-----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, BWBBuTWkg+yGukOmLuQLk3zr8LoXlPo3NUaNl2XLhh7+xGRtOmg8SDf9VYwWDrnR eil+vgQdMVPgPGldCv4niA== 0000817841-99-000012.txt : 19990901 0000817841-99-000012.hdr.sgml : 19990901 ACCESSION NUMBER: 0000817841-99-000012 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990630 FILED AS OF DATE: 19990831 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: 99703492 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 SELIGMAN PORTFOLIOS, INC. - ----------------------------------------------------------------------------- MID-YEAR REPORT - ----------------------------------------------------------------------------- SELIGMAN PORTFOLIOS, INC. J & W S June 30, 1999 --------------------------- SELIGMAN PORTFOLIOS, INC. --------------------------- --------------------------- --------------------------- August 6, 1999 Dear Contract Owner: J. & W. Seligman & Co. Incorporated (Seligman), as Manager of Seligman Portfolios, Inc. (the Fund), is pleased to provide the enclosed unaudited report for the six months ended June 30, 1999. Over the past six months, the global economic outlook continued to improve and the US economy entered its ninth year of expansion. With this sustained growth in America, several inflation indicators finally began showing modest cautionary signals, causing the Federal Reserve Board to raise the federal funds rate by 25 basis points in June. Following the Fed's meeting, common stock prices rallied. International equity indices also generally rose in keeping with the developing global growth backdrop. Fixed-income instruments, however, experienced price declines as a result of rising interest rates. Looking ahead, we believe that US economic growth will continue, but that the pace will moderate, in keeping with the Fed's intentions. For that matter, the Fed may raise interest rates further if inflation indicators move higher in any sustained fashion. We expect that the world economy will continue to recover and to grow. In such an environment, US and international equities are likely to perform well. Further, we believe that once interest rates reflect the Fed adjustments, fixed-income obligations will begin moving within a trading range. As the millennium approaches, we have become concerned that the media's focus on the Year 2000 (Y2K) computer issue, and the fears that this attention may spark, will cause some investors to take actions that are not in their best long-term interests. In our view, the primary danger to investors is losing sight of their long-term financial goals and altering their portfolios and asset allocations in an attempt to respond to the confusion surrounding this issue. In the US, governments and businesses have committed substantial resources to this issue and, while there may be scattered inconveniences, we believe that the US will enter the year 2000 relatively seamlessly, and that much of the rest of the developed world is also well positioned to deal with the new millennium. For the past several years, Seligman has been working to ensure that shareholders do not experience any Y2K-related inconveniences. We are pleased to report that the early start has paid off. During the spring of this year, Seligman participated in Y2K testing conducted by the Securities Industry Association. These tests were completed without any Y2K-related problems on the part of Seligman. Tests with key service providers were also conducted, all of which were successfully completed in a Y2K environment. Thank you for your continued support of Seligman Portfolios, Inc. We look forward to serving your investment needs for many years to come. Respectfully, /s/ William C. Morris --------------------- William C. Morris Chairman J. & W. Seligman & Co. Incorporated Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolio Overview (unaudited) - ------------------------------------------------------------------------------- LARGEST PORTFOLIO CHANGES During the Six Months Ended June 30, 1999 Principal Amount or Shares ------------------- Holdings Additions Increase 6/30/99 - --------- -------- -------- SELIGMAN BOND PORTFOLIO US Full Faith and Credit Obligations US Treasury Bonds 7-1/4%, 8/15/2022................. $500,000 $500,000 US Government Agency Securities Federal Home Loan Bank 5-1/8%, 4/17/2001................. 100,000 100,000 Corporate Bonds Associates Corporation of North America 5-3/4%,11/1/2003.................. 250,000 250,000 Boston Scientific 6-5/8%, 3/15/2005................. 175,000 175,000 First USA Bank 6-1/8%, 6/25/2001................. 100,000 100,000 Guidant 6.15%, 2/15/2006............ 100,000 100,000 Household Finance 6%, 5/1/2004...................... 100,000 100,000 National City 6-7/8%, 5/15/2019..... 100,000 100,000 Nordstrom 5-5/8%, 1/15/2009......... 100,000 100,000 Asset-Backed Securities Peco Energy Transition Trust 6.05%, 3/1/2009................... 100,000 100,000 Principal Amount or Shares ------------------- Holdings Reductions Decrease 6/30/99 - ---------- -------- -------- US Full Faith and Credit Obligations Aid Israel 0%, 11/15/2010.......... $500,000 -- US Treasury Bonds 6-5/8%, 2/15/2027............... 900,000 -- Corporate Bonds Associates Corporation of North America 6-1/2%, 8/15/2002............... 200,000 -- AT&T Capital 6-1/4%, 5/15/2001............... 200,000 -- Barrett Resources 7.55%, 2/1/2007................. 200,000 -- Capital One Bank 8-1/8%, 3/1/2000................ 150,000 -- Loewen Group International 7-1/2%, 4/15/2001............... 200,000 -- Petroleum Georgia Pacific 7-1/2%, 3/31/2007............... 200,000 -- Viacom 7-3/4%, 6/1/2005............ 200,000 -- Woolworth 7%, 6/1/2000............. 200,000 -- - ------------------------------------------------------------------------------- SELIGMAN CAPITAL PORTFOLIO Common Stocks American Power Conversion.......... 9,400 shs. 18,800 (1) shs. Apollo Group (Class A)............. 12,700 19,400 Boston Scientific ................. 11,800 11,800 Federated Department Stores........ 8,400 8,400 Health Mangement Associates........ 45,500 45,500 ISS Group ......................... 6,900 11,100 (2) MSC Industrial Direct (Class A).... 30,400 30,400 NCR................................ 5,600 5,600 Sealed Air......................... 9,200 9,200 Snyder Communications.............. 12,500 20,100 Common Stocks AT&T - Liberty Media Group (Class A) ...................... 28,864 (3)shs. -- CBS................................ 19,900 -- CenturyTel (formerly, Century Telephone Enterprises) .......... 18,700 (4) -- General Dynamics .................. 7,100 -- Interpublic Group of Companies..... 6,000 2,100 shs. Kroger............................. 10,100 -- Newell Rubbermaid (5) ............. 10,600 -- Pall .............................. 19,900 -- Schwab (Charles)................... 7,500 -- VERITAS Software................... 9,400 -- - ------------------------------------------------------------------------------- SELIGMAN COMMON STOCK PORTFOLIO Common Stocks Allstate .......................... 14,300 14,300 America Online .................... 2,500 2,500 Applied Materials.................. 9,100 9,100 Baxter International............... 1,500 7,500 Bestfoods.......................... 12,900 12,900 Electronic Data Systems ........... 2,600 16,900 Fortune Brands..................... 3,200 3,200 Hewlett-Packard.................... 4,600 4,600 Pharmacia & Upjohn ................ 10,000 10,000 Schlumberger....................... 2,600 10,500 Common Stocks American International Group....... 4,800 6,000 Anheuser-Busch .................... 10,100 7,800 BP Amoco (ADRs).................... 4,500 6,700 Chevron............................ 7,300 -- DaimlerChrysler.................... 5,400 7,599 Exxon ............................. 7,200 13,100 General Mills...................... 7,900 -- MCI Worldcom....................... 8,000 10,500 Norfolk Southern .................. 15,900 -- Raytheon (Class B)................. 9,400 7,900 - ------------------- See footnotes on page P-9. -- P-1 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolio Overview (unaudited) (continued) - ------------------------------------------------------------------------------- LARGEST PORTFOLIO CHANGES During the Six Months Ended June 30, 1999 Shares ------------------- Holdings Additions Increase 6/30/99 - --------- -------- -------- SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO Common Stocks Adaptec........................ 62,400 62,400 American Power Conversion...... 66,200 135,800 (6) BMC Software................... 35,400 35,400 Gilat Satellite Networks....... 23,400 23,400 KLA - Tencor................... 44,300 44,300 MediaOne Group................. 18,200 68,900 Novellus Systems............... 27,400 27,400 Seagate Technology............. 30,100 30,100 Tellabs........................ 10,300 20,600 (7) Veeco Instruments.............. 24,300 24,300 Shares ------------------- Holdings Reductions Decrease 6/30/99 - --------- -------- -------- Common Stocks Advanced Micro Devices......... 60,200 -- CBS............................ 47,500 79,900 Electronics Arts............... 30,800 46,600 EMC............................ 66,500 (8) -- First Data..................... 52,200 -- Intel.......................... 32,600 (9) -- Learning Company (The)......... 79,800 -- Lexmark International Group (Class A).................... 19,900 18,000 (10) Networks Associates............ 81,801 -- Platinum Technology International................ 72,700 -- - ------------------------------------------------------------------------------- SELIGMAN FRONTIER PORTFOLIO Common Stocks Carey International............ 10,400 10,400 Cognex......................... 13,600 13,600 Dura Pharmaceuticals........... 9,800 9,800 ITT Educational Services....... 10,300 10,300 National Instruments........... 8,700 15,700 Novellus Systems............... 4,800 4,800 Reality Information Group...... 5,460 5,460 SBS Broadcasting............... 6,600 7,400 Snyder Communications.......... 4,400 4,400 Teva Pharmaceutical Industries (ADRs)............ 10,100 10,100 Common Stocks Affiliated Computer Services (Class A)........... 8,600 6,300 Coach USA...................... 9,900 -- DST Systems.................... 7,200 -- Journal Register............... 33,500 -- Midamerican Energy Holdings (11)................ 21,960 -- Premier Parks.................. 14,600 23,500 Sanmina........................ 6,100 5,900 Superior Services.............. 16,300 -- Universal Health Services (Class B).................... 10,000 -- Watson Pharmaceuticals......... 7,500 -- - ------------------- See footnotes on page P-9 -- P-2 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL GROWTH OPPORTUNITIES PORTFOLIO LARGEST PORTFOLIO CHANGES During the Six Months Ended June 30, 1999 Shares ------------------- Holdings Additions Increase 6/30/99 - --------- -------- -------- Common Stocks Alcatel........................ 910 910 Alza........................... 3,200 3,200 Carrefour Supermarche.......... 140 840 (12) Cintas......................... 1,600 1,600 Cisco Systems.................. 1,100 2,200 (13) Citigroup...................... 2,100 3,150 (14) Credit Suisse Group............ 575 575 Halliburton.................... 3,300 3,300 Medtronic...................... 1,800 1,800 Ryanair Holding................ 13,600 13,600 Shares ------------------- Holdings Reductions Decrease 6/30/99 - ----------- -------- -------- Common Stocks Accor.......................... 540 -- Bristol-Myers Squibb........... 1,600 (15) -- Cardinal Health................ 1,800 -- Centros Comerciales............ 4,850 -- CNP Assurances................. 3,940 -- Fancl.......................... 800 200 Interpublic Group of Companies. 2,050 -- Eli Lilly...................... 1,200 -- Motorola....................... 1,400 -- Newell Rubbermaid (5).......... 2,600 --
DIVERSIFICATION OF NET ASSETS* June 30, 1999 Percent of Net Assets ---------------------- June 30, December 31, Issues Cost Value 1999 1998 ------ ---------- ---------- --------- ----------- Common Stocks Aerospace.................................... 2 $ 143,652 $ 198,380 2.0 0.6 Automotive and Related....................... 2 170,873 218,023 2.2 3.2 Business Goods and Services.................. 6 511,309 761,027 7.9 9.1 Capital Goods................................ -- -- -- -- 0.5 Commercial Services.......................... 2 105,524 131,737 1.4 0.2 Computer and Technology Related.............. 7 437,360 685,019 7.1 6.2 Construction and Property.................... 2 137,599 151,821 1.6 2.1 Consumer Goods and Services.................. 7 308,960 407,838 4.2 8.6 Diversified.................................. 3 228,499 363,563 3.7 3.3 Drugs and Health Care........................ 8 604,385 672,174 6.9 11.6 Electric and Gas Utilities................... 1 159,331 220,875 2.3 1.7 Electronics.................................. 4 262,722 346,989 3.6 4.3 Electronics Capital Equipment................ 2 66,706 156,084 1.6 1.0 Entertainment and Leisure.................... 5 329,925 397,182 4.1 4.9 Financial Services........................... 12 717,987 915,924 9.4 7.2 Industrial Goods and Services................ 1 80,113 93,757 1.0 1.0 Manufacturing and Industrial Equipment....... 2 189,020 160,435 1.6 1.1 Media........................................ 3 234,598 309,198 3.2 2.0 Medical Products and Technology.............. 1 126,397 162,800 1.7 -- Resources.................................... 2 136,758 161,300 1.7 0.6 Restaurants.................................. 2 135,389 151,070 1.5 1.2 Retailing.................................... 8 522,344 544,476 5.6 7.5 Support Services............................. 1 28,746 15,524 0.2 0.2 Telecommunications........................... 17 932,946 1,414,054 14.6 11.4 Tobacco...................................... 2 225,827 259,879 2.7 3.3 Transportation............................... 1 119,419 140,841 1.5 1.2 --- --------- --------- ----- ----- 103 6,916,389 9,039,970 93.3 94.0 Other Assets Less Liabilities ............... -- 650,887 650,887 6.7 6.0 --- --------- --------- ----- ----- NET ASSETS................................... 103 $7,567,276 $9,690,857 100.0 100.0 === ========= ========= ===== =====
- ------------------- See footnotes on page P-9. -- P-3 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolio Overview (unaudited) (continued) - ------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO LARGEST PORTFOLIO CHANGES During the Six Months Ended June 30, 1999 Shares ------------------- Holdings Additions Increase 6/30/99 - --------- -------- -------- Common Stocks.................. Career Education............... 3,300 3,300 Cinar (Class B)................ 3,800 3,800 Enaco.......................... 7,600 7,600 Green Property................. 110,000 110,000 ITT Educational Services....... 2,900 2,900 Novellus Systems............... 1,400 1,400 SEZ Holding.................... 329 329 Sixt........................... 2,517 2,517 Swisslog Holding............... 1,171 1,171 Teva Pharmaceutical Industries................... 2,700 2,700 Shares -------------------- Holdings Reductions Decrease 6/30/99 - ----------- -------- -------- Common Stocks Calpine........................ 5,000 2,500 Coach USA...................... 2,700 -- Cox Radio...................... 4,500 -- Electronics Boutique........... 129,800 -- Icon (ADRs).................... 4,100 -- Midamerican Energy Holdings.... 5,200 (11) -- Polypipe....................... 70,500 -- Premier Parks.................. 3,900 6,100 Superior Services.............. 510 -- TK Development (formerly, Thorkild Kristensen)........ 1,275 790
DIVERSIFICATION OF NET ASSETS* June 30, 1999 Percent of Net Assets ---------------------- June 30, December 31, Issues Cost Value 1999 1998 ------ ---------- ---------- --------- ----------- Common Stocks Advertising.................................. 3 $ 267,733 $ 191,865 1.1 1.2 Automotive Parts Manufacturing............... 4 185,719 190,822 1.1 1.5 Building Materials........................... -- -- -- -- 0.7 Business Services............................ 21 1,282,353 1,531,347 8.7 11.6 Capital Goods................................ 4 273,746 282,620 1.6 1.8 Chemicals.................................... 4 178,708 176,108 1.0 1.1 Computer Software............................ 12 775,849 1,070,692 6.1 5.3 Construction and Property.................... 12 1,070,601 1,005,765 5.7 6.0 Consulting Services.......................... 1 10,809 7,538 -- -- Consumer Goods and Services.................. 16 1,013,013 1,127,932 6.4 8.8 Distribution................................. 2 131,654 109,502 0.6 0.5 Drugs and Health Care........................ 16 1,172,908 965,147 5.5 7.9 Electric Utilities........................... 2 71,319 160,272 0.9 1.9 Electrical Distribution...................... 1 47,169 103,727 0.6 0.3 Electronics.................................. 12 584,810 774,536 4.4 2.9 Energy....................................... 3 134,850 147,451 0.8 0.7 Financial Services........................... 17 537,359 552,214 3.1 2.9 Industrial Goods and Services................ 7 498,010 552,202 3.1 3.3 Leisure and Hotels........................... 6 350,348 391,934 2.2 2.3 Manufacturing................................ 20 1,177,968 1,273,304 7.2 5.7 Media........................................ 9 609,781 839,690 4.7 7.1 Medical Products and Technology.............. 10 383,574 381,169 2.2 3.6 Metals....................................... 1 34,554 39,677 0.2 0.3 Paper and Printing........................... 4 202,717 168,660 0.9 0.3 Real Estate.................................. 3 750,278 745,765 4.2 -- Resources.................................... 1 24,415 29,328 0.2 0.3 Restaurants.................................. 3 171,370 336,024 1.9 1.5 Retailing.................................... 18 1,061,474 1,216,266 6.9 5.6 Schools...................................... 3 316,544 210,759 1.2 0.1 Shipbuilding................................. 1 14,896 18,145 0.1 --
- --------------------- See footnotes on page P-9. -- P-4 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued)
DIVERSIFICATION OF NET ASSETS* (continued) June 30, 1999 Percent of Net Assets ---------------------- June 30, December 31, Issues Cost Value 1999 1998 ------ ---------- ---------- --------- ----------- Common Stocks (continued) Support Services............................. 2 $ 84,756 $ 259,298 1.5 2.2 Technology................................... 11 745,984 1,159,473 6.6 5.6 Telecommunications........................... 7 484,576 622,069 3.5 2.2 Transportation............................... 7 377,796 521,042 2.9 2.4 Veterinary Products.......................... 2 241,887 196,700 1.1 1.0 Miscellaneous................................ 2 52,535 59,781 0.3 0.1 --- ---------- ---------- ----- ----- 247 15,322,063 17,418,824 98.5 98.7 Other Assets Less Liabilities................ -- 260,989 260,989 1.5 1.3 --- ----------- ----------- ----- ----- Net Assets................................... 247 $15,583,052 $17,679,813 100.0 100.0 === =========== =========== ===== =====
- ------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL TECHNOLOGY PORTFOLIO LARGEST PORTFOLIO CHANGES During the Six Months Ended June 30, 1999 Shares -------------------- Holdings Additions Increase 6/30/99 - --------- -------- -------- Common Stocks American Power Conversion...... 3,300 6,600 (16) ASM Lithography Holding........ 3,300 3,300 Compuware...................... 2,200 2,900 (17) Gilat Satellite Networks....... 1,400 1,400 Global TeleSystems Group....... 2,200 2,200 Invensys....................... 26,000 26,000 KLA-Tencor..................... 2,200 2,200 Lattice Semiconductor.......... 2,000 3,200 Misys.......................... 12,900 18,900 Novellus Systems............... 1,100 1,100 Shares -------------------- Holdings Reductions Decrease 6/30/99 - ----------- -------- -------- Common Stocks Admiral........................ 3,570 -- Astec.......................... 60,000 -- CMP Media (Class A)............ 4,700 -- Druid.......................... 3,500 -- EMC............................ 2,000 -- General Electric............... 8,700 -- PLATINUM Technology International................ 2,300 -- Psion.......................... 11,600 -- RF Micro Devices............... 400 500 RM............................. 10,000 -- - -------------------- See footnotes on page P-9. -- P-5 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolio Overview (unaudited) (continued) - ------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL TECHNOLOGY PORTFOLIO (continued)
DIVERSIFICATION OF NET ASSETS* June 30, 1999 Percent of Net Assets ---------------------- June 30, December 31, Issues Cost Value 1999 1998 ------ ---------- ---------- --------- ----------- Common Stocks Cable Systems and Satellite Video............ 2 $ 97,711 $ 114,079 1.3 -- Communications Infrastructure................ 5 220,135 262,619 2.9 -- Computer and Business Services............... 10 510,391 668,852 7.4 11.2 Computer Hardware/Peripherals................ 11 644,381 744,015 8.2 12.0 Computer Software............................ 26 1,507,288 1,779,827 19.7 22.7 Contract Manufacturing/Circuit Boards........ 3 187,411 246,169 2.7 3.3 Distributors................................. -- -- -- -- 0.8 Electronics.................................. 9 543,880 868,371 9.6 11.7 Electronics Capital Equipment................ 12 823,533 1,105,560 12.2 4.3 Machinery and Equipment...................... 3 167,788 239,535 2.6 2.4 Manufacturing................................ 1 50,148 39,000 0.4 -- Media........................................ 3 129,114 154,307 1.7 2.7 Medical Products and Technology.............. 4 182,954 158,558 1.8 4.2 Networking/Communications Infrastructure..... -- -- -- -- 4.0 Semiconductors............................... 7 505,476 741,346 8.2 5.4 Telecommunications........................... 8 482,177 821,553 9.1 8.3 Miscellaneous................................ -- -- -- -- 0.6 --- ---------- ---------- ----- ----- 104 6,052,387 7,943,791 87.8 93.6 Other Assets Less Liabilities................ -- 1,105,904 1,105,904 12.2 6.4 --- ---------- ---------- ----- ----- NET ASSETS................................... 104 $7,158,291 $9,049,695 100.0 100.0 === ========== ========== ===== =====
- ------------------------------------------------------------------------------- SELIGMAN HENDERSON INTERNATIONAL PORTFOLIO LARGEST PORTFOLIO CHANGES During the Six Months Ended June 30, 1999 Shares ---------------------- Holdings Additions Increase 6/30/99 - --------- -------- -------- Common Stocks ABB............................ 1,605 1,605 Akzo Nobel..................... 2,782 2,782 Banco Santander Central Hispano.............. 5,780 11,560 (18) Banque Nationale de Paris...... 1,655 1,655 British Telecommunications..... 8,000 8,000 Deutsche Bank.................. 1,657 1,767 (19) Equant......................... 1,051 1,051 Group Danone................... 416 416 Nokia.......................... 1,201 1,201 Royal Dutch Petroleum.......... 2,034 2,034 Shares ----------------------- Holdings Reductions Decrease 6/30/99 - ---------- -------- -------- Common Stocks Centros Comerciales Continente................... 3,803 -- Corporacion Bancaria de Espana Argentaria............ 6,186 -- Credito Italiano............... 21,475 -- L.M. Ericsson Telefon (Series B)................... 5,023 -- Istituto Nazionale delle Assicurazioni.......... 44,756 -- Kingfisher..................... 9,000 -- Lafarge........................ 1,340 -- National Power................. 13,500 -- Telecom Italia................. 20,762 7,000 Unilever....................... 1,814 -- - -------------- See footnotes on page P-9. -- P-6 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- SELIGMAN HENDERSON INTERNATIONAL PORTFOLIO (continued)
DIVERSIFICATION OF NET ASSETS* June 30, 1999 Percent of Net Assets ---------------------- June 30, December 31, Issues Cost Value 1999 1998 ------ ---------- ---------- --------- ----------- Common Stocks Automotive and Related....................... 2 $ 192,660 $ 190,923 2.0 2.1 Banking...................................... 15 1,219,095 1,465,953 15.5 12.6 Business Services............................ 3 175,398 214,630 2.3 0.5 Chemicals.................................... 4 269,396 292,862 3.1 2.2 Construction and Property.................... 3 250,140 263,442 2.8 4.6 Consumer Products............................ 7 507,867 577,158 6.1 6.5 Drugs and Health Care........................ 1 115,803 131,071 1.4 -- Electronics.................................. 5 290,969 429,256 4.6 1.7 Entertainment and Leisure.................... 2 177,420 228,435 2.4 1.9 Financial Services........................... 4 238,253 266,595 2.8 2.7 Health and Household......................... 4 416,747 419,285 4.4 6.9 Industrial Goods and Services................ 5 437,270 675,624 7.2 6.2 Insurance.................................... 4 345,226 504,429 5.3 8.2 Manufacturing................................ 3 300,989 352,728 3.7 3.4 Media........................................ 2 110,256 206,312 2.2 1.2 Metals....................................... 3 105,545 113,860 1.2 0.1 Publishing................................... 2 86,813 109,951 1.2 -- Resources.................................... 5 527,291 662,385 7.0 7.0 Retailing.................................... 5 453,408 493,164 5.2 8.5 Telecommunications........................... 14 975,499 1,174,832 12.4 12.4 Tobacco...................................... 2 130,054 175,455 1.9 1.4 Transportation............................... 1 80,277 157,049 1.7 3.1 Utilities.................................... 1 98,614 109,812 1.2 4.5 Miscellaneous................................ 2 25,642 21,775 0.2 0.2 --- ---------- ---------- ----- ----- 99 7,530,632 9,236,986 97.8 97.9 Other Assets Less Liabilities................ -- 204,815 204,815 2.2 2.1 --- ---------- ---------- ----- ----- NET ASSETS................................... 99 $7,735,447 $9,441,801 100.0 100.0 === ========== ========== ===== =====
- -------------- See footnotes on page P-9. -- P-7 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolio Overview (unaudited) (continued) - ------------------------------------------------------------------------------- LARGEST PORTFOLIO CHANGES During the Six Months Ended June 30, 1999 Principal Amount or Shares -------------------- Holdings Additions Increase 6/30/99 - --------- -------- -------- SELIGMAN HIGH-YIELD BOND PORTFOLIO Corporate Bonds Advanced Micro Devices 11%, 8/1/2003................ $160,000 $535,000 American Media Operations 10-1/4%, 5/1/2009............ 260,000 260,000 Amkor Technologies 10-1/2%, 5/1/2009............ 305,000 305,000 Charter Communications Southeast Holdings 0% (9.92%), 4/1/2011............ 425,000 425,000 Fairchild Semiconductor 10-3/8%, 10/1/2007........... 160,000 160,000 Hollywood Casino 11-1/4%, 5/1/2007..................... 170,000 170,000 Paging Network 10%, 10/15/2008................... 140,000 715,000 Viasystems 9-3/4%, 6/1/2007.... 190,000 590,000 Common Stocks Price Communications........... 18,538 shs. 18,538 shs. Preferred Stocks Global Crossing Holding, 10-1/2%...................... 2,400 3,150 Principal Amount ---------------------- Holdings Reductions Decrease 6/30/99 - ----------- -------- -------- Corporate Bonds Casino America 12-1/2%, 8/1/2003..................... $400,000 -- Charter Communications Southeast Holdings 11-1/4%, 3/15/2006........... 250,000 -- Charter Communications Southeast Holdings 0% (14%), 3/15/2007............. 300,000 -- Coast Hotels & Casinos 13%, 12/15/2002................... 200,000 -- EchoStar DBS 12-1/2%, 7/1/2002..................... 350,000 -- Mobile Telecommunication Technologies 13-1/2%, 12/15/2002................... 210,000 $15,000 TCI Satellite Entertainment 10-7/8%, 2/15/2007........... 400,000 -- Unisys 12%, 4/15/2003.......... 175,000 -- - ------------------------------------------------------------------------------- SELIGMAN INCOME PORTFOLIO Corporate Bonds Associates Corp. of North America 5-3/4%, 11/1/2003.................... $250,000 $250,000 Boston Scientific 6-5/8%, 3/15/2005.................... 175,000 175,000 Dana 6-1/2%, 3/1/2009.......... 100,000 100,000 First USA Bank 6-1/8%, 6/25/2001.................... 100,000 100,000 Ford Motor Credit 5.80%, 1/12/2009.................... 100,000 100,000 Guidant 6.15%, 2/15/2006....... 100,000 100,000 Household Finance 6%, 5/1/2004..................... 100,000 100,000 Nordstrom 5-5/8%, 11/15/2009... 100,000 100,000 Phillips Petroleum 6-3/8%, 3/30/2009.................... 100,000 100,000 Asset-Backed Securities Peco Energy 6.05%, 3/1/2009.... 100,000 100,000 Corporate Bonds Associates Corp. of North America 6-1/2%, 8/15/2002.................... $300,000 -- Dell Computer 6.55%, 4/15/2008.................... 300,000 $100,000 Petroleum Geo-Services 7-1/2%, 3/31/2007................... 300,000 100,000 Time Warner 7-3/4%, 6/15/2005.................... 500,000 -- Viacom 7-3/4%, 6/1/2005........ 30,000 -- US Government and Government Agency Securities US Treasury Notes 6-1/4%, 6/30/2002.................... 300,000 -- US Treasury Notes 6-1/2%, 10/15/2006................... 500,000 -- US Treasury Notes 6-5/8%, 5/15/2007.................... 500,000 -- Federal National Mortgage Association 5.90%, 6/19/2003............. 300,000 -- Federal National Mortgage Association 6.35%, 5/18/2005............. 300,000 -- - ---------------- See footnotes on page P-9. -- P-8 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- LARGEST PORTFOLIO CHANGES During the Six Months Ended June 30, 1999 Shares ---------------------- Holdings Additions Increase 6/30/99 - --------- -------- -------- SELIGMAN LARGE-CAP VALUE PORTFOLIO Common Stocks Armstrong World Industries..... 2,000 3,600 Dole Food...................... 3,000 6,500 Ford Motor..................... 2,000 4,100 Humana......................... 14,000 14,000 Medtronic...................... 3,000 3,000 Raychem........................ 3,000 6,450 St. Paul Companies............. 3,000 6,000 Summit Bancorp................. 4,000 7,000 Tandy.......................... 2,500 5,000 (20) United Technologies............ 2,000 2,000 Shares --------------------- Holdings Reductions Decrease 6/30/99 - ----------- -------- -------- Common Stocks May Department Stores.......... 1,900 -- Penney (J.C.).................. 2,750 -- - ------------------------------------------------------------------------------- SELIGMAN SMALL-CAP VALUE PORTFOLIO Common Stocks Camdus Communications.......... 7,000 10,050 Commercial Federal............. 5,000 5,000 Fred's......................... 10,500 10,500 Fresh Del Monte Produce........ 10,000 10,000 Giant Cement Holdings.......... 6,000 6,000 Harman International Industries................... 2,500 2,500 Liberty Financial.............. 6,000 6,000 Rent-Way....................... 6,000 6,000 Stage Stores................... 17,000 24,500 Trans World Entertainment...... 10,500 10,500 Common Stocks AMRESCO........................ 10,000 -- Avado Brands................... 3,800 3,800 Consolidated Cigar Holding..... 4,800 -- Dialogic....................... 3,100 -- Elsag Bailey Process Auto (ADRs)....................... 1,950 -- Friede Goldman International... 5,200 -- - ------------- Largest portfolio changes from the previous period to the current period are based on cost of purchases and proceeds from sales of securities. * "Diversification of Net Assets" is included for the Seligman Henderson Portfolios because their portfolio holdings are listed by country rather than by industry in the "Portfolios of Investments." (1) Includes 9,400 shares received as a result of a 2-for-1 stock split. (2) Includes 4,200 shares received as a result of a 2-for-1 stock split. (3) Includes 4,464 shares received as a result of a 2-for-1 stock split. (4) Includes 5,300 shares received as a result of a 2-for-1 stock split. (5) Formerly known as Newell. (6) Includes 67,900 shares received as a result of a 2-for-1 stock split. (7) Includes 10,300 shares received as a result of a 2-for-1 stock split. (8) Includes 8,300 shares received as a result of a 2-for-1 stock split. (9) Includes 12,100 shares received as a result of a 2-for-1 stock split. (10) Includes 9,000 shares received as a result of a 2-for-1 stock split. (11) Formerly known as CalEnergy. (12) Includes 700 shares received as a result of a 6-for-1 stock split. (13) Includes 1,100 shares received as a result of a 2-for-1 stock split. (14) Includes 1,050 shares received as a result of a 2-for-1 stock split. (15) Includes 800 shares received as a result of a 2-for-1 stock split. (16) Includes 3,300 shares received as a result of a 2-for-1 stock split. (17) Includes 700 shares received as a result of a 2-for-1 stock split. (18) Includes 5,780 shares received as a result of a 2-for-1 stock split. (19) Includes 110 shares received from conversion of rights. (20) Includes 2,500 shares received as a result of a 2-for-1 stock split. -- P-9 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolios of Investments (unaudited) - ------------------------------------------------------------------------------- SELIGMAN BOND PORTFOLIO Principal Amount Value --------- -------- US FULL FAITH AND CREDIT OBLIGATIONS -- 40.4% US Treasury Bonds: 8-3/4%, 5/15/2020............. $500,000 $ 640,782 7-1/4%, 8/15/2022............. 500,000 558,750 US Treasury Notes: 6-1/4%, 10/31/2001............ 200,000 202,875 6-1/4%, 6/30/2002............. 200,000 203,250 6-5/8%, 5/15/2007............. 200,000 208,375 Government National Mortgage Association: 6%, 12/20/2028+ .............. 197,120 184,116 6-1/2%, 12/15/2028+........... 295,979 285,685 --------- Total US Full Faith and Credit Obligations (Cost $2,273,081)............. 2,283,833 --------- US GOVERNMENT AGENCY SECURITIES -- 7.6% Federal Home Loan Bank 5-1/8%, 4/17/2001............. 100,000 98,866 Federal National Mortgage Association: 5.795%, 1/1/2009+............. 149,321 140,779 6%, 12/1/2028+................ 197,709 186,323 --------- Total US Government Agency Securities (Cost $447,063)............... 425,968 -------- CORPORATE BONDS -- 43.5% Associates Corporation of North America 5-3/4%, 11/1/2003............. 250,000 242,470 Boston Scientific 6-5/8%, 3/15/2005............. 175,000 168,463 Cardinal Health 6-1/4%, 7/15/2008............. 100,000 94,312 Chrysler Financial 6.09%, 4/6/2001............... 200,000 199,708 Dana 6-1/2%, 3/1/2009.............. 100,000 94,896 Dell Computer 6.55%, 4/15/2008.............. 200,000 192,286 Principal Amount Value --------- -------- CORPORATE BONDS (continued) Enron Oil & Gas 6%, 12/15/2008................ $100,000 $ 91,752 Equifax 6.30%, 7/1/2005............... 100,000 98,370 First Data 5.80%, 12/15/2008............. 100,000 91,116 First USA Bank 6-1/8%, 6/25/2001............. 100,000 99,618 Ford Motor Credit 5.80%, 1/12/2009.............. 100,000 91,680 Guidant 6.15%, 2/15/2006.............. 100,000 94,258 Household Finance 6%, 5/1/2004 ................. 100,000 96,990 National City 6-7/8%, 5/15/2019............. 100,000 94,179 Nordstrom 5-5/8%, 1/15/2009............. 100,000 91,249 Philip Morris 7-1/8%, 8/15/2002 ............ 200,000 202,537 Sprint Capital 6-1/8%, 11/15/2008............ 200,000 186,713 Time Warner 9-1/8%, 1/15/2013............. 200,000 228,424 ---------- Total Corporate Bonds (Cost $2,543,265)............. 2,459,021 ---------- ASSET-BACKED SECURITIES+ -- 1.7% (Cost $99,875) Peco Energy Transition Trust 6.05%, 3/1/2009 .............. 100,000 95,821 ---------- Total Investments -- 93.2% (Cost $5,363,284)............. 5,264,643 Other Assets Less Liabilities--6.8%........ 385,341 ---------- Net Assets--100.0% .............. $5,649,984 ========== - ------------------ + Investments in mortgage-backed and asset-backed securities are subject to principal paydowns. As a result of prepayments from refinancing or satisfaction of the underlying instruments, the average life may be less than the original maturity. This in turn may impact the ultimate yield realized from these investments. See Notes to Financial Statements. -- P-10 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- June 30, 1999 - ------------------------------------------------------------------------------- SELIGMAN CAPITAL PORTFOLIO Shares Value -------- ---------- COMMON STOCKS -- 95.5% BASIC MATERIALS -- 6.2% Cintas........................... 3,500 $ 235,047 Minerals Technologies............ 7,800 435,338 Sealed Air*...................... 9,200 596,850 --------- 1,267,235 --------- CAPITAL GOODS -- 9.6% American Power Conversion........ 18,800 377,763 Applied Power (Class A).......... 14,600 398,763 Corning.......................... 3,700 259,463 Molex............................ 17,700 653,794 Rayovac*......................... 10,100 229,143 Symbol Technologies.............. 1,800 66,375 --------- 1,985,301 --------- COMMUNICATIONS SERVICES -- 0.5% Rhythms Netconnections*.......... 1,600 93,500 --------- CONSUMER CYCLICALS -- 25.7% Circuit City Stores-Circuit City Group......................... 4,950 460,350 Danaher.......................... 1,700 98,813 Doubleclick*..................... 2,300 210,522 Federated Department Stores*...................... 8,400 444,675 Fluor............................ 3,900 157,950 HA-LO Industries*................ 21,100 208,363 Harley-Davidson.................. 7,000 380,625 Interpublic Group of Companies... 2,100 181,913 ITT Educational Services*........ 17,500 456,093 MSC Industrial Direct (Class A)*.................... 30,400 311,600 Office Depot*.................... 28,050 618,853 Snyder Communications*........... 20,100 658,275 TJX Companies.................... 12,300 409,744 Williams-Sonoma*................. 16,300 567,444 Young & Rubicam.................. 2,800 127,225 --------- 5,292,445 --------- CONSUMER STAPLES -- 9.2% Apollo Group (Class A)*.......... 19,400 514,706 Dial............................. 10,200 379,312 Infinity Broadcasting (Class A)*. 23,000 684,250 Solectron*....................... 2,500 166,719 Suiza Foods*..................... 3,500 146,563 --------- 1,891,550 --------- Shares Value -------- -------- ENERGY -- 3.8% Anadarko Petroleum............... 13,500 $ 496,968 Enron Oil & Gas.................. 6,100 123,525 Weatherford International*....... 4,600 168,475 --------- 788,968 --------- FINANCIAL SERVICES -- 7.3% AFLAC............................ 8,600 411,725 Capital One Financial............ 3,300 183,769 Comdisco......................... 22,300 571,437 DLJ Direct*...................... 2,000 59,000 SouthTrust....................... 6,950 266,489 --------- 1,492,420 --------- HEALTH CARE -- 9.2% Biogen*.......................... 4,800 308,850 Boston Scientific*............... 11,800 518,463 Elan*............................ 7,700 213,675 Forest Laboratories*............. 5,000 231,250 Health Management Associates*.... 45,500 511,875 Laser Vision Centers*............ 1,800 113,287 --------- 1,897,400 --------- TECHNOLOGY -- 19.3% At Home Corp. (Series A)*........ 4,000 215,875 Broadcom (Class A)*.............. 2,300 332,422 Clarent*......................... 2,400 36,000 Compuware*....................... 13,900 441,759 Gateway*......................... 4,900 289,100 General Instrument*.............. 10,600 450,500 ISS Group*....................... 11,100 418,331 JDS Uniphase..................... 1,100 182,738 NCR*............................. 5,600 273,350 PE Biosystems Group.............. 1,000 114,750 Siebel Systems*.................. 5,150 341,348 Software.com*.................... 5,100 118,415 Vitesse Semiconductor*........... 7,400 500,656 Xilinx*.......................... 5,200 297,862 --------- 4,013,106 --------- TRANSPORTATION -- 2.0% CNF Transportation............... 10,900 418,288 --------- UTILITIES -- 2.7% AES*............................. 9,500 552,187 --------- - ---------------- * Non-income producing security. See Notes to Financial Statements. -- P-11 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------- SELIGMAN CAPITAL PORTFOLIO (continued) Value ----------- Total Investments -- 95.5% (Cost $15,958,061)............ $19,692,400 Other Assets Less Liabilities-- 4.5%....... 888,904 ----------- Net Assets-- 100.0%.............. $20,581,304 =========== SELIGMAN CASH MANAGEMENT PORTFOLIO Annualized Yield on Principal Purchase Date Amount Value ------------- ------- ---------- US GOVERNMENT AND GOVERNMENT AGENCY SECURITIES -- 61.0% US GOVERNMENT SECURITIES -- 44.3 % US Treasury Bills: 7/8/1999............. 4.48% $ 800,000 $ 799,311 7/22/1999............ 4.24 1,000,000 997,559 8/12/1999............ 4.45 1,000,000 994,878 11/18/1999........... 4.69 500,000 491,007 12/16/1999........... 4.85 1,000,000 977,693 US Treasury Notes: 6-7/8%, 7/31/1999..... 4.57 3,000,000 3,005,350 ---------- Total US Government Securities (Cost $7,265,798).... 7,265,798 ---------- US GOVERNMENT AGENCY SECURITIES -- 16.7% Federal Home Loan Bank: 4.78%, 8/18/1999..... 4.85 500,000 496,814 4.83%, 8/26/1999..... 4.90 500,000 496,243 Federal National Mortgage Association: 4.69%, 7/1/1999...... 4.76 500,000 500,000 4.70%, 7/8/1999...... 4.77 500,000 499,543 4.91%, 9/9/1999...... 4.98 750,000 742,840 ----------- Total US Government Agency Securities (Cost $2,735,440).... 2,735,440 ----------- Total US Government and Government Agency Securities (Cost $10,001,238)... 10,001,238 ----------- Annualized Yield on Principal Purchase Date Amount Value ------------- --------- -------- FIXED TIME DEPOSITS -- 2.5% (Cost $420,000) First National Bank of Chicago, Grand Cayman 5-1/2%, 7/1/1999...... 5.58% $420,000 $ 420,000 ----------- COMMERCIAL PAPER -- 36.8% American Express Credit, 8/26/1999.... 4.90-5.01 900,000 893,178 American General Finance, 8/31/1999... 4.88-5.10 900,000 892,516 Associates Corp. of North America, 12/1/1999............ 5.22 800,000 782,490 Ford Motor Credit, 7/6/1999............. 4.89-4.94 900,000 899,395 General Electric Capital, 8/4/1999............. 4.88-5.08 900,000 895,836 John Deere Capital, 9/15/1999............ 5.09 900,000 890,462 Norwest Financial, 12/17/1999........... 5.02 800,000 781,410 ----------- Total Commercial Paper (Cost $6,035,287).... 6,035,287 ----------- Total Investments -- 100.3% (Cost $16,456,525)......................... 16,456,525 Other Assets Less Liabilities-- (0.3)%.................. (54,259) ----------- Net Assets -- 100.0%.......................... $16,402,266 =========== - ----------------- See Notes to Financial Statements. -- P-12 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- June 30, 1999 - ------------------------------------------------------------------------------- SELIGMAN COMMON STOCK PORTFOLIO Shares Value -------- --------- COMMON STOCKS -- 95.7% AEROSPACE -- 0.5% General Dynamics................. 5,100 $ 349,350 --------- AUTOMOTIVE AND RELATED -- 2.5% DaimlerChrysler.................. 7,599 675,361 Ford Motor....................... 12,100 682,894 --------- 1,358,255 --------- CHEMICALS -- 1.1% duPont (E.I.) de Nemours......... 8,400 573,825 --------- COMMUNICATIONS -- 9.1% AT&T............................. 23,100 1,289,269 Ameritech........................ 12,300 904,050 GTE.............................. 16,200 1,227,150 MCI WorldCom*.................... 10,500 903,328 SBC Communications............... 10,000 580,000 --------- 4,903,797 --------- COMMUNICATIONS EQUIPMENT -- 1.5% Lucent Technologies.............. 12,400 836,225 --------- COMPUTER AND BUSINESS SERVICES -- 14.2% America Online................... 2,500 276,250 Clarent*......................... 500 7,500 Cisco Systems.................... 11,800 759,994 Dell Computer*................... 7,500 277,266 Electronic Data Systems.......... 16,900 955,906 Hewlett-Packard.................. 4,600 462,300 Intel............................ 16,400 975,288 International Business Machines.. 10,900 1,408,825 Microsoft*....................... 22,100 1,991,762 Xerox............................ 8,900 525,656 --------- 7,640,747 --------- CONSUMER GOODS AND SERVICES -- 10.2% Anheuser-Busch................... 7,800 553,312 Bestfoods........................ 12,900 638,550 Coca-Cola........................ 8,400 525,000 ConAgra.......................... 21,100 561,787 Fort James....................... 14,300 541,613 Fortune Brands................... 3,200 132,400 PepsiCo.......................... 20,200 781,487 Philip Morris.................... 18,600 747,488 Procter & Gamble................. 5,300 473,025 Sara Lee......................... 25,000 567,188 --------- 5,521,850 --------- Shares Value -------- --------- DIVERSIFIED -- 1.7% AlliedSignal..................... 14,300 $ 900,900 --------- DRUGS AND HEALTH CARE -- 12.0% Abbott Laboratories.............. 14,000 637,000 American Home Products........... 16,700 960,250 Baxter International............. 7,500 454,687 Bristol-Myers Squibb............. 16,000 1,127,000 Johnson & Johnson................ 7,800 764,400 Merck............................ 13,600 1,006,400 Pfizer........................... 4,900 537,775 Pharmacia & Upjohn............... 10,000 568,125 Schering-Plough.................. 8,400 445,200 --------- 6,500,837 --------- ELECTRIC AND GAS UTILITIES -- 4.8% DQE.............................. 12,700 509,587 Sonat............................ 20,700 685,688 Unicom........................... 14,800 570,725 Williams Companies (The)......... 19,600 834,225 --------- 2,600,225 --------- ELECTRONICS -- 3.2% Applied Materials................ 9,100 671,978 Harris........................... 13,500 529,031 Raytheon (Class B)............... 7,900 555,963 --------- 1,756,972 --------- ENERGY -- 6.9% BP Amoco (ADRs) (United Kingdom).............. 6,700 726,950 Exxon............................ 13,100 1,010,337 Mobil............................ 5,200 514,800 Royal Dutch Petroleum (Netherlands)................. 13,200 795,300 Schlumberger..................... 10,500 668,719 --------- 3,716,106 --------- FINANCE AND INSURANCE -- 15.6% Allstate......................... 14,300 513,012 American General................. 12,800 964,800 American International Group..... 6,000 702,375 Bank of America.................. 12,105 887,448 Bank of New York................. 27,700 1,016,244 Chubb............................ 8,000 556,000 Citigroup........................ 27,807 1,320,833 - ----------------- * Non-income producing security. See Notes to Financial Statements. -- P-13 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------- SELIGMAN COMMON STOCK PORTFOLIO (continued) Shares Value -------- ---------- FINANCE AND INSURANCE (continued) Fannie Mae....................... 9,200 $ 629,050 Mellon Bank...................... 19,200 698,400 Morgan (J.P.).................... 3,900 547,950 Washington Mutual................ 17,296 611,846 --------- 8,447,958 --------- MACHINERY AND INDUSTRIAL EQUIPMENT -- 6.6% General Electric................. 16,500 1,864,500 United Technologies.............. 24,000 1,720,500 --------- 3,585,000 --------- PAPER AND FOREST PRODUCTS -- 1.1% Mead............................. 13,800 576,150 --------- PUBLISHING -- 0.7% Gannett.......................... 5,100 364,013 --------- Shares Value -------- --------- RETAIL TRADE -- 3.3% May Department Stores............ 15,350 $ 627,431 Wal-Mart Stores.................. 23,500 1,133,875 --------- 1,761,306 --------- TRANSPORTATION -- 0.7% GATX............................. 9,800 373,012 ----------- Total Common Stocks (Cost $37,851,063)............ 51,766,528 Short-Term Holdings -- 4.1% (Cost $2,200,000)............. 2,200,000 ----------- Total Investments -- 99.8% (Cost $40,051,063)............ 53,966,528 Other Assets Less Liabilities-- 0.2%....... 106,768 ----------- Net Assets-- 100.0%.............. $54,073,296 =========== - ------------------------------------------------------------------------------- SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO Shares Value -------- --------- COMMON STOCKS -- 93.2% COMMUNICATIONS/ INFRASTRUCTURE -- 6.4% ADC Telecommunications*.......... 5,900 $ 268,634 Aspect Telecommunications*....... 28,300 274,156 Cisco Systems*................... 20,800 1,339,650 Comverse Technology*............. 10,600 799,637 DSP Communications*.............. 20,600 594,825 ECI Telecom* (Israel)............ 20,900 690,353 Gilat Satellite Networks*........ 23,400 1,229,963 Harris........................... 14,700 576,056 Nokia (Finland).................. 10,400 952,250 Oak Industries*.................. 12,600 550,463 Tekelec*......................... 31,800 388,556 Tellabs.......................... 20,600 1,392,431 --------- 9,056,974 --------- Shares Value -------- --------- COMMUNICATIONS SERVICES -- 2.6% AT&T-Liberty Media Group (Class A)* 40,600 $1,492,050 ICG Communications............... 20,300 432,009 MCI WorldCom..................... 6,300 541,997 Pacific Gateway Exchange*........ 28,700 834,094 RSL Communications (Class A)*.................... 20,200 390,113 --------- 3,690,263 --------- COMPUTER AND BUSINESS SERVICES -- 5.6% Amdocs*.......................... 25,100 571,025 CSG Systems International*....... 5,400 141,581 EchoStar Communications.......... 6,300 966,853 Galileo International............ 34,300 1,832,906 Mastech*......................... 26,200 486,338 - ------------------ * Non-income producing security. See Notes to Financial Statements. -- P-14 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- June 30, 1999 - ------------------------------------------------------------------------------- SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO (continued) Shares Value -------- ---------- COMPUTER AND BUSINESS SERVICES (continued) Metamor Worldwide*............... 21,200 $ 508,800 Metzler Group*................... 25,100 692,603 Modis Professional Services*..... 40,300 554,125 Sungard Data Systems*............ 20,700 714,150 Unisys*.......................... 16,700 650,256 Viant*........................... 20,000 696,250 ---------- 7,814,887 ---------- COMPUTER HARDWARE/ PERIPHERALS -- 13.6% Adaptec*......................... 62,400 2,201,550 American Power Conversion*....... 135,800 2,728,731 Apex PC Solutions*............... 39,000 798,281 Comdisco......................... 73,900 1,893,688 Creative Technology (Singapore)................... 154,500 2,061,609 Electronics for Imaging*......... 97,600 4,995,900 Ingram Micro (Class A)*.......... 21,000 540,750 Lexmark International Group (Class A)*.................... 18,000 1,189,125 Pitney Bowes..................... 10,400 668,200 Seagate Technology*.............. 30,100 771,313 Storage Technology*.............. 16,900 384,475 Sun Microsystems*................ 8,500 585,703 Tech Data*....................... 10,400 397,475 ---------- 19,216,800 ---------- COMPUTER SOFTWARE -- 20.4% 3DO*............................. 48,300 221,878 Acclaim Entertainment*........... 71,900 457,239 Activision*...................... 28,000 406,875 Autodesk......................... 79,304 2,346,903 BMC Software*.................... 35,400 1,910,494 Check Point Software Technologies* (Israel)........ 69,200 3,708,687 Citrix Systems................... 10,500 591,609 Compuware*....................... 48,600 1,544,569 Electronic Arts*................. 46,600 2,522,225 Entrust Technologies*............ 10,700 356,109 HNC Software*.................... 20,000 615,625 Mentor Graphics*................. 60,800 777,100 Microsoft*....................... 41,500 3,740,188 New Era of Networks*............. 10,600 465,406 Parametric Technology*........... 127,500 1,773,047 Peregrine Systems*............... 12,600 323,269 Shares Value -------- --------- COMPUTER SOFTWARE (continued) Structural Dynamics Research*..................... 63,100 $ 1,159,463 Symantec*........................ 45,900 1,171,884 Synopsys*........................ 67,400 3,717,531 Tecnomatix Technologies* (Israel)...................... 12,300 214,866 Visio*........................... 21,000 798,656 ---------- 28,823,623 ---------- CONTRACT MANUFACTURING/ CIRCUIT BOARDS -- 4.2% DII Group*....................... 20,900 777,218 Hadco*........................... 21,800 866,550 Sanmina*......................... 11,700 887,738 SCI Systems*..................... 39,900 1,895,250 SMART Modular Technologies*...... 87,500 1,514,844 ---------- 5,941,600 ---------- ELECTRONICS CAPITAL EQUIPMENT -- 13.1% Applied Materials*............... 25,300 1,868,247 ASM Lithography (Netherlands)*... 25,100 1,486,391 Asyst Technologies*.............. 17,700 529,341 Cognex*.......................... 50,500 1,592,328 Credence Systems*................ 35,700 1,316,438 Electro Scientific Industries*... 18,300 764,597 KLA-Tencor*...................... 44,300 2,872,578 Lam Research*.................... 25,200 1,175,738 Novellus Systems*................ 27,400 1,869,194 Orbotech* (Israel)............... 24,900 1,283,906 Teradyne*........................ 41,500 2,977,625 Veeco Instruments................ 24,300 828,478 ---------- 18,564,861 ---------- INTERNET/ONLINE -- 0.8% Beyond.com....................... 16,600 474,656 PSINet*.......................... 8,300 362,606 Softnet Systems*................. 5,600 155,925 ZDNet............................ 3,900 101,400 ---------- 1,094,587 ---------- MEDIA -- 17.6% Adelphia Communications (Class A)*.................... 16,600 1,063,956 Cablevision Systems (Class A)*.................... 16,700 1,169,000 - ------------------- * Non-income producing security. See Notes to Financial Statements. -- P-15 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------- SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO (continued) Shares Value -------- ---------- MEDIA (continued) CBS*............................. 79,900 $ 3,470,656 Chancellor Media*................ 97,700 5,382,659 Clear Channel Communications*.... 40,600 2,798,863 Fox Entertainment Group (Class A)*.................... 28,700 773,106 Infinity Broadcasting (Class A)*.................... 36,900 1,097,775 MediaOne Group*.................. 68,900 5,124,438 Outdoor Systems*................. 31,500 1,149,750 Sinclair Broadcast Group (Class A)*.................... 44,600 727,538 USA Networks*.................... 35,200 1,411,300 Ziff-Davis*...................... 48,200 744,088 ---------- 24,913,129 ---------- SEMICONDUCTORS -- 8.9% Altera*.......................... 15,600 573,787 Amkor Technology*................ 183,200 1,872,075 C-Cube Microsystems*............. 66,600 2,108,306 Dallas Semiconductor............. 18,700 944,350 Lattice Semiconductor*........... 45,900 2,851,537 Linear Technology................ 12,500 841,406 Maxim Integrated Products*....... 14,200 944,300 Microchip Technology*............ 42,000 1,987,125 Xilinx*.......................... 8,400 481,163 ---------- 12,604,049 ---------- Principal Amount Value -------- ----------- Total Common Stocks (Cost $108,198,297)........... $131,720,773 ------------ SUBORDINATED CONVERTIBLE BONDS -- 0.1% (Cost $184,000) COMPUTER SOFTWARE -- 0.1% Activision 63/4%, 1/1/2005+...... $ 190,000 181,450 ------------ REPURCHASE AGREEMENT -- 5.2% (Cost $7,300,000) State Street Bank and Trust 4.70%, dated 6/30/99, maturing 7/1/99 collateralized by: $5,895,000 US Treasury Notes 10-3/4%, 8/15/2005, with a fair market value of $7,501,916........... 7,300,000 7,300,000 ------------- Total Investments -- 98.5% (Cost $115,682,297)........... 139,202,223 Other Assets Less Liabilities-- 1.5%....... 2,185,385 ------------ Net Assets-- 100.0%.............. $141,387,608 ============ - ------------------------------------------------------------------------------- SELIGMAN FRONTIER PORTFOLIO Shares Value -------- ---------- COMMON STOCKS -- 96.5% ADVERTISING -- 1.5% HA-LO Industries*................ 25,400 $250,825 Snyder Communications*........... 4,400 144,100 -------- 394,925 -------- BUSINESS GOODS AND SERVICES -- 15.6% Abacus Direct*................... 1,100 99,791 Affiliated Computer Services (Class A)*.................... 6,300 318,937 American Homestar................ 30,437 207,352 Applied Graphics Technologies*... 13,500 168,750 Shares Value -------- --------- BUSINESS GOODS AND SERVICES (continued) Copart*.......................... 13,800 $ 292,819 FirstService* (Canada)........... 17,200 263,375 Indus International*............. 23,300 100,845 Integrated Electrical Services*.. 10,000 161,250 Keystone Automotive Industries*.. 17,700 306,431 Metamor Worldwide*............... 8,200 196,800 Modis Professional Services*..... 28,100 386,375 NFO Worldwide*................... 2,000 28,000 NOVA*............................ 13,333 333,325 Personnel Group of America*...... 23,800 238,000 Profit Recovery Group*........... 1,700 80,378 - ------------------- * Non-income producing security. + Rule 144A security. See Notes to Financial Statements. -- P-16 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- June 30, 1999 - ------------------------------------------------------------------------------- SELIGMAN FRONTIER PORTFOLIO (continued) Shares Value -------- --------- BUSINESS GOODS AND SERVICES (continued) Provant*......................... 19,770 $ 307,671 U.S. Foodservice*................ 10,800 460,350 Wilmar Industries*............... 16,600 217,875 --------- 4,168,324 --------- CAPITAL GOODS -- 5.3% Microchip Technology*............ 13,900 657,644 Novellus Systems*................ 4,800 327,450 UCAR International*.............. 17,100 431,775 --------- 1,416,869 --------- COMPUTER SOFTWARE AND SERVICES -- 9.9% Avant!*.......................... 22,600 284,619 Inso*............................ 19,500 103,594 ISS Group*....................... 3,700 139,444 National Instruments*............ 15,700 631,925 Structural Dynamics Research*..................... 13,600 249,900 SunGard Data Systems*............ 8,400 289,800 Transaction Systems Architects (Class A)*.................... 11,600 452,400 Unigraphics Solutions (Class A)*.................... 20,100 378,131 Visio*........................... 2,800 106,487 --------- 2,636,300 --------- CONSULTING SERVICES -- 3.7% Corporate Executive Board*....... 3,300 117,459 Forrester Research*.............. 1,000 25,125 Primark*......................... 19,400 544,413 Professional Detailing*.......... 12,900 303,553 --------- 990,550 --------- CONSUMER GOODS AND SERVICES -- 5.7% Carey International*............. 10,400 256,750 Carriage Services (Class A)*..... 23,800 446,250 MemberWorks*..................... 15,700 458,734 Packaged Ice*.................... 6,300 37,603 Pre-Paid Legal Services*......... 11,200 304,500 --------- 1,503,837 --------- Shares Values -------- --------- DRUGS AND HEALTH CARE -- 9.3% Alpharma (Class A)............... 2,200 $ 78,237 Barr Laboratories*............... 7,700 307,037 Dura Pharmaceuticals*............ 9,800 116,375 Omnicare......................... 6,600 83,325 Province Healthcare*............. 17,600 345,400 Renal Care Group*................ 5,700 147,309 Renex*+.......................... 50,000 267,188 Schein Pharmaceutical*........... 6,800 82,025 Teva Pharmaceutical Industries (ADRs) (Israel).... 10,100 498,688 Total Renal Care Holdings*....... 25,600 398,400 Triangle Pharmaceuticals*........ 9,100 163,231 --------- 2,487,215 --------- ELECTRONICS -- 15.9% Analog Devices*.................. 9,100 456,706 AVX.............................. 25,700 626,437 Burr-Brown*...................... 33,050 1,220,784 Cognex*.......................... 13,600 428,825 General Semiconductors*.......... 15,900 145,087 KLA-Tencor*...................... 5,000 324,219 Oak Industries*.................. 4,230 184,798 PMC-Sierra* (Canada)............. 5,800 342,019 Sanmina*......................... 5,900 447,663 Veeco Instruments*............... 1,800 61,369 --------- 4,237,907 --------- ENERGY -- 4.6% Barrett Resources*............... 3,400 130,475 Cabot Oil & Gas (Class A)........ 16,700 311,037 Calpine*......................... 10,200 550,800 Santa Fe Snyder*................. 28,500 217,313 --------- 1,209,625 --------- ENVIRONMENTAL MANAGEMENT -- 3.2% Allied Waste Industries*......... 11,500 227,125 Casella Waste Systems (Class A)*.................... 11,050 285,919 Waste Connections*............... 10,900 332,450 --------- 845,494 --------- FINANCIAL SERVICES -- 4.1% Affiliated Managers Group*....... 6,900 208,294 American Capital Strategies...... 12,400 225,138 Crusader Holding*................ 3,465 36,383 - ------------------- * Non-income producing security. + Rule 144A security. See Notes to Financial Statements. -- P-17 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------- SELIGMAN FRONTIER PORTFOLIO (continued) Shares Value -------- --------- FINANCIAL SERVICES (continued) ESG Re (Bermuda)................. 9,200 $ 137,138 Insignia Financial Group*........ 15,666 164,493 Metris Companies................. 7,000 285,250 Stirling Cooke Brown Holdings (Bermuda)..................... 4,900 20,058 --------- 1,076,754 --------- INDUSTRIAL GOODS AND SERVICES -- 1.5% McDermott International.......... 10,000 282,500 United Rentals*.................. 4,500 132,750 --------- 415,250 --------- INTERNET/ONLINE -- 0.2% Doubleclick*..................... 700 64,072 --------- LEISURE AND ENTERTAINMENT -- 3.6% Premier Parks*................... 23,500 863,625 ResortQuest International*....... 9,800 80,850 --------- 944,475 --------- MEDIA AND BROADCASTING -- 0.9% SBS Broadcasting* (Luxembourg).................. 7,400 237,263 --------- MEDICAL PRODUCTS AND TECHNOLOGY -- 4.4% Covance*......................... 10,400 248,950 Hanger Orthopedic Group*......... 13,000 184,438 Kendle International............. 3,600 57,825 Pharmaceutical Product Development*.................. 2,200 60,156 PSS World Medical*............... 49,100 547,772 Somnus Medical Technologies*................. 20,000 61,250 --------- 1,160,391 --------- Shares Value -------- --------- REAL ESTATE INVESTMENT TRUST -- 0.9% Realty Information Group......... 5,460 $ 235,804 ---------- RETAIL TRADE -- 1.0% Pier 1 Imports................... 22,550 253,688 ---------- SCHOOLS -- 2.9% Career Education*................ 11,100 374,972 EduTrek International (Class A)*. 23,700 117,018 ITT Educational Services......... 10,300 268,444 ---------- 760,434 ---------- TELECOMMUNICATIONS -- 2.1% ANTEC*........................... 15,200 485,925 Forward Air...................... 2,750 77,258 ----------- 563,183 ----------- TRANSPORTATION -- 0.2% US Xpress Enterprises (Class A)*.................... 6,100 65,384 ----------- Total Common Stocks (Cost $23,666,226)............ 25,667,744 Short-Term Holdings -- 3.5% (Cost $930,000).............. 930,000 ----------- Total Investments -- 100.0% (Cost $24,596,226)............ 26,597,744 Other Assets Less Liabilities ............. (6,413) ----------- Net Assets-- 100.0%.............. $26,591,331 =========== - ----------------- * Non-income producing security. See Notes to Financial Statements. -- P-18 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- June 30, 1999 - ------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL GROWTH OPPORTUNITIES PORTFOLIO Shares Value -------- ---------- COMMON STOCKS -- 92.2% AUSTRALIA-- 1.1% Brambles Industries (Business Goods and Services)................. 1,350 $35,502 CSL (Drugs and Health Care)...... 4,300 37,055 Telstra (Telecommunications)..... 6,300 36,037 -------- 108,594 -------- CHINA -- 0.4% China Telecom (Hong Kong)* (Telecommunications).......... 14,000 38,885 -------- DENMARK -- 0.7% ISS International Service (Commercial Services)......... 1,200 64,016 -------- FINLAND -- 3.6% Nokia (Telecommunications)....... 2,660 232,986 Sonera Group* (Telecommunications).......... 5,500 120,150 -------- 353,136 -------- FRANCE -- 7.3% Alcatel (Telecommunications)..... 910 127,997 Cap Gemini (Computer and Technology Related)........... 696 109,300 Carrefour Supermarche (Retailing)................... 840 123,345 Genset (ADRs)* (Drugs and Health Care).................. 2,500 39,063 Hachette Filipacchi Medias (Media)....................... 400 92,946 Sidel (Manufacturing and Industrial Equipment)......... 765 92,940 Valeo (Automotive and Related)... 1,430 117,884 -------- 703,475 -------- GERMANY -- 2.8% Adidas-Salomon (Retailing)....... 1,150 111,866 Metro (Retailing)................ 1,393 88,565 Sixt (Retailing)................. 1,350 72,338 -------- 272,769 -------- Shares Value -------- -------- GREECE -- 0.8% Commercial Bank of Greece (Financial Services).......... 700 $ 50,008 National Bank of Greece (GDRs)+ (Financial Services)..................... 2,200 28,270 -------- 78,278 -------- HONG KONG -- 0.6% HSBC Holdings (Financial Services).......... 800 29,180 Hutchison Whampoa (Diversified)................. 3,000 27,163 -------- 56,343 -------- HUNGARY -- 0.3% Magyar Tavkozlesi "Matav" (ADRs) (Telecommunications).......... 500 13,750 MOL Magyar Olaj-es Gazipari (GDRs)+ (Resources)........... 500 11,975 -------- 25,725 -------- IRELAND -- 2.7% Elan (ADRs)* (Drugs and Health Care).................. 4,500 124,875 Ryanair Holding* (Transportation).............. 13,600 140,841 -------- 265,716 -------- ITALY -- 3.4% Banca Nazionale del Lavoro "BNL"* (Financial Services)... 38,000 119,429 Banca Popolare di Lodi (Financial Services).......... 5,800 69,628 Mediolanum (Financial Services).. 18,000 138,183 -------- 327,240 -------- JAPAN -- 9.0% Able (Financial Services)........ 1,000 51,204 Altech (Electronics Capital Equipment).................... 2,200 50,873 Diamond Computer Service (Computer and Technology Related)...................... 2,000 41,458 Fancl (Consumer Goods and Services)..................... 200 36,338 - ----------------- * Non-income producing security. + Rule 144A security. See Notes to Financial Statements. -- P-19 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL GROWTH OPPORTUNITIES PORTFOLIO (continued) Shares Value -------- --------- JAPAN (continued) H.I.S. (Entertainment and Leisure)...................... 2,600 $ 92,117 Kadokawa Shoten Publishing (Media)....................... 400 81,596 Keyence (Electronics)............ 500 87,459 NIC (Commercial Services)........ 2,000 67,721 Nippon Telegraph & Telephone "NTT" (Telecommunications).......... 6 69,868 NTT Mobile Communication (Telecommunications).......... 8 107,032 NTT Mobile Communication Network "NTT DoCoMo" (Telecommunications).......... 2 27,088 Sagami Chain (Restaurants)....... 4,000 35,678 Sanix (Consumer Goods and Services)..................... 1,000 48,313 Sundrug (Retailing).............. 800 37,660 Xebio (Retailing)................ 1,600 36,140 -------- 870,545 -------- MEXICO -- 1.3% Fomento Economico Mexicano "Femsa" (ADRs) (Consumer Goods and Services).................... 1,300 51,838 Grupo Iusacell (ADRs)* (Telecommunications).......... 6,000 78,000 -------- 129,838 -------- NETHERLANDS--- 4.6% ASM Lithography Holding* (Electronics Capital Equipment).................... 1,820 105,211 Equant* (Business Goods and Services)..................... 1,790 164,899 Koninklijke (Royal) Philips Electronics (Electronics)..... 1,748 172,287 -------- 442,397 -------- Shares Value -------- -------- NORWAY -- 1.8% Tomra Systems (Business Goods and Services)........... 4,750 178,659 -------- SINGAPORE -- 0.6% Natsteel Electronics (Electronics)................. 6,000 $ 26,252 Oversea-Chinese Banking (Financial Services).......... 3,200 26,687 -------- 52,939 -------- SOUTH KOREA -- 0.3% Korea Telecom (ADRs) (Telecommunications).......... 670 26,800 -------- SPAIN -- 4.9% Actividades de Construccion y Servicios (Construction and Property)................. 3,400 97,258 Azkoyen (Manufacturing and Industrial Equipment)......... 2,620 67,495 Sociedad General de Aguas de Barcelona (Consumer Goods and Services)........... 1,520 79,087 Superdiplo* (Retailing).......... 2,160 47,854 Tabacalera (Class A) (Tobacco)..................... 6,500 131,279 Telefonica Publica (Telecommunications).......... 2,800 55,830 -------- 478,803 -------- SWEDEN -- 2.5% L.M. Ericsson Telefon (Series B) (Telecommunications).......... 5,495 176,366 Securitas (Series B) (Consumer Goods and Services)..................... 4,500 67,312 -------- 243,678 -------- SWITZERLAND -- 1.0% Credit Suisse Group (Financial Services).......... 575 99,402 -------- UNITED KINGDOM -- 11.6% Airtours (Entertainment and Leisure)...................... 8,500 67,801 - ----------------- * Non-income producing security. See Notes to Financial Statements. -- P-20 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- June 30, 1999 - ------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL GROWTH OPPORTUNITIES PORTFOLIO (continued) Shares Value -------- ---------- UNITED KINGDOM (continued) Ashtead Group (Construction and Property)................. 19,500 $ 54,563 AstraZeneca (Drugs and Health Care).............. 3,145 122,611 Bodycote International (Industrial Goods and Services)..................... 15,000 93,757 British Telecommunications (Telecommunications).......... 2,500 41,775 Cable & Wireless (Telecommunications).......... 2,000 25,459 CMG* (Computer and Technology Related)...................... 2,800 73,271 Games Workshop Group (Retailing).................. 4,500 26,708 Granada Group (Entertainment and Leisure).. 4,500 83,991 Halma (Electronics).............. 36,500 60,991 Ladbroke Group (Entertainment and Leisure)... 13,000 51,592 Parity (Computer and Technology Related)........... 7,325 72,746 PizzaExpress (Restaurants)....... 8,000 115,392 Rolls-Royce (Aerospace).......... 12,600 53,480 SmithKline Beecham (Drugs and Health Care).............. 3,000 38,945 Spring Group (Support Services)..................... 6,500 15,524 WPP Group (Business Goods and Services)................. 15,000 126,861 --------- 1,125,467 --------- UNITED STATES -- 30.9% AES* (Electric and Gas Utilities).................... 3,800 220,875 AlliedSignal (Aerospace)......... 2,300 144,900 Alza (Medical Products and (Technology).................. 3,200 162,800 America Online* (Computer and Technology Related)........... 600 66,300 American International Group (Financial Services).......... 1,275 149,255 AT&T (Telecommunications)........ 3,150 175,809 CBS* (Media)..................... 3,100 134,656 Cintas (Business Goods and Services)..................... 1,600 107,450 Shares Value -------- --------- UNITED STATES (continued) Cisco Systems (Computer and Technology Related)........... 2,200 $ 141,694 Citigroup (Financial Services)... 3,150 149,625 Disney, Walt (Entertainment and Leisure).................. 3,300 101,681 General Electric (Diversified)... 1,300 146,900 Halliburton (Resources).......... 3,300 149,325 MCI WorldCom* (Telecommunications).......... 700 60,222 Medtronic (Drugs and Health Care)......................... 1,800 140,175 Merck (Drugs and Health Care).... 1,400 103,600 Microsoft* (Computer and Technology Related)........... 2,000 180,250 Pfizer (Drugs and Health Care)... 600 65,850 Philip Morris (Tobacco).......... 3,200 128,600 Procter & Gamble (Consumer Goods and Services)........... 1,400 124,950 Tyco International (Diversified). 2,000 189,500 Xerox (Business Goods and Services)..................... 2,500 147,656 ---------- 2,992,073 ---------- Total Common Stocks (Cost $6,832,966)............. 8,934,778 ---------- PREFERRED STOCKS -- 1.0% (Cost $78,503) GERMANY -- 1.0% Porsche (non-voting)* (Automotive and Related)...... 43 100,139 ---------- CORPORATE BONDS -- 0.1% (Cost $4,920) GERMANY -- 0.1% Metro Finance 0%, 9/7/2013 (Financial Services).......... 9,000** 5,053 ---------- Total Investments -- 93.3% (Cost $6,916,389)............. 9,039,970 Other Assets Less Liabilities-- 6.7%............ 650,887 ---------- Net Assets-- 100.0%.............. $9,690,857 ========== - ------------------ * Non-income producing security. ** Principal amount reported in German deutschemarks. See Notes to Financial Statements. -- P-21 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO Shares Value -------- --------- COMMON STOCKS -- 97.9% AUSTRALIA -- 1.9% BRL Hardy (Consumer Goods and Services)................. 9,650 $ 40,846 Cochlear (Medical Products and Technology)................... 5,700 45,180 CSL (Medical Products and Technology)................... 5,150 44,380 Data Advantage* (Business Services)..................... 16,600 41,899 Futuris (Automotive Parts Manufacturing)................ 29,873 43,425 Pasminco (Metals)................ 36,000 39,677 Perpetual Trustees Australia (Financial Services).......... 2,800 44,402 TAB* (Leisure and Hotels)........ 22,300 44,941 -------- 344,750 -------- AUSTRIA -- 0.1% Bau Holdings (Construction and Property)..................... 511 16,323 -------- CANADA -- 2.0% Celestica* (Technology).......... 1,900 82,294 Cinar (Class B)* (Media)......... 3,800 93,813 PMC-Sierra* (Technology)......... 1,200 70,763 Teleglobe (Telecommunications).......... 2,100 62,210 Trojan Technologies* (Support Services)..................... 2,000 36,867 -------- 345,947 -------- DENMARK -- 1.7% Danske Traelast (Construction and Property)..................... 909 68,644 Sondagsavisen (Media)............ 1,556 99,177 Sydbank (Financial Services)..... 1,525 63,392 TK Development (Construction and Property)................ 790 68,962 -------- 300,175 -------- FINLAND -- 0.3% Rapala Normark* (Consumer Goods and Services).......... 8,700 61,410 -------- Shares Value -------- -------- FRANCE -- 3.2% Compagnie Francaise d'Etudes et de Construction Technip "Technip" (Construction and Property)... 944 $ 105,835 Du Pareil au Meme (Retailing)................... 887 68,551 Etam Developpement* (Retailing)................... 1,493 66,000 L'Europeenne d'Extincteurs (Manufacturing)............... 1,372 66,447 Genset (ADRs)* (Drugs and Health Care).................. 3,453 53,953 Royal Canin (Veterinary Products)..................... 1,981 114,314 Societe Virbac (Veterinary Products)..................... 1,467 82,386 -------- 557,486 -------- GERMANY -- 2.9% Beru (Automotive Parts Manufacturing).......... 4,720 103,111 Bien-Haus (Construction and Property)..................... 221 43,953 Hawesko Holding (Telecommunications).......... 2,442 84,298 Intershop Communications (Computer Software)........... 320 76,830 Sixt (Retailing)................. 2,517 134,869 Tecis Holding* (Financial Services)..................... 70 6,636 Zapf Creation* (Manufacturing)............... 2,600 61,621 -------- 511,318 -------- HONG KONG -- 1.9% Dah Sing Financial Group (Financial Services).......... 11,400 43,418 Esprit Holdings (Retailing)...... 27,000 18,270 Giordano International (Retailing)................... 51,000 36,153 JCG Holdings (Financial Services)..................... 60,000 28,613 Johnson Electric Holdings (Electronics)................. 6,000 24,746 Kerry Properties (Construction and Property)................. 26,000 34,349 - ----------------- * Non-income producing security. See Notes to Financial Statements. -- P-22 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- June 30, 1999 - ------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued) Shares Value -------- ---------- HONG KONG (continued) Li & Fung (Consumer Goods and Services)................. 8,200 $ 19,658 Mandarin Oriental (Leisure and Hotels)....................... 41,000 36,080 Pacific Century (Financial Services)..................... 4,000 3,238 South China Morning Post Holdings (Media)....................... 56,000 31,397 Varitronix International (Manufacturing)............... 14,000 29,141 Yanzhou Coal Mining (Series H)* (Resources)....... 82,000 29,328 -------- 334,391 -------- IRELAND -- 4.9% Esat Telecom Group (ADRs)* (Telecommunications).......... 2,700 118,125 Green Property (Real Estate)..... 110,000 606,420 Ryanair Holding* (Transportation)............. 14,080 145,813 -------- 870,358 -------- ISRAEL -- 0.8% Teva Pharmaceutical Industries (Drugs and Health Care)....... 2,700 133,313 -------- JAPAN -- 12.6% Anritsu (Electronics)............ 3,500 31,796 Asahi Diamond Industries (Manufacturing)............... 6,000 34,686 Asatsu-DK (Advertising).......... 1,700 44,927 Benesse (Business Services)...... 600 65,161 The Eighteenth Bank (Financial Services)..................... 7,000 29,772 Enplas (Electronics)............. 1,000 31,796 Fujicco (Consumer Goods and Services)..................... 4,000 72,841 Fujitsu Business Systems (Business Services)........... 2,500 70,405 Glory (Manufacturing)............ 4,000 79,283 Higashi Nihon House (Construction and Property)..................... 6,000 31,961 H.I.S. (Leisure and Hotels)...... 1,000 35,430 Hitachi Information Systems (Computer Software)........... 2,000 49,552 Shares Value -------- -------- JAPAN (continued) Hitachi Medical (Medical Products and Technology)...... 2,000 $ 25,602 Hogy Medical (Medical Products and Technology)............... 700 32,085 Hokkai Can (Paper and Printing)..................... 7,000 20,407 Hokuto (Consumer Goods and Services)..................... 1,000 53,681 Horiba Instruments (Electronics)................. 4,000 44,927 Iino Kaiun Kaisha* (Transportation).............. 12,000 24,578 The Iyo Bank (Financial Services)..................... 5,000 28,492 Japan Information Processing Service (Computer Software)..................... 2,200 29,797 Kentucky Fried Chicken (Restaurants)................. 3,000 36,916 Kissei Pharmaceutical (Drugs and Health Care).............. 1,000 19,862 Komatsu Seiren (Manufacturing)............... 7,000 32,836 Komori (Capital Goods)........... 2,000 36,008 Maspro Denkoh (Telecommunications).......... 2,000 28,674 Mitsubishi Cable Industries (Manufacturing)............... 7,000 11,851 Mitsubishi Gas Chemical (Chemicals)................... 10,000 31,548 Mitsui Home (Construction and Property)..................... 12,000 62,040 Moshi Moshi Hotline (Telecommunications).......... 1,000 73,502 Nichicon (Manufacturing)......... 2,000 29,153 Nippon Broadcasting System (Media)....................... 1,000 49,552 Nippon Seiki (Automotive Parts Manufacturing)................ 3,000 22,051 Nishio Rent All (Construction and Property)................. 3,000 34,191 Nissha Printing (Paper and Printing)..................... 7,000 50,873 Okinawa Electric Power (Electric Utilities).......... 1,200 25,272 Olympus Optical (Electronics).... 4,000 59,099 Otsuka Kagu (Retailing).......... 500 90,432 - ------------------- * Non-income producing security. See Notes to Financial Statements. -- P-23 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued) Shares Value -------- ---------- JAPAN (continued) Rengo (Paper and Printing)....... 13,000 $ 66,994 Ryoyo Electro (Electronics)...... 3,000 33,448 Sagami Chain (Restaurants)....... 2,000 17,839 Sankyo (Manufacturing)........... 2,600 124,326 Shimachu (Retailing)............. 1,200 26,560 Sundrug (Retailing).............. 1,800 84,734 Takasago International (Chemicals)................... 4,000 21,307 Tokyo Style (Manufacturing)...... 3,000 32,209 Towa Pharmaceutical (Drugs and Health Care).............. 3,000 37,164 Toyo Ink Manufacturing (Chemicals)................... 7,000 16,303 Tsubaki Nakashima (Manufacturing)............... 7,500 71,850 Tsudakoma* (Manufacturing)....... 15,000 30,103 Tsutsumi Jewelry (Retailing)..... 2,500 68,134 Xebio (Retailing)................ 2,100 47,434 Yokohama Reito (Distribution).... 3,000 21,208 --------- 2,230,652 --------- LUXEMBOURG -- 0.3% SBS Broadcasting* (Media)........ 1,800 57,713 --------- NETHERLANDS -- 2.6% Athlon Groep (Consumer Goods and Services)................. 2,913 70,540 Beter Bed Holding (Retailing).... 1,817 52,425 CMG (Support Services)........... 8,500 222,430 Samas Groep (Manufacturing)...... 7,463 110,355 --------- 455,750 --------- NORWAY -- 2.0% Ekornes (Manufacturing).......... 16,647 127,977 Petroleum Geo-Services* (Industrial Goods and Services)..................... 6,513 98,070 Tandberg Television* (Telecommunications).......... 12,687 130,582 --------- 356,629 --------- SINGAPORE -- 1.0% Jurong Shipyard (Shipbuilding)................ 3,700 18,145 Natsteel (Manufacturing)......... 16,000 28,003 Neptune Orient Lines (Transportation).............. 40,000 48,864 Shares Value -------- --------- SINGAPORE (continued) Sembcorp Logistics (Transportation).............. 9,000 $ 35,413 Singapore Land (Financial Services)..................... 5,000 14,683 Venture Manufacturing (Electronics)................. 4,500 34,621 -------- 179,729 -------- SPAIN -- 0.7% Enaco* (Retailing)............... 7,600 63,826 TelePizza* (Consumer Goods and Services)................. 10,094 52,215 -------- 116,041 -------- SWEDEN -- 1.0% Finnveden (Series B) (Manufacturing).............. 2,447 35,883 Munksjo (Paper and Printing)..... 4,161 30,386 Nobel Biocare (Medical Products and Technology)............... 7,806 114,925 -------- 181,194 -------- SWITZERLAND -- 3.5% Bon Appetit Holding (Retailing)................... 105 59,044 Kaba Holding (Business Services)..................... 183 96,554 Selecta Group (Consumer Goods and Services)........... 522 207,988 SEZ Holding (Manufacturing)...... 329 107,619 Swisslog Holding (Industrial Goods and Services)........... 1,171 141,667 -------- 612,872 -------- TAIWAN -- 0.1% Taiwan American Fund* (Miscellaneous)............... 1,700 24,752 -------- THAILAND -- 0.2% National Finance* (Financial Services)..................... 52,000 31,338 -------- UNITED KINGDOM -- 16.5% Allied Leisure (Leisure and Hotels)....................... 97,500 31,508 Ashtead Group (Construction and Property)................. 76,600 214,335 - ------------------- * Non-income producing security. See Notes to Financial Statements. -- P-24 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- June 30, 1999 - ------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued) Shares Value -------- --------- UNITED KINGDOM (continued) BTG (Technology)................. 7,000 $44,691 Capital Radio (Media)............ 20,500 271,295 Clinton Cards (Retailing)........ 46,200 191,906 Cobham (Manufacturing)........... 8,950 141,723 DawsonGroup (Transportation)..... 26,600 67,092 Domnick Hunter Group (Manufacturing)............... 20,000 63,056 Druck Holdings (Industrial Goods and Services)........... 11,500 45,322 F.I. Group (Computer Software)..................... 45,176 232,162 Games Workshop Group (Retailing)................... 9,400 55,790 GWR Group (Media)................ 21,000 155,425 Informa Group (Business Services)..................... 46,426 270,422 National Express Group (Transportation)............. 8,000 127,689 Parity (Computer Software)....... 25,312 251,382 PizzaExpress (Restaurants)....... 19,500 281,269 Shire Pharmaceuticals* (Drugs and Health Care).............. 5,500 45,735 Tilbury Douglas (Construction and Property)................. 50,500 238,825 Torotrak* (Automotive Parts Manufacturing)................ 7,000 22,235 Trifast (Electrical Distribution) 8,000 103,727 Trinity International Holdings (Media)...................... 7,100 63,013 --------- 2,918,602 --------- UNITED STATES -- 37.7% Abacus Direct* (Business Services)..................... 100 9,072 Acxiom* (Computer Software)...... 3,800 94,881 Affiliated Computer Services (Class A)* (Business Services)..................... 1,400 70,875 Affiliated Managers Group* (Financial Services).......... 1,900 57,356 Allied Waste Industries* (Industrial Goods and Services)..................... 2,600 51,350 Alpharma (Class A) (Drugs and Health Care).................. 600 21,338 American Capital Strategies* (Financial Services)......... 1,800 32,681 Shares Value -------- --------- UNITED STATES(continued) American Homestar* (Manufacturing)............... 8,100 $ 55,181 Analog Devices* (Technology).................. 2,400 120,450 ANTEC* (Telecommunications)...... 3,900 124,678 Applied Graphics Technology* (Consumer Goods and Services)..................... 3,700 46,250 Atlantis Korean Smaller (Miscellaneous)............... 2,300 35,029 Avant!* (Computer Software)...... 5,800 73,044 AVX (Electronics)................ 7,700 187,688 Bacou USA* (Industrial Goods and Services)................. 2,500 42,656 Barr Laboratories* (Drugs and Health Care).................. 2,300 91,713 Barrett Resources* (Energy)...... 1,000 38,375 Burr-Brown* (Technology)......... 8,600 317,663 Cabot Oil & Gas (Class A) (Energy)...................... 3,400 63,325 Calpine* (Electric Utilities).... 2,500 135,000 Career Education* (Schools)...... 3,300 111,478 Carey International* (Transportation).............. 2,900 71,594 Carriage Services* (Consumer Goods and Services)........... 5,100 95,625 Casella Waste Systems (Class A)* (Capital Goods).... 2,900 75,038 Cognex* (Electronics)............ 4,900 154,503 Copart (Retailing)............... 3,300 70,022 Corporate Executive Board (Business Services)........... 800 28,475 Covance* (Drugs and Health Care)......................... 2,800 67,025 Crusader Holding* (Financial Services)..................... 735 7,718 Doubleclick* (Media)............. 200 18,306 Dura Pharmaceuticals* (Drugs and Health Care)....... 2,900 34,438 EduTrek International (Class A)* (Schools)..................... 4,800 23,700 FirstService* (Business Services)..................... 4,100 62,781 Forrester Research* (Consulting Services)..................... 300 7,538 General Semiconductor* (Technology).................. 4,700 42,888 - ----------------- * Non-income producing security. See Notes to Financial Statements. -- P-25 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued) Shares Value -------- --------- UNITED STATES(continued) HA-LO Industries* (Advertising)................. 10,900 $107,638 Hanger Orthopedic Group* (Medical Products and Technology)................... 3,900 55,331 Indus International* (Business Services)..................... 6,200 26,834 Insignia Financial Group* (Financial Services).......... 3,733 39,197 Inso* (Computer Software)........ 5,500 29,219 Integrated Electrical Services* (Electronics)................. 2,300 37,087 ISS Group* (Computer Software)... 1,000 37,687 ITT Educational Services* (Schools)..................... 2,900 75,581 Ivex Packaging* (Consumer Goods and Services)........... 4,000 88,000 Kendle International (Medical Products and Technology)................... 900 14,456 Keystone Automotive Industries* (Distribution)................ 5,100 88,294 KLA-Tencor* (Technology)......... 700 45,391 McDermott International (Industrial Goods and Services)..................... 2,100 59,325 MemberWorks* (Consumer Goods and Services)........... 2,800 81,812 Metamor Worldwide* (Business Services).................... 2,200 52,800 Metris Companies (Financial Services)..................... 1,600 65,200 Microchip Technology* (Technology).................. 3,800 179,787 MMI Companies (Financial Services)..................... 3,226 54,439 Modis Professional Services* (Business Services)........... 7,600 104,500 National Instruments* (Technology).................. 3,600 144,900 NFO Worldwide (Business Services)........... 600 8,400 NOVA* (Business Services)........ 3,818 95,450 Novellus Systems* (Electronics)................. 1,400 95,506 Oak Industries* (Electronics).... 900 39,319 Shares Value -------- -------- UNITED STATES(continued) OM Group (Chemicals)............. 3,100 $106,950 Omnicare (Drugs and Health Care).................. 1,200 15,150 Packaged Ice (Consumer Goods and Services)................. 1,300 7,759 Personnel Group of America* (Business Services)........... 7,400 74,000 Pharmaceutical Product Development* (Medical Products and Technology)...... 200 5,469 Pier 1 Imports (Retailing)....... 3,900 43,875 Premier Parks* (Leisure and Hotels)....................... 6,100 224,175 Pre-Paid Legal Services* (Business Services)........... 3,300 89,718 Primark* (Consumer Goods and Services)..................... 4,700 131,894 Prison Realty Trust (Construction and Property)..................... 8,800 86,350 Professional Detailing* (Business Services)........... 2,900 68,241 Profit Recovery Group (Business Services).......... 400 18,912 Provant* (Business Services)..... 5,060 78,746 Province Healthcare* (Drugs and Health Care).............. 4,200 82,425 PSS World Medical* (Drugs and Health Care).................. 13,800 153,956 Realty Information Group (Real Estate)....................... 1,500 64,781 Renal Care Group* (Medical Products and Technology)...... 1,100 28,428 Renex* (Drugs and Health Care)......................... 5,000 26,719 ResortQuest International* (Leisure and Hotels).......... 2,400 19,800 Sanmina* (Industrial Goods and Services)..................... 1,500 113,812 Santa Fe Snyder* (Energy)...................... 6,000 45,750 Schein Pharmaceutical* (Drugs and Health Care).............. 1,900 22,919 Snyder Communications* (Advertising)................. 1,200 39,300 - -------------------- * Non-income producing security. See Notes to Financial Statements. -- P-26 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- June 30, 1999 - ------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued) Shares Value -------- --------- UNITED STATES(continued) Somnus Medical Technologies* (Medical Products and Technology)................... 5,000 $15,312 Stirling Cooke Brown Holdings (Financial Services).......... 400 1,638 Structural Dynamics Research* (Computer Software)........... 4,700 86,362 SunGard Data Systems* (Computer Software)........... 2,300 79,350 Total Renal Care Holdings* (Drugs and Health Care)....... 7,133 111,007 Transaction Systems Architects (Class A)* (Technology)....... 2,400 93,600 Triangle Pharmaceuticals* (Drugs and Health Care)....... 2,700 48,431 U.S. Foodservice* (Business Services)..................... 3,500 149,188 UCAR International* (Capital Goods)........................ 4,500 113,625 Unigraphics Solutions (Class A)* (Business Services)........... 2,600 48,912 United Rentals* (Consumer Goods and Services)........... 1,300 38,350 Veeco Instruments* (Technology).................. 500 17,047 Visio* (Computer Software)....... 800 30,425 Waste Connections* (Capital Goods)........................ 1,900 57,950 Shares Value -------- --------- UNITED STATES(continued) Wilmar Industries* (Consumer Goods and Services)........... 4,500 $59,063 ----------- 6,665,276 ----------- Total Common Stocks (Cost $15,189,176)............ 17,306,019 ----------- PREFERRED STOCKS -- 0.6% GERMANY -- 0.2% Gerry Weber International (Retailing)................... 2,209 38,241 ----------- UNITED KINGDOM -- 0.4% Peel Holdings 5.25% (Real Estate)....................... 20,000 74,564 ----------- Total Preferred Stocks (Cost $132,886)............... 112,805 ----------- Total Investments -- 98.5% (Cost $15,322,062)............ 17,418,824 Other Assets Less Liabilities-- 1.5%....... 260,989 ----------- Net Assets-- 100.0%.............. $17,679,813 =========== - ------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL TECHNOLOGY PORTFOLIO Shares Value -------- --------- COMMON STOCKS -- 87.8% FINLAND -- 2.3% Nokia (Telecommunications)....... 2,400 $ 210,212 -------- FRANCE -- 4.0% Altran Technologies (Computer and Business Services)........ 350 92,328 Cap Gemini (Computer Software)..................... 200 31,408 Genset (ADRs)* (Medical Products and Technology)...... 1,500 23,438 Rhone-Poulenc (Medical Products and Technology)...... 1,200 54,791 STMicroelectronics (Electronics)................. 2,000 133,134 Shares Value -------- --------- FRANCE (continued) STMicroelectronics (NY Shares) (Electronics)................. 400 $ 27,750 --------- 362,849 --------- GERMANY -- 1.4% Mannesmann (Machinery and Equipment)................ 850 127,003 --------- HONG KONG -- 0.3% Elec & Eltek International Holdings (Electronics)........ 150,000 26,680 --------- - ------------------- * Non-income producing security. See Notes to Financial Statements. -- P-27 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL TECHNOLOGY PORTFOLIO (continued) Shares Value -------- --------- ISRAEL -- 5.0% Check Point Software Technologies* (Computer Software)..................... 3,500 $187,578 ECI Telecom (Communications Infrastructure)............... 1,400 46,244 Orbotech* (Electronics Capital Equipment).................... 2,900 149,531 Tecnomatix Technologies* (Computer Software)........... 4,000 69,875 --------- 453,228 --------- ITALY -- 0.8% Tecnost (Computer Hardware/Peripherals)......... 5,990 14,752 Telecom Italia (Telecommunications).......... 5,000 27,101 Telecom Italia (RCN) (Telecommunications).......... 2,496 25,926 --------- 67,779 --------- JAPAN -- 6.3% CSK (Computer and Business Services)............ 1,000 22,711 Fujitsu (Semiconductors)......... 4,000 80,439 Hirose Electronics (Electronics)................. 400 41,492 Murata Manufacturing (Electronics)................. 2,000 131,478 NEC (Communications Infrastructure)............... 5,000 62,146 Ricoh (Machinery and Equipment).................... 4,000 55,036 Secom (Computer and Business Services)..................... 1,000 104,059 Sharp (Electronics).............. 6,000 70,859 --------- 568,220 --------- LUXEMBOURG -- 0.6% SBS Broadcasting* (Media)........ 1,600 51,300 --------- NETHERLANDS -- 6.0% ASM Lithography Holding* (Electronics Capital Equipment).................... 4,000 236,875 CMG* (Computer and Business Services)..................... 3,900 102,056 Shares Value -------- --------- NETHERLANDS (continued) Koninklijke (Royal) Philips Electronics (Electronics)................. 2,024 $ 199,491 -------- 538,422 -------- NORWAY -- 1.0% Merkantildata (Computer Software)........... 9,000 86,915 Provida* (Computer Software)..... 2,000 7,370 -------- 94,285 -------- SINGAPORE -- 3.9% Creative Technology (Computer Hardware/ Peripherals).................. 8,000 106,750 Elec & Eltek International Holdings (Manufacturing)...... 10,000 39,000 Informatics Holdings (Computer Software)........... 70,000 51,800 Venture Manufacturing (Electronics)................. 20,000 153,873 -------- 351,423 -------- SOUTH KOREA -- 0.1% Samsung Electronics (GDRs) (Electronics)................. 1,622 83,614 SK Telecommunications Group (ADRs) (Telecommunications)... 465 7,897 -------- 91,511 -------- SWEDEN -- 0.7% Wm-Data (Series B) (Computer and Business Services)..................... 1,710 65,256 -------- SWITZERLAND -- 0.5% Novartis (Medical Products and Technology)................... 30 43,765 -------- TAIWAN -- 2.2% Siliconware Precision Industries (GDRs)*(Electronics Capital Equipment).................... 6,671 89,225 Taiwan Semiconductor Manufacturing (ADRs)* (Semiconductors).............. 3,190 108,460 -------- 197,685 -------- - --------------- * Non-income producing security. See Notes to Financial Statements. -- P-28 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- June 30, 1999 - ------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL TECHNOLOGY PORTFOLIO (continued) Shares Value -------- --------- UNITED KINGDOM--- 7.9% Cable & Wireless (Telecommunications).......... 6,000 $ 76,377 Celltech* (Medical Products and Technology)............... 4,700 36,564 COLT Telecom Group* (Telecommunications).......... 6,000 125,986 Invensys (Computer and Business Services)............ 26,000 123,164 Logica (Computer and Business Services)............ 5,450 57,133 Misys (Computer Software)........ 18,900 161,632 Sage Group (Computer Software)........... 1,800 63,986 Telewest Communications* (Cable Systems and Satellite Video)........................ 16,500 73,610 -------- 718,452 -------- UNITED STATES -- 44.8% 3DO* (Computer Software)......... 3,600 16,538 Activision* (Computer Software).. 4,000 58,125 Adaptec* (Computer Hardware/ Peripherals).................. 1,400 49,394 Amdocs* (Computer and Business Services)..................... 2,300 52,325 American Power Conversion (Computer Hardware/ Peripherals).................. 6,600 132,619 Amkor Technology* (Semiconductors).............. 8,000 81,750 Apex PC Solutions* (Computer Hardware/ Peripherals).................. 3,650 74,711 Applied Power (Class A) (Computer Hardware/ Peripherals).................. 1,500 40,969 Appnet Systems* (Computer Software)..................... 400 5,388 Artesyn Technologies* (Electronics Capital Equipment).................... 1,800 39,938 ATMI* (Electronics Capital Equipment)............ 700 20,738 Autodesk (Computer Software)..................... 2,500 73,984 BMC Software* (Computer Software)..................... 1,500 80,953 Shares Value -------- --------- UNITED STATES (continued) C-Cube Microsystems* (Semiconductors).............. 2,500 $ 79,141 Citrix Systems* (Computer Software)........... 700 39,441 Cognex* (Electronics Capital Equipment)............ 2,200 69,369 Comdisco (Computer Hardware/ Peripherals).................. 2,700 69,188 Compuware* (Computer Software)..................... 2,900 92,166 Credence Systems* (Electronics Capital Equipment)............ 1,400 51,625 Dallas Semiconductor (Semiconductors)............. 1,100 55,550 DII Group* (Contract Manufacturing/Circuit Boards)....................... 2,900 107,844 DSP Communications* (Communications Infrastructure)............... 1,500 43,313 Electro Scientific Industries* (Electronics Capital Equipment).................... 1,800 75,206 Electronic Arts* (Computer Software)..................... 1,400 75,775 Electronics for Imaging* (Computer Hardware/ Peripherals).................. 2,500 127,969 Entrust Technologies* (Computer Software)........... 400 13,313 Gilat Satellite Networks* (Communications Infrastructure)............... 1,400 73,588 Global TeleSystems Group* (Telecommunications).......... 3,500 283,390 HNC Software* (Computer Software)..................... 2,400 73,875 KLA-Tencor* (Electronics Capital Equipment)............ 2,200 142,656 Lattice Semiconductor* (Semiconductors)............. 3,200 198,800 Lexmark International Group (Class A)* (Computer Hardware/Peripherals)......... 800 52,850 Mastech* (Computer and Business Services)............ 800 14,850 MediaOne Group* (Media).......... 700 52,063 - ------------------ *Non-income producing security. See Notes to Financial Statements. -- P-29 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------- SELIGMAN HENDERSON GLOBAL TECHNOLOGY PORTFOLIO (continued) Shares Value -------- --------- UNITED STATES (continued) Mentor Graphics* (Computer Software)..................... 2,200 $28,119 Microchip Technology* (Semiconductors).............. 2,900 137,206 Microsoft* (Computer Software)..................... 2,500 225,313 New Era of Networks (Computer Software)........... 100 4,391 Novellus Systems* (Electronics Capital Equipment)............ 1,100 75,041 NTL* (Telecommunications)........ 750 64,664 Parametric Technology* (Computer Software)........... 4,400 61,188 Peregrine Systems* (Computer Software)..................... 1,500 38,484 PSINet* (Computer and Business Services)............ 800 34,950 RF Micro Devices (Communications Infrastructure)............... 500 37,328 Rogers Communications (Class B)* (Cable Systems and Satellite Video).......... 2,500 40,469 SCI Systems* (Contract Manufacturing/Circuit Boards). 1,600 76,000 Seagate Technology* (Computer Hardware/ Peripherals).................. 700 17,938 Shares Value -------- --------- UNITED STATES(continued) SMART Modular Technologies* (Contract Manufacturing/ Circuit Boards)............... 3,600 $ 62,325 Storage Technology* (Computer Hardware/Peripherals)......... 2,500 56,875 Structural Dynamics Research* (Computer Software)........... 3,300 60,638 Synopsys* (Computer Software).... 2,700 148,922 Teradyne* (Electronics Capital Equipment).................... 1,500 107,625 TSI International Software* (Computer Software)........... 800 22,650 Veeco Instruments* (Electronics Capital Equipment)............ 1,400 47,731 Zebra Technologies (Class A)* (Machinery and Equipment).................... 1,500 57,516 Ziff-Davis* (Media).............. 3,300 50,944 ---------- 3,975,721 ---------- Total Investments -- 87.8% (Cost $6,052,387)............. 7,943,791 Other Assets Less Liabilities-- 12.2%...... 1,105,904 ---------- Net Assets-- 100.0%.............. $9,049,695 ========== - ------------------------------------------------------------------------------- SELIGMAN HENDERSON INTERNATIONAL PORTFOLIO Shares Value -------- --------- COMMON STOCKS -- 97.8% AUSTRALIA -- 1.3% Colonial (Financial Services).... 16,800 $ 59,388 Rio Tinto (Metals)............... 400 6,547 Telstra (Telecommunications)..... 2,400 13,728 Westpac Banking (Banking)........ 7,000 45,328 --------- 124,991 --------- FINLAND -- 1.1% Nokia (Telecommunications)....... 1,201 105,193 --------- FRANCE -- 13.4% AXA (Insurance).................. 1,145 139,578 Shares Value -------- --------- FRANCE (continued) Banque Nationale de Paris (Banking)..................... 1,655 $137,796 Castorama Dubois Investments (Retailing)................... 441 104,519 ELF Aquitaine (Resources)........ 819 120,092 Groupe Danone (Consumer Products)..................... 416 107,167 STMicroelectronics (Electronics)................. 1,524 101,448 Suez Lyonnaise des Eaux (Construction and Property)..................... 761 137,152 TOTAL (B Shares) (Resources)..... 996 128,394 - ------------------- * Non-income producing security. See Notes to Financial Statements. -- P-30 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- June 30, 1999 - ------------------------------------------------------------------------------- SELIGMAN HENDERSON INTERNATIONAL PORTFOLIO (continued) Shares Value -------- --------- FRANCE (continued) Valeo (Manufacturing)............ 1,494 $ 123,159 Vivendi (Industrial Goods and Services)..................... 2,045 165,526 --------- 1,264,831 --------- GERMANY -- 9.2% Bayerische Hypo-und Vereinsbank (Banking)......... 1,788 113,679 DaimlerChrysler* (Automotive and Related).................. 1,443 125,944 Deutsche Bank* (Banking)......... 1,767 107,610 Deutsche Telekom (Telecommunications).......... 3,097 130,046 Hoechst (Chemicals).............. 2,374 106,903 Mannesmann (Industrial Goods and Services)................. 1,117 166,897 Siemens (Manufacturing).......... 1,499 115,539 --------- 866,618 --------- GREECE -- 1.6% Hellenic Telecommunications Organization (Telecommunications).......... 2,700 57,802 National Bank of Greece (Banking)..................... 4,705 60,459 National Bank of Greece (GDRs) (Banking)..................... 260 3,341 National Bank of Greece (GDRs)* (Banking)............. 2,600 33,410 --------- 155,012 --------- HUNGARY -- 2.2% Magyar Tavkozlesi "Matav" (ADRs) (Telecommunications) 7,700 211,750 --------- IRELAND -- 0.7% Bank of Ireland (Banking)........ 4,000 67,218 --------- ITALY -- 4.0% Banca Popolare di Brescia (Banking)..................... 3,266 139,834 ENI (Resources).................. 17,186 102,537 Monte Paschi Siena (Banking)..................... 18,000 79,757 Shares Value -------- --------- ITALY (continued) Telecom Italia (Telecommunications).......... 10,194 $ 55,252 --------- 377,380 --------- JAPAN -- 13.8% Asahi Chemical Industry (Chemicals)................... 10,000 55,416 Bank of Tokyo-Mitsubishi (Financial Services).......... 5,000 71,148 Canon (Business Services)........ 2,000 57,480 Fujitsu Limited (Business Services)........... 3,000 60,330 Hosiden (Electronics)............ 3,000 64,665 Japan Tobacco (Tobacco).......... 700 77,466 Kadokawa Shoten Publishing (Publishing).................. 300 61,197 KAO (Consumer Products).......... 1,000 28,079 KDD (Telecommunications)......... 500 35,884 Mitsui Chemicals (Chemicals)..... 8,000 51,534 Mitsui Mining & Smelting (Metals)...................... 10,000 51,617 NAMCO (Entertainment and Leisure)...................... 2,600 69,786 Nippon Steel (Metals)............ 24,000 55,696 Nippon Telegraph & Telephone "NTT" (Telecommunications)......... 7 81,513 Nippon Television Network (Media)...................... 90 37,164 Nishimatsu Construction (Construction and Property)..................... 8,000 45,852 NTT Mobile Communication (Telecommunications).......... 4 53,516 NTT Mobile Communication Network "NTT DoCoMo" (Telecommunications).......... 1 13,544 Sony (Consumer Products)......... 500 53,888 Takefuji (Financial Services).... 600 61,990 TDK (Electronics)................ 1,000 91,423 Uny (Retailing).................. 4,000 60,123 Yamaha Motor (Automotive and Related)...................... 7,000 64,979 --------- 1,304,290 --------- - ------------------ * Non-income producing security. See Notes to Financial Statements. -- P-31 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------- SELIGMAN HENDERSON INTERNATIONAL PORTFOLIO (continued) Shares Value -------- --------- NETHERLANDS -- 10.6% Akzo Nobel (Health and Household)........ 2,782 $ 116,962 Benckiser (Series B)* (Consumer Products)........... 1,785 95,187 Equant* (Business Services)...... 1,051 96,820 Fortis (Financial Services)...... 2,400 74,069 ING Groep (Insurance)............ 2,429 131,406 Koninklijke (Telecommunications).......... 1,534 71,922 Koninklijke Ahold (Retailing).... 2,761 95,025 Koninklijke (Royal) Philips Electronics (Electronics)..... 1,505 148,348 Royal Dutch Petroleum (Resources)................... 2,034 119,050 VNU (Publishing)................. 1,221 48,754 --------- 997,543 --------- SOUTH KOREA -- 0.3% Samsung Electronics (Electronics)................. 213 23,370 --------- SPAIN -- 3.6% Actividades de Construccion y Servicios (Construction and Property)................. 2,812 80,438 Banco Santander Central Hispano (Banking)............. 11,560 120,311 Telefonica de Espana (Telecommunications)......... 2,797 134,626 --------- 335,375 --------- SWEDEN -- 2.3% Electrolux (Series B) (Consumer Products)..................... 5,508 115,476 Nordbanken Holding (Banking)..................... 17,805 104,227 --------- 219,703 --------- SWITZERLAND-- 6.7% ABB (Industrial Goods and Services)..................... 1,605 151,089 Novartis (Health and Household).................... 79 115,247 Shares Value -------- --------- SWITZERLAND (continued) Roche Holding (Health and Household).................... 10 $ 102,696 UBS (Banking).................... 463 138,062 Zurich Allied (Insurance)........ 224 127,256 --------- 634,350 --------- TAIWAN -- 0.2% The ROC Taiwan Fund (Miscellaneous)............... 1,200 9,675 Taiwan Opportunities Fund* (Miscellaneous)............... 1,000 12,100 --------- 21,775 --------- UNITED KINGDOM -- 26.8% Allied Zurich* (Insurance)....... 8,500 106,190 AstraZeneca (Drugs and Health Care)......................... 3,362 131,071 BP Amoco (Resources)............. 10,739 192,313 British American Tobacco (Tobacco).................... 10,500 97,989 British Telecommunications (Telecommunications)......... 8,000 133,679 Bunzl (Manufacturing)............ 23,000 114,029 Cable & Wireless (Telecommunications).......... 6,000 76,377 FKI (Industrial Goods and Services)................. 38,000 117,410 Granada Group (Entertainment and Leisure).................. 8,500 158,649 The Great Universal Stores (Retailing)................... 9,400 105,135 Laporte (Chemical)............... 7,000 79,009 Lloyds TSB Group (Banking)....... 10,500 141,935 Next (Consumer Products)......... 6,000 72,924 Railtrack Group (Transportation).............. 7,699 157,049 Rolls Royce (Industrial Goods and Services)................. 17,600 74,702 Royal Bank of Scotland (Banking)..................... 8,500 172,986 Scottish & Newcastle (Consumer Products)........... 10,000 104,437 SmithKline Beecham (Health and Household)........ 6,500 84,381 - ------------------ * Non-income producing security. See Notes to Financial Statements. -- P-32 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- June 30, 1999 - ------------------------------------------------------------------------------- SELIGMAN HENDERSON INTERNATIONAL PORTFOLIO (continued) Shares Value -------- --------- UNITED KINGDOM (continued) Tesco (Retailing)................ 49,500 $ 128,362 United Utilities (Utilities)..... 9,000 109,812 WPP Group (Media)................ 20,000 169,148 --------- 2,527,587 --------- Value ---------- Total Investments -- 97.8% (Cost $7,530,632)............. $9,236,986 Other Assets Less Liabilities-- 2.2%....... 204,815 ---------- Net Assets-- 100.0%.............. $9,441,801 ========== - ------------------------------------------------------------------------------- SELIGMAN HIGH-YIELD BOND PORTFOLIO Principal Amount Value -------- -------- CORPORATE BONDS -- 84.3% ADVERTISING -- 0.2% Adams Outdoor Advertising 10-3/4%, 3/15/2006............ $ 50,000 $ 53,250 -------- AEROSPACE/DEFENSE -- 0.3% Condor Systems 11-7/8%, 5/1/2009+..................... 50,000 48,500 Fairchild 10-3/4%, 4/15/2009+.... 40,000 39,400 -------- 87,900 -------- AUTOMOTIVE AND RELATED -- 0.3% Diamond Triumph Automotive 9-1/4%, 4/1/2008+............. 100,000 97,500 -------- BROADCASTING -- 1.8% Capstar Broadcasting Partners 0% (12-3/4%**), 2/1/2009...... 125,000 106,250 Cumulus Media 10-3/8%, 7/1/2008...................... 95,000 101,175 Muzak 9-7/8%, 3/15/2009+......... 125,000 124,375 Paxson Communications 11-5/8%, 10/1/2002..................... 25,000 26,125 SFX Broadcasting 10-3/4%, 5/15/2006..................... 135,000 147,150 -------- 505,075 -------- CABLE SYSTEMS AND SATELLITE VIDEO -- 4.9% Avalon Cable Holdings 0% (11-7/8%**), 12/1/2008+....... 200,000 133,500 Shares Value -------- --------- CABLE SYSTEMS AND SATELLITE VIDEO (continued) Charter Communications Southeast Holdings 8-5/8%, 4/1/2009+..................... $ 50,000 $ 48,250 Charter Communications Southeast Holdings 0% (9.92%**), 4/1/2011........... 425,000 265,625 CSC Holdings 10-1/2%, 5/15/2016..................... 80,000 90,900 Digital Television 12-1/2%, 8/1/2007...................... 200,000 220,750 EchoStar DBS 9-3/8%, 2/1/2009+..................... 75,000 76,688 Intermedia Capital Partners IV, 11-1/4%, 8/1/2006............. 25,000 27,938 Northland Cable Television 10-1/4%, 11/15/2007........... 175,000 183,312 Pegasus Communications 9-3/4%, 12/1/2006..................... 85,000 85,425 Rogers Cablesystems 11%, 12/1/2015..................... 235,000 272,012 --------- 1,404,400 --------- CELLULAR -- 3.2% American Cellular 10-1/2%, 5/15/2008..................... 250,000 255,000 Centennial Cellular 10-3/4%, 12/15/2008.................... 305,000 316,438 Price Communications Wireless 11-3/4%, 7/15/2007............ 295,000 331,875 --------- 903,313 --------- - ------------------ + Rule 144A security. ** Deferred interest debentures pay no interest for a stipulated number of years, after which they pay the indicated coupon rate. See Notes to Financial Statements. -- P-33 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------- SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued) Principal Amount Value -------- --------- CHEMICALS -- 1.9% Koppers Industries 9-7/8%, 12/1/2007..................... $200,000 $ 196,000 Lyondell Chemical 9-7/8%, 5/1/2007 Series B+............ 20,000 20,550 Lyondell Chemical 10-7/8, 5/1/2009+..................... 115,000 120,175 Texas Petrochemicals 11-1/8%, 7/1/2006...................... 225,000 203,625 --------- 540,350 --------- COMPUTER AND RELATED SERVICES -- 0.7% Unisys 11-3/4%, 10/15/2004....... 175,000 195,125 --------- CONSUMER PRODUCTS -- 4.0% AKI 10-1/2%, 7/1/2008............ 85,000 82,875 Amscan Holdings 9-7/8%, 12/15/2007.................... 100,000 83,125 Anchor Advanced Products 11-3/4%, 4/1/2004............. 225,000 231,750 Diamond Brands 0% (12-7/8%**), 4/15/2009..................... 150,000 30,750 Diamond Brands Operating 10-1/8%, 4/15/2008............ 200,000 163,000 French Fragrances (Series B) 10-3/8%, 5/15/2007............ 150,000 152,250 French Fragrances (Series D) 10-3/8%, 5/15/2007............ 30,000 30,450 Iron Age 9-7/8%, 5/1/2008........ 250,000 198,750 Iron Age Holdings 0% (12-1/8%**), 5/1/2009...................... 80,000 23,200 Moll Industries 10-1/2%, 7/1/2008...................... 80,000 70,800 United Industries 9-7/8%, 4/1/2009+..................... 90,000 82,350 Windmere-Durable Holdings 10%, 7/31/2008................ 5,000 4,800 --------- 1,154,100 --------- CONTAINERS -- 0.1% U.S. Can 10-1/8%, 10/15/2006..... 20,000 20,975 --------- Shares Value -------- --------- ENERGY -- 0.3% Abraxas Petroleum 11-1/2%, 11/1/2004..................... $150,000 $ 95,250 --------- ENVIRONMENTAL SERVICE -- 0.2% The IT Group 11-1/4%, 4/1/2009+.. 45,000 43,425 --------- EQUIPMENT -- 2.7% Budget Group 9-1/8%, 4/1/2006.... 45,000 42,075 Neff 10-1/4%, 6/1/2008........... 165,000 169,125 Universal Compression Holdings 0% (11-3/8%**), 2/15/2009..... 145,000 87,725 Universal Compression Holdings 0% (9-7/8%**), 2/15/2008...... 125,000 78,750 Williams Scotsman 9-7/8%, 6/1/2007...................... 405,000 402,975 --------- 780,650 --------- FINANCIAL SERVICES -- 2.3% AMRESCO 10%, 3/15/2004........... 215,000 164,475 Dollar Financial Group 10-7/8%, 11/15/2006.................... 225,000 223,875 Ocwen Capital Trust I 10-7/8%, 8/1/2027...................... 200,000 157,000 Veritas Capital Trust 10%, 1/1/2028...................... 145,000 116,363 -------- 661,713 -------- FOOD -- 2.8% AFC Enterprises 10-1/4%, 5/15/2007..................... 190,000 195,700 AmeriKing 10-3/4%, 12/1/2006..... 160,000 162,400 Ameriserve Food Distributors 10-1/8%, 7/15/2007............ 340,000 290,700 Carrols 9-1/2%, 12/1/2008+....... 95,000 89,062 New World Pasta 9-1/4%, 2/15/2009+.................... 45,000 43,988 Packaged Ice 9-3/4%, 2/1/2005.... 25,000 24,625 -------- 806,475 -------- - ------------------- + 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-34 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- June 30, 1999 - ------------------------------------------------------------------------------- SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued) Principal Amount Value -------- --------- GAMING/HOTEL -- 4.2% Alliance Gaming 10%, 8/1/2007...................... $125,000 $ 83,125 Ameristar Casino 10-1/2%, 8/1/2004...................... 180,000 184,950 Casino Magic of Louisiana 13%, 8/15/2003..................... 30,000 34,088 Hollywood Casino 11-1/4%, 5/1/2007+..................... 170,000 172,125 Hollywood Park 9-1/4%, 2/15/2007..................... 100,000 99,750 Isle of Capri Casinos 8-3/4%, 4/15/2009+.................... 50,000 47,125 Trump Atlantic City Funding 11-1/4%, 5/1/2006............. 300,000 270,000 Trump Hotels & Casino Resorts Funding 15-1/2%, 6/15/2005..................... 310,000 314,650 --------- 1,205,813 --------- HEALTH CARE/ MEDICAL PRODUCTS -- 5.1% ALARIS Medical 9-3/4%, 12/1/2006..................... 185,000 181,300 ALARIS Medical 0% (11-1/8%**), 8/1/2008+..................... 225,000 123,188 Alliance Imaging 9-5/8%, 12/15/2005.................... 170,000 163,625 Dade International 11-1/8%, 5/1/2006...................... 225,000 237,937 Everest Healthcare Services 9-3/4%, 5/1/2008.............. 190,000 183,350 Genesis Health Ventures 9-7/8%, 1/15/2009..................... 20,000 16,100 Global Health Sciences 11%, 5/1/2008...................... 345,000 257,025 Paracelsus Healthcare 10%, 8/15/2006..................... 300,000 235,500 Sun Healthcare Group 9-1/2%, 7/1/2007*..................... 305,000 57,950 --------- 1,455,975 --------- INDUSTRIAL/ MANUFACTURING -- 4.6% Airxcel 11%, 11/15/2007.......... 265,000 262,350 Principal Amount Value INDUSTRIAL/ --------- --------- MANUFACTURING (continued) Alliance Laundry Systems 9-5/8%, 5/1/2008+..................... $215,000 $ 198,338 Berry Plastics 11%, 7/15/2007+... 50,000 50,500 BPC Holding 12-1/2%, 6/15/2006..................... 165,000 164,175 Coyne International Enterprises 11-1/4%, 6/1/2008+............ 155,000 144,925 Day International Group 9-1/2%, 3/15/2008..................... 225,000 207,000 Great Lakes Acquisition 0% (13-1/8%), 5/15/2009.......... 75,000 40,781 Great Lakes Carbon 10-1/4%, 5/15/2008..................... 245,000 240,100 --------- 1,308,169 --------- LEISURE -- 1.4% Affinity Group Holding 11%, 4/1/2007...................... 300,000 304,125 AMF Group 10-7/8%, 3/15/2006..... 70,000 58,450 Premier Parks 9-1/4%, 4/1/2006... 25,000 24,750 --------- 387,325 --------- METALS -- 0.2% Renco Metals 11-1/2%, 7/1/2003...................... 25,000 25,500 Royal Oak Mines 12-3/4%, 8/15/2006*.................... 225,000 33,750 --------- 59,250 --------- PAGING -- 4.8% Metrocall 9-3/4%, 11/1/2007...... 350,000 255,500 Metrocall 11%, 9/15/2008+........ 350,000 271,250 Mobile Telecommunication Technologies 13-1/2%, 12/15/2002.................... 15,000 17,025 Paging Network 10%, 10/15/2008.................... 715,000 554,125 ProNet 11-7/8%, 6/15/2005........ 265,000 261,025 --------- 1,358,925 --------- PAPER AND PACKAGING -- 0.5% Crown Paper 11%, 9/1/2005........ 225,000 151,875 --------- - ------------------ + Rule 144A security. * Non-income producing 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-35 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------- SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued) Principal Amount Value ---------- --------- PRINTING AND PUBLISHING -- 7.1% Advanstar Communications 9-1/4%, 5/1/2008...................... $125,000 $ 123,438 American Lawyer Media 9-3/4%, 12/15/2007.................... 200,000 205,000 American Media Operations 10-1/4%, 5/1/2009+............ 260,000 263,250 Liberty Group Publishing 9-3/8%, 2/1/2008...................... 275,000 259,875 Liberty Group Publishing 0% (11-5/8%**), 2/1/2009......... 375,000 204,375 NBC Acquisition 0% (10-3/4%**), 2/15/2009..................... 420,000 186,900 Nebraska Book 8-3/4%, 2/15/2008..................... 40,000 33,800 Perry-Judd 10-5/8%, 12/15/2007... 190,000 189,050 Regional Independent Media Group 10-1/2%, 7/1/2008+...... 250,000 251,250 TransWestern Holdings 0% (11-7/8%**), 11/15/2008....... 250,000 178,750 Von Hoffman Press 10-3/8%, 5/15/2007+.................... 135,000 135,675 --------- 2,031,363 --------- RECORD STORAGE -- 0.1% Pierce Leahy 11-1/8%, 7/15/2006..................... 25,000 27,250 --------- RETAILING -- 2.5% Central Tractor 10-5/8%, 4/1/2007...................... 185,000 189,625 Cole National Group 9-7/8%, 12/31/2006.................... 80,000 70,800 Frank's Nursery & Crafts 10-1/4%, 3/1/2008...................... 110,000 110,000 Jo-Ann Stores 10-3/8%, 5/1/2007...................... 45,000 44,550 Musicland Group 9-7/8%, 3/15/2008..................... 175,000 167,125 TM Group Holdings 11%, 5/15/2008+.................... 115,000 117,012 --------- 699,112 --------- Principal Amount Value SUPERMARKETS -- 1.2% --------- --------- Jitney-Jungle Stores of America 12%, 3/1/2006................. $ 185,000 $ 148,925 Jitney-Jungle Stores of America 10-3/8%, 9/15/2007............ 250,000 91,250 Pathmark Stores 11-5/8%, 6/15/2002..................... 100,000 102,250 --------- 342,425 --------- TECHNOLOGY -- 6.4% Advanced Micro Devices 11%, 8/1/2003...................... 535,000 540,350 Amkor Technology 10-1/2%, 5/1/2009+..................... 305,000 295,087 Fairchild Semiconductor 10-3/8%, 10/1/2007+.................... 160,000 158,000 Hadco 91/2%, 6/15/2008........... 5,000 4,887 Integrated Circuit Systems 11-1/2%, 5/15/2009+.................... 35,000 35,087 MCMS 9-3/4%, 3/1/2008............ 235,000 130,425 Therma-Wave 10-5/8%, 5/15/2004..................... 185,000 149,387 Viasystems 9-3/4%, 6/1/2007...... 590,000 519,200 --------- 1,832,423 --------- TELECOMMUNICATIONS -- 18.2% BTI Telecom 10-1/2%, 9/15/2007..................... 275,000 236,500 CapRock Communications 12%, 7/15/2008..................... 255,000 263,925 CapRock Communications 11-1/2%, 5/1/2009*............ 65,000 65,975 Crown Castle International 0% (10-5/8%**),11/15/2007........ 175,000 122,500 Exodus Communications 11-1/4%, 7/1/2008+..................... 120,000 126,600 Facilicom International 10-1/2%, 1/15/2008..................... 285,000 223,725 GCI 9-3/4%, 8/1/2007............. 245,000 242,550 GlobalStar 11-1/4%, 6/15/2004.... 355,000 237,850 GlobalStar 10-3/4%, 11/1/2004.... 230,000 150,650 Golden Sky DBS 0% (13-1/2%**), 3/1/2007+..................... 150,000 90,000 - ----------------- ** Deferred-interest debentures pay no interest for a stipulated number of years, after which they pay the indicated coupon rate. + Rule 144A security. See Notes to Financial Statements. -- P-36 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- June 30, 1999 - ------------------------------------------------------------------------------- SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued) Principal Amount Value -------- ---------- TELECOMMUNICATIONS (continued) Golden Sky Systems 12-3/8%, 8/1/2006...................... $350,000 $ 393,750 ICG Holdings 0% (11-5/8%**), 3/15/2007..................... 200,000 139,500 IXC Communications 9%, 4/15/2008..................... 25,000 24,000 Level 3 Communications 0% (10.65%**), 9/15/2007......... 10,000 6,200 Loral Space and Communications 9-1/2%, 1/15/2006............. 50,000 43,625 Nextel Communications 0% (10.65%**), 9/15/2007......... 175,000 128,187 NEXTLINK Communications 12-1/2%, 4/15/2006............ 280,000 299,600 ORBCOMM Global 14%, 8/15/2004..................... 225,000 219,375 Pinnacle Holdings 0% (10%**), 3/15/2008..................... 700,000 404,250 Powertel 11-1/8%, 6/1/2007....... 265,000 258,375 PSINet 10%, 2/15/2005............ 205,000 207,050 PSINet 11-1/2%, 11/1/2008........ 75,000 79,500 RCN 10%, 10/15/2007.............. 30,000 30,300 SpectraSite Holdings 0% (11-1/4%**), 4/15/2009+....... 175,000 98,875 Splitrock Services 11-3/4%, 7/15/2008..................... 80,000 75,200 Talton Holdings 11%, 6/30/2007..................... 225,000 213,750 Verio 13-1/2%, 6/15/2004......... 225,000 253,125 Verio 10-3/8%, 4/1/2005.......... 155,000 115,775 Verio 11-1/4%, 12/1/2008+........ 110,000 158,488 Viatel 11-1/4%, 4/15/2008........ 115,000 117,875 Viatel 11-1/2%, 3/15/2009+....... 140,000 144,900 --------- 5,171,975 --------- TEXTILES -- 0.7% Supreme International 12-1/4%, 4/1/2006+..................... 85,000 86,275 Tropical Sportswear International 11%, 6/15/2008................ 105,000 109,462 --------- 195,737 --------- TRANSPORTATION -- 1.0% Atlas Air 10-3/4%, 8/1/2005...... 270,000 276,750 --------- Principal Amount or Shares Value --------- ---------- UTILITIES -- 0.6% Midland Cogeneration Venture 11-3/4%, 7/23/2005............ $140,000 $ 156,531 ---------- Total Corporate Bonds (Cost $26,429,811)............ 24,010,399 ---------- PREFERRED STOCKS -- 9.5% BROADCASTING -- 1.6% Capstar Broadcasting Partners 12%........................... 1,071shs. 124,504 Capstar Communications 12-3/4%....................... 488 56,730 Cumulus Media 13-3/4%............ 92 101,547 Sinclair Capital 11-5/8%......... 1,500 157,125 ---------- 439,906 ---------- CABLE SYSTEMS -- 1.0% Pegasus Communications (Series A) 12-3/4%............ 212 218,890 Pegasus Communications (units) 12-3/4%....................... 50 58,750 ---------- 277,640 ---------- CELLULAR -- 0.9% Dobson Communications 13%+....... 45 44,212 Rural Cellular 11-3/8%........... 214 216,847 ---------- 261,059 ---------- FOOD -- 0.3% Nebco Evans Holdings 11-1/4%..... 2,736 108,791 ---------- HEALTH CARE/ MEDICAL PRODUCTS -- 0.4% River Holding 11-1/2%............ 1,635 107,706 ---------- INDUSTRIAL/ MANUFACTURING -- 0.3% Day International Group 12-1/4%.. 126 104,324 ---------- - ------------------ ** Deferred-interest debentures pay no interest for a stipulated number of years, after which they pay the indicated coupon rate. + Rule 144A security. See Notes to Financial Statements. -- P-37 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------- SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued) Shares Value -------- --------- PRINTING AND PUBLISHING -- 0.9% Liberty Group Publishing 14-3/4%............. 10,249 $ 258,800 --------- TECHNOLOGY -- 0.4% MCMS 12-1/2%...................... 1,440 108,409 --------- TELECOMMUNICATIONS -- 3.7%........ Crown Castle International 12-3/4%........................ 164 172,682 Global Crossing Holding 10-1/2%........................ 3,150 334,687 IXC Communications 12-1/2%........ 172 165,761 Nextel Communications 11-1/8%..... 289 289,722 NEXTLINK Communications 14%...... 1,820 92,394 --------- 1,055,246 --------- Total Preferred Stocks (Cost $2,971,992)............. 2,721,881 --------- CONVERTIBLE PREFERRED STOCKS -- 1.3% BROADCASTING -- 1.1% Chancellor Media $3.............. 1,605 176,951 Chancellor Media $3+............. 1,250 137,813 --------- 314,764 --------- TELECOMMUNICATIONS -- 0.2% IXC Communications 6-3/4%+....... 1,160 42,485 --------- Shares or Warrants Value -------- ---------- Total Convertible Preferred Stocks (Cost $269,084)............... $357,249 ---------- COMMON STOCKS/ WARRANTS -- 1.0% CELLULAR -- 1.0% Price Communications............. 18,538 shs. 278,081 ---------- TELECOMMUNICATIONS Splitrock Services (expiring 7/15/2008)*................... 55 wts. 4,675 ---------- Total Common Stocks/Warrants (Cost $233,029)............... 282,756 ---------- Short-Term Holdings -- 2.0% (Cost $570,000)............... 570,000 ---------- Total Investments -- 98.1% (Cost $30,473,916)............ 27,942,285 Other Assets Less Liabilities-- 1.9% ...... 551,972 ----------- Net Assets-- 100.0%.............. $28,494,257 =========== - ------------------ * Non-income producing security. + Rule 144A security. See Notes to Financial Statements. -- P-38 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- June 30, 1999 - ------------------------------------------------------------------------------- SELIGMAN INCOME PORTFOLIO Shares Value -------- --------- COMMON STOCKS -- 57.6% AEROSPACE -- 1.0% General Dynamics................. 1,500 $102,750 --------- AUTOMOTIVE AND RELATED -- 0.7% DaimlerChrysler.................. 799 71,011 --------- CHEMICALS -- 0.9% duPont (E.I.) de Nemours......... 1,300 88,806 --------- COMMUNICATIONS -- 6.0% AT&T............................. 1,200 66,975 GTE.............................. 3,700 280,275 MCI WorldCom*.................... 300 25,809 SBC Communications............... 4,000 232,000 --------- 605,059 --------- COMPUTER AND BUSINESS SERVICES -- 3.2% Cisco Systems*................... 400 25,762 Dell Computer*................... 200 7,394 Electronic Data Systems.......... 1,150 65,047 Harris........................... 1,000 39,187 Intel............................ 700 41,628 International Business Machines.. 400 51,700 Microsoft*....................... 1,000 90,125 --------- 320,843 --------- CONSUMER GOODS AND SERVICES -- 7.8% Anheuser-Busch................... 800 56,750 Bestfoods........................ 700 34,650 Coca-Cola........................ 300 18,750 ConAgra.......................... 2,400 63,900 Fortune Brands................... 600 24,825 Hershey Foods.................... 900 53,437 Philip Morris.................... 4,400 176,825 Procter & Gamble................. 200 17,850 Russell.......................... 3,600 70,200 Sara Lee......................... 8,600 195,112 Stanley Works (The).............. 2,100 67,597 --------- 779,896 --------- DRUGS AND HEALTH CARE -- 5.9% American Home Products........... 2,200 126,500 Shares Value -------- --------- DRUGS AND HEALTH CARE (continued) Baxter International............. 800 $ 48,500 Bristol-Myers Squibb............. 4,000 281,750 Johnson & Johnson................ 300 29,400 Pfizer........................... 200 21,950 Pharmacia & Upjohn............... 1,100 62,494 Schering-Plough.................. 400 21,200 -------- 591,794 -------- ELECTRIC AND GAS UTILITIES -- 8.0% DQE.............................. 1,700 68,212 FPL Group........................ 2,500 136,563 Sonat............................ 4,700 155,687 Unicom........................... 4,700 181,244 Williams Companies (The)......... 6,000 255,375 -------- 797,081 -------- ENERGY -- 8.1% BP Amoco (ADRs) (United Kingdom).............. 650 70,525 Exxon............................ 1,900 146,537 Mobil............................ 1,900 188,100 Royal Dutch Petroleum (Netherlands)................. 2,300 138,575 Schlumberger..................... 1,100 70,056 Unocal........................... 5,100 202,087 -------- 815,880 -------- FINANCE AND INSURANCE -- 11.9% Allstate......................... 1,600 57,400 American General................. 2,200 165,825 American International Group..... 200 23,412 Bank of America.................. 1,018 74,632 Bank of New York................. 4,400 161,425 Chubb............................ 1,200 83,400 Citigroup........................ 3,000 142,500 Hartford Financial Services Group......................... 2,200 128,288 Lincoln National................. 3,000 156,938 Morgan (J.P.).................... 250 35,125 Washington Mutual................ 4,536 160,461 --------- 1,189,406 --------- PAPER AND FOREST PRODUCTS -- 0.8% Mead............................. 1,800 75,150 --------- - ------------------ * Non-income producing security See Notes to Financial Statements. -- P-39 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------- SELIGMAN INCOME PORTFOLIO (continued) Shares or Principal Amount Value ---------- --------- RETAIL TRADE -- 1.5% May Department Stores............ 2,850 shs. $ 116,494 Wal-Mart Stores.................. 800 38,600 --------- 155,094 --------- TRANSPORTATION -- 1.8% GATX............................. 4,800 182,700 --------- Total Common Stocks (Cost $4,712,244)............. 5,775,470 --------- CORPORATE BONDS -- 20.0% AUTOMOTIVE AND RELATED -- 2.7% Chrysler Financial 6.09%, 4/6/2001...................... $100,000 99,854 Dana 6-1/2%, 3/1/2009............ 100,000 94,896 Delphi Automotive Systems 6-1/2%, 5/1/2009.............. 75,000 70,698 --------- 265,448 --------- COMMUNICATIONS -- 0.9% Sprint Capital 6-1/8%, 11/15/2008.................... 100,000 93,357 --------- COMPUTER AND BUSINESS SERVICES -- 2.8% Dell Computer 6.55%, 4/15/2008..................... 100,000 96,143 First Data 5.80%, 12/15/2008..... 100,000 91,116 International Business Machines 5.37%, 9/22/2003.............. 100,000 95,980 --------- 283,239 --------- DRUGS AND HEALTH CARE -- 2.6% Boston Scientific 6-5/8%, 3/15/2005............. 175,000 168,463 Guidant 6.15%, 2/15/2006......... 100,000 94,258 --------- 262,721 --------- Principal Amount Value ---------- --------- ELECTRIC AND GAS UTILITIES -- 1.0% Consumer Energy 6-3/8%, 2/1/2008...................... $100,000 $ 94,344 --------- ENERGY -- 2.9% Enron Oil & Gas 6%, 12/15/2008.................... 100,000 91,753 Petroleum Geo-Services 7-1/2%, 3/31/2007..................... 100,000 100,203 Phillips Petroleum 6-3/8%, 3/30/2009..................... 100,000 95,741 --------- 287,697 --------- FINANCE AND INSURANCE -- 6.2% Associates Corp. of North America 5-3/4%, 11/1/2003..... 250,000 242,470 First USA Bank 6-1/8%, 6/25/2001. 100,000 99,618 Ford Motor Credit 5.80%, 1/12/2009..................... 100,000 91,680 Household Finance 6%, 5/1/2004...................... 100,000 96,990 National City 6-7/8%, 5/15/2019.. 100,000 94,178 --------- 624,936 --------- RETAIL TRADE -- 0.9% Nordstrom 5-5/8%, 1/15/2009...... 100,000 91,249 --------- Total Corporate Bonds (Cost $2,091,384)............. 2,002,991 --------- US GOVERNMENT AND GOVERNMENT AGENCY SECURITIES -- 17.2% US Treasury Notes 6-1/2%, 5/15/2005..................... 500,000 515,469 FHLMC Gold 5-1/2%, 7/1/2013+..................... 288,440 273,233 - ------------------ + Investments in mortgage-backed and asset-backed securities are subject to principal paydowns. As a result of prepayments from refinancing or satisfaction of the underlying instruments, the average life may be less than the original maturity. This in turn may impact the ultimate yield realized from these investments. See Notes to Financial Statements. -- P-40 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- June 30, 1999 - ------------------------------------------------------------------------------- SELIGMAN INCOME PORTFOLIO (continued) Principal Amount Value -------- --------- US GOVERNMENT AND GOVERNMENT AGENCY SECURITIES (continued) Federal National Mortgage Association: 5.795%, 1/1/2009+............. $ 199,094 $ 187,705 6%, 12/1/2028+................ 197,709 186,323 Government National Mortgage Association Mortgage-backed Pass-through Certificates:+ 6%, 12/20/2028................ 197,120 184,116 61/2%, 12/15/2028............. 196,920 190,072 61/2%, 12/15/2028............. 99,059 95,614 US Government Gtd.Title XI (Bay Transportation) 7.30%, 6/1/2021...................... 93,000 92,863 ------- Total US Government and Government Agency Securities (Cost $1,781,669)............. 1,725,395 ---------- Principal Amount Value ASSET-BACKED --------- ---------- SECURITIES+ -- 1.0% (Cost $99,875) ELECTRIC AND GAS UTILITIES -- 1.0% Peco Energy 6.05%, 3/1/2009............... $100,000 $95,820 ----------- Short-Term Holdings -- 3.7% (Cost $370,000)............... 370,000 ----------- Total Investments-- 99.5% (Cost $9,055,172)............. 9,969,676 Other Assets Less Liabilities-- 0.5%....... 46,741 ----------- Net Assets-- 100.0%.............. $10,016,417 =========== - ------------------------------------------------------------------------------- SELIGMAN LARGE-CAP GROWTH PORTFOLIO Shares Value -------- --------- COMMON STOCKS -- 93.7% CAPITAL GOODS -- 13.8% AlliedSignal..................... 1,200 $ 75,600 General Dynamics................. 300 20,550 General Electric................. 650 73,450 Illinois Tool Works.............. 200 16,400 Tyco International............... 1,200 113,700 --------- 299,700 --------- COMMUNICATIONS SERVICES -- 7.0% AT&T............................. 1,050 58,603 MCI WorldCom*.................... 650 55,920 --------- 114,523 --------- CONSUMER CYCLICALS -- 7.3% Cendant.......................... 1,800 36,900 Dayton Hudson.................... 400 26,000 Harley-Davidson.................. 450 24,469 Interpublic Group of Companies... 150 12,994 Lowe's .......................... 500 28,344 Wal-Mart Stores.................. 1,350 65,137 --------- 193,844 --------- Shares Value -------- --------- CONSUMER STAPLES -- 15.9% CBS.............................. 1,300 $ 56,469 Coca-Cola........................ 600 37,500 Disney (Walt).................... 600 18,488 McDonald's....................... 700 28,919 Monsanto......................... 800 31,550 Philip Morris.................... 1,600 64,300 Procter & Gamble................. 500 44,625 Time Warner...................... 850 62,475 --------- 344,326 --------- ENERGY -- 2.1% Enron............................ 450 36,788 Schlumberger..................... 800 50,950 Transocean Offshore.............. 300 7,875 --------- 95,613 --------- FINANCIAL SERVICES -- 8.7% American International Group..... 500 58,531 Citigroup........................ 250 11,875 Fannie Mae....................... 250 17,094 Wells Fargo...................... 1,150 49,162 --------- 136,662 --------- - ------------------ * Non-income producing security. + Investments in mortgage-backed and asset-backed securities are subject to principal paydowns. As a result of prepayments from refinancing or satisfaction of the underlying instruments, the average life may be less than the original maturity. This in turn may impact the ultimate yield realized from these investments. See Notes to Financial Statements. -- P-41 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------- SELIGMAN LARGE-CAP GROWTH PORTFOLIO (continued) Shares Value -------- --------- HEALTH CARE -- 11.2% Bristol-Myers Squibb............. 450 $ 31,697 Medtronic........................ 500 38,937 Merck............................ 900 66,600 Pfizer........................... 350 38,412 Schering-Plough.................. 400 21,200 Warner-Lambert................... 650 45,094 -------- 241,940 -------- TECHNOLOGY -- 24.7% America Online................... 300 33,150 Cisco Systems*................... 1,200 77,288 Compuware........................ 1,300 41,316 Dell Computer*................... 850 31,423 Intel............................ 700 41,628 Microsoft*....................... 1,000 90,125 Motorola......................... 250 23,687 Nokia (Finland).................. 700 64,094 Shares Value -------- --------- TECHNOLOGY (continued) Oracle Systems................... 800 $ 29,700 Raytheon (Class A)............... 850 58,544 Xerox............................ 750 44,297 --------- 535,252 --------- UTILITIES -- 3.0% AES*............................. 1,100 63,937 --------- Total Investments -- 93.7% (Cost $1,903,329) 2,025,797 Other Assets Less Liabilities-- 6.3%............ 138,333 ---------- Net Assets-- 100.0%.............. $2,164,130 ========== - ------------------------------------------------------------------------------- SELIGMAN LARGE-CAP VALUE PORTFOLIO Shares Value -------- ---------- COMMON STOCKS -- 97.6% AEROSPACE -- 5.7% Goodrich (B.F.).................. 5,000 $ 212,500 United Technologies.............. 2,000 143,375 --------- 355,875 --------- AUTOMOTIVE AND RELATED -- 6.8% Ford Motor....................... 4,100 231,394 General Motors................... 3,000 198,000 --------- 429,394 --------- BANKING -- 10.2% Bank of America.................. 2,205 161,654 Bank of New York................. 5,000 183,437 Summit Bancorp................... 7,000 292,688 --------- 637,779 --------- DRUGS AND HEALTH CARE -- 10.0% Bristol-Myers Squibb............. 3,200 225,400 Humana........................... 14,000 181,125 Shares Value -------- --------- DRUGS AND HEALTH CARE (continued) United Healthcare................ 3,500 $ 219,188 --------- 625,713 --------- ENERGY -- 3.0% Texaco........................... 3,000 187,500 --------- FINANCE AND INSURANCE -- 14.2% Citigroup........................ 3,900 185,250 The Equitable Companies.......... 2,700 180,900 Fannie Mae....................... 2,600 177,775 St. Paul Companies............... 6,000 190,875 Washington Mutual................ 4,425 156,534 --------- 891,334 --------- FOOD -- 3.1% Dole Food........................ 6,500 190,938 --------- HOUSEHOLD PRODUCTS AND FURNISHINGS -- 9.4% Armstrong World Industries....... 3,600 208,125 Dial............................. 5,400 200,812 - ------------------- * Non-income producing security. See Notes to Financial Statements. -- P-42 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- June 30, 1999 - ------------------------------------------------------------------------------- SELIGMAN LARGE-CAP VALUE PORTFOLIO (continued) Shares Value -------- ---------- HOUSEHOLD PRODUCTS AND FURNISHINGS (continued) Kimberly-Clark................... 3,200 $182,400 --------- 591,337 --------- INDUSTRIAL EQUIPMENT -- 2.7% General Electric................. 1,500 169,500 --------- MEDICAL PRODUCTS AND TECHNOLOGY -- 6.6% Baxter International............. 3,000 181,875 Medtronic........................ 3,000 233,625 --------- 415,500 --------- OFFICE EQUIPMENT -- 2.3% Xerox............................ 2,400 141,750 --------- PACKAGING -- 2.7% Crown Cork & Seal................ 6,000 171,000 --------- Shares Value -------- --------- PAPER AND FOREST PRODUCTS -- 7.3% Champion International........... 4,900 $ 234,587 Georgia-Pacific Group............ 4,700 222,663 --------- 457,250 --------- RETAIL TRADE -- 6.7% Sears, Roebuck................... 4,000 178,250 Tandy............................ 5,000 244,375 --------- 422,625 --------- SPECIALTY MATERIALS -- 3.8% Raychem.......................... 6,450 238,650 --------- TOBACCO -- 3.1% Philip Morris.................... 4,850 194,909 --------- Total Investments -- 97.6% (Cost $5,427,901)............. 6,121,054 Other Asset Less Liabilities-- 2.4%............ 148,201 ---------- Net Assets-- 100.0%.............. $6,269,255 ========== - ------------------------------------------------------------------------------- SELIGMAN SMALL-CAP VALUE PORTFOLIO Shares Value -------- --------- COMMON STOCKS -- 97.9% ADVERTISING -- 2.7% True North Communications........ 4,500 $ 135,000 --------- APPAREL AND TEXTILES -- 2.1% Cutter & Buck*................... 6,375 106,383 --------- APPLIANCES -- 4.5% Windmere-Durable Holdings........ 13,500 227,813 --------- BANKING -- 5.2% Bay View Capital................. 7,200 147,600 Commercial Federal............... 5,000 115,938 --------- 263,538 --------- Shares Value -------- --------- BUILDING AND CONSTRUCTION -- 2.9% Dal-Tile International*.......... 13,000 $ 147,875 --------- CAPITAL GOODS -- 5.6% Apogee Enterprises............... 11,000 149,187 BMC Industries................... 12,800 132,000 --------- 281,187 --------- CONSUMER GOODS AND SERVICES -- 5.7% Fresh Del Monte Produce.......... 10,000 141,250 Rent-Way......................... 6,000 147,750 --------- 289,000 --------- DISTRIBUTORS -- 2.5% Cubic............................ 5,050 124,356 --------- - ------------------- * Non-income producing security. See Notes to Financial Statements. -- P-43 -- Seligman Portfolios, Inc. - ------------------------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ------------------------------------------------------------------------------- SELIGMAN SMALL-CAP VALUE PORTFOLIO (continued) Shares Value -------- --------- FINANCE AND INSURANCE -- 3.5% Liberty Financial................ 6,000 $ 174,750 --------- GARDEN PRODUCTS -- 1.0% Acorn Products*.................. 10,700 53,333 --------- INDUSTRIAL GOODS AND SERVICES -- 3.1% Furon............................ 8,000 152,000 --------- LEISURE AND RELATED -- 2.2% Harman International Industries.. 2,500 110,000 --------- MACHINERY -- 3.8% Stewart & Stevenson Services...................... 12,700 192,484 --------- MANUFACTURING -- 5.8% Giant Cement Holdings*........... 6,000 136,313 Mueller Industries*.............. 4,700 159,506 --------- 295,819 --------- MEDICAL PRODUCTS AND TECHNOLOGY -- 4.3% ChiRex*.......................... 4,400 141,075 Pharmacopeia..................... 6,900 76,331 --------- 217,406 --------- OIL AND GAS -- 2.4% Marine Drilling*................. 8,800 120,450 --------- PACKAGING/ CONTAINERS -- 2.4% Applied Extrusion Technologies*................. 16,000 121,000 --------- PLASTICS -- 2.3% Lamson & Sessions*............... 19,500 117,000 --------- Shares Value -------- --------- PRINTING AND PUBLISHING -- 5.2% Cadmus Communications............ 10,050 $ 141,328 Merrill.......................... 8,500 120,594 --------- 261,922 --------- RESTAURANTS -- 3.1% Avado Brands..................... 3,800 31,944 Foodmaker*....................... 4,450 126,268 --------- 158,212 --------- RETAIL TRADE -- 15.7% Abercrombie & Fitch (Class A)*.................... 2,000 96,000 Fred's........................... 10,500 164,718 Stage Stores*.................... 24,500 159,250 Trans World Entertainment........ 10,500 117,469 Urban Outfitters................. 4,500 112,219 The Wet Seal (Class A)*.......... 5,000 142,188 ---------- 791,844 ---------- SPECIALTY CHEMICALS -- 3.0% Dexter........................... 3,750 153,047 ---------- SPECIALTY METALS/ STEEL -- 2.4% Olympic Steel*................... 18,000 122,625 ---------- TRANSPORTATION -- 6.5% ABC-NACO*........................ 9,000 183,656 Pittston BAX Group............... 15,000 142,500 ---------- 326,156 ---------- Total Investments-- 97.9% (Cost $4,425,889)............. 4,943,200 Other Assets Less Liabilities-- 2.1%............ 107,187 ---------- Net Assets-- 100.0%.............. $5,050,387 ========== - ----------------- * Non-income producing security. See Notes to Financial Statements. -- P-44 -- THIS PAGE LEFT BLANK INTENTIONALLY. SELIGMAN PORTFOLIOS, INC.
- ------------------------------------------------------------------------------------------------------------------------------------ STATEMENTS OF ASSETS AND LIABILITIES (unaudited) - ------------------------------------------------------------------------------------------------------------------------------------ SELIGMAN SELIGMAN SELIGMAN COMMUNICATIONS SELIGMAN SELIGMAN CASH COMMON AND SELIGMAN BOND CAPITAL MANAGEMENT STOCK INFORMATION FRONTIER PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO ---------- ---------- ---------- ---------- ---------- ---------- ASSETS: Investments, at value (see portfolios of investments): Long-term holdings ...................... $5,264,643 $19,692,400 $ -- $51,766,528 $131,902,223 $25,667,744 Short-term holdings ..................... -- -- 16,456,525 2,200,000 7,300,000 930,000 ---------- ----------- ----------- ----------- ------------ ----------- Total Investments ....................... 5,264,643 19,692,400 16,456,525 53,966,528 139,202,223 26,597,744 Cash .................................... 322,041 244,822 -- 72,553 47,258 1,488 Interest and dividends receivable ....... 77,978 5,319 86,097 76,364 7,582 642 Receivable for Capital Stock sold ....... 4,598 3,360 -- 2,338 46,264 3,439 Receivable from associated .............. companies ............................. 1,068 33,421 2,581 -- -- -- Receivable for securities sold .......... -- 804,548 -- 12,382 3,036,748 249,282 Unrealized appreciation on foreign ...... currencies and forward currency contracts .................... -- -- -- -- -- -- Other ................................... 1,529 1,140 5,926 2,841 8,176 364 ---------- ----------- ----------- ----------- ------------ ----------- TOTAL ASSETS ............................ 5,671,857 20,785,010 16,551,129 54,133,006 142,348,251 26,852,959 ---------- ----------- ----------- ----------- ------------ ----------- LIABILITIES: Payable for Capital Stock redeemed .............................. 218 7,160 134,520 2,344 30,772 46,169 Payable for securities purchased ........ -- 174,511 -- 15,500 822,978 181,180 Payable to custodian .................... -- -- 82 -- -- -- Unrealized depreciation on foreign currencies and forward currency contracts .................... -- -- -- -- -- -- Accrued expenses and other ............................. 21,655 22,035 14,261 41,866 106,893 34,279 ---------- ----------- ----------- ----------- ------------ ----------- TOTAL LIABILITIES ....................... 21,873 203,706 148,863 59,710 960,643 261,628 ---------- ----------- ----------- ----------- ------------ ----------- NET ASSETS .............................. $5,649,984 $20,581,304 $16,402,266 $54,073,296 $141,387,608 $26,591,331 ========== =========== =========== =========== ============ =========== COMPOSITION OF NET ASSETS: Capital Stock, at par ................... $ 569 $ 914 $ 16,401 $ 2,622 $ 6,821 $ 1,820 Additional paid-in-capital .............. 5,722,077 11,921,572 16,384,359 32,110,495 94,338,343 26,916,355 Undistributed/accumulated net investment income (loss) . ............ 187,539 (1,553) -- 471,210 (292,670) (102,445) Undistributed/accumulated net realized gain (loss) .................. (161,560) 4,926,032 1,506 7,573,504 23,815,188 (2,225,917) Net unrealized appreciation (depreciation) of investments ......... (98,641) 3,734,339 -- 13,915,465 23,519,926 2,001,518 Net unrealized depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts .................... -- -- -- -- -- -- ---------- ----------- ----------- ----------- ------------ ----------- NET ASSETS .............................. $5,649,984 $20,581,304 $16,402,266 $54,073,296 $141,387,608 $26,591,331 ========== =========== =========== =========== ============ =========== SHARES OF CAPITAL STOCK OUTSTANDING ($.001 par value) ......... 569,047 913,572 16,400,760 2,622,186 6,821,206 1,819,889 ========== =========== =========== =========== ============ =========== NET ASSET VALUE PER SHARE. .............. $9.93 $22.53 $1.00 $20.62 $20.73 $14.61 ========== =========== =========== =========== ============ ===========
-- P-46 -- SELIGMAN PORTFOLIOS, INC.
- ------------------------------------------------------------------------------------------------------------------------------------ STATEMENTS OF ASSETS AND LIABILITIES (unaudited) - ------------------------------------------------------------------------------------------------------------------------------------ Seligman Seligman Seligman Henderson Henderson Henderson Seligman Seligman Seligman Seligman Seligman Global Growth Global Smaller Global Henderson High-Yield Seligman Large-Cap Large-Cap Small-Cap Opportunities Companies Technology International Bond Income Growth Value Value Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- --------- $9,039,970 $17,418,824 $7,943,791 $9,236,986 $27,372,285 $9,599,676 $2,025,797 $6,121,054 $4,943,200 -- -- -- -- 570,000 370,000 -- -- -- ---------- ----------- ---------- ---------- ----------- ----------- ---------- ---------- ---------- 9,039,970 17,418,824 7,943,791 9,236,986 27,942,285 9,969,676 2,025,797 6,121,054 4,943,200 588,987 292,524 969,949 193,119 -- 1,358 121,806 112,220 94,831 13,676 39,419 3,888 40,968 632,600 61,861 995 10,029 2,149 32,018 7,340 35,495 34,164 37,420 93 -- 34,501 25,720 163 5,417 1,497 2,002 2,866 2,319 3,435 1,618 1,578 95,900 126,865 220,719 142,585 198,557 -- 18,197 -- -- 1,131 4,762 1,075 2,081 -- -- -- -- -- 544 464 519 178 495 714 -- 622 547 ---------- ----------- ---------- ---------- ----------- ----------- ---------- ---------- ---------- 9,772,389 17,895,615 9,176,933 9,652,083 28,814,223 10,036,021 2,170,230 6,280,044 5,068,025 ---------- ----------- ---------- ---------- ----------- ----------- ---------- ---------- ---------- 6,671 38,467 379 374 3,466 393 61 475 7,703 58,196 142,073 108,266 185,103 285,240 -- 2,623 -- -- -- -- -- -- 4,423 -- -- -- -- 247 -- -- -- -- -- -- -- -- 16,418 35,262 18,593 24,805 26,837 19,211 3,416 10,314 9,935 ---------- ----------- ---------- ---------- ----------- ----------- ---------- ---------- ---------- 81,532 215,802 127,238 210,282 319,966 19,604 6,100 10,789 17,638 ---------- ----------- ---------- ---------- ----------- ----------- ---------- ---------- ---------- $9,690,857 $17,679,813 $9,049,695 $9,441,801 $28,494,257 $10,016,417 $2,164,130 $6,269,255 $5,050,387 ========== =========== ========== ========== =========== =========== ========== ========== ========== $ 636 $ 1,271 $ 518 $ 588 $ 2,616 $ 904 $ 208 $ 584 $ 481 6,932,050 16,102,875 6,007,065 6,993,383 30,225,346 8,804,388 2,039,673 5,634,074 3,829,231 (28,052) (165,951) (24,078) (23,444) 1,700,937 278,009 (49) 26,318 (5,533) 661,789 (358,463) 1,174,876 763,611 (903,011) 18,612 1,830 (84,874) 708,897 2,326,029 2,410,255 1,977,913 2,061,028 (2,531,631) 914,504 122,468 693,153 517,311 (201,595) (310,174) (86,599) (353,365) -- -- -- -- -- ---------- ----------- ---------- ---------- ----------- ----------- ---------- ---------- ---------- $9,690,857 $17,679,813 $9,049,695 $9,441,801 $28,494,257 $10,016,417 $2,164,130 $6,269,255 $5,050,387 ========== =========== ========== ========== =========== =========== ========== ========== ========== 635,927 1,271,066 517,664 587,791 2,616,426 904,154 207,622 583,639 481,396 ========== =========== ========== ========== =========== =========== ========== ========== ========== $15.24 $13.91 $17.48 $16.06 $10.89 $11.08 $10.42 $10.74 $10.49 ========== =========== ========== ========== =========== =========== ========== ========== ========== - --------------- See Notes to Financial Statements.
-- P-47 -- SELIGMAN PORTFOLIOS, INC.
- ------------------------------------------------------------------------------------------------------------------------------------ STATEMENTS OF OPERATIONS (unaudited) - ------------------------------------------------------------------------------------------------------------------------------------ SELIGMAN SELIGMAN SELIGMAN COMMUNICATIONS SELIGMAN SELIGMAN CASH COMMON AND SELIGMAN BOND CAPITAL MANAGEMENT STOCK INFORMATION FRONTIER PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO ---------- ---------- ---------- ---------- ---------- ---------- INVESTMENT INCOME: Interest ..................................... $ 213,504 $ 30,531 $292,921 $ 147,986 $ 114,009 $ 19,937 Dividends .................................... -- 39,378 -- 489,509 123,142 21,580 --------- ---------- -------- ---------- ----------- ----------- TOTAL INVESTMENT INCOME** .................... 213,504 69,909 292,921 637,495 237,151 41,517 --------- ---------- -------- ---------- ----------- ----------- EXPENSES: Management fee ............................... 14,308 44,878 24,932 126,543 464,449 112,323 Custody and related services ................. 4,939 5,737 2,158 7,621 23,839 10,579 Auditing fee ................................. 4,610 6,763 5,614 12,650 18,725 9,153 Shareholder reports and communications ............................. 2,682 2,682 2,682 2,683 1,579 1,579 Directors' fees and expenses ................. 2,191 2,273 2,632 2,515 2,989 2,535 Registration ................................. 693 812 693 1,523 1,997 1,048 Legal fee .................................... 318 522 393 1,266 2,225 641 Miscellaneous ................................ 1,135 2,650 1,591 6,255 11,485 3,701 --------- ---------- -------- ---------- ----------- ----------- TOTAL EXPENSES BEFORE WAIVER/ REIMBURSEMENT .............................. 30,876 66,317 40,695 161,056 527,288 141,559 Waiver/reimbursement of expenses ................................... (9,420) -- (40,695) -- -- -- --------- ---------- -------- ---------- ----------- ----------- TOTAL EXPENSES AFTER WAIVER/ REIMBURSEMENT .............................. 21,456 66,317 -- 161,056 527,288 141,559 --------- ---------- -------- ---------- ----------- ----------- NET INVESTMENT INCOME (LOSS) ................. 192,048 3,592 292,921 476,439 (290,137) (100,042) --------- ---------- -------- ---------- ----------- ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain on investments ............. (161,560) 4,444,192 366 7,577,578 23,811,529 (1,102,271) Net realized loss from foreign currency transactions ...................... -- -- -- -- -- -- Net change in unrealized appreciation/depreciation of investments ................................ (357,773) (2,826,963) -- (1,796,799) 1,070,628 (1,934,820) Net change 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 ............................... (519,333) 1,617,229 366 5,780,779 24,882,157 (3,037,091) --------- ---------- -------- ---------- ----------- ----------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ............................ $(327,285) $1,620,821 $293,287 $6,257,218 $24,592,020 $(3,137,133) ========= ========== ======== ========== =========== =========== - -------------------- * For the period April 30, 1999, commencement of operations, to June 30, 1999. **Net of foreign tax withheld as follows: $ -- $ -- $ -- $ 8,290 $ 2,846 $ 366 See Notes to Financial Statements.
-- P-48 --
- ----------------------------------------------------------------------------------------------------------------------------------- FOR THE SIX MONTHS ENDED JUNE 30, 1999 - ----------------------------------------------------------------------------------------------------------------------------------- SELIGMAN SELIGMAN SELIGMAN HENDERSON HENDERSON HENDERSON SELIGMAN SELIGMAN SELIGMAN SELIGMAN SELIGMAN GLOBAL GROWTH GLOBAL SMALLER GLOBAL HENDERSON HIGH-YIELD SELIGMAN LARGE-CAP LARGE-CAP SMALL-CAP OPPORTUNITIES COMPANIES TECHNOLOGY INTERNATIONAL BOND INCOME GROWTH VALUE VALUE PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO* PORTFOLIO PORTFOLIO - ------------ ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------- $ 10,628 $ 11,010 $ 16,083 $ 4,139 $1,621,620 $244,042 $ 67 $ 602 $ -- 52,440 106,143 24,185 106,429 175,720 77,954 1,291 45,389 12,399 ---------- -------- ---------- -------- ---------- -------- -------- -------- ---------- 63,068 117,153 40,268 110,568 1,797,340 321,996 1,358 45,991 12,399 ---------- -------- ---------- -------- ---------- -------- -------- -------- ---------- 43,949 90,817 36,975 47,913 82,790 27,262 1,407 19,253 17,509 9,197 52,290 10,594 22,269 19,270 6,981 875 604 586 4,610 6,014 4,225 4,943 8,199 5,902 1,500 3,697 3,605 1,579 1,579 1,579 1,579 1,579 2,682 1,013 1,579 1,579 3,689 3,766 3,673 3,556 2,486 2,239 600 2,191 2,191 802 812 812 812 1,760 812 203 812 812 334 482 292 350 770 428 18 271 252 1,062 2,510 2,106 508 4,804 1,700 101 470 433 ---------- -------- ---------- -------- ---------- -------- -------- -------- ---------- 65,222 158,270 60,256 81,930 121,658 48,006 5,717 28,877 26,967 (3,697) (31,130) (8,499) (14,859) (5,763) (7,113) (4,310) (9,624) (9,458) ---------- -------- ---------- -------- ---------- -------- -------- -------- ---------- 61,525 127,140 51,757 67,071 115,895 40,893 1,407 19,253 17,509 ---------- -------- ---------- -------- ---------- -------- -------- -------- ---------- 1,543 (9,987) (11,489) 43,497 1,681,445 281,103 (49) 26,738 (5,110) ---------- -------- ---------- -------- ---------- -------- -------- -------- ---------- 1,024,099 (83,362) 1,114,072 747,483 (896,162) 93,830 1,830 (50,384) 708,897 (23,279) (154,225) (7,938) (64,183) -- -- -- -- -- 509,128 824,353 881,953 218,647 (728,676) (300,624) 122,468 584,613 681,648 (320,728) (390,399) (128,943) (520,215) -- -- -- -- -- ---------- -------- ---------- -------- ---------- -------- -------- -------- ---------- 1,189,220 196,367 1,859,144 381,732 (1,624,838) (206,794) 124,298 534,229 1,390,545 ---------- -------- ---------- -------- ---------- -------- -------- -------- ---------- $1,190,763 $186,380 $1,847,655 $425,229 $ 56,607 $ 74,309 $124,249 $560,967 $1,385,435 ========== ======== ========== ======== ========== ======== ======== ======== ========== $ 3,685 $ 11,391 $ 1,796 $ 10,911 $ -- $ 871 $ -- $-- $ --
-- P-49 -- 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 6/30/99 ENDED 6/30/99 ENDED 6/30/99 ENDED (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 ----------- ---------- ----------- ----------- ---------- ---------- OPERATIONS: Net investment income (loss) ................. $ 192,048 $ 383,251 $ 3,592 $ 40,438 $ 292,921 $ 540,798 Net realized gain (loss) on investments ...... (161,560) 123,784 4,444,192 1,655,402 366 1,639 Net realized gain (loss) from foreign currency transactions ...................... -- -- -- -- -- -- Net change in unrealized appreciation/ depreciation of investments ................ (357,773) 37,175 (2,826,963) 2,577,044 -- (101) Net change in unrealized appreciation/ depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts .................................. -- -- -- -- -- -- ---------- ---------- ----------- ----------- ----------- ----------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ............................ (327,285) 544,210 1,620,821 4,272,884 293,287 542,336 ---------- ---------- ----------- ----------- ----------- ----------- DISTRIBUTIONS TO SHAREHOLDERS: Net investment income ........................ -- (383,617) -- (42,246) (292,921) (540,798) Realized gain on investments ................. -- (72,294) -- (1,310,739) -- -- ---------- ---------- ----------- ----------- ----------- ----------- DECREASE IN NET ASSETS FROM DISTRIBUTIONS ......................... -- (455,911) -- (1,352,985) (292,921) (540,798) ---------- ---------- ----------- ----------- ----------- ----------- CAPITAL SHARE TRANSACTIONS: Net proceeds from sale of shares ............. 2,320,615 2,476,931 4,354,991 11,707,365 25,563,722 32,521,913 Investment of dividends ...................... -- 383,617 -- 42,246 292,921 540,798 Shares issued in payment of gain distributions ......................... -- 72,294 -- 1,310,739 -- -- ---------- ---------- ----------- ----------- ----------- ----------- Total ........................................ 2,320,615 2,932,842 4,354,991 13,060,350 25,856,643 33,062,711 ---------- ---------- ----------- ----------- ----------- ----------- Cost of shares redeemed ...................... (3,663,702) (2,932,822) (9,535,202) (12,239,347) (19,974,638) (31,179,640) ---------- ---------- ----------- ----------- ----------- ----------- INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS ............................... (1,343,087) 20 (5,180,211) 821,003 5,882,005 1,883,071 ---------- ---------- ----------- ----------- ----------- ----------- INCREASE (DECREASE) IN NET ASSETS ............ (1,670,372) 88,319 (3,559,390) 3,740,902 5,882,371 1,884,609 NET ASSETS: Beginning of Period .......................... 7,320,356 7,232,037 24,140,694 20,399,792 10,519,895 8,635,286 ---------- ---------- ----------- ----------- ----------- ----------- END OF PERIOD ................................ $5,649,984 $7,320,356 $20,581,304 $24,140,694 $16,402,266 $10,519,895 ========== ========== =========== =========== =========== ===========
- -------------------- See Notes to Financial Statements. -- P-50 -- SELIGMAN PORTFOLIOS, INC.
- ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ SELIGMAN SELIGMAN SELIGMAN HENDERSON COMMON STOCK COMMUNICATIONS AND SELIGMAN GLOBAL GROWTH PORTFOLIO INFORMATION PORTFOLIO FRONTIER PORTFOLIO OPPORTUNITIES PORTFOLIO ------------------------- ---------------------------- -------------------------- ----------------------- SIX MONTHS SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR 6/30/99 ENDED 6/30/99 ENDED 6/30/99 ENDED 6/30/99 ENDED (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 ----------- ----------- ------------ ----------- ----------- ----------- ---------- ----------- $ 476,439 $ 900,842 $ (290,137) $ (559,960) $ (100,042) $ (218,513) $ 1,543 $ (4,515) 7,577,578 3,819,226 23,811,529 5,762,699 (1,102,271) (1,118,028) 1,024,099 (276,305) -- -- -- -- -- -- (23,279) (36,450) (1,796,799) 7,459,005 1,070,628 28,175,377 (1,934,820) 896,484 509,128 1,405,297 -- -- -- -- -- -- (320,728) 239,832 - ----------- ----------- ------------ ------------ ----------- ----------- ---------- ---------- 6,257,218 12,179,073 24,592,020 33,378,116 (3,137,133) (440,057) 1,190,763 1,327,859 - ----------- ----------- ------------ ------------ ----------- ----------- ---------- ---------- -- (940,040) -- -- -- -- -- -- -- (3,824,886) -- (4,823,503) -- -- -- (50,935) - ----------- ----------- ------------ ------------ ----------- ----------- ---------- ---------- -- (4,764,926) -- (4,823,503) -- -- -- (50,935) - ----------- ----------- ------------ ------------ ----------- ----------- ---------- ---------- 11,379,689 14,190,439 22,598,481 199,351,030 10,857,286 227,067,285 1,934,668 4,808,045 -- 940,040 -- -- -- -- -- -- -- 3,824,886 -- 4,823,503 -- -- -- 50,935 - ----------- ----------- ------------ ------------ ----------- ----------- ---------- ---------- 11,379,689 18,955,365 22,598,481 204,174,533 10,857,286 227,067,285 1,934,668 4,858,980 - ----------- ----------- ------------ ------------ ----------- ----------- ---------- ---------- (26,151,669) (14,518,617) (28,081,824) (198,083,052) (20,276,493) (230,452,830) (2,077,869) (2,941,841) - ----------- ----------- ------------ ------------ ----------- ----------- ---------- ---------- (14,771,980) 4,436,748 (5,483,343) 6,091,481 (9,419,207) (3,385,545) (143,201) 1,917,139 - ----------- ----------- ------------ ------------ ----------- ----------- ---------- ---------- (8,514,762) 11,850,895 19,108,677 34,646,094 (12,556,340) (3,825,602) 1,047,562 3,194,063 62,588,058 50,737,163 122,278,931 87,632,837 39,147,671 42,973,273 8,643,295 5,449,232 - ----------- ----------- ------------ ------------ ----------- ----------- ---------- ---------- $54,073,296 $62,588,058 $141,387,608 $122,278,931 $26,591,331 $39,147,671 $9,690,857 $8,643,295 =========== =========== ============ ============ =========== =========== ========== ==========
-- P-51 -- SELIGMAN PORTFOLIOS, INC.
- ------------------------------------------------------------------------------------------------------------------------------------ STATEMENTS OF CHANGES IN NET ASSETS (continued) - ------------------------------------------------------------------------------------------------------------------------------------ SELIGMAN SELIGMAN HENDERSON SELIGMAN HENDERSON SELIGMAN HENDERSON GLOBAL SMALLER GLOBAL TECHNOLOGY INTERNATIONAL COMPANIES PORTFOLIO PORTFOLIO PORTFOLIO ------------------------- ------------------------ ------------------------ SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED YEAR ENDED YEAR 6/30/99 ENDED 6/30/99 ENDED 6/30/99 ENDED (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 ----------- ----------- ----------- ----------- ----------- ------------ OPERATIONS: Net Investment income (loss)........... $ (9,987) $ (13,328) $ (11,489) $ (21,045) $ 43,497 $ 51,629 Net realized gain (loss) on investments (83,362) 380,866 1,114,072 327,368 747,483 236,433 Net realized gain (loss) from foreign currency transactions................ (154,225) (343,427) (7,938) 1,871 (64,183) (62,257) Net change in unrealized appreciation/ depreciation of investments ......... 824,353 442,586 881,953 1,121,131 218,647 749,881 Net change in unrealized appreciation/ depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts ........................... (390,399) 782,308 (128,943) 73,954 (520,215) 412,820 ----------- ----------- ---------- ---------- ---------- ---------- INCREASE IN NET ASSETS FROM OPERATIONS .......................... 186,380 1,249,005 1,847,655 1,503,279 425,229 1,388,506 ----------- ----------- ---------- ---------- ---------- ---------- DISTRIBUTIONS TO SHAREHOLDERS: Net investment income ................. -- -- -- (857) -- (92,510) Realized gain on investments .......... -- (307,092) -- (262,609) -- (102,080) ----------- ----------- ---------- ---------- ---------- ---------- DECREASE IN NET ASSETS FROM DISTRIBUTIONS .................. -- (307,092) -- (263,466) -- (194,590) ----------- ----------- ---------- ---------- ---------- ---------- CAPITAL SHARE TRANSACTIONS: Net proceeds from sale of shares ...... 1,428,326 3,255,307 5,884,836 4,355,443 595,365 1,772,992 Investment of dividends ............... -- -- -- 857 -- 92,510 Shares issued in payment of gain distributions .................. -- 307,092 -- 262,609 -- 102,080 ----------- ----------- ---------- ---------- ---------- ---------- Total ................................. 1,428,326 3,562,399 5,884,836 4,618,909 595,365 1,967,582 ----------- ----------- ---------- ---------- ---------- ---------- Cost of shares redeemed ............... (4,748,955) (4,194,840) (4,812,767) (3,414,979) (1,471,622) (2,451,134) ----------- ----------- ---------- ---------- ---------- ---------- INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS ........................ (3,320,629) (632,441) 1,072,069 1,203,930 (876,257) (483,552) ----------- ----------- ---------- ---------- ---------- ---------- INCREASE (DECREASE) IN NET ASSETS ..... (3,134,249) 309,472 2,919,724 2,443,743 (451,028) 710,364 NET ASSETS: Beginning of Period ................... 20,814,062 20,504,590 6,129,971 3,686,228 9,892,829 9,182,465 ----------- ----------- ---------- ---------- ---------- ---------- END OF PERIOD ........................ $17,679,813 $20,814,062 $9,049,695 $6,129,971 $9,441,801 $9,892,829 =========== =========== ========== ========== ========== ==========
- ----------- * Commencement of operations. See Notes to Financial Statements. -- P-52 -- SELIGMAN PORTFOLIOS, INC.
- ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ LARGE-CAP* SELIGMAN* SELIGMAN SELIGMAN SELIGMAN GROWTH* LARGE-CAP* SMALL-CAP HIGH-YIELD BOND PORTFOLIO INCOME PORTFOLIO PORTFOLIO* VALUE PORTFOLIO VALUE PORTFOLIO* - ---------------------------- ------------------------ ---------- ----------------------- ---------------------- SIX MONTHS SIX MONTHS 4/30/99* SIX MONTHS SIX MONTHS ENDED YEAR ENDED YEAR TO ENDED 5/1/98* ENDED 5/1/98* 6/30/99 ENDED 6/30/99 ENDED 6/30/99 6/30/99 TO* 6/30/99 TO* (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED) (UNAUDITED) 12/31/98* (UNAUDITED) 12/31/98* ----------- ----------- ----------- ----------- ---------- ----------- ---------- ---------- --------- $ 1,681,445 $ 2,731,048 $ 281,103 $ 565,319 $ (49) $ 26,738 $ 12,694 $ (5,110) $ (2,716) (896,162) 10,307 93,830 124,492 1,830 (50,384) 67,875 708,897 271,788 -- -- -- -- -- -- -- -- -- (728,676) (2,638,907) (300,624) 381,475 122,468 584,613 108,540 681,648 (164,337) -- -- -- -- -- -- -- -- -- ----------- ----------- ----------- ----------- ---------- ---------- ---------- ---------- ---------- 56,607 102,448 74,309 1,071,286 124,249 560,967 189,109 1,385,435 104,735 ----------- ----------- ----------- ----------- ---------- ---------- ---------- ---------- ---------- -- (2,720,490) -- (579,531) -- -- (13,586) -- -- -- (17,156) -- (200,703) -- -- (101,893) -- (270,486) ----------- ----------- ----------- ----------- ---------- ---------- ---------- ---------- ---------- -- (2,737,646) -- (780,234) -- -- (115,479) -- (270,486) ----------- ----------- ----------- ----------- ---------- ---------- ---------- ---------- ---------- 6,832,618 17,539,019 1,161,409 2,781,692 1,510,107 2,715,362 4,577,607 1,901,411 3,140,726 -- 2,720,490 -- 579,531 -- -- 13,586 -- -- -- 17,156 -- 200,703 -- -- 101,893 -- 270,486 ----------- ----------- ----------- ----------- ---------- ---------- ---------- ---------- ---------- 6,832,618 20,276,665 1,161,409 3,561,926 1,510,107 2,715,362 4,693,086 1,901,411 3,411,212 ----------- ----------- ----------- ----------- ---------- ---------- ---------- ---------- ---------- (10,647,776) (8,656,439) (5,801,526) (3,106,033) (13,486) (852,897) (1,068,342) (705,390) (923,979) ----------- ----------- ----------- ----------- ---------- ---------- ---------- ---------- ---------- (3,815,158) 11,620,226 (4,640,117) 455,893 1,496,621 1,862,465 3,624,744 1,196,021 2,487,233 ----------- ----------- ----------- ----------- ---------- ---------- ---------- ---------- ---------- (3,758,551) 8,985,028 (4,565,808) 746,945 1,620,870 2,423,432 3,698,374 2,581,456 2,321,482 32,252,808 23,267,780 14,582,225 13,835,280 543,260 3,845,823 147,449 2,468,931 147,449 ----------- ----------- ----------- ----------- ---------- ---------- ---------- ---------- ---------- $28,494,257 $32,252,808 $10,016,417 $14,582,225 $2,164,130 $6,269,255 $3,845,823 $5,050,387 $2,468,931 =========== =========== =========== =========== ========== ========== ========== ========== ==========
-- P-53 -- 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 15 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"), Seligman Income Portfolio ("Income Portfolio"), Seligman Large-Cap Growth Portfolio ("Large-Cap Growth Portfolio"), Seligman Large-Cap Value Portfolio ("Large-Cap Value Portfolio"), and Seligman Small-Cap Value Portfolio ("Small-Cap Value 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 CLICA. 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 Advisors, Inc. (the "Distributor"). 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 Advisors, 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"). Prior to June 30, 1999, shares of Bond, Capital, Cash Management, Common Stock, and Income Portfolios were provided as the investment medium for Seligman Mutual Benefit Plan (the "Mutual Benefit Plan"), a separate account of MBL Life Assurance Corporation ("MBL Life"). 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 and Government Agency securities, 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 an exchange are valued at the last sales prices or, in their absence and in the case of over-the-counter securities, at the 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 generally valued using the amortized cost method which approximates fair value. Investments of certain other funds in the Seligman Group of Investment Companies purchased to offset the Cash Management Portfolio's liability for deferred directors' fees are valued at current market values. 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, (together, the "Seligman Henderson Portfolios"), 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 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 -- P-54 -- SELIGMAN PORTFOLIOS, INC. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- dates on securities transactions, and from the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolios' books, and the US dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of portfolio securities and other foreign currency denominated assets and liabilities at period end, resulting from changes in exchange rates. The Portfolios separate that portion of the results of operations resulting from changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held in the portfolios. Similarly, the Portfolios separate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of portfolio securities sold during the period. c. FORWARD CURRENCY CONTRACTS -- The Seligman Henderson Portfolios 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 during 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 agreements, 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, 1999, were as follows: PORTFOLIO PURCHASES SALES -------- ----------- ----------- Bond $ 1,663,988 $ 1,835,068 Capital 17,552,155 22,717,876 Common Stock 13,261,335 24,056,910 Communications and Information 72,376,155 86,084,090 Frontier 5,908,233 15,815,260 Global Growth Opportunities 3,089,298 3,352,187 Global Smaller Companies 4,657,264 7,948,441 Global Technology 5,087,670 4,731,847 International 3,669,294 4,486,268 -- P-55 -- SELIGMAN PORTFOLIOS, INC. - -------------------------------------------------------------------------------- NOTES TO FINANDIAL STATEMENTS (unaudited) (continued) - -------------------------------------------------------------------------------- PORTFOLIO PURCHASES SALES -------- ----------- ----------- High-Yield Bond $11,314,888 $11,142,907 Income 3,332,673 6,575,057 Large-Cap Growth 1,984,682 83,183 Large-Cap Value 2,088,900 247,918 Small-Cap Value 2,914,767 1,785,293 For the six months ended June 30, 1999, purchases and sales of US Government obligations were $652,639 and $1,389,159, respectively, for the Bond Portfolio, and $197,523 and $1,454,620, respectively, for the Income Portfolio. Identified cost of investments sold is used for both financial statement and federal income tax purposes. At June 30, 1999, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. 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 $ 37,615 $ 136,256 Capital 4,472,910 738,571 Common Stock 14,136,395 220,930 Communications and Information 28,839,560 6,319,634 Frontier 5,660,215 3,658,697 Global Growth Opportunities 2,334,939 211,358 Global Smaller Companies 3,953,504 1,856,742 Global Technology 2,146,054 254,650 International 1,872,918 166,564 High-Yield Bond 400,317 2,931,948 Income 1,177,083 262,579 Large-Cap Growth 129,709 7,241 Large-Cap Value 793,838 100,685 Small-Cap Value 753,725 236,414 4. MANAGEMENT FEE, ADMINISTRATIVE SERVICES, AND OTHER TRANSACTIONS -- The Manager manages the affairs of the Fund and provides or arranges for the necessary personnel and facilities. The Manager's fee, which is calculated daily and payable monthly, is equal to 0.40%, on an annual basis, of each of Bond, Capital, Cash Management, Common Stock, and Income Portfolios' daily net assets; equal to 0.75%, on an annual basis, of each of Communications and Information and Frontier Portfolios' daily net assets; equal to 1.00%, on an annual basis, of each of the Seligman Henderson 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 for the Large-Cap Growth Portfolio is equal to 0.70% per annum of the first $1 billion of average daily net assets, 0.65% per annum of the next $1 billion, and 0.60% per annum in excess of $2 billion of average daily net assets of the Portfolio. The Manager's fee for the Large-Cap Value Portfolio is equal to 0.80% per annum of the first $500 million of average daily net assets, 0.70% per annum of the next $500 million of average daily net assets, and 0.60% per annum in excess of $1 billion of average daily net assets of the Portfolio. The Manager's fee for the Small-Cap Value Portfolio is equal to 1.00% per annum of the first $500 million of average daily net assets, 0.90% per annum of the next $500 million of average daily net assets, and 0.80% per annum in excess of $1 billion of average daily net assets of the Portfolio. Effective July 1, 1998, Henderson Investment Management Limited (the "Subadviser"), became adviser to the Seligman Henderson Portfolios and is responsible for furnishing investment advice, research, and assistance with respect to their non-US investments. Under the subadvisory agreement, the Manager pays the Subadviser a subadvisory fee for each of the Seligman Henderson Portfolios at a rate of 0.50% per annum of the average monthly assets under the Subadviser's supervision. The Subadivser is a wholly-owned subsidiary of Henderson plc, which is an indirect subsidiary of Amp Limited, an Australian life insurance and financial services company. The Manager has agreed to reimburse expenses, other than the management fee, that exceed 0.20% per annum of the average daily net assets of each of Bond, Capital, Common Stock, Communications and Information, Frontier, High-Yield Bond and Income Portfolios. The Manager, at its discretion and until it determines otherwise, has elected to waive all of its fee for, and reimburse all of the expenses of, the Cash Management Portfolio. The Manager has agreed to reimburse expenses, other than the management fee, which exceed 0.40% per annum of the average daily net assets of each of the Seligman Henderson Portfolios. -- P-56 -- SELIGMAN PORTFOLIOS, INC. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- The Manager, at its discretion, has also agreed to reimburse all expenses, other than the management fees, of the Large-Cap Growth, Large-Cap Value and Small-Cap Value Portfolios. The amounts of these reimbursements for the six months ended June 30, 1999 are disclosed in the Statements of Operations. Compensation of all officers of the Fund, all directors of the Fund who are employees or consultants of the Manager, and all personnel of the Fund and the Manager is paid by the Manager or by the Subadviser. The Distributor, agent for the distribution of the CLVA-2 Contracts and an affiliate of the Manager, received concessions of $89,682 from Canada Life Insurance Company of America and $7,404 from Canada Life Insurance Company of New York, after commissions paid to dealers for the sale of shares of the Fund. Certain officers and directors of the Fund are officers or directors of the Manager and the Distributor. The Fund has a compensation arrangement under which directors who receive fees may elect to defer receiving such fees. Directors may elect to have their deferred fees accrue interest or earn a return based on the performance of the other funds in the Seligman Group of Investment Companies. The cost of such fees and earnings accrued thereon is included in directors' fees and expenses, and the accumulated balances thereof at June 30, 1999, are included in other liabilities. Deferred fees and related accrued earnings are not deductible for federal income tax purposes until such amounts are paid. 5. CAPITAL LOSS CARRYFORWARD -- At December 31, 1998, the Frontier Portfolio, Global Growth Opportunities Portfolio, and Global Smaller Companies Portfolio had net capital loss carryforwards for federal income tax purposes of $1,123,646, $376,086 and $308,768, respectively, which are available for offset against future taxable net capital gains. These net capital loss carryforwards will expire in 2006. Accordingly, no capital gain distributions are expected to be paid to shareholders until net capital gains have been realized in excess of the available capital loss carryforwards. 6. OUTSTANDING FORWARD EXCHANGE CURRENCY CONTRACTS -- At June 30, 1999, the Fund had outstanding forward exchange currency contracts to purchase or sell foreign currencies as follows:
UNREALIZED FOREIGN IN EXCHANGE SETTLEMENT US $ APPRECIATION CONTRACT CURRENCY CURRENCY DATE VALUE (DEPRECIATION) - -------- --------- ---------- --------- --------- ------------ GLOBAL GROWTH OPPORTUNITIES PORTFOLIO Purchases: Danish krone 420,000 58,443 7/1/99 58,196 $(247) ------ Sales: Australian dollar 1,141 756 7/1/99 754 2 Japanese yen 19,139,200 160,000 8/12/99 158,871 1,129 ------ 1,131 ------ $884 ====== GLOBAL SMALLER COMPANIES PORTFOLIO Purchases: British pound 46,726 73,522 7/2/99 73,658 $136 ------ Sales: Euro 600,914 620,744 7/1/99 619,212 1,532 Japanese yen 51,436,600 430,000 8/12/99 426,966 3,034 New Zealand dollar 44,592 23,651 7/1/99 23,591 60 ------ 4,626 ------ $4,762 ====== GLOBAL TECHNOLOGY PORTFOLIO Sales: Japanese yen 16,828,000 140,000 8/31/99 138,925 $1,075 ====== INTERNATIONAL PORTFOLIO Sales: Japanese yen 35,287,900 295,000 8/12/99 292,919 $2,081 ======
-- P-57 -- SELIGMAN PORTFOLIOS, INC. - -------------------------------------------------------------------------------- NOTES TO FINANDIAL STATEMENTS (unaudited) (continued) - -------------------------------------------------------------------------------- 7. CAPITAL STOCK TRANSACTIONS -- At June 30, 1999, there were 20,000,000 shares of Capital Stock authorized for each of Global Growth Opportunities, Global Technology, Large-Cap Growth, Large-Cap Value, and Small-Cap Value Portfolios; 80,000,000 shares for each of Bond, Capital, Global Smaller Companies, International, and Income Portfolios; and 100,000,000 shares for each of Cash Management, Common Stock, Communications and Information, Frontier, and High-Yield Bond Portfolios, all at a par value of $0.001 per share. Transactions in shares of Capital Stock were as follows:
BOND CAPITAL CASH MANAGEMENT PORTFOLIO PORTFOLIO PORTFOLIO ------------------------ ---------------------- ------------------------ SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED YEAR ENDED YEAR 6/30/99 ENDED 6/30/99 ENDED 6/30/99 ENDED (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 ---------- --------- -------- -------- --------- ---------- Sale of shares...................... 227,590 230,745 213,589 626,516 25,563,722 32,521,913 Shares issued in payment of dividends..................... -- 36,957 -- 2,179 292,921 540,798 Shares issued in payment of gain distributions............ -- 6,965 -- 67,599 -- -- --------- --------- -------- -------- ---------- ---------- Total............................... 227,590 274,667 213,589 696,294 25,856,643 33,062,711 --------- --------- -------- -------- --------- --------- Shares redeemed..................... (363,672) (276,064) (460,040) (663,507) (19,974,638) (31,179,640) --------- --------- -------- -------- ---------- ---------- Increase (decrease) in shares....... (136,082) (1,397) (246,451) 32,787 5,882,005 1,883,071 ========= ========= ======== ======== ========== ========== COMMUNICATIONS COMMON STOCK AND INFORMATION FRONTIER PORTFOLIO PORTFOLIO PORTFOLIO ------------------------ ---------------------- ------------------------ SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED YEAR ENDED YEAR 6/30/99 ENDED 6/30/99 ENDED 6/30/99 ENDED (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 ---------- --------- -------- -------- --------- -------- Sale of shares...................... 584,072 787,642 1,262,919 13,848,034 772,284 14,693,247 Shares issued in payment of dividends..................... -- 51,651 -- -- -- -- Shares issued in payment of gain distributions............ -- 210,158 -- 299,597 -- -- --------- --------- =-------- ---------- ---------- ---------- Total............................... 584,072 1,049,451 1,262,919 14,147,631 772,284 14,693,247 --------- --------- --------- -------- --------- ---------- Shares redeemed..................... (1,322,016) (806,174) (1,574,056) (13,711,324) (1,469,360) (14,899,641) --------- --------- --------- ---------- ---------- ---------- Increase (decrease) in shares....... (737,944) 243,277 (311,137) 436,307 (697,076) (206,394) ========= ========= ========= ========== ========== ========== GLOBAL GROWTH GLOBAL SMALLER GLOBAL OPPORTUNITIES COMPANIES TECHNOLOGY PORTFOLIO PORTFOLIO PORTFOLIO ------------------------ ---------------------- ------------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED YEAR ENDED YEAR 6/30/99 ENDED 6/30/99 ENDED 6/30/99 ENDED (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 ---------- ---------- ---------- ---------- ---------- ---------- Sale of shares...................... 136,872 390,170 107,772 231,087 393,589 354,582 Shares issued in payment of dividends..................... -- -- -- -- -- 64 Shares issued in payment of gain distributions............ -- 3,970 -- 23,787 -- 19,642 --------- --------- -------- -------- --------- -------- Total............................... 136,872 394,140 107,772 254,874 393,589 374,288 --------- --------- -------- -------- --------- -------- Shares redeemed..................... (149,454) (239,884) (364,915) (306,840) (318,388) (280,044) --------- --------- -------- -------- --------- -------- Increase (decrease) in shares....... (12,582) 154,256 (257,143) (51,966) 75,201 94,244 ========= ========= ======== ======== ========= ========
-- P-58 -- SELIGMAN PORTFOLIOS, INC. - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
INTERNATIONAL HIGH-YIELD BOND INCOME PORTFOLIO PORTFOLIO PORTFOLIO ------------------------- ----------------------- ------------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED YEAR ENDED YEAR 6/30/99 ENDED 6/30/99 ENDED 6/30/99 ENDED (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 ---------- --------- -------- -------- --------- -------- Sale of shares...................... 37,916 118,684 621,523 1,464,357 106,698 248,332 Shares issued in payment of dividends..................... -- 6,127 -- 251,200 -- 53,119 Shares issued in payment of gain distributions............ -- 6,760 -- 1,584 -- 18,396 --------- --------- -------- -------- --------- -------- Total............................... 37,916 131,571 621,523 1,717,141 106,698 319,847 --------- --------- -------- --------- --------- -------- Shares redeemed..................... (93,878) (166,031) (970,953) (711,853) (526,846) (276,496) --------- --------- -------- --------- --------- -------- Increase (decrease) in shares....... (55,962) (34,460) (349,430) 1,005,288 (420,148) 43,351 ========= ========= ======== ========= ========= ======== LARGE-CAP GROWTH LARGE-CAP VALUE SMALL-CAP VALUE PORTFOLIO PORTFOLIO PORTFOLIO ------------ ---------------------- ------------------------ 4/30/99* SIX MONTHS SIX MONTHS TO ENDED 5/1/98* ENDED 5/1/98* 6/30/99* 6/30/99 TO 6/30/99 TO (UNAUDITED) (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 ----------- ---------- -------- --------- -------- Sale of shares...................... 154,630 269,999 485,276 224,602 400,968 Shares issued in payment of dividends ................... -- -- 1,442 -- -- Shares issued in payment of gain distributions .......... -- -- 10,817 -- 39,088 --------- -------- -------- --------- -------- Total............................... 154,630 269,999 497,535 224,602 440,056 --------- -------- -------- --------- -------- Shares redeemed..................... (1,334) (84,528) (114,112) (80,884) (117,123) --------- -------- -------- --------- -------- Increase in shares.................. 153,296 185,471 383,423 143,718 322,933 ========= ======== ======== ========= ========
- ------------------- * Commencement of operations. 8. COMMITTED LINE OF CREDIT -- All of the Portfolios, except the Cash Management Portfolio, are participants in a joint $750 million committed line of credit that is shared by substantially all funds in the Seligman Group of Investment Companies. Each Portfolio's borrowings are limited to 10% (5% for the Seligman Henderson Portfolios) of its net assets. Borrowings pursuant to the credit facility are subject to interest at a rate equal to the overnight federal funds rate plus 0.50%. Each Portfolio incurs a commitment fee of 0.08% per annum on its share of 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 expires one year from the date of the agreement but is renewable with the consent of the participating banks. To date, none of the Portfolios have borrowed from the credit facility. 9. SELIGMAN MUTUAL BENEFIT PLAN -- On December 31, 1998, MBLLife sold substantially all of its general account life insurance and annuity businesses to SunAmerica, Inc. The Order from the Superior Court of New Jersey (the "Order") approving the transaction provided for the termination of the Mutual Benefit Plan. The Order authorized MBL Life to take any and all actions necessary to facilitate the termination of the Mutual Benefit Plan. Contractholders were given the opportunity to exchange their contracts for contracts issued by other insurance companies until June 30, 1999. At June 30, 1999, there were no remaining contracts. -- P-59 -- SELIGMAN PORTFOLIOS, INC. - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- The tables below are intended to help you understand each Portfolio's financial performance for the past five years or from its inception, if less than five years. Certain information reflects financial results for a single share that was held throughout the periods shown. Per share amounts are calcuated using average shares outstanding. "Total return" shows the rate that you would have earned (or lost) on an investment in each Portfolio, assuming you reinvested all your dividends and capital gain distributions. Total returns do not reflect any administrative fees and asset based sales charges that are associated with variable annuity contracts, and are not annualized for periods of less than one year.
BOND PORTFOLIO ---------------------------------------------------------------------------- SIX MONTHS ENDED 6/30/99 YEAR ENDED DECEMBER 31, --------------------------------------------------------------- (unaudited) 1998 1997 1996 1995 1994 ----------- ------- ------- ------- ------- ------- PER SHARE DATA: NET ASSET VALUE, BEGINNING OF PERIOD ............. $ 10.38 $ 10.24 $ 9.89 $ 10.44 $ 9.27 $ 10.11 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income ............................ 0.28 0.59 0.54 0.56 0.61 0.50 Net realized and unrealized gain (loss) on investments ................................. (0.73) 0.25 0.35 (0.55) 1.17 (0.84) -------- -------- -------- -------- -------- -------- TOTAL FROM INVESTMENT OPERATIONS ................. (0.45) 0.84 0.89 0.01 1.78 (0.34) -------- -------- -------- -------- -------- -------- LESS DISTRIBUTIONS: Dividends from net investment income ............. -- (0.59) (0.54) (0.56) (0.61) (0.50) Distributions from net realized capital gain ..... -- (0.11) -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL DISTRIBUTIONS .............................. -- (0.70) (0.54) (0.56) (0.61) (0.50) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD ................... $ 9.93 $ 10.38 $ 10.24 $ 9.89 $ 10.44 $ 9.27 ======== ======== ======== ======== ======== ======== TOTAL RETURN: (4.34)% 8.20% 8.98% 0.09% 19.18% (3.39)% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (000s omitted) ......... $ 5,650 $ 7,320 $ 7,232 $ 5,015 $ 4,497 $ 3,606 Ratio of expenses to average net assets .......... 0.60%+ 0.60% 0.60% 0.60% 0.60% 0.60% Ratio of net income to average net assets ........ 5.37%+ 5.58% 6.22% 5.97% 6.22% 5.12% Portfolio turnover rate .......................... 36.05% 73.31% 170.12% 199.74% 114.42% 237.23% Without management fee waiver:* Ratio of expenses to average net assets .......... 0.86%+ 0.82% 0.83% 0.79% 0.99% 1.31% Ratio of net income to average net assets ........ 5.11%+ 5.36% 5.99% 5.78% 5.83% 4.41%
- ------------------- * The Manager, at its discretion, reimbursed expenses and/or waived management fees for certain periods presented. + Annualized. See Notes to Financial Statements. -- P-60 -- SELIGMAN PORTFOLIOS, INC. - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
CAPITAL PORTFOLIO ------------------------------------------------------------------------------ SIX MONTHS ENDED 6/30/99 YEAR ENDED DECEMBER 31, ---------------------------------------------------------------- PER SHARE DATA: (unaudited) 1998 1997 1996 1995 1994 -------- -------- -------- -------- -------- -------- NET ASSET VALUE, BEGINNING OF PERIOD ............. $ 20.81 $ 18.10 $ 16.01 $ 14.91 $ 12.70 $ 14.95 -------- -------- -------- -------- -------- -------- Income from Investment Operations: Net investment income ............................ -- 0.04 0.03 0.04 0.05 0.02 Net realized and unrealized gain (loss) on investments ................................. 1.72 3.89 3.35 2.12 3.39 (0.70) -------- -------- -------- -------- -------- -------- TOTAL FROM INVESTMENT OPERATIONS ................. 1.72 3.93 3.38 2.16 3.44 (0.68) -------- -------- -------- -------- -------- -------- LESS DISTRIBUTIONS: Dividends from net investment income ............. -- (0.04) (0.03) (0.04) (0.05) (0.02) Distributions from net realized capital gain ..... -- (1.18) (1.26) (1.02) (1.18) (1.55) -------- -------- -------- -------- -------- -------- TOTAL DISTRIBUTIONS .............................. -- (1.22) (1.29) (1.06) (1.23) (1.57) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD ................... $ 22.53 $ 20.81 $ 18.10 $ 16.01 $ 14.91 $ 12.70 ======== ======== ======== ======== ======== ======== TOTAL RETURN: 8.27% 22.19% 21.31% 14.51% 27.17% (4.59)% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (000s omitted) ......... $ 20,581 $ 24,141 $ 20,400 $ 14,313 $ 9,294 $ 5,942 Ratio of expenses to average net assets .......... 0.59%+ 0.60% 0.60% 0.59% 0.60% 0.60% Ratio of net income to average net assets ........ 0.03%+ 0.19% 0.16% 0.29% 0.32% 0.10% Portfolio turnover rate .......................... 82.77% 130.86% 93.97% 88.78% 122.20% 67.39% Without management fee waiver:* Ratio of expenses to average net assets .......... 0.62% 0.71% 0.96% Ratio of net income (loss) to average net assets . 0.14% 0.21% (0.26)%
CASH MANAGEMENT PORTFOLIO ------------------------------------------------------------------------------- SIX MONTHS ENDED 6/30/99 YEAR ENDED DECEMBER 31, ---------------------------------------------------------------- PER SHARE DATA: (unaudited) 1998 1997 1996 1995 1994 -------- -------- -------- -------- -------- -------- NET ASSET VALUE, BEGINNING OF PERIOD ............. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income ............................ 0.023 0.053 0.054 0.053 0.055 0.040 -------- -------- -------- -------- -------- -------- TOTAL FROM INVESTMENT OPERATIONS ................. 0.023 0.053 0.054 0.053 0.055 0.040 -------- -------- -------- -------- -------- -------- LESS DISTRIBUTIONS: Dividends from net investment income ............. (0.023) (0.053) (0.054) (0.053) (0.055) (0.040) -------- -------- -------- -------- -------- -------- TOTAL DISTRIBUTIONS .............................. (0.023) (0.053) (0.054) (0.053) (0.055) (0.040) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD ................... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 ======== ======== ======== ======== ======== ======== TOTAL RETURN: 2.35% 5.42% 5.52% 5.43% 5.60% 4.03% Ratios/Supplemental Data: Net Assets, End of Period (000s omitted) ......... $ 16,402 $ 10,520 $ 8,635 $ 9,755 $ 7,800 $ 3,230 Ratio of expenses to average net assets .......... -- -- -- -- -- -- Ratio of net income to average net assets ........ 4.70%+ 5.30% 5.39% 5.30% 5.48% 3.98% Without management fee waiver and expense reimbursement:* Ratio of expenses to average net assets .......... 0.65%+ 0.67% 0.79% 0.63% 0.87% 1.48% Ratio of net income to average net assets ........ 4.05%+ 4.63% 4.60% 4.67% 4.61% 2.50%
- ------------------ * The Manager, at its discretion, reimbursed expenses and/or waived management fees for certain periods presented. + Annualized. See Notes to Financial Statements. -- P-61 -- SELIGMAN PORTFOLIOS, INC. - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS (continued) - --------------------------------------------------------------------------------
COMMON STOCK PORTFOLIO ------------------------------------------------------------------------------- SIX MONTHS ENDED 6/30/99 YEAR ENDED DECEMBER 31, --------------------------------------------------- PER SHARE DATA: (unaudited) 1998 1997 1996 1995 1994 -------- -------- -------- -------- -------- -------- NET ASSET VALUE, BEGINNING OF PERIOD ............. $ 18.63 $ 16.28 $ 15.92 $ 15.44 $ 13.78 $ 14.98 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income ............................ 0.15 0.29 0.33 0.34 0.35 0.37 Net realized and unrealized gain (loss) on investments ................................. 1.84 3.61 3.01 2.79 3.40 (0.36) -------- -------- -------- -------- -------- -------- TOTAL FROM INVESTMENT OPERATIONS ................. 1.99 3.90 3.34 3.13 3.75 0.01 -------- -------- -------- -------- -------- -------- LESS DISTRIBUTIONS: Dividends from net investment income ............. -- (0.31) (0.32) (0.34) (0.35) (0.39) Distributions from net realized capital gain ..... -- (1.24) (2.66) (2.31) (1.74) (0.82) -------- -------- -------- -------- -------- -------- TOTAL DISTRIBUTIONS .............................. -- (1.55) (2.98) (2.65) (2.09) (1.21) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD ................... $ 20.62 $ 18.63 $ 16.28 $ 15.92 $ 15.44 $ 13.78 ======== ======== ======== ======== ======== ======== TOTAL RETURN: 10.68% 24.16% 21.31% 20.08% 27.28% 0.04% Ratios/Supplemental Data: Net assets, end of period (000s omitted) ......... $ 54,073 $ 62,588 $ 50,737 $ 37,168 $ 28,836 $ 20,168 Ratio of expenses to average net assets .......... 0.51%+ 0.52% 0.53% 0.53% 0.54% 0.60% Ratio of net income to average net assets ........ 1.51%+ 1.61% 1.92% 1.99% 2.42% 2.45% Portfolio turnover rate .......................... 23.42% 55.55% 80.13% 50.33% 55.48% 15.29% Without management fee waiver:++ Ratio of expenses to average net assets .......... 0.62% Ratio of net income to average net assets ........ 2.43%
COMMUNICATIONS AND INFORMATION PORTFOLIO ------------------------------------------------------------------------------ SIX MONTHS ENDED 10/11/94* 6/30/99 YEAR ENDED DECEMBER 31, TO --------------------------------------------- (unaudited) 1998 1997 1996 1995 12/31/94 ----------- -------- ---------- -------- --------- -------- PER SHARE DATA: NET ASSET VALUE, BEGINNING OF PERIOD ............. $ 17.14 $ 13.09 $ 14.69 $ 13.50 $ 10.44 $ 10.00 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss) ..................... (0.04) (0.08) (0.08) (0.04) (0.13) (0.02) Net realized and unrealized gain on investments ................................. 3.63 4.81 3.13 1.23 4.15 0.46 -------- -------- -------- -------- -------- -------- TOTAL FROM INVESTMENT OPERATIONS ................. 3.59 4.73 3.05 1.19 4.02 0.44 -------- -------- -------- -------- -------- -------- LESS DISTRIBUTIONS: Distributions from net realized capital gain ..... -- (0.68) (4.65) -- (0.96) -- -------- -------- -------- -------- -------- -------- TOTAL DISTRIBUTIONS .............................. -- (0.68) (4.65) -- (0.96) -- -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD ................... $ 20.73 $ 17.14 $ 13.09 $ 14.69 $ 13.50 $ 10.44 ======== ======== ======== ======== ======== ======== TOTAL RETURN: 20.95% 36.49% 22.22% 8.81% 38.55% 4.40% Ratios/Supplemental Data: Net assets, end of period (000s omitted) ......... $141,388 $122,279 $ 87,633 $ 60,645 $ 38,442 $ 495 Ratio of expenses to average net assets .......... 0.85%+ 0.87% 0.87% 0.87% 0.95% 0.95%+ Ratio of net income (loss) to average net assets . (0.47%)+ (0.56)% (0.49)% (0.32)% (0.89)% (0.95)%+ Portfolio turnover rate .......................... 59.65% 132.57% 277.14% 167.20% 96.62% -- Without management fee waiver and expense reimbursement:++ Ratio of expenses to average net assets .......... 13.96%+ Ratio of net income (loss) to average net assets . (13.96)%+
- --------------------- * 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-62 -- SELIGMAN PORTFOLIOS, INC. - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
GLOBAL GROWTH FRONTIER PORTFOLIO OPPORTUNITIES PORTFOLIO -------------------------------------------------- -------------------------------------- SIX MONTHS SIX MONTHS ENDED 10/11/94* ENDED YEAR ENDED 5/1/96** PER SHARE OPERATING 6/30/99 YEAR ENDED DECEMBER 31, TO 6/30/99 DECEMBER 31, TO ------------------------------ -------------- PERFORMANCE: (unaudited) 1998 1997 1996 1995 12/31/94 (unaudited) 1998 1997 12/31/96 --------- ------ ------ ------ ------ -------- --------- ------ ------ -------- NET ASSET VALUE, BEGINNING OF PERIOD .................... $15.55 $15.78 $14.98 $13.56 $10.58 $10.00 $13.33 $11.03 $ 9.91 $10.00 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss) ........... (0.07) (0.08) (0.08) (0.06) (0.07) (0.01) -- (0.01) 0.01 0.01 Net realized and unrealized gain (loss) on investments ....................... (0.87) (0.15) 2.47 3.28 3.58 0.59 2.27 2.25 1.79 0.02 Net realized and unrealized gain (loss) on foreign currency transactions ..... -- -- -- -- -- -- (0.36) 0.14 (0.56) (0.11) ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ TOTAL FROM INVESTMENT OPERATIONS ....... (0.94) (0.23) 2.39 3.22 3.51 0.58 1.91 2.38 1.24 (0.08) ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ LESS DISTRIBUTIONS: Dividends from net investment income ... -- -- -- -- -- -- -- -- -- (0.01) Distributions from net realized capital gain ........................... -- -- (1.59) (1.80) (0.53) -- -- (0.08) (0.12) -- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ TOTAL DISTRIBUTIONS: ................... -- -- (1.59) (1.80) (0.53) -- -- (0.08) (0.12) (0.01) ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ NET ASSET VALUE, END OF PERIOD ......... $14.61 $15.55 $15.78 $14.98 $13.56 $10.58 $15.24 $13.33 $11.03 $ 9.91 ====== ====== ====== ====== ====== ====== ====== ====== ====== ====== TOTAL RETURN: (6.04)% (1.46)% 16.33% 23.93% 33.28% 5.80% 14.33% 21.60% 12.57% (0.78)% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (000s omitted) ....................... $26,591 $39,148 $42,973 $31,672 $12,476 $ 169 $9,691 $8,643 $5,449 $1,590 Ratio of expenses to average net assets ................... 0.95%+ 0.92% 0.89% 0.92% 0.95% 0.95%+ 1.40%+ 1.40% 1.40% 1.40%+ Ratio of net income (loss) to average net assets ................... (0.67)%+ (0.51)% (0.49)% (0.37)% (0.55)% (0.70)%+ 0.04%+ (0.06)% 0.01% 0.37%+ Portfolio turnover rate ................ 19.90% 86.52% 101.68% 119.74% 106.48% -- 37.21% 48.99% 77.85% 12.99% Without management fee waiver and expense reimbursement:++ Ratio of expenses to average net assets ........................... 1.37% 40.47%+ 1.48%+ 1.60% 2.11% 6.04%+ Ratios of net income (loss) to average net assets ..................... (0.97)% 40.22)% (0.05)%+ (0.26)%(0.70)% (4.27)%+
- ---------------------- * Commencement of investment operations. ** Commencement of operations. + Annualized. ++ The Manager, Seligman Henderson, the former subadviser to the Seligman Henderson Portfolios, and/or the Subadviser, at their discretion, reimbursed expenses and/or waived management fees for certain periods presented. See Notes to Financial Statements. -- P-63 -- SELIGMAN PORTFOLIOS, INC. - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS (continued) - --------------------------------------------------------------------------------
GLOBAL SMALLER COMPANIES PORTFOLIO ---------------------------------------------------- SIX MONTHS ENDED 6/30/99 YEAR ENDED DECEMBER 31, --------------------------------------- PER SHARE DATA: (unaudited) 1998 1997 1996 1995 --------- ------ ------ ------ ------ Net Asset Value, Beginning of Period .................... $ 13.62 $ 12.98 $ 12.87 $ 11.67 $ 10.31 ------- ------- ------- ------- ------- Income from Invetment Operations: Net investment income (loss) ........... (0.01) (0.01) 0.02 0.02 0.05 Net realized and unrealized gain on investments ....................... 0.63 1.02 1.17 2.31 2.04 Net realized and unrealized gain (loss) on foreign currency transactions ................ (0.33) (0.17) (0.75) (0.16) (0.30) ------- ------- ------- ------- ------- Total from Investment Operations ....... 0.29 0.84 0.44 2.17 1.79 ------- ------- ------- ------- ------- Less Distributions: Dividends from net investment income ............................... -- -- (0.02) (0.02) (0.05) Distributions from net realized capital gain ......................... -- (0.20) (0.31) (0.95) (0.38) ------- ------- ------- ------- ------- Total Distributions .................... -- (0.20) (0.33) (0.97) (0.43) ------- ------- ------- ------- ------- Net Asset Value, End of Period ......... $ 13.91 $ 13.62 $ 12.98 $ 12.87 $ 11.67 ======= ======= ======= ======= ======= Total Return: 2.13% 6.58% 3.43% 18.66% 17.38% Ratios/Supplemental Data: Net assets, end of period (000s omitted) ......................... $17,680 $20,814 $20,505 $16,876 $ 4,837 Ratio of expenses to average net assets ................... 1.40%+ 1.40% 1.40% 1.40% 1.39% Ratio of net income (loss) to average net assets ................... (0.11)%+ (0.06)% 0.24% 0.23% 0.64% Portfolio turnover rate ................ 25.99% 66.40% 64.81% 62.31% 55.65% Without management fee waiver and expense reimbursement:++ Ratio of expenses to average net assets ................... 1.74%+ 1.50% 1.56% 1.90% 3.84% Ratio of net income (loss) to average net assets ................... (0.45)%+ (0.16)% 0.08% (0.27)% (1.81)% GLOBAL TECHNOLOGY PORTFOLIO ------------------------------------------------- SIX MONTHS ENDED YEAR ENDED 10/11/94* 6/30/99 DECEMBER 31, 5/1/96** TO -------------- TO 12/31/94 (unaudited) 1998 1997 12/31/96 -------- --------- ------ ------ -------- Net Asset Value, Beginning of Period .................... $ 10.00 $13.85 $10.59 $ 10.32 $10.00 ------- ------ ------ ------- ------ Income from Invetment Operations: Net investment income (loss) ........... 0.06 (0.01) (0.05) 0.01 -- Net realized and unrealized gain on investments ....................... 0.26 3.83 3.81 2.15 0.30 Net realized and unrealized gain (loss) on foreign currency transactions ................ 0.03 (0.19) 0.11 (0.19) 0.10 ------- ------ ------ ------- ------ Total from Investment Operations ....... 0.35 3.63 3.87 1.97 0.40 ------- ------ ------ ------- ------ Less Distributions: Dividends from net investment income ............................... (0.04) -- -- (0.01) -- Distributions from net realized capital gain ......................... -- -- (0.61) (1.69) (0.08) ------- ------ ------ ------- ------ Total Distributions .................... (0.04) -- (0.61) (1.70) (0.08) ------- ------ ------ ------- ------ Net Asset Value, End of Period ......... $ 10.31 $17.48 $13.85 $ 10.59 $10.32 ======= ====== ====== ======= ====== Total Return: 3.53% 26.21% 36.80% 19.53% 4.01% Ratios/Supplemental Data: Net assets, end of period (000s omitted) ....................... $ 132 $9,050 $6,130 $ 3,686 $1,364 Ratio of expenses to average net assets ................... 1.20%+ 1.40%+ 1.40% 1.40% 1.40%+ Ratio of net income (loss) to average net assets ................... 3.14%+ (0.31)%+ (0.43)% 0.12% 0.60%+ Portfolio turnover rate ................ -- 70.21% 82.27% 167.36% 45.04% Without management fee waiver and expense reimbursement:++ Ratio of expenses to average net assets ................... 37.25%+ 1.63%+ 1.80% 2.10% 4.71%+ Ratio of net income (loss) to average net assets ..................... (32.91)%+ (0.54)%+ (0.83)% (0.58)% (2.71)%+
- ----------------------- * Commencement of investment operations. ** Commencement of operations. + Annualized. ++ The Manager, Seligman Henderson, the former subadviser to the Seligman Henderson Portfolios, and/or the Subadviser, at their discretion, reimbursed expenses and/or waived management fees for certain periods presented. See Notes to Financial Statements. -- P-64 -- SELIGMAN PORTFOLIOS, INC. - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
International Portfolio ------------------------------------------------------------------- Six Months Ended 6/30/99 Year Ended December 31, ------------------------------------------------------- (unaudited) 1998 1997 1996 1995 1994 ----------- ---- ---- ---- ---- ---- PER SHARE DATA: Net Asset Value, Beginning of Period ................... $ 15.37 $ 13.54 $ 12.96 $ 12.39 $ 11.34 $ 11.37 --------- --------- --------- --------- --------- --------- Income from Investment Operations: Net investment income (loss) ................................. 0.07 0.08 0.03 0.07 0.15 0.13 Net realized and unrealized gain (loss) on investments ......................... 1.30 1.90 2.11 1.13 0.90 (0.31) Net realized and unrealized gain (loss) on foreign currency transactions ........................... (0.68) 0.16 (1.06) (0.32) 0.24 0.33 --------- --------- --------- --------- --------- --------- Total from Investment Operations ............................... 0.69 2.14 1.08 0.88 1.29 0.15 --------- --------- --------- --------- --------- --------- Less Distributions: Dividends from net investment income ...................... -- (0.15) (0.03) (0.07) (0.15) (0.06) Distributions from net realized capital gain .................. -- (0.16) (0.47) (0.24) (0.09) (0.12) --------- --------- --------- --------- --------- --------- Total Distributions ...................... -- (0.31) (0.50) (0.31) (0.24) (0.18) --------- --------- --------- --------- --------- --------- Net Asset Value, End of Period .......................... $ 16.06 $ 15.37 $ 13.54 $ 12.96 $ 12.39 $ 11.34 ========= ========= ========= ========= ========= ========= Total Return: 4.49% 15.81% 8.35% 7.08% 11.34% 1.32% Ratios/Supplemental Data: Net assets, end of period (000s omitted) ......................... $ 9,442 $ 9,893 $ 9,182 $ 7,242 $ 4,183 $ 1,776 Ratio of expenses to average net assets ..................... 1.40%+ 1.40% 1.40% 1.40% 1.35% 1.20% Ratio of net income (loss) to average net assets ............................. 0.91%+ 0.52% 0.43% 0.70% 1.01% 1.17% Portfolio turnover rate .................. 38.87% 75.81% 89.43% 48.53% 41.40% 47.34% Without management fee waiver and expense reimbursement:++ Ratio of expenses to average net assets ..................... 1.71%+ 1.78% 2.07% 2.30% 3.40% 6.12% Ratios of net income (loss) to average net assets ............................. 0.60%+ 0.14% (0.24)% (0.20)% (1.04)% (3.75)% High-Yield Bond Portfolio ---------------------------------------------------------- Six Months Ended 5/1/95* -------------- Year Ended December 31, (unaudited) 1998 1997 1996 12/31/95 --------- ---- ---- ---- -------- Net Asset Value, Beginning of Period ...................... $ 10.87 $ 11.87 $ 11.19 $ 10.50 $ 10.00 --------- --------- --------- --------- --------- Income from Investment Operations: Net investment income (loss) ................................... 0.55 1.11 0.91 0.77 0.22 Net realized and unrealized gain (loss) on investments ........................... (0.53) (0.99) 0.78 0.77 0.52 Net realized and unrealized gain (loss) on foreign currency transactions ............................. -- -- -- -- -- --------- --------- --------- --------- --------- Total from Investment Operations ............................... 0.02 0.12 1.69 1.54 0.74 --------- --------- --------- --------- --------- Less Distributions: Dividends from net investment income ........................ -- (1.11) (0.90) (0.77) (0.22) Distributions from net realized capital gain .................... -- (0.01) (0.11) (0.08) (0.02) --------- --------- --------- --------- --------- Total Distributions ...................... -- (1.12) (1.01) (0.85) (0.24) --------- --------- --------- --------- --------- Net Asset Value, End of Period ............................ $ 10.89 $ 10.87 $ 11.87 $ 11.19 $ 10.50 ========= ========= ========= ========= ========= Total Return: 0.18% 1.02% 15.09 14.62% 7.37% Ratios/Supplemental Data: Net assets, end of period (000s omitted) ........................... $ 28,494 $ 32,253 $ 23,268 $ 11,176 $ 3,009 Ratio of expenses to average net assets ....................... 0.70%+ 0.70% 0.70% 0.70% 0.70%+ Ratio of net income (loss) to average net assets ............................... 10.16%+ 9.60% 9.61% 9.77% 7.46%+ Portfolio turnover rate .................. 36.00% 43.13% 74.54% 117.01% 67.55% Without management fee waiver and expense reimbursement:++ Ratio of expenses to average net assets ....................... 0.73%+ 0.74% 0.79% 0.88% 4.38%+ Ratios of net income (loss) to average net assets ............................... 10.12%+ 9.56% 9.52% 9.59% 3.78%+
- --------------------- * Commencement of investment operations. ** Commencement of operations. + Annualized. ++ The Manager, Seligman Henderson, the former subadviser to the Seligman Henderson Portfolios, and/or the Subadviser, at their discretion, reimbursed expenses and/or waived management fees for certain periods presented. See Notes to Financial Statements. -- P-65 -- SELIGMAN PORTFOLIOS, INC. - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS (continued) - --------------------------------------------------------------------------------
INCOME PORTFOLIO ----------------------------------------------------------------------------- SIX MONTHS ENDED 6/30/99 YEAR ENDED DECEMBER 31, -------------------------------------------------------------- (unaudited) 1998 1997 1996 1995 1994 -------- ---- ---- ---- ---- ---- Per Share data: NET ASSET VALUE, BEGINNING OF PERIOD ........... $ 11.01 $ 10.80 $ 10.52 $ 10.56 $ 9.97 $ 11.38 --------- --------- --------- --------- --------- --------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss) ........................ 0.23 0.45 0.56 0.58 0.60 0.69 Net realized and unrealized gain (loss) on investments .... (0.16) 0.38 0.91 0.13 1.19 (1.37) --------- --------- --------- --------- --------- --------- TOTAL FROM INVESTMENT OPERATIONS ...................... 0.07 0.83 1.47 0.71 1.79 (0.68) --------- --------- --------- --------- --------- --------- LESS DISTRIBUTIONS: Dividends from net investment income ............. -- (0.46) (0.55) (0.58) (0.60) (0.73) Distributions from net realized capital gain ......... -- (0.16) (0.64) (0.17) (0.60) -- --------- --------- --------- --------- --------- --------- TOTAL DISTRIBUTIONS ............. -- (0.62) (1.19) (0.75) (1.20) (0.73) --------- --------- --------- --------- --------- --------- NET ASSET VALUE, END OF PERIOD ................. $ 11.08 $ 11.01 $ 10.80 $ 10.52 $ 10.56 $ 9.97 ========= ========= ========= ========= ========= ========= TOTAL RETURN: ................... 0.64% 7.76% 14.02% 6.66% 17.98% (5.96)% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (000s omitted) ................ $ 10,016 $ 14,582 $ 13,835 $ 13,717 $ 12,619 $ 10,050 Ratio of expenses to average net assets ............ 0.60%+ 0.60% 0.60% 0.59% 0.60% 0.60% Ratio of net income (loss) to average net assets ............ 4.12%+ 3.94% 4.71% 5.37% 5.55% 6.34% Portfolio turnover rate ......... 26.44% 70.45% 96.99% 19.59% 51.22% 29.76% Without management fee waiver and expense reimbursement:++ Ratio of expenses to average net assets ............ 0.70%+ 0.61% 0.63% 0.62% 0.77% Ratio of net income (loss) to average net assets ............ 4.02%+ 3.93% 4.68% 5.53% 6.17% LARGE-CAP LARGE-CAP GROWTH VALUE SMALL-CAP PORTFOLIO PORTFOLIO VALUE PORTFOLIO ---------- ---------------------- ---------------------- SIX SIX 4/30/99* MONTHS MONTHS TO ENDED 5/1/98* ENDED 5/1/98* 6/30/99 6/30/99 TO 6/30/99 TO (unaudited) (unaudited) 12/31/98 (unaudited) 12/31/98 ---------- --------- -------- --------- -------- Per Share data: NET ASSET VALUE, BEGINNING OF PERIOD ........... $ 10.00 $ 9.66 $ 10.00 $ 7.31 $ 10.00 --------- --------- --------- --------- --------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss) ........................ -- 0.05 0.04 (0.02) (0.02) Net realized and unrealized gain (loss) on investments .... 0.42 1.03 (0.07) 3.20 (1.73) --------- --------- --------- --------- --------- TOTAL FROM INVESTMENT OPERATIONS .................... 0.42 1.08 (0.03) 3.18 (1.75) --------- --------- --------- --------- --------- LESS DISTRIBUTIONS: Dividends from net investment income ............. -- -- (0.04) -- -- Distributions from net realized capital gain ......... -- -- (0.27) -- (0.94) --------- --------- --------- --------- --------- TOTAL DISTRIBUTIONS ............. -- -- (0.31) -- (0.94) --------- --------- --------- --------- --------- NET ASSET VALUE, END OF PERIOD ................. $ 10.42 $ 10.74 $ 9.66 $ 10.49 $ 7.31 ========= ========= ========= ========= ========= TOTAL RETURN: 4.20% 11.18% (0.26)% 43.50% (17.00)% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (000s omitted) ................ $ 2,164 $ 6,269 $ 3,845 $ 5,050 $ 2,469 Ratio of expenses to average net assets ............ 0.70%+ 0.80%+ 0.80%+ 1.00%+ 1.00%+ Ratio of net income (loss) to average net assets ............ (0.02)%+ 1.11%+ 1.11%+ (0.29)%+ (0.34)%+ Portfolio turnover rate ......... 6.74% 5.23% 65.82% 51.06% 73.87% Without management fee waiver and expense reimbursement:++ Ratio of expenses to average net assets ............ 2.84%+ 1.20%+ 2.24%+ 1.54%+ 3.08%+ Ratio of net income (loss) to average net assets ............ (2.17)%+ 0.71%+ (0.33)%+ (0.83)%+ (2.43)%+
- ------------------ * Commencement of operations. + Annualized. ++ The Manager, at its discretion, reimbursed expenses and/or waived management fees for certain periods presented. See Notes to Financial Statements. -- P-66 -- SELIGMAN PORTFOLIOS, INC. - -------------------------------------------------------------------------------- BOARD OF DIRECTORS - -------------------------------------------------------------------------------- JOHN R. GALVIN 2, 4 DEAN, Fletcher School of Law and Diplomacy at Tufts University DIRECTOR, Raytheon Company ALICE S. ILCHMAN 3, 4 TRUSTEE, Committee for Economic Development CHAIRMAN, The Rockefeller Foundation FRANK A. MCPHERSON 2, 4 DIRECTOR, Kimberly-Clark Corporation DIRECTOR, Baptist Medical Center JOHN E. MEROW 2, 4 RETIRED CHAIRMAN AND SENIOR PARTNER, Sullivan & Cromwell, Law Firm DIRECTOR, Commonwealth Industries, Inc. Director, New York Presbyterian Hospital BETSY S. MICHEL 2, 4 TRUSTEE, The Geraldine R. Dodge Foundation WILLIAM C. MORRIS 1 CHAIRMAN CHAIRMAN of the Board, J. & W. Seligman & Co. Incorporated CHAIRMAN, Carbo Ceramics Inc. DIRECTOR, Kerr-McGee Corporation JAMES C. PITNEY 3, 4 RETIRED PARTNER, Pitney, Hardin, Kipp & Szuch, Law Firm JAMES Q. RIORDAN 3, 4 DIRECTOR, KeySpan Energy Corporation TRUSTEE, Committee for Economic Development DIRECTOR, Public Broadcasting Service RICHARD R. SCHMALTZ 1 MANAGING DIRECTOR, Director of Investments, J. & W. Seligman & Co. Incorporated TRUSTEE EMERITUS, Colby College ROBERT L. SHAFER 3, 4 RETIRED VICE PRESIDENT, Pfizer Inc. JAMES N. WHITSON 2, 4 DIRECTOR AND CONSULTANT, Sammons Enterprises, Inc. DIRECTOR, C-SPAN DIRECTOR, CommScope, Inc. BRIAN T. ZINO 1 PRESIDENT PRESIDENT, J. & W. Seligman & Co. Incorporated CHAIRMAN, Seligman Data Corp. DIRECTOR, ICI Mutual Insurance Company MEMBER OF THE BOARD OF GOVERNORS, Investment Company Institute DIRECTOR EMERITUS FRED E. BROWN DIRECTOR AND CONSULTANT, J. & W. Seligman & Co. Incorporated - ----------------- Member: 1 Executive Committee 2 Audit Committee 3 Director Nominating Committee 4 Board Operations Committee -- P-67 -- 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 NITIN MEHTA VICE PRESIDENT ARSEN MRAKOVCIC VICE PRESIDENT MARION S. SCHULTHEIS VICE PRESIDENT CHARLES C. SMITH, JR. VICE PRESIDENT LAWRENCE P. VOGEL VICE PRESIDENT PAUL H. WICK VICE PRESIDENT GARY S. ZELTZER 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 Henderson Investment Management Limited 3 Finsbury Avenue London EC2M 2PA GENERAL DISTRIBUTOR Seligman Advisors, Inc. 100 Park Avenue New York, New York 10017 CUSTODIANS Investors Fiduciary Trust Company The Chase Manhattan Bank GENERAL COUNSEL Sullivan & Cromwell INDEPENDENT AUDITORS Ernst & Young LLP -----END PRIVACY-ENHANCED MESSAGE-----