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.

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(Exact name of registrant as specified in charter)

6300 Lamar Avenue, Overland Park, Kansas 66202

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(Address of principal executive offices) (Zip code)

Kristen A. Richards

6300 Lamar Avenue

Overland Park, Kansas 66202

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(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, 2006

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, 100 F Street, NE, Washington, DC 20549. 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, 2006
BULLION - 4.25%	Troy Ounces			Value
Gold (Cost: $16,025,641)		35,899	$	20,952,430
COMMON STOCKS		Shares
Air Transportation - 0.25%
Air China Limited, H Shares (A)*		3,134,000		1,211,731
Aircraft - 3.07%
Boeing Company (The)		159,639		12,440,667
United Technologies Corporation		46,387		2,689,054
				15,129,721
Banks - 5.42%
Banco Itau Holding Financeira S.A., ADR		168,258		5,009,041
Kabushiki Kaisha Mitsubishi Tokyo Financial Group (A)		780		11,928,632
Kookmin Bank (A)		62,400		5,388,390
PT Bank Rakyat Indonesia (A)		5,352,000		2,296,996
Taishin Financial Holding Co., Ltd. (A)		3,853,000		2,124,827
				26,747,886
Business Equipment and Services - 5.87%
Dentsu Inc. (A)		1,478		5,361,988
Euronet Worldwide, Inc.*		120,257		4,548,120
Headwaters Incorporated*		100,746		4,008,683
Jacobs Engineering Group Inc.*		83,119		7,209,742
Mitsubishi Corporation (A)		77,200		1,757,825
Mitsui & Co., Ltd. (A)		274,000		3,962,175
Nomura Research Institute, Ltd. (A)		17,300		2,120,977
				28,969,510
Capital Equipment - 3.37%
Caterpillar Inc.		110,358		7,924,808
China Shenhua Energy Company Limited, H Shares (A)*		2,709,000		4,765,709
SMC Corporation (A)		25,300		3,942,243
				16,632,760
Chemicals -- Petroleum and Inorganic - 0.68%
Yara International ASA (A)		211,975		3,371,947
Chemicals -- Specialty - 0.49%
Air Products and Chemicals, Inc.		36,162		2,429,725
Coal - 2.86%
Alpha Natural Resources, Inc.*		155,099		3,588,991
Foundation Coal Holdings, Inc.		54,697		2,250,235
Peabody Energy Corporation		164,216		8,278,129
				14,117,355
Construction Materials - 0.49%
Asahi Glass Company, Limited (A)		163,000		2,435,998
Electrical Equipment - 0.25%
Ushio Inc. (A)		51,800		1,234,486
Electronic Components - 2.21%
Samsung Electronics Co., Ltd. (A)		16,837		10,917,363
Finance Companies - 2.38%
Rio Tinto plc (A)		231,715		11,763,491
Food and Related - 4.10%
Archer Daniels Midland Company		410,365		13,808,782
Bunge Limited		115,373		6,427,430
				20,236,212
Forest and Paper Products - 0.59%
Aracruz Celulose S.A., ADR		54,837		2,903,071
Gold and Precious Metals - 3.22%
Agnico-Eagle Mines Limited		98,056		2,985,805
Barrick Gold Corporation		304,583		8,296,841
Open Joint Stock Company "Mining and Metallurgical       Company Norilsk Nickel", ADR*		47,565		4,607,859
				15,890,505
Health Care -- Drugs - 2.47%
Gilead Sciences, Inc.*		195,644		12,194,491
Insurance -- Life - 1.29%
China Life Insurance Company Limited, H Shares (A)*		5,031,000		6,354,278
Mining - 9.46%
Alumina Limited (A)		561,390		2,978,079
BHP Billiton Plc (A)		476,090		9,543,341
Cameco Corporation (A)		76,200		2,740,420
Falconbridge Limited (A)		140,655		4,922,353
Freeport-McMoRan Copper & Gold Inc., Class B		62,506		3,735,984
Inco Limited		141,388		7,053,847
Newmont Mining Corporation		184,610		9,579,413
Phelps Dodge Corporation		75,834		6,106,912
				46,660,349
Motor Vehicle Parts - 0.20%
AISIN SEIKI CO., LTD. (A)		25,900		1,007,833
Motor Vehicles - 2.46%
Toyota Motor Corporation (A)		221,800		12,117,026
Multiple Industry - 4.92%
General Electric Company		310,298		10,792,164
Hutchison Whampoa Limited, Ordinary Shares (A)		530,000		4,860,004
Las Vegas Sands, Inc.*		87,150		4,937,919
Sumitomo Mitsui Financial Group, Inc. (A)(B)		335		3,700,085
				24,290,172
Non-Residential Construction - 2.93%
Fluor Corporation		100,835		8,651,643
Hyundai Heavy Industries Co., Ltd. (A)		42,190		3,682,289
Shimizu Corporation (A)		289,000		2,104,274
				14,438,206
Petroleum -- Domestic - 0.59%
PetroChina Company Limited, H Shares (A)(B)		2,800,000		2,923,001
Petroleum -- International - 3.65%
Anadarko Petroleum Corporation		71,625		7,234,841
Burlington Resources Inc.		73,935		6,795,366
China Petroleum & Chemical Corporation, H Shares (A)		6,862,000		3,979,688
				18,009,895
Petroleum -- Services - 8.69%
Baker Hughes Incorporated		107,523		7,354,573
Nabors Industries Ltd.*		67,866		4,857,848
Schlumberger Limited		120,685		15,275,100
Transocean Inc.*		97,296		7,812,869
Weatherford International Ltd.*		165,185		7,557,214
				42,857,604
Railroad - 1.92%
Central Japan Railway Company (A)		225		2,217,502
Union Pacific Corporation		77,846		7,266,924
				9,484,426
Real Estate Investment Trust - 1.30%
Hongkong Land Holdings Limited		604,000		2,246,880
Keppel Land Limited (A)		1,008,000		3,081,672
Sumitomo Realty & Development Co., Ltd. (A)		39,000		1,080,204
				6,408,756
Retail -- Food Stores - 0.52%
LAWSON, INC. (A)		68,400		2,574,444
Security and Commodity Brokers - 3.90%
Chicago Mercantile Exchange Holdings Inc.		28,143		12,593,992
Legg Mason, Inc.		53,073		6,651,639
				19,245,631
Steel - 2.88%
Companhia Vale do Rio Doce, ADR		292,362		14,188,328
Timesharing and Software - 1.94%
Google Inc., Class A*		24,768		9,567,755
Trucking and Shipping - 1.00%
United Parcel Service, Inc., Class B		62,400		4,953,312
Utilities -- Electric - 2.61%
Veolia Environment (A)		231,734		12,870,367
Utilities -- Telephone - 0.50%
China Mobile (Hong Kong) Limited (A)		472,500		2,481,506
TOTAL COMMON STOCKS - 88.48%			$	436,619,141
(Cost: $309,092,939)

CORPORATE DEBT SECURITIES		Principal Amount in Thousands
Beverages - 0.36%
Central European Distribution Corporation,
8.0%, 7-25-12 (B)(C)	EUR 900				1,195,703
Companhia Brasileira de Bebidas,
10.5%, 12-15-11		$	500		603,750
					1,799,453
Construction Materials - 0.44%
Interface, Inc.:
7.3%, 4-1-08			520		530,400
9.5%, 2-1-14			550		563,750
Ply Gem Industries, Inc.,
9.0%, 2-15-12			1,180		1,097,400
					2,191,550
Finance Companies - 0.69%
ALROSA Finance S.A.,
8.125%, 5-6-08			900		943,830
Russian Standard Bank:
7.5%, 10-7-10			600		586,500
7.5%, 10-7-10 (B)			350		342,562
SLM Corporation,
4.0%, 7-25-14			600		556,488
Toyota Motor Credit Corporation,
5.49%, 1-18-15			1,050		973,749
					3,403,129
Food and Related - 0.39%
Cosan S.A. Industria e Comercio,
9.0%, 11-1-09			1,800		1,908,000
Forest and Paper Products - 0.10%
Sino-Forest Corporation,
9.125%, 8-17-11 (B)			475		510,625
Hospital Supply and Management - 0.15%
US Oncology Holdings, Inc.,
10.32%, 3-15-15			750		751,875
Mining - 0.36%
Vedanta Resources plc,
6.625%, 2-22-10 (B)			1,800		1,755,486
Motion Pictures - 0.14%
Cinemark, Inc.,
0.0%, 3-15-14 (D)			900		688,500
Motor Vehicles - 0.22%
Hyundai Motor Company,
5.3%, 12-19-08 (B)			1,080		1,065,868
Utilities -- Electric - 0.05%
Wisconsin Energy Corporation,
5.875%, 4-1-06			227		227,000
Utilities -- Telephone - 0.22%
Open Joint Stock Company ''Vimpel-Communications'',
10.0%, 6-16-09 (B)			1,000		1,075,000
TOTAL CORPORATE DEBT SECURITIES - 3.12%				$	15,376,486
(Cost: $15,104,886)
OTHER GOVERNMENT SECURITIES
South Korea - 0.20%
Korea Development Bank (The),
4.96%, 10-29-06			1,000		1,000,798
United Kingdom - 1.27%
United Kingdom Treasury:
5.75%, 12-7-09 (C)	GBP 2,000				3,622,844
4.75%, 6-7-10 (C)	1,500				2,635,655
					6,258,499
TOTAL OTHER GOVERNMENT SECURITIES - 1.47%				$	7,259,297
(Cost: $7,416,546)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations
Federal Home Loan Mortgage Corporation Agency       REMIC/CMO (Interest Only):
5.0%, 4-15-19		$	1,297		192,864
5.0%, 4-15-19			631		92,661
5.0%, 2-15-20			2,325		88,730
5.0%, 7-15-21			1,210		115,345
5.0%, 6-15-22			1,838		82,166
5.0%, 7-15-22			6,790		351,253
5.0%, 11-15-22			630		95,493
5.0%, 1-15-23			1,413		78,851
5.0%, 4-15-23			757		65,539
5.0%, 5-15-23			1,113		193,310
5.0%, 8-15-23			823		142,696
5.5%, 11-15-23			3,800		419,261
5.5%, 11-15-23			2,203		199,549
5.0%, 9-15-24			2,259		200,262
5.5%, 9-15-24			1,295		113,565
5.5%, 4-15-25			583		62,183
5.5%, 4-15-25			275		40,396
5.0%, 9-15-25			2,962		302,261
5.5%, 10-15-25			2,456		522,840
5.0%, 4-15-26			3,308		323,142
5.0%, 10-15-28			459		105,658
5.5%, 2-15-30			806		105,384
5.0%, 8-15-30			1,660		186,662
5.5%, 3-15-31			1,116		165,523
Federal National Mortgage Association Agency       REMIC/CMO (Interest Only):
5.5%, 11-25-17			1,441		138,790
5.0%, 5-25-22			912		144,365
5.0%, 7-25-23			3,137		565,269
5.0%, 8-25-23			1,006		172,965
5.5%, 9-25-25			914		79,052
5.5%, 11-25-25			2,790		227,440
5.0%, 9-25-30			1,376		228,298
Government National Mortgage Association Agency       REMIC/CMO (Interest Only):
5.0%, 1-20-30			2,172		314,417
5.0%, 6-20-31			2,366		355,064
5.0%, 7-20-33			630		125,417
5.5%, 11-20-33			2,397		461,705
5.5%, 7-1-35			722		118,437
Government National Mortgage Association Fixed Rate       Pass-Through Certificates:
5.5%, 11-15-16			332		332,902
5.5%, 11-15-16			96		95,770
5.5%, 12-15-16			1,235		1,235,871
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS - 1.79%				$	8,841,356
(Cost: $8,245,178)
UNREALIZED GAIN (LOSS) ON OPEN FORWARD CURRENCY CONTRACTS - 0.00%		Face Amount in Thousands
Euro, 6-8-06 (C)	EUR 750				19,955
Euro, 6-8-06 (C)			750		(4,955	)
Euro, 7-19-06 (C)			1,800		14,512
Euro, 7-19-06 (C)			900		(6,163	)
				$	23,349
SHORT-TERM SECURITY - 0.89%		Principal Amount in Thousands
Banks
Rabobank USA Financial Corp. (Rabobank Nederland),
4.83%, 4-3-06 (Cost: $4,382,824)		$	4,384	$	4,382,824
TOTAL INVESTMENT SECURITIES - 100.00%				$	493,454,883
(Cost: $360,268,014)

Notes to Schedule of Investments
Certain acronyms are used within the body of the Portfolio's holdings. The definitions of these acronyms are as follows: ADR - American Depositary Receipts; CMO - Collateralized Mortgage Obligation; REMIC - Real Estate Mortgage Investment Conduit.
The following swap agreements were outstanding at March 31, 2006:
Counterparty	Reference Entity	Fixed Rate	Expiration Date	Notional Amount	Unrealized Depreciation
Merrill Lynch International	Dow Jones CDX Emerging Markets Series 4	1.8%	12-20-10	$3,600,000		$	(99,000	)
Merrill Lynch International	Dow Jones CDX North America High Yield Series 5	3.95%	12-20-10	3,686,000			(132,696	)
						$	(231,696	)

Cash serves as collateral for the following open futures contract at March 31, 2006.
Underlying Security	Number of Contracts	Expiration Date	Market Value		Underlying Face Amount at Value
S&P 500 Futures	24	6-21-06		$7,819,800		$7,738,800
*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, 2006, the total value of these securities amounted to $12,568,330 or 2.55% of total investments.
(C)Principal amounts are denominated in the indicated foreign currency, where applicable (EUR - Euro, GBP - Great Britain Pound).
(D)The security does not bear interest for an initial period of time and subsequently becomes interest bearing.

The Investments of W&R Target Balanced Portfolio
March 31, 2006
COMMON STOCKS	Shares			Value
Air Transportation - 1.03%
Southwest Airlines Co.		333,000	$	5,990,670
Aircraft - 1.34%
Boeing Company (The)		100,100		7,800,793
Banks - 4.40%
Bank of America Corporation		100,300		4,567,662
Citigroup Inc.		94,100		4,444,343
Northern Trust Corporation		137,200		7,200,942
Wachovia Corporation		86,300		4,837,115
Wells Fargo & Company		70,000		4,470,900
				25,520,962
Beverages - 2.64%
Anheuser-Busch Companies, Inc.		29,000		1,240,330
Brown-Forman Corporation, Class B		73,400		5,649,598
PepsiCo, Inc.		145,900		8,431,561
				15,321,489
Business Equipment and Services - 2.47%
Cintas Corporation		203,300		8,676,844
Pitney Bowes Inc.		131,300		5,636,709
				14,313,553
Capital Equipment - 2.16%
Caterpillar Inc.		98,200		7,051,742
Ingersoll-Rand Company Limited, Class A		131,400		5,491,206
				12,542,948
Chemicals -- Specialty - 1.07%
Air Products and Chemicals, Inc.		92,200		6,194,918
Communications Equipment - 2.11%
Juniper Networks, Inc.*		274,000		5,237,510
Nokia Corporation, Series A, ADR		339,500		7,034,440
				12,271,950
Computers -- Micro - 1.19%
Apple Computer, Inc.*		109,800		6,886,107
Computers -- Peripherals - 3.08%
Adobe Systems Incorporated		217,300		7,595,721
Microsoft Corporation		377,100		10,270,319
				17,866,040
Defense - 2.02%
General Dynamics Corporation		183,600		11,746,728
Electrical Equipment - 1.17%
Emerson Electric Co.		81,200		6,790,756
Electronic Instruments - 1.38%
Lam Research Corporation*		185,450		7,980,841
Finance Companies - 2.53%
SLM Corporation		282,500		14,673,050
Food and Related - 2.73%
Archer Daniels Midland Company		228,200		7,678,930
Campbell Soup Company		251,900		8,161,560
				15,840,490
Health Care -- Drugs - 4.68%
Allergan, Inc.		80,500		8,734,250
Amgen Inc.*		81,100		5,919,083
Gilead Sciences, Inc.*		114,000		7,105,620
Novartis AG, ADR		97,300		5,394,312
				27,153,265
Health Care -- General - 4.27%
Biomet, Inc.		167,100		5,938,734
Boston Scientific Corporation*		150,100		3,459,805
DENTSPLY International Inc.		98,700		5,738,911
Johnson & Johnson		163,300		9,670,626
				24,808,076
Hospital Supply and Management - 2.57%
Medtronic, Inc.		132,700		6,734,525
UnitedHealth Group Incorporated		146,200		8,166,732
				14,901,257
Household -- General Products - 1.56%
Colgate-Palmolive Company		158,900		9,073,190
Insurance -- Life - 1.08%
Aflac Incorporated		138,900		6,268,557
Insurance -- Property and Casualty - 1.81%
Berkshire Hathaway Inc., Class B*		1,900		5,722,800
Chubb Corporation (The)		49,800		4,752,912
				10,475,712
Motion Pictures - 1.15%
News Corporation Limited, Class A		402,700		6,688,847
Multiple Industry - 4.39%
Altria Group, Inc.		59,300		4,201,998
General Electric Company		328,756		11,434,134
Las Vegas Sands, Inc.*		174,100		9,864,506
				25,500,638
Non-Residential Construction - 1.05%
Fluor Corporation		70,800		6,074,640
Petroleum -- International - 4.25%
BP p.l.c., ADR		115,500		7,962,570
ChevronTexaco Corporation		83,000		4,811,510
Exxon Mobil Corporation		195,546		11,900,930
				24,675,010
Petroleum -- Services - 3.28%
Schlumberger Limited		119,300		15,099,801
Smith International, Inc.		101,300		3,946,648
				19,046,449
Publishing - 1.17%
Meredith Corporation		121,200		6,761,748
Retail -- General Merchandise - 1.38%
Target Corporation		154,200		8,019,942
Security and Commodity Brokers - 4.30%
American Express Company		110,300		5,796,265
Franklin Resources, Inc.		66,000		6,219,840
Legg Mason, Inc.		49,400		6,191,302
Merrill Lynch & Co., Inc.		58,800		4,631,088
TD Ameritrade Holding Corporation		102,900		2,139,291
				24,977,786
Timesharing and Software - 2.31%
eBay Inc.*		174,400		6,807,704
Paychex, Inc.		159,200		6,625,108
				13,432,812
Trucking and Shipping - 1.40%
Expeditors International of Washington, Inc.		93,900		8,110,612
Utilities -- Electric - 2.47%
Exelon Corporation		157,000		8,305,300
NRG Energy, Inc.*		133,000		6,014,260
				14,319,560
Utilities -- Telephone - 1.08%
AT&T Inc.		231,000		6,246,240
TOTAL COMMON STOCKS - 75.52%			$	438,275,636
(Cost: $348,292,193)

CORPORATE DEBT SECURITIES	Principal Amount in Thousands
Air Transportation - 0.06%
Southwest Airlines Co.,
7.875%, 9-1-07	$	360		371,631
Banks - 0.23%
Wells Fargo Bank, N.A.,
7.55%, 6-21-10		1,250		1,353,865
Beverages - 0.29%
Coca-Cola Enterprises Inc.,
6.7%, 10-15-36		500		533,340
Diageo Capital plc,
3.5%, 11-19-07		1,150		1,117,568
				1,650,908
Business Equipment and Services - 0.18%
PHH Corporation,
7.125%, 3-1-13		1,000		1,017,475
Finance Companies - 1.10%
American International Group,
3.85%, 11-26-07 (A)		1,400		1,368,611
Banco Hipotecario Nacional:
7.916%, 7-25-09 (A)		17		412
8.0%, 3-31-11 (A)		989		276,869
First Union-Lehman Brothers Company,
6.65%, 11-18-29		773		783,022
First Union-Lehman Brothers-Bank of America Commercial       Mortgage Trust,
6.56%, 11-18-35		868		884,182
Mellon Residential Funding,
6.75%, 6-26-28		128		127,953
Prudential Insurance Company of America,
6.6%, 5-15-08 (A)		1,500		1,536,174
Unilever Capital Corporation,
5.9%, 11-15-32		1,450		1,420,923
				6,398,146
Food and Related - 0.47%
Archer-Daniels-Midland Company,
7.0%, 2-1-31		1,350		1,504,197
Cargill, Inc.,
6.375%, 6-1-12 (A)		1,150		1,200,517
				2,704,714
Insurance -- Life - 0.25%
StanCorp Financial Group, Inc.,
6.875%, 10-1-12		1,375		1,444,021
Insurance -- Property and Casualty - 0.27%
Principal Life Global,
6.25%, 2-15-12 (A)		1,500		1,552,260
Leisure Time Industry - 0.17%
Cendant Corporation,
6.875%, 8-15-06		1,000		1,004,790
Real Estate Investment Trust - 0.30%
Vornado Realty L.P.,
5.625%, 6-15-07		1,750		1,752,138
TOTAL CORPORATE DEBT SECURITIES - 3.32%			$	19,249,948
(Cost: $19,438,424)
OTHER GOVERNMENT SECURITY - 0.30%
Canada
Hydro-Quebec,
8.0%, 2-1-13		1,500	$	1,722,512
(Cost: $1,660,743)
UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations - 0.18%
Federal National Mortgage Association,
7.25%, 1-15-10		1,000		1,071,456
Mortgage-Backed Obligations - 3.41%
Federal National Mortgage Association Fixed Rate       Pass-Through Certificates:
6.23%, 1-1-08		1,600		1,610,014
6.0%, 9-1-17		704		715,334
5.0%, 1-1-18		567		553,883
5.5%, 4-1-18		345		343,370
5.0%, 5-1-18		287		280,006
4.5%, 7-1-18		3,427		3,283,497
7.0%, 9-1-25		89		91,882
6.5%, 10-1-28		429		445,366
6.5%, 2-1-29		334		346,886
7.5%, 4-1-31		229		241,277
7.0%, 7-1-31		411		427,829
7.0%, 9-1-31		407		421,611
7.0%, 9-1-31		321		333,601
7.0%, 11-1-31		90		93,272
6.5%, 2-1-32		1,401		1,438,492
7.0%, 2-1-32		546		565,811
7.0%, 2-1-32		471		487,886
7.0%, 3-1-32		316		326,871
7.0%, 7-1-32		832		863,544
6.0%, 9-1-32		2,642		2,644,444
6.0%, 2-1-33		659		659,631
5.5%, 5-1-33		1,936		1,893,821
5.5%, 5-1-33		518		506,998
5.5%, 6-1-33		899		879,577
Government National Mortgage Association Fixed Rate       Pass-Through Certificates:
6.0%, 8-15-28		55		55,561
6.5%, 8-15-28		97		100,730
United States Department of Veterans Affairs, Guaranteed       Pass-Through Certificates,REMIC Pass-Through       Certificates, Vendee Mortgage Trust, 1997-A Class 3-A,
8.293%, 12-15-26		177		185,099
				19,796,293
Treasury Inflation Protected Obligation - 0.20%
United States Treasury Note,
3.0%, 7-15-12 (B)		1,000		1,149,289
Treasury Obligations - 12.60%
United States Treasury Bonds:
7.5%, 11-15-16		1,500		1,812,538
7.25%, 8-15-22		4,000		4,960,312
6.25%, 8-15-23		5,250		5,954,240
United States Treasury Notes:
3.25%, 8-15-07		5,000		4,893,750
4.25%, 10-31-07		1,200		1,189,031
3.0%, 11-15-07		4,000		3,885,312
3.0%, 2-15-08		3,000		2,901,915
2.625%, 5-15-08		4,000		3,824,376
4.75%, 11-15-08		4,000		3,991,564
4.0%, 3-15-10		3,200		3,105,626
4.25%, 10-15-10	10,000			9,766,410
3.875%, 2-15-13		3,000		2,828,673
3.625%, 5-15-13		3,000		2,780,157
4.25%, 8-15-13		4,000		3,847,188
4.25%, 8-15-15	17,000			16,194,489
5.25%, 2-15-29		1,150		1,180,817
				73,116,398
TOTAL UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS - 16.39%			$	95,133,436
(Cost: $96,696,547)
SHORT-TERM SECURITIES
Finance Companies - 1.54%
Preferred Receivables Funding Corp.,
4.84%, 4-3-06		8,975		8,972,587
Mining - 0.86%
BHP Billiton Finance (USA) Limited (BHP Billiton Limited),
4.76%, 5-1-06		5,000		4,980,167
Multiple Industry - 0.69%
Detroit Edison Co.,
4.84%, 4-5-06		4,000		3,997,849
Utilities -- Electric - 1.38%
Wisconsin Electric Power Co.,
4.87%, 4-3-06		8,000		7,997,835
TOTAL SHORT-TERM SECURITIES - 4.47%			$	25,948,438
(Cost: $25,948,438)
TOTAL INVESTMENT SECURITIES - 100.00%			$	580,329,970
(Cost: $492,036,345)

Notes to Schedule of Investments

Certain acronyms are used within the body of the Portfolio's holdings. The definitions of these acronyms are as follows: ADR - American Depositary Receipts; REMIC - Real Estate Mortgage Investment Conduit.

*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, 2006, the total value of these securities amounted to $5,934,843 or 1.02% of total investments.

(B)The interest rate for this security is a stated rate, but the interest payments are determined by multiplying the inflation-adjusted principal by one half of the stated rate for each semiannual interest payment date.

The Investments of W&R Target Bond Portfolio
March 31, 2006
CORPORATE DEBT SECURITIES		Principal Amount in Thousands			Value
Banks - 2.52%
First Union National Bank of Florida,
6.18%, 2-15-36		$	4,000	$	4,154,880
SouthTrust Bank, National Association,
6.125%, 1-9-28			1,000		1,031,327
					5,186,207
Broadcasting - 1.85%
Comcast Cable Communications, Inc.,
8.5%, 5-1-27			1,250		1,485,710
EchoStar DBS Corporation,
6.375%, 10-1-11			750		733,125
TCA Cable TV, Inc.,
6.53%, 2-1-28			1,000		1,002,553
Westinghouse Electric Corporation,
8.875%, 6-14-14			500		575,799
					3,797,187
Business Equipment and Services - 0.19%
Quebecor World Capital Corporation,
4.875%, 11-15-08			425		400,624
Chemicals -- Petroleum and Inorganic - 0.61%
NOVA Chemicals Corporation,
7.0%, 5-15-06			1,250		1,250,000
Coal - 0.49%
Peabody Energy Corporation,
6.875%, 3-15-13			1,000		1,015,000
Communications Equipment - 0.25%
Harris Corporation,
6.35%, 2-1-28			500		506,316
Construction Materials - 1.32%
Hanson PLC,
7.875%, 9-27-10			2,500		2,706,455
Finance Companies - 4.98%
Barton Springs CDO SPC, Series 2005-1 Segregated Portfolio       and Barton Springs CDO Series 2005-1 LLC,
6.85%, 12-20-10			1,750		1,583,750
Ford Motor Credit Company,
6.5%, 1-25-07			2,000		1,992,344
General Motors Acceptance Corporation,
5.125%, 5-9-08			2,500		2,352,802
Preferred Term Securities XVI, Ltd. and Preferred Term       Securities XVI, Inc.,
7.51%, 3-23-35 (A)			1,250		1,262,500
Preferred Term Securities XVII, Ltd. and Preferred Term       Securities XVII, Inc.,
7.12%, 6-23-35 (A)			1,000		1,001,250
SocGen Real Estate Company L.L.C.,
7.64%, 12-29-49 (A)			2,000		2,056,932
					10,249,578
Finance Companies -- Mortgage Related - 22.32%
Alternative Loan Trust 2005-J4,
5.5%, 11-25-35			1,750		1,661,846
Bear Stearns Commercial Mortgage Securities Inc.,
7.32%, 10-15-32			3,315		3,538,470
CHL Mortgage Pass-Through Trust 2005-28,
5.25%, 1-25-19			3,129		3,039,314
CHL Pass-Through Trust 2003-20,
5.5%, 7-25-33			2,619		2,592,769
Diversified REIT Owner Trust 1999-1,
6.78%, 3-18-11 (A)			750		774,404
First Union National Bank Commercial Mortgage,
7.841%, 3-15-10			2,500		2,704,464
GMAC Commercial Mortgage Securities, Inc.
Series 2001-C1 Trust,
6.465%, 4-15-34			2,500		2,609,313
Series 2004-C1 Trust,
4.1%, 3-10-38			1,500		1,442,876
GSR Mortgage Loan Trust 2004-2F,
7.0%, 1-25-34			1,559		1,595,658
IndyMac INDX Mortgage Loan Trust 2004-AR4,
4.78094%, 8-25-34			977		948,120
MASTR Adjustable Rate Mortgages Trust 2005-1,
5.24535%, 3-25-35			2,987		2,933,331
Structured Adjustable Rate Mortgage Loan Trust, Mortgage       Pass-Through Certificates:       Series 2004-3AC,
4.9348%, 3-25-34			2,073		2,065,455
Series 2004-5,
4.59254%, 5-25-34			2,020		1,912,182
Series 2004-6,
4.69929%, 6-25-34			995		940,403
Series 2004-12,
5.08712%, 9-25-34			2,986		2,848,325
Series 2004-18,
5.20518%, 12-25-34			4,046		3,933,613
Series 2004-A,
4.60318%, 2-25-34			1,590		1,565,161
Series 2005-21,
5.72215%, 11-25-35			1,238		1,179,601
Structured Asset Securities Corporation:
4.792%, 1-25-34			1,388		1,366,737
Mortgage Pass-Through Certificates, Series 2003-40A,
4.792%, 1-25-34			1,069		1,027,028
Structured Asset Securities Corporation Trust 2005-16,
5.5%, 9-25-35			3,000		2,867,843
Wells Fargo Mortgage Pass-Through Certificates,       Series 2003-10,
4.5%, 9-25-18			2,500		2,368,063
					45,914,976
Food and Related - 0.26%
ConAgra, Inc.,
6.7%, 8-1-27			500		526,203
Forest and Paper Products - 1.69%
Bowater Canada Finance Corporation,
7.95%, 11-15-11			1,000		997,500
Champion International Corporation,
6.65%, 12-15-37			1,500		1,505,352
P. H. Glatfelter Company, Series B,
6.875%, 7-15-07			600		605,741
Westvaco Corporation,
7.5%, 6-15-27			364		368,889
					3,477,482
Homebuilders, Mobile Homes - 1.41%
D.R. Horton, Inc.,
8.0%, 2-1-09			1,364		1,437,802
Pulte Homes, Inc.,
4.875%, 7-15-09			1,500		1,460,080
					2,897,882
Hospital Supply and Management - 1.54%
HCA - The Healthcare Company:
7.125%, 6-1-06			1,000		1,002,444
8.75%, 9-1-10			2,000		2,169,326
					3,171,770
Household -- General Products - 1.23%
Procter & Gamble Company (The),
8.0%, 9-1-24			2,000		2,536,244
Household -- Major Appliances - 0.47%
Controladora Mabe S.A. de C.V.,
6.5%, 12-15-15 (A)			1,000		975,232
Multiple Industry - 0.11%
CHYPS CBO 1997-1 Ltd.,
6.72%, 1-15-10 (A)			444		226,463
Petroleum -- International - 1.77%
Chesapeake Energy Corporation,
7.5%, 9-15-13			1,250		1,306,250
Petrobras International Finance Company,
9.125%, 7-2-13			2,000		2,330,000
					3,636,250
Petroleum -- Services - 1.31%
Halliburton Company,
6.75%, 2-1-27			2,000		2,141,072
Pemex Project Funding Master Trust,
9.125%, 10-13-10			500		562,500
					2,703,572
Utilities -- Electric - 1.89%
Dominion Resources, Inc.,
5.25%, 8-1-33			2,500		2,375,592
HQI Transelec Chile S.A.,
7.875%, 4-15-11			750		802,338
Pepco Holdings, Inc.,
4.0%, 5-15-10			750		706,017
					3,883,947
Utilities -- Gas and Pipeline - 0.98%
Tennessee Gas Pipeline Company,
7.0%, 3-15-27			2,000		2,021,426
Utilities -- Telephone - 4.23%
British Telecommunications Public Limited Company,
8.375%, 12-15-10			2,000		2,230,786
Deutsche Telekom International Finance B.V.,
8.5%, 6-15-10			2,500		2,722,588
New York Telephone Company,
6.7%, 11-1-23			750		725,685
Pacific Bell,
7.25%, 11-1-27			750		757,972
Sprint Capital Corporation,
6.125%, 11-15-08			1,500		1,526,599
Telefonos de Mexico, S.A. de C.V.,
4.5%, 11-19-08			750		729,277
					8,692,907
TOTAL CORPORATE DEBT SECURITIES - 51.42%				$	105,775,721
(Cost: $107,410,890)
OTHER GOVERNMENT SECURITIES
Brazil - 0.28%
Federative Republic of Brazil (The),
9.25%, 10-22-10			500		564,500
Canada - 0.86%
Province de Quebec,
7.14%, 2-27-26			1,500		1,764,485
Japan - 1.20%
Japanese Government 15 Year Floating Rate Bond,
0.69%, 1-20-18 (B)	JPY300,000				2,472,642
Supranational - 0.53%
Inter-American Development Bank,
8.4%, 9-1-09		$	1,000		1,096,863
TOTAL OTHER GOVERNMENT SECURITIES - 2.87%				$	5,898,490
(Cost: $5,663,758)
UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
Agency - 2.42%
Federal Home Loan Mortgage Corporation,
5.25%, 11-5-12			1,500		1,474,555
Tennessee Valley Authority,
4.875%, 12-15-16			3,500		3,506,958
					4,981,513
Mortgage-Backed - 26.58%
Federal Home Loan Mortgage Corporation Agency       REMIC/CMO:
5.0%, 5-15-19			1,000		958,954
5.0%, 7-15-19			1,122		1,087,878
5.0%, 5-15-23			1,500		1,439,832
5.5%, 4-15-24 (Interest Only)			3,842		319,125
5.5%, 4-15-24 (Interest Only)			1,792		104,028
6.0%, 3-15-29			413		415,398
5.0%, 7-15-29 (Interest Only)			2,033		239,678
7.5%, 9-15-29			781		815,166
4.0%, 2-15-30			500		473,274
4.25%, 3-15-31			1,012		970,368
5.0%, 9-15-31 (Interest Only)			3,311		532,859
5.5%, 9-15-31			3,750		3,688,783
5.0%, 9-15-32			1,500		1,398,666
Federal Home Loan Mortgage Corporation Fixed Rate       Participation Certificates:
5.0%, 7-1-25			2,857		2,743,589
6.0%, 11-1-28			722		724,193
6.5%, 10-1-31			144		146,842
6.5%, 11-1-31			187		190,734
6.0%, 2-1-32			358		358,404
5.0%, 3-1-35			1,843		1,754,011
5.5%, 10-1-35			1,471		1,437,107
Federal Home Loan Mortgage Corporation Non-Agency       REMIC/CMO (Interest Only),
5.5%, 12-15-13			663		148,612
Federal National Mortgage Association Adjustable Rate       Pass-Through Certificates,
4.97%, 5-1-35			1,754		1,722,077
Federal National Mortgage Association Agency       REMIC/CMO:
5.0%, 3-25-18			3,500		3,360,322
5.0%, 3-25-18 (Interest Only)			1,303		107,772
5.0%, 6-25-18			2,173		2,112,952
4.5%, 8-25-18			2,500		2,431,717
5.5%, 2-25-32			1,500		1,480,894
4.0%, 11-25-32			868		822,741
4.0%, 3-25-33			663		629,137
3.5%, 8-25-33			1,799		1,615,587
Federal National Mortgage Association Fixed Rate       Pass-Through Certificates:
4.0%, 1-1-11			1,852		1,779,515
5.5%, 1-1-17			1,120		1,114,398
6.0%, 1-1-17			547		554,152
4.0%, 11-1-18			1,281		1,200,832
5.5%, 10-1-23			904		891,905
5.0%, 4-1-24			3,009		2,893,151
5.0%, 2-1-25			1,332		1,280,865
6.0%, 12-1-28			124		124,077
6.5%, 3-1-33			526		538,104
5.5%, 6-1-33			2,654		2,596,191
Federal National Mortgage Association Non-Agency       REMIC/CMO:
4.5%, 7-25-24			1,000		917,338
5.5%, 9-25-31			1,000		976,958
Government National Mortgage Association Agency       REMIC/CMO:
5.5%, 6-20-28 (Interest Only)			4,073		375,602
5.0%, 1-20-32			719		704,763
Government National Mortgage Association Fixed Rate       Pass-Through Certificates:
7.5%, 7-15-23			46		48,160
7.5%, 12-15-23			181		190,755
8.0%, 9-15-25			72		76,564
7.0%, 7-20-27			23		23,574
7.0%, 8-20-27			61		63,115
6.5%, 7-15-28			299		310,450
6.5%, 5-15-29			116		120,138
7.5%, 7-15-29			33		34,795
7.75%, 10-15-31			297		305,238
Government National Mortgage Association Non-Agency       REMIC/CMO,
4.0%, 1-16-30			426		402,447
United States Department of Veterans Affairs, Guaranteed       REMIC Pass-Through Certificates, Vendee Mortgage       Trust:
2001-3 Class G,
6.5%, 4-15-27			241		241,803
2002-1 Class 2-G,
6.5%, 10-15-25			223		223,076
2003-2 Class D,
5.0%, 11-15-23			1,000		997,102
2003-2 Class E,
5.0%, 12-15-25			1,500		1,472,288
					54,688,056
Treasury - 14.88%
United States Treasury Bond,
6.125%, 11-15-27			2,000		2,276,876
United States Treasury Notes:
4.0%, 4-15-10			9,000		8,727,543
5.0%, 2-15-11			6,500		6,552,813
5.0%, 8-15-11			5,500		5,548,340
4.0%, 2-15-15			8,000		7,497,184
					30,602,756
TOTAL UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS - 43.88%				$	90,272,325
(Cost: $92,712,026)
SHORT-TERM SECURITY - 1.83%
Aluminum
Alcoa Incorporated,
4.86%, 4-3-06			3,764	$	3,762,984
(Cost: $3,762,984)
TOTAL INVESTMENT SECURITIES - 100.00%				$	205,709,520
(Cost: $209,549,658)

Notes to Schedule of Investments

Certain acronyms are used within the body of the Portfolio's holdings. The definitions of these acronyms are as follows: CMO - Collateralized Mortgage Obligation; REMIC - Real Estate Mortgage Investment Conduit.

(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, 2006, the total value of these securities amounted to $6,296,781 or 3.06% of total investments.

(B)Principal amount is denominated in the indicated foreign currency, where applicable (JPY - Japanese Yen).

The Investments of W&R Target Core Equity Portfolio
March 31, 2006
COMMON STOCKS	Shares			Value
Aircraft - 5.85%
Boeing Company (The)		215,200	$	16,770,536
L-3 Communications Holdings, Inc.		91,200		7,824,048
United Technologies Corporation		330,800		19,176,476
				43,771,060
Aluminum - 1.00%
Alcoa Incorporated		244,400		7,468,864
Beverages - 1.17%
PepsiCo, Inc.		152,000		8,784,080
Capital Equipment - 3.12%
Caterpillar Inc.		201,100		14,440,991
Deere & Company		112,600		8,901,030
				23,342,021
Chemicals -- Specialty - 4.02%
Air Products and Chemicals, Inc.		448,450		30,131,355
Communications Equipment - 1.75%
Corning Incorporated*		487,200		13,110,552
Computers -- Main and Mini - 0.52%
Hewlett-Packard Company		117,400		3,862,460
Computers -- Peripherals - 5.48%
Adobe Systems Incorporated		226,200		7,906,821
Electronic Arts Inc.*		134,900		7,381,053
Microsoft Corporation		294,640		8,024,520
SAP Aktiengesellschaft, ADR		326,800		17,751,776
				41,064,170
Defense - 3.57%
General Dynamics Corporation		417,800		26,730,844
Electronic Components - 3.14%
Advanced Micro Devices, Inc.*		236,400		7,839,024
Maxim Integrated Products, Inc.		229,600		8,530,788
SanDisk Corporation*		67,000		3,847,810
Xilinx, Inc.		128,400		3,271,632
				23,489,254
Finance Companies - 2.01%
SLM Corporation		290,300		15,078,182
Food and Related - 2.52%
Campbell Soup Company		246,900		7,999,560
Kellogg Company		246,400		10,851,456
				18,851,016
Health Care -- Drugs - 1.04%
Novartis AG, Registered Shares (A)		75,150		4,179,323
Roche Holdings AG, Genussschein (A)		24,000		3,573,352
				7,752,675
Health Care -- General - 2.39%
Johnson & Johnson		301,800		17,872,596
Hospital Supply and Management - 4.98%
Aetna Inc.		150,520		7,396,553
Caremark Rx, Inc.*		61,100		3,004,898
Medtronic, Inc.		207,950		10,553,463
UnitedHealth Group Incorporated		125,600		7,016,016
WellPoint, Inc.*		120,400		9,322,572
				37,293,502
Hotels and Gaming - 2.05%
Marriott International, Inc., Class A		164,350		11,274,410
Starwood Hotels & Resorts Worldwide, Inc.		59,700		4,043,481
				15,317,891
Household -- General Products - 1.57%
Colgate-Palmolive Company		205,900		11,756,890
Insurance -- Life - 0.67%
Aflac Incorporated		110,900		5,004,917
Insurance -- Property and Casualty - 4.17%
ACE Limited		273,600		14,229,936
Berkshire Hathaway Inc., Class B*		5,655		17,032,860
				31,262,796
Mining - 1.04%
Phelps Dodge Corporation		96,600		7,779,198
Multiple Industry - 9.02%
General Electric Company		827,000		28,763,060
Genworth Financial, Inc.		548,250		18,327,998
Las Vegas Sands, Inc.*		360,500		20,425,930
				67,516,988
Non-Residential Construction - 1.37%
Fluor Corporation		119,900		10,287,420
Petroleum -- Canada - 0.80%
Canadian Natural Resources Limited		54,800		3,035,372
Suncor Energy Inc.		38,400		2,957,568
				5,992,940
Petroleum -- International - 4.36%
Apache Corporation		109,000		7,140,590
Exxon Mobil Corporation		419,276		25,517,137
				32,657,727
Petroleum -- Services - 13.78%
Baker Hughes Incorporated		390,050		26,679,420
Nabors Industries Ltd.*		155,300		11,116,374
Schlumberger Limited		174,450		22,080,137
Smith International, Inc.		233,500		9,097,160
Transocean Inc.*		125,900		10,109,770
Weatherford International Ltd.*		526,600		24,091,950
				103,174,811
Railroad - 1.22%
Union Pacific Corporation		97,700		9,120,295
Retail -- Food Stores - 1.36%
Walgreen Co.		237,000		10,221,810
Retail -- General Merchandise - 1.96%
Kohl's Corporation*		215,000		11,397,150
Target Corporation		63,800		3,318,238
				14,715,388
Retail -- Specialty Stores - 1.55%
Abercrombie & Fitch Co., Class A		54,300		3,165,690
Best Buy Co., Inc.		150,400		8,411,872
				11,577,562
Security and Commodity Brokers - 0.97%
Marsh & McLennan Companies, Inc.		248,300		7,290,088
Timesharing and Software - 1.26%
eBay Inc.*		91,500		3,571,702
Yahoo! Inc.*		181,500		5,861,543
				9,433,245
Trucking and Shipping - 1.10%
United Parcel Service, Inc., Class B		103,900		8,247,582
Utilities -- Electric - 1.22%
Dominion Resources, Inc.		97,900		6,758,037
NRG Energy, Inc.*		53,100		2,401,182
				9,159,219
Utilities -- Telephone - 1.32%
UBS AG (A)		90,000		9,886,089
TOTAL COMMON STOCKS - 93.35%			$	699,005,487
(Cost: $524,151,632)

SHORT-TERM SECURITIES	Principal Amount in Thousands
Capital Equipment - 1.73%
Deere (John) Capital Corporation:
4.85%, 4-6-06	$	5,000		4,996,632
4.79%, 4-11-06		8,000		7,989,356
				12,985,988
Containers - 0.66%
Bemis Company, Inc.,
4.8%, 4-25-06		5,000		4,984,000
Finance Companies - 0.27%
Prudential Funding LLC,
4.73%, 4-24-06		2,013		2,006,917
Food and Related - 0.67%
Heinz (H.J.) Finance Co. (Heinz (H.J.) Co.),
4.84%, 4-18-06		5,000		4,988,572
Health Care -- Drugs - 0.27%
Cloverleaf International Holdings S.A. (Merck & Co., Inc.),
4.76%, 4-12-06		2,000		1,997,091
Household -- General Products - 0.31%
Fortune Brands Inc.,
4.88%, 4-3-06		2,312		2,311,373
Multiple Industry - 1.14%
Michigan Consolidated Gas Co.,
4.88%, 4-6-06		8,550		8,544,205
Publishing - 0.40%
Tribune Co.,
4.75%, 4-5-06		3,000		2,998,417
Utilities -- Electric - 1.20%
Wisconsin Electric Power Co.,
4.87%, 4-3-06		9,000		8,997,565
TOTAL SHORT-TERM SECURITIES - 6.65%			$	49,814,128
(Cost: $49,814,128)
TOTAL INVESTMENT SECURITIES - 100.00%			$	748,819,615
(Cost: $573,965,760)

Notes to Schedule of Investments

Certain acronyms are used within the body of the Portfolio's holdings. The definition of this acronym is as follows: ADR - American Depositary Receipts.

*No dividends were paid during the preceding 12 months.

(A)Listed on an exchange outside the United States.

The Investments of W&R Target Dividend Income Portfolio
March 31, 2006
COMMON STOCKS	Shares			Value
Aircraft - 2.57%
Boeing Company (The)		10,769	$	839,228
Goodrich Corporation		11,756		512,679
				1,351,907
Aluminum - 0.73%
Alcoa Incorporated		12,558		383,772
Banks - 2.80%
Bank of America Corporation		18,450		840,213
Mellon Financial Corporation		8,106		288,574
Wells Fargo & Company		5,373		343,174
				1,471,961
Beverages - 1.22%
Diageo plc, ADR		10,138		643,053
Business Equipment and Services - 0.89%
Genuine Parts Company		10,645		466,570
Capital Equipment - 3.93%
Caterpillar Inc.		14,345		1,030,114
Deere & Company		13,142		1,038,875
				2,068,989
Chemicals -- Petroleum and Inorganic - 0.82%
du Pont (E.I.) de Nemours and Company		10,182		429,782
Chemicals --Specialty - 1.63%
Air Products and Chemicals, Inc.		12,732		855,463
Computers -- Main and Mini - 0.47%
Xerox Corporation*		16,290		247,608
Computers -- Peripherals - 3.13%
Microsoft Corporation		27,821		757,705
SAP Aktiengesellschaft, ADR		16,374		889,436
				1,647,141
Electrical Equipment - 0.54%
Emerson Electric Co.		3,409		285,095
Electronic Components - 0.97%
Microchip Technology Incorporated		6,585		239,003
Texas Instruments Incorporated		8,251		267,910
				506,913
Finance Companies - 2.77%
SLM Corporation		28,076		1,458,267
Food and Related - 0.81%
Campbell Soup Company		13,220		428,328
Health Care -- Drugs - 1.13%
Pfizer Inc.		23,823		593,669
Health Care -- General - 0.92%
Johnson & Johnson		8,150		482,643
Hospital Supply and Management - 2.67%
Medtronic, Inc.		22,855		1,159,891
UnitedHealth Group Incorporated		4,375		244,388
				1,404,279
Hotels and Gaming - 3.86%
Harrah's Entertainment, Inc.		9,212		718,168
Starwood Hotels & Resorts Worldwide, Inc.		19,350		1,310,576
				2,028,744
Household -- General Products - 2.69%
Colgate-Palmolive Company		15,282		872,602
Procter & Gamble Company (The)		9,375		540,187
				1,412,789
Insurance -- Property and Casualty - 2.42%
Allstate Corporation (The)		12,553		654,137
St. Paul Companies, Inc. (The)		14,743		616,110
				1,270,247
Metal Fabrication - 0.83%
Loews Corporation, Carolina Group		9,264		437,909
Mining - 1.33%
Freeport-McMoRan Copper & Gold Inc., Class B		11,682		698,233
Multiple Industry - 5.89%
3M Company		6,708		507,729
Altria Group, Inc.		17,107		1,212,202
General Electric Company		39,504		1,373,949
				3,093,880
Non-Residential Construction - 2.54%
Fluor Corporation		15,575		1,336,335
Petroleum -- International - 8.62%
Anadarko Petroleum Corporation		10,494		1,059,999
BP p.l.c., ADR		6,451		444,732
Burlington Resources Inc.		13,978		1,284,718
Exxon Mobil Corporation		24,158		1,470,256
Marathon Oil Corporation		3,566		271,622
				4,531,327
Petroleum -- Services - 11.51%
BJ Services Company		14,370		497,202
Baker Hughes Incorporated		17,989		1,230,448
Grant Prideco, Inc.*		5,968		255,669
National Oilwell Varco, Inc.*		9,186		589,006
Patterson-UTI Energy, Inc.		25,932		828,657
Schlumberger Limited		11,570		1,464,415
Transocean Inc.*		8,282		665,045
Weatherford International Ltd.*		11,424		522,648
				6,053,090
Railroad - 1.25%
Union Pacific Corporation		7,010		654,384
Real Estate Investment Trust - 2.10%
ProLogis		8,816		471,656
Simon Property Group, Inc.		7,541		634,500
				1,106,156
Retail -- General Merchandise - 0.54%
Federated Department Stores, Inc.		3,868		282,364
Security and Commodity Brokers - 7.29%
AllianceBernstein Holding L.P.		14,894		986,727
Chicago Mercantile Exchange Holdings Inc.		2,386		1,067,735
Legg Mason, Inc.		2,612		327,362
Marsh & McLennan Companies, Inc.		22,795		669,261
Morgan (J.P.) Chase & Co.		18,819		783,623
				3,834,708
Tobacco - 1.27%
Reynolds American Inc.		6,336		668,448
Trucking and Shipping - 1.78%
United Parcel Service, Inc., Class B		11,768		934,144
Utilities -- Electric - 2.41%
Dominion Resources, Inc.		7,328		505,852
NRG Energy, Inc.*		11,421		516,458
NiSource Inc.		12,196		246,603
				1,268,913
Utilities -- Gas and Pipeline - 2.44%
Enbridge Inc.		17,795		513,742
Kinder Morgan, Inc.		8,358		768,852
				1,282,594
Utilities -- Telephone - 2.88%
BellSouth Corporation		12,954		448,856
Iowa Telecommunications Services, Inc.		27,968		533,629
Valor Communications Group, Inc.		40,472		532,612
				1,515,097
TOTAL COMMON STOCKS - 89.65%			$	47,134,802
(Cost: $39,442,972)

SHORT-TERM SECURITIES	Principal Amount in Thousands
Forest and Paper Products - 4.65%
Sonoco Products Co.,
4.88%, 4-3-06	$	2,448		2,447,336
Publishing - 1.90%
Gannett Co., Inc.,
4.66%, 4-18-06		1,000		997,799
Utilities -- Electric - 3.80%
Wisconsin Electric Power Co.,
4.87%, 4-3-06		2,000		1,999,459
TOTAL SHORT-TERM SECURITIES - 10.35%			$	5,444,594
(Cost: $5,444,594)
TOTAL INVESTMENT SECURITIES - 100.00%			$	52,579,396
(Cost: $44,887,566)

Notes to Schedule of Investments

Certain acronyms are used within the body of the Portfolio's holdings. The definition of this acronym is as follows: ADR - American Depositary Receipts

*No income dividends were paid during the preceding 12 months.

The Investments of W&R Target Global Natural Resources Portfolio
March 31, 2006
COMMON STOCKS		Shares			Value
Australia - 0.50%
Excel Coal Limited (A)			28,500	$	153,024
Excel Coal Limited (A)(B)*			17,700		95,036
					248,060
Bermuda - 1.81%
China Gas Holdings Limited (A)*	1,359,500				262,819
Tsakos Energy Navigation Limited			6,600		258,588
Weatherford International Ltd.*			8,400		384,300
					905,707
Brazil - 14.31%
Aracruz Celulose S.A., ADR			20,000		1,058,800
Arcelor Brasil S.A. (A)			9,600		149,279
CPFL Energia S.A., ADR			2,500		105,000
Caemi Mineracao e Metalurgia S.A. (A)			251,200		444,591
Companhia Energetica de Minas Gerais - CEMIG, ADR			10,400		472,888
Companhia Siderurgica Nacional (A)			20,700		652,471
Companhia Siderurgica Nacional, ADR			29,600		930,032
Companhia Vale do Rio Doce, ADR			29,600		1,436,488
Petroleo Brasileiro S.A. - Petrobras, ADR			5,300		459,351
Suzano Bahia Sul Papel E Celulose S.A. (A)			151,600		1,038,222
Votorantim Celulose e Papel S.A., ADR			25,900		419,062
					7,166,184
Canada - 14.63%
Agnico-Eagle Mines Limited (A)			7,300		222,091
Barrick Gold Corporation (A)			60,600		1,648,565
Cambior Inc. (A)*			251,300		830,602
Crew Energy Inc. (A)*			2,000		27,829
Eldorado Gold Corporation (A)*			62,800		303,286
Glamis Gold Ltd. (A)*			22,200		724,254
Hydrogenics Corporation (A)*			24,400		85,035
IAMGOLD Corporation (A)			33,200		285,704
IAMGOLD Corporation, CDI (A)*			80,000		69,872
Inco Limited (A)			19,200		957,164
Kinross Gold Corporation (A)*			73,900		805,538
Pason Systems Inc. (A)			4,000		107,137
Potash Corporation of Saskatchewan Inc. (A)			1,900		167,247
Pure Energy Services Ltd. (A)(B)*			1,000		20,122
Savanna Energy Services Corp. (A)*			5,900		141,457
Superior Plus Income Fund (A)			13,700		201,772
Trican Well Service Ltd. (A)*			6,900		314,617
Western Oil Sands Inc., Class A (A)*			11,900		330,043
zed.i solutions inc. (A)*			77,600		86,381
					7,328,716
Cayman Islands - 3.77%
Apex Silver Mines Limited*			14,000		332,500
Noble Corporation			19,200		1,557,120
					1,889,620
China - 4.66%
Aluminum Corporation of China Limited, ADR			2,500		261,800
Aluminum Corporation of China Limited, H Shares (A)			303,000		320,215
China Petroleum & Chemical Corporation, H Shares (A)	1,552,000				900,099
China Shenhua Energy Company Limited, H Shares (A)*			116,000		204,069
PetroChina Company Limited, ADR			4,500		472,275
Xinao Gas Holdings Limited (A)			188,000		174,452
					2,332,910
Mexico - 1.59%
Cemex, S.A. de C.V., ADR			12,200		796,416
Norway - 0.25%
Norske Skogindustrier ASA (A)			7,300		123,642
Peru - 0.91%
Compania de Minas Buenaventura S.A.A., ADR			18,500		456,765
Russia - 0.73%
OAO LUKOIL, ADR			4,400		365,200
South Africa - 3.97%
Gold Fields Limited, ADR			66,500		1,461,670
Impala Platinum Holdings Limited (A)			2,000		377,909
Mvelaphanda Resources Limited (A)*			29,600		148,828
					1,988,407
South Korea - 1.93%
POSCO, ADR			7,300		465,740
SK Corporation (A)			7,500		503,294
					969,034
Thailand - 2.58%
Banpu Public Company Limited, Registered Shares (A)			46,800		180,579
PTT Public Company Limited (A)			84,800		510,436
Thai Oil Public Company Limited (A)			354,600		602,022
					1,293,037
United Kingdom - 1.68%
Randgold Resources Limited, ADR*			35,500		648,940
Titanium Resources Group Ltd. (A)*			151,700		189,503
					838,443
United States - 42.85%
Air Products and Chemicals, Inc.			22,200		1,491,618
Alpha Natural Resources, Inc.*			17,700		409,578
Amerada Hess Corporation			4,600		655,040
Arch Coal, Inc.			16,300		1,237,822
Atwood Oceanics, Inc.*			5,900		595,959
Aventine Renewable Energy Holdings, Inc.*			9,000		193,500
BJ Services Company			9,200		318,320
Baker Hughes Incorporated			3,000		205,200
Bristow Group Inc.*			8,100		250,290
Bunge Limited			16,300		908,073
CONSOL Energy Inc.			1,800		133,488
Celanese Corporation, Series A			11,000		230,670
ChevronTexaco Corporation			1,500		86,955
Cooper Cameron Corporation*			5,900		260,072
Diamond Offshore Drilling, Inc.			19,100		1,709,450
du Pont (E.I.) de Nemours and Company			11,100		468,531
Exxon Mobil Corporation			14,000		852,040
GlobalSanteFe Corporation			9,600		583,200
Grant Prideco, Inc.*			6,700		287,028
Huntsman Corporation*			22,200		428,460
International Paper Company			3,200		110,624
Lubrizol Corporation (The)			3,600		154,260
Massey Energy Company			28,100		1,013,567
NS Group, Inc.*			3,600		165,708
Nalco Holdings LLC*			22,200		392,940
Occidental Petroleum Corporation			8,600		796,790
Patterson-UTI Energy, Inc.			10,300		329,136
Peabody Energy Corporation			8,000		403,280
Praxair, Inc.			14,000		772,100
Rohm and Haas Company			11,800		576,666
Sigma-Aldrich Corporation			2,500		164,600
Smith International, Inc.			23,000		896,080
streetTRACKS Gold Trust*			4,300		249,830
Transocean Inc.*			18,000		1,445,400
Tronox Incorporated, Class A*			1,800		30,528
Ultra Petroleum Corp.*			3,700		230,547
Valero Energy Corporation			26,600		1,590,148
Western Gas Resources, Inc.			7,300		352,225
Weyerhaeuser Company			4,000		289,720
XTO Energy Inc.			4,400		191,708
					21,461,151
TOTAL COMMON STOCKS - 96.17%				$	48,163,292
(Cost: $40,630,822)

UNREALIZED GAIN (LOSS) ON OPEN FORWARD CURRENCY CONTRACTS - 0.09%		Face Amount in Thousands
Brazilian Real, 4-19-06 (C)	BRL 140				841
Brazilian Real, 4-19-06 (C)			720		(2,670	)
Brazilian Real, 5-24-06 (C)			365		896
Canadian Dollar, 4-19-06 (C)	CAD 2,020				17,685
Canadian Dollar, 5-24-06 (C)			2,100		21,248
South African Rand, 4-19-06 (C)	ZAR 1,335				4,654
South African Rand, 4-19-06 (C)			1,335		3,097
South African Rand, 5-24-06 (C)			500		1,495
South African Rand, 5-24-06 (C)			470		1,334
South African Rand, 5-24-06 (C)			2,200		(886	)
South African Rand, 6-7-06 (C)			970		(2,007	)
				$	45,687
SHORT-TERM SECURITIES		Principal Amount in Thousands
Commerical Paper - 2.14%
Aluminum
Alcoa Incorporated,
4.86%, 4-3-06		$	1,075		1,074,710
United States Government Agency Obligation - 1.60%
Federal Home Loan Bank,
4.65%, 4-3-06			800		799,793
TOTAL SHORT-TERM SECURITIES - 3.74%				$	1,874,503
(Cost: $1,874,503)
TOTAL INVESTMENT SECURITIES - 100.00%				$	50,083,482
(Cost: $42,505,325)

Notes to Schedule of Investments

Certain acronyms are used within the body of the Portfolio's holdings. The definitions of these acronyms are as follows: ADR - American Depositary Receipts, CDI - Chess Depositary Interest.

*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, 2006, the total value of these securities amounted to $115,158 or 0.23% of total investments.

(C)Principal amounts are denominated in the indicated foreign currency, where applicable (BRL - Brazilian Real, CAD - Canadian Dollar, ZAR - South African Rand).

The Investments of W&R Target Growth Portfolio
March 31, 2006
COMMON STOCKS	Shares			Value
Air Transportation - 0.56%
Southwest Airlines Co.		385,000	$	6,926,150
Aircraft - 1.14%
Boeing Company (The)		180,000		14,027,400
Beverages - 1.80%
PepsiCo, Inc.		385,000		22,249,150
Business Equipment and Services - 4.01%
CheckFree Corporation*		430,000		21,704,250
Robert Half International Inc.		505,000		19,498,050
Staples, Inc.		329,400		8,393,112
				49,595,412
Capital Equipment - 2.24%
Caterpillar Inc.		385,000		27,646,850
Chemicals -- Petroleum and Inorganic - 2.09%
Monsanto Company		305,000		25,848,750
Communications Equipment - 3.16%
Cisco Systems, Inc.*	1,145,000			24,817,875
QUALCOMM Incorporated		280,000		14,169,400
				38,987,275
Computers -- Micro - 1.45%
Apple Computer, Inc.*		285,000		17,873,775
Computers -- Peripherals - 6.66%
Adobe Systems Incorporated		670,000		23,419,850
Autodesk, Inc.		150,000		5,783,250
Microsoft Corporation	1,151,900			31,371,997
SAP Aktiengesellschaft, ADR		400,000		21,728,000
				82,303,097
Consumer Electronics - 1.08%
Harman International Industries, Incorporated		120,600		13,402,278
Defense - 2.46%
General Dynamics Corporation		474,600		30,364,908
Electronic Components - 4.74%
Broadcom Corporation, Class A*		397,500		17,154,113
Linear Technology Corporation		167,200		5,867,048
Maxim Integrated Products, Inc.		278,172		10,335,481
Microchip Technology Incorporated		693,600		25,174,212
				58,530,854
Finance Companies - 3.15%
SLM Corporation		750,400		38,975,776
Health Care -- Drugs - 8.83%
Alcon, Inc.		237,100		24,720,046
Allergan, Inc.		140,500		15,244,250
Amgen Inc.*		155,000		11,312,675
Genentech, Inc.*		305,000		25,775,550
Genzyme Corporation*		90,000		6,063,750
Gilead Sciences, Inc.*		417,400		26,016,542
				109,132,813
Health Care -- General - 2.66%
DENTSPLY International Inc.		225,000		13,082,625
Johnson & Johnson		333,300		19,738,026
				32,820,651
Hospital Supply and Management - 5.95%
Medtronic, Inc.		476,900		24,202,675
UnitedHealth Group Incorporated		882,600		49,302,036
				73,504,711
Household -- General Products - 3.66%
Colgate-Palmolive Company		445,000		25,409,500
Procter & Gamble Company (The)		345,000		19,878,900
				45,288,400
Insurance -- Life - 1.02%
Aflac Incorporated		280,000		12,636,400
Multiple Industry - 5.87%
General Electric Company	1,041,400			36,219,892
Las Vegas Sands, Inc.*		640,300		36,279,398
				72,499,290
Petroleum -- Services - 7.41%
Baker Hughes Incorporated		153,900		10,526,760
Schlumberger Limited		342,500		43,350,225
Smith International, Inc.		967,800		37,705,488
				91,582,473
Restaurants - 1.31%
Panera Bread Company, Class A*		90,000		6,759,000
Starbucks Corporation*		250,000		9,417,500
				16,176,500
Retail -- Food Stores - 3.63%
Walgreen Co.	1,041,400			44,915,582
Retail -- Specialty Stores - 3.80%
Abercrombie & Fitch Co., Class A		230,000		13,409,000
Best Buy Co., Inc.		195,000		10,906,350
Home Depot, Inc. (The)		534,997		22,630,373
				46,945,723
Security and Commodity Brokers - 9.14%
Chicago Mercantile Exchange Holdings Inc.		26,700		11,948,250
Franklin Resources, Inc.		130,500		12,298,320
Goldman Sachs Group, Inc. (The)		92,600		14,534,496
Legg Mason, Inc.		405,100		50,771,183
Merrill Lynch & Co., Inc.		115,000		9,057,400
Moody's Corporation		200,000		14,292,000
				112,901,649
Timesharing and Software - 9.54%
Automatic Data Processing, Inc.		520,000		23,753,600
eBay Inc.*		433,100		16,906,058
Google Inc., Class A*		104,160		40,236,487
Paychex, Inc.		890,000		37,037,350
				117,933,495
Trucking and Shipping - 2.00%
Expeditors International of Washington, Inc.		285,600		24,668,700
TOTAL COMMON STOCKS - 99.36%			$	1,227,738,062
(Cost: $956,589,015)

SHORT-TERM SECURITIES	Principal Amount in Thousands
Publishing - 0.24%
Tribune Co.,
4.75%, 4-5-06	$	2,925		2,923,456
Utilities -- Telephone - 0.40%
AT&T Inc.,
4.86%, 4-3-06		5,015		5,013,646
TOTAL SHORT-TERM SECURITIES - 0.64%			$	7,937,102
(Cost: $7,937,102)
TOTAL INVESTMENT SECURITIES - 100.00%			$	1,235,675,164
(Cost: $964,526,117)

Notes to Schedule of Investments

Certain acronyms are used within the body of the Portfolio's holdings. The definitions of these acronyms are as follows: ADR - American Depositary Receipts.

*No dividends were paid during the preceding 12 months.

The Investments of W&R Target High Income Portfolio
March 31, 2006
COMMON STOCKS, RIGHT AND WARRANT	Shares			Value
Broadcasting - 0.09%
Citadel Broadcasting Corporation		15,000	$	166,350
Capital Equipment - 0.14%
Dresser-Rand Group Inc.*		11,000		273,350
Finance Companies - 0.00%
ONO Finance Plc, Rights (A)*		250		5,000
Health Care -- General - 0.18%
Encore Medical Corporation*		67,500		347,288
Hospital Supply and Management - 0.22%
Triad Hospitals, Inc.*		10,000		419,000
Hotels and Gaming - 0.19%
Pinnacle Entertainment, Inc.*		12,500		352,125
Multiple Industry - 0.07%
Mariner Energy, Inc.*		6,069		124,475
Petroleum -- Domestic - 0.61%
Diamond Offshore Drilling, Inc.		5,000		447,500
EXCO Resources, Inc.*		56,200		704,186
				1,151,686
Petroleum -- International - 0.15%
Forest Oil Corporation*		7,500		278,850
Petroleum -- Services - 0.44%
BJ Services Company		5,000		173,000
Baker Hughes Incorporated		5,000		342,000
Schlumberger Limited		2,500		316,425
				831,425
Timesharing and Software - 0.37%
Alliance Data Systems Corporation*		15,000		701,550
Utilities -- Gas and Pipeline - 0.28%
Williams Companies, Inc. (The)		25,000		534,750
Utilities -- Telephone - 0.00%
GT Group Telecom, Inc., Warrants (A)(B)*		300		-	**
TOTAL COMMON STOCKS, RIGHT AND WARRANT - 2.74%			$	5,185,849
(Cost: $4,562,807)
PREFERRED STOCKS
Apparel - 0.00%
Anvil Holdings, Inc., 13.0% (B)*		65,627		65
Broadcasting - 0.00%
Adelphia Communications Corporation, 13.0%*		12,500		6,250
TOTAL PREFERRED STOCKS - 0.00%			$	6,315
(Cost: $1,942,028)

CORPORATE DEBT SECURITIES	Principal Amount in Thousands
Aircraft - 1.04%
Bombardier Recreational Products Inc.,
8.375%, 12-15-13	$	350		369,250
Esterline Technologies Corporation,
7.75%, 6-15-13		750		770,625
L-3 Communications Corporation,
6.125%, 1-15-14		850		826,625
				1,966,500
Aluminum - 0.16%
Century Aluminum Company,
7.5%, 8-15-14		300		312,000
Apparel - 0.42%
Perry Ellis International, Inc.,
8.875%, 9-15-13		500		500,000
Quiksilver, Inc.,
6.875%, 4-15-15		300		291,750
				791,750
Beverages - 0.54%
Cott Beverages Inc.,
8.0%, 12-15-11		1,000		1,022,500
Broadcasting - 5.84%
CSC Holdings, Inc.,
6.75%, 4-15-12 (A)		425		415,437
Cablevision Systems Corporation,
8.71625%, 4-1-09		1,835		1,924,456
Charter Communications Operating, LLC and Charter       Communications Operating Capital Corp.,
8.0%, 4-30-12 (A)		1,000		995,000
EchoStar DBS Corporation:
5.75%, 10-1-08		1,245		1,232,550
7.78%, 10-1-08		1,500		1,533,750
Gray Communications Systems, Inc.,
9.25%, 12-15-11		500		530,000
Insight Communications Company, Inc.,
12.25%, 2-15-11		1,500		1,593,750
NTL Cable PLC,
8.75%, 4-15-14		225		230,625
PanAmSat Corporation,
6.375%, 1-15-08		500		500,625
Radio One, Inc.,
8.875%, 7-1-11		2,000		2,100,000
				11,056,193
Business Equipment and Services - 4.77%
Ahern Rentals, Inc.,
9.25%, 8-15-13		375		390,937
Allied Waste North America, Inc.,
8.5%, 12-1-08		2,000		2,102,500
Carriage Services, Inc.,
7.875%, 1-15-15		150		152,625
Lamar Advertising Company,
6.625%, 8-15-15		1,000		995,000
Mac-Gray Corporation,
7.625%, 8-15-15		150		153,000
MagnaChip Semiconductor S.A. and MagnaChip       Semiconductor Finance Company:
8.16%, 12-15-11		150		151,875
8.0%, 12-15-14		150		140,250
Service Corporation International,
7.0%, 6-15-17 (A)		300		305,250
SunGard Data Systems Inc.,
3.75%, 1-15-09		2,000		1,840,000
Syniverse Technologies, Inc.,
7.75%, 8-15-13		2,000		2,002,500
Vertis, Inc.,
13.5%, 12-7-09 (A)		1,000		802,500
				9,036,437
Capital Equipment - 3.64%
Case New Holland Inc.:
9.25%, 8-1-11		2,000		2,135,000
7.125%, 3-1-14 (A)		320		316,000
Collins & Aikman Floorcoverings, Inc.,
9.75%, 2-15-10		1,250		1,181,250
IMCO Recycling Inc.,
10.375%, 10-15-10		775		854,437
Mueller Group, Inc.,
10.0%, 5-1-12		1,000		1,095,000
Simmons Bedding Company,
7.875%, 1-15-14		725		701,438
Simmons Company,
0.0%, 12-15-14 (C)		950		608,000
				6,891,125
Chemicals -- Petroleum and Inorganic - 1.48%
Nalco Company,
7.75%, 11-15-11		750		759,375
PolyOne Corporation,
10.625%, 5-15-10		500		541,250
Resolution Performance Products LLC and RPP Capital       Corporation,
13.5%, 11-15-10		575		614,531
UAP Holding Corp.,
0.0%, 7-15-12 (C)		1,000		895,000
				2,810,156
Chemicals -- Specialty - 2.38%
Compass Minerals International, Inc.:
0.0%, 12-15-12 (C)		1,920		1,785,600
0.0%, 6-1-13 (C)		2,750		2,461,250
Ethyl Corporation,
8.875%, 5-1-10		250		259,375
				4,506,225
Coal - 1.28%
James River Coal Company,
9.375%, 6-1-12		1,550		1,619,750
Southern Star Central Corp.,
8.5%, 8-1-10		750		807,188
				2,426,938
Computers -- Peripherals - 2.15%
ASG Consolidated LLC and ASG Finance, Inc.,
0.0%, 11-1-11 (C)		2,325		1,906,500
Activant Solutions Inc.:
10.53%, 4-1-10 (A)		500		510,000
10.5%, 6-15-11		1,500		1,661,250
				4,077,750
Construction Materials - 8.01%
AMH Holdings, Inc.,
0.0%, 3-1-14 (C)		1,000		575,000
Ames True Temper, Inc.,
8.6%, 1-15-12		2,650		2,577,125
Associated Materials Incorporated,
9.75%, 4-15-12		525		544,687
Brand Services, Inc.,
12.0%, 10-15-12		650		695,500
Builders FirstSource, Inc.,
8.99875%, 2-15-12		1,500		1,537,500
Interface, Inc.:
7.3%, 4-1-08		1,000		1,020,000
10.375%, 2-1-10		445		487,275
9.5%, 2-1-14		1,400		1,435,000
Jacuzzi Brands, Inc.,
9.625%, 7-1-10		1,860		1,994,850
MAAX Corporation,
9.75%, 6-15-12		500		427,500
Nortek, Inc.,
8.5%, 9-1-14		600		610,500
Ply Gem Industries, Inc.,
9.0%, 2-15-12		3,250		3,022,500
WII Components, Inc.,
10.0%, 2-15-12		250		254,062
				15,181,499
Containers - 3.18%
Alltrista Corporation,
9.75%, 5-1-12		250		258,125
Graham Packaging Company, L.P. and GPC Capital Corp. I:
8.5%, 10-15-12		150		151,500
9.875%, 10-15-14		300		303,750
MDP Acquisitions plc,
9.625%, 10-1-12		900		951,750
Owens-Brockway Glass Container Inc.,
8.75%, 11-15-12		750		802,500
Owens-Illinois, Inc.,
7.35%, 5-15-08		2,500		2,525,000
Stone Container Corporation,
9.75%, 2-1-11		1,000		1,027,500
				6,020,125
Defense - 1.07%
Armor Holdings, Inc.,
8.25%, 8-15-13		1,750		1,876,875
DRS Technologies, Inc.,
7.625%, 2-1-18		150		154,500
				2,031,375
Electrical Equipment - 0.84%
Coleman Cable Inc.,
9.875%, 10-1-12		1,150		1,035,000
Rexnord Corporation,
10.125%, 12-15-12		500		548,750
				1,583,750
Electronic Components - 0.27%
Viasystems, Inc.,
10.5%, 1-15-11		500		502,500
Electronic Instruments - 0.54%
Aavid Thermal Technologies, Inc.,
12.75%, 2-1-07		1,000		1,025,000
Finance Companies - 6.58%
CCO Holdings, LLC and CCO Holdings Capital Corp.,
9.035%, 12-15-10		1,500		1,490,625
Case Credit Corporation,
6.75%, 10-21-07		1,000		1,003,750
Dollar Financial Group, Inc.,
9.75%, 11-15-11		400		420,000
Goodman Global Holdings, Inc.:
7.49125%, 6-15-12		550		559,625
7.875%, 12-15-12		1,605		1,584,937
MSW Energy Holdings LLC and MSW Energy       Finance Co., Inc.,
8.5%, 9-1-10		300		318,000
NMHG Holding Co.,
10.0%, 5-15-09		1,000		1,050,000
Norcraft Companies, L.P. and Norcraft Finance Corp.,
0.0%, 9-1-12 (C)		1,600		1,264,000
PIH Acquisition Co.,
10.75%, 10-1-13 (A)		475		460,750
R.H. Donnelley Finance Corporation III,
8.875%, 1-15-16 (A)		750		780,000
Toll Corp.,
8.25%, 12-1-11		890		927,825
Vanguard Health Holding Company II, LLC and       Vanguard Holding Company II, Inc.,
9.0%, 10-1-14		1,000		1,022,500
Visant Holding Corp.,
8.75%, 12-1-13 (A)		560		537,628
Xerox Capital Trust I,
8.0%, 2-1-27		1,000		1,035,000
				12,454,640
Food and Related - 4.02%
American Seafoods Group LLC and American       Seafoods, Inc.,
10.125%, 4-15-10		1,530		1,607,464
Doane Pet Care Company:
10.75%, 3-1-10		700		757,750
10.625%, 11-15-15		500		530,000
Gold Kist Inc.,
10.25%, 3-15-14		650		702,000
Pierre Merger Corp.,
9.875%, 7-15-12		1,750		1,798,125
Pinnacle Foods Holding Corporation,
8.25%, 12-1-13		2,250		2,227,500
				7,622,839
Forest and Paper Products - 2.67%
Buckeye Cellulose Corporation,
9.25%, 9-15-08		1,500		1,500,000
Buckeye Technologies Inc.:
8.0%, 10-15-10		1,750		1,688,750
8.5%, 10-1-13		1,250		1,259,375
Tembec Industries Inc.,
8.625%, 6-30-09		1,000		602,500
				5,050,625
Health Care -- General - 1.49%
Encore Medical IHC, Inc.,
9.75%, 10-1-12		1,763		1,780,630
Universal Hospital Services, Inc.,
10.125%, 11-1-11		1,000		1,037,500
				2,818,130
Homebuilders, Mobile Homes - 1.69%
Standard Pacific Corp.,
6.5%, 8-15-10		450		429,750
Stanley-Martin Communities, LLC and Stanley-Martin       Financing Corp.,
9.75%, 8-15-15 (A)		1,000		915,000
Technical Olympic USA, Inc.:
9.0%, 7-1-10		500		512,500
7.5%, 3-15-11		300		273,000
WCI Communities, Inc.,
9.125%, 5-1-12		1,050		1,068,375
				3,198,625
Hospital Supply and Management - 5.57%
Accellent Inc.,
10.5%, 12-1-13		500		533,750
Psychiatric Solutions, Inc.:
10.625%, 6-15-13		1,467		1,639,373
7.75%, 7-15-15		1,575		1,602,563
Rural/Metro Corporation,
0.0%, 3-15-16 (C)		1,850		1,350,500
Rural/Metro Operating Company, LLC and Rural/Metro       (Delaware) Inc.,
9.875%, 3-15-15		1,100		1,185,250
Tenet Healthcare Corporation,
9.875%, 7-1-14		1,280		1,296,000
United Surgical Partners Holdings, Inc.,
10.0%, 12-15-11		1,040		1,107,600
US Oncology Holdings, Inc.,
10.32%, 3-15-15		1,400		1,403,500
US Oncology, Inc.:
9.0%, 8-15-12		250		258,750
10.75%, 8-15-14		150		163,875
				10,541,161
Hotels and Gaming - 2.41%
Chukchansi Economic Development Authority,
8.0%, 11-15-13 (A)		375		384,375
Inn of the Mountain Gods Resort and Casino,
12.0%, 11-15-10		1,750		1,890,000
Pinnacle Entertainment, Inc.,
8.25%, 3-15-12		1,235		1,293,663
Station Casinos, Inc.:
6.0%, 4-1-12		500		493,125
6.875%, 3-1-16		500		502,500
				4,563,663
Household -- General Products - 1.09%
Jean Coutu Group (PJC) Inc. (The),
7.625%, 8-1-12		1,000		972,500
JohnsonDiversey, Inc.,
9.625%, 5-15-12		1,060		1,087,825
				2,060,325
Metal Fabrication - 1.02%
Metals USA, Inc.,
11.125%, 12-1-15 (A)		650		715,000
Mueller Holdings (N.A.), Inc.,
0.0%, 4-15-14 (C)		1,500		1,222,500
				1,937,500
Motion Pictures - 2.28%
AMC Entertainment Inc.:
8.99875%, 8-15-10		350		361,375
9.5%, 2-1-11		1,000		972,500
9.875%, 2-1-12		500		492,500
Cinemark, Inc.,
0.0%, 3-15-14 (C)		2,050		1,568,250
Cinemark USA, Inc.,
9.0%, 2-1-13		869		923,313
				4,317,938
Motor Vehicles - 2.19%
ADESA, Inc.,
7.625%, 6-15-12		300		306,750
Group 1 Automotive, Inc.,
8.25%, 8-15-13		1,000		1,010,000
Sonic Automotive, Inc.,
8.625%, 8-15-13		1,250		1,250,000
United Auto Group, Inc.,
9.625%, 3-15-12		1,500		1,588,125
				4,154,875
Multiple Industry - 0.58%
K&F Acquisition, Inc.,
7.75%, 11-15-14		300		303,750
United Agri Products, Inc.,
8.25%, 12-15-11		766		796,640
				1,100,390
Petroleum -- Domestic - 1.87%
Chaparral Energy, Inc.,
8.5%, 12-1-15 (A)		400		416,000
Delta Petroleum Corporation,
7.0%, 4-1-15		150		137,250
Denbury Resources Inc.:
7.5%, 4-1-13		250		258,125
7.5%, 12-15-15		500		520,000
EXCO Resources, Inc.,
7.25%, 1-15-11		900		895,500
Ferrellgas Partners, L.P. and Ferrellgas Partners       Finance Corp.,
8.75%, 6-15-12		1,000		1,012,500
Frontier Oil Corporation,
6.625%, 10-1-11		150		149,625
KCS Energy, Inc.,
7.125%, 4-1-12		150		148,875
				3,537,875
Petroleum -- International - 0.69%
Chesapeake Energy Corporation,
6.25%, 1-15-18		1,000		977,500
Inergy, L.P. and Inergy Finance Corp.,
8.25%, 3-1-16 (A)		320		328,000
				1,305,500
Petroleum -- Services - 2.20%
Copano Energy, L.L.C.,
8.125%, 3-1-16 (A)		650		672,750
Grant Prideco, Inc.,
6.125%, 8-15-15		150		146,250
Hanover Compressor Company:
8.625%, 12-15-10		500		524,375
7.5%, 4-15-13		350		350,000
9.0%, 6-1-14		150		161,250
Mirant North America, LLC and MNA Finance Corp.,
7.375%, 12-31-13 (A)		300		306,000
Parker Drilling Company,
9.625%, 10-1-13		250		277,500
SESI, L.L.C.,
8.875%, 5-15-11		750		783,750
SemGroup, L.P. and SemGroup Finance Corp.,
8.75%, 11-15-15 (A)		400		408,000
VeraSun Energy Corporation,
9.875%, 12-15-12 (A)		500		530,000
				4,159,875
Publishing - 2.50%
CBD Media Holdings LLC and CBD Holdings       Finance, Inc.,
9.25%, 7-15-12		600		611,250
CBD Media LLC and CBD Finance, Inc.,
8.625%, 6-1-11		1,000		1,013,750
Dex Media, Inc.,
0.0%, 11-15-13 (C)		1,500		1,267,500
Dex Media West LLC and Dex Media West       Finance Co.,
8.5%, 8-15-10		1,750		1,850,625
				4,743,125
Railroad - 1.16%
Kansas City Southern Railway Company (The),
7.5%, 6-15-09		950		964,250
TFM, S.A. de C.V.,
9.375%, 5-1-12		1,125		1,237,500
				2,201,750
Restaurants - 0.95%
Carrols Corporation,
9.0%, 1-15-13		150		150,750
Friendly Ice Cream Corporation,
8.375%, 6-15-12		750		678,750
Landry's Restaurants, Inc.,
7.5%, 12-15-14		1,000		965,000
				1,794,500
Retail -- Food Stores - 2.51%
Couche-Tard U.S. L.P. and Couche-Tard       Financing Corp.,
7.5%, 12-15-13		945		968,625
Rite Aid Corporation:
7.125%, 1-15-07		1,500		1,509,375
8.125%, 5-1-10		1,000		1,021,250
Stater Bros. Holdings Inc.:
8.41%, 6-15-10		500		510,625
8.125%, 6-15-12		755		754,056
				4,763,931
Retail -- General Merchandise - 0.41%
Interline Brands, Inc.,
11.5%, 5-15-11		325		358,719
NBC Acquisition Corp.,
0.0%, 3-15-13 (C)		600		426,000
				784,719
Retail -- Specialty Stores - 1.26%
CSK Auto, Inc.,
7.0%, 1-15-14		350		333,375
General Nutrition Centers, Inc.,
8.5%, 12-1-10		1,200		1,137,000
Nebraska Book Company, Inc.,
8.625%, 3-15-12		1,000		920,000
				2,390,375
Security and Commodity Brokers - 0.43%
Global Cash Access, L.L.C. and Global Cash Access       Finance Corporation,
8.75%, 3-15-12		764		820,345
Utilities -- Electric - 1.28%
NRG Energy, Inc.:
7.25%, 2-1-14		750		762,187
7.375%, 2-1-16		750		765,938
Sierra Pacific Resources,
6.75%, 8-15-17 (A)		450		451,688
Tenaska Alabama Partners, L.P.,
7.0%, 6-30-21 (A)		443		444,805
				2,424,618
Utilities -- Gas and Pipeline - 2.38%
ANR Pipeline Company,
8.875%, 3-15-10		500		531,875
Atlas Pipeline Parnters, L.P. and Atlas Pipeline       Finance Corp.,
8.125%, 12-15-15 (A)		350		364,875
Northwest Pipeline Corporation,
8.125%, 3-1-10		750		791,250
Southern Natural Gas Company,
8.875%, 3-15-10		1,000		1,063,750
Williams Companies, Inc. (The),
8.75%, 3-15-32		1,500		1,755,000
				4,506,750
Utilities -- Telephone - 6.60%
Alamosa (Delaware), Inc.,
8.5%, 1-31-12		1,250		1,346,875
IWO Escrow Company:
8.35%, 1-15-12		150		156,187
0.0%, 1-15-15 (C)		600		448,500
LCI International, Inc.,
7.25%, 6-15-07		800		808,000
Nextel Communications, Inc.,
7.375%, 8-1-15		750		786,553
Nextel Partners, Inc.,
8.125%, 7-1-11		1,750		1,850,625
Qwest Capital Funding, Inc.,
7.75%, 8-15-06		1,000		1,006,250
SBA Communications Corporation,
8.5%, 12-1-12		715		793,650
SBA Communications Corporation and SBA       Telecommunications, Inc.,
0.0%, 12-15-11 (C)		1,652		1,577,660
Triton PCS, Inc.,
8.5%, 6-1-13		600		570,000
US Unwired Inc.:
9.16%, 6-15-10		1,100		1,133,000
10.0%, 6-15-12		776		870,090
Ubiquitel Operating Company,
9.875%, 3-1-11		1,050		1,147,125
				12,494,515
TOTAL CORPORATE DEBT SECURITIES - 93.44%			$	176,990,412
(Cost: $173,625,004)
SHORT-TERM SECURITIES
Aluminum - 2.24%
Alcan Aluminum Corp.,
4.9%, 4-3-06		4,243		4,241,845
Publishing - 1.58%
Tribune Co.,
4.75%, 4-5-06		3,000		2,998,417
TOTAL SHORT-TERM SECURITIES - 3.82%			$	7,240,262
(Cost: $7,240,262)
TOTAL INVESTMENT SECURITIES - 100.00%			$	189,422,838
(Cost: $187,370,101)

Notes to Schedule of Investments

*No dividends were paid during the preceding 12 months.

**Not shown due to rounding.

(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, 2006, the total value of these securities amounted to $11,064,058 or 5.84% of total investments.

(B)Securities valued in good faith by the Valuation Committee appointed by 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, 2006
COMMON STOCKS	Shares			Value
Australia - 0.89%
Westpac Banking Corporation (A)		118,600	$	2,022,459
Austria - 2.48%
Erste Bank der oesterreichischen Sparkassen AG (A)		19,800		1,167,585
OMV Aktiengesellschaft (A)		50,000		3,344,725
Raiffeisen International Bank-Holding AG (A)*		13,300		1,134,686
				5,646,996
Belgium - 0.63%
KBC Group NV (A)		13,500		1,449,502
Brazil - 1.21%
Companhia Vale do Rio Doce, ADR		31,800		1,543,254
Petroleo Brasileiro S.A. - Petrobras, ADR		14,000		1,213,380
				2,756,634
Canada - 2.23%
EnCana Corporation (A)		76,500		3,570,022
Shoppers Drug Mart Corporation (A)(B)		39,700		1,511,037
				5,081,059
China - 0.81%
China Mobile (Hong Kong) Limited (A)		354,000		1,859,160
France - 8.38%
AXA (A)		31,000		1,087,957
EDF SA (A)*		50,100		2,841,416
Pernod Ricard (A)		11,200		2,145,859
Pinault-Printemps-Redoute SA (A)		9,400		1,135,158
SUEZ (A)		27,700		1,091,645
Sanofi-Aventis (A)		36,500		3,472,273
VINCI (A)		48,800		4,810,926
VINCI, Rights (A)*		48,800		104,675
Vivendi Universal (A)		70,000		2,404,082
				19,093,991
Germany - 9.43%
Allianz Aktiengesellschaft, Registered Shares (A)		13,800		2,306,857
BASF Aktiengesellschaft (A)		26,700		2,092,823
Bayerische Motoren Werke Aktiengesellschaft (A)		37,400		2,062,217
Commerzbank Aktiengesellschaft (A)		28,000		1,114,327
Continental Aktiengesellschaft (A)		15,600		1,721,297
E.ON AG (A)		25,200		2,774,449
Fresenius AG (A)		4,700		844,392
Hypo Real Estate Holding AG (A)		8,500		584,054
RWE Aktiengesellschaft (A)		17,000		1,481,253
SAP Aktiengesellschaft (A)		9,800		2,129,402
Siemens AG (A)		46,970		4,378,926
				21,489,997
Greece - 2.41%
National Bank of Greece S.A. (A)(B)		60,000		2,821,203
OPAP S.A. (A)(B)		70,000		2,675,537
				5,496,740
Ireland - 5.11%
Anglo Irish Bank Corporation plc (Great Britain) (A)		276,546		4,557,825
Anglo Irish Bank Corporation plc (Ireland) (A)		220,000		3,625,876
CRH public limited company (A)		64,600		2,260,898
Irish Life & Permanent plc (A)		50,000		1,199,738
				11,644,337
Italy - 4.93%
AUTOGRILL S.p.A. (A)		70,400		1,044,252
Banca Fideuram S.p.A. (A)		190,000		1,091,974
Eni S.p.A. (A)		41,800		1,189,394
Saipem S.p.A. (A)		76,200		1,762,837
UniCredito Italiano S.p.A. (A)		850,000		6,144,417
				11,232,874
Japan - 24.46%
Astellas Pharma Inc. (A)		28,200		1,070,977
Canon Inc. (A)		47,000		3,110,705
Central Japan Railway Company (A)		188		1,852,846
CREDIT SAISON CO., LTD. (A)		54,000		2,986,746
DENSO CORPORATION (A)		34,700		1,370,901
Dentsu Inc. (A)		525		1,904,630
Honda Motor Co., Ltd. (A)		35,500		2,198,768
Hoya Corporation (A)		55,300		2,231,733
Japan Tobacco Inc. (A)		625		2,198,386
KDDI CORPORATION (A)		320		1,710,110
Kabushiki Kaisha Mitsubishi Tokyo Financial Group (A)		300		4,587,935
Mitsubishi Corporation (A)		50,300		1,145,319
Mitsubishi Estate Co., Ltd. (A)		167,000		3,958,624
Mitsui & Co., Ltd. (A)		83,000		1,200,221
Mizuho Financial Group, Inc. (A)		460		3,763,636
ORIX Corporation (A)		12,000		3,736,619
SMC Corporation (A)		16,700		2,602,192
Sega Sammy Holdings Inc. (A)		93,000		3,776,890
Sumitomo Mitsui Financial Group, Inc. (A)(B)		83		916,737
Taisei Corporation (A)		240,000		1,150,042
Toyota Motor Corporation (A)		77,900		4,255,709
Ushio Inc. (A)		69,000		1,644,393
YAMADA-DENKI Co., Ltd. (A)		20,600		2,375,038
				55,749,157
Luxembourg - 0.78%
Tenaris S.A., ADR		9,850		1,779,600
Mexico - 0.49%
Cemex, S.A. de C.V., ADR		17,000		1,109,760
Netherlands - 0.76%
ASML Holding N.V., Ordinary Shares (A)*		84,800		1,731,598
Norway - 0.72%
Statoil ASA (A)		57,200		1,649,597
Russia - 1.52%
OAO LUKOIL, ADR		41,700		3,461,100
South Korea - 1.50%
Kookmin Bank (A)		17,000		1,467,991
Samsung Electronics Co., Ltd. (A)		3,000		1,945,245
				3,413,236
Spain - 0.95%
Enagas, S.A. (A)		110,000		2,179,524
Sweden - 0.47%
Telefonaktiebolaget LM Ericsson, B Shares (A)		285,000		1,083,135
Switzerland - 12.37%
Compagnie Financiere Richemont SA (A)		26,500		1,270,471
Credit Suisse Group, Registered Shares (A)		49,000		2,749,473
Holcim Ltd, Registered Shares (A)		28,900		2,301,093
Julius Baer Holding Ltd., Bearer Shares (A)		14,125		1,277,442
Nestle S.A., Registered Shares (A)		10,900		3,235,761
Novartis AG, Registered Shares (A)		112,000		6,228,666
Roche Holdings AG, Genussschein (A)		19,800		2,948,015
Swiss Life Holding Zurich (A)*		11,200		2,345,415
UBS AG (A)		30,650		3,366,763
Zurich Financial Services, Registered Shares (A)*		10,500		2,466,632
				28,189,731
Taiwan - 0.77%
Himax Technologies, Inc., ADR*		200,000		1,750,000
Turkey - 0.89%
Turkiye Vakiflar Bankasi T.A.O. (A)(B)*		370,000		2,022,685
United Kingdom - 11.99%
BAE SYSTEMS plc (A)		185,000		1,352,377
BHP Billiton Plc (A)		270,900		4,949,031
British American Tobacco p.l.c. (A)		70,500		1,707,473
Capita Group Plc (The) (A)(B)		215,610		1,721,299
Diageo plc (A)		69,000		1,086,723
GlaxoSmithKline plc (A)		141,000		3,686,867
IG Group Holdings plc (A)(B)		258,000		981,670
Old Mutual plc (A)		330,000		1,153,856
Reckitt Benckiser plc (A)		65,400		2,302,073
Rio Tinto plc (A)		12,200		619,358
Royal Bank of Scotland Group plc (The) (A)		107,659		3,503,402
tesco plc (A)		379,000		2,172,976
Vodafone Group Plc (A)	1,000,000			2,093,577
				27,330,682
United States - 1.32%
Schlumberger Limited		9,800		1,240,386
Transocean Inc.*		22,000		1,766,600
				3,006,986
TOTAL COMMON STOCKS - 97.50%			$	222,230,540
(Cost: $163,534,828)

SHORT-TERM SECURITIES - 2.50%	Principal Amount in Thousands
Banks
Lloyds TSB Bank PLC,
4.78, 4-5-06	$	3,000		2,998,407
Rabobank USA Financial Corp. (Rabobank Nederland),
4.83, 4-3-06		2,691		2,690,278
(Cost: $5,688,685)			$	5,688,685
TOTAL INVESTMENT SECURITIES - 100.00%			$	227,919,225
(Cost: $169,223,513)

Notes to Schedule of Investments

Certain acronyms are used with the body of the Portfolio's holdings. The definition of this acronym is as follows: ADR - American Depositary Receipts.

*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, 2006, the total value of these securities amounted to $12,650,168 or 5.55% of total investments.

The Investments of W&R Target International Value Portfolio
March 31, 2006
COMMON STOCKS			Shares		Value
Australia - 2.10%
National Australia Bank Limited (A)			249,043	$	6,721,544
Qantas Airways Limited (A)			857,600		2,173,409
Qantas Airways Limited (A)(B)			545,600		1,382,709
					10,277,662
Belgium - 1.31%
Agfa-Gevaert N.V. (A)			332,440		6,333,111
Agfa-Gevaert N.V. (A)(B)			5,100		97,157
					6,430,268
Bermuda - 1.78%
ACE Limited			83,770		4,356,878
XL Capital Ltd, Class A			68,390		4,384,483
					8,741,361
Canada - 2.45%
Barrick Gold Corporation (A)			206,300		5,612,151
Domtar Inc. (A)			510,680		3,629,442
Quebecor World Inc. (A)			281,000		2,757,426
					11,999,019
China - 0.88%
China Telecom Corporation Limited (A)		8,936,000			3,167,099
China Telecom Corporation Limited (A)(B)		3,240,000			1,148,322
					4,315,421
Denmark - 2.30%
Vestas Wind Systems A/S (A)*			452,271		11,274,083
Finland - 2.67%
Stora Enso Oyj, Class R (A)			340,690		5,243,417
Stora Enso Oyj, Class R (A)			71,073		1,085,920
UPM-Kymmene Corporation (A)			286,300		6,765,615
					13,094,952
France - 6.34%
AXA (A)			227,853		7,996,586
France Telecom (A)			370,389		8,330,812
Sanofi-Aventis (A)			89,350		8,499,933
THOMSON (A)			25,300		497,964
Total S.A. (A)			21,717		5,729,406
					31,054,701
Germany - 4.51%
Bayerische Motoren Werke Aktiengesellschaft (A)			72,100		3,975,557
Deutsche Post AG (A)			241,000		6,025,146
E.ON AG (A)			33,900		3,732,295
Munchener Ruckversicherungs-Gesellschaft            Aktiengesellschaft, Registered Shares (A)			36,090		5,121,475
Siemens AG (A)			34,930		3,256,459
					22,110,932
Hong Kong - 2.09%
Cheung Kong (Holdings) Limited (A)			485,000		5,141,188
Hutchison Whampoa Limited, Ordinary Shares (A)			556,100		5,099,336
					10,240,524
Israel - 1.81%
Check Point Software Technologies Ltd.*			442,720		8,861,041
Italy - 1.50%
Eni S.p.A. (A)			257,739		7,333,808
Japan - 5.23%
Hitachi, Ltd. (A)			405,000		2,866,313
KDDI CORPORATION (A)			1,067		5,702,150
Konica Minolta Holdings, Inc. (A)			363,000		4,632,336
Sony Corporation (A)			167,700		7,765,208
Takeda Pharmaceutical Company Limited (A)			82,200		4,686,168
					25,652,175
Mexico - 1.10%
Telefonos de Mexico, S.A. de C.V., ADR			238,840		5,369,123
Netherlands - 6.30%
Akzo Nobel N.V. (A)			102,540		5,441,512
ING Groep N.V., Certicaaten Van Aandelen (A)			251,394		9,931,705
Koninklijke Philips Electronics N.V., Ordinary Shares (A)			200,550		6,778,326
Reed Elsevier NV (A)			607,530		8,709,712
					30,861,255
Norway - 2.95%
Norske Skogindustrier ASA (A)			305,971		5,182,312
Telenor ASA (A)			850,340		9,147,487
Telenor ASA (A)(B)			13,700		147,377
					14,477,176
Portugal - 1.43%
Portugal Telecom, SGPS, S.A., Ordinary Shares (A)			578,390		7,016,268
Singapore - 2.37%
DBS Group Holdings Ltd (A)			300,000		3,026,271
Flextronics International Ltd.*			276,340		2,858,737
Venture Corporation Limited (A)			724,000		5,735,186
					11,620,194
South Africa - 1.02%
Sappi Limited (A)			334,530		4,992,855
South Korea - 6.31%
KT Corporation, ADR			329,160		7,011,108
Kookmin Bank, ADR			73,760		6,307,955
POSCO, ADR			46,710		2,980,098
SK Telecom Co., Ltd., ADR			184,530		4,353,063
Samsung Electronics Co., Ltd., GDR (B)			31,490		10,289,357
					30,941,581
Spain - 4.12%
Gamesa Corporacion Tecnologica, S.A. (A)			298,034		5,731,840
Iberdrola, S.A. (A)			84,078		2,714,363
Repsol YPF, S.A. (A)			256,583		7,288,477
Telefonica, S.A., ADR			95,275		4,475,067
					20,209,747
Sweden - 0.68%
Securitas AB, Class B (A)			172,280		3,317,969
Switzerland - 3.16%
Nestle S.A., Registered Shares (A)			21,620		6,418,088
Swiss Reinsurance Company, Registered Shares (A)			60,290		4,213,109
UBS AG (A)			44,400		4,877,137
					15,508,334
Taiwan - 5.07%
Chunghwa Telecom Co., Ltd., ADR			202,400		3,965,016
Compal Electronics Inc., GDR			439,398		2,244,093
Compal Electronics Inc., GDR (B)			513,329		2,621,674
Lite-On Technology Corporation, GDR (A)			534,070		7,405,308
Mega Financial Holding Company (A)	11,400,000				8,587,273
					24,823,364
United Kingdom - 26.86%
AMVESCAP PLC (A)			340,700		3,178,691
BAE SYSTEMS plc (A)			649,760		4,749,840
BP p.l.c. (A)			591,000		6,787,202
Boots Group PLC (A)			360,615		4,507,929
British Sky Broadcasting Group plc (A)			919,890		8,630,412
Cadbury Schweppes plc (A)			349,060		3,468,949
Centrica plc (A)		1,015,750			4,967,834
Compass Group PLC (A)		3,513,190			13,932,026
GlaxoSmithKline plc (A)			273,900		7,161,935
Group 4 Securicor plc (A)*		1,210,500			3,980,178
HSBC Holdings plc (A)			343,830		5,764,650
Pearson plc (A)			425,050		5,893,113
Rentokil Initial plc (A)		2,082,700			5,644,860
Rolls-Royce plc (A)*			695,160		5,531,617
Royal Bank of Scotland Group plc (The) (A)			325,080		10,578,641
Royal Dutch Shell plc, Class B (A)			181,853		5,914,638
Shire plc (A)			300,220		4,608,377
Smiths Group plc (A)			275,300		4,701,772
Unilever PLC (A)			536,410		5,489,263
Vodafone Group Plc (A)		4,840,120			10,133,163
Wm MORRISON SUPERMARKETS PLC (A)		1,811,170			5,978,809
					131,603,899
TOTAL COMMON STOCKS - 96.34%				$	472,127,712
(Cost: $364,940,793)

SHORT-TERM SECURITIES	Principal Amount in Thousands
Commercial Paper
Banks - 1.43%
Lloyds TSB Bank PLC,
4.78%, 4-5-06	$	7,000		6,996,282
Mining - 1.39%
BHP Billiton Finance (USA) Limited           (BHP Billiton Limited),
4.83%, 4-3-06		6,825		6,823,169
Utilities -- Electric - 0.61%
Wisconsin Electric Power Co.,
4.87%, 4-3-06		3,000		2,999,188
Total Commercial Paper - 3.43%				16,818,639
Commercial Paper (backed by irrevocable bank letter of credit) - 0.23%
Finance Companies - 0.23%
ED&F Man Treasury Management PLC           (Royal Bank of Scotland PLC (The)),
4.8%, 4-3-06		1,100		1,099,707
TOTAL SHORT-TERM SECURITIES - 3.66%			$	17,918,346
(Cost: $17,918,346)
TOTAL INVESTMENT SECURITIES - 100.00%			$	490,046,058
(Cost: $382,859,139)

Notes to Schedule of Investments

Certain acronyms are used within the body of the Portfolio's holdings. The definitions of these acronyms are as follows: ADR - American Depositary Receipts; GDR - Global Depositary Receipts.

*No income 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, 2006, the total value of these securities amounted to $15,686,596 or 3.20% of total investments.

The Investments of W&R Target Limited-Term Bond Portfolio
March 31, 2006
CORPORATE DEBT SECURITIES	Principal Amount in Thousands			Value
Aircraft - 2.86%
Raytheon Company,
6.75%, 8-15-07	$	2,030	$	2,061,776
Broadcasting - 2.00%
Cox Communications, Inc.,
4.625%, 1-15-10		1,500		1,437,906
Business Equipment and Services - 2.84%
USA Waste Services, Inc.,
7.125%, 10-1-07		2,000		2,047,274
Capital Equipment - 2.45%
John Deere Capital Corporation,
5.125%, 10-19-06		1,766		1,765,702
Chemicals -- Petroleum and Inorganic - 2.02%
Monsanto Company,
4.0%, 5-15-08		1,500		1,456,594
Communications Equipment - 1.39%
Cisco Systems, Inc.,
4.85031%, 2-20-09		1,000		1,000,725
Finance Companies - 4.82%
International Lease Finance Corporation,
5.0%, 4-15-10		1,500		1,471,298
National Rural Utilities Cooperative Finance Corporation,
6.0%, 5-15-06		2,000		2,001,780
				3,473,078
Forest and Paper Products - 2.01%
International Paper Company,
4.25%, 1-15-09		1,500		1,446,969
Mining - 1.37%
BHP Billiton Finance (USA) Limited,
5.0%, 12-15-10		1,000		983,132
Petroleum -- International - 3.31%
Anadarko Petroleum Corporation,
5.375%, 3-1-07		2,385		2,382,472
Petroleum -- Services - 2.78%
Conoco Funding Company,
5.45%, 10-15-06		2,000		2,001,400
Railroad - 5.46%
CSX Corporation,
6.25%, 10-15-08		1,000		1,021,232
Norfolk Southern Corporation,
7.35%, 5-15-07		1,850		1,892,383
Union Pacific Corporation,
6.625%, 2-1-08		1,000		1,020,744
				3,934,359
Timesharing and Software - 2.76%
Equifax Inc.,
4.95%, 11-1-07		2,000		1,984,136
Utilities -- Electric - 8.62%
FPL Group Capital Inc,
7.625%, 9-15-06		2,000		2,019,592
Kansas City Power & Light Company,
6.0%, 3-15-07		1,276		1,282,372
Virginia Electric and Power Company,
5.375%, 2-1-07		2,000		1,997,120
Wisconsin Energy Corporation,
5.875%, 4-1-06		910		910,000
				6,209,084
Utilities -- Telephone - 3.47%
GTE Corporation,
6.36%, 4-15-06		2,000		2,000,502
SBC Communications Inc.,
4.95063%, 11-14-08		500		500,921
				2,501,423
TOTAL CORPORATE DEBT SECURITIES - 48.16%			$	34,686,030
(Cost: $35,054,141)
UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations - 8.85%
Federal Home Loan Mortgage Corporation:
3.625%, 9-15-08		2,000		1,934,944
5.0%, 10-18-10		2,500		2,462,723
Federal National Mortgage Association,
4.25%, 7-15-07		2,000		1,978,456
				6,376,123
Mortgage-Backed Obligations - 22.21%
Federal Home Loan Mortgage Corporation Agency           REMIC/CMO:
4.0%, 5-15-16		1,696		1,636,377
3.5%, 12-15-16		959		909,915
5.5%, 7-15-17 (Interest Only)		1,250		46,675
5.5%, 10-15-23 (Interest Only)		4,584		317,456
5.0%, 6-15-24 (Interest Only)		2,000		229,857
Federal Home Loan Mortgage Corporation Fixed Rate           Participation Certificates:
7.0%, 8-1-07		2		1,802
4.5%, 5-1-10		986		962,488
4.0%, 6-1-14		1,525		1,441,172
5.5%, 1-1-17		114		113,358
5.5%, 5-1-17		122		121,350
4.5%, 1-1-18		1,253		1,198,254
4.5%, 4-1-18		1,244		1,190,535
4.5%, 3-1-19		1,565		1,495,278
Federal National Mortgage Association Fixed Rate           Pass-Through Certificates:
6.0%, 11-1-13		14		13,851
7.0%, 10-1-14		15		15,868
6.0%, 3-1-16		49		49,977
6.0%, 3-1-16		44		44,409
5.5%, 2-1-17		440		437,858
5.5%, 1-1-18		743		739,016
5.0%, 3-1-18		1,215		1,187,247
5.0%, 6-1-20		1,318		1,285,356
Government National Mortgage Association Fixed Rate           Pass-Through Certificates:
6.5%, 1-15-14		22		22,459
7.5%, 3-15-15		20		20,540
6.0%, 8-15-16		68		69,006
6.0%, 12-15-16		129		131,187
5.5%, 1-15-17		180		179,864
6.0%, 1-15-17		114		116,598
5.5%, 7-15-17		308		307,880
5.5%, 10-15-17		154		154,382
5.0%, 12-15-17		812		799,069
7.0%, 6-15-28		22		22,759
7.0%, 7-15-29		30		31,261
3.75%, 1-20-34		715		701,562
				15,994,666
Treasury Inflation Protected Obligation - 0.80%
United States Treasury Note,
3.0%, 7-15-12 (A)		500		574,644
Treasury Obligations - 17.61%
United States Treasury Notes:
7.0%, 7-15-06		500		503,027
4.75%, 11-15-08		2,000		1,995,782
3.125%, 4-15-09		2,000		1,905,000
4.0%, 6-15-09		2,000		1,951,328
4.0%, 3-15-10		2,500		2,426,270
5.0%, 8-15-11		1,000		1,008,789
4.375%, 8-15-12		1,000		974,023
4.25%, 8-15-14		2,000		1,914,296
				12,678,515
TOTAL UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS - 49.47%			$	35,623,948
(Cost: $36,653,344)
SHORT-TERM SECURITY - 2.37%
Aluminum
Alcoa Incorporated,
4.86%, 4-3-06		1,707	$	1,706,539
(Cost: $1,706,539)
TOTAL INVESTMENT SECURITIES - 100.00%			$	72,016,517
(Cost: $73,414,024)

Notes to Schedule of Investments

Certain acronyms are used within the body of the Portfolio's holdings. The definitions of these acronyms are as follows: CMO - Collateralized Mortgage Obligation; REMIC - Real Estate Mortgage Investment Conduit.

(A) The interest rate for this security is a stated rate, but the interest payments are determined by multiplying the inflation-adjusted principal by one half of the stated rate for each semiannual interest payment date.

The Investments of W&R Target Micro Cap Growth Portfolio
March 31, 2006
COMMON STOCKS	Shares			Value
Air Transportation - 0.31%
Pinnacle Airlines Corp.*		29,200	$	194,618
Apparel - 1.55%
Ashworth, Inc.*		39,500		391,840
Volcom, Inc.*		16,200		574,452
				966,292
Business Equipment and Services - 4.96%
Encore Capital Group, Inc.*		14,400		211,752
Fiberstars, Inc.*		52,200		461,709
Kenexa Corporation*		28,000		858,760
Marlin Business Services, Inc.*		39,100		855,899
Unica Corporation*		23,200		268,424
Website Pros, Inc.*		31,300		438,670
				3,095,214
Capital Equipment - 3.72%
NATCO Group Inc.*		40,900		1,108,390
Somanetics Corporation*		29,700		656,073
Warnaco Group, Inc. (The)*		23,200		556,916
				2,321,379
Communications Equipment - 5.21%
Blue Coat Systems, Inc.*		11,500		250,412
EMS Technologies, Inc.*		31,700		569,966
Intervoice, Inc.*		48,700		418,820
Redback Networks, Inc.*		92,700		2,010,200
				3,249,398
Computers -- Main and Mini - 2.21%
Rackable Systems, Inc.*		26,100		1,378,863
Computers -- Peripherals - 9.82%
Applix, Inc.*		34,500		262,890
AudioCodes Ltd.*		46,500		641,933
Entrust, Inc.*	223,200			1,003,284
Lawson Software, Inc.*		72,300		553,818
NetScout Systems, Inc.*		35,200		319,264
Phase Forward Incorporated*		53,000		587,240
Sigma Designs, Inc.*		58,300		850,014
Stratasys, Inc.*		16,200		477,090
WebSideStory, Inc.*		31,700		546,825
Xyratex Ltd*		28,000		880,460
				6,122,818
Electrical Equipment - 1.52%
Power-One, Inc.*		49,300		354,714
Ultralife Batteries, Inc.*		46,000		590,640
				945,354
Electronic Components - 8.03%
GSI Group Inc.*		30,800		340,340
Integrated Silicon Solution, Inc.*		66,700		442,221
NetLogic Microsystems, Inc.*		45,900		1,890,391
PLX Technology, Inc.*		38,700		485,105
Pixelplus Co., Ltd., ADR*		35,900		408,363
Supertex, Inc.*		17,200		646,978
Trident Microsystems, Inc.*		27,300		792,792
				5,006,190
Electronic Instruments - 6.42%
Artesyn Technologies, Inc.*		65,400		715,803
Asyst Technologies, Inc.*		51,800		538,979
Energy Conversion Devices, Inc.*		22,700		1,116,272
I.D. Systems, Inc.*		18,600		463,791
Intevac, Inc.*		29,900		857,233
Mattson Technology, Inc.*		13,000		155,610
Xenogen Corporation*		40,000		157,200
				4,004,888
Health Care -- Drugs - 10.15%
Adeza Biomedical Corporation*		29,100		612,555
Bioenvision, Inc.*		57,800		412,403
BioMarin Pharmaceutical Inc.*		60,300		804,703
BioSphere Medical, Inc.*		34,900		261,401
Cubist Pharmaceuticals Inc.*		31,700		727,990
Dyax Corp.*		74,200		429,618
First Horizon Pharmaceutical Corporation*		23,100		579,694
InterMune, Inc.*		29,000		537,515
POZEN Inc.*		52,100		873,978
Serologicals Corporation*		25,400		620,903
SuperGen, Inc.*		82,300		467,053
				6,327,813
Health Care -- General - 10.46%
Bruker BioSciences Corporation*		54,700		295,106
Candela Corporation*		66,500		1,437,065
Cutera, Inc.*		27,700		752,055
Greatbatch, Inc.*		11,500		251,965
IRIS International, Inc.*		38,500		602,525
NuVasive, Inc.*		29,000		545,925
Omnicell, Inc.*		62,900		716,116
PolyMedica Corporation		23,600		999,342
Spectranetics Corporation (The)*		78,500		926,693
				6,526,792
Motion Pictures - 0.97%
On Assignment, Inc.*		55,100		604,722
Multiple Industry - 2.24%
AngioDynamics, Inc.*		23,300		699,815
Eagle Test Systems, Inc.*		5,100		78,540
Liquidity Services, Inc.*		27,800		347,639
Traffic.com, Inc.*		32,200		272,734
				1,398,728
Non-Residential Construction - 1.03%
Perini Corporation*		21,100		640,807
Petroleum -- Services - 1.22%
Brigham Exploration Company*		86,900		757,768
Restaurants - 3.08%
BUCA, Inc.*		36,000		179,820
McCormick & Schmick's Seafood Restaurants, Inc.*		35,600		904,596
Red Robin Gourmet Burgers, Inc.*		17,700		835,263
				1,919,679
Retail -- Specialty Stores - 5.41%
Children's Place Retail Stores, Inc. (The)*		26,100		1,510,798
DSW Inc., Class A*		11,200		350,784
Golf Galaxy, Inc.*		3,800		82,840
Jos. A. Bank Clothiers, Inc.*		24,483		1,172,736
Tweeter Home Entertainment Group, Inc.*		32,600		254,443
				3,371,601
Security and Commodity Brokers - 0.60%
Harris & Harris Group, Inc.*		26,600		372,267
Steel - 1.90%
NS Group, Inc.*		25,800		1,187,574
Timesharing and Software - 12.96%
Answerthink, Inc.*		67,800		435,276
Blackbaud, Inc.		32,000		677,920
Bottomline Technologies (de), Inc.*		40,600		555,814
Concur Technologies, Inc.*		53,400		987,099
Covansys Corporation*		52,800		906,048
CyberSource Corporation*		25,500		283,942
NutriSystem, Inc.*		39,000		1,855,035
Online Resources Corporation*		40,000		519,800
RightNow Technologies, Inc.*		22,300		353,790
Stellent, Inc.		25,200		298,746
Ultimate Software Group, Inc. (The)*		46,900		1,210,020
				8,083,490
Trucking and Shipping - 0.73%
U.S. Xpress Enterprises, Inc., Class A*		23,500		457,428
TOTAL COMMON STOCKS - 94.50%			$	58,933,683
(Cost: $40,389,687)

SHORT-TERM SECURITIES	Principal Amount in Thousands
Forest and Paper Products - 2.99%
Sonoco Products Co.,
4.88%, 4-3-06	$	1,868		1,867,494
Multiple Industry - 2.51%
Detroit Edison Co.,
4.83%, 4-3-06		1,565		1,564,580
TOTAL SHORT-TERM SECURITIES - 5.50%			$	3,432,074
(Cost: $3,432,074)
TOTAL INVESTMENT SECURITIES - 100.00%			$	62,365,757
(Cost: $43,821,761)

Notes to Schedule of Investments

Certain acronyms are used within the body of the Fund's holdings. The definition of this acronym is as follows: ADR - American Depositary Receipts.

*No dividends were paid during the preceding 12 months.

The Investments of W&R Target Mid Cap Growth Portfolio
March 31, 2006
COMMON STOCKS	Shares			Value
Air Transportation - 1.35%
Southwest Airlines Co.		15,050	$	270,749
Aircraft - 1.68%
L-3 Communications Holdings, Inc.		3,950		338,871
Banks - 4.30%
Northern Trust Corporation		7,600		398,886
Synovus Financial Corp.		17,250		467,303
				866,189
Beverages - 1.68%
Brown-Forman Corporation, Class B		4,400		338,668
Business Equipment and Services - 7.61%
CheckFree Corporation*		4,100		206,947
Cintas Corporation		6,850		292,358
Euronet Worldwide, Inc.*		3,900		147,498
Lamar Advertising Company, Class A*		8,500		446,675
Stericycle, Inc.*		6,500		439,238
				1,532,716
Capital Equipment - 2.27%
IDEX Corporation		8,750		456,487
Chemicals -- Specialty - 0.95%
Air Products and Chemicals, Inc.		2,850		191,491
Communications Equipment - 1.15%
Juniper Networks, Inc.*		12,075		230,814
Computers -- Micro - 3.11%
Apple Computer, Inc.*		7,000		439,005
Sun Microsystems, Inc.*		36,500		187,428
				626,433
Electrical Equipment - 1.53%
Molex Incorporated, Class A		10,400		308,828
Electronic Components - 8.37%
Broadcom Corporation, Class A*		9,475		408,894
Linear Technology Corporation		4,400		154,396
Maxim Integrated Products, Inc.		6,125		227,574
Microchip Technology Incorporated		10,750		390,171
Network Appliance, Inc.*		14,000		504,350
				1,685,385
Electronic Instruments - 1.86%
Lam Research Corporation*		8,700		374,404
Food and Related - 1.43%
Hershey Foods Corporation		5,500		287,265
Health Care -- Drugs - 7.40%
Allergan, Inc.		5,800		629,300
Gilead Sciences, Inc.*		7,800		486,174
ICOS Corporation*		6,750		148,804
Neurocrine Biosciences, Inc.*		3,500		225,820
				1,490,098
Health Care -- General - 8.37%
Biomet, Inc.		10,900		387,386
DENTSPLY International Inc.		4,775		277,642
Gen-Probe Incorporated*		3,450		190,112
Kyphon Inc.*		6,100		226,737
Schein (Henry), Inc.*		11,150		533,360
Zimmer Holdings, Inc.*		1,050		70,980
				1,686,217
Hospital Supply and Management - 6.84%
Bard (C. R.), Inc.		7,625		517,051
Cytyc Corporation*		6,900		194,338
Health Management Associates, Inc., Class A		9,950		214,622
Laboratory Corporation of America Holdings*		7,700		450,296
				1,376,307
Hotels and Gaming - 0.93%
Starwood Hotels & Resorts Worldwide, Inc.		2,750		186,258
Insurance -- Property and Casualty - 2.11%
AXIS Capital Holdings Limited		7,650		228,735
Everest Re Group, Ltd.		2,100		196,077
				424,812
Metal Fabrication - 2.16%
Fastenal Company		9,200		435,482
Multiple Industry - 0.21%
Tim Hortons Inc.*		1,600		42,480
Petroleum -- Domestic - 1.09%
XTO Energy Inc. (A)		5,050		220,029
Petroleum -- International - 0.98%
Noble Energy, Inc. (A)		4,500		197,640
Petroleum -- Services - 0.54%
Smith International, Inc. (A)		2,800		109,088
Publishing - 3.45%
Getty Images, Inc.*		4,100		307,008
Meredith Corporation		6,950		387,740
				694,748
Restaurants - 0.93%
P.F. Chang's China Bistro, Inc.*		3,800		187,093
Retail -- Food Stores - 0.95%
Longs Drug Stores Corporation		4,150		192,062
Retail -- General Merchandise - 0.78%
Nordstrom, Inc.		4,000		156,720
Retail -- Specialty Stores - 0.50%
Chico's FAS, Inc.*		2,450		99,568
Security and Commodity Brokers - 6.35%
Chicago Mercantile Exchange Holdings Inc.		1,290		577,275
Legg Mason, Inc.		1,500		187,995
Prudential Financial, Inc.		3,200		242,592
TD Ameritrade Holding Corporation		13,050		271,310
				1,279,172
Timesharing and Software - 7.71%
Alliance Data Systems Corporation*		3,800		177,726
eBay Inc.*		10,650		415,723
Global Payments Inc.		8,050		426,730
Paychex, Inc.		12,800		532,672
				1,552,851
Trucking and Shipping - 1.95%
C.H. Robinson Worldwide, Inc.		8,000		392,600
TOTAL COMMON STOCKS - 90.54%			$	18,231,525
(Cost: $16,322,655)

PUT OPTIONS - 0.01%	Number of Contracts
Noble Energy, Inc., April 35, Expires 4-24-06		34		34
Smith International, Inc., April 35, Expires 4-24-06		21		424
XTO Energy Inc., April 40, Expires 4-24-06		38		973
(Cost: $6,999)			$	1,431
SHORT-TERM SECURITY - 9.45%	Principal Amount in Thousands
Repurchase Agreement
J.P. Morgan Securities Inc., 3.4% Repurchase       Agreement dated 3-31-06 to be repurchased       at $1,903,539 on 4-3-06 (B)	$	1,903	$	1,903,000
(Cost: $1,903,000)
TOTAL INVESTMENT SECURITIES - 100.00%			$	20,135,956
(Cost: $18,232,654)

Notes to Schedule of Investments
*No dividends were paid during the preceding 12 months.
(A)Securities serve as cover for the following written call options outstanding at March 31, 2006.
	Underlying Security	Contracts Subject to Call	Expiration Month/ Exercise Price	Premium Received			Market Value
	Noble Energy, Inc.	34	April/52.5		$	1,411		$	170
	Smith International, Inc.	21	April/47.25			1,764			47
	XTO Energy Inc.	38	April/52.5			5,362			53
					$	8,537		$	270
(B)Collateralized by $1,922,033 United States Treasury Note, 4.25% due 1-15-11; market value and accrued interest aggregate $1,932,969.

The Investments of W&R Target Money Market Portfolio
March 31, 2006
CORPORATE OBLIGATIONS	Principal Amount in Thousands			Value
Certificates of Deposit - 9.10%
Banks
Barclays Bank PLC, New York Branch,
5.2%, 4-3-07	$	925	$	925,000
Citibank, N.A.:
4.625%, 4-28-06		900		900,000
4.73%, 5-23-06		700		700,000
4.81%, 6-7-06		650		650,000
Royal Bank of Scotland plc (The):
4.34%, 10-3-06		600		600,000
4.725%, 11-27-06		800		799,409
				4,574,409
Commercial Paper
Finance Companies - 9.79%
Ciesco, LLC,
4.79%, 6-2-06		2,000		1,983,501
Preferred Receivables Funding Corp.,
4.88%, 4-3-06		696		695,811
Three Pillars Funding LLC:
4.7%, 4-17-06		2,000		1,995,822
4.75%, 4-20-06		250		249,373
				4,924,507
Security and Commodity Brokers - 2.91%
UBS Finance Delaware LLC (UBS AG):
4.49%, 4-17-06		966		964,072
4.69%, 5-8-06		500		497,590
				1,461,662
Total Commercial Paper - 12.70%				6,386,169
Commercial Paper (backed by irrevocable bank letter of credit)
Finance Companies - 5.13%
ED&F Man Treasury Management PLC             (Royal Bank of Scotland PLC (The)),
4.8%, 4-3-06		950		949,747
River Fuel Company #2, Inc. (Bank of New York             Company Inc. (The)),
4.6%, 4-3-06		600		599,847
River Fuel Funding Company #3, Inc.(Bank of             New York Company Inc. (The)),
4.76%, 7-6-06		892		880,678
River Fuel Trust #1 (Bank of New York             Company Inc. (The)),
4.58%, 4-3-06		150		149,962
				2,580,234
Food and Related - 4.15%
COFCO Capital Corp. (Rabobank Nederland):
4.68%, 4-13-06		500		499,220
4.71%, 4-18-06		800		798,221
4.72%, 4-18-06		790		788,239
				2,085,680
Total Commercial Paper (backed by irrevocable bank letter of credit) - 9.28%				4,665,914
Notes
Apparel - 1.20%
NIKE, Inc.,
5.5%, 8-15-06		600		601,768
Banks - 5.47%
Bank of New York Company Inc. (The),
2.2%, 5-12-06		750		748,687
Wells Fargo & Company:
4.68313%, 4-3-06		1,500		1,500,000
4.73875%, 4-18-06		500		500,000
				2,748,687
Business Equipment and Services - 2.50%
Playworld Systems Incorporated, Taxable Variable Rate             Demand/Fixed Rate Revenue Bonds, Series A of 1998             (Wachovia Bank, N.A.),
4.93%, 4-5-06		1,260		1,260,000
Computers -- Main and Mini - 2.49%
International Business Machines Corporation,
4.68%, 4-10-06		1,250		1,250,000
Finance Companies - 3.10%
Caterpillar Financial Services Corp.,
2.35%, 9-15-06		917		909,375
Lowell Family, LLC, Variable Rate Taxable Demand Bonds             (LaSalle Bank National Association),
4.87%, 4-6-06		150		150,000
Pfizer Investment Capital p.l.c. Extendible             Liquidity Securities (Pfizer Inc.),
4.70875%, 4-18-06		500		500,000
				1,559,375
Furniture and Furnishings - 0.65%
Capo & Sons Corporation, Taxable Variable Rate             Demand Bonds, Series 1998 (Wachovia Bank, N.A.),
4.98%, 4-6-06		325		325,000
Health Care -- Drugs - 1.19%
Lilly (Eli) and Company,
4.6%, 4-3-06		600		600,000
Hospital Supply and Management - 3.93%
Autumn House at Powder Mill, Inc., Taxable Variable Rate             Demand Bonds, Series of 2003 (Suntrust Bank),
4.9%, 4-5-06		500		500,000
Meriter Management Services, Inc., Taxable Variable Rate             Demand Notes, Series 1996 (U.S. Bank Milwaukee, N.A.),
4.8%, 4-5-06		1,475		1,475,000
				1,975,000
Household -- General Products - 2.03%
Watts Brothers Frozen Foods, L.L.C., Variable Rate Demand             Taxable Revenue Bonds, 1997 (U.S. Bank of Washington,             National Association),
4.9%, 4-6-06		1,019		1,019,000
Leisure Time Industry - 2.61%
Ansley Golf Club, Inc., Incremental Taxable Variable Rate             Demand Bonds, Series 1998 (Wachovia Bank, N.A.),
4.98%, 4-6-06		1,315		1,315,000
Multiple Industry - 7.37%
3M Company,
5.6736%, 12-12-06 (A)		1,000		1,005,498
General Electric Capital Corporation,
5.0%, 2-15-07		500		500,599
The Salvation Army, Taxable Multi-Modal Revenue Bonds,             Series 2005A (The Bank of New York),
4.83%, 4-6-06		2,200		2,200,000
				3,706,097
Retail -- General Merchandise - 4.17%
Service Oil, Inc., Taxable Variable Rate Demand Bonds             (Service Oil, Inc.), Series 2002 (U.S. Bank, National             Association),
4.9%, 4-3-06		390		390,000
Wal-Mart Stores, Inc.,
5.586%, 6-1-06		1,700		1,704,841
				2,094,841
Trucking and Shipping - 2.66%
Volpe Family Partnership, L.P., Taxable Variable Rate             Demand Revenue Bonds, Series of 2001             (Wachovia Bank, N.A.),
4.88%, 4-6-06		1,340		1,340,000
Total Notes - 39.37%				19,794,768
TOTAL CORPORATE OBLIGATIONS - 70.45%			$	35,421,260
(Cost: $35,421,260)
MUNICIPAL OBLIGATIONS - TAXABLE
California - 6.81%
California Pollution Control Financing Authority, Environmental        Improvement Revenue Bonds (Air Products and Chemicals,        Inc./Wilmington Facility), Taxable Series 1997A,
4.6%, 4-4-06		2,300		2,300,000
County of Sacramento, Taxable Pension Funding Bonds,        Series 1995B (Bayerische Landesbank Girozentrale,        New York Branch),
4.92%, 4-5-06		1,125		1,125,000
				3,425,000
Florida - 2.98%
University of South Florida Research Foundation, Incorporated,        Variable Rate Demand Revenue Bonds (Interdisciplinary        Research Building Project), Taxable Series 2004B        (Bank of America, N.A.),
4.8%, 4-5-06		1,500		1,500,000
Georgia - 2.82%
Municipal Electric Authority of Georgia, General Resolution        Projects Bond Anticipation Notes, Series B (Taxable),        (Bayerische Landesbank, New York Branch, Wachovia Bank,        National Association and WestLB AG, New York Branch),
4.7%, 4-4-06		1,418		1,418,000
New York - 2.15%
City of New York (The), General Obligation Bonds, Fiscal 1995        Series B, Taxable Adjustable Rate Bonds (Bayerische        Landesbank Girozentrale),
4.62%, 4-4-06		650		650,000
Nassau County Industrial Development Agency, Taxable Variable        Rate Demand Revenue Bonds (57 Seaview Realty Associates,        LLC 2004 Project), (Wachovia Bank, N.A.),
4.83%, 4-6-06		430		430,000
				1,080,000
Texas - 1.99%
Gulf Coast Waste Disposal Authority, Pollution Control Revenue        Bonds (Amoco Oil Company Project), Taxable Series 1995,
4.55%, 5-1-06		1,000		1,000,000
Washington - 1.08%
Washington State Housing Finance Commission, Taxable Variable        Rate Demand Multifamily Revenue Bonds (Mill Pointe        Apartments Project), Series 1999B (U. S. Bank, National        Association),
4.9%, 4-3-06		545		545,000
TOTAL MUNICIPAL OBLIGATIONS - TAXABLE - 17.83%			$	8,968,000
(Cost: $8,968,000)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Federal Home Loan Bank:
4.0%, 4-13-06		1,500		1,500,000
3.75%, 1-16-07		750		744,037
5.0%, 3-2-07		600		600,000
Federal Home Loan Mortgage Corporation,
4.8%, 2-23-07		400		400,000
Federal National Mortgage Association,
4.05%, 8-14-06		1,030		1,030,000
Overseas Private Investment Corporation:
4.8%, 4-5-06		500		500,000
4.8%, 4-5-06		396		396,000
4.82%, 4-5-06		721		720,931
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS - 11.72%			$	5,890,968
(Cost: $5,890,968)
TOTAL INVESTMENT SECURITIES - 100.00%			$	50,280,228
(Cost: $50,280,228)

Notes to Schedule of Investments

(A)Security was 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, 2006, the total value of this security amounted to 2.00% of total investments.

The Investments of W&R Target Mortgage Securities Portfolio
March 31, 2006
CORPORATE DEBT SECURITIES	Principal Amount in Thousands			Value
Finance Companies
ABFS Mortgage Loan Trust 2001-2,
6.99%, 12-25-31	$	354	$	355,686
ABFS Mortgage Loan Trust 2002-4,
7.423%, 12-15-33		170		170,585
Banc of America Alternative Loan Trust 2004-11,
6.0%, 12-25-34		373		367,260
Banc of America Alternative Loan Trust 2005-6,
6.0%, 7-25-35		398		392,385
Banc of America Alternative Loan Trust 2005-8,
5.57203%, 9-25-35		217		206,531
Banc of America Alternative Loan Trust 2005-8,
5.57203%, 9-25-35		44		41,717
Banc of America Alternative Loan Trust 2005-10,
5.66726%, 11-25-35		124		110,619
Banc of America Alternative Loan Trust 2005-12,
5.80543%, 1-25-36		174		164,141
Banc of America Commercial Mortgage Inc.,       Commercial Mortgage Pass-Through Certificates:
Series 2002-2
6.2%, 7-11-43 (A)		140		145,563
Series 2003-1,
4.9%, 9-11-36 (A)		450		419,048
Banc of America Funding 2004-2 Trust,
6.5%, 7-20-32		145		145,521
Banc of America Funding Corporation,
5.01139%, 9-20-34		114		109,334
Banc of America Mortgage 2005-J Trust,
5.10470%, 11-25-35		333		329,486
Banc of America Mortgage Trust 2004-3,
4.875%, 4-25-19		90		85,826
Banc of America Mortgage Trust 2004-7,
5.75%, 8-25-34		127		124,353
Banc of America Structured Securities Trust 2002-X1 F,
6.274%, 10-11-33 (A)		250		256,595
BankAmerica Manufactured Housing Contract Trust,
7.015%, 1-10-28		130		131,135
C-Bass 2006-CB2 Trust,
5.86%, 12-25-36		285		281,456
C-Bass Mortgage Loan Asset-Backed Certificates,       Series 2005-CB3,
5.109%, 12-25-34		200		195,345
CHL Mortgage Pass-Through Trust 2003-28,
4.15%, 8-25-33		150		138,169
Centex Home Equity Loan Trust 2005-C,
5.048%, 6-25-35		210		199,521
Charlie Mac Trust 2004-2,
5.0%, 10-25-34		258		245,152
Chase Funding Trust, Series 1999-1,
7.235%, 6-25-27		194		193,663
Chase Mortgage Finance Trust, Series 2003-S11,
5.5%, 10-25-33		338		327,042
Citigroup Mortgage Loan Trust Inc.,       Mortgage Pass-Through Certificates, Series 2004-2,
6.5%, 8-25-33 (A)		85		85,477
CountryPlace Manufactured Housing Contract Trust 2005-1,
4.8%, 12-15-35 (A)		145		138,882
Credit Suisse First Boston Mortgage Securities Corp.,
6.0%, 11-25-18		67		66,387
DLJ Commercial Mortgage Corp. 1998-CG1,
7.37396%, 6-10-31 (A)		170		183,975
FFCA Secured Lending Corporation,
6.73%, 10-18-25 (A)		50		49,934
First Franklin Mortgage Loan Trust 2004-FFB,
5.71220%, 6-25-24		250		248,419
FIRSTPLUS Home Loan Owner Trust 1998-5,
7.42%, 12-10-24		49		49,000
GMAC Commercial Mortgage Securities, Inc.:       Series 2002-C2 Trust,
6.756%, 10-15-38 (A)		250		265,760
Series 2002-C3 Trust,
5.944%, 7-10-39 (A)		300		303,270
Global Mortgage Securitization 2005-A Ltd. and Global       Mortgage Securitization 2005-A LLC,
5.25%, 4-25-32		95		89,215
Global Mortgage Securitization Ltd. and Global Mortgage       Securitization, LLC,
5.25%, 11-25-32 (A)		186		177,113
Green Tree Financial Corporation:
7.65%, 4-15-19		214		221,845
9.0%, 6-15-25		110		142,243
7.95%, 8-15-25		150		154,335
Hilton Hotel Pool Trust:
5.14%, 10-3-15 (A)		100		100,306
7.653%, 10-3-15 (A)		220		227,738
Home Equity Loan Trust 2003-HS2,
5.09%, 7-25-33		200		197,882
J.P. Morgan Chase Commercial Mortgage Securities Corp.,
6.2207%, 10-12-37 (A)		200		205,362
J.P. Morgan Mortgage Trust 2005-S2,
5.66582%, 9-25-35		198		190,231
Lehman ABS Manufactured Housing Contract Trust 2001-B:
3.01%, 3-15-10		159		145,123
5.873%, 5-15-22		130		129,990
Lehman XS Trust, Series 2005-8,
5.69%, 12-25-35		315		310,704
MASTR Asset Securitization Trust 2003-10,
5.5%, 11-25-33		80		77,097
MMCA Auto Owner Trust 2002-2,
4.67%, 3-15-10		87		85,653
MMCA Automobile Trust 2002-1,
5.37%, 1-15-10		124		123,596
Mid-State Capital Corporation 2004-1 Trust,
6.005%, 8-15-37		94		94,451
Money Store Trust 1998-B (The),
4.8987%, 8-15-29		168		167,740
NationsLink Funding Corporation, Commercial Mortgage       Pass-Through Certificates, Series 1998-2,
5.0%, 8-20-30 (A)		100		92,781
Nomura Asset Securities Corporation, Commercial Mortgage       Pass-Through Certificates, Series1998-D6,
6.0%, 3-15-30 (A)		250		252,213
Oakwood Mortgage Investors, Inc.,
6.6%, 5-15-21		5		4,443
Origen Manufactured Housing Contract Trust:       2004-A:
5.7%, 1-15-35		100		97,313
5.91%, 1-15-35		200		195,543
2004-B,
4.75%, 8-15-21		100		94,632
2005-A,
4.97%, 10-15-21		105		101,965
2005-B,
5.605%, 5-15-22		35		34,536
RALI Series 2003-QS10 Trust,
5.5%, 5-25-33		230		222,389
RALI Series 2003-QS11 Trust,
5.75%, 6-25-33		218		210,439
RAMP Series 2005-RS1 Trust,
5.145%, 1-25-35		225		215,752
RFMSI Series 2004-S5 Trust,
4.5%, 5-25-19		91		85,572
Structured Asset Securities Corporation:
5.63%, 5-25-34		100		98,338
6.0%, 6-25-34		250		246,966
Wachovia Bank Commercial Mortgage Trust (The):
4.942%, 11-15-34 (A)		105		98,423
4.942%, 11-15-34 (A)		50		47,611
Wells Fargo Mortgage Backed Securities 2004-1 Trust (The),
5.5%, 2-25-34		146		139,191
TOTAL CORPORATE DEBT SECURITIES - 37.47%			$	11,605,968
(Cost: $11,893,318)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations
Federal Home Loan Mortgage Corporation Agency       REMIC/CMO:
5.5%, 12-15-18		496		492,066
5.0%, 6-15-31		108		102,850
Federal Home Loan Mortgage Corporation Fixed Rate       Participation Certificates:
6.0%, 4-1-17		250		252,932
5.0%, 5-1-18		365		356,274
5.5%, 6-1-19		240		238,230
5.5%, 5-1-20		262		260,065
6.0%, 10-1-33		683		683,514
5.5%, 2-1-35		229		223,740
5.0%, 12-1-35		496		472,398
Federal National Mortgage Association Fixed Rate       Pass-Through Certificates:
5.5%, 1-1-17		447		444,918
5.5%, 3-1-18		225		224,106
5.0%, 10-1-18		210		205,020
5.5%, 9-1-19		136		135,624
7.0%, 11-1-32		219		225,463
6.0%, 6-1-33		431		430,718
6.0%, 12-1-33		322		322,827
5.5%, 1-1-34		186		181,675
5.5%, 1-1-34		186		181,606
5.0%, 2-1-34		386		367,688
5.5%, 2-1-34		350		341,578
6.0%, 4-1-34		234		234,474
6.5%, 4-1-34		408		416,746
5.5%, 7-1-34		387		379,007
5.5%, 9-1-34		130		127,285
6.5%, 9-1-34		111		113,636
5.5%, 10-1-34	1,293			1,263,726
5.5%, 10-1-34		332		324,689
5.5%, 11-1-34		320		312,565
6.0%, 11-1-34		135		135,272
6.5%, 11-1-34		287		292,415
6.5%, 11-1-34		199		202,931
6.0%, 12-1-34		583		583,611
5.5%, 2-1-35		671		655,919
4.792%, 3-1-35		251		245,133
6.5%, 3-1-35		169		173,000
6.0%, 4-1-35	1,430			1,429,554
6.0%, 4-1-35		228		228,080
6.5%, 5-1-35		320		326,000
5.176%, 6-1-35		467		461,563
5.0%, 7-1-35		94		89,791
5.5%, 7-1-35		245		238,992
4.5%, 9-1-35		294		271,634
5.5%, 10-1-35		197		192,340
5.5%, 10-1-35		638		623,817
Government National Mortgage Association Agency       REMIC/CMO (Interest Only),
0.97248%, 6-17-45	1,568			89,945
Government National Mortgage Association Fixed Rate       Pass-Through Certificates:
6.25%, 7-15-24		135		139,738
5.5%, 12-15-34		438		433,968
Government National Mortgage Association Non-Agency       REMIC/CMO,
5.008%, 12-16-25		500		486,931
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS - 53.65%			$	16,616,054
(Cost: $16,954,277)
SHORT-TERM SECURITIES
Aluminum - 4.63%
Alcoa Incorporated,
4.86%, 4-3-06	1,434			1,433,613
Multiple Industry - 4.25%
Detroit Edison Co.,
4.83%, 4-3-06	1,317			1,316,646
TOTAL SHORT-TERM SECURITIES - 8.88%			$	2,750,259
(Cost: $2,750,259)
TOTAL INVESTMENT SECURITIES - 100.00%			$	30,972,281
(Cost: $31,597,854)

Notes to Schedule of Investments

Certain acronyms are used within the body of the Portfolio's holdings. The definitions of these acronyms are as follows: CMO - Collateralized Mortgage Obligation; REMIC - Real Estate Mortgage Investment Conduit.

*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, 2006, the total value of these securities amounted to $3,050,051 or 9.85% of total investments.

The Investments of W&R Target Real Estate Securities Portfolio
March 31, 2006
COMMON STOCKS	Shares			Value
Business Equipment and Services - 3.71%
Brookfield Properties Corporation		41,050	$	1,401,858
Homebuilders, Mobile Homes - 0.51%
Centex Corporation		900		55,791
Lennar Corporation		1,100		66,418
Toll Brothers, Inc.*		2,000		69,260
				191,469
Hotels and Gaming - 8.19%
Hilton Hotels Corporation		34,000		865,640
Marriott International, Inc., Class A		6,100		418,460
Starwood Hotels & Resorts Worldwide, Inc.		26,700		1,808,391
				3,092,491
Multiple Industry - 1.09%
Forest City Enterprises, Inc., Class A		8,726		411,431
Real Estate Investment Trust - 84.96%
AMB Property Corporation		7,200		390,744
Alexandria Real Estate Equities, Inc.		4,000		381,320
American Campus Communities, Inc.		16,500		427,515
Archstone-Smith Trust		12,900		629,133
AvalonBay Communities, Inc.		8,100		883,710
BioMed Realty Trust, Inc.		27,643		819,338
Boston Properties, Inc.		9,200		857,900
Brandywine Realty Trust		29,300		930,568
CBL & Associates Properties, Inc.		10,100		428,745
Camden Property Trust		15,500		1,116,775
Columbia Equity Trust, Inc.		9,400		165,252
Cousins Properties Incorporated		8,600		287,498
Developers Diversified Realty Corporation		21,800		1,193,550
DiamondRock Hospitality Company		20,000		276,200
Duke Realty Corporation		16,800		637,560
Equity Lifestyle Properties, Inc.		3,900		194,025
Equity One, Inc.		21,400		525,584
Equity Residential		34,700		1,623,613
Essex Property Trust, Inc.		2,200		239,206
First Industrial Realty Trust, Inc.		13,100		559,239
First Potomac Realty Trust		4,900		138,425
General Growth Properties, Inc.		25,980		1,269,642
Gramercy Capital Corp.		8,400		209,412
Hersha Hospitality Trust		4,700		46,013
Home Properties, Inc.		6,500		332,150
Host Marriott Corporation		30,300		648,420
Innkeepers USA Trust		7,400		125,430
Kilroy Realty Corporation		2,200		169,972
Kimco Realty Corporation		32,800		1,332,992
Kite Realty Group Trust		38,600		615,670
Liberty Property Trust		9,900		466,884
Macerich Company (The)		9,000		665,550
Mack-Cali Realty Corporation		6,700		321,600
Maguire Properties, Inc.		13,800		503,700
Mills Corporation (The)		10,200		285,600
Newcastle Investment Corp.		8,300		198,536
NorthStar Realty Finance Corp.		16,900		185,055
Pan Pacific Retail Properties, Inc.		2,400		170,160
ProLogis		46,702		2,498,557
Public Storage, Inc.		9,400		763,562
Reckson Associates Realty Corp.		8,000		366,560
Regency Centers Corporation		6,500		436,735
Republic Property Trust		10,000		117,700
SL Green Realty Corp.		2,700		274,050
Simon Property Group, Inc.		26,000		2,187,640
Spirit Finance Corporation		24,900		303,780
Strategic Hotels & Resorts, Inc.		19,600		456,288
Sunstone Hotel Investors, Inc.		18,100		524,357
Trizec Properties, Inc.		40,300		1,036,919
U-Store-It Trust		15,600		314,340
United Dominion Realty Trust, Inc.		28,200		804,828
Ventas, Inc.		12,100		401,478
Vornado Realty Trust		12,500		1,200,000
Weingarten Realty Investors		3,200		130,400
				32,069,880
TOTAL COMMON STOCKS - 98.46%			$	37,167,129
(Cost: $28,634,316)

SHORT-TERM SECURITY - 1.54%	Principal Amount in Thousands
Aluminum
Alcoa Incorporated,
4.86%, 4-3-06 (Cost: $581,843)	$	582	$	581,843
TOTAL INVESTMENT SECURITIES - 100.00%			$	37,748,972
(Cost: $29,216,159)

Notes to Schedule of Investments

*No dividends were paid during the preceding 12 months.

The Investments of W&R Target Science and Technology Portfolio
March 31, 2006
COMMON STOCKS		Shares		Value
Broadcasting - 0.44%
WorldSpace, Inc., Class A*		222,700	$	1,671,364
Business Equipment and Services - 12.42%
CheckFree Corporation*		207,900		10,493,753
Cogent, Inc.*		161,200		2,943,512
Euronet Worldwide, Inc.*		279,950		10,587,709
Global Cash Access, Inc.*		115,600		2,025,312
Headwaters Incorporated*		139,500		5,550,705
Satyam Computer Services (Shanghai) Co., Ltd.		210,100		9,193,976
Telvent GIT, S.A.*		163,700		2,227,139
VeriFone Holdings, Inc.*		146,400		4,434,456
				47,456,562
Communications Equipment- 0.99%
Juniper Networks, Inc.*		197,200		3,769,478
Computers -- Main and Mini - 0.99%
Hewlett-Packard Company		115,000		3,783,500
Computers -- Peripherals - 8.66%
Adobe Systems Incorporated		215,100		7,518,821
Aspen Technology, Inc.*		479,600		6,064,542
Oracle Corporation*		295,900		4,052,350
Symbol Technologies, Inc.	1,138,604			12,046,430
Synaptics Incorporated*		155,200		3,410,520
				33,092,663
Consumer Electronics - 6.58%
Research In Motion Limited*		296,500		25,134,305
Defense - 2.02%
ESCO Technologies Inc.*		152,800		7,739,320
Electronic Components - 11.76%
Advanced Micro Devices, Inc.*		215,600		7,149,296
Cypress Semiconductor Corporation*		331,900		5,625,705
PortalPlayer, Inc.*		201,800		4,487,023
Saifun Semiconductors Ltd.*		90,400		2,821,384
Samsung Electronics Co., Ltd. (A)		25,100		16,275,216
SanDisk Corporation*		53,600		3,078,248
Spansion Inc., Class A*		40,000		594,200
Volterra Semiconductor Corporation*		256,900		4,902,936
				44,934,008
Electronic Instruments - 1.02%
ASML Holding N.V., NY Registery Shares*		191,200		3,895,700
Food and Related - 2.81%
Archer Daniels Midland Company		319,000		10,734,350
Health Care -- Drugs - 9.12%
Affymetrix, Inc.*		208,800		6,873,696
Cephalon, Inc.*		52,300		3,150,552
Endo Pharmaceuticals Holdings Inc.*		75,300		2,468,334
Genzyme Corporation*		155,400		10,470,075
Neurocrine Biosciences, Inc.*		153,100		9,878,012
Nuvelo, Inc.*		114,000		2,029,770
				34,870,439
Health Care -- General - 2.30%
Advanced Medical Optics, Inc.*		181,100		8,446,504
Radiation Therapy Services, Inc.*		13,800		351,348
				8,797,852
Hospital Supply and Management - 21.82%
Cerner Corporation*		615,000		29,098,725
HealthSouth Corporation*		777,400		3,875,339
Triad Hospitals, Inc.*		344,000		14,413,600
UnitedHealth Group Incorporated		156,300		8,730,918
WellCare Health Plans, Inc.*		386,400		17,558,016
WellPoint, Inc.*		125,400		9,709,722
				83,386,320
Multiple Industry - 1.41%
Himax Technologies, Inc.*		420,800		3,682,000
Nextest Systems Corporation*		54,300		885,633
Technology Investment Capital Corp.		57,651		843,722
				5,411,355
Petroleum -- International - 2.58%
Noble Energy, Inc.		224,700		9,868,824
Timesharing and Software - 6.93%
Alliance Data Systems Corporation*		441,400		20,644,278
Google Inc., Class A*		15,150		5,852,369
				26,496,647
Utilities -- Electric - 0.44%
Plug Power Inc.*		338,200		1,684,236
Utilities -- Telephone - 0.95%
ALLTEL Corporation		56,300		3,645,425
TOTAL COMMON STOCKS - 93.24%			$	356,372,348
(Cost: $271,045,038)

SHORT-TERM SECURITIES		Principal Amount in Thousands
Food and Related - 1.30%
Heinz (H.J.) Finance Co. (Heinz (H.J.) Co.),
4.84%, 4-18-06		$	5,000		4,988,572
Utilities -- Electric - 2.62%
Wisconsin Electric Power Co.,
4.87%, 4-3-06	10,000				9,997,295
Utilities -- Telephone - 2.84%
AT&T Inc.,
4.85%, 4-3-06	10,845				10,842,078
TOTAL SHORT-TERM SECURITIES - 6.76%				$	25,827,945
(Cost: $25,827,945)
TOTAL INVESTMENT SECURITIES - 100.00%				$	382,200,293
(Cost: $296,872,983)

Notes to Schedule of Investments

*No income 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, 2006
COMMON STOCKS	Shares			Value
Air Transportation - 0.88%
UTi Worldwide Inc.		180,900	$	5,706,491
Apparel - 2.64%
Quiksilver, Inc.*		461,100		6,390,846
Volcom, Inc.*		305,200		10,822,392
				17,213,238
Banks - 1.40%
City National Corporation		118,700		9,114,973
Business Equipment and Services - 11.24%
CheckFree Corporation*		338,055		17,063,326
Euronet Worldwide, Inc.*		103,900		3,929,498
Headwaters Incorporated*		171,200		6,812,048
Resources Connection, Inc.*		423,964		10,558,823
Strayer Education, Inc.		97,400		9,955,254
Tetra Tech, Inc.*		401,600		7,660,520
VeriFone Holdings, Inc.*		330,800		10,019,932
West Corporation*		164,800		7,359,144
				73,358,545
Capital Equipment - 1.48%
Cooper Cameron Corporation*		218,600		9,635,888
Communications Equipment - 4.46%
ADTRAN, Inc.		332,050		8,691,409
General Cable Corporation*		342,400		10,384,992
Plantronics, Inc.		281,900		9,987,717
				29,064,118
Computers -- Peripherals - 9.45%
Allscripts Healthcare Solutions, Inc.*		456,700		8,359,893
Avid Technology, Inc.*		293,000		12,732,315
Cognex Corporation		482,100		14,284,623
Kronos Incorporated*		230,000		8,582,450
MICROS Systems, Inc.*		144,300		6,645,737
Nautilus Group, Inc. (The)		739,800		11,060,010
				61,665,028
Cosmetics and Toiletries - 0.96%
Nu Skin Enterprises, Inc., Class A		357,200		6,261,716
Defense - 2.04%
DRS Technologies, Inc.		242,900		13,327,923
Electrical Equipment - 0.66%
Microsemi Corporation*		147,400		4,290,077
Electronic Components - 0.53%
Evergreen Solar, Inc.*		225,300		3,467,367
Electronic Instruments - 7.21%
Energy Conversion Devices, Inc.*		74,800		3,678,290
FLIR Systems, Inc.*		584,400		16,599,882
Trimble Navigation Limited*		334,500		15,060,863
WMS Industries Inc.*		389,050		11,710,405
				47,049,440
Finance Companies - 3.03%
Financial Federal Corporation		343,575		10,066,747
Nelnet, Inc., Class A*		233,000		9,704,450
				19,771,197
Food and Related - 1.32%
United Natural Foods, Inc.*		245,700		8,593,358
Health Care -- Drugs - 2.73%
Affymetrix, Inc.*		205,900		6,778,228
Martek Biosciences Corporation*		337,124		11,061,038
				17,839,266
Health Care -- General - 12.06%
American Medical Systems Holdings, Inc.*		372,300		8,376,750
Connetics Corporation*		327,300		5,537,916
Digene Corporation*		88,500		3,459,907
FoxHollow Technologies, Inc.*		334,800		10,206,378
Hologic, Inc.*		202,000		11,189,790
IntraLase Corp.*		472,400		10,947,870
OraSure Technologies, Inc.*		468,400		4,822,178
ResMed Inc.*		256,000		11,258,880
Schein (Henry), Inc.*		134,100		6,414,674
Symmetry Medical Inc.*		305,800		6,486,018
				78,700,361
Hospital Supply and Management - 7.23%
Cerner Corporation*		222,212		10,513,961
Emageon Inc.*		454,700		7,711,712
PSS World Medical, Inc.*		522,900		10,081,512
VCA Antech, Inc.*		184,100		5,241,327
WellCare Health Plans, Inc.*		300,200		13,641,088
				47,189,600
Hotels and Gaming - 2.27%
Scientific Games Corporation, Class A*		422,600		14,822,695
Non-Residential Construction - 1.08%
Perini Corporation*		232,500		7,061,025
Petroleum -- Domestic - 1.30%
Western Gas Resources, Inc.		175,700		8,477,525
Petroleum -- International - 1.49%
Newfield Exploration Company*		231,500		9,699,850
Petroleum -- Services - 3.80%
Dril-Quip, Inc.*		103,300		7,318,805
Helix Energy Solutions Group, Inc.*		225,300		8,536,617
Hydril Company*		114,700		8,940,291
				24,795,713
Restaurants - 1.74%
P.F. Chang's China Bistro, Inc.*		131,100		6,454,709
Panera Bread Company, Class A*		65,500		4,919,050
				11,373,759
Retail -- Specialty Stores - 2.78%
Guitar Center, Inc.*		162,800		7,764,746
O'Reilly Automotive, Inc.*		282,900		10,341,410
				18,106,156
Timesharing and Software - 9.23%
Blackboard Inc.*		152,700		4,333,626
CoStar Group, Inc.*		148,100		7,679,725
Digitas Inc.*		757,450		10,899,705
FactSet Research Systems, Inc.		428,625		19,009,519
MicroStrategy Incorporated, Class A*		113,550		11,943,189
Zebra Technologies Corporation, Class A*		141,900		6,343,640
				60,209,404
TOTAL COMMON STOCKS - 93.01%			$	606,794,713
(Cost: $473,722,846)

SHORT-TERM SECURITIES	Principal Amount in Thousands
Commercial Paper
Capital Equipment - 0.77%
Deere (John) Capital Corporation,
4.85%, 4-6-06	$	5,000		4,996,632
Food and Related - 0.77%
Sara Lee Corporation,
4.81%, 4-4-06		5,000		4,997,996
Mining - 0.76%
BHP Billiton Finance (USA) Limited           (BHP Billiton Limited),
4.76%, 5-1-06		5,000		4,980,167
Multiple Industry - 1.96%
Detroit Edison Co.,
4.84%, 4-5-06		7,800		7,795,805
Michigan Consolidated Gas Co.,
4.85%, 4-7-06		5,000		4,995,958
				12,791,763
Publishing - 0.30%
Gannett Co., Inc.,
4.66%, 4-18-06		2,000		1,995,599
Utilities -- Telephone - 1.66%
AT&T Inc.,
4.86%, 4-3-06	10,863			10,860,067
Total Commercial Paper - 6.22%				40,622,224
Municipal Obligation -- Taxable - 0.77%
California Pollution Control Financing Authority,           Environmental Improvement Revenue Bonds           (Air Products and Chemicals, Inc./Wilmington Facility),           Taxable Series 1997A,
4.6%, 4-4-06		5,000		5,000,000
TOTAL SHORT-TERM SECURITIES - 6.99%			$	45,622,224
(Cost: $45,622,224)
TOTAL INVESTMENT SECURITIES - 100.00%			$	652,416,937
(Cost: $519,345,070)

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, 2006
COMMON STOCKS	Shares			Value
Aircraft - 1.14%
K&F Industries Holdings, Inc.*		56,200	$	932,920
Orbital Sciences Corporation*		74,400		1,177,008
				2,109,928
Aluminum - 0.71%
Century Aluminum Company*		30,900		1,312,477
Apparel - 1.06%
Phillips-Van Heusen Corporation		51,500		1,967,815
Banks - 8.80%
Boston Private Financial Holdings, Inc.		50,700		1,710,871
Cathay General Bancorp		42,800		1,609,922
Central Pacific Financial Corp.		44,700		1,641,384
First Midwest Bancorp, Inc.		60,300		2,208,186
Taylor Capital Group, Inc.		47,400		1,862,346
Trustmark Corporation		54,400		1,719,312
Umpqua Holdings Corporation		59,700		1,700,256
Westamerica Bancorporation		23,900		1,240,291
Wintrust Financial Corporation		44,400		2,581,416
				16,273,984
Business Equipment and Services - 8.22%
Brink's Company (The)	111,700			5,669,892
CACI International Inc*		19,100		1,255,825
H&E Equipment Services, Inc.*		85,000		2,499,850
Lennox International Inc.		69,000		2,060,340
Waste Connections, Inc.*		46,300		1,843,203
Watson Wyatt & Company Holdings, Inc., Class A		57,900		1,886,382
				15,215,492
Capital Equipment - 0.65%
Actuant Corporation, Class A		19,600		1,199,912
Coal - 1.47%
Massey Energy Company		75,600		2,726,892
Communications Equipment - 0.96%
Polycom, Inc.*		82,400		1,781,076
Computers -- Peripherals - 2.71%
Electronics for Imaging, Inc.*		47,600		1,332,086
Imation Corp.		58,500		2,510,235
Progress Software Corporation*		40,100		1,164,705
				5,007,026
Construction Materials - 2.65%
Walter Industries, Inc.		73,700		4,909,894
Containers - 3.11%
AptarGroup, Inc.		33,800		1,867,450
Jarden Corporation*	118,150			3,881,228
				5,748,678
Defense - 0.47%
Hexcel Corporation*		39,695		872,099
Electronic Components - 3.15%
PMC-Sierra, Inc.*	116,200			1,431,584
Thomas & Betts Corporation*		85,400		4,387,852
				5,819,436
Electronic Instruments - 1.08%
Progressive Gaming International Corporation*		99,000		945,450
Rudolph Technologies, Inc.*		62,000		1,055,860
				2,001,310
Finance Companies - 2.16%
Hanover Insurance Group, Inc. (The)		76,300		3,999,646
Food and Related - 1.57%
Hain Celestial Group, Inc. (The)*	111,200			2,908,436
Forest and Paper Products - 1.55%
OfficeMax Incorporated		94,800		2,860,116
Health Care -- Drugs - 1.66%
Andrx Corporation*	105,800			2,511,162
Valeant Pharmaceuticals International		35,700		565,845
				3,077,007
Health Care -- General - 4.61%
dj Orthopedics, Inc.*		78,200		3,109,232
PolyMedica Corporation		58,000		2,456,010
Sybron Dental Specialties, Inc.*		71,900		2,965,156
				8,530,398
Hotels and Gaming - 4.18%
Gaylord Entertainment Company*		79,300		3,598,634
Kerzner International Limited*		27,200		2,116,704
Orient-Express Hotels Ltd.		14,200		557,066
Vail Resorts, Inc.*		38,200		1,460,004
				7,732,408
Insurance -- Life - 0.66%
Zenith National Insurance Corp.		25,300		1,217,689
Insurance -- Property and Casualty - 2.51%
Aspen Insurance Holdings Limited	119,000			2,934,540
Platinum Underwriters Holdings, Ltd.		58,500		1,702,350
				4,636,890
Leisure Time Industry - 2.03%
K2 Inc.*		42,200		529,610
Marvel Entertainment, Inc.*		70,900		1,426,508
RC2 Corporation*		45,400		1,806,012
				3,762,130
Motion Pictures - 1.03%
Regal Entertainment Group	101,100			1,901,691
Motor Vehicle Parts - 1.33%
Copart, Inc.*		55,800		1,529,757
Tenneco Automotive Inc.*		42,800		928,332
				2,458,089
Multiple Industry - 2.51%
American Railcar Industries, Inc.*		78,100		2,752,635
Koppers Holdings Inc.*		25,700		505,005
Tronox Incorporated, Class A*		81,600		1,383,936
				4,641,576
Non-Residential Construction - 2.20%
Washington Group International, Inc.		70,800		4,065,336
Petroleum -- Domestic - 3.12%
Comstock Resources, Inc.*		65,100		1,932,819
Goodrich Petroleum Corporation*		35,266		952,182
Houston Exploration Company (The)*		33,000		1,739,100
Whiting Petroleum Corporation*		28,091		1,151,450
				5,775,551
Publishing - 0.92%
Banta Corporation		32,600		1,694,548
Real Estate Investment Trust - 1.38%
HomeBanc Corp.	169,800			1,492,542
Trustreet Properties, Inc.		70,100		1,064,819
				2,557,361
Restaurants - 5.46%
CBRL Group, Inc.		61,200		2,687,598
Landry's Restaurants, Inc.		88,300		3,119,639
Lone Star Steakhouse & Saloon, Inc.		70,800		2,009,304
Ryans Restaurant Group, Inc.*		88,200		1,278,459
Triarc Companies, Inc.		55,500		1,011,765
				10,106,765
Retail -- General Merchandise - 2.56%
BJ's Wholesale Club, Inc.*		63,500		2,000,885
Cost Plus, Inc.*		28,500		486,922
Saks Incorporated*		36,100		696,730
Stage Stores, Inc.		52,450		1,560,388
				4,744,925
Retail -- Specialty Stores - 2.24%
Children's Place Retail Stores, Inc. (The)*		28,400		1,643,934
Finish Line, Inc. (The), Class A		55,600		913,786
Regis Corporation		45,900		1,582,632
				4,140,352
Savings and Loans - 1.83%
Sterling Financial Corporation		95,950		2,779,672
WSFS Financial Corporation		9,700		606,250
				3,385,922
Security and Commodity Brokers - 3.82%
National Financial Partners Corp.		51,500		2,910,780
Piper Jaffray Companies*		75,600		4,158,000
				7,068,780
Steel - 0.53%
Lone Star Technologies, Inc.*		17,600		975,216
Timesharing and Software - 3.13%
BISYS Group, Inc. (The)*		68,600		924,728
FileNet Corporation*		43,200		1,167,912
Hyperion Solutions Corporation*		26,650		868,390
Per-Se Technologies, Inc.*	106,000			2,825,430
				5,786,460
Trucking and Shipping - 2.24%
American Commercial Lines Inc.*		88,000		4,144,800
Utilities -- Electric - 4.27%
Black Hills Corporation		50,100		1,703,400
El Paso Electric Company*		75,900		1,445,136
ITC Holdings Corp.		56,500		1,483,125
NorthWestern Corporation		45,100		1,402,385
PNM Resources, Inc.		76,300		1,861,720
				7,895,766
TOTAL COMMON STOCKS - 95.68%			$	177,013,877
(Cost: $155,678,638)

SHORT-TERM SECURITIES	Principal Amount in Thousands
Forest and Paper Products - 1.85%
Sonoco Products Co.,
4.88%, 4-3-06	$	3,431		3,430,070
Publishing - 0.85%
Gannett Co., Inc.,
4.66%, 4-18-06		1,575		1,571,534
Utilities -- Electric - 1.62%
Wisconsin Electric Power Co.,
4.87%, 4-3-06		3,000		2,999,188
TOTAL SHORT-TERM SECURITIES - 4.32%			$	8,000,792
(Cost: $8,000,792)
TOTAL INVESTMENT SECURITIES - 100.00%			$	185,014,669
(Cost: $163,679,430)

Notes to Schedule of Investments

*No income dividends were paid during the preceding 12 months.

The Investments of W&R Target Value Portfolio
March 31, 2006
COMMON STOCKS	Shares			Value
Aircraft - 1.05%
Lockheed Martin Corporation		48,700	$	3,658,831
Aluminum - 0.62%
Alcoa Incorporated		71,300		2,178,928
Banks - 12.02%
Bank of America Corporation		325,500		14,823,270
Citigroup Inc.		203,906		9,630,480
Comerica Incorporated		24,800		1,437,656
Mellon Financial Corporation (A)		121,700		4,332,520
National City Corporation		128,800		4,495,120
Wachovia Corporation		63,800		3,575,990
Wells Fargo & Company		58,500		3,736,395
				42,031,431
Beverages - 2.02%
Diageo plc, ADR		59,300		3,761,399
Molson Coors Brewing Company, Class B (A)		48,100		3,300,622
				7,062,021
Broadcasting - 1.24%
Univision Communications Inc., Class A*		42,200		1,454,634
Viacom Inc., Class B		74,300		2,882,840
				4,337,474
Business Equipment and Services - 2.38%
ARAMARK Corporation, Class B		125,000		3,692,500
Waste Management, Inc. (A)		131,000		4,624,300
				8,316,800
Capital Equipment - 1.03%
Illinois Tool Works Inc.		37,600		3,621,256
Chemicals -- Petroleum and Inorganic - 0.77%
du Pont (E.I.) de Nemours and Company		64,200		2,709,882
Chemicals -- Specialty - 0.61%
Air Products and Chemicals, Inc.		31,800		2,136,642
Communications Equipment - 1.22%
Avaya Inc.*		140,700		1,589,910
Cisco Systems, Inc. (A)*		123,800		2,683,365
				4,273,275
Computers -- Main and Mini - 3.48%
Hewlett-Packard Company		264,200		8,692,180
Xerox Corporation*		229,100		3,482,320
				12,174,500
Computers -- Peripherals - 1.47%
Adobe Systems Incorporated		76,700		2,681,049
MICROS Systems, Inc. (A)*		53,100		2,445,521
				5,126,570
Electronic Components - 0.74%
Xilinx, Inc.		101,700		2,591,316
Finance Companies - 5.63%
Fannie Mae		169,900		8,732,860
Freddie Mac		135,000		8,235,000
Nelnet, Inc., Class A*		65,000		2,707,250
				19,675,110
Food and Related - 0.33%
General Mills, Inc.		22,900		1,160,572
Furniture and Furnishings - 1.11%
Masco Corporation		119,200		3,872,808
Health Care -- Drugs - 3.08%
AmerisourceBergen Corporation		82,400		3,977,448
Pfizer Inc.		273,200		6,808,144
				10,785,592
Health Care -- General - 2.44%
Boston Scientific Corporation (A)*		103,000		2,374,150
Da Vita Inc.*		72,600		4,371,246
Wyeth		36,900		1,790,388
				8,535,784
Hospital Supply and Management - 1.20%
Aetna Inc.		85,300		4,191,642
Insurance -- Life - 1.08%
UnumProvident Corporation		184,600		3,780,608
Insurance -- Property and Casualty - 5.55%
American International Group, Inc.		68,900		4,553,601
Assurant, Inc.		123,400		6,077,450
Everest Re Group, Ltd. (A)		40,800		3,809,496
St. Paul Companies, Inc. (The)		118,801		4,964,694
				19,405,241
Leisure Time Industry - 2.44%
Cendant Corporation		256,300		4,446,805
Time Warner Inc.		148,200		2,488,278
Walt Disney Company (The)		56,700		1,581,363
				8,516,446
Motion Pictures - 0.98%
News Corporation Limited, Class A		206,000		3,421,660
Motor Vehicle Parts - 0.34%
American Axle & Manufacturing Holdings, Inc. (A)		69,600		1,192,248
Multiple Industry - 6.23%
Altria Group, Inc.		93,800		6,646,668
General Electric Company		186,500		6,486,470
Genworth Financial, Inc.		126,900		4,242,267
Mirant Corporation*		175,900		4,397,500
				21,772,905
Petroleum -- International - 12.66%
Anadarko Petroleum Corporation		20,300		2,050,503
ChevronTexaco Corporation		158,400		9,182,448
ConocoPhillips		129,100		8,152,665
Devon Energy Corporation		92,200		5,639,874
Exxon Mobil Corporation		316,304		19,250,261
				44,275,751
Petroleum -- Services - 0.72%
BJ Services Company		72,500		2,508,500
Publishing - 0.56%
Gannett Co., Inc.		32,900		1,971,368
Railroad - 1.68%
Union Pacific Corporation (A)		62,800		5,862,380
Real Estate Investment Trust - 2.25%
Duke Realty Corporation		102,400		3,886,080
Kimco Realty Corporation		98,100		3,986,784
				7,872,864
Retail -- Food Stores - 0.64%
CVS Corporation		75,300		2,249,211
Retail -- General Merchandise - 3.27%
Dollar General Corporation		200,500		3,542,835
Family Dollar Stores, Inc.		150,400		4,000,640
J. C. Penney Company, Inc.		64,400		3,890,404
				11,433,879
Security and Commodity Brokers - 8.21%
Bear Stearns Companies Inc. (The)		32,400		4,493,880
CIT Group Inc.		77,300		4,137,096
Lehman Brothers Holdings Inc.		8,000		1,156,240
Merrill Lynch & Co., Inc.		95,100		7,490,076
Morgan (J.P.) Chase & Co.		274,688		11,438,008
				28,715,300
Utilities -- Electric - 4.94%
Energy East Corporation		149,600		3,635,280
Exelon Corporation		96,100		5,083,690
NRG Energy, Inc.*		97,000		4,386,340
PPL Corporation		142,000		4,174,800
				17,280,110
Utilities -- Telephone - 5.09%
AT&T Inc.		265,400		7,176,416
Iowa Telecommunications Services, Inc.		203,400		3,880,872
Sprint Nextel Corporation		121,500		3,139,560
Verizon Communications Inc.		105,800		3,603,548
				17,800,396
TOTAL COMMON STOCKS - 99.08%			$	346,499,301
(Cost: $300,083,783)
PREFERRED STOCK - 0.22%
Finance Companies
Federal National Mortgage Association,       5.375% Convertible		8	$	766,542
(Cost: $800,000)

SHORT-TERM SECURITY - 0.70%	Principal Amount in Thousands
Aluminum
Alcoa Incorporated,
4.86%, 4-3-06 (Cost: $2,462,335)	$	2,463	$	2,462,335
TOTAL INVESTMENT SECURITIES - 100.00%			$	349,728,178
(Cost: $303,346,118)

Notes to Schedule of Investments
*No income dividends were paid during the preceding 12 months.
(A)Securities serve as cover for the following written options outstanding at March 31, 2006.
Underlying Security	Contracts Subject to Call	Expiration Month/ Exercise Price	Premium Received			Market Value
Cisco Systems, Inc.	619	May/22.5		$	24,140	$	31,569
Mellon Financial Corporation	307	June/37.5			11,506		13,815
Molson Coors Brewing Company,       Class B	269	May/70			42,321		39,005
Union Pacific Corporation	18	April/95			1,836		2,070
Waste Management, Inc.	675	April/35			30,374		50,625
				$	110,177	$	137,084
Underlying Security	Contracts Subject to Put	Expiration Month/ Exercise Price	Premium Received			Market Value
American Axle & Manufacturing       Holdings, Inc.	539	April/15		$	31,617	$	13,475
American Axle & Manufacturing       Holdings, Inc.	539	July/15			68,467		51,205
Boston Scientific Corporation	367	May/20			12,250		7,340
MICROS Systems, Inc.	104	June/40			10,096		6,240
Everest Re Group, Ltd.	95	May/90			10,358		13,300
				$	132,788	$	91,560

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 30, 2006

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 30, 2006

By	/s/Theodore W. Howard
	Theodore W. Howard, Treasurer and Principal Financial Officer

Date: May 30, 2006