-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TTtAAZha3lcZIcvas0qijI9RZaGg6NyIEPz8Z75/8f2Xmrxbkf1Wj2yoQgZa86vL 4nvcxVkEJ4FsOFgSfC6HRQ== 0001169232-08-002193.txt : 20080528 0001169232-08-002193.hdr.sgml : 20080528 20080528122125 ACCESSION NUMBER: 0001169232-08-002193 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080528 DATE AS OF CHANGE: 20080528 EFFECTIVENESS DATE: 20080528 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SELIGMAN GROWTH FUND INC CENTRAL INDEX KEY: 0000316411 IRS NUMBER: 135267160 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-00229 FILM NUMBER: 08862860 BUSINESS ADDRESS: STREET 1: 100 PARK AVENUE STREET 2: 7TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2124880200 MAIL ADDRESS: STREET 1: 100 PARK AVENUE STREET 2: 7TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL INVESTORS CORP DATE OF NAME CHANGE: 19820426 0000316411 S000009569 SELIGMAN GROWTH FUND, INC. C000026136 SELIGMAN GROWTH FUND, INC., CLASS A SGRFX C000026137 SELIGMAN GROWTH FUND, INC., CLASS B SGBTX C000026138 SELIGMAN GROWTH FUND, INC., CLASS C SGRCX C000026139 SELIGMAN GROWTH FUND, INC., CLASS D SGRDX C000026140 SELIGMAN GROWTH FUND, INC., CLASS I SGFIX C000026141 SELIGMAN GROWTH FUND, INC., CLASS R SGFRX N-Q 1 d74334_n-q.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS


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 811-0229

Seligman Growth Fund, Inc.
(Exact name of Registrant as specified in charter)

100 Park Avenue
New York, New York 10017
(Address of principal executive offices) (Zip code)

Lawrence P. Vogel
100 Park Avenue
New York, New York 10017
(Name and address of agent for service)

 

 

 

Registrant’s telephone number, including area code:

 

(212) 850-1864


 

 

Date of fiscal year end:

12/31

 

 

Date of reporting period:

3/31/08





FORM N-Q

ITEM 1. SCHEDULE OF INVESTMENTS.

Seligman Growth Fund, Inc.
Schedule of Investments (unaudited)
March 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

Shares or
Principal
Amount

 

 

 

Value

 

 

 


 

 

 


 

Common Stocks 100.0%

 

 

 

 

 

 

 

 

 

Aerospace and Defense 4.7%

 

 

 

 

 

 

 

 

 

General Dynamics

 

 

60,600

shs.

 

 

 

$   5,052,222

 

Raytheon

 

 

91,300

 

 

 

 

5,898,893

 

United Technologies

 

 

112,900

 

 

 

 

7,769,778

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

18,720,893

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Biotechnology 5.4%

 

 

 

 

 

 

 

 

 

Celgene*

 

 

69,000

 

 

 

 

4,229,010

 

Cephalon*

 

 

80,600

 

 

 

 

5,190,640

 

Genentech*

 

 

58,300

 

 

 

 

4,732,794

 

Gilead Sciences*

 

 

140,500

 

 

 

 

7,239,965

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

21,392,409

 

 

 

 

 

 

 

 



 

Capital Markets 1.7%

 

 

 

 

 

 

 

 

 

Bank of New York Mellon

 

 

90,000

 

 

 

 

3,755,700

 

Charles Schwab

 

 

151,200

 

 

 

 

2,847,096

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

6,602,796

 

 

 

 

 

 

 

 



 

Chemicals 6.9%

 

 

 

 

 

 

 

 

 

Monsanto

 

 

107,100

 

 

 

 

11,941,650

 

The Mosaic*

 

 

39,600

 

 

 

 

4,062,960

 

Potash Corporation of Saskatchewan

 

 

73,100

 

 

 

 

11,345,851

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

27,350,461

 

 

 

 

 

 

 

 



 

Commercial Banks 0.4%

 

 

 

 

 

 

 

 

 

BB&T

 

 

56,800

 

 

 

 

1,821,008

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Communications Equipment 8.4%

 

 

 

 

 

 

 

 

 

Cisco Systems*

 

 

341,200

 

 

 

 

8,219,508

 

Nokia (ADR)

 

 

165,000

 

 

 

 

5,251,950

 

QUALCOMM

 

 

115,300

 

 

 

 

4,727,300

 

Research In Motion*

 

 

134,500

 

 

 

 

15,094,935

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

33,293,693

 

 

 

 

 

 

 

 



 

Computers and Peripherals 5.9%

 

 

 

 

 

 

 

 

 

Apple*

 

 

71,300

 

 

 

 

10,231,550

 

Hewlett-Packard

 

 

147,900

 

 

 

 

6,753,114

 

International Business Machines

 

 

55,800

 

 

 

 

6,424,812

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

23,409,476

 

 

 

 

 

 

 

 



 

Construction and Engineering 1.0%

 

 

 

 

 

 

 

 

 

Fluor

 

 

27,715

 

 

 

 

3,912,249

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Diversified Telecommunication Services 0.8%

 

 

 

 

 

 

 

 

 

AT&T

 

 

83,400

 

 

 

 

3,194,220

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Electrical Equipment 2.1%

 

 

 

 

 

 

 

 

 

ABB (ADR)

 

 

303,100

 

 

 

 

8,159,452

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Energy Equipment and Services 8.5%

 

 

 

 

 

 

 

 

 

Diamond Offshore Drilling

 

 

25,200

 

 

 

 

2,933,280

 

Halliburton

 

 

130,000

 

 

 

 

5,112,900

 

Schlumberger

 

 

69,700

 

 

 

 

6,063,900

 

Transocean*

 

 

73,360

 

 

 

 

9,918,272

 

Weatherford International*

 

 

135,200

 

 

 

 

9,797,944

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

33,826,296

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Food and Staples Retailing 3.0%

 

 

 

 

 

 

 

 

 

CVS/Caremark

 

 

295,400

 

 

 

 

11,966,654

 

 

 

 

 

 

 

 



 

Health Care Equipment and Supplies 3.1%

 

 

 

 

 

 

 

 

 

Baxter International

 

 

66,400

 

 

 

 

3,839,248

 

St. Jude Medical*

 

 

95,500

 

 

 

 

4,124,645

 

Zimmer Holdings*

 

 

54,700

 

 

 

 

4,258,942

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

12,222,835

 

 

 

 

 

 

 

 



 

Health Care Providers & Services 1.4%

 

 

 

 

 

 

 

 

 

CIGNA

 

 

50,300

 

 

 

 

2,040,671

 

Medco Health Solutions*

 

 

82,800

 

 

 

 

3,625,812

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

5,666,483

 

 

 

 

 

 

 

 



 

Hotels, Restaurants and Leisure 2.5%

 

 

 

 

 

 

 

 

 

Life Time Fitness*

 

 

68,200

 

 

 

 

2,128,522

 

Wynn Resorts*

 

 

76,000

 

 

 

 

7,648,640

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

9,777,162

 

 

 

 

 

 

 

 



 

Industrial Conglomerates 2.3%

 

 

 

 

 

 

 

 

 

McDermott International*

 

 

165,800

 

 

 

 

9,089,156

 

 

 

 

 

 

 

 



 

Insurance 1.0%

 

 

 

 

 

 

 

 

 

Prudential Financial

 

 

51,900

 

 

 

 

4,061,175

 

 

 

 

 

 

 

 



 

Internet and Catalog Retail 1.0%

 

 

 

 

 

 

 

 

 

Amazon.com*

 

 

54,900

 

 

 

 

3,914,370

 

 

 

 

 

 

 

 



 

Internet Software and Services 3.3%

 

 

 

 

 

 

 

 

 

Equinix*

 

 

31,200

 

 

 

 

2,074,488

 

Google (Class A)*

 

 

6,800

 

 

 

 

2,995,196

 

SAVVIS*

 

 

496,100

 

 

 

 

8,071,547

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

13,141,231

 

 

 

 

 

 

 

 



 

IT Services 0.7%

 

 

 

 

 

 

 

 

 

Visa (Class A)*

 

 

46,900

 

 

 

 

2,924,684

 

 

 

 

 

 

 

 



 

Life Sciences Tools and Services 0.9%

 

 

 

 

 

 

 

 

 

Thermo Fisher Scientific*

 

 

62,200

 

 

 

 

3,535,448

 

 

 

 

 

 

 

 



 

Machinery 1.2%

 

 

 

 

 

 

 

 

 

Deere

 

 

58,800

 

 

 

 

4,729,872

 

 

 

 

 

 

 

 



 

Media 4.3%

 

 

 

 

 

 

 

 

 

Comcast (Class A)

 

 

69,300

 

 

 

 

1,340,262

 

Gemstar-TV Guide International*

 

 

3,334,500

 

 

 

 

15,672,150

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

17,012,412

 

 

 

 

 

 

 

 



 

Metals and Mining 1.9%

 

 

 

 

 

 

 

 

 

Alcoa

 

 

43,300

 

 

 

 

1,561,398

 

Barrick Gold

 

 

63,900

 

 

 

 

2,776,455

 

Freeport-McMoRan Copper & Gold

 

 

33,600

 

 

 

 

3,232,992

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

7,570,845

 

 

 

 

 

 

 

 



 

Multiline Retail 4.3%

 

 

 

 

 

 

 

 

 

Kohl’s*

 

 

180,100

 

 

 

 

7,724,489

 

Target

 

 

186,500

 

 

 

 

9,451,820

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

17,176,309

 

 

 

 

 

 

 

 



 

Pharmaceuticals 6.7%

 

 

 

 

 

 

 

 

 

Abbott Laboratories

 

 

123,700

 

 

 

 

6,822,055

 

Bristol-Myers Squibb

 

 

199,500

 

 

 

 

4,249,350

 

Johnson & Johnson

 

 

92,000

 

 

 

 

5,968,040

 

Merck

 

 

142,000

 

 

 

 

5,388,900

 

Schering-Plough

 

 

138,000

 

 

 

 

1,988,580

 

Teva Pharmaceutical Industries (ADR)

 

 

43,900

 

 

 

 

2,027,741

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

26,444,666

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Semiconductors and Semiconductor Equipment 5.2%

 

 

 

 

 

 

 

 

 

Intel

 

 

242,500

 

 

 

 

5,136,150

 

Marvell Technology Group

 

 

1,110,500

 

 

 

 

12,082,240

 

MEMC Electronic Materials*

 

 

47,200

 

 

 

 

3,346,480

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

20,564,870

 

 

 

 

 

 

 

 



 

Software 7.5%

 

 

 

 

 

 

 

 

 

Activision*

 

 

112,700

 

 

 

 

3,077,837

 

Adobe Systems*

 

 

170,900

 

 

 

 

6,082,331

 

Microsoft

 

 

296,700

 

 

 

 

8,420,346

 

Oracle*

 

 

615,100

 

 

 

 

12,031,356

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

29,611,870

 

 

 

 

 

 

 

 



 

Textiles, Apparel and Luxury Goods 1.2%

 

 

 

 

 

 

 

 

 

Coach*

 

 

163,100

 

 

 

 

4,917,465

 

 

 

 

 

 

 

 



 

Tobacco 2.7%

 

 

 

 

 

 

 

 

 

Altria Group

 

 

149,000

 

 

 

 

3,307,800

 

Philip Morris International*

 

 

149,000

 

 

 

 

7,536,420

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

10,844,220

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Total Common Stocks

 

 

 

 

 

 

 

396,854,680

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Repurchase Agreement 0.1%

 

 

 

 

 

 

 

 

 

Fixed Income Clearing Corp. 1.8%, dated 3/31/2008 maturing 4/1/2008, in the amount of $194,010, collateralized by $194,000 Freddie Mac 5%, 1/2/2015, with a fair market value of $204,250

 

$

194,000

 

 

 

 

194,000

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Total Investments 100.1%

 

 

 

 

 

 

 

397,048,680

 

Other Assets Less Liabilities (0.1)%

 

 

 

 

 

 

 

(366,205

)

 

 

 

 

 

 

 



 

Net Assets 100.0%

 

 

 

 

 

 

$   396,682,475

 

 

 

 

 

 

 

 



 

* Non-income producing security.

ADR - American Depositary Receipts.

At March 31, 2008, the cost of investments for federal income tax purposes was $401,925,227. The tax basis gross unrealized appreciation and depreciation of portfolio securities were $23,415,571 and $28,292,118 respectively.  Net unrealized depreciation was $4,876,547.

Security Valuation - Securities traded on an exchange are valued at the last sales price on the primary exchange or market on which they are traded. Securities not listed on an exchange or security market, or securities for which there is no last sales price, are valued at the mean of the most recent bid and asked prices or are valued by J. & W. Seligman & Co. Incorporated, (the “Manager”) based on quotations provided by primary market makers in such securities. Securities for which market quotations are not readily available (or are otherwise no longer valid or reliable) are valued at fair value determined in accordance with procedures approved by the Board of Directors. This can occur in the event of, among other things, natural disasters, act of terrorism, market disruptions, intra-day trading halts, and extreme market volatility. The determination of fair value involves subjective judgments. As a result, using fair value to price a security may result in a price materially different from the prices used by other mutual funds to determine net asset value or the price that may be realized upon the actual sale of the security. Short-term holdings maturing in 60 days or less are valued at current market quotations or amortized cost if the Manager believes it approximates fair value. Short-term holdings that mature in more than 60 days are valued at current market quotations until the 60th day prior to maturity and are then valued as described above for securities maturing in 60 days or less.

Fair Value Measurement - On January 1, 2008, the Fund adopted Statement of Financial Accounting Standards No. 157 (“SFAS 157”), “Fair Value Measurements.” SFAS 157 establishes a three-tier hierarchy to classify the assumptions, referred to as inputs, used in valuation techniques (see Security Valuation above) to measure fair value of the Fund’s investments. These inputs are summarized in three broad levels: Level 1 – quoted prices in active markets for identical investments; Level 2 – other significant observable inputs (including quoted prices in inactive markets or for similar investments); and Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value). The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.

The following is a summary of the value of the Fund’s investments as of March 31, 2008 based on the level of inputs used:

 

 

 

 

 

Valuation Inputs

 

Value


 




Level 1 - Quoted Prices

 

$  396,854,680

 

Level 2 - Other Significant Observable Inputs

 

 

194,000

 

Level 3 - Significant Unobservable Inputs

 

 

0

 

 

 




Total

 

$  397,048,680

 

 

 




Risk - To the extent that the Fund invests a substantial percentage of its assets in an industry, the Fund’s performance may be negatively affected if that industry falls out of favor. Stocks of large-capitalization companies have at times experienced periods of volatility and negative performance. During such periods, the value of such stocks may decline and the Fund’s performance may be negatively affected.




ITEM 2. CONTROLS AND PROCEDURES.

 

 

 

 

a.

The registrant’s principal executive officer and principal financial officer have concluded, based upon their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant in the report it files or submits on Form N-Q is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms and that such material information is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, as appropriate, in order to allow timely decisions regarding required disclosure.

 

 

 

 

b.

The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting 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)

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.




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.

SELIGMAN GROWTH FUND, INC.

 

 

   

By:

/S/ BRIAN T. ZINO

 


 

Brian T. Zino

 

President and Chief Executive Officer

 

 

Date:

  May 27, 2008

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 in the capacities and on the dates indicated.

 

 

   

By:

/S/ BRIAN T. ZINO

 


 

Brian T. Zino

 

President and Chief Executive Officer

 

 

Date:

  May 27, 2008

 

 

 

 

By:

/S/ LAWRENCE P. VOGEL

 


 

Lawrence P. Vogel

 

Vice President, Treasurer and Chief Financial Officer

 

 

Date:

  May 27, 2008

 

 





SELIGMAN GROWTH FUND, INC.

EXHIBIT INDEX

 

 

 

 

(a)

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.



EX-99.CERT 2 d74334_99-cert.htm CERTIFICATION

EX.99 CERT
Exhibit (a)
CERTIFICATIONS

I, Brian T. Zino, certify that:

 

 

 

1.

I have reviewed this report on Form N-Q of Seligman Growth Fund, Inc.;

 

 

 

2.

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

 

 

 

3.

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

 

 

 

4.

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

 

 

 

 

a)

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

 

 

 

 

b)

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

 

 

 

 

c)

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

 

 

 

 

d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

 

 

5.

The registrant’s other certifying officer and I have disclosed, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

 

 

 

a)

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

 

 

 

 

b)

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

Date: May 27, 2008

 

 

 

/S/ BRIAN T. ZINO

 


 

Brian T. Zino

 

Principal Executive Officer




I, Lawrence P. Vogel, certify that:

 

 

 

1.

I have reviewed this report on Form N-Q of Seligman Growth Fund, Inc.;

 

 

2.

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

 

 

3.

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

 

 

4.

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

 

 

 

a)

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

 

 

 

 

b)

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

 

 

 

 

c)

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

 

 

 

 

d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

 

 

5.

The registrant’s other certifying officer and I have disclosed, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

 

 

a)

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

 

 

 

 

b)

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

Date: May 27, 2008

 

 

 

/S/ LAWRENCE P. VOGEL

 


 

Lawrence P. Vogel

 

Principal Financial Officer



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