N-Q 1 c60869nvq.htm FORM N-Q nvq
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number 811-05221
SELIGMAN PORTFOLIOS, INC.
 
(Exact name of registrant as specified in charter)
     
50606 Ameriprise Financial Center, Minneapolis, Minnesota   55474
 
(Address of principal executive offices)   (Zip code)
Scott R. Plummer - 5228 Ameriprise Financial Center, Minneapolis, MN 55474
 
(Name and address of agent for service)
Registrant’s telephone number, including area code: (612) 671-1947
Date of fiscal year end: December 31
Date of reporting period: September 30, 2010
 
 

 

 

Item 1. Schedule of Investments

 

 

Portfolio of Investments
Seligman Capital Portfolio
Sept. 30, 2010 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in Securities
Common Stocks (97.8%)
                 
Issuer   Shares     Value(a)  
Aerospace & Defense (1.7%)
                
BE Aerospace, Inc.
     1,350  (b)   $ 40,919  
ITT Corp.
     820       38,401  
Precision Castparts Corp.
     510       64,948  
 
              
Total
             144,268  
 
              
 
                
Air Freight & Logistics (1.5%)
                
Atlas Air Worldwide Holdings, Inc.
     840  (b,d)     42,252  
CH Robinson Worldwide, Inc.
     1,230       86,002  
 
              
Total
             128,254  
 
              
 
                
Airlines (1.3%)
                
Delta Air Lines, Inc.
     5,990  (b)     69,724  
United Continental Holdings, Inc.
     1,940  (b,d)     45,842  
 
              
Total
             115,566  
 
              
 
                
Auto Components (2.6%)
                
BorgWarner, Inc.
     2,130  (b,d)     112,081  
Cooper Tire & Rubber Co.
     3,510  (d)     68,901  
Lear Corp.
     570  (b)     44,990  
 
              
Total
             225,972  
 
              
 
                
Beverages (0.5%)
                
Hansen Natural Corp.
     950  (b)     44,289  
 
                
Biotechnology (2.4%)
                
Alexion Pharmaceuticals, Inc.
     1,050  (b)     67,578  
Dendreon Corp.
     1,170  (b,d)     48,181  
Human Genome Sciences, Inc.
     1,660  (b,d)     49,451  
Onyx Pharmaceuticals, Inc.
     1,460  (b,d)     38,515  
 
              
Total
             203,725  
 
              
 
                
Capital Markets (2.1%)
                
Affiliated Managers Group, Inc.
     1,400  (b)     109,214  
T Rowe Price Group, Inc.
     1,340       67,087  
 
              
Total
             176,301  
 
              
 
                
Chemicals (1.3%)
                
CF Industries Holdings, Inc.
     1,150       109,825  
 
                
Commercial Services & Supplies (0.5%)
                
Stericycle, Inc.
     620  (b,d)     43,078  
 
                
Communications Equipment (1.0%)
                
F5 Networks, Inc.
     830  (b)     86,162  
 
                
Computers & Peripherals (1.0%)
                
NetApp, Inc.
     1,730  (b)     86,137  

 

 

                 
Issuer   Shares     Value(a)  
Construction Materials (0.7%)
                
Martin Marietta Materials, Inc.
     790  (d)     60,806  
 
                
Consumer Finance (0.6%)
                
Discover Financial Services
     3,210       53,543  
 
                
Containers & Packaging (1.0%)
                
Crown Holdings, Inc.
     2,880  (b)     82,541  
 
                
Diversified Consumer Services (1.8%)
                
DeVry, Inc.
     960       47,242  
Grand Canyon Education, Inc.
     2,770  (b,d)     60,746  
New Oriental Education & Technology Group, ADR
     460  (b,c)     44,887  
 
              
Total
             152,875  
 
              
 
                
Diversified Financial Services (1.9%)
                
IntercontinentalExchange, Inc.
     610  (b)     63,878  
Moody’s Corp.
     1,670       41,717  
MSCI, Inc., Class A
     1,650  (b)     54,797  
 
              
Total
             160,392  
 
              
 
                
Electrical Equipment (0.9%)
                
AMETEK, Inc.
     1,670       79,776  
 
                
Electronic Equipment, Instruments & Components (0.8%)
                
Agilent Technologies, Inc.
     2,010  (b)     67,074  
 
                
Energy Equipment & Services (2.4%)
                
Cameron International Corp.
     2,570  (b)     110,407  
Core Laboratories NV
     580  (c)     51,063  
McDermott International, Inc.
     3,120  (b)     46,114  
 
              
Total
             207,584  
 
              
 
                
Food Products (1.4%)
                
Green Mountain Coffee Roasters, Inc.
     1,220  (b,d)     38,052  
HJ Heinz Co.
     1,790       84,792  
 
              
Total
             122,844  
 
              
 
                
Health Care Equipment & Supplies (2.2%)
                
Gen-Probe, Inc.
     830  (b)     40,222  
Intuitive Surgical, Inc.
     210  (b)     59,585  
NuVasive, Inc.
     1,500  (b,d)     52,710  
Thoratec Corp.
     940  (b,d)     34,761  
 
              
Total
             187,278  
 
              
 
                
Health Care Providers & Services (4.6%)
                
Brookdale Senior Living, Inc.
     2,940  (b,d)     47,951  
Express Scripts, Inc.
     2,240  (b)     109,088  
Laboratory Corp. of America Holdings
     1,400  (b,d)     109,801  
Mednax, Inc.
     1,280  (b)     68,224  
Patterson Companies, Inc.
     1,920       55,008  
 
              
Total
             390,072  
 
              
 
                
Health Care Technology (0.6%)
                
Cerner Corp.
     640  (b,d)     53,754  

 

 

                 
Issuer   Shares     Value(a)  
Hotels, Restaurants & Leisure (4.3%)
                
Chipotle Mexican Grill, Inc.
     370  (b,d)     63,640  
Ctrip.com International Ltd., ADR
     1,770  (b,c)     84,517  
Las Vegas Sands Corp.
     1,540  (b,d)     53,669  
Panera Bread Co., Class A
     590  (b,d)     52,280  
Royal Caribbean Cruises Ltd.
     1,650  (b,d)     52,025  
WMS Industries, Inc.
     1,620  (b)     61,673  
 
              
Total
             367,804  
 
              
 
                
Household Durables (1.7%)
                
Tempur-Pedic International, Inc.
     2,980  (b,d)     92,380  
Whirlpool Corp.
     610       49,386  
 
              
Total
             141,766  
 
              
 
                
Household Products (0.6%)
                
Clorox Co.
     750       50,070  
 
                
Internet & Catalog Retail (1.9%)
                
NetFlix, Inc.
     290  (b,d)     47,026  
priceline.com, Inc.
     320  (b)     111,469  
 
              
Total
             158,495  
 
              
 
                
Internet Software & Services (3.7%)
                
Akamai Technologies, Inc.
     1,530  (b)     76,775  
Baidu, Inc., ADR
     750  (b,c)     76,965  
MercadoLibre, Inc.
     730  (b,c)     52,691  
VeriSign, Inc.
     1,350  (b)     42,849  
VistaPrint NV
     1,690  (b,c)     65,319  
 
              
Total
             314,599  
 
              
 
                
IT Services (4.2%)
                
Alliance Data Systems Corp.
     1,950  (b,d)     127,257  
Cognizant Technology Solutions Corp., Class A
     1,610  (b)     103,797  
Teradata Corp.
     2,090  (b)     80,590  
VeriFone Systems, Inc.
     1,470  (b,d)     45,673  
 
              
Total
             357,317  
 
              
 
                
Life Sciences Tools & Services (2.8%)
                
ICON PLC, ADR
     2,810  (b,c,d)     60,752  
Illumina, Inc.
     1,530  (b,d)     75,276  
Life Technologies Corp.
     2,160  (b)     100,851  
 
              
Total
             236,879  
 
              
 
                
Machinery (4.3%)
                
AGCO Corp.
     1,160  (b,d)     45,252  
Bucyrus International, Inc.
     1,880       130,378  
Cummins, Inc.
     1,580       143,115  
Pall Corp.
     1,250       52,050  
 
              
Total
             370,795  
 
              
 
                
Media (2.1%)
                
CBS Corp., Class B
     3,250       51,545  
Lamar Advertising Co., Class A
     1,390  (b,d)     44,230  
The McGraw-Hill Companies, Inc.
     2,480       81,989  
 
              
Total
             177,764  
 
              
 
                
Metals & Mining (2.7%)
                
Agnico-Eagle Mines Ltd.
     1,340  (c)     95,180  

 

 

                 
Issuer   Shares     Value(a)  
Cliffs Natural Resources, Inc.
     1,340       85,653  
Steel Dynamics, Inc.
     3,350  (d)     47,269  
 
              
Total
             228,102  
 
              
 
                
Multiline Retail (1.5%)
                
Big Lots, Inc.
     1,880  (b,d)     62,510  
Nordstrom, Inc.
     1,740       64,728  
 
              
Total
             127,238  
 
              
 
                
Multi-Utilities (0.6%)
                
CenterPoint Energy, Inc.
     3,460       54,391  
 
                
Oil, Gas & Consumable Fuels (4.1%)
                
Alpha Natural Resources, Inc.
     1,380  (b)     56,787  
Concho Resources, Inc.
     1,650  (b)     109,180  
Continental Resources, Inc.
     1,040  (b)     48,214  
Denbury Resources, Inc.
     2,620  (b)     41,632  
Frontline Ltd.
     1,730  (c,d)     49,184  
Southwestern Energy Co.
     1,420  (b)     47,485  
 
              
Total
             352,482  
 
              
 
                
Personal Products (2.1%)
                
Avon Products, Inc.
     2,860       91,835  
Herbalife Ltd.
     1,400  (c)     84,490  
 
              
Total
             176,325  
 
              
 
                
Pharmaceuticals (0.7%)
                
Watson Pharmaceuticals, Inc.
     1,460  (b)     61,773  
 
                
Professional Services (0.6%)
                
IHS, Inc., Class A
     760  (b,d)     51,680  
 
                
Real Estate Investment Trusts (REITs) (1.8%)
                
Digital Realty Trust, Inc.
     1,040  (d)     64,168  
Nationwide Health Properties, Inc.
     1,170       45,244  
Plum Creek Timber Co., Inc.
     1,350  (d)     47,655  
 
              
Total
             157,067  
 
              
 
                
Road & Rail (2.1%)
                
Kansas City Southern
     1,860  (b)     69,582  
Landstar System, Inc.
     1,330  (d)     51,365  
Old Dominion Freight Line, Inc.
     2,460  (b,d)     62,533  
 
              
Total
             183,480  
 
              
 
                
Semiconductors & Semiconductor Equipment (3.1%)
                
Analog Devices, Inc.
     2,340       73,429  
Cree, Inc.
     710  (b,d)     38,546  
Marvell Technology Group Ltd.
     2,650  (b,c)     46,402  
Omnivision Technologies, Inc.
     1,910  (b,d)     44,006  
Xilinx, Inc.
     2,490       66,259  
 
              
Total
             268,642  
 
              
 
                
Software (7.9%)
                
ANSYS, Inc.
     1,080  (b,d)     45,630  
Autodesk, Inc.
     1,430  (b)     45,717  
Citrix Systems, Inc.
     1,300  (b)     88,712  
Intuit, Inc.
     900  (b)     39,429  
 
              
Red Hat, Inc.
     3,120  (b)     127,919  

 

 

                 
Issuer   Shares     Value(a)  
Rovi Corp.
     2,072  (b)     104,450  
Salesforce.com, Inc.
     770  (b)     86,086  
TIBCO Software, Inc.
     7,640  (b,d)     135,533  
 
              
Total
             673,476  
 
              
 
                
Specialty Retail (4.1%)
                
Advance Auto Parts, Inc.
     1,570       92,128  
CarMax, Inc.
     1,870  (b)     52,098  
Dick’s Sporting Goods, Inc.
     1,830  (b,d)     51,313  
TJX Companies, Inc.
     1,830       81,673  
Urban Outfitters, Inc.
     2,330  (b)     73,255  
 
              
Total
             350,467  
 
              
 
                
Textiles, Apparel & Luxury Goods (1.8%)
                
Coach, Inc.
     1,140       48,974  
Hanesbrands, Inc.
     1,490  (b)     38,531  
Lululemon Athletica, Inc.
     1,530  (b,c,d)     68,422  
 
              
Total
             155,927  
 
              
 
                
Trading Companies & Distributors (0.6%)
                
Fastenal Co.
     1,040       55,318  
 
                
Wireless Telecommunication Services (3.7%)
                
American Tower Corp., Class A
     1,690  (b)     86,629  
Crown Castle International Corp.
     1,530  (b)     67,550  
NII Holdings, Inc.
     1,700  (b)     69,870  
SBA Communications Corp., Class A
     2,320  (b,d)     93,496  
 
              
Total
             317,545  
 
              
Total Common Stocks
 (Cost: $7,386,099)
           $ 8,371,518  
 
              
 
                
Money Market Fund (2.4%)
                
                 
    Shares     Value(a)  
Columbia Short-Term Cash Fund, 0.245%
     204,738  (e)   $ 204,738  
 
              
Total Money Market Fund
 (Cost: $204,738)
           $ 204,738  
 
              
Investments of Cash Collateral Received for Securities on Loan (26.2%)
                         
    Effective     Principal          
Issuer   yield     amount     Value(a)  
Repurchase Agreements(f)
                        
BNP Paribas Securities Corp.
dated 09-30-10, matures 10-01-10,
repurchase price
$2,242,815
     0.280 %   $ 2,242,798     $ 2,242,798  
 
                      
Total Investments of Cash Collateral Received for Securities on Loan
                        
(Cost: $2,242,798)
                   $ 2,242,798  
 
                      
Total Investments in Securities
                        
(Cost: $9,833,635)(g)
                   $ 10,819,054  
 
                      
The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

 

 

Notes to Portfolio of Investments
 
ADR — American Depositary Receipt
 
(a)   Securities are valued by using policies described in Note 2 to the financial statements in the most recent Semiannual Report dated June 30, 2010.
 
(b)   Non-income producing.
 
(c)   Foreign security values are stated in U.S. dollars. At Sept. 30, 2010, the value of foreign securities, excluding short-term securities, represented 9.11% of net assets.
 
(d)   At Sept. 30, 2010, security was partially or fully on loan.
 
(e)   Affiliated Money Market Fund – The Fund may invest its daily cash balance in Columbia Short-Term Cash Fund, a money market fund established for the exclusive use of funds and other institutional clients of Columbia Management. The rate shown is the seven-day current annualized yield at Sept. 30, 2010.
 
(f)   The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.
BNP Paribas Securities Corp. (0.280%)
         
Security description   Value (a)
 
Fannie Mae Pool
   $ 1,441,346  
Freddie Mac Gold Pool
     235,863  
Freddie Mac Non Gold Pool
     242,227  
Ginnie Mae I Pool
     244,058  
Ginnie Mae II Pool
     124,160  
 
Total market value of collateral securities
   $ 2,287,654  
 
 
(g)   At Sept. 30, 2010, the cost of securities for federal income tax purposes was approximately $9,834,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
         
Unrealized appreciation
   $ 1,070,000  
Unrealized depreciation
     (85,000 )
 
Net unrealized appreciation
   $ 985,000  
 
Fair Value Measurements
Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
  •   Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (to include NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.
 
  •   Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
 
  •   Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment, as described in Note 2 to the financial statements – Valuation of securities in the most recent Semiannual Report dated June 30, 2010.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The following table is a summary of the inputs used to value the Fund’s investments as of Sept. 30, 2010:
                                 
    Fair value at Sept. 30, 2010  
    Level 1     Level 2              
    quoted prices     other     Level 3        
    in active     significant     significant        
    markets for     observable     unobservable        
Description(a)   identical assets(b)     inputs     inputs     Total  
 
Equity Securities
                                
Common Stocks
   $ 8,371,518     $ —     $ —     $ 8,371,518  
 
Total Equity Securities
     8,371,518       —       —       8,371,518  
 
 
Other
                                
Affiliated Money Market Fund(c)
     204,738       —       —       204,738  
Investments of Cash Collateral Received for Securities on Loan
     —       2,242,798       —       2,242,798  
 
Total Other
     204,738       2,242,798       —       2,447,536  
 
 
Total
   $ 8,576,256     $ 2,242,798     $ —     $ 10,819,054  
 
 
(a)   See the Portfolio of Investments for all investment classifications not indicated in the table.
 
(b)   There were no significant transfers between Levels 1 and 2 during the period.
 
(c)   Money market fund that is a sweep investment for cash balances in the Fund at Sept. 30, 2010.

 

 

Portfolio of Investments
Seligman Communications and Information Portfolio
Sept. 30, 2010 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in Securities
Common Stocks (95.7%)
                 
Issuer   Shares     Value(a)  
Aerospace & Defense (1.8%)
                
General Dynamics Corp.
     17,600     $ 1,105,456  
 
                
Biotechnology (0.6%)
                
Gilead Sciences, Inc.
     10,400  (b)     370,344  
 
                
Communications Equipment (7.9%)
                
Cisco Systems, Inc.
     108,300  (b)     2,371,770  
Nortel Networks Corp.
     16  (b,c,g)     —  
QUALCOMM, Inc.
     52,700       2,377,824  
 
              
Total
             4,749,594  
 
              
 
                
Computers & Peripherals (11.5%)
                
Apple, Inc.
     12,200  (b)     3,461,750  
Electronics for Imaging, Inc.
     66,200  (b)     802,344  
Hewlett-Packard Co.
     62,300       2,620,961  
 
              
Total
             6,885,055  
 
              
 
                
Electrical Equipment (0.4%)
                
Sensata Technologies Holding NV
     13,035  (b,c)     257,572  
 
                
Electronic Equipment, Instruments & Components (2.4%)
                
Agilent Technologies, Inc.
     9,700  (b)     323,689  
Avnet, Inc.
     23,900  (b)     645,539  
Elster Group SE, ADR
     9,873  (b,c)     136,247  
Jabil Circuit, Inc.
     21,200       305,492  
 
              
Total
             1,410,967  
 
              
 
                
Health Care Equipment & Supplies (2.0%)
                
Boston Scientific Corp.
     30,700  (b)     188,191  
St. Jude Medical, Inc.
     25,400  (b)     999,236  
 
              
Total
             1,187,427  
 
              
 
                
Internet Software & Services (6.3%)
                
Google, Inc., Class A
     4,200  (b)     2,208,318  
IntraLinks Holdings, Inc.
     7,553  (b)     127,721  
Open Text Corp.
     18,971  (b,c,d)     892,396  
SciQuest, Inc.
     5,357  (b)     64,713  
VeriSign, Inc.
     16,300  (b,d)     517,362  
 
              
Total
             3,810,510  
 
              
 
                
IT Services (6.1%)
                
Amdocs Ltd.
     99,700  (b,c)     2,857,402  
Fidelity National Information Services, Inc.
     10,500       284,865  
Lender Processing Services, Inc.
     10,500       348,915  
Rolta India Ltd.
     41,800  (c)     150,681  
 
              
Total
             3,641,863  
 
              

 

 

                 
Issuer   Shares     Value(a)  
Life Sciences Tools & Services (0.5%)
                
Life Technologies Corp.
     3,362  (b)     156,972  
Thermo Fisher Scientific, Inc.
     3,100  (b)     148,428  
 
              
Total
             305,400  
 
              
 
                
Media (0.5%)
                
Virgin Media, Inc.
     12,000  (d)     276,240  
 
                
Office Electronics (2.0%)
                
Xerox Corp.
     116,200       1,202,670  
 
                
Semiconductors & Semiconductor Equipment (12.5%)
                
Amkor Technology, Inc.
     123,827  (b,d)     813,543  
Analog Devices, Inc.
     44,090       1,383,544  
ASML Holding NV
     11,100  (c)     330,003  
KLA-Tencor Corp.
     46,800  (d)     1,648,764  
Marvell Technology Group Ltd.
     33,059  (b,c)     578,863  
National Semiconductor Corp.
     48,330       617,174  
Novellus Systems, Inc.
     64,900  (b)     1,725,043  
ON Semiconductor Corp.
     18,200  (b,d)     131,222  
Texas Instruments, Inc.
     11,200       303,968  
 
              
Total
             7,532,124  
 
              
 
                
Software (40.7%)
                
Adobe Systems, Inc.
     37,000  (b,d)     967,550  
Aspen Technology, Inc.
     51,589  (b)     534,978  
BMC Software, Inc.
     76,200  (b)     3,084,575  
BroadSoft, Inc.
     4,930  (b)     42,694  
Check Point Software Technologies Ltd.
     79,065  (b,c,d)     2,919,870  
ChinaCache International Holdings Ltd., ADR
     600  (b,c)     8,340  
JDA Software Group, Inc.
     34,000  (b,d)     862,240  
Mentor Graphics Corp.
     37,894  (b)     400,540  
Micro Focus International PLC
     15,400  (c)     92,286  
Microsoft Corp.
     100,300       2,456,347  
Nuance Communications, Inc.
     126,700  (b,d)     1,981,588  
Oracle Corp.
     73,800       1,981,530  
Parametric Technology Corp.
     114,042  (b)     2,228,381  
Symantec Corp.
     199,823  (b)     3,031,315  
Synopsys, Inc.
     156,000  (b)     3,864,119  
 
              
Total
             24,456,353  
 
              
 
                
Wireless Telecommunication Services (0.5%)
                
China Mobile Ltd.
     26,500  (c)     271,363  
 
              
Total Common Stocks
(Cost: $54,140,491)
           $ 57,462,938  
 
              
Money Market Fund (4.5%)
                 
    Shares     Value(a)  
Columbia Short-Term Cash Fund, 0.245%
     2,682,675  (f)   $ 2,682,675  
 
              
Total Money Market Fund
(Cost: $2,682,675)
           $ 2,682,675  
 
              

 

 

Investments of Cash Collateral Received for Securities on Loan (9.1%)
                         
    Effective     Principal        
Issuer   yield     amount     Value(a)  
Repurchase Agreements(e)
                        
BNP Paribas Securities Corp.
dated 09-30-10, matures 10-01-10,
repurchase price
$3,436,046
     0.280 %   $ 3,436,020     $ 3,436,020  
Mizuho Securities USA, Inc.
dated 09-30-10, matures 10-01-10,
repurchase price
$2,000,022
     0.400       2,000,000       2,000,000  
 
                      
Total
                     5,436,020  
 
                      
Total Investments of Cash Collateral Received for Securities on Loan
                        
(Cost: $5,436,020)
                   $ 5,436,020  
 
                      
Total Investments in Securities
                        
(Cost: $62,259,186)(h)
                   $ 65,581,633  
 
                      
The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.
Notes to Portfolio of Investments
ADR — American Depositary Receipt
(a)   Securities are valued by using policies described in Note 2 to the financial statements in the most recent Semiannual Report dated June 30, 2010.
 
(b)   Non-income producing.
 
(c)   Foreign security values are stated in U.S. dollars. At Sept. 30, 2010, the value of foreign securities, excluding short-term securities, represented 14.14% of net assets.
 
(d)   At Sept. 30, 2010, security was partially or fully on loan.
 
(e)   The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.
BNP Paribas Securities Corp. (0.280%)
         
Security description   Value (a)  
 
Fannie Mae Pool
   $ 2,208,177  
Freddie Mac Gold Pool
     361,348  
Freddie Mac Non Gold Pool
     371,097  
Ginnie Mae I Pool
     373,902  
Ginnie Mae II Pool
     190,216  
 
Total market value of collateral securities
   $ 3,504,740  
 
Mizuho Securities USA, Inc. (0.400%)
         
Security description   Value (a)  
 
Fannie Mae Pool
   $ 1,850,198  
Freddie Mac Gold Pool
     99,136  
Freddie Mac Non Gold Pool
     90,666  
 
Total market value of collateral securities
   $ 2,040,000  
 
(f)   Affiliated Money Market Fund — The Fund may invest its daily cash balance in Columbia Short-Term Cash Fund, a money market fund established for the exclusive use of funds and other institutional clients of Columbia Management. The rate shown is the seven-day current annualized yield at Sept. 30, 2010.
 
(g)   Negligible market value.
 
(h)   At Sept. 30, 2010, the cost of securities for federal income tax purposes was approximately $62,259,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
         
Unrealized appreciation
   $ 6,286,000  
Unrealized depreciation
     (2,963,000 )
 
Net unrealized appreciation
   $ 3,323,000  
 

 

 

Fair Value Measurements
Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
  •   Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (to include NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.
 
  •   Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
 
  •   Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment, as described in Note 2 to the financial statements — Valuation of securities in the most recent Semiannual Report dated June 30, 2010.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The following table is a summary of the inputs used to value the Fund’s investments as of Sept. 30, 2010:
                                 
    Fair value at Sept. 30, 2010
    Level 1     Level 2              
    quoted prices     other     Level 3        
    in active     significant     significant        
    markets for     observable     unobservable        
Description(a)   identical assets(b)     inputs     inputs     Total  
 
Equity Securities
                                
Common Stocks
   $ 57,462,938     $ —     $ —     $ 57,462,938  
 
Total Equity Securities
     57,462,938       —       —       57,462,938  
 
 
                                
Other
                                
Affiliated Money Market Fund(c)
     2,682,675       —       —       2,682,675  
Investments of Cash Collateral Received for Securities on Loan
     —       5,436,020       —       5,436,020  
 
Total Other
     2,682,675       5,436,020       —       8,118,695  
 
 
                                
Total
   $ 60,145,613     $ 5,436,020     $ —     $ 65,581,633  
 
(a)   See the Portfolio of Investments for all investment classifications not indicated in the table.
 
(b)   Includes certain securities trading outside the U.S. whose values were adjusted at Dec. 31, 2009 as a result of significant market movements following the close of local trading, and were classified as Level 2. These values were not adjusted as of Sept. 30, 2010. Therefore, these investment securities were classified as Level 1 instead of Level 2 at Sept. 30, 2010. The amount of securities transferred out of Level 2 into Level 1 during the period was $112,682. Transfers between Levels 1 and 2 are determined based on the fair value at the beginning of the period for security positions held throughout the period.
 
(c)   Money market fund that is a sweep investment for cash balances in the Fund at Sept. 30, 2010.

 

 

Portfolio of Investments
Seligman Global Technology Portfolio
Sept. 30, 2010 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in Securities
Common Stocks (89.3%)
                 
Issuer   Shares     Value(a)  
Aerospace & Defense (0.7%)
                
General Dynamics Corp.
     600     $ 37,686  
 
                
Applications Software (20.1%)
                
Adobe Systems, Inc.
     700  (b)     18,305  
Aspen Technology, Inc.
     5,468  (b)     56,703  
BroadSoft, Inc.
     560  (b)     4,850  
JDA Software Group, Inc.
     3,300  (b)     83,688  
Longtop Financial Technologies Ltd., ADR
     800  (b,c,d)     31,480  
Mentor Graphics Corp.
     3,295  (b)     34,828  
Micro Focus International PLC
     18,815  (c)     112,751  
Misys PLC
     5,800  (b,c)     26,020  
NICE Systems Ltd., ADR
     2,700  (b,c)     84,483  
Nuance Communications, Inc.
     8,400  (b)     131,376  
Parametric Technology Corp.
     9,800  (b)     191,492  
Synopsys, Inc.
     11,300  (b)     279,901  
 
              
Total
             1,055,877  
 
              
 
                
Communications Equipment (5.4%)
                
Cisco Systems, Inc.
     4,500  (b)     98,550  
QUALCOMM, Inc.
     3,000       135,360  
ZTE Corp., Series H
     12,200  (c)     48,588  
 
              
Total
             282,498  
 
              
 
                
Computers & Peripherals (11.2%)
                
Apple, Inc.
     1,200  (b)     340,500  
Electronics for Imaging, Inc.
     3,200  (b)     38,784  
EMC Corp.
     2,300  (b)     46,713  
Hewlett-Packard Co.
     3,200       134,624  
Toshiba Corp.
     5,400  (c)     26,136  
 
              
Total
             586,757  
 
              
 
                
Diversified Telecommunication Services (1.1%)
                
Koninklijke KPN NV
     3,700  (c)     57,227  
 
                
Electrical Equipment (1.6%)
                
China Ming Yang Wind Power Group Ltd., ADR
     1,600  (b,c)     22,400  
Nidec Corp.
     400  (c,d)     35,558  
Sensata Technologies Holding NV
     1,187  (b,c)     23,455  
 
              
Total
             81,413  
 
              
 
                
Electronic Equipment, Instruments & Components (2.9%)
                
Avnet, Inc.
     1,500  (b)     40,515  
Elster Group SE, ADR
     854  (b,c)     11,785  
Kyocera Corp.
     400  (c)     37,810  
Tripod Technology Corp.
     5,000  (c)     19,129  
Young Fast Optoelectronics Co., Ltd.
     3,500  (c)     39,890  
 
              
Total
             149,129  
 
              

 

 

                 
Issuer   Shares     Value(a)  
Internet Software & Services (7.3%)
                
Baidu, Inc., ADR
     400  (b,c)     41,048  
ChinaCache International Holdings Ltd., ADR
     200  (b,c)     2,780  
Google, Inc., Class A
     200  (b)     105,158  
IntraLinks Holdings, Inc.
     2,472  (b)     41,802  
Open Text Corp.
     2,500  (b,c)     117,599  
SciQuest, Inc.
     950  (b)     11,476  
Telecity Group PLC
     3,300  (b,c)     25,685  
VeriSign, Inc.
     1,100  (b)     34,914  
 
              
Total
             380,462  
 
              
 
                
IT Services (8.8%)
                
Alliance Data Systems Corp.
     200  (b)     13,052  
Amdocs Ltd.
     8,900  (b,c)     255,074  
Atos Origin SA
     600  (b,c)     27,124  
hiSoft Technology International Ltd., ADR
     3,500  (b,c)     86,065  
Rolta India Ltd.
     22,200  (c)     80,027  
 
              
Total
             461,342  
 
              
 
                
Leisure Equipment & Products (0.5%)
                
Nikon Corp.
     1,500  (c)     27,818  
 
                
Office Electronics (2.9%)
                
Canon, Inc.
     1,100  (c)     51,330  
Konica Minolta Holdings, Inc.
     2,000  (c)     19,504  
Xerox Corp.
     8,000       82,800  
 
              
Total
             153,634  
 
              
 
                
Semiconductors & Semiconductor Equipment (8.5%)
                
Amkor Technology, Inc.
     2,500  (b,d)     16,425  
Analog Devices, Inc.
     2,480       77,822  
ASML Holding NV
     800  (c)     23,784  
KLA-Tencor Corp.
     1,400       49,322  
Lam Research Corp.
     1,100  (b,d)     46,035  
Marvell Technology Group Ltd.
     2,600  (b,c)     45,526  
National Semiconductor Corp.
     3,741       47,773  
Novellus Systems, Inc.
     2,800  (b)     74,424  
ON Semiconductor Corp.
     1,900  (b,d)     13,699  
Samsung Electronics Co., Ltd.
     38  (c)     25,900  
Shinko Electric Industries Co., Ltd.
     2,200  (c,d)     24,327  
 
              
Total
             445,037  
 
              
 
                
Systems Software (17.8%)
                
3i Infotech Ltd.
     14,400  (c)     19,258  
BMC Software, Inc.
     4,600  (b)     186,208  
Check Point Software Technologies Ltd.
     7,247  (b,c,d)     267,632  
Microsoft Corp.
     7,600       186,124  
Oracle Corp.
     3,000       80,550  
Symantec Corp.
     12,800  (b)     194,176  
 
              
Total
             933,948  
 
              
 
                
Wireless Telecommunication Services (0.5%)
                
China Mobile Ltd.
     2,500  (c)     25,600  
 
              
Total Common Stocks
(Cost: $4,196,884)
           $ 4,678,428  
 
              

 

 

Rights (—%)
                 
Issuer   Shares     Value(a)  
Electronic Equipment, Instruments & Components
                
Young Fast Optoelectronics Co., Ltd.
     167  (b,c)   $ 364  
 
              
Total Rights
(Cost: $—)
           $ 364  
 
              
Money Market Fund (10.2%)
                 
    Shares     Value(a)  
Columbia Short-Term Cash Fund, 0.245%
     532,060  (e)   $ 532,060  
 
              
Total Money Market Fund
(Cost: $532,060)
           $ 532,060  
 
              
Investments of Cash Collateral Received for Securities on Loan (6.4%)
                         
    Effective     Principal        
Issuer   yield     amount     Value(a)  
Repurchase Agreements(f)
                        
BNP Paribas Securities Corp.
dated 09-30-10, matures 10-01-10,
repurchase price
$336,067
     0.280 %   $ 336,064     $ 336,064  
 
                      
Total Investments of Cash Collateral Received for Securities on Loan
                        
(Cost: $336,064)
                   $ 336,064  
 
                      
Total Investments in Securities
                        
(Cost: $5,065,008)(g)
                   $ 5,546,916  
 
                      
Summary of Investments in Securities by Country
The following table represents the portfolio investments of the Fund by country as a percentage of net assets at Sept. 30, 2010.
         
    Percentage of net  
Country   assets  
 
Bermuda
     0.9 %
Canada
     2.2  
China
     3.8  
France
     0.5  
Germany
     0.2  
Guernsey
     5.0  
Hong Kong
     1.1  
India
     1.9  
Israel
     6.6  
Japan
     4.4  
Netherlands
     2.0  
South Korea
     0.5  
Taiwan
     1.1  
United Kingdom
     3.1  
 
Total Foreign Securities*
     33.3 %
 
        
United States
     72.5 %
 
 
*   Amount shown does not include companies based in the U.S. that derive at least 50% of their revenue from business outside the U.S. or have at least 50% of their assets outside the U.S. If such companies were included, Total Foreign Securities would be greater than 40%.
The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

 

 

Notes to Portfolio of Investments
 
ADR — American Depositary Receipt
 
(a)   Securities are valued by using policies described in Note 2 to the financial statements in the most recent Semiannual Report dated June 30, 2010.
 
(b)   Non-income producing.
 
(c)   Foreign security values are stated in U.S. dollars. At Sept. 30, 2010, the value of foreign securities, excluding short-term securities, represented 33.26% of net assets.
 
(d)   At Sept. 30, 2010, security was partially or fully on loan.
 
(e)   Affiliated Money Market Fund – The Fund may invest its daily cash balance in Columbia Short-Term Cash Fund, a money market fund established for the exclusive use of funds and other institutional clients of Columbia Management. The rate shown is the seven-day current annualized yield at Sept. 30, 2010.
 
(f)   The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.
BNP Paribas Securities Corp. (0.280%)
         
Security description   Value (a)  
 
Fannie Mae Pool
   $ 215,974  
Freddie Mac Gold Pool
     35,342  
Freddie Mac Non Gold Pool
     36,296  
Ginnie Mae I Pool
     36,570  
Ginnie Mae II Pool
     18,604  
 
Total market value of collateral securities
   $ 342,786  
 
 
(g)   At Sept. 30, 2010, the cost of securities for federal income tax purposes was approximately $5,065,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
         
Unrealized appreciation
   $ 635,000  
Unrealized depreciation
     (153,000 )
 
Net unrealized appreciation
   $ 482,000  
 
Fair Value Measurements
Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
  •   Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (to include NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.
 
  •   Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
 
  •   Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment, as described in Note 2 to the financial statements — Valuation of securities in the most recent Semiannual Report dated June 30, 2010.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The following table is a summary of the inputs used to value the Fund’s investments as of Sept. 30, 2010:
                                 
    Fair value at Sept. 30, 2010  
    Level 1     Level 2              
    quoted prices     other     Level 3        
    in active     significant     significant        
    markets for     observable     unobservable        
Description(a)   identical assets(b)     inputs     inputs     Total  
 
Equity Securities
                                
Common Stocks
   $ 4,678,428     $ —     $ —     $ 4,678,428  
Rights
                                
Electronic Equipment, Instruments & Components
     —       364       —       364  
 
Total Equity Securities
     4,678,428       364       —       4,678,792  
 
 
                                
Other
                                
Affiliated Money Market Fund(c)
     532,060       —       —       532,060  
Investments of Cash Collateral Received for Securities on Loan
     —       336,064       —       336,064  
 
Total Other
     532,060       336,064       —       868,124  
 
 
                                
Total
   $ 5,210,488     $ 336,428     $ —     $ 5,546,916  
 
 
(a)   See the Portfolio of Investments for all investment classifications not indicated in the table.
 
(b)   Includes certain securities trading outside the U.S. whose values were adjusted at Dec. 31, 2009 as a result of significant market movements following the close of local trading, and were classified as Level 2. These values were not adjusted as of Sept. 30, 2010. Therefore, these investment securities were classified as Level 1 instead of Level 2 at Sept. 30, 2010. The amount of securities transferred out of Level 2 into Level 1 during the period was $380,557. Transfers between Levels 1 and 2 are determined based on the fair value at the beginning of the period for security positions held throughout the period.
 
(c)   Money market fund that is a sweep investment for cash balances in the Fund at Sept. 30, 2010.

 

 

Portfolio of Investments
Seligman Large-Cap Value Portfolio
Sept. 30, 2010 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in Securities
Common Stocks (99.3%)
                 
Issuer   Shares     Value(a)  
Aerospace & Defense (7.6%)
                
General Dynamics Corp.
     1,100     $ 69,091  
Honeywell International, Inc.
     1,500       65,910  
United Technologies Corp.
     800       56,984  
 
              
Total
             191,985  
 
              
 
                
Capital Markets (2.3%)
                
Morgan Stanley
     2,400       59,232  
 
                
Chemicals (5.7%)
                
EI du Pont de Nemours & Co.
     1,700       75,854  
Praxair, Inc.
     350       31,591  
The Sherwin-Williams Co.
     500       37,570  
 
              
Total
             145,015  
 
              
 
                
Commercial Banks (4.3%)
                
U.S. Bancorp
     5,000       108,100  
 
                
Communications Equipment (3.0%)
                
Juniper Networks, Inc.
     2,500  (b,c)     75,875  
 
                
Diversified Financial Services (9.2%)
                
Bank of America Corp.
     9,000       117,990  
JPMorgan Chase & Co.
     3,000       114,210  
 
              
Total
             232,200  
 
              
 
                
Food & Staples Retailing (4.7%)
                
Costco Wholesale Corp.
     600  (c)     38,694  
Wal-Mart Stores, Inc.
     1,500       80,280  
 
              
Total
             118,974  
 
              
 
                
Food Products (4.8%)
                
Tyson Foods, Inc., Class A
     7,500       120,150  
 
                
Health Care Equipment & Supplies (2.5%)
                
Baxter International, Inc.
     1,300       62,023  
 
                
Health Care Providers & Services (4.0%)
                
Humana, Inc.
     2,000  (b)     100,480  
 
                
Independent Power Producers & Energy Traders (4.9%)
                
The AES Corp.
     11,000  (b)     124,850  
 
                
Insurance (9.1%)
                
MetLife, Inc.
     1,500       57,675  
Prudential Financial, Inc.
     1,000       54,180  

 

 

                 
Issuer   Shares     Value(a)  
The Travelers Companies, Inc.
     1,000       52,100  
Unum Group
     3,000       66,450  
 
              
Total
             230,405  
 
              
 
                
Multiline Retail (4.7%)
                
JC Penney Co., Inc.
     2,200  (c)     59,796  
Nordstrom, Inc.
     1,600  (c)     59,520  
 
              
Total
             119,316  
 
              
 
                
Oil, Gas & Consumable Fuels (12.8%)
                
Chevron Corp.
     700       56,735  
ConocoPhillips
     1,200       68,916  
Marathon Oil Corp.
     2,000       66,200  
The Williams Companies, Inc.
     2,500       47,775  
Valero Energy Corp.
     5,000       87,550  
 
              
Total
             327,176  
 
              
 
                
Pharmaceuticals (3.8%)
                
Bristol-Myers Squibb Co.
     3,500       94,885  
 
                
Road & Rail (5.6%)
                
CSX Corp.
     1,500       82,980  
Union Pacific Corp.
     700       57,260  
 
              
Total
             140,240  
 
              
 
                
Specialty Retail (5.1%)
                
Lowe’s Companies, Inc.
     2,800       62,412  
The Gap, Inc.
     3,500       65,240  
 
              
Total
             127,652  
 
              
 
                
Tobacco (5.2%)
                
Altria Group, Inc.
     2,400       57,648  
Philip Morris International, Inc.
     1,300       72,826  
 
              
Total
             130,474  
 
              
Total Common Stocks
(Cost: $2,175,900)
           $ 2,509,032  
 
              
Money Market Fund (1.1%)
                 
    Shares     Value(a)  
Columbia Short-Term Cash Fund, 0.245%
     27,740  (d)   $ 27,740  
 
              
Total Money Market Fund
(Cost: $27,740)
           $ 27,740  
 
              
Investments of Cash Collateral Received for Securities on Loan (8.5%)
                         
    Effective     Principal        
Issuer   yield     amount     Value(a)  
Repurchase Agreements(e)
                        
BNP Paribas Securities Corp.
dated 09-30-10, matures 10-01-10,
repurchase price
$214,137
     0.280 %   $ 214,135     $ 214,135  
 
                      
Total Investments of Cash Collateral Received for Securities on Loan
                        
(Cost: $214,135)
                   $ 214,135  
 
                      
Total Investments in Securities
                        
(Cost: $2,417,775)(f)
                   $ 2,750,907  
 
                      
The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

 

 

Notes to Portfolio of Investments
(a)   Securities are valued by using policies described in Note 2 to the financial statements in the most recent Semiannual Report dated June 30, 2010.
 
(b)   Non-income producing.
 
(c)   At Sept. 30, 2010, security was partially or fully on loan.
 
(d)   Affiliated Money Market Fund — The Fund may invest its daily cash balance in Columbia Short-Term Cash Fund, a money market fund established for the exclusive use of funds and other institutional clients of Columbia Management. The rate shown is the seven-day current annualized yield at Sept. 30, 2010.
 
(e)   The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.
BNP Paribas Securities Corp. (0.280%)
         
Security description   Value (a)
 
Fannie Mae Pool
   $ 137,615  
Freddie Mac Gold Pool
     22,520  
Freddie Mac Non Gold Pool
     23,127  
Ginnie Mae I Pool
     23,302  
Ginnie Mae II Pool
     11,854  
 
Total market value of collateral securities
   $ 218,418  
 
(f)   At Sept. 30, 2010, the cost of securities for federal income tax purposes was approximately $2,418,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
         
Unrealized appreciation
   $ 486,000  
Unrealized depreciation
     (153,000 )
 
Net unrealized appreciation
   $ 333,000  
 

 

 

Fair Value Measurements
Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
  •   Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (to include NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.
 
  •   Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
 
  •   Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The following table is a summary of the inputs used to value the Fund’s investments as of Sept. 30, 2010:
                                 
    Fair value at Sept. 30, 2010
    Level 1   Level 2        
    quoted prices   other   Level 3    
    in active   significant   significant    
    markets for   observable   unobservable    
Description(a)   identical assets(b)   inputs   inputs   Total
 
Equity Securities
                                
Common Stocks
   $ 2,509,032     $ —     $ —     $ 2,509,032  
 
Total Equity Securities
     2,509,032       —       —       2,509,032  
 
 
                                
Other
                                
Affiliated Money Market Fund(c)
     27,740       —       —       27,740  
Investments of Cash Collateral Received for Securities on Loan
     —       214,135       —       214,135  
 
Total Other
     27,740       214,135       —       241,875  
 
 
                                
Total
   $ 2,536,772     $ 214,135     $ —     $ 2,750,907  
 
(a)   See the Portfolio of Investments for all investment classifications not indicated in the table.
 
(b)   There were no significant transfers between Levels 1 and 2 during the period.
 
(c)   Money market fund that is a sweep investment for cash balances in the Fund at Sept. 30, 2010.

 

 

Portfolio of Investments
Seligman Smaller-Cap Value Portfolio
Sept. 30, 2010 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in Securities
Common Stocks (99.4%)
                 
Issuer   Shares     Value(a)  
Aerospace & Defense (3.5%)
                
Cubic Corp.
     80,000  (d)   $ 3,264,000  
 
                
Airlines (7.3%)
                
Continental Airlines, Inc., Class B
     150,000  (b)     3,726,000  
Delta Air Lines, Inc.
     270,000  (b,d)     3,142,800  
 
              
Total
             6,868,800  
 
              
 
                
Auto Components (0.6%)
                
American Axle & Manufacturing Holdings, Inc.
     60,000  (b,d)     541,200  
 
                
Beverages (1.5%)
                
Central European Distribution Corp.
     65,000  (b)     1,450,800  
 
                
Chemicals (4.3%)
                
Cytec Industries, Inc.
     30,400       1,713,952  
Minerals Technologies, Inc.
     40,000       2,356,800  
 
              
Total
             4,070,752  
 
              
 
                
Commercial Services & Supplies (4.6%)
                
The Brink’s Co.
     50,000  (d)     1,150,000  
Waste Connections, Inc.
     80,000  (b)     3,172,800  
 
              
Total
             4,322,800  
 
              
 
                
Communications Equipment (4.4%)
                
F5 Networks, Inc.
     40,000  (b,d)     4,152,400  
 
                
Construction & Engineering (2.1%)
                
The Shaw Group, Inc.
     60,000  (b)     2,013,600  
 
                
Containers & Packaging (1.3%)
                
Owens-Illinois, Inc.
     45,000  (b)     1,262,700  
 
                
Diversified Consumer Services (2.9%)
                
Sotheby’s
     75,000  (d)     2,761,500  
 
                
Electrical Equipment (7.6%)
                
Belden, Inc.
     85,000  (d)     2,242,300  
EnerSys
     117,500  (b,d)     2,933,975  
Thomas & Betts Corp.
     46,500  (b)     1,907,430  
 
              
Total
             7,083,705  
 
              
 
                
Energy Equipment & Services (4.0%)
                
Exterran Holdings, Inc.
     70,000  (b,d)     1,589,700  
Tetra Technologies, Inc.
     210,000  (b)     2,142,000  
 
              
Total
             3,731,700  
 
              

 

 

                 
Issuer   Shares     Value(a)  
Food Products (1.8%)
                
Smithfield Foods, Inc.
     100,000  (b,d)     1,683,000  
 
                
Health Care Equipment & Supplies (0.8%)
                
Analogic Corp.
     17,400  (d)     780,912  
 
                
Health Care Providers & Services (2.9%)
                
WellCare Health Plans, Inc.
     95,000  (b,d)     2,751,200  
 
                
Hotels, Restaurants & Leisure (5.7%)
                
Penn National Gaming, Inc.
     90,000  (b)     2,664,900  
Texas Roadhouse, Inc.
     190,000  (b)     2,671,400  
 
              
Total
             5,336,300  
 
              
 
                
Insurance (18.0%)
                
Aspen Insurance Holdings Ltd.
     110,000  (c)     3,330,800  
Endurance Specialty Holdings Ltd.
     70,000  (c)     2,786,000  
Infinity Property & Casualty Corp.
     45,000  (d)     2,194,650  
Lincoln National Corp.
     110,000       2,631,200  
The Hanover Insurance Group, Inc.
     65,000       3,055,000  
WR Berkley Corp.
     105,000       2,842,350  
 
              
Total
             16,840,000  
 
              
 
                
IT Services (2.4%)
                
CACI International, Inc., Class A
     50,000  (b,d)     2,263,000  
 
                
Machinery (3.5%)
                
Douglas Dynamics, Inc.
     70,453       870,095  
Mueller Industries, Inc.
     85,000  (d)     2,251,650  
Navistar International Corp.
     3,000  (b,d)     130,920  
 
              
Total
             3,252,665  
 
              
 
                
Personal Products (3.7%)
                
Herbalife Ltd.
     58,000  (c)     3,500,300  
 
                
Professional Services (1.5%)
                
School Specialty, Inc.
     112,000  (b,d)     1,457,120  
 
                
Semiconductors & Semiconductor Equipment (6.6%)
                
Cypress Semiconductor Corp.
     200,000  (b,d)     2,516,000  
ON Semiconductor Corp.
     263,600  (b)     1,900,556  
Varian Semiconductor Equipment Associates, Inc.
     60,950  (b)     1,754,141  
 
              
Total
             6,170,697  
 
              
 
                
Software (7.4%)
                
Lawson Software, Inc.
     390,000  (b)     3,303,300  
Quest Software, Inc.
     150,000  (b,d)     3,688,500  
 
              
Total
             6,991,800  
 
              
 
                
Transportation Infrastructure (1.0%)
                
Aegean Marine Petroleum Network, Inc.
     55,000  (c)     915,200  
 
              
Total Common Stocks
(Cost: $76,790,119)
           $ 93,466,151  
 
              

 

 

Money Market Fund (0.1%)
                 
    Shares     Value(a)  
Columbia Short-Term Cash Fund, 0.245%
     126,932  (e)   $ 126,932  
 
              
Total Money Market Fund
(Cost: $126,932)
           $ 126,932  
 
              
Investments of Cash Collateral Received for Securities on Loan (14.8%)
                         
    Effective     Principal        
Issuer   yield     amount     Value(a)  
Repurchase Agreements(f)
                        
BNP Paribas Securities Corp.
dated 09-30-10, matures 10-01-10,
repurchase price
$4,915,335
     0.280 %   $ 4,915,297     $ 4,915,297  
Citigroup Global Markets, Inc.
dated 09-30-10, matures 10-01-10,
repurchase price
$7,000,041
     0.210       7,000,000       7,000,000  
Pershing LLC
dated 09-30-10, matures 10-01-10,
repurchase price
$2,000,028
     0.500       2,000,000       2,000,000  
 
                      
Total
                     13,915,297  
 
                      
Total Investments of Cash Collateral Received for Securities on Loan
                        
(Cost: $13,915,297)
                   $ 13,915,297  
 
                      
Total Investments in Securities
                        
(Cost: $90,832,348)(g)
                   $ 107,508,380  
 
                      
The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.
Notes to Portfolio of Investments
 
(a)   Securities are valued by using policies described in Note 2 to the financial statements in the most recent Semiannual Report dated June 30, 2010.
 
(b)   Non-income producing.
 
(c)   Foreign security values are stated in U.S. dollars. At Sept. 30, 2010, the value of foreign securities, excluding short-term securities, represented 11.20% of net assets.
 
(d)   At Sept. 30, 2010, security was partially or fully on loan.
 
(e)   Affiliated Money Market Fund – The Fund may invest its daily cash balance in Columbia Short-Term Cash Fund, a money market fund established for the exclusive use of funds and other institutional clients of Columbia Management. The rate shown is the seven-day current annualized yield at Sept. 30, 2010.

 

 

(f)   The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.
BNP Paribas Securities Corp. (0.280%)
         
Security description   Value (a)  
 
Fannie Mae Pool
   $ 3,158,842  
Freddie Mac Gold Pool
     516,916  
Freddie Mac Non Gold Pool
     530,862  
Ginnie Mae I Pool
     534,875  
Ginnie Mae II Pool
     272,108  
 
Total market value of collateral securities
   $ 5,013,603  
 
Citigroup Global Markets, Inc. (0.210%)
         
Security description   Value (a)  
 
Fannie Mae Benchmark REMIC
   $ 39,472  
Fannie Mae REMICS
     2,447,987  
Freddie Mac Reference REMIC
     78,871  
Freddie Mac REMICS
     3,486,324  
Government National Mortgage Association
     1,087,346  
 
Total market value of collateral securities
   $ 7,140,000  
 
Pershing LLC (0.500%)
         
Security description   Value (a)  
 
Fannie Mae Pool
   $ 821,787  
Fannie Mae REMICS
     77,841  
Fannie Mae Whole Loan
     2,161  
Federal National Mortgage Association
     115,037  
Freddie Mac Gold Pool
     235,110  
Freddie Mac Non Gold Pool
     44,601  
Freddie Mac REMICS
     193,361  
Ginnie Mae I Pool
     161,446  
Ginnie Mae II Pool
     83,354  
Government National Mortgage Association
     18,408  
United States Treasury Inflation Indexed Bonds
     29  
United States Treasury Note/Bond
     248,518  
United States Treasury Strip Coupon
     1,658  
United States Treasury Strip Principal
     36,689  
 
Total market value of collateral securities
   $ 2,040,000  
 
 
(g)   At Sept. 30, 2010, the cost of securities for federal income tax purposes was approximately $90,832,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
         
Unrealized appreciation
   $ 27,474,000  
Unrealized depreciation
     (10,798,000 )
 
Net unrealized appreciation
   $ 16,676,000  
 

 

 

Fair Value Measurements
Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
  •   Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (to include NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.
 
  •   Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
 
  •   Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment, as described in Note 2 to the financial statements – Valuation of securities in the most recent Semiannual Report dated June 30, 2010.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The following table is a summary of the inputs used to value the Fund’s investments as of Sept. 30, 2010:
                                 
    Fair value at Sept. 30, 2010  
    Level 1     Level 2              
    quoted prices     other     Level 3        
    in active     significant     significant        
    markets for     observable     unobservable        
Description(a)   identical assets(b)     inputs     Inputs     Total  
 
Equity Securities
                                
Common Stocks
   $ 93,466,151     $ —     $ —     $ 93,466,151  
 
Total Equity Securities
     93,466,151       —       —       93,466,151  
 
 
                                
Other
                                
Affiliated Money Market Fund(c)
     126,932       —       —       126,932  
Investments of Cash Collateral Received for Securities on Loan
     —       13,915,297       —       13,915,297  
 
Total Other
     126,932       13,915,297       —       14,042,229  
 
Total
   $ 93,593,083     $ 13,915,297     $ —     $ 107,508,380  
 
 
(a)   See the Portfolio of Investments for all investment classifications not indicated in the table.
 
(b)   There were no significant transfers between Levels 1 and 2 during the period.
 
(c)   Money market fund that is a sweep investment for cash balances in the Fund at Sept. 30, 2010.

 

 

Item 2. Control and Procedures.
(a) The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that material information required to be disclosed by the registrant in Form N-Q is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
(b) There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

 

 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Seligman Portfolios, Inc.
         
By /s/ J. Kevin Connaughton        
  J. Kevin Connaughton   
  President and Principal Executive Officer   
Date November 19, 2010
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
         
By /s/ J. Kevin Connaughton        
  J. Kevin Connaughton   
  President and Principal Executive Officer   
Date November 19, 2010
         
By /s/ Jeffrey P. Fox        
  Jeffrey P. Fox   
  Treasurer and Principal Financial Officer   
Date November 19, 2010