-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ByXJsgtNy0qmru7u9hZYZzQlBVew32inkXRc2/YLoHy3RpgJPihVIXYe6P1i0vBe v7jSrGHbXKFs+23XUKBgUQ== 0001145443-04-001417.txt : 20040903 0001145443-04-001417.hdr.sgml : 20040903 20040903132510 ACCESSION NUMBER: 0001145443-04-001417 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20040630 FILED AS OF DATE: 20040903 DATE AS OF CHANGE: 20040903 EFFECTIVENESS DATE: 20040903 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SELIGMAN TIME HORIZON/HARVESTER SERIES INC CENTRAL INDEX KEY: 0001092633 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09545 FILM NUMBER: 041016180 BUSINESS ADDRESS: STREET 1: 100 PARK AVE STREET 2: 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2128501864 MAIL ADDRESS: STREET 1: 100 PARK AVENUE, STREET 2: 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: SELIGMAN TIME HORIZON HARVESTER SERIES INC DATE OF NAME CHANGE: 19990805 N-CSRS 1 d15026_timehorizonharvester.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-9545

Seligman Time Horizon/Harvester Series, Inc.
(Exact name of Registrant as specified in charter)

100 Park Avenue
New York, New York 10017
(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:

06/30/04

FORM N-CSR

ITEM 1.

REPORTS TO STOCKHOLDERS.

 

SELIGMAN TIME HORIZON/HARVESTER SERIES, INC.
Semi-Annual Report June 30, 2004

message

 

 

 

 

 

Seligman

 

140 Years of Investment Experience

 

J. & W. Seligman & Co. Incorporated is a firm with a long tradition of investment expertise, offering a broad array of investment choices to help today’s investors seek their long-term financial goals.

 

 

 

Established in 1864, Seligman has a history of providing financial services marked not by fanfare, but rather by a quiet and firm adherence to financial prudence. While the world has changed dramatically in the 140 years since Seligman first opened its doors, the firm has continued to offer its clients high-quality investment solutions through changing times.

 

 

 

In the late 19th century, as the country grew, Seligman helped finance the westward expansion of the railroads, the construction of the Panama Canal, and the launching of urban transit systems. In the early 20th century, the firm helped fund the growing capital needs of new industries, including the nascent automobile and steel industries.

 

 

 

With the formation of Tri-Continental Corporation in 1929 — today, one of the nation’s largest diversified publicly-traded closed-end equity investment companies —Seligman began shifting its emphasis to investment management. In 1930, Seligman established what would be the first in an impressive lineup of mutual funds.

 

 

 

Seligman is proud of its distinctive past and of the traditional values that continue to shape the firm’s business decisions and investment judgment. While much has changed over the years, the firm’s commitment to providing prudent investment management that seeks to build wealth for clients over time is an enduring value that will continue to guide Seligman.

 

 

 

 

 

 

 

 

 

 

 

 

 

Table of Contents

 

 

 

 

 

 

 

To The Shareholders

1

 

 

 

 

 

 

Benchmark Descriptions

2

 

 

 

 

 

 

Index and
Average Returns

3

 

 

 

 

 

 

Performance Overview

4

 

 

 

 

 

 

Portfolios of Investments

9

 

 

 

 

 

 

Statements of Assets
and Liabilities

11

 

 

 

 

 

 

Statements of
Operations

13

 

 

 

 

 

 

Statements of
Changes in Net Assets

14

 

 

 

 

 

 

Notes to Financial
Statements

16

 

 

 

 

 

 

Financial Highlights

25

 

 

 

 

 

 

Board of Directors and
Executive Officers

35

 

 

 

 

 

 

For More Information

back
cover

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

To The Shareholders

 

Your mid-year shareholder report for Seligman Time Horizon/Harvester Series, Inc. follows this letter. This report contains the Series’ investment results, portfolios of investments, and financial statements.

 

 

 

For the six months ended June 30, 2004, based on the net asset value of Class A shares, Seligman Time Horizon 30 Fund posted a total return of 6.16%, Time Horizon 20 Fund returned 6.00%, Time Horizon 10 Fund returned 4.52%, and Harvester Fund returned 3.32%.

 

 

 

We appreciate your continued support of Seligman Time Horizon/ Harvester Series, Inc. and look forward to serving your investment needs for many years to come.

 

 

 

By Order of the Board of Directors,

 

 

 

message

 

William C. Morris
President

 

message

 

Brian T. Zino
Chairman

 

 

 

 

 

August 13, 2004

1

 

Benchmark Descriptions

Composite indices and averages were created by J. & W. Seligman & Co. Incorporated (the “Manager”) using widely recognized indices and established Lipper averages. These benchmarks were selected because the Manager believes they correlate, based on asset class, to the underlying Seligman Funds in which each Fund invests. The benchmarks use the same allocations to each asset class targeted by each Fund in the Seligman Time Horizon/Harvester Series. These benchmarks are used in the tables that follow. All benchmarks exclude the effects of taxes and sales charges. The composite indices also exclude the effects of fees. Investors cannot invest directly in a composite index or average.

COMPOSITE INDICES

The Horizon 30 Composite Index consists of the following indices: 30% Russell 2000 Index (US Small-Cap Stocks), 30% Russell Midcap Index (US Midcap Stocks), 10% Standard & Poor’s 500 “S&P 500” Composite Stock Index (US Large-Cap Stocks), 15% Citigroup Broad Market Less Than US $2 Billion Index (International Small-Company Stocks), 10% Morgan Stanley Capital International “MSCI” Emerging Markets Free “EMF” Index (Emerging Market Stocks), 5% MSCI Europe Australasia Far East “EAFE” Index (International Large-Cap Stocks).

The Horizon 20 Composite Index consists of the following indices: 25% Russell 2000 Index, 25% Russell Midcap Index, 20% S&P 500, 10% Citigroup Broad Market Less Than US $2 Billion Index, 10% MSCI Emerging Markets Free Index, 10% MSCI EAFE Index.

The Horizon 10 Composite Index consists of the following indices: 15% Russell 2000 Index, 25% Russell Mid-cap Index, 20% S&P 500, 5% Citigroup Broad Market Less Than US $2 Billion Index, 5% MSCI Emerging Markets Free Index, 10% MSCI EAFE Index, 15% Citigroup High Yield Market Index (High-Yield Corporate Bonds), 5% Lehman Brothers Government/Credit Bond Index (Investment-Grade Corporate Bonds).

The Harvester Composite Index consists of the following indices: 10% Russell Midcap Index, 35% S&P 500, 15% MSCI EAFE Index, 15% Citigroup High Yield Market Index, 15% Lehman Brothers Government/ Credit Bond Index, 10% Lehman Brothers Government Bond Index (US Government Securities).

LIPPER COMPOSITE AVERAGES

The Lipper Composite Average for Time Horizon 30 Fund consists of the following Lipper Averages: 3% Small Cap Growth Funds Average, 13% Small Cap Value Funds Average, 16% Science & Technology Funds Average, 22% Mid Cap Growth Funds Average, 3% Large Cap Growth Funds Average, 3% Large Cap Value Funds Average, 10% Emerging Markets Funds Average, 25% Global Small Companies Funds Average, 5% International Funds Average.

The Lipper Composite Average for Time Horizon 20 Fund consists of the following Lipper Averages: 3% Small Cap Growth Funds Average, 12% Small Cap Value Funds Average, 10% Science & Technology Funds Average, 20% Mid Cap Growth Funds Average, 9% Large Cap Growth Funds Average, 9% Large Cap Value Funds Average, 10% Emerging Markets Funds Average, 17% Global Small Companies Funds Average, 10% International Funds Average.

The Lipper Composite Average for Time Horizon 10 Fund consists of the following Lipper Averages: 3% Small Cap Growth Funds Average, 6% Small Cap Value Funds Average, 10% Science & Technology Funds Average, 20% Mid Cap Growth Funds Average, 9% Large Cap Growth Funds Average, 9% Large Cap Value Funds Average, 5% Emerging Markets Funds Average, 8% Global Small Companies Funds Average, 10% International Funds Average, 15% High Current Yield Funds Average, 5% Corporate Debt Funds BBB-Rated Average.

The Lipper Composite Average for Harvester Fund consists of the following Lipper Averages: 10% Mid Cap Growth Funds Average, 11% Large Cap Growth Funds Average, 11% Large Cap Value Funds Average, 11% Large Cap Core Funds Average, 5% Global Funds Average, 12% International Funds Average, 15% High Current Yield Funds Average, 15% Corporate Debt Funds BBB-Rated Average, 10% General US Government Bond Funds Average.

2

 

Index and Average Returns (unaudited)

 

 

 

 

 

Average Annual

 

 

 

 

 

 

For Periods Ended June 30, 2004

 

Six
Months*

 

One
Year

 

Since
Inception
1/10/00

 

Russell 2000 Index

 

 

6.76

%

 

33.37

%

 

5.10

%

Russell Midcap Index

 

 

6.67

 

 

29.39

 

 

5.56

 

S&P 500

 

 

3.44

 

 

19.11

 

 

(3.90

)

Citigroup Broad Market Less Than US $2 Billion Index

 

 

9.61

 

 

40.93

 

 

7.73

 

Citigroup High Yield Market Index

 

 

1.19

 

 

10.35

 

 

5.90

†

MSCI EAFE Index

 

 

4.86

 

 

32.85

 

 

3.19

 

MSCI EMF Index

 

 

(0.78

)

 

33.51

 

 

(1.10

)

Lehman Brothers Government Bond Index

 

 

(0.13

)

 

(1.36

)

 

7.57

 

Lehman Brothers Government/Credit Bond Index

 

 

(0.19

)

 

(0.72

)

 

7.99

 

Lipper Small Cap Growth Funds Average

 

 

3.32

 

 

27.08

 

 

(3.15

)ø

Lipper Small Cap Value Funds Average

 

 

8.15

 

 

34.15

 

 

15.43

ø

Lipper Science & Technology Funds Average

 

 

0.71

 

 

25.55

 

 

(18.53

)ø

Lipper Mid Cap Growth Funds Average

 

 

4.53

 

 

22.64

 

 

(6.02

)ø

Lipper Large Cap Growth Funds Average

 

 

2.35

 

 

15.56

 

 

(9.70

)ø

Lipper Large Cap Value Funds Average

 

 

3.24

 

 

19.20

 

 

1.68

ø

Lipper Large Cap Core Funds Average

 

 

2.03

 

 

16.13

 

 

(5.39

)ø

Lipper Emerging Markets Funds Average

 

 

(1.28

)

 

32.75

 

 

(0.47

)ø

Lipper Global Small Companies Funds Average

 

 

5.27

 

 

33.30

 

 

6.59

ø

Lipper Global Funds Average

 

 

2.98

 

 

23.45

 

 

1.95

ø

Lipper International Funds Average

 

 

3.63

 

 

28.57

 

 

1.38

ø

Lipper High Current Yield Funds Average

 

 

1.16

 

 

9.66

 

 

3.61

ø

Lipper General US Governement Bond Average

 

 

(0.32

)

 

(1.42

)

 

6.55

ø

Lipper Corporate Debt BBB-Rated Funds Average

 

 

(0.26

)

 

1.18

 

 

7.21

ø

   * Not annualized.

   † From December 31, 1999.

   ø From January 13, 2000.

3

 

Performance Overview (unaudited)
Seligman Time Horizon 30 Fund

Investment Results

Total Returns
For Periods Ended June 30, 2004

 

 

 

 

Average Annual

 

 

 

 

 

 

 

Six Months*

 

One Year

 

Since Inception†

 

Class A**

 

 

 

 

 

 

 

 

 

 

With Sales Charge

 

 

 

1.17

%

 

 

 

23.82

%

 

 

 

(3.65

)%

 

Without Sales Charge

 

 

 

6.16

 

 

 

 

29.96

 

 

 

 

(2.59

)

 

Class B**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

With CDSC***

 

 

 

0.61

 

 

 

 

23.92

 

 

 

 

(3.88

)

 

Without CDSC

 

 

 

5.61

 

 

 

 

28.92

 

 

 

 

(3.25

)

 

Class C**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

With Sales Charge and CDSC

 

 

 

3.48

 

 

 

 

26.52

 

 

 

 

(3.52

)

 

Without Sales Charge and CDSC

 

 

 

5.61

 

 

 

 

28.92

 

 

 

 

(3.31

)

 

Class D**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

With 1% CDSC

 

 

 

4.61

 

 

 

 

27.92

 

 

 

 

n/a

 

 

Without CDSC

 

 

 

5.61

 

 

 

 

28.92

 

 

 

 

(3.31

)

 

Benchmarks

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Horizon 30 Composite Index(1)

 

 

 

5.98

 

 

 

 

31.87

 

 

 

 

10.87

 

 

Horizon 30 Lipper Composite Average(1)

 

 

 

3.81

 

 

 

 

28.39

 

 

 

 

(1.33

)

 

S&P 500(2)

 

 

 

3.44

 

 

 

 

19.11

 

 

 

 

(3.90

)

 

Net Asset Value Per Share

 

 

6/30/04

 

12/31/03

 

6/30/03

 

Class A

 

$6.03

 

$5.68

 

$4.64

     

Class B

 

  5.84

 

  5.53

 

  4.53

 

Class C

 

  5.84

 

  5.53

 

  4.53

 

Class D

 

  5.84

 

  5.53

 

  4.53

 

See footnotes on page 8.

4

 

Performance Overview (unaudited)
Seligman Time Horizon 20 Fund

Investment Results

Total Returns
For Periods Ended June 30, 2004

 

 

 

 

 

Average Annual

 

 

 

 

 

 

 

 

Six Months*

 

One Year

 

Since Inception†

 

Class A**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

With Sales Charge

 

 

 

1.01

%

 

 

 

22.90

%

 

 

 

(3.71

)%

 

Without Sales Charge

 

 

 

6.00

 

 

 

 

28.97

 

 

 

 

(2.65

)

 

Class B**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

With CDSC***

 

 

 

0.46

 

 

 

 

23.10

 

 

 

 

(4.01

)

 

Without CDSC

 

 

 

5.46

 

 

 

 

28.10

 

 

 

 

(3.39

)

 

Class C**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

With Sales Charge and CDSC

 

 

 

3.34

 

 

 

 

25.71

 

 

 

 

(3.65

)

 

Without Sales Charge and CDSC

 

 

 

5.46

 

 

 

 

28.10

 

 

 

 

(3.44

)

 

Class D**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

With 1% CDSC

 

 

 

4.46

 

 

 

 

27.10

 

 

 

 

n/a

 

 

Without CDSC

 

 

 

5.46

 

 

 

 

28.10

 

 

 

 

(3.44

)

 

Benchmarks

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Horizon 20 Composite Index(1)

 

 

 

5.41

 

 

 

 

30.24

 

 

 

 

5.25

 

 

Horizon 20 Lipper Composite Average(1)

 

 

 

3.69

 

 

 

 

26.91

 

 

 

 

(1.06

)

 

S&P 500(2)

 

 

 

3.44

 

 

 

 

19.11

 

 

 

 

(3.90

)

 

Net Asset Value Per Share

 

 

6/30/04

 

12/31/03

 

6/30/03

 

Class A

 

$6.01

 

$5.67

 

$4.64

    

Class B

 

  5.79

 

  5.49

 

  4.53

 

Class C

 

  5.79

 

  5.49

 

  4.53

 

Class D

 

  5.79

 

  5.49

 

  4.53

 

See footnotes on page 8.

5

 

Performance Overview (unaudited)
Seligman Time Horizon 10 Fund

Investment Results

Total Returns
For Periods Ended June 30, 2004

        Average Annual
       

 

 

Six Months*

 

One Year

 

Since Inception†

 

Class A**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

With Sales Charge

 

 

 

(0.52

)%

 

 

 

17.40

%

 

 

 

(3.79

)%

 

Without Sales Charge

 

 

 

4.52

 

 

 

 

23.37

 

 

 

 

(2.73

)

 

Class B**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

With CDSC***

 

 

 

(0.80

)

 

 

 

17.52

 

 

 

 

(4.09

)

 

Without CDSC

 

 

 

4.20

 

 

 

 

22.52

 

 

 

 

(3.48

)

 

Class C**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

With Sales Charge and CDSC

 

 

 

2.09

 

 

 

 

20.23

 

 

 

 

(3.66

)

 

Without Sales Charge and CDSC

 

 

 

4.20

 

 

 

 

22.52

 

 

 

 

(3.45

)

 

Class D**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

With 1% CDSC

 

 

 

3.20

 

 

 

 

21.52

 

 

 

 

n/a

 

 

Without CDSC

 

 

 

4.20

 

 

 

 

22.52

 

 

 

 

(3.51

)

 

Benchmarks

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Horizon 10 Composite Index(1)

 

 

 

4.47

 

 

 

 

24.70

 

 

 

 

9.84

 

 

Horizon 10 Lipper Composite Average(1)

 

 

 

2.95

 

 

 

 

21.74

 

 

 

 

(1.02

)

 

Lehman Brothers Government/Credit Bond Index(2)

 

 

 

(0.19

)

 

 

 

(0.72

)

 

 

 

7.99

 

 

S&P 500(2)

 

 

 

3.44

 

 

 

 

19.11

 

 

 

 

(3.90

)

 

Net Asset Value Per Share

 

 

6/30/04

 

12/31/03

 

6/30/03

 

Class A

 

$5.78

 

$5.53

 

$4.72

     

Class B

 

  5.70

 

  5.47

 

  4.66

 

Class C

 

  5.70

 

  5.47

 

  4.66

 

Class D

 

  5.70

 

  5.47

 

  4.66

 

6

 

Performance Overview (unaudited)
Seligman Harvester Fund

Investment Results

Total Returns
For Periods Ended June 30, 2004

 

 

 

 

 

Average Annual

 

 

 

 

 

 

 

 

Six Months*

 

One Year

 

Since Inception†

 

Class A**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

With Sales Charge

 

 

 

(1.66

)%

 

 

 

9.93

%

 

 

 

(4.62

)%

 

Without Sales Charge

 

 

 

3.32

 

 

 

 

15.40

 

 

 

 

(3.56

)

 

Class B**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

With CDSC***

 

 

 

(2.05

)

 

 

 

9.56

 

 

 

 

(4.90

)

 

Without CDSC

 

 

 

2.95

 

 

 

 

14.56

 

 

 

 

(4.32

)

 

Class C**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

With Sales Charge and CDSC

 

 

 

0.96

 

 

 

 

12.35

 

 

 

 

(4.56

)

 

Without Sales Charge and CDSC

 

 

 

2.95

 

 

 

 

14.56

 

 

 

 

(4.35

)

 

Class D**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

With 1% CDSC

 

 

 

1.95

 

 

 

 

13.56

 

 

 

 

n/a

 

 

Without CDSC

 

 

 

2.95

 

 

 

 

14.56

 

 

 

 

(4.35

)

 

Benchmarks

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Harvester Composite Index(1)

 

 

 

2.74

 

 

 

 

15.86

 

 

 

 

3.28

 

 

Harvester Lipper Composite Average(1)

 

 

 

1.98

 

 

 

 

13.95

 

 

 

 

(0.67

)

 

Lehman Brothers Government/Credit Bond Index(2)

 

 

 

(0.19

)

 

 

 

(0.72

)

 

 

 

7.99

 

 

S&P 500(2)

 

 

 

3.44

 

 

 

 

19.11

 

 

 

 

(3.90

)

 

Net Asset Value Per share

 

Dividends Per Share and Yield Information

 

 

6/30/04

 

12/31/03

 

6/30/03

 

For the Six Months Ended June 30, 2004

 

 

 

 

 

 

 

 

Dividends Paidø

 

SEC Yields‡

 

Class A

 

 

$    

5.26

 

 

 

$    

5.13

 

 

 

$

4.63

 

 

 

$

0.040

 

 

 

1.33

%

 

Class B

 

 

 

5.26

 

 

 

 

5.13

 

 

 

 

4.63

 

 

 

 

0.021

 

 

 

0.65

 

 

Class C

 

 

 

5.26

 

 

 

 

5.13

 

 

 

 

4.63

 

 

 

 

0.021

 

 

 

0.65

 

 

Class D

 

 

 

5.26

 

 

 

 

5.13

 

 

 

 

4.63

 

 

 

 

0.021

 

 

 

0.65

 

 

Class R

 

 

 

5.26

 

 

 

 

5.13

 

 

 

 

4.63

 

 

 

 

0.021

 

 

 

0.65

 

 

(Continued on next page.)

7

 

Performance Overview (unaudited)

The rates of return will vary and the principal value of an investment will fluctuate. Shares, if redeemed, may be worth more or less than their original cost. Performance data quoted does not reflect the deduction of taxes that an investor may pay on Fund distributions or the redemption of Fund shares. Performance data quoted represents past performance.Past performance is not indicative of future investment results. Current performance may be higher or lower than the performance shown.

The Manager made payments to certain of the underlying Seligman Funds in which each Fund invests in May 2004. Absent such payments, returns for each class of shares that include this period would have been lower. The Manager is voluntarily waiving its investment management fee and reimbursing a portion of the Fund’s expenses, other than distribution and service fees, that exceed 0.50% per annum of the Fund’s average daily net assets through December 31, 2004. Absent such waivers and reimbursements, the Fund’s returns would have been lower.

 

*

Returns for periods of less than one year are not annualized.

 

**

Return figures reflect any change in price per share and assume the investment of dividend and capital gain distributions. Return figures for Class A shares are calculated with and without the effect of the initial 4.75% maximum sales charge. Returns for Class B shares are calculated with and without the effect of the maximum 5% contingent deferred sales charge (“CDSC”), charged on redemptions made within one year of the date of purchase, declining to 1% in the sixth year and 0% thereafter. Returns for Class C shares are calculated with and without the effect of the initial 1% maximum sales charge and the 1% CDSC, charged on redemptions made within 18 months of the date of purchase. Returns for Class D shares are calculated with and without the effect of the 1% CDSC, charged on redemptions made within one year of the date of purchase.

 

***

The CDSC is 5% for periods of one year or less and 3% since inception.

 

†

Commencement of investment operations for Class A shares was 1/10/00. Class A share returns were computed from the commencement of investment operations. Class B, C, and D shares were offered to the public on 1/10/00, but were first issued at the dates indicated below. Total returns for Class B, C, and D shares of the Fund have been computed from the commencement of investment operations and incorporate the total return of Class A shares of the Fund from the commencement of investment operations through the initial issuance date of each of the other classes of shares, adjusted to reflect the higher expenses associated with the Administration, Shareholder Services and Distribution Plan for those classes that would have been incurred had they first been issued on the commencement of investment operations date. The total returns of Class B, C, and D shares from their individual initial issuance dates would be different, and may be lower, than those shown above. See the Financial Highlights table beginning on page 25 for total returns for each class of shares from their individual initial issuance dates.

 

 

Class B

Class C

Class D

 

 

Time Horizon 30 Fund

4/24/00

2/8/00

2/14/00

 

Time Horizon 20 Fund

3/21/00

1/18/00

1/21/00

 

Time Horizon 10 Fund

2/18/00

3/6/00

2/15/00

 

Harvester Fund

2/17/00

1/18/00

2/29/00

 

ø

Represents the per share amount paid or declared for the year ended June 30, 2004.

 

(1)

See page 2 for benchmark descriptions.

 

(2)

The Lehman Brothers Government/Credit Bond Index and the S&P 500 are unmanaged benchmarks that assume reinvestment of distributions and exclude the effect of taxes, fees and sales charges. Investors cannot invest directly in an index.

 

‡

Current yield, representing the annualized yield for the 30-day period ended June 30, 2004, has been computed in accordance with SEC regulations and will vary. During the period, the Manager waived its fees and reimbursed other expenses. Without these waivers/reimbursements, the yields would be as follows:

 

Class A

Class B

Class C

Class D

 

 

1.11%

0.42%

0.42%

0.43%

8

 

Portfolios of Investments  (unaudited)
June 30, 2004

Seligman Time Horizon 30 Fund

 

 

Shares

 

Value

 

Domestic Equity Funds 58.8%

 

 

 

 

 

 

 

 

Seligman Capital Fund*

 

 

91,305

 

$

1,717,447

 

Seligman Communications and Information Fund*

 

 

51,045

 

 

1,244,987

 

Seligman Frontier Fund*

 

 

18,959

 

 

236,419

 

Seligman Growth Fund*

 

 

61,046

 

 

228,922

 

Seligman Large-Cap Value Fund

 

 

22,075

 

 

234,878

 

Seligman Small-Cap Value Fund*

 

 

65,786

 

 

1,017,052

 

 

 

 

 

 

 

 

4,679,705

 

 

 

 

 

 

 

 

 

 

Global Equity Funds 39.6%

 

 

 

 

 

 

 

 

Seligman Emerging Markets Fund*

 

 

111,765

 

 

789,061

 

Seligman Global Smaller Companies Fund*

 

 

144,898

 

 

1,963,368

 

Seligman International Growth Fund*

 

 

33,699

 

 

396,974

 

 

 

 

 

 

 

 

3,149,403

 

 

Total Investments (Cost $7,149,048) 98.4%

 

 

 

 

 

7,829,108

 

 

Other Assets Less Liabilities 1.6%

 

 

 

 

 

130,659

 

 

Net Assets 100.0%

 

 

 

 

$

7,959,767

 

 

Seligman Time Horizon 20 Fund

 

 

Shares

 

Value

 

Domestic Equity Funds 61.6%

 

 

 

 

 

 

 

 

Seligman Capital Fund*

 

 

175,185

 

$

3,295,230

 

Seligman Communications and Information Fund*

 

 

67,548

 

 

1,647,496

 

Seligman Frontier Fund*

 

 

39,758

 

 

495,782

 

Seligman Growth Fund*

 

 

394,676

 

 

1,480,035

 

Seligman Large-Cap Value Fund

 

 

139,161

 

 

1,480,673

 

Seligman Small-Cap Value Fund*

 

 

129,020

 

 

1,994,649

 

 

 

 

 

 

 

 

10,393,865

 

 

 

 

 

 

 

 

 

 

Global Equity Funds 36.4%

 

 

 

 

 

 

 

 

Seligman Emerging Markets Fund*

 

 

234,807

 

 

1,657,737

 

Seligman Global Smaller Companies Fund*

 

 

207,065

 

 

2,805,731

 

Seligman International Growth Fund*

 

 

141,676

 

 

1,668,943

 

 

 

 

 

 

 

 

6,132,411

 

 

Total Investments (Cost $16,237,497) 98.0%

 

 

 

 

 

16,526,276

 

 

Other Assets Less Liabilities 2.0%

 

 

 

 

 

330,807

 

 

Net Assets 100.0%

 

 

 

 

$

16,857,083

 

 

* Non-incoming producing security; security has paid or may pay capital gain distributions.
See Notes to Financial Statements.

9

 

Portfolios of Investments (unaudited)
June 30, 2004

Seligman Time Horizon 10 Fund

 

 

Shares

 

Value

 

Domestic Equity Funds 55.8%

 

 

 

 

 

 

 

 

Seligman Capital Fund*

 

 

203,947

 

$

3,836,243

 

Seligman Communications and Information Fund*

 

 

78,448

 

 

1,913,347

 

Seligman Frontier Fund*

 

 

46,318

 

 

577,585

 

Seligman Growth Fund*

 

 

455,955

 

 

1,709,831

 

Seligman Large-Cap Value Fund

 

 

162,437

 

 

1,728,330

 

Seligman Small-Cap Value Fund*

 

 

73,799

 

 

1,140,932

 

 

 

 

 

 

 

 

10,906,268

 

 

Global Equity Funds 22.7%

 

 

 

 

 

 

 

 

Seligman Emerging Markets Fund*

 

 

137,218

 

 

968,759

 

Seligman Global Smaller Companies Fund*

 

 

113,243

 

 

1,534,443

 

Seligman International Growth Fund*

 

 

163,974

 

 

1,931,614

 

 

 

 

 

 

 

 

4,434,816

 

 

Fixed-Income Funds 19.4%

 

 

 

 

 

 

 

 

Seligman High-Yield Bond Series

 

 

839,020

 

 

2,844,278

 

Seligman Investment Grade Fixed Income Fund

 

 

132,002

 

 

945,136

 

 

 

 

 

 

 

 

3,789,414

 

 

Total Investments (Cost $19,292,012) 97.9%

 

 

 

 

 

19,130,498

 

 

Other Assets Less Liabilities 2.1%

 

 

 

 

 

416,727

 

 

Net Assets 100.0%

 

 

 

 

$

19,547,225

 

 

Seligman Harvester Fund

 

 

Shares

 

Value

 

Domestic Equity Funds 42.5%

 

 

 

 

 

 

Seligman Capital Fund*

 

 

84,772

 

$

1,594,561

 

Seligman Common Stock Fund*

 

 

159,589

 

 

1,728,349

 

Seligman Growth Fund*

 

 

458,591

 

 

1,719,716

 

Seligman Large-Cap Value Fund

 

 

166,822

 

 

1,774,986

 

 

 

 

 

 

 

 

6,817,612

 

 

Global Equity Funds 17.4%

 

 

 

 

 

 

 

 

Seligman Global Growth Fund*

 

 

111,168

 

 

818,196

 

Seligman International Growth Fund*

 

 

168,152

 

 

1,980,831

 

 

 

 

 

 

 

 

2,799,027

 

 

Fixed-Income Funds 39.0%

 

 

 

 

 

 

 

 

Seligman High-Yield Bond Series

 

 

693,245

 

 

2,350,101

 

Seligman Investment Grade Fixed Income Fund

 

 

328,685

 

 

2,353,385

 

Seligman U.S. Government Securities Series

 

 

220,849

 

 

1,561,402

 

 

 

 

 

 

 

 

6,264,888

 

 

Total Investments (Cost $16,379,581) 98.9%

 

 

 

 

 

15,881,527

 

 

Other Assets Less Liabilities 1.1%

 

 

 

 

 

175,179

 

 

Net Assets 100.0%

 

 

 

 

$

16,056,706

 

 

* Non-incoming producing security; security has paid or may pay capital gain distributions.
See Notes to Financial Statements.

10

 

Statements of Assets and Liabilities (unaudited)
June 30, 2004

 

 

Seligman
Time Horizon
30 Fund

 

Seligman
Time Horizon
20 Fund

 

Seligman
Time Horizon
10 Fund

 

Seligman
Harvester
Fund

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Underlying Funds, at value
(see portfolios of investments)

 

$

7,829,108

 

$

16,526,276

 

$

19,130,498

 

$

15,881,527

 

Cash

 

 

130,073

 

 

408,311

 

 

414,779

 

 

227,072

 

Receivable for Capital Stock sold

 

 

20,246

 

 

15,148

 

 

52,452

 

 

15,328

 

Prepaid registration fees

 

 

20,146

 

 

22,164

 

 

21,997

 

 

21,907

 

Dividends receivable

 

 

—

 

 

—

 

 

8,904

 

 

10,380

 

Receivable from Manager (Note 4)

 

 

3,800

 

 

—

 

 

—

 

 

—

 

Other

 

 

391

 

 

738

 

 

868

 

 

887

 

 

Total Assets:

 

 

8,003,764

 

 

16,972,637

 

 

19,629,498

 

 

16,157,101

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable for Capital Stock repurchased

 

 

22,414

 

 

17,660

 

 

27,572

 

 

65,790

 

Payable for investments purchased

 

 

2,283

 

 

68,745

 

 

20,780

 

 

—

 

Dividends payable

 

 

—

 

 

—

 

 

—

 

 

4,695

 

Distribution and service fees payable

 

 

3,073

 

 

6,895

 

 

8,819

 

 

8,697

 

Payable to Manager (Note 4)

 

 

—

 

 

390

 

 

1,057

 

 

214

 

Accrued expenses and other

 

 

16,227

 

 

21,864

 

 

24,045

 

 

20,999

 

 

Total Liabilities

 

 

43,997

 

 

115,554

 

 

82,273

 

 

100,395

 

 

Net Assets

 

$

7,959,767

 

$

16,857,083

 

$

19,547,225

 

$

16,056,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Composition of Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Stock, at $0.001 par value:

 

 

 

 

 

 

 

 

 

 

 

 

 

     Class A

 

$

540

 

$

971

 

$

972

 

$

757

 

     Class B

 

 

301

 

 

655

 

 

790

 

 

805

 

     Class C

 

 

391

 

 

1,020

 

 

1,335

 

 

1,193

 

     Class D

 

 

113

 

 

227

 

 

319

 

 

297

 

Additional paid-in capital

 

 

7,537,719

 

 

17,169,370

 

 

22,442,445

 

 

18,287,186

 

Undistributed/accumulated net investment
income (loss)

 

 

(37,609

)

 

(79,838

)

 

23,495

 

 

(1,633

)

Accumulated net realized loss

 

 

(221,748

)

 

(524,101

)

 

(2,760,617

)

 

(1,733,845

)

Net unrealized appreciation (depreciation)
of investments

 

 

680,060

 

 

288,779

 

 

(161,514

)

 

(498,054

)

 

Net Assets

 

$

7,959,767

 

$

16,857,083

 

$

19,547,225

 

$

16,056,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

$

3,256,400

 

$

5,835,115

 

$

5,621,486

 

$

3,982,044

 

Class B

 

 

1,759,799

 

 

3,796,602

 

 

4,501,771

 

 

4,232,503

 

Class C

 

 

2,281,506

 

 

5,907,711

 

 

7,607,180

 

 

6,277,987

 

Class D

 

 

662,062

 

 

1,317,655

 

 

1,816,788

 

 

1,564,172

 

 

(Continued on page 12.)

11

 

Statements of Assets and Liabilities (unaudited)
June 30, 2004

 

 

 

Seligman
Time Horizon
30 Fund

 

 

Seligman
Time Horizon
20 Fund

 

 

Seligman
Time Horizon
10 Fund

 

 

Seligman
Harvester
Fund

 

Shares of Capital Stock Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

540,324

 

 

971,056

 

 

971,900

 

 

756,962

 

Class B

 

 

301,233

 

 

655,206

 

 

789,996

 

 

804,596

 

Class C

 

 

390,526

 

 

1,019,541

 

 

1,334,911

 

 

1,193,484

 

Class D

 

 

113,333

 

 

227,393

 

 

318,809

 

 

297,358

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

$

6.03

 

$

6.01

 

$

5.78

 

$

5.26

 

Class B

 

$

5.84

 

$

5.79

 

$

5.70

 

$

5.26

 

Class C

 

$

5.84

 

$

5.79

 

$

5.70

 

$

5.26

 

Class D

 

$

5.84

 

$

5.79

 

$

5.70

 

$

5.26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Underlying Funds, at cost

 

$

7,149,048

 

$

16,237,497

 

$

19,292,012

 

$

16,379,581

 

 

See Notes to Financial Statements.

12

 

Statements of Operations(unaudited)

For the Six Months Ended June 30, 2004

 

 

Seligman
Time Horizon
30 Fund

 

Seligman
Time Horizon
20 Fund

 

Seligman
Time Horizon
10 Fund

 

Seligman
Harvester
Fund

 

 

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends from Underlying Funds

 

$

—

 

$

—

 

$

120,400

 

$

146,806

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Registration

 

 

25,328

 

 

26,557

 

 

27,226

 

 

26,601

 

Distribution and service fees

 

 

17,133

 

 

38,993

 

 

49,143

 

 

45,191

 

Audit and legal fees

 

 

6,397

 

 

9,320

 

 

9,849

 

 

9,588

 

Management fees

 

 

3,730

 

 

7,741

 

 

9,016

 

 

7,776

 

Directors’ fees and expenses

 

 

2,733

 

 

2,759

 

 

2,859

 

 

2,859

 

Shareholder reports and communications

 

 

1,907

 

 

1,458

 

 

3,665

 

 

3,038

 

Shareholder account services

 

 

1,820

 

 

3,795

 

 

4,635

 

 

5,055

 

Custody and related services

 

 

1,618

 

 

1,443

 

 

1,158

 

 

1,278

 

Miscellaneous

 

 

1,670

 

 

36

 

 

1,597

 

 

461

 

Total Expenses Before Waiver/Reimbursement

 

 

62,336

 

 

92,102

 

 

109,148

 

 

101,847

 

 

Waiver/reimbursement of expenses (Note 4)

 

 

(26,283

)

 

(13,836

)

 

(13,826

)

 

(16,782

)

 

Total Expenses After Waiver/Reimbursement

 

 

36,053

 

 

78,266

 

 

95,322

 

 

85,065

 

 

Net Investment Income (Loss)

 

 

(36,053

)

 

(78,266

)

 

25,078

 

 

61,741

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Realized and Unrealized Gain (Loss)
on Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized loss on investments

 

 

(53,866

)

 

(39,141

)

 

—

 

 

(166,017

)

Net change in unrealized appreciation/depreciation
of investments

 

 

514,644

 

 

960,637

 

 

698,588

 

 

565,822

 

 

Net Gain on Investments

 

 

460,778

 

 

921,496

 

 

698,588

 

 

399,805

 

 

Increase in Net Assets from Operations

 

$

424,725

 

$

843,230

 

$

723,666

 

$

461,546

 

 

See Notes to Financial Statements.

13

 

Statements of Changes in Net Assets
 (unaudited)

 

 

Seligman
Time Horizon 30 Fund

 

Seligman
Time Horizon 20 Fund

 

 

 

 

 

 

 

Six Months
Ended
6/30/04

 

Year Ended
12/31/03

 

Six Months
Ended
6/30/04

 

Year Ended
12/31/03

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment loss

 

 

$  (36,053

)

 

$  (51,232

)

$  (78,266

)

$  (107,160

)

Net realized loss on investments and distributions
from Underlying Funds

 

 

(53,866

)

 

(167,882

)

 

(39,141

)

 

(48,397

)

Net change in unrealized appreciation/depreciation
of investments

 

 

514,644

 

 

2,055,324

 

 

960,637

 

 

3,932,438

 

 

Increase in Net Assets from Operations

 

 

424,725

 

 

1,836,210

 

 

843,230

 

 

3,776,881

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from sales of shares

 

 

1,459,231

 

 

1,570,854

 

 

1,526,177

 

 

2,973,683

 

Exchanged from associated funds

 

 

271,214

 

 

453,916

 

 

1,594,838

 

 

845,465

 

Total

 

 

1,730,445

 

 

2,024,770

 

 

3,121,015

 

 

3,819,148

 

Cost of shares repurchased

 

 

(1,009,593

)

 

(835,559

)

 

(1,536,566

)

 

(2,401,227

)

Exchanged into associated funds

 

 

(171,398

)

 

(381,492

)

 

(89,460

)

 

(255,549

)

 

Total

 

 

(1,180,991

)

 

(1,217,051

)

 

(1,626,026

)

 

(2,656,776

)

 

Increase in Net Assets from Capital Share
Transactions

 

 

549,454

 

 

807,719

 

 

1,494,989

 

 

1,162,372

 

 

Increase in Net Assets

 

 

974,179

 

 

2,643,929

 

 

2,338,219

 

 

4,939,253

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

6,985,588

 

 

4,341,659

 

 

14,518,864

 

 

9,579,611

 

 

End of Period*

 

 

$  7,959,767

 

 

$  6,985,588

 

 

$  16,857,083

 

 

$  14,518,864

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Including undistributed/accumulated net investment 
   income (loss) as follows:

 

 

$  (37,609

)

 

$  (1,556

)

 

$  (79,838

)

 

$  (1,572

)

See Notes to Financial Statements.

14

 

Statements of Changes in Net Assets
 (unaudited)

 

 

Seligman
Time Horizon 10 Fund

 

Seligman
Harvester Fund

 

 

 

 

 

 

 

Six Months
Ended
6/30/04

 

Year Ended
12/31/03

 

Six Months
Ended
6/30/04

 

Year Ended
12/31/03

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

25,078

 

$

40,550

 

$

61,741

 

$

124,379

 

Net realized loss on investments and distributions
from Underlying Funds

 

 

—

 

 

(1,706,996

)

 

(166,017

)

 

(316,843

)

Net change in unrealized depreciation of investments

 

 

698,588

 

 

5,408,198

 

 

565,822

 

 

2,827,868

 

 

Increase in Net Assets from Operations

 

 

723,666

 

 

3,741,752

 

 

461,546

 

 

2,635,404

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to Shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income:

 

 

 

 

 

 

 

 

 

 

 

 

 

     Class A

 

 

—

 

 

(29,507

)

 

(25,723

)

 

(39,597

)

     Class B

 

 

—

 

 

(6,747

)

 

(17,327

)

 

(29,963

)

     Class C

 

 

—

 

 

(10,716

)

 

(26,397

)

 

(51,067

)

     Class D

 

 

—

 

 

(2,245

)

 

(5,733

)

 

(10,159

)

 

Decrease in Net Assets from Distributions

 

 

—

 

 

(49,215

)

 

(75,180

)

 

(130,786

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from sales of shares

 

 

3,351,726

 

 

2,801,522

 

 

1,730,840

 

 

1,695,882

 

Exchanged from associated funds

 

 

1,338,558

 

 

1,121,482

 

 

1,140,761

 

 

2,720,233

 

Investment of dividends

 

 

—

 

 

46,590

 

 

65,541

 

 

100,618

 

 

Total

 

 

4,690,284

 

 

3,969,594

 

 

2,937,142

 

 

4,516,733

 

 

Cost of shares repurchased

 

 

(1,793,724

)

 

(3,905,659

)

 

(2,036,067

)

 

(3,266,536

)

Exchanged into associated funds

 

 

(509,590

)

 

(540,936

)

 

(543,611

)

 

(927,825

)

 

Total

 

 

(2,303,314

)

 

(4,446,595

)

 

(2,579,678

)

 

(4,194,361

)

 

Increase (Decrease) in Net Assets from Capital Share
Transactions

 

 

2,386,970

 

 

(477,001

)

 

357,464

 

 

322,372

 

 

Increase in Net Assets

 

 

3,110,636

 

 

3,215,536

 

 

743,830

 

 

2,826,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

16,436,589

 

 

13,221,053

 

 

15,312,876

 

 

12,485,886

 

 

End of Period*

 

$

19,547,225

 

$

16,436,589

 

$

16,056,706

 

$

15,312,876

 

 

* Including undistributed/accumulated net investment income
   (loss) as follows:

 

$

23,495

 

$

(1,583

)

$

(1,633

)

$

11,806

 

See Notes to Financial Statements.

15

 

Notes to Financial Statements (unaudited)

1.

Multiple Classes of Shares — Seligman Time Horizon/Harvester Series, Inc. (the “Series”) consists of four separate funds: Seligman Time Horizon 30 Fund (“Time Horizon 30 Fund”), Seligman Time Horizon 20 Fund (“Time Horizon 20 Fund”), Seligman Time Horizon 10 Fund (“Time Horizon 10 Fund”), and Seligman Harvester Fund (“Harvester Fund”). Each Fund invests in a combination of Class A shares of other Seligman mutual funds (the “Underlying Funds”).

 

 

 

Each Fund of the Series offers four classes of shares — Class A shares, Class B shares, Class C shares, and Class D shares. Class A shares are sold with an initial sales charge of up to 4.75%. Class A shares purchased in an amount of $1,000,000 or more are sold without an initial sales charge but are subject to a contingent deferred sales charge (“CDSC”) of 1% on redemptions within 18 months of purchase.

 

 

 

Class B shares are sold without an initial sales charge but are subject to a distribution fee of 0.75% on an annual basis, and a CDSC, if applicable, of 5% on redemptions in the first year of purchase, declining to 1% in the sixth year and 0% thereafter. Class B shares will automatically convert to Class A shares approximately eight years after the initial date of purchase.

 

 

 

Class C shares are sold primarily with an initial sales charge of up to 1% and a CDSC, if applicable, of 1% imposed on redemptions made within 18 months of purchase. Effective November 25, 2003, shares purchased through certain financial intermediaries may be bought without an initial sales charge and with a 1% CDSC on redemptions made within 12 months of purchase. All Class C shares are subject to a distribution fee of up to 0.75% on an annual basis.

 

 

 

Class D shares are sold without an initial sales charge but are subject to a distribution fee of up to 0.75% on an annual basis, and a CDSC, if applicable, of 1% imposed on redemptions made within one year of purchase.

 

 

 

The four classes of shares for each Fund represent interests in the same portfolio of investments, have the same rights and are generally identical in all respects except that each class bears its separate distribution and certain other class-specific expenses, and has exclusive voting rights with respect to any matter on which a separate vote of any class is required.

 

 

2.

Significant Accounting Policies — The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results may differ from these estimates. These unaudited interim financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim period presented. All such adjustments are of a normal recurring nature. The following summarizes the significant accounting policies of the Series:

 

 

 

a.

Security Valuation — Underlying Funds owned by a Fund are valued at their respective net asset values. Securities for which market quotations are not readily available are valued at fair value determined in accordance with procedures approved by the Board of Directors. This can occur in the event of, among other things, natural disasters, acts of terrorism, market disruptions, intra-day trading halts, and extreme market volatility in the US markets. Short-term holdings maturing in 60 days or less are valued at amortized cost.

 

 

 

 

b.

Federal Taxes — Each Fund in the Series has elected to be taxed as a regulated investment company and intends to distribute substantially all taxable net income and net gain realized.

 

 

 

 

c.

Security Transactions and Related Investment Income —Investment transactions are recorded on trade dates. Identified cost of investments sold is used for both financial statement and federal income

16

 

Notes to Financial Statements (unaudited)

 

 

tax purposes. Dividends receivable and payable are recorded on ex-dividend dates. Interest income is recorded on an accrual basis.

 

 

 

 

d.

Multiple Class Allocations — Each Fund’s income, expenses (other than class-specific expenses), and realized and unrealized gains or losses are allocated daily to each class of shares of that Fund based upon the relative value of the shares of each class. Class-specific expenses, which include distribution and service fees and any other items that are specifically attributed to a particular class, are charged directly to such class. For the six months ended June 30, 2004, distribution and service fees were the only class-specific expenses.

 

 

 

 

e.

Distributions to Shareholders —The treatment for financial statement purposes of distributions made to shareholders during the year from net investment income or net realized gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense, or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of any Fund of the Series.

 

 

 

3.

Purchases and Sales of Securities —Purchases and sales of portfolio securities (underlying funds), excluding short-term investments, for the six months ended June 30, 2004, were as follows:

Fund

Purchases

 

Sales

Time Horizon 30 Fund

$

441,761

      

$

219,544

Time Horizon 20 Fund

 

1,601,145

 

 

166,727

Fund

Purchases

 

Sales

Time Horizon 10 Fund

$

2,449,610

      

$

—

Harvester Fund

 

753,284

 

 

531,112




 

At June 30, 2004, the cost of investments for federal income tax purposes, and the tax basis gross unrealized appreciation and depreciation of portfolio securities were as follows:

 

Fund

 

Cost

 

Total
Unrealized
Appreciation

 

Total
Unrealized
Depreciation

 

 

 

 

Time Horizon 30 Fund

 

$

7,149,048

 

$

804,250

 

$

124,191

 

 

Time Horizon 20 Fund

 

 

16,250,547

 

 

1,145,523

 

 

869,795

 

 

Time Horizon 10 Fund

 

 

19,597,143

 

 

833,711

 

 

1,300,356

 

 

Harvester Fund

 

 

16,855,690

 

 

501,604

 

 

1,475,768

 

 

The tax basis cost was greater than the cost for financial reporting purposes primarily due to the tax deferral of losses on wash sales of $13,050, $305,131, and $476,109 for Time Horizon 20 Fund, Time Horizon 10 Fund, and Harvester Fund, respectively.

 

 

4.

Management Fee, Distribution Services, and Other Transactions —The Manager manages the affairs of the Series and provides the necessary personnel and facilities. Compensation of all officers of the Series, all directors of the Series who are employees of the Manager, and all personnel of the Series and the Manager is paid by the Manager. The Manager receives a fee, calculated daily and payable monthly, equal to 0.10% per annum of each Fund’s average daily net assets. The Manager has voluntarily undertaken to waive its management fee and reimburse each Fund’s expenses, other than distribution and service fees, that exceed 0.50% per annum of the Fund’s average daily net assets through December 31, 2004. The Manager has contractually undertaken to waive its management fee and/or to reimburse each Fund’s expenses, other than distribution and service fees, that exceed 0.75% per annum of average daily net assets from January 1, 2005 through December 31, 2010.

17

 

Notes to Financial Statements (unaudited)

 

For the six months ended June 30, 2004, the amount of expenses waived and reimbursed by the Manager and the amount receivable from or payable to the Manager at June 30, 2004 were as follows:

 

Fund

 

Waiver and
Reimbursements

 

Receivable
from
Manager

 

Payable to
Manager

 

 

 

 

Time Horizon 30 Fund

 

 

$

26,283

 

 

 

$

3,800

 

 

 

$

—

 

 

 

Time Horizon 20 Fund

 

 

 

13,836

 

 

 

 

—

 

 

 

 

390

 

 

 

Time Horizon 10 Fund

 

 

 

13,826

 

 

 

 

—

 

 

 

 

1,057

 

 

 

Harvester Fund

 

 

 

16,782

 

 

 

 

—

 

 

 

 

214

 

 

 

Seligman Advisors, Inc. (the “Distributor”), agent for the distribution of the Series’ shares and an affiliate of the Manager, received the following concessions for sales of Class A shares after commissions were paid to dealers for sales of Class A and Class C shares:

Fund

Distributor
Concessions

 

Dealer
Commissions

Time Horizon 30 Fund

$2,895

 

      

$24,513

Time Horizon 20 Fund

  2,280

 

 

  21,295

Fund

Distributor
Concessions

 

Dealer
Commissions

Time Horizon 10 Fund

$4,964

      

$45,886

Harvester Fund

  4,217

 

  34,215





 

Each Fund of the Series has an Administration, Shareholder Services and Distribution Plan (the “Plan”) with respect to distribution of its shares. Under the Plan, with respect to Class A, Class B, Class C, and Class D shares, service organizations can enter into agreements with the Distributor and receive a continuing fee (12b-1 fee) of up to 0.25% per annum of the average daily net assets attributable to the particular service organizations for providing personal services and/or the maintenance of shareholder accounts. To avoid any duplication of the 12b-1 fee, the 12b-1 fees to be paid by each class of a Fund will be reduced by the dollar amount of any 12b-1 fees paid by the Underlying Funds with respect to shares owned by the Fund.

 

 

 

For the six months ended June 30, 2004, 12b-1 fees incurred by the Time Horizon 30 Fund, Time Horizon 20 Fund, Time Horizon 10 Fund, and the Harvester Fund (net of 12b-1 fees paid by underlying funds), aggregated $113, $170, $169, and $74, respectively, or 0.01% per annum of the average daily net assets of Class A shares.

 

 

 

With respect to Class C and Class D shares, service organizations may receive up to 0.75% per annum of the average daily net assets for providing other distribution assistance. Such fees are paid monthly by the Funds to the Distributor pursuant to the Plan.

 

 

 

With respect to Class B shares, a distribution fee of 0.75% per annum of the average daily net assets is payable monthly by the Funds to the Distributor; however, the Distributor has sold its rights to this fee to third parties (the “Purchasers”), which provide funding to the Distributor to enable it to pay commissions to dealers at the time of the sale of the related Class B shares.

 

 

 

For the six months ended June 30, 2004, the 12b-1 fees and distribution fees incurred under the Plan (net of 12b-1 fees paid by Underlying Funds), and their equivalent per annum percentage of the average daily net assets of Class B, Class C, and Class D shares, were as follows:

 

Fund

 

Class B

 

Class C

 

Class D

 

Fee Rate

 

 

 

 

Time Horizon 30 Fund

 

$

6,380

 

$

8,027

 

$

2,613

 

 

0.75

%

 

Time Horizon 20 Fund

 

 

12,701

 

 

21,405

 

 

4,717

 

 

0.75

 

 

Time Horizon 10 Fund

 

 

16,364

 

 

26,571

 

 

6,039

 

 

0.75

 

 

Harvester Fund

 

 

16,198

 

 

23,721

 

 

5,198

 

 

0.75

 

18

 

Notes to Financial Statements (unaudited)

 

The Distributor is entitled to retain any CDSC imposed on certain redemptions of Class A, Class C and Class D shares. For the six months ended June 30, 2004, such charges amounted to $469 for Time Horizon 30 Fund, $1,363 for Time Horizon 20 Fund, $1,094 for Time Horizon 10 Fund and $490 for Harvester Fund.

 

 

 

The Distributor has sold its rights to the Purchasers to collect any CDSC imposed on redemptions of Class B shares. In connection with the sale of its rights to collect any CDSC and the distribution fees with respect to Class B shares described above, the Distributor receives payments from the Purchasers based on the value of Class B shares sold. The aggregate of such payments retained by the Distributor for the six months ended June 30, 2004, were as follows:

Fund

Amount

   Fund

 Amount
 

Time Horizon 30 Fund

$

1,366

       Time Horizon 10 Fund $

 1,525

Time Horizon 20 Fund

 

1,030

   Harvester Fund  

 413




 


Seligman Services, Inc., an affiliate of the Manager, is eligible to receive commissions from certain sales of shares of the Series, as well as distribution and service fees pursuant to the Plan. For the six months ended June 30, 2004, Seligman Services, Inc. received commissions from the sale of shares of each Fund and distribution and service fees, pursuant to the Plan, as follows:

Fund

Commissions

 

Distribution and
Service Fees

   Fund Commissions  

 Distribution and
Service Fees
 

Time Horizon 30 Fund

$235

      

$352

      

Time Horizon 10 Fund

$281

      

$175

Time Horizon 20 Fund

  168

 

  436

  

Harvester Fund

  298

 

  208





 

Seligman Data Corp., which is owned by certain associated investment companies, charged the Series at cost the following amounts for shareholder account services in accordance with a methodology approved by the Series’ directors:

Fund

Amount

 

 Fund Amount

 

Time Horizon 30 Fund

$1,820

     

Time Horizon 10 Fund

$4,635

Time Horizon 20 Fund

  3,795

 

Harvester Fund

  5,055




 

Certain officers and directors of the Series are officers or directors of the Manager, the Distributor, Seligman Services, Inc., and/or Seligman Data Corp.

 

 

 

The Series has a compensation arrangement under which directors who receive fees may elect to defer receiving such fees. Directors may elect to have their deferred fees accrue interest or earn a return based on the performance of selected Funds of the Series or other funds in the Seligman Group of Investment Companies. Deferred fees and related accrued earnings are not deductible by the Fund for federal income tax purposes until such amounts are paid. The cost of such fees and earnings/loss accrued theron is included in directors’ fees and expenses, and the accumulated balances thereof at June 30, 2004, included in other liabilities, were as follows:

Fund

Amount

 

 Fund Amount

 

Time Horizon 30 Fund

$1,605

     

Time Horizon 10 Fund

$1,632

Time Horizon 20 Fund

  1,621

 

Harvester Fund

  1,628





19

 

Notes to Financial Statements (unaudited)

5.

Capital Loss Carryforward —At December 31, 2003, each Fund had net capital loss carry forwards for federal income tax purposes which are available for offset against future taxable net capital gains as follows:

 

 

 

Expiration

 

2009

 

2010

 

2011

 

Total

 

 

 

 

Time Horizon 30 Fund

 

 

 

 

 

 

 

$

167,882

 

$

167,882

 

 

Time Horizon 20 Fund

 

 

 

 

 

 

 

 

471,909

 

 

471,909

 

 

Time Horizon 10 Fund

 

 

 

 

$

33,400

 

 

1,535,611

 

 

2,469,011

 

 

Harvester Fund

 

$

262,299

 

 

 

 

 

874,015

 

 

1,136,312

 

 

Accordingly, no capital gains distributions are expected to be paid to shareholders of these Funds until net capital gains have been realized in excess of the available capital loss carryforward.

 

 

6.

Other Matters — The circumstances described below relate to certain regulatory matters affecting certain of the Seligman registered investment companies (“Seligman Funds”). Although Seligman Time Horizon/ Harvester Series did not receive any payments directly from the Manager, the Series does invest in certain of the Seligman Funds that were affected and received payments from the Manager.

 

 

 

The Manager has conducted an extensive internal review in response to developments regarding disruptive or illegal trading practices within the mutual fund industry. As of September 2003, the Manager had one arrangement that permitted frequent trading in the Seligman Funds. This arrangement was in the process of being closed down by the Manager before the first proceedings relating to trading practices within the mutual fund industry were publicly announced. Based on a review of the Manager’s records for 2001 through 2003, the Manager identified three other arrangements that had permitted frequent trading in the Seligman Funds. All three already had been terminated prior to the end of September 2002. The Securities and Exchange Commission (the “SEC”), the NASD and the Attorney General of the State of New York also are reviewing these matters.

 

 

 

The Manager has also reviewed its practice of placing some of the Seligman Funds’ orders to buy and sell portfolio securities with brokerage firms in recognition of their sales of Seligman Funds. This practice is permissible when done properly; however, the Manager believes that it may have violated applicable requirements for certain of such orders as a result of compensation arrangements the Manager had with certain brokerage firms. The Manager discontinued this practice entirely in October 2003. The Manager is confident that the execution of all such orders was consistent with its best execution obligations and that the Seligman Funds did not pay higher brokerage commissions than they would otherwise have paid for comparable transactions. The Manager has also responded fully to information requests from the SEC and the NASD relating to the Manager’s use of revenue sharing and fund portfolio brokerage commissions and will continue to provide additional information if, and as, requested.

 

 

 

The results of the Manager’s internal reviews were presented to the Independent Directors of the Seligman Funds. In order to resolve matters with the Independent Directors relating to the four arrangements involving frequent trading the Manager has made payments to three funds and has agreed to waive a portion of its management fee with respect to another fund. In order to resolve matters with the Independent Directors with regard to portfolio brokerage commissions, the Manager has made payments to each of twenty-four funds in an amount equal to the commissions paid by each such fund during the period from 1998 through 2003 to certain brokerage firms in recognition of sales of fund shares.

20

 

Notes to Financial Statements (unaudited)

7.

Capital Stock Share Transactions — The Board of Directors, at its discretion, may classify any unissued shares of Capital Stock among any Fund of the Series. At June 30, 2004, 4,000,000,000 shares were authorized for the Series, all at a par value of $0.001 per share. Transactions in shares of Capital Stock were as follows:

 

Time Horizon 30 Fund

 

Six Months Ended
June 30, 2004

 

Year Ended
December 31, 2003

 

 

 

 

Class A

 

Shares

 

Amount

 

Shares

 

Amount

 

 

 

 

Sales of shares

 

 

95,752

 

$

561,452

 

 

131,701

 

$

618,274

 

 

Exchanged from associated funds

 

 

27,552

 

 

163,942

 

 

63,463

 

 

324,395

 

 

Converted from Class B*

 

 

—

 

 

2

 

 

—

 

 

—

 

 

 

 

Total

 

 

123,304

 

 

725,396

 

 

195,164

 

 

942,669

 

 

 

 

Shares repurchased

 

 

(53,986

)

 

(318,896

)

 

(26,461

)

 

(121,333

)

 

Exchanged into associated funds

 

 

(4,575

)

 

(28,000

)

 

(68,817

)

 

(323,590

)

 

 

 

Total

 

 

(58,561

)

 

(346,896

)

 

(95,278

)

 

(444,923

)

 

 

 

Increase

 

 

64,743

 

$

378,500

 

 

99,886

 

$

497,746

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class B

 

Shares

 

Amount

 

Shares

 

Amount

 

 

 

 

Sales of shares

 

 

67,107

 

$

390,728

 

 

86,220

 

$

392,342

 

 

Exchanged from associated funds

 

 

13,608

 

 

77,880

 

 

15,638

 

 

72,430

 

 

 

 

Total

 

 

80,715

 

 

468,608

 

 

101,858

 

 

464,772

 

 

 

 

Shares repurchased

 

 

(34,946

)

 

(201,049

)

 

(28,285

)

 

(133,690

)

 

Exchanged into associated funds

 

 

(13,976

)

 

(81,388

)

 

(5,920

)

 

(26,094

)

 

Converted to Class A*

 

 

—

 

 

(2

)

 

—

 

 

—

 

 

 

 

Total

 

 

(48,922

)

 

(282,439

)

 

(34,205

)

 

(159,784

)

 

 

 

Increase

 

 

31,793

 

$

186,169

 

 

67,653

 

$

304,988

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C

 

Shares

 

Amount

 

Shares

 

Amount

 

 

 

 

Sales of shares

 

 

77,288

 

$

442,537

 

 

83,458

 

$

377,835

 

 

Exchanged from associated funds

 

 

781

 

 

4,500

 

 

2,568

 

 

13,442

 

 

 

 

Total

 

 

78,069

 

 

447,037

 

 

86,026

 

 

391,277

 

 

 

 

Shares repurchased

 

 

(61,434

)

 

(358,590

)

 

(114,495

)

 

(544,149

)

 

Exchanged into associated funds

 

 

(3,345

)

 

(19,854

)

 

(7,127

)

 

(29,760

)

 

 

 

Total

 

 

(64,779

)

 

(378,444

)

 

(121,622

)

 

(573,909

)

 

 

 

Increase (decrease)

 

 

13,290

 

$

68,593

 

 

(35,596

)

$

(182,632

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class D

 

Shares

 

Amount

 

Shares

 

Amount

 

 

 

 

Sales of shares

 

 

11,218

 

$

64,514

 

 

39,170

 

$

182,403

 

 

Exchanged from associated funds

 

 

4,355

 

 

24,892

 

 

8,003

 

 

43,649

 

 

 

 

Total

 

 

15,573

 

 

89,406

 

 

47,173

 

 

226,052

 

 

 

 

Shares repurchased

 

 

(22,378

)

 

(131,058

)

 

(7,793

)

 

(36,387

)

 

Exchanged into associated funds

 

 

(7,693

)

 

(42,156

)

 

(512

)

 

(2,048

)

 

 

 

Total

 

 

(30,071

)

 

(173,214

)

 

(8,305

)

 

(38,435

)

 

 

 

Increase (decrease)

 

 

(14,498

)

$

(83,808

)

 

38,868

 

$

187,617

 

 

See footnote on page 24.

21

 

Notes to Financial Statements (unaudited)

 

Time Horizon 20 Fund

 

Six Months Ended
June 30, 2004

 

Year Ended
December 31, 2003

 

 

 

 

Class A

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

 

Sales of shares

 

 

96,340

 

$

572,457

 

 

179,991

 

$

846,219

 

 

Exchanged from associated funds

 

 

144,217

 

 

850,313

 

 

104,852

 

 

520,780

 

 

 

 

Total

 

 

240,557

 

 

1,422,770

 

 

284,843

 

 

1,366,999

 

 

 

 

Shares repurchased

 

 

(79,268

)

 

(466,029

)

 

(85,211

)

 

(414,748

)

 

Exchanged into associated funds

 

 

(11,062

)

 

(65,109

)

 

(32,039

)

 

(139,096

)

 

 

 

Total

 

 

(90,330

)

 

(531,138

)

 

(117,250

)

 

(553,844

)

 

 

 

Increase

 

 

150,227

 

$

891,632

 

 

167,593

 

$

813,155

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class B

 

Shares

 

Amount

 

Shares

 

Amount

 

 

 

 

Sales of shares

 

 

49,888

 

$

285,845

 

 

169,840

 

$

737,420

 

 

Exchanged from associated funds

 

 

85,542

 

 

489,952

 

 

25,375

 

 

125,649

 

 

 

 

Total

 

 

135,430

 

 

775,797

 

 

195,215

 

 

863,069

 

 

 

 

Shares repurchased

 

 

(15,125

)

 

(85,943

)

 

(39,785

)

 

(188,534

)

 

Exchanged into associated funds

 

 

(1,921

)

 

(10,371

)

 

(8,346

)

 

(36,159

)

 

 

 

Total

 

 

(17,046

)

 

(96,314

)

 

(48,131

)

 

(224,693

)

 

 

 

Increase

 

 

118,384

 

$

679,483

 

 

147,084

 

$

638,376

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C

 

Shares

 

Amount

 

Shares

 

Amount

 

 

 

 

Sales of shares

 

 

102,208

 

$

587,271

 

 

269,329

 

$

1,197,233

 

 

Exchanged from associated funds

 

 

9,913

 

 

56,084

 

 

25,549

 

 

128,492

 

 

 

 

Total

 

 

112,121

 

 

643,355

 

 

294,878

 

 

1,325,725

 

 

 

 

Shares repurchased

 

 

(127,705

)

 

(739,669

)

 

(347,569

)

 

(1,529,054

)

 

Exchanged into associated funds

 

 

(1,846

)

 

(10,765

)

 

(11,805

)

 

(48,604

)

 

 

 

Total

 

 

(129,551

)

 

(750,434

)

 

(359,374

)

 

(1,577,658

)

 

 

 

Decrease

 

 

(17,430

)

$

(107,079

)

 

(64,496

)

$

(251,933

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class D

 

Shares

 

Amount

 

Shares

 

Amount

 

 

 

 

Sales of shares

 

 

14,193

 

$

80,604

 

 

44,113

 

$

192,811

 

 

Exchanged from associated funds

 

 

34,651

 

 

198,489

 

 

14,344

 

 

70,544

 

 

 

 

Total

 

 

48,844

 

 

279,093

 

 

58,457

 

 

263,355

 

 

 

 

Shares repurchased

 

 

(42,543

)

 

(244,925

)

 

(62,098

)

 

(268,891

)

 

Exchanged into associated funds

 

 

(549

)

 

(3,215

)

 

(8,084

)

 

(31,690

)

 

 

 

Total

 

 

(43,092

)

 

(248,140

)

 

(70,182

)

 

(300,581

)

 

 

 

Increase (decrease)

 

 

5,752

 

$

30,953

 

 

(11,725

)

$

(37,226

)

 

 

See footnote on page 24.

22

 

Notes to Financial Statements (unaudited)

Time Horizon 10 Fund

 

Six Months Ended
June 30, 2004

 

Year Ended
December 31, 2003

 

 

Class A

 

Shares

 

Amount

 

Shares

 

Amount

 

 

Sales of shares

 

 

209,065

 

$

1,188,414

 

 

224,022

 

$

1,075,623

 

Exchanged from associated funds

 

 

102,581

 

 

591,693

 

 

74,693

 

 

363,261

 

Converted from Class B*

 

 

8,148

 

 

46,461

 

 

—

 

 

—

 

Shares issued in payment of dividends

 

 

—

 

 

—

 

 

5,324

 

 

28,621

 

 

Total

 

 

319,794

 

 

1,826,568

 

 

304,039

 

 

1,467,505

 

 

Shares repurchased

 

 

(98,324

)

 

(563,301

)

 

(125,746

)

 

(552,128

)

Exchanged into associated funds

 

 

(47,371

)

 

(270,515

)

 

(7,047

)

 

(30,935

)

 

Total

 

 

(145,695

)

 

(833,816

)

 

(132,793

)

 

(583,063

)

 

Increase

 

 

174,099

 

$

992,752

 

 

171,246

 

$

884,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class B

 

Shares

 

Amount

 

Shares

 

Amount

 

 

Sales of shares

 

 

77,202

 

$

435,589

 

 

122,441

 

$

571,419

 

Exchanged from associated funds

 

 

44,246

 

 

250,500

 

 

38,900

 

 

189,631

 

Shares issued in payment of dividends

 

 

—

 

 

—

 

 

1,096

 

 

5,845

 

 

Total

 

 

121,448

 

 

686,089

 

 

162,437

 

 

766,895

 

 

Shares repurchased

 

 

(65,095

)

 

(367,894

)

 

(137,961

)

 

(628,749

)

Exchanged into associated funds

 

 

(11,747

)

 

(66,159

)

 

(17,789

)

 

(74,711

)

Converted to Class A*

 

 

(8,261

)

 

(46,461

)

 

—

 

 

—

 

 

Total

 

 

(85,103

)

 

(480,514

)

 

(155,750

)

 

(703,460

)

 

Increase

 

 

36,345

 

$

205,575

 

 

6,687

 

$

63,435

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C

 

Shares

 

Amount

 

Shares

 

Amount

 

 

Sales of shares

 

 

260,773

 

$

1,471,608

 

 

200,181

 

$

942,079

 

Exchanged from associated funds

 

 

25,032

 

 

141,387

 

 

81,938

 

 

383,291

 

Shares issued in payment of dividends

 

 

—

 

 

—

 

 

1,894

 

 

10,088

 

 

Total

 

 

285,805

 

 

1,612,995

 

 

284,013

 

 

1,335,458

 

 

Shares repurchased

 

 

(109,102

)

 

(615,077

)

 

(589,107

)

 

(2,571,245

)

Exchanged into associated funds

 

 

(31,763

)

 

(171,098

)

 

(64,139

)

 

(292,425

)

 

Total

 

 

(140,865

)

 

(786,175

)

 

(653,246

)

 

(2,863,670

)

 

Increase (decrease)

 

 

144,940

 

$

826,820

 

 

(369,233

)

$

(1,528,212

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class D

 

Shares

 

Amount

 

Shares

 

Amount

 

 

Sales of shares

 

 

45,484

 

$

256,115

 

 

44,997

 

$

212,401

 

Exchanged from associated funds

 

 

62,951

 

 

354,978

 

 

39,228

 

 

185,299

 

Shares issued in payment of dividends

 

 

—

 

 

—

 

 

382

 

 

2,036

 

 

Total

 

 

108,435

 

 

611,093

 

 

84,607

 

 

399,736

 

 

Shares repurchased

 

 

(43,106

)

 

(247,452

)

 

(35,068

)

 

(153,537

)

Exchanged into associated funds

 

 

(318

)

 

(1,818

)

 

(34,429

)

 

(142,865

)

 

Total

 

 

(43,424

)

 

(249,270

)

 

(69,497

)

 

(296,402

)

 

Increase

 

 

65,011

 

$

361,823

 

 

15,110

 

$

103,334

 

 

See footnote on page 24.

23

 

Notes to Financial Statements (unaudited)

Harvester Fund

 

Six Months Ended
June 30, 2004

 

Year Ended
December 31, 2003

 

 

Class A

 

Shares

 

Amount

 

Shares

 

Amount

 

 

Sales of shares

 

 

193,044

 

$

999,844

 

 

95,670

 

$

449,253

 

Exchanged from associated funds

 

 

25,244

 

 

130,914

 

 

80,502

 

 

362,825

 

Converted from Class B*

 

 

3,971

 

 

20,611

 

 

—

 

 

—

 

Shares issued in payment of dividends

 

 

4,357

 

 

22,752

 

 

7,123

 

 

33,101

 

 

Total

 

 

226,616

 

 

1,174,121

 

 

183,295

 

 

845,179

 

 

Shares repurchased

 

 

(60,610

)

 

(317,135

)

 

(71,898

)

 

(333,440

)

Exchanged into associated funds

 

 

(9,806

)

 

(51,647

)

 

(7,911

)

 

(36,690

)

 

Total

 

 

(70,416

)

 

(368,782

)

 

(79,809

)

 

(370,130

)

 

Increase

 

 

156,200

 

$

805,339

 

 

103,486

 

$

475,049

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class B

 

Shares

 

Amount

 

Shares

 

Amount

 

 

Sales of shares

 

 

22,538

 

$

117,677

 

 

49,834

 

$

227,195

 

Exchanged from associated funds

 

 

94,063

 

 

491,874

 

 

347,744

 

 

1,571,466

 

Shares issued in payment of dividends

 

 

2,950

 

 

15,430

 

 

5,054

 

 

23,550

 

 

Total

 

 

119,551

 

 

624,981

 

 

402,632

 

 

1,822,211

 

 

Shares repurchased

 

 

(98,143

)

 

(512,130

)

 

(132,184

)

 

(612,972

)

Exchanged into associated funds

 

 

(17,657

)

 

(93,058

)

 

(130,653

)

 

(609,945

)

Converted to Class A*

 

 

(3,971

)

 

(20,610

)

 

—

 

 

—

 

 

Total

 

 

(119,771

)

 

(625,798

)

 

(262,837

)

 

(1,222,917

)

 

Increase (decrease)

 

 

(220

)

$

(817

)

 

139,795

 

$

599,294

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C

 

Shares

 

Amount

 

Shares

 

Amount

 

 

Sales of shares

 

 

90,891

 

$

476,349

 

 

201,232

 

$

942,513

 

Exchanged from associated funds

 

 

66,819

 

 

346,864

 

 

123,183

 

 

569,746

 

Shares issued in payment of dividends

 

 

4,706

 

 

24,623

 

 

8,552

 

 

39,724

 

 

Total

 

 

162,416

 

 

847,836

 

 

332,967

 

 

1,551,983

 

 

Shares repurchased

 

 

(194,024

)

 

(1,014,695

)

 

(462,752

)

 

(2,130,564

)

Exchanged into associated funds

 

 

(72,825

)

 

(378,837

)

 

(56,462

)

 

(254,307

)

 

Total

 

 

(266,849

)

 

(1,393,532

)

 

(519,214

)

 

(2,384,871

)

 

Decrease

 

 

(104,433

)

$

(545,696

)

 

(186,247

)

$

(832,888

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class D

 

Shares

 

Amount

 

Shares

 

Amount

 

 

Sales of shares

 

 

26,283

 

$

136,970

 

 

16,472

 

$

76,921

 

Exchanged from associated funds

 

 

32,801

 

 

171,109

 

 

45,447

 

 

216,196

 

Shares issued in payment of dividends

 

 

523

 

 

2,736

 

 

915

 

 

4,243

 

 

Total

 

 

59,607

 

 

310,815

 

 

62,834

 

 

297,360

 

 

Shares repurchased

 

 

(36,985

)

 

(192,107

)

 

(40,718

)

 

(189,560

)

Exchanged into associated funds

 

 

(3,867

)

 

(20,069

)

 

(5,659

)

 

(26,883

)

 

Total

 

 

(40,852

)

 

(212,176

)

 

(46,377

)

 

(216,443

)

 

Increase

 

 

18,755

 

$

98,639

 

 

16,457

 

$

80,917

 

 

* Automatic conversion of Class B shares to Class A shares approximately eight years after the initial purchase date.

24

 

Financial Highlights (unaudited)

The tables below are intended to help you understand the financial performance of each Class of each Fund from its inception. Certain information reflects financial results for a single share of a Class that was held throughout the periods shown. Per share amounts are calculated using average shares outstanding. “Total return” shows the rate that you would have earned (or lost) on an investment in each Class, assuming you reinvested all your dividends and capital gain distributions. Total returns do not reflect any taxes or sales charges and are not annualized for periods of less than one year.

Time Horizon 30 Fund

 

Six Months
Ended
6/30/04

 

Year Ended December 31,

 

1/10/00*
to
12/31/00

 

 

 

 

 

 

Class A

 

 

2003

 

2002

 

2001

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, Beginning of Period

 

$

5.68

 

$

4.08

 

$

5.51

 

$

6.24

 

$

7.14

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment loss

 

 

(0.02

)

 

(0.02

)

 

(0.02

)

 

(0.03

)

 

(0.03

)

Net realized and unrealized gain (loss) on investments

 

 

0.37

 

 

1.62

 

 

(1.41

)

 

(0.46

)

 

(0.84

)

Total from Investment Operations

 

 

0.35

 

 

1.60

 

 

(1.43

)

 

(0.49

)

 

(0.87

)

Less Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from net investment income

 

 

—

 

 

—

 

 

—

 

 

(0.03

)

 

—

 

Distributions from net realized capital gains

 

 

—

 

 

—

 

 

—

 

 

(0.21

)

 

(0.03

)

Total Distributions

 

 

—

 

 

—

 

 

—

 

 

(0.24

)

 

(0.03

)

Net Asset Value, End of Period

 

$

6.03

 

$

5.68

 

$

4.08

 

$

5.51

 

$

6.24

 

Total Return:

 

 

6.16

%##  

 

39.22

%

 

(25.95

)%  

 

(7.47

)%  

 

(12.18

)%øø

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000s omitted)

 

$

3,256

 

$

2,703

 

$

1,531

 

$

1,399

 

$

485

 

Ratio of expenses to average net assets

 

 

0.51

%#

 

0.51

%

 

0.51

%

 

0.51

%

 

0.51

%†

Ratio of net investment loss to average net assets

 

 

(0.51

)%#

 

(0.47

)%  

 

(0.49

)%

 

(0.49

)%

 

(0.51

)%†

Portfolio turnover rate

 

 

2.97

%

 

1.74

%

 

—

 

 

—

 

 

—

 

Without fee waiver and expense reimbursement:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of expenses to average net assets

 

 

1.22

%#

 

1.58

%

 

1.93

%

 

3.70

%

 

25.60

%†

Ratio of net investment loss to average net assets

 

 

(1.22

)%#

 

(1.55

)%

 

(1.91

)%

 

(3.68

)%

 

(25.60

)%†

See footnotes on page 34.

25

 

Financial Highlights (unaudited)

Time Horizon 30 Fund (continued)

 

Six Months
Ended
6/30/04

 

Year Ended December 31,

 

4/20/00††
to
12/31/00

 

 

 

 

 

 

Class B

 

 

2003

 

2002

 

2001

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, Beginning of Period

 

$

5.53

 

$

3.99

 

$

5.43

 

$

6.21

 

$

7.00

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment loss

 

 

(0.04

)

 

(0.06

)

 

(0.06

)

 

(0.07

)

 

(0.05

)

Net realized and unrealized gain (loss) on investments

 

 

0.35

 

 

1.60

 

 

(1.38

)

 

(0.47

)

 

(0.71

)

Total from Investment Operations

 

 

0.31

 

 

1.54

 

 

(1.44

)

 

(0.54

)

 

(0.76

)

Less Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from net investment income

 

 

—

 

 

—

 

 

—

 

 

(0.03

)

 

—

 

Distributions from net realized capital gains

 

 

—

 

 

—

 

 

—

 

 

(0.21

)

 

(0.03

)

Total Distributions

 

 

—

 

 

—

 

 

—

 

 

(0.24

)

 

(0.03

)

Net Asset Value, End of Period

 

$

5.84

 

$

5.53

 

$

3.99

 

$

5.43

 

$

6.21

 

Total Return:

 

 

5.61

%##

 

38.60

%

 

(26.52

)%

 

(8.32

)%

 

(10.85

)%øø

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000s omitted)

 

$

1,760

 

$

1,490

 

$

806

 

$

679

 

$

262

 

Ratio of expenses to average net assets

 

 

1.26

%#

 

1.25

%

 

1.26

%

 

1.26

%

 

1.26

%†

Ratio of net investment loss to average net assets

 

 

(1.26

)%#  

 

(1.22

)%     

 

(1.24

)%     

 

1.24

%

 

(1.26

)%†

Portfolio turnover rate

 

 

2.97

%

 

1.74

%

 

—

 

 

—

 

 

—

 

Without fee waiver and expense reimbursement:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of expenses to average net assets

 

 

1.97

%#

 

2.33

%

 

2.68

%

 

4.45

%

 

14.14

%†

Ratio of net investment loss to average net assets

 

 

(1.97

)%#

 

(2.30

)%

 

(2.66

)%

 

(4.43

)%     

 

(14.14

)%†

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
6/30/04

 

Year Ended December 31,

 

2/8/00††
to
12/31/00

 

 

 

 

 

 

Class C

 

 

2003

 

2002

 

2001

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, Beginning of Period

 

$

5.53

 

$

3.99

 

$

5.43

 

$

6.21

 

$

7.56

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment loss

 

 

(0.04

)

 

(0.06

)

 

(0.06

)

 

(0.07

)

 

(0.07

)

Net realized and unrealized gain (loss) on investments

 

 

0.35

 

 

1.60

 

 

(1.38

)

 

(0.47

)

 

(1.25

)

Total from Investment Operations

 

 

0.31

 

 

1.54

 

 

(1.44

)

 

(0.54

)

 

(1.32

)

Less Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from net investment income

 

 

—

 

 

—

 

 

—

 

 

(0.03

)

 

—

 

Distributions from net realized capital gains

 

 

—

 

 

—

 

 

—

 

 

(0.21

)

 

(0.03

)

Total Distributions

 

 

—

 

 

—

 

 

—

 

 

(0.24

)

 

(0.03

)

Net Asset Value, End of Period

 

$

5.84

 

$

5.53

 

$

3.99

 

$

5.43

 

$

6.21

 

Total Return:

 

 

5.61

%##   

 

38.60

%

 

(26.52

)%

 

(8.32

)%

 

(17.46

)%øø

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000s omitted)

 

$

2,282

 

$

2,086

 

$

1,649

 

$

1,950

 

$

1,251

 

Ratio of expenses to average net assets

 

 

1.26

%#

 

1.25

%

 

1.26

%

 

1.26

%

 

1.26

%†

Ratio of net investment loss to average net assets

 

 

(1.26

)%#

 

(1.22

)%

 

(1.24

)%

 

(1.24

)%

 

(1.26

)%†

Portfolio turnover rate

 

 

2.97

%

 

1.74

%

 

—

 

 

—

 

 

—

 

Without fee waiver and expense reimbursement:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of expenses to average net assets

 

 

1.97

%#

 

2.33

%

 

2.68

%

 

4.45

%

 

14.14

%†

Ratio of net investment loss to average net assets

 

 

(1.97

)%#

 

(2.30

)%

 

(2.66

)%

 

(4.43

)%

 

(14.14

)%†

See footnotes on page 34.

26

 

Financial Highlights (unaudited)

Time Horizon 30 Fund (continued)

 

Six Months
Ended
6/30/04

 

Year Ended December 31,

 

2/14/00††
to
12/31/00

 

 

 

 

 

 

Class D

 

 

2003

 

2002

 

2001

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, Beginning of Period

 

$

5.53

 

$

3.99

 

$

5.43

 

$

6.21

 

$

7.58

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment loss

 

 

(0.04

)

 

(0.06

)

 

(0.06

)

 

(0.07

)

 

(0.08

)

Net realized and unrealized gain (loss) on investments

 

 

0.35

 

 

1.60

 

 

(1.38

)

 

(0.47

)

 

(1.26

)

Total from Investment Operations

 

 

0.31

 

 

1.54

 

 

(1.44

)

 

(0.54

)

 

(1.34

)

Less Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from net investment income

 

 

—

 

 

—

 

 

—

 

 

(0.03

)

 

—

 

Distributions from net realized capital gains

 

 

—

 

 

—

 

 

—

 

 

(0.21

)

 

(0.03

)

Total Distributions

 

 

—

 

 

—

 

 

—

 

 

(0.24

)

 

(0.03

)

Net Asset Value, End of Period

 

$

5.84

 

$

5.53

 

$

3.99

 

$

5.43

 

$

6.21

 

Total Return:

 

 

5.61

%##

 

38.60

%

 

(26.52

)%

 

(8.32

)%

 

(17.67

)%øø

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000s omitted)

 

$

662

 

$

707

 

$

355

 

$

395

 

$

174

 

Ratio of expenses to average net assets

 

 

1.26

%#

 

1.25

%

 

1.26

%

 

1.26

%

 

1.26

%†

Ratio of net investment loss to average net assets

 

 

(1.26

)%#

 

(1.22

)%

 

(1.24

)%

 

(1.24

)%

 

(1.26

)%†

Portfolio turnover rate

 

 

2.97

%

 

1.74

%

 

—

 

 

—

 

 

—

 

Without fee waiver and expense reimbursement:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of expenses to average net assets

 

 

1.97

%#

 

2.33

%

 

2.68

%

 

4.45

%

 

14.14

%†

Ratio of net investment loss to average net assets

 

 

(1.97

)%#

 

(2.30

)%

 

(2.66

)%

 

(4.43

)%

 

(14.14

)%†

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Horizon 20 Fund

 

Six Months
Ended
6/30/04

 

Year Ended December 31,

 

1/10/00*
to
12/31/00

 

 

 

 

 

 

Class A

 

 

2003

 

2002

 

2001

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, Beginning of Period

 

$

5.67

 

$

4.11

 

$

5.59

 

$

6.47

 

$

7.14

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment loss

 

 

(0.02

)

 

(0.02

)

 

(0.02

)

 

(0.03

)

 

(0.03

)

Net realized and unrealized gain (loss) on investments

 

 

0.36

 

 

1.58

 

 

(1.46

)

 

(0.61

)

 

(0.60

)

Total from Investment Operations

 

 

0.34

 

 

1.56

 

 

(1.48

)

 

(0.64

)

 

(0.63

)

Less Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from net investment income

 

 

—

 

 

—

 

 

—

 

 

(0.03

)

 

—

 

Distributions from net realized capital gains

 

 

—

 

 

—

 

 

—

 

 

(0.21

)

 

(0.04

)

Total Distributions

 

 

—

 

 

—

 

 

—

 

 

(0.24

)

 

(0.04

)

Net Asset Value, End of Period

 

$

6.01

 

$

5.67

 

$

4.11

 

$

5.59

 

$

6.47

 

Total Return:

 

 

6.00

%##

 

37.96

%

 

(26.48

)%

 

(9.52

)%

 

(8.83

)%øø

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000s omitted)

 

$

5,835

 

$

4,657

 

$

2,683

 

$

2,842

 

$

1,171

 

Ratio of expenses to average net assets

 

 

0.51

%#

 

0.50

%

 

0.51

%

 

0.51

%

 

0.51

%†

Ratio of net investment loss to average net assets

 

 

(0.51

)%#

 

(0.41

)%

 

(0.44

)%

 

(0.44

)%

 

(0.51

)%†

Portfolio turnover rate

 

 

1.09

%

 

1.55

%

 

3.01

%

 

—

 

 

0.62

%ø

Without fee waiver and expense reimbursement:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of expenses to average net assets

 

 

0.69

%#

 

0.81

%

 

1.19

%

 

1.64

%

 

11.84

%†

Ratio of net investment loss to average net assets

 

 

(0.69

)%#     

 

(0.73

)%     

 

(1.12

)%     

 

(1.57

)%     

 

(11.84

)%†

See footnotes on page 34.

27

 

Financial Highlights (unaudited)

Time Horizon 20 Fund (continued)

 

Six Months
Ended
6/30/04

 

Year Ended December 31,

 

3/21/00††
to
12/31/00

 

 

 

 

 

 

Class B

 

 

2003

 

2002

 

2001

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, Beginning of Period

 

$

5.49

 

$

4.00

 

$

5.48

 

$

6.41

 

$

7.93

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment loss

 

 

(0.04

)

 

(0.05

)

 

(0.06

)

 

(0.07

)

 

(0.07

)

Net realized and unrealized gain (loss) on investments

 

 

0.34

 

 

1.54

 

 

(1.42

)

 

(0.62

)

 

(1.41

)

Total from Investment Operations

 

 

0.30

 

 

1.49

 

 

(1.48

)

 

(0.69

)

 

(1.48

)

Less Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from net investment income

 

 

—

 

 

—

 

 

—

 

 

(0.03

)

 

—

 

Distributions from net realized capital gains

 

 

—

 

 

—

 

 

—

 

 

(0.21

)

 

(0.04

)

Total Distributions

 

 

—

 

 

—

 

 

—

 

 

(0.24

)

 

(0.04

)

Net Asset Value, End of Period

 

$

5.79

 

$

5.49

 

$

4.00

 

$

5.48

 

$

6.41

 

Total Return:

 

 

5.46

%##

 

37.25

%

 

(27.01

)%

 

(10.40

)%

 

(18.67

)%øø

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000s omitted)

 

$

3,797

 

$

2,949

 

$

1,559

 

$

1,463

 

$

739

 

Ratio of expenses to average net assets

 

 

1.26

%#

 

1.25

%

 

1.26

%

 

1.26

%

 

1.26

%†

Ratio of net investment loss to average net assets

 

 

(1.26

)%#

 

(1.16

)%

 

(1.19

)%

 

(1.19

)%

 

(1.26

)%†

Portfolio turnover rate

 

 

1.09

%

 

1.55

%

 

3.01

%

 

—

 

 

0.62

% ø

Without fee waiver and expense reimbursement:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of expenses to average net assets

 

 

1.44

%#

 

1.56

%

 

1.94

%

 

2.39

%

 

5.84

%†

Ratio of net investment loss to average net assets

 

 

(1.44

)%#

 

(1.48

)%

 

(1.87

)%

 

(2.32

)%

 

(5.84

)%†

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
6/30/04

 

Year Ended December 31,

 

1/18/00††
to
12/31/00

 

 

 

 

 

 

Class C

 

 

 

2003

 

 

2002

 

 

2001

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, Beginning of Period

 

$

5.49

 

$

4.00

 

$

5.48

 

$

6.41

 

$

7.28

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment loss

 

 

(0.04

)

 

(0.05

)

 

(0.06

)

 

(0.07

)

 

(0.08

)

Net realized and unrealized gain (loss) on investments

 

 

0.34

 

 

1.54

 

 

(1.42

)

 

(0.62

)

 

(0.75

)

Total from Investment Operations

 

 

0.30

 

 

1.49

 

 

(1.48

)

 

(0.69

)

 

(0.83

)

Less Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from net investment income

 

 

—

 

 

—

 

 

—

 

 

(0.03

)

 

—

 

Distributions from net realized capital gains

 

 

—

 

 

—

 

 

—

 

 

(0.21

)

 

(0.04

)

Total Distributions

 

 

—

 

 

—

 

 

—

 

 

(0.24

)

 

(0.04

)

Net Asset Value, End of Period

 

$

5.79

 

$

5.49

 

$

4.00

 

$

5.48

 

$

6.41

 

Total Return:

 

 

5.46

%##

 

37.25

%

 

(27.01

)%

 

(10.40

)%

 

(11.41

)%øø

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000s omitted)

 

$

5,908

 

$

5,695

 

$

4,405

 

$

6,017

 

$

2,729

 

Ratio of expenses to average net assets

 

 

1.26

%#

 

1.25

%

 

1.26

%

 

1.26

%

 

1.26

%†

Ratio of net investment loss to average net assets

 

 

(1.26

)%#

 

(1.16

)%

 

(1.19

)%

 

(1.19

)%

 

(1.26

)%†

Portfolio turnover rate

 

 

1.09

%

 

1.55

%

 

3.01

%

 

—

 

 

0.62

%ø

Without fee waiver and expense reimbursement:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of expenses to average net assets

 

 

1.44

%#

 

1.56

%

 

1.94

%

 

2.39

%

 

5.84

%†

Ratio of net investment loss to average net assets

 

 

(1.44

)%#     

 

(1.48

)%     

 

(1.87

)%     

 

(2.32

)%     

 

(5.84

)%†

See footnotes on page 34.

28

 

Financial Highlights (unaudited)

Time Horizon 20 Fund (continued)

 

Six Months
Ended
6/30/04

Year Ended December 31,

 

1/21/00††
to
12/31/00

 

 

 

Class D

 

 

2003

 

 

2002

 

 

2001

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, Beginning of Period

 

$

5.49

 

$

4.00

 

$

5.48

 

$

6.41

 

$

7.31

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment loss

 

 

(0.04

)

 

(0.05

)

 

(0.06

)

 

(0.07

)

 

(0.09

)

Net realized and unrealized gain (loss) on investments

 

 

0.34

 

 

1.54

 

 

(1.42

)

 

(0.62

)

 

(0.77

)

Total from Investment Operations

 

 

0.30

 

 

1.49

 

 

(1.48

)

 

(0.69

)

 

(0.86

)

Less Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from net investment income

 

 

—

 

 

—

 

 

—

 

 

(0.03

)

 

—

 

Distributions from net realized capital gains

 

 

—

 

 

—

 

 

—

 

 

(0.21

)

 

(0.04

)

Total Distributions

 

 

—

 

 

—

 

 

—

 

 

(0.24

)

 

(0.04

)

Net Asset Value, End of Period

 

$

5.79

 

$

5.49

 

$

4.00

 

$

5.48

 

$

6.41

 

Total Return:

 

 

5.46

%##

 

37.25

%

 

(27.01

)%

 

(10.40

)%

 

(11.77

)%øø

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000s omitted)

 

$

1,318

 

$

1,217

 

$

933

 

$

1,057

 

$

687

 

Ratio of expenses to average net assets

 

 

1.26

%#

 

1.25

%

 

1.26

%

 

1.26

%

 

1.26

%†

Ratio of net investment loss to average net assets

 

 

(1.26

)%#

 

(1.16

)%

 

(1.19

)%

 

(1.19

)%

 

(1.26

)%†

Portfolio turnover rate

 

 

1.09

%

 

1.55

%

 

3.01

%

 

—

 

 

0.62

% ø

Without fee waiver and expense reimbursement:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of expenses to average net assets

 

 

1.44

%#

 

1.56

%

 

1.94

%

 

2.39

%

 

5.84

%†

Ratio of net investment loss to average net assets

 

 

(1.44

)%#

 

(1.48

)%

 

(1.87

)%

 

(2.32

)%

 

(5.84

)%†

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Horizon 10 Fund

 

Six Months
Ended
6/30/04

Year Ended December 31,

 

1/10/00*
to
12/31/00

 

 

 

Class A

 

 

2003

 

 

2002

 

 

2001

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, Beginning of Period

 

$

5.53

 

$

4.19

 

$

5.55

 

$

6.59

 

$

7.14

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.02

 

 

0.04

 

 

0.05

 

 

0.10

 

 

0.10

 

Net realized and unrealized gain (loss) on investments

 

 

0.23

 

 

1.34

 

 

(1.35

)

 

(0.82

)

 

(0.60

)

Total from Investment Operations

 

 

0.25

 

 

1.38

 

 

(1.30

)

 

(0.72

)

 

(0.50

)

Less Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from net investment income

 

 

—

 

 

(0.04

)

 

(0.05

)

 

(0.13

)

 

—

 

Return of capital

 

 

—

 

 

—

 

 

(0.01

)

 

—

 

 

—

 

Distributions from net realized capital gains

 

 

—

 

 

—

 

 

—

 

 

(0.19

)

 

(0.05

)

Total Distributions

 

 

—

 

 

(0.04

)

 

(0.06

)

 

(0.32

)

 

(0.05

)

Net Asset Value, End of Period

 

$

5.78

 

$

5.53

 

$

4.19

 

$

5.55

 

$

6.59

 

Total Return:

 

 

4.52

%##     

 

32.96

%     

 

(23.43

)%     

 

(10.69

)%     

 

(7.02

)%øø

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000s omitted)

 

$

5,621

 

$

4,415

 

$

2,627

 

$

3,014

 

$

1,037

 

Ratio of expenses to average net assets

 

 

0.51

%#

 

0.50

%

 

0.51

%

 

0.51

%

 

0.51

%†

Ratio of net investment income to average net assets

 

 

0.82

%#

 

0.87

%

 

1.01

%

 

1.64

%

 

1.44

%†

Portfolio turnover rate

 

 

—

 

 

7.48

%

 

8.20

%

 

6.38

%

 

—

 

Without fee waiver and expense reimbursement:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of expenses to average net assets

 

 

0.66

%#

 

0.81

%

 

0.87

%

 

1.27

%

 

8.02

%†

Ratio of net investment income (loss) to average net assets

 

 

0.67

%#

 

0.56

%

 

0.65

%

 

0.88

%

 

(6.07

)%†

See footnotes on page 34.

29

 

Financial Highlights (unaudited)

Time Horizon 10 Fund (continued)

 

Six Months
Ended
6/30/04

Year Ended December 31,

 

2/18/00††
to
12/31/00

 

 

 

Class B

 

 

2003

 

 

2002

 

 

2001

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, Beginning of Period

 

$

5.47

 

$

4.16

 

$

5.50

 

$

6.55

 

$

7.33

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

—

 

 

0.01

 

 

0.02

 

 

0.05

 

 

0.04

 

Net realized and unrealized gain (loss) on investments

 

 

0.23

 

 

1.31

 

 

(1.33

)

 

(0.81

)

 

(0.77

)

Total from Investment Operations

 

 

0.23

 

 

1.32

 

 

(1.31

)

 

(0.76

)

 

(0.73

)

Less Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from net investment income

 

 

—

 

 

(0.01

)

 

(0.02

)

 

(0.10

)

 

—

 

Return of capital

 

 

—

 

 

—

 

 

(0.01

)

 

—

 

 

—

 

Distributions from net realized capital gains

 

 

—

 

 

—

 

 

—

 

 

(0.19

)

 

(0.05

)

Total Distributions

 

 

—

 

 

(0.01

)

 

(0.03

)

 

(0.29

)

 

(0.05

)

Net Asset Value, End of Period

 

$

5.70

 

$

5.47

 

$

4.16

 

$

5.50

 

$

6.55

 

Total Return:

 

 

4.20%

##

 

31.71

%

 

(23.90

)%

 

(11.38

)%

 

(9.98

)%øø

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000s omitted)

 

$

4,502

 

$

4,123

 

$

3,110

 

$

4,270

 

$

2,865

 

Ratio of expenses to average net assets

 

 

1.26

%#

 

1.25

%

 

1.26

%

 

1.26

%

 

1.26

%†

Ratio of net investment income to average net assets

 

 

0.07

%#

 

0.12

%

 

0.26

%

 

0.89

%

 

0.69

%†

Portfolio turnover rate

 

 

—

 

 

7.48

%

 

8.20

%

 

6.38

%

 

—

 

Without fee waiver and expense reimbursement:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of expenses to average net assets

 

 

1.41

%#

 

1.56

%

 

1.62

%

 

2.02

%

 

4.36

%†

Ratio of net investment income (loss) to average net assets

 

 

(0.08

)%#

 

(0.19

)%

 

(0.10

)%

 

0.13

%

 

2.41

%†

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
6/30/04

Year Ended December 31,

 

3/6/00††
to
12/31/00

 

 

 

Class C

 

2003

 

2002

 

2001

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, Beginning of Period

 

$

5.47

 

$

4.16

 

$

5.50

 

$

6.55

 

$

7.78

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

—

 

 

0.01

 

 

0.02

 

 

0.05

 

 

0.04

 

Net realized and unrealized gain (loss) on investments

 

 

0.23

 

 

1.31

 

 

(1.33

)

 

(0.81

)

 

(1.22

)

Total from Investment Operations

 

 

0.23

 

 

1.32

 

 

(1.31

)

 

(0.76

)

 

(1.18

)

Less Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from net investment income

 

 

—

 

 

(0.01

)

 

(0.02

)

 

(0.10

)

 

—

 

Return of capital

 

 

—

 

 

—

 

 

(0.01

)

 

—

 

 

—

 

Distributions from net realized capital gains

 

 

—

 

 

—

 

 

—

 

 

(0.19

)

 

(0.05

)

Total Distributions

 

 

—

 

 

(0.01

)

 

(0.03

)

 

(0.29

)

 

(0.05

)

Net Asset Value, End of Period

 

$

5.70

 

$

5.47

 

$

4.16

 

$

5.50

 

$

6.55

 

Total Return:

 

 

4.20%

##

 

31.71

%

 

(23.90

)%

 

(11.38

)%

 

(15.18

)%øø

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000s omitted)

 

$

7,607

 

$

6,510

 

$

6,491

 

$

7,933

 

$

2,331

 

Ratio of expenses to average net assets

 

 

1.26

%#

 

1.25

%

 

1.26

%

 

1.26

%

 

1.26

%†

Ratio of net investment income to average net assets

 

 

0.07

%#

 

0.12

%

 

0.26

%

 

0.89

%

 

0.69

%†

Portfolio turnover rate

 

 

—

 

 

7.48

%

 

8.20

%

 

6.38

%

 

—

 

Without fee waiver and expense reimbursement:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of expenses to average net assets

 

 

1.41

%#

 

1.56

%

 

1.62

%

 

2.02

%

 

4.36

%†

Ratio of net investment income (loss) to average net assets

 

 

(0.08

)%#     

 

(0.19

)%     

 

(0.10

)%     

 

0.13

%     

 

(2.41

)%†

See footnotes on page 34.

30

 

Financial Highlights (unaudited)

Time Horizon 10 Fund (continued)

 

Six Months
Ended
6/30/04

Year Ended December 31,

 

2/15/00††
to
12/31/00

 

 

 

Class D

 

 

2003

 

 

2002

 

 

2001

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, Beginning of Period

 

$

5.47

 

$

4.16

 

$

5.50

 

$

6.55

 

$

7.42

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

—

 

 

0.01

 

 

0.02

 

 

0.05

 

 

0.04

 

Net realized and unrealized gain (loss) on investments

 

 

0.23

 

 

1.31

 

 

(1.33

)

 

(0.81

)

 

(0.86

)

Total from Investment Operations

 

 

0.23

 

 

1.32

 

 

(1.31

)

 

(0.76

)

 

(0.82

)

Less Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from net investment income

 

 

—

 

 

(0.01

)

 

(0.02

)

 

(0.10

)

 

—

 

Return of capital

 

 

—

 

 

—

 

 

(0.01

)

 

—

 

 

—

 

Distributions from net realized capital gains

 

 

—

 

 

—

 

 

—

 

 

(0.19

)

 

(0.05

)

Total Distributions

 

 

—

 

 

(0.01

)

 

(0.03

)

 

(0.29

)

 

(0.05

)

Net Asset Value, End of Period

 

$

5.70

 

$

5.47

 

$

4.16

 

$

5.50

 

$

6.55

 

Total Return:

 

 

4.20%

##

 

31.71

%

 

(23.90

)%

 

(11.38

)%

 

(11.07

)%øø

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000s omitted)

 

$

1,817

 

$

1,388

 

$

994

 

$

1,209

 

$

839

 

Ratio of expenses to average net assets

 

 

1.26

%#

 

1.25

%

 

1.26

%

 

1.26

%

 

1.26

%†

Ratio of net investment income to average net assets

 

 

0.07

%#

 

0.12

%

 

0.26

%

 

0.89

%

 

0.69

%†

Portfolio turnover rate

 

 

—

 

 

7.48

%

 

8.20

%

 

6.38

%

 

—

 

Without fee waiver and expense reimbursement:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of expenses to average net assets

 

 

1.41

%#

 

1.56

%

 

1.62

%

 

2.02

%

 

4.36

%†

Ratio of net investment income (loss) to average net assets

 

 

(0.08

)%#

 

(0.19

)%

 

(0.10

)%

 

0.13

%

 

2.41

%†

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Harvester Fund

 

Six Months
Ended
6/30/04

Year Ended December 31,

 

1/10/00*
to
12/31/00

 

 

 

Class A

 

2003

 

2002

 

2001

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, Beginning of Period

 

$

5.13

 

$

4.29

 

$

5.31

 

$

6.56

 

$

7.14

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.04

 

 

0.08

 

 

0.10

 

 

0.20

 

 

0.23

 

Net realized and unrealized gain (loss) on investments

 

 

0.13

 

 

0.83

 

 

(0.96

)

 

(1.15

)

 

(0.57

)

Total from Investment Operations

 

 

0.17

 

 

0.91

 

 

(0.86

)

 

(0.95

)

 

(0.34

)

Less Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from net investment income

 

 

(0.04

)

 

(0.07

)

 

(0.10

)

 

(0.24

)

 

(0.23

)

Dividends in excess of net investment income

 

 

—

 

 

—

 

 

(0.04

)

 

—

 

 

—

 

Return of capital

 

 

—

 

 

—

 

 

(0.02

)

 

—

 

 

—

 

Distributions from net realized capital gains

 

 

—

 

 

—

 

 

—

 

 

(0.06

)

 

(0.01

)

Total Distributions

 

 

(0.04

)

 

(0.07

)

 

(0.16

)

 

(0.30

)

 

(0.24

)

Net Asset Value, End of Period

 

$

5.26

 

$

5.13

 

$

4.29

 

$

5.31

 

$

6.56

 

Total Return:

 

 

3.32%

##

 

21.44

%

 

(16.54

)%

 

(14.64

)%

 

(4.99

)%øø

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000s omitted)

 

$

3,982

 

$

3,085

 

$

2,135

 

$

1,830

 

$

1,339

 

Ratio of expenses to average net assets

 

 

0.51

%#

 

0.50

%

 

0.51

%

 

0.51

%

 

0.51

%†

Ratio of net investment income to average net assets

 

 

1.38

%#

 

1.52

%

 

1.85

%

 

3.47

%

 

3.38

%†

Portfolio turnover rate

 

 

3.43

%

 

5.69

%

 

39.28

%

 

12.80

%

 

9.14

% ø

Without fee waiver and expense reimbursement:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of expenses to average net assets

 

 

0.73

%#

 

0.73

%

 

1.05

%

 

1.36

%

 

12.49

%†

Ratio of net investment income (loss) to average net assets

 

 

1.16

%#     

 

1.29

%     

 

1.31

%     

 

2.61

%     

 

(8.60

)%†

See footnotes on page 34.

31

 

Financial Highlights (unaudited)

Harvester Fund (continued)

 

Six Months
Ended
6/30/04

Year Ended December 31,

 

2/17/00††
to
12/31/00

 

 

 

Class B

 

 

2003

 

 

2002

 

 

2001

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, Beginning of Period

 

$

5.13

 

$

4.29

 

$

5.31

 

$

6.54

 

$

7.16

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.02

 

 

0.04

 

 

0.05

 

 

0.16

 

 

0.16

 

Net realized and unrealized gain (loss) on investments

 

 

0.13

 

 

0.84

 

 

(0.96

)

 

(1.15

)

 

(0.61

)

Total from Investment Operations

 

 

0.15

 

 

0.88

 

 

(0.91

)

 

(0.99

)

 

(0.45

)

Less Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from net investment income

 

 

(0.02

)

 

(0.04

)

 

(0.05

)

 

(0.18

)

 

(0.16

)

Dividends in excess of net investment income

 

 

—

 

 

—

 

 

(0.04

)

 

—

 

 

—

 

Return of capital

 

 

—

 

 

—

 

 

(0.02

)

 

—

 

 

—

 

Distributions from net realized capital gains

 

 

—

 

 

—

 

 

—

 

 

(0.06

)

 

(0.01

)

Total Distributions

 

 

(0.02

)

 

(0.04

)

 

(0.11

)

 

(0.24

)

 

(0.17

)

Net Asset Value, End of Period

 

$

5.26

 

$

5.13

 

$

4.29

 

$

5.31

 

$

6.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return:

 

 

2.95

%##

 

20.55

%

 

(17.28

)%

 

(15.18

)%

 

(6.11

)%øø

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000s omitted)

 

$

4,233

 

$

4,133

 

$

2,855

 

$

2,470

 

$

1,115

 

Ratio of expenses to average net assets

 

 

1.26

%#

 

1.25

%

 

1.26

%

 

1.26

%

 

1.26

%†

Ratio of net investment income to average net assets

 

 

0.63

%#

 

0.77

%

 

1.10

%

 

2.72

%

 

2.63

%†

Portfolio turnover rate

 

 

3.43

%

 

5.69

%

 

39.28

%

 

12.80

%

 

9.14

% ø

Without fee waiver and expense reimbursement:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of expenses to average net assets

 

 

1.48

%#

 

1.48

%

 

1.80

%

 

2.11

%

 

6.04

%†

Ratio of net investment income (loss) to average net assets

 

 

0.41

%#

 

0.54

%

 

0.56

%

 

1.86

%

 

(2.15

)%†

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
6/30/04

Year Ended December 31,

 

1/18/00††
to
12/31/00

 

 

 

Class C

 

 

2003

 

 

2002

 

 

2001

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, Beginning of Period

 

$

5.13

 

$

4.29

 

$

5.31

 

$

6.54

 

$

7.16

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.02

 

 

0.04

 

 

0.05

 

 

0.15

 

 

0.18

 

Net realized and unrealized gain (loss) on investments

 

 

0.13

 

 

0.84

 

 

(0.96

)

 

(1.14

)

 

(0.61

)

Total from Investment Operations

 

 

0.15

 

 

0.88

 

 

(0.91

)

 

(0.99

)

 

(0.43

)

Less Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from net investment income

 

 

(0.02

)

 

(0.04

)

 

(0.05

)

 

(0.18

)

 

(0.18

)

Dividends in excess of net investment income

 

 

—

 

 

—

 

 

(0.04

)

 

—

 

 

—

 

Return of capital

 

 

—

 

 

—

 

 

(0.02

)

 

—

 

 

—

 

Distributions from net realized capital gains

 

 

—

 

 

—

 

 

—

 

 

(0.06

)

 

(0.01

)

Total Distributions

 

 

(0.02

)

 

(0.04

)

 

(0.11

)

 

(0.24

)

 

(0.19

)

Net Asset Value, End of Period

 

$

5.26

 

$

5.13

 

$

4.29

 

$

5.31

 

$

6.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return:

 

 

2.95

%##

 

20.55

%

 

(17.28

)%

 

(15.18

)%

 

(6.02

)%øø

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000s omitted)

 

$

6,278

 

$

6,665

 

$

6,371

 

$

7,965

 

$

2,704

 

Ratio of expenses to average net assets

 

 

1.26

%#

 

1.25

%

 

1.26

%

 

1.26

%

 

1.26

%†

Ratio of net investment income to average net assets

 

 

0.63

%#

 

0.77

%

 

1.10

%

 

2.72

%

 

2.63

%†

Portfolio turnover rate

 

 

3.43

%

 

5.69

%

 

39.28

%

 

12.80

%

 

9.14

% ø

Without fee waiver and expense reimbursement:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of expenses to average net assets

 

 

1.48

%#

 

1.48

%

 

1.80

%

 

2.11

%

 

6.04

%†

Ratio of net investment income (loss) to average net assets

 

 

0.41

%#     

 

0.54

%     

 

0.56

%     

 

1.86

%     

 

(2.15

)%†

See footnotes on page 34.

32

 

Financial Highlights (unaudited)

Harvester Fund (continued)

 

Six Months
Ended
6/30/04

Year Ended December 31,

 

2/29/00††
to
12/31/00

 

 

 

Class D

 

 

2003

 

 

2002

 

 

2001

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, Beginning of Period

 

$

5.13

 

$

4.29

 

$

5.31

 

$

6.54

 

$

7.21

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.02

 

 

0.04

 

 

0.05

 

 

0.15

 

 

0.16

 

Net realized and unrealized gain (loss) on investments

 

 

0.13

 

 

0.84

 

 

(0.96

)

 

(1.14

)

 

(0.66

)

Total from Investment Operations

 

 

0.15

 

 

0.88

 

 

(0.91

)

 

(0.99

)

 

(0.50

)

Less Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from net investment income

 

 

(0.02

)

 

(0.04

)

 

(0.05

)

 

(0.18

)

 

(0.16

)

Dividends in excess of net investment income

 

 

—

 

 

—

 

 

(0.04

)

 

—

 

 

—

 

Return of capital

 

 

—

 

 

—

 

 

(0.02

)

 

—

 

 

—

 

Distributions from net realized capital gains

 

 

—

 

 

—

 

 

—

 

 

(0.06

)

 

(0.01

)

Total Distributions

 

 

(0.02

)

 

(0.04

)

 

(0.11

)

 

(0.24

)

 

(0.17

)

Net Asset Value, End of Period

 

$

5.26

 

$

5.13

 

$

4.29

 

$

5.31

 

$

6.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return:

 

 

2.95

%##

 

20.55

%

 

(17.28

)%

 

(15.18

)%

 

(7.19

)%øø

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000s omitted)

 

$

1,564

 

$

1,431

 

$

1,125

 

$

1,316

 

$

122

 

Ratio of expenses to average net assets

 

 

1.26

%#

 

1.25

%

 

1.26

%

 

1.26

%

 

1.26

%†

Ratio of net investment income to average net assets

 

 

0.63

%#

 

0.77

%

 

1.10

%

 

2.72

%

 

2.63

%†

Portfolio turnover rate

 

 

3.43

%

 

5.69

%

 

39.28

%

 

12.80

%

 

9.14

% ø

Without fee waiver and expense reimbursement:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of expenses to average net assets

 

 

1.48

%#

 

1.48

%

 

1.80

%

 

2.11

%

 

6.04

%†

Ratio of net investment income (loss) to average net assets

 

 

0.41

%#     

 

0.54

%     

 

0.56

%     

 

1.86

%     

 

(2.15

)%†

See footnotes on page 34.

33

 

Financial Highlights (unaudited)

*

 

Commencement of investment operations.

**

 

The Manager, at its discretion, reimbursed certain expenses and waived management fees for the periods presented (Note 4).

†

 

In computing the ratios of expenses and net investment income to average net assets, income and expenses, other than organization expenses are annualized. Organization expenses are not annualized because they were a one-time expense incurred at the Series’ commencement of investment operations.

††

 

Commencement of issuance of shares.

#

 

Annualized.

##

 

Excluding the effect of the payments to certain of the underlying Seligman Funds received from the Manager (Note 6), total return would have been as follows:

 

 

Time Horizon 30 Fund

 

Time Horizon 20 Fund

 

Time Horizon 10 Fund

 

Harvester Fund

 

 

 

 

 

 

 

 

 

Class A

 

 

6.11

%

Class A

 

 

5.96

%

Class A

 

 

4.50

%

Class A

 

 

3.31

%

 

 

Class B

 

 

5.55

 

Class B

 

 

5.43

 

Class B

 

 

4.18

 

Class B

 

 

3.31

 

 

 

Class C

 

 

5.55

 

Class C

 

 

5.43

 

Class C

 

 

4.18

 

Class C

 

 

3.31

 

 

 

Class D

 

 

5.55

 

Class D

 

 

5.43

 

Class D

 

 

4.18

 

Class D

 

 

3.31

 

ø

 

For the period 1/10/00 to 12/31/01.

øø

 

The total returns shown for each Class of shares from commencement of investment operations/issuance of shares to 12/31/00, are calculated from the later of the respective Fund’s commencement of investment operations date (1/10/00) or the initial issuance date of shares of the Class. The total returns for Class A shares were calculated from the commencement of investment operations date, but were first issued on the respective dates shown in the table. If shares of each Class had been issued on the commencement of investment operations date, the total returns for each Class would have been as follows:

 

 

Time Horizon 30 Fund

 

Time Horizon 20 Fund

 

Time Horizon 10 Fund

 

Harvester Fund

 

 

 

 

 

 

 

 

 

Class A

 

 

(12.18

)%

Class A

 

 

(8.83

)%

Class A

 

 

(7.02

)%

Class A

 

 

(4.99

)%

 

 

Class B

 

 

(12.53

)

Class B

 

 

(9.46

)

Class B

 

 

(7.78

)

Class B

 

 

(5.87

)

 

 

Class C

 

 

(12.77

)

Class C

 

 

(9.69

)

Class C

 

 

(7.64

)

Class C

 

 

(5.98

)

 

 

Class D

 

 

(12.76

)

Class D

 

 

(9.68

)

Class D

 

 

(7.90

)

Class D

 

 

(5.97

)

 

These total returns have been computed from the commencement of investment operations date and incorporate the total return of Class A shares of the Fund from the commencement of investment operations date through the initial issuance dates of each of the other classes of shares, adjusted to reflect the high expenses associated with the Administration, Shareholder Services and Distribution Plan for those classes that would have been incurred had they first been issued on the commencement of investment operations date.

See Notes to Financial Statements.

34

 

Board of Directors

Robert B. Catell 2, 3

•

Chairman, Chief Executive Officer and Director, KeySpan Corporation

 

 

John R. Galvin 1, 3

•

Dean Emeritus, Fletcher School of Law and Diplomacy at Tufts University

 

 

Alice S. Ilchman 2, 3

•

President Emerita, Sarah Lawrence College

•

Director, Jeannette K. Watson Summer Fellowship

•

Trustee, Committee for Economic Development

 

 

Frank A. McPherson 2, 3

•

Retired Chairman of the Board and Chief Executive Officer, Kerr-McGee Corporation

•

Director, ConocoPhillips

•

Director, Integris Health

 

 

John E. Merow 1, 3

•

Retired Chairman and Senior Partner, Sullivan & Cromwell LLP

•

Director, Commonwealth Industries, Inc.

•

Trustee, New York-Presbyterian Hospital

 

 

Betsy S. Michel 1, 3

•

Trustee, The Geraldine R. Dodge Foundation

 

 

William C. Morris

•

Chairman, J. & W. Seligman & Co. Incorporated

•

Chairman, Carbo Ceramics Inc.

 

 

Leroy C. Richie 1, 3

•

Chairman and Chief Executive Officer, Q Standards Worldwide, Inc.

•

Director, Kerr-McGee Corporation

 

 

Robert L. Shafer 2, 3

•

Retired Vice President, Pfizer Inc.

 

 

James N. Whitson 1, 3

•

Retired Executive Vice President and Chief Operating Officer, Sammons Enterprises, Inc.

•

Director, CommScope, Inc.

 

 

Brian T. Zino

•

Director and President, J. & W. Seligman & Co. Incorporated

•

Chairman, Seligman Data Corp.

•

Director, ICI Mutual Insurance Company

•

Member of the Board of Governors, Investment Company Institute

Member:

1 Audit Committee

 

2 Director Nominating Committee

 

3 Board Operations Committee

Executive Officers

William C. Morris

Chairman

 

Brian T. Zino

President and Chief Executive Officer

 

Charles W. Kadlec

Vice President

 

Thomas G. Rose

Vice President

 

Lawrence P. Vogel

Vice President and Treasurer

 

Frank J. Nasta

Secretary

35

 

ITEM 2.

CODE OF ETHICS.
Not applicable.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable

ITEM 6.

SCHEDULE OF INVESTMENTS.
Not applicable.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

ITEM 8.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.

ITEM 9.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable.

ITEM 10.

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-CSR 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.


2

 

(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 most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 11.

EXHIBITS.
  (a)(1)

Not applicable.

  (a)(2)

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

  (a)(3)

Not applicable.

  (b)

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

3

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 TIME HORIZON/HARVESTER SERIES, INC.

By:

/S/ BRIAN T. ZINO
Brian T. Zino
President and Chief Executive Officer

Date:

September 1, 2004

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/ BRIAN T. ZINO
Brian T. Zino
President and Chief Executive Officer

Date:

September 1, 2004

By:

/S/ LAWRENCE P. VOGEL
Lawrence P. Vogel
Vice President, Treasurer and Chief Financial Officer

Date:

September 1, 2004

4

SELIGMAN TIME HORIZON/HARVESTER SERIES, INC.

EXHIBIT INDEX

  (a)(2)

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

  (b)

Certification of chief executive officer and chief financial officer as required by Rule 30a-2(b) of the Investment Company Act of 1940.

5

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