UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-5017

W&R Target Funds, Inc.

(Exact name of registrant as specified in charter)

6300 Lamar Avenue, Overland Park, Kansas 66202

(Address of principal executive offices) (Zip code)

Kristen A. Richards

6300 Lamar Avenue

Overland Park, Kansas 66202

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: September 30, 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
September 30, 2006
BULLION - 8.76%		Troy Ounces			Value
Gold			79,823	$	47,789,930
(Cost: $47,169,020)
COMMON STOCKS		Shares
Banks - 2.89%
Bank of China Limited, H Shares (A)(B)*	15,500,000				6,665,041
HSBC Holdings plc (A)			149,200		2,722,301
Kookmin Bank (A)			37,850		2,984,000
Standard Chartered PLC (A)			133,312		3,414,608
					15,785,950
Business Equipment and Services - 4.42%
Dentsu Inc. (A)			481		1,307,098
Euronext N.V. (A)			56,400		5,481,873
Jacobs Engineering Group Inc.*			45,032		3,365,241
Mitsui & Co., Ltd. (A)			115,000		1,462,265
NYSE Group, Inc.*			167,102		12,490,875
					24,107,352
Capital Equipment - 0.25%
SMC Corporation (A)			10,400		1,376,102
Communications Equipment - 3.23%
3Com Corporation*			604,576		2,663,157
Nokia Corporation, Series A, ADR			282,683		5,566,028
QUALCOMM Incorporated			141,824		5,156,721
ZTE Corporation, H Shares (A)	1,143,600				4,227,591
					17,613,497
Construction Materials - 0.43%
Comtech Group, Inc.*			155,368		2,326,636
Consumer Electronics - 1.25%
Nintendo Co., Ltd. (A)			33,200		6,840,957
Electronic Component - 3.16%
Samsung Electronics Co., Ltd. (A)			12,337		8,657,086
SanDisk Corporation (C)*			108,688		5,813,721
Texas Instruments Incorporated			83,564		2,778,503
					17,249,310
Gold and Precious Metals - 3.69%
Agnico-Eagle Mines Limited			229,909		7,157,067
Barrick Gold Corporation			287,036		8,817,746
Glamis Gold Ltd.*			105,072		4,142,989
					20,117,802
Insurance -- Life - 1.50%
China Life Insurance Company Limited, H Shares (A)	4,195,000				8,206,222
Mining - 1.18%
Cameco Corporation (A)			60,120		2,190,729
Goldcorp Inc.			180,945		4,270,302
					6,461,031
Motor Vehicles - 2.73%
Suzuki Motor Corporation (A)*			149,700		3,801,905
Toyota Motor Corporation (A)			204,000		11,087,238
					14,889,143
Multiple Industry - 3.30%
Las Vegas Sands, Inc.*			62,116		4,245,629
Smiths Group plc (A)			303,053		5,086,914
streetTRACKS Gold Trust*			86,605		5,147,801
Sumitomo Mitsui Financial Group, Inc. (A)(B)			335		3,516,614
					17,996,958
Non-Residential Construction - 0.78%
Fluor Corporation			38,852		2,987,330
Kurita Water Industries Ltd.*			64,900		1,258,167
					4,245,497
Petroleum -- International - 1.67%
China Petroleum & Chemical Corporation, H Shares (A)	5,272,000				3,275,270
Exxon Mobil Corporation			42,153		2,828,466
PetroChina Company Limited, H Shares (A)(B)	2,800,000				3,011,815
					9,115,551
Petroleum -- Services - 1.81%
Baker Hughes Incorporated			49,754		3,393,223
Transocean Inc.*			45,022		3,296,961
Weatherford International Ltd.*			76,436		3,188,910
					9,879,094
Railroad - 0.28%
Central Japan Railway Company (A)			146		1,557,333
Real Estate Investment Trust - 0.70%
Hongkong Land Holdings Limited			391,000		1,517,080
Keppel Land Limited (A)			393,000		1,227,313
Sumitomo Realty & Development Co., Ltd. (A)			37,000		1,086,899
					3,831,292
Retail -- Specialty Stores - 0.45%
Shimachu Co., Ltd. (A)*			84,200		2,473,431
Security and Commodity Brokers - 3.36%
Chicago Mercantile Exchange Holdings Inc.			32,580		15,581,385
Goldman Sachs Group, Inc. (The)			16,221		2,744,107
					18,325,492
Utilities -- Electric - 1.75%
Veolia Environment (A)			158,600		9,575,007
Utilities -- Telephone - 2.72%
China Mobile (Hong Kong) Limited (A)	1,711,500				12,093,737
UBS AG			46,418		2,753,052
					14,846,789
TOTAL COMMON STOCKS - 41.55%				$	226,820,446
(Cost: $186,970,775)

CORPORATE DEBT SECURITIES		Principal Amount in Thousands
Banks - 0.18%
Norilsk Nickel Finance Luxembourg S.A.,
7.125%, 9-30-09		$	1,000		1,014,800
Beverages - 0.34%
Central European Distribution Corporation,
8.0%, 7-25-12 (B)			900		1,232,548
Companhia Brasileira de Bebidas,
10.5%, 12-15-11			500		602,500
					1,835,048
Construction Materials - 0.10%
Interface, Inc.,
9.5%, 2-1-14			550		566,500
Finance Companies - 0.52%
ALROSA Finance S.A.,
8.125%, 5-6-08			900		927,630
Russian Standard Bank:
7.5%, 10-7-10			600		582,498
7.5%, 10-7-10 (B)			350		339,500
Toyota Motor Credit Corporation,
5.65%, 1-18-15			1,050		980,711
					2,830,339
Food and Related - 0.35%
Cosan S.A. Industria e Comercio,
9.0%, 11-1-09			1,800		1,903,500
Forest and Paper Products - 0.09%
Sino-Forest Corporation,
9.125%, 8-17-11 (B)			475		492,813
Homebuilders, Mobile Homes - 0.11%
Desarrolladora Homex, S.A. de C.V.,
7.5%, 9-28-15			627		614,460
Hospital Supply and Management - 0.14%
US Oncology Holdings, Inc.,
10.6750017%, 3-15-15			750		765,000
Mining - 0.32%
Vedanta Resources plc,
6.625%, 2-22-10 (B)			1,800		1,752,750
Motion Pictures - 0.13%
Cinemark, Inc.,
0.0%, 3-15-14 (D)			900		717,750
Motor Vehicles - 0.20%
Hyundai Motor Company,
5.3%, 12-19-08 (B)			1,080		1,070,637
Non-Residential Construction - 0.20%
Odebrecht Overseas Ltd.,
11.5%, 2-25-09 (B)			1,000		1,105,000
Railroad - 0.26%
TFM, S.A. de C.V.,
12.5%, 6-15-12			1,270		1,397,000
Utilities -- Electric - 0.13%
Compania de Transporte de Energia Electrica en Alta Tension       Transener Sociedad Anonima,
9.0%, 12-15-15			711		702,113
Utilities -- Telephone - 0.48%
Digicel Limited,
9.25%, 9-1-12 (B)			500		518,750
Open Joint Stock Company Mobile TeleSystems,
9.75%, 1-30-08			1,000		1,039,100
Open Joint Stock Company "Vimpel-Communications",
8.0%, 2-11-10			1,050		1,077,773
					2,635,623
TOTAL CORPORATE DEBT SECURITIES - 3.55%				$	19,403,333
(Cost: $19,212,381)
OTHER GOVERNMENT SECURITIES
Argentina - 0.61%
Republic of Argentina (The), GDP-Linked Securities,
0.0%, 12-15-35	33,400				3,329,980
Germany - 4.19%
Bundesschatzanweisungen Federal Treasury Notes,
3.0%, 3-14-08 (E)	EUR18,200				22,878,951
South Korea - 0.19%
Korea Development Bank (The),
5.785%, 10-29-06		$	1,000		999,919
United Kingdom - 1.22%
United Kingdom Treasury:
4.75%, 6-7-10 (E)	GBP1,500				2,808,103
5.75%, 12-7-09 (E)			2,000		3,849,164
					6,657,267
TOTAL OTHER GOVERNMENT SECURITIES - 6.21%				$	33,866,117
(Cost: $33,777,683)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations - 1.61%
Federal Home Loan Mortgage Corporation Agency       REMIC/CMO (Interest Only):
5.5%, 9-15-17		$	6,820		1,156,223
5.0%, 11-15-17			590		82,106
5.0%, 4-15-19			1,183		172,125
5.0%, 4-15-19			580		81,885
5.0%, 2-15-20			1,720		39,898
5.0%, 7-15-21			1,210		85,804
5.0%, 6-15-22			1,286		47,506
5.0%, 7-15-22			5,234		212,356
5.0%, 11-15-22			590		84,978
5.0%, 1-15-23			1,111		51,075
5.0%, 4-15-23			693		48,948
5.0%, 5-15-23			1,030		160,187
5.0%, 8-15-23			764		124,338
5.5%, 11-15-23			3,800		318,809
5.5%, 11-15-23			1,963		144,528
5.0%, 9-15-24			2,009		151,474
5.5%, 9-15-24			1,129		80,706
5.5%, 4-15-25			531		47,071
5.5%, 4-15-25			255		32,289
5.0%, 9-15-25			2,728		243,254
5.5%, 10-15-25			2,259		494,994
5.0%, 4-15-26			2,933		248,005
5.0%, 10-15-28			459		91,099
5.5%, 2-15-30			743		90,150
5.0%, 8-15-30			1,496		156,992
5.5%, 3-15-31			1,043		143,031
Federal National Mortgage Association Agency       REMIC/CMO (Interest Only):
5.5%, 11-25-17			1,286		105,078
5.0%, 5-25-22			785		105,852
5.0%, 7-25-23			2,911		542,402
5.0%, 8-25-23			932		147,809
5.5%, 9-25-25			796		59,756
5.5%, 11-25-25			2,365		161,228
5.0%, 9-25-30			1,274		181,139
5.5%, 8-25-33			1,746		369,215
Government National Mortgage Association Agency       REMIC/CMO (Interest Only):
5.0%, 1-20-30			2,172		260,023
5.0%, 6-20-31			2,261		293,023
5.0%, 7-20-33			582		110,282
5.5%, 11-20-33			2,260		386,467
5.5%, 7-1-35			683		101,774
Government National Mortgage Association Fixed Rate       Pass-Through Certificates:
5.5%, 11-15-16			267		267,952
5.5%, 11-15-16			92		92,061
5.5%, 12-15-16			464		465,680
5.5%, 12-15-16			359		360,530
5.5%, 12-15-16			181		181,500
					8,781,602
Treasury Inflation Protected Obligation - 2.18%
United States Treasury Note,
2.0%, 1-15-14	11,000				11,883,324
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS - 3.79%				$	20,664,926
(Cost: $20,223,492)

PUT OPTION - 0.00%	Number of Contracts
NYSE Group, Inc., October 55,
Expires 10-23-06		135	$	675
(Cost: $32,028)

UNREALIZED GAIN (LOSS) ON OPEN FORWARD CURRENCY CONTRACTS - (0.15%)		Face Amount in Thousands
Chinese Yuan Renminbi, 5-9-07 (E)	CNY42,800				22,618
Chinese Yuan Renminbi, 5-9-07 (E)	232,400				(169,038	)
Euro, 1-10-07 (E)	EUR6,200				525,217
Japanese Yen, 1-10-07 (E)	JPY5,100,000				(1,195,506	)
Russian Ruble, 6-25-07 (E)	RUB269,800				131,480
Singapore Dollar, 8-21-07 (E)	SGD8,500				(104,187	)
South Korean Won, 4-19-07 (E)	KRW10,500,000				116,838
Taiwan Dollar, 5-22-07 (E)	TWD175,000				(158,819	)
				$	(831,397	)
SHORT-TERM SECURITIES		Principal Amount in Thousands
Commerical Paper
Banks - 1.83%
LaSalle Bank Corporation,
5.23%, 10-23-06		$	10,000		9,968,039
Beverages - 2.93%
Anheuser-Busch Companies, Inc.,
5.3%, 10-2-06			10,000		9,998,528
Diageo Capital plc (Diageo plc),
5.29%, 10-5-06			6,000		5,996,473
					15,995,001
Finance Companies - 3.29%
Prudential Funding LLC,
5.21%, 10-30-06			18,000		17,924,455
Food and Related - 2.70%
Hershey Company (The),
5.2%, 10-11-06			14,750		14,728,695
Forest and Paper Products - 2.74%
Kimberly-Clark Worldwide Inc.:
5.2%, 10-17-06			5,000		4,988,444
5.2%, 10-19-06			10,000		9,974,000
					14,962,444
Health Care -- Drugs - 1.10%
Alcon Capital Corporation (Nestle S.A.),
5.23%, 10-3-06			6,000		5,998,257
Insurance -- Life - 1.83%
American General Finance Corporation,
5.25%, 10-11-06			10,000		9,985,417
Mining - 0.80%
BHP Billiton Finance (USA) Limited             (BHP Billiton Limited),
5.27%, 10-19-06			4,400		4,388,406
Multiple Industry - 2.75%
Honeywell International Inc.,
5.25%, 10-2-06			15,000		14,997,813
Petroleum -- International - 0.91%
Shell International Finance B.V. and Royal Dutch             Shell plc (Royal Dutch Shell plc),
5.2%, 10-30-06			5,000		4,979,056
Publishing - 2.74%
Scripps (E.W.) Co.,
5.22%, 10-12-06			15,000		14,976,075
Retail -- General Merchandise - 7.24%
Home Depot, Inc. (The),
5.36%, 10-2-06			20,000		19,997,022
Target Corporation,
5.21%, 10-10-06			5,000		4,993,487
Wal-Mart Stores, Inc.,
5.22%, 10-24-06			14,550		14,501,476
					39,491,985
Security and Commodity Brokers - 3.53%
American Express Credit Corp.,
5.23%, 10-30-06			10,000		9,957,869
Greenwich Capital Holdings Inc. (Royal Bank             of Scotland PLC (The)),
5.37%, 10-2-06			9,320		9,318,610
					19,276,479
Utilities -- Telephone - 0.91%
AT&T Inc.,
5.27%, 10-23-06			5,000		4,983,897
Total Commercial Paper - 35.30%					192,656,019
Note - 0.99%
Non-Residential Construction
Healthcare Property Group, LLC, Taxable Variable             Rate Bonds, Series 2005 (SunTrust Bank),
5.31%, 10-4-06			5,400		5,400,000
TOTAL SHORT-TERM SECURITIES - 36.29%				$	198,056,019
(Cost: $198,056,019)
TOTAL INVESTMENT SECURITIES - 100.00%				$	545,770,049
(Cost: $505,441,398)

Notes to Schedule of Investments
Certain acronyms may be 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; GDR - Global Depositary Receipts; REMIC - Real Estate Mortgage Investment Conduit.
The following credit default swap agreements were outstanding at September 30, 2006:
Counterparty	Reference Entity	Fixed Rate	Expiration Date	Notional Amount	Unrealized Appreciation (Depreciation			)
Lehman Brothers	Dow Jones CDX       Emerging Markets       Series 5	1.35%	6-20-11	$4,000,000		$	(10,203	)
Merrill Lynch       International	Dow Jones CDX       Emerging Markets       Series 5	1.35%	6-20-11	4,000,000			(10,453	)
Morgan Stanley	Dow Jones CDX       Emerging Markets       Series 5	1.35%	6-20-11	8,000,000			(20,805	)
Lehman Brothers	Dow Jones CDX       North America High       Yield Series 7	3.25%	12-20-11	21,400,000			(6,741	)
Merrill Lynch       International	Dow Jones CDX       North America High       Yield Series 7	3.25%	12-20-11	9,500,000			(2,993	)
Merrill Lynch       International	Dow Jones CDX       North America High       Yield Series 7	3.25%	12-20-11	7,100,000			6,634
Morgan Stanley	Dow Jones CDX       North America High       Yield Series 7	3.25%	12-20-11	12,000,000			(3,780	)
Morgan Stanley	Dow Jones CDX       North America High       Yield Series 7	3.25%	12-20-11	4,600,000			4,298
Morgan Stanley	Brazilian Government       International Bond       Swap	1.89%	6-20-11	5,200,000			(111,198	)
						$	(155,241	)
*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 September 30, 2006, the total value of these securities amounted to $19,705,468 or 3.61% of total investments.
(C)Security serves as cover for the following written call option outstanding as of September 30, 2006.

Underlying Security	Contracts Subject to Call	Premium Received		Market Value
SanDisk Corporation	452		$68,548		$6,780
(D)The security does not bear interest for an initial period of time and subsequently becomes interest bearing.
(E)Principal amounts are denominated in the indicated foreign currency, where applicable (CNY - Chinese Yuan Renminbi, EUR - Euro, GBP - Great Britain Pound, JPY - Japanese Yen, KRW - South Korean Won, RUB - Russian Ruble, SGD - Singapore Dollar, TWD - Taiwan Dollar ).
(F)Cash and security serves as collateral for the following open futures contracts at September 30, 2006.

Type	Number of Contracts	Expiration Date	Market Value		Underlying Face Amount at Value
VIX Index	900	10-17-06	$	11,790,000		$	13,987,423
VIX Index	1,783	11-14-06		26,085,290			28,409,544
VIX Index	689	12-12-06		10,762,180			10,896,575
			$	48,637,470		$	53,293,542

The Investments of W&R Target Balanced Portfolio
September 30, 2006
COMMON STOCKS	Shares			Value
Air Transportation - 1.00%
Southwest Airlines Co.		333,000	$	5,547,780
Aircraft - 1.42%
Boeing Company (The)		100,100		7,892,885
Banks - 3.72%
Bank of America Corporation		100,300		5,373,071
Northern Trust Corporation		137,200		8,015,910
Wells Fargo & Company		204,000		7,380,720
				20,769,701
Beverages - 2.93%
Anheuser-Busch Companies, Inc.		29,000		1,377,790
Brown-Forman Corporation, Class B		71,200		5,457,480
PepsiCo, Inc.		145,900		9,521,434
				16,356,704
Business Equipment and Services - 2.68%
NYSE Group, Inc.*		122,300		9,141,925
Pitney Bowes Inc.		131,300		5,825,781
				14,967,706
Chemicals -- Specialty - 1.10%
Air Products and Chemicals, Inc.		92,200		6,119,314
Communications Equipment - 3.62%
Cisco Systems, Inc.*		359,500		8,263,107
Nokia Corporation, Series A, ADR		339,500		6,684,755
QUALCOMM Incorporated		143,700		5,224,932
				20,172,794
Computers -- Micro - 1.52%
Apple Computer, Inc.*		109,800		8,452,404
Computers -- Peripherals - 1.18%
Microsoft Corporation		240,900		6,582,592
Defense - 2.36%
General Dynamics Corporation		183,600		13,158,612
Electrical Equipment - 1.22%
Emerson Electric Co.		81,200		6,809,432
Electronic Components - 2.96%
Advanced Micro Devices, Inc.*		389,300		9,674,105
Microchip Technology Incorporated		210,700		6,829,841
				16,503,946
Electronic Instruments - 0.76%
Lam Research Corporation*		93,950		4,258,284
Finance Companies - 2.63%
SLM Corporation		282,500		14,684,350
Food and Related - 0.88%
Campbell Soup Company		134,600		4,912,900
Health Care -- Drugs - 5.09%
Allergan, Inc.		80,500		9,065,105
Amgen Inc.*		81,100		5,799,461
Gilead Sciences, Inc.*		114,000		7,832,370
Novartis AG, ADR		97,300		5,686,212
				28,383,148
Health Care -- General - 4.81%
Biomet, Inc.		167,100		5,378,113
DENTSPLY International Inc.		212,500		6,403,688
Johnson & Johnson		163,300		10,604,702
Zimmer Holdings, Inc.*		66,100		4,461,750
				26,848,253
Hospital Supply and Management - 1.11%
Medtronic, Inc.		132,700		6,162,588
Household -- General Products - 1.77%
Colgate-Palmolive Company		158,900		9,867,690
Insurance -- Life - 1.14%
Aflac Incorporated		138,900		6,356,064
Insurance -- Property and Casualty - 1.08%
Berkshire Hathaway Inc., Class B*		1,900		6,030,600
Motion Pictures - 1.42%
News Corporation Limited, Class A		402,700		7,913,055
Multiple Industry - 4.54%
Altria Group, Inc.		59,300		4,539,415
General Electric Company		328,756		11,605,087
Las Vegas Sands, Inc.*		134,300		9,179,405
				25,323,907
Non-Residential Construction - 0.98%
Fluor Corporation		70,800		5,443,812
Petroleum -- International - 4.68%
BP p.l.c., ADR		115,500		7,574,490
ChevronTexaco Corporation		83,000		5,383,380
Exxon Mobil Corporation		195,546		13,121,137
				26,079,007
Petroleum -- Services - 3.37%
Schlumberger Limited		207,200		12,852,616
Smith International, Inc.		153,100		5,940,280
				18,792,896
Publishing - 1.07%
Meredith Corporation		121,200		5,978,796
Retail -- General Merchandise - 2.70%
Target Corporation		154,200		8,519,550
Wal-Mart Stores, Inc.		132,900		6,554,628
				15,074,178
Retail -- Specialty Stores - 0.86%
Best Buy Co., Inc.		90,000		4,820,400
Security and Commodity Brokers - 5.00%
American Express Company		110,300		6,185,624
Chicago Mercantile Exchange Holdings Inc.		9,400		4,495,550
J.P. Morgan Chase & Co.		162,400		7,626,304
Legg Mason, Inc.		49,400		4,982,484
Merrill Lynch & Co., Inc.		58,800		4,599,336
				27,889,298
Timesharing and Software - 1.05%
Paychex, Inc.		159,200		5,861,744
Trucking and Shipping - 1.20%
Expeditors International of Washington, Inc.		150,400		6,705,584
Utilities -- Electric - 1.70%
Exelon Corporation		157,000		9,504,780
Utilities -- Telephone - 2.70%
AT&T Inc.		231,000		7,521,360
UBS AG		127,500		7,562,025
				15,083,385
TOTAL COMMON STOCKS - 76.25%			$	425,308,589
(Cost: $331,146,653)

CORPORATE DEBT SECURITIES		Principal Amount in Thousands
Air Transportation - 0.07%
Southwest Airlines Co.,
7.875%, 9-1-07		$	360		367,152
Banks - 0.24%
Wells Fargo Bank, N.A.,
7.55%, 6-21-10			1,250		1,350,848
Beverages - 0.30%
Coca-Cola Enterprises Inc.,
6.7%, 10-15-36			500		558,243
Diageo Capital plc,
3.5%, 11-19-07			1,150		1,127,467
					1,685,710
Finance Companies - 1.10%
American International Group,
3.85%, 11-26-07 (A)			1,400		1,378,072
Banco Hipotecario Nacional:
7.916%, 7-25-09 (A)			17		413
8.0%, 3-31-11 (A)			806		217,580
First Union-Lehman Brothers Company,
6.65%, 11-18-29			606		610,441
First Union-Lehman Brothers-Bank of America Commercial       Mortgage Trust,
6.56%, 11-18-35			825		836,718
Mellon Residential Funding,
6.75%, 6-26-28			107		106,742
Prudential Insurance Company of America,
6.6%, 5-15-08 (A)			1,500		1,531,120
Unilever Capital Corporation,
5.9%, 11-15-32			1,450		1,458,372
					6,139,458
Food and Related - 0.50%
Archer-Daniels-Midland Company,
7.0%, 2-1-31			1,350		1,563,540
Cargill, Inc.,
6.375%, 6-1-12 (A)			1,150		1,207,564
					2,771,104
Insurance -- Life - 0.26%
StanCorp Financial Group, Inc.,
6.875%, 10-1-12			1,375		1,468,070
Insurance -- Property and Casualty - 0.28%
Principal Life Global,
6.25%, 2-15-12 (A)			1,500		1,568,775
Real Estate Investment Trust - 0.31%
Vornado Realty L.P.,
5.625%, 6-15-07			1,750		1,748,301
TOTAL CORPORATE DEBT SECURITIES - 3.06%				$	17,099,418
(Cost: $17,050,962)
OTHER GOVERNMENT SECURITY - 0.31%
Canada
Hydro-Quebec,
8.0%, 2-1-13			1,500		1,724,719
(Cost: $1,651,062)
UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations - 0.19%
Federal National Mortgage Association,
7.25%, 1-15-10			1,000		1,070,299
Mortgage-Backed Obligations - 3.26%
Federal National Mortgage Association Fixed Rate       Pass-Through Certificates:
6.23%, 1-1-08			1,589		1,592,173
6.0%, 9-1-17			640		650,602
5.0%, 1-1-18			511		503,942
5.5%, 4-1-18			294		294,651
5.0%, 5-1-18			247		243,661
4.5%, 7-1-18			3,195		3,091,776
7.0%, 9-1-25			88		90,797
6.5%, 10-1-28			400		411,669
6.5%, 2-1-29			296		304,688
7.5%, 4-1-31			213		222,007
7.0%, 7-1-31			362		374,150
7.0%, 9-1-31			377		389,400
7.0%, 9-1-31			298		308,701
7.0%, 11-1-31			81		83,319
6.5%, 2-1-32			1,243		1,277,163
7.0%, 2-1-32			472		488,023
7.0%, 2-1-32			431		446,163
7.0%, 3-1-32			280		289,710
7.0%, 7-1-32			733		758,050
6.0%, 9-1-32			2,408		2,425,942
6.0%, 2-1-33			600		603,957
5.5%, 5-1-33			1,025		1,012,811
5.5%, 5-1-33			771		761,953
5.5%, 5-1-33			478		472,198
5.5%, 6-1-33			828		817,632
Government National Mortgage Association Fixed Rate       Pass-Through Certificates:
6.5%, 8-15-28			74		76,069
6.0%, 8-15-28			27		27,712
United States Department of Veterans Affairs, Guaranteed       REMIC Pass-Through Certificates, Vendee Mortgage       Trust, 1997-A Class 3-A,
8.293%, 12-15-26			152		158,732
					18,177,651
Treasury Inflation Protected Obligation - 0.21%
United States Treasury Note,
3.0%, 7-15-12 (B)			1,000		1,174,297
Treasury Obligations - 13.31%
United States Treasury Bonds:
7.5%, 11-15-16			1,500		1,837,500
7.25%, 8-15-22			4,000		5,062,812
6.25%, 8-15-23			5,250		6,095,334
United States Treasury Notes:
3.25%, 8-15-07			5,000		4,927,345
4.25%, 10-31-07			1,200		1,191,703
3.0%, 11-15-07			4,000		3,918,752
3.0%, 2-15-08			3,000		2,928,867
2.625%, 5-15-08			4,000		3,869,064
4.75%, 11-15-08			4,000		4,005,468
4.0%, 3-15-10			3,200		3,139,251
4.25%, 10-15-10	10,000				9,875,780
3.875%, 2-15-13			3,000		2,881,524
3.625%, 5-15-13			3,000		2,834,532
4.25%, 8-15-13			4,000		3,915,624
4.25%, 8-15-15		17,000			16,537,141
5.25%, 2-15-29			1,150		1,216,035
					74,236,732
TOTAL UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS - 16.97%				$	94,658,979
(Cost: $94,956,246)
SHORT-TERM SECURITIES
Aircraft - 0.36%
United Technologies Corporation,
5.32%, 10-6-06			2,000		1,998,522
Aluminum - 0.90%
Alcoa Incorporated,
5.4%, 10-2-06			5,020		5,019,247
Capital Equipment - 0.53%
Deere (John) Credit Limited (Deere (John) Capital Corporation),
5.33%, 11-3-06			3,000		2,985,343
Insurance -- Life - 0.90%
American General Finance Corporation,
5.25%, 10-11-06			5,000		4,992,708
Utilities -- Gas and Pipeline - 0.72%
Michigan Consolidated Gas Co.,
5.3%, 10-2-06			4,000		3,999,411
TOTAL SHORT-TERM SECURITIES - 3.41%				$	18,995,231
(Cost: $18,995,231)
TOTAL INVESTMENT SECURITIES - 100.00%				$	557,786,936
(Cost: $463,800,154)

Notes to Schedule of Investments

Certain acronyms may be 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; GDR - Global 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 September 30, 2006, the total value of these securities amounted to $5,903,524 or 1.06% 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
September 30, 2006
CORPORATE DEBT SECURITIES		Principal Amount in Thousands			Value
Banks - 2.54%
First Union National Bank of Florida,
6.18%, 2-15-36		$	4,000	$	4,259,012
SouthTrust Bank, National Association,
6.125%, 1-9-28			1,000		1,068,931
					5,327,943
Broadcasting - 1.84%
Comcast Cable Communications, Inc.,
8.5%, 5-1-27			1,250		1,535,293
EchoStar DBS Corporation,
6.375%, 10-1-11			750		730,312
TCA Cable TV, Inc.,
6.53%, 2-1-28			1,000		1,011,507
Westinghouse Electric Corporation,
8.875%, 6-14-14			500		577,343
					3,854,455
Business Equipment and Services - 0.19%
Quebecor World Capital Corporation,
4.875%, 11-15-08			425		405,875
Coal - 0.47%
Peabody Energy Corporation,
6.875%, 3-15-13			1,000		985,000
Communications Equipment - 0.24%
Harris Corporation,
6.35%, 2-1-28			500		513,428
Construction Materials - 1.29%
Hanson PLC,
7.875%, 9-27-10			2,500		2,692,097
Finance Companies - 3.02%
Barton Springs CDO SPC, Series 2005-1 Segregated Portfolio       and Barton Springs CDO Series 2005-1 LLC,
6.85%, 12-20-10			1,750		1,617,000
General Motors Acceptance Corporation,
5.125%, 5-9-08			2,500		2,449,827
Preferred Term Securities XVI, Ltd. and Preferred Term       Securities XVI, Inc.,
7.99%, 3-23-35 (A)			1,250		1,262,500
Preferred Term Securities XVII, Ltd. and Preferred Term       Securities XVII, Inc.,
7.59%, 6-23-35 (A)			1,000		1,002,500
					6,331,827
Finance Companies -- Mortgage Related - 23.58%
Alternative Loan Trust 2005-J4,
5.5%, 11-25-35			1,750		1,690,554
Banc of America Commercial Mortgage Inc., Commercial       Mortgage Pass-Through Certificates, Series 2005-2,
4.783%, 7-10-43			2,500		2,446,748
CHL Mortgage Pass-Through Trust 2005-28,
5.25%, 1-25-19			3,042		3,012,897
CHL Pass-Through Trust 2003-20,
5.5%, 7-25-33			2,400		2,394,104
CHYPS CBO 1997-1 Ltd.,
6.72%, 1-15-10 (A)			444		244,225
COMM 2005-C6,
5.144%, 6-10-44			6,000		5,952,777
First Horizon Alternative Mortgage Securities Trust 2005-FA6,
5.5%, 9-25-35			2,265		2,232,213
GSR Mortgage Loan Trust 2004-2F,
7.0%, 1-25-34			1,384		1,441,992
J.P. Morgan Chase Commercial Mortgage Securities Corp.,       Commercial Mortgage Pass-Through Certificates,       Series 2004-C1,
4.719%, 1-15-38			2,000		1,928,103
MASTR Adjustable Rate Mortgages Trust 2005-1,
5.2567%, 3-25-35			2,981		2,934,332
Merrill Lynch Mortgage Trust 2005-CIP1,
4.949%, 7-12-38			2,000		1,968,921
Structured Adjustable Rate Mortgage Loan Trust, Mortgage       Pass-Through Certificates:
Series 2004-12,
5.08169%, 9-25-34			2,982		2,876,548
Series 2004-18,
5.19472%, 12-25-34			4,042		3,964,042
Series 2004-3AC,
4.9348%, 3-25-34			2,030		1,992,897
Series 2004-5,
4.59192%, 5-25-34			2,017		1,924,663
Series 2004-6,
4.69862%, 6-25-34			987		944,551
Series 2004-A,
4.61457%, 2-25-34			1,476		1,465,534
Series 2005-21,
5.70977%, 11-25-35			1,237		1,204,349
Structured Adjustable Rate Mortgage Loan Trust:
Series 2005-22,
5.63425%, 12-25-35			1,275		1,236,726
Series 2006-1,
6.113%, 2-25-36			1,294		1,285,008
Structured Asset Securities Corporation Trust 2005-16,
5.5%, 9-25-35			3,000		2,898,830
Structured Asset Securities Corporation, Mortgage Pass-Through       Certificates, Series 2003-40A,
4.8237%, 1-25-34			984		947,206
Wells Fargo Mortgage Pass-Through Certificates,       Series 2003-10,
4.5%, 9-25-18			2,500		2,383,010
					49,370,230
Food and Related - 0.25%
ConAgra, Inc.,
6.7%, 8-1-27			500		527,997
Forest and Paper Products - 1.38%
Bowater Canada Finance Corporation,
7.95%, 11-15-11			1,000		955,000
Champion International Corporation,
6.65%, 12-15-37			1,500		1,559,706
Westvaco Corporation,
7.5%, 6-15-27			364		376,380
					2,891,086
Homebuilders, Mobile Homes - 1.39%
D.R. Horton, Inc.,
8.0%, 2-1-09			1,364		1,427,356
Pulte Homes, Inc.,
4.875%, 7-15-09			1,500		1,473,379
					2,900,735
Hospital Supply and Management - 0.96%
HCA - The Healthcare Company,
8.75%, 9-1-10			2,000		2,020,000
Household -- General Products - 1.23%
Procter & Gamble Company (The),
8.0%, 9-1-24			2,000		2,570,302
Household -- Major Appliances - 0.48%
Controladora Mabe S.A. de C.V.,
6.5%, 12-15-15 (A)			1,000		1,009,307
Petroleum -- Domestic - 0.61%
Chesapeake Energy Corporation,
7.5%, 9-15-13			1,250		1,268,750
Petroleum -- International - 1.55%
Pemex Project Funding Master Trust,
7.375%, 12-15-14			3,000		3,243,000
Petroleum -- Services - 1.05%
Halliburton Company,
6.75%, 2-1-27			2,000		2,193,200
Real Estate Investment Trust - 0.37%
Diversified REIT Owner Trust 1999-1,
6.78%, 3-18-11 (A)			750		768,338
Utilities -- Electric - 1.88%
Dominion Resources, Inc.,
5.25%, 8-1-33			2,500		2,420,425
HQI Transelec Chile S.A.,
7.875%, 4-15-11			750		797,453
Pepco Holdings, Inc.,
4.0%, 5-15-10			750		713,568
					3,931,446
Utilities -- Gas and Pipeline - 0.96%
Tennessee Gas Pipeline Company
7.0%, 3-15-27			2,000		2,008,378
Utilities -- Telephone - 2.39%
Deutsche Telekom International Finance B.V.,
8.0%, 6-15-10			2,500		2,727,235
New York Telephone Company,
6.7%, 11-1-23			750		753,724
Pacific Bell,
7.25%, 11-1-27			750		781,352
Telefonos de Mexico, S.A. de C.V.,
4.5%, 11-19-08			750		735,122
					4,997,433
TOTAL CORPORATE DEBT SECURITIES - 47.67%				$	99,810,827
(Cost: $99,801,025)
OTHER GOVERNMENT SECURITIES
Brazil - 0.27%
Federative Republic of Brazil (The),
9.25%, 10-22-10			500		562,500
Canada - 0.86%
Province de Quebec,
7.14%, 2-27-26			1,500		1,808,014
Japan - 1.20%
Japanese Government 15 Year Floating Rate Bond,
1.23%, 1-20-18 (B)	300,000				2,499,048
Supranational - 0.52%
Inter-American Development Bank,
8.4%, 9-1-09			1,000		1,089,043
TOTAL OTHER GOVERNMENT SECURITIES - 2.85%				$	5,958,605
(Cost: $5,657,952)
UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations - 9.21%
Federal Home Loan Mortgage Corporation:
5.25%, 11-5-12			5,000		4,951,560
4.75%, 5-6-13			2,000		1,935,262
5.2%, 3-5-19			2,500		2,430,490
5.5%, 8-20-19			2,500		2,471,662
Federal National Mortgage Association,
5.3%, 2-22-11			4,000		3,985,844
Tennessee Valley Authority,
4.875%, 12-15-16			3,500		3,500,553
					19,275,371
Mortgage-Backed Obligations - 26.58%
Federal Home Loan Mortgage Corporation Adjustable Rate       Participation Certificates,
5.699%, 7-1-36			1,479		1,486,597
Federal Home Loan Mortgage Corporation Agency       REMIC/CMO:
5.0%, 5-15-19			1,000		974,606
5.0%, 7-15-19			1,077		1,054,975
5.0%, 5-15-23			1,500		1,458,391
6.0%, 3-15-29			371		375,988
7.5%, 9-15-29			683		717,728
4.0%, 2-15-30			500		480,069
4.25%, 3-15-31			916		885,481
5.5%, 9-15-31			3,750		3,747,893
5.0%, 9-15-32			1,500		1,412,551
5.5%, 4-15-24 (Interest Only)			1,359		62,300
5.5%, 4-15-24 (Interest Only)			3,327		223,334
5.0%, 7-15-29 (Interest Only)			1,832		205,299
5.0%, 9-15-31 (Interest Only)			3,061		491,561
Federal Home Loan Mortgage Corporation Fixed Rate       Participation Certificates:
5.0%, 6-1-21			1,978		1,944,215
5.0%, 7-1-25			2,719		2,641,433
6.0%, 11-1-28			663		670,404
6.5%, 10-1-31			128		130,728
6.5%, 11-1-31			162		165,758
6.0%, 2-1-32			322		324,719
5.0%, 3-1-35			1,751		1,684,752
5.5%, 10-1-35			1,415		1,396,338
5.5%, 8-1-36			1,998		1,970,730
Federal Home Loan Mortgage Corporation Non-Agency       REMIC/CMO (Interest Only),
5.5%, 12-15-13			662		136,093
Federal National Mortgage Association Agency       REMIC/CMO:
5.0%, 3-25-18			3,500		3,411,750
5.0%, 6-25-18			2,173		2,148,675
5.5%, 2-25-32			1,500		1,493,867
4.0%, 11-25-32			754		718,976
4.0%, 3-25-33			552		527,238
3.5%, 8-25-33			1,649		1,492,074
5.0%, 3-25-18 (Interest Only)			1,059		82,282
Federal National Mortgage Association Fixed Rate       Pass-Through Certificates:
4.0%, 11-1-18			1,213		1,150,096
5.5%, 10-1-23			829		823,329
5.0%, 4-1-24			2,800		2,720,307
5.0%, 2-1-25			1,242		1,206,502
6.0%, 12-1-28			113		114,235
5.0%, 3-1-34			2,464		2,376,371
5.5%, 1-1-17			987		990,102
6.0%, 4-1-33			1,259		1,268,027
5.5%, 6-1-33			2,499		2,468,870
Federal National Mortgage Association Non-Agency       REMIC/CMO:
4.5%, 7-25-24			1,000		928,687
5.5%, 9-25-31			1,000		988,556
4.5%, 12-25-34			2,000		1,903,993
Government National Mortgage Association Agency       REMIC/CMO:
5.0%, 1-20-32			623		614,101
5.5%, 6-20-28 (Interest Only)			3,551		274,783
Government National Mortgage Association Fixed Rate       Pass-Through Certificates:
7.5%, 7-15-23			30		31,559
7.5%, 12-15-23			165		171,813
8.0%, 9-15-25			62		65,624
7.0%, 7-20-27			19		19,525
7.0%, 8-20-27			53		55,041
6.5%, 5-15-29			100		103,162
7.5%, 7-15-29			33		34,247
7.75%, 10-15-31			295		300,468
Government National Mortgage Association Non-Agency       REMIC/CMO,
4.0%, 1-16-30			371		352,085
United States Department of Veterans Affairs, Guaranteed       REMIC Pass-Through Certificates, Vendee Mortgage Trust:
2001-3 Class G,
6.5%, 4-15-27			120		120,151
2003-2 Class D,
5.0%, 11-15-23			572		570,444
2003-2 Class E,
5.0%, 12-15-25			1,500		1,487,043
					55,655,926
Treasury Obligations - 12.97%
United States Treasury Bond,
6.125%, 11-15-27			2,000		2,339,218
United States Treasury Notes:
4.0%, 4-15-10			7,000		6,865,194
5.0%, 2-15-11			8,000		8,141,560
4.0%, 2-15-15	10,250				9,811,577
					27,157,549
TOTAL UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS - 48.76%				$	102,088,846
(Cost: $102,423,561)
SHORT-TERM SECURITY - 0.72%
Aluminum
Alcoa Incorporated,
5.4%, 10-2-06			1,517	$	1,516,772
(Cost: $1,516,772)
TOTAL INVESTMENT SECURITIES - 100.00%				$	209,375,050
(Cost: $209,399,310)

Notes to Schedule of Investments

Certain acronyms may be 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; GDR - Global Depositary Receipts and 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 September 30, 2006, the total value of these securities amounted to $4,286,870 or 2.06% 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
September 30, 2006
COMMON STOCKS	Shares		Value
Aircraft - 5.80%
Boeing Company (The)	206,500	$	16,282,525
Lockheed Martin Corporation	173,600		14,940,016
United Technologies Corporation	184,600		11,694,410
			42,916,951
Banks - 4.29%
Bank of America Corporation	308,800		16,542,416
Wells Fargo & Company	419,600		15,181,128
			31,723,544
Beverages - 2.00%
PepsiCo, Inc.	226,500		14,781,390
Capital Equipment - 1.30%
Deere & Company	114,300		9,590,913
Chemicals -- Petroleum and Inorganic - 1.02%
E.I. du Pont de Nemours and Company	176,600		7,565,544
Chemicals -- Specialty - 2.09%
Air Products and Chemicals, Inc.	233,150		15,474,166
Communications Equipment - 2.68%
Cisco Systems, Inc.*	317,000		7,286,245
Corning Incorporated*	514,800		12,566,268
			19,852,513
Computers -- Main and Mini - 4.23%
Hewlett-Packard Company	451,100		16,550,859
Xerox Corporation*	945,800		14,716,648
			31,267,507
Computers -- Micro - 1.92%
Apple Computer, Inc.*	184,200		14,179,716
Computers -- Peripherals - 5.93%
Adobe Systems Incorporated*	344,100		12,891,707
Electronic Arts Inc.*	256,100		14,260,928
Microsoft Corporation	271,200		7,410,540
SAP Aktiengesellschaft, ADR	188,000		9,306,000
			43,869,175
Consumer Electronics - 0.90%
Research In Motion Limited*	64,700		6,643,073
Defense - 3.04%
General Dynamics Corporation	314,300		22,525,881
Electronic Components - 3.46%
Advanced Micro Devices, Inc.*	877,300		21,800,905
Broadcom Corporation, Class A*	125,100		3,794,908
			25,595,813
Finance Companies - 2.45%
SLM Corporation	349,300		18,156,614
Food and Related - 1.51%
Campbell Soup Company	253,200		9,241,800
ConAgra Foods, Inc.	78,300		1,916,784
			11,158,584
Health Care -- Drugs - 6.19%
Amgen Inc.*	114,400		8,180,744
Novartis AG, Registered Shares (A)	149,650		8,736,415
Pfizer Inc.	878,200		24,905,752
Schering-Plough Corporation	178,300		3,938,647
			45,761,558
Health Care -- General - 2.80%
Johnson & Johnson	318,600		20,689,884
Hospital Supply and Management - 1.75%
Medtronic, Inc.	279,250		12,968,370
Household -- General Products - 4.12%
Colgate-Palmolive Company	251,800		15,636,780
Procter & Gamble Company (The)	239,300		14,831,814
			30,468,594
Insurance -- Life - 1.04%
Aflac Incorporated	167,500		7,664,800
Insurance -- Property and Casualty - 1.46%
ACE Limited	197,700		10,820,121
Multiple Industry - 6.57%
Altria Group, Inc.	143,800		11,007,890
General Electric Company	837,300		29,556,690
Las Vegas Sands, Inc.*	117,200		8,010,620
			48,575,200
Petroleum -- International - 3.42%
Exxon Mobil Corporation	376,976		25,295,090
Petroleum -- Services - 9.28%
Baker Hughes Incorporated	227,450		15,512,090
Schlumberger Limited	323,000		20,035,690
Smith International, Inc.	355,700		13,801,160
Transocean Inc.*	54,100		3,961,743
Weatherford International Ltd.*	367,400		15,327,928
			68,638,611
Railroad - 0.99%
Union Pacific Corporation	83,200		7,321,600
Restaurants - 0.30%
YUM! Brands, Inc.	42,400		2,206,920
Retail -- General Merchandise - 2.50%
Kohl's Corporation*	113,200		7,348,944
Wal-Mart Stores, Inc.	225,900		11,141,388
			18,490,332
Retail -- Specialty Stores - 1.82%
Best Buy Co., Inc.	251,100		13,448,916
Security and Commodity Brokers - 6.37%
Goldman Sachs Group, Inc. (The)	77,500		13,110,675
J.P. Morgan Chase & Co.	550,700		25,860,872
Merrill Lynch & Co., Inc.	104,300		8,158,346
			47,129,893
Timesharing and Software - 0.98%
Google Inc., Class A*	18,100		7,273,756
Utilities -- Electric - 1.03%
Dominion Resources, Inc.	99,600		7,618,404
Utilities -- Telephone - 3.57%
AT&T Inc.	345,000		11,233,200
UBS AG (A)	254,000		15,193,890
			26,427,090
TOTAL COMMON STOCKS - 96.81%		$	716,100,523
(Cost: $584,373,653)

SHORT-TERM SECURITIES	Principal Amount in Thousands
Finance Companies - 0.68%
PACCAR Financial Corp.,
5.24%, 10-5-06	$	5,000		4,997,089
Forest and Paper Products - 0.55%
Sonoco Products Co.,
5.4%, 10-2-06		4,069		4,068,390
Leisure Time Industry - 0.62%
Walt Disney Company (The),
5.36%, 10-16-06		4,588		4,577,753
Utilities -- Electric - 0.67%
PacifiCorp,
5.3%, 10-16-06		5,000		4,988,958
Utilities -- Telephone - 0.67%
BellSouth Corporation,
5.25%, 10-12-06		5,000		4,991,979
TOTAL SHORT-TERM SECURITIES - 3.19%			$	23,624,169
(Cost: $23,624,169)
TOTAL INVESTMENT SECURITIES - 100.00%			$	739,724,692
(Cost: $607,997,822)

Notes to Schedule of Investments

Certain acronyms may be 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; GDR - Global Depositary Receipts; REMIC - Real Estate Mortgage Investment Conduit.

*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
September 30, 2006
COMMON STOCKS	Shares			Value
Aircraft - 2.12%
Boeing Company (The)		11,669	$	920,101
Goodrich Corporation		12,706		514,847
				1,434,948
Banks - 3.07%
Bank of America Corporation		24,534		1,314,286
Mellon Financial Corporation		8,806		344,315
Wells Fargo & Company		11,646		421,352
				2,079,953
Beverages - 2.18%
Diageo plc, ADR		13,761		977,582
PepsiCo, Inc.		7,664		500,153
				1,477,735
Business Equipment and Services - 0.75%
Genuine Parts Company		11,845		510,875
Capital Equipment - 3.07%
Caterpillar Inc.		10,853		714,127
Deere & Company		16,284		1,366,390
				2,080,517
Chemicals -- Petroleum and Inorganic - 0.69%
E.I. du Pont de Nemours and Company		10,882		466,185
Chemicals -- Specialty - 1.65%
Air Products and Chemicals, Inc.		16,770		1,113,025
Computers -- Peripherals - 1.87%
SAP Aktiengesellschaft, ADR		25,539		1,264,181
Electrical Equipment - 0.47%
Emerson Electric Co.		3,809		319,423
Electronic Components - 0.92%
Microchip Technology Incorporated		19,208		622,627
Finance Companies - 3.15%
SLM Corporation		41,030		2,132,739
Food and Related - 0.79%
Campbell Soup Company		14,720		537,280
Health Care -- Drugs - 1.11%
Pfizer Inc.		26,523		752,192
Health Care -- General - 1.09%
Johnson & Johnson		11,350		737,069
Hospital Supply and Management - 0.80%
Medtronic, Inc.		11,598		538,611
Hotels and Gaming - 2.82%
Harrah's Entertainment, Inc.		10,212		678,383
Starwood Hotels & Resorts Worldwide, Inc.		21,500		1,229,585
				1,907,968
Household -- General Products - 3.22%
Colgate-Palmolive Company		21,507		1,335,585
Procter & Gamble Company (The)		13,625		844,478
				2,180,063
Insurance -- Life - 0.49%
Aflac Incorporated		7,194		329,198
Insurance -- Property and Casualty - 3.34%
ACE Limited		6,089		333,251
Allstate Corporation (The)		13,603		853,316
Everest Re Group, Ltd.		3,469		338,332
St. Paul Companies, Inc. (The)		15,743		738,189
				2,263,088
Metal Fabrication - 1.10%
Loews Corporation, Carolina Group		13,414		743,002
Mining - 1.02%
Freeport-McMoRan Copper & Gold Inc., Class B		12,982		691,421
Multiple Industry - 5.62%
3M Company		7,258		540,140
Altria Group, Inc.		20,608		1,577,542
General Electric Company		47,803		1,687,446
				3,805,128
Non-Residential Construction - 2.07%
Fluor Corporation		18,261		1,404,088
Petroleum -- International - 6.65%
Anadarko Petroleum Corporation		23,288		1,020,713
BP p.l.c., ADR		7,201		472,242
ConocoPhillips		11,183		665,724
Exxon Mobil Corporation		30,357		2,036,955
Marathon Oil Corporation		3,966		304,985
				4,500,619
Petroleum -- Services - 9.91%
BJ Services Company		20,411		614,983
Baker Hughes Incorporated		21,677		1,478,371
Grant Prideco, Inc.*		12,274		466,780
National Oilwell Varco, Inc.*		11,849		693,759
Schlumberger Limited		29,939		1,857,116
Transocean Inc.*		9,182		672,398
Valero GP Holdings, LLC*		20,300		393,820
Weatherford International Ltd.*		12,674		528,759
				6,705,986
Railroad - 1.01%
Union Pacific Corporation		7,760		682,880
Real Estate Investment Trust - 2.71%
Host Hotels & Resorts, Inc.		13,146		301,438
ProLogis		11,879		677,816
Simon Property Group, Inc.		9,437		855,181
				1,834,435
Retail -- General Merchandise - 0.55%
Federated Department Stores, Inc.		8,636		373,162
Security and Commodity Brokers - 6.74%
AllianceBernstein Holding L.P.		22,266		1,536,131
Chicago Mercantile Exchange Holdings Inc.		3,273		1,565,312
J.P. Morgan Chase & Co.		25,116		1,179,447
Legg Mason, Inc.		2,812		283,618
				4,564,508
Tobacco - 1.30%
Reynolds American Inc.		14,172		878,239
Trucking and Shipping - 1.55%
United Parcel Service, Inc., Class B		14,614		1,051,331
Utilities -- Electric - 1.70%
Dominion Resources, Inc.		7,828		598,764
NRG Energy, Inc.*		12,221		553,611
				1,152,375
Utilities -- Gas and Pipeline - 2.35%
Enbridge Inc.		18,995		613,159
Kinder Morgan, Inc.		9,308		975,944
				1,589,103
Utilities -- Telephone - 2.94%
BellSouth Corporation		14,404		615,771
Iowa Telecommunications Services, Inc.		35,038		693,402
Windstream Corporation		51,514		679,470
				1,988,643
TOTAL COMMON STOCKS - 80.82%			$	54,712,597
(Cost: $46,826,342)

SHORT-TERM SECURITIES	Principal Amount in Thousands
Certificate of Deposit - 2.96%
Banks
Wells Fargo Bank, N.A.,
5.27%, 10-18-06	$	2,000		2,000,000
Commercial Paper
Aircraft - 2.95%
United Technologies Corporation,
5.32%, 10-6-06		2,000		1,998,522
Aluminum - 3.69%
Alcoa Incorporated,
5.4%, 10-2-06		2,500		2,499,625
Capital Equipment - 2.94%
Deere (John) Credit Limited (Deere (John) Capital Corporation),
5.33%, 11-3-06		2,000		1,990,229
Finance Companies - 3.68%
General Electric Capital Corporation,
5.23%, 10-27-06		1,500		1,494,334
Preferred Receivables Funding Corp.,
5.26%, 10-19-06		1,000		997,370
				2,491,704
Leisure Time Industry - 2.96%
Walt Disney Company (The),
5.36%, 10-16-06		2,005		2,000,522
Total Commercial Paper - 16.22%				10,980,602
TOTAL SHORT-TERM SECURITIES - 19.18%			$	12,980,602
(Cost: $12,980,602)
TOTAL INVESTMENT SECURITIES - 100%			$	67,693,199
(Cost: $59,806,944)

Notes to Schedule of Investments

Certain acronyms may be 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; GDR - Global Depositary Receipts and REMIC - Real Estate Mortgage Investment Conduit.

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

The Investments of W&R Target Energy Portfolio
September 30, 2006
COMMON STOCKS		Shares			Value
Business Equipment and Services - 2.19%
Bucyrus International, Inc., Class A			1,150	$	48,777
Headwaters Incorporated*			1,300		30,355
Jacobs Engineering Group Inc.*			550		41,101
					120,233
Capital Equipment - 3.97%
Cameron International Corporation*			2,400		115,944
Shaw Group Inc. (The)*			1,450		34,278
SunPower Corporation, Class A*			1,100		30,509
Suntech Power Holdings Co., Ltd., ADR*			1,450		37,454
					218,185
Chemicals -- Specialty - 0.61%
VeraSun Energy Corporation*			2,100		33,705
Coal - 3.20%
Alpha Natural Resources, Inc.*			2,300		36,248
Foundation Coal Holdings, Inc.			1,200		38,844
Massey Energy Company			1,300		27,222
Peabody Energy Corporation			2,000		73,560
					175,874
Electrical Equipment - 0.30%
Hydrogenics Corporation*	12,200				16,531
Electronic Components - 0.47%
Evergreen Solar, Inc.*			3,100		25,699
Electronic Instruments - 0.84%
Energy Conversion Devices, Inc.*			1,250		46,275
Food and Related - 1.07%
Archer Daniels Midland Company			1,550		58,714
Mining - 1.57%
Arch Coal, Inc.			1,350		39,028
Cameco Corporation			1,300		47,541
					86,569
Multiple Industry - 1.79%
General Electric Company			1,500		52,950
Technip SA, ADR			800		45,576
					98,526
Non-Residential Construction - 1.61%
Fluor Corporation			1,150		88,423
Petroleum -- Canada - 0.85%
Suncor Energy Inc.			650		46,833
Petroleum -- Domestic - 1.59%
Sunoco, Inc.			1,000		62,190
XTO Energy Inc.			600		25,278
					87,468
Petroleum -- International - 27.94%
Anadarko Petroleum Corporation			2,200		96,426
Apache Corporation			1,650		104,280
BP p.l.c., ADR			1,850		121,323
CNOOC Limited, ADR			300		24,987
ConocoPhillips			1,600		95,248
Devon Energy Corporation			1,650		104,198
EOG Resources, Inc.			1,650		107,332
EnCana Corporation			1,200		56,028
Exxon Mobil Corporation			2,450		164,395
Hess Corporation			1,050		43,491
Marathon Oil Corporation			1,050		80,745
Newfield Exploration Company*			3,250		125,255
Noble Energy, Inc.			2,300		104,857
Occidental Petroleum Corporation			2,100		101,031
PetroChina Company Limited, ADR			250		26,913
Petroleo Brasileiro S.A. - Petrobras, ADR			300		25,149
Statoil ASA, ADR			1,600		38,112
TOTAL S.A., ADR			400		26,376
Talisman Energy Inc.			5,550		90,909
					1,537,055
Petroleum -- Services - 27.18%
BJ Services Company			3,100		93,403
Baker Hughes Incorporated			2,400		163,680
Complete Production Services, Inc.*			4,850		95,739
ENSCO International Incorporated			1,650		72,319
Grant Prideco, Inc.*			2,650		100,779
Halliburton Company			2,750		78,237
Nabors Industries Ltd.*			4,450		132,388
National Oilwell Varco, Inc.*			2,400		140,520
Schlumberger Limited			2,750		170,583
Smith International, Inc.			2,500		97,000
TODCO, Class A*			2,150		74,390
Transocean Inc.*			1,300		95,199
Valero Energy Corporation			1,250		64,338
Weatherford International Ltd.*			2,800		116,816
					1,495,391
Utilities -- Electric - 3.79%
Entergy Corporation			1,350		105,610
Exelon Corporation			1,700		102,918
					208,528
Utilities -- Gas and Pipeline - 4.25%
Enbridge Inc.			3,100		100,068
Kinder Morgan, Inc.			1,050		110,093
Southwestern Energy Company*			800		23,896
					234,057
TOTAL COMMON STOCKS - 83.22%				$	4,578,066
(Cost: $5,125,163)

SHORT-TERM SECURITY - 16.78%	Principal Amount in Thousands
Repurchase Agreement
J.P. Morgan Securities, Inc.,       4.9% Repurchase Agreement dated 9-29-06       to be repurchased at $923,377 on 10-2-06 (A)	$	923	$	923,000
(Cost: $923,000)
TOTAL INVESTMENT SECURITIES - 100.00%			$	5,501,066
(Cost: $6,048,163)

Notes to Schedule of Investments

Certain acronyms may be 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; GDR - Global Depositary Receipts and REMIC - Real Estate Mortgage Investment Conduit.

*No dividends were paid during the preceding 12 months.

(A)Collateralized by $923,000 United States Treasury Bond, 6.125% due 8-15-29; market value and accrued interest aggregate $1,095,957.

The Investments of W&R Target Global Natural Resources Portfolio
September 30, 2006
COMMON STOCKS		Shares			Value
Australia - 1.18%
Lihir Gold Limited (A)*			383,500	$	826,028
Sino Gold Limited (A)*			20,299		63,541
					889,569
Bermuda - 0.83%
China Gas Holdings Limited (A)	1,359,500				223,365
Tsakos Energy Navigation Limited			2,000		89,200
Weatherford International Ltd.*			7,500		312,900
					625,465
Brazil - 12.95%
Aracruz Celulose S.A., ADR			14,500		721,665
Arcelor Brasil S.A. (A)			13,100		230,333
Bradespar S.A. (A)			15,900		531,633
CPFL Energia S.A., ADR			4,600		176,778
Companhia Energetica de Minas Gerais - CEMIG, ADR			15,400		604,450
Companhia Siderurgica Nacional (A)			25,600		727,039
Companhia Siderurgica Nacional, ADR			33,700		958,091
Companhia Vale do Rio Doce, ADR			104,800		2,259,488
Companhia Vale do Rio Doce, Class A (A)			12,760		235,916
Companhia de Saneamento Basico do Estado de Sao       Paulo - SABESP, ADR			15,900		478,590
Cosan S.A. Industria e Comercio (A)*			18,800		304,788
Petroleo Brasileiro S.A. - Petrobras, ADR			4,200		352,086
Suzano Bahia Sul Papel E Celulose S.A. (A)			197,700		1,377,526
Votorantim Celulose e Papel S.A. (A)			14,000		236,628
Votorantim Celulose e Papel S.A., ADR			32,700		553,938
					9,748,949
Canada - 10.36%
Agnico-Eagle Mines Limited (A)			9,200		284,869
Barrick Gold Corporation (A)			94,000		2,887,082
Breaker Energy Ltd., Class A (A)*			43,000		230,821
Cambior Inc. (A)*			277,800		974,257
Canadian National Railway Company (A)			2,000		83,650
Crew Energy Inc. (A)*			19,600		207,968
Eldorado Gold Corporation (A)*			74,800		324,563
Highpine Oil & Gas Limited (A)*			7,500		114,001
IAMGOLD Corporation (A)			53,300		450,624
Kinross Gold Corporation (A)*			97,300		1,217,828
Pason Systems Inc. (A)			18,600		262,588
Pure Energy Services Ltd. (A)(B)*			9,000		121,986
Savanna Energy Services Corp. (A)*			9,500		155,536
Trican Well Service Ltd. (A)			22,400		377,358
zed.i solutions inc. (A)*			100,900		104,714
					7,797,845
Cayman Islands - 4.93%
Apex Silver Mines Limited (A)*			46,600		776,356
Noble Corporation (A)			39,500		2,535,110
Transocean Inc.*			5,400		395,442
					3,706,908
China - 0.34%
Xinao Gas Holdings Limited (A)			250,000		256,718
France - 0.27%
L'Air Liquide S.A. (A)*			1,000		204,030
Germany - 0.86%
Siemens AG (A)			3,000		261,764
Wacker Chemie AG (A)*			3,300		389,166
					650,930
Japan - 0.13%
Sumitomo Titanium Corporation (A)			800		95,153
Mexico - 2.08%
Cemex, S.A. de C.V., ADR*			52,000		1,564,160
Peru - 0.84%
Compania de Minas Buenaventura S.A.A., ADR			23,400		631,800
South Africa - 3.45%
Gold Fields Limited, ADR			112,200		2,001,648
Impala Platinum Holdings Limited (A)			2,600		428,952
Mvelaphanda Resources Limited (A)*			37,400		162,061
					2,592,661
South Korea - 1.06%
GS Holdings Corp. (A)			22,730		795,100
Thailand - 3.35%
Banpu Public Company Limited, Registered Shares (A)			61,600		239,414
PTT Public Company Limited (A)			246,900		1,419,683
Rayong Refinery Public Company Limited (A)*			280,600		142,672
Thai Oil Public Company Limited (A)			449,000		717,157
					2,518,926
United Kingdom - 1.35%
Randgold Resources Limited, ADR (A)*			41,700		849,637
Titanium Resources Group Ltd. (A)*			146,000		169,485
					1,019,122
United States - 37.80%
Air Products and Chemicals, Inc.			35,500		2,356,135
Alpha Natural Resources, Inc.*			44,900		707,624
Applied Materials, Inc.			9,400		166,568
Arch Coal, Inc.			75,300		2,176,923
Atwood Oceanics, Inc.*			22,400		1,007,328
Aventine Renewable Energy Holdings, Inc.*			14,800		316,572
Avery Dennison Corporation			7,000		421,190
Baker Hughes Incorporated			21,500		1,466,300
Bunge Limited			20,600		1,193,770
CONSOL Energy Inc.			19,000		602,870
Cameron International Corporation*			16,000		772,960
Celanese Corporation, Series A			34,000		608,600
ConocoPhillips			9,500		565,535
Diamond Offshore Drilling, Inc.			18,700		1,353,319
Exxon Mobil Corporation			11,200		751,520
Foundation Coal Holdings, Inc.			19,000		615,030
GlobalSanteFe Corporation			28,100		1,404,719
Grant Prideco, Inc.*			20,700		787,221
Helmerich & Payne, Inc.			14,000		322,420
Hexcel Corporation*			37,000		523,550
Horizon Offshore, Inc.*			7,400		126,466
iShares Silver Trust*			2,700		309,177
MEMC Electronic Materials, Inc.*			19,000		695,970
Nalco Holdings LLC*			28,100		520,412
Peabody Energy Corporation			41,200		1,515,336
Praxair, Inc.			28,300		1,674,228
Rohm and Haas Company			20,600		975,410
Smith International, Inc.			45,300		1,757,640
streetTRACKS Gold Trust*			6,400		380,416
Valero Energy Corporation			37,400		1,924,978
VeraSun Energy Corporation*			28,300		454,215
					28,454,402
TOTAL COMMON STOCKS - 81.78%				$	61,551,738
(Cost: $58,762,930)

CORPORATE DEBT SECURITY - 0.12%		Principal Amount in Thousands
Brazil
Bahia Sul Celulose S.A. (B)(C)	BRL 180			$	88,906
(Cost: $89,429)
UNREALIZED GAIN (LOSS) ON OPEN FORWARD CURRENCY CONTRACTS - 0.00%		Face Amount in Thousands
Brazilian Real, 10-18-06 (C)	BRL 520				(8,767	)
Brazilian Real, 11-22-06 (C)			1,270		4,320
Canadian Dollar, 10-18-06 (C)	CAD 3,440				(41,046	)
Canadian Dollar, 11-22-06 (C)			3,590		7,557
South African Rand, 10-18-06 (C)	ZAR 2,560				18,333
South African Rand, 11-22-06 (C)			560		7,315
South African Rand, 12-13-06 (C)			1,600		14,349
				$	2,061

SHORT-TERM SECURITIES	Principal Amount in Thousands
Aircraft - 2.66%
United Technologies Corporation,
5.32%, 10-6-06	$	2,000		1,998,522
Aluminum - 2.66%
Alcoa Incorporated,
5.4%, 10-2-06		2,000		1,999,700
Capital Equipment - 2.64%
Deere (John) Credit Limited (Deere (John) Capital Corporation),
5.33%, 11-3-06		2,000		1,990,229
Finance Companies - 1.85%
Preferred Receivables Funding Corp.,
5.26%, 10-19-06		1,400		1,396,318
Food and Related - 3.45%
McCormick & Co. Inc.,
5.37%, 10-2-06		2,600		2,599,612
Multiple Industry - 1.99%
General Electric Capital Corporation,
5.23%, 10-27-06		1,500		1,494,334
Retail -- Specialty Stores - 2.85%
Home Depot, Inc. (The),
5.36%, 10-2-06		2,148		2,147,680
TOTAL SHORT-TERM SECURITIES - 18.10%			$	13,626,395
(Cost: $13,626,395)
TOTAL INVESTMENT SECURITIES - 100.00%			$	75,269,100
(Cost: $72,478,754)

Notes to Schedule of Investments

Certain acronyms may be 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; GDR - Global Depositary Receipts; REMIC - Real Estate Mortgage Investment Conduit.

*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 September 30, 2006, the total value of these securities amounted to $210,892 or 0.28% 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
September 30, 2006
COMMON STOCKS		Shares			Value
Air Transportation - 0.57%
Gol Linhas Aereas Inteligentes S.A., ADR			195,000	$	6,698,250
Aircraft - 1.21%
Boeing Company (The)			180,000		14,193,000
Beverages - 3.43%
PepsiCo, Inc.			615,000		40,134,900
Business Equipment and Services - 1.79%
CheckFree Corporation*			505,000		20,869,125
Chemicals -- Petroleum and Inorganic - 3.42%
Monsanto Company			850,000		39,958,500
Communications Equipment - 5.48%
Cisco Systems, Inc.*	2,180,000				50,107,300
QUALCOMM Incorporated			385,000		13,998,600
					64,105,900
Computers -- Micro - 2.50%
Apple Computer, Inc.*			380,000		29,252,400
Computers -- Peripherals - 5.50%
Adobe Systems Incorporated*			540,000		20,231,100
Electronic Arts Inc.*			315,000		17,540,775
Microsoft Corporation			535,000		14,618,875
SAP Aktiengesellschaft, ADR			240,000		11,880,000
					64,270,750
Consumer Electronics - 0.68%
Harman International Industries, Incorporated			95,600		7,976,864
Defense - 2.60%
General Dynamics Corporation			424,600		30,431,082
Electrical Equipment - 1.79%
Emerson Electric Co.			250,000		20,965,000
Electronic Components -3.48%
Broadcom Corporation, Class A*			322,500		9,783,038
Microchip Technology Incorporated			953,600		30,910,944
					40,693,982
Finance Companies - 2.94%
SLM Corporation			660,400		34,327,592
Food and Related - 0.45%
Archer Daniels Midland Company			140,000		5,303,200
Health Care -- Drugs - 12.34%
Abbott Laboratories			255,000		12,382,800
Alcon, Inc.			122,100		13,980,450
Allergan, Inc.			185,500		20,889,155
Amgen Inc.*			125,000		8,938,750
Genentech, Inc.*			505,000		41,763,500
Gilead Sciences, Inc.*			497,400		34,173,867
Schering-Plough Corporation			550,000		12,149,500
					144,278,022
Health Care -- General - 4.62%
Baxter International Inc.			380,000		17,274,800
DENTSPLY International Inc.			365,000		10,999,275
Johnson & Johnson			223,300		14,501,102
Roche Holding Ltd, ADR			130,000		11,274,250
					54,049,427
Hospital Supply and Management - 1.44%
Medtronic, Inc.			361,900		16,806,636
Hotels and Gaming - 1.67%
International Game Technology			360,000		14,940,000
Shuffle Master, Inc.			170,000		4,589,150
					19,529,150
Household -- General Products - 7.22%
Colgate-Palmolive Company			715,000		44,401,500
Procter & Gamble Company (The)			645,000		39,977,100
					84,378,600
Insurance -- Life - 1.00%
Aflac Incorporated			255,000		11,668,800
Multiple Industry - 4.47%
General Electric Company			891,400		31,466,420
Las Vegas Sands, Inc.*			303,900		20,771,565
					52,237,985
Petroleum -- Services - 7.98%
Baker Hughes Incorporated			108,900		7,426,980
Schlumberger Limited			725,000		44,971,750
Smith International, Inc.	1,052,800				40,848,640
					93,247,370
Restaurants - 0.45%
Panera Bread Company, Class A*			90,000		5,246,100
Retail -- Food Stores - 2.19%
Walgreen Co.			576,900		25,608,591
Security and Commodity Brokers - 6.52%
Chicago Mercantile Exchange Holdings Inc.			78,200		37,399,150
Franklin Resources, Inc.			70,500		7,455,375
Goldman Sachs Group, Inc. (The)			117,600		19,894,392
Legg Mason, Inc.			113,700		11,467,782
					76,216,699
Timesharing and Software - 8.17%
Automatic Data Processing, Inc.			375,000		17,752,500
Google Inc., Class A*			114,160		45,876,908
Paychex, Inc.			865,000		31,849,300
					95,478,708
Trucking and Shipping - 1.81%
Expeditors International of Washington, Inc.			476,000		21,222,460
Utilities -- Telephone - 2.03%
UBS AG			400,000		23,724,000
TOTAL COMMON STOCKS - 97.75%				$	1,142,873,093
(Cost: $934,229,065)

SHORT-TERM SECURITIES	Principal Amount in Thousands
Capital Equipment - 0.43%
Deere (John) Credit Limited (Deere (John) Capital Corporation)	$	5,000		4,975,571
Insurance -- Life - 0.43%
American General Finance Corporation		5,000		4,992,708
Food and Related - 0.28%
McCormick & Co. Inc.		3,329		3,328,504
Leisure Time Industry - 0.26%
Walt Disney Company (The)		3,000		2,993,300
Mining - 0.85%
BHP Billiton Finance (USA) Limited (BHP Billiton Limited)		10,000		9,973,650
TOTAL SHORT-TERM SECURITIES - 2.25%			$	26,263,733
(Cost: $26,263,733)
TOTAL INVESTMENT SECURITIES - 100.00%			$	1,169,136,826
(Cost: $960,492,798)

Notes to Schedule of Investments

Certain acronyms may be 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; GDR - Global Depositary Receipts and REMIC - Real Estate Mortgage Investment Conduit.

*No dividends were paid during the preceding 12 months.

The Investments of W&R Target High Income Portfolio
September 30, 2006
COMMON STOCKS, RIGHT AND WARRANT	Shares			Value
Broadcasting - 0.07%
Citadel Broadcasting Corporation		15,000	$	141,000
Capital Equipment - 0.34%
Dresser-Rand Group Inc.*		21,000		428,400
Goodman Global, Inc.*		16,000		213,600
				642,000
Finance Companies - 0.00%
ONO Finance Plc, Rights (A)*		250		5,000
Health Care -- Drugs - 0.16%
Elan Corporation, plc, ADR*		20,000		307,600
Hospital Supply and Management - 0.23%
Triad Hospitals, Inc.*		10,000		440,300
Hotels and Gaming - 0.18%
Pinnacle Entertainment, Inc.*		12,500		351,500
Petroleum -- Services - 0.61%
BJ Services Company		5,000		150,650
Baker Hughes Incorporated		5,000		341,000
Diamond Offshore Drilling, Inc.		5,000		361,850
Schlumberger Limited		5,000		310,150
				1,163,650
Timesharing and Software - 0.43%
Alliance Data Systems Corporation*		15,000		827,850
Utilities -- Gas and Pipeline - 0.31%
Williams Companies, Inc. (The)		25,000		596,750
Utilities -- Telephone - 0.00%
GT Group Telecom, Inc., Warrants (A)(B)*		300		-	**
TOTAL COMMON STOCKS, RIGHT AND WARRANT - 2.33%			$	4,475,650
(Cost: $3,968,178)
PREFERRED STOCKS
Apparel - 0.00%
Anvil Holdings, Inc., 13.0% (B)*		65,627		66
Broadcasting - 0.00%
Adelphia Communications Corporation, 13.0%*		12,500		6,250
TOTAL PREFERRED STOCKS - 0.00%			$	6,316
(Cost: $1,942,028)

CORPORATE DEBT SECURITIES	Principal Amount in Thousands
Aircraft - 0.99%
Esterline Technologies Corporation,
7.75%, 6-15-13	$	750		757,500
L-3 Communications Corporation:
6.125%, 1-15-14		200		194,000
5.875%, 1-15-15		1,000		950,000
				1,901,500
Aluminum - 0.16%
Century Aluminum Company,
7.5%, 8-15-14		300		300,000
Apparel - 0.52%
Oxford Industries, Inc.,
8.875%, 6-1-11		500		510,000
Perry Ellis International, Inc.,
8.875%, 9-15-13		500		492,500
				1,002,500
Beverages - 0.93%
Constellation Brands, Inc.,
7.25%, 9-1-16		750		758,437
Cott Beverages Inc.,
8.0%, 12-15-11		1,000		1,020,000
				1,778,437
Broadcasting - 5.51%
CSC Holdings, Inc.,
7.25%, 4-15-12 (A)		425		423,406
Cablevision Systems Corporation,
9.62%, 4-1-09		1,835		1,951,981
Charter Communications Operating, LLC and Charter       Communications Operating Capital Corp.,
8.0%, 4-30-12 (A)		1,000		1,007,500
EchoStar DBS Corporation,
8.75813%, 10-1-08		1,500		1,515,000
Gray Communications Systems, Inc.,
9.25%, 12-15-11		500		523,125
Insight Communications Company, Inc.,
12.25%, 2-15-11		1,500		1,590,000
PanAmSat Corporation:
6.375%, 1-15-08		500		498,750
9.0%, 6-15-16 (A)		1,000		1,030,000
Radio One, Inc.,
8.875%, 7-1-11		2,000		2,042,500
				10,582,262
Business Equipment and Services - 9.75%
Allied Waste North America, Inc.:
8.5%, 12-1-08		1,000		1,047,500
7.125%, 5-15-16		2,000		1,972,500
Carriage Services, Inc.,
7.875%, 1-15-15		150		145,875
Corrections Corporation of America,
7.5%, 5-1-11		1,000		1,022,500
Education Management LLC and Education Management       Finance Corp.:
8.75%, 6-1-14 (A)		1,000		1,010,000
10.25%, 6-1-16 (A)		700		715,750
Hughes Network Systems, LLC, and HNS Finance Corp.,
9.5%, 4-15-14 (A)		240		247,200
Iron Mountain Incorporated,
8.625%, 4-1-13		1,500		1,533,750
Lamar Advertising Company,
6.625%, 8-15-15		2,000		1,917,500
Lamar Media Corp.,
6.625%, 8-15-15 (A)		500		479,375
R.H. Donnelley Finance Corporation III,
8.875%, 1-15-16		750		751,875
Service Corporation International,
7.625%, 10-1-18 (A)		1,000		1,006,250
SunGard Data Systems Inc.:
3.75%, 1-15-09		2,000		1,870,000
10.25%, 8-15-15		3,000		3,090,000
Syniverse Technologies, Inc.,
7.75%, 8-15-13		2,000		1,925,000
				18,735,075
Capital Equipment - 3.18%
Case New Holland Inc.:
9.25%, 8-1-11		2,000		2,120,000
7.125%, 3-1-14		320		321,200
Dresser-Rand Group Inc.,
7.375%, 11-1-14		350		343,875
Mueller Group, Inc.,
10.0%, 5-1-12		650		706,062
Simmons Bedding Company,
7.875%, 1-15-14		1,225		1,188,250
Simmons Company,
0.0%, 12-15-14 (C)		2,000		1,425,000
				6,104,387
Chemicals -- Petroleum and Inorganic - 0.68%
Nalco Company,
7.75%, 11-15-11		750		765,000
PolyOne Corporation,
10.625%, 5-15-10		500		537,500
				1,302,500
Chemicals -- Specialty - 2.70%
Compass Minerals International, Inc.:
0.0%, 12-15-12 (C)		1,920		1,852,800
0.0%, 6-1-13 (C)		2,750		2,557,500
Ethyl Corporation,
8.875%, 5-1-10		250		260,000
VeraSun Energy Corporation,
9.875%, 12-15-12		500		522,500
				5,192,800
Coal - 0.73%
James River Coal Company,
9.375%, 6-1-12		1,550		1,395,000
Computers -- Main and Mini - 0.87%
Xerox Corporation:
6.4%, 3-15-16		1,000		995,000
6.75%, 2-1-17		675		685,125
				1,680,125
Computers -- Peripherals - 1.05%
ASG Consolidated LLC and ASG Finance, Inc.,
0.0%, 11-1-11 (C)		2,325		2,022,750
Construction Materials - 6.88%
AMH Holdings, Inc.,
0.0%, 3-1-14 (C)		1,000		550,000
Ames True Temper, Inc.,
9.50688%, 1-15-12		1,650		1,658,250
Associated Materials Incorporated,
9.75%, 4-15-12		525		523,687
Brand Services, Inc.,
12.0%, 10-15-12		650		729,807
Builders FirstSource, Inc.,
9.655%, 2-15-12		2,900		2,842,000
Interface, Inc.:
10.375%, 2-1-10		445		485,050
9.5%, 2-1-14		2,000		2,060,000
Jacuzzi Brands, Inc.,
9.625%, 7-1-10		1,860		1,971,600
Ply Gem Industries, Inc.,
9.0%, 2-15-12		3,000		2,392,500
				13,212,894
Containers - 4.33%
Alltrista Corporation,
9.75%, 5-1-12		250		263,750
BPC Holding Corporation:
8.875%, 9-15-14 (A)		300		301,500
9.265%, 9-15-14 (A)		1,500		1,507,500
Graham Packaging Company, L.P. and GPC Capital Corp. I:
8.5%, 10-15-12		150		148,500
9.875%, 10-15-14		300		294,750
MDP Acquisitions plc,
9.625%, 10-1-12		900		949,500
Owens-Brockway Glass Container Inc.,
8.75%, 11-15-12		750		791,250
Owens-Illinois, Inc.,
7.35%, 5-15-08		2,500		2,518,750
Stone Container Corporation,
9.75%, 2-1-11		1,500		1,545,000
				8,320,500
Defense - 0.94%
Armor Holdings, Inc.,
8.25%, 8-15-13		1,750		1,811,250
Electronic Components - 0.77%
Amkor Technology, Inc.,
9.25%, 6-1-16		200		187,500
Seagate Technology HDD Holdings,
6.8%, 10-1-16		800		796,000
Viasystems, Inc.,
10.5%, 1-15-11		500		491,250
				1,474,750
Finance Companies - 6.98%
CCO Holdings, LLC and CCO Holdings Capital Corp.,
9.515%, 12-15-10		1,500		1,533,750
Case Credit Corporation,
6.75%, 10-21-07		1,000		1,002,500
Dollar Financial Group, Inc.,
9.75%, 11-15-11		263		286,918
Ferrellgas, L.P. and Ferrellgas Finance Corp.,
6.75%, 5-1-14		500		488,750
Goodman Global Holdings, Inc.:
8.32938%, 6-15-12		965		978,269
7.875%, 12-15-12		1,605		1,528,763
MSW Energy Holdings LLC and MSW Energy Finance Co., Inc.,
8.5%, 9-1-10		300		309,000
Norcraft Companies, L.P. and Norcraft Finance Corp.,
0.0%, 9-1-12 (C)		1,600		1,296,000
PIH Acquisition Co.,
10.75%, 10-1-13 (A)		475		479,750
Toll Corp.,
8.25%, 12-1-11		890		910,025
Verso Paper Holdings LLC and Verso Paper Inc.:
9.125%, 8-1-14 (A)		650		654,063
9.235%, 8-1-14 (A)		325		328,250
11.375%, 8-1-16 (A)		325		322,563
Visant Holding Corp.,
8.75%, 12-1-13 (A)		2,250		2,264,063
Xerox Capital Trust I,
8.0%, 2-1-27		1,000		1,020,000
				13,402,664
Food and Related - 2.95%
Gold Kist Inc.,
10.25%, 3-15-14		650		747,500
Pierre Merger Corp.,
9.875%, 7-15-12		1,970		1,999,550
Pinnacle Foods Holding Corporation,
8.25%, 12-1-13		2,500		2,503,125
Reddy Ice Holdings, Inc.,
0.0%, 11-1-12 (C)		475		410,875
				5,661,050
Forest and Paper Products - 2.87%
Buckeye Cellulose Corporation,
9.25%, 9-15-08		1,500		1,500,000
Buckeye Technologies Inc.:
8.0%, 10-15-10		2,300		2,208,000
8.5%, 10-1-13		1,250		1,253,125
Tembec Industries Inc.,
8.625%, 6-30-09		1,000		555,000
				5,516,125
Health Care -- General - 1.01%
Encore Medical IHC, Inc.,
9.75%, 10-1-12		1,763		1,939,300
Homebuilders, Mobile Homes - 1.30%
Standard Pacific Corp.,
6.5%, 8-15-10		450		423,000
Stanley-Martin Communities, LLC and Stanley-Martin       Financing Corp.,
9.75%, 8-15-15		1,000		792,500
Technical Olympic USA, Inc.:
9.0%, 7-1-10		500		475,625
7.5%, 3-15-11		1,000		805,000
				2,496,125
Hospital Supply and Management - 4.97%
HCA Inc.,
6.375%, 1-15-15		670		541,025
Psychiatric Solutions, Inc.:
10.625%, 6-15-13		1,467		1,595,363
7.75%, 7-15-15		1,500		1,462,500
Rural/Metro Corporation,
0.0%, 3-15-16 (C)		1,640		1,197,200
Rural/Metro Operating Company, LLC and Rural/Metro       (Delaware) Inc.,
9.875%, 3-15-15		1,100		1,137,125
Tenet Healthcare Corporation,
9.875%, 7-1-14		1,280		1,275,200
Triad Hospitals, Inc.,
7.0%, 11-15-13		500		485,625
US Oncology Holdings, Inc.,
10.675%, 3-15-15		1,400		1,428,000
US Oncology, Inc.:
9.0%, 8-15-12		250		258,750
10.75%, 8-15-14		150		164,250
				9,545,038
Hotels and Gaming - 2.48%
Inn of the Mountain Gods Resort and Casino,
12.0%, 11-15-10		1,750		1,833,125
Pinnacle Entertainment, Inc.,
8.25%, 3-15-12		1,485		1,503,563
Pokagon Gaming Authority,
10.375%, 6-15-14 (A)		100		106,625
Station Casinos, Inc.:
6.0%, 4-1-12		500		482,500
6.875%, 3-1-16		500		468,750
7.75%, 8-15-16		350		363,125
				4,757,688
Household -- General Products - 0.55%
JohnsonDiversey, Inc.,
9.625%, 5-15-12		1,060		1,065,300
Motion Pictures - 2.60%
AMC Entertainment Inc.:
9.655%, 8-15-10		850		877,625
9.5%, 2-1-11		1,000		998,750
9.875%, 2-1-12		500		513,750
Cinemark, Inc.,
0.0%, 3-15-14 (C)		2,050		1,634,875
Cinemark USA, Inc.,
9.0%, 2-1-13		926		960,725
				4,985,725
Motor Vehicles - 3.39%
ADESA, Inc.,
7.625%, 6-15-12		300		295,500
AutoNation, Inc.,
7.50688%, 4-15-13 (A)		175		177,187
General Motors Corporation,
8.375%, 7-15-33		2,500		2,162,500
Group 1 Automotive, Inc.,
8.25%, 8-15-13		1,000		1,022,500
Sonic Automotive, Inc.,
8.625%, 8-15-13		1,250		1,259,375
United Auto Group, Inc.,
9.625%, 3-15-12		1,500		1,590,000
				6,507,062
Multiple Industry - 2.20%
Chase Merger Sub, Inc.:
9.5%, 8-1-14 (A)		700		710,500
11.75%, 8-1-16 (A)		500		515,000
K&F Acquisition, Inc.,
7.75%, 11-15-14		1,400		1,403,500
Warner Chilcott Corporation,
8.75%, 2-1-15		1,550		1,604,250
				4,233,250
Petroleum -- Domestic - 4.33%
Chaparral Energy, Inc.,
8.5%, 12-1-15		400		397,000
Chesapeake Energy Corporation:
7.625%, 7-15-13		500		510,625
6.375%, 6-15-15		500		477,500
6.5%, 8-15-17		500		468,750
6.25%, 1-15-18		1,000		927,500
Delta Petroleum Corporation,
7.0%, 4-1-15		150		138,000
Denbury Resources Inc.:
7.5%, 4-1-13		250		250,000
7.5%, 12-15-15		500		500,000
EXCO Resources, Inc.,
7.25%, 1-15-11		900		879,750
Ferrellgas Partners, L.P. and Ferrellgas Partners Finance Corp.,
8.75%, 6-15-12		1,000		1,040,000
Frontier Oil Corporation,
6.625%, 10-1-11		470		470,000
Petrohawk Energy Corporation,
9.125%, 7-15-13 (A)		2,250		2,261,250
				8,320,375
Petroleum -- Services - 0.96%
Grant Prideco, Inc.,
6.125%, 8-15-15		150		143,250
Hanover Compressor Company:
8.625%, 12-15-10		500		520,000
7.5%, 4-15-13		350		350,000
9.0%, 6-1-14		150		159,000
Parker Drilling Company,
9.625%, 10-1-13		250		272,500
SemGroup, L.P. and SemGroup Finance Corp.,
8.75%, 11-15-15 (A)		400		403,500
				1,848,250
Publishing - 2.42%
CBD Media Holdings LLC and CBD Holdings Finance, Inc.,
9.25%, 7-15-12		600		591,000
CBD Media LLC and CBD Finance, Inc.,
8.625%, 6-1-11		1,000		985,000
Dex Media, Inc.,
0.0%, 11-15-13 (C)		1,500		1,263,750
Dex Media West LLC and Dex Media West Finance Co.,
8.5%, 8-15-10		1,750		1,806,875
				4,646,625
Railroad - 1.12%
Kansas City Southern Railway Company (The),
7.5%, 6-15-09		950		950,000
TFM, S.A. de C.V.,
9.375%, 5-1-12		1,125		1,192,500
				2,142,500
Restaurants - 2.65%
Friendly Ice Cream Corporation,
8.375%, 6-15-12		750		680,625
Landry's Restaurants, Inc.,
7.5%, 12-15-14		1,000		957,500
NPC International, Inc.,
9.5%, 5-1-14 (A)		3,500		3,447,500
				5,085,625
Retail -- Food Stores - 2.51%
Couche-Tard U.S. L.P. and Couche-Tard Financing Corp.,
7.5%, 12-15-13		945		959,175
Rite Aid Corporation:
7.125%, 1-15-07		1,500		1,501,875
8.125%, 5-1-10		1,000		1,002,500
Stater Bros. Holdings Inc.:
8.89%, 6-15-10		500		505,000
8.125%, 6-15-12		855		859,275
				4,827,825
Retail -- General Merchandise - 0.41%
Interline Brands, Inc.,
8.125%, 6-15-14		350		354,375
NBC Acquisition Corp.,
0.0%, 3-15-13 (C)		600		438,000
				792,375
Retail -- Specialty Stores - 1.35%
General Nutrition Centers, Inc.,
8.5%, 12-1-10		1,700		1,649,000
Nebraska Book Company, Inc.,
8.625%, 3-15-12		1,000		937,500
				2,586,500
Security and Commodity Brokers - 1.49%
Elan Finance public limited company and Elan Finance Corp.,
7.75%, 11-15-11		1,250		1,217,188
Global Cash Access, L.L.C. and Global Cash Access       Finance Corporation,
8.75%, 3-15-12		1,564		1,642,200
				2,859,388
Steel - 0.43%
PNA Group, Inc.,
10.75%, 9-1-16 (A)		795		816,862
Timesharing and Software - 0.34%
iPayment, Inc.,
9.75%, 5-15-14 (A)		650		663,000
Trucking and Shipping - 0.40%
Quality Distribution, LLC and QD Capital Corporation,
9.0%, 11-15-10		800		766,000
Utilities -- Electric - 1.81%
Aquila, Inc.,
14.875%, 7-1-12		1,000		1,312,500
NRG Energy, Inc.:
7.25%, 2-1-14		750		744,375
7.375%, 2-1-16		750		745,312
Tenaska Alabama Partners, L.P.,
7.0%, 6-30-21 (A)		684		670,324
				3,472,511
Utilities -- Gas and Pipeline - 2.20%
ANR Pipeline Company,
8.875%, 3-15-10		500		524,332
Atlas Pipeline Parnters, L.P. and Atlas Pipeline Finance Corp.,
8.125%, 12-15-15		350		356,125
Copano Energy, L.L.C.,
8.125%, 3-1-16		650		658,125
Southern Natural Gas Company,
8.875%, 3-15-10		1,000		1,048,665
Williams Companies, Inc. (The),
8.75%, 3-15-32		1,500		1,642,500
				4,229,747
Utilities -- Telephone - 2.09%
American Tower Corporation,
7.125%, 10-15-12		1,600		1,640,000
LCI International, Inc.,
7.25%, 6-15-07		1,050		1,052,625
Nextel Communications, Inc.,
7.375%, 8-1-15		750		773,804
Triton PCS, Inc.,
8.5%, 6-1-13		600		556,500
				4,022,929
TOTAL CORPORATE DEBT SECURITIES - 95.80%			$	184,006,569
(Cost: $183,481,792)
SHORT-TERM SECURITY - 1.87%
Household -- General Products
Fortune Brands Inc.,
5.46%, 10-2-06		3,582	$	3,581,457
(Cost: $3,581,457)
TOTAL INVESTMENT SECURITIES - 100.00%			$	192,069,992
(Cost: $192,973,455)

Notes to Schedule of Investments

Certain acronyms may be 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; GDR - Global Depositary Receipts and REMIC - Real Estate Mortgage Investment Conduit.

*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 September 30, 2006, the total value of these securities amounted to $21,553,918 or 11.22% of total investments.

(B)Securities valued in good faith by management's valuation committee subject to the supervision of the Board of Directors.

(C)The security does not bear interest for an initial period of time and subsequently becomes interest bearing.

The Investments of W&R Target International Growth Portfolio
September 30, 2006
COMMON STOCKS		Shares		Value
Australia - 0.94%
QBE Insurance Group Limited (A)		115,000	$	2,099,885
Belgium - 1.20%
InBev NV (A)		21,000		1,156,237
KBC Group NV (A)		14,500		1,527,022
				2,683,259
Canada - 1.63%
EnCana Corporation (A)		43,300		2,014,791
Shoppers Drug Mart Corporation (A)(B)		39,700		1,621,742
				3,636,533
China - 0.45%
China Mobile (Hong Kong) Limited (A)	142,000			1,003,395
Finland - 0.77%
Nokia OYJ (A)		86,000		1,707,764
France - 10.95%
ALSTOM (A)*		23,000		2,080,940
Cap Gemini SA (A)		26,000		1,379,110
Pernod Ricard (A)		11,200		2,330,582
Pinault-Printemps-Redoute SA (A)		9,400		1,393,414
STMicroelectronics N.V. (A)		86,300		1,495,950
Sanofi-Aventis (A)		13,000		1,157,226
TOTAL S.A. (A)		52,000		3,412,333
VINCI (A)		63,000		7,014,113
Vivendi Universal (A)		115,000		4,145,839
				24,409,507
Germany - 12.48%
Allianz Aktiengesellschaft, Registered Shares (A)		13,800		2,388,283
Commerzbank Aktiengesellschaft (A)		28,000		948,707
Continental Aktiengesellschaft (A)		17,300		2,009,679
E.ON AG (A)		20,000		2,376,587
Fresenius AG (A)		4,700		838,849
Hypo Real Estate Holding AG (A)		27,500		1,714,980
Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft,       Registered Shares (A)		7,300		1,154,785
RWE Aktiengesellschaft (A)		28,700		2,651,241
SAP Aktiengesellschaft (A)		21,600		4,286,529
Salzgitter AG (A)		20,000		1,881,792
Siemens AG (A)		59,600		5,200,386
Wacker Chemie AG (A)*		20,000		2,358,580
				27,810,398
Greece - 2.81%
Bank of Cyprus Limited (A)	225,000			2,288,203
OPAP S.A. (A)(B)*		70,000		2,352,240
Piraeus Bank S.A. (A)		62,500		1,619,939
				6,260,382
Ireland - 5.20%
Anglo Irish Bank Corporation plc (Great Britain) (A)	276,546			4,544,751
Anglo Irish Bank Corporation plc (Ireland) (A)	220,000			3,612,686
CRH public limited company (A)		64,600		2,186,346
Irish Life & Permanent plc (A)		50,000		1,252,837
				11,596,620
Italy - 5.31%
Banca Intesa S.p.A. (A)	440,000			2,895,728
Banca Italease S.p.A. (A)		28,700		1,415,693
Banco Popolare di Verona e Novara S.c. a r.l. (A)		39,000		1,077,605
Saipem S.p.A. (A)		76,200		1,656,165
UniCredito Italiano S.p.A. (A)	577,000			4,788,761
				11,833,952
Japan - 20.03%
Astellas Pharma Inc. (A)		56,500		2,271,958
Canon Inc. (A)		70,500		3,676,444
Central Japan Railway Company (A)		188		2,005,333
Chubu Electric Power Company, Incorporated (A)		43,000		1,117,545
CREDIT SAISON CO., LTD. (A)		54,000		2,276,571
DENSO CORPORATION (A)		34,700		1,219,090
Hoya Corporation (A)		55,300		2,083,259
Japan Tobacco Inc. (A)		400		1,554,286
Kabushiki Kaisha Mitsubishi Tokyo Financial Group (A)		87		1,119,492
Mitsubishi Estate Co., Ltd. (A)	143,000			3,123,302
Mizuho Financial Group, Inc. (A)		520		4,032,339
ORIX Corporation (A)		12,000		3,316,825
SMC Corporation (A)		19,700		2,606,654
SUMCO Corporation (A)		29,000		2,148,148
Sega Sammy Holdings Inc. (A)		72,000		2,316,190
Shin-Etsu Chemical Co., Ltd. (A)*		29,000		1,851,090
Sumitomo Mitsui Financial Group, Inc. (A)		115		1,207,196
Tokyo Electric Power Company, Incorporated (The) (A)		41,000		1,180,106
Toyota Motor Corporation (A)		77,900		4,233,803
YAMADA-DENKI Co., Ltd. (A)		12,900		1,293,003
				44,632,634
Luxembourg - 0.83%
Tenaris S.A., ADR		52,000		1,839,760
Netherlands - 0.52%
Euronext N.V. (A)		12,000		1,166,356
Norway - 1.46%
Orkla ASA (A)		28,700		1,365,389
Statoil ASA (A)		80,000		1,890,724
				3,256,113
Russia - 1.41%
OAO LUKOIL, ADR		41,700		3,148,350
South Korea - 0.95%
Samsung Electronics Co., Ltd. (A)		3,000		2,105,152
Spain - 1.70%
Enagas, S.A. (A)		110,000		2,665,576
Telefonica, S.A. (A)		65,000		1,126,729
				3,792,305
Sweden - 1.00%
Telefonaktiebolaget LM Ericsson, B Shares (A)	640,000			2,218,295
Switzerland - 12.50%
Compagnie Financiere Richemont SA (A)		26,500		1,275,781
Credit Suisse Group, Registered Shares (A)		57,900		3,350,046
Holcim Ltd, Registered Shares (A)		28,900		2,362,014
Nestle S.A., Registered Shares (A)		14,900		5,195,250
Novartis AG, Registered Shares (A)		115,400		6,736,935
Roche Holdings AG, Genussschein (A)		17,100		2,956,552
UBS AG (A)		57,000		3,409,653
Zurich Financial Services, Registered Shares (A)		10,500		2,579,971
				27,866,202
Taiwan - 0.51%
Himax Technologies, Inc., ADR*	200,000			1,143,000
United Kingdom - 12.74%
BAE SYSTEMS plc (A)	290,000			2,146,127
Barclays PLC (A)	143,000			1,804,602
BHP Billiton Plc (A)	127,000			2,192,402
British American Tobacco p.l.c. (A)	173,000			4,677,339
Cadbury Schweppes plc (A)	109,000			1,160,226
Diageo plc (A)		57,000		1,006,937
GlaxoSmithKline plc (A)	171,500			4,566,141
IG Group Holdings plc (A)(B)	258,000			1,251,137
Reckitt Benckiser plc (A)		85,500		3,544,290
Royal Bank of Scotland Group plc (The) (A)	107,659			3,706,958
Vodafone Group Plc (A)	1,025,000			2,346,164
				28,402,323
United States - 1.21%
Research In Motion Limited*		14,500		1,488,788
Schlumberger Limited		19,600		1,215,788
				2,704,576
TOTAL COMMON STOCKS - 96.60%			$	215,316,761
(Cost: $169,656,606)

OTHER GOVERNMENT SECURITY - 1.41%		Principal Amount in Thousands
Germany
German Treasury Bill,
0%, 1-17-07 (C)	EUR2,500			$	3,140,948
(Cost: $3,164,092)
SHORT-TERM SECURITIES
Commercial Paper - 0.65%
Security and Commodity Brokers
UBS Finance Delaware LLC (UBS AG),
5.34%, 10-2-06		$	1,446		1,445,786
Commercial Paper (backed by irrevocable       bank letter of credit) - 1.34%
Multiple Industry
Louis Dreyfus Corporation (Barclays Bank PLC,             New York Branch),
5.27%, 10-18-06			3,000		2,992,534
TOTAL SHORT-TERM SECURITIES - 1.99%				$	4,438,320
(Cost: $4,438,320)
TOTAL INVESTMENT SECURITIES - 100.00%				$	222,896,029
(Cost: $177,259,018)

Notes to Schedule of Investments

Certain acronyms may be 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; GDR - Global Depositary Receipts and REMIC - Real Estate Mortgage Investment Conduit.

*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 September 30, 2006, the total value of these securities amounted to $5,225,119 or 2.34% of total investments.

(C)Principal amounts are denominated in the indicated foreign currency, where applicable (EUR - Euro).

The Investments of W&R Target International Value Portfolio
September 30, 2006
COMMON STOCKS		Shares		Value
Australia - 1.77%
National Australia Bank Limited (A)		249,043	$	6,811,959
Qantas Airways Limited (A)		359,561		1,047,806
Qantas Airways Limited (A)(B)		545,600		1,589,947
				9,449,712
Belgium - 1.85%
Agfa-Gevaert N.V. (A)		227,060		5,384,185
Agfa-Gevaert N.V. (A)(B)		5,100		120,934
Belgacom SA (A)		111,330		4,339,641
				9,844,760
Bermuda - 1.74%
ACE Limited		83,770		4,584,732
XL Capital Ltd, Class A		68,390		4,698,393
				9,283,125
Canada - 2.30%
Barrick Gold Corporation (A)		206,300		6,336,192
Domtar Inc. (A)		510,680		2,997,147
Quebecor World Inc. (A)		281,000		2,928,786
				12,262,125
China - 0.83%
China Telecom Corporation Limited (A)	8,936,000			3,234,585
China Telecom Corporation Limited (A)(B)	3,240,000			1,172,790
				4,407,375
Denmark - 2.05%
Vestas Wind Systems A/S (A)*		410,221		10,953,450
Finland - 2.45%
Stora Enso Oyj, Class R (A)		340,690		5,166,879
Stora Enso Oyj, Class R (A)		71,073		1,078,972
UPM-Kymmene Corporation (A)		286,300		6,803,441
				13,049,292
France - 7.68%
AXA S.A. (A)		227,853		8,402,081
France Telecom (A)		489,159		11,227,068
Sanofi-Aventis (A)		100,350		8,932,895
THOMSON (A)		425,460		6,684,482
TOTAL S.A. (A)		86,868		5,700,434
				40,946,960
Germany - 5.10%
Bayerische Motoren Werke Aktiengesellschaft (A)		72,100		3,864,606
Deutsche Post AG (A)		241,000		6,319,829
E.ON AG (A)		33,900		4,028,314
Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft,       Registered Shares (A)		48,940		7,741,805
Siemens AG (A)		59,900		5,226,562
				27,181,116
Hong Kong - 1.58%
Hutchison Whampoa Limited, Ordinary Shares (A)		955,100		8,434,582
Israel - 1.58%
Check Point Software Technologies Ltd.*		442,720		8,436,030
Italy - 1.43%
Eni S.p.A. (A)		257,739		7,637,946
Japan - 4.39%
KDDI CORPORATION (A)		1,067		6,648,144
Konica Minolta Holdings, Inc. (A)		363,000		4,861,511
Sony Corporation (A)*		167,700		6,786,083
Takeda Pharmaceutical Company Limited (A)		82,200		5,128,584
				23,424,322
Netherlands - 6.65%
Akzo Nobel N.V. (A)		102,540		6,316,675
ING Groep N.V., Certicaaten Van Aandelen (A)		251,394		11,058,518
Koninklijke Philips Electronics N.V., Ordinary Shares (A)		200,550		7,036,708
Reed Elsevier NV (A)		663,360		11,061,468
				35,473,369
Norway - 3.18%
Norske Skogindustrier ASA (A)		448,441		6,740,428
Telenor ASA (A)		784,680		10,231,402
				16,971,830
Portugal - 0.48%
Portugal Telecom, SGPS, S.A., Ordinary Shares (A)		207,040		2,585,998
Singapore - 2.53%
DBS Group Holdings Ltd (A)		300,000		3,626,633
Flextronics International Ltd.*		325,350		4,107,544
Venture Corporation Limited (A)		724,000		5,743,680
				13,477,857
South Korea - 5.86%
KT Corporation, ADR		329,160		7,067,065
Kookmin Bank, ADR*		73,760		5,755,493
POSCO, ADR		46,710		3,032,880
SK Telecom Co., Ltd., ADR		184,530		4,360,444
Samsung Electronics Co., Ltd., GDR (B)		31,490		11,052,990
				31,268,872
Spain - 4.29%
Gamesa Corporacion Tecnologica, S.A. (A)		298,034		6,530,513
Iberdrola, S.A. (A)		84,078		3,763,525
Repsol YPF, S.A. (A)		256,583		7,636,225
Telefonica, S.A., ADR		95,274		4,936,146
				22,866,409
Sweden - 0.61%
Securitas AB, Class B (A)		172,280		2,162,860
Securitas Direct AB, Class B (A)*		172,280		432,572
Securitas Systems AB, Class B (A)*		172,280		646,507
				3,241,939
Switzerland - 3.57%
Nestle S.A., Registered Shares (A)		21,620		7,538,342
Swiss Reinsurance Company, Registered Shares (A)		80,750		6,179,995
UBS AG (A)		88,800		5,311,880
				19,030,217
Taiwan - 4.49%
Chunghwa Telecom Co., Ltd., ADR		285,048		4,934,181
Compal Electronics Inc., GDR		452,309		2,002,055
Compal Electronics Inc., GDR (B)		528,412		2,338,910
Lite-On Technology Corporation, GDR		536,695		6,624,057
Mega Financial Holding Company (A)	11,400,000			8,077,045
				23,976,248
United Kingdom - 28.69%
AMVESCAP PLC (A)		340,700		3,699,863
Alliance Boots plc (A)		360,615		5,232,770
Aviva plc (A)		249,150		3,652,651
BAE SYSTEMS plc (A)		649,760		4,808,509
BBA Group plc (A)		542,660		2,705,222
BP p.l.c. (A)		677,720		7,385,142
British Sky Broadcasting Group plc (A)		919,890		9,404,032
Cadbury Schweppes plc (A)		349,060		3,715,490
Centrica plc (A)	1,015,750			6,185,712
Compass Group PLC (A)	3,093,770			15,538,651
GlaxoSmithKline plc (A)		308,840		8,222,780
Group 4 Securicor plc (A)	1,580,600			5,001,430
HSBC Holdings plc (A)		417,940		7,625,728
Old Mutual plc (A)	1,871,100			5,868,098
Pearson plc (A)		425,050		6,052,361
Rentokil Initial plc (A)	2,082,700			5,712,812
Rolls-Royce Group plc (A)		695,160		5,896,150
Royal Bank of Scotland Group plc (The) (A)		356,360		12,270,330
Royal Dutch Shell plc, Class B (A)		204,753		6,950,461
tesco plc (A)		657,030		4,428,669
Unilever PLC (A)		241,385		5,952,244
Vodafone Group Plc (A)	4,877,865			11,165,141
Wm MORRISON SUPERMARKETS PLC (A)	1,212,110			5,520,526
				152,994,772
TOTAL COMMON STOCKS - 95.10%			$	507,198,306
(Cost: $383,159,787)

SHORT-TERM SECURITIES	Principal Amount in Thousands
Commercial Paper
Aircraft - 0.94%
United Technologies Corporation,
5.32%, 10-6-06	$	5,000		4,996,306
Food and Related - 1.16%
McCormick & Co., Inc.,
5.37%, 10-2-06		6,187		6,186,077
Retail -- General Merchandise - 0.93%
Target Corporation,
5.21%, 10-10-06		5,000		4,993,487
Total Commercial Paper - 3.03%				16,175,870
Commercial Paper (backed by irrevocable bank       letter of credit)
Food and Related - 0.37%
COFCO Capital Corp. (Rabobank Nederland),
5.27%, 10-18-06		2,000		1,995,023
Multiple Industry - 0.94%
Louis Dreyfus Corporation (Barclays Bank PLC,             New York Branch),
5.27%, 10-20-06		5,000		4,986,093
Total Commercial Paper (backed by irrevocable       bank letter of credit) - 1.31%				6,981,116
Other Government Security - 0.56%
Supranational
Central American Bank for Economic Integration             (Barclays Bank PLC),
5.25%, 10-24-06		3,000		2,989,938
TOTAL SHORT-TERM SECURITIES - 4.90%			$	26,146,924
(Cost: $26,146,924)
TOTAL INVESTMENT SECURITIES - 100.00%			$	533,345,230
(Cost: $409,306,711)

Notes to Schedule of Investments

Certain acronyms may be 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; GDR - Global Depositary Receipts and REMIC - Real Estate Mortgage Investment Conduit.

*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 September 30, 2006, the total value of these securities amounted to $16,275,571 or 3.05% of total investments.

The Investments of W&R Target Limited-Term Bond Portfolio
September 30, 2006
CORPORATE DEBT SECURITIES	Principal Amount in Thousands			Value
Aircraft - 2.90%
Raytheon Company,
6.75%, 8-15-07	$	2,030	$	2,051,977
Broadcasting - 2.06%
Cox Communications, Inc.,
4.625%, 1-15-10		1,500		1,459,062
Business Equipment - 4.94%
International Lease Finance Corporation,
5.0%, 4-15-10		1,500		1,479,242
USA Waste Services, Inc.,
7.125%, 10-1-07		2,000		2,026,028
				3,505,270
Capital Equipment - 2.49%
John Deere Capital Corporation,
5.125%, 10-19-06		1,766		1,765,772
Chemicals -- Petroleum and Inorganic - 2.07%
Monsanto Company,
4.0%, 5-15-08		1,500		1,469,471
Communications Equipment - 1.41%
Cisco Systems, Inc.,
5.47938%, 2-20-09		1,000		1,001,751
Forest and Paper Products - 2.07%
International Paper Company,
4.25%, 1-15-09		1,500		1,465,715
Mining - 1.40%
BHP Billiton Finance (USA) Limited,
5.0%, 12-15-10		1,000		992,428
Petroleum -- International - 6.18%
Anadarko Petroleum Corporation,
5.375%, 3-1-07		2,385		2,381,449
Conoco Funding Company,
5.45%, 10-15-06		2,000		2,000,008
				4,381,457
Railroad - 5.51%
CSX Corporation,
6.25%, 10-15-08		1,000		1,018,721
Norfolk Southern Corporation,
7.35%, 5-15-07		1,850		1,870,276
Union Pacific Corporation,
6.625%, 2-1-08		1,000		1,016,406
				3,905,403
Timesharing and Software - 2.80%
Equifax Inc.,
4.95%, 11-1-07		2,000		1,984,232
Utilities -- Electric - 4.62%
Kansas City Power & Light Company,
6.0%, 3-15-07		1,276		1,279,422
Virginia Electric and Power Company,
5.375%, 2-1-07		2,000		1,998,426
				3,277,848
Utilities -- Telephone - 0.71%
SBC Communications Inc.,
5.61188%, 11-14-08		500		501,367
TOTAL CORPORATE DEBT SECURITIES - 39.16%			$	27,761,753
(Cost: $32,434,045)
UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations - 6.34%
Federal Home Loan Bank,
5.0%, 2-29-08		2,000		1,999,078
Federal Home Loan Mortgage Corporation,
5.0%, 10-18-10		2,500		2,499,583
				4,498,661
Mortgage-Backed Obligations - 32.90%
Federal Home Loan Mortgage Corporation Agency       REMIC/CMO:
4.0%, 5-15-16		1,528		1,481,305
3.5%, 12-15-16		854		814,974
5.5%, 7-15-17 (Interest Only)		943		16,196
5.5%, 10-15-23 (Interest Only)		3,691		204,914
5.0%, 6-15-24 (Interest Only)		2,000		179,762
5.5%, 5-15-34		918		920,965
Federal Home Loan Mortgage Corporation,
3.625%, 9-15-08		2,000		1,950,068
Federal Home Loan Mortgage Corporation Fixed Rate       Participation Certificates:
7.0%, 8-1-07		1		575
4.5%, 5-1-10		886		872,037
4.0%, 6-1-14		1,394		1,342,236
5.5%, 1-1-17		103		103,631
5.5%, 5-1-17		113		113,670
4.5%, 1-1-18		1,158		1,118,693
4.5%, 4-1-18		1,156		1,116,858
4.5%, 3-1-19		1,479		1,427,051
Federal National Mortgage Association Agency       REMIC/CMO,
5.0%, 6-25-22		1,932		1,913,387
Federal National Mortgage Association Fixed Rate       Pass-Through Certificates:
6.0%, 11-1-13		12		11,936
7.0%, 10-1-14		13		13,542
6.0%, 3-1-16		44		44,445
6.0%, 3-1-16		38		38,429
5.5%, 2-1-17		391		392,251
5.5%, 1-1-18		632		633,502
5.0%, 3-1-18		1,107		1,091,124
5.0%, 6-1-20		1,209		1,188,379
Federal National Mortgage Association:
4.25%, 7-15-07		2,000		1,985,186
5.3%, 3-20-09		2,000		1,998,300
Government National Mortgage Association Fixed Rate       Pass-Through Certificates:
6.5%, 1-15-14		21		21,149
7.5%, 3-15-15		17		17,225
6.0%, 8-15-16		60		60,697
6.0%, 12-15-16		123		124,767
5.5%, 1-15-17		173		173,525
6.0%, 1-15-17		107		109,411
5.5%, 7-15-17		251		252,356
5.5%, 10-15-17		149		149,591
5.0%, 12-15-17		772		763,834
7.0%, 6-15-28		18		18,843
7.0%, 7-15-29		26		27,244
3.75%, 1-20-34		643		633,116
				23,325,174
Treasury Inflation Protected Obligation - 0.83%
United States Treasury Note,
3.0%, 7-15-12 (A)		500		587,148
Treasury Obligations - 17.49%
United States Treasury Notes:
4.75%, 11-15-08		2,000		2,002,734
3.125%, 4-15-09		2,000		1,928,750
4.0%, 6-15-09		2,000		1,968,750
4.0%, 3-15-10		2,500		2,452,540
5.0%, 2-15-11		2,000		2,035,390
5.0%, 8-15-11		1,000		1,019,258
4.375%, 8-15-12		1,000		989,570
				12,396,992
TOTAL UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS - 57.56%			$	40,807,975
(Cost: $36,925,654)
SHORT-TERM SECURITIES
Aluminum - 0.47%
Alcoa Incorporated,
5.4%, 10-2-06		334		333,950
Finance Companies - 2.81%
Preferred Receivables Funding Corp.,
5.26%, 10-19-06		2,000		1,994,740
TOTAL SHORT-TERM SECURITIES - 3.28%			$	2,328,690
(Cost: $2,328,690)
TOTAL INVESTMENT SECURITIES - 100.00%			$	70,898,418
(Cost: $71,688,389)

Notes to Schedule of Investments

Certain acronyms may be 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; GDR - Global Depositary Receipts; 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
September 30, 2006
COMMON STOCKS		Shares			Value
Air Transportation - 0.38%
Pinnacle Airlines Corp.*			29,200	$	216,226
Apparel - 1.62%
Ashworth, Inc.*			41,100		280,302
Volcom, Inc.*			28,700		646,755
					927,057
Business Equipment and Services - 8.47%
Fiberstars, Inc.*			54,300		387,973
GEO Group, Inc. (The)*			12,100		511,225
Grubb & Ellis Company*			45,600		440,952
Houston Wire & Cable Company*			29,400		553,749
INVESTools Inc.*			50,200		534,128
Kenexa Corporation*			24,800		625,704
Marlin Business Services, Inc.*			30,500		637,298
Metrologic Instruments, Inc.*			16,900		306,651
Unica Corporation*			28,600		293,150
Website Pros, Inc.*			51,400		559,489
					4,850,319
Capital Equipment - 3.99%
NATCO Group Inc.*			41,900		1,206,720
Somanetics Corporation*			30,800		613,690
Warnaco Group, Inc. (The)*			24,100		465,371
					2,285,781
Communications Equipment - 3.81%
Blue Coat Systems, Inc.*			12,000		216,060
Ikanos Communications, Inc.*			37,900		445,894
Intervoice, Inc.*			50,600		320,045
Redback Networks, Inc.*			86,600		1,201,142
					2,183,141
Computers -- Main and Mini - 1.19%
Rackable Systems, Inc.*			24,900		681,015
Computers -- Peripherals - 9.96%
Applix, Inc.*			35,900		323,279
AudioCodes Ltd.*			48,200		453,080
Entrust, Inc.*	232,000				799,240
Lawson Software, Inc.*			75,100		543,724
NetScout Systems, Inc.*			35,200		228,976
Phase Forward Incorporated*			81,200		968,716
Sigma Designs, Inc.*			60,600		906,879
Stratasys, Inc.*			16,900		445,991
WebSideStory, Inc.*			33,000		436,260
Xyratex Ltd*			31,400		598,327
					5,704,472
Construction Materials - 1.07%
Comtech Group, Inc.*			40,900		612,477
Electrical Equipment - 2.88%
EXFO Electro-Optical Engineering Inc.*			78,300		458,055
Power-One, Inc.*			94,800		687,300
Ultralife Batteries, Inc.*			47,900		501,513
					1,646,868
Electronic Components - 6.52%
GSI Group Inc.*			32,100		300,296
Hittite Microwave Corporation*			3,800		168,967
Integrated Silicon Solution, Inc.*			69,300		386,001
NetLogic Microsystems, Inc.*			45,900		1,164,024
PLX Technology, Inc.*			40,200		416,472
Supertex, Inc.*			17,800		690,907
Volterra Semiconductor Corporation*			37,300		605,939
					3,732,606
Electronic Instruments - 3.80%
Asyst Technologies, Inc.*			53,800		363,957
Energy Conversion Devices, Inc.*			23,600		873,672
Intevac, Inc.*			23,800		399,602
Mattson Technology, Inc.*			13,000		107,770
Microtune, Inc.*			88,400		429,182
					2,174,183
Health Care -- Drugs - 6.83%
AVANIR Pharmaceuticals, Class A*			81,700		564,547
Acusphere, Inc.*			46,100		165,499
Adeza Biomedical Corporation*			30,200		495,280
BioSphere Medical, Inc.*			34,900		228,246
Dyax Corp.*			77,100		255,586
InterMune, Inc.*			29,900		490,211
POZEN Inc.*			54,300		697,755
Sciele Pharma, Inc.*			32,700		615,905
SuperGen, Inc.*			85,600		397,612
					3,910,641
Health Care -- General - 14.00%
Bruker BioSciences Corporation*			56,900		398,584
Candela Corporation*			69,200		754,280
Cutera, Inc.*			28,700		762,989
Greatbatch, Inc.*			12,000		271,440
IRIS International, Inc.*			40,000		460,200
NuVasive, Inc.*			30,400		611,040
Omnicell, Inc.*			59,900		1,071,312
PolyMedica Corporation			24,500		1,048,355
Quidel Corporation*			94,800		1,339,998
Spectranetics Corporation (The)*			81,600		953,496
Systems Xcellence Inc.*			21,000		345,345
					8,017,039
Hospital Supply and Management - 0.91%
AngioDynamics, Inc.*			24,200		501,061
NovaMed, Inc.*			2,400		18,864
					519,925
Motion Pictures - 1.44%
On Assignment, Inc.*			84,000		824,880
Multiple Industry - 2.57%
DivX, Inc.*			9,100		215,670
Eagle Test Systems, Inc.*			48,900		807,339
Liquidity Services, Inc.*			28,800		448,560
					1,471,569
Non-Residential Construction - 0.80%
Perini Corporation*			21,900		457,272
Petroleum -- Services - 2.89%
Brigham Exploration Company*			90,300		609,976
Warrior Energy Services Corporation*			40,600		1,043,623
					1,653,599
Restaurants - 4.00%
BUCA, Inc.*			36,000		190,260
McCormick & Schmick's Seafood Restaurants, Inc.*			31,200		701,844
Red Robin Gourmet Burgers, Inc.*			18,400		848,884
Ruth's Chris Steak House, Inc.*			29,100		547,371
					2,288,359
Retail -- Specialty Stores - 3.13%
DSW Inc., Class A*			11,700		368,550
Gaiam, Inc., Class A*			38,300		493,495
Golf Galaxy, Inc.*			1,600		20,816
Jos. A. Bank Clothiers, Inc.*			25,483		762,579
Tweeter Home Entertainment Group, Inc.*			32,600		148,819
					1,794,259
Security and Commodity Brokers - 0.48%
Penson Worldwide, Inc.*			15,200		272,840
Steel - 3.02%
NS Group, Inc.*			26,800		1,729,940
Timesharing and Software - 9.86%
Blackbaud, Inc.			33,300		732,433
Concur Technologies, Inc.*			64,900		943,321
Covansys Corporation*			54,900		940,437
CyberSource Corporation*			26,700		316,128
iGate Corporation*			46,100		228,425
RightNow Technologies, Inc.*			22,300		347,992
Stellent, Inc.			26,200		284,532
Ultimate Software Group, Inc. (The)*			48,800		1,147,776
VASCO Data Security International, Inc.*			29,600		306,212
VitalStream Holdings, Inc.*			45,000		397,350
					5,644,606
Trucking and Shipping - 1.90%
U.S. Xpress Enterprises, Inc., Class A*			46,800		1,085,994
Utilities -- Telephone - 1.99%
@Road, Inc.*			67,000		390,275
Cbeyond, Inc.*			27,400		751,445
					1,141,720
TOTAL COMMON STOCKS - 97.51%				$	55,826,788
(Cost: $48,546,937)

SHORT-TERM SECURITY - 2.49%	Principal Amount in Thousands
Aluminum
Alcoa Incorporated,
5.4%, 10/2/06	$	1,428	$	1,427,786
(Cost: $1,427,786)
TOTAL INVESTMENT SECURITIES - 100%			$	57,254,574
(Cost: $49,974,723)

Notes to Schedule of Investments

*No dividends were paid during the preceding 12 months.

The Investments of W&R Target Mid Cap Growth Portfolio
September 30, 2006
COMMON STOCKS	Shares			Value
Air Transportation - 0.55%
Southwest Airlines Co.		10,250	$	170,765
Aircraft - 1.60%
L-3 Communications Holdings, Inc.		6,300		493,479
Banks - 5.34%
Northern Trust Corporation		13,600		794,580
Synovus Financial Corp.		29,100		854,667
				1,649,247
Beverages - 1.58%
Brown-Forman Corporation, Class B		6,350		486,727
Business Equipment and Services - 7.20%
Cintas Corporation		12,050		491,941
Euronet Worldwide, Inc.*		7,750		190,185
Lamar Advertising Company, Class A*		11,150		595,466
Republic Services, Inc., Class A		7,550		303,586
Stericycle, Inc.*		9,200		641,654
				2,222,832
Capital Equipment - 2.04%
IDEX Corporation		14,650		630,683
Chemicals -- Specialty - 1.29%
Air Products and Chemicals, Inc.		6,000		398,220
Computers -- Micro - 4.23%
Apple Computer, Inc.*		11,400		877,572
Sun Microsystems, Inc.*		86,300		427,617
				1,305,189
Computers -- Peripherals - 0.53%
Electronic Arts Inc.*		2,950		164,271
Consumer Electronics - 0.76%
Research In Motion Limited*		2,300		236,153
Electrical Equipment - 1.77%
Molex Incorporated, Class A		16,600		545,974
Electronic Components - 7.34%
Broadcom Corporation, Class A*		17,575		533,138
Linear Technology Corporation		7,800		242,697
Maxim Integrated Products, Inc.		7,675		215,476
Microchip Technology Incorporated		16,500		534,848
Network Appliance, Inc.*		19,950		738,250
				2,264,409
Electronic Instruments - 1.73%
Lam Research Corporation*		11,750		532,569
Farm Machinery - 0.80%
AGCO Corporation*		9,700		245,895
Food and Related - 1.51%
Hershey Foods Corporation		8,750		467,687
Health Care -- Drugs - 7.19%
Allergan, Inc.		9,250		1,041,642
Gilead Sciences, Inc.*		12,550		862,248
ICOS Corporation*		12,600		315,630
				2,219,520
Health Care -- General - 9.26%
Biomet, Inc.		17,950		577,721
DENTSPLY International Inc.		15,300		461,065
Gen-Probe Incorporated*		5,800		271,672
Kyphon Inc.*		11,100		415,306
Henry Schein, Inc.*		15,350		769,265
Zimmer Holdings, Inc.*		5,400		364,500
				2,859,529
Hospital Supply and Management - 6.81%
C. R. Bard, Inc.		12,125		909,375
Cytyc Corporation*		14,000		342,510
Express Scripts, Inc.*		3,250		245,326
Laboratory Corporation of America Holdings*		9,200		603,244
				2,100,455
Insurance-Property and Casualty - 2.29%
AXIS Capital Holdings Limited		12,200		423,218
Everest Re Group, Ltd.		2,900		282,837
				706,055
Metal Fabrication - 1.56%
Fastenal Company		12,500		482,437
Motor Vehicles - 1.01%
Harley-Davidson, Inc.		4,950		310,612
Petroleum -- Domestic - 1.04%
XTO Energy Inc.		7,600		320,188
Petroleum -- International - 1.06%
Noble Energy, Inc. (A)		7,200		328,248
Petroleum -- Services - 1.04%
Complete Production Services, Inc. (A)*		7,250		143,115
Smith International, Inc.		4,600		178,480
				321,595
Publishing - 3.27%
Getty Images, Inc.*		7,750		385,020
Meredith Corporation		12,650		624,025
				1,009,045
Restaurants - 2.02%
P.F. Chang's China Bistro, Inc.*		8,650		300,155
YUM! Brands, Inc.		6,200		322,710
				622,865
Retail -- Food Stores - 1.04%
Longs Drug Stores Corporation		6,950		319,770
Retail -- General Merchandise - 0.89%
Nordstrom, Inc. (A)		6,500		274,950
Retail -- Specialty Stores - 1.30%
Chico's FAS, Inc.*		11,250		242,212
The Gap, Inc.		8,400		159,180
				401,392
Security and Commodity Brokers - 5.14%
Chicago Mercantile Exchange Holdings Inc.		1,640		784,330
Legg Mason, Inc.		3,100		312,666
TD Ameritrade Holding Corporation		25,900		488,733
				1,585,729
Timesharing and Software - 5.90%
eBay Inc.		15,850		449,268
Global Payments Inc.		13,750		605,137
Paychex, Inc.		20,800		765,856
				1,820,261
Trucking and Shipping - 1.73%
C.H. Robinson Worldwide, Inc.		12,000		534,900
TOTAL COMMON STOCKS - 90.82%			$	28,031,651
(Cost: $26,469,422)

PUT OPTIONS - 0.07%	Number of Contracts
Complete Production Services, Inc., October 20, Expires 10-23-06		36		3,949
Noble Energy, Inc., October 45, Expires 10-23-06		36		4,165
Smith International, Inc., October 40, Expires 10-23-06		46		9,085
XTO Energy Inc., October 45, Expires 10-23-06		16		5,154
(Cost: $10,531)			$	22,353

SHORT-TERM SECURITY - 9.11%	Principal Amount in Thousands
Repurchase Agreement
J.P. Morgan Securities Inc.,       4.9% Repurchase Agreement dated 9-29-06       to be repurchased at $2,811,147 on 10-2-06 (B)	$	2,810	$	2,810,000
(Cost: $2,810,000)
TOTAL INVESTMENT SECURITIES - 100%			$	30,864,004
(Cost: $29,289,953)

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 September 30, 2006.
Underlying Security	Contracts Subject to Call	Expiration Month/ Exercise Price	Premium Received			Market Value
Complete Production Services, Inc.	36	October/25		$	2,838	$	122
Nordstrom, Inc.	65	October/40			4,712		18,850
Noble Energy, Inc.	36	October/55			3,127		106
				$	10,677	$	19,078
(B)Collateralized by $2,406,000 United States Treasury Bond, 6.125% due 8-15-29; market value and accrued interest aggregate $2,856,849.

The Investments of W&R Target Money Market Portfolio
September 30, 2006
CORPORATE OBLIGATIONS	Principal Amount in Thousands			Value
Certificates of Deposit - 9.54%
Banks
Barclays Bank PLC, New York Branch,
5.2%, 4-3-07	$	925	$	925,000
Citibank, N.A.:
5.42%, 11-3-06		1,300		1,300,000
5.345%, 11-27-06		1,500		1,500,000
5.335%, 12-7-06		500		500,000
Royal Bank of Scotland plc (The):
4.34%, 10-3-06		600		600,000
4.725%, 11-27-06		800		799,713
Wells Fargo Bank, N.A.,
5.55%, 8-8-07		1,000		1,000,000
				6,624,713
Commercial Paper
Finance Companies - 13.85%
Ciesco, LLC:
5.28%, 10-11-06		2,100		2,096,920
5.35%, 11-6-06		1,000		994,650
Kitty Hawk Funding Corp.:
5.34%, 10-16-06		250		249,444
5.37%, 10-27-06		300		298,836
5.27%, 11-1-06		1,800		1,791,832
5.25%, 12-29-06		950		937,670
PACCAR Financial Corp.:
5.38%, 10-11-06		258		257,614
5.37%, 10-19-06		300		299,194
5.36%, 10-25-06		300		298,928
Preferred Receivables Funding Corp.,
5.26%, 11-14-06		750		745,178
Three Pillars Funding LLC:
5.27%, 10-10-06		300		299,605
5.3%, 10-13-06		300		299,470
5.28%, 11-3-06		1,050		1,044,918
				9,614,259
Food and Related - 2.66%
McCormick & Co. Inc.:
5.35%, 11-16-06		500		496,582
5.1%, 5-31-07		1,400		1,352,003
				1,848,585
Mining - 1.22%
BHP Billiton Finance (USA) Limited (BHP Billiton Limited),
5.27%, 10-19-06		850		847,760
Retail -- General Merchandise - 1.50%
Target Corporation,
5.39%, 10-2-06		1,045		1,044,844
Security and Commodity Brokers - 4.60%
UBS Finance Delaware LLC (UBS AG):
5.38%, 10-6-06		1,000		999,253
5.38%, 10-19-06		1,200		1,196,772
5.28%, 10-26-06		1,000		996,333
				3,192,358
Total Commercial Paper - 23.83%				16,547,806
Commercial Paper (backed by irrevocable       bank letter of credit)
Finance Companies - 10.38%
NATC California LLC (Suntrust Bank),
5.39%, 10-12-06		1,200		1,198,024
River Fuel Funding Company #3, Inc.             (Bank of New York (The)),
5.27%, 10-31-06		1,400		1,393,852
River Fuel Trust #1 (Bank of New York (The)),
5.29%, 12-14-06		1,500		1,483,689
Vehicle Services of America Ltd. (Bank of America, N.A.),
5.3%, 11-17-06		3,153		3,131,183
				7,206,748
Food and Related - 4.74%
COFCO Capital Corp. (Rabobank Nederland):
5.26%, 10-18-06		1,300		1,296,771
5.265%, 10-18-06		750		748,135
5.27%, 10-18-06		1,250		1,246,889
				3,291,795
Multiple Industry - 0.65%
Louis Dreyfus Corporation (Barclays Bank PLC,             New York Branch),
5.27%, 10-18-06		453		451,873
Total Commercial Paper (backed by irrevocable bank letter of credit) - 15.77%				10,950,416
Notes
Banks - 5.00%
Rabobank Nederland,
5.12%, 10-18-06		500		500,000
Wells Fargo & Company:
5.38%, 10-2-06		1,500		1,500,000
5.34%, 10-16-06		500		500,000
U.S. Bancorp,
5.1%, 7-15-07		975		972,585
				3,472,585
Business Equipment and Services - 1.82%
Playworld Systems Incorporated, Taxable Variable Rate             Demand/Fixed Rate Revenue Bonds, Series A of 1998             (Wachovia Bank, N.A.),
5.43%, 10-4-06		1,260		1,260,000
Computers -- Main and Mini - 1.80%
International Business Machines Corporation,
5.32%, 10-9-06		1,250		1,250,000
Finance Companies - 0.21%
Lowell Family, LLC, Variable Rate Taxable Demand             Bonds (LaSalle Bank National Association),
5.36%, 10-5-06		145		145,000
Furniture and Furnishings - 0.40%
Capo & Sons Corporation, Taxable Variable Rate Demand             Bonds, Series 1998 (Wachovia Bank, N.A.),
5.48%, 10-5-06		275		275,000
Health Care -- Drugs - 0.86%
Lilly (Eli) and Company,
5.32%, 10-2-06		600		600,000
Hospital Supply and Management - 1.30%
Autumn House at Powder Mill, Inc., Taxable Variable Rate             Demand Bonds, Series of 2003 (Suntrust Bank),
5.38%, 10-4-06		500		500,000
Meriter Management Services, Inc., Taxable Variable Rate             Demand Notes, Series 1996 (U.S. Bank Milwaukee, N.A.),
5.31%, 10-4-06		405		405,000
				905,000
Household -- General Products - 1.47%
Watts Brothers Frozen Foods, L.L.C., Variable Rate             Demand Taxable Revenue Bonds, 1997 (U.S. Bank of             Washington, National Association),
5.37000045%, 10-5-06		1,019		1,019,000
Leisure Time Industry - 1.85%
Ansley Golf Club, Inc., Incremental Taxable Variable Rate             Demand Bonds, Series 1998 (Wachovia Bank, N.A.),
5.48%, 10-5-06		1,285		1,285,000
Multiple Industry - 3.17%
3M Company,
5.6453%, 12-12-06 (A)		1,000		1,001,320
General Electric Capital Corporation:
5.0%, 2-15-07		500		500,215
5.0%, 6-15-07		700		697,863
				2,199,398
Non-Residential Construction - 0.61%
Healthcare Property Group, LLC, Taxable Variable Rate             Bonds, Series 2005 (SunTrust Bank),
5.31%, 10-4-06		425		425,000
Retail -- General Merchandise - 2.89%
Wal-Mart Stores, Inc.,
5.877%, 6-1-07		2,000		2,005,205
Trucking and Shipping - 1.93%
Volpe Family Partnership, L.P., Taxable Variable Rate             Demand Revenue Bonds, Series of 2001             (Wachovia Bank, N.A.),
5.38%, 10-5-06		1,340		1,340,000
Total Notes - 23.31%				16,181,188
TOTAL CORPORATE OBLIGATIONS - 72.45%			$	50,304,123
(Cost: $50,304,123)
OTHER GOVERNMENT SECURITY - 0.93%
Supranational
Central American Bank for Economic Integration       (Barclays Bank PLC),
5.25%, 10-24-06		650	$	647,820
(Cost: $647,820)
MUNICIPAL OBLIGATIONS - TAXABLE
Arkansas - 1.44%
City of Little Rock, Arkansas, Taxable Variable Rate Demand       Revenue Bonds (Ringwood Containers, L.P. Project),       Series 2006A (SunTrust Bank),
5.31%, 10-4-06		1,000		1,000,000
California - 6.30%
California Pollution Control Financing Authority, Environmental       Improvement Revenue Bonds (Air Products Manufacturing       Corporation), Taxable Series 1997A,
5.33%, 11-2-06		3,250		3,250,000
County of Sacramento, Taxable Pension Funding Bonds,       Series 1995B (Bayerische Landesbank Girozentrale,       New York Branch),
5.39%, 10-4-06		1,125		1,125,000
				4,375,000
Florida - 2.18%
University of South Florida Research Foundation, Incorporated,       Variable Rate Demand Revenue Bonds (Interdisciplinary       Research Building Project), Taxable Series 2004B       (Bank of America, N.A.),
5.31%, 10-4-06		1,510		1,510,000
Georgia - 4.32%
Municipal Electric Authority of Georgia, General Resolution       Projects Bond Anticipation Notes, Series B (Taxable),       (Bayerische Landesbank, New York Branch, Wachovia Bank,       National Association and WestL B AG, New York Branch),
5.46%, 10-4-06		3,000		3,000,000
Indiana - 0.58%
City of Hobart, Indiana, Taxable Variable Rate Demand,       Economic Development Revenue Bonds (Albanese       Confectionery Group, Inc. Project), Series 2006B (Harris N.A.),
5.34%, 10-5-06		400		400,000
Iowa - 0.43%
Iowa Finance Authority, Taxable Variable Rate Demand Health       Facilities Revenue Bonds (St. Luke's Health Foundation of       Sioux City, Iowa Project), Series 2006 (General Electric       Capital Corporation),
5.32%, 10-5-06		300		300,000
New York - 0.94%
City of New York (The), General Obligation Bonds, Fiscal 1995       Series B, Taxable Adjustable Rate Bonds (WestLB AG),
5.45%, 10-4-06		650		650,000
Washington - 0.78%
Washington State Housing Finance Commission, Taxable       Variable Rate Demand Multifamily Revenue Bonds       (Mill Pointe Apartments Project), Series 1999B       (U. S. Bank, National Association),
5.3999998%, 10-2-06		545		545,000
TOTAL MUNICIPAL OBLIGATIONS - TAXABLE - 16.97%			$	11,780,000
(Cost: $11,780,000)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Federal Home Loan Bank:
3.75%, 1-16-07		750		747,701
5.0%, 3-2-07		600		600,000
5.65%, 8-10-07		1,500		1,500,000
5.4%, 9-12-07		1,200		1,200,000
Federal Home Loan Mortgage Corporation:
4.8%, 2-23-07		400		400,000
5.41%, 6-22-07		950		950,000
Overseas Private Investment Corporation:
5.3%, 10-4-06		330		330,000
5.3%, 10-4-06		301		301,000
5.27%, 10-4-06		674		674,419
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS - 9.65%			$	6,703,120
(Cost:$6,703,120)
TOTAL INVESTMENT SECURITIES - 100.00%			$	69,435,063
(Cost: $69,435,063)

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 September 30, 2006, the total value of this security amounted to 1.44% of total investments.

The Investments of W&R Target Mortgage Securities Portfolio
September 30, 2006
CORPORATE DEBT SECURITIES		Principal Amount in Thousands			Value
Finance Companies
ABFS Mortgage Loan Trust:
2001-2,
6.99%, 12-25-31		$	305	$	310,759
2002-4,
7.423%, 12-15-33			170		170,471
Banc of America Alternative Loan Trust:
2004-11,
6.0%, 12-25-34			336		333,544
2005-6,
6.0%, 7-25-35			364		361,969
2005-8:
5.57297%, 9-25-35			215		210,046
5.57297%, 9-25-35			44		42,416
2005-10,
5.66792%, 11-25-35			123		112,696
2005-12,
5.80625%, 1-25-36			173		167,940
2006-4:
6.22471%, 5-25-36			65		64,500
6.22471%, 5-25-36			84		79,907
Banc of America Commercial Mortgage Inc., Commercial       Mortgage Pass-Through Certificates:
Series 2002-2,
6.2%, 7-11-43 (A)			140		145,134
Series 2003-1,
4.9%, 9-11-36 (A)			450		432,006
Series 2004-6,
5.104%, 12-10-42 (A)			100		97,276
Banc of America Funding 2004-2 Trust,
6.5%, 7-20-32			144		146,474
Banc of America Funding Corporation,
5.00871%, 9-20-34			107		104,302
Banc of America Mortgage Trust:
2005-J,
5.09762%, 11-25-35			307		304,236
2004-3,
4.875%, 4-25-19			88		85,037
2004-7,
5.75%, 8-25-34			118		116,589
Banc of America Structured Securities Trust 2002-X1 F,
6.274%, 10-11-33 (A)			250		258,082
BankAmerica Manufactured Housing Contract Trust,
7.015%, 1-10-28			130		131,612
Bear Stearns Commercial Mortgage Securities Inc.:
Series 2001-TOP2 Trust Fund:
7.50419%, 2-15-35 (A)			500		536,761
7.84419%, 2-15-35 (A)			75		82,204
Series 2000-WF1 Trust Fund,
6.5%, 2-15-32			150		154,406
C-Bass 2005-CB3 Trust:
5.109%, 12-25-34			200		189,191
5.86%, 12-25-36			285		288,065
C-Bass 2006-MH1 Trust,
5.97%, 9-25-36 (A)			150		151,547
CHL Mortgage Pass-Through Trust 2003-28,
4.15%, 8-25-33			150		141,656
CWHEQ Home Equity Loan Trust, Series 2006-S3,
6.518%, 1-25-29			215		220,699
Capital Auto Receivables Asset Trust 2006-1,
7.16%, 1-15-13 (A)			110		111,341
Centex Home Equity Loan Trust 2005-C,
5.048%, 6-25-35			210		203,791
Charlie Mac Trust 2004-2,
5.0%, 10-25-34			248		236,771
Chase Mortgage Finance Trust, Series 2003-S11,
5.5%, 10-25-33			319		310,751
Citigroup Mortgage Loan Trust Inc., Mortgage Pass-Through       Certificates, Series 2004-2,
6.5%, 8-25-33 (A)			63		62,916
CountryPlace Manufactured Housing Contract Trust 2005-1,
4.8%, 12-15-35 (A)			145		141,327
Credit Suisse First Boston Mortgage Securities Corp.,
6.0%, 11-25-18			56		56,502
DLJ Commercial Mortgage Corp. 1998-CG1,
7.37751%, 6-10-31 (A)			170		186,574
FFCA Secured Lending Corporation,
6.73%, 10-18-25 (A)			30		29,512
Ford Credit Auto Owner Trust 2006-B,
7.12%, 2-15-13 (A)			65		66,063
Global Mortgage Securitization 2005-A Ltd. and Global       Mortgage Securitization 2005-A LLC:
5.25%, 4-25-32			92		88,496
5.40266%, 4-25-32			134		121,069
Global Mortgage Securitization Ltd. and Global Mortgage       Securitization, LLC,
5.25%, 11-25-32 (A)			180		174,827
Green Tree Financial Corporation:
7.65%, 4-15-19			191		197,791
9.0%, 6-15-25			110		130,505
7.95%, 8-15-25			138		141,733
Hilton Hotel Pool Trust:
5.83%, 10-3-15 (A)			100		101,057
7.653%, 10-3-15 (A)			220		231,775
Home Equity Loan Trust 2003-HS2,
5.09%, 7-25-33			64		63,650
J.P. Morgan Chase Commercial Mortgage Securities Corp.,
6.2207%, 10-12-37 (A)			200		208,091
J.P. Morgan Mortgage Acquisition Trust:
2006-CW2,
6.337%, 8-25-36			270		274,712
2006-WF1,
6.41%, 7-25-36			250		254,901
J.P. Morgan Mortgage Trust:
2005-S2,
5.66689%, 9-25-35			196		193,492
2006-S3,
6.187%, 8-25-36			399		401,955
Lehman ABS Manufactured Housing Contract Trust 2001-B:
3.01%, 3-15-10			145		132,919
5.873%, 5-15-22			119		119,268
Lehman XS Trust, Series 2005-8,
5.69%, 12-25-35			315		315,217
MASTR Asset Securitization Trust 2003-10,
5.5%, 11-25-33			77		75,044
MMCA Auto Owner Trust:
2002-2,
4.67%, 3-15-10			63		62,756
2002-1,
5.37%, 1-15-10			15		15,066
Mid-State Capital Corporation 2004-1 Trust,
6.005%, 8-15-37			88		89,218
Morgan Stanley Dean Witter Capital I Trust 2002-IQ3,
6.60835%, 9-15-37 (A)			100		102,353
NationsLink Funding Corporation, Commercial Mortgage       Pass-Through Certificates, Series 1998-2,
5.0%, 8-20-30 (A)			100		95,155
Nomura Asset Securities Corporation, Commercial Mortgage       Pass-Through Certificates, Series1998-D6,
6.0%, 3-15-30 (A)			250		257,337
Origen Manufactured Housing Contract Trust:
2004-A:
5.7%, 1-15-35			100		98,697
5.91%, 1-15-35			200		198,330
2004-B,
4.75%, 8-15-21			100		96,084
2005-A,
4.97%, 10-15-21			105		101,838
2005-B,
5.605%, 5-15-22			35		34,854
RALI Series 2003-QS10 Trust,
5.5%, 5-25-33			230		226,769
RALI Series 2003-QS11 Trust,
5.75%, 6-25-33			216		213,469
RAMP Series 2005-RS1 Trust,
5.145%, 1-25-35			225		218,951
RESI Finance Limited Partnership 2003-C and RESI Finance       DE Corporation 2003-C,
6.73%, 9-10-35 (A)			129		131,341
RFMSI Series 2004-S5 Trust,
4.5%, 5-25-19			88		84,449
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-21,
5.4%, 11-25-35			144		137,073
Structured Asset Securities Corporation:
5.54%, 11-25-32			67		66,471
5.25%, 8-25-33			140		133,458
5.63%, 5-25-34			100		98,785
6.0%, 6-25-34			250		248,340
Wachovia Bank Commercial Mortgage Trust (The),
4.942%, 11-15-34 (A)			105		101,028
Wells Fargo Mortgage Backed Securities 2004-1 Trust (The),
5.5%, 2-25-34			144		141,633
Wells Fargo Mortgage Backed Securities 2006-9 Trust,
6.0%, 8-25-36			285		280,749
TOTAL CORPORATE DEBT SECURITIES - 47.66%				$	13,305,779
(Cost: $13,392,530)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations
Federal Home Loan Mortgage Corporation Agency       REMIC/CMO,
5.0%, 6-15-31			108		103,733
Federal Home Loan Mortgage Corporation Fixed Rate       Participation Certificates:
5.0%, 5-1-18			337		331,781
5.5%, 6-1-19			203		203,562
5.5%, 5-1-20			244		244,126
6.0%, 10-1-33			611		617,424
5.5%, 2-1-35			213		210,127
5.5%, 7-1-35			195		192,773
5.0%, 8-1-35			391		376,181
5.5%, 10-1-35			200		197,188
5.0%, 12-1-35			473		455,540
Federal National Mortgage Association Fixed Rate       Pass-Through Certificates:
5.5%, 3-1-18			202		202,002
5.0%, 10-1-18			189		186,521
5.5%, 9-1-19			124		123,874
7.0%, 11-1-32			172		176,705
6.0%, 6-1-33			393		395,625
6.0%, 12-1-33			297		299,355
5.5%, 1-1-34			171		168,874
5.5%, 1-1-34			163		161,580
5.0%, 2-1-34			372		358,173
5.5%, 2-1-34			389		384,163
6.0%, 4-1-34			210		210,875
5.5%, 7-1-34			366		361,676
5.5%, 9-1-34			118		116,874
6.5%, 9-1-34			84		85,445
6.0%, 10-1-34			300		301,313
5.5%, 11-1-34			301		296,981
6.0%, 11-1-34			120		120,553
6.5%, 11-1-34			230		234,324
6.5%, 11-1-34			174		177,281
6.0%, 12-1-34			521		523,971
5.5%, 2-1-35			611		602,872
4.787%, 3-1-35			231		227,027
6.5%, 3-1-35			148		150,937
6.0%, 4-1-35			212		212,764
5.172%, 6-1-35			422		417,938
5.0%, 7-1-35			89		85,814
5.5%, 7-1-35			234		230,473
5.5%, 10-1-35			611		603,098
5.5%, 10-1-35			190		187,096
6.5%, 2-1-36			95		96,545
6.5%, 6-1-36			179		182,695
6.0%, 8-1-36			388		389,677
6.5%, 10-1-36			365		371,616
Government National Mortgage Association Agency       REMIC/CMO (Interest Only),
0.97056%, 6-17-45	1,556				87,768
Government National Mortgage Association Fixed Rate       Pass-Through Certificates:
6.25%, 7-15-24			111		113,354
5.5%, 12-15-34			409		406,670
Government National Mortgage Association Non-Agency       REMIC/CMO,
5.008%, 12-16-25			500		494,000
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS - 45.42%				$	12,678,944
(Cost: $12,795,574)
SHORT-TERM SECURITIES
Finance Companies - 2.68%
Preferred Receivables Funding Corp.,
5.26%, 10-19-06			750		748,027
Multiple Industry - 3.57%
General Electric Capital Corporation,
5.23%, 10-27-06	1,000				996,223
Retail -- General Merchandise - 0.67%
Target Corporation,
5.39%, 10-2-06			189		188,972
TOTAL SHORT-TERM SECURITIES - 6.92%				$	1,933,222
(Cost: $1,933,222)
TOTAL INVESTMENT SECURITIES - 100.00%				$	27,917,945
(Cost: $28,121,326)

Notes to Schedule of Investments

Certain acronyms may be 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; GDR - Global Depositary Receipts and 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 September 30, 2006, the total value of these securities amounted to $3,703,707 or 13.27% of total investments.

The Investments of W&R Target Real Estate Securities Portfolio
September 30, 2006
COMMON STOCKS	Shares			Value
Business Equipment and Services - 3.79%
Brookfield Properties Corporation		49,350	$	1,743,042
CB Richard Ellis Group, Inc., Class A*		5,200		127,920
				1,870,962
Health Care -- General - 0.42%
Brookdale Senior Living, Inc.		4,500		208,890
Hotels and Gaming - 2.76%
Hilton Hotels Corporation		15,000		417,750
Marriott International, Inc., Class A		6,200		239,568
Starwood Hotels & Resorts Worldwide, Inc.		12,300		703,437
				1,360,755
Multiple Industry - 1.01%
Forest City Enterprises, Inc., Class A		9,226		500,972
Real Estate Investment Trust - 88.48%
AMB Property Corporation		10,600		584,166
Acadia Realty Trust		7,000		178,500
Alexandria Real Estate Equities, Inc.		5,900		553,420
American Campus Communities, Inc.		26,900		686,219
American Financial Realty Trust		15,200		169,632
Apartment Investment and Management Company, Class A		15,200		827,032
Archstone-Smith Trust		31,900		1,736,636
Associated Estates Realty Corporation		2,900		44,863
AvalonBay Communities, Inc.		11,600		1,396,640
BioMed Realty Trust, Inc.		34,843		1,057,137
Boston Properties, Inc.		13,400		1,384,756
Brandywine Realty Trust		32,400		1,054,620
CBL & Associates Properties, Inc.		14,000		586,740
Camden Property Trust		18,300		1,390,983
Colonial Properties Trust		5,200		248,612
Columbia Equity Trust, Inc.		13,300		221,445
Corporate Office Properties Trust		10,700		478,932
Cousins Properties Incorporated		8,200		280,522
Developers Diversified Realty Corporation		24,700		1,377,272
Duke Realty Corporation		19,900		743,265
EastGroup Properties, Inc.		800		39,888
Equity Inns, Inc.		5,700		90,744
Equity Lifestyle Properties, Inc.		6,900		315,399
Equity Residential		37,000		1,871,460
Essex Property Trust, Inc.		1,800		218,520
First Industrial Realty Trust, Inc.		7,900		347,600
First Potomac Realty Trust		11,300		341,486
General Growth Properties, Inc.		32,688		1,557,583
Healthcare Realty Trust Incorporated		2,700		103,707
Home Properties, Inc.		7,800		445,848
Host Hotels & Resorts, Inc.		71,468		1,638,761
Innkeepers USA Trust		14,100		229,689
Kilroy Realty Corporation		5,400		406,836
Kimco Realty Corporation		40,200		1,723,374
Kite Realty Group Trust		36,700		625,368
LaSalle Hotel Properties		5,500		238,370
Liberty Property Trust		15,000		716,850
Macerich Company (The)		11,100		847,596
Mack-Cali Realty Corporation		10,300		533,540
Maguire Properties, Inc.		21,300		867,762
Mid-America Apartment Communities, Inc.		4,400		269,368
Newcastle Investment Corp.		10,100		276,841
Omega Healthcare Investors, Inc.		8,800		132,088
Parkway Properties, Inc.		4,500		209,205
ProLogis		52,802		3,012,882
Public Storage, Inc.		19,600		1,685,404
Regency Centers Corporation		10,600		728,856
SL Green Realty Corp.		8,600		960,620
Simon Property Group, Inc.		33,100		2,999,522
Sunstone Hotel Investors, Inc.		22,200		659,784
Taubman Centers, Inc.		8,000		355,360
U-Store-It Trust		19,300		414,178
United Dominion Realty Trust, Inc.		34,600		1,044,920
Ventas, Inc.		13,100		504,874
Vornado Realty Trust		16,500		1,798,500
Weingarten Realty Investors		10,800		464,616
				43,678,791
TOTAL COMMON STOCKS - 96.46%			$	47,620,370
(Cost: $37,258,610)

SHORT-TERM SECURITY - 3.54%	Principal Amount in Thousands
Aluminum
Alcoa Incorporated,
5.4%, 10-2-06	$	1,746	$	1,745,738
(Cost: $1,745,738)
TOTAL INVESTMENT SECURITIES - 100%			$	49,366,108
(Cost: $39,004,348)

Notes to Schedule of Investments

*No dividends were paid during the preceding 12 months.

The Investments of W&R Target Science and Technology Portfolio
September 30, 2006
COMMON STOCKS		Shares			Value
Business Equipment and Services - 10.52%
CheckFree Corporation*			310,000	$	12,810,750
Cogent, Inc.*			161,200		2,212,470
Euronet Worldwide, Inc.*			279,950		6,869,973
Global Cash Access, Inc.*			225,700		3,405,813
Headwaters Incorporated*			84,700		1,977,745
Telvent GIT, S.A.*			163,700		2,196,036
VeriFone Holdings, Inc.*			247,500		7,066,125
					36,538,912
Chemicals -- Specialty - 0.28%
VeraSun Energy Corporation*			61,400		985,470
Communications Equipment - 2.00%
Comtech Telecommunications Corp.*			64,600		2,162,162
Juniper Networks, Inc.*			277,500		4,799,362
					6,961,524
Computers -- Peripherals - 10.48%
Aspen Technology, Inc.*			691,000		7,535,355
Lawson Software, Inc.*			518,900		3,756,836
Red Hat, Inc.*			147,900		3,119,211
Symbol Technologies, Inc.	1,199,304				17,821,657
Synaptics Incorporated*			171,600		4,179,318
					36,412,377
Consumer Electronics - 5.90%
Research In Motion Limited*			199,700		20,504,198
Defense - 2.19%
ESCO Technologies Inc.*			164,900		7,591,996
Electronic Equipment - 0.46%
Power-One, Inc.*			221,400		1,605,150
Electronic Components - 15.84%
Advanced Micro Devices, Inc.*			321,900		7,999,215
Broadcom Corporation, Class A*			85,800		2,602,743
Cypress Semiconductor Corporation*			447,200		7,946,744
MediaTek Incorporation (A)			346,500		3,287,288
Microchip Technology Incorporated			78,400		2,541,336
Micron Technology, Inc.*			211,000		3,671,400
Qimonda AG*			106,600		1,812,200
Saifun Semiconductors Ltd.*			120,300		3,477,873
Samsung Electronics Co., Ltd. (A)			16,300		11,437,992
SanDisk Corporation*			53,600		2,867,064
Volterra Semiconductor Corporation*			256,900		4,173,340
Xilinx, Inc.			145,300		3,190,062
					55,007,257
Electronic Instruments - 0.60%
SiRF Technology Holdings, Inc.*			87,000		2,085,825
Food and Related - 3.70%
Archer Daniels Midland Company			339,700		12,867,836
Health Care -- Drugs - 5.71%
Affymetrix, Inc.*			208,800		4,497,552
Genzyme Corporation*			155,400		10,491,054
Nuvelo, Inc.*			63,700		1,161,251
Schering-Plough Corporation			167,400		3,697,866
					19,847,723
Health Care -- General - 3.39%
Advanced Medical Optics, Inc.*			181,100		7,162,505
Radiation Therapy Services, Inc.*			54,069		1,580,167
SonoSite, Inc.*			63,200		1,793,300
Volcano Corporation*			107,800		1,241,317
					11,777,289
Hospital Supply and Management - 21.64%
Cerner Corporation*			512,100		23,241,658
HealthSouth Corporation*			890,400		4,411,932
Triad Hospitals, Inc.*			489,800		21,565,894
UnitedHealth Group Incorporated			65,600		3,227,520
WellCare Health Plans, Inc.*			250,700		14,197,141
WellPoint, Inc.*			110,600		8,521,730
					75,165,875
Multiple Industry - 1.99%
Himax Technologies, Inc., ADR*			679,400		3,882,771
Home Diagnostics, Inc.*			111,700		1,455,451
Nextest Systems Corporation*			53,300		701,161
Technology Investment Capital Corp.			58,912		862,766
					6,902,149
Petroleum -- International - 3.99%*
Noble Energy, Inc.			304,300		13,873,037
Timesharing and Software - 9.12%
Alliance Data Systems Corporation*			441,400		24,360,866
Google Inc., Class A*			9,450		3,797,624
Yahoo! Inc.*			138,700		3,509,804
					31,668,294
Utilities -- Electric - 0.08%
Plug Power Inc.*			63,700		260,533
Utilities -- Telephone - 1.03%
ALLTEL Corporation			64,200		3,563,100
TOTAL COMMON STOCKS - 98.92%				$	343,618,545
(Cost: $275,330,018)

SHORT-TERM SECURITIES - 1.08%	Principal Amount in Thousands
Aluminum
Alcoa Incorporated,
5.4%, 10-2-06	$	3,748	$	3,747,438
(Cost: $3,747,438)
TOTAL INVESTMENT SECURITIES - 100.00%			$	347,365,983
(Cost: $279,077,456)

Notes to Schedule of Investments

Certain acronyms may be 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; GDR - Global Depositary Receipts and REMIC - Real Estate Mortgage Investment Conduit.

*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
September 30, 2006
COMMON STOCKS	Shares		Value
Air Transportation - 1.75%
UTi Worldwide Inc.	342,300	$	9,579,265
Apparel - 1.70%
Volcom, Inc.*	411,900		9,282,167
Business Equipment and Services - 12.10%
American Reprographics Company*	209,500		6,716,570
CheckFree Corporation*	338,055		13,970,123
Mobile Mini, Inc.*	198,000		5,624,190
Strayer Education, Inc.	50,400		5,451,012
Synchronoss Technologies, Inc.*	405,000		3,853,575
Tetra Tech, Inc.*	401,600		6,991,856
TETRA Technologies, Inc.*	100,000		2,416,000
VeriFone Holdings, Inc.*	330,800		9,444,340
West Corporation*	241,300		11,646,345
			66,114,011
Capital Equipment - 2.89%
Chicago Bridge & Iron Company N.V., NY Shares	418,400		10,066,704
Gardner Denver, Inc.*	173,200		5,729,456
			15,796,160
Chemicals -- Petroleum and Inorganic - 1.53%
Agrium Inc.	234,100		6,318,359
UAP Holding Corp.	96,400		2,057,176
			8,375,535
Chemicals -- Specialty - 1.03%
Brady Corporation, Class A	159,500		5,608,020
Communications Equipment - 1.50%
General Cable Corporation*	214,300		8,188,403
Computers -- Main and Mini - 1.35%
Rackable Systems, Inc.*	269,100		7,359,885
Computers -- Peripherals - 6.45%
Allscripts Healthcare Solutions, Inc.*	655,500		14,719,252
Avid Technology, Inc.*	169,400		6,170,395
Cognex Corporation	233,900		5,905,975
MICROS Systems, Inc.*	172,900		8,461,726
			35,257,348
Construction Materials - 0.58%
Comtech Group, Inc.*	212,300		3,179,192
Defense - 2.34%
DRS Technologies, Inc.	293,300		12,808,411
Electronic Instruments - 5.48%
Energy Conversion Devices, Inc.*	122,100		4,520,142
FLIR Systems, Inc.*	433,200		11,757,048
Trimble Navigation Limited*	290,300		13,658,615
			29,935,805
Farm Machinery - 1.24%
AGCO Corporation*	268,100		6,796,335
Finance Companies - 1.69%
Financial Federal Corporation	343,575		9,207,810
Food and Related - 1.97%
United Natural Foods, Inc.*	348,200		10,787,236
Health Care -- Drugs - 1.33%
Martek Biosciences Corporation*	337,124		7,249,852
Health Care -- General - 9.30%
American Medical Systems Holdings, Inc.*	324,600		5,975,886
FoxHollow Technologies, Inc.*	163,700		5,596,084
Hologic, Inc.*	253,800		11,042,838
IntraLase Corp.*	472,400		9,303,918
NuVasive, Inc.*	276,700		5,561,670
ResMed Inc.*	191,300		7,699,825
Henry Schein, Inc.*	112,400		5,632,926
			50,813,147
Hospital Supply and Management - 6.20%
Cerner Corporation*	282,512		12,821,807
Emageon Inc.*	683,500		10,642,095
PSS World Medical, Inc.*	522,900		10,434,470
			33,898,372
Hotels and Gaming - 4.72%
Scientific Games Corporation, Class A*	451,300		14,360,366
Shuffle Master, Inc.*	423,200		11,424,284
			25,784,650
Leisure Time Industry - 2.22%
THQ Inc.*	415,900		12,135,962
Motor Vehicle Parts - 1.15%
LKQ Corporation*	285,900		6,276,934
Multiple Industry - 0.20%
Riverbed Technology, Inc.*	55,000		1,068,650
Petroleum -- Domestic - 1.42%
Delta Petroleum Corporation*	345,800		7,780,500
Petroleum -- International - 1.01%
Newfield Exploration Company*	143,200		5,518,928
Petroleum -- Services - 2.21%
Dril-Quip, Inc.*	113,200		7,661,376
Hydril Company*	79,200		4,438,368
			12,099,744
Publishing - 2.24%
Getty Images, Inc.*	246,700		12,256,056
Railroad - 2.57%
Kansas City Southern*	513,100		14,012,761
Restaurants - 1.85%
Panera Bread Company, Class A*	173,500		10,113,315
Retail -- Specialty Stores - 3.43%
Guitar Center, Inc.*	209,700		9,364,154
O'Reilly Automotive, Inc.*	282,900		9,388,037
			18,752,191
Timesharing and Software - 9.09%
Bankrate, Inc.*	194,300		5,157,694
Blackboard Inc.*	229,600		6,078,660
CoStar Group, Inc.*	148,100		6,118,011
FactSet Research Systems, Inc.	183,925		8,933,237
MicroStrategy Incorporated, Class A*	118,950		12,105,541
WebEx Communications, Inc.*	288,800		11,261,756
			49,654,899
Utilities -- Telephone - 1.02%
NeuStar, Inc., Class A*	200,900		5,574,975
TOTAL COMMON STOCKS - 93.56%		$	511,266,519
(Cost: $451,460,730)

SHORT-TERM SECURITIES	Principal Amount in Thousands
Aircraft - 0.91%
United Technologies Corporation,
5.32%, 10-6-06	$	5,000		4,996,306
Forest and Paper Products - 0.54%
Sonoco Products Co.,
5.4%, 10-2-06		2,943		2,942,559
Insurance -- Life - 0.91%
American General Finance Corporation,
5.25%, 10-11-06		5,000		4,992,708
Leisure Time Industry - 0.73%
Walt Disney Company (The),
5.36%, 10-16-06		3,995		3,986,078
Utilities -- Electric - 0.91%
PacifiCorp,
5.3%, 10-16-06		5,000		4,988,958
Utilities -- Gas and Pipeline - 0.92%
Michigan Consolidated Gas Co.,
5.31%, 10-6-06		5,000		4,996,312
Utilities -- Telephone - 1.52%
AT&T Inc.,
5.27%, 10-23-06		3,323		3,312,298
BellSouth Corporation,
5.25%, 10-12-06		5,000		4,991,979
				8,304,277
TOTAL SHORT-TERM SECURITIES - 6.44%			$	35,207,198
(Cost: $35,207,198)
TOTAL INVESTMENT SECURITIES - 100.00%			$	546,473,717
(Cost: $486,667,928)

Notes to Schedule of Investments

*No dividends were paid during the preceding 12 months.

The Investments of W&R Target Small Cap Value Portfolio
September 30, 2006
COMMON STOCKS		Shares			Value
Aircraft - 1.67%
K&F Industries Holdings, Inc.*			58,300	$	1,094,874
Orbital Sciences Corporation*	105,700				1,983,989
					3,078,863
Apparel - 1.09%
Phillips-Van Heusen Corporation			48,251		2,015,444
Banks - 9.05%
Boston Private Financial Holdings, Inc.			91,600		2,553,350
Cathay General Bancorp			44,400		1,601,730
Central Pacific Financial Corp.			47,400		1,733,892
First Midwest Bancorp, Inc.			75,800		2,874,336
First Niagara Financial Group, Inc.	160,400				2,341,038
Taylor Capital Group, Inc.			50,200		1,483,661
Umpqua Holdings Corporation			79,401		2,270,075
Wintrust Financial Corporation			36,900		1,848,875
					16,706,957
Broadcasting - 0.51%
Outdoor Channel Holdings, Inc.*			86,100		935,476
Business Equipment and Services - 7.64%
Brink's Company (The)			78,900		4,186,434
CACI International Inc*			27,600		1,518,276
Education Realty Trust, Inc.	105,000				1,549,800
PRA International*			47,486		1,267,876
Sunterra Corporation*			25,620		290,403
Waste Connections, Inc.*			71,700		2,718,147
Watson Wyatt & Company Holdings, Inc., Class A			63,100		2,582,052
					14,112,988
Capital Equipment - 1.31%
CARBO Ceramics Inc.			16,185		583,146
Goodman Global, Inc.*			44,100		588,735
Warnaco Group, Inc. (The)*			64,900		1,253,219
					2,425,100
Communications Equipment - 3.44%
Dycom Industries, Inc.*			67,400		1,449,100
Emulex Corporation*			55,800		1,013,886
LoJack Corporation*			50,914		996,896
Polycom, Inc.*	117,600				2,882,964
					6,342,846
Computers -- Peripherals - 4.49%
Electronics for Imaging, Inc.*	106,400				2,432,304
Imation Corp.			55,700		2,236,355
Lawson Software, Inc.*	148,300				1,073,692
TIBCO Software Inc.*	283,500				2,542,995
					8,285,346
Construction Materials - 0.96%
Texas Industries, Inc.			34,000		1,770,040
Containers - 3.32%
AptarGroup, Inc.			36,100		1,836,768
Jarden Corporation*			79,650		2,626,060
Silgan Holdings Inc.			44,600		1,674,730
					6,137,558
Cosmetics and Toiletries - 0.63%
Bare Escentuals, Inc.*			3,400		92,055
Nu Skin Enterprises, Inc., Class A			60,500		1,059,960
					1,152,015
Electronic Components - 1.74%
PMC-Sierra, Inc.*	214,500				1,275,202
Trident Microsystems, Inc.*			44,500		1,035,293
Varian Semiconductor Equipment Associates, Inc.*			24,600		902,451
					3,212,946
Electronic Instruments - 0.47%
Progressive Gaming International Corporation*	105,200				861,588
Finance Companies - 2.53%
Hanover Insurance Group, Inc. (The)			77,400		3,454,362
Jackson Hewitt Tax Service Inc.			40,700		1,221,407
					4,675,769
Food and Related - 2.96%
Hain Celestial Group, Inc. (The)*	117,600				3,009,384
Pilgrim's Pride Corporation			44,300		1,211,605
Ralcorp Holdings, Inc.*			25,900		1,249,157
					5,470,146
Health Care -- Drugs - 0.81%
Axcan Pharma Inc.*	109,221				1,488,682
Health Care -- General - 5.15%
DJO Incorporated*	122,377				5,082,317
Hologic, Inc.*			26,700		1,161,717
PolyMedica Corporation			31,500		1,347,885
Radiation Therapy Services, Inc.*			65,489		1,913,916
					9,505,835
Hospital Supply and Management - 0.96%
Magellan Health Services, Inc.*			41,700		1,775,377
Hotels and Gaming - 4.88%
Gaylord Entertainment Company*			40,400		1,771,540
Orient-Express Hotels Ltd.			64,000		2,392,320
Pinnacle Entertainment, Inc.*			70,300		1,976,836
Shuffle Master, Inc.*			35,600		961,022
Vail Resorts, Inc.*			47,600		1,904,952
					9,006,670
Insurance -- Property and Casualty - 4.15%
Aspen Insurance Holdings Limited	123,300				3,184,839
Endurance Specialty Holdings Ltd.			48,400		1,706,584
Platinum Underwriters Holdings, Ltd.			89,700		2,765,451
					7,656,874
Leisure Time Industry - 1.52%
Marvel Entertainment, Inc.*			89,700		2,165,358
RC2 Corporation*			18,908		634,647
					2,800,005
Motion Pictures - 1.16%
Regal Entertainment Group	107,800				2,136,596
Motor Vehicle Parts - 2.94%
Copart, Inc.*			64,500		1,817,932
Directed Electronics, Inc.*	121,238				1,831,300
Tenneco Automotive Inc.*			76,300		1,784,657
					5,433,889
Non-Residential Construction - 2.37%
Washington Group International, Inc.			74,300		4,374,413
Petroleum -- Domestic - 2.07%
Comstock Resources, Inc.*			68,100		1,848,915
Goodrich Petroleum Corporation*			65,766		1,980,872
					3,829,787
Petroleum -- Services - 2.99%
Hercules Offshore, Inc.*			48,803		1,515,089
Hornbeck Offshore Services, Inc.*			37,300		1,249,550
Oceaneering International, Inc.*			50,200		1,546,160
Universal Compression Holdings, Inc.*			22,600		1,207,970
					5,518,769
Publishing - 0.77%
Scholastic Corporation*			45,900		1,428,638
Real Estate Investment Trust - 4.32%
BioMed Realty Trust, Inc.			60,300		1,829,502
Corporate Office Properties Trust			51,600		2,309,616
Innkeepers USA Trust	104,200				1,697,418
Strategic Hotels & Resorts, Inc.	107,800				2,143,064
					7,979,600
Restaurants - 1.30%
Landry's Restaurants, Inc.			79,444		2,395,237
Retail -- General Merchandise - 1.03%
Saks Incorporated	109,700				1,895,616
Retail -- Specialty Stores - 3.62%
Big 5 Sporting Goods Corporation			49,200		1,120,284
Finish Line, Inc. (The), Class A			70,700		891,527
Genesco Inc.*			26,600		916,902
Guitar Center, Inc.*			24,300		1,085,116
Talbots, Inc. (The)			99,937		2,723,283
					6,737,112
Savings and Loans - 1.63%
Sterling Financial Corporation			55,421		1,796,472
WSFS Financial Corporation			19,589		1,217,946
					3,014,418
Security and Commodity Brokers - 5.01%
GFI Group Inc.*			36,600		2,022,333
National Financial Partners Corp.			50,174		2,058,639
Piper Jaffray Companies*			85,400		5,176,948
					9,257,920
Timesharing and Software - 3.04%
Hyperion Solutions Corporation*			54,400		1,876,800
Per-Se Technologies, Inc.*		111,900			2,551,880
TradeStation Group, Inc.*			79,100		1,190,060
					5,618,740
Trucking and Shipping - 1.01%
Kirby Corporation*			59,600		1,867,268
Utilities -- Electric - 3.29%
Black Hills Corporation			48,000		1,613,280
El Paso Electric Company*			11,615		259,479
ITC Holdings Corp.			26,600		829,920
PNM Resources, Inc.			62,000		1,709,340
Pike Electric Corporation*		111,500			1,661,350
					6,073,369
TOTAL COMMON STOCKS - 95.83%				$	176,977,897
(Cost: $167,324,115)

SHORT-TERM SECURITIES	Principal Amount in Thousands
Aircraft - 1.08%
United Technologies Corporation,
5.32%, 10-6-06	$	2,000		1,998,522
Food and Related - 3.09%
McCormick & Co. Inc.,
5.37%, 10-2-06		5,713		5,712,148
TOTAL SHORT-TERM SECURITIES - 4.17%			$	7,710,670
(Cost: $7,710,670)
TOTAL INVESTMENT SECURITIES - 100.00%			$	184,688,567
(Cost: $175,034,785)

Notes to Schedule of Investments

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

The Investments of W&R Target Value Portfolio
September 30, 2006
COMMON STOCKS	Shares		Value
Aircraft - 2.62%
Lockheed Martin Corporation (A)	39,200	$	3,373,552
Raytheon Company	119,700		5,746,797
			9,120,349
Banks - 11.72%
Bank of America Corporation	332,300		17,801,311
Citigroup Inc.	193,406		9,606,476
National City Corporation	122,300		4,476,180
Wachovia Corporation	86,200		4,809,960
Wells Fargo & Company	114,700		4,149,846
			40,843,773
Beverages - 1.18%
Diageo plc, ADR	57,900		4,113,216
Business Equipment and Services - 1.51%
Realogy Businesses of Cendant Corporation*	71,850		1,629,558
Waste Management, Inc. (A)	99,400		3,645,992
			5,275,550
Capital Equipment - 0.94%
Illinois Tool Works Inc.	73,300		3,291,170
Chemicals -- Petroleum and Inorganic - 0.98%
du Pont (E.I.) de Nemours and Company	79,600		3,410,064
Chemicals -- Specialty - 0.70%
Air Products and Chemicals, Inc.	36,700		2,435,779
Communications Equipment - 1.25%
Cisco Systems, Inc. (A)*	128,200		2,946,677
Nokia Corporation, Series A, ADR	71,300		1,403,897
			4,350,574
Computers -- Main and Mini - 5.18%
Hewlett-Packard Company (A)	401,500		14,731,035
Xerox Corporation*	214,000		3,329,840
			18,060,875
Computers -- Peripherals - 0.93%
Adobe Systems Incorporated (A)*	86,800		3,251,962
Defense - 1.49%
General Dynamics Corporation (A)	72,500		5,196,075
Electronic Components - 0.50%
Motorola, Inc.	69,400		1,735,000
Finance Companies - 5.57%
Capital One Financial Corporation	74,300		5,844,438
Fannie Mae	117,300		6,558,243
Freddie Mac	105,600		7,004,448
			19,407,129
Food and Related - 1.38%
General Mills, Inc.	85,200		4,822,320
Furniture and Furnishings - 0.74%
Masco Corporation	93,900		2,574,738
Health Care -- Drugs - 4.16%
AmerisourceBergen Corporation	77,200		3,489,440
McKesson Corporation	78,900		4,159,608
Pfizer Inc.	242,100		6,865,956
			14,515,004
Health Care -- General - 1.96%
Boston Scientific Corporation (A)*	196,700		2,909,193
Da Vita Inc. (A)*	67,500		3,906,225
			6,815,418
Hospital Supply and Management - 2.23%
Aetna Inc.	107,000		4,231,850
Coventry Health Care, Inc.*	68,800		3,544,576
			7,776,426
Hotels and Gaming - 0.46%
Wyndham Worldwide businesses of Cendant Corporation*	57,480		1,607,716
Insurance -- Life - 3.81%
UnumProvident Corporation	684,500		13,272,455
Insurance -- Property and Casualty - 5.65%
Assurant, Inc.	75,200		4,016,432
Everest Re Group, Ltd. (A)	49,900		4,866,747
MBIA Inc.	31,700		1,947,648
St. Paul Companies, Inc. (The)	188,901		8,857,568
			19,688,395
Leisure Time Industry - 0.15%
Avis Budget Group, Inc.	28,740		525,654
Metal Fabrication - 1.97%
Loews Corporation, Carolina Group (A)	123,900		6,862,821
Motion Pictures - 0.64%
News Corporation Limited, Class A (A)	112,800		2,216,520
Motor Vehicle Parts - 0.89%
American Axle & Manufacturing Holdings, Inc. (A)	186,700		3,116,023
Multiple Industry - 4.16%
Altria Group, Inc.	125,700		9,622,335
Genworth Financial, Inc.	53,800		1,883,538
Mirant Corporation*	109,300		2,984,983
			14,490,856
Petroleum -- International - 12.15%
Anadarko Petroleum Corporation	92,000		4,032,360
ChevronTexaco Corporation	171,200		11,104,032
ConocoPhillips	65,000		3,869,450
Devon Energy Corporation	75,000		4,736,250
Exxon Mobil Corporation	277,604		18,627,228
			42,369,320
Petroleum -- Services - 0.40%
Halliburton Company	49,100		1,396,895
Railroad - 1.75%
Union Pacific Corporation	69,400		6,107,200
Real Estate Investment Trust - 1.04%
Duke Realty Corporation	97,000		3,622,950
Restaurants - 1.77%
McDonald's Corporation	158,000		6,180,960
Retail -- General Merchandise - 2.66%
Dollar General Corporation	221,400		3,017,682
Family Dollar Stores, Inc.	125,800		3,678,392
J. C. Penney Company, Inc. (A)	37,500		2,564,625
			9,260,699
Security and Commodity Brokers - 8.37%
Bear Stearns Companies Inc. (The)	29,000		4,062,900
CIT Group Inc.	81,800		3,977,934
Morgan (J.P.) Chase & Co.	294,288		13,819,765
Morgan Stanley	100,500		7,327,455
			29,188,054
Utilities -- Electric - 4.16%
Energy East Corporation	217,000		5,147,240
Exelon Corporation	36,300		2,197,602
NRG Energy, Inc.*	74,800		3,388,440
PPL Corporation	114,200		3,757,180
			14,490,462
Utilities -- Telephone - 3.17%
AT&T Inc.	214,700		6,990,632
Verizon Communications Inc.	109,700		4,073,161
			11,063,793
TOTAL COMMON STOCKS - 98.24%		$	342,456,195
(Cost: $288,270,223)
PREFERRED STOCK - 0.22%
Finance Companies
Federal National Mortgage Association, 5.375% Convertible	8	$	770,180
(Cost: $800,000)

SHORT-TERM SECURITY - 1.54%	Principal Amount in Thousands
Aluminum
Alcoa Incorporated,
5.4%, 10-2-06	$	5,377	$	5,376,193
(Cost: $5,376,193)
TOTAL INVESTMENT SECURITIES - 100.00%			$	348,602,568
(Cost: $294,446,416)

Notes to Schedule of Investments
Certain acronyms may be 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; GDR - Global Depositary Receipts and REMIC - Real Estate Mortgage Investment Conduit.
*No income dividends were paid during the preceding 12 months.
(A)Securities serve as cover for the following written options outstanding at September 30, 2006.
Underlying Security	Contracts Subject to Call	Expiration Month/ Exercise Price	Premium Received			Market Value
Adobe Systems Incorporated	868	November/42.5		$	36,021	$	23,870
Boston Scientific Corporation	672	October/19			16,800		656
Boston Scientific Corporation	672	November/19			33,869		2,098
Boston Scientific Corporation	623	December/19			24,297		5,474
Cisco Systems, Inc.	641	October/22.5			21,877		51,280
General Dynamics Corporation	127	November/72.5			16,255		21,590
Hewlett-Packard Company	715	November/40			33,246		42,900
J. C. Penney Company, Inc.	565	November/73			41,867		66,924
Lockheed Martin Corporation	100	November/90			10,302		12,700
News Corporation Limited,       Class A	441	October/20			17,198		6,615
Waste Management, Inc.	243	October/37.5			10,692		9,720
				$	262,424	$	243,827
Underlying Security	Contracts Subject to Put	Expiration Month/ Exercise Price	Premium Received			Market Value
American Axle & Manufacturing       Holdings, Inc.	1,030	October/12.5		$	49,438	$	5,150
American Axle & Manufacturing       Holdings, Inc.	880	November/12.5			24,860		22,000
American Axle & Manufacturing       Holdings, Inc.	880	November/15			80,212		61,600
Da Vita Inc.	223	October/45			9,812		1,672
Everest Re Group, Ltd.	185	October/85			18,869		463
J. C. Penney Company, Inc.	159	November/55			10,017		3,180
Loews Corporation, Carolina       Group	150	October/55			13,459		13,500
				$	206,667	$	107,565

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 Assistant Secretary

Date: November 28, 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, Principal Executive Officer

Date: November 28, 2006

By     /s/Theodore W. Howard

         Theodore W. Howard, Principal Financial Officer

Date: November 28, 2006