-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NQ157+MEko8XmQ5Htk4sqsLHPyE5/fBwKvNIrtt1+M4QzqZiwhJpbp5dzEnVS6EI IXdWssD0H1Y2usq5oqJgYQ== 0000817841-96-000011.txt : 19960830 0000817841-96-000011.hdr.sgml : 19960830 ACCESSION NUMBER: 0000817841-96-000011 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960829 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: 96623148 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 SPI SEMI-ANNUAL REPORT - -------------------------------------------------------------------------------- M I D - Y E A R R E P O R T - -------------------------------------------------------------------------------- -------------------- -------------------- SELIGMAN -------------------- PORTFOLIOS, -------------------- INC. -------------------- [LOGO] June 30, 1996 ============= -------------------- -------------------- ============= SELIGMAN PORTFOLIOS, INC. ------------- ------------- ------------- July 26, 1996 Dear Contract Owner: J. & W. Seligman & Co. Incorporated, as Manager of Seligman Portfolios, Inc., is pleased to provide the enclosed unaudited financial statements and accompanying information for Seligman Portfolios, Inc., the underlying investment vehicle for your policy, for the six months ended June 30, 1996. In the first half of 1996, the Federal Reserve Board's continuing efforts to achieve a "soft landing" -- a healthy moderation of economic growth that does not slip into recession -- appeared to have come to fruition. Economic data for the second quarter of 1996 indicated continued growth in output, employment, and incomes. More than half the early corporate earnings reports reflected the positive effects of the strong economy, and earnings estimates rose to higher levels. Inflation remained low and, more important, commodity price indices declined from their recent eight-year highs, which suggested that future inflationary pressures were in check. Overall, the economy seemed quite healthy at the end of the second quarter. In the fixed-income markets, higher corporate profits and uncertainty over the future direction of interest rates created much confusion. The benchmark 30-year Treasury bond yield fluctuated widely, reacting to the shifting perceptions of economic growth and inflationary pressures. It ended the month of June at 6.87%, up from 5.95% at the beginning of the year. Additionally, the yield on the benchmark three-month Treasury bill began the year at 5.08% and increased to 5.16% by June 30. While fundamentals remained strong in the US, a mid-July sell-off in the US equity markets was triggered by disappointing earnings reports from several important technology and health care companies. This led to an overall negative assessment that other corporate profits would fall short of expectations and economic growth would slow, causing future earnings disappointments. A broad decline in equity prices ensued, which was aggravated by uncertainty over the future direction of interest rates. This culminated on July 15, when the price of five out of six companies on the New York Stock Exchange declined. Although the downturn affected Seligman Portfolios, Inc., some of the lost ground was regained by the end of the month. While viewpoints differ over the likely direction of financial markets and the economy over the next year, we believe that the longer-term outlook for the US economy and the equity markets remains sound. For international markets, the first half of the year was characterized by higher stock prices, volatile bond markets, a strong US Dollar, and subdued inflation. In Europe, stagnant economic growth forced central banks to lower interest rates. As a result, European markets were among the best performers in the world, though weaker currencies reduced much of the gains. In Japan, massive fiscal expansion, easy monetary policy, and a weaker Yen boosted economic growth to a 23-year record. Japan's stock market responded by rising almost 8%, but here too, most of the gains were eroded by the weaker Yen. Looking ahead, a combination of economic recovery and low inflation should support rising earnings and higher stock prices in the next six months. We thank you for your continued confidence in Seligman Portfolios, Inc., and look forward to serving your investment needs in 1996 and the years ahead. Respectfully, /s/ William C. Morris William C. Morris Chairman J. & W. Seligman & Co. Incorporated Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Largest Portfolio Changes* (unaudited) - -------------------------------------------------------------------------------- During the Six Months Ended June 30, 1996 Shares or Additions Principal Amount --------------------- --------------------- Holdings Increase 6/30/96 -------- -------- SELIGMAN CAPITAL PORTFOLIO Common Stocks Berg Electronics ............................ 7,000shs. 7,000shs. Garden Botanika ............................. 7,500 7,500 International Game Technology ............... 7,300 7,300 Pfizer ...................................... 2,800 2,800 St. Jude Medical ............................ 3,800 3,800 Southwest Airlines .......................... 3,400 3,400 Sun International Hotels .................... 4,500 4,500 TCSI ........................................ 5,000 7,500(1) 360(degree)Communications ................... 4,800 4,800 Western Wireless (Class A) .................. 8,450 8,450 - -------------------------------------------------------------------------------- SELIGMAN COMMON STOCK PORTFOLIO Common Stocks AMP ......................................... 4,800 4,800 Echlin ...................................... 8,000 11,300 First Brands ................................ 12,000 12,000 Fleet Financial Group ....................... 6,000 6,000 Frontier .................................... 7,800 7,800 General Signal .............................. 7,400 7,400 Lockheed Martin ............................. 4,100 4,100 Mead ........................................ 3,500 3,500 United Healthcare ........................... 4,500 4,500 Vishay Intertechnology ...................... 10,750 11,000(3) - -------------------------------------------------------------------------------- SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO Common Stocks America Online .............................. 15,000 15,000 Cognex ...................................... 35,000 35,000 Hadco ....................................... 27,000 27,000 Hummingbird Communications .................. 20,000 20,000 International Rectifier ..................... 40,000 40,000 K-III Communications ........................ 70,000 70,000 Lexmark International Group ................. 50,000 50,000 Oak Technology .............................. 10,000 20,000(5) Sun Microsystems ............................ 13,000 13,000 Xerox ....................................... 7,000 21,000(6) - -------------------------------------------------------------------------------- SELIGMAN FIXED INCOME SECURITIES PORTFOLIO U.S. Government Securities U.S. Treasury Bonds 8 3/4%, 5/15/2020 ................................. $600,000 $600,000 U.S. Treasury Notes 7 1/4%, 8/15/2004 ........ 500,000 500,000 U.S. Government Agencies Federal National Mortgage Association 7%, 5/1/2026 .............................. 507,867 507,867 Corporate Bonds Continental Cablevision 8.30%, 5/15/2006 ................................. 200,000 200,000 Asset-Backed Securities Advanta 7.44%, 8/25/2018 .................... 200,000 200,000 - -------------------------------------------------------------------------------- Shares or Reductions Principal Amount --------------------- -------------------- Holdings Decrease 6/30/96 -------- -------- SELIGMAN CAPITAL PORTFOLIO Common Stocks Altera ...................................... 2,200shs. -- Arbor Software .............................. 2,000 -- Arrow International ......................... 3,000 -- BMC Software ................................ 1,500 -- Chris-Craft Industries ...................... 3,600 -- HFS ......................................... 2,400 2,400 shs.(2) Mirage Resorts .............................. 2,300 2,900 Sequent Computer Systems .................... 6,000 -- Sunrise Medical ............................. 4,000 -- Tambrands ................................... 1,600 -- - -------------------------------------------------------------------------------- SELIGMAN COMMON STOCK PORTFOLIO Common Stocks Aetna Life & Casualty ....................... 3,200 -- Air Products and Chemicals .................. 6,200 -- Cray Research ............................... 11,000 -- General Electric ............................ 3,300 4,600 Gillette .................................... 5,200 3,000 Hasbro ...................................... 9,400 -- Knight-Ridder Newspapers .................... 5,600 -- PepsiCo ..................................... 5,800 12,600(4) Royal Dutch Petroleum ....................... 1,500 2,200 State Street Boston ......................... 6,300 -- - -------------------------------------------------------------------------------- SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO Common Stocks Altera ...................................... 17,000 -- Altron ...................................... 37,500(7) -- Applied Materials ........................... 17,000 -- Compaq Computers ............................ 17,000 -- Cypress Semiconductor ....................... 52,000 -- Electronics for Imaging ..................... 3,000 7,000 KLA Instruments ............................. 25,000 -- LSI Logic ................................... 22,000 -- Tekelec ..................................... 50,000 -- VLSI Technology ............................. 40,000 -- - -------------------------------------------------------------------------------- SELIGMAN FIXED INCOME SECURITIES PORTFOLIO U.S. Government Securities U.S. Treasury Bonds 8 7/8%, 2/15/2019 ................................. $1,200,000 -- Corporate Bonds Golden West Financial 6.70%, 7/1/2002 ........................... 150,000 -- News America Holdings 8 1/4%, 8/10/2018 .......................... 150,000 -- - -------------------------------------------------------------------------------- - ---------- See footnotes on page P-3. -- P-1 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Largest Portfolio Changes* (unaudited) (continued) - -------------------------------------------------------------------------------- During the Six Months Ended June 30, 1996 Additions Shares --------------------- --------------------- Holdings Increase 6/30/96 -------- -------- SELIGMAN FRONTIER PORTFOLIO Common Stocks AMRE ........................................ 13,100 13,100 Avondale Industries ......................... 13,500 13,500 Cardiac Pathways ............................ 17,850 17,850 Control Data Systems ........................ 10,500 10,500 DST Systems ................................. 6,800 11,200 General Nutrition ........................... 11,500 11,500 R.P. Scherer ................................ 7,800 7,800 Sunquest Information Systems ................ 21,000 21,000 Walsh International ......................... 20,000 20,000 Watson Pharmaceuticals ...................... 10,600 10,600 - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL PORTFOLIO Common Stocks Accor ....................................... 522 522 CITIC Pacific ............................... 15,000 15,000 DBS Land .................................... 15,000 15,000 DSM ......................................... 667 667 Guangdong Investments ....................... 95,000 95,000 HSBC Holdings ............................... 3,600 3,600 Istituto Nazionale delle Assicurazioni ....................... 56,453 56,453 Sandoz ...................................... 74 74 Sun Hung Kai Properties ..................... 6,000 6,000 Taiwan Fund ................................. 5,000 5,000 - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO Common Stocks AmeriSource Health (Class A) ................ 3,300 3,300 Asahi Diamond Industries .................... 8,000 10,090(8) Assystem .................................... 1,000 1,000 Imnet Systems ............................... 3,300 3,300 Moebel Walther .............................. 3,800 3,800 Samas Groep ................................. 2,800 2,800 Southern Pacific Funding .................... 11,500 11,500 Tamro ....................................... 25,000 25,000 Tsudakoma ................................... 16,000 20,000 Waters ...................................... 5,000 5,000 - -------------------------------------------------------------------------------- Shares or Reductions Principal Amount --------------------- -------------------- Holdings Decrease 6/30/96 -------- -------- SELIGMAN FRONTIER PORTFOLIO Common Stocks Aspect Telecommunications ................... 4,880 -- The Carbide/Graphite Group .................. 9,300 -- Central Parking ............................. 4,000 -- Clintrials Research ......................... 3,730 -- Cypress Semiconductor ....................... 10,900 -- Eagle USA Airfreight ........................ 4,000 -- Falcon Drilling ............................. 7,200 -- Lam Research ................................ 3,960 -- SITEL ....................................... 7,200 -- ThermoLase .................................. 4,500 -- - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL PORTFOLIO Common Stocks Farnell Electronics ......................... 4,300 -- Gadjah Tunggal .............................. 76,000 -- Hong Kong Telecommunications ................ 29,400 -- Jurong Shipyard ............................. 9,000 -- Karstadt .................................... 101 -- LaFarge Coppee .............................. 855 -- Roche Holdings .............................. 7 -- Siam Cement ................................. 700 -- Tele Danmark (Series B) ..................... 1,004 -- Unilever .................................... 2,900 -- - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO Common Stocks Amisys Managed Care Systems ................. 5,000 -- Applied Extrusion Technology ................ 3,500 -- Central Parking ............................. 1,000 -- COREstaff ................................... 2,500 -- Eagle USA Airfreight ........................ 3,000 -- Learning Tree International ................. 2,500 -- Norland Medical Systems ..................... 2,000 -- Parexel International ....................... 1,000 -- Protein Design Labs ......................... 1,840 -- SITEL ....................................... 500 2,000(9) - -------------------------------------------------------------------------------- - ---------- See footnotes on page P-3. -- P-2 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- During the Six Months Ended June 30, 1996 Shares or Additions Principal Amount --------------------- --------------------- Holdings Increase 6/30/96 -------- -------- SELIGMAN HIGH-YIELD BOND PORTFOLIO Corporate Bonds Aztar 13 3/4%, 10/1/2004 ..................... $100,000 $100,000 Cablevision Systems 10 1/2%, 5/15/2006 ................................ 200,000 200,000 Charter Communications 11 1/4%, 3/15/2006 ................................. 150,000 150,000 IMO Industries 11 3/4%, 5/1/2006 ............. 200,000 200,000 Jitney-Jungle Stores 12%, 3/1/2006 .................................. 200,000 200,000 Midland Cogeneration Venture 11 3/4%, due 7/23/2005 ..................... 150,000 250,000 Pricecellular Wire 0% (12 1/4%), 10/1/2003 ................................. 200,000 200,000 Trump Hotels & Casino Resorts Funding 15 1/2%, 6/15/2005 ................. 100,000 150,000 Unisys 12%, 4/15/2003 ....................... 150,000 150,000 S.D. Warren 12%, 12/15/2004 ................. 150,000 150,000 - -------------------------------------------------------------------------------- SELIGMAN INCOME PORTFOLIO Common Stocks Central and South West ...................... 1,900 shs. 1,900 shs. Convertible Preferred Stocks Browning-Ferris Industries 7 1/4% ............ 7,500 7,500 FSA 7 5/8% ................................... 7,500 7,500 Kmart Financing 7 3/4% ....................... 2,000 2,000 Subordinated Convertible Bonds General Signal 5 3/4%, 6/1/2002 .............. $200,000 $200,000 Molten Metal Technology 5 1/2%, 5/1/2006 ........................... 200,000 200,000 Xilinx 5 1/4%, 11/1/2002 ..................... 250,000 250,000 - -------------------------------------------------------------------------------- Shares or Reductions Principal Amount --------------------- -------------------- Holdings Decrease 6/30/96 -------- -------- SELIGMAN HIGH-YIELD BOND PORTFOLIO Corporate Bonds Arcadian Partners 10 3/4%, 5/1/2005 $100,000 -- Casino Magic Finance 11 1/2%, 10/15/2001 ................................ 100,000 -- Grand Casinos 10 1/8%, 12/1/2003 ............. 50,000 -- Olympic Financial 13%, 5/1/2000 ............. 75,000 -- People's Choice Television 0% (13 1/8%), 6/1/2004 ..................... 100,000 -- Regency Health Services 9 7/8%, 10/15/2002 ................................ 100,000 -- Thrifty Payless 12 1/4%, 4/15/2004 ........... 50,000 -- TransTexas Gas 11 1/2%, 6/15/2002 ................................. 100,000 -- Trump Plaza Funding 10 7/8%, 6/15/2001 ................................. 50,000 -- Trump Taj Mahal 11.35%, 11/15/1999 ................................ 100,000 -- - -------------------------------------------------------------------------------- SELIGMAN INCOME PORTFOLIO Subordinated Convertible Bonds Kelley Oil & Gas 8 1/2%, 4/1/2000 ............ 285,000 -- Time Warner 8 3/4%, 1/10/2015 ................ 76,750 -- Unifi 6%, 3/15/2002 ......................... 300,000 -- - -------------------------------------------------------------------------------- * Largest portfolio changes from the previous year end to the current midyear are based on cost of purchases and proceeds from sales of securities. (1) Includes 2,500 shares received as a result of a 3-for-2 stock split. (2) Includes 2,400 shares received as a result of a 2-for-1 stock split. (3) Includes 250 shares received as a result of a 5% stock dividend. (4) Includes 6,300 shares received as a result of a 2-for-1 stock split. (5) Includes 10,000 shares received as a result of a 2-for-1 stock split. (6) Includes 14,000 shares received as a result of a 3-for-1 stock split. (7) Includes 12,500 shares received as a result of a 3-for-2 stock split. (8) Includes 90 shares received as a result of a 3% stock dividend. (9) Includes 1,000 shares received as a result of a 2-for-1 stock split. -- P-3 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) - -------------------------------------------------------------------------------- SELIGMAN CAPITAL PORTFOLIO Shares Value ------ ----- COMMON STOCKS -- 86.3% AEROSPACE -- 1.2% Litton Industries* ............................. 3,400 $ 147,900 ------------ AUTOMOTIVE AND RELATED -- 2.8% Cooper Tire & Rubber ........................... 5,000 111,250 Harley-Davidson ................................ 5,800 238,525 ------------ 349,775 ------------ BASIC MATERIALS -- 4.8% Minerals Technologies .......................... 5,000 171,250 Nucor .......................................... 2,100 106,312 Olin ........................................... 2,300 205,275 Schulman, A .................................... 4,687 114,246 ------------ 597,083 ------------ BUSINESS SERVICES AND SUPPLIES -- 2.7% HFS* ........................................... 2,400 168,000 Interpublic Group of Companies ................. 3,600 168,750 ------------ 336,750 ------------ COMPUTER GOODS AND SERVICES -- 6.0% Berg Electronics ............................... 7,000 166,250 Comshare ....................................... 7,000 215,250 Flserv* ........................................ 6,000 181,500 Intel .......................................... 2,400 176,250 ------------ 739,250 ------------ CONSUMER GOODS AND SERVICES -- 7.0% Estee Lauder* .................................. 2,500 105,625 Masco .......................................... 4,600 139,150 Newell ......................................... 5,800 177,625 Oakley* ........................................ 5,400 245,700 Tommy Hilfiger* ................................ 3,700 198,412 ------------ 866,512 ------------ DRUGS AND HEALTH CARE -- 14.2% Amgen* ......................................... 3,600 193,950 Biogen* ........................................ 1,700 92,969 Columbia/HCA Healthcare ........................ 2,900 154,787 Express Scripts (Class A)* ..................... 2,000 91,750 Flamel Technologies* ........................... 5,000 39,687 Guidant ........................................ 5,000 246,250 Humana* ........................................ 5,300 94,737 IDEC Pharmaceuticals* .......................... 1,500 34,688 InControl* ..................................... 6,000 69,000 Mid Atlantic Medical Services* ................. 7,400 105,450 Oxford Health Plans* ........................... 5,000 205,312 Pfizer ......................................... 2,800 199,850 Physio-Control International* .................. 6,200 108,888 St. Jude Medical* .............................. 3,800 126,825 ------------ 1,764,143 ------------ - ---------- * Non-income producing security. See notes to financial statements. -- P-4 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1996 - -------------------------------------------------------------------------------- SELIGMAN CAPITAL PORTFOLIO (continued) Shares Value ------ ----- FINANCIAL SERVICES -- 8.9% Amerin* ........................................ 7,200 $ 191,700 Donaldson, Lufkin & Jenrette ................... 6,000 186,000 MBNA ........................................... 7,200 205,200 Progressive (Ohio) ............................. 3,700 171,125 Transatlantic Holdings ......................... 1,700 119,213 Travelers ...................................... 4,950 225,844 ------------ 1,099,082 ------------ FOOD AND FOOD SERVICES -- 3.2% Brinker International* ......................... 5,200 78,000 Hart Brewing ................................... 10,650 111,825 PepsiCo ........................................ 6,000 212,250 ------------ 402,075 ------------ INDUSTRIAL GOODS AND SERVICES -- 1.5% Illinois Tool Works ............................ 2,700 182,587 ------------ LEISURE AND RELATED -- 11.5% British Sky Broadcasting (ADSs) ................ 4,900 199,062 Circus Circus Enterprises* ..................... 3,700 151,700 Infinity Broadcasting* ......................... 5,550 166,500 International Game Technology .................. 7,300 123,188 Mattel ......................................... 7,812 223,618 Mirage Resorts* ................................ 2,900 156,600 Sun International Hotels* ...................... 4,500 218,250 Viacom (Class B) ............................... 4,600 178,825 ------------ 1,417,743 ------------ RETAIL TRADE -- 5.4% Garden Botanika* ............................... 7,500 163,125 Home Depot ..................................... 3,500 189,000 Nordstrom ...................................... 2,600 115,375 Office Depot* .................................. 4,800 97,800 OfficeMax* ..................................... 4,100 97,887 ------------ 663,187 ------------ SOFTWARE -- 8.3% Activision* .................................... 17,500 228,594 Checkfree* ..................................... 4,400 87,725 Edmark ......................................... 3,500 70,438 Microsoft* ..................................... 1,900 228,119 Objective Systems Integrators* ................. 1,900 69,350 Sterling Software* ............................. 3,300 254,100 Sybase* ........................................ 4,020 95,224 ------------ 1,033,550 ------------ - ---------- * Non-income producing security. See notes to financial statements. -- P-5 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN CAPITAL PORTFOLIO (continued) Shares or Principal Amount Value ------ ----- TELECOMMUNICATIONS -- 8.0% Century Telephone Enterprises .................. 4,100 shs. $ 130,688 MRV Communications ............................. 2,350 98,994 TCSI* .......................................... 7,500 180,000 360(degree)Communications* ..................... 4,800 115,200 Western Wireless (Class A) ..................... 8,450 182,203 WorldCom* ...................................... 5,100 282,094 ----------- 989,179 ----------- TRANSPORTATION -- 0.8% Southwest Airlines ............................. 3,400 99,025 ----------- Total Common Stocks (Cost $8,506,528) .......... 10,687,841 REPURCHASE AGREEMENTS -- 12.7% (Cost $1,575,000) HSBC Securities, Inc. 4 1/2%, dated 6/26/1996, maturing 7/3/1996 collateralized by: $1,475,000 U.S. Treasury Notes 8 3/4%, 11/15/2008, with a fair market value of $1,634,003 ..... $ 1,575,000 1,575,000 ----------- Total Investments-- 99.0% (Cost $10,081,528) ... 12,262,841 Other Assets Less Liabilities-- 1.0% ........... 118,741 ----------- Net Assets-- 100.0% ............................ $12,381,582 =========== - ---------- * Non-income producing security. See notes to financial statements. -- P-6 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1996 - -------------------------------------------------------------------------------- SELIGMAN CASH MANAGEMENT PORTFOLIO Annualized Yield on Purchase Principal Date Amount Value -------- --------- ----- COMMERCIAL PAPER -- 51.8% American Express Credit Corp., 7/10/1996 .... 5.35% $ 400,000 $ 399,472 American General Finance Corp., 7/25/1996 ... 5.35 450,000 448,419 Associates Corp. of North America, 7/18/1996 5.36 450,000 448,876 BellSouth Telecommunications Corp., 7/30/1996 5.32 450,000 448,097 Beneficial Corp., 8/30/1996 ................. 5.33 475,000 470,836 CoreStates Financial Corp., 7/1/1996 ........ 5.29 400,000 400,000 Ford Motor Credit Corp., 8/16/1996 .......... 5.34 360,000 357,576 General Electric Capital Corp., 8/14/1996 ... 5.34 450,000 447,101 J.P. Morgan & Co., 7/11/1996 ................ 5.35 400,000 399,413 John Deere Capital Corp., 8/15/1996 ......... 5.38 450,000 447,019 Norwest Financial, 8/30/1996 ................ 5.33 475,000 470,836 ---------- Total Commercial Paper (Cost $4,737,645) .... 4,737,645 ---------- U.S. GOVERNMENT SECURITIES -- 40.0% U.S. Treasury Bills, 8/22/1996 .............. 5.17 1,600,000 1,588,421 U.S. Treasury Bills, 9/19/1996 .............. 5.23 2,100,000 2,076,340 ---------- Total U.S. Government Securities (Cost $3,664,761) 3,664,761 ---------- FIXED TIME DEPOSIT -- 4.9% (cost $450,000) National Westminster Bank, Nassau, 7/1/1996 . 5.06 450,000 450,000 ---------- BANK NOTES -- 3.3% (cost $300,020) NBD Bank, Detroit, 9/3/1996 ................. 5.34 300,000 300,020 ---------- Total Investments-- 100.0% (Cost $9,152,426) 9,152,426 Other Assets Less Liabilities ............... (2,883) ---------- Net Assets-- 100.0% ......................... $9,149,543 ========== SELIGMAN COMMON STOCK PORTFOLIO Shares Value ------ ----- COMMON STOCKS -- 90.7% ADVERTISING -- 1.2% Omnicom Group .................................. 8,400 $ 390,600 ------------ AEROSPACE/DEFENSE -- 4.3% Avondale Industries* ........................... 8,000 143,500 General Dynamics ............................... 3,000 186,000 General Motors (Class H) ....................... 4,400 264,550 Lockheed Martin ................................ 4,100 344,400 Raytheon ....................................... 3,500 180,688 United Technologies ............................ 2,800 322,000 ------------ 1,441,138 ------------ APPAREL AND TEXTILES -- 1.5% Liz Claiborne .................................. 7,000 242,375 Unifi .......................................... 9,700 272,812 ------------ 515,187 ------------ - ---------- * Non-income producing security. See notes to financial statements. -- P-7 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN COMMON STOCK PORTFOLIO (continued) Shares Value ------ ----- AUTOMOTIVE AND RELATED -- 3.1% Echlin ......................................... 11,300 $ 427,988 Genuine Parts .................................. 3,800 173,850 Harley-Davidson ................................ 5,200 213,850 The Pep Boys ................................... 6,200 210,800 ------------ 1,026,488 ------------ CAPITAL GOODS-- 0.6% Ingersoll-Rand ................................. 4,500 196,875 ------------ CHEMICALS -- 1.6% Dow Chemical ................................... 2,400 182,400 Morton International ........................... 4,200 156,450 Olin ........................................... 2,200 196,350 ------------ 535,200 ------------ COMPUTER HARDWARE/PERIPHERALS -- 1.5% Compaq Computer ................................ 4,300 211,775 Dell Computer .................................. 5,500 279,469 ------------ 491,244 ------------ COMPUTER SOFTWARE-- 0.6% Synopsys* ...................................... 5,100 203,363 ------------ CONSTRUCTION -- 0.7% Sherwin-Williams ............................... 4,800 223,200 ------------ CONSUMER GOODS AND SERVICES -- 9.5% Coca-Cola ...................................... 5,600 273,700 Colgate-Palmolive .............................. 5,200 440,700 Eastman Kodak .................................. 4,000 311,000 First Brands ................................... 12,000 324,000 Gillette ....................................... 3,000 187,125 International Flavors & Fragrances ............. 6,700 319,087 RJR Nabisco Holdings ........................... 4,400 136,400 PepsiCo ........................................ 12,600 445,725 Procter & Gamble ............................... 5,300 480,312 Rubbermaid ..................................... 8,900 242,525 ------------ 3,160,574 ------------ DRUGS AND HEALTH CARE -- 7.5% Abbott Laboratories ............................ 6,200 269,700 American Home Products ......................... 3,600 216,450 Bard (C.R.) .................................... 6,200 210,800 Baxter International ........................... 3,600 170,100 Biomet ......................................... 12,000 171,000 Bristol-Myers Squibb ........................... 2,000 180,000 Guidant ........................................ 3,300 162,525 Mallinckrodt Group ............................. 4,500 174,937 Medtronic ...................................... 2,400 134,400 Nellcor Puritan Bennett* ....................... 3,200 155,600 Schering-Plough ................................ 6,600 414,150 United Healthcare .............................. 4,500 227,250 ------------ 2,486,912 ------------ - ---------- * Non-income producing security. See notes to financial statements. -- P-8 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1996 - -------------------------------------------------------------------------------- SELIGMAN COMMON STOCK PORTFOLIO (continued) Shares Value ------ ----- ELECTRIC AND GAS UTILITIES -- 1.0% FPL Group ...................................... 7,200 $ 331,200 ------------ ELECTRONICS -- 2.2% Motorola ....................................... 5,000 314,375 Vishay Intertechnology* ........................ 11,000 259,875 Xilinx ......................................... 4,800 152,100 ------------ 726,350 ------------ ENERGY -- 11.1% Anadarko Petroleum ............................. 3,500 203,000 Atlantic Richfield ............................. 2,500 296,250 Baker Hughes ................................... 7,000 230,125 Enron .......................................... 7,500 306,562 Mobil .......................................... 2,800 313,950 PanEnergy ...................................... 10,800 355,050 Royal Dutch Petroleum .......................... 2,200 338,250 Schlumberger ................................... 5,000 421,250 Sonat .......................................... 9,200 414,000 Texaco ......................................... 5,300 444,538 Union Pacific Resources ........................ 13,800 369,150 ------------ 3,692,125 ------------ ENVIRONMENTAL SERVICES -- 0.5% Browning-Ferris Industries ..................... 6,000 174,000 ------------ FINANCE AND INSURANCE -- 10.0% American International Group ................... 4,800 473,400 BankAmerica .................................... 2,200 166,650 Bank of New York ............................... 4,800 246,000 Federal National Mortgage Association .......... 10,400 348,400 Fleet Financial Group .......................... 6,000 261,000 General Re ..................................... 3,500 532,875 Household International ........................ 2,000 152,000 Mellon Bank .................................... 3,100 176,700 NationsBank .................................... 5,814 480,382 PNC Bank ....................................... 5,900 175,525 St. Paul Companies ............................. 3,000 160,500 Travelers ...................................... 3,750 171,094 ------------ 3,344,526 ------------ FOOD -- 4.8% Campbell Soup .................................. 2,800 197,400 ConAgra ........................................ 5,250 238,219 CPC International .............................. 5,000 360,000 General Mills .................................. 4,900 267,050 Sara Lee ....................................... 11,400 369,075 Sysco .......................................... 5,000 171,250 ------------ 1,602,994 ------------ - ---------- * Non-income producing security. See notes to financial statements. -- P-9 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN COMMON STOCK PORTFOLIO (continued) Shares Value ------ ----- INDUSTRIAL EQUIPMENT -- 3.3% AMP ............................................ 4,800 $ 192,600 Emerson Electric ............................... 2,600 234,975 General Electric ............................... 4,600 397,900 General Signal ................................. 7,400 280,275 ------------ 1,105,750 ------------ LEISURE AND ENTERTAINMENT -- 0.5% Disney, Walt ................................... 2,900 182,338 ------------ METALS AND MINING -- 0.5% Reynolds Metals ................................ 3,000 156,375 ------------ OFFICE EQUIPMENT -- 0.6% Pitney Bowes ................................... 4,100 195,775 ------------ PAPER AND PACKAGING -- 1.8% International Paper ............................ 4,300 158,563 Kimberly-Clark ................................. 3,300 254,925 Mead ........................................... 3,500 181,562 ------------ 595,050 ------------ PRINTING AND PUBLISHING -- 1.3% Donnelley (R.R.) ............................... 3,800 132,525 Reader's Digest (Class A) ...................... 3,200 136,000 Tribune ........................................ 2,400 174,300 ------------ 442,825 ------------ RESTAURANTS -- 0.9% McDonald's ..................................... 3,000 140,250 Wendy's International .......................... 8,600 160,175 ------------ 300,425 ------------ RETAIL TRADE -- 6.7% American Stores ................................ 8,200 338,250 Dillard Department Stores ...................... 5,000 182,500 Kmart .......................................... 5,800 71,775 Limited ........................................ 3,862 83,033 May Department Stores .......................... 6,000 262,500 Nordstrom ...................................... 6,700 297,312 Penney (J. C.) ................................. 4,000 210,000 Sears, Roebuck ................................. 4,800 233,400 Tandy .......................................... 3,500 165,812 Wal-Mart ....................................... 8,100 205,537 Woolworth ...................................... 8,500 191,250 ------------ 2,241,369 ------------ STEEL -- 0.3% Nucor .......................................... 2,200 111,375 ------------ TECHNOLOGY -- 1.5% Hewlett-Packard ................................ 1,960 195,265 Intel .......................................... 2,800 205,625 Teradyne ....................................... 6,400 110,400 ------------ 511,290 ------------ - ---------- See notes to financial statements. -- P-10 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1996 - -------------------------------------------------------------------------------- SELIGMAN COMMON STOCK PORTFOLIO (continued) Shares Value ------ ----- TELECOMMUNICATIONS -- 3.4% ALLTEL ......................................... 11,000 shs. $ 338,250 American Telephone & Telegraph ................. 2,500 155,000 Frontier ....................................... 7,800 238,875 GTE ............................................ 3,900 174,525 Loral Space & Communications* .................. 14,000 190,750 Teleport Communications ........................ 1,500 28,500 ----------- 1,125,900 ----------- TELEPHONE UTILITIES -- 0.9% NYNEX .......................................... 3,500 166,250 SBC Communications ............................. 2,900 142,825 ----------- 309,075 ----------- TOBACCO -- 3.1% Philip Morris .................................. 4,800 499,200 Schweitzer-Mauduit International ............... 7,400 208,125 UST Inc. ....................................... 9,900 339,075 ----------- 1,046,400 ----------- TRANSPORTATION -- 0.9% Caliber System ................................. 4,850 164,900 Conrail ........................................ 1,800 119,475 ----------- 284,375 ----------- MISCELLANEOUS/DIVERSIFIED -- 3.3% Corning (Delaware) ............................. 9,200 353,050 Dover .......................................... 2,800 129,150 Minnesota Mining & Manufacturing ............... 4,600 317,400 Tenneco ........................................ 5,900 301,638 ----------- 1,101,238 ----------- Total Common Stocks (Cost $22,767,124)......... 30,251,536 ----------- SUBORDINATED CONVERTIBLE BONDS -- 1.0% EMC 4 1/4%, 1/1/2001 $ 125,000 134,688 MascoTech 4 1/2%, 12/15/2003 250,000 198,750 ----------- Total Subordinated Convertible Bonds (Cost $324,732) 333,438 ----------- REPURCHASE AGREEMENTS -- 10.8% (Cost $3,600,000) HSBC Securities, Inc.4 1/2%, dated 6/26/1996, maturing 7/3/1996 collateralized by: $3,345,000 U.S. Treasury Notes 8 3/4%, 11/15/2008, with a fair market value of $3,705,587 ..... 3,600,000 3,600,000 ----------- Total Investments-- 102.5% (Cost $26,691,856) .. 34,184,974 Other Assets Less Liabilities-- (2.5)% ......... (834,916) ----------- Net Assets-- 100.0% ............................ $33,350,058 =========== - ---------- * Non-income producing security. See notes to financial statements. -- P-11 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO Shares Value ------ ----- COMMON STOCKS -- 75.4% COMMUNICATIONS INFRASTRUCTURE -- 14.3% Bay Networks* .................................. 20,000 $ 515,000 Cabletron Systems .............................. 9,000 617,625 CIDCO* ......................................... 20,000 705,000 Cisco Systems* ................................. 20,000 1,133,750 ECI Telecommunications ......................... 30,000 695,625 Glenayre Technologies* ......................... 20,000 998,750 Madge Networks* ................................ 15,000 221,250 Network General ................................ 36,000 769,500 StrataCom* ..................................... 5,000 282,188 3Com* .......................................... 25,000 1,142,187 ------------ 7,080,875 ------------ COMPUTER HARDWARE/PERIPHERALS -- 16.5% Adaptec* ....................................... 16,000 757,000 C-Cube Microsystems* ........................... 10,000 330,625 Dell Computer .................................. 17,000 863,813 Electronics for Imaging* ....................... 7,000 486,062 EMC* ........................................... 55,000 1,024,375 Hewlett-Packard ................................ 2,000 199,250 Komag* ......................................... 22,000 577,500 Lexmark International Group .................... 50,000 1,006,250 Seagate Technology* ............................ 13,000 585,000 Sun Microsystems* .............................. 13,000 765,375 Tektronix ...................................... 10,000 447,500 Xerox .......................................... 21,000 1,123,500 ------------ 8,166,250 ------------ COMPUTER SOFTWARE -- 18.0% Aspect Development* ............................ 25,000 634,375 Cadence Design Systems* ........................ 5,000 168,750 Dialogic* ...................................... 5,000 298,750 GT Interactive Software* ....................... 30,000 506,250 Hummingbird Communications* .................... 20,000 607,500 Infonautics (Class A)* ......................... 5,000 40,000 Informix* ...................................... 25,000 560,938 Mentor Graphics ................................ 70,000 1,133,125 Metatools* ..................................... 5,000 116,875 Microsoft ...................................... 10,000 1,200,625 Oracle Systems* ................................ 22,500 887,344 Parametric Technology* ......................... 23,000 996,188 Siebel Systems* ................................ 20,000 607,500 Structural Dynamics Research* .................. 5,000 109,375 Synopsys* ...................................... 15,000 598,125 Wonderware* .................................... 25,000 475,000 ------------ 8,940,720 ------------ CONTRACT MANUFACTURING/CIRCUIT BOARDS -- 3.3% Hadco* ......................................... 27,000 573,750 Merix* ......................................... 20,000 397,500 Sanmina* ....................................... 10,000 270,000 Solectron* ..................................... 10,000 378,750 ------------ 1,620,000 ------------ - ---------- * Non-income producing security. See notes to financial statements. -- P-12 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1996 - -------------------------------------------------------------------------------- SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO (continued) Shares or Principal Amount Value ------ ----- INFORMATION SERVICES -- 0.2% MetroMail* ..................................... 5,000 shs. $ 111,875 ---------- INTERNET/ONLINE -- 1.9% America Online* ................................ 15,000 654,375 CompuServe* .................................... 15,000 316,875 ---------- 971,250 ---------- PUBLISHING -- 1.8% K-III Communications* .......................... 70,000 875,000 ---------- SEMICONDUCTORS -- 13.5% Analog Devices ................................. 16,000 408,000 Atmel .......................................... 15,000 452,812 Information Storage Devices* ................... 35,000 328,125 Intel .......................................... 13,000 954,687 International Rectifier* ....................... 40,000 645,000 Lattice Semiconductor* ......................... 24,000 579,000 Linear Technology .............................. 13,000 389,188 Maxim Integrated Products* ..................... 20,000 546,250 Microchip Technology* .......................... 20,000 500,000 Oak Technology ................................. 20,000 188,750 S3 ............................................. 40,000 495,000 Xilinx* ........................................ 30,000 950,625 Zilog .......................................... 10,000 240,000 ---------- 6,677,437 ---------- SEMICONDUCTOR CAPITAL EQUIPMENT-- 3.6% Asyst Technologies* ............................ 10,000 178,750 Cognex ......................................... 35,000 570,937 Credence Systems* .............................. 15,000 201,563 Electro Scientific* ............................ 15,000 309,375 Novellus Systems* .............................. 15,000 543,750 ---------- 1,804,375 ---------- TELECOMMUNICATIONS -- 2.3% Brite Voice Systems* ........................... 2,000 42,500 Millicom International Cellular* ............... 5,000 236,562 Paging Network* ................................ 5,000 119,063 Pairgain Technologies* ......................... 5,000 310,312 U.S. Robotics .................................. 5,000 426,875 ---------- 1,135,312 ---------- Total Common Stocks (Cost $40,809,008) ......... 37,383,094 ---------- SHORT-TERM HOLDINGS -- 28.0% REPURCHASE AGREEMENTS -- 27.4% HSBC Securities, Inc. 4 1/2%, dated 6/26/1996, maturing 7/3/1996 collateralized by: $12,550,000 U.S. Treasury Notes 8 3/4%, 11/15/2008, with a fair market value of $13,902,876 ...... $ 13,600,000 13,600,000 FIXED TIME DEPOSITS-- 0.6% National Westminster Bank, Nassau, 5 1/16%, 7/1/1996 275,000 275,000 ----------- Total Short-Term Holdings (Cost $13,875,000) ... 13,875,000 ----------- Total Investments-- 103.4% (Cost $54,684,008) .. 51,258,094 Other Assets Less Liabilities-- (3.4)% ......... (1,694,923) ----------- Net Assets-- 100.0% ............................ $49,563,171 =========== - ---------- * Non-income producing security. See notes to financial statements. -- P-13 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN FIXED INCOME SECURITIES PORTFOLIO Principal Amount Value --------- ----- U.S. GOVERNMENT SECURITIES AND AGENCIES -- 51.6% U.S. GOVERNMENT SECURITIES -- 28.4% U.S. Treasury Bonds 8 3/4%, 5/15/2020 ........... $600,000 $ 717,187 U.S. Treasury Notes 7 1/4%, 8/15/2004 ........... 500,000 517,812 ---------- Total U.S. Government Securities (Cost $1,264,899) 1,234,999 ---------- U.S. GOVERNMENT AGENCIES -- 23.2% Federal National Mortgage Association 7%, 5/1/2026+ ............................... 507,867 489,295 Government National Mortgage Association Obligations: 10%, 12/15/2020+ ............................ 224,491 244,835 7 1/2%, 6/15/2023+ ........................... 278,485 274,740 ---------- Total U.S. Government Agencies (Cost $1,000,814) 1,008,870 ---------- Total U.S. Government Securities and Agencies (Cost $2,265,713) ............... 2,243,869 ---------- CORPORATE BONDS -- 29.4% AEGON 8%, 8/15/2006 ............................ 150,000 156,747 American Home 7.90%, 2/15/2005 ................. 150,000 157,194 Capital One Bank 8 1/8%, 3/1/2000 ............... 150,000 155,019 Continental Cablevision 8.30%, due 5/15/2006 ... 200,000 207,299 First Union 6.55%, 10/15/2035 .................. 200,000 190,372 First USA Bank 5 3/4%, 1/15/1999 ................ 100,000 97,592 General Motors Acceptance 5 5/8%, 2/1/1999 ...... 150,000 146,755 United Telecommunications 9 1/2%, 4/1/2003 ...... 150,000 166,902 ---------- Total Corporate Bonds (Cost $1,260,556) ........ 1,277,880 ---------- ASSET-BACKED SECURITIES -- 4.6% (Cost $199,969) Advanta 7.44%, 8/25/2018+ ...................... 200,000 200,140 ---------- SHORT-TERM HOLDINGS -- 12.8% Canadian Imperial Bank of Commerce, Grand Cayman, Fixed Time Deposit, 5.20%, 7/3/1996 .......... 185,000 185,000 First National Bank of Chicago, Grand Cayman, Fixed Time Deposit, 4 15/16%, 7/3/1996 ........ 185,000 185,000 National Westminster Bank, Nassau, Fixed Time Deposit, 5 1/16%, 7/3/1996 ............... 185,000 185,000 ---------- Total Short-Term Holdings (Cost $555,000) ...... 555,000 ---------- Total Investments-- 98.4% (Cost $4,281,238) .... 4,276,889 Other Assets Less Liabilities-- 1.6% ........... 68,284 ---------- Net Assets-- 100.0% ............................ $4,345,173 ========== - ---------- + Investments in mortgage-backed and asset-backed securities are subject to principal paydowns. As a result of prepayments from refinancing or satisfaction of the underlying instruments, the average life may be less than the original maturity. This in turn may impact the ultimate yield realized on these investments. See notes to financial statements. -- P-14 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1996 - -------------------------------------------------------------------------------- SELIGMAN FRONTIER PORTFOLIO Shares Value ------ ----- COMMON STOCKS -- 93.9% ADVERTISING -- 0.9% Heritage Media (Class A)* ...................... 4,045 $ 161,294 Katz Media Group* .............................. 3,530 50,744 ------------ 212,038 ------------ AEROSPACE AND DEFENSE -- 2.2% Avondale Industries* ........................... 13,500 242,156 BDM International* ............................. 5,710 265,515 ------------ 507,671 ------------ APPAREL -- 0.8% St. John Knits ................................. 4,120 183,855 ------------ BUSINESS GOODS AND SERVICES -- 18.3% AccuStaff* ..................................... 7,500 205,313 Affiliated Computer Services (Class A)* ........ 1,400 65,975 Barefoot ....................................... 6,730 73,189 Bell & Howell Holdings* ........................ 6,290 205,211 BISYS Group* ................................... 4,875 183,117 Ceridian* ...................................... 6,700 338,350 Corporate Express* ............................. 11,500 460,719 DST Systems* ................................... 11,200 358,400 Fair Isaac ..................................... 1,700 75,225 HFS* ........................................... 6,000 420,000 Intelliquest Information Group ................. 5,500 182,187 Inter-Tel* ..................................... 8,600 225,750 May & Speh* .................................... 7,800 120,900 National Data .................................. 5,950 203,788 Nu-Kote Holdings (Class A)* .................... 7,200 118,350 Profit Recovery Group International* ........... 3,500 69,562 US Office Products* ............................ 5,800 242,875 Vincam Group* .................................. 13,000 344,500 Walsh International* ........................... 20,000 183,750 Wilmar Industries* ............................. 3,000 76,500 ------------ 4,153,661 ------------ CAPITAL GOODS -- 4.0% DT Industries .................................. 2,900 53,288 Fusion Systems* ................................ 1,245 31,436 Greenfield Industries .......................... 5,090 169,242 Oak Industries* ................................ 6,430 190,489 UCAR International* ............................ 8,100 337,163 Wolverine Tube* ................................ 3,855 134,925 ------------ 916,543 ------------ - ---------- * Non-income producing security. See notes to financial statements. -- P-15 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN FRONTIER PORTFOLIO (continued) Shares Value ------ ----- COMMUNICATIONS -- 3.9% Arch Communications Group* ..................... 5,865 $ 108,503 CIDCO* ......................................... 4,880 172,020 Glenayre Technologies* ......................... 5,000 249,687 KVH Industries* ................................ 20,000 186,250 MobileMedia (Class A)* ......................... 3,720 44,640 Omnipoint* ..................................... 3,800 99,038 ProNet* ........................................ 1,370 16,868 ------------ 877,006 ------------ COMPUTER HARDWARE/PERIPHERALS -- 2.1% Electronics for Imaging* ....................... 2,720 188,870 Planar Systems* ................................ 9,010 127,829 Pomeroy Computer Resources* .................... 11,000 160,875 ------------ 477,574 ------------ COMPUTER SOFTWARE AND SERVICES -- 8.7% Amisys Managed Care Systems* ................... 20,000 521,250 CompuServe* .................................... 6,500 137,312 Control Data Systems ........................... 10,500 225,094 Mentor Graphics* ............................... 13,000 210,438 MetroMail* ..................................... 6,200 138,725 SPS Transaction Services* ...................... 2,570 46,260 SunGard Data Systems* .......................... 3,600 144,225 Sunquest Information Systems* .................. 21,000 312,375 Synopsys* ...................................... 5,540 220,907 Zilog* ......................................... 1,000 24,000 ------------ 1,980,586 ------------ CONSTRUCTION AND SERVICES -- 1.3% AMRE* .......................................... 13,100 286,562 ------------ CONSUMER GOODS AND SERVICES -- 2.1% Oakley* ........................................ 10,700 486,850 ------------ DRUGS AND HEALTH CARE -- 12.3% American HomePatient* .......................... 2,000 88,000 AmeriSource Health (Class A)* .................. 5,330 177,223 Community Psychiatric Centers .................. 8,885 84,407 General Nutrition* ............................. 11,500 200,531 National Surgery Centers* ...................... 4,350 117,994 Omnicare ....................................... 10,000 265,000 Parexel International* ......................... 9,000 430,875 Protein Design Labs* ........................... 3,050 68,244 R.P. Scherer* .................................. 7,800 353,925 Total Renal Care Holdings* ..................... 9,200 388,700 Vivra* ......................................... 6,400 210,400 Watson Pharmaceuticals* ........................ 10,600 401,475 ------------ 2,786,774 ------------ - ---------- * Non-income producing security. See notes to financial statements. -- P-16 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1996 - -------------------------------------------------------------------------------- SELIGMAN FRONTIER PORTFOLIO (continued) Shares Value ------ ----- ELECTRONICS -- 4.4% Cognex* ........................................ 16,460 $ 268,504 Credence Systems* .............................. 5,000 67,188 Electroglas* ................................... 5,000 70,937 Lattice Semiconductor* ......................... 3,170 76,476 Maxim Integrated Products ...................... 5,100 139,294 Sanmina* ....................................... 6,000 162,000 Vicor* ......................................... 9,060 211,211 ------------ 995,610 ------------ FARM EQUIPMENT -- 0.4% AGCO ........................................... 3,420 94,905 ------------ FINANCIAL SERVICES -- 5.5% CMAC Investment ................................ 3,100 178,250 Commerce Bancorp ............................... 2,625 62,016 First Investors Financial Services Group* ...... 3,900 43,631 First Savings Bank of Washington ............... 3,700 57,581 Flushing Financial* ............................ 3,300 56,513 GCR Holdings ................................... 3,800 100,225 Jayhawk Acceptance* ............................ 8,300 114,644 Klamath First Bancorp .......................... 3,500 50,969 Leasing Solutions* ............................. 3,900 60,450 T. Rowe Price .................................. 4,850 149,744 Roosevelt Financial Group ...................... 7,300 140,981 Southern Pacific Funding* ...................... 11,500 201,250 Statewide Financial* ........................... 3,800 46,312 ------------ 1,262,566 ------------ FOOD AND BEVERAGES -- 0.6% Canandaigua Wine (Class A)* .................... 4,575 137,822 ------------ GAMING -- 1.2% GTECH Holdings* ................................ 8,900 263,662 ------------ INSURANCE -- 1.7% First Commonwealth* ............................ 6,200 173,600 Meadowbrook Insurance Group .................... 6,900 212,175 ------------ 385,775 ------------ MANUFACTURING -- 1.3% American Homestar* ............................. 4,000 102,000 Buckeye Cellulose* ............................. 7,000 193,375 ------------ 295,375 ------------ MEDIA AND BROADCASTING -- 3.9% Argyle Television (Class A)* ................... 8,600 212,850 Chancellor Broadcasting (Class A)* ............. 4,400 138,325 Evergreen Media (Class A)* ..................... 5,800 246,500 Jacor Communications* .......................... 5,550 172,397 Paxson Communications* ......................... 12,800 136,000 ------------ 906,072 ------------ MEDICAL PRODUCTS AND TECHNOLOGY -- 7.7% Cardiac Pathways* .............................. 17,850 262,172 CompDent* ...................................... 3,900 180,862 Dentsply International ......................... 7,385 312,478 ESC Medical Systems* ........................... 16,500 451,687 Rural/Metro* ................................... 4,800 163,800 - ---------- * Non-income producing security. See notes to financial statements. -- P-17 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN FRONTIER PORTFOLIO (continued) Shares or Principal Amount Value ------ ----- MEDICAL PRODUCTS AND TECHNOLOGY (continued) Sybron International* .......................... 7,080 shs. $ 177,000 Waters* ........................................ 6,400 211,200 ----------- 1,759,199 ----------- OIL AND GAS -- 1.4% Pogo Producing ................................. 4,510 171,944 Santa Fe Energy Resources ...................... 12,000 142,500 ----------- 314,444 ----------- PUBLISHING -- 1.6% Applied Graphics Technologies* ................. 15,000 240,000 World Color Press .............................. 5,200 131,950 ----------- 371,950 ----------- RESTAURANTS -- 1.0% Longhorn Steaks* ............................... 8,700 215,325 ----------- RETAIL TRADE -- 1.8% Casey's General Stores ......................... 8,795 173,701 Consolidated Stores* ........................... 2,500 91,875 Friedman's (Class A)* .......................... 3,800 97,375 Saks Holdings* ................................. 1,600 54,600 ----------- 417,551 ----------- SPECIALTY CHEMICALS -- 1.8% Minerals Technologies .......................... 6,400 219,200 Sealed Air* .................................... 5,480 184,265 ----------- 403,465 ----------- TRANSPORTATION -- 1.6% United Transnet* ............................... 15,100 371,838 ----------- UTILITIES -- 1.4% CalEnergy* ..................................... 12,060 307,530 ----------- Total Common Stocks (Cost $20,604,448) ......... 21,372,209 REPURCHASE AGREEMENTS -- 9.4% (Cost $2,150,000) HSBC Securities, Inc. 4 1/2%, dated 6/26/1996, maturing 7/3/1996 collateralized by: $2,000,000 U.S. Treasury Notes 8 3/4%, 11/15/2008, with a fair market value of $2,215,598 ..... $ 2,150,000 2,150,000 ----------- Total Investments-- 103.3% (Cost $22,754,448) .. 23,522,209 Other Assets Less Liabilities-- (3.3)% ......... (759,065) ----------- Net Assets-- 100.0% ............................ $22,763,144 =========== - ---------- * Non-income producing security. See notes to financial statements. -- P-18 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1996 - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL PORTFOLIO Shares Value ------ ----- COMMON STOCKS -- 97.6% AEROSPACE/DEFENSE-- 0.7% Rolls-Royce (UK) ............................... 12,000 $ 41,704 ------------ BANKING -- 10.6% Banco de Santander (Spain) ..................... 1,749 81,510 CS Holdings (Switzerland) ...................... 429 40,727 Deutsche Bank (Germany) ........................ 1,608 76,067 HSBC Holdings (Hong Kong) ...................... 3,600 54,414 Malayan Banking (Malaysia) ..................... 3,500 33,681 Royal Bank of Scotland (UK) .................... 6,200 47,423 Siam Commercial Bank (Thailand) ................ 2,600 37,680 Societe Generale (France) ...................... 756 83,028 Sumitomo Trust Banking (Japan) ................. 5,000 68,415 UTD Overseas Bank (Singapore) .................. 3,684 35,246 Westpac Banking (Australia) .................... 10,500 46,526 ------------ 604,717 ------------ BUILDING MATERIALS -- 0.7% Gujurat Ambuja Cement (GDSs) (India) ........... 3,360 39,480 ------------ CHEMICALS -- 5.9% Bayer (Germany) ................................ 2,595 91,174 DSM (Netherlands) .............................. 667 66,150 Norsk Hydro (Norway) ........................... 1,434 70,090 Sandoz (Switzerland) ........................... 74 84,479 Toyo Ink Manufacturing (Japan) ................. 4,000 22,914 ------------ 334,807 ------------ CONSTRUCTION AND PROPERTY -- 2.6% DBS Land (Singapore) ........................... 15,000 51,446 Land and House (Thailand) ...................... 3,000 37,806 Sun Hung Kai Properties (Hong Kong) ............ 6,000 60,653 ------------ 149,905 ------------ CONSUMER PRODUCTS -- 6.2% CSK (Japan) .................................... 3,000 89,213 KAO (Japan) .................................... 4,000 54,002 Matthew Clark (UK) ............................. 4,000 47,724 Nestle (Switzerland) ........................... 73 83,221 Sankyo (Japan) ................................. 1,000 38,312 United Industrial (Singapore) .................. 40,000 40,816 ------------ 353,288 ------------ ELECTRONICS -- 6.4% Alps Electric (Japan) .......................... 3,000 36,397 Pioneer Electronic (Japan) ..................... 7,000 166,659 Samsung Electronics (GDRs)*+ (South Korea) ..... 301 7,450 Samsung Electronics (GDSs)*+ (South Korea) ..... 1,000 24,750 Samsung Electronics (GDRs) (Voting)*+ (South Korea) 9 461 Samsung Electronics (GDSs) (Voting)*+ (South Korea) 30 1,523 Toshiba (Japan) ................................ 18,000 128,073 ------------ 365,313 ------------ - ---------- * Non-income producing security. + Rule 144A security. See notes to financial statements. -- P-19 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL PORTFOLIO (continued) Shares Value ------ ----- ENGINEERING -- 2.0% Siebe (UK) ..................................... 5,000 $ 70,904 United Engineers (Malaysia) .................... 6,000 41,620 ------------ 112,524 ------------ FINANCE AND INSURANCE -- 9.5% Assicurazione Generali (Italy) ................. 3,665 84,427 AXA (France) ................................... 1,532 83,710 ING Groep (Netherlands) ........................ 3,017 89,866 Istituto Nazionale delle Assicurazioni (Italy) . 56,453 84,060 Mitsui Marine & Fire (Japan) ................... 10,000 79,453 Nomura Securities (Japan) ...................... 2,000 39,042 Zurich Versicherung (Switzerland) .............. 297 80,795 ------------ 541,353 ------------ HEALTH AND HOUSEHOLD -- 1.4% Roussel-Uclaf (France) ......................... 338 80,997 ------------ INDUSTRIAL GOODS & SERVICES -- 5.2% ABB (Switzerland) .............................. 70 86,446 Cie Generale des Eaux (France) ................. 797 88,922 CITIC Pacific* (China) ......................... 15,000 60,653 Guangdong Investments (China) .................. 95,000 60,137 ------------ 296,158 ------------ LEISURE AND HOTELS -- 2.6% Accor (France) ................................. 522 72,927 Granada Group (UK) ............................. 5,400 72,219 ------------ 145,146 ------------ MANUFACTURING -- 6.1% Adidas (Germany) ............................... 605 50,312 Caradon (UK) ................................... 11,500 38,539 FKI Babcock (UK) ............................... 16,125 42,530 Siemens (Germany) .............................. 1,540 82,428 SMH Neuenberg (Switzerland) .................... 295 46,009 Tokyo Steel Manufacturing (Japan) .............. 1,000 19,612 Yamaha (Japan) ................................. 4,000 66,043 ------------ 345,473 ------------ MEDIA -- 5.0% Elsevier (Netherlands) ......................... 5,585 84,636 News Corp. (Australia) ......................... 9,220 52,320 Nippon Television Network (Japan) .............. 110 34,116 Reuters Holdings (UK) .......................... 4,000 48,345 WPP Group (UK) ................................. 19,000 63,379 ------------ 282,796 ------------ - ---------- * Non-income producing security. See notes to financial statements. -- P-20 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1996 - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL PORTFOLIO (continued) Shares Value ------ ----- METALS -- 3.8% Hindalco Industries (GDRs)+ (India) ............ 500 $ 18,937 Mitsubishi Materials (Japan) ................... 13,000 70,677 Sumitomo Metal Industries (Japan) .............. 25,000 76,625 Sumitomo Sitix (Japan) ......................... 1,000 22,075 Tsubaki Nakashima (Japan) ...................... 2,000 24,812 ------------ 213,126 ------------ PAPER AND PACKAGING -- 1.7% Hokkai Can (Japan) ............................. 3,000 23,672 Stora Kopparbergs (Sweden) ..................... 5,595 73,742 ------------ 97,414 ------------ RESOURCES -- 5.0% British Petroleum (UK) ......................... 5,800 50,798 Broken Hill Proprietary (Australia) ............ 3,206 44,335 ELF Aquitaine (France) ......................... 1,171 86,025 Nippon Oil (Japan) ............................. 3,000 20,333 WMC (Australia) ................................ 7,000 50,135 YPF Sociedad Anomima (ADRs) (Argentina) ........ 1,400 31,500 ------------ 283,126 ------------ RESTAURANTS -- 0.6% Denny's (Japan) ................................ 1,000 35,485 ------------ RETAILING -- 4.7% Aoyama Trading (Japan) ......................... 800 20,944 Carrefour Supermarche (France) ................. 106 59,318 Carrefour Supermarche (Rights)* (France) ....... 106 29,536 Joshin Denki (Japan) ........................... 2,000 28,826 SM Prime Holdings (Philippines) ................ 162,000 42,062 Tesco (UK) ..................................... 14,300 65,228 Tsutsumi Jewelry (Japan) ....................... 500 24,173 ------------ 270,087 ------------ SUPPORT SERVICES -- 1.0% Rentokil (UK) .................................. 9,400 59,649 ------------ TELECOMMUNICATIONS -- 5.7% Grupo Carso (ADRs)*+ (Mexico) .................. 1,000 14,169 L.M. Ericsson (Series B) (Sweden) .............. 3,820 82,282 Nippon Telegraph & Telephone (Japan) ........... 19 140,734 Olivetti (Italy) ............................... 68,362 36,841 Telekommunikasi (Indonesia) .................... 500 755 Telekommunikasi (ADRs) (Indonesia) ............. 1,650 49,088 ------------ 323,869 ------------ - ---------- * Non-income producing security. + Rule 144A security. See notes to financial statements. -- P-21 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL PORTFOLIO (continued) Shares Value ------ ----- TOBACCO -- 1.1% B.A.T. Industries (UK) ......................... 8,000 $ 62,184 ---------- TRANSPORTATION -- 6.7% British Airport Authority (UK) ................. 6,000 43,566 East Japan Railway (Japan) ..................... 20 104,903 Lufthansa (Germany) ............................ 518 73,240 Mitsui O.S.K. Lines (Japan) .................... 22,000 75,859 Perusahaan Otomobil Nasional (Malaysia) ........ 8,000 43,625 Swire Pacific (Hong Kong) ...................... 5,000 42,793 ---------- 383,986 ---------- UTILITIES -- 1.4% Iberdrola (Spain) .............................. 7,654 78,440 ---------- MISCELLANEOUS -- 1.0% Taiwan Fund (Taiwan) ........................... 5,000 56,875 ---------- Total Investments-- 97.6% (Cost $5,156,152) .... 5,557,902 Other Assets Less Liabilities-- 2.4% ........... 139,119 ---------- Net Assets-- 100.0% ............................ $5,697,021 ========== SELIGMAN HENDERSON GLOBAL GROWTH OPPORTUNITIES PORTFOLIO Shares Value ------ ----- COMMON STOCKS -- 92.5% APPAREL AND TEXTILES -- 1.3% Liz Claiborne (US) ............................. 100 $ 3,463 ------------ COMPUTER AND TECHNOLOGY RELATED -- 10.7% CMG* (UK) ...................................... 1,100 11,230 Informix* (US) ................................. 200 4,487 Microsoft* (US) ................................ 100 12,006 ------------ 27,723 ------------ CONSUMER GOODS AND SERVICES -- 16.7% Oakley* (US) ................................... 100 4,550 PepsiCo (US) ................................... 100 3,538 Puma* (Germany) ................................ 360 12,944 R.J. Reynolds (Malaysia) ....................... 4,000 11,788 SMH Neuenberg (Switzerland) .................... 67 10,450 ------------ 43,270 ------------ DIVERSIFIED -- 4.7% CITIC Pacific* (China) ......................... 3,000 12,131 ------------ - ---------- * Non-income producing security. See notes to financial statements. -- P-22 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1996 - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL GROWTH OPPORTUNITIES PORTFOLIO (continued) Shares Value ------ ----- DRUGS AND HEALTH CARE -- 10.3% Amgen* (US) .................................... 100 $ 5,387 Columbia/HCA Healthcare (US) ................... 100 5,338 Hogy Medical (Japan) ........................... 200 10,855 United Healthcare (US) ......................... 100 5,050 -------- 26,630 -------- ENTERTAINMENT AND LEISURE -- 12.1% Accor (France) ................................. 75 10,478 Granada Group (UK) ............................. 900 12,037 Sun International Hotels (US) .................. 100 4,850 Viacom (Class B) (US) .......................... 100 3,887 -------- 31,252 -------- FINANCIAL SERVICES -- 6.0% MBNA (US) ...................................... 100 2,850 Sanyo Shinpan Finance (Japan) .................. 200 12,789 -------- 15,639 -------- INDUSTRIAL GOODS AND SERVICES -- 4.3% ABB (Switzerland) .............................. 9 11,114 -------- MANUFACTURING AND INDUSTRIAL EQUIPMENT -- 3.7% Larsen & Toubro (GDSs) (India) ................. 500 9,435 -------- MEDIA -- 4.6% Chubu Nippon Broadcasting (Japan) .............. 500 11,904 -------- RESOURCES -- 4.4% WMC (Australia) ................................ 1,600 11,459 -------- RETAILING -- 3.7% Tsutsumi Jewelry (Japan) ....................... 200 9,669 -------- TELECOMMUNICATIONS -- 10.0% DDI (Japan) .................................... 1 8,721 L.M. Ericsson Telefon (Series B) (Sweden) ...... 470 10,124 Telebras (ADRs) (Brazil) ....................... 100 7,151 -------- 25,996 -------- Total Investments-- 92.5% (Cost $239,596) ...... 239,685 Other Assets Less Liabilities-- 7.5% ........... 19,360 -------- Net Assets-- 100.0% ............................ $259,045 ======== - ---------- * Non-income producing security. See notes to financial statements. -- P-23 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO Shares Value ------ ----- COMMON STOCKS--94.3% ADVERTISING -- 1.5% Asatsu (Japan) ................................. 1,000 $ 43,330 Heritage Media (Class A)* (US) ................. 1,340 53,433 Katz Media Group* (US) ......................... 2,200 31,625 Outdoor Systems* (US) .......................... 1,300 45,175 ------------ 173,563 ------------ AUTOMOTIVE PARTS MANUFACTURING -- 4.5% Equipements et Composants pour I'lndustrie Automobile (France) .......................... 410 56,325 Forsheda (Sweden) .............................. 4,958 107,162 Industria Macchine Auto (Italy) ................ 10,300 72,490 Montupet (France) .............................. 439 57,498 Nippon Seiki (Japan) ........................... 3,000 49,532 Nokian Tyres* (Finland) ........................ 5,000 73,252 Sylea (France) ................................. 855 94,896 ------------ 511,155 ------------ BUILDING MATERIALS -- 1.5% Gujurat Ambuja Cement (GDSs) (India) ........... 839 9,858 Malayan Cement (Malaysia) ...................... 11,000 26,464 Mulia Industrindo (Indonesia) .................. 32,800 48,641 Mulia Industrindo (Rights)* (Indonesia) ........ 7,120 5,317 Polypipe (UK) .................................. 17,500 55,117 Tipco Asphalt (Thailand) ....................... 5,000 29,536 ------------ 174,933 ------------ BUSINESS SERVICES -- 3.0% BISYS Group* (US) .............................. 1,600 60,100 Cort Business Services (US) .................... 2,400 46,800 Fujitsu Business Systems (Japan) ............... 2,000 55,279 IBC Holdings (UK) .............................. 10,000 48,717 Nu-Kote Holdings (Class A)* (US) ............... 1,690 27,779 SIG Schweitz Industrie (Switzerland) ........... 46 53,211 SunGard Data Systems* (US) ..................... 1,160 46,472 ------------ 338,358 ------------ CAPITAL GOODS -- 0.6% Fusion Systems* (US) ........................... 800 20,200 Tsubakimoto Precision (Japan) .................. 4,000 49,624 ------------ 69,824 ------------ CHEMICALS -- 1.3% Chemical Company of Malaysia (Malaysia) ........ 5,000 16,038 Chemical Company of Malaysia (Warrants)* (Malaysia) 1,250 1,608 Hoganas (Series B) (Sweden) .................... 2,200 76,880 Toyo Ink Manufacturing (Japan) ................. 10,000 57,286 ------------ 151,812 ------------ - ---------- * Non-income producing security. See notes to financial statements. -- P-24 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1996 - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued) Shares Value ------ ----- COMMERCIAL SERVICES -- 0.7% ICT Group* (US) ................................ 1,500 $ 28,688 Physician Support Systems (US) ................. 900 20,138 Skilled Engineering (Australia) ................ 13,000 36,322 ------------ 85,148 ------------ COMPUTER SOFTWARE -- 6.1% CMG (UK) ....................................... 7,400 75,546 CSG Systems International (US) ................. 2,500 64,375 Dendrite International* (US) ................... 4,000 138,500 F.I. Group* (UK) ............................... 4,300 25,685 Imnet Systems (US) ............................. 3,300 100,238 Mentor Graphics (US) ........................... 4,400 71,225 Parity (UK) .................................... 13,000 52,844 Pomeroy Computer Resources * (US) .............. 2,000 29,250 Software 2000* (US) ............................ 4,200 68,512 Synopsys* (US) ................................. 1,670 66,591 ------------ 692,766 ------------ CONSTRUCTION AND PROPERTY -- 6.8% Allied Leisure (UK) ............................ 50,000 34,133 Asas Dunia (Malaysia) .......................... 5,000 19,848 Ashstead Group (UK) ............................ 22,500 59,345 Bau Holdings (Voting Preference Shares) (Austria) 1,380 70,169 Bukit Sembawang Estates (Singapore) ............ 2,000 52,013 Danske Traelastkompagni (Denmark) .............. 1,143 83,888 Higashi Nihon House (Japan) .................... 3,000 52,543 Kampa-Haus (Germany) ........................... 2,880 125,279 Metacorp (Malaysia) ............................ 8,000 23,095 Mitsui Home (Japan) ............................ 4,000 64,949 New Asia Realty (Hong Kong) .................... 16,000 51,675 Sto (Germany) .................................. 200 99,728 Tilbury Douglas (UK) ........................... 5,700 44,925 ------------ 781,590 ------------ CONSUMER GOODS AND SERVICES -- 5.2% Apcoa Parking* (Germany) ....................... 675 61,116 Canandaigua Wine (Class A)* (US) ............... 3,415 102,877 Childtime Learning Centers* (US) ............... 4,600 50,025 Ekornes (Norway) ............................... 7,500 110,090 Oakley* (US) ................................... 2,000 91,000 Revlon (Class A) (US) .......................... 700 20,388 St. John Knits (US) ............................ 900 40,163 SITEL* (US) .................................... 2,000 83,500 Sorini (Indonesia) ............................. 2,000 11,004 Want Want* (Singapore) ......................... 8,000 21,400 ------------ 591,563 ------------ - ---------- * Non-income producing security. See notes to financial statements. -- P-25 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued) Shares Value ------ ----- DRUGS AND HEALTH CARE -- 3.3% AmeriSource Health (Class A)* (US) ............. 3,300 $ 109,725 Darya-Varia Lab (Indonesia) .................... 10,720 22,175 Horizon Mental Health Management (US) .......... 2,400 68,400 Tamro (Finland) ................................ 25,000 149,736 Towa Pharmaceutical (Japan) .................... 1,000 31,562 ------------ 381,598 ------------ ELECTRIC UTILITIES -- 1.2% CalEnergy* (US) ................................ 5,200 132,600 ------------ ELECTRICAL DISTRIBUTION -- 0.3% Trifast (UK) ................................... 5,600 34,145 ------------ ELECTRONICS -- 5.3% Abacus Polar (UK) .............................. 10,500 32,907 Berg Electronics (US) .......................... 1,200 28,500 BMC Industries (US) ............................ 600 17,250 Credence Systems* (US) ......................... 2,125 28,555 Electro Scientific Industries* (US) ............ 2,790 57,544 Enplas (Japan) ................................. 1,000 21,072 Druck (UK) ..................................... 300 16,119 Fairey Group (UK) .............................. 5,000 51,044 Horiba Instruments (Japan) ..................... 4,000 55,827 ISA International (UK) ......................... 19,500 53,550 Lem Holdings (Switzerland) ..................... 67 19,563 LoJack* (US) ................................... 8,000 91,000 Otra (Netherlands) ............................. 3,640 83,700 Ryoyo Electro (Japan) .......................... 2,000 43,056 ------------ 599,687 ------------ FINANCIAL SERVICES -- 8.0% Finnveden (Series B)* (Sweden) ................. 7,550 97,802 Fokus Bank (Norway) ............................ 13,000 70,734 Ichiyoshi Securities (Japan) ................... 8,000 51,740 Jayhawk Acceptance* (US) ....................... 3,200 44,200 Manhattan Card (Hong Kong) ..................... 84,500 40,391 Mutual Risk Management (US) .................... 266 8,333 Nisshin Fire & Marine Insurance (Japan) ........ 16,000 78,814 T. Rowe Price (US) ............................. 1,400 43,225 Roosevelt Financial Group (US) ................. 8,000 154,500 Southern Pacific Funding* (US) ................. 11,500 201,250 Ssangyong Investment & Securities* (South Korea) 2,000 35,996 UnionAmerica Holdings (ADRs) (UK) .............. 4,500 68,063 World Acceptance* (US) ......................... 2,200 16,225 ------------ 911,273 ------------ - ---------- * Non-income producing security. See notes to financial statements. -- P-26 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1996 - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued) Shares Value ------ ----- INDUSTRIAL GOODS AND SERVICES -- 1.7% Angpanneforeningen (Class B) (Sweden) .......... 5,325 $ 69,782 BTG* (UK) ...................................... 500 12,373 Mitsubishi Cable (Japan) ....................... 4,000 27,001 Technip* (France) .............................. 923 84,892 ------------ 194,048 ------------ LEISURE AND HOTELS -- 2.2% Anchor Gaming* (US) ............................ 700 42,088 Fine Host* (US) ................................ 4,000 48,250 GTECH Holdings* (US) ........................... 3,100 91,838 Stratosphere* (US) ............................. 3,300 19,903 Sun International Hotels* (US) ................. 1,000 48,500 ------------ 250,579 ------------ MANUFACTURING -- 15.6% AGCO (US) ...................................... 800 22,200 Asahi Diamond Industries (Japan) ............... 10,090 131,619 Assystem (France) .............................. 1,000 116,422 Bacou USA (US) ................................. 2,500 43,906 British Polythene Industries (UK) .............. 4,500 51,595 Cobham (UK) .................................... 4,700 46,341 Danto (Japan) .................................. 4,000 54,002 David Brown Group (UK) ......................... 19,657 65,265 Domnick Hunter (UK) ............................ 9,500 58,515 Futuris (Australia) ............................ 32,512 37,359 Glory Kogyo (Japan) ............................ 2,000 66,226 Hokushin (Japan) ............................... 4,000 51,083 Iro* (Sweden) .................................. 11,570 118,508 Kalmar Industries (Sweden) ..................... 4,563 96,224 Lassila & Tikanoja (Finland) ................... 1,800 108,586 Lintec (Japan) ................................. 2,000 34,481 Memtec (ADRs) (Australia) ...................... 1,500 54,562 Namura Shipbuilding (Japan) .................... 5,000 28,278 Nichicon (Japan) ............................... 4,000 58,016 Nissha Printing (Japan) ........................ 2,000 29,008 Opta Food Ingredients (US) ..................... 5,000 50,625 Plettac (Germany) .............................. 420 97,550 Samas Groep (Netherlands) ...................... 2,800 103,212 Sodick (Japan) ................................. 4,000 47,799 Stoves* (UK) ................................... 7,500 29,789 Tsudakoma (Japan) .............................. 20,000 141,391 Wellington Holdings (UK) ....................... 9,000 37,841 ------------ 1,780,403 ------------ - ---------- * Non-income producing security. See notes to financial statements. -- P-27 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued) Shares Value ------ ----- MEDIA -- 2.7% Capital Radio (UK) ............................. 9,210 $ 93,452 GWR Group (UK) ................................. 13,500 45,242 South China Morning Post (Hong Kong) ........... 66,000 45,190 Teoi (Japan) ................................... 3,000 24,903 Trinity International Holdings (UK) ............ 7,500 50,385 United Video Satellite Group (Class A)* (US) ... 890 19,135 Visual Action Holdings (UK) .................... 9,800 34,971 ------------ 313,278 ------------ MEDICAL PRODUCTS AND TECHNOLOGY -- 3.8% Cardiovascular Dynamics* (US) .................. 1,150 14,159 CNS* (US) ...................................... 2,200 53,213 Hitachi Medical (Japan) ........................ 3,000 53,364 IDX Systems* (US) .............................. 2,000 77,750 NCS HealthCare (Class A)* (US) ................. 2,500 75,312 Waters* (US) ................................... 5,000 165,000 ------------ 438,798 ------------ METALS -- 1.2% Nakayama Steel Works (Japan) ................... 9,000 59,193 Sanyo Special Steel (Japan) .................... 12,000 50,791 Sumitomo Sitix (Japan) ......................... 1,000 22,075 ------------ 132,059 ------------ PAPER AND PRINTING -- 2.7% Applied Extrusion Technology (US) .............. 2,000 32,000 Bobst (Switzerland) ............................ 42 60,479 PLM (Sweden) ................................... 6,700 108,994 Rengo (Japan) .................................. 8,000 56,192 Wace Group (UK) ................................ 18,400 49,102 ------------ 306,767 ------------ RESOURCES -- 0.9% Nittetsu Mining (Japan) ........................ 6,000 61,300 QNI (Australia) ................................ 19,000 42,469 ------------ 103,769 ------------ RESTAURANTS -- 1.9% Aiya (Japan) ................................... 2,000 31,562 Kentucky Fried Chicken (Japan) ................. 3,000 58,563 KFC Holdings Malaysia (Malaysia) ............... 5,000 27,065 Pizza Express (UK) ............................. 11,500 65,659 Sagami Chain (Japan) ........................... 2,000 38,860 ------------ 221,709 ------------ RETAILING -- 5.3% Courts (Singapore) ............................. 18,000 28,699 - ---------- * Non-income producing security. See notes to financial statements. -- P-28 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1996 - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued) Shares Value ------ ----- RETAILING (continued) Fotolabo Club (Switzerland) .................... 175 $ 72,457 Frost Group (UK) ............................... 8,600 12,809 Hamleys (UK) ................................... 3,500 20,635 Hornbach Baumarkt (Germany) .................... 1,530 68,763 Jardine International Motor Holdings (Hong Kong) 40,000 49,091 Jean Pascale (Germany) ......................... 1,612 30,143 Moebel Walther (Germany) ....................... 3,800 172,030 Pet City Holdings (UK) ......................... 6,000 38,446 Siam Makro Public (Thailand) ................... 5,000 25,007 Tsutsumi Jewelry (Japan) ....................... 1,000 48,347 Xebio (Japan) .................................. 1,000 37,491 ----------- 603,918 ----------- TECHNOLOGY -- 1.6% Asyst Technologies* (US) ....................... 2,600 46,475 Electronics for Imaging* (US) .................. 940 65,271 Opal (Israel) .................................. 3,400 43,350 Photon Dynamics* (US) .......................... 2,300 22,425 ----------- 177,521 ----------- TELECOMMUNICATIONS -- 1.0% American Portable Telecom* (US) ................ 3,800 39,900 Arch Communications Group* (US) ................ 1,600 29,600 KVH Industries* (US) ........................... 5,000 46,563 ----------- 116,063 ----------- TEXTILES AND APPAREL -- 0.8% Designer Holdings* (US) ........................ 2,300 61,237 Komatsu Seiren (Japan) ......................... 3,000 35,576 ----------- 96,813 ----------- TRANSPORTATION -- 1.7% Comfort (Singapore) ............................ 28,000 27,778 Dawson Group (UK) .............................. 10,000 29,634 HUB Group (Class A) (US) ....................... 3,500 71,094 Iino Kaiun* (Japan) ............................ 13,000 70,322 ----------- 198,828 ----------- MISCELLANEOUS -- 1.9% BT Industries (Sweden) ......................... 7,000 107,548 Thorkild Kristensen (Denmark) .................. 1,652 107,180 ----------- 214,728 ----------- Total Investments-- 94.3% (Cost $10,041,947) ... 10,779,296 Other Assets Less Liabilities-- 5.7% ........... 651,926 ----------- Net Assets-- 100.0% ............................ $11,431,222 =========== - ---------- * Non-income producing security. See notes to financial statements. -- P-29 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL TECHNOLOGY PORTFOLIO Shares Value ------ ----- COMMON STOCKS--83.3% BROADCASTING -- 1.7% Bell Cablemedia (ADRs)* (UK) ................... 450 $ 7,538 ------------ COMMUNICATIONS INFRASTRUCTURE -- 6.4% Cisco Systems* (US) ............................ 100 5,669 3Com* (US) ..................................... 100 4,569 U.S. Robotics (US) ............................. 200 17,075 ------------ 27,313 ------------ COMPUTER HARDWARE/PERIPHERALS -- 7.0% Canon (Japan) .................................. 1,000 20,798 Hewlett-Packard (US) ........................... 50 4,981 Sun Microsystems* (US) ......................... 75 4,416 ------------ 30,195 ------------ COMPUTER SOFTWARE -- 22.9% Azlan Group (UK) ............................... 680 7,364 Dialogic* (US) ................................. 250 14,937 FORE Systems* (US) ............................. 300 10,819 GT Interactive Software* (US) .................. 150 2,531 IKOS Systems* (US) ............................. 200 4,262 Informix* (US) ................................. 300 6,731 Logica (UK) .................................... 810 8,106 Metatools* (US) ................................ 175 4,091 Microsoft* (US) ................................ 50 6,003 Pairgain Technologies* (US) .................... 75 4,655 PC Dos Group International* (US) ............... 125 2,477 Performance Technologies* (US) ................. 200 2,875 SAP (Germany) .................................. 105 15,445 Synopsys* (US) ................................. 100 3,987 Wonderware* (US) ............................... 200 3,800 ------------ 98,083 ------------ CONTRACT MANUFACTURING -- 1.9% Venture Manufacturing (Singapore) .............. 4,000 7,370 Venture Manufacturing (Rights)* (Singapore) .... 1,000 709 ------------ 8,079 ------------ ELECTRONICS -- 9.9% Astec (UK) ..................................... 3,300 7,680 Benchmark Electronics* (US) .................... 200 5,800 Hadco* (US) .................................... 250 5,312 Intel (US) ..................................... 100 7,344 Lernout & Hauspie Speech Products* (Belgium) ... 480 10,800 Macromedia* (US) ............................... 125 2,750 Sanmina* (US) .................................. 100 2,700 ------------ 42,386 ------------ - ---------- * Non-income producing security. See notes to financial statements. -- P-30 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1996 - -------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL TECHNOLOGY PORTFOLIO (continued) Shares or Principal Amount Value --------- ----- INFORMATION SERVICES-- 3.5% BTG* (UK) ...................................... 280 shs. $ 6,929 Electronic Data Systems (US) ................... 75 4,031 First Data (US) ................................ 50 3,981 -------- 14,941 -------- INTERNET/ONLINE -- 5.4% America Online* (US) ........................... 125 5,453 CSK (Japan) .................................... 600 17,843 -------- 23,296 -------- PRINTING AND PUBLISHING -- 3.3% Gartner Group (Class A)* (US) .................. 300 11,006 News Corp. (ADRs) (Australia) .................. 150 3,019 -------- 14,025 -------- TELECOMMUNICATIONS-- 21.3% Airtouch Communications* (US) .................. 200 5,650 American Telephone & Telegraph (US) ............ 50 3,100 Brite Voice Systems* (US) ...................... 175 3,719 DDI (Japan) .................................... 2 17,441 L.M. Ericsson Telefon (Series B) (Sweden) ...... 700 15,078 Korea Mobile Telecommunications (GDSs) (Korea) . 426 6,920 Natural Microsystems* (US) ..................... 300 10,612 Northern Telecom (US) .......................... 200 10,875 Paging Network* (US) ........................... 225 5,358 T-Netix* (US) .................................. 350 3,850 Telecom Italia Mobile* (Italy) ................. 3,840 8,571 -------- 91,174 -------- Total Common Stocks (Cost $361,177) ............ 357,030 -------- SHORT-TERM HOLDINGS -- 35.0% Bank of Montreal, Toronto, Fixed Time Deposit, 5%, 7/1/1996 ................................. $50,000 50,000 First National Bank of Chicago, Grand Cayman, Fixed Time Deposit, 5 1/2%, 7/1/1996 .......... 50,000 50,000 National Westminster Bank, Nassau, Fixed Time Deposit, 5 1/16%, 7/1/1996 .................... 50,000 50,000 -------- Total Short-Term Holdings (Cost $150,000) ...... 150,000 -------- Total Investments-- 118.3% (Cost $511,177) ..... 507,030 Other Assets Less Liabilities-- (18.3)% ........ (78,466) -------- Net Assets-- 100.0% ............................ $428,564 ======== - ---------- * Non-income producing security. See notes to financial statements. -- P-31 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN HIGH-YIELD BOND PORTFOLIO Principal Amount Value --------- ----- CORPORATE BONDS--106.6% AEROSPACE -- 1.5% UNC 11%, 6/1/2006+ ............................. $ 100,000 $ 101,750 ------------ AUTOMOTIVE -- 1.5% Hayes Wheels International 11%, 7/15/2006 ...... 100,000 102,250 ------------ BROADCASTING -- 4.6% Allbritton Communications 11 1/2%, 8/15/2004 ... 100,000 102,250 Paxson Communications 11 5/8%, 10/1/2002 ....... 100,000 104,500 SFX Broadcasting 10 3/4%, 5/15/2006+ ........... 100,000 100,000 ------------ 306,750 ------------ CABLE SYSTEMS -- 14.0% Cablevision Systems 10 1/2%, 5/15/2006 ......... 200,000 195,000 Charter Communications 11 1/4%, 3/15/2006+ ..... 150,000 150,000 Comcast 10 5/8%, 7/15/2012 ..................... 150,000 157,125 Le Groupe Videotron Ltee 10 5/8%, 2/15/2005 .... 100,000 105,250 Rogers Cable Systems 11%, 12/1/2015 ............ 150,000 154,875 Rogers Communications 10 7/8%, 4/15/2004 ....... 100,000 102,000 United International 0% (14%#), 11/15/1999 ..... 100,000 66,000 ------------ 930,250 ------------ CELLULAR -- 6.2% Centennial Cellular 10 1/8%, 5/15/2005 ......... 150,000 145,125 Commnet Cellular 11 1/4%, 7/1/2005 ............. 100,000 107,000 Pricecellular Wire 0% (12 1/4%**), 10/1/2003 ... 200,000 159,000 ------------ 411,125 ------------ CHEMICALS-- 3.9% NL Industries 11 3/4%, 10/15/2003 .............. 150,000 153,750 Texas Petrochemicals 11 1/8%, 7/1/2006+ ........ 100,000 102,000 ------------ 255,750 ------------ COMPUTER AND RELATED SERVICES -- 2.3% Unisys 12%, 4/15/2003+ ......................... 150,000 154,125 ------------ CONSUMER PRODUCTS -- 4.1% Remington Products 11%, 5/15/2006+ ............. 100,000 99,500 Williamhouse-Regency 13%, 11/15/2005+ .......... 150,000 169,875 ------------ 269,375 ------------ ENERGY -- 3.9% Benton Oil & Gas 11 5/8%, 5/1/2003+ ............ 100,000 103,500 Mesa Operating 10 5/8%, 7/1/2006 ............... 50,000 51,063 United Meridian 10 3/8%, 10/15/2005 ............ 100,000 102,875 ------------ 257,438 ------------ FOOD -- 0.8% Keebler 10 3/4%, 7/1/2006+ ..................... 50,000 51,625 ------------ - ---------- + Rule 144A security. ** Deferred-interest debentures pay no interest for a stipulated number of years, after which they pay the indicated coupon rate. # Represents effective yield on zero coupon bond. See notes to financial statements. -- P-32 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1996 - -------------------------------------------------------------------------------- SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued) Principal Amount Value --------- ----- GAMING/HOTEL -- 18.4% Alliance Gaming 12 7/8%, 6/30/2003 ............. $ 100,000 $ 100,250 Aztar 11%, 10/1/2002 ........................... 100,000 104,250 Aztar 13 3/4%, 10/1/2004 ....................... 100,000 115,250 Coast Hotels & Casino 13%, 12/15/2002+ ......... 100,000 108,875 Hollywood Casino 12 3/4%, 11/1/2003 ............ 100,000 100,500 PRT Funding 11 5/8%, 4/15/2004 ................. 100,000 92,500 Showboat Marina Casino 13 1/2%, 3/15/2003+ ..... 100,000 108,000 Stratosphere 14 1/4%, 5/15/2002 ................ 100,000 111,500 Trump Atlantic City Funding 11 1/4%, 5/1/2006 .. 100,000 101,000 Trump Hotels & Casino Resorts Funding 15 1/2%, 6/15/2005 ................... 150,000 178,125 Wyndham Hotel 10 1/2%, 5/15/2006 ............... 100,000 99,875 ------------ 1,220,125 ------------ HEALTH CARE/MEDICAL PRODUCTS -- 4.7% Dade International 13%, 2/1/2005+ .............. 100,000 104,000 Graphic Controls 12%, 9/15/2005 ................ 100,000 106,500 Paracelsus Healthcare 9 7/8%, 10/15/2003 ....... 100,000 99,000 ------------ 309,500 ------------ LEISURE -- 1.6% Premier Parks 12%, 8/15/2003 ................... 100,000 106,750 ------------ MANUFACTURING -- 4.6% Exide Electronics 11 1/2%, 3/1/2006+ ........... 100,000 102,500 IMO Industries 11 3/4%, 5/1/2006+ .............. 200,000 205,500 ------------ 308,000 ------------ PAGING -- 5.7% Metrocall 10 3/8%, 10/1/2007 ................... 100,000 94,000 Mobile Telecommunication Technologies 13 1/2%, 12/15/2002 ................................... 150,000 158,625 ProNet 11 7/8%, 6/15/2005 ...................... 100,000 99,250 ProNet 10 7/8%, 9/15/2006 ...................... 25,000 24,063 ------------ 375,938 ------------ PAPER AND PACKAGING -- 4.0% Silgan 11 3/4%, 6/15/2002 ...................... 100,000 103,750 S.D. Warren 12%, 12/15/2004 .................... 150,000 159,750 ------------ 263,500 ------------ SUPERMARKETS -- 6.1% Jitney-Jungle Stores 12%, 3/1/2006 ............. 200,000 205,000 Pathmark Stores 11 5/8%, 6/15/2002 ............. 100,000 100,000 Smiths Food & Drug 11 1/4%, 5/15/2007 .......... 100,000 101,750 ------------ 406,750 ------------ TELECOMMUNICATIONS -- 9.3% Brooks Fiber Properties 0% (10 7/8%**), 3/1/2006+ 100,000 53,750 Fonorola 12 1/2%, 8/15/2002 .................... 200,000 217,000 Intermedia Communications of Florida 0% (12 1/2%**), 5/15/2006 ....................... 100,000 55,500 IXC Communications 13%, 10/1/2005+ ............. 100,000 105,000 NextLink Communications 12 1/2%, 4/15/2006+ .... 100,000 100,000 Teleport Communications Group 9 7/8%, 7/1/2006 .. 25,000 25,125 Teleport Communications Group 0% (11 1/8%**), 7/1/2007 ........................ 100,000 58,750 ------------ 615,125 ------------ - ---------- + Rule 144A security. ** Deferred-interest debentures pay no interest for a stipulated number of years, after which they pay the indicated coupon rate. See notes to financial statements. -- P-33 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued) Principal Amount Value --------- ----- THEATERS -- 1.5% Plitt Theatres 10 7/8%, 6/15/2004 .............. $ 100,000 $ 101,000 ---------- UTILITIES -- 5.5% AES 10 1/4%, 7/15/2006 ......................... 100,000 100,875 Midland Cogeneration Venture 11 3/4%, 7/23/2005 ........................... 250,000 264,375 ---------- 365,250 ---------- MISCELLANEOUS -- 2.4% Herff Jones 11%, 8/15/2005 ..................... 100,000 104,500 Oregon Steel 11%, 6/15/2003 .................... 50,000 51,562 ---------- 156,062 ---------- Total Corporate Bonds (Cost $7,045,576) ........ 7,068,438 ---------- CONVERTIBLE BONDS -- 1.6% (Cost $106,520) COMPUTER AND RELATED SERVICES EMC 4 1/4%, 1/1/2001 ........................... 100,000 107,750 ---------- SHORT-TERM HOLDINGS-- 3.8% (Cost $250,000) ..... 250,000 250,000 ---------- Total Investments-- 112.0% (Cost $7,402,096) ... 7,426,188 Other Assets Less Liabilities-- (12.0)% ........ (794,154) ---------- Net Assets-- 100.0% ............................ $6,632,034 ========== SELIGMAN INCOME PORTFOLIO Principal Amount Value --------- ----- CONVERTIBLE SECURITIES -- 45.2% SUBORDINATED CONVERTIBLE BONDS -- 25.6% DRUGS AND HEALTH CARE -- 1.4% Pharmaceutical Marketing Services 6 1/4%, 2/1/2003+ ......................... $ 235,000 $ 180,950 ------------ ELECTRONICS -- 1.7% Streamlogic 6%, 3/15/2012 ................... 350,000 213,500 ------------ ENERGY -- 2.4% Santa Fe Pipelines 11.162%, 8/15/2010 ....... 250,000 306,250 ------------ ENVIRONMENTAL SERVICES -- 1.6% Molten Metal Technology 5 1/2%, 5/1/2006+ ......................... 200,000 198,000 ------------ INSURANCE -- 1.7% Trenwick Group 6%, 12/15/1999 ............... 200,000 218,250 ------------ MACHINERY -- 1.7% Cooper Industries 7.05%, 1/1/2015 ........... 200,000 213,500 ------------ RETAILING -- 1.4% CML Group 5 1/2%, 1/15/2003 ................. 250,000 171,250 ------------ - ---------- + Rule 144A security. See notes to financial statements. -- P-34 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1996 - -------------------------------------------------------------------------------- SELIGMAN INCOME PORTFOLIO (continued) Principal Amount or Shares Value --------- ----- TECHNOLOGY -- 3.5% EMC 4 1/4%, 1/1/2001 ......................... $ 200,000 $ 215,500 Xilinx 5 1/4%, 11/1/2002+ ................... 250,000 228,750 ------------ 444,250 ------------ TELECOMMUNICATIONS -- 5.9% LDDS Communications 5%, 8/15/2003 ........... 250,000 360,625 MascoTech 4 1/2%, 12/15/2003 ................ 300,000 238,500 Network Equipment 7 1/4%, 5/15/2014 ......... 147,000 137,996 ------------ 737,121 ------------ TRANSPORTATION -- 0.8% Airborne Freight 6 3/4%, 8/15/2001 .......... 100,000 100,250 ------------ MISCELLANEOUS -- 3.5% General Signal 5 3/4%, 6/1/2002 ............. 200,000 211,000 TriMas 5%, 8/1/2003 ......................... 200,000 228,500 ------------ 439,500 ------------ Total Subordinated Convertible Bonds (Cost $3,092,175) ......................... 3,222,821 ------------ CONVERTIBLE PREFERRED STOCKS -- 19.6% ENERGY -- 2.6% Snyder Oil (Class A) 6% ..................... 5,000 shs. 95,000 Unocal $3.50+ ............................... 4,000 226,500 ------------ 321,500 ------------ ENVIRONMENTAL SERVICES -- 1.9% Browning-Ferris Industries 7 1/4% ........... 7,500 238,125 ------------ INSURANCE -- 5.9% Alexander & Alexander (Series A) $3.625+ .... 1,500 70,500 American General 3% ......................... 4,500 236,250 FSA 7 5/8% .................................. 7,500 203,438 St. Paul Capital 6% ......................... 4,500 236,250 ------------ 746,438 ------------ PAPER AND FOREST PRODUCTS -- 1.0% International Paper Capital 5 1/4%+ ......... 3,000 130,500 ------------ RETAILING -- 1.9% Kmart Financing 7 3/4% ...................... 2,000 108,500 TJX $3.125 .................................. 2,000 129,000 ------------ 237,500 ------------ TELECOMMUNICATIONS -- 1.3% Mobile Telecommunication Technologies $2.25+ ....................... 6,500 161,687 ------------ TRANSPORTATION -- 4.2% GATX $3.875 ................................. 5,000 291,250 Sea Containers $4.00 ........................ 5,000 235,000 ------------ 526,250 ------------ MISCELLANEOUS -- 0.8% Corning (Delaware) 6% ....................... 1,700 97,113 ------------ Total Convertible Preferred Stocks (Cost $2,472,786) ......................... 2,459,113 ------------ Total Convertible Securities (Cost $5,564,961) ......................... 5,681,934 ------------ - ---------- + Rule 144A security. See notes to financial statements. -- P-35 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN INCOME PORTFOLIO (continued) Principal Amount or Shares Value --------- ----- CORPORATE BONDS -- 19.3% AUTOMOTIVE -- 5.4% Chrysler Financial 6 1/2%, 6/15/1998 ........ $ 200,000 $ 200,251 Ford Motor Credit 6 3/4%, 8/15/2008 ......... 250,000 236,177 General Motors Acceptance 5 5/8%, 2/1/1999 .. 250,000 244,592 ------------ 681,020 ------------ BANKING AND FINANCE -- 6.5% Capital One Bank 8 1/8%, 3/1/2000 ........... 250,000 258,366 First USA Bank 5 3/4%, 1/15/1999 ............ 100,000 97,592 MBNA 6.15%, 10/1/2003 ....................... 500,000 469,356 ------------ 825,314 ------------ INSURANCE -- 2.1% AEGON 8%, 8/15/2006 ......................... 250,000 261,245 ------------ TELECOMMUNICATIONS -- 3.1% United Telecommunications 9 1/2%, 4/1/2003 .. 350,000 389,439 ------------ MISCELLANEOUS -- 2.2% Tenneco Credit 9 5/8%, 8/15/2001 ............ 250,000 276,023 ------------ Total Corporate Bonds (Cost $2,435,825) ..... 2,433,041 ------------ COMMON STOCKS -- 18.5% BANKING AND FINANCE--2.2% National City ............................... 7,866 shs. 276,293 ------------ ELECTRIC AND GAS UTILITIES -- 5.5% AGL Resources ............................... 6,000 113,250 Central and South West ...................... 1,900 55,100 CINergy ..................................... 9,718 310,976 Entergy ..................................... 2,600 73,775 FPL Group ................................... 3,000 138,000 ------------ 691,101 ------------ FOOD -- 3.0% ConAgra ..................................... 8,141 369,398 ------------ INSURANCE -- 0.6% GCR Holdings ................................ 3,000 79,125 ------------ RETAILING -- 0.3% Kmart ....................................... 3,200 39,600 ------------ STEEL -- 0.9% Inland Steel Industries ..................... 5,406 106,093 ------------ TRANSPORTATION -- 2.1% Consolidated Freightways .................... 10,000 211,250 NFC ......................................... 20,000 57,405 ------------ 268,655 ------------ - ---------- See notes to financial statements. -- P-36 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 1996 - -------------------------------------------------------------------------------- SELIGMAN INCOME PORTFOLIO (continued) Shares or Principal Amount Value --------- ----- UTILITIES/TELECOMMUNICATIONS -- 3.9% Bell Atlantic ............................... 4,000 shs. $ 255,000 GTE ......................................... 3,000 134,250 Network Equipment Technologies .............. 4,857 103,211 ------------ 492,461 ------------ Total Common Stocks (Cost $1,864,891) ....... 2,322,726 ------------ U.S. GOVERNMENT SECURITIES -- 8.1% U.S. Treasury Notes 7 3/4%, 12/31/1999 ...... $ 500,000 521,250 U.S. Treasury Notes 6 1/2%, 5/15/2005 ....... 500,000 493,125 ------------ Total U.S. Government Securities (Cost $1,047,200) ......................... 1,014,375 ------------ REPURCHASE AGREEMENTS -- 9.5% (Cost $1,200,000) HSBC Securities, Inc. 4 1/2%, dated 6/26/1996, maturing 7/3/1996 collateralized by: $1,125,000 U.S. Treasury Notes 8 3/4%, 11/15/2008, with a fair market value of $1,246,274 ..................... 1,200,000 1,200,000 ------------ Total Investments-- 100.6% (Cost $12,112,877) 12,652,076 Other Assets Less Liabilities-- (0.6)% ...... (75,198) ------------ Net Assets-- 100.0% ......................... $ 12,576,878 ============ - ---------- See notes to financial statements. -- P-37 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Statements of Assets and Liabilities (unaudited) - --------------------------------------------------------------------------------
Seligman Seligman Seligman Seligman Cash Common Communications Capital Management Stock and Information Portfolio Portfolio Portfolio Portfolio ------------ ------------ ------------ ------------ ASSETS: Investments, at value (see portfolios of investments): Common Stocks .............................. $ 10,687,841 $ -- $ 30,251,536 $ 37,383,094 Convertible Securities ..................... -- -- 333,438 -- U.S. Government Securities and Agencies ........................... -- 3,664,761 -- -- Corporate Bonds ............................ -- -- -- -- Asset-Backed Securities .................... -- -- -- -- Repurchase Agreements ...................... 1,575,000 -- 3,600,000 13,600,000 Certificates of Deposit .................... -- -- -- -- Commercial Paper ........................... -- 4,737,645 -- -- Fixed Time Deposits ........................ -- 450,000 -- 275,000 Bank Notes ................................. -- 300,020 -- -- ------------ ------------ ------------ ------------ Total Investments .......................... 12,262,841 9,152,426 34,184,974 51,258,094 Cash ....................................... 166,525 8,428 114,901 3,947 Receivable from associated companies ....... 42,440 -- -- -- Interest and dividends receivable .......... 3,810 1,579 47,590 15,186 Receivable for securities sold ............. -- -- 32,390 -- Receivable for Capital Stock sold .......... -- -- -- 756 Unrealized appreciation on foreign curren- cies and forward currency contracts .... -- -- -- -- Other ...................................... -- -- -- -- ------------ ------------ ------------ ------------ Total Assets ............................... 12,475,616 9,162,433 34,379,855 51,277,983 ------------ ------------ ------------ ------------ LIABILITIES: Payable for securities purchased ........... 44,625 -- 24,000 1,657,669 Payable for Capital Stock repurchased ...... 30,786 54 974,828 -- Payable to custodian ....................... -- -- -- -- Unrealized depreciation on foreign curren- cies and forward currency contracts .... -- -- -- -- Accrued expenses, taxes, and other ......... 18,623 12,836 30,969 57,143 ------------ ------------ ------------ ------------ Total Liabilities .......................... 94,034 12,890 1,029,797 1,714,812 ------------ ------------ ------------ ------------ NET ASSETS ................................. $ 12,381,582 $ 9,149,543 $ 33,350,058 $ 49,563,171 ============ ============ ============ ============ COMPOSITION OF NET ASSETS: Capital Stock, at par ...................... $ 729 $ 9,150 $ 1,934 $ 3,794 Additional paid-in capital ................. 9,532,188 9,140,791 22,938,301 54,896,875 Undistributed/accumulated net investment income (loss) ............... 10,354 -- 323,910 (54,370) Undistributed/accumulated net realized gain (loss) .................. 656,998 (398) 2,592,795 (1,857,214) Net unrealized appreciation (depreciation) of investments .......... 2,181,313 -- 7,493,118 (3,425,914) Net unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies and forward currency contracts ............. -- -- -- -- ------------ ------------ ------------ ------------ NET ASSETS ................................. $ 12,381,582 $ 9,149,543 $ 33,350,058 $ 49,563,171 ============ ============ ============ ============ Shares of Capital Stock ($.001 par value) outstanding ........... 728,503 9,149,941 1,933,693 3,794,455 ============ ============ ============ ============ Net Asset Value per share .................. $ 17.00 $ 1.00 $ 17.25 $ 13.06 ============ ============ ============ ============
Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Statements of Assets and Liabilities (unaudited) (continued) - --------------------------------------------------------------------------------
Seligman Seligman Seligman Henderson Fixed Income Seligman Henderson Global Growth Securities Frontier Global Opportunities Portfolio Portfolio Portfolio Portfolio ------------ ------------ ------------ ------------ ASSETS: Investments, at value (see portfolios of investments): Common Stocks .............................. $ -- $ 21,372,209 $ 5,557,902 $ 239,685 Convertible Securities ..................... -- -- -- -- U.S. Government Securities and Agencies ........................... 2,243,869 -- -- -- Corporate Bonds ............................ 1,277,880 -- -- -- Asset-Backed Securities .................... 200,140 -- -- -- Repurchase Agreements ...................... -- 2,150,000 -- -- Certificates of Deposit .................... -- -- -- -- Commercial Paper ........................... -- -- -- -- Fixed Time Deposits ........................ 555,000 -- -- -- Bank Notes ................................. -- -- -- -- ------------ ------------ ------------ ------------ Total Investments .......................... 4,276,889 23,522,209 5,557,902 239,685 Cash ....................................... 22,612 -- 210,234 17,014 Receivable from associated companies ....... -- -- 1,096 2,579 Interest and dividends receivable .......... 56,190 2,915 22,827 16 Receivable for securities sold ............. 216,419 21,932 -- -- Receivable for Capital Stock sold .......... -- -- -- -- Unrealized appreciation on foreign curren- cies and forward currency contracts .... -- -- 23,901 -- Other ...................................... -- -- -- 2,000 ------------ ------------ ------------ ------------ Total Assets ............................... 4,572,110 23,547,056 5,815,960 261,294 ------------ ------------ ------------ ------------ LIABILITIES: Payable for securities purchased ........... 207,095 558,262 97,595 -- Payable for Capital Stock repurchased ...... 5,577 2,335 -- -- Payable to custodian ....................... -- 194,015 -- -- Unrealized depreciation on foreign curren- cies and forward currency contracts .... -- -- 2,382 -- Accrued expenses, taxes, and other ......... 14,265 29,300 18,962 2,249 ------------ ------------ ------------ ------------ Total Liabilities .......................... 226,937 783,912 118,939 2,249 ------------ ------------ ------------ ------------ NET ASSETS ................................. $ 4,345,173 $ 22,763,144 $ 5,697,021 $ 259,045 ============ ============ ============ ============ COMPOSITION OF NET ASSETS: Capital Stock, at par ...................... $ 432 $ 1,387 $ 436 $ 26 Additional paid-in capital ................. 4,249,308 19,138,835 5,174,329 258,599 Undistributed/accumulated net investment income (loss) ............... 118,583 (35,065) 60,517 331 Undistributed/accumulated net realized gain (loss) .................. (18,801) 2,890,226 38,536 -- Net unrealized appreciation (depreciation) of investments .......... (4,349) 767,761 549,438 774 Net unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies and forward currency contracts ............. -- -- (126,235) (685) ------------ ------------ ------------ ------------ NET ASSETS ................................. $ 4,345,173 $ 22,763,144 $ 5,697,021 $ 259,045 ============ ============ ============ ============ Shares of Capital Stock ($.001 par value) outstanding ........... 432,210 1,387,195 436,277 25,867 ============ ============ ============ ============ Net Asset Value per share .................. $ 10.05 $ 16.41 $ 13.06 $ 10.01 ============ ============ ============ ============
Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Statements of Assets and Liabilities (unaudited) (continued) - --------------------------------------------------------------------------------
Seligman Seligman Henderson Henderson Seligman Global Smaller Global High-Yield Seligman Companies Technology Bond Income Portfolio Portfolio Portfolio Portfolio ------------ ------------ ------------ ------------ ASSETS: Investments, at value (see portfolios of investments): Common Stocks .............................. $ 10,779,296 $ 357,030 $ -- $ 2,322,726 Convertible Securities ..................... -- -- 107,750 5,681,934 U.S. Government Securities and Agencies ........................... -- -- -- 1,014,375 Corporate Bonds ............................ -- -- 7,068,438 2,433,041 Asset-Backed Securities .................... -- -- -- -- Repurchase Agreements ...................... -- -- -- 1,200,000 Certificates of Deposit .................... -- -- -- -- Commercial Paper ........................... -- -- -- -- Fixed Time Deposits ........................ -- 150,000 250,000 -- Bank Notes ................................. -- -- -- -- ------------ ------------ ------------ ------------ Total Investments .......................... 10,779,296 507,030 7,426,188 12,652,076 Cash ....................................... 815,129 -- -- 63,081 Receivable from associated companies ....... 2,245 2,823 -- -- Interest and dividends receivable .......... 12,745 104 144,993 156,397 Receivable for securities sold ............. 83,571 -- 381,346 -- Receivable for Capital Stock sold .......... -- -- -- -- Unrealized appreciation on foreign curren- cies and forward currency contracts .... 18,714 -- -- -- Other ...................................... -- 2,000 -- -- ------------ ------------ ------------ ------------ Total Assets ............................... 11,711,700 511,957 7,952,527 12,871,554 ------------ ------------ ------------ ------------ LIABILITIES: Payable for securities purchased ........... 254,278 54,052 614,617 202,176 Payable for Capital Stock repurchased ...... -- -- -- 73,290 Payable to custodian ....................... -- 26,596 691,605 -- Unrealized depreciation on foreign curren- cies and forward currency contracts .... 718 134 -- -- Accrued expenses, taxes, and other ......... 25,482 2,611 14,271 19,210 ------------ ------------ ------------ ------------ Total Liabilities .......................... 280,478 83,393 1,320,493 294,676 ------------ ------------ ------------ ------------ NET ASSETS ................................. $ 11,431,222 $ 428,564 $ 6,632,034 $ 12,576,878 ============ ============ ============ ============ COMPOSITION OF NET ASSETS: Capital Stock, at par ...................... $ 816 $ 43 $ 598 $ 1,162 Additional paid-in capital ................. 9,942,298 432,871 6,327,289 11,783,443 Undistributed/accumulated net investment income (loss) ............... 49,912 (47) 264,139 332,884 Undistributed/accumulated net realized gain (loss) .................. 682,863 (138) 15,916 (79,816) Net unrealized appreciation (depreciation) of investments .......... 868,460 (4,410) 24,092 535,729 Net unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies and forward currency contracts ............. (113,127) 245 -- 3,476 ------------ ------------ ------------ ------------ NET ASSETS ................................. $ 11,431,222 $ 428,564 $ 6,632,034 $ 12,576,878 ============ ============ ============ ============ Shares of Capital Stock ($.001 par value) outstanding ........... 816,026 43,481 598,193 1,161,682 ============ ============ ============ ============ Net Asset Value per share .................. $ 14.01 $ 9.86 $ 11.09 $ 10.83 ============ ============ ============ ============
- ---------- See notes to financial statements. -- P-38 & P-39 -- Seligman Portfolios, Inc. - ----------------------------------------------------------------------------------------------------- Statements of Operations (unaudited) For the six months ended June 30, 1996 - -----------------------------------------------------------------------------------------------------
Seligman Seligman Seligman Seligman Cash Common Communications Capital Management Stock and Information Portfolio Portfolio Portfolio Portfolio ------------ ------------ ------------ ------------ Investment income: Dividends* ............................ $ 25,593 $ -- $ 302,649 $ 14,830 Interest .............................. 20,492 233,380 101,465 132,108 ----------- ----------- ----------- ----------- Total investment income ............... 46,085 233,380 404,114 146,938 ----------- ----------- ----------- ----------- Expenses: Management fee ........................ 21,576 17,543 63,319 168,455 Auditing fee .......................... 5,367 4,717 10,067 13,267 Legal fee ............................. 1,986 1,986 1,986 1,986 Registration .......................... 1,649 2,655 719 13,073 Directors' fees and expenses .......... 1,079 1,079 1,079 1,061 Shareholder reports and communications ..................... 659 659 659 637 Custody and related services .......... 200 400 1,397 1,500 Miscellaneous ......................... 635 563 3,599 766 ----------- ----------- ----------- ----------- Total expenses before reimbursement ...................... 33,151 29,602 82,825 200,745 Reimbursement of expenses ............. (798) (29,602) -- -- ----------- ----------- ----------- ----------- Total expenses after reimbursement ...................... 32,353 -- 82,825 200,745 ----------- ----------- ----------- ----------- Net investment income (loss) .......... 13,732 233,380 321,289 (53,807) ----------- ----------- ----------- ----------- Netrealized and unrealized gain (loss) on investments and foreign currency transactions: Net realized gain (loss) on investments 652,420 -- 2,429,929 (1,857,214) Net realized gain (loss) from foreign currency transactions .............. -- -- (56,144) -- Net change in unrealized appreciation/ depreciation of investments ........ 740,858 -- 748,693 413,174 Net change in unrealized appreciation/ depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts ................. -- -- 55,242 -- ----------- ----------- ----------- ----------- Net gain (loss) on investments and foreign currency transactions ....................... 1,393,278 -- 3,177,720 (1,444,040) ----------- ----------- ----------- ----------- Increase (decrease) in net assets from operations ............. $ 1,407,010 $ 233,380 $ 3,499,009 $(1,497,847) =========== =========== =========== =========== - ---------- * Net of foreign tax withheld as follows: $ 208 $ -- $ 1,371 $ 450 **For the period May 1, 1996, (commencement of operations) to June 30, 1996. See notes to financial statements.
Seligman Portfolios, Inc. - ----------------------------------------------------------------------------------------------------- Statements of Operations (unaudited) (continued) For the six months ended June 30, 1996 - -----------------------------------------------------------------------------------------------------
Seligman Seligman Seligman Henderson Fixed Income Seligman Henderson Global Growth Securities Frontier Global Opportunities Portfolio Portfolio Portfolio Portfolio** ------------ ------------ ------------ ------------ Investment income: Dividends* ............................ $ -- $ 13,462 $ 58,305 $ 16 Interest .............................. 134,691 33,513 10,380 364 ----------- ----------- ----------- ----------- Total investment income ............... 134,691 46,975 68,685 380 ----------- ----------- ----------- ----------- Expenses: Management fee ........................ 8,486 64,328 25,718 153 Auditing fee .......................... 3,667 7,517 3,967 1,108 Legal fee ............................. 1,986 1,986 1,986 266 Registration .......................... 893 5,885 1,507 320 Directors' fees and expenses .......... 1,079 1,061 1,061 290 Shareholder reports and communications ..................... 659 637 637 110 Custody and related services .......... 200 200 26,832 200 Miscellaneous ......................... 999 614 6,667 334 ----------- ----------- ----------- ----------- Total expenses before reimbursement ...................... 17,969 82,228 68,375 2,781 Reimbursement of expenses ............. (5,239) (751) (32,376) (2,579) ----------- ----------- ----------- ----------- Total expenses after reimbursement ...................... 12,730 81,477 35,999 202 ----------- ----------- ----------- ----------- Net investment income (loss) .......... 121,961 (34,502) 32,686 178 ----------- ----------- ----------- ----------- Netrealized and unrealized gain (loss) on investments and foreign currency transactions: Net realized gain (loss) on investments 78,572 2,884,065 48,572 -- Net realized gain (loss) from foreign currency transactions .............. -- -- 19,712 153 Net change in unrealized appreciation/ depreciation of investments ........ (359,561) 277,709 274,801 774 Net change in unrealized appreciation/ depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts ................. -- -- (105,831) (685) ----------- ----------- ----------- ----------- Net gain (loss) on investments and foreign currency transactions ....................... (280,989) 3,161,774 237,254 242 ----------- ----------- ----------- ----------- Increase (decrease) in net assets from operations ............. $ (159,028) $ 3,127,272 $ 269,940 $ 420 =========== =========== =========== =========== - ---------- * Net of foreign tax withheld as follows: $ -- $ -- $ 6,554 $ -- **For the period May 1, 1996, (commencement of operations) to June 30, 1996. See notes to financial statements.
Seligman Portfolios, Inc. - ----------------------------------------------------------------------------------------------------- Statements of Operations (unaudited) (continued) For the six months ended June 30, 1996 - -----------------------------------------------------------------------------------------------------
Seligman Seligman Henderson Henderson Seligman Global Smaller Global High-Yield Seligman Companies Technology Bond Income Portfolio Portfolio Portfolio Portfolio ------------ ------------ ------------ ------------ Investment income: Dividends* ............................ $ 65,745 $ 60 $ -- $ 121,123 Interest .............................. 18,099 726 284,281 251,709 ----------- ----------- ----------- ----------- Total investment income ............... 83,844 786 284,281 372,832 ----------- ----------- ----------- ----------- Expenses: Management fee ........................ 37,452 232 14,100 24,542 Auditing fee .......................... 5,117 1,133 4,367 5,467 Legal fee ............................. 1,986 266 1,986 1,986 Registration .......................... 3,634 378 3,379 418 Directors' fees and expenses .......... 1,061 290 1,061 1,079 Shareholder reports and communications ..................... 637 110 637 659 Custody and related services .......... 24,224 400 250 800 Miscellaneous ......................... 8,838 334 3,102 1,593 ----------- ----------- ----------- ----------- Total expenses before reimbursement ...................... 82,949 3,143 28,882 36,544 Reimbursement of expenses ............. (30,519) (2,823) (9,150) -- ----------- ----------- ----------- ----------- Total expenses after reimbursement ...................... 52,430 320 19,732 36,544 ----------- ----------- ----------- ----------- Net investment income (loss) .......... 31,414 466 264,549 336,288 ----------- ----------- ----------- ----------- Netrealized and unrealized gain (loss) on investments and foreign currency transactions: Net realized gain (loss) on investments 694,062 (138) 15,916 (79,816) Net realized gain (loss) from foreign currency transactions .............. 7,862 (513) -- (26) Net change in unrealized appreciation/ depreciation of investments ........ 668,067 (4,410) (33,296) 46,319 Net change in unrealized appreciation/ depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts ................. (77,359) 245 -- -- ----------- ----------- ----------- ----------- Net gain (loss) on investments and foreign currency transactions ....................... 1,292,632 (4,816) (17,380) (33,523) ----------- ----------- ----------- ----------- Increase (decrease) in net assets from operations ............. $ 1,324,046 $ (4,350) $ 247,169 $ 302,765 =========== =========== =========== =========== - ---------- * Net of foreign tax withheld as follows: $ 9,290 $ 5 $ -- $ 294 **For the period May 1, 1996, (commencement of operations) to June 30, 1996. See notes to financial statements.
-- P-40 & P-41 -- 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 6/30/96 12/31/95 6/30/96 12/31/95 6/30/96 12/31/95 ------------ ------------ ------------ ------------ ------------ ------------ Operations: Net investment income (loss) .... $ 13,732 $ 23,072 $ 233,380 $ 251,624 $ 321,289 $ 570,657 Net realized gain (loss) on investments .................. 652,420 673,773 -- (4) 2,429,929 3,074,117 Net realized gain (loss) from foreign currency transactions -- -- -- -- (56,144) (85) Net change in unrealized appreciation/depreciation of investments ............... 740,858 996,837 -- -- 748,693 2,044,468 Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts ........... -- -- -- -- 55,242 (55,202) ------------ ------------ ------------ ------------ ------------ ------------ Increase (decrease) in net assets from operations .............. 1,407,010 1,693,682 233,380 251,620 3,499,009 5,633,955 ------------ ------------ ------------ ------------ ------------ ------------ Distributions to shareholders: Net investment income ........... -- (26,627) (233,380) (251,624) -- (564,862) Realized gain on investments .... -- (666,241) -- -- -- (2,855,419) ------------ ------------ ------------ ------------ ------------ ------------ Decrease in net assets from distributions ................ -- (692,868) (233,380) (251,624) -- (3,420,281) ------------ ------------ ------------ ------------ ------------ ------------ Capital share transactions: Net proceeds from sale of shares 3,127,993 3,644,132 6,869,464 8,777,333 5,900,574 12,083,995 Investment of dividends ......... -- 26,627 233,380 251,624 -- 564,862 Shares issued in payment of gain distributions ................ -- 666,241 -- -- -- 2,855,419 ------------ ------------ ------------ ------------ ------------ ------------ Total ........................... 3,127,993 4,337,000 7,102,844 9,028,957 5,900,574 15,504,276 ------------ ------------ ------------ ------------ ------------ ------------ Cost of shares repurchased ...... (1,446,937) (1,986,672) (5,752,812) (4,459,283) (4,885,570) (9,049,478) ------------ ------------ ------------ ------------ ------------ ------------ Increase in net assets from capital share transactions ... 1,681,056 2,350,328 1,350,032 4,569,674 1,015,004 6,454,798 ------------ ------------ ------------ ------------ ------------ ------------ Increase (decrease) in net assets 3,088,066 3,351,142 1,350,032 4,569,670 4,514,013 8,668,472 Net Assets: Beginning of period ............. 9,293,516 5,942,374 7,799,511 3,229,841 28,836,045 20,167,573 ------------ ------------ ------------ ------------ ------------ ------------ End of period ................... $ 12,381,582 $ 9,293,516 $ 9,149,543 $ 7,799,511 $ 33,350,058 $ 28,836,045 ============ ============ ============ ============ ============ ============ - ---------- * Commencement of operations. See notes to financial statements.
Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Statements of Changes in Net Assets (unaudited) (continued) - --------------------------------------------------------------------------------
Seligman Seligman Communications and Fixed Income Seligman Information Portfolio Securities Portfolio Frontier Portfolio --------------------------- -------------------------- --------------------------- Six Months Year Six Months Year Six Months Year Ended Ended Ended Ended Ended Ended 6/30/96 12/31/95 6/30/96 12/31/95 6/30/96 12/31/95 ----------- ----------- ---------- ---------- ----------- ----------- Operations: Net investment income (loss) .... $ (53,807) $ (146,275) $ 121,961 $ 237,456 $ (34,502) $ (21,483) Net realized gain (loss) on investments .................. (1,857,214) 2,629,030 78,572 (16,342) 2,884,065 489,661 Net realized gain (loss) from foreign currency transactions -- -- -- -- -- -- Net change in unrealized appreciation/depreciation of investments ............... 413,174 (3,857,599) (359,561) 449,551 277,709 481,517 Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts ........... -- -- -- -- -- -- ----------- ----------- ---------- ---------- ----------- ----------- Increase (decrease) in net assets from operations .............. (1,497,847) (1,374,844) (159,028) 670,665 3,127,272 949,695 ----------- ----------- ---------- ---------- ----------- ----------- Distributions to shareholders: Net investment income ........... -- -- -- (239,920) -- -- Realized gain on investments .... -- (2,505,145) -- -- -- (463,105) ----------- ----------- ---------- ---------- ----------- ----------- Decrease in net assets from distributions ................ -- (2,505,145) -- (239,920) -- (463,105) ----------- ----------- ---------- ---------- ----------- ----------- Capital share transactions: Net proceeds from sale of shares 16,852,917 40,177,251 858,597 1,663,791 8,726,955 11,465,250 Investment of dividends ......... -- -- -- 239,920 -- -- Shares issued in payment of gain distributions ................ -- 2,505,145 -- -- -- 463,105 ----------- ----------- ---------- ---------- ----------- ----------- Total ........................... 16,852,917 42,682,396 858,597 1,903,711 8,726,955 11,928,355 ----------- ----------- ---------- ---------- ----------- ----------- Cost of shares repurchased ...... (4,233,992) (854,935) (850,944) (1,444,282) (1,567,194) (107,785) ----------- ----------- ---------- ---------- ----------- ----------- Increase in net assets from capital share transactions ... 12,618,925 41,827,461 7,653 459,429 7,159,761 11,820,570 ----------- ----------- ---------- ---------- ----------- ----------- Increase (decrease) in net assets 11,121,078 37,947,472 (151,375) 890,174 10,287,033 12,307,160 Net Assets: Beginning of period ............. 38,442,093 494,621 4,496,548 3,606,374 12,476,111 168,951 ----------- ----------- ---------- ---------- ----------- ----------- End of period ................... $49,563,171 $38,442,093 $4,345,173 $4,496,548 $22,763,144 $12,476,111 =========== =========== ========== ========== =========== ===========
Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Statements of Changes in Net Assets (unaudited) (continued) - --------------------------------------------------------------------------------
Seligman Seligman Henderson Henderson Global Growth Global Portfolio Opportunities Portfolio -------------------------- ----------------------- Six Months Year 5/1/96* Ended Ended to 6/30/96 12/31/95 6/30/96 ----------- ----------- ----------- Operations: Net investment income (loss) .... $ 32,686 $ 25,610 $ 178 Net realized gain (loss) on investments .................. 48,572 (39,978) -- Net realized gain (loss) from foreign currency transactions 19,712 82,120 153 Net change in unrealized appreciation/depreciation of investments ............... 274,801 277,417 774 Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts ........... (105,831) (48,118) (685) ----------- ----------- ----------- Increase (decrease) in net assets from operations .............. 269,940 297,051 420 ----------- ----------- ----------- Distributions to shareholders: Net investment income ........... -- (48,883) -- Realized gain on investments .... -- (27,517) -- ----------- ----------- ----------- Decrease in net assets from distributions ................ -- (76,400) -- ----------- ----------- ----------- Capital share transactions: Net proceeds from sale of shares 2,253,378 2,562,936 266,119 Investment of dividends ......... -- 48,883 -- Shares issued in payment of gain distributions ................ -- 27,517 -- ----------- ----------- ----------- Total ........................... 2,253,378 2,639,336 266,119 ----------- ----------- ----------- Cost of shares repurchased ...... (1,009,526) (453,063) (7,494) ----------- ----------- ----------- Increase in net assets from capital share transactions ... 1,243,852 2,186,273 258,625 ----------- ----------- ----------- Increase (decrease) in net assets 1,513,792 2,406,924 259,045 Net Assets: Beginning of period ............. 4,183,229 1,776,305 -- ----------- ----------- ----------- End of period ................... $ 5,697,021 $ 4,183,229 $ 259,045 =========== =========== ===========
- ---------- * Commencement of operations. See notes to financial statements. -- P-42 & P43 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Statements of Changes in Net Assets (unaudited) (continued) - --------------------------------------------------------------------------------
Seligman Seligman Henderson Henderson Global Global Smaller Technology Companies Portfolio Portfolio ---------------------------- ------------ Six Months Year 5/1/96* Ended Ended to 6/30/96 12/31/95 6/30/96 ------------ ------------ ------------ Operations: Net investment income ............ $ 31,414 $ 11,002 $ 466 Net realized gain (loss) on investments ................... 694,062 147,181 (138) Net realized gain (loss) from foreign currency transactions . 7,862 4,162 (513) Net change in unrealized appreciation/depreciation of investments ................ 668,067 197,114 (4,410) Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts ............ (77,359) (36,341) 245 ------------ ------------ ------------ Increase (decrease) in net assets from operations ............... 1,324,046 323,118 (4,350) ------------ ------------ ------------ Distributions to shareholders: Net investment income ............ -- (20,531) -- Realized gain on investments ..... -- (148,062) -- ------------ ------------ ------------ Decrease in net assets from distributions ................. -- (168,593) -- ------------ ------------ ------------ Capital share transactions: Net proceeds from sale of shares . 5,868,737 4,665,264 461,408 Investment of dividends .......... -- 20,531 -- Shares issued in payment of gain distributions ................. -- 148,062 -- ------------ ------------ ------------ Total ............................ 5,868,737 4,833,857 461,408 ------------ ------------ ------------ Cost of shares repurchased ....... (598,177) (283,276) (28,494) ------------ ------------ ------------ Increase (decrease)in net assets from capital share transactions 5,270,560 4,550,581 432,914 ------------ ------------ ------------ Increase (decrease) in net assets 6,594,606 4,705,106 428,564 Net Assets: Beginning of period .............. 4,836,616 131,510 -- ------------ ------------ ------------ End of period .................... $ 11,431,222 $ 4,836,616 $ 428,564 ============ ============ ============
Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Statements of Changes in Net Assets (unaudited) (continued) - --------------------------------------------------------------------------------
Seligman High-Yield Seligman Bond Portfolio Income Portfolio ---------------------------- ------------------------------- Six Months 5/1/95* Six Months Year Ended to Ended Ended 6/30/96 12/31/95 6/30/96 12/31/95 ------------ ------------ ------------ ------------ Operations: Net investment income ............ $ 264,549 $ 58,661 $ 336,288 $ 635,679 Net realized gain (loss) on investments ................... 15,916 4,799 (79,816) 639,249 Net realized gain (loss) from foreign currency transactions . -- -- (26) (43) Net change in unrealized appreciation/depreciation of investments ................ (33,296) 57,388 46,319 591,277 Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts ............ -- -- -- 3,496 ------------ ------------ ------------ ------------ Increase (decrease) in net assets from operations ............... 247,169 120,848 302,765 1,869,658 ------------ ------------ ------------ ------------ Distributions to shareholders: Net investment income ............ -- (60,233) -- (644,348) Realized gain on investments ..... -- (4,951) -- (636,880) ------------ ------------ ------------ ------------ Decrease in net assets from distributions ................. -- (65,184) -- (1,281,228) ------------ ------------ ------------ ------------ Capital share transactions: Net proceeds from sale of shares . 5,232,785 3,188,047 2,939,704 5,410,208 Investment of dividends .......... -- 60,233 -- 644,348 Shares issued in payment of gain distributions ................. -- 4,951 -- 636,880 ------------ ------------ ------------ ------------ Total ............................ 5,232,785 3,253,231 2,939,704 6,691,436 ------------ ------------ ------------ ------------ Cost of shares repurchased ....... (1,857,342) (299,473) (3,285,071) (4,710,663) ------------ ------------ ------------ ------------ Increase (decrease)in net assets from capital share transactions 3,375,443 2,953,758 (345,367) 1,980,773 ------------ ------------ ------------ ------------ Increase (decrease) in net assets 3,622,612 3,009,422 (42,602) 2,569,203 Net Assets: Beginning of period .............. 3,009,422 -- 12,619,480 10,050,277 ------------ ------------ ------------ ------------ End of period .................... $ 6,632,034 $ 3,009,422 $ 12,576,878 $ 12,619,480 ============ ============ ============ ============
- ---------- * Commencement of operations. See notes to financial statements. -- P-44 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) - -------------------------------------------------------------------------------- 1. Seligman Portfolios, Inc. (the "Fund") is an open-end diversified management investment company consisting of twelve 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 Growth Opportunities Portfolio" ("Global Growth Opportunities Portfolio"), "Seligman Henderson Global Smaller Companies Portfolio" ("Global Smaller Companies Portfolio"),"Seligman Henderson Global Technology Portfolio" ("Global Technology 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"), which is offered by Canada Life Insurance Company of America ("CLICA"), Canada Life of New York Variable Annuity Account 2 ("CLNYVA-2") which is offered by Canada Life Insurance Company of New York ("CLNY"), and Canada Life of America Annuity Account 3 ("CLVA-3"), which is offered by Canada Life Insurance Company of America. CLVA-2 and CLNYVA-2 are registered as unit investment trusts under the Investment Company Act of 1940, as amended (the "1940 Act") and fund variable annuity contracts (the "CLVA-2 Contracts") issued by CLICA and CLNY and distributed by Seligman Financial Services, Inc. CLVA-3 is not registered or regulated as a unit investment trust 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 CLICA 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 CLICA or its affiliates ("Canada Life Separate Accounts"). Shares of the Capital, Cash Management,Common Stock, Fixed Income Securities and Income Portfolios are also provided as the investment medium for Seligman Mutual Benefit Plan (the "Mutual Benefit Plan"), a separate account of MBLLife Assurance Corporation ("MBL Life"). Significant accounting policies followed, all in conformity with generally accepted accounting principles, are given below: a. Investments in US Government securities and agencies, 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, Global Growth Opportunities Portfolio, Global Smaller Companies Portfolio, and Global Technology 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 US dollar-denominated American Depository Receipts ("ADRs"), American Depository Shares ("ADSs"), European Depository Receipts ("EDRs"), Global Depository Receipts ("GDRs"), and Global Depository Shares ("GDSs"). 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,GDRs,and GDSs 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 US dollars. Foreign currency amounts are translated into US 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 US 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 US 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. -- P-45 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) - -------------------------------------------------------------------------------- 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. c. The Global Portfolio, Global Growth Opportunities Portfolio, Global Smaller Companies Portfolio and Global Technology 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. 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 Insurance Company in Rehabilitation("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 MBL Life 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. -- P-46 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 3. Purchases and sales of portfolio securities, excluding US Government obligations and short-term investments, for the six months ended June 30, 1996, were as follows:
Portfolio Purchases Sales -------- --------- ----- Capital $3,954,066 $3,512,311 Common Stock 9,829,944 7,039,953 Communications and Information 46,720,470 45,419,992 Fixed Income Securities 1,731,845 1,163,656 Frontier 18,237,078 11,846,433 Global 2,342,296 929,920 Global Growth Opportunities 239,596 -- Global Smaller Companies 7,994,841 2,924,859 Global Technology 370,127 8,812 High-Yield Bond 7,957,195 3,609,264 Income 1,238,071 605,336
For the six months ended June 30, 1996, purchases and sales of US Government obligations were $3,493,906 and $3,737,919, respectively, for the Fixed Income Securities Portfolio. Identified cost of investments sold is used for both financial statement and federal income tax purposes. At June 30, 1996, 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 transactions, were as follows:
Unrealized Unrealized Portfolio Appreciation Depreciation -------- ------------ ----------- Capital $2,729,822 $548,509 Common Stock 7,756,531 263,413 Communications and Information 1,624,757 5,050,673 Fixed Income Securities 44,815 49,164 Frontier 2,111,595 1,343,834 Global 543,877 142,127 Global Growth Opportunities 3,974 3,885 Global Smaller Companies 1,134,652 397,303 Global Technology 7,776 11,923 High-Yield Bond 103,250 79,158 Income 961,013 421,814
At December 31, 1995, the Cash Management Portfolioandthe Fixed Income Securities Portfolio had net capital loss carryforwards of $398 and $97,373, respectively, which are available for offset against future taxable net gains. These net capital loss carryforwards will expire in varying amounts through 2003. 4. J. & W. Seligman & Co. Incorporated (the "Manager") manages the affairs of the Fund and provides orarrangesforthe 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 or by Seligman Henderson Co. (the"Subadviser"), a 50%-owned affiliate of the Manager. The Manager's fee is calculated daily and payable monthly, equal to 0.40%, on an annual basis, of Capital, Cash Management, Common Stock, Fixed Income Securities, and Income Portfolios' daily net assets; equal to 0.75%, on an annual basis, of Communications and Information and Frontier Portfolios' 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, the Global Growth Opportunities, the Global Smaller Companies and the Global Technology Portfolios is calculated daily and payable monthly, equal to an annual rate of 1.00% of the daily net assets of each Portfolio, of which 0.90% is paid to the Subadviser. The Manager 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 theCash Management, Global, Global Growth Opportunities, Global Smaller Companies, and Global Technology Portfolios). The Manager, at its discretion, has elected to waive all of its fee for, and reimburse all of the expenses of, the Cash -- P-47 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) - -------------------------------------------------------------------------------- Management Portfolio until such time as the Manager determines. The Manager and Subadviser have agreed to reimburse expenses, other than management fee, which exceed 0.40% per annum of the average daily net assets of theGlobal, Global Growth Opportunities, Global Smaller Companies and Global Technology Portfolios. For the six months ended June30, 1996, the Manager reimbursed expenses and/or waived fees of $798, $29,602, $5,239, $751, and $9,150, for the Capital, Cash Management, Fixed Income Securities, Frontier, and High-Yield Bond Portfolios, respectively. For the same period, the Manager and Subadviser waived all of their fees and the Subadviser reimbursed expenses totalling $32,376 for the Global Portfolio; and for the Global Smaller Companies Portfolio, the Manager waived all its fee and the Subadviser waived a portion of its fee totalling $30,519. For the period from May 1, 1996 (commencement of operations) to June 30, 1996, the Manager and Subadviser waived their fees and the Subadviser reimbursed expenses totalling $2,579 and $2,823, respectively, for the Global Growth Opportunities Portfolio and the Global Technology Portfolio, respectively. Seligman Financial Services, Inc. (the "Distributor"), agent for the distribution of the CLVA-2 Contracts and an affiliate of the Manager, received concessions of $213,551 from Canada Life Insurance Company of America and $5,227 from Canada Life Insurance Company of New York, after commissions paid to dealers. 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 cost of such fees and interest is included in directors' fees and expenses, and the accumulated balance thereof at June 30, 1996, 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, 1996, the Fund had outstanding foreign currencies and forward currency contracts to purchase or sell foreign currencies as follows:
Unrealized Foreign In Exchange Settlement Appreciation Contract Currency for US $ Date US $ Value (Depreciation) ---------- ----------- ----------- ---------- ---------- -------------- GLOBAL PORTFOLIO Purchases: French Francs 9,292 1,800 7/1/96 1,803 $ 3 Japanese Yen 1,633,706 14,876 7/2/96 14,902 26 Japanese Yen 18,309,425 170,000 8/13/96 167,654 (2,146) ------- (2,117) ------- Sales: British Pounds 8,665 13,361 7/1/96 13,443 (82) Swiss Francs 8,062 6,438 7/1/96 6,431 7 French Francs 927,038 180,000 8/8/96 180,154 (154) German Deutschemarks 182,292 120,000 8/8/96 119,866 134 Japanese Yen 46,497,375 450,000 8/13/96 426,269 23,731 ------- 23,636 ------- $21,519 ======= GLOBAL SMALLER COMPANIES PORTFOLIO Purchases: British Pounds 1,981 3,054 7/1/96 3,073 $ 19 Japanese Yen 4,751,017 43,262 7/2/96 43,339 77 Japanese Yen 5,385,125 50,000 8/13/96 49,368 (632) ------- (536) ------- Sales: Japanese Yen 1,224,228 11,204 7/1/96 11,167 37 French Francs 515,020 100,000 8/8/96 100,086 (86) German Deutschemarks 167,101 110,000 8/8/96 109,877 123 Japanese Yen 36,164,625 350,000 8/13/96 331,542 18,458 ------- 18,532 ------- $17,996 ======= GLOBAL TECHNOLOGY PORTFOLIO Purchases: German Deutschemarks 11,250 7,387 7/1/96 7,382 $ (5) Japanese Yen 4,275,380 39,127 7/1/96 39,000 (127) Swedish Kronor 50,925 7,673 7/1/96 7,671 (2) ------- $ (134) =======
-- P-48 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 6. At June 30, 1996, there were 20,000,000 shares of Capital Stock authorized for each of the Global Growth Opportunities and Global Technology Portfolios; 80,000,000 shares for the Capital and Fixed Income Securities Portfolios; and 100,000,000 shares for each of the Cash Management, Common Stock, Communications and Information, Frontier, Global, Global Smaller Companies, High-Yield Bond, and Income Portfolios, all at a par value of $.001 per share. Transactions in shares of Capital Stock were as follows:
Cash Management Common Stock Communications and Capital Portfolio Portfolio Portfolio Information Portfolio --------------------- -------------------- --------------------- ------------------------ Six Months Year Six Months Year Six Months Year Six Months Year Ended Ended Ended Ended Ended Ended Ended Ended 6/30/96 12/31/95 6/30/96 12/31/95 6/30/96 12/31/95 6/30/96 12/31/95 -------- --------- --------- --------- --------- --------- --------- --------- Sale of shares................... 193,728 249,315 6,869,464 8,777,333 358,435 774,737 1,265,322 2,671,618 Shares issued in payment of dividends.................... -- 1,811 233,380 251,624 -- 36,751 -- -- Shares issued in payment of gain distributions........ -- 45,323 -- -- -- 185,779 -- 187,370 ------- ------- --------- --------- ------- ------- --------- --------- Total............................ 193,728 296,449 7,102,844 9,028,957 358,435 997,267 1,265,322 2,858,988 ------- ------- --------- --------- ------- ------- --------- --------- Shares repurchased............... (88,519) (141,073) (5,752,812) (4,459,283) (292,825) (592,244) (318,889) (58,334) ------- ------- --------- --------- ------- ------- --------- --------- Increase in shares............... 105,209 155,376 1,350,032 4,569,674 65,610 405,023 946,433 2,800,654 ======= ======= ========= ========= ======= ======= ========= ========= Fixed Income Global Growth Securities Portfolio Frontier Portfolio Global Portfolio Opportunities Portfolio -------------------- ------------------- ---------------------- ----------------------- Six Months Year Six Months Year Six Months Year 5/1/96* Ended Ended Ended Ended Ended Ended to 6/30/96 12/31/95 6/30/96 12/31/95 6/30/96 12/31/95 6/30/96 --------- ------- --------- --------- --------- --------- --------- Sale of shares................... 85,681 163,349 571,581 877,490 176,702 214,972 26,616 Shares issued in payment of dividends................. -- 23,069 -- -- -- 3,942 -- Shares issued in payment of gain distributions........ -- -- -- 34,820 -- 2,219 -- -------- ------- -------- ------- ------- ------- -------- Total............................ 85,681 186,418 571,581 912,310 176,702 221,133 26,616 -------- ------- -------- ------- ------- ------- -------- Shares repurchased............... (84,224) (144,731) (104,320) (8,346) (78,110) (40,136) (749) -------- ------- -------- ------- ------- ------- -------- Increase in shares............... 1,457 41,687 467,261 903,964 98,592 180,997 25,867 ======== ======= ======== ======= ======= ======= ======== Global Smaller Global Technology High-Yield Companies Portfolio Portfolio Bond Portfolio Income Portfolio --------------------- ---------------- -------------------- ----------------------- Six Months Year 5/1/96* Six Months 5/1/95* Six Months Year Ended Ended to Ended to Ended Ended 6/30/96 12/31/95 6/30/96 6/30/96 12/31/95 6/30/96 12/31/95 --------- --------- --------- --------- -------- --------- -------- Sale of shares................... 445,111 411,729 46,330 479,818 309,043 274,215 504,495 Shares issued in payment of dividends................. -- 1,778 -- -- 5,742 -- 61,075 Shares issued in payment of gain distributions........ -- 12,819 -- -- 472 -- 60,368 -------- ------- -------- ------- ------- ------- ------- Total............................ 445,111 426,326 46,330 479,818 315,257 274,215 625,938 -------- ------- -------- ------- ------- ------- ------- Shares repurchased............... (43,522) (24,643) (2,849) (168,313) (28,569) (307,017) (439,030) -------- ------- -------- ------- ------- ------- ------- Increase (decrease) in shares.... 401,589 401,683 43,481 311,505 286,688 (32,802) 186,908 ======== ======= ======== ======= ======= ======= =======
-- P-49 -- - -------------- * Commencement of operations. 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 amount. 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. Average commission rate paid represents the average commission paid by the Portfolios to purchase or sell portfolio securities. It is determined by dividing the total commission dollars paid by the number of shares purchased and sold during the period for which commissions were paid. This rate is provided for the period beginning January 1, 1996.
Capital Portfolio ---------------------------------------------------------------------------- Six Months Year Ended December 31 Ended ---------------------------------------------------------------- 6/30/96 1995 1994 1993 1992 1991 ---------- ---------------------------------------------------------------- Per Share Operating Performance: Net asset value, beginning of period .......... $ 14.910 $ 12.700 $ 14.950 $ 16.980 $ 17.740 $ 11.230 -------- -------- --------- ---------- ---------- --------- Net investment income (loss) ................. 0.020 0.048 0.015 0.021 (0.022) 0.079 Net realized and unrealized gain (loss) on investments .............................. 2.070 3.385 (0.699) 1.928 1.202 6.547 -------- -------- --------- ---------- ---------- --------- Increase (decrease) from investment operations .................................. 2.090 3.433 (0.684) 1.949 1.180 6.626 Dividends paid ............................... -- (0.047) (0.018) (0.021) -- (0.088) Distributions from net realized gain ......... -- (1.176) (1.548) (3.958) (1.940) (0.028) -------- -------- --------- ---------- ---------- --------- Net increase (decrease) in net asset value 2.090 2.210 (2.250) (2.030) (0.760) 6.510 -------- -------- --------- ---------- ---------- --------- Net asset value, end of period ............... $ 17.000 $ 14.910 $ 12.700 $ 14.950 $ 16.980 $ 17.740 ======== ======== ========= ========== ========== ========= Total Return Based On Net Asset Value: ....... 14.02% 27.17% (4.59)% 11.65% 6.80% 59.05% Ratios/Supplemental Data: Expenses to average net assets ............... 0.60%+ 0.60% 0.60% 0.71% 0.91% 0.60% Net investment income (loss) to average net assets .................................. 0.25%+ 0.32% 0.10% 0.09% (0.14)% 0.56% -------- -------- --------- ---------- ---------- --------- Portfolio turnover ........................... 34.96% 122.20% 67.39% 65.30% 54.95% 31.44% Average commission rate paid ................. $ 0.0536 Net assets, end of period (000's omitted) .... $ 12,382 $ 9,294 $ 5,942 $ 5,886 $ 5,497 $ 5,812 Without management fee waiver and expense reimbursement:++ Net investment income (loss) per share ....... $ 0.019 $ 0.035 $ (0.036) $ (0.003) $ (0.035) Ratios: Expenses to average net assets ........... 0.61%+ 0.71% 0.96% 0.83% 1.37% Net investment income (loss) to average net assets ............................... 0.24%+ 0.21% (0.26)% (0.03)% (0.21)%
Cash Management Portfolio ---------------------------------------------------- Six Months Year Ended December 31 Ended --------------------------------------- 6/30/96 1995 1994 1993 1992 1991 ---------- ---- ---- ---- ---- ---- 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 ......................... 0.026 0.055 0.040 0.030 0.035 0.056 Dividends paid ................................ (0.026) (0.055) (0.040) (0.030) (0.035) (0.056) ------ ------ ------ ------ ------ ------ 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: ........ 2.68% 5.60% 4.03% 3.00% 3.53% 5.70% Ratios/Supplemental Data: Expenses to average net assets ................ -- -- -- -- -- -- Net investment income to average net assets ... 5.32%+ 5.48% 3.98% 2.96% 3.50% 5.49% Net assets, end of period (000's omitted) ..... $9,150 $7,800 $3,230 $3,102 $4,230 $5,849 Without management fee waiver and expense reimbursement:++ Net investment income per share ............... $0.023 $0.046 $0.025 $0.019 $0.025 $ 0.048 Ratios: Expenses to average net assets ............. 0.68%+ 0.87% 1.48% 1.07% 0.97% 0.83% Net investment income to average net assets 4.64%+ 4.61% 2.50% 1.89% 2.53% 4.66%
- -------------- + Annualized ++ The Manager, at its discretion, reimbursed expenses and/or waived management fees for certain periods presented. See notes to financial statements. -- P-50 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Communications and Common Stock Portfolio Information Portfolio ------------------------------------------------------- ---------------------------- Six Months Year Ended December 31 Six Months Year 10/11/94** Ended -------------------------------------------- Ended Ended to 6/30/96 1995 1994 1993 1992 1991 6/30/96 12/31/95 12/31/94 -------- ---- ---- ---- ---- ---- -------- -------- ------- Per Share Operating Performance: Net asset value, beginning of period ..... $15.440 $13.780 $14.980 $15.600 $14.740 $11.580 $13.500 $10.440 $10.000 -------------------------------------------------------------------------------------- Net investment income (loss) ............. 0.166 0.349 0.365 0.392 0.346 0.362 (0.014) 0.000 (0.016) Net realized and unrealized gain (loss) on investments ......................... 1.644 3.400 (0.356) 1.479 1.445 3.459 (0.426) 4.015 0.456 -------------------------------------------------------------------------------------- Increase from investment operations ...... 1.810 3.749 0.009 1.871 1.791 3.821 (0.440 4.015 0.440 Dividends paid .......................... -- (0.345) (0.385) (0.394) (0.369) (0.355) -- -- -- Distributions from net realized gain .... -- (1.744) (0.824) (2.097) (0.562) (0.306) -- (0.955) -- -------------------------------------------------------------------------------------- Net increase (decrease) in net asset value 1.810 1.660 (1.200) (0.620) 0.860 3.160 (0.440) 3.060 0.440 -------------------------------------------------------------------------------------- Net asset value, end of period ........... $17.250 $15.440 $13.780 $14.980 $15.600 $14.740 $13.060 $13.500 $10.440 ====================================================================================== Total Return Based On Net Asset Value .... 11.72% 27.28% 0.04% 11.94% 12.14% 33.16% (3.26)% 38.55% 4.40% Ratios/Supplemental Data: Expenses to average net assets ........... 0.52%+ 0.54% 0.60% 0.55% 0.56% 0.60% 0.89% 0.95% 0.95%+ Net investment income (loss) to average net assets ..................... 2.03%+ 2.42% 2.45% 2.10% 2.21% 2.63% (0.24)%+ (0.89)% (0.95)%+ Portfolio turnover ....................... 24.94% 55.48% 15.29% 10.70% 12.57% 27.67% 113.32% 96.62% -- Average commission rate paid ............. $0.0537 $0.0537 Net assets, end of period (000's omitted) $33,350 $28,836 $20,168 $21,861 $24,987 $26,103 $49,563 $38,442 $ 495 Without management fee waiver and expense reimbursement:++ Net investment income (loss) per share ... $0.361 $0.350 $(0.436) Ratios: Expenses to average net assets ......... 0.62% 0.71% 13.96%+ Net investment income (loss) to average net assets ................... 2.43% 2.52% (13.96)%+
Fixed Income Securities Portfolio Frontier Portfolio --------------------------------------------------------- -------------------------------- Six Months Year Ended December 31 Six Months Year 10/11/94** Ended ---------------------------------------------- Ended Ended to 6/30/96 1995 1994 1993 1992 1991 6/30/96 12/31/95 12/31/94 ------- ------ ------- ------- ------- -------- ------- ------- -------- Per Share Operating Performance: Net asset value, beginning of period .. $10.440 $ 9.270 $10.110 $10.660 $10.990 $10.310 $13.560 $10.580 $10.000 ------- ------- ------- ------- ------- ------- ------- ------- ------- Net investment income (loss) .......... 0.282 0.605 0.499 0.713 0.706 0.798 (0.025) (0.001) (0.012) Net realized and unrealized gain (loss) on investments ...................... (0.672) 1.171 (0.841) 0.142 (0.092) 0.699 2.875 3.512 0.592 ------- ------- ------- ------- ------- ------- ------- ------- ------- Increase (decrease) from investment operations .......................... (0.390) 1.776 (0.342) 0.855 0.614 1.497 2.850 3.511 0.580 Dividends paid -- (0.606) (0.498) (0.711) (0.772) (0.817) -- -- -- Distributions from net realized gain .. -- -- -- (0.694) (0.172) -- -- (0.531) -- ------- ------- ------- ------- ------- ------- ------- ------- ------- Net increase (decrease) in net asset value ................................. (0.390) 1.170 (0.840) (0.550) (0.330) 0.680 2.850 2.980 0.580 ------- ------- ------- ------- ------- ------- ------- ------- ------- Net asset value, end of period ........ $10.050 $10.440 $ 9.270 $10.110 $10.660 $10.990 $16.410 $13.560 $10.580 ======= ======= ======= ======= ======= ======= ======= ======= ======= Total Return Based On Net Asset Value: (3.74)% 19.18% (3.39)% 7.98% 5.60% 14.58% 21.02% 33.28% 5.80% Ratios/Supplemental Data: Expenses to average net assets ........ 0.60%+ 0.60% 0.60% 0.74% 1.00% 0.60% 0.95%+ 0.95% 0.95%+ Net investment income (loss) to average net assets .................. 5.75%+ 6.22% 5.12% 5.41% 6.22% 7.30% (0.40)%+ (0.55)% (0.70)%+ Portfolio turnover .................... 135.65% 114.42% 237.23% 33.21% 23.40% 6.34% 73.62% 106.48% -- Average commission rate paid $ 0.0562 Net assets, end of period (000's omitted) $ 4,345 $ 4,497 3,606 $ 3,775 $ 4,750 $ 5,369 $ 22,763 $ 12,476 $ 169 Without management fee waiver and expense reimbursement:++ Net investment income (loss) per share $ 0.270 $ 0.571 $ 0.430 $ 0.675 $ 0.712 $ (0.025) $ (0.019) $ (1.319) Ratios: Expenses to average net assets ...... 0.85%+ 0.99% 1.31% 1.07% 1.42% 0.96%+ 1.37% 40.47%+ Net investment income (loss) to average net assets ................ 5.50%+ 5.83% 4.41% 5.08% 6.48% (0.41)%+ (0.97)% (40.22)%+
- -------------- ** Commencement of investment operations. + Annualized. ++ The Manager, at its discretion, reimbursed expenses and/or waived management fees for certain periods presented. See notes to financial statements. -- P-51 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- Financial Highlights (unaudited) (continued) - --------------------------------------------------------------------------------
Global Growth Global Portfolio Opportunities Portfolio ------------------------------------------- ----------------------- Six Months 5/3/93* 5/1/96* Ended Year Ended December 31 to to 6/30/96 1995 1994 12/31/93 6/30/96 --------- -------- ---------- -------- ----------- Per Share Operating Performance: Net asset value, beginning of period ................. $ 12.390 $ 11.340 $ 11.370 $ 10.000 $ 10.000 ------- ------ ------- ------- ------- Net investment income ................................ 0.076 0.154 0.131 0.021 0.007 Net realized and unrealized gain (loss) on investments ....................................... 0.723 0.896 (0.306) 1.518 0.010 Net realized and unrealized gain (loss) from foreign currency transactions ..................... (0.129) 0.236 0.325 (0.099) (0.007) ------- ------ ------- ------- ------- Increase from investment operations .................. 0.670 1.286 0.150 1.440 0.010 Dividends paid ....................................... -- (0.151) (0.064) (0.053) -- Distributions from net realized gain ................. -- (0.085) (0.116) (0.017) -- ------- ------ ------- ------- ------- Net increase (decrease) in net asset value ........... 0.670 1.050 (0.030) 1.370 0.010 ------- ------ ------- ------- ------ Net asset value, end of period ....................... $ 13.060 $ 12.390 $ 11.340 $ 11.370 $ 10.010 ======= ====== ======= ======= ======= Total Return Based On Net Asset Value: ............... 5.41% 11.34% 1.32% 14.40% 0.10% Ratios/Supplemental Data: Expenses to average net assets ....................... 1.40%+ 1.35% 1.20% 1.20%+ 1.40%+ Net investment income to average net assets .......... 1.27%+ 1.01% 1.17% 1.30%+ 1.24%+ Portfolio turnover ................................... 19.12% 41.40% 47.34% 2.82% -- Average commission rate paid ......................... $0.0151 $ 0.0569 Net assets, end of period (000's omitted) ............ $5,697 $4,183 $1,776 $648 $259 Without management fee waiver and expense reimbursement:++ Net investment income (loss) per share ............... $0.002 $ 0.001 $ (0.419) $(1.004) $ (0.093) Ratios: Expenses to average net assets .................... 2.66%+ 3.40% 6.12% 17.94%+ 19.31%+ Net investment income (loss) to average net assets ............................ 0.01%+ (1.04)% (3.75)% (15.44)%+ (16.67)%+
Global Smaller Global Companies Portfolio Technology Portfolio ------------------------------------ -------------------- Six Months Year 10/11/94** 5/1/96* Ended Ended to to 6/30/96 12/31/95 12/31/94 6/30/96 --------- -------- --------- ------------ Per Share Operating Performance: Net asset value, beginning of period ................. $ 11.670 $ 10.310 $ 10.000 $ 10.000 -------- -------- -------- -------- Net investment income ................................ 0.039 0.051 0.058 0.011 Net realized and unrealized gain (loss) on investments ....................................... 2.467 2.037 0.266 (0.143) Net realized and unrealized gain (loss) from foreign currency transactions ..................... (0.166) (0.301) 0.029 (0.008) -------- -------- -------- -------- Increase from investment operations .................. 2.340 1.787 0.353 (0.140) Dividends paid ....................................... -- (0.052) (0.043) -- Distributions from net realized gain ................. -- (0.375) -- -- -------- -------- -------- -------- Net increase (decrease) in net asset value ........... 2.340 1.360 0.310 (0.140) -------- -------- -------- -------- Net asset value, end of period ....................... $ 14.010 $ 11.670 $ 10.310 $ 9.860 ======== ======== ======== -------- Total Return Based On Net Asset Value: ................ 20.05% 17.38% 3.53% (1.40)% Ratios/Supplemental Data: Expenses to average net assets ........................ 1.40%+ 1.39% 1.20%+ 1.40%+ Net investment income to average net assets ........... 0.84%+ 0.64% 3.14%+ 2.04%+ Portfolio turnover .................................... 41.82% 55.65% -- 2.47% Average commission rate paid .......................... $ 0.0249 $ 0.1255 Net assets, end of period (000's omitted) ............. $ 11,431 $ 4,837 $ 132 $ 429 Without management fee waiver and expense reimbursement:++ Net investment income (loss) per share ................ $ 0.002 $ (0.051) $ (1.225) $ (0.054) Ratios: Expenses to average net assets .................... 2.21%+ 3.84% 37.25%+ 13.74%+ Net investment income (loss) to average net assets ............................ 0.03%+ (1.81)% (32.91)%+ (10.30)%+
* Commencement of operations ** Commencement of investment operations. + Annualized. ++ The Manager, at its discretion, reimbursed expenses and/or waived management fees for certain periods presented. See notes to financial statements. -- P-52 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
High-Yield Bond Portfolio Income Portfolio --------------------- ---------------------------------------------------------- Six Months 5/1/95* Six Months Year Ended December 31 Ended to Ended ----------------------------------------------- 6/30/96 12/31/95 6/30/96 1995 1994 1993 1992 1991 -------- -------- -------- ---- ---- ---- ---- ---- Per Share Operating Performance: Net asset value, beginning of period .......... $10.500 $10.000 $10.560 $ 9.970 $11.380 $11.390 $11.250 $ 9.500 ------- ------- ------- ------- ------- ------- ------- ------- Net investment income ......................... 0.443 0.218 0.289 0.604 0.689 0.828 0.862 0.896 Net realized and unrealized gain (loss) on investments ............................. 0.147 0.519 (0.019) 1.187 (1.369) 0.576 0.896 2.024 ------- ------- ------- ------- ------- ------- ------- ------- Increase (decrease) from investment operations ...................... 0.590 0.737 0.270 1.791 (0.680) 1.404 1.758 2.920 Dividends paid ................................ -- (0.219) -- (0.604) (0.730) (0.828) (0.987) (0.904) Distributions from net realized gain .......... -- (0.018) -- (0.597) -- (0.586) (0.631) (0.266) ------- ------- ------- ------- ------- ------- ------- ------- Net increase (decrease) in net asset value .... 0.590 0.500 0.270 0.590 (1.410) (0.010) 0.140 1.750 ------- ------- ------- ------- ------- ------- ------- ------- Net asset value, end of period ................ $11.090 $10.500 $10.830 $10.560 $ 9.970 $11.380 $11.390 $11.250 ======= ======= ======= ======= ======= ======= ======= ======= Total Return Based On Net Asset Value: ........ 5.62% 7.37% 2.56% 17.98% (5.96)% 12.37% 15.72% 30.89% Ratios/Supplemental Data: Expenses to average net assets ................ 0.70%+ 0.70%+ 0.60%+ 0.60% 0.60% 0.64% 0.68% 0.60% Net investment income to average net assets ... 9.38%+ 7.46%+ 5.48%+ 5.55% 6.34% 6.40% 7.53% 8.05% Portfolio turnover ............................ 68.25% 67.55% 5.50% 51.22% 29.76% 38.38% 39.46% 43.67% Average commission rate paid $ 0.0600 Net assets, end of period (000's omitted) ..... $ 6,632 $ 3,009 $ 12,577 $12,619 $ 10,050 $ 11,220 $ 11,363 $11,509 Without management fee waiver and expense reimbursement:++ Net investment income per share ............... $ 0.428 $ 0.117 $ 0.602 $ 0.670 0.826 $ 0.867 Ratios: Expenses to average net assets ............. 1.02%+ 4.38%+ 0.62% 0.77% 0.65% 0.93% Net investment income to average net assets 9.06%+ 3.78%+ 5.53% 6.17% 6.39% 7.72%
- --------------- * Commencement of operations. + Annualized. ++ The Manager, at its discretion, reimbursed expenses and/or waived management fees for certain periods presented. See notes to financial statements. -- P-53 -- 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 Director, Baptist Medical Center John E. Merow Partner, Sullivan & Cromwell, Law Firm Director, Commonwealth Aluminum Corporation 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, 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 Managing Director, J. & W. Seligman & Co. Incorporated Robert L. Shafer 3 Director or Trustee, Various Organizations 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 President Managing Director, J. & W. Seligman & Co. Incorporated - -------------- Member: 1 Executive Committee 2 Audit Committee 3 Director Nominating Committee - -------------------------------------------------------------------------------- Executive Officers - -------------------------------------------------------------------------------- William C. Morris Chairman Brian T.Zino President Brian Ashford-Russell Vice President Daniel J. Charleston Vice President Iain Clark Vice President Leonard J. Lovito Vice President Nitin Mehta Vice President Arsen Mrakovcic 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 -----END PRIVACY-ENHANCED MESSAGE-----