-----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, PKGujp4I7egeOmvN9vKW7SHe7yDjAzzeBTAcMpg8UqJ93lYbCYMfASjOserMYuo0 y1SLVxUVc7cbGA2s5TMpsw== 0000817841-97-000017.txt : 19970912 0000817841-97-000017.hdr.sgml : 19970912 ACCESSION NUMBER: 0000817841-97-000017 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970905 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: SEC FILE NUMBER: 811-05221 FILM NUMBER: 97676339 BUSINESS ADDRESS: STREET 1: 100 PARK AVENUE STREET 2: 7TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2124880200 MAIL ADDRESS: STREET 1: 100 PARK AVENUE STREET 2: 7TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: SELIGMAN MUTUAL BENEFIT PORTFOLIOS INC DATE OF NAME CHANGE: 19920703 N-30D 1 MID-YEAR REPORT 6/30/97 - ---------------------------- M I D - Y E A R R E P O R T - ---------------------------- - ------------- SELIGMAN - ------------- PORTFOLIOS, - ------------- INC. - ------------- J%WS June 30, 1997 ------------- SELIGMAN ------------- PORTFOLIOS, ------------- INC. ------------- August 1, 1997 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, 1997. Thus far, 1997 has shown great promise for both the domestic economy and the financial markets. Instead of increasing inflation, the growing economy actually generated lower producer prices for six consecutive months. The Federal Reserve Board's decision to leave the federal funds rate unchanged in May also helped tame inflation fears and gave further support to the already strong financial markets. Low unemployment and high consumer confidence levels continued, while consumer spending was relatively restrained. While low interest rates generally supported the appreciation of the equity market, investors remained primarily focused on the large, more liquid stocks with predictable earnings. Consequently, the 25 largest stocks were responsible for the majority of the equity market's gains. However, beginning in May, the market's advances broadened to include a greater number of smaller- and mid-capitalization stocks. In the fixed-income markets, the enduring absence of inflationary pressures and the lack of Fed intervention after the March increase prompted a moderate rally, with bond prices rising and yields falling. After the uncertainties of the first quarter, when the inflationary outlook was unclear, market participants became optimistic in the second quarter as the low interest rate environment persisted. Consequently, the yield on the benchmark 30-year US Treasury bond fell to 6.78% on June 30, from a high of 7.17% on April 14. The yield on the benchmark three-month US Treasury bill fell to 5.17% at June 30, having reached a high of 5.40% on March 21. The long-term outlook for the US economy and financial markets remains positive. Productivity improvements, driven in large part by the deployment of technology, have helped reduce corporate costs and increased profitability. While the broadening of the market that took place in the second quarter is a positive trend, market volatility has increased this year, and the possibility of a short-term correction in the US markets is real. Internationally, economic growth has improved without bringing any serious signs of inflation. Overall, monetary conditions for the major economies have remained quite benign. Only in the UK have we seen any increase in interest rates. Against this backdrop, international markets have performed strongly thus far this year, and we expect further progress to be made. In particular, Japan has made an extremely strong recovery with both the market and the Yen improving. Our favored regions continue to be Continental Europe, Japan, and the emerging markets where economic and corporate profit growth has the greatest potential. We thank you for your continued confidence in Seligman Portfolios, Inc., and look forward to serving your investment needs in 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, 1997 Principal Amount or Shares --------------------- Holdings Additions Increase 6/30/97 - --------- -------- -------- SELIGMAN BOND PORTFOLIO US Government Agencies Government National Mortgage Association 7-1/2%, 3/15/2026........ $290,301 $290,301 Corporate Bonds Anixter 8%, 9/15/2003.................. 200,000 200,000 Barrett Resources 7.55%, 2/1/2007....................... 200,000 200,000 Cott 8-1/2%, 5/1/2007.................. 200,000 200,000 Harman International 7.32%, 7/1/2007....................... 200,000 200,000 Loewen Group International 7-1/2%, 4/15/2001..................... 200,000 200,000 The Money Store 8.05%, 4/15/2002...................... 200,000 200,000 Oryx Energy 8-1/8%, 10/15/2005......... 200,000 200,000 Owens-Illinois 7.85%, 5/15/2004........ 200,000 200,000 Time Warner 9-1/8%, 1/15/2013.......... 200,000 200,000 Principal Amount or Shares ---------------------- Holdings Reductions Decrease 6/30/97 - ---------- -------- -------- US Government Securities US Treasury Bonds 7-7/8%, 2/15/2021............................ $400,000 -- US Treasury Notes 7%, 7/15/2006............................ 800,000 -- Corporate Bonds AEGON 8%, 8/15/2006.................... 150,000 -- American Home, 7.90%, 2/15/2005............................ 150,000 -- First Union 6.55%, 10/15/2035.......... 200,000 -- Kohls 7-3/8%, 10/15/2011............... 200,000 -- NewPort News 8-5/8%, 12/1/2006......... 200,000 -- Oryx Energy 10%, 4/1/2001.............. 200,000 -- United Telecommunications 9-1/2%, 4/1/2003..................... 150,000 -- Principal Amount or Shares --------------------- Holdings Additions Increase 6/30/97 - --------- -------- -------- SELIGMAN CAPITAL PORTFOLIO Common Stocks Cardinal Health........................ 4,700 shs. 4,700 shs. Coca-Cola.............................. 13,300 13,300 Covance................................ 19,200 19,200 IKON Office Solutions.................. 5,200 5,200 Lowe's................................. 6,900 6,900 Newbridge Networks..................... 5,900 5,900 Quantum................................ 5,900 11,800 (1) Reynolds & Reynolds (Class A).......... 14,400 14,400 US Surgical............................ 6,300 6,300 Universal Health Services (Class B).... 8,100 8,100 Principal Amount or Shares ---------------------- Holdings Reductions Decrease 6/30/97 - ---------- -------- -------- Common Stocks Guidant................................ 2,600 shs. 1,400 shs. Home Depot............................. 3,500 -- Illinois Tool Works.................... 2,700 -- Intel.................................. 2,400 -- MGM Grand.............................. 4,700 -- Microsoft.............................. 5,000 -- Saks Holdings.......................... 5,200 -- Seagate Technology..................... 5,000 -- Tencor Instruments..................... 5,000 -- United Healthcare...................... 3,700 -- Principal Amount or Shares --------------------- Holdings Additions Increase 6/30/97 - --------- -------- -------- SELIGMAN COMMON STOCK PORTFOLIO Common Stocks Ahmanson (H.F.)........................ 8,000 shs. 8,000 shs. CIGNA.................................. 1,800 1,800 GATX................................... 5,000 5,000 Illinois Tool Works.................... 5,000 10,000 (2) James River............................ 7,000 7,000 Mead................................... 5,500 9,000 QUALCOMM............................... 4,000 4,000 United Technologies.................... 3,900 7,500 Westinghouse Electric.................. 15,000 15,000 Williams Cos. ......................... 9,000 9,000 Principal Amount or Shares ---------------------- Holdings Reductions Decrease 6/30/97 - ---------- -------- -------- Common Stocks ALLTEL................................. 11,000 shs. -- Campbell Soup.......................... 2,800 -- Electronic Data Systems................ 5,000 -- First Brands........................... 12,000 -- Great Western Financial................ 5,000 -- PanEnergy.............................. 4,800 -- Sonat.................................. 9,200 -- Teradyne............................... 6,400 -- Xilinx................................. 7,800 -- Convertible Bonds Masco Tech 4-1/2%, 12/15/2003 $250,000 -- - -------------------------- See footnotes on page P-4. -- P-1 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Largest Portfolio Changes (unaudited) (continued) - ------------------------------------------------------------------------------- During the Six Months Ended June 30, 1997 Shares --------------------- Holdings Additions Increase 6/30/97 - --------- -------- -------- SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO Common Stocks Advanced Micro Devices................. 56,000 56,000 Altera................................. 23,400 23,400 BMC Software........................... 30,100 30,100 Lattice Semiconductor.................. 23,900 23,900 Novellus Systems....................... 27,600 27,600 Quantum................................ 42,600 68,800 (3) Read-Rite.............................. 50,500 50,500 Storage Technology..................... 43,300 43,300 Teradyne............................... 36,700 36,700 Western Digital........................ 27,600 40,800 (4) Shares ---------------------- Holdings Reductions Decrease 6/30/97 - ---------- -------- -------- Common Stocks Cabletron Systems...................... 40,000 -- Cisco Systems.......................... 19,000 6,000 Gateway 2000........................... 20,000 -- Intel.................................. 13,000 -- Microsoft.............................. 20,000 -- Simulation Sciences.................... 160,000 -- Sun Microsystems....................... 40,000 -- Tellabs................................ 40,000 -- 3Com................................... 25,000 -- U.S. Robotics.......................... 25,000 -- Shares --------------------- Holdings Additions Increase 6/30/97 - --------- -------- -------- SELIGMAN FRONTIER PORTFOLIO Common Stocks Administaff............................ 25,000 25,000 Black Box.............................. 10,800 10,800 Ceridian............................... 16,500 28,400 Corporate EXPRESS...................... 51,000 51,000 DONCASTERS (ADRs)...................... 22,800 22,800 First Commonwealth..................... 45,500 71,700 General Cable.......................... 15,900 15,900 Jacor Communications................... 9,900 14,350 Pittston Brink's Group................. 20,300 20,300 ProMedCo Management.................... 50,000 50,000 Shares ---------------------- Holdings Reductions Decrease 6/30/97 - ---------- -------- -------- Common Stocks Amisys Managed Care Systems............ 20,000 -- Drilex International................... 20,000 -- Health Management Associates (Class A)............................ 17,000 -- Maxim Integrated Products.............. 8,500 -- National Data.......................... 10,150 -- National Surgery Centers............... 7,700 13,050 ONTRACK Data International............. 30,000 -- T. Rowe Price.......................... 7,750 -- Printrak International................. 24,800 -- Watson Pharmaceuticals................. 9,700 10,400 Shares --------------------- Holdings Additions Increase 6/30/97 - --------- -------- -------- SELIGMAN HENDERSON GLOBAL GROWTH OPPORTUNITIES PORTFOLIO Common Stocks Boston Scientific...................... 1,000 1,000 Desc (ADRs)............................ 2,200 2,220 (5) Empresas ICA Sociedad Controladora (ADRs).................. 3,000 3,000 Essilor International.................. 185 185 HFS.................................... 800 800 HIS.................................... 1,000 1,000 Metro.................................. 590 590 Microsoft.............................. 400 700 MOL Magyar Olaj-es-Gazipari (GDRs)............................... 2,800 2,800 Travelers Group........................ 800 800 Shares ---------------------- Holdings Reductions Decrease 6/30/97 - ---------- -------- -------- Common Stocks Assa Abloy (Series B).................. 1,130 -- CITIC Pacific.......................... 3,000 -- Grupo Carso (ADRs)..................... 1,900 -- Guidant................................ 300 -- Joshin Denki........................... 2,000 -- Kobenhavns Lufthavne................... 190 -- MGM Grand.............................. 400 -- Singapore Press Holdings............... 1,000 -- SMH Neuenberg.......................... 152 -- Societe Industrielle de Transports Automobiles............... 105 -- - ------------------------- See footnotes on page P-4. -- P-2 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- During the Six Months Ended June 30, 1997 Shares --------------------- Holdings Additions Increase 6/30/97 - --------- -------- -------- SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO Common Stocks Administaff............................ 10,000 10,000 Calpine................................ 9,600 9,600 Compdent............................... 6,000 6,000 Corporate EXPRESS...................... 12,000 12,000 IMS International Metal Service........ 860 860 Kardex................................. 484 484 Selecta Group.......................... 920 920 Virbac................................. 1,360 1,360 Zag Industries......................... 5,500 15,000 Preferred Stocks Gerry Weber International.............. 3,329 4,993 (6) Shares ---------------------- Holdings Reductions Decrease 6/30/97 - ---------- -------- -------- Common Stocks BMC Industries......................... 4,900 -- Fine Host.............................. 4,900 -- Fokus Bank............................. 13,000 -- FPA Medical Management................. 7,000 -- Horizon Mental Health Management........................... 5,550 (7) -- Kampas-Haus............................ 2,880 -- LoJack................................. 9,800 -- Maxim Integrated Products.............. 1,700 -- Sto (Voting Preference Shares)......... 235 -- Watson Pharmaceuticals................. 3,800 3,600 Shares --------------------- Holdings Additions Increase 6/30/97 - --------- -------- -------- SELIGMAN HENDERSON GLOBAL TECHNOLOGY PORTFOLIO Common Stocks Admiral................................ 7,000 7,000 Elec & Eltek International Holdings............................. 150,000 150,000 EMC.................................... 1,000 1,000 Hirose Electric........................ 600 600 M.M.T. Computing....................... 5,000 5,000 Premier Farnell........................ 3,500 3,500 Rohm................................... 1,000 1,000 Secom.................................. 1,000 1,000 TDK.................................... 1,000 1,000 VERO Group............................. 12,500 12,500 Shares ---------------------- Holdings Reductions Decrease 6/30/97 - ---------- -------- -------- Common Stocks America Online......................... 525 -- Cisco Systems.......................... 400 -- Dialogic............................... 1,650 -- Intel.................................. 200 -- Microsoft.............................. 350 -- Northern Telecom....................... 400 -- Sun Microsystems....................... 800 -- U.S. Robotics.......................... 600 -- VeriFons............................... 1,500 -- Xionics Document Technologies.......... 2,000 -- Shares --------------------- Holdings Additions Increase 6/30/97 - --------- -------- -------- SELIGMAN HENDERSON INTERNATIONAL PORTFOLIO Common Stocks Akzo Nobel............................. 688 688 Companhia Energetica de Minas Gerais (ADRs)........................ 1,900 1,900 Mitsubishi Materials................... 30,000 45,000 Murata Manufacturing................... 5,000 5,000 Pioneer Electronic..................... 5,000 11,000 Railtrack Group........................ 9,500 9,500 Sumitomo Metal Industries.............. 44,000 69,000 Thyssen................................ 373 373 Toshiba................................ 21,000 42,000 United Utilities....................... 8,000 8,000 Shares ---------------------- Holdings Reductions Decrease 6/30/97 - ---------- -------- -------- Common Stocks Banco de Santander..................... 1,393 -- DSM.................................... 647 -- Iberdrola.............................. 6,731 -- Istituto Nazionale delle Assicurazioni........................ 50,522 -- Koninklijke Ahold...................... 1,216 -- Nippon Telegraph & Telephone........... 1,700 -- Pharmacia & Upjohn..................... 1,983 -- Samsung Electronics.................... 916 204 Siebe.................................. 3,800 -- Societe Generale...................... 604 -- - ------------------------- See footnotes on page P-4. -- P-3 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Largest Portfolio Changes (unaudited) (continued) - ------------------------------------------------------------------------------- During the Six Months Ended June 30, 1997 Principal Amount or Shares --------------------- Holdings Additions Increase 6/30/97 - --------- -------- -------- SELIGMAN HIGH-YIELD BOND PORTFOLIO Corporate Bonds Berry Plastics 12-1/4%, 4/15/2004...... $400,000 $400,000 Casino America 12-1/2%, 8/1/2003....... 150,000 275,000 Crown Paper 11%, 9/1/2005.............. 150,000 150,000 French Fragrances 10-3/8%, 5/15/2007............................ 150,000 150,000 General Tractor 10-5/8%, 4/1/2007...... 175,000 175,000 Paging Network 10%, 10/15/2008......... 200,000 200,000 Riddell Sports 10-1/2%, 7/15/2007...... 150,000 150,000 Syratech 11%, 4/15/2007................ 150,000 150,000 TCI Satellite Entertainment 10-7/8%, 2/15/2007................... 250,000 250,000 Preferred Stocks Sinclair Capital 11-5/8%............... 1,500 shs. 1,500 shs. Principal Amount or Shares ---------------------- Holdings Reductions Decrease 6/30/97 - ---------- -------- -------- Corporate Bonds Allbritton Communications 11-1/2%, 8/15/2004................... $100,000 -- Allied Waste North America 10-1/4%, 12/1/2006................... 100,000 -- Dade International 11-1/8%, 5/1/2006............................. 100,000 $100,000 Grand Union 12%, 9/1/2004.............. 150,000 -- IMO Industries 11-3/4%, 5/1/2006....... 150,000 -- Omnipoint 11-5/8%, 8/15/2006........... 150,000 -- Rogers Communications 10-7/8%, 4/15/2004................... 100,000 -- Silgan 11-3/4%, 6/15/2002.............. 100,000 -- Stuart Entertainment 12-1/2%, 11/15/2004.................. 100,000 -- UNC 11%, 6/1/2006...................... 100,000 -- Principal Amount or Shares --------------------- Holdings Additions Increase 6/30/97 - --------- -------- -------- SELIGMAN INCOME PORTFOLIO Convertible Preferred Stocks Greenfield Capital Trust 6%............ 3,000 shs. 3,000 shs. McKesson 5%............................ 4,000 4,000 Common Stocks SBC Communications..................... 2,000 2,000 Weyerhaeuser........................... 3,000 3,000 Corporate Bonds Federated Department Stores 10%, 2/15/2001....................... $500,000 $500,000 Harman International 7.32%, 7/1/2007...................... 300,000 300,000 Loewen Group International 7-1/2%, 4/15/2002.................... 300,000 300,000 Norfolk Southern 6.95%, 5/1/2002............................. 300,000 300,000 Owens-Illinois 7.85%, 5/15/2004........ 300,000 300,000 Time Warner 9-1/8%, 1/15/2003.......... 300,000 300,000 Principal Amount or Shares ---------------------- Holdings Reductions Decrease 6/30/97 - ---------- -------- -------- Subordinated Convertible Bonds BroadBand Technology 5%, 5/15/2001........................ $250,000 -- Pharmaceutical Marketing Services 6-1/4%, 2/1/2003............ 235,000 -- Platinum Technology 6-3/4%, 11/15/2001................... 200,000 -- Trenwick Group 6%, 12/15/1999.......... 200,000 -- TriMas 5%, 8/1/2003.................... 200,000 -- Convertible Preferred Stocks American General 3%.................... 4,500 shs. -- Common Stocks CINergy................................ 8,718 1,000 shs. Corporate Bonds AEGON 8%, 8/15/2006.................... $250,000 -- MBNA 6.15%, 10/1/2003.................. 500,000 -- United Telecommunications 9-1/2%, 4/1/2003..................... 350,000 -- - ------------------------------------------------------------------------------- Largest portfolio changes from the previous period to the current period are based on cost of purchases and proceeds from sales of securities. (1) Includes 5,900 shares received as a result of a 2-for-1 stock split. (2) Includes 5,000 shares received as a result of a 2-for-1 stock split. (3) Includes 33,400 shares received as a result of a 2-for-1 stock split. (4) Includes 13,200 shares received as a result of a 2-for-1 stock split. (5) Includes 20 shares received as a result of a 1-for-10 stock split. (6) Includes 1,664 shares received as a result of a 1-for-2 stock split. (7) Includes 1,850 shares received as a result of a 3-for-2 stock split. -- P-4 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolios of Investments (unaudited) JUNE 30, 1997 - ------------------------------------------------------------------------------- SELIGMAN BOND PORTFOLIO Principal Amount Value -------- ----- US GOVERNMENT SECURITIES AND AGENCIES -- 30.7% US GOVERNMENT SECURITIES -- 13.4% US Treasury Bonds 8-3/4%, 5/15/2020................... $400,000 $485,500 US Treasury Notes 6-1/4%, 10/31/2001.......................... 300,000 298,782 ---------- Total US Government Securities (Cost $779,158)..................... 784,282 ---------- US GOVERNMENT AGENCIES -- 17.3% Federal National Mortgage Association 7-1/2%, 11/1/2026+.................. 484,572 486,240 Government National Mortgage Association: 7-1/2%, 6/15/2023+.................. 238,017 240,260 7-1/2%, 3/15/2026+.................. 290,301 291,391 ---------- Total US Government Agencies (Cost $987,642)..................... 1,017,891 ---------- Total US Government Securities and Agencies (Cost $1,766,800)................... 1,802,173 ---------- CORPORATE BONDS -- 51.8% Anixter 8%, 9/15/2003.................. 200,000 203,466 Barrett Resources 7.55%, 2/1/2007............................ 200,000 199,283 Capital One Bank 8-1/8%, 3/1/2000............................ 150,000 155,017 Cott 8-1/2%, 5/1/2007.................. 200,000 200,000 First USA Bank 5-3/4%, 1/15/1999................... 100,000 99,242 General Motors Acceptance 5-5/8%, 2/1/1999.................... 150,000 148,583 Geon 6-7/8%, 12/15/2005................ 200,000 194,014 CORPORATE BONDS (continued) Harman International 7.32%, 7/1/2007..................... 200,000 199,438 Loewen Group International 7-1/2%, 4/15/2001................... 200,000 202,516 The Money Store 8.05%, 4/15/2002.................... 200,000 202,562 Norfolk Southern 6.95%, 5/1/2002..................... 200,000 202,184 Oryx Energy 8-1/8%, 10/15/2005.................. 200,000 206,236 Owens-Illinois 7.85%, 5/15/2004.................... 200,000 203,997 Petroleum Georgia Pacific 7-1/2%, 3/31/2007................... 200,000 202,721 Time Warner 9-1/8%, 1/15/2013................... 200,000 222,289 Woolworth 7%, 6/1/2000................. 200,000 200,846 ---------- Total Corporate Bonds (Cost $3,013,284)................... 3,042,394 ---------- FIXED TIME DEPOSITS -- 7.7% Canadian Imperial Bank of Commerce, Grand Cayman 5.45%, 7/2/1997..................... 225,000 225,000 First National Bank of Chicago, Grand Cayman 5.35%, 7/2/1997............................ 225,000 225,000 ---------- Total Fixed Time Deposits (Cost $450,000)..................... 450,000 ---------- Total Investments -- 90.2% (Cost $5,230,084)................... 5,294,567 Other Assets Less Liabilities-- 9.8%.................. 572,867 ---------- Net Assets-- 100.0%.................... $5,867,434 ---------- ---------- - ----------------------- + Investments in mortgage-backed securities are subject to principal paydowns. As a result of prepayments from refinancing or satisfaction of the underlying mortgage instruments, the average life may be less than the original maturity. This in turn may impact the ultimate yield realized from these investments See Notes to Financial Statements. -- P-5 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------- SELIGMAN CAPITAL PORTFOLIO Shares Value -------- ----- COMMON STOCKS -- 99.1% AEROSPACE -- 0.9% Litton Industries*..................... 3,400 $ 164,263 ---------- AUTOMOTIVE AND RELATED -- 1.6% Harley-Davidson........................ 6,000 287,625 ---------- BASIC MATERIALS -- 4.4% Minerals Technologies.................. 5,000 187,500 Nucor.................................. 4,000 226,000 Olin................................... 6,100 238,281 Schulman, A............................ 4,687 115,857 ---------- 767,638 ---------- BUSINESS SERVICES AND SUPPLIES -- 6.0% AccuStaff*............................. 6,400 151,600 IKON Office Solutions.................. 5,200 129,675 Interpublic Group of Companies........................ 4,600 282,038 Reynolds & Reynolds (Class A)........................... 14,400 226,800 Snyder Communications*................. 9,300 250,519 ---------- 1,040,632 ---------- CAPITAL GOODS -- 2.0% Westinghouse Electric.................. 14,790 342,019 ---------- CONSUMER GOODS AND SERVICES -- 4.4% Coca-Cola.............................. 13,300 305,900 Estee Lauder (Class A)................. 2,500 125,625 Newell................................. 8,600 340,775 ---------- 772,300 ---------- DRUGS AND HEALTH CARE -- 19.0% Amgen*................................. 1,300 75,522 Biogen*................................ 2,000 67,813 Boston Scientific*..................... 3,000 184,312 Cardinal Health........................ 4,700 269,075 Centocor............................... 4,700 145,847 Columbia/HCA Healthcare................ 7,900 310,569 Covance*............................... 19,200 370,800 DRUGS AND HEALTH CARE (continued) Guidant................................ 1,400 119,000 HCIA*.................................. 7,500 251,250 Humana*................................ 8,400 194,250 KOS Pharmaceuticals*................... 4,300 116,638 McKesson............................... 2,500 193,750 Mid Atlantic Medical Services*......... 7,400 115,162 Pfizer................................. 2,800 334,600 US Surgical............................ 6,300 234,675 Universal Health Services (Class B)*.......................... 8,100 311,850 ---------- 3,295,113 ---------- ENERGY -- 4.2% Barrett Resources*..................... 4,300 128,731 ENSCO International *.................. 4,300 226,825 Petroleum Geo-Services (ADRs)*............................. 4,000 195,500 Santa Fe International*................ 5,500 187,000 ---------- 738,056 ---------- FINANCIAL SERVICES -- 21.6% AFLAC.................................. 2,500 118,125 Amerin*................................ 7,200 174,600 Donaldson, Lufkin & Jenrette Securities.......................... 3,600 215,100 GreenPoint Financial................... 5,800 386,063 Hartford Life (Class A)................ 4,900 183,750 MBNA................................... 10,000 366,250 Nationwide Financial Services............................ 8,000 212,500 Old Republic International............. 2,900 87,906 Progressive (Ohio)..................... 3,700 321,900 Provident Cos.......................... 3,000 160,500 St. Paul Bancorp....................... 3,125 103,906 Schwab (Charles)....................... 5,800 235,987 TCF Financial.......................... 3,600 177,750 Transatlantic Holdings................. 1,700 168,725 Travelers.............................. 7,800 491,888 Washington Mutual...................... 5,800 346,731 ---------- 3,751,681 ---------- INDUSTRIAL GOODS AND SERVICES -- 0.4% Ionics*................................ 1,500 68,250 ---------- - ------------------- * Non-income producing security. See Notes to Financial Statements. -- P-6 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- June 30, 1997 - ------------------------------------------------------------------------------- SELIGMAN CAPITAL PORTFOLIO (continued) Shares or Principal Amount Value -------- ----- LEISURE AND RELATED -- 5.9% British Sky Broadcasting (ADRs).............................. 4,900 shs.$ 218,969 Circus Circus*......................... 6,100 150,213 Mattel................................. 7,812 264,631 Mirage Resorts*........................ 7,100 179,275 Sun International Hotels*.............. 5,700 210,544 ---------- 1,023,632 ---------- PRINTING AND PUBLISHING -- 0.9% World Color Press*..................... 6,300 149,625 ---------- RETAIL TRADE -- 4.1% Barnes & Noble*........................ 4,100 176,300 Gucci Group............................ 1,500 96,562 Lowe's................................. 6,900 256,163 Nine West Group*....................... 4,600 175,662 ---------- 704,687 ---------- TECHNOLOGY -- 19.9% Activision*............................ 12,500 179,687 Adaptec*............................... 4,400 152,900 Arrow Electronics*..................... 3,000 159,375 BMC Software*.......................... 3,300 182,944 Ceridian*.............................. 5,000 211,250 DST Systems*........................... 5,000 166,562 Fiserv*................................ 10,100 451,975 Linear Technology...................... 3,000 154,969 Maxim Integrated Products*............. 3,000 170,437 Newbridge Networks*.................... 5,900 256,650 Quantum*............................... 11,800 240,056 Sterling Commerce*..................... 8,900 292,587 Symantec*.............................. 20,100 392,578 TECHNOLOGY (continued) Vishay Intertechnology*................ 6,510 188,383 Xilinx*................................ 5,400 264,769 ---------- 3,465,122 ---------- TELECOMMUNICATIONS -- 3.8% Century Telephone Enterprises......................... 4,100 138,119 EchoStar Communications (Class A)*.......................... 5,000 78,437 QUALCOMM*.............................. 2,500 127,266 WorldCom*.............................. 10,200 326,081 ---------- 669,903 ---------- Total Common Stocks (Cost $14,476,453).................. 17,240,546 REPURCHASE AGREEMENTS -- 6.6% (Cost $1,150,000) HSBC Securities, Inc., 5%, dated 6/25/1997, maturing 7/2/1997 collateralized by: $1,216,000 US Treasury Notes 5-7/8%, 11/15/2005, with a fair market value of $1,178,169.......................... $1,150,000 1,150,000 ---------- Total Investments -- 105.7% (Cost $15,626,453).................. 18,390,546 Other Assets Less Liabilities-- (5.7)%................ (999,335) ----------- Net Assets-- 100.0%.................... $17,391,211 ----------- ----------- - ----------------- * Non-income producing security. See Notes to Financial Statements. -- P-7 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------- SELIGMAN CASH MANAGEMENT PORTFOLIO Annualized Yield on Principal Purchase Date Amount Value ------------- ------ ----- COMMERCIAL PAPER -- 36.2% American Express Credit Corp., 9/2/1997.............. 5.54% $ 540,000 $ 534,755 American General Finance Corp., 8/5/1997.............. 5.55 520,000 517,154 Associates Corp. of North America, 8/19/1997............. 5.56 500,000 496,189 Beneficial Corp., 7/8/1997.............. 4.95 600,000 599,349 Ford Motor Credit Corp., 8/25/1997............. 5.52 400,000 396,614 General Electric Capital Corp., 9/25/1997...... 5.56 400,000 394,697 John Deere Capital Corp., 8/12/1997...... 5.54 500,000 496,739 ---------- Total Commercial Paper (Cost $3,435,497)..... 3,435,497 ---------- US GOVERNMENT SECURITIES -- 32.5 % US Treasury Bills, 7/24/1997............. 5.06 1,500,000 1,495,007 US Treasury Bills, 9/11/1997............. 5.04 1,600,000 1,583,872 ---------- Total US Government Securities (Cost $3,078,879)..... 3,078,879 ---------- BANK NOTES -- 11.6% Huntington National Bank, 7/1/1997.............. 5.65 600,000 600,000 Wachovia Bank of Georgia, 7/17/1997............. 5.68 500,000 500,008 ---------- Total Bank Notes (Cost $1,100,008)..... 1,100,008 ---------- FIXED TIME DEPOSITS -- 5.3% Canadian Imperial Bank of Commerce, Grand Cayman, 7/2/1997.............. 5.44 300,000 300,000 First National Bank of Chicago, Grand Cayman, 7/2/1997.............. 5.45 205,000 205,000 ---------- Total Fixed Time Deposits (Cost $505,000)....... 505,000 ---------- REPURCHASE AGREEMENTS -- 12.7% (Cost $1,200,000) HSBC Securities, Inc. 5%, dated 6/25/1997, maturing 7/2/1997 collateralized by: $1,131,000 US Treasury Notes 7-7/8%, 8/15/2001, with a fair market value of $1,227,664...................... 1,200,000 1,200,000 ---------- Total Investments -- 98.3 % (Cost $9,319,384)............... 9,319,384 Other Assets Less Liabilities -- 1.7%............. 158,821 ---------- Net Assets-- 100.0%................ $9,478,205 ---------- ---------- - -------------- See Notes to Financial Statements. -- P-8 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- June 30, 1997 - ------------------------------------------------------------------------------- SELIGMAN COMMON STOCK PORTFOLIO Shares Value -------- ----- COMMON STOCKS -- 75.4% ADVERTISING -- 0.6% Omnicom Group.................... 4,200 $ 258,825 ---------- AEROSPACE/DEFENSE -- 3.2% Avondale Industries*............. 8,000 169,500 General Dynamics................. 3,000 225,000 General Motors (Class H)......... 2,400 138,600 Raytheon......................... 5,500 280,500 United Technologies.............. 7,500 622,500 ---------- 1,436,100 ---------- APPAREL AND TEXTILES -- 0.7% Liz Claiborne.................... 7,000 326,375 ---------- AUTOMOTIVE AND RELATED -- 3.4% Borg-Warner Automotive........... 6,900 373,031 Dura Automotive Systems*......... 10,000 280,000 Echlin........................... 7,400 266,400 Harley-Davidson.................. 7,700 369,119 Magna International (Class A).... 4,000 240,750 ---------- 1,529,300 ---------- CHEMICALS -- 1.5% DuPont........................... 2,000 125,750 Hercules......................... 3,000 143,625 Morton International............. 6,600 199,238 Olin............................. 6,000 234,375 ---------- 702,988 ---------- COMPUTER GOODS AND SERVICES -- 1.9% Automatic Data Processing........ 4,200 197,400 Compaq Computer.................. 4,300 426,775 Computer Associates International................. 4,000 222,750 ---------- 846,925 ---------- COMPUTER SOFTWARE -- 0.4% Synopsys*........................ 5,100 188,222 ---------- CONSTRUCTION -- 0.6% Sherwin-Williams................. 9,600 296,400 ---------- CONSUMER GOODS AND SERVICES -- 5.3% Colgate-Palmolive................ 10,400 678,600 Eastman Kodak.................... 4,000 307,000 International Flavors & Fragrances.................... 6,700 338,350 RJR Nabisco Holdings............. 4,400 145,200 PepsiCo.......................... 12,600 473,288 Procter & Gamble................. 3,300 466,125 ---------- 2,408,563 ---------- DRUGS AND HEALTH CARE -- 6.5% Abbott Laboratories.............. 6,200 413,850 American Home Products........... 6,600 504,900 Baxter International............. 6,000 313,500 Bristol-Myers Squibb............. 4,000 324,000 Guidant.......................... 3,500 297,500 Medtronic........................ 3,000 243,000 Schering-Plough.................. 13,200 631,950 United Healthcare................ 4,500 234,000 ---------- 2,962,700 ---------- ELECTRIC AND GAS UTILITIES -- 0.7% FPL Group........................ 7,200 331,650 ---------- ELECTRICAL EQUIPMENT -- 1.2% Thomas & Betts................... 3,500 183,969 Westinghouse Electric............ 15,000 346,875 ---------- 530,844 ---------- ELECTRONICS -- 4.2% AMP.............................. 12,800 534,400 Arrow Electronics*............... 3,500 185,938 KEMET*........................... 15,000 374,062 Motorola......................... 6,000 456,000 Vishay Intertechnology*.......... 12,000 347,250 ---------- 1,897,650 ---------- ENERGY -- 6.5% Atlantic Richfield............... 5,000 352,500 Baker Hughes..................... 7,000 270,813 Enron............................ 7,500 306,094 - -------------------- * 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 -------- ----- ENERGY (continued) Royal Dutch Petroleum............ 8,800 $ 478,500 Schlumberger..................... 3,000 375,000 Texaco........................... 5,300 576,375 Union Pacific Resources.......... 7,800 194,025 Williams Cos..................... 9,000 393,750 ---------- 2,947,057 ---------- ENVIRONMENTAL SERVICES -- 0.4% Browning-Ferris Industries....... 6,000 199,500 ---------- FINANCE AND INSURANCE -- 12.2% Ahmanson (H.F.).................. 8,000 344,000 American International Group..... 4,800 717,000 BankAmerica...................... 4,400 284,075 Bank of New York................. 9,600 417,600 CIGNA............................ 1,800 319,500 Federal National Mortgage Association................... 10,400 453,700 General Re....................... 3,500 637,000 Hartford Financial Services Group......................... 4,000 331,000 Mellon Bank...................... 6,200 279,775 NationsBank...................... 11,628 750,006 PNC Bank......................... 5,900 245,588 St. Paul Companies............... 3,000 228,750 TIG Holdings..................... 7,000 218,750 Travelers........................ 5,000 315,313 ---------- 5,542,057 ---------- FOOD -- 3.1% ConAgra.......................... 5,250 336,656 CPC International................ 3,000 276,937 General Mills.................... 4,900 319,112 Sara Lee......................... 11,400 474,525 ---------- 1,407,230 ---------- LEISURE AND ENTERTAINMENT -- 0.5% Disney, Walt..................... 2,900 232,725 ---------- MACHINERY AND INDUSTRIAL EQUIPMENT -- 5.4% Emerson Electric................. 5,200 286,325 GATX............................. 5,000 288,750 MACHINERY AND INDUSTRIAL EQUIPMENT (continued) General Electric................. 9,200 601,450 General Signal................... 5,600 244,300 Illinois Tool Works.............. 10,000 499,375 Ingersoll-Rand................... 4,500 277,875 Parker-Hannifin.................. 4,300 260,956 ---------- 2,459,031 ---------- METALS AND MINING -- 1.4% Allegheny Teledyne............... 7,000 189,000 Reynolds Metals.................. 3,000 213,750 Worthington Industries........... 12,500 229,297 ---------- 632,047 ---------- OFFICE EQUIPMENT -- 0.9% IKON Office Solutions............ 5,000 124,687 Pitney Bowes..................... 4,100 284,950 ---------- 409,637 ---------- PAPER AND PACKAGING -- 2.5% James River...................... 7,000 259,000 Kimberly-Clark................... 6,600 328,350 Mead............................. 9,000 560,250 ---------- 1,147,600 ---------- PRINTING AND PUBLISHING -- 0.5% Tribune.......................... 4,800 230,700 ---------- RESTAURANTS -- 0.5% McDonald's....................... 4,500 217,406 ---------- RETAIL TRADE -- 2.8% Kmart............................ 5,800 71,050 May Department Stores............ 4,000 189,000 OfficeMax*....................... 10,000 144,375 The Pep Boys..................... 11,200 381,500 Wal-Mart......................... 8,100 273,881 Woolworth........................ 8,500 204,000 ---------- 1,263,806 ---------- TECHNOLOGY -- 1.8% Hewlett-Packard.................. 5,000 280,000 Intel............................ 2,000 283,187 - --------------------- * Non-income producing security. See Notes to Financial Statements. -- P-10 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ June 30, 1997 - ------------------------------------------------------------------------------ SELIGMAN COMMON STOCK PORTFOLIO (continued) Shares or Principal Amount Value -------- ----- TECHNOLOGY (continued) Sun Microsystems................. 6,600shs.$ 245,644 ---------- 808,831 ---------- TELECOMMUNICATIONS -- 1.8% Loral Space & Communications*............... 14,000 210,000 QUALCOMM*........................ 4,000 203,625 WorldCom*........................ 13,000 415,594 ---------- 829,219 ---------- TELEPHONE UTILITIES -- 1.1% Bell Atlantic.................... 800 60,700 GTE.............................. 3,900 171,112 SBC Communications............... 4,000 247,500 ---------- 479,312 ---------- TRANSPORTATION -- 0.8% Burlington Northern Santa Fe..... 4,000 359,500 ---------- MISCELLANEOUS/ DIVERSIFIED --- 3.0% Corning ......................... 9,200 511,750 Minnesota Mining & Manufacturing................. 4,000 408,000 Republic Industries*............. 6,500 161,688 Tenneco.......................... 5,900 266,606 ----------- 1,348,044 ----------- Total Common Stocks (Cost $22,592,175)............ $34,230,244 ----------- SHORT-TERM HOLDINGS -- 25.2% FIXED TIME DEPOSITS -- 1.0% Canadian Imperial Bank of Commerce, Grand Cayman 5.45.%, 7/2/1997.............. $ 475,000 475,000 REPURCHASE AGREEMENTS -- 24.2% HSBC Securities, Inc., 5%, dated 6/25/1997, maturing 7/2/1997 collateralized by: $11,235,000 US Treasury Notes 4-3/4%, 8/31/1998, with a fair market value of $11,262,477. . 11,000,000 11,000,000 ----------- Total Short-Term Holdings (Cost $11,475,000)............ 11,475,000 ----------- Total Investments -- 100.6% (Cost $34,067,175)............ 45,705,244 Other Assets Less Liabilities-- (0.6)%.......... (278,864) ----------- Net Assets-- 100.0%.............. $45,426,380 ----------- ----------- - ------------------------------------------------------------------------------ SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO Shares Value -------- ----- COMMON STOCKS -- 93.3% COMMUNICATIONS INFRASTRUCTURE -- 5.6% Aspect Telecommunications*....... 29,800 $ 659,325 CIDCO*........................... 40,000 548,750 Cisco Systems*................... 6,000 402,937 DSP Communications*.............. 30,000 331,875 ECI Telecommunications........... 42,300 1,259,747 Network General*................. 24,400 362,187 Oak Industries*.................. 18,800 540,500 ----------- 4,105,321 ----------- COMPUTER HARDWARE/ PERIPHERALS -- 21.5% Adaptec*......................... 28,600 993,850 American Power Conversion*....... 44,100 833,766 Creative Technology*............. 29,000 489,375 Data General..................... 15,100 392,600 Electronics for Imaging*......... 35,600 1,680,988 EMC*............................. 76,700 2,991,300 HMT Technology*.................. 29,200 376,862 - ------------------- * Non-income producing security. See Notes to Financial Statements. -- P-11 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------- SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO (continued) Shares Value -------- ----- COMPUTER HARDWARE/ PERIPHERALS (continued) In Focus Systems*................ 16,900 $ 436,231 Lexmark International Group (Class A)*.................... 54,500 1,655,437 Mylex*........................... 37,600 359,550 Quantum*......................... 68,800 1,399,650 Read-Rite*....................... 50,500 1,052,609 Storage Technology*.............. 43,300 1,926,850 Western Digital*................. 40,800 1,290,300 ----------- 15,879,368 ----------- COMPUTER SOFTWARE -- 11.8% Activision*...................... 27,000 388,125 ANSYS*........................... 22,600 173,738 BMC Software*.................... 30,100 1,668,669 Cadence Design Systems*...................... 35,300 1,182,550 Computer Associates International................. 5,600 311,850 Gemstar International*........... 14,800 274,725 Parametric Technology*........... 31,700 1,348,241 Pure Atria*...................... 18,600 263,888 Rational Software*............... 9,200 154,388 Structural Dynamics Research*..................... 48,900 1,285,153 Synopsys*........................ 29,600 1,092,425 3DO*............................. 41,400 146,194 Vantive*......................... 10,000 283,750 Viewlogic Systems*............... 9,200 135,125 ----------- 8,708,821 ----------- CONTRACT MANUFACTURING/ CIRCUIT BOARDS -- 2.8% ADFlex Solutions*................ 15,000 226,875 Altron*.......................... 16,900 256,669 Hadco*........................... 9,800 639,450 Praegitzer Industries*........... 9,400 104,575 SCI Systems*..................... 13,100 835,125 ----------- 2,062,694 ----------- ELECTRONICS CAPITAL EQUIPMENT -- 20.3% Applied Materials*............... 17,200 1,217,437 ASM Lithography*................. 3,800 221,944 Asyst Technologies*.............. 9,400 411,250 Cognex*.......................... 37,600 998,750 Credence Systems*................ 33,800 1,012,944 ELECTRONICS CAPITAL EQUIPMENT (continued) Electro Scientific Industries*... 15,000 627,656 Etec Systems*.................... 18,700 801,178 Fusion Systems................... 20,000 791,875 Integrated Process Equipment*.... 18,200 460,688 InTEST*.......................... 100,000 912,500 KLA-Tencor*...................... 41,300 2,014,666 Kulicke & Soffa Industries*...... 29,000 939,781 Novellus Systems*................ 27,600 2,380,500 Teradyne*........................ 36,700 1,440,475 Veeco Instruments*............... 20,500 795,656 ----------- 15,027,300 ----------- INFORMATION SERVICES -- 2.7% Computer Sciences*............... 15,000 1,081,875 MAXIMUS*......................... 50,000 893,750 ----------- 1,975,625 ----------- MEDIA -- 5.7% Clear Channel Communications*............... 11,500 707,250 Cox Radio (Class A)*............. 16,900 433,063 Evergreen Media (Class A)*.................... 29,000 1,292,312 Westinghouse Electric............ 76,000 1,757,500 ----------- 4,190,125 ----------- SEMICONDUCTORS -- 20.3% Advanced Micro Devices*...................... 56,000 2,016,000 Altera*.......................... 23,400 1,182,431 Analog Devices*.................. 29,100 772,969 AVX.............................. 16,500 445,500 Cypress Semiconductor*........... 18,000 261,000 International Rectifier*......... 60,000 1,117,500 Lattice Semiconductor*........... 23,900 1,348,856 Linear Technology................ 11,300 583,716 LSI Logic*....................... 14,000 448,000 Maxim Integrated Products*....... 34,000 1,931,625 Microchip Technology*............ 44,500 1,322,484 Micron Technology*............... 11,000 439,312 PMC-Sierra*...................... 3,600 94,275 Texas Instruments................ 6,900 580,031 Vishay Intertechnology*.......... 23,200 671,350 VLSI Technology*................. 41,000 967,344 Xilinx*.......................... 17,000 833,531 ----------- 15,015,924 ----------- - ------------------ * Non-income producing security. See Notes to Financial Statements. -- P-12 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ June 30, 1997 - ------------------------------------------------------------------------------ SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO (continued) Shares Value -------- ----- TELECOMMUNICATIONS -- 2.6% Millicom International Cellular*. 5,600 $ 269,500 Star Telecommunications.......... 60,000 813,750 WorldCom*........................ 26,000 831,188 ----------- 1,914,438 ----------- Total Common Stocks (Cost $60,240,045)............ 68,879,616 SHORT-TERM HOLDINGS -- 4.7% (Cost $3,475,000)............. 3,475,000 ----------- Total Investments -- 98.0% (Cost $63,715,045)............ 72,354,616 Other Assets Less Liabilities-- 2.0%............ 1,473,046 ----------- Net Assets-- 100.0%.............. $73,827,662 ----------- ----------- - ------------------------------------------------------------------------------ SELIGMAN FRONTIER PORTFOLIO Shares Value -------- ----- COMMON STOCKS -- 99.3% ADVERTISING -- 1.7% Acxiom........................... 1,900 $ 39,069 ADVO*............................ 22,000 357,500 HA-LO Industries*................ 11,200 262,500 ----------- 659,069 ----------- AEROSPACE AND DEFENSE -- 1.4% Avondale Industries*............. 25,500 540,281 ----------- BUSINESS GOODS AND SERVICES -- 18.5% AccuStaff*....................... 38,400 909,600 Administaff*..................... 25,000 604,688 American Pad & Paper*............ 25,500 430,313 BDM International*............... 15,020 343,583 Bell & Howell Holdings*.......... 6,690 206,136 Ceridian*........................ 28,400 1,199,900 Corporate EXPRESS................ 51,000 734,719 DST Systems*..................... 20,800 692,900 Fiserv*.......................... 6,600 295,350 MetroMail*....................... 15,200 376,200 OMI*............................. 24,300 232,369 Personnel Group of America*...... 10,100 291,006 TeleSpectrum Worldwide*.......... 35,300 249,306 US Xpress Enterprises*........... 12,300 238,313 Wilmar Industries*............... 14,500 357,969 ----------- 7,162,352 ----------- CAPITAL GOODS -- 6.5% Carbide/Graphite Group*.......... 10,000 231,250 DONCASTERS (ADRs)*............... 22,800 527,250 Fusion Systems*.................. 3,745 148,279 CAPITAL GOODS (continued) General Cable*................... 15,900 407,437 Oak Industries*.................. 16,230 466,612 UCAR International*.............. 12,100 553,575 Wyman-Gordon*.................... 6,700 181,319 ----------- 2,515,722 ----------- CHEMICALS -- 0.9% Polymer Group*................... 21,600 348,300 ----------- COMMUNICATIONS -- 2.4% Arch Communications Group*....... 13,565 105,129 CIDCO*........................... 11,480 157,491 Glenayre Technologies*........... 16,100 264,141 Omnipoint*....................... 18,700 310,303 Western Wireless (Class A)*...... 5,800 92,256 ----------- 929,320 ----------- COMPUTER SOFTWARE AND SERVICES -- 5.2% Affiliated Computer Services (Class A)*.................... 8,000 224,000 American Management Systems*...................... 6,000 160,875 Analysts International........... 5,000 167,500 Black Box*....................... 10,800 434,362 Control Data Systems*............ 18,600 274,350 PSW Technolgies*................. 19,100 228,006 Sunquest Information Systems*.... 21,000 318,938 Synopsys*........................ 5,200 191,912 ----------- 1,999,943 ----------- - --------------- * Non-income producing security. See Notes to Financial Statements. -- P-13 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------ SELIGMAN FRONTIER PORTFOLIO (continued) Shares Value -------- ----- CONSUMER GOODS AND SERVICES -- 6.6% American Homestar*............... 14,125 $ 300,156 Carriage Services (Class A)*..... 10,200 219,300 Coinmach Laundry*................ 23,600 566,400 Education Management*............ 15,300 393,975 Educational Medical*............. 25,000 214,062 Pittston Brink's Group........... 20,300 609,000 Zag Industries*.................. 25,000 253,906 ----------- 2,556,799 ----------- DRUGS AND HEALTH CARE -- 10.7% American HomePatient*............ 16,200 406,012 American Medserve*............... 25,000 328,125 AmeriSource Health (Class A)*............. 9,730 485,284 HealthCor Holdings*.............. 13,700 131,863 National Surgery Centers*........ 13,050 461,644 Omnicare......................... 8,900 279,237 R.P. Scherer*.................... 12,500 645,312 Sierra Health Services*.......... 5,500 171,875 Specialty Care Network*.......... 20,000 240,000 Total Renal Care Holdings*....... 13,500 542,531 Watson Pharmaceuticals*.......... 10,400 438,750 ----------- 4,130,633 ----------- ELECTRONICS -- 9.6% ADFlex Solutions*................ 6,000 90,750 Cognex*.......................... 34,460 915,344 Credence Systems*................ 10,500 314,672 Electro Scientific Industries*... 4,200 175,744 Electronics for Imaging*......... 12,100 571,347 International Rectifier*......... 13,800 257,025 KEMET*........................... 11,400 284,288 Lattice Semiconductor*........... 9,870 557,038 PMT Services*.................... 13,200 200,887 Vishay Intertechnology*.......... 11,340 328,151 ----------- 3,695,246 ----------- ENVIRONMENTAL MANAGEMENT -- 1.8% Allied Waste Industries*......... 19,600 333,812 American Disposal Services*...... 15,000 339,375 ----------- 673,187 ----------- FARM EQUIPMENT -- 0.5% RDO Equipment (Class A)*......... 9,000 201,375 ----------- FINANCIAL SERVICES -- 4.7% CMAC Investment.................. 6,800 324,700 Commerce Bancorp................. 5,381 208,514 FINOVA Group..................... 4,000 306,000 First Investors Financial Services Group*........................ 5,100 37,613 Hamilton Bancorp*................ 8,100 215,662 HealthCare Financial Partners*..................... 4,900 99,225 Leasing Solutions*............... 6,100 92,263 PFF Bancorp*..................... 3,400 64,175 Primark *........................ 7,000 186,375 Roslyn Bancorp*.................. 8,000 182,750 Statewide Financial.............. 5,100 91,162 ----------- 1,808,439 ----------- GAMING AND HOTELS -- 1.5% GTECH Holdings*.................. 12,100 390,225 Interstate Hotels*............... 6,900 203,119 ----------- 593,344 ----------- INDEPENDENT POWER PRODUCERS -- 3.8% CalEnergy*....................... 28,360 1,077,680 Calpine*......................... 19,700 374,300 ----------- 1,451,980 ----------- INDUSTRIAL GOODS AND SERVICES -- 1.5% Hirsch International (Class A)*.. 3,100 68,394 Memtec (ADRs).................... 18,700 497,887 ----------- 566,281 ----------- INSURANCE -- 5.1% CompDent*........................ 16,500 346,500 First Commonwealth *............. 71,700 1,362,300 Trigon Healthcare*............... 11,200 271,600 ----------- 1,980,400 ----------- - --------------- * Non-income producing security. See Notes to Financial Statements. -- P-14 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ June 30, 1997 - ------------------------------------------------------------------------------ SELIGMAN FRONTIER PORTFOLIO (continued) Shares Value -------- ----- MEDIA AND BROADCASTING -- 4.7% Argyle Television (Class A)*..... 12,100 $ 306,281 Chancellor Broadcasting (Class A)*.................... 8,800 351,450 Evergreen Media (Class A)*....... 7,900 352,044 Jacor Communications*............ 14,350 550,233 Paxson Communications (Class A)*.................... 20,300 258,825 ----------- 1,818,833 ----------- MEDICAL PRODUCTS AND TECHNOLOGY -- 6.3% Collaborative Clinical Research*..................... 20,000 143,750 Dentsply International........... 8,685 425,022 Medical Manager*................. 20,000 298,750 ProMedCo Management*............. 50,000 431,250 Suburban Ostomy Supply*.......... 15,700 148,169 Sybron International*............ 12,280 489,665 Thermoquest...................... 10,100 156,550 Waters*.......................... 9,300 333,637 ----------- 2,426,793 ----------- OIL AND GAS -- 1.9% Pogo Producing................... 11,410 441,424 Santa Fe Energy Resources*....... 19,600 287,875 ----------- 729,299 ----------- PLASTICS -- 0.2% Spartech......................... 7,000 91,000 ----------- PUBLISHING -- 0.9% Journal Register*................ 18,200 361,725 ----------- RETAIL TRADE -- 2.9% Barnes & Noble*.................. 5,000 215,000 Borders Group*................... 13,800 332,925 Copart*.......................... 8,000 133,750 Gucci Group...................... 3,700 238,188 Party City*...................... 11,000 180,813 ----------- 1,100,676 ----------- Total Investments -- 99.3% (Cost $34,358,660)............ 38,340,997 Other Assets Less Liabilities-- 0.7%............ 269,722 ----------- Net Assets-- 100.0%.............. $38,610,719 ----------- ----------- - ------------------------------------------------------------------------------ SELIGMAN HENDERSON GLOBAL GROWTH OPPORTUNITIES PORTFOLIO Shares Value -------- ----- COMMON STOCKS -- 92.9% AEROSPACE -- 1.2% Boeing (US)...................... 300 $ 15,919 Rolls-Royce (UK)................. 9,200 35,123 ----------- 51,042 ----------- AUTOMOTIVE AND RELATED -- 3.8% Autoliv (Sweden)................. 1,100 43,037 Nokia Tyres* (Finland)........... 530 39,618 Pacific BBA (Australia).......... 7,900 29,813 Valeo (France)................... 740 45,969 ----------- 158,437 ----------- BUSINESS GOODS AND SERVICES -- 7.3% Daitec (Japan)................... 600 25,677 First Data (US).................. 800 35,150 HFS* (US)........................ 800 46,400 Interpublic Group of Companies (US)............... 700 42,919 Tomra Systems (Norway)........... 2,550 52,269 Vedior (Netherlands)............. 500 13,227 WPP Group (UK)................... 10,500 43,056 Xerox (US)....................... 600 47,325 ----------- 306,023 ----------- - ------------------ * Non-income producing security. See Notes to Financial Statements. -- P-15 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------ SELIGMAN HENDERSON GLOBAL GROWTH OPPORTUNITIES PORTFOLIO (continued) Shares Value -------- ----- COMPUTER AND TECHNOLOGY RELATED -- 9.1% Adaptec* (US).................... 400 $ 13,900 CMG* (UK)........................ 1,100 24,017 Diamond Computer Service (Japan)....................... 2,000 41,397 Hewlett-Packard (US)............. 500 28,000 Intel (US)....................... 300 42,478 K.R. Precision Public (Thailand).................... 4,000 29,940 Meitec (Japan)................... 1,000 29,782 Microsoft* (US).................. 700 88,528 Parity (UK)...................... 2,500 20,690 Synnex Technology International (GDRs)* (Taiwan).............. 1,500 34,313 Xilinx* (US)..................... 500 24,516 ----------- 377,561 ----------- CONSTRUCTION AND PROPERTY -- 0.8% Ashtead Group (UK)............... 7,000 32,197 ----------- CONSUMER GOODS AND SERVICES -- 6.9% Adidas (Germany)................. 620 69,357 Gucci Group (Netherlands)........ 655 42,166 Liz Claiborne (US)............... 300 13,988 Ng Fung Hong (Hong Kong)......... 18,000 26,952 Procter & Gamble (US)............ 300 42,375 Raision Tehtaat (Finland)........ 400 27,519 Sociedade General de Aguas de Barcelona (Spain).......... 865 35,413 Want Want Holdings* (Singapore)................... 8,400 27,888 ----------- 285,658 ----------- DISTRIBUTORS -- 0.5% Ryoyo Electro (Japan)............ 1,000 19,738 ----------- DIVERSIFIED -- 2.5% Bodycote International (UK)...... 3,000 38,302 Desc (ADRs)* (Mexico)............ 2,220 64,657 ----------- 102,959 ----------- DRUGS AND HEALTH CARE -- 10.3% Biogen* (US)..................... 400 13,563 Boston Scientific* (US).......... 1,000 61,438 British Biotech* (UK)............ 7,000 26,549 Cardinal Health (US)............. 600 34,350 Centocor* (US)................... 700 21,722 Columbia/HCA Healthcare (US).......................... 1,300 51,106 Essilor International (France)... 185 49,905 Hogy Medical (Japan)............. 1,100 46,594 Pfizer (US)...................... 400 47,800 Pharmacia & Upjohn (Sweden)...................... 275 9,487 Richter Gedeon (GDRs) (Hungary)..................... 480 44,160 United Healthcare (US)........... 400 20,800 ----------- 427,474 ----------- ELECTRIC AND GAS UTILITIES -- 0.7% Gazprom (ADRs)*+ (Russia)........ 800 13,400 Shandong Huaneng Power (ADRs) (China)................ 1,500 16,125 ----------- 29,525 ----------- ELECTRONICS -- 7.4% Electronic Resources (Singapore)................... 20,000 31,475 Keyence (Japan).................. 220 32,664 Kyocera (Japan).................. 600 47,686 Nihon Dempa Kogyo (Japan)........ 1,300 23,616 Philips Electronics (Netherlands)................. 865 61,990 Samsung Electronics (South Korea)................. 390 42,977 Samsung Electronics (Rights)* (South Korea)....... 6 223 SGS-Thomson Microelectronics* (France)...................... 845 66,729 ----------- 307,360 ----------- - ------------------ * Non-income producing security. + Rule 144A Security. See Notes to Financial Statements. -- P-16 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ June 30, 1997 - ------------------------------------------------------------------------------ SELIGMAN HENDERSON GLOBAL GROWTH OPPORTUNITIES PORTFOLIO (continued) Shares Value -------- ----- ENTERTAINMENT AND LEISURE -- 8.2% Accor (France)................... 260 $ 38,940 Crown* (Australia)............... 9,333 15,004 Disney, Walt (US)................ 500 40,125 Granada Group (UK)............... 3,000 39,425 HIS (Japan)...................... 1,000 52,838 Ladbroke Group (UK).............. 8,000 31,274 Oriental Land (Japan)............ 300 21,380 Sol Melia* (Spain)............... 1,380 56,684 Sun International Hotels* (US)... 1,200 44,325 ----------- 339,995 ----------- FINANCIAL SERVICES -- 7.8% American International Group (US).......................... 300 44,813 Donaldson, Lufkin & Jenrette Securities (US)............... 200 11,950 Malaysia Assurance (Malaysia).... 3,300 19,219 MBNA (US)....................... 1,750 64,094 Mediolanum* (Italy).............. 2,400 27,111 Nomura Securities (Japan)........ 3,000 41,397 Sanyo Shinpan Finance (Japan)....................... 440 27,245 State Bank of India (GDRs)*+ (India)....................... 700 18,287 Travelers (US)................... 800 50,450 Uniao de Bancos Brasileiros (GDRs)* (Brazil).............. 600 22,275 ----------- 326,841 ----------- INDUSTRIAL GOODS AND SERVICES -- 3.3% ABB (Switzerland)................ 39 59,054 Empresas ICA Sociedad Controladora (ADRs)* (Mexico)...................... 3,000 48,187 Outokumpu (Finland).............. 1,500 29,773 ----------- 137,014 ----------- MANUFACTURING AND INDUSTRIAL EQUIPMENT -- 2.0% Advanced Systems Automation* (Singapore)....... 17,000 32,105 Asahi Diamond Industries (Japan)....................... 3,060 28,328 Kalmar Industries (Sweden)....... 1,300 22,324 ----------- 82,757 ----------- PUBLISHING -- 1.2% Elsevier (Netherlands)........... 2,920 48,818 ----------- RESOURCES -- 2.8% Gencor (South Africa)............ 5,000 23,046 MOL Magyar Olaj-es Gazipari (GDRs)*+ (Hungary)............ 2,800 62,300 Tatneft (ADRs)*+ (Russia)........ 300 32,327 ----------- 117,673 ----------- RESTAURANTS -- 1.0% KFC Holdings (Malaysia).......... 6,000 22,583 Pizza Express (UK)............... 2,000 20,927 ----------- 43,510 ----------- RETAILING -- 3.8% Adolfo Dominguez* (Spain)........ 500 19,689 Dixons Group (UK)................ 2,800 21,752 Metro* (Germany)................. 590 64,309 Shimachu (Japan)................. 1,000 30,044 Tsutsumi Jewelry (Japan)......... 900 22,795 ----------- 158,589 ----------- SUPPORT SERVICES -- 1.1% CRT Group (UK)................... 6,500 25,897 Rentokil (UK).................... 6,000 21,060 ----------- 46,957 ----------- - ------------------- * Non-income producing security. + Rule 144A Security. See Notes to Financial Statements. -- P-17 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------ SELIGMAN HENDERSON GLOBAL GROWTH OPPORTUNITIES PORTFOLIO (continued) Shares Value -------- ----- TELECOMMUNICATIONS -- 7.6% Datacraft Asia (Singapore)....... 10,000 $ 31,800 DDI (Japan)...................... 5 36,943 L.M. Ericsson Telefon (Series B) (Sweden)........... 1,800 71,034 Grupo Iusacell (ADRs)* (Mexico)...................... 1,400 25,725 Telebras (ADRs) (Brazil)......... 430 65,252 Telefonica del Peru (ADRs) (Peru)........................ 550 14,403 Videsh Sanchar Nigam (GDRs)* (India)....................... 900 18,787 WorldCom* (US)................... 1,600 51,150 ----------- 315,094 ----------- TOBACCO -- 1.3% Tabacalera (Series A) (Spain).... 980 52,630 ----------- TRANSPORTATION -- 2.3% Koninklijke Van Ommeren (Netherlands)................. 1,010 39,228 Lufthansa (Germany).............. 2,970 57,163 ----------- 96,391 ----------- Total Common Stocks (Cost $3,445,914)............. 3,864,243 PREFERRED STOCKS -- 1.3% (Cost $40,097) AUTOMOTIVE AND RELATED -- 1.3% Porsche (Non-Voting)* (Germany)..................... 40 52,090 ----------- Total Investments -- 94.2% (Cost $3,486,011)............. 3,916,333 Other Assets Less Liabilities-- 5.8%............ 242,876 ----------- Net Assets-- 100.0%.............. $4,159,209 ----------- ----------- - ------------------------------------------------------------------------------ SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO Shares Value -------- ----- COMMON STOCKS -- 91.5% ADVERTISING -- 1.4% Asatsu (Japan)................... 2,900 $ 107,389 Universal Outdoor Holdings* (US).......................... 6,000 209,625 ----------- 317,014 ----------- AUTOMOTIVE PARTS MANUFACTURING -- 2.8% Calsonic (Japan)................. 2,000 12,716 ECIA (France).................... 910 138,768 Futuris (Australia).............. 29,273 47,060 Han Kook Tire Manufacturing (South Korea)................. 300 13,007 Montupet (France)................ 778 85,802 Nippon Seiki (Japan)............. 5,300 53,231 Nokian Tyres* (Finland).......... 2,985 80,533 Qingling Motors (Hong Kong)...... 32,000 16,523 Sylea (France)................... 1,743 166,715 ----------- 614,355 ----------- BUILDING MATERIALS -- 2.1% Apogee Enterprises (US).......... 4,400 94,325 Danto (Japan).................... 4,000 47,860 Excel Machine Tools* (Singapore)................... 36,000 20,018 Gujurat Ambuja Cement (GDSs) (India)....................... 10,839 104,325 Malayan Cement (Malaysia)........ 18,750 31,349 Polypipe (UK).................... 41,000 141,863 Tipco Asphalt (Thailand)......... 5,000 27,163 ----------- 466,903 ----------- BUSINESS GOODS AND SERVICES -- 8.0% AccuStaff* (US).................. 8,000 189,500 Administaff* (US)................ 10,000 241,875 Alternative Resources* (US)...... 1,800 36,619 BA Merchant Services* (US)....... 3,800 72,438 - ----------------- * Non-income producing security. See Notes to Financial Statements. -- P-18 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ June 30, 1997 - ------------------------------------------------------------------------------ SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued) Shares Value -------- ----- BUSINESS GOODS AND SERVICES (continued) BDM International (US)........... 3,700 $ 84,638 Ceridan* (US).................... 4,000 169,000 Corporate EXPRESS* (US).......... 12,000 172,875 FactSet Research Systems* (US).......................... 9,500 232,750 Fujitsu Business Systems (Japan)....................... 3,000 84,105 IBC Group (UK)................... 22,800 148,108 ISA International (UK)........... 32,400 104,291 Rent-Way* (US)................... 2,000 29,250 Skilled Engineering (Australia).. 17,100 31,362 Source Services* (US)............ 3,800 101,413 Yokohama Reito (Japan)........... 5,000 58,079 ----------- 1,756,303 ----------- CAPITAL GOODS -- 3.9% Bobst (Switzerland)............. 42 71,367 BT Industries (Sweden)........... 8,100 162,714 Fusion Systems* (US)............. 800 31,675 Iro* (Sweden).................... 9,170 112,308 Kalmar Industries (Sweden)....... 4,563 78,356 Namura Shipbuilding (Japan)...... 13,000 64,716 Rauma (Finland).................. 8,231 188,755 Valmet (Finland)................. 8,915 154,276 ----------- 864,167 ----------- CHEMICALS -- 0.5% Chemical Company of Malaysia (Malaysia).................... 10,000 27,139 Chemical Company of Malaysia (Warrants)* (Malaysia)........ 1,250 1,154 Toyo Ink Manufacturing (Japan)....................... 21,000 84,000 ----------- 112,293 ----------- COMPUTER SOFTWARE -- 3.2% Acxiom* (US)..................... 4,000 82,250 Black Box* (US).................. 3,000 120,656 F.I. Group* (UK)................. 9,720 84,403 Hitachi Information Systems (Japan)....................... 4,000 51,703 Informatics Holdings (Singapore)................... 33,000 19,735 Japan Information Processing Service (Japan)............... 3,250 48,253 MAPICS* (US)..................... 5,000 73,438 COMPUTER SOFTWARE (continued) Mentor Graphics* (US)............ 4,400 40,769 Parity (UK)...................... 21,000 173,794 ----------- 695,001 ----------- CONSTRUCTION AND PROPERTY -- 6.0% Ashtead Group (UK)............... 38,300 176,164 Bau Holdings (Non-Voting Preference Shares) (Austria)..................... 2,600 187,630 Bau Holdings (Voting Preference Shares) (Austria)..................... 1,380 74,944 Bukit Sembawang Estates (Singapore)................... 1,000 18,465 Danske Traelastkompagni (Denmark).................... 2,043 186,861 Higashi Nihon House (Japan)...... 7,000 75,197 Kawasan Industri Jababeka (Indonesia)................... 17,000 22,718 Lai Sun Development (Hong Kong)................... 19,000 21,337 Mitsui Home (Japan).............. 8,000 78,952 New Asia Realty (Hong Kong)................... 6,000 23,699 Nishio Rent All (Japan).......... 3,000 41,921 Plettac (Germany)................ 541 124,143 Thorkild Kristensen (Denmark) ... 1,652 124,463 Tilbury Douglas (UK)............. 11,700 125,536 Wing Tai Holdings (Singapore)................... 9,000 25,936 ----------- 1,307,966 ----------- CONSUMER GOODS AND SERVICES -- 6.7% American Disposal Service* (US)................. 5,000 113,125 Budget Group* (US)............... 6,400 220,800 Canandaigua Wine (Class A)* (US)............... 2,415 81,959 Childtime Learning Centers* (US)................. 4,600 44,275 Ekornes (Norway)................. 29,400 249,088 Fujicco (Japan).................. 3,000 40,349 La Doria (Italy)................. 50,700 133,547 - ------------------ * Non-income producing security. See Notes to Financial Statements. -- P-19 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------ SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued) Shares Value -------- ----- CONSUMER GOODS AND SERVICES (continued) Li & Fung (Hong Kong)............ 4,000 $ 4,492 Sola International* (US)......... 3,400 113,900 Steinway Musical Instruments* (US)............. 3,800 74,100 Tarkett (Germany)................ 9,500 245,246 Want Want Holdings* (Singapore)................... 16,400 54,448 Youth Services International* (US)........... 8,600 105,888 ----------- 1,481,217 ----------- DRUGS AND HEALTH CARE -- 4.9% American Oncology Resources* (US)............... 5,000 84,063 AmeriSource Health (Class A)* (US)............... 3,600 179,550 Chiroscience Group (UK).......... 2,750 11,093 Collaborative Clinical Research* (US)................ 2,900 20,844 Darya Varia Lab (Indonesia)...... 15,720 18,987 Peptide Therapeutics Group* (UK).......................... 2,750 14,021 Shire Pharmaceuticals* (UK)...... 5,500 21,501 Tamro (Finland).................. 30,000 208,125 Total Renal Care Holdings* (US).......................... 4,100 164,769 Towa Pharmaceutical (Japan)...... 3,000 39,301 Trigon Healthcare* (US).......... 1,400 33,950 Vanguard Medica Group* (UK)................... 1,250 10,033 Waters* (US)..................... 3,500 125,562 Watson Pharmaceuticals* (US)..... 3,600 151,875 ----------- 1,083,674 ----------- ELECTRIC UTILITIES -- 2.5% Beijing Datang Power Generation* (Hong Kong)....... 47,000 21,689 CalEnergy* (US).................. 7,700 292,600 Calpine* (US).................... 9,600 182,400 Okinawa Electric Power (Japan)................. 2,200 43,808 ----------- 540,497 ----------- ELECTRICAL DISTRIBUTION -- 0.6% Abacus Polar (UK)................ 19,500 60,497 Trifast (UK)..................... 7,600 65,109 ----------- 125,606 ----------- ELECTRONICS -- 3.9% ADFlex Solutions* (US)........... 1,200 18,150 Berg Electronics* (US)........... 5,500 197,656 Electro Scientific Industries* (US).......................... 2,790 116,744 Enplas (Japan)................... 1,000 18,253 Fairey Group (UK)................ 11,200 90,454 Hana Microelectronics (Thailand).................... 6,000 33,561 Horiba Instruments (Japan)....... 8,000 102,707 Johnson Electric Holdings (Hong Kong)................... 10,000 29,818 Otra (Netherlands)............... 9,840 157,990 Ryoyo Electro (Japan)............ 5,000 98,690 ----------- 864,023 ----------- FINANCIAL SERVICES -- 3.6% Bure Investment Aktiebolaget (Sweden)...................... 4,700 59,390 Dah Sing Financial Group (Hong Kong)................... 10,000 55,376 HIH Winterthur International Holdings (Australia).......... 12,400 29,948 Ichiyoshi Securities (Japan)..... 18,000 69,642 Medallion Financial (US)......... 6,000 113,625 Mutual Risk Management (US)...... 2,066 94,778 Nisshin Fire & Marine Insurance (Japan)....................... 16,000 64,838 Philippine National Bank* (Philippines)................. 412 2,796 Shohkoh Fund (Japan)............. 200 60,611 Southern Bank (Malaysia)......... 10,000 22,385 Sydbank (Denmark)................ 2,300 105,010 UnionAmerica Holdings (ADRs) (UK)................... 3,500 72,188 Wing Hang Bank (Hong Kong)....... 7,200 43,496 ----------- 794,083 ----------- - ----------------- * Non-income producing security. See Notes to Financial Statements. -- P-20 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ June 30, 1997 - ------------------------------------------------------------------------------ SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued) Shares Value -------- ----- INDUSTRIAL GOODS AND SERVICES -- 4.4% AEA Technology (UK).............. 6,500 $ 43,629 Allied Waste Industries (US)..... 7,700 131,141 Angpanneforeningen (Class B) (Sweden)...................... 4,375 69,741 Assystem (France)................ 2,260 129,237 Bacou USA* (US).................. 3,100 49,988 Druck Holdings (UK).............. 11,500 44,956 First Aviation Services* (US).... 3,800 36,100 Kardex (Switzerland)............. 484 138,286 Memtec (ADRs) (Australia)........ 7,900 210,338 Technip* (France)................ 923 107,134 ----------- 960,550 ----------- LEISURE AND HOTELS -- 1.5% Allied Leisure (UK).............. 97,500 53,523 GTECH Holdings* (US)............. 3,700 119,325 Interstate Hotels* (US).......... 1,500 44,156 Jupiters (Australia)............. 10,000 24,907 Sun International Hotels* (US)... 2,500 92,344 ----------- 334,255 ----------- MANUFACTURING -- 11.4% American Homestar* (US).......... 6,000 127,500 Asahi Diamond Industries (Japan)....................... 10,300 95,354 Australian National Industries (Australia)................... 27,000 33,013 British Polythene Industries (UK).......................... 5,500 46,524 Cobham (UK)...................... 8,950 107,196 David Brown Group (UK)........... 27,157 98,257 Domnick Hunter Group (UK)........ 20,000 117,942 L'Europeenne d'Extincteurs (France)..................... 2,100 144,391 L'Europeenne d'Extincteurs (Rights)* (France)............ 420 26,755 Finnveden (Series B)* (Sweden)..................... 6,150 123,542 Glory Kogyo (Japan).............. 4,000 89,083 Hokkai Can (Japan)............... 7,000 35,581 Hokushin (Japan)................. 10,000 58,253 Hucke (Germany).................. 5,692 147,920 KEMET* (US)...................... 4,000 99,750 Komatsu Seiren (Japan)........... 5,000 52,838 MANUFACTURING (continued) Mitsubishi Cable Industries (Japan)....................... 10,000 43,843 Nichicon (Japan)................. 7,000 94,760 PLM (Sweden).................... 9,500 164,366 Samas Groep (Netherlands)........ 3,163 136,071 SIG Schweizerische Industrie- Gesellschaft* (Switzerland)... 90 133,813 Sodick (Japan)................... 10,000 81,310 Stoves* (UK)..................... 9,500 44,012 Tsubaki Nakashima (Japan)........ 11,000 103,755 Tsudakoma (Japan)................ 20,000 94,672 Venture Manufacturing (Singapore).................. 7,500 24,446 Wellington Holdings (UK)......... 9,500 33,582 Zag Industries* (US)............. 15,000 152,344 ----------- 2,510,873 ----------- MEDIA -- 3.0% Capital Radio (UK)............... 15,000 134,120 Cox Radio (Class A)* (US)........ 6,500 166,563 GWR Group (UK)................... 24,000 68,669 South China Morning Post (Hong Kong)................... 67,000 65,728 Toei (Japan)..................... 8,000 54,847 Trinity International Holdings (UK).......................... 20,100 142,439 United Video Satellite Group (Class A)* (US)............... 890 18,523 ----------- 650,889 ----------- MEDICAL PRODUCTS AND TECHNOLOGY -- 3.4% Acuson* (US)..................... 3,000 69,000 ChiRex* (US)..................... 1,900 22,919 Compdent* (US)................... 6,000 126,000 Hitachi Medical (Japan).......... 5,000 72,926 Imnet Systems* (US).............. 4,800 148,800 Instrumentation Laboratories (ADRs)* (Italy)............... 6,000 17,250 Kissei Pharmaceutical (Japan)....................... 2,000 44,017 NCS HealthCare (Class A)* (US)............... 6,100 187,194 Sybron International* (US)....... 1,700 67,788 ----------- 755,894 ----------- - ----------------- * Non-income producing security. See Notes to Financial Statements. -- P-21 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------ SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued) Shares Value -------- ----- METALS -- 1.4% Amtek Engineering (Singapore)................... 13,000 $ 22,823 IMS International Metal Service (France).............. 860 118,995 Nakayama Steel Works (Japan)...................... 18,000 77,817 Sanyo Special Steel (Japan)...... 28,000 78,253 ----------- 297,888 ----------- MINING SERVICES -- 0.1% Savage Resources (Australia)..... 33,400 30,250 ----------- PAPER AND PRINTING -- 1.0% Munksjo (Sweden)................. 8,400 86,547 Nissha Printing (Japan).......... 4,000 46,114 Rengo (Japan).................... 14,000 87,913 ----------- 220,574 ----------- RESOURCES -- 0.6% Nittetsu Mining (Japan).......... 12,000 93,799 QNI (Australia).................. 4,000 7,215 Seoul City Gas (South Korea)..... 500 22,748 ----------- 123,762 ----------- RESTAURANTS -- 1.6% Aiya (Japan)..................... 3,000 39,825 Kentucky Fried Chicken (Japan)....................... 5,000 68,996 KFC Holdings (Malaysia).......... 6,000 22,583 Pizza Express (UK)............... 16,500 172,646 Sagami Chain (Japan)............. 3,000 46,900 ----------- 350,950 ----------- RETAILING -- 5.7% Courts (Singapore)............... 8,200 11,586 Dominick's Supermarkets* (US)......................... 2,900 77,213 Electronics Boutique* (UK)....... 129,800 72,334 Fotolabo Club (Switzerland)...... 185 58,941 Frost Group (UK)................. 8,600 10,658 Games Workshop Group (UK)........ 7,000 79,008 Guangnan Holdings (Hong Kong)................... 48,000 74,971 Guangnan Holdings (Warrants)* (Hong Kong)................... 10,000 5,954 RETAILING (continued) Hamley's (UK).................... 4,100 17,562 Hero (Switzerland)............... 150 83,762 Hornbach Baumarkt (Germany)..................... 1,530 63,810 Jardine International Motor Holdings (Hong Kong).......... 42,000 53,130 Moebel Walther (Germany)......... 2,700 157,990 RDO Equipment (Class A)* (US)............... 4,800 107,400 Sa Sa International Holdings* (Hong Kong)................... 36,000 11,908 Selecta Group * (Switzerland).... 920 139,938 Sundrug (Japan).................. 2,400 52,402 Tsutsumi Jewelry (Japan)......... 3,000 75,983 Xebio (Japan).................... 3,600 88,664 ----------- 1,243,214 ----------- SPECIALTY CHEMICALS -- 0.1% Lautan Luas* (Indonesia)......... 25,000 26,727 ----------- SUPPORT SERVICES -- 1.7% CMG (UK)......................... 10,400 227,068 CRT Group (UK)................... 27,000 107,570 Henry Walker Group (Australia)... 16,000 33,571 ----------- 368,209 ----------- TECHNOLOGY -- 1.7% Asyst Technologies* (US)......... 2,900 126,875 BTG (UK)......................... 5,000 52,483 Credence Systems* (US)........... 3,125 93,652 PMC-Sierra* (US)................. 4,000 104,750 ----------- 377,760 ----------- TELECOMMUNICATIONS -- 0.6% Aerial Communications* (US)...... 7,300 62,963 Arch Communications Group* (US)................... 7,600 58,900 ----------- 121,863 ----------- TEXTILES AND APPAREL -- 0.4% Esprit Holdings (Hong Kong)...... 46,000 32,658 Tokyo Style (Japan).............. 4,000 55,546 ----------- 88,204 ----------- - ----------------- * Non-income producing security. See Notes to Financial Statements. -- P-22 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ June 30, 1997 - ------------------------------------------------------------------------------ SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued) Shares or Principal Amount Value -------- ----- TRANSPORTATION -- 1.9% Celadon Group* (US).............. 6,000 $ 68,250 Dawson Group (UK)................ 23,600 82,443 Iino Kaiun* (Japan).............. 26,000 79,703 Kwong Chung Bus Holdings (Hong Kong).................. 8,000 4,957 National Express Group (UK)...... 11,500 85,799 Simon Transportation Services* (US).......................... 4,600 91,138 ----------- 412,290 ----------- VETERINARY PRODUCTS -- 0.6% Virbac (France).................. 1,360 135,405 ----------- MISCELLANEOUS -- 0.3% Taiwan American Fund* (Taiwan)...................... 3,000 56,520 ----------- Total Common Stocks (Cost $18,222,701)............ 20,089,179 ----------- PREFERRED STOCKS -- 0.7% (Cost $148,363) CONSUMER GOODS AND SERVICES-- 0.7% Gerry Weber International (Germany)..................... 4,993 157,511 ----------- FIXED TIME DEPOSITS -- 7.3% First National Bank of Chicago, Grand Cayman 5-1/2%, 7/1/1997...................... $800,000 $ 800,000 National Westminster Bank, Nassau 5-7/8%, 7/1/1997...... 800,000 800,000 ----------- Total Fixed Time Deposits (Cost $1,600,000)............. 1,600,000 ----------- Total Investments -- 99.5% (Cost $19,971,064)............ 21,846,690 Other Assets Less Liabilities-- 0.5%............ 113,792 ----------- Net Assets-- 100.0%.............. $21,960,482 ----------- ----------- - ------------------------------------------------------------------------------ SELIGMAN HENDERSON GLOBAL TECHNOLOGY PORTFOLIO Shares Value -------- ----- COMMON STOCKS -- 77.0% COMPUTER AND BUSINESS SERVICES -- 13.9% Admiral (UK)..................... 7,000 $ 46,462 Azlan Group (UK)................. 4,710 27,423 Brunel International* (Netherlands)................. 500 11,112 BTG* (UK)........................ 2,400 25,192 CRT Group (UK)................... 8,700 34,662 CSK (Japan)...................... 1,000 37,904 Firearms Training Systems* (US)................. 600 8,363 Information Highway* (Sweden)...................... 2,000 20,995 Logica (UK)...................... 1,740 20,044 COMPUTER AND BUSINESS SERVICES (continued) M.M.T. Computing (UK)............ 5,000 40,756 Panavision* (US)................. 300 5,981 Secom (Japan).................... 1,000 73,450 ----------- 352,344 ----------- COMPUTER HARDWARE/ PERIPHERALS -- 12.0% Astec (UK)....................... 12,600 28,925 Canon (Japan).................... 2,000 54,498 EMC* (US)........................ 1,000 39,000 In Focus Systems* (US)........... 350 9,034 - ----------------- * Non-income producing security. See Notes to Financial Statements. -- P-23 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------ SELIGMAN HENDERSON GLOBAL TECHNOLOGY PORTFOLIO (continued) Shares Value -------- ----- COMPUTER HARDWARE/ PERIPHERALS (continued) Lexmark International Group (Class A)* (US)............... 900 $ 27,337 Mylex* (US)...................... 300 2,869 Quantum* (US).................... 1,000 20,344 Read-Rite* (US).................. 700 14,591 Storage Technology* (US)......... 800 35,600 TDK (Japan)...................... 1,000 73,450 ----------- 305,648 ----------- COMPUTER SOFTWARE -- 6.9% Activision* (US)................. 400 5,750 BMC Software* (US)............... 400 22,175 Cadence Design Systems* (US)................. 400 13,400 Cap Gemini* (France)............. 400 21,104 Informatics Holdings (Singapore)................... 70,000 41,862 Network General* (US)............ 600 8,906 Parametric Technology* (US)...... 300 12,759 Structural Dynamics Research* (US).......................... 1,000 26,281 Synopsys* (US)................... 500 18,453 3DO* (US)........................ 1,400 4,944 ----------- 175,634 ----------- DISTRIBUTORS -- 2.1% Abacus Polar (UK)................ 8,500 26,371 Premier Farnell (UK)............. 3,500 27,277 ----------- 53,648 ----------- ELECTRONICS -- 7.6% Adaptec* (US).................... 500 17,375 ADFlex Solutions* (US)........... 300 4,538 American Power Conversion* (US).......................... 600 11,344 Elec & Eltek International Holdings (Hong Kong).......... 150,000 44,049 Hadco* (US)...................... 300 19,575 Hirose Electronics (Japan)....... 600 41,188 Venture Manufacturing (Singapore)................... 11,000 35,854 VERO Group (UK).................. 12,500 20,274 ----------- 194,197 ----------- ELECTRONICS CAPITAL EQUIPMENT -- 15.1% Amtek Engineering (Singapore)................... 16,000 28,090 Applied Materials* (US).......... 500 35,391 ASM Lithography Holding* (Netherlands)................. 800 46,725 Asyst Technologies* (US)......... 600 26,250 Credence Systems* (US)........... 500 14,984 Electro Scientific Industries* (US).......................... 400 16,737 Etec Systems* (US)............... 650 27,848 KLA-Tencor* (US)................. 800 39,025 Novellus Systems* (US)........... 400 34,500 Siliconware Precision Industries (GDRs)* (Taiwan).............. 3,150 53,550 Teradyne* (US)................... 700 27,475 Veeco Instruments* (US).......... 900 34,931 ----------- 385,506 ----------- MEDICAL PRODUCTS AND TECHNOLOGY -- 1.2% Pharmacia & Upjohn (Sweden)............... 920 31,120 ----------- NETWORKING/ COMMUNICATIONS INFRASTRUCTURE -- 3.3% Aspect Telecom* (US)............. 300 6,638 CIDCO* (US)...................... 400 5,488 DSP Communications* (US)......... 1,300 14,381 ECI Telecommunications (Israel)...................... 1,000 29,781 L.M. Ericsson Telefon (Series B) (Sweden)........... 700 27,624 ----------- 83,912 ----------- SEMICONDUCTORS -- 10.3% Advanced Micro Devices* (US)..... 600 21,600 International Rectifier* (US).... 900 16,762 Lattice Semiconductor* (US)...... 400 22,575 Maxim Integrated Products* ..(US) 600 34,088 Microchip Technology* (US)....... 900 26,747 - ----------------- * Non-income producing security. See Notes to Financial Statements. -- P-24 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ June 30, 1997 - ------------------------------------------------------------------------------ SELIGMAN HENDERSON GLOBAL TECHNOLOGY PORTFOLIO (continued) Shares or Principal Amount Value -------- ----- SEMICONDUCTORS(continued) PMC-Sierra* (US)................. 1,000 shs. $ 26,187 Rohm (Japan)..................... 1,000 103,057 Xilinx* (US)..................... 200 9,806 ----------- 260,822 ----------- TELECOMMUNICATIONS -- 4.6% Gemstar International* (US)...... 900 16,706 Millicom International Cellular* (Luxembourg).................. 500 24,062 Nokia (Finland).................. 520 38,871 SK Telecommunications (ADRs) (South Korea)................. 438 4,407 Videsh Sanchar Nigam (GDRs)* (India)....................... 1,000 20,875 WorldCom* (US)................... 400 12,787 ----------- 117,708 ----------- Total Common Stocks (Cost $1,666,935)............. 1,960,539 ----------- FIXED TIME DEPOSITS -- 15.7% Bank of Montreal, Toronto 5-1/4%, 7/1/1997...................... $100,000 100,000 FIXED TIME DEPOSITS (continued) Canadian Imperial Bank of Commerce, Grand Cayman 5.35%, 7/1/1997........ 100,000 100,000 First National Bank of Chicago, Grand Cayman 5-1/2%, 7/1/1997...................... 100,000 100,000 National Westminster Bank, Nassau 5-7/8%, 7/1/1997....... 100,000 100,000 ----------- Total Fixed Time Deposits (Cost $400,000)............... 400,000 ----------- Total Investments -- 92.7% (Cost $2,066,935)............. 2,360,539 Other Assets Less Liabilities-- 7.3%............ 186,617 ----------- Net Assets-- 100.0%.............. $2,547,156 ----------- ----------- - ------------------------------------------------------------------------------- SELIGMAN HENDERSON INTERNATIONAL PORTFOLIO Shares Value -------- ----- COMMON STOCKS -- 92.5% AUTOMOTIVE AND RELATED -- 2.1% Michelin (Class B) (France)...... 1,579 $ 94,836 Volkswagen (Germany)............. 150 113,760 ----------- 208,596 ----------- BANKING -- 5.5% Banco Bilbao Vizcaya (Spain)..... 1,148 93,296 CS Holdings (Switzerland)........ 948 121,788 Hang Seng Bank (Hong Kong).................. 1,000 14,264 HSBC Holdings (Hong Kong)........ 800 24,061 BANKING (continued) Malayan Banking (Malaysia)....... 750 7,874 PT Internasional Indonesia (Indonesia)................... 12,000 10,300 Royal Bank of Scotland (UK)...... 8,500 79,112 Sumitomo Trust and Banking (Japan)....................... 10,000 107,424 Uniao de Bancos Brasileiros (GDRs)* (Brazil)............. 1,680 62,370 UTD Overseas Bank (Singapore)2,084 21,432 Westpac Banking (Australia)...... 3,000 18,046 ----------- 559,967 ----------- - ----------------- * Non-income producing security. See Notes to Financial Statements. -- P-25 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------ SELIGMAN HENDERSON INTERNATIONAL PORTFOLIO (continued) Shares Value -------- ----- BUILDING MATERIALS -- 1.0% Caradon (UK)..................... 16,200 $ 54,302 Gujurat Ambuja Cement (GDSs) (India)....................... 5,060 48,703 ----------- 103,005 ----------- BUSINESS SERVICES-- 2.2% CSK (Japan)...................... 4,300 162,987 Rentokil (UK).................... 16,800 58,968 ----------- 221,955 ----------- CHEMICALS -- 2.9% Akzo Nobel (Netherlands)......... 688 94,333 Bayer (Germany).................. 2,325 89,631 SKW Trostberg (Germany).......... 2,035 68,061 Toyo Ink Manufacturing (Japan)...................... 10,000 40,000 ----------- 292,025 ----------- COMMERCIAL SERVICES -- 0.5% Benesse (Japan).................. 1,000 55,895 ----------- CONSTRUCTION AND PROPERTY -- 3.3% China Resources Enterprise (Hong Kong)................... 2,000 9,810 DBS Land (Singapore)............. 5,000 15,808 Empresas ICA Sociedad Controladora (ADRs)* (Mexico)..................... 5,130 82,401 Hong Kong Land Holdings (Hong Kong)................... 5,400 14,364 IJM (Malaysia).................. 4,000 8,399 IRSA Inversiones y Representaciones (GDRs) (Argentina)................... 1,500 65,625 Kawasan Industri Jababeka (Indonesia)................... 7,000 9,354 Lend Lease (Australia)........... 1,250 26,416 New World Infrastructure* (Hong Kong)................... 4,000 11,308 Sun Hung Kai Properties (Hong Kong)................... 2,200 26,481 Swire Pacific (Hong Kong)....... 2,500 22,509 CONSTRUCTION AND PROPERTY (continued) United Engineers (Malaysia)...... 2,200 15,864 Wharf Holdings (Hong Kong)....... 3,000 13,011 Wing Tai Holdings (Singapore).... 5,000 14,409 ----------- 335,759 ----------- CONSUMER PRODUCTS -- 1.6% Electrolux (Series B) (Sweden)... 864 62,482 KAO (Japan)..................... 6,000 83,319 Matthew Clark (UK)............... 3,100 12,634 ----------- 158,435 ----------- ELECTRONICS -- 10.1% Alps Electric (Japan)............ 4,000 55,895 Murata Manufacturing (Japan)....................... 5,000 199,127 Philips Electronics (Netherlands)................. 1,870 134,014 Pioneer Electronic+ (Japan)...... 11,000 267,074 Samsung Electronics+ (South Korea)................. 204 22,480 Samsung Electronics (Rights)* (South Korea)................. 3 111 SGS-Thomson Microelectronics* (France)... 901 71,151 Toshiba (Japan).................. 42,000 270,341 ----------- 1,020,193 ----------- FINANCIAL SERVICES -- 3.0% BHW Holding* (Germany)........... 2,687 45,473 Credit Communal Holding/Dexia* (Belgium)..................... 902 96,937 Nomura Securities (Japan)........ 7,000 96,594 Shohkoh Fund (Japan)............. 200 60,611 ----------- 299,615 ----------- HEALTH AND HOUSEHOLD -- 3.5% British Biotech (UK)............. 16,500 62,581 Novartis* (Switzerland).......... 71 113,542 Novo Nordisk (Class B) (Denmark)..................... 484 52,801 Pliva (GDRs)* (Croatia)......... 1,850 28,120 Roche Holdings (Switzerland)..... 11 99,524 ----------- 356,568 ----------- - ----------------- * Non-income producing security. + Rule 144A security. See Notes to Financial Statements. -- P-26 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ June 30, 1997 - ------------------------------------------------------------------------------ SELIGMAN HENDERSON INTERNATIONAL PORTFOLIO (continued) Shares Value -------- ----- INDUSTRIAL GOODS AND SERVICES -- 4.6% ABB (Switzerland)................ 77 $ 116,595 Cie Generale des Eaux (France)..................... 533 68,307 Cie Generale des Eaux (Warrants)* (France).......... 681 431 FKI Babcock (UK)................. 26,125 73,880 Hutchison Whampoa* (Hong Kong).................. 2,000 17,297 Mannesmann (Germany)............. 274 122,448 Rolls-Royce (UK)................. 18,000 68,719 ----------- 467,677 ----------- INSURANCE -- 4.8% AXA-UAP (France)................. 1,574 97,911 ING Groep (Netherlands).......... 2,917 134,558 Mitsui Marine &Fire (Japan)...... 19,000 137,397 Zurich Versicherung (Switzerland)................. 305 121,415 ----------- 491,281 ----------- LEISURE AND HOTELS -- 2.7% Accor (France)................... 478 71,590 Granada Group (UK)............... 10,500 137,987 Sol Melia (Spain)................ 1,468 60,299 ----------- 269,876 ----------- MANUFACTURING -- 4.1% Desc (ADRs) (Mexico)............. 2,723 79,307 Hokkai Can (Japan)............... 8,000 40,664 Sankyo (Japan)................... 3,100 93,135 Tokyo Steel Manufacturing (Japan)....................... 3,100 34,655 Tsubaki Nakashima (Japan)........ 4,000 37,729 Yamaha (Japan)................... 7,000 128,384 ----------- 413,874 ----------- MEDIA -- 2.0% Elsevier (Netherlands)........... 6,281 105,009 News Corp. (Australia)........... 3,600 17,254 WPP Group (UK)................... 19,000 77,910 ----------- 200,173 ----------- METALS -- 7.1% Companhia Vale do Rio Doce (ADRs) (Brazil)............... 900 20,064 Hindalco Industries (GDRs)+ (India)....................... 1,500 52,500 Mitsubishi Materials (Japan)..... 45,000 180,000 Siderca (Class A) (Argentina).... 25,000 64,259 Sumitomo Metal Industries (Japan)....................... 69,000 196,454 Thyssen (Germany)................ 373 89,765 Usinor Sacilor (France).......... 6,242 112,608 ----------- 715,650 ----------- PAPER AND PACKAGING -- 0.5% Bunzl (UK)....................... 15,500 50,150 ----------- RESOURCES -- 7.0% British Petroleum (UK)........... 8,000 99,344 Broken Hill Proprietary (Australia)................... 2,100 30,880 ELF Aquitaine (France)........... 917 98,946 ENI (Italy)...................... 15,071 85,479 MOL Magyar Olaj-es Gazipari (GDRs)*+ (Hungary)............ 2,600 57,850 MOL Magyar Olaj-es Gazipari (GDRs)* (Hungary)............. 3,000 66,750 Nippon Oil (Japan)............... 8,000 43,808 Petroleo Brasileiro (ADRs) (Brazil)...................... 3,995 109,472 Tatneft (ADRs)*+ (Russia)........ 860 91,590 Tatneft (ADRs)* (Russia)......... 100 10,776 Woodside Petroleum (Australia).................. 2,000 17,208 ----------- 712,103 ----------- RESTAURANTS -- 0.3% Denny's (Japan).................. 1,000 30,131 ----------- RETAILING -- 6.3% Adidas (Germany)................. 576 64,435 Aoyama Trading (Japan)........... 1,200 38,568 Autobacs Seven (Japan)........... 1,000 79,301 - ----------------- * Non-income producing security. + Rule 144A security. See Notes to Financial Statements. -- P-27 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------ SELIGMAN HENDERSON INTERNATIONAL PORTFOLIO (continued) Shares or Principal Amount Value -------- ----- RETAILING (continued) Carrefour Supermarche (France)...................... 138shs$ 100,241 Dixons Group (UK)................ 7,000 54,380 Joshin Denki (Japan)............. 4,000 41,223 Metro (Germany).................. 879 95,809 Tesco (UK)....................... 21,044 129,350 Tsutsumi Jewelry (Japan)......... 1,300 32,926 ----------- 636,233 ----------- TELECOMMUNICATIONS -- 6.5% L.M. Ericsson Telefon (Series B) (Sweden)...................... 3,027 119,456 Grupo Iusacell (ADRs)* (Mexico)...................... 700 12,863 Portugal Telecom (ADRs) (Portugal).................... 900 36,113 SPT Telecom (Czech Republic).............. 200 20,985 Telebras (ADRs) (Brazil)......... 850 128,988 Telecel-Comunicacaoes Pessoais* (Portugal).......... 410 34,011 Telecom Italia (Italy)........... 35,199 122,377 Telefonica de Espana (Spain)..... 2,958 85,553 Telefonica del Peru (ADRs) (Peru)........................ 1,070 28,021 Telekomunikasi (ADRs) (Indonesia)................... 550 17,875 Videsh Sanchar Nigam (GDRs)*+ (India)....................... 2,400 50,100 ----------- 656,342 ----------- TOBACCO -- 1.1% B.A.T. Industries (UK)........... 12,000 107,296 ----------- TRANSPORTATION -- 4.6% East Japan Railway (Japan)....... 26 133,520 Lufthansa (Germany).............. 5,759 110,842 Mitsui O.S.K. Lines (Japan)..... 59,000 121,607 Railtrack Group (UK)............. 9,500 98,849 ----------- 464,818 ----------- UTILITIES -- 4.1% Companhia Energetica de Minas Gerais (ADRs) (Brazil)...... 1,900 95,657 Electricidade de Portugal (Portugal).................. 549 10,075 National Power (UK)............ 12,500 108,543 Tenaga Nasional (Malaysia)..... 3,000 14,620 United Utilities (UK).......... 8,000 87,899 VEBA (Germany)................. 1,687 95,327 ----------- 412,121 ----------- MISCELLANEOUS -- 1.1% Sime Darby (Malaysia).......... 4,400 14,643 Taiwan American Fund (Taiwan).................... 1,500 28,260 Taiwan Fund (Taiwan)........... 1,200 14,025 Taiwan Opportunities Fund* (Taiwan).................... 3,500 53,935 ----------- 110,863 ----------- Total Common Stocks (Cost $8,065,776)........... 9,350,601 ----------- FIXED TIME DEPOSITS -- 7.9% First National Bank of Chicago, Grand Cayman 5-1/2%, 7/1/1997.................... $400,000 400,000 National Westminster Bank, Nassau 5-7/8%, 7/1/1997..... 400,000 400,000 ----------- Total Fixed Time Deposits (Cost $800,000)............. 800,000 ----------- Total Investments -- 100.4% (Cost $8,865,776)........... 10,150,601 Other Assets Less Liabilities-- (0.4)%........... (39,940) ----------- Net Assets-- 100.0%............ $10,110,661 ----------- ----------- - ----------------- * Non-income producing security. + Rule 144A security. See Notes to Financial Statements. -- P-28 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ June 30, 1997 - ------------------------------------------------------------------------------ SELIGMAN HIGH-YIELD BOND PORTFOLIO Principal Amount Value -------- ----- CORPORATE BONDS -- 93.6% ADVERTISING -- 0.9% Adams Outdoor Advertising 10-3/4%, 3/15/2006............. $100,000 $ 107,000 Outdoor Systems 8-7/8%, 6/15/2007+............. 50,000 48,812 ----------- 155,812 ----------- AUTOMOTIVE AND RELATED -- 0.3% Petro Stopping Centers 10-1/2%, 2/1/2007+............. 50,000 52,125 ----------- BROADCASTING -- 3.5% Allbritton Communications 9-3/4%, 11/30/2007............. 75,000 73,500 Capstar Broadcasting Partners 0% (12-3/4%**), 2/1/2009+...... 200,000 129,000 Paxson Communications 11-5/8%, 10/1/2002............. 200,000 217,500 SFX Broadcasting 10-3/4%, 5/15/2006............. 150,000 162,000 ----------- 582,000 ----------- CABLE SYSTEMS -- 12.8% Cablevision Systems 10-1/2%, 5/15/2016..................... 250,000 276,250 Charter Communications Southeast 11-1/4%, 3/15/2006.. 250,000 270,625 Charter Communications Southeast 0% (14%**), 3/15/2007..................... 250,000 170,000 Comcast 10-5/8%, 7/15/2012....... 150,000 178,500 Echostar 12-1/2%, 7/1/2002+...... 100,000 99,500 Heartland Wireless Communications 14%, 10/15/2004............... 200,000 81,000 Intermedia Capital Partners IV, 11-1/4%, 8/1/2006............. 250,000 273,750 NTL 0% (11-1/2%**), 2/1/2006..... 100,000 69,750 NTL 10%, 2/15/2007+.............. 125,000 127,812 Rogers Cablesystems 11%, 12/1/2015................ 200,000 219,000 TCI Satellite Entertainment 10-7/8%, 2/15/2007+........... 250,000 252,500 CABLE SYSTEMS (continued) Wireless One 13%, 10/15/2003............... 150,000 93,750 ----------- 2,112,437 ----------- CELLULAR -- 4.3% Centennial Cellular 10-1/8%, 5/15/2005............. 150,000 156,375 Commnet Cellular 11-1/4%, 7/1/2005.............. 150,000 173,625 Dobson Communications 11-3/4%, 4/15/2007............. 75,000 73,125 PriceCellular Wireless 0% (12-1/4%**), 10/1/2003...... 100,000 94,500 PriceCellular Wireless 10-3/4%, 11/1/2004............. 200,000 211,000 ----------- 708,625 ----------- CHEMICALS -- 1.6% NL Industries 11-3/4%, 10/15/2003............ 100,000 109,375 Texas Petrochemicals 11-1/8%, 7/1/2006.............. 150,000 162,750 ----------- 272,125 ----------- COMPUTER AND RELATED SERVICES -- 3.3% Unisys 12%, 4/15/2003............ 250,000 271,875 Unisys 11-3/4%, 10/15/2004........ 250,000 271,250 ----------- 543,125 ----------- CONSUMER PRODUCTS -- 10.3% American Pad & Paper 13%, 11/15/2005............... 60,000 69,900 Anchor Advanced 11-3/4%, 4/1/2004+............. 100,000 106,500 Berry Plastics 12-1/4%, 4/15/2004............. 400,000 443,000 French Fragrances 10-3/8%, 5/15/2007+............ 150,000 155,250 Leiner Health Products 9-5/8%, 7/1/2007+.............. 15,000 15,244 Leslie's Poolmart 10-3/8%, 7/15/2004+............ 45,000 46,125 - ------------------ + 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-29 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------ SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued) Principal Amount Value -------- ----- CONSUMER PRODUCTS (continued) North Atlantic Trading 11%, 6/15/2004+............... $ 50,000 $ 50,875 Renaissance Cosmetics 11-3/4%, 2/15/2004............ 75,000 79,125 Riddell Sports 10-1/2%, 7/15/2007+........... 150,000 154,125 Ryder TRS 10%, 12/1/2006......... 150,000 155,250 Spinnaker Industries 10-3/4%, 10/15/2006+.......... 150,000 151,875 Syratech 11%, 4/15/2007.......... 150,000 160,313 William Carter 10-3/8%, 12/1/2006............ 100,000 105,250 ----------- 1,692,832 ----------- CONTAINERS -- 1.4% Plastic Containers 10%, 12/15/2006............... 100,000 105,000 U.S. Can 10-1/8%, 10/15/2006..... 125,000 134,063 ----------- 239,063 ----------- ENERGY -- 1.8% Abraxas Petroleum 11-1/2%, 11/1/2004............. 100,000 108,500 ICO 10-3/8%, 6/1/2007+............ 50,000 51,625 Pacalta Resources 10-3/4%, 6/15/2004+............ 100,000 101,750 TransAmerican Energy 11-1/2%, 6/15/2002+............ 30,000 29,175 ----------- 291,050 ----------- EQUIPMENT -- 1.1% EV International 11%, 3/15/2007+............... 40,000 42,600 Williams Scotsman 9-7/8%, 6/1/2007+............. 125,000 125,625 ----------- 168,225 ----------- FINANCIAL SERVICES -- 1.3% AMRESCO 10%, 3/15/2004................ 100,000 102,000 Dollar Financial Group 10-7/8%, 11/15/2006........... 100,000 107,500 ----------- 209,500 ----------- FOOD -- 2.2% AmeriKing 10-3/4%, 12/1/2006..... 100,000 104,750 Gorges/Quik-to-Fix Foods 11-1/2%, 12/1/2006............ 150,000 155,250 International Home Foods 10-3/8%, 11/1/2006............ 100,000 103,500 ----------- 363,500 ----------- FUNERAL -- 0.7% Prime Succession Acquisition 10-3/4%, 8/15/2004............ 100,000 109,500 ----------- GAMING/HOTEL -- 10.7% Alliance Gaming 12-7/8%, 6/30/2003............ 100,000 113,500 Aztar 13-3/4%, 10/1/2004......... 150,000 171,750 Casino America 12-1/2%, 8/1/2003............. 275,000 287,375 Casino Magic of Louisiana 13%, 8/15/2003+............... 90,000 76,500 Coast Hotels & Casinos 13%, 12/15/2002............... 250,000 280,625 Showboat 13%, 8/1/2009........... 125,000 144,688 Showboat Marina Casino Partnership 13-1/2%, 3/15/2003............ 150,000 171.750 Trump Atlantic City Funding 11-1/4%, 5/1/2006............. 250,000 245,000 Trump Hotels & Casino Resorts Funding 15-1/2%, 6/15/2005.... 240,000 279,600 ----------- 1,770,788 ----------- HEALTH CARE/MEDICAL PRODUCTS -- 3.2% Dade International 11-1/8%, 5/1/2006............. 100,000 112,250 Graphic Controls 12%, 9/15/2005................ 100,000 112,000 IMED 9-3/4%, 12/1/2006+.......... 150,000 153,000 Paracelsus Healthcare 10%, 8/15/2006................ 150,000 153,562 ----------- 530,812 ----------- - ----------------- * Non-income producing security. + Rule 144A security. See Notes to Financial Statements. -- P-30 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ June 30, 1997 - ------------------------------------------------------------------------------ SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued) Principal Amount Value -------- ----- LEISURE -- 2.7% Affinity Group Holdings 11%, 4/1/2007+................ $100,000 $ 105,250 AMF Group 10-7/8%, 3/15/2006..... 40,000 43,400 AMF Group 0% (12-1/4%**), 3/15/2006..................... 100,000 71,625 Premier Parks 12%, 8/15/2003............... 150,000 167,250 Premier Parks 9-3/4%, 1/15/2007............. 50,000 51,875 ----------- 439,400 ----------- MANUFACTURING -- 0.5% Blue Bird Body 10-3/4%, 11/15/2006........... 50,000 53,375 International Knife & Saw 11-3/8%, 11/15/2006........... 25,000 26,813 ----------- 80,188 ----------- METALS -- 1.8% Renco Metals 11-1/2%, 7/1/2003............. 150,000 161,250 Royal Oak Mines 11%, 8/15/2006................ 150,000 144,000 ----------- 305,250 ----------- PAGING -- 3.7% Mobile Telecommunication Technologies 13-1/2%, 12/15/2002........... 250,000 265,000 Paging Network 10%, 10/15/2008............... 200,000 193,000 ProNet 11-7/8%, 6/15/2005........ 150,000 148,125 ----------- 606,125 ----------- PAPER AND PACKAGING -- 1.9% Crown Paper 11%, 9/1/2005........ 150,000 150,750 S.D. Warren 12%, 12/15/2004...... 150,000 167,625 ----------- 318,375 ----------- PUBLISHING -- 1.5% Petersen Publishing 11-1/8%, 11/15/2006........... 150,000 168,000 Von Hoffmann Press 10-3/8, 5/15/2007+............ 80,000 84,400 ----------- 252,400 ----------- RECORD STORAGE -- 1.5% Pierce Leahy 11-1/8%, 7/15/2006.. 230,000 251,000 ----------- RESTAURANTS -- 0.6% AFC Enterprises 10-1/4%, 5/15/2007+........... 100,000 100,500 ----------- RETAILING -- 1.7% Central Tractor 10-5/8%, 4/1/2007............. 175,000 182,000 Cole National Group 9-7/8%, 12/31/2006............ 100,000 105,250 ----------- 287,250 ----------- SUPERMARKETS -- 2.6% Jitney-Jungle Stores of America 12%, 3/1/2006................. 250,000 279,687 Pathmark Stores 11-5/8%, 6/15/2002............ 150,000 152,250 ----------- 431,937 ----------- TECHNOLOGY -- 1.4% Therma-Wave 10-5/8%, 5/15/2004+........... 85,000 90,525 Viasystems 9-3/4%, 6/1/2007+..... 85,000 86,700 Wavetek 10-1/8%, 6/15/2007+...... 50,000 51,563 ----------- 228,788 ----------- TELECOMMUNICATIONS -- 10.4% Brooks Fiber Properties 0% (10-7/8%**), 3/1/2006...... 100,000 68,625 - ------------------------ + 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-31 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------ SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued) Principal Amount or Shares Value -------- ----- TELECOMMUNICATIONS (continued) Brooks Fiber Properties 10%, 6/1/2007+................ $ 30,000 $ 30,525 Fonorola 12-1/2%, 8/15/2002...... 200,000 223,000 Globalstar 11-1/4%, 6/15/2004+... 35,000 32,988 ICG Holdings 0% (11-5/8%**), 3/15/2007+.... 150,000 88,500 Intermedia Communications of Florida 13-1/2%, 6/1/2005..... 100,000 122,500 Intermedia Communications of Florida 0% (12-1/2%**), 5/15/2006..................... 100,000 69,250 ITC DeltaCom 11%, 6/1/2007+...... 50,000 51,062 IXC Communications 12-1/2%, 10/1/2005............ 250,000 285,000 NEXTLINK Communications 12-1/2%, 4/15/2006+........... 250,000 268,750 Powertel 11-1/8%, 6/1/2007+...... 40,000 40,400 Qwest Communications International 10-7/8%, 4/1/2007+............ 50,000 54,750 Sprint Spectrum 11%, 8/15/2006................ 200,000 222,000 Talton Holdings 11%, 6/30/2007+............... 75,000 75,750 Verio 13-1/2%, 6/15/2004+........ 75,000 75,937 ----------- 1,709,037 ----------- TEXTILES -- 0.5% Anvil Knitwear 10-7/8%, 3/15/2007+........... 75,000 76,125 ----------- THEATERS -- 1.6% Plitt Theaters 10-7/8%, 6/15/2004............ 250,000 265,000 ----------- UTILITIES -- 1.8% Midland Cogeneration Venture 11-3/4%, 7/23/2005............ 250,000 291,875 ----------- Total Corporate Bonds (Cost $15,049,726)........... 15,444,769 ----------- PREFERRED STOCKS -- 4.2% BROADCASTING -- 3.0% Capstar Broadcasting Partners 12%+................. 750 shs. 75,937 Chancellor Radio Broadcasting 12%+.......................... 1,300 148,525 SFX Broadcasting 12-5/8%......... 1,000 108,250 Sinclair Capital 11-5/8%+........ 1,500 159,000 ----------- 491,712 ----------- FOOD -- 0.2% AmeriKing 13%.................... 1,310 37,007 ----------- PAPER AND PACKAGING -- 0.6% S.D. Warren 14%.................. 2,100 90,825 ----------- TELECOMMUNICATIONS -- 0.4% NEXTLINK Communications 14%........................... 1,294 68,259 NEXTLINK Communications (Warrants)+................... 1,250 1,250 ----------- 69,509 ----------- Total Preferred Stocks (Cost $642,570)............... 689,053 ----------- CONVERTIBLE PREFERRED STOCKS -- 0.3% (Cost $50,000) BROADCASTING -- 0.3% Evergreen Media 6%+.............. 1,000 55,125 ----------- Total Investments -- 98.1% (Cost $15,742,296)............ 16,188,947 Other Assets Less Liabilities-- 1.9%............ 320,819 ----------- Net Assets-- 100.0%.............. $16,509,766 ----------- ----------- - ------------------ + 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-32 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ June 30, 1997 - ------------------------------------------------------------------------------ SELIGMAN INCOME PORTFOLIO Principal Amount or Shares Value --------- ----- CONVERTIBLE SECURITIES -- 25.0% SUBORDINATED CONVERTIBLE BONDS -- 7.9% DIVERSIFIED -- 2.0% MascoTech 4-1/2%, 12/15/2003.... $300,000 $ 274,125 ----------- ELECTRONICS -- 0.6% Park Electrochemical 5-1/2%, 3/1/2006+.................... 100,000 89,750 ----------- ENERGY -- 2.3% Santa Fe Pipelines 11.162%, 8/15/2010.................... 250,000 308,750 ----------- TECHNOLOGY -- 2.1% Xilinx 5-1/4%, 11/1/2002+....... 250,000 288,438 ----------- TRANSPORTATION -- 0.9% Airborne Freight 6-3/4%, 8/15/2001............ 100,000 117,000 ----------- Total Subordinated Convertible Bonds (Cost $893,310).............. 1,078,063 ----------- CONVERTIBLE PREFERRED STOCKS -- 17.1% DRUGS AND HEALTH CARE -- 1.8% McKesson 5%+.................... 4,000 shs. 243,000 ----------- ENERGY -- 2.8% Snyder Oil (Class A) 6%.......... 5,000 126,250 Unocal 6-1/4%.................... 4,464 257,796 ----------- 384,046 ----------- ENVIRONMENTAL SERVICES -- 1.8% Browning-Ferris Industries 7-1/4%............. 7,500 249,375 ----------- INDUSTRIAL EQUIPMENT -- 1.0% Greenfield Capital Trust 6%+..... 3,000 139,125 ----------- INSURANCE -- 4.2% FSA 7-5/8%....................... 7,500 263,437 St. Paul Capital 6%.............. 4,500 311,625 ----------- 575,062 ----------- OFFICE EQUIPMENT-- 1.7% IKON Office Solutions $5.04...... 3,500 225,313 ----------- RETAILING -- 0.8% Kmart Financing 7-3/4%............ 2,000 109,750 ----------- TRANSPORTATION -- 1.9% Sea Containers $4.00............. 5,000 251,250 ----------- MISCELLANEOUS -- 1.1% Corning (Delaware) 6%............ 1,700 147,900 ----------- Total Convertible Preferred Stocks (Cost $2,090,138)............. 2,324,821 ----------- Total Convertible Securities (Cost $2,983,448)............. 3,402,884 ----------- CORPORATE BONDS -- 23.2% AUTOMOTIVE -- 5.1% Chrysler Financial 6-1/2%, 6/15/1998..................... $200,000 200,917 Ford Motor Credit 6-3/4%, 8/15/2008..................... 250,000 241,548 General Motors Acceptance 5-5/8%, 2/1/1999...................... 250,000 247,639 ----------- 690,104 ----------- - -------------- + Rule 144A security. See Notes to Financial Statements. -- P-33 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------ SELIGMAN INCOME PORTFOLIO (continued) Principal Amount or Shares Value --------- ----- BANKING AND FINANCE -- 2.6% Capital One Bank 8-1/8%, 3/1/2000...................... $250,000 $ 258,362 First USA Bank 5-3/4%, 1/15/1999............. 100,000 99,242 ----------- 357,604 ----------- CONSUMER GOODS AND SERVICES -- 2.2% Harman International Industries 7.32%, 7/1/2007............... 300,000 299,157 ----------- ELECTRONICS -- 0.1% StreamLogic 14%, 10/7/1998....... 33,999 11,900 ----------- FUNERAL SERVICES -- 2.2% Loewen Group International 7-1/2%, 4/15/2001.............. 300,000 303,774 ----------- MEDIA -- 2.5% Time Warner 9-1/8%, 1/15/2013..... 300,000 333,433 ----------- PAPER AND PACKAGING -- 2.3% Owens-Illinois 7.85%, 5/15/2004..................... 300,000 305,996 ----------- RETAILING -- 4.0% Federated Department Stores 10%, 2/15/2001..................... 500,000 548,755 ----------- TRANSPORTATION -- 2.2% Norfolk Southern 6.95%, 5/1/2002............... 300,000 303,277 ----------- Total Corporate Bonds (Cost $3,216,971)............. 3,154,000 ----------- Shares Value --------- ----- COMMON STOCKS -- 21.7% CONSUMER GOODS AND SERVICES -- 0.7% General Mills.................... 1,500 shs. 97,687 ----------- DIVERSIFIED -- 0.7% Tenneco.......................... 2,000 90,375 ----------- ELECTRIC AND GAS UTILITIES -- 2.2% AGL Resources.................... 6,000 123,750 CINergy.......................... 1,000 34,813 FPL Group........................ 3,000 138,188 ----------- 296,751 ----------- FOOD -- 3.8% ConAgra.......................... 8,141 522,042 ----------- INDUSTRIAL EQUIPMENT -- 1.3% Cooper Industries................ 1,332 66,267 General Signal................... 2,500 109,062 ----------- 175,329 ----------- PAPER AND PACKAGING -- 1.9% Union Camp....................... 2,000 100,000 Weyerhaeuser..................... 3,000 156,000 ----------- 256,000 ----------- RETAILING -- 0.3% Kmart............................ 3,200 39,200 ----------- STEEL -- 1.0% Inland Steel Industries.......... 5,406 141,232 ----------- - --------------- See Notes to Financial Statements. -- P-34 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ June 30, 1997 - ------------------------------------------------------------------------------ SELIGMAN INCOME PORTFOLIO (continued) Shares or Principal Amount Value --------- ----- TRANSPORTATION -- 5.7% CNF Transportation............... 10,000 shs. $ 322,500 Consolidated Freightways*........ 5,000 82,031 GATX............................. 5,747 331,889 NFC.............................. 20,000 43,417 ----------- 779,837 ----------- UTILITIES/ TELECOMMUNICATIONS -- 4.1% Bell Atlantic.................... 4,000 303,500 GTE.............................. 3,000 131,625 SBC Communications............... 2,000 123,750 ----------- 558,875 ----------- Total Common Stocks (Cost $2,165,956)............. 2,957,328 ----------- US GOVERNMENT SECURITIES -- 7.5% US Treasury Notes 7-3/4%, 12/31/1999............ $500,000 517,969 US Treasury Notes 6-1/2%, 5/15/2005............. 500,000 499,375 ----------- Total US Government Securities (Cost $1,036,718)............. 1,017,344 ----------- REPURCHASE AGREEMENTS -- 20.9% (Cost $2,850,000) HSBC Securities, Inc., 5%, dated 6/25/1997, maturing 7/2/1997 collateralized by: $2,911,000 US Treasury Notes 4-3/4%, 8/31/1998, with a fair market value of $2,918,119........... 2,850,000 2,850,000 ----------- Total Investments -- 98.3% (Cost $12,253,093)............ 13,381,556 Other Assets Less Liabilities-- 1.7% 227,381 ----------- Net Assets-- 100.0% $13,608,937 ----------- ----------- - ----------------- * Non-income producing security. See Notes to Financial Statements. -- P-35 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Statements of Assets and Liabilities (unaudited) June 30, 1997 - ------------------------------------------------------------------------------
Seligman Seligman Seligman Seligman Seligman Cash Common Communications Bond Capital Management Stock and Information Portfolio Portfolio Portfolio Portfolio Portfolio ---------- ----------- ----------- --------- --------------- ASSETS: Investments, at value (see portfolios of investments): Long-term holdings............................ $4,844,567 $17,240,546 $ -- $34,230,244 $68,879,616 Short-term holdings........................... 450,000 1,150,000 9,319,384 11,475,000 3,475,000 ---------- ----------- ----------- ----------- ----------- Total Investments............................. 5,294,567 18,390,546 9,319,384 45,705,244 72,354,616 Cash.......................................... 300,932 208,215 -- -- 16,256 Receivable for securities sold................ 403,444 181,512 -- -- 716,804 Interest and dividends receivable............. 64,110 4,378 14,989 43,945 3,878 Receivable for Capital Stock sold............. 15,174 9,980 157,262 41,029 1,930,003 Receivable from associated companies.......... 1,910 26,258 3,890 -- -- Unrealized appreciation on foreign currencies and forward currency contracts................................. -- -- -- -- -- ---------- ----------- ----------- ----------- ----------- Total Assets.................................. 6,080,137 18,820,889 9,495,525 45,790,218 75,021,557 ---------- ----------- ----------- ----------- ----------- LIABILITIES: Payable for securities purchased.............. 200,000 1,409,847 -- 172,845 712,850 Payable for Capital Stock repurchased......... 494 1,028 151 2,691 412,500 Payable to custodian.......................... -- -- 5,250 153,341 -- Unrealized depreciation on foreign currencies and forward currency contracts.................................. -- -- -- -- -- Accrued expenses, taxes, and other............ 12,209 18,803 11,919 34,961 68,545 ---------- ----------- ----------- ----------- ----------- Total Liabilities............................. 212,703 1,429,678 17,320 363,838 1,193,895 ---------- ----------- ----------- ----------- ----------- Net Assets.................................... $5,867,434 $17,391,211 $ 9,478,205 $45,426,380 $73,827,662 ---------- ----------- ----------- ----------- ----------- ---------- ----------- ----------- ----------- ----------- COMPOSITION OF NET ASSETS: Capital Stock, at par......................... $ 578 $ 995 $ 9,479 $ 2,503 $ 4,665 Additional paid-in capital.................... 5,720,852 13,909,665 9,469,124 32,236,021 67,412,997 Undistributed/accumulated net investment income (loss).............. 161,496 14,457 -- 401,251 (139,142) Undistributed/accumulated net realized gain (loss)...................... (79,975) 702,001 (398) 1,148,536 (2,090,429) Net unrealized appreciation of investments............................ 64,483 2,764,093 -- 11,638,069 8,639,571 Net unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies and forward currency contracts................ -- -- -- -- -- ---------- ----------- ----------- ----------- ----------- Net Assets.................................... $5,867,434 $17,391,211 $9,478,205 $45,426,380 $73,827,662 ---------- ----------- ----------- ----------- ----------- ---------- ----------- ----------- ----------- ----------- Shares of Capital Stock Outstanding ($.001 par value).......................... 578,445 995,383 9,478,603 2,502,654 4,664,882 ---------- ----------- ----------- ----------- ----------- ---------- ----------- ----------- ----------- ----------- Net Asset Value per Share..................... $10.14 $17.47 $1.00 $18.15 $15.83 ---------- ----------- ----------- ----------- ----------- ---------- ----------- ----------- ----------- ----------- - ----------------- See Notes to Financial Statements.
-- P-36 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Statements of Assets and Liabilities (unaudited) (continued) June 30,1997 - ------------------------------------------------------------------------------
Seligman Seligman Seligman Henderson Henderson Henderson Seligman Global Growth Global Smaller Global Frontier Opportunities Companies Technology Portfolio Portfolio Portfolio Portfolio ----------- ------------- ------------- ---------- ASSETS: Investments, at value (see portfolios of investments): Long-term holdings............................ $38,340,997 $3,916,333 $20,246,690 $1,960,539 Short-term holdings........................... -- -- 1,600,000 400,000 ----------- ---------- ----------- ---------- Total Investments............................. 38,340,997 3,916,333 21,846,690 2,360,539 Cash.......................................... 278,953 388,979 184,832 175,352 Receivable for securities sold................ 52,080 -- 68,732 24,742 Interest and dividends receivable............. 2,113 4,595 24,125 1,278 Receivable for Capital Stock sold............. 197,534 22,773 39,651 2,714 Receivable from associated companies.......... -- 2,792 2,235 2,050 Unrealized appreciation on foreign currencies and forward currency contracts................................. -- -- 8,044 -- ----------- ---------- ----------- ---------- Total Assets.................................. 38,871,677 4,335,472 22,174,309 2,566,675 ----------- ---------- ----------- ---------- LIABILITIES: Payable for securities purchased.............. 221,212 165,716 178,654 9,027 Payable for Capital Stock repurchased......... -- -- -- 2,698 Payable to custodian.......................... -- -- -- -- Unrealized depreciation on foreign currencies and forward currency contracts.................................. -- -- 20 -- Accrued expenses, taxes, and other............ 39,746 10,547 35,153 7,794 ----------- ---------- ----------- ---------- Total Liabilities............................. 260,958 176,263 213,827 19,519 ----------- ---------- ----------- ---------- Net Assets.................................... $38,610,719 $4,159,209 $21,960,482 $2,547,156 ----------- ---------- ----------- ---------- ----------- ---------- ----------- ---------- COMPOSITION OF NET ASSETS: Capital Stock, at par......................... $ 2,346 $ 369 $ 1,557 $ 227 Additional paid-in capital.................... 33,945,529 3,737,365 19,787,965 2,322,941 Undistributed/accumulated net investment income (loss).............. (74,100) 6,593 25,400 (2,865) Undistributed/accumulated net realized gain (loss)...................... 754,607 (15,355) 261,865 (66,771) Net unrealized appreciation of investments............................ 3,982,337 463,891 3,277,801 281,365 Net unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies and forward currency contracts................ -- (33,654) (1,394,106) 12,259 ----------- ---------- ----------- ---------- Net Assets.................................... $38,610,719 $4,159,209 $21,960,482 $2,547,156 ----------- ---------- ----------- ---------- ----------- ---------- ----------- ---------- Shares of Capital Stock Outstanding ($.001 par value).......................... 2,345,686 369,463 1,556,534 226,586 ----------- ---------- ----------- ---------- ----------- ---------- ----------- ---------- Net Asset Value per Share..................... $16.46 $11.26 $14.11 $11.24 ----------- ---------- ----------- ---------- ----------- ---------- ----------- ----------
Seligman Seligman Henderson High-Yield Seligman International Bond Income Portfolio Portfolio Portfolio ------------- ---------- ----------- ASSETS: Investments, at value (see portfolios of investments): Long-term holdings............................ $ 9,350,601 $16,188,947 $10,330,639 Short-term holdings........................... 800,000 -- 3,050,917 ----------- ----------- ----------- Total Investments............................. 10,150,601 16,188,947 13,381,556 Cash.......................................... 270,857 57,780 160,686 Receivable for securities sold................ -- 99,653 302,214 Interest and dividends receivable............. 35,687 350,479 95,353 Receivable for Capital Stock sold............. 19 3,167 2,030 Receivable from associated companies.......... 1,682 2,759 -- Unrealized appreciation on foreign currencies and forward currency contracts................................. 8,809 -- -- ----------- ----------- ----------- Total Assets.................................. 10,467,655 16,702,785 13,941,839 ----------- ---------- ----------- LIABILITIES: Payable for securities purchased.............. 268,330 173,809 300,000 Payable for Capital Stock repurchased......... 52,339 -- 16,872 Payable to custodian.......................... -- -- -- Unrealized depreciation on foreign currencies and forward currency contracts.................................. 12,573 -- -- Accrued expenses, taxes, and other............ 23,752 19,210 16,030 ----------- ----------- ----------- Total Liabilities............................. 356,994 193,019 332,902 ----------- ----------- ----------- Net Assets.................................... $10,110,661 $16,509,766 $13,608,937 ----------- ----------- ----------- ----------- ----------- ----------- COMPOSITION OF NET ASSETS: Capital Stock, at par......................... $ 682 $ 1,394 $ 1,208 Additional paid-in capital.................... 8,472,832 15,489,557 12,251,628 Undistributed/accumulated net investment income (loss).............. 36,397 644,901 343,185 Undistributed/accumulated net realized gain (loss)...................... 320,085 (72,737) (115,558) Net unrealized appreciation of investments............................ 1,544,340 446,651 1,119,872 Net unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies and forward currency contracts................ (263,675) -- 8,602 ----------- ----------- ----------- Net Assets.................................... $10,110,661 $16,509,766 $13,608,937 ----------- ----------- ----------- ----------- ----------- ----------- Shares of Capital Stock Outstanding ($.001 par value).......................... 682,320 1,393,910 1,207,661 ----------- ----------- ----------- ----------- ----------- ----------- Net Asset Value per Share..................... $14.82 $11.84 $11.27 ----------- ----------- ----------- ----------- ----------- -----------
- ----------------------- See Notes to Financial Statements. -- P-37 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Statements of Operations (unaudited) For the Six Months Ended June 30, 1997 - ------------------------------------------------------------------------------
Seligman Seligman Seligman Seligman Seligman Cash Common Communications Bond Capital Management Stock and Information Portfolio Portfolio Portfolio Portfolio Portfolio --------- ---------- --------- ---------- --------------- INVESTMENT INCOME: Interest.......................................... $180,211 $ 31,178 $261,062 $ 237,578 $ 119,269 Dividends*........................................ -- 33,935 -- 272,833 15,071 -------- ---------- -------- ---------- ---------- Total Investment Income........................... 180,211 65,113 261,062 510,411 134,340 -------- ---------- -------- ---------- ---------- EXPENSES: Management fees................................... 10,313 31,145 19,354 80,677 242,223 Auditing fees..................................... 3,050 5,050 4,100 10,050 14,700 Shareholder reports and communications................................. 2,389 2,389 2,389 2,389 1,361 Custody and related services...................... 1,449 7,797 9,555 8,302 7,594 Directors' fees and expenses...................... 1,373 1,402 1,382 1,466 1,526 Registration...................................... 1,249 1,890 1,584 4,333 3,288 Legal fees........................................ 852 852 852 852 852 Miscellaneous..................................... 386 465 432 713 861 -------- ---------- -------- ---------- ---------- Total Expenses Before Waiver/Reimbursement........................... 21,061 50,990 39,648 108,782 272,405 Waiver/reimbursement of expenses.................. (5,593) (4,262) (39,648) -- -- -------- ---------- -------- ---------- ---------- Total Expenses After Waiver/ Reimbursement.................................. 15,468 46,728 -- 108,782 272,405 -------- ---------- -------- ---------- ---------- Net Investment Income (Loss)...................... 164,743 18,385 261,062 401,629 (138,065) -------- ---------- -------- ---------- ---------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) on investments........... (25,504) 702,001 -- 1,143,487 1,455,856 Net realized loss from foreign currency transactions.......................... -- -- -- -- -- Net change in unrealized appreciation of investments................................. 1,110 656,745 -- 3,908,598 3,827,436 Netchange in unrealized appreciation/ depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts................. -- -- -- -- -- -------- ---------- -------- ---------- ---------- Net Gain (Loss) on Investments and Foreign Currency Transactions................................... (24,394) 1,358,746 -- 5,052,085 5,283,292 -------- ---------- -------- ---------- ---------- Increase in Net Assets from Operations................................ $140,349 $1,377,131 $261,062 $5,453,714 $5,145,227 -------- ---------- -------- ---------- ---------- -------- ---------- -------- ---------- ---------- - -------------------- * Net of foreign tax withheld as follows: $ -- $ 238 $ -- $ 1,214 $ 835 See Notes to Financial Statements.
-- P-38 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Statements of Operations (unaudited) (continued) For the Six Months Ended June 30, 1997 - ------------------------------------------------------------------------------
Seligman Seligman Seligman Henderson Henderson Henderson Seligman Global Growth Global Smaller Global Frontier Opportunities Companies Technology Portfolio Portfolio Portfolio Portfolio ---------- ------------- ----------- ---------- INVESTMENT INCOME: Interest.......................................... $ 58,417 $ 9,502 $ 32,160 $ 4,703 Dividends*........................................ 13,726 16,822 130,720 5,878 ---------- -------- ---------- -------- Total Investment Income........................... 72,143 26,324 162,880 10,581 ---------- -------- ---------- -------- EXPENSES: Management fees................................... 124,194 13,443 93,488 9,486 Auditing fees..................................... 8,250 2,300 5,400 2,250 Shareholder reports and communications................................. 1,361 1,361 1,361 1,361 Custody and related services...................... 5,512 13,526 42,423 6,028 Directors' fees and expenses...................... 1,431 1,345 1,388 1,345 Registration...................................... 3,043 1,782 2,470 1,178 Legal fees........................................ 852 852 852 852 Miscellaneous..................................... 523 331 420 331 ---------- -------- ---------- -------- Total Expenses Before Waiver/Reimbursement........................... 145,166 34,940 147,802 22,831 Waiver/reimbursement of expenses.................. -- (16,119) (16,915) (9,553) ---------- -------- ---------- -------- Total Expenses After Waiver/ Reimbursement.................................. 145,166 18,821 130,887 13,278 ---------- -------- ---------- -------- Net Investment Income (Loss)...................... (73,023) 7,503 31,993 (2,697) ---------- -------- ---------- -------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) on investments........... 754,607 13,775 279,934 (61,900) Net realized loss from foreign currency transactions.......................... -- (20,088) (56,980) (4,717) Net change in unrealized appreciation of investments................................. 2,798,324 433,305 2,884,673 221,703 Netchange in unrealized appreciation/ depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts................. -- (25,830) (1,228,937) 3,398 ---------- -------- ---------- -------- Net Gain (Loss) on Investments and Foreign Currency Transactions................................... 3,552,931 401,162 1,878,690 158,484 ---------- -------- ---------- -------- Increase in Net Assets from Operations................................ $3,479,908 $408,665 $1,910,683 $155,787 ---------- -------- ---------- -------- ---------- -------- ---------- -------- - ------------------ * Net of foreign tax withheld as follows: $ -- $ 1,477 $ 19,706 $ 540 See Notes to Financial Statements.
Seligman Seligman Henderson High-Yield Seligman International Bond Income Portfolio Portfolio Portfolio ------------- ---------- --------- INVESTMENT INCOME: Interest.......................................... $ 16,798 $678,367 $254,153 Dividends*........................................ 87,063 14,250 133,199 ---------- -------- -------- Total Investment Income........................... 103,861 692,617 387,352 ---------- -------- -------- EXPENSES: Management fees................................... 40,221 33,418 26,799 Auditing fees..................................... 3,450 4,150 4,750 Shareholder reports and communications................................. 1,361 1,361 2,389 Custody and related services...................... 40,063 13,348 2,225 Directors' fees and expenses...................... 1,360 1,373 1,397 Registration...................................... 1,806 2,496 1,289 Legal fees........................................ 852 852 852 Miscellaneous..................................... 386 387 487 ---------- -------- -------- Total Expenses Before Waiver/Reimbursement........................... 89,499 57,385 40,188 Waiver/reimbursement of expenses.................. (33,191) (10,593) -- ---------- -------- -------- Total Expenses After Waiver/ Reimbursement.................................. 56,308 46,792 40,188 ---------- -------- -------- Net Investment Income (Loss)...................... 47,553 645,825 347,164 ---------- -------- -------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) on investments........... 428,275 (72,810) (115,558) Net realized loss from foreign currency transactions.......................... (120,614) -- (51) Net change in unrealized appreciation of investments................................. 891,209 181,704 705,898 Netchange in unrealized appreciation/ depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts................. (90,099) -- (2,305) ---------- -------- -------- Net Gain (Loss) on Investments and Foreign Currency Transactions................................... 1,108,771 108,894 587,984 ---------- -------- -------- Increase in Net Assets from Operations................................ $1,156,324 $754,719 $935,148 ---------- -------- -------- ---------- -------- -------- - ------------------ * Net of foreign tax withheld as follows: $ 10,779 $ -- $ -- See Notes to Financial Statements.
-- P-39 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Statements of Changes in Net Assets - ------------------------------------------------------------------------------
Seligman Seligman Seligman Bond Portfolio Capital Portfolio Cash Management Portfolio ---------------------- ------------------------ ------------------------- Six Months Six Months Six Months Ended Year Ended Year Ended Year 6/30/97 Ended 6/30/97 Ended 6/30/97 Ended (unaudited) 12/31/96 (unaudited) 12/31/96 (unaudited) 12/31/96 ---------- --------- ----------- --------- ----------- --------- OPERATIONS: Net investment income (loss)....... $ 164,743 $ 269,490 $ 18,385 $ 34,560 $ 261,062 $ 483,722 Net realized gain (loss) on investments..................... (25,504) 42,902 702,001 793,791 -- -- Net realized gain (loss) from foreign currency transactions.................... -- -- -- -- -- -- Net change in unrealized appreciation/depreciation of investments.................. 1,110 (291,839) 656,745 666,893 -- -- Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts...... -- -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- Increase in Net Assets from Operations................. 140,349 20,553 1,377,131 1,495,244 261,062 483,722 ---------- ---------- ---------- ---------- ---------- ---------- DISTRIBUTIONS TO SHAREHOLDERS: Net investment income.............. -- (269,359) -- (35,038) (261,062) (483,722) Realized gain on investments....... -- -- -- (852,588) -- -- ---------- ---------- ---------- ---------- ---------- ---------- Decrease in Net Assets From Distributions................... -- (269,359) -- (887,626) (261,062) (483,722) ---------- ---------- ---------- ---------- ---------- ---------- CAPITAL SHARE TRANSACTIONS: Net proceeds from sale of shares.......................... 1,189,851 2,178,074 3,536,688 6,122,881 13,379,606 16,950,432 Investment of dividends............ -- 269,359 -- 35,038 261,062 483,722 Shares issued in payment of gain distributions........... -- -- -- 852,588 -- -- ---------- ---------- ---------- ---------- ---------- ---------- Total.............................. 1,189,851 2,447,433 3,536,688 7,010,507 13,640,668 17,434,154 ---------- ---------- ---------- ---------- ---------- ---------- Cost of shares repurchased......... (477,647) (1,680,294) (1,835,665) (2,598,584) (13,917,355) (15,478,773) ---------- ---------- ---------- ---------- ---------- ---------- Increase (Decrease) in Net Assets From Capital Share Transactions.............. 712,204 767,139 1,701,023 4,411,923 (276,687) 1,955,381 ---------- ---------- ---------- ---------- ---------- ---------- Increase (Decrease) in Net Assets...................... 852,553 518,333 3,078,154 5,019,541 (276,687) 1,955,381 Net Assets: Beginning of Period................ 5,014,881 4,496,548 14,313,057 9,293,516 9,754,892 7,799,511 ---------- ---------- ----------- ----------- ---------- ---------- End of Period...................... $5,867,434 $5,014,881 $17,391,211 $14,313,057 $9,478,205 $9,754,892 ---------- ---------- ----------- ----------- ---------- ---------- ---------- ---------- ----------- ----------- ---------- ---------- - --------------------- * Commencement of operations. See Notes to Financial Statements.
-- P-40 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Statements of Changes in Net Assets (continued) - ------------------------------------------------------------------------------
Seligman Seligman Common Stock Communications and Seligman Portfolio Information Portfolio Frontier Portfolio ---------------------- ------------------------ ------------------------- Six Months Six Months Six Months Ended Year Ended Year Ended Year 6/30/97 Ended 6/30/97 Ended 6/30/97 Ended (unaudited) 12/31/96 (unaudited) 12/31/96 (unaudited) 12/31/96 ----------- ----------- ----------- ----------- ----------- ----------- OPERATIONS: Net investment income (loss)....... $ 401,629 $ 666,793 $ (138,065) $ (159,892) $ (73,023) $ (80,539) Net realized gain (loss) on investments..................... 1,143,487 4,441,023 1,455,856 (3,546,285) 754,607 3,410,956 Net realized gain (loss) from foreign currency transactions.................... -- (56,144) -- -- -- -- Net change in unrealized appreciation/depreciation of investments.................. 3,908,598 985,046 3,827,436 8,651,223 2,798,324 693,961 Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts...... -- 55,242 -- -- -- -- ----------- ----------- ----------- ----------- ----------- ----------- Increase in Net Assets from Operations................. 5,453,714 6,091,960 5,145,227 4,945,046 3,479,908 4,024,378 ----------- ----------- ----------- ----------- ----------- ----------- DISTRIBUTIONS TO SHAREHOLDERS: Net investment income.............. -- (669,792) -- -- -- -- Realized gain on investments....... -- (4,598,840) -- -- -- (3,392,252) ----------- ----------- ----------- ----------- ----------- ----------- Decrease in Net Assets From Distributions................... -- (5,268,632) -- -- -- (3,392,252) ----------- ----------- ----------- ----------- ----------- ----------- CAPITAL SHARE TRANSACTIONS: Net proceeds from sale of shares.......................... 6,186,864 11,490,927 18,486,550 27,653,569 10,573,066 17,892,649 Investment of dividends............ -- 669,792 -- -- -- -- Shares issued in payment of gain distributions........... -- 4,598,840 -- -- -- 3,392,252 ----------- ----------- ----------- ----------- ----------- ----------- Total.............................. 6,186,864 16,759,559 18,486,550 27,653,569 10,573,066 21,284,901 ----------- ----------- ----------- ----------- ----------- ----------- Cost of shares repurchased......... (3,382,598) (9,250,532) (10,449,062) (10,395,761) (7,114,276) (2,721,117) ----------- ----------- ----------- ----------- ----------- ----------- Increase (Decrease) in Net Assets From Capital Share Transactions.............. 2,804,266 7,509,027 8,037,488 17,257,808 3,458,790 18,563,784 ----------- ----------- ----------- ----------- ----------- ----------- Increase (Decrease) in Net Assets...................... 8,257,980 8,332,355 13,182,715 22,202,854 6,938,698 19,195,910 Net Assets: Beginning of Period................ 37,168,400 28,836,045 60,644,947 38,442,093 31,672,021 12,476,111 ----------- ----------- ----------- ----------- ----------- ----------- End of Period...................... $45,426,380 $37,168,400 $73,827,662 $60,644,947 $38,610,719 $31,672,021 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Seligman Seligman Henderson Henderson Global Growth Global Smaller Opportunities Portfolio Companies Portfolio -------------------------- ----------------------- Six Months Six Months Ended 5/1/96* Ended Year 6/30/97 to 6/30/97 Ended (unaudited) 12/31/96 (unaudited) 12/31/96 ---------- --------- ----------- --------- OPERATIONS: Net investment income (loss)....... $ 7,503 $ 1,510 $ 31,993 $ 24,879 Net realized gain (loss) on investments..................... 13,775 (9,589) 279,934 1,146,142 Net realized gain (loss) from foreign currency transactions.................... (20,088) 297 (56,980) 34,461 Net change in unrealized appreciation/depreciation of investments.................. 433,305 30,586 2,884,673 192,735 Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts...... (25,830) (7,824) (1,228,937) (129,401) ---------- ---------- ----------- ----------- Increase in Net Assets from Operations................. 408,665 14,980 1,910,683 1,268,816 ---------- ---------- ----------- ----------- DISTRIBUTIONS TO SHAREHOLDERS: Net investment income.............. -- (1,843) -- (21,782) Realized gain on investments....... -- -- -- (1,150,819) ---------- ---------- ----------- ----------- Decrease in Net Assets From Distributions................... -- (1,843) -- (1,172,601) ---------- ---------- ----------- ----------- CAPITAL SHARE TRANSACTIONS: Net proceeds from sale of shares.......................... 2,691,785 1,707,364 3,895,487 11,760,606 Investment of dividends............ -- 1,843 -- 21,782 Shares issued in payment of gain distributions........... -- -- -- 1,150,819 ---------- ---------- ----------- ----------- Total.............................. 2,691,785 1,709,207 3,895,487 12,933,207 ---------- ---------- ----------- ----------- Cost of shares repurchased......... (530,931) (132,654) (721,935) (989,791) ---------- ---------- ----------- ----------- Increase (Decrease) in Net Assets From Capital Share Transactions.............. 2,160,854 1,576,553 3,173,552 11,943,416 ---------- ---------- ----------- ----------- Increase (Decrease) in Net Assets...................... 2,569,519 1,589,690 5,084,235 12,039,631 Net Assets: Beginning of Period................ 1,589,690 -- 16,876,247 4,836,616 ---------- ---------- ----------- ----------- End of Period...................... $4,159,209 $1,589,690 $21,960,482 $16,876,247 ---------- ---------- ----------- ----------- ---------- ---------- ----------- ----------- - --------------------- * Commencement of operations. See Notes to Financial Statements.
-- P-41 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Statements of Changes in Net Assets (continued) - ------------------------------------------------------------------------------
Seligman Seligman Henderson Henderson Seligman Global Technology International High-Yield Seligman Portfolio Portfolio Bond Portfolio Income Portfolio --------------------- -------------------- --------------------- ----------------------- Six Months Six Months Six Months Six Months Ended 5/1/96* Ended Year Ended Year Ended Year 6/30/97 to 6/30/97 Ended 6/30/97 Ended 6/30/97 Ended (unaudited) 12/31/96 (unaudited) 12/31/96 (unaudited) 12/31/96 (unaudited) 12/31/96 ---------- ---------- ----------- ---------- ----------- ----------- ----------- ----------- OPERATIONS: Net investment income (loss). $ (2,697) $ (2,332) $ 47,553 $ 40,190 $ 645,825 $ 700,400 $ 347,164 $ 665,263 Net realized gain (loss) on investments .............. (61,900) 9,847 428,275 99,382 (72,810) 71,419 (115,558) 188,849 Net realized gain (loss) from foreign currency transactions.............. (4,717) (762) (120,614) 29,228 -- -- (51) (24) Net change in unrealized appreciation/depreciation of investments ........... 221,703 59,662 891,209 378,494 181,704 207,559 705,898 (75,436) Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currenciesand forward currency contracts. 3,398 8,861 (90,099) (153,172) -- -- (2,305) 7,431 ---------- ---------- ----------- ---------- ----------- ----------- ----------- ----------- Increase in Net Assets From Operations .......... 155,787 75,276 1,156,324 394,122 754,719 979,378 935,148 786,083 ---------- ---------- ----------- ---------- ----------- ----------- ----------- ----------- DISTRIBUTIONS TO SHAREHOLDERS: Net investment income........ -- -- -- (36,924) -- (700,656) -- (693,657) Realized gain on investments. -- (10,437) (128,691) -- (71,346) -- (198,872) ---------- ---------- ----------- ---------- ----------- ----------- ----------- ----------- Decrease in Net Assets From Distributions ....... -- (10,437) -- (165,615) -- (772,002) -- (892,529) ---------- ---------- ----------- ---------- ----------- ----------- ----------- ----------- CAPITAL SHARE TRANSACTIONS: Net proceeds from sale of shares ................... 1,673,286 1,484,242 2,343,455 4,060,684 7,564,036 9,904,511 1,026,512 5,080,349 Investment of dividends -- -- -- 36,924 -- 700,656 -- 693,657 Shares issued in payment of gain distributions ....... -- 10,437 -- 128,691 -- 71,346 -- 198,872 ---------- ---------- ----------- ---------- ----------- ----------- ----------- ----------- Total ....................... 1,673,286 1,494,679 2,343,455 4,226,299 7,564,036 10,676,513 1,026,512 5,972,878 ---------- ---------- ----------- ---------- ----------- ----------- ----------- ----------- Cost of shares repurchased... (645,632) (195,803) (631,390) (1,395,763) (2,985,349) (2,716,951) (2,069,513) (4,769,122) ---------- ---------- ----------- ---------- ----------- ----------- ----------- ----------- Increase (Decrease) in Net Assets From Capital Share Transactions ....... 1,027,654 1,298,876 1,712,065 2,830,536 4,578,687 7,959,562 (1,043,001) 1,203,756 ---------- ---------- ----------- ---------- ----------- ----------- ----------- ----------- Increase (Decrease) in Net Assets ............... 1,183,441 1,363,715 2,868,389 3,059,043 5,333,406 8,166,938 (107,853) 1,097,310 Net Assets: Beginning of Period ......... 1,363,715 -- 7,242,272 4,183,229 11,176,360 3,009,422 13,716,790 12,619,480 ---------- ---------- ----------- ---------- ----------- ----------- ----------- ----------- End of Period ............... $2,547,156 $1,363,715 $10,110,661 $7,242,272 $16,509,766 $11,176,360 $13,608,937 $13,716,790 ---------- ---------- ----------- ---------- ----------- ----------- ----------- ----------- ---------- ---------- ----------- ---------- ----------- ----------- ----------- ----------- - --------------------- * Commencement of operations. See Notes to Financial Statements.
-- P-42 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Notes to Financial Statements (unaudited) - ------------------------------------------------------------------------------ 1. Organization -- Seligman Portfolios, Inc. (the "Fund") is an open-end diversified management investment company consisting of twelve separate portfolios (the "Portfolios"): "Seligman Bond Portfolio" ("Bond Portfolio"), "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 Frontier Portfolio" ("Frontier 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 Henderson International Portfolio" ("International 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 Bond, Capital, Cash Management, Common Stock, 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"). However, 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 its Fixed Accumulation Account from the Mutual Benefit Plan will not be accepted. 2. Significant Accounting Policies -- The financial statements have been prepared in conformity with generally accepted accounting principles which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the Fund: a. Security Valuation --Investments in US Government securitiesandagencies, bonds, convertible securities, and stocks are valued at the most current market values or, in their absence, at fair market values 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. Foreign Securities -- The Portfolios may invest up to 10% of their total assets in foreign securities (except Global Growth Opportunities Portfolio, Global Smaller Companies Portfolio, Global Technology Portfolio, and International 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 Depositary Receipts ("ADRs"), American Depositary Shares ("ADSs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), and Global Depositary 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 or 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 from the difference between the amounts of dividends, interest and foreign withholding -- P-43 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Notes to Financial Statements (unaudited) (continued) - ------------------------------------------------------------------------------ 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. 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. e. Forward Currency Contracts -- The Global Growth Opportunities Portfolio, Global Smaller Companies Portfolio, Global Technology Portfolio, and International 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. Federal Taxes -- 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. Security Transactions and Related Investment Income --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, except that certain dividends from foreign securities where the ex-dividend dates may have passed are recorded as soon as the Fund is informed of the dividend. f. Repurchase Agreements --The Portfolios may enter into repurchase agreements with commercial banks and with broker/dealers deemed to be creditworthy by J. & W. Seligman & Co. Incorporated (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. g. Expense Allocations -- 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. h. Distributions to Shareholders -- 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. 3. Purchases and Sales of Securities --Purchases and sales of portfolio securities, excluding US Government obligations and short-term investments, for the six months ended June 30, 1997, were as follows: Portfolio Purchases Sales -------- --------- ----- Bond $ 4,319,226 $ 2,919,099 Capital 9,227,328 6,608,635 Common Stock 6,264,568 5,952,891 Communications and Information 92,358,595 87,939,380 Frontier 22,372,189 16,463,596 Global Growth Opportunities 2,886,282 756,354 Global Smaller Companies 7,648,142 5,458,166 Global Technology 1,906,623 1,526,211 International 4,732,361 2,767,519 -- P-44 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ Portfolio Purchases Sales -------- --------- ----- High-Yield Bond $10,763,596 $5,259,085 Income 4,230,428 5,430,060 For the six months ended June 30, 1997, purchases and sales of US Government obligations were $984,328 and $2,163,393, respectively, for the Bond Portfolio. Identified cost of investments sold is used for both financial statement and federal income tax purposes. At June 30, 1997, with the exception of the Communications and Information Portfolio, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. With regard to the Communications and Information Portfolio, the cost of investments was $63,793,986. 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 -------- ------------ ----------- Bond $ 67,689 $ 3,206 Capital 3,304,675 540,583 Common Stock 11,807,711 169,641 Communications and Information 10,651,488 2,090,858 Frontier 5,442,792 1,460,455 Global Growth Opportunities 482,051 51,729 Global Smaller Companies 3,177,662 1,302,036 Global Technology 378,591 84,987 International 1,411,327 126,502 High-Yield Bond 652,202 205,551 Income 1,395,666 267,203 4. Management Fee, Administrative Services, and Other Transactions -- The Manager manages the affairs of the Fund and provides orarrangesforthe necessary personnel and facilities. SeligmanHendersonCo.(the"Subadviser"),an entity owned50% each bytheManager and Henderson plc, supervises and directs the Fund's foreign investments. 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 ManagerorbyHenderson plc. The Manager's fee is calculated daily and payable monthly, equal to 0.40%, on an annual basis, of Bond, Capital, Cash Management, Common Stock, 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 Global Growth Opportunities, Global Smaller Companies, Global Technology and International 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 Growth Opportunities, Global Smaller Companies, Global Technology and International Portfolios). The Manager, at its discretion, has elected to waive all of its fee for, and reimburse all of the expenses of, the Cash Management Portfolio until such time as the Manager determines. The Manager and Subadviser have agreed to reimburse expenses, other than the management fee, which exceed 0.40% per annum of the average daily net assets of theGlobal Growth Opportunities, Global Smaller Companies, Global Technology and International Portfolios. For the six months ended June 30, 1997, the Manager reimbursed expenses and/or waived fees of $5,593, $4,262, $39,648, and $10,593 for the Bond, Capital, Cash Management, and High-Yield Bond Portfolios, respectively. For the same period, the Manager waived all its fee and the Subadviser waived a portion of its fee for the Global Smaller Companies Portfolio and the International Portfolio, totalling $16,915 and $33,191, respectively. For the same period, the Manager and Subadviser waived their fees and the Subadviser reimbursed expenses totalling $16,119 and $9,553, 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 $163,309 from Canada Life Insurance Company of America and $12,891 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. -- P-45 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Notes to Financial Statements (unaudited) (continued) - ------------------------------------------------------------------------------ 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, 1997, 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. Loss Carryforward -- At December 31, 1996, the Bond Portfolio, the Cash Management Portfolio, the Communications and Information Portfolio,andthe Global Growth Opportunities Portfolio had net capital loss carryforwards for federal income tax purposes of $54,471, $398, $3,288,623 and $9,630, respectively, which are available for offset against future taxable net gains. These net capital loss carryforwards will expire in varying amounts through 2004. 6. Outstanding Forward Exchange Currency Contracts -- At June 30, 1997, the Fund had outstanding forward exchange 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 SMALLER COMPANIES PORTFOLIO Purchases: British Pounds 4,916 8,196 7/1/97 8,178 $ (18) Singapore Dollars 32,359 22,636 7/3/97 22,634 (2) Hong Kong Dollars 341,086 44,025 7/7/97 44,028 3 ------- (17) ------- Sales: French Francs 1,849,312 320,000 8/14/97 315,082 4,918 German Deutschemarks 394,335 230,000 8/19/97 226,877 3,123 ------- 8,041 ------- $ 8,024 ======== INTERNATIONAL PORTFOLIO Purchases: Japanese Yen 910,661 7,957 7/2/97 7,953 $ (4) French Francs 2,138,267 369,591 8/14/97 364,314 (5,277) German Deutschemarks 394,335 229,966 8/19/97 226,877 (3,089) Swiss Francs 217,950 153,996 8/19/97 150,031 (3,965) ------- (12,335) ------- Sales: French Francs 695,892 118,229 7/2/97 118,436 (207) French Francs 2,138,267 370,000 8/14/97 364,314 5,686 German Deutschemarks 394,335 230,000 8/19/97 226,877 3,123 Swiss Francs 217,950 150,000 8/19/97 150,031 (31) ------- 8,571 ------- $ (3,764) ====+===
-- P-46 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 7. Capital Stock Transactions -- At June 30, 1997, 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 Bond and Capital Portfolios; and 100,000,000 shares for each of the Cash Management, Common Stock, Communications and Information, Frontier, Global Smaller Companies, International, High-Yield Bond, and Income Portfolios, all at a par value of $.001 per share. Transactions in shares of Capital Stock were as follows:
Bond Capital Cash Management Portfolio Portfolio Portfolio ---------------------- -------------------- --------------------- Six Months Year Six Months Year Six Months Year Ended Ended Ended Ended Ended Ended 6/30/97 12/31/96 6/30/97 12/31/96 6/30/97 12/31/96 -------- -------- --------- -------- --------- ---------- Sale of shares...................... 119,281 214,510 212,787 371,812 13,379,606 16,950,432 Shares issued in payment of dividends..................... -- 27,071 -- 2,189 261,062 483,722 Shares issued in payment of gain distributions............ -- -- -- 53,253 -- -- ------- ------- ------- ------- ---------- ---------- Total............................... 119,281 241,581 212,787 427,254 13,640,668 17,434,154 ------- ------- ------- ------- ---------- ---------- Shares repurchased.................. (48,148) (165,022) (111,310) (156,642) (13,917,355) (15,478,773) ------- ------- ------- ------- ---------- ---------- Increase (Decrease) in Shares........................ 71,133 76,559 101,477 270,612 (276,687) 1,955,381 ------- ------- ------- ------- ---------- ---------- ------- ------- ------- ------- ---------- ---------- Communications Common Stock and Information Frontier Portfolio Portfolio Portfolio ---------------------- --------------------- -------------------- Six Months Year Six Months Year Six Months Year Ended Ended Ended Ended Ended Ended 6/30/97 12/31/96 6/30/97 12/31/96 6/30/97 12/31/96 -------- -------- -------- -------- --------- -------- Sale of shares...................... 367,245 676,407 1,236,666 2,058,865 698,357 1,141,808 Shares issued in payment of dividends..................... -- 41,705 -- -- -- -- Shares issued in payment of gain distributions -- 286,354 -- -- -- 229,516 -------- --------- --------- --------- -------- --------- Total............................... 367,245 1,004,466 1,236,666 2,058,865 698,357 1,371,324 -------- --------- --------- --------- -------- --------- Shares repurchased.................. (199,668) (537,472) (701,243) (777,428) (466,918) (177,011) -------- --------- --------- --------- -------- --------- Increase in Shares.................. 167,577 466,994 535,423 1,281,437 231,439 1,194,313 -------- --------- --------- --------- -------- --------- -------- --------- --------- --------- -------- ---------
-- P-47 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Notes to Financial Statements (unaudited) (continued) - ------------------------------------------------------------------------------
Global Growth Global Smaller Global Opportunities Companies Technology Portfolio Portfolio Portfolio -------------------- -------------------- --------------------- Six Months 5/1/96* Six Months Year Six Months 5/1/96* Ended to Ended Ended Ended to 6/30/97 12/31/96 6/30/97 12/31/96 6/30/97 12/31/96 -------- -------- -------- -------- --------- -------- Sale of shares...................... 260,602 173,750 299,486 877,250 156,341 150,969 Shares issued in payment of dividends..................... -- 186 -- 1,708 -- -- Shares issued in payment of gain distributions............ -- -- -- 90,260 -- 1,023 ------- ------- ------- ------- ------- ------- Total............................... 260,602 173,936 299,486 969,218 156,341 151,992 ------- ------- ------- ------- ------- ------- Shares repurchased.................. (51,479) (13,596) (54,466) (72,141) (61,872) (19,875) ------- ------- ------- ------- ------- ------- Increase in Shares.................. 209,123 160,340 245,020 897,077 94,469 132,117 ======= ======= ======= ======= ======= ======= International High-Yield Bond Income Portfolio Portfolio Portfolio -------------------- -------------------- -------------------- Six Months Year Six Months Year Six Months Year Ended Ended Ended Ended Ended Ended 6/30/97 12/31/96 6/30/97 12/31/96 6/30/97 12/31/96 ------- ------- ------- ------- --------- -------- Sale of shares...................... 170,734 316,262 659,426 885,932 95,018 468,320 Shares issued in payment of dividends..................... -- 2,864 -- 62,670 -- 65,750 Shares issued in payment of gain distributions............ -- 9,983 -- 6,382 -- 18,850 ------- ------- ------- ------- ------- ------- Total............................... 170,734 329,109 659,426 954,984 95,018 552,920 ------- ------- ------- ------- ------- ------- Shares repurchased.................. (47,062) (108,146) (264,313) (242,875) (191,101) (443,660) ------- ------- ------- ------- ------- ------- Increase (Decrease) in Shares........................ 123,672 220,963 395,113 712,109 (96,083) (109,260) ======= ======= ======= ======= ======= ======= - ----------------------- * Commencement of operations.
8. Committed Line of Credit --Effective July 23, 1997, the Communications and Information Portfolio, Frontier Portfolio, Global Growth Opportunities Portfolio, Global Smaller Companies Portfolio, Global Technology Portfolio, International Portfolio, and High-Yield Bond Portfolio, collectively, entered into a $12 million committed line of credit facility with a group of banks. Borrowing pursuant to the credit facility will be subject to interest at a rate equal to the federal funds rate plus 0.50% per annum. The portfolios will incur a commitment fee of 0.10% per annum on the unused portion of the credit facility. The credit facility may be drawn upon only for temporary purposes and is subject to certain other customary restrictions. The credit facility commitment will expire one year from the date of the agreement but is renewable with the consent of the participating banks. -- P-48 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Financial Highlights - ------------------------------------------------------------------------------ The Fund's financial highlights are presented below. "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 investors 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. "Total return based on net asset value" measures each Portfolio's performance assuming that investors purchased shares of a Portfolio at net asset value at the beginning of the period, invested dividends and capital gains paid at net asset value, and then sold their shares at the net asset value 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.
Bond Portfolio -------------------------------------------------------------------- Six Months Ended Year Ended December 31, 6/30/97 ------------------------------------------------------- PER SHARE OPERATING PERFORMANCE: (unaudited) 1996 1995 1994 1993 1992 -------- -------- -------- -------- -------- -------- Net Asset Value, Beginning of Period........ $9.890 $10.440 $9.270 $10.110 $10.660 $10.990 ------- -------- ------- ------- ------- ------- Net investment income....................... 0.308 0.565 0.605 0.499 0.713 0.706 Net realized and unrealized gain (loss) on investments.......................... (0.058) (0.552) 1.171 (0.841) 0.142 (0.092) ------- -------- ------- ------- ------- ------- Increase (Decrease) from Investment Operations....................... 0.250 0.013 1.776 (0.342) 0.855 0.614 Dividends paid.............................. -- (0.563) (0.606) (0.498) (0.711) (0.772) Distributions from net realized gain ....... -- -- -- -- (0.694) (0.172) ------- -------- ------- ------- ------- ------- Net Increase (Decrease) in Net Asset Value.. 0.250 (0.550) 1.170 (0.840) (0.550) (0.330) ------- -------- ------- ------- ------- ------- Net Asset Value, End of Period.............. $10.140 $9.890 $10.440 $9.270 $10.110 $10.660 ======= ======== ======= ======= ======= ======= TOTAL RETURN BASED ON NET ASSET VALUE: 2.53% 0.09% 19.18% (3.39)% 7.98% 5.60% RATIOS/SUPPLEMENTAL DATA: Expenses to average net assets.............. 0.60%+ 0.60% 0.60% 0.60% 0.74% 1.00% Net investment income to average net assets. 6.39%+ 5.97% 6.22% 5.12% 5.41% 6.22% Portfolio turnover.......................... 116.88% 199.74% 114.42% 237.23% 33.21% 23.40% Net Assets, End of Period (000s omitted).................. $5,867 $5,015 $4,497 $3,606 $3,775 $4,750 Without management fee waiver and expense reimbursement:++ Net investment income per share.......... $0.297 $0.545 $0.571 $0.430 $0.675 Ratios: Expenses to average net assets........... 0.82%+ 0.79% 0.99% 1.31% 1.07% Net investment income to average net assets........................... 6.17%+ 5.78% 5.83% 4.41% 5.08% - ------------------------ + Annualized. ++ The Manager, at its discretion, reimbursed expenses and/or waived management fees for certain periods presented. See Notes to Financial Statements.
-- P-49 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Financial Highlights (continued) - -------------------------------------------------------------------------------
Capital Portfolio ------------------------------------------------------------------- Six Months Ended Year Ended December 31, 6/30/97 ------------------------------------------------------ PER SHARE OPERATING PERFORMANCE: (unaudited) 1996 1995 1994 1993 1992 --------- ------- ------- ------- ------- ------- Net Asset Value, Beginning of Period......... $16.010 $14.910 $12.700 $14.950 $16.980 $17.740 ------- ------- ------- ------- ------- ------- Net investment income........................ 0.016 0.043 0.048 0.015 0.021 (0.022) Net realized and unrealized gain (loss) on investments...................... 1.444 2.121 3.385 (0.699) 1.928 1.202 Increase (Decrease) from ------- ------- ------- ------- ------- ------- Investment Operations...................... 1.460 2.164 3.433 (0.684) 1.949 1.180 Dividends paid............................... -- (0.042) (0.047) (0.018) (0.021) -- Distributions from net realized gain......... -- (1.022) (1.176) (1.548) (3.958) (1.940) ------- ------- ------- ------- ------- ------- Net Increase (Decrease) in Net Asset Value... 1.460 1.100 2.210 (2.250) (2.030) (0.760) ------- ------- ------- ------- ------- ------- Net Asset Value, End of Period............... $17.470 $16.010 $14.910 $12.700 $14.950 $16.980 ======= ======= ======= ======= ======= ======= TOTAL RETURN BASED ON NET ASSET VALUE: 9.12% 14.51% 27.17% (4.59)% 11.65% 6.80% RATIOS/SUPPLEMENTAL DATA: Expenses to average net assets............... 0.60%+ 0.59% 0.60% 0.60% 0.71% 0.91% Net investment income (loss) to average net assets......................... 0.24%+ 0.29% 0.32% 0.10% 0.09% (0.14)% Portfolio turnover........................... 44.35% 88.78% 122.20% 67.39% 65.30% 54.95% Average commission rate paid................. $0.0553 $0.0557 Net Assets, End of Period (000s omitted)..... $17,391 $14,313 $9,294 $5,942 $5,886 $5,497 Without management fee waiver and expense reimbursement:++ Net investment income (loss) per share.... $0.012 $0.035 $(0.036) $(0.003) Ratios: Expenses to average net assets............ 0.65%+ 0.71% 0.96% 0.83% Net investment income (loss) to average net assets...................... 0.19%+ 0.21% (0.26)% (0.03)% Cash Management Portfolio ------------------------------------------------------------------- Six Months Ended Year Ended December 31, 6/30/97 ----------------------------------------------------- PER SHARE OPERATING PERFORMANCE: (unaudited) 1996 1995 1994 1993 1992 --------- ------- ------- ------- ------- ------- Net Asset Value, Beginning of Period........... $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 ------- ------- ------- ------- ------- ------- Net investment income.......................... 0.027 0.053 0.055 0.040 0.030 0.035 Dividends paid................................. (0.027) (0.053) (0.055) (0.040) (0.030) (0.035) ------- ------- ------- ------- ------- ------- 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: 2.70% 5.43% 5.60% 4.03% 3.00% 3.53% RATIOS/SUPPLEMENTAL DATA: Expenses to average net assets................. -- -- -- -- -- -- Net investment income to average net assets.... 5.40%+ 5.30% 5.48% 3.98% 2.96% 3.50% Net Assets, End of Period (000s omitted)....... $9,478 $9,755 $7,800 $3,230 $3,102 $4,230 Without management fee waiver and expense reimbursement:++ Net investment income per share............. $0.023 $0.047 $0.046 $0.025 $ 0.019 $0.025 Ratios: Expenses to average net assets.............. 0.82%+ 0.63% 0.87% 1.48% 1.07% 0.97% Net investment income to average net assets. 4.58%+ 4.67% 4.61% 2.50% 1.89% 2.53% - ------------------------ + 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. - -------------------------------------------------------------------------------
Common Stock Portfolio -------------------------------------------------------------------- Six Months Ended Year Ended December 31, 6/30/97 ------------------------------------------------------ PER SHARE OPERATING PERFORMANCE: (unaudited) 1996 1995 1994 1993 1992 --------- ------- ------- ------- ------- ------- Net Asset Value, Beginning of Period.............. $15.920 $15.440 $13.780 $14.980 $15.600 $14.740 --------- -------- -------- -------- -------- -------- Net investment income............................. 0.166 0.334 0.349 0.365 0.392 0.346 Net realized and unrealized gain (loss) on investments.................................. 2.064 2.789 3.400 (0.356) 1.479 1.445 --------- -------- -------- -------- -------- -------- Increase from Investment Operations............... 2.230 3.123 3.749 0.009 1.871 1.791 Dividends paid.................................... -- (0.336) (0.345) (0.385) (0.394) (0.369) Distributions from net realized gain ............. -- (2.307) (1.744) (0.824) (2.097) (0.562) --------- -------- -------- -------- -------- -------- Net Increase (Decrease) in Net Asset Value........ 2.230 0.480 1.660 (1.200) (0.620) 0.860 --------- -------- -------- -------- -------- -------- Net Asset Value, End of Period.................... $18.150 $15.920 $15.440 $13.780 $14.980 $15.600 --------- -------- -------- -------- -------- -------- --------- -------- -------- -------- -------- -------- TOTAL RETURN BASED ON NET ASSET VALUE: 14.01% 20.08% 27.28% 0.04% 11.94% 12.14% RATIOS/SUPPLEMENTAL DATA: Expenses to average net assets.................... 0.54%+ 0.53% 0.54% 0.60% 0.55% 0.56% Net investment income to average net assets....... 1.99%+ 1.99% 2.42% 2.45% 2.10% 2.21% Portfolio turnover................................ 19.19% 50.33% 55.48% 15.29% 10.70% 12.57% Average commission rate paid...................... $0.0592 $0.0561 Net Assets, End of Period (000s omitted).......... $45,426 $37,168 $28,836 $20,168 $21,861 $24,987 Without management fee waiver and expense reimbursement:++ Net investment income per share................. $0.361 Ratios: Expenses to average net assets.................. 0.62% Net investment income to average net assets............................ 2.43% Communications and Information Portfolio ------------------------------------------------------------------- Six Months Ended Year Ended December 31, 10/11/94** 6/30/97 ------------------------- to PER SHARE OPERATING PERFORMANCE: (unaudited) 1996 1995 12/31/94 -------- ------- -------- -------- Net Asset Value, Beginning of Period.............. $14.690 $13.500 $10.440 $10.000 -------- -------- -------- -------- Net investment loss............................... (0.031) -- -- (0.016) Net realized and unrealized gain on investments.................................. 1.171 1.190 4.015 0.456 -------- -------- -------- -------- Increase from Investment Operations............... 1.140 1.190 4.015 0.440 Dividends paid.................................... -- -- -- -- Distributions from net realized gain ............. -- -- (0.955) -- -------- -------- -------- -------- Net Increase in Net Asset Value 1.140 1.190 3.060 0.440 -------- -------- -------- -------- Net Asset Value, End of Period.................... $15.830 $14.690 $13.500 $10.440 -------- -------- -------- -------- -------- -------- -------- -------- TOTAL RETURN BASED ON NET ASSET VALUE: 7.76% 8.81% 38.55% 4.40% RATIOS/SUPPLEMENTAL DATA: Expenses to average net assets.................... 0.84%+ 0.87% 0.95% 0.95%+ Net investment income (loss) to average net assets (0.43)%+ (0.32)% (0.89)% (0.95)%+ Portfolio turnover................................ 144.36% 167.20% 96.62% -- Average commission rate paid...................... $0.0543 $0.0530 Net Assets, End of Period (000s omitted).......... $73,828 $60,645 $38,442 $495 Without management fee waiver and expense reimbursement:++ Net investment loss per share................... $(0.436) Ratios: Expenses to average net assets.................. 13.96%+ Net investment loss to average net assets............................ (13.96)%+ - ------------------------------------------------------------------------------------------------------------------------------------ * 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-51 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Financial Highlights (continued) - ------------------------------------------------------------------------------
Global Growth Frontier Portfolio Opportunities Portfolio ---------------------------------------------- ----------------------- Six Months Six Months Ended Year Ended December 31, 10/11/94** Ended 5/1/96* 6/30/97 --------------------- to 6/30/97 to PER SHARE OPERATING PERFORMANCE: (unaudited) 1996 1995 12/31/94 (unaudited) 12/31/96 ----------- -------- ------- -------- ----------- -------- Net Asset Value, Beginning of Period... $14.980 $13.560 $10.580 $10.000 $ 9.910 $10.000 ------- ------- ------- ------- ------- ------- Net investment income (loss)........... (0.033) 0.001 (0.001) (0.012) 0.028 0.008 Net realized and unrealized gain on investments....................... 1.513 3.220 3.512 0.592 1.527 0.018 Net realized and unrealized loss from foreign currency transactions... -- -- -- -- (0.205) (0.104) ------- ------- ------- ------- ------- ------- Increase (Decrease) from Investment Operations................ 1.480 3.221 3.511 0.580 1.350 (0.078) Dividends paid......................... -- -- -- -- -- (0.012) Distributions from net realized gain .. -- (1.801) (0.531) -- -- -- ------- ------- ------- ------- ------- ------- Net Increase (Decrease) in Net Asset Value.......................... 1.480 1.420 2.980 0.580 1.350 (0.090) ------- ------- ------- ------- ------- ------- Net Asset Value, End of Period......... $16.460 $14.980 $13.560 $10.580 $11.260 $ 9.910 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- TOTAL RETURN BASED ON NET ASSET VALUE: 9.88% 23.93% 33.28% 5.80% 13.62% (0.78)% RATIOS/SUPPLEMENTAL DATA: Expenses to average net assets......... 0.88%+ 0.92% 0.95% 0.95%+ 1.40%+ 1.40%+ Net investment income (loss) to average net assets................... (0.44)%+ (0.37)% (0.55)% (0.70)%+ 0.56%+ 0.37%+ Portfolio turnover..................... 51.42% 119.74% 106.48% -- 31.09% 12.99% Average commission rate paid........... $0.0531 $0.0532 $0.0281 $0.0522 Net Assets, End of Period (000s omitted) $38,611 $31,672 $12,476 $169 $4,159 $1,590 Without management fee waiver and expense reimbursement:++ Net investment loss per share........ $(0.019) $(1.319) $(0.033) $(0.255) Ratios: Expenses to average net assets....... 1.37% 40.47%+ 2.60%+ 6.04%+ Net investment loss to average net assets......................... (0.97)% (40.22)%+ (0.64)%+ (4.27)%+ - ---------------------- * Commencement of operations. ** Commencement of investment operations. + Annualized. ++ The Manager and/or Subadviser, at their discretion, reimbursed expenses and/or waived management fees for certain periods presented. See Notes to Financial Statements.
-- P-52 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------
Global Smaller Global Technology Companies Portfolio Portfolio ----------------------------------------------- ----------------------- Six Months Six Months Ended Year Ended December 31, 10/11/94** Ended 5/1/96* 6/30/97 --------------------- to 6/30/97 to PER SHARE OPERATING PERFORMANCE: (unaudited) 1996 1995 12/31/94 (unaudited) 12/31/96 ----------- -------- ------- -------- ----------- -------- Net Asset Value, Beginning of Period. $12.870 $11.670 $10.310 $10.000 $10.320 $10.000 ------- ------- ------- ------- ------- ------- Net investment income (loss)......... 0.017 0.022 0.051 0.058 (0.014) (0.004) Net realized and unrealized gain on investments..................... 2.229 2.305 2.037 0.266 0.892 0.305 Net realized and unrealized gain (loss) from foreign currency transactions. (1.006) (0.158) (0.301) 0.029 0.042 0.099 ------- ------- ------- ------- ------- ------- Increase from Investment Operations.. 1.240 2.169 1.787 0.353 0.920 0.400 Dividends paid....................... -- (0.018) (0.052) (0.043) -- -- Distributions from net realized gain -- (0.951) (0.375) -- -- (0.080) ------- ------- ------- ------- ------- ------- Net Increase in Net Asset Value...... 1.240 1.200 1.360 0.310 0.920 0.320 ------- ------- ------- ------- ------- ------- Net Asset Value, End of Period....... $14.110 $12.870 $11.670 $10.310 $11.240 $10.320 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- TOTAL RETURN BASED ON NET ASSET VALUE: 9.63% 18.66% 17.38% 3.53% 8.91% 4.01% RATIOS/SUPPLEMENTAL DATA: Expenses to average net assets....... 1.40%+ 1.40% 1.39% 1.20%+ 1.40%+ 1.40%+ Net investment income (loss) to average net assets................. 0.34%+ 0.23% 0.64% 3.14%+ (0.28)%+ 0.60%+ Portfolio turnover................... 30.56% 62.31% 55.65% -- 90.18% 45.04% Average commission rate paid......... $0.0191 $0.0219 $0.0173 $0.0160 Net Assets, End of Period (000s omitted) $21,960 $16,876 $4,837 $132 $2,547 $1,364 Without management fee waiver and expense reimbursement:++ Net investment income (loss) per share $0.006 $(0.044) $(0.051) $(1.225) $(0.067) $(0.202) Ratios: Expenses to average net assets..... 1.58%+ 1.90% 3.84% 37.25%+ 2.41%+ 4.71%+ Net investment income (loss) to average net assets............... 0.16%+ (0.27)% (1.81)% (32.91)%+ (1.29)%+ (2.71)%+ - ---------------------- * Commencement of operations. ** Commencement of investment operations. + Annualized. ++ The Manager and/or Subadviser, at their discretion, reimbursed expenses and/or waived management fees for certain periods presented. See Notes to Financial Statements.
-- P-53 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Financial Highlights (continued) - ------------------------------------------------------------------------------
International High-Yield Bond Portfolio Portfolio ------------------------------------------------- -------------------------------- Six Months Six Months Ended Year Ended December 31, 5/3/93* Ended Year 5/1/95* 6/30/97 -------------------------- to 6/30/97 Ended to PER SHARE OPERATING PERFORMANCE: (unaudited) 1996 1995 1994 12/31/93 (unaudited) 12/31/96 12/31/95 ---------- ------- ------- ------- -------- ----------- -------- -------- Net Asset Value, Beginning of Period.... $12.960 $12.390 $11.340 $11.370 $10.000 $11.190 $10.500 $10.000 ------- ------- ------- ------- ------- ------- ------- ------- Net investment income................... 0.061 0.074 0.154 0.131 0.021 0.545 0.768 0.218 Net realized and unrealized gain on investments........................ 2.432 1.124 0.896 (0.306) 1.518 0.105 0.766 0.519 Net realized and unrealized gain (loss) from foreign currency transactions.... (0.633) (0.323) 0.236 0.325 (0.099) -- -- -- ------- ------- ------- ------- ------- ------- ------- ------- Increase from Investment Operations..... 1.860 0.875 1.286 0.150 1.440 0.650 1.534 0.737 Dividends paid.......................... -- (0.068) (0.151) (0.064) (0.053) -- (0.766) (0.219) Distributions from net realized gain ... -- (0.237) (0.085) (0.116) (0.017) -- (0.078) (0.018) ------- ------- ------- ------- ------- ------- ------- ------- Net Increase in Net Asset Value......... 1.860 0.570 1.050 (0.030) 1.370 0.650 0.690 0.500 ------- ------- ------- ------- ------- ------- ------- ------- Net Asset Value, End of Period.......... $14.820 $12.960 $12.390 $11.340 $11.370 $11.840 $11.190 $10.500 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- TOTAL RETURN BASED ON NET ASSET VALUE: 14.35% 7.08% 11.34% 1.32% 14.40% 5.81% 14.62% 7.37% RATIOS/SUPPLEMENTAL DATA: Expenses to average net assets.......... 1.40%+ 1.40% 1.35% 1.20% 1.20%+ 0.70%+ 0.70% 0.70%+ Net investment income to average net assets.................... 1.18%+ 0.70% 1.01% 1.17% 1.30%+ 9.66%+ 9.77% 7.46%+ Portfolio turnover...................... 36.85% 48.53% 41.40% 47.34% 2.82% 40.31% 117.01% 67.55% Average commission rate paid............ $0.0217 $0.0191 Net Assets, End of Period (000s omitted) $10,111 $7,242 $4,183 $1,776 $648 $16,510 $11,176 $3,009 Without management fee waiver and expense reimbursement:++ Net investment income (loss) per share $(0.006) $(0.042) $0.001 $(0.419) $(1.004) $0.536 $0.747 $0.117 Ratios: Expenses to average net assets........ 2.23%+ 2.30% 3.40% 6.12% 17.94%+ 0.86%+ 0.88% 4.38%+ Net investment income (loss) to average net assets.................. 0.35%+ (0.20)% (1.04)% (3.75)% (15.44)%+ 9.50%+ 9.59% 3.78%+ - ---------------------- * Commencement of operations. + Annualized. ++ The Manager and/or Subadviser, at their discretion, reimbursed expenses and/or waived management fees for certain periods presented. See Notes to Financial Statements.
-- P-54 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------
Income Portfolio ------------------------------------------------------------------- Six Months Ended Year Ended December 31, 6/30/97 ----------------------------------------------------- PER SHARE OPERATING PERFORMANCE: (unaudited) 1996 1995 1994 1993 1992 ----------- -------- -------- -------- ------- ------- Net Asset Value, Beginning of Period.............. $10.520 $10.560 $ 9.970 $11.380 $11.390 $11.250 ------- ------- ------- ------- ------- ------- Net investment income ............................ 0.275 0.579 0.604 0.689 0.828 0.862 Net realized and unrealized gain (loss) on investments.................................. 0.475 0.126 1.187 (1.369) 0.576 0.896 ------- ------- ------- ------- ------- ------- Increase (Decrease) from Investment Operations.... 0.750 0.705 1.791 (0.680) 1.404 1.758 Dividends paid.................................... -- (0.579) (0.604) (0.730) (0.828) (0.987) Distributions from net realized gain ............. -- (0.166) (0.597) -- (0.586) (0.631) ------- ------- ------- ------- ------- ------- Net Increase (Decrease) in Net Asset Value........ 0.750 (0.040) 0.590 (1.410) (0.010) 0.140 ------- ------- ------- ------- ------- ------- Net Asset Value, End of Period.................... $11.270 $10.520 $10.560 $ 9.970 $11.380 $11.390 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- TOTAL RETURN BASED ON NET ASSET VALUE: 7.13% 6.66% 17.98% (5.96)% 12.37% 15.72% RATIOS/SUPPLEMENTAL DATA: Expenses to average net assets.................... 0.60%+ 0.59% 0.60% 0.60% 0.64% 0.68% Net investment income to average net assets...................................... 5.18%+ 5.37% 5.55% 6.34% 6.40% 7.53% Portfolio turnover................................ 39.78% 19.59% 51.22% 29.76% 38.38% 39.46% Average commission rate paid...................... $0.0600 $0.0600 Net Assets, End of Period (000s omitted).......... $13,609 $13,717 $12,619 $10,050 $11,220 $11,363 Without management fee waiver and expense reimbursement:++ Net investment income per share................. $0.602 $0.670 $0.826 Ratios: Expenses to average net assets.................. 0.62% 0.77% 0.65% Net investment income to average net assets.................................... 5.53% 6.17% 6.39% - ---------------------- * Commencement of operations ** Commencement of investment operations. + Annualized. ++ The Manager, at its discretion, waived management fees for certain periods presented. See Notes to Financial Statements.
-- P-55 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Board of Directors - ------------------------------------------------------------------------------ Fred E. Brown Director Emeritus Director and Consultant, J. & W. Seligman & Co. Incorporated John R. Galvin2 Dean, Fletcher School of Law and Diplomacy at Tufts University Director, USLIFE Corporation Alice S. Ilchman3 President, Sarah Lawrence College Trustee, Committee for Economic Development Chairman, The Rockefeller Foundation Frank A. McPherson2 Director, Kimberly-Clark Corporation Director, Baptist Medical Center John E. Merow Retired Chairman and Senior Partner, Sullivan & Cromwell, Law Firm Director, Commonwealth Aluminum Corporation Betsy S. Michel2 Director or Trustee, Various Organizations William C. Morris1 Chairman Chairman of the Board, J. & W. Seligman & Co. Incorporated Chairman, Carbo Ceramics Inc. Director, Kerr-McGee Corporation James C. Pitney3 Retired Partner, Pitney, Hardin, Kipp & Szuch, Law Firm Director, Public Service Enterprise Group James Q. Riordan3 Director, The Brooklyn Union Gas Company Trustee, Committee for Economic Development Director, Dow Jones & Co., Inc. Director, Public Broadcasting Service Richard R. Schmaltz1 Managing Director, J. & W. Seligman & Co. Incorporated Trustee Emeritus, Colby College Robert L. Shafer3 Director or Trustee, Various Organizations James N. Whitson2 Executive Vice President and Director, Sammons Enterprises, Inc. Director, C-SPAN Director, Red Man Pipe and Supply Company Brian T. Zino1 President President, J. & W. Seligman & Co. Incorporated Chairman, Seligman Data Corp. - ---------------------------------- Member: 1 Executive Committee 2 Audit Committee 3 Director Nominating Committee -- P-56 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------ Executive Officers - ------------------------------------------------------------------------------ William C. Morris Chairman Brian T. Zino President Brian Ashford-Russell Vice President Daniel J. Charleston Vice President Iain C. 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 -- P-57 -- -----END PRIVACY-ENHANCED MESSAGE-----