees and
other expenses.
<TABLE>
<CAPTION>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO
ASSET ALLOCATION AS OF AUGUST 31, 1994
<S> <C>
Common Stocks.................................................. 99.9%
Cash Equivalents............................................... 0.1
-------
100.0%
</TABLE>
<TABLE>
<CAPTION>
FIVE LARGEST SECTORS
AS OF AUGUST 31, 1993 AS OF AUGUST 31, 1994
------------------------ ---------------------
<S> <C> <S> <C>
Electronics................... 13.9% Electronics................... 14.3%
Retail........................ 12.2 Retail........................ 11.0
Drugs and Pharmaceuticals..... 12.1 Drugs and Pharmaceuticals..... 10.2
Foods......................... 10.2 Technology.................... 7.1
Beverages..................... 8.2 Foods......................... 6.8
</TABLE>
<TABLE>
<CAPTION>
TEN LARGEST EQUITY HOLDINGS AS OF AUGUST 31, 1994
<S> <C>
General Electric............................................... 6.0 %
AT & T......................................................... 5.3
Coca-Cola...................................................... 4.3
Wal-Mart Stores................................................ 4.0
Philip Morris Cos.............................................. 3.8
Merck & Co..................................................... 3.1
Procter & Gamble............................................... 3.0
Microsoft...................................................... 2.4
Johnson & Johnson.............................................. 2.3
American International Group................................... 2.2
All percentages shown above are based on Total Net Assets.
DREYFUS-WILSHIRE TARGET FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO
ASSET ALLOCATION AS OF AUGUST 31, 1994
Common Stocks.................................................. 102.3%
Cash Equivalents............................................... (2.3)
------
100.0%
</TABLE>
<TABLE>
<CAPTION>
FIVE LARGEST SECTORS
AS OF AUGUST 31, 1993 AS OF AUGUST 31, 1994
------------------------ ---------------------
<S> <C> <S> <C>
Utilities-Electric Power...... 18.7 % Banking....................... 23.0 %
Utilities-Telephone........... 16.1 Energy........................ 21.1
Banking....................... 15.6 Utilities-Electric Power...... 13.7
Oil and Gas................... 10.5 Utilities..................... 8.3
Utilities..................... 9.5 Finance....................... 7.3
</TABLE>
<TABLE>
<CAPTION>
TEN LARGEST EQUITY HOLDINGS AS OF AUGUST 31, 1994
<S> <C>
Exxon.......................................................... 10.2 %
Mobil.......................................................... 4.6
Ford Motor..................................................... 4.0
Amoco.......................................................... 4.0
Chrysler....................................................... 3.2
BankAmerica.................................................... 2.4
Sears, Roebuck................................................. 2.3
Texaco......................................................... 2.2
NationsBank.................................................... 2.1
American Express............................................... 1.9
All percentages shown above are based on Total Net Assets.
DREYFUS-WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO
ASSET ALLOCATION AS OF AUGUST 31, 1994
Common Stocks.................................................. 94.3%
Convertible Preferred Stocks................................... 0.3
Cash Equivalents............................................... 5.4
------
100.0%
</TABLE>
<TABLE>
<CAPTION>
FIVE LARGEST SECTORS
AS OF AUGUST 31, 1993 AS OF AUGUST 31, 1994
------------------------ ---------------------
<S> <C> <S> <C>
Computer Software/Services.... 11.9 % Computer Software/Services.... 14.2 %
Retail........................ 11.0 Electronics................... 10.7
Electronics................... 8.9 Retail........................ 9.9
Insurance..................... 6.0 Hospital Management........... 8.3
Hospital Management........... 5.5 Medical Supplies.............. 4.4
</TABLE>
<TABLE>
<CAPTION>
TEN LARGEST EQUITY HOLDINGS AS OF AUGUST 31, 1994
<S> <C>
Dell Computer.................................................. 1.0 %
Outback Steakhouse............................................. 1.0
Caesars World.................................................. 0.9
Viking Office Products......................................... 0.9
Andrew......................................................... 0.8
HEALTHSOUTH Rehabilitation..................................... 0.8
Xilinx......................................................... 0.8
Chris-Craft Industries......................................... 0.8
FHP International.............................................. 0.8
DENTSPLY International......................................... 0.8
All percentages shown above are based on Total Net Assets.
DREYFUS-WILSHIRE TARGET FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO
ASSET ALLOCATION AS OF AUGUST 31, 1994
Common Stocks.................................................. 103.9%
Cash Equivalents............................................... (3.9)
------
100.0%
</TABLE>
<TABLE>
<CAPTION>
FIVE LARGEST SECTORS
AS OF AUGUST 31, 1993 AS OF AUGUST 31, 1994
------------------------ ---------------------
<S> <C> <S> <C>
Banking....................... 22.7 % Utilities-Electric Power...... 21.3%
Utilities-Electric Power...... 14.5 Banking....................... 21.0
Finance....................... 11.3 Utilities-Natural Gas Distributors 10.9
Utilities-Natural Gas Distributors 9.3 Finance....................... 9.9
Insurance..................... 6.7 Insurance..................... 6.5
</TABLE>
<TABLE>
<CAPTION>
TEN LARGEST EQUITY HOLDINGS AS OF AUGUST 31, 1994
<S> <C>
Fleetwood Enterprises.......................................... 1.6%
Mercantile Bankshares.......................................... 1.4
Comsat......................................................... 1.4
First Hawaiian................................................. 1.3
Pacific Telecom................................................ 1.3
Atlantic Energy................................................ 1.3
Peoples Energy................................................. 1.3
NWNL Cos....................................................... 1.3
Bank South..................................................... 1.3
CIPSCO......................................................... 1.3
All percentages shown above are based on Total Net Assets.
</TABLE>
<TABLE>
<CAPTION>
Dreyfus-Wilshire Target Funds, Inc.
Statement of Investments August 31, 1994
Large Company Growth Portfolio
Shares COMMON STOCKS-99.9% Value
-------- -------------------- ----------
<S> <C> <C> <C>
Advertising-.2%
500 Interpublic Group Cos........................... $ 17,250
----------
Aerospace & Defense-2.2%
2,000 Boeing.......................................... 91,000
600 Martin Marietta................................. 30,525
800 Raytheon........................................ 54,100
200 Sundstrand...................................... 9,950
----------
185,575
Auto Parts-.8%
900 (a) AutoZone........................................ 22,387
700 Genuine Parts................................... 25,725
400 Pep Boys-Manny, Moe & Jack...................... 13,950
200 Stewart & Stevenson............................. 7,450
----------
69,512
----------
Banking-3.1%
2,227 Banc One........................................ 77,388
1,482 KeyCorp......................................... 48,721
1,900 Norwest......................................... 50,587
1,000 Wachovia........................................ 35,000
300 Wells Fargo..................................... 47,925
----------
259,621
----------
Basic Industries-.3%
500 Fluor........................................... 26,500
----------
Beverages-6.3%
400 Brown Forman, Cl. B............................. 12,050
7,800 Coca-Cola....................................... 358,800
4,800 PepsiCo......................................... 159,000
----------
529,850
----------
Biotechnology-.3%
300 Medtronic....................................... 29,625
----------
Building Materials-.6%
500 Nucor........................................... 34,500
500 Sherwin-Williams................................ 16,562
----------
51,062
----------
Chemicals-1.3%
200 Betz Laboratories............................... 9,450
400 Great Lakes Chemical............................ 24,100
200 Loctite......................................... 9,075
400 Lubrizol........................................ 12,500
900 Morton International............................ 26,662
400 Nalco Chemical.................................. 13,550
300 Sigma-Aldrich................................... 10,425
----------
105,762
----------
Shares COMMON STOCKS (continued) Value
-------- -------------------- ----------
Commercial Services-.4%
400 Ecolab.......................................... $ 9,250
200 Flightsafety International...................... 7,825
500 Service Corp International...................... 13,250
----------
30,325
----------
Computer Software/Services-5.1%
200 (a) ADC Telecommunications.......................... 9,300
300 Adobe Systems................................... 9,525
100 Autodesk........................................ 6,075
800 Automatic Data Processing....................... 43,300
200 (a) BMC Software.................................... 8,675
1,500 (a) COMPAQ Computer................................. 56,063
200 (a) Cabletron Systems............................... 21,175
1,000 Computer Associates International............... 40,125
300 (a) Computer Sciences............................... 13,462
200 Linear Technology............................... 8,900
300 (a) Lotus Development............................... 12,262
3,500 (a) Microsoft....................................... 203,438
----------
432,300
----------
Conglomerates-4.0%
300 (a) Litton Industries............................... 11,662
5,300 Philip Morris Cos............................... 323,300
----------
334,962
Cosmetics/Toiletries-1.7%
900 Colgate-Palmolive............................... 51,525
1,300 Gillette........................................ 94,088
----------
145,613
----------
Drugs & Pharmaceuticals-10.2%
4,900 Abbott Laboratories............................. 147,000
400 Allergan........................................ 10,950
200 Cardinal Health................................. 7,750
3,900 Johnson & Johnson............................... 195,488
1,600 Marion Merrell Dow.............................. 37,800
7,700 Merck & Co...................................... 262,763
500 Mylan Laboratories.............................. 12,875
800 Rhone-Poulenc Rorer............................. 29,600
1,200 Schering-Plough................................. 83,850
1,300 Syntex.......................................... 31,200
1,000 Upjohn.......................................... 36,125
----------
855,401
----------
Electronics-14.3%
300 (a) Best Buy........................................ 10,687
700 Duracell........................................ 32,200
200 E-Systems....................................... 8,600
1,300 Emerson Electric................................ 80,762
Statement of Investments August 31, 1994 (continued)
Large Company Growth Portfolio (continued)
Shares COMMON STOCKS (continued) Value
-------- -------------------------- ----------
Electronics (continued)
10,200 General Electric................................ $ 507,450
300 Grainger (W.W.)................................. 19,500
1,500 Hewlett-Packard................................. 134,812
200 Hubbell, Cl. B.................................. 11,200
2,500 Intel........................................... 164,375
500 Loral........................................... 20,875
3,300 Motorola........................................ 178,200
300 Polaroid........................................ 10,575
500 Premier Industrial.............................. 11,250
400 Sensormatic Electronics......................... 13,850
----------
1,204,336
----------
Entertainment-2.2%
800 Carnival Cruise Lines, Cl. A.................... 35,500
500 (a) Circus Circus Enterprises....................... 12,187
3,200 Disney (Walt)................................... 131,600
200 (a) King World Productions.......................... 7,550
----------
186,837
----------
Environmental-.3%
250 (a) Thermo Instrument Systems....................... 7,656
1,100 Wheelabrator Technologies....................... 18,837
----------
26,493
Finance & Financial Services-2.6%
250 ADVANTA, Cl. A.................................. 8,125
600 Block (H & R)................................... 26,250
572 Countrywide Credit Industry..................... 8,509
350 Edwards (AG).................................... 7,044
500 Equifax......................................... 14,625
400 Fifth Third Bancorp............................. 20,600
500 Franklin Resources.............................. 19,688
400 Green Tree Financial............................ 13,400
666 Mercury Finance................................. 10,573
300 Northern Trust.................................. 11,475
400 Schwab (Chas)................................... 12,300
500 State Street Boston............................. 20,000
700 SunTrust Banks.................................. 35,788
400 Synovus Financial............................... 7,400
----------
215,777
----------
Food Distributors-.3%
1,100 Sysco........................................... 28,188
----------
Foods-6.8%
900 CPC International............................... 48,150
1,500 Campbell Soup................................... 58,125
1,500 ConAgra......................................... 49,125
200 Dean Foods...................................... 6,400
Shares COMMON STOCKS (continued) Value
-------- -------------------------- ----------
Foods (continued)
1,000 General Mills................................... $ 54,000
1,500 Heinz (H.J.).................................... 54,938
500 Hershey Foods................................... 24,000
500 Hormel (Geo A).................................. 11,500
1,400 Kellogg......................................... 79,275
600 Pet............................................. 12,150
500 Pioneer Hi-Br International..................... 15,625
400 Quaker Oats..................................... 32,150
2,900 Sara Lee........................................ 67,063
400 Supervalu....................................... 11,850
900 Tyson Foods, Cl. A.............................. 21,825
700 Wrigley, (WM) Jr................................ 28,613
----------
574,789
----------
Health Care-.5%
200 (a) Foundation Health............................... 7,575
400 Manor Care...................................... 11,000
200 (a) MidAtlantic Medical Services.................... 5,300
400 (a) NovaCare........................................ 6,250
200 (a) PacifiCare Health Systems....................... 14,400
----------
44,525
----------
Holding Companies-.3%
500 Textron......................................... 27,625
----------
Hospital Management-.6%
500 National Health Labs............................ 6,188
900 United Healthcare............................... 47,025
----------
53,213
----------
Hotels & Motels-.3%
600 (a) Promus Cos...................................... 22,050
----------
Household Appliances-.1%
133 Lancaster Colony................................ 4,821
----------
Household Products-3.7%
400 (a) Clayton Homes................................... 8,650
500 Newell.......................................... 23,813
4,100 Procter & Gamble................................ 249,587
1,000 Rubbermaid...................................... 28,125
----------
310,175
----------
Insurance-4.5%
625 AFLAC........................................... 22,422
1,950 American International Group.................... 183,300
200 Conseco......................................... 10,325
400 GEICO........................................... 19,800
500 General Re...................................... 55,812
400 Torchmark....................................... 17,050
Statement of Investments August 31, 1994 (continued)
Large Company Growth Portfolio (continued)
Shares COMMON STOCKS (continued) Value
-------- -------------------------- ----------
Insurance (continued)
500 UNUM............................................ $ 24,562
1,000 U.S. HealthCare................................. 43,250
----------
376,521
----------
Leisure Time-.4%
200 Harley-Davidson................................. 11,300
800 International Game Technology................... 18,700
----------
30,000
----------
Machinery-.2%
200 Foster Wheeler.................................. 8,150
250 (a) Thermo Electron................................. 11,219
----------
19,369
----------
Manufacturing-.8%
400 Hillenbrand Industries.......................... 13,300
700 Illinois Tool Works............................. 30,275
200 Leggett & Platt................................. 7,400
700 Pall............................................ 12,600
----------
63,575
----------
Medical Supplies-.7%
400 Becton, Dickinson............................... 17,150
700 (a) Biomet.......................................... 7,875
300 (a) Forest Labs..................................... 14,100
300 St. Jude Medical................................ 10,350
300 Stryker......................................... 10,650
----------
60,125
----------
Metals-.1%
200 MAPCO........................................... 11,450
----------
Office & Business Equipment-.4%
900 Pitney Bowes.................................... 34,650
----------
Packaging-.3%
300 Bemis........................................... 7,350
500(a) Crown Cork & Seal............................... 18,625
----------
25,975
----------
Printing & Publishing-.5%
400 American Greetings, Cl. A....................... 12,000
700 Readers Digest Association, Cl. A............... 29,750
----------
41,750
----------
Radio & TV Broadcasting-.2%
500 Scripps (E.W.), Cl. A........................... 14,562
----------
Restaurants-1.6%
425 (a) Brinker International........................... 10,306
400 Cracker Barrel Old Country...................... 10,200
4,200 McDonald's...................................... 118,650
----------
139,156
Shares COMMON STOCKS (continued) Value
-------- -------------------------- ----------
Retail-11.0%
1,500 Albertson's..................................... $ 43,312
900 American Stores................................. 22,725
1,500 Blockbuster Entertainment....................... 38,812
400 Dayton Hudson................................... 33,900
300 Dollar General.................................. 7,575
300 Fingerhut Companies............................. 8,588
900 Gap............................................. 38,700
300 Heilig-Meyers................................... 8,062
2,666 Home Depot...................................... 120,637
2,200 Limited......................................... 44,275
1,500 May Department Stores........................... 61,500
500 NIKE, Cl. B..................................... 32,188
500 Nordstrom....................................... 23,500
500 Reebok International............................ 18,188
1,700 (a) Toys `R' Us..................................... 62,688
13,800 Wal-Mart Stores................................. 339,825
700 Walgreen........................................ 26,338
----------
930,813
----------
Technology-7.1%
8,100 AT & T.......................................... 443,475
500 (a) Applied Materials............................... 25,250
300 (a) Atmel........................................... 8,250
1,500 (a) Cisco Systems................................... 37,219
1,700 (a) Oracle Systems.................................. 72,569
300 (a) Parametric Technology........................... 8,662
----------
595,425
----------
Textiles-.9%
300 Cintas.......................................... 9,525
500 (a) Fruit of The Loom, Cl. A........................ 13,187
200 Russel.......................................... 6,475
900 Shaw Industries................................. 15,637
400 Unifi........................................... 9,600
400 V.F............................................. 21,150
----------
75,574
----------
Tire & Rubber Goods-.2%
500 Cooper Tire & Rubber............................ 12,938
----------
Tobacco-.4%
1,200 UST............................................. 37,500
----------
Toys-.5%
500 Hasbro.......................................... 15,687
1,000 Mattel.......................................... 28,750
----------
44,437
----------
Transportation-.1%
300 Illinois Central................................ 9,450
----------
Trucking-.2%
200 Roadway Services................................ 12,800
----------
Statement of Investments August 31, 1994 (continued)
Large Company Growth Portfolio (continued)
Shares COMMON STOCKS (continued) Value
-------- -------------------------- ----------
Utilities-Telephone-1.3%
300 Century Telephone Enterprises................... $ 9,037
1,092 (a) Citizens Utility, Cl. A......................... 15,425
3,200 MCI Communications.............................. 77,800
400 Rochester Telephone............................. 9,000
----------
111,262
----------
TOTAL COMMON STOCKS
(cost $7,800,161)................................... $ 8,419,519
============
TOTAL INVESTMENTS
(cost $7,800,161)................................ 99.9% $ 8,419,519
===== ============
CASH AND RECEIVABLES (NET).......................... .1% $ 4,877
===== ============
NET ASSETS.......................................... 100.0% $ 8,424,396
===== ============
Large Company Value Portfolio
COMMON STOCKS -102.3%
Aerospace & Defense-2.2%
1,000 General Dynamics................................ $ 45,125
1,000 Lockheed........................................ 78,750
700 McDonnell Douglas............................... 82,775
800 Northrop Grumman................................ 36,000
600 Sunstrand....................................... 29,850
----------
272,500
----------
Auto/Related-7.2%
8,200 Chrysler........................................ 394,625
16,600 Ford Motor...................................... 485,550
----------
880,175
----------
Banking-23.0%
800 AmSouth Bancorp................................. 26,500
6,300 Banc One........................................ 218,925
750 Bancorp Hawaii.................................. 24,281
1,800 Bank of Boston.................................. 47,250
3,100 Bank of New York................................ 100,750
6,000 BankAmerica..................................... 296,250
1,400 Bankers Trust NY................................ 103,075
1,600 Barnett Banks................................... 75,600
1,700 Boatmen's Bancshares............................ 57,163
600 Central Fidelity Banks.......................... 19,950
3,100 Chase Manhattan................................. 117,025
4,200 Chemical Banking................................ 162,750
2,000 Comerica........................................ 60,750
2,200 CoreStates Financial............................ 62,150
1,400 First Chicago................................... 72,800
1,400 First Fidelity Bancorp.......................... 64,225
1,000 First of America Bank........................... 36,625
800 First Security.................................. 26,000
500 First Tennessee National........................ 23,750
Shares COMMON STOCKS (continued) Value
-------- -------------------------- ----------
Banking (continued)
2,800 First Union..................................... $ 129,150
1,100 Firstar......................................... 35,750
600 Integra Financial............................... 29,325
4,028 KeyCorp......................................... 132,421
700 Mercantile Bancorp.............................. 26,775
1,000 Meridian Bancorp................................ 32,125
3,200 Morgan (J.P.)................................... 210,800
2,700 NBD Bancorp..................................... 84,038
2,600 National City................................... 69,875
700 Old Kent Financial.............................. 24,675
3,900 PNC Bank........................................ 109,200
1,500 Pinnacle West Capital........................... 27,750
700 Regions Financial............................... 25,288
900 Republic New York............................... 40,725
1,700 Shawmut National................................ 38,250
900 Signet Banking.................................. 35,213
1,300 SouthTrust...................................... 27,625
500 Star Banc....................................... 21,500
2,900 Wachovia........................................ 101,500
----------
2,797,804
---------
Beverages-.3%
1,100 Brown-Forman, Cl. B............................. 33,138
----------
Brokerage-.2%
1,300 Paine Webber Group.............................. 21,125
----------
Chemicals-1.6%
2,000 Ethyl........................................... 23,500
2,000 Monsanto........................................ 165,250
----------
188,750
----------
Electronics-.2%
800 National Service Industries..................... 21,500
----------
Energy-21.1%
8,300 Amoco........................................... 480,363
20,800 Exxon........................................... 1,237,600
6,700 Mobil........................................... 564,475
4,300 Texaco.......................................... 265,525
600 Ultramar........................................ 15,675
----------
2,563,638
----------
Finance-7.3%
8,200 American Express................................ 230,625
900 Beneficial...................................... 38,700
600 Crestar Financial............................... 28,950
1,400 First Interstate Bancorp........................ 111,825
2,300 Fleet Financial Group........................... 91,138
1,600 Household International......................... 63,200
4,500 NationsBank..................................... 250,875
1,300 Transamerica.................................... 69,387
----------
884,700
----------
Statement of Investments August 31, 1994 (continued)
Large Company Value Portfolio (continued)
Shares COMMON STOCKS (continued) Value
-------- -------------------------- ----------
Foods-.8%
600 Fleming Cos..................................... $ 17,025
1,000 Giant Food, Cl. A............................... 21,750
1,400 McCormick....................................... 27,650
1,200 Supervalu....................................... 35,550
----------
101,975
----------
Forest & Paper Products-1.3%
3,400 Weyerhaeuser.................................... 155,975
----------
Holding Companies-.1%
400 Harsco.......................................... 16,850
----------
Insurance-3.8%
1,500 Allstate........................................ 39,000
400 American National Insurance..................... 20,600
800 American Premier Underwriters................... 21,000
1,700 Aon............................................. 58,225
1,200 CIGNA........................................... 80,400
800 Jefferson-Pilot................................. 43,200
1,600 Lincoln National................................ 61,600
600 Ohio Casualty................................... 19,050
1,000 SAFECO.......................................... 54,625
1,400 St. Paul Cos.................................... 60,550
----------
458,250
----------
Machinery-.8%
1,900 Cooper Industries............................... 75,288
900 McDermott International......................... 23,512
----------
98,800
----------
Manufacturing-1.1%
800 Cummins Engine.................................. 32,200
700 Johnson Controls................................ 37,188
700 Stanley Works................................... 30,362
3,600 (a) Unisys.......................................... 35,550
----------
135,300
----------
Mining & Metals-1.0%
1,500 Cyprus Amax Minerals............................ 48,750
1,200 Phelps Dodge.................................... 76,200
----------
124,950
----------
Office & Business Equipment-.3%
700 Harris.......................................... 33,863
----------
Oil & Gas-1.1%
1,000 Ashland Oil..................................... 37,875
800 Pennzoil........................................ 41,000
1,800 Sun............................................. 50,175
----------
129,050
----------
Retail-3.3%
1,800 Melville........................................ 68,175
Shares COMMON STOCKS (continued) Value
-------- -------------------------- ----------
Retail (continued)
600 Mercantile Stores............................... $ 22,500
1,400 Rite Aid........................................ 28,875
5,900 Sears, Roebuck.................................. 279,512
----------
399,062
----------
Tobacco-1.0%
3,400 American Brands................................. 122,400
----------
Transportation-.3%
1,300 Ryder System.................................... 35,750
----------
Utilities-8.3%
1,900 Allegheny Power System.......................... 42,750
1,800 DPL............................................. 36,450
900 DQE............................................. 27,562
2,800 Dominion Resources.............................. 105,350
3,400 Duke Power...................................... 131,750
3,200 FPL Group....................................... 100,400
1,500 Florida Progress................................ 43,500
900 Montana Power................................... 21,262
1,100 New England Electric System..................... 36,437
2,400 Niagara Mohawk Power............................ 35,700
4,700 PacifiCorp...................................... 80,487
1,000 Public Service Co. of Colorado.................. 27,125
1,000 Puget Sound P&L................................. 19,875
7,500 SCEcorp......................................... 102,187
10,700 Southern........................................ 201,962
----------
1,012,797
----------
Utilities-Electric Power-13.7%
3,100 American Electric Power......................... 97,650
2,400 Baltimore Gas & Electric........................ 55,200
700 Boston Edison................................... 18,725
2,700 Carolina Power & Light.......................... 71,550
3,100 Central & South West............................ 69,750
3,900 Consolidated Edison............................. 106,762
1,000 Delmarva Power & Light.......................... 19,000
2,500 Detroit Edison.................................. 68,125
3,900 Entergy......................................... 97,012
1,900 General Public Utilities........................ 49,637
2,200 Houston Industries.............................. 76,450
600 IPALCO Enterprises.............................. 18,600
1,000 Kansas City Power & Light....................... 21,625
500 LG&E Energy..................................... 19,063
1,900 Long Island Lighting............................ 34,200
1,100 NIPSCO Industries............................... 31,762
1,200 New York State Electric & Gas................... 24,900
2,100 Northeast Utilities............................. 48,825
1,100 Northern States Power........................... 47,575
700 Oklahoma Gas & Electric......................... 23,975
3,700 PECO Energy..................................... 100,825
Statement of Investments August 31, 1994 (continued)
Large Company Value Portfolio (continued)
Shares COMMON STOCKS (continued) Value
-------- -------------------------- ----------
Utilities-Electric Power (continued)
900 PSI Resources................................... $ 20,137
7,300 Pacific Gas & Electric.......................... 179,763
2,500 Pennsylvania Power & Light...................... 52,813
2,000 Potomac Electric Power.......................... 40,250
4,000 Public Service Enterprise Group................. 111,000
800 SCANA........................................... 36,500
700 Southwestern Public Service..................... 18,725
1,700 Union Electric.................................. 60,775
1,800 Wisconsin Energy................................ 46,800
----------
1,667,974
----------
Utilities-Natural Gas Distributors-2.3%
1,500 Consolidated Natural Gas........................ 59,813
600 El Paso Natural Gas............................. 19,725
600 National Fuel Gas............................... 18,675
1,400 Pacific Enterprises............................. 29,925
2,000 Panhandle Eastern............................... 43,750
1,900 San Diego Gas & Electric........................ 37,050
1,500 Sonat........................................... 45,750
1,000 Western Resources............................... 28,750
----------
283,438
----------
TOTAL COMMON STOCKS
(cost $12,396,299)................................. $12,439,764
===========
TOTAL INVESTMENTS
(cost $12,396,299)........................... 102.3% $12,439,764
====== ===========
LIABILITIES, LESS CASH
AND RECEIVABLES................................ (2.3%) $ (282,210)
====== ===========
NET ASSETS...................................... 100.0% $12,157,554
====== ===========
Small Company Growth Portfolio
COMMON STOCKS-94.3%
Aerospace & Defense-.3%
900 (a) Alliant Techsystems............................. $ 28,688
----------
Air Transportation-.7%
1,000 Air Express International....................... 26,875
3,100 (a) Mesa Airlines................................... 23,638
1,000 SkyWest......................................... 27,750
----------
78,263
----------
Auto Parts-1.5%
1,550 (a) Jason........................................... 13,950
500 Smith (A.O.).................................... 13,750
1,150 Spartan Motors.................................. 18,544
2,600 Superior Industries International............... 77,025
2,500 (a) TBC............................................. 24,687
800 Walbro.......................................... 17,400
----------
165,356
----------
Shares COMMON STOCKS (continued) Value
-------- -------------------------- ----------
Banking-.1%
500 Provident Bankshares............................ $ 12,500
----------
Biotechnology-1.7%
800 Collagen........................................ 17,000
1,400 (a) Cordis.......................................... 77,000
900 (a) Mentor.......................................... 14,737
1,400 (a) Nellcor......................................... 42,350
2,000 (a) Thermo Cardiosystems............................ 40,250
----------
191,337
----------
Building Materials-.1%
800 (a) Elcor........................................... 16,300
----------
Chemicals-.6%
2,700 (a) Airgas.......................................... 66,825
----------
Commercial Services-1.2%
1,100 Adia Services................................... 39,462
1,700 (a) CDI............................................. 21,463
600 (a) Insurance Auto Auctions......................... 21,825
2,400 (a) Robert Half International....................... 51,300
----------
134,050
----------
Computer Software/Services-14.2%
900 (a) Acxiom.......................................... 24,750
4,500 (a) Adaptec......................................... 86,062
1,200 (a) Aldus........................................... 37,800
1,400 (a) American Management Systems..................... 36,750
1,200 (a) Artisoft........................................ 16,350
900 (a) BancTec......................................... 22,050
800 (a) Broderbund Software............................. 44,400
1,200 (a) Cerner.......................................... 50,100
3,350 (a) Cheyenne Software............................... 41,875
1,800 (a) Computer Network Technology..................... 11,700
1,740 (a) Comverse Technology............................. 17,482
4,400 (a) Conner Peripherals.............................. 52,800
3,300 (a) Dell Computer................................... 107,250
4,100 (a) Electronic Arts................................. 72,775
1,800 (a) Exabyte......................................... 33,975
3,400 (a) FIserv.......................................... 77,350
500 Fair Issac & Co................................. 16,500
2,600 HBO & Co........................................ 85,150
500 (a) Hutchinson Technology........................... 16,125
2,200 (a) Information Resources........................... 31,350
600 (a) Keane........................................... 20,250
1,900 (a) Komag........................................... 44,650
900 (a) MEDSTAT Group................................... 12,375
1,600 (a) Network General................................. 31,600
2,550 Paychex......................................... 83,513
3,100 (a) Pyxis........................................... 80,987
3,800 (a) Quantum......................................... 59,375
Statement of Investments August 31, 1994 (continued)
Small Company Growth Portfolio (continued)
Shares COMMON STOCKS (continued) Value
-------- -------------------------- ----------
Computer Software/Services (continued)
1,100 (a) Standard Microsystems........................... $ 21,588
1,700 (a) Sterling Software............................... 49,087
2,100 (a) Stratus Computer................................ 79,800
2,500 (a) Structural Dynamics Research.................... 20,625
1,600 (a) SunGard Data Systems............................ 55,600
2,300 System Software................................. 32,775
3,200 (a) Tech Data....................................... 60,000
1,600 (a) Zilog........................................... 52,000
----------
1,586,819
----------
Consumer Products-.9%
1,300 Harman International............................ 39,650
1,500 (a) Williams-Sonoma................................. 62,906
----------
102,556
----------
Cosmetics/Toiletries-.6%
2,600 Herbalife International......................... 54,925
966 Nature's Sunshine Products...................... 13,283
----------
68,208
----------
Distribution-1.0%
2,600 (a) Merisel......................................... 23,725
2,000 (a) Xilinx.......................................... 88,500
----------
112,225
----------
Drugs & Pharmaceuticals-.1%
1,500 (a) Nature's Bounty................................. 12,000
----------
Electronics-10.7%
2,300 Allen Group..................................... 45,425
1,800 (a) Altera.......................................... 54,900
3,700 (a) Amphenol, Cl. A................................. 75,850
1,100 (a) Analogic........................................ 16,775
1,100 (a) Anthem Electronics.............................. 25,300
1,700 Augat........................................... 39,738
500 (a) BMC Industries.................................. 14,000
400 (a) Cherry, Cl. A................................... 5,700
400 (a) Cherry, Cl. B................................... 5,600
2,400 (a) Cirrus Logic.................................... 66,300
2,200 (a) Dallas Semiconductor............................ 35,200
800 (a) Dynatech........................................ 16,600
500 (a) Exar............................................ 16,187
1,400 (a) Gentex.......................................... 30,800
1,500 (a) Input/Output.................................... 32,250
600 (a) Kent Electronics................................ 21,900
2,000 (a) Lam Research.................................... 71,000
1,600 (a) Lattice Semiconductor........................... 30,200
1,500 (a) Marshall Industries............................. 37,687
1,000 (a) Maxim Integrated Products....................... 60,750
1,400 (a) Novellus Systems................................ 61,950
1,500 (a) Oak Industries.................................. 40,312
Shares COMMON STOCKS (continued) Value
-------- -------------------------- ----------
Electronics (continued)
500 Pacific Scientific.............................. $ 12,438
1,350 Pioneer Standard Electronics.................... 23,119
900 (a) Recoton......................................... 13,500
2,400 (a) SCI Systems..................................... 45,600
2,800 (a) Teradyne........................................ 83,300
700 (a) Three-Five Systems.............................. 27,300
2,100 (a) VeriFone........................................ 44,887
1,800 (a) Vicor........................................... 44,550
1,770 Vishay Intertechnology.......................... 76,110
900 X-Rite.......................................... 27,000
----------
1,202,228
----------
Energy-.1%
1,100 CRSS Industries................................. 11,550
----------
Engineering-.5%
2,200 (a) Jacobs Engineering Group........................ 53,350
----------
Entertainment-1.6%
2,200 (a) Caesars World................................... 102,025
700 (a) Carmike Cinemas, Cl. A.......................... 14,000
1,900 (a) Grand Casinos................................... 36,575
1,800 (a) Rio Hotel & Casino.............................. 25,875
----------
178,475
----------
Environmental-1.0%
3,200 (a) Allwaste........................................ 21,200
1,000 (a) IMCO Recycling.................................. 15,875
600 (a) Ionics.......................................... 31,575
1,300 (a) Sanifill........................................ 31,200
1,000 (a) USA Waste Services.............................. 14,625
----------
114,475
----------
Finance-4.0%
2,000 ADVANTA, Cl. B.................................. 59,000
900 (a) Concord EFS..................................... 25,875
500 Jefferies Group................................. 18,625
1,050 Legg Mason...................................... 22,969
1,200 (a) Medaphis........................................ 42,300
1,600 (a) PEC Israel Economic............................. 43,600
1,100 Pioneer Group................................... 50,050
2,500 Price (T. Rowe) Associates...................... 80,000
961 Quick & Reilly Group............................ 28,109
2,800 Total System Services........................... 80,850
----------
451,378
----------
Foods-.8%
1,900 Applebee's International........................ 28,500
2,700 (a) Buffets......................................... 53,325
900 (a) J&J Snack Foods................................. 11,587
----------
93,412
----------
Statement of Investments August 31, 1994 (continued)
Small Company Growth Portfolio (continued)
Shares COMMON STOCKS (continued) Value
-------- -------------------------- ----------
Home Furnishings-.3%
1,600 Juno Lighting................................... $ 30,000
----------
Homebuilding-.9%
2,400 Pulte........................................... 59,400
2,900 (a) Toll Brothers................................... 35,888
----------
95,288
----------
Hospital Management-8.3%
1,400 (a) Coastal Healthcare Group........................ 48,300
1,000 (a) Community Health Systems........................ 23,250
3,300 (a) Continental Medical Systems..................... 27,637
2,016 (a) Coram Healthcare................................ 31,248
2,100 (a) Diagnostek...................................... 49,613
1,100 (a) Genesis Heatlh Ventures......................... 29,012
1,100 (a) GranCare........................................ 23,513
2,500 (a) HEALTHSOUTH Rehabilitation...................... 90,000
3,100 (a) HealthCare COMPARE.............................. 83,312
2,800 (a) Health Care & Retirement........................ 78,050
2,600 (a) Healthsource.................................... 85,150
1,100 (a) Homedco Group................................... 30,525
1,600 (a) Horizon Healthcare.............................. 40,600
1,200 (a) Integrated Health Services...................... 43,650
600 (a) Isomedix........................................ 10,500
1,200 (a) Oxford Health Plans............................. 84,900
1,100 (a) Pacific Physician Services...................... 16,500
1,300 (a) Quantum Health Resources........................ 46,637
1,100 (a) Sierra Health Services.......................... 28,875
1,400 (a) Vencor.......................................... 59,500
----------
930,772
----------
Insurance-2.6%
3,400 American Annuity Group.......................... 32,725
900 (a) American Travellers............................. 14,063
1,300 (a) Capsure Holdings................................ 17,062
1,400 (a) Citizens, Cl. A................................. 11,550
3,232 (a) FHP International............................... 87,264
1,300 Fidelity National Financial..................... 16,900
1,662 Gainsco......................................... 15,374
900 (a) Gencare Health Systems.......................... 36,900
500 (a) Markel.......................................... 20,875
800 (a) United Insurance................................ 22,200
500 Unitog.......................................... 13,500
----------
288,413
----------
Leisure Time-2.3%
3,300 (a) Acclaim Entertainment........................... 56,100
1,700 Arctco.......................................... 51,425
2,400 (a) Chris-Craft Industries.......................... 87,900
800 Thor Industries................................. 16,700
2,100 (a) WMS Industries.................................. 40,425
----------
252,550
----------
Shares COMMON STOCKS (continued) Value
-------- -------------------------- ----------
Machinery-1.9%
800 AGCO............................................ $ 39,600
500 (a) Christiana Cos.................................. 14,750
1,500 (a) Cognex.......................................... 28,500
3,000 Giddings & Lewis................................ 56,250
1,100 (a) IDEX............................................ 44,687
1,300 Roper Industries................................ 28,438
----------
212,225
----------
Manufacturing-2.1%
600 (a) Champion Enterprises............................ 21,900
2,700 HON Industries.................................. 69,525
600 Harmon Industries............................... 12,600
3,000 (a) Instrument Systems.............................. 23,250
2,200 (a) Jan Bell Marketing.............................. 12,375
1,800 Oakwood Homes................................... 50,625
1,500 (a) Shorewood Packaging............................. 31,125
1,500 (a) Thermo Process Systems.......................... 12,188
----------
233,588
----------
Medical Supplies-4.4%
1,900 Arrow International............................. 47,025
2,300 Ballard Medical Products........................ 23,862
2,400 (a) DENTSPLY International.......................... 87,000
1,400 (a) Datascope....................................... 21,700
900 Invacare........................................ 28,463
2,600 Owens & Minor................................... 38,350
700 (a) Respironics..................................... 14,175
800 (a) Rotech Medical.................................. 18,400
1,300 (a) SciMed Life Systems............................. 47,775
2,100 (a) Sofamor/Danek Group............................. 42,262
800 (a) Sullivan Dental Products........................ 12,000
1,600 (a) Sunrise Medical................................. 40,600
1,700 (a) Tecnol Medical Products......................... 27,625
2,800 (a) Thermedics...................................... 42,000
----------
491,237
----------
Metals-1.1%
1,350 (a) Material Sciences.............................. 23,119
1,100 Steel Technologies............................. 21,175
3,200 TriMas......................................... 76,800
----------
121,094
----------
Oil & Gas-3.6%
1,000 (a) Barrett Resources.............................. 18,125
1,100 (a) Energy Ventures................................ 16,638
700 Holly.......................................... 18,375
1,100 (a) Hornbeck Offshore Services..................... 13,475
1,000 KCS Energy..................................... 16,875
6,200 (a) Nabors Industries.............................. 39,525
2,100 (a) Oceaneering International...................... 28,087
Statement of Investments August 31, 1994 (continued)
Small Company Growth Portfolio (continued)
Shares COMMON STOCKS (continued) Value
-------- -------------------------- ----------
Oil & Gas (continued)
1,500 (a) Offshore Logistics............................. $ 21,000
3,100 (a) Seagull Energy................................. 74,400
600 (a) Seitel......................................... 18,900
900 (a) Tejas Gas...................................... 42,300
1,700 Vintage Petroleum.............................. 35,488
4,500 (a) Weatherford International...................... 54,562
----------
397,750
----------
Printing & Publishing-.5%
1,500 Medusa......................................... 42,563
600 Merrill........................................ 12,600
----------
55,163
----------
Radio & TV Broadcasting-1.8%
1,475 (a) Clear Channel Communication.................... 67,850
6,410 (a) IDB Communications Group....................... 61,696
900 (a) United Television.............................. 45,900
1,700 (a) Westcott Communications........................ 24,225
----------
199,671
----------
Restaurants-2.2%
2,050 Apple South.................................... 32,800
1,000 (a) Au Bon Pain, Cl. A............................. 17,187
4,200 (a) Checkers Drive-In Restaurant................... 19,950
800 (a) IHOP........................................... 24,000
2,200 (a) NPC International, Cl. A....................... 14,300
3,500 (a) Outback Steakhouse............................. 106,313
4,600 (a) Ryan's Family Steak House...................... 31,050
----------
245,600
----------
Retail-9.9%
1,200 Baker (J.)..................................... 24,450
3,150 (a) Bombay......................................... 46,069
3,550 (a) Burlington Coat Factory........................ 85,644
1,400 (a) Caldor......................................... 44,625
2,500 Cash America International..................... 20,000
1,800 Claire's Stores................................ 23,175
4,000 (a) Consolidated Stores............................ 66,000
1,900 (a) Dress Barn..................................... 20,187
2,000 (a) Eagle Hardware & Garden........................ 22,500
800 (a) Fabri-Centers America.......................... 12,000
1,600 Fastenal....................................... 62,800
1,100 (a) Good Guys...................................... 14,025
3,000 Intelligent Electronics........................ 46,500
3,100 Lands' End..................................... 62,387
2,800 Lennar......................................... 55,300
2,500 (a) MacFrugals Bargains Closeouts.................. 47,188
2,300 (a) Meyer (Fred)................................... 76,475
1,400 (a) Michaels Stores................................ 59,850
850 (a) One Price Clothing Stores...................... 13,069
Shares COMMON STOCKS (continued) Value
-------- -------------------------- ----------
Retail (continued)
800 (a) Proffitt's..................................... $ 15,000
2,100 Ross Stores.................................... 34,125
2,400 (a) Starbucks...................................... 67,800
1,600 Sun Television & Appliances.................... 14,500
700 (a) Timberland, Cl. A.............................. 30,100
2,800 (a) Value City Department Stores................... 41,650
3,500 (a) Viking Office Products......................... 100,625
----------
1,106,044
----------
Telecommunications-3.3%
1,950 (a) Andrew......................................... 94,575
900 (a) Aspect Telecommunications...................... 33,300
1,000 (a) California Microwave........................... 23,750
1,300 (a) Digi International............................. 18,525
1,400 (a) Glenayre Technologies.......................... 79,450
2,600 (a) Network Systems................................ 23,400
2,100 (a) Octel Communications........................... 50,925
1,100 (a) United States Long Distance.................... 11,825
1,000 (a) United States Robotics......................... 36,750
----------
372,500
----------
Textiles-1.6%
800 (a) Fieldcrest Cannon.............................. 22,700
2,200 (a) Jones Apparel Group............................ 55,000
1,150 Nautica Enterprises............................ 31,050
2,300 Phillips-Van Heusen............................ 53,188
700 St. John Knits................................. 18,987
----------
180,925
----------
Toys-.2%
3,000 Tyco Toys...................................... 21,750
----------
Transportation-2.0%
1,850 Comair Holdings................................ 49,025
1,000 Expeditors International, Washington........... 20,250
900 (a) Fritz Companies................................ 30,262
2,400 (a) Kirby.......................................... 42,000
2,200 (a) National Auto Credit........................... 28,600
1,400 (a) Wisconsin Central Transportation............... 56,000
----------
226,137
----------
Trucking-2.6%
2,600 (a) American Freightways........................... 62,400
3,100 (a) Consolidated Freightways....................... 74,400
1,091 (a) Heartland Express.............................. 34,912
1,100 (a) M.S. Carriers.................................. 26,675
1,050 (a) Swift Transportation........................... 42,525
2,200 Werner Enterprises............................. 55,550
----------
296,462
----------
Statement of Investments August 31, 1994 (continued)
Small Company Growth Portfolio (continued)
Shares COMMON STOCKS (continued) Value
-------- -------------------------- ----------
Utilities-1.0%
3,000 (a) California Energy.............................. $ 52,500
2,100 (a) Magma Power.................................... 60,900
----------
113,400
----------
TOTAL COMMON STOCKS
(cost $9,286,264).......................... $10,550,564
==========
CONVERTIBLE
PREFERRED STOCKS-.3%
1,440 FHP International
(cost $33,818)............................. $ 37,080
==========
TOTAL INVESTMENTS
(cost $9,320,082)....................................... 94.6% $10,587,644
====== ===========
CASH AND RECEIVABLES (NET).............................. 5.4% $ 600,748
====== ===========
NET ASSETS.............................................. 100.0% $11,188,392
====== ===========
Small Company Value Portfolio
COMMON STOCKS-103.9%
Aerospace & Defense-.7%
6,200 Thiokol........................................ $ 158,875
----------
Auto Trucks & Parts-.2%
3,600 Purolator Products............................. 61,200
----------
Banking-21.0%
4,020 Associated Banc-Corp........................... 146,730
2,525 Bancorp South.................................. 90,900
15,400 Bank South..................................... 294,525
1,600 Blessings...................................... 57,000
2,500 Brenton Banks.................................. 50,000
3,693 CNB Bancshares................................. 130,178
1,700 CPB............................................ 45,050
4,500 Citizens Bancorp Maryland...................... 139,500
4,500 Citizens Banking............................... 113,625
2,285 Commerce Bancorp............................... 51,413
11,600 Compass Bancshares............................. 290,000
10,300 Dauphin Deposit................................ 260,075
5,600 Deposit Guaranty............................... 183,400
4,202 F&M National................................... 70,383
8,200 First American (Tennessee)..................... 281,875
8,000 First Bancorp, Ohio............................ 204,000
2,600 First Colonial Bankshares, Cl. A............... 61,750
4,910 First Michigan Bank............................ 114,158
2,000 Firstbank of Illinois.......................... 76,500
3,700 Fort Wayne National............................ 111,925
3,000 Grenada Sunburst System........................ 104,250
4,600 Jefferson Bankshares........................... 103,500
4,600 Mark Twain Bancshares.......................... 126,500
14,600 Mercantile Bankshares.......................... 319,375
Shares COMMON STOCKS (continued) Value
-------- -------------------------- ----------
Banking (continued)
4,150 Mid Am......................................... $ 64,325
2,695 Mid-America Bancorp............................ 49,184
2,800 NBB Bancorp.................................... 133,700
5,460 One Valley Bancorp of West Virginia............ 161,070
13,700 Southern National.............................. 285,987
8,000 Summit Bancorporation.......................... 180,000
3,300 Susquehanna Bancshares......................... 80,025
6,200 Union Planters................................. 159,650
4,500 United Carolina Bancshares..................... 120,375
700 United Counties Bancorporation................. 106,750
3,900 Zions Bancorp.................................. 157,950
----------
4,925,628
----------
Chemicals-1.8%
3,100 Chemed......................................... 110,438
7,700 Dexter......................................... 198,275
2,800 LeaRonal....................................... 51,800
1,600 Stepan......................................... 53,400
----------
413,913
----------
Commercial/Personal Services-1.4%
2,800 ABM Industries................................. 64,050
8,300 Jenny Craig.................................... 50,837
5,500 PHH............................................ 202,813
----------
317,700
----------
Computer Software/Services-.3%
4,800 National Computer Systems...................... 62,400
----------
Electronics-.3%
2,300 Joslyn......................................... 69,575
----------
Finance-9.9%
3,350 Amcore Financial............................... 74,538
3,000 CCB Financial.................................. 133,500
6,600 Centura Banks.................................. 158,400
8,300 First Commerce................................. 234,475
5,900 First Commonwealth Financial................... 101,037
7,500 First Financial-Wisconsin...................... 119,063
10,300 First Hawaiian................................. 309,000
1,645 First Western Bancorp.......................... 46,882
8,400 Fourth Financial............................... 254,100
5,737 Fulton Financial............................... 120,477
3,800 JSB Financial.................................. 103,075
8,200 Magna Group.................................... 169,125
2,325 New York Bancorp............................... 46,209
4,400 ONBANCorp...................................... 134,200
5,600 Piper Jaffray Cos.............................. 55,300
5,000 Provident Bancorp.............................. 173,750
3,800 United Bancshares.............................. 94,050
----------
2,327,181
----------
Statement of Investments August 31, 1994 (continued)
Small Company Value Portfolio (continued)
Shares COMMON STOCKS (continued) Value
-------- -------------------------- ----------
Foods-1.6%
11,900 Flowers Industries............................. $ 202,300
3,500 Nash Finch..................................... 63,000
5,500 Smith's Food & Drug Centers, Cl. B............. 118,250
----------
383,550
----------
Forest Products-.4%
4,000 Pope & Talbot.................................. 88,000
----------
Household Appliances-1.2%
6,700 Kimball International, Cl. B................... 168,756
2,300 National Presto Industries..................... 99,763
----------
268,519
----------
Housing-.2%
2,600 McGrath RentCorp............................... 39,650
----------
Insurance-6.5%
2,900 AVEMCO......................................... 45,675
6,400 American Bankers Insurance Group............... 137,600
3,400 Foremost Corp., America........................ 110,500
4,850 Fremont General................................ 124,888
5,700 Home Beneficial, Cl. B......................... 120,413
9,400 NWNL Cos....................................... 296,100
5,800 SCOR U.S....................................... 67,425
4,400 Selective Insurance Group...................... 123,750
2,100 Trenwick Group................................. 82,950
7,200 USLIFE......................................... 258,300
6,100 Zenith National Insurance...................... 156,313
----------
1,523,914
----------
Leisure Time-1.2%
3,551 Anthony Industries............................. 59,923
10,600 Handleman...................................... 112,625
4,300 Sturm Ruger.................................... 112,875
----------
285,423
----------
Machinery-.2%
1,900 Cascade........................................ 45,600
----------
Manufacturing-5.2%
7,000 Arvin Industries............................... 172,375
4,600 Bassett Furniture.............................. 134,550
5,600 Brown Group.................................... 208,600
14,500 Fleetwood Enterprises.......................... 382,438
10,100 GenCorp........................................ 146,450
2,700 Manitowoc...................................... 71,212
5,200 O'Sullivan..................................... 48,750
3,500 Sealright...................................... 56,437
----------
1,220,812
----------
Medical Supplies-.3%
14,000 Kinetic Concepts............................... 63,000
----------
Shares COMMON STOCKS (continued) Value
-------- -------------------------- ----------
Metals-1.0%
3,800 Cleveland-Cliffs............................... $ 158,650
15,500 UNR Industries................................. 86,218
----------
244,868
----------
Office & Business Equipment-1.8%
3,400 American Business Products..................... 73,100
5,000 General Binding................................ 95,000
9,100 Standard Register.............................. 202,475
5,900 United Stationers.............................. 56,050
----------
426,625
----------
Oil & Gas-1.2%
8,500 ONEOK.......................................... 153,000
8,700 Quaker State................................... 126,150
----------
279,150
----------
Railroads-1.1%
6,300 GATX........................................... 244,912
----------
Restaurants-.8%
8,400 Luby's Cafeterias.............................. 197,400
----------
Retail-3.5%
3,000 Blair.......................................... 138,000
3,600 Bradlees....................................... 58,950
6,400 Fay's.......................................... 50,400
5,700 Ingles Markets, Cl. A.......................... 69,112
6,600 Longs Drug Stores.............................. 229,350
10,200 Shopko Stores.................................. 100,725
3,324 Strawbridge-Clothier, Cl. A.................... 76,452
5,400 Venture Stores................................. 99,900
----------
822,889
----------
Steel-.7%
2,600 Carpenter Technology........................... 169,975
----------
Storage/Warehousing-.7%
4,600 Lukens......................................... 163,300
----------
Telecommunications-2.6%
12,700 Comsat......................................... 319,088
12,600 Pacific Telecom................................ 299,250
----------
618,338
----------
Textiles-2.3%
4,500 Guilford Mills................................. 87,750
6,600 Kellwood....................................... 164,175
2,700 Oxford Industries.............................. 76,950
5,600 Springs Industries, Cl. A...................... 206,500
----------
535,375
----------
Tobacco-.3%
4,200 Dibrell Brothers............................... 73,500
----------
Statement of Investments August 31, 1994 (continued)
Small Company Value Portfolio (continued)
Shares COMMON STOCKS (continued) Value
-------- -------------------------- ----------
Utilities-Electric Power-21.3%
17,000 Atlantic Energy................................ $ 297,500
4,500 Black Hills.................................... 93,375
4,100 CILCORP........................................ 123,000
10,800 CIPSCO......................................... 294,300
5,400 Central Hudson Gas & Electric.................. 139,050
10,300 Central Maine Power............................ 118,450
3,700 Central Vermont Public Service................. 49,025
3,300 Commonwealth Energy System Cos 133,238
6,000 Eastern Utilities Association.................. 148,500
4,300 Empire District Electric....................... 73,637
8,700 Hawaiian Electric Industries................... 276,225
9,000 IES Industries................................. 249,750
11,700 Idaho Power.................................... 283,725
9,300 Iowa-Illinios Gas & Electric................... 201,113
6,000 MDU Resources Group............................ 169,500
3,400 Madison Gas & Electric......................... 115,600
17,400 Midwest Resources.............................. 265,350
7,000 Minnesota Power & Light........................ 189,000
13,200 Nevada Power................................... 272,250
2,400 Northwestern Public Service.................... 69,600
4,300 Orange/Rockland Utilities...................... 131,150
15,100 Portland General............................... 269,912
11,800 Rochester Gas & Electric....................... 269,925
9,200 Sierra Pacific Resources....................... 184,000
5,000 Southern Indiana Gas & Electric................ 140,000
3,400 TNP Enterprises................................ 48,025
4,500 United Illuminating............................ 147,938
11,300 Universal...................................... 242,950
----------
4,996,088
----------
Utilities-Natural Gas Distributors-10.9%
7,500 Atlanta Gas Light.............................. 245,625
4,800 Atmos Energy................................... 81,600
4,100 Bay State Gas.................................. 96,862
2,700 Cascade Natural Gas............................ 42,188
2,600 Colonial Gas................................... 55,250
2,700 Connecticut Energy............................. 57,712
3,000 Connecticut Natural Gas........................ 72,000
Shares COMMON STOCKS (continued) Value
-------- -------------------------- ----------
Utilities-Natural Gas
Distributors (continued)
3,500 Energen........................................ $ 78,313
4,750 KN Energy...................................... 122,312
5,000 Laclede Gas.................................... 112,500
2,600 NUI............................................ 52,000
5,400 New Jersey Resources........................... 120,825
4,200 Northwest Natural Gas.......................... 128,100
1,700 Pennsylvania Enterprises....................... 52,275
11,100 Peoples Energy................................. 296,925
8,400 Piedmont Natural Gas........................... 176,400
5,700 Public Service Company of North Carolina....... 89,775
3,114 South Jersey Industries........................ 59,555
6,700 Southwest Gas.................................. 119,763
12,800 Transco Energy................................. 195,200
3,300 United Cities Gas.............................. 56,100
6,600 Washington Gas Light........................... 250,800
----------
2,562,080
----------
Utilities-Water-3.3%
9,900 American Water Works........................... 274,725
2,100 Aquarion....................................... 50,137
1,800 California Water Service....................... 63,000
2,600 Consumers Water................................ 44,200
1,800 E'town......................................... 48,375
2,200 IWC Resources.................................. 41,800
3,600 Philadelphia Suburban.......................... 68,400
2,500 Southern California Water...................... 44,375
9,236 United Water Resources......................... 124,686
----------
759,698
----------
TOTAL COMMON STOCKS
(cost $24,188,709).......................... $24,349,138
===========
TOTAL INVESTMENTS
(cost $24,188,709).......................... 103.9% $24,349,138
======= ===========
LIABILITIES, LESS CASH
AND RECEIVABLES.............................. (3.9%) $ (911,189)
======= ===========
NET ASSETS..................................... 100.0% $23,437,949
======= ===========
NOTE TO STATEMENT OF INVESTMENTS;
(a) Non-income producing.
See notes to financial statements.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF ASSETS AND LIABILITIES AUGUST 31, 1994
LARGE LARGE SMALL SMALL
COMPANY COMPANY COMPANY COMPANY
GROWTH VALUE GROWTH VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ---------- --------- ------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in securities, at value
[cost_Note 4(b)]_see statement..... $ 8,419,519 $12,439,764 $10,587,644 $24,349,138
Cash................................... 16,070 13,205 611,099 93,601
Dividends receivable................... 10,364 84,289 2,030 109,144
Receivable for investment securities sold -- 64,304 -- --
Prepaid expenses and other assets...... 16,456 13,031 15,008 12,845
Due from The Dreyfus Corporation....... 33,105 33,869 35,970 98,135
----------- ------------ ----------- ------------
8,495,514 12,648,462 11,251,751 24,662,863
----------- ------------ ----------- ------------
LIABILITIES:
Payable for Common Stock redeemed...... $ 17,852 $ 442,013 $ 9,024 $ 1,160,009
Accrued expenses and other liabilities. 53,266 48,895 54,335 64,905
----------- ------------ ----------- ------------
71,118 490,908 63,359 1,224,914
----------- ------------ ----------- ------------
NET ASSETS .................... $ 8,424,396 $12,157,554 $11,188,392 $23,437,949
============ ========== =========== ===========
REPRESENTED BY:
Paid-in capital........................ $ 7,915,909 $11,772,767 $ 9,688,043 $22,722,353
Accumulated undistributed
investment income_net................ 40,777 334,686 -- 538,317
Accumulated distributions in excess of
investment income_net_Note 2(d)...... -- -- (2,150) --
Accumulated undistributed net realized
gain (loss) on investments........... (151,648) 6,636 234,937 16,850
Accumulated net unrealized appreciation on
investments_Note 4(b)................ 619,358 43,465 1,267,562 160,429
----------- ------------ ----------- ------------
NET ASSETS at value........................ $ 8,424,396 $12,157,554 $11,188,392 $23,437,949
============ ========== =========== ===========
SHARES OF COMMON STOCK OUTSTANDING
[400 million shares (with 100 million allocated
to each series) of $.001 par value
Common Stock authorized]............... 633,066 869,303 727,047 1,636,242
============ ========== =========== ===========
NET ASSET VALUE per share
(Net Assets / Shares outstanding)...... $13.31 $13.99 $15.39 $14.32
============ ========== =========== ===========
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF OPERATIONS YEAR ENDED AUGUST 31, 1994
LARGE LARGE SMALL SMALL
COMPANY COMPANY COMPANY COMPANY
GROWTH VALUE GROWTH VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
INCOME:
Cash dividends (net of $2,081 foreign taxes
withheld at source for the Small Company
Value Portfolio)................. $ 151,791 $ 506,484 $ 26,609 $ 859,574
Interest............................. -- 5,194 2,202 7,370
----------- ------------ ----------- ------------
TOTAL INCOME................... 151,791 511,678 28,811 866,944
----------- ------------ ----------- ------------
EXPENSES_Note 2(c):
Investment advisory fee_Note 3(a).... $ 8,137 $ 11,133 $ 8,397 $ 20,919
Administration fee_Note 3(a)......... 16,275 22,267 16,793 41,838
Shareholder servicing costs_Note 3(b) 30,750 39,603 37,466 75,896
Auditing fees........................ 25,013 25,015 25,010 25,027
Registration fees.................... 9,370 11,134 8,356 18,395
Prospectus and shareholders' reports. 6,163 4,052 9,117 7,992
Legal fees........................... 6,005 5,385 4,303 10,842
Organization expenses................ 5,124 4,000 4,268 3,585
Directors' fees and expenses_Note 3(c) 2,217 3,745 2,611 8,758
Custodian fees....................... 1,452 2,470 3,932 5,134
Miscellaneous........................ 2,861 2,812 2,964 2,996
----------- ------------ ----------- ------------
113,367 131,616 123,217 221,382
Less_expenses reimbursed and waived by
Wilshire and Dreyfus due to
undertakings_Note 3(a)........... 57,917 67,269 61,159 116,283
----------- ------------ ----------- ------------
TOTAL EXPENSES................. 55,450 64,347 62,058 105,099
----------- ------------ ----------- ------------
INVESTMENT INCOME (LOSS)_NET.. 96,341 447,331 (33,247) 761,845
----------- ------------ ----------- ------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain (loss) on investments_Note 4(a) $(119,770) $ 135,129 $ 284,483 $ 64,244
Net unrealized appreciation (depreciation)
on investments....................... 526,588 (920,730) 253,279 (755,152)
----------- ------------ ----------- ------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS. 406,818 (785,601) 537,762 (690,908)
----------- ------------ ----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS.............. $ 503,159 $(338,270) $ 504,515 $ 70,937
========== ========== ========== ============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF CHANGES IN NET ASSETS
LARGE COMPANY LARGE COMPANY
GROWTH PORTFOLIO VALUE PORTFOLIO
----------------- -------------------
YEAR ENDED AUGUST 31, YEAR ENDED AUGUST 31,
----------------- -------------------
1993(1) 1994 1993(1) 1994
----------- -------- --------- ----------
<S> <C> <C> <C> <C>
OPERATIONS:
Investment income_net................. $ 135,601 $ 96,341 $ 278,018 $ 447,331
Net realized gain (loss) on investments (31,878) (119,770) 130,997 135,129
Net unrealized appreciation (depreciation)
on investments for the year.......... 92,770 526,588 964,195 (920,730)
----------- -------- --------- ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS...... 196,493 503,159 1,373,210 (338,270)
----------- -------- --------- -------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income_net................. (44,587) (146,578) (76,263) (314,400)
Net realized gain on investments....... -- -- -- (259,490)
----------- -------- --------- -------------
TOTAL DIVIDENDS.................. (44,587) (146,578) (76,263) (573,890)
----------- -------- --------- -------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold.......... 11,142,614 6,136,117 14,165,687 11,201,295
Dividends reinvested................... 44,522 145,901 75,620 551,033
Cost of shares redeemed................ (3,303,329) (6,274,916) (7,446,854) (6,799,014)
----------- -------- --------- -------------
INCREASE IN NET ASSETS FROM CAPITAL
STOCK TRANSACTIONS............. 7,883,807 7,102 6,794,453 4,953,314
----------- -------- --------- -------------
TOTAL INCREASE IN NET ASSETS 8,035,713 363,683 8,091,400 4,041,154
NET ASSETS:
Beginning of year...................... 25,000 8,060,713 25,000 8,116,400
----------- -------- --------- -------------
End of year............................ $ 8,060,713 (2) $8,424,396 (2) $ 8,116,400 (3) $12,157,554 (3)
============ =========== ============= =============
SHARES SHARES SHARES SHARES
------------- ------------- ---------- --------------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................ 886,869 478,006 1,056,706 780,559
Shares issued for dividends reinvested. 3,350 11,258 5,803 39,052
Shares redeemed........................ (259,516) (488,901) (529,775) (485,042)
------------- ------------- ---------- --------------
NET INCREASE IN SHARES OUTSTANDING 630,703 363 532,734 334,569
============ ============ ========== ===============
(1) From September 30, 1992 (commencement of operations) to
August 31, 1993.
(2) Includes undistributed investment income_net: $91,014 in
1993 and $40,777 in 1994.
(3) Includes undistributed investment income_net: $201,755 in
1993 and $334,686 in 1994.
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
SMALL COMPANY SMALL COMPANY
GROWTH PORTFOLIO VALUE PORTFOLIO
----------------- -------------------
YEAR ENDED AUGUST 31, YEAR ENDED AUGUST 31,
----------------- -------------------
1993(1) 1994 1993(2) 1994
----------- -------- --------- -------------
<S> <C> <C> <C> <C>
OPERATIONS:
Investment income (loss)_net.......... $ 36,141 $ (33,247) $ 274,117 $ 761,845
Net realized gain on investments....... 628,011 284,483 165,448 64,244
Net unrealized appreciation (depreciation)
on investments for the year.......... 1,014,283 253,279 915,581 (755,152)
----------- -------- --------- -------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS................ 1,678,435 504,515 1,355,146 70,937
----------- -------- --------- -------------
DIVIDENDS TO SHAREHOLDERS:
From investment income_net............ (14,117) -- (55,897) (441,748)
In excess of investment income_net..... -- (32,220) -- --
From net realized gain on investments.. -- (677,557) -- (212,842)
----------- -------- --------- -------------
TOTAL DIVIDENDS.................. (14,117) (709,777) (55,897) (654,590)
----------- -------- --------- -------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold.......... 11,736,296 12,327,171 24,005,189 26,817,975
Dividends reinvested................... 14,115 674,755 55,558 630,047
Cost of shares redeemed................ (5,912,594) (9,135,407) (10,230,450) (18,580,966)
----------- -------- --------- -------------
INCREASE IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS..... 5,837,817 3,866,519 13,830,297 8,867,056
----------- -------- --------- -------------
TOTAL INCREASE IN NET ASSETS 7,502,135 3,661,257 15,129,546 8,283,403
NET ASSETS:
Beginning of year...................... 25,000 7,527,135 25,000 15,154,546
----------- -------- --------- -------------
End of year............................ $ 7,527,135(3) $11,188,392(3) $15,154,546 (4) $23,437,949 (4)
============ =========== =========== ============
SHARES SHARES SHARES SHARES
------------- ------------- ---------- --------------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................ 866,244 799,229 1,753,333 1,879,823
Shares issued for dividends reinvested. 953 43,146 4,162 43,906
Shares redeemed........................ (399,526) (584,999) (736,070) (1,310,912)
------------- ------------- ---------- --------------
NET INCREASE IN SHARES OUTSTANDING 467,671 257,376 1,021,425 612,817
============ =========== =========== ============
(1) From October 1, 1992 (commencement of operations) to August 31, 1993.
(2) From September 30, 1992 (commencement of operations) to
August 31, 1993.
(3) Includes undistributed investment income-net; $22,024 in 1993 and
distributions in excess of investment income-net; ($2,150) in 1994.
(4) Includes undistributed investment income-net: $218,220 in 1993
and $538,317 in 1994.
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each series for the year indicated.
This information has been derived from each series' financial statements.
LARGE COMPANY LARGE COMPANY
GROWTH PORTFOLIO VALUE PORTFOLIO
--------------------- ------------------
YEAR ENDED AUGUST 31, YEAR ENDED AUGUST 31,
--------------------- ------------------
PER SHARE DATA: 1993(1) 1994 1993(1) 1994
------ ------- -------- --------
<S> <C> <C> <C> <C>
Net asset value, beginning of year...................... $12.50 $12.74 $12.50 $15.18
------ ------- -------- --------
INVESTMENT OPERATIONS:
Investment income-net................................... .21 .15 .54 .36
Net realized and unrealized gain (loss) on investments.. .10 .65 2.30 (.90)
------ ------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS...................... .31 .80 2.84 (.54)
------ ------- -------- --------
DISTRIBUTIONS:
Dividends from investment income-net.................... (.07) (.23) (.16) (.36)
Dividends from net realized gain on investments......... -- -- -- (.29)
------ ------- -------- --------
TOTAL DISTRIBUTIONS................................... (.07) (.23) (.16) (.65)
------ ------- -------- --------
Net asset value, end of year............................ $12.74 $13.31 $15.18 $13.99
====== ======= ======== =======
TOTAL INVESTMENT RETURN..................................... 2.46%(2) 6.34%2 2.93%(2) (3.61%)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets................. -- .68% -- .58%
Ratio of net investment income to average net assets.... 1.66%(2) 1.18% 4.27%(2) 4.02%
Decrease reflected in above expense ratios due to undertakings
by Wilshire and Dreyfus............................... 1.14%(2) .71% 1.32%(2) .60%
Portfolio Turnover Rate ................................ 11.92%(2) 21.53% 21.75%(2) 47.16%
Net Assets, end of year (000's Omitted)................. $8,061 $8,424 $8,116 $12,158
(1) From September 30, 1992 (commencement of operations) to
August 31, 1993.
(2) Not annualized.
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
FINANCIAL HIGHLIGHTS (CONTINUED)
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each series for the year indicated.
This information has been derived from each series' financial statements.
SMALL COMPANY SMALL COMPANY
GROWTH PORTFOLIO VALUE PORTFOLIO
------------------ -----------------
YEAR ENDED AUGUST 31, YEAR ENDED AUGUST 31,
------------------ -----------------
PER SHARE DATA: 1993(1) 1994 1993(2) 1994
------ ------- -------- --------
<S> <C> <C> <C> <C>
Net asset value, beginning of year...................... $12.50 $16.03 $12.50 $14.81
------ ------- -------- --------
INVESTMENT OPERATIONS:
Investment income (loss)-net............................ .08 (.04) .35 .45
Net realized and unrealized gain (loss) on investments.. 3.48 .90 2.10 (.45)
------ ------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS...................... 3.56 .86 2.45 --
------ ------- -------- --------
DISTRIBUTIONS:
Dividends from investment income-net.................... (.03) -- (.14) (.33)
Dividends in excess of investment income-net............ -- (.07) -- --
Dividends from net realized gain on investments......... -- (1.43) -- (.16)
------ ------- -------- --------
TOTAL DISTRIBUTIONS................................... (.03) (1.50) (.14) (.49)
------ ------- -------- --------
Net asset value, end of year............................ $16.03 $15.39 $14.81 $14.32
===== ====== ====== ========
TOTAL INVESTMENT RETURN..................................... 28.50%(3) 5.20% 19.72%(3) (0.01%)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets................. -- .74% -- .50%
Ratio of net investment income (loss) to average net assets .53%(3) (.40%) 3.65%(3) 3.64%
Decrease reflected in above expense ratios due to undertakings
by Wilshire and Dreyfus............................... 1.40%(3) .73% 1.32%(3) .56%
Portfolio Turnover Rate ................................ 55.26%(3) 46.41% 26.87%(3) 48.59%
Net Assets, end of year (000's Omitted)................. $7,527 $11,188 $15,155 $23,438
(1) From October 1, 1992 (commencement of operations) to August 31, 1993.
(2) From September 30, 1992 (commencement of operations) to
August 31, 1993.
(3) Not annualized.
See notes to financial statements.
</TABLE>
NOTES TO FINANCIAL STATEMENTS
NOTE 1-GENERAL:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a diversified open-end management investment company and operates as a
series company issuing four classes of shares of Common Stock: the Large
Company Growth Portfolio, the Large Company Value Portfolio, the Small
Company Growth Portfolio and the Small Company Value Portfolio. The Fund
accounts separately for the assets, liabilities and operations of each
series. Wilshire Associates Incorporated ("Wilshire") serves as the Fund's
investment adviser. The Dreyfus Corporation ("Dreyfus") serves as the Fund's
administrator. Dreyfus Service Corporation, a wholly-owned subsidiary of
Dreyfus, acted as the exclusive distributor of the Fund's shares until August
24, 1994. Effective August 24, 1994, Dreyfus became a direct subsidiary of
Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. ("Premier") was
engaged as the Fund's distributor. Premier, located at One Exchange Place,
Boston, Massachusetts 02109, is a wholly-owned subsidiary of Institutional
Administration Services, Inc., a provider of mutual fund administration
services, the parent company of which is Boston Institutional Group, Inc.
NOTE 2-SIGNIFICANT ACCOUNTING POLICIES:
(A) PORTFOLIO VALUATION: Each series' investments in securities
(including financial futures) are valued at the last sales price on the
securities exchange on which such securities are primarily traded or at the
last sales price on the national securities market. Securities not listed on
an exchange or the national securities market, or securities for 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.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss 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.
(C) EXPENSES: Expenses directly attributable to each series are charged
to that series' operations; expenses which are applicable to all series are
allocated among them.
(D) DIVIDENDS TO SHAREHOLDERS: Dividends payable to shareholders are
recorded by each series on the ex-dividend date. Dividends from investment
income-net and dividends from net realized capital gain, with respect to each
series, are normally declared and paid annually, but each series may make
distributions on a more frequent basis to comply with the distribution
requirements of the Internal Revenue Code. To the extent that a net realized
capital gain of a series can be offset by a capital loss carryover of that
series, such gain will not be distributed.
Dividends in excess of investment income_net for financial statement
purposes on the Small Company Growth Portfolio resulted primarily from
distributions of taxable income necessary to satisfy tax requirements and to
avoid a 4% excise tax. Accordingly, $41,293 of accumulated investment
income-net was reclassified to paid-in-capital since it was not deductible
for federal income tax purposes.
(E) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, if such
qualification is in the best interests of its shareholders, by complying with
the applicable provisions of the Internal Revenue Code, and to make
distributions of taxable income sufficient to relieve it from substantially
all Federal income and excise taxes. For Federal income tax purposes, each
series is treated as a single entity for the purpose of determining such
qualification.
The Large Company Growth Portfolio has an unused capital loss carryover
of approximately $53,000 available for Federal income tax purposes to be
applied against future net securities profits, if any, realized subsequent to
August 31, 1994. The carryover does not include net realized securities
losses from November 1, 1993 through August 31, 1994, which are treated, for
Federal income tax purposes, as arising in fiscal 1995. If not applied,
$2,000 of the carryover expires in fiscal 2001 and $51,000 expires in fiscal
2002.
NOTE 3-INVESTMENT ADVISORY FEE, ADMINISTRATION FEE AND OTHER TRANSACTIONS
WITH AFFILIATES:
(A) Fees paid by the Fund pursuant to the provisions of an Investment
Advisory Agreement with Wilshire and an Administration Agreement with Dreyfus
are payable monthly based on annual rates of .10 of 1% and .20 of 1%,
respectively, of the average daily value of each series' net assets. The
agreements further provide that if in any full fiscal year the aggregate
expenses of any series, exclusive of interest on borrowings, taxes, brokerage
and extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Fund, that series may deduct from payments to be made
to Wilshire and Dreyfus, or Wilshire and Dreyfus will bear, the amount of
such excess to the extent required by state law in proportion to their
respective fees. The most stringent state expense limitation applicable to
the Fund presently requires reimbursement of expenses in any full fiscal year
that such expenses of a series exceed 2 1/2% of the first $30 million, 2% of
the next $70 million and 1 1/2% of the excess over $100 million of the
average value of that series' net assets in accordance with California "blue
sky" regulations. However, Wilshire and Dreyfus had undertaken from September
1, 1993 through January 11, 1994 to reimburse all fees and expenses of each se
ries and thereafter, had undertaken through October 31, 1994, or until such
time as the net assets of a series exceed $50 million, regardless of whether
they remain at that level, to waive receipt of the advisory fee and
administration fee payable to it by each series. In addition, Dreyfus
voluntarily assumed other expenses of each series as follows: from January
12, 1994 through January 24, 1994 for the Small Company Value Portfolio,
through January 25, 1994 for the Large Company Value Portfolio, through
February 7, 1994 for the Large Company Growth Portfolio and through February
9, 1994 for the Small Company Growth Portfolio.
<TABLE>
<CAPTION>
The expense reimbursements, pursuant to the undertakings and the
voluntary assumption of other expenses amounted to the following for the year
ended August 31, 1994:
ADVISORY FEE ADMINISTRATION FEE EXPENSES
WAIVED BY WAIVED BY ASSUMED BY
WILSHIRE DREYFUS DREYFUS TOTAL
------------ -------------- ------------- ------------
<S> <C> <C> <C> <C>
Large Company Growth Portfolio............. $ 8,137 $16,275 $33,505 $ 57,917
Large Company Value Portfolio.............. 11,133 22,267 33,869 67,269
Small Company Growth Portfolio............. 8,397 16,793 35,969 61,159
Small Company Value Portfolio.............. 20,919 41,838 53,526 116,283
</TABLE>
The undertakings may be modified by Wilshire or Dreyfus from time to
time, provided that the resulting expense reimbursement would not be less
than the amount required pursuant to the agreements.
(B) Pursuant to the Fund's Shareholder Services Plan, each series
reimburses Dreyfus Service Corporation an amount not to
exceed an annual rate of .25 of 1% of the value of a series' average daily
net assets for servicing shareholder accounts. The services provided may
include personal services relating to shareholder accounts, such as answering
shareholder inquiries regarding the Fund and providing reports and other
information, and services related to the maintenance of shareholder accounts.
The following summarizes the aggregate amount charged by Dreyfus Service
Corporation pursuant to the Shareholder Services Plan during the year ended
August 31, 1994:
<TABLE>
<CAPTION>
<S> <C> <S> <C>
Large Company Growth Portfolio $19,030 Small Company Growth Portfolio $16,387
Large Company Value Portfolio 27,242 Small Company Value Portfolio 52,010
</TABLE>
(C) Prior to August 24,1994 certain officers and directors of the
Fund were "affiliated persons," as defined in the Act, of
Wilshire and Dreyfus. Each director who is not an "affiliated person"
receives from the Fund an annual fee of $2,500 and an attendance fee of $500
per meeting.
(D) A 1% redemption fee is charged on certain redemptions of Series'
shares (including redemptions through use of the Exchange Privilege) where
the redemption or exchange occurs within a six-month period following the
date of issuance. During the year ended August 31, 1994, redemption fees for
each series were as follows:
<TABLE>
<CAPTION>
<S> <C> <S> <C>
Large Company Growth Portfolio $258 Small Company Growth Portfolio $ 642
Large Company Value Portfolio 778 Small Company Value Portfolio 3,000
</TABLE>
NOTE 4-SECURITIES TRANSACTIONS:
(A) The following summarizes the aggregate amount of purchases and
sales of investment securities, other than short-term securities, for
the year ended August 31, 1994:
<TABLE>
<CAPTION>
PURCHASES SALES
------------ ---------------
<S> <C> <C>
Large Company Growth Portfolio.......................... $ 1,747,029 $1,778,939
Large Company Value Portfolio........................... 10,276,520 5,126,876
Small Company Growth Portfolio.......................... 6,441,205 3,887,570
Small Company Value Portfolio........................... 19,921,441 9,977,568
</TABLE>
<TABLE>
<CAPTION>
(B) The following summarizes the accumulated net unrealized appreciation
on investments for each series at August 31, 1994:
GROSS GROSS
APPRECIATION (DEPRECIATION) NET
------------ ------------- -----------
<S> <C> <C> <C>
Large Company Growth Portfolio.......................... $1,085,948 $ (466,590) $ 619,358
Large Company Value Portfolio........................... 670,177 (626,712) 43,465
Small Company Growth Portfolio.......................... 1,770,664 (503,102) 1,267,562
Small Company Value Portfolio........................... 1,326,488 (1,166,059) 160,429
</TABLE>
At August 31, 1994, the cost of investments of each series for Federal
income tax purposes was substantially the same as the
cost for financial reporting purposes. The cost of investments for each
series for financial reporting purposes as of August 31, 1994 was as follows:
<TABLE>
<CAPTION>
<S> <C> <S> <C>
Large Company Growth Portfolio $ 7,800,161 Small Company Growth Portfolio $ 9,320,082
Large Company Value Portfolio 12,396,299 Small Company Value Portfolio 24,188,709
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors of the
Dreyfus-Wilshire Target Funds, Inc.
We have audited the accompanying statements of assets and liabilities of
the Dreyfus-Wilshire Target Funds, Inc. (comprised of the Large Company
Growth Portfolio, the Large Company Value Portfolio, the Small Company Growth
Portfolio and the Small Company Value Portfolio), including the statements of
investments, as of August 31, 1994, and the related statements of operations
for the year then ended, the statements of changes in net assets and the
financial highlights for the year then ended and for the period from
September 30, 1992 (when operations commenced for all series except Small
Company Growth Portfolio, which commenced operations October 1, 1992) to
August 31, 1993. The financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of August 31, 1994 by correspondence with the custodian.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of the Dreyfus-Wilshire Target Funds, Inc. as of August 31, 1994,
the results of its operations, the changes in its net assets, and the
financial highlights for the periods referred to above, in conformity with
generally accepted accounting principles.
COOPERS & LYBRAND, L.L.P.
New York, New York
October 5, 1994
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Dreyfus-Wilshire Target Funds,
Inc. (Large Company Value Portfolio and Small Company Value Portfolio) hereby
makes the following designations of long-term capital gain distributions
regarding the fiscal year ended August 31, 1994.
<TABLE>
<CAPTION>
LONG-TERM
CAPITAL GAIN
DISTRIBUTION TOTAL PAID PAYABLE
PER SHARE PER SHARE DATE
------------- ---------- ------------
<S> <C> <C> <C>
Large Company Value Portfolio $.1335 $.648 12/31/93
Small Company Value Portfolio $.0315 $.489 12/31/93
</TABLE>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
INVESTMENT ADVISER
Wilshire Associates Incorporated
1299 Ocean Avenue
Santa Monica, CA 90401
ADMINISTRATOR
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
Comerica Bank
100 Renaissance Center
Detroit, MI 48243
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. WILSAR948
Wilshire Target
Funds, Inc.
Annual Report
August 31, 1994
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN EACH
PORTFOLIO OF THE DREYFUS - WILSHIRE TARGET FUNDS, INC.
AND THE WILSHIRE 5000 INDEX*
EXHIBIT A:
_______________________________________________________________
| | | | | | |
| | | | |WILSHIRE | |
| PERIOD |SMALL CO.|LARGE CO. | SMALL CO.| 5000 |LARGE CO.|
| | GROWTH | VALUE | VALUE | INDEX * | GROWTH |
|---------|---------|--------- | ---------|---------|---------|
| 9/30/92 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 |
|11/30/92 | 11,432 | 10,176 | 10,280 | 10,541 | 10,640 |
| 2/28/93 | 11,479 | 11,224 | 11,358 | 10,905 | 10,423 |
| 5/31/93 | 12,137 | 11,329 | 11,463 | 11,217 | 10,318 |
| 8/31/93 | 12,850 | 12,293 | 11,972 | 11,702 | 10,246 |
|11/30/93 | 13,098 | 11,702 | 11,730 | 11,727 | 10,511 |
| 2/28/94 | 14,274 | 11,672 | 11,887 | 12,038 | 10,682 |
| 5/31/94 | 12,895 | 11,630 | 11,511 | 11,717 | 10,371 |
| 8/31/94 | 13,519 | 11,850 | 11,971 | 12,261 | 10,895 |
|---------------------------------------------------------------|
*Source: Wilshire Associates, Incoporated
