-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BHCo5GWNhvgdZOsFITncyrCHVmVmKsMJafZZqh6vsu8TICYCuBF3xYbUXv7qlNIm zzxnQLyjxmNHnp8fvtxBgQ== 0001105607-05-000142.txt : 20050611 0001105607-05-000142.hdr.sgml : 20050611 20050531165038 ACCESSION NUMBER: 0001105607-05-000142 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050331 FILED AS OF DATE: 20050531 DATE AS OF CHANGE: 20050531 EFFECTIVENESS DATE: 20050531 FILER: COMPANY DATA: COMPANY CONFORMED NAME: W&R TARGET FUNDS INC CENTRAL INDEX KEY: 0000810016 IRS NUMBER: 481146010 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05017 FILM NUMBER: 05867917 BUSINESS ADDRESS: STREET 1: 6300 LAMAR AVENUE CITY: OVERLAND PARK STATE: KS ZIP: 66202 BUSINESS PHONE: 9132362000 MAIL ADDRESS: STREET 1: P O BOX 29217 CITY: SHAWNEE MISSION STATE: KS ZIP: 66201-9217 FORMER COMPANY: FORMER CONFORMED NAME: TARGET UNITED FUNDS INC DATE OF NAME CHANGE: 19990506 FORMER COMPANY: FORMER CONFORMED NAME: TMK UNITED FUNDS INC DATE OF NAME CHANGE: 19920703 N-Q 1 mainpart-tgt.htm MAIN PART -- NQ
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-5017

 

W&R Target Funds, Inc.

------------------------------------------------------------------------------

(Exact name of registrant as specified in charter)

 
 

6300 Lamar Avenue, Overland Park, Kansas 66202

------------------------------------------------------------------------------

(Address of principal executive offices) (Zip code)

 
 

Kristen A. Richards

6300 Lamar Avenue

Overland Park, Kansas 66202

------------------------------------------------------------------------------

(Name and address of agent for service)

 

Registrant's telephone number, including area code: 913-236-2000

 

Date of fiscal year end: December 31

 

Date of reporting period: March 31, 2005

 

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss. 239.24 and 274.5 of this chapter) to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under that Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

 

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

 

ITEM 1. SCHEDULE OF INVESTMENTS.

The Investments of W&R Target Asset Strategy Portfolio

 
      March 31, 2005              
BULLION - 6.63%    

Troy
Ounces
   
Value
 

               
Gold
(Cost: $18,255,998)
   
46,312
 
$
19,842,444
 
             
               
COMMON STOCKS    
Shares
       

               
Aircraft - 2.19%              
BAE SYSTEMS plc (A)
   
305,200
   
1,495,760
 
Boeing Company (The)
   
40,000
   
2,338,400
 
United Technologies Corporation
   
26,800
   
2,724,488
 
         




6,558,648
 
Aluminum - 0.94%              
Aluminum Corporation of China Limited, H Shares (A)
 
4,868,000
   
2,808,642
 
               
Banks - 0.45%              
Citigroup Inc.
   
29,900
   
1,343,706
 
               
Beverages - 0.81%              
Molson Coors Brewing Company, Class B (A)
   
31,536
   
2,427,109
 
               
Business Equipment and Services - 2.59%              
Headwaters Incorporated*
   
118,900
   
3,905,270
 
Jacobs Engineering Group Inc.*
   
33,800
   
1,754,896
 
Mitsubishi Corporation (A)
   
138,200
   
1,790,336
 
Pacific Basin Shipping Limited (A)
   
645,000
   
308,049
 
         




7,758,551
 
Capital Equipment - 2.91%              
Caterpillar Inc.
   
55,600
   
5,084,064
 
Chicago Bridge & Iron Company N.V., NY Shares
   
26,148
   
1,151,296
 
Deere & Company
   
36,941
   
2,479,849
 
         




8,715,209
 
Chemicals - Petroleum and Inorganic - 0.50%              
LG Chem, Ltd. (A)
   
36,980
   
1,493,038
 
               
Coal - 1.76%              
Foundation Coal Holdings, Inc.
   
30,600
   
719,406
 
Peabody Energy Corporation
   
98,000
   
4,543,280
 
         




5,262,686
 
Communications Equipment - 0.72%              
Cisco Systems, Inc.*
   
120,000
   
2,149,800
 
               
Computers - Micro - 0.44%              
Dell Inc.*
   
34,300
   
1,317,977
 
               
Construction Materials - 2.17%              
Cemex, S.A. de C.V., ADR
   
178,769
   
6,480,376
 
               
Electronic Components - 2.27%              
Samsung Electronics Co., Ltd. (A)
   
13,730
   
6,787,258
 
               
Electronic Instruments - 0.64%              
Nihon Densan Kabushiki Kaisha (A)
   
15,300
   
1,905,008
 
               
Finance Companies - 2.53%              
Rio Tinto plc (A)
   
234,470
   
7,576,651
 
               
Food and Related - 4.51%              
Archer Daniels Midland Company
   
274,300
   
6,742,294
 
Bunge Limited
   
97,823
   
5,270,703
 
J.M. Smucker Company (The)
   
29,400
   
1,478,820
 
         




13,491,817
 
Forest and Paper Products - 2.59%              
Aracruz Celulose S.A., ADR
   
51,700
   
1,850,860
 
International Paper Company
   
79,700
   
2,932,163
 
Weyerhaeuser Company
   
43,200
   
2,959,200
 
         




7,742,223
 
Gold and Precious Metals - 4.90%              
Agnico-Eagle Mines Limited
   
157,200
   
2,287,260
 
Barrick Gold Corporation
   
352,200
   
8,438,712
 
Yanzhou Coal Mining Company Limited, Class H (A)*
 
2,882,000
   
3,916,815
 
         




14,642,787
 
Health Care - Drugs - 0.29%              
Gilead Sciences, Inc.*
   
24,100
   
862,659
 
               
Health Care - General - 0.24%              
Schein (Henry), Inc.*
   
19,800
   
708,444
 
               
Household - General Products - 0.48%              
Colgate-Palmolive Company
   
27,500
   
1,434,675
 
               
Mining - 12.30%              
Alumina Limited (A)
   
561,390
   
2,555,331
 
BHP Billiton Plc (A)
   
545,850
   
7,538,154
 
Cameco Corporation (A)
   
21,500
   
952,021
 
Freeport-McMoRan Copper & Gold Inc., Class B
   
212,236
   
8,406,668
 
Inco Limited*
   
115,200
   
4,584,960
 
Newmont Mining Corporation
   
205,500
   
8,682,375
 
Noranda Inc. (A)
   
164,800
   
3,311,529
 
Phelps Dodge Corporation
   
7,400
   
752,802
 
         




36,783,840
 
Motor Vehicles - 2.82%              
Toyota Motor Corporation (A)
   
226,400
   
8,425,070
 
               
Multiple Industry - 9.96%              
Alpha Natural Resources, Inc.*
   
112,849
   
3,235,381
 
Bucyrus International, Inc., Class A
   
49,800
   
1,945,188
 
Companhia Vale do Rio Doce, ADR
   
309,400
   
9,780,134
 
General Electric Company
   
181,900
   
6,559,314
 
Gerdau Ameristeel Corporation
   
277,668
   
1,679,891
 
Hutchison Whampoa Limited, Ordinary Shares (A)
   
594,000
   
5,045,516
 
Smiths Group plc (A)
   
96,600
   
1,553,466
 
         




29,798,890
 
Non-Residential Construction - 2.41%              
Fluor Corporation
   
40,965
   
2,270,690
 
Hyundai Heavy Industries Co., Ltd. (A)
   
98,850
   
4,954,668
 
         




7,225,358
 
Petroleum - International - 7.54%              
Anadarko Petroleum Corporation
   
78,823
   
5,998,430
 
BP p.l.c., ADR
   
65,300
   
4,074,720
 
Burlington Resources Inc.
   
84,620
   
4,236,923
 
Exxon Mobil Corporation
   
138,491
   
8,254,064
 
         




22,564,137
 
Petroleum - Services - 4.12%              
Baker Hughes Incorporated
   
64,200
   
2,856,258
 
Schlumberger Limited
   
81,200
   
5,722,976
 
Transocean Inc.*
   
72,700
   
3,741,142
 
         




12,320,376
 
Railroad - 0.76%              
Norfolk Southern Corporation
   
61,100
   
2,263,755
 
               
Real Estate Investment Trust - 2.56%              
Keppel Land Limited (A)
 
1,008,000
   
1,404,325
 
Mitsubishi Estate Co., Ltd. (A)
   
243,000
   
2,823,895
 
Mitsui Fudosan Co., Ltd. (A)
   
291,000
   
3,416,984
 
         




7,645,204
 
Restaurants - 0.66%              
Panera Bread Company, Class A*
   
34,854
   
1,970,122
 
               
Retail - Food Stores - 1.41%              
CVS Corporation
   
46,700
   
2,457,354
 
Walgreen Co.
   
39,597
   
1,758,899
 
         




4,216,253
 
Security and Commodity Brokers - 1.50%              
Chicago Mercantile Exchange Holdings Inc.
   
15,613
   
3,029,390
 
Franklin Resources, Inc.
   
21,200
   
1,455,380
 
         




4,484,770
 
Utilities - Electric - 0.53%              
Veolia Environment (A)
   
44,550
   
1,580,776
 
               
Utilities - Telephone - 0.49%              
China Mobile (Hong Kong) Limited (A)
   
447,500
   
1,463,075
 
               
TOTAL COMMON STOCKS - 80.99%        
$
242,208,890
 

(Cost: $197,089,047)
             
               
CORPORATE DEBT SECURITIES  
Principal
Amount in
Thousands
     

               
Aircraft - 0.05%              
Raytheon Company,
             
      6.5%, 7-15-05  
$
135
   
136,109
 
               
Banks - 0.17%              
Norwest Financial, Inc.,
             
      7.6%, 5-3-05    
500
   
501,766
 
               
Beverages - 0.20%              
Companhia Brasileira de Bebidas,
             
      10.5%, 12-15-11    
500
   
605,000
 
               
Capital Equipment - 0.36%              
Hyundai Motor Company,
             
      5.3%, 12-19-08 (B)    
1,080
   
1,082,679
 
               
Computers - Peripherals - 0.19%              
ASG Consolidated LLC and ASG Finance, Inc.,
             
      0.0%, 11-1-11 (B)(C)    
800
   
560,000
 
               
Construction Materials - 0.58%              
Hanson Overseas B.V.,
             
      6.75%, 9-15-05    
650
   
659,124
 
Interface, Inc.,
             
      7.3%, 4-1-08    
520
   
507,000
 
Interface, Inc.,
             
      9.5%, 2-1-14    
550
   
578,875
 
         




1,744,999
 
Finance Companies - 0.90%              
ALROSA Finance S.A.,
             
      8.125%, 5-6-08    
900
   
928,800
 
Exxon Capital Corporation,
             
      6.0%, 7-1-05    
750
   
754,704
 
Toyota Motor Credit Corporation,
             
      4.47%, 1-18-15    
1,050
   
1,022,994
 
         




2,706,498
 
Food and Related - 0.17%              
Sara Lee Corporation,
             
      6.45%, 9-26-05    
500
   
506,013
 
               
Mining - 0.58%              
Vedanta Resources plc,
             
      6.625%, 2-22-10 (B)    
1,800
   
1,738,818
 
               
Multiple Industry - 0.42%              
National Rural Utilities Cooperative Finance Corporation,
             
      3.0%, 2-15-06    
750
   
745,432
 
Sino-Forest Corporation,
             
      9.125%, 8-17-11 (B)    
475
   
504,094
 
         




1,249,526
 
Security and Commodity Brokers - 0.20%              
SLM Corporation,
             
      4.0%, 7-25-14    
600
   
588,312
 
               
Utilities - Electric - 1.17%              
Dominion Resources, Inc.,
             
      7.625%, 7-15-05    
750
   
759,092
 
Scana Corporation,
             
      3.24438%, 11-15-06    
2,000
   
2,001,414
 
Wisconsin Energy Corporation,
             
      5.875%, 4-1-06    
227
   
231,256
 
Wisconsin Power and Light Company,
             
      7.6%, 7-1-05    
500
   
505,093
 
         




3,496,855
 
Utilities - Gas and Pipeline - 0.25%              
Wisconsin Gas Company,
             
      6.375%, 11-1-05    
750
   
761,510
 
               
Utilities - Telephone - 0.53%              
Open Joint Stock Company ''Vimpel-Communications'',
             
      10.0%, 6-16-09 (B)    
1,000
   
1,062,500
 
Verizon Global Funding Corp. and Verizon Communications Inc.,
             
      6.75%, 12-1-05    
500
   
509,797
 
         




1,572,297
 
               
TOTAL CORPORATE DEBT SECURITIES - 5.77%        
$
17,250,382
 

(Cost: $17,135,079)
             

 
             
OTHER GOVERNMENT SECURITIES              

               
Japan - 2.49%              
Japanese Government 15 Year Floating Rate Bond,
             
      0.64%, 1-20-18 (D)
  JPY775,000
   
7,455,815
 
               
South Korea - 0.33%              
Korea Development Bank (The),
             
      3.03%, 10-29-06  
$
1,000
   
991,330
 
               
               
TOTAL OTHER GOVERNMENT SECURITIES - 2.82%        
$
8,447,145
 

(Cost: $8,199,698)
             
               

UNITED STATES GOVERNMENT AND
GOVERNMENT AGENCY OBLIGATIONS
             

               
Mortgage-Backed Obligations              
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO (Interest Only),
             
      5.0%, 2-15-20    
2,325
   
209,772
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO (Interest Only),
             
      5.0%, 7-15-21    
1,210
   
155,079
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO (Interest Only),
             
      5.0%, 6-15-22    
2,770
   
195,781
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO (Interest Only),
             
      5.0%, 7-15-22    
9,706
   
747,194
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO (Interest Only),
             
      5.0%, 1-15-23    
1,914
   
154,555
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO (Interest Only),
             
      5.0%, 4-15-23    
757
   
92,470
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO (Interest Only),
             
      5.5%, 11-15-23    
3,800
   
530,150
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO (Interest Only),
             
      5.0%, 9-15-24    
2,598
   
299,774
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO (Interest Only),
             
      5.5%, 9-15-24    
1,519
   
162,046
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO (Interest Only),
             
      5.5%, 4-15-25    
303
   
46,350
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO (Interest Only),
             
      5.0%, 9-15-25    
3,308
   
412,677
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO (Interest Only),
             
      5.0%, 8-15-30    
1,794
   
253,301
 
Federal National Mortgage Association Agency
      REMIC/CMO (Interest Only),
             
      5.5%, 11-25-25    
3,585
   
367,344
 
Government National Mortgage Association Agency
      REMIC/CMO (Interest Only),
             
      5.0%, 7-20-33    
719
   
176,334
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
             
      5.5%, 11-15-16    
661
   
680,267
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
             
      5.5%, 12-15-16    
1,355
   
1,393,504
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
             
      5.5%, 12-15-16    
333
   
343,094
 
               
TOTAL UNITED STATES GOVERNMENT AND
GOVERNMENT AGENCY OBLIGATIONS - 2.08%
       
$
6,219,692
 

(Cost: $6,044,169)
             
               
UNREALIZED GAIN (LOSS) ON OPEN FORWARD
CURRENCY CONTRACTS - (0.24%)
 
Face
Amount in
Thousands
     

               
Austrailian Dollar, 5-19-05 (D)
  AUD7,450
   
112,383
 
Austrailian Dollar, 5-19-05 (D)
   
7,450
   
(825,284
)

         
$
(712,901
)

     
       
SHORT-TERM SECURITY - 1.95%  
Principal
Amount in
Thousands
     

               
Banks              
Rabobank USA Financial Corp.,
             
      2.82%, 4-1-05
(Cost: $5,819,000)
 
$
5,819
 
$
5,819,000
 
               
TOTAL INVESTMENT SECURITIES - 100.00%        
$
299,074,652
 

(Cost: $252,542,991)
             
               
Notes to Schedule of Investments
*No dividends were paid during the preceding 12 months.
(A)Listed on an exchange outside the United States.
(B)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2005, the total value of these securities amounted to $4,948,091 or 1.65% of total investments.
(C)The security does not bear interest for an initial period of time and subsequently becomes interest bearing.
(D)Principal amounts are denominated in the indicated foreign currency, where applicable (AUD - Australian Dollar, JPY - Japanese Yen).




The Investments of W&R Target Balanced Portfolio

 
      March 31, 2005                
COMMON STOCKS    


Shares
     
Value
 

                 
Aircraft - 1.10%                
Lockheed Martin Corporation
   
108,550
   
$
6,628,063
 
                 
Banks - 3.11%                
Citigroup Inc.
   
254,600
     
11,441,724
 
Northern Trust Corporation
   
168,400
     
7,326,242
 
           




18,767,966
 
Beverages - 0.90%                
Anheuser-Busch Companies, Inc.
   
29,000
     
1,374,310
 
Brown-Forman Corporation, Class B
   
73,400
     
4,018,650
 
           




5,392,960
 
Business Equipment and Services - 3.44%                
Cintas Corporation
   
203,300
     
8,405,438
 
First Data Corporation
   
156,100
     
6,136,291
 
Manpower Inc.
   
142,500
     
6,201,600
 
           




20,743,329
 
Capital Equipment - 1.97%                
Illinois Tool Works Inc.
   
55,300
     
4,951,009
 
Ingersoll-Rand Company Limited, Class A
   
87,000
     
6,929,550
 
           




11,880,559
 
Chemicals - Petroleum and Inorganic - 0.88%                
Dow Chemical Company (The)
   
106,800
     
5,323,980
 
                 
Chemicals - Specialty - 1.40%                
Air Products and Chemicals, Inc.
   
133,200
     
8,430,228
 
                 
Computers - Micro - 2.74%                
Apple Computer, Inc.*
   
109,800
     
4,584,150
 
Dell Inc.*
   
216,657
     
8,325,045
 
Sun Microsystems, Inc.*
   
888,000
     
3,583,080
 
           




16,492,275
 
Computers - Peripherals - 4.84%                
Check Point Software Technologies Ltd.*
   
251,200
     
5,457,320
 
EMC Corporation*
   
512,900
     
6,318,928
 
Microsoft Corporation
   
457,800
     
11,062,737
 
Oracle Corporation*
   
508,500
     
6,343,538
 
           




29,182,523
 
Cosmetics and Toiletries - 1.09%                
Avon Products, Inc.
   
152,800
     
6,561,232
 
                 
Defense - 1.17%                
General Dynamics Corporation
   
66,100
     
7,076,005
 
                 
Electrical Equipment - 1.83%                
Emerson Electric Co.
   
81,200
     
5,272,316
 
Molex Incorporated, Class A
   
244,000
     
5,752,300
 
           




11,024,616
 
Electronic Components - 1.12%                
Intel Corporation
   
290,000
     
6,736,700
 
                 
Electronic Instruments - 0.89%                
Lam Research Corporation*
   
185,450
     
5,353,014
 
                 
Finance Companies - 2.48%                
Fannie Mae
   
87,500
     
4,764,375
 
SLM Corporation
   
204,100
     
10,172,344
 
           




14,936,719
 
Food and Related - 1.14%                
Dean Foods Company*
   
200,500
     
6,877,150
 
                 
Furniture and Furnishings - 1.00%                
Masco Corporation
   
173,400
     
6,011,778
 
                 
Health Care - Drugs - 4.84%                
Abbott Laboratories
   
133,600
     
6,228,432
 
Allergan, Inc.
   
80,500
     
5,592,335
 
Amgen Inc.*
   
95,500
     
5,555,235
 
Novartis AG, ADR*
   
97,300
     
4,551,694
 
Pfizer Inc.
   
274,307
     
7,206,045
 
           




29,133,741
 
Health Care - General - 3.36%                
Biomet, Inc.
   
167,100
     
6,071,579
 
Boston Scientific Corporation*
   
150,100
     
4,396,429
 
Johnson & Johnson
   
145,200
     
9,751,632
 
           




20,219,640
 
Hospital Supply and Management - 3.73%                
HCA Inc.
   
177,200
     
9,492,604
 
Medtronic, Inc.
   
132,700
     
6,761,065
 
UnitedHealth Group Incorporated
   
65,100
     
6,209,238
 
           




22,462,907
 
Household - General Products - 1.40%                
Colgate-Palmolive Company
   
161,300
     
8,415,021
 
                 
Insurance - Life - 1.17%                
Lincoln National Corporation
   
155,600
     
7,023,784
 
                 
Insurance - Property and Casualty - 3.75%                
Allstate Corporation (The)
   
135,300
     
7,314,318
 
Berkshire Hathaway Inc., Class B*
   
2,300
     
6,568,800
 
Chubb Corporation (The)
   
109,400
     
8,672,138
 
           




22,555,256
 
Leisure Time Industry - 2.35%                
Royal Caribbean Cruises Ltd.
   
150,000
     
6,703,500
 
Walt Disney Company (The)
   
259,100
     
7,443,943
 
           




14,147,443
 
Motion Pictures - 1.95%                
News Corporation Limited, Class A
   
402,700
     
6,813,684
 
News Corporation Limited, Class B
   
280,000
     
4,930,800
 
           




11,744,484
 
Multiple Industry - 1.97%                
General Electric Company
   
328,756
     
11,854,941
 
                 
Petroleum - International - 4.42%                
BP p.l.c., ADR
   
115,500
     
7,207,200
 
Burlington Resources Inc.
   
168,300
     
8,426,781
 
Exxon Mobil Corporation
   
184,046
     
10,969,142
 
           




26,603,123
 
Petroleum - Services - 1.41%                
Schlumberger Limited
   
120,300
     
8,478,744
 
                 
Retail - Food Stores - 1.05%                
Walgreen Co.
   
142,600
     
6,334,292
 
                 
Retail - General Merchandise - 3.75%                
Costco Wholesale Corporation
   
60,100
     
2,659,725
 
Federated Department Stores, Inc.
   
121,900
     
7,757,716
 
Target Corporation
   
92,300
     
4,616,846
 
Wal-Mart Stores, Inc.
   
150,600
     
7,546,566
 
           




22,580,853
 
Security and Commodity Brokers - 2.56%                
American Express Company
   
153,400
     
7,880,158
 
Morgan Stanley
   
131,700
     
7,539,825
 
           




15,419,983
 
Trucking and Shipping - 0.96%                
Expeditors International of Washington, Inc.
   
107,700
   


5,766,797
 
                 
Utilities - Electric - 3.04%                
Dominion Resources, Inc.
   
109,200
     
8,127,756
 
Exelon Corporation
   
221,800
     
10,178,402
 
           




18,306,158
 
Utilities - Telephone - 1.79%                
AT&T Corp.
   
182,000
     
3,412,500
 
Vodafone Group Plc, ADR
   
276,600
     
7,346,496
 
           




10,758,996
 
                 
TOTAL COMMON STOCKS - 74.60%          
$
449,225,260
 

(Cost: $382,259,035)
               
 
   
         
CORPORATE DEBT SECURITIES  
Principal
Amount in
Thousands
       

                 
Air Transportation - 0.07%                
Southwest Airlines Co.,
               
      7.875%, 9-1-07  
$
360
     
386,828
 
                 
Aircraft - 0.11%                
Raytheon Company,
               
      6.5%, 7-15-05    
675
     
680,546
 
                 
Banks - 0.23%                
Wells Fargo Bank, N.A.,
               
      7.55%, 6-21-10    
1,250
     
1,410,070
 
                 
Beverages - 0.28%                
Coca-Cola Enterprises Inc.,
               
      6.7%, 10-15-36    
500
     
572,795
 
Diageo Capital plc,
               
      3.5%, 11-19-07    
1,150
     
1,128,973
 
           




1,701,768
 
Broadcasting - 0.66%                
Clear Channel Communications, Inc.,
               
      4.25%, 5-15-09    
4,100
     
3,946,143
 
                 
Business Equipment and Services - 0.18%                
PHH Corporation,
               
      7.125%, 3-1-13    
1,000
     
1,100,558
 
                 
Chemicals - Specialty - 0.18%                
Vulcan Materials Company,
               
      6.4%, 2-1-06    
1,050
     
1,067,857
 
                 
Finance Companies - 1.82%                
277 Park Avenue Finance Corporation,
               
      7.58%, 5-12-12 (A)    
2,687
     
2,822,879
 
American International Group,
               
      3.85%, 11-26-07 (A)    
1,400
     
1,381,321
 
Banco Hipotecario Nacional,
               
      7.916%, 7-25-09 (A)    
17
     
412
 
Banco Hipotecario Nacional,
               
      8.0%, 3-31-11 (A)    
1,300
     
195,065
 
First Union-Lehman Brothers-Bank of America
      Commercial Mortgage Trust,
               
      6.56%, 11-18-35    
1,000
     
1,053,515
 
First Union-Lehman Brothers Company,
               
      6.65%, 11-18-29    
974
     
1,019,767
 
General Motors Acceptance Corporation,
               
      6.125%, 8-28-07    
1,200
     
1,170,138
 
Mellon Residential Funding,
               
      6.75%, 6-26-28    
217
     
216,452
 
Prudential Insurance Company of America,
               
      6.6%, 5-15-08 (A)    
1,500
     
1,590,425
 
Unilever Capital Corporation,
               
      5.9%, 11-15-32    
1,450
     
1,517,799
 
           




10,967,773
 
Food and Related - 0.27%                
Archer-Daniels-Midland Company,
               
      7.0%, 2-1-31    
1,350
     
1,616,755
 
                 
Insurance - Life - 0.25%                
StanCorp Financial Group, Inc.,
               
      6.875%, 10-1-12    
1,375
     
1,486,999
 
                 
Insurance - Property and Casualty - 0.27%                
Principal Life Global,
               
      6.25%, 2-15-12 (A)    
1,500
     
1,611,243
 
                 
Leisure Time Industry - 0.17%                
Cendant Corporation,
               
      6.875%, 8-15-06    
1,000
     
1,034,991
 
                 
Multiple Industry - 2.04%                
Cargill, Inc.,
               
      6.375%, 6-1-12 (A)    
1,150
     
1,244,839
 
General Electric Capital Corporation,
               
      2.85%, 1-30-06    
6,000
     
5,957,046
 
Georgia Power Company,
               
      5.5%, 12-1-05    
2,500
     
2,531,398
 
Household Finance Corporation,
               
      6.5%, 1-24-06    
2,500
     
2,553,375
 
           




12,286,658
 
Real Estate Investment Trust - 0.30%                
Vornado Realty L.P.,
               
      5.625%, 6-15-07    
1,750
     
1,793,524
 
                 
Utilities - Electric - 0.55%                
Dominion Resources, Inc.,
               
      7.625%, 7-15-05    
3,300
     
3,340,003
 
                 
TOTAL CORPORATE DEBT SECURITIES - 7.38%          
$
44,431,716
 

(Cost: $44,307,646)
               
 
               
 
               
OTHER GOVERNMENT SECURITY - 0.30%                

                 
Canada                
Hydro-Quebec,
               
      8.0%, 2-1-13    
1,500
   
$
1,800,491
 
(Cost: $1,679,259)
         

 
 
               

UNITED STATES GOVERNMENT AND
GOVERNMENT AGENCY OBLIGATIONS
               

                 
Agency Obligations - 0.19%                
Federal National Mortgage Association,
               
      7.25%, 1-15-10    
1,000
     
1,116,418
 
Mortgage-Backed Obligations - 4.38%                
Federal Home Loan Mortgage Corporation
      Fixed Rate Participation Certificates,
               
      6.0%, 5-1-16    
1,270
     
1,312,393
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      6.23%, 1-1-08    
1,622
     
1,681,013
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      6.0%, 9-1-17    
926
     
958,697
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      5.0%, 1-1-18    
691
     
691,097
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      5.5%, 4-1-18    
395
     
402,782
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      5.0%, 5-1-18    
353
     
353,662
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      4.5%, 7-1-18    
4,206
     
4,119,822
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      7.0%, 9-1-25    
108
     
114,784
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      6.5%, 10-1-28    
521
     
546,371
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      6.5%, 2-1-29    
473
     
495,971
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      7.5%, 4-1-31    
274
     
295,859
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      7.0%, 7-1-31    
579
     
616,156
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      7.0%, 9-1-31    
531
     
562,952
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      7.0%, 9-1-31    
440
     
468,460
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      7.0%, 11-1-31    
131
     
138,456
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      6.5%, 2-1-32    
1,725
     
1,800,790
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      7.0%, 2-1-32    
700
     
742,205
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      7.0%, 2-1-32    
632
     
670,022
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      7.0%, 3-1-32    
415
     
439,934
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      7.0%, 7-1-32    
1,000
     
1,060,318
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      6.0%, 9-1-32    
3,234
     
3,309,666
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      6.0%, 2-1-33    
895
     
915,433
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      5.5%, 5-1-33    
1,348
     
1,351,948
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      5.5%, 5-1-33    
1,033
     
1,036,353
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      5.5%, 5-1-33    
696
     
698,708
 
Federal National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      5.5%, 6-1-33    
1,144
     
1,147,716
 
Government National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      6.0%, 8-15-28    
57
     
58,413
 
Government National Mortgage Association Fixed
      Rate Pass-Through Certificates,
               
      6.5%, 8-15-28    
128
     
133,834
 
United States Department of Veterans Affairs,
      Guaranteed REMIC Pass-Through Certificates,
      Vendee Mortgage Trust, 1997-A Class 3-A,
               
      8.293%, 12-15-26    
240
     
251,109
 
           




26,374,924
 
                 
Treasury Inflation Protected Obligation - 0.19%                
United States Treasury Note,
               
      3.0%, 7-15-12    
1,000
     
1,167,307
 
                 
Treasury Obligations - 7.93%                
United States Treasury Bonds,
               
      7.5%, 11-15-16    
1,500
     
1,880,625
 
United States Treasury Bonds,
               
      7.25%, 8-15-22    
4,000
     
5,113,280
 
United States Treasury Bonds,
               
      6.25%, 8-15-23    
5,250
     
6,112,764
 
United States Treasury Notes,
               
      6.5%, 8-15-05    
4,000
     
4,051,876
 
United States Treasury Notes,
               
      3.25%, 8-15-07    
5,000
     
4,932,615
 
United States Treasury Notes,
               
      3.0%, 11-15-07    
4,000
     
3,913,124
 
United States Treasury Notes,
               
      3.0%, 2-15-08    
3,000
     
2,923,944
 
United States Treasury Notes,
               
      2.625%, 5-15-08    
4,000
     
3,842,500
 
United States Treasury Notes,
               
      4.75%, 11-15-08    
4,000
     
4,095,936
 
United States Treasury Notes,
               
      3.875%, 2-15-13    
3,000
     
2,895,819
 
United States Treasury Notes,
               
      3.625%, 5-15-13    
3,000
     
2,847,423
 
United States Treasury Notes,
               
      4.25%, 8-15-13    
4,000
     
3,944,532
 
United States Treasury Notes,
               
      5.25%, 2-15-29    
1,150
     
1,210,959
 
           




47,765,397
 

TOTAL UNITED STATES GOVERNMENT SECURITIES
AND GOVERNMENT AGENCY OBLIGATIONS - 12.69%
         
$
76,424,046
 

(Cost: $75,905,735)
               
 
               
 
               
SHORT-TERM SECURITIES                

                 
Capital Equipment - 0.66%                
John Deere Finance S.A. (John Deere Capital Corporation),
               
      2.76%, 4-7-05    
4,000
     
3,998,160
 
                 
Finance Companies - 1.30%                
PACCAR Financial Corp.,
               
      2.77%, 4-12-05    
3,850
     
3,846,741
 
USAA Capital Corp.,
               
      2.76%, 4-6-05    
4,000
     
3,998,467
 
           




7,845,208
 
Health Care - Drugs - 0.91%                
Abbott Laboratories,
               
      2.79%, 4-1-05    
5,470
     
5,470,000
 
                 
Health Care - General - 0.83%                
Baxter International Inc.,
               
      2.85%, 4-5-05    
5,000
     
4,998,416
 
                 
Publishing - 0.50%                
Tribune Co.,
               
      2.83%, 4-5-05    
3,000
     
2,999,057
 
                 
Utilities - Telephone - 0.83%                
SBC Communications Inc.,
               
      2.81%, 4-12-05    
5,000
     
4,995,707
 
                 
TOTAL SHORT-TERM SECURITIES - 5.03%          
$
30,306,548
 

(Cost: $30,306,548)
               
                 
TOTAL INVESTMENT SECURITIES - 100.00%          
$
602,188,061
 

(Cost: $534,458,223)
               
                 
Notes to Schedule of Investments
*No dividends were paid during the preceding 12 months.
(A)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2005, the total value of these securities amounted to $8,846,184 or 1.47% of total investments.




The Investments of W&R Target Bond Portfolio

 
      March 31, 2005              
CORPORATE DEBT SECURITIES
Principal
Amount in
Thousands
   
Value
 

               
Banks - 1.80%              
First Union Corporation,
             
      6.824%, 8-1-26
$
2,632
   
$
3,242,340
 
SouthTrust Bank, National Association,
             
      6.125%, 1-9-28  
500
     
557,266
 
         




3,799,606
 
Beverages - 0.29%              
Coca-Cola Enterprises Inc.,
             
      7.0%, 10-1-26  
525
     
617,132
 
               
Broadcasting - 1.16%              
British Sky Broadcasting Group plc,
             
      8.2%, 7-15-09  
1,250
     
1,409,571
 
TCA Cable TV, Inc.,
             
      6.53%, 2-1-28  
1,000
     
1,037,847
 
         




2,447,418
 
Business Equipment and Services - 0.31%              
Postal Square Limited Partnership,
             
      6.5%, 6-15-22  
212
     
227,708
 
Quebecor World Capital Corporation,
             
      4.875%, 11-15-08  
425
     
421,501
 
         




649,209
 
Chemicals - Petroleum and Inorganic - 0.61%              
NOVA Chemicals Corporation,
             
      7.0%, 5-15-06  
1,250
     
1,282,813
 
               
Chemicals - Specialty - 0.66%              
FMC Corporation,
             
      10.25%, 11-1-09  
1,250
     
1,393,750
 
               
Coal - 0.49%              
Peabody Energy Corporation,
             
      6.875%, 3-15-13  
1,000
     
1,030,000
 
               
Computers - Main and Mini - 0.12%              
Unisys Corporation,
             
      8.125%, 6-1-06  
250
     
256,250
 
               
Finance Companies - 20.80%              
Asset Securitization Corporation,
             
      7.49%, 4-14-29  
1,167
     
1,230,355
 
Bear Stearns Commercial Mortgage Securities Inc.,
             
      7.32%, 10-15-32  
3,315
     
3,687,905
 
CHL Pass-Through Trust 2003-20,
             
      5.5%, 7-25-33  
3,603
     
3,647,687
 
Chase Manhattan - First Union Commercial Mortgage Trust,
             
      7.439%, 7-15-09  
1,500
     
1,654,893
 
Diversified REIT Owner Trust 1999-1,
             
      6.78%, 3-18-11 (A)  
750
     
780,469
 
First Union National Bank Commercial Mortgage,
             
      7.841%, 3-15-10  
2,500
     
2,825,423
 
Ford Motor Credit Company,
             
      6.5%, 1-25-07  
2,000
     
2,020,286
 
GMAC Commercial Mortgage Securities, Inc.,
      Mortgage Pass-Through Certificates, Series 1997-C1,
             
      6.869%, 7-15-29  
2,571
     
2,690,315
 
GSR Mortgage Loan Trust 2004-2F,
             
      7.0%, 1-25-34  
2,330
     
2,395,394
 
General Motors Acceptance Corporation,
             
      5.625%, 5-15-09  
3,500
     
3,192,955
 
General Motors Acceptance Corporation,
             
      8.875%, 6-1-10  
500
     
502,939
 
IndyMac INDX Mortgage Loan Trust 2004-AR4,
             
      4.90231%, 8-25-34  
982
     
952,941
 
SocGen Real Estate Company L.L.C.,
             
      7.64%, 12-29-  49 (A)  
2,000
     
2,142,204
 
Structured Adjustable Rate Mortgage Loan Trust,
      Mortgage Pass-Through Certificates, Series 2004-3AC,
             
      4.9348%, 3-25-34  
2,083
     
2,044,419
 
Structured Adjustable Rate Mortgage Loan Trust,
      Mortgage Pass-Through Certificates, Series 2004-5,
             
      4.62079%, 5-25-34  
2,025
     
1,922,302
 
Structured Adjustable Rate Mortgage Loan Trust,
      Mortgage Pass-Through Certificates, Series 2004-6,
             
      4.74195%, 6-25-34  
998
     
949,754
 
Structured Adjustable Rate Mortgage Loan Trust,
      Mortgage Pass-Through Certificates, Series 2004-12,
             
      5.13869%, 9-25-34  
2,995
     
2,873,538
 
Structured Adjustable Rate Mortgage Loan Trust,
      Mortgage Pass-Through Certificates, Series 2004-A,
             
      4.64348%, 2-25-34  
1,747
     
1,715,006
 
Structured Asset Securities Corporation,
             
      4.7676%, 10-25-33  
990
     
974,295
 
Structured Asset Securities Corporation,
             
      4.8085%, 1-25-34  
1,542
     
1,535,850
 
Structured Asset Securities Corporation, Mortgage
      Pass-Through Certificates, Series 2003-40A,
             
      4.8085%, 1-25-34  
1,187
     
1,126,105
 
Wells Fargo Mortgage Pass-Through Certificates,
      Series 2003-10,
             
      4.5%, 9-25-18  
2,500
     
2,416,426
 
Westinghouse Electric Corporation,
             
      8.875%, 6-14-14  
500
     
633,022
 
         




43,914,483
 
Food and Related - 1.31%              
Cadbury Schweppes US Finance LLC,
             
      3.875%, 10-1-08 (A)  
750
     
733,800
 
ConAgra, Inc.,
             
      7.125%, 10-1-26  
1,750
     
2,038,095
 
         




2,771,895
 
Forest and Paper Products - 4.67%              
Abitibi-Consolidated Company of Canada,
             
      6.95%, 12-15-06  
2,000
     
2,010,000
 
Bowater Canada Finance Corporation,
             
      7.95%, 11-15-11  
1,000
     
1,037,500
 
Champion International Corporation,
             
      6.4%, 2-15-26  
1,500
     
1,590,711
 
Champion International Corporation,
             
      6.65%, 12-15-37  
1,500
     
1,677,632
 
Georgia-Pacific Corporation,
             
      7.375%, 7-15-08  
3,000
     
3,142,500
 
Westvaco Corporation,
             
      7.5%, 6-15-27  
364
     
403,367
 
         




9,861,710
 
Homebuilders, Mobile Homes - 0.71%              
D.R. Horton, Inc.,
             
      8.0%, 2-1-09  
864
     
928,893
 
Pulte Corporation,
             
      8.125%, 3-1-11  
500
     
563,795
 
         




1,492,688
 
Hospital Supply and Management - 1.02%              
HCA - The Healthcare Company,
             
      7.125%, 6-1-06  
1,000
     
1,028,892
 
HCA - The Healthcare Company,
             
      8.75%, 9-1-10  
1,000
     
1,124,585
 
         




2,153,477
 
Household - General Products - 1.24%              
Procter & Gamble Company (The),
             
      8.0%, 9-1-24  
2,000
     
2,619,630
 
               
Multiple Industry - 3.58%              
CHYPS CBO 1997-1 Ltd.,
             
      6.72%, 1-15-10 (A)  
577
     
386,272
 
Comcast Cable Communications, Inc.,
             
      8.5%, 5-1-27  
1,250
     
1,604,624
 
Dominion Resources, Inc.,
             
      5.25%, 8-1-33  
2,250
     
2,241,675
 
Preferred Term Securities XVI, Ltd. and Preferred
      Term Securities XVI, Inc.,
             
      5.06%, 3-23-35 (A)  
1,250
     
1,254,688
 
Preferred Term Securities XVII, Ltd. and Preferred
      Term Securities XVII, Inc.,
             
      5.1800004%, 6-23-35 (A)  
1,000
     
997,500
 
Tyco International Group S.A.,
             
      6.375%, 10-15-11  
1,000
     
1,067,550
 
         




7,552,309
 
Petroleum - International - 0.92%              
Chesapeake Energy Corporation,
             
      9.0%, 8-15-12  
750
     
827,812
 
Petrobras International Finance Company,
             
      9.875%, 5-9-08  
1,000
     
1,110,000
 
         




1,937,812
 
Petroleum - Services - 1.34%              
Halliburton Company,
             
      6.75%, 2-1-27  
2,000
     
2,248,700
 
Pemex Project Funding Master Trust,
             
      9.125%, 10-13-10  
500
     
577,500
 
         




2,826,200
 
Utilities - Electric - 1.77%              
HQI Transelec Chile S.A.,
             
      7.875%, 4-15-11  
750
     
857,828
 
Oncor Electric Delivery Company,
             
      6.375%, 5-1-12  
2,000
     
2,144,084
 
Pepco Holdings, Inc.,
             
      4.0%, 5-15-10  
750
     
721,545
 
         




3,723,457
 
Utilities - Gas and Pipeline - 0.98%              
Tennessee Gas Pipeline Company,
             
      7.0%, 3-15-27  
2,000
     
2,068,556
 
               
Utilities - Telephone - 3.93%              
British Telecommunications Public Limited Company,
             
      8.375%, 12-15-10  
2,000
     
2,323,598
 
Deutsche Telekom International Finance B.V.,
             
      8.5%, 6-15-10  
2,500
     
2,875,200
 
Pacific Bell,
             
      7.25%, 11-1-27  
750
     
800,847
 
Sprint Capital Corporation,
             
      6.125%, 11-15-08  
1,500
     
1,567,817
 
Telefonos de Mexico, S.A. de C.V.,
             
      4.5%, 11-19-08  
750
     
737,360
 
         




8,304,822
 
               
TOTAL CORPORATE DEBT SECURITIES - 47.71%        
$
100,703,217
 

(Cost: $99,422,141)
             
 
             
 
             
OTHER GOVERNMENT SECURITIES              

               
Brazil - 0.25%              
Federative Republic of Brazil (The),
             
      9.25%, 10-22-10  
500
     
525,000
 
               
Canada - 0.87%              
Province de Quebec,
             
      7.14%, 2-27-26  
1,500
     
1,853,505
 
               
Supranational - 0.55%              
Inter-American Development Bank,
             
      8.4%, 9-1-09  
1,000
     
1,157,176
 
               
TOTAL OTHER GOVERNMENT SECURITIES - 1.67%        
$
3,535,681
 

(Cost: $3,126,110)
             
 
             

UNITED STATES GOVERNMENT AND
GOVERNMENT AGENCY OBLIGATIONS
             

               
Agency Obligations - 3.72%              
Federal Home Loan Bank,
             
      5.375%, 5-15-19  
3,000
     
3,117,843
 
Tennessee Valley Authority,
             
      4.875%, 12-15-16  
3,500
     
3,622,584
 
Tennessee Valley Authority,
             
      5.88%, 4-1-36  
1,000
     
1,108,193
 




7,848,620
Mortgage-Backed Obligations - 28.12%              
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO,
             
      5.5%, 3-15-14  
2,010
     
2,053,600
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO,
             
      4.0%, 5-15-16  
1,230
     
1,213,144
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO,
             
      4.0%, 10-15-16  
1,652
     
1,625,378
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO,
             
      5.0%, 7-15-19  
1,667
     
1,635,097
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO,
             
      6.5%, 11-25-21  
306
     
307,704
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO,
             
      5.0%, 5-15-23  
1,500
     
1,469,566
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO (Interest Only),
             
      5.5%, 4-15-24  
4,576
     
503,634
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO (Interest Only),
             
      5.5%, 4-15-24  
2,420
     
196,176
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO,
             
      6.0%, 3-15-29  
574
     
590,644
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO (Interest Only),
             
      5.0%, 7-15-29  
2,451
     
354,173
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO,
             
      7.5%, 9-15-29  
754
     
814,095
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO,
             
      4.0%, 2-15-30  
500
     
484,284
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO,
             
      4.25%, 3-15-31  
946
     
926,794
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO,
             
      5.0%, 9-15-32  
1,500
     
1,456,618
 
Federal Home Loan Mortgage Corporation Fixed
      Rate Participation Certificates,
             
      4.0%, 12-1-08  
2,160
     
2,143,494
 
Federal Home Loan Mortgage Corporation Fixed
      Rate Participation Certificates,
             
      6.0%, 11-1-28  
957
     
983,237
 
Federal Home Loan Mortgage Corporation Fixed
      Rate Participation Certificates,
             
      7.0%, 5-1-31  
159
     
167,543
 
Federal Home Loan Mortgage Corporation Fixed
      Rate Participation Certificates,
             
      6.5%, 10-1-31  
212
     
220,639
 
Federal Home Loan Mortgage Corporation Fixed
      Rate Participation Certificates,
             
      6.5%, 11-1-31  
356
     
370,313
 
Federal Home Loan Mortgage Corporation Fixed
      Rate Participation Certificates,
             
      6.0%, 2-1-32  
525
     
538,064
 
Federal Home Loan Mortgage Corporation Fixed
      Rate Participation Certificates,
             
      6.5%, 6-1-32  
369
     
384,003
 
Federal Home Loan Mortgage Corporation Fixed
      Rate Participation Certificates,
             
      5.0%, 3-1-35  
2,000
     
1,958,146
 
Federal Home Loan Mortgage Corporation Non-Agency
      REMIC/CMO (Interest Only),
             
      5.5%, 12-15-13  
664
     
152,542
 
Federal National Mortgage Association Agency
      REMIC/CMO,
             
      5.0%, 3-25-18  
3,500
     
3,459,258
 
Federal National Mortgage Association Agency
      REMIC/CMO (Interest Only),
             
      5.0%, 3-25-18  
1,719
     
167,208
 
Federal National Mortgage Association Agency
      REMIC/CMO,
             
      5.0%, 6-25-18  
2,173
     
2,177,573
 
Federal National Mortgage Association Agency
      REMIC/CMO,
             
      4.5%, 8-25-18  
2,500
     
2,470,490
 
Federal National Mortgage Association Agency
      REMIC/CMO,
             
      5.5%, 2-25-32  
1,500
     
1,520,900
 
Federal National Mortgage Association Agency
      REMIC/CMO,
             
      4.0%, 11-25-32  
1,342
     
1,312,618
 
Federal National Mortgage Association Agency
      REMIC/CMO,
             
      4.0%, 3-25-33  
1,108
     
1,088,058
 
Federal National Mortgage Association Agency
      REMIC/CMO,
             
      3.5%, 8-25-33  
2,378
     
2,228,432
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
             
      4.0%, 1-1-11  
2,444
     
2,395,101
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
             
      5.5%, 1-1-17  
1,425
     
1,453,719
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
             
      6.0%, 1-1-17  
732
     
755,995
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
             
      5.0%, 3-1-18  
1,391
     
1,392,288
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
             
      4.0%, 11-1-18  
1,503
     
1,442,445
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
             
      5.5%, 10-1-23  
1,130
     
1,135,767
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
             
      5.0%, 4-1-24  
3,603
     
3,557,214
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificate,
             
      7.0%, 6-1-24  
203
     
214,918
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
             
      5.0%, 2-1-25  
1,489
     
1,470,252
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
             
      6.0%, 12-1-28  
261
     
267,910
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
             
      6.5%, 3-1-33  
767
     
797,319
 
Federal National Mortgage Association Non-Agency
      REMIC/CMO,
             
      4.5%, 7-25-24  
1,000
     
929,950
 
Government National Mortgage Association Agency
      REMIC/CMO (Interest Only),
             
      5.5%, 6-20-28  
4,850
     
568,495
 
Government National Mortgage Association Agency
      REMIC/CMO,
             
      5.0%, 1-20-32  
1,059
     
1,057,100
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
             
      7.5%, 7-15-23  
78
     
84,073
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
             
      7.5%, 12-15-23  
232
     
250,920
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
             
      8.0%, 9-15-25  
105
     
112,764
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
             
      7.0%, 7-20-27  
33
     
34,946
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
             
      7.0%, 8-20-27  
90
     
95,434
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
             
      6.5%, 7-15-28  
413
     
432,130
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
             
      6.5%, 5-15-29  
171
     
179,128
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
             
      7.5%, 7-15-29  
41
     
43,741
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
             
      7.75%, 10-15-31  
301
     
318,619
 
Government National Mortgage Association Non-Agency
      REMIC/CMO,
             
      4.0%, 1-16-30  
632
     
616,423
 
United States Department of Veterans Affairs,
      Guaranteed REMIC Pass-Through Certificates,
      Vendee Mortgage Trust, 2001-3 Class G,
             
      6.5%, 4-15-27  
500
     
508,797
 
United States Department of Veterans Affairs,
      Guaranteed REMIC Pass-Through Certificates,
      Vendee Mortgage Trust, 2002-1 Class 2-G,
             
      6.5%, 10-15-25  
1,750
     
1,774,482
 
United States Department of Veterans Affairs,
      Guaranteed REMIC Pass-Through Certificates,
      Vendee Mortgage Trust, 2003-2 Class D,
             
      5.0%, 11-15-23  
1,000
     
1,012,782
 
United States Department of Veterans Affairs,
      Guaranteed REMIC Pass-Through Certificates,
      Vendee Mortgage Trust, 2003-2 Class E,
             
      5.0%, 12-15-25  
1,500
     
1,493,800
 




59,369,937
Treasury Obligations - 14.98%              
United States Treasury Bond,
             
      6.125%, 11-15-27  
2,500
     
2,921,973
 
United States Treasury Notes,
             
      3.5%, 11-15-06  
10,000
     
9,968,750
 
United States Treasury Notes,
             
      5.5%, 2-15-08  
6,500
     
6,777,011
 
United States Treasury Notes,
             
      5.0%, 2-15-11  
11,500
     
11,944,280
 




31,612,014
               
TOTAL UNITED STATES GOVERNMENT AND
GOVERNMENT AGENCY OBLIGATIONS - 46.82%
       
$
98,830,571
 

(Cost: $99,320,329)
             
 
             
 
             
SHORT-TERM SECURITIES              

               
Forest and Paper Products - 1.77%              
Sonoco Products Co.,
             
      2.88%, 4-1-05  
3,741
     
3,741,000
 
               
Security and Commodity Brokers - 1.08%              
Greenwich Capital Holdings Inc. (Royal Bank
      of Scotland PLC (The)),
             
      2.86%, 4-1-05  
2,280
     
2,280,000
 
               
Utilities - Telephone - 0.95%              
SBC Communications Inc.,
             
      2.81%, 4-12-05  
2,000
     
1,998,283
 
               
TOTAL SHORT-TERM SECURITIES - 3.80%  
   
$
8,019,283
 

(Cost: $8,019,283)
             
               
TOTAL INVESTMENT SECURITIES - 100.00%        
$
211,088,752
 

(Cost: $209,887,863)
             
               
Notes to Schedule of Investments
(A)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2005, the total value of these securities amounted to $6,294,933 or 2.98% of total investments.




The Investments of W&R Target Core Equity Portfolio

 
      March 31, 2005                
COMMON STOCKS    


Shares
     
Value
 

                 
Aircraft - 4.14%                
Boeing Company (The)
   
139,500
   
$
8,155,170
 
Lockheed Martin Corporation
   
185,550
     
11,329,683
 
United Technologies Corporation
   
102,650
     
10,435,399
 
           




29,920,252
 
Aluminum - 1.03%                
Alcoa Incorporated
   
245,300
     
7,454,667
 
                 
Banks - 1.96%                
Citigroup Inc.
   
158,900
     
7,140,966
 
U.S. Bancorp
   
243,050
     
7,004,701
 
           




14,145,667
 
Beverages - 1.52%                
PepsiCo, Inc.
   
207,300
     
10,993,119
 
                 
Broadcasting - 1.34%                
Liberty Media Corporation, Class A*
   
936,200
     
9,708,394
 
                 
Business Equipment and Services - 0.47%                
First Data Corporation
   
86,700
     
3,408,177
 
                 
Capital Equipment - 4.41%                
Caterpillar Inc.
   
100,550
     
9,194,292
 
Deere & Company
   
233,600
     
15,681,568
 
Illinois Tool Works Inc.
   
78,250
     
7,005,722
 
           




31,881,582
 
Chemicals - Petroleum and Inorganic - 1.15%                
du Pont (E.I.) de Nemours and Company
   
162,400
     
8,321,376
 
                 
Chemicals - Specialty - 2.68%                
Air Products and Chemicals, Inc.
   
305,750
     
19,350,918
 
                 
Communications Equipment - 1.58%                
Cisco Systems, Inc.*
   
635,200
     
11,379,608
 
                 
Computers - Micro - 2.34%                
Apple Computer, Inc.*
   
88,100
     
3,678,175
 
Dell Inc.*
   
344,100
     
13,222,042
 
           




16,900,217
 
Computers - Peripherals - 3.83%                
Lexmark International, Inc.*
   
54,100
     
4,326,377
 
Microsoft Corporation
   
294,640
     
7,119,976
 
SAP Aktiengesellschaft, ADR
   
405,500
     
16,252,440
 
Seagate Technology, Escrow Security*
   
3,600
     
0
 
           




27,698,793
 
Defense - 1.55%                
General Dynamics Corporation
   
104,900
     
11,229,545
 
                 
Electronic Components - 3.14%                
Analog Devices, Inc.
   
107,450
     
3,883,243
 
Intel Corporation
   
378,290
     
8,787,677
 
Texas Instruments Incorporated
   
393,600
     
10,032,864
 
           




22,703,784
 
Finance Companies - 1.81%                
Rio Tinto plc
   
53,500
     
1,728,796
 
SLM Corporation
   
227,600
     
11,343,584
 
           




13,072,380
 
Food and Related - 1.48%                
Kellogg Company
   
246,400
     
10,661,728
 
                 
Health Care - Drugs - 6.32%                
Amgen Inc.*
   
119,690
     
6,962,367
 
Gilead Sciences, Inc.*
   
220,400
     
7,889,218
 
Novartis AG, Registered Shares
   
208,650
     
9,738,745
 
Pfizer Inc.
   
801,935
     
21,066,832
 
           




45,657,162
 
Health Care - General - 2.72%                
Boston Scientific Corporation*
   
120,800
     
3,538,232
 
Wyeth
   
381,450
     
16,089,561
 
           




19,627,793
 
Hospital Supply and Management - 5.11%                
Aetna Inc.
   
75,260
     
5,640,737
 
Caremark Rx, Inc.*
   
61,100
     
2,430,558
 
Guidant Corporation
   
86,000
     
6,355,400
 
Medtronic, Inc.
   
207,950
     
10,595,052
 
UnitedHealth Group Incorporated
   
45,200
     
4,311,176
 
WellPoint, Inc.*
   
60,200
     
7,546,070
 
           




36,878,993
 
                 
Hotels and Gaming - 2.46%                
Marriott International, Inc., Class A
   
188,950
     
12,633,197
 
Starwood Hotels & Resorts Worldwide, Inc.
   
61,900
     
3,715,857
 
Wynn Resorts, Limited*
   
20,800
     
1,408,472
 
           




17,757,526
 
Household - General Products - 0.81%                
Colgate-Palmolive Company
   
112,100
     
5,848,257
 
                 
Insurance - Property and Casualty - 2.24%                
Berkshire Hathaway Inc., Class B*
   
5,655
     
16,150,680
 
                 
Leisure Time Industry - 0.81%                
Carnival Corporation
   
113,400
     
5,875,254
 
                 
Mining - 0.60%                
Phelps Dodge Corporation
   
42,800
     
4,354,044
 
                 
Multiple Industry - 4.51%                
General Electric Company
   
718,800
     
25,919,928
 
Google Inc., Class A*
   
16,400
     
2,959,954
 
Las Vegas Sands, Inc.*
   
82,600
     
3,717,000
 
           




32,596,882
 
Non-Residential Construction - 0.59%                
Fluor Corporation
   
76,400
     
4,234,852
 
                 
Petroleum - Canada - 0.33%                
Canadian Natural Resources Limited
   
14,400
     
818,208
 
Suncor Energy Inc.
   
38,400
     
1,544,064
 
           




2,362,272
 
Petroleum - International - 7.80%                
Anadarko Petroleum Corporation
   
84,240
     
6,410,664
 
Burlington Resources Inc.
   
491,800
     
24,624,426
 
Exxon Mobil Corporation
   
424,576
     
25,304,730
 
           




56,339,820
 
Petroleum - Services - 10.15%                
Baker Hughes Incorporated
   
549,250
     
24,436,133
 
Nabors Industries Ltd.*
   
155,300
     
9,184,442
 
Schlumberger Limited
   
219,150
     
15,445,692
 
Smith International, Inc.*
   
57,700
     
3,619,521
 
Transocean Inc.*
   
104,700
     
5,387,862
 
Weatherford International Ltd.*
   
263,300
     
15,255,602
 
           




73,329,252
 
Retail - Food Stores - 0.85%                
Walgreen Co.
   
138,600
     
6,156,612
 
                 
Retail - General Merchandise - 4.50%                
Family Dollar Stores, Inc.
   
170,300
     
5,170,308
 
Kohl's Corporation*
   
156,300
     
8,069,769
 
Target Corporation
   
72,300
     
3,616,446
 
Wal-Mart Stores, Inc.
   
311,700
     
15,619,287
 
           




32,475,810
 
Retail - Specialty Stores - 1.08%                
Best Buy Co., Inc.
   
144,750
     
7,817,947
 
                 
Security and Commodity Brokers - 2.86%                
Goldman Sachs Group, Inc. (The)
   
140,650
     
15,470,094
 
Morgan (J.P.) Chase & Co.
   
150,400
     
5,203,840
 
           




20,673,934
 
Timesharing and Software - 1.53%                
eBay Inc.*
   
245,400
     
9,142,377
 
Yahoo! Inc.*
   
57,000
     
1,935,435
 
           




11,077,812
 
Trucking and Shipping - 2.17%                
United Parcel Service, Inc., Class B
   
215,100
     
15,646,374
 
                 
Utilities - Electric - 1.01%                
Dominion Resources, Inc.
   
97,900
     
7,286,697
 
                 
Utilities - Telephone - 2.96%                
Sprint Corporation
   
169,000
     
3,844,750
 
Vodafone Group Plc, ADR
   
659,850
     
17,525,616
 
           




21,370,366
 
                 
TOTAL COMMON STOCKS - 95.84%          
$
692,348,546
 

(Cost: $537,817,758)
               
                 
SHORT-TERM SECURITIES  
Principle
Amount in Thousands
       

                 
Capital Equipment - 0.55%                
John Deere Capital Corporation,
               
      2.84%, 4-21-05  
$
4,000
     
3,993,689
 
                 
Containers - 0.69%                
Bemis Company, Inc.,
               
      2.85%, 4-1-05    
5,000
     
5,000,000
 
                 
Finance Companies - 1.18%                
Ciesco, LLC,
               
      2.76%, 4-4-05    
5,000
     
4,998,850
 
PACCAR Financial Corp.,
               
      2.77%, 4-11-05    
3,500
     
3,497,307
 
           




8,496,157
 
Food and Related - 0.55%                
Heinz (H.J.) Finance Co. (Heinz (H.J.) Co.),
               
      2.82%, 4-4-05    
4,000
     
3,999,060
 
                 
Forest and Paper Products - 0.50%                
Sonoco Products Co.,
               
      2.88%, 4-1-05    
3,596
     
3,596,000
 
                 
Health Care - General - 0.69%                
Baxter International Inc.,
               
      2.85%, 4-6-05    
5,000
     
4,998,021
 
                 
TOTAL SHORT-TERM SECURITIES - 4.16%          
$
30,082,927
 

(Cost: $30,082,927)
               
                 
TOTAL INVESTMENT SECURITIES - 100.00%          
$
722,431,473
 

(Cost: $567,900,685)
               
                 
Notes to Schedule of Investments
*No dividends were paid during the preceding 12 months.




The Investments of W&R Target Dividend Income Portfolio  
      March 31, 2005                
COMMON STOCKS  


Shares
   
Value
 

                 
Aircraft - 3.06%                
Boeing Company (The)
   
4,782
   
$
279,556
 
Goodrich Corporation
   
5,678
     
217,411
 
Lockheed Martin Corporation
   
2,981
     
182,020
 
           




678,987
 
Aluminum - 0.68%                
Alcoa Incorporated
   
4,966
     
150,917
 
                 
Banks - 2.60%                
Bank of America Corporation
   
6,846
     
301,909
 
Citigroup Inc.
   
6,134
     
275,662
 
           




577,571
 
Beverages - 1.81%                
Diageo plc, ADR
   
4,956
     
281,996
 
Molson Coors Brewing Company, Class B
   
1,548
     
119,459
 
           




401,455
 
                 
Business Equipment and Services - 1.34%                
Genuine Parts Company
   
6,845
     
297,689
 
                 
Capital Equipment - 2.13%                
Deere & Company
   
7,064
     
474,206
 
                 
Chemicals -- Petroleum and Inorganic - 1.85%                
Dow Chemical Company (The)
   
3,996
     
199,201
 
du Pont (E.I.) de Nemours and Company
   
4,124
     
211,314
 
           




410,515
 
Computers -- Peripherals - 3.54%                
Microsoft Corporation
   
17,971
     
434,269
 
SAP Aktiengesellschaft, ADR
   
8,773
     
351,622
 
           




785,891
 
Electrical Equipment - 0.65%                
Emerson Electric Co.
   
2,209
     
143,430
 
                 
Electronic Components - 1.65%                
Microchip Technology Incorporated
   
8,827
     
229,281
 
Texas Instruments Incorporated
   
5,351
     
136,397
 
           




365,678
 
Finance Companies - 4.61%                
Caterpillar Inc.
   
3,763
     
344,089
 
SLM Corporation
   
13,652
     
680,416
 
           




1,024,505
 
Food and Related - 0.29%                
ConAgra Foods, Inc.
   
2,377
     
64,227
 
                 
Health Care -- Drugs - 2.95%                
Abbott Laboratories
   
6,508
     
303,403
 
Pfizer Inc.
   
13,356
     
350,862
 
           




654,265
 
Health Care -- General - 0.97%                
Boston Scientific Corporation*
   
7,326
     
214,579
 
                 
Hospital Supply and Management - 3.40%                
HCA Inc.
   
3,774
     
202,173
 
Medtronic, Inc.
   
8,018
     
408,517
 
PacifiCare Health Systems, Inc.*
   
2,550
     
145,146
 
           




755,836
 
Hotels and Gaming - 4.49%                
Harrah's Entertainment, Inc.
   
5,662
     
365,652
 
Starwood Hotels & Resorts Worldwide, Inc.
   
10,515
     
631,215
 
           




996,867
 
Household -- General Products - 1.93%                
Colgate-Palmolive Company
   
4,220
     
220,157
 
Procter & Gamble Company (The)
   
3,951
     
209,403
 
           




429,560
 
Insurance -- Property and Casualty - 3.27%                
Allstate Corporation (The)
   
4,889
     
264,299
 
MGIC Investment Corporation
   
4,035
     
248,838
 
St. Paul Companies, Inc. (The)
   
5,805
     
213,218
 
           




726,355
 
Leisure Time Industry - 0.73%                
Carnival Corporation
   
3,110
     
161,129
 
                 
Mining - 1.35%                
Freeport-McMoRan Copper & Gold Inc., Class B
   
7,582
     
300,323
 
                 
Multiple Industry - 4.36%                
Bill Barrett Corporation*
   
3,798
     
109,800
 
General Electric Company
   
18,985
     
684,599
 
Valor Communications Group, Inc.*
   
12,053
     
174,407
 
           




968,806
 
Non-Residential Construction - 1.21%                
Fluor Corporation
   
4,866
     
269,722
 
                 
Petroleum -- International - 8.67%                
Anadarko Petroleum Corporation
   
6,794
     
517,023
 
BP p.l.c., ADR
   
4,151
     
259,022
 
Burlington Resources Inc.
   
9,028
     
452,032
 
Exxon Mobil Corporation
   
11,700
     
697,320
 
           




1,925,397
 
Petroleum -- Services - 10.07%                
BJ Services Company
   
4,635
     
240,464
 
Baker Hughes Incorporated
   
10,049
     
447,080
 
National-Oilwell, Inc.*
   
2,478
     
115,723
 
Patterson-UTI Energy, Inc.
   
19,284
     
482,389
 
Schlumberger Limited
   
6,556
     
462,067
 
Transocean Inc.*
   
5,332
     
274,385
 
Weatherford International Ltd.*
   
3,712
     
215,073
 
           




2,237,181
 
Publishing - 1.12%                
Knight-Ridder, Inc.
   
3,700
     
248,825
 
                 
Railroad - 0.98%                
Union Pacific Corporation
   
3,125
     
217,813
 
                 
Real Estate Investment Trust - 2.41%                
Equity Office Properties Trust
   
4,859
     
146,402
 
ProLogis
   
4,195
     
155,635
 
Simon Property Group, Inc.
   
3,864
     
234,081
 
           




536,118
 
Retail -- General Merchandise - 1.33%                
May Department Stores Company (The)
   
8,002
     
296,234
 
                 
Savings and Loans - 0.59%                
Capitol Federal Financial
   
3,807
     
132,008
 
                 
Security and Commodity Brokers - 6.78%                
Chicago Mercantile Exchange Holdings Inc.
   
1,536
     
298,030
 
Goldman Sachs Group, Inc. (The)
   
2,261
     
248,687
 
Marsh & McLennan Companies, Inc.
   
9,879
     
300,519
 
Merrill Lynch & Co., Inc.
   
3,972
     
224,815
 
Morgan (J.P.) Chase & Co.
   
8,715
     
301,539
 
New York Community Bancorp, Inc.
   
7,230
     
131,297
 
           




1,504,887
 
Tobacco - 4.31%                
Altria Group, Inc.
   
9,590
     
627,090
 
Reynolds American Inc.
   
4,086
     
329,291
 
           




956,381
 
Trucking and Shipping - 2.22%                
United Parcel Service, Inc., Class B
   
6,775
     
492,813
 
                 
Utilities -- Electric - 1.13%                
Dominion Resources, Inc.
   
3,366
     
250,531
 
                 
Utilities -- Gas and Pipeline - 2.62%                
Enbridge Inc.
   
3,370
     
173,488
 
Kinder Morgan, Inc.
   
5,408
     
409,386
 
           




582,874
 
Utilities -- Telephone - 3.06%                
BellSouth Corporation
   
8,354
     
219,627
 
Iowa Telecommunications Services, Inc.
   
10,245
     
199,777
 
Vodafone Group Plc, ADR
   
9,789
     
259,996
 
           




679,400
 
                 
TOTAL COMMON STOCKS - 94.16%          
$
20,912,975
 

(Cost: $19,768,857)
               
     
         
SHORT-TERM SECURITIES  
Principal
Amount in
Thousands
       

                 
Commercial Paper - 3.59%                
      Health Care - Drugs
               
      Abbott Laboratories,
               
            2.79%, 4-1-05  
$
797
     
797,000
 
                 
United States Government Security - 2.25%                
Federal Home Loan Bank,
               
      2.43%, 4-1-05    
500
     
500,000
 
                 
                 
TOTAL SHORT-TERM SECURITIES - 5.84%          
$
1,297,000
 

(Cost: $1,297,000)
               
                 
TOTAL INVESTMENT SECURITIES - 100.00%          
$
22,209,975
 

(Cost: $21,065,857)
               
                 
Notes to Schedule of Investments
*No dividends were paid during the preceding 12 months.




The Investments of W&R Target Growth Portfolio

 
      March 31, 2005                
COMMON STOCKS    


Shares
     
Value
 

                 
Air Transportation - 1.49%                
FedEx Corporation
   
187,000
   
$
17,568,650
 
                 
Aircraft - 1.07%                
United Technologies Corporation
   
125,000
     
12,707,500
 
                 
Apparel - 1.85%                
Coach, Inc.*
   
226,400
     
12,821,032
 
NIKE, Inc., Class B
   
109,300
     
9,105,783
 
           




21,926,815
 
Business Equipment and Services - 3.04%                
Robert Half International Inc.
   
695,000
     
18,737,200
 
Staples, Inc.
   
549,600
     
17,262,936
 
           




36,000,136
 
Chemicals -- Petroleum and Inorganic - 1.83%                
Monsanto Company
   
335,000
     
21,607,500
 
                 
Communications Equipment - 1.38%                
Cisco Systems, Inc.*
   
910,584
     
16,313,112
 
                 
Computers -- Micro - 5.33%                
Apple Computer, Inc.*
   
707,000
     
29,517,250
 
Dell Inc.*
   
871,740
     
33,496,610
 
           




63,013,860
 
Computers -- Peripherals - 6.96%                
Lexmark International, Inc.*
   
136,300
     
10,899,911
 
Microsoft Corporation
 
1,891,900
     
45,717,763
 
Oracle Corporation*
 
1,115,000
     
13,909,625
 
SAP Aktiengesellschaft, ADR
   
294,800
     
11,815,584
 
           




82,342,883
 
Consumer Electronics - 1.09%                
Harman International Industries, Incorporated
   
145,600
     
12,879,776
 
                 
Cosmetics and Toiletries - 1.01%                
Avon Products, Inc.
   
277,100
     
11,898,674
 
                 
Defense - 1.65%                
General Dynamics Corporation
   
182,300
     
19,515,215
 
                 
Electronic Components - 3.06%                
Linear Technology Corporation
   
302,200
     
11,596,925
 
Maxim Integrated Products, Inc.
   
193,172
     
7,885,281
 
Microchip Technology Incorporated
   
643,600
     
16,717,510
 
           




36,199,716
 
Finance Companies - 3.94%                
SLM Corporation
   
934,400
     
46,570,496
 
                 
Health Care -- Drugs - 5.22%                
Alcon, Inc.
   
172,100
     
15,366,809
 
Allergan, Inc.
   
115,500
     
8,023,785
 
Genentech, Inc.*
   
170,000
     
9,623,700
 
Gilead Sciences, Inc.*
   
369,400
     
13,222,673
 
Pfizer Inc.
   
590,835
     
15,521,235
 
           




61,758,202
 
Health Care -- General - 7.66%                
Biomet, Inc.
   
292,700
     
10,635,255
 
Boston Scientific Corporation*
   
279,800
     
8,195,342
 
DENTSPLY International Inc.
   
190,000
     
10,336,950
 
Johnson & Johnson
   
563,300
     
37,831,228
 
Zimmer Holdings, Inc.*
   
303,400
     
23,607,554
 
           




90,606,329
 
Hospital Supply and Management - 5.41%                
Medtronic, Inc.
   
451,900
     
23,024,305
 
UnitedHealth Group Incorporated
   
428,800
     
40,898,944
 
           




63,923,249
 
Hotels and Gaming - 1.68%                
Starwood Hotels & Resorts Worldwide, Inc.
   
330,000
     
19,809,900
 
                 
Household -- General Products - 1.01%                
Procter & Gamble Company (The)
   
225,000
     
11,925,000
 
                 
Leisure Time Industry - 2.98%                
Carnival Corporation
   
680,000
     
35,230,800
 
                 
Motor Vehicle Parts - 1.45%                
Danaher Corporation
   
320,400
     
17,112,564
 
                 
Motor Vehicles - 1.65%                
Harley-Davidson, Inc.
   
337,900
     
19,517,104
 
                 
Multiple Industry - 7.45%                
3M Company
   
145,000
     
12,425,050
 
General Electric Company
 
 1,206,400
     
43,502,784
 
Google Inc., Class A*
   
134,200
     
24,221,087
 
Las Vegas Sands, Inc.*
   
175,300
     
7,888,500
 
           




88,037,421
 
Petroleum -- Services - 5.16%                
Baker Hughes Incorporated
   
253,900
     
11,296,011
 
Schlumberger Limited
   
340,000
     
23,963,200
 
Smith International, Inc.*
   
411,400
     
25,807,122
 
           




61,066,333
 
Retail -- Food Stores - 2.63%                
Walgreen Co.
   
701,400
     
31,156,188
 
                 
Retail -- General Merchandise - 0.59%                
Kohl's Corporation*
   
135,000
     
6,970,050
 
                 
Retail -- Specialty Stores - 3.76%                
Advance Auto Parts, Inc.*
   
230,000
     
11,603,500
 
Home Depot, Inc. (The)
   
859,997
     
32,886,285
 
           




44,489,785
 
Security and Commodity Brokers - 12.09%                
American Express Company
   
211,500
     
10,864,755
 
Chicago Mercantile Exchange Holdings Inc.
   
115,000
     
22,313,450
 
Franklin Resources, Inc.
   
280,500
     
19,256,325
 
Goldman Sachs Group, Inc. (The)
   
375,900
     
41,345,241
 
Legg Mason, Inc.
   
337,600
     
26,380,064
 
Moody's Corporation
   
75,000
     
6,064,500
 
T. Rowe Price Group, Inc.
   
281,000
     
16,680,160
 
           




142,904,495
 
Timesharing and Software - 4.89%                
Automatic Data Processing, Inc.
   
530,000
     
23,823,500
 
eBay Inc.*
   
348,100
     
12,968,466
 
Paychex, Inc.
   
380,000
     
12,486,800
 
Yahoo! Inc.*
   
250,000
     
8,488,750
 
           




57,767,516
 
Trucking and Shipping - 1.02%                
Expeditors International of Washington, Inc.
   
225,600
     
12,079,752
 
                 
TOTAL COMMON STOCKS - 98.35%          
$
1,162,899,021
 

(Cost: $970,531,013)
               
     
         
SHORT-TERM SECURITIES  
Principal
Amount in
Thousands
   
 

                 
Capital Equipment - 0.42%                
John Deere Capital Corporation,
               
      2.84%, 4-21-05
 
$
5,000
     
4,992,111
 
                 
Containers - 0.42%                
Bemis Company, Inc.,
               
      2.85%, 4-1-05
   
5,000
     
5,000,000
 
                 
Finance Companies - 0.30%                
PACCAR Financial Corp.,
               
      2.77%, 4-11-05
   
3,500
     
3,497,307
 
                 
Forest and Paper Products - 0.26%                
Sonoco Products Co.,
               
      2.88%, 4-1-05
   
3,008
     
3,008,000
 
                 
Publishing - 0.25%                
Tribune Co.,
               
      2.83%, 4-5-05
   
3,000
     
2,999,057
 
                 
TOTAL SHORT-TERM SECURITIES - 1.65%          
$
19,496,475
 

(Cost: $19,496,475)
               
                 
TOTAL INVESTMENT SECURITIES - 100.00%          
$
1,182,395,496
 

(Cost: $990,027,488)
               
                 
Notes to Schedule of Investments
*No dividends were paid during the preceding 12 months.




The Investments of W&R Target High Income Portfolio

 
      March 31, 2005                
COMMON STOCKS, RIGHT AND WARRANTS  


Shares
   
Value
 

                 
Broadcasting - 0.11%                
Citadel Broadcasting Corporation*
   
15,000
   
$
205,950
 
                 
Chemicals - Petroleum and Inorganic - 0.32%                
UAP Holding Corp.*
   
36,425
     
586,078
 
                 
Finance Companies - 0.00%                
ONO Finance Plc, Rights (A)*
   
250
     
5,500
 
                 
Hospital Supply and Management - 0.37%                
Psychiatric Solutions, Inc.*
   
15,000
     
689,700
 
                 
Multiple Industry - 0.80%                
Dollar Financial Corp.*
   
37,500
     
449,250
 
Huntsman Corporation*
   
37,500
     
874,500
 
Mueller Holdings (N.A.), Inc., Warrants (A)*
   
2,000
     
160,500
 
           




1,484,250
 
Petroleum - Services - 0.29%                
BJ Services Company
   
2,500
     
129,700
 
Baker Hughes Incorporated
   
5,000
     
222,450
 
Schlumberger Limited
   
2,500
     
176,200
 
           




528,350
 
Timesharing and Software - 0.33%                
Alliance Data Systems Corporation*
   
15,000
     
606,000
 
                 
Utilities - Telephone - 0.12%                
GT Group Telecom, Inc., Warrants (A)(B)*
   
300
     
1
 
IWO Holdings, Inc., Warrants (A)*
   
1,500
     
15
 
SBA Communications Corporation*
   
12,000
     
109,560
 
US Unwired Inc.*
   
25,280
     
106,302
 
           




215,878
 
                 
TOTAL COMMON STOCKS, RIGHT AND
WARRANTS - 2.34%
         
$
4,321,706
 

(Cost: $4,160,355)
               
 
               

PREFERRED STOCKS                

                 
Apparel - 0.37%                
Anvil Holdings, Inc., 13.0%*
   
65,627
     
672,672
 
                 
Broadcasting - 0.02%                
Adelphia Communications Corporation, 13.0% *
   
12,500
     
40,625
 
                 
TOTAL PREFERRED STOCKS - 0.39%          
$
713,297
 

(Cost: $1,942,028)
               
 
   
         
CORPORATE DEBT SECURITIES  
Principal
Amount in
Thousands
       

                 
Aircraft - 1.22%                
Argo-Tech Corporation,
               
      9.25%, 6-1-11  
$
200
     
215,000
 
BE Aerospace, Inc.,
               
      8.5%, 10-1-10    
50
     
54,500
 
Bombardier Recreational Products Inc.,
               
      8.375%, 12-15-13    
200
     
212,000
 
Esterline Technologies Corporation,
               
      7.75%, 6-15-13    
750
     
780,000
 
L-3 Communications Corporation,
               
      6.125%, 1-15-14    
1,000
     
985,000
 
           




2,246,500
 
Aluminum - 0.16%                
Century Aluminum Company,
               
      7.5%, 8-15-14    
300
     
303,000
 
                 
Apparel - 0.11%                
Anvil Knitwear, Inc.,
               
      10.875%, 3-15-07    
250
     
211,250
 
                 
Beverages - 0.57%                
Cott Beverages Inc.,
               
      8.0%, 12-15-11    
1,000
     
1,057,500
 
                 
Broadcasting - 4.97%                
CCH II and CCH II Capital,
               
      10.25%, 9-15-10    
1,000
     
1,020,000
 
Cablevision Systems Corporation,
               
      6.66875%, 4-1-09 (A)    
1,000
     
1,060,000
 
Charter Communications Holdings, LLC and Charter
      Communications Holdings Capital Corporation,
               
      0.0%, 5-15-11 (C)    
1,000
     
690,000
 
Charter Communications Holdings, LLC and Charter
      Communications Holdings Capital Corporation,
               
      0.0%, 1-15-12 (C)    
500
     
312,500
 
Charter Communications Operating, LLC and Charter
      Communications Operating Capital Corp.,
               
      8.0%, 4-30-12 (A)    
1,000
     
995,000
 
Gray Communications Systems, Inc.,
               
      9.25%, 12-15-11    
500
     
540,000
 
Insight Communications Company, Inc.,
               
      0.0%, 2-15-11 (C)    
1,500
     
1,492,500
 
NTL Cable PLC,
               
      8.75%, 4-15-14 (A)    
375
     
404,062
 
PanAmSat Corporation,
               
      9.0%, 8-15-14    
175
     
184,625
 
Spanish Broadcasting System, Inc.,
               
      9.625%, 11-1-09    
2,015
     
2,110,713
 
Young Broadcasting Inc.,
               
      8.5%, 12-15-08    
350
     
366,625
 
           




9,176,025
 
Business Equipment and Services - 2.18%                
Alderwoods Group, Inc.,
               
      7.75%, 9-15-12 (A)    
600
     
613,500
 
Allied Waste North America, Inc.,
               
      8.5%, 12-1-08    
1,000
     
1,025,000
 
Carriage Services, Inc.,
               
      7.875%, 1-15-15 (A)    
150
     
150,750
 
MagnaChip Semiconductor S.A. and MagnaChip
      Semiconductor Finance Company,
               
      5.76%, 12-15-11 (A)    
150
     
153,750
 
MagnaChip Semiconductor S.A. and MagnaChip
      Semiconductor Finance Company,
               
      8.0%, 12-15-14 (A)    
150
     
153,375
 
Vertis, Inc.,
               
      9.75%, 4-1-09    
150
     
156,750
 
Vertis, Inc.,
               
      10.875%, 6-15-09    
1,000
     
965,000
 
Vertis, Inc.,
               
      13.5%, 12-7-09 (A)    
1,000
     
815,000
 
           




4,033,125
 
Capital Equipment - 3.10%                
Case New Holland Inc.,
               
      9.25%, 8-1-11 (A)    
2,000
     
2,130,000
 
GEO Sub Corp.,
               
      11.0%, 5-15-12    
500
     
512,500
 
IMCO Recycling Inc.,
               
      10.375%, 10-15-10    
775
     
860,250
 
Mueller Group, Inc.,
               
      7.4925%, 11-1-11    
300
     
304,500
 
Mueller Group, Inc.,
               
      10.0%, 5-1-12    
900
     
972,000
 
Simmons Company,
               
      0.0%, 12-15-14 (A)(C)    
1,500
     
937,500
 
           




5,716,750
 
Chemicals - Petroleum and Inorganic - 0.96%                
PolyOne Corporation,
               
      10.625%, 5-15-10    
500
     
555,000
 
Resolution Performance Products LLC and
      RPP Capital Corporation,
               
      13.5%, 11-15-10    
575
     
621,000
 
UAP Holding Corp.,
               
      0.0%, 7-15-12 (C)    
750
     
596,250
 
           




1,772,250
 
Chemicals - Specialty - 1.72%                
Compass Minerals International, Inc.,
               
      0.0%, 12-15-12 (C)    
1,350
     
1,161,000
 
Compass Minerals International, Inc.,
               
      0.0%, 6-1-13 (C)    
1,750
     
1,452,500
 
Ethyl Corporation,
               
      8.875%, 5-1-10    
250
     
267,500
 
PQ Corporation,
               
      7.5%, 2-15-13 (A)    
300
     
295,500
 
           




3,176,500
 
Coal - 0.43%                
Southern Star Central Corp.,
               
      8.5%, 8-1-10    
750
     
798,750
 
                 
Computers - Peripherals - 1.88%                
ASG Consolidated LLC and ASG Finance, Inc.,
               
      0.0%, 11-1-11 (A)(C)    
2,325
     
1,627,500
 
Activant Solutions Inc.,
               
      9.09%, 4-1-10 (A)    
250
     
255,000
 
Activant Solutions Inc.,
               
      10.5%, 6-15-11    
1,500
     
1,597,500
 
           




3,480,000
 
Construction Materials - 7.20%                
Ames True Temper, Inc.,
               
      6.64%, 1-15-12 (A)    
2,500
     
2,350,000
 
Ames True Temper, Inc.,
               
      10.0%, 7-15-12    
1,175
     
998,750
 
Associated Materials Incorporated,
               
      9.75%, 4-15-12    
525
     
564,375
 
Brand Services, Inc.,
               
      12.0%, 10-15-12    
650
     
721,500
 
Builders FirstSource, Inc.,
               
      7.02438%, 2-15-12 (A)    
1,200
     
1,182,000
 
Interface, Inc.,
               
      7.3%, 4-1-08    
1,000
     
975,000
 
Interface, Inc.,
               
      10.375%, 2-1-10    
445
     
498,400
 
Interface, Inc.,
               
      9.5%, 2-1-14    
1,250
     
1,315,625
 
Jacuzzi Brands, Inc.,
               
      9.625%, 7-1-10    
1,750
     
1,925,000
 
MAAX Corporation,
               
      9.75%, 6-15-12    
500
     
510,000
 
Nortek, Inc.,
               
      8.5%, 9-1-14    
900
     
868,500
 
Ply Gem Industries, Inc.,
               
      9.0%, 2-15-12    
1,200
     
1,134,000
 
WII Components, Inc.,
               
      10.0%, 2-15-12    
250
     
256,250
 
           




13,299,400
 
Containers - 3.81%                
Alltrista Corporation,
               
      9.75%, 5-1-12    
250
     
266,250
 
Constar International Inc.,
               
      6.14938%, 2-15-12 (A)    
400
     
400,000
 
Crown European Holdings,
               
      9.5%, 3-1-11    
1,000
     
1,097,500
 
Crown European Holdings,
               
      10.875%, 3-1-13    
50
     
58,000
 
Graham Packaging Company, L.P. and
      GPC Capital Corp. I,
               
      8.5%, 10-15-12 (A)    
150
     
150,000
 
Graham Packaging Company, L.P. and
      GPC Capital Corp. I,
               
      9.875%, 10-15-14 (A)    
300
     
300,000
 
MDP Acquisitions plc,
               
      9.625%, 10-1-12    
900
     
967,500
 
Owens-Brockway Glass Container Inc.,
               
      8.75%, 11-15-12    
750
     
819,375
 
Owens-Illinois, Inc.,
               
      7.35%, 5-15-08    
2,500
     
2,568,750
 
Pliant Corporation,
               
      0.0%, 6-15-09 (C)    
450
     
405,000
 
           




7,032,375
 
Defense - 0.73%                
Armor Holdings, Inc.,
               
      8.25%, 8-15-13    
1,250
     
1,346,875
 
                 
Electrical Equipment - 0.93%                
Coleman Cable Inc.,
               
      9.875%, 10-1-12 (A)    
1,150
     
1,173,000
 
Rexnord Corporation,
               
      10.125%, 12-15-12    
500
     
550,000
 
           




1,723,000
 
Electronic Instruments - 0.59%                
Aavid Thermal Technologies, Inc.,
               
      12.75%, 2-1-07    
1,000
     
1,080,000
 
                 
Finance Companies - 9.67%                
CCO Holdings, LLC and CCO Holdings Capital Corp.,
               
      6.615%, 12-15-10 (A)    
1,500
     
1,485,000
 
DIRECTV Holdings LLC and DIRECTV
      Financing Co., Inc.,
               
      8.375%, 3-15-13    
1,075
     
1,163,688
 
Ferrellgas Partners, L.P. and Ferrellgas Partners
      Finance Corp.,
               
      8.75%, 6-15-12    
2,500
     
2,600,000
 
Goodman Global Holdings, Inc.,
               
      5.76%, 6-15-12 (A)    
150
     
148,500
 
Goodman Global Holdings, Inc.,
               
      7.875%, 12-15-12 (A)    
600
     
549,000
 
IWO Escrow Company,
               
      6.32%, 1-15-12 (A)    
150
     
153,000
 
IWO Escrow Company,
               
      0.0%, 1-15-15 (A)(C)    
600
     
384,000
 
MSW Energy Holdings LLC and MSW Energy
      Finance Co., Inc.,
               
      8.5%, 9-1-10    
300
     
315,000
 
NMHG Holding Co.,
               
      10.0%, 5-15-09    
1,000
     
1,077,500
 
NTK Holdings, Inc.,
               
      0.0%, 3-1-14 (A)(C)    
1,000
     
532,500
 
Nexstar Finance, L.L.C. and Nexstar Finance, Inc.,
               
      12.0%, 4-1-08    
1,500
     
1,586,250
 
Norcraft Companies, L.P. and Norcraft Finance Corp.,
               
      0.0%, 9-1-12 (C)    
1,500
     
1,065,000
 
Refco Finance Holdings LLC and Refco Finance Inc.,
               
      9.0%, 8-1-12 (A)    
1,500
     
1,590,000
 
Standard Aero Holdings, Inc.,
               
      8.25%, 9-1-14 (A)    
750
     
776,250
 
Tabletop Holdings, Inc.,
               
      0.0%, 5-15-14 (A)(C)    
2,000
     
700,000
 
Toll Corp.,
               
      8.0%, 5-1-09    
1,000
     
1,015,000
 
Vanguard Health Holding Company I, LLC and
      Vanguard Holding Company I, Inc.,
               
      0.0%, 10-1-15 (C)    
1,000
     
667,500
 
Vanguard Health Holding Company II, LLC and
      Vanguard Holding Company II, Inc.,
               
      9.0%, 10-1-14    
1,000
     
1,052,500
 
Xerox Capital Trust I,
               
      8.0%, 2-1-27    
1,000
     
1,000,000
 
           




17,860,688
 
Food and Related - 4.08%                
American Seafoods Group LLC and American
      eafoods, Inc.,
               
      10.125%, 4-15-10    
860
     
928,800
 
Doane Pet Care Company,
               
      9.75%, 5-15-07    
1,000
     
980,000
 
Doane Pet Care Company,
               
      10.75%, 3-1-10    
700
     
742,000
 
Gold Kist Inc.,
               
      10.25%, 3-15-14    
650
     
741,000
 
Merisant Company,
               
      10.25%, 7-15-13 (A)    
450
     
387,000
 
Pierre Merger Corp.,
               
      9.875%, 7-15-12    
1,750
     
1,833,125
 
Pinnacle Foods Holding Corporation,
               
      8.25%, 12-1-13    
2,250
     
1,923,750
 
           




7,535,675
 
Forest and Paper Products - 3.19%                
Buckeye Technologies Inc.,
               
      8.0%, 10-15-10    
1,250
     
1,237,500
 
Buckeye Technologies Inc.,
               
      8.5%, 10-1-13    
1,250
     
1,312,500
 
Cellu Tissue Holdings, Inc.,
               
      9.75%, 3-15-10    
300
     
309,000
 
Georgia-Pacific Corporation,
               
      8.875%, 5-15-31    
940
     
1,132,700
 
Mercer International Inc.,
               
      9.25%, 2-15-13    
1,500
     
1,417,500
 
Tembec Industries Inc.,
               
      8.625%, 6-30-09    
500
     
482,500
 
           




5,891,700
 
Health Care - General - 3.17%                
Ardent Health Services, Inc.,
               
      10.0%, 8-15-13    
1,750
     
2,073,750
 
Encore Medical IHC, Inc.,
               
      9.75%, 10-1-12 (A)    
1,000
     
975,000
 
Eye Care Centers of America, Inc.,
               
      10.75%, 2-15-15 (A)    
1,000
     
955,000
 
MQ Associates, Inc.,
               
      0.0%, 8-15-12 (C)    
875
     
498,750
 
Medical Device Manufacturing, Inc.,
               
      10.0%, 7-15-12    
300
     
321,000
 
Universal Hospital Services, Inc.,
               
      10.125%, 11-1-11    
1,000
     
1,025,000
 
           




5,848,500
 
Homebuilders, Mobile Homes - 0.16%                
Technical Olympic USA, Inc.,
               
      7.5%, 3-15-11    
300
     
288,000
 
                 
Hospital Supply and Management - 3.69%                
EGL Acquisition Corp.,
               
      7.625%, 2-1-15 (A)    
600
     
600,000
 
Medex, Inc.,
               
      8.875%, 5-15-13    
1,000
     
1,130,000
 
Psychiatric Solutions, Inc.,
               
      10.625%, 6-15-13    
1,467
     
1,628,370
 
Rural/Metro Corporation,
               
      0.0%, 3-15-16 (A)(C)    
1,700
     
837,420
 
Rural/Metro Operating Company, LLC and
      Rural/Metro (Delaware) Inc.,
               
      9.875%, 3-15-15 (A)    
375
     
385,313
 
US Oncology Holdings, Inc.,
               
      8.62%, 3-15-15 (A)    
750
     
706,875
 
US Oncology, Inc.,
               
      9.0%, 8-15-12 (A)    
250
     
263,750
 
US Oncology, Inc.,
               
      10.75%, 8-15-14 (A)    
150
     
165,000
 
United Surgical Partners Holdings, Inc.,
               
      10.0%, 12-15-11    
1,000
     
1,102,500
 
           




6,819,228
 
Hotels and Gaming - 1.00%                
Inn of the Mountain Gods Resort and Casino,
               
      12.0%, 11-15-10    
850
     
998,750
 
Pinnacle Entertainment, Inc.,
               
      8.25%, 3-15-12    
850
     
850,000
 
           




1,848,750
 
Household - General Products - 2.07%                
JohnsonDiversey, Inc.,
               
      9.625%, 5-15-12    
1,060
     
1,139,500
 
Sealy Mattress Company,
               
      8.25%, 6-15-14    
1,075
     
1,120,688
 
Southern States Cooperative, Inc.,
               
      10.5%, 11-1-10 (A)    
1,500
     
1,556,250
 
           




3,816,438
 
Leisure Time Industry - 0.37%                
Equinox Holdings, Inc.,
               
      9.0%, 12-15-09    
650
     
682,500
 
                 
Mining - 0.03%                
Compass Minerals Group, Inc.,
               
      10.0%, 8-15-11    
43
     
46,762
 
                 
Motion Pictures - 2.67%                
AMC Entertainment Inc.,
               
      6.68533%, 8-15-10 (A)    
350
     
365,750
 
AMC Entertainment Inc.,
               
      9.5%, 2-1-11    
1,000
     
1,025,000
 
Carmike Cinemas, Inc.,
               
      7.5%, 2-15-14    
500
     
490,625
 
Cinemark, Inc.,
               
      0.0%, 3-15-14 (C)    
2,000
     
1,420,000
 
Cinemark USA, Inc.,
               
      9.0%, 2-1-13    
352
     
381,920
 
LCE Acquisition Corporation,
               
      9.0%, 8-1-14 (A)    
1,250
     
1,243,750
 
           




4,927,045
 
Motor Vehicle Parts - 2.69%                
ADESA, Inc.,
               
      7.625%, 6-15-12    
300
     
300,000
 
Collins & Aikman Floorcoverings, Inc.,
               
      9.75%, 2-15-10    
1,250
     
1,331,250
 
Group 1 Automotive, Inc.,
               
      8.25%, 8-15-13    
500
     
505,000
 
Sonic Automotive, Inc.,
               
      8.625%, 8-15-13    
1,250
     
1,243,750
 
United Auto Group, Inc.,
               
      9.625%, 3-15-12    
1,500
     
1,582,500
 
           




4,962,500
 
Multiple Industry - 2.38%                
AMR HoldCo, Inc. and EmCare HoldCo, Inc.,
               
      10.0%, 2-15-15 (A)    
150
     
156,000
 
CBD Media Holdings LLC and CBD Holdings Finance, Inc.,
               
      9.25%, 7-15-12    
600
     
612,000
 
CBD Media LLC and CBD Finance, Inc.,
               
      8.625%, 6-1-11    
1,000
     
1,030,000
 
CSC Holdings, Inc.,
               
      6.75%, 4-15-12 (A)    
425
     
421,812
 
K&F Acquisition, Inc.,
               
      7.75%, 11-15-14 (A)    
300
     
291,000
 
Mueller Holdings (N.A.), Inc.,
               
      0.0%, 4-15-14 (C)    
2,000
     
1,380,000
 
Viasystems, Inc.,
               
      10.5%, 1-15-11    
500
     
495,000
 
           




4,385,812
 
Non-Residential Construction - 0.30%                
National Waterworks, Inc.,
               
      10.5%, 12-1-12    
500
     
556,250
 
                 
Petroleum - Domestic - 1.39%                
Delta Petroleum Corporation,
               
      7.0%, 4-1-15 (A)    
150
     
144,750
 
EXCO Resources, Inc.,
               
      7.25%, 1-15-11    
900
     
913,500
 
Frontier Oil Corporation,
               
      6.625%, 10-1-11    
150
     
149,250
 
KCS Energy, Inc.,
               
      7.125%, 4-1-12    
150
     
151,500
 
Stone Energy Corporation,
               
      6.75%, 12-15-14    
375
     
363,750
 
Venoco, Inc.,
               
      8.75%, 12-15-11 (A)    
375
     
386,250
 
Whiting Petroleum Corporation,
               
      7.25%, 5-1-12    
450
     
454,500
 
           




2,563,500
 
Petroleum - International - 0.21%                
Newfield Exploration Company,
               
      6.625%, 9-1-14    
375
     
379,687
 
                 
Petroleum - Services - 1.19%                
Hanover Compressor Company,
               
      0.0%, 3-31-07    
500
     
440,000
 
Hanover Compressor Company,
               
      8.625%, 12-15-10    
500
     
522,500
 
Hanover Compressor Company,
               
      9.0%, 6-1-14    
150
     
160,500
 
Parker Drilling Company,
               
      9.625%, 10-1-13    
250
     
276,250
 
SESI, L.L.C.,
               
      8.875%, 5-15-11    
750
     
800,625
 
           




2,199,875
 
Publishing - 2.15%                
Advertising Directory Solutions Holdings Inc.,
               
      9.25%, 11-15-12 (A)    
375
     
393,750
 
Dex Media, Inc.,
               
      0.0%, 11-15-13 (C)    
1,500
     
1,140,000
 
Dex Media, Inc.,
               
      8.0%, 11-15-13    
1,000
     
1,035,000
 
Dex Media West LLC and Dex Media West Finance Co.,
               
      8.5%, 8-15-10    
300
     
320,250
 
Dex Media West LLC and Dex Media West Finance Co.,
               
      9.875%, 8-15-13    
977
     
1,089,355
 
           




3,978,355
 
Railroad - 0.50%                
Kansas City Southern Railway Company (The),
               
      7.5%, 6-15-09    
900
     
918,000
 
                 
Real Estate Investment Trust - 0.56%                
Thornburg Mortgage, Inc.,
               
      8.0%, 5-15-13    
1,000
     
1,040,000
 
                 
Restaurants - 0.99%                
Carrols Corporation,
               
      9.0%, 1-15-13 (A)    
150
     
154,500
 
Friendly Ice Cream Corporation,
               
      8.375%, 6-15-12    
750
     
712,500
 
Landry's Restaurants, Inc.,
               
      7.5%, 12-15-14 (A)    
1,000
     
970,000
 
           




1,837,000
 
Retail - Food Stores - 3.11%                
Couche-Tard U.S. L.P. and Couche-Tard Financing Corp.,
               
      7.5%, 12-15-13    
900
     
945,000
 
Rite Aid Corporation,
               
      7.125%, 1-15-07    
1,500
     
1,500,000
 
Rite Aid Corporation,
               
      8.125%, 5-1-10    
1,000
     
1,015,000
 
Roundy's, Inc.,
               
      8.875%, 6-15-12    
1,000
     
1,070,000
 
Stater Bros. Holdings Inc.,
               
      6.51%, 6-15-10    
500
     
495,000
 
Stater Bros. Holdings Inc.,
               
      8.125%, 6-15-12    
750
     
723,750
 
           




5,748,750
 
Retail - General Merchandise - 0.43%                
Interline Brands, Inc.,
               
      11.5%, 5-15-11    
325
     
370,500
 
NBC Acquisition Corp.,
               
      0.0%, 3-15-13 (C)    
600
     
429,000
 
           




799,500
 
Retail - Specialty Stores - 2.18%                
CSK Auto, Inc.,
               
      7.0%, 1-15-14    
350
     
330,313
 
FTD, Inc.,
               
      7.75%, 2-15-14    
500
     
512,500
 
General Nutrition Centers, Inc.,
               
      8.5%, 12-1-10    
200
     
170,000
 
Jean Coutu Group (PJC) Inc. (The),
               
      7.625%, 8-1-12    
1,000
     
1,020,000
 
Jo-Ann Stores, Inc.,
               
      7.5%, 3-1-12    
1,000
     
1,021,250
 
Nebraska Book Company, Inc.,
               
      8.625%, 3-15-12    
1,000
     
967,500
 
           




4,021,563
 
Utilities - Electric - 0.08%                
Texas Genco LLC and Texas Genco Financing Corp.,
               
      6.875%, 12-15-14 (A)    
150
     
150,375
 
                 
Utilities - Gas and Pipeline - 2.81%                
ANR Pipeline Company,
               
      8.875%, 3-15-10    
500
     
540,705
 
AmeriGas Partners, L.P. and AP Eagle Finance Corp.,
               
      8.875%, 5-20-11    
1,500
     
1,590,000
 
Northwest Pipeline Corporation,
               
      8.125%, 3-1-10    
750
     
802,500
 
Southern Natural Gas Company,
               
      8.875%, 3-15-10    
1,000
     
1,084,300
 
Williams Companies, Inc. (The),
               
      7.5%, 1-15-31    
1,110
     
1,165,500
 
           




5,183,005
 
Utilities - Telephone - 11.02%                
Alamosa (Delaware), Inc.,
               
      0.0%, 7-31-09 (C)    
1,000
     
1,087,500
 
Alamosa (Delaware), Inc.,
               
      14.0%, 1-31-12    
750
     
777,187
 
American Tower Corporation,
               
      9.375%, 2-1-09    
1,021
     
1,072,050
 
Centennial Communications Corp., Centennial
      Cellular Operating Co. LLC and Centennial
      Puerto Rico Operations Corp.,
               
      8.125%, 2-1-14    
300
     
307,500
 
MCI, Inc.,
               
      6.908%, 5-1-07    
281
     
285,917
 
MCI, Inc.,
               
      7.688%, 5-1-09    
314
     
326,560
 
MCI, Inc.,
               
      8.735%, 5-1-14    
240
     
264,000
 
Nextel Communications, Inc.,
               
      6.875%, 10-31-13    
1,500
     
1,563,750
 
Nextel Communications, Inc.,
               
      7.375%, 8-1-15    
750
     
792,188
 
Nextel Partners, Inc.,
               
      8.125%, 7-1-11    
1,750
     
1,859,375
 
Qwest Capital Funding, Inc.,
               
      7.75%, 8-15-06    
1,000
     
1,011,250
 
Qwest Services Corporation and Qwest Communications
      International Inc.,
               
      13.5%, 12-15-07 (A)    
500
     
556,250
 
Qwest Services Corporation and Qwest Communications
      International Inc.,
               
      14.0%, 12-15-10 (A)    
1,500
     
1,736,250
 
Qwest Services Corporation and Qwest Communications
      International Inc.,
               
      14.5%, 12-15-14 (A)    
1,500
     
1,811,250
 
SBA Communications Corporation,
               
      8.5%, 12-1-12 (A)    
1,100
     
1,138,500
 
SBA Communications Corporation and
      SBA Telecommunications, Inc.,
               
      0.0%, 12-15-11 (C)    
1,000
     
862,500
 
SpectraSite, Inc.,
               
      8.25%, 5-15-10    
2,000
     
2,085,000
 
Triton PCS, Inc.,
               
      8.75%, 11-15-11    
950
     
662,625
 
Triton PCS, Inc.,
               
      8.5%, 6-1-13    
600
     
552,000
 
US Unwired Inc.,
               
      7.26%, 6-15-10    
400
     
413,000
 
US Unwired Inc.,
               
      10.0%, 6-15-12    
575
     
636,813
 
Ubiquitel Operating Company,
               
      9.875%, 3-1-11 (A)    
300
     
330,750
 
Valor Telecommunications Enterprises, LLC and Valor
      Telecommunications Enterprises Finance Corp.,
               
      7.75%, 2-15-15 (A)    
225
     
223,875
 
           




20,356,090
 
                 
TOTAL CORPORATE DEBT SECURITIES - 92.65%          
$
171,098,848
 

(Cost: $167,240,143)
               

 
               
SHORT-TERM SECURITIES                

                 
Retail - Food Stores                
Kroger Co. (The),
               
      2.92%, 4-1-05    
6,333
     
6,333,000
 
Kroger Co. (The),
               
      2.85%, 4-5-05    
2,200
     
2,199,303
 
                 
TOTAL SHORT-TERM SECURITIES - 4.62%          
$
8,532,303
 

(Cost: $8,532,303)
               
                 
TOTAL INVESTMENT SECURITIES - 100.00%          
$
184,666,154
 

(Cost: $181,874,829)
               
                 
Notes to Schedule of Investments
*No dividends were paid during the preceding 12 months.
(A)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers At March 31, 2005, the total value of these securities amounted to $38,936,623 or 21.08% of total investments.
(B)Security valued in good faith by the Valuation Committee of the Board of Directors.
(C)The security does not bear interest for an initial period of time and subsequently becomes interest bearing.




The Investments of W&R Target International Growth Portfolio

 
      March 31, 2005                
COMMON STOCKS    


Shares
     
Value
 

                 
Australia - 1.51%                
Australia and New Zealand Banking Group Limited (A)
   
62,500
   
$
995,946
 
Westpac Banking Corporation (A)
   
118,600
     
1,744,177
 
           




2,740,123
 
Austria - 1.40%                
Erste Bank der oesterreichischen Sparkassen AG (A)
   
48,600
     
2,543,234
 
                 
Belgium - 1.48%                
KBC Group NV (A)*
   
31,900
     
2,691,191
 
                 
Canada - 1.96%                
EnCana Corporation (A)
   
31,800
     
2,245,556
 
Shoppers Drug Mart Corporation (A)(B)*
   
39,700
     
1,324,427
 
           




3,569,983
 
China - 0.78%                
China Mobile (Hong Kong) Limited (A)
   
435,000
     
1,422,207
 
                 
France - 8.93%                
BNP Paribas (A)
   
25,000
     
1,771,890
 
France Telecom (A)
   
60,700
     
1,818,474
 
Lafarge (A)
   
13,000
     
1,259,420
 
Pernod Ricard (A)
   
6,500
     
907,895
 
Publicis Groupe S.A. (A)
   
28,700
     
881,394
 
Sanofi-Aventis (A)
   
24,400
     
2,058,466
 
Sanofi-Aventis (A)(B)
   
7,000
     
590,543
 
Total S.A. (A)
   
17,300
     
4,049,765
 
VINCI (A)
   
20,000
     
2,884,306
 
           




16,222,153
 
Germany - 9.64%                
Allianz Aktiengesellschaft, Registered Shares (A)
   
29,500
     
3,748,190
 
BASF Aktiengesellschaft (A)
   
26,700
     
1,892,378
 
Continental Aktiengesellschaft (A)
   
29,100
     
2,253,065
 
Deutsche Telekom AG, Registered Shares (A)
   
125,000
     
2,498,154
 
E.ON AG (A)
   
21,100
     
1,808,799
 
Fresenius AG (A)
   
4,700
     
545,419
 
SAP Aktiengesellschaft (A)
   
9,800
     
1,573,451
 
Siemens AG (A)
   
40,470
     
3,194,795
 
           




17,514,251
 
Greece - 1.21%                
Alpha Bank (A)(B)
   
65,000
     
2,196,819
 
                 
Ireland - 4.22%                
Anglo Irish Bank Corporation plc (Great Britian) (A)
   
138,273
     
3,464,583
 
Anglo Irish Bank Corporation plc (Ireland) (A)
   
100,000
     
2,503,017
 
CRH public limited company (A)
   
64,600
     
1,698,215
 
           




7,665,815
 
Israel - 0.21%                
VIZRT Ltd. (A)(B)
   
60,000
     
377,398
 
                 
Italy - 3.78%                
Assicurazioni Generali SpA (A)
   
35,200
     
1,136,707
 
Banco Popolare di Verona e Novara S.c. a r.l. (A)
   
85,000
     
1,586,303
 
Eni S.p.A. (A)
   
124,500
     
3,234,125
 
Saipem S.p.A. (A)
   
72,800
     
923,372
 
           




6,880,507
 
Japan - 19.64%                
ACOM CO., LTD. (A)
   
18,900
     
1,277,980
 
Asahi Glass Company, Limited (A)
   
115,000
     
1,211,994
 
Canon Inc. (A)
   
50,000
     
2,681,403
 
CREDIT SAISON CO., LTD. (A)
   
54,000
     
1,944,040
 
East Japan Railway Company (A)
   
416
     
2,234,807
 
Honda Motor Co., Ltd. (A)
   
21,100
     
1,056,771
 
Hoya Corporation (A)
   
16,500
     
1,815,893
 
INPEX Corporation (A)(B)
   
106
     
567,469
 
Japan Tobacco Inc. (A)
   
100
     
1,109,868
 
Kabushiki Kaisha Mitsubishi Tokyo Financial Group (A)
   
200
     
1,734,751
 
Mitsubishi Corporation (A)
   
127,000
     
1,645,243
 
Mizuho Financial Group, Inc. (A)
   
195
     
922,076
 
Nihon Densan Kabushiki Kaisha (A)
   
17,600
     
2,191,382
 
Nikko Cordial Corporation (A)
   
186,000
     
929,826
 
Nomura Holdings, Inc. (A)
   
68,000
     
951,315
 
ORIX Corporation (A)
   
14,500
     
1,848,676
 
SMC Corporation (A)
   
8,000
     
905,055
 
Sega Sammy Holdings Inc. (A)
   
35,000
     
2,128,334
 
Shinsei Bank, Limited (A)
   
155,000
     
881,832
 
Shinsei Bank, Limited (A)(B)
   
257,000
     
1,462,134
 
Taisei Corporation (A)
   
240,000
     
899,832
 
Tokyo Electric Power Company, Incorporated (The) (A)
   
37,400
     
906,920
 
Tokyo Gas Co., Ltd. (A)
   
441,000
     
1,776,833
 
Toyota Motor Corporation (A)
   
69,900
     
2,601,203
 
           




35,685,637
 
Luxembourg - 0.48%                
SES GLOBAL S.A., Fiduciary Deposit Receipts (A)
   
67,000
     
868,054
 
                 
Mexico - 1.43%                
Cemex, S.A. de C.V., ADR
   
45,900
     
1,663,875
 
Grupo Televisa, S.A., GDR
   
16,000
     
940,800
 
           




2,604,675
 
Norway - 0.53%                
Statoil ASA (A)
   
57,200
     
973,264
 
                 
Russia - 0.90%                
OAO LUKOIL, ADR
   
12,000
     
1,636,500
 
                 
Singapore - 0.51%                
DBS Group Holdings Ltd (A)
   
102,500
     
925,101
 
                 
South Korea - 0.89%                
LG Chem, Ltd. (A)
   
40,000
     
1,614,968
 
                 
Spain - 2.82%                
Enagas, S.A. (A)
   
114,400
     
1,744,777
 
Gestevision Telecinco, S.A. (A)*
   
54,000
     
1,256,385
 
Telefonica, S.A. (A)
   
121,500
     
2,117,786
 
           




5,118,948
 
Switzerland - 11.38%                
Baloise-Holding, Registered Shares (A)
   
21,000
     
1,010,038
 
Compagnie Financiere Richemont SA (A)
   
41,000
     
1,287,787
 
Credit Suisse Group, Registered Shares (A)
   
67,100
     
2,882,129
 
Holcim Ltd, Registered Shares (A)
   
40,500
     
2,491,656
 
Nestle S.A., Registered Shares (A)
   
10,900
     
2,983,710
 
Novartis AG, Registered Shares (A)
   
88,300
     
4,121,405
 
Roche Holdings AG, Genussschein (A)
   
20,100
     
2,155,433
 
UBS AG (A)
   
44,450
     
3,755,291
 
           




20,687,449
 
Turkey - 0.32%                
Turkiye Garanti Bankasi Anonim Sirketi (A)
   
155,000
     
587,852
 
                 
United Kingdom - 17.48%                
BP p.l.c. (A)
   
428,000
     
4,433,640
 
British Sky Broadcasting Group plc (A)
   
149,824
     
1,642,569
 
Capita Group Plc (The) (A)(B)
   
215,610
     
1,531,076
 
Carnival plc (A)
   
57,800
     
3,172,221
 
NEXT plc (A)
   
73,000
     
2,194,855
 
Reckitt Benckiser plc (A)
   
100,922
     
3,205,914
 
Royal Bank of Scotland Group plc (The) (A)
   
106,659
     
3,392,185
 
Smith & Nephew plc (A)
   
226,000
     
2,123,447
 
tesco plc (A)
   
572,000
     
3,419,084
 
Vodafone Group Plc (A)
 
1,732,000
     
4,595,832
 
WPP Group plc (A)
   
181,300
     
2,062,979
 
           




31,773,802
 
United States - 0.55%                
Inco Limited*
   
25,000
     
995,000
 
                 
TOTAL COMMON STOCKS - 92.05%          
$
167,294,931
 

(Cost: $138,065,227)
               
 
   
         
SHORT-TERM SECURITIES  
Principal
Amount in
Thousands
       

                 
Capital Equipment - 2.75%                
John Deere Capital Corporation,
               
      2.84%, 4-21-05  
$
5,000
     
4,992,111
 
                 
Security and Commodity Brokers - 3.55%                
Greenwich Capital Holdings Inc. (Royal Bank
      of Scotland PLC (The)),
               
      2.86%, 4-1-05    
6,450
     
6,450,000
 
                 
Utilities - Telephone - 1.65%                
SBC Communications Inc.,
               
      2.68%, 4-5-05    
3,000
     
2,999,077
 
                 
TOTAL SHORT-TERM SECURITIES - 7.95%          
$
14,441,188
 

(Cost: $14,441,188)
               
                 
TOTAL INVESTMENT SECURITIES - 100.00%          
$
181,736,119
 

(Cost: $152,506,415)
               
                 
Notes to Schedule of Investments
*No dividends were paid during the preceding 12 months.
(A)Listed on an exchange outside the United States.
(B)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2005, the total value of these securities amounted to $8,049,866 or 4.43% of total investments.




The Investments of W&R Target International Value Portfolio  
      March 31, 2005                
COMMON STOCKS    


Shares
     
Value
 

                 
Australia - 3.53%                
Iluka Resources Limited (A)
   
1,259,900
   
$
5,530,336
 
National Australia Bank Limited (A)
   
233,800
     
5,122,296
 
Qantas Airways Limited (A)
   
857,600
     
2,352,774
 
Qantas Airways Limited (A)(B)
   
545,600
     
1,496,821
 
           




14,502,227
 
Bermuda - 1.53%                
ACE Limited
   
68,900
     
2,843,503
 
XL Capital Ltd, Class A
   
47,300
     
3,423,101
 
           




6,266,604
 
Canada - 2.54%                
BCE Inc. (A)
   
138,000
     
3,450,570
 
Barrick Gold Corporation (A)
   
276,200
     
6,620,764
 
Domtar Inc. (A)
   
44,100
     
374,730
 
           




10,446,064
 
China - 0.74%                
China Telecom Corporation Limited (A)
   
5,420,000
     
1,893,647
 
China Telecom Corporation Limited (A)(B)
   
3,240,000
     
1,131,996
 
           




3,025,643
 
Denmark - 3.81%                
ISS A/S (A)
   
66,500
     
5,405,657
 
Vestas Wind Systems A/S (A)*
   
709,667
     
10,252,800
 
           




15,658,457
 
Finland - 4.30%                
Metso Corporation (A)
   
367,980
     
6,595,364
 
Stora Enso Oyj, Class R (A)
   
374,700
     
5,262,822
 
Stora Enso Oyj, Class R (A)
   
71,073
     
998,570
 
UPM-Kymmene Corporation (A)
   
216,200
     
4,794,665
 
           




17,651,421
 
France - 5.25%                
AXA (A)
   
227,853
     
6,072,578
 
Sanofi-Aventis (A)
   
97,200
     
8,200,117
 
SUEZ (A)
   
82,200
     
2,213,124
 
Total S.A. (A)
   
21,717
     
5,083,742
 
           




21,569,561
 
Germany - 4.33%                
Bayer Aktiengesellschaft (A)
   
125,900
     
4,163,633
 
Deutsche Post AG (A)
   
241,000
     
5,869,743
 
E.ON AG (A)
   
52,900
     
4,534,857
 
Volkswagen Aktiengesellschaft (A)
   
88,735
     
3,200,387
 
           




17,768,620
 
Hong Kong - 3.18%                
Bank of East Asia, Limited (The) (A)
   
896,000
     
2,579,037
 
Cheung Kong (Holdings) Limited (A)
   
348,000
     
3,089,813
 
China Mobile (Hong Kong) Limited, ADR
   
162,100
     
2,660,061
 
Hutchison Whampoa Limited, Ordinary Shares (A)
   
556,100
     
4,723,588
 
           




13,052,499
 
Israel - 0.80%                
Check Point Software Technologies Ltd.*
   
151,300
     
3,286,992
 
                 
Italy - 1.53%                
Eni S.p.A. (A)
   
241,500
     
6,273,423
 
                 
Japan - 7.73%                
Hitachi, Ltd. (A)
   
702,000
     
4,360,492
 
KDDI CORPORATION (A)
   
802
     
3,971,852
 
Nintendo Co., Ltd. (A)
   
35,400
     
3,862,899
 
Nippon Telegraph and Telephone Corporation (A)
   
1,179
     
5,157,163
 
Ono Pharmaceutical Co., Ltd. (A)
   
67,000
     
3,493,098
 
Sony Corporation (A)
   
175,700
     
6,997,193
 
Takeda Chemical Industries, Ltd. (A)
   
82,200
     
3,917,571
 
           




31,760,268
 
Mexico - 1.00%                
Telefonos de Mexico, S.A. de C.V., ADR
   
119,420
     
4,123,573
 
                 
Netherlands - 7.15%                
Akzo Nobel N.V. (A)
   
183,880
     
8,399,053
 
ING Groep N.V., Certicaaten Van Aandelen (A)
   
251,394
     
7,596,566
 
Koninklijke Philips Electronics N.V., Ordinary Shares (A)
   
199,110
     
5,487,297
 
Reed Elsevier NV (A)
   
398,600
     
6,012,063
 
Wolters Kluwer nv, Certicaaten Van Aandelen (A)
   
101,000
     
1,845,605
 
           




29,340,584
 
Norway - 1.66%                
Telenor ASA (A)
   
746,700
     
6,705,513
 
Telenor ASA (A)(B)
   
13,700
     
123,029
 
           




6,828,542
 
Portugal - 0.60%                
Portugal Telecom, SGPS, S.A., Ordinary shares (A)
   
210,600
     
2,469,069
 
                 
Singapore - 1.53%                
DBS Group Holdings Ltd (A)
   
300,000
     
2,707,614
 
Venture Corporation Limited (A)
   
443,000
     
3,568,902
 
           




6,276,516
 
South Korea - 6.95%                
KT Corporation, ADR
   
329,160
     
7,014,400
 
Kookmin Bank, ADR*
   
99,010
     
4,420,797
 
POSCO, ADR
   
62,140
     
3,067,230
 
SK Telecom Co., Ltd., ADR
   
184,530
     
3,638,932
 
Samsung Electronics Co., Ltd., GDR (B)
   
41,990
     
10,392,525
 
           




28,533,884
 
Spain - 3.50%                
Iberdrola, S.A. (A)
   
196,000
     
5,129,603
 
Repsol YPF, S.A. (A)
   
202,000
     
5,349,505
 
Telefonica, S.A., ADR
   
74,861
     
3,890,526
 
           




14,369,634
 
Sweden - 4.44%                
ForeningsSparbanken AB (A)
   
207,200
     
4,898,345
 
Nordea AB, FDR (A)
   
698,900
     
7,079,011
 
Securitas AB, Class B (A)
   
390,700
     
6,249,784
 
           




18,227,140
 
Switerland - 3.87%                
Nestle S.A., Registered Shares (A)
   
31,100
     
8,513,153
 
Swiss Reinsurance Company, Registered Shares (A)
   
50,480
     
3,616,572
 
UBS AG (A)
   
44,400
     
3,751,066
 
           




15,880,791
 
Taiwan - 2.76%                
Chunghwa Telecom Co., Ltd., ADR
   
202,400
     
4,288,856
 
Compal Electronics Inc., GDR
   
422,600
     
1,928,155
 
Compal Electronics Inc., GDR (B)
   
201,211
     
918,045
 
Lite-On Technology Corporation, GDR
   
390,000
     
4,196,361
 
           




11,331,417
 
United Kingdom - 23.41%                
AMVESCAP PLC (A)
   
340,700
     
2,147,501
 
BAE SYSTEMS plc (A)
   
1,338,200
     
6,558,407
 
BP p.l.c. (A)
   
591,000
     
6,122,152
 
Boots Group PLC (A)
   
300,400
     
3,537,336
 
British Sky Broadcasting Group plc (A)
   
453,300
     
4,969,674
 
Cadbury Schweppes plc (A)
   
407,800
     
4,085,758
 
Compass Group PLC (A)
   
1,537,930
     
7,014,451
 
GlaxoSmithKline plc (A)
   
273,900
     
6,274,698
 
Lloyds TSB Group plc (A)
   
457,600
     
4,130,988
 
National Grid Transco plc (A)
   
395,100
     
3,658,176
 
Pearson plc (A)
   
366,900
     
4,469,381
 
Rentokil Initial plc (A)
   
1,042,980
     
3,191,031
 
Rolls-Royce plc (A)*
   
1,244,600
     
5,735,346
 
Royal Bank of Scotland Group plc (The) (A)
   
159,450
     
5,071,152
 
"Shell" Transport and Trading Company p.l.c. (The) (A)
   
632,900
     
5,677,651
 
Shire Pharmaceuticals Group plc (A)
   
446,700
     
5,099,789
 
Smiths Group plc (A)
   
275,300
     
4,427,217
 
Unilever PLC (A)
   
703,800
     
6,951,699
 
Vodafone Group Plc (A)
   
1,591,700
     
4,223,549
 
Wm MORRISON SUPERMARKETS PLC (A)
   
755,630
     
2,797,082
 
           




96,143,038
 
                 
TOTAL COMMON STOCKS - 96.14%          
$
394,785,967
 

(Cost: $306,232,841)
               
                 
SHORT-TERM SECURITIES  
Principal
Amount in
Thousands
   
Value
 

                 
Finance Companies - 1.70%                
Ciesco, LLC,
               
      2.76%, 4-4-05  
$
4,000
     
3,999,080
 
PACCAR Financial Corp.,
               
      2.77%, 4-12-05    
3,000
     
2,997,461
 
           




6,996,541
 
Banks - 0.82%                
Rabobank USA Financial Corp.,
               
      2.82%, 4-1-05    
3,351
     
3,351,000
 
                 
Publishing - 0.73%                
Tribune Co.,
               
      2.83%, 4-5-05    
3,000
     
2,999,056
 
                 
Retail - General Merchandise - 0.61%                
Wal-Mart Stores, Inc.,
               
      2.75%, 4-4-05    
2,500
     
2,499,427
 
                 
TOTAL SHORT-TERM SECURITIES - 3.86%          
$
15,846,024
 

(Cost: $15,846,024)
               
                 
TOTAL INVESTMENT SECURITIES - 100.00%          
$
410,631,991
 

(Cost: $322,078,865)
               
                 
Notes to Schedule of Investments
*No dividends were paid during the preceding 12 months.
(A)Listed on an exchange outside the United States.
(B)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2005, the total value of these securities amounted to $14,062,416 or 3.42% of total investments.




The Investments of W&R Target Limited-Term Bond Portfolio

 
      March 31, 2005                
CORPORATE DEBT SECURITIES  
Principal
Amount in
Thousands
   
Value
 

                 
Aircraft - 2.83%                
Raytheon Company,
               
      6.75%, 8-15-07  
$
2,030
   
$
2,135,860
 
                 
Banks - 1.96%                
First Union Corporation,
               
      6.875%, 9-15-05    
1,460
     
1,481,336
 
                 
Broadcasting - 2.67%                
Viacom Inc.,
               
      7.75%, 6-1-05    
2,000
     
2,013,266
 
                 
Business Equipment and Services - 2.81%                
USA Waste Services, Inc.,
               
      7.125%, 10-1-07    
2,000
     
2,121,330
 
                 
Capital Equipment - 2.38%                
John Deere Capital Corporation,
               
      5.125%, 10-19-06    
1,766
     
1,793,811
 
                 
Finance Companies - 4.69%                
Ford Motor Credit Company,
               
      6.875%, 2-1-06    
2,000
     
2,027,196
 
General Motors Acceptance Corporation,
               
      6.625%, 10-15-05    
1,500
     
1,511,256
 
           




3,538,452
 
                 
Food and Related - 2.00%                
Kellogg Company,
               
      4.875%, 10-15-05    
1,500
     
1,507,545
 
                 
Household - General Products - 1.64%                
CPC International Inc.,
               
      6.15%, 1-15-06    
1,218
     
1,237,609
 
                 
Insurance - Life - 1.33%                
Lincoln National Corporation,
               
      7.25%, 5-15-05    
1,000
     
1,004,949
 
                 
Multiple Industry - 9.34%                
General Electric Capital Corporation,
               
      2.85%, 1-30-06    
2,000
     
1,985,682
 
Honeywell International Inc.,
               
      6.875%, 10-3-05    
400
     
406,206
 
Household Finance Corporation,
               
      6.5%, 1-24-06    
1,850
     
1,889,498
 
Kansas City Power & Light Company,
               
      7.125%, 12-15-05    
700
     
716,205
 
National Rural Utilities Cooperative Finance Corporation,
               
      6.0 %, 5-15-06    
2,000
     
2,044,636
 
           




7,042,227
 
Petroleum - International - 3.23%                
Anadarko Petroleum Corporation,
               
      5.375%, 3-1-07    
2,385
     
2,436,879
 
                 
Railroad - 5.37%                
Norfolk Southern Corporation,
               
      7.35%, 5-15-07    
1,850
     
1,960,920
 
Union Pacific Corporation,
               
      7.6%, 5-1-05    
2,080
     
2,085,859
 
           




4,046,779
 
Security and Commodity Brokers - 2.40%                
CIT Group Holdings, Inc. (The),
               
      6.625%, 6-15-05    
900
     
906,148
 
Salomon Smith Barney Holdings Inc.,
               
      6.25%, 6-15-05    
900
     
905,680
 
           




1,811,828
 
Utilities - Electric - 6.96%                
Dominion Resources, Inc.,
               
      7.625%, 7-15-05    
2,200
     
2,226,668
 
FPL Group Capital Inc.,
               
      7.625%, 9-15-06    
2,000
     
2,099,180
 
Wisconsin Energy Corporation,
               
      5.875%, 4-1-06    
910
     
927,060
 
           




5,252,908
 
Utilities - Telephone - 2.71%                
GTE Corporation,
               
      6.36%, 4-15-06    
2,000
     
2,045,148
 
                 
TOTAL CORPORATE DEBT SECURITIES - 52.32%          
$
39,469,927
 

(Cost: $39,626,767)
               
                 
                 
UNITED STATES GOVERNMENT AND
      GOVERNMENT AGENCY OBLIGATIONS
               

                 
Agency Obligations - 5.26%                
Federal Home Loan Mortgage Corporation,
               
      3.625%, 9-15-08    
2,000
     
1,958,168
 
Federal National Mortgage Association,
               
      4.25%, 7-15-07    
2,000
     
2,006,666
 
           




3,964,834
 
Mortgage-Backed Obligations - 23.66%                
Federal Home Loan Mortgage Corporation Agency
     REMIC/CMO,
               
      3.5%, 12-15-16    
1,218
     
1,176,899
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO (Interest Only),
               
      5.5%, 7-15-17    
1,250
     
108,043
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO (Interest Only),
               
      5.5%, 10-15-23    
5,936
     
529,003
 
Federal Home Loan Mortgage Corporation Agency
     REMIC/CMO (Interest Only),
               
      5.5%, 4-15-24    
1,870
     
205,810
 
Federal Home Loan Mortgage Corporation Agency
      REMIC/CMO (Interest Only),
               
      5.0 %, 6-15-24    
2,000
     
287,010
 
Federal Home Loan Mortgage Corporation Fixed Rate
      Participation Certificates,
               
      7.0 %, 8-1-07    
2
     
1,993
 
Federal Home Loan Mortgage Corporation Fixed Rate
      Participation Certificates,
               
      4.5%, 5-1-10    
1,288
     
1,283,962
 
Federal Home Loan Mortgage Corporation Fixed Rate
      Participation Certificates,
               
      4.0 %, 6-1-14    
1,811
     
1,762,103
 
Federal Home Loan Mortgage Corporation Fixed Rate
      Participation Certificates,
               
      5.5%, 2-1-16    
49
     
50,081
 
Federal Home Loan Mortgage Corporation Fixed Rate
      Participation Certificates,
               
      6.0 %, 5-1-16    
32
     
32,810
 
Federal Home Loan Mortgage Corporation Fixed Rate
      Participation Certificates,
               
      5.5%, 1-1-17    
149
     
152,580
 
Federal Home Loan Mortgage Corporation Fixed Rate
      Participation Certificates,
               
      5.5%, 5-1-17    
158
     
161,057
 
Federal Home Loan Mortgage Corporation Fixed Rate
      Participation Certificates,
               
      4.5%, 1-1-18    
1,453
     
1,425,024
 
Federal Home Loan Mortgage Corporation Fixed Rate
      Participation Certificates,
               
      4.5%, 4-1-18    
1,468
     
1,439,927
 
Federal Home Loan Mortgage Corporation Fixed Rate
      Participation Certificates,
               
      4.5%, 3-1-19    
1,805
     
1,769,091
 
Federal National Mortgage Association Agency
      REMIC/CMO (Interest Only),
               
      5.0 %, 3-25-16    
1,964
     
147,630
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.5%, 12-1-10    
5
     
5,395
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.0 %, 1-1-11    
7
     
7,298
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.5%, 2-1-11    
11
     
11,395
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      7.0 %, 5-1-11    
6
     
6,317
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      7.0 %, 7-1-11    
5
     
5,649
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      7.0 %, 9-1-12    
5
     
5,150
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
      6.0 %, 11-1-13    
19
     
19,692
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.0 %, 11-1-13    
14
     
14,837
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      7.0 %, 9-1-14    
14
     
14,221
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      7.0 %, 10-1-14    
22
     
22,780
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.0 %, 3-1-16    
71
     
73,251
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.0 %, 3-1-16    
57
     
59,247
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.0 %, 6-1-16    
23
     
23,814
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.5 %, 6-1-16    
44
     
46,345
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      5.5%, 2-1-17    
543
     
554,463
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      5.0 %, 12-1-17    
640
     
640,467
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      5.5%, 1-1-18    
956
     
974,936
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      5.0 %, 3-1-18    
1,460
     
1,460,559
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      7.0 %, 4-1-26    
6
     
6,153
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.5%, 1-15-14    
24
     
25,328
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      7.5%, 3-15-15    
29
     
30,500
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.0 %, 8-15-16    
93
     
96,826
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.0 %, 12-15-16    
181
     
188,306
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      5.5%, 1-15-17    
257
     
264,159
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.0 %, 1-15-17    
169
     
174,935
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      5.5 %, 7-15-17    
389
     
400,737
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      5.5%, 10-15-17    
285
     
292,896
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      5.0 %, 12-15-17    
911
     
921,787
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      7.0 %, 6-15-28    
38
     
39,754
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      7.0 %, 7-15-29    
37
     
39,008
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      3.75%, 1-20-34    
901
     
891,456
 
           




17,850,687
 
                 
Treasury Inflation Protected Obligation - 0.77%                
United States Treasury Note,
               
      3.0 %, 7-15-12    
500
     
583,653
 
                 
Treasury Obligations - 15.18%                
United States Treasury Notes,
               
      3.5%, 11-15-06    
2,000
     
1,993,750
 
United States Treasury Notes,
               
      4.75%, 11-15-08    
2,000
     
2,047,968
 
United States Treasury Notes,
               
      3.125%, 4-15-09    
2,000
     
1,928,672
 
United States Treasury Notes,
               
      4.0 %, 3-15-10    
2,500
     
2,480,470
 
United States Treasury Notes,
               
      5.0 %, 8-15-11    
1,000
     
1,038,906
 
United States Treasury Notes,
               
      4.25%, 8-15-14    
2,000
     
1,961,250
 
           




11,451,016
 
TOTAL UNITED STATES GOVERNMENT AND
      GOVERNMENT AGENCY OBLIGATIONS - 44.87%
         
$
33,850,187
 

(Cost: $34,234,685)
               
                 
SHORT-TERM SECURITY - 2.81%                

                 
Aluminum                
Alcoa Incorporated,
               
      2.85%, 4-1-05
(Cost: $2,122,000)
   
2,122
   
$
2,122,000
 
               
                 
TOTAL INVESTMENT SECURITIES - 100.00%          
$
75,442,114
 

(Cost: $75,983,452)
               
                 




The Investments of W&R Target Micro Cap Growth Portfolio

 
      March 31, 2005                
COMMON STOCKS AND WARRANTS    


Shares
     
Value
 

                 
Air Transportation - 0.72%                
Pinnacle Airlines Corp.*
   
27,200
   
$
288,592
 
                 
Aircraft - 0.49%                
Innovative Solutions and Support, Inc.*
   
6,100
     
193,248
 
                 
Apparel - 1.06%                
Ashworth, Inc.*
   
37,000
     
420,505
 
                 
Beverages - 1.44%                
Boston Beer Company, Inc. (The), Class A*
   
26,200
     
573,780
 
                 
Broadcasting - 0.00%                
Cumulus Media Inc., Class A*
   
33
   


470
 
                 
Business Equipment and Services - 5.99%                
Encore Capital Group, Inc.*
   
19,900
     
289,047
 
Labor Ready, Inc.*
   
37,500
     
699,375
 
Marlin Business Services, Inc.*
   
37,100
     
753,130
 
TRM Corporation*
   
31,500
     
640,553
 
           




2,382,105
 
Capital Equipment - 3.67%                
NATCO Group Inc.*
   
32,500
     
353,275
 
Somanetics Corporation*
   
43,800
     
585,168
 
Warnaco Group, Inc. (The)*
   
21,800
     
522,655
 
           




1,461,098
 
Communications Equipment - 4.79%                
Blue Coat Systems, Inc.*
   
12,700
     
298,386
 
Intervoice, Inc.*
   
45,800
     
513,876
 
NICE Systems Ltd.*
   
13,800
     
445,050
 
Redback Networks, Inc.*
   
109,100
     
649,690
 
           




1,907,002
 
Computers - Peripherals - 7.35%                
Actel Corporation*
   
19,500
     
299,910
 
Allscripts Healthcare Solutions, Inc.*
   
37,900
     
541,022
 
Applix, Inc.*
   
32,700
     
197,018
 
Embarcadero Technologies, Inc.*
   
31,800
     
208,290
 
NMS Communications Corporation*
   
61,500
     
262,605
 
Sigma Designs, Inc.*
   
19,400
     
205,349
 
Stratasys, Inc.*
   
15,300
     
432,608
 
WebSideStory, Inc.*
   
13,600
     
166,056
 
Xyratex Ltd*
   
32,700
     
611,326
 
           




2,924,184
 
Electrical Equipment - 2.40%                
Power-One, Inc.*
   
46,200
     
224,763
 
Ultralife Batteries, Inc.*
   
42,800
     
730,168
 
           




954,931
 
Electronic Components - 3.38%                
ARM Holdings plc, ADR
   
78,467
     
468,840
 
PLX Technology, Inc.*
   
38,400
     
403,008
 
Trident Microsystems, Inc.*
   
26,800
     
472,886
 
           




1,344,734
 
Electronic Instruments - 7.01%                
Artesyn Technologies, Inc.*
   
63,400
     
548,727
 
Asyst Technologies, Inc.*
   
48,100
     
229,918
 
Ixia*
   
21,500
     
380,012
 
LTX Corporation*
   
35,600
     
156,996
 
Mattson Technology, Inc.*
   
33,300
     
263,570
 
Mikohn Gaming Corporation*
   
30,600
     
385,101
 
Photronics, Inc.*
   
25,300
     
457,298
 
Rudolph Technologies, Inc.*
   
11,700
     
176,144
 
Xenogen Corporation*
   
37,800
     
194,103
 
           




2,791,869
 
Gold and Precious Metals - 1.26%                
Infocrossing, Inc.*
   
31,800
     
503,235
 
                 
Health Care - Drugs - 9.04%                
Bentley Pharmaceuticals, Inc.*
   
38,200
     
281,152
 
Bioenvision, Inc.*
   
54,100
     
310,804
 
BioMarin Pharmaceutical Inc.*
   
66,500
     
336,158
 
Bone Care International, Inc.*
   
16,300
     
422,414
 
Corautus Genetics Inc.*
   
101,100
     
451,917
 
Cubist Pharmaceuticals Inc.*
   
30,100
     
319,512
 
First Horizon Pharmaceutical Corporation*
   
21,600
     
364,608
 
Hollis-Eden Pharmaceuticals, Inc.*
   
20,100
     
141,605
 
POZEN Inc.*
   
59,700
     
311,634
 
Serologicals Corporation*
   
27,000
     
656,505
 
           




3,596,309
 
Health Care - General - 3.75%                
Bruker BioSciences Corporation*
   
51,300
     
179,037
 
Candela Corporation*
   
45,900
     
408,051
 
PolyMedica Corporation
   
22,300
     
708,136
 
Wilson Greatbatch Technologies, Inc.*
   
10,800
     
196,992
 
           




1,492,216
 
Hospital Supply and Management - 2.26%                
American Healthways, Inc.*
   
12,800
     
422,208
 
Matria Healthcare, Inc.*
   
15,600
     
478,998
 
           




901,206
 
Motor Vehicle Parts - 1.52%                
LKQ Corporation*
   
30,200
     
605,359
 
                 
Multiple Industry - 12.09%                
American Banknote Corporation*
   
145
     
83
 
American Banknote Corporation, Series 1 Warrants*
   
50
     
0
 
American Banknote Corporation, Series 2 Warrants*
   
50
     
0
 
Comstock Homebuilding Companies, Inc., Class A*
   
13,600
     
290,768
 
Cutera, Inc.*
   
25,800
     
489,813
 
JAMDAT Mobile Inc.*
   
15,200
     
261,516
 
McCormick & Schmick's Seafood Restaurants, Inc.*
   
43,400
     
726,516
 
NetLogic Microsystems, Inc.*
   
51,300
     
636,376
 
NuVasive, Inc.*
   
15,800
     
203,978
 
PowerDsine Ltd.*
   
8,700
     
88,697
 
Shamir Optical Industry Ltd.*
   
12,700
     
196,660
 
SiRF Technology Holdings, Inc.*
   
17,400
     
193,662
 
Specialty Underwriters' Alliance, Inc.*
   
40,700
     
364,061
 
Standard Parking Corporation*
   
29,400
     
459,228
 
Vitran Corporation Inc., Class A*
   
28,000
     
417,900
 
Volterra Semiconductor Corporation*
   
9,700
     
130,611
 
WCA Waste Corporation*
   
35,900
     
351,102
 
           




4,810,971
 
Petroleum - Services - 6.48%                
Brigham Exploration Company*
   
48,300
     
443,635
 
Hydril Company*
   
18,000
     
1,053,270
 
Superior Energy Services, Inc.*
   
62,900
     
1,081,880
 
           




2,578,785
 
Restaurants - 4.18%                
BUCA, Inc.*
   
34,600
     
216,423
 
Red Robin Gourmet Burgers, Inc.*
   
16,600
     
845,189
 
Steak n Shake Company (The)*
   
31,100
     
601,785
 
           




1,663,397
 
Retail - Specialty Stores - 7.16%                
Children's Place Retail Stores, Inc. (The)*
   
24,400
     
1,164,856
 
Goody's Family Clothing, Inc.
   
33,600
     
302,400
 
Jos. A. Bank Clothiers, Inc.*
   
18,387
     
537,360
 
Provide Commerce, Inc.*
   
23,600
     
683,220
 
Tweeter Home Entertainment Group, Inc.*
   
29,300
     
162,908
 
           




2,850,744
 
Security and Commodity Brokers - 0.75%                
Harris & Harris Group, Inc.*
   
24,700
     
296,894
 
                 
Steel - 2.45%                
NS Group, Inc.*
   
31,000
     
973,710
 
                 
Timesharing and Software - 8.70%                
Bottomline Technologies (de), Inc.*
   
15,100
     
197,206
 
Concur Technologies, Inc.*
   
50,200
     
409,381
 
Covansys Corporation*
   
49,100
     
732,326
 
Jupitermedia Corporation*
   
27,800
     
432,151
 
Majesco Holdings Inc.*
   
26,400
     
306,504
 
Niku Corporation
   
27,700
     
500,262
 
NutriSystem, Inc.*
   
28,900
     
182,070
 
Ultimate Software Group, Inc. (The)*
   
44,000
     
702,460
 
           




3,462,360
 
                 
TOTAL COMMON STOCKS AND WARRANTS - 97.94%          
$
38,977,704
 

(Cost: $33,496,153)
               
                 
SHORT-TERM SECURITY - 2.06%  
Principal
Amount in
Thousands
   
 

                 
Aluminum                
Alcoa Incorporated,
               
      2.85%, 4-1-05
(Cost: $820,000)
 
$
820
   
$
820,000
 
               
TOTAL INVESTMENT SECURITIES - 100.00%          
$
39,797,704
 

(Cost: $34,316,153)
               
                 
Notes to Schedule of Investments
*No dividends were paid during the preceding 12 months.




The Investments of W&R Target Money Market Portfolio

 
      March 31, 2005                
CORPORATE OBLIGATIONS  
Principal
Amount in
Thousands
   
Value
 


Certificates of Deposit - 4.84%                
      Banks                
      Citibank, N.A.,
               
            2.8%, 5-20-05  
$
2,000
   
$
2,000,000
 
      Citibank, N.A.,
               
            3.02%, 6-29-05    
500
     
500,000
 
           




2,500,000
 
Commercial Paper                
      Finance Companies - 0.97%                
      Ciesco, LLC,
               
            2.79%, 4-14-05    
500
     
499,496
 
                 
      Food and Related - 1.92%                
      McCormick & Co. Inc.,
               
            2.9%, 5-31-05    
250
     
248,792
 
      McCormick & Co. Inc.,
               
            2.95%, 8-16-05    
750
     
741,580
 
           




990,372
 
      Household - General Products - 3.69%                
      Fortune Brands Inc.,
               
            2.9%, 5-25-05    
712
     
708,903
 
      Procter & Gamble Company (The),
               
            2.68%, 5-2-05    
1,200
     
1,197,231
 
           




1,906,134
 
      Multiple Industry - 2.34%                
      General Electric Capital Corporation,
               
            3.04%, 8-8-05    
1,225
     
1,211,656
 
                 
      Security and Commodity Brokers - 5.23%                
      Greenwich Capital Holdings Inc. (Royal Bank
            of Scotland PLC (The)),
               
            2.86%, 4-1-05    
1,212
     
1,212,000
 
      UBS Finance Delaware LLC,
               
            2.76%, 5-3-05    
200
     
199,509
 
      UBS Finance Delaware LLC,
               
            2.83%, 5-18-05    
600
     
597,783
 
      UBS Finance Delaware LLC,
               
            2.85%, 6-3-05    
700
     
696,509
 
           




2,705,801
 
      Utilities - Telephone - 1.16%                
      SBC Communications Inc.,
               
            2.7%, 4-5-05    
600
     
599,820
 
                 
Total Commercial Paper - 15.31%            
7,913,279
 

                 
Notes                
      Banks - 7.85%                
      Bank of America Corporation,
               
            2.99%, 5-13-05    
1,000
     
1,000,259
 
      U.S. Bancorp,
               
            4.75%, 6-30-05    
1,050
     
1,056,223
 
      Wells Fargo & Company,
               
            2.76625%, 4-4-05    
1,500
     
1,500,000
 
      Wells Fargo & Company,
               
            2.78%, 4-15-05    
500
     
500,000
 
           




4,056,482
 
      Business Equipment and Services - 2.44%                
      Playworld Systems Incorporated, Taxable Variable
            Rate Demand/Fixed Rate Revenue Bonds,
            Series A of 1998 (Wachovia Bank, N.A.),
               
            2.93%, 4-6-05    
1,260
     
1,260,000
 
                 
      Computers - Main and Mini - 2.42%                
      International Business Machines Corporation,
               
            2.72458%, 4-8-05    
1,250
     
1,250,000
 
                 
      Electrical Equipment - 1.95%                
      Emerson Electric Co.,
               
            7.875%, 6-1-05    
1,000
     
1,009,420
 
                 
      Food and Related - 2.42%                
      Unilever Capital Corporation,
               
            6.875%, 11-1-05    
1,225
     
1,252,104
 
                 
      Furniture and Furnishings - 0.84%                
      Capo & Sons Corporation, Taxable Variable Rate
            Demand Bonds, Series 1998 (Wachovia Bank, N.A.),
               
            2.93%, 4-7-05    
435
     
435,000
 
                 
      Health Care - Drugs - 0.58%                
      GlaxoSmithKline plc,
               
            7.375%, 4-15-05    
300
     
300,585
 
                 
      Health Care - General - 1.53%                
      ACTS Retirement - Life Communities, Inc.,
            Variable Rate Demand Bonds, Series 2003A
            (Bank of America, N.A.),
               
            2.8%, 4-7-05    
790
     
790,000
 
                 
      Hospital Supply and Management - 4.00%                
      Autumn House at Powder Mill, Inc.,
            Taxable Variable Rate Demand Bonds,
            Series of 2003 (Suntrust Bank),
               
            2.85%, 4-7-05    
500
     
500,000
 
      Meriter Management Services, Inc., Taxable Variable
            Rate Demand Notes, Series 1996
            (U.S. Bank Milwaukee, N.A.),
               
            2.82 %, 4-6-05    
1,565
     
1,565,000
 
           




2,065,000
 
      Household - General Products - 2.42%                
      Procter & Gamble Company (The),
               
            2.93%, 6-9-05    
1,250
     
1,250,000
 
                 
      Insurance - Property and Casualty - 2.13%                
      MBIA Global Funding, LLC
            (MBIA Insurance Corporation),
               
            2.81%, 4-29-05    
1,100
     
1,100,000
 
                 
      Leisure Time Industry - 2.66%                
      Ansley Golf Club, Inc., Incremental Taxable
            Variable Rate Demand Bonds, Series 1998
            (Wachovia Bank, N.A.),
               
            2.93%, 4-7-05    
1,375
     
1,375,000
 
                 
      Multiple Industry - 6.74%                
      Heller Financial, Inc.,
               
            8.0%, 6-15-05    
250
     
252,639
 
      Heller Financial, Inc.,
               
            6.375%, 3-15-06    
1,000
     
1,028,153
 
      The Salvation Army, Taxable Multi-Modal Revenue
            Bonds, Series 2005A (The Bank of New York),
               
            2.84%, 4-7-05    
2,200
     
2,200,000
 
           




3,480,792
 
      Publishing - 1.18%                
      Gannett Co., Inc.,
               
            4.95%, 4-1-05    
610
     
610,000
 
                 
      Restaurants - 1.47%                
      McDonald's Corporation,
               
            4.488%, 3-7-06 (A)    
750
     
756,519
 
                 
      Retail - General Merchandise - 1.70%                
      Service Oil, Inc., Taxable Variable Rate Demand
            Bonds (Service Oil, Inc.), Series 2002 (U.S. Bank
            National Association),
               
            2.9%, 4-1-05    
880
     
880,000
 
                 
      Trucking and Shipping - 2.69%                
      Volpe Family Partnership, L.P., Taxable Variable
            Rate Demand Revenue Bonds, Series of 2001
            (Wachovia Bank, N.A.),
               
            2.91%, 4-7-05    
1,390
     
1,390,000
 
                 
      Utilities - Telephone - 3.10%                
      BellSouth Corporation,
               
            4.119%, 4-26-05 (A)    
1,000
     
1,001,690
 
      SBC Communications Inc.,
               
            4.206%, 6-5-05 (A)    
600
     
602,081
 
           




1,603,771
 
                 
Total Notes - 48.12%            
24,864,673
 

                 
TOTAL CORPORATE OBLIGATIONS - 68.27%          
$
35,277,952
 

(Cost: $35,277,952)
               
                 

MUNICIPAL OBLIGATIONS                

                 
California - 6.53%                
California Pollution Control Financing Authority,
      Environmental Improvement Revenue Bonds
      (Air Products and Chemicals, Inc./Wilmington Facility),
      Taxable Series 1997A,
               
      2.85%, 5-9-05    
2,500
     
2,500,000
 
County of Sacramento, Taxable Pension Funding Bonds,
      Series 1995B (Bayerische Landesbank Girozentrale,
      New York Branch),
               
      2.84%, 4-6-05    
875
     
875,000
 
           




3,375,000
 
Florida - 2.90%                
University of South Florida Research Foundation,
      Incorporated, Variable Rate Demand Revenue
      Bonds (Multi-Tenant Office Building Project)
      Taxable Series 2004C (Bank of America, N.A.),
               
      2.82%, 4-6-05    
1,500
     
1,500,000
 
                 
Maryland - 0.94%                
Mayor and City Council of Baltimore (City of Baltimore,
      Maryland), General Obligation Bonds, Consolidated
      Public Improvement Bonds, Series 2003D (Variable Rate
      Demand/Taxable), (Financial Security Assurance Inc.),
               
      2.85%, 4-7-05    
485
     
485,000
 
                 
New York - 4.14%                
The City of New York, General Obligation Bonds,
      Fiscal 1995 Series B, Taxable Adjustable Rate Bonds
      (Bayerische Landesbank Girozentrale, New York Branch),
               
      2.62%, 4-  4-05    
1,540
     
1,540,000
 
Nassau County Industrial Development Agency,
      Taxable Variable Rate Demand Revenue Bonds
      (57 Seaview Realty Associates, LLC 2004 Project),
      (Wachovia Bank, N.A.),
               
      2.86%, 4-7-05    
600
     
600,000
 
           




2,140,000
 
Texas - 4.93%                
Gulf Coast Waste Disposal Authority, Pollution Control
      Revenue Bonds (Amoco Oil Company Project),
      Taxable Series 1995,
               
      2.74%, 4-7-05    
2,548
     
2,548,000
 
                 
Washington - 5.18%                
Washington State Housing Finance Commission,
      Taxable Variable Rate Demand Multifamily Revenue
      Bonds (Springfield Meadows Apartments Project),
      Series 2001B (U.S. Bank, National Association),
               
      2.9%, 4-1-05    
1,590
     
1,590,000
 
Watts Brothers Frozen Foods, L.L.C., Variable Rate
      Demand Taxable Revenue Bonds, 1997 (U.S. Bank
      of Washington, National Association),
               
      2.9%, 4-7-05    
1,089
     
1,089,000
 
           




2,679,000
 
Wisconsin - 0.74%                
Town of Wood River, Wisconsin, Taxable Variable
      Rate Demand Industrial Development Revenue Bonds
      (Burnett Dairy Cooperative Project), Series 2001B
      (U. S. Bank, National Association),
               
      2.9%, 4-1-05    
380
     
380,000
 
                 
TOTAL MUNICIPAL OBLIGATIONS - 25.36%          
$
13,107,000
 

(Cost: $13,107,000)
               
                 
                 
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS          

                 
Federal Home Loan Bank,
               
      1.3%, 4-27-05    
1,200
     
1,200,000
 
Federal Home Loan Bank,
               
      1.35%, 4-29-05    
500
     
500,000
 
Federal Home Loan Bank,
               
      1.555%, 5-3-05    
250
     
250,000
 
Overseas Private Investment Corporation,
               
      2.85%, 4-6-05    
814
     
813,954
 
Overseas Private Investment Corporation,
               
      2.85%, 4-6-05    
528
     
528,000
 
                 
TOTAL UNITED STATES GOVERNMENT
      AGENCY OBLIGATIONS - 6.37%
         
$
3,291,954
 

(Cost: $3,291,954)
               
                 
TOTAL INVESTMENT SECURITIES - 100.00%          
$
51,676,906
 

(Cost: $51,676,906)
               
                 
Notes to Schedule of Investments
(A)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2005, the total value of these securities amounted to $2,360,290 or 4.57% of total investments.




The Investments of W&R Target Mortgage Securities Portfolio

 
      March 31, 2005                
CORPORATE DEBT SECURITIES  
Principal
Amount in
Thousands
   
Value
 

                 
Finance Companies                
Banc of America Alternative Loan Trust 2004-11,
               
      6.0%, 12-25-34  
$
487
   
$
488,864
 
Banc of America Funding 2004-2 Trust,
               
      6.5%, 7-20-32    
148
     
153,031
 
Banc of America Funding Corporation,
               
      5.02793%, 9-20-34    
131
     
130,314
 
Banc of America Structured Securities Trust 2002-X1 F,
               
      6.274%, 10-11-33 (A)    
250
     
263,818
 
Bank of America Mortgage Securities, Inc.,
               
      5.75%, 8-25-34    
166
     
168,116
 
Bear Stearns Commercial Mortgage Securities Inc.,
               
      5.064%, 5-14-16 (A)    
150
     
149,760
 
CHL Mortgage Pass-Through Trust 2003-28,
               
      4.15%, 8-25-33    
150
     
140,104
 
Charlie Mac Trust 2004-2,
               
      5.0%, 10-25-34    
278
     
271,577
 
Chase Mortgage Finance Trust, Series 2003-S11,
               
      5.5%, 10-25-33    
392
     
389,147
 
Credit Suisse First Boston Mortgage Securities Corp.,
               
      6.0%, 11-25-18    
95
     
96,526
 
FIRSTPLUS Home Loan Owner Trust 1998-5,
               
      7.42%, 12-10-24    
78
     
78,363
 
GMACM Mortgage Loan Trust 2004-AR2,
               
      4.51938%, 8-19-34    
95
     
93,864
 
Global Mortgage Securitization Ltd. and Global Mortgage
      Securitization, LLC,
               
      5.25%, 11-25-32 (A)    
197
     
191,521
 
Green Tree Financial Corporation,
               
      7.95%, 8-15-25    
150
     
159,083
 
Hilton Hotel Pool Trust,
               
      3.37%, 10-3-15 (A)    
100
     
100,868
 
Home Equity Loan Trust 2003-HS2,
               
      5.09%, 7-25-33    
200
     
198,858
 
J.P. Morgan Chase Commercial Mortgage Securities Corp.,
               
      6.2207%, 10-12-37 (A)    
200
     
210,036
 
MASTR Asset Securitization Trust 2003-10,
               
      5.5%, 11-25-33    
92
     
91,690
 
MMCA Automobile Trust 2002-1,
               
      5.37%, 1-15-10    
162
     
162,343
 
Mid-State Capital Corporation 2004-1 Trust,
               
      6.005%, 8-15-37    
111
     
111,022
 
Money Store Trust 1998-B (The),
               
      2.96%, 8-15-29    
246
     
246,116
 
NationsLink Funding Corporation, Commercial Mortgage
      Pass-Through Certificates, Series 1998-2,
               
      5.0%, 8-20-30 (A)    
100
     
92,921
 
Nomura Asset Securities Corporation, Commercial Mortgage
      Pass-Through Certificates, Series 1998-D6,
               
      6.0%, 3-15-30 (A)    
100
     
103,406
 
Origen Manufactured Housing Contract Trust 2004-A,
               
      5.7%, 1-15-35    
100
     
98,241
 
Origen Manufactured Housing Contract Trust 2004-B,
               
      4.75%, 8-15-21    
100
     
96,831
 
RAMP Series 2003-RS11 Trust,
               
      6.092%, 12-25-33    
500
     
508,789
 
RAMP Series 2005-RS1 Trust,
               
      5.145%, 1-25-35    
225
     
220,893
 
Structured Asset Securities Corporation,
               
      5.63%, 5-25-34    
100
     
100,182
 
Structured Asset Securities Corporation,
               
      6.0%, 6-25-34    
250
     
252,714
 
Wells Fargo Mortgage Backed Securities 2004-1 Trust (The),
               
      5.5%, 2-25-34    
148
     
146,074
 
                 
TOTAL CORPORATE DEBT SECURITIES - 20.64%          
$
5,515,072
 

(Cost: $5,582,707)
               
                 

UNITED STATES GOVERNMENT AND
GOVERNMENT AGENCY OBLIGATIONS
               

                 
Mortgage-Backed Obligations                
Federal Home Loan Mortgage Corporation Fixed Rate
      Participation Certificates,
               
      5.0%, 5-1-18    
886
     
887,841
 
Federal Home Loan Mortgage Corporation Fixed Rate
      Participation Certificates,
               
      5.5%, 9-1-19    
467
     
476,569
 
Federal Home Loan Mortgage Corporation Fixed Rate
      Participation Certificates,
               
      6.0%, 10-1-33    
866
     
891,126
 
Federal Home Loan Mortgage Corporation Fixed Rate
      Participation Certificates,
               
      5.5%, 2-1-35    
250
     
250,531
 
Federal Home Loan Mortgage Corporation Fixed Rate
      Participation Certificates,
               
      5.5%, 4-1-35    
300
     
306,000
 
Federal Home Loan Mortgage Corporation Fixed Rate
      Participation Certificates,
               
      6.0%, 4-1-35    
450
     
460,406
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      3.951%, 12-26-31    
142
     
141,470
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      7.0%, 11-1-32    
354
     
373,878
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.0%, 12-1-33    
394
     
404,148
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      5.0%, 2-1-34    
959
     
938,189
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      5.5%, 2-1-34    
300
     
300,375
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.0%, 4-1-34    
341
     
348,230
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.5%, 4-1-34    
767
     
796,165
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      5.5%, 7-1-34    
432
     
433,508
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.0%, 8-1-34    
244
     
249,239
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      5.5%, 9-1-34    
147
     
147,159
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.5%, 9-1-34    
234
     
243,038
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      5.5%, 10-1-34    
2,712
     
2,717,510
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      5.5%, 10-1-34    
387
     
388,457
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      5.5%, 11-1-34    
387
     
387,811
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.0%, 11-1-34    
234
     
239,227
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.5%, 11-1-34    
448
     
465,258
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.5%, 11-1-34    
341
     
353,742
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      5.5%, 2-1-35    
747
     
748,822
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      5.0%, 4-1-35    
200
     
195,500
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.0%, 4-1-35    
1,080
     
1,103,625
 
Federal National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.5%, 4-1-35    
235
     
243,813
 
Government National Mortgage Association Agency
      REMIC/CMO (Interest Only),
               
      0.99676%, 6-17- 45    
1,600
     
100,537
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      6.25%, 7-15-24    
138
     
144,788
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      5.0%, 11-15-33    
1,382
     
1,365,320
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      5.5%, 12-15-34    
548
     
553,619
 
Government National Mortgage Association Fixed Rate
      Pass-Through Certificates,
               
      5.5%, 4-1-35    
525
     
529,594
 
Government National Mortgage Association Non-Agency
      REMIC/CMO,
               
      5.008%, 12-16-25    
500
     
500,519
 
                 
TOTAL UNITED STATES GOVERNMENT AND
      GOVERNMENT AGENY OBLIGATIONS - 66.19%
         
$
17,686,014
 

(Cost: $17,779,307)
               
                 
SHORT-TERM SECURITIES                

                 
Commercial Paper                
      Aluminum - 3.74%
               
      Alcoa Incorporated,
               
            2.82%, 4-  4-05    
1,000
     
999,765
 
                 
      Health Care - Drugs - 4.57%
               
      Abbott Laboratories,
               
            2.79%, 4-1-05    
1,220
     
1,220,000
 
                 
Total Commercial Paper - 8.31%            
2,219,765
 

                 
United States Government Security - 4.86%                
Federal Home Loan Bank,
               
      2.43%, 4-1-05    
1,300
     
1,300,000
 
                 
TOTAL SHORT-TERM SECURITIES - 13.17%          
$
3,519,765
 

(Cost: $3,519,765)
               
                 
TOTAL INVESTMENT SECURITIES - 100.00%          
$
26,720,851
 

(Cost: $26,881,779)
               
                 
Notes to Schedule of Investments
 
(A)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2005, the total value of these securities amounted to $1,112,330 or 4.16% of total investments.




The Investments of W&R Target Real Estate Securities Portfolio

 
      March 31, 2005                
                 
COMMON STOCKS    
Shares
     
Value
 

                 
Business Equipment and Services - 3.48%                
Brookfield Properties Corporation
   
22,300
   
$
858,550
 
                 
Homebuilders, Mobile Homes - 0.06%                
WCI Communities, Inc.*
   
500
   


15,040
 
                 
Hotels and Gaming - 9.96%                
Hilton Hotels Corporation
   
44,000
     
983,400
 
Marriott International, Inc., Class A
   
3,700
     
247,382
 
Starwood Hotels & Resorts Worldwide, Inc.
   
20,500
     
1,230,615
 
           




2,461,397
 
                 
Multiple Industry - 7.34%                
Boardwalk Real Estate Investment Trust (A)
   
11,200
     
171,268
 
Education Realty Trust, Inc.*
   
26,300
     
437,369
 
NorthStar Realty Finance Corp.*
   
34,000
     
329,120
 
Spirit Finance Corporation*
   
33,900
     
368,154
 
Sunstone Hotel Investors, Inc.
   
8,600
     
184,470
 
Thomas Properties Group, Inc.*
   
13,800
     
172,293
 
U-Store-It Trust
   
8,700
     
151,380
 
           




1,814,054
 
                 
Real Estate Investment Trust - 75.03%                
Alexandria Real Estate Equities, Inc.
   
6,300
     
405,594
 
American Campus Communities, Inc.
   
20,200
     
424,200
 
Archstone-Smith Trust
   
11,800
     
402,498
 
Arden Realty, Inc.
   
5,300
     
179,405
 
AvalonBay Communities, Inc.
   
6,900
     
461,541
 
BioMed Realty Trust, Inc.
   
24,400
     
502,640
 
Boston Properties, Inc.
   
13,300
     
801,059
 
Brandywine Realty Trust
   
21,300
     
604,920
 
Camden Property Trust
   
15,100
     
710,153
 
Capital Automotive REIT
   
5,000
     
165,575
 
Catellus Development Corporation
   
6,800
     
181,220
 
Colonial Properties Trust
   
2,900
     
111,389
 
Cousins Properties Incorporated
   
9,900
     
256,113
 
Developers Diversified Realty Corporation
   
22,600
     
898,350
 
Equity One, Inc.
   
20,200
     
415,918
 
Equity Residential
   
21,600
     
695,736
 
Essex Property Trust, Inc.
   
1,100
     
75,834
 
Extra Space Storage Inc.
   
17,042
     
230,067
 
First Potomac Realty Trust
   
14,500
     
331,325
 
General Growth Properties, Inc.
   
29,080
     
991,628
 
Gramercy Capital Corp.
   
14,000
     
273,000
 
Hersha Hospitality Trust
   
29,500
     
294,115
 
Home Properties, Inc.
   
5,800
     
225,040
 
Host Marriott Corporation
   
21,300
     
352,728
 
Kimco Realty Corporation
   
12,900
     
695,310
 
Kite Realty Group Trust
   
29,700
     
427,680
 
LTC Properties, Inc.
   
10,500
     
182,175
 
Liberty Property Trust
   
7,200
     
281,160
 
Mack-Cali Realty Corporation
   
2,400
     
101,640
 
Maguire Properties, Inc.
   
8,600
     
205,368
 
Mills Corporation (The)
   
19,300
     
1,020,970
 
Newcastle Investment Corp.
   
7,200
     
213,120
 
PS Business Parks, Inc.
   
6,400
     
257,920
 
Pan Pacific Retail Properties, Inc.
   
1,300
     
73,775
 
Prentiss Properties Trust
   
13,000
     
444,080
 
ProLogis
   
34,900
     
1,294,790
 
Public Storage, Inc.
   
2,900
     
165,126
 
Regency Centers Corporation
   
5,800
     
276,254
 
Simon Property Group, Inc.
   
20,700
     
1,254,006
 
Strategic Hotel Capital, L.L.C.
   
22,200
     
326,340
 
Tanger Factory Outlet Centers, Inc.
   
5,984
     
131,648
 
United Dominion Realty Trust, Inc.
   
29,000
     
605,230
 
Ventas, Inc.
   
17,000
     
424,320
 
Winston Hotels, Inc.
   
14,000
     
163,800
 
           




18,534,760
 
                 
Retail - Specialty Stores - 1.45%                
Forest City Enterprises, Inc., Class A
   
5,613
     
358,109
 
                 
                 
TOTAL COMMON STOCKS - 97.32%          
$
24,041,910
 

(Cost: $23,180,674)
               
         
         
SHORT-TERM SECURITY - 2.68%
 
 Principal
Amount in
Thousands
       

                 
Health Care - Drugs                
Abbott Laboratories,
               
      2.79%, 4-1-05  
$
661
   
$
661,000
 
(Cost: $661,000)
               
                 
TOTAL INVESTMENT SECURITIES - 100.00%          
$
24,702,910
 

(Cost: $23,841,674)
               
                 

Notes to Schedule of Investments
*No dividends were paid during the preceding 12 months.
 
(A)Listed on an exchange outside the United States.




The Investments of W&R Target Science and Technology Portfolio

 
      March 31, 2005                
                 
COMMON STOCKS    
Shares
     
Value
 

                 
Broadcasting - 2.97%                
DIRECTV Group, Inc. (The)*
   
205,100
   
$
2,957,542
 
XM Satellite Radio Holdings Inc., Class A*
   
196,500
     
6,205,470
 
           




9,163,012
 
                 
Business Equipment and Services - 11.26%                
CheckFree Corporation*
   
273,200
     
11,134,266
 
Euronet Worldwide, Inc.*
   
263,350
     
7,519,959
 
First Data Corporation
   
287,600
     
11,305,556
 
Headwaters Incorporated*
   
145,700
     
4,785,516
 
           




34,745,297
 
                 
Computers - Micro - 4.01%                
Apple Computer, Inc.*
   
182,000
     
7,598,500
 
Dell Inc.*
   
124,200
     
4,772,385
 
           




12,370,885
 
                 
Computers - Peripherals - 13.90%                
Amdocs Limited*
   
219,150
     
6,223,860
 
BEA Systems, Inc.*
   
356,800
     
2,841,912
 
Check Point Software Technologies Ltd.*
   
380,700
     
8,270,708
 
Microsoft Corporation
   
294,600
     
7,119,009
 
Oracle Corporation*
   
461,400
     
5,755,965
 
Red Hat, Inc.*
   
426,600
     
4,652,073
 
Symbol Technologies, Inc.
   
555,140
     
8,043,979
 
           




42,907,506
 
                 
Electronic Components - 16.59%                
Advanced Micro Devices, Inc.*
   
185,800
     
2,995,096
 
Amphenol Corporation, Class A*
   
120,200
     
4,452,208
 
Analog Devices, Inc.
   
92,000
     
3,324,880
 
Broadcom Corporation, Class A*
   
98,500
     
2,954,507
 
Cherokee International Corporation*
   
128,400
     
896,874
 
Cypress Semiconductor Corporation*
   
297,300
     
3,745,980
 
Intel Corporation
   
129,500
     
3,008,285
 
MEMC Electronic Materials, Inc.*
   
270,100
     
3,632,845
 
MediaTek Incorporation (A)
   
390,006
     
2,771,745
 
Microchip Technology Incorporated
   
269,500
     
7,000,263
 
Samsung Electronics Co., Ltd. (A)
   
24,600
     
12,160,709
 
Xilinx, Inc.
   
145,900
     
4,263,928
 
           




51,207,320
 
                 
Electronic Instruments - 1.18%                
ASML Holding N.V.*
   
91,300
     
1,531,558
 
Mattson Technology, Inc.*
   
265,100
     
2,098,266
 
           




3,629,824
 
                 
Health Care - Drugs - 7.10%                
Amgen Inc.*
   
86,800
     
5,049,156
 
Genzyme Corporation*
   
164,000
     
9,389,820
 
IVAX Corporation*
   
377,500
     
7,463,175
 
           




21,902,151
 
                 
Health Care - General - 3.83%                
Advanced Medical Optics, Inc.*
   
178,100
     
6,449,001
 
Boston Scientific Corporation*
   
183,500
     
5,374,715
 
           




11,823,716
 
                 
Hospital Supply and Management - 20.77%                
Cerner Corporation*
   
299,200
     
15,737,920
 
HCA Inc.
   
177,200
     
9,492,604
 
PacifiCare Health Systems, Inc.*
   
52,900
     
3,011,068
 
Tenet Healthcare Corporation*
   
304,100
     
3,506,273
 
Triad Hospitals, Inc.*
   
76,500
     
3,832,650
 
UnitedHealth Group Incorporated
   
113,000
     
10,777,940
 
VCA Antech, Inc.*
   
66,900
     
1,353,052
 
WellCare Health Plans, Inc.*
   
311,700
     
9,494,382
 
WellPoint, Inc.*
   
55,200
     
6,919,320
 
           




64,125,209
 
                 
Multiple Industry - 9.53%                
Critical Therapeutics, Inc.*
   
25,300
     
162,046
 
Cytokinetics, Incorporated*
   
51,900
     
339,945
 
Dolby Laboratories, Inc., Class A*
   
169,700
     
3,987,950
 
DreamWorks Animation SKG, Inc., Class A*
   
155,500
     
6,330,405
 
Google Inc., Class A*
   
45,400
     
8,194,019
 
Research In Motion Limited*
   
115,600
     
8,823,170
 
Telvent GIT, S.A.*
   
160,300
     
1,592,581
 
           




29,430,116
 
                 
Security and Commodity Brokers - 2.56%                
Chicago Mercantile Exchange Holdings Inc.
   
40,800
   


7,916,424
 
                 
Timesharing and Software - 3.47%                
Alliance Data Systems Corporation*
   
265,400
   


10,722,160
 
                 
TOTAL COMMON STOCKS - 97.17%          
$
299,943,620
 

(Cost: $255,399,794)
               
                 
     
Principal
         
     
Amount in
         
SHORT-TERM SECURITIES    
Thousands
     
Value
 

                 
Aluminum - 1.31%                
Alcoa Incorporated,
               
      2.85%, 4-1-05  
$
1,036
     
1,036,000
 
Alcoa Incorporated,
               
      2.82%, 4-4-05    
3,000
     
2,999,295
 
           




4,035,295
 
                 
Forest and Paper Products - 0.87%                
Sonoco Products Co.,
               
      2.88%, 4-1-05    
2,688
     
2,688,000
 
                 
Multiple Industry - 0.65%                
Detroit Edison Co.,
               
      2.85%, 4-6-05    
2,000
     
1,999,208
 
                 
TOTAL SHORT-TERM SECURITIES - 2.83%          
$
8,722,503
 

(Cost: $8,722,503)
               
                 
TOTAL INVESTMENT SECURITIES - 100.00%          
$
308,666,123
 

(Cost: $264,122,297)
               
                 
                 

Notes to Schedule of Investments
*No dividends were paid during the preceding 12 months.
 
(A)Listed on an exchange outside the United States.




The Investments of W&R Target Small Cap Growth Portfolio

 
      March 31, 2005                
                 
                 
COMMON STOCKS    
Shares
     
Value
 

                 
Apparel - 3.63%                
Oxford Industries, Inc.
   
303,500
     
11,105,065
 
Quiksilver, Inc.*
   
333,850
     
9,691,665
 
           




20,796,730
 
                 
Banks - 1.34%                
City National Corporation
   
110,100
     
7,687,182
 
                 
Business Equipment and Services - 9.50%                
CheckFree Corporation*
   
374,855
     
15,277,216
 
Headwaters Incorporated*
   
238,800
     
7,843,386
 
Jacobs Engineering Group Inc.*
   
147,800
     
7,673,776
 
Macrovision Corporation*
   
326,100
     
7,394,317
 
Resources Connection, Inc.*
   
534,164
     
11,193,407
 
Strayer Education, Inc.
   
45,100
     
5,113,438
 
           




54,495,540
 
                 
Capital Equipment - 4.40%                
Chicago Bridge & Iron Company N.V., NY Shares
   
239,900
     
10,562,797
 
Cooper Cameron Corporation*
   
123,600
     
7,071,156
 
Nordson Corporation
   
206,707
     
7,604,751
 
           




25,238,704
 
                 
Chemicals - Specialty - 1.71%                
Minerals Technologies Inc.
   
148,700
     
9,781,486
 
                 
Communications Equipment - 3.48%                
ADC Telecommunications, Inc.*
   
1,809,100
     
3,591,063
 
ADTRAN, Inc.
   
352,150
     
6,213,687
 
Inter-Tel, Incorporated
   
102,550
     
2,509,911
 
Plantronics, Inc.
   
201,400
     
7,669,312
 
           




19,983,973
 
                 
Computers - Peripherals - 16.13%                
Allscripts Healthcare Solutions, Inc.*
   
254,300
     
3,630,132
 
Avid Technology, Inc.*
   
145,600
     
7,882,056
 
Cognex Corporation
   
349,500
     
8,697,308
 
Epicor Software Corporation*
   
301,900
     
3,950,362
 
Kronos Incorporated*
   
239,200
     
12,206,376
 
Macromedia, Inc.*
   
313,400
     
10,486,364
 
McAfee, Inc.*
   
172,050
     
3,881,448
 
MICROS Systems, Inc.*
   
265,400
     
9,730,891
 
National Instruments Corporation
   
297,050
     
8,008,468
 
Nautilus Group, Inc. (The)
   
529,900
     
12,590,424
 
Red Hat, Inc.*
   
479,200
     
5,225,676
 
Take-Two Interactive Software, Inc.*
   
158,800
     
6,206,698
 
           




92,496,203
 
                 
Cosmetics and Toiletries - 1.37%                
Nu Skin Enterprises, Inc., Class A
   
348,900
     
7,853,739
 
                 
Electrical Equipment - 0.49%                
Microsemi Corporation*
   
173,600
     
2,823,604
 
                 
Electronic Components - 2.23%                
FormFactor, Inc.*
   
345,000
     
7,809,075
 
Semtech Corporation*
   
278,650
     
4,973,902
 
           




12,782,977
 
Electronic Instruments - 3.82%                
FLIR Systems, Inc.*
   
388,100
     
11,751,668
 
WMS Industries Inc.*
   
361,050
     
10,167,168
 
           




21,918,836
 
Finance Companies - 1.31%                
Financial Federal Corporation
   
212,450
     
7,514,356
 
                 
Food and Related - 1.82%                
J.M. Smucker Company (The)
   
207,300
     
10,427,190
 
                 
Health Care - Drugs - 3.73%                
Amylin Pharmaceuticals, Inc.*
   
118,200
     
2,069,091
 
Angiotech Pharmaceuticals, Inc.*
   
333,200
     
5,119,618
 
Encysive Pharmaceuticals Inc.*
   
199,100
     
2,033,806
 
Martek Biosciences Corporation*
   
208,824
     
12,167,130
 
           




21,389,645
 
                 
Health Care - General - 9.28%                
Advanced Neuromodulation Systems, Inc.*
   
268,150
     
7,128,768
 
American Medical Systems Holdings, Inc.*
   
277,500
     
4,757,737
 
Digene Corporation*
   
292,500
     
6,062,063
 
Hologic, Inc.*
   
216,000
     
6,885,000
 
ResMed Inc.*
   
216,750
     
12,224,700
 
Schein (Henry), Inc.*
   
282,200
     
10,097,116
 
Wright Medical Group, Inc.*
   
254,150
     
6,072,914
 
           




53,228,298
 
                 
Hospital Supply and Management - 6.00%                
Advisory Board Company (The)*
   
181,703
     
7,934,970
 
Cerner Corporation*
   
337,356
     
17,744,926
 
VCA Antech, Inc.*
   
431,300
     
8,723,043
 
           




34,402,939
 
                 
Leisure Time Industry - 1.29%                
THQ Inc.*
   
264,200
     
7,408,168
 
                 
Motor Vehicle Parts - 1.01%                
Gentex Corporation
   
182,550
     
5,820,607
 
                 
Multiple Industry - 0.53%                
FoxHollow Technologies, Inc.*
   
109,000
     
3,063,445
 
                 
Petroleum - Domestic - 1.43%                
Western Gas Resources, Inc.
   
238,100
     
8,202,545
 
                 
Petroleum - International - 2.55%                
Newfield Exploration Company*
   
196,650
     
14,603,229
 
                 
Petroleum - Services - 2.16%                
Patterson-UTI Energy, Inc.
   
494,750
     
12,376,171
 
                 
Publishing - 2.42%                
Getty Images, Inc.*
   
194,962
     
13,863,748
 
                 
Railroad - 1.59%                
Kansas City Southern*
   
474,650
     
9,141,759
 
                 
Restaurants - 0.25%                
Red Robin Gourmet Burgers, Inc.*
   
28,000
     
1,425,620
 
                 
Retail - Specialty Stores - 4.33%                
Guitar Center, Inc.*
   
103,800
     
5,691,873
 
O'Reilly Automotive, Inc.*
   
226,850
     
11,244,955
 
Tractor Supply Company*
   
181,200
     
7,884,012
 
           




24,820,840
 
                 
Timesharing and Software - 6.54%                
Digitas Inc.*
   
841,350
     
8,501,842
 
FactSet Research Systems, Inc.
   
412,025
     
13,600,945
 
MicroStrategy Incorporated, Class A*
   
145,550
     
7,898,271
 
Zebra Technologies Corporation*
   
158,000
     
7,501,050
 
           




37,502,108
 
                 
TOTAL COMMON STOCKS - 94.34%          
$
541,049,642
 

(Cost: $439,849,546)
               
                 
SHORT-TERM SECURITIES  
Principal
Amount
in Thousands
       

                 
Certificate of Deposit - 1.05%                
      Banks                
      Wells Fargo Bank, N.A.,
               
            2.79%, 4-14-05    
$6,000
     
6,000,000
 
                 
Commercial Paper                
      Aluminum - 0.78%                
      Alcoa Incorporated,
               
            2.85%, 4-1-05    
4,465
     
4,465,000
 
                 
      Capital Equipment - 1.39%                
      John Deere Capital Corporation,
               
            2.84%, 4-21-05    
3,000
     
2,995,267
 
      John Deere Finance S.A.
            (John Deere Capital Corporation),
               
            2.76%, 4-7-05    
4,997
     
4,994,701
 
           




7,989,968
 
                 
      Food and Related - 0.52%                
      Heinz (H.J.) Finance Co. (Heinz (H.J.) Co.),
               
            2.82%, 4-4-05    
3,000
     
2,999,295
 
                 
      Multiple Industry - 1.22%                
      General Electric Capital Corporation,
               
            2.82%, 4-1-05    
7,000
     
7,000,000
 
                 
      Retail - General Merchandise - 0.70%                
      Wal-Mart Stores, Inc.,
               
            2.75%, 4-4-05    
4,000
     
3,999,083
 
                 
Total Commerical Paper - 4.61%            
26,453,346
 

                 
TOTAL SHORT-TERM SECURITIES - 5.66%          
$
32,453,346
 

(Cost: $32,453,346)
               
                 
TOTAL INVESTMENT SECURITIES - 100.00%          
$
573,502,988
 

(Cost: $472,302,892)
               
                 

Notes to Schedule of Investments
*No dividends were paid during the preceding 12 months.




The Investments of W&R Target Small Cap Value Portfolio

 
      March 31, 2005                
COMMON STOCKS    
Shares
     
Value
 

                 
Aircraft - 1.69%                
AAR CORP.*
   
20,592
   
$
280,051
 
Esterline Technologies Corporation
   
18,800
     
649,540
 
HEICO Corporation
   
22,500
     
452,250
 
Herley Industries, Inc.*
   
16,300
     
278,648
 
Triumph Group, Inc.*
   
17,200
     
669,768
 
           




2,330,257
 
                 
Apparel - 0.98%                
Reebok International Ltd.
   
20,100
     
890,430
 
Russell Corporation
   
25,300
     
457,424
 
           




1,347,854
 
                 
Banks - 3.12%                
First Niagara Financial Group, Inc.
   
30,300
     
400,111
 
Gold Banc Corporation, Inc.
   
69,600
     
976,140
 
Irwin Financial Corporation
   
41,700
     
959,934
 
Sterling Bancshares, Inc.
   
42,400
     
600,384
 
Trustmark Corporation
   
47,500
     
1,372,038
 
           




4,308,607
 
                 
Broadcasting - 0.57%                
Entercom Communications Corp.*
   
11,900
     
422,688
 
Gray Television, Inc.
   
25,000
     
361,750
 
           




784,438
 
                 
Business Equipment and Services - 5.44%                
Aaron Rents, Inc.
   
32,300
     
646,000
 
Brink's Company (The)
   
29,800
     
1,031,080
 
Carreker Corporation*
   
38,852
     
218,542
 
Excel Technology, Inc.*
   
10,583
     
260,236
 
Heidrick & Struggles International, Inc.*
   
32,800
     
1,205,236
 
Laidlaw International, Inc.*
   
60,600
     
1,260,480
 
Learning Tree International, Inc.*
   
20,036
     
289,019
 
NCO Group, Inc.*
   
17,000
     
331,585
 
Premiere Global Services, Inc.*
   
62,700
     
709,764
 
ProQuest Company*
   
14,200
     
513,330
 
Stewart Enterprises, Inc., Class A*
   
116,900
     
718,351
 
Tetra Tech, Inc.*
   
26,600
     
335,160
 
           




7,518,783
 
                 
Capital Equipment - 2.47%                
Flowserve Corporation*
   
12,900
     
333,723
 
JLG Industries, Inc.
   
21,757
     
468,863
 
Kadant Inc.*
   
24,400
     
452,620
 
Manitowoc Company, Inc. (The)
   
22,700
     
916,853
 
Stewart & Stevenson Services, Inc.
   
17,400
     
398,286
 
Valmont Industries, Inc.
   
14,782
     
329,934
 
Watts Water Technologies, Inc., Class A
   
15,700
     
511,977
 
           




3,412,256
 
                 
Chemicals - Petroleum and Inorganic - 0.90%                
NuCO2 Inc.*
   
33,100
     
870,365
 
Tredegar Corporation
   
21,900
     
369,234
 
           




1,239,599
 
                 
Chemicals - Specialty - 1.66%                
Cambrex Corporation
   
14,065
     
299,585
 
Cytec Industries Inc.
   
25,500
     
1,383,375
 
Minerals Technologies Inc.
   
5,200
     
342,056
 
OMNOVA Solutions Inc.*
   
50,803
     
272,812
 
           




2,297,828
 
                 
Coal - 1.89%                
Foundation Coal Holdings, Inc.
   
61,900
     
1,455,269
 
Massey Energy Company
   
28,900
     
1,157,156
 
           




2,612,425
 
                 
Communications Equipment - 0.67%                
Anaren, Inc.*
   
29,900
     
362,537
 
Belden CDT Inc.
   
25,100
     
557,471
 
Tellabs, Inc.*
   
1
     
1
 
           




920,009
 
                 
Computers - Micro - 0.15%                
Tech Data Corporation*
   
5,753
     
213,235
 
                 
Computers - Peripherals - 4.31%                
Ascential Software Corporation*
   
33,500
     
620,252
 
Aspen Technology, Inc.*
   
44,372
     
251,811
 
Electronics for Imaging, Inc.*
   
30,200
     
538,617
 
Gerber Scientific, Inc.*
   
394
     
2,868
 
MRO Software, Inc.*
   
30,500
     
426,238
 
Mentor Graphics Corporation*
   
56,300
     
771,029
 
NMS Communications Corporation*
   
44,800
     
191,296
 
Novatel Wireless, Inc.*
   
64,000
     
686,720
 
TIBCO Software Inc.*
   
88,665
     
659,224
 
Titan Corporation (The)*
   
99,200
     
1,801,472
 
           




5,949,527
 
                 
Construction Materials - 1.60%                
Martin Marietta Materials, Inc.
   
12,400
     
693,408
 
Walter Industries, Inc.
   
35,500
     
1,510,525
 
           




2,203,933
 
                 
Containers - 3.42%                
AptarGroup, Inc.
   
24,200
     
1,257,916
 
Crown Holdings, Inc.*
   
92,700
     
1,442,412
 
Jarden Corporation*
   
28,400
     
1,302,992
 
Packaging Corporation of America
   
29,800
     
723,842
 
           




4,727,162
 
                 
Cosmetics and Toiletries - 0.92%                
Nu Skin Enterprises, Inc., Class A
   
33,500
     
754,085
 
Playtex Products, Inc.*
   
57,200
     
514,800
 
           




1,268,885
 
                 
Defense - 0.97%                
Alliant Techsystems Inc.*
   
9,800
     
700,210
 
Teledyne Technologies Incorporated*
   
20,400
     
638,520
 
           




1,338,730
 
                 
Electronic Components - 1.71%                
AVX Corporation
   
18,100
     
221,725
 
Brooks Automation, Inc.*
   
42,100
     
637,604
 
IXYS Corporation*
   
31,235
     
357,485
 
KEMET Corporation*
   
7,799
     
60,442
 
Thomas & Betts Corporation*
   
33,700
     
1,088,510
 
           




2,365,766
 
                 
Electronic Instruments - 1.93%                
AMETEK, Inc.
   
17,800
     
716,450
 
LeCroy Corporation*
   
20,300
     
347,638
 
Roper Industries, Inc.
   
10,600
     
694,300
 
Technitrol, Inc.*
   
61,129
     
912,045
 
           




2,670,433
 
                 
Finance Companies - 2.36%                
Allmerica Financial Corporation*
   
57,900
     
2,081,505
 
American Capital Strategies, Ltd.
   
19,700
     
619,466
 
MCG Capital Corporation
   
36,300
     
558,476
 
           




3,259,447
 
                 
Food and Related - 4.05%                
American Italian Pasta Company, Class A
   
14,300
     
391,820
 
Chiquita Brands International Inc.
   
60,600
     
1,622,868
 
Dean Foods Company*
   
29,000
     
994,700
 
Del Monte Foods Company*
   
72,700
     
788,795
 
Ralcorp Holdings, Inc.
   
31,200
     
1,477,320
 
Sensient Technologies Corporation
   
14,699
     
316,910
 
           




5,592,413
 
                 
Forest and Paper Products - 1.11%                
Caraustar Industries, Inc.*
   
27,298
     
351,052
 
Owens-Illinois, Inc.*
   
47,100
     
1,184,094
 
           




1,535,146
 
                 
Furniture and Furnishings - 0.23%                
Steelcase Inc.
   
23,400
     
322,920
 
                 
Health Care - Drugs - 0.66%                
Par Pharmaceutical Companies, Inc.*
   
14,100
     
471,504
 
Valeant Pharmaceuticals International
   
19,400
     
436,888
 
           




908,392
 
                 
Health Care - General - 3.62%                
Apria Healthcare Group Inc.*
   
22,400
     
719,040
 
Cooper Companies, Inc. (The)
   
8,400
     
612,360
 
dj Orthopedics, Inc.*
   
27,747
     
695,062
 
ICU Medical, Inc.*
   
12,500
     
443,500
 
STERIS Corporation*
   
30,500
     
770,125
 
Sybron Dental Specialties, Inc.*
   
36,300
     
1,303,170
 
VIASYS Healthcare Inc.*
   
23,800
     
454,104
 
           




4,997,361
 
                 
Homebuilders, Mobile Homes - 1.30%                
Champion Enterprises, Inc.*
   
52,400
     
492,560
 
Fleetwood Enterprises, Inc.*
   
150,500
     
1,309,350
 
           




1,801,910
 
                 
Hospital Supply and Management - 3.39%                
Cytyc Corporation*
   
13,200
     
304,392
 
Laboratory Corporation of America Holdings*
   
27,800
     
1,339,960
 
LifePoint Hospitals, Inc.*
   
28,800
     
1,258,848
 
Province Healthcare Company*
   
43,400
     
1,045,506
 
RehabCare Group, Inc.*
   
25,600
     
734,976
 
           




4,683,682
 
                 
Hotels and Gaming - 3.30%                
Boyd Gaming Corporation
   
26,100
     
1,361,115
 
Gaylord Entertainment Company*
   
33,500
     
1,353,400
 
Kerzner International Limited*
   
21,300
     
1,304,199
 
Pinnacle Entertainment, Inc.*
   
32,600
     
544,420
 
           




4,563,134
 
                 
Household - General Products - 0.93%                
Church & Dwight Co., Inc.
   
36,400
     
1,291,108
 
                 
Household - Major Appliances - 0.92%                
Briggs & Stratton Corporation
   
35,000
     
1,274,350
 
                 
Insurance - Life - 1.01%                
AmerUs Group Co.
   
12,000
     
567,000
 
Universal American Financial Corp.*
   
47,900
     
827,952
 
           




1,394,952
 
                 
Insurance - Property and Casualty - 3.17%                
Harleysville Group Inc.
   
16,813
     
334,999
 
Hub International Limited
   
22,800
     
440,040
 
Max Re Capital Ltd.
   
42,700
     
1,002,169
 
Odyssey Re Holdings Corp.
   
25,300
     
633,512
 
Ohio Casualty Corporation*
   
33,300
     
764,402
 
PXRE Group Ltd.
   
25,000
     
641,250
 
United America Indemnity, Ltd., Class A*
   
29,800
     
563,965
 
           




4,380,337
 
                 
Leisure Time Industry - 2.19%                
Brunswick Corporation
   
23,200
     
1,086,920
 
K2 Inc.*
   
54,200
     
745,250
 
RC2 Corporation*
   
21,900
     
744,053
 
Steiner Leisure Limited*
   
13,700
     
450,525
 
           




3,026,748
 
                 
Metal Fabrication - 0.69%                
Ladish Co., Inc.*
   
39,675
     
473,124
 
RTI International Metals, Inc.*
   
20,600
     
482,040
 
           




955,164
 
                 
Motor Vehicle Parts - 0.34%                
Apogee Enterprises, Inc.
   
32,638
     
464,602
 
                 
Multiple Industry - 6.16%                
Alpha Natural Resources, Inc.*
   
30,300
     
868,701
 
Aspen Insurance Holdings Limited
   
53,300
     
1,343,693
 
MoneyGram International, Inc.
   
18,500
     
349,465
 
Montpelier Re Holdings Ltd.
   
33,716
     
1,185,117
 
NorthWestern Corporation
   
48,500
     
1,279,673
 
PHH Corporation*
   
29,600
     
647,352
 
Platinum Underwriters Holdings, Ltd.
   
17,600
     
522,720
 
Prestige Brands Holdings, Inc.*
   
51,900
     
916,035
 
Symmetry Medical Inc.*
   
43,800
     
833,076
 
TD Banknorth Inc.*
   
17,934
     
560,258
 
           




8,506,090
 
                 
Non-Residential Construction - 0.48%                
ElkCorp
   
17,400
     
669,204
 
                 
Petroleum - International - 2.25%                
Forest Oil Corporation*
   
25,000
     
1,012,500
 
Kerr-McGee Corporation
   
13,100
     
1,026,123
 
Vintage Petroleum, Inc.
   
33,900
     
1,066,494
 
           




3,105,117
 
                 
Petroleum - Services - 1.34%                
Core Laboratories N.V.*
   
23,600
     
605,812
 
Global Industries, Ltd.*
   
72,500
     
681,137
 
Veritas DGC Inc.*
   
18,800
     
563,248
 
           




1,850,197
 
                 
Publishing - 1.50%                
Banta Corporation
   
29,300
     
1,254,040
 
Journal Register Company*
   
32,500
     
542,750
 
PRIMEDIA Inc.*
   
64,800
     
281,880
 
           




2,078,670
 
                 
Railroad - 0.88%                
RailAmerica, Inc.*
   
30,700
     
383,136
 
Westinghouse Air Brake Technologies Corporation
   
40,442
     
828,657
 
           




1,211,793
 
                 
Real Estate Investment Trust - 1.50%                
Heritage Property Investment Trust, Inc.
   
15,100
     
448,168
 
Highland Hospitality Corporation
   
22,300
     
230,805
 
HomeBanc Corp.
   
108,700
     
960,908
 
Rayonier Inc.
   
8,665
     
429,177
 
           




2,069,058
 
                 
Restaurants - 1.66%                
CKE Restaurants, Inc.*
   
42,100
     
667,285
 
O'Charley's Inc.*
   
14,200
     
309,205
 
Papa John's International, Inc.*
   
8,300
     
288,135
 
Ruby Tuesday, Inc.
   
42,500
     
1,032,325
 
           




2,296,950
 
                 
Retail - Food Stores - 0.46%                
Longs Drug Stores Corporation
   
18,399
     
629,614
 
                 
Retail - General Merchandise - 3.13%                
BJ's Wholesale Club, Inc.*
   
46,300
     
1,438,078
 
Federated Department Stores, Inc.
   
19,300
     
1,228,252
 
Saks Incorporated
   
91,600
     
1,653,380
 
           




4,319,710
 
                 
Retail - Specialty Stores - 2.50%                
AnnTaylor Stores Corporation*
   
68,200
     
1,745,238
 
CSK Auto Corporation*
   
20,600
     
363,590
 
Regis Corporation
   
32,800
     
1,342,504
 
           




3,451,332
 
                 
Savings and Loans - 1.86%                
Flagstar Bancorp, Inc.
   
49,600
     
969,680
 
Washington Federal, Inc.
   
68,600
     
1,601,467
 
           




2,571,147
 
                 
Security and Commodity Brokers - 1.40%                
Affiliated Managers Group, Inc.*
   
20,800
     
1,290,224
 
IndyMac Bancorp, Inc.
   
19,000
     
646,000
 
           




1,936,224
 
                 
Timesharing and Software - 0.35%                
CIBER, Inc.*
   
20,030
     
145,618
 
EarthLink, Inc.*
   
37,600
     
338,588
 
           




484,206
 
                 
Trucking and Shipping - 0.37%                
Kirby Corporation*
   
12,100
     
508,563
 
                 
Utilities - Electric - 4.32%                
CMS Energy Corporation*
   
97,800
     
1,275,312
 
DPL Inc.
   
26,900
     
672,500
 
PNM Resources, Inc.
   
71,000
     
1,894,280
 
Reliant Energy, Inc.*
   
85,800
     
976,404
 
Westar Energy, Inc.
   
22,400
     
484,736
 
Wisconsin Energy Corporation
   
18,900
     
670,950
 
           




5,974,182
 
                 
Utilities - Gas and Pipeline - 1.55%                
Energen Corporation
   
21,900
     
1,458,540
 
UGI Corporation
   
15,000
     
681,300
 
           




2,139,840
 
                 
                 
TOTAL COMMON STOCKS - 95.38%          
$
131,763,290
 

(Cost: $117,193,882)
               
                 
     
Principal
         
     
Amount in
         
SHORT-TERM SECURITIES    
Thousands
     
 

                 
Capital Equipment - 1.44%                
John Deere Capital Corporation,
               
      2.84%, 4-21-05  
$
2,000
     
1,996,845
 
                 
Finance Companies - 1.45%                
PACCAR Financial Corp.,
               
      2.77%, 4-12-05    
2,000
     
1,998,307
 
                 
Health Care - Drugs - 1.73%                
Abbott Laboratories,
               
      2.79%, 4-1-05    
2,394
     
2,394,000
 
                 
                 
TOTAL SHORT-TERM SECURITIES - 4.62%          
$
6,389,152
 

(Cost: $6,389,152)
               
                 
TOTAL INVESTMENT SECURITIES - 100.00%          
$
138,152,442
 

(Cost: $123,583,034)
               
                 

Notes to Schedule of Investments
*No dividends were paid during the preceding 12 months.




The Investments of W&R Target Value Portfolio  
      March 31, 2005                
                 
COMMON STOCKS    
Shares
     
Value
 

                 
Aircraft - 2.30%                
Lockheed Martin Corporation
   
130,200
   
$
7,950,012
 
                 
Aluminum - 0.64%                
Alcoa Incorporated
   
72,800
     

2,212,392
 
                 
Banks - 10.40%                
Bank of America Corporation
   
271,700
     
11,981,970
 
Citigroup Inc.
   
225,506
     
10,134,240
 
Mellon Financial Corporation
   
238,400
     
6,803,936
 
Wachovia Corporation
   
56,500
     
2,876,415
 
Wells Fargo & Company
   
70,000
     
4,186,000
 
           
 


35,982,561
 
                 
Beverages - 1.94%                
Diageo plc, ADR
   
55,400
     
3,152,260
 
Molson Coors Brewing Company, Class B
   
46,000
     
3,549,820
 
           
 


6,702,080
 
                 
Broadcasting - 1.72%                
Viacom Inc., Class B
   
170,700
     
5,945,481
 
                 
Business Equipment and Services - 2.88%                
ARAMARK Corporation, Class B
   
195,100
     
5,127,228
 
Waste Management, Inc.
   
168,200
     
4,852,570
 
           
 


9,979,798
 
                 
Capital Equipment - 1.37%                
Illinois Tool Works Inc.
   
52,900
     
4,736,137
 
                 
Chemicals - Petroleum and Inorganic - 1.93%                
Dow Chemical Company (The)
   
66,900
     
3,334,965
 
du Pont (E.I.) de Nemours and Company
   
65,300
     
3,345,972
 
           
 


6,680,937
 
                 
Chemicals - Specialty - 0.54%                
Air Products and Chemicals, Inc.
   
29,400
     
1,860,726
 
                 
Communications Equipment - 1.03%                
Cisco Systems, Inc.*
   
199,000
     
3,565,085
 
                 
Computers - Main and Mini - 0.84%                
International Business Machines Corporation
   
31,700
     
2,896,746
 
                 
Computers - Peripherals - 4.79%                
Amdocs Limited*
   
119,700
     
3,399,480
 
Lexmark International, Inc.*
   
43,400
     
3,470,698
 
Microsoft Corporation
   
176,800
     
4,272,372
 
Oracle Corporation*
   
434,900
     
5,425,378
 
           
 


16,567,928
 
                 
Cosmetics and Toiletries - 0.86%                
NBTY, Inc.*
   
118,100
     
2,963,129
 
                 
Electronic Components - 0.68%                
Texas Instruments Incorporated
   
92,400
     
2,355,276
 
                 
Finance Companies - 5.25%                
Fannie Mae
   
127,000
     
6,915,150
 
Freddie Mac
   
177,800
     
11,236,960
 
           
 


18,152,110
 
                 
Food and Related - 1.02%                
J.M. Smucker Company (The)
   
70,400
     
3,541,120
 
                 
Forest and Paper Products - 0.50%                
International Paper Company
   
47,300
     
1,740,167
 
                 
Furniture and Furnishings - 2.30%                
Masco Corporation
   
229,200
     
7,946,364
 
                 
Health Care - Drugs - 1.16%                
Shire Pharmaceuticals Group plc, ADR
   
116,800
     
4,013,248
 
                 
Health Care - General - 2.89%                
Da Vita Inc. (A)*
   
97,700
     
4,088,745
 
Renal Care Group, Inc.*
   
94,600
     
3,589,124
 
Wyeth
   
55,200
     
2,328,336
 
           
 


10,006,205
 
                 
Hospital Supply and Management - 2.36%                
PacifiCare Health Systems, Inc.*
   
143,300
     
8,156,636
 
                 
Insurance - Property and Casualty - 5.56%                
Allstate Corporation (The)
   
136,300
     
7,368,378
 
Assurant, Inc.
   
164,200
     
5,533,540
 
St. Paul Companies, Inc. (The)
   
172,101
     
6,321,270
 
           
 


19,223,188
 
                 
Leisure Time Industry - 1.99%                
Brunswick Corporation (A)
   
69,600
     
3,260,760
 
Cendant Corporation
   
176,000
     
3,615,040
 
           
 


6,875,800
 
                 
Motion Pictures - 1.99%                
News Corporation Limited, Class A
   
276,400
     
4,676,688
 
Time Warner Inc.*
   
125,500
     
2,202,525
 
           
 


6,879,213
 
                 
Multiple Industry - 4.25%                
General Electric Company
   
407,400
     
14,690,844
 
                 
Petroleum - International - 12.48%                
ChevronTexaco Corporation
   
207,400
     
12,093,494
 
ConocoPhillips (A)
   
49,000
     
5,284,160
 
Devon Energy Corporation
   
133,500
     
6,374,625
 
Exxon Mobil Corporation
   
325,904
     
19,423,878
 
           
 


43,176,157
 
                 
Publishing - 0.53%                
Gannett Co., Inc.
   
23,200
     
1,834,656
 
                 
Railroad - 1.17%                
Union Pacific Corporation
   
58,200
     
4,056,540
 
                 
Retail - General Merchandise - 1.95%                
Dollar General Corporation
   
150,700
     
3,301,837
 
Family Dollar Stores, Inc.
   
113,200
     
3,436,752
 
           
 


6,738,589
 
                 
Security and Commodity Brokers - 8.11%                
Marsh & McLennan Companies, Inc. (A)
   
95,900
     
2,917,278
 
Merrill Lynch & Co., Inc.
   
31,400
     
1,777,240
 
Morgan (J.P.) Chase & Co.
   
298,188
     
10,317,305
 
Morgan Stanley
   
112,410
     
6,435,472
 
Prudential Financial, Inc. (A)
   
115,200
     
6,612,480
 
           
 


28,059,775
 
                 
Tobacco - 2.11%                
Altria Group, Inc. (A)
   
111,700
     
7,304,063
 
                 
Utilities - Electric - 2.92%                
Dominion Resources, Inc.
   
60,200
     
4,480,686
 
PPL Corporation
   
104,300
     
5,631,157
 
           
 


10,111,843
 
                 
Utilities - Gas and Pipeline - 1.98%                
Enbridge Inc.
   
56,200
     
2,893,176
 
Kinder Morgan, Inc. (A)
   
52,200
     
3,951,540
 
           
 


6,844,716
 
                 
Utilities - Telephone - 5.59%                
Iowa Telecommunications Services, Inc.
   
210,300
     
4,100,850
 
SBC Communications Inc.
   
130,100
     
3,082,069
 
Sprint Corporation
   
213,200
     
4,850,300
 
Verizon Communications Inc.
   
108,300
     
3,844,650
 
Vodafone Group Plc, ADR
   
129,700
     
3,444,832
 
           
 


19,322,701
 
                 
TOTAL COMMON STOCKS - 98.03%          
$
339,072,223
 

(Cost: $288,341,999)
               
                 
PREFERRED STOCK - 0.22%                

                 
Finance Companies                
Federal National Mortgage Association,
     
      5.375% Convertible
8
   
$
747,693
(Cost: $800,000)
               
                 
     
Principal
         
     
Amount in
         
SHORT-TERM SECURITIES    
Thousands
         

                 
Aluminum - 1.03%                
Alcoa Incorporated,
               
      2.85%, 4-1-05  
$   3,557
     
3,557,000
 
                 
Retail - General Merchandise - 0.72%                
Wal-Mart Stores, Inc.,
               
      2.75%, 4-4-05    
2,500
     
2,499,427
 
                 
TOTAL SHORT-TERM SECURITIES - 1.75%          
$
6,056,427
 

(Cost: $6,056,427)
               
                 
TOTAL INVESTMENT SECURITIES - 100.00%          
$
345,876,343
 

(Cost: $295,198,426)
               

    *No dividends were paid during the preceding 12 months.
               
(A)As of March 31, 2005, a portion of these securities were used as cover for the following written call
      options:
 Underlying Security  
  Contracts
Subject
to Call
 
  Expiration
Month/
Exercise Price
Premium
Received
 
Market
Value

Altria Group, Inc.
 
263
 
May/70
$18,055
 
$18,410
Brunswick Corporation
 
348
 
April/50
26,100
 
4,489
ConocoPhillips
 
159
 
May/120
22,577
 
10,971
Da Vita Inc.
 
182
 
April/45
10,625
 
910
Kinder Morgan, Inc.
 
522
 
June/80
49,068
 
55,802
Prudential Financial, Inc.
 
302
 
April/60
23,555
 
4,530
       
 

$149,980
 

$95,112
       
 
     
In addition to the above written call options, the following written put option was outstanding as of March 31, 2005:
 Underlying Security  
  Contracts
Subject
to Put
 
  Expiration
Month/
Exercise Price
Premium
Received
 
Market
Value

Marsh & McLennan Companies, Inc.
346
 
April/30
$42,211
 
$19,030
       
 
     

 

ITEM 2. CONTROLS AND PROCEDURES.

(a) The Registrant's Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, have concluded that such controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective and adequately designed to ensure that information required to be disclosed by the Registrant in its reports that it files or submits is accumulated and communicated to the Registrant's management, including the Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.
   
(b) There were no significant changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

ITEM 3. EXHIBITS.

  A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).

 

Attached hereto as Exhibit 99.CERT.

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

W&R Target Funds, Inc.
(Registrant)

By

/s/Kristen A. Richards
 

Kristen A. Richards, Vice President and Secretary

 

Date May 31, 2005

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By

/s/Henry J. Herrmann
 

Henry J. Herrmann, President and Principal Executive Officer

 

Date May 31, 2005

 

By

/s/Theodore W. Howard
 

Theodore W. Howard, Treasurer and Principal Financial Officer

 

Date May 31, 2005

 

EX-99.CERT 2 certifications-tgt.htm CERTIFICATIONS

                                                                                                   Exhibit 99.CERT

CERTIFICATION


I, Henry J. Herrmann, certify that:

1.         I have reviewed this report on Form N-Q of W&R Target Funds, Inc.;

2         Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.         Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.         The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30(a)-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

         a)         Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that the material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

         b)         Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

         c)         Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

         d)         Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.         The registrant's other certifying officer and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing equivalent functions):

         a)         All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

         b)         Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 31, 2005

/s/Henry J. Herrmann
Henry J. Herrmann, Principal Executive Officer

 

CERTIFICATION


I, Theodore W. Howard, certify that:

1.         I have reviewed this report on Form N-Q of W&R Target Funds, Inc.;

2         Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.         Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.         The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30(a)-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

         a)         Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that the material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

         b)         Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

         c)         Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

         d)         Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.         The registrant's other certifying officer and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing equivalent functions):

         a)         All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

         b)         Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 31, 2005

/s/Theodore W. Howard
Theodore W. Howard, Principal Financial Officer

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