-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, UyHAm/vLh2M0tN8M1PwTSQTwt8ISf+PVufwzTXbs/Nt0Ro8B/4JzJ6TzJFj+KVFX 6mQcQ7ZDUkx8Had2Taordg== 0000817841-95-000012.txt : 19950901 0000817841-95-000012.hdr.sgml : 19950901 ACCESSION NUMBER: 0000817841-95-000012 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950830 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SELIGMAN PORTFOLIOS INC/NY CENTRAL INDEX KEY: 0000817841 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-05221 FILM NUMBER: 95568949 BUSINESS ADDRESS: STREET 1: 130 LIBERTY ST CITY: NEW YORK STATE: NY ZIP: 10006 BUSINESS PHONE: 2124880200 MAIL ADDRESS: STREET 1: 103 LIBERTY STREET CITY: NEW YORK STATE: NY ZIP: 10006 FORMER COMPANY: FORMER CONFORMED NAME: SELIGMAN MUTUAL BENEFIT PORTFOLIOS INC DATE OF NAME CHANGE: 19920703 N-30D 1 MID-YEAR REPORT - -------------------------------------------------------------------------------- MID-YEAR REPORT - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- [LOGO] June 30, 1995 - -------------------------------------------------------------------------------- Seligman Portfolios, Inc. the underlying investment vehicle for ========================================= TRILLIUM A VARIABLE ANNUITY ----------------------------------------- ----------------------------------------- ----------------------------------------- July 28, 1995 Dear Contract Owner: J. & W. Seligman & Co. Incorporated, as Manager of Seligman Portfolios, Inc. (the "Fund"), the underlying investment vehicle for your Trillium variable annuity, and Canada Life Insurance Company of America, as issuer of The Canada Life of America Variable Annuity Account 2 (the "Variable Account"), are pleased to provide the Mid-Year Report for the Variable Account and the Fund for the six months ended June 30, 1995. The performance of the 10 sub-accounts of the Variable Account, which invests in and is based upon the performance of the Fund (adjusted for the current fees and charges, excluding the CDSL, associated with the Variable Account), was as follows for the six-month period ended June 30, 1995: the Capital Sub-Account's total return was 11.69%; the Cash Management Sub-Account's total return was 1.72%; the Common Stock Sub-Account's total return was 13.00%; the Communications and Information Sub-Account's total return was 39.51%; the Fixed Income Securities Sub-Account's total return was 9.76%; the Frontier Sub-Account's total return was 14.98%; the Global Sub-Account's total return was 0.71%; the Global Smaller Companies Sub-Account's total return was 4.27%; the High-Yield Bond Sub-Account's (commencement of operations) May 25, 1995, through June 30, 1995, total return was 0.18%; and the Income Sub-Account's total return was 9.66%. The Variable Account commenced operations on June 21, 1993. The Fund was first created in June 1988. Since we last reported, the recent stream of reports shows that the long awaited slowdown is under way. The Federal Reserve Board (FRB), concerned that growth at an accelerated rate would swell inflationary pressures, increased short-term interest rates seven times, beginning in early 1994. However, evidence of this current slowdown and moderate inflation led the FRB to lower rates in early July--the first decrease in three years. In the financial markets, with signs pointing toward a slowing economy and prospects favoring declining interest rates, the bond market rallied this past quarter. Investor demand for equities also continued to be strong, as shown by the equity market moving to new highs and all broad market indices posting positive returns. Looking ahead, the economy is likely to regain strength later this year as consumers respond to lower interest rates, exports are stimulated by a weaker dollar, and business capital spending remains strong. Respectfully, /s/ D. Allen Loney /s/ William Morris D. Allen Loney William C. Morris President Chairman Canada Life Insurance Company of America J. & W. Seligman & Co. Incorporated
Canada Life of America Variable Annuity Account 2 - ------------------------------------------------------------------------------------------------------------------------------------ Statement of Net Assets (unaudited) - ------------------------------------------------------------------------------------------------------------------------------------ Cash Common Communications Capital Management Stock and Information Sub-Account Sub-Account Sub-Account Sub-Account ------------ ------------ ------------ ------------ Net Assets: Investment in Seligman Portfolios, Inc., at market (see Note 3 for cost values) ........................ $1,643,084 $1,953,383 $3,925,644 $11,618,718 Due (to) from Canada Life Insurance Company of America (Note 6) .................................... (14,015) (2,907) 11,355 (76,622) Receivable (payable) for investments sold (purchased) . (1,355) (9,935) 8,249 109,514 ---------- ---------- ---------- ----------- Net assets ............................................ $1,627,714 $1,940,541 $3,945,248 $11,651,610 ========== ========== ========== =========== Net assets attributable to: Policyholders' liability reserve ...................... $1,627,714 $1,940,541 $3,945,248 $11,651,610 ---------- ---------- ---------- ----------- Net assets ............................................ $1,627,714 $1,940,541 $3,945,248 $11,651,610 ========== ========== ========== =========== Number of units outstanding ........................... 79,670 1,527,985 188,365 803,000 ========== ========== ========== =========== Net asset value per unit .............................. $20.4307 $1.2700 $20.9447 $14.5101 ========== ========== ========== ===========
- ---------------- See accompanying notes.
Canada Life of America Variable Annuity Account 2 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Global Fixed Income Smaller Securities Frontier Global Companies Sub-Account Sub-Account Sub-Account Sub-Account ------------ ------------ ------------ ------------ Net Assets: Investment in Seligman Portfolios, Inc., at market (see Note 3 for cost values) ........................ $1,087,300 $2,171,136 $2,143,715 $1,294,838 Due (to) from Canada Life Insurance Company of America (Note 6) .................................... 2,324 (8,901) (10,677) (2,837) Receivable (payable) for investments sold (purchased) . 8,332 9,880 23,629 1,752 ---------- ---------- ---------- ---------- Net assets ............................................ $1,097,956 $2,172,115 $2,156,667 $1,293,753 ========== ========== ========== ========== Net assets attributable to: Policyholders' liability reserve ...................... $1,097,956 $2,172,115 $2,156,667 $1,293,753 ---------- ---------- ---------- ---------- Net assets ............................................ $1,097,956 $2,172,115 $2,156,667 $1,293,753 ========== ========== ========== ========== Number of units outstanding ........................... 75,940 179,244 190,137 120,235 ========== ========== ========== ========== Net asset value per unit .............................. $14.4582 $12.1182 $11.3427 $10.7602 ========== ========== ========== ==========
Canada Life of America Variable Annuity Account 2 - ------------------------------------------------------------------------------------------------------------------------------------ June 30, 1995 - ------------------------------------------------------------------------------------------------------------------------------------ High-Yield Bond Income Sub-Account Sub-Account Combined ------------ ------------ ---------- Net Assets: Investment in Seligman Portfolios, Inc., at market (see Note 3 for cost values) ........................ $116,308 $3,195,292 $29,149,418 Due (to) from Canada Life Insurance Company of America (Note 6) .................................... (2,033) 17,640 (86,673) Receivable (payable) for investments sold (purchased) . 19 12,769 162,854 -------- ---------- ----------- Net assets ............................................ $114,294 $3,225,701 $29,225,599 ======== ========== =========== Net assets attributable to: Policyholders' liability reserve ...................... $114,294 $3,225,701 $29,225,599 -------- ---------- ----------- Net assets ............................................ $114,294 $3,225,701 $29,225,599 ======== ========== =========== Number of units outstanding ........................... 11,409 187,471 ======== ========== Net asset value per unit .............................. $10.0179 $17.2064 ======== ==========
- ---------------- See accompanying notes.
- ----------------------------------------------------------------------------------------------------------------------------------- Statement of Operations (unaudited) - ----------------------------------------------------------------------------------------------------------------------------------- Cash Common Communications Capital Management Stock and Information Sub-Account Sub-Account Sub-Account Sub-Account ------------ ------------ ------------ ------------ Net investment income: Dividend and capital gain distributions ............... $ -- $22,013 $ -- $ -- Less mortality and expense risk charges (Note 6) ...... 3,750 16,016 14,713 92,316 -------- ------- -------- ---------- Net investment income ................................. (3,750) 5,997 (14,713) (92,316) -------- ------- -------- ---------- Net realized and unrealized gain (loss) on investments: Net realized gain (loss) on investments ............... (21,831) -- (7,119) 19,184 Net unrealized appreciation (depreciation) on investments ...................................... 190,359 -- 382,880 1,801,432 -------- ------- -------- ---------- Net realized and unrealized gain on investments ....... 168,528 -- 375,761 1,820,616 -------- ------- -------- ---------- Net increase in net assets resulting from operations ........................... $164,778 $ 5,997 $361,048 $1,728,300 ======== ======= ======== ==========
- ---------------- *For the period May 25, 1995 (commencement of operations) to June 30, 1995. See accompanying notes.
- ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- Global Fixed Income Smaller Securities Frontier Global Companies Sub-Account Sub-Account Sub-Account Sub-Account ------------ ------------ ------------ ------------ Net investment income: Dividend and capital gain distributions ............... $ -- $ -- $ -- $ -- Less mortality and expense risk charges (Note 6) ..... 5,135 12,931 13,454 5,653 ------- -------- ------- ------- Net investment income ................................. (5,135) (12,931) (13,454) (5,653) ------- -------- ------- ------- Net realized and unrealized gain (loss) on investments: Net realized gain (loss) on investments ............... (4,156) 3,896 (7,737) 1,977 Net unrealized appreciation (depreciation) on investments ...................................... 98,543 117,243 33,051 28,320 ------- -------- ------- ------- Net realized and unrealized gain on investments ....... 94,387 121,139 25,314 30,297 ------- -------- ------- ------- Net increase in net assets resulting from operations ........................... $89,252 $108,208 $11,860 $24,644 ======= ======== ======= =======
- ----------------------------------------------------------------------------------------------------------------------------------- For the six months ended June 30, 1995 - ----------------------------------------------------------------------------------------------------------------------------------- High-Yield Bond Income Sub-Account* Sub-Account Combined ------------ ------------ --------- Net investment income: Dividend and capital gain distributions ............... $ -- $ -- $ 22,013 Less mortality and expense risk charges (Note 6) ..... 72 20,864 184,904 ---- -------- ---------- Net investment income ................................. (72) (20,864) (162,891) ---- -------- ---------- Net realized and unrealized gain (loss) on investments: Net realized gain (loss) on investments ............... -- (1,282) (17,068) Net unrealized appreciation (depreciation) on investments ...................................... 316 273,069 2,925,213 ---- -------- ---------- Net realized and unrealized gain on investments ....... 316 271,787 2,908,145 ---- -------- ---------- Net increase in net assets resulting from operations ........................... $244 $250,923 $2,745,254 ==== ======== ==========
- ---------------- See accompanying notes. -- 1 -- & -- 2 --
Canada Life of America Variable Annuity Account 2 - ------------------------------------------------------------------------------------------------------------------------------------ Statements of Changes in Net Assets (unaudited) - ------------------------------------------------------------------------------------------------------------------------------------ Capital Cash Management Common Stock Sub-Account Sub-Account Sub-Account ----------------------- ----------------------- ---------------------- Six Months Year Six Months Year Six Months Year Ended Ended Ended Ended Ended Ended 6/30/95 12/31/94 6/30/95 12/31/94 6/30/95 12/31/94 ----------- ---------- ---------- -------- ---------- --------- Operations: Net investment income (loss) ........... $ (3,750) $ 114,890 $ 5,997 $ 10,177 $ (14,713) $ 169,210 Net realized gain (loss) on investments (21,831) (12,916) -- -- (7,119) (1,721) Unrealized appreciation (depreciation) on investments ..... 190,359 (124,248) -- -- 382,880 (179,355) ---------- ---------- ---------- -------- ---------- ---------- Net increase (decrease) in net assets resulting from operations ......... 164,778 (22,274) 5,997 10,177 361,048 (11,866) ---------- ---------- ---------- -------- ---------- ---------- Capital transactions: Net increase from unit transactions (Note 5) ............. 322,299 1,071,495 1,392,412 463,427 1,219,749 1,716,567 ---------- ---------- ---------- -------- ---------- ---------- Net increase in net assets arising from capital transactions ......... 322,299 1,071,495 1,392,412 463,427 1,219,749 1,716,567 ---------- ---------- ---------- -------- ---------- ---------- Total increase in net assets ........... 487,077 1,049,221 1,398,409 473,604 1,580,797 1,704,701 Net assets, beginning of period ........ 1,140,637 91,416 542,132 68,528 2,364,451 659,750 ---------- ---------- ---------- -------- ---------- ---------- Net assets, end of period .............. $1,627,714 $1,140,637 $1,940,541 $542,132 $3,945,248 $2,364,451 ========== ========== ========== ======== ========== ==========
Canada Life of America Variable Annuity Account 2 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Communications Fixed Income and Information Securities Frontier Sub-Account Sub-Account Sub-Account ------------------------- ------------------------ ------------------------- Six Months 10/11/94* Six Months Year Six Months 10/11/94* Ended to Ended Ended Ended to 6/30/95 12/31/94 6/30/95 12/31/94 6/30/95 12/31/94 ------------ --------- ---------- -------- ---------- -------- Operations: Net investment income (loss) ........... $ (92,316) $ (875) $ (5,135) $ 35,441 $ (12,931) $ (216) Net realized gain (loss) on investments 19,184 15 (4,156) (10,205) 3,896 7 Unrealized appreciation (depreciation) on investments ..... 1,801,432 18,098 98,543 (39,410) 117,243 6,405 ----------- -------- ---------- -------- ---------- -------- Net increase (decrease) in net assets resulting from operations ......... 1,728,300 17,238 89,252 (14,174) 108,208 6,196 ----------- -------- ---------- -------- ---------- -------- Capital transactions: Net increase from unit transactions (Note 5) ............. 9,428,850 477,222 157,550 656,499 1,941,549 116,162 ----------- -------- ---------- -------- ---------- -------- Net increase in net assets arising from capital transactions ......... 9,428,850 477,222 157,550 656,499 1,941,549 116,162 ----------- -------- ---------- -------- ---------- -------- Total increase in net assets ........... 11,157,150 494,460 246,802 642,325 2,049,757 122,358 Net assets, beginning of period ........ 494,460 -- 851,154 208,829 122,358 -- ----------- -------- ---------- -------- ---------- -------- Net assets, end of period .............. $11,651,610 $494,460 $1,097,956 $851,154 $2,172,115 $122,358 =========== ======== ========== ======== ========== ========
Global Smaller Global Companies High-Yield Bond Sub-Account Sub-Account Sub-Account ------------------------- -------------------------- --------------- Six Months Year Six Months 10/11/94* 5/25/95* Ended Ended Ended to to 6/30/95 12/31/94 6/30/95 12/31/94 6/30/95 ---------- ---------- ---------- -------- -------- Operations: Net investment income (loss) ........... $ (13,454) $ 9,277 $ (5,653) $ 279 $ (72) Net realized gain (loss) on investments (7,737) 6,044 1,977 2 -- Unrealized appreciation (depreciation) on investments ..... 33,051 (21,540) 28,320 3,794 316 ---------- ---------- ---------- -------- -------- Net increase (decrease) in net assets resulting from operations ......... 11,860 (6,219) 24,644 4,075 244 ---------- ---------- ---------- -------- -------- Capital transactions: Net increase from unit transactions (Note 5) ............. 450,416 1,167,854 1,137,641 127,393 114,050 ---------- ---------- ---------- -------- -------- Net increase in net assets arising from capital transactions ......... 450,416 1,167,854 1,137,641 127,393 114,050 ---------- ---------- ---------- -------- -------- Total increase in net assets ........... 462,276 1,161,635 1,162,285 131,468 114,294 Net assets, beginning of period ........ 1,694,391 532,756 131,468 -- -- ---------- ---------- ---------- -------- -------- Net assets, end of period .............. $2,156,667 $1,694,391 $1,293,753 $131,468 $114,294 ========== ========== ========== ======== ========
- ---------------- *Commencement of operations. See accompanying notes.
Income Sub-Account Combined ------------------------ -------------------------- Six Months Year Six Months Year Ended Ended Ended Ended 6/30/95 12/31/94 6/30/95 12/31/94 ---------- ---------- ----------- ---------- Operations: Net investment income (loss) ........... $ (20,864) $ 110,698 $ (162,891) $ 448,881 Net realized gain (loss) on investments (1,282) (15,131) (17,068) (33,905) Unrealized appreciation (depreciation) on investments ..... 273,069 (163,064) 2,925,213 (499,320) ---------- ---------- ----------- ---------- Net increase (decrease) in net assets resulting from operations ......... 250,923 (67,497) 2,745,254 (84,344) ---------- ---------- ----------- ---------- Capital transactions: Net increase from unit transactions (Note 5) ............. 1,015,329 1,560,635 17,179,845 7,357,254 ---------- --------- ----------- ---------- Net increase in net assets arising from capital transactions ......... 1,015,329 1,560,635 17,179,845 7,357,254 ---------- ---------- ----------- ---------- Total increase in net assets ........... 1,266,252 1,493,138 19,925,099 7,272,910 Net assets, beginning of period ........ 1,959,449 466,311 9,300,500 2,027,590 ---------- ---------- ----------- ---------- Net assets, end of period .............. $3,225,701 $1,959,449 $29,225,599 $9,300,500 ========== ========== =========== ==========
-- 3 -- & -- 4 -- Canada Life of America Variable Annuity Account 2 - -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) - -------------------------------------------------------------------------------- 1. Organization Canada Life of America Variable Annuity Account 2 ("Variable Annuity Account 2") was established on February 26, 1993 as a separate investment account of Canada Life Insurance Company of America ("CLICA") to receive and invest premium payments under variable annuity policies issued by CLICA. Variable Annuity Account 2 is registered as a unit investment trust under the Investment Company Act of 1940, as amended. The assets of Variable Annuity Account 2 are invested in the shares of Seligman Portfolios, Inc. (the "Fund") a diversified, open-end, management investment company. Variable Annuity Account 2 has ten sub-accounts, each of which invests only in the shares of the corresponding portfolio of the Fund. The assets of Variable Annuity Account 2 are the property of CLICA. The portion of Variable Annuity Account 2 assets applicable to the policies will not be charged with liabilities arising out of any other business CLICA may conduct. 2. Significant Accounting Policies Investments Investments in shares of the Fund are valued at the reported net asset values of the respective portfolios. Realized gains and losses are computed on the basis of average cost. The difference between cost and current market value of investments owned is recorded as an unrealized gain or loss on investments. Dividends Dividends are recorded on the ex-dividend date and reflect the dividends declared by the Fund from their accumulated net investment income and net realized investment gains. Dividends in the Cash Management Portfolio are declared daily and paid monthly. Dividends in the Capital, Common Stock, Communications and Information, Fixed Income Securities, Frontier, Global, Global Smaller Companies, High-Yield Bond and Income Portfolios are declared and paid annually. Dividends paid to the Variable Annuity Account 2 are reinvested in additional shares of the respective Fund at the net asset value per share. Federal Income Taxes Variable Annuity Account 2 is not taxed separately because the operations of Variable Annuity Account 2 will be included in the Federal income tax return of CLICA, which is taxed as a "life insurance company" under the provisions of the Internal Revenue Code. 3. Investments The investment by Variable Annuity Account 2 in the individual Portfolios of the Fund is as follows:
Number of Shares Market Price Market Value Cost ---------------- ------------ ------------ ----------- Capital 114,901 $14.30 $ 1,643,084 $ 1,592,128 Cash Management 1,953,383 1.00 1,953,383 1,953,383 Common Stock 250,041 15.70 3,925,644 3,797,304 Communications and Information 790,927 14.69 11,618,718 9,799,188 Fixed Income Securities 106,078 10.25 1,087,300 1,053,758 Frontier 177,091 12.26 2,171,136 2,047,488 Global 186,248 11.51 2,143,715 2,107,617 Global Smaller Companies 119,450 10.84 1,294,838 1,262,724 High-Yield Bond 11,596 10.03 116,308 115,992 Income 289,691 11.03 3,195,292 3,130,157 ----------- ----------- $29,149,418 $26,859,739 =========== ===========
4. Security Purchases and Sales The aggregate cost of purchases and the proceeds from sales of investments are presented below:
Aggregate Cost of Purchases Proceeds from Sales --------------------------- ------------------- Capital $ 643,105 $ 328,297 Cash Management 2,166,234 750,096 Common Stock 1,644,714 454,183 Communications and Information 9,531,185 227,747 Fixed Income Securities 359,502 217,177 Frontier 1,996,841 69,255 Global 786,388 373,579 Global Smaller Companies 1,189,325 56,316 High-Yield Bond 115,992 -- Income 1,607,792 624,350 ----------- ---------- $20,041,078 $3,101,000 =========== ==========
-- 5 --
Canada Life of America Variable Annuity Account 2 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ 5. Summary of Changes from Unit Transactions The following table represents a summary of changes from unit transactions attributable to contract holders for the periods indicated. The Communications and Information, Frontier and Global Smaller Companies Sub-Accounts commenced operations on October 11, 1994. The High-Yield Bond Sub-Account commenced operations on May 25, 1995. Six months ended June 30, 1995 Year ended December 31, 1994 ------------------------------- ----------------------------- Units Amount Units Amount --------- ----------- --------- ---------- Capital Accumulation Units: Contract purchases and net transfers in 34,499 $ 646,038 68,845 $1,206,771 Terminated contracts and net transfers out (17,187) (323,739) (11,147) (135,276) --------- ----------- --------- ---------- 17,312 $ 22,299 57,698 $1,071,495 ========= =========== ========= ========== Cash Management Accumulation Units: Contract purchases and net transfers in 1,709,424 $ 2,125,069 895,094 $ 919,388 Terminated contracts and net transfers out (615,665) (732,657) (517,005) (455,961) --------- ----------- --------- ---------- 1,093,759 $ 1,392,412 378,089 $ 463,427 ========= =========== ========= ========== Common Stock Accumulation Units: Contract purchases and net transfers in 73,063 $ 1,458,842 94,149 $1,729,749 Terminated contracts and net transfers out (12,268) (239,093) (1,785) (13,182) --------- ----------- --------- ---------- 60,795 $ 1,219,749 92,364 $1,716,567 ========= =========== ========= ========== Communications and Information Accumulation Units: Contract purchases and net transfers in 775,226 $ 9,658,547 47,541 $ 477,222 Terminated contracts and net transfers out (19,767) (229,697) -- -- --------- ----------- --------- ---------- 755,459 $ 9,428,850 47,541 $ 477,222 ========= =========== ========= ========== Fixed Income Securities Accumulation Units: Contract purchases and net transfers in 25,943 $ 358,270 60,800 $ 705,025 Terminated contracts and net transfers out (14,617) (200,720) (11,270) (48,526) --------- ----------- --------- ---------- 11,326 $ 157,550 49,530 $ 656,499 ========= =========== ========= ========== Frontier Accumulation Units: Contract purchases and net transfers in 171,932 $ 1,989,764 11,609 $ 116,162 Terminated contracts and net transfers out (4,297) (48,215) -- -- --------- ----------- --------- ---------- 167,635 $ ,941,549 11,609 $ 116,162 ========= =========== ========= ========== Global Accumulation Units: Contract purchases and net transfers in 71,259 $ 794,465 119,532 $1,203,916 Terminated contracts and net transfers out (31,562) (344,049) (16,093) (36,062) --------- ----------- --------- ---------- 39,697 $ 450,416 103,439 $1,167,854 ========= =========== ========= ========== Global Smaller Companies Accumulation Units: Contract purchases and net transfers in 112,874 $ 1,194,203 12,740 $ 127,393 Terminated contracts and net transfers out (5,379) (56,562) -- -- --------- ----------- --------- ---------- 107,495 $ 1,137,641 12,740 $ 127,393 ========= =========== ========= ========== High-Yield Bond Accumulation Units: Contract purchases and net transfers in 11,409 $ 114,050 Terminated contracts and net transfers out -- -- --------- ----------- 11,409 $ 114,050 ========= =========== Income Accumulation Units: Contract purchases and net transfers in 68,530 $ 1,113,964 117,463 $1,805,921 Terminated contracts and net transfers out (5,937) (98,635) (20,059) (245,286) --------- ----------- --------- ---------- 62,593 $ 1,015,329 97,404 $1,560,635 ========= =========== ========= ========== Net increase from unit transactions $17,179,845 $7,357,254 =========== ==========
-- 6 --
Canada Life of America Variable Annuity Account 2 - ------------------------------------------------------------------------------------------------------------------------------------ Notes to Financial Statements (unaudited) (continued) - ------------------------------------------------------------------------------------------------------------------------------------ 6. Mortality and Expense Risk (M and E) Charges CLICA assumes mortality and expense risks related to the operations of Variable Annuity Account 2 and deducts a charge equal to an effective annual rate of 1.25% of the net asset value of each of the Funds at each valuation period. In addition, at each valuation period an effective annual rate of 0.35% of the net asset value of each Fund is deducted as daily administration fees. 7. Net Assets Net assets at June 30, 1995 consisted of the following: Net Net Unrealized Realized Appreciation Accumulated Accumulated Gain (Depreciation) Unit M and E Investment (Loss) on on Sub-Account Transactions Charges Income Investments Investments Combined - ----------- ------------ ----------- ---------- ----------- ---------- -------- Capital $ 1,481,630 $ (13,623) $143,531 $(34,780) $ 50,956 $ 1,627,714 Cash Management 1,924,111 (22,881) 39,311 -- -- 1,940,541 Common Stock 3,579,608 (35,516) 281,797 (8,981) 128,340 3,945,248 Communications and Information 9,906,072 (93,191) -- 19,199 1,819,530 11,651,610 Fixed Income Securities 1,023,367 (11,039) 66,578 (14,492) 33,542 1,097,956 Frontier 2,057,711 (13,147) -- 3,903 123,648 2,172,115 Global 2,125,297 (32,452) 29,338 (1,614) 36,098 2,156,667 Global Smaller Companies 1,265,034 (5,911) 537 1,979 32,114 1,293,753 High-Yield Bond 114,050 (72) -- -- 316 114,294 Income 3,037,517 (44,185) 183,944 (16,710) 65,135 3,225,701 ----------- --------- -------- -------- ---------- ----------- $26,514,397 $(272,017) $745,036 $(51,496) $2,289,679 $29,225,599 =========== ========= ======== ======== ========== ===========
-- 7 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Largest Portfolio Changes* (unaudited) - -------------------------------------------------------------------------------- During the six months ended June 30, 1995 Shares ---------------------- Holdings Additions Increase 6/30/95 - --------- -------- -------- SELIGMAN CAPITAL PORTFOLIO Common Stocks Amgen............................... 1,800 1,800 Borders Group....................... 10,000 10,000 Bristol-Myers Squibb................ 2,000 2,000 Hospitality Franchise Systems....... 4,400 4,400 Masco............................... 4,600 4,600 Mirage Resorts...................... 5,200 5,200 Phelps Dodge........................ 2,100 2,100 USF&G............................... 7,900 7,900 Value Health........................ 3,200 3,200 Viacom (Class B).................... 3,000 3,000 Principal Amount or Shares ---------------------- Holdings Reductions Decrease 6/30/95 - ---------- ---------- -------- SELIGMAN CAPITAL PORTFOLIO Common Stocks Cisco Systems....................... 4,500 shs. -- CUC International................... 3,400 -- Eaton............................... 2,000 -- OfficeMax........................... 5,700 -- Paging Network...................... 4,300 -- Parametric Technology............... 4,800 -- Powersoft........................... 1,700 -- Sensormatic Electronics............. 3,500 -- Teva Pharmaceutical................. 4,500 -- Xilinx.............................. 2,000 -- - -------------------------------------------------------------------------------- Shares ---------------------- Holdings Additions Increase 6/30/95 - --------- -------- -------- SELIGMAN COMMON STOCK PORTFOLIO Common Stocks Atlantic Richfield.................. 2,100 2,100 Campbell Soup....................... 4,700 4,700 Federal National Mortgage Association..................... 3,700 3,700 General Mills....................... 4,100 4,100 Panhandle Eastern................... 9,300 9,300 Procter & Gamble.................... 4,500 4,500 Royal Dutch Petroleum............... 2,700 3,700 Rubbermaid.......................... 7,500 7,500 State Street Boston................. 6,300 6,300 Tenneco............................. 5,000 5,000 Principal Amount or Shares ---------------------- Holdings Reductions Decrease 6/30/95 - ---------- ---------- -------- SELIGMAN COMMON STOCK PORTFOLIO Common Stocks Alco Standard....................... 5,000 shs. -- British Airways (ADRs).............. 6,250 -- British Petroleum (ADRs)............ 5,000 -- First Data.......................... 6,000 -- First Financial Management.......... 5,000 -- Scott Paper......................... 4,400 -- Vodafone Group (ADSs)............... 9,195 -- Convertible Preferred Stocks Freeport-McMoRan $4.375 ............ 5,000 -- Subordinated Convertible Bonds Compania de Telefonos de Chile S.A. 4 1/2%, 1/15/2003..... $350,000 -- Network Equipment 7 1/4%, 5/15/2014....................... 300,000 -- - -------------------------------------------------------------------------------- Shares ---------------------- Holdings Additions Increase 6/30/95 - --------- -------- -------- SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO Common Stocks Aspect Telecommunications........... 5,000 5,000 Asyst Technologies.................. 6,000 6,000 Bell Microproducts.................. 20,000 20,000 Cisco Systems....................... 4,500 4,500 Compaq Computers.................... 5,000 5,000 Credence Systems.................... 6,900 9,000** Lattice Semiconductor............... 8,000 8,000 Mentor Graphics..................... 11,500 11,500 National Semiconductor.............. 10,000 10,000 Submicron Systems................... 20,000 20,000 Principal Amount or Shares ---------------------- Holdings Reductions Decrease 6/30/95 - ---------- ---------- -------- SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO Common Stocks Corel............................... 700 shs. -- Delrina............................. 700 -- Quickturn Design Systems............ 1,000 -- Sanmina............................. 400 -- Standard Microsystems............... 400 -- Viewlogic Systems................... 600 -- Western Digital..................... 600 -- - ---------- See footnotes on page P-3. -- P-1 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Largest Portfolio Changes* (unaudited) (continued) - -------------------------------------------------------------------------------- During the six months ended June 30, 1995 Principal Amount or Shares ---------------------- Holdings Additions Increase 6/30/95 - --------- -------- -------- SELIGMAN FIXED INCOME SECURITIES PORTFOLIO U.S. Government Agency Government National Mortgage Association 7 1/2%, 6/15/2023... $292,996 $292,996 Corporate Bonds AEGON N.V. 8%, 8/15/2006............ 150,000 150,000 American Home Products 7.90%, 2/15/2005............... 150,000 150,000 Capital One Bank 8 1/8%., 3/1/2000....................... 150,000 150,000 Golden West Financial 6.70%, 7/1/2002........................ 150,000 150,000 James River 6.70%, 11/15/2003....... 150,000 150,000 Principal Amount or Shares ---------------------- Holdings Reductions Decrease 6/30/95 - ---------- -------- -------- SELIGMAN FIXED INCOME SECURITIES PORTFOLIO U.S. Government Securities U.S. Treasury Notes 8 7/8%, 2/15/1996............... $600,000 $300,000 Corporate Bonds Banco Nacional de Comericio Exterior 7 1/4%, 2/2/2004........ 150,000 -- USX 9 1/8%, 1/15/2013............... 100,000 -- Asset-backed Securities Ford Credit Grantor Trust 7.30%, 10/15/1999............... 145,874 -- - -------------------------------------------------------------------------------- Principal Amount or Shares ---------------------- Holdings Additions Increase 6/30/95 - --------- -------- -------- SELIGMAN FRONTIER PORTFOLIO Common Stocks Arch Communications Group........... 2,165 shs. 2,165 shs. Community Psychiatric Centers....... 3,085 3,085 Electronics for Imaging............. 780 980 Jacor Communications................ 2,450 2,450 Leasing Solutions................... 3,100 3,100 Nu-Kote Holdings (Class A).......... 1,480 1,710 T. Rowe Price....................... 1,050 1,225 SITEL............................... 4,000 4,000 SunGard Data Systems................ 675 800 Wolverine Tube...................... 1,515 1,515 Principal Amount or Shares ---------------------- Holdings Reductions Decrease 6/30/95 - ---------- -------- -------- SELIGMAN FRONTIER PORTFOLIO Common Stocks Aldila.............................. 500 shs. -- Brothers Gourmet Coffees............ 400 -- Dorsey Trailers..................... 400 -- Duracraft........................... 150 -- Ernst Home Centers.................. 600 -- Nautica Enterprises................. 200 -- Standard Microsystems............... 200 -- Viewlogic Systems................... 300 -- Western Digital..................... 300 -- - -------------------------------------------------------------------------------- Principal Amount or Shares ---------------------- Holdings Additions Increase 6/30/95 - --------- -------- -------- SELIGMAN HENDERSON GLOBAL PORTFOLIO Common Stocks Deutsche Bank....................... 420 shs. 420 shs. L.M. Ericsson (Series B)............ 1,320 1,320 Groupe Danone....................... 150 150 Jurong Shipyard..................... 4,000 4,000 Kao................................. 2,000 2,000 Mitsubishi Materials................ 8,000 8,000 Nomura Securities................... 2,000 2,000 Norsk Hydro......................... 600 600 Pioneer Electronics................. 1,000 3,000 Toshiba............................. 4,000 12,000 Principal Amount or Shares ---------------------- Holdings Reductions Decrease 6/30/95 - ---------- -------- -------- SELIGMAN HENDERSON GLOBAL PORTFOLIO Common Stocks ABN-AMRO Holdings................... 350 shs. -- Bekaert............................. 20 -- City Developments................... 3,400 -- Daiwa House Industry................ 2,000 2,000 shs. Fuji Bank........................... 1,000 1,000 Mitsubishi Rayon.................... 13,000 -- News Corp........................... 3,000 3,204 Repsol.............................. 400 -- TPI Polene.......................... 3,250 -- Tuntex Distinct (GDRs).............. 1,200 -- - ---------- See footnotes on page P-3. -- P-2 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Largest Portfolio Changes* (unaudited) (continued) - -------------------------------------------------------------------------------- During the six months ended June 30, 1995 Principal Amount or Shares ---------------------- Holdings Additions Increase 6/30/95 - --------- -------- -------- SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO Common Stocks Danske Traelastkompagne............. 223 shs. 293 shs. LEM Holdings........................ 67 67 Montupet............................ 131 131 Namura Shipbuilding................. 1,000 1,000 Otra N.V............................ 94 94 Sylea............................... 205 205 Tilbury Douglas..................... 2,500 2,500 Thorkild Kristensen................. 325 325 Valmet Oy........................... 910 910 Wace Group.......................... 1,600 3,000 Principal Amount or Shares ---------------------- Holdings Reductions Decrease 6/30/95 - ---------- -------- -------- SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO Common Stocks Aldila.............................. 375 shs. -- Coflexip (ADRs)..................... 170 -- DeVRY............................... 125 -- Duracraft........................... 120 -- Sullivan Dental Products............ 270 -- SunGard Data Systems................ 20 80 shs. Western Digital..................... 230 -- - -------------------------------------------------------------------------------- Principal Amount or Shares ---------------------- Holdings Additions Increase 6/30/95 - --------- -------- -------- SELIGMAN INCOME PORTFOLIO Common Stocks Bell Atlantic....................... 4,000 shs. 4,000 shs. Convertible Preferred Stocks Mobile Telecommunication Technologies $2.25.............. 6,500 6,500 National City $4.00................. 3,300 3,300 Unocal $3.50........................ 4,000 4,000 Subordinated Convertible Bonds EMC 4 1/4%, 1/1/2001................ $200,000 $200,000 James River 6.70%, 11/15/2003....... 350,000 350,000 LDDS Communications 5%, 8/15/2003................... 250,000 250,000 MascoTech 4 1/2%, 12/15/2003........ 300,000 300,000 Corporate Bonds AEGON N.V. 8%, 8/15/2006............ 250,000 250,000 Capital One Bank 8 1/8%, 3/1/2000................ 250,000 250,000 Principal Amount or Shares ---------------------- Holdings Reductions Decrease 6/30/95 - ---------- -------- -------- SELIGMAN INCOME PORTFOLIO Common Stocks Dominion Resources.................. 3,000 shs. -- Unicom.............................. 5,304 -- Convertible Preferred Stocks Consolidated Freightways $1.54...... 10,000 -- Subordinated Convertible Bonds Arvin Industries 7 1/2%, 9/30/2014.. $200,000 -- Bank of Boston 7 3/4%, 6/15/2011.... 200,000 -- Century Telephone 6%, 2/1/2007...... 150,000 -- Compania de Telefonos de Chile S.A. 4 1/2%, 1/15/2003.......... 250,000 -- Quantum 6 3/8%, 4/1/2002............ 250,000 -- Seagate Technology 6 3/4%, 5/1/2012........................ 350,000 -- Corporate Bonds Banco Nacional de Comericio Exterior 7 1/4%, 2/2/2004........ 250,000 -- - ---------- * Largest portfolio changes from the previous year-end to the current midyear are based on cost of purchases and proceeds from sales of securities. ** Includes 1,700 shares received as a result of a 3-for-2 stock split. -- P-3 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) - -------------------------------------------------------------------------------- SELIGMAN CAPITAL PORTFOLIO COMMON STOCKS -- 92.9% Shares Value ------ ----- AUTOMOTIVE AND RELATED -- 6.9% Chrysler .......................................... 2,100 $ 100,538 Cooper Tire & Rubber .............................. 5,000 121,875 Harley-Davidson ................................... 4,800 117,000 Phelps Dodge ...................................... 2,100 123,900 ----------- 463,313 ----------- BASIC MATERIALS -- 3.5% Louisiana Pacific ................................. 4,600 120,750 Nucor ............................................. 2,100 112,350 ----------- 233,100 ----------- BUSINESS SERVICES AND SUPPLIES -- 5.6% Grainger (W.W.) ................................... 1,900 111,625 Interpublic Group of Companies .................... 3,600 135,000 USF&G ............................................. 7,900 128,375 ----------- 375,000 ----------- COMPUTER GOODS AND SERVICES -- 10.0% Ceridian* ......................................... 5,400 199,125 EMC* .............................................. 6,300 152,775 FIserv* ........................................... 6,000 167,625 Intel ............................................. 2,400 151,950 ----------- 671,475 ----------- CONSUMER GOODS AND SERVICES -- 7.4% Masco ............................................. 4,600 124,200 Newell ............................................ 5,800 142,100 Tambrands ......................................... 2,700 115,425 UST Inc. .......................................... 4,000 119,000 ----------- 500,725 ----------- DRUGS AND HEALTH CARE -- 17.1% Amgen* ............................................ 1,800 144,675 Arrow International ............................... 3,000 125,625 Beverly Enterprises ............................... 7,800 96,525 Bristol-Myers Squibb .............................. 2,000 136,250 Columbia/HCA Healthcare ........................... 2,900 125,425 Community Psychiatric Centers ..................... 6,800 76,500 Dentsply International* ........................... 3,200 115,400 Protein Design Labs* .............................. 4,900 102,288 Sunrise Medical* .................................. 4,000 124,500 Value Health* ..................................... 3,200 103,200 ----------- 1,150,388 ----------- FINANCIAL SERVICES -- 4.6% MBNA .............................................. 4,800 162,000 Travelers ......................................... 3,300 144,375 ----------- 306,375 ----------- - ---------- * Non-income producing security. See notes to financial statements. -- P-4 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1995 - -------------------------------------------------------------------------------- SELIGMAN CAPITAL PORTFOLIO (continued) Shares or Principal Amount Value --------- ----- FOOD AND FOOD SERVICES -- 3.4% Brinker International* ............................ 5,200 shs.$ 89,700 PepsiCo ........................................... 3,000 136,875 ----------- 226,575 ----------- LEISURE AND RELATED -- 9.0% Circus Circus Enterprises* ........................ 3,700 130,425 Hospitality Franchise Systems* .................... 4,400 152,350 Mattel ............................................ 6,250 162,500 Mirage Resorts* ................................... 5,200 159,250 ----------- 604,525 ----------- RETAIL TRADE -- 8.2% American Eagle Outfitters ......................... 3,500 54,250 Borders Group ..................................... 10,000 143,750 Home Depot ........................................ 3,500 142,187 Illinois Tool Works ............................... 2,700 148,500 Nordstrom ......................................... 1,600 66,100 ----------- 554,787 ----------- SOFTWARE -- 3.7% Microsoft* ........................................ 1,900 171,831 Sybase* ........................................... 2,720 79,050 ----------- 250,881 ----------- SPECIALTY CHEMICALS -- 2.0% Schulman, A ....................................... 4,687 134,751 ----------- TELECOMMUNICATIONS -- 11.5% British Sky Broadcasting (ADRs) ................... 4,900 128,013 Century Telephone Enterprises ..................... 4,000 113,500 DSC Communications* ............................... 3,400 158,312 MCICommunications ................................. 3,300 72,394 Motorola .......................................... 2,400 161,100 Viacom (Class B) .................................. 3,000 139,125 ----------- 772,444 ----------- Total Common Stocks (Cost $5,139,225) ............. 6,244,339 ----------- REPURCHASE AGREEMENTS -- 5.2% (5 1/4% maturing 7/5/1995) (Cost $350,000) HSBC Securities, Inc., collateralized by: $350,000 U.S. Treasury Notes 6 1/2%, 5/15/1997, with a fair market value of $357,204 ........... $350,000 350,000 ----------- Total Investments -- 98.1% (Cost $5,489,225) ...... 6,594,339 Other Assets Less Liabilities -- 1.9% ............. 126,944 ----------- Net Assets -- 100.0% .............................. $6,721,283 =========== - ---------- * Non-income producing security. See notes to financial statements. -- P-5 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN CASH MANAGEMENT PORTFOLIO Annualized Yield on Purchase Principal Date Amount Value ---------- --------- ----- U.S. GOVERNMENT SECURITIES -- 48.2% U.S. Treasury Bills, 9/14/1995 ................. 5.79% $1,600,000 $ 1,581,284 U.S. Treasury Bills, 8/24/1995 ................. 5.81 350,000 347,044 ----------- Total U.S. Government Securities (Cost $1,928,328) ............................ 1,928,328 ----------- COMMERCIAL PAPER -- 31.6% AT&T Capital Corp., 8/16/1995 .................. 5.94 175,000 173,672 Associates Corp. of North America, 9/26/1995 ... 5.68 175,000 172,598 American Express Credit Corp., 7/12/1995 ....... 6.00 150,000 149,725 Ford Motor Credit Corp., 8/2/1995 .............. 5.96 175,000 174,073 John Deere Capital Corp., 10/4/1995 ............ 5.67 175,000 172,382 General Electric Capital Corp., 7/26/1995 ...... 6.08 125,000 124,480 Hewlett-Packard Company, 9/5/1995 .............. 5.90 150,000 148,377 Pitney Bowes Credit Corp., 8/8/1995 ............ 6.01 150,000 149,062 ----------- Total Commercial Paper (Cost $1,264,369) ....... 1,264,369 ----------- REPURCHASE AGREEMENTS -- 16.2% (5 1/4% maturing 7/5/1995) (Cost $650,000) HSBC Securities, Inc., collateralized by: $650,000 U.S. Treasury Notes 6 1/2%, 5/15/1997, with a fair market value of $663,380 ......... 5.25 650,000 650,000 ----------- Total Investments -- 96.0% (Cost $3,842,697) ... 3,842,697 Other Assets Less Liabilities -- 4.0% .......... 160,417 ----------- Net Assets -- 100.0% ........................... $ 4,003,114 =========== SELIGMAN COMMON STOCK PORTFOLIO Shares Value ------ ----- COMMON STOCKS -- 91.9% ADVERTISING -- 1.1% Omnicom Group ..................................... 4,200 $ 254,625 ----------- APPAREL AND TEXTILES -- 1.4% Liz Claiborne ..................................... 5,800 123,250 Unifi ............................................. 8,400 202,125 ----------- 325,375 ----------- AUTOMOTIVE AND RELATED -- 2.2% Echlin ............................................ 6,300 218,925 General Motors .................................... 2,800 110,600 United Technologies ............................... 2,300 179,688 ----------- 509,213 ----------- BUILDING AND CONSTRUCTION -- 0.9% Cemex S.A. (ADSs) ................................. 16,875 60,431 Sherwin-Williams .................................. 4,000 142,500 ----------- 202,931 ----------- - ---------- See notes to financial statements. -- P-6 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1995 - -------------------------------------------------------------------------------- SELIGMAN COMMON STOCK PORTFOLIO (continued) Shares Value ------ ----- CHEMICALS -- 5.0% Air Products and Chemicals ........................ 6,200 $ 345,650 Crompton & Knowles ................................ 7,600 107,350 Dow Chemical ...................................... 7,800 560,625 Lubrizol .......................................... 4,200 148,575 ----------- 1,162,200 ----------- COMPUTERS AND BUSINESSSERVICES -- 2.1% International Business Machines ................... 5,200 499,200 ----------- CONSUMER GOODS AND SERVICES -- 12.0% Coca-Cola ......................................... 4,800 306,000 Colgate-Palmolive ................................. 4,200 307,125 Eastman Kodak ..................................... 3,200 194,000 Gillette .......................................... 8,200 365,925 International Flavors & Fragrances ................ 5,900 293,525 PepsiCo ........................................... 12,100 552,063 Procter & Gamble .................................. 4,500 323,437 Rubbermaid ........................................ 7,500 208,125 UST Inc. .......................................... 8,400 249,900 ----------- 2,800,100 ----------- DRUGS AND HEALTH CARE -- 6.6% Abbott Laboratories ............................... 6,200 251,100 American Home Products ............................ 2,000 154,750 Bard (C.R.) ....................................... 5,000 150,000 Bausch & Lomb ..................................... 2,500 103,750 Bristol-Myers Squibb .............................. 2,900 197,563 Mallinckrodt Group ................................ 3,700 131,350 Schering-Plough ................................... 12,600 555,975 ----------- 1,544,488 ----------- ELECTRIC AND GAS UTILITIES -- 0.8% PacifiCorp ........................................ 9,500 178,125 ----------- ELECTRONICS -- 1.2% Motorola .......................................... 4,200 281,925 ----------- ENERGY -- 10.8% Anadarko Petroleum ................................ 2,900 125,062 Atlantic Richfield ................................ 2,100 230,475 Baker Hughes ...................................... 7,000 143,500 Enron ............................................. 8,400 295,050 Mobil ............................................. 2,400 230,400 Panhandle Eastern ................................. 9,300 226,688 Pennzoil .......................................... 4,300 202,637 Royal Dutch Petroleum ............................. 3,700 450,937 Schlumberger ...................................... 5,400 335,475 Sonat ............................................. 9,200 280,600 ----------- 2,520,824 ----------- - ---------- See notes to financial statements. -- P-7 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN COMMON STOCK PORTFOLIO (continued) Shares Value ------ ----- FINANCE AND INSURANCE -- 14.9% Aetna Life & Casualty ............................. 3,200 $ 201,200 Ahmanson (H.F.) ................................... 8,300 182,600 American International Group ...................... 4,600 524,400 Bank of New York .................................. 6,400 258,400 Chubb ............................................. 4,000 320,500 Federal National Mortgage Association ............. 3,700 349,188 General Re ........................................ 3,100 415,013 Great Western Financial ........................... 6,600 136,125 Household International ........................... 2,400 118,800 KeyCorp ........................................... 5,100 160,012 Morgan (J.P.) ..................................... 1,900 133,238 NationsBank ....................................... 5,814 311,776 PNC Bank .......................................... 5,900 155,612 State Street Boston ............................... 6,300 232,313 ----------- 3,499,177 ----------- FOOD -- 5.3% Campbell Soup ..................................... 4,700 230,300 ConAgra ........................................... 4,050 141,244 CPC International ................................. 4,200 259,350 General Mills ..................................... 4,100 210,637 Sara Lee .......................................... 9,500 270,750 Wendy's International ............................. 7,100 126,912 ----------- 1,239,193 ----------- INDUSTRIAL EQUIPMENT -- 2.5% Emerson Electric .................................. 2,200 157,300 General Electric .................................. 7,900 445,362 ----------- 602,662 ----------- OFFICE EQUIPMENT -- 1.0% Pitney Bowes ...................................... 6,400 245,600 ----------- PAPER PRODUCTS -- 0.8% Kimberly-Clark .................................... 3,000 179,625 ----------- PRINTING AND PUBLISHING -- 2.4% Donnelley (R.R.) .................................. 3,000 108,000 Knight-Ridder Newspapers .......................... 5,600 318,500 Tribune ........................................... 2,000 122,750 ----------- 549,250 ----------- RETAIL TRADE -- 7.3% American Stores ................................... 6,700 188,437 Dillard Department Stores ......................... 4,200 123,375 Kmart ............................................. 5,800 84,825 Limited ........................................... 5,900 129,800 May Department Stores ............................. 4,800 199,800 Nordstrom ......................................... 6,700 276,794 Penney (J.C.) ..................................... 4,000 192,000 Sears, Roebuck .................................... 4,000 239,500 - ---------- See notes to financial statements. -- P-8 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1995 - -------------------------------------------------------------------------------- SELIGMAN COMMON STOCK PORTFOLIO (continued) Shares or Principal Amount Value --------- ----- RETAIL TRADE (continued) Wal-Mart .......................................... 6,600 shs. $ 176,550 Woolworth ......................................... 7,200 108,900 ----------- 1,719,981 ----------- TECHNOLOGY -- 1.1% Cray Research ..................................... 11,000 268,125 ----------- TELECOMMUNICATIONS -- 2.8% ALLTEL ............................................ 9,100 230,913 American Telephone & Telegraph .................... 4,200 223,125 GTE ............................................... 6,200 211,575 ----------- 665,613 ----------- TELEPHONE UTILITIES -- 0.9% NYNEX ............................................. 5,300 213,325 ----------- TOBACCO -- 1.3% Philip Morris ..................................... 4,200 312,375 ----------- TRANSPORTATION -- 2.1% Conrail ........................................... 2,900 161,313 NFC ............................................... 40,000 102,685 Roadway Services .................................. 4,850 227,950 ----------- 491,948 ----------- MISCELLANEOUS -- 5.4% Corning ........................................... 12,200 399,550 Dover ............................................. 2,200 160,050 Minnesota Mining & Manufacturing .................. 8,200 469,450 Tenneco ........................................... 5,000 230,000 ----------- 1,259,050 ----------- Total Common Stocks (Cost $16,311,655) ............ 21,524,930 ----------- SUBORDINATED CONVERTIBLE BONDS -- 1.5% EMC 4 1/4%, 1/1/2001 ............................... $125,000 168,750 MascoTech 4 1/2%, 12/15/2003 ....................... 250,000 182,188 ----------- Total Subordinated Convertible Bonds (Cost $318,260) 350,938 ----------- REPURCHASE AGREEMENTS -- 5.3% (5 1/4% maturing 7/5/1995) (Cost $1,250,000) HSBC Securities, Inc., collateralized by: $1,250,000 U.S. Treasury Notes 6 1/2%, 5/15/1997, with a fair market value of $1,275,730 1,250,000 1,250,000 ----------- Total Investments -- 98.7% (Cost $17,879,915) ..... 23,125,868 Other Assets Less Liabilities -- 1.3% ............. 296,242 ----------- Net Assets -- 100.0% .............................. $23,422,110 =========== - ---------- See notes to financial statements. -- P-9 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- Shares Value ------ ----- SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO COMMON STOCKS -- 90.5% COMMUNICATIONS INFRASTRUCTURE -- 14.7% Act Networks ...................................... 5,800 $ 98,600 Aspect Telecommunications* ........................ 5,000 225,000 Boston Technology ................................. 7,000 130,812 Cabletron Systems ................................. 2,500 133,125 CIDCO* ............................................ 6,000 188,625 Cisco Systems* .................................... 4,500 227,531 DSC Communications* ............................... 3,700 172,281 Lannet Data Communications* ....................... 8,500 204,000 Madge N.V ......................................... 3,500 98,438 Motorola .......................................... 2,000 134,250 Premisys Communications ........................... 2,700 174,488 ----------- 1,787,150 ----------- COMPUTER HARDWARE/PERIPHERALS -- 14.0% Adaptec* .......................................... 4,500 165,937 Compaq Computers* ................................. 5,000 226,875 Electronics for Imaging* .......................... 3,000 157,125 EMC* .............................................. 9,500 230,375 Komag* ............................................ 4,000 208,500 Mentor Graphics ................................... 11,500 199,812 Read-Rite* ........................................ 7,000 186,813 Tektronix ......................................... 4,000 197,000 Vicor ............................................. 3,000 134,437 ----------- 1,706,874 ----------- COMPUTER SOFTWARE --17.9% BMC Software* ..................................... 2,000 154,000 CoATS Software .................................... 3,200 36,000 CBT Group (ADRs) .................................. 1,200 51,600 Compuware* ........................................ 6,200 191,425 Expert Software ................................... 7,500 136,875 FTP Software* ..................................... 6,000 181,500 MapInfo* .......................................... 1,000 35,375 Netmanage* ........................................ 8,000 138,000 Network General ................................... 8,000 218,500 Oracle Systems* ................................... 5,000 192,813 Parametric Technology* ............................ 4,000 198,500 Renaissance Solutions ............................. 4,000 53,500 Softkey International ............................. 8,000 254,000 Synopsys* ......................................... 2,000 125,000 VMark Software .................................... 12,000 210,000 ----------- 2,177,088 ----------- CONTRACT MANUFACTURING -- 2.5% Altron* ........................................... 5,000 120,625 Merix* ............................................ 6,000 180,000 ----------- 300,625 ----------- - ---------- * Non-income producing security. See notes to financial statements. -- P-10 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1995 - -------------------------------------------------------------------------------- SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO (continued) Shares or Principal Amount Value --------- ----- INFORMATION SERVICES -- 0.9% SunGard Data Systems* ............................. 2,000 shs. $ 105,000 ----------- SEMICONDUCTORS -- 21.5% Advanced Micro Devices* ........................... 5,500 200,063 Alliance Semiconductors* .......................... 3,500 170,625 Atmel* ............................................ 3,000 166,312 Bell Microproducts* ............................... 20,000 196,250 Cypress Semiconductor* ............................ 5,200 210,600 Exar* ............................................. 4,000 117,000 Integrated Device Technology* ..................... 2,500 115,469 Intel ............................................. 3,000 189,937 Lattice Semiconductor ............................. 8,000 275,500 Linear Technology ................................. 3,000 197,250 Maxim Intergrated Products* ....................... 4,000 204,000 Microchip Technology* ............................. 3,000 109,500 National Semiconductor* ........................... 10,000 277,500 Xilinx* ........................................... 2,000 187,750 ----------- 2,617,756 ----------- SEMICONDUCTOR CAPITAL EQUIPMENT -- 19.0% Applied Materials* ................................ 2,500 216,250 Asyst Technologies ................................ 6,000 222,750 Cognex* ........................................... 3,500 140,438 Credence Systems* ................................. 9,000 270,000 Electro Scientific* ............................... 5,200 173,550 Electroglas* ...................................... 2,000 115,000 FSI International* ................................ 4,000 94,000 Fusion Systems* ................................... 2,000 67,750 KLA Instruments* .................................. 1,800 139,275 Lam Research* ..................................... 2,500 159,687 Mattson Technology* ............................... 3,500 163,188 Novellus Systems* ................................. 3,000 203,250 PRI Automation* ................................... 4,000 132,000 Submicron Systems ................................. 20,000 217,500 ----------- 2,314,638 ----------- Total Common Stocks (Cost $9,214,729) ............. 11,009,131 ----------- SHORT-TERM HOLDINGS -- 8.2% Bank of Montreal, Toronto, Fixed Time Deposit 6 1/16%, 7/5/1995 ............. $500,000 500,000 First National Bank of Chicago, Grand Cayman, Fixed Time Deposit, 6%, 7/5/1995 ................. 500,000 500,000 ----------- Total Short-Term Holdings (Cost $1,000,000) ....... 1,000,000 ----------- Total Investments -- 98.7% (Cost $10,214,729) ...... 12,009,131 Other Assets Less Liabilities -- 1.3% .............. 161,775 ----------- Net Assets -- 100.0% ............................... $12,170,906 =========== - ---------- * Non-income producing security. See notes to financial statements. -- P-11 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN FIXED INCOME SECURITIES PORTFOLIO Principal Amount Value --------- ----- U.S. GOVERNMENT SECURITIES AND AGENCIES -- 54.1% U.S. GOVERNMENT SECURITIES -- 37.9% U.S. Treasury Bonds 8 7/8%, 2/15/2019 ............. $900,000 $ 1,128,093 U.S. Treasury Notes 8 7/8%, 2/15/1996 ............. 300,000 305,813 ----------- Total U.S. Government Securities (Cost $1,339,791) 1,433,906 ----------- U.S. GOVERNMENT AGENCIES -- 16.2% Government National Mortgage Association: 10%, 12/15/2020+ ............................... 289,755 315,652 7 1/2%, 6/15/2023+ ............................. 292,996 294,736 ----------- Total U.S. Government Agencies (Cost $586,847) .... 610,388 ----------- Total U.S. Government Securities and Agencies (Cost $1,926,638) ............................... 2,044,294 ----------- CORPORATE BONDS -- 35.5% AEGON N.V. 8%, 8/15/2006 .......................... 150,000 162,246 American Home Products 7.90%, 2/15/2005 ........... 150,000 160,375 Capital One Bank 8 1/8%, 3/1/2000 ................. 150,000 157,209 First USA Bank 5 3/4%, 1/15/1999 .................. 100,000 96,906 General Motors Acceptance 5 5/8%, 2/1/1999 ........ 150,000 145,418 Golden West Financial 6.70%, 7/1/2002 ............. 150,000 148,375 James River 6.70%, 11/15/2003 ..................... 150,000 145,016 News America Holdings 8 1/4%, 8/10/2018 ........... 150,000 154,995 United Telecommunications 9 1/2%, 4/1/2003 ........ 150,000 172,371 ----------- Total Corporate Bonds (Cost $1,279,072) ........... 1,342,911 ----------- REPURCHASE AGREEMENTS -- 5.3% (5 1/4% maturing 7/5/1995) (Cost $200,000) HSBC Securities, Inc., collateralized by: $200,000 U.S. Treasury Notes 6 1/2%, 5/15/1997, with a fair market value of $204,117 ........... 200,000 200,000 ----------- Total Investments -- 94.9% (Cost $3,405,710) ...... 3,587,205 Other Assets Less Liabilities -- 5.1% ............. 193,361 ----------- Net Assets -- 100.0% .............................. $3,780,566 =========== - ---------- + Investments in mortgage-backed securities are subject to principal paydowns. As a result of prepayments from refinancing or satisfaction of the underlying mortgage instruments, the average life may be less than the stated maturity. This in turn may impact the ultimate yield realized from these investments. See notes to financial statements. -- P-12 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1995 - -------------------------------------------------------------------------------- SELIGMAN FRONTIER PORTFOLIO Shares Value ------ ----- COMMON STOCKS -- 56.1% ADVERTISING -- 2.3% DIMAC* ............................................ 1,500 $ 23,250 Heritage Media (Class A) .......................... 1,135 32,773 ----------- 56,023 ----------- APPAREL -- 0.8% St. John Knits .................................... 450 20,194 ----------- BROADCASTING -- 3.0% EZ Communications (Class A)* ...................... 1,000 18,250 Jacor Communications* ............................. 2,450 40,119 United Video Satellite Group (Class A)* ........... 502 14,495 ----------- 72,864 ----------- BUSINESS GOODS AND SERVICES -- 2.6% Interim Services* ................................. 400 9,950 Nu-Kote Holdings (Class A)* ....................... 1,710 53,865 ----------- 63,815 ----------- CAPITAL GOODS -- 4.2% DT Industries ..................................... 1,500 17,062 Fusion Systems* ................................... 475 16,091 Greenfield Industries ............................. 540 15,525 Oak Industries .................................... 240 6,180 Wolverine Tube* ................................... 1,515 48,669 ----------- 103,527 ----------- COMMUNICATIONS -- 9.0% Arch Communications Group* ........................ 2,165 47,765 Aspect Telecommunications* ........................ 530 23,850 Premisys Communications ........................... 850 54,931 ProNet* ........................................... 1,190 24,172 SITEL* ............................................ 4,000 70,750 ----------- 221,468 ----------- COMPUTER SOFTWARE AND SERVICES -- 6.4% BISYS Group* ...................................... 1,575 34,847 CoATS Software .................................... 2,500 28,125 Expert Software ................................... 1,500 27,375 SPS Transaction Services* ......................... 700 24,237 SunGard Data Systems .............................. 800 42,000 ----------- 156,584 ----------- DRUGS AND HEALTH CARE -- 6.4% AmeriSource Health (Class A) ...................... 1,330 30,590 Benson Eyecare .................................... 2,250 22,781 Community Psychiatric Centers ..................... 3,085 34,706 Lincare Holdings* ................................. 1,100 29,288 Living Centers of America* ........................ 710 19,259 Protein Design Labs* .............................. 980 20,457 ----------- 157,081 ----------- - ---------- * Non-income producing security. See notes to financial statements. -- P-13 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN FRONTIER PORTFOLIO (continued) Shares Value ------ ----- ELECTRONICS -- 6.1% Cognex ............................................ 400 $ 16,050 Cypress Semiconductor* ............................ 620 25,110 Electroglas* ...................................... 430 24,725 Electronics for Imaging* .......................... 980 51,328 Lam Research* ..................................... 500 31,938 ----------- 149,151 ----------- FARM EQUIPMENT -- 1.5% AGCO .............................................. 960 36,000 ----------- FINANCIAL SERVICES -- 5.0% Commerce Bancorp .................................. 850 16,416 Leasing Solutions* ................................ 3,100 35,650 T. Rowe Price ..................................... 1,225 47,316 Roosevelt Financial Group ......................... 1,400 23,275 ----------- 122,657 ----------- FOOD --0.9% Canandaigua Wine (Class A)* ....................... 515 22,982 ----------- MEDICAL PRODUCTS AND TECHNOLOGY -- 1.6% Dentsply International ............................ 625 22,539 Patterson Dental* ................................. 680 16,065 ----------- 38,604 ----------- OIL AND GAS -- 2.1% Coflexip (ADRs) ................................... 900 22,837 Pogo Producing .................................... 1,230 28,136 ----------- 50,973 ----------- RESTAURANTS --0.2% International House of Pancakes* .................. 200 5,200 ----------- RETAIL TRADE -- 1.4% Casey's General Store ............................. 1,905 33,933 ----------- TRANSPORTATION -- 0.8% U.S. Xpress Enterprises (Class A)* ................ 2,510 20,864 ----------- UTILITIES -- 1.8% California Energy* ................................ 1,900 31,113 Trigen Energy ..................................... 860 15,158 ----------- 46,271 ----------- Total Common Stocks (Cost $1,247,162) ............. 1,378,191 ----------- - ---------- * Non-income producing security. See notes to financial statements. -- P-14 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1995 - -------------------------------------------------------------------------------- SELIGMAN FRONTIER PORTFOLIO (continued) Principal Amount Value --------- ----- SHORT-TERM HOLDINGS -- 28.5% ABN-AMRO Bank, Grand Cayman, Fixed Time Deposit 6%, 7/5/1995 .................. $100,000 $ 100,000 Bank of Montreal, Toronto, Fixed Time Deposit, 6 1/16%, 7/5/1995 ............ 100,000 100,000 Canadian Imperial Bank of Commerce, Grand Cayman, Fixed Time Deposit, 6.06%, 7/5/1995 .............. 100,000 100,000 First National Bank of Chicago, Grand Cayman, Fixed Time Deposit, 6%, 7/5/1995 ................. 100,000 100,000 Society National Bank, Grand Cayman, Fixed Time Deposit, 6%, 7/5/1995 ................. 100,000 100,000 Swiss Bank, Grand Cayman, Fixed Time Deposit, 5 15/16%, 7/5/1995 ........... 100,000 100,000 Union Bank of Switzerland, Grand Cayman, Fixed Time Deposit, 6 1/8%, 7/5/1995 ............. 100,000 100,000 ----------- Total Short-Term Holdings (Cost $700,000) ......... 700,000 ----------- Total Investments -- 84.6% (Cost $1,947,162) ...... 2,078,191 Other Assets Less Liabilities -- 15.4% ............ 377,346 ----------- Net Assets -- 100.0% .............................. $ 2,455,537 =========== SELIGMAN HENDERSON GLOBAL PORTFOLIO Shares Value ------ ----- COMMON STOCKS -- 82.0% BANKING --7.2% Banco de Santander (Spain) ........................ 636 $ 25,135 Deutsche Bank (Germany) ........................... 420 20,446 Fuji Bank (Japan) ................................. 1,000 20,188 Malayan Banking (Malaysia) ........................ 1,500 11,874 Siam Commercial Bank (Thailand) ................... 1,000 9,560 Societe Generale (France) ......................... 190 22,240 Sumitomo Trust and Banking (Japan) ................ 2,000 24,320 United Overseas Bank (Singapore) .................. 2,684 25,364 ----------- 159,127 ----------- BUILDING MATERIALS AND PRODUCTS -- 0.8% Caradon (UK) ...................................... 5,000 18,815 ----------- CHEMICALS -- 3.6% Akzo Nobel (Netherlands) .......................... 190 22,727 Bayer A.G. (Germany) .............................. 85 21,132 Norsk Hydro (Netherlands) ......................... 600 25,181 Toyo Ink Manufacturing (Japan) .................... 2,000 11,097 ----------- 80,137 ----------- COMMERCIAL SERVICES -- 2.2% Jurong Shipyard (Singapore) ....................... 4,000 28,633 Kvaerner Industries (Norway) ...................... 466 20,427 ----------- 49,060 ----------- - ---------- See notes to financial statements. -- P-15 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL PORTFOLIO (continued) Shares Value ------ ----- CONSTRUCTION AND PROPERTY -- 3.8% Daiwa House Industry (Japan) ...................... 2,000 $ 30,695 LaFarge Coppee (France) ........................... 251 19,545 Siam Cement (Thailand) ............................ 200 12,769 Uralita (Spain) ................................... 1,800 21,750 ----------- 84,759 ----------- CONSUMER PRODUCTS -- 5.9% CSK (Japan) ....................................... 1,000 23,139 Kao (Japan) ....................................... 2,000 24,084 L'Oreal (France) .................................. 95 23,868 Nestle (Switzerland) .............................. 25 26,069 Unilever (UK) ..................................... 1,700 34,493 ----------- 131,653 ----------- DRUGS AND HEALTH CARE -- 1.2% Roche Holdings (Switzerland) ...................... 4 25,812 ----------- ELECTRONICS -- 7.9% Farnell Electronics (UK) .......................... 2,350 23,756 Mitsubishi High-Tech (Japan) ...................... 1,000 23,611 Pioneer Electronics (Japan) ....................... 3,000 51,001 Toshiba (Japan) ................................... 12,000 76,076 ----------- 174,444 ----------- FINANCE AND INSURANCE -- 6.7% Assicurazioni Generali (Italy) .................... 775 18,231 AXA (France) ...................................... 398 21,527 Internationale Nederlanden Group (Netherlands) .... 413 22,860 Legal & General Group (UK) ........................ 3,000 25,448 Nomura Securities (Japan) ......................... 2,000 34,945 Zurich Versicherung (Switzerland) ................. 20 25,168 ----------- 148,179 ----------- INDUSTRIAL GOODS AND SERVICES -- 2.7% BBC Brown Boverie (Switzerland) ................... 26 26,953 BTR (UK) .......................................... 6,600 33,623 BTR Warrants* (UK) ................................ 33 14 ----------- 60,590 ----------- LEISURE AND HOTELS -- 1.5% Granada Group (UK) ................................ 3,400 32,961 ----------- MANUFACTURING -- 6.3% Delta Group (UK) .................................. 2,500 19,333 FKI Babcock (UK) .................................. 8,700 22,057 FKI Babcock Rights* (UK) .......................... 1,925 1,028 Gadjah Tungal (Indonesia) ......................... 19,000 26,875 Hocheng Group (GDRs)* (Taiwan) .................... 1,000 14,750 Yamaha (Japan) .................................... 5,000 54,601 ----------- 138,644 ----------- - ---------- * Non-income producing security. See notes to financial statements. -- P-16 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1995 - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL PORTFOLIO (continued) Shares Value ------ ----- MEDIA -- 5.7% News Corp. (Australia) ............................ 3,204 $ 17,889 Nippon Television Network (Japan) ................. 110 24,804 Reed Elsevier (Netherlands) ....................... 2,250 26,594 Reuters Holdings (UK) ............................. 3,900 32,585 WPP Group (UK) .................................... 13,200 25,467 ----------- 127,339 ----------- METALS -- 0.5% Sumitomo Sitex (Japan) ............................ 1,000 10,743 ----------- PAPER AND PACKAGING -- 2.4% Nippon Paper (Japan) .............................. 5,000 32,466 Stora Kopparbergs (Sweden) ........................ 1,500 20,326 ----------- 52,792 ----------- RESOURCES -- 4.3% British Petroleum (UK) ............................ 4,700 33,761 Broken Hill Proprietary (Australia) ............... 1,705 20,977 MIM Holdings (Australia) .......................... 8,000 9,888 Societe Nationale ELF Aquitaine (France) .......... 300 22,203 YPF Sociedad Anonima (ADRs) (Argentina) ........... 400 7,550 ----------- 94,379 ----------- RETAILING -- 4.8% Aoyama Trading (Japan) ............................ 600 10,058 Carrefour Supermarche (France) .................... 45 23,085 Groupe Danone (France) ............................ 150 25,268 Karstadt (Germany) ................................ 40 17,533 Tesco (UK) ........................................ 6,800 31,444 ----------- 107,388 ----------- TELECOMMUNICATIONS -- 6.0% L.M. Ericsson (Series B) (Sweden) ................. 1,320 26,330 Grupo Carso (ADRs)*+ (Mexico) ..................... 1,000 10,625 Hong Kong Telecommunications (Hong Kong) .......... 7,800 15,423 Nippon Telegraph & Telephone (Japan) .............. 7 58,674 Tele Danmark (ADRs) (Denmark) ..................... 375 20,882 ----------- 131,934 ----------- TEXTILES -- 1.6% Mitsubishi Materials (Japan) ...................... 8,000 35,889 ----------- TOBACCO -- 1.6% B.A.T. Industries (UK) ............................ 4,500 34,514 ----------- TRANSPORTATION -- 5.3% East Japan Railways (Japan) ....................... 12 61,626 Lufthansa (Germany) ............................... 155 22,457 - ---------- + Rule 144A security. * Non-income producing security. See notes to financial statements. -- P-17 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL PORTFOLIO (continued) Shares or Principal Amount Value ------ ----- TRANSPORTATION (continued) Perusahaan Otomobil Nasional (Malaysia) ........... 3,000 shs. $ 10,829 Swire Pacific (Hong Kong) ......................... 3,000 22,875 ----------- 117,787 ----------- Total Common Stocks (Cost $1,754,146) ............. 1,816,946 ----------- CONVERTIBLE BONDS -- 1.7% CONGLOMERATE -- 0.7% Daewoo (Korea) Zero Coupon Bonds due 12/31/2004 ... $25,000 14,438 ----------- ELECTRONICS -- 0.4% Teco Electronics & Machinery (Taiwan) 2 3/4%, due 4/15/2004 ................................... 10,000 9,300 ----------- MANUFACTURING -- 0.6% Gujurat Ambuja Cement (India) 3 1/2%, 6/30/1999 ... 10,000 13,668 ----------- Total Convertible Bonds (Cost $40,869) ............ 37,406 ----------- Total Investments -- 83.7% (Cost $1,795,015) ...... 1,854,352 Other Assets Less Liabilities -- 16.3% ............ 360,709 ----------- Net Assets -- 100.0% .............................. $2,215,061 =========== SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO COMMON STOCKS -- 51.9% ADVERTISING -- 1.3% DIMAC* (US) ....................................... 465 shs. $ 7,207 Heritage Media (Class A) (US) ..................... 340 9,818 ----------- 17,025 ----------- AUTOMOTIVE PARTS MANUFACTURING -- 1.5% Montupet (France) ................................. 131 19,661 ----------- BUILDING AND CONSTRUCTION -- 0.9% Ashtead Group (UK) ................................ 1,600 11,608 ----------- BUSINESS SERVICES -- 2.2% BISYS Group* (US) ................................. 400 8,850 International Business Communications Holdings (UK) 2,500 11,241 Nu-Kote Holdings (Class A)* (US) .................. 145 4,567 SunGard Data Systems* (US) ........................ 80 4,200 ----------- 28,858 ----------- - ---------- * Non-income producing security. See notes to financial statements. -- P-18 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1995 - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued) Shares Value ------ ----- CAPITAL GOODS -- 0.5% Fusion Systems* (US) .............................. 200 $ 6,775 ----------- CHEMICALS -- 1.2% Dalloz* (France) .................................. 53 9,300 Toshiba Chemical (Japan) .......................... 1,000 6,788 ----------- 16,088 ----------- COMPUTER SOFTWARE -- 0.4% Synopsys (US) ..................................... 85 5,312 ----------- CONSTRUCTION AND PROPERTY -- 3.8% Danske Traelastkompagne (Denmark) ................. 293 20,360 Polypipe (UK) ..................................... 4,900 12,110 Tilbury Douglas (UK) .............................. 2,500 16,942 ----------- 49,412 ----------- CONSUMER GOODS AND SERVICES--3.0% Birkby (UK) ....................................... 1,500 3,683 Canandaigua Wine (Class A)* (US) .................. 115 5,134 Courts (Singapore) ................................ 5,000 7,445 Rentsch, Walter (Switzerland) ..................... 67 11,246 Sorini (Indonesia) ................................ 1,000 3,951 St. John Knits (US) ............................... 150 6,731 ----------- 38,190 ----------- DRUGS AND HEALTH CARE -- 1.2% F.H. Faulding (Australia) ......................... 1,100 4,884 Horizon Mental Health Management (US) ............. 300 3,787 Protein Design Labs* (US) ......................... 340 7,098 ----------- 15,769 ----------- ELECTRICAL DISTRIBUTION -- 0.9% Trifast (UK) ...................................... 2,600 11,110 ----------- ELECTRONICS -- 2.8% Electro Scientific Industries (US) ................ 140 4,672 ISA International (UK) ............................ 6,500 12,023 Otra N.V. (Netherlands) ........................... 94 19,701 ----------- 36,396 ----------- FARM EQUIPMENT -- 0.6% AGCO (US) ......................................... 200 7,500 ----------- FINANCIAL SERVICES -- 1.3% Finnveden (Sweden) ................................ 1,190 10,805 T. Rowe Price (US) ................................ 140 5,407 ----------- 16,212 ----------- LEISURE -- 0.5% Speedway Motorsports (US) ......................... 275 5,947 ----------- - ---------- * Non-income producing security. See notes to financial statements. -- P-19 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued) Shares Value ------ ----- MANUFACTURING -- 7.7% Angpanne Foreningen (Class B) (Sweden) ............ 800 $ 12,326 David Brown Group (UK) ............................ 2,500 9,009 David Brown Group Rights* (UK) .................... 357 1,286 Equipements et Composants pour l'Industrie Automobile (France) ............................. 40 5,491 Forsheda (Class B) (Sweden) ....................... 543 13,147 Kalmar Industries* (Sweden) ....................... 563 8,829 Namura Shipbuilding (Japan) ....................... 1,000 3,424 Nichicon (Japan) .................................. 1,000 12,042 Sodick (Japan) .................................... 1,000 7,308 Tsudakoma (Japan) ................................. 1,000 6,422 Valmet Oy (Finland) ............................... 910 20,566 ----------- 99,850 ----------- MEDIA -- 0.9% Katz Media Group (US) ............................. 300 4,762 United Video Satellite Group (Class A)* (US) ...... 245 7,074 ----------- 11,836 ----------- MEDICAL PRODUCTS AND TECHNOLOGY -- 1.8% Hitachi Medical (Japan) ........................... 1,000 15,347 Life Sciences International (UK) .................. 4,000 7,781 ----------- 23,128 ----------- METALS -- 1.3% Nakayama Steel Works (Japan) ...................... 1,000 5,501 Sumitomo Sitex (Japan) ............................ 1,000 10,743 ----------- 16,244 ----------- PAPER AND PACKAGING -- 2.1% Bobst AG (Switzerland) ............................ 6 9,132 Rengo (Japan) ..................................... 1,000 6,871 Wace Group (UK) ................................... 3,000 10,954 ----------- 26,957 ----------- RESTAURANTS --1.3% International House of Pancakes* (US) ............. 145 3,770 Pizza Express (UK) ................................ 5,000 12,517 ----------- 16,287 ----------- RETAILING --2.6% Adelsten (Class B) (Norway) ....................... 30 3,604 Frost Group (UK) .................................. 3,000 13,155 General Nutrition Companies* (US) ................. 130 4,534 Hornbach Baumarkt (Germany) ....................... 19 12,850 ----------- 34,143 ----------- TECHNOLOGY --3.8% Credence Systems* (US) ............................ 255 7,650 Electronics for Imaging* (US) ..................... 170 8,904 Exar* (US) ........................................ 435 12,724 - ---------- * Non-income producing security. See notes to financial statements. -- P-20 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1995 - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued) Shares or Principal Amount Value ---------- ----- TECHNOLOGY (continued) FSI International* (US) ........................... 300 shs. $ 7,050 PRI Automation* (US) .............................. 230 7,590 Sanmina* (US) ..................................... 140 5,373 ----------- 49,291 ----------- MISCELLANEOUS --8.3% BUT (France) ...................................... 42 9,364 Industria Macchine Auto (Italy) ................... 300 1,420 Jean Pascale (Germany) ............................ 36 11,028 LEM Holdings (Switzerland) ........................ 67 19,811 Sylea (France) .................................... 205 20,610 Technip* (France) ................................. 128 7,980 TH Loy Industries (Malaysia) ...................... 2,000 8,450 Thorkild Kristensen (Denmark) ..................... 325 19,693 Yue Yuen Industrial (Hong Kong) ................... 40,000 9,719 ----------- 108,075 ----------- Total Common Stocks (Cost $642,135) ............... 671,674 ----------- CONVERTIBLE BONDS -- 0.5% (Cost $6,502) MANUFACTURING -- 0.5% Gujurat Ambuja Cement (India) 3 1/2%, 6/30/1999 ... $5,000 6,834 ----------- Total Investments -- 52.4% (Cost $648,637) ........ 678,508 Other Assets Less Liabilities -- 47.6% ............ 616,372 ----------- Net Assets -- 100.0% .............................. $ 1,294,880 =========== SELIGMAN HIGH-YIELD BOND PORTFOLIO Principal Amount Value --------- ----- CORPORATE BONDS -- 50.1% ALUMINUM -- 3.1% Kaiser Aluminum 12 3/4%, due 2/1/2003 ............. $8,000 $ 8,600 ----------- BROADCASTING -- 4.9% Allbritton Communications 11 1/2%, due 8/15/2004 .. 7,000 7,385 NWCG Holdings 0%/13 1/2%, due 6/15/1999 ........... 10,000 6,225 ----------- 13,610 ----------- CABLE SYSTEMS -- 9.2% Cablevision Systems 10 3/4%, due 4/1/2004 ......... 8,000 8,390 Comcast 10 5/8%, due 7/15/2012 .................... 8,000 8,590 Le Groupe Videotron Ltee 10 5/8%, due 2/15/2005 ... 8,000 8,480 ----------- 25,460 ----------- - ---------- * Non-income producing security. See notes to financial statements. -- P-21 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued) Principal Amount Value -------- ----- CELLULAR -- 2.9% Centennial Cellular Corp., 10 1/8%, due 5/15/2005 . $8,000 $ 7,960 ----------- GAMING/HOTEL -- 8.8% Aztar Corp., 11 3/4%, due 6/15/2002 ............... 8,000 8,000 Hollywood Casino Corp., 14%, due 4/1/1998 ......... 8,000 8,840 Trump Plaza Funding, Inc., 10 7/8%, due 6/15/2001.. 8,000 7,400 ----------- 24,240 ----------- HEALTH CARE -- 3.2% OrNda Healthcorp., 12 1/4%, due 5/15/2002 ......... 8,000 8,840 ----------- HOME BUILDING AND LAND DEVELOPMENT -- 2.9% Continental Homes Holding Corp., 12%, due 8/1/1999 8,000 8,120 ----------- PAPER AND PACKAGING -- 2.9% Stone Container 9 7/8%, due 2/1/2001 .............. 8,000 8,000 ----------- PUBLISHING -- 3.0% K-III Communications 10 5/8%, due 5/1/2002 ........ 8,000 8,400 ----------- RETAILING -- 3.1% Thrifty Payless 11 3/4%, due 4/15/2003 ............ 8,000 8,520 ----------- SUPERMARKETS -- 3.0% Pathmark Stores 11 5/8%, due 6/15/2002 ............ 8,000 8,440 ----------- TELECOMMUNICATIONS -- 3.1% Mobile Telecommunication Technologies 13 1/2%, due 12/15/2002 .................................. 8,000 8,540 ----------- Total Investments -- 50.1% (Cost $138,188) ........ 138,730 Other Assets Less Liabilities -- 49.9% ............ 138,170 ----------- Net Assets -- 100.0% .............................. $ 276,900 =========== SELIGMAN INCOME PORTFOLIO Shares Value ------ ----- CONVERTIBLE SECURITIES -- 48.6% CONVERTIBLE PREFERRED STOCKS -- 16.0% BANKING AND FINANCE -- 2.7% Alexander & Alexander (Series A) $3.625+ .......... 1,500 $ 75,375 National City $4.00 ............................... 3,300 232,650 ----------- 308,025 ----------- - ---------- + Rule 144A security. See notes to financial statements. -- P-22 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1995 - -------------------------------------------------------------------------------- SELIGMAN INCOME PORTFOLIO (continued) Shares or Principal Amount Value ------ ----- ENERGY -- 1.9% Unocal $3.50+ ..................................... 4,000 shs. $ 215,000 ----------- ENVIRONMENTAL SERVICES -- 0.9% Browning Ferris 7 1/4% ............................ 3,000 109,500 ----------- FOOD -- 2.5% ConAgra (Series E) $1.6875 ........................ 8,000 283,000 ----------- RETAILING -- 0.7% TJX Companies $3.125 .............................. 2,000 84,375 ----------- TRANSPORTATION -- 4.4% GATX $3.875 ....................................... 5,000 280,000 Sea Containers $4.00 .............................. 5,000 227,500 ----------- 507,500 ----------- TELECOMMUNICATIONS -- 2.1% Mobile Telecommunication Technologies $2.25+ ...... 6,500 242,125 ----------- MISCELLANEOUS -- 0.8% Corning (Delaware) 6% ............................. 1,700 86,913 ----------- Total Convertible Preferred Stocks (Cost $1,785,545) 1,836,438 ----------- SUBORDINATED CONVERTIBLE BONDS -- 32.6% DIVERSIFIED -- 1.9% MascoTech 4 1/2%, 12/15/2003 ...................... $300,000 218,625 ----------- DRUGS AND HEALTH CARE -- 1.4% Pharmaceutical Marketing Services 6 1/4%, 2/1/2003+ 235,000 159,800 ----------- ELECTRONICS -- 1.7% Micropolis 6%, 3/15/2012 .......................... 350,000 198,187 ----------- ENERGY -- 4.9% Kelley Oil & Gas 8 1/2%, 4/1/2000 ................. 285,000 237,263 Santa Fe Pipelines 10.418%, 8/15/2010 ............. 250,000 321,250 ----------- 558,513 ----------- ENTERTAINMENT/PUBLISHING -- 1.3% Time Warner 8 3/4%, 1/10/2015 ..................... 140,000 145,600 ----------- ENVIRONMENTAL SERVICES -- 2.1% USA Waste Services 8 1/2%, 10/15/2002 ............. 200,000 236,500 ----------- INDUSTRIAL GOODS AND SERVICES -- 3.0% James River 6.70%, 11/15/2003 ..................... 350,000 338,370 ----------- - ---------- + Rule 144A security. See notes to financial statements. -- P-23 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN INCOME PORTFOLIO (continued) Principal Amount Value --------- ----- INSURANCE -- 1.8% Trenwick Group 6%, 12/15/1999 ..................... $200,000 $ 203,000 ----------- MACHINERY -- 1.8% Cooper Industries 7.05%, 1/1/2015 ................. 200,000 207,500 ----------- RETAILING -- 1.6% CML Group 5 1/2%, 1/15/2003 ....................... 250,000 187,500 ----------- TECHNOLOGY -- 3.2% Bay Networks, 5 1/4%, 5/15/2003+ .................. 100,000 95,125 EMC 4 1/4%, 1/1/2001 .............................. 200,000 270,000 ----------- 365,125 ----------- TELECOMMUNICATIONS -- 4.5% LDDS Communications 5%, 8/15/2003 ................. 250,000 238,750 Network Equipment 7 1/4%, 5/15/2014 ............... 300,000 282,000 ----------- 520,750 ----------- TEXTILES -- 2.6% Unifi 6%, 3/15/2002 ............................... 300,000 300,375 ----------- TRANSPORTATION -- 0.8% Airborne Freight 6 3/4%, 8/15/2001 ................ 100,000 98,000 ----------- Total Subordinated Convertible Bonds (Cost $3,670,423) 3,737,845 ----------- Total Convertible Securities (Cost $5,455,968) .... 5,574,283 ----------- CORPORATE BONDS -- 17.5% AUTOMOTIVE -- 6.0% Chrysler Financial 6 1/2%, 6/15/1998 .............. 200,000 200,182 Ford Motor Credit 6 3/4%, 8/15/2008 ............... 250,000 243,125 General Motors Acceptance 5 5/8%, 2/1/1999 ........ 250,000 242,363 ----------- 685,670 ----------- BANKING AND FINANCE -- 3.1% Capital One Bank 8 1/8%, 3/1/2000 ................. 250,000 262,015 First USA Bank 5 3/4%, 1/15/1999 .................. 100,000 96,906 ----------- 358,921 ----------- INSURANCE -- 2.4% AEGON N.V. 8%, 8/15/2006 .......................... 250,000 270,410 ----------- TELECOMMUNICATIONS -- 3.5% United Telecommunications 9 1/2%, 4/1/2003 ........ 350,000 402,198 ----------- MISCELLANEOUS -- 2.5% Tenneco Credit 9 5/8%, 8/15/2001 .................. 250,000 285,249 ----------- Total Corporate Bonds (Cost $1,958,084) ........... 2,002,448 ----------- - ---------- + Rule 144A security. See notes to financial statements. -- P-24 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1995 - -------------------------------------------------------------------------------- SELIGMAN INCOME PORTFOLIO (continued) Shares or Principal Amount Value --------- ----- COMMON STOCKS -- 21.9% BANKING AND FINANCE -- 4.4% Bank of Boston .................................... 8,539 shs. $ 320,213 Chemical Banking .................................. 3,820 180,495 ----------- 500,708 ----------- CHEMICALS -- 2.2% Dow Chemical ...................................... 3,500 251,562 ----------- ELECTRIC AND GAS UTILITIES -- 4.6% Atlanta Gas and Light ............................. 3,000 104,250 CINergy ........................................... 9,718 255,098 Entergy ........................................... 2,600 62,725 New England Electric .............................. 3,000 103,500 ----------- 525,573 ----------- MINERALS -- 2.2% Freeport-McMoRan .................................. 14,250 251,156 ----------- RETAILING -- 0.4% Kmart ............................................. 3,200 46,800 ----------- STEEL -- 1.4% Inland Steel Industries ........................... 5,406 164,883 ----------- TRANSPORTATION -- 2.4% Consolidated Freightways .......................... 10,000 221,250 NFC ............................................... 20,000 51,342 ----------- 272,592 ----------- UTILITIES/TELECOMMUNICATIONS -- 4.3% Bell Atlantic ..................................... 4,000 224,000 Century Telephone ................................. 5,921 168,008 GTE ............................................... 3,000 102,375 ----------- 494,383 ----------- Total Common Stocks (Cost $2,031,698) ............. 2,507,657 ----------- U.S. GOVERNMENT SECURITIES -- 4.4% (Cost $504,296) U.S. Treasury Notes 7 1/4%, 11/15/1996 ............ $500,000 509,531 ----------- REPURCHASE AGREEMENTS -- 6.1% (5 1/4% maturing 7/5/1995) (Cost $700,000) HSBC Securities, Inc., collateralized by: $700,000 U.S. Treasury Notes 6 1/2%, 5/15/1997, with a fair market value of $714,409 ........... 700,000 700,000 ----------- Total Investments -- 98.5% (Cost $10,650,046) ..... 11,293,919 Other Assets Less Liabilities -- 1.5% ............. 174,762 ----------- Net Assets -- 100.0% .............................. $11,468,681 =========== - ---------- See notes to financial statements. -- P-25 --
Seligman Portfolios, Inc. - ------------------------------------------------------------------------------------------------------------------------------------ Statements of Assets and Liabilities (unaudited) - ------------------------------------------------------------------------------------------------------------------------------------ Seligman Seligman Seligman Seligman ASSETS: Seligman Cash Common Communications Fixed Income Investments, at value (see Capital Management Stock and Information Securities portfolios of investments): Portfolio Portfolio Portfolio Portfolio Portfolio ---------- ---------- ----------- ----------- ---------- Common Stocks ............................ $6,244,339 $ -- $21,524,930 $11,009,131 $ -- Convertible Securities ................... -- -- 350,938 -- -- U.S. Government Securities and Agencies .......................... -- 1,928,328 -- -- 2,044,294 Corporate Bonds .......................... -- -- -- -- 1,342,911 Commercial Paper ......................... -- 1,264,369 -- -- -- Repurchase Agreements .................... 350,000 650,000 1,250,000 -- 200,000 Fixed Time Deposits ...................... -- -- -- 1,000,000 -- ---------- ---------- ----------- ----------- ---------- Total Investments ........................ 6,594,339 3,842,697 23,125,868 12,009,131 3,587,205 Cash ..................................... 110,819 170,186 159,880 1,011,195 137,306 Receivable for Capital Stock sold ........ 26,066 -- 80,991 482,928 -- Interest and dividends receivable ........ 4,868 284 56,766 368 73,186 Receivable from associated companies ..... 1,111 1,682 1,111 1,827 1,207 Receivable for securities sold ........... -- -- 182,211 -- -- Other .................................... -- -- -- -- -- ---------- ---------- ----------- ----------- ---------- Total Assets ............................. 6,737,203 4,014,849 23,606,827 13,505,449 3,798,904 ---------- ---------- ----------- ----------- ---------- LIABILITIES: Payable for Capital Stock repurchased .... 1,675 116 7,384 -- 5,477 Payable for securities purchased ......... -- -- 155,726 1,318,621 -- Accrued expenses, taxes, and other ....... 14,245 11,619 21,607 15,922 12,861 ---------- ---------- ----------- ----------- ---------- Total Liabilities ........................ 15,920 11,735 184,717 1,334,543 18,338 ---------- ---------- ----------- ----------- ---------- NET ASSETS ............................... $6,721,283 $4,003,114 $23,422,110 $12,170,906 $3,780,566 ========== ========== =========== =========== ========== COMPOSITION OF NET ASSETS: Capital Stock, at par .................... $ 470 $ 4,004 $ 1,492 $ 828 $ 369 Additional paid-in capital ............... 5,531,715 3,999,504 15,920,907 10,368,008 3,593,559 Undistributed/accumulated net investment income (loss) .............. 14,198 -- 257,531 (15,999) 112,743 Accumulated net realized gain (loss) ..... 69,786 (394) 1,996,245 23,667 (107,600) Net unrealized appreciation/ depreciation of investments ........... 1,105,114 -- 5,287,497 1,794,402 181,495 Net unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies ..... -- -- (41,562) -- -- ---------- ---------- ----------- ----------- ---------- NET ASSETS ............................... $6,721,283 $4,003,114 $23,422,110 $12,170,906 $3,780,566 ========== ========== =========== =========== ========== Shares of Capital Stock ($.001 par value) outstanding ......... 470,095 4,003,508 1,491,709 828,398 368,668 ========== ========== =========== =========== ========== Net Asset Value per share ................ $ 14.30 $ 1.00 $ 15.70 $ 14.69 $ 10.25 ========== ========== =========== =========== ==========
- ---------------- See notes to financial statements.
Seligman Portfolios, Inc. - ------------------------------------------------------------------------------------------------------------------------------------ June 30, 1995 - ------------------------------------------------------------------------------------------------------------------------------------ Seligman Seligman Henderson Seligman ASSETS: Seligman Henderson Global Smaller High-Yield Seligman Investments, at value (see Frontier Global Companies Bond Income portfolios of investments): Portfolio Portfolio Portfolio Portfolio Portfolio ---------- ---------- ---------- -------- ---------- Common Stocks ............................ $1,378,191 $1,816,946 $ 671,674 $ -- $ 2,507,657 Convertible Securities ................... -- 37,406 6,834 -- 5,574,283 U.S. Government Securities and Agencies .......................... -- -- -- -- 509,531 Corporate Bonds .......................... -- -- -- 138,730 2,002,448 Commercial Paper ......................... -- -- -- -- -- Repurchase Agreements .................... -- -- -- -- 700,000 Fixed Time Deposits ...................... 700,000 -- -- -- -- ---------- ---------- ---------- -------- ----------- Total Investments ........................ 2,078,191 1,854,352 678,508 138,730 11,293,919 Cash ..................................... 502,992 372,193 677,951 154,013 151,206 Receivable for Capital Stock sold ........ 136,119 13,062 69,505 1,900 14,336 Interest and dividends receivable ........ 731 6,805 549 3,872 131,136 Receivable from associated companies ..... 1,418 2,794 4,827 7,059 1,111 Receivable for securities sold ........... 32,464 39,071 -- -- 112,090 Other .................................... -- -- -- 11,000 -- ---------- ---------- ---------- -------- ----------- Total Assets ............................. 2,751,915 2,288,277 1,431,340 316,574 11,703,798 ---------- ---------- ---------- -------- ----------- LIABILITIES: Payable for Capital Stock repurchased .... -- -- -- -- 2,867 Payable for securities purchased ......... 286,533 59,068 125,955 24,385 215,745 Accrued expenses, taxes, and other ....... 9,845 14,148 10,505 15,289 16,505 ---------- ---------- ---------- -------- ----------- Total Liabilities ........................ 296,378 73,216 136,460 39,674 235,117 ---------- ---------- ---------- -------- ----------- NET ASSETS ............................... $2,455,537 $2,215,061 $1,294,880 $276,900 $11,468,681 ========== ========== ========== ======== =========== COMPOSITION OF NET ASSETS: Capital Stock, at par .................... $ 200 $ 192 $ 119 $ 28 $ 1,040 Additional paid-in capital ............... 2,322,137 2,165,618 1,262,336 275,984 10,493,550 Undistributed/accumulated net investment income (loss) .............. (2,397) (24,827) 3,019 346 305,056 Accumulated net realized gain (loss) ..... 4,568 11,394 (995) -- 25,171 Net unrealized appreciation/ depreciation of investments ........... 131,029 (89,410) 17,988 542 638,437 Net unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies ..... -- 152,094 12,413 -- 5,427 ---------- ---------- ---------- -------- ----------- NET ASSETS ............................... $2,455,537 $2,215,061 $1,294,880 $276,900 $11,468,681 ========== ========== ========== ======== =========== Shares of Capital Stock ($.001 par value) outstanding ......... 200,239 192,479 119,450 27,597 1,040,159 ========== ========== ========== ======== =========== Net Asset Value per share ................ $ 12.26 $ 11.51 $ 10.84 $ 10.03 $ 11.03 ========== ========== ========== ======== ===========
-- P-26 -- & -- P-27 --
Seligman Portfolios, Inc. - ------------------------------------------------------------------------------------------------------------------------------------ Statements of Operations (unaudited) - ------------------------------------------------------------------------------------------------------------------------------------ Seligman Seligman Seligman Seligman Seligman Cash Common Communications Fixed Income Capital Management Stock and Information Securities Portfolio Portfolio Portfolio Portfolio Portfolio -------- ----------- ---------- ----------- --------- Investment income: Dividends* .................................. $ 27,687 $ -- $ 276,739 $ 429 $ -- Interest .................................... 7,776 90,278 44,134 168 126,330 -------- -------- ---------- ---------- -------- Total investment income ..................... 35,463 90,278 320,873 597 126,330 -------- -------- ---------- ---------- -------- Expenses: Management fee .............................. 12,327 6,458 42,859 13,103 7,209 Auditing fee ................................ 4,917 4,917 4,917 7,167 4,917 Legal fee ................................... 1,595 1,595 1,595 1,595 1,595 Shareholder reports and communications ...... 1,345 1,345 1,345 1,103 1,345 Directors' fees and expenses ................ 1,208 1,208 1,208 1,189 1,208 Registration ................................ 1,203 1,243 1,318 3,118 1,118 Custody and related services ................ -- -- 5,699 -- -- Miscellaneous ............................... 892 658 1,624 411 1,364 -------- -------- ---------- ---------- -------- Total expenses before reimbursement ......... 23,487 17,424 60,565 27,686 18,756 Reimbursement of expenses ................... (4,999) (17,424) -- (11,090) (7,946) -------- -------- ---------- ---------- -------- Total expenses after reimbursement .......... 18,488 -- 60,565 16,596 10,810 -------- -------- ---------- ---------- -------- Net investment income (loss) ................ 16,975 90,278 260,308 (15,999) 115,520 -------- -------- ---------- ---------- -------- Net realized and unrealized gain (loss) on investments and foreign currency transactions: Net realized gain (loss) on investments ..... 69,786 -- 1,996,245 23,667 (26,569) Net realized gain (loss) from foreign currency transactions .................... -- -- -- -- -- Net change in unrealized appreciation/ depreciation of investments .............. 661,496 -- 587,540 1,775,891 275,834 Net change in unrealized appreciation/ depreciation on translation of assets and liabilities denominated in foreign currencies .................... -- -- (41,522) -- -- -------- -------- ---------- ---------- -------- Net gain on investments and foreign currency transactions .................... 731,282 -- 2,542,263 1,799,558 249,265 -------- -------- ---------- ---------- -------- Increase in net assets from operations ...... $748,257 $ 90,278 $2,802,571 $1,783,559 $364,785 ======== ======== ========== ========== ======== - ---------------- *Net of foreign tax withheld as follows: $ 69 $ -- $ 4,944 $ -- $ --
**For the period May 1, 1995 (commencement of operations) to June 30, 1995. See notes to financial statements.
Seligman Portfolios, Inc. - ------------------------------------------------------------------------------------------------------------------------------------ For the six months ended June 30, 1995 - ------------------------------------------------------------------------------------------------------------------------------------ Seligman Seligman Henderson Seligman Seligman Henderson Global Smaller High-Yield Seligman Frontier Global Companies Bond Income Portfolio Portfolio Portfolio Portfolio** Portfolio --------- --------- --------- ----------- ---------- Investment income: Dividends* .................................. $ 883 $ 19,005 $ 2,643 $ -- $ 81,071 Interest .................................... 117 6,042 3,828 432 259,153 -------- -------- -------- -------- ---------- Total investment income ..................... 1,000 25,047 6,471 432 340,224 -------- -------- -------- -------- ---------- Expenses: Management fee .............................. 2,685 9,341 2,222 62 21,581 Auditing fee ................................ 7,167 4,917 7,167 2,597 4,917 Legal fee ................................... 1,595 1,595 1,595 693 1,595 Shareholder reports and communications ...... 1,103 1,103 1,103 375 1,345 Directors' fees and expenses ................ 1,189 1,189 1,189 532 1,208 Registration ................................ 1,498 1,253 1,318 1,163 1,318 Custody and related services ................ -- 12,712 4,996 1,163 -- Miscellaneous ............................... 412 5,904 1,859 560 2,445 -------- -------- -------- -------- ---------- Total expenses before reimbursement ......... 15,649 38,014 21,449 7,145 34,409 Reimbursement of expenses ................... (12,252) (26,108) (18,543) (7,059) (2,018) -------- -------- -------- -------- ---------- Total expenses after reimbursement .......... 3,397 11,906 2,906 86 32,391 -------- -------- -------- -------- ---------- Net investment income (loss) ................ (2,397) 13,141 3,565 346 307,833 -------- -------- -------- -------- ---------- Net realized and unrealized gain (loss) on investments and foreign currency transactions: Net realized gain (loss) on investments ..... 4,568 (37,424) (1,035) -- 44,284 Net realized gain (loss) from foreign currency transactions .................... -- 12,204 (506) -- -- Net change in unrealized appreciation/ depreciation of investments .............. 121,969 (86,630) 14,709 542 740,304 Net change in unrealized appreciation/ depreciation on translation of assets and liabilities denominated in foreign currencies .................... -- 124,380 11,840 -- 5,447 -------- -------- -------- -------- ---------- Net gain on investments and foreign currency transactions .................... 126,537 12,530 25,008 542 790,035 -------- -------- -------- -------- ---------- Increase in net assets from operations ...... $124,140 $ 5,671 $ 28,573 $ 888 $1,097,868 ======== ======== ======== ======== ========== - ---------------- *Net of foreign tax withheld as follows: $ -- $ 2,719 $ 339 $ -- $ --
**For the period May 1, 1995 (commencement of operations) to June 30, 1995. See notes to financial statements. -- P-28 -- & -- P-29 --
Seligman Portfolios, Inc. - ------------------------------------------------------------------------------------------------------------------------------------ Statements of Changes in Net Assets (unaudited) - ------------------------------------------------------------------------------------------------------------------------------------ Seligman Seligman Seligman Capital Portfolio Cash Management Portfolio Common Stock Portfolio -------------------------- --------------------------- ------------------------- Six Months Year Six Months Year Six Months Year Ended Ended Ended Ended Ended Ended 6/30/95 12/31/94 6/30/95 12/31/94 6/30/95 12/31/94 ----------- ----------- ----------- ----------- ----------- ----------- Operations: Net investment income (loss) ....... $ 16,975 $ 5,975 $ 90,278 $ 127,857 $ 260,308 $ 515,701 Net realized gain (loss) on investments ..................... 69,786 642,271 -- (240) 1,996,245 1,108,365 Net realized gain from foreign currency transactions ........... -- -- -- -- -- 20 Net change in unrealized appreciation/depreciation of investments .................. 661,496 (912,365) -- -- 587,540 (1,604,789) Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies .............. -- -- -- -- (41,522) (40) ----------- ----------- ----------- ----------- ----------- ----------- Increase (decrease) in net assets from operations ................. 748,257 (264,119) 90,278 127,617 2,802,571 19,257 ----------- ----------- ----------- ----------- ----------- ----------- Distributions to shareholders: Net investment income .............. -- (7,465) (90,278) (127,857) -- (517,958) Realized gain on investments ....... -- (641,977) -- -- -- (1,108,564) ----------- ----------- ----------- ----------- ----------- ----------- Decrease in net assets from distributions ................... -- (649,442) (90,278) (127,857) -- (1,626,522) ----------- ----------- ----------- ----------- ----------- ----------- Capital share transactions: Net proceeds from sale of shares ... 1,104,941 3,619,176 2,539,315 2,322,638 5,700,078 9,040,524 Investment of dividends ............ -- 7,465 90,278 127,857 -- 517,958 Shares issued in payment of gain distributions ................... -- 641,977 -- -- -- 1,108,564 ----------- ----------- ----------- ----------- ----------- ----------- Total .............................. 1,104,941 4,268,618 2,629,593 2,450,495 5,700,078 10,667,046 ----------- ----------- ----------- ----------- ----------- ----------- Cost of shares repurchased ......... (1,074,289) (3,298,449) (1,856,320) (2,322,134) (5,248,112) (10,753,287) ----------- ----------- ----------- ----------- ----------- ----------- Increase (decrease) in net assets from capital share transactions . 30,652 970,169 773,273 128,361 451,966 (86,241) ----------- ----------- ----------- ----------- ----------- ----------- Increase (decrease) in net assets .. 778,909 56,608 773,273 128,121 3,254,537 (1,693,506) Net Assets: Beginning of period ................ 5,942,374 5,885,766 3,229,841 3,101,720 20,167,573 21,861,079 ----------- ----------- ----------- ----------- ----------- ----------- End of period ...................... $ 6,721,283 $ 5,942,374 $ 4,003,114 $ 3,229,841 $23,422,110 $20,167,573 =========== =========== =========== =========== =========== ===========
- ---------------- * Commencement of operations. See notes to financial statements.
Seligman Portfolios, Inc. - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Seligman Seligman Communications and Fixed Income Seligman Information Portfolio Securities Portfolio Frontier Portfolio ------------------------ ----------------------- ---------------------- Six Months 10/11/94* Six Months Year Six Months 10/11/94* Ended to Ended Ended Ended to 6/30/95 12/31/94 6/30/95 12/31/94 6/30/95 12/31/94 ----------- -------- ---------- ---------- ---------- --------- Operations: $ (15,999) $ (442) $ 115,520 $ 179,900 $ (2,397) $ (106) Net investment income (loss) ....... Net realized gain (loss) on 23,667 -- (26,569) (81,031) 4,568 -- investments ..................... Net realized gain from foreign -- -- -- -- -- -- currency transactions ........... Net change in unrealized appreciation/depreciation 1,775,891 18,511 275,834 (225,410) 121,969 9,060 of investments .................. Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies .............. -- -- -- -- -- -- ----------- -------- ---------- ---------- ---------- --------- Increase (decrease) in net assets from operations ................. 1,783,559 18,069 364,785 (126,541) 124,140 8,954 ----------- -------- ---------- ---------- ---------- --------- Distributions to shareholders: Net investment income .............. -- -- -- (181,555) -- -- Realized gain on investments ....... -- -- -- -- -- -- ----------- -------- ---------- ---------- ---------- --------- Decrease in net assets from distributions ................... -- -- -- (181,555) -- -- ----------- -------- ---------- ---------- ---------- --------- Capital share transactions: Net proceeds from sale of shares ... 9,983,468 476,552 631,182 2,264,201 2,188,321 159,997 Investment of dividends ............ -- -- -- 181,555 -- -- Shares issued in payment of gain distributions ................... -- -- -- -- -- -- ----------- -------- ---------- ---------- ---------- --------- Total .............................. 9,983,468 476,552 631,182 2,445,756 2,188,321 159,997 ----------- -------- ---------- ---------- ---------- --------- Cost of shares repurchased ......... (90,742) -- (821,775) (2,306,325) (25,875) -- ----------- -------- ---------- ---------- ---------- --------- Increase (decrease) in net assets from capital share transactions . 9,892,726 476,552 (190,593) 139,431 2,162,446 159,997 ----------- -------- ---------- ---------- ---------- --------- Increase (decrease) in net assets .. 11,676,285 494,621 174,192 (168,665) 2,286,586 168,951 Net Assets: Beginning of period ................ 494,621 -- 3,606,374 3,775,039 168,951 -- ----------- -------- ---------- ---------- ---------- --------- End of period ...................... $12,170,906 $494,621 $3,780,566 $3,606,374 $2,455,537 $168,951 =========== ======== ========== ========== ========== =========
Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Seligman Henderson Global Portfolio ------------------------ Six Months Year Ended Ended 6/30/95 12/31/94 ----------- ----------- Operations: $ 13,141 $ 13,397 Net investment income (loss) ....... Net realized gain (loss) on (37,424) 9,138 investments ..................... Net realized gain from foreign 12,204 3,259 currency transactions ........... Net change in unrealized appreciation/depreciation (86,630) (44,914) of investments .................. Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies .............. 124,380 29,924 ----------- ----------- Increase (decrease) in net assets from operations ................. 25,671 10,804 ----------- ----------- Distributions to shareholders: Net investment income .............. -- (9,661) Realized gain on investments ....... -- (17,511) ----------- ----------- Decrease in net assets from distributions ................... -- (27,172) ----------- ----------- Capital share transactions: Net proceeds from sale of shares ... 755,738 1,317,845 Investment of dividends ............ -- 9,661 Shares issued in payment of gain distributions ................... -- 17,511 ----------- ----------- Total .............................. 755,738 1,345,017 ----------- ----------- Cost of shares repurchased ......... (342,653) (200,626) ----------- ----------- Increase (decrease) in net assets from capital share transactions . 413,085 1,144,391 ----------- ----------- Increase (decrease) in net assets .. 438,756 1,128,023 Net Assets: Beginning of period ................ 1,776,305 648,282 ----------- ----------- End of period ...................... $2,215,061 $1,776,305 =========== =========== -- -30 & -- P-31 --
Seligman Portfolios, Inc. - ------------------------------------------------------------------------------------------------------------------------------------ Statements of Changes in Net Assets (unaudited) (continued) - ------------------------------------------------------------------------------------------------------------------------------------ Seligman Henderson Seligman Global Smaller High-Yield Seligman Companies Portfolio Bond Portfolio Income Portfolio ---------------------------- ------------- ----------------------------- Six Months 10/11/94* 5/1/95* Six Months Year Ended to to Ended Ended 6/30/95 12/31/94 6/30/95 6/30/95 12/31/94 ---------- -------- -------- ----------- ----------- Operations: Net investment income ................ $ 3,565 $ 517 $ 346 $ 307,833 $ 678,957 Net realized gain (loss) on investments ....................... (1,035) -- -- 44,284 (19,113) Net realized gain (loss) from foreign currency transactions ..... (506) (58) -- -- 10 Net change in unrealized appreciation/depreciation of investments .................... 14,709 3,279 542 740,304 (1,298,035) Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies ................ 11,840 573 -- 5,447 (20) ---------- -------- -------- ----------- ----------- Increase (decrease) in net assets from operations ................... 28,573 4,311 888 1,097,868 (638,201) ---------- -------- -------- ----------- ----------- Distributions to shareholders: Net investment income ................ -- (537) -- -- (685,315) Realized gain on investments ......... -- -- -- -- -- ---------- -------- -------- ----------- ----------- Decrease in net assets from distributions ..................... -- (537) -- -- (685,315) ---------- -------- -------- ----------- ----------- Capital share transactions: Net proceeds from sale of shares ..... 1,180,741 127,199 276,012 3,385,478 4,595,781 Investment of dividends .............. -- 537 -- -- 685,315 Shares issued in payment of gain distributions ..................... -- -- -- -- -- ---------- -------- -------- ----------- ----------- Total ................................ 1,180,741 127,736 276,012 3,385,478 5,281,096 ---------- -------- -------- ----------- ----------- Cost of shares repurchased ........... (45,944) -- -- (3,064,942) (5,127,246) ---------- -------- -------- ----------- ----------- Increase in net assets from capital share transactions ........ 1,134,797 127,736 276,012 320,536 153,850 ---------- -------- -------- ----------- ----------- Increase (decrease) in net assets .... 1,163,370 131,510 276,900 1,418,404 (1,169,666) Net Assets: Beginning of period .................. 131,510 -- -- 10,050,277 11,219,943 ---------- -------- -------- ----------- ----------- End of period ........................ $1,294,880 $131,510 $276,900 $11,468,681 $10,050,277 ========== ======== ======== =========== ===========
- ---------------- * Commencement of operations. See notes to financial statements. -- P-32 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) - -------------------------------------------------------------------------------- 1. Seligman Portfolios, Inc. (the "Fund") is an open-end diversified management investment company consisting of ten separate portfolios (the "Portfolios"), "Seligman Capital Portfolio" ("Capital Portfolio"), "Seligman Cash Management Portfolio" ("Cash Management Portfolio"), "Seligman Common Stock Portfolio" ("Common Stock Portfolio"), "Seligman Communications and Information Portfolio" ("Communications and Information Portfolio"), "Seligman Fixed Income Securities Portfolio" ("Fixed Income Securities Portfolio"), "Seligman Frontier Portfolio" ("Frontier Portfolio"), "Seligman Henderson Global Portfolio" ("Global Portfolio"), "Seligman Henderson Global Smaller Companies Portfolio" ("Global Smaller Companies Portfolio"), "Seligman High-Yield Bond Portfolio" ("High-Yield Bond Portfolio") and "Seligman Income Portfolio" ("Income Portfolio"), each designed to meet different investment goals. Shares of the Fund are currently provided as the investment medium for Canada Life of America Variable Annuity Account 2 ("CLVA-2") and Canada Life of America Annuity Account 3 ("CLVA-3"), each established by Canada Life Insurance Company of America ("Canada Life"). CLVA-2 is registered as a unit investment trust under the Investment Company Act of 1940 (the "1940 Act") and funds variable annuity contracts (the "CLVA-2 Contracts") issued by Canada Life and distributed by Seligman Financial Services, Inc. CLVA-3 is not registered or regulated as an investment company under the 1940 Act in reliance on the exemption provided in Section 3(c)(11) of the 1940 Act and funds variable annuity contracts (the "CLVA-3 Contracts") issued by Canada Life and distributed by Seligman Financial Services, Inc. CLVA-3 Contracts may be purchased only by pension or profit-sharing employee benefit plans that satisfy the requirements for qualification set forth in Section 401 of the Internal Revenue Code of 1986, as amended. Shares of the Fund are also provided as the investment medium for other variable annuity accounts established by Canada Life or its affiliates ("Canada Life Separate Accounts"). Shares of the Fund (except Communications and Information Portfolio, Frontier Portfolio, Global Portfolio, Global Smaller Companies Portfolio, and High-Yield Bond Portfolio) are also provided as the investment medium for Seligman Mutual Benefit Plan (the "Mutual Benefit Plan") established by MBLLife Assurance Corporation ("MBL Life"). Significant accounting policies followed, all in conformity with generally accepted accounting principles, are given below: a. Investments in U.S. Government securities, bonds, convertible securities, and stocks are valued at the most current market values or, in their absence, at fair market value determined in accordance with procedures approved by the Board of Directors. Securities traded on national exchanges are valued at the last sales prices or, in their absence and in the case of over-the-counter securities, a mean of closing bid and asked prices. Short-term holdings maturing in 60 days or less are valued at amortized cost. Investments held by Cash Management Portfolio are valued using the amortized cost method which approximates fair value. b. The Portfolios may invest up to 10% of their total assets in foreign securities (except Global Portfolio and Global Smaller Companies Portfolio which may invest up to 100% of their total assets in foreign securities). Investments in foreign securities will usually be denominated in foreign currencies, and the Portfolios may temporarily hold funds in foreign currencies. The Portfolios may also invest in U.S. dollar-denominated American Depository Receipts ("ADRs"), American Depository Shares ("ADSs"), European Depository Receipts ("EDRs"), and Global Depository Receipts ("GDRs"). ADRs and ADSs are issued by domestic banks or trust companies and evidence ownership of securities issued by foreign corporations. ADRs and ADSs are traded on United States exchanges or over-the-counter and are not included in the 10% limitation. EDRs and GDRs are receipts similar to ADRs and ADSs and are typically issued by foreign banks or trust companies and traded in Europe. The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis: (i) market value of investment securities, other assets and liabilities, at the closing daily rate of exchange as reported by a pricing service; (ii) purchases and sales of investment securities, income and expenses, at the rate of exchange prevailing on the respective dates of such transactions. The net asset values per share of Portfolios which invest in securities denominated in foreign currencies will be affected by changes in currency exchange rates. Changes in foreign currency exchange rates may also affect the value of dividends and interest earned, gains and losses realized on sales of securities and net investment income and gains, if any, to be distributed to shareholders of the Portfolios. The rate of exchange between the U.S. dollar and other currencies is determined by the forces of supply and demand in the foreign exchange markets. Net realized foreign exchange gains (losses) arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolios' books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of portfolio securities and other foreign currency denominated assets and liabilities at period end, resulting from changes in exchange rates. The Portfolios separate that portion of the results of operations resulting from changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held in the Portfolios. Similarly, the Portfolios separate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of portfolio securities sold during the period. -- P-33 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited)(continued) - -------------------------------------------------------------------------------- c. The Global Portfolio and Global Smaller Companies Portfolio may enter into forward currency contracts in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings, or other amounts receivable or payable in foreign currency. A forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. The contracts are valued daily at current exchange rates and any unrealized gain or loss is included in net unrealized appreciation or depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts. The gain or loss, if any, arising from the difference between the settlement value of the forward contract and the closing of such contract, is included in net realized gain or loss from foreign currency transactions. For federal income tax purposes, certain open forward currency contracts are treated as sold on the last day of the fiscal year and any gains or losses are recognized immediately. As a result, the amount of income distributable to shareholders may vary from the amount recognized for financial statement purposes. d. The Portfolios' policy is to comply with the requirements of the Internal Revenue Code applicable to Regulated Investment Companies and to distribute substantially all of their taxable net income and net gain realized to shareholders. e. Investment transactions are recorded on trade dates. Interest income is recorded on the accrual basis. The Portfolios amortize market discounts and premiums on purchases of portfolio securities. Dividends receivable and payable are recorded on ex-dividend dates. The Portfolios may enter into repurchase agreements with commercial banks and with broker/dealers deemed to be creditworthy by the Manager. Securities purchased subject to repurchase agreements are deposited with the Portfolios' custodians and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. Procedures have been established to monitor, on a daily basis, the market value of the repurchase agreements' underlying securities to ensure the existence of the proper level of collateral. f. Expenses directly attributable to each Portfolio are charged to such Portfolio, and expenses that are applicable to more than one Portfolio are allocated among them. g. The treatment for financial statement purposes of distributions made during the year from net investment income or net realized gains may differ from their ultimate treatment for federal income tax purposes. These differences primarily are caused by differences in the timing of the recognition of certain components of income, expense or capital gain and the recharacterization of foreign exchange gains or losses to either ordinary income or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations, or net asset values per share of the Portfolios. 2. Until April 15, 1993, the Fund functioned exclusively as the investment vehicle for the separate account options of the Mutual Benefit Plan issued by Mutual Benefit Life Insurance Company in Rehabilitation ("Mutual Benefit Life"). On July 16, 1991, the Superior Court of New Jersey (the "Court") entered an Order appointing the New Jersey Insurance Commissioner as Rehabilitator of Mutual Benefit Life. The Commissioner was granted immediate exclusive possession and control of, and title to, the business and assets of Mutual Benefit Life, including the assets and liabilities of the Mutual Benefit Plan. On November 10, 1993, the Court issued an Order of Confirmation which provided for implementation of the Third Amended Plan of Rehabilitation of Mutual Benefit Life (the "Plan of Rehabilitation"). On April 29, 1994, the Plan of Rehabilitation was implemented. Substantially all of the assets and liabilities of Mutual Benefit Life were transferred to MBL Life. In addition, the assets and liabilities of the Mutual Benefit Plan were transferred to a separate account of MBL Life. As a separate account, the assets and liabilities of the Mutual Benefit Plan are maintained separate and apart from MBL Life's other assets and liabilities. Also, as of April 29, 1994, the ownership of the stock of MBLLife was transferred to a Trust. The Commissioner is the sole Trustee of the Trust. MBL Life has decided that it will not accept applications for new contracts nor will it accept additional purchase payments under existing contracts. In addition, requests for transfers of amounts to the Fixed Accumulation Account from the Plan will not be accepted. The ultimate impact of this decision on the level of the Plan's assets cannot currently be determined. However, the impact is not expected to be material. -- P-34 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 3. Purchases and sales of portfolio securities, excluding short-term investments, for the period ended June 30, 1995, were as follows: Portfolio Purchases Sales -------- --------- ----- Capital $2,783,778 $2,945,817 Common Stock 8,170,928 8,340,396 Communications and Information 9,076,883 204,372 Fixed Income Securities 3,193,235 3,102,869 Frontier 1,272,476 180,834 Global 863,566 525,920 Global Smaller Companies 560,606 50,252 High-Yield Bond 138,185 -- Income 3,410,705 2,394,304 Identified cost of investments sold is used for both financial statement and federal income tax purposes. At June 30, 1995, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes, and the tax basis gross unrealized appreciation and depreciation of portfolio securities, including the effects of foreign currency translations, were as follows: Unrealized Unrealized Portfolio Appreciation Depreciation -------- ------------ ----------- Capital $1,377,147 $272,033 Common Stock 5,496,368 250,415 Communications and Information 1,833,515 39,113 Fixed Income Securities 185,736 4,241 Frontier 143,705 12,676 Global 134,589 75,252 Global Smaller Companies 55,177 25,306 High-Yield Bond 692 150 Income 1,027,025 383,152 At December 31, 1994, the Cash Management Portfolio, the Fixed Income Securities Portfolio and the Income Portfolio had net capital loss carryforwards of $394, $81,031 and $19,113, respectively, which are available for offset against future taxable net gains. These net capital loss carryforwards will expire in varying amounts through 2002. 4. J. & W. Seligman & Co. Incorporated (the "Manager") manages the affairs of the Fund and provides the necessary personnel and facilities, exclusive of and in addition to those retained by the Fund. Compensation of all officers of the Fund, all directors of the Fund who are employees or consultants of the Manager, and all personnel of the Fund and the Manager is paid by the Manager. The Manager's fee is calculated daily and payable monthly, equal to 0.40%, on an annual basis, of Capital Portfolio's, Cash Management Portfolio's, Common Stock Portfolio's, Fixed Income Securities Portfolio's, and Income Portfolio's daily net assets; equal to 0.75%, on an annual basis of Communications and Information Portfolio's and Frontier Portfolio's daily net assets; and equal to 0.50%, on an annual basis of High-Yield Bond Portfolio's daily net assets. The Manager's fee from the Global Portfolio and the Global Smaller Companies Portfolio is calculated daily and payable monthly, equal to an annual rate of 1.00% of the average daily net assets of each Portfolio, of which 0.90% is paid to Seligman Henderson Co. (the "Subadviser"), a 50% owned affiliate of the Manager. The Manager or Subadviser has agreed to reimburse expenses, other than the management fee, which exceed 0.20% per annum of the average daily net assets of each of the Portfolios (except Cash Management, Global and Global Smaller Companies portfolios). The Manager, at its discretion, has elected to waive all of its fee for, and reimburse all of the expenses of, the Cash Management Portfolio until such time as the Manager determines. Effective May 1, 1995, the Manager and Subadviser have agreed to reimburse expenses, other than management fee, which exceed 0.40% (previously 0.20%) per annum of the average daily net assets of Global and Global Smaller Companies Portfolios. For the six months ended June 30, 1995, the Manager waived fees and/or reimbursed expenses of $4,999, $17,424, $11,090, $7,946, $12,252, and $2,018, for the Capital Portfolio, Cash Management Portfolio, Communications and Information Portfolio, Fixed Income Securities Portfolio, Frontier Portfolio, and Income Portfolio, respectively. For the same period, the Manager and Subadviser waived all of their fees and the Subadviser reimbursed expenses totalling $26,108 and $18,543 for the Global Portfolio and Global Smaller Companies Portfolio, respectively. For the period from May 1, 1995 (commencement of operations) to June 30, 1995, the Manager reimbursed expenses of $7,059 for the High-Yield Bond Portfolio. -- P-35 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited)(continued) - -------------------------------------------------------------------------------- Seligman Financial Services, Inc. (the "Distributor"), agent for the distribution of the CLVA-2 and CLVA-3 contracts and an affiliate of the Manager, received commissions of $72,164 from Canada Life. Certain officers and directors of the Fund are officers or directors of the Manager, the Distributor, and/or the Subadviser. Fees of $19,000 were incurred by the Fund for the legal services of Sullivan & Cromwell, a member of which firm is a director of the Fund. The Fund has a compensation arrangement under which directors who receive fees may elect to defer receiving such fees. Interest is accrued on the deferred balances. The annual cost of such fees and interest is included in directors' fees and expenses, and the accumulated balance thereof at June 30, 1995, is included in other liabilities. Deferred fees and the related accrued interest are not deductible for federal income tax purposes until such amounts are paid. 5. At June 30, 1995, there were 20,000,000 shares of Capital Stock authorized for each of the Capital, Common Stock, Communications and Information, Fixed Income Securities, Frontier, Global, Global Smaller Companies, High-Yield Bond, and Income Portfolios, and 100,000,000 shares for the Cash Management Portfolio, all at a par value of $.001 per share. Transactions in shares of Capital Stock were as follows:
Capital Portfolio Cash Management Portfolio Common Stock Portfolio ------------------------- --------------------------- ------------------------- Six Months Year Six Months Year Six Months Year Ended Ended Ended Ended Ended Ended 6/30/95 12/31/94 6/30/95 12/31/94 6/30/95 12/31/94 -------- -------- -------- -------- -------- -------- Sale of shares................ 83,695 250,641 2,539,315 2,322,638 389,444 602,357 Shares issued in payment of dividends.................. -- 587 90,278 127,857 -- 37,506 Shares issued in payment of gain distributions...... -- 50,470 -- -- -- 80,272 ------- ------- --------- --------- ------- ------- Total......................... 83,695 301,698 2,629,593 2,450,495 389,444 720,135 ------- ------- --------- --------- ------- ------- Shares repurchased............ (81,518) (227,501) (1,856,320) (2,322,134) (360,795) (716,170) ------- ------- --------- --------- ------- ------- Increase in shares............ 2,177 74,197 773,273 128,361 28,649 3,965 ======= ======= ========= ========= ======= =======
Communications and Fixed Income Information Portfolio Securities Portfolio Frontier Portfolio --------------------------- ------------------------ -------------------------- Six Months 10/11/94* Six Months Year Six Months 10/11/94* Ended to Ended Ended Ended to 6/30/95 12/31/94 6/30/95 12/31/94 6/30/95 12/31/94 -------- -------- -------- -------- -------- -------- Sale of shares................ 789,512 47,368 65,139 229,957 186,535 15,970 Shares issued in payment of dividends............... -- -- -- 19,564 -- -- ------- ------- -------- ------- ------- ------- Total......................... 789,512 47,368 65,139 249,521 186,535 15,970 ------- ------- -------- ------- ------- ------- Shares repurchased............ (8,482) -- (85,537) (233,817) (2,266) -- ------- ------- -------- ------- ------- ------- Increase (decrease) in shares. 781,030 47,368 (20,398) 15,704 184,269 15,970 ======= ======= ======== ======= ======= =======
Global Smaller High-Yield Global Portfolio Companies Portfolio Bond Portfolio Income Portfolio ---------------------- ------------------------ -------------- ---------------------- Six Months Year Six Months 10/11/94* 5/1/95* Six Months Year Ended Ended Ended to to Ended Ended 6/30/95 12/31/94 6/30/95 12/31/94 6/30/95 6/30/95 12/31/94 -------- -------- -------- -------- -------- ---------- ------- Sale of shares ............... 66,839 114,731 111,046 12,701 27,597 328,807 423,636 Shares issued in payment of dividends .............. -- 855 -- 53 -- -- 68,876 Shares issued in payment of gain distributions ..... -- 1,550 -- -- -- -- -- ------- ------- -------- ------- -------- ------- ------- Total ........................ 66,839 117,136 111,046 12,754 27,597 328,807 492,512 ------- ------- -------- ------- -------- ------- ------- Shares repurchased ........... (31,048) (17,445) (4,350) -- -- (296,224) (470,827) ------- ------- -------- ------- -------- ------- ------- Increase in shares ........... 35,791 99,691 106,696 12,754 27,597 32,583 21,685 ======= ======= ======== ======= ======== ======= =======
- ---------- * Commencement of operations. -- P-36 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Financial Highlights (unaudited) - ------------------------------------------------------------------------------- The Fund's financial highlights are presented below. The per share operating performance data is designed to allow investors to trace the operating performance, on a per share basis, from a Portfolio's beginning net asset value to the ending net asset value so that they can understand what effect the individual items have on their investment, assuming it was held throughout the period. Generally, the per share amounts are derived by converting the actual dollar amounts incurred for each item, as disclosed in the financial statements, to their equivalent per share amounts. The total return based on net asset value measures a Portfolio's performance assuming investors purchased shares of a Portfolio at net asset value as of the beginning of the period, reinvested dividends and capital gains paid at net asset value, and then sold their shares at the net asset value per share on the last day of the period. The total returns exclude the effect of all administration fees and asset based sales charges associated with variable annuity contracts. The total returns for periods of less than one year are not annualized.
Capital Portfolio ------------------------------------------------------------------ Six Months Year Ended December 31 Ended ----------------------------------------------------- 6/30/95 1994 1993 1992 1991 1990 ---------- ------ ------ ------ ------ ------ Per Share Operating Performance: Net asset value, beginning of period ............ $12.700 $14.950 $16.980 $17.740 $11.230 $11.620 ------- ------- ------- ------- ------- ------- Net investment income (loss) .................... 0.037 0.015 0.021 (0.022) 0.079 0.044 Net realized and unrealized gain (loss) on investments ................................ 1.563 (0.699) 1.928 1.202 6.547 (0.414) ------- ------- ------- ------- ------- ------- Increase (decrease) from investment operations .. 1.600 (0.684) 1.949 1.180 6.626 (0.370) Dividends paid .................................. -- (0.018) (0.021) -- (0.088) (0.020) Distributions from net gain realized ............ -- (1.548) (3.958) (1.940) (0.028) -- ------- ------- ------- ------- ------- ------- Net increase (decrease) in net asset value ...... 1.600 (2.250) (2.030) (0.760) 6.510 (0.390) ------- ------- ------- ------- ------- ------- Net asset value, end of period .................. $14.300 $12.700 $14.950 $16.980 $17.740 $11.230 ======= ======= ======= ======= ======= ======= Total return based on net asset value ........... 12.60% (4.59)% 11.65% 6.80% 59.05% (3.18)% Ratios/Supplemental Data: Expenses to average net assets .................. 0.60%+ 0.60% 0.71% 0.91% 0.60% 2.15% Net investment income (loss) to average net assets .................................... 0.55%+ 0.10% 0.09% (0.14)% 0.56% 0.18% Portfolio turnover .............................. 47.95% 67.39% 65.30% 54.95% 31.44% 28.94% Net assets, end of period (000's omitted) ....... $6,721 $5,942 $5,886 $5,497 $5,812 $3,560 Without management fee waiver and expense reimbursement:* Net investment income (loss) per share .......... $0.027 $(0.036) $ (0.003) $ (0.035) Ratios: Expenses to average net assets ............... 0.76%+ 0.96% 0.83% 1.37% Net investment income (loss) to average net assets ................................. 0.39%+ (0.26)% (0.03)% (0.21)%
Cash Management Portfolio ------------------------------------------------------------------- Six Months Year Ended December 31 Ended ----------------------------------------------------- 6/30/95 1994 1993 1992 1991 1990 ---------- ------ ------ ------ ------ ------ Per Share Operating Performance: Net asset value, beginning of period ............ $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 Net investment income ........................... 0.027 0.040 0.030 0.035 0.056 0.075 Dividends paid .................................. (0.027) (0.040) (0.030) (0.035) (0.056) (0.075) ------ ------ ------ ------ ------ ------ Net asset value, end of period .................. $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 ====== ====== ====== ====== ====== ====== Total return based on net asset value ........... 2.77% 4.03% 3.00% 3.53% 5.70% 7.79% Ratios/Supplemental Data: Expenses to average net assets .................. -- -- -- -- -- -- Net investment income to average net assets ..... 5.59%+ 3.98% 2.96% 3.50% 5.49% 7.53% Net assets, end of period (000's omitted) ....... $4,003 $3,230 $3,102 $4,230 $5,849 $3,994 Without management fee waiver and expense reimbursement:* Net investment income per share ................. $0.022 $0.025 $ 0.019 $0.025 $ 0.048 $0.045 Ratios: Expenses to average net assets ............... 1.08%+ 1.48% 1.07% 0.97% 0.83% 2.97% Net investment income to average net assets .. 4.51%+ 2.50% 1.89% 2.53% 4.66% 4.56%
- ---------- * The Manager, at its discretion, waived management fees and/or reimbursed expenses for certain periods presented. + Annualized. -- P-37 -- Financial Highlights (unaudited) (continued)
Communications and Common Stock Portfolio Information Portfolio --------------------------------------------------------- ------------------------- Six Months Year Ended December 31 Six Months 10/11/94* Ended ---------------------------------------------- Ended to 6/30/95 1994 1993 1992 1991 1990 6/30/95 12/31/94 ---------- ------- ------- ------- ------- ------- ---------- ---------- Per Share Operating Performance: Net asset value, beginning of period ......... $13.780 $14.980 $15.600 $14.740 $11.580 $12.260 $10.440 $10.000 ------- ------- ------- ------- ------- ------- ------- ------- Net investment income (loss) ................. 0.178 0.365 0.392 0.346 0.362 0.356 (0.052) (0.016) Net realized and unrealized gain (loss) on investments ............................. 1.742 (0.356) 1.479 1.445 3.459 (0.743) 4.302 0.456 ------- ------- ------- ------- ------- ------- ------- ------- Increase (decrease) from investment operations ................................. 1.920 0.009 1.871 1.791 3.821 (0.387) 4.250 0.440 Dividends paid ............................... -- (0.385) (0.394) (0.369) (0.355) (0.263) -- -- Distributions from net gain realized ......... -- (0.824) (2.097) (0.562) (0.306) (0.030) -- -- ------- ------- ------- ------- ------- ------- ------- ------- Net increase (decrease) in net asset value ... 1.920 (1.200) (0.620) 0.860 3.160 (0.680) 4.250 0.440 ------- ------- ------- ------- ------- ------- ------- ------- Net asset value, end of period ............... $15.700 $13.780 $14.980 $15.600 $14.740 $11.580 $14.690 $10.440 ======= ======= ======= ======= ======= ======= ======= ======= Total return based on net asset value ........ 13.93% 0.04% 11.94% 12.14% 33.16% (3.15)% 40.71% 4.40% Ratios/Supplemental Data: Expenses to average net assets ............... 0.57%+ 0.60% 0.55% 0.56% 0.60% 0.88% 0.95%+ 0.95%+ Net investment income (loss) to average net assets ......................... 2.43%+ 2.45% 2.10% 2.21% 2.63% 3.01% (0.92)%+ (0.95)%+ Portfolio turnover ........................... 39.34% 15.29% 10.70% 12.57% 27.67% 13.78% 6.03% -- Net assets, end of period (000's omitted) .... $23,422 $20,168 $21,861 $24,987 $26,103 $18,030 $12,171 $495 Without management fee waiver and expense reimbursement:** Net investment income (loss) per share ....... $0.361 $0.350 $(0.088) $(0.436) Ratios: Expense to average net assets .............. 0.62% 0.71% 1.58%+ 13.96%+ Net investment income (loss) to average net assets ....................... 2.43% 2.52% (1.55)%+ (13.96)%+
Fixed Income Securities Portfolio Frontier Portfolio --------------------------------------------------------- ------------------------- Six Months Year Ended December 31 Six Months 10/11/94* Ended ---------------------------------------------- Ended to 6/30/95 1994 1993 1992 1991 1990 6/30/95 12/31/94 ---------- ------- ------- ------- ------- ------- ---------- ---------- Per Share Operating Performance: Net asset value, beginning of period ......... $9.270 $10.110 $10.660 $10.990 $10.310 $10.220 $10.580 $10.000 ------- ------- ------- ------- ------- ------- ------- ------- Net investment income (loss) ................. 0.309 0.499 0.713 0.706 0.798 0.680 (0.034) (0.012) Net realized and unrealized gain (loss) on investments ............................. 0.671 (0.841) 0.142 (0.092) 0.699 (0.054) 1.714 0.592 ------- ------- ------- ------- ------- ------- ------- ------- Increase (decrease) from investment operations ................................. 0.980 (0.342) 0.855 0.614 1.497 0.626 1.680 0.580 Dividends paid ............................... -- (0.498) (0.711) (0.772) (0.817) (0.536) -- -- Distributions from net gain realized ......... -- -- (0.694) (0.172) -- -- -- -- ------- ------- ------- ------- ------- ------- ------- ------- Net increase (decrease) in net asset value ... 0.980 (0.840) (0.550) (0.330) 0.680 0.090 1.680 0.580 ------- ------- ------- ------- ------- ------- ------- ------- Net asset value, end of period ............... $10.250 $9.270 $10.110 $10.660 $10.990 $10.310 $12.260 $10.580 ======= ======= ======= ======= ======= ======= ======= ======= Total return based on net asset value ........ 10.57% (3.39)% 7.98% 5.60% 14.58% 6.14% 15.88% 5.80% Ratios/Supplemental Data: Expenses to average net assets ............... 0.60%+ 0.60% 0.74% 1.00% 0.60% 1.73% 0.95%+ 0.95%+ Net investment income (loss) to average net assets ......................... 6.41%+ 5.12% 5.41% 6.22% 7.30% 6.59% (0.67)%+ (0.70)%+ Portfolio turnover ........................... 95.59% 237.23% 33.21% 23.40% 6.34% 6.62% 38.74% -- Net assets, end of period (000's omitted) .... $3,781 $3,606 $3,775 $4,750 $5,369 $4,600 $2,456 $169 Without management fee waiver and expense reimbursement:** Net investment income (loss) per share ....... $0.288 $0.430 $0.675 $0.712 $(0.206) $(1.319) Ratios: Expense to average net assets .............. 1.04%+ 1.31% 1.07% 1.42% 4.38%+ 40.47%+ Net investment income (loss) to average net assets ....................... 5.97%+ 4.41% 5.08% 6.48% (4.10)%+ (40.22)%+
- ---------- * Commencement of operations. ** The Manager, at its discretion, waived management fees and/or reimbursed expenses for certain periods presented. + Annualized. -- P-38 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Global Smaller Global Portfolio Companies Portfolio ---------------------------------------- ----------------------------- Six Months Year ended 5/3/93* to Six Months 10/11/94* to Ended 6/30/95 12/31/94 12/31/93 Ended 6/30/95 12/31/94 ------------- ---------- ----------- ------------ ------------ Per Share Operating Performance: Net asset value, beginning of period ......... $11.340 $11.370 $10.000 $10.310 $10.000 ------- ------- ------- ------- ------- Net investment income ........................ 0.083 0.131 0.021 0.075 0.058 Net realized and unrealized gain (loss) on investments ................................ (0.149) (0.306) 1.518 0.262 0.266 Net realized and unrealized gain (loss) from foreign currency transactions .............. 0.236 0.325 (0.099) 0.193 0.029 ------- ------- ------- ------- ------- Increase from investment operations .......... 0.170 0.150 1.440 0.530 0.353 Dividends paid ............................... -- (0.064) (0.053) -- (0.043) Distributions from net gain realized ......... -- (0.116) (0.017) -- -- ------- ------- ------- ------- ------- Net increase (decrease) in net asset value ... 0.170 (0.030) 1.370 0.530 0.310 ------- ------- ------- ------- ------- Net asset value, end of period ............... $11.510 $11.340 $11.370 $10.840 $10.310 ======= ======= ======= ======= ======= Total return based on net asset value ......... 1.50% 1.32% 14.40% 5.14% 3.53% Ratios/Supplemental Data: Expenses to average net assets ................ 1.27%+ 1.20% 1.20%+ 1.31%+ 1.20%+ Net investment income to average net assets ... 1.41%+ 1.17% 1.30%+ 1.61%+ 3.14%+ Portfolio turnover ............................ 31.72% 47.34% 2.82% 9.83% -- Net assets, end of period (000's omitted) .... $2,215 $1,776 $648 $1,295 $132 Without management fee waiver and expense reimbursement:** Net investment income (loss) per share ........ $(0.071) $(0.419) $(1.004) $(0.315) $(1.225) Ratios: Expenses to average net assets ............. 4.07%+ 6.12% 17.94%+ 9.67%+ 37.25%+ Net investment loss to average net assets .. (1.39)%+ (3.75)% (15.44)%+ (6.75)%+ (32.91)%+
High-Yield Bond Portfolio Income Portfolio --------------- ----------------------------------------------------------- 5/1/95* Six Months Year Ended December 31 to Ended ----------------------------------------------- 6/30/95 6/30/95 1994 1993 1992 1991 1990 --------------- --------- ------- ------- ------- ------- ------- Per Share Operating Performance: Net asset value, beginning of period ......... $10.000 $9.970 $11.380 $11.390 $11.250 $9.500 $10.780 ------- ------ ------- ------- ------- ------ ------- Net investment income ........................ 0.022 0.295 0.689 0.828 0.862 0.896 0.829 Net realized and unrealized gain (loss) on investments ............................. 0.008 0.765 (1.369) 0.576 0.896 2.024 (1.487) ------- ------ ------- ------- ------- ------ ------- Increase (decrease) from investment operations 0.030 1.060 (0.680) 1.404 1.758 2.920 (0.658) Dividends paid ............................... -- -- (0.730) (0.828) (0.987) (0.904) (0.622) Distributions from net gain realized ......... -- -- -- (0.586) (0.631) (0.266) -- ------- ------ ------- ------- ------- ------ ------- Net increase (decrease) in net asset value ... 0.030 1.060 (1.410) (0.010) 0.140 1.750 (1.280) ------- ------ ------- ------- ------- ------ ------- Net asset value, end of period ............... $10.030 $11.030 $9.970 $11.380 $11.390 $11.250 $ 9.500 ======= ====== ======= ======= ======= ====== ======= Total return based on net asset value ......... 0.30% 10.63% (5.96)% 12.37% 15.72% 30.89% (6.10)% Ratios/Supplemental Data: Expenses to average net assets ................ 0.70%+ 0.60%+ 0.60% 0.64% 0.68% 0.60% 1.40% Net investment income to average net assets ... 2.80%+ 5.70%+ 6.34% 6.40% 7.53% 8.05% 8.19% Portfolio turnover ............................ -- 24.71% 29.76% 38.38% 39.46% 43.67% 21.64% Net assets, end of year (000's omitted) ....... $277 $11,469 $10,050 $11,220 $11,363 $11,509 $7,419 Without management fee waiver and expense reimbursement:** Net investment income per share ............... $(0.420) $0.293 $0.670 $0.826 $0.867 Ratios: Expenses to average net assets ............. 40.70%+ 0.64%+ 0.77% 0.65% 0.93% Net investment income to average net assets. (37.20)%+ 5.66%+ 6.17% 6.39% 7.72%
- ---------- * Commencement of operations. ** The Manager and/or Subadviser, at their discretion, waived management fees and/or reimbursed expenses for certain periods presented. + Annualized. See notes to financial statements. -- P-39 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Board of Directors - -------------------------------------------------------------------------------- Fred E. Brown Director and Consultant, J. & W. Seligman & Co. Incorporated John R. Galvin 2 Dean, Fletcher School of Law and Diplomacy at Tufts University Director, USLIFE Corporation Alice S. Ilchman 3 President, Sarah Lawrence College Trustee, Committee for Economic Development Director, NYNEX Chairman, The Rockefeller Foundation Frank A. McPherson 2 Chairman and CEO, Kerr-McGee Corporation Director, Kimberly-Clark Corporation Chairman and Director, Baptist Medical Center John E. Merow Partner, Sullivan & Cromwell, Law Firm Betsy S. Michel 2 Director or Trustee, Various Organizations William C. Morris 1 Chairman Chairman of the Board and President, J. & W. Seligman & Co. Incorporated Chairman, Carbo Ceramics Inc. Director, Daniel Industries, Inc. Director, Kerr-McGee Corporation James C. Pitney 3 Partner, Pitney, Hardin, Kipp & Szuch, Law Firm Director, Public Service Enterprise Group James Q. Riordan 3 Director, The Brooklyn Union Gas Company Trustee, Committee for Economic Development Director, Dow Jones & Co., Inc. Director, Public Broadcasting Service Ronald T. Schroeder 1 President Managing Director, J. & W. Seligman & Co. Incorporated Robert L. Shafer 3 Vice President, Pfizer Inc. Director, USLIFE Corporation James N. Whitson 2 Executive Vice President and Director, Sammons Enterprises, Inc. Director, C-SPAN Director, Red Man Pipe and Supply Company Brian T. Zino 1 Managing Director, J. & W. Seligman & Co. Incorporated - ------------------------------- Member: 1 Executive Committee 2 Audit Committee 3 Director Nominating Committee - -------------------------------------------------------------------------------- Executive Officers - -------------------------------------------------------------------------------- William C. Morris Chairman Ronald T. Schroeder President Leonard J. Lovito Vice President Loris D. Muzzatti Vice President Charles C. Smith, Jr. Vice President Lawrence P. Vogel Vice President Paul H. Wick Vice President Thomas G. Rose Treasurer Frank J. Nasta Secretary - -------------------------------------------------------------------------------- Manager J. & W. Seligman & Co. Incorporated 100 Park Avenue New York, New York 10017 Subadviser Seligman Henderson Co. 100 Park Avenue New York, New York 10017 General Distributor Seligman Financial Services, Inc. 100 Park Avenue New York, New York 10017 Custodians Investors Fiduciary Trust Company Morgan Stanley Trust Company General Counsel Sullivan & Cromwell Independent Auditors Ernst & Young LLP -- P-40 -- -----END PRIVACY-ENHANCED MESSAGE-----