-----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, NW1gLi/Y0ub4ijHw8ETQvn1mXl3HyFbYTA9D6c84/0TB7mOpl3pkwaG26uCWn3Eg tbrBCDd68vKYcnzE3Yp7zA== /in/edgar/work/20000911/0000931763-00-002134/0000931763-00-002134.txt : 20000922 0000931763-00-002134.hdr.sgml : 20000922 ACCESSION NUMBER: 0000931763-00-002134 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000911 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CANADA LIFE OF AMERICA VARIABLE ANNUITY ACCOUNT 2 CENTRAL INDEX KEY: 0000895360 STANDARD INDUSTRIAL CLASSIFICATION: [0000 ] IRS NUMBER: 382816473 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-07350 FILM NUMBER: 720106 BUSINESS ADDRESS: STREET 1: 6201 POWERS FERRY ROAD NW CITY: ATLANTA STATE: GA ZIP: 30339 BUSINESS PHONE: 7709531959 MAIL ADDRESS: STREET 1: 6201 POWERS FERRY ROAD, NW CITY: ATLANTA STATE: GA ZIP: 30339 N-30D 1 0001.txt SEMI-ANNUAL REPORT - ACCOUNT 2 DATED 06/30/00 [LOGO] CANADA LIFE RONALD E. BEETTAM, F.S.A., F.C.I.A. President Canada Life Insurance Company of America P.O. Box 105662 Atlanta, GA 30348-5662 (770) 953-1959, x2861 (800) 905-1959 FAX: (888) 670-4836 August, 2000 Dear Trillium(R) Policyowner: Enclosed is the Trillium Semi-Annual Report for the period ending June 30, 2000. We encourage you to review this information and to refer to it as needed throughout the year. Please call your Registered Representative or Canada Life if you have any questions. Thank you for selecting Trillium for your financial needs. Sincerely, /s/ Ronald E. Beettam Ronald E. Beettam Encl. 6201 Powers Ferry Road, N.W. Atlanta, Georgia 30339 TRILLIUM [LOGO] A Variable Annuity
VARIABLE ACCOUNT PERFORMANCE ---------------------------- Average Annual Total Returns for Periods Ending June 30, 2000 Assuming Contract Continues Year-to- Since Inception Date* 1 Year 3 Year 5 Year Inception Date Seligman Communications and Information Portfolio 4.08% 58.76% 42.39% 26.39% 30.83% 10/4/94 Seligman Global Technology Portfolio 5.01 80.74 49.28 -- 36.87 5/1/96 Seligman Frontier Portfolio 3.34 27.31 6.61 12.94 14.94 10/4/94 Seligman Small-Cap Value Portfolio 6.29 (0.55) -- -- 7.29 5/1/98 Seligman Global Smaller Companies Portfolio 1.50 26.63 8.08 12.15 11.92 10/4/94 Seligman Capital Portfolio 27.74 79.62 36.90 28.51 21.62 5/3/93 Seligman Large-Cap Growth Portfolio 8.92 26.19 -- -- 26.17 5/1/99 Seligman Global Growth Portfolio (3.50) 27.79 19.57 -- 16.52 5/1/96 Seligman Large-Cap Value Portfolio (6.07) (18.45) -- -- (5.28) 5/1/98 Seligman Common Stock Portfolio (0.95) 0.51 12.59 16.13 14.00 5/3/93 Seligman International Growth Portfolio (24.42) (9.06) 0.41 5.64 5.74 5/3/93 Seligman Income Portfolio 0.90 2.38 4.69 6.23 5.35 5/3/93 Seligman High-Yield Bond Portfolio (2.68) (4.29) 0.76 5.14 5.00 5/1/95 Seligman Bond Portfolio 2.83 1.91 2.88 3.10 3.24 5/3/93 Seligman Cash Management Portfolio Current Yield 5.89%+ 2.24 4.19 3.90 3.84 3.28 5/3/93
*Not annualized. + Annualized for the seven-day period ending June 30, 2000. The current yield figure shown more closely reflects the current earnings of the Portfolio than total return figures. Although Seligman Cash Management Portfolio seeks to preserve the value of investments at $1.00 per share, it is possible to lose money by investing in the Portfolio. Trillium Fixed Account's rate for the one-year Guarantee Period was 4.95% as of June 30, 2000. Rates for each Guarantee Period will be different, and are subject to change on a monthly basis. The three-, five-, seven-, and 10-year Guarantee Periods are currently not approved in all states. Please call 800-221- 2783 for state approval and the current rates on these Guarantee Periods. Prior to March 31, 2000, Seligman employed a sub-advisor which was responsible for providing portfolio management services with respect to the non-US investments of the Global Technology, Global Smaller Companies, Global Growth, and International Growth Portfolios. After March 31, 2000, Seligman will continue to use such sub-advisory services only for Seligman Global Smaller Companies Portfolio. Performance quoted represents past performance, and the investment return and principal value of an investment will fluctuate so that units, when surrendered, may be worth more or less than their original cost. Performance for Seligman Communications and Information and Seligman Global Technology Portfolios was achieved during a market favorable to companies in the technology sector and benefited significantly from investments in IPOs. There can be no assurances that these Portfolios will continue to achieve, by investing in IPOs or otherwise, similar performance in the future. Performance of the variable portfolios reflects the performance of Seligman Portfolios, Inc., the underlying investment vehicle for the Trillium Variable Account, adjusted for the current fees and charges (excluding CDSC) associated with Trillium since the variable account commenced operations on 5/3/93. For performance figures with CDSC, please see reverse side. The fixed account is held in the general account of Canada Life Insurance Company of America (CLICA) and provides a guarantee, by CLICA, against loss of principal, and guarantees payment of a specified current rate of interest. Please contact your financial advisor or call Seligman Advisors at 800-221-2783 for a prospectus containing full details including information on fees and charges. Please read the prospectus carefully before investing or sending money. Withdrawals may be subject to federal income tax, and a 10% federal tax penalty if made before age 59 1/2. Withdrawals will reduce a policy's cash value and death benefit. Depending on the performance of the underlying investment options, the cash value available for withdrawals may be worth more or less than the original amount invested. There are specific risks associated with technology investing, such as greater price fluctuations, government regulation, and limited liquidity. A portfolio that concentrates its investments in one sector of the economy, such as technology, may be subject to greater share price fluctuations than a more diversified portfolio. The stocks of smaller companies may be subject to above- average market price fluctuations. There are specific risks associated with global investing, such as currency fluctuations, foreign taxation, differences in financial reporting practices, and rapid changes in political conditions. A portfolio with fewer holdings, such as Seligman Large-Cap Value Portfolio and Seligman Small-Cap Value Portfolio, may be subject to greater volatility than a portfolio with a greater number of holdings. High-yield bonds are subject to a greater risk of loss of principal and interest than higher-rated investment- grade bonds. Purchasers should carefully assess the risks associated with an investment in Seligman High-Yield Bond Portfolio.
Average Annual Total Returns for Periods Ending June 30, 2000 VARIABLE ACCOUNT PERFORMANCE Assuming Contract Is Surrendered at End of Period - ---------------------------- Year-to- Since Inception Date* 1 Year 3 Year 5 Year Inception Date Seligman Communications and Information Portfolio (1.32)% 53.36% 41.65% 26.17% 30.70% 10/4/94 Seligman Global Technology Portfolio (0.39) 75.34 48.60 -- 36.55 5/1/96 Seligman Frontier Portfolio (2.06) 21.91 5.27 12.60 14.70 10/4/94 Seligman Small-Cap Value Portfolio 0.89 (5.95) -- -- 5.36 5/1/98 Seligman Global Smaller Companies Portfolio (3.90) 21.23 6.78 11.81 11.64 10/4/94 Seligman Capital Portfolio 22.34 74.22 36.09 28.31 21.62 5/3/93 Seligman Large-Cap Growth Portfolio 3.52 20.79 -- -- 21.71 5/1/99 Seligman Global Growth Portfolio (8.90) 22.39 18.51 -- 15.98 5/1/96 Seligman Large-Cap Value Portfolio (11.47) (23.85) -- -- (7.52) 5/1/98 Seligman Common Stock Portfolio (6.35) (4.89) 11.40 15.83 14.00 5/3/93 Seligman International Growth Portfolio (29.82) (14.46) (1.10) 5.21 5.74 5/3/93 Seligman Income Portfolio (4.50) (3.02) 3.30 5.81 5.35 5/3/93 Seligman High-Yield Bond Portfolio (8.08) (9.69) (0.74) 4.69 4.57 5/1/95 Seligman Bond Portfolio (2.57) (3.49) 1.44 2.62 3.24 5/3/93 Seligman Cash Management Portfolio Current Yield 5.89%+ (3.16) (1.21) 2.50 3.37 3.28 5/3/93
*Not annualized. + Annualized for the seven-day period ending June 30, 2000. The current yield figure shown more closely reflects the current earnings of the Portfolio than total return figures. Although Seligman Cash Management Portfolio seeks to preserve the value of investments at $1.00 per share, it is possible to lose money by investing in the Portfolio. Trillium Fixed Account's rate for the one-year Guarantee Period was 4.95% as of June 30, 2000. Rates for each Guarantee Period will be different, and are subject to change on a monthly basis. The three-, five-, seven-, and 10-year Guarantee Periods are currently not approved in all states. Please call 800-221- 2783 for state approval and the current rates on these Guarantee Periods. Issued by: Canada Life Insurance Company of America, 6201 Powers Ferry Road, N.W., Atlanta, GA 30339 For more information contact: Seligman Advisors, Inc., 100 Park Avenue, New York, NY 10017 . (800) 221-2783 Prior to March 31, 2000, Seligman employed a sub-advisor which was responsible for providing portfolio management services with respect to the non-US investments of the Global Technology, Global Smaller Companies, Global Growth, and International Growth Portfolios. After March 31, 2000, Seligman will continue to use such sub-advisory services only for Seligman Global Smaller Companies Portfolio. Performance quoted represents past performance, and the investment return and principal value of an investment will fluctuate so that units, when surrendered, may be worth more or less than their original cost. Performance for Seligman Communications and Information and Seligman Global Technology Portfolios was achieved during a market favorable to companies in the technology sector and benefited significantly from investments in IPOs. There can be no assurances that these Portfolios will continue to achieve, by investing in IPOs or otherwise, similar performance in the future. Performance of the variable portfolios reflects the performance of Seligman Portfolios, Inc., the underlying investment vehicle for the Trillium Variable Account, adjusted for Trillium's current fees and charges and including the maximum CDSC of 6% since the variable account commenced operations on 5/3/93. Trillium's CDSC for current premiums (premiums paid during the current and previous six policy years) starts at 6% and decreases in steps, depending on the number of policy years since the premium was paid, as follows: less than two years, 6%; at least two, but less than four, 5%; at least four, but less than five, 4%; at least five, but less than six, 3%; at least six, but less than seven, 2%; at least seven, no charge. The fixed account is held in the general account of Canada Life Insurance Company of America (CLICA) and provides a guarantee, by CLICA, against loss of principal, and guarantees payment of a specified current rate of interest. Please contact your financial advisor or call Seligman Advisors at 800-221-2783 for a prospectus containing full details including information on fees and charges. Please read the prospectus carefully before investing or sending money. Withdrawals may be subject to federal income tax, and a 10% federal tax penalty if made before age 59 1/2. Withdrawals will reduce a policy's cash value and death benefit. Depending on the performance of the underlying investment options, the cash value available for withdrawals may be worth more or less than the original amount invested. Investing in Trillium portfolios involves risk, including possible loss of principal. Shares of the Trillium portfolios are not deposits or obligations of, or guaranteed or endorsed by, any bank. Shares are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency, and are subject to market fluctuations. The attached are incorporated by reference herein to the Semi-annual Report filed by and on behalf of the following: Seligman Portfolios, Inc., filed August 31, 2000 Portfolios include: Seligman Bond, Seligman Capital, Seligman Cash Management, Seligman Common Stock, Seligman Communications and Information, Seligman Frontier, Seligman Global Growth, Seligman Global Smaller Companies, Seligman Global Technology, Seligman High-Yield Bond, Seligman Income, Seligman International Growth, Seligman Large-Cap Growth, Seligman Large-Cap Value, and Seligman Small-Cap Value. - ------------------------------------------------------------------------------- MID-YEAR REPORT - ------------------------------------------------------------------------------- TRILLIUM A VARIABLE ANNUITY JUNE 30, 2000 Total Returns* For the Six Months Ended June 30, 2000 Sub-Accounts: Bond ................................................. 2.84% Capital .............................................. 27.77 Cash Management ...................................... 2.26 Common Stock ......................................... (0.93) Communications and Information ....................... 4.10 Frontier ............................................. 3.36 Global Growth ........................................ (3.47) Global Smaller Companies ............................. 1.52 Global Technology .................................... 5.03 High-Yield Bond ...................................... (2.66) Income ............................................... 0.91 International Growth ................................. (24.40) Large-Cap Growth ..................................... 8.95 Large-Cap Value ...................................... (6.04) Small-Cap Value ...................................... 6.32 - ------------------------ * Total returns of the Sub-Accounts are based on the performance of the Seligman Portfolios, Inc., the underlying investment vehicle for the Canada Life of America Variable Annuity Account 2 (Variable Annuity Account 2), less current fees and charges. The returns exclude any contingent deferred sales charge ("CDSC") applicable to the Variable Annuity Account 2. Seligman Portfolios, Inc. the underlying investment vehicle for ------------------------------------- TRILLIUM A Variable Annuity ------------------------------------- ------------------------------------- ------------------------------------- August 11, 2000 Dear Contract Owner: J. & W. Seligman & Co. Incorporated, the Manager of Seligman Portfolios, Inc., the underlying investment vehicle for your Trillium Variable Annuity, and Canada Life Insurance Company of America, as issuer of The Canada Life of America Variable Annuity Account 2, are pleased to provide the enclosed unaudited report for the six months ended June 30, 2000. The first six months of 2000 presented a challenging investment environment as markets considered the possible ramifications of the Federal Reserve Board's tighter monetary policy. As early as June 1999, in an effort to slow the economy, the Fed began raising interest rates. For nearly a year, these efforts seemed to have little effect on the roaring US economy, and investors became concerned that the Fed would be unable to achieve its objective of an economic "soft landing." Ongoing economic strength could also prompt the Fed to continue raising interest rates, possibly significantly, which could adversely affect corporate profits and stock prices. Investor fear finally induced a significant correction in the Nasdaq Composite Index (a technology-heavy index) in March. From March 10 through May 23, 2000, this index lost 37% of its market value. Meanwhile, stocks with solid earnings and strong underlying fundamentals strengthened, while "concept stocks," those of companies with interesting ideas but no earnings, fell out of favor. The market also broadened, and small- and mid-cap stocks delivered strong relative performance. The bond market, particularly US government bonds and high-quality corporate bonds, rallied during this time. As the six months came to a close, the economy finally showed signs of a slowdown. Growth and concept stocks temporarily regained some momentum, erasing some of the damage that had occurred earlier in the period. By the end of the six months, in which investors wavered between growth and value stocks, the broad market averages had delivered generally flat results. Looking ahead, we believe that the US economy will continue to moderate and that the stock market will continue to broaden. Thus, we believe that investors should work with their financial advisors to ensure that their portfolios include a broad range of asset classes, such as small- and mid-cap stocks, international stocks, and fixed-income securities. While we feel that the economic slowdown and the corresponding moderation of the stock market are healthy long-term trends, the investment environment could become more challenging. The rest of 2000 may present a more complex environment, making professional management, such as is offered through variable insurance products, crucial. These investment vehicles provide investors with an opportunity to obtain the services of investment managers who have years of experience in specific disciplines, such as global investing, small- and mid-cap investing, and technology investing, and who have the support of research teams to find the best opportunities throughout the world and across markets. They can also provide diversification, which is important for long-term investment success. Thank you for your continued support of Trillium. We look forward to serving your investment needs for many years to come. Respectfully, /s/Ronald E. Beettam /s/William C. Morris Ronald E. Beettam William C. Morris President Chairman Canada Life Insurance Company of America J.& W.Seligman & Co. Incorporated -- 1 -- Canada Life of America Variable Annuity Account 2 - -------------------------------------------------------------------------------- Statement of Net Assets (unaudited) - --------------------------------------------------------------------------------
Cash Common Communications Bond Capital Management Stock and Information Frontier Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account ----------- ----------- ----------- ----------- ----------- ----------- NET ASSETS: Investment in Seligman Portfolios, Inc., at market value (see Note 3 for cost values) ................. $5,458,013 $44,037,690 $12,829,251 $38,690,304 $176,951,045 $18,737,287 Due from (to) Canada Life Insurance Company of America ...................... 150,490 (1,675,322) (32,242) 1,327,448 348,698 487,036 ---------- ----------- ----------- ----------- ------------ ----------- Net Assets ..................... $5,608,503 $42,362,368 $12,797,009 $40,017,752 $177,299,743 $19,224,323 ========== =========== =========== =========== ============ =========== NET ASSETS ATTRIBUTABLE TO: Policyholders' liability reserve ..................... $5,608,503 $42,362,368 $12,797,009 $40,017,752 $177,299,743 $19,224,323 ---------- ----------- ----------- ----------- ------------ ----------- Net Assets ..................... $5,608,503 $42,362,368 $12,797,009 $40,017,752 $177,299,743 $19,224,323 ========== =========== =========== =========== ============ =========== Number of Units Outstanding ................. 332,215 590,725 8,325,756 902,886 3,782,826 861,838 ========== =========== =========== =========== ============ =========== Net Asset Value Per Unit ....... $16.8821 $71.7125 $1.5370 $44.3220 $46.8697 $22.3062 ========== =========== =========== =========== ============ ===========
Global Global Smaller Global High-Yield Growth Companies Technology Bond Income Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account ----------- ----------- ----------- ----------- ----------- NET ASSETS: Investment in Seligman Portfolios, Inc., at market value (see Note 3 for cost values) ................. $ 8,151,364 $18,668,968 $29,164,778 $17,855,967 $6,683,590 Due from (to) Canada Life Insurance Company of America ...................... 1,886,767 (336,100) (131,067) (256,830) 100,544 ----------- ----------- ----------- ----------- ---------- Net Assets ..................... $10,038,131 $18,332,868 $29,033,711 $17,599,137 $6,784,134 =========== =========== =========== =========== ========== NET ASSETS ATTRIBUTABLE TO: Policyholders' liability reserve ..................... $10,038,131 $18,332,868 $29,033,711 $17,599,137 $6,784,134 ----------- ----------- ----------- ----------- ---------- Net Assets ..................... $10,038,131 $18,332,868 $29,033,711 $17,599,137 $6,784,134 =========== =========== =========== =========== ========== Number of Units Outstanding ................. 529,998 958,278 784,057 1,364,333 290,772 =========== =========== =========== =========== ========== Net Asset Value Per Unit ....... $18.9399 $19.1311 $37.0301 $12.8994 $23.3315 =========== =========== =========== =========== ==========
International Large-Cap Large-Cap Small-Cap Growth Growth Value Value Sub-Accounts Sub-Account Sub-Account Sub-Account Sub-Account Combined ----------- ----------- ----------- ----------- ----------- NET ASSETS: Investment in Seligman Portfolios, Inc., at market value (see Note 3 for cost values) ................. $8,246,889 $6,419,782 $4,762,755 $4,151,602 $400,809,285 Due from (to) Canada Life Insurance Company of America ...................... (555,241) (1,377,824) (592,641) (80,128) (736,412) ---------- ---------- ---------- ---------- ------------ Net Assets ..................... $7,691,648 $5,041,958 $4,170,114 $4,071,474 $400,072,873 ========== ========== ========== ========== ============ NET ASSETS ATTRIBUTABLE TO: Policyholders' liability reserve ..................... $7,691,648 $5,041,958 $4,170,114 $4,071,474 $400,072,873 ---------- ---------- ---------- ---------- ------------ Net Assets ..................... $7,691,648 $5,041,958 $4,170,114 $4,071,474 $400,072,873 ========== ========== ========== ========== ============ Number of Units Outstanding ................. 514,206 384,177 468,485 349,208 20,439,760 ========== ========== ========== ========== ============ Net Asset Value Per Unit ....... $14.9583 $13.1240 $8.9013 $11.6592 ========== ========== ========== ========== - ------------------ See accompanying notes.
- -------------------------------------------------------------------------------- Statement of Operations For the Six Months Ended June 30, 2000 - --------------------------------------------------------------------------------
Cash Common Communications Bond Capital Management Stock and Information Frontier Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account ----------- ----------- ----------- ----------- ----------- ----------- NET INVESTMENT INCOME: Dividend and capital gain distributions .......... $ -- $5,991,515 $ -- $ -- $ -- $ -- Less mortality and expense risk charges (Note 6) ....... 34,556 250,752 92,378 280,159 1,273,939 139,424 --------- ---------- -------- ---------- ----------- ----------- Net Investment Income (loss) ...................... (34,556) (250,752) 299,997 (280,159) (1,273,939) (139,424) --------- ---------- -------- ---------- ----------- ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on investments .............. (69,821) 992,792 -- (991,730) 9,246,713 2,709,536 Net unrealized appreciation (depreciation) of investments ................. 247,132 8,373,859 -- 678,347 (986,158) (2,002,776) --------- ---------- -------- ---------- ----------- ----------- Net Realized and Unrealized Gain (Loss) on Investments ................. 177,311 9,366,651 -- (313,383) 8,260,555 706,760 --------- ---------- -------- ---------- ----------- ----------- Net Increase (Decrease) in Net Assets Resulting from Operations ............. $142,755 $9,115,899 $299,997 $(593,542) $6,986,616 $ 567,336 ========= ========== ======== ========== =========== ==========
Global Global Smaller Global High-Yield Growth Companies Technology Bond Income Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account ----------- ----------- ----------- ----------- ----------- NET INVESTMENT INCOME: Dividend and capital gain distributions .......... $ -- $ -- $ -- $ -- $ -- Less mortality and expense risk charges (Note 6) ....... 66,717 134,254 194,820 146,716 49,124 ---------- ---------- ---------- ---------- -------- Net Investment Income (loss) ...................... (66,717) (134,254) (194,820) (146,716) (49,124) ---------- ---------- ---------- ---------- -------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on investments .............. 1,230,383 529,415 2,302,020 (1,449,061) (162,248) Net unrealized appreciation (depreciation) of investments ................. (1,386,698) (120,235) (1,169,660) 1,003,255 249,277 ---------- ---------- ---------- ---------- -------- Net Realized and Unrealized Gain (Loss) on Investments ................. (156,315) 409,180 1,132,360 (445,806) 87,029 ---------- ---------- ---------- ---------- -------- Net Increase (Decrease) in Net Assets Resulting from Operations ............. $ (223,032) $274,926 $ 937,540 $ (592,522) $ 37,905 ========== ========== ========== ========== ========
International Large-Cap Large-Cap Small-Cap Growth Growth Value Value Sub-Accounts Sub-Account Sub-Account Sub-Account Sub-Account Combined ----------- ----------- ----------- ----------- ----------- NET INVESTMENT INCOME: Dividend and capital gain distributions .......... $ -- $ -- $ -- $ -- $ 392,375 Less mortality and expense risk charges (Note 6) ....... 63,995 33,426 33,750 29,051 2,823,061 ---------- --------- --------- -------- ------------ Net Investment Income (loss) ...................... (63,995) (33,426) (33,750) (29,051) (2,430,686) ---------- --------- --------- -------- ------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on investments .............. 30,066 35,834 (140,231) 16,531 14,280,199 Net unrealized appreciation (depreciation) of investments ................. (2,578,562) 537,984 (145,612) 217,291 2,917,444 ---------- --------- --------- -------- ------------ Net Realized and Unrealized Gain (Loss) on Investments ................. (2,548,496) 573,818 (285,843) 233,822 17,197,643 ---------- --------- --------- -------- ------------ Net Increase (Decrease) in Net Assets Resulting from Operations ............. $(2,612,491) $540,392 $(319,593) $204,771 $14,766,957 =========== ======== ========= ======== ============ - ------------------ See accompanying notes.
-- 2 and 3 -- Canada Life of America Variable Annuity Account 2 - -------------------------------------------------------------------------------- Statements of Changes in Net Assets - --------------------------------------------------------------------------------
Bond Capital Cash Management Sub-Account Sub-Account Sub-Account ---------------------- ------------------------ ----------------------- Six Months Six Months Six Months Ended Year Ended Year Ended Year 6/30/00 Ended 6/30/00 Ended 6/30/00 Ended (unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99 --------- --------- ---------- ---------- ---------- --------- OPERATIONS: Net investment income (loss).......... $ (34,556) $ 257,454 $ (250,752) $ 5,722,122 $ 299,997 $ 498,174 Net realized gain (loss) on investments......................... (69,821) (144,807) 992,792 1,347,782 -- -- Net unrealized appreciation (depreciation) of investments....... 247,132 (426,084) 8,373,859 2,021,410 -- -- ---------- ---------- ----------- ----------- ----------- ---------- Net Increase (Decrease) in Net Assets Resulting from Operations.... 142,755 (313,437) 9,115,899 9,091,314 299,997 498,174 ---------- ---------- ----------- ----------- ----------- ---------- CAPITAL TRANSACTIONS: Net increase (decrease) from unit transactions (Note 5).......... 555,100 (48,827) 6,590,550 (453,005) (4,360,615) 7,396,543 ---------- ---------- ----------- ----------- ----------- ---------- Net Increase (Decrease) in Net Assets Arising from Capital Transactions........................ 555,100 (48,827) 6,590,550 (453,005) (4,360,615) 7,396,543 ---------- ---------- ----------- ----------- ----------- ---------- Total Increase (Decrease) in Net Assets....................... 697,855 (362,264) 15,706,449 8,638,309 (4,060,618) 7,894,717 Net Assets, Beginning of Period....... 4,910,648 5,272,912 26,655,919 18,017,610 16,857,627 8,962,910 ---------- ---------- ----------- ----------- ----------- ----------- Net Assets, End of Period............. $5,608,503 $4,910,648 $42,362,368 $26,655,919 $12,797,009 $16,857,627 ========== ========== =========== =========== =========== ===========
Communications and Common Stock Information Frontier Sub-Account Sub-Account Sub-Account ---------------------- ----------------------- ------------------------ Six Months Six Months Six Months Ended Year Ended Year Ended Year 6/30/00 Ended 6/30/00 Ended 6/30/00 Ended (unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99 --------- --------- ---------- ---------- ---------- --------- OPERATIONS: Net investment income (loss).......... $ (280,159) $ 8,858,927 $ (1,273,939) $ 23,834,219 $ (139,424) $ (309,166) Net realized gain (loss) on investments......................... (991,730) 1,788,619 9,246,713 8,073,059 2,709,536 (1,417,941) Net unrealized appreciation (depreciation) of investments....... 678,347 (5,762,124) (986,158) 47,083,794 (2,002,776) 2,941,214 ----------- ----------- ------------ ----------- ----------- ------------ Net Increase (Decrease) in Net Assets Resulting from Operations.... (593,542) 4,885,422 6,986,616 78,991,072 567,336 1,214,107 ----------- ----------- ------------ ----------- ----------- ------------ CAPITAL TRANSACTIONS: Net increase (decrease) from unit transactions (Note 5).......... (5,064,023) (1,075,059) (1,726,755) (4,332,148) (2,282,424) (11,892,873) ----------- ----------- ------------ ----------- ------------ ------------ Net Increase (Decrease) in Net Assets Arising from Capital Transactions........................ (5,064,023) (1,075,059) (1,726,755) (4,332,148) (2,282,424) (11,892,873) ----------- ----------- ------------ ----------- ------------ ------------ Total Increase (Decrease) in Net Assets....................... (5,657,565) 3,810,363 5,259,861 74,658,924 (1,715,088) (10,678,766) Net Assets, Beginning of Period....... 45,675,317 41,864,954 172,039,882 97,380,958 20,939,411 31,618,177 ----------- ----------- ------------ ------------ ----------- ------------ Net Assets, End of Period............. $40,017,752 $45,675,317 $177,299,743 $172,039,882 $19,224,323 $ 20,939,411 =========== =========== ============ ============ =========== ============
Global Smaller Global Growth Companies Sub-Account Sub-Account ----------------------- ------------------------- Six Months Six Months Ended Year Ended Year 6/30/00 Ended 6/30/00 Ended (unaudited) 12/31/99 (unaudited) 12/31/99 ----------- --------- ---------- ---------- OPERATIONS: Net investment income (loss).......... $ (66,717) $ 923,651 $ (134,254) $ (237,320) Net realized gain (loss) on investments......................... 1,230,383 790,461 529,415 246,754 Net unrealized appreciation (depreciation) of investments....... (1,386,698) 2,051,588 (120,235) 3,855,334 ----------- ---------- ----------- ----------- Net Increase (Decrease) in Net Assets Resulting from Operations.... (223,032) 3,765,700 274,926 3,864,768 ----------- ---------- ----------- ----------- CAPITAL TRANSACTIONS: Net increase (decrease) from unit transactions (Note 5).......... (700,042) (691,469) (721,952) (4,591,356) ----------- ---------- ----------- ----------- Net Increase (Decrease) in Net Assets Arising from Capital Transactions........................ (700,042) (691,469) (721,952) (4,591,356) ----------- ---------- ----------- ----------- Total Increase (Decrease) in Net Assets....................... (923,074) 3,074,231 (447,026) (726,588) Net Assets, Beginning of Period....... 10,961,205 7,886,974 18,779,894 19,506,482 ----------- ----------- ----------- ----------- Net Assets, End of Period............. $10,038,131 $10,961,205 $18,332,868 $18,779,894 =========== =========== =========== ===========
Global Technology High-Yield Bond Income Sub-Account Sub-Account Sub-Account ------------------------ ------------------------- ------------------------ Six Months Six Months Six Months Ended Year Ended Year Ended Year 6/30/00 Ended 6/30/00 Ended 6/30/00 Ended (unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99 --------- --------- ---------- ---------- ---------- --------- OPERATIONS: Net investment income (loss).......... $ (194,820) $ 1,585,236 $ (146,716) $ 2,476,831 $ (49,124) $ 854,002 Net realized gain (loss) on investments......................... 2,302,020 3,349,814 (1,449,061) (1,389,315) (162,248) (19,359) Net unrealized appreciation (depreciation) of investments....... (1,169,660) 4,867,611 1,003,255 (1,657,637) 249,277 (717,827) ----------- ----------- ----------- ----------- ---------- ----------- Net Increase (Decrease) in Net Assets Resulting from Operations.... 937,540 9,802,661 (592,522) (570,121) 37,905 116,816 ----------- ----------- ----------- ----------- ---------- ----------- CAPITAL TRANSACTIONS: Net increase (decrease) from unit transactions (Note 5).......... 8,016,266 5,006,209 (7,034,444) (5,068,977) (1,134,370) (1,222,331) ----------- ----------- ----------- ----------- ---------- ----------- Net Increase (Decrease) in Net Assets Arising from Capital Transactions........................ 8,016,266 5,006,209 (7,034,444) (5,068,977) (1,134,370) (1,222,331) ----------- ----------- ----------- ----------- ---------- ----------- Total Increase (Decrease) in Net Assets....................... 8,953,806 14,808,870 (7,626,966) (5,639,098) (1,096,465) (1,105,515) Net Assets, Beginning of Period....... 20,079,905 5,271,035 25,226,103 30,865,201 7,880,599 8,986,114 ----------- ----------- ----------- ----------- ---------- ----------- Net Assets, End of Period............. $29,033,711 $20,079,905 $17,599,137 $25,226,103 $6,784,134 $ 7,880,599 =========== =========== =========== =========== ========== ===========
International Growth Large-Cap Growth Large-Cap Value Sub-Account Sub-Account Sub-Account ------------------------ ------------------------- ------------------------ Six Months Six Months Six Months Ended Year Ended Year Ended Year 6/30/00 Ended 6/30/00 Ended 6/30/00 Ended (unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99 --------- --------- ---------- ---------- ---------- --------- OPERATIONS: Net investment income (loss).......... $ (63,995) $ 1,216,038 $ (33,426) $ (15,838) $ (33,750) $ (7,789) ----------- ----------- ------------ ---------- ---------- ---------- Net realized gain (loss) on investments......................... 30,066 488,026 35,834 15,637 (140,231) 28,971 Net unrealized appreciation (depreciation) of investments....... (2,578,562) 322,636 537,984 484,748 (145,612) (294,330) ----------- ----------- ------------ ---------- ---------- ---------- Net Increase (Decrease) in Net Assets Resulting from Operations.... (2,612,491) 2,026,700 540,392 484,547 (319,593) (273,148) ----------- ----------- ------------ ---------- ---------- ---------- CAPITAL TRANSACTIONS: Net increase (decrease) from unit transactions (Note 5).......... 444,814 (1,534,864) 1,530,873 2,486,146 (1,101,650) 2,286,079 ----------- ----------- ------------ ---------- ---------- ---------- Net Increase (Decrease) in Net Assets Arising from Capital Transactions........................ 444,814 (1,534,864) 1,530,873 2,486,146 (1,101,650) 2,286,079 ----------- ----------- ------------ ---------- ---------- ---------- Total Increase (Decrease) in Net Assets....................... (2,167,677) 491,836 2,071,265 2,970,693 (1,421,243) 2,012,931 Net Assets, Beginning of Period....... 9,859,325 9,367,489 2,970,693 -- 5,591,357 3,578,426 ----------- ----------- ------------ ---------- ---------- ---------- Net Assets, End of Period............. $ 7,691,648 $ 9,859,325 $ 5,041,958 $2,970,693 $4,170,114 $5,591,357 =========== =========== ============ ========== ========== ==========
Small-Cap Value Sub-Accounts Sub-Account Combined ------------------------ -------------------------- Six Months Six Months Ended Year Ended Year 6/30/00 Ended 6/30/00 Ended (unaudited) 12/31/99 (unaudited) 12/31/99 ------------ --------- ---------- ----------- OPERATIONS: Net investment income (loss).......... $ (29,051) $ 704,760 $ (2,430,686) $ 46,361,301 Net realized gain (loss) on investments......................... 16,531 181,803 14,280,199 13,339,504 Net unrealized appreciation (depreciation) of investments....... 217,291 36,494 2,917,444 54,806,827 ---------- ---------- ------------ ------------ Net Increase (Decrease) in Net Assets Resulting from Operations.... 204,771 923,057 14,766,957 114,507,632 ---------- ---------- ------------ ------------ CAPITAL TRANSACTIONS: Net increase (decrease) from unit transactions (Note 5).......... (220,778) 955,227 (7,209,450) (12,780,705) ---------- ---------- ------------ ------------ Net Increase (Decrease) in Net Assets Arising from Capital Transactions........................ (220,778) 955,227 (7,209,450) (12,780,705) ---------- ---------- ------------ ------------ Total Increase (Decrease) in Net Assets....................... (16,007) 1,878,284 7,557,507 101,726,927 Net Assets, Beginning of Period....... 4,087,481 2,209,197 392,515,366 290,788,439 ---------- ---------- ------------ ------------ Net Assets, End of Period............. $4,071,474 $4,087,481 $400,072,873 $392,515,366 ========== ========== ============ ============ - ----------------- * Commencement of operations. See accompanying notes.
-- 4 and 5 -- Canada Life of America Variable Annuity Account 2 - -------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) - -------------------------------------------------------------------------------- 1. Organization Canada Life of America Variable Annuity Account 2 ("Variable Annuity Account 2") was established on February 26, 1993 as a separate investment account of Canada Life Insurance Company of America ("CLICA") to receive and invest premium payments under variable annuity policies issued by CLICA. Variable Annuity Account 2 is registered as a unit investment trust under the Investment Company Act of 1940, as amended. The assets of Variable Annuity Account 2 are invested in the shares of Seligman Portfolios, Inc. (the "Fund"), a diversified, open-end, management investment company. Variable Annuity Account 2 has fifteen sub-accounts, each of which invests only in the shares of the corresponding portfolio of the Fund. The assets of Variable Annuity Account 2 are the property of CLICA. The portion of Variable Annuity Account 2 assets applicable to the policies will not be charged with liabilities arising out of any other business CLICA may conduct. 2. Significant Accounting Policies Investments Investments in shares of the Fund are valued at the reported net asset values of the respective portfolios. Realized gains and losses are computed on the basis of average cost. The difference between cost and current market value of investments owned is recorded as an unrealized gain or loss on investments. Dividends and Capital Gain Distributions Dividends and capital gain distributions are recorded on the ex-dividend date and reflect the dividends declared by the Fund from their accumulated net investment income and net realized investment gains. Except for the Cash Management Portfolio, whose dividends are declared daily and paid monthly, dividends and capital gain distributions are declared and paid annually. Dividends and capital gain distributions paid to the Variable Annuity Account 2 are reinvested in additional shares of the respective portfolio of the Fund at the net asset value per share. Federal Income Taxes Variable Annuity Account 2 is not taxed separately because the operations of Variable Annuity Account 2 will be included in the federal income tax return of CLICA, which is taxed as a "life insurance company" under the provisions of the Internal Revenue Code. 3. Investments The investment by Variable Annuity Account 2 in the individual portfolios of the Fund at June 30, 2000, is as follows:
Number of Shares Market Price Market Value Cost ---------------- ------------ ------------ ----------- Bond 568,543 $ 9.60 $ 5,458,013 $ 5,679,133 Capital 1,432,120 30.75 44,037,690 31,171,503 Cash Management 12,829,251 1.00 12,829,251 12,829,251 Common Stock 2,334,961 16.57 38,690,304 40,858,510 Communications and Information 6,321,938 27.99 176,951,045 114,912,818 Frontier 992,967 18.87 18,737,287 17,057,858 Global Growth 460,269 17.71 8,151,364 6,400,822 Global Smaller Companies 1,044,710 17.87 18,668,968 14,270,512 Global Technology 1,005,682 29.00 29,164,778 24,776,751 High-Yield Bond 1,899,571 9.40 17,855,967 21,036,644 Income 663,713 10.07 6,683,590 7,158,899 International Growth 651,413 12.66 8,246,889 9,253,044 Large-Cap Growth 481,243 13.34 6,419,782 5,397,050 Large-Cap Value 542,455 8.78 4,762,755 5,093,625 Small-Cap Value 479,954 8.65 4,151,602 3,932,297 ------------ ------------ $400,809,285 $319,828,717 ============ ============
4. Security Purchases and Sales The aggregate cost of purchases and the proceeds from sales of investments are presented below:
Aggregate Cost of Purchases Proceeds from Sales --------------------------- ------------------- Bond $ 1,721,236 $ 1,248,743 Capital 14,088,695 6,109,989 Cash Management 23,063,102 27,050,878 Common Stock 4,919,007 11,531,995 Communications and Information 20,087,186 23,656,926 Frontier 14,839,022 17,755,117 Global Growth 2,036,770 4,673,845 Global Smaller Companies 1,631,302 2,113,465 Global Technology 18,290,836 10,465,779 High-Yield Bond 1,904,073 8,598,357 Income 274,955 1,558,420 International Growth 1,808,991 883,443 Large-Cap Growth 3,176,006 338,438 Large-Cap Value 1,181,366 1,743,094 Small-Cap Value 754,369 1,090,475 ------------ ------------ $109,776,916 $118,818,964 ============ ============
-- 6 -- Canada Life of America Variable Annuity Account 2 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 5. Summary of Changes from Unit Transactions The following table represents a summary of changes from unit transactions attributable to contract holders for the periods indicated.
Six Months Ended June 30, 2000 Year Ended December 31, 1999 ------------------------------ ---------------------------- Units Amount Units Amount ---------- ---------- ---------- ----------- Bond Sub-Account Accumulation Units: Contract purchases and net transfers in 1,447,005 $ 25,188,353 322,587 $ 5,568,576 Terminated contracts and net transfers out (1,413,943) (24,633,253) (325,992) (5,617,403) ---------- ------------ ----------- ----------- 33,062 555,100 (3,405) (48,827) ---------- ------------ ----------- ----------- Capital Sub-Account Accumulation Units: Contract purchases and net transfers in 284,792 18,171,826 299,549 11,994,851 Terminated contracts and net transfers out (169,007) (11,581,276) (310,008) (12,447,856) ---------- ------------ ----------- ----------- 115,785 6,590,550 10,459 (453,005) ---------- ------------ ----------- ----------- Cash Management Sub-Account Accumulation Units: Contract purchases and net transfers in 28,733,215 43,726,902 40,947,833 60,392,520 Terminated contracts and net transfers out (31,622,864) (48,087,517) (35,911,189) (52,995,977) ---------- ------------ ----------- ----------- (2,889,649) (4,360,615) 5,036,644 7,396,543 ---------- ------------ ----------- ----------- Common Stock Sub-Account Accumulation Units: Contract purchases and net transfers in 230,914 12,251,234 585,115 24,933,937 Terminated contracts and net transfers out (348,985) (17,315,257) (608,245) (26,008,996) ---------- ------------ ----------- ----------- (118,071) (5,064,023) (23,130) (1,075,059) ---------- ------------ ----------- ----------- Communications and Information Sub-Account Accumulation Units: Contract purchases and net transfers in 657,131 34,096,248 1,216,263 35,884,214 Terminated contracts and net transfers out (695,562) (35,823,003) (1,358,367) (40,216,362) ---------- ------------ ----------- ----------- (38,431) (1,726,755) (142,104) (4,332,148) ---------- ------------ ----------- ----------- Frontier Sub-Account Accumulation Units: Contract purchases and net transfers in 902,826 21,412,465 848,373 14,699,046 Terminated contracts and net transfers out (1,011,271) (23,694,889) (1,562,533) (26,591,919) ---------- ------------ ----------- ----------- (108,445) (2,282,424) (714,160) (11,892,873) ---------- ------------ ----------- ----------- Global Growth Sub-Account Accumulation Units: Contract purchases and net transfers in 198,537 6,307,435 514,496 7,656,906 Terminated contracts and net transfers out (227,181) (7,007,477) (560,299) (8,348,375) ---------- ------------ ----------- ----------- (28,644) (700,042) (45,803) (691,469) ---------- ------------ ----------- ----------- Global Smaller Companies Sub-Account Accumulation Units: Contract purchases and net transfers in 233,083 6,760,186 487,918 7,603,927 Terminated contracts and net transfers out (271,416) (7,482,138) (801,390) (12,195,283) ---------- ------------ ----------- ----------- (38,333) (721,952) (313,472) 4,591,356 ---------- ------------ ----------- ----------- Global Technology Sub-Account Accumulation Units: Contract purchases and net transfers in 597,094 22,569,543 1,084,404 24,282,406 Terminated contracts and net transfers out (382,580) (14,553,277) (837,452) (19,276,197) ---------- ------------ ----------- ----------- 214,514 8,016,266 246,952 5,006,209 ---------- ------------ ----------- ----------- High-Yield Bond Sub-Account Accumulation Units: Contract purchases and net transfers in 352,062 7,003,469 1,232,239 16,959,707 Terminated contracts and net transfers out (891,343) (14,037,913) (1,608,165) (22,028,684) ---------- ------------ ----------- ----------- (539,281) (7,034,444) (375,926) (5,068,977) ---------- ------------ ----------- -----------
-- 7 -- Canada Life of America Variable Annuity Account 2 - ------------------------------------------------------------------------------- Notes to Financial Statements (unaudited) (continued) - --------------------------------------------------------------------------------
Six Months Ended June 30, 2000 Year Ended December 31, 1999 ------------------------------- ---------------------------- Units Amount Units Amount ---------- ---------- ---------- ----------- Income Sub-Account Accumulation Units: Contract purchases and net transfers in 77,131 $ 1,880,928 116,816 $ 2,770,238 Terminated contracts and net transfers out (127,210) (3,015,298) (170,231) (3,992,569) ---------- ----------- ---------- --------- (50,079) (1,134,370) (53,415) (1,222,331) ---------- ----------- ---------- ---------- International Growth Sub-Account Accumulation Units: Contract purchases and net transfers in 130,525 3,488,202 192,473 3,273,321 Terminated contracts and net transfers out (114,615) (3,043,388) (285,428) (4,808,185) ---------- ----------- ---------- ---------- 15,910 444,814 (92,955) (1,534,864) ---------- ----------- ---------- ---------- Large-Cap Growth Sub-Account* Accumulation Units: Contract purchases and net transfers in 177,354 1,998,270 254,809 2,574,416 Terminated contracts and net transfers out (39,784) (467,397) (8,202) (88,270) ---------- ----------- ---------- ---------- 137,570 1,530,873 246,607 2,486,146 ---------- ----------- ---------- ---------- Large-Cap Value Sub-Account Accumulation Units: Contract purchases and net transfers in 235,043 3,406,397 693,579 6,974,655 Terminated contracts and net transfers out (356,763) (4,508,047) (465,548) (4,688,576) ---------- ----------- ---------- ---------- (121,720) (1,101,650) 228,031 2,286,079 ---------- ----------- ---------- ---------- Small-Cap Value Sub-Account Accumulation Units: Contract purchases and net transfers in 157,351 3,274,839 508,816 5,203,249 Terminated contracts and net transfers out (180,863) (3,495,617) (404,793) (4,248,022) ---------- ----------- ---------- ---------- (23,512) (220,778) 104,023 955,227 ---------- ----------- ---------- ---------- Net decrease from unit transactions $(7,209,450) (12,780,705) ----------- ----------
- ------------------ * For the period May 1, 1999 (commencement of operations) to December 31, 1999. 6. Mortality and Expense Risk (M and E) Charges CLICA assumes mortality and expense risks related to the operations of Variable Annuity Account 2 and deducts a charge equal to an effective annual rate of 1.25% of the net asset value of each Sub-Account at each valuation period. In addition, at each valuation period an effective annual rate of 0.15% of the net asset value of each Sub-Account was deducted as daily administration fees. 7. Net Assets Net assets at June 30, 2000, consisted of the following:
Net Accumulated Net Unrealized Investment Realized Appreciation Accumulated Income Gain (Loss) (Depreciation) Combined Unit M and E and Capital on of Net Sub-Account Transactions Charges Gains Investments Investments Assets - ------------ ------------ ------------ ------------ ------------ ------------ ---------- Bond $ 5,034,653 $ (284,529) $ 1,210,252 $ (130,753) $ (221,120) $ 5,608,503 Capital 18,002,358 (1,100,731) 9,019,763 3,574,791 12,866,187 42,362,368 Cash Management 11,029,585 (756,035) 2,523,459 -- -- 12,797,009 Common Stock 20,168,273 (2,143,639) 21,926,017 2,235,307 (2,168,206) 40,017,752 Communications and Information 51,681,581 (5,937,204) 50,620,608 18,896,531 62,038,227 177,299,743 Frontier 10,434,537 (1,698,382) 6,306,959 2,501,780 1,679,429 19,224,323 Global Growth 5,207,601 (334,230) 1,144,797 2,269,421 1,750,542 10,038,131 Global Smaller Companies 11,509,057 (1,116,910) 2,062,353 1,479,912 4,398,456 18,332,868 Global Technology 16,708,714 (432,647) 2,404,704 5,964,913 4,388,027 29,033,711 High-Yield Bond 16,074,675 (1,306,348) 8,064,833 (2,053,346) (3,180,677) 17,599,137 Income 4,474,549 (582,751) 3,447,909 (80,264) (475,309) 6,784,134 International Growth 5,971,036 (569,208) 2,104,479 1,191,496 (1,006,155) 7,691,648 Large-Cap Growth 4,017,019 (49,264) -- 51,471 1,022,732 5,041,958 Large-Cap Value 4,599,907 (121,640) 173,326 (150,609) (330,870) 4,170,114 Small-Cap Value 2,828,461 (93,432) 1,001,607 115,533 219,305 4,071,474 ------------ ------------ ------------ ----------- ----------- ------------ $187,742,006 $(16,526,950) $112,011,066 $35,866,183 $80,980,568 $400,072,873 ============ ============ ============ =========== =========== ============
8. Unit Values Unit Values as reported are calculated by dividing total net assets by total units for each Sub-Account. -- 8 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- PORTFOLIO OVERVIEW (unaudited) - -------------------------------------------------------------------------------- LARGEST PORTFOLIO CHANGES+ DURING THE SIX MONTHS ENDED JUNE 30, 2000 PRINCIPAL AMOUNT OR SHARES ------------------- HOLDINGS ADDITIONS INCREASE 6/30/00 - --------- -------- -------- SELIGMAN BOND PORTFOLIO US GOVERNMENT SECURITIES US Treasury Bonds 6-5/8%, 5/15/2007 .......... $100,000 $300,000 MORTGAGE-BACKED SECURITIES FHLMC Gold 5-1/8%, 10/15/2008 ......... 100,000 100,000 FHLMC Gold 7-1/2%, 10/1/2017 .................. 72,673 72,673 CORPORATE BONDS Allstate 7.785%, 5/1/2005 .... 75,000 75,000 Bank One 5-5/8%, 2/17/2004 ... 75,000 75,000 DaimlerChrysle 7-1/4%, 6/15/2005 .......... 80,000 80,000 Global Crossing 9-1/8%, 11/15/2006 ......... 75,000 75,000 Heller Financial 7-7/8%, 5/15/2003 .......... 75,000 75,000 Household Finance 7-7/8%, 3/1/2007 ........... 100,000 100,000 Saks 7%, 7/15/2004 ........... 75,000 75,000 PRINCIPAL AMOUNT OR SHARES -------------------- HOLDINGS REDUCTIONS DECREASE 6/30/00 - ----------- --------- -------- US GOVERNMENT AGENCY SECURITIES Federal Home Loan Bank 5-1/8%, 4/17/2001 ............ $100,000 -- CORPORATE BONDS Allstate 7.20%, 12/1/2009 ...... 75,000 -- Bank of New York 7.30%, 12/1/2009 ............. 75,000 -- Dell Computer 6.55%, 4/15/2008 ............. 200,000 -- Dime Bancorp 7%, 7/25/2001 ..... 50,000 -- First Data, 5.80%, 12/15/2008 .. 100,000 -- Household Finance 6%, 5/1/2004 ................. 100,000 -- Philip Morris 7-1/8%, 8/15/20 200,000 -- Textron 6-3/8%, 7/15/2004 ...... 60,000 -- ASSET-BACKED SECURITIES Wal-Mart Stores 6.55%, 8/10/2004 ............. 85,000 -- - -------------------------------------------------------------------------------- SELIGMAN CAPITAL PORTFOLIO COMMON STOCKS Aether Systems ................. 5,200 shs. 5,200 shs. Computer Sciences .............. 10,500 10,500 El Paso Energy ................. 17,800 17,800 Entercom Communications ........ 18,300 18,300 GlobeSpan ...................... 9,400 9,400 Phone.com ...................... 10,300 10,300 Quest Software ................. 16,200 20,300(1) SunGard Data Systems ........... 27,300 27,300 Sycamore Networks .............. 12,000 12,000 Watson Pharmaceuticals ......... 16,750 24,550 COMMON STOCKS American Power Conversion...... 16,400 shs. -- Broadcom (Class A)............. 3,700(2) -- Cadence Design Systems......... 31,200 -- Cintas......................... 15,200(3) -- Corning........................ 4,200 -- Gentex......................... 16,400 -- JDS Uniphase .................. 8,450(4) -- Limited........................ 13,400 -- Royal Caribbean Cruises........ 8,600 -- Veritas Software............... 4,350(5) -- - -------------------------------------------------------------------------------- SELIGMAN COMMON STOCK PORTFOLIO COMMON STOCKS Chubb .......................... 8,000 15,400 Coastal ........................ 10,300 10,300 CVS ............................ 15,200 15,200 Dell Computer .................. 5,400 15,600 Guidant ........................ 8,600 8,600 Home Depot ..................... 4,800 4,800 Oracle Systems ................. 2,400 5,400(6) Pitney Bowes ................... 11,450 20,450 Sprint ......................... 7,200 7,200 Sun Microsystems ............... 3,350 3,350 COMMON STOCKS Bestfoods ...................... 12,100 -- Clorox ......................... 13,600 -- ConAgra ........................ 19,700 -- DaimlerChrysler ................ 7,099 -- Exxon Mobil .................... 4,400 10,800 shs. Honeywell International. ....... 7,300 -- Intel .......................... 4,900 10,400 Mellon Financial ............... 18,000 -- Philip Morris .................. 17,400 -- Sara Lee ....................... 23,400 -- - ----------------------- See footnotes on page P-9. --P-1-- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- PORTFOLIO OVERVIEW (unaudited) (continued) - -------------------------------------------------------------------------------- LARGEST PORTFOLIO CHANGES+ DURING THE SIX MONTHS ENDED JUNE 30, 2000 SHARES ------------------- HOLDINGS ADDITIONS INCREASE 6/30/00 - --------- -------- -------- SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO Adaptec ........................ 74,900 142,200 BMC Software ................... 42,000 57,300 Computer Associates ............ International ................ 43,500 68,700 CTS ............................ 30,200 30,200 Fairchild Semiconductor International ................ 53,100 71,900 Kulicke & Soffa Industries ..... 28,500 28,500 Microsoft ...................... 21,600 104,250(7) National Semiconductor ......... 32,800 62,900 Sawtek ......................... 38,000 38,000 Vishay Intertechnology ......... 61,700 85,500(8) SHARES ---------------------- HOLDINGS REDUCTIONS DECREASE 6/30/00 - ----------- --------- -------- Advanced Micro Devices ......... 2,600 47,800 AT&T-LibertyMedia Group (Class A) .................... 45,900 -- C-Cube Microsystems ............ 26,900 47,200 Check Point Software Technologies ................. 60,300(9) 15,300 DII Group ...................... 30,600(10) -- Fox Entertainment Group (Class A) .................... 61,100 -- Hadco .......................... 26,500(11) -- MediaOne Group ................. 45,400 -- Rational Software .............. 16,400 34,500 Viacom (Class B)(12) ........... 79,422 -- - -------------------------------------------------------------------------------- SELIGMAN FRONTIER PORTFOLIO COMMON STOCKS Advent Software ................ 7,900 7,900 Alpha Industries ............... 3,500 6,200 (13) Antec .......................... 8,300 8,300 C-cor.net ...................... 8,400 8,400 Dobson Communications .......... 12,100 12,100 Powertel ....................... 5,300 5,300 Remec .......................... 6,800 6,800 Rural Cellular (Class A) ....... 7,140 7,140 SonicWALL ...................... 3,100 3,100 Western Wireless (Class A) ..... 11,600 11,600 COMMON STOCKS Apex ........................... 10,700 -- AVX ............................ 11,200(14) -- Burr-Brown ..................... 22,600 1,475 Cognex ......................... 8,700 900 Doubleclick .................... 4,310(15) -- Engage Technologies ............ 10,400(16) -- Microchip Technology ........... 8,700(17) -- National Instrument ............ 12,000 -- Teva Pharmaceutical Industries (ADRs) ............ 14,700(18) 2,700 US Foodservice ................. 33,100 -- - -------------------------------------------------------------------------------- SELIGMAN GLOBAL GROWTH PORTFOLIO COMMON STOCKS Alza ........................... 4,700 4,700 Bombardier (B shares) .......... 4,500 4,500 Disetronic Holding ............. 15 15 Pfizer ......................... 2,700 2,700 Precision Drilling ............. 3,200 3,200 Straumann Holding .............. 70 70 Tandberg ....................... 3,300 3,300 VeriSign ....................... 1,200 1,200 Watson Pharmaceutical .......... 4,500 4,500 Williams Companies (The) ....... 4,600 4,600 COMMON STOCKS American International Group ... 1,593 -- Cintas ......................... 5,550(19) General Electric ............... 1,300 -- Koninklijke (Royal) Philips Electronics .......... 5,400(20) 1,592 Medtronic ...................... 3,000 1,900 Nokia .......................... 5,800(21) 2,260 Sonera Group ................... 4,450 -- Terra Networks ................. 3,500 -- Viacom (Class B) ............... 4,100(12) -- WPP Group ...................... 15,000 -- - ---------------------- See footnotes on page P-9 --P-2-- SELIGMAN PORTFOLIOS, INC. SELIGMAN GLOBAL GROWTH PORTFOLIO DIVERSIFICATION OF NET ASSETS* JUNE 30, 2000
PERCENT OF NET ASSETS --------------------- JUNE 30, DECEMBER 31, ISSUES COST VALUE 2000 1999 ------ ---- ----- ---- ---- COMMON STOCKS Automotive and Related .............. 1 78,503 $ 116,523 1.3% 1.0% Business Goods and Services ......... 3 199,220 341,867 3.8 7.4 Commercial Services ................. -- -- -- -- 1.4 Communications Services ............. -- -- -- -- 0.5 Computer and Technology Related ..... 9 676,608 1,175,221 12.9 18.9 Construction and Property ........... 1 53,619 32,025 0.4 1.0 Consumer Goods and Services ......... 6 496,595 509,230 5.6 5.2 Consumer Staples .................... -- -- -- -- 0.6 Diversified ......................... 5 473,880 817,121 9.0 5.4 Drugs and Health Care ............... 18 1,316,403 1,836,271 20.3 5.4 Electric Gas Utilities .............. 3 373,415 482,975 5.3 1.6 Electronics ......................... 6 289,461 357,328 3.9 4.1 Electronics Capital Equipment ....... -- -- -- -- 1.7 Entertainment and Leisure ........... 6 409,988 524,477 5.8 3.7 Financial Services .................. 7 511,202 766,278 8.4 8.6 Industrial Goods and Services ....... 1 20,815 16,672 0.2 0.8 Manufacturing and Industrial Equipment -- -- -- -- 0.6 Media ............................... 1 15,636 18,581 0.2 2.2 Resources ........................... 1 126,809 123,600 1.4 1.1 Restaurants ......................... -- -- -- -- 0.8 Retailing ........................... 3 151,080 194,319 2.1 3.5 Support Services .................... -- -- -- -- 0.2 Telecommunications .................. 15 699,231 441,328 15.9 20.6 Tobacco ............................. -- -- -- -- 0.8 Transportation ...................... 1 75,700 124,985 1.4 1.2 --- --------- --------- ---- ---- 87 5,968,165 8,878,801 97.9 98.3 Other Assets Less Liabilities ....... -- 189,685 189,685 2.1 1.7 --- --------- --------- ---- ----- NET ASSETS .......................... 87 $6,157,850 $9,068,486 100.0% 100.0% === ========== ========== ===== =====
SELIGMAN GLOBAL SMALLER COMPANIES PORTFOLIO LARGEST PORTFOLIO CHANGES+ DURING THE SIX MONTHS ENDED JUNE 30, 2000 SHARES ------------------- HOLDINGS ADDITIONS INCREASE 6/30/00 - --------- -------- -------- COMMON STOCKS Advent Software ................ 3,100 3,100 Alpha Industries ............... 1,100 2,100(22) Antec .......................... 3,300 3,300 C-cor.net ...................... 3,200 3,200 Dobson Communications .......... 4,800 4,800 Powertel ....................... 2,300 2,300 Rural Cellular (Class A) ....... 2,800 2,800 SonicwalL ...................... 1,200 1,200 Taiyo Ink Manufacturing ........ 1,400 1,600(23) Western Wireless (Class A) ..... 4,500 4,500 SHARES -------------------- HOLDINGS REDUCTIONS DECREASE 6/30/00 - ----------- -------- -------- COMMON STOCKS AVX ............................ 3,400(24) -- Burr-Brown ..................... 6,300 450 East Telecom Group (ADSs) ...... 2,700 -- Engage Technologies ............ 3,500(25) -- Informa Group .................. 26,426 20,000 Intershop Communications ....... 400 560 Om Group ....................... 3,900 -- Swisslog Holding ............... 500 671 Teva Pharmaceutical Industries . 4,100(26) 1,000 US Foodservice ................. 9,200 -- - ----------------------- See footnotes on page P-9. --P-3-- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- PORTFOLIO OVERVIEW (unaudited) (continued) - -------------------------------------------------------------------------------- SELIGMAN GLOBAL SMALLER COMPANIES PORTFOLIO DIVERSIFICATION OF NET ASSETS* JUNE 30, 2000
PERCENT OF NET ASSETS -------------------- JUNE 30, DECEMBER 31, ISSUES COST VALUE 2000 1999 ------ ---------- ---------- ------- ----------- COMMON AND PREFERRED STOCKS Advertising ......................... 2 $ 41,025 $ 50,279 0.3% 0.3% Automotive Parts Manufacturing ...... 2 152,226 202,865 1.0 1.4 Cable Systems and Satellite Video ... -- -- -- -- 0.4 Capital Goods ....................... 1 83,552 55,212 0.3 0.6 Chemicals ........................... 2 181,136 135,074 0.7 1.1 Communications Infrastructure ....... -- -- -- -- 0.1 Computer Software ................... 23 1,554,582 2,446,247 12.6 14.9 Computer and Business Services ...... 21 1,090,816 1,568,660 8.0 9.0 Construction and Property ........... 7 566,392 618,165 3.2 3.8 Consulting Services ................. 3 59,885 165,506 0.9 0.5 Consumer Goods and Services ......... 12 778,071 1,018,278 5.2 6.4 Contract Manufacturing/Circuit Boards -- -- -- -- 0.3 Distribution ........................ 1 25,512 27,090 0.1 0.2 Drugs and Health Care ............... 19 787,935 1,309,467 6.7 4.7 Electric Utilities .................. -- -- -- -- 0.1 Electrical Distribution ............. 1 47,169 130,701 0.7 0.7 Electronics ......................... 20 718,354 927,133 4.8 5.1 Energy .............................. 1 39,770 66,825 0.3 1.0 Financial Services .................. 11 482,302 661,332 3.4 4.0 Industrial Goods and Services ....... 8 391,218 639,873 3.3 2.4 Internet/Online ..................... 4 207,874 217,179 1.1 -- Leisure and Hotels .................. 8 457,589 413,559 2.1 0.9 Manufacturing ....................... 17 902,801 1,276,519 6.6 6.2 Media ............................... 11 546,815 838,614 4.3 7.2 Medical Products and Technology ..... 7 231,950 407,499 2.1 2.0 Metals .............................. -- -- -- -- 0.2 Paper and Printing .................. 3 155,106 140,667 0.7 0.8 Real Estate Investment Trust ........ 1 85,221 101,887 0.5 -- Resources ........................... 4 156,199 153,247 0.8 0.4 Restaurants ......................... 6 315,349 395,200 2.0 1.5 Retailing ........................... 17 1,053,594 831,195 4.3 4.5 Schools ............................. 3 136,560 156,494 0.8 0.9 Support Services .................... -- -- -- -- 0.3 Technology .......................... 9 257,539 483,637 2.5 7.1 Telecommunications .................. 36 2,608,801 2,593,079 13.3 5.4 Transportation ...................... 8 362,626 516,787 2.7 3.0 Utilities ........................... 1 52,277 40,824 0.2 -- Veterinary Products ................. -- -- -- -- 0.7 Miscellaneous ....................... 1 24,550 29,750 0.1 0.1 --- ---------- ---------- ----- ----- 270 14,554,796 18,618,844 95.6 98.2 Other Assets Less Liabilities ....... -- 851,546 851,546 4.4 1.8 --- ---------- ---------- ----- ----- NET ASSETS .......................... 270 $15,406,342 $19,470,390 100.0% 100.0% === =========== =========== ===== =====
- ------------------------ See footnotes on page P-9. --P-4- Seligman Portfolios, Inc. SELIGMAN GLOBAL TECHNOLOGY PORTFOLIO LARGEST PORTFOLIO CHANGES+ DURING THE SIX MONTHS ENDED JUNE 30, 2000 SHARES ------------------- HOLDINGS ADDITIONS INCREASE 6/30/00 - --------- -------- -------- Alcatel ........................ 1,700 8,500(27) Autonomy (ADRs) ................ 2,919 2,919 Credence Systems ............... 6,100 11,800(28) EchoStar Communications (Class A) ................... 3,600 6,100(29) Electronics for Imaging ........ 13,000 18,700 HOYA ........................... 6,000 6,000 Integrated Device Technology ... 8,700 8,700 National Semiconductor ......... 6,300 6,300 Samsung Electronics ............ 5,100 5,100 Siemens ........................ 5,000 5,000 SHARES ------------------- HOLDINGS REDUCTIONS DECREASE 6/30/00 - ---------- -------- -------- Amdocs ......................... 6,200 1,800 ASM Lithography ................ 2,600 -- Caliper Technologies ........... 3,000 -- Check Point Software Technologies ................ 4,000(30) 2,200 CMG ............................ 3,000 -- Compuware ...................... 11,400 -- Epcos .......................... 3,000 -- Miracle Holding ................ 600 -- Murata Manufacturing ........... 2,000 -- Vodafone Group ................. 35,000 -- DIVERSIFICATION OF NET ASSETS* JUNE 30, 2000
PERCENT OF NET ASSETS ---------------------- JUNE 30, DECEMBER 31, ISSUES COST VALUE 2000 1999 ------ ---------- ---------- ------- ----------- COMMON STOCKS Cable Systems and Satellite Video . .......... -- -- -- -- 0.4% Computer and Business Services ............... 9 $ 1,694,044 $ 1,882,898 5.6% 8.1 Computer Hardware/Peripherals ................ 7 2,238,575 2,314,271 6.9 5.6 Computer Software ............................ 11 2,851,565 3,200,281 9.5 21.4 Contract Manufacturing/Circuit Boards ........ 3 835,588 1,199,047 3.6 3.1 Electronics .................................. 9 1,749,066 2,403,270 7.2 15.6 Electronics Capital Equipment ................ 15 3,530,117 4,829,878 14.4 13.2 Machinery and Equipment ...................... -- -- -- -- 0.9 Manufacturing ................................ 3 930,670 882,539 2.6 0.8 Media ........................................ 2 516,808 248,559 0.7 0.8 Medical Products and Technology .............. -- -- -- -- 0.3 Networking/Communications Infrastructure ..... 7 1,543,764 1,699,704 5.1 1.4 Semiconductors ............................... 18 3,915,105 5,620,770 16.7 15.5 Telecommunications ........................... 16 2,647,279 3,291,304 9.8 10.7 --- ---------- ---------- ----- ----- 100 22,452,581 27,572,521 82.1 97.8 Other Assets Less Liabilities ................ -- 6,022,288 6,022,288 17.9 2.2 --- ---------- ---------- ----- ----- NET ASSETS ................................... 100 $28,474,869 $33,594,809 100.0% 100.0% === =========== =========== ===== =====
- ------------------------ See footnotes on page P-9. --P-5-- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- PORTFOLIO OVERVIEW (unaudited) (continued) - -------------------------------------------------------------------------------- LARGEST PORTFOLIO CHANGES+ DURING THE SIX MONTHS ENDED JUNE 30, 2000 PRINCIPAL AMOUNT OR SHARES -------------------- HOLDINGS ADDITIONS INCREASE 6/30/00 - --------- -------- -------- SELIGMAN HIGH-YIELD BOND PORTFOLIO CORPORATE BONDS Advanstar Communications 9-1/4%, 5/1/2008 ........... $ 75,000 $200,000 Centennial Cellular 10-1/4%, 12/15/2008 ........ 75,000 300,000 Charter Communications Holdings 10%, 4/1/2009 ..... 160,000 160,000 Exodus Communications 11-5/8%, 7/15/2010 ......... 105,000 105,000 Level 3 Communications 11%, 3/15/2008 ............. 100,000 100,000 Pierce Leahy 11-1/8%, 7/15/2006 .................. 75,000 100,000 United Pan-Europe Communications 11-1/2%, 2/1/2010 .......... 75,000 75,000 Viatel 11-1/2%, 3/15/2009 .... 100,000 275,000 Williams Communications 10-7/8%, 10/1/2009 ......... 150,000 200,000 CONVERTIBLE PREFERRED STOCKS Global Crossing Holding 7% ... 295 shs. 600 shs PRINCIPAL AMOUNT OR SHARES -------------------- HOLDINGS REDUCTIONS DECREASE 6/30/00 - ----------- -------- -------- Advanced Micro Devices 11%, 8/1/2003 ..................... $125,000 $360,000 American Cellular 10-1/2%, 5/15/2008 ........... 175,000 -- Charter Communications Southeast Holdings 0%, 4/1/2011 ..................... 450,000 -- Hadco 9-1/2%, 6/15/2008 ........ 160,000 -- Paging Network 10%, 10/15/2008 .............. 715,000 -- Pinnacle Holdings 0%, 3/15/2008 .................... 625,000 -- Therma-Wave 10-5/8%, 5/15/2004 ........... 185,000 -- Trump Atlantic City Funding 11-1/4%, 5/1/2006 ............ 570,000 10,000 Viasystems 9-1/4%, 6/1/2007 .... 450,000 -- PREFERRED STOCKS Nextel Communications 11-1/8% 140 shs. 113 shs. - ----------------------------------------------------------------- SELIGMAN INCOME PORTFOLIO COMMON STOCKS CVS ............................ 1,800 shs. 1,800 shs. Pitney Bowes ................... 1,100 2,200 CORPORATE BONDS Global Crossing Holding 9-1/8%, 11/15/2006 ........... $ 75,000 $ 75,000 Heller Financial 7-7/8%, 5/15/2003 ............ 50,000 50,000 Household Finance 7-7/8%, 3/1/2007 ............. 100,000 100,000 Saks 7%, 7/15/2004 ............. 75,000 75,000 Charles Schwab 8.05%, 3/1/2010 .............. 50,000 50,000 US GOVERNMENT AND GOVERNMENT AGENCY SECURITIES FHLMC Gold 7-1/2%, 10/1/2017 ............ 48,449 48,449 US Treasury Bonds 7-1/2%, 5/15/2016 ............ 100,000 100,000 US Treasury Notes 6-5/8%, 5/15/2007 ............ 100,000 100,000 COMMON STOCKS Bestfoods ...................... 1,400 shs. -- CORPORATE BONDS Bank of New York 7.30%, 12/1/2009 ............. $ 75,000 -- Dell Computer 6.55%, 4/15/2008 ............. 100,000 -- First Data 5.80%, 12/15/2008 ............ 100,000 -- First USA Bank 6-1/8%, 6/25/2001 ............ 100,000 -- Household Finance 6%, 5/1/2004 ................. 100,000 -- Phillips Petroleum 6-3/8%, 3/30/2009 ............ 100,000 -- MORTGAGE-BACKED SECURITIES FHLMC Gold 5-1/2%, 7/1/2013 .... 100,513 $177,124 FNMA 6%, 12/1/2028 ............. 190,343 -- GNMA 6-1/2%, 12/15/2028 ........ 193,863 91,890 - -------------------------- See footnotes on page P-9. --P-6- Seligman Portfolios, Inc. - ---------------------------------------------------------------------- SELIGMAN INTERNATIONAL GROWTH PORTFOLIO - ---------------------------------------------------------------------- LARGEST PORTFOLIO CHANGES+ DURING THE SIX MONTHS ENDED JUNE 30, 2000 SHARES ---------------------- HOLDINGS ADDITIONS INCREASE 6/30/00 - --------- -------- --------- COMMON STOCKS BCE ............................ 1,175 1,175 Bombardier (B shares) .......... 8,600 8,600 Centrica ....................... 46,500 46,500 Chugai Pharmaceutical .......... 10,000 10,000 Fujisawa Pharmaceutical ........ 4,000 4,000 Mediolanum ..................... 8,400 8,400 ProSafe ........................ 10,300 10,300 Schering ....................... 1,600 4,000(31) Shionogi ....................... 8,000 8,000 Tandberg ....................... 6,850 6,850 SHARES ---------------------- HOLDINGS REDUCTIONS DECREASE 6/30/00 - ---------- -------- --------- COMMON STOCKS ABB ............................ 1,088 -- Acom ........................... 1,200 -- Deutsche Telekom ............... 2,260 -- Granada Group .................. 12,500 -- Itochu Techno-Science .......... 400 -- Namco .......................... 2,400 -- Oracle ......................... 300 -- Telefonica ..................... 6,221 -- Vivendi ........................ 1,628 -- WPP Group ...................... 12,500 -- DIVERSIFICATION OF NET ASSETS* JUNE 30, 2000
PERCENT OF NET ASSETS ------------------------- JUNE 30, DECEMBER 31, ISSUES COST VALUE 2000 1999 ------ ---------- ---------- --------- ------------ COMMON STOCKS Automotive and Related ............. -- -- -- -- 1.9% Banking ............................ 3 $ 185,716 $ 288,483 3.5% 12.1 Business Services .................. -- -- -- -- 5.8 Chemicals .......................... 2 125,946 121,944 1.5 2.8 Computer Goods and Services ........ 2 76,923 83,539 1.0 -- Computer and Technology Related .... 5 271,722 251,512 3.0 -- Consumer Products .................. 7 492,622 530,551 6.4 5.9 Drugs and Health Care .............. 3 441,654 473,868 5.7 3.6 Electronics ........................ 11 819,718 1,114,628 13.5 5.5 Entertainment and Leisure .......... 1 54,259 71,408 0.9 4.1 Financial Services ................. 1 136,615 136,817 1.7 5.4 Health and Household ............... 4 247,769 260,700 3.2 4.9 Industrial Goods and Services ...... 3 325,868 348,597 4.2 6.1 Insurance .......................... -- -- -- -- 4.4 Manufacturing ...................... 4 480,109 615,666 7.4 5.2 Media .............................. 11 501,478 503,633 6.1 3.2 Medical Products and Technology .... 6 564,410 651,226 7.9 -- Metals ............................. -- -- -- -- 1.0 Publishing ......................... -- -- -- -- 2.0 Resources .......................... 2 282,433 281,032 3.4 5.1 Retail ............................. 4 375,589 379,629 4.6 1.2 Telecommunications ................. 16 1,123,005 1,352,180 16.4 14.0 Tobacco ............................ 1 83,529 94,391 1.1 0.5 Transportation ..................... 1 115,994 101,892 1.2 0.8 Utilities .......................... 5 461,924 440,623 5.3 1.8 --- ---------- ---------- ----- ----- 92 7,167,283 8,102,319 98.0 97.3 Other Assets Less Liabilities ...... -- 315,232 315,232 2.0 2.7 --- ---------- ---------- ----- ----- NET ASSETS ......................... 92 $7,482,515 $8,417,551 100.0% 100.0% === ========== ========== ===== =====
- ------------------------ See footnotes on page P-9. --P-7-- Seligman Portfolios, Inc. - ---------------------------------------------------------------------- PORTFOLIO OVERVIEW (unaudited) (continued) - ---------------------------------------------------------------------- LARGEST PORTFOLIO CHANGES+ DURING THE SIX MONTHS ENDED JUNE 30, 2000 SHARES ---------------------- HOLDINGS ADDITIONS INCREASE 6/30/00 - --------- -------- -------- SELIGMAN LARGE-CAP GROWTH PORTFOLIO COMMON STOCKS Alza .......................... 2,950 2,950 Cisco Systems ................. 2,650 5,300 Lucent Technologies ........... 2,550 3,550 Merck ......................... 1,550 2,050 Microsoft ..................... 2,400 4,200 Nortel Networks ............... 2,000 2,000 Pfizer ........................ 4,000 5,250 Tyco International ............ 3,600 5,600 VeriSign ...................... 600 600 Williams Companies (The) ...... 3,100 3,100 SHARES --------------------- HOLDINGS REDUCTIONS DECREASE 6/30/00 - ---------- -------- -------- COMMON STOCKS America Online ................ 1,000 -- Carnival ...................... 1,100 -- Computer Associates International ............... 1,100 -- Compuware ..................... 1,900 -- Dayton Hudson ................. 600 -- General Electric .............. 1,000 2,350 Motorola ...................... 650 -- Nokia (ADRs) .................. 2,050(32) -- Viacom(12) .................... 1,150 -- Yahoo! ........................ 100 -- - -------------------------------------------------------------------------------- SELIGMAN LARGE-CAP VALUE PORTFOLIO COMMON STOCKS American Home Products ........ 1,000 2,900 Armstrong World Industries .... 2,000 5,600 ConAgra ....................... 6,800 8,000 Dial .......................... 4,000 11,400 Dow Chemical .................. 500 4,500(33) El Paso Energy ................ 1,600 3,500 Fort James .................... 2,400 2,400 Honeywell International ....... 3,200 3,200 Philip Morris ................. 2,000 8,850 US West ....................... 2,500 2,500 COMMON STOCKS Bank of America ............... 3,205 -- Bank of New York .............. 2,000 3,000 Bristol-Myers Squibb .......... 2,200 -- Champion International ........ 3,700 -- Citigroup ..................... 1,400 2,500 General Motors ................ 1,000 1,500 Kimberly-Clark ................ 1,000 2,200 Medtronic ..................... 3,000 3,000 St. Paul Companies ............ 3,000 4,000 Safeway ....................... 3,000 3,000 SELIGMAN SMALL-CAP VALUE PORTFOLIO COMMON STOCKS Avis Group Holdings ........... 10,000 10,000 Bway .......................... 25,000 25,000 Crompton ...................... 8,200 13,000 Furniture Brands International ............... 10,000 10,000 Indymac Mortgage Holdings ..... 14,000 14,000 Midcoast Energy Resources ..... 12,000 17,000 Mutual Risk Management ........ 12,500 12,500 Oxford Health Plans ........... 10,000 10,000 Stewart & Stevenson Services .. 9,000 20,000 Urban Outfitters .............. 9,500 16,000 COMMON STOCKS AK Steel Holding .............. 6,000 -- American National Can Group ... 2,100 5,900 Apogee Enterprises ............ 11,000 -- Harman International Industries 1,000 2,000 Lamson & Sessions ............. 4,500 15,000 Marine Drilling ............... 7,000 -- Olympic Steel ................. 18,000 -- Pharmacopeia .................. 8,000 -- Trans World Entertainment ..... 10,500 -- Valero Energy ................. 2,000 5,000 - ------------------------ See footnotes on page P-9. --P-8-- Seligman Portfolios, Inc. + Largest portfolio changes from the previous period to the current period are based on cost of purchases and proceeds from sales of securities. * "Diversification of Net Assets" is included for the Seligman International Portfolios because their portfolio holdings are listed by country rather than by industry in the "Portfolios of Investments." (1) Includes 4,100 shares received as a result of a 2-for-1 stock split. (2) Includes 1,800 shares received as a result of a 2-for-1 stock split. (3) Includes 6,300 shares received as a result of a 3-for-2 stock split. (4) Includes 4,050 shares received as a result of a 2-for-1 stock split. (5) Includes 1,350 shares received as a result of a 3-for-2 stock split. (6) Includes 3,000 shares received as a result of a 2-for-1 stock split. (7) Includes 15,750 shares received as a result of a merger with Visio. (8) Includes 23,800 shares received as a result of a 3-for-2 stock split. (9) Includes 37,800 shares received as a result of a 2-for-1 stock split. (10) Includes 7,800 shares that were exchanged for 12,558 shares of Flextronics International due to merger. (11) Includes 11,300 shares that were exchanged for 15,820 shares of Sanmina due to merger. (12) Formerly, CBS. (13) Includes 2,700 shares received as a result of a 2-for-1 stock split. (14) Includes 1,500 shares received as a result of a 2-for-1 stock split. (15) Includes 2,055 shares received as a result of a 2-for-1 stock split. (16) Includes 5,855 shares received as a result of a 2-for-1 stock split. (17) Includes 3,100 shares received as a result of a 3-for-2 stock split. (18) Includes 7,300 shares received as a result of a 2-for-1 stock split. (19) Includes 1,850 shares received as a result of a 3-for-2 stock split. (20) Includes 6,045 shares received as a result of a 4-for-1 stock split. (21) Includes 5,244 shares received as a result of a 4-for-1 stock split. (22) Includes 1,000 shares received as a result of a 2-for-1 stock split. (23) Includes 200 shares received as a result of a 6-for-5 stock split. (24) Includes 500 shares received as a result of a 2-for-1 stock split. (25) Includes 1,300 shares received as a result of a 2-for-1 stock split. (26) Includes 2,400 shares received as a result of a 2-for-1 stock split. (27) Includes 6,800 shares received as a result of a 5-for-1 stock split. (28) Includes 3,400 shares received as a result of a 2-for-1 stock split. (29) Includes 2,500 shares received as a result of a 2-for-1 stock split. (30) Includes 3,000 shares received as a result of a 2-for-1 stock split. (31) Includes 2,400 shares received as a result of a 3-for-1 stock split. (32) Includes 1,650 shares received as a result of a 4-for-1 stock split. (33) Includes 3,000 shares received as a result of a 3-for-1 stock split. --P-9-- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- PORTFOLIOS OF INVESTMENTS (unaudited) - -------------------------------------------------------------------------------- SELIGMAN BOND PORTFOLIO PRINCIPAL AMOUNT VALUE --------- --------- CORPORATE BONDS -- 47.7% Allstate 7.785%, 5/1/2005 ..... $ 75,000 $75,683 American Home Products 7.90%, 2/15/2005 .................. 75,000 77,150 Associates Corporation of North America 5-1/4%, 11/1/2003 250,000 236,378 AT&T (Canada) 7.65%, 9/15/2006 .................. 50,000 49,571 Avnet 7-7/8%, 2/15/2005 ....... 60,000 60,840 Bank One 5-5/8%, 2/17/20 ...... 75,000 70,712 Boston Scientific 6-5/8%, 3/15/2005 .................. 100,000 94,340 Cardinal Health 6-1/4%, 7/15/2008 .................. 100,000 91,292 CSC Holdings 7-1/4%, 7/15/2008 .................. 100,000 92,921 Computer Science 6-1/4%, 3/15/2009 .................. 75,000 68,830 Continental Airlines 8.048%, 11/1/2020 .................. 50,000 49,941 DaimlerChrysler 7-1/4%, 6/15/2005 .................. 80,000 80,770 Dana 6-1/2%, 3/1/2009 ......... 100,000 89,647 Deere 6.55%, 7/15/2004 ........ 40,000 38,863 Delta Air Lines 7.70%, 12/15/2005 ................. 75,000 72,337 Dominion Resources 8-1/8%, 6/15/2010 .................. 30,000 30,328 First USA Bank 6-1/8%, 6/25/2001 .................. 100,000 98,941 Ford Motor Credit 5.80% 1/12/2009 .................. 50,000 43,567 Global Crossing 9-1/8%, 11/15/2006 ................. 75,000 72,187 Guidant 6.15%, 2/15/2006 ...... 100,000 91,657 Heller Financial 6-1/2%, 7/22/2002 .......... 75,000 73,562 7-7/8%, 5/15/2003 .......... 75,000 74,820 Household Finance 7-7/8%, 3/1/2007 ................... 100,000 99,636 Leggett & Platt 7.65%, 2/15/2005 .................. 50,000 51,063 Lehman Brothers 7-1/4%, 1/15/2005 .................. 40,000 39,658 PRINCIPAL AMOUNT VALUE --------- --------- CORPORATE BONDS (continued) Lyondell Chemical 9-5/8%, 5/1/2007 ................... $100,000 $98,750 Mellon Funding 7-1/2%, 6/15/2005 .................. 50,000 49,947 Nordstrom 5-5/8%, 1/15/2009 ... 40,000 33,510 Qwest Communications 0% (9.47%**), 10/15/2007 ...... 50,000 42,078 Saks 7%, 7/15/2004 ............ 75,000 67,379 Schwab (Charles) 8.05%, 3/1/2010 ................... 50,000 50,041 Staples 7-1/8%, 8/15/2007 ..... 75,000 70,031 Time Warner 9-1/8%, 1/15/2013.. 200,000 217,463 US West Communications 7.20%, 11/1/2004 ........... 75,000 73,890 WorldCom 8%, 5/15/2006 ........ 50,000 50,612 --------- TOTAL CORPORATE BONDS (Cost $2,741,349) 2,678,395 --------- US GOVERNMENT SECURITIES -- 19.9% US Treasury Bonds: 6-5/8%, 5/15/2007 .......... 300,000 306,281 8-1/4%, 5/15/2020 .......... 300,000 384,375 7-1/4%, 8/15/2022 .......... 200,000 224,438 US Treasury Notes 6-1/4%, 6/30/2002 .................. 200,000 199,375 --------- TOTAL US GOVERNMENT SECURITIES (Cost $1,098,137) .......................... 1,114,469 --------- MORTGAGE-BACKED SECURITIES+ -- 19.1% FHLMC GOLD: 5-1/8%,10/15/2008 ........... 100,000 87,217 6%, 11/1/2010 ............... 74,507 70,970 7-1/2%, 10/1/2017 ........... 72,673 72,654 8%, 12/1/2023 ............... 43,899 44,164 FNMA: 6-1/2%, 4/29/2009 ........... 160,000 149,617 8%, 6/1/2028 ................ 47,765 48,161 6%, 12/1/2028 ............... 160,000 167,865 - ------------------ + Investments in mortgage-backed and asset-backed securities are subject to principal paydowns. As a result of prepayments from refinancing or satisfaction of the underlying instruments, the average life may be less than the original maturity. This in turn may impact the ultimate yield realized from these investments. ** Deferred-interest debentures pay no interest for a stipulated number of years, after which they pay the indicated coupon rate. See Notes to Financial Statements. --P-10-- Seligman Portfolios, Inc. - ------------------------------------------------------------------------- June 30, 2000 - ------------------------------------------------------------------------- SELIGMAN BOND PORTFOLIO (continued) PRINCIPAL AMOUNT VALUE -------- --------- Government National Mortgage Association: 6%, 12/20/2028 .............. $ 186,452 $ 170,902 6-1/2%, 12/15/2028 .......... 183,539 174,230 6-1/2%, 12/15/2028 .......... 91,890 87,229 --------- TOTAL MORTGAGE-BACKED SECURITIES (Cost $1,120,166) .......................... 1,073,009 --------- ASSET-BACKED SECURITIES+ -- 4.1% Chemical Master Credit 7.09%, 2/15/2009 ................... 60,000 59,508 Peco Energy Transition Trust 6.05%, 3/1/2009 ....... 100,000 93,441 PP&L Transition 6.83%, 3/25/2007 ................... 75,000 74,212 --------- TOTAL ASSET-BACKED SECURITIES (Cost $234,179) ............................ 227,161 --------- PRINCIPAL AMOUNT VALUE REPURCHASE -------- -------- AGREEMENTS -- 7.1% (Cost $400,000) State Street Bank & Trust 6.20%, dated 6/30/2000, maturing 7/3/2000, collateralized by: $425,000 US Treasury Notes 5-1/2%, 2/15/2008, with a fair market value of $414,906 ................. $400,000 $ 400,000 ---------- TOTAL INVESTMENTS -- 97.9% (Cost $5,593,831) ......................... 5,493,034 OTHER ASSETS LESS LIABILITIES -- 2.1% .................. 116,727 ---------- NET ASSETS -- 100.0% ......................... $5,609,761 ========== SELIGMAN CAPITAL PORTFOLIO SHARES VALUE -------- -------- COMMON STOCKS -- 94.7% Basic Materials -- 0.3% Minerals Technologies .......... 2,500 $ 115,000 --------- Capital Goods -- 5.5% Dynegy (Class A) ............... 7,050 481,603 Molex .......................... 7,125 343,336 Newport News Shipbuilding ...... 7,500 275,625 Symbol Technologies ............ 25,475 1,375,650 --------- 2,476,214 --------- SHARES VALUE -------- -------- Communications Services -- 16.0% Accelerated Networks* .......... 1,300 $54,803 Brocade Communications Systems* .................... 6,600 1,209,244 Efficient Networks* ............ 7,800 574,031 Entercom Communications* ....... 18,300 892,125 EXFO Electro-Optical Engineering* (Canada) ....... 300 13,181 McLeodUSA (Class A)* ........... 19,000 393,656 Network Appliance* ............. 5,400 434,531 ONI Systems* ................... 3,200 375,100 Redback Networks* .............. 7,200 1,290,600 Scientific-Atlanta ............. 6,100 454,450 StorageNetworks* ............... 2,500 225,703 Sycamore Networks* ............. 12,000 1,324,875 --------- ............................................ 7,242,299 --------- - ---------------- + Investments in mortgage-backed and asset-backed securities are subject to principal paydowns. As a result of prepayments from refinancing or satisfaction of the underlying instruments, the average life may be less than the original maturity. This in turn may impact the ultimate yield realized from these investments. * Non-income producing security. See Notes to Financial Statements. -- P-11 -- Seligman Portfolios, Inc. - ---------------------------------------------------------------------- PORTFOLIOS OF INVESTMENTS (unaudited) (continued) - ---------------------------------------------------------------------- SELIGMAN CAPITAL PORTFOLIO (continued) SHARES Value -------- --------- Consumer Cyclicals --3.6% Circuit City Stores -- Circuit City Group ...................... 17,550 $ 582,441 Harley-Davidson .................... 8,800 338,800 Reader's Digest Association (Class A) ....................... 17,800 707,550 --------- 1,628,791 --------- Electronic Technology -- 20.0% Art Technology Group* .............. 7,600 767,362 Ciena* ............................. 7,450 1,241,589 Exodus Communications* ............. 7,300 336,484 Finisar* ........................... 32,500 852,109 GlobeSpan* ......................... 9,400 1,145,331 InfoSpace* ......................... 7,800 431,194 Maxim Integrated Products* ......... 5,600 380,275 Phone.com* ......................... 10,300 671,753 PMC-Sierra* (Canada) ............... 3,400 604,031 RSA Security* ...................... 5,900 409,681 Silicon Laboratories* .............. 8,400 448,875 Vitesse Semiconductor* ............. 11,400 838,969 Xilinx* ............................ 11,100 916,791 --------- 9,044,444 --------- Energy --1.0% Weatherford International* ......... 11,400 453,863 --------- Financial Services --5.8% ACE (Bermuda) ...................... 31,000 868,000 AFLAC .............................. 16,850 774,047 Allied Capital ..................... 29,700 505,828 Paychex ............................ 11,200 470,400 --------- 2,618,275 --------- Health Care -- 15.6% ALZA* .............................. 22,600 1,336,225 Andrx* ............................. 10,900 696,578 Elan (ADRs)* (Ireland) ............. 30,500 1,477,344 Forest Laboratories* ............... 4,300 434,300 Gilead Sciences* ................... 3,200 227,700 IDEC Pharmaceuticals* .............. 1,900 222,834 Immunex* ........................... 4,300 212,716 MedImmune* ......................... 3,200 236,700 PE Corp.-- PE Biosystems Group ............. 3,300 217,388 Stryker ............................ 15,000 656,250 Watson Pharmaceuticals* ............ 24,550 1,319,562 --------- 7,037,597 --------- SHARES OR PRINCIPAL AMOUNT VALUE -------- --------- TECHNOLOGY SERVICES -- 20.9% Aether Systems* .................... 5,200 shs. $ 1,065,838 BMC Software* ...................... 18,200 663,731 Computer Sciences* ................. 10,500 784,219 Internet Security Systems Group* .......................... 8,700 858,853 Mercury Interactive* ............... 2,800 270,988 NCR* ............................... 7,100 276,456 Quest Software* .................... 20,300 1,126,650 Rational Software* ................. 7,600 706,088 Siebel Systems* .................... 6,550 1,071,539 Software.com* ...................... 5,800 753,275 SunGard Data Systems* .............. 27,300 846,300 VeriSign* .......................... 5,800 1,022,794 ---------- 9,446,731 ---------- Utilities -- 6.0% AES* ............................... 18,300 834,938 Calpine* ........................... 4,000 263,000 El Paso Energy ..................... 17,800 906,688 Kinder Morgan ...................... 21,000 725,812 ---------- 2,730,438 ---------- TOTAL COMMON STOCKS (Cost $31,472,137) .............. 42,793,652 REPURCHASE AGREEMENTS -- 8.9% (Cost $4,000,000) State Street Bank & Trust, 6.20% dated 6/30/2000, maturing 7/3/2000, collateralized by: $2,020,000 US Treasury Notes 7-1/2%, due 2/15/2005, with a fair market value of $4,124,656 ........ $4,000,000 4,000,000 ---------- TOTAL INVESTMENTS -- 103.6% (Cost $35,472,137) ......... 46,793,652 OTHER ASSETS LESS LIABILITIES-- (3.6)% ....... (1,639,846) ----------- NET ASSETS-- 100.0% ........... $45,153,806 =========== - ---------------------------- * Non-income producing security. See Notes to Financial Statements. -- P-12 -- Seligman Portfolios, Inc. - ---------------------------------------------------------------------- June 30, 2000 - ---------------------------------------------------------------------- SELIGMAN CASH MANAGEMENT PORTFOLIO ANNUALIZED YIELD ON PRINCIPAL PURCHASE DATE AMOUNT VALUE ------------- ------- --------- US GOVERNMENT AGENCY SECURITIES -- 38.8% Farm Credit Bank 6.40%, 7/3/2000 ............ 6.49% $1,000,000 $ 995,200 Federal Home Loan Bank 6.40%, 7/3/2000 ............ 6.49 1,800,000 1,796,800 Federal Home Loan Mortgage 6.405%, 7/3/2000 ........... 6.49 1,500,000 1,495,463 Federal National Mortgage Association, 6.36%, 7/3/2000 ............ 6.45 1,000,000 997,173 ---------- TOTAL US GOVERNMENT AGENCY SECURITIES (Cost $5,284,636) .......... 5,284,636 ---------- COMMERCIAL PAPER -- 32.9% American Express Credit, 7/24/2000 .................. 5.74 600,000 597,485 American General Finance, 7/14/2000 ......... 6.62 700,000 698,350 Associates Corp. of North America, 7/6/2000 .......... 6.74 600,000 599,446 Ford Motor Credit, 7/6/2000 ................... 6.64 700,000 699,363 General Electric Capital, 7/11/2000 ......... 6.62 700,000 698,730 John Deere Capital, 7/26/2000 .................. 6.64 600,000 597,271 Norwest Financial, 7/17/2000 .................. 6.65 600,000 598,251 ---------- TOTAL COMMERCIAL PAPER (Cost $4,488,896) ......... 4,488,896 ---------- ANNUALIZED YIELD ON PRINCIPAL PURCHASE DATE AMOUNT VALUE ------------- ------- --------- FIXED TIME DEPOSITS -- 13.2%\ Canadian Imperial Bank of Commerce, Montreal 6-7/8%, 7/3/2000 ........... 6.97% $600,000 $600,000 Dexia Banque, Grand Cayman 7%, 7/3/2000 ............... 7.10 600,000 600,000 First Union National Bank, Grand Cayman 6-1/4%, 7/3/2000 ........... 6.84 600,000 600,000 ---------- TOTAL FIXED TIME DEPOSITS (Cost $1,800,000) 1,800,000 ---------- REPURCHASE AGREEMENTS -- 13.2% (Cost $1,800,000) State Street Bank & Trust, 6.20%, dated 6/30/2000, maturing 7/3/2000, collateralized by: $1,900,000 US Treasury Notes 5-1/2%, 2/15/2008, with a fair market value of $1,854,875 ................. 6.29 1,800,000 1,800,000 ----------- TOTAL INVESTMENTS -- 98.1% (Cost $13,373,532).......... 13,373,532 OTHER ASSETS LESS LIABILITIES-- 1.9%.......... 254,440 ----------- NET ASSETS-- 100.0%............ $13,627,972 =========== - ------------------ See Notes to Financial Statements. -- P-13 -- Seligman Portfolios, Inc. - ---------------------------------------------------------------------- PORTFOLIOS OF INVESTMENTS (unaudited) (continued) - ---------------------------------------------------------------------- SELIGMAN COMMON STOCK PORTFOLIO SHARES VALUE -------- --------- COMMON STOCKS -- 98.6% AUTOMOTIVE AND RELATED -- 1.1% Ford Motor .................... 9,800 $ 421,400 Visteon ....................... 1,283 15,558 --------- 436,958 --------- CHEMICALS -- 0.7% duPont (E.I.) de Nemours ...... 6,800 297,500 --------- COMMUNICATIONS -- 8.1% AT&T .......................... 18,800 594,550 SBC Communications ............ 19,028 822,961 Sprint ........................ 7,200 367,200 Verizon Communications ........ 9,600 597,600 WorldCom* ..................... 17,900 821,722 --------- .............................. 3,204,033 --------- COMMUNICATION EQUIPMENT -- 2.8% Lucent Technologies ........... 8,300 491,775 Nortel Networks (Canada) ...... 8,800 600,600 --------- 1,092,375 --------- COMPUTERS AND BUSINESS SERVICES -- 23.9% Agilent Technologies* ......... 7,334 540,883 America Online* ............... 5,600 295,400 Applied Materials* ............ 14,700 1,332,647 Cisco Systems* ................ 18,900 1,200,741 Dell Computer* ................ 15,600 769,763 Electronic Data Systems ....... 13,700 565,125 Hewlett-Packard ............... 3,500 437,063 Intel ......................... 10,400 1,390,025 International Business Machines 5,950 651,895 Microsoft* .................... 19,300 1,543,397 Oracle* ....................... 5,400 453,768 Sun Microsystems* ............. 3,350 304,745 --------- 9,485,452 --------- CONSUMER GOODS AND SERVICES -- 5.2% Anheuser-Busch ................ 6,300 470,531 Coca-Cola ..................... 6,800 390,575 Gillette ...................... 6,400 223,600 PepsiCo ....................... 16,500 733,219 Procter & Gamble .............. 4,600 263,350 --------- 2,081,275 --------- SHARES VALUE -------- --------- DRUGS AND HEALTH CARE -- 12.6% Abbott Laboratories ........... 11,400 $508,012 American Home Products ........ 13,500 793,125 Baxter International .......... 7,000 492,187 Bristol-Myers Squibb .......... 6,250 364,063 Guidant* ...................... 8,600 425,700 Johnson & Johnson ............. 7,300 743,687 Merck ......................... 8,000 613,000 Pfizer ........................ 13,000 624,000 Schering-Plough ............... 8,700 439,350 --------- 5,003,124 --------- ELECTRIC AND GAS UTILITIES -- 4.6% Coastal ....................... 10,300 627,013 Unicom ........................ 12,000 464,250 Williams Companies (The) ...... 18,100 754,543 ---------- 1,845,806 ---------- ENERGY -- 7.0% BP Amoco (ADRs) (United Kingdom) ........... 10,800 610,875 Exxon Mobil ................... 10,800 847,800 Royal Dutch Petroleum (Netherlands) .............. 11,000 677,188 Schlumberger .................. 8,600 641,775 ---------- 2,777,638 ---------- FINANCE AND INSURANCE -- 16.6% American General .............. 10,400 634,400 American International Group .. 8,100 951,750 Bank of America ............... 15,939 685,377 Bank of New York .............. 22,500 1,046,250 Chubb ......................... 15,400 947,100 Citigroup ..................... 15,200 915,800 Fannie Mae .................... 7,400 386,188 Merrill Lynch ................. 5,800 667,000 Morgan (J.P.) ................. 3,200 352,400 ---------- 6,586,265 ---------- MACHINERY AND INDUSTRIAL EQUIPMENT -- 7.3% General Electric .............. 33,000 1,749,000 United Technologies ........... 19,500 1,148,063 ---------- 2,897,063 ---------- - -------------------------- * Non-income producing security. See Notes to Financial Statements. -- P-14 -- Seligman Portfolios, Inc. - ---------------------------------------------------------------------- June 30, 2000 - ---------------------------------------------------------------------- SELIGMAN COMMON STOCK PORTFOLIO (continued) SHARES VALUE -------- ---------- OFFICE EQUIPMENT -- 2.1% Pitney Bowes .................. 20,450 $818,000 ---------- PAPER AND FOREST PRODUCTS -- 0.7% Mead .......................... 11,200 282,800 ---------- RETAIL TRADE -- 5.9% Costco Wholesale* ............. 4,650 153,595 CVS ........................... 15,200 608,000 Home Depot .................... 4,800 239,700 May Department Stores ......... 10,350 248,400 Wal-Mart Stores ............... 19,100 1,100,638 ---------- 2,350,333 ----------- VALUE ----------- TOTAL COMMON STOCKS (Cost $30,382,084) ......... $39,158,622 SHORT-TERM HOLDINGS -- 2.0% (Cost $800,000) ............ 800,000 ----------- TOTAL INVESTMENTS -- 100.6% (Cost $31,182,084) ......... 39,958,622 OTHER ASSETS LESS LIABILITIES -- (0.6)% . (240,820) ----------- NET ASSETS -- 100.0% .......... $39,717,802 ----------- SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO SHARES VALUE -------- --------- COMMON STOCKS -- 97.0% Communications Infrastructure -- 3.2% Alteon Websystems* ............ 7,600 $760,238 Aspect Communications* ........ 13,500 530,297 Ciena* ........................ 3,800 633,294 Cisco Systems* ................ 23,100 1,467,572 Corning ....................... 3,800 1,025,525 Exfo Electro-Optical Engineering* (Canada) ...... 1,400 61,512 Gilat Satellite Networks* (Israel) 7,800 541,369 Nokia (ADRs) (Finland) ........ 23,900 1,193,506 Nortel Networks (Canada) ...... 5,700 389,025 Tellabs ....................... 9,500 650,453 ---------- 7,252,791 ---------- Communications Services -- 1.1% ALLTEL ........................ 19,000 1,176,812 Intermedia Communications* .... 16,600 492,812 Level 3 Communications* ....... 5,700 501,422 Qwest Communications International* ............. 7,700 382,594 ---------- 2,553,640 ---------- SHARES VALUE -------- --------- Computer and Business Services -- 5.9% Amdocs* ....................... 7,500 $ 575,625 Concord EFS* .................. 19,000 494,000 CSG Systems International* .... 56,400 3,163,688 Electronic Data Systems ....... 19,200 792,000 First Data* ................... 40,300 1,999,887 Galileo International ......... 53,400 1,114,725 Gartner Group (Class A)* ...... 37,600 451,200 MarchFirst* ................... 51,100 934,172 Modis Professional Services* 58,600 520,075 Navigant Consulting* .......... 61,000 259,250 StorageNetworks* .............. 800 72,225 SunGard Data Systems* ......... 94,400 2,926,400 ---------- 13,303,247 ---------- Computer Hardware/ Peripherals -- 11.6% Adaptec* ...................... 142,200 3,239,494 American Power Conversion* .... 177,300 7,230,516 Apex* ......................... 40,200 1,756,237 Comdisco ...................... 48,400 1,079,925 Creative Technology (Singapore) ................ 135,900 3,248,859 Electronics for Imaging* ...... 108,800 2,747,200 Lexmark International Group (Class A)* ........... 28,300 1,903,175 - ---------------------------- * Non-income producing security. See Notes to Financial Statements. -- P-15 -- Seligman Portfolios, Inc. - ---------------------------------------------------------------------- PORTFOLIOS OF INVESTMENTS (unaudited) (continued) - ---------------------------------------------------------------------- SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO (continued) SHARES VALUE -------- --------- Computer Hardware/ Peripherals (continued) Mobility Electronics* ......... 2,100 $ 27,366 Pitney Bowes .................. 47,900 1,916,000 Xircom* ....................... 60,900 2,894,653 ---------- 26,043,425 ---------- Computer Software -- 17.0% 3DO* .......................... 48,800 382,013 Activision* ................... 190,000 123,500 Autodesk ...................... 97,400 3,381,606 BMC Software* ................. 57,300 2,089,659 Check Point Software Technologies* (Israel) ..... 15,300 3,248,859 Computer Associates International .............. 68,700 3,516,581 Compuware* .................... 27,400 283,419 HNC Software* ................. 7,900 488,812 Macromedia* ................... 17,200 1,662,488 Microsoft* .................... 104,250 8,336,742 Parametric Technology* ........ 167,800 1,840,556 Rational Software* ............ 34,500 3,205,266 Remedy* ....................... 28,900 1,612,078 Symantec* ..................... 83,600 4,511,787 Synopsys* ..................... 99,000 3,418,594 Tecnomatix Technologies* (Israel) 3,700 50,181 ---------- 38,152,141 ---------- ELECTRONIC COMPONENTS -- 4.9% Amphenol (Class A) ............ 19,000 1,257,562 Arrow Electronics* ............ 49,500 1,534,500 Avnet ......................... 22,800 1,350,900 CTS ........................... 30,200 1,359,000 Sawtec ........................ 38,000 2,186,187 Vishay Intertechnology* ....... 85,500 3,243,656 ---------- 10,931,805 ---------- ELECTRONIC Manufacturing SERVICES -- 5.4% ACT Manufacturing* ............ 19,200 892,200 Advanced Micro Devices* ....... 47,800 3,692,550 Flextronics International* (Singapore) ................ 17,200 1,181,963 Sanmina* ...................... 15,820 1,352,116 SCI Systems* .................. 125,800 4,929,787 ---------- 12,048,616 ---------- Electronics Capital Equipment -- 15.6% Applied Materials* ............ 22,800 $ 2,066,962 ATMI* ......................... 15,300 710,972 Cognex* ....................... 46,700 2,415,266 Credence Systems* ............. 60,800 3,353,500 Electro Scientific Industries* 46,700 2,056,259 KLA-Tencor* ................... 32,500 1,904,297 Kulicke & Soffa Industries* ... 28,500 1,687,734 Lam Research* ................. 55,000 2,064,219 Novellus Systems* ............. 161,600 9,145,550 Orbotech* (Israel) ............ 34,650 3,219,202 Sensormatic* .................. 41,100 649,894 Teradyne* ..................... 47,900 3,520,650 Veeco Instruments ............. 28,500 2,092,078 ---------- 34,886,583 ---------- Media -- 9.5% Ackerley Group ................ 19,900 233,825 Adelphia Communications (Class A)* 38,100 1,784,747 AMFM* ......................... 122,500 8,452,500 Cablevision Systems (Class A)* 29,900 2,029,463 Charter Communications* ....... 91,800 1,511,831 Comcast (Class A)* ............ 19,100 774,147 EchoStar Communications (Class A) .................. 23,200 767,775 Infinity Broadcasting (Class A)* 68,275 2,487,770 Rogers Communications (Class B)* (Canada) ........ 31,400 894,900 Time Warner ................... 19,000 1,444,000 USA Networks* ................. 29,100 630,197 Ziff-Davis* ................... 3,900 35,100 Ziff-Davis-ZDNet* ............. 19,500 175,500 ---------- 21,221,755 ---------- Semiconductors -- 22.7% Amkor Technology* ............. 180,800 6,378,850 Atmel* ........................ 34,200 1,261,125 C-Cube Microsystems* .......... 47,200 926,300 Conexant Systems* ............. 19,000 925,656 Cypress Semiconductor* ........ 41,900 1,770,275 Dallas Semiconductor .......... 56,000 2,282,000 Fairchild Semiconductor International* ............. 71,900 2,911,950 Integrated Device Technology* . 79,600 4,776,000 Intel ......................... 47,700 6,375,403 International Rectifier* ...... 42,800 2,396,800 Lattice Semiconductor* 94,500 6,535,266 - ----------------- * Non-income producing security. See Notes to Financial Statements. -- P-16 -- Seligman Portfolios, Inc. - ---------------------------------------------------------------------- June 30, 2000 - ---------------------------------------------------------------------- SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO (continued) SHARES VALUE -------- ---------- Semiconductors (continued) Linear Technology ............. 23,800 $1,520,969 Mattson Technology* ........... 4,400 143,550 Maxim Integrated Products* .... 9,900 672,272 Microchip Technology* ......... 76,200 4,448,175 Micron Technology* ............ 27,500 2,421,719 National Semiconductor* ....... 62,900 3,569,575 QuickLogic* ................... 14,700 330,291 SCG Holding* .................. 51,800 1,134,744 ------------ 50,780,920 ------------ MIscellaneous -- 0.1% Capstone Turbine* ............. 2,700 122,091 ------------ VALUE ------------ TOTAL COMMON STOCKS (Cost $171,810,362) ........ $217,297,014 SHORT-TERM HOLDINGS -- 2.6% (Cost $5,800,000) .......... 5,800,000 ------------ TOTAL INVESTMENTS -- 99.6% (Cost $177,610,362) ........ 223,097,014 OTHER ASSETS LESS LIABILITIES-- 0.4% ......... 939,537 ------------ NET ASSETS-- 100.0% ........... $224,036,551 ============ SELIGMAN FRONTIER PORTFOLIO SHARES VALUE -------- --------- COMMON STOCKS -- 101.5% Building and Construction -- 0.5% Dycom Industries .............. 2,700 $124,200 ---------- Business Goods and Services -- 5.7% Acxiom* ....................... 7,900 220,706 Copart* ....................... 10,900 173,378 CoStar Group* ................. 5,660 142,031 CSG Systems International* .... 4,600 258,031 FirstService* (Canada) ........ 6,600 80,850 Harris Interactive ............ 6,000 29,063 Modis Professional Services* .. 10,500 93,187 NOVA* ......................... 12,433 347,347 ---------- 1,344,593 SHARES VALUE -------- --------- Computer Software and Services -- 18.0% Accrue Software ............... 5,200 184,762 Advent Software ............... 7,900 511,772 Aspen Technology* ............. 5,400 208,575 Broadbase Software ............ 2,100 64,378 Caliper Technologies .......... 700 32,178 CoreComm* ..................... 2,400 46,875 Documentum .................... 3,800 339,387 I2 Technologies ............... 3,670 382,712 Internet Security Systems* .... 5,400 533,081 Intraware ..................... 4,800 76,950 Computer Software and Services (continued) JDA Software Group ............ 9,400 $ 180,069 Keane ......................... 1,200 25,950 Keynote Systems ............... 1,300 90,716 Mediaplex ..................... 2,200 42,556 NYFIX ......................... 2,737 114,868 Onyx Software ................. 5,100 151,247 Quest Software ................ 4,400 244,200 Selectica ..................... 1,800 125,719 SmartForce (ADRs)* (Ireland) .. 4,900 234,894 SunGard Data Systems* ......... 10,700 331,700 THQ* .......................... 3,250 39,305 Unigraphics Solutions (Class A)* 5,900 115,050 Visual Networks* .............. 4,500 128,109 ---------- 4,205,053 ---------- Consulting Services -- 1.9% Corporate Executive Board* .... 2,900 176,537 Forrester Research* ........... 3,755 273,294 ---------- 449,831 ---------- Consumer Goods and Services -- 4.2% Brinker International ......... 6,300 184,275 Carey International* .......... 6,700 92,544 MemberWorks* .................. 11,080 371,526 MSC Industrial Direct ......... 5,800 121,438 Pre-Paid Legal Services* ...... 5,100 152,363 Too* .......................... 2,300 58,506 ---------- 980,652 ---------- - ------------------ * Non-income producing security. See Notes to Financial Statements. --P-17 -- Seligman Portfolios, Inc. - ---------------------------------------------------------------------- PORTFOLIOS OF INVESTMENTS (unaudited) (continued) - ---------------------------------------------------------------------- SELIGMAN FRONTIER PORTFOLIO (continued) SHARES VALUE -------- --------- Drugs And Health Care -- 10.7% Alpharma (Class A)* ........... 5,500 $ 342,375 Amerisource Health (Class A) .. 3,600 111,600 Barr Laboratories* ............ 9,300 416,756 Bindley Western Industries .... 5,700 150,694 Charles River Laboratories .... 2,800 62,125 King Pharmaceuticals .......... 4,050 177,694 Praecis Pharmaceuticals ....... 4,700 131,306 Priority Healthcare (Class B)* 4,300 318,872 Province Healthcare* .......... 6,600 238,219 Tanox* ........................ 3,700 175,403 Teva Pharmaceutical Industries (ADRs) (Israel) ............ 2,700 149,766 United Therapeutics ........... 2,200 238,356 ---------- 2,513,166 ---------- Electronics -- 10.5% Advanced Energy Industries* ... 1,700 100,194 Alpha Industries* ............. 6,200 273,381 Amerigon# ..................... 25,518 127,590 Burr-Brown* ................... 1,475 127,864 Cognex* ....................... 900 46,547 Credence Systems* ............. 900 49,641 Exar .......................... 2,400 209,475 General Semiconductor* ........ 5,100 75,225 Kopin ......................... 2,800 193,813 Littlefuse .................... 1,700 84,044 Orbotech* (Israel) ............ 2,400 222,975 Photon Dynamics* .............. 3,400 254,044 Sawtek* ....................... 4,800 276,150 Silicon Image* ................ 500 24,953 Varian Semiconductor* ......... 1,900 119,403 Virata* ....................... 4,400 262,900 ---------- 2,448,199 ---------- Energy -- 2.4% Mitchell Energy & Development . 1,800 57,825 National-Oilwell .............. 5,700 187,388 Patina Oil & Gas .............. 5,300 109,975 Pride International* .......... 8,100 200,475 ---------- 555,663 ---------- Environmental Management -- 0.9% Casella Waste Systems ......... 7,500 80,391 Waste Connections* ............ 7,000 138,031 ---------- 218,422 ---------- SHARES VALUE -------- --------- Financial Services -- 3.5% Affiliated Managers Group* .... 7,600 $ 345,800 American Capital Strategies ... 6,900 156,544 Metris Companies .............. 12,450 312,806 ---------- 815,150 ---------- Internet/OnLine -- 2.6% About.com* .................... 2,500 78,672 Be Free* ...................... 2,900 26,145 GoTo.com* ..................... 3,620 55,544 PC-Tel* ....................... 4,400 167,338 SonicWALL* .................... 3,100 272,897 ---------- 600,596 ---------- Leisure and Entertainment -- 1.1% Premier Parks* ................ 11,200 254,800 ---------- Media and Broadcasting -- 3.5% Charter Communications* ....... 8,600 141,631 Cox Radio* .................... 6,700 187,600 Emmis Communications (Class A)* ................. 2,300 95,234 Pegasus Communications ........ 5,600 274,225 Penton Media .................. 1,600 56,000 SBS Broadcasting* (Luxembourg) ............... 1,300 70,606 ---------- 825,296 ---------- Medical Products and Technology -- 4.5% Community Health Systems ...... 7,600 123,025 Cytyc* ........................ 3,600 192,038 Dura Pharmaceuticals* ......... 9,900 141,694 Endocare ...................... 4,900 99,378 Genomic Solutions ............. 11,200 163,450 Intermune Pharmaceuticals* .... 5,800 238,706 Maxygen* ...................... 800 45,250 QLT* (Canada) ................. 700 54,359 ---------- 1,057,900 ---------- Networking/Communications Infrastructure -- 2.8% Andrew* ....................... 3,900 131,016 C-cor.net* .................... 8,400 226,538 Exfo-Electro Optical Engineering* (Canada) ...... 100 4,394 Remec ......................... 6,800 284,537 ---------- 646,485 ---------- - ------------------ * Non-income producing security. # Restricted and non-income producing security. See Notes to Financial Statements. -- P-18 -- Seligman Portfolios, Inc. - ---------------------------------------------------------------------- June 30, 2000 - ---------------------------------------------------------------------- SELIGMAN FRONTIER PORTFOLIO (continued) SHARES VALUE -------- ---------- Schools -- 3.3% Career Education* .................. 5,500 $ 267,094 DeVRY* ............................. 3,800 100,462 ITT Educational Services* .......... 5,100 89,569 Learning Tree International* ....... 5,000 307,656 ----------- 764,781 ----------- Telecommunications -- 24.4% Actuate Software* .................. 5,200 277,388 AirGate PCS ........................ 4,000 210,375 Alamosa PCS Holdings* .............. 7,900 166,147 ANTEC* ............................. 8,300 344,709 Choice One Communications* ......... 5,000 204,219 Com21* ............................. 2,500 62,422 Dobson Communications* ............. 12,100 233,681 Global TeleSystems* ................ 15,600 188,175 Illuminet Holdings* ................ 3,900 196,950 Inet Technologies* ................. 3,300 179,231 ITC DeltaCom* ...................... 8,900 198,303 MGC Telecommunications* ............ 1,200 71,962 Metawave Communications* ........... 6,260 166,868 Network Plus* ...................... 1,200 17,062 Pinnacle Holdings* ................. 4,900 262,763 Powertel* .......................... 5,300 376,134 Price Communications* .............. 5,700 134,306 Proxim* ............................ 2,900 287,644 Rural Cellular (Class A)* .......... 7,140 546,879 SBA Communications* ................ 4,600 239,056 Tekelec* ........................... 3,400 163,944 Telecommunications (continued) TranSwitch* ........................ 1,800 $ 138,994 Triton PCS Holdings (Class A)*...... 2,800 161,788 US Unwired ......................... 6,700 88,356 West TeleServices* ................. 6,000 152,063 Western Wireless (Class A)* ........ 11,600 631,837 ----------- 5,701,256 ----------- Transportation -- 1.0% Expeditors International of Washington ...................... 3,000 141,844 Forward Air* ....................... 2,025 80,620 ----------- 222,464 ----------- TOTAL COMMON STOCKS (Cost $19,545,577) .............. 23,728,507 SHORT-TERM HOLDINGS -- 1.7% (Cost $400,000) ................. 400,000 ----------- TOTAL INVESTMENTS -- 103.2% (Cost $19,945,577) .............. 24,128,507 OTHER ASSETS LESS LIABILITIES -- (3.2)% ...... (743,907) ----------- NET ASSETS -- 100.0% ................ $23,384,600 =========== SELIGMAN GLOBAL GROWTH PORTFOLIO SHARES VALUE -------- ----------- COMMON STOCKS -- 96.6% AUSTRALIA -- 1.8% Cochlear (Drugs and Health Care) ... 4,800 $ 82,567 CSL (Drugs and Health Care)......... 4,300 84,966 ---------- 167,533 ---------- BRAZIL -- 0.9% Telefonica (ADRs)* (Telecommunications)............. 1,298 83,109 ---------- CANADA -- 2.9% BCE (Telecommunications)............ 800 18,960 Bombardier (B shares) (Diversified). 4,500 122,154 Precision Drilling (Oil and Gas).... 3,200 123,600 ---------- 264,714 ---------- CHINA -- 1.4% China Telecom (Hong Kong)* (Telecommunications)............. 14,000 $123,466 ---------- DENMARK -- 2.6% GN Store (Telecommunications)....... 400 40,443 Group 4 Falck (Business Goods and Services).................... 200 32,140 ISS International Service Systems (Business Goods and Services).... 1,200 91,498 Vestas Wind Systems* (Electronics).................... 2,000 73,557 ---------- 237,638 ---------- - ---------------------- * Non-income producing security. See Notes to Financial Statements. -- P-19 -- Seligman Portfolios, Inc. - ---------------------------------------------------------------------- PORTFOLIOS OF INVESTMENTS (unaudited) (continued) - ---------------------------------------------------------------------- SELIGMAN GLOBAL GROWTH PORTFOLIO (continued) SHARES VALUE -------- ---------- FINLAND -- 1.3% Nokia (Telecommunications).............. 2,260 $ 115,462 ---------- FRANCE -- 6.8% Alcatel (Telecommunications)............ 4,550 298,784 Cap Gemini (Computer and Technology Related).................. 696 122,743 Sagem (Electronics)..................... 50 58,689 STMicroelectronics (Electronics)........ 1,000 63,086 Societe Television Francaise 1 "TF1" (Entertainment and Leisure)............................. 1,000 69,777 ---------- 613,079 ---------- GERMANY -- 0.9% Schering-Plough (Drugs and Health Care)......................... 1,500 81,797 ---------- GREECE -- 0.3% National Bank of Greece (ADRs) (Financial Services)................. 3,080 24,063 ---------- HONG KONG -- 0.6% Hutchison Whampoa (Diversified)......... 4,400 55,313 ---------- HUNGARY -- 0.2% Magyar Tavkozlesi "Matav" (ADRs) (Telecommunications)................. 500 17,219 ---------- IRELAND -- 3.0% Elan (ADRs)* (Drugs and Health Care)......................... 3,000 145,312 Ryanair Holdings* (Transportation)...... 17,200 124,985 ---------- 270,297 ---------- ITALY -- 4.2% Banca Nazionale del Lavoro "BNL"* (Financial Services).......... 38,000 134,029 Mediolanum (Financial Services)......... 15,430 251,319 ---------- 385,348 ---------- JAPAN -- 9.7% Able (Financial Services)............... 1,000 14,882 Asahi Pretec (Industrial Goods and Services)........................ 1 16,672 Chugai Pharmaceutical (Drugs and Health Care).............. 5,000 94,428 SHARES VALUE -------- --------- JAPAN (continued) Cresco (Computer and Technology Related).................. 1,200 $ 85,904 H.I.S. (Entertainment and Leisure)...... 1,300 64,164 Inter (Financial Services).............. 2,100 37,702 Itochu Techno-Science (Computer and Technology Related)............................. 300 48,180 Keyence (Electronics)................... 100 32,968 Meitec (Computer and Technology Related).................. 2,900 114,727 Nippon Telegraph & Telephone "NTT" (Telecommunications)........... 6 79,687 NTT Mobile Communication Network "NTT DoCoMo" (Telecommunications)................. 3 81,100 Shiseido (Consumer Goods and Services)........................ 3,000 46,343 Sundrug (Retailing)..................... 800 61,715 Touei Housing (Construction and Property)........................ 2,000 32,026 Xebio (Retailing)....................... 3,000 70,362 ---------- 880,860 ---------- MEXICO -- 0.5% Grupo Carso (ADRs)* (Diversified)........................ 7,000 49,069 ---------- NETHERLANDS -- 3.9% ASM Lithography Holding* (Computer and Technology Related)............................. 2,760 118,769 Koninklijke (Royal) Philips Electronics (Electronics)............ 1,592 75,173 Numico (Consumer Goods and Services)........................ 2,650 125,890 Qiagen (Drugs and Health Care).......... 200 35,366 ---------- 355,198 ---------- NORWAY -- 3.3% Tandberg (Telecommunications)........... 3,300 78,753 Tomra Systems (Business Goods and Services).................. 8,220 218,229 ---------- 296,982 ---------- SOUTH KOREA -- 0.4% Korea Telecom (ADRs)* (Telecommunications)................. 670 32,411 ---------- - ----------------------------- * Non-income producing security. See Notes to Financial Statements. -- P-20 -- Seligman Portfolios, Inc. - ---------------------------------------------------------------------- June 30, 2000 - ---------------------------------------------------------------------- SELIGMAN GLOBAL GROWTH PORTFOLIO (continued) SHARES VALUE -------- --------- SPAIN -- 1% Grupo Prisa (Media).................... 800 $ 18,582 Sociedad General de Aguas de Barcelona (Consumer Goods and Services)................. 45 585 Telefonica Publicidad e Informacion* (Entertainment and Leisure)........................ 7,200 68,064 ---------- 87,231 ---------- SWEDEN -- 5.5% L.M. Ericsson Telefon (Series B) (Telecommunications)................ 18,620 369,657 Securitas (Series B) (Consumer Goods and Services)................. 4,500 95,737 Telia (Telecommunications)............. 3,800 35,883 ---------- 501,277 ---------- SWITZERLAND -- 5.5% Credit Suisse Group (Financial Services)................ 575 114,495 Disetronic Holding (Drugs and Health Care)............. 15 100,328 Gretag Imaging Group (Drugs and Health Care)............. 350 67,438 Phonak Holding (Drugs and Health Care)............. 30 86,521 Straumann (Drugs and Health Care)............. 70 105,237 Tecan (Drugs and Health Care)............. 30 28,736 ---------- 502,755 ---------- UNITED KINGDOM -- 5.4% AstraZeneca (Drugs and Health Care)........................ 2,685 125,241 British Telecommunications (Telecommunications)................ 2,500 32,371 Cable & Wireless (Telecommunications)................ 2,000 34,024 Centrica (Electric and Gas Utilities).......................... 19,000 63,090 Granada Group (Entertainment and Leisure)........................ 9,000 88,700 Hilton Group (Entertainment and Leisure)........................ 13,000 45,532 SmithKline Beecham (Drugs and Health Care)........................ 3,000 39,482 Tesco (Retailing)...................... 20,000 62,241 ---------- 490,681 ---------- SHARES VALUE -------- ---------- UNITED STATES -- 34.5% AES* (Electric and Gas Utilities)...... 5,000 $ 228,124 ALZA* (Drugs and Health Care).......... 4,700 277,886 Cisco Systems* (Computer and Technology Related)................. 4,400 279,536 Citigroup (Financial Services)......... 3,150 189,787 Coca-Cola (Consumer Goods and Services)....................... 1,200 68,924 Corning (Diversified).................. 1,100 296,861 Disney, Walt (Entertainment and Leisure)........................ 4,850 188,240 EMC (Electronics)...................... 700 53,855 Guidant (Drugs and Health Care)300..... 14,850 Medtronic (Drugs and Health Care)...... 1,900 94,642 Microsoft* (Computer and Technology Related)................. 1,400 111,955 Pfizer (Drugs and Health Care)......... 2,700 129,600 Procter & Gamble (Consumer Goods and Services)................. 3,000 171,750 Siebel Systems (Computer and Technology Related)................. 500 81,796 Tyco International (Diversified)....... 6,200 293,724 VeriSign (Computer and Technology Related)................. 1,200 211,611 Watson Pharmaceutical (Drugs and Health Care).................... 4,500 241,874 Williams Companies (The) (Electric and Gas Utilities)........ 4,600 191,761 ---------- 3,126,776 ---------- TOTAL COMMON STOCKS (Cost $5,889,662)................... 8,762,278 PREFERRED STOCKS -- 1.3% (Cost $78,503)...................... GERMANY -- 1.3% Porsche (non-voting)* (Automotive and Related)............ 43 116,523 ---------- TOTAL INVESTMENTS -- 97.9% (Cost $5,968,165)................... 8,878,801 OTHER ASSETS LESS LIABILITIES -- 2.1%............ 189,685 ---------- NET ASSETS -- 100.0%................... $9,068,486 ========== - ---------------------------- * Non-income producing security. See Notes to Financial Statements. -- P-21 -- Seligman Portfolios, Inc. - ----------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ----------------------------------------------------------------- SELIGMAN GLOBAL SMALLER COMPANIES PORTFOLIO SHARES VALUE -------- --------- COMMON STOCKS -- 95.4% AUSTRALIA -- 2.7% BRL Hardy (Consumer Goods and Services)................. 9,754 $ 41,914 Cochlear (Medical Products and Technology)............... 5,700 98,049 CSL (Medical Products and Technology)................... 5,150 101,763 Data Advantage*(Computer and Business Services)............ 16,600 45,466 Energy Developments (Utilities).. 7,000 40,824 Futuris (Automotive Parts Manufacturing)................ 32,860 35,969 Lang (Transportation)............ 7,500 41,048 Perpetual Trustees Australia (Financial Services).......... 2,800 43,495 Sonic Healthcare (Medical Products and Technology)...... 9,800 40,318 TAB* (Leisure and Hotels)........ 30,300 44,222 --------- 533,068 --------- CANADA -- 1.4% Celestica* (Electronics)......... 1,500 74,437 Cinar (Class B)* (Media)......... 2,800 14,000 Clearnet Communications (Class A)* (Telecommunications).......... 2,650 74,034 Diversinet (Computer Software)... 1,000 11,844 EXFO Electro-Optical Engineering* (Telecommunications).......... 100 4,394 GT Group Telecom (Telecommunications).......... 2,400 37,725 QLT* (Drugs and Health Care)..... 300 23,297 Sierra Wireless (Telecommunications).......... 700 37,815 --------- 277,546 --------- DENMARK -- 1.3% Sondagsavisen (Media)............ 7,276 119,348 Sydbank (Financial Services)..... 925 31,412 TK Development (Construction and Property)................. 3,960 109,106 --------- 259,866 --------- FINLAND -- 0.4% Rapala Normark* (Leisure and Hotels).......... 14,300 84,746 --------- FRANCE -- 3.1% Du Pareil Au Meme (Retailing).... 887 $33,915 Etam Developpement* (Retailing) 1,493 28,542 L'Europeenne d'Extincteurs (Manufacturing)............... 1,242 35,615 Royal Canin (Consumer Goods and Services)................. 1,981 190,679 Technip (Construction and Property)... 1,057 128,009 Transiciel (Computer Software) .. 2,940 189,126 --------- 605,886 --------- GERMANY -- 5.3% Beru (Automotive Parts Manufacturing)................ 5,543 166,896 Bien-Haus (Construction and Property)................. 2,210 30,313 Hawesko Holding (Telecommunications).......... 3,185 62,714 Intershop Communications* (Computer Software)........... 560 256,397 Kamps (Consumer Goods and Services)........... 4,292 136,614 Tecis Holding* (Financial Services) 2,340 216,959 Zapf Creation* (Manufacturing)... 2,600 159,053 --------- 1,028,946 --------- HONG KONG -- 2.2% Cafe de Coral Holdings (Restaurants)................. 70,000 25,142 Computer and Technologies Holdings (Computer Software).. 12,000 12,238 Dah Sing Financial Group (Financial Services).......... 11,400 45,918 Esprit Holdings (Retailing)...... 27,000 28,054 Giordano International (Retailing)................... 34,000 51,683 JCG Holdings (Financial Services).......... 60,000 30,017 Johnson Electric Holdings (Electronics)................. 5,000 47,302 Li & Fung* (Consumer Goods and Services)................. 16,400 82,046 Mandarin Oriental (Leisure and Hotels).......... 49,200 32,718 South China Morning Post Holdings (Media).............. 38,000 29,491 Varitronix International (Manufacturing)............... 14,000 24,334 Yanzhou Coal Mining (Series H)* (Resources)................... 82,000 16,935 --------- 425,878 --------- - ------------ * Non-income producing security. See Notes to Financial Statements. -- P-22 -- Seligman Portfolios, Inc. - ----------------------------------------------------------------- June 30, 2000 - ----------------------------------------------------------------- SELIGMAN GLOBAL SMALLER COMPANIES PORTFOLIO (continued) SHARES VALUE -------- --------- IRELAND -- 1.7% Ryanair Holdings* (Transportation) 33,160 $ 240,889 SmartForce (ADRs) (Computer Software)........... 1,700 81,494 --------- 322,383 --------- ISRAEL -- 0.7% Orbotech* (Technology)........... 800 74,325 Teva Pharmaceutical Industries (Drugs and Health Care)....... 1,000 55,469 --------- 129,794 --------- JAPAN -- 11.6% Able (Consumer Goods and Services)................. 1,000 14,882 Anritsu (Electronics)............ 500 8,948 Asahi Diamond Industries (Manufacturing)............... 6,000 42,330 Asahi Pretec (Industrial Goods and Services)................. 2 41,680 Asatsu-DK (Advertising).......... 800 32,779 Bank of Iwate Limited (Financial Services).......... 1,000 36,924 Capcom (Computer and Business Services)............ 1,000 32,120 Citizen Electronics (Electronics) 200 21,853 Cresco (Technology).............. 300 21,476 Densei-Lambda (Electronics)...... 1,900 39,104 Doutor Coffee (Restaurants)...... 400 30,895 The Eighteenth Bank (Financial Services).......... 7,000 26,110 Enplas (Electronics)............. 1,000 62,167 Fuji Machine Manufacturing (Industrial Goods and Services) 500 26,233 Fuji Seal (Manufacturing)........ 1,700 93,034 Fujicco (Consumer Goods and Services)................. 3,000 49,875 Fujitec (Construction and Property) 3,000 26,082 Glory (Manufacturing)............ 2,000 35,793 Higo Bank (Financial Services)... 8,000 32,855 H.I.S. (Leisure and Hotels)...... 1,200 59,229 Hokuto (Consumer Goods and Services)................. 1,800 65,615 Iyo Bank (Financial Services).... 5,000 31,555 Kentucky Fried Chicken (Restaurants)................. 1,000 10,540 Kissei Pharmaceutical (Drugs and Health Care)....... 3,000 57,929 Komatsu Seiren (Manufacturing)... 7,000 24,792 JAPAN (continued) Maspro Denkoh (Telecommunications).......... 2,000 $ 23,454 Meitec (Computer Software)....... 1,000 39,561 Mitsubishi Gas Chemical (Chemicals)................... 12,000 40,126 MKC-STAT (Computer Software)..... 3,000 54,820 Moshi Moshi Hotline (Computer and Business Services)........ 600 64,428 Nichicon (Manufacturing)......... 1,000 24,490 Nippon Broadcasting Systems (Media)....................... 1,000 61,508 Nissha Printing (Paper and Printing) 7,000 48,330 Noritake (Consumer Goods and Services)................. 7,000 38,968 People (Leisure and Hotels)...... 800 64,051 Plenus (Retailing)............... 1,000 42,858 Rengo (Paper and Printing)....... 12,000 64,880 Rinnai (Manufacturing)........... 1,800 40,098 Rohto Pharmaceutical (Drugs and Health Care)....... 3,000 32,214 Round One (Leisure and Hotels)... 3 11,868 Ryoyo Electric (Electronics)..... 2,000 39,938 Shimachu (Retailing)............. 2,000 42,387 Sundrug (Retailing).............. 700 54,001 Taiyo Ink Manufacturing (Chemicals)................... 1,600 94,948 Tokyo Style (Manufacturing)...... 4,000 37,677 Touei Housing (Construction and Property)................. 2,000 32,026 Tsubaki Nakashima (Manufacturing)............... 4,000 58,776 Tsudakoma* (Manufacturing)....... 14,000 29,803 Tsutsumi Jewelry (Retailing)..... 3,200 75,204 Universal Home (Computer and Business Services)........ 2 22,606 Ushio (Industrial Goods and Services)..................... 2,000 55,009 Xebio (Retailing)................ 3,400 79,744 Yamaichi Electronics (Electronics)................. 900 29,077 Yokohama Reito (Distribution).... 4,000 27,090 --------- 2,254,740 --------- LUXEMBOURG -- 0.1% SBS Broadcasting* (Media)........ 500 27,156 --------- NETHERLANDS -- 1.4% Athlon Groep (Consumer Goods and Services)........... 2,913 51,790 - ------------ * Non-income producing security. See Notes to Financial Statements. -- P-23 -- Seligman Portfolios, Inc. - ----------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ----------------------------------------------------------------- SELIGMAN GLOBAL SMALLER COMPANIES PORTFOLIO (continued) SHARES VALUE -------- --------- NETHERLANDS (continued) Beter Bed Holding (Retailing).... 3,117 $ 93,553 Samas Groep (Manufacturing)...... 7,463 119,130 --------- 264,473 --------- NORWAY -- 1.6% Ekornes (Manufacturing).......... 16,647 145,699 Petroleum Geo-Services* (Industrial Goods and Services)..................... 4,713 80,574 Tandberg Television* (Telecommunications).......... 13,740 79,369 --------- 305,642 --------- SINGAPORE -- 0.7% Keppel Telecom (Telecommunications).......... 22,000 28,510 Neptune Orient Lines (Transportation).............. 34,937 32,340 Sembcorp Logistics* (Transportation).............. 9,000 50,507 Venture Manufacturing (Electronics)................. 2,500 25,457 --------- 136,814 --------- SPAIN -- 0.5% Enaco* (Retailing)............... 7,600 34,579 TelePizza* (Restaurants)......... 12,794 72,152 --------- 106,731 --------- SWEDEN -- 0.8% Finnveden (Series B) (Manufacturing)............... 6,281 62,883 Mandator (Telecommunications).......... 10,611 69,414 Munskjo (Paper and Printing)..... 4,161 27,457 --------- 159,754 --------- SWITZERLAND -- 5.5% Kaba Holding (Manufacturing)..... 212 273,187 Selecta Group (Consumer Goods and Services)........... 522 162,079 SEZ Holding (Computer and Business Services)............ 329 301,413 Swisslog Holding (Industrial Goods and Services)........... 671 329,396 --------- 1,066,075 --------- TAIWAN -- 0.2% Taiwan American Fund* (Miscellaneous)............... 1,700 $ 29,750 --------- UNITED KINGDOM -- 10.2% Ashtead Group (Construction and Property)................. 76,600 109,757 BTG (Technology)................. 7,023 127,517 Clinton Cards (Retailing)........ 46,200 73,553 Dawson Group (Transportation).... 26,600 40,332 Druck Holdings (Industrial Goods and Services)........... 11,500 35,747 F.I. Group (Computer Software)........... 45,176 263,718 Games Workshop Group (Retailing)................... 9,400 26,368 GWR Group (Media)................ 21,000 287,367 Informa Group (Computers and Business Services)........ 20,000 207,271 Parity (Computer Software)....... 75,936 198,613 PizzaExpress (Restaurants)....... 19,500 186,271 Shire Pharmaceuticals* (Drugs and Health Care)....... 5,500 95,402 Tilbury Douglas (Construction and Property)................. 25,500 136,872 Trifast (Electrical Distribution) 8,000 130,701 Trinity International Holdings (Media)....................... 7,100 63,516 --------- 1,983,005 --------- UNITED STATES -- 44.1% About.com* (Internet/Online)..... 900 28,322 Accrue Software (Computer Software)........... 2,000 71,064 Actuate Software* (Computer Software)........... 2,100 112,022 Acxiom* (Computer Software)...... 3,800 106,162 Advanced Energy Industries* (Electronics)................. 700 41,256 Advent Software* (Computer Software)........... 3,100 200,822 Affiliated Managers Group* (Computer and Business Services)............ 2,600 118,300 AirGate PCS* (Telecommunications).......... 1,800 94,669 Alamosa PCS Holdings* (Telecommunications).......... 3,100 65,197 - ------------ * Non-income producing security. See Notes to Financial Statements. -- P-24 -- Seligman Portfolios, Inc. - ----------------------------------------------------------------- June 30, 2000 - ----------------------------------------------------------------- SELIGMAN GLOBAL SMALLER COMPANIES PORTFOLIO (continued) SHARES VALUE -------- --------- UNITED STATES (continued) Alpha Industries (Electronics)... 2,100 $ 92,597 Alpharma (Class A) (Drugs and Health Care)....... 1,900 118,275 American Capital Strategies* (Financial Services).......... 3,500 79,406 Amerigon# (Electronics).......... 9,920 49,600 Amerisource Health (Drugs and Health Care)....... 1,400 43,400 Andrew (Telecommunications)...... 1,300 43,672 ANTEC* (Telecommunications)...... 3,300 137,053 Aspen Technology (Computer Software)........... 2,200 84,975 Barr Laboratories* (Drugs and Health Care)....... 3,000 134,438 Be Free* (Consulting Services)... 1,100 9,917 Bindley Western Industries (Drugs and Health Care)....... 2,200 58,163 Brinker International (Restaurants) 2,400 70,200 Broadbase Software Inc. (Computer Software)........... 800 24,525 Burr-Brown* (Technology)......... 450 39,009 Caliper Technologies* (Technology).................. 200 9,194 Career Education* (Schools)...... 1,900 92,269 Carey International* (Transportation).............. 2,500 34,531 Casella Waste Systems (Industrial Goods and Services)................. 2,900 31,084 C-COR.net (Telecommunications).......... 3,200 86,300 Charles River Laboratories (Medical Products and Technology)............... 1,100 24,406 Charter Communications (Class A)* (Media)............ 2,900 47,759 Choice One Communications* (Telecommunications).......... 2,000 81,688 Cognex* (Electronics)............ 400 20,687 Com21* (Telecommunications)...... 800 19,975 Community Health Systems (Medical Products and Technology)............... 2,900 46,944 Copart* (Retailing).............. 3,600 57,262 CoreComm* (Telecommunications)... 800 15,625 Corporate Executive Board* (Consulting Services)......... 900 54,787 UNITED STATES (continued) CoStar Group* (Industrial Goods and Services)........... 1,600 $ 40,150 Cox Radio* (Media)............... 2,400 67,200 Credence Systems* (Electronics)................. 400 22,063 CSG Systems International* (Computer and Business Services)............ 1,700 95,359 Cytyc* (Drugs and Health Care)....... 1,200 64,012 DeVry* (Schools)................. 1,300 34,369 Dobson Communications* (Telecommunications).......... 4,800 92,700 Documentum* (Computer Software)........... 1,600 142,900 Dura Pharmaceuticals* (Drugs and Health Care)....... 3,300 47,231 Dycom Industries (Construction and Property)................. 1,000 46,000 Emmis Broadcasting (Class A) (Media)............. 800 33,125 Endocare (Medical Products and Technology)............... 2,000 40,562 Exar* (Manufacturing)............ 800 69,825 Expeditors International of Washington (Transportation)... 1,000 47,281 FirstService* (Computer and Business Services)........ 2,100 25,725 Forrester Research* (Consulting Services)......... 1,385 100,802 Forward Air (Transportation)..... 750 29,859 General Semiconductor* (Technology).................. 2,000 29,500 Genomic Solutions (Medical Products and Technology)...... 3,800 55,457 Global TeleSystems* (Telecommunications).......... 6,100 73,581 GoTo.com* (Internet/Online)...... 1,210 18,566 Harris Interactive* (Computer and Business Services)........ 1,500 7,266 I2 Technologies (Computer Software) 1,375 143,387 Illuminet Holdings (Telecommunications).......... 1,500 75,750 Inet Technologies (Telecommunications).......... 1,300 70,606 Intermune Pharmaceuticals* (Drugs and Health Care)....... 2,200 90,544 Intraware* (Computer and Business Services)............ 1,900 30,459 - ------------ * Non-income producing security. # Restricted and non-income producing security. See Notes to Financial Statements. -- P-25 -- Seligman Portfolios, Inc. - ----------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ----------------------------------------------------------------- SELIGMAN GLOBAL SMALLER COMPANIES PORTFOLIO (continued) SHARES VALUE -------- --------- UNITED STATES (continued) Internet Security Systems* (Computer Software)........... 2,100 $ 207,309 ITC Deltacom* (Telecommunications).......... 3,800 84,669 ITT Educational Services* (Schools)..................... 1,700 29,856 JDA Software Group* (Computer Software)........... 3,400 65,131 Keane* (Computer Software)....... 500 10,813 Keynote Systems* (Computer and Business Services)........ 400 27,913 King Pharmaceuticals* (Drugs and Health Care)....... 1,600 70,200 Kopin (Electronics).............. 1,100 76,141 Learning Tree International* (Computer and Business Services)............ 1,900 116,909 LittleFuse (Electronics)......... 600 29,663 Maxygen* (Drugs and Health Care). 300 16,969 Mediaplex* (Computer and Business Services)........ 600 11,606 MemberWorks* (Consumer Goods and Services)........... 3,700 124,066 Metawave Communications* (Telecommunications).......... 2,320 61,842 Metris Companies (Financial Services).......... 3,450 86,681 MGC Communications* (Telecommunications).......... 400 23,987 Mitchell Energy & Development (Resources)................... 700 22,487 Modis Professional Services* (Computer and Business Services)............ 4,200 37,275 MSC Industrial Direct (Retailing)................... 2,300 48,156 National-OilWell (Resources)..... 2,200 72,325 Network Plus* (Telecommunications).......... 300 4,266 NOVA* (Computer and Business Services)............ 4,918 137,396 NYFIX* (Computer and Business Services)............ 1,007 42,263 Onyx Software* (Computer Software)........... 2,100 62,278 Patina Oil and Gas (Resources)... 2,000 41,500 PC-Tel* (Internet/Online)........ 1,700 64,653 UNITED STATES (continued) Pegasus Communications* (Media)....................... 1,800 $ 88,144 Penton Media (Advertising)....... 500 17,500 Photon Dynamics* (Technology).... 1,100 82,191 Pinnacle Holding* (Real Estate Investment Trust)............. 1,900 101,887 Powertel* (Telecommunications)... 2,300 163,229 Praecis Pharmaceuticals (Drugs and Health Care)....... 1,900 53,081 Premier Parks (Leisure and Hotels) 4,400 100,100 Pre-Paid Legal Services* (Consumer Goods and Services). 2,000 59,750 Price Communications* (Telecommunications).......... 2,000 47,125 Pride International* (Energy).... 2,700 66,825 Priority Healthcare (Drugs and Health Care).................. 1,600 118,650 Province Healthcare* (Drugs and Health Care).................. 2,100 75,797 Proxim* (Telecommunications)..... 1,200 119,025 Quest Software (Computer Software)..................... 1,700 94,350 Remec (Technology)............... 2,400 100,425 Rural Cellular (Class A)* (Telecommunications).......... 2,800 214,463 Sawtec* (Electronics)............ 1,800 103,556 SBA Communications* (Telecommunications).......... 1,800 93,544 Selectica* (Computer and Business Services)............ 700 48,891 Shaw Brothers (Leisure and Hotels) 16,000 16,625 Silicon Image* (Electronics)..... 200 9,981 SonicWALL* (Internet/OnLine)..... 1,200 105,638 SunGard Data Systems* (Computer and Business Services)............ 3,600 111,600 Tanox* (Drugs and Health Care)... 1,200 56,887 Tekelec* (Telecommunications).... 1,400 67,506 THQ* (Computer Software)......... 1,050 12,698 Too (Retailing).................. 1,000 25,437 TranSwitch* (Telecommunications) 700 54,053 Triton PCS Holdings (Class A) (Telecommunications).......... 1,000 57,781 Unigraphics Solutions (Class A)* (Computer and Business Services)..................... 1,700 33,150 - ------------ * Non-income producing security. See Notes to Financial Statements. -- P-26 -- Seligman Portfolios, Inc. - ----------------------------------------------------------------- June 30, 2000 - ----------------------------------------------------------------- SELIGMAN GLOBAL SMALLER COMPANIES PORTFOLIO (continued) SHARES VALUE -------- --------- UNITED STATES (continued) United Therapeutics (Drugs and Health Care)....... 900 $ 97,509 US Unwired (Telecommunications).. 2,200 29,012 Varian Semiconductor Equipment* (Electronics)...... 600 37,706 Virata (Electronics)............. 1,600 95,600 Visual Networks* (Computer and Business Services)........ 1,800 51,244 Waste Connections* (Capital Goods)............... 2,800 55,212 West TeleServices* (Telecommunications).......... 2,100 53,223 Western Wireless (Class A)* (Telecommunications).......... 4,500 245,109 ----------- 8,580,692 ----------- TOTAL COMMON STOCKS -- 95.4% (Cost $14,395,630)............ $18,582,945 PREFERRED STOCKS -- 0.2% (Cost $159,166) Germany -- 0.2% Sixt (Retailing).............. 2,782 35,899 ---------- TOTAL INVESTMENTS -- 95.6% (Cost $14,554,796)............ 18,618,844 OTHER ASSETS LESS LIABILITIES-- 4.4%............ 851,546 ----------- NET ASSETS -- 100.0%............. $19,470,390 =========== - ----------------------------------------------------------------- SELIGMAN GLOBAL TECHNOLOGY PORTFOLIO SHARES VALUE -------- --------- COMMON STOCKS -- 82.1% AUSTRALIA -- 0.6% Cable & Wireless* (Telecommunications).......... 40,000 $ 119,151 ecorp* (Networking/ Communications Infrastructure) 15,000 20,367 Hutchison Telecommunications* (Telecommunications).......... 22,000 45,044 --------- 184,562 --------- FINLAND -- 1.8% Comptel (Telecommunications)..... 6,500 131,095 Nokia (Telecommunications)....... 9,520 486,378 --------- 617,473 --------- FRANCE -- 6.6% Alcatel (Telecommunications)..... 8,500 558,169 Alcatel (ADRs) (Telecommunications) 2,500 166,250 Altran Technologies (Computer and Business Services)........ 3,040 595,976 STMicroelectronics (Electronics). 3,900 250,331 STMicroelectronics (Electronics). 5,550 350,128 STMicroelectronics (NY Shares) (Electronics)................. 4,500 288,843 --------- 2,209,697 --------- GERMANY -- 3.5% Adva Optical (Telecommunications).......... 300 $ 169,472 ELMOS Semiconductor* (Semiconductors).............. 5,500 268,115 Siemens (Manufacturing).......... 5,000 749,386 --------- 1,186,973 --------- HONG KONG -- 0.9% China Mobile (Hong Kong) (ADRs) (Telecommunications) ......... 1,300 231,156 Elec & Eltek International (Manufacturing) .............. 150,000 20,203 I-Cable Communications (ADRs) (Media) ...................... 6,000 46,687 --------- 298,046 --------- ISRAEL-- 3.5% Check Point Software Technologies* (Computer Software) .......... 2,200 467,156 Gilat Satellite Networks (Telecommunications).......... 3,700 256,803 Orbotech* (Electronics Capital Equipment)............ 5,000 464,531 --------- 1,188,490 --------- - ------------ * Non-income producing security. See Notes to Financial Statements. -- P-27 -- Seligman Portfolios, Inc. - ----------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ----------------------------------------------------------------- SELIGMAN GLOBAL TECHNOLOGY PORTFOLIO (continued) SHARES VALUE -------- --------- JAPAN -- 4.3% Advantest (Electronics Capital Equipment).................... 2,000 $ 445,532 Fujitsu (Semiconductors)......... 5,000 172,844 HOYA (Networking/Communications Infrastructure) .............. 6,000 536,900 Rohm (Semiconductors)............ 1,000 291,998 --------- 1,447,274 --------- NETHERLANDS -- 4.0% ASM International* (Electronics Capital Equipment)............ 8,500 225,516 ASM Lithography (Electronics Capital Equipment)............ 8,000 352,750 Koninklijke (Royal) Philips Electronics (Electronics)................. 10,100 476,911 Koninklijke (Royal) Philips Electronics (NY Shares) (Electronics) .... 6,000 285,000 --------- 1,340,177 --------- PHILIPPINES -- 0.2% PSI Technologies Holdings (ADRs)* (Electronics) ................ 3,700 75,619 --------- SINGAPORE -- 2.1% Creative Technology (Computer Hardware/Peripherals) ........ 15,900 380,109 Elec & Eltek International Holdings (Manufacturing)............... 45,000 112,950 Flextronics International* (Electronics Capital Equipment)............ 2,400 164,925 Informatics Holdings (Computer and Business Services)........ 70,000 34,625 --------- 692,609 --------- SOUTH AFRICA -- 0.7% Dimension Data Holdings (Computers and Business Services)........ 30,100 249,057 --------- SOUTH KOREA -- 2.1% Samsung Electronics (Electronics)................. 5,100 319,715 Samsung Electronics (GDRs) (Electronics)................. 1,622 313,046 Samsung Electronics (GDRs) (1/2 non-voting)* (Electronics) 478 43,677 SK Telecommunications Group (ADRs) (Telecommunications).......... 554 19,430 --------- 695,868 --------- SPAIN -- 0.6% Telefonica de Espana (Telecommunications) ......... 3,100 $ 198,595 --------- SWEDEN -- 2.3% Enea (Computer and Business Services)..................... 25,000 170,653 L.M. Ericsson Telefon (ADRs) (Telecommunications).......... 10,000 200,312 L.M. Ericsson Telefon (Series A) (Telecommunications).......... 600 11,809 L.M. Ericsson Telefon (Series B) (Telecommunications).......... 19,200 381,171 --------- 763,945 --------- TAIWAN -- 2.3% Hon Hai Precision Industry (GDRs)* (Electronics Capital Equipment) 7,900 196,315 Taiwan Semiconductor Manufacturing (Semiconductors) ............. 4,900 189,876 Taiwan Semiconductor Manufacturing (ADRs)* (Semiconductors)...... 10,240 396,800 --------- 782,991 --------- UNITED KINGDOM -- 1.6% Autonomy (Computer Software)..... 1,200 145,200 Autonomy (ADRs) (Computer Software)........... 2,919 354,658 Cable & Wireless* (Telecommunications).......... 2,219 37,750 --------- 537,608 --------- UNITED STATES -- 45.0% ACT Manufacturing* (Electronics Manufacturing Services)....... 9,100 422,866 Adaptec* (Computer Hardware/ Peripherals) ................. 8,900 202,753 ALLTEL (Telecommunications)...... 4,500 278,719 Alteon Websystems* (Networking/ Communications Infrastructure) 1,800 180,056 Amdocs* (Computer and Business Services)..................... 1,800 138,150 American Power Conversion* (Computer Hardware/Peripherals) 10,700 436,359 Amkor Technology* (Semiconductors) 19,700 695,041 Amphenol (Class A) (Networking/ Communications Infrastructure) 2,500 165,469 - ------------ * Non-income producing security. See Notes to Financial Statements. -- P-28 -- Seligman Portfolios, Inc. - ----------------------------------------------------------------- June 30, 2000 - ----------------------------------------------------------------- SELIGMAN GLOBAL TECHNOLOGY PORTFOLIO (continued) SHARES VALUE -------- --------- UNITED STATES (continued) Apex* (Computer Hardware/ Peripherals).................. 7,700 $ 336,394 Artesyn Technologies* (Networking/Communications Infrastructure).............. 7,900 220,212 ASE Test (Electronics Capital Equipment) ................... 2,500 73,516 Autodesk (Computer Software)..... 8,200 284,694 BMC Software* (Computer Software)..................... 3,300 120,347 C-Cube Microsystems* (Semiconductors).............. 3,700 72,612 Cognex* (Electronics Capital Equipment).................... 3,400 175,844 Comverse Technology* (Networking/Communications Infrastructure)............... 3,200 297,700 Credence Systems* (Electronics Capital Equipment)........... 11,800 650,844 CSG Systems International (Computer and Business Services)..................... 5,900 330,953 CTS (Networking/Communications Infrastructure) .............. 6,200 279,000 Dallas Semiconductor (Semiconductors).............. 4,900 199,675 Dialog Semiconductor (Semiconductors).............. 4,200 213,675 EchoStar Communications (Class A)* (Media)............ 6,100 201,872 Electro Scientific Industries* (Electronics Capital Equipment).................... 5,800 255,381 Electronics for Imaging* (Computer Hardware/ Peripherals).................. 18,700 472,175 Galileo Technology (Electronics). 3,700 79,434 HNC Software* (Computer Software) .................... 2,000 123,750 Integrated Device Technology* (Semiconductors).............. 8,700 522,000 Intel (Semiconductors) .......... 3,300 441,066 Lam Research* (Electronics Capital Equipment)............ 6,200 232,694 Lattice Semiconductor* (Semiconductors).............. 9,800 677,731 UNITED STATES (continued) Lexmark International Group (Class A)* (Computer Hardware/ Peripherals) ................. 3,700 $ 248,825 Linear Technology (Semiconductors) 3,700 236,453 Mattson Technology* (Semiconductors).............. 6,400 208,800 Microchip Technology* (Semiconductors).............. 5,750 335,656 Micron Technology* (Semiconductors).............. 3,100 272,994 Microsoft* (Computer Software) .. 7,700 615,759 National Semiconductor* (Semiconductors).............. 6,300 357,525 Navigant Consulting* (Computer and Business Services)........ 11,400 48,450 Nova Measuring Instrument (Electronics Capital Equipment) 4,800 75,750 Novellus Systems* (Electronics Capital Equipment)............ 13,700 775,334 Parametric Technology* (Computer Software)........... 10,300 112,978 Rational Software* (Computer Software)........... 3,700 343,753 Sanmina* (Electronic Manufacturing/Services)....... 2,800 239,312 Symantec* (Computer Software).... 4,800 259,050 SCG Holding* (Semiconductors).... 3,100 67,909 SCI Systems* (Electronic Manufacturing/Services)....... 13,700 536,869 SunGard Data Systems* (Computer and Business Services)..................... 7,600 235,600 Synopsys* (Computer Software).... 10,800 372,936 Teradyne* (Electronics Capital Equipment).................... 5,900 433,651 Vishay Intertechnology* (Electronics Capital Equipment) 8,100 307,295 Xircom* (Computer Hardware/ Peripherals) ................. 5,000 237,656 ----------- 15,103,537 ----------- TOTAL INVESTMENTS -- 82.1% (Cost $22,452,581)............ 27,572,521 OTHER ASSETS LESS LIABILITIES -- 17.9%...... 6,022,288 ----------- NET ASSETS -- 100.0%.............. $33,594,809 =========== - ------------ * Non-income producing security. See Notes to Financial Statements. -- P-29 -- Seligman Portfolios, Inc. - ----------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ----------------------------------------------------------------- SELIGMAN HIGH-YIELD BOND PORTFOLIO PRINCIPAL AMOUNT VALUE --------- --------- CORPORATE BONDS -- 85.8% AEROSPACE -- 0.1% Condor Systems 11-7/8%, 5/1/2009+ $ 35,000 $ 17,062 --------- AUTOMOTIVE AND RELATED -- 0.4% Diamond Triumph Automotive 9-1/4%, 4/1/2008+............. 110,000 86,350 --------- BROADCASTING -- 1.3% AMFM Operating 12-5/8%, 10/31/2006.................... 51,800 60,736 Capstar Broadcasting 0% (12-3/4%**), 2/1/2009......... 125,000 115,625 Cumulus Media 10-3/8%, 7/1/2008.. 100,000 85,000 --------- 261,361 --------- BUSINESS SERVICES -- 2.4% AKI 10-1/2%, 7/1/2008............ 55,000 43,725 Iron Age 9-7/8%, 5/1/2008........ 250,000 166,250 Iron Age Holding 0% (12-1/8%**), 5/1/2009...................... 80,000 11,600 Muzak 9-7/8%, 3/15/2009.......... 150,000 138,750 Pierce Leahy 11-1/8%, 7/15/2006.. 100,000 103,750 --------- 464,075 --------- CABLE SYSTEMS AND SATELLITE VIDEO -- 7.3% Avalon Cable Holdings 0% (11-7/8%**), 12/1/2008........ 100,000 65,250 Charter Communications Holdings 10%, 4/1/2009........ 160,000 155,200 GCI 9-3/4%, 8/1/2007............. 245,000 229,075 Golden Sky Systems 12-3/8%, 8/1/2006 ..................... 240,000 262,800 Northland Cable Television 10-1/4%, 11/15/2007.................... 150,000 125,250 Pegasus Communications: 9-3/4%, 12/1/2006 ............ 25,000 24,188 12-1/2%, 8/1/2007+ ........... 200,000 214,000 Rogers Cablesystems 11%, 12/1/2015..................... 135,000 146,475 United Pan-Europe Communications (Netherlands): 10-7/8%, 11/1/2007+........... 70,000 63,350 11-1/4%, 11/1/2009+........... 75,000 66,375 11-1/2%, 2/1/2010............. 75,000 67,125 --------- 1,419,088 --------- CHEMICALS -- 3.1% Koppers Industry 9-7/8%, 12/1/2007 $ 160,000 $ 148,400 Lyondell Chemical (Series B) 9-7/8%, 5/1/2007 .............. 125,000 123,750 Lyondell Chemical 10-7/8%, 5/1/2009 150,000 149,625 Texas Petrochemicals 11-1/8%, 7/1/2006 225,000 192,375 --------- 614,150 --------- COMMUNICATIONS INFRASTRUCTURE -- 1.1% Crown Castle International 10-3/4%, 8/1/2011 ...................... 50,000 50,938 SpectraSite Holdings: 0% (11-1/4%**), 4/15/2009...... 175,000 103,250 10-3/4%, 3/15/2010............. 25,000 25,062 12-7/8%, 3/15/2010............. 75,000 41,250 --------- 220,500 --------- CONSUMER PRODUCTS -- 1.0% Anchor Advanced Products 11-3/4%, 4/1/2004....................... 90,000 60,750 Diamond Brand Operating 10-1/8%, 4/15/2008...................... 120,000 66,600 French Fragrances (Series B) 10-3/8%, 5/15/2007............. 45,000 43,425 United Industries 9-7/8%, 4/1/2009 35,000 19,425 --------- 190,200 --------- CONTAINERS -- 0.3% BPC Holding 13-1/4%, 6/15/2006.... 80,961 65,275 --------- CONTRACT MANUFACTURING/ CIRCUIT BOARDS -- 0.7% MCMS 9-3/4%, 3/1/2008............. 235,000 142,175 --------- Electronics Capital Equipment -- 0.1% Flextronics International (Singapore) 9-7/8%, 7/1/2010... 25,000 25,313 --------- ENERGY -- 0.3% Abraxas Petroleum 11-1/2%, 11/1/2004...................... 75,000 63,375 --------- - ------------ ** Deferred-interest debentures pay no interest for a stipulated number of years, after which they pay the indicated coupon rate. + Rule 144A security. See Notes to Financial Statements. -- P-30 -- Seligman Portfolios, Inc. - ----------------------------------------------------------------- June 30, 2000 - ----------------------------------------------------------------- SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued) PRINCIPAL AMOUNT VALUE --------- --------- ENVIRONMENTAL SERVICES -- 1.2% Allied Waste North America 10%, 8/1/2009+...................... $ 290,000 $ 243,600 --------- EQUIPMENT -- 2.2% Neff 10-1/4%, 6/1/2008............ 140,000 87,500 Williams Scotsman 9-7/8%, 6/1/2007...................... 375,000 343,125 --------- 430,625 --------- FINANCIAL SERVICES -- 2.2% AMRESCO 10%, 3/15/2004............ 150,000 76,500 Dollar Financial Group 10-7/8%, 11/15/2006..................... 200,000 195,000 Ocwen Capital Trust I 10-7/8%, 8/1/2027....................... 200,000 107,000 Veritas Capital Trust 10%, 1/1/2028 145,000 45,313 --------- 423,813 --------- FOOD -- 1.2% AFC Enterprises 10-1/4%, 5/15/2007 85,000 82,875 AmeriKing 10-3/4%, 12/1/2006...... 75,000 63,469 Carrols 9-1/2%, 12/1/2008......... 80,000 67,200 Packaged Ice 9-3/4%, 2/1/2005..... 15,000 12,525 --------- 226,069 --------- GAMING/HOTEL -- 3.2% Alliance Gaming 10%, 8/1/2007...... 75,000 28,125 Ameristar Casinos 10-1/2%, 8/1/2004 225,000 227,250 Hollywood Casinos 11-1/4%, 5/1/2007 150,000 154,125 Station Casinos 9-7/8%, 7/1/2010... 25,000 25,187 Trump Atlantic City Funding 11-1/4%, 5/1/2006........................ 10,000 7,100 Trump Hotels & Casino Resorts Funding 15-1/2%, 6/15/2005...... 310,000 182,125 --------- 623,912 --------- HEALTH CARE/MEDICAL PRODUCTS -- 2.2% ALARIS Medical 9-3/4%, 12/1/2006 .................... 135,000 89,775 Dade International 11-1/8%, 5/1/2006 225,000 106,875 Everest Healthcare Services 9-3/4%, 5/1/2008........................ 135,000 115,425 Global Health Sciences 11%, 5/1/2008........................ 345,000 126,787 --------- 438,862 --------- INDUSTRIAL/ MANUFACTURING -- 3.0% Airxcel 11%, 11/15/2007 ......... $ 215,000 $ 153,725 Alliance Laundry System 9-5/8%,... 5/1/2008 150,000 125,250 Coyne International Enterprises 11-1/4%, 6/1/2008.............. 70,000 58,625 Day International Group 9-1/2%, 3/15/2008...................... 155,000 130,200 Great Lakes Carbon 10-1/4%, 5/15/2008...................... 135,000 118,125 --------- 585,925 --------- INTERNET AND RELATED -- 7.1% Exodus Communications: 11-1/4%, 7/1/2008 ............. 225,000 223,875 10-3/4%, 12/15/2009+........... 70,000 67,900 11-5/8%, 7/15/2010............. 105,000 105,788 Globix 12-1/2%, 2/1/2010.......... 55,000 45,375 PSINet: 10%, 2/15/2005 ................ 40,000 37,000 10-1/2%, 12/1/2006+............ 115,000 106,375 11-1/2%, 11/1/2008............. 125,000 118,125 11%, 8/1/2009.................. 225,000 209,250 Verio: 13-1/2%, 6/15/2004............. 225,000 255,094 10-3/8%, 4/1/2005.............. 70,000 73,850 11-1/4%, 12/1/2008............. 105,000 118,387 10-5/8%, 11/15/2009+........... 25,000 27,844 --------- 1,388,863 --------- LEISURE -- 1.4% Affinity Group Holding 11%, 4/1/2007....................... 300,000 268,500 --------- MOBILE SATELLITE SERVICES -- 1.2% GlobalStar: 11-1/4%, 6/15/2004............. 50,000 14,750 10-3/4%, 11/1/2004............. 50,000 14,250 Loral Space & Communications 9-1/2%, 1/15/2006.............. 50,000 36,500 ORBCOMM Global 14%, 8/15/2004..... 225,000 176,625 --------- 242,125 --------- - ----------- + Rule 144A security. See Notes to Financial Statements. -- P-31 -- Seligman Portfolios, Inc. - ----------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ----------------------------------------------------------------- SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued) PRINCIPAL AMOUNT VALUE -------- --------- PAGING -- 3.5% Metrocall: 9-3/4%, 11/1/2007.............. $ 300,000 $ 207,000 11%, 9/15/2008................. 390,000 274,950 ProNet 11-7/8%, 6/15/2005......... 265,000 202,725 --------- 684,675 --------- PRINTING AND PUBLISHING -- 10.7% Advanstar Communications 9-1/4%, 5/1/2008....................... 200,000 193,000 American Lawyer Media 9-3/4%, 12/15/2007..................... 100,000 91,750 American Media Operations 10-1/4%, 5/1/2009.............. 235,000 231,475 Liberty Group Publishing: 9-3/8%, 2/1/2008............... 225,000 185,625 0% (11-5/8%**), 2/1/2009....... 400,000 224,000 NBC Acquisition 0% (10-3/4%**), 2/15/2009...................... 420,000 203,700 Nebraska Book 8-3/4%, 2/15/2008... 25,000 19,375 Perry-Judd 10-5/8%, 12/15/2007.... 190,000 160,550 Regional Independent Media Group 10-1/2%, 7/1/2008.............. 175,000 175,875 TDL Infomedia Holdings, 0% (15-1/2%**) 10/15/2010+........ 600,000 330,000 TransWestern Holdings 0% (11-7/8%**), 11/15/2008........ 250,000 183,750 Von Hoffman Press 10-7/8%, 5/15/2007+ .................... 100,000 94,625 --------- 2,093,725 --------- RETAILING -- 0.9% Central Tractor 10-5/8%, 4/1/2007 80,000 56,400 Musicland Group 9-7/8%, 3/15/2008...................... 130,000 107,250 TM Group Holdings 11%, 5/15/2008...................... 20,000 16,500 --------- 180,150 --------- SEMICONDUCTORS -- 3.5% Advanced Micro Devices 11%, 8/1/2003....................... 360,000 373,500 Amkor Technology 10-1/2%, 5/1/2009+...................... 200,000 201,250 Asat Finance 12-1/2%, 11/1/2006+.. 35,000 37,975 Fairchild Semiconductor 10-3/8%, 10/1/2007...................... 75,000 76,687 --------- 689,412 --------- TELECOMMUNICATIONS -- 16.8% BTI Telecom 10-1/2%, 9/15/2007.... $ 275,000 $ 210,719 CapRock Communications: 12%, 7/15/2008................. 275,000 253,688 11-1/2%, 5/1/2009.............. 95,000 85,975 Colo.com 13-7/8%, 3/15/2010....... 50,000 54,000 Global Crossing Holding 9-1/2% 11/15/2009+.................... 250,000 242,500 GlobeNet Communications Group 13%, 7/15/2007+ ............... 215,000 217,956 ICG Holdings 0% (11-5/8%**), 3/15/2007 ..................... 250,000 172,812 Level 3 Communications: 11%, 3/15/2008................. 100,000 99,500 6%, 3/15/2010.................. 15,000 13,575 11-1/4%, 3/15/2010............. 55,000 54,450 0%, (12-7/8%**), 3/15/2010 .... 70,000 38,675 Metromedia Fiber Network 10%, 12/15/2009 .................... 150,000 148,500 NEXTLINK Communications: 12-1/2%, 4/15/2006............. 400,000 420,000 10-3/4%, 6/1/2009.............. 80,000 79,200 10-1/2%, 12/1/2009+............ 75,000 73,500 Talton Holdings 11%, 6/30/2007...................... 155,000 132,525 Viatel 11-1/2%, 3/15/2009 275,000 210,375 Williams Communications 10-7/8%, 10/1/2009 ..................... 200,000 196,500 World Access 13-1/4%, 1/15/2008... 285,000 255,431 Worldwide Fiber 12%, 8/1/2009+.... 350,000 332,500 --------- 3,292,381 --------- TEXTILES -- 0.3% Supreme International 12-1/4%, 4/1/2006....................... 55,000 52,525 --------- TRANSPORTATION -- 1.3% Atlas Air 10-3/4%, 8/1/2005....... 240,000 245,100 --------- UTILITIES -- 0.8% Midland Cogeneration Venture 11-3/4%, 7/23/2005............. 140,000 149,305 --------- WIRELESS TELEPHONY -- 5.0% Centennial Cellular 10-3/4%, 12/15/2008..................... 300,000 292,875 - ------------- ** Deferred-interest debentures pay no interest for a stipulated number of years, after which they pay the indicated coupon rate. * Non-income producing security. + Rule 144A security. See Notes to Financial Statements. -- P-32 -- Seligman Portfolios, Inc. - ----------------------------------------------------------------- June 30, 2000 - ----------------------------------------------------------------- SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued) PRINCIPAL AMOUNT OR SHARES VALUE --------- -------- WIRELESS TELEPHONY (continued) Nextel Communications 9-3/8%, 11/15/2009..................... $ 145,000 $ 139,200 Powertel 11-1/8%, 6/1/2007........ 190,000 195,700 Price Communications Wireless 11-3/4%, 7/15/2007............. 325,000 351,000 ---------- 978,775 ---------- TOTAL CORPORATE BONDS (Cost $19,654,598)............. 16,807,266 ---------- PREFERRED STOCKS -- 8.3% BROADCASTING -- 0.9% Cumulus Media 13-3/4%............. 62 shs. 50,581 Sinclair Capital 11-5/8%.......... 1,500 136,125 --------- 186,706 --------- CABLE SYSTEMS AND SATELLITE VIDEO -- 0.7% Pegasus Communications (Series C) 12-3/4%............. 127 127,952 --------- CELLULAR -- 0.9% Dobson Communications 13%......... 116 120 Rural Cellular 11-3/8%............ 190 179,075 --------- 179,195 --------- COMMUNICATIONS INFRASTRUCTURE -- 0.5% Crown Castle International 12-3/4% 92 92,985 --------- CONTRACT MANUFACTURING/ CIRCUIT BOARDS -- 0.4% MCMS 12-1/2%...................... 1,627 75,670 --------- HEALTH CARE/MEDICAL PRODUCTS -- 0.1% River Holding 11-1/2%............. 322 19,441 --------- INDUSTRIAL/ MANUFACTURING -- 0.5% Day International Group 12-1/4%... 140 104,164 --------- PRINTING AND PUBLISHING -- 1.3% Liberty Group Publishing 14-3/4%.. 11,844 257,612 --------- SHARES OR WARRANTS VALUE --------- ---------- TELECOMMUNICATIONS -- 2.4% Global Crossing Holding 10-1/2%... 2,325 shs. $ 224,944 IXC Communications 12-1/2%........ 182 184,275 Nextlink Communications 14%....... 1,336 69,138 --------- 478,357 --------- WIRELESS TELEPHONY -- 0.6% Nextel Communications 11-1/8%..... 113 109,893 --------- TOTAL PREFERRED STOCKS (Cost $1,876,948).............. 1,631,975 --------- COMMON STOCKS AND WARRANTS-- 2.5% BROADCASTING -- 0.9% AMFM*............................. 2,750 189,750 --------- ENERGY -- 0.1% Abraxas Petroleum*................ 8,942 13,413 --------- INTERNET AND RELATED -- 0.1% McLeodUSA*........................ 480 9,930 --------- SEMICONDUCTORS -- 0.1% Asat Finance (warrants expiring 11/1/2006)* 35 wts. 7,070 --------- TELECOMMUNICATIONS -- 0.1% World Access*..................... 895 shs. 9,900 --------- WIRELESS TELEPHONY -- 1.3% Price Communications* ............ 11,000 259,188 --------- TOTAL COMMON STOCKS AND WARRANTS (Cost $297,937)................ 489,251 --------- CONVERTIBLE PREFERRED STOCKS -- 0.8% Cable Systems and Satellite Video -- 0.1% Pegasus Communications (Series A) 12-3/4%........................ 150 13,144 --------- INTERNET AND RELATED -- 0.1% PSINet 7%......................... 835 28,494 --------- TELECOMMUNICATIONS -- 0.6% Global Crossing Holding 7%+....... 600 109,050 --------- - ------------- * Non-income producing security. + Rule 144A security. See Notes to Financial Statements. -- P-33 -- Seligman Portfolios, Inc. - ----------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ----------------------------------------------------------------- SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued) VALUE --------- TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $213,022)................ $ 150,688 ---------- TOTAL INVESTMENTS -- 97.4% (Cost $22,042,505)............. 19,079,180 ---------- OTHER ASSETS LESS LIABILITIES-- 2.7%........ $ 515,458 ---------- NET ASSETS-- 100.0%............... 19,594,638 ========== SELIGMAN INCOME PORTFOLIO SHARES VALUE -------- --------- COMMON STOCKS -- 59.2% AUTOMOTIVE AND RELATED -- 0.6% Ford Motor ....................... 1,000 $ 43,000 Visteon .......................... 130 1,588 --------- 44,588 --------- CHEMICALS -- 0.5% duPont (E.I.) de Nemours.......... 800 35,000 --------- COMMUNICATIONS -- 5.0% AT&T.............................. 2,100 66,412 SBC Communications................ 2,179 94,242 Sprint............................ 800 40,800 Verizon Communications............ 1,000 62,250 WorldCom*......................... 1,950 89,517 --------- 353,221 --------- COMMUNICATIONS EQUIPMENT -- 1.7% Lucent Technologies............... 900 53,325 Nortel Networks (Canada).......... 1,000 68,250 --------- 121,575 --------- COMPUTER AND BUSINESS SERVICES -- 14.2% Agilent Technologies ............. 733 54,059 America Online* .................. 600 31,650 Applied Materials................. 1,800 163,181 Cisco Systems..................... 2,000 127,062 Dell Computer*.................... 1,600 78,950 Electronic Data Systems........... 1,350 55,687 Hewlett-Packard................... 350 43,706 Intel............................. 1,100 147,022 International Business Machines... 650 71,216 COMPUTER AND BUSINESS SERVICES (continued) Microsoft*........................ 2,050 $ 163,936 Oracle*........................... 500 42,016 Sun Microsystems*................. 350 31,839 --------- 1,010,324 --------- CONSUMER GOODS AND SERVICES -- 3.2% Anheuser-Busch.................... 700 52,281 Coca-Cola......................... 800 45,950 Gillette.......................... 700 24,456 PepsiCo........................... 1,800 79,988 Procter & Gamble.................. 500 28,625 --------- 231,300 --------- DRUGS AND HEALTH CARE -- 7.6% Abbott Laboratories............... 1,200 53,475 American Home Products ........... 1,400 82,250 Baxter International.............. 800 56,250 Bristol-Myers Squibb.............. 650 37,863 Guidant*.......................... 900 44,550 Johnson & Johnson................. 800 81,500 Merck............................. 900 68,962 Pfizer............................ 1,400 67,200 Schering-Plough................... 1,000 50,500 --------- 542,550 --------- ELECTRIC AND GAS UTILITIES -- 2.7% Coastal........................... 1,100 66,963 Unicom ........................... 1,300 50,294 Williams Companies (The).......... 1,900 79,206 --------- 196,463 --------- - ------------ * Non-income producing security. See Notes to Financial Statements. -- P-34 -- Seligman Portfolios, Inc. - ----------------------------------------------------------------- June 30, 2000 - ----------------------------------------------------------------- SELIGMAN INCOME PORTFOLIO (continued) SHARES VALUE -------- --------- ENERGY -- 4.1% BP Amoco (ADRs) (United Kingdom)............... 1,100 $ 62,219 Exxon Mobil....................... 1,192 93,572 Royal Dutch Petroleum (Netherlands).................. 1,100 67,719 Schlumberger...................... 900 67,162 --------- 290,672 --------- FINANCE AND INSURANCE -- 9.8% American General.................. 1,100 67,100 American International Group...... 875 102,812 Bank of America................... 1,921 82,603 Bank of New York.................. 2,400 111,600 Chubb ............................ 1,600 98,400 Citigroup......................... 1,600 96,400 Fannie Mae........................ 900 46,969 Merrill Lynch .................... 400 46,000 Morgan (J.P.) .................... 450 49,556 --------- 701,440 --------- MACHINERY AND INDUSTRIAL EQUIPMENT -- 4.5% General Electric.................. 3,600 190,800 United Technologies............... 2,200 129,525 --------- 320,325 --------- OFFICE EQUIPMENT -- 1.2% Pitney Bowes...................... 2,200 88,000 --------- PAPER AND FOREST PRODUCTS -- 0.4% Mead.............................. 1,200 30,300 --------- RETAIL TRADE -- 3.7% Costco Wholesale*................. 500 16,516 CVS............................... 1,800 72,000 Home Depot........................ 500 24,969 May Department Stores............. 1,150 27,600 Wal-Mart Stores................... 2,100 121,013 --------- 262,098 --------- TOTAL COMMON STOCKS (Cost $3,824,937).............. 4,227,856 --------- CORPORATE BONDS -- 23.3% AUTOMOTIVE AND RELATED -- 1.7% DaimlerChrysler 7-3/4%, 6/15/2005...................... $ 30,000 $ 30,289 Dana 6-1/2%, 3/1/2009............. 100,000 89,647 --------- 119,936 --------- CHEMICALs -- 1.4% Lyondell Chemical 9-5/8%, 5/1/2007 100,000 98,750 --------- COMMUNICATIONS -- 3.7% AT&T (Canada) 7.65%, 9/15/2006...................... 50,000 49,571 Global Crossing Holding 9-1/8%, 11/15/2006............. 75,000 72,187 Qwest Communications 0% (9.47%**), 10/15/2007.......... 50,000 42,078 US West Communications Services 7.20%, 11/1/2004...... 75,000 73,890 WorldCom 8%, 5/15/2006............ 25,000 25,306 --------- 263,032 --------- DRUGS AND HEALTH CARE -- 3.3% American Home Products 7.90%, 2/15/2005...................... 75,000 77,150 Boston Scientific 6-5/8%, 3/15/2005...................... 75,000 70,755 Guidant 6.15%, 2/15/2006.......... 100,000 91,657 --------- 239,562 --------- ELECTRIC AND GAS UTILITIES -- 0.3% Dominion Resources 8-1/8%, 6/15/2010...................... 20,000 20,218 --------- ELECTRONICS -- 0.6% Avnet 7-7/8%, 2/15/2005........... 40,000 40,560 --------- FINANCE AND INSURANCE -- 6.2% Associates Corp. of North America 5-3/4%, 11/1/2003...... 50,000 47,276 Bank One 5-5/8%, 2/17/2004........ 50,000 47,141 Ford Motor Credit 5.80%, 1/12/2009...................... 50,000 43,567 - ------------- * Non-income producing security. ** Deferred-interest debentures pay no interest for a stipulated number of years, after which they pay the indicated coupon rate. See Notes to Financial Statements. -- P-35 -- Seligman Portfolios, Inc. - ----------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ----------------------------------------------------------------- SELIGMAN INCOME PORTFOLIO (continued) PRINCIPAL AMOUNT VALUE -------- ---------- FINANCE AND INSURANCE (continued) Heller Financial 6-1/2%, 7/22/2002 $ 55,000 $ 53,946 Heller Financial 7-7/8%, 5/15/2003 50,000 49,880 Household Finance 7-7/8%, 3/1/2007....................... 100,000 99,636 Lehman Brothers Holding 7-3/4%, 1/15/2005.............. 30,000 29,743 Mellon Funding 7-1/2%, 6/15/2005...................... 25,000 24,973 Charles Schwab 8.05%, 3/1/2010....................... 50,000 50,041 --------- 446,203 --------- INDUSTRIAL GOODS AND SERVICES -- 1.0% Deere 6.55%, 7/14/2004............ 40,000 38,863 Leggett & Platt 7.65%, 2/15/2005...................... 30,000 30,638 --------- 69,501 --------- MEDIA -- 1.3% CSC Holdings 7-1/4%, 7/15/2008...................... 100,000 92,921 --------- RETAIL TRADE -- 2.5% Nordstrom 5-5/8%, 1/15/2009....... 50,000 41,888 Saks 7%, 7/15/2004................ 75,000 67,379 Staples 7-1/8%, 8/15/2007......... 75,000 70,031 --------- 179,298 --------- TRANSPORTATION -- 1.4% Continental Airlines 8.048%, 11/1/2020...................... 25,000 24,971 Delta Air Lines 7.70%, 12/15/2005..................... 75,000 72,337 --------- 97,308 --------- TOTAL CORPORATE BONDS (Cost $1,713,976).............. 1,667,289 --------- US GOVERNMENT AND GOVERNMENT AGENCY SECURITIES -- 12.7% US Treasury Bonds 7-1/2%, 11/15/2016..................... 100,000 112,656 US GOVERNMENT AND GOVERNMENT AGENCY SECURITIES (continued) US Treasury Notes 6-5/8%, 5/15/2007...................... $100,000 $ 102,094 FHLMC GOLD:+ 5-1/2%, 7/1/2013............... 177,124 164,313 7-1/2%, 10/1/2017.............. 48,449 48,436 8%, 12/1/2023 ................. 27,024 27,187 FNMA:+ 6%,11/1/2010................... 85,151 81,108 8%, 6/1/2028................... 23,883 24,081 Government National Mortgage Association Mortgage-backed Pass-through Certificates:+ 6-1/2%, 12/15/2028............. 91,890 87,229 6%, 12/20/2028................. 186,453 170,903 US Government Gtd. Title XI (Bay Transportation) 7.30%, 6/1/2021....................... 90,000 89,395 --------- TOTAL US GOVERNMENT AND GOVERNMENT AGENCY SECURITIES (Cost $938,304) .............. 907,402 --------- ASSET-BACKED SECURITIES+ -- 2.8% ELECTRIC AND GAS UTILITIES -- 2.4% Peco Energy Transition Trust 6.05%, 3/1/2009................ 100,000 93,441 PP&L Transition 6.83%, 3/25/2007...................... 75,000 74,212 ---------- 167,653 ---------- FINANCE AND INSURANCE -- 0.4% Chemical Master Credit 7.09%, 2/15/2009 ..................... 30,000 29,754 ---------- TOTAL ASSET-BACKED SECURITIES (Cost $204,522)................ 197,407 ---------- TOTAL INVESTMENTS -- 98.0% (Cost $6,681,739).............. 6,999,954 OTHER ASSETS LESS LIABILITIES -- 2.0%....... 142,526 ---------- NET ASSETS -- 100.0%.............. $7,142,480 ========== - ------------- + Investments in mortgage-backed and asset-backed securities are subject to principal paydowns. As a result of prepayments from refinancing or satisfaction of the underlying instruments, the average life may be less than the original maturity. This in turn may impact the ultimate yield realized from these investments. See Notes to Financial Statements. -- P-36 -- Seligman Portfolios, Inc. - ----------------------------------------------------------------- June 30, 2000 - ----------------------------------------------------------------- SELIGMAN INTERNATIONAL GROWTH PORTFOLIO SHARES VALUE -------- --------- COMMON STOCKS -- 96.3% Australia -- 0.5% News Corp. (Media)................ 3,300 $ 45,400 --------- Canada -- 8.3% BCE (Telecommunications) ......... 1,175 27,850 Bombardier (B shares) (Manufacturing) 8,600 233,453 EXFO Electro-Optical Engineering* (Telecommunications)........... 100 4,394 Nortel Networks (Telecommunications) 1,845 127,950 Nortel Networks (Telecommunications) 900 61,425 Precision Drilling* (Industrial Goods and Services).................. 3,900 150,637 Telisman Energy (Resources)....... 2,900 96,052 --------- 701,761 --------- Denmark -- 4.9% GN Store (Telecommunications)..... 1,100 111,220 Group 4 Falck (Consumer Products) 300 48,209 Vestas Wind System* (Electronics) 5,500 202,282 William Demant Holding (Health and Household)......... 1,600 47,364 --------- 409,075 --------- Finland -- 3.0% Comptel (Computer and Technology Related) ...................... 3,750 75,632 Nokia (Telecommunications)........ 3,504 179,020 --------- 254,652 --------- France -- 11.9% Alcatel (Telecommunications)...... 1,400 91,934 Altran Technologies (Telecommunications)........... 175 34,308 Castorama Dubois Investments (Retailing).................... 550 136,161 Galaries Lafayette (Retailing).... 375 76,169 Groupe Danone (Consumer Products) 1,035 137,513 Havas Advertising (Media)......... 800 18,314 Manitou (Industrial Goods and Services) 500 45,307 Royal Canin (Consumer Products)... 900 86,629 Sagem (Electronics)............... 35 41,082 Societe Television Francaise 1 "TF1" (Media).................. 400 27,911 STMicroelectronics* (Electronics) 1,878 118,476 TOTAL Fina (B shares) (Resources) 1,205 184,979 --------- 998,783 --------- Germany -- 5.9% Epcos (Telecommunications)........ 1,055 $ 107,095 Schering (Drugs and Health Care).. 4,000 218,125 Siemens (Manufacturing)........... 1,145 171,609 --------- 496,829 --------- Hong Kong -- 1.8% China Telecom (Hong Kong) (Telecommunications)........... 14,000 123,467 Li & Fung (Consumer Products)..... 6,000 30,017 --------- 153,484 --------- Ireland -- 1.2% Ryanair (Transportation).......... 14,000 101,892 --------- Israel --1.1% Check Point Software Technologies* (Computer and Technology Related) 290 61,407 NICE Systems (ADRs)* (Telecommunications) .......... 400 30,913 --------- 92,320 --------- Italy -- 6.0% Banca Popolare di Brescia (Banking) 14,290 112,551 Class Editori (Media)............. 1,500 21,994 Edison (Utilities) ............... 5,000 47,410 Gruppo Editoriale L'Espresso (Media) 5,500 70,394 Mediaset* (Media)................. 4,800 73,409 Mediolanum (Financial Services)... 8,400 136,817 Telecom Italia Mobile (Telecommunications)........... 4,100 41,933 --------- 504,508 --------- Japan -- 21.9% Chugai Pharmaceutical (Drugs and Health Care)............... 10,000 188,857 Dentsu Tec (Media)................ 300 33,062 Fujisawa Pharmaceutical (Medical Products and Technology)....... 4,000 161,635 Kyocera (Electronics)............. 300 50,836 Macnica (Electronics)............. 90 13,903 Makita Electric Works (Consumer Products)...................... 5,000 47,615 Moritex (Computer and Technology Related)............ 700 63,627 - -------------- * Non-income producing security. See Notes to Financial Statements. -- P-37 -- Seligman Portfolios, Inc. - ----------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ----------------------------------------------------------------- SELIGMAN INTERNATIONAL GROWTH PORTFOLIO (continued) SHARES VALUE -------- --------- Japan (continued) Net One Systems (Computer Goods and Services)................. 1 $ 22,983 Nippon Television Network (Media) 110 71,700 Nippon Television Network (New Shares)* (Media)......... 110 71,492 Nissin Food Products (Consumer Products)..................... 4,900 124,617 NTT Mobile Communication Network "NTT DoCoMo" (Telecommunications).......... 3 81,100 Oriental Land (Entertainment and Leisure).................. 700 71,408 Osaka Gas (Utilities)............ 31,000 89,059 Shionogi (Medical Products and Technology) .................. 8,000 151,839 Shiseido (Health and Household).. 7,000 108,134 Sony (Consumer Products)......... 600 55,951 Sumitomo Chemical (Chemicals).... 8,000 48,076 TDK (Electronics) ............... 1,000 143,550 THK (Manufacturing) ............. 1,300 65,634 Tokyo Electric Power (Utilities). 3,100 75,482 Toshiba (Electronics) ........... 9,000 101,474 --------- 1,842,034 --------- Netherlands -- 4.0% ASM International (Electronics).. 4,200 110,401 DSM (Chemicals) ................. 2,300 73,868 Koninklijke (Royal) Philips Electronics (Electronics) ................ 2,262 106,809 Qiagen (Health and Household).... 260 45,977 --------- 337,055 --------- Norway -- 3.8% ProSafe* (Industrial Goods and Services) .................... 10,300 152,651 Tandberg* (Telecommunications)... 6,850 163,472 --------- 316,123 --------- South Korea -- 1.8% Samsung Electronics (Electronics) 463 153,223 --------- Spain -- 2.2% Banco de Valencia (Banking)...... 10,450 85,702 Grupo Prisa (Media) ............. 1,000 23,227 Union Electrica Fenosa (Utilities) 4,100 74,265 --------- 183,194 --------- Sweden -- 2.5% L.M. Ericsson Telefon (Series B) (Telecommunications) ......... 6,036 $119,831 Telia (Telecommunications) ...... 4,900 46,270 TV 4 (Series A) (Media).......... 1,550 46,730 --------- 212,831 --------- Switzerland -- 9.8% Bobst (Manufacturing) ........... 90 144,970 Compagnie Financiere Richemont (Tobacco) .................... 35 94,391 Disetronic Holdings (Drugs and Health Care).................. 10 66,886 Gretag Imaging Group (Medical Products and Technology)...... 445 85,742 Logitech International (Computer Goods and Services)........... 85 60,556 Micronas Semiconductor (Electronics)................. 130 72,592 Phonak Holding (Medical Products and Technology)............... 35 100,942 Straumann (Medical Products and Technology) .................. 75 112,754 The Swatch Group (Retailing)..... 40 50,907 Tecan (Medical Products and Technology)................... 40 38,315 --------- 828,055 --------- Taiwan -- 0.3% Taiwan Semiconductor (ADSs) (Computer and Technology Related) ..................... 544 21,080 --------- United Kingdom -- 5.4% Centrica (Utilities)............. 46,500 154,407 CMG (Computer and Technology Related) ..................... 2,120 29,766 Royal Bank of Scotland (Banking) 5,400 90,229 SmithKline Beecham (Health and Household).................... 4,500 59,225 Tesco (Retailing)................ 37,400 116,393 ---------- 450,020 ---------- TOTAL INVESTMENTS -- 96.3% (Cost $7,167,283)............. 8,102,319 OTHER ASSETS LESS LIABILITIES -- 3.7%...... 315,232 ---------- NET ASSETS -- 100.0%............. $8,417,551 ========== - -------------- * Non-income producing security. See Notes to Financial Statements. -- P-38 -- Seligman Portfolios, Inc. - ----------------------------------------------------------------- June 30, 2000 - ----------------------------------------------------------------- SELIGMAN LARGE-CAP GROWTH PORTFOLIO SHARES VALUE -------- --------- COMMON STOCKS -- 91.8% CAPITAL GOODS -- 9.8% Corning ......................... 850 $ 229,394 General Dynamics ................ 1,500 78,375 General Electric ................ 2,350 124,550 Tyco International .............. 5,600 265,300 --------- 697,619 --------- COMMUNICATIONS SERVICES -- 1.7% WorldCom*........................ 2,600 119,356 --------- CONSUMER CYCLICALS -- 1.9% Harley-Davidson ................. 900 34,650 Wal-Mart Stores ................. 1,800 103,725 --------- 138,375 --------- CONSUMER STAPLES -- 6.8% Coca-Cola........................ 3,450 198,159 Disney, Walt..................... 2,950 114,497 Kimberly-Clark................... 700 40,162 Procter & Gamble................. 1,000 57,250 Time Warner...................... 1,000 76,000 --------- 486,068 --------- ELECTRONIC TECHNOLOGY -- 18.4% Broadcom (Class A)* ............. 550 120,416 Cisco Systems*................... 5,300 336,716 Dell Computer*................... 1,800 88,819 Intel............................ 1,600 213,850 International Business Machines.. 350 38,347 Micron Technology*............... 2,800 246,575 Sun Microsystems*................ 750 68,227 VERITAS Software................. 675 76,254 Xilinx*.......................... 1,500 123,891 --------- 1,313,095 --------- ENERGY -- 3.7% Enron ........................... 2,200 141,900 Schlumberger..................... 1,700 126,863 --------- 268,763 --------- FINANCIAL SERVICES -- 1.3% American International Group..... 425 $49,937 Citigroup ....................... 750 45,187 --------- 95,124 --------- HEALTH CARE -- 18.1% ALZA*............................ 2,950 174,419 Elan (Ireland) .................. 2,250 108,984 Genentech* (Ireland)............. 400 68,800 Guidant*......................... 700 34,650 Johnson & Johnson................ 1,500 152,812 Lilly (Eli) ..................... 1,800 179,775 Medtronic........................ 1,200 59,775 Merck............................ 2,050 157,081 Pfizer........................... 5,250 252,000 Watson Pharmaceutical............ 1,900 102,125 --------- 1,290,421 --------- TECHNOLOGY SERVICES -- 17.0% BMC Software* ................... 2,200 80,266 EMC*............................. 1,000 76,937 Exodus Communications*........... 1,200 55,312 JDS Uniphase*.................... 800 95,875 Microsoft*....................... 4,200 335,869 Network Appliance* .............. 1,000 80,469 Oracle*.......................... 1,650 138,651 Phone.com*....................... 800 52,175 PMC-Sierra* (Canada)............. 400 71,062 Siebel Systems*.................. 750 122,695 Verisign*........................ 600 105,806 --------- 1,215,117 --------- TELECOMMUNICATION EQUIPMENT -- 8.8% Ciena*........................... 500 83,328 Lucent Technologies.............. 3,550 210,338 Nortel Networks (Canada)......... 2,000 136,500 QUALCOMM*........................ 400 23,988 SDL*............................. 300 85,566 Sycamore Networks*............... 800 88,325 --------- 628,045 --------- UTILITIES -- 4.3% AES*............................. 3,900 177,938 Williams Companies (The)......... 3,100 129,231 --------- 307,169 --------- - ------------- * Non-income producing security. See Notes to Financial Statements. -- P-39 -- Seligman Portfolios, Inc. - ----------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ----------------------------------------------------------------- SELIGMAN LARGE-CAP GROWTH PORTFOLIO (continued) PRINCIPAL AMOUNT VALUE --------- --------- TOTAL COMMON STOCKS (Cost $5,296,565)............. $6,559,152 REPURCHASE AGREEMENT -- 8.4% (Cost $600,000) State Street Bank & Trust, 6.20%, dated 6/30/2000, maturing 7/3/2000, collateralized by: $635,000 US Treasury Notes 5-1/2%, 2/15/2008, with a fair market value of $619,919............. $600,000 600,000 ---------- TOTAL INVESTMENTS -- 100.2% (Cost $5,896,565)............. $7,159,152 OTHER ASSETS LESS LIABILITIES -- (0.2)%.... (16,499) ---------- NET ASSETS -- 100.0% $7,142,653 ========== - ----------------------------------------------------------------- SELIGMAN LARGE-CAP VALUE PORTFOLIO SHARES VALUE -------- --------- COMMON STOCKS -- 99.9% AEROSPACE -- 10.6% Goodrich (B.F.).................. 7,000 $ 238,437 Honeywell International.......... 3,200 107,800 United Technologies.............. 3,000 176,625 --------- 522,862 --------- AUTOMOTIVE AND RELATED -- 5.4% Ford Motor....................... 4,100 176,300 General Motors .................. 1,500 87,094 Visteon ......................... 337 4,084 --------- 267,478 --------- BANKING -- 5.8% Bank of New York................. 3,000 139,500 Summit Bancorp................... 6,000 147,750 --------- 287,250 --------- CHEMICALS -- 2.8% Dow Chemical..................... 4,500 135,844 --------- DRUGS AND HEALTH CARE -- 8.9% American Home Products........... 2,900 170,375 Humana* ......................... 20,000 97,500 United Healthcare ............... 2,000 171,500 --------- 439,375 --------- ENERGY -- 6.8% El Paso Energy................... 3,500 $ 178,281 Texaco........................... 3,000 159,750 --------- 338,031 --------- FINANCE AND INSURANCE -- 18.2% Allstate......................... 6,000 133,500 AXA Financial.................... 5,400 183,600 Citigroup........................ 2,500 150,625 Fannie Mae ...................... 2,600 135,687 St. Paul Companies............... 4,000 136,500 Washington Mutual................ 5,425 156,647 --------- 896,559 --------- FOOD -- 8.7% ConAgra.......................... 8,000 152,500 Dole Food........................ 8,500 139,188 Safeway*......................... 3,000 135,375 --------- 427,063 --------- HOUSEHOLD PRODUCTS AND FURNISHINGS -- 6.7% Armstrong World Industries....... 5,600 85,750 Dial............................. 11,400 118,275 Kimberly-Clark................... 2,200 126,225 --------- 330,250 --------- - -------------- * Non-income producing security. See Notes to Financial Statements. -- P-40 -- Seligman Portfolios, Inc. - ----------------------------------------------------------------- June 30, 2000 - ----------------------------------------------------------------- SELIGMAN LARGE-CAP VALUE PORTFOLIO (continued) SHARES VALUE -------- --------- MEDICAL PRODUCTS AND TECHNOLOGY -- 7.3% Baxter International............. 3,000 $ 210,937 Medtronic........................ 3,000 149,438 --------- 360,375 --------- PACKAGING -- 4.2% Crown Cork & Seal................ 10,000 150,000 Fort James....................... 2,400 55,500 --------- 205,500 --------- PAPER AND FOREST PRODUCTS -- 2.7% Georgia-Pacific Group............ 5,000 131,250 --------- RETAIL TRADE -- 2.9% Radio Shack...................... 3,000 $ 142,125 ---------- TELECOMMUNICATIONS -- 4.3% US West.......................... 2,500 214,375 ---------- TOBACCO -- 4.8% Philip Morris.................... 8,850 235,078 ---------- TOTAL INVESTMENTS -- 99.9% (Cost $5,590,969)............. 4,933,415 OTHER ASSETS LESS LIABILITIES -- 0.1%...... 6,199 ---------- NET ASSETS -- 100.0%............. $4,939,614 ========== - ----------------------------------------------------------------- SELIGMAN SMALL-CAP VALUE PORTFOLIO SHARES VALUE -------- --------- COMMON STOCKS -- 95.8% ADVERTISING -- 2.1% True North Communications ....... 3,000 $ 132,000 --------- APPAREL AND TEXTILES -- 2.2% Cutter & Buck*................... 17,300 137,589 --------- BANKING -- 8.2% Bay View Capital................. 17,200 168,775 Commercial Federal............... 9,000 140,062 Indymac Mortgage Holdings........ 14,000 189,875 --------- 498,712 --------- BUILDING AND CONSTRUCTION -- 2.7% Dal-Tile International*.......... 20,000 165,000 --------- BUSINESS SERVICES -- 2.1% Complete Business Solutions*..... 7,000 122,719 Exfo Electro-Optical Engineering* (Canada)...................... 100 4,394 --------- 127,113 --------- CHEMICALS -- 2.6% Crompton......................... 13,000 159,250 --------- CONSUMER GOODS AND SERVICES -- 10.3% Applica.......................... 10,000 $113,125 Avis Group Holdings.............. 10,000 187,500 Fresh Del Monte Produce.......... 18,000 123,750 Rent-Way......................... 7,000 204,313 --------- 628,688 --------- DISTRIBUTORS -- 1.2% Cubic............................ 4,050 75,938 --------- DRUGS AND HEALTH CARE -- 9.2% Apria Healthcare Group........... 16,000 196,000 Omnicare......................... 14,000 126,875 Oxford Health Plans.............. 10,000 238,125 --------- 561,000 --------- FINANCE AND INSURANCE -- 8.0% Bank United ..................... 4,000 141,375 Liberty Financial................ 6,000 131,625 Mutual Risk Management........... 12,500 216,406 --------- 489,406 --------- - ------------- * Non-income producing security. See Notes to Financial Statements. -- P-41 -- Seligman Portfolios, Inc. - ----------------------------------------------------------------- Portfolios of Investments (unaudited) (continued) - ----------------------------------------------------------------- SELIGMAN SMALL-CAP VALUE PORTFOLIO (continued) SHARES VALUE -------- --------- LEISURE AND RELATED -- 2.0% Harman International Industries.. 2,000 $ 122,000 --------- MACHINERY -- 4.9% Stewart & Stevenson Services..... 20,000 302,500 --------- MANUFACTURING -- 4.3% Furniture Brands International... 10,000 151,250 Mueller Industries* ............. 4,000 112,000 --------- 263,250 --------- OIL AND GAS -- 7.0% Midcoast Energy Resources........ 17,000 267,750 Valero Energy ................... 5,000 158,750 --------- 426,500 --------- PACKAGING/CONTAINERS -- 6.3% American National Can Group ..... 5,900 99,563 Applied Extrusion Technologies*.. 22,000 119,969 Bway............................. 25,000 165,625 --------- 385,157 --------- PLASTICS -- 3.7% Lamson & Sessions*............... 15,000 229,688 --------- PRINTING AND PUBLISHING -- 2.9% Cadmus Communications............ 18,050 $ 174,859 --------- RESTAURANTS -- 2.2% Jack In The Box.................. 5,450 134,206 --------- RETAIL TRADE -- 10.1% Abercrombie & Fitch (Class A)*... 14,000 170,625 Fred's........................... 9,500 172,484 Urban Outfitters* ............... 16,000 141,500 The Wet Seal (Class A)*.......... 10,000 130,937 --------- 615,546 --------- TRANSPORTATION -- 3.8% ABC-NACO*........................ 8,000 63,000 Pittston BAX Group............... 12,272 167,973 --------- 230,973 --------- TOTAL INVESTMENTS -- 95.8% (Cost $5,936,326)............. 5,859,375 OTHER ASSETS LESS LIABILITIES -- 4.2%...... 255,101 ---------- NET ASSETS -- 100.0%............. $6,114,476 ========== - ------------- * Non-income producing security. See Notes to Financial Statements. -- P-42 -- (This page left blank intentionally) -- P-43 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- STATEMENTS OF ASSETS AND LIABILITIES (unaudited) - --------------------------------------------------------------------------------
SELIGMAN SELIGMAN SELIGMAN SELIGMAN SELIGMAN CASH COMMON COMMUNICATIONS BOND CAPITAL MANAGEMENT STOCK AND INFORMATION PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO ----------- ----------- ----------- ------------ ------------ ASSETS: Investments, at value (see portfolios of investments): Long-term holdings .................... $ 5,093,034 $42,793,652 $ -- $ 39,158,622 $217,297,014 Short-term holdings ................... 400,000 4,000,000 13,373,532 800,000 5,800,000 ----------- ----------- ----------- ------------ ------------ Total Investments ..................... 5,493,034 46,793,652 13,373,532 39,958,622 223,097,014 Cash .................................. 237,503 83,075 35,408 73,144 135,815 Interest and dividends receivable ..... 77,016 7,429 654 29,674 21,460 Receivable from associated companies ........................... 2,134 23,152 3,107 -- -- Receivable for Capital Stock sold ..... 1,943 -- 219,500 47,386 44,027 Receivable for securities sold ........ -- 1,475,473 -- 51,868 1,862,373 Unrealized appreciation on foreign currencies and forward currency contracts .................. -- -- -- -- -- Other.................................. 237 1,034 8,286 2,160 8,119 ----------- ----------- ----------- ------------ ------------ TOTAL ASSETS .......................... 5,811,867 48,383,815 13,640,487 40,162,854 225,168,808 ----------- ----------- ----------- ------------ ------------ LIABILITIES: Payable for securities purchased ...... 190,499 3,184,700 -- 392,749 935,774 Payable for Capital Stock redeemed .... 318 20,773 498 19,844 6,413 Payable to custodian .................. -- -- -- -- -- Payable to associated companies ....... -- -- -- -- -- Unrealized depreciation on foreign currencies and forward currency contracts .................. -- -- -- -- -- Accrued expenses and other ............ 11,289 24,536 12,017 32,459 190,070 ----------- ----------- ----------- ------------ ------------ TOTAL LIABILITIES ..................... 202,106 3,230,009 12,515 445,052 1,132,257 ----------- ----------- ----------- ------------ ------------ NET ASSETS ............................ $ 5,609,761 $45,153,806 $13,627,972 $ 39,717,802 $224,036,551 =========== =========== =========== ============ ============ COMPOSITION OF NET ASSETS: Capital Stock, $0.001 at par .......... $ 584 $ 1,468 $ 13,625 $ 2,397 $ 8,004 Additional paid-in-capital ............ 5,856,877 24,965,961 13,612,051 27,365,823 123,459,845 Undistributed net investment income (loss) ....................... 152,820 42,377 -- 179,732 (582,690) Undistributed/accumulated net realized gain (loss) ................ (299,723) 8,822,485 2,296 3,393,312 55,664,740 Net unrealized appreciation (depreciation) of investments ....... (100,797) 11,321,515 -- 8,776,538 45,486,652 Net unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies and forward currency contracts .................. -- -- -- -- -- ----------- ----------- ----------- ------------ ------------ NET ASSETS ............................ $ 5,609,761 $45,153,806 $13,627,972 $ 39,717,802 $224,036,551 =========== =========== =========== ============ ============ Class 1 ............................. $ 5,609,761 $45,153,806 $13,627,972 $ 39,717,802 $222,263,176 Class 2 ............................. $ 1,773,375 SHARES OF CAPITAL STOCK OUTSTANDING Class 1 ............................. 584,302 1,468,394 13,625,677 2,396,952 7,940,453 Class 2 ............................. 63,358 NET ASSET VALUE PER SHARE Class 1 ............................. $9.60 $30.75 $1.00 $16.57 $27.99 ===== ====== ===== ====== ====== Class 2 ............................. $27.99 ======
-- P-44 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- STATEMENTS OF ASSETS AND LIABILITIES (unaudited) (continued) - --------------------------------------------------------------------------------
SELIGMAN SELIGMAN SELIGMAN SELIGMAN SELIGMAN GLOBAL SMALLER GLOBAL HIGH-YIELD FRONTIER GLOBAL GROWTH COMPANIES TECHNOLOGY BOND PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO ----------- ----------- ----------- ------------ ------------ ASSETS: Investments, at value (see portfolios of investments): Long-term holdings .................... $23,728,507 $ 8,878,801 $18,618,844 $ 27,572,521 $ 19,079,180 Short-term holdings ................... 400,000 -- -- -- -- ----------- ----------- ----------- ------------ ------------ Total Investments ..................... 24,128,507 8,878,801 18,618,844 27,572,521 19,079,180 Cash .................................. 70,528 -- 893,622 5,873,617 182,655 Interest and dividends receivable ..... 123 13,351 26,601 7,291 510,008 Receivable from associated companies ........................... 1,081 50 4,459 -- 291 Receivable for Capital Stock sold ..... 1,181 56 7,965 39,026 7,782 Receivable for securities sold ........ 395,052 449,111 250,422 1,061,961 -- Unrealized appreciation on foreign currencies and forward currency contracts .................. -- -- 990 -- -- Other ................................. 1,001 805 785 789 1,203 ----------- ----------- ----------- ------------ ------------ TOTAL ASSETS .......................... 24,597,473 9,342,174 19,802,698 34,556,195 19,781,119 ----------- ----------- ----------- ------------ ------------ LIABILITIES: Payable for securities purchased ...... 616,797 123,033 287,914 924,301 145,195 Payable for Capital Stock redeemed .... 586,376 24,375 4,247 3,286 15,584 Payable to custodian .................. -- 108,083 -- -- -- Payable to associated companies ....... -- -- -- 6,438 -- Unrealized depreciation on foreign currencies and forward currency contracts .................. -- 358 -- 88 -- Accrued expenses and other ............ 9,700 17,839 40,147 27,273 25,702 ----------- ----------- ----------- ------------ ------------ TOTAL LIABILITIES ..................... 1,212,873 273,688 332,308 961,386 186,481 ----------- ----------- ----------- ------------ ------------ NET ASSETS ............................ $23,384,600 $ 9,068,486 $19,470,390 $ 33,594,809 $ 19,594,638 =========== =========== =========== ============ ============ COMPOSITION OF NET ASSETS: Capital Stock, $0.001 at par .......... $ 1,239 $ 512 $ 1,090 $ 1,159 $ 2,084 Additional paid-in-capital ............ 17,032,300 4,558,363 13,274,075 22,261,329 25,166,590 Undistributed net investment income (loss) ....................... (111,396) (43,192) (43,853) (68,817) 1,226,784 Undistributed/accumulated net realized gain (loss) ................ 2,279,527 1,639,996 2,175,044 6,281,088 (3,837,495) Net unrealized appreciation (depreciation) of investments ....... 4,182,930 3,012,007 4,434,246 5,161,622 (2,963,325) Net unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies and forward currency contracts .................. -- (99,200) (370,212) (41,572) -- ----------- ----------- ----------- ------------ ------------ NET ASSETS ............................ $23,384,600 $ 9,068,486 $19,470,390 $ 33,594,809 $ 19,594,638 =========== =========== =========== ============ ============ Class 1 ............................. $23,384,600 $ 9,068,486 $19,470,390 $ 32,788,227 $ 19,594,638 Class 2 ............................. $ 806,582 SHARES OF CAPITAL STOCK OUTSTANDING Class 1 ............................. 1,238,926 512,168 1,089,610 1,130,680 2,083,589 Class 2 ............................. 27.809 NET ASSET VALUE PER SHARE Class 1 ............................. $18.87 $17.71 $17.87 $29.00 $9.40 ====== ====== ====== ====== ===== Class 2 ............................. $29.00 ======
Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- June 30, 2000 - --------------------------------------------------------------------------------
SELIGMAN SELIGMAN SELIGMAN SELIGMAN SELIGMAN INTERNATIONAL LARGE-CAP LARGE-CAP SMALL-CAP INCOME GROWTH GROWTH VALUE VALUE PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO ----------- ----------- ----------- ------------ ------------ ASSETS: Investments, at value (see portfolios of investments): Long-term holdings .................... $ 6,999,954 $ 8,102,319 $ 6,559,152 $ 4,933,415 $ 5,859,375 Short-term holdings ................... -- -- 600,000 -- -- ----------- ----------- ----------- ------------ ------------ Total Investments ..................... 6,999,954 8,102,319 7,159,152 4,933,415 5,859,375 Cash .................................. 142,055 370,036 77,916 -- 219,990 Interest and dividends receivable ..... 50,381 18,134 2,186 12,150 1,080 Receivable from associated companies ........................... 5,865 8,868 1,589 3,139 3,003 Receivable for Capital Stock sold ..... -- 11,152 11,446 5,924 56,645 Receivable for securities sold ........ 105,063 64,513 43,959 2,701 2,941 Unrealized appreciation on foreign currencies and forward currency contracts .................. -- -- -- -- -- Other ................................. 412 411 134 257 -- ----------- ----------- ----------- ------------ ------------ TOTAL ASSETS .......................... 7,303,730 8,575,433 7,296,382 4,957,586 6,143,034 ----------- ----------- ----------- ------------ ------------ LIABILITIES: Payable for securities purchased ...... 143,644 135,907 145,535 -- 13,869 Payable for Capital Stock redeemed .... 273 5,317 243 1,769 8,369 Payable to custodian .................. -- -- -- 8,605 -- Payable to associated companies ....... -- -- -- -- -- Unrealized depreciation on foreign currencies and forward currency contracts .................. -- 189 -- -- -- Accrued expenses and other ............ 17,333 16,469 7,951 7,598 6,320 ----------- ----------- ----------- ------------ ------------ TOTAL LIABILITIES ..................... 161,250 157,882 153,729 17,972 28,558 ----------- ----------- ----------- ------------ ------------ NET ASSETS ............................ $ 7,142,480 $ 8,417,551 $ 7,142,653 $ 4,939,614 $ 6,114,476 =========== =========== =========== ============ ============ COMPOSITION OF NET ASSETS: Capital Stock, $0.001 at par .......... $ 709 $ 665 $ 536 $ 563 $ 707 Additional paid-in-capital ............ 6,753,289 8,158,951 5,899,345 5,422,071 5,765,539 Undistributed net investment income (loss) ....................... 119,408 55,101 5,949 40,096 (6,514) Undistributed/accumulated net realized gain (loss) ................ (49,141) (727,603) (25,764) 134,438 431,695 Net unrealized appreciation (depreciation) of investments ....... 318,215 909,979 1,262,587 (657,554) (76,951) Net unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies and forward currency contracts .................. -- 20,458 -- -- -- ----------- ----------- ----------- ------------ ------------ NET ASSETS ............................ $ 7,142,480 $ 8,417,551 $ 7,142,653 $ 4,939,614 $ 6,114,476 =========== =========== =========== ============ ============ Class 1 ............................. $ 7,142,480 $ 8,417,551 $ 7,142,653 $ 4,939,614 $ 6,114,476 Class 2 ............................. SHARES OF CAPITAL STOCK OUTSTANDING Class 1 ............................. 709,270 665,021 535,567 562,847 707,239 Class 2 ............................. NET ASSET VALUE PER SHARE Class 1 ............................. $10.07 $12.66 $13.34 $8.78 $8.65 ====== ====== ====== ===== ===== Class 2 .............................
- ------------------ See Notes to Financial Statements. -- P-45 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- STATEMENTS OF OPERATIONS (unaudited) - --------------------------------------------------------------------------------
SELIGMAN SELIGMAN SELIGMAN COMMUNICATIONS SELIGMAN SELIGMAN CASH COMMON AND BOND CAPITAL MANAGEMENT STOCK INFORMATION PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO ----------- ----------- ----------- ------------ ------------ INVESTMENT INCOME: Interest .............................. $ 174,273 $ 96,102 $ 409,120 $ 19,556 $ 299,207 Dividends* ............................ -- 49,501 -- 280,485 79,823 --------- ----------- --------- ------------ ----------- TOTAL INVESTMENT INCOME ............... 174,273 145,603 409,120 300,041 379,030 --------- ----------- --------- ------------ ----------- EXPENSES: Management fee ........................ 10,204 74,064 27,827 92,681 857,363 Auditing fee .......................... 2,871 6,281 4,444 8,913 31,113 Directors' fees and expenses .......... 2,266 2,338 2,107 2,482 3,044 Legal fee ............................. 2,079 1,768 3,727 2,973 6,701 Custody and related services .......... 1,744 7,039 4,563 7,804 33,212 Registration .......................... 899 1,744 1,434 3,742 7,335 Shareholder reports and communications ...................... 846 1,997 -- 2,746 8,629 Shareholder account services .......... -- -- -- -- 5,570 12b-1 fees-- Class 2 .................. -- -- -- -- 290 Miscellaneous ......................... 1,076 1,786 1,307 2,777 4,921 --------- ----------- --------- ------------ ----------- TOTAL EXPENSES BEFORE WAIVER/ REIMBURSEMENT ....................... 21,985 97,017 45,409 124,118 958,178 Waiver/reimbursement of expenses ............................ (6,679) -- (45,409) -- -- --------- ----------- --------- ------------ ----------- TOTAL EXPENSES AFTER WAIVER/ REIMBURSEMENT ....................... 15,306 97,017 -- 124,118 958,178 --------- ----------- --------- ------------ ----------- NET INVESTMENT INCOME (LOSS) .......... 158,967 48,586 409,120 175,923 (579,148) --------- ----------- --------- ------------ ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) on investments ......................... (71,125) 6,985,898 (77) 1,978,050 37,569,938 Net realized loss from foreign currency transactions ............... -- -- -- -- -- Net change in unrealized appreciation/depreciation of investments ...................... 94,192 2,600,315 -- (2,526,508) (26,832,294) Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts ...... -- -- -- -- -- --------- ----------- --------- ------------ ----------- NET GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS ........................ 23,067 9,586,213 (77) (548,458) 10,737,644 --------- ----------- --------- ------------ ----------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS .............. $ 182,034 $ 9,634,799 $ 409,043 $ (372,535) $10,158,496 ========= =========== ========= ============ =========== - -------------------- *Net of foreign tax withheld as follows: $ -- $ -- $ -- $ 3,449 $ --
See Notes to Financial Statements. -- P-46 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- STATEMENTS OF OPERATIONS (unaudited) (continued) - --------------------------------------------------------------------------------
SELIGMAN SELIGMAN SELIGMAN SELIGMAN SELIGMAN GLOBAL SMALLER GLOBAL HIGH-YIELD FRONTIER GLOBAL GROWTH COMPANIES TECHNOLOGY BOND PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO ----------- ----------- ----------- ------------ ------------ INVESTMENT INCOME: Interest .............................. $ 7,410 $ -- $ 28,544 $ 96,215 $ 1,171,561 Dividends* ............................ 4,915 34,698 80,445 26,110 138,621 ---------- ----------- --------- ------------ ----------- TOTAL INVESTMENT INCOME ............... 12,325 34,698 108,989 122,325 1,310,182 ---------- ----------- --------- ------------ ----------- EXPENSES: Management fee ........................ 93,628 52,849 100,623 154,149 57,365 Auditing fee .......................... 5,495 3,707 4,968 5,322 5,658 Directors' fees and expenses .......... 2,213 2,159 2,176 2,196 2,244 Legal fee ............................. 1,350 1,198 1,398 1,157 1,335 Custody and related services .......... 15,688 11,915 39,913 16,169 21,396 Registration .......................... 1,998 1,735 1,550 1,100 2,400 Shareholder reports and communications ...................... 1,560 1,048 1,399 1,497 1,618 Shareholder account services .......... -- -- -- 3,936 -- 12b-1 fees-- Class 2 .................. -- -- -- 51 -- Miscellaneous ......................... 1,578 1,010 4,440 926 994 ---------- ----------- --------- ------------ ----------- TOTAL EXPENSES BEFORE WAIVER/ REIMBURSEMENT ....................... 123,510 75,621 156,467 186,503 93,010 Waiver/reimbursement of expenses ............................ (3,055) (1,641) (15,606) -- (12,625) ---------- ----------- --------- ------------ ----------- TOTAL EXPENSES AFTER WAIVER/ REIMBURSEMENT ....................... 120,455 73,980 140,861 186,503 80,385 ---------- ----------- --------- ------------ ----------- NET INVESTMENT INCOME (LOSS) .......... (108,130) (39,282) (31,872) (64,178) 1,229,797 ---------- ----------- --------- ------------ ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) on investments ......................... 2,709,311 1,709,250 1,607,072 5,216,699 (1,683,526) Net realized loss from foreign currency transactions ............... -- (207,036) 57,233 (10,299) -- Net change in unrealized appreciation/depreciation of investments ...................... (1,216,203) (1,621,904) (798,817) (3,905,745) (14,427) Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts ...... -- 4,631 (414,259) (94,092) -- ---------- ----------- --------- ------------ ----------- NET GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS ........................ 1,493,108 (115,059) 451,229 1,206,563 (1,697,953) ---------- ----------- --------- ------------ ----------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS .............. $1,384,978 $ (154,341) $ 419,357 $ 1,142,385 $ (468,156) ========== =========== ========= ============ =========== - -------------------- *Net of foreign tax withheld as follows: $ 302 $4,785 $ 7,869 $ 2,160 $ --
Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- For the Six Months Ended June 30, 2000 - --------------------------------------------------------------------------------
SELIGMAN SELIGMAN SELIGMAN SELIGMAN INTERNATIONAL LARGE-CAP LARGE-CAP SMALL-CAP INCOME GROWTH GROWTH VALUE VALUE PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO ----------- ----------- ----------- ------------ ------------ INVESTMENT INCOME: Interest .............................. $ 107,954 $ 7,771 $ 15,632 $ 25 $ -- Dividends* ............................ 31,081 32,983 9,748 61,007 17,775 ---------- ----------- --------- ------------ ----------- TOTAL INVESTMENT INCOME ............... 139,035 40,754 25,380 61,032 17,775 ---------- ----------- --------- ------------ ----------- EXPENSES: Management fee ........................ 15,114 47,186 19,136 19,970 23,286 Auditing fee .......................... 3,241 3,483 2,692 2,953 2,784 Directors' fees and expenses .......... 2,268 2,106 2,228 2,188 2,190 Legal fee ............................. 1,754 1,158 1,667 2,080 573 Custody and related services .......... 9,313 27,948 2,362 906 998 Registration .......................... 2,387 847 1,940 1,001 997 Shareholder reports and communications ...................... 996 1,048 771 849 1,363 Shareholder account services .......... -- -- -- -- -- 12b-1 fees-- Class 2 .................. -- -- -- -- -- Miscellaneous ......................... 1,304 935 860 798 919 ---------- ----------- --------- ------------ ----------- TOTAL EXPENSES BEFORE WAIVER/ REIMBURSEMENT ....................... 36,377 84,711 31,656 30,745 33,110 Waiver/reimbursement of expenses ............................ (13,715) (18,654) (12,529) (10,777) (9,824) ---------- ----------- --------- ------------ ----------- TOTAL EXPENSES AFTER WAIVER/ REIMBURSEMENT ....................... 22,662 66,057 19,127 19,968 23,286 NET INVESTMENT INCOME (LOSS) .......... 116,373 (25,303) 6,253 41,064 (5,511) ---------- ----------- --------- ------------ ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) on investments ......................... (62,533) (518,134) (21,009) 114,431 258,125 Net realized loss from foreign currency transactions ............... -- (466,702) -- -- -- Net change in unrealized appreciation/depreciation of investments ...................... 34,946 (1,721,837) 642,879 (447,528) 18,768 Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts ...... -- 138,627 -- -- -- NET GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS ........................ (27,587) (2,568,046) 621,870 (333,097) 276,893 ---------- ----------- --------- ------------ ----------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS .............. $ 88,786 $(2,593,349) $ 628,123 $ (292,033) $ 271,382 ========= =========== ========= ============ =========== - -------------------- *Net of foreign tax withheld as follows: $ 369 $ 4,018 $ 86 $ -- $ --
See Notes to Financial Statements. -- P-47 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
SELIGMAN SELIGMAN SELIGMAN BOND PORTFOLIO CAPITAL PORTFOLIO CASH MANAGEMENT PORTFOLIO ------------------------- --------------------------- --------------------------- SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR ENDED 6/30/00 ENDED ENDED 6/30/00 ENDED ENDED 6/30/00 ENDED (unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99 ------------- ---------- ------------- ----------- ------------- ----------- OPERATIONS: Net investment income (loss)............. $ 158,967 $ 349,655 $ 48,586 $ 7,323 $ 409,120 $ 737,469 Net realized gain (loss) on investments.. (71,125) (228,598) 6,985,898 7,533,936 (77) 1,233 Net realized gain (loss) from foreign currency transactions.................. -- -- -- -- -- -- Net change in unrealized appreciation/ depreciation of investments............ 94,192 (454,121) 2,600,315 2,159,898 -- -- Net change in unrealized appreciation/ depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts.............................. -- -- -- -- -- -- ---------- ---------- ----------- ----------- ----------- ----------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS....................... 182,034 (333,064) 9,634,799 9,701,157 409,043 738,702 ---------- ---------- ----------- ----------- ----------- ----------- DISTRIBUTIONS TO SHAREHOLDERS: Net investment income--Class 1........... -- (353,096) -- (8,682) (409,120) (737,469) Realized gain on investments-- Class 1... -- -- -- (6,178,894) -- -- ---------- ---------- ----------- ----------- ----------- ----------- DECREASE IN NET ASSETS FROM DISTRIBUTIONS.................... -- (353,096) -- (6,187,576) (409,120) (737,469) ---------- ---------- ----------- ----------- ----------- ----------- CAPITAL SHARE TRANSACTIONS:** Proceeds from sale of shares-- Class 1... 1,348,547 3,696,281 13,434,759 8,798,590 24,531,404 45,713,281 Proceeds from sale of shares-- Class 2... -- -- -- -- -- -- Investment of dividends-- Class 1........ -- 353,096 -- 8,682 409,120 737,469 Shares issued in payment of gain distributions-- Class 1........... -- -- -- 6,178,894 -- -- ---------- ---------- ----------- ----------- ----------- ----------- Total.................................... 1,348,547 4,049,377 13,434,759 14,986,166 24,940,524 46,450,750 ---------- ---------- ----------- ----------- ----------- ----------- Cost of shares redeemed-- Class 1........ (867,968) (5,736,425) (5,501,545) (15,054,648) (28,923,856) (39,360,497) Cost of shares redeemed-- Class 2........ -- -- -- -- -- -- ---------- ---------- ----------- ----------- ----------- ----------- Total.................................... (867,968) (5,736,425) (5,501,545) (15,054,648) (28,923,856) (39,360,497) ---------- ---------- ----------- ----------- ----------- ----------- INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS....... 480,579 (1,687,048) 7,933,214 (68,482) (3,983,332) 7,090,253 ---------- ---------- ----------- ----------- ----------- ----------- INCREASE (DECREASE) IN NET ASSETS........ 662,613 (2,373,208) 17,568,013 3,445,099 (3,983,409) 7,091,486 NET ASSETS: Beginning of period...................... 4,947,148 7,320,356 27,585,793 24,140,694 17,611,381 10,519,895 ---------- ---------- ----------- ----------- ----------- ----------- END OF PERIOD............................ $5,609,761 $4,947,148 $45,153,806 $27,585,793 $13,627,972 $ 17,611,38 ========== ========== =========== =========== =========== ===========
- -------------------- * Commencement of operations. ** The Fund began offering Class 2 shares on May 1, 2000. See Notes to Financial Statements. -- P-48 -- Seligman Portfolios, Inc.
SELIGMAN SELIGMAN COMMON STOCK COMMUNICATIONS AND SELIGMAN PORTFOLIO INFORMATION PORTFOLIO FRONTIER PORTFOLIO --------------------------- --------------------------- --------------------------- SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR ENDED 6/30/00 ENDED ENDED 6/30/00 ENDED ENDED 6/30/00 ENDED (unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99 ------------- ----------- ------------ ------------ ----------- ----------- OPERATIONS: Net investment income (loss)............. $ 175,923 $ 740,840 $ (579,148) $ (733,224) $ (108,130) $ (184,506) Net realized gain (loss) on investments.. 1,978,050 10,832,866 37,569,938 50,179,223 2,709,311 693,862 Net realized gain (loss) from foreign currency transactions.................. -- -- -- -- -- -- Net change in unrealized appreciation/ depreciation of investments............ (2,526,508) (4,409,218) (26,832,294) 49,869,648 (1,216,203) 1,462,795 Net change in unrealized appreciation/ depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts.............................. -- -- -- -- -- -- ----------- ----------- ------------ ------------ ----------- ----------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS....................... (372,535) 7,164,488 10,158,496 99,315,647 1,384,978 1,972,151 ----------- ----------- ------------ ------------ ----------- ----------- DISTRIBUTIONS TO SHAREHOLDERS: Net investment income-- Class 1.......... -- (731,802) -- -- -- -- Realized gain on investments-- Class 1... -- (9,413,530) -- (31,388,512) -- -- ----------- ----------- ------------ ------------ ----------- ----------- DECREASE IN NET ASSETS FROM DISTRIBUTIONS.................... -- (10,145,332) -- (31,388,512) -- -- ----------- ----------- ------------ ------------ ----------- ----------- CAPITAL SHARE TRANSACTIONS:** Proceeds from sale of shares-- Class 1... 4,293,512 18,687,094 51,091,067 58,041,904 23,751,687 23,520,563 Proceeds from sale of shares-- Class 2... -- -- -- -- -- -- Investment of dividends-- Class 1........ -- 731,802 -- -- -- -- Shares issued in payment of gain distributions-- Class 1........... -- 9,413,530 -- 31,388,512 -- -- ----------- ----------- ------------ ------------ ----------- ----------- Total.................................... 4,293,512 28,832,426 51,091,067 89,430,416 23,751,687 23,520,563 ----------- ----------- ------------ ------------ ----------- ----------- Cost of shares redeemed-- Class 1........ (11,505,896) (41,136,919) (51,174,261) (65,675,233) (27,457,899) (38,934,551) Cost of shares redeemed-- Class 2........ -- -- -- -- -- -- ----------- ----------- ------------ ------------ ----------- ----------- Total.................................... (11,505,896) (41,136,919) (51,174,261) (65,675,233) (27,457,899) (38,934,551) ----------- ----------- ------------ ------------ ----------- ----------- INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS....... (7,212,384) (12,304,493) (83,194) 23,755,183 (3,706,212) (15,413,988) ----------- ----------- ------------ ------------ ----------- ----------- INCREASE (DECREASE) IN NET ASSETS........ (7,584,919) (15,285,337) 10,075,302 91,682,318 (2,321,234) (13,441,837) NET ASSETS: Beginning of period...................... 47,302,721 62,588,058 213,961,249 122,278,931 25,705,834 39,147,671 ----------- ----------- ------------ ------------ ----------- ----------- END OF PERIOD............................ $39,717,802 $47,302,721 $224,036,551 $213,961,249 $23,384,600 $25,705,834 =========== =========== ============ ============ =========== ===========
- -------------------- * Commencement of operations. ** The Fund began offering Class 2 shares on May 1, 2000. See Notes to Financial Statements. -- P-49 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS (continued) - --------------------------------------------------------------------------------
SELIGMAN SELIGMAN SELIGMAN GLOBAL GROWTH GLOBAL SMALLER GLOBAL TECHNOLOGY PORTFOLIO COMPANIES PORTFOLIO PORTFOLIO --------------------------- -------------------------- ---------------------------- SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR ENDED 6/30/00 ENDED ENDED 6/30/00 ENDED ENDED 6/30/00 ENDED (unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99 ----------- ----------- ----------- ----------- ------------ ----------- OPERATIONS: Net investment income (loss)............. $ (39,282) $ (36,124) $ (31,872) $ (82,322) $ (64,178) $ (54,880) Net realized gain on investments......... 1,709,250 1,718,575 1,607,072 961,203 5,216,699 2,982,910 Net realized gain (loss) from foreign currency transactions.................. (207,036) (54,259) 57,233 (191,782) (10,299) (34,676) Net change in unrealized appreciation/ depreciation of investments............ (1,621,904) 2,817,010 (798,817) 3,647,161 (3,905,745) 7,971,407 Net change in unrealized appreciation/ depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts.............................. 4,631 (222,964) (414,259) (36,178) (94,092) 10,176 ----------- ----------- ----------- ----------- ----------- ----------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS....................... (154,341) 4,222,238 419,357 4,298,082 1,142,385 10,874,937 ----------- ----------- ----------- ----------- ----------- ----------- DISTRIBUTIONS TO SHAREHOLDERS: Net investment income-- Class 1.......... -- -- -- -- -- -- Realized gain on investments-- Class 1... -- (1,134,348) -- -- -- (1,874,628) ----------- ----------- ----------- ----------- ----------- ----------- DECREASE IN NET ASSETS FROM DISTRIBUTIONS.................... -- (1,134,348) -- -- -- (1,874,628) ----------- ----------- ----------- ----------- ----------- ----------- CAPITAL SHARE TRANSACTIONS:** Proceeds from sale of shares-- Class 1... 2,789,019 3,291,118 1,601,514 2,425,180 20,158,389 22,424,095 Proceeds from sale of shares-- Class 2... -- -- -- -- 835,584 -- Investment of dividends-- Class 1........ -- -- -- -- -- -- Shares issued in payment of gain distributions-- Class 1........... -- 1,134,348 -- -- -- 1,874,628 ----------- ----------- ----------- ----------- ----------- ----------- Total.................................... 2,789,019 4,425,466 1,601,514 2,425,180 20,993,973 24,298,723 ----------- ----------- ----------- ----------- ----------- ----------- Cost of shares redeemed-- Class 1........ (5,454,945) (4,267,898) (2,119,127) (7,968,678) (10,608,657) (17,341,656) Cost of shares redeemed-- Class 2........ -- -- -- -- (20,239) -- ----------- ----------- ----------- ----------- ----------- ----------- Total.................................... (5,454,945) (4,267,898) (2,119,127) (7,968,678) (10,628,896) (17,341,656) ----------- ----------- ----------- ----------- ----------- ----------- INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS....... (2,665,926) 157,568 (517,613) (5,543,498) 10,365,077 6,957,067 ----------- ----------- ----------- ----------- ----------- ----------- INCREASE (DECREASE) IN NET ASSETS........ (2,820,267) 3,245,458 (98,256) (1,245,416) 11,507,462 15,957,376 NET ASSETS: Beginning of period...................... 11,888,753 8,643,295 19,568,646 20,814,062 22,087,347 6,129,971 ----------- ----------- ----------- ----------- ----------- ----------- END OF PERIOD............................ $ 9,068,486 $11,888,753 $19,470,390 $19,568,646 $33,594,809 $22,087,347 =========== =========== =========== =========== =========== ===========
- ----------------------- * Commencement of operations. ** The Fund began offering Class 2 shares on May 1, 2000. See Notes to Financial Statements. Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS (continued) - --------------------------------------------------------------------------------
SELIGMAN SELIGMAN HIGH-YIELD BOND SELIGMAN INTERNATIONAL GROWTH PORTFOLIO INCOME PORTFOLIO PORTFOLIO -------------------------- -------------------------- --------------------------- SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR ENDED 6/30/00 ENDED ENDED 6/30/00 ENDED ENDED 6/30/00 ENDED (unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99 ----------- ----------- ------------ ----------- ----------- ----------- OPERATIONS: Net investment income (loss)............. $ 1,229,797 $ 3,099,027 $ 116,373 $ 420,100 $ (25,303) $ 31,302 Net realized gain on investments......... (1,683,526) (2,143,090) (62,533) 779,879 (518,134) 1,862,678 Net realized gain (loss) from foreign currency transactions.................. -- -- -- -- (466,702) (148,777) Net change in unrealized appreciation/ depreciation of investments............ (14,427) (1,145,943) 34,946 (931,859) (1,721,837) 789,435 Net change in unrealized appreciation/ depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts.............................. -- -- -- -- 138,627 (285,019) ----------- ----------- ----------- ----------- ----------- ----------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS....................... (468,156) (190,006) 88,786 268,120 (2,593,349) 2,249,619 ----------- ----------- ----------- ----------- ----------- ----------- DISTRIBUTIONS TO SHAREHOLDERS: Net investment income-- Class 1.......... -- (3,116,594) -- (413,971) -- -- Realized gain on investments-- Class 1... -- -- -- (691,269) -- (1,396,893) ----------- ----------- ----------- ----------- ----------- ----------- DECREASE IN NET ASSETS FROM DISTRIBUTIONS.................... -- (3,116,594) -- (1,105,240) -- (1,396,893) ----------- ----------- ----------- ----------- ----------- ----------- CAPITAL SHARE TRANSACTIONS:** Proceeds from sale of shares-- Class 1... 2,209,454 15,071,625 283,855 1,887,360 1,821,011 1,464,332 Proceeds from sale of shares-- Class 2... -- -- -- -- -- -- Investment of dividends-- Class 1........ -- 3,116,594 -- 413,971 -- -- Shares issued in payment of gain distributions-- Class 1........... -- -- -- 691,269 -- 1,396,893 ----------- ----------- ----------- ----------- ----------- ----------- Total.................................... 2,209,454 18,188,219 283,855 2,992,600 1,821,011 2,861,225 ----------- ----------- ----------- ----------- ----------- ----------- Cost of shares redeemed-- Class 1........ (9,038,668) (20,242,419) (1,824,675) (8,143,191) (1,058,600) (3,358,291) Cost of shares redeemed-- Class 2........ -- -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- ----------- Total.................................... (9,038,668) (20,242,419) (1,824,675) (8,143,191) (1,058,600) (3,358,291) ----------- ----------- ----------- ----------- ----------- ----------- INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS....... (6,829,214) (20,054,200) (1,540,820) (5,150,591) 762,411 (497,066) ----------- ----------- ----------- ----------- ----------- ----------- INCREASE (DECREASE) IN NET ASSETS........ (7,297,370) (5,360,800) (1,452,034) (5,987,711) (1,830,938) 355,660 NET ASSETS: Beginning of period...................... 26,892,008 32,252,808 8,594,514 14,582,225 10,248,489 9,892,829 ----------- ----------- ----------- ----------- ----------- ----------- END OF PERIOD............................ $19,594,638 $26,892,008 $7,142,480 $ 8,594,514 $ 8,417,551 $10,248,489 =========== =========== =========== =========== =========== ===========
- --------------------- * Commencement of operations. ** The Fund began offering Class 2 shares on May 1, 2000. See Notes to Financial Statements. Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS (continued) - --------------------------------------------------------------------------------
SELIGMAN SELIGMAN SELIGMAN LARGE-CAP LARGE-CAP SMALL-CAP GROWTH PORTFOLIO VALUE PORTFOLIO VALUE PORTFOLIO -------------------------- ------------------------- --------------------------- SIX MONTHS 5/1/99* SIX MONTHS YEAR SIX MONTHS YEAR ENDED 6/30/00 TO ENDED 6/30/00 ENDED ENDED 6/30/00 ENDED (unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99 ----------- ----------- ----------- ---------- ------------ ---------- OPERATIONS: Net investment income (loss)............. $ 6,253 $ (524) $ 41,064 $ 64,106 $ (5,511) $ (11,090) Net realized gain on investments......... (21,009) (4,755) 114,431 54,497 258,125 969,509 Net realized gain (loss) from foreign currency transactions.................. -- -- -- -- -- -- Net change in unrealized appreciation/ depreciation of investments............ 642,879 619,708 (447,528) (318,566) 18,768 68,618 Net change in unrealized appreciation/ depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts.............................. -- -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- ----------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS....................... 628,123 614,429 (292,033) (199,963) 271,382 1,027,037 ----------- ----------- ----------- ----------- ----------- ----------- DISTRIBUTIONS TO SHAREHOLDERS: Net investment income-- Class 1.......... -- -- -- (67,324) -- -- Realized gain on investments-- Class 1... -- -- -- -- -- (785,429) ----------- ----------- ----------- ----------- ----------- ----------- DECREASE IN NET ASSETS FROM DISTRIBUTIONS.................... -- -- -- (67,324) -- (785,429) ----------- ----------- ----------- ----------- ----------- ----------- CAPITAL SHARE TRANSACTIONS:** Proceeds from sale of shares-- Class 1... 3,180,988 2,683,558 1,217,300 4,766,032 2,534,294 3,118,001 Proceeds from sale of shares-- Class 2... -- -- -- -- -- -- Investment of dividends-- Class 1........ -- -- -- 67,324 -- -- Shares issued in payment of gain distributions-- Class 1........... -- -- -- -- -- 785,429 ----------- ----------- ----------- ----------- ----------- ----------- Total.................................... 3,180,988 2,683,558 1,217,300 4,833,356 2,534,294 3,903,430 ----------- ----------- ----------- ----------- ----------- ----------- Cost of shares redeemed-- Class 1........ (334,832) (172,873) (1,743,533) (2,654,012) (1,094,568) (2,210,601) Cost of shares redeemed-- Class 2........ -- -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- ----------- Total.................................... (334,832 (172,873) (1,743,533) (2,654,012) (1,094,568) (2,210,601) ----------- ----------- ----------- ----------- ----------- ----------- INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS....... 2,846,156 2,510,685 (526,233) 2,179,344 1,439,726 1,692,829 ----------- ----------- ----------- ----------- ----------- ----------- INCREASE (DECREASE) IN NET ASSETS........ 3,474,279 3,125,114 (818,266) 1,912,057 1,711,108 1,934,437 NET ASSETS: Beginning of period...................... 3,668,374 543,260 5,757,880 3,845,823 4,403,368 2,468,931 ----------- ----------- ----------- ----------- ----------- ----------- END OF PERIOD............................ $ 7,142,653 $ 3,668,374 $ 4,939,614 $ 5,757,880 $ 6,114,476 $ 4,403,368 =========== =========== =========== =========== =========== ===========
- --------------------- * Commencement of operations. ** The Fund began offering Class 2 shares on May 1, 2000. See Notes to Financial Statements. -- P-51 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (unaudited) - -------------------------------------------------------------------------------- 1. ORGANIZATION -- Seligman Portfolios, Inc. (the "Fund") is an open-end diversified management investment company consisting of 15 separate portfolios (the Portfolios): Seligman Bond Portfolio ("Bond Portfolio"), Seligman Capital Portfolio ("Capital Portfolio"), Seligman Cash Management Portfolio ("Cash Management Portfolio"), Seligman Common Stock Portfolio ("Common Stock Portfolio"), Seligman Communications and Information Portfolio ("Communications and Information Portfolio"), Seligman Frontier Portfolio ("Frontier Portfolio"), Seligman Global Growth Portfolio ("Global Growth Portfolio"), Seligman Global Smaller Companies Portfolio ("Global Smaller Companies Portfolio"),Seligman Global Technology Portfolio ("Global Technology Portfolio"), Seligman High-Yield Bond Portfolio ("High-Yield Bond Portfolio"), Seligman Income Portfolio ("Income Portfolio"), Seligman International Growth Portfolio ("International Growth Portfolio"), Seligman Large-Cap Growth Portfolio ("Large-Cap Growth Portfolio"), Seligman Large-Cap Value Portfolio ("Large-Cap Value Portfolio"), and Seligman Small-Cap Value Portfolio ("Small-Cap Value Portfolio"), each designed to meet different investment goals. Shares of the Fund are provided as an investment medium for variable annuity separate accounts established and offered by various insurance companies, and effective March 24, 2000, upon receipt by the Fund of an exemptive order from the Securities and Exchange Commission, shares of the Fund are available as an investment vehicle of variable life insurance separate accounts. 2. MULTIPLE CLASSES OF SHARES -- Effective May 1, 2000, the Fund began offering two classes of shares of each Portfolio -- Class 1 shares and Class 2 shares. All shares existing prior to May 1, 2000, have been classified as Class 1 shares. Class 2 shares pay an annual 12b-1 fee of up to 0.25% of average daily net assets. Class 1 shares do not pay 12b-1 fees. The two classes of shares 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 class-specific expenses, and has exclusive voting rights with respect to any matter on which a separate vote of any class is required. 3. SIGNIFICANT ACCOUNTING POLICIES -- The financial statements have been prepared in conformity with accounting principles generally accepted in the United States, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the Fund: a. SECURITY VALUATION -- Investments in US Government and Government Agency securities, bonds, convertible securities, and stocks are valued at the most current market values or, in their absence, at fair market values determined in accordance with procedures approved by the Board of Directors. Securities traded on an exchange are valued at the last sales price or, in its absence and in the case of over-the-counter securities, at the mean of closing bid and asked prices. Short-term holdings maturing in 60 days or less are valued at amortized cost. Investments held by Cash Management Portfolio are generally valued using the amortized cost method which approximates fair value. Investments of certain other funds in the Seligman Group of Investment Companies purchased to offset the Cash Management Portfolio's liability for deferred directors' fees are valued at current market values. b. FOREIGN SECURITIES -- The Portfolios may invest up to 10% of their total assets in foreign securities (except Global Growth Portfolio, Global Smaller Companies Portfolio, Global Technology Portfolio, and International Growth Portfolio, (together, the "Seligman International Portfolios"), which may invest up to 100% of their total assets in foreign securities). Investments in foreign securities will usually be denominated in foreign currencies, and the Portfolios may temporarily hold funds in foreign currencies. The Portfolios may also invest in US dollar-denominated American Depositary Receipts ("ADRs"), American Depositary Shares ("ADSs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), and Global Depositary Shares ("GDSs"). ADRs and ADSs are issued by domestic banks or trust companies and evidence ownership of securities issued by foreign corporations. ADRs and ADSs are traded on United States exchanges or over-the-counter and are not included in the 10% limitation. EDRs,GDRs,and GDSs are receipts similar to ADRs and ADSs and are typically issued by foreign banks or trust companies and traded in Europe. The books and records of the Portfolios are maintained in US dollars. Foreign currency amounts are translated into US dollars on the following basis: (i) market value of investment securities, other assets, and liabilities, at the daily rate of exchange as reported by a pricing service; (ii) purchases and sales of investment securities, income, and expenses, at the rate of exchange prevailing on the respective dates of such transactions. The net asset values per share of Portfolios which invest in securities denominated in foreign currencies will be affected by changes in currency exchange rates. Changes in foreign currency exchange rates may also affect the value of dividends and interest earned, gains and losses realized on sales of securities, and net investment income and gains, if any, to be distributed to shareholders of the Portfolios. The rate of exchange between the US dollar and other currencies is determined by the forces of supply and demand in the foreign exchange markets. Net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and from the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolios' books, and the US dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of portfolio securities and other foreign currency denominated assets and liabilities at period end, resulting from changes in exchange rates. -- P-52 -- Seligman Portfolios, Inc. The Portfolios separate that portion of the results of operations resulting from changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held in the portfolios. Similarly, the Portfolios separate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of portfolio securities sold during the period. c. FORWARD CURRENCY CONTRACTS -- The Seligman International Portfolios may enter into forward currency contracts in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings, or other amounts receivable or payable in foreign currency. A forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. The contracts are valued daily at current exchange rates and any unrealized gain or loss is included in net unrealized appreciation or depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts. The gain or loss, if any, arising from the difference between the settlement value of the forward contract and the closing of such contract, is included in net realized gain or loss from foreign currency transactions. For federal income tax purposes, certain open forward currency contracts are treated as sold during the fiscal year and any gains or losses are recognized immediately. As a result, the amount of income distributable to shareholders may vary from the amount recognized for financial statement purposes. d. FEDERAL TAXES -- The Portfolios' policy is to comply with the requirements of the Internal Revenue Code applicable to Regulated Investment Companies and to distribute substantially all of their taxable net income and net gain realized to shareholders. Therefore, no provisions for Federal income or excise taxes are required. e. SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME -- Investment transactions are recorded on trade dates. Interest income is recorded on the accrual basis. The Portfolios amortize market discounts and premiums on purchases of portfolio securities. Dividends receivable and payable are recorded on ex-dividend dates, except that certain dividends from foreign securities where the ex-dividend dates may have passed are recorded as soon as the Fund is informed of the dividend. f. MULTIPLE CLASS ALLOCATIONS -- All income, expenses (other than class-specific expenses), and realized and unrealized gains or losses of a Portfolio are allocated daily to each class of shares based upon the relative value of shares of each class. Class-specific expenses, which include 12b-1 fees and any other items that are specifically attributable to a particular class, are charged directly to such class. For the period ended June 30, 2000, 12b-1 fees were the only class-specific expenses. g. REPURCHASE AGREEMENTS -- The Portfolios may enter into repurchase agreements with commercial banks and with broker/dealers deemed to be creditworthy by J. & W. Seligman & Co. Incorporated (the "Manager"). Securities purchased subject to repurchase agreements are deposited with the Portfolios' custodians and, pursuant to the terms of the repurchase agreements, must have an aggregate market value greater than or equal to the repurchase price, plus accrued interest, at all times. Procedures have been established to monitor, on a daily basis, the market value of the repurchase agreements' underlying securities to ensure the existence of the proper level of collateral. h. EXPENSE ALLOCATIONS -- Expenses directly attributable to each Portfolio are charged to such Portfolio, and expenses that are applicable to more than one Portfolio are allocated among them. i. DISTRIBUTIONS TO SHAREHOLDERS -- The treatment for financial statement purposes of distributions made during the year from net investment income or net realized gains may differ from their ultimate treatment for federal income tax purposes. These differences primarily are caused by differences in the timing of the recognition of certain components of income, expense or realized capital gain and the recharacterization of foreign exchange gains or losses to either ordinary income or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations, or net asset values per share of the Portfolios. 4. PURCHASES AND SALES OF SECURITIES -- Purchases and sales of portfolio securities, excluding US Government obligations and short-term investments, for the six months ended June 30, 2000, were as follows: PORTFOLIO PURCHASES SALES --------- ----------- ----------- Bond $ 1,941,007 $ 1,561,372 Capital 41,721,765 34,844,321 Common Stock 7,607,483 14,076,207 Communications and Information 110,760,840 107,758,831 Frontier 22,329,467 26,588,045 -- P-53 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - -------------------------------------------------------------------------------- PORTFOLIO PURCHASES SALES --------- ----------- ----------- Global Growth $ 2,974,100 $ 5,646,803 Global Smaller Companies 9,066,485 10,115,440 Global Technology 22,209,773 17,428,526 High-Yield Bond 2,945,654 7,073,162 Income 2,304,163 3,926,301 International Growth 15,175,605 14,448,734 Large-Cap Growth 5,424,217 2,699,122 Large-Cap Value 1,081,847 1,446,108 Small-Cap Value 2,833,953 1,613,749 For the six months ended June 30, 2000, purchases and sales of US Government obligations were $357,009 and $99,939, respectively, for the Bond Portfolio, and $315,217 and $473,767, respectively, for the Income Portfolio. Identified cost of investments sold is used for both financial statement and federal income tax purposes. At June 30, 2000, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. The tax basis gross unrealized appreciation and depreciation of portfolio securities, including the effects of foreign currency transactions, were as follows: UNREALIZED UNREALIZED PORTFOLIO APPRECIATION DEPRECIATION --------- ------------ ------------ Bond $ 31,525 $ 132,322 Capital 12,305,536 984,021 Common Stock 10,345,540 1,569,002 Communications and Information 62,275,005 16,788,353 Frontier 5,404,982 1,222,052 Global Growth 3,077,802 167,166 Global Smaller Companies 5,607,714 1,543,666 Global Technology 6,884,304 1,764,364 High-Yield Bond 316,210 3,279,535 Income 735,302 417,087 International Growth 1,207,958 272,922 Large-Cap Growth 1,390,610 128,023 Large-Cap Value 542,635 1,200,189 Small-Cap Value 722,016 798,967 5. MANAGEMENT FEE, ADMINISTRATIVE SERVICES, AND OTHER TRANSACTIONS -- The Manager manages the affairs of the Fund and provides or arranges for the necessary personnel and facilities. The Manager's fee, which is calculated daily and payable monthly, is equal to 0.40%, on an annual basis, of each of Bond, Capital, Cash Management, Common Stock, and Income Portfolios' daily net assets; equal to 0.75%, on an annual basis, of each of Communications and Information and Frontier Portfolios' daily net assets; equal to 1.00%, on an annual basis, of each of the Seligman International Portfolios' daily net assets; and equal to 0.50%, on an annual basis, of High-Yield Bond Portfolio's daily net assets. The Manager's fee for the Large-Cap Growth Portfolio is equal to 0.70% per annum of the first $1 billion of average daily net assets, 0.65% per annum of the next $1 billion, and 0.60% per annum in excess of $2 billion of average daily net assets of the Portfolio. The Manager's fee for the Large-Cap Value Portfolio is equal to 0.80% per annum of the first $500 million of average daily net assets, 0.70% per annum of the next $500 million of average daily net assets, and 0.60% per annum in excess of $1 billion of average daily net assets of the Portfolio. The Manager's fee for the Small-Cap Value Portfolio is equal to 1.00% per annum of the first $500 million of average daily net assets, 0.90% per annum of the next $500 million of average daily net assets, and 0.80% per annum in excess of $1 billion of average daily net assets of the Portfolio. Effective July 1, 1998, Henderson Investment Management Limited (the "Subadviser") became adviser to the Seligman International Portfolios responsible for furnishing investment advice, research, and assistance with respect to their non-US investments. Under the subadvisory agreement, the Manager pays the Subadviser a subadvisory fee for each of the Seligman International Portfolios at a rate of 0.50% per annum of the average monthly assets under the Subadviser's supervision. The Subadivser is a wholly-owned subsidiary of Henderson plc, which is an indirect subsidiary of Amp Limited, an Australian life insurance and financial services company. -- P-54 -- Seligman Portfolios, Inc. On January 21, 2000, pursuant to authorization from the Fund's Board of Directors, the Manager gave notice to the Subadviser of its termination, effective as of the close of business on March 31, 2000, of the subadvisory agreement between the Manager and the Subadviser with respect to Seligman Global Growth Portfolio, Seligman Global Technology Portfolio, and Seligman International Growth Portfolio (the "Global Portfolios"). During the notice period, the Subadviser continued to provide the Global Portfolios with investment advice, research and assistance with respect to their non-US investments, subject to the Manager's overall supervision. Following the close of business on March 31, 2000, the Manager assumed full responsibility for the non-US investments of the Portfolios. The Subadviser continues to act as subadviser with respect to Seligman Global Smaller Companies Portfolio's non-US investments. The Manager has agreed to reimburse expenses, other than the management fee, that exceed 0.20% per annum of the average daily net assets of each of Bond, Capital, Common Stock, Communications and Information, Frontier, High-Yield Bond and Income Portfolios. The Manager, at its discretion and until it determines otherwise, has elected to waive all of its fee for, and reimburse all of the expenses of, the Cash Management Portfolio. The Manager has agreed to reimburse expenses, other than the management fee, which exceed 0.40% per annum of the average daily net assets of each of the Seligman International Portfolios. The Manager, at its discretion, has also agreed to reimburse all expenses, other than the management fees, of the Large-Cap Growth, Large-Cap Value and Small-Cap Value Portfolios. The amounts of these reimbursements for the six months ended June 30, 2000 are disclosed in the Statements of Operations. Compensation of all officers of the Fund, all directors of the Fund who are employees or consultants of the Manager, and all personnel of the Fund and the Manager is paid by the Manager. Seligman Advisors, Inc. (the "Distributor"), a subsidiary of the Manager, acts as distributor of shares of the Fund and of contracts issued by variable annuity separate accounts of one insurance company and its affiliates. For the six months ended June 30, 2000, the Distributor earned fees of $43,133 for distributing such contracts. Under a Rule 12b-1 plan (the "Plan") adopted by the Fund with respect to Class 2 shares of each Portfolio, insurance companies or their affiliates can enter into agreements with the Distributor and receive 12b-1 fees of up to 0.25%, on an annual basis, of the average daily net assets of Class 2 shares attributable to the particular insurance company for providing, among other things, personal services and/or the maintenance of shareholder accounts. Such fees are paid quarterly by each Portfolio to Seligman Advisors pursuant to the Plan. For the period ended June 30, 2000, fees incurred under the Plan aggregated $290, or 0.25% per annum and $51, or 0.15% per annum of the average daily net assets of Class 2 shares of Communications and Information Portfolio and Global Technology Portfolio, respectively. Certain officers and directors of the Fund are officers or directors of the Manager and the Distributor. The Fund has a compensation arrangement under which directors who receive fees may elect to defer receiving such fees. Directors may elect to have their deferred fees accrue interest or earn a return based on the performance of the other funds in the Seligman Group of Investment Companies. The cost of such fees and earnings accrued thereon is included in directors' fees and expenses, and the accumulated balances thereof at June 30, 2000, are included in other liabilities. Deferred fees and related accrued earnings are not deductible for federal income tax purposes until such amounts are paid. 6. CAPITAL LOSS CARRYFORWARD -- At December 31, 1999, the Bond Portfolio, Frontier Portfolio, High-Yield Bond Portfolio, and Large-Cap Growth Portfolio had net capital loss carryforwards for federal income tax purposes of $212,775, $428,834, $1,594,792, and $1,091, respectively, which are available for offset against future taxable net capital gains. These net capital loss carryforwards will expire in 2007. Accordingly, no capital gain distributions are expected to be paid to shareholders until net capital gains have been realized in excess of the available capital loss carryforwards. 7. OUTSTANDING FORWARD EXCHANGE CURRENCY CONTRACTS -- At June 30, 2000, the Fund had outstanding forward exchange currency contracts to purchase or sell foreign currencies as follows:
UNREALIZED FOREIGN IN EXCHANGE SETTLEMENT US $ APPRECIATION CONTRACT CURRENCY FOR US $ DATE VALUE (DEPRECIATION) - -------- --------- ----------- --------- ------- ------------- GLOBAL GROWTH PORTFOLIO Purchases: Norwegian krone 125,490 $ 14,682 7/3/00 $ 14,644 $ (38) ----- Sales: Euro's 135,968 129,645 7/3/00 129,965 (320) ----- $(358) ===== GLOBAL TECHNOLOGY PORTFOLIO Purchases: Euro's 31,071 29,626 7/3/00 29,699 $ 73 Euro's 76,752 73,452 7/3/00 73,363 (88) South African rand 1,412,366 207,396 7/3/00 208,314 917 ----- $ 902 =====
-- P-55 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - --------------------------------------------------------------------------------
UNREALIZED FOREIGN IN EXCHANGE SETTLEMENT US $ APPRECIATION CONTRACT CURRENCY FOR US $ DATE VALUE (DEPRECIATION) - -------- --------- ----------- ---------- --------- ------------ INTERNATIONAL GROWTH PORTFOLIO Purchases: Danish krone 540,617 $69,443 7/3/00 $69,279 $(164) Norwegian krone 83,660 9,788 7/3/00 9,763 (25) ----- $(189) =====
8. CAPITAL STOCK TRANSACTIONS -- At June 30, 2000, there were 20,000,000 shares of Capital Stock authorized for each of Global Growth, Global Technology, Large-Cap Growth, Large-Cap Value, and Small-Cap Value Portfolios; 80,000,000 shares for each of Bond, Capital, Global Smaller Companies, International Growth, and Income Portfolios; and 100,000,000 shares for each of Cash Management, Common Stock, Communications and Information, Frontier, and High-Yield Bond Portfolios, all at a par value of $0.001 per share. Transactions in shares of Capital Stock were as follows:
BOND CAPITAL CASH MANAGEMENT PORTFOLIO PORTFOLIO PORTFOLIO ----------------------- ----------------------- -------------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED YEAR ENDED YEAR 6/30/00 ENDED 6/30/00 ENDED 6/30/00 ENDED (unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99 ----------- --------- ----------- -------- ----------- ---------- Sale of shares.................. 143,685 368,413 529,144 401,662 24,531,404 45,713,281 Shares issued in payment of dividends................. -- 37,845 -- 408 409,120 737,469 Shares issued in payment of gain distributions........ -- -- -- 290,498 -- -- -------- --------- -------- -------- ----------- ----------- Total........................... 143,685 406,258 529,144 692,568 24,940,524 46,450,750 -------- --------- -------- -------- ----------- ----------- Shares redeemed................. (92,948) (577,822) (214,786) (698,555) (28,923,855) (39,360,497) -------- --------- -------- -------- ----------- ----------- Increase (decrease) in shares... 50,737 (171,564) 314,358 (5,987) (3,983,331) 7,090,253 ======== ========= ======== ======== =========== ===========
COMMUNICATIONS AND INFORMATION PORTFOLIO COMMON STOCK ---------------------------------------- PORTFOLIO CLASS 1 CLASS 2 ------------------------ ----------------------- --------- SIX MONTHS SIX MONTHS 5/1/00* ENDED YEAR ENDED YEAR TO 6/30/00 ENDED 6/30/00 ENDED 6/30/00 (unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) ----------- --------- ----------- ---------- ----------- Sale of shares.................. 264,106 960,847 1,710,775 2,745,361 63,479 Shares issued in payment of dividends................. -- 45,089 -- -- -- Shares issued in payment of gain distributions........ -- 580,008 -- 1,287,998 -- --------- ---------- ---------- ---------- ------- Total........................... 264,106 1,585,944 1,710,775 4,033,359 63,479 --------- ---------- ---------- ---------- ------- Shares redeemed................. (715,185) (2,098,043) (1,783,854) (3,152,170) (121) --------- ---------- ---------- ---------- ------- Increase (decrease) in shares... (451,079) (512,099) (73,079) 881,189 63,358 ========= ========== ========== ========== =======
FRONTIER GLOBAL GROWTH GLOBAL SMALLER PORTFOLIO PORTFOLIO COMPANIES PORTFOLIO ----------------------- ----------------------- ----------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED YEAR ENDED YEAR 6/30/00 ENDED 6/30/00 ENDED 6/30/00 ENDED (unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99 --------- --------- ---------- -------- ---------- ---------- Sale of shares.................. 1,261,514 1,649,550 154,169 217,292 87,135 174,796 Shares issued in payment of dividends................. -- -- -- -- -- -- Shares issued in payment of gain distributions........ -- (2,748,676) -- 68,170 -- -- ---------- ---------- -------- -------- --------- -------- Total........................... 1,261,514 (1,099,126) 154,169 285,462 87,135 174,796 ---------- ---------- -------- -------- --------- -------- Shares redeemed................. (1,440,427) 0 (294,623) (281,349) (117,029) (583,501) ---------- ---------- -------- -------- --------- -------- Increase (decrease) in shares... (178,913) (1,099,126) (140,454) 4,113 (29,894) (408,705) ========== ========== ======== ======== ========= ========
[FN] - ------------------- * Commencement of offering of shares. -- P-56 -- Seligman Portfolios, Inc.
GLOBAL TECHNOLOGY PORTFOLIO -------------------------------------- HIGH-YIELD BOND CLASS 1 CLASS 2 PORTFOLIO ----------------------- --------- ------------------------- SIX MONTHS 5/1/00* SIX MONTHS ENDED YEAR TO ENDED YEAR 6/30/00 ENDED 6/30/00 6/30/00 ENDED (unaudited) 12/31/99 (unaudited) (unaudited) 12/31/99 -------- --------- --------- ----------- ---------- Sale of shares.................. 679,908 1,185,726 28,499 231,648 1,398,390 Shares issued in payment of dividends................. -- -- -- -- 325,663 Shares issued in payment of gain distributions........ -- 77,240 -- -- -- -------- --------- ------- -------- ---------- Total........................... 679,908 1,262,966 28,499 231,648 1,724,053 -------- --------- ------- -------- ---------- Shares redeemed................. (354,861) (899,796) (690) (950,865) (1,887,102) -------- --------- ------- -------- ---------- Increase (decrease) in shares... 325,047 363,170 27,809 (719,217) (163,049) ======== ========= ======= ======== ==========
INCOME INTERNATIONAL GROWTH LARGE-CAP GROWTH PORTFOLIO PORTFOLIO PORTFOLIO ----------------------- ----------------------- ----------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED YEAR ENDED 5/1/99** 6/30/00 ENDED 6/30/00 ENDED 6/30/00 TO (unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99 --------- --------- ---------- -------- ---------- ---------- Sale of shares.................. 28,841 175,401 118,908 89,554 261,151 263,099 Shares issued in payment of dividends................. -- 42,285 -- -- -- -- Shares issued in payment of gain distributions........ -- 70,610 -- 89,832 -- -- -------- --------- -------- -------- -------- -------- Total........................... 28,841 288,296 118,908 179,386 261,151 263,099 -------- --------- -------- -------- -------- -------- Shares redeemed................. (187,022) (745,147) (70,331) (206,695) (27,310) (15,699) -------- --------- -------- -------- -------- -------- Increase (decrease) in shares... (158,181) (456,851) 48,577 (27,309) 233,841 247,400 ======== ========= ======== ======== ======== ========
LARGE-CAP VALUE SMALL-CAP VALUE PORTFOLIO PORTFOLIO ----------------------- ----------------------- SIX MONTHS SIX MONTHS ENDED YEAR ENDED YEAR 6/30/00 ENDED 6/30/00 ENDED (unaudited) 12/31/99 (unaudited) 12/31/99 ----------- -------- ----------- -------- Sale of shares.................. 139,969 486,900 294,375 400,968 Shares issued in payment of dividends................. -- 7,447 -- -- Shares issued in payment of gain distributions........ -- -- -- 39,088 -------- -------- -------- ------- Total........................... 139,969 494,347 294,375 440,056 -------- -------- -------- ------- Shares redeemed................. (197,753) (271,884) (132,399) (117,123) -------- -------- -------- ------- Increase (decrease) in shares... (57,784) 222,463 161,976 322,933 ======== ======== ======== =======
- ------------------- *Commencement of offering of shares. **Commencement of operations. 9. COMMITTED LINE OF CREDIT --All of the Portfolios, except the Cash Management Portfolio, are participants in a joint $825 million committed line of credit that is shared by substantially all open-end funds in the Seligman Group of Investment Companies. Each Portfolio's borrowings are limited to 10% (5% for the Seligman International Portfolios) of its net assets. Borrowings pursuant to the credit facility are subject to interest at a rate equal to the overnight federal funds rate plus 0.50%. Each Portfolio incurs a commitment fee of 0.10% per annum on its share of the unused portion of the credit facility. The credit facility may be drawn upon only for temporary purposes and is subject to certain other customary restrictions. The credit facility commitment expires in June 2001, but is renewable annually with the consent of the participating banks. For the six months ended June 30, 2000, none of the Portfolios had borrowed from the credit facility. -- P-57 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- The tables below are intended to help you understand the financial performance of each Class of each Portfolio for the past five and one-half years or from its inception, if less than five and one-half years. Certain information reflects financial results for a single share 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 Portfolio, assuming you reinvested all your dividends and capital gain distributions. Total returns do not reflect any administrative fees or asset-based sales charges that are associated with variable annuity and variable life insurance contracts, and are not annualized for periods of less than one year.
BOND PORTFOLIO -------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED DECEMBER 31, 6/30/00 ------------------------------------------------------ (unaudited) 1999 1998 1997 1996 1995 ----------- ------ ------ ------ ------ ------ PER SHARE DATA: NET ASSET VALUE, BEGINNING OF PERIOD ........... $ 9.27 $10.38 $10.24 $ 9.89 $10.44 $ 9.27 ------ ------ ------ ------ ------ ------ INCOME FROM INVESTMENT OPERATIONS: Net investment income .......................... 0.29 0.64 0.59 0.54 0.56 0.61 Net realized and unrealized gain (loss) on investments ............................... 0.04 (1.10) 0.25 0.35 (0.55) 1.17 ------ ------ ------ ------ ------ ------ TOTAL FROM INVESTMENT OPERATIONS ............... 0.33 (0.46) 0.84 0.89 0.01 1.78 ------ ------ ------ ------ ------ ------ LESS DISTRIBUTIONS: Dividends from net investment income ........... -- (0.65) (0.59) (0.54) (0.56) (0.61) Distributions from net realized capital gain ... -- -- (0.11) -- -- -- ------ ------ ------ ------ ------ ------ TOTAL DISTRIBUTIONS ............................ -- (0.65) (0.70) (0.54) (0.56) (0.61) ------ ------ ------ ------ ------ ------ NET ASSETS VALUE, END OF PERIOD ................ $9.60 $ 9.27 $10.38 $10.24 $ 9.89 $10.44 ====== ====== ====== ====== ====== ====== TOTAL RETURN: 3.56% (4.48)% 8.20% 8.98% 0.09% 19.18% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (000s omitted) ....... $5,610 $4,947 $7,320 $7,232 $5,015 $4,497 Ratio of expenses to average net assets ........ 0.60%+ 0.60% 0.60% 0.60% 0.60% 0.60% Ratio of net income to average net assets ...... 6.23%+ 5.56% 5.58% 6.22% 5.97% 6.22% Portfolio turnover rate ........................ 33.20% 64.22% 73.31% 170.12% 199.74% 114.42% Without management fee waiver:++ Ratio of expenses to average net assets ........ 0.86% 0.71% 0.82% 0.83% 0.79% 0.99% Ratio of net income to average net assets ...... 5.97% 5.45% 5.36% 5.99% 5.78% 5.83%
- -------------------- +Annualized. ++The Manager, at its discretion, reimbursed expenses and/or waived management fees for certain periods presented. See Notes to Financial Statements. -- P-58 -- Seligman Portfolios, Inc.
CAPITAL PORTFOLIO -------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED DECEMBER 31, 6/30/00 ------------------------------------------------------ (unaudited) 1999 1998 1997 1996 1995 ----------- ------ ------ ------ ------ ------ PER SHARE DATA: NET ASSET VALUE, BEGINNING OF PERIOD ........... $23.90 $20.81 $18.10 $16.01 $14.91 $12.70 ------ ------ ------ ------ ------ ------ INCOME FROM INVESTMENT OPERATIONS: Net investment income .......................... 0.04 0.01 0.04 0.03 0.04 0.05 Net realized and unrealized gain (loss) on investments ............................... 6.81 10.21 3.89 3.35 2.12 3.39 ------ ------ ------ ------ ------ ------ TOTAL FROM INVESTMENT OPERATIONS ............... 6.85 10.22 3.93 3.38 2.16 3.44 ------ ------ ------ ------ ------ ------ LESS DISTRIBUTIONS: Dividends from net investment income ........... -- (0.01) (0.04) (0.03) (0.04) (0.05) Distributions from net realized capital gain ... -- (7.12) (1.18) (1.26) (1.02) (1.18) ------ ------ ------ ------ ------ ------ TOTAL DISTRIBUTIONS ............................ -- (7.13) (1.22) (1.29) (1.06) (1.23) ------ ------ ------ ------ ------ ------ NET ASSETS VALUE, END OF PERIOD ................ $30.75 $23.90 $20.81 $18.10 $16.01 $14.91 ====== ====== ====== ====== ====== ====== TOTAL RETURN: 28.66% 53.35% 22.19% 21.31% 14.51% 27.17% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (000s omitted) ....... $45,154 $27,586 $24,141 $20,400 $14,313 $9,294 Ratio of expenses to average net assets ........ 0.52%+ 0.59% 0.60% 0.60% 0.59% 0.60% Ratio of net income to average net assets ...... 0.26%+ 0.03% 0.19% 0.16% 0.29% 0.32% Portfolio turnover rate ........................ 101.51% 172.88% 130.86% 93.97% 88.78% 122.20% Without management fee waiver:++ Ratio of expenses to average net assets ........ 0.62% 0.71% Ratio of net income to average net assets ...... 0.14% 0.21%
CASH MANAGEMENT PORTFOLIO -------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED DECEMBER 31, 6/30/00 ------------------------------------------------------ (unaudited) 1999 1998 1997 1996 1995 ----------- ------ ------ ------ ------ ------ PER SHARE DATA: NET ASSET VALUE, BEGINNING OF PERIOD ........... $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 ------ ------ ------ ------ ------ ------ INCOME FROM INVESTMENT OPERATIONS: Net investment income .......................... 0.029 0.050 0.053 0.054 0.053 0.055 ------ ------ ------ ------ ------ ------ TOTAL FROM INVESTMENT OPERATIONS ............... 0.029 0.050 0.053 0.054 0.053 0.055 ------ ------ ------ ------ ------ ------ LESS DISTRIBUTIONS: Distributions from net investment income ....... (0.029) (0.050) (0.053) (0.054) (0.053) (0.055) ------ ------ ------ ------ ------ ------ TOTAL DISTRIBUTIONS ............................ (0.029) (0.050) (0.053) (0.054) (0.053) (0.055) ------ ------ ------ ------ ------ ------ NET ASSETS VALUE, END OF PERIOD ................ $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 ====== ====== ====== ====== ====== ====== TOTAL RETURN: 2.97% 5.07% 5.42% 5.52% 5.43% 5.60% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (000s omitted) ....... $13,628 $17,611 $10,520 $8,635 $9,755 $7,800 Ratio of expenses to average net assets ........ -- -- -- -- -- -- Ratio of net income to average net assets ...... 5.88%+ 4.99% 5.30% 5.39% 5.30% 5.48% Without management fee waiver and expense reimbursement:++ Ratio of expenses to average net assets ........ 0.65%+ 0.65% 0.67% 0.79% 0.63% 0.87% Ratio of net income to average net assets ...... 5.23%+ 4.34% 4.63% 4.60% 4.67% 4.61%
- -------------------- + Annualized. ++ The Manager, at its discretion, reimbursed expenses and/or waived management fees for certain periods presented. See Notes to Financial Statements. -- P-59 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS (continued) - --------------------------------------------------------------------------------
COMMON STOCK PORTFOLIO -------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED DECEMBER 31, 6/30/00 ------------------------------------------------------ (unaudited) 1999 1998 1997 1996 1995 ----------- ------ ------ ------ ------ ------ PER SHARE DATA: NET ASSET VALUE, BEGINNING OF PERIOD............ $16.61 $18.63 $16.28 $15.92 $15.44 $13.78 ------ ------ ------ ------ ------ ------ INCOME FROM INVESTMENT OPERATIONS: Net investment income........................... 0.07 0.32 0.29 0.33 0.34 0.35 Net realized and unrealized gain (loss) on investments ............................... (0.11) 2.03 3.61 3.01 2.79 3.40 ------ ------ ------ ------ ------ ------ TOTAL FROM INVESTMENT OPERATIONS................ (0.04) 2.35 3.90 3.34 3.13 3.75 ------ ------ ------ ------ ------ ------ LESS DISTRIBUTIONS: Dividends from net investment income............ -- (0.32) (0.31) (0.32) (0.34) (0.35) Distributions from net realized capital gain.... -- (4.05) (1.24) (2.66) (2.31) (1.74) ------ ------ ------ ------ ------ ------ TOTAL DISTRIBUTIONS............................. -- (4.37) (1.55) (2.98) (2.65) (2.09) ------ ------ ------ ------ ------ ------ NET ASSETS VALUE, END OF PERIOD................. $16.57 $16.61 $18.63 $16.28 $15.92 $15.44 ====== ====== ====== ====== ====== ====== TOTAL RETURN: (0.24)% 13.15% 24.16% 21.31% 20.08% 27.28% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (000s omitted)........ $39,718 $47,303 $62,588 $50,737 $37,168 $28,836 Ratio of expenses to average net assets......... 0.60%+ 0.52% 0.52% 0.53% 0.53% 0.54% Ratio of net income to average net assets....... 0.85%+ 1.30% 1.61% 1.92% 1.99% 2.42% Portfolio turnover rate......................... 22.04% 38.11% 55.55% 80.13% 50.33% 55.48% COMMUNICATIONS AND INFORMATION PORTFOLIO ----------------------------------------------------------------------------- CLASS 1 CLASS 2 ---------------------------------------------------------------- --------- SIX MONTHS 5/1/00* ENDED YEAR ENDED DECEMBER 31, TO 6/30/00 6/30/00 ------------------------------------------------- (unaudited) 1999 1998 1997 1996 1995 (unaudited) --------- ------ ------ ------ ------ ------ --------- PER SHARE DATA: NET ASSET VALUE, BEGINNING OF PERIOD ..... $26.70 $17.14 $13.09 $14.69 $13.50 $10.44 $30.61 ------ ------ ------ ------ ------ ------ ------ INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss) ............. (0.06) (0.10) (0.08) (0.08) (0.04) (0.13) (0.02) Net realized and unrealized gain on investments ......................... 1.35 14.36 4.81 3.13 1.23 4.15 (2.60) ------ ------ ------ ------ ------ ------ ------ TOTAL FROM INVESTMENT OPERATIONS ......... 1.29 14.26 4.73 3.05 1.19 4.02 (2.62) ------ ------ ------ ------ ------ ------ ------ LESS DISTRIBUTIONS: Distributions from net realized capital gain ........................... -- (4.70) (0.68) (4.65) -- (0.96) -- ------ ------ ------ ------ ------ ------ ------ TOTAL DISTRIBUTIONS ...................... -- (4.70) (0.68) (4.65) -- (0.96) -- ------ ------ ------ ------ ------ ------ ------ NET ASSET VALUE, END OF PERIOD............ $27.99 $26.70 $17.14 $13.09 $14.69 $13.50 $27.99 ====== ====== ====== ====== ====== ====== ====== TOTAL RETURN: 4.83% 85.81% 36.49% 22.22% 8.81% 38.55% (8.56)% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (000s omitted).. $222,263 $213,961 $122,279 $87,633 $60,645 $38,442 $1,773 Ratio of expenses to average net assets .. 0.84%+ 0.86% 0.87% 0.87% 0.87% 0.95% 1.19%+ Ratio of net income (loss) to average net assets ............................ (0.51)%+ (0.51)% (0.56)% (0.49)% (0.32)% (0.89)% (0.62)%+ Portfolio turnover rate .................. 48.70% 118.16% 132.57% 277.14% 167.20% 96.62% 48.70%.
- ------------------ * Commencement of offering of shares. + Annualized. . For the six months ended 6/30/00. See Notes to Financial Statements. -- P-60 -- Seligman Portfolios, Inc.
FRONTIER PORTFOLIO -------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED DECEMBER 31, 6/30/00 ------------------------------------------------------ (unaudited) 1999 1998 1997 1996 1995 ----------- ------ ------ ------ ------ ------ PER SHARE DATA: NET ASSET VALUE, BEGINNING OF PERIOD............ $18.13 $15.55 $15.78 $14.98 $13.56 $10.58 ------ ------ ------ ------ ------ ------ INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss).................... (0.12) (0.10) (0.08) (0.08) (0.06) (0.07) Net realized and unrealized gain (loss) on investments........................ 0.86 2.68 (0.15) 2.47 3.28 3.58 Net realized and unrealized gain (loss) on foreign currency transactions................. -- -- -- -- -- -- ------ ------ ------ ------ ------ ------ TOTAL FROM INVESTMENT OPERATIONS................ 0.74 2.58 (0.23) 2.39 3.22 3.51 ------ ------ ------ ------ ------ ------ LESS DISTRIBUTIONS: Dividends from net investment income............ -- -- -- -- -- -- Distributions from net realized capital gain.... -- -- -- (1.59) (1.80) (0.53) ------ ------ ------ ------ ------ ------ TOTAL DISTRIBUTIONS:............................ -- -- -- (1.59) (1.80) (0.53) ------ ------ ------ ------ ------ ------ NET ASSET VALUE, END OF PERIOD.................. $18.87 $18.13 $15.55 $15.78 $14.98 $13.56 ====== ====== ====== ====== ====== ====== TOTAL RETURN: 4.08% 16.59% (1.46)% 16.33% 23.93% 33.28% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (000s omitted)........ $23,385 $25,706 $39,148 $42,973 $31,672 $12,476 Ratio of expenses to average net assets......... 0.95%+ 0.95% 0.92% 0.89% 0.92% 0.95% Ratio of net income (loss) to average net assets (0.87)%+ (0.68)% (0.51)% (0.49)% (0.37)% (0.55)% Portfolio turnover rate......................... 89.44% 57.93% 86.52% 101.68% 119.74% 106.48% Without management fee waiver and expense reimbursement:++ Ratio of expenses to average net assets......... 0.98%+ 0.96% 1.37% Ratio of net income (loss) to average net assets (0.90)%+ (0.69)% (0.97)% GLOBAL GROWTH PORTFOLIO -------------------------------------------------------- SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 5/1/96** 6/30/00 TO ------------------------------ (unaudited) 1999 1998 1997 12/31/96 --------- ------ ------ ------ -------- PER SHARE DATA: NET ASSET VALUE, BEGINNING OF PERIOD............ $18.22 $13.33 $11.03 $ 9.91 $10.00 ------ ------ ------ ------ ------ INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss).................... (0.07) (0.06) (0.01) 0.01 0.01 Net realized and unrealized gain (loss) on investments........................ (0.09) 7.31 2.25 1.79 0.02 Net realized and unrealized gain (loss) on foreign currency transactions................. (0.35) (0.44) 0.14 (0.56) (0.11) ------ ------ ------ ------ ------ TOTAL FROM INVESTMENT OPERATIONS................ (0.51) 6.81 2.38 1.24 (0.08) ------ ------ ------ ------ ------ LESS DISTRIBUTIONS: Dividends from net investment income............ -- -- -- -- (0.01) Distributions from net realized capital gain.... -- (1.92) (0.08) (0.12) -- ------ ------ ------ ------ ------ TOTAL DISTRIBUTIONS:............................ -- (1.92) (0.08) (0.12) (0.01) ------ ------ ------ ------ ------ NET ASSET VALUE, END OF PERIOD.................. $17.71 $18.22 $13.33 $11.03 $9.91 ====== ====== ====== ====== ===== TOTAL RETURN: (2.80)% 52.49% 21.60% 12.57% (0.78)% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (000s omitted)........ $9,068 $11,889 $8,643 $5,449 $1,590 Ratio of expenses to average net assets......... 1.40%+ 1.40% 1.40% 1.40% 1.40%+ Ratio of net income (loss) to average net assets (0.74)%+ (0.38)% (0.06)% 0.01% 0.37%+ Portfolio turnover rate......................... 27.85% 69.18% 48.99% 77.85% 12.99% Without management fee waiver and expense reimbursement:++ Ratio of expenses to average net assets......... 1.43%+ 1.45% 1.60% 2.11% 6.04%+ Ratio of net income (loss) to average net assets (0.77)%+ (0.43)% (0.26)% (0.70)% (4.27)%+
- ------------------ **Commencement of operations. +Annualized. ++The Manager, and Seligman Henderson, the former subadviser to the Seligman International Portfolios, at their discretion, reimbursed expenses and/or waived management fees for certain periods presented. See Notes to Financial Statements. -- P-61 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS (continued) - --------------------------------------------------------------------------------
GLOBAL SMALLER COMPANIES PORTFOLIO -------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED DECEMBER 31, 6/30/00 ------------------------------------------------------ (unaudited) 1999 1998 1997 1996 1995 ----------- ------ ------ ------ ------ ------ PER SHARE DATA: NET ASSET VALUE, BEGINNING OF PERIOD............ $17.48 $13.62 $12.98 $12.87 $11.67 $10.31 ------ ------ ------ ------ ------ ------ INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss).................... (0.04) (0.06) (0.01) 0.02 0.02 0.05 Net realized and unrealized gain (loss) on investments ............................... 0.75 4.10 1.02 1.17 2.31 2.04 Net realized and unrealized gain (loss) on foreign currency transactions ................ (0.32) (0.18) (0.17) (0.75) (0.16) (0.30) ------ ------ ------ ------ ------ ------ TOTAL FROM INVESTMENT OPERATIONS................ 0.39 3.86 0.84 0.44 2.17 1.79 ------ ------ ------ ------ ------ ------ LESS DISTRIBUTIONS: Dividends from net investment income............ -- -- -- (0.02) (0.02) (0.05) Distributions from net realized capital gain.... -- -- (0.20) (0.31) (0.95) (0.38) ------ ------ ------ ------ ------ ------ TOTAL DISTRIBUTIONS:............................ -- -- (0.20) (0.33) (0.97) (0.43) ------ ------ ------ ------ ------ ------ NET ASSET VALUE, END OF PERIOD.................. $17.87 $17.48 $13.62 $12.98 $12.87 $11.67 ====== ====== ====== ====== ====== ====== TOTAL RETURN: 2.23% 28.34% 6.58% 3.43% 18.66% 17.38% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (000s omitted)........ $19,470 $19,569 $20,814 $20,505 $16,876 $4,837 Ratio of expenses to average net assets......... 1.40%+ 1.40% 1.40% 1.40% 1.40% 1.39% Ratio of net income (loss) to average net assets (0.32)%+ (0.46)% (0.06)% 0.24% 0.23% 0.64% Portfolio turnover rate......................... 47.83% 46.75% 66.40% 64.81% 62.31% 55.65% Without management fee waiver and expense reimbursement:++ Ratio of expenses to average net assets......... 1.55%+ 1.60% 1.50% 1.56% 1.90% 3.84% Ratio of net income (loss) to average net assets (0.47)%+ (0.66)% (0.16)% 0.08% (0.27)% (1.81)%
GLOBAL TECHNOLOGY PORTFOLIO --------------------------------------------------------------------- CLASS 1 CLASS 2 ------------------------------------------------------- ---------- SIX MONTHS 5/1/00* ENDED YEAR ENDED DECEMBER 31, 5/1/96** TO 6/30/00 TO 6/30/00 ------------------------------ PER SHARE DATA: (unaudited) 1999 1998 1997 12/31/96 (unaudited) ------ ------ ------ ------ ------ ------ NET ASSET VALUE, BEGINNING OF PERIOD............ $27.42 $13.85 $10.59 $10.32 $10.00 $30.96 ------ ------ ------ ------ ------ ------ INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss).................... (0.02) (0.09) (0.05) 0.01 -- (0.03) Net realized and unrealized gain (loss) on investments................................ 1.70 16.25 3.81 2.15 0.30 (1.97) Net realized and unrealized gain (loss) on foreign currency transactions ................ (0.10) (0.04) 0.11 (0.19) 0.10 0.04 ------ ------ ------ ------ ------ ------ TOTAL FROM INVESTMENT OPERATIONS................ 1.58 16.12 3.87 1.97 0.40 (1.96) ------ ------ ------ ------ ------ ------ LESS DISTRIBUTIONS: Dividends from net investment income............ -- -- -- (0.01) -- -- Distributions from net realized capital gain.... -- (2.55) (0.61) (1.69) (0.08) -- ------ ------ ------ ------ ------ ------ TOTAL DISTRIBUTIONS:............................ -- (2.55) (0.61) (1.70) (0.08) -- ------ ------ ------ ------ ------ ------ NET ASSET VALUE, END OF PERIOD.................. $29.00 $27.42 $13.85 $10.59 $10.32 $29.00 ====== ====== ====== ====== ====== ====== TOTAL RETURN: 5.76% 118.80% 36.80% 19.53% 4.01% (6.33)% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (000s omitted)........ $32,788 $22,087 $6,130 $3,686 $1,364 $807 Ratio of expenses to average net assets......... 1.21%+ 1.40% 1.40% 1.40% 1.40%+ 1.40%+ Ratio of net income (loss) to average net assets (0.41)%+ (0.51)% (0.43)% 0.12% 0.60%+ (1.30)%+ Portfolio turnover rate......................... 65.94% 116.88% 82.27% 167.36% 45.04% 65.94%. Without management fee waiver and expense reimbursement:++ Ratio of expenses to average net assets......... 1.41% 1.80% 2.10% 4.71%+ Ratio of net income (loss) to average net assets (0.52)% (0.83)% (0.58)% (2.71)%+
- ---------------------- *Commencement of offering of shares. **Commencement of operations. +Annualized. ++The Manager, and Seligman Henderson, the former subadviser to the Seligman International Portfolios, at their discretion, reimbursed expenses and/or waived management fees for certain periods presented. . For the six months ended 6/30/00. See Notes to Financial Statements. -- P-62 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
HIGH-YIELD BOND PORTFOLIO -------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED DECEMBER 31, 5/1/95** 6/30/00 ------------------------------------------ TO PER SHARE DATA: (unaudited) 1999 1998 1997 1996 12/31/95 ------ ------ ------ ------ ------ ------ NET ASSET VALUE, BEGINNING OF PERIOD............ $ 9.59 $10.87 $11.87 $11.19 $10.50 $10.00 ------ ------ ------ ------ ------ ------ INCOME FROM INVESTMENT OPERATIONS: et investment income........................... 0.50 1.19 1.11 0.91 0.77 0.22 Net realized and unrealized gain (loss) on investments................................ (0.69) (1.27) (0.99) 0.78 0.77 0.52 ------ ------ ------ ------ ------ ------ TOTAL FROM INVESTMENT OPERATIONS................ (0.19) (0.08) 0.12 1.69 1.54 0.74 ------ ------ ------ ------ ------ ------ LESS DISTRIBUTIONS: Dividends from net investment income............ -- (1.20) (1.11) (0.90) (0.77) (0.22) Distributions from net realized capital gain.... -- -- (0.01) (0.11) (0.08) (0.02) ------ ------ ------ ------ ------ ------ TOTAL DISTRIBUTIONS:........................... -- (1.20) (1.12) (1.01) (0.85) (0.24) ------ ------ ------ ------ ------ ------ NET ASSET VALUE, END OF PERIOD.................. $ 9.40 $ 9.59 $10.87 $11.87 $11.19 $10.50 ====== ====== ====== ====== ====== ====== TOTAL RETURN: (1.98)% (0.75)% 1.02% 15.09% 14.62% 7.37% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (000s omitted)........ $19,595 $26,892 $32,253 $23,268 $11,176 $3,009 Ratio of expenses to average net assets......... 0.70%+ 0.70% 0.70% 0.70% 0.70% 0.70%+ Ratio of net income (loss) to average net assets 10.72%+ 10.33% 9.60% 9.61% 9.77% 7.46%+ Portfolio turnover rate......................... 13.35% 57.05% 43.13% 74.54% 117.01% 67.55% Without management fee waiver and expense reimbursement:++ Ratio of expenses to average net assets......... 0.81%+ 0.77% 0.74% 0.79% 0.88% 4.38%+ Ratio of net income to average net assets....... 10.61%+ 10.26% 9.56% 9.52% 9.59% 3.78%+ INCOME PORTFOLIO -------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED DECEMBER 31, 6/30/00 ------------------------------------------------------ (unaudited) 1999 1998 1997 1996 1995 ----------- ------ ------ ------ ------ ------ PER SHARE DATA: NET ASSET VALUE, BEGINNING OF PERIOD............ $ 9.91 $11.01 $10.80 $10.52 $10.56 $ 9.97 ------ ------ ------ ------ ------ ------ INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss).................... 0.15 0.53 0.45 0.56 0.58 0.60 Net realized and unrealized gain (loss) on investments................................ 0.01 (0.23) 0.38 0.91 0.13 1.19 ------ ------ ------ ------ ------ ------ TOTAL FROM INVESTMENT OPERATIONS................ 0.16 0.30 0.83 1.47 0.71 1.79 ------ ------ ------ ------ ------ ------ LESS DISTRIBUTIONS: Dividends from net investment income............ -- (0.52) (0.46) (0.55) (0.58) (0.60) Distributions from net realized capital gain.... -- (0.88) (0.16) (0.64) (0.17) (0.60) ------ ------ ------ ------ ------ ------ TOTAL DISTRIBUTIONS:............................ -- (1.40) (0.62) (1.19) (0.75) (1.20) ------ ------ ------- ------- ------- ------- NET ASSET VALUE, END OF PERIOD.................. $10.07 $ 9.91 $ 11.01 $ 10.80 $ 10.52 $ 10.56 ====== ====== ======= ======= ======= ======= TOTAL RETURN: 1.61% 2.87% 7.76% 14.02% 6.66% 17.98% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (000s omitted)........ $7,142 $8,595 $14,582 $13,835 $13,717 $12,619 Ratio of expenses to average net assets......... 0.60%+ 0.60% 0.60% 0.60% 0.59% 0.60% Ratio of net income to average net assets....... 3.08%+ 3.62% 3.94% 4.71% 5.37% 5.55% Portfolio turnover rate......................... 30.56% 75.08% 70.45% 96.99% 19.59% 51.22% Without management fee waiver and expense reimbursement:++ Ratio of expenses to average net assets......... 0.96%+ 0.72% 0.61% 0.63% 0.62% Ratio of net income to average net assets....... 2.72%+ 3.50% 3.93% 4.68% 5.53%
- -------------------- *Commencement of operations. +Annualized. ++The Manager, at its discretion, reimbursed expenses and/or waived management fees for certain periods presented. See Notes to Financial Statements. -- P-63 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS (continued) - --------------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO -------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED DECEMBER 31, 6/30/00 ------------------------------------------------------ (unaudited) 1999 1998 1997 1996 1995 ----------- ------ ------ ------ ------ ------ NET ASSET VALUE, BEGINNING OF PERIOD............ $16.63 $15.37 $13.54 $12.96 $12.39 $11.34 ------ ------ ------ ------ ------ ------ INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss).................... (0.04) (0.05) 0.08 0.03 0.07 0.15 Net realized and unrealized gain (loss) on investments................................ (3.42) 4.69 1.90 2.11 1.13 0.90 Net realized and unrealized gain (loss) on foreign currency transactions ................ (0.51) 0.73 0.16 (1.06) (0.32) 0.24 ------ ------ ------ ------ ------ ------ TOTAL FROM INVESTMENT OPERATIONS................ (3.97) 3.91 2.14 1.08 0.88 1.29 ------ ------ ------ ------ ------ ------ LESS DISTRIBUTIONS: Dividends from net investment income............ -- -- (0.15) (0.03) (0.07) (0.15) Distributions from net realized capital gain.... -- (2.65) (0.16) (0.47) (0.24) (0.09) ------ ------ ------ ------ ------ ------ TOTAL DISTRIBUTIONS:............................ -- (2.65) (0.31) (0.50) (0.31) (0.24) ------- ------ ------ ------ ------ ------ NET ASSET VALUE, END OF PERIOD.................. $ 12.66 $16.63 $15.37 $13.54 $12.96 $12.39 ======= ====== ====== ====== ====== ====== TOTAL RETURN: (23.87)% 26.64% 15.81% 8.35% 7.08% 11.34% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (000s omitted)........ $ 8,418 $10,248 $ 9,893 $ 9,182 $ 7,242 $ 4,183 Ratio of expenses to average net assets......... 1.40%+ 1.39% 1.40% 1.40% 1.40% 1.35% Ratio of net income (loss) to average net assets (0.54)%+ 0.33% 0.52% 0.43% 0.70% 1.01% Portfolio turnover rate......................... 158.95% 79.17% 75.81% 89.43% 48.53% 41.40% Without management fee waiver and expense reimbursement:++ Ratio of expenses to average net assets......... 1.80%+ 1.66% 1.78% 2.07% 2.30% 3.40% Ratio of net income (loss) to average net assets (0.93)%+ 0.06% 0.14% (0.24)% (0.20)% (1.04)%
LARGE-CAP GROWTH LARGE-CAP SMALL-CAP PORTFOLIO VALUE PORTFOLIO VALUE PORTFOLIO -------------------- ------------------------------- ------------------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED 5/1/99** ENDED YEAR 5/1/98** ENDED YEAR 5/1/98** 6/30/00 TO 6/30/00 ENDED TO 6/30/00 ENDED TO PER SHARE DATA: (unaudited) 12/31/99 (unaudited) 12/31/99 12/31/98 (unaudited) 12/31/99 12/31/98 --------- -------- --------- -------- -------- --------- -------- -------- NET ASSET VALUE, BEGINNING OF PERIOD........ $12.16 $10.00 $ 9.28 $ 9.66 $10.00 $ 8.08 $ 7.31 $10.00 ------ ------ ------ ------ ------ ------ ------ ------ INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................ 0.02 -- 0.07 0.10 0.04 -- (0.03) (0.02) Net realized and unrealized gain (loss) on investments.............................. 1.16 2.16 (0.57) (0.37) (0.07) 0.57 2.49 (1.73) Net realized and unrealized gain (loss) on foreign currency transactions............ -- -- -- -- -- -- -- -- ------ ------ ------ ------ ------ ------ ------ ------ TOTAL FROM INVESTMENT OPERATIONS............ 1.18 2.16 (0.50) (0.27) (0.03) 0.57 2.46 (1.75) ------ ------ ------ ------ ------ ------ ------ ------ LESS DISTRIBUTIONS: Dividends from net investment income........ -- -- -- (0.11) (0.04) -- -- -- Distributions from net realized capital gain -- -- -- -- (0.27) -- (1.69) (0.94) ------ ------ ------ ------ ------ ------ ------ ------ TOTAL DISTRIBUTIONS:........................ -- -- -- (0.11) (0.31) -- (1.69) (0.94) ------ ------ ------ ------ ------ ------ ------ ------ NET ASSET VALUE, END OF PERIOD.............. $13.34 $12.16 $ 8.78 $ 9.28 $ 9.66 $ 8.65 $ 8.08 $ 7.31 ====== ====== ====== ====== ====== ====== ====== ====== TOTAL RETURN: 9.70% 21.60% (5.39)% (2.76)% (0.26)% 7.05% 35.26% (17.00)% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (000s omitted).... $7,143 $3,668 $4,940 $5,758 $3,845 $6,114 $4,403 $2,469 Ratio of expenses to average net assets..... 0.70%+ 0.70%+ 0.80%+ 0.80% 0.80%+ 1.00%+ 1.00% 1.00%+ Ratio of net income (loss) to average net assets................................ 0.23%+ (0.03)%+ 1.64%+ 1.18% 1.11%+ (0.24)%+ (0.27)% (0.34)%+ Portfolio turnover rate..................... 55.34% 56.69% 21.34% 28.01% 65.82% 34.22% 90.51% 73.87% Without management fee waiver and expense reimbursement:++ Ratio of expenses to average net assets..... 1.16%+ 1.52%+ 1.23%+ 1.13% 2.24%+ 1.42%+ 1.41% 3.08%+ Ratio of net income (loss) to average net assets................................ (0.23)%+ (0.85)%+ 1.21%+ 0.85% (0.33)%+ (0.66)%+ (0.68)% (2.43%)+
- -------------------- **Commencement of operations. +Annualized. ++The Manager and Seligman Henderson, the former subadviser to the Seligman International Portfolios, at their discretion, reimbursed expenses and/or waived management fees for certain periods presented. See Notes to Financial Statements. -- P-64 -- Seligman Portfolios, Inc. - -------------------------------------------------------------------------------- BOARD OF DIRECTORS - -------------------------------------------------------------------------------- JOHN R. GALVIN 2, 4 Director, Raytheon Company Dean Emeritus, Fletcher School of Law and Diplomacy at Tufts University ALICE S. ILCHMAN 3, 4 Trustee, Committee for Economic Development Chairman, The Rockefeller Foundation FRANK A. MCPHERSON 2, 4 Director, Kimberly-Clark Corporation Director, Baptist Medical Center Director, Conoco Inc. JOHN E. MEROW 2, 4 Director, Commonwealth Industries, Inc. Trustee, New York-Presbyterian Hospital Retired Chairman and Senior Partner, Sullivan & Cromwell, Law Firm BETSY S. MICHEL 2, 4 Trustee, The Geraldine R. Dodge Foundation WILLIAM C. MORRIS 1 Chairman Chairman of the Board, J. & W. Seligman & Co. Incorporated Chairman, Carbo Ceramics Inc. Director, Kerr-McGee Corporation JAMES C. PITNEY 3, 4 Retired Partner, Pitney, Hardin, Kipp & Szuch, Law Firm JAMES Q. RIORDAN 3, 4 Director, KeySpan Energy Corporation Trustee, Committee for Economic Development RICHARD R. SCHMALTZ 1 Managing Director, Director of Investments, J. & W. Seligman & Co. Incorporated Trustee Emeritus, Colby College ROBERT L. SHAFER 3, 4 Retired Vice President, Pfizer Inc. JAMES N. WHITSON 2, 4 Director and Consultant, Sammons Enterprises, Inc. Director, C-SPAN Director, CommScope, Inc. BRIAN T. ZINO 1 President President, J. & W. Seligman & Co. Incorporated Chairman, Seligman Data Corp. Director, ICI Mutual Insurance Company Member of the Board of Governors, Investment Company Institute Director Emeritus FRED E. BROWN Director and Consultant, J. & W. Seligman & Co. Incorporated - ----------------- Member: 1 Executive Committee 2 Audit Committee 3 Director Nominating Committee 4 Board Operations Committee - -------------------------------------------------------------------------------- EXECUTIVE OFFICERS WILLIAM C. MORRIS Chairman BRIANT.ZINO President DANIEL J. BARKER Vice President JACK P. CHANG Vice President DANIEL J. CHARLESTON Vice President IAIN C. CLARK Vice President MARK J. CUNNEEN Vice President NEIL T. EIGEN Vice President MARION S. SCHULTHEIS Vice President CHARLES C. SMITH, JR. Vice President LAWRENCE P. VOGEL Vice President and Treasurer STEVEN A. WERBER, JR. Vice President PAUL H. WICK Vice President GARY S. ZELTZER Vice President FRANK J. NASTA Secretary - -------------------------------------------------------------------------------- MANAGER J. & W. Seligman & Co. Incorporated 100 Park Avenue New York, New York 10017 SUBADVISER (to Seligman Global Smaller Companies Portfolio) Henderson Investment Management Limited 3 Finsbury Avenue London EC2M 2PA GENERAL DISTRIBUTOR Seligman Advisors, Inc. 100 Park Avenue New York, New York 10017 CUSTODIANS State Street Bank & Trust Co. The Chase Manhattan Bank GENERAL COUNSEL Sullivan & Cromwell INDEPENDENT AUDITORS Ernst & Young LLP -- P-65 -- www.seligman.com This report is intended only for the information of shareholders or those who have received the offering prospectus covering shares of Capital Stock of Seligman Portfolios, Inc., which contains information about the management fees and other costs. Please read the prospectus carefully before investing or sending money. -----END PRIVACY-ENHANCED MESSAGE-----