LETTER TO SHAREHOLDERS
Dear Shareholder:
It is a pleasure to send you a report on the six months ended February
28, 1995 for the Dreyfus-Wilshire Target Funds, Inc.
During this period, the equity market was up modestly. The Wilshire 5000
Index had a total return of 3.37%.* The Dow Jones Industrial Average advanced
3.95% and the Standard & Poor's 500 Composite Stock Price Index increased
3.96% on a total return basis.**
The LARGE COMPANY VALUE PORTFOLIO has benefitted by strong performance in
the latter part of the six-month period, given the easing of interest rate
concerns. This Portfolio has a large exposure to interest-sensitive
securities in the Finance and Utilities sectors. Utilities actually were
among the better performing securities during this period. However, Banks
were among the poorest. Some of the better performing utilities included
SCEcorp., FPL Group, San Diego Gas & Electric and Pacific Enterprises. All of
these issues recorded gains in excess of 15%. Weaker performance was recorded
among the Chemicals, Papers and Metals and Construction industries, due to
relatively modest economic growth during this period. For the six-month
period, the Large Company Value Portfolio, which emphasizes stocks with low
price-to-earnings ratios, low price-to-book ratios and higher-than-average
dividend yield, was up 3.23%.***
The LARGE COMPANY GROWTH PORTFOLIO also performed positively during this
period, thanks in large part to strong performance in two heavily weighted
areas, Drugs and Beverage stocks. Coca-Cola, Merck & Co., PepsiCo and Abbott
Laboratories were all significant contributors to performance owing to good
product demand for consumer goods companies. Consumer stocks make up a large
portion of the Large Company Growth Portfolio. Electronics was another strong
performing area, largely due to the anticipation of economic expansion.
Hewlett-Packard, Intel and Cisco Systems were all up 20% or more. Poor
performance was recorded in selected capital goods and consumer durable
stocks due to disappointment regarding the pace of economic growth. Best Buy,
Stewart & Stevenson and Foster Wheeler all recorded negative returns for the
period. For the entire period, the Large Company Growth Portfolio advanced
5.88%.***
The aggregate value of the SMALL COMPANY VALUE PORTFOLIO gained modestly
over the past six months. Performance in the most heavily weighted sector,
Utilities, was up 5%, but all the other segments were down as a whole,
generating a .81% total return for the entire six months for this
Portfolio.*** Some of the better performing names were Central Maine Power
and CILCORP. While the Portfolio did not hold positions in most of the weak
basic materials industries, it was heavily exposed to Banks and Finance
issues, which generally performed poorly during this time period. Small
regional banks were adversely impacted by slow economic conditions and
generally rising interest rates. The improving interest rate environment made
for much better performance, however, in the later months of this fiscal
period.
The SMALL COMPANY GROWTH PORTFOLIO had the most diverse performance
profile across industries of any of the four Portfolios. This Portfolio
focuses on companies with above-average earnings or sales growth and higher
price/earnings multiples. Consumer goods, electronics and drugs were three of
the better performing areas and they happened to be areas where the Portfolio
was overweighted. As is typical for this style category, the spread between
the best performers and the weakest performers is the greatest of all style
categories. Individual company factors account for the wide difference in
returns. There were well over a dozen names that recorded gains on a total
return basis in excess of 50%. Some of those names were Adaptec (up 72%),
Altera (up 86%), Broderbund Software (up 87%) and Homedco Group (up 62%). On
a sector basis, Computer and Electronics companies were very strong
performers. Also the overweighting in the drug industry was beneficial to the
Portfolio. Underperformance in the Energy sector offset gains in other
categories. For example, for the six months, Weatherford International
declined 29%; Vintage Petroleum, -17%; Seitel, -13%; and Hornbeck Offshore
Services, -18%. For the entire period, the Small Company Growth Portfolio
advanced 4.47%.***
We believe that the four investment style categories we employ are
demonstrating their usefulness, emphasizing the individual performance of
distinct market categories. The Portfolios continue to be oriented toward the
fundamental factors which serve to differentiate the various styles of
investing.
Please be assured that we will continue to exert our best efforts on your
behalf.
Sincerely,
(Thomas D. Stevens, CFA Signature Logo)
Thomas D. Stevens, CFA
Senior Vice President
Wilshire Associates, Inc.
Investment Adviser
March 24, 1995
New York, N.Y.
* SOURCE: WILSHIRE ASSOCIATES, INC. - Reflects the reinvestment of income
dividends and, where applicable, capital gain distributions. The
Wilshire 5000 Index consists of almost all publicly traded stocks in the
United States, and is a widely accepted unmanaged index of overall stock
market performance.
**SOURCE: LIPPER ANALYTICAL SERVICES, INC. - Reflects the reinvestment of
income dividends and, where applicable, capital gain distributions. Both
the Dow Jones Industrial Average and the Standard & Poor's 500 Composite
Stock Price Index are widely accepted unmanaged indexes of U.S. stock
market performance.
***Total return represents the change during the period in a hypothetical
account with dividends reinvested.
<TABLE>
<CAPTION>
DREYFUS-WILSHIRE TARGET FUNDS, INC. FEBRUARY 28, 1995
LARGE COMPANY GROWTH PORTFOLIO
ASSET ALLOCATION
Cash Equivalents (9.1%)
(Exhibit A)
Common Stocks (90.9%)
<S> <C> <C>
FIVE LARGEST SECTORS
Electronics..................................................... 13.7 %
Drugs & Pharmaceuticals......................................... 10.5
Retail.......................................................... 8.3
Beverages....................................................... 6.2
Foods........................................................... 5.8
TEN LARGEST EQUITY HOLDINGS
General Electric................................................ 5.8 %
AT&T............................................................ 5.0
Coca-Cola....................................................... 4.3
Wal-Mart Stores................................................. 3.3
Merck & Co...................................................... 3.3
Philip Morris Cos............................................... 3.2
Procter & Gamble................................................ 2.8
Microsoft....................................................... 2.3
Johnson & Johnson............................................... 2.3
Motorola........................................................ 2.1
All percentages shown above are based on Total Net Assets.
</TABLE>
Portfolio composition is subject to change.
<TABLE>
<CAPTION>
DREYFUS-WILSHIRE TARGET FUNDS, INC. FEBRUARY 28, 1995
LARGE COMPANY VALUE PORTFOLIO
ASSET ALLOCATION
Cash Equivalents (4.0%)
(Exhibit B)
Common Stocks (96.0%)
<S> <C> <C>
FIVE LARGEST SECTORS
Banking......................................................... 22.1%
Utilities....................................................... 21.1
Energy.......................................................... 19.6
Finance......................................................... 6.6
Oil and Gas..................................................... 4.8
TEN LARGEST EQUITY HOLDINGS
Exxon........................................................... 9.7%
Mobil........................................................... 4.2
Chevron......................................................... 3.8
Amoco........................................................... 3.6
Ford Motor...................................................... 3.3
BankAmerica..................................................... 2.2
American Express................................................ 2.1
Sears, Roebuck.................................................. 2.1
Texaco.......................................................... 2.0
NationsBank..................................................... 1.7
All percentages shown above are based on Total Net Assets.
</TABLE>
Portfolio composition is subject to change.
<TABLE>
<CAPTION>
DREYFUS-WILSHIRE TARGET FUNDS, INC. FEBRUARY 28, 1995
SMALL COMPANY GROWTH PORTFOLIO
ASSET ALLOCATION
Convertible Preferred
Stocks (0.2%)
Cash Equivalents (7.7%)
(Exhibit C)
Common Stocks (92.1%)
<S> <C> <C>
FIVE LARGEST SECTORS
Computer Software & Services.................................... 15.9%
Electronics..................................................... 10.8
Hospital Management............................................. 8.7
Retail.......................................................... 7.4
Manufacturing................................................... 6.4
TEN LARGEST EQUITY HOLDINGS
Adaptec......................................................... 1.3%
Dell Computer................................................... 1.2
Xilinx.......................................................... 1.1
Oxford Health Plans............................................. 1.1
Andrew.......................................................... 1.1
HEALTHSOUTH Rehabilitation...................................... 1.0
Integrated Device Technology.................................... 1.0
Vishay Intertechnology.......................................... 1.0
Healthsource.................................................... 1.0
Teradyne........................................................ 0.9
All percentages shown above are based on Total Net Assets.
</TABLE>
Portfolio composition is subject to change.
<TABLE>
<CAPTION>
DREYFUS-WILSHIRE TARGET FUNDS, INC. FEBRUARY 28, 1995
SMALL COMPANY VALUE PORTFOLIO
ASSET ALLOCATION
Cash Equivalents (5.0%)
(Exhibit D)
Common Stocks (95.0%)
<S> <C> <C>
FIVE LARGEST SECTORS
Utilities-Electric Power........................................ 21.8%
Banking......................................................... 19.0
Finance......................................................... 10.3
Utilities-Natural Gas Distributors.............................. 8.8
Insurance....................................................... 6.4
TEN LARGEST EQUITY HOLDINGS
Bank South...................................................... 1.3%
Ogden........................................................... 1.3
Portland General................................................ 1.3
Compass Bancshares.............................................. 1.3
Atlantic Energy................................................. 1.3
Reliastar Financial............................................. 1.2
Southern National............................................... 1.2
CIPSCO.......................................................... 1.2
American Water Works............................................ 1.2
Mercantile Bankshares........................................... 1.2
All percentages shown above are based on Total Net Assets.
</TABLE>
Portfolio composition is subject to change.
<TABLE>
<CAPTION>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS FEBRUARY 28, 1995 (UNAUDITED)
LARGE COMPANY GROWTH PORTFOLIO
SHARES COMMON STOCKS-90.9% VALUE
---------- ------------
<S> <C> <C>
ADVERTISING-.2%
700 Interpublic Group Cos........ $ 23,888
------------
AEROSPACE & DEFENSE-1.0%
900 Martin Marietta.............. 42,975
1,300 Raytheon..................... 91,650
300 Sundstrand................... 13,725
------------
148,350
------------
AUTO PARTS-.7%
1,300 (a) AutoZone 34,450
1,200 Genuine Parts................ 46,650
600 Pep Boys-Manny, Moe & Jack... 19,650
300 Stewart & Stevenson.......... 9,900
------------
110,650
------------
BANKING-1.3%
2,482 KeyCorp...................... 71,978
3,000 Norwest...................... 77,250
1,600 Wachovia..................... 55,600
------------
204,828
------------
BASIC INDUSTRIES-.8%
4,900 Archer-Daniels-Midland....... 93,100
800 Fluor........................ 39,000
------------
132,100
------------
BEVERAGES-6.2%
12,300 Coca-Cola.................... 676,500
7,600 PepsiCo...................... 297,350
------------
973,850
------------
BUILDING MATERIALS-.5%
800 Nucor........................ 44,900
900 Sherwin-Williams............. 30,263
------------
75,163
------------
CHEMICALS-1.1%
300 Betz Laboratories............ 13,313
700 Great Lakes Chemical......... 42,088
300 Loctite...................... 13,800
600 Lubrizol..................... 20,100
1,400 Morton International......... 40,950
600 Nalco Chemical............... 20,625
500 Sigma-Aldrich................ 18,250
------------
169,126
------------
COMMERCIAL SERVICES-.4%
800 Ecolab....................... 18,500
300 Flightsafety International... 13,313
900 Service Corp International... 25,313
------------
57,126
------------
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- ------------
COMPUTER SOFTWARE & SERVICES-5.5%
300 (a) ADC Telecommunications....... $ 16,725
500 Adobe Systems................ 17,875
400 Autodesk..................... 15,700
1,300 Automatic Data Processing.... 79,950
200 (a) BMC Software................. 12,850
2,600 (a) COMPAQ Computer.............. 89,700
700 (a) Cabletron Systems............ 27,737
1,500 Computer Associates International 85,500
500 (a) Computer Sciences............ 24,562
1,200 Honeywell.................... 43,650
400 Linear Technology............ 21,800
500 (a) Lotus Development............ 20,875
5,600 (a) Microsoft.................... 352,800
500 (a) Parametric Technology........ 19,125
900 (a) Sun Microsystems............. 28,800
------------
857,649
------------
CONGLOMERATES-3.3%
400 Litton Industries............ 14,600
8,200 Philip Morris Cos............ 498,150
------------
512,750
------------
COSMETICS & TOILETRIES-1.9%
700 Avon Products................ 39,375
1,400 Colgate-Palmolive............ 90,300
2,100 Gillette..................... 166,162
------------
295,837
------------
DRUGS & PHARMACEUTICALS-10.5%
7,700 Abbott Laboratories.......... 273,350
600 Allergan..................... 17,325
1,300 (a) Amgen........................ 89,700
400 Cardinal Health.............. 19,800
400 (a) Forest Labs.................. 20,300
6,200 Johnson & Johnson............ 351,850
2,600 Marion Merrell Dow........... 64,675
12,000 Merck & Co................... 508,500
800 Mylan Laboratories........... 25,000
1,300 Rhone-Poulenc Rorer.......... 52,975
1,800 Schering-Plough.............. 141,075
1,700 Upjohn....................... 59,925
------------
1,624,475
------------
ELECTRONICS-13.7%
1,000 Duracell..................... 41,625
300 E-Systems.................... 13,125
2,100 Emerson Electric............. 138,862
16,400 General Electric............. 899,950
500 Grainger (W.W.).............. 30,562
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 28, 1995 (UNAUDITED)
LARGE COMPANY GROWTH PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- ------------
ELECTRONICS (CONTINUED)
2,400 Hewlett-Packard.............. $ 276,000
315 Hubbell, Cl. B............... 17,010
4,000 Intel........................ 319,000
800 Loral........................ 32,700
5,600 Motorola..................... 322,000
400 Polaroid..................... 12,000
800 Premier Industrial........... 19,100
600 Sensormatic Electronics...... 17,025
------------
2,138,959
------------
ENTERTAINMENT-2.4%
2,700 Carnival Cruise Lines, Cl. A. 64,125
800 (a) Circus Circus Enterprises.... 21,000
5,100 Disney (Walt)................ 272,212
400 (a) King World Productions....... 14,250
------------
371,587
------------
ENVIRONMENTAL-.2%
450 (a) Thermo Instrument Systems.... 13,556
1,500 Wheelabrator Technologies.... 20,625
------------
34,181
------------
FINANCE & FINANCIAL SERVICES-1.7%
350 ADVANTA, Cl.A................ 11,725
1,000 Block (H & R)................ 37,625
700 Equifax...................... 21,612
600 Fifth Third Bancorp.......... 30,900
800 Franklin Resources........... 31,000
600 Green Tree Financial......... 22,950
400 Kansas City Southern Industries 14,750
1,066 Mercury Finance.............. 17,056
500 Northern Trust............... 17,000
600 Schwab (Chas)................ 26,625
700 State Street Boston.......... 22,313
600 Synovus Financial............ 11,850
------------
265,406
------------
FOOD DISTRIBUTORS-.3%
1,800 Sysco........................ 51,075
------------
FOODS-5.8%
1,400 CPC International............ 74,900
2,400 Campbell Soup................ 108,900
2,300 ConAgra...................... 75,325
400 Dean Foods................... 12,400
1,500 General Mills................ 90,937
2,400 Heinz (H.J.)................. 94,500
800 Hershey Foods................ 39,200
700 Hormel (Geo A)............... 18,725
2,100 Kellogg...................... 113,663
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- ------------
FOODS (CONTINUED)
900 Pioneer Hi-Bred International $ 30,375
1,400 Quaker Oats.................. 45,675
4,600 Sara Lee..................... 120,750
1,400 Tyson Foods, Cl. A........... 34,475
1,100 Wrigley,(WM)Jr............... 49,638
------------
909,463
------------
HEALTH CARE-1.2%
3,500 Columbia/HCA Healthcare...... 144,812
500 (a) Foundation Health............ 14,937
600 Manor Care................... 17,775
100 (a) PacifiCare Health Systems.... 6,925
------------
184,449
------------
HOSPITAL MANAGEMENT-.5%
600 National Health Labs......... 8,325
1,600 United Healthcare............ 68,800
------------
77,125
------------
HOTELS & MOTELS-.3%
1,100 (a) Promus Cos................... 39,325
------------
HOUSEHOLD APPLIANCES-.1%
333 Lancaster Colony............. 11,405
------------
HOUSEHOLD PRODUCTS-3.4%
700 Clayton Homes................ 12,512
1,500 Newell....................... 35,812
6,600 Procter & Gamble............. 438,900
1,500 Rubbermaid................... 47,438
------------
534,662
------------
INSURANCE-4.1%
925 AFLAC........................ 34,919
3,050 American International Group. 316,437
600 GEICO........................ 29,325
800 General Re................... 104,200
600 MGIC Investment.............. 22,875
700 Progressive Corp, Ohio....... 27,213
300 SunAmerica................... 12,300
700 Torchmark.................... 29,313
1,500 U.S. HealthCare.............. 64,500
------------
641,082
------------
LEISURE TIME-.1%
1,200 International Game Technology 16,800
------------
MACHINERY-.3%
400 Foster Wheeler............... 13,100
200 Nordson...................... 11,150
550 Thermo Electron.............. 26,056
------------
50,306
------------
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 28, 1995 (UNAUDITED)
LARGE COMPANY GROWTH PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- ------------
MANUFACTURING-.9%
800 (a) American Power Conversion.... $ 14,350
600 Hillenbrand Industries....... 16,875
1,100 Illinois Tool Works.......... 49,362
400 Leggett & Platt.............. 16,350
1,100 Pall......................... 22,138
400 (a) Solectron.................... 9,650
800 Worthington Industries....... 16,100
------------
144,825
------------
MEDICAL SUPPLIES-1.1%
500 Bausch & Lomb................ 16,625
700 Becton, Dickinson............ 36,750
1,000 (a) Biomet....................... 16,187
1,100 Medtronic.................... 66,000
500 St. Jude Medical............. 18,125
500 Stryker...................... 21,750
------------
175,437
------------
METALS-.1%
300 MAPCO........................ 16,388
------------
OFFICE & BUSINESS EQUIPMENT-.3%
1,500 Pitney Bowes................. 53,250
------------
OIL & GAS-.8%
2,300 Schlumberger................. 130,812
------------
PACKAGING-.3%
500 Bemis........................ 13,563
900 (a) Crown Cork & Seal............ 38,362
------------
51,925
------------
PRINTING & PUBLISHING-.5%
700 American Greetings, Cl. A.... 20,563
700 (a) Marvel Entertainment Group... 10,937
1,100 Readers Digest Association, Cl. A 50,600
------------
82,100
------------
RADIO & TV BROADCASTING-.1%
700 Scripps (E.W.), Cl. A 20,387
------------
RESTAURANTS-1.6%
625 (a) Brinker International........ 12,422
600 Cracker Barrel Old Country... 13,612
6,700 McDonald's................... 222,775
------------
248,809
------------
RETAIL-8.3%
2,500 Albertson's.................. 76,875
1,300 American Stores.............. 31,850
400 (a) Best Buy..................... 8,650
900 Circuit City Stores.......... 19,463
700 Dayton Hudson................ 49,350
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- ------------
RETAIL (CONTINUED)
500 Dollar General............... $ 17,375
1,400 Gap.......................... 45,500
400 Heilig-Meyers................ 9,450
4,366 Home Depot................... 195,924
3,400 Limited...................... 59,500
2,400 May Department Stores........ 87,600
800 Nordstrom.................... 33,800
2,700 (a) Toys 'R' Us.................. 75,263
21,900 Wal-Mart Stores.............. 520,125
1,200 Walgreen..................... 56,700
------------
1,287,425
------------
TECHNOLOGY-5.8%
15,000 AT&T......................... 776,250
800 (a) Applied Materials............ 36,900
400 (a) Atmel........................ 13,650
2,400 (a) Cisco Systems................ 81,000
------------
907,800
------------
TEXTILES-1.2%
500 Cintas....................... 19,000
700 (a) Fruit of The Loom, Cl. A..... 16,363
700 NIKE, Cl. B.................. 50,313
800 Reebok International......... 29,300
1,200 Shaw-Industries.............. 18,750
600 Unifi........................ 16,950
600 V.F.......................... 30,900
------------
181,576
------------
TIRE & RUBBER GOODS-.1%
800 Cooper Tire & Rubber......... 22,400
------------
TOBACCO-.4%
1,900 UST.......................... 56,524
------------
TOYS-.5%
900 Hasbro....................... 28,350
2,000 Mattel....................... 44,750
------------
73,100
------------
TRANSPORTATION-.1%
400 Illinois Central............. 13,550
------------
TRUCKING-.1%
400 Roadway Services............. 21,700
------------
UTILITIES-TELEPHONE-1.2%
500 Century Telephone Enterprises 15,563
1,838 (a) Citizens Utility, Cl. A...... 23,894
700 Frontier..................... 16,013
6,400 MCI Communications........... 128,800
------------
184,270
------------
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 28, 1995 (UNAUDITED)
LARGE COMPANY GROWTH PORTFOLIO (CONTINUED)
VALUE
------------
TOTAL COMMON STOCKS
(cost $12,903,269)......... $14,183,895
============
PRINCIPAL
AMOUNT SHORT-TERM INVESTMENTS-8.9%
----------
$1,396,000 U.S. Treasury Bills,
3.20%, 4/6/1995
(cost $1,388,420).......... $ 1,388,420
============
TOTAL INVESTMENTS
(cost $14,291,689).................. 99.8% $ 15,572,315
====== ============
CASH AND RECEIVABLES (NET)............ .2% $ 30,851
====== ============
NET ASSETS............................ 100.0% $ 15,603,166
====== ============
</TABLE>
<TABLE>
<CAPTION>
LARGE COMPANY VALUE PORTFOLIO
SHARES COMMON STOCKS-96.0% VALUE
---------- ------------
<S> <C> <C>
AEROSPACE & DEFENSE-1.6%
1,300 General Dynamics............. $ 61,263
1,300 Lockheed..................... 100,912
1,800 Textron...................... 98,550
------------
260,725
------------
AUTOMOTIVE-3.3%
20,900 Ford Motor................... 546,012
------------
BANKING-22.1%
2,400 Ahmanson (HF) & Co........... 44,100
1,300 AmSouth Bancorp.............. 37,863
8,400 Banc One..................... 246,750
950 Bancorp Hawaii............... 26,600
2,300 Bank of Boston............... 69,288
4,000 Bank of New York............. 134,000
7,700 BankAmerica.................. 370,563
1,700 Bankers Trust NY............. 107,312
2,000 Barnett Banks................ 89,000
2,300 Boatmen's Bancshares......... 71,300
800 Central Fidelity Banks....... 21,800
3,900 Chase Manhattan.............. 139,913
5,100 Chemical Banking............. 204,637
2,500 Comerica..................... 70,312
3,000 CoreStates Financial......... 90,375
2,400 First Bank System............ 93,300
2,000 First Chicago................ 101,250
1,800 First Fidelity Bancorp....... 90,900
1,400 First of America Bank........ 47,425
900 First Security............... 22,725
700 First Tennessee National..... 29,050
3,700 First Union.................. 165,113
800 First Virginia Banks......... 28,200
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- ------------
BANKING (CONTINUED)
1,400 Firstar...................... $ 42,000
700 Integra Financial............ 29,925
5,128 KeyCorp...................... 148,712
900 Mercantile Bancorp........... 33,187
1,300 Meridian Bancorp............. 39,813
300 Michigan National............ 30,563
1,200 Midlantic.................... 36,900
4,000 Morgan (J.P.)................ 258,000
3,400 NBD Bancorp.................. 105,825
3,200 National City................ 88,800
900 Old Kent Financial........... 28,463
5,000 PNC Bank..................... 127,500
900 Regions Financial............ 29,700
1,100 Republic New York............ 54,862
2,500 Shawmut National............. 64,062
1,300 Signet Banking............... 47,287
1,800 SouthTrust................... 37,125
700 Star Banc.................... 29,838
1,200 UJB Financial................ 33,900
3,700 Wachovia..................... 128,575
------------
3,696,813
------------
BEVERAGES-.3%
1,500 Brown-Forman, Cl. B.......... 48,562
------------
BROKERAGE-1.6%
2,400 Bear Stearns Cos............. 45,000
1,300 Edwards (AG)................. 29,250
3,900 Merrill Lynch................ 159,900
1,600 Paine Webber Group........... 27,800
------------
261,950
------------
CHEMICALS-.2%
2,500 Ethyl........................ 25,625
------------
ELECTRONICS-.4%
700 E-Systems.................... 30,625
1,100 National Service Industries.. 29,563
------------
60,188
------------
ENERGY-19.6%
10,300 Amoco........................ 610,275
25,500 Exxon........................ 1,632,000
8,100 Mobil........................ 704,700
5,300 Texaco....................... 337,875
------------
3,284,850
------------
FINANCE-6.6%
10,400 American Express............. 351,000
1,000 Beneficial................... 37,125
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 28, 1995 (UNAUDITED)
LARGE COMPANY VALUE PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- ------------
<S> <C> <C>
FINANCE (CONTINUED)
800 Crestar Financial............ $ 34,500
1,600 First Interstate Bancorp..... 130,200
2,900 Fleet Financial Group........ 90,263
2,000 Household International...... 87,500
5,800 NationsBank.................. 289,275
1,500 Transamerica................. 81,937
------------
1,101,800
------------
FOODS-.4%
1,300 Giant Food, Cl. A............ 30,875
1,500 Supervalu.................... 38,625
------------
69,500
------------
FOREST & PAPER PRODUCTS-1.0%
4,200 Weyerhaeuser................. 171,150
------------
HOLDING COMPANIES-.1%
500 Harsco....................... 21,625
------------
INSURANCE-4.2%
1,600 Allstate..................... 44,000
1,000 American Premier Underwriters 24,625
2,100 Aon.......................... 72,975
1,500 CIGNA........................ 113,625
1,000 Jefferson-Pilot.............. 57,000
2,000 Lincoln National............. 80,750
800 Ohio Casualty................ 27,000
2,000 Providian.................... 70,750
1,300 SAFECO....................... 71,500
1,600 St. Paul Cos................. 77,800
1,400 Torchmark.................... 58,625
------------
698,650
------------
MACHINERY-.5%
2,300 Cooper Industries............ 90,275
------------
MANUFACTURING-.3%
900 Johnson Controls............. 44,775
------------
OFFICE & BUSINESS EQUIPMENT-.2%
800 Harris....................... 36,000
------------
OIL & GAS-4.8%
1,100 Ashland Oil.................. 35,612
13,400 Chevron...................... 636,500
1,000 Pennzoil..................... 47,375
2,300 Sun.......................... 66,988
900 Ultramar..................... 23,175
------------
809,650
------------
RAILROADS-1.3%
4,200 Union Pacific................ 219,450
------------
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- ------------
RETAIL-2.5%
2,200 Melville..................... $ 71,500
7,100 Sears, Roebuck............... 349,675
------------
421,175
------------
TELECOMMUNICATIONS-1.3%
2,200 ITT.......................... 214,500
------------
TOBACCO-.9%
4,100 American Brands.............. 153,237
------------
TRANSPORTATION-.2%
1,700 Ryder System................. 39,525
------------
UTILITIES-21.1%
2,500 Allegheny Power System....... 58,750
3,900 American Electric Power...... 132,113
2,900 Baltimore Gas & Electric..... 71,412
1,000 Boston Edison................ 24,500
1,800 CMS Energy................... 43,200
3,300 Carolina Power & Light....... 90,750
4,900 Consolidated Edison.......... 135,363
1,900 DPL.......................... 39,663
1,200 DQE.......................... 40,350
1,300 Delmarva Power & Light....... 25,837
3,000 Detroit Edison............... 85,875
3,500 Dominion Resources........... 133,000
4,200 Duke Power................... 164,850
4,600 Entergy...................... 102,925
3,800 FPL Group.................... 136,325
2,000 Florida Progress............. 62,750
2,700 Houston Industries........... 103,275
800 IPALCO Enterprises........... 26,300
1,600 Illinova..................... 37,400
1,400 Kansas City Power & Light.... 33,425
2,000 Long Island Lighting......... 32,000
1,100 Montana Power................ 26,125
1,400 NIPSCO Industries............ 44,275
1,400 New England Electric System.. 46,200
1,500 New York State Electric & Gas 32,250
2,600 Niagara Mohawk Power......... 38,675
2,600 Northeast Utilities.......... 59,150
1,300 Northern States Power........ 58,825
900 Oklahoma Gas & Electric...... 31,837
4,400 PECO Energy.................. 117,700
9,000 Pacific Gas & Electric....... 230,625
5,900 PacifiCorp................... 112,838
3,200 Pennsylvania Power & Light... 66,400
1,800 Pinnacle West Capital........ 38,700
2,500 Potomac Electric Power....... 48,438
1,300 Public Service Co. of Colorado 39,812
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 28, 1995 (UNAUDITED)
LARGE COMPANY VALUE PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- ------------
UTILITIES (CONTINUED)
5,100 Public Service Enterprise Group $ 148,537
1,200 Puget Sound P&L.............. 25,950
1,000 SCANA........................ 44,125
9,100 SCEcorp...................... 149,012
2,400 San Diego Gas & Electric..... 51,900
13,400 Southern..................... 276,375
900 Southwestern Public Service.. 26,213
2,500 TECO Energy.................. 53,750
2,100 Union Electric............... 79,537
1,300 Western Resources............ 41,275
2,300 Wisconsin Energy............. 63,825
------------
3,532,412
------------
UTILITIES-NATURAL GAS DISTRIBUTORS-1.5%
800 El Paso Natural Gas.......... 24,600
800 Equitable Resources.......... 22,200
800 National Fuel Gas............ 21,800
1,700 Pacific Enterprises.......... 41,650
3,100 Panhandle Eastern............ 69,750
900 Questar...................... 25,988
1,900 Sonat........................ 55,100
------------
261,088
------------
TOTAL COMMON STOCKS
(cost $15,646,125)......... $16,069,537
============
PRINCIPAL
AMOUNT SHORT-TERM INVESTMENTS-3.0%
----------
$ 503,000 U.S. Treasury Bills,
3.20%, 4/6/1995
(cost $500,269)............ $ 500,269
============
TOTAL INVESTMENTS
(cost $16,146,394)................... 99.0% $ 16,569,806
====== ============
CASH AND RECEIVABLES (NET)............. 1.0% $ 174,010
====== ============
NET ASSETS............................. 100.0% $ 16,743,816
====== ============
</TABLE>
<TABLE>
<CAPTION>
SMALL COMPANY GROWTH PORTFOLIO
SHARES COMMON STOCKS-92.1% VALUE
---------- ------------
<S> <C> <C>
AEROSPACE & DEFENSE-.3%
1,100 (a) Alliant Techsystems $ 41,525
------------
AIR TRANSPORTATION-.6%
2,100 Air Express International.... 44,100
2,550 Comair Holdings.............. 42,712
1,100 SkyWest...................... 15,950
------------
102,762
------------
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- ------------
AUTO PARTS-.8%
1,950 (a) Jason........................ $ 17,062
1,250 Spartan Motors............... 15,156
3,400 Superior Industries International 92,650
------------
124,868
------------
BANKING-.2%
1,400 (a) Commercial Federal........... 33,075
------------
BIOTECHNOLOGY-.5%
1,000 Collagen..................... 27,250
1,800 (a) Nellcor...................... 61,200
------------
88,450
------------
BROKERAGE-1.1%
700 Jefferies Group.............. 21,262
3,100 Pioneer Group................ 60,450
1,261 Quick & Reilly Group......... 44,135
2,400 SEI.......................... 45,600
------------
171,447
------------
BUILDING MATERIALS-.1%
900 (a) Elcor........................ 13,725
------------
CHEMICALS-.6%
3,600 (a) Airgas....................... 93,150
------------
COMMERCIAL SERVICES-1.3%
2,200 (a) CDI.......................... 48,400
1,300 (a) Corrections Corporation America 30,712
1,200 (a) Insurance Auto Auctions...... 37,800
3,000 (a) Robert Half International.... 73,875
1,300 Unitog....................... 23,075
------------
213,862
------------
COMPUTER SOFTWARE & SERVICES-15.9%
2,400 (a) Acxiom....................... 37,200
6,200 (a) Adaptec...................... 204,600
3,200 (a) American Management Systems.. 65,400
1,400 (a) Analogic..................... 27,650
1,400 (a) Artisoft..................... 12,075
1,200 (a) BancTec...................... 19,800
2,300 (a) Broderbund Software.......... 119,312
4,700 (a) Cadence Design Systems....... 120,438
1,600 (a) Cerner....................... 74,200
4,450 (a) Cheyenne Software............ 74,537
2,100 (a) Chipcom...................... 93,450
2,200 (a) Computer Network Technology.. 17,600
2,140 (a) Comverse Technology.......... 23,540
4,500 (a) Dell Computer................ 186,750
5,500 (a) Electronic Arts.............. 118,250
2,500 (a) Exabyte...................... 47,188
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 28, 1995 (UNAUDITED)
SMALL COMPANY GROWTH PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- ------------
COMPUTER SOFTWARE & SERVICES (CONTINUED)
4,500 (a) FIserv....................... $ 118,125
700 Fair Issac & Co.............. 24,850
3,700 HBO & Co..................... 142,450
900 (a) IMRS......................... 39,375
3,100 (a) Information Resources........ 46,887
1,450 (a) Keane........................ 31,538
2,700 (a) Komag........................ 68,175
900 (a) MICROS Systems............... 26,775
2,700 (a) Network General.............. 71,888
3,450 Paychex...................... 141,450
4,100 (a) Pyxis........................ 93,275
5,200 (a) Quantum...................... 76,700
1,600 (a) Standard Microsystems........ 42,400
2,800 (a) Stratus Computer............. 73,850
2,900 (a) Structural Dynamics Research. 21,387
2,200 (a) SunGard Data Systems......... 90,750
3,100 System Software.............. 71,688
4,300 (a) Tech Data.................... 55,631
2,200 (a) Zilog........................ 73,975
------------
2,553,159
------------
CONSUMER PRODUCTS-.9%
1,900 Harman International......... 79,800
2,900 (a) Williams-Sonoma.............. 61,625
------------
141,425
------------
COSMETICS & TOILETRIES-.3%
3,200 Herbalife International...... 36,400
1,172 Nature's Sunshine Products... 14,504
------------
50,904
------------
DISTRIBUTION-1.2%
3,500 (a) Merisel...................... 18,375
2,700 (a) Xilinx....................... 180,562
------------
198,937
------------
ELECTRONICS-10.8%
3,000 Allen Group.................. 70,500
2,400 (a) Altera....................... 136,500
5,400 (a) Amphenol, Cl. A.............. 132,975
2,100 Augat........................ 34,388
3,600 (a) Cirrus Logic................. 121,050
3,100 Dallas Semiconductor......... 50,762
1,800 (a) Gentex....................... 40,500
2,100 (a) Input/Output................. 55,125
900 (a) Kent Electronics............. 37,238
3,100 (a) Lam Research................. 124,000
2,200 (a) Marshall Industries.......... 57,200
3,300 (a) Maxim Integrated Products.... 108,487
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- ------------
ELECTRONICS (CONTINUED)
1,900 (a) Novellus Systems............. $ 100,225
2,200 (a) Oak Industries............... 58,850
1,500 Pacific Scientific........... 29,438
1,750 Pioneer Standard Electronics. 30,625
1,200 (a) Recoton...................... 18,450
3,100 (a) SCI Systems.................. 56,188
4,100 (a) Teradyne..................... 149,137
900 (a) Three-Five Systems........... 23,400
2,400 (a) Vicor........................ 81,600
2,970 (a) Vishay Intertechnology....... 160,380
2,700 X-Rite....................... 52,650
------------
1,729,668
------------
ENGINEERING-.3%
2,900 (a) Jacobs Engineering Group..... 57,275
------------
ENTERTAINMENT-.6%
1,200 (a) Carmike Cinemas, Cl. A....... 27,600
2,400 (a) Grand Casinos................ 38,400
2,400 (a) Rio Hotel & Casino........... 29,700
------------
95,700
------------
ENVIRONMENTAL-1.0%
4,400 (a) Allwaste..................... 23,650
1,200 IMCO Recycling............... 17,850
1,600 (a) Ionics....................... 46,000
1,800 (a) Sanifill..................... 42,525
2,300 (a) USA Waste Services........... 25,588
------------
155,613
------------
FINANCE-3.2%
2,100 (a) Autofinance Group............ 18,375
1,800 (a) Concord EFS.................. 43,650
1,600 (a) Medaphis..................... 90,400
1,500 Money Store.................. 37,500
2,200 (a) PEC Israel Economic.......... 47,025
3,300 Price (T. Rowe) Associates... 105,600
2,500 (a) Primark...................... 36,250
7,400 Total System Services 130,425
------------
509,225
------------
FOODS-.4%
1,000 (a) J&J Snack Foods.............. 11,562
2,000 (a) Smithfield Foods............. 52,875
------------
64,437
------------
HOMEBUILDING-.8%
3,200 Pulte........................ 73,600
3,800 (a) Toll Brothers................ 48,925
------------
122,525
------------
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 28, 1995 (UNAUDITED)
SMALL COMPANY GROWTH PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- ------------
HOSPITAL MANAGEMENT-8.7%
2,100 (a) Coastal Healthcare Group..... $ 54,600
2,200 (a) Community Health Systems..... 61,325
2,800 (a) Diagnostek................... 43,400
1,600 (a) Genesis Health Ventures...... 48,400
1,500 (a) GranCare..................... 24,188
4,100 (a) HEALTHSOUTH Rehabilitation... 165,025
3,900 (a) HealthCare COMPARE........... 123,825
3,600 (a) Health Care & Retirement..... 111,600
3,600 (a) Healthsource................. 156,600
1,600 (a) Homedco Group................ 72,000
3,400 (a) Horizon Healthcare........... 82,875
2,200 Integrated Health Services... 84,150
1,900 (a) Oxford Health Plans.......... 172,900
1,400 (a) Pacific Physician Services... 18,900
1,900 (a) Quantum Health Resources..... 41,800
1,600 (a) Sierra Health Services....... 48,600
2,900 (a) Vencor....................... 92,075
------------
1,402,263
------------
INSURANCE-1.9%
4,500 American Annuity Group....... 46,687
1,400 (a) American Travellers.......... 25,025
1,600 (a) Capsure Holdings............. 21,000
1,600 (a) Citizens, Cl. A.............. 14,000
4,832 (a) FHP International............ 129,860
600 (a) Markel....................... 27,150
1,200 (a) United Insurance............. 46,800
------------
310,522
------------
LEISURE TIME-1.7%
4,500 (a) Acclaim Entertainment........ 64,125
3,650 Arctco....................... 60,225
3,500 (a) Chris-Craft Industries....... 124,250
1,000 Thor Industries.............. 21,000
------------
269,600
------------
MACHINERY-1.7%
2,300 AGCO......................... 59,513
600 (a) Christiana Cos............... 18,675
3,900 Cincinnati Milacron.......... 81,900
2,200 (a) Cognex....................... 57,750
1,900 Roper Industries............. 47,500
------------
265,338
------------
MANUFACTURING-6.4%
1,500 BMC Industries............... 24,937
3,900 Breed Technologies........... 92,625
800 (a) Champion Enterprises......... 27,000
4,100 Federal-Mogul................ 79,950
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- ------------
MANUFACTURING (CONTINUED)
700 Franklin Electric............ $ 23,625
700 Harmon Industries............ 12,513
2,400 IDEX......................... 69,600
1,900 (a) IDEXX Laboratories........... 72,200
4,300 (a) Integrated Device Technology. 163,937
1,700 (a) InterVoice................... 25,713
2,100 Medusa....................... 51,975
2,500 Oakwood Homes................ 63,125
2,300 (a) Shorewood Packaging.......... 42,119
1,600 (a) Thermo Process Systems....... 12,800
4,500 United Dominion Industries... 84,375
2,900 (a) VeriFone..................... 73,950
2,300 Wabash National.............. 81,650
2,900 Winnebago Industries......... 27,913
------------
1,030,007
------------
MEDICAL SUPPLIES & SERVICES-5.8%
2,600 Arrow International.......... 96,850
6,147 (a) Boston Scientific............ 132,929
3,100 (a) Coventry..................... 83,700
1,900 (a) Cordis....................... 123,500
3,400 DENTSPLY International....... 113,050
1,700 (a) Datascope.................... 30,175
1,800 Invacare..................... 63,000
900 (a) Respironics.................. 26,887
1,100 (a) Rotech Medical............... 29,700
1,100 (a) Salick Health Care........... 38,913
1,000 (a) Sullivan Dental Products..... 16,500
2,200 (a) Sunrise Medical.............. 75,900
2,300 (a) Tecnol Medical Products...... 38,525
3,700 (a) Thermedics................... 54,575
------------
924,204
------------
METALS-.8%
1,650 (a) Material Sciences............ 26,194
4,200 TriMas....................... 94,500
------------
120,694
------------
OIL & GAS-2.8%
1,300 (a) Barrett Resources............ 25,512
1,300 (a) Energy Ventures.............. 18,363
1,300 (a) Hornbeck Offshore Services... 13,000
1,600 KCS Energy................... 26,000
9,300 (a) Nabors Industries............ 61,612
2,400 (a) Oceaneering International.... 21,000
1,900 (a) Offshore Logistics........... 24,463
4,600 (a) Seagull Energy............... 77,625
1,000 (a) Seitel....................... 27,500
1,400 (a) Tejas Gas.................... 60,200
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 28, 1995 (UNAUDITED)
SMALL COMPANY GROWTH PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- ------------
OIL & GAS (CONTINUED)
2,700 Vintage Petroleum............ $ 46,912
6,200 (a) Weatherford International.... 53,475
------------
455,662
------------
PRINTING & PUBLISHING-.4%
800 (a) Devon Group.................. 20,600
700 Merrill...................... 11,506
1,200 Thomas Nelson................ 29,400
------------
61,506
------------
RADIO & TV BROADCASTING-1.8%
2,075 (a) Clear Channel Communication.. 118,016
2,400 (a) Park Communications.......... 70,200
1,200 (a) United Television............ 70,200
2,100 (a) Westcott Communications...... 25,200
------------
283,616
------------
RESTAURANTS-2.1%
2,850 Apple South.................. 37,540
2,900 Applebee's International..... 55,100
1,600 (a) Au Bon Pain, Cl. A........... 24,400
3,500 (a) Buffets...................... 37,188
1,300 (a) IHOP......................... 35,100
2,500 (a) NPC International, Cl. A..... 15,625
5,200 (a) Outback Steakhouse........... 135,850
------------
340,803
------------
RETAIL-7.4%
1,500 Baker (J.)................... 21,656
4,150 (a) Bombay....................... 36,313
4,650 (a) Burlington Coat Factory...... 52,312
3,200 Cash America International... 24,000
2,400 Claire's Stores.............. 33,300
5,700 (a) Consolidated Stores.......... 108,300
2,400 (a) Dress Barn................... 24,600
2,300 (a) Eagle Hardware & Garden...... 18,688
1,000 (a) Fabri-Centers America........ 17,000
2,200 Fastenal..................... 102,850
1,300 (a) Good Guys.................... 15,437
3,900 Intelligent Electronics...... 36,075
4,000 (a) Lands' End................... 66,500
4,100 Lennar....................... 69,700
2,900 (a) MacFrugals Bargains Closeouts 49,300
3,200 (a) Meyer (Fred)................. 102,000
2,600 (a) Michaels Stores.............. 80,600
1,500 (a) MicroAge................... 14,625
1,400 (a) Proffitt's................... 30,800
3,900 (a) Starbucks.................... 93,112
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- ------------
RETAIL (CONTINUED)
1,700 Sun Television & Appliances.. $ 15,300
1,200 (a) Timberland, Cl. A............ 29,250
4,600 (a) Viking Office Products....... 138,000
------------
1,179,718
------------
TELECOMMUNICATIONS-3.9%
2,950 (a) Andrew....................... 171,100
1,300 (a) Aspect Telecommunications.... 45,500
2,900 (a) Boston Technology............ 45,494
1,500 (a) California Microwave......... 43,875
1,800 (a) Digi International........... 41,850
3,000 (a) Glenayre Technologies........ 120,750
2,600 (a) Octel Communications......... 60,450
1,300 (a) United States Long Distance.. 18,850
1,400 (a) United States Robotics....... 75,600
------------
623,469
------------
TEXTILES-1.0%
1,000 (a) Fieldcrest Cannon............ 21,125
3,000 (a) Jones Apparel Group.......... 70,500
1,450 (a) Nautica Enterprises.......... 45,131
900 St. John Knits............... 30,262
------------
167,018
------------
TRANSPORTATION-1.8%
1,300 Expeditors International, Washington 28,600
1,400 (a) Fritz Companies.............. 80,150
3,200 (a) Kirby........................ 57,200
3,600 (a) National Auto Credit......... 36,450
1,900 (a) Wisconsin Central Transportation 86,450
------------
288,850
------------
TRUCKING-2.6%
3,400 (a) American Freightways......... 81,175
4,400 Consolidated Freightways..... 104,500
1,591 (a) Heartland Express............ 46,736
1,700 (a) M.S. Carriers................ 41,650
2,900 (a) Swift Transportation......... 67,425
2,900 Werner Enterprises........... 73,044
------------
414,530
------------
UTILITIES-.4%
4,100 (a) California Energy............ 70,213
------------
TOTAL COMMON STOCKS
(cost $12,865,769)......... $14,769,745
============
CONVERTIBLE PREFERRED STOCKS-.2%
1,440 FHP International
(cost $33,817)............. $ 35,818
============
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 28, 1995 (UNAUDITED)
SMALL COMPANY GROWTH PORTFOLIO (CONTINUED)
PRINCIPAL
AMOUNT SHORT-TERM INVESTMENTS-7.0% VALUE
---------- ------------
$1,129,000 U.S. Treasury Bills,
3.20%, 4/6/1995
(cost $1,122,870).......... $ 1,122,870
------------
------------
TOTAL INVESTMENTS
(cost $14,022,456)................. 99.3% $ 15,928,433
====== ============
CASH AND RECEIVABLES (NET)........... .7% $ 109,119
====== ============
NET ASSETS........................... 100.0% $ 16,037,552
====== ============
</TABLE>
<TABLE>
<CAPTION>
SMALL COMPANY VALUE PORTFOLIO
SHARES COMMON STOCKS-95.0% VALUE
---------- ------------
<S> <C> <C>
AEROSPACE & DEFENSE-.6%
6,500 Thiokol...................... $ 168,188
------------
BANKING-19.0%
4,420 Associated Banc-Corp......... 164,645
2,725 Bancorp South................ 95,375
19,600 Bank South................... 367,500
3,700 Bankers...................... 56,887
4,842 CNB Bancshares............... 145,260
1,600 CPB.......................... 40,800
2,300 Chittenden................... 51,750
5,100 Citizens Bancorp Maryland.... 133,875
4,900 Citizens Banking............. 124,950
2,794 Commerce Bancorp............. 49,593
13,000 Compass Bancshares........... 357,500
11,200 Dauphin Deposit.............. 282,800
6,200 Deposit Guaranty............. 199,950
5,502 F&M National................. 90,095
9,100 First American (Tennessee)... 312,244
9,900 First Bancorp, Ohio.......... 232,650
5,810 First Michigan Bank.......... 139,440
31 Firstar...................... 930
2,300 Firstbank of Illinois........ 91,425
4,000 Fort Wayne National.......... 108,000
5,200 Jefferson Bankshares......... 103,350
8,000 Keystone Financial........... 224,000
5,500 Mark Twain Bancshares........ 159,500
16,100 Mercantile Bankshares........ 336,087
5,445 Mid Am....................... 80,314
2,672 Mid-America Bancorp.......... 43,754
5,860 One Valley Bancorp of
West Virginia.............. 168,475
15,500 Southern National............ 346,813
9,560 Summit Bancorporation........ 188,810
3,600 Susquehanna Bancshares....... 83,700
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- ------------
BANKING (CONTINUED)
8,858 Union Planters............... $ 212,592
5,100 United Carolina Bancshares... 137,700
5,000 Zions Bancorp................ 200,000
------------
5,330,764
------------
CAPITAL MAINTENANCE SERVICES-.3%
3,100 ABM Industries............... 71,300
------------
CHEMICALS-1.5%
3,400 Chemed....................... 107,525
8,400 Dexter....................... 179,550
3,000 LeaRonal..................... 60,000
3,500 Stepan....................... 63,437
------------
410,512
------------
COMMERCIAL & PERSONAL SERVICES-2.1%
17,100 Ogden........................ 365,512
6,100 PHH.......................... 228,750
------------
594,262
------------
FINANCE-10.3%
5,400 Alex Brown................... 205,200
3,950 Amcore Financial............. 79,987
3,300 CCB Financial................ 124,575
7,100 Centura Banks................ 174,837
9,000 First Commerce............... 238,500
7,700 First Commonwealth Financial. 108,763
8,500 First Financial-Wisconsin.... 133,875
11,000 First Hawaiian............... 297,000
1,845 First Western Bancorp........ 50,737
840 (a) Fleet Financial Group (Warrants) 4,095
9,500 Fourth Financial............. 314,094
8,137 Fulton Financial............. 160,706
3,700 JSB Financial................ 99,438
9,600 Magna Group.................. 186,000
2,525 New York Bancorp............. 42,294
5,100 ONBANCorp.................... 115,387
6,100 Piper Jaffray Cos............ 71,675
5,400 Provident Bancorp............ 175,500
6,700 UMB Financial................ 206,025
4,100 United Bancshares............ 100,450
------------
2,889,138
------------
FOODS-1.0%
6,200 Ingles Markets, Cl. A........ 60,450
3,800 Nash Finch................... 57,950
5,200 Smith's Food & Drug Centers, Cl. B 139,750
3,800 Super Food Services.......... 41,325
------------
299,475
------------
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 28, 1995 (UNAUDITED)
SMALL COMPANY VALUE PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- ------------
FOREST PRODUCTS-.3%
4,600 Pope & Talbot................ $ 75,900
------------
HOUSEHOLD APPLIANCES-1.1%
7,400 Kimball International, Cl. B. 199,800
2,500 National Presto Industries... 106,250
------------
306,050
------------
HOUSING-.2%
2,900 McGrath RentCorp............. 48,575
------------
INSURANCE-6.4%
6,900 American Bankers Insurance Group 187,163
3,600 Foremost Corp., America...... 138,600
5,250 Fremont General.............. 107,625
6,000 Home Beneficial, Cl. B....... 121,500
38,600 Reliance Group Holdings...... 212,300
10,200 Reliastar Financial.......... 348,075
5,000 Selective Insurance Group.... 141,250
2,200 Trenwick Group............... 96,800
8,000 USLIFE....................... 305,000
6,500 Zenith National Insurance.... 136,500
------------
1,794,813
------------
LEISURE TIME-1.4%
4,118 Anthony Industries........... 64,858
11,500 Handleman.................... 122,188
3,900 Skyline...................... 71,175
4,700 Sturm Ruger.................. 143,350
------------
401,571
------------
MACHINERY-.2%
3,500 Thomas Industries............ 59,500
------------
MANUFACTURING-3.0%
7,600 Arvin Industries............. 172,900
4,900 Bassett Furniture............ 135,975
6,300 Brown Group.................. 203,175
10,900 GenCorp...................... 147,150
2,700 Manitowoc.................... 65,813
5,200 O'Sullivan................... 51,350
3,900 Sealright.................... 71,175
------------
847,538
------------
MEDICAL SUPPLIES-1.5%
5,600 ADAC Laboratories............ 44,800
7,400 Block Drug 'A' non-voting.... 251,600
15,300 Kinetic Concepts............. 118,575
------------
414,975
------------
METALS-.6%
6,200 Simpson Industries........... 58,900
17,400 UNR Industries............... 117,450
------------
176,350
------------
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- ------------
OFFICE & BUSINESS EQUIPMENT-2.4%
3,700 American Business Products... $ 86,025
5,400 General Binding.............. 81,000
9,800 Standard Register............ 170,887
6,400 United Stationers............ 97,600
7,700 Wallace Computer Services.... 239,663
------------
675,175
------------
OIL & GAS-.7%
9,100 ONEOK........................ 156,975
10,800 Zapata....................... 36,450
------------
193,425
------------
RAILROADS-1.1%
6,800 GATX......................... 303,450
------------
RETAIL-3.4%
3,200 Blair........................ 108,400
3,900 Bradlees..................... 44,363
19,900 Family Dollar Stores......... 258,700
7,100 Fay's........................ 47,925
7,100 Longs Drug Stores............ 225,425
11,500 Shopko Stores................ 106,375
3,524 Strawbridge-Clothier, Cl. A.. 75,766
5,900 Venture Stores............... 81,862
------------
948,816
------------
STEEL-.9%
2,800 Carpenter Technology......... 151,900
10,200 Chaparral Steel.............. 86,700
------------
238,600
------------
TECHNOLOGY-.3%
6,200 Kaman, Cl. A................. 70,525
------------
TELECOMMUNICATIONS-1.1%
16,800 Comsat....................... 298,200
------------
TEXTILES-1.9%
4,900 Guilford Mills............... 109,025
7,300 Kellwood..................... 128,663
3,000 Oxford Industries............ 64,500
6,200 Springs Industries, Cl. A.... 244,125
------------
546,313
------------
UTILITIES-ELECTRIC POWER-21.8%
18,800 Atlantic Energy.............. 357,200
4,900 Black Hills.................. 115,150
4,500 CILCORP...................... 159,187
11,700 CIPSCO....................... 345,150
5,900 Central Hudson Gas & Electric 162,988
11,100 Central Maine Power 155,400
4,100 Central Vermont Public Service 56,887
3,700 Commonwealth Energy System Cos 154,938
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 28, 1995 (UNAUDITED)
SMALL COMPANY VALUE PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- ------------
UTILITIES-ELECTRIC POWER (CONTINUED)
6,800 Eastern Utilities Association $ 160,650
4,800 Empire District Electric..... 84,000
9,900 Hawaiian Electric Industries. 326,700
10,300 IES Industries............... 281,962
13,200 Idaho Power.................. 331,650
10,100 Iowa-Illinois Gas & Electric. 219,675
6,600 MDU Resources Group.......... 177,375
3,700 Madison Gas & Electric....... 119,788
19,100 Midwest Resources............ 276,950
11,000 Minnesota Power & Light...... 284,625
15,900 Nevada Power................. 329,925
2,700 Northwestern Public Service.. 70,537
4,700 Orange/Rockland Utilities.... 149,813
17,700 Portland General............. 360,637
13,200 Rochester Gas & Electric..... 288,750
10,000 Sierra Pacific Resources..... 202,500
5,500 Southern Indiana Gas & Electric 160,188
3,700 TNP Enterprises.............. 55,500
4,800 United Illuminating.......... 159,600
10,600 WPL Holdings................. 319,325
8,300 WPS Resources................ 243,812
------------
6,110,862
------------
UTILITIES-NATURAL GAS DISTRIBUTORS-8.8%
8,700 Atlanta Gas Light............ 293,625
4,600 Bay State Gas................ 113,275
3,000 Cascade Natural Gas.......... 41,625
2,800 Colonial Gas................. 57,400
3,000 Connecticut Energy........... 60,000
3,400 Connecticut Natural Gas...... 79,475
3,800 Energen...................... 83,600
5,400 Laclede Gas.................. 106,650
3,200 NUI.......................... 48,000
5,900 New Jersey Resources......... 136,438
2,200 North Carolina Natural Gas... 47,850
4,600 Northwest Natural Gas........ 139,150
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- ------------
UTILITIES-NATURAL GAS DISTRIBUTORS (CONTINUED)
1,900 Pennsylvania Enterprises..... $ 54,625
12,300 Peoples Energy............... 322,875
9,100 Piedmont Natural Gas......... 179,725
6,500 Public Service Company of
North Carolina............. 105,625
3,714 South Jersey Industries...... 74,280
7,300 Southwest Gas................ 111,325
4,218 Transco Energy............... 74,869
3,600 United Cities Gas............ 56,475
7,300 Washington Gas Light......... 278,313
------------
2,465,200
------------
UTILITIES-WATER-3.1%
11,600 American Water Works......... 342,200
2,300 Aquarion..................... 54,912
2,200 California Water Service..... 70,400
2,500 Consumers Water.............. 41,875
2,300 E'town....................... 60,663
2,400 IWC Resources................ 46,800
4,000 Philadelphia Suburban........ 72,500
2,700 Southern California Water.... 46,913
10,736 United Water Resources....... 146,278
------------
882,541
------------
TOTAL COMMON STOCKS
(cost $26,809,251)......... $26,622,018
============
PRINCIPAL
AMOUNT SHORT-TERM INVESTMENTS-3.7%
----------
$1,048,000 U.S. Treasury Bills,
3.20%, 4/6/1995
(cost $1,042,309).......... $ 1,042,309
============
TOTAL INVESTMENTS
(cost $27,851,560).................. 98.7% $27,664,327
====== ===========
CASH AND RECEIVABLES (NET)............ 1.3% $ 350,356
====== ===========
NET ASSETS............................ 100.0% $28,014,683
====== ===========
</TABLE>
NOTE TO STATEMENT OF INVESTMENTS;
(a) Non-income producing.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF ASSETS AND LIABILITIES FEBRUARY 28, 1995 (UNAUDITED)
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................ $15,572,315 $16,569,806 $15,928,433 $27,664,327
Cash............................................ 90,928 36,429 162,904 282,835
Dividends receivable............................ 15,734 110,722 3,432 119,247
Prepaid expenses and other assets............... 18,253 17,029 16,694 16,777
Due from The Dreyfus Corporation................ 29,505 47,985 40,428 76,586
----------- ----------- ----------- -----------
15,726,735 16,781,971 16,151,891 28,159,772
----------- ----------- ----------- -----------
LIABILITIES:
Payable for Common Stock redeemed............... $ --- $ 5,772 $ --- $ 4,214
Payable for investment securities purchased..... 82,948 --- 77,783 96,001
Accrued expenses and other liabilities.......... 40,621 32,383 36,556 44,874
----------- ----------- ----------- -----------
123,569 38,155 114,339 145,089
----------- ----------- ----------- -----------
NET ASSETS.......................................... $15,603,166 $16,743,816 $16,037,552 $28,014,683
=========== =========== =========== ===========
REPRESENTED BY:
Paid-in capital................................. $14,387,455 $16,233,212 $14,182,333 $27,830,479
Accumulated undistributed investment
income-net.................................... 9,838 132,932 --- 180,618
Accumulated investment (loss)................... --- --- (39,789) ---
Accumulated undistributed net realized gain
(loss) on investments......................... (74,753) (45,740) (10,969) 190,819
Accumulated net unrealized appreciation
(depreciation) on investments-Note 4(b)....... 1,280,626 423,412 1,905,977 (187,233)
----------- ----------- ----------- -----------
NET ASSETS at value................................. $15,603,166 $16,743,816 $16,037,552 $28,014,683
=========== =========== =========== ===========
SHARES OF COMMON STOCK OUTSTANDING
[400 million shares (with 100 million allocated
to each series) of $.001 par value Common
Stock authorized]............................... 1,115,261 1,204,698 1,018,396 2,016,577
=========== =========== =========== ===========
NET ASSET VALUE per share
(Net Assets / Shares outstanding)............... $13.99 $13.90 $15.75 $13.89
====== ====== ====== ======
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED FEBRUARY 28, 1995 (UNAUDITED)
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 $34 foreign taxes
withheld at source for the Small
Company Growth Portfolio)..................... $ 96,396 $ 300,310 $ 17,097 $ 544,905
Interest...................................... 12,220 10,131 7,710 16,937
----------- ----------- ----------- -----------
TOTAL INCOME............................ 108,616 310,441 24,807 561,842
----------- ----------- ----------- -----------
EXPENSES-Note 2(c):
Investment advisory fee-Note 3(a)............. $ 5,411 $ 6,275 $ 6,300 $ 11,631
Administration fee-Note 3(a).................. 10,821 12,550 12,600 23,263
Shareholder servicing costs-Note 3(b)......... 16,430 20,844 25,919 39,637
Registration fees............................. 9,514 7,106 9,656 7,458
Auditing fees................................. 7,397 7,408 7,409 7,424
Prospectus and shareholders' reports.......... 4,202 4,414 5,745 5,506
Custodian fees................................ 2,395 2,025 3,170 2,583
Directors' fees and expenses-Note 3(c)........ 1,928 2,189 2,293 3,793
Legal fees.................................... --- 545 769 659
Miscellaneous................................. 2,320 2,105 3,380 2,167
----------- ----------- ----------- -----------
60,418 65,461 77,241 104,121
Less-fees waived by Wilshire and
Dreyfus due to undertakings-Note 3(a)..... 12,493 14,621 14,795 27,408
----------- ----------- ----------- -----------
TOTAL EXPENSES.......................... 47,925 50,840 62,446 76,713
----------- ----------- ----------- -----------
INVESTMENT INCOME (LOSS)-NET............ 60,691 259,601 (37,639) 485,129
----------- ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain on investments-Note 4(a)...... $ 76,895 $ 65,270 $ 28,108 $ 305,661
Net unrealized appreciation (depreciation)
on investments................................ 661,268 379,947 638,415 (347,662)
----------- ----------- ----------- -----------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS.......... 738,163 445,217 666,523 (42,001)
----------- ----------- ----------- -----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS................................. $ 798,854 $ 704,818 $ 628,884 $ 443,128
=========== =========== =========== ===========
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF CHANGES IN NET ASSETS
LARGE COMPANY LARGE COMPANY
GROWTH PORTFOLIO VALUE PORTFOLIO
-------------------------- -----------------------------
YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED
AUGUST 31, FEBRUARY 28, 1995 AUGUST 31, FEBRUARY 28, 1995
1994 (UNAUDITED) 1994 (UNAUDITED)
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
OPERATIONS:
Investment income-net........................... $ 96,341 $ 60,691 $ 447,331 $ 259,601
Net realized gain (loss) on investments......... (119,770) 76,895 135,129 65,270
Net unrealized appreciation (depreciation)
on investments for the period................. 526,588 661,268 (920,730) 379,947
----------- ----------- ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS............... 503,159 798,854 (338,270) 704,818
----------- ----------- ----------- -----------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net........................... (146,578) (91,630) (314,400) (461,355)
Net realized gain on investments................ --- --- (259,490) (117,646)
----------- ----------- ----------- -----------
TOTAL DIVIDENDS........................... (146,578) (91,630) (573,890) (579,001)
----------- ----------- ----------- -----------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold................... 6,136,117 8,408,710 11,201,295 6,501,868
Dividends reinvested............................ 145,901 86,969 551,033 568,732
Cost of shares redeemed......................... (6,274,916) (2,024,133) (6,799,014) (2,610,155)
----------- ----------- ----------- -----------
INCREASE IN NET ASSETS FROM CAPITAL
STOCK TRANSACTIONS...................... 7,102 6,471,546 4,953,314 4,460,445
----------- ----------- ----------- -----------
TOTAL INCREASE IN NET ASSETS............ 363,683 7,178,770 4,041,154 4,586,262
NET ASSETS:
Beginning of period............................. 8,060,713 8,424,396 8,116,400 12,157,554
----------- ----------- ----------- -----------
End of period................................... $ 8,424,396(1) $15,603,166(1) $12,157,554(2) $16,743,816(2)
=========== =========== =========== ===========
SHARES SHARES SHARES SHARES
----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS:
Shares sold........................... 478,006 626,503 780,559 482,610
Shares issued for dividends reinvested 11,258 6,609 39,052 44,156
Shares redeemed....................... (488,901) (150,917) (485,042) (191,371)
----------- ----------- ----------- -----------
NET INCREASE IN SHARES OUTSTANDING.... 363 482,195 334,569 335,395
=========== =========== =========== ===========
- ------------
(1) Includes undistributed investment income-net: $40,777 in 1994 and $9,838 in 1995.
(2) Includes undistributed investment income-net: $334,686 in 1994 and $132,932 in 1995.
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
SMALL COMPANY SMALL COMPANY
GROWTH PORTFOLIO VALUE PORTFOLIO
-------------------------- -----------------------------
YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED
AUGUST 31, FEBRUARY 28, 1995 AUGUST 31, FEBRUARY 28, 1995
1994 (UNAUDITED) 1994 (UNAUDITED)
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
OPERATIONS:
Investment income (loss)-net.................... $ (33,247) $ (37,639) $ 761,845 $ 485,129
Net realized gain on investments................ 284,483 28,108 64,244 305,661
Net unrealized appreciation (depreciation)
on investments for the period................. 253,279 638,415 (755,152) (347,662)
----------- ----------- ----------- -----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS......................... 504,515 628,884 70,937 443,128
----------- ----------- ----------- -----------
DIVIDENDS TO SHAREHOLDERS:
From investment income-net...................... --- --- (441,748) (842,828)
In excess of investment income-net.............. (32,220) --- --- ---
From net realized gain on investments........... (677,557) (274,014) (212,842) (131,692)
----------- ----------- ----------- -----------
TOTAL DIVIDENDS........................... (709,777) (274,014) (654,590) (974,520)
----------- ----------- ----------- -----------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold................... 12,327,171 6,366,921 26,817,975 10,065,433
Dividends reinvested............................ 674,755 260,723 630,047 855,185
Cost of shares redeemed......................... (9,135,407) (2,133,354) (18,580,966) (5,812,492)
----------- ----------- ----------- -----------
INCREASE IN NET ASSETS FROM CAPITAL
STOCK TRANSACTIONS...................... 3,866,519 4,494,290 8,867,056 5,108,126
----------- ----------- ----------- -----------
TOTAL INCREASE IN NET ASSETS............ 3,661,257 4,849,160 8,283,403 4,576,734
NET ASSETS:
Beginning of period............................. 7,527,135 11,188,392 15,154,546 23,437,949
----------- ----------- ----------- -----------
End of period................................... $11,188,392(1) $16,037,552(1) $23,437,949(2) $28,014,683(2)
=========== =========== =========== ===========
SHARES SHARES SHARES SHARES
----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS:
Shares sold..................................... 799,229 413,405 1,879,823 741,057
Shares issued for dividends reinvested.......... 43,146 17,255 43,906 64,885
Shares redeemed................................. (584,999) (139,311) (1,310,912) (425,607)
----------- ----------- ----------- -----------
NET INCREASE IN SHARES OUTSTANDING.............. 257,376 291,349 612,817 380,335
=========== =========== =========== ===========
(1) Includes distributions in excess of investment income-net; ($2,150) in 1994 and accumulated investment (loss)-net;
($39,789) in 1995.
(2) Includes undistributed investment income-net: $538,317 in 1994 and $180,618 in 1995.
See independent accountants' review report and notes to financial statements.
</TABLE>
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 each series' financial statements.
<TABLE>
<CAPTION>
LARGE COMPANY LARGE COMPANY
GROWTH PORTFOLIO SIX MONTHS ENDED VALUE PORTFOLIO SIX MONTHS ENDED
----------------------- ------------------------
YEAR ENDED AUGUST 31, FEBRUARY 28, 1995 YEAR ENDED AUGUST 31, FEBRUARY 28, 1995
----------------------- ------------------------
PER SHARE DATA: 1993(1) 1994 (UNAUDITED) 1993(1) 1994 (UNAUDITED)
------- ------- ------------ ------- ------- ------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period............ $12.50 $12.74 $13.31 $12.50 $15.18 $13.99
------- ------- ------- ------- ------- -------
INVESTMENT OPERATIONS:
Investment income-net.. .21 .15 .04 .54 .36 .13
Net realized and unrealized
gain (loss) on investments .10 .65 .74 2.30 (.90) .28
------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT
OPERATIONS....... .31 .80 .78 2.84 (.54) .41
------- ------- ------- ------- ------- -------
DISTRIBUTIONS:
Dividends from investment
income-net.......... (.07) (.23) (.10) (.16) (.36) (.40)
Dividends from net realized
gain on investments.. - - - - (.29) (.10)
------- ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS.. (.07) (.23) (.10) (.16) (.65) (.50)
------- ------- ------- ------- ------- -------
Net asset value, end of period $12.74 $13.31 $13.99 $15.18 $13.99 $13.90
------- ------- ------- ------ ------- -------
------- ------- ------- ------- ------- -------
TOTAL INVESTMENT RETURN.... 2.46%(2) 6.34% 5.88%(2) 22.93%(2) (3.61%) 3.23%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average
net assets........... - .68% .44%(2) - .58% .40%(2)
Ratio of net investment income
to average net assets 1.66%(2) 1.18% .56%(2) 4.27%(2) 4.02% 2.05%(2)
Decrease reflected in above
expense ratios due to
undertakings by Wilshire
and Dreyfus.......... 1.14%(2) .71% .11%(2) 1.32%(2) .60% .12%(2)
Portfolio Turnover Rate 11.92%(2) 21.53% 10.45%(2) 21.75%(2) 47.16% 28.76%(2)
Net Assets, end of
period (000's Omitted) $8,061 $8,424 $15,603 $8,116 $12,158 $16,744
- ---------------------------
(1) From September 30, 1992 (commencement of operations) to August 31, 1993.
(2) Not annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
FINANCIAL HIGHLIGHTS (CONTINUED)
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each series for the period indicated.
This information has been derived from each series' financial statements.
SMALL COMPANY SMALL COMPANY
GROWTH PORTFOLIO VALUE PORTFOLIO
----------------------- SIX MONTHS ENDED ------------------------ SIX MONTHS ENDED
YEAR ENDED AUGUST 31, FEBRUARY 28, 1995 YEAR ENDED AUGUST 31, FEBRUARY 28,1995
----------------------- ------------------------
PER SHARE DATA: 1993(1) 1994 (UNAUDITED) 1993(2) 1994 (UNAUDITED)
------- ------- ------------ ------- ------- ------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period............ $12.50 $16.03 $15.39 $12.50 $14.81 $14.32
------- ------- ------- ------- ------- -------
INVESTMENT OPERATIONS:
Investment income
(loss)-net........... .08 (.04) (.04) .35 .45 .21
Net realized and unrealized
gain (loss) on investments 3.48 .90 .71 2.10 (.45) (.12)
------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT
OPERATIONS....... 3.56 .86 .67 2.45 - .09
------- ------- ------- ------- ------- -------
DISTRIBUTIONS:
Dividends from investment
income-net........... (.03) - - (.14) (.33) (.45)
Dividends in excess of
investment income-net - (.07) - - - -
Dividends from net realized
gain on investments.. - (1.43) (.31) - (.16) (.07)
------- ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS.. (.03) (1.50) (.31) (.14) (.49) (.52)
------- ------- ------- ------- ------- -------
Net asset value, end of period $16.03 $15.39 $15.75 $14.81 $14.32 $13.89
------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- -------
TOTAL INVESTMENT RETURN.... 28.50%(3) 5.20% 4.47%(3) 19.72%(3) (0.01%) .81%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average
net assets........... - .74% .49%(3) - .50% .33%(3)
Ratio of net investment income
(loss) to average net assets .53%(3) (.40%) (.30%)(3) 3.65%(3) 3.64% 2.07%(3)
Decrease reflected in above
expense ratios due to
undertakings by Wilshire
and Dreyfus.......... 1.40%(3) .73% .12%(3) 1.32%(3) .56% .12%(3)
Portfolio Turnover Rate 55.26%(3) 46.41% 18.99%(3) 26.87%(3) 48.59% 19.48%(3)
Net Assets, end of period
(000's Omitted)...... $7,527 $11,188 $16,038 $15,155 $23,438 $28,015
(1) From October 1, 1992 (commencement of operations) to August 31, 1993.
(2) From September 30, 1992 (commencement of operations) to August 31, 1993.
(3) Not annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
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, a wholly-owned subsidiary of
Dreyfus, until August 24, 1994, acted as the exclusive distributor of the
Fund's shares. Effective August 24, 1994, Dreyfus became a direct subsidiary
of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
NOTE 2-SIGNIFICANT ACCOUNTING POLICIES:
(A) PORTFOLIO VALUATION: Each series' investments in securities
(including financial futures) are valued at the last sales price on the
securities exchange on which such securities are primarily traded or at the
last sales price on the national securities market. Securities not listed on
an exchange or the national securities market, or securities for which there
were no transactions, are valued at the average of the most recent bid and
asked prices. Bid price is used when no asked price is available. Short-term
investments are carried at amortized cost, which approximates value.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Dividend
income is recognized on the ex-dividend date and interest income, including,
where applicable, amortization of discount on investments, is recognized on
the accrual basis.
(C) EXPENSES: Expenses directly attributable to each series are charged
to that series' operations; expenses which are applicable to all series are
allocated among them.
(D) DIVIDENDS TO SHAREHOLDERS: Dividends payable to shareholders are
recorded by each series on the ex-dividend date. Dividends from investment
income-net and dividends from net realized capital gain, with respect to each
series, are normally declared and paid annually, but each series may make
distributions on a more frequent basis to comply with the distribution
requirements of the Internal Revenue Code. To the extent that a net realized
capital gain of a series can be offset by a capital loss carryover of that
series, such gain will not be distributed.
(E) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, if such qualification is in the
best interests of its shareholders, by complying with the applicable
provisions of the Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income and
excise taxes. For Federal income tax purposes, each series is treated as a
single entity for the purpose of determining such qualification.
The Large Company Growth Portfolio has an unused capital loss carryover
of approximately $53,000 available for Federal income tax purposes to be
applied against future net securities profits, if any, realized subsequent to
August 31, 1994. The carryover does not include net realized securities
losses from November 1, 1993 through August 31, 1994, which are treated, for
Federal income tax purposes, as arising in fiscal 1995. If not applied,
$2,000 of the carryover expires in fiscal 2001 and $51,000 expires in fiscal
2002.
NOTE 3-INVESTMENT ADVISORY FEE, ADMINISTRATION FEE AND OTHER TRANSACTIONS
WITH AFFILIATES:
(A) Fees paid by the Fund pursuant to the provisions of an Investment
Advisory Agreement with Wilshire and an Administration Agreement with Dreyfus
are payable monthly based on annual rates of .10 of 1% and .20 of 1%,
respectively, of the average daily value of each series' net assets. The
agreements further provide that if in any full fiscal year the aggregate
expenses of any series, exclusive of interest on borrowings, taxes, brokerage
and extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Fund, that series may deduct from payments to be made
to Wilshire and Dreyfus, or Wilshire and Dreyfus will bear, the amount of
such excess to the extent required by state law in proportion to their
respective fees. The most stringent state expense limitation applicable to
the Fund presently requires reimbursement of expenses in any full fiscal year
that such expenses of a series exceed 2 1/2% of the first $30 million, 2% of
the next $70 million and 1 1/2% of the excess over $100 million of the
average value of that series' net assets in accordance with California "blue
sky" regulations. However, Wilshire and Dreyfus had undertaken from September
1, 1994 through November 7, 1994, to waive receipt of the advisory fee and adm
inistration fee payable to it by each series, and thereafter Dreyfus had
undertaken through February 28, 1995, to waive the administration fee paid by
each series.
The expense reimbursements, pursuant to the undertakings amounted to the
following for the six months ended February 28, 1995:
<TABLE>
<CAPTION>
ADVISORY FEE ADMINISTRATION FEE
WAIVED BY WAIVED BY
WILSHIRE DREYFUS TOTAL
-------------- ------------------ -------
<S> <C> <C> <C>
Large Company Growth Portfolio $1,672 $10,821 $12,493
Large Company Value Portfolio 2,071 12,550 14,621
Small Company Growth Portfolio 2,195 12,600 14,795
Small Company Value Portfolio 4,145 23,263 27,408
(B) Pursuant to the Fund's Shareholder Services Plan, each series reimburses Dreyfus Service Corporation an amount not to
exceed an annual rate of .25 of 1% of the value of a series' average daily
net assets for servicing shareholder accounts. The services provided may
include personal services relating to shareholder accounts, such as answering
shareholder inquiries regarding the Fund and providing reports and other
information, and services related to the maintenance of shareholder accounts.
</TABLE>
<TABLE>
<CAPTION>
The following summarizes the aggregate amount charged by Dreyfus Service
Corporation pursuant to the Shareholder Services Plan during the six months
ended February 28, 1995:
<S> <C> <C> <C>
Large Company Growth Portfolio $11,189 Small Company Growth Portfolio $15,750
Large Company Value Portfolio 15,687 Small Company Value Portfolio 29,078
</TABLE>
(C) Prior to August 24, 1994, certain officers and directors of the Fund
were "affiliated persons," as defined in the Act, of Wilshire and Dreyfus.
Each director who is not an "affiliated person" receives from the Fund an
annual fee of $2,500 and an attendance fee of $500 per meeting. The Chairman of
the Board receives an additional 25% of such compensation.
(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, 1995 redemption
fees for each series were as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Large Company Growth Portfolio $258 Small Company Growth Portfolio $759
Small Company Value Portfolio 62
</TABLE>
<TABLE>
<CAPTION>
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, 1995:
PURCHASES SALES
---------- ----------
<S> <C> <C>
Large Company Growth Portfolio.................. $6,131,896 $1,106,226
Large Company Value Portfolio................... 6,787,048 3,602,295
Small Company Growth Portfolio.................. 5,897,249 2,346,152
Small Company Value Portfolio................... 6,833,647 4,518,899
</TABLE>
<TABLE>
<CAPTION>
(B) The following summarizes the accumulated net unrealized appreciation (depreciation) on investments for each series at
February 28, 1995:
GROSS GROSS
APPRECIATION (DEPRECIATION) NET
-------------- --------------- --------------
<S> <C> <C> <C>
Large Company Growth Portfolio.................. $1,665,923 $ (385,297) $1,280,626
Large Company Value Portfolio................... 822,409 (398,997) 423,412
Small Company Growth Portfolio.................. 2,624,074 (718,097) 1,905,977
Small Company Value Portfolio................... 1,135,618 (1,322,851) (187,233)
</TABLE>
At February 28, 1995, 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, 1995 was as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Large Company Growth Portfolio $14,291,689 Small Company Growth Portfolio $14,022,456
Large Company Value Portfolio 16,146,394 Small Company Value Portfolio 27,851,560
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE SHAREHOLDERS AND BOARD OF DIRECTORS OF THE
DREYFUS-WILSHIRE TARGET FUNDS, INC.
We have reviewed the accompanying statement of assets and liabilities of
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, 1995, and the related statements of
operations and changes in net assets and the financial highlights for the six
month period ended February 28, 1995. 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 statements of changes in net assets for the year
ended August 31, 1994 and the financial highlights for the year then ended
August 31, 1994 and for the period from September 30, 1992 (when operations
commenced for all series except Small Company Growth Portfolio, which
commenced operations October 1, 1992) to August 31, 1993, and in our report
dated October 5, 1994, we expressed an unqualified opinion on such statements
of changes in net assets and financial highlights.
COOPERS & LYBRAND L.L.P.
New York, New York
April 5, 1995
(Dreyfus Logo)
Wilshire Target
Funds, Inc.
Semi-Annual
Report
February 28, 1995
(Dreyfus Lion Logo)
DREYFUS-WILSHIRE TARGET
FUNDS, INC.
200 Park Avenue
New York, NY 10166
INVESTMENT ADVISER
Wilshire Associates Incorporated
1299 Ocean Avenue
Santa Monica, CA 90401
ADMINISTRATOR
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
Comerica Bank
100 Renaissance Center
Detroit, MI 48243
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. WiLSA952
Dreyfus-Wilshire Target Funds, Inc. February 28, 1995
Large Company Growth Portfolio
Asset Allocation
|-------------------------------------------|
|Common Stocks 90.9%|
|Cash Equivalents 9.1%|
|-------------------------------------------|
Dreyfus-Wilshire Target Funds, Inc. February 28, 1995
Large Company Value Portfolio
Asset Allocation
|-------------------------------------------|
|Common Stocks 96.0%|
|Cash Equivalents 4.0%|
|-------------------------------------------|
Dreyfus-Wilshire Target Funds, Inc. February 28, 1995
Small Company Growth Portfolio
Asset Allocation
|-------------------------------------------|
|Common Stocks 92.1%|
|Convertible Preferred Stocks 0.2%|
|Cash Equivalents 7.7%|
|-------------------------------------------|
Dreyfus-Wilshire Target Funds, Inc. February 28, 1995
Small Company Value Portfolio
Asset Allocation
|-------------------------------------------|
|Common Stocks 95.0%|
|Cash Equivalents 5.0%|
|-------------------------------------------|
