N-Q 1 d77073_n-q.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-5221

Seligman Portfolios, Inc.
(Exact name of Registrant as specified in charter)

50606 Ameriprise Financial Center
Minneapolis, MN 55474
(Address of principal executive offices) (Zip code)

Lawrence P. Vogel
100 Park Avenue
New York, New York 10017
(Name and address of agent for service)

 

 

 

Registrant’s telephone number, including area code:

(212) 850-1864

 

 

Date of fiscal year end:

12/31

 

 

 

 

Date of reporting period:

3/31/09

 


FORM N-Q

 

 

ITEM 1.

SCHEDULE OF INVESTMENTS.

Seligman Portfolios, Inc.
Schedules of Investments (unaudited)
March 31, 2009

Seligman Capital Portfolio

 

 

 

 

 

 

 

 

 

 

Shares

 

Value

 

 

 

  

 

  

 

Common Stocks 94.5%

 

 

 

 

 

 

 

Aerospace and Defense 1.2%

 

 

 

 

 

 

 

Precision Castparts

 

 

1,100

 

$

65,890

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Airlines 1.1%

 

 

 

 

 

 

 

Delta Air Lines*

 

 

11,400

 

 

64,182

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Biotechnology 1.8%

 

 

 

 

 

 

 

Alexion Pharmaceuticals*

 

 

700

 

 

26,362

 

Biogen Idec*

 

 

400

 

 

20,968

 

Vertex Pharmaceuticals*

 

 

1,900

 

 

54,587

 

 

 

 

 

 

    

 

 

 

 

 

 

 

101,917

 

 

 

 

 

 

    

 

Capital Markets 0.9%

 

 

 

 

 

 

 

BlackRock

 

 

400

 

 

52,016

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Chemicals 2.0%

 

 

 

 

 

 

 

Celanese (Series A)

 

 

1,300

 

 

17,381

 

Ecolab

 

 

800

 

 

27,784

 

Potash Corp. of Saskatchewan

 

 

800

 

 

64,648

 

 

 

 

 

 

    

 

 

 

 

 

 

 

109,813

 

 

 

 

 

 

    

 

Communications Equipment 3.3%

 

 

 

 

 

 

 

F5 Networks*

 

 

5,500

 

 

115,225

 

InterDigital*

 

 

2,580

 

 

66,616

 

 

 

 

 

 

    

 

 

 

 

 

 

 

181,841

 

 

 

 

 

 

    

 

Construction and Engineering 2.3%

 

 

 

 

 

 

 

Fluor

 

 

800

 

 

27,640

 

Foster Wheeler*

 

 

3,700

 

 

64,639

 

Quanta Services*

 

 

1,800

 

 

38,610

 

 

 

 

 

 

    

 

 

 

 

 

 

 

130,889

 

 

 

 

 

 

    

 

Diversified Consumer Services 5.9%

 

 

 

 

 

 

 

Apollo Group (Class A)*

 

 

1,600

 

 

125,328

 

Corinthian Colleges*

 

 

4,700

 

 

91,415

 

DeVry

 

 

1,700

 

 

81,906

 

H&R Block

 

 

1,600

 

 

29,104

 

 

 

 

 

 

    

 

 

 

 

 

 

 

327,753

 

 

 

 

 

 

    

 

Diversified Financial Services 1.0%

 

 

 

 

 

 

 

Interactive Brokers Group*

 

 

3,300

 

 

53,229

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Diversified Telecommunication Services 1.3%

 

 

 

 

 

 

 

Qwest Communications International

 

 

21,600

 

 

73,872

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Electric Utilities 1.9%

 

 

 

 

 

 

 

ITC Holdings

 

 

2,400

 

 

104,688

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Electrical Equipment 1.1%

 

 

 

 

 

 

 

General Cable*

 

 

3,200

 

 

63,424

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Electronic Equipment, Instruments and Components 2.4%

 

 

 

 

 

 

 

FLIR Systems*

 

 

6,400

 

 

131,072

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Energy Equipment and Services 4.2%

 

 

 

 

 

 

 

Cameron International*

 

 

2,600

 

 

57,018

 

Diamond Offshore Drilling

 

 

600

 

 

37,716

 

Noble

 

 

5,800

 

 

139,722

 

 

 

 

 

 

    

 

 

 

 

 

 

 

234,456

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Food Products 0.5%

 

 

 

 

 

 

 

Archer Daniels Midland

 

 

1,100

 

 

30,558

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Health Care Equipment and Supplies 4.1%

 

 

 

 

 

 

 

Alcon

 

 

700

 

 

63,637

 

Hologic*

 

 

2,700

 

 

35,343

 

Intuitive Surgical*

 

 

300

 

 

28,608

 

Nuvasive*

 

 

800

 

 

25,104

 

St. Jude Medical*

 

 

1,000

 

 

36,330

 

Varian Medical Systems*

 

 

1,300

 

 

39,572

 

 

 

 

 

 

    

 

 

 

 

 

 

 

228,594

 

 

 

 

 

 

    

 

Health Care Providers and Services 1.7%

 

 

 

 

 

 

 

Express Scripts*

 

 

1,600

 

 

73,872

 

WellPoint*

 

 

500

 

 

18,985

 

 

 

 

 

 

    

 

 

 

 

 

 

 

92,857

 

 

 

 

 

 

    

 

Hotels, Restaurants and Leisure 3.4%

 

 

 

 

 

 

 

Bally Technologies*

 

 

6,600

 

 

121,572

 

Royal Caribbean Cruises

 

 

8,600

 

 

68,886

 

 

 

 

 

 

    

 

 

 

 

 

 

 

190,458

 

 

 

 

 

 

    

 

Household Durables 1.5%

 

 

 

 

 

 

 

Lennar (Class A)

 

 

3,800

 

 

28,538

 

NVR*

 

 

130

 

 

55,608

 

 

 

 

 

 

    

 

 

 

 

 

 

 

84,146

 

 

 

 

 

 

    

 

Insurance 3.8%

 

 

 

 

 

 

 

ACE

 

 

800

 

 

32,320

 

AFLAC

 

 

5,200

 

 

100,672

 

Axis Capital Holdings

 

 

2,500

 

 

56,350

 

Prudential Financial

 

 

1,100

 

 

20,922

 

 

 

 

 

 

    

 

 

 

 

 

 

 

210,264

 

 

 

 

 

 

    

 

Internet Software and Services 6.3%

 

 

 

 

 

 

 

Equinix*

 

 

1,300

 

 

72,995

 

McAfee*

 

 

3,500

 

 

117,250

 

SAVVIS

 

 

25,786

 

 

159,615

 

 

 

 

 

 

    

 

 

 

 

 

 

 

349,860

 

 

 

 

 

 

    

 

IT Services 2.4%

 

 

 

 

 

 

 

Cognizant Technology Solutions (Class A)*

 

 

3,200

 

 

66,528

 

Mastercard (Class A)

 

 

400

 

 

66,992

 

 

 

 

 

 

    

 

 

 

 

 

 

 

133,520

 

 

 

 

 

 

    

 

Life Sciences Tools and Services 1.3%

 

 

 

 

 

 

 

Illumina*

 

 

500

 

 

18,620

 

Life Technologies*

 

 

1,700

 

 

55,216

 

 

 

 

 

 

    

 

 

 

 

 

 

 

73,836

 

 

 

 

 

 

    

 

Machinery 2.1%

 

 

 

 

 

 

 

ITT

 

 

1,950

 

 

75,016

 

Joy Global

 

 

1,950

 

 

41,535

 

 

 

 

 

 

    

 

 

 

 

 

 

 

116,551

 

 

 

 

 

 

    

 

Metals and Mining 2.7%

 

 

 

 

 

 

 

Agnico-Eagle Mines

 

 

2,000

 

 

113,840

 

US Steel

 

 

1,800

 

 

38,034

 

 

 

 

 

 

    

 

 

 

 

 

 

 

151,874

 

 

 

 

 

 

    

 

Multi-Utilities 0.5%

 

 

 

 

 

 

 

Public Service Enterprise Group

 

 

900

 

 

26,523

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Multiline Retail 2.1%

 

 

 

 

 

 

 

Dollar Tree*

 

 

2,600

 

 

115,830

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Oil, Gas and Consumable Fuels 2.4%

 

 

 

 

 

 

 

Noble Energy

 

 

1,800

 

 

96,984

 

Southwestern Energy*

 

 

1,300

 

 

38,597

 

 

 

 

 

 

    

 

 

 

 

 

 

 

135,581

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Personal Products 1.9%

 

 

 

 

 

 

 

Mead Johnson Nutrition (Class A)

 

 

3,600

 

 

103,932

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Pharmaceuticals 3.9%

 

 

 

 

 

 

 

Allergan

 

 

1,500

 

 

71,640

 

Mylan*

 

 

8,800

 

 

118,008

 

Sepracor*

 

 

2,000

 

 

29,320

 

 

 

 

 

 

    

 

 

 

 

 

 

 

218,968

 

 

 

 

 

 

    

 

Professional Services 2.0%

 

 

 

 

 

 

 

FTI Consulting*

 

 

2,200

 

 

108,856

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Road and Rail 1.5%

 

 

 

 

 

 

 

CSX

 

 

2,300

 

 

59,455

 

J.B. Hunt Transport Services

 

 

1,000

 

 

24,110

 

 

 

 

 

 

    

 

 

 

 

 

 

 

83,565

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Semiconductors and Semiconductor Equipment 8.2%

 

 

 

 

 

 

 

Intersil (Class A)*

 

 

7,600

 

 

87,400

 

Marvell Technology Group*

 

 

22,200

 

 

203,352

 

Microsemi*

 

 

14,300

 

 

165,880

 

 

 

 

 

 

    

 

 

 

 

 

 

 

456,632

 

 

 

 

 

 

    

 

Software 6.4%

 

 

 

 

 

 

 

BMC Software*

 

 

2,550

 

 

84,150

 

Macrovision Solutions*

 

 

15,202

 

 

270,444

 

 

 

 

 

 

    

 

 

 

 

 

 

 

354,594

 

 

 

 

 

 

    

 

Specialty Retail 3.8%

 

 

 

 

 

 

 

Sherwin-Williams

 

 

1,800

 

 

93,546

 

Urban Outfitters*

 

 

7,220

 

 

118,191

 

 

 

 

 

 

    

 

 

 

 

 

 

 

211,737

 

 

 

 

 

 

    

 

Transportation Infrastructure 0.6%

 

 

 

 

 

 

 

Aegean Marine Petroleum Network

 

 

2,100

 

 

35,175

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Wireless Telecommunication Services 1.0%

 

 

 

 

 

 

 

NII Holdings*

 

 

1,900

 

 

28,500

 

SBA Communications

 

 

1,100

 

 

25,630

 

 

 

 

 

 

    

 

 

 

 

 

 

 

54,130

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Total Common Stocks

 

 

 

 

 

5,263,083

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Preferred Stocks 0.1%

 

 

 

 

 

 

 

Consumer Finance 0.1%

 

 

 

 

 

 

 

Capital One Financial 7.5%

 

 

300

 

 

4,440

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Money Market Fund 5.5%

 

 

 

 

 

 

 

SSgA U.S. Treasury Money Market Fund

 

 

306,737

 

 

306,737

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Total Investments 100.1%

 

 

 

 

 

5,574,260

 

 

 

 

 

 

 

 

 

Other Assets Less Liabilities (0.1)%

 

 

 

 

 

(4,091

)

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Net Assets 100.0%

 

 

 

 

$

5,570,169

 

 

 

 

 

 

    

 


Seligman Cash Management Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

Annualized
Yield on
Purchase
Date

 

Prinicpal
Amount or
Shares

 

Value

 

 

 

    

 

    

 

    

 

US Government and Government Agency Securities 99.9%

 

 

 

 

 

 

 

 

 

 

US Government Securities 12.5%

 

 

 

 

 

 

 

 

 

 

US Treasury Notes:

 

 

 

 

 

 

 

 

 

 

4.5%, 4/30/2009

 

 

2.03

%

$

500,000

 

$

500,972

 

4.5%, 4/30/2009

 

 

2.30

 

 

250,000

 

 

250,484

 

4.5%, 4/30/2009

 

 

2.13

 

 

250,000

 

 

250,448

 

 

 

 

 

 

 

 

 

    

 

Total US Government Securities

 

 

 

 

 

 

 

 

1,001,904

 

 

 

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

 

 

 

Government Agency Securitiesø 87.4%

 

 

 

 

 

 

 

 

 

 

Fannie Mae 0.08%, 4/27/2009

 

 

0.08

 

 

2,000,000

 

 

1,999,885

 

Federal Farm Credit Bank 0.16%, 4/9/2009

 

 

0.16

 

 

1,500,000

 

 

1,499,947

 

Federal Home Loan Bank 0.01%, 4/1/2009

 

 

0.01

 

 

1,600,000

 

 

1,600,000

 

Freddie Mac 0.20%, 4/6/2009

 

 

0.20

 

 

1,900,000

 

 

1,899,947

 

 

 

 

 

 

 

 

 

    

 

Total Government Agency Securities

 

 

 

 

 

 

 

 

6,999,779

 

 

 

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

Total US Government and Government Agency Securities

 

 

 

 

 

 

 

 

8,001,683

 

 

 

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Fund 0.9%

 

 

 

 

 

 

 

 

 

 

SSgA U.S. Treasury Money Market Fund

 

 

 

 

 

74,340

shs.

 

74,340

 

 

 

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments 100.8%

 

 

 

 

 

 

 

 

8,076,023

 

 

 

 

 

 

 

 

 

 

 

 

Other Assets Less Liabilities (0.8)%

 

 

 

 

 

 

 

 

(65,319

)

 

 

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets 100.0%

 

 

 

 

 

 

 

$

8,010,704

 

 

 

 

 

 

 

 

 

    

 


Seligman Common Stock Portfolio

 

 

 

 

 

 

 

 

 

 

Shares or Principal Amount

 

Value

 

 

 

  

 

  

 

Common Stocks 98.9%

 

 

 

 

 

 

 

Aerospace and Defense 1.8%

 

 

 

 

 

 

 

General Dynamics

 

 

322

  shs.

$

13,392

 

United Technologies

 

 

598

 

 

25,702

 

 

 

 

 

 

    

 

 

 

 

 

 

 

39,094

 

 

 

 

 

 

    

 

Air Freight and Logistics 0.2%

 

 

 

 

 

 

 

C.H. Robinson Worldwide

 

 

70

 

 

3,193

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Beverages 5.1%

 

 

 

 

 

 

 

Coca-Cola

 

 

1,224

 

 

53,795

 

PepsiCo

 

 

1,111

 

 

57,194

 

 

 

 

 

 

    

 

 

 

 

 

 

 

110,989

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Biotechnology 3.8%

 

 

 

 

 

 

 

Amgen*

 

 

963

 

 

47,688

 

Celgene*

 

 

113

 

 

5,017

 

Cephalon*

 

 

78

 

 

5,312

 

Gilead Sciences*

 

 

541

 

 

25,059

 

 

 

 

 

 

    

 

 

 

 

 

 

 

83,076

 

 

 

 

 

 

    

 

Capital Markets 2.6%

 

 

 

 

 

 

 

Charles Schwab

 

 

518

 

 

8,029

 

Goldman Sachs Group

 

 

184

 

 

19,508

 

Morgan Stanley

 

 

1,259

 

 

28,667

 

 

 

 

 

 

    

 

 

 

 

 

 

 

56,204

 

 

 

 

 

 

    

 

Chemicals 1.2%

 

 

 

 

 

 

 

Dow Chemical

 

 

3,061

 

 

25,804

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Commercial Banks 1.6%

 

 

 

 

 

 

 

BB&T

 

 

312

 

 

5,279

 

Fifth Third Bancorp

 

 

745

 

 

2,175

 

KeyCorp

 

 

638

 

 

5,021

 

PNC Financial Services Group

 

 

312

 

 

9,138

 

SunTrust Banks

 

 

315

 

 

3,698

 

Wells Fargo

 

 

639

 

 

9,099

 

 

 

 

 

 

    

 

 

 

 

 

 

 

34,410

 

 

 

 

 

 

    

 

Commercial Services and Supplies 0.5%

 

 

 

 

 

 

 

Republic Services

 

 

291

 

 

4,991

 

Waste Management

 

 

217

 

 

5,555

 

 

 

 

 

 

    

 

 

 

 

 

 

 

10,546

 

 

 

 

 

 

    

 

Communications Equipment 4.6%

 

 

 

 

 

 

 

Cisco Systems*

 

 

3,471

 

 

58,209

 

Corning

 

 

1,101

 

 

14,610

 

QUALCOMM

 

 

713

 

 

27,743

 

 

 

 

 

 

    

 

 

 

 

 

 

 

100,562

 

 

 

 

 

 

    

 

Computers and Peripherals 5.0%

 

 

 

 

 

 

 

Dell*

 

 

1,095

 

 

10,381

 

International Business Machines

 

 

977

 

 

94,662

 

Lexmark International (Class A)*

 

 

281

 

 

4,740

 

 

 

 

 

 

    

 

 

 

 

 

 

 

109,783

 

 

 

 

 

 

    

 

Consumer Finance 0.2%

 

 

 

 

 

 

 

Capital One Financial

 

 

366

 

 

4,480

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Diversified Consumer Services 0.4%

 

 

 

 

 

 

 

H&R Block

 

 

524

 

 

9,532

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Diversified Financial Services 3.3%

 

 

 

 

 

 

 

Bank of America

 

 

4,577

 

 

31,215

 

Citigroup

 

 

8,312

 

 

21,029

 

JPMorgan Chase

 

 

726

 

 

19,297

 

 

 

 

 

 

    

 

 

 

 

 

 

 

71,541

 

 

 

 

 

 

    

 

Diversified Telecommunication Services 0.2%

 

 

 

 

 

 

 

Embarq

 

 

96

 

 

3,634

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Electrical Equipment 0.3%

 

 

 

 

 

 

 

Emerson Electric

 

 

204

 

 

5,830

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Energy Equipment and Services 2.0%

 

 

 

 

 

 

 

Baker Hughes

 

 

211

 

 

6,024

 

Ensco International

 

 

245

 

 

6,468

 

Halliburton

 

 

566

 

 

8,756

 

National Oilwell Varco*

 

 

266

 

 

7,637

 

Noble

 

 

259

 

 

6,239

 

Weatherford International

 

 

803

 

 

8,889

 

 

 

 

 

 

    

 

 

 

 

 

 

 

44,013

 

 

 

 

 

 

    

 

Food and Staples Retailing 5.5%

 

 

 

 

 

 

 

Wal-Mart Stores

 

 

2,144

 

 

111,702

 

Walgreen

 

 

264

 

 

6,853

 

 

 

 

 

 

    

 

 

 

 

 

 

 

118,555

 

 

 

 

 

 

    

 

Food Products 1.5%

 

 

 

 

 

 

 

General Mills

 

 

604

 

 

30,128

 

Sara Lee

 

 

433

 

 

3,499

 

 

 

 

 

 

    

 

 

 

 

 

 

 

33,627

 

 

 

 

 

 

    

 

Health Care Equipment and Supplies 0.5%

 

 

 

 

 

 

 

Covidien

 

 

344

 

 

11,435

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Health Care Providers and Services 0.5%

 

 

 

 

 

 

 

Cardinal Health

 

 

108

 

 

3,400

 

CIGNA

 

 

444

 

 

7,810

 

 

 

 

 

 

    

 

 

 

 

 

 

 

11,210

 

 

 

 

 

 

    

 

Hotels, Restaurants and Leisure 2.5%

 

 

 

 

 

 

 

McDonald’s

 

 

1,013

 

 

55,279

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Household Products 4.6%

 

 

 

 

 

 

 

Kimberly-Clark

 

 

96

 

 

4,427

 

Procter & Gamble

 

 

2,052

 

 

96,629

 

 

 

 

 

 

    

 

 

 

 

 

 

 

101,056

 

 

 

 

 

 

    

 

Industrial Conglomerates 1.3%

 

 

 

 

 

 

 

3M

 

 

189

 

 

9,397

 

Tyco International

 

 

916

 

 

17,917

 

 

 

 

 

 

    

 

 

 

 

 

 

 

27,314

 

 

 

 

 

 

    

 

Insurance 6.0%

 

 

 

 

 

 

 

AFLAC

 

 

281

 

 

5,440

 

Allstate

 

 

1,474

 

 

28,227

 

AON

 

 

245

 

 

10,001

 

Chubb

 

 

194

 

 

8,210

 

Marsh & McLennan

 

 

608

 

 

12,312

 

MetLife

 

 

552

 

 

12,569

 

Progressive

 

 

1,417

 

 

19,044

 

Prudential Financial

 

 

317

 

 

6,029

 

Travelers

 

 

703

 

 

28,570

 

 

 

 

 

 

    

 

 

 

 

 

 

 

130,402

 

 

 

 

 

 

    

 

Internet Software and Services 0.4%

 

 

 

 

 

 

 

Symantec*

 

 

605

 

 

9,039

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

IT Services 1.0%

 

 

 

 

 

 

 

Affiliated Computer Services (Class A)*

 

 

87

 

 

4,166

 

Automatic Data Processing

 

 

349

 

 

12,271

 

Mastercard (Class A)

 

 

32

 

 

5,359

 

 

 

 

 

 

    

 

 

 

 

 

 

 

21,796

 

 

 

 

 

 

    

 

Machinery 0.4%

 

 

 

 

 

 

 

Illinois Tool Works

 

 

274

 

 

8,453

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Media 1.4%

 

 

 

 

 

 

 

CBS (Class B)

 

 

585

 

 

2,246

 

Comcast (Class A)*

 

 

1,913

 

 

26,093

 

Gannett

 

 

1,000

 

 

2,200

 

 

 

 

 

 

    

 

 

 

 

 

 

 

30,539

 

 

 

 

 

 

    

 

Metals and Mining 1.1%

 

 

 

 

 

 

 

Freeport-McMoRan Copper & Gold

 

 

226

 

 

8,613

 

Nucor

 

 

380

 

 

14,505

 

 

 

 

 

 

    

 

 

 

 

 

 

 

23,118

 

 

 

 

 

 

    

 

Multi-Utilities 0.4%

 

 

 

 

 

 

 

PG&E

 

 

248

 

 

9,479

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Multiline Retail 0.4%

 

 

 

 

 

 

 

Family Dollar Stores

 

 

232

 

 

7,742

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Oil, Gas and Consumable Fuels 13.8%

 

 

 

 

 

 

 

Apache

 

 

199

 

 

12,754

 

Chesapeake Energy

 

 

226

 

 

3,856

 

Chevron

 

 

1,963

 

 

131,992

 

ConocoPhillips

 

 

894

 

 

35,009

 

Exxon Mobil

 

 

304

 

 

20,702

 

Hess

 

 

315

 

 

17,073

 

Marathon Oil

 

 

754

 

 

19,823

 

Murphy Oil

 

 

159

 

 

7,118

 

Noble Energy

 

 

107

 

 

5,765

 

Occidental Petroleum

 

 

601

 

 

33,446

 

Southwestern Energy

 

 

77

 

 

2,286

 

Spectra Energy

 

 

387

 

 

5,472

 

Valero Energy

 

 

309

 

 

5,531

 

 

 

 

 

 

    

 

 

 

 

 

 

 

300,827

 

 

 

 

 

 

    

 

Pharmaceuticals 14.0%

 

 

 

 

 

 

 

Forest Laboratories*

 

 

537

 

 

11,793

 

Johnson & Johnson

 

 

2,040

 

 

107,304

 

King Pharmaceuticals*

 

 

818

 

 

5,783

 

Eli Lilly

 

 

349

 

 

11,660

 

Merck

 

 

832

 

 

22,256

 

Pfizer

 

 

7,483

 

 

101,918

 

Schering-Plough

 

 

1,224

 

 

28,825

 

Wyeth

 

 

331

 

 

14,246

 

 

 

 

 

 

    

 

 

 

 

 

 

 

303,785

 

 

 

 

 

 

    

 

Real Estate Investment Trusts 0.1%

 

 

 

 

 

 

 

Equity Residential

 

 

156

 

 

2,863

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Road and Rail 2.6%

 

 

 

 

 

 

 

Burlington Northern Santa Fe

 

 

182

 

 

10,947

 

CSX

 

 

356

 

 

9,203

 

Norfolk Southern

 

 

502

 

 

16,942

 

Union Pacific

 

 

457

 

 

18,787

 

 

 

 

 

 

    

 

 

 

 

 

 

 

55,879

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Semiconductors and Semiconductor Equipment 0.6%

 

 

 

 

 

 

 

Altera*

 

 

312

 

 

5,476

 

MEMC Electronic Materials*

 

 

203

 

 

3,347

 

Xilinx

 

 

247

 

 

4,733

 

 

 

 

 

 

    

 

 

 

 

 

 

 

13,556

 

 

 

 

 

 

    

 

Specialty Retail 6.6%

 

 

 

 

 

 

 

Bed Bath & Beyond*

 

 

242

 

 

5,989

 

Best Buy

 

 

209

 

 

7,934

 

The Gap

 

 

624

 

 

8,106

 

Home Depot

 

 

4,026

 

 

94,853

 

Lowe’s

 

 

1,038

 

 

18,944

 

Sherwin-Williams

 

 

147

 

 

7,640

 

 

 

 

 

 

    

 

 

 

 

 

 

 

143,466

 

 

 

 

 

 

    

 

Textiles, Apparel and Luxury Goods 0.4%

 

 

 

 

 

 

 

Coach*

 

 

497

 

 

8,300

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Wireless Telecommunication Services 0.5%

 

 

 

 

 

 

 

Sprint Nextel

 

 

3,022

 

 

10,789

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Total Common Stocks

 

 

 

 

 

2,151,200

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Short-Term Holdings 1.7%

 

 

 

 

 

 

 

Money Market Fund 1.4%

 

 

 

 

 

 

 

SSgA U.S. Treasury Money Market Fund

 

 

31,770

 

 

31,770

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Equity-Linked Notesøø 0.3%

 

 

 

 

 

 

 

Lehman Brothers:**

 

 

 

 

 

 

 

53.51%, 9/14/2008 (a)

 

$

33,000

 

 

3,271

 

39.5%, 10/2/2008 (b)

 

 

33,000

 

 

2,642

 

 

 

 

 

 

    

 

 

 

 

 

 

 

5,913

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Total Short-Term Holdings

 

 

 

 

 

37,683

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Total Investments 100.6%

 

 

 

 

 

2,188,883

 

 

 

 

 

 

 

 

 

Other Assets Less Liabilities (0.6)%

 

 

 

 

 

(12,536

)

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Net Assets 100.0%

 

 

 

 

$

2,176,347

 

 

 

 

 

 

    

 


Seligman Communications and Information Portfolio

 

 

 

 

 

 

 

 

 

 

Shares or
Principal
Amount

 

Value

 

 

 

  

 

  

 

Common Stocks 91.6%

 

 

 

 

 

 

 

Application Software 4.1%

 

 

 

 

 

 

 

Adobe Systems

 

 

8,200

  shs.

$

175,398

 

Aspen Technology

 

 

14,200

 

 

99,258

 

Lawson Software*

 

 

4,400

 

 

18,700

 

Mentor Graphics

 

 

105,200

 

 

467,088

 

Parametric Technology*

 

 

61,000

 

 

608,780

 

 

 

 

 

 

    

 

 

 

 

 

 

 

1,369,224

 

 

 

 

 

 

    

 

Communications Equipment 10.1%

 

 

 

 

 

 

 

Cisco Systems*

 

 

81,400

 

 

1,365,078

 

NICE Systems*

 

 

2,600

 

 

64,636

 

Nortel Networks*

 

 

16

 

 

4

 

QUALCOMM

 

 

33,300

 

 

1,295,703

 

Riverbed Technology*

 

 

48,700

 

 

636,996

 

 

 

 

 

 

    

 

 

 

 

 

 

 

3,362,417

 

 

 

 

 

 

    

 

Computer Hardware 6.3%

 

 

 

 

 

 

 

Apple*

 

 

14,600

 

 

1,534,752

 

Hewlett-Packard

 

 

18,100

 

 

580,286

 

 

 

 

 

 

    

 

 

 

 

 

 

 

2,115,038

 

 

 

 

 

 

    

 

Computer Storage and Peripherals 9.8%

 

 

 

 

 

 

 

Electronics for Imaging*

 

 

66,200

 

 

648,760

 

EMC*

 

 

83,000

 

 

946,200

 

NetApp*

 

 

113,800

 

 

1,688,792

 

 

 

 

 

 

    

 

 

 

 

 

 

 

3,283,752

 

 

 

 

 

 

    

 

Electronic Manufacturing Services 0.4%

 

 

 

 

 

 

 

Jabil Circuit

 

 

22,100

 

 

122,876

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Health Care Distributors 2.7%

 

 

 

 

 

 

 

AmerisourceBergen

 

 

11,400

 

 

372,324

 

Cardinal Health

 

 

8,900

 

 

280,172

 

McKesson

 

 

7,500

 

 

262,800

 

 

 

 

 

 

    

 

 

 

 

 

 

 

915,296

 

 

 

 

 

 

    

 

Health Care Equipment 3.7%

 

 

 

 

 

 

 

Baxter International

 

 

7,200

 

 

368,784

 

Kinetic Concepts*

 

 

16,000

 

 

337,920

 

Medtronic

 

 

13,700

 

 

403,739

 

Stryker

 

 

3,500

 

 

119,140

 

 

 

 

 

 

    

 

 

 

 

 

 

 

1,229,583

 

 

 

 

 

 

    

 

Health Care Services 1.2%

 

 

 

 

 

 

 

Laboratory Corporation of America Holdings*

 

 

7,100

 

 

415,279

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Home Entertainment Software 1.2%

 

 

 

 

 

 

 

Activision Blizzard*

 

 

37,700

 

 

394,342

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Internet Software and Services 16.0%

 

 

 

 

 

 

 

GigaMedia*

 

 

8,300

 

 

45,816

 

McAfee*

 

 

65,300

 

 

2,187,550

 

Open Text*

 

 

33,600

 

 

1,157,184

 

SonicWALL*

 

 

31,000

 

 

138,260

 

Symantec*

 

 

121,623

 

 

1,817,048

 

 

 

 

 

 

    

 

 

 

 

 

 

 

5,345,858

 

 

 

 

 

 

    

 

IT Consulting and Other Services 5.9%

 

 

 

 

 

 

 

Amdocs*

 

 

106,800

 

 

1,977,936

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

IT Services 0.6%

 

 

 

 

 

 

 

Fiserv*

 

 

5,600

 

 

204,176

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Life Sciences Tools and Services 1.3%

 

 

 

 

 

 

 

Charles River Laboratories International*

 

 

4,294

 

 

116,840

 

Life Technologies*

 

 

6,662

 

 

216,382

 

PerkinElmer

 

 

6,800

 

 

86,836

 

 

 

 

 

 

    

 

 

 

 

 

 

 

420,058

 

 

 

 

 

 

    

 

Semiconductors 5.5%

 

 

 

 

 

 

 

Marvell Technology Group*

 

 

170,598

 

 

1,562,678

 

Maxim Integrated Products

 

 

11,900

 

 

157,199

 

Taiwan Semiconductor Manufacturing

 

 

64,000

 

 

97,004

 

 

 

 

 

 

    

 

 

 

 

 

 

 

1,816,881

 

 

 

 

 

 

    

 

Systems Software 11.8%

 

 

 

 

 

 

 

BMC Software*

 

 

35,400

 

 

1,168,200

 

Check Point Software Technologies*

 

 

102,000

 

 

2,265,420

 

Citrix Systems*

 

 

1,500

 

 

33,960

 

Microsoft

 

 

11,600

 

 

213,092

 

Oracle*

 

 

10,100

 

 

182,507

 

Red Hat*

 

 

3,156

 

 

56,303

 

 

 

 

 

 

    

 

 

 

 

 

 

 

3,919,482

 

 

 

 

 

 

    

 

Technical Software 10.7%

 

 

 

 

 

 

 

Cadence Design Systems*

 

 

72,600

 

 

304,920

 

Magma Design Automation*

 

 

22,600

 

 

16,950

 

Synopsys*

 

 

157,200

 

 

3,258,756

 

 

 

 

 

 

    

 

 

 

 

 

 

 

3,580,626

 

 

 

 

 

 

    

 

Technology Distributors 0.3%

 

 

 

 

 

 

 

Avnet*

 

 

5,519

 

 

96,638

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Total Common Stocks

 

 

 

 

 

30,569,462

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Convertible Bonds 0.3%

 

 

 

 

 

 

 

Health Care Equipment 0.3%

 

 

 

 

 

 

 

Kinetic Concepts 3.25%, 4/15/2015

 

$

122,000

 

 

81,892

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Money Market Fund 7.5%

 

 

 

 

 

 

 

SSgA U.S. Treasury Money Market Fund

 

 

2,505,773

  shs.

 

2,505,773

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Total Investments 99.4%

 

 

 

 

 

33,157,127

 

 

 

 

 

 

 

 

 

Other Assets Less Liabilities 0.6%

 

 

 

 

 

203,577

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Net Assets 100.0%

 

 

 

 

$

33,360,704

 

 

 

 

 

 

    

 


Seligman Global Technology Portfolio

 

 

 

 

 

 

 

 

 

 

Shares

 

Value

 

 

 

  

 

  

 

Common Stocks 92.6%

 

 

 

 

 

 

 

Canada 3.7%

 

 

 

 

 

 

 

Open Text* (Internet Software and Services)

 

 

4,400

 

$

151,536

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

China 1.0%

 

 

 

 

 

 

 

Perfect World (ADR)* (Home Entertainment Software)

 

 

1,500

 

 

21,075

 

VanceInfo Technologies (ADR)* (Application Software)

 

 

4,100

 

 

20,500

 

 

 

 

 

 

    

 

 

 

 

 

 

 

41,575

 

 

 

 

 

 

    

 

France 0.8%

 

 

 

 

 

 

 

UbiSoft Entertainment* (Home Entertainment Software)

 

 

1,878

 

 

34,358

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Israel 8.2%

 

 

 

 

 

 

 

Check Point Software Technologies* (Systems Software)

 

 

12,211

 

 

271,206

 

NICE Systems (ADR)* (Communications Equipment)

 

 

2,400

 

 

59,664

 

 

 

 

 

 

    

 

 

 

 

 

 

 

330,870

 

 

 

 

 

 

    

 

Japan 2.5%

 

 

 

 

 

 

 

Hirose Electric (Electronic Components)

 

 

200

 

 

19,373

 

Ibiden (Electrical Components and Equipment)

 

 

500

 

 

12,242

 

Murata Manufacturing (Electronic Components)

 

 

1,000

 

 

38,662

 

Nidec (Electronic Components)

 

 

700

 

 

31,751

 

 

 

 

 

 

    

 

 

 

 

 

 

 

102,028

 

 

 

 

 

 

    

 

Netherlands 0.7%

 

 

 

 

 

 

 

Koninklijke (Royal) KPN (Integrated Telecommunication Services)

 

 

2,100

 

 

28,084

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

South Korea 1.7%

 

 

 

 

 

 

 

LG Electronics (Consumer Electronics)

 

 

370

 

 

24,595

 

LG Philips LCD* (Electronic Components)

 

 

2,150

 

 

43,875

 

 

 

 

 

 

    

 

 

 

 

 

 

 

68,470

 

 

 

 

 

 

    

 

Taiwan 5.1%

 

 

 

 

 

 

 

Acer (Computer Hardware)

 

 

22,375

 

 

33,799

 

Au Optronics* (Electronic Equipment and Instruments)

 

 

52,000

 

 

43,326

 

GigaMedia* (Internet Software and Services)

 

 

1,500

 

 

8,280

 

High Tech Computer (Computer Hardware)

 

 

6,000

 

 

74,280

 

Silicon Integrated Systems* (Semiconductors)

 

 

56,000

 

 

11,984

 

Taiwan Semiconductor Manufacturing (Semiconductors)

 

 

16,000

 

 

24,363

 

Tripod Technology (Electronic Components)

 

 

7,000

 

 

9,376

 

 

 

 

 

 

    

 

 

 

 

 

 

 

205,408

 

 

 

 

 

 

    

 

United Kingdom 1.3%

 

 

 

 

 

 

 

Micro Focus International (Application Software)

 

 

9,741

 

 

42,163

 

Vodaphone Group (ADR)(Wireless Telecommunication Services)

 

 

555

 

 

9,668

 

 

 

 

 

 

    

 

 

 

 

 

 

 

51,831

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

United States 67.6%

 

 

 

 

 

 

 

Activision Blizzard* (Home Entertainment Software)

 

 

4,700

 

 

49,162

 

Adobe Systems (Application Software)

 

 

1,000

 

 

21,390

 

Amdocs* (IT Consulting and Other Services)

 

 

12,900

 

 

238,908

 

Apple* (Computer Hardware)

 

 

1,100

 

 

115,632

 

Ariba* (Internet Software and Services)

 

 

1,700

 

 

14,841

 

Aspen Technology (Application Software)

 

 

4,541

 

 

31,742

 

Avnet* (Technology Distributors)

 

 

708

 

 

12,397

 

BMC Software* (Systems Software)

 

 

4,600

 

 

151,800

 

Cadence Design Systems* (Technical Software)

 

 

9,100

 

 

38,220

 

Cisco Systems* (Communications Equipment)

 

 

7,500

 

 

125,775

 

Citrix Systems* (Systems Software)

 

 

200

 

 

4,528

 

Electronics for Imaging* (Computer Storage and Peripherals)

 

 

2,400

 

 

23,520

 

EMC* (Computer Storage and Peripherals)

 

 

9,700

 

 

110,580

 

Fiserv* (IT Services)

 

 

700

 

 

25,522

 

Hewlett-Packard (Computer Hardware)

 

 

3,300

 

 

105,798

 

International Business Machines (Computer Hardware)

 

 

600

 

 

58,134

 

Lawson Software* (Application Software)

 

 

3,200

 

 

13,600

 

Magma Design Automation* (Technical Software)

 

 

4,500

 

 

3,375

 

Marvell Technology Group* (Semiconductors)

 

 

20,365

 

 

186,543

 

Maxim Integrated Products (Semiconductors)

 

 

1,500

 

 

19,815

 

McAfee* (Internet Software and Services)

 

 

9,029

 

 

302,472

 

Mentor Graphics (Application Software)

 

 

10,395

 

 

46,154

 

Microsoft (Application Software)

 

 

1,500

 

 

27,555

 

NetApp* (Computer Storage and Peripherals)

 

 

10,000

 

 

148,400

 

Oracle* (Systems Software)

 

 

300

 

 

5,421

 

Parametric Technology* (Application Software)

 

 

5,400

 

 

53,892

 

PerkinElmer (Life Sciences Tools and Services)

 

 

500

 

 

6,385

 

QUALCOMM (Communications Equipment)

 

 

4,000

 

 

155,640

 

Red Hat* (Systems Software)

 

 

500

 

 

8,920

 

Riverbed Technology* (Communications Equipment)

 

 

5,900

 

 

77,172

 

SonicWALL* (Internet Software and Services)

 

 

7,745

 

 

34,543

 

Symantec* (Internet Software and Services)

 

 

15,100

 

 

225,594

 

Synopsys* (Technical Software)

 

 

14,500

 

 

300,585

 

 

 

 

 

 

    

 

 

 

 

 

 

 

2,744,015

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Total Investments 92.6%

 

 

 

 

 

3,758,175

 

 

 

 

 

 

 

 

 

Other Assets Less Liabilities 7.4%

 

 

 

 

 

298,363

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Net Assets 100.0%

 

 

 

 

$

4,056,538

 

 

 

 

 

 

    

 


Seligman International Growth Portfolio

 

 

 

 

 

 

 

 

 

 

Shares

 

Value

 

 

 

  

 

  

 

Common Stocks 96.5%

 

 

 

 

 

 

 

Australia 1.3%

 

 

 

 

 

 

 

CSL (Biotechnology)

 

 

758

 

$

17,151

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Austria 0.5%

 

 

 

 

 

 

 

OMV (Oil, Gas and Consumable Fuels)

 

 

204

 

 

6,782

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Belgium 0.7%

 

 

 

 

 

 

 

Hansen Transmissions International* (Machinery)

 

 

6,328

 

 

8,973

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Brazil 2.8%

 

 

 

 

 

 

 

Companhia Vale do Rio Doce “CVRD” (ADR) (Metals and Mining)

 

 

1,300

 

 

17,290

 

Petroleo Brasileiro “Petrobras” (ADR) (Oil, Gas and Consumable Fuels)

 

 

600

 

 

18,282

 

 

 

 

 

 

    

 

 

 

 

 

 

 

35,572

 

 

 

 

 

 

    

 

Canada 4.7%

 

 

 

 

 

 

 

Agnico-Eagle Mines (Metals and Mining)

 

 

200

 

 

11,384

 

Canadian Natural Resources (Oil, Gas and Consumable Fuels)

 

 

500

 

 

19,396

 

EnCana (Oil, Gas and Consumable Fuels)

 

 

400

 

 

16,371

 

Potash Corp. of Saskatchewan (Chemicals)

 

 

170

 

 

13,738

 

 

 

 

 

 

    

 

 

 

 

 

 

 

60,889

 

 

 

 

 

 

    

 

China 2.4%

 

 

 

 

 

 

 

Baidu.com (ADR)* (Internet Software and Services)

 

 

100

 

 

17,660

 

China Life Insurance (Class H)* (Insurance)

 

 

3,000

 

 

9,870

 

Ping An Insurance Group of China (Class H) (Insurance)

 

 

500

 

 

2,995

 

 

 

 

 

 

    

 

 

 

 

 

 

 

30,525

 

 

 

 

 

 

    

 

Denmark 0.7%

 

 

 

 

 

 

 

Vestas Wind Systems(Electrical Equipment)

 

 

210

 

 

9,274

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Finland 2.0%

 

 

 

 

 

 

 

Fortum (Electric Utilities)

 

 

636

 

 

12,106

 

Nokia (Communications Equipment)

 

 

1,150

 

 

13,463

 

 

 

 

 

 

    

 

 

 

 

 

 

 

25,569

 

 

 

 

 

 

    

 

France 8.4%

 

 

 

 

 

 

 

BNP Paribas (Commercial Banks)

 

 

358

 

 

14,756

 

Carrefour (Food and Staples Retailing)

 

 

171

 

 

6,664

 

Ipsen (Pharmaceuticals)

 

 

273

 

 

10,495

 

Sanofi-Aventis (Pharmaceuticals)

 

 

532

 

 

29,855

 

Technip (Energy Equipment and Services)

 

 

513

 

 

18,080

 

Total (Oil, Gas and Consumable Fuels)

 

 

381

 

 

18,896

 

Vallourec (Machinery)

 

 

112

 

 

10,383

 

 

 

 

 

 

    

 

 

 

 

 

 

 

109,129

 

 

 

 

 

 

    

 

Germany 5.3%

 

 

 

 

 

 

 

Daimler (Automobiles)

 

 

249

 

 

6,329

 

Deutsche Bank (Capital Markets)

 

 

369

 

 

15,009

 

Metro (Food and Staples Retailing)

 

 

582

 

 

19,237

 

Siemens (Industrial Conglomerates)

 

 

489

 

 

28,004

 

 

 

 

 

 

    

 

 

 

 

 

 

 

68,579

 

 

 

 

 

 

    

 

Hong Kong 1.1%

 

 

 

 

 

 

 

Li & Fung(Distributors)

 

 

4,000

 

 

9,437

 

The Link Real Estate Investment Trust (Real Estate Investment Trusts)

 

 

2,500

 

 

4,943

 

 

 

 

 

 

    

 

 

 

 

 

 

 

14,380

 

 

 

 

 

 

    

 

Israel 2.6%

 

 

 

 

 

 

 

Teva Pharmaceutical Industries (ADR) (Pharmaceuticals)

 

 

750

 

 

33,788

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Japan 11.3%

 

 

 

 

 

 

 

Denso (Auto Components)

 

 

400

 

 

8,081

 

Fanuc (Machinery)

 

 

100

 

 

6,853

 

Honda Motor (Automobiles)

 

 

200

 

 

4,785

 

Matsushita Electric Industrial (Household Durables)

 

 

900

 

 

9,890

 

Nintendo (Software)

 

 

90

 

 

26,400

 

Nippon Electric Glass (Electronic Equipment, Instruments and Components)

 

 

1,000

 

 

7,102

 

Nomura Holdings (Capital Markets)

 

 

2,100

 

 

10,576

 

Rakuten (Internet and Catalog Retail)

 

 

33

 

 

15,779

 

Rohm (Semiconductors and Semiconductor Equipment)

 

 

200

 

 

10,020

 

Shin Etsu Chemical (Chemicals)

 

 

200

 

 

9,816

 

SoftBank (Wireless Telecommunication Services)

 

 

700

 

 

8,940

 

Tokyo Electron (Semiconductors and Semiconductor Equipment)

 

 

400

 

 

15,068

 

Uni-Charm (Household Products)

 

 

200

 

 

12,186

 

 

 

 

 

 

    

 

 

 

 

 

 

 

145,496

 

 

 

 

 

 

    

 

Netherlands 8.5%

 

 

 

 

 

 

 

Ahold* (Food and Staples Retailing)

 

 

3,389

 

 

37,102

 

ASML Holding* (Semiconductors and Semiconductor Equipment)

 

 

1,061

 

 

18,781

 

Koninklijke (Royal) KPN(Diversified Telecommunication Services)

 

 

2,611

 

 

34,918

 

Qiagen* (Life Sciences Tools and Services)

 

 

1,200

 

 

19,230

 

 

 

 

 

 

    

 

 

 

 

 

 

 

110,031

 

 

 

 

 

 

    

 

Russia 2.4%

 

 

 

 

 

 

 

Mobile Telesystems (ADR)(Wireless Telecommunication Services)

 

 

400

 

 

11,968

 

OAO Gazprom (ADR)† (Energy Equipment and Services)

 

 

1,238

 

 

18,384

 

 

 

 

 

 

    

 

 

 

 

 

 

 

30,352

 

 

 

 

 

 

    

 

South Korea 2.0%

 

 

 

 

 

 

 

Samsung Electronics (Semiconductors and Semiconductor Equipment)

 

 

62

 

 

25,607

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Spain 1.8%

 

 

 

 

 

 

 

Industria de Diseno Textil (Specialty Retail)

 

 

426

 

 

16,570

 

Telefonica (Diversified Telecommunication Services)

 

 

336

 

 

6,711

 

 

 

 

 

 

    

 

 

 

 

 

 

 

23,281

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Sweden 3.2%

 

 

 

 

 

 

 

Hennes & Mauritz (Specialty Retail)

 

 

196

 

 

7,357

 

Swedish Match* (Tobacco)

 

 

1,191

 

 

17,218

 

Telefonaktiebolaget LM Ericsson (B Shares) (Communications Equipment)

 

 

2,037

 

 

16,553

 

 

 

 

 

 

    

 

 

 

 

 

 

 

41,128

 

 

 

 

 

 

    

 

Switzerland 12.9%

 

 

 

 

 

 

 

ABB* (Electrical Equipment)

 

 

1,325

 

 

18,487

 

Actelion* (Biotechnology)

 

 

270

 

 

12,329

 

Credit Suisse Group (Capital Markets)

 

 

517

 

 

15,681

 

Julius Baer Holding (Capital Markets)

 

 

249

 

 

6,108

 

Nestle (Food Products)

 

 

993

 

 

33,613

 

Nobel Biocare Holding (Health Care Equipment and Supplies)

 

 

744

 

 

12,705

 

Roche Holding (Pharmaceuticals)

 

 

278

 

 

38,168

 

Sonova Holding (Health Care Equipment and Supplies)

 

 

86

 

 

5,201

 

Syngenta (Chemicals)

 

 

55

 

 

11,057

 

UBS (Capital Markets)

 

 

1,440

 

 

13,680

 

 

 

 

 

 

    

 

 

 

 

 

 

 

167,029

 

 

 

 

 

 

    

 

Taiwan 1.2%

 

 

 

 

 

 

 

Taiwan Semiconductor Manufacturing (ADR) (Semiconductors and Semiconductor Equipment)

 

 

1,700

 

 

15,215

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

United Kingdom 20.7%

 

 

 

 

 

 

 

ARM Holdings (Semiconductors and Semiconductor Equipment)

 

 

9,387

 

 

13,792

 

Autonomy* (Software)

 

 

1,292

 

 

24,208

 

BG Group (Oil, Gas and Consumable Fuels)

 

 

1,303

 

 

19,750

 

BHP Billiton (Metals and Mining)

 

 

975

 

 

19,304

 

BP (Oil, Gas and Consumable Fuels)

 

 

1,075

 

 

7,194

 

British American Tobacco (Tobacco)

 

 

652

 

 

15,097

 

Capita Group (Professional Services)

 

 

562

 

 

5,463

 

easyJet* (Airlines)

 

 

4,421

 

 

17,744

 

Imperial Tobacco Group (Tobacco)

 

 

540

 

 

12,128

 

Kingfisher (Specialty Retail)

 

 

6,029

 

 

12,920

 

Michael Page International (Professional Services)

 

 

2,932

 

 

7,706

 

Rio Tinto (Metals and Mining)

 

 

903

 

 

30,236

 

J Sainsbury (Food and Staples Retailing)

 

 

2,638

 

 

11,830

 

Standard Chartered(Commercial Banks)

 

 

1,985

 

 

24,623

 

Vodafone Group (Wireless Telecommunication Services)

 

 

18,767

 

 

32,786

 

William Morrison Supermarkets (Food and Staples Retailing)

 

 

3,513

 

 

12,860

 

 

 

 

 

 

    

 

 

 

 

 

 

 

267,641

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Total Investments 96.5%

 

 

 

 

 

1,246,391

 

 

 

 

 

 

 

 

 

Other Assets Less Liabilities 3.5%

 

 

 

 

 

45,834

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Net Assets 100.0%

 

 

 

 

$

1,292,225

 

 

 

 

 

 

    

 


Seligman Investment Grade Fixed Income Portfolio

 

 

 

 

 

 

 

 

 

 

Principal
Amount or
Shares

 

Value

 

 

 

  

 

  

 

US Government and Government Agency Securities 54.3%

 

 

 

 

 

 

 

US Government Securities 30.4%

 

 

 

 

 

 

 

US Treasury Bonds:

 

 

 

 

 

 

 

5.375%, 2/15/2031

 

$

16,000

 

$

20,178

 

4.375%, 2/15/2038

 

 

45,000

 

 

51,131

 

US Treasury Inflation-Protected Security 1.625%, 1/15/2015

 

 

5,528

 

 

5,594

 

US Treasury Notes:

 

 

 

 

 

 

 

0.875%, 2/28/2011

 

 

20,000

 

 

20,044

 

4.5%, 2/28/2011

 

 

95,000

‡

 

101,695

 

1.5%, 12/31/2013

 

 

35,000

 

 

34,923

 

1.875%, 2/28/2014

 

 

90,000

 

 

91,013

 

1.75%, 3/31/2014

 

 

45,000

 

 

45,169

 

4%, 2/15/2015

 

 

25,000

 

 

27,973

 

2.75%, 2/15/2019

 

 

95,000

 

 

95,549

 

US Treasury STRIPS Principal 6.5%, 11/15/2026##

 

 

100,000

‡

 

51,959

 

 

 

 

 

 

    

 

 

 

 

 

 

 

545,228

 

 

 

 

 

 

    

 

Government Agency SecuritiesØ 10.7%

 

 

 

 

 

 

 

Federal Farm Credit 3.4%, 2/7/2013

 

 

40,000

‡

 

41,433

 

Fannie Mae:

 

 

 

 

 

 

 

3.255%, 6/9/2010

 

 

15,000

 

 

15,375

 

3.25%, 8/12/2010

 

 

10,000

 

 

10,289

 

4.75%, 11/19/2012

 

 

10,000

 

 

10,972

 

5.125%, 1/2/2014

 

 

35,000

 

 

36,211

 

5%, 7/9/2018

 

 

15,000

 

 

15,014

 

Federal Home Loan Bank:

 

 

 

 

 

 

 

2.625%, 5/20/2011

 

 

45,000

 

 

45,709

 

5%, 11/17/2017

 

 

10,000

 

 

10,946

 

Freddie Mac 5%, 7/15/2014

 

 

5,000

 

 

5,614

 

 

 

 

 

 

    

 

 

 

 

 

 

 

191,563

 

 

 

 

 

 

    

 

Government Agency Mortgage-Backed Securities؆† 13.2%

 

 

 

 

 

 

 

Fannie Mae:

 

 

 

 

 

 

 

4.5%, 12/1/2020#

 

 

15,722

 

 

16,288

 

5.35%, 4/1/2036#

 

 

19,651

 

 

20,347

 

5.954%, 8/1/2036#

 

 

18,692

 

 

19,374

 

6.5%, 9/1/2037

 

 

32,431

 

 

34,089

 

Freddie Mac 6.164%, 8/1/2036#

 

 

16,361

 

 

16,949

 

Freddie Mac Gold:

 

 

 

 

 

 

 

5.5%, TBA 4/2009

 

 

100,000

 

 

104,266

 

6.5%, TBA 4/2009

 

 

25,000

 

 

26,332

 

 

 

 

 

 

    

 

 

 

 

 

 

 

237,645

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Total US Government and Government Agency Securities

 

 

 

 

 

974,436

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Corporate Bonds 19.1%

 

 

 

 

 

 

 

Air Freight and Logistics 0.3%

 

 

 

 

 

 

 

FedEx 8%, 1/15/2019

 

 

5,000

 

 

5,271

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Beverages 0.8%

 

 

 

 

 

 

 

Dr Pepper Snapple Group 6.82%, 5/1/2018

 

 

10,000

 

 

9,454

 

SABMiller 5.7%, 1/15/2014†

 

 

5,000

 

 

4,866

 

 

 

 

 

 

    

 

 

 

 

 

 

 

14,320

 

 

 

 

 

 

    

 

Capital Markets 0.1%

 

 

 

 

 

 

 

Lehman Brothers Holdings 6.875%, 5/2/2018**

 

 

15,000

 

 

1,800

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Commercial Banks 0.3%

 

 

 

 

 

 

 

Wells Fargo 5.625%, 12/11/2017

 

 

5,000

 

 

4,570

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Commercial Services and Supplies 0.4%

 

 

 

 

 

 

 

RR Donnelley & Sons 6.125%, 1/15/2017

 

 

10,000

 

 

6,679

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Consumer Finance 0.2%

 

 

 

 

 

 

 

General Electric Capital 6.875%, 1/10/2039

 

 

5,000

 

 

4,089

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Diversified Financial Services 0.5%

 

 

 

 

 

 

 

Bank of America 5.65%, 5/1/2018

 

 

5,000

 

 

4,178

 

JPMorgan Chase 6%, 1/15/2018

 

 

5,000

 

 

5,059

 

 

 

 

 

 

    

 

 

 

 

 

 

 

9,237

 

 

 

 

 

 

    

 

Diversified Telecommunication Services 3.4%

 

 

 

 

 

 

 

AT&T 5.5%, 2/1/2018

 

 

5,000

 

 

4,843

 

BellSouth 5.2%, 9/15/2014

 

 

15,000

 

 

15,104

 

TELUS 8%, 6/1/2011

 

 

10,000

 

 

10,414

 

Verizon New York 6.875%, 4/1/2012

 

 

30,000

 

 

30,748

 

 

 

 

 

 

    

 

 

 

 

 

 

 

61,109

 

 

 

 

 

 

    

 

Electric Utilities 2.2%

 

 

 

 

 

 

 

Cleveland Electric Illuminating 8.875%, 11/15/2018

 

 

5,000

 

 

5,551

 

Consumers Energy 6.7%, 9/15/2019

 

 

5,000

 

 

5,186

 

Duke Energy 6.3%, 2/1/2014

 

 

5,000

 

 

5,124

 

Indiana Michigan Power:

 

 

 

 

 

 

 

7%, 3/15/2019

 

 

5,000

 

 

4,891

 

6.05%, 3/15/2037

 

 

5,000

 

 

3,989

 

Jersey Central Power & Light 7.35%, 2/1/2019

 

 

5,000

 

 

5,118

 

Sierra Pacific Power 6%, 5/15/2016

 

 

10,000

 

 

9,413

 

 

 

 

 

 

    

 

 

 

 

 

 

 

39,272

 

 

 

 

 

 

    

 

Energy Equipment and Services 0.4%

 

 

 

 

 

 

 

Nexen 6.4%, 5/15/2037

 

 

5,000

 

 

3,556

 

Weatherford International 7%, 3/15/2038

 

 

5,000

 

 

3,644

 

 

 

 

 

 

    

 

 

 

 

 

 

 

7,200

 

 

 

 

 

 

    

 

Food Products 0.3%

 

 

 

 

 

 

 

ConAgra Foods 6.7%, 8/1/2027

 

 

5,000

 

 

5,030

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Gas Utilities 2.1%

 

 

 

 

 

 

 

Colorado Interstate Gas 6.8%, 11/15/2015

 

 

15,000

 

 

14,136

 

Nisource Finance 6.8%, 1/15/2019

 

 

5,000

 

 

4,025

 

Northwest Pipeline 7%, 6/15/2016

 

 

5,000

 

 

5,052

 

Transcontinental Gas Pipe Line:

 

 

 

 

 

 

 

7%, 8/15/2011

 

 

5,000

 

 

5,064

 

6.4%, 4/15/2016

 

 

10,000

 

 

9,773

 

 

 

 

 

 

    

 

 

 

 

 

 

 

38,050

 

 

 

 

 

 

    

 

Media 2.3%

 

 

 

 

 

 

 

Comcast 5.7%, 5/15/2018

 

 

5,000

 

 

4,698

 

News America 6.65%, 11/15/2037

 

 

5,000

 

 

3,757

 

Thomson Reuters 6.50%, 7/15/2018

 

 

35,000

 

 

32,660

 

 

 

 

 

 

    

 

 

 

 

 

 

 

41,115

 

 

 

 

 

 

    

 

Multi-Utilities 1.4%

 

 

 

 

 

 

 

CenterPoint Energy Resources 7.75%, 2/15/2011

 

 

10,000

 

 

10,166

 

Dominion Resources 5.6%, 11/15/2016

 

 

15,000

 

 

14,449

 

 

 

 

 

 

    

 

 

 

 

 

 

 

24,615

 

 

 

 

 

 

    

 

Oil, Gas and Consumable Fuels 3.1%

 

 

 

 

 

 

 

Anadarko Petroleum 5.95%, 9/15/2016

 

 

10,000

 

 

8,625

 

Canadian Natural Resources 6.75%, 2/1/2039

 

 

5,000

 

 

3,969

 

EnCana 5.9%, 12/1/2017

 

 

15,000

 

 

14,181

 

Marathon Oil 7.5%, 2/15/2019

 

 

5,000

 

 

5,046

 

XTO Energy:

 

 

 

 

 

 

 

4.625%, 6/15/2013

 

 

15,000

 

 

14,537

 

6.25%, 8/1/2017

 

 

10,000

 

 

9,768

 

 

 

 

 

 

    

 

 

 

 

 

 

 

56,126

 

 

 

 

 

 

    

 

Road and Rail 0.5%

 

 

 

 

 

 

 

CSX 6.25%, 4/1/2015

 

 

10,000

 

 

9,102

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Wireless Telecommunication Services 0.8%

 

 

 

 

 

 

 

Rogers Communications 6.8%, 8/15/2018

 

 

15,000

 

 

15,018

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Total Corporate Bonds

 

 

 

 

 

342,603

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Asset-Backed Securities†† 2.8%

 

 

 

 

 

 

 

Caterpillar Financial Asset Trust 4.94%, 4/25/2014

 

 

15,000

 

 

14,472

 

Centex Home Equity 2.572%, 12/25/2032#

 

 

19,243

 

 

2,154

 

Irwin Home Equity 0.902%, 2/25/2034#

 

 

12,779

 

 

8,642

 

Structured Asset Securities 4.04%, 6/25/2033#

 

 

35,130

 

 

25,278

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Total Asset-Backed Securities

 

 

 

 

 

50,546

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Collateralized Mortgage Obligations†† 2.7%

 

 

 

 

 

 

 

Bank of America Mortgage Securities 4.517%, 7/25/2034#

 

 

5,651

 

 

3,684

 

GS Mortgage Loan Trust 5.351%, 7/25/2035#

 

 

16,087

 

 

9,657

 

Homestar Mortgage Acceptance 0.842%, 3/25/2034#

 

 

9,193

 

 

4,555

 

Indymac Index Mortgage Loan Trust 5.975%, 3/25/2036#†

 

 

27,602

 

 

11,475

 

Wells Fargo 4.726%, 7/25/2034#

 

 

23,611

 

 

19,224

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Total Collateralized Mortgage Obligations

 

 

 

 

 

48,595

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Foreign Government Agency Securities 0.5%

 

 

 

 

 

 

 

Corporacion Andina de Fomento 5.75%, 1/12/2017

 

 

10,000

 

 

8,358

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Money Market Fund 29.1%

 

 

 

 

 

 

 

SSgA U.S. Treasury Money Market Fund

 

 

523,502

  shs.

 

523,502

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Total Investments 108.5%

 

 

 

 

 

1,948,040

 

 

 

 

 

 

 

 

 

Other Assets Less Liabilities (8.5)%

 

 

 

 

 

(152,409

)

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Net Assets 100.0%

 

 

 

 

$

1,795,631

 

 

 

 

 

 

    

 


 

 

 

 

 

 

 

 

Seligman Large-Cap Value Portfolio

 

 

 

 

 

 

 

 

 

 

Shares

 

Value

 

 

 

  

 

  

 

Common Stocks 93.7%

 

 

 

 

 

 

 

Aerospace and Defense 9.0%

 

 

 

 

 

 

 

General Dynamics

 

 

1,300

 

$

54,067

 

Honeywell International

 

 

1,500

 

 

41,790

 

United Technologies

 

 

1,000

 

 

42,980

 

 

 

 

 

 

    

 

 

 

 

 

 

 

138,837

 

 

 

 

 

 

    

 

Capital Markets 8.1%

 

 

 

 

 

 

 

Bank of New York Mellon

 

 

2,499

 

 

70,597

 

Morgan Stanley

 

 

2,400

 

 

54,648

 

 

 

 

 

 

    

 

 

 

 

 

 

 

125,245

 

 

 

 

 

 

    

 

Chemicals 6.2%

 

 

 

 

 

 

 

E. I. duPont de Nemours

 

 

2,200

 

 

49,126

 

Praxair

 

 

700

 

 

47,103

 

 

 

 

 

 

    

 

 

 

 

 

 

 

96,229

 

 

 

 

 

 

    

 

Commercial Banks 2.8%

 

 

 

 

 

 

 

U.S. Bancorp

 

 

3,000

 

 

43,830

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Communications Equipment 2.4%

 

 

 

 

 

 

 

Juniper Networks*

 

 

2,500

 

 

37,650

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Diversified Financial Services 8.0%

 

 

 

 

 

 

 

Bank of America

 

 

8,300

 

 

56,606

 

JPMorgan Chase

 

 

2,500

 

 

66,450

 

 

 

 

 

 

    

 

 

 

 

 

 

 

123,056

 

 

 

 

 

 

    

 

Food and Staples Retailing 1.8%

 

 

 

 

 

 

 

Costco Wholesale

 

 

600

 

 

27,792

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Food Products 3.6%

 

 

 

 

 

 

 

Tyson Foods (Class A)

 

 

6,000

 

 

56,340

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Health Care Equipment and Supplies 4.6%

 

 

 

 

 

 

 

Baxter International

 

 

800

 

 

40,976

 

Medtronic

 

 

1,000

 

 

29,470

 

 

 

 

 

 

    

 

 

 

 

 

 

 

70,446

 

 

 

 

 

 

    

 

Health Care Providers and Services 2.9%

 

 

 

 

 

 

 

Humana*

 

 

1,700

 

 

44,336

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Independent Power Producers and Energy Traders 0.9%

 

 

 

 

 

 

 

AES*

 

 

2,500

 

 

14,525

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Insurance 10.6%

 

 

 

 

 

 

 

MetLife

 

 

2,500

 

 

56,925

 

Prudential Financial

 

 

1,500

 

 

28,530

 

Travelers

 

 

1,000

 

 

40,640

 

Unum Group

 

 

3,000

 

 

37,500

 

 

 

 

 

 

    

 

 

 

 

 

 

 

163,595

 

 

 

 

 

 

    

 

Machinery 2.3%

 

 

 

 

 

 

 

Caterpillar

 

 

1,300

 

 

36,348

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Multiline Retail 2.2%

 

 

 

 

 

 

 

J.C. Penney

 

 

1,700

 

 

34,119

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Oil, Gas and Consumable Fuels 9.0%

 

 

 

 

 

 

 

Chevron

 

 

500

 

 

33,620

 

Marathon Oil

 

 

2,000

 

 

52,580

 

Valero Energy

 

 

1,400

 

 

25,060

 

Williams Companies

 

 

2,500

 

 

28,450

 

 

 

 

 

 

    

 

 

 

 

 

 

 

139,710

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Pharmaceuticals 5.7%

 

 

 

 

 

 

 

Bristol-Myers Squibb

 

 

4,000

 

 

87,680

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Road and Rail 2.7%

 

 

 

 

 

 

 

CSX

 

 

500

 

 

12,925

 

Union Pacific

 

 

700

 

 

28,777

 

 

 

 

 

 

    

 

 

 

 

 

 

 

41,702

 

 

 

 

 

 

    

 

Specialty Retail 7.1%

 

 

 

 

 

 

 

The Gap

 

 

4,500

 

 

58,455

 

Lowe’s

 

 

2,800

 

 

51,100

 

 

 

 

 

 

    

 

 

 

 

 

 

 

109,555

 

 

 

 

 

 

    

 

Tobacco 3.8%

 

 

 

 

 

 

 

Altria Group

 

 

1,400

 

 

22,428

 

Philip Morris International

 

 

1,000

 

 

35,580

 

 

 

 

 

 

    

 

 

 

 

 

 

 

58,008

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Total Common Stocks

 

 

 

 

 

1,449,003

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Money Market Fund 8.3%

 

 

 

 

 

 

 

SSgA U.S. Treasury Money Market Fund

 

 

128,067

 

 

128,067

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments 102.0%

 

 

 

 

 

1,577,070

 

 

 

 

 

 

 

 

 

Other Assets Less Liabilities (2.0)%

 

 

 

 

 

(31,383

)

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Net Assets 100.0%

 

 

 

 

$

1,545,687

 

 

 

 

 

 

    

 


 

 

 

 

 

 

 

 

Seligman Smaller-Cap Value Portfolio

 

 

 

 

 

 

 

 

 

 

Shares

 

Value

 

 

 

  

 

  

 

Common Stocks 100.0%

 

 

 

 

 

 

 

Aerospace and Defense 3.6%

 

 

 

 

 

 

 

Cubic

 

 

95,000

 

$

2,406,350

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Airlines 6.5%

 

 

 

 

 

 

 

Continental Airlines*

 

 

170,000

 

 

1,497,700

 

Delta Air Lines*

 

 

500,000

 

 

2,815,000

 

 

 

 

 

 

    

 

 

 

 

 

 

 

4,312,700

 

 

 

 

 

 

    

 

Beverages 1.3%

 

 

 

 

 

 

 

Central European Distribution*

 

 

80,000

 

 

860,800

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Chemicals 1.9%

 

 

 

 

 

 

 

Minerals Technologies

 

 

40,000

 

 

1,282,000

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Commercial Services and Supplies 5.1%

 

 

 

 

 

 

 

Brink’s

 

 

50,000

 

 

1,323,000

 

Waste Connections*

 

 

80,000

 

 

2,056,000

 

 

 

 

 

 

    

 

 

 

 

 

 

 

3,379,000

 

 

 

 

 

 

    

 

Communications Equipment 3.5%

 

 

 

 

 

 

 

F5 Networks*

 

 

110,000

 

 

2,304,500

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Computers and Peripherals 0.9%

 

 

 

 

 

 

 

Hypercom*

 

 

600,000

 

 

576,000

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Construction and Engineering 2.5%

 

 

 

 

 

 

 

Shaw Group*

 

 

60,000

 

 

1,644,600

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Containers and Packaging 1.2%

 

 

 

 

 

 

 

Owens-Illinois*

 

 

55,000

 

 

794,200

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Diversified Consumer Services 3.3%

 

 

 

 

 

 

 

Brink’s Home Security Holdings*

 

 

50,000

 

 

1,130,000

 

Sotheby’s Holdings (Class A)

 

 

120,000

 

 

1,080,000

 

 

 

 

 

 

    

 

 

 

 

 

 

 

2,210,000

 

 

 

 

 

 

    

 

Electrical Equipment 7.3%

 

 

 

 

 

 

 

Belden

 

 

85,000

 

 

1,063,350

 

EnerSys*

 

 

160,000

 

 

1,939,200

 

SunPower (Class B)

 

 

35,000

 

 

693,000

 

Thomas & Betts*

 

 

46,500

 

 

1,163,430

 

 

 

 

 

 

    

 

 

 

 

 

 

 

4,858,980

 

 

 

 

 

 

    

 

Energy Equipment and Services 2.7%

 

 

 

 

 

 

 

Exterran Holdings*

 

 

70,000

 

 

1,121,400

 

TETRA Technologies*

 

 

210,000

 

 

682,500

 

 

 

 

 

 

    

 

 

 

 

 

 

 

1,803,900

 

 

 

 

 

 

    

 

Food Products 1.4%

 

 

 

 

 

 

 

Smithfield Foods*

 

 

100,000

 

 

946,000

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Health Care Providers and Services 1.9%

 

 

 

 

 

 

 

WellCare Health Plans*

 

 

110,000

 

 

1,237,500

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Health Care Technology 2.2%

 

 

 

 

 

 

 

Eclipsys*

 

 

140,000

 

 

1,419,600

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Hotels, Restaurants and Leisure 10.0%

 

 

 

 

 

 

 

Panera Bread (Class A)*

 

 

45,000

 

 

2,515,500

 

Penn National Gaming*

 

 

90,000

 

 

2,173,500

 

Texas Roadhouse (Class A)*

 

 

200,000

 

 

1,906,000

 

 

 

 

 

 

    

 

 

 

 

 

 

 

6,595,000

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Insurance 17.2%

 

 

 

 

 

 

 

Aspen Insurance Holdings

 

 

120,000

 

 

2,695,200

 

W.R. Berkley

 

 

105,000

 

 

2,367,750

 

Endurance Specialty Holdings

 

 

50,000

 

 

1,247,000

 

Hanover Insurance Group

 

 

70,000

 

 

2,017,400

 

Infinity Property and Casualty

 

 

50,000

 

 

1,696,500

 

Lincoln National

 

 

200,000

 

 

1,338,000

 

 

 

 

 

 

    

 

 

 

 

 

 

 

11,361,850

 

 

 

 

 

 

    

 

IT Services 2.8%

 

 

 

 

 

 

 

CACI International (Class A)*

 

 

50,000

 

 

1,824,500

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Machinery 3.0%

 

 

 

 

 

 

 

Mueller Industries

 

 

90,000

 

 

1,952,100

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Multiline Retail 4.4%

 

 

 

 

 

 

 

Fred’s

 

 

260,000

 

 

2,932,800

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Personal Products 2.0%

 

 

 

 

 

 

 

Herbalife

 

 

90,000

 

 

1,348,200

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Professional Services 3.0%

 

 

 

 

 

 

 

School Specialty*

 

 

112,000

 

 

1,970,080

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Semiconductors and Semiconductor Equipment 5.6%

 

 

 

 

 

 

 

Cypress Semiconductor

 

 

200,000

 

 

1,354,000

 

ON Semiconductor

 

 

263,600

 

 

1,028,040

 

Varian Semiconductor Equipment Associates*

 

 

60,950

 

 

1,320,177

 

 

 

 

 

 

    

 

 

 

 

 

 

 

3,702,217

 

 

 

 

 

 

    

 

Software 6.3%

 

 

 

 

 

 

 

Lawson Software*

 

 

390,000

 

 

1,657,500

 

Quest Software*

 

 

200,000

 

 

2,536,000

 

 

 

 

 

 

    

 

 

 

 

 

 

 

4,193,500

 

 

 

 

 

 

    

 

Specialty Retail 0.4%

 

 

 

 

 

 

 

Pier 1 Imports*

 

 

480,500

 

 

269,080

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Total Common Stocks

 

 

 

 

 

66,185,457

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Money Market Fund 0.5%

 

 

 

 

 

 

 

SSgA U.S. Treasury Money Market Fund

 

 

321,003

 

 

321,003

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Total Investments 100.5%

 

 

 

 

 

66,506,460

 

 

 

 

 

 

 

 

 

Other Assets Less Liabilities (0.5)%

 

 

 

 

 

(326,737

)

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Net Assets 100.0%

 

 

 

 

$

66,179,723

 

 

 

 

 

 

    

 


 

 
 

 

 

 

 

 

  *

Non-income producing security.

 

 

**

Non-income producing security. Security in default.

 

 

  †

The security may be offered and sold only to “qualified institutional buyers” under Rule 144A of the Securities Act of 1933.

 

 

††

Investments in mortgage-backed, collateralized mortgage obligations and asset-backed securities are subject to principal paydowns. As a result of prepayments from refinancing or satisfaction of the underlying instruments, the average life may be less than the original maturity. This in turn may impact the ultimate yield realized from these investments.

 

 

  ø

Securities issued by these agencies are neither guaranteed nor insured by the US Government.

 

 

øø

The Equity-Linked Notes are exchangeable at maturity, based on the terms of the respective notes, for shares of common stock of a company or cash at a maturity value which is generally determined as follows:

 

 

 

The principal amount of the notes plus or minus the lowest return of the companies’ respective stock prices determined at maturity from the date of purchase of the notes:

 

 

 

 (a) Delta Air Lines, Intel and Mylan

 

 

 

 (b) Health Net, Kohl’s and Prudential Financial

 

 

  ‡

At March 31, 2009, these securities, with a total value of $195,087, were held as collateral for the TBA securities in the Investment Grade Fixed Income Portfolio.

 

 

  #

Floating rate security; the interest rate is reset periodically. The interest rate disclosed reflects the rate in effect at March 31, 2009.

 

 

##

STRIPS (Separate Trading of Registered Interest and Principal of Securities) Principal is purchased at a discount, receives no interest and receives a single payment at maturity.

ADR – American Depositary Receipts.

TBA – To-be-announced.


Seligman Portfolios, Inc.
Notes to Schedules of Investments (unaudited)
March 31, 2009

 

 

1.

Organization – Seligman Portfolios, Inc. (the “Fund”) is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end diversified management investment company consisting of nine separate portfolios (the “Portfolios”): Seligman Capital Portfolio (“Capital Portfolio”), Seligman Cash Management Portfolio (“Cash Management Portfolio”), Seligman Common Stock Portfolio (“Common Stock Portfolio”), Seligman Communications and Information Portfolio (“Communications and Information Portfolio”), Seligman Global Technology Portfolio (“Global Technology Portfolio”), Seligman International Growth Portfolio (“International Growth Portfolio”), Seligman Investment Grade Fixed Income Portfolio (“Investment Grade Portfolio”), Seligman Large-Cap Value Portfolio (“Large-Cap Value Portfolio”), and Seligman Smaller-Cap Value Portfolio (“Smaller-Cap Value Portfolio”), each designed to meet different investment goals. Shares of the Fund are provided as an investment medium for variable annuity and life insurance separate accounts offered by various insurance companies. Class 2 shares of the Communications and Information Portfolio are also offered to qualified pension or retirement plans.

 

 

2.

Security Valuation – Net asset value per share is calculated as of the close of business of the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time. Securities traded on an exchange are valued at the last sales price on the primary exchange or market on which they are traded. Fixed income securities not listed on an exchange or security market are valued by independent pricing services based on bid prices which consider such factors as coupons, maturities, credit ratings, liquidity, specific terms and features, and the US Treasury yield curve, or are valued by RiverSource Investments, LLC, the Fund’s investment manager (the “Manager”), based on quotations provided by primary market makers in such securities. Equity securities not listed on an exchange or security market, or equity securities for which there are no last sales price, are valued at the mean of the most recent bid and asked prices or are valued by the investment manager based on quotations provided by primary market makers in such securities. Notwithstanding these valuation methods, the Global Technology Portfolio and International Growth Portfolio may adjust the value of securities as described below in order to reflect the fair value of such securities.

 

 

 

Many securities markets and exchanges outside the US close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after the local market close but before the close of the NYSE. The Fund’s Board of Directors (the “Board”) approved fair value procedures under which a third-party pricing service on a regular basis recommends adjustments to the local closing prices of certain foreign equity securities. The adjustments are based on a statistical analysis of the historical relationship between the price movements of a security and independent variables such as US market movements, sector movements, movements in the ADR of a security (if any), and movements in country or regional exchange-traded funds or futures contracts. The factors used vary with each security, depending on which factors have been most important historically.

 

 

 

Other securities for which market quotations are not readily available (or are otherwise no longer valid or reliable) are valued at fair value determined in accordance with procedures approved by the Board. This can occur in event of, among other things, natural disasters, acts of terrorism, market disruptions, intra-day trading halts and extreme market volatility. The determination of fair value involves subjective judgments. As a result, using fair value to price a security may result in a price materially different from the prices used by other mutual funds to determine net asset value or the price that may be realized upon the actual sale of the security.

 

 

 

Short-term holdings that mature in 60 days or less are valued at current market quotations or amortized cost if the investment manager believes it approximates fair value. Short-term holdings that mature in more than 60 days are valued at current market quotations until the 60th day prior to maturity and are then valued as described above for securities maturing in 60 days or less. Investments in money market funds are valued at net asset value.



 

 

 

Investments held by the Cash Management Portfolio are generally valued using the amortized cost method in accordance with Rule 2a-7 of the 1940 Act, which approximates fair value.

 

 

3.

Fair Value Measurements – Statement of Financial Accounting Standards No. 157, “Fair Value Measurements,” establishes a three-tier hierarchy to classify the assumptions, referred to as inputs, used in valuation techniques (see Security Valuation above) to measure fair value of the Portfolios’ investments and other financial instruments. These inputs are summarized in three broad levels: Level 1 – quoted prices in active markets for identical investments or financial instruments; Level 2 – other significant observable inputs (including quoted prices in inactive markets or for similar investments or financial instruments, interest rates, prepayment speeds, credit risk, etc.); and Level 3 – significant unobservable inputs (including the Portfolios’ own assumptions in determining fair value).  Observable inputs are those based on market data obtained from sources independent of the Fund, and unobservable inputs reflect the Fund’s own assumptions based on the best information available.  The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.

 

 

 

The following is a summary of the value of the Portfolios’ investments and other financial instruments as of March 31, 2009 based on the level of inputs used:

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Capital
Portfolio

 

Cash
Management
Portfolio

 

Common
Stock
Portfolio

 
 

 

  

 

  

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Level 1 - Quoted Prices in Active Markets for Identical Investments

 

$

5,574,260

 

$

74,340

 

$

2,182,970

 

Level 2 - Other Significant Observable Inputs

 

 

—

 

 

8,001,683

 

 

5,913

 

Level 3 - Significant Unobservable Inputs

 

 

—

 

 

—

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

    

 

Total

 

$

5,574,260

 

$

8,076,023

 

$

2,188,883

 

 

 

    

 

    

 

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Communucations
and Information
Portfolio

Global Technology
Portfolio

 

 

 

  

 

  

 

Valuation Inputs

 

Investments

Other Financial Instruments*

Investments

 

Other Financial
Instruments*

 
 

 

  

 

  

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Level 1 - Quoted Prices in Active Markets for Identical Investments

 

$

33,075,235

—

  

 

$

3,285,945

 

 

—

 

Level 2 - Other Significant Observable Inputs

 

 

81,892

 $

(2,936

 )

 

 

472,230

 

$

(50

)

Level 3 - Significant Unobservable Inputs

 

 

—

—

 

 

—

 

 

—

 

 

 

 

 

      

 

 

 

 

 

 

 

 

 

    

 

    

 

    

 

Total

 

$ 

33,157,127

  

$ 

 (2,936 )

 

$ 

3,758,175

 

$ 

(50

)

 

 

    

 

    

 

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International
Growth
Portfolio

 

Investment Grade
Fixed Income
Portfolio

 

 

 

  

 

  

 

Valuation Inputs

 

Investments

 

Other Financial
Instruments*

 

Investments

 
 

 

  

 

  

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Level 1 - Quoted Prices in Active Markets for Identical Investments

 

$

193,476

 

 

—

 

$

523,502

 

Level 2 - Other Significant Observable Inputs

 

 

1,052,915

 

$

731

 

 

1,424,538

 

Level 3 - Significant Unobservable Inputs

 

 

—

 

 

—

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

    

 

Total

 

$

1,246,391

 

$

731

 

$

1,948,040

 

 

 

    

 

    

 

    

 


 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Large-Cap Value
Portfolio

 

Smaller-Cap Value
Portfolio

 
 

 

  

 

  

 

 

 

 

 

 

 

 

 

Level 1 - Quoted Prices in Active Markets for Identical Investments

 

$

1,577,070

 

$

66,506,460

 

Level 2 - Other Significant Observable Inputs

 

 

—

 

 

—

 

Level 3 - Significant Unobservable Inputs

 

 

—

 

 

—

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

Total

 

$

1,577,070

 

$

66,506,460

 

 

 

    

 

    

 

 

 

 
 

 

*

Represents foreign currency contracts, which are not reflected in the Schedules of Investments and which are valued at the net unrealized appreciation (depreciation) on each contract.

 

 

4.

Risk – The following risks apply to some or all of the Portfolios. A Portfolio may concentrate its investments in stocks of large-, medium- or small-capitalization companies. At times, one or more of these groups of stocks has experienced periods of volatility and negative performance. During such periods, the value of such stocks may decline and the performance of a Portfolio investing in such companies may be negatively affected. The products of technology companies may be subject to severe competition and rapid obsolescence, and technology stocks may be subject to greater price fluctuation, government regulation, and limited liquidity as compared to other investments. To the extent that a Portfolio invests a substantial percentage of its assets in an industry, the Portfolio’s performance may be negatively affected if that industry falls out of favor. A portfolio with fewer holdings may be subject to greater volatility than a portfolio with a greater number of holdings. There are specific risks associated with global investing, such as currency fluctuations, foreign taxation, differences in financial reporting practices, and rapid changes in political and economic conditions. US Government and fixed income securities are subject to interest rate risk, credit risk, prepayment risk and market risk. Securities that are not guaranteed by the US Government may have increased credit risk, including, but not limited to, the risk of non-payment of principal or interest. A Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. Continuing shifts in the market’s perception of credit quality on securities backed by commercial and residential mortgage loans and other financial assets may result in increased volatility of market prices and periods of illiquidity that can negatively impact the valuation of certain issues held by such Portfolio. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults.

 

 

5.

At March 31, 2009, the cost of investments for federal income tax purposes, and the tax basis gross and net unrealized appreciation and depreciation of portfolio securities, including the effect of foreign currency translations, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio

 

Tax Basis
Cost

 

Gross
Unrealized
Appreciation

 

Gross
Unrealized
Depreciation

 

Net Unrealized
Appreciation
(Depreciation)

 
                   

 

Capital

 

$

6,634,380

 

$

256,951

 

$

1,317,071

 

$

(1,060,120

)

Cash Management

 

 

8,076,023

 

 

—

 

 

—

 

 

—

 

Common Stock

 

 

2,753,720

 

 

66,833

 

 

631,670

 

 

(564,837

)

Communications and Information

 

 

41,781,440

 

 

624,267

 

 

9,251,516

 

 

(8,627,249

)

Global Technology

 

 

4,702,487

 

 

102,533

 

 

1,046,895

 

 

(944,362

)

International Growth

 

 

1,337,808

 

 

23,541

 

 

114,227

 

 

(90,686

)

Investment Grade

 

 

2,005,701

 

 

33,956

 

 

91,617

 

 

(57,661

)

Large-Cap Value

 

 

2,108,578

 

 

116,558

 

 

648,066

 

 

(531,508

)

Smaller-Cap Value

 

 

104,768,199

 

 

4,352,066

 

 

42,613,805

 

 

(38,261,739

)



 

 

ITEM 2.

CONTROLS AND PROCEDURES.

 

 

 

 

a.

The registrant’s principal executive officer and principal financial officer have concluded, based upon their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant in the report it files or submits on Form N-Q is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms and that such material information is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, as appropriate, in order to allow timely decisions regarding required disclosure.

 

 

 

 

b.

The registrant’s principal executive officer and principal financial officer are aware of no changes 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.

 

 

 

 

(a)

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.


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.

 

 

 

SELIGMAN PORTFOLIOS, INC.
 

 

 

By:

/S/ PATRICK T. BANNIGAN

 

 

  

 

 

PATRICK T. BANNIGAN

 

President and Chief Executive Officer

 

 

Date: 

May 26, 2009

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 in the capacities and on the dates indicated.

 

 

 
  
 

By:

/S/ PATRICK T. BANNIGAN

 

 

  

 

 

PATRICK T. BANNIGAN

 

President and Chief Executive Officer

 

 

Date: 

May 26, 2009

 

 

 
 
 

By:

/S/ LAWRENCE P. VOGEL

 

 

  

 

 

Lawrence P. Vogel

 

Treasurer and Chief Financial Officer

 

 

Date: 

May 26, 2009


SELIGMAN PORTFOLIOS, INC.

EXHIBIT INDEX

 

 

(a)

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.