- -----------------------------------------------------------------------------
MID-YEAR REPORT
- -----------------------------------------------------------------------------
SELIGMAN
PORTFOLIOS,
INC.
J & W S
June 30, 1999
<PAGE>
---------------------------
SELIGMAN
PORTFOLIOS,
INC.
---------------------------
---------------------------
---------------------------
August 6, 1999
Dear Contract Owner:
J. & W. Seligman & Co. Incorporated (Seligman), as Manager of Seligman
Portfolios, Inc. (the Fund), is pleased to provide the enclosed unaudited report
for the six months ended June 30, 1999.
Over the past six months, the global economic outlook continued to improve
and the US economy entered its ninth year of expansion. With this sustained
growth in America, several inflation indicators finally began showing modest
cautionary signals, causing the Federal Reserve Board to raise the federal funds
rate by 25 basis points in June. Following the Fed's meeting, common stock
prices rallied. International equity indices also generally rose in keeping with
the developing global growth backdrop. Fixed-income instruments, however,
experienced price declines as a result of rising interest rates.
Looking ahead, we believe that US economic growth will continue, but that the
pace will moderate, in keeping with the Fed's intentions. For that matter, the
Fed may raise interest rates further if inflation indicators move higher in any
sustained fashion. We expect that the world economy will continue to recover and
to grow. In such an environment, US and international equities are likely to
perform well. Further, we believe that once interest rates reflect the Fed
adjustments, fixed-income obligations will begin moving within a trading range.
As the millennium approaches, we have become concerned that the media's focus
on the Year 2000 (Y2K) computer issue, and the fears that this attention may
spark, will cause some investors to take actions that are not in their best
long-term interests. In our view, the primary danger to investors is losing
sight of their long-term financial goals and altering their portfolios and asset
allocations in an attempt to respond to the confusion surrounding this issue. In
the US, governments and businesses have committed substantial resources to this
issue and, while there may be scattered inconveniences, we believe that the US
will enter the year 2000 relatively seamlessly, and that much of the rest of the
developed world is also well positioned to deal with the new millennium.
For the past several years, Seligman has been working to ensure that
shareholders do not experience any Y2K-related inconveniences. We are pleased to
report that the early start has paid off. During the spring of this year,
Seligman participated in Y2K testing conducted by the Securities Industry
Association. These tests were completed without any Y2K-related problems on the
part of Seligman. Tests with key service providers were also conducted, all of
which were successfully completed in a Y2K environment.
Thank you for your continued support of Seligman Portfolios, Inc. We look
forward to serving your investment needs for many years to come.
Respectfully,
/s/ William C. Morris
---------------------
William C. Morris
Chairman
J. & W. Seligman & Co. Incorporated
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolio Overview (unaudited)
- -------------------------------------------------------------------------------
LARGEST PORTFOLIO CHANGES
During the Six Months Ended June 30, 1999
Principal Amount
or Shares
-------------------
Holdings
Additions Increase 6/30/99
- --------- -------- --------
SELIGMAN BOND PORTFOLIO
US Full Faith and Credit Obligations
US Treasury Bonds
7-1/4%, 8/15/2022................. $500,000 $500,000
US Government Agency Securities
Federal Home Loan Bank
5-1/8%, 4/17/2001................. 100,000 100,000
Corporate Bonds
Associates Corporation of
North America
5-3/4%,11/1/2003.................. 250,000 250,000
Boston Scientific
6-5/8%, 3/15/2005................. 175,000 175,000
First USA Bank
6-1/8%, 6/25/2001................. 100,000 100,000
Guidant 6.15%, 2/15/2006............ 100,000 100,000
Household Finance
6%, 5/1/2004...................... 100,000 100,000
National City 6-7/8%, 5/15/2019..... 100,000 100,000
Nordstrom 5-5/8%, 1/15/2009......... 100,000 100,000
Asset-Backed Securities
Peco Energy Transition Trust
6.05%, 3/1/2009................... 100,000 100,000
Principal Amount
or Shares
-------------------
Holdings
Reductions Decrease 6/30/99
- ---------- -------- --------
US Full Faith and Credit Obligations
Aid Israel 0%, 11/15/2010.......... $500,000 --
US Treasury Bonds
6-5/8%, 2/15/2027............... 900,000 --
Corporate Bonds
Associates Corporation
of North America
6-1/2%, 8/15/2002............... 200,000 --
AT&T Capital
6-1/4%, 5/15/2001............... 200,000 --
Barrett Resources
7.55%, 2/1/2007................. 200,000 --
Capital One Bank
8-1/8%, 3/1/2000................ 150,000 --
Loewen Group International
7-1/2%, 4/15/2001............... 200,000 --
Petroleum Georgia Pacific
7-1/2%, 3/31/2007............... 200,000 --
Viacom 7-3/4%, 6/1/2005............ 200,000 --
Woolworth 7%, 6/1/2000............. 200,000 --
- -------------------------------------------------------------------------------
SELIGMAN CAPITAL PORTFOLIO
Common Stocks
American Power Conversion.......... 9,400 shs. 18,800 (1) shs.
Apollo Group (Class A)............. 12,700 19,400
Boston Scientific ................. 11,800 11,800
Federated Department Stores........ 8,400 8,400
Health Mangement Associates........ 45,500 45,500
ISS Group ......................... 6,900 11,100 (2)
MSC Industrial Direct (Class A).... 30,400 30,400
NCR................................ 5,600 5,600
Sealed Air......................... 9,200 9,200
Snyder Communications.............. 12,500 20,100
Common Stocks
AT&T - Liberty Media Group
(Class A) ...................... 28,864 (3)shs. --
CBS................................ 19,900 --
CenturyTel (formerly, Century
Telephone Enterprises) .......... 18,700 (4) --
General Dynamics .................. 7,100 --
Interpublic Group of Companies..... 6,000 2,100 shs.
Kroger............................. 10,100 --
Newell Rubbermaid (5) ............. 10,600 --
Pall .............................. 19,900 --
Schwab (Charles)................... 7,500 --
VERITAS Software................... 9,400 --
- -------------------------------------------------------------------------------
SELIGMAN COMMON STOCK PORTFOLIO
Common Stocks
Allstate .......................... 14,300 14,300
America Online .................... 2,500 2,500
Applied Materials.................. 9,100 9,100
Baxter International............... 1,500 7,500
Bestfoods.......................... 12,900 12,900
Electronic Data Systems ........... 2,600 16,900
Fortune Brands..................... 3,200 3,200
Hewlett-Packard.................... 4,600 4,600
Pharmacia & Upjohn ................ 10,000 10,000
Schlumberger....................... 2,600 10,500
Common Stocks
American International Group....... 4,800 6,000
Anheuser-Busch .................... 10,100 7,800
BP Amoco (ADRs).................... 4,500 6,700
Chevron............................ 7,300 --
DaimlerChrysler.................... 5,400 7,599
Exxon ............................. 7,200 13,100
General Mills...................... 7,900 --
MCI Worldcom....................... 8,000 10,500
Norfolk Southern .................. 15,900 --
Raytheon (Class B)................. 9,400 7,900
- -------------------
See footnotes on page P-9.
-- P-1 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolio Overview (unaudited) (continued)
- -------------------------------------------------------------------------------
LARGEST PORTFOLIO CHANGES
During the Six Months Ended June 30, 1999
Shares
-------------------
Holdings
Additions Increase 6/30/99
- --------- -------- --------
SELIGMAN COMMUNICATIONS
AND INFORMATION PORTFOLIO
Common Stocks
Adaptec........................ 62,400 62,400
American Power Conversion...... 66,200 135,800 (6)
BMC Software................... 35,400 35,400
Gilat Satellite Networks....... 23,400 23,400
KLA - Tencor................... 44,300 44,300
MediaOne Group................. 18,200 68,900
Novellus Systems............... 27,400 27,400
Seagate Technology............. 30,100 30,100
Tellabs........................ 10,300 20,600 (7)
Veeco Instruments.............. 24,300 24,300
Shares
-------------------
Holdings
Reductions Decrease 6/30/99
- --------- -------- --------
Common Stocks
Advanced Micro Devices......... 60,200 --
CBS............................ 47,500 79,900
Electronics Arts............... 30,800 46,600
EMC............................ 66,500 (8) --
First Data..................... 52,200 --
Intel.......................... 32,600 (9) --
Learning Company (The)......... 79,800 --
Lexmark International Group
(Class A).................... 19,900 18,000 (10)
Networks Associates............ 81,801 --
Platinum Technology
International................ 72,700 --
- -------------------------------------------------------------------------------
SELIGMAN FRONTIER PORTFOLIO
Common Stocks
Carey International............ 10,400 10,400
Cognex......................... 13,600 13,600
Dura Pharmaceuticals........... 9,800 9,800
ITT Educational Services....... 10,300 10,300
National Instruments........... 8,700 15,700
Novellus Systems............... 4,800 4,800
Reality Information Group...... 5,460 5,460
SBS Broadcasting............... 6,600 7,400
Snyder Communications.......... 4,400 4,400
Teva Pharmaceutical
Industries (ADRs)............ 10,100 10,100
Common Stocks
Affiliated Computer
Services (Class A)........... 8,600 6,300
Coach USA...................... 9,900 --
DST Systems.................... 7,200 --
Journal Register............... 33,500 --
Midamerican Energy
Holdings (11)................ 21,960 --
Premier Parks.................. 14,600 23,500
Sanmina........................ 6,100 5,900
Superior Services.............. 16,300 --
Universal Health Services
(Class B).................... 10,000 --
Watson Pharmaceuticals......... 7,500 --
- -------------------
See footnotes on page P-9
-- P-2 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON GLOBAL
GROWTH OPPORTUNITIES PORTFOLIO
LARGEST PORTFOLIO CHANGES
During the Six Months Ended June 30, 1999
Shares
-------------------
Holdings
Additions Increase 6/30/99
- --------- -------- --------
Common Stocks
Alcatel........................ 910 910
Alza........................... 3,200 3,200
Carrefour Supermarche.......... 140 840 (12)
Cintas......................... 1,600 1,600
Cisco Systems.................. 1,100 2,200 (13)
Citigroup...................... 2,100 3,150 (14)
Credit Suisse Group............ 575 575
Halliburton.................... 3,300 3,300
Medtronic...................... 1,800 1,800
Ryanair Holding................ 13,600 13,600
Shares
-------------------
Holdings
Reductions Decrease 6/30/99
- ----------- -------- --------
Common Stocks
Accor.......................... 540 --
Bristol-Myers Squibb........... 1,600 (15) --
Cardinal Health................ 1,800 --
Centros Comerciales............ 4,850 --
CNP Assurances................. 3,940 --
Fancl.......................... 800 200
Interpublic Group of Companies. 2,050 --
Eli Lilly...................... 1,200 --
Motorola....................... 1,400 --
Newell Rubbermaid (5).......... 2,600 --
<TABLE>
<CAPTION>
DIVERSIFICATION OF NET ASSETS*
June 30, 1999
Percent of Net Assets
----------------------
June 30, December 31,
Issues Cost Value 1999 1998
------ ---------- ---------- --------- -----------
<S> <C> <C> <C> <C> <C>
Common Stocks
Aerospace.................................... 2 $ 143,652 $ 198,380 2.0 0.6
Automotive and Related....................... 2 170,873 218,023 2.2 3.2
Business Goods and Services.................. 6 511,309 761,027 7.9 9.1
Capital Goods................................ -- -- -- -- 0.5
Commercial Services.......................... 2 105,524 131,737 1.4 0.2
Computer and Technology Related.............. 7 437,360 685,019 7.1 6.2
Construction and Property.................... 2 137,599 151,821 1.6 2.1
Consumer Goods and Services.................. 7 308,960 407,838 4.2 8.6
Diversified.................................. 3 228,499 363,563 3.7 3.3
Drugs and Health Care........................ 8 604,385 672,174 6.9 11.6
Electric and Gas Utilities................... 1 159,331 220,875 2.3 1.7
Electronics.................................. 4 262,722 346,989 3.6 4.3
Electronics Capital Equipment................ 2 66,706 156,084 1.6 1.0
Entertainment and Leisure.................... 5 329,925 397,182 4.1 4.9
Financial Services........................... 12 717,987 915,924 9.4 7.2
Industrial Goods and Services................ 1 80,113 93,757 1.0 1.0
Manufacturing and Industrial Equipment....... 2 189,020 160,435 1.6 1.1
Media........................................ 3 234,598 309,198 3.2 2.0
Medical Products and Technology.............. 1 126,397 162,800 1.7 --
Resources.................................... 2 136,758 161,300 1.7 0.6
Restaurants.................................. 2 135,389 151,070 1.5 1.2
Retailing.................................... 8 522,344 544,476 5.6 7.5
Support Services............................. 1 28,746 15,524 0.2 0.2
Telecommunications........................... 17 932,946 1,414,054 14.6 11.4
Tobacco...................................... 2 225,827 259,879 2.7 3.3
Transportation............................... 1 119,419 140,841 1.5 1.2
--- --------- --------- ----- -----
103 6,916,389 9,039,970 93.3 94.0
Other Assets Less Liabilities ............... -- 650,887 650,887 6.7 6.0
--- --------- --------- ----- -----
NET ASSETS................................... 103 $7,567,276 $9,690,857 100.0 100.0
=== ========= ========= ===== =====
</TABLE>
- -------------------
See footnotes on page P-9.
-- P-3 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolio Overview (unaudited) (continued)
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON GLOBAL
SMALLER COMPANIES PORTFOLIO
LARGEST PORTFOLIO CHANGES
During the Six Months Ended June 30, 1999
Shares
-------------------
Holdings
Additions Increase 6/30/99
- --------- -------- --------
Common Stocks..................
Career Education............... 3,300 3,300
Cinar (Class B)................ 3,800 3,800
Enaco.......................... 7,600 7,600
Green Property................. 110,000 110,000
ITT Educational Services....... 2,900 2,900
Novellus Systems............... 1,400 1,400
SEZ Holding.................... 329 329
Sixt........................... 2,517 2,517
Swisslog Holding............... 1,171 1,171
Teva Pharmaceutical
Industries................... 2,700 2,700
Shares
--------------------
Holdings
Reductions Decrease 6/30/99
- ----------- -------- --------
Common Stocks
Calpine........................ 5,000 2,500
Coach USA...................... 2,700 --
Cox Radio...................... 4,500 --
Electronics Boutique........... 129,800 --
Icon (ADRs).................... 4,100 --
Midamerican Energy Holdings.... 5,200 (11) --
Polypipe....................... 70,500 --
Premier Parks.................. 3,900 6,100
Superior Services.............. 510 --
TK Development (formerly,
Thorkild Kristensen)........ 1,275 790
<TABLE>
<CAPTION>
DIVERSIFICATION OF NET ASSETS*
June 30, 1999 Percent of Net Assets
----------------------
June 30, December 31,
Issues Cost Value 1999 1998
------ ---------- ---------- --------- -----------
<S> <C> <C> <C> <C> <C>
Common Stocks
Advertising.................................. 3 $ 267,733 $ 191,865 1.1 1.2
Automotive Parts Manufacturing............... 4 185,719 190,822 1.1 1.5
Building Materials........................... -- -- -- -- 0.7
Business Services............................ 21 1,282,353 1,531,347 8.7 11.6
Capital Goods................................ 4 273,746 282,620 1.6 1.8
Chemicals.................................... 4 178,708 176,108 1.0 1.1
Computer Software............................ 12 775,849 1,070,692 6.1 5.3
Construction and Property.................... 12 1,070,601 1,005,765 5.7 6.0
Consulting Services.......................... 1 10,809 7,538 -- --
Consumer Goods and Services.................. 16 1,013,013 1,127,932 6.4 8.8
Distribution................................. 2 131,654 109,502 0.6 0.5
Drugs and Health Care........................ 16 1,172,908 965,147 5.5 7.9
Electric Utilities........................... 2 71,319 160,272 0.9 1.9
Electrical Distribution...................... 1 47,169 103,727 0.6 0.3
Electronics.................................. 12 584,810 774,536 4.4 2.9
Energy....................................... 3 134,850 147,451 0.8 0.7
Financial Services........................... 17 537,359 552,214 3.1 2.9
Industrial Goods and Services................ 7 498,010 552,202 3.1 3.3
Leisure and Hotels........................... 6 350,348 391,934 2.2 2.3
Manufacturing................................ 20 1,177,968 1,273,304 7.2 5.7
Media........................................ 9 609,781 839,690 4.7 7.1
Medical Products and Technology.............. 10 383,574 381,169 2.2 3.6
Metals....................................... 1 34,554 39,677 0.2 0.3
Paper and Printing........................... 4 202,717 168,660 0.9 0.3
Real Estate.................................. 3 750,278 745,765 4.2 --
Resources.................................... 1 24,415 29,328 0.2 0.3
Restaurants.................................. 3 171,370 336,024 1.9 1.5
Retailing.................................... 18 1,061,474 1,216,266 6.9 5.6
Schools...................................... 3 316,544 210,759 1.2 0.1
Shipbuilding................................. 1 14,896 18,145 0.1 --
</TABLE>
- ---------------------
See footnotes on page P-9.
-- P-4 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON GLOBAL
SMALLER COMPANIES PORTFOLIO (continued)
<TABLE>
<CAPTION>
DIVERSIFICATION OF NET ASSETS* (continued)
June 30, 1999 Percent of Net Assets
----------------------
June 30, December 31,
Issues Cost Value 1999 1998
------ ---------- ---------- --------- -----------
<S> <C> <C> <C> <C> <C>
Common Stocks (continued)
Support Services............................. 2 $ 84,756 $ 259,298 1.5 2.2
Technology................................... 11 745,984 1,159,473 6.6 5.6
Telecommunications........................... 7 484,576 622,069 3.5 2.2
Transportation............................... 7 377,796 521,042 2.9 2.4
Veterinary Products.......................... 2 241,887 196,700 1.1 1.0
Miscellaneous................................ 2 52,535 59,781 0.3 0.1
--- ---------- ---------- ----- -----
247 15,322,063 17,418,824 98.5 98.7
Other Assets Less Liabilities................ -- 260,989 260,989 1.5 1.3
--- ----------- ----------- ----- -----
Net Assets................................... 247 $15,583,052 $17,679,813 100.0 100.0
=== =========== =========== ===== =====
</TABLE>
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON GLOBAL
TECHNOLOGY PORTFOLIO
LARGEST PORTFOLIO CHANGES
During the Six Months Ended June 30, 1999
Shares
--------------------
Holdings
Additions Increase 6/30/99
- --------- -------- --------
Common Stocks
American Power Conversion...... 3,300 6,600 (16)
ASM Lithography Holding........ 3,300 3,300
Compuware...................... 2,200 2,900 (17)
Gilat Satellite Networks....... 1,400 1,400
Global TeleSystems Group....... 2,200 2,200
Invensys....................... 26,000 26,000
KLA-Tencor..................... 2,200 2,200
Lattice Semiconductor.......... 2,000 3,200
Misys.......................... 12,900 18,900
Novellus Systems............... 1,100 1,100
Shares
--------------------
Holdings
Reductions Decrease 6/30/99
- ----------- -------- --------
Common Stocks
Admiral........................ 3,570 --
Astec.......................... 60,000 --
CMP Media (Class A)............ 4,700 --
Druid.......................... 3,500 --
EMC............................ 2,000 --
General Electric............... 8,700 --
PLATINUM Technology
International................ 2,300 --
Psion.......................... 11,600 --
RF Micro Devices............... 400 500
RM............................. 10,000 --
- --------------------
See footnotes on page P-9.
-- P-5 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolio Overview (unaudited) (continued)
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON GLOBAL
TECHNOLOGY PORTFOLIO (continued)
<TABLE>
<CAPTION>
DIVERSIFICATION OF NET ASSETS*
June 30, 1999 Percent of Net Assets
----------------------
June 30, December 31,
Issues Cost Value 1999 1998
------ ---------- ---------- --------- -----------
<S> <C> <C> <C> <C> <C>
Common Stocks
Cable Systems and Satellite Video............ 2 $ 97,711 $ 114,079 1.3 --
Communications Infrastructure................ 5 220,135 262,619 2.9 --
Computer and Business Services............... 10 510,391 668,852 7.4 11.2
Computer Hardware/Peripherals................ 11 644,381 744,015 8.2 12.0
Computer Software............................ 26 1,507,288 1,779,827 19.7 22.7
Contract Manufacturing/Circuit Boards........ 3 187,411 246,169 2.7 3.3
Distributors................................. -- -- -- -- 0.8
Electronics.................................. 9 543,880 868,371 9.6 11.7
Electronics Capital Equipment................ 12 823,533 1,105,560 12.2 4.3
Machinery and Equipment...................... 3 167,788 239,535 2.6 2.4
Manufacturing................................ 1 50,148 39,000 0.4 --
Media........................................ 3 129,114 154,307 1.7 2.7
Medical Products and Technology.............. 4 182,954 158,558 1.8 4.2
Networking/Communications Infrastructure..... -- -- -- -- 4.0
Semiconductors............................... 7 505,476 741,346 8.2 5.4
Telecommunications........................... 8 482,177 821,553 9.1 8.3
Miscellaneous................................ -- -- -- -- 0.6
--- ---------- ---------- ----- -----
104 6,052,387 7,943,791 87.8 93.6
Other Assets Less Liabilities................ -- 1,105,904 1,105,904 12.2 6.4
--- ---------- ---------- ----- -----
NET ASSETS................................... 104 $7,158,291 $9,049,695 100.0 100.0
=== ========== ========== ===== =====
</TABLE>
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON
INTERNATIONAL PORTFOLIO
LARGEST PORTFOLIO CHANGES
During the Six Months Ended June 30, 1999
Shares
----------------------
Holdings
Additions Increase 6/30/99
- --------- -------- --------
Common Stocks
ABB............................ 1,605 1,605
Akzo Nobel..................... 2,782 2,782
Banco Santander
Central Hispano.............. 5,780 11,560 (18)
Banque Nationale de Paris...... 1,655 1,655
British Telecommunications..... 8,000 8,000
Deutsche Bank.................. 1,657 1,767 (19)
Equant......................... 1,051 1,051
Group Danone................... 416 416
Nokia.......................... 1,201 1,201
Royal Dutch Petroleum.......... 2,034 2,034
Shares
-----------------------
Holdings
Reductions Decrease 6/30/99
- ---------- -------- --------
Common Stocks
Centros Comerciales
Continente................... 3,803 --
Corporacion Bancaria de
Espana Argentaria............ 6,186 --
Credito Italiano............... 21,475 --
L.M. Ericsson Telefon
(Series B)................... 5,023 --
Istituto Nazionale
delle Assicurazioni.......... 44,756 --
Kingfisher..................... 9,000 --
Lafarge........................ 1,340 --
National Power................. 13,500 --
Telecom Italia................. 20,762 7,000
Unilever....................... 1,814 --
- --------------
See footnotes on page P-9.
-- P-6 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON
INTERNATIONAL PORTFOLIO (continued)
<TABLE>
<CAPTION>
DIVERSIFICATION OF NET ASSETS*
June 30, 1999 Percent of Net Assets
----------------------
June 30, December 31,
Issues Cost Value 1999 1998
------ ---------- ---------- --------- -----------
<S> <C> <C> <C> <C> <C>
Common Stocks
Automotive and Related....................... 2 $ 192,660 $ 190,923 2.0 2.1
Banking...................................... 15 1,219,095 1,465,953 15.5 12.6
Business Services............................ 3 175,398 214,630 2.3 0.5
Chemicals.................................... 4 269,396 292,862 3.1 2.2
Construction and Property.................... 3 250,140 263,442 2.8 4.6
Consumer Products............................ 7 507,867 577,158 6.1 6.5
Drugs and Health Care........................ 1 115,803 131,071 1.4 --
Electronics.................................. 5 290,969 429,256 4.6 1.7
Entertainment and Leisure.................... 2 177,420 228,435 2.4 1.9
Financial Services........................... 4 238,253 266,595 2.8 2.7
Health and Household......................... 4 416,747 419,285 4.4 6.9
Industrial Goods and Services................ 5 437,270 675,624 7.2 6.2
Insurance.................................... 4 345,226 504,429 5.3 8.2
Manufacturing................................ 3 300,989 352,728 3.7 3.4
Media........................................ 2 110,256 206,312 2.2 1.2
Metals....................................... 3 105,545 113,860 1.2 0.1
Publishing................................... 2 86,813 109,951 1.2 --
Resources.................................... 5 527,291 662,385 7.0 7.0
Retailing.................................... 5 453,408 493,164 5.2 8.5
Telecommunications........................... 14 975,499 1,174,832 12.4 12.4
Tobacco...................................... 2 130,054 175,455 1.9 1.4
Transportation............................... 1 80,277 157,049 1.7 3.1
Utilities.................................... 1 98,614 109,812 1.2 4.5
Miscellaneous................................ 2 25,642 21,775 0.2 0.2
--- ---------- ---------- ----- -----
99 7,530,632 9,236,986 97.8 97.9
Other Assets Less Liabilities................ -- 204,815 204,815 2.2 2.1
--- ---------- ---------- ----- -----
NET ASSETS................................... 99 $7,735,447 $9,441,801 100.0 100.0
=== ========== ========== ===== =====
</TABLE>
- --------------
See footnotes on page P-9.
-- P-7 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolio Overview (unaudited) (continued)
- -------------------------------------------------------------------------------
LARGEST PORTFOLIO CHANGES
During the Six Months Ended June 30, 1999
Principal Amount
or Shares
--------------------
Holdings
Additions Increase 6/30/99
- --------- -------- --------
SELIGMAN HIGH-YIELD BOND PORTFOLIO
Corporate Bonds
Advanced Micro Devices
11%, 8/1/2003................ $160,000 $535,000
American Media Operations
10-1/4%, 5/1/2009............ 260,000 260,000
Amkor Technologies
10-1/2%, 5/1/2009............ 305,000 305,000
Charter Communications
Southeast Holdings 0%
(9.92%), 4/1/2011............ 425,000 425,000
Fairchild Semiconductor
10-3/8%, 10/1/2007........... 160,000 160,000
Hollywood Casino 11-1/4%,
5/1/2007..................... 170,000 170,000
Paging Network 10%,
10/15/2008................... 140,000 715,000
Viasystems 9-3/4%, 6/1/2007.... 190,000 590,000
Common Stocks
Price Communications........... 18,538 shs. 18,538 shs.
Preferred Stocks
Global Crossing Holding,
10-1/2%...................... 2,400 3,150
Principal Amount
----------------------
Holdings
Reductions Decrease 6/30/99
- ----------- -------- --------
Corporate Bonds
Casino America 12-1/2%,
8/1/2003..................... $400,000 --
Charter Communications
Southeast Holdings
11-1/4%, 3/15/2006........... 250,000 --
Charter Communications
Southeast Holdings 0%
(14%), 3/15/2007............. 300,000 --
Coast Hotels & Casinos 13%,
12/15/2002................... 200,000 --
EchoStar DBS 12-1/2%,
7/1/2002..................... 350,000 --
Mobile Telecommunication
Technologies 13-1/2%,
12/15/2002................... 210,000 $15,000
TCI Satellite Entertainment
10-7/8%, 2/15/2007........... 400,000 --
Unisys 12%, 4/15/2003.......... 175,000 --
- -------------------------------------------------------------------------------
SELIGMAN INCOME PORTFOLIO
Corporate Bonds
Associates Corp. of
North America 5-3/4%,
11/1/2003.................... $250,000 $250,000
Boston Scientific 6-5/8%,
3/15/2005.................... 175,000 175,000
Dana 6-1/2%, 3/1/2009.......... 100,000 100,000
First USA Bank 6-1/8%,
6/25/2001.................... 100,000 100,000
Ford Motor Credit 5.80%,
1/12/2009.................... 100,000 100,000
Guidant 6.15%, 2/15/2006....... 100,000 100,000
Household Finance 6%,
5/1/2004..................... 100,000 100,000
Nordstrom 5-5/8%, 11/15/2009... 100,000 100,000
Phillips Petroleum 6-3/8%,
3/30/2009.................... 100,000 100,000
Asset-Backed Securities
Peco Energy 6.05%, 3/1/2009.... 100,000 100,000
Corporate Bonds
Associates Corp. of
North America 6-1/2%,
8/15/2002.................... $300,000 --
Dell Computer 6.55%,
4/15/2008.................... 300,000 $100,000
Petroleum Geo-Services 7-1/2%,
3/31/2007................... 300,000 100,000
Time Warner 7-3/4%,
6/15/2005.................... 500,000 --
Viacom 7-3/4%, 6/1/2005........ 30,000 --
US Government and
Government Agency Securities
US Treasury Notes 6-1/4%,
6/30/2002.................... 300,000 --
US Treasury Notes 6-1/2%,
10/15/2006................... 500,000 --
US Treasury Notes 6-5/8%,
5/15/2007.................... 500,000 --
Federal National Mortgage
Association
5.90%, 6/19/2003............. 300,000 --
Federal National Mortgage
Association
6.35%, 5/18/2005............. 300,000 --
- ----------------
See footnotes on page P-9.
-- P-8 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
LARGEST PORTFOLIO CHANGES
During the Six Months Ended June 30, 1999
Shares
----------------------
Holdings
Additions Increase 6/30/99
- --------- -------- --------
SELIGMAN LARGE-CAP VALUE PORTFOLIO
Common Stocks
Armstrong World Industries..... 2,000 3,600
Dole Food...................... 3,000 6,500
Ford Motor..................... 2,000 4,100
Humana......................... 14,000 14,000
Medtronic...................... 3,000 3,000
Raychem........................ 3,000 6,450
St. Paul Companies............. 3,000 6,000
Summit Bancorp................. 4,000 7,000
Tandy.......................... 2,500 5,000 (20)
United Technologies............ 2,000 2,000
Shares
---------------------
Holdings
Reductions Decrease 6/30/99
- ----------- -------- --------
Common Stocks
May Department Stores.......... 1,900 --
Penney (J.C.).................. 2,750 --
- -------------------------------------------------------------------------------
SELIGMAN SMALL-CAP VALUE PORTFOLIO
Common Stocks
Camdus Communications.......... 7,000 10,050
Commercial Federal............. 5,000 5,000
Fred's......................... 10,500 10,500
Fresh Del Monte Produce........ 10,000 10,000
Giant Cement Holdings.......... 6,000 6,000
Harman International
Industries................... 2,500 2,500
Liberty Financial.............. 6,000 6,000
Rent-Way....................... 6,000 6,000
Stage Stores................... 17,000 24,500
Trans World Entertainment...... 10,500 10,500
Common Stocks
AMRESCO........................ 10,000 --
Avado Brands................... 3,800 3,800
Consolidated Cigar Holding..... 4,800 --
Dialogic....................... 3,100 --
Elsag Bailey Process Auto
(ADRs)....................... 1,950 --
Friede Goldman International... 5,200 --
- -------------
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 Henderson
Portfolios because their portfolio holdings are listed by country rather
than by industry in the "Portfolios of Investments."
(1) Includes 9,400 shares received as a result of a 2-for-1 stock split.
(2) Includes 4,200 shares received as a result of a 2-for-1 stock split.
(3) Includes 4,464 shares received as a result of a 2-for-1 stock split.
(4) Includes 5,300 shares received as a result of a 2-for-1 stock split.
(5) Formerly known as Newell.
(6) Includes 67,900 shares received as a result of a 2-for-1 stock split.
(7) Includes 10,300 shares received as a result of a 2-for-1
stock split.
(8) Includes 8,300 shares received as a result of a 2-for-1 stock split.
(9) Includes 12,100 shares received as a result of a 2-for-1 stock split.
(10) Includes 9,000 shares received as a result of a 2-for-1 stock split.
(11) Formerly known as CalEnergy.
(12) Includes 700 shares received as a result of a 6-for-1 stock split.
(13) Includes 1,100 shares received as a result of a 2-for-1 stock split.
(14) Includes 1,050 shares received as a result of a 2-for-1 stock split.
(15) Includes 800 shares received as a result of a 2-for-1 stock split.
(16) Includes 3,300 shares received as a result of a 2-for-1 stock split.
(17) Includes 700 shares received as a result of a 2-for-1 stock split.
(18) Includes 5,780 shares received as a result of a 2-for-1
stock split.
(19) Includes 110 shares received from conversion of rights.
(20) Includes 2,500 shares received as a result of a 2-for-1 stock split.
-- P-9 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolios of Investments (unaudited)
- -------------------------------------------------------------------------------
SELIGMAN BOND PORTFOLIO
Principal
Amount Value
--------- --------
US FULL FAITH AND
CREDIT OBLIGATIONS -- 40.4%
US Treasury Bonds:
8-3/4%, 5/15/2020............. $500,000 $ 640,782
7-1/4%, 8/15/2022............. 500,000 558,750
US Treasury Notes:
6-1/4%, 10/31/2001............ 200,000 202,875
6-1/4%, 6/30/2002............. 200,000 203,250
6-5/8%, 5/15/2007............. 200,000 208,375
Government National
Mortgage Association:
6%, 12/20/2028+ .............. 197,120 184,116
6-1/2%, 12/15/2028+........... 295,979 285,685
---------
Total US Full Faith and Credit
Obligations
(Cost $2,273,081)............. 2,283,833
---------
US GOVERNMENT AGENCY
SECURITIES -- 7.6%
Federal Home Loan Bank
5-1/8%, 4/17/2001............. 100,000 98,866
Federal National Mortgage
Association:
5.795%, 1/1/2009+............. 149,321 140,779
6%, 12/1/2028+................ 197,709 186,323
---------
Total US Government Agency
Securities
(Cost $447,063)............... 425,968
--------
CORPORATE BONDS -- 43.5%
Associates Corporation
of North America
5-3/4%, 11/1/2003............. 250,000 242,470
Boston Scientific
6-5/8%, 3/15/2005............. 175,000 168,463
Cardinal Health
6-1/4%, 7/15/2008............. 100,000 94,312
Chrysler Financial
6.09%, 4/6/2001............... 200,000 199,708
Dana
6-1/2%, 3/1/2009.............. 100,000 94,896
Dell Computer
6.55%, 4/15/2008.............. 200,000 192,286
Principal
Amount Value
--------- --------
CORPORATE BONDS (continued)
Enron Oil & Gas
6%, 12/15/2008................ $100,000 $ 91,752
Equifax
6.30%, 7/1/2005............... 100,000 98,370
First Data
5.80%, 12/15/2008............. 100,000 91,116
First USA Bank
6-1/8%, 6/25/2001............. 100,000 99,618
Ford Motor Credit
5.80%, 1/12/2009.............. 100,000 91,680
Guidant
6.15%, 2/15/2006.............. 100,000 94,258
Household Finance
6%, 5/1/2004 ................. 100,000 96,990
National City
6-7/8%, 5/15/2019............. 100,000 94,179
Nordstrom
5-5/8%, 1/15/2009............. 100,000 91,249
Philip Morris
7-1/8%, 8/15/2002 ............ 200,000 202,537
Sprint Capital
6-1/8%, 11/15/2008............ 200,000 186,713
Time Warner
9-1/8%, 1/15/2013............. 200,000 228,424
----------
Total Corporate Bonds
(Cost $2,543,265)............. 2,459,021
----------
ASSET-BACKED
SECURITIES+ -- 1.7%
(Cost $99,875)
Peco Energy Transition Trust
6.05%, 3/1/2009 .............. 100,000 95,821
----------
Total Investments -- 93.2%
(Cost $5,363,284)............. 5,264,643
Other Assets
Less Liabilities--6.8%........ 385,341
----------
Net Assets--100.0% .............. $5,649,984
==========
- ------------------
+ 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-10 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
June 30, 1999
- -------------------------------------------------------------------------------
SELIGMAN CAPITAL PORTFOLIO
Shares Value
-------- ----------
COMMON STOCKS -- 95.5%
BASIC MATERIALS -- 6.2%
Cintas........................... 3,500 $ 235,047
Minerals Technologies............ 7,800 435,338
Sealed Air*...................... 9,200 596,850
---------
1,267,235
---------
CAPITAL GOODS -- 9.6%
American Power Conversion........ 18,800 377,763
Applied Power (Class A).......... 14,600 398,763
Corning.......................... 3,700 259,463
Molex............................ 17,700 653,794
Rayovac*......................... 10,100 229,143
Symbol Technologies.............. 1,800 66,375
---------
1,985,301
---------
COMMUNICATIONS
SERVICES -- 0.5%
Rhythms Netconnections*.......... 1,600 93,500
---------
CONSUMER CYCLICALS -- 25.7%
Circuit City Stores-Circuit City
Group......................... 4,950 460,350
Danaher.......................... 1,700 98,813
Doubleclick*..................... 2,300 210,522
Federated Department
Stores*...................... 8,400 444,675
Fluor............................ 3,900 157,950
HA-LO Industries*................ 21,100 208,363
Harley-Davidson.................. 7,000 380,625
Interpublic Group of Companies... 2,100 181,913
ITT Educational Services*........ 17,500 456,093
MSC Industrial Direct
(Class A)*.................... 30,400 311,600
Office Depot*.................... 28,050 618,853
Snyder Communications*........... 20,100 658,275
TJX Companies.................... 12,300 409,744
Williams-Sonoma*................. 16,300 567,444
Young & Rubicam.................. 2,800 127,225
---------
5,292,445
---------
CONSUMER STAPLES -- 9.2%
Apollo Group (Class A)*.......... 19,400 514,706
Dial............................. 10,200 379,312
Infinity Broadcasting (Class A)*. 23,000 684,250
Solectron*....................... 2,500 166,719
Suiza Foods*..................... 3,500 146,563
---------
1,891,550
---------
Shares Value
-------- --------
ENERGY -- 3.8%
Anadarko Petroleum............... 13,500 $ 496,968
Enron Oil & Gas.................. 6,100 123,525
Weatherford International*....... 4,600 168,475
---------
788,968
---------
FINANCIAL SERVICES -- 7.3%
AFLAC............................ 8,600 411,725
Capital One Financial............ 3,300 183,769
Comdisco......................... 22,300 571,437
DLJ Direct*...................... 2,000 59,000
SouthTrust....................... 6,950 266,489
---------
1,492,420
---------
HEALTH CARE -- 9.2%
Biogen*.......................... 4,800 308,850
Boston Scientific*............... 11,800 518,463
Elan*............................ 7,700 213,675
Forest Laboratories*............. 5,000 231,250
Health Management Associates*.... 45,500 511,875
Laser Vision Centers*............ 1,800 113,287
---------
1,897,400
---------
TECHNOLOGY -- 19.3%
At Home Corp. (Series A)*........ 4,000 215,875
Broadcom (Class A)*.............. 2,300 332,422
Clarent*......................... 2,400 36,000
Compuware*....................... 13,900 441,759
Gateway*......................... 4,900 289,100
General Instrument*.............. 10,600 450,500
ISS Group*....................... 11,100 418,331
JDS Uniphase..................... 1,100 182,738
NCR*............................. 5,600 273,350
PE Biosystems Group.............. 1,000 114,750
Siebel Systems*.................. 5,150 341,348
Software.com*.................... 5,100 118,415
Vitesse Semiconductor*........... 7,400 500,656
Xilinx*.......................... 5,200 297,862
---------
4,013,106
---------
TRANSPORTATION -- 2.0%
CNF Transportation............... 10,900 418,288
---------
UTILITIES -- 2.7%
AES*............................. 9,500 552,187
---------
- ----------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-11 --
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
- -------------------------------------------------------------------------------
SELIGMAN CAPITAL PORTFOLIO (continued)
Value
-----------
Total Investments -- 95.5%
(Cost $15,958,061)............ $19,692,400
Other Assets
Less Liabilities-- 4.5%....... 888,904
-----------
Net Assets-- 100.0%.............. $20,581,304
===========
SELIGMAN CASH MANAGEMENT PORTFOLIO
Annualized
Yield on Principal
Purchase Date Amount Value
------------- ------- ----------
US GOVERNMENT
AND GOVERNMENT
AGENCY SECURITIES -- 61.0%
US GOVERNMENT
SECURITIES -- 44.3 %
US Treasury Bills:
7/8/1999............. 4.48% $ 800,000 $ 799,311
7/22/1999............ 4.24 1,000,000 997,559
8/12/1999............ 4.45 1,000,000 994,878
11/18/1999........... 4.69 500,000 491,007
12/16/1999........... 4.85 1,000,000 977,693
US Treasury Notes:
6-7/8%, 7/31/1999..... 4.57 3,000,000 3,005,350
----------
Total US Government
Securities
(Cost $7,265,798).... 7,265,798
----------
US GOVERNMENT
AGENCY SECURITIES -- 16.7%
Federal Home Loan Bank:
4.78%, 8/18/1999..... 4.85 500,000 496,814
4.83%, 8/26/1999..... 4.90 500,000 496,243
Federal National
Mortgage Association:
4.69%, 7/1/1999...... 4.76 500,000 500,000
4.70%, 7/8/1999...... 4.77 500,000 499,543
4.91%, 9/9/1999...... 4.98 750,000 742,840
-----------
Total US Government
Agency Securities
(Cost $2,735,440).... 2,735,440
-----------
Total US Government
and Government
Agency Securities
(Cost $10,001,238)... 10,001,238
-----------
Annualized
Yield on Principal
Purchase Date Amount Value
------------- --------- --------
FIXED TIME DEPOSITS -- 2.5%
(Cost $420,000)
First National Bank of
Chicago, Grand Cayman
5-1/2%, 7/1/1999...... 5.58% $420,000 $ 420,000
-----------
COMMERCIAL
PAPER -- 36.8%
American Express
Credit, 8/26/1999.... 4.90-5.01 900,000 893,178
American General
Finance, 8/31/1999... 4.88-5.10 900,000 892,516
Associates Corp. of
North America,
12/1/1999............ 5.22 800,000 782,490
Ford Motor Credit,
7/6/1999............. 4.89-4.94 900,000 899,395
General Electric Capital,
8/4/1999............. 4.88-5.08 900,000 895,836
John Deere Capital,
9/15/1999............ 5.09 900,000 890,462
Norwest Financial,
12/17/1999........... 5.02 800,000 781,410
-----------
Total Commercial Paper
(Cost $6,035,287).... 6,035,287
-----------
Total Investments -- 100.3%
(Cost $16,456,525)......................... 16,456,525
Other Assets
Less Liabilities-- (0.3)%.................. (54,259)
-----------
Net Assets -- 100.0%.......................... $16,402,266
===========
- -----------------
See Notes to Financial Statements.
-- P-12 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
June 30, 1999
- -------------------------------------------------------------------------------
SELIGMAN COMMON STOCK PORTFOLIO
Shares Value
-------- ---------
COMMON STOCKS -- 95.7%
AEROSPACE -- 0.5%
General Dynamics................. 5,100 $ 349,350
---------
AUTOMOTIVE AND RELATED -- 2.5%
DaimlerChrysler.................. 7,599 675,361
Ford Motor....................... 12,100 682,894
---------
1,358,255
---------
CHEMICALS -- 1.1%
duPont (E.I.) de Nemours......... 8,400 573,825
---------
COMMUNICATIONS -- 9.1%
AT&T............................. 23,100 1,289,269
Ameritech........................ 12,300 904,050
GTE.............................. 16,200 1,227,150
MCI WorldCom*.................... 10,500 903,328
SBC Communications............... 10,000 580,000
---------
4,903,797
---------
COMMUNICATIONS EQUIPMENT -- 1.5%
Lucent Technologies.............. 12,400 836,225
---------
COMPUTER AND
BUSINESS SERVICES -- 14.2%
America Online................... 2,500 276,250
Clarent*......................... 500 7,500
Cisco Systems.................... 11,800 759,994
Dell Computer*................... 7,500 277,266
Electronic Data Systems.......... 16,900 955,906
Hewlett-Packard.................. 4,600 462,300
Intel............................ 16,400 975,288
International Business Machines.. 10,900 1,408,825
Microsoft*....................... 22,100 1,991,762
Xerox............................ 8,900 525,656
---------
7,640,747
---------
CONSUMER GOODS
AND SERVICES -- 10.2%
Anheuser-Busch................... 7,800 553,312
Bestfoods........................ 12,900 638,550
Coca-Cola........................ 8,400 525,000
ConAgra.......................... 21,100 561,787
Fort James....................... 14,300 541,613
Fortune Brands................... 3,200 132,400
PepsiCo.......................... 20,200 781,487
Philip Morris.................... 18,600 747,488
Procter & Gamble................. 5,300 473,025
Sara Lee......................... 25,000 567,188
---------
5,521,850
---------
Shares Value
-------- ---------
DIVERSIFIED -- 1.7%
AlliedSignal..................... 14,300 $ 900,900
---------
DRUGS AND HEALTH CARE -- 12.0%
Abbott Laboratories.............. 14,000 637,000
American Home Products........... 16,700 960,250
Baxter International............. 7,500 454,687
Bristol-Myers Squibb............. 16,000 1,127,000
Johnson & Johnson................ 7,800 764,400
Merck............................ 13,600 1,006,400
Pfizer........................... 4,900 537,775
Pharmacia & Upjohn............... 10,000 568,125
Schering-Plough.................. 8,400 445,200
---------
6,500,837
---------
ELECTRIC AND GAS UTILITIES -- 4.8%
DQE.............................. 12,700 509,587
Sonat............................ 20,700 685,688
Unicom........................... 14,800 570,725
Williams Companies (The)......... 19,600 834,225
---------
2,600,225
---------
ELECTRONICS -- 3.2%
Applied Materials................ 9,100 671,978
Harris........................... 13,500 529,031
Raytheon (Class B)............... 7,900 555,963
---------
1,756,972
---------
ENERGY -- 6.9%
BP Amoco (ADRs)
(United Kingdom).............. 6,700 726,950
Exxon............................ 13,100 1,010,337
Mobil............................ 5,200 514,800
Royal Dutch Petroleum
(Netherlands)................. 13,200 795,300
Schlumberger..................... 10,500 668,719
---------
3,716,106
---------
FINANCE AND INSURANCE -- 15.6%
Allstate......................... 14,300 513,012
American General................. 12,800 964,800
American International Group..... 6,000 702,375
Bank of America.................. 12,105 887,448
Bank of New York................. 27,700 1,016,244
Chubb............................ 8,000 556,000
Citigroup........................ 27,807 1,320,833
- -----------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-13 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
- -------------------------------------------------------------------------------
SELIGMAN COMMON STOCK PORTFOLIO (continued)
Shares Value
-------- ----------
FINANCE AND
INSURANCE (continued)
Fannie Mae....................... 9,200 $ 629,050
Mellon Bank...................... 19,200 698,400
Morgan (J.P.).................... 3,900 547,950
Washington Mutual................ 17,296 611,846
---------
8,447,958
---------
MACHINERY AND INDUSTRIAL
EQUIPMENT -- 6.6%
General Electric................. 16,500 1,864,500
United Technologies.............. 24,000 1,720,500
---------
3,585,000
---------
PAPER AND FOREST
PRODUCTS -- 1.1%
Mead............................. 13,800 576,150
---------
PUBLISHING -- 0.7%
Gannett.......................... 5,100 364,013
---------
Shares Value
-------- ---------
RETAIL TRADE -- 3.3%
May Department Stores............ 15,350 $ 627,431
Wal-Mart Stores.................. 23,500 1,133,875
---------
1,761,306
---------
TRANSPORTATION -- 0.7%
GATX............................. 9,800 373,012
-----------
Total Common Stocks
(Cost $37,851,063)............ 51,766,528
Short-Term Holdings -- 4.1%
(Cost $2,200,000)............. 2,200,000
-----------
Total Investments -- 99.8%
(Cost $40,051,063)............ 53,966,528
Other Assets
Less Liabilities-- 0.2%....... 106,768
-----------
Net Assets-- 100.0%.............. $54,073,296
===========
- -------------------------------------------------------------------------------
SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO
Shares Value
-------- ---------
COMMON STOCKS -- 93.2%
COMMUNICATIONS/
INFRASTRUCTURE -- 6.4%
ADC Telecommunications*.......... 5,900 $ 268,634
Aspect Telecommunications*....... 28,300 274,156
Cisco Systems*................... 20,800 1,339,650
Comverse Technology*............. 10,600 799,637
DSP Communications*.............. 20,600 594,825
ECI Telecom* (Israel)............ 20,900 690,353
Gilat Satellite Networks*........ 23,400 1,229,963
Harris........................... 14,700 576,056
Nokia (Finland).................. 10,400 952,250
Oak Industries*.................. 12,600 550,463
Tekelec*......................... 31,800 388,556
Tellabs.......................... 20,600 1,392,431
---------
9,056,974
---------
Shares Value
-------- ---------
COMMUNICATIONS
SERVICES -- 2.6%
AT&T-Liberty Media Group (Class A)* 40,600 $1,492,050
ICG Communications............... 20,300 432,009
MCI WorldCom..................... 6,300 541,997
Pacific Gateway Exchange*........ 28,700 834,094
RSL Communications
(Class A)*.................... 20,200 390,113
---------
3,690,263
---------
COMPUTER AND
BUSINESS SERVICES -- 5.6%
Amdocs*.......................... 25,100 571,025
CSG Systems International*....... 5,400 141,581
EchoStar Communications.......... 6,300 966,853
Galileo International............ 34,300 1,832,906
Mastech*......................... 26,200 486,338
- ------------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-14 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
June 30, 1999
- -------------------------------------------------------------------------------
SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO (continued)
Shares Value
-------- ----------
COMPUTER AND
BUSINESS SERVICES (continued)
Metamor Worldwide*............... 21,200 $ 508,800
Metzler Group*................... 25,100 692,603
Modis Professional Services*..... 40,300 554,125
Sungard Data Systems*............ 20,700 714,150
Unisys*.......................... 16,700 650,256
Viant*........................... 20,000 696,250
----------
7,814,887
----------
COMPUTER HARDWARE/
PERIPHERALS -- 13.6%
Adaptec*......................... 62,400 2,201,550
American Power Conversion*....... 135,800 2,728,731
Apex PC Solutions*............... 39,000 798,281
Comdisco......................... 73,900 1,893,688
Creative Technology
(Singapore)................... 154,500 2,061,609
Electronics for Imaging*......... 97,600 4,995,900
Ingram Micro (Class A)*.......... 21,000 540,750
Lexmark International Group
(Class A)*.................... 18,000 1,189,125
Pitney Bowes..................... 10,400 668,200
Seagate Technology*.............. 30,100 771,313
Storage Technology*.............. 16,900 384,475
Sun Microsystems*................ 8,500 585,703
Tech Data*....................... 10,400 397,475
----------
19,216,800
----------
COMPUTER SOFTWARE -- 20.4%
3DO*............................. 48,300 221,878
Acclaim Entertainment*........... 71,900 457,239
Activision*...................... 28,000 406,875
Autodesk......................... 79,304 2,346,903
BMC Software*.................... 35,400 1,910,494
Check Point Software
Technologies* (Israel)........ 69,200 3,708,687
Citrix Systems................... 10,500 591,609
Compuware*....................... 48,600 1,544,569
Electronic Arts*................. 46,600 2,522,225
Entrust Technologies*............ 10,700 356,109
HNC Software*.................... 20,000 615,625
Mentor Graphics*................. 60,800 777,100
Microsoft*....................... 41,500 3,740,188
New Era of Networks*............. 10,600 465,406
Parametric Technology*........... 127,500 1,773,047
Peregrine Systems*............... 12,600 323,269
Shares Value
-------- ---------
COMPUTER SOFTWARE (continued)
Structural Dynamics
Research*..................... 63,100 $ 1,159,463
Symantec*........................ 45,900 1,171,884
Synopsys*........................ 67,400 3,717,531
Tecnomatix Technologies*
(Israel)...................... 12,300 214,866
Visio*........................... 21,000 798,656
----------
28,823,623
----------
CONTRACT MANUFACTURING/
CIRCUIT BOARDS -- 4.2%
DII Group*....................... 20,900 777,218
Hadco*........................... 21,800 866,550
Sanmina*......................... 11,700 887,738
SCI Systems*..................... 39,900 1,895,250
SMART Modular Technologies*...... 87,500 1,514,844
----------
5,941,600
----------
ELECTRONICS CAPITAL
EQUIPMENT -- 13.1%
Applied Materials*............... 25,300 1,868,247
ASM Lithography (Netherlands)*... 25,100 1,486,391
Asyst Technologies*.............. 17,700 529,341
Cognex*.......................... 50,500 1,592,328
Credence Systems*................ 35,700 1,316,438
Electro Scientific Industries*... 18,300 764,597
KLA-Tencor*...................... 44,300 2,872,578
Lam Research*.................... 25,200 1,175,738
Novellus Systems*................ 27,400 1,869,194
Orbotech* (Israel)............... 24,900 1,283,906
Teradyne*........................ 41,500 2,977,625
Veeco Instruments................ 24,300 828,478
----------
18,564,861
----------
INTERNET/ONLINE -- 0.8%
Beyond.com....................... 16,600 474,656
PSINet*.......................... 8,300 362,606
Softnet Systems*................. 5,600 155,925
ZDNet............................ 3,900 101,400
----------
1,094,587
----------
MEDIA -- 17.6%
Adelphia Communications
(Class A)*.................... 16,600 1,063,956
Cablevision Systems
(Class A)*.................... 16,700 1,169,000
- -------------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-15 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
- -------------------------------------------------------------------------------
SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO (continued)
Shares Value
-------- ----------
MEDIA (continued)
CBS*............................. 79,900 $ 3,470,656
Chancellor Media*................ 97,700 5,382,659
Clear Channel Communications*.... 40,600 2,798,863
Fox Entertainment Group
(Class A)*.................... 28,700 773,106
Infinity Broadcasting
(Class A)*.................... 36,900 1,097,775
MediaOne Group*.................. 68,900 5,124,438
Outdoor Systems*................. 31,500 1,149,750
Sinclair Broadcast Group
(Class A)*.................... 44,600 727,538
USA Networks*.................... 35,200 1,411,300
Ziff-Davis*...................... 48,200 744,088
----------
24,913,129
----------
SEMICONDUCTORS -- 8.9%
Altera*.......................... 15,600 573,787
Amkor Technology*................ 183,200 1,872,075
C-Cube Microsystems*............. 66,600 2,108,306
Dallas Semiconductor............. 18,700 944,350
Lattice Semiconductor*........... 45,900 2,851,537
Linear Technology................ 12,500 841,406
Maxim Integrated Products*....... 14,200 944,300
Microchip Technology*............ 42,000 1,987,125
Xilinx*.......................... 8,400 481,163
----------
12,604,049
----------
Principal
Amount Value
-------- -----------
Total Common Stocks
(Cost $108,198,297)........... $131,720,773
------------
SUBORDINATED CONVERTIBLE
BONDS -- 0.1%
(Cost $184,000)
COMPUTER
SOFTWARE -- 0.1%
Activision 63/4%, 1/1/2005+...... $ 190,000 181,450
------------
REPURCHASE AGREEMENT -- 5.2%
(Cost $7,300,000)
State Street Bank and Trust 4.70%,
dated 6/30/99, maturing 7/1/99
collateralized by: $5,895,000
US Treasury Notes 10-3/4%,
8/15/2005, with a fair market
value of $7,501,916........... 7,300,000 7,300,000
-------------
Total Investments -- 98.5%
(Cost $115,682,297)........... 139,202,223
Other Assets
Less Liabilities-- 1.5%....... 2,185,385
------------
Net Assets-- 100.0%.............. $141,387,608
============
- -------------------------------------------------------------------------------
SELIGMAN FRONTIER PORTFOLIO
Shares Value
-------- ----------
COMMON STOCKS -- 96.5%
ADVERTISING -- 1.5%
HA-LO Industries*................ 25,400 $250,825
Snyder Communications*........... 4,400 144,100
--------
394,925
--------
BUSINESS GOODS
AND SERVICES -- 15.6%
Abacus Direct*................... 1,100 99,791
Affiliated Computer Services
(Class A)*.................... 6,300 318,937
American Homestar................ 30,437 207,352
Applied Graphics Technologies*... 13,500 168,750
Shares Value
-------- ---------
BUSINESS GOODS
AND SERVICES (continued)
Copart*.......................... 13,800 $ 292,819
FirstService* (Canada)........... 17,200 263,375
Indus International*............. 23,300 100,845
Integrated Electrical Services*.. 10,000 161,250
Keystone Automotive Industries*.. 17,700 306,431
Metamor Worldwide*............... 8,200 196,800
Modis Professional Services*..... 28,100 386,375
NFO Worldwide*................... 2,000 28,000
NOVA*............................ 13,333 333,325
Personnel Group of America*...... 23,800 238,000
Profit Recovery Group*........... 1,700 80,378
- -------------------
* Non-income producing security.
+ Rule 144A security.
See Notes to Financial Statements.
-- P-16 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
June 30, 1999
- -------------------------------------------------------------------------------
SELIGMAN FRONTIER PORTFOLIO (continued)
Shares Value
-------- ---------
BUSINESS GOODS
AND SERVICES (continued)
Provant*......................... 19,770 $ 307,671
U.S. Foodservice*................ 10,800 460,350
Wilmar Industries*............... 16,600 217,875
---------
4,168,324
---------
CAPITAL GOODS -- 5.3%
Microchip Technology*............ 13,900 657,644
Novellus Systems*................ 4,800 327,450
UCAR International*.............. 17,100 431,775
---------
1,416,869
---------
COMPUTER SOFTWARE
AND SERVICES -- 9.9%
Avant!*.......................... 22,600 284,619
Inso*............................ 19,500 103,594
ISS Group*....................... 3,700 139,444
National Instruments*............ 15,700 631,925
Structural Dynamics
Research*..................... 13,600 249,900
SunGard Data Systems*............ 8,400 289,800
Transaction Systems Architects
(Class A)*.................... 11,600 452,400
Unigraphics Solutions
(Class A)*.................... 20,100 378,131
Visio*........................... 2,800 106,487
---------
2,636,300
---------
CONSULTING SERVICES -- 3.7%
Corporate Executive Board*....... 3,300 117,459
Forrester Research*.............. 1,000 25,125
Primark*......................... 19,400 544,413
Professional Detailing*.......... 12,900 303,553
---------
990,550
---------
CONSUMER GOODS
AND SERVICES -- 5.7%
Carey International*............. 10,400 256,750
Carriage Services (Class A)*..... 23,800 446,250
MemberWorks*..................... 15,700 458,734
Packaged Ice*.................... 6,300 37,603
Pre-Paid Legal Services*......... 11,200 304,500
---------
1,503,837
---------
Shares Values
-------- ---------
DRUGS AND
HEALTH CARE -- 9.3%
Alpharma (Class A)............... 2,200 $ 78,237
Barr Laboratories*............... 7,700 307,037
Dura Pharmaceuticals*............ 9,800 116,375
Omnicare......................... 6,600 83,325
Province Healthcare*............. 17,600 345,400
Renal Care Group*................ 5,700 147,309
Renex*+.......................... 50,000 267,188
Schein Pharmaceutical*........... 6,800 82,025
Teva Pharmaceutical
Industries (ADRs) (Israel).... 10,100 498,688
Total Renal Care Holdings*....... 25,600 398,400
Triangle Pharmaceuticals*........ 9,100 163,231
---------
2,487,215
---------
ELECTRONICS -- 15.9%
Analog Devices*.................. 9,100 456,706
AVX.............................. 25,700 626,437
Burr-Brown*...................... 33,050 1,220,784
Cognex*.......................... 13,600 428,825
General Semiconductors*.......... 15,900 145,087
KLA-Tencor*...................... 5,000 324,219
Oak Industries*.................. 4,230 184,798
PMC-Sierra* (Canada)............. 5,800 342,019
Sanmina*......................... 5,900 447,663
Veeco Instruments*............... 1,800 61,369
---------
4,237,907
---------
ENERGY -- 4.6%
Barrett Resources*............... 3,400 130,475
Cabot Oil & Gas (Class A)........ 16,700 311,037
Calpine*......................... 10,200 550,800
Santa Fe Snyder*................. 28,500 217,313
---------
1,209,625
---------
ENVIRONMENTAL
MANAGEMENT -- 3.2%
Allied Waste Industries*......... 11,500 227,125
Casella Waste Systems
(Class A)*.................... 11,050 285,919
Waste Connections*............... 10,900 332,450
---------
845,494
---------
FINANCIAL SERVICES -- 4.1%
Affiliated Managers Group*....... 6,900 208,294
American Capital Strategies...... 12,400 225,138
Crusader Holding*................ 3,465 36,383
- -------------------
* Non-income producing security.
+ Rule 144A security.
See Notes to Financial Statements.
-- P-17 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
- -------------------------------------------------------------------------------
SELIGMAN FRONTIER PORTFOLIO (continued)
Shares Value
-------- ---------
FINANCIAL SERVICES
(continued)
ESG Re (Bermuda)................. 9,200 $ 137,138
Insignia Financial Group*........ 15,666 164,493
Metris Companies................. 7,000 285,250
Stirling Cooke Brown Holdings
(Bermuda)..................... 4,900 20,058
---------
1,076,754
---------
INDUSTRIAL GOODS
AND SERVICES -- 1.5%
McDermott International.......... 10,000 282,500
United Rentals*.................. 4,500 132,750
---------
415,250
---------
INTERNET/ONLINE -- 0.2%
Doubleclick*..................... 700 64,072
---------
LEISURE AND
ENTERTAINMENT -- 3.6%
Premier Parks*................... 23,500 863,625
ResortQuest International*....... 9,800 80,850
---------
944,475
---------
MEDIA AND
BROADCASTING -- 0.9%
SBS Broadcasting*
(Luxembourg).................. 7,400 237,263
---------
MEDICAL PRODUCTS
AND TECHNOLOGY -- 4.4%
Covance*......................... 10,400 248,950
Hanger Orthopedic Group*......... 13,000 184,438
Kendle International............. 3,600 57,825
Pharmaceutical Product
Development*.................. 2,200 60,156
PSS World Medical*............... 49,100 547,772
Somnus Medical
Technologies*................. 20,000 61,250
---------
1,160,391
---------
Shares Value
-------- ---------
REAL ESTATE
INVESTMENT TRUST -- 0.9%
Realty Information Group......... 5,460 $ 235,804
----------
RETAIL TRADE -- 1.0%
Pier 1 Imports................... 22,550 253,688
----------
SCHOOLS -- 2.9%
Career Education*................ 11,100 374,972
EduTrek International (Class A)*. 23,700 117,018
ITT Educational Services......... 10,300 268,444
----------
760,434
----------
TELECOMMUNICATIONS -- 2.1%
ANTEC*........................... 15,200 485,925
Forward Air...................... 2,750 77,258
-----------
563,183
-----------
TRANSPORTATION -- 0.2%
US Xpress Enterprises
(Class A)*.................... 6,100 65,384
-----------
Total Common Stocks
(Cost $23,666,226)............ 25,667,744
Short-Term Holdings -- 3.5%
(Cost $930,000).............. 930,000
-----------
Total Investments -- 100.0%
(Cost $24,596,226)............ 26,597,744
Other Assets
Less Liabilities ............. (6,413)
-----------
Net Assets-- 100.0%.............. $26,591,331
===========
- -----------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-18 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
June 30, 1999
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON GLOBAL GROWTH OPPORTUNITIES PORTFOLIO
Shares Value
-------- ----------
COMMON STOCKS -- 92.2%
AUSTRALIA-- 1.1%
Brambles Industries
(Business Goods
and Services)................. 1,350 $35,502
CSL (Drugs and Health Care)...... 4,300 37,055
Telstra (Telecommunications)..... 6,300 36,037
--------
108,594
--------
CHINA -- 0.4%
China Telecom (Hong Kong)*
(Telecommunications).......... 14,000 38,885
--------
DENMARK -- 0.7%
ISS International Service
(Commercial Services)......... 1,200 64,016
--------
FINLAND -- 3.6%
Nokia (Telecommunications)....... 2,660 232,986
Sonera Group*
(Telecommunications).......... 5,500 120,150
--------
353,136
--------
FRANCE -- 7.3%
Alcatel (Telecommunications)..... 910 127,997
Cap Gemini (Computer and
Technology Related)........... 696 109,300
Carrefour Supermarche
(Retailing)................... 840 123,345
Genset (ADRs)* (Drugs and
Health Care).................. 2,500 39,063
Hachette Filipacchi Medias
(Media)....................... 400 92,946
Sidel (Manufacturing and
Industrial Equipment)......... 765 92,940
Valeo (Automotive and Related)... 1,430 117,884
--------
703,475
--------
GERMANY -- 2.8%
Adidas-Salomon (Retailing)....... 1,150 111,866
Metro (Retailing)................ 1,393 88,565
Sixt (Retailing)................. 1,350 72,338
--------
272,769
--------
Shares Value
-------- --------
GREECE -- 0.8%
Commercial Bank of Greece
(Financial Services).......... 700 $ 50,008
National Bank of Greece
(GDRs)+ (Financial
Services)..................... 2,200 28,270
--------
78,278
--------
HONG KONG -- 0.6%
HSBC Holdings
(Financial Services).......... 800 29,180
Hutchison Whampoa
(Diversified)................. 3,000 27,163
--------
56,343
--------
HUNGARY -- 0.3%
Magyar Tavkozlesi "Matav" (ADRs)
(Telecommunications).......... 500 13,750
MOL Magyar Olaj-es Gazipari
(GDRs)+ (Resources)........... 500 11,975
--------
25,725
--------
IRELAND -- 2.7%
Elan (ADRs)* (Drugs and
Health Care).................. 4,500 124,875
Ryanair Holding*
(Transportation).............. 13,600 140,841
--------
265,716
--------
ITALY -- 3.4%
Banca Nazionale del Lavoro
"BNL"* (Financial Services)... 38,000 119,429
Banca Popolare di Lodi
(Financial Services).......... 5,800 69,628
Mediolanum (Financial Services).. 18,000 138,183
--------
327,240
--------
JAPAN -- 9.0%
Able (Financial Services)........ 1,000 51,204
Altech (Electronics Capital
Equipment).................... 2,200 50,873
Diamond Computer Service
(Computer and Technology
Related)...................... 2,000 41,458
Fancl (Consumer Goods and
Services)..................... 200 36,338
- -----------------
* Non-income producing security.
+ Rule 144A security.
See Notes to Financial Statements.
-- P-19 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON GLOBAL GROWTH OPPORTUNITIES PORTFOLIO (continued)
Shares Value
-------- ---------
JAPAN (continued)
H.I.S. (Entertainment and
Leisure)...................... 2,600 $ 92,117
Kadokawa Shoten Publishing
(Media)....................... 400 81,596
Keyence (Electronics)............ 500 87,459
NIC (Commercial Services)........ 2,000 67,721
Nippon Telegraph & Telephone "NTT"
(Telecommunications).......... 6 69,868
NTT Mobile Communication
(Telecommunications).......... 8 107,032
NTT Mobile Communication
Network "NTT DoCoMo"
(Telecommunications).......... 2 27,088
Sagami Chain (Restaurants)....... 4,000 35,678
Sanix (Consumer Goods and
Services)..................... 1,000 48,313
Sundrug (Retailing).............. 800 37,660
Xebio (Retailing)................ 1,600 36,140
--------
870,545
--------
MEXICO -- 1.3%
Fomento Economico
Mexicano "Femsa" (ADRs)
(Consumer Goods and
Services).................... 1,300 51,838
Grupo Iusacell (ADRs)*
(Telecommunications).......... 6,000 78,000
--------
129,838
--------
NETHERLANDS--- 4.6%
ASM Lithography Holding*
(Electronics Capital
Equipment).................... 1,820 105,211
Equant* (Business Goods and
Services)..................... 1,790 164,899
Koninklijke (Royal) Philips
Electronics (Electronics)..... 1,748 172,287
--------
442,397
--------
Shares Value
-------- --------
NORWAY -- 1.8%
Tomra Systems (Business
Goods and Services)........... 4,750 178,659
--------
SINGAPORE -- 0.6%
Natsteel Electronics
(Electronics)................. 6,000 $ 26,252
Oversea-Chinese Banking
(Financial Services).......... 3,200 26,687
--------
52,939
--------
SOUTH KOREA -- 0.3%
Korea Telecom (ADRs)
(Telecommunications).......... 670 26,800
--------
SPAIN -- 4.9%
Actividades de Construccion
y Servicios (Construction
and Property)................. 3,400 97,258
Azkoyen (Manufacturing and
Industrial Equipment)......... 2,620 67,495
Sociedad General de Aguas
de Barcelona (Consumer
Goods and Services)........... 1,520 79,087
Superdiplo* (Retailing).......... 2,160 47,854
Tabacalera (Class A)
(Tobacco)..................... 6,500 131,279
Telefonica Publica
(Telecommunications).......... 2,800 55,830
--------
478,803
--------
SWEDEN -- 2.5%
L.M. Ericsson Telefon (Series B)
(Telecommunications).......... 5,495 176,366
Securitas (Series B)
(Consumer Goods and
Services)..................... 4,500 67,312
--------
243,678
--------
SWITZERLAND -- 1.0%
Credit Suisse Group
(Financial Services).......... 575 99,402
--------
UNITED KINGDOM -- 11.6%
Airtours (Entertainment and
Leisure)...................... 8,500 67,801
- -----------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-20 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
June 30, 1999
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON GLOBAL GROWTH OPPORTUNITIES PORTFOLIO (continued)
Shares Value
-------- ----------
UNITED KINGDOM (continued)
Ashtead Group (Construction
and Property)................. 19,500 $ 54,563
AstraZeneca (Drugs
and Health Care).............. 3,145 122,611
Bodycote International
(Industrial Goods and
Services)..................... 15,000 93,757
British Telecommunications
(Telecommunications).......... 2,500 41,775
Cable & Wireless
(Telecommunications).......... 2,000 25,459
CMG* (Computer and Technology
Related)...................... 2,800 73,271
Games Workshop Group
(Retailing).................. 4,500 26,708
Granada Group
(Entertainment and Leisure).. 4,500 83,991
Halma (Electronics).............. 36,500 60,991
Ladbroke Group
(Entertainment and Leisure)... 13,000 51,592
Parity (Computer and
Technology Related)........... 7,325 72,746
PizzaExpress (Restaurants)....... 8,000 115,392
Rolls-Royce (Aerospace).......... 12,600 53,480
SmithKline Beecham (Drugs
and Health Care).............. 3,000 38,945
Spring Group (Support
Services)..................... 6,500 15,524
WPP Group (Business Goods
and Services)................. 15,000 126,861
---------
1,125,467
---------
UNITED STATES -- 30.9%
AES* (Electric and Gas
Utilities).................... 3,800 220,875
AlliedSignal (Aerospace)......... 2,300 144,900
Alza (Medical Products and
(Technology).................. 3,200 162,800
America Online* (Computer and
Technology Related)........... 600 66,300
American International Group
(Financial Services).......... 1,275 149,255
AT&T (Telecommunications)........ 3,150 175,809
CBS* (Media)..................... 3,100 134,656
Cintas (Business Goods and
Services)..................... 1,600 107,450
Shares Value
-------- ---------
UNITED STATES (continued)
Cisco Systems (Computer and
Technology Related)........... 2,200 $ 141,694
Citigroup (Financial Services)... 3,150 149,625
Disney, Walt (Entertainment
and Leisure).................. 3,300 101,681
General Electric (Diversified)... 1,300 146,900
Halliburton (Resources).......... 3,300 149,325
MCI WorldCom*
(Telecommunications).......... 700 60,222
Medtronic (Drugs and Health
Care)......................... 1,800 140,175
Merck (Drugs and Health Care).... 1,400 103,600
Microsoft* (Computer and
Technology Related)........... 2,000 180,250
Pfizer (Drugs and Health Care)... 600 65,850
Philip Morris (Tobacco).......... 3,200 128,600
Procter & Gamble (Consumer
Goods and Services)........... 1,400 124,950
Tyco International (Diversified). 2,000 189,500
Xerox (Business Goods and
Services)..................... 2,500 147,656
----------
2,992,073
----------
Total Common Stocks
(Cost $6,832,966)............. 8,934,778
----------
PREFERRED STOCKS -- 1.0%
(Cost $78,503)
GERMANY -- 1.0%
Porsche (non-voting)*
(Automotive and Related)...... 43 100,139
----------
CORPORATE BONDS -- 0.1%
(Cost $4,920)
GERMANY -- 0.1%
Metro Finance 0%, 9/7/2013
(Financial Services).......... 9,000** 5,053
----------
Total Investments -- 93.3%
(Cost $6,916,389)............. 9,039,970
Other Assets Less
Liabilities-- 6.7%............ 650,887
----------
Net Assets-- 100.0%.............. $9,690,857
==========
- ------------------
* Non-income producing security.
** Principal amount reported in German deutschemarks.
See Notes to Financial Statements.
-- P-21 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO
Shares Value
-------- ---------
COMMON STOCKS -- 97.9%
AUSTRALIA -- 1.9%
BRL Hardy (Consumer Goods
and Services)................. 9,650 $ 40,846
Cochlear (Medical Products and
Technology)................... 5,700 45,180
CSL (Medical Products and
Technology)................... 5,150 44,380
Data Advantage* (Business
Services)..................... 16,600 41,899
Futuris (Automotive Parts
Manufacturing)................ 29,873 43,425
Pasminco (Metals)................ 36,000 39,677
Perpetual Trustees Australia
(Financial Services).......... 2,800 44,402
TAB* (Leisure and Hotels)........ 22,300 44,941
--------
344,750
--------
AUSTRIA -- 0.1%
Bau Holdings (Construction and
Property)..................... 511 16,323
--------
CANADA -- 2.0%
Celestica* (Technology).......... 1,900 82,294
Cinar (Class B)* (Media)......... 3,800 93,813
PMC-Sierra* (Technology)......... 1,200 70,763
Teleglobe
(Telecommunications).......... 2,100 62,210
Trojan Technologies* (Support
Services)..................... 2,000 36,867
--------
345,947
--------
DENMARK -- 1.7%
Danske Traelast
(Construction and
Property)..................... 909 68,644
Sondagsavisen (Media)............ 1,556 99,177
Sydbank (Financial Services)..... 1,525 63,392
TK Development (Construction
and Property)................ 790 68,962
--------
300,175
--------
FINLAND -- 0.3%
Rapala Normark* (Consumer
Goods and Services).......... 8,700 61,410
--------
Shares Value
-------- --------
FRANCE -- 3.2%
Compagnie Francaise d'Etudes et de
Construction Technip "Technip"
(Construction and Property)... 944 $ 105,835
Du Pareil au Meme
(Retailing)................... 887 68,551
Etam Developpement*
(Retailing)................... 1,493 66,000
L'Europeenne d'Extincteurs
(Manufacturing)............... 1,372 66,447
Genset (ADRs)* (Drugs and
Health Care).................. 3,453 53,953
Royal Canin (Veterinary
Products)..................... 1,981 114,314
Societe Virbac (Veterinary
Products)..................... 1,467 82,386
--------
557,486
--------
GERMANY -- 2.9%
Beru (Automotive
Parts Manufacturing).......... 4,720 103,111
Bien-Haus (Construction and
Property)..................... 221 43,953
Hawesko Holding
(Telecommunications).......... 2,442 84,298
Intershop Communications
(Computer Software)........... 320 76,830
Sixt (Retailing)................. 2,517 134,869
Tecis Holding* (Financial
Services)..................... 70 6,636
Zapf Creation*
(Manufacturing)............... 2,600 61,621
--------
511,318
--------
HONG KONG -- 1.9%
Dah Sing Financial Group
(Financial Services).......... 11,400 43,418
Esprit Holdings (Retailing)...... 27,000 18,270
Giordano International
(Retailing)................... 51,000 36,153
JCG Holdings (Financial
Services)..................... 60,000 28,613
Johnson Electric Holdings
(Electronics)................. 6,000 24,746
Kerry Properties (Construction
and Property)................. 26,000 34,349
- -----------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-22 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
June 30, 1999
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued)
Shares Value
-------- ----------
HONG KONG (continued)
Li & Fung (Consumer Goods
and Services)................. 8,200 $ 19,658
Mandarin Oriental (Leisure and
Hotels)....................... 41,000 36,080
Pacific Century (Financial
Services)..................... 4,000 3,238
South China Morning Post Holdings
(Media)....................... 56,000 31,397
Varitronix International
(Manufacturing)............... 14,000 29,141
Yanzhou Coal Mining
(Series H)* (Resources)....... 82,000 29,328
--------
334,391
--------
IRELAND -- 4.9%
Esat Telecom Group (ADRs)*
(Telecommunications).......... 2,700 118,125
Green Property (Real Estate)..... 110,000 606,420
Ryanair Holding*
(Transportation)............. 14,080 145,813
--------
870,358
--------
ISRAEL -- 0.8%
Teva Pharmaceutical Industries
(Drugs and Health Care)....... 2,700 133,313
--------
JAPAN -- 12.6%
Anritsu (Electronics)............ 3,500 31,796
Asahi Diamond Industries
(Manufacturing)............... 6,000 34,686
Asatsu-DK (Advertising).......... 1,700 44,927
Benesse (Business Services)...... 600 65,161
The Eighteenth Bank (Financial
Services)..................... 7,000 29,772
Enplas (Electronics)............. 1,000 31,796
Fujicco (Consumer Goods and
Services)..................... 4,000 72,841
Fujitsu Business Systems
(Business Services)........... 2,500 70,405
Glory (Manufacturing)............ 4,000 79,283
Higashi Nihon House
(Construction and
Property)..................... 6,000 31,961
H.I.S. (Leisure and Hotels)...... 1,000 35,430
Hitachi Information Systems
(Computer Software)........... 2,000 49,552
Shares Value
-------- --------
JAPAN (continued)
Hitachi Medical (Medical
Products and Technology)...... 2,000 $ 25,602
Hogy Medical (Medical Products
and Technology)............... 700 32,085
Hokkai Can (Paper and
Printing)..................... 7,000 20,407
Hokuto (Consumer Goods and
Services)..................... 1,000 53,681
Horiba Instruments
(Electronics)................. 4,000 44,927
Iino Kaiun Kaisha*
(Transportation).............. 12,000 24,578
The Iyo Bank (Financial
Services)..................... 5,000 28,492
Japan Information Processing
Service (Computer
Software)..................... 2,200 29,797
Kentucky Fried Chicken
(Restaurants)................. 3,000 36,916
Kissei Pharmaceutical (Drugs
and Health Care).............. 1,000 19,862
Komatsu Seiren
(Manufacturing)............... 7,000 32,836
Komori (Capital Goods)........... 2,000 36,008
Maspro Denkoh
(Telecommunications).......... 2,000 28,674
Mitsubishi Cable Industries
(Manufacturing)............... 7,000 11,851
Mitsubishi Gas Chemical
(Chemicals)................... 10,000 31,548
Mitsui Home (Construction and
Property)..................... 12,000 62,040
Moshi Moshi Hotline
(Telecommunications).......... 1,000 73,502
Nichicon (Manufacturing)......... 2,000 29,153
Nippon Broadcasting System
(Media)....................... 1,000 49,552
Nippon Seiki (Automotive Parts
Manufacturing)................ 3,000 22,051
Nishio Rent All (Construction
and Property)................. 3,000 34,191
Nissha Printing (Paper and
Printing)..................... 7,000 50,873
Okinawa Electric Power
(Electric Utilities).......... 1,200 25,272
Olympus Optical (Electronics).... 4,000 59,099
Otsuka Kagu (Retailing).......... 500 90,432
- -------------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-23 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued)
Shares Value
-------- ----------
JAPAN (continued)
Rengo (Paper and Printing)....... 13,000 $ 66,994
Ryoyo Electro (Electronics)...... 3,000 33,448
Sagami Chain (Restaurants)....... 2,000 17,839
Sankyo (Manufacturing)........... 2,600 124,326
Shimachu (Retailing)............. 1,200 26,560
Sundrug (Retailing).............. 1,800 84,734
Takasago International
(Chemicals)................... 4,000 21,307
Tokyo Style (Manufacturing)...... 3,000 32,209
Towa Pharmaceutical (Drugs
and Health Care).............. 3,000 37,164
Toyo Ink Manufacturing
(Chemicals)................... 7,000 16,303
Tsubaki Nakashima
(Manufacturing)............... 7,500 71,850
Tsudakoma* (Manufacturing)....... 15,000 30,103
Tsutsumi Jewelry (Retailing)..... 2,500 68,134
Xebio (Retailing)................ 2,100 47,434
Yokohama Reito (Distribution).... 3,000 21,208
---------
2,230,652
---------
LUXEMBOURG -- 0.3%
SBS Broadcasting* (Media)........ 1,800 57,713
---------
NETHERLANDS -- 2.6%
Athlon Groep (Consumer Goods
and Services)................. 2,913 70,540
Beter Bed Holding (Retailing).... 1,817 52,425
CMG (Support Services)........... 8,500 222,430
Samas Groep (Manufacturing)...... 7,463 110,355
---------
455,750
---------
NORWAY -- 2.0%
Ekornes (Manufacturing).......... 16,647 127,977
Petroleum Geo-Services*
(Industrial Goods and
Services)..................... 6,513 98,070
Tandberg Television*
(Telecommunications).......... 12,687 130,582
---------
356,629
---------
SINGAPORE -- 1.0%
Jurong Shipyard
(Shipbuilding)................ 3,700 18,145
Natsteel (Manufacturing)......... 16,000 28,003
Neptune Orient Lines
(Transportation).............. 40,000 48,864
Shares Value
-------- ---------
SINGAPORE (continued)
Sembcorp Logistics
(Transportation).............. 9,000 $ 35,413
Singapore Land (Financial
Services)..................... 5,000 14,683
Venture Manufacturing
(Electronics)................. 4,500 34,621
--------
179,729
--------
SPAIN -- 0.7%
Enaco* (Retailing)............... 7,600 63,826
TelePizza* (Consumer Goods
and Services)................. 10,094 52,215
--------
116,041
--------
SWEDEN -- 1.0%
Finnveden (Series B)
(Manufacturing).............. 2,447 35,883
Munksjo (Paper and Printing)..... 4,161 30,386
Nobel Biocare (Medical Products
and Technology)............... 7,806 114,925
--------
181,194
--------
SWITZERLAND -- 3.5%
Bon Appetit Holding
(Retailing)................... 105 59,044
Kaba Holding (Business
Services)..................... 183 96,554
Selecta Group (Consumer
Goods and Services)........... 522 207,988
SEZ Holding (Manufacturing)...... 329 107,619
Swisslog Holding (Industrial
Goods and Services)........... 1,171 141,667
--------
612,872
--------
TAIWAN -- 0.1%
Taiwan American Fund*
(Miscellaneous)............... 1,700 24,752
--------
THAILAND -- 0.2%
National Finance* (Financial
Services)..................... 52,000 31,338
--------
UNITED KINGDOM -- 16.5%
Allied Leisure (Leisure and
Hotels)....................... 97,500 31,508
Ashtead Group (Construction
and Property)................. 76,600 214,335
- -------------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-24 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
June 30, 1999
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued)
Shares Value
-------- ---------
UNITED KINGDOM (continued)
BTG (Technology)................. 7,000 $44,691
Capital Radio (Media)............ 20,500 271,295
Clinton Cards (Retailing)........ 46,200 191,906
Cobham (Manufacturing)........... 8,950 141,723
DawsonGroup (Transportation)..... 26,600 67,092
Domnick Hunter Group
(Manufacturing)............... 20,000 63,056
Druck Holdings (Industrial
Goods and Services)........... 11,500 45,322
F.I. Group (Computer
Software)..................... 45,176 232,162
Games Workshop Group
(Retailing)................... 9,400 55,790
GWR Group (Media)................ 21,000 155,425
Informa Group (Business
Services)..................... 46,426 270,422
National Express Group
(Transportation)............. 8,000 127,689
Parity (Computer Software)....... 25,312 251,382
PizzaExpress (Restaurants)....... 19,500 281,269
Shire Pharmaceuticals* (Drugs
and Health Care).............. 5,500 45,735
Tilbury Douglas (Construction
and Property)................. 50,500 238,825
Torotrak* (Automotive Parts
Manufacturing)................ 7,000 22,235
Trifast (Electrical Distribution) 8,000 103,727
Trinity International Holdings
(Media)...................... 7,100 63,013
---------
2,918,602
---------
UNITED STATES -- 37.7%
Abacus Direct* (Business
Services)..................... 100 9,072
Acxiom* (Computer Software)...... 3,800 94,881
Affiliated Computer Services
(Class A)* (Business
Services)..................... 1,400 70,875
Affiliated Managers Group*
(Financial Services).......... 1,900 57,356
Allied Waste Industries*
(Industrial Goods and
Services)..................... 2,600 51,350
Alpharma (Class A) (Drugs and
Health Care).................. 600 21,338
American Capital Strategies*
(Financial Services)......... 1,800 32,681
Shares Value
-------- ---------
UNITED STATES(continued)
American Homestar*
(Manufacturing)............... 8,100 $ 55,181
Analog Devices*
(Technology).................. 2,400 120,450
ANTEC* (Telecommunications)...... 3,900 124,678
Applied Graphics Technology*
(Consumer Goods and
Services)..................... 3,700 46,250
Atlantis Korean Smaller
(Miscellaneous)............... 2,300 35,029
Avant!* (Computer Software)...... 5,800 73,044
AVX (Electronics)................ 7,700 187,688
Bacou USA* (Industrial Goods
and Services)................. 2,500 42,656
Barr Laboratories* (Drugs and
Health Care).................. 2,300 91,713
Barrett Resources* (Energy)...... 1,000 38,375
Burr-Brown* (Technology)......... 8,600 317,663
Cabot Oil & Gas (Class A)
(Energy)...................... 3,400 63,325
Calpine* (Electric Utilities).... 2,500 135,000
Career Education* (Schools)...... 3,300 111,478
Carey International*
(Transportation).............. 2,900 71,594
Carriage Services* (Consumer
Goods and Services)........... 5,100 95,625
Casella Waste Systems
(Class A)* (Capital Goods).... 2,900 75,038
Cognex* (Electronics)............ 4,900 154,503
Copart (Retailing)............... 3,300 70,022
Corporate Executive Board
(Business Services)........... 800 28,475
Covance* (Drugs and Health
Care)......................... 2,800 67,025
Crusader Holding* (Financial
Services)..................... 735 7,718
Doubleclick* (Media)............. 200 18,306
Dura Pharmaceuticals*
(Drugs and Health Care)....... 2,900 34,438
EduTrek International (Class A)*
(Schools)..................... 4,800 23,700
FirstService* (Business
Services)..................... 4,100 62,781
Forrester Research* (Consulting
Services)..................... 300 7,538
General Semiconductor*
(Technology).................. 4,700 42,888
- -----------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-25 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued)
Shares Value
-------- ---------
UNITED STATES(continued)
HA-LO Industries*
(Advertising)................. 10,900 $107,638
Hanger Orthopedic Group*
(Medical Products and
Technology)................... 3,900 55,331
Indus International* (Business
Services)..................... 6,200 26,834
Insignia Financial Group*
(Financial Services).......... 3,733 39,197
Inso* (Computer Software)........ 5,500 29,219
Integrated Electrical Services*
(Electronics)................. 2,300 37,087
ISS Group* (Computer Software)... 1,000 37,687
ITT Educational Services*
(Schools)..................... 2,900 75,581
Ivex Packaging* (Consumer
Goods and Services)........... 4,000 88,000
Kendle International
(Medical Products and
Technology)................... 900 14,456
Keystone Automotive Industries*
(Distribution)................ 5,100 88,294
KLA-Tencor* (Technology)......... 700 45,391
McDermott International
(Industrial Goods and
Services)..................... 2,100 59,325
MemberWorks* (Consumer
Goods and Services)........... 2,800 81,812
Metamor Worldwide* (Business
Services).................... 2,200 52,800
Metris Companies (Financial
Services)..................... 1,600 65,200
Microchip Technology*
(Technology).................. 3,800 179,787
MMI Companies (Financial
Services)..................... 3,226 54,439
Modis Professional Services*
(Business Services)........... 7,600 104,500
National Instruments*
(Technology).................. 3,600 144,900
NFO Worldwide
(Business Services)........... 600 8,400
NOVA* (Business Services)........ 3,818 95,450
Novellus Systems*
(Electronics)................. 1,400 95,506
Oak Industries* (Electronics).... 900 39,319
Shares Value
-------- --------
UNITED STATES(continued)
OM Group (Chemicals)............. 3,100 $106,950
Omnicare (Drugs and
Health Care).................. 1,200 15,150
Packaged Ice (Consumer Goods
and Services)................. 1,300 7,759
Personnel Group of America*
(Business Services)........... 7,400 74,000
Pharmaceutical Product
Development* (Medical
Products and Technology)...... 200 5,469
Pier 1 Imports (Retailing)....... 3,900 43,875
Premier Parks* (Leisure and
Hotels)....................... 6,100 224,175
Pre-Paid Legal Services*
(Business Services)........... 3,300 89,718
Primark* (Consumer Goods and
Services)..................... 4,700 131,894
Prison Realty Trust
(Construction and
Property)..................... 8,800 86,350
Professional Detailing*
(Business Services)........... 2,900 68,241
Profit Recovery Group
(Business Services).......... 400 18,912
Provant* (Business Services)..... 5,060 78,746
Province Healthcare* (Drugs
and Health Care).............. 4,200 82,425
PSS World Medical* (Drugs and
Health Care).................. 13,800 153,956
Realty Information Group (Real
Estate)....................... 1,500 64,781
Renal Care Group* (Medical
Products and Technology)...... 1,100 28,428
Renex* (Drugs and Health
Care)......................... 5,000 26,719
ResortQuest International*
(Leisure and Hotels).......... 2,400 19,800
Sanmina* (Industrial Goods and
Services)..................... 1,500 113,812
Santa Fe Snyder*
(Energy)...................... 6,000 45,750
Schein Pharmaceutical* (Drugs
and Health Care).............. 1,900 22,919
Snyder Communications*
(Advertising)................. 1,200 39,300
- --------------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-26 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
June 30, 1999
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON GLOBAL SMALLER COMPANIES PORTFOLIO (continued)
Shares Value
-------- ---------
UNITED STATES(continued)
Somnus Medical Technologies*
(Medical Products and
Technology)................... 5,000 $15,312
Stirling Cooke Brown Holdings
(Financial Services).......... 400 1,638
Structural Dynamics Research*
(Computer Software)........... 4,700 86,362
SunGard Data Systems*
(Computer Software)........... 2,300 79,350
Total Renal Care Holdings*
(Drugs and Health Care)....... 7,133 111,007
Transaction Systems Architects
(Class A)* (Technology)....... 2,400 93,600
Triangle Pharmaceuticals*
(Drugs and Health Care)....... 2,700 48,431
U.S. Foodservice* (Business
Services)..................... 3,500 149,188
UCAR International* (Capital
Goods)........................ 4,500 113,625
Unigraphics Solutions (Class A)*
(Business Services)........... 2,600 48,912
United Rentals* (Consumer
Goods and Services)........... 1,300 38,350
Veeco Instruments*
(Technology).................. 500 17,047
Visio* (Computer Software)....... 800 30,425
Waste Connections* (Capital
Goods)........................ 1,900 57,950
Shares Value
-------- ---------
UNITED STATES(continued)
Wilmar Industries* (Consumer
Goods and Services)........... 4,500 $59,063
-----------
6,665,276
-----------
Total Common Stocks
(Cost $15,189,176)............ 17,306,019
-----------
PREFERRED STOCKS -- 0.6%
GERMANY -- 0.2%
Gerry Weber International
(Retailing)................... 2,209 38,241
-----------
UNITED KINGDOM -- 0.4%
Peel Holdings 5.25% (Real
Estate)....................... 20,000 74,564
-----------
Total Preferred Stocks
(Cost $132,886)............... 112,805
-----------
Total Investments -- 98.5%
(Cost $15,322,062)............ 17,418,824
Other Assets
Less Liabilities-- 1.5%....... 260,989
-----------
Net Assets-- 100.0%.............. $17,679,813
===========
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON GLOBAL TECHNOLOGY PORTFOLIO
Shares Value
-------- ---------
COMMON STOCKS -- 87.8%
FINLAND -- 2.3%
Nokia (Telecommunications)....... 2,400 $ 210,212
--------
FRANCE -- 4.0%
Altran Technologies (Computer
and Business Services)........ 350 92,328
Cap Gemini (Computer
Software)..................... 200 31,408
Genset (ADRs)* (Medical
Products and Technology)...... 1,500 23,438
Rhone-Poulenc (Medical
Products and Technology)...... 1,200 54,791
STMicroelectronics
(Electronics)................. 2,000 133,134
Shares Value
-------- ---------
FRANCE (continued)
STMicroelectronics (NY Shares)
(Electronics)................. 400 $ 27,750
---------
362,849
---------
GERMANY -- 1.4%
Mannesmann (Machinery
and Equipment)................ 850 127,003
---------
HONG KONG -- 0.3%
Elec & Eltek International
Holdings (Electronics)........ 150,000 26,680
---------
- -------------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-27 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON GLOBAL TECHNOLOGY PORTFOLIO (continued)
Shares Value
-------- ---------
ISRAEL -- 5.0%
Check Point Software
Technologies* (Computer
Software)..................... 3,500 $187,578
ECI Telecom (Communications
Infrastructure)............... 1,400 46,244
Orbotech* (Electronics Capital
Equipment).................... 2,900 149,531
Tecnomatix Technologies*
(Computer Software)........... 4,000 69,875
---------
453,228
---------
ITALY -- 0.8%
Tecnost (Computer
Hardware/Peripherals)......... 5,990 14,752
Telecom Italia
(Telecommunications).......... 5,000 27,101
Telecom Italia (RCN)
(Telecommunications).......... 2,496 25,926
---------
67,779
---------
JAPAN -- 6.3%
CSK (Computer and
Business Services)............ 1,000 22,711
Fujitsu (Semiconductors)......... 4,000 80,439
Hirose Electronics
(Electronics)................. 400 41,492
Murata Manufacturing
(Electronics)................. 2,000 131,478
NEC (Communications
Infrastructure)............... 5,000 62,146
Ricoh (Machinery and
Equipment).................... 4,000 55,036
Secom (Computer and Business
Services)..................... 1,000 104,059
Sharp (Electronics).............. 6,000 70,859
---------
568,220
---------
LUXEMBOURG -- 0.6%
SBS Broadcasting* (Media)........ 1,600 51,300
---------
NETHERLANDS -- 6.0%
ASM Lithography Holding*
(Electronics Capital
Equipment).................... 4,000 236,875
CMG* (Computer and Business
Services)..................... 3,900 102,056
Shares Value
-------- ---------
NETHERLANDS (continued)
Koninklijke (Royal) Philips
Electronics
(Electronics)................. 2,024 $ 199,491
--------
538,422
--------
NORWAY -- 1.0%
Merkantildata
(Computer Software)........... 9,000 86,915
Provida* (Computer Software)..... 2,000 7,370
--------
94,285
--------
SINGAPORE -- 3.9%
Creative Technology
(Computer Hardware/
Peripherals).................. 8,000 106,750
Elec & Eltek International
Holdings (Manufacturing)...... 10,000 39,000
Informatics Holdings
(Computer Software)........... 70,000 51,800
Venture Manufacturing
(Electronics)................. 20,000 153,873
--------
351,423
--------
SOUTH KOREA -- 0.1%
Samsung Electronics (GDRs)
(Electronics)................. 1,622 83,614
SK Telecommunications Group
(ADRs) (Telecommunications)... 465 7,897
--------
91,511
--------
SWEDEN -- 0.7%
Wm-Data (Series B)
(Computer and Business
Services)..................... 1,710 65,256
--------
SWITZERLAND -- 0.5%
Novartis (Medical Products and
Technology)................... 30 43,765
--------
TAIWAN -- 2.2%
Siliconware Precision Industries
(GDRs)*(Electronics Capital
Equipment).................... 6,671 89,225
Taiwan Semiconductor
Manufacturing (ADRs)*
(Semiconductors).............. 3,190 108,460
--------
197,685
--------
- ---------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-28 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
June 30, 1999
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON GLOBAL TECHNOLOGY PORTFOLIO (continued)
Shares Value
-------- ---------
UNITED KINGDOM--- 7.9%
Cable & Wireless
(Telecommunications).......... 6,000 $ 76,377
Celltech* (Medical Products
and Technology)............... 4,700 36,564
COLT Telecom Group*
(Telecommunications).......... 6,000 125,986
Invensys (Computer and
Business Services)............ 26,000 123,164
Logica (Computer and
Business Services)............ 5,450 57,133
Misys (Computer Software)........ 18,900 161,632
Sage Group
(Computer Software)........... 1,800 63,986
Telewest Communications*
(Cable Systems and Satellite
Video)........................ 16,500 73,610
--------
718,452
--------
UNITED STATES -- 44.8%
3DO* (Computer Software)......... 3,600 16,538
Activision* (Computer Software).. 4,000 58,125
Adaptec* (Computer Hardware/
Peripherals).................. 1,400 49,394
Amdocs* (Computer and Business
Services)..................... 2,300 52,325
American Power Conversion
(Computer Hardware/
Peripherals).................. 6,600 132,619
Amkor Technology*
(Semiconductors).............. 8,000 81,750
Apex PC Solutions*
(Computer Hardware/
Peripherals).................. 3,650 74,711
Applied Power (Class A)
(Computer Hardware/
Peripherals).................. 1,500 40,969
Appnet Systems* (Computer
Software)..................... 400 5,388
Artesyn Technologies*
(Electronics Capital
Equipment).................... 1,800 39,938
ATMI* (Electronics
Capital Equipment)............ 700 20,738
Autodesk (Computer
Software)..................... 2,500 73,984
BMC Software* (Computer
Software)..................... 1,500 80,953
Shares Value
-------- ---------
UNITED STATES (continued)
C-Cube Microsystems*
(Semiconductors).............. 2,500 $ 79,141
Citrix Systems*
(Computer Software)........... 700 39,441
Cognex* (Electronics
Capital Equipment)............ 2,200 69,369
Comdisco (Computer Hardware/
Peripherals).................. 2,700 69,188
Compuware* (Computer
Software)..................... 2,900 92,166
Credence Systems* (Electronics
Capital Equipment)............ 1,400 51,625
Dallas Semiconductor
(Semiconductors)............. 1,100 55,550
DII Group* (Contract
Manufacturing/Circuit
Boards)....................... 2,900 107,844
DSP Communications*
(Communications
Infrastructure)............... 1,500 43,313
Electro Scientific Industries*
(Electronics Capital
Equipment).................... 1,800 75,206
Electronic Arts* (Computer
Software)..................... 1,400 75,775
Electronics for Imaging*
(Computer Hardware/
Peripherals).................. 2,500 127,969
Entrust Technologies*
(Computer Software)........... 400 13,313
Gilat Satellite Networks*
(Communications
Infrastructure)............... 1,400 73,588
Global TeleSystems Group*
(Telecommunications).......... 3,500 283,390
HNC Software* (Computer
Software)..................... 2,400 73,875
KLA-Tencor* (Electronics
Capital Equipment)............ 2,200 142,656
Lattice Semiconductor*
(Semiconductors)............. 3,200 198,800
Lexmark International Group
(Class A)* (Computer
Hardware/Peripherals)......... 800 52,850
Mastech* (Computer and
Business Services)............ 800 14,850
MediaOne Group* (Media).......... 700 52,063
- ------------------
*Non-income producing security.
See Notes to Financial Statements.
-- P-29 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON GLOBAL TECHNOLOGY PORTFOLIO (continued)
Shares Value
-------- ---------
UNITED STATES (continued)
Mentor Graphics* (Computer
Software)..................... 2,200 $28,119
Microchip Technology*
(Semiconductors).............. 2,900 137,206
Microsoft* (Computer
Software)..................... 2,500 225,313
New Era of Networks
(Computer Software)........... 100 4,391
Novellus Systems* (Electronics
Capital Equipment)............ 1,100 75,041
NTL* (Telecommunications)........ 750 64,664
Parametric Technology*
(Computer Software)........... 4,400 61,188
Peregrine Systems* (Computer
Software)..................... 1,500 38,484
PSINet* (Computer and
Business Services)............ 800 34,950
RF Micro Devices
(Communications
Infrastructure)............... 500 37,328
Rogers Communications
(Class B)* (Cable Systems
and Satellite Video).......... 2,500 40,469
SCI Systems* (Contract
Manufacturing/Circuit Boards). 1,600 76,000
Seagate Technology*
(Computer Hardware/
Peripherals).................. 700 17,938
Shares Value
-------- ---------
UNITED STATES(continued)
SMART Modular Technologies*
(Contract Manufacturing/
Circuit Boards)............... 3,600 $ 62,325
Storage Technology* (Computer
Hardware/Peripherals)......... 2,500 56,875
Structural Dynamics Research*
(Computer Software)........... 3,300 60,638
Synopsys* (Computer Software).... 2,700 148,922
Teradyne* (Electronics Capital
Equipment).................... 1,500 107,625
TSI International Software*
(Computer Software)........... 800 22,650
Veeco Instruments* (Electronics
Capital Equipment)............ 1,400 47,731
Zebra Technologies (Class A)*
(Machinery and
Equipment).................... 1,500 57,516
Ziff-Davis* (Media).............. 3,300 50,944
----------
3,975,721
----------
Total Investments -- 87.8%
(Cost $6,052,387)............. 7,943,791
Other Assets
Less Liabilities-- 12.2%...... 1,105,904
----------
Net Assets-- 100.0%.............. $9,049,695
==========
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON INTERNATIONAL PORTFOLIO
Shares Value
-------- ---------
COMMON STOCKS -- 97.8%
AUSTRALIA -- 1.3%
Colonial (Financial Services).... 16,800 $ 59,388
Rio Tinto (Metals)............... 400 6,547
Telstra (Telecommunications)..... 2,400 13,728
Westpac Banking (Banking)........ 7,000 45,328
---------
124,991
---------
FINLAND -- 1.1%
Nokia (Telecommunications)....... 1,201 105,193
---------
FRANCE -- 13.4%
AXA (Insurance).................. 1,145 139,578
Shares Value
-------- ---------
FRANCE (continued)
Banque Nationale de Paris
(Banking)..................... 1,655 $137,796
Castorama Dubois Investments
(Retailing)................... 441 104,519
ELF Aquitaine (Resources)........ 819 120,092
Groupe Danone (Consumer
Products)..................... 416 107,167
STMicroelectronics
(Electronics)................. 1,524 101,448
Suez Lyonnaise des Eaux
(Construction and
Property)..................... 761 137,152
TOTAL (B Shares) (Resources)..... 996 128,394
- -------------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-30 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
June 30, 1999
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON INTERNATIONAL PORTFOLIO (continued)
Shares Value
-------- ---------
FRANCE (continued)
Valeo (Manufacturing)............ 1,494 $ 123,159
Vivendi (Industrial Goods and
Services)..................... 2,045 165,526
---------
1,264,831
---------
GERMANY -- 9.2%
Bayerische Hypo-und
Vereinsbank (Banking)......... 1,788 113,679
DaimlerChrysler* (Automotive
and Related).................. 1,443 125,944
Deutsche Bank* (Banking)......... 1,767 107,610
Deutsche Telekom
(Telecommunications).......... 3,097 130,046
Hoechst (Chemicals).............. 2,374 106,903
Mannesmann (Industrial Goods
and Services)................. 1,117 166,897
Siemens (Manufacturing).......... 1,499 115,539
---------
866,618
---------
GREECE -- 1.6%
Hellenic Telecommunications
Organization
(Telecommunications).......... 2,700 57,802
National Bank of Greece
(Banking)..................... 4,705 60,459
National Bank of Greece (GDRs)
(Banking)..................... 260 3,341
National Bank of Greece
(GDRs)* (Banking)............. 2,600 33,410
---------
155,012
---------
HUNGARY -- 2.2%
Magyar Tavkozlesi "Matav"
(ADRs) (Telecommunications) 7,700 211,750
---------
IRELAND -- 0.7%
Bank of Ireland (Banking)........ 4,000 67,218
---------
ITALY -- 4.0%
Banca Popolare di Brescia
(Banking)..................... 3,266 139,834
ENI (Resources).................. 17,186 102,537
Monte Paschi Siena
(Banking)..................... 18,000 79,757
Shares Value
-------- ---------
ITALY (continued)
Telecom Italia
(Telecommunications).......... 10,194 $ 55,252
---------
377,380
---------
JAPAN -- 13.8%
Asahi Chemical Industry
(Chemicals)................... 10,000 55,416
Bank of Tokyo-Mitsubishi
(Financial Services).......... 5,000 71,148
Canon (Business Services)........ 2,000 57,480
Fujitsu Limited
(Business Services)........... 3,000 60,330
Hosiden (Electronics)............ 3,000 64,665
Japan Tobacco (Tobacco).......... 700 77,466
Kadokawa Shoten Publishing
(Publishing).................. 300 61,197
KAO (Consumer Products).......... 1,000 28,079
KDD (Telecommunications)......... 500 35,884
Mitsui Chemicals (Chemicals)..... 8,000 51,534
Mitsui Mining & Smelting
(Metals)...................... 10,000 51,617
NAMCO (Entertainment and
Leisure)...................... 2,600 69,786
Nippon Steel (Metals)............ 24,000 55,696
Nippon Telegraph & Telephone "NTT"
(Telecommunications)......... 7 81,513
Nippon Television Network
(Media)...................... 90 37,164
Nishimatsu Construction
(Construction and
Property)..................... 8,000 45,852
NTT Mobile Communication
(Telecommunications).......... 4 53,516
NTT Mobile Communication
Network "NTT DoCoMo"
(Telecommunications).......... 1 13,544
Sony (Consumer Products)......... 500 53,888
Takefuji (Financial Services).... 600 61,990
TDK (Electronics)................ 1,000 91,423
Uny (Retailing).................. 4,000 60,123
Yamaha Motor (Automotive and
Related)...................... 7,000 64,979
---------
1,304,290
---------
- ------------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-31 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON INTERNATIONAL PORTFOLIO (continued)
Shares Value
-------- ---------
NETHERLANDS -- 10.6%
Akzo Nobel
(Health and Household)........ 2,782 $ 116,962
Benckiser (Series B)*
(Consumer Products)........... 1,785 95,187
Equant* (Business Services)...... 1,051 96,820
Fortis (Financial Services)...... 2,400 74,069
ING Groep (Insurance)............ 2,429 131,406
Koninklijke
(Telecommunications).......... 1,534 71,922
Koninklijke Ahold (Retailing).... 2,761 95,025
Koninklijke (Royal) Philips
Electronics (Electronics)..... 1,505 148,348
Royal Dutch Petroleum
(Resources)................... 2,034 119,050
VNU (Publishing)................. 1,221 48,754
---------
997,543
---------
SOUTH KOREA -- 0.3%
Samsung Electronics
(Electronics)................. 213 23,370
---------
SPAIN -- 3.6%
Actividades de Construccion y
Servicios (Construction
and Property)................. 2,812 80,438
Banco Santander Central
Hispano (Banking)............. 11,560 120,311
Telefonica de Espana
(Telecommunications)......... 2,797 134,626
---------
335,375
---------
SWEDEN -- 2.3%
Electrolux (Series B) (Consumer
Products)..................... 5,508 115,476
Nordbanken Holding
(Banking)..................... 17,805 104,227
---------
219,703
---------
SWITZERLAND-- 6.7%
ABB (Industrial Goods and
Services)..................... 1,605 151,089
Novartis (Health and
Household).................... 79 115,247
Shares Value
-------- ---------
SWITZERLAND (continued)
Roche Holding (Health and
Household).................... 10 $ 102,696
UBS (Banking).................... 463 138,062
Zurich Allied (Insurance)........ 224 127,256
---------
634,350
---------
TAIWAN -- 0.2%
The ROC Taiwan Fund
(Miscellaneous)............... 1,200 9,675
Taiwan Opportunities Fund*
(Miscellaneous)............... 1,000 12,100
---------
21,775
---------
UNITED KINGDOM -- 26.8%
Allied Zurich* (Insurance)....... 8,500 106,190
AstraZeneca (Drugs and Health
Care)......................... 3,362 131,071
BP Amoco (Resources)............. 10,739 192,313
British American Tobacco
(Tobacco).................... 10,500 97,989
British Telecommunications
(Telecommunications)......... 8,000 133,679
Bunzl (Manufacturing)............ 23,000 114,029
Cable & Wireless
(Telecommunications).......... 6,000 76,377
FKI (Industrial Goods
and Services)................. 38,000 117,410
Granada Group (Entertainment
and Leisure).................. 8,500 158,649
The Great Universal Stores
(Retailing)................... 9,400 105,135
Laporte (Chemical)............... 7,000 79,009
Lloyds TSB Group (Banking)....... 10,500 141,935
Next (Consumer Products)......... 6,000 72,924
Railtrack Group
(Transportation).............. 7,699 157,049
Rolls Royce (Industrial Goods
and Services)................. 17,600 74,702
Royal Bank of Scotland
(Banking)..................... 8,500 172,986
Scottish & Newcastle
(Consumer Products)........... 10,000 104,437
SmithKline Beecham
(Health and Household)........ 6,500 84,381
- ------------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-32 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
June 30, 1999
- -------------------------------------------------------------------------------
SELIGMAN HENDERSON INTERNATIONAL PORTFOLIO (continued)
Shares Value
-------- ---------
UNITED KINGDOM (continued)
Tesco (Retailing)................ 49,500 $ 128,362
United Utilities (Utilities)..... 9,000 109,812
WPP Group (Media)................ 20,000 169,148
---------
2,527,587
---------
Value
----------
Total Investments -- 97.8%
(Cost $7,530,632)............. $9,236,986
Other Assets
Less Liabilities-- 2.2%....... 204,815
----------
Net Assets-- 100.0%.............. $9,441,801
==========
- -------------------------------------------------------------------------------
SELIGMAN HIGH-YIELD BOND PORTFOLIO
Principal
Amount Value
-------- --------
CORPORATE BONDS -- 84.3%
ADVERTISING -- 0.2%
Adams Outdoor Advertising
10-3/4%, 3/15/2006............ $ 50,000 $ 53,250
--------
AEROSPACE/DEFENSE -- 0.3%
Condor Systems 11-7/8%,
5/1/2009+..................... 50,000 48,500
Fairchild 10-3/4%, 4/15/2009+.... 40,000 39,400
--------
87,900
--------
AUTOMOTIVE AND RELATED -- 0.3%
Diamond Triumph Automotive
9-1/4%, 4/1/2008+............. 100,000 97,500
--------
BROADCASTING -- 1.8%
Capstar Broadcasting Partners
0% (12-3/4%**), 2/1/2009...... 125,000 106,250
Cumulus Media 10-3/8%,
7/1/2008...................... 95,000 101,175
Muzak 9-7/8%, 3/15/2009+......... 125,000 124,375
Paxson Communications 11-5/8%,
10/1/2002..................... 25,000 26,125
SFX Broadcasting 10-3/4%,
5/15/2006..................... 135,000 147,150
--------
505,075
--------
CABLE SYSTEMS AND
SATELLITE VIDEO -- 4.9%
Avalon Cable Holdings 0%
(11-7/8%**), 12/1/2008+....... 200,000 133,500
Shares Value
-------- ---------
CABLE SYSTEMS AND
SATELLITE VIDEO (continued)
Charter Communications
Southeast Holdings 8-5/8%,
4/1/2009+..................... $ 50,000 $ 48,250
Charter Communications
Southeast Holdings 0%
(9.92%**), 4/1/2011........... 425,000 265,625
CSC Holdings 10-1/2%,
5/15/2016..................... 80,000 90,900
Digital Television 12-1/2%,
8/1/2007...................... 200,000 220,750
EchoStar DBS 9-3/8%,
2/1/2009+..................... 75,000 76,688
Intermedia Capital Partners IV,
11-1/4%, 8/1/2006............. 25,000 27,938
Northland Cable Television
10-1/4%, 11/15/2007........... 175,000 183,312
Pegasus Communications 9-3/4%,
12/1/2006..................... 85,000 85,425
Rogers Cablesystems 11%,
12/1/2015..................... 235,000 272,012
---------
1,404,400
---------
CELLULAR -- 3.2%
American Cellular 10-1/2%,
5/15/2008..................... 250,000 255,000
Centennial Cellular 10-3/4%,
12/15/2008.................... 305,000 316,438
Price Communications Wireless
11-3/4%, 7/15/2007............ 295,000 331,875
---------
903,313
---------
- ------------------
+ Rule 144A 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-33 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
- -------------------------------------------------------------------------------
SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued)
Principal
Amount Value
-------- ---------
CHEMICALS -- 1.9%
Koppers Industries 9-7/8%,
12/1/2007..................... $200,000 $ 196,000
Lyondell Chemical 9-7/8%,
5/1/2007 Series B+............ 20,000 20,550
Lyondell Chemical 10-7/8,
5/1/2009+..................... 115,000 120,175
Texas Petrochemicals 11-1/8%,
7/1/2006...................... 225,000 203,625
---------
540,350
---------
COMPUTER AND
RELATED SERVICES -- 0.7%
Unisys 11-3/4%, 10/15/2004....... 175,000 195,125
---------
CONSUMER PRODUCTS -- 4.0%
AKI 10-1/2%, 7/1/2008............ 85,000 82,875
Amscan Holdings 9-7/8%,
12/15/2007.................... 100,000 83,125
Anchor Advanced Products
11-3/4%, 4/1/2004............. 225,000 231,750
Diamond Brands 0% (12-7/8%**),
4/15/2009..................... 150,000 30,750
Diamond Brands Operating
10-1/8%, 4/15/2008............ 200,000 163,000
French Fragrances (Series B)
10-3/8%, 5/15/2007............ 150,000 152,250
French Fragrances (Series D)
10-3/8%, 5/15/2007............ 30,000 30,450
Iron Age 9-7/8%, 5/1/2008........ 250,000 198,750
Iron Age Holdings 0% (12-1/8%**),
5/1/2009...................... 80,000 23,200
Moll Industries 10-1/2%,
7/1/2008...................... 80,000 70,800
United Industries 9-7/8%,
4/1/2009+..................... 90,000 82,350
Windmere-Durable Holdings
10%, 7/31/2008................ 5,000 4,800
---------
1,154,100
---------
CONTAINERS -- 0.1%
U.S. Can 10-1/8%, 10/15/2006..... 20,000 20,975
---------
Shares Value
-------- ---------
ENERGY -- 0.3%
Abraxas Petroleum 11-1/2%,
11/1/2004..................... $150,000 $ 95,250
---------
ENVIRONMENTAL
SERVICE -- 0.2%
The IT Group 11-1/4%, 4/1/2009+.. 45,000 43,425
---------
EQUIPMENT -- 2.7%
Budget Group 9-1/8%, 4/1/2006.... 45,000 42,075
Neff 10-1/4%, 6/1/2008........... 165,000 169,125
Universal Compression Holdings
0% (11-3/8%**), 2/15/2009..... 145,000 87,725
Universal Compression Holdings
0% (9-7/8%**), 2/15/2008...... 125,000 78,750
Williams Scotsman 9-7/8%,
6/1/2007...................... 405,000 402,975
---------
780,650
---------
FINANCIAL SERVICES -- 2.3%
AMRESCO 10%, 3/15/2004........... 215,000 164,475
Dollar Financial Group 10-7/8%,
11/15/2006.................... 225,000 223,875
Ocwen Capital Trust I 10-7/8%,
8/1/2027...................... 200,000 157,000
Veritas Capital Trust 10%,
1/1/2028...................... 145,000 116,363
--------
661,713
--------
FOOD -- 2.8%
AFC Enterprises 10-1/4%,
5/15/2007..................... 190,000 195,700
AmeriKing 10-3/4%, 12/1/2006..... 160,000 162,400
Ameriserve Food Distributors
10-1/8%, 7/15/2007............ 340,000 290,700
Carrols 9-1/2%, 12/1/2008+....... 95,000 89,062
New World Pasta 9-1/4%,
2/15/2009+.................... 45,000 43,988
Packaged Ice 9-3/4%, 2/1/2005.... 25,000 24,625
--------
806,475
--------
- -------------------
+ Rule 144A 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-34 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
June 30, 1999
- -------------------------------------------------------------------------------
SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued)
Principal
Amount Value
-------- ---------
GAMING/HOTEL -- 4.2%
Alliance Gaming 10%,
8/1/2007...................... $125,000 $ 83,125
Ameristar Casino 10-1/2%,
8/1/2004...................... 180,000 184,950
Casino Magic of Louisiana 13%,
8/15/2003..................... 30,000 34,088
Hollywood Casino 11-1/4%,
5/1/2007+..................... 170,000 172,125
Hollywood Park 9-1/4%,
2/15/2007..................... 100,000 99,750
Isle of Capri Casinos 8-3/4%,
4/15/2009+.................... 50,000 47,125
Trump Atlantic City Funding
11-1/4%, 5/1/2006............. 300,000 270,000
Trump Hotels & Casino
Resorts Funding 15-1/2%,
6/15/2005..................... 310,000 314,650
---------
1,205,813
---------
HEALTH CARE/
MEDICAL PRODUCTS -- 5.1%
ALARIS Medical 9-3/4%,
12/1/2006..................... 185,000 181,300
ALARIS Medical 0% (11-1/8%**),
8/1/2008+..................... 225,000 123,188
Alliance Imaging 9-5/8%,
12/15/2005.................... 170,000 163,625
Dade International 11-1/8%,
5/1/2006...................... 225,000 237,937
Everest Healthcare Services
9-3/4%, 5/1/2008.............. 190,000 183,350
Genesis Health Ventures 9-7/8%,
1/15/2009..................... 20,000 16,100
Global Health Sciences 11%,
5/1/2008...................... 345,000 257,025
Paracelsus Healthcare 10%,
8/15/2006..................... 300,000 235,500
Sun Healthcare Group 9-1/2%,
7/1/2007*..................... 305,000 57,950
---------
1,455,975
---------
INDUSTRIAL/
MANUFACTURING -- 4.6%
Airxcel 11%, 11/15/2007.......... 265,000 262,350
Principal
Amount Value
INDUSTRIAL/ --------- ---------
MANUFACTURING (continued)
Alliance Laundry Systems 9-5/8%,
5/1/2008+..................... $215,000 $ 198,338
Berry Plastics 11%, 7/15/2007+... 50,000 50,500
BPC Holding 12-1/2%,
6/15/2006..................... 165,000 164,175
Coyne International Enterprises
11-1/4%, 6/1/2008+............ 155,000 144,925
Day International Group 9-1/2%,
3/15/2008..................... 225,000 207,000
Great Lakes Acquisition 0%
(13-1/8%), 5/15/2009.......... 75,000 40,781
Great Lakes Carbon 10-1/4%,
5/15/2008..................... 245,000 240,100
---------
1,308,169
---------
LEISURE -- 1.4%
Affinity Group Holding 11%,
4/1/2007...................... 300,000 304,125
AMF Group 10-7/8%, 3/15/2006..... 70,000 58,450
Premier Parks 9-1/4%, 4/1/2006... 25,000 24,750
---------
387,325
---------
METALS -- 0.2%
Renco Metals 11-1/2%,
7/1/2003...................... 25,000 25,500
Royal Oak Mines 12-3/4%,
8/15/2006*.................... 225,000 33,750
---------
59,250
---------
PAGING -- 4.8%
Metrocall 9-3/4%, 11/1/2007...... 350,000 255,500
Metrocall 11%, 9/15/2008+........ 350,000 271,250
Mobile Telecommunication
Technologies 13-1/2%,
12/15/2002.................... 15,000 17,025
Paging Network 10%,
10/15/2008.................... 715,000 554,125
ProNet 11-7/8%, 6/15/2005........ 265,000 261,025
---------
1,358,925
---------
PAPER AND
PACKAGING -- 0.5%
Crown Paper 11%, 9/1/2005........ 225,000 151,875
---------
- ------------------
+ Rule 144A security.
* 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 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
- -------------------------------------------------------------------------------
SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued)
Principal
Amount Value
---------- ---------
PRINTING AND
PUBLISHING -- 7.1%
Advanstar Communications 9-1/4%,
5/1/2008...................... $125,000 $ 123,438
American Lawyer Media 9-3/4%,
12/15/2007.................... 200,000 205,000
American Media Operations
10-1/4%, 5/1/2009+............ 260,000 263,250
Liberty Group Publishing 9-3/8%,
2/1/2008...................... 275,000 259,875
Liberty Group Publishing 0%
(11-5/8%**), 2/1/2009......... 375,000 204,375
NBC Acquisition 0% (10-3/4%**),
2/15/2009..................... 420,000 186,900
Nebraska Book 8-3/4%,
2/15/2008..................... 40,000 33,800
Perry-Judd 10-5/8%, 12/15/2007... 190,000 189,050
Regional Independent Media
Group 10-1/2%, 7/1/2008+...... 250,000 251,250
TransWestern Holdings 0%
(11-7/8%**), 11/15/2008....... 250,000 178,750
Von Hoffman Press 10-3/8%,
5/15/2007+.................... 135,000 135,675
---------
2,031,363
---------
RECORD STORAGE -- 0.1%
Pierce Leahy 11-1/8%,
7/15/2006..................... 25,000 27,250
---------
RETAILING -- 2.5%
Central Tractor 10-5/8%,
4/1/2007...................... 185,000 189,625
Cole National Group 9-7/8%,
12/31/2006.................... 80,000 70,800
Frank's Nursery & Crafts 10-1/4%,
3/1/2008...................... 110,000 110,000
Jo-Ann Stores 10-3/8%,
5/1/2007...................... 45,000 44,550
Musicland Group 9-7/8%,
3/15/2008..................... 175,000 167,125
TM Group Holdings 11%,
5/15/2008+.................... 115,000 117,012
---------
699,112
---------
Principal
Amount Value
SUPERMARKETS -- 1.2% --------- ---------
Jitney-Jungle Stores of America
12%, 3/1/2006................. $ 185,000 $ 148,925
Jitney-Jungle Stores of America
10-3/8%, 9/15/2007............ 250,000 91,250
Pathmark Stores 11-5/8%,
6/15/2002..................... 100,000 102,250
---------
342,425
---------
TECHNOLOGY -- 6.4%
Advanced Micro Devices 11%,
8/1/2003...................... 535,000 540,350
Amkor Technology 10-1/2%,
5/1/2009+..................... 305,000 295,087
Fairchild Semiconductor 10-3/8%,
10/1/2007+.................... 160,000 158,000
Hadco 91/2%, 6/15/2008........... 5,000 4,887
Integrated Circuit Systems 11-1/2%,
5/15/2009+.................... 35,000 35,087
MCMS 9-3/4%, 3/1/2008............ 235,000 130,425
Therma-Wave 10-5/8%,
5/15/2004..................... 185,000 149,387
Viasystems 9-3/4%, 6/1/2007...... 590,000 519,200
---------
1,832,423
---------
TELECOMMUNICATIONS -- 18.2%
BTI Telecom 10-1/2%,
9/15/2007..................... 275,000 236,500
CapRock Communications 12%,
7/15/2008..................... 255,000 263,925
CapRock Communications
11-1/2%, 5/1/2009*............ 65,000 65,975
Crown Castle International 0%
(10-5/8%**),11/15/2007........ 175,000 122,500
Exodus Communications 11-1/4%,
7/1/2008+..................... 120,000 126,600
Facilicom International 10-1/2%,
1/15/2008..................... 285,000 223,725
GCI 9-3/4%, 8/1/2007............. 245,000 242,550
GlobalStar 11-1/4%, 6/15/2004.... 355,000 237,850
GlobalStar 10-3/4%, 11/1/2004.... 230,000 150,650
Golden Sky DBS 0% (13-1/2%**),
3/1/2007+..................... 150,000 90,000
- -----------------
** 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-36 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
June 30, 1999
- -------------------------------------------------------------------------------
SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued)
Principal
Amount Value
-------- ----------
TELECOMMUNICATIONS (continued)
Golden Sky Systems 12-3/8%,
8/1/2006...................... $350,000 $ 393,750
ICG Holdings 0% (11-5/8%**),
3/15/2007..................... 200,000 139,500
IXC Communications 9%,
4/15/2008..................... 25,000 24,000
Level 3 Communications 0%
(10.65%**), 9/15/2007......... 10,000 6,200
Loral Space and Communications
9-1/2%, 1/15/2006............. 50,000 43,625
Nextel Communications 0%
(10.65%**), 9/15/2007......... 175,000 128,187
NEXTLINK Communications
12-1/2%, 4/15/2006............ 280,000 299,600
ORBCOMM Global 14%,
8/15/2004..................... 225,000 219,375
Pinnacle Holdings 0% (10%**),
3/15/2008..................... 700,000 404,250
Powertel 11-1/8%, 6/1/2007....... 265,000 258,375
PSINet 10%, 2/15/2005............ 205,000 207,050
PSINet 11-1/2%, 11/1/2008........ 75,000 79,500
RCN 10%, 10/15/2007.............. 30,000 30,300
SpectraSite Holdings 0%
(11-1/4%**), 4/15/2009+....... 175,000 98,875
Splitrock Services 11-3/4%,
7/15/2008..................... 80,000 75,200
Talton Holdings 11%,
6/30/2007..................... 225,000 213,750
Verio 13-1/2%, 6/15/2004......... 225,000 253,125
Verio 10-3/8%, 4/1/2005.......... 155,000 115,775
Verio 11-1/4%, 12/1/2008+........ 110,000 158,488
Viatel 11-1/4%, 4/15/2008........ 115,000 117,875
Viatel 11-1/2%, 3/15/2009+....... 140,000 144,900
---------
5,171,975
---------
TEXTILES -- 0.7%
Supreme International 12-1/4%,
4/1/2006+..................... 85,000 86,275
Tropical Sportswear International
11%, 6/15/2008................ 105,000 109,462
---------
195,737
---------
TRANSPORTATION -- 1.0%
Atlas Air 10-3/4%, 8/1/2005...... 270,000 276,750
---------
Principal
Amount
or Shares Value
--------- ----------
UTILITIES -- 0.6%
Midland Cogeneration Venture
11-3/4%, 7/23/2005............ $140,000 $ 156,531
----------
Total Corporate Bonds
(Cost $26,429,811)............ 24,010,399
----------
PREFERRED STOCKS -- 9.5%
BROADCASTING -- 1.6%
Capstar Broadcasting Partners
12%........................... 1,071shs. 124,504
Capstar Communications
12-3/4%....................... 488 56,730
Cumulus Media 13-3/4%............ 92 101,547
Sinclair Capital 11-5/8%......... 1,500 157,125
----------
439,906
----------
CABLE SYSTEMS -- 1.0%
Pegasus Communications
(Series A) 12-3/4%............ 212 218,890
Pegasus Communications (units)
12-3/4%....................... 50 58,750
----------
277,640
----------
CELLULAR -- 0.9%
Dobson Communications 13%+....... 45 44,212
Rural Cellular 11-3/8%........... 214 216,847
----------
261,059
----------
FOOD -- 0.3%
Nebco Evans Holdings 11-1/4%..... 2,736 108,791
----------
HEALTH CARE/
MEDICAL PRODUCTS -- 0.4%
River Holding 11-1/2%............ 1,635 107,706
----------
INDUSTRIAL/
MANUFACTURING -- 0.3%
Day International Group 12-1/4%.. 126 104,324
----------
- ------------------
** 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-37 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
- -------------------------------------------------------------------------------
SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued)
Shares Value
-------- ---------
PRINTING AND PUBLISHING -- 0.9%
Liberty Group
Publishing 14-3/4%............. 10,249 $ 258,800
---------
TECHNOLOGY -- 0.4%
MCMS 12-1/2%...................... 1,440 108,409
---------
TELECOMMUNICATIONS -- 3.7%........
Crown Castle International
12-3/4%........................ 164 172,682
Global Crossing Holding
10-1/2%........................ 3,150 334,687
IXC Communications 12-1/2%........ 172 165,761
Nextel Communications 11-1/8%..... 289 289,722
NEXTLINK Communications 14%...... 1,820 92,394
---------
1,055,246
---------
Total Preferred Stocks
(Cost $2,971,992)............. 2,721,881
---------
CONVERTIBLE PREFERRED
STOCKS -- 1.3%
BROADCASTING -- 1.1%
Chancellor Media $3.............. 1,605 176,951
Chancellor Media $3+............. 1,250 137,813
---------
314,764
---------
TELECOMMUNICATIONS -- 0.2%
IXC Communications 6-3/4%+....... 1,160 42,485
---------
Shares or
Warrants Value
-------- ----------
Total Convertible
Preferred Stocks
(Cost $269,084)............... $357,249
----------
COMMON STOCKS/
WARRANTS -- 1.0%
CELLULAR -- 1.0%
Price Communications............. 18,538 shs. 278,081
----------
TELECOMMUNICATIONS
Splitrock Services (expiring
7/15/2008)*................... 55 wts. 4,675
----------
Total Common Stocks/Warrants
(Cost $233,029)............... 282,756
----------
Short-Term Holdings -- 2.0%
(Cost $570,000)............... 570,000
----------
Total Investments -- 98.1%
(Cost $30,473,916)............ 27,942,285
Other Assets
Less Liabilities-- 1.9% ...... 551,972
-----------
Net Assets-- 100.0%.............. $28,494,257
===========
- ------------------
* Non-income producing security.
+ Rule 144A security.
See Notes to Financial Statements.
-- P-38 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
June 30, 1999
- -------------------------------------------------------------------------------
SELIGMAN INCOME PORTFOLIO
Shares Value
-------- ---------
COMMON STOCKS -- 57.6%
AEROSPACE -- 1.0%
General Dynamics................. 1,500 $102,750
---------
AUTOMOTIVE AND
RELATED -- 0.7%
DaimlerChrysler.................. 799 71,011
---------
CHEMICALS -- 0.9%
duPont (E.I.) de Nemours......... 1,300 88,806
---------
COMMUNICATIONS -- 6.0%
AT&T............................. 1,200 66,975
GTE.............................. 3,700 280,275
MCI WorldCom*.................... 300 25,809
SBC Communications............... 4,000 232,000
---------
605,059
---------
COMPUTER AND
BUSINESS SERVICES -- 3.2%
Cisco Systems*................... 400 25,762
Dell Computer*................... 200 7,394
Electronic Data Systems.......... 1,150 65,047
Harris........................... 1,000 39,187
Intel............................ 700 41,628
International Business Machines.. 400 51,700
Microsoft*....................... 1,000 90,125
---------
320,843
---------
CONSUMER GOODS
AND SERVICES -- 7.8%
Anheuser-Busch................... 800 56,750
Bestfoods........................ 700 34,650
Coca-Cola........................ 300 18,750
ConAgra.......................... 2,400 63,900
Fortune Brands................... 600 24,825
Hershey Foods.................... 900 53,437
Philip Morris.................... 4,400 176,825
Procter & Gamble................. 200 17,850
Russell.......................... 3,600 70,200
Sara Lee......................... 8,600 195,112
Stanley Works (The).............. 2,100 67,597
---------
779,896
---------
DRUGS AND
HEALTH CARE -- 5.9%
American Home Products........... 2,200 126,500
Shares Value
-------- ---------
DRUGS AND
HEALTH CARE (continued)
Baxter International............. 800 $ 48,500
Bristol-Myers Squibb............. 4,000 281,750
Johnson & Johnson................ 300 29,400
Pfizer........................... 200 21,950
Pharmacia & Upjohn............... 1,100 62,494
Schering-Plough.................. 400 21,200
--------
591,794
--------
ELECTRIC AND
GAS UTILITIES -- 8.0%
DQE.............................. 1,700 68,212
FPL Group........................ 2,500 136,563
Sonat............................ 4,700 155,687
Unicom........................... 4,700 181,244
Williams Companies (The)......... 6,000 255,375
--------
797,081
--------
ENERGY -- 8.1%
BP Amoco (ADRs)
(United Kingdom).............. 650 70,525
Exxon............................ 1,900 146,537
Mobil............................ 1,900 188,100
Royal Dutch Petroleum
(Netherlands)................. 2,300 138,575
Schlumberger..................... 1,100 70,056
Unocal........................... 5,100 202,087
--------
815,880
--------
FINANCE AND INSURANCE -- 11.9%
Allstate......................... 1,600 57,400
American General................. 2,200 165,825
American International Group..... 200 23,412
Bank of America.................. 1,018 74,632
Bank of New York................. 4,400 161,425
Chubb............................ 1,200 83,400
Citigroup........................ 3,000 142,500
Hartford Financial Services
Group......................... 2,200 128,288
Lincoln National................. 3,000 156,938
Morgan (J.P.).................... 250 35,125
Washington Mutual................ 4,536 160,461
---------
1,189,406
---------
PAPER AND FOREST PRODUCTS -- 0.8%
Mead............................. 1,800 75,150
---------
- ------------------
* Non-income producing security
See Notes to Financial Statements.
-- P-39 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
- -------------------------------------------------------------------------------
SELIGMAN INCOME PORTFOLIO (continued)
Shares or
Principal
Amount Value
---------- ---------
RETAIL TRADE -- 1.5%
May Department Stores............ 2,850 shs. $ 116,494
Wal-Mart Stores.................. 800 38,600
---------
155,094
---------
TRANSPORTATION -- 1.8%
GATX............................. 4,800 182,700
---------
Total Common Stocks
(Cost $4,712,244)............. 5,775,470
---------
CORPORATE BONDS -- 20.0%
AUTOMOTIVE AND
RELATED -- 2.7%
Chrysler Financial 6.09%,
4/6/2001...................... $100,000 99,854
Dana 6-1/2%, 3/1/2009............ 100,000 94,896
Delphi Automotive Systems
6-1/2%, 5/1/2009.............. 75,000 70,698
---------
265,448
---------
COMMUNICATIONS -- 0.9%
Sprint Capital 6-1/8%,
11/15/2008.................... 100,000 93,357
---------
COMPUTER AND
BUSINESS SERVICES -- 2.8%
Dell Computer 6.55%,
4/15/2008..................... 100,000 96,143
First Data 5.80%, 12/15/2008..... 100,000 91,116
International Business Machines
5.37%, 9/22/2003.............. 100,000 95,980
---------
283,239
---------
DRUGS AND HEALTH
CARE -- 2.6%
Boston Scientific
6-5/8%, 3/15/2005............. 175,000 168,463
Guidant 6.15%, 2/15/2006......... 100,000 94,258
---------
262,721
---------
Principal
Amount Value
---------- ---------
ELECTRIC AND
GAS UTILITIES -- 1.0%
Consumer Energy 6-3/8%,
2/1/2008...................... $100,000 $ 94,344
---------
ENERGY -- 2.9%
Enron Oil & Gas 6%,
12/15/2008.................... 100,000 91,753
Petroleum Geo-Services 7-1/2%,
3/31/2007..................... 100,000 100,203
Phillips Petroleum 6-3/8%,
3/30/2009..................... 100,000 95,741
---------
287,697
---------
FINANCE AND
INSURANCE -- 6.2%
Associates Corp. of North
America 5-3/4%, 11/1/2003..... 250,000 242,470
First USA Bank 6-1/8%, 6/25/2001. 100,000 99,618
Ford Motor Credit 5.80%,
1/12/2009..................... 100,000 91,680
Household Finance 6%,
5/1/2004...................... 100,000 96,990
National City 6-7/8%, 5/15/2019.. 100,000 94,178
---------
624,936
---------
RETAIL TRADE -- 0.9%
Nordstrom 5-5/8%, 1/15/2009...... 100,000 91,249
---------
Total Corporate Bonds
(Cost $2,091,384)............. 2,002,991
---------
US GOVERNMENT AND
GOVERNMENT AGENCY
SECURITIES -- 17.2%
US Treasury Notes 6-1/2%,
5/15/2005..................... 500,000 515,469
FHLMC Gold 5-1/2%,
7/1/2013+..................... 288,440 273,233
- ------------------
+ 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-40 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
June 30, 1999
- -------------------------------------------------------------------------------
SELIGMAN INCOME PORTFOLIO (continued)
Principal
Amount Value
-------- ---------
US GOVERNMENT AND
GOVERNMENT AGENCY SECURITIES (continued)
Federal National Mortgage
Association:
5.795%, 1/1/2009+............. $ 199,094 $ 187,705
6%, 12/1/2028+................ 197,709 186,323
Government National Mortgage
Association Mortgage-backed
Pass-through Certificates:+
6%, 12/20/2028................ 197,120 184,116
61/2%, 12/15/2028............. 196,920 190,072
61/2%, 12/15/2028............. 99,059 95,614
US Government Gtd.Title XI
(Bay Transportation) 7.30%,
6/1/2021...................... 93,000 92,863
-------
Total US Government
and Government
Agency Securities
(Cost $1,781,669)............. 1,725,395
----------
Principal
Amount Value
ASSET-BACKED --------- ----------
SECURITIES+ -- 1.0%
(Cost $99,875)
ELECTRIC AND
GAS UTILITIES -- 1.0%
Peco Energy
6.05%, 3/1/2009............... $100,000 $95,820
-----------
Short-Term Holdings -- 3.7%
(Cost $370,000)............... 370,000
-----------
Total Investments-- 99.5%
(Cost $9,055,172)............. 9,969,676
Other Assets
Less Liabilities-- 0.5%....... 46,741
-----------
Net Assets-- 100.0%.............. $10,016,417
===========
- -------------------------------------------------------------------------------
SELIGMAN LARGE-CAP GROWTH PORTFOLIO
Shares Value
-------- ---------
COMMON STOCKS -- 93.7%
CAPITAL GOODS -- 13.8%
AlliedSignal..................... 1,200 $ 75,600
General Dynamics................. 300 20,550
General Electric................. 650 73,450
Illinois Tool Works.............. 200 16,400
Tyco International............... 1,200 113,700
---------
299,700
---------
COMMUNICATIONS
SERVICES -- 7.0%
AT&T............................. 1,050 58,603
MCI WorldCom*.................... 650 55,920
---------
114,523
---------
CONSUMER CYCLICALS -- 7.3%
Cendant.......................... 1,800 36,900
Dayton Hudson.................... 400 26,000
Harley-Davidson.................. 450 24,469
Interpublic Group of Companies... 150 12,994
Lowe's .......................... 500 28,344
Wal-Mart Stores.................. 1,350 65,137
---------
193,844
---------
Shares Value
-------- ---------
CONSUMER STAPLES -- 15.9%
CBS.............................. 1,300 $ 56,469
Coca-Cola........................ 600 37,500
Disney (Walt).................... 600 18,488
McDonald's....................... 700 28,919
Monsanto......................... 800 31,550
Philip Morris.................... 1,600 64,300
Procter & Gamble................. 500 44,625
Time Warner...................... 850 62,475
---------
344,326
---------
ENERGY -- 2.1%
Enron............................ 450 36,788
Schlumberger..................... 800 50,950
Transocean Offshore.............. 300 7,875
---------
95,613
---------
FINANCIAL SERVICES -- 8.7%
American International Group..... 500 58,531
Citigroup........................ 250 11,875
Fannie Mae....................... 250 17,094
Wells Fargo...................... 1,150 49,162
---------
136,662
---------
- ------------------
* Non-income producing security.
+ 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-41 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
- -------------------------------------------------------------------------------
SELIGMAN LARGE-CAP GROWTH PORTFOLIO (continued)
Shares Value
-------- ---------
HEALTH CARE -- 11.2%
Bristol-Myers Squibb............. 450 $ 31,697
Medtronic........................ 500 38,937
Merck............................ 900 66,600
Pfizer........................... 350 38,412
Schering-Plough.................. 400 21,200
Warner-Lambert................... 650 45,094
--------
241,940
--------
TECHNOLOGY -- 24.7%
America Online................... 300 33,150
Cisco Systems*................... 1,200 77,288
Compuware........................ 1,300 41,316
Dell Computer*................... 850 31,423
Intel............................ 700 41,628
Microsoft*....................... 1,000 90,125
Motorola......................... 250 23,687
Nokia (Finland).................. 700 64,094
Shares Value
-------- ---------
TECHNOLOGY (continued)
Oracle Systems................... 800 $ 29,700
Raytheon (Class A)............... 850 58,544
Xerox............................ 750 44,297
---------
535,252
---------
UTILITIES -- 3.0%
AES*............................. 1,100 63,937
---------
Total Investments -- 93.7%
(Cost $1,903,329) 2,025,797
Other Assets Less
Liabilities-- 6.3%............ 138,333
----------
Net Assets-- 100.0%.............. $2,164,130
==========
- -------------------------------------------------------------------------------
SELIGMAN LARGE-CAP VALUE PORTFOLIO
Shares Value
-------- ----------
COMMON STOCKS -- 97.6%
AEROSPACE -- 5.7%
Goodrich (B.F.).................. 5,000 $ 212,500
United Technologies.............. 2,000 143,375
---------
355,875
---------
AUTOMOTIVE
AND RELATED -- 6.8%
Ford Motor....................... 4,100 231,394
General Motors................... 3,000 198,000
---------
429,394
---------
BANKING -- 10.2%
Bank of America.................. 2,205 161,654
Bank of New York................. 5,000 183,437
Summit Bancorp................... 7,000 292,688
---------
637,779
---------
DRUGS AND
HEALTH CARE -- 10.0%
Bristol-Myers Squibb............. 3,200 225,400
Humana........................... 14,000 181,125
Shares Value
-------- ---------
DRUGS AND
HEALTH CARE (continued)
United Healthcare................ 3,500 $ 219,188
---------
625,713
---------
ENERGY -- 3.0%
Texaco........................... 3,000 187,500
---------
FINANCE AND INSURANCE -- 14.2%
Citigroup........................ 3,900 185,250
The Equitable Companies.......... 2,700 180,900
Fannie Mae....................... 2,600 177,775
St. Paul Companies............... 6,000 190,875
Washington Mutual................ 4,425 156,534
---------
891,334
---------
FOOD -- 3.1%
Dole Food........................ 6,500 190,938
---------
HOUSEHOLD PRODUCTS
AND FURNISHINGS -- 9.4%
Armstrong World Industries....... 3,600 208,125
Dial............................. 5,400 200,812
- -------------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-42 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
June 30, 1999
- -------------------------------------------------------------------------------
SELIGMAN LARGE-CAP VALUE PORTFOLIO (continued)
Shares Value
-------- ----------
HOUSEHOLD PRODUCTS
AND FURNISHINGS (continued)
Kimberly-Clark................... 3,200 $182,400
---------
591,337
---------
INDUSTRIAL EQUIPMENT -- 2.7%
General Electric................. 1,500 169,500
---------
MEDICAL PRODUCTS
AND TECHNOLOGY -- 6.6%
Baxter International............. 3,000 181,875
Medtronic........................ 3,000 233,625
---------
415,500
---------
OFFICE EQUIPMENT -- 2.3%
Xerox............................ 2,400 141,750
---------
PACKAGING -- 2.7%
Crown Cork & Seal................ 6,000 171,000
---------
Shares Value
-------- ---------
PAPER AND
FOREST PRODUCTS -- 7.3%
Champion International........... 4,900 $ 234,587
Georgia-Pacific Group............ 4,700 222,663
---------
457,250
---------
RETAIL TRADE -- 6.7%
Sears, Roebuck................... 4,000 178,250
Tandy............................ 5,000 244,375
---------
422,625
---------
SPECIALTY MATERIALS -- 3.8%
Raychem.......................... 6,450 238,650
---------
TOBACCO -- 3.1%
Philip Morris.................... 4,850 194,909
---------
Total Investments -- 97.6%
(Cost $5,427,901)............. 6,121,054
Other Asset Less
Liabilities-- 2.4%............ 148,201
----------
Net Assets-- 100.0%.............. $6,269,255
==========
- -------------------------------------------------------------------------------
SELIGMAN SMALL-CAP VALUE PORTFOLIO
Shares Value
-------- ---------
COMMON STOCKS -- 97.9%
ADVERTISING -- 2.7%
True North Communications........ 4,500 $ 135,000
---------
APPAREL AND
TEXTILES -- 2.1%
Cutter & Buck*................... 6,375 106,383
---------
APPLIANCES -- 4.5%
Windmere-Durable Holdings........ 13,500 227,813
---------
BANKING -- 5.2%
Bay View Capital................. 7,200 147,600
Commercial Federal............... 5,000 115,938
---------
263,538
---------
Shares Value
-------- ---------
BUILDING AND
CONSTRUCTION -- 2.9%
Dal-Tile International*.......... 13,000 $ 147,875
---------
CAPITAL GOODS -- 5.6%
Apogee Enterprises............... 11,000 149,187
BMC Industries................... 12,800 132,000
---------
281,187
---------
CONSUMER GOODS
AND SERVICES -- 5.7%
Fresh Del Monte Produce.......... 10,000 141,250
Rent-Way......................... 6,000 147,750
---------
289,000
---------
DISTRIBUTORS -- 2.5%
Cubic............................ 5,050 124,356
---------
- -------------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-43 --
<PAGE>
Seligman Portfolios, Inc.
- -------------------------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
- -------------------------------------------------------------------------------
SELIGMAN SMALL-CAP VALUE PORTFOLIO (continued)
Shares Value
-------- ---------
FINANCE AND
INSURANCE -- 3.5%
Liberty Financial................ 6,000 $ 174,750
---------
GARDEN PRODUCTS -- 1.0%
Acorn Products*.................. 10,700 53,333
---------
INDUSTRIAL GOODS
AND SERVICES -- 3.1%
Furon............................ 8,000 152,000
---------
LEISURE
AND RELATED -- 2.2%
Harman International Industries.. 2,500 110,000
---------
MACHINERY -- 3.8%
Stewart & Stevenson
Services...................... 12,700 192,484
---------
MANUFACTURING -- 5.8%
Giant Cement Holdings*........... 6,000 136,313
Mueller Industries*.............. 4,700 159,506
---------
295,819
---------
MEDICAL PRODUCTS
AND TECHNOLOGY -- 4.3%
ChiRex*.......................... 4,400 141,075
Pharmacopeia..................... 6,900 76,331
---------
217,406
---------
OIL AND GAS -- 2.4%
Marine Drilling*................. 8,800 120,450
---------
PACKAGING/
CONTAINERS -- 2.4%
Applied Extrusion
Technologies*................. 16,000 121,000
---------
PLASTICS -- 2.3%
Lamson & Sessions*............... 19,500 117,000
---------
Shares Value
-------- ---------
PRINTING AND
PUBLISHING -- 5.2%
Cadmus Communications............ 10,050 $ 141,328
Merrill.......................... 8,500 120,594
---------
261,922
---------
RESTAURANTS -- 3.1%
Avado Brands..................... 3,800 31,944
Foodmaker*....................... 4,450 126,268
---------
158,212
---------
RETAIL TRADE -- 15.7%
Abercrombie & Fitch
(Class A)*.................... 2,000 96,000
Fred's........................... 10,500 164,718
Stage Stores*.................... 24,500 159,250
Trans World Entertainment........ 10,500 117,469
Urban Outfitters................. 4,500 112,219
The Wet Seal (Class A)*.......... 5,000 142,188
----------
791,844
----------
SPECIALTY CHEMICALS -- 3.0%
Dexter........................... 3,750 153,047
----------
SPECIALTY METALS/
STEEL -- 2.4%
Olympic Steel*................... 18,000 122,625
----------
TRANSPORTATION -- 6.5%
ABC-NACO*........................ 9,000 183,656
Pittston BAX Group............... 15,000 142,500
----------
326,156
----------
Total Investments-- 97.9%
(Cost $4,425,889)............. 4,943,200
Other Assets Less
Liabilities-- 2.1%............ 107,187
----------
Net Assets-- 100.0%.............. $5,050,387
==========
- -----------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-44 --
<PAGE>
THIS PAGE LEFT BLANK INTENTIONALLY.
<PAGE>
SELIGMAN PORTFOLIOS, INC.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES (unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
SELIGMAN
SELIGMAN SELIGMAN COMMUNICATIONS
SELIGMAN SELIGMAN CASH COMMON AND SELIGMAN
BOND CAPITAL MANAGEMENT STOCK INFORMATION FRONTIER
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value (see
portfolios of investments):
Long-term holdings ...................... $5,264,643 $19,692,400 $ -- $51,766,528 $131,902,223 $25,667,744
Short-term holdings ..................... -- -- 16,456,525 2,200,000 7,300,000 930,000
---------- ----------- ----------- ----------- ------------ -----------
Total Investments ....................... 5,264,643 19,692,400 16,456,525 53,966,528 139,202,223 26,597,744
Cash .................................... 322,041 244,822 -- 72,553 47,258 1,488
Interest and dividends receivable ....... 77,978 5,319 86,097 76,364 7,582 642
Receivable for Capital Stock sold ....... 4,598 3,360 -- 2,338 46,264 3,439
Receivable from associated ..............
companies ............................. 1,068 33,421 2,581 -- -- --
Receivable for securities sold .......... -- 804,548 -- 12,382 3,036,748 249,282
Unrealized appreciation on foreign ......
currencies and forward
currency contracts .................... -- -- -- -- -- --
Other ................................... 1,529 1,140 5,926 2,841 8,176 364
---------- ----------- ----------- ----------- ------------ -----------
TOTAL ASSETS ............................ 5,671,857 20,785,010 16,551,129 54,133,006 142,348,251 26,852,959
---------- ----------- ----------- ----------- ------------ -----------
LIABILITIES:
Payable for Capital Stock
redeemed .............................. 218 7,160 134,520 2,344 30,772 46,169
Payable for securities purchased ........ -- 174,511 -- 15,500 822,978 181,180
Payable to custodian .................... -- -- 82 -- -- --
Unrealized depreciation on
foreign currencies and forward
currency contracts .................... -- -- -- -- -- --
Accrued expenses
and other ............................. 21,655 22,035 14,261 41,866 106,893 34,279
---------- ----------- ----------- ----------- ------------ -----------
TOTAL LIABILITIES ....................... 21,873 203,706 148,863 59,710 960,643 261,628
---------- ----------- ----------- ----------- ------------ -----------
NET ASSETS .............................. $5,649,984 $20,581,304 $16,402,266 $54,073,296 $141,387,608 $26,591,331
========== =========== =========== =========== ============ ===========
COMPOSITION OF NET ASSETS:
Capital Stock, at par ................... $ 569 $ 914 $ 16,401 $ 2,622 $ 6,821 $ 1,820
Additional paid-in-capital .............. 5,722,077 11,921,572 16,384,359 32,110,495 94,338,343 26,916,355
Undistributed/accumulated net
investment income (loss) . ............ 187,539 (1,553) -- 471,210 (292,670) (102,445)
Undistributed/accumulated net
realized gain (loss) .................. (161,560) 4,926,032 1,506 7,573,504 23,815,188 (2,225,917)
Net unrealized appreciation
(depreciation) of investments ......... (98,641) 3,734,339 -- 13,915,465 23,519,926 2,001,518
Net unrealized depreciation on
translation of assets and
liabilities denominated in
foreign currencies and forward
currency contracts .................... -- -- -- -- -- --
---------- ----------- ----------- ----------- ------------ -----------
NET ASSETS .............................. $5,649,984 $20,581,304 $16,402,266 $54,073,296 $141,387,608 $26,591,331
========== =========== =========== =========== ============ ===========
SHARES OF CAPITAL STOCK
OUTSTANDING ($.001 par value) ......... 569,047 913,572 16,400,760 2,622,186 6,821,206 1,819,889
========== =========== =========== =========== ============ ===========
NET ASSET VALUE PER SHARE. .............. $9.93 $22.53 $1.00 $20.62 $20.73 $14.61
========== =========== =========== =========== ============ ===========
</TABLE>
-- P-46 --
<PAGE>
SELIGMAN PORTFOLIOS, INC.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES (unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Seligman Seligman Seligman
Henderson Henderson Henderson Seligman Seligman Seligman Seligman Seligman
Global Growth Global Smaller Global Henderson High-Yield Seligman Large-Cap Large-Cap Small-Cap
Opportunities Companies Technology International Bond Income Growth Value Value
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
$9,039,970 $17,418,824 $7,943,791 $9,236,986 $27,372,285 $9,599,676 $2,025,797 $6,121,054 $4,943,200
-- -- -- -- 570,000 370,000 -- -- --
---------- ----------- ---------- ---------- ----------- ----------- ---------- ---------- ----------
9,039,970 17,418,824 7,943,791 9,236,986 27,942,285 9,969,676 2,025,797 6,121,054 4,943,200
588,987 292,524 969,949 193,119 -- 1,358 121,806 112,220 94,831
13,676 39,419 3,888 40,968 632,600 61,861 995 10,029 2,149
32,018 7,340 35,495 34,164 37,420 93 -- 34,501 25,720
163 5,417 1,497 2,002 2,866 2,319 3,435 1,618 1,578
95,900 126,865 220,719 142,585 198,557 -- 18,197 -- --
1,131 4,762 1,075 2,081 -- -- -- -- --
544 464 519 178 495 714 -- 622 547
---------- ----------- ---------- ---------- ----------- ----------- ---------- ---------- ----------
9,772,389 17,895,615 9,176,933 9,652,083 28,814,223 10,036,021 2,170,230 6,280,044 5,068,025
---------- ----------- ---------- ---------- ----------- ----------- ---------- ---------- ----------
6,671 38,467 379 374 3,466 393 61 475 7,703
58,196 142,073 108,266 185,103 285,240 -- 2,623 -- --
-- -- -- -- 4,423 -- -- -- --
247 -- -- -- -- -- -- -- --
16,418 35,262 18,593 24,805 26,837 19,211 3,416 10,314 9,935
---------- ----------- ---------- ---------- ----------- ----------- ---------- ---------- ----------
81,532 215,802 127,238 210,282 319,966 19,604 6,100 10,789 17,638
---------- ----------- ---------- ---------- ----------- ----------- ---------- ---------- ----------
$9,690,857 $17,679,813 $9,049,695 $9,441,801 $28,494,257 $10,016,417 $2,164,130 $6,269,255 $5,050,387
========== =========== ========== ========== =========== =========== ========== ========== ==========
$ 636 $ 1,271 $ 518 $ 588 $ 2,616 $ 904 $ 208 $ 584 $ 481
6,932,050 16,102,875 6,007,065 6,993,383 30,225,346 8,804,388 2,039,673 5,634,074 3,829,231
(28,052) (165,951) (24,078) (23,444) 1,700,937 278,009 (49) 26,318 (5,533)
661,789 (358,463) 1,174,876 763,611 (903,011) 18,612 1,830 (84,874) 708,897
2,326,029 2,410,255 1,977,913 2,061,028 (2,531,631) 914,504 122,468 693,153 517,311
(201,595) (310,174) (86,599) (353,365) -- -- -- -- --
---------- ----------- ---------- ---------- ----------- ----------- ---------- ---------- ----------
$9,690,857 $17,679,813 $9,049,695 $9,441,801 $28,494,257 $10,016,417 $2,164,130 $6,269,255 $5,050,387
========== =========== ========== ========== =========== =========== ========== ========== ==========
635,927 1,271,066 517,664 587,791 2,616,426 904,154 207,622 583,639 481,396
========== =========== ========== ========== =========== =========== ========== ========== ==========
$15.24 $13.91 $17.48 $16.06 $10.89 $11.08 $10.42 $10.74 $10.49
========== =========== ========== ========== =========== =========== ========== ========== ==========
- ---------------
See Notes to Financial Statements.
</TABLE>
-- P-47 --
<PAGE>
SELIGMAN PORTFOLIOS, INC.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS (unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
SELIGMAN
SELIGMAN SELIGMAN COMMUNICATIONS
SELIGMAN SELIGMAN CASH COMMON AND SELIGMAN
BOND CAPITAL MANAGEMENT STOCK INFORMATION FRONTIER
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest ..................................... $ 213,504 $ 30,531 $292,921 $ 147,986 $ 114,009 $ 19,937
Dividends .................................... -- 39,378 -- 489,509 123,142 21,580
--------- ---------- -------- ---------- ----------- -----------
TOTAL INVESTMENT INCOME** .................... 213,504 69,909 292,921 637,495 237,151 41,517
--------- ---------- -------- ---------- ----------- -----------
EXPENSES:
Management fee ............................... 14,308 44,878 24,932 126,543 464,449 112,323
Custody and related services ................. 4,939 5,737 2,158 7,621 23,839 10,579
Auditing fee ................................. 4,610 6,763 5,614 12,650 18,725 9,153
Shareholder reports and
communications ............................. 2,682 2,682 2,682 2,683 1,579 1,579
Directors' fees and expenses ................. 2,191 2,273 2,632 2,515 2,989 2,535
Registration ................................. 693 812 693 1,523 1,997 1,048
Legal fee .................................... 318 522 393 1,266 2,225 641
Miscellaneous ................................ 1,135 2,650 1,591 6,255 11,485 3,701
--------- ---------- -------- ---------- ----------- -----------
TOTAL EXPENSES BEFORE WAIVER/
REIMBURSEMENT .............................. 30,876 66,317 40,695 161,056 527,288 141,559
Waiver/reimbursement of
expenses ................................... (9,420) -- (40,695) -- -- --
--------- ---------- -------- ---------- ----------- -----------
TOTAL EXPENSES AFTER WAIVER/
REIMBURSEMENT .............................. 21,456 66,317 -- 161,056 527,288 141,559
--------- ---------- -------- ---------- ----------- -----------
NET INVESTMENT INCOME (LOSS) ................. 192,048 3,592 292,921 476,439 (290,137) (100,042)
--------- ---------- -------- ---------- ----------- -----------
NET REALIZED AND
UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain on investments ............. (161,560) 4,444,192 366 7,577,578 23,811,529 (1,102,271)
Net realized loss from foreign
currency transactions ...................... -- -- -- -- -- --
Net change in unrealized
appreciation/depreciation of
investments ................................ (357,773) (2,826,963) -- (1,796,799) 1,070,628 (1,934,820)
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 ............................... (519,333) 1,617,229 366 5,780,779 24,882,157 (3,037,091)
--------- ---------- -------- ---------- ----------- -----------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS ............................ $(327,285) $1,620,821 $293,287 $6,257,218 $24,592,020 $(3,137,133)
========= ========== ======== ========== =========== ===========
- --------------------
* For the period April 30, 1999, commencement of operations, to June 30, 1999.
**Net of foreign tax withheld as follows: $ -- $ -- $ -- $ 8,290 $ 2,846 $ 366
See Notes to Financial Statements.
</TABLE>
-- P-48 --
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED JUNE 30, 1999
- -----------------------------------------------------------------------------------------------------------------------------------
SELIGMAN SELIGMAN SELIGMAN
HENDERSON HENDERSON HENDERSON SELIGMAN SELIGMAN SELIGMAN SELIGMAN SELIGMAN
GLOBAL GROWTH GLOBAL SMALLER GLOBAL HENDERSON HIGH-YIELD SELIGMAN LARGE-CAP LARGE-CAP SMALL-CAP
OPPORTUNITIES COMPANIES TECHNOLOGY INTERNATIONAL BOND INCOME GROWTH VALUE VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO* PORTFOLIO PORTFOLIO
- ------------ ---------- ---------- ---------- ---------- ---------- ---------- ---------- -----------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 10,628 $ 11,010 $ 16,083 $ 4,139 $1,621,620 $244,042 $ 67 $ 602 $ --
52,440 106,143 24,185 106,429 175,720 77,954 1,291 45,389 12,399
---------- -------- ---------- -------- ---------- -------- -------- -------- ----------
63,068 117,153 40,268 110,568 1,797,340 321,996 1,358 45,991 12,399
---------- -------- ---------- -------- ---------- -------- -------- -------- ----------
43,949 90,817 36,975 47,913 82,790 27,262 1,407 19,253 17,509
9,197 52,290 10,594 22,269 19,270 6,981 875 604 586
4,610 6,014 4,225 4,943 8,199 5,902 1,500 3,697 3,605
1,579 1,579 1,579 1,579 1,579 2,682 1,013 1,579 1,579
3,689 3,766 3,673 3,556 2,486 2,239 600 2,191 2,191
802 812 812 812 1,760 812 203 812 812
334 482 292 350 770 428 18 271 252
1,062 2,510 2,106 508 4,804 1,700 101 470 433
---------- -------- ---------- -------- ---------- -------- -------- -------- ----------
65,222 158,270 60,256 81,930 121,658 48,006 5,717 28,877 26,967
(3,697) (31,130) (8,499) (14,859) (5,763) (7,113) (4,310) (9,624) (9,458)
---------- -------- ---------- -------- ---------- -------- -------- -------- ----------
61,525 127,140 51,757 67,071 115,895 40,893 1,407 19,253 17,509
---------- -------- ---------- -------- ---------- -------- -------- -------- ----------
1,543 (9,987) (11,489) 43,497 1,681,445 281,103 (49) 26,738 (5,110)
---------- -------- ---------- -------- ---------- -------- -------- -------- ----------
1,024,099 (83,362) 1,114,072 747,483 (896,162) 93,830 1,830 (50,384) 708,897
(23,279) (154,225) (7,938) (64,183) -- -- -- -- --
509,128 824,353 881,953 218,647 (728,676) (300,624) 122,468 584,613 681,648
(320,728) (390,399) (128,943) (520,215) -- -- -- -- --
---------- -------- ---------- -------- ---------- -------- -------- -------- ----------
1,189,220 196,367 1,859,144 381,732 (1,624,838) (206,794) 124,298 534,229 1,390,545
---------- -------- ---------- -------- ---------- -------- -------- -------- ----------
$1,190,763 $186,380 $1,847,655 $425,229 $ 56,607 $ 74,309 $124,249 $560,967 $1,385,435
========== ======== ========== ======== ========== ======== ======== ======== ==========
$ 3,685 $ 11,391 $ 1,796 $ 10,911 $ -- $ 871 $ -- $-- $ --
</TABLE>
-- P-49 --
<PAGE>
SELIGMAN PORTFOLIOS, INC.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- ------------------------------------------------------------------------------------------------------------------------------------
Seligman Seligman Seligman
Bond Portfolio Capital Portfolio Cash Management Portfolio
----------------------- -------------------------- ------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
6/30/99 ENDED 6/30/99 ENDED 6/30/99 ENDED
(UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98
----------- ---------- ----------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss) ................. $ 192,048 $ 383,251 $ 3,592 $ 40,438 $ 292,921 $ 540,798
Net realized gain (loss) on investments ...... (161,560) 123,784 4,444,192 1,655,402 366 1,639
Net realized gain (loss) from foreign
currency transactions ...................... -- -- -- -- -- --
Net change in unrealized appreciation/
depreciation of investments ................ (357,773) 37,175 (2,826,963) 2,577,044 -- (101)
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 ............................ (327,285) 544,210 1,620,821 4,272,884 293,287 542,336
---------- ---------- ----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income ........................ -- (383,617) -- (42,246) (292,921) (540,798)
Realized gain on investments ................. -- (72,294) -- (1,310,739) -- --
---------- ---------- ----------- ----------- ----------- -----------
DECREASE IN NET ASSETS
FROM DISTRIBUTIONS ......................... -- (455,911) -- (1,352,985) (292,921) (540,798)
---------- ---------- ----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares ............. 2,320,615 2,476,931 4,354,991 11,707,365 25,563,722 32,521,913
Investment of dividends ...................... -- 383,617 -- 42,246 292,921 540,798
Shares issued in payment of
gain distributions ......................... -- 72,294 -- 1,310,739 -- --
---------- ---------- ----------- ----------- ----------- -----------
Total ........................................ 2,320,615 2,932,842 4,354,991 13,060,350 25,856,643 33,062,711
---------- ---------- ----------- ----------- ----------- -----------
Cost of shares redeemed ...................... (3,663,702) (2,932,822) (9,535,202) (12,239,347) (19,974,638) (31,179,640)
---------- ---------- ----------- ----------- ----------- -----------
INCREASE (DECREASE) IN NET
ASSETS FROM CAPITAL SHARE
TRANSACTIONS ............................... (1,343,087) 20 (5,180,211) 821,003 5,882,005 1,883,071
---------- ---------- ----------- ----------- ----------- -----------
INCREASE (DECREASE) IN NET ASSETS ............ (1,670,372) 88,319 (3,559,390) 3,740,902 5,882,371 1,884,609
NET ASSETS:
Beginning of Period .......................... 7,320,356 7,232,037 24,140,694 20,399,792 10,519,895 8,635,286
---------- ---------- ----------- ----------- ----------- -----------
END OF PERIOD ................................ $5,649,984 $7,320,356 $20,581,304 $24,140,694 $16,402,266 $10,519,895
========== ========== =========== =========== =========== ===========
</TABLE>
- --------------------
See Notes to Financial Statements.
-- P-50 --
<PAGE>
SELIGMAN PORTFOLIOS, INC.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
SELIGMAN SELIGMAN SELIGMAN HENDERSON
COMMON STOCK COMMUNICATIONS AND SELIGMAN GLOBAL GROWTH
PORTFOLIO INFORMATION PORTFOLIO FRONTIER PORTFOLIO OPPORTUNITIES PORTFOLIO
------------------------- ---------------------------- -------------------------- -----------------------
SIX MONTHS SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR
6/30/99 ENDED 6/30/99 ENDED 6/30/99 ENDED 6/30/99 ENDED
(UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98
----------- ----------- ------------ ----------- ----------- ----------- ---------- -----------
<C> <C> <C> <C> <C> <C> <C> <C>
$ 476,439 $ 900,842 $ (290,137) $ (559,960) $ (100,042) $ (218,513) $ 1,543 $ (4,515)
7,577,578 3,819,226 23,811,529 5,762,699 (1,102,271) (1,118,028) 1,024,099 (276,305)
-- -- -- -- -- -- (23,279) (36,450)
(1,796,799) 7,459,005 1,070,628 28,175,377 (1,934,820) 896,484 509,128 1,405,297
-- -- -- -- -- -- (320,728) 239,832
- ----------- ----------- ------------ ------------ ----------- ----------- ---------- ----------
6,257,218 12,179,073 24,592,020 33,378,116 (3,137,133) (440,057) 1,190,763 1,327,859
- ----------- ----------- ------------ ------------ ----------- ----------- ---------- ----------
-- (940,040) -- -- -- -- -- --
-- (3,824,886) -- (4,823,503) -- -- -- (50,935)
- ----------- ----------- ------------ ------------ ----------- ----------- ---------- ----------
-- (4,764,926) -- (4,823,503) -- -- -- (50,935)
- ----------- ----------- ------------ ------------ ----------- ----------- ---------- ----------
11,379,689 14,190,439 22,598,481 199,351,030 10,857,286 227,067,285 1,934,668 4,808,045
-- 940,040 -- -- -- -- -- --
-- 3,824,886 -- 4,823,503 -- -- -- 50,935
- ----------- ----------- ------------ ------------ ----------- ----------- ---------- ----------
11,379,689 18,955,365 22,598,481 204,174,533 10,857,286 227,067,285 1,934,668 4,858,980
- ----------- ----------- ------------ ------------ ----------- ----------- ---------- ----------
(26,151,669) (14,518,617) (28,081,824) (198,083,052) (20,276,493) (230,452,830) (2,077,869) (2,941,841)
- ----------- ----------- ------------ ------------ ----------- ----------- ---------- ----------
(14,771,980) 4,436,748 (5,483,343) 6,091,481 (9,419,207) (3,385,545) (143,201) 1,917,139
- ----------- ----------- ------------ ------------ ----------- ----------- ---------- ----------
(8,514,762) 11,850,895 19,108,677 34,646,094 (12,556,340) (3,825,602) 1,047,562 3,194,063
62,588,058 50,737,163 122,278,931 87,632,837 39,147,671 42,973,273 8,643,295 5,449,232
- ----------- ----------- ------------ ------------ ----------- ----------- ---------- ----------
$54,073,296 $62,588,058 $141,387,608 $122,278,931 $26,591,331 $39,147,671 $9,690,857 $8,643,295
=========== =========== ============ ============ =========== =========== ========== ==========
</TABLE>
-- P-51 --
<PAGE>
SELIGMAN PORTFOLIOS, INC.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
SELIGMAN
SELIGMAN HENDERSON SELIGMAN HENDERSON SELIGMAN HENDERSON
GLOBAL SMALLER GLOBAL TECHNOLOGY INTERNATIONAL
COMPANIES PORTFOLIO PORTFOLIO PORTFOLIO
------------------------- ------------------------ ------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
6/30/99 ENDED 6/30/99 ENDED 6/30/99 ENDED
(UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98
----------- ----------- ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net Investment income (loss)........... $ (9,987) $ (13,328) $ (11,489) $ (21,045) $ 43,497 $ 51,629
Net realized gain (loss) on investments (83,362) 380,866 1,114,072 327,368 747,483 236,433
Net realized gain (loss) from foreign
currency transactions................ (154,225) (343,427) (7,938) 1,871 (64,183) (62,257)
Net change in unrealized appreciation/
depreciation of investments ......... 824,353 442,586 881,953 1,121,131 218,647 749,881
Net change in unrealized appreciation/
depreciation on translation of assets
and liabilities denominated in foreign
currencies and forward currency
contracts ........................... (390,399) 782,308 (128,943) 73,954 (520,215) 412,820
----------- ----------- ---------- ---------- ---------- ----------
INCREASE IN NET ASSETS FROM
OPERATIONS .......................... 186,380 1,249,005 1,847,655 1,503,279 425,229 1,388,506
----------- ----------- ---------- ---------- ---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income ................. -- -- -- (857) -- (92,510)
Realized gain on investments .......... -- (307,092) -- (262,609) -- (102,080)
----------- ----------- ---------- ---------- ---------- ----------
DECREASE IN NET ASSETS
FROM DISTRIBUTIONS .................. -- (307,092) -- (263,466) -- (194,590)
----------- ----------- ---------- ---------- ---------- ----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares ...... 1,428,326 3,255,307 5,884,836 4,355,443 595,365 1,772,992
Investment of dividends ............... -- -- -- 857 -- 92,510
Shares issued in payment of
gain distributions .................. -- 307,092 -- 262,609 -- 102,080
----------- ----------- ---------- ---------- ---------- ----------
Total ................................. 1,428,326 3,562,399 5,884,836 4,618,909 595,365 1,967,582
----------- ----------- ---------- ---------- ---------- ----------
Cost of shares redeemed ............... (4,748,955) (4,194,840) (4,812,767) (3,414,979) (1,471,622) (2,451,134)
----------- ----------- ---------- ---------- ---------- ----------
INCREASE (DECREASE) IN NET
ASSETS FROM CAPITAL SHARE
TRANSACTIONS ........................ (3,320,629) (632,441) 1,072,069 1,203,930 (876,257) (483,552)
----------- ----------- ---------- ---------- ---------- ----------
INCREASE (DECREASE) IN NET ASSETS ..... (3,134,249) 309,472 2,919,724 2,443,743 (451,028) 710,364
NET ASSETS:
Beginning of Period ................... 20,814,062 20,504,590 6,129,971 3,686,228 9,892,829 9,182,465
----------- ----------- ---------- ---------- ---------- ----------
END OF PERIOD ........................ $17,679,813 $20,814,062 $9,049,695 $6,129,971 $9,441,801 $9,892,829
=========== =========== ========== ========== ========== ==========
</TABLE>
- -----------
* Commencement of operations.
See Notes to Financial Statements.
-- P-52 --
<PAGE>
SELIGMAN PORTFOLIOS, INC.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
LARGE-CAP* SELIGMAN* SELIGMAN
SELIGMAN SELIGMAN GROWTH* LARGE-CAP* SMALL-CAP
HIGH-YIELD BOND PORTFOLIO INCOME PORTFOLIO PORTFOLIO* VALUE PORTFOLIO VALUE PORTFOLIO*
- ---------------------------- ------------------------ ---------- ----------------------- ----------------------
SIX MONTHS SIX MONTHS 4/30/99* SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR TO ENDED 5/1/98* ENDED 5/1/98*
6/30/99 ENDED 6/30/99 ENDED 6/30/99 6/30/99 TO* 6/30/99 TO*
(UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED) (UNAUDITED) 12/31/98* (UNAUDITED) 12/31/98*
----------- ----------- ----------- ----------- ---------- ----------- ---------- ---------- ---------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 1,681,445 $ 2,731,048 $ 281,103 $ 565,319 $ (49) $ 26,738 $ 12,694 $ (5,110) $ (2,716)
(896,162) 10,307 93,830 124,492 1,830 (50,384) 67,875 708,897 271,788
-- -- -- -- -- -- -- -- --
(728,676) (2,638,907) (300,624) 381,475 122,468 584,613 108,540 681,648 (164,337)
-- -- -- -- -- -- -- -- --
----------- ----------- ----------- ----------- ---------- ---------- ---------- ---------- ----------
56,607 102,448 74,309 1,071,286 124,249 560,967 189,109 1,385,435 104,735
----------- ----------- ----------- ----------- ---------- ---------- ---------- ---------- ----------
-- (2,720,490) -- (579,531) -- -- (13,586) -- --
-- (17,156) -- (200,703) -- -- (101,893) -- (270,486)
----------- ----------- ----------- ----------- ---------- ---------- ---------- ---------- ----------
-- (2,737,646) -- (780,234) -- -- (115,479) -- (270,486)
----------- ----------- ----------- ----------- ---------- ---------- ---------- ---------- ----------
6,832,618 17,539,019 1,161,409 2,781,692 1,510,107 2,715,362 4,577,607 1,901,411 3,140,726
-- 2,720,490 -- 579,531 -- -- 13,586 -- --
-- 17,156 -- 200,703 -- -- 101,893 -- 270,486
----------- ----------- ----------- ----------- ---------- ---------- ---------- ---------- ----------
6,832,618 20,276,665 1,161,409 3,561,926 1,510,107 2,715,362 4,693,086 1,901,411 3,411,212
----------- ----------- ----------- ----------- ---------- ---------- ---------- ---------- ----------
(10,647,776) (8,656,439) (5,801,526) (3,106,033) (13,486) (852,897) (1,068,342) (705,390) (923,979)
----------- ----------- ----------- ----------- ---------- ---------- ---------- ---------- ----------
(3,815,158) 11,620,226 (4,640,117) 455,893 1,496,621 1,862,465 3,624,744 1,196,021 2,487,233
----------- ----------- ----------- ----------- ---------- ---------- ---------- ---------- ----------
(3,758,551) 8,985,028 (4,565,808) 746,945 1,620,870 2,423,432 3,698,374 2,581,456 2,321,482
32,252,808 23,267,780 14,582,225 13,835,280 543,260 3,845,823 147,449 2,468,931 147,449
----------- ----------- ----------- ----------- ---------- ---------- ---------- ---------- ----------
$28,494,257 $32,252,808 $10,016,417 $14,582,225 $2,164,130 $6,269,255 $3,845,823 $5,050,387 $2,468,931
=========== =========== =========== =========== ========== ========== ========== ========== ==========
</TABLE>
-- P-53 --
<PAGE>
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 Henderson Global Growth Opportunities Portfolio ("Global Growth
Opportunities Portfolio"), Seligman Henderson Global Smaller Companies Portfolio
("Global Smaller Companies Portfolio"),Seligman Henderson Global Technology
Portfolio ("Global Technology Portfolio"), Seligman Henderson International
Portfolio ("International Portfolio"), Seligman High-Yield Bond Portfolio
("High-Yield Bond Portfolio"), Seligman Income Portfolio ("Income 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 currently provided as the investment
medium for Canada Life of America Variable Annuity Account 2 ("CLVA-2"), which
is offered by Canada Life Insurance Company of America ("CLICA"), Canada Life of
New York Variable Annuity Account 2 ("CLNYVA-2"), which is offered by Canada
Life Insurance Company of New York ("CLNY"), and Canada Life of America Annuity
Account 3 ("CLVA-3"), which is offered by CLICA. CLVA-2 and CLNYVA-2 are
registered as unit investment trusts under the Investment Company Act of 1940,
as amended (the "1940 Act") and fund variable annuity contracts (the "CLVA-2
Contracts") issued by CLICA and CLNY and distributed by Seligman Advisors, Inc.
(the "Distributor"). CLVA-3 is not registered or regulated as a unit investment
trust under the 1940 Act in reliance on the exemption provided in Section
3(c)(11) of the 1940 Act, and funds variable annuity contracts (the "CLVA-3
Contracts") issued by CLICA and distributed by Seligman Advisors, Inc. CLVA-3
Contracts may be purchased only by pension or profit-sharing employee benefit
plans that satisfy the requirements for qualification set forth in Section 401
of the Internal Revenue Code of 1986, as amended. Shares of the Fund are also
provided as the investment medium for other variable annuity accounts
established by CLICA or its affiliates ("Canada Life Separate Accounts"). Prior
to June 30, 1999, shares of Bond, Capital, Cash Management, Common Stock, and
Income Portfolios were provided as the investment medium for Seligman Mutual
Benefit Plan (the "Mutual Benefit Plan"), a separate account of MBL Life
Assurance Corporation ("MBL Life").
2. SIGNIFICANT ACCOUNTING POLICIES -- The financial statements have been
prepared in conformity with generally accepted accounting principles 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
prices or, in their 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 Opportunities Portfolio,
Global Smaller Companies Portfolio, Global Technology Portfolio, and
International Portfolio, (together, the "Seligman Henderson 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
-- P-54 --
<PAGE>
SELIGMAN PORTFOLIOS, INC.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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.
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 Henderson 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.
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. 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.
g. 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.
h. 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 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.
3. 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, 1999, were as follows:
PORTFOLIO PURCHASES SALES
-------- ----------- -----------
Bond $ 1,663,988 $ 1,835,068
Capital 17,552,155 22,717,876
Common Stock 13,261,335 24,056,910
Communications and Information 72,376,155 86,084,090
Frontier 5,908,233 15,815,260
Global Growth Opportunities 3,089,298 3,352,187
Global Smaller Companies 4,657,264 7,948,441
Global Technology 5,087,670 4,731,847
International 3,669,294 4,486,268
-- P-55 --
<PAGE>
SELIGMAN PORTFOLIOS, INC.
- --------------------------------------------------------------------------------
NOTES TO FINANDIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
PORTFOLIO PURCHASES SALES
-------- ----------- -----------
High-Yield Bond $11,314,888 $11,142,907
Income 3,332,673 6,575,057
Large-Cap Growth 1,984,682 83,183
Large-Cap Value 2,088,900 247,918
Small-Cap Value 2,914,767 1,785,293
For the six months ended June 30, 1999, purchases and sales of US
Government obligations were $652,639 and $1,389,159, respectively, for the Bond
Portfolio, and $197,523 and $1,454,620, respectively, for the Income Portfolio.
Identified cost of investments sold is used for both financial statement
and federal income tax purposes.
At June 30, 1999, 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 $ 37,615 $ 136,256
Capital 4,472,910 738,571
Common Stock 14,136,395 220,930
Communications and Information 28,839,560 6,319,634
Frontier 5,660,215 3,658,697
Global Growth Opportunities 2,334,939 211,358
Global Smaller Companies 3,953,504 1,856,742
Global Technology 2,146,054 254,650
International 1,872,918 166,564
High-Yield Bond 400,317 2,931,948
Income 1,177,083 262,579
Large-Cap Growth 129,709 7,241
Large-Cap Value 793,838 100,685
Small-Cap Value 753,725 236,414
4. 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 Henderson 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 Henderson Portfolios and is
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 Henderson
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.
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 Henderson Portfolios.
-- P-56 --
<PAGE>
SELIGMAN PORTFOLIOS, INC.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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, 1999 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 or by the Subadviser.
The Distributor, agent for the distribution of the CLVA-2 Contracts and an
affiliate of the Manager, received concessions of $89,682 from Canada Life
Insurance Company of America and $7,404 from Canada Life Insurance Company of
New York, after commissions paid to dealers for the sale of shares of the Fund.
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, 1999, are included in other
liabilities. Deferred fees and related accrued earnings are not deductible for
federal income tax purposes until such amounts are paid.
5. CAPITAL LOSS CARRYFORWARD -- At December 31, 1998, the Frontier Portfolio,
Global Growth Opportunities Portfolio, and Global Smaller Companies Portfolio
had net capital loss carryforwards for federal income tax purposes of
$1,123,646, $376,086 and $308,768, respectively, which are available for offset
against future taxable net capital gains. These net capital loss carryforwards
will expire in 2006. 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.
6. OUTSTANDING FORWARD EXCHANGE CURRENCY CONTRACTS -- At June 30, 1999, the Fund
had outstanding forward exchange currency contracts to purchase or sell foreign
currencies as follows:
<TABLE>
<CAPTION>
UNREALIZED
FOREIGN IN EXCHANGE SETTLEMENT US $ APPRECIATION
CONTRACT CURRENCY CURRENCY DATE VALUE (DEPRECIATION)
- -------- --------- ---------- --------- --------- ------------
<S> <C> <C> <C> <C> <C>
GLOBAL GROWTH OPPORTUNITIES PORTFOLIO
Purchases:
Danish krone 420,000 58,443 7/1/99 58,196 $(247)
------
Sales:
Australian dollar 1,141 756 7/1/99 754 2
Japanese yen 19,139,200 160,000 8/12/99 158,871 1,129
------
1,131
------
$884
======
GLOBAL SMALLER COMPANIES PORTFOLIO
Purchases:
British pound 46,726 73,522 7/2/99 73,658 $136
------
Sales:
Euro 600,914 620,744 7/1/99 619,212 1,532
Japanese yen 51,436,600 430,000 8/12/99 426,966 3,034
New Zealand dollar 44,592 23,651 7/1/99 23,591 60
------
4,626
------
$4,762
======
GLOBAL TECHNOLOGY PORTFOLIO
Sales:
Japanese yen 16,828,000 140,000 8/31/99 138,925 $1,075
======
INTERNATIONAL PORTFOLIO
Sales:
Japanese yen 35,287,900 295,000 8/12/99 292,919 $2,081
======
</TABLE>
-- P-57 --
<PAGE>
SELIGMAN PORTFOLIOS, INC.
- --------------------------------------------------------------------------------
NOTES TO FINANDIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
7. CAPITAL STOCK TRANSACTIONS -- At June 30, 1999, there were 20,000,000 shares
of Capital Stock authorized for each of Global Growth Opportunities, 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, 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:
<TABLE>
<CAPTION>
BOND CAPITAL CASH MANAGEMENT
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------ ---------------------- ------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
6/30/99 ENDED 6/30/99 ENDED 6/30/99 ENDED
(UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98
---------- --------- -------- -------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
Sale of shares...................... 227,590 230,745 213,589 626,516 25,563,722 32,521,913
Shares issued in payment
of dividends..................... -- 36,957 -- 2,179 292,921 540,798
Shares issued in payment
of gain distributions............ -- 6,965 -- 67,599 -- --
--------- --------- -------- -------- ---------- ----------
Total............................... 227,590 274,667 213,589 696,294 25,856,643 33,062,711
--------- --------- -------- -------- --------- ---------
Shares redeemed..................... (363,672) (276,064) (460,040) (663,507) (19,974,638) (31,179,640)
--------- --------- -------- -------- ---------- ----------
Increase (decrease) in shares....... (136,082) (1,397) (246,451) 32,787 5,882,005 1,883,071
========= ========= ======== ======== ========== ==========
<CAPTION>
COMMUNICATIONS
COMMON STOCK AND INFORMATION FRONTIER
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------ ---------------------- ------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
6/30/99 ENDED 6/30/99 ENDED 6/30/99 ENDED
(UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98
---------- --------- -------- -------- --------- --------
<S> <C> <C> <C> <C> <C> <C>
Sale of shares...................... 584,072 787,642 1,262,919 13,848,034 772,284 14,693,247
Shares issued in payment
of dividends..................... -- 51,651 -- -- -- --
Shares issued in payment
of gain distributions............ -- 210,158 -- 299,597 -- --
--------- --------- =-------- ---------- ---------- ----------
Total............................... 584,072 1,049,451 1,262,919 14,147,631 772,284 14,693,247
--------- --------- --------- -------- --------- ----------
Shares redeemed..................... (1,322,016) (806,174) (1,574,056) (13,711,324) (1,469,360) (14,899,641)
--------- --------- --------- ---------- ---------- ----------
Increase (decrease) in shares....... (737,944) 243,277 (311,137) 436,307 (697,076) (206,394)
========= ========= ========= ========== ========== ==========
<CAPTION>
GLOBAL GROWTH GLOBAL SMALLER GLOBAL
OPPORTUNITIES COMPANIES TECHNOLOGY
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------ ---------------------- -------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
6/30/99 ENDED 6/30/99 ENDED 6/30/99 ENDED
(UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Sale of shares...................... 136,872 390,170 107,772 231,087 393,589 354,582
Shares issued in payment
of dividends..................... -- -- -- -- -- 64
Shares issued in payment
of gain distributions............ -- 3,970 -- 23,787 -- 19,642
--------- --------- -------- -------- --------- --------
Total............................... 136,872 394,140 107,772 254,874 393,589 374,288
--------- --------- -------- -------- --------- --------
Shares redeemed..................... (149,454) (239,884) (364,915) (306,840) (318,388) (280,044)
--------- --------- -------- -------- --------- --------
Increase (decrease) in shares....... (12,582) 154,256 (257,143) (51,966) 75,201 94,244
========= ========= ======== ======== ========= ========
</TABLE>
-- P-58 --
<PAGE>
SELIGMAN PORTFOLIOS, INC.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL HIGH-YIELD BOND INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------- ----------------------- -------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
6/30/99 ENDED 6/30/99 ENDED 6/30/99 ENDED
(UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98
---------- --------- -------- -------- --------- --------
<S> <C> <C> <C> <C> <C> <C>
Sale of shares...................... 37,916 118,684 621,523 1,464,357 106,698 248,332
Shares issued in payment
of dividends..................... -- 6,127 -- 251,200 -- 53,119
Shares issued in payment
of gain distributions............ -- 6,760 -- 1,584 -- 18,396
--------- --------- -------- -------- --------- --------
Total............................... 37,916 131,571 621,523 1,717,141 106,698 319,847
--------- --------- -------- --------- --------- --------
Shares redeemed..................... (93,878) (166,031) (970,953) (711,853) (526,846) (276,496)
--------- --------- -------- --------- --------- --------
Increase (decrease) in shares....... (55,962) (34,460) (349,430) 1,005,288 (420,148) 43,351
========= ========= ======== ========= ========= ========
<CAPTION>
LARGE-CAP
GROWTH LARGE-CAP VALUE SMALL-CAP VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ---------------------- ------------------------
4/30/99* SIX MONTHS SIX MONTHS
TO ENDED 5/1/98* ENDED 5/1/98*
6/30/99* 6/30/99 TO 6/30/99 TO
(UNAUDITED) (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98
----------- ---------- -------- --------- --------
<S> <C> <C> <C> <C> <C>
Sale of shares...................... 154,630 269,999 485,276 224,602 400,968
Shares issued in payment
of dividends ................... -- -- 1,442 -- --
Shares issued in payment
of gain distributions .......... -- -- 10,817 -- 39,088
--------- -------- -------- --------- --------
Total............................... 154,630 269,999 497,535 224,602 440,056
--------- -------- -------- --------- --------
Shares redeemed..................... (1,334) (84,528) (114,112) (80,884) (117,123)
--------- -------- -------- --------- --------
Increase in shares.................. 153,296 185,471 383,423 143,718 322,933
========= ======== ======== ========= ========
</TABLE>
- -------------------
* Commencement of operations.
8. COMMITTED LINE OF CREDIT -- All of the Portfolios, except the Cash Management
Portfolio, are participants in a joint $750 million committed line of credit
that is shared by substantially all funds in the Seligman Group of Investment
Companies. Each Portfolio's borrowings are limited to 10% (5% for the Seligman
Henderson 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 0.08% 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 one year from the
date of the agreement but is renewable with the consent of the participating
banks. To date, none of the Portfolios have borrowed from the credit facility.
9. SELIGMAN MUTUAL BENEFIT PLAN -- On December 31, 1998, MBLLife sold
substantially all of its general account life insurance and annuity businesses
to SunAmerica, Inc. The Order from the Superior Court of New Jersey (the
"Order") approving the transaction provided for the termination of the Mutual
Benefit Plan. The Order authorized MBL Life to take any and all actions
necessary to facilitate the termination of the Mutual Benefit Plan.
Contractholders were given the opportunity to exchange their contracts for
contracts issued by other insurance companies until June 30, 1999. At June 30,
1999, there were no remaining contracts.
-- P-59 --
<PAGE>
SELIGMAN PORTFOLIOS, INC.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
The tables below are intended to help you understand each Portfolio's
financial performance for the past five years or from its inception, if less
than five years. Certain information reflects financial results for a single
share that was held throughout the periods shown. Per share amounts are
calcuated 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 and asset based sales charges that are
associated with variable annuity contracts, and are not annualized for periods
of less than one year.
<TABLE>
<CAPTION>
BOND PORTFOLIO
----------------------------------------------------------------------------
SIX MONTHS
ENDED
6/30/99 YEAR ENDED DECEMBER 31,
---------------------------------------------------------------
(unaudited) 1998 1997 1996 1995 1994
----------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA:
NET ASSET VALUE, BEGINNING OF PERIOD ............. $ 10.38 $ 10.24 $ 9.89 $ 10.44 $ 9.27 $ 10.11
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................ 0.28 0.59 0.54 0.56 0.61 0.50
Net realized and unrealized gain (loss)
on investments ................................. (0.73) 0.25 0.35 (0.55) 1.17 (0.84)
-------- -------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS ................. (0.45) 0.84 0.89 0.01 1.78 (0.34)
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ............. -- (0.59) (0.54) (0.56) (0.61) (0.50)
Distributions from net realized capital gain ..... -- (0.11) -- -- -- --
-------- -------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS .............................. -- (0.70) (0.54) (0.56) (0.61) (0.50)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD ................... $ 9.93 $ 10.38 $ 10.24 $ 9.89 $ 10.44 $ 9.27
======== ======== ======== ======== ======== ========
TOTAL RETURN: (4.34)% 8.20% 8.98% 0.09% 19.18% (3.39)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted) ......... $ 5,650 $ 7,320 $ 7,232 $ 5,015 $ 4,497 $ 3,606
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 ........ 5.37%+ 5.58% 6.22% 5.97% 6.22% 5.12%
Portfolio turnover rate .......................... 36.05% 73.31% 170.12% 199.74% 114.42% 237.23%
Without management fee waiver:*
Ratio of expenses to average net assets .......... 0.86%+ 0.82% 0.83% 0.79% 0.99% 1.31%
Ratio of net income to average net assets ........ 5.11%+ 5.36% 5.99% 5.78% 5.83% 4.41%
</TABLE>
- -------------------
* The Manager, at its discretion, reimbursed expenses and/or waived management
fees for certain periods presented.
+ Annualized.
See Notes to Financial Statements.
-- P-60 --
<PAGE>
SELIGMAN PORTFOLIOS, INC.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL PORTFOLIO
------------------------------------------------------------------------------
SIX MONTHS
ENDED
6/30/99 YEAR ENDED DECEMBER 31,
----------------------------------------------------------------
PER SHARE DATA: (unaudited) 1998 1997 1996 1995 1994
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD ............. $ 20.81 $ 18.10 $ 16.01 $ 14.91 $ 12.70 $ 14.95
-------- -------- -------- -------- -------- --------
Income from Investment Operations:
Net investment income ............................ -- 0.04 0.03 0.04 0.05 0.02
Net realized and unrealized gain (loss)
on investments ................................. 1.72 3.89 3.35 2.12 3.39 (0.70)
-------- -------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS ................. 1.72 3.93 3.38 2.16 3.44 (0.68)
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ............. -- (0.04) (0.03) (0.04) (0.05) (0.02)
Distributions from net realized capital gain ..... -- (1.18) (1.26) (1.02) (1.18) (1.55)
-------- -------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS .............................. -- (1.22) (1.29) (1.06) (1.23) (1.57)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD ................... $ 22.53 $ 20.81 $ 18.10 $ 16.01 $ 14.91 $ 12.70
======== ======== ======== ======== ======== ========
TOTAL RETURN: 8.27% 22.19% 21.31% 14.51% 27.17% (4.59)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted) ......... $ 20,581 $ 24,141 $ 20,400 $ 14,313 $ 9,294 $ 5,942
Ratio of expenses to average net assets .......... 0.59%+ 0.60% 0.60% 0.59% 0.60% 0.60%
Ratio of net income to average net assets ........ 0.03%+ 0.19% 0.16% 0.29% 0.32% 0.10%
Portfolio turnover rate .......................... 82.77% 130.86% 93.97% 88.78% 122.20% 67.39%
Without management fee waiver:*
Ratio of expenses to average net assets .......... 0.62% 0.71% 0.96%
Ratio of net income (loss) to average net assets . 0.14% 0.21% (0.26)%
</TABLE>
<TABLE>
<CAPTION>
CASH MANAGEMENT PORTFOLIO
-------------------------------------------------------------------------------
SIX MONTHS
ENDED
6/30/99 YEAR ENDED DECEMBER 31,
----------------------------------------------------------------
PER SHARE DATA: (unaudited) 1998 1997 1996 1995 1994
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
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 ............................ 0.023 0.053 0.054 0.053 0.055 0.040
-------- -------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS ................. 0.023 0.053 0.054 0.053 0.055 0.040
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ............. (0.023) (0.053) (0.054) (0.053) (0.055) (0.040)
-------- -------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS .............................. (0.023) (0.053) (0.054) (0.053) (0.055) (0.040)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD ................... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ======== ========
TOTAL RETURN: 2.35% 5.42% 5.52% 5.43% 5.60% 4.03%
Ratios/Supplemental Data:
Net Assets, End of Period (000s omitted) ......... $ 16,402 $ 10,520 $ 8,635 $ 9,755 $ 7,800 $ 3,230
Ratio of expenses to average net assets .......... -- -- -- -- -- --
Ratio of net income to average net assets ........ 4.70%+ 5.30% 5.39% 5.30% 5.48% 3.98%
Without management fee waiver and
expense reimbursement:*
Ratio of expenses to average net assets .......... 0.65%+ 0.67% 0.79% 0.63% 0.87% 1.48%
Ratio of net income to average net assets ........ 4.05%+ 4.63% 4.60% 4.67% 4.61% 2.50%
</TABLE>
- ------------------
* The Manager, at its discretion, reimbursed expenses and/or waived management
fees for certain periods presented.
+ Annualized.
See Notes to Financial Statements.
-- P-61 --
<PAGE>
SELIGMAN PORTFOLIOS, INC.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COMMON STOCK PORTFOLIO
-------------------------------------------------------------------------------
SIX MONTHS
ENDED
6/30/99 YEAR ENDED DECEMBER 31,
---------------------------------------------------
PER SHARE DATA: (unaudited) 1998 1997 1996 1995 1994
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD ............. $ 18.63 $ 16.28 $ 15.92 $ 15.44 $ 13.78 $ 14.98
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................ 0.15 0.29 0.33 0.34 0.35 0.37
Net realized and unrealized gain (loss)
on investments ................................. 1.84 3.61 3.01 2.79 3.40 (0.36)
-------- -------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS ................. 1.99 3.90 3.34 3.13 3.75 0.01
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ............. -- (0.31) (0.32) (0.34) (0.35) (0.39)
Distributions from net realized capital gain ..... -- (1.24) (2.66) (2.31) (1.74) (0.82)
-------- -------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS .............................. -- (1.55) (2.98) (2.65) (2.09) (1.21)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD ................... $ 20.62 $ 18.63 $ 16.28 $ 15.92 $ 15.44 $ 13.78
======== ======== ======== ======== ======== ========
TOTAL RETURN: 10.68% 24.16% 21.31% 20.08% 27.28% 0.04%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted) ......... $ 54,073 $ 62,588 $ 50,737 $ 37,168 $ 28,836 $ 20,168
Ratio of expenses to average net assets .......... 0.51%+ 0.52% 0.53% 0.53% 0.54% 0.60%
Ratio of net income to average net assets ........ 1.51%+ 1.61% 1.92% 1.99% 2.42% 2.45%
Portfolio turnover rate .......................... 23.42% 55.55% 80.13% 50.33% 55.48% 15.29%
Without management fee waiver:++
Ratio of expenses to average net assets .......... 0.62%
Ratio of net income to average net assets ........ 2.43%
</TABLE>
<TABLE>
<CAPTION>
COMMUNICATIONS AND INFORMATION PORTFOLIO
------------------------------------------------------------------------------
SIX MONTHS
ENDED 10/11/94*
6/30/99 YEAR ENDED DECEMBER 31, TO
---------------------------------------------
(unaudited) 1998 1997 1996 1995 12/31/94
----------- -------- ---------- -------- --------- --------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA:
NET ASSET VALUE, BEGINNING OF PERIOD ............. $ 17.14 $ 13.09 $ 14.69 $ 13.50 $ 10.44 $ 10.00
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ..................... (0.04) (0.08) (0.08) (0.04) (0.13) (0.02)
Net realized and unrealized gain
on investments ................................. 3.63 4.81 3.13 1.23 4.15 0.46
-------- -------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS ................. 3.59 4.73 3.05 1.19 4.02 0.44
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from net realized capital gain ..... -- (0.68) (4.65) -- (0.96) --
-------- -------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS .............................. -- (0.68) (4.65) -- (0.96) --
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD ................... $ 20.73 $ 17.14 $ 13.09 $ 14.69 $ 13.50 $ 10.44
======== ======== ======== ======== ======== ========
TOTAL RETURN: 20.95% 36.49% 22.22% 8.81% 38.55% 4.40%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted) ......... $141,388 $122,279 $ 87,633 $ 60,645 $ 38,442 $ 495
Ratio of expenses to average net assets .......... 0.85%+ 0.87% 0.87% 0.87% 0.95% 0.95%+
Ratio of net income (loss) to average net assets . (0.47%)+ (0.56)% (0.49)% (0.32)% (0.89)% (0.95)%+
Portfolio turnover rate .......................... 59.65% 132.57% 277.14% 167.20% 96.62% --
Without management fee waiver
and expense reimbursement:++
Ratio of expenses to average net assets .......... 13.96%+
Ratio of net income (loss) to average net assets . (13.96)%+
</TABLE>
- ---------------------
* Commencement of investment operations.
+ Annualized.
++ The Manager, at its discretion, reimbursed expenses and/or waived management
fees for certain periods presented.
See Notes to Financial Statements.
-- P-62 --
<PAGE>
SELIGMAN PORTFOLIOS, INC.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL GROWTH
FRONTIER PORTFOLIO OPPORTUNITIES PORTFOLIO
-------------------------------------------------- --------------------------------------
SIX MONTHS SIX MONTHS
ENDED 10/11/94* ENDED YEAR ENDED 5/1/96**
PER SHARE OPERATING 6/30/99 YEAR ENDED DECEMBER 31, TO 6/30/99 DECEMBER 31, TO
------------------------------ --------------
PERFORMANCE: (unaudited) 1998 1997 1996 1995 12/31/94 (unaudited) 1998 1997 12/31/96
--------- ------ ------ ------ ------ -------- --------- ------ ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD .................... $15.55 $15.78 $14.98 $13.56 $10.58 $10.00 $13.33 $11.03 $ 9.91 $10.00
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ........... (0.07) (0.08) (0.08) (0.06) (0.07) (0.01) -- (0.01) 0.01 0.01
Net realized and unrealized gain (loss)
on investments ....................... (0.87) (0.15) 2.47 3.28 3.58 0.59 2.27 2.25 1.79 0.02
Net realized and unrealized gain (loss)
on foreign currency transactions ..... -- -- -- -- -- -- (0.36) 0.14 (0.56) (0.11)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS ....... (0.94) (0.23) 2.39 3.22 3.51 0.58 1.91 2.38 1.24 (0.08)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income ... -- -- -- -- -- -- -- -- -- (0.01)
Distributions from net realized
capital gain ........................... -- -- (1.59) (1.80) (0.53) -- -- (0.08) (0.12) --
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS: ................... -- -- (1.59) (1.80) (0.53) -- -- (0.08) (0.12) (0.01)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD ......... $14.61 $15.55 $15.78 $14.98 $13.56 $10.58 $15.24 $13.33 $11.03 $ 9.91
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
TOTAL RETURN: (6.04)% (1.46)% 16.33% 23.93% 33.28% 5.80% 14.33% 21.60% 12.57% (0.78)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000s omitted) ....................... $26,591 $39,148 $42,973 $31,672 $12,476 $ 169 $9,691 $8,643 $5,449 $1,590
Ratio of expenses to
average net assets ................... 0.95%+ 0.92% 0.89% 0.92% 0.95% 0.95%+ 1.40%+ 1.40% 1.40% 1.40%+
Ratio of net income (loss) to
average net assets ................... (0.67)%+ (0.51)% (0.49)% (0.37)% (0.55)% (0.70)%+ 0.04%+ (0.06)% 0.01% 0.37%+
Portfolio turnover rate ................ 19.90% 86.52% 101.68% 119.74% 106.48% -- 37.21% 48.99% 77.85% 12.99%
Without management fee waiver
and expense reimbursement:++
Ratio of expenses to average
net assets ........................... 1.37% 40.47%+ 1.48%+ 1.60% 2.11% 6.04%+
Ratios of net income (loss) to
average net assets ..................... (0.97)% 40.22)% (0.05)%+ (0.26)%(0.70)% (4.27)%+
</TABLE>
- ----------------------
* Commencement of investment operations.
** Commencement of operations.
+ Annualized.
++ The Manager, Seligman Henderson, the former subadviser to the Seligman
Henderson Portfolios, and/or the Subadviser, at their discretion, reimbursed
expenses and/or waived management fees for certain periods presented.
See Notes to Financial Statements.
-- P-63 --
<PAGE>
SELIGMAN PORTFOLIOS, INC.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL SMALLER COMPANIES PORTFOLIO
----------------------------------------------------
SIX MONTHS
ENDED
6/30/99 YEAR ENDED DECEMBER 31,
---------------------------------------
PER SHARE DATA: (unaudited) 1998 1997 1996 1995
--------- ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period .................... $ 13.62 $ 12.98 $ 12.87 $ 11.67 $ 10.31
------- ------- ------- ------- -------
Income from Invetment Operations:
Net investment income (loss) ........... (0.01) (0.01) 0.02 0.02 0.05
Net realized and unrealized gain
on investments ....................... 0.63 1.02 1.17 2.31 2.04
Net realized and unrealized gain (loss)
on foreign
currency transactions ................ (0.33) (0.17) (0.75) (0.16) (0.30)
------- ------- ------- ------- -------
Total from Investment Operations ....... 0.29 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 ......... $ 13.91 $ 13.62 $ 12.98 $ 12.87 $ 11.67
======= ======= ======= ======= =======
Total Return: 2.13% 6.58% 3.43% 18.66% 17.38%
Ratios/Supplemental Data:
Net assets, end of period
(000s omitted) ......................... $17,680 $20,814 $20,505 $16,876 $ 4,837
Ratio of expenses to
average net assets ................... 1.40%+ 1.40% 1.40% 1.40% 1.39%
Ratio of net income (loss) to
average net assets ................... (0.11)%+ (0.06)% 0.24% 0.23% 0.64%
Portfolio turnover rate ................ 25.99% 66.40% 64.81% 62.31% 55.65%
Without management fee waiver
and expense reimbursement:++
Ratio of expenses to
average net assets ................... 1.74%+ 1.50% 1.56% 1.90% 3.84%
Ratio of net income (loss) to
average net assets ................... (0.45)%+ (0.16)% 0.08% (0.27)% (1.81)%
<CAPTION>
GLOBAL TECHNOLOGY PORTFOLIO
-------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED
10/11/94* 6/30/99 DECEMBER 31, 5/1/96**
TO -------------- TO
12/31/94 (unaudited) 1998 1997 12/31/96
-------- --------- ------ ------ --------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period .................... $ 10.00 $13.85 $10.59 $ 10.32 $10.00
------- ------ ------ ------- ------
Income from Invetment Operations:
Net investment income (loss) ........... 0.06 (0.01) (0.05) 0.01 --
Net realized and unrealized gain
on investments ....................... 0.26 3.83 3.81 2.15 0.30
Net realized and unrealized
gain (loss) on foreign
currency transactions ................ 0.03 (0.19) 0.11 (0.19) 0.10
------- ------ ------ ------- ------
Total from Investment Operations ....... 0.35 3.63 3.87 1.97 0.40
------- ------ ------ ------- ------
Less Distributions:
Dividends from net investment
income ............................... (0.04) -- -- (0.01) --
Distributions from net realized
capital gain ......................... -- -- (0.61) (1.69) (0.08)
------- ------ ------ ------- ------
Total Distributions .................... (0.04) -- (0.61) (1.70) (0.08)
------- ------ ------ ------- ------
Net Asset Value, End of Period ......... $ 10.31 $17.48 $13.85 $ 10.59 $10.32
======= ====== ====== ======= ======
Total Return: 3.53% 26.21% 36.80% 19.53% 4.01%
Ratios/Supplemental Data:
Net assets, end of period
(000s omitted) ....................... $ 132 $9,050 $6,130 $ 3,686 $1,364
Ratio of expenses to
average net assets ................... 1.20%+ 1.40%+ 1.40% 1.40% 1.40%+
Ratio of net income (loss) to
average net assets ................... 3.14%+ (0.31)%+ (0.43)% 0.12% 0.60%+
Portfolio turnover rate ................ -- 70.21% 82.27% 167.36% 45.04%
Without management fee waiver
and expense reimbursement:++
Ratio of expenses to
average net assets ................... 37.25%+ 1.63%+ 1.80% 2.10% 4.71%+
Ratio of net income (loss) to
average net assets ..................... (32.91)%+ (0.54)%+ (0.83)% (0.58)% (2.71)%+
</TABLE>
- -----------------------
* Commencement of investment operations.
** Commencement of operations.
+ Annualized.
++ The Manager, Seligman Henderson, the former subadviser to the Seligman
Henderson Portfolios, and/or the Subadviser, at their discretion, reimbursed
expenses and/or waived management fees for certain periods presented.
See Notes to Financial Statements.
-- P-64 --
<PAGE>
SELIGMAN PORTFOLIOS, INC.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
International Portfolio
-------------------------------------------------------------------
Six Months
Ended
6/30/99 Year Ended December 31,
-------------------------------------------------------
(unaudited) 1998 1997 1996 1995 1994
----------- ---- ---- ---- ---- ----
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA:
Net Asset Value,
Beginning of Period ................... $ 15.37 $ 13.54 $ 12.96 $ 12.39 $ 11.34 $ 11.37
--------- --------- --------- --------- --------- ---------
Income from Investment
Operations:
Net investment income
(loss) ................................. 0.07 0.08 0.03 0.07 0.15 0.13
Net realized and
unrealized gain (loss)
on investments ......................... 1.30 1.90 2.11 1.13 0.90 (0.31)
Net realized and
unrealized gain (loss)
on foreign currency
transactions ........................... (0.68) 0.16 (1.06) (0.32) 0.24 0.33
--------- --------- --------- --------- --------- ---------
Total from Investment
Operations ............................... 0.69 2.14 1.08 0.88 1.29 0.15
--------- --------- --------- --------- --------- ---------
Less Distributions:
Dividends from net
investment income ...................... -- (0.15) (0.03) (0.07) (0.15) (0.06)
Distributions from net
realized capital gain .................. -- (0.16) (0.47) (0.24) (0.09) (0.12)
--------- --------- --------- --------- --------- ---------
Total Distributions ...................... -- (0.31) (0.50) (0.31) (0.24) (0.18)
--------- --------- --------- --------- --------- ---------
Net Asset Value,
End of Period .......................... $ 16.06 $ 15.37 $ 13.54 $ 12.96 $ 12.39 $ 11.34
========= ========= ========= ========= ========= =========
Total Return: 4.49% 15.81% 8.35% 7.08% 11.34% 1.32%
Ratios/Supplemental Data:
Net assets, end of period
(000s omitted) ......................... $ 9,442 $ 9,893 $ 9,182 $ 7,242 $ 4,183 $ 1,776
Ratio of expenses to
average net assets ..................... 1.40%+ 1.40% 1.40% 1.40% 1.35% 1.20%
Ratio of net income
(loss) to average
net assets ............................. 0.91%+ 0.52% 0.43% 0.70% 1.01% 1.17%
Portfolio turnover rate .................. 38.87% 75.81% 89.43% 48.53% 41.40% 47.34%
Without management
fee waiver and expense
reimbursement:++
Ratio of expenses to
average net assets ..................... 1.71%+ 1.78% 2.07% 2.30% 3.40% 6.12%
Ratios of net income
(loss) to average
net assets ............................. 0.60%+ 0.14% (0.24)% (0.20)% (1.04)% (3.75)%
<CAPTION>
High-Yield Bond Portfolio
----------------------------------------------------------
Six Months
Ended 5/1/95*
-------------- Year Ended December 31,
(unaudited) 1998 1997 1996 12/31/95
--------- ---- ---- ---- --------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period ...................... $ 10.87 $ 11.87 $ 11.19 $ 10.50 $ 10.00
--------- --------- --------- --------- ---------
Income from Investment
Operations:
Net investment income
(loss) ................................... 0.55 1.11 0.91 0.77 0.22
Net realized and
unrealized gain (loss)
on investments ........................... (0.53) (0.99) 0.78 0.77 0.52
Net realized and
unrealized gain (loss)
on foreign currency
transactions ............................. -- -- -- -- --
--------- --------- --------- --------- ---------
Total from Investment
Operations ............................... 0.02 0.12 1.69 1.54 0.74
--------- --------- --------- --------- ---------
Less Distributions:
Dividends from net
investment income ........................ -- (1.11) (0.90) (0.77) (0.22)
Distributions from net
realized capital gain .................... -- (0.01) (0.11) (0.08) (0.02)
--------- --------- --------- --------- ---------
Total Distributions ...................... -- (1.12) (1.01) (0.85) (0.24)
--------- --------- --------- --------- ---------
Net Asset Value,
End of Period ............................ $ 10.89 $ 10.87 $ 11.87 $ 11.19 $ 10.50
========= ========= ========= ========= =========
Total Return: 0.18% 1.02% 15.09 14.62% 7.37%
Ratios/Supplemental Data:
Net assets, end of period
(000s omitted) ........................... $ 28,494 $ 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%+
Ratio of net income
(loss) to average
net assets ............................... 10.16%+ 9.60% 9.61% 9.77% 7.46%+
Portfolio turnover rate .................. 36.00% 43.13% 74.54% 117.01% 67.55%
Without management
fee waiver and expense
reimbursement:++
Ratio of expenses to
average net assets ....................... 0.73%+ 0.74% 0.79% 0.88% 4.38%+
Ratios of net income
(loss) to average
net assets ............................... 10.12%+ 9.56% 9.52% 9.59% 3.78%+
</TABLE>
- ---------------------
* Commencement of investment operations.
** Commencement of operations.
+ Annualized.
++ The Manager, Seligman Henderson, the former subadviser to the Seligman
Henderson Portfolios, and/or the Subadviser, at their discretion, reimbursed
expenses and/or waived management fees for certain periods presented.
See Notes to Financial Statements.
-- P-65 --
<PAGE>
SELIGMAN PORTFOLIOS, INC.
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME PORTFOLIO
-----------------------------------------------------------------------------
SIX
MONTHS
ENDED
6/30/99 YEAR ENDED DECEMBER 31,
--------------------------------------------------------------
(unaudited) 1998 1997 1996 1995 1994
-------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Per Share data:
NET ASSET VALUE,
BEGINNING OF PERIOD ........... $ 11.01 $ 10.80 $ 10.52 $ 10.56 $ 9.97 $ 11.38
--------- --------- --------- --------- --------- ---------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income
(loss) ........................ 0.23 0.45 0.56 0.58 0.60 0.69
Net realized and unrealized
gain (loss) on investments .... (0.16) 0.38 0.91 0.13 1.19 (1.37)
--------- --------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT
OPERATIONS ...................... 0.07 0.83 1.47 0.71 1.79 (0.68)
--------- --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............. -- (0.46) (0.55) (0.58) (0.60) (0.73)
Distributions from net
realized capital gain ......... -- (0.16) (0.64) (0.17) (0.60) --
--------- --------- --------- --------- --------- ---------
TOTAL DISTRIBUTIONS ............. -- (0.62) (1.19) (0.75) (1.20) (0.73)
--------- --------- --------- --------- --------- ---------
NET ASSET VALUE,
END OF PERIOD ................. $ 11.08 $ 11.01 $ 10.80 $ 10.52 $ 10.56 $ 9.97
========= ========= ========= ========= ========= =========
TOTAL RETURN: ................... 0.64% 7.76% 14.02% 6.66% 17.98% (5.96)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000s omitted) ................ $ 10,016 $ 14,582 $ 13,835 $ 13,717 $ 12,619 $ 10,050
Ratio of expenses to
average net assets ............ 0.60%+ 0.60% 0.60% 0.59% 0.60% 0.60%
Ratio of net income (loss) to
average net assets ............ 4.12%+ 3.94% 4.71% 5.37% 5.55% 6.34%
Portfolio turnover rate ......... 26.44% 70.45% 96.99% 19.59% 51.22% 29.76%
Without management fee
waiver and expense
reimbursement:++
Ratio of expenses to
average net assets ............ 0.70%+ 0.61% 0.63% 0.62% 0.77%
Ratio of net income (loss) to
average net assets ............ 4.02%+ 3.93% 4.68% 5.53% 6.17%
<CAPTION>
LARGE-CAP LARGE-CAP
GROWTH VALUE SMALL-CAP
PORTFOLIO PORTFOLIO VALUE PORTFOLIO
---------- ---------------------- ----------------------
SIX SIX
4/30/99* MONTHS MONTHS
TO ENDED 5/1/98* ENDED 5/1/98*
6/30/99 6/30/99 TO 6/30/99 TO
(unaudited) (unaudited) 12/31/98 (unaudited) 12/31/98
---------- --------- -------- --------- --------
<S> <C> <C> <C> <C> <C>
Per Share data:
NET ASSET VALUE,
BEGINNING OF PERIOD ........... $ 10.00 $ 9.66 $ 10.00 $ 7.31 $ 10.00
--------- --------- --------- --------- ---------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income
(loss) ........................ -- 0.05 0.04 (0.02) (0.02)
Net realized and unrealized
gain (loss) on investments .... 0.42 1.03 (0.07) 3.20 (1.73)
--------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT
OPERATIONS .................... 0.42 1.08 (0.03) 3.18 (1.75)
--------- --------- --------- --------- ---------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............. -- -- (0.04) -- --
Distributions from net
realized capital gain ......... -- -- (0.27) -- (0.94)
--------- --------- --------- --------- ---------
TOTAL DISTRIBUTIONS ............. -- -- (0.31) -- (0.94)
--------- --------- --------- --------- ---------
NET ASSET VALUE,
END OF PERIOD ................. $ 10.42 $ 10.74 $ 9.66 $ 10.49 $ 7.31
========= ========= ========= ========= =========
TOTAL RETURN: 4.20% 11.18% (0.26)% 43.50% (17.00)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000s omitted) ................ $ 2,164 $ 6,269 $ 3,845 $ 5,050 $ 2,469
Ratio of expenses to
average net assets ............ 0.70%+ 0.80%+ 0.80%+ 1.00%+ 1.00%+
Ratio of net income (loss) to
average net assets ............ (0.02)%+ 1.11%+ 1.11%+ (0.29)%+ (0.34)%+
Portfolio turnover rate ......... 6.74% 5.23% 65.82% 51.06% 73.87%
Without management fee
waiver and expense
reimbursement:++
Ratio of expenses to
average net assets ............ 2.84%+ 1.20%+ 2.24%+ 1.54%+ 3.08%+
Ratio of net income (loss) to
average net assets ............ (2.17)%+ 0.71%+ (0.33)%+ (0.83)%+ (2.43)%+
</TABLE>
- ------------------
* 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-66 --
<PAGE>
SELIGMAN PORTFOLIOS, INC.
- --------------------------------------------------------------------------------
BOARD OF DIRECTORS
- --------------------------------------------------------------------------------
JOHN R. GALVIN 2, 4
DEAN, Fletcher School of Law and Diplomacy
at Tufts University
DIRECTOR, Raytheon Company
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
JOHN E. MEROW 2, 4
RETIRED CHAIRMAN AND SENIOR PARTNER,
Sullivan & Cromwell, Law Firm
DIRECTOR, Commonwealth Industries, Inc.
Director, New York Presbyterian Hospital
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
DIRECTOR, Public Broadcasting Service
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
-- P-67 --
<PAGE>
SELIGMAN PORTFOLIOS, INC.
- --------------------------------------------------------------------------------
EXECUTIVE OFFICERS
- --------------------------------------------------------------------------------
WILLIAM C. MORRIS
CHAIRMAN
BRIAN T.ZINO
PRESIDENT
BRIAN ASHFORD-RUSSELL
VICE PRESIDENT
DANIEL J. CHARLESTON
VICE PRESIDENT
IAIN C. CLARK
VICE PRESIDENT
NITIN MEHTA
VICE PRESIDENT
ARSEN MRAKOVCIC
VICE PRESIDENT
MARION S. SCHULTHEIS
VICE PRESIDENT
CHARLES C. SMITH, JR.
VICE PRESIDENT
LAWRENCE P. VOGEL
VICE PRESIDENT
PAUL H. WICK
VICE PRESIDENT
GARY S. ZELTZER
VICE PRESIDENT
THOMAS G. ROSE
TREASURER
FRANK J. NASTA
SECRETARY
- --------------------------------------------------------------------------------
MANAGER
J. & W. Seligman & Co.Incorporated
100 Park Avenue
New York, New York 10017
SUBADVISER
Henderson Investment
Management Limited
3 Finsbury Avenue
London EC2M 2PA
GENERAL DISTRIBUTOR
Seligman Advisors, Inc.
100 Park Avenue
New York, New York 10017
CUSTODIANS
Investors Fiduciary Trust Company
The Chase Manhattan Bank
GENERAL COUNSEL
Sullivan & Cromwell
INDEPENDENT AUDITORS
Ernst & Young LLP
