Dreyfus
Wilshire Target
Funds, Inc.
Semi-Annual
Report
February 28, 1994
Dreyfus-Wilshire Target Funds, Inc. February 28, 1994
Large Company Value Portfolio
Broad Sector Allocation*
(Exhibit A)
Sector allocations in the pie chart are broader groupings than are listed in
the Report's Statement of Investments. Portfolio composition is subject
to change at any time.
Asset Allocation*
Common Stocks........................ 99.2%
Cash Equivalents..................... 0.8
------
100.0%
Ten Largest Equity Holdings*
Exxon................................ 10.3%
Mobil................................ 4.0
Chevron.............................. 3.6
BellSouth............................ 3.6
Amoco................................ 3.3
Texaco............................... 2.2
Atlantic Richfield................... 2.1
Boeing............................... 2.0
BankAmerica.......................... 2.0
NYNEX................................ 2.0
*As a percentage of Total Net Assets.
Dreyfus-Wilshire Target Funds, Inc. February 28, 1994
Small Company Growth Portfolio
Broad Sector Allocation*
(Exhibit B)
Sector allocations in the pie chart are broader groupings than are listed in
the Report's Statement of Investments. Portfolio composition is subject
to change at any time.
Asset Allocation*
Common Stocks........................ 99.7%
Cash Equivalents..................... 0.3
------
100.0%
Ten Largest Equity Holdings*
Solectron............................ 1.0%
IDB Communications Group............. 1.0
Olsten............................... 0.9
Xilinx............................... 0.9
Paychex.............................. 0.9
Best Buy............................. 0.9
Foundation Health.................... 0.9
Callaway Golf........................ 0.9
Value Health......................... 0.9
Dollar General....................... 0.9
*As a percentage of Total Net Assets.
Dreyfus-Wilshire Target Funds, Inc. February 28, 1994
Small Company Value Portfolio
Broad Sector Allocation*
(Exhibit C)
Sector allocations in the pie chart are broader groupings than are listed in
the Report's Statement of Investments. Portfolio composition is subject
to change at any time.
Asset Allocation*
Common Stocks........................ 99.3%
Cash Equivalents..................... 0.7
------
100.0%
Ten Largest Equity Holdings*
BB&T Financial....................... 2.0%
IES Industries....................... 1.8
NWNL Cos............................. 1.6
Fleetwood Enterprises................ 1.6
Ultramar............................. 1.4
Tecumseh Products, Cl. B............. 1.3
BanPonce............................. 1.3
Commerce Bancshares.................. 1.2
American Water Works................. 1.2
West One Bancorp..................... 1.1
*As a percentage of Total Net Assets.
Letter to Shareholders
Dear Shareholder:
Dreyfus-Wilshire Target Funds, Inc. completed the first half of the new
fiscal year on February 28, 1994.
As explained more fully below, small company stocks have
outperformed large company stocks and growth stocks have outperformed
value stocks over the last six months.
This performance resulted in double-digit returns for the Small
Company Growth Portfolio, which was up 11.08% for the period.* This
Portfolio benefitted from a healthy exposure to technology stocks as well
as avoidance of energy and utility issues. AST Research, which sells a
wide range of IBM-compatible personal computers, more than doubled its
value during the period as did Mid Atlantic Medical Services and
HEALTHSOUTH Rehabilitation. The latter two companies are among several
in the drug, medical service and health care areas which have recently
performed very well.
The strong performance of health care stocks did carry over to the
Large Company Growth Portfolio, though the Portfolio's total performance
during the period was not as robust as the Small Company Growth
Portfolio due to the better performance of small cap over large cap
companies. For the six months, the Large Company Growth Portfolio had a
total return of 4.26%.* Among the best performers were Forest Labs and
U.S. Healthcare. While neither of these issues was up as much as the
smaller health stocks mentioned above, each gained over 30% in just six
months. Additionally, health stocks had a greater-than-market weight in
the Large Company Growth Portfolio, further contributing to its
performance. The best-performing large growth stock, however, was not a
health stock but a technology stock _ Compaq Computer, which was up
over 80%. Other best performing issues included Apple Computer, Adobe
Systems, and Novell _ all players in the personal computer arena.
Both Value Portfolios lost ground over the last six months, due largely
to the poor performance of utility stocks, which was a by-product of
increasing fears of higher inflation accompanied by rising interest rates.
The Large Company Value Portfolio had a negative total return of -
5.05%* for the six months, and the Small Company Value Portfolio
declined in total return by -0.71%.*
The Dow Jones Utility Average was down approximately 18% over the
last six months, offset only partially by a 3% yield over that time.**
While the weighting of utilities in the two Value Portfolios has varied
over time, their objectives are such that they have been and probably
always will be overweighted in utility stocks relative to such broad-
based market indexes as the Standard & Poor's 500 Composite Stock Price
Index or the Wilshire 5000 Index. Utilities represented approximately 11%
of the Standard & Poor's 500, while they represented approximately one-
third of the Large Company Value Portfolio and one-fourth of the Small
Company Value Portfolio.
On the positive side, aerospace stocks were strong performers within
the Large Company Value Portfolio. McDonnell Douglas was up almost 50%;
Boeing and Rockwell International were also strong. This industry
represented 5% of the market value of the Portfolio and was up 19%. While
bank stocks generally fared poorly during this period, two banks,
Continental and Signet, were among the Portfolio's top-performing stocks
for the six months. Several chemical industry stocks also contributed,
including Hercules and Monsanto.
The Small Company Value Portfolio was also hurt by its exposure to
utility stocks. This was offset to some degree by its participation in the
general strength of the smaller capitalization companies in other market
sectors. One such sector was energy, with both domestic and international
oil stocks aiding performance during this six-month period. Domestic oil
stocks were particularly interesting since the average small company
domestic oil producer was down 7% for this period, while the average such
stock included in the Portfolio was up 16%. Unfortunately, this group
represented slightly under 1% of the Portfolio. International oil stocks,
which had a modestly higher weight, were up almost 30%. The largest
industry represented in the Portfolio was the banking industry which was
up 1 1/2%.
The half-year performance of the four Target Fund portfolios compares
with a gain of 6.37% in total return for the Dow Jones Industrial Average,
2.13% for the Standard & Poor's 500 and 8.43% for the Russell 2000 Index
for the same period.***
The Dreyfus-Wilshire Target Funds are designed to provide very focused
exposure to different investment segments that account for a significant
part of the market's movements.
What makes this approach potentially so useful to an investor is that
each Portfolio focuses on distinct segments of the market. Individually,
they are very different _ each providing exposure to very specific market
factors and doing so in a very disciplined way. Each provides its own
opportunities and risks. The most recent six-month period shows how such
an approach can often lead to quite different performance results. It is
generally the rule rather than the exception that large stocks perform
differently from small stocks and that growth stocks perform differently
from value stocks.
We appreciate the privilege of investing assets on your behalf and hope
these comments on varying investment styles are helpful.
Sincerely,
(Thomas D. Stevens, CFA Signature logo)
Thomas D. Stevens, CFA
Senior Vice President
Wilshire Associates Incorporated
March 18, 1994
New York, N.Y.
* Total return represents the change during the period in a hypothetical
account with dividends reinvested.
** SOURCE: LIPPER ANALYTICAL SERVICES, INC. Dow Jones Utility Average
is a price-weighted average that measures the price-only performance of
the utility industry in the United States.
*** SOURCE: LIPPER ANALYTICAL SERVICES, INC. - Reflects the
reinvestment of income dividends and, where applicable, capital gain
distributions. The Dow Jones Industrial Average, the Standard & Poor's
500 Composite Stock Price Index and the Russell 2000 Index are widely
accepted unmanaged indexes of various aspects of stock market
performance.
<PAGE>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS FEBRUARY 28, 1994 (UNAUDITED)
LARGE COMPANY GROWTH PORTFOLIO
<TABLE>
<CAPTION>
SHARES COMMON STOCKS--99.6% VALUE
- - ------ -----------
<S> <C> <C>
ADVERTISING--.2%
500 Interpublic Group Cos................ $ 16,375
-----------
AEROSPACE AND DEFENSE--.8%
400 Martin Marietta...................... 18,400
800 Raytheon............................. 49,600
-----------
68,000
-----------
AUTO PARTS--.4%
700 Genuine Parts........................ 26,600
200 Stewart & Stevenson.................. 9,950
-----------
36,550
-----------
BANKING--1.0%
1,700 Norwest.............................. 39,950
300 Wells Fargo.......................... 41,363
-----------
81,313
-----------
BASIC INDUSTRIES--.3%
500 Fluor................................ 22,188
-----------
BEVERAGES--7.9%
1,800 Anheuser-Busch....................... 89,100
200 Brown Forman, Cl. B.................. 17,050
8,400 Coca-Cola............................ 358,050
5,000 PepsiCo.............................. 195,625
-----------
659,825
-----------
BIOTECHNOLOGY--.4%
400 Medtronic............................ 31,900
-----------
BROKERAGE--.3%
400 Morgan Stanley Group................. 26,650
-----------
BUILDING MATERIALS--.3%
600 Sherwin-Williams..................... 21,150
-----------
CHEMICALS--2.2%
700 Air Products & Chemicals............. 33,338
300 Avery Dennison....................... 9,375
200 Betz Laboratories.................... 10,125
200 Crompton & Knowles................... 4,625
200(a) FMC.................................. 9,775
400 Great Lakes Chemical................. 31,300
200 Loctite.............................. 8,350
400 Lubrizol............................. 15,050
300 Morton International................. 31,312
400 Nalco Chemical....................... 14,400
300 Sigma-Aldrich........................ 15,225
-----------
182,875
-----------
COMMERCIAL SERVICES--.2%
200 Flightsafety International........... 8,425
200 Service Corp International........... 5,350
-----------
13,775
-----------
COMPUTER SOFTWARE/SERVICES--5.1%
800 Apple Computer....................... 29,200
100 Autodesk............................. 5,775
900 Automatic Data Processing............ 46,013
COMPUTER SOFTWARE/SERVICES
(CONTINUED)
200(a) BMC Software......................... $ 13,750
500(a) COMPAQ Computer...................... 49,375
200(a) Cabletron Systems.................... 25,000
1,100 Computer Associates International.... 40,425
300(a) Computer Sciences.................... 11,700
200(a) LEGENT............................... 5,050
200(a) Lotus Development.................... 13,900
1,700(a) Microsoft............................ 140,250
1,900(a) Novell............................... 48,450
-----------
428,888
-----------
CONGLOMERATES--4.1%
300(a) Litton Industries.................... 20,063
5,800 Philip Morris Cos.................... 324,800
-----------
344,863
-----------
COSMETICS/TOILETRIES--1.7%
1,000 Colgate-Palmolive.................... 65,125
1,300 Gillette............................. 80,275
-----------
145,400
-----------
DRUGS AND PHARMACEUTICALS--11.7%
5,400 Abbott Laboratories.................. 149,175
4,200 Johnson & Johnson.................... 168,525
1,900 Lilly (Eli).......................... 104,738
1,700 Marion Merrell Dow................... 28,050
7,500 Merck & Co........................... 242,812
500 Mylan Laboratories................... 11,750
1,900 Pfizer............................... 110,200
900 Rhone-Poulenc Rorer.................. 32,400
1,300 Schering-Plough...................... 77,675
1,400 Syntex............................... 21,700
1,100 Upjohn............................... 31,900
-----------
978,925
-----------
ELECTRONICS--12.8%
300 E G & G.............................. 5,588
1,400 Emerson Electric..................... 90,125
5,400 General Electric..................... 569,025
300 Grainger (W.W.)...................... 18,562
1,600 Hewlett-Packard...................... 145,000
200 Hubbell, Cl. B....................... 11,500
2,600 Intel................................ 178,750
400 Loral................................ 15,450
200 Polaroid............................. 6,300
600 Premier Industrial................... 15,150
300 Sensormatic Electronics.............. 10,875
-----------
1,066,325
-----------
ENTERTAINMENT--2.8%
900 Carnival Cruise Lines, Cl. A......... 43,538
600(a) Circus Circus Enterprises............ 22,350
3,300 Disney (Walt)........................ 158,812
200(a) King World Productions............... 7,450
-----------
232,150
-----------
</TABLE>
<PAGE>
STATEMENT OF INVESTMENTS FEBRUARY 28, 1994 (UNAUDITED) (CONTINUED)
LARGE COMPANY GROWTH PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
SHARES COMMON STOCKS (CONTINUED) VALUE
- - ------ -----------
<S> <C> <C>
ENVIRONMENTAL--1.0%
150(a) Thermo Instrument Systems............ $ 4,818
3,100 WMX Technologies..................... 76,338
-----------
81,156
-----------
FINANCE AND FINANCIAL SERVICES--4.9%
150 ADVANTA, Cl. A....................... 4,575
2,227 Banc One............................. 75,718
630 Bear Stearns Cos..................... 13,624
600 Block (H & R)........................ 27,675
315 Countrywide Credit Industry.......... 7,875
250 Edwards (AG)......................... 5,563
500 Equifax.............................. 11,750
400 Fifth Third Bancorp.................. 18,900
500 Franklin Resources................... 22,188
400 Green Tree Financial................. 18,400
400 KeyCorp.............................. 15,200
300 MBIA................................. 18,150
666 Mercury Finance...................... 10,156
300 Northern Trust....................... 12,750
300 Schwab (Chas)........................ 8,250
500 State Street Boston.................. 18,625
800 SunTrust Banks....................... 36,200
300 Synovus Financial.................... 5,212
1,333 Travelers............................ 49,645
1,000 Wachovia............................. 31,750
-----------
412,206
-----------
FOOD DISTRIBUTORS--.4%
1,100 Sysco................................ 29,838
-----------
FOODS--6.8%
1,000 CPC International.................... 49,000
1,500 Campbell Soup........................ 63,000
1,500 ConAgra.............................. 41,063
200 Dean Foods........................... 6,300
1,000 General Mills........................ 55,750
500 Gerber Products...................... 14,062
1,600 Heinz (H.J.)......................... 52,200
500 Hershey Foods........................ 25,625
100 Hormel (Geo A)....................... 2,125
1,500 Kellogg.............................. 75,750
600 Pioneer Hi-Br International.......... 22,050
400 Quaker Oats.......................... 25,400
3,000 Sara Lee............................. 67,125
500 Supervalu............................ 18,500
900 Tyson Foods, Cl. A................... 19,350
700 Wrigley, (WM) Jr..................... 32,550
-----------
569,850
-----------
HOLDING COMPANIES--.3%
500 Textron.............................. 29,000
-----------
HOSPITAL MANAGEMENT--.5%
600 National Health Labs................. 7,950
400 United Healthcare.................... 33,050
-----------
41,000
-----------
HOTELS AND MOTELS--.4%
600(a) Promus Cos........................... 29,550
-----------
HOUSEHOLD APPLIANCES--.3%
400 Whirlpool............................ $ 27,100
-----------
HOUSEHOLD PRODUCTS--3.6%
500 Newell............................... 20,125
4,300 Procter & Gamble..................... 246,713
1,000 Rubbermaid........................... 30,250
-----------
297,088
-----------
INDUSTRIAL--.4%
1,200 Corning.............................. 36,600
-----------
INSURANCE--4.5%
625 AFLAC................................ 18,516
1,950 American International Group......... 171,112
600 Capital Holding...................... 20,700
100 Conseco.............................. 5,538
400 GEICO................................ 21,100
500 General Re........................... 52,812
500 Torchmark............................ 21,500
300 20th Century Industries.............. 7,800
400 UNUM................................. 21,500
600 U.S. HealthCare...................... 38,100
-----------
378,678
-----------
LEISURE TIME--.4%
200 Harley-Davidson...................... 9,800
800 International Game Technology........ 22,700
-----------
32,500
-----------
MACHINERY--.7%
600 Cooper Industries.................... 23,250
400 Dover................................ 24,500
150(a) Thermo Electron...................... 6,188
-----------
53,938
-----------
MANUFACTURING--.8%
500 Hillenbrand Industries............... 20,688
800 Illinois Tool Works.................. 34,400
200 Leggett & Platt...................... 9,050
100 Pall................................. 1,800
-----------
65,938
-----------
MEDICAL SUPPLIES--.4%
700(a) Biomet............................... 7,525
300(a) Forest Labs.......................... 15,038
300 St. Jude Medical..................... 8,550
300 U.S. Surgical........................ 5,250
-----------
36,363
-----------
METALS--.1%
200 MAPCO................................ 12,225
-----------
OFFICE AND BUSINESS EQUIPMENT--.5%
1,000 Pitney Bowes......................... 43,875
-----------
OIL AND GAS--.3%
800 Dresser Industries................... 18,200
500 Union Texas Petroleum................ 9,625
-----------
27,825
-----------
</TABLE>
<PAGE>
STATEMENT OF INVESTMENTS FEBRUARY 28, 1994 (UNAUDITED) (CONTINUED)
LARGE COMPANY VALUE PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
SHARES COMMON STOCKS (CONTINUED) VALUE
- - ------ -----------
<S> <C> <C>
PACKAGING--.4%
300 Bemis................................ $ 6,788
600(a) Crown Cork & Seal.................... 22,725
-----------
29,513
-----------
PRINTING AND PUBLISHING--.5%
400 American Greetings, Cl. A............ 11,150
700 Reader's Digest Association, Cl. A... 30,100
-----------
41,250
-----------
RADIO AND TV BROADCASTING--.9%
100 Capital Cities/ABC................... 66,513
400 Scripps (E.W.), Cl. A................ 11,250
-----------
77,763
-----------
RESTAURANTS--1.8%
150(a) Brinker International................ 6,788
300 Cracker Barrel Old Country........... 7,875
2,300 McDonald's........................... 139,437
-----------
154,100
-----------
RETAIL--12.2%
1,600 Albertson's.......................... 46,200
1,100 Blockbuster Entertainment............ 29,013
500 Dayton Hudson........................ 35,750
700 Dillard Department Stores, Cl. A..... 24,938
300 Family Dollar Stores................. 4,988
900 Gap.................................. 40,725
100 Heilig-Meyers........................ 3,300
2,666 Home Depot........................... 110,972
2,300 Limited.............................. 44,850
1,600 May Department Stores................ 70,000
500 NIKE, Cl. B.......................... 25,875
500 Nordstrom............................ 19,500
600 Reebok International................. 19,875
1,800(a) Toys 'R' Us.......................... 65,700
14,600 Wal-Mart Stores...................... 414,275
800 Walgreen............................. 32,500
500 Winn-Dixie Stores.................... 25,438
-----------
1,013,899
-----------
TECHNOLOGY--1.5%
400(a) Applied Materials.................... 19,000
700(a) Cisco Systems........................ 51,625
1,600(a) Oracle Systems....................... 52,800
-----------
123,425
-----------
TELECOMMUNICATIONS--.1%
300(a) SynOptics Communications............. 7,725
-----------
TEXTILES--.6%
200 Cintas............................... 6,350
500(a) Fruit of The Loom, Cl. A............. 15,063
200 Russel............................... 5,650
800 Shaw Industries...................... 15,000
300 Unifi................................ 7,013
-----------
49,076
-----------
TIRE AND RUBBER GOODS--.2%
500 Cooper Tire & Rubber................. 13,500
-----------
TOBACCO--.4%
1,300 UST.................................. $ 34,613
-----------
TOYS--.5%
500 Hasbro............................... 17,625
1,000 Mattel............................... 26,125
-----------
43,750
-----------
TRUCKING--.2%
200 Roadway Services..................... 14,050
-----------
UTILITIES-TELEPHONE--1.8%
1,000 ALLTEL............................... 27,250
300 Century Telephone Enterprises........ 7,800
1,066(a) Citizens Utility, Cl. A.............. 17,323
3,200 MCI Communications................... 87,600
200 Rochester Telephone.................. 8,700
-----------
148,673
-----------
TOTAL COMMON STOCKS
(cost $7,999,448).................. $ 8,313,219
-----------
-----------
TOTAL INVESTMENTS
(cost $7,999,448)...................... 99.6% $ 8,313,219
------ -----------
------ -----------
CASH AND RECEIVABLES (NET)............... .4% $ 30,375
------ -----------
------ -----------
NET ASSETS............................... 100.0% $ 8,343,594
------ -----------
------ -----------
LARGE COMPANY VALUE PORTFOLIO
COMMON STOCKS--99.2%
AEROSPACE AND DEFENSE--5.2%
5,500 Boeing............................... $ 257,125
200 General Dynamics..................... 18,650
600 Grumman.............................. 22,500
1,000 Lockheed............................. 65,625
600 McDonnell Douglas.................... 71,550
800 Northrop............................. 32,200
2,200 Raytheon............................. 136,400
1,200 Rockwell International............... 49,950
-----------
654,000
-----------
AUTO PARTS--.2%
900 Echlin............................... 26,888
-----------
BANKING--15.4%
700 AmSouth Bancorp...................... 21,438
500 Bancorp Hawaii....................... 23,312
1,500 Bank of New York..................... 81,562
5,800 BankAmerica.......................... 250,125
1,300 Bankers Trust NY..................... 106,762
1,600 Barnett Banks........................ 66,800
1,600 Boatmen's Bancshares................. 45,600
600 Central Fidelity Banks............... 17,700
4,100 Chemical Banking..................... 152,725
1,900 CoreStates Financial................. 49,162
600 First Alabama Bancshares............. 18,150
900 First of America Bank................ 32,963
1,300 First Chicago........................ 63,538
</TABLE>
<PAGE>
STATEMENT OF INVESTMENTS FEBRUARY 28, 1994 (UNAUDITED) (CONTINUED)
LARGE COMPANY VALUE PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
SHARES COMMON STOCKS (CONTINUED) VALUE
- - ------ -----------
<S> <C> <C>
BANKING (CONTINUED)
1,200 First Fidelity Bancorp............... $ 52,500
600 First Security....................... 17,400
500 First Tennessee National............. 19,125
2,800 First Union.......................... 114,800
1,700 Firstar.............................. 53,125
600 Integra Financial.................... 27,075
1,000 Mellon Bank.......................... 55,500
400 Mercantile Bancorp................... 18,650
900 Meridian Bancorp..................... 24,413
3,100 Morgan (J.P.)........................ 211,187
2,600 NBD Bancorp.......................... 74,750
2,600 National City........................ 65,975
600 Old Kent Financial................... 18,450
3,800 PNC Bank............................. 104,975
900 Signet Banking....................... 32,850
1,900 Society.............................. 59,850
1,200 SouthTrust........................... 22,650
500 Star Banc............................ 18,000
1,600 U.S. Bancorp......................... 42,400
-----------
1,963,512
-----------
BEVERAGES--.3%
400 Brown-Forman, Cl. B.................. 34,100
-----------
CHEMICALS--2.1%
1,900 Ethyl................................ 34,912
700 Hercules............................. 80,588
1,900 Monsanto............................. 145,588
-----------
261,088
-----------
CONGLOMERATES--.1%
700 Ogden................................ 15,925
-----------
ELECTRONICS--.6%
800 National Service Industries.......... 22,100
3,900 Westinghouse Electric................ 56,550
-----------
78,650
-----------
ENERGY--19.8%
8,100 Amoco................................ 423,225
20,100 Exxon................................ 1,303,987
6,500 Mobil................................ 511,062
4,300 Texaco............................... 278,963
-----------
2,517,237
-----------
FINANCE--4.7%
900 Beneficial........................... 33,975
600 Crestar Financial.................... 26,250
1,200 First Interstate Bancorp............. 80,250
2,200 Fleet Financial Group................ 71,500
1,500 Household International.............. 51,937
1,600 KeyCorp.............................. 60,800
4,200 NationsBank.......................... 205,275
1,300 Transamerica......................... 65,975
-----------
595,962
-----------
FOODS--.5%
600 Fleming Cos.......................... $ 15,450
300 Giant Food, Cl. A.................... 7,800
1,200 Supervalu............................ 44,400
-----------
67,650
-----------
FOREST AND PAPER PRODUCTS--1.5%
500 Potlatch............................. 23,250
3,400 Weyerhaeuser......................... 161,500
-----------
184,750
-----------
HOLDING COMPANIES--.3%
400 Harsco............................... 17,900
700 Penn Central......................... 18,288
-----------
36,188
-----------
INSURANCE--3.0%
3,500 American General..................... 94,062
400 American National Insurance.......... 20,800
900 Continental.......................... 22,725
900 Jefferson-Pilot...................... 42,413
1,500 Lincoln National..................... 61,125
400 Ohio Casualty........................ 25,500
700 Provident Life & Accident Insurance,
Cl. B.............................. 19,863
1,000 SAFECO............................... 57,375
900 Unitrin.............................. 37,125
-----------
380,988
-----------
MACHINERY--.7%
1,900 Cooper Industries.................... 73,625
900 McDermott International.............. 20,813
-----------
94,438
-----------
MANUFACTURING--.3%
600 Johnson Controls..................... 35,475
-----------
MEDICAL SUPPLIES--.8%
4,500 Baxter International................. 102,375
-----------
MINING AND METALS--.7%
900 Cyprus Amax Minerals................. 27,225
1,200 Phelps Dodge......................... 67,350
-----------
94,575
-----------
OFFICE AND BUSINESS EQUIPMENT--.2%
600 Harris............................... 30,525
-----------
OIL-INTEGRATED DOMESTICS--5.9%
300 Ashland Oil.......................... 12,300
2,600 Atlantic Richfield................... 261,950
5,300 Chevron.............................. 459,775
600 Sun.................................. 20,475
-----------
754,500
-----------
RETAIL--2.4%
1,200 Dayton Hudson........................ 85,800
6,600 K mart............................... 125,400
600 Mercantile Stores.................... 23,025
1,500 Rite Aid............................. 28,688
2,100 Woolworth............................ 46,200
-----------
309,113
-----------
</TABLE>
<PAGE>
STATEMENT OF INVESTMENTS FEBRUARY 28, 1994 (UNAUDITED) (CONTINUED)
LARGE COMPANY VALUE PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
SHARES COMMON STOCKS (CONTINUED) VALUE
- - ------ -----------
<S> <C> <C>
TOBACCO--.9%
3,300 American Brands...................... $ 109,313
-----------
TRANSPORTATION--.1%
700 Alexander & Baldwin.................. 17,850
-----------
UTILITIES--9.5%
1,900 Allegheny Power System............... 45,837
900 Atlantic Energy...................... 18,338
600 CIPSCO............................... 17,025
2,400 Centerior Energy..................... 28,500
1,600 DPL.................................. 31,800
1,400 DQE.................................. 44,450
2,700 Dominion Resources................... 111,375
3,400 Duke Power........................... 131,325
3,100 FPL Group............................ 104,625
1,500 Florida Progress..................... 44,437
600 LG&E................................. 21,600
900 Midwest Resources.................... 14,850
900 Montana Power........................ 21,375
1,000 New England Electric System.......... 35,750
2,400 Niagara Mohawk Power................. 45,000
4,400 PacifiCorp........................... 79,200
1,000 Public Service Co. of Colorado....... 29,875
1,000 Puget Sound P&L...................... 22,500
7,300 SCEcorp.............................. 131,400
5,200 Southern............................. 213,850
500 WPL Holdings......................... 14,500
-----------
1,207,612
-----------
UTILITIES-ELECTRIC POWER--16.5%
2,400 Baltimore Gas & Electric............. 55,800
700 Boston Edison........................ 18,900
2,600 Carolina Power & Light............... 70,850
3,100 Central & South West................. 84,863
1,450 Cincinnati Gas & Electric............ 35,525
3,400 Commonwealth Edison.................. 90,950
3,800 Consolidated Edison.................. 112,575
900 Delmarva Power & Light............... 18,788
2,400 Detroit Edison....................... 67,500
4,500 Entergy.............................. 149,625
1,800 General Public Utilities............. 51,525
2,100 Houston Industries................... 84,787
600 IPALCO Enterprises................... 19,575
600 Idaho Power.......................... 16,500
600 KU Energy............................ 15,750
1,000 Kansas City Power & Light............ 21,750
1,800 Long Island Lighting................. 41,625
1,100 NIPSCO Industries.................... 33,275
1,200 New York State Electric & Gas........ 32,700
2,200 Northeast Utilities.................. 51,425
1,100 Northern States Power................ 45,375
2,500 Ohio Edison.......................... 51,250
600 Oklahoma Gas & Electric.............. 21,075
3,600 PECO Energy.......................... 96,750
900 PSI Resources........................ 21,600
7,100 Pacific Gas & Electric............... 224,537
2,500 Pennsylvania Power & Light........... 59,687
800 Portland General..................... 14,800
UTILITIES-ELECTRIC POWER (CONTINUED)
1,900 Potomac Electric Power............... $ 45,125
4,000 Public Service Enterprise Group...... 121,500
600 Rochester Gas & Electric............. 14,625
700 SCANA................................ 32,113
700 Southwestern Public Service.......... 19,687
3,700 Texas Utilities...................... 142,912
1,600 Union Electric....................... 59,200
900 Washington Water Power............... 15,525
1,700 Wisconsin Energy..................... 42,500
-----------
2,102,549
-----------
UTILITIES-NATURAL GAS
DISTRIBUTORS--1.7%
600 El Paso Natural Gas.................. 23,175
600 National Fuel Gas.................... 18,525
1,900 Panhandle Eastern.................... 41,563
600 Peoples Energy....................... 17,925
1,900 San Diego Gas & Electric............. 43,700
900 Western Resources.................... 27,337
1,600 Williams Cos......................... 39,400
-----------
211,625
-----------
UTILITIES-TELEPHONE--5.8%
8,100 BellSouth............................ 451,575
6,700 NYNEX................................ 249,575
1,000 Southern New England
Telecommunications................. 31,625
-----------
732,775
-----------
TOTAL COMMON STOCKS
(cost $12,628,863)................. $12,619,663
-----------
-----------
TOTAL INVESTMENTS
(cost $12,628,863)..................... 99.2% $12,619,663
------ -----------
------ -----------
CASH AND RECEIVABLES (NET)............... .8% $ 99,283
------ -----------
------ -----------
NET ASSETS............................... 100.0% $12,718,946
------ -----------
------ -----------
SMALL COMPANY GROWTH PORTFOLIO
COMMON STOCKS--99.7%
ADVERTISING--.3%
1,100 ADVO................................. $ 22,000
-----------
AEROSPACE AND DEFENSE--.6%
600(a) Alliant Techsystems.................. 16,350
1,200 OEA.................................. 31,950
-----------
48,300
-----------
AIR TRANSPORTATION--.7%
2,000(a) Mesa Airlines........................ 39,750
600 SkyWest.............................. 19,950
-----------
59,700
-----------
AUTO PARTS--.7%
850 Spartan Motors....................... 14,450
1,900(a) TBC.................................. 25,650
500 Walbro............................... 14,750
-----------
54,850
-----------
</TABLE>
<PAGE>
STATEMENT OF INVESTMENTS FEBRUARY 28, 1994 (UNAUDITED) (CONTINUED)
SMALL COMPANY GROWTH PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
SHARES COMMON STOCKS (CONTINUED) VALUE
- - ------ -----------
<S> <C> <C>
BEVERAGES--.2%
700(a) Canandaigua Wine, Cl. A.............. $ 19,250
-----------
BIOTECHNOLOGY--1.2%
600(a) Collagen............................. 14,250
900(a) Cordis............................... 41,625
700 Mentor............................... 10,850
1,100(a) Nellcor.............................. 31,900
-----------
98,625
-----------
CHEMICALS--.5%
1,600(a) Airgas............................... 35,000
500 PENWEST Ltd.......................... 11,375
-----------
46,375
-----------
COMMERCIAL SERVICES--1.2%
800(a) Medical Marketing Group.............. 21,500
2,412 Olsten............................... 76,882
-----------
98,382
-----------
COMPUTER SOFTWARE/SERVICES--14.5%
2,000(a) AST Research......................... 63,000
600(a) Acxiom............................... 13,500
3,200(a) Adaptec.............................. 69,600
900(a) American Management Systems.......... 17,100
600(a) BancTec.............................. 14,850
500(a) Broderbund Software.................. 20,125
800(a) Cerner............................... 37,800
1,600(a) Cheyenne Software.................... 64,400
1,000(a) Computer Network Technology.......... 9,875
1,240(a) Comverse Technology.................. 17,515
3,000(a) Conner Peripherals................... 52,500
2,300(a) Dell Computer........................ 57,500
1,300(a) Exabyte.............................. 23,725
2,400(a) Fiserv............................... 48,000
800 Hogan Systems........................ 8,100
300(a) Hutchinson Technology................ 10,950
1,500(a) Information Resources................ 39,000
1,300(a) Komag................................ 32,500
1,200(a) Network General...................... 24,900
1,950 Paychex.............................. 76,050
1,300(a) Policy Management Systems............ 47,938
2,700(a) Quantum.............................. 45,561
300(a) Rainbow Technologies................. 5,925
1,400 Reynolds & Reynolds, Cl. A........... 67,375
700(a) Standard Microsystems................ 13,388
1,100(a) Sterling Software.................... 37,675
1,400(a) Stratus Computer..................... 40,075
1,800(a) Structural Dynamics Research......... 26,775
1,000(a) SunGard Data Systems................. 38,750
1,700 System Software...................... 28,475
1,200(a) Tech Data............................ 45,300
1,200 Tseng Labs........................... 12,300
1,300 United Asset Management.............. 51,350
700(a) Video Lottery Technology............. 14,175
1,100(a) Zilog................................ 34,650
-----------
1,210,702
-----------
CONSUMER PRODUCTS--.3%
700(a) Harman International................. 22,838
-----------
COSMETICS/TOILETRIES--.2%
500(a) Jean Philippe Fragrances............. $ 6,000
666 Nature's Sunshine Products........... 9,823
-----------
15,823
-----------
DISTRIBUTION--2.3%
700 Bindley Western Industries........... 9,450
1,200 Cardinal Health...................... 57,900
800(a) Mail Boxes Etc....................... 8,000
1,900(a) Merisel.............................. 39,900
1,400(a) Xilinx............................... 76,300
-----------
191,550
-----------
DRUGS AND PHARMACEUTICALS--.9%
800(a) Nature's Bounty...................... 17,600
700(a) Pharmaceutical Resources............. 9,187
700(a) Purepac.............................. 10,150
1,203 SPI Pharmaceuticals.................. 21,955
600(a) Syncor International................. 13,050
-----------
71,942
-----------
ELECTRONICS--8.8%
1,200 Allen Group.......................... 18,450
1,300(a) Altera............................... 43,550
800(a) Anthem Electronics................... 25,500
1,200(a) Atmel................................ 56,850
1,600(a) Dallas Semiconductor................. 29,000
600(a) Dynatech............................. 11,550
400(a) Exar................................. 10,500
500(a) GTI.................................. 10,250
1,000(a) Gentex............................... 25,500
400(a) Input/Output......................... 14,200
400(a) Kent Electronics..................... 12,300
1,500(a) Lam Research......................... 54,000
1,200(a) Lattice Semiconductor................ 18,300
2,600 Mark IV Industries................... 50,375
500(a) Marshall Industries.................. 27,000
900(a) Maxim Integrated Products............ 47,475
900(a) Novellus Systems..................... 38,025
1,100(a) Oak Industries....................... 20,763
500 Pioneer Standard Electronics......... 12,875
1,700(a) SCI Systems.......................... 32,300
2,600(a) Solectron............................ 80,925
1,500(a) VeriFone............................. 28,875
1,300(a) Vishay Intertechnology............... 45,825
700 X-Rite............................... 16,450
-----------
730,838
-----------
ENGINEERING--.5%
200 Conversion Industries................ 2,825
1,500(a) Jacobs Engineering Group............. 36,563
-----------
39,388
-----------
ENTERTAINMENT--1.0%
500(a) Carmike Cinemas, Cl. A............... 8,563
700 Delta Queen Steamboat................ 10,850
1,300(a) Grand Casinos........................ 37,862
</TABLE>
<PAGE>
STATEMENT OF INVESTMENTS FEBRUARY 28, 1994 (UNAUDITED) (CONTINUED)
SMALL COMPANY GROWTH PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
SHARES COMMON STOCKS (CONTINUED) VALUE
- - ------ -----------
<S> <C> <C>
ENTERTAINMENT (CONTINUED)
550 Jackpot Enterprises.................. $ 6,944
1,200(a) Rio Hotel & Casino................... 20,550
-----------
84,769
-----------
ENVIRONMENTAL--1.4%
2,200(a) Allwaste............................. 10,725
700(a) IMCO Recycling....................... 10,150
400(a) Ionics............................... 18,000
1,500 Mid-American Waste Systems........... 14,250
2,400(a) Ogden Projects....................... 36,900
900(a) Sanifill............................. 21,375
700(a) USA Waste Services................... 9,188
-----------
120,588
-----------
FINANCE--3.4%
500 Eaton Vance.......................... 16,625
300 Jefferies Group...................... 9,450
750 Legg Mason........................... 17,625
200 Magna Bancorp........................ 7,200
600(a) Medaphis............................. 22,050
1,100(a) PEC Israel Economic.................. 31,900
1,000 Piper Jaffray Cos.................... 16,375
1,800 Price (T. Rowe) Associates........... 56,250
661 Quick & Reilly Group................. 18,756
1,350 Raymond James Financial.............. 22,106
2,100 Total Systems Services............... 55,125
562 Waterhouse Investor Services......... 11,521
-----------
284,983
-----------
FOODS--1.3%
1,200 Applebee's International............. 25,950
1,900(a) Buffets.............................. 47,975
900 Dreyer's Grand Ice Cream............. 21,375
600(a) J&J Snack Foods...................... 11,475
-----------
106,775
-----------
HEALTH CARE--1.5%
230(a) Healthwise of America................ 6,325
700(a) TakeCare............................. 47,425
1,700(a) Value Health......................... 70,975
-----------
124,725
-----------
HOME FURNISHINGS--.3%
400(a) Helen of Troy........................ 6,000
1,200 Juno Lighting........................ 22,650
-----------
28,650
-----------
HOMEBUILDING--1.1%
1,700 Pulte................................ 57,587
2,100(a) Toll Brothers........................ 31,500
-----------
89,087
-----------
HOSPITAL MANAGEMENT--7.6%
500(a) Allied Clinical Labs................. 6,625
800(a) Coastal Healthcare Group............. 29,000
600(a) Community Health Systems............. 13,650
2,200(a) Continental Medical Systems.......... 25,300
1,400(a) Diagnostek........................... 24,850
700(a) Genesis Health Ventures.............. 18,550
HOSPITAL MANAGEMENT (CONTINUED)
1,800(a) HEALTHSOUTH Rehabilitation........... $ 53,100
1,850(a) Health Management Associates, Cl.
A.................................. 61,744
2,200(a) HealthCare COMPARE................... 53,350
750(a) Healthsource......................... 45,562
700(a) Horizon Healthcare................... 18,025
3,100(a) NovaCare............................. 55,800
1,000(a) Oxford Health Plans.................. 64,500
800(a) Pacific Physician Services........... 23,200
400(a) Ramsay-HMO........................... 21,500
800(a) Sierra Health Services............... 22,600
2,300 Surgical Care Affiliates............. 39,675
2,500 T2 Medical........................... 20,938
1,100(a) Vencor............................... 37,400
-----------
635,369
-----------
INSURANCE--4.9%
500 Allied Group......................... 12,750
600(a) American Travellers.................. 8,325
1,100(a) Citizens, Cl. A...................... 9,075
1,900 Equitable of Iowa.................... 66,262
2,100(a) FHP International.................... 59,325
900 Fidelity National Financial.......... 18,225
1,900(a) Foundation Health.................... 72,913
440 Frontier Insurance Group............. 18,700
1,102 Gainsco.............................. 11,020
600(a) Gencare Health Systems............... 20,250
300(a) Markel............................... 13,200
1,350(a) Mid Atlantic Medical Services........ 48,094
300(a) Navigators Group..................... 6,300
500(a) United Insurance..................... 13,250
700 United Wisconsin Services............ 25,025
400 Unitog............................... 10,300
-----------
413,014
-----------
LEISURE TIME--2.6%
2,400(a) Acclaim Entertainment................ 61,500
1,200 Arctco............................... 30,900
1,000 Callaway Golf........................ 71,500
500 Thor Industries...................... 13,938
1,500(a) WMS Industries....................... 38,812
-----------
216,650
-----------
MACHINERY--1.4%
500 AGCO................................. 20,750
1,600(a) ElectroCom Automation................ 12,800
2,200 Giddings & Lewis..................... 56,100
800(a) IDEX................................. 29,800
-----------
119,450
-----------
MANUFACTURING--3.3%
1,800 Danaher.............................. 65,925
2,800 Fleetwood Enterprises................ 62,650
300(a) Harmon Industries.................... 6,075
2,300(a) Instrument Systems................... 20,700
1,400 Oakwood Homes........................ 34,300
781(a) Paxar................................ 10,739
1,200(a) Shorewood Packaging.................. 19,800
</TABLE>
<PAGE>
STATEMENT OF INVESTMENTS FEBRUARY 28, 1994 (UNAUDITED) (CONTINUED)
SMALL COMPANY GROWTH PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
SHARES COMMON STOCKS (CONTINUED) VALUE
- - ------ -----------
<S> <C> <C>
MANUFACTURING (CONTINUED)
1,000 Watts Industries, Cl. A.............. $ 57,000
-----------
277,189
-----------
MEDICAL SUPPLIES--4.9%
1,800(a) AMSCO International.................. 17,550
1,400 Arrow International.................. 32,200
1,700 Ballard Medical Products............. 23,375
1,000(a) Datascope............................ 16,000
1,500(a) Dentsply International............... 62,812
500(a) Empi................................. 8,875
900(a) Invacare............................. 24,525
1,000 Life Technologies.................... 17,000
1,300 Owens & Minor........................ 33,800
600(a) Research Industries.................. 6,825
500(a) Respironics.......................... 10,125
1,000(a) SciMed Life Systems.................. 35,500
1,500(a) Sofamor/Danek Group.................. 42,000
500(a) Sullivan Dental Products............. 9,438
1,000(a) Sunrise Medical...................... 29,500
1,200(a) Tecnol Medical Products.............. 18,450
750 Utah Medical Products................ 5,813
800(a) Vital Signs.......................... 11,000
-----------
404,788
-----------
METALS--1.2%
900 American Colloid..................... 15,300
600(a) Material Sciences.................... 15,900
800 Steel Technologies................... 16,400
1,800 TriMas............................... 50,400
-----------
98,000
-----------
OIL AND GAS--2.1%
600(a) Barrett Resources.................... 7,500
800(a) Gerrity Oil & Gas.................... 7,900
500 Holly................................ 14,625
600 KCS Energy........................... 16,050
1,500(a) Oceaneering International............ 20,438
700(a) Tejas Gas............................ 39,462
1,200 Vintage Petroleum.................... 22,950
1,600 Western Gas Resources................ 47,000
-----------
175,925
-----------
PRINTING AND PUBLISHING--.8%
1,000 Medusa............................... 31,000
400 Merrill.............................. 11,800
1 Wausau Paper Mills................... 29
1,300(a) Western Publishing................... 22,912
-----------
65,741
-----------
RADIO AND TV BROADCASTING--1.9%
875(a) Clear Channel Communication.......... 35,109
4,410(a) IDB Communications Group............. 79,380
963 Turner Broadcasting, Cl. B........... 21,908
1,000(a) Westcott Communications.............. 22,500
-----------
158,897
-----------
RESTAURANTS--2.4%
900 Apple South.......................... 23,962
2,600(a) Checkers Drive-In Restaurant......... 21,125
500 Cooker Restaurant.................... 5,875
RESTAURANTS (CONTINUED)
2,400(a) Outback Steakhouse................... $ 66,600
800(a) Rally's Hamburgers................... 8,300
3,300(a) Ryan's Family Steak House............ 25,162
900 Sbarro............................... 37,238
600(a) VICORP Restaurants................... 12,000
-----------
200,262
-----------
RETAIL--11.9%
300(a) Babbage's............................ 3,900
900 Baker (J.)........................... 18,788
1,350(a) Best Buy............................. 74,587
2,250(a) Bombay............................... 61,875
2,550(a) Burlington Coat Factory.............. 70,444
1,000(a) Caldor............................... 27,750
1,700 Cash America International........... 15,300
1,300 Claire's Stores...................... 27,300
900(a) ClothesTime.......................... 6,863
3,000(a) Consolidated Stores.................. 58,500
1,050(a) Designs.............................. 16,144
2,625 Dollar General....................... 70,875
1,400(a) Dress Barn........................... 17,500
1,800 Duty Free International.............. 30,150
1,300(a) Eagle Hardware & Garden.............. 19,662
500(a) Fabri-Centers America................ 8,250
1,200 Fastenal............................. 42,000
500(a) InaCom............................... 8,750
2,400 Intelligent Electronics.............. 58,500
1,100 Lands' End........................... 54,038
1,400 Lennar............................... 47,775
1,100(a) Michaels Stores...................... 45,375
400(a) One Price Clothing Stores............ 8,800
600(a) Proffitt's........................... 10,650
400(a) Rex Stores........................... 8,200
1,600(a) Ross Stores.......................... 23,400
1,700(a) Starbucks............................ 39,525
1,000 Sun Television & Appliances.......... 14,250
500(a) Timberland, Cl. A.................... 18,125
2,000(a) Value City Department Stores......... 31,000
1,200(a) Viking Office Products............... 56,100
-----------
994,376
-----------
TELECOMMUNICATIONS--4.0%
1,700(a) ADC Telecommunications............... 64,175
1,100(a) Andrew............................... 53,900
700(a) California Microwave................. 17,150
1,100(a) Centex Telemanagement................ 5,500
900(a) Digi International................... 16,650
1,000(a) InterVoice........................... 11,250
1,900(a) Network Systems...................... 16,625
1,100(a) Octel Communications................. 31,350
600(a) Peoples Telephone.................... 6,000
1,200(a) Tellabs.............................. 63,900
1,000(a) United States Banknote............... 4,125
600(a) United States Long Distance.......... 6,375
700(a) United States Robotics............... 30,450
300(a) Xyplex............................... 5,550
-----------
333,000
-----------
</TABLE>
<PAGE>
STATEMENT OF INVESTMENTS FEBRUARY 28, 1994 (UNAUDITED) (CONTINUED)
SMALL COMPANY GROWTH PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
SHARES COMMON STOCKS (CONTINUED) VALUE
- - ------ -----------
<S> <C> <C>
TEXTILES--2.0%
500(a) Fieldcrest Cannon.................... $ 14,375
1,350 G & K Services, CL. A................ 20,250
1,600(a) Jones Apparel Group.................. 53,000
750(a) Nautica Enterprises.................. 18,750
1,600 Phillips-Van Heusen.................. 57,000
-----------
163,375
-----------
TIRE AND RUBBER GOODS--.4%
975 Standard Products.................... 35,831
-----------
TOYS--.2%
2,000 Tyco Toys............................ 17,750
-----------
TRANSPORTATION--1.1%
1,600(a) Agency Rent-A-Car.................... 22,200
700 Air Express International............ 14,437
1,350 Comair Holdings...................... 31,050
800 Expeditors International,
Washington......................... 15,200
600 Intertrans........................... 9,075
-----------
91,962
-----------
TRUCKING--3.0%
1,800(a) American Freightways................. 35,550
791(a) Heartland Express.................... 27,883
2,400 Hunt (JB) Transport.................. 58,200
700(a) M.S. Carriers........................ 18,025
750(a) Swift Transportation................. 19,406
1,400 Werner Enterprises................... 40,600
1,100 XTRA................................. 48,675
-----------
248,339
-----------
UTILITIES--1.1%
2,300(a) California Energy.................... 41,975
1,500(a) Magma Power.......................... 47,438
-----------
89,413
-----------
TOTAL COMMON STOCKS
(cost $6,502,826).................. $ 8,309,471
-----------
-----------
TOTAL INVESTMENTS
(cost $6,502,826)...................... 99.7% $ 8,309,471
------ -----------
------ -----------
CASH AND RECEIVABLES (NET)............... .3% $ 20,993
------ -----------
------ -----------
NET ASSETS............................... 100.0% $ 8,330,464
------ -----------
------ -----------
SMALL COMPANY VALUE PORTFOLIO
COMMON STOCKS--99.3%
<S> <C> <C>
AEROSPACE AND DEFENSE--.9%
5,400 Thiokol.............................. $ 149,850
2,000 Watkins-Johnson...................... 45,500
-----------
195,350
-----------
AUTO TRUCKS AND PARTS--.5%
2,900 Purolator Products................... 47,850
3,600 SPX.................................. 58,500
-----------
106,350
-----------
BANKING--20.6%
3,320 Associated Banc-Corp................. $ 110,805
820 BT Financial......................... 25,420
2,025 Bancorp South........................ 62,775
8,500 BanPonce............................. 276,250
1,300 Blessings............................ 31,850
2,993 CNB Bancshares....................... 99,517
1,400 CPB.................................. 37,800
1,900 Cathay Bancorp....................... 26,600
3,800 Citizens Bancorp Maryland............ 111,150
3,400 Citizens Banking..................... 88,400
5,400 Colonial BancGroup, Cl. A............ 109,350
1,785 Commerce Bancorp..................... 29,676
8,250 Commerce Bancshares.................. 264,000
9,500 Compass Bancshares................... 223,250
7,800 Dauphin Deposit...................... 185,250
4,600 Deposit Guaranty..................... 123,050
3,100 F&M National......................... 50,375
6,500 First Bancorp, Ohio.................. 157,625
2,500 First Colonial Bankshares, Cl. A..... 48,438
4,400 First Commercial..................... 91,300
3,150 First Michigan Bank.................. 92,137
1,600 Firstbank of Illinois................ 56,000
2,000 Fort Wayne National.................. 76,000
2,400 Grenada Sunburst System.............. 55,800
3,800 Jefferson Bankshares................. 84,550
6,633 Liberty National Bancorp............. 195,673
3,700 Mark Twain Bancshares................ 107,300
3,150 Mid Am............................... 48,431
2,195 Mid-America Bancorp.................. 43,900
2,200 NBB Bancorp.......................... 82,500
3,360 One Valley Bancorp of West
Virginia........................... 89,880
7,900 Southern National.................... 158,000
6,500 Summit Bancorporation................ 131,625
2,500 Susquehanna Bancshares............... 65,625
4,700 Union Planters....................... 112,800
3,600 United Carolina Bancshares........... 81,000
700 United Counties Bancorporation....... 67,900
5,350 Valley Bancorporation................ 189,925
6,325 Valley National Bancorp.............. 186,588
9,300 West One Bancorp..................... 247,613
3,300 Zions Bancorp........................ 127,050
-----------
4,453,178
-----------
BROKERAGE--.2%
3,700 Morgan Keegan........................ 47,175
-----------
CHEMICALS--2.0%
2,500 Chemed............................... 80,938
6,300 Dexter............................... 160,650
7,000 LeaRonal............................. 107,625
2,400 Quaker Chemical...................... 40,200
1,300 Stepan............................... 39,162
-----------
428,575
-----------
</TABLE>
<PAGE>
STATEMENT OF INVESTMENTS FEBRUARY 28, 1994 (UNAUDITED) (CONTINUED)
SMALL COMPANY VALUE PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
SHARES COMMON STOCKS (CONTINUED) VALUE
- - ------ -----------
<S> <C> <C>
COMMERCIAL SERVICES--2.2%
2,300 American Building Maintenance
Industries......................... $ 41,113
3,800 CPI.................................. 59,375
4,500 PHH.................................. 175,500
5,800 Wallace Computer Services............ 198,650
-----------
474,638
-----------
COMMUNICATIONS--.2%
3,200 Atlantic Tele-Network................ 39,200
-----------
COMPUTER SOFTWARE/SERVICES--.4%
6,700 National Computer Systems............ 90,450
-----------
CONSTRUCTION/ENGINEERING--.2%
2,000 Gilbert Associates, Cl. A............ 37,000
-----------
CONTAINERS--.9%
7,700 Ball................................. 194,425
-----------
ELECTRONICS--.8%
11,400 Ametek............................... 135,375
1,900 Joslyn............................... 46,550
-----------
181,925
-----------
FINANCE--12.2%
2,550 Amcore Financial..................... 45,262
14,600 BB&T Financial....................... 432,525
2,200 CCB Financial........................ 78,100
7,800 Centura Banks........................ 155,025
7,200 Community First Bankshares........... 99,000
6,400 First Commerce....................... 163,200
4,400 First Commonwealth Financial......... 84,150
6,200 First Financial-Wisconsin............ 96,100
2,500 First Indiana........................ 60,000
1,345 First Western Bancorp................ 39,341
8,700 FirstFed Michigan.................... 192,488
6,000 Fourth Financial..................... 171,000
3,710 Fulton Financial..................... 89,968
6,300 JSB Financial........................ 145,687
6,300 Magna Group.......................... 121,275
5,925 New York Bancorp..................... 110,353
4,600 Piper Jaffray Cos.................... 75,325
4,100 Provident Bancorp.................... 118,900
1,400 S & T Bancorp........................ 54,600
8,100 Standard Federal Bank................ 226,800
2,900 United Bancshares.................... 77,575
-----------
2,636,674
-----------
FOODS--1.5%
2,600 American Maize-Products, Cl. A....... 52,000
2,800 Nash Finch........................... 48,300
6,800 Savannah Foods & Industry............ 91,800
5,300 Smith's Food & Drug Centers, Cl. B... 121,900
1,500 Tasty Baking......................... 20,250
-----------
334,250
-----------
HOUSEHOLD APPLIANCES--1.2%
5,600 Kimball International, Cl. B......... 170,800
1,900 National Presto Industries........... 86,450
-----------
257,250
-----------
HOUSING--.5%
6,900 McGrath RentCorp..................... $ 112,125
-----------
INSURANCE--5.7%
4,800 American Bankers Insurance Group..... 113,400
1,800 Capitol Transamerica................. 32,400
2,800 Foremost Corp., America.............. 97,300
3,650 Fremont General...................... 88,968
4,600 Home Beneficial, Cl. B............... 100,050
12,800 NWNL Cos............................. 348,800
1,500 RLI.................................. 36,938
3,600 Selective Insurance Group............ 105,300
5,900 USLIFE............................... 230,100
3,200 Washington National.................. 79,200
-----------
1,232,456
-----------
LEISURE TIME--.7%
2,751 Anthony Industries................... 44,016
8,600 Handleman............................ 98,900
-----------
142,916
-----------
MACHINERY--2.2%
1,500 Cascade.............................. 30,750
6,600 Harnischfeger Industries............. 166,650
4,900 Tecumseh Products, Cl. B............. 282,975
-----------
480,375
-----------
MANUFACTURING--4.4%
5,900 Arvin Industries..................... 187,325
4,700 Figgie International, Cl. A.......... 41,125
15,000 Fleetwood Enterprises................ 335,625
8,300 GenCorp.............................. 120,350
3,000 Graco................................ 69,750
4,300 O'Sullivan........................... 41,925
2,900 Sealright............................ 44,225
4,000 Standex International................ 114,500
-----------
954,825
-----------
MEDICAL SUPPLIES--.4%
20,900 Kinetic Concepts..................... 86,212
-----------
METALS--1.5%
2,200 Amcast Industrial.................... 54,725
3,200 Cleveland Cliffs..................... 136,400
12,400 UNR Industries....................... 77,500
4,100 Zero................................. 60,475
-----------
329,100
-----------
OFFICE AND BUSINESS EQUIPMENT--1.6%
2,800 American Business Products........... 64,400
1,600 Nashua............................... 46,200
7,500 Standard Register.................... 166,875
4,800 United Stationers.................... 63,600
-----------
341,075
-----------
OIL AND GAS--3.0%
7,600 Diamond Shamrock..................... 220,400
7,000 ONEOK................................ 126,875
9,900 Ultramar............................. 294,525
-----------
641,800
-----------
</TABLE>
<PAGE>
STATEMENT OF INVESTMENTS FEBRUARY 28, 1994 (UNAUDITED) (CONTINUED)
SMALL COMPANY VALUE PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
SHARES COMMON STOCKS (CONTINUED) VALUE
- - ------ -----------
<S> <C> <C>
RAILROADS--1.0%
5,400 GATX................................. $ 223,425
-----------
RESTAURANTS--.5%
3,400 Marcus............................... 96,050
-----------
RETAIL--3.8%
5,700 Edison Brothers Stores............... 166,725
5,300 Fay's................................ 37,762
4,600 Ingles Markets, Cl. A................ 56,925
5,400 Longs Drug Stores.................... 213,975
5,600 Russ Berrie & Co..................... 81,900
8,400 Shopko Stores........................ 99,750
2,624 Strawbridge-Clothier, Cl. A.......... 59,040
4,400 Venture Stores....................... 99,000
-----------
815,077
-----------
STEEL--.6%
2,100 Carpenter Technology................. 133,350
-----------
STORAGE/WAREHOUSING--.7%
3,900 Lukens............................... 142,838
-----------
TEXTILES--3.8%
2,300 Angelica............................. 57,500
6,800 Delta Woodside Industries............ 74,800
3,600 Garan................................ 104,850
3,600 Guilford Mills....................... 79,200
2,850 Johnston Industries.................. 35,269
3,600 Kellwood............................. 134,100
3,800 Oshkosh B'Gosh, Cl. A................ 56,050
2,200 Oxford Industries.................... 66,000
4,500 Springs Industries, Cl. A............ 174,937
7,600 Tultex............................... 41,800
-----------
824,506
-----------
TIRE AND RUBBER GOODS--.6%
4,000 Carlisle Cos......................... 132,500
-----------
TOBACCO--.1%
500 Dibrell Brothers..................... 10,625
-----------
UTILITIES-ELECTRIC POWER--12.1%
1,500 Bangor Hydro Electric................ 25,688
3,400 CILCORP.............................. 115,175
4,400 Central Hudson Gas & Electric........ 124,850
8,400 Central Maine Power.................. 110,250
3,000 Central Vermont Public Service....... 57,750
2,600 Commonwealth Energy System Cos....... 116,350
4,800 Eastern Utilities Association........ 122,400
3,500 Empire District Electric............. 68,250
3,800 Green Mountain Power................. 109,250
13,300 IES Industries....................... 380,712
7,700 Iowa-Illinios Gas & Electric......... 177,100
5,000 MDU Resources Group.................. 150,000
2,800 Madison Gas & Electric............... 86,800
10,600 Nevada Power......................... 230,550
UTILITIES-ELECTRIC POWER (CONTINUED)
2,000 Northwestern Public Service.......... $ 54,250
3,500 Orange/Rockland Utilities............ 126,438
4,100 Southern Indiana Gas & Electric...... 118,900
3,700 St. Joseph Light & Power............. 108,225
3,700 United Illuminating.................. 133,662
6,300 Wisconsin Public Service............. 181,913
-----------
2,598,513
-----------
UTILITIES-NATURAL GAS
DISTRIBUTORS--8.7%
2,000 Atmos Energy......................... 59,000
3,400 Bay State Gas........................ 91,800
2,100 Colonial Gas......................... 49,350
2,000 Connecticut Energy................... 41,000
4,900 Energen.............................. 105,350
5,800 Indiana Energy....................... 121,800
3,950 KN Energy............................ 96,775
2,000 Laclede Gas.......................... 94,750
2,100 NUI.................................. 57,488
4,300 New Jersey Resources................. 111,800
3,400 Northwest Natural Gas................ 121,550
1,400 Pennsylvania Enterprises............. 44,800
6,700 Piedmont Natural Gas................. 149,912
4,200 Public Service Company of North
Carolina........................... 69,300
2,514 South Jersey Industries.............. 55,622
10,500 Transco Energy....................... 162,750
2,600 United Cities Gas.................... 44,850
4,000 WICOR................................ 121,000
5,400 Washington Gas Light................. 216,675
2,600 Yankee Energy System................. 65,000
-----------
1,880,572
-----------
UTILITIES-WATER--3.6%
8,100 American Water Works................. 250,088
3,000 Aquarion............................. 77,625
1,500 California Water Service............. 51,375
1,800 Consumers Water...................... 32,400
1,400 E'town............................... 42,700
2,900 GWC.................................. 48,575
1,800 IWC Resources........................ 40,050
6,800 Philadelphia Suburban................ 129,200
2,000 Southern California Water............ 34,750
5,200 United Water Resources............... 73,450
-----------
780,213
-----------
TOTAL COMMON STOCKS
(cost $21,064,159)................. $21,434,993
-----------
-----------
TOTAL INVESTMENTS
(cost $21,064,159)..................... 99.3% $21,434,993
------ -----------
------ -----------
CASH AND RECEIVABLES (NET)............... .7% $ 161,369
------ -----------
------ -----------
NET ASSETS............................... 100.0% $21,596,362
------ -----------
------ -----------
</TABLE>
NOTE TO STATEMENT OF INVESTMENTS;
(a) Non-income producing.
See independent accountants' review report and notes to financial statements.
<PAGE>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF ASSETS AND LIABILITIES FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
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........................... $8,313,219 $12,619,663 $8,309,471 $21,434,993
Cash......................................................... -- 5,553 40,159 119,251
Dividends receivable......................................... 12,441 82,224 1,771 79,986
Prepaid expenses and other assets............................ 23,820 17,502 21,403 20,406
Due from The Dreyfus Corporation............................. 30,105 31,827 33,770 50,526
---------- ----------- ---------- -----------
8,379,585 12,756,769 8,406,574 21,705,162
---------- ----------- ---------- -----------
LIABILITIES:
Payable for Common Stock redeemed............................ $ -- $ 5,769 $ 43,584 $ 65,761
Accrued expenses and other liabilities....................... 35,991 32,054 32,526 43,039
---------- ----------- ---------- -----------
35,991 37,823 76,110 108,800
---------- ----------- ---------- -----------
NET ASSETS..................................................... $8,343,594 $12,718,946 $8,330,464 $21,596,362
---------- ----------- ---------- -----------
---------- ----------- ---------- -----------
REPRESENTED BY:
Paid-in capital.............................................. $7,998,841 $12,516,034 $6,533,131 $21,095,179
Accumulated undistributed investment income--net............. 11,143 102,538 (5,548) 114,672
Accumulated undistributed net realized gain (loss) on
investments................................................ 19,839 109,574 (3,764) 15,677
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4(b).................................. 313,771 (9,200) 1,806,645 370,834
---------- ----------- ---------- -----------
NET ASSETS at value............................................ $8,343,594 $12,718,946 $8,330,464 $21,596,362
---------- ----------- ---------- -----------
---------- ----------- ---------- -----------
SHARES OF COMMON STOCK OUTSTANDING
[400 million shares (with 100 million allocated to each
series) of $.001 par value Common Stock authorized].......... 639,563 923,091 512,519 1,518,649
---------- ----------- ---------- -----------
---------- ----------- ---------- -----------
NET ASSET VALUE per share
(Net Assets / Shares Outstanding)............................ $13.05 $13.78 $16.25 $14.22
---------- ----------- ---------- -----------
---------- ----------- ---------- -----------
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
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 $894 foreign taxes withheld at source
for the Small Company Value Portfolio)...................... $ 75,089 $ 219,310 $ 13,612 $ 349,552
Interest...................................................... -- 5,194 -- 5,129
--------- --------- --------- ---------
TOTAL INCOME.............................................. 75,089 224,504 13,612 354,681
--------- --------- --------- ---------
EXPENSES--Note 2(c):
Investment advisory fee--Note 3(a)............................ $ 4,087 $ 4,862 $ 3,917 $ 9,053
Administration fee--Note 3(a)................................. 8,173 9,724 7,834 18,105
Shareholder servicing costs--Note 3(b)........................ 16,943 15,350 18,543 29,464
Auditing fees................................................. 10,006 10,004 10,003 10,007
Legal fees.................................................... 4,074 2,530 2,206 5,256
Registration fees............................................. 3,967 7,282 3,457 10,444
Organization expenses......................................... 1,793 1,793 1,793 1,793
Prospectus and shareholders' reports.......................... 1,526 1,363 5,213 3,914
Directors' fees and expenses--Note 3(c)....................... 1,087 1,689 1,222 4,487
Custodian fees................................................ 663 1,449 634 2,677
Miscellaneous................................................. 1,828 1,730 1,862 1,965
--------- --------- --------- ---------
54,147 57,776 56,684 97,165
Less--expenses reimbursed and waived by Wilshire and Dreyfus
due to undertakings--Note 3(a).............................. 45,765 48,455 47,720 80,684
--------- --------- --------- ---------
TOTAL EXPENSES............................................ 8,382 9,321 8,964 16,481
--------- --------- --------- ---------
INVESTMENT INCOME--NET.................................... 66,707 215,183 4,648 338,200
--------- --------- --------- ---------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments--Note 4(a)..................... $ 51,717 $ 238,067 $ 45,782 $ 63,071
Net unrealized appreciation (depreciation) on investments....... 221,001 (973,395) 792,362 (544,747)
--------- --------- --------- ---------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS.... 272,718 (735,328) 838,144 (481,676)
--------- --------- --------- ---------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS... $ 339,425 $(520,145) $ 842,792 $(143,476)
--------- --------- --------- ---------
--------- --------- --------- ---------
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
LARGE COMPANY LARGE COMPANY
GROWTH PORTFOLIO VALUE PORTFOLIO
-------------------------------- ---------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED
YEAR ENDED FEBRUARY 28, YEAR ENDED FEBRUARY 28,
AUGUST 31, 1994 AUGUST 31, 1994
1993(1) (UNAUDITED) 1993(1) (UNAUDITED)
---------- ---------------- ----------- ----------------
<S> <C> <C> <C> <C>
OPERATIONS:
Investment income--net............................ $ 135,601 $ 66,707 $ 278,018 $ 215,183
Net realized gain (loss) on investments........... (31,878) 51,717 130,997 238,067
Net unrealized appreciation (depreciation) on
investments for the period...................... 92,770 221,001 964,195 (973,395)
---------- ---------------- ----------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS............................... 196,493 339,425 1,373,210 (520,145)
---------- ---------------- ----------- ----------------
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 3,587,686 14,165,687 8,194,985
Dividends reinvested.............................. 44,522 145,901 75,620 551,033
Cost of shares redeemed........................... (3,303,329) (3,643,553) (7,446,854) (3,049,437)
---------- ---------------- ----------- ----------------
INCREASE IN NET ASSETS FROM CAPITAL STOCK
TRANSACTIONS.................................. 7,883,807 90,034 6,794,453 5,696,581
---------- ---------------- ----------- ----------------
TOTAL INCREASE IN NET ASSETS.................. 8,035,713 282,881 8,091,400 4,602,546
NET ASSETS:
Beginning of period............................... 25,000 8,060,713 25,000 8,116,400
---------- ---------------- ----------- ----------------
End of period..................................... $8,060,713(2) $8,343,594(2) $ 8,116,400(3) $ 12,718,946(3)
---------- ---------------- ----------- ----------------
---------- ---------------- ----------- ----------------
SHARES SHARES SHARES SHARES
---------- ---------------- ----------- ----------------
CAPITAL SHARE TRANSACTIONS:
Shares sold....................................... 886,869 274,122 1,056,706 559,544
Shares issued for dividends reinvested............ 3,350 11,258 5,803 39,053
Shares redeemed................................... (259,516) (278,520) (529,775) (210,240)
---------- ---------------- ----------- ----------------
NET INCREASE IN SHARES OUTSTANDING.............. 630,703 6,860 532,734 388,357
---------- ---------------- ----------- ----------------
---------- ---------------- ----------- ----------------
<FN>
- - ---------------
(1) From September 3O, 1992 (commencement of operations) to August 31, 1993.
(2) Includes undistributed investment income--net: $91,014 in 1993 and $11,143 in 1994.
(3) Includes undistributed investment income--net: $201,755 in 1993 and $102,538 in 1994.
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
SMALL COMPANY SMALL COMPANY
GROWTH PORTFOLIO VALUE PORTFOLIO
-------------------------------- ---------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED
YEAR ENDED FEBRUARY 28, YEAR ENDED FEBRUARY 28,
AUGUST 31, 1994 AUGUST 31, 1994
1993(1) (UNAUDITED) 1993(2) (UNAUDITED)
---------- ---------------- ----------- ----------------
<S> <C> <C> <C> <C>
OPERATIONS:
Investment income--net............................ $ 36,141 $ 4,648 $ 274,117 $ 338,200
Net realized gain on investments.................. 628,011 45,782 165,448 63,071
Net unrealized appreciation (depreciation) on
investments for the period...................... 1,014,283 792,362 915,581 (544,747)
---------- ---------------- ----------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS............................... 1,678,435 842,792 1,355,146 (143,476)
---------- ---------------- ----------- ----------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net............................ (14,117) (32,220) (55,897) (441,748)
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 5,361,369 24,005,189 14,107,417
Dividends reinvested.............................. 14,115 673,539 55,558 630,047
Cost of shares redeemed........................... (5,912,594) (5,364,594) (10,230,450) (7,497,582)
---------- ---------------- ----------- ----------------
INCREASE IN NET ASSETS FROM CAPITAL STOCK
TRANSACTIONS.................................. 5,837,817 670,314 13,830,297 7,239,882
---------- ---------------- ----------- ----------------
TOTAL INCREASE IN NET ASSETS.................. 7,502,135 803,329 15,129,546 6,441,816
NET ASSETS:
Beginning of period............................... 25,000 7,527,135 25,000 15,154,546
---------- ---------------- ----------- ----------------
End of period..................................... $7,527,135(3) $8,330,464(3) $15,154,546(4) $ 21,596,362(4)
---------- ---------------- ----------- ----------------
---------- ---------------- ----------- ----------------
SHARES SHARES SHARES SHARES
---------- ---------------- ----------- ----------------
CAPITAL SHARE TRANSACTIONS:
Shares sold....................................... 866,244 329,044 1,753,333 967,183
Shares issued for dividends reinvested............ 953 43,065 4,162 43,906
Shares redeemed................................... (399,526) (329,261) (736,070) (515,865)
---------- ---------------- ----------- ----------------
NET INCREASE IN SHARES OUTSTANDING.............. 467,671 42,848 1,021,425 495,224
---------- ---------------- ----------- ----------------
---------- ---------------- ----------- ----------------
<FN>
- - ---------------
(1) From October 1, 1992 (commencement of operations) to August 31, 1993.
(2) From September 3O, 1992 (commencement of operations) to August 31, 1993.
(3) Includes undistributed investment income--net: $22,024 in 1993 and ($5,548) in 1994.
(4) Includes undistributed investment income--net: $218,220 in 1993 and $114,672 in 1994.
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
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 period indicated. This
information has been derived from information provided in the Fund's financial
statements.
<TABLE>
<CAPTION>
LARGE COMPANY LARGE COMPANY
GROWTH PORTFOLIO VALUE PORTFOLIO
----------------------------- -----------------------------
SIX MONTHS SIX MONTHS
ENDED ENDED
YEAR ENDED FEBRUARY 28, YEAR ENDED FEBRUARY 28,
AUGUST 31, 1994 AUGUST 31, 1994
1993(1) (UNAUDITED) 1993(1) (UNAUDITED)
----------- ------------- ----------- -------------
<S> <C> <C> <C> <C>
PER SHARE DATA:
Net asset value, beginning of period............................ $12.50 $12.74 $12.50 $15.18
------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income--net.......................................... .21 .10 .54 .09
Net realized and unrealized gain (loss) on investments.......... .10 .44 2.30 (.84)
------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS............................. .31 .54 2.84 (.75)
------ ------ ------ ------
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 period.................................. $12.74 $13.05 $15.18 $13.78
------ ------ ------ ------
------ ------ ------ ------
TOTAL INVESTMENT RETURN(2)........................................ 2.46% 4.26% 22.93% (5.05%)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets(2)...................... -- .10% -- .10%
Ratio of net investment income to average net assets(2)......... 1.66% .81% 4.27% 2.19%
Decrease reflected in above expense ratios due to undertakings
by Wilshire and Dreyfus(2).................................... 1.14% .56% 1.32% .49%
Portfolio Turnover Rate (2)..................................... 11.92% 5.83% 21.75% 17.10%
Net Assets, end of period (000's Omitted)....................... $ 8,061 $ 8,344 $ 8,116 $12,719
<FN>
- - ---------------
(1) From September 30, 1992 (commencement of operations) to August 31, 1993.
(2) Not annualized.
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
SMALL COMPANY SMALL COMPANY
GROWTH PORTFOLIO VALUE PORTFOLIO
----------------------------- -----------------------------
SIX MONTHS SIX MONTHS
ENDED ENDED
YEAR ENDED FEBRUARY 28, YEAR ENDED FEBRUARY 28,
AUGUST 31, 1994 AUGUST 31, 1994
1993(1) (UNAUDITED) 1993(2) (UNAUDITED)
----------- ------------- ----------- -------------
<S> <C> <C> <C> <C>
PER SHARE DATA:
Net asset value, beginning of period............................ $12.50 $16.03 $12.50 $14.81
------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income--net.......................................... .08 .01 .35 .19
Net realized and unrealized gain (loss) on investments.......... 3.48 1.71 2.10 (.29)
------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS.............................. 3.56 1.72 2.45 (.10)
------ ------ ------ ------
DISTRIBUTIONS:
Dividends from investment income--net........................... (.03 ) (.07 ) (.14 ) (.33)
Dividends from net realized gain on investments................. -- (1.43 ) -- (.16)
------ ------ ------ ------
TOTAL DISTRIBUTIONS........................................... (.03 ) (1.50 ) (.14 ) (.49)
------ ------ ------ ------
Net asset value, end of period.................................. $16.03 $16.25 $14.81 $14.22
------ ------ ------ ------
------ ------ ------ ------
TOTAL INVESTMENT RETURN(3)........................................ 28.50% 11.08% 19.72% (0.71%)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets(3)...................... -- .11% -- .09%
Ratio of net investment income to average net assets(3)......... .53% .06% 3.65% 1.85%
Decrease reflected in above expense ratios due to undertakings
by Wilshire and Dreyfus(3).................................... 1.40% .60% 1.32% .44%
Portfolio Turnover Rate (3)..................................... 55.26% 11.06% 26.87% 7.28%
Net Assets, end of period (000's Omitted)....................... $7,527 $8,330 $15,155 $21,596
<FN>
- - ---------------
(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.
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
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 ("Distributor"), a wholly-owned subsidiary of Dreyfus, acts as the
exclusive distributor of the Fund's shares.
As of February 28, 1994, Dreyfus held the following shares:
<TABLE>
<S> <C> <C> <C>
Large Company Growth Portfolio 177,147 Small Company Growth Portfolio 20,868
Large Company Value Portfolio 55,917 Small Company Value Portfolio 2,286
</TABLE>
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.
(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 provisions available to
certain investment companies, as defined in applicable sections of the Internal
Revenue Code, and to make distributions of taxable income sufficient to relieve
it from all, or substantially all, Federal income 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
$2,151 available for Federal income tax purposes to be applied against future
net securities profits, if any, realized subsequent to August 31, 1993. The
carryover does not include net realized securities losses from November 1, 1992
through August 31, 1993 which are treated, for Federal income tax purposes, as
arising in fiscal 1994. If not applied, the carryover expires in fiscal 2001.
<PAGE>
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 series and
thereafter, had undertaken through June 30, 1994, or until such time as the net
assets of a series exceed $25 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, 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,
Dreyfus voluntarily assumed other expenses of each series.
The expense reimbursements, pursuant to the undertakings and the voluntary
assumption of other expenses amounted to the following for the six months ended
February 28, 1994:
<TABLE>
<CAPTION>
ADVISORY FEE ADMINISTRATION FEE EXPENSES
WAIVED BY WAIVED BY ASSUMED BY
WILSHIRE DREYFUS DREYFUS TOTAL
------------ ------------------ ---------- -------
<S> <C> <C> <C> <C>
Large Company Growth Portfolio............................ $4,087 $ 8,173 $ 33,505 $45,765
Large Company Value Portfolio............................. 4,862 9,724 33,869 48,455
Small Company Growth Portfolio............................ 3,917 7,834 35,969 47,720
Small Company Value Portfolio............................. 9,053 18,105 53,526 80,684
</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 the Distributor 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 the Distributor pursuant to the Shareholder Services Plan
during the six months ended February 28, 1994:
<TABLE>
<S> <C> <C> <C>
Large Company Growth Portfolio $10,039 Small Company Growth Portfolio $ 9,688
Large Company Value Portfolio 10,473 Small Company Value Portfolio 19,438
</TABLE>
(C) Certain officers and directors of the Fund are "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.
<PAGE>
(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 six months ended February 28, 1994, redemption fees for
each series were as follows:
<TABLE>
<S> <C> <C> <C>
Large Company Growth Portfolio $231 Small Company Growth Portfolio $ 182
Large Company Value Portfolio 327 Small Company Value Portfolio 2,090
</TABLE>
(E) On December 5, 1993, Dreyfus entered into an Agreement and Plan of
Merger providing for the merger of Dreyfus with a subsidiary of Mellon Bank
Corporation ("Mellon").
Following the merger, it is planned that Dreyfus will be a direct
subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a number of
contingencies, including receipt of certain regulatory approvals and approvals
of the stockholders of Dreyfus and of Mellon. The merger is expected to occur in
mid-1994, but could occur later.
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 six months
ended February 28, 1994:
<TABLE>
<CAPTION>
PURCHASES SALES
---------- ----------
<S> <C> <C>
Large Company Growth Portfolio........................................... $ 478,238 $ 482,348
Large Company Value Portfolio............................................ 6,924,113 1,644,844
Small Company Growth Portfolio........................................... 875,014 925,940
Small Company Value Portfolio............................................ 8,127,359 1,306,655
</TABLE>
(B) The following summarizes the gross and accumulated net unrealized
appreciation (depreciation) on investments for each series at February 28, 1994:
<TABLE>
<CAPTION>
GROSS GROSS
APPRECIATION (DEPRECIATION) NET
------------ -------------- ----------
<S> <C> <C> <C>
Large Company Growth Portfolio......................... $ 989,036 $ (675,265) $ 313,771
Large Company Value Portfolio.......................... 462,089 (471,289) (9,200)
Small Company Growth Portfolio......................... 2,239,691 (433,046) 1,806,645
Small Company Value Portfolio.......................... 1,233,559 (862,725) 370,834
</TABLE>
At February 28, 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 February 28, 1994 was as follows:
<TABLE>
<S> <C>
Large Company Growth Portfolio $ 7,999,448 Small Company Growth Portfolio $ 6,502,826
Large Company Value Portfolio 12,628,863 Small Company Value Portfolio 21,064,159
</TABLE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors of the
Dreyfus-Wilshire Target Funds, Inc.
We have reviewed 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 February 28, 1994, and the related statements of operations, and changes
in net assets and the financial highlights for the six month period ended
February 28, 1994. These financial statements and financial highlights are the
responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of financial
information consists principally of applying analytical procedures to financial
data, and making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with generally accepted auditing standards, the objective of which is the
expression of an opinion regarding the financial statements and financial
highlights taken as a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the financial statements and financial highlights referred to
above for them to be in conformity with generally accepted accounting
principles.
We have previously audited, in accordance with generally accepted auditing
standards, the statement of changes in net assets and financial highlights for
the period September 30, 1992 (when operations commenced for all series except
Small Company Growth Portfolio, which commenced operations October 1, 1992) to
August 31, 1993 and in our report dated October 8, 1993, we expressed an
unqualified opinion on such statement of changes in net assets and financial
highlights.
COOPERS & LYBRAND
New York, New York
March 31, 1994
<PAGE>
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
DISTRIBUTOR
Dreyfus Service 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. 160-163SA942
Dreyfus-Wilshire Target Funds, Inc. February 28, 1994
Large Company Value Portfolio
Broad Sector Allocation*
--------------------------------------------------------- |
| Utilities 33.5% |
| Energy 25.7% |
| Financial 23.1% |
| Other 10.9% |
| Technology 6.0% |
| Cash Equivalents 0.8% |
| --------------------------------------------------------- |
Dreyfus-Wilshire Target Funds, Inc. February 28, 1994
Large Company Value Portfolio
Broad Sector Allocation*
--------------------------------------------------------- |
| Utilities 33.5% |
| Energy 25.7% |
| Financial 23.1% |
| Other 10.9% |
| Technology 6.0% |
| Cash Equivalents 0.8% |
| --------------------------------------------------------- |
Dreyfus-Wilshire Target Funds, Inc. February 28, 1994
Small Company Growth Portfolio
Broad Sector Allocation*
----------------------------------------------------------------
| Technology 29.0% |
| Consumer Growth Staples 23.6% |
| Consumer Cyclical 16.4% |
| Other 11.4% |
| Financial 8.4% |
| Capital Goods 6.1% |
| Transportation 4.8% |
| Cash Equivalents 0.3% |
| ---------------------------------------------------------------- |
Dreyfus-Wilshire Target Funds, Inc. February 28, 1994
Small Company Value Portfolio
Broad Sector Allocation*
------------------------------------------------------------
| Financial 38.7%|
| Utilities 24.3%|
| Other 10.8%|
| Consumer Cyclical 9.9%|
| Basic Industry 8.6%|
| Technology 4.0%|
| Energy 3.0%|
| Cash Equivalents 0.7%|
| -----------------------------------------------------------
