|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: MERRILL LYNCH CONN MUNI BD FD OF M L MULTI ST MUNI SER TR, 497J, 1995-11-03 |
Next: ARKANSAS BEST CORP /DE/, S-8 POS, 1995-11-03 |
DREYFUS-WILSHIRE TARGET FUNDS, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
Since the start of the calendar year and through the end of your Fund's
fiscal year, August 31, 1995, the stock market has exceeded almost everyone's
expectations. In addition, the market for fixed-income securities has been
very strong, reflecting the decline in interest rates that is still underway.
The overriding influence on both markets this year has been the softening
of the U.S. economy, and the accompanying weakening of price and wage
inflation.
Indicators of economic growth, of industrial activity, of retail sales
and other economic weathervanes all have pointed to the so-called soft
landing for the economy. Traditionally, this might have been seen by
investors as a reason to sell equities. However, this year that generally has
not been the reaction in the stock market.
MARKET ENVIRONMENT
A variety of factors have motivated investors to bid up the prices of
stocks. The outstanding influence has been the policies of the Federal
Reserve Board. Early in the year, the Fed was still trying to curb inflation
by ratcheting interest rates upward. It is evident in the economic statistics
that this had a cooling effect on leading indicators. Later, the Fed reversed
course in order to prevent the decline in economic activity from getting out
of hand. In the first part of the year, the stock market apparently was
impressed with the Fed's ability to sustain growth, but within limits. Later,
the market seemingly was grateful for the Fed's decision to shift gears and
make borrowing less costly.
Other factors have been at work, as well. The prospects for reduced
Government spending, as well as lower taxes on income and capital gains, have
encouraged the equity markets as well as the bond market. Investors are
pleased that both political parties now vow to balance the Federal budget,
though their target dates differ. Furthermore, the bond market is very aware
of the possibility that in future years the Government may be able to cut
back on its massive borrowings, which would certainly help to keep interest
rates down.
To be sure, it is always possible that unexpected events could change the
prevailing market psychology. Among these possibilities: a financial
earthquake in Japan, a major misfire of leadership in Washington, a serious
setback for high tech companies, or a change in the economic script to a hard
landing scenario.
Yet, as the Fall season begins, the bulls appear to be in the ascendant
in both the stock and bond markets.
PORTFOLIO OVERVIEW
The Dreyfus-Wilshire Target Funds, Inc. offers focused exposure to four
distinct equity segments of the market. In the past 12 months, very different
performance patterns have emerged depending upon the style and size
categories one is looking at. The Dreyfus-Wilshire Target Funds, Inc. is
oriented to four segments: Large Company Value, Large Company Growth, Small
Company Value and Small Company Growth. This report covers the 12-month
period ended August 31, 1995, the closing date of each Portfolio's fiscal
year.
The year started with a high level of concern regarding interest rates
and inflation. However, those fears abated and this proved to be beneficial
to the LARGE COMPANY VALUE PORTFOLIO. For the 12-month period ended August
31, 1995, the Portfolio had an 18.97% total return.* This Portfolio has a
relatively high level of exposure to financial companies and utilities, which
does make it somewhat interest-sensitive. The Portfolio is composed of
companies which have lower than average price-to-earnings ratios, lower than
average price-to-book ratios, and above-average dividend yields. Banks as a
group accounted for approximately one fourth of the value of the Portfolio
for the year and generated a return of 21%. Utilities accounted for a
weighting in excess of 20% and generated a return of around 15% for the year.
Chemical Banking Corp. (up 57%) and Bank of Boston (up 73%) were among the
better performers. Mobil (up 17%) and Chevron (up 14%), while strong, held
the portfolio return to levels below the market averages. These two oil
stocks were sold by August 31.
The LARGE COMPANY GROWTH PORTFOLIO was the best-performing portfolio for
the year, generating a total return of 23.67%.* This style tends to focus on
consumer products and technology companies which demonstrate a higher
propensity to growth. Consumer products, including Drugs,
Medicine companies and Food stocks, were among the better performers. Also,
Electronics and Business Machine companies did well. They were propelled by
the public's fascination with high technology including the "Information
Highway" and by the excitement over the introduction of Microsoft's Windows
95. Some of the better performing stocks were cisco Systems, Micron
Technology and Applied Materials, all recording gains in excess of 100%.
Retail stocks were disappointing as a group, as were Autos and Domestic Oils.
Large Company Growth stocks are defined as those demonstrating higher than
average earnings or sales growth with above average price-to-earnings ratios.
The SMALL COMPANY VALUE PORTFOLIO focuses on smaller companies that have
lower than average price-to-earnings and price-to-book ratios, and
above-average dividend yields. Like its larger company counterpart, this
Portfolio had major exposure to financial companies and utilities. The market
during the period under review, however, tended to favor large rather than
small companies, particularly those stocks with "value" characteristics.
Furthermore, the smaller "value" stocks were overshadowed when compared to
performance of similar size stocks in the "growth" category. Of the four
styles, this was the poorest-performing Portfolio but still had a total
return of 11.84% for the year.* The Banks & Finance and Utilities industries
together made up a little less than 60% of the portfolio weight and had
respective returns of 17% and 12%. Wallace Computer Services and United
Stationers, Inc. both had returns over 100% for the period they were held. We
sold these issues when their price increases made them less attractive for a
value-oriented portfolio. A few of the poorer performing stocks were Bradlees
(down 86%), Venture Stores (down 67%) and Brown Group (down 48%).
The SMALL COMPANY GROWTH PORTFOLIO had the second highest total return
for the year of 23.04%.* This style tends to favor newer companies in the
early stages of their growth cycle. As with large company "growth" stocks,
the market, during this period, favored high technology issues due to
optimistic forecasts of their growth potential and, in many instances, their
actual achievements. Conversely, the slowdown in the general economy
penalized retail stocks. Electronics was a heavily-weighted industry (13%)
and generated a return of 62%. Altera, an electronics stock, had a return of
184%. Computer Software & Services (12%) generated a return of 60%. Cirrus
Logic (up 127%), Komag (up 165%), Integrated Device Technology (up 174%) and
Broderbund Software (up 130%) are four business machine stocks with
exceptional returns. Both the Electronics and Computer Software & Services
industries are in the Technology sector. The Technology sector was the best
performing group in the Portfolio with a return of over 70% for the year. The
retail sector, however, was disappointing. Such issues as Michaels Stores and
Burlington Coat Factory declined by more than 50% during the 12-month period.
For comparison purposes during this period, the Wilshire 5000 Index had a
total return of 21.95%,** the Standard & Poor's 500 Composite Stock Price
Index was 21.42%,*** and the Dow Jones Industrial Average was 21.03%,***
while the Russell 2000 Index was 20.79%.***
Sincerely,
[Thomas D. Stevens signature logo]
Thomas D. Stevens, CFA
Senior Vice President
Wilshire Associates, Inc.
Investment Adviser
September 21, 1995
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains
paid.
**SOURCE: MERRILL LYNCH, PIERCE, FENNER AND SMITH INC. - Reflects the
reinvestment of income dividends and, where applicable, capital gain
distributions. The Wilshire 5000 Index consists of almost all publicly traded
stocks in the United States, and is a widely accepted unmanaged index of
overall stock market performance.
***SOURCE: LIPPER ANALYTICAL SERVICES, INC. - Reflects the reinvestment of
income dividends and, where applicable, capital gain distributions. Both the
Dow Jones Industrial Average and the Standard & Poor's 500 Composite Stock
Price Index are widely accepted unmanaged indexes of stock market
performance. The Russell 2000 Index is a widely accepted unmanaged index of
small cap stock performance.
DREYFUS-WILSHIRE TARGET FUNDS, INC. AUGUST 31, 1995
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN EACH PORTFOLIO OF THE
DREYFUS-WILSHIRE TARGET FUNDS, INC. AND THE WILSHIRE 5000 INDEX
[Exhibit A
$16,633
Small Company Growth
Dollars
$14,953
Wilshire 5000 Index*
$14,098
Large Company Value
$13,474
Large Company Growth
$13,388
Small Company Value
*Source: Wilshire Associates Incorporated]
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
ONE YEAR ENDED FROM INCEPTION (9/30/92)
AUGUST 31, 1995 TO AUGUST 31, 1995
___________ ______________
<S> <C> <C>
Large Company Value Portfolio 18.97% 12.48%
Large Company Growth Portfolio 23.67% 10.75%
Small Company Value Portfolio 11.84% 10.51%
Small Company Growth Portfolio 23.04% 19.03%(1)
</TABLE>
(1) From Inception (10/1/92) to August 31, 1995.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in each one of the
Portfolios of the Dreyfus-Wilshire Target Funds on September 30, 1992
(inception for all Portfolios except Small Company Growth) to a $10,000
investment made in the Wilshire 5000 Index on that date. For comparative
purposes, the value of the Index on 9/30/92 is used as the beginning value
for the Small Company Growth Portfolio, which commenced operations on
10/1/92. All dividends and capital gain distributions are reinvested. Further
information relating to each Portfolio's performance, including expense
reimbursements, is contained in the Condensed Financial Information section
of the Prospectus and elsewhere in this report.
Each of the four Portfolios represents a specific segment of the stock
market. The Wilshire 5000 Index consists of almost all publicly-traded stocks
in the United States, and is a widely-accepted, unmanaged index of overall
stock market performance which does not take into account charges, fees and
other expenses.
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS AUGUST 31, 1995
LARGE COMPANY GROWTH PORTFOLIO
SHARES COMMON STOCKS-99.5% VALUE
_______ _______
ADVERTISING-.3%
900 Interpublic Group Cos. $ 34,988
500 Omnicom Group 31,375
______
66,363
______
AEROSPACE & DEFENSE-2.1%
4,300 Boeing 274,125
600 Northrop Grumman 36,525
1,600 Raytheon 129,400
______
440,050
______
AUTO PARTS-.6%
1,800 (a) AutoZone 48,375
1,600 Genuine Parts 63,000
900 Pep Boys-Manny, Moe & Jack 24,750
______
136,125
______
BANKING-.9%
1,800 MBNA 63,900
4,100 Norwest 123,512
______
187,412
______
BASIC INDUSTRIES-.9%
7,215 Archer-Daniels-Midland 119,949
1,100 Fluor 64,350
______
184,299
______
BEVERAGES-7.9%
3,300 Anheuser-Busch 188,513
16,200 Coca-Cola 1,040,850
10,100 PepsiCo 457,025
______
1,686,388
______
BUILDING MATERIALS-.4%
1,100 Nucor 53,900
1,100 Sherwin-Williams 39,463
______
93,363
______
CHEMICALS-.7%
800 Great Lakes Chemical 52,900
500 Loctite 24,000
800 Lubrizol 24,800
600 Millipore 20,925
600 Sigma-Aldrich 28,800
______
151,425
______
COMMERCIAL SERVICES-.7%
2,250 (a) CUC International 76,781
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
COMMERCIAL SERVICES (CONTINUED)
800 Ecolab $21,900
1,200 Service Corp International 42,000
______
140,681
______
COMPUTER SOFTWARE & SERVICES-9.4%
800 (a) ADC Telecommunications 31,000
800 Adobe Systems 40,800
600 Autodesk 27,675
1,800 Automatic Data Processing 117,000
600 (a) BMC Software 25,575
900 (a) Cabletron Systems 47,587
2,000 Computer Associates International 139,000
800 (a) Computer Sciences 48,200
500 (a) Dell Computer 38,500
600 (a) Electronic Arts 22,800
400 HBO & Co. 22,000
500 Linear Technology 40,500
400 (a) Maxim Integrated Products 30,500
2,600 Micron Technology 199,875
7,400 (a) Microsoft 684,500
4,900 (a) Novell 88,200
5,600 (a) Oracle 224,700
700 (a) Parametric Technology 38,675
500 Paychex 20,500
900 (a) Seagate Technology 39,825
1,200 (a) Sun Microsystems 69,450
______
1,996,862
______
COSMETICS & TOILETRIES-1.9%
900 Avon Products 63,563
1,800 Colgate-Palmolive 122,400
5,500 Gillette 229,625
______
415,588
______
DRUGS & PHARMACEUTICALS-11.5%
10,100 Abbott Laboratories........ 391,375
800 Allergan 24,300
3,400 (a). Amgen 162,775
600 Cardinal Health 32,100
600 (a) Forest Labs 26,850
1,400 IVAX 35,875
8,300 Johnson & Johnson 572,700
15,800 Merck & Co................. 788,025
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) AUGUST 31, 1995
LARGE COMPANY GROWTH PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
____ ______-
DRUGS & PHARMACEUTICALS (CONTINUED)
1,500 Mylan Laboratories $34,312
1,700 Rhone-Poulenc Rorer 75,225
4,600 Schering-Plough 214,475
2,200 . Upjohn 93,225
______
2,451,237
______
ELECTRONICS-16.8%
500 (a). Altera 31,313
1,600 Duracell 71,400
3,000 Emerson Electric 214,125
21,700 General Electric. 1,277,588
600 Grainger (W.W.) 35,700
6,500 Hewlett-Packard 520,000
415 Hubbell, Cl. B 24,329
10,600 Intel 650,575
1,200 . Loral 65,700
7,500 Motorola 560,625
500 . Perkin-Elmer 17,062
900 Premier Industrial 21,600
1,200 Sensormatic Electronics 25,200
600 (a) Vishay Intertechnology 24,300
894 (a). Xilinx 38,330
______
3,577,847
______
ENTERTAINMENT-.8%
3,700 Carnival Cruise Lines, Cl. A 80,475
1,300 (a) Circus Circus Enterprises 42,575
1,300 (a) Harrah's Entertainment 41,438
400 (a) King World Productions 15,200
______
179,688
______
ENVIRONMENTAL-.3%
975 (a) Thermo Instrument Systems 24,984
2,300 Wheelabrator Technologies 35,938
______
60,922
______
FINANCE & FINANCIAL SERVICES-2.3%
550 ADVANTA, Cl. A 22,756
1,300 Block (H & R) 50,700
1,100 Equifax 42,762
800 ... Fifth Third Bancorp 45,000
1,000 . Franklin Resources 55,000
900 ... Green Tree Financial 52,425
600 Kansas City Southern Industries 26,400
1,366 Mercury Finance 31,247
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
FINANCE & FINANCIAL SERVICES (CONTINUED)
700 Northern Trust $31,500
1,200 . Schwab (Chas) 55,800
1,100 State Street Boston 40,563
1,100 Synovus Financial 28,050
______
482,203
______
FOOD DISTRIBUTORS-.3%
2,400 Sysco 69,000
______
FOODS-4.4%
3,100 .. Campbell Soup 141,825
3,100 . ConAgra 117,413
2,000 .. General Mills 103,250
3,300 Heinz (H.J.) 139,837
1,100 Hershey Foods 65,863
900 Hormel (Geo A) 21,600
2,800 Kellogg 189,000
1,050 Pioneer Hi-Bred International 45,150
1,600 Quaker Oats 55,600
1,400 Wrigley, (WM) Jr. 63,175
______
942,713
______
HEALTH CARE-1.5%
5,700 Columbia/HCA Healthcare 267,900
700 (a)... Foundation Health 24,238
700 Manor Care 22,663
______
314,801
______
HOUSEHOLD APPLIANCES-.2%
900 Whirlpool 49,050
______
HOUSEHOLD PRODUCTS-3.7%
800 Clayton Homes 18,900
2,000 Newell 50,000
800 .. Premark International 41,900
8,800 Procter & Gamble 610,500
2,000 Rubbermaid 59,500
______
780,800
______
INSURANCE-4.6%
1,325 .. AFLAC 54,159
6,075 American International Group 489,797
800 .. GEICO 54,600
1,100 . General Re 163,487
800 MGIC Investment 44,800
800 . Progressive Corp, Ohio 35,500
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) AUGUST 31, 1995
LARGE COMPANY GROWTH PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
INSURANCE (CONTINUED)
400 . SunAmerica $23,900
900 .. Torchmark 36,000
300 . Transatlantic Holdings 21,000
2,000 U.S. HealthCare 64,000
______
987,243
______
LEISURE TIME-.1%
2,100 International Game Technology 29,925
______
MACHINERY-.2%
1,125 Thermo Electron 48,516
______
MANUFACTURING-1.1%
1,100 (a) American Power Conversion 18,425
900 . Hillenbrand Industries 26,662
1,400 Illinois Tool Works 85,750
600 . Leggett & Platt 29,025
1,500 Pall 32,813
600 (a) Solectron 21,300
1,200 . Worthington Industries 24,000
______
237,975
______
MEDICAL SUPPLIES-1.3%
800 Becton, Dickinson 45,100
1,300 (a).. Biomet 20,963
1,500 Medtronic 141,562
600 (a). St. Jude Medical 35,775
700 Stryker 29,225
______
272,625
______
OFFICE & BUSINESS EQUIPMENT-.4%
1,900 Pitney Bowes 77,187
______
OIL & GAS-.2%
2,000 . Enron Oil & Gas 46,500
______
PACKAGING-.5%
900 Bemis 26,100
1,100 (a).. Crown Cork & Seal 49,500
1,100 . Sonoco Products 29,562
______
105,162
______
PRINTING & PUBLISHING-1.0%
1,000 American Greetings, Cl. A 30,750
1,700 Gannett 90,950
1,600 (a) Marvel Entertainment Group 23,000
1,400 Readers Digest Association, Cl. A 64,750
______
209,450
______
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
RADIO & TV BROADCASTING-1.3%
2,000 Capital Cities/ABC $230,000
1,100 Scripps (E.W.), Cl. A 36,987
______
266,987
______
RESTAURANTS-1.6%
725 (a) Brinker International 12,144
600 Cracker Barrel Old Country 12,225
8,800 McDonald's 321,200
______
345,569
______
RETAIL-8.4%
3,100 Albertson's 98,813
1,200 Circuit City Stores 41,400
900 Dayton Hudson 65,812
725 Dollar General 19,031
1,800 Gap 57,825
5,766 Home Depot 229,919
4,600 Limited 85,100
3,100 .. May Department Stores 131,363
1,000 . Nordstrom 41,250
2,000 (a) Office Depot 62,250
3,600 (a). Toys `R' Us 93,600
500 (a) Viking Office Products 18,000
29,400 Wal-Mart Stores 723,975
3,200 Walgreen 78,400
900 Winn-Dixie Stores 53,550
______
1,800,288
______
TECHNOLOGY-7.1%
20,200 AT&T... 1,141,300
1,100 (a). Applied Materials 114,400
1,200 (a). Atmel 37,950
3,400 (a).. cisco Systems 223,125
______
1,516,775
______
TELECOMMUNICATIONS-.5%
500 (a).. Andrew 29,125
1,100 (a). Tellabs 51,425
249 (a)... U.S. Robotics 34,922
______
115,472
______
TEXTILES-1.1%
800 . Cintas 30,200
900 NIKE, Cl. B 83,363
1,100 ... Reebok International 39,050
1,500 Shaw Industries 22,500
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) AUGUST 31, 1995
LARGE COMPANY GROWTH PORTFOLIO (CONTINUED)
LARGE COMPANY VALUE PORTFOLIO
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
TEXTILES (CONTINUED)
800 .. Unifi $20,200
800 ... V.F. 43,800
______
239,113
______
TIRE & RUBBER GOODS-.1%
1,100 Cooper Tire & Rubber 28,600
______
TOBACCO-.3%
2,500 UST 68,125
______
TOYS-.6%
1,000 . Hasbro 32,375
2,900 . Mattel 84,100
______
116,475
______
TRANSPORTATION-.1%
500 ... Illinois Central 19,188
______
UTILITIES-TELEPHONE-1.4%
700 Century Telephone Enterprises 19,512
2,818 (a) Citizens Utility, Cl. A 30,998
1,100 ... Frontier 30,663
9,000 . MCI Communications 216,562
______
297,735
______
TOTAL COMMON STOCKS
(cost $17,491,165). $21,235,727
============
PRINCIPAL
AMOUNT SHORT-TERM INVESTMENTS-.6%
____
U.S. TREASURY BILLS:
65,000 5.84%, 11/2/1995... $64,407
65,000 6.15%, 11/16/1995.. 64,272
______
TOTAL SHORT-TERM INVESTMENTS
(cost $128,662) $128,679
========
TOTAL INVESTMENTS
(cost $17,619,827).. 100.1% $21,364,406
====== ===========
LIABILITIES, LESS CASH
AND RECEIVABLES. (.1%) $(15,959)
======= ==========
NET ASSETS 100.0% $21,348,447
======= ===========
SHARES COMMON STOCKS-99.2% VALUE
____ _______
AEROSPACE & DEFENSE-1.0%
1,700 ... General Dynamics $89,463
2,200 Textron 150,700
______
240,163
______
AUTOMOTIVE-6.0%
9,500 ... Chrysler 511,812
26,500 Ford Motor. 811,562
900 . PACCAR 44,550
______
1,367,924
______
BANKING-24.6%
3,200 Ahmanson (HF) & Co. 76,000
5,200 ... American General 183,300
1,600 AmSouth Bancorp 59,800
10,300 Banc One... 346,338
1,350 . Bancorp Hawaii 45,225
2,907 . Bank of Boston 127,908
5,000 ... Bank of New York 217,500
9,800 BankAmerica 553,700
2,100 ... Bankers Trust NY 144,637
2,600 .. Barnett Banks 148,525
3,400 ... Boatmen's Bancshares 125,800
4,700 Chase Manhattan 270,250
6,300 ... Chemical Banking 366,975
3,100 ... Comerica 110,438
3,600 .. First Bank System 164,250
2,400 .. First Chicago 152,100
2,300 . First Fidelity Bancorp 150,362
1,800 .. First of America Bank 79,650
1,400 . First Security 44,100
1,000 First Tennessee National 53,000
4,500 First Union 225,562
900 ... First Virginia Banks 37,012
2,000 Firstar 74,250
1,000 .. Integra Financial 56,125
6,228 KeyCorp 193,068
1,600 . Mercantile Bancorp 72,400
1,800 ... Meridian Bancorp 72,225
400 .. Michigan National 43,025
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) AUGUST 31, 1995
LARGE COMPANY VALUE PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
BANKING (CONTINUED)
1,400 .. Midlantic $ 72,100
4,900 .. Morgan (J.P.) 357,087
4,200 NBD Bancorp 150,150
3,900 .. National City 116,025
1,250 . Old Kent Financial 47,656
6,000 PNC Bank 157,500
1,600 .. Regions Financial 64,400
1,400 .. Republic New York 78,750
1,900 . Signet Banking 49,637
2,400 . SouthTrust 62,100
900 .. Star Banc 47,700
1,600 .. UJB Financial 55,400
4,500 Wachovia 178,875
______
5,630,905
______
BEVERAGES-.3%
1,900 Brown-Forman, Cl. B 70,300
______
BROKERAGE-1.6%
3,025 .. Bear Stearns Cos. 62,390
1,400 Edwards (AG) 34,125
4,500 .. Merrill Lynch 259,313
______
355,828
______
CHEMICALS-.4%
2,700 .. Ethyl 29,363
1,600 .. Witco 53,200
______
82,563
______
ELECTRONICS-.1%
1,100 National Service Industries 31,900
______
ENERGY-12.9%
1,600 Ashland Oil 52,400
32,400 Exxon.. 2,227,500
200 FINA, Cl. A 9,250
1,200 .. Pennzoil 52,800
6,700 . Texaco 433,825
8,513 . USX-Marathon Group 175,581
______
2,951,356
______
FINANCE-4.5%
1,100 .. Crestar Financial 62,012
2,000 First Interstate Bancorp 191,000
3,600 .. Fleet Financial Group 133,200
3,500 Great Western Financial 81,813
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
FINANCE (CONTINUED)
7,100 NationsBank $435,763
1,800 Transamerica 122,400
______
1,026,188
______
FOREST & PAPER PRODUCTS-1.3%
1,000 Federal Paper Board 39,625
5,400 Weyerhaeuser 248,400
______
288,025
______
HOLDING COMPANIES-1.4%
600 Harsco 33,600
7,140 RJR Nabisco 203,490
1,500 Temple-Inland 77,625
______
314,715
______
INSURANCE-3.9%
2,900 . Aetna Life & Casualty 197,925
2,700 Aon 105,300
1,900 CIGNA 183,825
1,200 Jefferson-Pilot 75,450
2,600 Lincoln National 111,800
1,600 . SAFECO 103,400
2,100 . St. Paul Cos. 113,925
______
891,625
______
MACHINE TOOLS-.2%
1,200 Snap-On 49,200
______
MANUFACTURING-.4%
1,100 . Johnson Controls 66,962
700 .. Timken 31,588
______
98,550
______
MINING & MINERALS-.3%
2,400 Cyprus Amax Minerals 67,200
______
OFFICE & BUSINESS EQUIPMENT-.3%
1,000 Harris 57,625
______
PUBLISHING-.6%
2,500 .. New York Times, Cl. A 62,188
2,800 Times Mirror, Cl. A 85,750
______
147,938
______
RAILROADS-1.5%
5,300 Union Pacific 347,150
______
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) AUGUST 31, 1995
LARGE COMPANY VALUE PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
RETAIL-3.0%
2,700 Melville $90,113
6,100 Penney (J.C.) 276,025
10,000 Sears, Roebuck. 323,750
______
689,888
______
TELECOMMUNICATIONS-11.6%
13,000 BellSouth.. 893,750
25,000 GTE 915,625
10,900 Pacific Telesis Group.. 309,288
12,200 U S West 530,700
______
2,649,363
______
TOBACCO-.9%
5,100 American Brands 214,200
______
TRANSPORTATION-.2%
2,200 Ryder System 53,350
______
UTILITIES-21.6%
3,400 . Allegheny Power System 82,875
4,800 American Electric Power 163,800
3,700 Baltimore Gas & Electric 97,125
2,400 CMS Energy 59,100
4,000 . Carolina Power & Light 122,500
3,400 Centerior Energy 36,550
6,100 Consolidated Edison 172,325
2,900 DPL 64,525
1,800 DQE 42,975
1,800 . Delmarva Power & Light 39,150
3,900 .. Detroit Edison 119,437
4,400 Dominion Resources 158,950
5,300 . Duke Power 215,312
5,900 . Entergy 141,600
4,800 FPL Group 186,600
2,600 Florida Progress 78,975
3,400 Houston Industries 144,075
900 IPALCO Enterprises 31,162
2,100 Illinova 52,762
1,400 Kansas City Power & Light 31,325
3,100 Long Island Lighting 52,700
1,200 Montana Power 26,400
1,500 NIPSCO Industries 49,125
1,800 New England Electric System 63,000
1,800 New York State Electric & Gas 43,425
3,700 Niagara Mohawk Power 44,400
3,100 Northeast Utilities 70,912
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
UTILITIES (CONTINUED)
1,700 .. Northern States Power $72,462
4,000 Ohio Edison 86,500
1,200 Oklahoma Gas & Electric 42,450
5,800 . PECO Energy 154,425
4,000 PP & L Resources 87,500
11,100 Pacific Gas & Electric. 319,125
7,800 . PacifiCorp 141,375
2,400 .. Pinnacle West Capital 59,700
3,100 . Potomac Electric Power 66,263
1,700 Public Service Co. of Colorado 55,038
6,400 Public Service Enterprise Group 176,000
1,900 Puget Sound P&L 41,088
2,700 .. SCANA 62,775
11,900 SCEcorp. 197,838
2,900 San Diego Gas & Electric 63,075
17,200 Southern. 363,350
5,900 .. Texas Utilities 205,025
5,500 . Unincom 154,688
2,600 Union Electric 92,625
1,800 Western Resources 54,450
2,700 . Wisconsin Energy 72,563
______
4,959,400
______
UTILITIES-NATURAL GAS DISTRIBUTORS-.6%
2,100 . Pacific Enterprises 50,400
3,700 Panhandle Eastern 92,500
______
142,900
______
TOTAL COMMON STOCKS
(cost $20,522,037) $22,728,256
===========
PRINCIPAL
AMOUNT SHORT-TERM INVESTMENTS-1.3%
____
U.S. TREASURY BILLS:
$104,000 5.84%, 11/2/1995. $103,052
100,000 . 6.15%, 11/16/1995 98,880
101,000 . 5.72%, 11/24/1995 99,749
______
TOTAL SHORT-TERM INVESTMENTS
(cost $301,641) $301,681
=========
TOTAL INVESTMENTS
(cost $20,823,678). 100.5% $23,029,937
====== ===========
LIABILITIES, LESS CASH
AND RECEIVABLES.. (.5%) $(103,682)
===== ===========
NET ASSETS 100.0%. $22,926,255
===== ===========
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) AUGUST 31, 1995
SMALL COMPANY GROWTH PORTFOLIO
SHARES COMMON STOCKS-99.4% VALUE
____ _______
AIR TRANSPORTATION-.4%
2,500 Air Express International $56,875
1,400 . Skywest 31,675
______
88,550
______
AUTO PARTS-.8%
2,550 (a) Jason 25,341
5,100 Superior Industries International 151,088
______
176,429
______
BANKING-.7%
2,600 Astoria Financial 111,800
1,200 (a).. CSF Holdings 46,650
______
158,450
______
BIOTECHNOLOGY-1.3%
1,200 Collagen 21,600
4,900 (a). Nellcor 254,800
______
276,400
______
BROKERAGE-.2%
1,000 . Pioneer Group 28,500
600.. SEI 13,275
______
41,775
______
BUILDING MATERIALS-.2%
1,500 (a). Fibreboard 35,625
______
CHEMICALS-1.5%
3,900 (a).. Airgas 107,250
1,200 (a).. IDEXX Laboratories 40,650
7,600 (a) Scotts Company (The), Cl. A 171,000
______
318,900
______
COMMERCIAL SERVICES-2.4%
2,200 (a) DeVRY 48,675
4,100 (a) Franklin Quest 94,812
1,400 (a) Insurance Auto Auctions 17,850
2,200 (a). Interim Services 57,200
10,800(a) Robert Half International 306,450
______
524,987
______
COMPUTER SOFTWARE & SERVICES-15.7%
2,700 (a).. Acxiom 72,562
5,600 (a) American Management Systems 142,800
1,200 (a). BancTec 20,700
3,100 (a). Broderbund Software 228,238
3,400 (a).. Cerner 116,450
1,900 (a) Computer Network Technology 16,150
SHARES COMMON STOCKS (CONTINUED) VALUE
COMPUTER SOFTWARE & SERVICES (CONTINUED)
2,540 (a). Comverse Technology $50,800
2,000 (a) Electronics For Imaging 113,000
2,900 (a). Exabyte 43,862
6,600 (a).. FIserv 188,100
1,400 . Fair Issac & Co. 36,400
1,900 (a) Franklin Electronic Publishers 57,237
100 (a) Hutchinson Technology 7,825
900 (a) Hyperion Software 41,850
3,600 (a) Information Resources 46,350
3,450 (a) Keane 90,563
3,900 (a) Komag 242,775
2,900 (a) MICROS Systems 98,963
1,000 (a).. Network General 35,187
1,300 (a) Progress Software 75,725
5,500 (a) Pyxis 124,438
7,600 (a). Quantum 182,400
6,300 Reynolds & Reynolds, Cl. A 202,387
3,900 (a) Safeguard Scientifics 195,488
9,600 (a). Stratus Computer 268,800
3,600 (a) Structural Dynamics Research 65,250
8,700 (a) SunGard Data Systems 241,425
1,000 .. System Software 31,564
4,600 (a) Systems & Computer Technology 122,475
4,800 (a).. Tech Data 57,000
4,973 (a) Zilog 221,298
______
3,438,062
______
COSMETICS & TOILETRIES-.2%
1,572 Nature's Sunshine Products 36,942
______
DISTRIBUTION-.1%
3,500 (a). Merisel 22,313
______
ELECTRONICS-12.0%
8,700 Allen Group 283,837
3,000 Dallas Semiconductor 71,250
2,100 (a).. Gentex 51,450
2,500 (a). ITEL 94,375
19 (a).. Input/Output 708
5,600 (a) Lattice Semiconductor 184,100
7,800 (a). Marshall Industries 247,650
3,000 (a). Novellus Systems 221,062
6,400 (a) Oak Industries 189,600
200 .. Pacific Scientific 5,025
1,850 Pioneer Standard Electronics 47,638
2,200 (a) Presstek 113,850
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) AUGUST 31, 1995
SMALL COMPANY GROWTH PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
ELECTRONICS (CONTINUED)
400 (a).. Rogers $11,400
2,200 (a) SCI Systems 68,200
3,800 (a) Silicone Valley Group 163,400
1,200 (a).. Special Devices 21,300
6,600 (a). Symbol Technologies 229,350
3,500 (a) Tech-Sym 101,937
2,400 (a).. Three-Five Systems 71,700
3,300 (a) Unitrode 99,000
6,100 (a).. VLSI Technology 201,300
5,250 . Wireless Telecom Group 92,531
2,700 .. X-Rite 53,325
______
2,623,988
______
ENTERTAINMENT-.7%
700 (a). Grand Casinos 25,638
4,000 (a).. Primadonna Resorts 81,000
3,400 (a).. Rio Hotel & Casino 44,200
______
150,838
______
ENVIRONMENTAL-1.8%
4,400 (a) Allwaste 23,650
500 IMCO Recycling 10,125
4,600 (a) Sanifill 146,625
3,500 (a).. USA Waste Services 68,250
6,700 (a) U.S. Filter 147,400
______
396,050
______
FINANCE-1.8%
2,100 (a) Autofinance Group 34,650
3,500 (a) Concord EFS 99,750
3,600 Money Store 236,250
1,100 (a). Primark 27,775
______
398,425
______
FOODS-1.3%
2,700 (a) Canandaigua Wine, Cl. A 127,575
5,000 Richfood Holdings 121,250
2,000 (a). Smithfield Foods 44,500
______
293,325
______
HOMEBUILDING-1.2%
6,600 .. Centex 193,050
4,200 (a). Toll Brothers 75,075
______
268,125
______
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
HOSPITAL MANAGEMENT-10.8%
5,300 (a) Genesis Health Ventures $ 167,612
5,800 (a).. HealthCare COMPARE 218,225
11,700(a) Health Care & Retirement 368,550
4,300 (a).. Healthsource 172,000
9,300 (a).. Horizon Healthcare 203,438
7,700 Integrated Health Services 230,037
2,400 (a) Living Centers of America 73,200
1,400 (a) Pacific Physician Services 24,500
1,900 (a) Quantum Health Resources 24,225
7,300 (a) Sierra Health Services 195,275
2,500 (a) Universal Health Services, Cl. B 85,938
10,400 (a) Vencor 308,100
8,900 (a) Vivra 294,812
______
2,365,912
______
INSURANCE-2.8%
5,800 (a). Capsure Holdings 79,750
7,632 (a) FHP International 188,892
1,300 (a) Fund American Enterprise 94,250
600 (a). Markel 40,800
4,800 (a). United Insurance 70,800
3,700 Vesta Insurance Group 138,750
______
613,242
______
LEISURE TIME-3.1%
6,900 (a) Acclaim Entertainment 174,225
3,650 Arctco 49,731
10,300 Callaway Golf.. 159,650
4,500 (a) Chris-Craft Industries 202,500
1,200 (a). Coleman 45,300
1,100 (a). GC Companies 36,850
______
668,256
______
MACHINERY-3.3%
3,700 AGCO 179,912
2,200 (a). Cognex 109,725
800 (a). Electroglas 60,400
100 (a). Ionics 3,938
2,600 (a) Kulicke & Soffa Industries 101,075
1,900 Roper Industries 64,600
5,600 (a) Thermo Power 89,600
1,900 (a) Zebra Technologies, Cl. A 110,675
______
719,925
______
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) AUGUST 31, 1995
SMALL COMPANY GROWTH PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
MANUFACTURING-6.2%
9,200 Breed Technologies $175,950
7,900 (a) Champion Enterprises 134,300
700.. IDEX 28,175
1,700 (a). InterVoice 37,612
1,300 (a). Lydall 31,038
2,100 Medusa 57,750
3,000 NACCO Industries, Cl. A 172,500
7,400 Oakwood Homes 236,800
3,400 (a). Paxar 62,475
5,400 (a). Shorewood Packaging 97,200
2,200 (a) Thermo Process Systems 25,850
6,800 (a). VeriFone 192,950
3,000 Wabash National 109,500
600 Winnebago Industries 5,025
______
1,367,125
______
MEDICAL SUPPLIES & SERVICES-4.7%
2,800 . Arrow International 114,800
2,800 (a) Coastal Physician Group 42,350
2,100 (a) Cordis 162,225
4,500 . DENTSPLY International 167,625
2,000 (a). Datascope 42,000
1,800 Invacare 77,850
2,400 (a). Respironics 42,600
1,400 (a). Rotech Medical 36,050
3,600 (a) STERIS 105,750
7,700 (a). Sunrise Medical 199,237
2,300 (a) Tecnol Medical Products 41,688
______
1,032,175
______
METALS-1.7%
3,800 (a).. Magma Copper Cl. B 69,350
950 (a) Material Sciences 18,287
2,000 (a).. Mueller Industries 110,500
2,300 (a). WHX 29,038
5,300 (a) Whittaker 103,350
1,200 (a). Wolverine Tube 46,800
______
377,325
______
OIL & GAS-3.2%
1,100 (a) BJ Services 27,500
4,900 (a). Ensco International 88,200
12,800(a) Nabors Industries. 118,400
2,517 (a). Nuevo Energy 62,296
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
OIL & GAS (CONTINUED)
3,000 (a) Oceaneering International $35,250
4,300 (a).. Offshore Logistics 59,125
3,000 .. Phoenix Resource Cos. 109,875
200 Pogo Producing 4,750
3,100 (a). Seitel 80,988
600 (a). Southern Union 10,500
1,100 (a). Tejas Gas 54,725
2,700 . Vintage Petroleum 54,000
______
705,609
______
PRINTING & PUBLISHING-2.3%
6,600 . Belo (A.H.), Cl. A 231,825
3,300 (a).. Catalina Marketing 178,200
1,100 (a). Devon Group 44,137
1,875 Thomas Nelson 47,812
______
501,974
______
RADIO & TV BROADCASTING-2.3%
10,400 (a) BET Holdings, Cl. A.. 191,100
2,955 (a) Clear Channel Communication 220,517
3,300 (a) Heritage Media, Cl. A 93,225
300 (a) Westcott Communications 4,463
______
509,305
______
RESTAURANTS-1.9%
3,150 Apple South 77,175
900 Applebee's International 27,000
3,900 (a). Buffets 51,188
1,300 (a). IHOP 33,313
5,500 (a) Lone Star Steakhouse & Saloon 220,687
______
409,363
______
RETAIL-6.3%
6,700 (a) Best Buy 182,575
4,150 (a).. Bombay 34,756
5,150 (a) Burlington Coat Factory 61,800
2,400 .. Claire's Stores 51,900
8,000 (a). Consolidated Stores 176,000
1,200 (a). Dress Barn 11,400
1,000 (a) Fabri-Centers America, Cl. A 13,625
1,000 (a) Fabri-Centers America, Cl. B 11,375
5,000 Fastenal 165,000
4,400 (a). Lands' End 76,450
6,200 .. Lennar 120,125
3,300 (a) MacFrugals Bargains Closeouts 55,275
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) AUGUST 31, 1995
SMALL COMPANY GROWTH PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
RETAIL (CONTINUED)
8,600 (a).. Michaels Stores $139,750
1,500 (a) MicroAge 17,625
1,400 (a). Proffitt's 36,925
5,300 (a).. Starbucks 212,000
600 (a) Timberland, Cl. A 17,475
______
1,384,056
______
TELECOMMUNICATIONS-2.0%
3,300 (a) Aspect Telecommunications 157,575
2,900 (a) Boston Technology 40,600
1,500 (a) California Microwave 39,375
700 (a). CommNet Cellular 19,775
400 (a).. Dial Page 7,500
1,800 (a).. Digi International 50,850
1,200 (a) Nationwide Cellular Service 33,000
1,900 (a) Octel Communications 64,837
1,600 (a) United States Long Distance 23,600
______
437,112
______
TEXTILES-1.9%
3,900 (a) Fieldcrest Cannon 93,112
3,600 (a). Jones Apparel Group 125,100
4,600 St. John Knits 203,550
______
421,762
______
TRANSPORTATION-2.0%
1,500 Expeditors International,
Washington.. 34,875
2,600 (a).. Fritz Companies 185,250
3,600 (a) National Auto Credit 52,200
2,800 (a). Wisconsin Central
Transportation. 166,600
______
438,925
______
TRUCKING-1.6%
7,000 (a) American Freightways 135,625
1,591 (a) Heartland Express 46,935
1,700 (a). M.S. Carriers 31,875
3,100 (a) Swift Transportation 61,225
3,200 .. Werner Enterprises 64,800
______
340,460
______
UTILITIES-1.0%
10,400(a) California Energy. 217,100
______
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
TOTAL COMMON STOCKS
(cost $19,717,062) $21,758,810
===========
CONVERTIBLE PREFERRED STOCKS-.2%
1,440 FHP International, Series A
(cost $33,817). $35,100
========
PRINCIPAL
AMOUNT SHORT-TERM INVESTMENTS-1.6%
____
U.S. TREASURY BILLS:
$131,000 5.84%, 11/2/1995.. $129,805
49,000 .. 6.15%, 11/16/1995 48,451
182,000 .. 5.72%, 11/24/1995 179,747
______
TOTAL SHORT-TERM INVESTMENTS
(cost $357,990) $358,003
=========
TOTAL INVESTMENTS
(cost $20,108,869). 101.2% $22,151,913
======= ============
LIABILITIES, LESS CASH
AND RECEIVABLES. (1.2%) $(269,735)
____ ____________
NET ASSETS 100.0%. $21,882,178
======= =============
SMALL COMPANY VALUE PORTFOLIO
SHARES COMMON STOCKS-99.0%
____
ADVERTISING-.2%
3,000 True North Communications $64,500
______
AEROSPACE & DEFENSE-1.0%
1,300 . Curtiss-Wright 57,200
5,500 .. Thiokol 191,812
______
249,012
______
AUTO PARTS-2.5%
4,600 .. Excel Industries 60,950
8,283 .. Federal-Mogul 184,296
14,100 . Safety - Kleen 190,350
9,000 Smith (A.O.) 223,875
______
659,471
-------
BANKING-19.6%
3,575 . Associated Banc-Corp 127,136
2,925 .. Bancorp South 117,000
14,300 .. Bank South 326,218
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) AUGUST 31, 1995
SMALL COMPANY VALUE PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
BANKING (CONTINUED)
2,400 . Bankers $42,600
3,342 CNB Bancshares 96,082
9,700 . Central Fidelity Banks 317,675
1,675 . Chittenden 45,643
3,400 Citizens Bancorp Maryland 104,125
4,900 . Citizens Banking 149,450
2,394 . Commerce Bancorp 53,566
700 . Commerce Bancshares 25,112
9,300 .. Compass Bancshares 279,000
2,500 Cullen Frost Bankers 115,000
6,900 .. Dauphin Deposit 189,750
4,400 . Deposit Guaranty 173,800
3,702 .. F&M National 64,785
6,300 First American (Tennessee) 269,325
2,200 .. Firstbank of Illinois 62,150
8,200 . FirstMerit 219,350
3,920 . First Michigan Bank 98,490
2,600 . Fort Wayne National 82,550
3,400 Jefferson Bankshares 76,500
5,300 .. Keystone Financial 169,600
5,400 .. Liberty Bancorp 198,450
3,600 .. Mark Twain Bancshares 126,000
11,700 Mercantile Bankshares 311,513
3,889 .. Mid Am 60,523
1,100 .. North Fork Bancorp 21,313
2,900 Old National Bancorp (Ind) 99,325
3,960 One Valley Bancorp of
West Virginia.. 121,770
3,700 . Republic Bancorp 49,488
7,460 .. Summit Bancorporation 186,500
2,400 . Susquehanna Bancshares 67,800
4,600 United Carolina Bancshares 161,000
600 United Counties Bancorp 116,400
1,500 . U.S. Trust 119,625
5,900 Westcorp 122,425
3,600 .. Whitney Holding 119,700
______
5,086,739
______
BEVERAGES-.5%
8,200 .. Coors (Adolph), Cl. B 139,400
______
CAPITAL MAINTENANCE SERVICES-.2%
2,100 ABM Industries 54,075
______
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
CHEMICALS-1.1%
2,200 .. Chemed $77,550
4,600 .. Dexter 113,850
2,000 LeaRonal 45,500
3,400 .. Stepan 57,375
______
294,275
______
COMMERCIAL & PERSONAL SERVICES-2.0%
12,000 Ogden. 279,000
2,700 Omega Healthcare Investors 69,525
3,800 .. PHH 165,775
______
514,300
______
FINANCE-10.7%
4,100 . Albank Financial 125,050
3,700 . Alex Brown 222,000
1,750 . Amcore Financial 35,875
3,400 . CCB Financial 164,050
5,100 . Centura Banks 158,738
6,600 First Commerce 212,850
5,000 First Commonwealth Financial 75,625
6,700 First Financial-Wisconsin 132,325
7,200 First Hawaiian 200,700
6,100 . Fourth Financial 216,550
6,250 . Fulton Financial 120,313
3,400 . JSB Financial 105,400
6,200 Magna Group 142,600
3,200 .. ONBANCorp 91,600
6,000 Piper Jaffray Cos 87,000
3,700 Provident Bancorp 154,937
1,400 . TCF Financial 77,875
4,300 . UMB Financial 165,550
4,900 .. USLIFE 211,312
2,700 United Bancshares 80,325
______
2,780,675
______
FOOD DISTRIBUTORS-2.1%
200 American Maize - Products, Cl. A 7,775
9,200 .. Flowers Industries 189,750
4,000 .. Ingles Markets, Cl. A 41,500
1,500 Lance 27,000
3,300 . Michael Foods 42,900
3,700 . Midwest Grain Products 64,750
2,500 . Nash Finch 50,625
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) AUGUST 31, 1995
SMALL COMPANY VALUE PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
FOOD DISTRIBUTORS (CONTINUED)
1,300 . Smith's Food &
Drug Centers, Cl. B.. $24,537
2,900 .. Smucker (J.M.), Cl. A 60,900
730 .. Universal Foods 23,177
______
532,914
______
FOREST PRODUCTS-1.1%
1,100 . Chesapeake 40,013
12,200 Longview Fibre. 196,725
3,000 . Pope & Talbot 46,875
______
283,613
______
HOME FURNISHINGS-1.2%
4,800 Kimball International, Cl. B 123,600
1,500 La-Z Boy Chair 42,563
4,400 Stanhome 136,400
______
302,563
______
HOUSEHOLD APPLIANCES-.3%
1,700 National Presto Industries 72,250
______
HOUSING-.3%
6,100 Kaufman & Broad Home 81,587
______
INSURANCE-5.6%
2,400 Foremost Corp., America 96,600
3,815 Fremont General 103,958
1,600 .. Hartford Steam Boiler 74,200
3,600 . Home Beneficial, Cl. B 83,700
8,900 .. Ohio Casualty 295,925
1,400 Protective Life 39,900
27,900 Reliance Group Holdings. 223,200
4,600 Security-Connecticut 122,475
3,200 Selective Insurance Group 109,600
1,200 . Trenwick Group 56,700
5,300 United Wisconsin Services 113,950
6,000 Zenith National Insurance 137,250
______
1,457,458
______
LEISURE TIME-2.3%
3,518 .. Anthony Industries 70,800
14,500 Fleetwood Enterprises 284,562
7,500 Handleman 71,250
500 National Golf Properties 10,937
200 Outboard Marine 4,275
2,500 Skyline 44,062
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
LEISURE TIME (CONTINUED)
3,000 . Sturm Ruger $101,250
______
587,136
______
MACHINERY-.2%
3,400 Thomas Industries 58,225
______
MANUFACTURING-2.8%
5,200 . Arvin Industries 113,750
3,200 Bassett Furniture 79,200
4,000 . Brown Group 73,000
2,500 . Cross (A.T.), Cl. A 39,687
200 Jostens 4,800
1,800 Manitowoc 49,275
3,700 O'Sullivan 40,700
2,500 Sealright 32,500
3,300 Standard Products 64,350
6,300 Winnebago Industries 52,763
11,100 Zero. 174,825
______
724,850
______
MEDICAL SUPPLIES-.9%
3,600 ADAC Laboratories 41,400
700 . Beckman Instruments 20,037
4,400 . Block Drug Cl. A 172,700
______
234,137
______
METALS-2.1%
4,600 Amcast Industrial 87,400
3,200 Ball 108,800
900 Barnes Group 37,125
3,800 .. Cleveland - Cliffs 171,950
4,100 .. Simpson Industries 48,175
11,600 UNR Industries.. 91,350
______
544,800
______
OFFICE & BUSINESS EQUIPMENT-3.3%
3,650 American Business Products 68,893
3,500 General Binding 71,750
9,600 .. Hunt Manufacturing 130,800
6,100 Miller (Herman) 160,125
6,400 Standard Register 136,000
5,100 Wallace Computer Services 294,525
______
862,093
______
OIL & GAS-1.2%
3,500 National Fuel Gas 98,438
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) AUGUST 31, 1995
SMALL COMPANY VALUE PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
OIL & GAS (CONTINUED)
6,100 .. ONEOK $ 133,437
3,000 Questar 91,500
______
323,375
______
RAILROADS-.9%
4,400 GATX 227,150
______
RESTAURANTS-1.0%
7,500 Luby's Cafeterias 149,063
4,800 . Sbarro 109,800
______
258,863
______
RETAIL-4.8%
5,800 .. Blair 193,575
12,700 Family Dollar Stores. 231,775
4,600 .. Fay's 36,800
2,400 Hancock Fabrics 25,200
4,600 Longs Drug Stores 170,200
1,300 . Ross Stores 20,800
5,600 Ruddick 149,800
7,200 .. Shopko Stores 90,900
2,424 Strawbridge-Clothier, Cl. A 44,237
21,500 TJX Companies 268,750
3,900 . Venture Stores 22,913
______
1,254,950
______
STEEL-1.0%
500 . Birmingham Steel 10,125
2,000 Carpenter Technology 152,500
6,700 Chaparral Steel 77,050
100 Oregon Steel Mills 1,675
______
241,350
______
TELECOMMUNICATIONS-1.0%
11,600 Comsat.. 269,700
______
TEXTILES-2.2%
8,400 Guilford Mills 210,000
4,800 Kellwood 100,800
3,000 Oxford Industries 54,000
5,000 Springs Industries, Cl. A 215,625
______
580,425
______
TOBACCO-.7%
8,200 Universal 184,500
______
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
TRANSPORTATION-1.0%
10,500 Alexander & Baldwin $238,875
______
UTILITIES-ELECTRIC POWER-17.4%
13,320 Atlantic Energy. 253,080
3,300 Black Hills 80,025
3,000 CILCORP 107,250
8,400 CIPSCO 276,150
3,900 Central Hudson Gas & Electric 108,225
7,300 Central Maine Power 83,950
2,600 Central Vermont Public Service 35,750
4,500 Eastern Utilities Association 105,188
4,800 Empire District Electric 85,200
5,300 Hawaiian Electric Industries 191,463
7,200 IES Industries 181,800
6,300 Interstate Power 154,350
4,300 MDU Resources Group 130,075
2,400 . Madison Gas & Electric 79,200
30,870 MidAmerican Energy. 439,898
7,700 Minnesota Power & Light 206,938
11,300 Nevada Power. 230,238
1,800 Northwestern Public Service 45,225
3,100 Orange/Rockland Utilities 101,913
12,416 Portland General 297,984
9,400 Rochester Gas & Electric 209,150
6,600 Sierra Pacific Resources 141,900
3,600 Southern Indiana Gas & Electric 113,850
3,900 Southwestern Public Service 117,000
5,800 United Illuminating 194,300
6,900 WPL Holdings 196,650
5,400 WPS Resources 155,925
13,300 Washington Water Power.. 206,150
______
4,528,827
______
UTILITIES-NATURAL GAS DISTRIBUTORS-6.1%
3,000 Bay State Gas 70,500
2,000 Colonial Gas 39,000
2,000 Connecticut Energy 38,750
2,300 Connecticut Natural Gas 50,600
4,700 Eastern Enterprises 143,938
8,000 El Paso Natural Gas 225,000
2,500 Energen 54,688
3,900 Laclede Gas 77,513
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) AUGUST 31, 1995
SMALL COMPANY VALUE PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
UTILITIES-NATURAL GAS DISTRIBUTORS (CONTINUED)
3,000 NUI $45,375
4,000 New Jersey Resources 96,000
3,300 .. Northwest Natural Gas 102,300
2,400 Pennsylvania Enterprises 76,200
7,800 Peoples Energy 212,550
6,400 Piedmont Natural Gas 130,400
4,500 Public Service Company of
North Carolina. 68,625
2,414 South Jersey Industries 47,978
2,800 United Cities Gas 43,400
2,900 Washington Energy 48,213
______
1,571,030
______
UTILITIES-WATER-1.7%
6,100 American Water Works 182,238
2,600 California Water Service 80,600
1,700 E'town 45,688
2,700 .. Philadelphia Suburban 48,600
7,136 United Water Resources 92,768
______
449,894
______
TOTAL COMMON STOCKS
(cost $24,192,376) $25,713,012
===========
TOTAL INVESTMENTS
(cost $24,192,376). 99.0% $25,713,012
===== ===========
CASH AND RECEIVABLES (NET). 1.0% $265,200
===== ===========
NET ASSETS 100.0%. $25,978,212
======= ===========
NOTE TO STATEMENT OF INVESTMENTS;
(a) Non-income producing.
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF ASSETS AND LIABILITIES AUGUST 31, 1995
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. $21,364,406 $23,029,937 $22,151,913 $25,713,012
Cash.. 22,166 12,991 42,237 49,544
Receivable for investment securities sold _ _ _ 179,966
Dividends receivable. 21,983 110,924 4,173 99,935
Prepaid expenses and other assets 10,317 11,164 10,386 9,177
Due from The Dreyfus Corporation. _ 20,304 _ 7,427
_______ ______ _______ _______
21,418,872 23,185,320 22,208,709 26,059,061
____________ ____________ ____________ ____________
LIABILITIES:
Due to Wilshire $ 1,784 $ 1,833 $ 1,831 $ 2,083
Payable for investment securities purchased _ 198,163 256,560 __
Payable for Common Stock redeemed 40 7,228 40 18,463
Accrued expenses and other liabilities. 68,601 51,841 68,100 60,303
______ _______ _______ _______
70,425 259,065 326,531 80,849
_____ ________ _______ _______
NET ASSETS $21,348,447 $22,926,255 $21,882,178 $25,978,212
============ ============ ========== ===========
REPRESENTED BY:
Paid-in capital $17,284,473 $19,679,928 $16,955,970 $23,045,250
Accumulated undistributed investment
income-net 89,061 470,916 _ 733,991
Accumulated investment (loss). _ _ (87,165) _
Accumulated undistributed net realized gain
on investments.. 230,334 569,152 2,970,329 678,335
Accumulated net unrealized appreciation on
investments-Note 4(b). 3,744,579 2,206,259 2,043,044 1,520,636
__________ __________ __________ _________
NET ASSETS at value $21,348,447 $22,926,255 $21,882,178 $25,978,212
=========== ============ =========== ============
SHARES OF COMMON STOCK OUTSTANDING
[400 million shares (with 100 million allocated
to each series) of $.001 par value
Common Stock authorized] 1,306,134 1,430,928 1,179,532 1,685,300
=========== ============ =========== ============
NET ASSET VALUE per share
(Net Assets Shares Outstanding) $16.34 $16.02 $18.55 $15.41
======= ======= ======= =======
See notes to financial statements.
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF OPERATIONS YEAR ENDED AUGUST 31, 1995
LARGE LARGE SMALL SMALL
COMPANY COMPANY COMPANY COMPANY
GROWTH VALUE GROWTH VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
______ ______ ______ ______
INVESTMENT INCOME:
INCOME:
Cash dividends (net of $34 and $72
foreign taxes withheld at source for the
Small Company Growth Portfolio and
Small Company Value Portfolio) $ 244,485 $710,822 $40,037 $1,176,442
Interest.. 20,211 15,590 22,934 36,416
______ ______ ______ ______
TOTAL INCOME. 264,696 726,412 62,971 1,212,858
______ ______ ______ ______
EXPENSES-Note 2(c):
Investment advisory fee-Note 3(a). $ 14,834 $15,835 $15,630 $ 25,210
Administration fee-Note 3(a) 29,667 31,669 31,260 50,421
Shareholder servicing costs-Note 3(b) 45,596 50,022 61,059 83,095
Auditing fees 22,531 22,533 25,534 25,549
Registration fees.. 18,057 15,907 18,172 13,752
Prospectus and shareholders' reports. 9,807 8,527 10,369 11,207
Custodian fees.. 4,976 5,084 5,343 5,442
Directors' fees and expenses-Note 3(c) 4,375 4,584 5,199 7,491
Legal fees 1,476 1,932 2,207 2,922
Miscellaneous 4,801 6,474 6,668 3,833
______ ______ ______ ______
156,120 162,567 181,441 228,922
Less-fees waived by Wilshire and Dreyfus
due to undertakings-Note 3(a). 31,339 33,740 33,455 54,566
______ ______ ______ ______
TOTAL EXPENSES.. 124,781 128,827 147,986 174,356
________ ________ ________ _______
INVESTMENT INCOME
(LOSS)-NET.. 139,915 597,585 (85,015) 1,038,502
________ ________ ________ _______
REALIZED AND UNREALIZED GAIN
ON INVESTMENTS:
Net realized gain on investments-Note 4(a) $ 381,982 $ 680,162 $3,009,406 $ 793,177
Net unrealized appreciation on investments 3,125,221 2,162,794 775,482 1,360,207
________ ________ ________ _______
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS.. 3,507,203 2,842,956 3,784,888 2,153,384
________ ________ ________ _______
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $3,647,118 $3,440,541 $3,699,873 $3,191,886
========== =========== =========== ==========
See notes to financial statements.
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF CHANGES IN NET ASSETS
LARGE COMPANY LARGE COMPANY
GROWTH PORTFOLIO VALUE PORTFOLIO
_______________________ _______________________
YEAR ENDED AUGUST 31, YEAR ENDED AUGUST 31,
___________________________ ___________________________
1994 1995 1994 1995
________ ________ ________ ________
OPERATIONS:
Investment income-net $ 96,341 $139,915 $ 447,331 $597,585
Net realized gain (loss) on investments (119,770) 381,982 135,129 680,162
Net unrealized appreciation (depreciation) on
investments for the year. 526,588 3,125,221 (920,730) 2,162,794
________ ________ ________ ________
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 503,159 3,647,118 (338,270) 3,440,541
________ ________ ________ ________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net (146,578) (91,631) (314,400) (461,355)
Net realized gain on investments. _ _ (259,490) (117,646)
________ ________ ________ ________
TOTAL DIVIDENDS (146,578) (91,631) (573,890) (579,001)
________ ________ ________ ________
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold. 6,136,117 15,277,226 11,201,295 11,530,692
Dividends reinvested. 145,901 86,969 551,033 568,732
Cost of shares redeemed. (6,274,916) (5,995,631) (6,799,014) (4,192,263)
________ ________ ________ ________
INCREASE IN NET ASSETS FROM CAPITAL
STOCK TRANSACTIONS. 7,102 9,368,564 4,953,314 7,907,161
________ ________ ________ ________
TOTAL INCREASE IN NET ASSETS 363,683 12,924,051 4,041,154 10,768,701
NET ASSETS:
Beginning of year. 8,060,713 8,424,396 8,116,400 12,157,554
________ ________ ________ ________
End of year. $ 8,424,396(1) $21,348,447(1) $12,157,554(2) $22,926,255(2)
================ =============== ============== =============
SHARES SHARES SHARES SHARES
________ ________ ________ ________
CAPITAL SHARE TRANSACTIONS:
Shares sold. 478,006 1,070,812 780,559 815,733
Shares issued for dividends reinvested. 11,258 6,609 39,052 44,156
Shares redeemed (488,901) (404,353) (485,042) (298,264)
________ ________ ________ ________
NET INCREASE IN SHARES OUTSTANDING 363 673,068 334,569 561,625
======== ========= ========= ==========
(1) Includes undistributed investment income-net: $40,777 in 1994 and $89,061 in 1995.
(2) Includes undistributed investment income-net: $334,686 in 1994 and $470,916 in 1995.
See notes to financial statements.
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
SMALL COMPANY SMALL COMPANY
GROWTH PORTFOLIO VALUE PORTFOLIO
_______________________ ___________________________
YEAR ENDED AUGUST 31, YEAR ENDED AUGUST 31,
___________________________ ___________________________
1994 1995 1994 1995
________ ________ ________ ________
OPERATIONS:
OPERATIONS:
Investment income (loss)-net.. $ (33,247) $ (85,015) $ 761,845 $ 1,038,502
Net realized gain on investments. 284,483 3,009,406 64,244 793,177
Net unrealized appreciation (depreciation)
on investments for the year. 253,279 775,482 (755,152) 1,360,207
________ ________ ________ ________
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS. 504,515 3,699,873 70,937 3,191,886
________ ________ ________ ________
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 12,371,344 26,817,975 18,676,103
Dividends reinvested. 674,755 259,640 630,047 852,961
Cost of shares redeemed. (9,135,407) (5,363,057) (18,580,966) (19,206,167)
________ ________ ________ ________
INCREASE IN NET ASSETS FROM CAPITAL
STOCK TRANSACTIONS. 3,866,519 7,267,927 8,867,056 322,897
________ ________ ________ ________
TOTAL INCREASE IN NET ASSETS 3,661,257 10,693,786 8,283,403 2,540,263
NET ASSETS:
Beginning of year. 7,527,135 11,188,392 15,154,546 23,437,949
________ ________ ________ ________
End of year. $11,188,392(1) $21,882,178(1) $23,437,949(2) $25,978,212(2)
============== ============== ============== ==============
SHARES SHARES SHARES SHARES
________ ________ ________ ________
CAPITAL SHARE TRANSACTIONS:
Shares sold. 799,229 761,531 1,879,823 1,332,739
Shares issued for dividends reinvested. 43,146 17,183 43,906 64,716
Shares redeemed (584,999) (326,229) (1,310,912) (1,348,397)
________ ________ ________ ________
NET INCREASE IN SHARES OUTSTANDING 257,376 452,485 612,817 49,058
========== ========== ========= ________
(1) Includes distributions in excess of investment income-net: ($2,150) in 1994 and accumulated investment (loss)-net;
($87,165) in 1995.
(2) Includes undistributed investment income-net: $538,317 in 1994 and
$733,991 in 1995.
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each series for the year indicated.
This information has been derived from each series' financial statements.
LARGE COMPANY LARGE COMPANY
GROWTH PORTFOLIO VALUE PORTFOLIO
______________ ______________
YEAR ENDED AUGUST 31, YEAR ENDED AUGUST 31,
______________________ __________________________
PER SHARE DATA: 1993(1) 1994 1995 1993(1) 1994 1995
_____ _____ ____ ______ ______ ______
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year.. $12.50 $12.74 $13.31 $12.50 $15.18 $13.99
_____ _____ ____ ______ ______ ______
INVESTMENT OPERATIONS:
Investment income-net .21 .15 .10 .54 .36 .34
Net realized and unrealized gain (loss) on investments .10 .65 3.03 2.30 (.90) 2.19
_____ _____ ____ ______ ______ ______
TOTAL FROM INVESTMENT OPERATIONS.. .31 .80 3.13 2.84 (.54) 2.53
_____ _____ ____ ______ ______ ______
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 year.. $12.74 $13.31 $16.34 $15.18 $13.99 $16.02
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN.. 2.46%(2) 6.34% 23.67% 22.93%(2) (3.61%) 18.97%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets - .68% .84% - .58% .81%
Ratio of net investment income to average net assets 1.66%(2) 1.18% .94% 4.27%(2) 4.02% 3.77%
Decrease reflected in above expense ratios due to
undertakings by Wilshire and Dreyfus. 1.14%(2) .71% .21% 1.32%(2) .60% .21%
Portfolio Turnover Rate 11.92%(2) 21.53% 30.09% 21.75%(2) 47.16% 58.04%
Net Assets, end of year (000's Omitted) $8,061 $8,424 $21,348 $8,116 $12,158 $22,926
(1) From September 30, 1992 (commencement of operations) to August 31, 1993.
(2) Not annualized.
See notes to financial statements.
DREYFUS-WILSHIRE TARGET FUNDS, INC.
FINANCIAL HIGHLIGHTS (CONTINUED)
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each series for the year indicated.
This information has been derived from each series' financial statements.
SMALL COMPANY SMALL COMPANY
GROWTH PORTFOLIO VALUE PORTFOLIO
____________________ _______________________
YEAR ENDED AUGUST 31, YEAR ENDED AUGUST 31,
____________________ _______________________
PER SHARE DATA: 1993(1) 1994 1995 1993(2) 1994 1995
_____ _____ ____ ______ ______ ______
Net asset value, beginning of year.. $12.50 $16.03 $15.39 $12.50 $14.81 $14.32
_____ _____ ____ ______ ______ ______
INVESTMENT OPERATIONS:
Investment income (loss)--net.. .08 (.04) (.07) .35 .45 .55
Net realized and unrealized gain (loss) on investments 3.48 .90 3.54 2.10 (.45) 1.06
_____ _____ ____ ______ ______ ______
TOTAL FROM INVESTMENT OPERATIONS.. 3.56 .86 3.47 2.45 - 1.61
_____ _____ ____ ______ ______ ______
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 year.. $16.03 $15.39 $18.55 $14.81 $14.32 $15.41
==== ==== ==== ==== ==== ====
28.50%(3) 5.20% 23.04% 19.72%(3) (0.01%) 11.84%
TOTAL INVESTMENT RETURN..
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .- .74% .95% .- .50% .69%
Ratio of net investment income (loss) to average net assets .53%(3) (.40%) (.54%) 3.65%(3) 3.64% 4.12%
Decrease reflected in above expense ratios due to
undertakings by Wilshire and Dreyfus. 1.40%(3) .73% .21% 1.32%(3) .56% .22%
Portfolio Turnover Rate 55.26%(3) 46.41% 110.98% 26.87%(3) 48.59% 86.17%
Net Assets, end of year (000's Omitted) $7,527 $11,188 $21,882 $15,155 $23,438 $25,978
(1) From October 1, 1992 (commencement of operations) to August 31, 1993.
(2) From September 30, 1992 (commencement of operations) to August 31, 1993.
(3) Not annualized.
See notes to financial statements.
</TABLE>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 1-GENERAL:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a diversified open-end management investment company and operates as a
series company issuing four classes of shares of Common Stock: the Large
Company Growth Portfolio, the Large Company Value Portfolio, the Small
Company Growth Portfolio and the Small Company Value Portfolio. The Fund
accounts separately for the assets, liabilities and operations of each
series. Wilshire Associates Incorporated ("Wilshire") serves as the Fund's
investment adviser. The Dreyfus Corporation ("Dreyfus") serves as the Fund's
administrator. Dreyfus is a direct subsidiary of Mellon Bank, N.A. Premier
Mutual Fund Services, Inc. (the "Distributor") acts as the distributor of the
Fund's shares. The Distributor, located at One Exchange Place, Boston,
Massachusetts 02109, is a wholly-owned subsidiary of FDI Distribution
Services, Inc., a provider of mutual fund administration services, which in
turn is a wholly-owned subsidiary of FDI Holdings, Inc., 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.
(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, if any, 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 qualifications.
DREYFUS-WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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
administration fee payable to it by each series, and thereafter, Dreyfus had
undertaken through August 31, 1995, to waive the administration fee paid by
each Series.
The expenses waived, pursuant to the undertakings amounted to the
following for the year ended August 31, 1995:
<TABLE>
<CAPTION>
ADVISORY FEE ADMINISTRATION FEE
WAIVED BY WAIVED BY
WILSHIRE DREYFUS TOTAL
____________ __________________ _______
<S> <C> <C> <C>
Large Company Growth Portfolio $1,672 $29,667 $31,339
Large Company Value Portfolio. 2,071 31,669 33,740
Small Company Growth Portfolio 2,195 31,260 33,455
Small Company Value Portfolio. 4,145 50,421 54,566
</TABLE>
(B) Pursuant to the Fund's Shareholder Services Plan, each series
reimburses Dreyfus Service Corporation, a wholly-owned
subsidiary of Dreyfus, an amount not to exceed an annual rate of .25 of 1% of
the value of a series' average daily net assets for servicing shareholder
accounts. The services provided may include personal services relating to
shareholder accounts, such as answering shareholder inquiries regarding the
Fund and providing reports and other information, and services related to the
maintenance of shareholder accounts. The following summarizes the aggregate
amount charged by Dreyfus Service Corporation pursuant to the Shareholder
Services Plan during the year ended August 31, 1995:
<TABLE>
<CAPTION>
<S> <C> <S> <C>
Large Company Growth Portfolio $34,200 Small Company Growth Portfolio $38,741
Large Company Value Portfolio 39,503 Small Company Value Portfolio 62,831
</TABLE>
(C) Each director who is not an "affiliated person" as defined in the Act
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.
DREYFUS-WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(D) A 1% redemption fee is charged on certain redemptions of Series'
shares (including redemptions through use of the
Exchange Privilege) where the redemption or exchange occurs within a
six-month period following the date of issuance. During the year ended
August 31, 1995, redemption fees for each series were as follows:
<TABLE>
<CAPTION>
<S> <C> <S> <C>
Large Company Growth Portfolio $ 568 Small Company Growth Portfolio $1,783
Small Company Value Portfolio 2,214
</TABLE>
NOTE 4-SECURITIES TRANSACTIONS:
(a) The following summarizes the aggregate amount of purchases and sales of
investment securities, other than short-term
securities, for the year ended August 31, 1995:
<TABLE>
<CAPTION>
PURCHASES SALES
_____________ _________
<S> <C> <C> <C>
Large Company Growth Portfolio.. $13,681,190 $ 4,368,078
Large Company Value Portfolio 16,565,048 9,119,354
Small Company Growth Portfolio.. 24,340,972 16,876,853
Small Company Value Portfolio 21,374,619 22,164,749
(B) The following summarizes the accumulated net unrealized appreciation
(depreciation) on investments for each series at
August 31, 1995:
GROSS GROSS
APPRECIATION (DEPRECIATION) NET
_______ ________ _______
Large Company Growth Portfolio.. $3,942,237 $ (197,658) $3,744,579
Large Company Value Portfolio 2,449,022 (242,763) 2,206,259
Small Company Growth Portfolio.. 2,906,473 (863,429) 2,043,044
Small Company Value Portfolio 2,256,076 (735,440) 1,520,636
At August 31, 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 August 31, 1995 was as follows:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <S> <C>
Large Company Growth Portfolio $17,619,827 Small Company Growth Portfolio $20,108,869
Large Company Value Portfolio 20,823,678 Small Company Value Portfolio 24,192,376
</TABLE>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE SHAREHOLDERS AND BOARD OF DIRECTORS OF THE
DREYFUS-WILSHIRE TARGET FUNDS, INC.
We have audited the accompanying statements of assets and liabilities,
including the statements of investments, 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) as of August 31, 1995, the
related statements of operations for the year then ended, the statements of
changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the two years in the period then ended
and for the period from September 30,1992 (when operations commenced for all
Series except Small Company Growth Portfolio, which commenced operations on
October 1, 1992) to August 31, 1993. These financial statements and financial
highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of August 31, 1995 by correspondence with the custodian
and brokers. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of each of the respective portfolios constituting the
Dreyfus-Wilshire Target Funds, Inc. as of August 31, 1995, the results of
their operations for the year then ended, the changes in their net assets for
each of the two years in the period then ended, and the financial highlights
for the periods referred to above, in conformity with generally accepted accou
nting principles.
[Coopers & Lybrand signature logo]
COOPERS & LYBRAND L.L.P.
New York, New York
October 6, 1995
DREYFUS-WILSHIRE TARGET FUNDS, INC.
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Dreyfus-Wilshire Target Funds,
Inc. (Large Company Value Portfolio, Small Company Value Portfolio and Small
Company Growth Portfolio) hereby make the following designations of long-term
capital gain distributions regarding the fiscal year ended August 31, 1995.
<TABLE>
<CAPTION>
LONG-TERM
CAPITAL GAIN
DISTRIBUTION TOTAL PAID PAYABLE
PER SHARE PER SHARE DATE
_________ __________ _________
<S> <C> <C> <C>
Large Company Value Portfolio. $ .0900 $ .502 12/30/94
Small Company Value Portfolio. $ .065 $ .518 12/30/94
Small Company Growth Portfolio $ .314 $ .314 12/30/94
</TABLE>
[Dreyfus lion "d" 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. WILSAR958
[Dreyfus logo]
Wilshire Target
Funds, Inc.
Annual Report
August 31, 1995
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN EACH
PORTFOLIO OF THE DREYFUS - WILSHIRE TARGET FUNDS, INC.
AND THE WILSHIRE 5000 INDEX
EXHIBIT A:
______________________________________________________
| | | | | | |
| | SMALL |LARGE | |WILSHIRE | |
|PERIOD | CO. | CO. |SMALL CO.| 5000 |LARGE CO.|
| | GROWTH | VALUE | VALUE | INDEX * | GROWTH |
|-------|--------|-------|---------|---------|---------|
|9/30/92| 10,000 |10,000 | 10,000 | 10,000 | 10,000 |
|8/31/93| 12,850 |12,293 | 11,972 | 11,702 | 10,246 |
|8/31/94| 13,519 |11,850 | 11,971 | 12,261 | 10,895 |
|8/31/95| 16,633 |14,098 | 13,388 | 14,953 | 13,474 |
|--------------------------------------------|---------|
*Source: Wilshire Associates, Incoporated
|
|