N-Q 1 c64426nvq.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: March 31, 2011
 
 
Item 1. Schedule of Investments

 

 

Portfolio of Investments
Seligman Capital Portfolio
March 31, 2011 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in Securities
Common Stocks (98.2%)
                 
Issuer   Shares     Value(a)  
Aerospace & Defense (1.3%)
                
BE Aerospace, Inc.
     1,810  (b)   $ 64,309  
Precision Castparts Corp.
     460       67,703  
 
              
Total
             132,012  
 
              
 
                
Air Freight & Logistics (1.2%)
                
Atlas Air Worldwide Holdings, Inc.
     970  (b,d)     67,628  
Expeditors International of Washington, Inc.
     970       48,636  
 
              
Total
             116,264  
 
              
 
                
Airlines (0.7%)
                
United Continental Holdings, Inc.
     3,000  (b,d)     68,970  
 
                
Auto Components (4.1%)
                
BorgWarner, Inc.
     920  (b)     73,315  
Cooper Tire & Rubber Co.
     2,480  (d)     63,860  
Gentex Corp.
     3,040  (d)     91,959  
Lear Corp.
     2,380       116,310  
The Goodyear Tire & Rubber Co.
     4,670  (b,d)     69,957  
 
              
Total
             415,401  
 
              
 
                
Automobiles (0.5%)
                
Harley-Davidson, Inc.
     1,190       50,563  
 
                
Biotechnology (2.2%)
                
Alexion Pharmaceuticals, Inc.
     800  (b,d)     78,944  
Dendreon Corp.
     2,020  (b)     75,609  
Human Genome Sciences, Inc.
     2,460  (b,d)     67,527  
 
              
Total
             222,080  
 
              
 
                
Capital Markets (2.4%)
                
Affiliated Managers Group, Inc.
     1,380  (b)     150,931  
T Rowe Price Group, Inc.
     1,410       93,652  
 
              
Total
             244,583  
 
              
 
                
Chemicals (3.8%)
                
Cabot Corp.
     1,650       76,379  
Celanese Corp., Series A
     1,730       76,760  
CF Industries Holdings, Inc.
     1,210       165,516  
Solutia, Inc.
     2,370  (b)     60,198  
 
              
Total
             378,853  
 
              
 
                
Commercial Services & Supplies (0.5%)
                
Stericycle, Inc.
     560  (b,d)     49,655  
 
                
Communications Equipment (3.4%)
                
Acme Packet, Inc.
     1,660  (b)     117,794  
Aruba Networks, Inc.
     1,580  (b)     53,467  
JDS Uniphase Corp.
     5,220  (b)     108,785  
Riverbed Technology, Inc.
     1,740  (b,d)     65,511  
 
              
Total
             345,557  
 
              

 

 

                 
Issuer   Shares     Value(a)  
Computers & Peripherals (1.7%)
                
NetApp, Inc.
     2,300  (b)     110,814  
Western Digital Corp.
     1,650  (b)     61,529  
 
              
Total
             172,343  
 
              
 
                
Consumer Finance (0.7%)
                
Discover Financial Services
     2,900       69,948  
 
                
Containers & Packaging (1.0%)
                
Crown Holdings, Inc.
     2,590  (b)     99,922  
 
                
Diversified Consumer Services (0.5%)
                
New Oriental Education & Technology Group, ADR
     520  (b,c)     52,036  
 
                
Diversified Financial Services (2.0%)
                
IntercontinentalExchange, Inc.
     460  (b)     56,828  
Moody’s Corp.
     2,890       98,001  
MSCI, Inc., Class A
     1,360  (b)     50,075  
 
              
Total
             204,904  
 
              
 
                
Electric Utilities (0.6%)
                
ITC Holdings Corp.
     830       58,017  
 
                
Electrical Equipment (2.3%)
                
AMETEK, Inc.
     2,050       89,933  
Regal-Beloit Corp.
     820  (d)     60,541  
Sensata Technologies Holding NV
     2,320  (b,c)     80,574  
 
              
Total
             231,048  
 
              
 
                
Energy Equipment & Services (3.8%)
                
Cameron International Corp.
     2,310  (b)     131,900  
McDermott International, Inc.
     3,250  (b)     82,518  
National Oilwell Varco, Inc.
     630       49,940  
Tidewater, Inc.
     1,150       68,828  
Weatherford International Ltd.
     2,210  (b,c,d)     49,946  
 
              
Total
             383,132  
 
              
 
                
Food & Staples Retailing (0.9%)
                
Whole Foods Market, Inc.
     1,310       86,329  
 
                
Food Products (2.1%)
                
Green Mountain Coffee Roasters, Inc.
     1,600  (b,d)     103,377  
HJ Heinz Co.
     870       42,473  
Mead Johnson Nutrition Co.
     1,080       62,564  
 
              
Total
             208,414  
 
              
 
                
Health Care Equipment & Supplies (1.1%)
                
Gen-Probe, Inc.
     640  (b)     42,464  
Intuitive Surgical, Inc.
     210  (b)     70,027  
 
              
Total
             112,491  
 
              
 
                
Health Care Providers & Services (4.7%)
                
AmerisourceBergen Corp.
     3,130       123,822  
Brookdale Senior Living, Inc.
     2,640  (b,d)     73,920  
CIGNA Corp.
     2,240       99,187  
Express Scripts, Inc.
     1,630  (b)     90,644  
Laboratory Corp. of America Holdings
     960  (b)     88,445  
 
              
Total
             476,018  
 
              

 

 

                 
Issuer   Shares     Value(a)  
Health Care Technology (0.9%)
                
Cerner Corp.
     810  (b,d)     90,072  
 
                
Hotels, Restaurants & Leisure (2.6%)
                
Ctrip.com International Ltd., ADR
     1,270  (b,c)     52,692  
Panera Bread Co., Class A
     460  (b,d)     58,419  
Royal Caribbean Cruises Ltd.
     1,050  (b,d)     43,323  
Starwood Hotels & Resorts Worldwide, Inc.
     880       51,146  
Wynn Resorts Ltd.
     450       57,263  
 
              
Total
             262,843  
 
              
 
                
Household Durables (2.1%)
                
Tempur-Pedic International, Inc.
     2,950  (b,d)     149,447  
Whirlpool Corp.
     700  (d)     59,752  
 
              
Total
             209,199  
 
              
 
                
Insurance (0.5%)
                
Marsh & McLennan Companies, Inc.
     1,600       47,696  
 
                
Internet & Catalog Retail (2.0%)
                
Netflix, Inc.
     176  (b)     41,770  
priceline.com, Inc.
     310  (b)     156,996  
 
              
Total
             198,766  
 
              
 
                
Internet Software & Services (1.2%)
                
LogMeln, Inc.
     1,500  (b,d)     63,240  
WebMD Health Corp.
     1,150  (b,d)     61,433  
 
              
Total
             124,673  
 
              
 
                
IT Services (4.0%)
                
Alliance Data Systems Corp.
     1,510  (b,d)     129,694  
Cognizant Technology Solutions Corp., Class A
     880  (b)     71,632  
Teradata Corp.
     1,440  (b)     73,008  
The Western Union Co.
     3,220       66,879  
VeriFone Systems, Inc.
     1,070  (b,d)     58,797  
 
              
Total
             400,010  
 
              
 
                
Life Sciences Tools & Services (3.0%)
                
Agilent Technologies, Inc.
     1,120  (b)     50,154  
ICON PLC, ADR
     3,100  (b,c,d)     66,929  
Illumina, Inc.
     1,110  (b,d)     77,778  
Life Technologies Corp.
     2,080  (b)     109,033  
 
              
Total
             303,894  
 
              
 
                
Machinery (4.1%)
                
AGCO Corp.
     1,040  (b)     57,169  
Cummins, Inc.
     1,420       155,660  
Joy Global, Inc.
     820       81,024  
Navistar International Corp.
     790  (b)     54,771  
Pall Corp.
     1,130       65,099  
 
              
Total
             413,723  
 
              
 
                
Media (2.6%)
                
CBS Corp., Class B Non Voting
     3,440       86,138  
Cinemark Holdings, Inc.
     3,770  (d)     72,950  
Discovery Communications, Inc., Class A
     1,470  (b)     58,653  
Lamar Advertising Co., Class A
     1,260  (b)     46,544  
 
              
Total
             264,285  
 
              
 
                
Metals & Mining (3.9%)
                
Agnico-Eagle Mines Ltd.
     1,500  (c)     99,525  
Cliffs Natural Resources, Inc.
     1,210       118,920  

 

 

                 
Issuer   Shares     Value(a)  
HudBay Minerals, Inc.
     3,440  (c)     56,026  
Steel Dynamics, Inc.
     3,030       56,873  
Walter Energy, Inc.
     480       65,006  
 
              
Total
             396,350  
 
              
 
                
Multiline Retail (0.7%)
                
Nordstrom, Inc.
     1,610       72,257  
 
                
Oil, Gas & Consumable Fuels (3.7%)
                
Concho Resources, Inc.
     1,150  (b)     123,396  
Consol Energy, Inc.
     1,010       54,166  
Continental Resources, Inc.
     1,060  (b,d)     75,758  
Denbury Resources, Inc.
     2,360  (b)     57,584  
Range Resources Corp.
     1,000  (d)     58,460  
 
              
Total
             369,364  
 
              
 
                
Personal Products (1.7%)
                
Herbalife Ltd.
     1,480  (c)     120,413  
The Estee Lauder Companies, Inc., Class A
     570       54,925  
 
              
Total
             175,338  
 
              
 
                
Pharmaceuticals (1.8%)
                
Hospira, Inc.
     1,390  (b)     76,728  
Watson Pharmaceuticals, Inc.
     1,830  (b)     102,498  
 
              
Total
             179,226  
 
              
 
                
Professional Services (0.5%)
                
IHS, Inc., Class A
     570  (b)     50,588  
 
                
Real Estate Management & Development (0.5%)
                
Jones Lang LaSalle, Inc.
     550       54,857  
 
                
Road & Rail (1.4%)
                
Hertz Global Holdings, Inc.
     3,240  (b)     50,641  
Kansas City Southern
     1,680  (b)     91,476  
 
              
Total
             142,117  
 
              
 
                
Semiconductors & Semiconductor Equipment (2.4%)
                
Altera Corp.
     2,360       103,887  
ARM Holdings PLC, ADR
     3,250  (c)     91,553  
NVIDIA Corp.
     2,690  (b)     49,657  
 
              
Total
             245,097  
 
              
 
                
Software (9.9%)
                
Autodesk, Inc.
     2,080  (b)     91,749  
Citrix Systems, Inc.
     1,430  (b)     105,048  
Concur Technologies, Inc.
     1,500  (b,d)     83,175  
Electronic Arts, Inc.
     6,460  (b,d)     126,163  
Fortinet, Inc.
     1,140  (b)     50,160  
Intuit, Inc.
     1,570  (b)     83,367  
Red Hat, Inc.
     2,740  (b)     124,368  
Rovi Corp.
     1,782  (b,d)     95,604  
Salesforce.com, Inc.
     690  (b)     92,170  
Solera Holdings, Inc.
     900       45,990  
TIBCO Software, Inc.
     3,170  (b,d)     86,383  
 
              
Total
             984,177  
 
              
 
                
Specialty Retail (2.0%)
                
Dick’s Sporting Goods, Inc.
     1,660  (b)     66,367  
Tiffany & Co.
     1,170       71,885  
TJX Companies, Inc.
     1,300       64,649  
 
              
Total
             202,901  
 
              

 

 

                 
Issuer   Shares     Value(a)  
Textiles, Apparel & Luxury Goods (3.3%)
                
Coach, Inc.
     970       50,479  
Deckers Outdoor Corp.
     660  (b,d)     56,859  
Fossil, Inc.
     680  (b)     63,682  
Lululemon Athletica, Inc.
     1,010  (b,c,d)     89,940  
The Warnaco Group, Inc.
     1,240  (b)     70,916  
 
              
Total
             331,876  
 
              
 
                
Thrifts & Mortgage Finance (0.6%)
                
BankUnited, Inc.
     1,961       56,300  
 
                
Trading Companies & Distributors (0.6%)
                
Fastenal Co.
     940  (d)     60,940  
 
                
Wireless Telecommunication Services (0.7%)
                
MetroPCS Communications, Inc.
     4,040  (b)     65,610  
 
              
Total Common Stocks
(Cost: $7,788,475)
           $ 9,880,699  
 
              
Money Market Fund (0.1%)
                 
    Shares     Value(a)  
Columbia Short-Term Cash Fund, 0.229%
     12,640  (e)   $ 12,640  
 
              
Total Money Market Fund
(Cost: $12,640)
           $ 12,640  
 
              
Investments of Cash Collateral Received for Securities on Loan (20.9%)
                         
    Effective     Principal        
Issuer   yield     amount     Value(a)  
Repurchase Agreements(f)
                        
Goldman Sachs & Co.
dated 03-31-11, matures 04-01-11,
repurchase price $2,103,088
     0.160 %   $ 2,103,079     $ 2,103,079  
 
                      
Total Investments of Cash Collateral Received for Securities on Loan        
(Cost: $2,103,079)
                   $ 2,103,079  
 
                      
Total Investments in Securities
                        
(Cost: $9,904,194)(g)
                   $ 11,996,418  
 
                      
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 Annual Report dated Dec. 31, 2010.
 
(b)   Non-income producing.
 
(c)   Foreign security values are stated in U.S. dollars. At March 31, 2011, the value of foreign securities, excluding short-term securities, represented 7.55% of net assets.

 

 

(d)   At March 31, 2011, 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 March 31, 2011.
 
(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.
Goldman Sachs & Co. (0.160%)
         
Security Description   Value (a)
 
 
        
Government National Mortgage Association
   $ 2,145,140  
 
Total Market Value of Collateral Securities
   $ 2,145,140  
 
(g)   At March 31, 2011, the cost of securities for federal income tax purposes was approximately $9,904,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
         
Unrealized appreciation
   $ 2,111,000  
Unrealized depreciation
     (19,000 )
 
Net unrealized appreciation
   $ 2,092,000  
 
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 (including 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.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Valuation of securities in the most recent Annual Report dated Dec. 31, 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 March 31, 2011:
                                 
    Fair value at March 31, 2011
    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
   $ 9,880,699     $ —     $ —     $ 9,880,699  
 
Total Equity Securities
     9,880,699       —       —       9,880,699  
 
 
                                
Other
                                
Affiliated Money Market Fund(c)
     12,640       —       —       12,640  
Investments of Cash Collateral Received for Securities on Loan
     —       2,103,079       —       2,103,079  
 
Total Other
     12,640       2,103,079       —       2,115,719  
 
Total
   $ 9,893,339     $ 2,103,079     $ —     $ 11,996,418  
 
(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 March 31, 2011.

 

 

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
  May 20, 2011    
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
  May 20, 2011    
 
        
By
  /s/ Michael G. Clarke
 
Michael G. Clarke 		   
 
  Treasurer and Principal Financial Officer    
 
        
Date
  May 20, 2011