DREYFUS-WILSHIRE TARGET FUNDS, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
It is a pleasure to send you this report on the Dreyfus-Wilshire Target
Funds, Inc., for the six months ended February 29, 1996.
During this period, the equity market continued to defy the pundits,
rallying several times to historic highs. The Wilshire 5000 Index had a total
return for the period of 13.79%* while the Dow Jones Industrial Average and
the Standard & Poor's 500 Composite Stock Price Index increased 20.40% and
15.31% respectively on a total return basis.**
ECONOMIC REVIEW
The U.S. economy grew slightly less than 2.5% in the last half year,
reflecting an improvement compared to the early months of 1995. Inflation was
well behaved, reducing expectations for price increases in the months ahead.
Corporate profits, strong in most of 1995, slowed towards year-end. Moderate
growth and low inflation helped pull interest rates down sharply by January.
Although short-term interest rates are still low, long-term rates have risen
in recent weeks. When long-term rates rise above short-term rates the yield
curve steepens, and this is generally positive for sustained economic growth.
Thus we believe that this business cycle, already five years old, may prove a
long one.
The picture, however, remained mixed as the growth in late 1995 was not
broad-based across all economic sectors. Faster growth was chiefly due to
strong exports, to a rally in the housing sector, to strong demand in the
service sector, and to business spending on technology. By contrast, consumer
spending in retail stores was sluggish, leaving many stores with too much
inventory, and a sharp drop in truck sales slowed overall capital spending.
These weak spots, in turn, slowed manufacturing and imports, hurting foreign
economies. In addition, several events slowed the economy for a few months
near year-end - a strike at Boeing, the Federal Government shutdown and
January's snowstorms. These are now past. Recent evidence shows that the
excess inventories have cleared and that retail spending is improving. Thus a
somewhat broader-based profile now seems possible for economic growth in
coming months.
Low price inflation in the last six months has reduced market
expectations for inflation in future months. However, there is evidence of
pricing power in some sectors. Tight housing markets in some regions of the
country are boosting local housing prices; strong demand in the service
sector is prompting higher prices at hotels, cruise ships and airlines, and
crude oil prices are holding above year-ago levels. Moreover, recent data
show that a tightening labor market may finally be forcing increases in real
wages. Wages are emerging as a clear issue in this year's election, making
policy measures to repress rising wages unlikely.
Corporate profits fared well in the slow growth, low inflation
environment of 1995. Operating profits of S&P 500 companies rose an estimated
17% in the year, helped by a weaker dollar and more corporate restructuring.
However, they did slow somewhat in the fourth quarter, as rising wage costs
and foreign profit declines began to take their toll. Current market
expectations are that profits will grow only 4.3% in 1996. Key determinants
of 1996 profit growth will be how soon foreign economies start to pick up and
whether domestic companies will be able to pass higher wages into prices.
Interest rates fell substantially in 1995. Short-term market rates are
now below 5%, pulled down by the slow economy and three consecutive rate cuts
by the Federal Reserve Board. Long-term bond yields also fell considerably,
reaching a low of 5.96% by January. But long-term rates have moved upwards in
recent weeks for two key reasons. First, the economy has survived the several
obstacles discussed above.
And second, hopes for an agreement to balance the Federal budget are
dampened, making this a contentious political issue to be dealt with in the
future.
We believe that the steeper yield curve now developing could bode well
for continued growth and a long economic cycle.
PORTFOLIO FOCUS
The LARGE COMPANY VALUE PORTFOLIO produced a total return of 16.66%***
during this six-month period compared with a 15.1% gain for Wilshire's Top
750 Index of large capitalization stocks. The two largest sectors making up
this Portfolio, Finance and Utilities - each representing about one fourth of
the holdings by market value - were up 19.5% and 15.6% respectively. Somewhat
surprisingly for a Portfolio that focuses on stock with low price-to-earnings
and low price-to-book ratios, the stock that made the largest contribution1
to the holdings was a technology stock - IBM. This is particularly
interesting since the stock was only purchased midway through the period. But
for the three-month period for which it was held, IBM gained 34.5%.
International Energy stocks (12.9% of the holdings as of August 31) were also
strong, led by Exxon (the second largest contributor to the Portfolio's
return) and Texaco. The group as a whole was up 21.3%. Among Utility stocks,
telephones outperformed electric and gas utilities 19.4% to 13.7%. GTE, US
West and BellSouth were all strong performers for the six months. A variety
of bank stocks contributed to the strong return in the financial sector,
including New York City banks: Chemical Banking, Chase Manhattan, and Morgan
(J.P.); Regionals: NationsBank and Banc One; and California banks:
BankAmerica and First Interstate, the latter benefiting from the anticipated
acquisition by Wells Fargo. (As a result of the price run-up following this
announcement, First Interstate no longer met our criteria for a value stock
and so was sold at year-end).
The LARGE COMPANY GROWTH PORTFOLIO has also enjoyed strong performance
over the last six months, gaining 15.91% on a total return basis.*** This
Portfolio features large companies with a history of growth in sales and
earnings, high returns on equity and typically low payout ratios. Almost half
of the holdings fall into the Consumer Nondurables sector. This sector
includes such diverse industries as apparel, retail, health care, cosmetics
and food, to name a few. The group produced a healthy 19.4% gain for the
period with a particularly strong performance in the Food & Agriculture and
the Drug & Medicine industries, each of which was up over 26%. Four of the
top five contributors were from these two groups: Coca-Cola, Merck & Co.,
Johnson & Johnson and PepsiCo. The top overall contributor was General
Electric, up almost 30%. Retail stocks within the large growth segment were a
disappointment, down 0.2%. This is in contrast to the Large Company Value
Portfolio where retailers-Sears Roebuck, Penney (J.C.)-were up 21%. The big
loser here was Wal-Mart Stores by -13.1%.
Small stocks generally underperformed large capitalization stocks over
the last six months, with the Wilshire Next 1750 Index up 7.7% for the
period. While ordinarily this would be a satisfactory return for such a short
time period, it is only about half the return produced by the Top 750 Stock
Index. The SMALL COMPANY VALUE PORTFOLIO performed slightly worse than its
growth counterpart with a
1 The term contribution as used in these summaries is a measure of
performance, which takes into consideration both the return
and the weight of a security for the time period it was actually held. The
stock with the highest contribution may not be the stock with the highest
return over the period. This could happen if another stock, also with a high
return, had a higher weight in the portfolio and thus contributed more to
performance. This measure is used to avoid focusing on stocks which, while
they may have had high returns, were minor holdings and thus contributed only
incidentally to performance.
gain of 8.36%*** due in large part to a strong 15.5% return in the Utility
sector, which made up about one fourth of the Portfolio's holdings by market
value. One of the largest sectors in the holdings, Finance, gained 8.9%.
Within that sector, only Insurance stock (up 10.0%) showed above average
strength.
The SMALL COMPANY GROWTH PORTFOLIO was up 9.27%*** for the six-month
period. The Materials & Services sector, which represented about one fifth of
the market value of the holdings and had a return of 17.7% for the period,
was the strongest contributor to the Portfolio's performance. This diverse
sector has as its primary subcomponents Business Services (up 4.6%) and
Health Care (up 25.8%) but also includes Chemicals, Construction, Packaging
and the like, although these are rather sparsely represented in the Small
Company Growth Portfolio. Technology stocks were generally a drag on the
Portfolio's performance, dropping 3%, but one tech stock, Aspect
Telecommunications, a manufacturer and provider of call transaction
processing systems, almost doubled during this period. VeriFone, which special
izes in transaction automation systems, was up 57.7%.
Included in this report is a series of detailed statements about your
Portfolio's holdings and its financial condition. We hope they are
informative. Please know that we greatly appreciate your continued confidence
in the Fund and in Wilshire Associates Incorporated.
Sincerely,
[Thomas D. Stevens, CFA signature logo]
Thomas D. Stevens, CFA
Senior Vice President
Wilshire Associates Incorporated
Investment Adviser
March 18, 1996
New York, N.Y.
* SOURCE: LIPPER ANALYTICAL SERVICES, 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 indices of stock market
performance, which are composed of only equity securities.
*** Total return includes reinvestment of dividends and any capital gains
paid.
The Wilshire Top 750 Index consists of the 750 largest U.S. common
stocks. Size is determined based on market
capitalization (shares outstanding times price) as of the previous June 30.
The component stocks in the Index are weighted by market capitalization on a
quarterly basis.
The Wilshire Next 1750 Index is created similarly to the above and
consists of the next 1750 largest stocks beyond those
in the Top 750 Index.
<TABLE>
<CAPTION>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS FEBRUARY 29, 1996 (UNAUDITED)
<S> <C> <C>
LARGE COMPANY GROWTH PORTFOLIO
SHARES COMMON STOCKS-98.9% VALUE
______ ADVERTISING-.3% ________
1,200 .. Interpublic Group Cos $ 50,550
1,000 .......... Omnicom Group 40,875
________
91,425
________
AEROSPACE & DEFENSE-2.8%
5,200 ................. Boeing 421,850
1,700 ...... McDonnell Douglas 150,025
700 ....... Northrop Grumman 43,225
3,600 ............... Raytheon 180,450
________
795,550
________
AUTO PARTS-.6%
2,200 (a)............ AutoZone 56,650
1,900 .......... Genuine Parts 81,225
800 Pep Boys-Manny, Moe & Jack 24,000
________
161,875
________
BANKING-.3%
3,300 ................... MBNA 93,225
________
BASIC INDUSTRIES-.3%
1,200 .................. Fluor 80,550
________
BEVERAGES-8.8%
3,800 ......... Anheuser-Busch 256,025
19,000 Coca-Cola............ 1,534,250
11,900 PepsiCo....... 752,675
________
2,542,950
________
BUILDING MATERIALS-.4%
1,300 .................. Nucor 70,037
1,300 ....... Sherwin-Williams 55,088
________
125,125
________
CHEMICALS-.8%
1,900 .............. Engelhard 38,712
1,000 ... Great Lakes Chemical 71,500
500 ................ Loctite 26,500
800 ............... Lubrizol 23,400
600 .............. Millipore 26,625
700 .......... Sigma-Aldrich 40,075
________
226,812
________
COMMERCIAL SERVICES-.6%
2,550 (a)... CUC International 82,556
800 ................. Ecolab 24,300
SHARES COMMON STOCKS (continued) VALUE
______ Commercial Services (continued) ________
1,400 Service Corp International $ 63,525
________
170,381
________
COMPUTER SOFTWARE & SERVICES-9.7%
800 (a) ADC Telecommunications 31,801
600 ............... Autodesk 21,225
4,600 Automatic Data Processing 178,250
800 (a)........ BMC Software 44,600
1,100 (a)... Cabletron Systems 82,637
3,900 (a)..... Compaq Computer 197,437
3,600 Computer Associates International 247,500
800 (a)... Computer Sciences 58,400
1,600 (a)....... Dell Computer 55,000
3,400 (a)................. EMC 74,800
600 (a)..... Electronic Arts 15,000
600 ............... HBO & Co 59,400
1,000 ...... Linear Technology 46,500
800 (a)Maxim Integrated Products 29,000
9,000 (a)........... Microsoft 888,188
5,400 (a).............. Novell 65,813
6,500 (a).............. Oracle 338,000
1,000 (a) Parametric Technology 74,375
700 ................ Paychex 38,588
1,100 (a).. Seagate Technology 71,775
2,900 (a).... Sun Microsystems 152,250
1,300 (a).............. Sybase 40,787
________
2,811,326
________
COSMETICS & TOILETRIES-1.9%
2,200 ...... Colgate-Palmolive 172,150
6,700 ............... Gillette 362,637
________
534,787
________
DRUGS & PHARMACEUTICALS-12.2%
11,900 Abbott Laboratories..... 496,825
800 ............... Allergan 29,800
4,000 (a)............... Amgen 239,000
900 ........ Cardinal Health 54,225
600 (a)......... Forest Labs 31,200
1,900 ................... IVAX 54,388
9,800 ...... Johnson & Johnson 916,301
18,700 Merck & Co......... 1,238,875
2,100 ..... Mylan Laboratories 40,950
2,000 .... Rhone-Poulenc Rorer 128,000
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 29, 1996 (UNAUDITED)
LARGE COMPANY GROWTH PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
______ ______
DRUGS & PHARMACEUTICALS (CONTINUED)
5,500 ........ Schering-Plough $ 308,687
________
3,538,251
________
ELECTRONICS-16.5%
700 (a)............. Adaptec 39,244
700 (a).............. Altera 45,675
900 (a)... Arrow Electronics 44,325
600 (a)............ Ceridian 25,800
1,700 ............... Duracell 87,763
3,500 ....... Emerson Electric 272,562
25,30 0General Electric.......... 1,910,151
700 ........ Grainger (W.W.) 47,862
7,700 ........ Hewlett-Packard 775,775
415 ......... Hubbell, Cl. B 27,390
12,40 0Intel......... 729,275
2,600 .................. Loral 122,525
8,900 ............... Motorola 482,825
800 ........... Perkin-Elmer 36,800
1,500 ..... Premier Industrial 48,187
1,200 Sensormatic Electronics 25,050
800 (a) Vishay Intertechnology 21,100
1,094 (a).............. Xilinx 42,256
________
4,784,565
________
ENTERTAINMENT-.8%
4,200 Carnival Cruise Lines, Cl. A 118,125
1,500 (a)Circus Circus Enterprises 47,812
1,800 . Harrah's Entertainment 48,825
700 (a) King World Productions 29,313
________
244,075
________
ENVIRONMENTAL-.2%
1,218 (a)Thermo Instrument Systems 33,343
2,400 Wheelabrator Technologies 38,100
________
71,443
________
FINANCE & FINANCIAL SERVICES-2.0%
550 ......... ADVANTA, Cl. A 26,262
1,500 Countrywide Credit Industries 31,500
2,200 ................ Equifax 45,650
1,500 .... Fifth Third Bancorp 76,875
1,200 ..... Franklin Resources 69,150
2,300 ... Green Tree Financial 72,738
2,199 ........ Mercury Finance 30,236
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
FINANCE & FINANCIAL SERVICES (CONTINUED)
900 ......... Northern Trust $ 47,475
3,000 ....... Schwab (Charles) 76,500
1,400 .... State Street Boston 63,350
1,000 ...... Synovus Financial 29,250
________
568,986
________
FOODS-4.0%
3,600 .......... Campbell Soup 222,300
2,300 .......... General Mills 132,250
5,250 ........... Heinz (H.J.) 178,500
1,100 .......... Hershey Foods 82,912
1,400 ......... Hormel (Geo A) 35,175
3,200 ................ Kellogg 241,600
1,250 Pioneer Hi-Bred International 67,344
2,700 .................. Sysco 88,762
1,800 ........ Wrigley,(WM) Jr 105,750
________
1,154,593
________
HEALTH CARE-1.6%
6,700 Columbia/HCA Healthcare 366,825
1,000 (a)... Foundation Health 39,000
900 (a) Health Management Associates `A' 28,238
800 ............. Manor Care 30,700
________
464,763
________
HOUSEHOLD APPLIANCES-.3%
1,300 .............. Whirlpool 72,313
________
HOUSEHOLD PRODUCTS-3.6%
1,625 .......... Clayton Homes 30,672
2,500 ................. Newell 69,375
1,100 .. Premark International 57,612
10,100 Procter & Gamble....... 828,200
2,500 ............. Rubbermaid 70,312
________
1,056,171
________
INSURANCE-5.3%
1,825 .................. AFLAC 84,634
7,075 American International Group 683,622
1,200 ............. General Re 172,650
900 ........ MGIC Investment 52,425
1,300 . Progressive Corp, Ohio 59,800
500 .... ReliaStar Financial 24,000
800 ............. SunAmerica 43,600
4,700 ........ Travelers Group 314,313
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 29, 1996 (UNAUDITED)
LARGE COMPANY GROWTH PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
INSURANCE (CONTINUED)
2,200 ........ U.S. HealthCare $ 107,250
________
1,542,294
________
LEISURE TIME-.2%
1,000 ........ Harley-Davidson 35,875
2,200 International Game Technology 32,450
________
68,325
________
MACHINERY-.3%
400 (a)........ Lam Research 14,750
1,425 ........ Thermo Electron 78,019
________
92,769
________
MANUFACTURING-2.4%
4,300 ........... AlliedSignal 239,187
900 . Hillenbrand Industries 29,362
1,700 .... Illinois Tool Works 111,988
600 ....... Johnson Controls 43,050
1,200 ........ Leggett & Platt 28,050
2,000 ................... Pall 54,500
700 (a)........... Solectron 33,950
1,200 ................ Textron 94,500
1,500 ................ Whitman 34,875
1,200 . Worthington Industries 25,800
________
695,262
________
MEDICAL SUPPLIES-1.5%
800 ............ Bard (C.R.) 28,700
1,000 ...... Becton, Dickinson 82,000
1,500 (a).............. Biomet 28,500
3,500 .............. Medtronic 200,812
1,200 (a).... St. Jude Medical 45,300
700 ................ Stryker 37,975
________
423,287
________
OFFICE & BUSINESS EQUIPMENT-.4%
2,200 ........... Pitney Bowes 106,150
________
OIL & GAS-.2%
2,600 ........ Enron Oil & Gas 65,000
________
PACKAGING-.4%
900 .................. Bemis 27,562
1,300 (a)... Crown Cork & Seal 61,262
1,100 ........ Sonoco Products 30,113
________
118,937
________
SHARES COMMON STOCKS (CONTINUED) VALUE
____ Printing & Publishing-.8% ____
2,000 ................ Gannett $ 136,000
1,600 (a)Marvel Entertainment Group 18,400
1,700 Readers Digest Association, Cl. A 81,387
________
235,787
________
RADIO & TV BROADCASTING-.2%
1,100 .. Scripps (E.W.), Cl. A 46,200
________
RESTAURANTS-2.1%
925 (a) Brinker International 12,603
700 Cracker Barrel Old Country 14,700
10,400 McDonald's...... 520,000
600 (a).. Outback Steakhouse 21,300
1,900 .. Wendy's International 34,438
________
603,041
________
RETAIL-7.1%
3,700 ............ Albertson's 136,900
1,600 .... Circuit City Stores 47,400
825 ......... Dollar General 22,791
2,200 .................... Gap 117,975
7,166 ............. Home Depot 309,929
5,300 ................ Limited 92,750
2,300 ............ Lowe's Cos. 71,300
3,800 .. May Department Stores 177,175
1,300 .............. Nordstrom 58,662
2,700 (a)........ Office Depot 56,362
500 (a) Viking Office Products 28,438
34,700 Wal-Mart Stores....... 737,376
3,500 ............... Walgreen 115,500
2,200 ...... Winn-Dixie Stores 75,350
________
2,047,908
________
TECHNOLOGY-7.1%
24,100 AT&T...... 1,533,362
2,700 (a)... Applied Materials 96,525
1,700 (a)............... Atmel 45,475
8,200 (a)....... Cisco Systems 389,500
________
2,064,862
________
TELECOMMUNICATIONS-.6%
500 (a).............. Andrew 26,000
1,400 (a)............. Tellabs 66,150
598 .......... U.S. Robotics 74,152
________
166,302
________
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 29, 1996 (UNAUDITED)
LARGE COMPANY GROWTH PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
____ _______
TEXTILES-.7%
800 ................. Cintas $ 38,800
2,100 ............ NIKE, Cl. B 136,237
2,300 ........ Shaw-Industries 26,163
________
201,200
________
TIRE & RUBBER GOODS-.1%
1,100 ... Cooper Tire & Rubber 27,913
________
TOYS-.5%
1,400 ................. Hasbro 48,300
3,300 ................. Mattel 109,725
________
158,025
________
TRANSPORTATION-.7%
2,100 Burlington Northern Santa Fe 168,000
900 ....... Illinois Central 33,525
________
201,525
________
UTILITIES-.6%
1,100 (a)................. AES 26,950
1,100 Century Telephone Enterprises 36,988
3,924 (a) Citizens Utility, Cl. A 45,616
2,400 ............... Frontier 72,000
________
181,554
________
TOTAL COMMON STOCKS
(cost $21,895,876)......... $28,635,507
==========
PRINCIPAL
AMOUNT SHORT-TERM INVESTMENTS-.3%
____
$100,000U.S. TREASURY BILLS;
5.83%, 5/2/1996
(cost $99,165)............. $ 99,150
==========
TOTAL INVESTMENTS
(cost $21,995,041)........ 99.2% $28,734,657
====== ==========
CASH AND RECEIVABLES (NET).... .8%$ 225,125
====== ==========
NET ASSETS.................... 100.0% $28,959,782
====== ==========
LARGE COMPANY VALUE PORTFOLIO
SHARES COMMON STOCKS 98.6% VALUE
______ _______
AEROSPACE & DEFENSE-.4%
2,500 ....... General Dynamics $ 149,063
________
LARGE COMPANY VALUE PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
______ _______
AUTOMOTIVE-9.2%
15,300 Chrysler.... $ 862,538
1,900 ......... Cummins Engine 80,037
43,40 0Ford 1,356,250
30,20 0General Motors..... 1,547,750
________
3,846,575
________
BANKING-24.4%
5,300 ..... Ahmanson (HF) & Co 120,575
8,300 ....... American General 301,913
17,49 0Banc One....... 623,081
2,250 ......... Bancorp Hawaii 78,187
4,907 ......... Bank of Boston 238,603
8,100 ....... Bank of New York 420,188
14,900 BankAmerica........ . 1,061,625
4,200 .......... Barnett Banks 262,500
5,700 ... Boatmen's Bancshares 223,725
7,300 ........ Chase Manhattan 543,850
10,100 Chemical Banking.......... 723,412
5,100 ............... Comerica 198,263
13,087 First Chicago NBD........ 567,649
2,700 .. First of America Bank 118,125
3,450 ......... First Security 92,719
3,200 First Tennessee National 100,800
11,575 First Union...... 700,287
1,600 ... First Virginia Banks 63,800
3,100 ................ Firstar 139,888
9,728 ................ KeyCorp 366,016
2,300 ..... Mercantile Bancorp 103,500
2,500 ....... Meridian Bancorp 128,750
7,900 .......... Morgan (J.P.) 646,812
6,100 .......... National City 211,975
11,200 NationsBank. ... 826,000
1,850 ..... Old Kent Financial 73,769
9,600 ............... PNC Bank 294,000
2,100 ...... Regions Financial 96,337
2,300 ...... Republic New York 137,713
2,500 ......... Signet Banking 65,000
3,900 ............. SouthTrust 100,912
1,400 .............. Star Banc 88,200
2,800 .......... UJB Financial 106,400
7,200 ............... Wachovia 334,800
________
10,159,374
________
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 29, 1996 (UNAUDITED)
LARGE COMPANY VALUE PORTFOLIO (CONTINUED)
COMMON STOCKS (CONTINUED)
SHARES VALUE
______- _______
BROKERAGE-.4%
4,625 ....... Bear Stearns Cos $ 112,156
2,600 ........... Edwards (AG) 63,050
________
175,206
________
CHEMICALS-2.9%
10,700 Dow Chemical..... 858,675
4,200 .................. Ethyl 45,150
1,200 ........ Goodrich (B.F.) 91,350
2,500 ............... Lubrizol 73,125
900 ................... Olin 74,475
2,200 .................. Witco 71,775
________
1,214,550
________
ELECTRONICS-.2%
1,900 National Service Industries 66,262
________
ENERGY-3.5%
12,900 Occidental Petroleum....... 296,700
2,900 ................. ... Sun 84,463
10,600 Texaco.......... 845,350
11,413 USX-Marathon Group......... 211,140
________
1,437,653
________
FINANCE-1.0%
1,800 .... .. Crestar Financial 105,300
5,300 Great Western Financial 121,238
2,800 .... ....... Transamerica 211,050
________
437,588
________
FOREST & PAPER PRODUCTS-2.8%
1,900 .... Federal Paper Board 101,413
10,20 0International Paper........ 363,375
4,900 ...... Louisiana Pacific 113,312
2,800 ............. Union Camp 130,550
3,900 ............... Westvaco 113,100
8,100 ........... Weyerhaeuser 343,237
________
1,164,987
________
HOLDING COMPANIES-1.1%
11,340 RJR Nabisco.... . 381,308
2,200 .......... Temple-Inland 88,550
________
469,858
________
INSURANCE-3.4%
4,600 .. Aetna Life & Casualty 347,875
4,200 .................... Aon 218,400
SHARES COMMON STOCKS (CONTINUED) VALUE
_______- ________
INSURANCE (CONTINUED)
3,000 ........ Jefferson-Pilot $ 166,875
4,200 ....... Lincoln National 231,000
1,500 .... ReliaStar Financial 72,000
4,900 ................. SAFECO 177,625
3,400 ........... St. Paul Cos 192,525
________
1,406,300
________
MACHINE TOOLS-.2%
1,400 ................ Snap-on 62,650
________
MANUFACTURING-1.8%
3,600 .............. Brunswick 82,350
4,400 ...... Cooper Industries 169,950
6,300 . Goodyear Tire & Rubber 299,250
1,700 ....... Johnson Controls 121,975
1,400 ................. Timken 63,000
________
736,525
________
MINING & MINERALS-1.0%
1,500 ................. ASARCO 44,812
3,800 ... Cyprus Amax Minerals 98,325
2,800 ........... Phelps Dodge 171,150
2,400 ........ Reynolds Metals 123,900
________
438,187
________
OFFICE & BUSINESS EQUIPMENT-7.0%
1,500 ...... ........... Harris 99,750
23,000 International Business Machines 2,820,375
________
2,920,125
________
PUBLISHING-.3%
3,800 .. New York Times, Cl. A 104,500
________
RAILROADS-.5%
3,100 ................ Conrail 223,588
________
RETAIL-3.7%
15,200 Limited......... 266,000
4,100 ............... Melville 130,687
9,100 .......... Penney (J.C.) 432,250
15,60 0Sears, Roebuck........ 707,850
________
1,536,787
________
TELECOMMUNICATIONS-12.7%
40,200 BellSouth..... . 1,602,975
39,200 GTE 1,680,700
17,500 NYNEX.......... 901,250
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 29, 1996 (UNAUDITED)
LARGE COMPANY VALUE PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
_______ ________
TELECOMMUNICATIONS (CONTINUED)
17,200 Pacific Telesis Group...... $ 485,900
18,90 0U S West.......... 618,975
________
5,289,800
________
TEXTILES-.4%
2,800 ................... V. F 150,500
________
TOBACCO-.8%
7,200 ........ American Brands 326,700
________
TRANSPORTATION-.2%
3,200 ........... Ryder System 80,400
________
UTILITIES-20.7%
4,600 . Allegheny Power System 133,975
7,800 American Electric Power 334,425
6,200 Baltimore Gas & Electric 175,925
3,900 ............. CMS Energy 118,463
6,000 . Carolina Power & Light 219,000
5,300 ....... Centerior Energy 44,387
9,400 .... Consolidated Edison 306,675
4,700 .................... DPL 112,213
3,200 .................... DQE 93,600
5,700 ............. DTE Energy 203,062
2,200 . Delmarva Power & Light 48,675
7,000 ..... Dominion Resources 276,500
8,200 ............. Duke Power 400,775
17,400 Edison International....... 304,500
5,000 .................. Enova 115,625
9,100 ................ Entergy 258,213
7,500 .............. FPL Group 334,687
4,000 ....... Florida Progress 141,500
10,500 Houston Industries....... 237,563
1,700 ..... IPALCO Enterprises 67,787
3,100 ............... Illinova 88,350
2,700 Kansas City Power & Light 68,513
5,200 ... Long Island Lighting 91,000
2,000 .......... Montana Power 43,750
2,700 ...... NIPSCO Industries 101,925
2,400 New England Electric System 92,700
3,000 New York State Electric & Gas 70,875
4,900 ... Niagara Mohawk Power 36,750
5,400 .... Northeast Utilities 120,150
2,600 .. Northern States Power 128,050
5,900 ............ Ohio Edison 140,125
SHARES COMMON STOCKS (CONTINUED) VALUE
______- _______
UTILITIES (CONTINUED)
1,600 Oklahoma Gas & Electric $ 66,000
8,900 ............ PECO Energy 251,425
6,100 ....... PP & L Resources 151,737
3,200 .... Pacific Enterprises 85,600
16,900 Pacific Gas & Electric..... 433,063
11,500 PacifiCorp...... 238,625
5,900 ...... Panhandle Eastern 168,887
3,500 .. Pinnacle West Capital 99,312
2,600 Public Service Co. of Colorado 91,650
10,300 Public Service Enterprise Group 289,688
2,300 ........ Puget Sound P&L 57,500
4,000 .................. SCANA 110,000
26,900 Southern...... 642,237
9,400 ........ Texas Utilities 379,525
8,600 ................. Unicom 275,200
4,300 ......... Union Electric 181,675
2,300 ...... Western Resources 73,600
4,300 ....... Wisconsin Energy 124,163
________
8,629,625
________
TOTAL COMMON STOCKS
(cost $36,020,107)......... $41,026,803
==========
PRINCIPAL
AMOUNT SHORT-TERM INVESTMENTS-.6%
______
U.S. TREASURY BILLS:
$ 23,00 05.23%, 3/14/1996............. $ 22,959
110,000 5.83%, 5/2/1996 109,065
54,000 5.29%, 5/9/1996............ 53,493
65,000 5.33%, 5/16/1996........... 64,330
________
TOTAL SHORT-TERM INVESTMENTS
(cost $249,893)............ $ 249,847
==========
TOTAL INVESTMENTS
(cost $36,270,000)........ 99.2% $41,276,650
===== ==========
CASH AND RECEIVABLES (NET).... .8% $ 349,009
===== ==========
NET ASSETS 100.0 $41,625,659
===== ==========
SMALL COMPANY GROWTH PORTFOLIO
SHARES COMMON STOCKS-99.7%
_____
AIR TRANSPORTATION-.4%
2,500 Air Express International $ 61,250
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 29, 1996 (UNAUDITED)
SMALL COMPANY GROWTH PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
_______- ________
AIR TRANSPORTATION (CONTINUED)
800 (a)Continental Airlines, Cl. B $ 38,400
________
99,650
________
AUTO PARTS-.9%
2,550 (a)............... Jason 18,487
8,600 Superior Industries International 213,925
________
232,412
________
BIOTECHNOLOGY-2.3%
8,000 (a)............. Nellcor 536,000
________
BUILDING MATERIALS-.3%
2,900 (a).......... Fibreboard 64,525
________
CHEMICALS-2.3%
6,900 (a).............. Airgas 248,400
3,900 (a)Bio-Rad Laboratories, Cl. A 150,637
7,600 (a)Scotts Company (The), Cl. A 134,900
________
533,937
________
COMMERCIAL SERVICES-2.1%
1,100 (a)................. CDI 28,600
2,200 (a)............... DeVRY 65,175
9,400 (a)Robert Half International 393,625
________
487,400
________
COMPUTER SOFTWARE & SERVICES-15.9%
2,700 (a).............. Acxiom 68,850
8,400 (a) American Management Systems 201,600
1,200 (a)............. BancTec 20,850
4,800 (a). Broderbund Software 217,200
5,000 (a)... Cheyenne Software 116,875
1,900 (a) Computer Network Technology 9,737
2,540 (a). Comverse Technology 63,182
4,000 (a) Electronics For Imaging 183,000
10,700 (a) FISERV........ 331,700
1,400 ........ Fair Isaac & Co 39,550
2,800 (a) Franklin Electronic Publishers 82,950
100 (a) Hutchinson Technology 4,250
1,800 (a)... Hyperion Software 32,850
2 (a) Information Resources 29
3,450 (a)............... Keane 94,013
2,900 (a)...... MICROS Systems 150,800
3,400 (a)..... Network General 136,850
10,300 (a) Pyxis............ 242,050
11,700 Reynolds & Reynolds, Cl. A. 443,138
SHARES COMMON STOCKS (CONTINUED) VALUE
______- _______
COMPUTER SOFTWARE & SERVICES (CONTINUED)
5,250 (a) Safeguard Scientifics $ 267,094
8,700 (a) SunGard Data Systems 297,975
11,500 (a )Synopsys........ 376,625
500 ........ System Software 10,500
10,400 (a) Tech Data........... 157,300
5,173 (a)............... Zilog 176,529
________
3,725,497
________
COSMETICS & TOILETRIES-.2%
1,572 Nature's Sunshine Products 48,732
________
ELECTRONICS-7.8%
3,000 ... Dallas Semiconductor 60,750
2,100 (a).............. Gentex 51,975
38 (a)......... Input/Output 1,130
5,600 (a) Lattice Semiconductor 183,400
7,800 (a). Marshall Industries 250,575
4,800 (a).... Novellus Systems 251,400
2,775 Pioneer Standard Electronics 38,850
8,600 (a)......... SCI Systems 318,738
3,800 (a) Silicone Valley Group 91,200
7,600 (a). Symbol Technologies 288,800
3,500 (a)............ Tech-Sym 112,437
2,400 (a).. Three-Five Systems 43,800
8,900 (a)............... Vicor 131,275
________
1,824,330
________
ENGINEERING-.1%
500 (a)Jacobs Engineering Group 14,250
________
ENTERTAINMENT-2.0%
11,150 (a) Grand Casinos...... 355,406
4,000 (a).. Primadonna Resorts 64,000
3,400 (a).. Rio Hotel & Casino 46,750
________
466,156
________
ENVIRONMENTAL-3.7%
4,400 (a)............ Allwaste 19,250
500 ......... IMCO Recycling 10,875
8,100 (a)............ Sanifill 316,912
14,200 (a) USA Waste Services...... 303,525
6,700 (a)......... U.S. Filter 189,275
1,000 (a) Western Waste Industries 31,375
________
871,212
________
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 29, 1996 (UNAUDITED)
SMALL COMPANY GROWTH PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
______ _______
FINANCE-1.3%
8,250 (a)......... Concord EFS $ 222,750
1,200 (a) Insignia Financial Group, Cl. A 24,450
1,400 (a)............. Primark 55,300
________
302,500
________
FOODS-1.3%
6,700 ...... Richfood Holdings 184,250
4,600 (a).... Smithfield Foods 123,050
________
307,300
________
HOLDING COMPANIES-.0%
262 (a).............. Patlex 7,598
________
HOMEBUILDING-.7%
9,700 (a)....... Toll Brothers 174,600
________
HOSPITAL MANAGEMENT-13.8%
5,500 (a) Genesis Health Ventures 239,938
9,800 (a).. HealthCare COMPARE 477,750
10,200(a) Health Care & Retirement 414,375
10,30 0Integrated Health Services. 227,887
10,700(a ) Mid-Atlantic Medical Services 226,038
1,700 (a)............ NovaCare 12,112
7,300 (a) Sierra Health Services 253,675
2,500 (a)Universal Health Services, Cl. B 127,813
23,500 (a) Vencor..... 878,312
12,550 (a) Vivra..... 370,225
________
3,228,125
________
INSURANCE-2.1%
6,900 (a). American Travellers 207,863
600 (a).............. Markel 54,000
4,800 (a).... United Insurance 106,800
3,600 .. Vesta Insurance Group 118,800
________
487,463
________
LEISURE TIME-4.0%
9,300 (a) Acclaim Entertainment 116,831
3,650 ................. Arctco 37,869
19,500 Callaway Golf........ 463,125
6,800 (a) Chris-Craft Industries 288,150
1,100 (a)........ GC Companies 36,163
________
942,138
________
MACHINERY-2.8%
11,000 AGCO....... 298,375
MACHINERY (CONTINUED)
4,300 (a).............. Cognex $ 96,750
2,600 (a) Global Industrial Technologies 60,775
1,000 (a).............. Ionics 40,500
2,600 (a) Kulicke & Soffa Industries 53,950
1,200 (a)..... Special Devices 21,300
5,600 (a)........ Thermo Power 73,500
________
645,150
________
MANUFACTURING-8.8%
9,200 ..... Breed Technologies 152,950
2,700 (a) Champion Enterprises 81,675
4,600 .. Greenfield Industries 152,950
4,000 ................... IDEX 146,500
1,700 (a).......... InterVoice 40,587
2,700 (a).............. Lydall 65,475
3,200 ................. Medusa 93,600
2,800 NACCO Industries, Cl. A 156,100
7,400 .......... Oakwood Homes 330,225
5,150 (a)............... Paxar 73,388
2,600 (a).......... Photronics 57,200
5,400 (a). Shorewood Packaging 76,950
10,300 Southdown..... 229,175
2,200 (a).... Thermo TerraTech 30,525
6,800 (a)............ VeriFone 304,300
1,800 ... Wolverine World Wide 51,750
________
2,043,350
________
MEDICAL SUPPLIES & SERVICES-5.1%
5,200 .... Arrow International 211,900
4,400 (a)................ Daig 107,250
2,000 (a)........... Datascope 47,000
5,307 ...... Johnson & Johnson 496,205
2,800 (a).... Research Medical 66,850
2,400 (a)......... Respironics 53,400
1,600 (a)...... Rotech Medical 58,000
7,700 (a)..... Sunrise Medical 119,350
2,300 (a) Tecnol Medical Products 38,525
________
1,198,480
________
METALS-2.3%
3,100 ................. Belden 91,450
1,700 ... Butler Manufacturing 55,250
950 (a)... Material Sciences 13,656
4,000 (a).. Mueller Industries 123,500
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 29, 1996 (UNAUDITED)
SMALL COMPANY GROWTH PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
______ _______
METALS (CONTINUED)
4,900 Titan Wheel International $ 74,725
7,400 ................. TriMas 169,275
________
527,856
________
OIL & GAS-.4%
3,000 (a) Oceaneering International 36,375
4,300 (a).. Offshore Logistics 53,750
________
90,125
________
PRINTING & PUBLISHING-2.7%
9,200 ..... Belo (A.H.), Cl. A 322,000
3,300 (a).. Catalina Marketing 247,087
1,100 (a)......... Devon Group 31,350
1,875 .......... Thomas Nelson 29,297
________
629,734
________
RADIO & TV BROADCASTING-1.6%
2,400 (a). BET Holdings, Cl. A 74,100
5,910 (a) Clear Channel Communication 299,194
300 (a) Westcott Communications 3,900
________
377,194
________
RESTAURANTS-.4%
100 Applebee's International 2,100
6,700 (a)............. Buffets 82,075
________
84,175
________
RETAIL-4.9%
2,000 . Casey's General Stores 45,000
10,800(a) Consolidated Stores..... 280,800
1,000 (a)Fabri-Centers America, Cl. A 12,250
9,200 ............... Fastenal 330,050
7,800 ................. Lennar 187,200
1,500 (a)............ MicroAge 14,625
6,900 (a).......... Proffitt's 181,125
4,900 (a)........... Starbucks 86,363
600 (a)... Timberland, Cl. A 12,150
________
1,149,563
________
TELECOMMUNICATIONS-1.5%
6,600 (a) Aspect Telecommunications 311,025
1,800 (a).. Digi International 48,600
________
359,625
________
TEXTILES-2.6%
5,900 (a). Jones Apparel Group 244,113
SHARES COMMON STOCKS (CONTINUED) VALUE
______- _______
TEXTILES (CONTINUED)
2,200 (a). Nautica Enterprises $ 90,200
4,600 ......... St. John Knits 267,375
________
601,688
________
TRANSPORTATION-2.4%
2,500 Expeditors International,
Washington....... 73,125
1,300 (a)..... Fritz Companies 50,700
6,500 (a) National Auto Credit 86,125
4,800 (a).. Wisconsin Central
Transportation............. 356,400
________
566,350
________
TRUCKING-1.6%
7,000 (a) American Freightways 77,000
2,449 (a)... Heartland Express 60,613
6,400 (a)....... M.S. Carriers 106,400
3,100 (a) Swift Transportation 60,450
3,200 ..... Werner Enterprises 73,600
________
378,063
________
UTILITIES-1.4%
14,600(a) California Energy. 324,850
________
TOTAL COMMON STOCKS
(cost $20,029,170)......... $23,330,028
==========
CONVERTIBLE PREFERRED STOCKS-.2%
1,440 ...... FHP International
(cost $33,817)............. $ 42,300
==========
PRINCIPAL
AMOUNT SHORT-TERM INVESTMENTS-.9%
______
U.S. Treasury Bills:
$60,000 ...... 5.32%, 4/11/1996 $ 59,669
95,000 5.83%, 5/2/1996............ 94,192
50,000 5.33%, 5/16/1996........... 49,485
==========
TOTAL SHORT-TERM INVESTMENTS
(cost $203,368)............ $ 203,346
==========
TOTAL INVESTMENTS
(cost $20,266,355).......... 100.8% $23,575,674
======= ==========
LIABILITIES, LESS CASH
AND RECEIVABLES............. (.8%) $ (185,040)
======= ==========
NET ASSETS 100.0%.... $23,390,634
======= ==========
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 29, 1996 (UNAUDITED)
SMALL COMPANY VALUE PORTFOLIO
SHARES COMMON STOCKS-98.5% VALUE
_____- ADVERTISING-.4% ______
7,500 True North Communications $ 153,750
________
AEROSPACE & DEFENSE-1.1%
1,700 ......... Curtiss-Wright 91,375
6,400 ........... Kaman, Cl. A 65,600
6,100 ................ Thiokol 250,100
________
407,075
________
AUTO PARTS-2.0%
11,783 Federal-Mogul..... 217,986
19,800 Safety - Kleen...... 287,100
7,300 ..... Simpson Industries 66,612
7,500 ........... Smith (A.O.) 181,875
________
753,573
________
BANKING-17.4%
5,575 ... Associated Banc-Corp 203,488
6,850 .......... Bancorp South 161,831
4,100 ................ Bankers 69,188
4,909 ......... CNB Bancshares 141,134
13,50 0Central Fidelity Banks..... 459,000
2,675 ............. Chittenden 72,225
5,400 Citizens Bancorp Maryland 167,400
4,600 ....... Citizens Banking 143,750
4,088 ....... Commerce Bancorp 87,381
12,900 Compass Bancshares.... . 416,025
3,900 ... Cullen Frost Bankers 191,100
9,800 ........ Dauphin Deposit 286,650
6,600 ....... Deposit Guaranty 311,850
5,302 ........... F&M National 100,738
8,800 First American (Tennessee) 392,700
3,200 .. Firstbank of Illinois 101,600
6,120 .... First Michigan Bank 177,480
3,700 .... Fort Wayne National 116,550
4,900 ... Jefferson Bankshares 108,413
7,900 ..... Keystone Financial 257,737
3,000 ........ Liberty Bancorp 111,000
5,200 .. Mark Twain Bancshares 200,200
16,40 0Mercantile Bankshares...... 432,550
6,089 ................. Mid Am 109,602
4,000 ....... New York Bancorp 87,500
6,060 . One Valley Bancorp of
West Virginia....... 196,192
6,360 ....... Republic Bancorp 75,525
3,600 .......... S & T Bancorp 101,700
SHARES COMMON STOCKS (CONTINUED) VALUE
______- _______
BANKING (CONTINUED)
11,66 0Summit Bancorporation...... $ 405,185
4,100 . Susquehanna Bancshares 114,800
7,150 United Carolina Bancshares 182,325
2,900 .... Victoria Bankshares 109,475
5,300 ........ Whitney Holding 168,275
4,900 .......... Zions Bancorp 361,375
________
6,621,944
________
BEVERAGES-.7%
12,800 Coors (Adolph), Cl. B... 248,000
________
MAINTENANCE SERVICES-.2%
3,100 ......... ABM Industries 91,062
________
CHEMICALS-1.2%
3,300 ................. Chemed 128,287
8,400 ................. Dexter 197,400
3,000 ............... LeaRonal 80,250
3,200 ................. Stepan 60,800
________
466,737
________
COMMERCIAL & PERSONAL SERVICES-2.3%
4,700 .................... CPI 71,675
16,200 Ogden...... 346,275
5,500 Omega Healthcare Investors 159,500
5,700 .................... PHH 285,713
________
863,163
________
FINANCE-7.5%
5,200 .......... CCB Financial 261,300
7,500 .......... Centura Banks 259,688
12,800 First Commerce............ 417,600
7,200 First Commonwealth Financial 134,100
10,000 First Financial-Wisconsin.. 207,500
10,40 0First Hawaiian............ 293,800
9,650 ....... Fulton Financial 209,888
3,500 .......... JSB Financial 112,000
9,700 ............ Magna Group 224,313
5,400 ...... Provident Bancorp 270,675
11,850 USLIFE..... 358,462
3,800 ...... United Bancshares 111,150
________
2,860,476
________
FOOD DISTRIBUTORS-3.5%
13,60 0Dean Foods..... 348,500
19,450 Flowers Industries....... 265,006
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 29, 1996 (UNAUDITED)
SMALL COMPANY VALUE PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
______- _______
FOOD DISTRIBUTORS (CONTINUED)
6,900 .. Ingles Markets, Cl. A $ 80,212
5,800 International Multifoods 108,025
10,100 Lance..... 161,600
3,700 ............. Nash Finch 62,900
5,000 ........ Smith's Food &
Drug Centers, Cl. B........ 121,250
9,800 .. Smucker (J.M.), Cl. A 197,225
________
1,344,718
________
FOREST PRODUCTS-3.4%
8,100 ............. Chesapeake 208,575
17,100 Longview Fibre...... 277,875
5,100 .......... Pope & Talbot 67,575
9,700 ............... Potlatch 398,913
10,200 Rayonier....... 349,350
________
1,302,288
________
HOME FURNISHINGS-1.5%
6,700 Kimball International, Cl. B 199,325
6,500 ......... La-Z Boy Chair 180,375
6,400 ............... Stanhome 193,600
________
573,300
________
HOUSEHOLD APPLIANCES-.3%
2,400 National Presto Industries 99,000
________
HOUSING-.7%
11,500 Kaufman & Broad Home....... 176,813
5,500 ........... Ryland Group 83,875
________
260,688
________
INSURANCE-6.8%
13,100 Alfa..... 167,025
3,600 Foremost Corp., America 206,100
8,872 ........ Fremont General 208,492
5,600 . Home Beneficial, Cl. B 145,600
12,000 Ohio Casualty........ 447,000
2,800 ................... PXRE 69,300
14,90 0Provident Companies........ 504,737
37,50 0Reliance Group Holdings.... 304,687
5,100 Selective Insurance Group 189,975
2,200 ......... Trenwick Group 113,300
3,900 .... Washington National 103,350
5,700 Zenith National Insurance 135,375
________
2,594,941
________
SHARES COMMON STOCKS (CONTINUED) VALUE
______- _______
LEISURE TIME-2.3%
5,718 ..... Anthony Industries $ 125,796
15,500 Fleetwood Enterprises...... 416,562
3,500 National Golf Properties 88,812
3,800 ................ Skyline 89,300
4,400 ............ Sturm Ruger 153,450
________
873,920
________
MACHINERY-.7%
3,800 ............... Bearings 101,650
3,500 ................ Cascade 46,375
2,100 . Starrett (L.S.), Cl. A 50,400
3,400 ...... Thomas Industries 74,375
________
272,800
________
MANUFACTURING-1.6%
4,500 ...... Bassett Furniture 115,875
2,400 .............. Manitowoc 76,500
3,800 ................. Oneida 58,425
5,500 ............. O'Sullivan 56,375
5,400 ...... Standard Products 112,050
8,300 ... Winnebago Industries 65,363
5,700 ................... Zero 101,175
________
585,763
________
MEDICAL SUPPLIES-.9%
5,400 ...... ADAC Laboratories 83,025
6,974 ...... Block Drug, Cl. A 265,012
________
348,037
________
METALS-1.1%
4,000 ..... Cleveland - Cliffs 178,000
5,000 ... Commercial Intertech 98,750
17,800 UNR Industries........ 151,300
________
428,050
________
OFFICE & BUSINESS EQUIPMENT-3.0%
5,250 American Business Products 123,375
5,200 ..... Hunt Manufacturing 86,450
8,600 ........ Miller (Herman) 276,275
10,10 0Standard Register........ 224,725
7,800 Wallace Computer Services 436,800
________
1,147,625
________
OIL & GAS-.5%
9,600 .................. ONEOK 208,800
________
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 29, 1996 (UNAUDITED)
SMALL COMPANY VALUE PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
______- _______
RAILROADS-.8%
6,800 ................... GATX $ 305,150
________
RESTAURANTS-.9%
7,600 ...... Luby's Cafeterias 157,700
7,100 ................. Sbarro 176,612
________
334,312
________
RETAIL-4.4%
3,000 .................. Blair 79,875
8,600 ............ Cato, Cl. A 72,025
19,70 0Family Dollar Stores....... 270,875
6,600 ...... Longs Drug Stores 297,000
16,500 Ruddick....... 181,500
10,300 Shopko Stores...... 122,313
3,424 Strawbridge-Clothier, Cl. A 90,736
24,500 TJX Companies......... 545,125
________
1,659,449
________
STEEL-2.1%
5,600 ... Carpenter Technology 203,000
9,500 ........ Chaparral Steel 135,375
13,500 J & L Specialty Steel...... 236,250
4,800 ................. Lukens 126,000
4,400 ................. Quanex 87,450
________
788,075
________
TEXTILES-1.2%
4,600 ......... Guilford Mills 96,600
2,800 ...... Oxford Industries 46,900
7,000 Springs Industries, Cl. A 302,750
________
446,250
________
TOBACCO-.8%
11,800 Universal.......... 317,125
________
TRANSPORTATION-.9%
15,200 Alexander & Baldwin........ 357,200
________
UTILITIES-ELECTRIC POWER-18.3%
17,920 Atlantic Energy...... 327,040
4,600 ............ Black Hills 118,450
4,300 ................ CILCORP 184,900
11,500 CIPSCO..... 455,687
6,200 Central Hudson Gas & Electric 181,350
3,400 Central Vermont Public Service 48,875
6,500 Eastern Utilities Association 141,375
4,900 Empire District Electric 89,425
SHARES COMMON STOCKS (CONTINUED) VALUE
______- _______
UTILITIES-ELECTRIC POWER (CONTINUED)
10,000 Hawaiian Electric Industries $ 378,750
9,800 ......... IES Industries 284,200
12,700 Idaho Power....... 368,300
3,300 ....... Interstate Power 106,012
10,050 MDU Resources Group........ 206,025
5,800 . Madison Gas & Electric 158,050
34,370 MidAmerican Energy......... 622,956
10,40 0Minnesota Power & Light.... 284,700
15,50 0Nevada Power....... 337,125
3,100 Northwestern Public Service 92,613
4,400 Orange/Rockland Utilities 159,500
17,416 Portland General......... 533,365
12,700 Rochester Gas & Electric... 285,750
5,700 ................ SIGCORP 193,800
10,300 Sierra Pacific Resources... 249,775
5,000 .... United Illuminating 191,250
10,500 WPL Holdings............ 325,500
8,300 .......... WPS Resources 273,900
18,500 Washington Water Power..... 342,250
________
6,940,923
________
UTILITIES-NATURAL GAS DISTRIBUTORS-7.8%
4,300 .......... Bay State Gas 122,013
2,600 ..... Connecticut Energy 52,650
3,300 Connecticut Natural Gas 77,963
9,900 ....... Diamond Shamrock 301,950
6,800 .... Eastern Enterprises 240,550
11,900 El Paso Natural Gas........ 401,625
3,600 ................ Energen 85,050
5,600 ............ Laclede Gas 117,600
6,400 ... New Jersey Resources 186,400
5,300 .. Northwest Natural Gas 174,900
1,900 Pennsylvania Enterprises 72,200
11,80 0Peoples Energy......... 362,850
10,00 0Piedmont Natural Gas....... 225,000
6,000 Public Service Company of
North Carolina....... 99,000
3,514 South Jersey Industries 76,869
4,600 ...... United Cities Gas 74,750
14,40 0Washington Gas Light....... 313,200
________
2,984,570
________
UTILITIES-WATER-2.2%
11,500 American Water Works....... 437,000
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 29, 1996 (UNAUDITED)
SMALL COMPANY VALUE PORTFOLIO (CONTINUED)
SHARES COMMON STOCKS (CONTINUED) VALUE
______- _______
UTILITIES-WATER (CONTINUED)
2,400 California Water Service $ 83,700
2,700 ................. E'Town 76,612
3,900 .. Philadelphia Suburban 86,775
10,43 6United Water Resources..... 134,364
________
818,451
________
TOTAL COMMON STOCKS
(cost $34,326,041)......... $37,457,215
===========
PRINCIPAL
AMOUNT SHORT-TERM INVESTMENTS-1.9%
__________
U.S. Treasury Bills:
$447,000 5.83%, 5/2/1996.............. $ 443,200
125,000 .. 5.29%, 5/9/1996 123,827
146,000 ....5.33%, 5/16/1996 144,495
________
TOTAL SHORT-TERM INVESTMENTS
(cost $711,660)............ $ 711,522
===========
TOTAL INVESTMENTS
(cost $35,037,701).......... 100.4% $38,168,737
======= ===========
LIABILITIES, LESS CASH
AND RECEIVABLES............. (.4%) $ (146,260)
======= ===========
NET ASSETS 100.0%. $38,022,477
======= ===========
NOTE TO STATEMENT OF INVESTMENTS;
(a) Non-income producing.
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS-WILSHIRE TARGET FUNDS, INC.
STATEMENT OF ASSETS AND LIABILITIES FEBRUARY 29, 1996 (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....... $28,734,657 $41,276,650 $23,575,674 $38,168,737
Cash................................... 54,768 261,421 80,274 204,279
Receivable for investment securities sold 292,100 _ 41,186 _
Dividends receivable................... 20,785 173,486 3,955 130,146
Receivable for subscriptions to Common Stock 2,856 _ _ _
- -
Prepaid expenses....................... 7,002 7,098 7,604 5,918
___________ __________ __________ __________
29,112,168 41,718,655 23,708,693 38,509,080
___________ __________ __________ __________
LIABILITIES:
Due to The Dreyfus Corporation
and subsidiaries..................... $ 4,639 $ 6,497 $ 5,638 $ 5,905
Due to Wilshire........................ 2,320 3,249 1,819 2,953
Payable for investment securities purchased _ _ 253,089 365,904
Payable for Common Stock redeemed...... 98,368 35,442 4,802 55,252
Accrued expenses and other liabilities. 47,059 47,808 52,711 56,589
___________ __________ __________ __________
152,386 92,996 318,059 486,603
___________ __________ __________ __________
NET ASSETS................................. $28,959,782 $41,625,659 $23,390,634 $38,022,477
=========== =========== ============ ============
REPRESENTED BY:
Paid-in capital........................ $22,077,865 $35,443,982 $19,811,610 $34,617,196
Accumulated undistributed
investment income-net................ _ 210,105 _ 162,723
Accumulated investment (loss).......... _ _ (155,413) _
Accumulated distributions in excess of
investment income-net................ (14,224) _ _ _
Accumulated undistributed net realized
gain on investments.................. 156,525 964,922 425,118 111,522
Accumulated net unrealized appreciation on
investments-Note 4(b)................ 6,739,616 5,006,650 3,309,319 3,131,036
___________ __________ __________ __________
NET ASSETS at value........................ $28,959,782 $41,625,659 $23,390,634 $38,022,477
=========== =========== ============ ============
SHARES OF COMMON STOCK OUTSTANDING
[400 million shares (with 100 million allocated
to each series) of $.001 par value
Common Stock authorized]............... 1,573,588 2,355,637 1,355,424 2,424,472
=========== =========== ============ ============
NET ASSET VALUE per share
(Net Assets / Shares outstanding)...... $18.40 $17.67 $17.26 $15.68
=========== =========== ============ ============
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 29, 1996 (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....................... $ 162,221 $ 616,433 $ 28,027 $ 638,316
Interest............................. 6,872 14,073 4,931 11,362
_____ _____ _____ _____
TOTAL INCOME................... 169,093 630,506 32,958 649,678
_____ _____ _____ _____
EXPENSES-Note 2(c):
Investment advisory fee-Note 3(a).... $ 12,522 $ 15,119 $ 10,672 $15,843
Administration fee-Note 3(a)......... 25,044 30,238 21,344 31,686
Shareholder servicing costs-Note 3(b) 40,192 44,433 42,528 48,423
Auditing fees........................ 12,514 12,513 14,014 14,015
Directors' fees and expenses-Note 3(c) 3,422 3,840 3,065 3,697
Registration fees.................... 3,384 7,328 2,485 5,879
Custodian fees....................... 2,307 3,369 1,494 2,725
Legal fees........................... 2,056 2,436 2,761 3,676
Prospectus and shareholders' reports. 667 784 2,711 2,878
Miscellaneous........................ 2,826 2,901 3,879 2,546
_____ _____ _____ _____
TOTAL EXPENSES................. 104,934 122,961 104,953 131,368
Less-reduction in administration fee due to
undertaking by Dreyfus-Note 3(a). 3,682 3,917 3,747 4,383
_____ _____ _____ _____
NET EXPENSES................... 101,252 119,044 101,206 126,985
_____ _____ _____ _____
INVESTMENT INCOME
(LOSS)-NET................. 67,841 511,462 (68,248) 522,693
_____ _____ _____ _____
REALIZED AND UNREALIZED GAIN
ON INVESTMENTS:
Net realized gain on investments-Note 4(a) $ 512,486 $1,227,196 $ 700,018 $ 293,977
Net unrealized appreciation on investments 2,995,037 2,800,391 1,266,275 1,610,400
_____ _____ _____ _____
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS........ 3,507,523 4,027,587 1,966,293 1,904,377
_____ _____ _____ _____
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS........................ $3,575,364 $4,539,049 $1,898,045 $2,427,070
=========== ========== ========== ==========
</TABLE>
See independent accountants' review report and notes to financial statements.
<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 29, 1996 AUGUST 31, FEBRUARY 29, 1996
1995 (UNAUDITED) 1995 (UNAUDITED)
_____________ _____________ _____________ _____________
<S> <C> <C> <C> <C>
OPERATIONS:
Investment income-net................. $ 139,915 $ 67,841 $ 597,585 $ 511,462
Net realized gain on investments...... 381,982 512,486 680,162 1,227,196
Net unrealized appreciation on investments
for the period...................... 3,125,221 2,995,037 2,162,794 2,800,391
_____________ _____________ _____________ _____________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS..... 3,647,118 3,575,364 3,440,541 4,539,049
_____________ _____________ _____________ _____________
DIVIDENDS TO SHAREHOLDERS:
From investment income-net............ (91,631) (156,902) (461,355) (772,273)
In excess of investment income-net.... _ (14,224) _ _
From net realized gain on investments. _ (586,295) (117,646) (831,426)
_____________ _____________ _____________ _____________
TOTAL DIVIDENDS................. (91,631) (757,421) (579,001) (1,603,699)
_____________ _____________ _____________ _____________
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold......... 15,277,226 10,769,336 11,530,692 16,998,410
Dividends reinvested.................. 86,969 689,108 568,732 1,564,499
Cost of shares redeemed............... (5,995,631) (6,665,052) (4,192,263) (2,798,855)
_____________ _____________ _____________ _____________
INCREASE IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS.... 9,368,564 4,793,392 7,907,161 15,764,054
_____________ _____________ _____________ _____________
TOTAL INCREASE IN NET ASSETS 12,924,051 7,611,335 10,768,701 18,699,404
NET ASSETS:
Beginning of period................... 8,424,396 21,348,447 12,157,554 22,926,255
_____________ _____________ _____________ _____________
End of period......................... $21,348,447(1) $28,959,782(1) $22,926,255(2) $41,625,659(2)
============= =============== ============== ==============
SHARES SHARES SHARES SHARES
_____________ _____________ _____________ _____________
CAPITAL SHARE TRANSACTIONS:
Shares sold........................... 1,070,812 608,067 815,733 993,579
Shares issued for dividends reinvested 6,609 39,718 44,156 92,465
Shares redeemed....................... (404,353) (380,331) (298,264) (161,335)
_____________ _____________ _____________ _____________
NET INCREASE IN
SHARES OUTSTANDING............ 673,068 267,454 561,625 924,709
============= =============== ============== ==============
(1) Includes undistributed investment income-net; $89,061 in 1995 and distribution in excess of investment income-net;
($14,224) in 1996.
(2) Includes undistributed investment income-net: $470,916 in 1995 and $210,105 in 1996.
</TABLE>
See independent accountants' review report and notes to financial statements.
<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 29, 1996 AUGUST 31, FEBRUARY 29, 1996
1995 (UNAUDITED) 1995 (UNAUDITED)
_____________ _____________ _____________ _____________
<S> <C> <C> <C> <C>
OPERATIONS:
Investment income (loss)-net.......... $ (85,015) $ (68,248) $ 1,038,502 $ 522,693
Net realized gain on investments...... 3,009,406 700,018 793,177 293,977
Net unrealized appreciation on
investments for the period.......... 775,482 1,266,275 1,360,207 1,610,400
_____________ _____________ _____________ _____________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS..... 3,699,873 1,898,045 3,191,886 2,427,070
_____________ _____________ _____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net................. _ _ (842,828) (1,093,961)
Net realized gain on investments...... (274,014) (3,245,229) (131,692) (860,790)
_____________ _____________ _____________ _____________
TOTAL DIVIDENDS................. (274,014) (3,245,229) (974,520) (1,954,751)
_____________ _____________ _____________ _____________
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold......... 12,371,344 7,202,649 18,676,103 $14,904,807
Dividends reinvested.................. 259,640 3,050,507 852,961 1,906,029
Cost of shares redeemed............... (5,363,057) (7,397,516) (19,206,167) (5,238,890)
_____________ _____________ _____________ _____________
INCREASE IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS.... 7,267,927 2,855,640 322,897 11,571,946
_____________ _____________ _____________ _____________
TOTAL INCREASE IN NET ASSETS 10,693,786 1,508,456 2,540,263 12,044,265
NET ASSETS:
Beginning of period................... 11,188,392 21,882,178 23,437,949 25,978,212
_____________ _____________ _____________ _____________
End of period......................... $21,882,178(1) $23,390,634(1) $25,978,212(2) $38,022,477(2)
============= =============== ============== ==============
SHARES SHARES SHARES SHARES
_____________ _____________ _____________ _____________
CAPITAL SHARE TRANSACTIONS:
Shares sold........................... 761,531 412,070 1,332,739 947,835
Shares issued for dividends reinvested 17,183 186,234 64,716 122,970
Shares redeemed....................... (326,229) (422,412) (1,348,397) (331,633)
_____________ _____________ _____________ _____________
NET INCREASE IN
SHARES OUTSTANDING............ 452,485 175,892 49,058 739,172
============= =============== ============== ==============
(1) Includes accumulated investment (loss)-net: ($87,165) in 1995 and ($155,413) in 1996.
(2) Includes undistributed investment income-net: $733,991 in 1995 and $162,723 in 1996.
</TABLE>
See independent accountants' review report and notes to financial statements.
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 VALUE PORTFOLIO
__________________________________________ __________________________________________
SIX MONTHS ENDED SIX MONTHS ENDED
YEAR ENDED AUGUST 31, FEBRUARY 29, 1996 YEAR ENDED AUGUST 31, FEBRUARY 29, 1996
_______________________ __________________________
PER SHARE DATA: 1993(1) 1994 1995 (UNAUDITED) 1993(1) 1994 1995 (UNAUDITED)
____ ____ ____ __________ ____ ____ ____ __________
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period. $12.50 $12.74 $13.31 $16.34 $12.50 $15.18 $13.99 $16.02
____ ____ ____ ______ ______ ______ ______ _______
INVESTMENT OPERATIONS:
Investment income-net................ .21 .15 .10 .04 .54 .36 .34 .23
Net realized and unrealized gain
(loss) on investments............. .10 .65 3.03 2.53 2.30 (.90) 2.19 2.40
____ ____ ____ ______ ______ ______ ______ _______
TOTAL FROM INVESTMENT OPERATIONS.. .31 .80 3.13 2.57 2.84 (.54) 2.53 2.63
____ ____ ____ ______ ______ ______ ______ _______
DISTRIBUTIONS:
Dividends from investment income-net. (.07) (.23) (.10) (.11) (.16) (.36) (.40) (.47)
Dividends in excess of investment
income-net......................... - - - (.01) - - - -
Dividends from net realized gain
on investments..................... - - - (.39) - (.29) (.10) (.51)
____ ____ ____ ______ ______ ______ ______ _______
TOTAL DISTRIBUTIONS........... (.07) (.23) (.10) (.51) (.16) (.65) (.50) (.98)
____ ____ ____ ______ ______ ______ ______ _______
Net asset value, end of period..... $12.74 $13.31 $16.34 $18.40 $15.18 $13.99 $16.02 $17.67
____ ____ ____ ______ ______ ______ ______ _______
TOTAL INVESTMENT RETURN........... 2.46%(2 )6.34% 23.67% 15.91%(2) 22.93%(2) (3.61%) 18.97% 16.66%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets - .68% .84% .40%(2) - 58% .81% .39%(2)
Ratio of net investment income to
average net assets................ 1.66%(2 )1.18% .94% .27%(2) 4.27%(2 )4.02% 3.77% 1.68%(2)
Decrease reflected in above expense
ratios due to undertakings
by Wilshire and Dreyfus......... 1.14%(2) .71% .21% .01%(2) 1.32%(2) .60% .21% .01%(2)
Portfolio Turnover Rate .......... 11.92%(2) 21.53% 30.09% 12.66%(2) 21.75%(2) 47.16% 58.04% 20.61%(2)
Average commission rate paid........ - - - $.0360 - - - $.0288
Net Assets, end of period
(000's Omitted) $8,061 $8,424 $21,348 $28,960 $8,116 $12,158 $22,926 $41,626
(1) From September 30, 1992 (commencement of operations) to August 31, 1993.
(2) Not annualized.
</TABLE>
See independent accountants' review report and notes to financial statements.
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.
<TABLE>
<CAPTION>
SMALL COMPANY SMALL COMPANY
GROWTH PORTFOLIO VALUE PORTFOLIO
__________________________________________ __________________________________________
SIX MONTHS ENDED SIX MONTHS ENDED
YEAR ENDED AUGUST 31, FEBRUARY 29, 1996 YEAR ENDED AUGUST 31, FEBRUARY 29, 1996
_______________________ __________________________
PER SHARE DATA: 1993(1) 1994 1995 (UNAUDITED) 1993(2) 1994 1995 (UNAUDITED)
____ ____ ____ __________ ____ ____ ____ __________
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.50 $16.03 $15.39 $18.55 $12.50 $14.81 $14.32 $15.41
____ ____ ____ ______ ______ ______ ______ _______
INVESTMENT OPERATIONS:
Investment income (loss)-net........ .08 (.04) (.07) (.04) .35 .45 .55 .19
Net realized and unrealized gain
(loss) on investments........... 3.48 .90 3.54 1.61 2.10 (.45) 1.06 1.08
____ ____ ____ ______ ______ ______ ______ _______
TOTAL FROM INVESTMENT OPERATIONS... 3.56 .86 3.47 1.57 2.45 - 1.61 1.27
____ ____ ____ ______ ______ ______ ______ _______
DISTRIBUTIONS:
Dividends from investment income-net. (.03) - - - (.14) (.33) (.45) (.56)
Dividends in excess of
investment income-net.............. - (.07) - - - - - -
Dividends from net realized gain
on investments..................... - (1.43) (.31) (2.86) - (.16) (.07) (.44)
____ ____ ____ ______ ______ ______ ______ _______
TOTAL DISTRIBUTIONS............ (.03) (1.50) (.31) (2.86) (.14) (.49) (.52) (1.00)
____ ____ ____ ______ ______ ______ ______ _______
Net asset value, end of period....... $16.03 $15.39 $18.55 $17.26 $14.81 $14.32 $15.41 $15.68
===== ===== ====== ======= ====== ====== ====== ==========
TOTAL INVESTMENT RETURN............... 28.50%(3) 5.20% 23.04% 9.27%(3) 19.72%(3) (0.01%) 11.84% 8.36%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average
net assets - .74% .95% .47%(3) - .50% .69% .40%(3)
Ratio of net investment income
(loss) to average net assets..... .53%(3) (.40%) (.54%) (.32%)(3) 3.65%(3) 3.64% 4.12% 1.64%(3)
Decrease reflected in above expense
ratios due to undertakings
by Wilshire and Dreyfus........... 1.40%(3) .73% .21% .02%(3) 1.32%(3) .56% .22% .01%(3)
Portfolio Turnover Rate.......... 55.26%(3) 46.41% 110.98% 39.99%(3) 26.87%(3) 48.59% 86.17% 27.56%(3)
Average commission rate paid...... - - - $.0251 - - - $.0285
Net Assets, end of period
(000's Omitted) $7,527 $11,188 $21,882 $23,391 $15,155 $23,438 $25,978 $38,022
(1) From October 1, 1992 (commencement of operations) to August 31, 1993.
(2) From September 30, 1992 (commencement of operations) to August 31, 1993.
(3) Not annualized.
</TABLE>
See independent accountants' review report and notes to financial statements.
DREYFUS-WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-GENERAL:
Dreyfus-Wilshire Target Funds, Inc. (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 goal of each series is to provide the investment results
of a portfolio of publicly traded common stocks in one of the four
sub-categories of companies from the Wilshire 5000 Index. 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.
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, if any,
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 qualifications.
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
DREYFUS-WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
.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 21\2%
of the first $30 million, 2% of the next $70 million and 11\2% of the excess
over $100 million of the average value of that series' net assets in
accordance with California "blue sky" regulations. However, Dreyfus had
undertaken from September 1, 1995, through September 30, 1995, to reduce the
administration fee payable to it by each series.
The reduction in administration fee pursuant to the undertaking amounted
to the following for the six months ended February 29, 1996:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Large Company Growth Portfolio $3,682 Small Company Growth Portfolio $3,747
Large Company Value Portfolio 3,917 Small Company Value Portfolio 4,383
</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 certain allocated
expenses of providing personal services and/or maintaining 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
amounts charged by Dreyfus Service Corporation pursuant to the Shareholder
Services Plan during the six months ended February 29, 1996:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Large Company Growth Portfolio $31,286 Small Company Growth Portfolio $26,587
Large Company Value Portfolio 36,577 Small Company Value Portfolio 39,579
</TABLE>
Effective December 1, 1995, each series compensates Dreyfus Transfer, Inc.,
a wholly-owned subsidiary of Dreyfus, under a
transfer agency agreement for providing personnel and facilities to perform
transfer agency services for each series. Such compensation amounted to the
following for each series for the period from December 1, 1995 through
February 29, 1996:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Large Company Growth Portfolio $1,074 Small Company Growth Portfolio $2,276
Large Company Value Portfolio $812 Small Company Value Portfolio $1,275
</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.
(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
DREYFUS-WILSHIRE TARGET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
period following the date of issuance. During the six months ended February
29, 1996, redemption fees for each series were as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Large Company Growth Portfolio $10,492 Small Company Growth Portfolio $4,053
Large Company Value Portfolio $2,435 Small Company Value Portfolio $3,595
</TABLE>
NOTE 4-SECURITIES TRANSACTIONS:
(A) The following summarizes the aggregate amount of purchases and sales
of investment securities, excluding short-term
securities, for the six months ended February 29, 1996:
<TABLE>
<CAPTION>
PURCHASES SALES
_______- _______
<S> <C> <C>
Large Company Growth Portfolio.......................... ........... $ 7,057,214 $3,164,748
Large Company Value Portfolio.................................... 20,467,088 6,196,447
Small Company Growth Portfolio................................... 8,720,572 9,117,944
Small Company Value Portfolio.................................... 18,437,034 8,597,669
</TABLE>
(B) The following summarizes the accumulated net unrealized appreciation
(depreciation) on investments for each series at February 29, 1996:
<TABLE>
<CAPTION>
GROSS GROSS
APPRECIATION (DEPRECIATION) NET
_______ _______- _______
<S> <C> <C> <C>
Large Company Growth Portfolio................. $7,040,919 $ (301,303) $6,739,616
Large Company Value Portfolio.................. 5,422,003 (415,353) 5,006,650
Small Company Growth Portfolio................. 4,584,664 (1,275,345) 3,309,319
Small Company Value Portfolio.................. 3,717,387 (586,351) 3,131,036
</TABLE>
At February 29, 1996 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 29, 1996 was as
follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Large Company Growth Portfolio $21,995,041 Small Company Growth Portfolio $ 20,266,355
Large Company Value Portfolio 36,270,000 Small Company Value Portfolio 35,037,701
</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 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 29, 1996, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended February 29, 1996. 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 interim
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, which
will be performed for the full year with the objective of expressing 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 interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the period
ended August 31, 1995 and financial highlights for each of the three years in
the period ended August 31, 1995, and in our report dated October 6, 1995, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
COOPERS & LYBRAND L.L.P.
New York, New York
April 1, 1996
[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
Dreyfus Transfer, Inc.
One American Express Plaza
Providence, RI 02903
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. WILSSA962
[Dreyfus logo]
Wilshire Target
Funds, Inc.
Semi-Annual
Report
February 29, 1996
