SELIGMAN
---------------------------------
Time Horizon/
Harvester
Series, Inc.
SELIGMAN TIME HORIZON 30 FUND
SELIGMAN TIME HORIZON 20 FUND
SELIGMAN TIME HORIZON 10 FUND
SELIGMAN HARVESTER FUND
MID-YEAR REPORT
June 30, 2000
--------
Asset Allocation
Strategies Seeking
to Manage Risk
Over Time
J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864
<PAGE>
SELIGMAN -- TIMES CHANGE...VALUES ENDURE
J. & W. Seligman & Co. Incorporated is a firm with a long tradition of
investment expertise, offering a broad array of investment choices to help
today's investors seek their long-term financial goals.
Times Change...
Established in 1864, Seligman has a history of providing financial services
marked not by fanfare, but rather by a quiet and firm adherence to financial
prudence. While the world has changed dramatically in the 136 years since
Seligman first opened its doors, the firm has continued to offer its clients
high-quality investment solutions through changing times.
In the late 19th century, as the country grew, Seligman helped finance the
westward expansion of the railroads, the construction of the Panama Canal, and
the launching of urban transit systems. In the first part of the 20th century,
as America became an industrial power, the firm helped fund the growing capital
needs of the nascent automobile and steel industries.
With the formation of Tri-Continental Corporation in 1929 -- today, the nation's
largest diversified publicly-traded closed-end investment company -- Seligman
began shifting its emphasis from investment banking to investment management.
Despite the stock market crash and ensuing depression, Seligman was convinced of
the importance that investment companies could have in building wealth for
individual investors and launched its first mutual fund in 1930.
In the decades that followed, Seligman has continued to offer forward-looking
investment solutions, including equity funds that specialize in small companies,
technology, or international securities, and bond funds that focus on high-yield
issuers, US government bonds, or municipal securities.
...Values Endure
Seligman is proud of its distinctive past and of the traditional values that
continue to shape the firm's business decisions and investment judgment. While
much has changed over the years, the firm's commitment to providing prudent
investment management that seeks to build wealth for clients over time is an
enduring value that will guide Seligman in the new millennium.
[PHOTO]
James, Jesse, and Joseph Seligman, 1870
Table of Contents
To the Shareholders................................. 1
Interview With Your Portfolio Manager............... 2
Performance Overview................................ 4
Benchmark Descriptions.............................. 8
Portfolios of Investments........................... 9
Statements of Assets and Liabilities................ 11
Statements of Operations............................ 12
Statements of Changes in Net Assets................. 13
Notes to Financial Statements....................... 14
Financial Highlights................................ 18
Report of Independent Auditors ..................... 20
Board of Directors ................................. 21
Executive Officers and For More Information......... 22
Glossary of Financial Terms......................... 23
<PAGE>
TO THE SHAREHOLDERS
We are pleased to present the first mid-year shareholders' report for Seligman
Time Horizon/Harvester Series. The Funds operated within a challenging investing
environment during its first months of operations, but nonetheless delivered
competitive returns. Only Seligman Harvester Fund lagged its composite
benchmark, but it provided a positive return and outpaced the Standard & Poor's
500 Composite Stock Index (S&P 500). More detailed information on the Series'
performance, as well as a discussion with your Portfolio Manager regarding these
results, follows this letter.
Since the Series' inception on January 10, 2000, the stock market has been
volatile, and through June 30, 2000, delivered generally flat results. This was,
in large part, the result of the Federal Reserve Board's ongoing efforts to slow
the economy. Since June 1999, the federal funds rate has been increased by 175
basis points, from 4.75%, before the June 1999 Fed meeting, to 6.50%, following
the most recent 50-basis-point increase in May 2000. For nearly a year, the
Fed's efforts seemed to have little effect on the strong US economy and
investors soon became concerned that the Fed would be unable to achieve its
objective of an economic "soft landing." This could prompt additional rate
hikes, and adversely affect corporate profits and ultimately stock prices.
During the same time, the bond market rallied as a result of investor flight to
quality amid the uncertainty of the stock market and the bond market's optimism
that the Fed's efforts would ultimately be successful. High-yield bonds,
unfortunately, did not participate in this rally and continued to languish.
As the six months came to a close, evidence began to appear that the economy was
indeed moderating; we believe that this will continue. In such an environment,
we think that the fundamentals of long-term investing will be more important
than ever, and that diversification and asset allocation -- such as provided by
Seligman Time Horizon/Harvester Series -- will be crucial for long-term success.
Seligman Time Horizon Funds may help investors and their financial advisors
achieve a balance of asset classes that our studies have shown is appropriate
for time frames from one to 30 years for reaching a variety of financial goals.
Seligman Harvester Fund is designed to help investors conserve capital while
generating current income.
Thank you for your support of Seligman Time Horizon/Harvester Series. We look
forward to serving your investment needs for many years to come.
By order of the Board of Directors,
/s/ William C. Morris
William C. Morris
Chairman
/s/ Brian T. Zino
Brian T. Zino
President
August 11, 2000
1
<PAGE>
INTERVIEW WITH YOUR PORTFOLIO MANAGER
Charles W. Kadlec
Q: How did Seligman Time Horizon/Harvester Series perform since its inception
on January 10, 2000, through June 30, 2000?
A: We were pleased with the performances delivered by Seligman Time
Horizon/Harvester Series during this first reporting period. While the
Standard & Poor's 500 Composite Stock Index (S&P 500) was flat at 0.30%
from January 10 through June 30, all the Seligman Time Horizon Funds
returned positive and competitive results, ranging from 1.33% to 4.90%,
based on the net asset value of Class A shares.
Seligman Harvester Fund delivered a more modest return for the period, and
lagged the bond market, as measured by the Salomon Brothers Long-Term High
Grade Corporate Bond Total Return Index. The Fund also lagged the
performance of its composite index. The Fund's somewhat disappointing
return was the result of its exposure to high-yield bonds, which
underperformed for the period.
Details regarding the Funds' performances are presented in the Performance
Overviews, beginning on page 4 of this report.
Q: What economic and market factors affected the Funds' performances during
the period from January 10, 2000, through June 30, 2000?
A: The year 2000 began much as 1999 had ended: growth stocks, and particularly
technology stocks, were outperforming the rest of the market by a wide
margin. By the middle of March, however, the tide was changing. On March
10, the Nasdaq Composite Index (a technology-heavy index) peaked at 5049.
This index lost 37% of its value before beginning to regain ground in early
June. During the Nasdaq's decline, value stocks, which had been out of
favor for so long, began to deliver strong returns. In June, however,
equity market sentiment reversed once again, and value stocks fell behind
while growth stocks began to move higher. US government bonds outperformed
nearly every other asset class for the period.
This six-month period illustrated how rapidly markets can change. Asset
classes that are in favor today may be very much out of favor tomorrow. We
believe that individual investors simply cannot, and really should not,
attempt to respond to these changes over short periods of time. We believe
that investors are best served not by timing the market, but by "time in
the market," in a diversified portfolio designed for their investment time
frames.
Q: Which underlying Seligman funds made the greatest positive impact on the
performances of Seligman Time Horizon/Harvester Series?
A: Seligman Capital Fund and Seligman Growth Fund, which are represented in
all the Seligman Time Horizon/Harvester Series Funds, were the best
performers among the underlying Seligman funds. Seligman Capital Fund
benefited from the strength of mid-cap
----------------------------------------
Portfolio Management
Each Fund in the Series is managed by
Charles W. Kadlec. Mr. Kadlec has been a
Managing Director of J. & W. Seligman &
Co. Incorporated since January 1992, and
Chief Investment Strategist for Seligman
Advisors since April 1997. Mr. Kadlec is
the architect of several investment
strategies, chief among them Seligman
Time Horizon Matrix and Seligman
Harvester.
----------------------------------------
[PHOTO]
Charles W. Kadlec, Portfolio Manager
2
<PAGE>
INTERVIEW WITH YOUR PORTFOLIO MANAGER
Charles W. Kadlec
stocks during the period, and both Funds benefited from the excellent stock
selection of their portfolio management team.
Q: International funds had a negative impact on the Funds' overall investment
results. Why are they important to the Funds' strategy?
A: While the international investments did not deliver strong performances
during this time, we believe that, over the long term, some of the best
opportunities lie outside the US. Economic freedom is just beginning to
take root in places like China, Korea, eastern Europe, and Russia, and we
believe that as this freedom spreads, prosperity will grow.
It is important to note that Seligman International Growth Fund had a
particularly difficult time during this period. This was the result of the
Fund's repositioning of its portfolio to more growth-oriented sectors of
the market, while reducing its exposure to value-style stocks. Just as the
Fund was undertaking this repositioning, growth stocks suffered a
significant correction in the middle of March and into April. The downturn
was particularly detrimental to the Fund, since it had not held those
growth stocks during their previous strong rally. While the timing of these
portfolio shifts caused Seligman International Growth Fund to underperform
during this time, the Fund's portfolio management team believes that these
changes will provide the Fund with the best opportunities for growth over
the long term.
While we are very positive regarding the long-term outlook for global
equity markets, these markets will almost certainly be volatile over short
periods of time. For this reason, it is important that investors own the
Seligman Time Horizon/Harvester Series Funds that are geared to their time
frame. Based on research of historical returns of asset classes, we believe
that for investors with 30-year time horizons, it is reasonable to allocate
up to 40% of assets to international securities, including 10% to emerging
markets. For investors who are using assets to meet current expenses, we
believe that some international exposure is still appropriate, provided it
is well balanced with domestic equities and fixed-income securities.
Q: What is your outlook?
A: It is very difficult to say what the markets will do over the short term.
That's why we believe so strongly in implementing a strategy that can
mirror an individual's time horizon for seeking a specific goal, such as
retirement, paying for a child's college education, or paying off a home
mortgage with an asset allocation -- and then engaging in a process that
changes those allocations each year as that individual moves closer to his
or her goal. This is the benefit of an investment like Seligman Time
Horizon/Harvester Series. We maintain allocations which, based on
historical data, we believe are appropriate for given time frames.
Over the long term, we are optimistic regarding worldwide investment
opportunities. First, tax rates are coming down throughout the world. In
Germany, the government recently passed sweeping across-the-board tax
reductions for individuals and corporations, and it has eliminated capital
gains taxes on corporate holdings of securities. The Italian and French
governments have already indicated that they will respond by reducing their
taxes. Our research has shown that, as tax rates are reduced, economic
activity expands. Such environments have historically produced
above-average equity market returns.
Free trade is also expanding throughout the world. One prominent example of
this is China's progress toward entry into the World Trade Organization. We
believe that China will ultimately be successful in gaining entry and that
this will benefit not only China, but all of its trading partners, over the
long term.
Finally, in the United States, price stability has become the unchallenged
goal of the Federal Reserve Board. We think this goal will be accomplished
over time, with the consumer price index rising no more than 2% per year.
Fixed-income markets should respond positively to sustained price stability
as interest rates move lower over time. Price stability and lower interest
rates also make it easier for companies to conduct business, and should
provide a positive backdrop for the stock market and for fixed-income
markets as yields are able to fall.
3
<PAGE>
PERFORMANCE OVERVIEW
Seligman Time Horizon 30 Fund(1)
Investment Results per Share
For the Period Ended June 30, 2000
TOTAL RETURNS*
Class A**
With Sales Charge............................................ (0.13)%
Without Sales Charge......................................... 4.90
Class B**
With 5% CDSC................................................. (0.20)
Without CDSC................................................. 4.55
Class C**
With Sales Charge and CDSC................................... 2.56
Without Sales Charge and CDSC................................ 4.56
Class D**
With 1% CDSC................................................. 3.56
Without CDSC................................................. 4.56
BENCHMARKS
Horizon 30 Composite Index(2)................................ 2.10
S&P 500 Composite Stock Index(3)............................. 0.30
NET ASSET VALUE
June 30, 2000
Class A...................................................... $7.49
Class B...................................................... 7.47
Class C...................................................... 7.47
Class D...................................................... 7.47
CAPITAL GAIN INFORMATION
For the Period Ended June 30, 2000
Realized..................................................... --
Unrealized+.................................................. $0.120
The rates of return will vary and the principal value of an investment will
fluctuate. Shares, if redeemed, may be worth more or less than their original
cost. Past performance is not indicative of future investment results.
----------------
* Returns for periods of less than one year are not annualized.
** Return figures reflect any change in price per share and assume the
investment of dividends and capital gain distributions. Returns for Class A
shares are calculated with and without the effect of the initial 4.75%
maximum sales charge. Returns for Class B shares are calculated with and
without the effect of the maximum 5% contingent deferred sales charge
("CDSC"), charged on redemptions made within one year of the date of
purchase, declining to 1% in the sixth year and 0% thereafter. Returns for
Class C shares are calculated with and without the effect of the initial 1%
maximum sales charge and the 1% CDSC, charged on redemptions made within 18
months of the date of purchase. Returns for Class D shares are calculated
with and without the effect of the 1% CDSC, charged on redemptions made
within one year of the date of purchase.
+ Represents the per share amount of net unrealized appreciation of portfolio
securities as of June 30, 2000.
(1) Commencement of investment operations for Class A shares was 1/10/00. Class
A shares returns were computed from the commencement of investment
operations. Class B, C, and D shares were offered to the public on 1/10/00,
but were first issued at various later dates. Total returns for Class B, C,
and D shares of the Fund have been computed from the commencement of
investment operations and incorporate the total return of Class A shares of
the Fund from the commencement of investment operations through the initial
issuance date of each of the other classes of shares, adjusted to reflect
the higher expenses associated with the Administration, Shareholder Services
and Distribution Plan for those classes that would have been incurred had
they first been issued on the commencement of investment operations date.
The total returns of Class B, C, and D shares from their individual initial
issuance dates would be different, and may be lower, than those shown above.
See the Financial Highlights table appearing on page 18 for total returns
for each Class of shares from their individual initial issuance dates.
Initial issuance dates for Class B, C, and D shares were 4/24/00, 2/8/00,
and 2/14/00, respectively.
(2) See page 8 for benchmark description.
(3) The S&P 500 Composite Stock Index is an unmanaged benchmark that assumes the
investment of dividends and excludes the effect of fees and/or sales
charges. Investors cannot invest directly in an index.
4
<PAGE>
PERFORMANCE OVERVIEW
Seligman Time Horizon 20 Fund(1)
Investment Results per Share
For the Period Ended June 30, 2000
TOTAL RETURNS*
Class A**
With Sales Charge............................................ (0.40)%
Without Sales Charge......................................... 4.62
Class B**
With 5% CDSC................................................. (0.95)
Without CDSC................................................. 4.05
Class C**
With Sales Charge and CDSC................................... 2.05
Without Sales Charge and CDSC................................ 4.05
Class D**
With 1% CDSC................................................. 3.04
Without CDSC................................................. 4.05
BENCHMARKS
Horizon 20 Composite Index(2)................................ 1.45
S&P 500 Composite Stock Index(3)............................. 0.30
NET ASSET VALUE
June 30, 2000
Class A...................................................... $7.47
Class B...................................................... 7.43
Class C...................................................... 7.43
Class D...................................................... 7.43
CAPITAL GAIN INFORMATION
For the Period Ended June 30, 2000
Realized..................................................... $0.003
Unrealized+.................................................. 0.127
The rates of return will vary and the principal value of an investment will
fluctuate. Shares, if redeemed, may be worth more or less than their original
cost. Past performance is not indicative of future investment results.
------------------
* Returns for periods of less than one year are not annualized.
** Return figures reflect any change in price per share and assume the
investment of dividends and capital gain distributions. Returns for Class A
shares are calculated with and without the effect of the initial 4.75%
maximum sales charge. Returns for Class B shares are calculated with and
without the effect of the maximum 5% contingent deferred sales charge
("CDSC"), charged on redemptions made within one year of the date of
purchase, declining to 1% in the sixth year and 0% thereafter. Returns for
Class C shares are calculated with and without the effect of the initial 1%
maximum sales charge and the 1% CDSC, charged on redemptions made within 18
months of the date of purchase. Returns for Class D shares are calculated
with and without the effect of the 1% CDSC, charged on redemptions made
within one year of the date of purchase.
+ Represents the per share amount of net unrealized appreciation of portfolio
securities as of June 30, 2000.
(1) Commencement of investment operations for Class A shares was 1/10/00. Class
A shares returns were computed from the commencement of investment
operations. Class B, C, and D shares were offered to the public on 1/10/00,
but were first issued at various later dates. Total returns for Class B, C,
and D shares of the Fund have been computed from the commencement of
investment operations and incorporate the total return of Class A shares of
the Fund from the commencement of investment operations through the initial
issuance date of each of the other classes of shares, adjusted to reflect
the higher expenses associated with the Administration, Shareholder Services
and Distribution Plan for those classes that would have been incurred had
they first been issued on the commencement of investment operations date.
The total returns of Class B, C, and D shares from their individual initial
issuance dates would be different, and may be lower, than those shown above.
See the Financial Highlights table appearing on page 18 for total returns
for each Class of shares from their individual initial issuance dates.
Initial issuance dates for Class B, C, and D shares were 3/21/00, 1/18/00,
and 1/21/00, respectively.
(2) See page 8 for benchmark description.
(3) The S&P 500 Composite Stock Index is an unmanaged benchmark that assumes the
investment of dividends and excludes the effect of fees and/or sales
charges. Investors cannot invest directly in an index.
5
<PAGE>
PERFORMANCE OVERVIEW
Seligman Time Horizon 10 Fund(1)
Investment Results per Share
For the Period Ended June 30, 2000
TOTAL RETURNS*
Class A**
With Sales Charge............................................ (0.27)%
Without Sales Charge......................................... 4.76
Class B**
With 5% CDSC................................................. (0.60)
Without CDSC................................................. 4.40
Class C**
With Sales Charge and CDSC................................... 2.41
Without Sales Charge and CDSC................................ 4.41
Class D**
With 1% CDSC................................................. 3.41
Without CDSC................................................. 4.41
NET ASSET VALUE
June 30, 2000
Class A...................................................... $7.48
Class B...................................................... 7.46
Class C...................................................... 7.46
Class D...................................................... 7.46
BENCHMARKS
Horizon 10 Composite Index(2)................................ 2.35
Salomon Brothers Long-Term High Grade Corporate Bond Total
Return Index(3)............................................ 2.99
S&P 500 Composite Stock Index(3)............................. 0.30
CAPITAL GAIN INFORMATION
For the Period Ended June 30, 2000
Realized..................................................... --
Unrealized+.................................................. $0.182
The rates of return will vary and the principal value of an investment will
fluctuate. Shares, if redeemed, may be worth more or less than their original
cost. Past performance is not indicative of future investment results.
-----------------
* Returns for periods of less than one year are not annualized.
** Return figures reflect any change in price per share and assume the
investment of dividends and capital gain distributions. Returns for Class A
shares are calculated with and without the effect of the initial 4.75%
maximum sales charge. Returns for Class B shares are calculated with and
without the effect of the maximum 5% contingent deferred sales charge
("CDSC"), charged on redemptions made within one year of the date of
purchase, declining to 1% in the sixth year and 0% thereafter. Returns for
Class C shares are calculated with and without the effect of the initial 1%
maximum sales charge and the 1% CDSC, charged on redemptions made within 18
months of the date of purchase. Returns for Class D shares are calculated
with and without the effect of the 1% CDSC, charged on redemptions made
within one year of the date of purchase.
+ Represents the per share amount of net unrealized appreciation of portfolio
securities as of June 30, 2000.
(1) Commencement of investment operations for Class A shares was 1/10/00. Class
A shares returns were computed from the commencement of investment
operations. Class B, C, and D shares were offered to the public on 1/10/00,
but were first issued at various later dates. Total returns for Class B, C,
and D shares of the Fund have been computed from the commencement of
investment operations and incorporate the total return of Class A shares of
the Fund from the commencement of investment operations through the initial
issuance date of each of the other classes of shares, adjusted to reflect
the higher expenses associated with the Administration, Shareholder Services
and Distribution Plan for those classes that would have been incurred had
they first been issued on the commencement of investment operations date.
The total returns of Class B, C, and D shares from their individual initial
issuance dates would be different, and may be lower, than those shown above.
See the Financial Highlights table appearing on page 19 for total returns
for each Class of shares from their individual initial issuance dates.
Initial issuance dates for Class B, C, and D shares were 2/18/00, 3/6/00,
and 2/15/00, respectively.
(2) See page 8 for benchmark description.
(3) The Salomon Brothers Long-Term High Grade Corporate Bond Total Return Index
and the S&P 500 Composite Stock Index are unmanaged benchmarks that assume
the investment of dividends and exclude the effect of fees and/or sales
charges. Investors cannot invest directly in an index.
6
<PAGE>
PERFORMANCE OVERVIEW
Seligman Harvester Fund(1)
Investment Results per Share
For the Period Ended June 30, 2000
TOTAL RETURNS*
Class A**
With Sales Charge............................................ (3.53)%
Without Sales Charge......................................... 1.33
Class B**
With 5% CDSC................................................. (4.03)
Without CDSC................................................. 0.95
Class C**
With Sales Charge and CDSC................................... (0.04)
Without Sales Charge and CDSC................................ 0.97
Class D**
With 1% CDSC................................................. (0.10)
Without CDSC................................................. 0.97
BENCHMARKS
Harvester Composite Index(2)................................. 2.38
Salomon Brothers Long-Term High Grade Corporate Bond Total
Return Index(3)........................................... 2.99
S&P 500 Composite Stock Index(3)............................. 0.30
NET ASSET VALUE
June 30, 2000
Class A...................................................... $7.13
Class B...................................................... 7.13
Class C...................................................... 7.13
Class D...................................................... 7.13
DIVIDEND AND CAPITAL GAIN (LOSS) INFORMATION
For the Period Ended June 30, 2000
Dividends Paid:+
Class A................................................... $0.114
Class B................................................... 0.066
Class C................................................... 0.082
Class D................................................... 0.062
Realized..................................................... (0.011)
Unrealized++................................................. 0.015
The rates of return will vary and the principal value of an investment will
fluctuate. Shares, if redeemed, may be worth more or less than their original
cost. Past performance is not indicative of future investment results.
----------------
* Returns for periods of less than one year are not annualized.
** Return figures reflect any change in price per share and assume the
investment of dividends and capital gain distributions. Returns for Class A
shares are calculated with and without the effect of the initial 4.75%
maximum sales charge. Returns for Class B shares are calculated with and
without the effect of the maximum 5% contingent deferred sales charge
("CDSC"), charged on redemptions made within one year of the date of
purchase, declining to 1% in the sixth year and 0% thereafter. Returns for
Class C shares are calculated with and without the effect of the initial 1%
maximum sales charge and the 1% CDSC, charged on redemptions made within 18
months of the date of purchase. Returns for Class D shares are calculated
with and without the effect of the 1% CDSC, charged on redemptions made
within one year of the date of purchase.
+ Represents dividends paid or declared for the periods ended June 30, 2000.
++ Represents the per share amount of net unrealized appreciation of portfolio
securities as of June 30, 2000.
(1) Commencement of investment operations for Class A shares was 1/10/00. Class
A shares returns were computed from the commencement of investment
operations. Class B, C, and D shares were offered to the public on 1/10/00,
but were first issued at various later dates. Total returns for Class B, C,
and D shares of the Fund have been computed from the commencement of
investment operations and incorporate the total return of Class A shares of
the Fund from the commencement of investment operations through the initial
issuance date of each of the other classes of shares, adjusted to reflect
the higher expenses associated with the Administration, Shareholder Services
and Distribution Plan for those classes that would have been incurred had
they first been issued on the commencement of investment operations date.
The total returns of Class B, C, and D shares from their individual initial
issuance dates would be different, and may be lower, than those shown above.
See the Financial Highlights table appearing on page 19 for total returns
for each Class of shares from their individual initial issuance dates.
Initial issuance dates for Class B, C, and D shares were 2/17/00, 1/18/00,
and 2/29/00, respectively.
(2) See page 8 for benchmark description.
(3) The Salomon Brothers Long-Term High Grade Corporate Bond Total Return Index
and the S&P 500 Composite Stock Index are unmanaged benchmarks that assume
the investment of dividends and exclude the effect of fees and/or sales
charges. Investors cannot invest directly in an index.
7
<PAGE>
BENCHMARK DESCRIPTIONS
Composite indices were created by the Manager using widely recognized
benchmarks. These benchmarks were selected because the Manager believes they
correlate, based on asset class, to the underlying Seligman Funds in which each
Fund invests. The composites use the same allocations to each asset class
targeted by each Fund in the Seligman Time Horizon/Harvester Series. The
composites exclude the effects of fees and/or sales charges. Investors cannot
invest directly in a composite index.
THE HORIZON 30 COMPOSITE INDEX is comprised of the following indices: 30%
Russell 2000 Index (US Small-Cap Stocks), 30% Russell Midcap Index (US Midcap
Stocks), 10% S&P 500 Composite Stock Index (US Large-Cap Stocks), 15% Salomon
Smith Barney Emerging Markets Index World Ex US (International Small-Company
Stocks), 10% IFC Investables Composite (Emerging Market Stocks), 5% MSCI EAFE
Index (International Large-Cap Stocks).
THE HORIZON 20 COMPOSITE INDEX is comprised of the following indices: 25%
Russell 2000 Index, 25% Russell Midcap Index, 20% S&P 500 Composite Stock Index,
10% Salomon Smith Barney Emerging Markets Index World Ex US, 10% IFC Investables
Composite, 10% MSCI EAFE Index.
THE HORIZON 10 COMPOSITE INDEX is comprised of the following indices: 15%
Russell 2000 Index, 25% Russell Midcap Index, 20% S&P 500 Composite Stock Index,
5% Salomon Smith Barney Emerging Markets Index World Ex US, 5% IFC Investables
Composite, 10% MSCI EAFE Index, 15% Salomon Brothers Long-Term High Grade
Corporate Bond Total Return Index (US Corporate Bonds), 5% Ibbotson Long-Term
Government Bond Index (Long-Term Government Bonds).
THE HARVESTER INDEX is comprised of the following indices: 10% Russell Midcap
Index, 35% S&P 500 Composite Stock Index, 15% Morgan Stanley Capital
International Europe Australiasia Far East Index, 30% Salomon Brothers Long-Term
High Grade Corporate Bond Total Return Index, 10% Ibbotson Long-Term Government
Bond Index.
INDEX RETURNS
For the Period January 10, 2000 through June 20, 2000
Russell 2000 Index................................................... 3.60%
Russell Midcap Index................................................. 4.67
S&P 500 Composite Stock Index........................................ 0.30
Salomon Smith Barney Emerging Markets Index World Ex US.............. 4.74
IFC Investables Composite............................................ (11.07)
MSCI EAFE Index...................................................... (0.40)
Salomon Brothers Long-Term High Grade Corporate Bond Total
Return Index....................................................... 2.99
Ibbotson Long-Term Government Bond Index............................. 9.71
8
<PAGE>
PORTFOLIOS OF INVESTMENTS
June 30, 2000
<TABLE>
<CAPTION>
SELIGMAN TIME HORIZON 30 FUND SHARES VALUE
------ ----------
<S> <C> <C>
Domestic Equity Funds -- 58.7%
Seligman Capital Fund*............................................. 3,619 $ 126,303
Seligman Communications and Information Fund*...................... 1,758 86,195
Seligman Frontier Fund*............................................ 970 17,004
Seligman Growth Fund*.............................................. 1,764 16,846
Seligman Large-Cap Value Fund...................................... 1,716 16,130
Seligman Small-Cap Value Fund*..................................... 8,716 70,077
----------
332,555
----------
Global Equity Funds -- 39.1%
Seligman Emerging Markets Fund*.................................... 7,081 54,452
Seligman Global Smaller Companies Fund*............................ 7,284 139,780
Seligman International Growth Fund*................................ 1,642 27,192
----------
221,424
----------
Total Investments (Cost $544,903) -- 97.8%......................... 553,979
Other Assets Less Liabilities -- 2.2%.............................. 12,196
----------
Net Assets -- 100.0%............................................... $ 566,175
==========
SELIGMAN TIME HORIZON 20 FUND
Domestic Equity Funds -- 61.8%
Seligman Capital Fund*............................................. 13,643 $ 476,141
Seligman Communications and Information Fund*...................... 4,741 232,451
Seligman Frontier Fund*............................................ 4,054 71,067
Seligman Growth Fund*.............................................. 22,253 212,516
Seligman Large-Cap Value Fund...................................... 22,043 207,204
Seligman Small-Cap Value Fund*..................................... 34,669 278,739
----------
1,478,118
----------
Global Equity Funds -- 36.2%
Seligman Emerging Markets Fund*.................................... 30,283 232,876
Seligman Global Smaller Companies Fund*............................ 20,906 401,186
Seligman International Growth Fund*................................ 14,081 233,182
----------
867,244
----------
Total Investments (Cost $2,304,477) -- 98.0% ...................... 2,345,362
Other Assets Less Liabilities -- 2.0%.............................. 47,469
----------
Net Assets -- 100.0%............................................... $2,392,831
==========
<FN>
----------------
* Non-income producing security; security may pay capital gain distributions.
See Notes to Financial Statements.
</FN>
</TABLE>
9
<PAGE>
PORTFOLIOS OF INVESTMENTS
June 30, 2000
<TABLE>
<CAPTION>
SELIGMAN TIME HORIZON 10 FUND SHARES VALUE
------ ----------
<S> <C> <C>
Domestic Equity Funds -- 57.0%
Seligman Capital Fund*............................................. 22,281 $ 777,607
Seligman Communications and Information Fund*...................... 7,744 379,688
Seligman Frontier Fund*............................................ 6,622 116,084
Seligman Growth Fund*.............................................. 36,344 347,085
Seligman Large-Cap Value Fund...................................... 36,001 338,410
Seligman Small-Cap Value Fund*..................................... 28,310 227,612
----------
2,186,486
----------
Global Equity Funds -- 23.0%
Seligman Emerging Markets Fund*.................................... 24,729 190,166
Seligman Global Smaller Companies Fund*............................ 16,066 308,307
Seligman International Growth Fund*................................ 22,996 380,814
----------
879,287
----------
Fixed-Income Funds -- 19.8%
Seligman High-Yield Bond Series.................................... 98,467 569,139
Seligman U.S. Government Securities Series......................... 29,064 191,241
----------
760,380
----------
Total Investments (Cost $3,732,668) -- 99.8%....................... 3,826,153
Other Assets Less Liabilities -- 0.2%.............................. 7,932
----------
Net Assets -- 100.0%............................................... $3,834,085
==========
SELIGMAN HARVESTER FUND
Domestic Equity Funds -- 42.3%
Seligman Capital Fund*............................................. 6,033 $ 210,551
Seligman Common Stock Fund......................................... 21,199 308,446
Seligman Growth Fund*.............................................. 19,608 187,256
Seligman Large-Cap Value Fund...................................... 19,423 182,576
----------
888,829
----------
Fixed-Income Funds -- 39.0%
Seligman High-Yield Bond Series.................................... 106,251 614,131
Seligman U.S. Government Securities Series......................... 31,362 206,362
----------
820,493
----------
Global Equity Funds -- 16.7%
Seligman Global Growth Fund*....................................... 7,274 103,655
Seligman International Growth Fund*................................ 14,888 246,545
----------
350,200
----------
Total Investments (Cost $2,055,058) -- 98.0%....................... 2,059,522
Other Assets Less Liabilities -- 2.0%.............................. 41,495
----------
Net Assets -- 100.0%............................................... $2,101,017
==========
<FN>
----------------
* Non-income producing security; security may pay capital gain distributions.
See Notes to Financial Statements.
</FN>
</TABLE>
10
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2000
<TABLE>
<CAPTION>
SELIGMAN SELIGMAN SELIGMAN SELIGMAN
TIME HORIZON TIME HORIZON TIME HORIZON HARVESTER
30 FUND 20 FUND 10 FUND FUND
------------ ------------ ------------ ----------
<S> <C> <C> <C> <C>
ASSETS:
Investments in Underlying Funds, at value
(see portfolios of investments):........................ $553,979 $2,345,362 $3,826,153 $2,059,522
Cash....................................................... 11,484 141,854 78,212 123,839
Prepaid registration fees.................................. 66,647 66,647 66,647 66,647
Dividends receivable....................................... -- -- 2,815 3,089
Receivable for Capital Stock sold.......................... 10 83,277 83,548 10
Other...................................................... 727 1,412 2,125 1,380
-------- ---------- ---------- ----------
Total Assets .............................................. 632,847 2,638,552 4,059,500 2,254,487
-------- ---------- ---------- ----------
LIABILITIES:
Payable for investments purchased.......................... 294 176,130 153,983 81,630
Dividends payable.......................................... -- -- -- 2,102
Accrued expenses and other................................. 66,378 69,591 71,432 69,738
-------- ---------- ---------- ----------
Total Liabilities ......................................... 66,672 245,721 225,415 153,470
-------- ---------- ---------- ----------
Net Assets................................................. $566,175 $2,392,831 $3,834,085 $2,101,017
======== ========== ========== ==========
COMPOSITION OF NET ASSETS:
Capital Stock, at $0.001 par value:
Class A.................................................... $ 25 $ 26 $ 54 $ 46
Class B.................................................... 4 47 280 18
Class C.................................................... 27 155 108 193
Class D.................................................... 20 94 71 37
Additional paid-in capital................................. 558,176 2,355,036 3,735,572 2,099,083
Undistributed/accumulated net investment
income (loss)........................................... (1,153) (4,416) 4,515 338
Undistributed/accumulated net realized gain (loss)......... -- 1,004 -- (3,162)
Net unrealized appreciation (depreciation)
of investments.......................................... 9,076 40,885 93,485 4,464
-------- ---------- ---------- ----------
Net Assets................................................. $566,175 $2,392,831 $3,834,085 $2,101,017
======== ========== ========== ==========
Net Assets:
Class A.................................................... $186,283 $ 192,380 $ 403,331 $ 328,940
Class B.................................................... 32,272 351,407 2,091,969 130,439
Class C.................................................... 198,693 1,153,437 806,364 1,377,983
Class D.................................................... 148,927 695,607 532,421 263,655
SHARES OF CAPITAL STOCK OUTSTANDING:
Class A.................................................... 24,865 25,753 53,951 46,133
Class B.................................................... 4,323 47,276 280,476 18,288
Class C.................................................... 26,616 155,176 108,021 193,243
Class D.................................................... 19,950 93,576 71,363 36,974
NET ASSET VALUE PER SHARE:
Class A.................................................... $7.49 $7.47 $7.48 $7.13
Class B.................................................... 7.47 7.43 7.46 7.13
Class C.................................................... 7.47 7.43 7.46 7.13
Class D.................................................... 7.47 7.43 7.46 7.13
<FN>
----------------
See Notes to Financial Statements.
</FN>
</TABLE>
11
<PAGE>
STATEMENTS OF OPERATIONS
For the Period January 10, 2000* to June 30, 2000
<TABLE>
<CAPTION>
SELIGMAN SELIGMAN SELIGMAN SELIGMAN
TIME HORIZON TIME HORIZON TIME HORIZON HARVESTER
30 FUND 20 FUND 10 FUND FUND
------------ ------------ ------------ ----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends from Underlying Funds............................ $ -- $ -- $ 11,800 $ 16,608
-------- -------- -------- --------
EXPENSES:
Registration............................................... 33,955 34,640 35,353 34,608
Organization expenses...................................... 22,436 22,436 22,436 22,436
Auditing and legal fees.................................... 4,081 7,927 11,935 7,693
Directors' fees and expenses............................... 2,291 2,291 2,291 2,291
Shareholder reports and communications..................... 1,492 1,977 2,484 1,955
Distribution and service fees.............................. 588 2,547 4,100 2,845
Management fee............................................. 113 374 637 426
Shareholder account services............................... 33 60 229 104
-------- -------- -------- --------
Total Expenses Before Waiver/Reimbursement................. 64,989 72,252 79,465 72,358
Waiver/reimbursement of expenses........................... (63,836) (67,836) (72,180) (67,384)
-------- -------- -------- --------
Total Expenses After Waiver/Reimbursement.................. 1,153 4,416 7,285 4,974
-------- -------- -------- --------
Net Investment Income (Loss)............................... (1,153) (4,416) 4,515 11,634
-------- -------- -------- --------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain (loss) on investments.................... -- 1,004 -- (6,475)
Capital gain distributions from Underlying Funds........... -- -- -- 3,313
Net change in unrealized appreciation of investments....... 9,076 40,885 93,485 4,464
-------- -------- -------- --------
Net Gain on Investments.................................... 9,076 41,889 93,485 1,302
-------- -------- -------- --------
Increase in Net Assets from Operations..................... $ 7,923 $ 37,473 $ 98,000 $ 12,936
======== ======== ======== ========
<FN>
---------------
* Commencement of investment operations.
See Notes to Financial Statements.
</FN>
</TABLE>
12
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SELIGMAN SELIGMAN SELIGMAN SELIGMAN
TIME HORIZON TIME HORIZON TIME HORIZON HARVESTER
30 FUND 20 FUND 10 FUND FUND
------------ ------------ ------------ ----------
1/10/00* 1/10/00* 1/10/00* 1/10/00*
TO TO TO TO
6/30/00 6/30/00 6/30/00 6/30/00
------------ ------------ ------------ ----------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)............................... $ (1,153) $ (4,416) $ 4,515 $ 11,634
Net realized gain (loss) on investments and
distributions from Underlying Funds..................... -- 1,004 -- (3,162)
Net change in unrealized appreciation of investments....... 9,076 40,885 93,485 4,464
-------- ---------- ---------- ----------
Increase in Net Assets From Operations..................... 7,923 37,473 98,000 12,936
-------- ---------- ---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A................................................. -- -- -- (1,770)
Class B................................................. -- -- -- (701)
Class C................................................. -- -- -- (7,408)
Class D................................................. -- -- -- (1,417)
-------- ---------- ---------- ----------
Decrease in Net Assets From Distributions.................. -- -- -- (11,296)
-------- ---------- ---------- ----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sales of shares.......................... 457,455 1,874,985 3,564,804 1,536,341
Exchanged from associated Funds............................ 79,048 456,332 164,253 537,809
Investment of dividends.................................... -- -- -- 8,159
-------- ---------- ---------- ----------
Total...................................................... 536,503 2,331,317 3,729,057 2,082,309
-------- ---------- ---------- ----------
Cost of shares repurchased................................. (3,255) (963) (17,976) (7,936)
-------- ---------- ---------- ----------
Increase in Net Assets From Capital
Share Transactions...................................... 533,248 2,330,354 3,711,081 2,074,373
-------- ---------- ---------- ----------
Increase in Net Assets..................................... 541,171 2,367,827 3,809,081 2,076,013
NET ASSETS:
Beginning of period........................................ 25,004 25,004 25,004 25,004
-------- ---------- ---------- ----------
End of Period.............................................. $566,175 $2,392,831 $3,834,085 $2,101,017
======== ========== ========== ==========
<FN>
---------------
* Commencement of investment operations.
See Notes to Financial Statements.
</FN>
</TABLE>
13
<PAGE>
NOTES TO FINANCIAL STATEMENTS
1. Organization -- Seligman Time Horizon/Harvester Series, Inc. (the "Series")
was incorporated in Maryland on August 4, 1999, as an open-end diversified
management investment company. The Series consists of four separate funds:
Seligman Time Horizon 30 Fund ("Time Horizon 30 Fund"), Seligman Time Horizon 20
Fund ("Time Horizon 20 Fund"), Seligman Time Horizon 10 Fund ("Time Horizon 10
Fund"), and Seligman Harvester Fund ("Harvester Fund"). The Series had no
operations prior to January 10, 2000 (commencement of investment operations),
other than those relating to organizational matters, and for each Fund, the sale
and issuance to Seligman Advisors, Inc. (the "Distributor") of 3,502 Class A
shares of Capital Stock for $25,004 on December 14, 1999. Each Fund invests in a
combination of Class A shares of other Seligman mutual funds (the "Underlying
Funds").
2. Multiple Classes of Shares -- Each Fund of the Series offers four classes of
shares -- Class A shares, Class B shares, Class C shares, and Class D shares.
Class A shares are sold with an initial sales charge of up to 4.75%. Class A
shares purchased in an amount of $1,000,000 or more are sold without an initial
sales charge but are subject to a contingent deferred sales charge ("CDSC") of
1% on redemptions within 18 months of purchase. Class B shares are sold without
an initial sales charge but are subject to a distribution fee of 0.75% on an
annual basis, and a CDSC, if applicable, of 5% on redemptions in the first year
of purchase, declining to 1% in the sixth year and 0% thereafter. Class B shares
will automatically convert to Class A shares on the last day of the month that
precedes the eighth anniversary of their date of purchase. Class C shares are
sold with an initial sales charge of up to 1% and are subject to a distribution
fee of up to 0.75% on an annual basis, and CDSC, if applicable, of 1% imposed on
redemptions made within 18 months of purchase. Class D shares are sold without
an initial sales charge but are subject to a distribution fee of up to 0.75% on
an annual basis, and a CDSC, if applicable, of 1% imposed on redemptions made
within one year of purchase. The four classes of shares for each Fund represent
interests in the same portfolio of investments, have the same rights and are
generally identical in all respects except that each class bears its separate
distribution and certain other class-specific expenses, and has exclusive voting
rights with respect to any matter on which a separate vote of any class is
required.
3. Significant Accounting Policies -- The financial statements have been
prepared in conformity with accounting principles generally accepted in the
United States of America, which require management to make certain estimates and
assumptions at the date of the financial statements. The following summarizes
the significant accounting policies of the Series:
a. Security Valuation -- Underlying Funds owned by a Fund are valued at their
respective net asset values. US Government securities and short-term
obligations, with more than 60 days remaining to maturity, are valued at
current market values. Short-term holdings maturing in 60 days or less are
generally valued at amortized cost.
b. Federal Taxes -- There is no provision for federal income tax. Each Fund will
elect to be taxed as a regulated investment company and intends to distribute
substantially all taxable net income and net gain realized.
c. Security Transactions and Related Investment Income -- Investment
transactions are recorded on trade dates. Identified cost of investments sold
is used for both financial statement and federal income tax purposes.
Dividends receivable and payable are recorded on ex-dividend dates. Interest
income is recorded on an accrual basis.
d. Multiple Class Allocations -- Each Fund's income, expenses (other than
class-specific expenses), and realized and unrealized gains or losses are
allocated daily to each class of shares of that Fund based upon the relative
value of the shares of each class. Class-specific expenses, which include
distribution and service fees and any other items that are specifically
attributed to a particular class, are charged directly to such class. For the
period ended June 30, 2000, distribution and service fees were the only
class-specific expenses.
e. Distributions to Shareholders -- The treatment for financial statement
purposes of distributions made to shareholders during the year from net
investment income or net realized gains may differ from their ultimate
treatment for federal income tax purposes. These differences are caused
primarily by differences in the timing of the recognition of certain
components of income, expense, or realized capital gain for federal in come
tax purposes. Where such differences are permanent in nature, they are
reclassified in the components of net assets based on their ultimate
characterization for federal income tax purposes. Any such reclassifications
will have no effect on net assets, results of operations, or net asset values
per share of any Fund of the Series.
f. Initial Registration Expenses -- Initial registration expenses are being
amortized on a straight-line basis over a period of 18 months starting with
the commencement of operations.
g. Organization Expenses -- Costs incurred in connection with the organization
of the Series have been allocated equally to each Fund and expensed upon the
commencement of operations.
14
<PAGE>
NOTES TO FINANCIAL STATEMENTS
4. Purchases and Sales of Securities -- Purchases and sales of portfolio
securities (Underlying Funds), excluding US Government obligations and
short-term investments, for the period ended June 30, 2000, were as follows:
FUND PURCHASES SALES
------------------- ---------- --------
Time Horizon 30 Fund $ 544,903 $ --
Time Horizon 20 Fund 2,316,241 12,768
Time Horizon 10 Fund 3,732,668 --
Harvester Fund 2,242,940 181,407
At June 30, 2000, the cost of investments was substantially the same as the
cost for financial reporting purposes, and the tax basis gross unrealized
appreciation and depreciation of portfolio securities were as follows:
TOTAL TOTAL
UNREALIZED UNREALIZED
FUND APPRECIATION DEPRECIATION
------------------- ------------ ------------
Time Horizon 30 Fund $ 19,089 $10,013
Time Horizon 20 Fund 72,611 31,726
Time Horizon 10 Fund 143,927 50,442
Harvester Fund 46,873 42,409
5. Management Fee, Distribution Services, and Other Transactions -- J. & W.
Seligman & Co. Incorporated (the "Manager") manages the affairs of the Series
and provides the necessary personnel and facilities. Compensation of all
officers of the Series, all directors of the Series who are employees or
consultants of the Manager, and all personnel of the Series and the Manager is
paid by the Manager. The Manager receives a fee, calculated daily and payable
monthly, equal to 0.10% per annum of each Fund's average daily net assets. The
Manager has contractually undertaken to waive its fee and reimburse each Fund's
expenses, other than distribution and service fees, that exceed 0.50% per annum
of the Fund's average daily net assets. The undertaking will remain in effect at
least until December 31, 2002.
The Distributor, agent for the distribution of the Series' shares and an
affiliate of the Manager, received the following concessions for sales of Class
A shares after commissions were paid to dealers for sales of Class A and Class C
shares:
DISTRIBUTOR DEALER
FUND CONCESSIONS COMMISSIONS
------------------- ----------- -----------
Time Horizon 30 Fund $ 355 $ 4,675
Time Horizon 20 Fund 722 13,781
Time Horizon 10 Fund 1,213 12,373
Harvester Fund 591 12,548
Each Fund of the Series has an Administration, Share holder Services and
Distribution Plan (the "Plan") with respect to distribution of its shares. Under
the Plan, with respect to Class A, Class B, Class C, and Class D shares, service
organizations can enter into agreements with the Distributor and receive a
continuing fee (12b-1 fee) of up to 0.25% per annum of the average daily net
assets attributable to the particular service organizations for providing
personal services and/or the maintenance of shareholder accounts. To avoid any
duplication of the 12b-1 fee, the 12b-1 fees to be paid by each class of a Fund
will be reduced by the dollar amount of any 12b-1 fees paid by the Underlying
Funds with respect to shares owned by the Fund.
For the periods ended June 30, 2000, 12b-1 fees incurred by the Time Horizon
30 Fund, Time Horizon 20 Fund, Time Horizon 10 Fund, and the Harvester Fund (net
of 12b-1 fees paid by Underlying Funds), aggregated $5, $8, $15, and $7,
respectively, or 0.01%, 0.02%, 0.01%, and 0.01%, respectively, per annum of the
average daily net assets of Class A shares.
With respect to Class C and Class D shares, service organizations may receive
up to 0.75% per annum of the average daily net assets for providing other
distribution assistance. Such fees are paid monthly by the Funds to the
Distributor pursuant to the Plan.
With respect to Class B shares, a distribution fee of 0.75% per annum of the
average daily net assets is payable monthly by the Funds to the Distributor;
however, the Distributor has sold its rights to this fee to a third party (the
"Purchaser"), which provides funding to the Distributor to enable it to pay
commissions to dealers at the time of the sale of the related Class B shares.
For the period ended June 30, 2000, the 12b-1 fees incurred under the Plan
(net of 12b-1 fees paid by Underlying Funds), and their equivalent per annum
percentage of the average daily net assets of Class B, Class C, and Class D
shares, were as follows:
ANNUALIZED
FUND CLASS B CLASS C CLASS D FEE RATE
-------------------- ------- ------- ------- --------
Time Horizon 30 Fund $ 32 $ 197 $ 354 0.76%
Time Horizon 20 Fund 337 1,080 1,122 0.77
Time Horizon 10 Fund 2,513 829 743 0.76
Harvester Fund 226 2,163 449 0.76
The Distributor is entitled to retain any CDSC imposed on certain redemptions
of Class A and Class C shares occurring within 18 months of purchase and on
redemptions of Class D shares occurring within one year of purchase. For the
period ended June 30, 2000, such charges amounted to $11.
The Distributor has sold its rights to the Purchaser to collect any CDSC
imposed on redemptions of Class B shares. In connection with the sale of its
rights to collect any CDSC and the distribution fees with respect to Class
15
<PAGE>
NOTES TO FINANCIAL STATEMENTS
B shares described above, the Distributor receives payments from the Purchaser
based on the value of Class B shares sold. The aggregate of such payments
retained by the Distributor for the period ended June 30, 2000, were as follows:
FUND AMOUNT
------------------- ------
Time Horizon 30 Fund $ 42
Time Horizon 20 Fund 512
Time Horizon 10 Fund 2,868
Harvester Fund 159
Seligman Services, Inc., an affiliate of the Manager, is eligible to receive
commissions from certain sales of shares of the Series, as well as distribution
and service fees pursuant to the Plan. For the period ended June 30, 2000,
Seligman Services, Inc. received commissions from the sale of shares of each
Fund and distribution and service fees, pursuant to the Plan, as follows:
DISTRIBUTION AND
FUND COMMISSIONS SERVICE FEES
------------------- ------------ ----------
Time Horizon 30 Fund $ 75 $45
Time Horizon 20 Fund 142 39
Time Horizon 10 Fund 60 35
Harvester Fund 60 33
Seligman Data Corp., which is owned by certain associated investment
companies, charged at cost for shareholder account services the following
amounts:
FUND AMOUNT
------------------- ------
Time Horizon 30 Fund $ 33
Time Horizon 20 Fund 60
Time Horizon 10 Fund 229
Harvester Fund 104
Certain officers and directors of the Series are officers or directors of the
Manager, the Distributor, Seligman Services, Inc., and/or Seligman Data Corp.
The Series has a compensation arrangement under which directors who receive
fees may elect to defer receiving such fees. Directors may elect to have their
deferred fees accrue interest or earn a return based on the performance of
selected Funds of the Series or other Seligman mutual funds. Deferred fees and
related accrued earnings are not deductible by the Fund for federal income tax
purposes until such amounts are paid. The cost of such fees and earnings accrued
thereon is included in directors' fees and expenses, and the accumulated
balances thereof at June 30, 2000, are included in other liabilities, as
follows:
FUND AMOUNT
------------------- ------
Time Horizon 30 Fund $258
Time Horizon 20 Fund 258
Time Horizon 10 Fund 258
Harvester Fund 258
6. Capital Stock Share Transactions -- The Board of Directors, at its
discretion, may classify any unissued shares of Capital Stock among any Fund of
the Series. At June 30, 2000, 4,000,000,000 shares were authorized for the
Series, all at a par value of $0.001 per share. Transactions in shares of
Capital Stock were as follows:
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C CLASS D
-------------------- ----------------------- ----------------------- -------------------
1/10/00+ TO 6/30/00 4/24/00* TO 6/30/00 2/8/00* TO 6/30/00 2/14/00* TO 6/30/00
-------------------- ----------------------- ----------------------- -------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
------ -------- ------- ---------- ------- ---------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TIME HORIZON 30 FUND
Sales of shares............... 15,404 $113,078 3,903 $ 28,553 24,075 $ 170,627 18,269 $145,197
Exchanged from
associated Funds........... 6,393 45,671 420 2,969 2,569 17,239 1,681 13,169
------ -------- ------- ---------- ------- ---------- ------ --------
Total......................... 21,797 158,749 4,323 31,522 26,644 187,866 19,950 158,366
------ -------- ------- ---------- ------- ---------- ------ --------
Shares repurchased............ (434) (3,055) -- -- (28) (200) -- --
------ -------- ------- ---------- ------- ---------- ------ --------
Increase...................... 21,363 $155,694 4,323 $ 31,522 26,616 $ 187,666 19,950 $158,366
====== ======== ======= ========== ======= ========== ====== ========
</TABLE>
16
<PAGE>
NOTES TO FINANCIAL STATEMENTS
6. Capital Stock Share Transactions (continued)
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C CLASS D
-------------------- ----------------------- ----------------------- -------------------
1/10/00+ TO 6/30/00 3/21/00* TO 6/30/00 1/18/00* TO 6/30/00 1/21/00* TO 6/30/00
-------------------- ----------------------- ----------------------- -------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
------ -------- ------- ---------- ------- ---------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TIME HORIZON 20 FUND
Sales of shares............... 19,376 $143,896 47,276 $ 341,952 155,176 $1,125,274 34,019 $263,863
Exchanged from
associated Funds........... 2,875 21,309 -- -- -- -- 59,697 435,023
------ -------- ------- ---------- ------- ---------- ------ --------
Total......................... 22,251 165,205 47,276 341,952 155,176 1,125,274 93,716 698,886
------ -------- ------- ---------- ------- ---------- ------ --------
Shares repurchased............ -- -- -- -- -- -- (140) (963)
------ -------- ------- ---------- ------- ---------- ------ --------
Increase...................... 22,251 $165,205 47,276 $ 341,952 155,176 $1,125,274 93,576 $697,923
====== ======== ======= ========== ======= ========== ====== ========
</TABLE>
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C CLASS D
-------------------- ----------------------- ----------------------- -------------------
1/10/00+ TO 6/30/00 2/18/00* TO 6/30/00 3/6/00* TO 6/30/00 2/15/00* TO 6/30/00
-------------------- ----------------------- ----------------------- -------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
------ -------- ------- ---------- ------- ---------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TIME HORIZON 10 FUND
Sales of shares............... 45,934 $342,310 264,999 $1,912,242 108,021 $ 790,642 71,363 $519,610
Exchanged from
associated Funds........... 6,596 49,173 15,843 115,080 -- -- -- --
------ -------- ------- ---------- ------- ---------- ------ --------
Total......................... 52,530 391,483 280,842 2,027,322 108,021 790,642 71,363 519,610
------ -------- ------- ---------- ------- ---------- ------ --------
Shares repurchased............ (2,081) (15,326) (366) (2,650) -- -- -- --
------ -------- ------- ---------- ------- ---------- ------ --------
Increase...................... 50,449 $376,157 280,476 $2,024,672 108,021 $ 790,642 71,363 $519,610
====== ======== ======= ========== ======= ========== ====== ========
</TABLE>
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C CLASS D
-------------------- ----------------------- ----------------------- -------------------
1/10/00+ TO 6/30/00 2/17/00* TO 6/30/00 1/18/00* TO 6/30/00 2/29/00* TO 6/30/00
-------------------- ----------------------- ----------------------- -------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
------ -------- ------- ---------- ------- ---------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
HARVESTER FUND
Sales of shares............... 40,919 $286,347 15,183 $ 106,496 135,533 $ 967,783 25,244 $175,715
Exchanged from
associated Funds........... 1,591 11,345 3,044 21,623 57,954 420,459 11,635 84,382
Shares issued in payment
of dividends............... 189 1,333 61 431 817 5,729 95 666
------ -------- ------- ---------- ------- ---------- ------ --------
Total......................... 42,699 299,025 18,288 128,550 194,304 1,393,971 36,974 260,763
------ -------- ------- ---------- ------- ---------- ------ --------
Shares repurchased............ (68) (500) -- -- (1,061) (7,436) -- --
------ -------- ------- ---------- ------- ---------- ------ --------
Increase ..................... 42,631 $298,525 18,288 $ 128,550 193,243 $1,386,535 36,974 $260,763
====== ======== ======= ========== ======= ========== ====== ========
<FN>
-----------------
+ Commencement of investment operations.
* Commencement of issuance of shares.
</FN>
</TABLE>
17
<PAGE>
FINANCIAL HIGHLIGHTS
The tables below are intended to help you understand the financial
performance of each Class of each Fund from its inception. Certain information
reflects financial results for a single share of a Class that was held
throughout the periods shown. Per share amounts are calculated using average
shares outstanding. "Total return" shows the rate that you would have earned (or
lost) on an investment in each Class, assuming you reinvested all your dividends
and capital gain distributions. Total returns do not reflect any sales charges
and are not annualized for periods of less than one year.
<TABLE>
<CAPTION>
TIME HORIZON 30 FUND TIME HORIZON 20 FUND
---------------------------------------------- ----------------------------------------------
CLASS A CLASS B CLASS C CLASS D CLASS A CLASS B CLASS C CLASS D
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
1/10/00* 4/24/00++ 2/8/00++ 2/14/00++ 1/10/00* 3/21/00++ 1/18/00++ 1/21/00++
TO TO TO TO TO TO TO TO
6/30/00 6/30/00 6/30/00 6/30/00 6/30/00 6/30/00 6/30/00 6/30/00
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA:
Net Asset Value,
Beginning of Period ............ $7.14 $7.00 $7.56 $7.58 $7.14 $7.93 $7.28 $7.31
----- ----- ----- ----- ----- ----- ----- -----
Income from Investment
Operations:
Net investment income (loss) ...... (0.02) (0.02) (0.03) (0.04) (0.02) (0.02) (0.03) (0.04)
Net realized and unrealized
gain (loss) on investments ..... 0.37 0.49 (0.06) (0.07) 0.35 (0.48) 0.18 0.16
----- ----- ----- ----- ----- ----- ----- -----
Total from Investment
Operations ..................... 0.35 0.47 (0.09) (0.11) 0.33 (0.50) 0.15 0.12
----- ----- ----- ----- ----- ----- ----- -----
Less Distributions:
Distributions from net
investment income .............. -- -- -- -- -- -- -- --
Distributions from net
realized capital gains ......... -- -- -- -- -- -- -- --
----- ----- ----- ----- ----- ----- ----- -----
Total Distributions ............... -- -- -- -- -- -- -- --
----- ----- ----- ----- ----- ----- ----- -----
Net Asset Value,
End of Period .................. $7.49 $7.47 $7.47 $7.47 $7.47 $7.43 $7.43 $7.43
===== ===== ===== ===== ===== ===== ===== =====
TOTAL RETURN:@@ ................... 4.90% 6.71% (1.19)% (1.45)% 4.62% (6.31)% 2.06% 1.64%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000s omitted) ................. $186 $32 $199 $149 $192 $351 $1,153 $696
Ratio of expenses to
average net assets ............. 0.51%+ 1.26%+ 1.26%+ 1.26%+ 0.52%+ 1.27%+ 1.27%+ 1.27%+
Ratio of net investment income
(loss) to average net assets ... (0.51)%+ (1.26)%+ (1.26)%+ (1.26)%+ (0.52)%+ (1.27)%+ (1.27)%+ (1.27)%+
Portfolio turnover rate ........... -- -- -- -- 1.69% 1.69%@ 1.69%@ 1.69%@
Without fee waiver and
expense reimbursement:**
Ratio of expenses to
average net assets ............. 66.71%+ 38.22%+ 38.22%+ 38.22%+ 37.55%+ 13.42%+ 13.42%+ 13.42%+
Ratio of net investment loss
to average net assets .......... (66.71)%+ (38.22)%+ (38.22)%+ (38.22)%+ (37.55)%+ (13.42)%+ (13.42)%+ (13.42)%+
<FN>
--------------
See footnotes on page 19.
</FN>
</TABLE>
18
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
TIME HORIZON 10 FUND HARVESTER FUND
---------------------------------------------- ----------------------------------------------
CLASS A CLASS B CLASS C CLASS D CLASS A CLASS B CLASS C CLASS D
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
1/10/00* 2/18/00++ 3/6/00++ 2/15/00++ 1/10/00* 2/17/00++ 1/18/00++ 2/29/00++
TO TO TO TO TO TO TO TO
6/30/00 6/30/00 6/30/00 6/30/00 6/30/00 6/30/00 6/30/00 6/30/00
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA:
Net Asset Value,
Beginning of Period ............ $7.14 $7.33 $7.78 $7.42 $7.14 $7.16 $7.16 $7.21
----- ----- ----- ----- ----- ----- ----- -----
Income from Investment
Operations:
Net investment income (loss) ...... 0.05 0.01 0.01 0.01 0.12 0.07 0.08 0.06
Net realized and unrealized
gain (loss) on investments ..... 0.29 0.12 (0.33) 0.03 (0.02) (0.03) (0.03) (0.08)
----- ----- ----- ----- ----- ----- ----- -----
Total from Investment
Operations ..................... 0.34 0.13 (0.32) 0.04 0.10 0.04 0.05 (0.02)
----- ----- ----- ----- ----- ----- ----- -----
Less Distributions:
Distributions from
net investment income .......... -- -- -- -- (0.11) (0.07) (0.08) (0.06)
Distributions from
net realized capital gains ..... -- -- -- -- -- -- -- --
----- ----- ----- ----- ----- ----- ----- -----
Total Distributions ............... -- -- -- -- (0.11) (0.07) (0.08) (0.06)
----- ----- ----- ----- ----- ----- ----- -----
Net Asset Value,
End of Period .................. $7.48 $7.46 $7.46 $7.46 $7.13 $7.13 $7.13 $7.13
===== ===== ===== ===== ===== ===== ===== =====
TOTAL RETURN:@@ ................... 4.76% 1.77% (4.11)% 0.54% 1.33% 0.41% 0.64% (0.34)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000s omitted) ................. $403 $2,092 $806 $532 $329 $130 $1,378 $264
Ratio of expenses to
average net assets ............. 0.51%+ 1.26%+ 1.26%+ 1.26%+ 0.51%+ 1.26%+ 1.26%+ 1.26%+
Ratio of net investment income
to average net assets .......... 1.34%+ 0.59%+ 0.59%+ 0.59%+ 3.38%+ 2.63%+ 2.63%+ 2.63%+
Portfolio turnover rate ........... -- -- -- -- 20.66% 20.66%@ 20.66%@ 20.66%@
Without fee waiver and
expense reimbursement:**
Ratio of expenses to
average net assets ............. 18.79%+ 9.07%+ 9.07%+ 9.07%+ 30.82%+ 11.81%+ 11.81%+ 11.81%+
Ratio of net investment loss
to average net assets .......... (16.94)%+ (7.22)%+ (7.22)%+ (7.22)%+ (26.93)%+ (7.92)%+ (7.92)%+ (7.92)%+
<FN>
-----------------------------
* Commencement of investment operations.
** The Manager, at its discretion, reimbursed certain expenses and waived
management fees for the periods presented.
+ In computing the ratios of expenses and net investment income to average net
assets, income and expenses other than organization expenses are annualized.
Organization expenses are not annualized because they were a one-time expense
incurred at the Series' commencement of investment operations.
++ Commencement of issuance of shares.
@ For the period 1/10/00 to 6/30/00.
@@ The total returns shown for each Class of shares are calculated from the
later of the respective Fund's commencement of investment operations date
(1/10/00) or the initial issuance date of shares of the Class. The total
returns for Class A shares were calculated from the commencement of
investment operations date. Class B, C, and D shares of the Fund were offered
to the public on the commencement of investment operations date, but were
first issued on the respective dates shown in the table. If shares of each
Class had been issued on the commencement of investment operations date, the
total returns for each Class would have been as follows:
</FN>
</TABLE>
<TABLE>
<CAPTION>
TIME HORIZON 30 FUND TIME HORIZON 20 FUND TIME HORIZON 10 FUND HARVESTER FUND
--------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A 4.90% Class A 4.62% Class A 4.76% Class A 1.33%
Class B 4.55 Class B 4.05 Class B 4.40 Class B 0.95
Class C 4.56 Class C 4.05 Class C 4.41 Class C 0.97
Class D 4.56 Class D 4.05 Class C 4.41 Class D 0.97
These total returns have been computed from the commencement of investment
operations date and incorporate the total return of Class A shares of the
Fund from the commencement of investment operations date through the initial
issuance dates of each of the other classes of shares, adjusted to reflect
the higher expenses associated with the Administration, Shareholder Services
and Distribution Plan for those classes that would have been incurred had
they first been issued on the commencement of investment operations date.
See Notes to Financial Statements.
</TABLE>
19
<PAGE>
REPORT OF INDEPENDENT AUDITORS
The Board of Directors and Shareholders,
Seligman Time Horizon/Harvester Series, Inc.:
We have audited the accompanying statements of assets and liabilities of
Seligman Time Horizon/Harvester Series, Inc. (comprising, respectively, the Time
Horizon 30 Fund, the Time Horizon 20 Fund, the Time Horizon 10 Fund, and the
Harvester Fund), including the portfolios of investments, as of June 30, 2000,
and the related statements of operations and of changes in net assets, and the
financial highlights for the period January 10, 2000 (commencement of investment
operations) to June 30, 2000. These financial statements and financial
highlights are the responsibility of the Series' management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audit.
We conducted our audit in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned as of June 30, 2000, by correspondence with the Series'
custodian and shareholder service agent. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective Funds constituting Seligman Time Horizon/Harvester Series,
Inc. as of June 30, 2000, the results of their operations, and the changes in
their net assets, and the financial highlights for the period from January 10,
2000 to June 30, 2000, in conformity with accounting principles generally
accepted in the United States of America.
DELOITTE & TOUCHE LLP
New York, New York
August 11, 2000
20
<PAGE>
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
-----------------
Member: 1 Executive Committee
2 Audit Committee
3 Director Nominating Committee
4 Board Operations Committee
21
<PAGE>
EXECUTIVE OFFICERS
William C. Morris
Chairman
Brian T. Zino
President
Charles W. Kadlec
Vice President
Lawrence P. Vogel
Vice President and Treasurer
Frank J. Nasta
Secretary
FOR MORE INFORMATION
Manager
J. & W. Seligman & Co.
Incorporated
100 Park Avenue
New York, NY 10017
General Counsel
Sullivan & Cromwell
Independent Auditors
Deloitte & Touche LLP
General Distributor
Seligman Advisors, Inc.
100 Park Avenue
New York, NY 10017
Shareholder Service Agent
Seligman Data Corp.
100 Park Avenue
New York, NY 10017
Important Telephone Numbers
(800) 221-2450 Shareholder Services
(212) 682-7600 Outside the United States
(800) 622-4597 24-Hour Automated Telephone
Access Service
22
<PAGE>
GLOSSARY OF FINANCIAL TERMS
Capital Gain Distribution -- A payment to mutual fund shareholders of profits
realized on the sale of securities in a fund's portfolio.
Capital Appreciation/Depreciation -- An increase or decrease in the market value
of a mutual fund's portfolio securities, which is reflected in the net asset
value of the fund's shares. Capital appreciation/depreciation of an individual
security is in relation to the original purchase price.
Compounding -- The change in the value of an investment as shareholders receive
earnings on their investment's earnings. For example, if $1,000 is invested at a
fixed rate of 7% a year, the initial investment is worth $1,070 after one year.
If the return is compounded, second year earnings will not be based on the
original $1,000, but on the $1,070, which includes the first year's earnings.
Contingent Deferred Sales Charge (CDSC) -- Depending on the class of shares
owned, a fee charged by a mutual fund when shares are sold back to the fund. The
CDSC expires after a fixed time period.
Dividend -- A payment by a mutual fund, usually derived from the fund's net
investment income (dividends and interest less expenses).
Dividend Yield -- A measurement of a fund's dividend as a percentage of the
maximum offering price or net asset value.
Expense Ratio -- The cost of doing business for a mutual fund, expressed as a
percent of the fund's net assets.
Investment Objective -- The shared investment goal of a fund and its
shareholders.
Management Fee -- The amount paid by a mutual fund to its investment advisor(s).
Multiple Classes of Shares -- Although an individual mutual fund invests in only
one portfolio of securities, it may offer investors several purchase options
which are "classes" of shares. Multiple classes permit shareholders to choose
the fee structure that best meets their needs and goals. Generally, each class
will differ in terms of how and when sales charges and certain fees are
assessed.
National Association of Securities Dealers, Inc. (NASD) -- A self-regulatory
body with authority over firms that distribute mutual funds.
Net Asset Value (NAV) Per Share -- The market worth of one fund share, obtained
by adding a mutual fund's total assets (securities, cash, and any accrued
earnings), subtracting liabilities, and dividing the resulting net assets by the
number of shares outstanding.
Offering Price -- The price at which a mutual fund's share can be purchased. The
offering price per share is the current net asset value plus any sales charge.
Portfolio Turnover -- A measure of the trading activity in a mutual fund's
investment portfolio that reflects how often securities are bought and sold.
Prospectus -- The legal document describing a mutual fund to all prospective
shareholders. It contains information required by the Securities and Exchange
Commission (SEC), such as a fund's investment objective and policies, services,
investment restrictions, how shares are bought and sold, fund fees and other
charges, and the fund's financial highlights.
SEC Yield -- SEC Yield refers to the net income earned by a fund during a recent
30-day period. This income is annualized and then divided by the maximum
offering price per share on the last day of the 30-day period. The SEC Yield
formula reflects semiannual compounding.
Securities and Exchange Commission -- The primary US federal agency that
regulates the registration and distribution of mutual fund shares.
Statement of Additional Information -- A document that contains more detailed
information about an investment company and that supplements the prospectus. It
is available at no charge upon request.
Total Return -- A measure of a fund's performance encompassing all elements of
return. Reflects the change in share price over a given period and assumes all
distributions are taken in additional fund shares. The Average Annual Total
Return represents the average annual compounded rate of return for the periods
presented.
Yield on Securities -- For bonds, the current yield is the coupon rate of
interest, divided by the purchase price. For stocks, the yield is measured by
dividing dividends paid by the market price of the stock.
--------------
Adapted from the Investment Company Institute's 2000 Mutual Fund Fact Book.
23
<PAGE>
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 Time Horizon/Harvester Series, Inc., which contains information about
the sales charges, management fees, and other costs. Please read the prospectus
carefully before investing or sending money.
THF3 6/00
Printed on Recycled Paper
